WEBVTT 1 "" (0) 00:00:00.000 --> 00:00:01.061 So. 2 "jspaeth@cityofutica.com" (1227787776) 00:00:01.061 --> 00:00:16.169 2nd. Ryan 2nd. Sorry. Some of project updates, real property acquisitions, was, is everything signed now? 3 "jspaeth@cityofutica.com" (1227787776) 00:00:16.169 --> 00:00:31.650 All, we don't have, we don't have NO new changes or anything. He sent us 200 grand for the agreement, so we got that money already. He's agreed to work with us to find someone to develop. 4 "jspaeth@cityofutica.com" (1227787776) 00:00:31.650 --> 00:00:49.470 The apartments in the entertainment center, he doesn't want to wanna build those if he doesn't have to. So would he signed the agreement with those in it? Yeah, he's gonna do a geo study of the whole property and provide us with that. So, and I'm just asking that. No, NO. The great that he signed it. 5 "jspaeth@cityofutica.com" (1227787776) 00:00:49.470 --> 00:01:04.560 So, what happens? Hey Bob, we're going old school. Joe Beatrice is ask asking about the status of the property right now. Which is good. And what. 6 "jspaeth@cityofutica.com" (1227787776) 00:01:04.560 --> 00:01:24.560 What happens if, now what do we have on that? You had it, you had X amount of years for the 1st building X amount of years for the ok so what happens if we get to the point when he doesn't want to do the, the arcade or whatever that building is? Right. We take that, we take that back. Correct. 7 "jspaeth@cityofutica.com" (1227787776) 00:01:24.560 --> 00:01:43.740 Okay, is that even And again, just questions. So that small parcel, what would we do with that? We would what we wants us to do is continue to look for a developer. He wants, he wants us to find a developer, but he owns the property. 8 "jspaeth@cityofutica.com" (1227787776) 00:01:43.740 --> 00:02:02.910 And he's gonna try to find his own person. Yep. He doesn't do restaurants, he doesn't want to do the entertainment. His fear with that other parcel why he wanted it was he wanted a hotel on it. He didn't want somebody else to come in and. Exactly. Okay. So we've been, we talked to him, the mayor and I, and we talked about, you know. 9 "jspaeth@cityofutica.com" (1227787776) 00:02:02.910 --> 00:02:20.670 Maybe even taken that property back with, a deeds restriction that says we won't sell it to a hotel developer and he'd be ok with that. But but realistically, would we be able to really do anything with it? Well, that's pretty difficult. They ain't a big piece of property, right? 10 "jspaeth@cityofutica.com" (1227787776) 00:02:20.670 --> 00:02:36.510 Well, what's gonna have the apartments and the entertainment center on it, so, so it's both. All he wants to do out of the four things. And what happened when the I'm gonna ask him numbers after this. What happened? 11 "jspaeth@cityofutica.com" (1227787776) 00:02:36.510 --> 00:02:52.920 With the f the original pilot program, was it adjusted or it's the one that's been thrown out? So there is NO pilot program. We're going back to him with our traditional pilot for that. And he agreed to that? Yes. Okay. 12 "jspaeth@cityofutica.com" (1227787776) 00:02:52.920 --> 00:03:12.920 That's pretty good. Okay, so financially, NO. So I think that brings back into play the. And then well, I was I was just saying we can now with the new pilot go to the. 13 "jspaeth@cityofutica.com" (1227787776) 00:03:12.920 --> 00:03:18.180 Community host agreement make it part of the agreement. Their argument before was it was never part of the pilot. 14 "jspaeth@cityofutica.com" (1227787776) 00:03:18.180 --> 00:03:34.740 We're not gonna do it now. Now it's wide open to do more through the idea with them. So would we, we would wait, so what is it? The 1st hotel is two years, what did we say? How many years? Hey wants to do the one across from the holiday and express 1st 1st, and then. 15 "jspaeth@cityofutica.com" (1227787776) 00:03:34.740 --> 00:03:53.100 Well, how many years has he got to do that? Two years? Two, and then after that he's got two years to do the other one, ok? So then we won't even look at the apartment building. That would be year five and six for him. But if we could find somebody, we could. He might find somebody up really, right? Yep. 16 "jspaeth@cityofutica.com" (1227787776) 00:03:53.100 --> 00:04:12.030 Okay, pilot's gone, ok, so let's talk about when we close on this. So he gave us 200000 up front and that helps us on our back interest probably, right? It does, it pays our professionals and, you know, it helps us there. And where. 17 "jspaeth@cityofutica.com" (1227787776) 00:04:12.030 --> 00:04:28.049 What is, what was the final cost that he paid for all this? It's the same price, the phrase price we had. And just I don't know. One five and changed 153 something like that. I don't know. 1000500. 