We have confirmation of the meeting advertisement, and we do have a form present here.

Um we will approve the minutes for our April 20th special call meeting.

Those minutes are in our documents here.

I will entertain a motion to approve those minutes.

Motion to approve.

Thank you.

Thank you.

There's a motion and the second.

All those in favor?

Opposed.

Thank you.

The meeting, the minutes pass.

Now we will recognize any persons wishing to address the board.

Anyone here wishing to address the board?

Yes.

Good morning, yes.

This is Michael Wright with Urban Story Ventures.

Jimmy White with Urban Story Ventures.

Well, I know you all are on our agenda further down, but did you have anything you want to do?

Oh no, no, no, no.

You are you brought yeah, no, we're good.

We'll call you up here in a second.

Thank you.

Anyone else just wishing to um address the board for anything else?

Good morning.

Janice Gooden.

Sometimes I represent Caleb, but today I'm just a community member uh with interest on the west side where my church is and also Newton Community Center.

So looking forward to the update on the project, the BN project.

Thank you, Ms.

Gidden.

Okay, next we'll move into the quarterly update of the E2I2 SSO abatement program in MBEC Class A Power Project, Progressive Power Design Bill.

Good morning.

Thank you, Madam Chair.

Uh good morning.

My name is Mark Heinzer.

I'm the administrator for the city's wastewater department.

And uh you should have received uh quarterly update reports for the two projects that uh we have uh through the IDB.

The first one is the E2I2 project, and for for those maybe not familiar, that is the large tanks that are being constructed along I-75.

Uh the project is tracking on schedule and on budget.

It has a substantial completion date of March 2027, uh, where we can hopefully start utilizing that facility and with the final completion of all the ancillary work to be later that summer of 2027.

That project is proceeding as as prescribed.

Um the other project is the class A power project.

That is a project that is located at the Moccusin Bend Environmental Campus.

Uh that project is uh right now it's currently eight months behind schedule because of redesign that we had to do.

Uh the initial cost estimates exceeded the amount approved uh through the IDB, also exceeded our what what our budget was for the project.

So uh in light of that, we we kind of went back and sharpened our pencils on the design side of things and tried to make sure we could still achieve the project's goals uh within uh a budget that was was affordable.

And so that's that's why there is a delay there, uh but I think it it happened in the best interest of the city uh as well as the industrial development board that we're keeping that project within uh a reasonable amount of cost and a reasonable amount of time as well.

Uh so that project is proceeding now uh with a new design, and we're still gonna get to that that end goal of what we were looking for, which was an uh increased biogas, which we can then convert into energy at the facility.

Uh so that project again it's a little bit behind, but it's uh because of the cost, and we've actually you know saved the project as far as we can we can with the uh a little bit of delay on the front end means a better project on the back end, and so that's why we're asking for this uh uh I guess later on in the agenda you'll see a resolution for a change order for that redesign and uh and a schedule as well.

So that's uh that's kind of the update on that one, but it is now proceeding as uh as we need it to questions.

So um are we going to address the change order later or is this that's next?

Okay, yeah, there's yeah, there's a resolution that we've uh submitted for that change order.

So we'll go ahead and move into that.

So our next item is the resolution approving change order number one with Archer Western Construction LLC of Atlanta, Georgia for contract number W 20-027-101 MBEC class A power project to increase the project by 1,178,322 and 38 cents due to additional design work, additional design and early work efforts for a revised contract amount of 14 million five hundred sixty-eight thousand three hundred twenty-two dollars and thirty-eight cents.

Anything else to add about this?

I guess uh I'll just add from a little more detail uh to it.

So we we have the project is kind of like two different it upgrades two different processes at Moccasin Bend.

One is the liquid treatment process, and the other side is the biosolids treatment process.

On the liquid side, we're we're pretty good with the technology that we're going with there, and we want to get started on that right away, which means we have to kind of like separate the two project tracks.

So kind of taking one big large project and separating it into two different schedules.

I think that will help the overall schedule and help us get to uh a better better result at the end of the project.

So, you know, separating that means we'll kind of have like two design packages uh kind of running concurrently, that's part of this change order as well.

And so uh I didn't mention that earlier, but that is part of this change order, is just making sure that we can move as quickly as we can.

And we already we've we've locked in the technology for the liquid side, so there's no reason to wait on that.

