[M1. 2025-085 Presentation summarizing the Bond Sale Process and Pricing of the Eastridge Public Improvement District Improvement Area #4 Special Assessment Revenue Bonds, Series 2025 and Final Transaction Numbers , presented by Jim Sabonis with Hilltop Securities Inc.]

>> M1, 20205-085.

IT'S A PRESENTATION, SUMMARIZING THE BOND SALE PROCESS AND PRICING OF THE EASTRIDGE PUBLIC IMPROVEMENT DISTRICT, IMPROVEMENT AREA NUMBER 4, SPECIAL ASSESSMENT REVENUE BONDS, SERIES 2025 AND FINAL TRANSACTION NUMBERS, PRESENTED BY JIM SABONIS WITH HILLTOP SECURITIES.

>> GOOD EVENING, MAYOR, COUNCIL MEMBER, CITIZENS OF PRINCETON.

EARLIER TONIGHT ON THE AGENDA, YOU HAD THE [INAUDIBLE] AND THE ASSESSMENT LEVY FOR THIS PROJECT.

THOSE WERE DONE, AND THIS IS FINAL BOND PRICING AND THE FINAL NUMBERS THAT WERE DONE.

I'D LIKE TO INDICATE, IF YOU GO TO THE SECOND PAGE.

AS A CITY'S FINANCIAL ADVISOR, WE WORKED WITH THE UNDERWRITER FMS BONDS THIS MORNING TO PRICE THE TRANSACTION, AND IT WAS WELL-RECEIVED BY THE MARKETPLACE.

AS INDICATED, THEY HAD IN THIS MORNING'S PRICING PERIOD, THEY RECEIVED THREE TIMES THE $46 MILLION OF ORDERS FOR ABOUT $15,000,000 OF BONDS, AND THE BONDS WERE PRICED FROM 4.28% TO 5.625%.

THAT PRICING WAS VERY EFFICIENT.

AS YOU CAN SEE, ON THE PARTICIPATING FIRMS, THEY GOT ORDERS FROM EIGHT LARGE INSTITUTIONAL HIGH-YIELD INVESTMENT FIRMS WHO'S IN THAT MARKETPLACE.

FROM AN EFFICIENCY PERSPECTIVE, THESE ARE THE FINAL PRICING OF THIS TRANSACTION.

IT WAS ACTUALLY PRICED AT 147 BASIS POINTS OVER A 30-YEAR MMD, WHICH IS THE RISK RATE THAT WE ACTUALLY REFERENCE.

AS YOU CAN SEE, THE RECENT TRANSACTIONS HERE IN TEXAS, IT WAS VERY EFFICIENT.

IN FACT, THE 147 IS THE LOWEST INTEREST SPREAD AGAINST MMD THAT WE'VE SEEN BONDS IN TEXAS SOLD SINCE PID BONDS HAVE BEEN ACTUALLY ORIGINATED.

[00:50:03]

EASTRIDGE HAS BEEN A SUCCESSFUL PROJECT.

THE INVESTORS THAT PUT IN ORDERS, MOST OF THEM OWN EXISTING PHASE 1, 02, OR 3 BONDS, AND IT WAS PRETTY WELL RECEIVED.

THE IMPORTANT THING, AND WHAT IT REALLY COMES DOWN TO IS THAT $15,289,000 OF BONDS WERE ISSUED AFTER PAYING THE COST OF ISSUANCE, FULLY FUNDING A DEBT SERVICE RESERVE AND ADMINISTRATIVE COUNT.

THE BOND PROJECT FUND WILL FUND ABOUT 12.7 MILLION PUBLIC INFRASTRUCTURE.

THIS WILL BE ADVERTISED OVER 30 YEARS.

OUR AVERAGE COUPON RATE IS 5.4993%.

TOTAL PRINCIPAL AND INTEREST, LESS CAPITALIZED INTEREST IS ABOUT 31.5 MILLION.

ON ANNUAL BASIS, IT'S ABOUT 1,051,000.

ON A PER PARCEL BASIS OF THE 379 PARCELS IN THIS PHASE, IT'S ABOUT $2,774.

THE ASSESSMENT LIEN PER PARCEL WILL BE ON AVERAGE ABOUT $40,340.

>> ALL THE NUMBERS WE'VE TALKED ABOUT ARE LESS THAN WAS ACTUALLY AT THE CONSTRAINTS IN THE DEVELOPMENT AGREEMENT BECAUSE OF THE EFFICIENCY OF PRICING, THE ASSESSMENTS PAID AND THE LIEN WILL BE SLIGHTLY LESS THAN WAS INDICATED IN THE PRELIMINARY OF SERVICE AND ASSESSMENT PLAN.

WITH YOUR APPROVAL AND EXECUTION OF DOCUMENTS, BOND COUNSEL WILL PRESENT THEM TO THE ATTORNEY GENERAL AND AFTER THEIR APPROVAL, THEY'LL CLOSE IN APRIL 22ND.

ONE THING THAT WASN'T MENTIONED EARLIER IS THAT THE DEVELOPMENT AGREEMENT INCLUDED A PAID FEE OF $1,800 PER HOME SIMULTANEOUSLY WITH THE CLOSING.

THE DEVELOPER WILL FUND A PID FEE OF $682,200 TO THE CITY.

THESE ARE THE FINAL ACTUAL GROSS ASSESSMENT AND TRS OFFSET.

AS YOU CAN SEE, THE 40' HOMES WILL HAVE A GROSS LEVY OF ABOUT $2,934 OFFSET THAT HAD BEEN AGREED TO ABOUT $678, RESULTING IN A NET LEVY OF ABOUT $2,256 OR TAX EQUIVALENT RATE OF 60.02.

AGAIN, LESS THAN WAS INDICATED IN THE PRELIMINARY SERVICE AND ASSESSMENT PLAN.

TOTAL LEVY OVER 30 YEARS IS ABOUT $67.7,000.

ON THE 50' LOTS ARE EXPECTED BUILD OUT IS 420,000.

THEIR GROSS LEVY AT THE 60.02 WOULD BE ABOUT 32,00 $86 MINUS THE $760,000 OF TRS OFFSET, WOULD BE ABOUT $2,527.

AGAIN, LESS THAN ACTUALLY INDICATED IN THE INITIAL SERVICES PLAN.

AT THE LEVERAGE ON THIS BOND ISSUANCE IS ABOUT 2.0.

THE ASSESSMENT PER LOT AT ABOUT 40.3,000.

THE APPRAISAL CAME IN SLIGHTLY OVER 80,000.

IN SUMMARY, EAST RIDGE HAS BEEN A SUCCESSFUL PROJECT.

IT'S ACTUALLY FAR EXCEEDED EXPECTATIONS.

THEY'VE ACTUALLY ISSUED BONDS EACH OF THE LAST THREE YEARS IN JULY, AUGUST TIME FRAME.

THEY'RE RIGHT ON TRACK TO ABSORB THE FOURTH PHASE, JUST AS THEY'VE DONE THE OTHERS IN ABOUT A YEAR TIME FRAME.

INVESTORS APPROVED IT.

IT WAS EFFICIENT, AND OUR GOAL IS YOUR FINANCIAL ADVISOR, AS I'VE INDICATED FOR THREE THINGS.

MAKE SURE THAT THE BOND ISSUE IS COMPLIANT AND CONSISTENT WITH WHAT YOUR DEVELOPMENT AGREEMENT IS, TWO THAT STRUCTURED TO ELIMINATE FINANCIAL RISK TO THE CITY, AND THREE, ONCE THAT'S DONE TO MAKE IT AN EFFICIENT SALE.

THIS IS AGAIN AT 147 BASE POINTS.

THIS AND LATER, WE'LL TALK ABOUT WESTRIDGE.

THAT'S A TIGHT SPREAD.