18 "jspaeth@cityofutica.com" (1227787776) 00:04:28.049 --> 00:04:47.939 Right. We will get that at closing? No, we got the 200. Oh, the one, yeah. And where, what will that do for us here now, for our board? So the 200 gives us money to pay our professionals, pay our insurance, get ourselves stable house, pay the bank, get the audit done. 19 "jspaeth@cityofutica.com" (1227787776) 00:04:47.939 --> 00:05:05.819 The sale of the property will, you know, pay down the load at MBT. Oh, we're still gonna be in the hole. We still will still owe MBT money. How much will we owe MBT? Of five of 500 500000? We still. What's our plan? 20 "jspaeth@cityofutica.com" (1227787776) 00:05:05.819 --> 00:05:25.709 What's our plan to get that 500? Well, I think we'll go through this, but basically it's Ash's building and the 17 building. In the meantime, though, until those are sold, we keep accruing that every month on that. We'll accrue interest on the unpaid portion, so we get the million five, we pay it down. 21 "jspaeth@cityofutica.com" (1227787776) 00:05:25.709 --> 00:05:41.909 We owe five, we would have to pay interest on that till we sell that other property. Wasn't wasn't there a comment from trying to see if that today corporation council today talked to council for MBT. 22 "jspaeth@cityofutica.com" (1227787776) 00:05:41.909 --> 00:05:57.029 And I don't know the long and short of that, but we'll find out about the fact that it's basically an unsecured loan. Okay, and then what, and I don't mean to be asking so many questions, but I get with a ton of questions. So. 23 "jspaeth@cityofutica.com" (1227787776) 00:05:57.029 --> 00:06:17.029 Where are we with the status of us signing this over to the city so people can get in there and walk around and all that stuff? That, that's something we gotta get moving on because they want to open it up and let people walking around in there. I think we're done on the problem for the most part there's there's they gotta put in the lunch, there'. 24 "jspaeth@cityofutica.com" (1227787776) 00:06:17.029 --> 00:06:22.889 By mid we put their end date by mid July now. 25 "jspaeth@cityofutica.com" (1227787776) 00:06:22.889 --> 00:06:39.449 I just got an email today from audio. I didn't read it. Maybe did you read it? Yeah, he apologized. He forgot about the maintenance of the water level. He's gonna talk to his team and get back to you next week. Okay. 26 "jspaeth@cityofutica.com" (1227787776) 00:06:39.449 --> 00:06:54.779 No, but I'm, we can't open the doors until we have to figure out either. 27 "jspaeth@cityofutica.com" (1227787776) 00:06:54.779 --> 00:07:14.779 Sublease it back to the city for purposes of utilizing your self insurance for us securing the and with the money we just got, we can. So would you rather do that? What is it beneficial for the board for us? Right away, you know, Bob's the lawyer, but I would think you'd insure it right away, and if. 28 "jspaeth@cityofutica.com" (1227787776) 00:07:14.779 --> 00:07:34.349 We do transfer it to the city, we get a credit on our insurance for, you know, on years. Yeah, I have NO idea how much the insurance gonna cost where you're talking about water hazard and I don't I mean it might be a big ticket insurance item for I don't know. Yeah. 29 "jspaeth@cityofutica.com" (1227787776) 00:07:34.349 --> 00:07:54.349 And then in all those dots all those plans with the floating dock and all that, we're doing any of that this summer. No, NO, we're putting we are the going in. Not the, not the, not the boat budget. Yeah, not that boat floating doc but the one. Yes. 30 "jspaeth@cityofutica.com" (1227787776) 00:07:54.349 --> 00:08:13.229 Right. It's not in yet though. No, soon. And then once this opens up, they'll take that whole fence down next there. Keep it around the two buildings. Yeah. The 17 and the 30 around those two buildings. But the fence like by the coffee shop wouldn't be gone. 31 "jspaeth@cityofutica.com" (1227787776) 00:08:13.229 --> 00:08:33.229 Yeah, the city's gonna decide though did they want everything gone or the if the city's the owner, you know, they gotta decide that they want anything gone or do they want to like have daytime access and close that night and right now to keep that fencing up for a while. I mean there's a lot of decisions to be made. So the problem was we sat out there last fall. 32 "jspaeth@cityofutica.com" (1227787776) 00:08:33.229 --> 00:08:49.709 Press conferences and I was part of it and say look how great it is. This is gonna be open in the spring. We've been talking about this for 50 years. We're here, and now these people unfortunately, not unfortunately I'm proud to be there. I'm the council person in that district. 33 "jspaeth@cityofutica.com" (1227787776) 00:08:49.709 --> 00:09:07.619 And I'm getting get calls on it. And that's why I just want to be able to talk to it if somebody's calling me. And I don't know what the process is to hand it over to the city, but, you know. Be care, be careful about hand it over too. I'd rather sublet it. 34 "jspaeth@cityofutica.com" (1227787776) 00:09:07.619 --> 00:09:23.099 Well, then be required for insurance and then indemnifying us with regards to any incidents that have been occur by four purposes of exposure, but I I'd rather not i'd rather not have the city owner. 35 "jspaeth@cityofutica.com" (1227787776) 00:09:23.099 --> 00:09:43.099 I mean if the city owns it, you might as well just terminate the the LDC. Well, the LEC still has the whole 17:17 building 33 now you've got to convey the whole in order to ensure that you have. We have NO exposure for purposes of people fall. 36 "jspaeth@cityofutica.com" (1227787776) 00:09:43.099 --> 00:09:59.819 But we subdivided out the land around the harbor around the 17 buildings yeah and yeah, I mean, we have a parcel and they're working on it now, the subdivide that would. 37 "jspaeth@cityofutica.com" (1227787776) 00:09:59.819 --> 00:10:14.849 We have a subdivision who started at least the survey part that would be the portion that gets those which there is other land that we would secure that the LDC owns that. 38 "jspaeth@cityofutica.com" (1227787776) 00:10:14.849 --> 00:10:32.189 You know, the city wouldn't purchase, you know, just to I mean whatever piece that is is in our name provides exposure, so whatever whatever we retain as what would have to be either self intured through a sublease or ownership. 