So you mentioned that you were able to kind of go back and pencil and maybe revalue engineer some things, or what roughly what savings did you come down to to 1.1, where were you up to?

Sure.

So the the initial uh concept was uh utilizing a technology called thermal hydrolysis process, and uh our early estimates on that technology and implementing that before before we got into the you know the real hard design was uh you know within our budget, but then once the actual numbers came back with the design build contractor, it was probably 50 million more than our budget would allow.

And so again, that was uh not something with that we were really willing to do financially uh for that.

We did find a way to get to where we're again we're achieving the the overall goals of the project uh with a lower capital cost.

And so that's uh instead of using that technology, we're gonna be actually just constructing a few more anaerobic digesters than we had initially hoped to do.

So we're adding technology that we're familiar with and that we know versus a technology that was going to be kind of have a high upfront cost and a little bit unfamiliar to us as well, as far as from a operational and maintenance perspective.

So we think it's a little bit more resilient what we're doing uh for the future as well, because our staff understands the technology that we're going with now, and it doesn't require any more training.

Okay.

Mr.

Hatt, Mr.

Hines, we've got a couple of questions, uh, maybe confusing things here.

But is this is this the project that's going to be producing the fertilizer?

Yeah, correct.

That's going to be resold and yeah, ultimately, we're trying to get to a higher quality product fertilizer-wise, right?

So we have a class B product now, and we want to try to get to a class A biosolids product uh with with this project as well as uh some ancillary projects at the plant.

And that's what that's what this is all gonna do.

Plus, it's gonna generate the biogas that we can then use to generate electricity from.

So it's kind of the the solid side, the fertilizer side as well as the the energy side.

And given that this contractor is out of Atlanta, are do you have any idea what percentage of of the workers, the workforce that they're employing are local?

I don't have all of that just yet because then we're a little bit early on, but a lot of it is has to be local.

You think about the similar to the ETU IT tanks, we've got we're gonna have large concrete structures, and so that concrete is sourced pretty locally.

A lot of the I think there's gonna be a substantial amount of local work because of the nature of the project itself, which is you know it's it's uh steel and it's uh concrete and uh plumbing and piping and all that stuff.

I think we're gonna have a lot of uh contribution from the local uh workforce.

I can get you those those numbers maybe a little bit more precise from the design build contractor.

Uh they'll have to probably take a look at that.

Right now, we're actually going out, they are going out and getting bids on certain things, and hopefully, local companies are putting their bids in to the contractor to do the work because that's always important as well.

They have they have to get competitive bids from wherever they're at, and they're they're you know, putting that stuff out there now.

They're starting to put those uh packages out there now for local vendors to bid on.

So hopefully we we will get that.

I would just like to hear at some point from the AGC and maybe some of the building trades and whatever, and to see to what extent.

Yeah.

Those type folks are actually getting this work, um, as opposed to for I mean it's one thing to put in bids, but are they I mean, I'd be curious to know that, but that's something down the road.

It might be a little bit early to understand all that because we don't have all those numbers yet, but um, I think it'll end up being kind of similar to the ETUI2 project, which I think I provided those numbers my last quarterly update, and I can resend them out again if needed.

Uh they had a pretty good uh participation locally financially as well as with some workforce upgrades as well.

So thank you.

Jim, would you push?

No, I'm good.

I I just had a question because I see here on um like the change log, for instance, number of spaces for additional change orders.

Obviously, we would like to avoid incurring additional expenses as much as possible, and and then when these are broken down.

And I understand it was just to maximize the efforts to be sure that the design, the project, you know, was actually achieving the goal, but um just also want to be mindful that we what would like to keep the change orders at a minimum.

Is there any other that you anticipate?

No, not at this time.

And again, what what uh the idea of doing a design build project is to minimize change orders, right?

So I I would much rather do a design change order than a uh construction change order.

And that's you're seeing this now, but as we get into construction, we'll have the guaranteed maximum price of at a 60% design from the contractor, and anything, any kind of change order after that would be something that is you know certainly warranted, and not just uh I guess coming from a perspective of the contractor trying to make a change order for no reason.

The the design build team has been very thorough about what they're doing.

They've done this in in other places, they're not they're not uh unfamiliar with with the the project and the scale of it.

So I'm pretty confident that this change order on the design end is is well worth it.

And I don't see we'll have too many on the construction end.

Thank you.

Yeah, any other is this mainly going in the filter press building where this will be located.