ON SPECIAL ASSESSMENT REVENUE BONDS THAT WE'VE SEEN IN TEXAS IN RECENT TIME.

SO WITH THAT, CONCLUDES MY FORMAL COMMENTS, ANSWER ANY QUESTIONS, PROVIDE ANY ADDITIONAL INFORMATION.

>> THANK YOU FOR THE PRESENTATION, MR. SABONIS.

I HAD A QUESTION ABOUT THE 147 BASIS POINTS JUST AT A HIGH LEVEL, WHAT FACTORS ARE IN PLAY THAT WOULD DETERMINE THAT? BECAUSE I SAW THE COMPARISONS.

I JUST WANTED TO KNOW WHAT TOOK PLACE THAT MAKE IT 147.

>> I'M GLAD YOU ASKED THAT QUESTION.

WHEN THEY LOOK AT TEXAS IS EXPLODING IN DEVELOPMENT, LOTS OF DIFFERENT PROJECTS.

LET'S TALK ABOUT I THINK THE THREE KEY THINGS, AND IS ONE, WHAT IS THE COMMUNITY THAT WE'RE TALKING ABOUT? IS THAT COMMUNITY HAVE WHAT IS THEIR BUILDINGS HISTORICAL ABSORPTION OF HOMES.

IN THIS CASE, THIS IS A PHASE 4 AND

[00:55:01]

THE FIRST THREE PHASES ACTUALLY ABSORBED FASTER THAN INITIALLY INDICATED.

YOU LOOK AT THE DEVELOP THE COMMUNITY ITSELF, IS THAT A QUALITY COMMUNITY IS ABSORBING IT.

THESE PID BONDS IN GENERAL HAVE TO BE DONE IN COMMUNITIES WHERE INVESTORS AND WE'VE MET WITH THE INVESTORS, WE'VE TALKED TO THEM, AND WE ASKED THEM WHAT THEY THINK.

WHILE THEY ARE COLORIZED BY THE ASSESSMENTS ON THE PROPERTY, THEY DON'T WANT TO HOLD LOTS.

THEY WANT TO HAVE CASH FLOW.

THE QUESTION IS, WHAT'S THAT? AGAIN, YOU'RE ONE OF THE FASTEST GROWING COMMUNITIES.

EACH PROJECT WE'VE WORKED ON IS ACTUALLY EXCEEDING ITS INITIAL EXPECTATIONS AND GOING FASTER, SO THAT'S A POSITIVE.

THEN THEY LOOK AT THE DEVELOPER THEMSELVES.

THIS PLACE YOU'VE GOT GREENBOOK.

GREENBOOK IS A WELL CAPITALIZED, SUCCESSFUL FIRM.

I HAVE EXPERIENCED THEM WORKING WITH OTHER COMMUNITIES AND IT SEEMS TO ME THEY BUILD QUALITY DEVELOPMENTS, TO DO WHAT THEY SAY, RESPONSIVE TO THE HOMEOWNER.

YOU'VE GOT A WELL RECOGNIZED HIGHLY CAPITALIZED, SUCCESSFUL FIRM, MULTIPLE PROJECTS, AND THEN THE LAST THING IS THEY LOOK LOOK AT THE DEVELOPMENT ITSELF.

WE PUT LOTS OF INFORMATION ABOUT THE STATUS OF DEVELOPMENT AND WHAT TAKES PLACE.

AGAIN, IN THIS CASE, I THINK THAT THE RISK IS DOWN BECAUSE THIS IS AN OUTSTANDING COMMUNITY.

YOU HAVE A QUALITY DEVELOPER WITH TRACK RECORD SUCCESS, AND THE PROJECT SHOWN THAT PEOPLE ARE INTERESTED IN LIVING THERE BECAUSE THEY BOUGHT THE HOME.

WE LOOK AT THOSE ASPECTS.

AGAIN, THIS ONE VERY SUCCESSFUL THAT'S WHY WE THINK THIS SPREAD IS DOWN.

BUT FAIR AGREEMENT.

THEY LOOK AT THE TAX RATE AND WHAT THE TAX [INAUDIBLE] IS.

IT'S NOT AS HIGH A LEVERAGE AS SOME OF THE MORE RECENT PIDS THAT WE'VE SEEN BEING CREATED.

IT'S A VERY POSITIVE PROJECT.

I WOULD EXPECT IT TO BE IN THE TIGHT TIME THE TIGHT SPREAD THAT IT WAS.

HOPE THAT HELPS YOU.

BUT IN MANY WAYS, WHEN YOU LOOK AT THIS, YOU WOULD LOOK AT IT AS JUST COMMON SENSE.

DO PEOPLE WANT TO BUY HOMES? ARE THEY [NOISE] BUYING HOMES? ARE THESE GOOD PEOPLE THAT ARE SELLING THE HOMES AND WHAT'S THE STATUS THAT TAKES PLACE? WE PROVIDE SIGNIFICANT INFORMATION ABOUT THE CONTRACTS.

THEY HAVE THE BACKLOG OF POTENTIAL HOMEOWNERS, AND IT CREATED A VERY POSITIVE PICTURE FOR THEM.

>> THANK YOU FOR THE CLARIFICATION, MR. SABONIS.

>> ANYBODY ELSE HAVE ANY QUESTIONS ON THIS MATTER? HOW I STAIN A MOTION.

>> I DO HAVE THE QUESTION.

>> GO AHEAD.

>> THIS IS FOR THE CITY.

WILL THE DOCUMENTS THAT ARE BEING PRESENTED BE ATTACHED TO AN AMENDED AGENDA FOR ITEM M1? THERE'S NO ON THE AGENDA THAT'S PUBLISHED.

BUT BEING SHOWN IS NOT CABLE. IT'S NOT ON THERE.

>> COUNSEL MEMBER, PRICE THE BONDS, AND I ACTUALLY SUBMITTED, I BELIEVE IT WAS INCLUDED IN YOUR THESE PRICINGS ARE UNUSUAL AND THAT.

I BELIEVE THAT WE SUBMITTED AND WAS INCLUDED IN YOUR AGENDA PACKET A PRELIMINARY BASED ON WHAT OUR PRELIMINARY SERVICE ASSESSMENT PLAN IS.

BUT WE ACTUALLY DIDN'T PRICE THESE UNTIL THIS MORNING AND ACTUALLY HAVE FINAL NUMBERS AROUND NEW TIME ACTUALLY RUN THESE PRESENTATION.

>> THAT'S FINE. [OVERLAPPING] I JUST WANTED TO MAKE SURE THAT WE CAN DO AN AMENDED POSTING SO THAT THESE DOCUMENTS CAN BE MADE AVAILABLE TO THE PUBLIC AS WELL THAT ARE BEING PRESENTED. CAN WE?

>> I DON'T KNOW THAT WE CAN DO AN AMENDED POSTING AFTER IT'S THE MEETINGS ALREADY HAPPENED.

>> IS THERE ANY WAY TO PUBLISH THOSE DOCUMENTS FOR THE PUBLIC TO HAVE ACCESS TO THEM?

>> WE WOULDN'T NEED AN AMENDED AGENDA, BUT WE COULD PUT THEM ON THE CITY'S WEBSITE OR WHATEVER WE POST NOTICES OR WE CAN DO THAT.

>> FOR TRANSPARENCY, I JUST WANT TO MAKE SURE THAT THEY TWO CAN HAVE ACCESS TO THOSE. THANK YOU.

>> IS THERE ANY OTHER QUESTIONS? THERE'S NO ACTION TO TAKE ANY LINES.

THAT WILL MOVE US TO M2.

[M2. 2025-086 Presentation summarizing the Bond Sale Process and Pricing of the Westridge Public Improvement District Improvement Area #1 Special Assessment Revenue Bonds, Series 2025 and Final Transaction Numbers , presented by Jim Sabonis with Hilltop Securities Inc.]