39 "jspaeth@cityofutica.com" (1227787776) 00:10:32.189 --> 00:10:47.459 Or through an insurance. Yeah, yeah, it's just areas that also we can restrict access easily or not, you know, but, but I understand, so from a from an attractive uses standpoint, if, if we don't have insurance. 40 "jspaeth@cityofutica.com" (1227787776) 00:10:47.459 --> 00:11:07.459 Should we even watch the now that we got the 200 grand, well, we can get insurance, so, might be expensive, but if you close it at night, would it be less expensive? He secured it at night? I mean it seems But I mean it seems logical, right? 41 "jspaeth@cityofutica.com" (1227787776) 00:11:07.459 --> 00:11:14.849 Is that is that like a city pool the water? They have to have somebody sit outside? 42 "jspaeth@cityofutica.com" (1227787776) 00:11:14.849 --> 00:11:34.849 And monitor that all night? We needs to be some special meetings and make sure you jot the ice and cross the teas. That's all it saying. 43 "jspaeth@cityofutica.com" (1227787776) 00:11:34.849 --> 00:11:43.709 Trying to be in obstruction. Right now we're the ones that have all the and to be honest with you, that area over there, the problem. 44 "jspaeth@cityofutica.com" (1227787776) 00:11:43.709 --> 00:12:03.709 Problem we're having with homeless and all that over there. That's the ripe area for it right there. They're always over hidden. I mean, they don't even hide you, we're just that's the building next door to to the Fort Skylar Center I mean, they're all over. That's a place where they kind of hide in the back and and. 45 "jspaeth@cityofutica.com" (1227787776) 00:12:03.709 --> 00:12:20.459 You got those, once that fence is open, you have the two buildings that I'm sure they can get into. The one building is not secured at all, right? For what I'm saying, they're probably already there now. Oh yeah. 46 "jspaeth@cityofutica.com" (1227787776) 00:12:20.459 --> 00:12:36.839 Yeah yeah and then the other thing the other idea is too we you know you don't have to sell the city. We talked about this at one point. You don't have to sell it to the city for a dollar, you can sell it for a half a million or something like that because it. 47 "jspaeth@cityofutica.com" (1227787776) 00:12:36.839 --> 00:12:52.589 The LDC did all the risks and all this $20 million of work took all the risk on that? You know, it's it's a legitimate discussion whether the city should pay some money and then help, it's kind of like a subsidy to help the LDC, you know? So. 48 "jspaeth@cityofutica.com" (1227787776) 00:12:52.589 --> 00:13:12.589 I think it should be, it's a, it's a good discussion. I don't know how that would go over. Right, but you can make it right. A legitimate case and it's I know, but the case could also be made that the city helped the LDC by paying MBT for several months worth of interest. Oh we could. 49 "jspaeth@cityofutica.com" (1227787776) 00:13:12.589 --> 00:13:32.839 And they did give what almost 4 million in our but all all true, but also also I mean, it's a, it's a it's a poly life. And the city owned that. But we're waiting to do that. But I gotta tell you I'm it's in my. 50 "jspaeth@cityofutica.com" (1227787776) 00:13:32.839 --> 00:13:37.859 You should have a hard time going and I just I'm just saying it's not a, it's not a ton of money. 51 "jspaeth@cityofutica.com" (1227787776) 00:13:37.859 --> 00:13:57.859 That would help the city stand up the LDC a little bit better. And again. So, you know, the end of the day to bail it out, you need to solve those two. That's why the comments were made at the last. 52 "jspaeth@cityofutica.com" (1227787776) 00:13:57.859 --> 00:14:17.099 So creative ways that the IDA and the LDC can work in conjunction with each other to to address the concerns of the two entities that have desire supply. And that's the bring it to close the CFA CFA on the bottom here is. 53 "jspaeth@cityofutica.com" (1227787776) 00:14:17.099 --> 00:14:37.099 Kind of. I think what you referred is a community benefit agreement, so that that community benefit agreement has always been contemplated, but it got tangled up in the pilot, so now that what you're saying is the pilot's gone, we're starting from scratch, so now we can have the conversation about, a pilot and a community benefit agreement for this corporation. 54 "jspaeth@cityofutica.com" (1227787776) 00:14:37.099 --> 00:14:41.039 So that's another way to fund, bring some money into this corporation. 55 "jspaeth@cityofutica.com" (1227787776) 00:14:41.039 --> 00:15:01.039 So I'm assuming that the insurance will be annual expense. So I think the other important thing that is, you know, I see two scenarios, right? We have to be a take, I have to pay attention to the subdivision but we don'. 56 "jspaeth@cityofutica.com" (1227787776) 00:15:01.039 --> 00:15:19.049 Whatever might have to revert, I guess if it's closed with other visions or if somewhere in the next 90 days decides there's a dis there's an agreement not to sell at all. 57 "jspaeth@cityofutica.com" (1227787776) 00:15:19.049 --> 00:15:37.559 But either way that subdivision gotta be it's gotta make sense so that the other the other rest of the parcels are not landlined and that, you know. I think the other thing is that we have to do is that if in fact you're not gonna develop the departments. 