[00:00:01]
>> 6:04, WE'LL CALL TO ORDER THE ECONOMIC DEVELOPMENT CORPORATION REGULAR MEETING
[A. CALL TO ORDER]
FOR TUESDAY, DECEMBER 16TH.MIKE THOMPSON PRESENT. JAMES MILLER?
>> JOSHUA HARRELL IS ABSENT. MICHAEL CRAWFORD?
>> WE'LL MOVE TO THE INVOCATION.
HEAVENLY, FATHER, THANK YOU FOR THIS OPPORTUNITY FOR US TO GATHER AS A BOARD, AND THINK ABOUT THE WAYS THAT WE CAN HELP IMPROVE PRINCETON.
ON BEHALF OF ALL THE CITIZENS, WE PRAY IN YOUR NAME.
THANK YOU. WE'LL MOVE TO PUBLIC APPEARANCE.
MEMBERS OF THE PUBLIC ARE ALLOWED THREE MINUTES TO SPEAK.
THE ECONOMIC DEVELOPMENT CORPORATION IS UNABLE TO RESPOND OR TO DISCUSS ANY ISSUES THAT ARE BROUGHT UP DURING THIS SECTION THAT ARE NOT ON THE AGENDA, OTHER THAN TO MAKE STATEMENTS OF SPECIFIC FACTUAL INFORMATION IN RESPONSE TO PUBLIC INQUIRY OR TO RECITE EXISTING POLICY IN RESPONSE TO ANY INQUIRY.
WE DON'T HAVE ANYBODY? WE'LL MOVE TO PUBLIC REPORT ITEMS.
[F. PUBLIC REPORT ITEMS]
THE NEXT REGULAR PEDC MEETING IS TUESDAY, JANUARY 20, 2026 AT 6:00 PM.NEXT REGULAR PEDC MEETING IS WEDNESDAY, JANUARY 21, 2026 AT 6:00 PM.
NEXT CITY COUNCIL MEETINGS, MONDAY, JANUARY 12, 2026 AT 6:30.
THEN WE WILL MOVE TO STAFF REPORT ITEMS.
[G. STAFF REPORT ITEMS]
OUR CEO WILL PRESENT OUR FINANCIALS, OPERATIONAL UPDATE.>> GOOD EVENING. THANKS, MR. CHAIRMAN, MEMBERS OF THE BOARD.
BRIEF, IF YOU COULD OPEN THE SALES TAX FIRST.
I'M NOT GOING TO READ OVER MY WRITTEN REPORT FOR EVERYBODY.
I WILL POINT OUT THOUGH THAT FOR THE FIRST MONTH OF THIS FISCAL YEAR, JUST TO REMIND THE BOARD, SALES TAXES BOOKED TWO MONTHS IN ARREARS.
TECHNICALLY, WE JUST CLOSED OUT LAST YEAR.
THE DECEMBER MONEY WENT TOWARDS THE OCTOBER SALES TAX.
WE WERE UP 9% OR $16,500 OVER LAST YEAR, WHICH LAST YEAR FINISHED 12% AHEAD OF THE PREVIOUS YEAR, SO THAT'S GOOD NEWS TO START WITH.
IF YOU COULD OPEN THE BUILDING PERMITS, WE HAVE SOMEWHAT REBOUNDED.
IF YOU REMEMBER CORRECTLY, WE HAD, THERE WE GO, SEVERAL MONTHS WHERE WE WERE DOWN 40%, 30%.
SIX MONTHS INTO THE YEAR, WE'RE UP 15%.
LAST TWO MONTHS HAVE BEEN PRETTY STEADY.
WE WERE UP 2%, THEN WE WERE DOWN 15%.
RIGHT NOW YEAR TO DATE, WE'RE 15% BEHIND LAST YEAR.
LAST YEAR, WE DID 1,968 SINGLE FAMILY RESIDENTIAL PERMITS.
IF WE FINISH 15% DOWN, THAT'LL STILL BRING IN 1,673 SINGLE-FAMILY PERMITS USING THE CENSUS AVERAGE PERSONS PER HOUSEHOLD.
THAT WOULD ADD 5,135 MORE RESIDENTS TO PRINCETON, SO TO SAY WE'RE STILL HAVE A VERY HEALTHY GROWTH PATTERN IS AN UNDERSTATEMENT.
ANY QUESTIONS ON THOSE TWO DOCUMENTS? NO? WE WILL GO INTO BRIEF, IF YOU COULD PUT UP THE FINANCIALS.
THIS IS GOING TO BE ONE OF THE ALL TIME EASIEST FINANCIALS TO PRESENT.
LAST MONTH, THE ONLY ACTIVITY WAS EMPLOYMENT AND $1,500 FOR OUR ATTORNEY FEES.
WE HAD A VERY SMALL EXPENDITURE MONTH.
WE STILL HAVE ABOUT $10.5 MILLION IN RETAINED EARNINGS IN THE BANK.
WITH THAT, I'LL BE MORE THAN HAPPY TO ANSWER ANY QUESTIONS ON THAT AS WELL.
ONE THING I WILL POINT OUT FROM MY WRITTEN REPORT WAS LAST NIGHT, THE REZONING OF THE PROFESSIONAL PARK WAS VOTED UNANIMOUSLY TO BE APPROVED LAST NIGHT AT P&Z, SO NOW IT WILL GO TO THE CITY COUNCIL FOR THE FINAL STEP.
[00:05:01]
WE DO HAVE AN AGENDA ITEM TONIGHT.WE HAD TO CANCEL A P&Z MEETING EARLY IN THE MONTH, WHICH PUT US OUTSIDE THE PARAMETERS OF THE CONTRACT WITH ONE OF THE PROJECTS WE'RE WORKING ON.
YOU'VE GOT A CONTRACT AMENDMENT ON THE AGENDA TONIGHT, BUT WE ARE BACK ON TRACK, AND WE DID PASS P&Z LAST NIGHT.
IF THERE'S ANY QUESTIONS, I'LL HAPPY TO ANSWER THEM.
>> THANK YOU. WE'LL MOVE TO BOARD REPORT ITEMS. DO YOU GUYS HAVE ANYTHING?
[H. BOARD REPORT ITEMS]
>> I DO. IN MY PREVIOUS ROLES, WE TYPICALLY ALWAYS, AT THE END OF THE YEAR, RECITED SOME OF THE ACCOMPLISHMENTS FOR THE JOBS THAT I'VE HAD.
I WANT TO REHASH OR REMIND EVERYBODY WHAT WE'VE ACCOMPLISHED FOR THIS YEAR AS A BOARD.
FIRST OFF, WITHOUT EVER DOING THIS BEFORE, MR. MILLER, YOU DESERVE THE RECOGNITION FOR ALL OF OUR FOCUS ON GETTING BROADBAND AND ALL THE THINGS THAT YOU CONTINUE TO BRING UP, SO THANK YOU FOR THAT, APPRECIATE IT.
I KNOW IT DOESN'T GO UNNOTICED, BUT WE NEED YOU PUSHING TECHNOLOGY.
LET'S JUST MOVE ON TO SOME OF THE THINGS I THINK WE ACCOMPLISHED REALLY AND DID WELL.
BOTH BOARDS CAME TOGETHER AND HIRED MR. WEHMEIER, AND I THINK THAT'S REALLY PLAYED OUT WELL.
AS YOU LOOK THROUGH OR HEAR SOME OF THE THINGS WE'VE ACCOMPLISHED, THE AMOUNT OF MONEY THAT HE HAS SAVED US THIS YEAR HAS BEEN FANTASTIC.
TRAINING, HE BROUGHT BOTH BOARDS UP TO SPEED AND WHERE WE NEEDED TO BE THIS YEAR AS FAR AS SOME OF THE TRAINING GOES, SOME OF THE THINGS WE KNOW WE WERE DOING THAT WERE IN A GRAY AREA.