>> M2. PRESENTATION, SUMMARIZING THE BOND SALE PROCESS AND PRICING OF THE WESTRIDGE PUBLIC IMPROVEMENT DISTRICT IMPROVEMENT AREA NUMBER 1, SPECIAL ASSESSMENT REVENUE BOND, SERIES 2025, AND FINAL TRANSACTION NUMBERS PRESENTED BY JAMES SABONIS WITH HILLTOP SECURITIES.

>> AGAIN, MAYOR, COUNSEL MEMBERS, CITIZENS.

I'M HERE TO PRESENT THE RESULTS OF THE WESTRIDGE PUBLIC IMPROVEMENT DISTRICT AREA NUMBER 1 PRICING.

ONE THING I WANT TO PUT IN CONTEXT FOR MY UNDERSTANDING IS THAT EASTRIDGE, SOUTHBRIDGE AND WESTRIDGE ARE PRETTY CLOSELY CONNECTED PROJECTS.

LAND IS ADJACENT TO EACH OTHER IN THE NORTHEAST AREA SO I MENTIONED [OVERLAPPING].

>> EXCUSE ME, PLEASE? WE HAVE PEOPLE IN THE BACK HAVING A HARD TIME HEARING YOU.

[01:00:02]

I DON'T KNOW IF IT'S THE MICROPHONES NOT TURNED ON OR [OVERLAPPING].

>> I'LL BE MORE CAREFUL AND TALK YOU INTO IT DIRECTLY.

WEST RIDGE IS REALLY VERY SIMILAR TO EASTRIDGE AND SOUTHRIDGE TO EXISTING PUBLIC IMPROVEMENT DISTRICTS.

MY UNDERSTANDING, THE LAND WAS IN THE NORTHEAST ETJ IN 2020, AS THE OTHER TWO PROJECTS WERE THE CITY NEGOTIATED WITH THE DEVELOPMENT AGREEMENT TO ANNEX AND OFFER A PID AND A TRS AS AN OFFSET.

THIS WAS DONE SIMULTANEOUSLY, AS WE WENT FORWARD WITH THE PROCESS OF PUTTING TOGETHER A BOND ISSUE.

MY UNDERSTANDING IS THAT THIS IS REALLY JUST ACROSS THE ROAD FROM SOME EXISTING THOSE PHASES OF THE EXISTING PROJECT.

THE POINTS THAT I MAKE MADE EARLIER ABOUT EASTRIDGE WENT FOR WESTRIDGE, TOO.

THEY ACTUALLY USED THE INFORMATION FROM EASTRIDGE AND SOUTHRIDGE TO LOOK AT THE PRICING.

BUT IN SUMMARY ON THIS ONE, WE ACTUALLY HAVE PHASE 1, WHICH WOULD BE ABOUT $10.8 MILLION OF BONDS PRICED ALMOST EXACTLY AS RIDGE PHASE 4 ELS RANGING FROM 4.28%-5.6%.

THIS ALSO WAS ALMOST THREE TIMES OVER SUBSCRIBED BY SOME OF THE LARGER FUNDS THAT IN THE HIGH YIELD INVESTMENT BUSINESS.

PRICING. THIS PRICING ITSELF CAME IN IDENTICAL TO EASTRIDGE AT A SPREAD OF 147 BASIS POINTS THE CHEAPEST PRICING THAT WE'VE SEEN ON SPECIAL ASSESSED REVENUE BONDS IN TEXAS.

FOR SOME OF THE SAME REASONS, I MENTIONED EASTRIDGE, OUTSTANDING CITY, A GEOGRAPHIC AREA THAT'S SHOWING TREMENDOUS ABSORPTION OF HOMES AND A DEVELOPER THAT HAS A TRACK RECORD OF SUCCESS.

THIS $10.8 MILLION WILL FUND THE COST OF ISSUANCE, A DEBT SERVICE RESERVE, CAPITALIZED INTEREST, AND AFTER PAYING THE COSTS, WE'LL ACTUALLY FUND INFRASTRUCTURE, PUBLIC INFRASTRUCTURE PROJECT FUND OF $8.9 MILLION.

THIS IS A 30 YEAR AMORTIZATION AND AVERAGE COUPON OF 5.4976%.

TOTAL PRINCIPAL INTEREST WILL BE ABOUT $22.2 MILLION.

ON AN AVERAGE ANNUAL BASIS, ABOUT 740,000 ON PER PARCEL BASIS, ABOUT $2,734.

THE AVERAGE ASSESSMENT LIEN PER PARCEL WILL BE ABOUT $43,400.

ONE THING THAT'S UNIQUE ABOUT THIS PROJECT IS THAT, YOU CAN SEE ON THE BUILD OUT HOME VALUES, THEY'RE SLIGHTLY HIGHER THAN WHAT IS IN EASTRIDGE, RANGING $415,000-$565,000.

THE GROSS ASSESSMENT RATE IS ABOUT 71.35.

AFTER OFFSETTING IT WITH A TOURIST PARTICIPATION, THEY'LL BE PAYING AN ASSESSMENT RATE VERY SIMILAR TO EASTRIDGE AT 60.148.

THIS PROJECT, THESE LOTS HAD HIGH VALUE.

WE DID AN APPRAISAL.

THEY CAME IN A LITTLE OVER TWO TIMES.

THE ACTUAL FINISHED LOT TO ASSESSMENT LIEN.

THE PROJECT WAS VERY WELL RECEIVED.

IN SUMMARY, WESTRIDGE WAS OFFERED TODAY, THREE TIMES OVER SUBSCRIBED BY THE MAJOR HIGH YIELD INVESTMENT FIRMS, PRICED AT 147 BASIS POINTS, WHICH IS VERY EFFICIENT PRICING.

THIS PROJECT IS COMPLIES WITH THE DEVELOPMENT AGREEMENT CONSTRAINTS, AND IT IS, AGAIN, SIMILAR TO EASTRIDGE, BECAUSE OF THE SLIGHTLY LOWER INTEREST RATE, IT CAME IN AT A SLIGHTLY LOWER ANNUAL ASSESSMENT, A SLIGHTLY LOWER LIEN THAN WAS INITIALLY INDICATED IN THE PRIMARY SERVICES ASSESSMENT PLAN.

WITH THAT CONCLUDES MY COMMENTS ON THIS AS I PROVIDE ANY ADDITIONAL INFORMATION.

>> ANY QUESTIONS FROM COUNSEL?

>> NO.

>> JUST ALSO, IF WE HAVE M2S DOCUMENTS UPLOADED WHEN WE DO M1S.

>> I THINK THAT WILL BE ALL THE [OVERLAPPING] THANK YOU.

[01:05:02]

>> THANK BRA. YOUR GOOD TO GO. THAT WILL MOVE US TO M 3, MISS. COOK?

[M3. ORD-2025-03-24-03 Consider approving Ordinance No. 2025-03-24-03, authorizing the issuance of the "City Of Princeton, Texas, Special Assessment Revenue Bonds, Series 2025 (Eastridge Public Improvement District Improvement Area No. 4 Project)"; approving and authorizing an indenture of trust, a bond purchase agreement, a continuing disclosure agreement and other agreements and documents in connection therewith; making findings with respect to the issuance of such bonds; and providing an effective date; and take appropriate action.]

>> M3, CONSIDER APPROVING ORDINANCE NUMBER 2025-03-24-03, AUTHORIZING THE ISSUANCE OF THE CITY OF PRINCETON, TEXAS SPECIAL ASSESSMENT REVENUE BONDS, SERIES 2025, EASTRIDGE PUBLIC IMPROVEMENT DISTRICT IMPROVEMENT AREA NUMBER 4 PROJECT, APPROVING AND AUTHORIZING AN INDENTURE OF TRUST, A BOND PURCHASE AGREEMENT, A CONTINUING DISCLOSURE AGREEMENT, AND OTHER AGREEMENTS AND DOCUMENTS IN CONNECTION THERE WITH, MAKING FINDINGS WITH RESPECT TO THE ISSUANCE OF SUCH BONDS AND PROVIDING AN EFFECTIVE DATE AND TAKE APPROPRIATE ACTION. MR. GOBSON

>> THANK YOU. GOOD EVENING AGAIN, MAYOR AND COUNSEL.