58 "jspaeth@cityofutica.com" (1227787776) 00:15:37.559 --> 00:15:53.279 Then you have to, we have to work out an agreement with total as to what value is for those parcels so that we're not, we don't we find it a potential fire fire. 59 "jspaeth@cityofutica.com" (1227787776) 00:15:53.279 --> 00:16:13.279 And all of a sudden now we're in the negotiation with it pertains to what the values are so that, you know, anything above X number of dollars, he's going, he's gonna he's gonna sell those parts. We're not gonna get into this excuse my expression down the road, but who cares because he bough. 60 "jspaeth@cityofutica.com" (1227787776) 00:16:13.279 --> 00:16:13.919 Adam. 61 "jspaeth@cityofutica.com" (1227787776) 00:16:13.919 --> 00:16:33.919 Right? Well, we don't have a problem, but how about if in fact, he says I don't want to, I'm gonna buy. I'm gonna buy the entire parcel for 1.5 millions, right? He owns it, but he's not if in fact he's not gonna develop them. It's up to our. So that we we pay. 62 "jspaeth@cityofutica.com" (1227787776) 00:16:33.919 --> 00:16:36.839 Off MBT and we generate some. 63 "jspaeth@cityofutica.com" (1227787776) 00:16:36.839 --> 00:16:56.839 To to the LDC. But if in fact you don't, you don't know what the the prices are. So you're saying like right now tell them if you don't develop, how much are we gonna buy this so we can do it now so we can lock the pricing. But I don't know if you have to do that. If they don't meet the timelines, it reverts back to this corporation, so you don't have to buy him back. 64 "jspaeth@cityofutica.com" (1227787776) 00:16:56.839 --> 00:17:14.459 Yeah, but that's four years number. Yeah, but he can't. So he's basically got four years, two years, two years, two years free total, and he's got two years for departments, two years more. Okay so after four years. 65 "jspaeth@cityofutica.com" (1227787776) 00:17:14.459 --> 00:17:32.429 He could, he could sell it to somebody, right? Or we just take it back. He can't say anything about it, right? Right, that's right. If he sells it to somebody he's obligated to do that same development. They got and he could sell for whatever he wants to make the money. 66 "jspaeth@cityofutica.com" (1227787776) 00:17:32.429 --> 00:17:48.719 Right, right? Because So wouldn't it be back to if he only wants X in terms of parcel? We just sell them. And as an option, an option to buy the balance and thus we retain control. 67 "jspaeth@cityofutica.com" (1227787776) 00:17:48.719 --> 00:18:08.719 And we don't have to get into 300000, we want 600000. We control those and he has the right to to match and he we give him away the 1st refusal and but we control the the properties per se. Now, it's less money that we're gonna get up front, the 1st one to admit it. Yeah but when we are. 68 "jspaeth@cityofutica.com" (1227787776) 00:18:08.719 --> 00:18:15.299 We already we don't really need to do. Well, but he's gonna control the sale of it. What's Bob's saying is if. 69 "jspaeth@cityofutica.com" (1227787776) 00:18:15.299 --> 00:18:35.299 He's buying everything. Right. And by Mary Warren against this from the beginning that he could buy everything and then turn around and subdivide off and sell. So now it's kind of like gotcha almost, right? So now we're saying to the point where you waived the pilot, we got to one point two million dollars. Do we have any buyers that are really out there? 70 "jspaeth@cityofutica.com" (1227787776) 00:18:35.299 --> 00:18:55.429 I mean, I think there's gonna be fires. I think there's gonna be. You got an anchor at the at the at the harbor. So everybody now than you were six months ago. 71 "jspaeth@cityofutica.com" (1227787776) 00:18:55.429 --> 00:19:13.079 Oh, I think we let him do the study, you know, so that's good for the whole property. And then, you know, I don't think he's gonna pay us the million five till the study's done, right? I'm not gonna close for a while the study? 72 "jspaeth@cityofutica.com" (1227787776) 00:19:13.079 --> 00:19:29.069 What Bob, how long is the due diligence period? Can you hear us? Five months. Five months? That's a short window. Okay. So five months. 73 "jspaeth@cityofutica.com" (1227787776) 00:19:29.069 --> 00:19:46.019 He's gotta do his study and then you gotta close on the property. Right, right? It's closing in five months? Bob? Well? Yeah, let me open up the agreement. 74 "jspaeth@cityofutica.com" (1227787776) 00:19:46.019 --> 00:20:03.569 I think my quick question. Was the agreement signed? Yes, can I haven't seen it, can we get a copy of it? Yeah. Yeah, Ben's got it. Was the, was it sent to the bank because that isn't. 75 "jspaeth@cityofutica.com" (1227787776) 00:20:03.569 --> 00:20:19.859 Yeah. Was it sent to the bank? No yet. No, not yet. Okay, will someone do that at the, that who has the banking relationship that needs to be? Jack said it. 76 "jspaeth@cityofutica.com" (1227787776) 00:20:19.859 --> 00:20:36.899 Also Yes, Ben will send it to the bank. Is the deposit made? Yes. We got the two undergrand. Yes. Did it go to Chicago title? I don't know. Jack just said he got the money today. 77 "jspaeth@cityofutica.com" (1227787776) 00:20:36.899 --> 00:20:56.899 It's supposed to go in for the escrow agent it's not, it's a deposit to be held in in Escrow by Chicago type of insurance. Jack said he got it today and then he left, so, but we can't answer that right now. Jack's not here. You better win today. 78 "jspaeth@cityofutica.com" (1227787776) 00:20:56.899 --> 00:21:00.179 So. 79 "jspaeth@cityofutica.com" (1227787776) 00:21:00.179 --> 00:21:18.959 That doesn't help us at all. We were talking about going to I can't imagine what it sounds like on their end to access it, and it's a, you know, it's a credit to the purchase price and close it. 80 "jspaeth@cityofutica.com" (1227787776) 00:21:18.959 --> 00:21:35.549 So it's not. No, it's not. Oh, 200 was for the fees and all that up front that we asked for. Yeah, the two hundred's not to the purchase price. It's an editional agreement get changed because our agreement says the deposit shall be held by the escrow agent. 