I saw a lot of those references to that, and then the design aspects changing around what you're doing currently.

Yeah, the filter press building will be decommissioned and uh deconstructed.

We'll we'll we'll tear that down, and that's where the new digesters will be located in the footprint of the filter press building.

So that same location, the same location, yeah.

Yes, okay, thank you.

I move that we approve this resolution.

There's no thank you.

There's a motion and a second.

All those in favor?

Any opposed.

Thank you.

This resolution passes.

Thank you.

Our next resolution is authorizing the award of a small business incentive grant to APHB outfitters, LLC, Mountain Outfitters, and the amount of $10,000.

Marine Sharita.

Good morning, board Sharita Allen, Senior Advisor for Economic and Workforce Development for the City of Chattanooga.

Before we get into the next presentation, I just wanted to give a high-level overview for some of our new newer members about our department and some of the programs that we handle because you will be seeing two very different program presentations today.

So I um on my team, I have uh three colleagues.

We've got Winston Brooks, who's head of entrepreneurship.

We've got Winston uh Andrew Hudson, who's head of our workforce development, and Kim Naramore is our economic development coordinator.

We oversee a toolkit of several different industries.

Um, you'll see we run the gamut from working with our partners on startups and home-based businesses.

So again, those referrals that come into the city, they're asking for assistance.

We refer them out to uh the various programs, some of those are funded by the through the City of Chattanooga annual budget.

We have neighborhood businesses, we're currently facilitating grants through our construction mitigation program, our walnut street bridge program.

We've got um a HUD 108 loan that's going for a project that we're working on in downtown Chattanooga now, and we've got neighborhood investment loans.

We have about 37 of those loans still outstanding that we're servicing that were from COVID.

And then today you'll hear from our one of our growing small business grants.

So for our newer members, these are really awards or rewards.

And so where some of our incentives are incentivizing you to create jobs.

This one recognizes small businesses that have created jobs.

So you create the jobs, you're statutorily eligible for it.

It's not a discretionary grant.

You then provide all the paperwork, we take you through the process, we confirm the jobs, and then we bring that request to the IDB to fund the particular award.

The funding comes from city council, so the city of Chattanooga has moved the funds from the city to the IDB for implementation.

There's a max of 10,000 on that.

So you'll hear a grant um a grant award today on that.

That's our next one.

And then we'll skip over workforce development, and then you'll get to the pilots and TIFFs.

You'll hear a TIFF presentation today.

Again, we currently have eight TIFS in our in our project book, and you'll be going over that.

The one of the key things about the tax increment financing is there are two types developer back and city and county backed.

On the developer back, the developers taking all the risk.

They're infrastructure tips, they're building the infrastructure to make future development happen.

So you'll see an overview of the status of infrastructure from the developer on that one.

And again, the way the TIFF works for some of our newer members.

You take your TIFF area, there's baseline tax property taxes that has been created.

You preserve that.

So if that's going into the annual budget now for city and county, that will continue to go in.

Infrastructure goes in, future development happens.

That tax increment, that additional property tax that's generated from future development, that's what goes to reimburse the developer for the infrastructure that they put into place.

So again, high-level overview.

I know we've got some newer members who have not seen it.

What's important on the developer back is City Council approves putting the TIFF in place along with the IDB, but they set the parameters and they say yes, you can use the property taxes for this particular development.

It then comes to the IDB for a development agreement, and the development agreement spells out all of the parameters around the infrastructure and the development that will go towards a project recognizing city and county or pledging their property tax revenues.

The IDB has a development agreement that works with the developer to make sure the development is happening according to a plan that was previously approved.

So high-level overview.

And so next we will go into our first small business grant award.

And so we have a representative from Southeast Tennessee Development District who's going to present on this particular one.

And if you'll pull up our next presentation, we'll be ready for that one.

Thank you.

Good morning, board members.

I'm Emily Porter, loan officer with Southeast Tennessee Development District.

So we administer a number of programs for the city, including some of the ones Shrida just mentioned, and the Small Business Initiatives Grant, which is what we're presenting today.

So I'm pleased to introduce Hayes and Anne Burnett with Mountain Outfitters.

Hey there, my name is Anne Porchet Burnett, and this is Haynes.

And we are the owners of Mountain Outfitters.

It's really there is an energy and there is an enthusiasm down there that was not there before that is it's just amazing to see.