THAT WAS ONE OF THE OTHER THINGS IS SOME OF THE LEGAL ASPECTS, AND WE HAD THINGS THAT SHOULD HAVE BEEN IN CDC THAT WERE UNDER US.
WE MOVED SOME OF THOSE THINGS, WHICH IS A PLUS.
THE BYLAWS, WE BROUGHT THOSE UP TO DATE, AND MR. WEHMEIER WAS GOOD ENOUGH TO SHOW US WHERE WE NEEDED TO CORRECT SOME THINGS THAT, BASED ON HIS ALMOST 30 YEARS OF EXPERIENCE, PAID OFF REALLY WELL FOR US TO ALIGN SOME OF THE STUFF.
I THINK FROM A POLICY AND PROCEDURE PERSPECTIVE, WE CLEANED UP AND SIMPLIFIED SOME POLICIES AND PROCEDURES FOR THE CORPORATION, AND THE BOARD, AND BETTER DEFINED THE RELATIONSHIP BETWEEN THE CEO AND THE BOARD AS WELL AS THE ROLES AND RESPONSIBILITIES THAT WE HAVE.
ONE OF THE BIGGER THINGS, I THINK, TOO, IS THE CONTRACTS THAT WE HAD WITH THE, I THINK, THE BUSINESS PARK.
WE HAD A COUPLE IN DEFAULT, AND WE TRIED OBVIOUSLY TO BUY SOME OF THAT BACK, BUT WE DIDN'T, IN OUR PREVIOUS CONTRACTS, HAVE A PROVISION TO BE ABLE TO REPURCHASE THOSE PROPERTIES, WHICH WE'VE CHANGED GOING FORWARD, WHICH IS A BIG PLUS.
WITH EVERYTHING THAT WE DO NOW, WE ARE ABLE TO RECAPTURE THAT PROPERTY.
BUT MR. WEHMEIER AND GRANT WERE ABLE TO FIND A CLAUSE IN ONE OF THOSE WHERE WE RECAPTURED ONE PIECE OF PROPERTY, WHICH IS ABOUT 15 1/2 ACRES AND WOULD BE VALUED AROUND $4.7 MILLION.
THAT WAS A BIG WIN, WHICH WE THOUGHT WE WEREN'T GOING TO GET BACK.
THEY WOULD HAVE HAD THE OPTION TO BUY IT AT A MUCH LOWER RATE, SO THAT'S A BIG PLUS FOR US.
I THINK THE OTHER THING TOO IS ONE OF THE PROJECTS THAT WE HAVE UNDER DISCUSSION TONIGHT IS PART OF THIS, BUT WE IDENTIFIED WHAT WE NEED AS FAR AS SOME OF OUR GOALS.
I THINK ONE OF THEM WAS HEALTHCARE, AND WE'VE MADE SOME SERIOUS STRIDES.
I THINK MR. WEHMEIER MENTIONED, WE COULD GO FROM A HEALTHCARE DESERT, AND THEN THE NEXT YEAR BE A HEALTHCARE HUB FOR EAST MCKINNEY, SO THAT'S A POSITIVE.
WE'VE GOT SOME REALLY GOOD PROJECTS GOING THERE.
THEN THE PRINCETON TOWN CENTER, WE HAD THOSE TWO DEALS THAT WE PUSHED THROUGH AND CITY COUNCIL APPROVED THAT HE SAVED US SEVERAL $100,000 ON EACH ONE OF THOSE, WHICH IS HUGE, SO THAT'S A BIG DEAL.
STRATEGIC PLANNING, I THINK FROM THE PERSPECTIVE, WE'VE IDENTIFIED ONE OF WHAT I LIKE TO CALL FROM THE BOOK, BUILT TO LAST, OUR BHAG, BIG HARRY AUDACIOUS GOAL.
IF WE'RE ABLE TO GET SOME OF THE THINGS THAT WE'VE IDENTIFIED DONE, IT MOVES THE NEEDLE IN A VERY POSITIVE DIRECTION FOR PRINCETON AND COULD RECREATE SOME OF THE REASONS THAT COME TO PRINCETON, SO THAT'D BE FANTASTIC.
MR. WEHMEIER'S OBVIOUSLY BEEN A BIG PART OF THAT AND HELPED US IDENTIFY THAT GOAL AND MOVING FORWARD WITH IT AND HAS THE KNOWLEDGE TO BE ABLE TO HELP US WITH FINANCING, AND EVERYTHING THAT WE ALL NEED TO DO WITH THAT.
THEN I THINK JUST RETHINKING THE BUSINESS PARK, LIKE HE HAD MENTIONED TONIGHT, REZONING IT AND MAKING IT MORE FRIENDLY FOR SOME OF THE NEIGHBORS IN THAT AREA BECAUSE WE DON'T WANT TO PUT SOMETHING IN THERE.
NOBODY WANTS TO LIVE RIGHT NEXT TO SOMETHING.
IT'S GOING TO BE LOUD, NOISIER, SMELL BAD, SO WE'RE GOING TO HAVE THINGS THAT THE CITIZENS IN THAT AREA WILL APPRECIATE.
[00:10:05]
THAT WAS ALL I HAD. GREAT YEAR.THANK YOU ALL, AND LOOK FORWARD TO 2026.
WE'LL MOVE TO THE CONSENT AGENDA.
[I. CONSENT AGENDA]
ALL CONSENT AGENDA ITEMS LISTED ARE CONSIDERED TO BE ROUTINE BY THE ECONOMIC DEVELOPMENT CORPORATION, AND WILL BE ENACTED BY ONE MOTION.THERE WILL BE NO SEPARATE DISCUSSION OF THESE ITEMS UNLESS A BOARD MEMBER OR SO REQUESTS, IN WHICH EVENT, THE ITEM WILL BE REMOVED FROM THE CONSENT AGENDA AND CONSIDERED ITS NORMAL SEQUENCE ON THE AGENDA.
WE'LL HAVE THE MINUTES DISCUSSION, ACTION REGARDING THE MINUTES OF THE PDC'S NOVEMBER 18TH MEETING, AND THEN THE FINANCIAL STATEMENT, DISCUSSION, AND ACTION REGARDING THE PDC'S FINANCIAL STATEMENT THROUGH NOVEMBER 30, 2025, AND WE'LL NEED A MOTION TO APPROVE THOSE IN A SECOND.
>> MOTION TO APPROVE THE MINUTES AND THE FINANCIAL STATEMENTS FROM NOVEMBER'S MEETING.
WE'LL MOVE TO THE REGULAR AGENDA.
[J. REGULAR AGENDA]
ITEM NUMBER 2025-022, REPORTING STRUCTURE.CONSIDER, DISCUSS, AND ACT ON CHANGING THE REPORTING STRUCTURE OF THE EDC CEO.
I'D LIKE TO PUSH THIS TO JANUARY'S AGENDA AND WITHOUT ANY OBJECTION, IF EVERY RISE IS OKAY WITH THAT.
GOOD. WE'LL MOVE TO ITEM NUMBER 2025-023, LAND LEASE FOR PUBLIC SAFETY FACILITY.
CONSIDER, DISCUSS, APPROVE, AND AUTHORIZE THE CHAIRMAN OR CEO TO EXECUTE A 30-YEAR LAND LEASE ON APPROXIMATELY 7.4 ACRES BETWEEN THE EDC AND THE CITY OF PRINCETON FOR THE LOCATION OF THE NEW PUBLIC SAFETY FACILITY.
>> YES, SIR. FIRST OFF, THANKS FOR THE RECAP.
I THINK WE DID HAVE A GREAT YEAR.