81 "jspaeth@cityofutica.com" (1227787776) 00:21:35.549 --> 00:21:50.549 That Lisa's looking right now, Melanie. Did they change anything in here? 3.2. 82 "jspaeth@cityofutica.com" (1227787776) 00:21:50.549 --> 00:22:09.059 But there were, there were provisions in that contract for fees. Yeah. It was two. Yeah, 200000. The question is, can they be allocated to the fees and thus not be held and reserved and pay those fees. But. 83 "jspaeth@cityofutica.com" (1227787776) 00:22:09.059 --> 00:22:25.769 We can keep that that money if they don't close the 200000 could be kept if we never get to close it and they breach. They agree to pay a hundred thousand dollars outside of the purchase price to cover professional fees. Right. 84 "jspaeth@cityofutica.com" (1227787776) 00:22:25.769 --> 00:22:42.179 There's unless this was changed, there is not a provision that would the money shouldn't be with the city or LDC at this point that deposit should be held separate and apply for the conference. Yeah, it's it I'm reading the same Melanie $200000. 85 "jspaeth@cityofutica.com" (1227787776) 00:22:42.179 --> 00:22:58.109 Deposit with Chicago title company, the escrow agent, the deposit shall be held in escrow, by the escrow agent in an interest bearing account and applied with all accrued interest to the purchase price at settlement or distributed to seller or purchaser as hearing provided. 86 "jspaeth@cityofutica.com" (1227787776) 00:22:58.109 --> 00:23:13.619 So the question the question is, is with regards to the fee section, when does he pay those? Because we built in a provision so that. 87 "jspaeth@cityofutica.com" (1227787776) 00:23:13.619 --> 00:23:33.619 Some of lvc's costs could be covered by sellers separate from the purchase price and closing and and just just to clarify, the feasibility period is actually, 120 days, very short and four months, and then one month after. 88 "jspaeth@cityofutica.com" (1227787776) 00:23:33.619 --> 00:23:50.819 Five months. Are they gonna close without a pilot agreement? No, we're gonna give them our our standard pilot agreement. And they're gonna accept that? 89 "jspaeth@cityofutica.com" (1227787776) 00:23:50.819 --> 00:24:10.819 They can choose to waive any of those contingencies. They don't have to close, they can close it out in 60 days to. Yeah would be, you know, five years or something like that on hotel. Can I call you back in 2 min? But I guess Bob. 90 "jspaeth@cityofutica.com" (1227787776) 00:24:10.819 --> 00:24:13.649 Your point, you know, they're buying this. 91 "jspaeth@cityofutica.com" (1227787776) 00:24:13.649 --> 00:24:33.649 All right. So if you but they only want to put the hotels here and here. So do you only sell them that and keep and the LDC retains ownership of these things off the top of my head I would say that. 92 "jspaeth@cityofutica.com" (1227787776) 00:24:33.649 --> 00:24:52.829 Figure out what that, ok. But that that land that encompasses the two 1000, you give them the right of 1st refusal and an option and that allows us to to go out and find somebody else and if he wants to match, he matches, he doesn't. 93 "jspaeth@cityofutica.com" (1227787776) 00:24:52.829 --> 00:25:12.829 We have a unfederated and I think we have the opportunity to go back to the table with him and as long as we put the provision in, you can't build a hotel. That's really what he is trying to that's really what he that's why he wanted the whole parcel was get the money and then start negotiating. Yeah, but then they own the land to settle it. You don't control it anymore. 94 "jspaeth@cityofutica.com" (1227787776) 00:25:12.829 --> 00:25:21.449 Even now just last control. Yeah, we're about to what we'll probably be presenting them with two pilots for the two hotels, which should be the perfect time to open the conversation on. 95 "jspaeth@cityofutica.com" (1227787776) 00:25:21.449 --> 00:25:41.189 That parcel is to taking it back, taking off the purchase price, give them the deed that's or have the deed restriction put into the deed. And then but you guys are better gamblers and better realers and all that to me, but my thinking of it is like this too. 96 "jspaeth@cityofutica.com" (1227787776) 00:25:41.189 --> 00:25:58.529 So we may just deal with him to build four buildings, right? Okay, he buys the property. He's there. You got two years for one building, you got two years for the other building. You get into the next building, ok? If he sells the property. 97 "jspaeth@cityofutica.com" (1227787776) 00:25:58.529 --> 00:26:15.089 And has somebody built the building and he makes money, God bless him, but the building's there. If he doesn't do that, we're getting to build, we're getting a property bank for nothing. Okay, the same thing you go on to the next one. You go two years later, now it's the game place. 98 "jspaeth@cityofutica.com" (1227787776) 00:26:15.089 --> 00:26:35.089 If he sells it and gets somebody to build it, ok, so at the end of six years, we got everything that we signed in the agreement, ok? Everything's done. If not, we're getting the property back anyways. It makes sense as a fallback position, but what if, you know, our consultants could find a development. 