SINCE WE'VE COVERED THE ORDINANCE LIVING ASSESSMENTS.

PREVIOUSLY, I'M SKIPPING AHEAD TO THE BOND ORDINANCE.

MR. SABONIS GAVE AN OVERVIEW OF THIS BOND SALE.

I APOLOGIZE ON EASTRIDGE.

THE ITEM BEFORE YOU, THIS IS THE LAST STEP IN THE BOND SALE PROCESS RELATING TO EASTRIDGE.

WE'VE OBVIOUSLY ALREADY LEVIED THE ASSESSMENTS.

THE BOND ORDINANCE APPROVES THE TRUST INDENTURE, WHICH IS A DOCUMENT CONTAINING THE TERMS OF THE BONDS, MATURITIES, INTEREST RATES THAT JIM JUST COVERED, REDEMPTION PROVISIONS, ALSO WE GO THROUGH AND MAKE SURE THAT THESE BONDS QUALIFY FOR TAX EXEMPTION UNDER THE INTERNAL REVENUE CODE, WHICH BRINGS YOUR COST OF BORROWING DOWN.

LIKE I SAID, THE ATTACHMENT DOES HAVE BLANKS, BUT THOSE CAN NOW BE COMPLETED NOW THAT WE HAVE THE PRICING TERMS. THE ORDINANCE ALSO APPROVES A LIMITED OFFERING MEMO.

THAT DOCUMENT IS PUBLICLY AVAILABLE. IT'S IN YOUR RECORDS.

THAT'S A GREAT SUMMARY OF ALL OF THESE PROJECTS, AS WELL, SUMMARIZES ALL ASPECTS OF THIS BOND SALE AND THE DEVELOPMENT.

IT CONTAINS A LOT OF THE DEVELOPMENT FACTORS PROVIDED BY THE DEVELOPER, WHICH IS USED TO THE INVESTORS WHEN THESE BONDS GET SOLD.

AGAIN, THIS IS REVIEWED CAREFULLY BY THE ENTIRE CITY FINANCING TEAM AND CITY STAFF TO MAKE SURE THAT BEFORE THAT DOCUMENT GOES OUT TO THE INVESTING PUBLIC, THAT IT'S TRUE AND CORRECT IN ALL MATERIAL RESPECTS AND DOES NOT OMIT ANY MATERIAL INFORMATION THAT INVESTORS WANT TO KNOW ABOUT.

THE ORDINANCE ALSO APPROVES THE BOND PURCHASE AGREEMENT.

YOUR UNDERWRITER IS FMS BONDS.

THEY'VE UNDERWRITTEN ALL OF THE CITY'S BONDS.

THEY DO A VERY TREMENDOUS JOB FOR THE CITY.

AS JIM SAID, THEY OFFERED THESE BONDS TO INVESTORS AND THAT DOCUMENT, WHICH IS APPROVED IN THE BOND ORDINANCE, IS THE AGREEMENT BY WHICH FMS WILL PURCHASE THE BONDS FROM THE CITY, AND THEN SELL THEM TO THE INVESTORS.

LASTLY, THE ORDINANCE APPROVES A CONTINUING DISCLOSURE AGREEMENT.

THE BOND MARKET REQUIRES A LOT OF UPDATED CONTINUING DISCLOSURE ON AN ANNUAL BASIS AS WELL AS NOTICE OF EVENTS AS THEY OCCUR WITH RESPECT TO THE DEVELOPMENT AND THE BONDS, SO 3360, AGAIN, MR. MOSSMAN, WHO'S YOUR PIT ADMINISTRATOR AND HILLTOP SECURITIES ASSIST IN MAKING SURE THAT ALL THE DISCLOSURE RELATED TO THESE BONDS AND THE DEVELOPMENT IS PROVIDED.

NOW, THE DEVELOPER ALSO SEPARATELY ENTERS INTO A CONTINUING DISCLOSURE AGREEMENT.

THE CITY IS NOT A PARTY TO THAT, BUT THAT REQUIRES THE DEVELOPERS AS WELL TO PROVIDE THE MARKET WITH CERTAIN INFORMATION REGARDING THE DEVELOPMENT.

LOT COMPLETION, SALES PRICES, ALL THAT THAT INVESTORS WANT TO BE KEPT UP TO DATE REGARDING.

THAT'S AN OVERVIEW OF THE BOND ORDINANCE, SELLING THE BONDS, IF YOU HAVE ANY QUESTIONS, HAPPY TO ANSWER THEM.

>> DO WE HAVE ANY QUESTIONS FROM COUNSEL?

>> THANK YOU SO MUCH. I'LL ENTERTAIN A MOTION AT THIS TIME.

>> YOUR HONOR, I'LL MAKE A MOTION TO APPROVE ORDINANCE 2025-03-24-03.

>> I'LL SECOND THE MOTION.

>> MOTION PASSES SIX, ZERO.

THAT'LL TAKE US TO M4. MS. COOK.

[M4. ORD-2025-03-24-06 Consider approving Ordinance No. 2025-03-24-06, authorizing the issuance of the "City Of Princeton, Texas, Special Assessment Revenue Bonds, Series 2025 (Westridge Public Improvement District Improvement Area No. 1 Project)"; approving and authorizing an indenture of trust, a bond purchase agreement, a continuing disclosure agreement and other agreements and documents in connection therewith; making findings with respect to the issuance of such bonds; and providing an effective date; and take appropriate action.]

>> M5.

2025-080.

SPECIAL EVENTS, APPLICATION PROCESS.

>> NO, I'M SORRY. M4.

>> I'M SORRY. M4. SKIPPED OVER IT.

MOST EXCITING. ORDINANCE 2025-03-24-06.

CONSIDER APPROVING ORDINANCE 2025-03-24-06, AUTHORIZING THE ISSUANCE OF THE CITY OF PRINCETON, TEXAS SPECIAL ASSESSMENT REVENUE BOND SERIES 2025, WESTRIDGE PUBLIC IMPROVEMENT, DISTRICT IMPROVEMENT AREA NUMBER 1 PROJECT, APPROVING AND AUTHORIZING AN INDENTURE OF TRUST, A BOND PURCHASE AGREEMENT,

[01:10:02]

A CONTINUING DISCLOSURE AGREEMENT, AND OTHER AGREEMENTS AND DOCUMENTS IN CONNECTION THEREWITH, MAKING FINDINGS WITH RESPECT TO THE ISSUANCE OF SUCH BONDS, AND PROVIDING AN EFFECTIVE DATE AND TAKE APPROPRIATE ACTION FOR WESTRIDGE.

>> GOOD EVENING, MAYOR AND COUNCIL.

SKIPPING AHEAD SINCE WE'VE ALREADY COVERED THE ORDINANCE LEVYING ASSESSMENTS ON WESTRIDGE TO THE BOND ORDINANCE.

AGAIN, YOU HEARD FROM MR. SABONIS SUMMARY OF THE FINANCING TERMS, AND TRUTHFULLY, COUNCILS ARE GENERALLY MORE INTERESTED IN THAT THAN THE LEGALESE, WHICH IS MY JOB, WHICH IS MUCH LESS INTERESTING THAN THE ACTUAL BOND PRICING.

BUT JUST LIKE WITH EASTRIDGE, THE BOND ORDINANCE IS ATTACHED, WE'VE COMPLETED PRICING TODAY.