ON THE LAND LEASE, IF YOU REMEMBER, THE BOARD APPROVED DOING A LAND LEASE WITH THE CITY ON THAT PUBLIC SAFETY PARCEL WITH A STRONG PREFERENCE FOR A 20-YEAR BUT APPROVING NEGOTIATION, SO I DIDN'T HAVE TO COME BACK TO THE BOARD UP TO 50 YEARS.
THE CITY HAS APPROVED A 30-YEAR LEASE, WE CAME TO AN AGREEMENT ON 30-YEAR.
THE ANNUAL RENT IS NOT THAT MUCH DIFFERENT BETWEEN THE TWO.
WHAT I'M BRINGING TO YOU TONIGHT IS THE BOARD TO APPROVE THE ACTUAL LEASE AGREEMENT THAT YOU SEE IN YOUR PACKET, AND AUTHORIZE EITHER MYSELF OR THE CHAIR OR EITHER ONE.
HOWEVER Y'ALL WOULD LIKE TO DO IT, IT DOESN'T MATTER TO ME.
I DO HAVE IN MY INBOX AN EXECUTED COPY WITH THE MAYOR'S SIGNATURE FROM THE CITY COUNCIL'S MEETING.
YOU ARE APPROVING THIS DOCUMENT, UNDERSTANDING IT'S FOR A 30-YEAR LAND LEASE.
OUR ANNUAL INCOME WILL BE $67,166.67.
I'M HAPPY TO ANSWER ANY QUESTIONS.
>> JIM, GIVE ME A SECOND. I THINK I DO HAVE ONE QUESTION JUST AS AN UNDERSTANDING, BUT I WANT TO MAKE SURE.
I KNOW THIS IS 30 YEARS DOWN THE ROAD, BUT ON SECTION 6, THE PURCHASE OPTION.
>> A LESSEE SHALL HAVE, BUT ONLY DURING THE TERM OF THIS AGREEMENT, THE EXCLUSIVE SOLE AND ABSOLUTE RIGHT OPTION.
THEY HAVE UNTIL THE LAST DAY OF THAT LEASE TO DECIDE TO PURCHASE OR NOT?
>> LET'S SAY THEY DO THAT ON THE LAST DAY OF THE LEASE.
DURING THE INTERIM OF THAT AND CLOSING ON PURCHASING THE PROPERTY, DOES THE LEASE EXTEND FOR THAT PERIOD OF TIME, OR IS IT JUST A VOID IN THE CONTRACT THAT SAYS THEY USE THE FACILITIES OR HAVE TO VACATE DURING THAT TIME? THAT'S A TECH QUESTION, BUT THAT'S ONE THING I LOOKED AT WHEN IT SAYS THEY HAVE UP UNTIL THE LAST DAY TO DECIDE TO EXECUTE A PURCHASE OPTION.
I WANT TO MAKE SURE I UNDERSTAND WHAT HAPPENS DURING THAT TIME BETWEEN THE DECISION AND CLOSING ON THE PURCHASE.
>> I WOULD SAY IF CLOSING IS BUMPED BACK BEYOND THAT 30-YEAR TERM JUST TO A MONTHLY LEASE, EXTEND THIS ON THE SAME TERMS UNTIL CLOSING.
THAT CAN BE ALL BE REFERENCED IN THE CLOSING DOCUMENTS IF IT GOES ALL THE WAY UP UNTIL THE VERY LAST DAY,
[00:15:01]
LIKE YOU MENTIONED IN YOUR EXAMPLE.>> ANY OTHER THOUGHTS OR QUESTIONS? IF WE'RE GOOD WITH IT, WE'LL JUST NEED A MOTION TO APPROVE IN A SECOND AND THEN VOTE.
>> MR. TERRY, I'LL MAKE A MOTION, I WONDER IF THIS IS WORKING RIGHT, TO APPROVE OR AUTHORIZE THE CEO TO EXECUTE THE 30 YEAR LAND LEASE AGREEMENT ON THE APPROXIMATELY 7.4 ACRES AS LISTED IN THE AGREEMENT.
>> I SECOND, AND THAT'S APPROVED 5,0 AS WELL.
>> THANK YOU. WE'LL MOVE TO 2025-024 FIRE HYDRANT COST OFFSET AT 136 SOUTH SECOND STREET.
CONSIDER, DISCUSS AND ACT ON PROVIDING INFRASTRUCTURE ASSISTANCE IN THE FORM OF OFFSETTING THE COST OF A FIRE HYDRANT AT 136 SOUTH SECOND STREET, AND THE AMOUNT NOT TO EXCEED $107.
THIS IS FOR PRINCETON PEDIATRIC CLINIC OVER THERE. MR. MILLER?
>> YES, SIR. NOT THAT I'M A SCROOGE AND I DON'T LOVE CHRISTMAS, BUT I'M LOOKING FORWARD TO THE PERIOD OF TIME WHEN THE DECORATIONS AREN'T ON TOP OF THE DICE, SO I CAN ACTUALLY SEE YOU GUYS WHEN I'M TALKING TO YOU.
I KNOW IT SOUNDS LIKE YOU'VE GOT A VOICE COMING OUT OF THE DEEP BEYOND.
THIS IS A PROJECT THAT CAME UP AT A CITY COUNCIL MEETING THAT I'VE NOT HAD AN OPPORTUNITY TO SPEAK IN DEPTH WITH THE BOARD ON.
THIS QUITE HONESTLY IS AN OPPORTUNITY FOR THIS BOARD TO HELP THE CITY AND CORRECT A MISTAKE THAT WAS MADE PREVIOUSLY WITH THIS DEVELOPMENT.
WE'VE HAD DIFFERING OPINIONS BETWEEN TWO FIRE MARSHALS ON THE REQUIREMENT NECESSITY OF THIS FIRE HYDRANT.
THE PROJECT IN PLATTE WAS APPROVED WITHOUT IT.
OUR CODE CLEARLY SAYS, ONE IS REQUIRED ON THAT SIDE OF THE STREET AND IN A SECOND, I'LL LET GRANT EXPAND ON THIS IF HE LIKES BECAUSE IT WAS A VERY LENGTHY DISCUSSION AT THE CITY COUNCIL MEETING TO THE POINT WHERE I FINALLY CAME UP TO THE ALTERNATE I CAN NEVER SAY ALTERNATE CITY MANAGER.
I ALWAYS WANT TO SAY INTERIM, THE ALTERNATE CITY MANAGER, FRED GIBBS, AND SAID, WELL, THIS IS A LEGAL EXPENDITURE, AND IT'S SOMETHING THAT YOU'RE OBVIOUSLY NOT GOING TO BE ABLE TO SOLVE TONIGHT.
SO IT'S SOMETHING THAT I'D BE WILLING TO BRING TO THE BOARD.
WE ARE ALLOWED TO DO INFRASTRUCTURE IN FURTHERANCE OF A BUSINESS ENTERPRISE.
THE FIRE HYDRANT TOLL IS ABOUT 122,000, I RECOMMEND NOT PAYING THE GC FEES, BUT PAYING FOR THE ACTUAL HYDRANT, THE WATER LINES AND THE INSTALLATION WITH A MAXIMUM OF 107,000 AND SET THAT AS A NOT TO EXCEED FIGURE AND AUTHORIZE ATTORNEY LOWRY TO WRITE UP A PERFORMANCE AGREEMENT BETWEEN THE BOARD AND PRINCETON PEDIATRICS.
NOW, I WILL TELL YOU IF YOU LOOK IN YOUR PACKET AS WELL, THAT THIS HYDRANT WILL NOT ONLY SERVE PRINCETON PEDIATRICS, BUT IT WILL SERVE ABOUT FIVE ACRES THAT IS PRETTY HIGH VALUE LAND IMMEDIATELY TO ITS NORTH AND TO ITS WEST BACK BEHIND IT.