99 "jspaeth@cityofutica.com" (1227787776) 00:26:35.089 --> 00:26:54.059 That would come in there and do those properties. Now. So we're not waiting four years until, you know, he's done and he defaults and now we're in a litigation to get it back. If we can get it back for today's value, I think what Bob's saying, it's gonna be worth more if once he puts those two hotels in there. 100 "jspaeth@cityofutica.com" (1227787776) 00:26:54.059 --> 00:27:10.919 How many people wanted parcels? How many people want parcels long as a result of the other. So now that the people that haven't expressed any interest in the Harvard seem to hold hells up. 101 "jspaeth@cityofutica.com" (1227787776) 00:27:10.919 --> 00:27:30.919 They look at that as an impetus to go down to the. That's the that's the safe way. This with the fact that there's gonna be two hotels in a middle of $70 million investment made at the hardware. I mean. 102 "jspaeth@cityofutica.com" (1227787776) 00:27:30.919 --> 00:27:37.289 We own the, we own the other land by the audio where they were gonna make the soccer fields, that's do though? 103 "jspaeth@cityofutica.com" (1227787776) 00:27:37.289 --> 00:27:57.289 Who owns that? Is that? The national grid park? Yeah, is that is that the LDC? We don't own, we don't own it. We own parcels in there, right? Right. So who's gonna develop, who's gonna develop that? At that point, I think what we're talking about is a lease with national grids. Right. Because they don't want to sell. 104 "jspaeth@cityofutica.com" (1227787776) 00:27:57.289 --> 00:28:00.419 We don't want the property. Then all these things will have to. 105 "jspaeth@cityofutica.com" (1227787776) 00:28:00.419 --> 00:28:20.419 Be working with national Grid to develop this. Like he's saying now. But they'll let us develop it? Yes. Yeah, we'll have to. Right. 106 "jspaeth@cityofutica.com" (1227787776) 00:28:20.419 --> 00:28:29.099 Assuming we have the money to pay. What's that? Assuming we have the money to pay at least. 107 "jspaeth@cityofutica.com" (1227787776) 00:28:29.099 --> 00:28:49.099 And, and can I just go back to the two hotels? I'm looking at the timing. It actually would be, you'd have to wait six years for them to default. It's 30 years for phase for the 1st one with an access road and 48 months for the 2nd hotel. 30 months? Not 30 years. Sorry. Yeah, sorry. It's been a long day. 30 months. 108 "jspaeth@cityofutica.com" (1227787776) 00:28:49.099 --> 00:29:05.399 For 48 months together combined phase one and phase two and those are the two hotels. So, and then after the 3rd building, it would be what on top of that? Another 6060 months. Another, so that's another five years? Yeah. 109 "jspaeth@cityofutica.com" (1227787776) 00:29:05.399 --> 00:29:22.349 Why do you guys know what you're doing? So We'll perspective. No, you're asking good questions. That's fine. Yeah. Okay. So we move forward today, we don't have two times to rope together. 110 "jspaeth@cityofutica.com" (1227787776) 00:29:22.349 --> 00:29:41.189 Okay, so if somebody gonna build the stuff and make it and get it done, I get it. We could maybe sell it, but I think the next thing to do is to find those two buildings. And then the value of these. 111 "jspaeth@cityofutica.com" (1227787776) 00:29:41.189 --> 00:29:58.499 What's the interest in those? Nope. No, that's I'm here also. It's still going? He's interested. We've talked to him, he still wants it. Yep. 112 "jspaeth@cityofutica.com" (1227787776) 00:29:58.499 --> 00:30:18.499 He's just looking for grants to pay for it. Or it's more expanded now too, so. Okay. I don't want to get into it but that would help us if we ever sold that, that would be. Yeah, the. 113 "jspaeth@cityofutica.com" (1227787776) 00:30:18.499 --> 00:30:38.539 What we plan to do is a big question. How's the crane? The crane is in the, you know, they actually took it right out there. The old distinct is gonna be redone and everything. All we did, though, was we moved it. 114 "jspaeth@cityofutica.com" (1227787776) 00:30:38.539 --> 00:30:40.769 Under under the Canal corporate. 115 "jspaeth@cityofutica.com" (1227787776) 00:30:40.769 --> 00:31:00.769 Because it got too expensive to do it. But they are doing it and fixing it and it's gonna the foundation's there, the big trade track is there any way to put it on, but $50000. 116 "jspaeth@cityofutica.com" (1227787776) 00:31:00.769 --> 00:31:15.599 Things that were the railroads? That's what the steam fan's gonna build. Yeah I can't believe how do they get that out of there? Yeah. Did the artisted there, was it? 117 "jspaeth@cityofutica.com" (1227787776) 00:31:15.599 --> 00:31:34.529 Well, it's we haven't moved it off the, we gotta get it get a train to move the. Oh it's still on the property? It's still on property. In place. Yeah, yeah. Alright, let's on. Jones chemical? 118 "jspaeth@cityofutica.com" (1227787776) 00:31:34.529 --> 00:31:51.119 Melody, can you I know that you emailed Tim Gaphney, who's their representative for the Jones family. Do you have any, did you get an update from Tim? The only update was thanking us for the draft and he will review it internally with their council and the family and get back to us. 119 "jspaeth@cityofutica.com" (1227787776) 00:31:51.119 --> 00:32:07.619 Okay, still 75 grade now? Yes. 70. Okay. This is the parcel over by behind the 1933 building that, we, did some capacity analysis on it for enough parking for about 300 plus cars. 120 "jspaeth@cityofutica.com" (1227787776) 00:32:07.619 --> 00:32:26.819 Thank you. Yeah. And I, and I guess you would need the reimbursement from ESD to pay them, right? That's the only that's the EST money to buy that or yes. Reimbursement money because otherwise there is NO money from LDC to buy the bills. But if we get the community benefit agreement with the pilot. 