THE ORDINANCE ALSO APPROVED A LIMITED OFFERING MEMO.

AGAIN, ANYONE WITH REAL INTEREST ON THESE DEVELOPMENTS OUGHT TO GET THEIR HANDS ON THAT.

IT'S ALL PUBLICLY AVAILABLE, NOT ONLY THROUGH THE CITY, BUT THROUGH THE SECURITIES EXCHANGE COMMISSION'S WEBSITE.

THIS COVERS EVERYTHING.

THIS IS, LIKE I SAID, THE DOCUMENT USED TO MARKET THESE BONDS TO INVESTORS.

THESE ARE VERY SAVVY, VERY SOPHISTICATED INVESTORS, SO THE INFORMATION IS VERY CAREFULLY PREPARED FOR THEM, SO IT'S ALSO A GREAT RESOURCE FOR ANYONE REALLY WANTING TO KNOW HOW THESE BONDS WORK, WHAT THEY'RE SECURED BY, HOW THE DEVELOPMENT WORKS, ETC.

AGAIN, THE LIMITED OFFERING MEMO GOES THROUGH A THOROUGH REVIEW PROCESS BETWEEN YOUR FINANCIAL ADVISOR, MYSELF AS BOND COUNSEL, PIT ADMINISTRATORS, THE UNDERWRITING TEAM, AS WELL AS CITY STAFF, TO MAKE SURE THAT THEY'RE COMPLETE AND ACCURATE DOCUMENTS.

LIKE BEFORE, THE ORDINANCE APPROVES THE BOND PURCHASE AGREEMENT WITH FMSBONDS, WHO'S YOUR UNDERWRITER ON THIS.

NO REAL SIGNIFICANT DEVIATIONS AT ALL IN THAT AGREEMENT FROM ALL OF YOUR PRIOR TRANSACTIONS.

IT'S AN ARM'S LENGTH TRANSACTION BY WHICH FMS AGREES TO PURCHASE THE BONDS AND RESELL THEM FOR PROFIT FOR THE CITY.

IT ALSO APPROVES THE CONTINUING DISCLOSURE AGREEMENT, WHICH I'VE EXPLAINED, REQUIRES CERTAIN INFORMATION TO BE UPDATED ANNUALLY BY THE CITY.

THE DEVELOPER ALSO PROVIDES THAT INFORMATION.

THE ORDINANCE, WHEN IT APPROVES THE TRUST INDENTURE, THAT'S THE DOCUMENT THAT REALLY CONTROLS THE FUNDS FOR THESE BONDS.

WHEN WE CLOSE, THE MONEY DOES NOT GO TO THE DEVELOPERS.

THE MONEY GOES TO REGIONS BANK, WHICH IS THIRD-PARTY ESCROW BANK.

REGIONS HAS SERVED AS TRUSTEE FOR MANY OF THESE TRANSACTIONS, ALL OF YOURS IN PRINCETON, BUT MANY OTHER THROUGHOUT THE STATE AND THE COUNTRY.

THERE ARE CERTAIN CONDITIONS FOR ANY MONIES TO BE RELEASED BY REGIONS BANK.

THE CITY ALWAYS HAS TO SIGN OFF ON DOCUMENTATION TO MAKE SURE THAT THE PROJECTS HAVE BEEN PROVEN UP, THAT THE PROJECTS WERE BUILT TO YOUR STANDARDS,, THAT THEY EXIST BEFORE ANY FUNDS ARE RELEASED TO THE DEVELOPERS.

THAT IS A CHECK AND A SECURITY THAT'S IN PLACE ON ALL OF THESE.

ALSO, ALL THE ASSESSMENT REVENUES THAT ARE COLLECTED GO TO REGIONS BANK, AND THEY HAVE VERY SPECIFIC DUTIES WITH HOW THEY CAN MANAGE THOSE FUNDS, ALWAYS AT THE DISCRETION OF THE CITY.

BUT WHAT'S VERY HELPFUL ON THESE IS BECAUSE THESE CAN BE COMPLICATED IS HAVING A THIRD-PARTY ESCROW AGENT WITH CORPORATE POWERS TO ADMINISTER THESE SO THAT IT'S REALLY NOT DEPENDENT ON CITY STAFF, BECAUSE THAT'S A VERY ACTUALLY VERY SCARY PROCESS TO PUT THAT ON ANY CITY STAFF.

IF YOU HAVE ANY QUESTIONS ON THE BOND ORDINANCE FOR THIS, I'M HAPPY TO ADDRESS THEM.

I'M HAPPY TO SAY THIS IS MY LAST ITEM FOR THE EVENING.

[LAUGHTER]

>> HOPEFULLY, THIS QUESTION WON'T TAKE TOO LONG HERE.

BUT THE CONDITIONS THAT HAVE TO BE MET IN ORDER FOR THOSE TO BE PASSED THROUGH TO THE DEVELOPERS, IS THAT BASED ON JUST STATE LAW OR IS A BY-LAW, HOW'S THAT?

>> BEFORE FUNDS ARE RELEASED TO THE DEVELOPERS?

>> RIGHT. BECAUSE THEY GO TO REGIONS?

>> CORRECT. REGIONS HOLDS THOSE FUNDS.

THERE ARE CERTAIN STEPS THAT HAVE TO BE MET UNDER THE INDENTURE, MAINLY THAT THEY'RE IN COMPLIANCE WITH ALL THE AGREEMENTS RELATED TO THE DEVELOPMENT, THEY'RE IN COMPLIANCE WITH THEIR CONTINUING DISCLOSURE.

BUT MOST IMPORTANTLY IS THERE'S A CERTIFICATE THAT'S IN THE FORM OF THE INDENTURE, WHICH HAS TO BE SIGNED OFF BY CITY STAFF, THAT THEY HAVE TO LIST ALL OF THE PROJECTS FOR WHICH THEY'RE SEEKING PAYMENT, AND THEN THE CITY STAFF, CITY ENGINEER, HAVE TO GO AND VERIFY THAT THE GRADING WORK WAS DONE, THE DRAINAGE WORK WAS DONE, THE PAVING WORK WAS DONE, WHATEVER IT MAY BE THAT IS SUBMITTED IN THAT CERTIFICATE FOR PAYMENT BEFORE THE CITY CAN THEN TELL REGIONS YOU'RE AUTHORIZED TO WIRE THIS AMOUNT OF MONEY TO THE DEVELOPER.

>> WHAT'S THEIR PROCESS BASED ON, THOUGH? IS THAT LAW OR WAS IT JUST IN THE CONTRACT THAT WAS AGREED UPON IN A DIFFERENT CONTRACT, IT CAN BE A DIFFERENT SCENARIO?

>> WELL, SO WE ALWAYS WANT PROTECTIONS FOR THE CITY IN THAT, AND SO THAT'S A STANDARD OPERATING PROCEDURE IN ALL OF THESE,

[01:15:04]

WE CALL THEM DIRT TRANSACTIONS BECAUSE IT'S JUST BARE DIRT, BUT WHETHER MUDS, PITS, ANYTHING LIKE THAT, WE ALWAYS OBVIOUSLY NEED THE CITIES TO SIGN OFF BEFORE FUNDS ARE RELEASED.

IT ISN'T SPECIFICALLY STATE LAW REQUIREMENT.

THAT'S SILENT ON THAT.

BUT WE WOULDN'T BE DOING A VERY GOOD JOB IF WE DIDN'T HAVE A MECHANISM BY WHICH THE CITY CAN PUT THE BRAKES ON ANY RELEASE OF FUNDS THAT WE DON'T THINK HAVE BEEN JUSTIFIED.

>> AWESOME. THANK YOU FOR YOUR DUE DILIGENCE IN THE COURT ANSWERS. THANK YOU.

>> YES, SIR.

>> I'LL ENTERTAIN A MOTION AT THIS TIME.