THIS WILL KILL TWO BIRDS WITH ONE STONE, AND FOR LACK OF A BETTER WAY TO PUT IT WHILE DOING THE RIGHT THING, TRYING TO PARTNER WITH THE CITY AND HELP THEM OUT OF AN UNFORTUNATE BIND THAT WE'VE HAD FROM THE PAST.
GRANT, DO YOU WANT TO ADD ANYTHING TO THAT?
>> I MEAN, I THINK YOU EXPLAINED IT PRETTY WELL.
I THINK TO JIM'S POINT, THIS IS SOMETHING THAT WE WERE DISCUSSING.
YOU GUYS COULD FUND SOME OR A PART OF THIS INFRASTRUCTURE TO RIGHT THE WRONG, BUT ALSO, I MEAN, IT BENEFITS THE PRINCETON PEDIATRICS.
IT ALSO BENEFITS SOME OTHER AREAS.
IT'S SOMETHING THAT YOU GUYS COULD LEGALLY DO IF DESIRED.
THE MECHANISM TO DO THAT WOULD BE A PERFORMANCE AGREEMENT, AS JIM MENTIONED, ENSURING THAT CERTAIN PERFORMANCE METRICS ARE MET.
IT WOULD ALSO BE, PAID ON A REIMBURSEMENT BASIS.
>> I DON'T KNOW IF JIM MENTIONED THAT.
>> THE OWNER WOULD CONTRACT FOR THE SERVICES.
ONCE THE CITY ACCEPTS THOSE SERVICES, THEN WE WOULD WRITE THE OWNER A CHECK, AND IT WOULD BE A DONE DEAL,
[00:20:04]
AND THEN THE HYDRANT WOULD BE THERE FOR THE OTHER LAND AS WELL.INFRASTRUCTURE IS NEVER A BAD INVESTMENT.
THIS IS AN UNFORTUNATE SITUATION, BUT I THINK IT'S AN OPPORTUNITY OR A FORTUNATE OPPORTUNITY TO DO THE RIGHT THING, IN MY OPINION.
>> FIRST QUESTION IS, WELL, I'LL START WITH THE EASY ONE.
WHO'S GOING TO BE THE PERSON OR THE PEOPLE TO PAY THE GC FEES? WOULD IT BE THE CITY, WOULD IT BE THE BUSINESS?
>> IT WOULD BE THE OWNER OF PRINCETON PEDIATRICS?
>> SORRY. I'M TRYING TO STAND UP, SO I CAN SEE WHO'S SPEAKING.
>> SECOND PART OF THE QUESTION. SO ARE YOU GUYS ASKING THE EDC BOARD TO FUND ONE PERCENT, NOT PERCENT, BUT DO 107,000 WILL THE CITY OR ANY OTHER COMMITTEES BE GOING INTO THIS WITH US OR THIS?
>> IT'LL BE THE EDC AND THE OWNER OF PRINCETON PEDIATRICS.
THEY'RE OPEN RIGHT NOW IN A TEMPORARY CO, BECAUSE THE CITY REALIZED THAT THERE WAS A MISTAKE MADE.
IT WASN'T FAIR TO KEEP HIM CLOSED DURING THAT PERIOD OF TIME, AND THE EDC AND CDC HAVE DIFFERENT POSTING LAWS, AND I'M GLAD WE DIDN'T SPLIT IT WITH EDC AND CDC BECAUSE THIS PARTICULAR MONTH, WE'RE NOT GOING TO HAVE A QUORUM FOR THE CDC, SO WE'D HAVE TO PUSH IT A WHOLE ANOTHER MONTH, BUT THE 107,000 WOULD COME FROM THE EDC, GC FEES OF 16,000 IS PLUS WOULD COME FROM PRINCETON PEDIATRICS. HOPEFULLY THAT PICK.
>> ALL RIGHT. SO MAYBE EDUCATE ME.
I GUESS THE QUESTION I HAVE HERE IS HOW OR WHY DOES THE EDC GET ASKED TO FUND 87% OF THIS PROJECT WHEN I GUESS I'M HAVING A HARD TIME SEEING HOW THIS IS EDC RESPONSIBILITY OR EDC MONEY.
IF THE ANSWER IS JUST KINDNESS, THEN GREAT, THAT'S THE ANSWER.
BUT ASKING THE EDC TO COVER 87% OF SOMETHING THAT SHOULD HAVE BEEN ADDRESSED DURING THE ORIGINAL STRUCTURE, WHICH, TO MY KNOWLEDGE, WITH PRINCETON PEDIATRICS, EDC WAS NOT INVOLVED IN THAT AT ALL.
SO I GUESS WHY IS THIS COMING TO US TO SAY, HEY, WE'RE ASKING YOU TO FOOT 87% OF THIS CORRECTION?
>> I GUESS WHERE IS THAT COMING FROM AND HOW DID WE GET TO US ON THIS?
>> THERE ARE SEVERAL QUESTIONS THERE, AND I'LL ANSWER ALL OF THEM.
LIKE I THINK I SAID IN THE LEAD IN, THIS IS AN OPPORTUNITY TO HELP THE CITY OUT.
QUITE HONESTLY, IT IS BASICALLY OUT OF KINDNESS TO TRY TO SOLVE AN ISSUE THAT UNFORTUNATELY CAME UP PREVIOUSLY.
THAT WASN'T THE BUSINESS OWNER'S FAULT, IN MY MIND.
HE GOT ALL THE WAY THE FINISH LINE AND THEN REALIZED THAT IN THEIR MIND, THE RULES HAD CHANGED.
IT IS ALSO OBVIOUSLY A LEGAL EXPENSE, OR I WOULDN'T BRING IT TO YOU.
SO TO ANSWER ULTIMATELY YOUR FIRST QUESTION, LIKE I SAID, IT'S AN OPPORTUNITY TO HELP THE CITY DO WHAT'S RIGHT.
THEY DON'T HAVE THAT BUDGETED IN THEIR CAPITAL FOR PUBLIC WORKS.
THIS IS A VERY TIGHT BUDGET YEAR FOR THE CITY.
I THINK YOU'VE PROBABLY HEARD ME SAY IT A COUPLE OF TIMES RELATED TO OTHER ITEMS. SO THAT IS WHOLLY WHERE THIS CAME FROM.
AGAIN, I DID NOT COMMIT THE BOARD TO THIS.
THE ONLY THING I COMMITTED TO WAS BRINGING IT TO THE BOARD, AND I LET THEM KNOW THAT THIS CERTAINLY WAS A LEGAL EXPENSE.
BUT THIS IS A SIMILAR OPPORTUNITY AS PROJECT HARVARD, WHEN SOMETIMES IF SOMETHING PRIOR TO US WAS NOT HANDLED PERFECTLY, YOU HAVE TO COME IN AND MAKE IT RIGHT.
I DON'T KNOW ANOTHER WAY TO REALLY PUT THAT UNFORTUNATELY.
IT IS, THEY DID NOT COME TO US FOR ANY OTHER ASSISTANCE.
BUT AGAIN, INFRASTRUCTURE IS THE ONE WAY THAT THE EDC CAN SUPPORT THAT TYPE OF A BUSINESS, THAT TYPE OF A SMALL BUSINESS, AND THE INFRASTRUCTURE WILL BE CITY OWNED, IT'LL BE AN ASSET ON THE GROUND, IT'LL SERVE THEM AND OTHER LAND.