I was uh born and raised in Chattanooga on the back side of the ridge, and uh I can remember coming over that bridge, uh looking up at Lookout Mountain and seeing the Southern Saddlery building ever since I was little and wondering what what the history of the building uh all the amazing potential of the building.

Uh when we got into the building, we actually thought it was built in 1856, but uh during the construction, we got into some foundations that were actually laid in 1809.

So this this building is is really incredible, y'all.

The uh it might not always look pretty, but it has amazing bones.

It actually has uh river rock that was dredged from the Tennessee River, not you know, a quarter mile away.

Um you can even see in here there's the ironworks up in the ceiling, and we've preserved all of this.

This is one of our stored it back to the original exactly.

So we didn't do a lot of construction per se as just demolition of hundreds of walls that we took down.

Yes, that were not original to the building.

Um but the history of this place to the saddlery.

That's right.

The history of this place is amazing.

They uh the river used to flood for two weeks a year, and they used to let the water just come in and move everything up to the second floor.

So that's actually why the second floor was built.

Originally, it was just a single floor, and they figured out the river was flooding.

Um you can still see the water line.

You can see the water lines in the building.

Uh yeah, it's amazing.

And this grant uh allows us to expand our local investment, our local footprint.

We were doing the numbers last night.

We have 30 employees, and the vast majority of those are from Chattanooga.

Chattanooga.

Uh, we have a store in Mon Eagle as well up on Monteagle Mountain.

We've been there for 31 years, but my mom had stores on Fraser and right down the street, actually here uh next to the pickle barrel uh in the late 80s and early 90s.

Uh that store was called River City Kids, River City Apparel and Camping.

Um, so she had four stores in Chattanooga, and then the Monteagle store, but now we've brought it back to Chattanooga.

Um the grant itself is gonna help us expand into local.

We carry, we try to focus on local products as much as we can.

Um we pick up local soaps and honeys and candles, candles.

It's an event for our one year opening this past Saturday.

It was awesome.

It wasn't flower vendors and honey vendors and lemonade vendors, and we kind of opened up the entire parking lot.

It was it was awesome.

Yeah, it and and y'all, this foundries district is it's amazing.

There are people down there, they're excited about this.

Uh you can see the brickwork, some of these fans in the ceiling here in this middle picture, 200 years old.

It was a lot, it was a lot to get into.

It was a lot to get into.

But we also had a short time when we were able to get in January, and we had to finish this project and open the store by May 2nd.

That's right.

Um that was our timeline because we had to start all the planning and buying and everything.

Um and for those not familiar, we are we are an outdoor retail store, clothing, shoes, an amazing outlet upstairs.

Y'all all got to shop and buy your shoes.

And Emily came to visit.

You like that?

She's always selling, y'all.

That's right.

Yeah.

But this is uh, yeah, the space is actually amazing just the space itself is amazing.

Uh, here's some of our staff, our family.

We it was great.

We had such a wonderful turnout.

Chattanooga's been so tremendous, and just it's been awesome.

Yeah, the reception's been amazing.

Incredible.

It really has been.

Um, our three girls were there with us too.

It was awesome.

Um, but we officially opened May 2nd, even though we didn't have a single item in the downstairs on May 1st.

We we figured it out and we got it all.

We stayed up.

A couple of late nights, yeah.

Yeah, we made it work, and the store has been incredible, and we're excited to be local and live here.

And the stadium opening has only added to that.

Yeah, we can't wait to see what else comes to the south side.

So thank you so much.

Yeah, thank you.

Do you all have that whole building?

Or just it's 60,000 square feet is the entire building and has four different owners.

We have a 20,000 um square foot section.

We're right in the middle, the big chunk in the middle.

So there's a there's a tower on the right hand side of the building that is four stories that is not included with ours.

We're everything that's two stories next to it.

And then behind it is another group of several offices.

There's two more sections of that.

That's right.

There's an Italian restaurant right there.

Yeah, right next to it.

The Baccaccia, that's right.

And hopefully they're getting back in.

They've been closed for a little bit, but they're supposed to be opening back up.

Yes, sir.

I'm overcotta.

Okay.

Sorry.

Great.

Is this inside the stadium TIFF district?

Okay, question.

That's a great question.

Yeah, I I think it does fall in the quarter.

Is it in a quarter mile?

Is that the I think it is.

Okay, I think it is.

Great.

And y'all, we can see it.

There's that creek in between us and the stadium, but it is.