121 "jspaeth@cityofutica.com" (1227787776) 00:32:26.819 --> 00:32:46.619 We could use that money to. I don't know which ones could be faster But I'm sorry can you say that again? Do we need a contingency for funding? I mean, it sounds like when the money could come from two different sources. 122 "jspaeth@cityofutica.com" (1227787776) 00:32:48.569 --> 00:33:08.569 Wait what have the LDC can't, can't transfer the money to to Jones chemical until the grant reimbursement about 400000 comes back. When does that happen? 3II I'm gonna, everything's to be I'm I'm working essentially on the application. 123 "jspaeth@cityofutica.com" (1227787776) 00:33:08.569 --> 00:33:28.199 Now but I can't I mean the the contract has to close out there, but, but it did go through the, the board the board everything yeah so we should have the GDA soon. Are we sure? Yeah, I've been working with we've been working to million. Yeah. We've gotten her everything. 124 "jspaeth@cityofutica.com" (1227787776) 00:33:28.199 --> 00:33:43.799 I've been dealing with the John David May who was gonna take it to the June board meeting needed an update, a summary on what to report from the LOR, which I sort of somewhat gave him yesterday, but I haven't heard back. It said it's on the agenda. 125 "jspaeth@cityofutica.com" (1227787776) 00:33:43.799 --> 00:34:03.799 Yeah. Okay. I'll double check. But they I we asked if you need anything else. And if it's approved through the agenda, what does the money flow? Well then it'll set it forth to GDA and we sign then and then we send them the reimbursement package. 126 "jspaeth@cityofutica.com" (1227787776) 00:34:03.799 --> 00:34:15.389 Six months. And again, this is just a draft form and it's subject to LDC review, so. 127 "jspaeth@cityofutica.com" (1227787776) 00:34:15.389 --> 00:34:35.129 I think we want to build in some things since those but they're not readily available and we might not know for some time when they will be available. The other way to do it is to once the, well the sales just alone, so if the sale happens, you're still you still form. I'd say six to eight months, I mean once. Yeah. 128 "jspaeth@cityofutica.com" (1227787776) 00:34:35.129 --> 00:34:52.139 Because we gotta get the reimbursement package together, which will probably be literally 800 pages of information Cause the last one is 500 pages. This won't be that bad. This won't be that bad. Oh, it's not gonna be we're not under the. 129 "jspaeth@cityofutica.com" (1227787776) 00:34:52.139 --> 00:35:10.529 The last, The had all those. It was an enhanced oversight agreement. It should be easier. All right. Okay. National grid? We haven't met with them since our last meeting. 130 "jspaeth@cityofutica.com" (1227787776) 00:35:10.529 --> 00:35:30.179 I did, I think you didn't make the call. Oh I was in belgium. Yeah. So any updates? But it was like you know positive thoughts positive thoughts. Just real quickly, I wanna just run jump back to the DSA because as we're having this call, I just got an email from Marianne at the bank. 131 "jspaeth@cityofutica.com" (1227787776) 00:35:30.179 --> 00:35:48.899 If we gotta signed contract or any update on the sounds patel. She's controlling the future of the city of Munica. I'll take care of Mary won't worry about it. But you don't we don't want to hear a thing. About subdividing? 132 "jspaeth@cityofutica.com" (1227787776) 00:35:48.899 --> 00:36:08.899 You don't want to send her this yet. Because then she's gonna pick me at 1.5 and if we subdivide, they're not gonna pay 1.5. This is an unsecured loan. That's what everybody mrs.. She keeps acting like we don't have to deal with, we'll send her this and if we renegotiate it, we renegotiate it. Sure, I'm not worried about it. This is assignment. 133 "jspaeth@cityofutica.com" (1227787776) 00:36:08.899 --> 00:36:28.999 Yeah, I mean she's acting like they got all the security, they're gonna come and take the harbord. It's unsecured, there's NO collateral. Yeah, it's just sitting out there. There's nothing she can do to us. So, I wish people would stop dealing with her. She's just nudge. 134 "jspaeth@cityofutica.com" (1227787776) 00:36:28.999 --> 00:36:39.599 Anyways, positive conversation planning over there. We did talk about. 135 "jspaeth@cityofutica.com" (1227787776) 00:36:39.599 --> 00:36:55.409 Where to place if we did. Okay. They were ok with the trail going down. As close soon as Possible street side. Okay. 136 "jspaeth@cityofutica.com" (1227787776) 00:36:55.409 --> 00:37:15.409 Okay, yeah, just again positive discussions but longterm, yeah. 17 building, so i'm supposed to meet Benachi out there. So what we're we're we're building, we're building the CFA for plug residency for three three and 17. Right. And we'll build in. 137 "jspaeth@cityofutica.com" (1227787776) 00:37:15.409 --> 00:37:33.839 You know, some money in there coming over to the 17th. So that that was sales concern so if we can get that and he's ok if we get that done. He's very happy that we're putting that in a grant application move on the building if we get that stuff. 