THE FIRST ONE IS, JUST FOR CLARIFICATION FROM MY UNDERSTANDING AND MAYBE SOME OTHER BOARD MEMBER,
[00:25:03]
YOU KEEP REFERRING TO THIS AS A LEGAL EXPENSE.CAN YOU DEFINE WHY THAT IS BECAUSE THERE'S NO PAPER INVOLVED IN PUTTING A FIRE HYDRANT IN, SO I'M CURIOUS.
>> THE ECONOMIC DEVELOPMENT CORPORATION, I'LL LET GRANT CHIME IN AS WELL, IF I DON'T HIT THIS ON THE HEAD, BUT THE ECONOMIC DEVELOPMENT CORPORATION AND THE CDC BY LAW, ARE ALLOWED TO INVEST IN INFRASTRUCTURE THAT FURTHERS, AND THE QUOTA IS BUSINESS ENTERPRISE.
THAT'S ONE AREA IN THE LAW WHERE THEY'RE NOT SPECIFIC TO PRIMARY EMPLOYMENT, THEY'RE NOT SPECIFIC TO ANY SPECIFIC NICS CODES.
INFRASTRUCTURE, THE ONLY THING WE CAN'T INVEST INFRASTRUCTURE IN IS RESIDENTIAL AGAINST THE LAW.
BUT IF IT'S TO SUPPORT A BUSINESS ENTERPRISE, IT IS A LEGAL EXPENSE.
>> THEN THE SECOND FOLLOW UP QUESTION IS JUST BECAUSE I LIKE TO HAVE ALL THE BOOK END OPTIONS.
>> I USED ALL OF MY KNOWLEDGE RIGHT THERE.
I'M GOING TO HAVE TO LEAN TO THE ATTORNEY.
>> I GUESS WHAT I'M LOOKING AT NOW IS TO UNDERSTAND ALL BOOK ENDS THE FRONT END IS WE CAN BE IN OUR ASSISTANCE TO AND I'M USE THE TERM TO BAIL OUT THE MISTAKE.
THE OTHER BOOK END IS IF AS A BOARD, WE COLLECTIVELY DON'T THINK THIS FALLS UNDER OUR RESPONSIBILITY OR OUR NEED TO JUMP IN, WHAT DOES THAT SCENARIO LOOK LIKE? IF THAT BECOMES EVIDENT, NOT ONLY TO THE CITY, BECAUSE I UNDERSTAND THE BUDGET RESTRAINTS, BUT MORE IMPORTANTLY TO PRINCETON PEDIATRICS AS A BUSINESS THAT'S NEWLY OPENED IN THE CITY, AND I WANT TO UNDERSTAND WHAT THE RAMIFICATIONS ARE THERE IF THIS $122,000 BILL IS STILL SITTING OUT THERE?
>> THERE'S THREE OPTIONS, OBVIOUSLY.
ONE OF THE OPTIONS IS TO WAIT A MONTH AND TRY TO EXTEND THE TEMPORARY CO SO HE CAN REMAIN OPEN OVER THE HOLIDAYS AND TAKE IT TO THE CDC NEXT MONTH.
LEGALLY, THEY CAN BOTH DO THAT.
ONE OPTION WOULD BE TO SAY ALLISON AND TOMMY, FIND IT SOMEWHERE IN CITY FUNDS.
THE THIRD OPTION, WHICH TO ME IS THE LEAST FAIR AND THE WORST OPTION IS TO TELL PRINCETON PEDIATRICS AND THE DOCTORS HERE, SORRY, YOU GOT TO COME UP WITH $122,000 YOU DIDN'T KNOW YOU HAD TO COME UP WITH.
THOSE ARE THE ONLY THREE OPTIONS I CAN THINK OF.
>> I'M CAUGHT UP ON THIS WHOLE FIASCO, BUT I'M WITH MIKE ON THIS ONE.
YOU'RE PUTTING THIS FOOT, THIS BIG BILL, NOT A BIG BILL, BUT YOU'RE PUTTING THIS BILL ON THE EDC AND WHEN THIS WHATEVER DIFFERENCE OF OPINIONS FROM THE FIRE MARSHALS AND ALL.
CAN YOU EXPLAIN WHY THE CITY CANNOT FOOT SOME OF THIS BILL.
>> TOMMY IS, I BELIEVE OUT FOR THE HOLIDAYS, OTHER THAN BRINGING IN THE PUBLIC WORKS DIRECTOR AND HAVE HIM EXPLAIN HIS BUDGET RESTRAINTS OR POSSIBLY, I DON'T KNOW IF ALLISON IS THAT INVOLVED WITH THAT PARTICULAR BUDGET CONSTRAINT.
BUT I THINK IT IS QUITE HONESTLY AND I GET THE TREPIDATION.
I MEAN, THIS IS NOT A NORMAL THING THAT YOU WOULD SEE EVERY DAY WITH US.
NOW, IT'S NOT GOING TO BE THE LAST TIME THAT YOU SEE IT BECAUSE I THINK WE'VE GOT ANOTHER PROJECT WE'RE WORKING ON WHERE THEY'RE GOING TO HAVE TO RELOCATE SOMETHING, AND THEY MAY COME AND ASK FOR HELP ON THAT AS WELL ON A LARGER RETAIL PROJECT.
THIS IS GOING TO SOUND BUT IT'S THE MOST EXPEDIENT WAY TO HANDLE IT.
I THINK THAT THE BOARD IS IN A VERY GOOD FINANCIAL POSITION, AND SO I THINK IT'S NOT GOING TO PUT US IN A BAD FINANCIAL POSITION.
THE QUESTION COMES DOWN TO, TO ME, IT'S NOT A MONEY THING AS AS IT IS.
DO YOU THINK THIS IS THE RIGHT THING FOR THE EDC TO DO? I MEAN, THERE'S NOT A RIGHT ANSWER TO THAT.
IT'S NOT DIRECTLY IN OUR WHEELHOUSE, BUT IT'S SOMETHING THAT WE CERTAINLY CAN DO, AND I WILL TELL YOU IF I'M HERE LONGER TERM, IT'S SOMETHING THAT WE WILL BE DOING MORE OF IN THE FUTURE.
AS WE START DEVELOPING MORE, THERE WILL BE MORE INFRASTRUCTURE REQUESTS AND THAT IN MY OPINION IS GOING TO BE WHERE A LOT OF MONEY GOES BECAUSE GROWING AT OUR RATE,
[00:30:02]
IT IS IMPOSSIBLE FOR PUBLIC WORKS TO KEEP UP WITH CAPITAL EXPENDITURES ON INFRASTRUCTURE.PARTICULARLY SINCE WE'VE LOWERED OUR TAX RATE TO THE LEVEL WE HAVE, I MEAN, IT IS EXTRAORDINARILY TIGHT.
I DON'T KNOW IF THAT ANSWERS YOUR QUESTION, BUT I THINK WE ARE IN BETTER FINANCIAL POSITION, BELIEVE IT OR NOT TO HANDLE THIS PARTICULAR THING THAN THE CITY IS AT THIS PARTICULAR DATE, IN MY OPINION.
YOU THINK THAT'S FAIR, ALLISON?
>> IN YOUR OPINION, WHAT DOES IT LOOK LIKE? WHAT ARE THE ODDS? WHAT ARE THE CHANCES WHATEVER TERM YOU WANT TO USE OF EXTENDING THE TEMPORARY CEO SO WE CAN COLLECTIVELY TALK ABOUT WHETHER IT'S THE CDC OR TALKING WITH THE CITY AND GETTING MORE OF A GRASP ON WHERE THEY'RE AT.
PLEASE UNDERSTAND, FROM MY PERSPECTIVE HERE ON THE BOARD AND MY RESPONSIBILITY HERE, ALL I HAVE IN FRONT OF ME IS A PIECE OF PAPER ASKING FOR MONEY.