>> I'LL MAKE THAT MOTION TO APPROVE AGENDA ITEM M4.

>> I'LL SECOND.

>> MOTION PASSES SIX, ZERO.

THAT WILL TAKE US TO OUR NEXT AGENDA ITEM IS M5. MS. COOK.

[M5. 2025-080 Special Events Application Process Update presented by Parks and Recreation Director, Chase Bryant]

>> M5 2025-080, SPECIAL EVENTS APPLICATION PROCESS OF DATE PRESENTED BY PARKS AND RECREATION DIRECTOR, CHASE BRYANT.

>> GOOD EVENING, MAYOR, COUNCIL, CHASE BRYANT, DIRECTOR OF PARKS AND REC.

I WANTED TO BRING AN UPDATE BASED ON THE SPECIAL EVENTS APPLICATION AND THE PROCESS FOR ANYBODY OR ANY APPLICATION THAT WE RECEIVE.

BRINGING BACK TO THE BACKGROUND, LOOKING BACK FROM MAY OF 2024.

THIS PROCESS WAS ACTUALLY IDENTIFIED AND REVIEWED WITH ALL DEPARTMENT HEADS FOLLOWED THROUGH THE DEPARTMENT HEADS IN REVIEW, PARKS AND REC, PUBLIC WORKS, POLICE, FIRE, AND DEVELOPMENT SERVICES.

ALONG WITH THIS PROCESS, IT WAS ALSO IDENTIFIED THAT SOME OF THE FEES NEEDED TO BE UPDATED TO KEEP IN LINE WITH OTHER CITIES, ALONG WITH PUBLIC SAFETY, POLICE, FIRE, AND DEVELOPMENT SERVICES AS WELL.

WHAT YOU HAVE IS ACTUALLY A SAMPLE PACKET, IF YOU WANT TO FOLLOW ALONG AS I HIT THE BULLET POINTS.

WHAT YOU'LL SEE IN THE APPLICATION, YOU'LL SEE THE APPLICATION, BUT IMAGINE THIS WAS A MOCK UP OF A SPECIAL EVENT HELD AT CALDWELL PARK FOR 500 PARTICIPANTS.

WHAT AN INDIVIDUAL OR AN APPLICANT WOULD DO WOULD VISIT THE COMMUNITY EVENTS WEBSITE, COMPLETE THE APPLICATION, WHICH IS ATTACHED IN YOUR HANDOUT.

ONCE THE APPLICATION IS COMPLETED, AND UPON SUBMITTAL, THERE'S A $100 NON-REFUNDABLE APPLICATION FEE.

NOW, THIS IS, LIKE I SAID, IF ONCE THE APPLICATION IS TURNED IN, THAT DATE AT THAT MOMENT IS BLOCKED OUT ON THE CALENDAR, AND IT FOLLOWS INTO REVIEW BY ALL THE DEPARTMENT HEADS.

THE APPLICATION IS SUBMITTED TO THE EVENTS MANAGER WHO THEN TURNS AND SENDS THAT TO EACH DEPARTMENT HEAD.

EACH DEPARTMENT HEAD, WHICH IS ALL THE INDIVIDUALS THAT YOU SEE SITTING HERE IN THE CHAMBERS, WOULD THEN REVIEW, POLICE, FIRE, PUBLIC WORKS, ALL PUBLIC SAFETY, DEVELOPMENT SERVICES, AND PARKS AND RECREATION.

WHAT YOU HAVE IN THE BACK OF THE APPLICATION FORM IS THE APPROVAL FORM.

THAT'S WHAT EACH DEPARTMENT HEAD WILL FILL OUT BASED ON ALL OF THE INFORMATION PRESENTED THROUGH THE APPLICATION THAT IS SUBMITTED.

ONCE WE REVIEW, ALL OF THE FEES FROM EACH DEPARTMENT HEAD ARE COLLECTED, WRITTEN DOWN AND RETURNED TO WITH THE APPROVAL, OR LET'S SAY ADDITIONAL INFORMATION IS NEEDED, THAT WOULD BE SENT TO THE APPLICANT, ADDITIONAL INFORMATION WOULD BE REQUIRED, THEY SUBMIT THOSE ANSWERS, THE DEPARTMENT HEAD REVIEWS, ONCE THE DEPARTMENT HEAD REVIEWS, ALL IS GOOD, THEY SUBMIT THE APPROVAL FORM WITH THE FEES ASSOCIATED, AT THAT POINT, THE INVOICE IS SUBMITTED THROUGH DEVELOPMENT SERVICES WHERE WE CAN COMPLETE A PERMIT, THAT PERMIT IS THEN ISSUED, WHICH IS WHAT YOU SEE IN THE FINAL PAGE, AND ONCE THAT PERMIT IS COMPLETED, THE APPLICANT CAN WALK UP TO THE DEVELOPMENT SERVICES, PAY THOSE ASSOCIATED FEES, AND RECEIVE THE PERMIT FOR THEIR EVENT.

[01:20:03]

WITH THAT, LIKE I SAID, WHAT YOU HAVE IS BASICALLY A MOCK UP, SPECIAL EVENT APPLICATION FOR 500 INDIVIDUALS.

IF YOU HAVE ANY QUESTIONS, I'D BE HAPPY TO ANSWER.

>> I DO HAVE A QUESTION FOR YOU.

IS THERE AN EVENT THAT'S NOT CONSIDERED A SPECIAL EVENT WHERE THEY HAVE TO GET A PERMIT OR IS ALL EVENTS, NO MATTER HOW BIG OR SMALL, HAVE TO GO THROUGH THIS PROCESS?

>> THERE ARE CRITERIAS TO SPECIAL EVENTS.

THOSE ARE LOCATED ON THE WEBSITE AS WELL.

HOWEVER, A LOT OF SMALLER PARTIES AND INDIVIDUALS CAN RESERVE THE PARKS AT JUST A RENTAL FEE FOR THE PAVILIONS.

BUT WHEN AN EVENT IS OPENED UP TO THE PUBLIC, AT THAT POINT, IT NOW FALLS INTO A SPECIAL EVENT BECAUSE ONCE AN EVENT IS OPENED TO THE PUBLIC, POLICE, PUBLIC SERVICE FIRE MARSHALS, THEY NEED TO BE AWARE OF THE NUMBER OF PARTICIPANTS SO THAT WAY PUBLIC SAFETY AND LIFE SAFETY IS TAKEN INTO CONSIDERATION.

>> MAY I JUST TO ADD A LITTLE BIT MORE. SORRY, THAT'S A LITTLE BIT LOUD.

YOUR CODE OF ORDINANCES DEFINES WHAT A SPECIAL EVENT IS.

IT TALKS ABOUT WHETHER IT'S TO INCLUDE 200 OR MORE INVITEES OR INCLUDE CERTAIN COMPONENTS, SO IT'S DEFINED IN YOUR OF ORDINANCES UNDER YOUR SPECIAL EVENT ORDINANCE.

I JUST WANTED TO ADD SOME MORE THERE.

>> THANK YOU. ATTACHED ARE THE ORDINANCE THAT FOLLOW ALONG.

>> BROOK, I'M SORRY, I HAD A QUESTION.

SINCE THESE CHANGES, HAVE THE SUBMISSION OF THE EVENTS, HAVE THOSE CHANGES, ARE WE KEEPING UP WITH THE ATTRITION IN TERMS OF IF THE EVENTS HAVE DROPPED OFF OR IF THEY HAVE INCREASED, HAS THESE CHANGES HAVE ANY IMPACT ON THE ANNUAL OR EVENTS THAT ARE BEING BOOKED?

>> A LOT OF THE EVENTS THAT HAPPENED THROUGH SPECIAL EVENTS ACTUALLY TAKE PLACE FROM SPRING THROUGH SUMMER.