I mean, you could almost throw a baseball to the parking lot.

Right.

It's awesome.

Yeah, yeah.

Great.

Any other questions?

Madam Chairwoman, I'm maybe we approve this resolution.

Thank you.

Do you have a question?

I was just gonna comment that I think this was the vision for the South Side.

I have a native Chattanoogan as well when growing up, always seeing that, and now watching it be revitalized is just it is exciting.

Well, and we're so proud to be a part of it, y'all.

Yeah, it's great.

Wonderful.

Glad you're here.

I heard a motion and a second.

All those in favor?

All right.

Thank y'all so much.

Thank you.

And come shop.

Yeah.

Shoes.

Okay, our next item is the presentation by the Ben Project Urban Story Ventures Development Team.

Good morning, I'm Michael Wright with Urban Story Ventures.

Uh Jimmy White with Urban Story Ventures.

So first of all, so some of you are new to the board, so it's probably been a very long time since you've had any updates or any information, correct?

Yes.

So I just want I didn't want to be overstating or you know talking about information you've already known about.

So I was just gonna started.

So a little bit about us in this project is um for one, we take it into consideration of the community.

So we're a people first value ad.

Uh we want to forefront of this downtown core, is what we're trying to develop.

And we're just reimagining the this whole waterfront on this side on the south side.

Yeah, so I'll add into that.

You know, a lot of our buildings we've done downtown, you know, just history on urban story ventures, the Etney Building, King Street Station, uh a lot of revitalization work.

That's what we're doing around the community, old shopping centers, old industrial sites.

That's kind of our MO.

So we acquired the site in 2018.

Um, you know, massive 120-acre site, three people working there.

Um the vision was laid out uh by Dover Cole and Partners in the community, and that's what we're executing on today.

All right, so this is basically just exactly what he just talked about.

So but the the vision also came from the community import input as well, and what we what Jimmy was not willing to sacrifice is we could have just bought the site 120 acres, thrown up some town homes, cashed out, made a whole bunch of money.

But that's not the vision, the urban story in Jimmy had.

So Project Milestones we started in 2018, like you just said, um purchase of the site 2019 through 2023 with a huge rezoning, you know, step that we went through.

So we got 12 stories approved throughout the site, a 20-story site, and then 2020 is so the third picture on the right, fourth picture on the right hand side is Arabella Street.

So that's kind of a view of what the streets are going to look like for our and you can see here in some of these pictures that you're looking at, you know, the inside the what we call big blue, the the the Austin facility there, um you know, with the vacuum chamber was that was the big public charrette, right?

Had about 2,000 people show up for that.

Um, and again, as much as we would like to take credit for the design, it was designed by the community.

And as I mentioned, we're implementing that.

Big challenges, right?

2019 to 2023, we had some administration change.

Um, you know, new new public works members, uh, so on and such, city managers and so on.

So, you know, at that point in time, we created unprecedented zoning, the bin context area, which you know, uh novel concept, zero parking requirements, leave it up to the developers of hotels and multifamily to determine how many parking spaces they want.

We created C C and R's architecture review standards.

We want everything to fill uh a certain way, um certain continuity.

Um, and again, uh we wanted to fill Chattanoogan instead of being just another avalan in the middle of our city.

Um also uh the density was important.

If you want to attract jobs, you want to attract uh corporate HQs, you need density, right?

Look at Nashville, look at Atlanta.

Not that we're gonna be that, but you know, 12 stories seems reasonable.

Now I think since then everybody's adopted the zoning.

I think you saw it uh stadium sites adopted that zoning.

Downtown has looked at a new overlay, and uh the new Eureka Foundry site is also implementing that zoning as well with density.

Um first street, private street was built as Arabell Street.

That was before the the TIFF discussions were happening.

Um again, 2021, 2023 held hundreds of meetings with partners to plan and design three phases development and received numerous serious offers from developers.

Um, and then again, you know, it took us about 18 months to get the TIFF approved.

Uh that happened in 2024, but in the interim, we put together 3,000 linear feet of riverfront.

We bought four acres from the railroad.

That took about four years, uh, quite literally almost an act of Congress, and then um ADM.

We bought an ADM piece and did an exchange with the county for some for land they had.

So that was all accomplished.

Um, and also during that process of 2024 to 2024, we received unprecedented zoning rights with the Corps of Engineers for uh full commercial marina attached to our downtown core.

Um that is a monumental thing for our city.