I'VE HAD NO DISCUSSIONS WITH THE CITY ON WHERE THIS IS, AND IF YOU'VE BEEN IN ENOUGH MEETINGS WITH ME, I'M A BIG.
THEY CAN'T SAY YES IF YOU DON'T ASK, GUY.
BUT WITH MY RESPONSIBILITY ON THE BOARD HERE, I'M LEANING TOWARDS EXPLORING OPTIONS BEFORE JUST VOTING YES ON SOMETHING THAT I'VE SEEN OVER THE LAST THREE DAYS.
BACK TO MY QUESTION IN YOUR OPINION, WHAT'S THE ODD? WHAT'S THE PROCESS FOR GETTING A TEMPORARY CO EXTENSION FOR PRINCETON PEDIATRICS?
>> WE'LL BE ABLE TO GET ONE. WE'LL BE ABLE TO GET AN EXTENSION.
I FEEL VERY CONFIDENT, I'VE ALREADY TALKED TO THE FIRE CHIEF.
>> ONE OTHER THING TO KEEP IN MIND THAT I DIDN'T THINK ORIGINALLY, ON PROJECTS THAT ARE NOT ORIGINALLY BUDGETED PROJECTS FOR THE CDC, THERE'S A 60 DAY WAITING PERIOD BETWEEN WHEN WE FIRST HAVE A PUBLIC HEARING AND APPROVE IT TO WHEN WE CAN ACTUALLY WRITE A CHECK, WHICH WOULD ADD A COUPLE MORE MONTHS TO IT.
I'M NOT SAYING WE CAN'T DO THAT.
MY FEELING IS WE CAN PROBABLY EXTEND THE CO AS LONG AS IT REALLY NEEDS TO BE THIS TIME OF YEAR, AS LONG AS IT'S NOT RIDICULOUS.
WE'RE NOT GOING TO EXTEND IT SIX MONTHS, A YEAR OR WHATEVER, I WOULDN'T THINK.
BUT THAT'S A FIRE MARSHAL DECISION, NOT A JIM DECISION.
I ONLY SAY THAT I FEEL COMFORTABLE WE CAN EXTEND IT BECAUSE I'VE ALREADY HAD A CONVERSATION WITH THE FIRE CHIEF.
>> DON'T ASK QUESTIONS YOU KNOW THE ANSWER TO.
EXPLAIN REAL QUICK, JUST A LITTLE BIT CLARITY ON SOMETHING YOU SAID RIGHT THERE.
THE CDC HAS A DIFFERENT PROCEDURE THAT THEY WOULD NEED TO FOLLOW.
CAN YOU JUST EXPOUND ON THAT A LITTLE BIT AS HOW IT APPLIES TO THE CDC, BUT NOT THE EDC IN THIS CASE.
>> YES. IT'S ODD BECAUSE THE CDC CAN, AS YOU KNOW, DO MORE THINGS WITH THEIR FUNDS THAN THE EDC CAN.
THE CAVEAT TO THAT IS, OTHER THAN BUDGETED EXPENDITURES AND MARKETING AND THINGS LIKE THAT, IF IT'S A NEW PROJECT EXPENDITURE, YOU HAVE TO HAVE A PUBLIC HEARING.
YOU'VE GOT TO ADVERTISE THAT AT LEAST SEVEN DAYS IN ADVANCE, I BELIEVE NOW.
THEN ONCE THE BOARD, THEY CAN APPROVE IT AFTER THE PUBLIC HEARING.
THEY DON'T HAVE TO WAIT 60 DAYS TO APPROVE IT.
THEY CAN GO AND APPROVE IT, BUT YOU HAVE TO WAIT 60 DAYS TO CUT A CHECK BECAUSE THEORETICALLY, THE CITIZENS HAVE THE OPPORTUNITY OR THE LEGAL RIGHT TO START A PETITION TO SAY, WE DON'T WANT YOU TO DO THAT PROJECT.
HERE'S THE OTHER WEIRD PART ABOUT IT, NOT TO GET TOO DEEP INTO THE LAW.
AGAIN, I'M NOT AN ATTORNEY, BUT I DID SLEEP AT A HOLIDAY INN EXPRESS LAST NIGHT.
IF IT'S A PROJECT SIMILAR TO A PROJECT THAT'S PREVIOUSLY BEEN DONE, SAY AN INFRASTRUCTURE PROJECT, WHICH THIS BOARD AND THE CDC HAVE BOTH SPENT MONEY ON INFRASTRUCTURE, YOU HAVE TO GIVE THE CITIZENS A RIGHT FOR PETITION.
BUT THEY CANNOT CAUSE AN ELECTION BECAUSE YOU HAVE PREVIOUSLY DONE THAT TYPE OF PROJECT, SO IT IS ASSUMED TO HAVE BEEN APPROVED LAST TIME, AND SO YOU CAN'T CHANGE THAT.
IS THAT PRETTY FAIR? I'M TRYING TO SUMMARIZE INSTEAD OF TRYING TO MEMORIZE THE LAW.
BUT THERE IS A LEGAL PROCESS THAT YOU HAVE TO GO THROUGH, AND IT IS A LONGER ONE THAN WE HAVE HERE.
THEY REALLY NEED TO CHANGE THE LAW TO WHERE ANY PROJECT THAT THE CDC DOES THAT IS ALLOWED BY THE EDC, SHOULDN'T NEED A PUBLIC HEARING.
BUT SO FAR, I BELIEVE THAT ONLY APPLIES TO CITIES 20,000 OR LESS, WHICH IS RIDICULOUS.
THE STATE DOESN'T ALWAYS DO THINGS LOGICALLY, PARTICULARLY WHEN IT COMES TO ECONOMIC DEVELOPMENT LAW SOMETIMES.
[00:35:05]
>> I'LL CHIME IN TOO A LITTLE BIT MORE.
I THINK JIM SAID THAT VERY WELL.
ONE THING TO KEEP IN MIND, I MENTIONED THE PERFORMANCE AGREEMENT.
IF THE BOARD WANTS TO EXPEND FUNDS ON A REIMBURSEMENT BASIS, WE HAVE TO HAVE A PERFORMANCE AGREEMENT.
ONE OF THE TERMS THAT THE PERFORMANCE AGREEMENT HAS TO HAVE IS A JOB CREATION AND RETENTION COMPONENT.
BY THE EDC EXPENDING FUNDS, YOU'RE REQUIRING THE PRINCETON PEDIATRICS TO CREATE AND KEEP JOBS, WHICH IS SOMETHING THAT THEORETICALLY THEY COULD GO OUT OF BUSINESS ANYTIME.
IF THEY DON'T, THEN THERE'S A REIMBURSEMENT, REPAYMENT COMPONENT.
THAT'S A REQUIREMENT IN EVERY PERFORMANCE AGREEMENT.
THAT'S ONE THING TO KEEP IN MIND TOO, IS THAT YOUR MONEY IS NOT GOING TO WASTE.
YOU'RE FUNDING NEW INFRASTRUCTURE, AND YOU'RE ALSO ENSURING THAT JOBS COME IN AND STAY IN PRINCETON FOR THE TERM OF THE AGREEMENT.
>> I DON'T WANT TO GIVE YOU THE IMPRESSION THAT WE'VE GOT A DEAL WORKING, BUT I DO HAVE A COUPLE OF DIFFERENT PEOPLE LOOKING AT THE ADJACENT LAND THAT'S GOING TO NEED THE HYDRANT AS WELL.
I THINK WE'RE GOING TO START GETTING A LITTLE BIT MORE TRACTION ON THAT NOW THAT SOME OF THE LARGER RETAIL DEVELOPMENTS ARE GOING TO GET FURTHER ALONG AFTER THE FIRST OF THE YEAR.
IT'S GOING TO BECOME VERY OBVIOUS THAT THAT LANDS TAKEN.