REALLY, WHEN THIS WENT INTO EFFECT, THERE WERE STILL SOME PREVIOUS EVENTS THAT WERE BEFORE THIS APPROVAL.

I GUESS, THERE'S AMBER ALERT.

A LOT OF THE EVENTS ACTUALLY TAKE PLACE RIGHT NOW THROUGH FALL.

HOWEVER, WHAT I CAN SAY IS THERE HAS BEEN A COUPLE OF REQUESTS FOR SPECIAL EVENTS, BUT THEY'RE NOT LOOKING UNTIL LATER DATES.

>> THANK YOU, SIR.

>> I DO HAVE A QUESTION FOR YOU, AND MAYBE I MISSED IT BECAUSE I WAS TRYING TO READ THROUGH IT AS FAST AS I COULD.

THE HOURS OF OPERATION FOR YOUR PARKS, THERE ARE NO SIGNS POSTED AT THE PARKS.

ONLINE, GOOGLE SAYS 24 HOURS.

THE CITY WEBSITE DOESN'T ALSO LIST HOURS FOR THAT.

BUT IF YOU DIG THROUGH THE ORDINANCES, YOU CAN FIND AN ORDINANCE THAT DOES DICTATE THE HOURS OF OPERATION.

IS IT POSSIBLE TO MAKE THAT MORE EASILY ACCESSIBLE FOR WHEN PEOPLE ARE TRYING TO PLAN AN EVENT THAT THEY CAN SEE THE HOURS OF OPERATION THAT OUR PARKS ARE ACTUALLY OPEN, IS IT SOMETHING THAT WE CAN WORK ON?

>> YES, ABSOLUTELY.

WE'LL TAKE A LOOK AT THAT AND WE'LL GET THAT RECTIFIED.

>> IF THERE'S NO OTHER QUESTIONS, THEN WE'LL MOVE ON. THANK YOU.

>> THANK YOU.

>> THAT WILL MOVE US TO ITEM M5.

I'M SORRY. ITEM M6.

[M6. 2025-03-24-R04 Consider approving Resolution No. 2025-03-24-R04, adopting Residential Design Guidelines; and take appropriate action.]

>> M6, 2025-03-24-R04.

CONSIDER APPROVING RESOLUTION 2025-03-24-R04, ADOPTING RESIDENTIAL DESIGN GUIDELINES AND TAKE APPROPRIATE ACTION, MR. FISHER.

>> GOOD EVENING, MAYOR, COUNCIL, CRAIG FISHER, THE DIRECTOR OF DEVELOPMENT SERVICES.

I'M PLEASED TO BE WITH YOU THIS EVENING TO PRESENT THE RESIDENTIAL DESIGN GUIDELINES FOR ADOPTION.

THESE GUIDELINES HAVE BEEN BEFORE THE COUNCIL BEFORE, AND WE'VE UNDERGONE SOME TWEAKS HERE AND THERE OVER THE PAST COUPLE OF MONTHS AND PRESENT THEM TODAY FOR YOUR APPROVAL.

THE RESIDENTIAL GUIDELINES ARE REALLY A PRODUCT OF THE MORATORIUM.

WE PUT A PAUSE TO ENTITLING NEW PROPERTY,

[01:25:03]

AND THIS GUIDELINE, WITH YOUR APPROVAL, WILL BE ADOPTED AND AVAILABLE TO USE POST MORATORIUM TO GUIDE RESIDENTIAL GROWTH.

THE GUIDELINES LOOK AT THREE LEVELS OF RESIDENTIAL CONSTRUCTION, FIRST, THE NEIGHBORHOOD, THEN THE LOT, AND THE HOME, THEY PROVIDE VARIOUS POINTS, SUGGESTIONS FOR THE IDEAL NEIGHBORHOOD, WHAT WE'RE LOOKING FOR.

AS THE DEVELOPER NEGOTIATES WITH CITY STAFF, THERE'S A CHECKLIST AT THE BACK OF THE GUIDELINES.

THE IDEA WOULD BE TO CHECK EVERY BOX.

THAT'S PROBABLY NOT REALISTIC WITH EVERY PROJECT.

THE ITEMS THAT THEY AREN'T ABLE TO CHECK, THEY'LL NEED TO PROVIDE A WRITTEN NARRATIVE AS TO WHY THEY CAN'T MEET GIVEN CRITERIA.

BUT THE GOAL WILL BE TO MEET AS MANY AS POSSIBLE.

WE USE THIS GUIDELINE WITH DEVELOPERS FROM THAT INITIAL PRE-APPLICATION MEETING AND THEN LEADING UP TO WHEN A DEVELOPMENT AGREEMENT OR A ZONING PROPOSAL COMES BEFORE YOU.

JUST HAVE A COUPLE OF SLIDES THAT SHOW SOME SNIPS FROM THE GUIDELINES.

MAYBE IF I COULD ADVANCE.

ADVANCE TO THE NEXT SLIDE, PLEASE, MS. AMBER.

>> THERE WE GO. THANK YOU. IT'S JUST A SCREENSHOT OF THAT CHECKLIST.

WITH THAT, I'D BE HAPPY TO TAKE ANY QUESTIONS THAT YOU ALL MAY HAVE.

>> MR. FISHER, ONE OF THE THINGS THAT WHEN WE WERE DEVELOPING, AND I'VE NOTICED, I'VE BEEN TOLD I NEED TO GET CLOSER TO THE MICROPHONE. I'M SORRY.

IS THAT, AND I'VE SEEN THIS EITHER WALKING OR DRIVING, THAT SOME OF THE MONUMENTS AT THE INTERSECTIONS, THE SUBDIVISIONS, THE BRICK WALLS, AND THE FENCES AND THINGS, THAT IF YOU STOP AT WHERE YOU NEED TO STOP AT, YOU'RE STOPPING BEHIND THERE AND YOU HAVE TO ACTUALLY NEARLY PULL OUT IN THE INTERSECTION OR PRETTY CLOSE TO IT OR PAST THE SIDEWALK JUST TO SEE ANY TRAFFIC COMING.

AND I WOULD LIKE FOR US TO BE ABLE TO MOVE THAT BACK A LITTLE BIT.

WHENEVER YOU DO PULL UP THERE, YOU CAN ACTUALLY HAVE A GOOD VIEW INSTEAD OF HAVING TO STOP AND THEN PULL FORWARD AGAIN.

THAT'S POSSIBLE.

>> ABSOLUTELY.

>> [OVERLAPPING] THOSE REVIEWS.

>> THAT'S A GOOD SUGGESTION. THERE'S A VISIBILITY TRIANGLE THAT NEEDS TO BE MAINTAINED AT EVERY INTERSECTION.

KEEP THAT IN MIND. THANK YOU.

>> I JUST WANTED TO SAY THANK YOU FOR ALL YOUR HARD WORK ON THIS.

I KNOW THAT YOU'VE PUT A LOT OF TIME INTO PUTTING THESE TOGETHER, AND I REALLY APPRECIATE THAT.

>> THANK YOU.

>> I WANT TO JUST BE CLEAR, THESE STANDARDS ARE ONLY IF WE'RE GIVING SOME TYPE OF INCENTIVE TO THE BUILDER BECAUSE THE BUILDERS SILL STATE LAW THAT ALLOWS THEM TO BUILD WHATEVER THAT THEY WANT, CORRECT? THEY NEED ONLY WHEN THEY COME IN FOR POSSIBLY LIKE A PIT OR SOMETHING LIKE THAT.

THIS ISN'T LAW THAT WE'RE PUTTING IN PLACE.

>> THAT'S CORRECT TO AN EXTENT.

THESE ARE GUIDELINES, THEY WILL GUIDE THE FUTURE DEVELOPMENT.

WE'LL USE THEM AS A TOOL WITH ANY REQUEST THAT COMES IN.