Uh picture of the Vall Navy coming coming in every weekend.

This is a little bit so since the inception of us getting the so 250 million dollars of private investment has been done.

Um Jimmy already mentioned a little bit about the jobs that have created, but he can speak a little bit more about the businesses that have come since then.

Yeah, so we tore down a million square feet of older industrial that was not the highest and best use on the site, but then we had industrial buildings, uh office buildings, um industrial industrial that it did make sense, like the the big blue facility.

So we attracted Novonics, uh Ziverman, uh Lincoln Electric, publicly traded company, Micronics, which is now Cleanova.

Uh we had a new surgical center built.

That was the first building built at the bin that's there today.

Uh Chenica Whiskey, one-to-one health, another medical office, been Parker Company, and more.

So all in, you know, uh, north of 1,200 jobs.

Um, Austin had promised um 250 jobs at inception, so we've far surpassed that already.

So this is kind of showing the north phase right now where it we are ready to go vertical because we've got five blocks that are already all the infrastructure's in, and this investment was all private funded money.

So I think we talk a little bit about that later in the TIFF, but so we can go to the next slide.

So here you can see the infrastructure, and again, you can see here all local names, uh, local contractors, local GC, local jobs.

Um, you know, when you're talking about a site of this size, you're talking about 28 city blocks that we're we know in reattaching a missing piece of our riverfront to our downtown.

So picture the aquarium, you know, you've got market broad and chestnut in that direction.

We own the MM MLK, Main, and 19th Street in this direction, right?

It's been a hundred industrial for over a hundred years, and so we're going in there, uh taking all that old uh concrete, steel, uh pulling back that fabric, and as you can see now, uh delivering which we have done the first five city blocks.

Um this was all privately funded.

Um, and as you can see, that's underground utilities for electrical, um quantum capabilities, and then you go into the sidewalks, infrastructure, sewer, water, um basically taking old spaghetti noodles, if you will, that were uh scattered throughout the site, taking all that stuff away, putting an all new brand new infrastructure.

Major undertaking.

This is where we are today.

Like you said, we're now we're at the point where we are ready to go vertically, sell these pieces of land, and then we're under construction.

One thing I should mention, we had promised that we would have that infrastructure in by April 2027, or I'm sorry, June of 2027.

June 2027, and uh we completed that infrastructure in December of 2025.

So I think everybody's seen these next couple of slides, and this is kind of where the development of the whole thing kind of came from.

Is but all these plans have really kind of changed, I don't know how many times, probably 10 to 50.

The street grid has stayed the same, the vision has stayed the same.

But I use the example of hey, let's get in the car and or better yet, let's take a flight to Walt Disney World and take our kids with us, right?

Well, our flight got canceled because of crowd strike or something like that, and we gotta get in the car, right?

So plans changed, vision is still go to Walt Disney World, right?

So as we look at this site, you know, the road infrastructure, the vision is still there.

But when you start honing in on these individual blocks by use type, what's gonna happen, right?

Um move a street 20 feet this way.

No, we want a little more little density here, no take some density down.

We also have drone footage from every single one of these pads, so that you know, if you're on block 15, you want a little more density there to overlook the blocks in front of you, so you get the same river views, right?

So a lot of that we figured out over the last couple years, and you can see how the plan and it evolved.

The retail district, Callison RTK is one of the biggest, baddest architecture firms in the country around retail.

Um brought in Hill Partners, Hill Partners and Caliston RTK came in and re-looked at the the um the connectivity of the canal district, walkability for retail, those kind of things.

Um again, you know, companies like Hill Partners, they build retail districts all over the country.

Um, so they came in, took our existing footprint, and fine-tuned it.

And you can see how that morphed in the previous picture if you go back to that one.

Oh, one of the big concepts was around music, right?

We need an amphitheater, right?

Um, you know, we initially had discussions with the baseball stadium uh about our site, but I think at the end of the day, we had an anchors already around jobs, and so you saw us working together well with with uh the the foundry site and the Chazins, and again, now that stadium's built.

Um, but we've always focused on the amphitheater side.

City did a feasibility study, state did a feasibility study.

We've been direct in communication with the state.

They want to expand music across uh across uh the the state of Tennessee.

And so this concept has always been there.

Um, but as you can see, you know, a couple years ago we toured with Live Nation, we went to Ascend, we went all over the the South really looking at other good examples of amphitheaters, like you see the Huntsville, you know, the Orion there, and so on and such.