138 "jspaeth@cityofutica.com" (1227787776) 00:37:33.839 --> 00:37:49.379 When will they do? 28th 30th. Yeah. Prominent. Yeah all set. You were just going through most of the checklists as minor items. The big thing on there is placement of the Kaya. 139 "jspaeth@cityofutica.com" (1227787776) 00:37:49.379 --> 00:38:07.499 I haven't talked to Rob. Well, yeah, so Rob Mayoron Ben and I have met with Rob. I'm looking forward and just, you know, again, what. 140 "jspaeth@cityofutica.com" (1227787776) 00:38:07.499 --> 00:38:22.980 They are looking looking for help on the 33 building. They open to different arrangements on the 33 building it's gotta be improved at least back, I think they're open to that, but they're. 141 "jspaeth@cityofutica.com" (1227787776) 00:38:22.980 --> 00:38:42.980 They're still very engaged on a project out there. Like Vince said, they've kind of haven't changed the project completely but added to it and probably will have to come in front of the board soon to discuss the shows the change the changes. Yeah, they're all positive. Yeah. 142 "jspaeth@cityofutica.com" (1227787776) 00:38:42.980 --> 00:38:45.060 Yeah. 143 "jspaeth@cityofutica.com" (1227787776) 00:38:45.060 --> 00:39:05.060 Okay. ESP and canal Corp grants? ESD I think we covered, we covered. Yeah, yeah, just got it. So GDA hopefully soon and then reimbursement package at that. They're running it through internally, just to make sure the five components. 144 "jspaeth@cityofutica.com" (1227787776) 00:39:05.060 --> 00:39:24.000 Four or five components that we proposed don't have any issues with operations legal, the various departments and just waiting to hear back. Do you have any kind of idea on the timeframe there? Nope. Can help timeframe. Yep. Okay. 145 "jspaeth@cityofutica.com" (1227787776) 00:39:24.000 --> 00:39:41.820 CFA we covered Yep. Any other business? No. Briefing? Oh council briefing and I asked Monday. Monday, the Paul's giving. 146 "jspaeth@cityofutica.com" (1227787776) 00:39:41.820 --> 00:39:56.880 Oh yeah, what's that? Monday? Good Monday. It's really Monday. Okay, I'll be with it. Yeah, ok. Just a briefing. You have a special meeting 05:00. 147 "jspaeth@cityofutica.com" (1227787776) 00:39:56.880 --> 00:40:14.790 Welcome to the chambers. You could give the briefing to. I don't know anything. Oh yeah. Well. 148 "jspaeth@cityofutica.com" (1227787776) 00:40:14.790 --> 00:40:34.790 Oh Brian, you know the rules are more, it's it's a free pre free meeting. It's a committee of the whole meeting basically yeah gotta know the rules. Okay. All right, well. 149 "jspaeth@cityofutica.com" (1227787776) 00:40:34.790 --> 00:40:54.780 Our UK I think it was like a meeting you came to be 4th. Yeah, we both. All good. I just I just I just put everything because you want up to school? 17th. 150 "jspaeth@cityofutica.com" (1227787776) 00:40:54.780 --> 00:41:10.200 Then there's the meeting at the 18th about the. Yeah, right. Saw that. You guys are going to go into that? I'll probably be there yeah yeah I gotta go to that asked Patty and. 151 "jspaeth@cityofutica.com" (1227787776) 00:41:10.200 --> 00:41:26.670 Stephanie is I gotta go to the thing for they're both five to six well 05:00 but then the zoning board is at five, and I got that trailer issue, so she's gonna do that 1st and then I can run across the street. 152 "jspaeth@cityofutica.com" (1227787776) 00:41:26.670 --> 00:41:46.670 Okay, so hopefully that works. So you'll be there with me then at five ok why are you guys, why aren't the harbor going just so we know like how the access is gonna be and just doesn't send alone. 153 "jspaeth@cityofutica.com" (1227787776) 00:41:46.670 --> 00:41:58.350 No, he's talking about Are you talking about the exit 31 meeting or the council meeting? Yeah NO NO, he actually 31. Yeah. I think it's just to see how it fits into the whole thing. Is forth. 154 "jspaeth@cityofutica.com" (1227787776) 00:41:58.350 --> 00:42:14.190 I yeah, NO. Oh, we didn't got the 05:00 meeting was just a briefing at the. Exit 31. Redesign. Have you seen the redesign? 155 "jspaeth@cityofutica.com" (1227787776) 00:42:14.190 --> 00:42:31.680 Is it impacting the harvard? Have you seen the region? Has anything? But it goes up to what did you say? The study area does it. Yeah the study area goes up to that. 156 "jspaeth@cityofutica.com" (1227787776) 00:42:31.680 --> 00:42:47.010 I mean that this 31 project from my understanding is 22 months out. They're just getting information out. Yeah. It's information gathering but it's good to make sure that they know you're here and that they'll come. Right. Yes. Right. Maybe you could put the lock. 157 "jspaeth@cityofutica.com" (1227787776) 00:42:47.010 --> 00:43:07.010 In the exit 31 project. Yeah, so. It used to be it's not on the through way. Yeah, we'll just go and listen, right? 158 "jspaeth@cityofutica.com" (1227787776) 00:43:07.010 --> 00:43:13.080 Yeah, and the interesting thing. But I mean. 159 "jspaeth@cityofutica.com" (1227787776) 00:43:13.080 --> 00:43:30.060 You don't even need an interchange because you have. Which has parallel routes on both sides. You can actually but economy wise do not, maybe you limited the interchange. 160 "jspaeth@cityofutica.com" (1227787776) 00:43:30.060 --> 00:43:45.780 To the. Make sure that somebody doesn't throw that idea out and. Are you going? Cause they did hire somebody from downstate and they probably don't know what you know. 161 "jspaeth@cityofutica.com" (1227787776) 00:43:45.780 --> 00:44:05.780 Sound. I didn't I didn't the 18th. No, you can't go because you're going to go to dinner. That's July. Oh, this is July. Next Tuesday. Oh NO, you can't go. Sorry. Paul and I will be in you to go, but we can't go. She made a dinner. 162 "jspaeth@cityofutica.com" (1227787776) 00:44:05.780 --> 00:44:09.990 What time is it moving? 500 to seven. 163 "jspaeth@cityofutica.com" (1227787776) 00:44:09.990 --> 00:44:26.304 Alright, so we got the next meeting dates, motion to adjourn. Some of my. All righty. Thanks.