WEBVTT 1 "jspaeth@cityofutica.com" (3457579520) 00:00:00.000 --> 00:00:16.949 Presentation today from hotel group so why don't we jump right to it? Thank you, I think I went around and introduced myself. My name is Manesh Patel. I'm the CFO for Vision Hotels and. 2 "jspaeth@cityofutica.com" (3457579520) 00:00:16.949 --> 00:00:36.949 Been getting more involved into this project. So just on a summary level to highlight the project and where we currently stand, I know there's been a lot of deliterations of this. We're looking at taking the area and it's almost three distinct projects. 82 unit townhouses. 3 "jspaeth@cityofutica.com" (3457579520) 00:00:36.949 --> 00:00:56.949 Which will be composed of three story buildings. 1st floor is gonna be basically garage and storage, 2nd floor living, and then 3rd floor bedrooms, mostly being two bedrooms, but there'll be a mixture of two bedrooms, one and one bedrooms there, and then area and then that lot in itself will also hold. 4 "jspaeth@cityofutica.com" (3457579520) 00:00:56.949 --> 00:00:58.470 I have a clubhouse. 5 "jspaeth@cityofutica.com" (3457579520) 00:00:58.470 --> 00:01:17.970 Which will have the rental office, fitness, recreation, and just overall just meeting gathering kind of space for the tenants to congregate in, that's an approximately 4000 sq ft building. So the townhouses, if you want to consider as a project in itself is about a hundred thousand square feet. 6 "jspaeth@cityofutica.com" (3457579520) 00:01:17.970 --> 00:01:34.140 And then we're looking at two hotel projects, both extended state, which we showed as a strong need in the market. We continue to look at our own hotel assets here and we see a continuing need for the extended state segment. 7 "jspaeth@cityofutica.com" (3457579520) 00:01:34.140 --> 00:01:50.340 And it's gonna be two ends of the spectrum with the extended state. One is gonna be a marry up branded extended state, a little higher end. And then the other one is gonna be an IHD product, a candled suite, where we've had a lot of success with and. 8 "jspaeth@cityofutica.com" (3457579520) 00:01:50.340 --> 00:02:10.340 The kind of, you know, the split between it is is like where's your price point and then what amenities really you have to you you're chasing, and we feel with these markets and what we already have in the market, we're not looking to steal share, but there'll be enough new demand coming in that will fulfill the needs of it. 9 "jspaeth@cityofutica.com" (3457579520) 00:02:10.340 --> 00:02:11.160 Yes. 10 "jspaeth@cityofutica.com" (3457579520) 00:02:11.160 --> 00:02:31.050 Overall project is $60 million and we're seeking benefits for sales tabs, mortgage reporting, and the five. So we can try to answer any specific questions, but that's it in a nutshell. 11 "jspaeth@cityofutica.com" (3457579520) 00:02:31.050 --> 00:02:51.050 I'm like, do you know if, you know, the happy that was here and all that or these extended hotels more attractive to that file that's coming in and that should probably know that better than I. So yes, I mean more for like and that's what the candle would the lower end kind of here, right? They are part. 12 "jspaeth@cityofutica.com" (3457579520) 00:02:51.050 --> 00:03:10.590 They're trying to put three or four kids in a room and that project in itself would appeal more to, you know, your family traveling. And I think the other hotel would be more corporate, hospital, kind of the Highland hotel that was city, town and anyone else that's coming through the area. 13 "jspaeth@cityofutica.com" (3457579520) 00:03:10.590 --> 00:03:26.850 With so many hotels in the area, do you know like what the annualized occupancy is in the aggregate or I can pull it up. But I'll tell you this just from, you know, our experience, you know, we now have like close to 70 hotels. 14 "jspaeth@cityofutica.com" (3457579520) 00:03:26.850 --> 00:03:45.990 There's still opportunity here to come for demand. There, there is people who are leaving the area especially if you look at the summers where people are going other places because we do not have enough rooms. It's a strong market and can definitely accommodate the rooms. 