BUT ABSOLUTELY, IF THE APPLICANT IS REQUESTING AN INCENTIVE OR ASSISTANCE FROM THE CITY, THEY WILL HAVE TO FOLLOW THESE GUIDELINES.

THEY'LL BE A NEGOTIATING TOOL.

I DID ALSO WANT TO POINT OUT THAT FROM THESE GUIDELINES, THERE'S GOING TO BE OPPORTUNITIES TO UPDATE THE ORDINANCE AND CHANGE SOME OF OUR REQUIREMENTS TO MAKE THEM PART OF THE ORDINANCE, NOT JUST GUIDELINES.

AND THAT WILL BE MY TASK MOVING FORWARD, TO BRING SOME OF THESE POINTS FORWARD FOR CHANGES TO THE ORDINANCE.

THEN THOSE CHANGES WOULD HAVE TO BE FOLLOWED REGARDLESS OF WHETHER OR NOT THEY'RE REQUESTING AN INCENTIVE.

>> GOT YOU. THE REZONING IS THE TIME ALSO WE CAN USE TO ENFORCE THESE GUIDELINES AS WELL.

>> THAT'S CORRECT.

>> DIRECTOR FISHER, THESE GUIDELINES, WOULD YOU SAY THEY WOULD HELP SPRING BOARD? SAY, FOR INSTANCE, IF WE DO UPDATE THE ORDINANCE, WOULD THESE BE TAKEN INTO CONSIDERATION IF THIS BODY DOES DECIDE TO TURN SOME OF THESE INTO LAW INTO THOSE ORDINANCES?

>> I'M NOT SURE I FOLLOW YOUR QUESTION.

>> WOULD SOME OF THE GUIDELINES OR THE SUGGESTIONS MADE IN THESE GUIDELINES, WOULD THESE BE SOMETHING THAT IF WE WERE TO DO THE REVIEW OF THE ORDINANCE, WOULD SOME OF THESE BE USED IN ORDER TO PUT THEM IN TO UPDATE THE ORDINANCES?

>> I UNDERSTAND THAT. YES, ABSOLUTELY.

>> THANK YOU.

>> I WOULD JUST WANT TO SAY THANK YOU.

I KNOW THAT THIS IS A LOT OF WORK TO UNDERTAKE, GOING THROUGH CREATING THIS POLICY OR THIS GUIDELINE.

[01:30:05]

I UNDERSTAND THAT THIS IS MORE OF A TOOL, IT'S NOT NECESSARILY LAW.

WE CAN'T FORCE THE DEVELOPERS.

QUITE FRANKLY, WE DON'T WANT TO FORCE PEOPLE TO DO WHAT THEY WANT TO DO WITH THEIR PRIVATE PROPERTY, BUT THIS AT LEAST HELPS US GIVE THEM DIRECTION OF WHAT THE CITY DESIRES AND WHAT THE RESIDENTS DESIRES.

I APPRECIATE THAT, AND I APPRECIATE ALL THE WORK THAT YOU AND THE STAFF THAT WORKED ON THIS TOGETHER TO PUT THIS.

I'M VERY IMPRESSED WITH THE UPSIDE DOWN TRIUM OR PYRAMID, THE NEIGHBORHOOD LOT AND HOME.

I LIKE HOW IT'S BROKEN UP INTO THOSE THREE SECTIONS.

HOW IT GIVES GUIDELINES FOR ALL THREE OF THOSE ASPECTS BECAUSE WE NEED MORE DIVERSITY IN OUR NEIGHBORHOODS.

I THINK THIS DOCUMENT WILL DEFINITELY ASSIST IN YOUR NEGOTIATIONS IN THE FUTURE.

I'M A BIG CHECKLIST FAN, I LIVE AND BREED CHECKLISTS FOR MY POSITION AT WORK.

I REALLY LOOK FORWARD TO SEEING CHECKLISTS COME THROUGH AND FUTURE DEVELOPMENT APPROVALS.

THAT WAY WE CAN REVIEW THEM AS COUNSEL, AND THEN ALSO SEEING THE RESPONSES OF WHY THEY CAN'T MEET THE DESIRED DESIGN STANDARDS.

I ENCOURAGE YOU TO MAKE SURE THAT THE DEVELOPERS COMPLETE THAT CHECKLIST THOROUGHLY AND THEN PROVIDE THOSE DETAILED EXPLANATIONS WITH THOROUGHNESS SO WE HAVE GOOD ANSWERS OF WHY THEY CAN OR CANNOT DO THINGS.

AGAIN, I APPRECIATE YOU AND YOUR TEAM, AND EVERYBODY INVOLVED IN KNOWING THIS.

IT'S A REAL BIG DEAL, AND IT TOOK A WHILE, AND I'M HAPPY TO SEE IT COMING TO FRUITION. THANK YOU.

>> YOU'RE WELCOME, ABSOLUTELY. THANK YOU FOR YOUR KIND WORDS.

>> THANKS, CRAIG, AGAIN. I THINK WE'RE GOOD. I'LL ENTERTAIN A MOTION.

>> A MOTION TO AGREE.

>> I'LL SECOND THE MOTION.

>> MOTION PASSES 6:0. THAT MOVES US TO ITEM M7.

[M7. 2025-083 Consider approving Kenneth Pacheco's voluntary resignation from the Zoning Board of Adjustments, alternate board member; and take appropriate action.]

>> M7. I'D ALSO LIKE TO THANK CRAIG FISHER FOR HIS WORK ON THE RESIDENTIAL BUILDING GUIDELINES.

M7 2025-083, CONSIDER APPROVING KIN PACHECO'S VOLUNTARY RESIGNATION FROM THE ZONING BOARD OF ADJUSTMENTS, ALTERNATE BOARD MEMBER, AND TAKE APPROPRIATE ACTION.

>> I ENTERTAIN THE MOTION AT THIS TIME.

>> I'LL MAKE THAT MOTION TO APPROVE THE ITEM M7.

>> SECOND.

>> A SECOND.

>> MOTION PASSES 6:0.

[M8. 2025-03-24-R03 Consider approving Resolution No. 2025-03-24-R03, awarding the North Boorman Lane Project to XIT Paving and Construction, Inc., as the lowest responsive qualified bidder; and take appropriate action.]

>> M8. 2025-0324 R03.

CONSIDER APPROVING RESOLUTION NUMBER 2025-0324 R03, AWARDING THE NORTH BORMAN LANE PROJECT TO XIT PAVING AND CONSTRUCTION INCORPORATED AS THE LOWEST RESPONSIVE QUALIFIED BIDDER AND TAKE APPROPRIATE ACTION. MR. MAPP.

>> GOOD EVENING, MAYOR, COUNCIL.

TOMMY MAPP, DIRECTOR OF PUBLIC WORKS.

THIS IS A PROJECT THAT I'M VERY PLEASED TO BE BRINGING BEFORE YOU TONIGHT.

THIS IS FOR THE RECONSTRUCTION OF NORTH BORMAN LANE FROM US 380 NORTH TO THE LIMITS OF THE RIGHT OF WAY THAT THE CITY OWNS.

IT'S APPROXIMATELY 3,300 FEET.

IT WILL BE A SIX-LANE DIVIDED ROADWAY.

IT INCLUDES SOME MEDIAN MODIFICATIONS AND TRAFFIC SIGNAL MODIFICATIONS AT 380 TO TURN LANES TO GO EASTBOUND.

WE'LL BE ABLE TO MOVE TRAFFIC IN AND OUT RELATIVELY EASILY AND QUICKLY.

I'VE ALREADY TOUCHED ON SOME OF THESE, THAT THERE'LL BE ADDITIONAL STREET LIGHTS THAT ARE INSTALLED.

THERE'LL BE A SIDEWALK INSTALLED ALONG BOTH SIDES OF THE ROADWAY WITH A CROSSWALK AT THE SCHOOLS.