THEY'RE GOING TO START LOOKING FURTHER DOWN EAST ON 380.
I'VE SPOKEN TO TWO DIFFERENT GROUPS THAT ARE LOOKING AT THAT LAND.
>> THANK YOU VERY MUCH. AGAIN, I WANT TO BE CLEAR.
MY HESITATION HERE IS JUST THE SPEED AT WHICH IT'S BEING ASKED AND HOW IT'S BEING ASKED.
MY RESPONSIBILITY AS A STEWARD ON THIS BOARD, I JUST WANT TO MAKE SURE ALL THE DUCKS IN A ROW AND T'S ARE CROSSED AND EYES ARE DOTTED BEFORE WE BACK SOMETHING JUST BECAUSE IT'S ON AN AGENDA, AND SOMEONE ASKED.
>> IT'S UNDERSTOOD. THIS IS NOT A NORMAL THING THAT WE HAVE DONE A BUNCH OF TIMES.
NOW, I CAN TELL YOU IT VERY LIKELY WILL BECOME NORMAL MOVING FORWARD WITH SOME OF THE DEVELOPMENTS THAT WE'RE DOING, THAT WE'LL BE ASKED TO INVEST IN THIS STUFF BUT WE HAVEN'T TODAY.
>> ALL THE BETTER REASON TO PAY ATTENTION TO THE PRECEDENTS WE MAY SET.
>> I DO HAVE A QUESTION BEFORE WE MOVE ON FROM THE WHOLE HYDRANT AND PEDIATRIC SITUATION.
I WANT TO MAKE SURE I UNDERSTOOD CORRECTLY.
DID I HEAR YOU GUYS SAY THAT IF WE DID DECIDE TO GIVE THIS MONEY, THAT PRINCETON PEDIATRICS WILL BE RESPONSIBLE FOR PAYING IT BACK?
>> NO. IF WE PAY THIS MONEY AND THEY CLOSE AND MOVE SOMEWHERE ELSE, THEN THEY HAVE TO PAY US BACK.
IF THEY STAY OPEN AND KEEP THEIR PEOPLE EMPLOYED AND KEEP SERVING OUR CITIZENS, THEN IT'S LIKE A FORGIVABLE LOAN.
ONCE YOU GET PAST THE AGREEMENT DATE, THEY'RE FREE AND CLEAR, WE'RE GOOD TO GO.
THERE'S A CLAWBACK IN CASE THEY DON'T PERFORM, BUT I THINK EVERYBODY EXPECTS THEM TO PERFORM.
THERE'S ONE PHYSICIAN IN THIS CITY, TO MY KNOWLEDGE, AND ANKE DOES PRETTY GOOD BUSINESS SO I THINK HE'LL STAY OPEN.
YOU'RE FEELING PRETTY GOOD ABOUT BUSINESS DR. ANKE?
>> HAS THAT PERFORMANCE CONTRACT ALREADY BEEN DRAFTED?
>> NO, SIR. IF THE BOARD SO CHOSE TO SUPPORT IT, THEY WOULD APPROVE THE NOT TO EXCEED NUMBER AND AUTHORIZE GRANT TO WRITE UP THE PERFORMANCE AGREEMENT TO FINALIZE THE DEAL.
>> I WAS ONLY ASKING THAT QUESTION, NOT THAT I'M LOOKING FOR THEM TO PAY US BACK.
>> I JUST WANTED TO BE SURE THAT THIS WASN'T SOMETHING THAT IT'S LIKE, HEY, WE'RE HELPING YOU.
WE WANT TO BRING BUSINESS HERE, BUT WE'RE STILL NOT HOLDING THE CITY ACCOUNTABLE.
THAT'S WHY I WANTED TO BE SURE.
>> I WILL SAY THAT AGAIN, PRINCETON PEDIATRIC IS STILL GOING TO COME OUT WITH THE BILL OF $17,000 THAT THEY'LL BE PAYING OUT OF THEIR POCKETS THAT THEY WEREN'T EXPECTING TO, BUT WE'LL BE PAYING FOR THE ACTUAL INFRASTRUCTURE PORTION THAT THE CITY WILL OWN FOREVER.
THE INFRASTRUCTURE WON'T BELONG TO PRINCETON PEDIATRICS.
IT'LL SERVE THEIR SITE, AND IT'LL SERVE LAND AROUND THEM, BUT IT'LL BE A PIECE OF CITY INFRASTRUCTURE. IF THAT MAKES SENSE.
>> I TOTALLY AGREE. WE HAVE TO REALLY HIGHLIGHT THE FACT THAT THE CITY SHOULD BE RESPONSIBLE FOR SOME OF THIS.
IT IS NOT PRINCETON PEDIATRICS FAULT FOR THIS.
I HAD A QUESTION, IF YOU DON'T MIND COMING FORWARD, SIR.
OR CAN YOU ANSWER THE QUESTION BACK THERE? IT'S UP TO YOU. HAVE YOU GUYS ACTUALLY OPENED, YOU GUYS OPEN THE DOORS YET?
>> YES WE HAVE SINCE THE DECISION.
>> HIT THAT BUTTON DOC, ON THE MICROPHONE.
ON THE RIGHT, THE SILVER BUTTON ON THAT. THERE YOU GO.
>> SINCE WE RECEIVED THE DECISION TWO MONTHS AGO FROM THE CITY COUNCIL, WE HAVE OPENED AND WE'VE BEEN IN BUSINESS SINCE THEN.
>> YOU GUYS ARE ACTUALLY DOING BUSINESS RIGHT NOW?
>> BUT THIS WILL HINDER BUSINESS IF IT DOESN'T GET RECTIFIED?
>> YES. BECAUSE WE HAVE A TEMPORARY CERTIFICATE OF OCCUPANCY
[00:40:02]
WHERE WE HAVE TO GET THIS HYDRANT DONE WITHIN FOUR MONTHS.>> I THINK I ALMOST FEEL THAT IT'S INSANE THAT THE CITY IS PROPOSING SOMETHING FOR HIM TO TAKE CARE OF THAT THEY KNEW THAT WAS AN ISSUE.
I HATE THAT YOU ARE EXPERIENCING THIS.
I DO WANT YOU TO KNOW THAT IN NO SHAPE FORM OF FASHION, ARE WE IN A PLACE WHERE WE'RE TRYING TO MAKE IT HARDER FOR YOU.
WE WANT TO PROTECT YOU BECAUSE WE WANT TO PROTECT ALL THE BUSINESSES THAT COME INTO PRINCETON.
IT'S ALREADY HARD GETTING PEOPLE TO COME HERE. WE DO VALUE.
I HAVE THREE KIDS. I WOULD LOVE TO BE ABLE TO TAKE THEM TO A PEDIATRIC THAT IS IN THE CITY AND I HAVE TO DRIVE TO FRISCO. I DO WANT YOU TO KNOW THAT.
>> THANK YOU. ON THE SURFACE, MR. RIMA.
ON THE SURFACE, I AGREE WITH THESE GUYS AS FAR AS THIS JUST CAME WHERE IT IS.
I THINK IT'S A REVERSE DEAL OF WHAT WE DO.
IF YOU FOLLOW ME ON THAT, TYPICALLY, HE WOULD COME TO US, LAY ALL THIS OUT, HOW MANY EMPLOYEES, HOW GOOD A JOBS, THAT THING, THEN WE WOULD PROBABLY GO AHEAD WITH SOMETHING LIKE THIS, BUT IT'S CATCHING PEOPLE OFF GUARD.