15 "jspaeth@cityofutica.com" (3457579520) 00:03:45.990 --> 00:04:05.990 Love to hear it. Do we have to induce this three projects or one? Yeah, it is one project, but weekly figure out how to legally structure it yeah is it gonna be yeah. 16 "jspaeth@cityofutica.com" (3457579520) 00:04:05.990 --> 00:04:22.140 Yes. The idea is to have three separate pilots for it will each phase will be on a different so they can all come online they can come online when they're ready yes. Okay. 17 "jspaeth@cityofutica.com" (3457579520) 00:04:22.140 --> 00:04:42.089 Who you see the hotel coming online 1st and the townhouses or So we've looked at it both ways. I think when we start now because there's some synergies and just construction and going through, I mean, there maybe like you know a month or two off when you just start one five days but doing all of it at the same time. That is the goal. 18 "jspaeth@cityofutica.com" (3457579520) 00:04:42.089 --> 00:05:01.019 And I think you follow what Andy wanted to make a point of is that when you bring in the 1st phase of like site work and foundations, when they're done, we'll move them around the circle. So it'll be a big circle, but there maybe some things that finish later than the othersmooth will be, you know, following a pattern. 19 "jspaeth@cityofutica.com" (3457579520) 00:05:02.159 --> 00:05:21.629 Then the timeframes we put on it for So we're looking to start hopefully if we get everything lined up next May, June is if we can get everything through planning and all the approvals financing. Financing is a big one still. So I think we've had some positive conversations. 20 "jspaeth@cityofutica.com" (3457579520) 00:05:21.629 --> 00:05:41.629 But as you're aware, there's some environmental concerns so not every lender is just willing to jump on board. Two to three years, I think honestly that's what it's gonna really take to get there. I mean, you know. It goes out until the end of 2008. 21 "jspaeth@cityofutica.com" (3457579520) 00:05:41.629 --> 00:06:01.859 Much shorter timeframe. Your inducement resolution calls out the projected time frames clearly, so. Okay, and we spelled them out in days now, so instead of dates. 22 "jspaeth@cityofutica.com" (3457579520) 00:06:01.859 --> 00:06:21.859 When we commence, we have X amount of days. Great. Just curious how do you make a banker comfortable with the underlying insurance that you can purchase or whatever? Yeah, so we've looked at it different ways. Right now with. 23 "jspaeth@cityofutica.com" (3457579520) 00:06:21.859 --> 00:06:41.859 I mean the site was remediated and now there's just a remediation plan that we need to follow and go. So it's getting them comfortable with that. We've talked to them basically about you know what, it maybe it's over my head, right? And it maybe over the person who's reviewing it so they maybe engaging with their own council to get a. 24 "jspaeth@cityofutica.com" (3457579520) 00:06:41.859 --> 00:06:51.749 The level of yes, this is acceptable in the quality plan and you know we really don't have to worry about this being issued down the road, so it's. 25 "jspaeth@cityofutica.com" (3457579520) 00:06:51.749 --> 00:07:08.759 I mean there's a there's a blueprint for the brownfield today South need to be done and along the value ratio on my plate. Yeah. So, you know, Andy has. 26 "jspaeth@cityofutica.com" (3457579520) 00:07:08.759 --> 00:07:24.629 Put aside a good enough amount of money, you know, to make it pelitable for a lender, but, you know, that's what they'll end up squeezing at some point we'll figure out That's. 27 "jspaeth@cityofutica.com" (3457579520) 00:07:24.629 --> 00:07:41.249 I'm sorry. Can you, I know. So there's quite a few findings you're going to be. 28 "jspaeth@cityofutica.com" (3457579520) 00:07:41.249 --> 00:08:01.249 Never end. I'm sorry. There are several specific findings that the board needs to make in order to qualify this project for financial assistance. The 1st finding and determination you'll be making relates to your seeker. 