Good evening, everyone.

Uh it is Tuesday, September 30th, 2025, and this is the City Council Port Authority concurrent meeting.

I will call to order the City Council portion of this concurrent meeting.

And I will call for order to the Port Authority portion.

We've just got a handful of things on the agenda tonight.

And uh unless there are changes or additions, I would move approval of the city council portion of those minutes.

And a motion and a second to approve the city council portion of the minutes.

Any further discussion on that council?

Hearing none, all those in favor, please signify by saying aye.

Aye.

Opposed.

Motion carries six zero.

And I would entertain a similar motion for the port authority members.

So moved.

Motion made.

Wow.

Second.

We have a second.

Commissioner Hunt.

Any additions or corrections?

If not, all in favor, please signal by saying aye.

Aye.

Aye.

Opposed.

What do we have?

Seven?

I think we're all here on Port.

Seven zero.

I'm sure there's Sean just came in.

Well, I guess.

Do you want you want to vote for the minutes?

And do you also want to run the meeting?

Our next agenda item is item 4.1.

And this is a public hearing, and it's regarding a second amended and restated TIFF spending plan.

Mr.

Kevin Canais is going to lead us through this, and then we will go to a public hearing.

Good evening.

Welcome.

Good evening, Mayor, Council members, Port Authority Members.

We have a presentation, which hopefully will be coming up here in just a moment.

But while we're doing that, hopefully we'll have better technology than our last meeting.

Oh, thank you.

And then we'll go over what this amendment to the spending plan does if approved tonight, and then what it is not doing in the interest of the prior meeting on the 16th and some discussion.

And what that does is provide the special use of tax increment financing, specifically to stimulate jobs through development projects within the city.

And do that by the December 31st, 2022 deadline.

And as you can imagine, we did do that.

We transferred 95.2 million dollars per that statutory deadline.

And then uh wanted just outline a little bit of the history of the city spending plan itself.

So on March 9th, the Port Authority and the City Council approved the original spending plan that originally approved 55 million to be transferred into that spending plan.

And then that was amended and restated on December 7th of 2022.

Uh reason for that amendment and restatement was staff did some additional analysis on the available balance that could be transferred into that spending plan.

And so that's one of the reasons there that you see that amendment, including that increase to 95.2 million.

Uh so those December amendments really focused on increasing the amount that was available based on those updated projections, and then added a teeny bit more detail to that spending plan document itself based on updated guidance from the Office of the State Auditor.

So this second amended and restated spending plan, if approved, would do three things in particular.

It would extend the deadline to commit and spend funds within TIFF districts 1C and 1G.

So that's really the MOA property itself through December 31st of 2027.

So we're really looking at a two-year extension from the original spending plan.

It also incorporates a broader extension that provides a little bit more geographic um openness to where those funds can be spent, but has a longer duration.

So the state also approved a non-city specific legislative extension to December 31st, 2026, which would allow us uh to use those funds outside of those TIFF districts on the MOA property.

And then finally, it also included a provision where interest earned on the spending plan, so those dollars that are sitting in that segregated account are earning interest.