MY THOUGHT IS THAT WE TABLE IT AND DO IT IN A RIGHT ORDER, GET ALL THAT INFORMATION, HAVE THE PERFORMANCE AGREEMENT, THEN WE CAN HAVE SOMETHING BECAUSE WE DON'T KNOW HOW MANY EMPLOYEES HE HAS OR WHAT THINGS THAT WE WOULD NORMALLY LOOK AT. THAT MAKES SENSE?
>> SURE. I CAN DO THAT. IS EVERYBODY GOOD WITH THAT?
>> ESSENTIALLY WE GET A PROJECT APPLICATION FILLED OUT BY THEM SHOWING HOW MANY EMPLOYEES, WHAT THEY'RE PAYING THEIR EMPLOYEES, WHAT THEIR CAPITAL INVESTMENT WAS IN THIS FACILITY, AND THEN I'LL BRING IT BACK JUST AS A REGULAR PROJECT.
>> JUST WANTED TO CREATE BUSY [INAUDIBLE]
>> JUST NOT A CONFIDENTIAL PROJECT.
>> ARE YOU GUYS GOOD WITH THAT?
>> IF WE CAN DO THAT, WE SHOULD BE ABLE TO DO THAT IN JANUARY.
I CAN EMAIL THAT TO YOU TONIGHT.
THEN IF WE NEED TO EXTEND THE TEMPORARY CO, I'LL BE COMMUNICATING WITH THE FIRE MARSHAL AND THE FIRE CHIEF, AND WE'LL GET THAT TAKEN CARE OF WHILE WE'RE WORKING ON THAT.
MY BIG CONCERN IS I DON'T WANT TO AFFECT HIM.
NOW, MEDICAL AND HEALTH CARE IS OUR NUMBER 1 TARGET RIGHT NOW.
WE HAVE A DOCTOR THAT HAS A SUCCESSFUL PRACTICE IN TOWN AND I JUST WANT TO MAKE SURE THEY CAN STAY OPEN AND QUITE HONESTLY TRYING TO HELP THE CITY OUT BECAUSE THERE'S GOING TO COME A TIME WHERE WE'RE GOING TO HAVE TO GO TO THEM AND ASK FOR HELP.
I'D LIKE TO TRY TO KEEP THAT PARTNERSHIP AS CLOSE AS POSSIBLE.
BUT I THINK THAT'S A GREAT SUGGESTION, MR. CHAIR.
>> WE'LL MOVE TO TABLE THAT AND COME BACK TO IT NEXT MONTH.
>> MR. CHAIR, CAN WE GET A FORMAL MOTION TO TABLE?
>> MR. CHAIR, I'LL MAKE A MOTION TO TABLE AGENDA ITEM 2025-24 UNTIL OUR JANUARY BOARD MEETING.
ATTORNEY LOWERY, SHOULD WE GO BACK TO THE OTHER ITEM AND DO THE SAME THING THAT WE TABLED?
>> WE CAN DO THAT. IF YOU WANT TO GO BACK TO J1, JUST TO BE CONSISTENT AND GET A MOTION TO TABLE.
>> HE'LL NEED THE SAME MOTION FOR THE REPORTING STRUCTURE.
>> CHAIRMAN, I MOVED TO TABLE AGENDA J1 TO OUR NEXT MEETING IN JANUARY.
FROM THERE, WE'LL MOVE TO 2025-025 CONTRACT AMENDMENT.
CONSIDER, DISCUSS AND ACT ON A CONTRACT FOR SALE AMENDMENT BETWEEN THE CITY OF PRINCETON AND HARA DEVELOPMENT INC, EXTENDING THE DATES OF BOTH THE DUE DILIGENCE PERIOD AND THE CLOSING DATE DUE TO DELAYS IN REZONING PROCESS.
>> MR. CHAIRMAN AND BOARD, AS YOU ALL KNOW, WITH PROJECT HOME RUN, WHICH IS HARROD, AS PART OF THE CONTRACT ON A PIECE OF LAND IN A PROFESSIONAL PARK, PART OF OUR RESPONSIBILITY WAS TO REZONE IT TO WHERE THEY CAN DEVELOP THEIR PROJECT BY RIGHT.
THEY CURRENTLY CANNOT UNDER MANUFACTURING.
SINCE THE PLANNING AND ZONING COMMISSION HAD TO CANCEL THEIR DECEMBER 1ST MEETING,
[00:45:07]
IT PUSHED US OUTSIDE OF THE DATES IN THE CONTRACT.WHAT WE'RE ASKING FOR IS TO EXTEND THE DATE OF DUE DILIGENCE PERIOD FROM DECEMBER 22ND 2025 TO JANUARY 14TH, 2026.
EXTEND THE CLOSING DATE DEADLINE FROM FEBRUARY 26, 2026 TO MARCH 26, 2026.
AGAIN, THAT IS BECAUSE OF OUR DELAY IN GETTING THE LAND REZONED.
IT IS SCHEDULED TO GO TO THE CITY.
THEIR FIRST MEETING IN JANUARY, AND THEN WE SHOULD BE ABLE TO MOVE FORWARD QUICKLY AFTER THAT.
WITH THAT, I'LL BE HAPPY TO ANSWER ANY QUESTIONS.
ATTORNEY LOWERY HAS LOOKED AT THE AMENDMENT AND APPROVED IT.
>> MR. CHAIR, I'LL MAKE A MOTION TO APPROVE AGENDA ITEM 2025-025 ON THE AMENDMENT OF THE CONTRACT WITH HARA DEVELOPMENT.
>> THAT'S APPROVED 5:0 AS WELL.
FROM THERE WE'LL MOVE TO EXECUTIVE SESSION.
[K. EXECUTIVE SESSION]
EXECUTIVE SESSION IN ACCORDANCE WITH CHAPTER 551 OF THE TEXAS GOVERNMENT CODE, THE ECONOMIC DEVELOPMENT CORPORATION MAY ENTER INTO CLOSED SESSION OR EXECUTIVE SESSION TO DISCUSS ANY OF THE FOLLOWING, SECTION 551.071, TEXAS GOVERNMENT CODE, CONSULTATION WITH THE ATTORNEY ON PENDING OR CONTEMPLATED LITIGATION OR SETTLEMENT OFFER, ON A MATTER WHICH THE DUTY OF THE ATTORNEY TO THE GOVERNMENTAL BODY UNDER THE TEXAS DISCLINARY CODE RULES OF PROFESSIONAL CONDUCT OF THE STATE BAR OF TEXAS CLEARLY CONFLICTS WITH THIS CHAPTER OR ANY OTHER ITEM ELSEWHERE WITHIN THE AGENDA AND, OR THE SUBJECT MATTER LISTED BELOW.TEXAS GOVERNMENT CODE 551.087, DISCUSS AND DELIBERATE ECONOMIC DEVELOPMENT NEGOTIATIONS.
WE HAVE PROJECT 41, PROJECT QUEEN, PROJECT LONE STAR, PROJECT RED, PROJECT BREAD, PROJECT HOME RUN.
THEN TEXAS GOVERNMENT CODE 551.074 PERSONNEL MATTERS EMPLOYMENT CEO.
IT IS 6:52, AND WE'LL MOVE TO EXECUTIVE SESSION.
AGAIN, IT'S THE DECEMBER 16TH, 2025 MEETING OF EDC.
[L. ACTION PERTAINING TO EXECUTIVE SESSION]
WE RETURNED FROM EXECUTIVE SESSION.THERE'S NO ACTION TO BE DISCUSSED OR PERTAINING TO EXECUTIVE SESSION, AND SO WE'LL MOVE TO ADJOURNMENT.
>> WE'RE ADJOURNED. THANK YOU ALL.
>> THANKS, EVERYBODY, AND SINCERELY.
MERRY CHRISTMAS, AND HAPPY NEW YEAR, IF I DON'T SEE YOU.
* This transcript was compiled from uncorrected Closed Captioning.