29 "jspaeth@cityofutica.com" (3457579520) 00:08:01.249 --> 00:08:20.489 The herber point and the city served as a lead agency. They prepared a GEIS and we do have a letter from the city to the IDA that confirms that this project is consistent with the GEIS so you'll be adopting the secret determination today. 30 "jspaeth@cityofutica.com" (3457579520) 00:08:20.489 --> 00:08:40.489 The residential project, you need to qualify the financial assistance. You might recall we had this conversation when this project was induced last year. Residential financial assistance, you need to make the finding that the project will create employment opportunities and prevent economic detec. 31 "jspaeth@cityofutica.com" (3457579520) 00:08:40.489 --> 00:08:45.629 The applicant submitted. 32 "jspaeth@cityofutica.com" (3457579520) 00:08:45.629 --> 00:09:05.629 Plenty of information that supports those findings, and the rest of it, this is a deviation from the policy, we restated the same deviation reasons that this board considered for the project last year. Following the public hearing, you will also need to make a retail determination. 33 "jspaeth@cityofutica.com" (3457579520) 00:09:05.629 --> 00:09:11.609 To qualify the financial assistance for the hotel portion of the project, so. 34 "jspaeth@cityofutica.com" (3457579520) 00:09:11.609 --> 00:09:30.749 We don't have to do that. Not known after the public hearing. Okay. So it's all set forth in your resolution, you'd have to read in 3 min. He just needs this right? Yep. Perfect. 35 "jspaeth@cityofutica.com" (3457579520) 00:09:30.749 --> 00:09:50.749 Okay, considering inducement resolution relating to the Lodging Group LLC facility, A making a determination relating the seeker. We do these all at once. You can do it all at resolution B making a finding that the residential project will create employment opportunities. 36 "jspaeth@cityofutica.com" (3457579520) 00:09:50.749 --> 00:09:55.259 Deterioration in the city of you to different. 37 "jspaeth@cityofutica.com" (3457579520) 00:09:55.259 --> 00:10:14.669 C granting preliminary approval for financial assistance in the form of exemptions from sales tax valued at 2.143751. Exemptions from a mortgage recording tax valued at 261000 and reduction of real property tax for a period of 20 years valued at. 38 "jspaeth@cityofutica.com" (3457579520) 00:10:14.669 --> 00:10:34.669 9.104167 million, which proposed financial assistance as a deviation from the agency's uniform tax exempt policy indeed authorizing the agency to schedule public care. Now can I have a question Steve, all fair proposed. 39 "jspaeth@cityofutica.com" (3457579520) 00:10:34.669 --> 00:10:54.669 So hearing day. I was just talking to Jack about that. The next idea meeting is 8 January, so we'd like to consider a final resolution there Jack probably like on the 6th or the. Is that? Just a way that we can. 40 "jspaeth@cityofutica.com" (3457579520) 00:10:54.669 --> 00:11:12.419 You know, go right to final. Okay. Yep, I will do whatever. We got we got the public hearing numbers it doesn't doesn't do anything for us tomorrow. Yeah. Okay. 41 "jspaeth@cityofutica.com" (3457579520) 00:11:12.419 --> 00:11:29.669 Alright, we're good. Yeah. Thank you very much. I apologize. Thank you very much. Thanks. All right. 42 "jspaeth@cityofutica.com" (3457579520) 00:11:29.669 --> 00:11:45.179 I came later, you get it up to early I had to go to Sunday Bank Helloyd thing at the office. It was a little harder like nickel's coming up to you about. 43 "jspaeth@cityofutica.com" (3457579520) 00:11:45.179 --> 00:12:03.209 John wants to reconsider his motion. Yeah I will. Yeah, I didn't say I. Okay yeah that's fine. Yeah, we still have to wrap up the resume. Perfect. I'll be right back. 44 "jspaeth@cityofutica.com" (3457579520) 00:12:03.209 --> 00:12:22.199 All you need to do is just the last motion to approve the minutes 2 October 2024 2nd. All in favor? 45 "jspaeth@cityofutica.com" (3457579520) 00:12:22.199 --> 00:12:40.109 We don't need executive session. We're all almost done. We're good. Perfect. Yes, how is it?