Um, trying to again find the right partner, and as we can go to the next slide, you can see how this has morphed from a small venue to a large venue.

Um we are planning on making announcements this week about our partnership with that, but what I will say is we have a PSA for a 12,500 seat amphitheater at the bend.

Um state of the art, first class will be the flagship on the east coast.

Trying to see if we have a picture of it.

Yeah, we'll see.

Well, there's announcements, NDAs, and that's part of what we're talking about here today, too.

We have probably 750 million dollars worth of vertical right now at the bend.

Now, as far as those announcements come, they're publicly traded companies, right?

Got to work with their PR teams, got to work with our PR team, but um, it's happening.

And here you can see some of the imagery for the retail district, and some of the corporate HQ.

These are not just pretty wallet watercolors, right?

These are fully designed plants.

Um, as you can see here, corporate HQ sitting on our waterfront that has shifted a little bit again because you just saw the slide with the amphitheater.

Um, but it's still in the works.

So go on to the next one.

So here actually is some imagery of of what um actually an older rendering of what the amphitheater will look like.

There's newer ones, it's uh a little more tech savvy now.

And you can see what uh the community was was is looking, you know, on our website.

This is what people register for.

So uh 25% want to eat drink, 22% want shopping, 22.8 percent entertainment, and 23 percent uh recreational.

So this is one Jimmy touched on this a little earlier.

So this is a big piece that was never really thought of from the beginning.

Well, it was thought of in the beginning, but this is a four-year process to where now we have all the permits in place from TVA Tens the Army Corps of Engineers, and we actually extended the harbor limits out to 150 feet in the river.

Permits are in place, ready to go.

All we're doing now is we're actually vetting uh partners and uh dock builders to actually get started and break ground.

This definitely will break ground before December 1 of this year.

No oil what rain oil marina has to, yes.

So uh as we talk about the middle phase here, um, you know, that is some of the heaviest infrastructure work that we will do.

Um that will be your retail district.

Um, and again, announcements coming on that one in the coming weeks, but uh in the partnership there, that's about 26 million dollars worth of infrastructure, and then you can see the south phase.

Uh the south phase and the middle phase will all want to happen at the same time, right?

There's an economy to scale there, less than a disruption, and as I mentioned, we have existing businesses out there that we have to provide access to.

Um, you can see some of the park dedication.

Um a concept that actually we presented uh as part of the TIFP discussion when Scott Martin was here was the idea that we want public park space within the development.

Uh that is something that I think we are obligated to provide comments on in June of 2027 as well.

That's it.

Cool.

So that's the end of our slides, but we kind of go originally it was north phase, middle phase, south phase or whatever, but construction-wise, they're all probably gonna hit about the same time, so everything's kind of gonna be going at once.

And like you said, we're kind of we're going through to finalize all the announcements and all that stuff, but that will be coming very shortly.

Yeah, so happy to answer any questions.

Um, I know there probably will be several, so uh yeah, madam chair.

Before we get started with this, I'd like to disclose that I just recently retired from Tinker Ma, who is actually doing some work for the bend right now.

But I have not personally worked on the project myself.

Thank you.

Okay.

A couple of questions.

Right.

I mean, well, and so and I was not on the board when this was approved, so um just doing research and some due diligence.

Uh from my understanding, when the board originally evaluated the bend project, we relied on certain uh capital structure, certain development timelines, certain assumptions, and it seems that some of that has changed.

So you just want to talk about how maybe that what was presented to the board and approved and what's changed and what that looks like today.

Well, I think what was presented to the board, you know, is pretty much the same plan.

I mean, the street infrastructure, the the density, everything we've talked about, the some of the major concepts are still the same.

The timeline has just been advanced from our commitments.

As I mentioned, we were obligated to June of 2027 for the first phase of infrastructure, and we completed that December of this past year.

Um again, uh part of the discussion was uh in in some of the projects that we had in the pipeline initially.

Um, you know, things happened, right?

The economy shifted, certain things like that.

Um I think you know, many people know that there was some discussions with my partners about a buyout and so on and such, which happened.

Uh I now control 91% of the bend at this point.

Um, let's just say that my partners didn't share the same vision that we all did.

Um the bend is a very valuable asset, and uh uh let's just say that um my position was that it needed to be executed on and not sold.

So but the timelines, the vision, everything else is the same.

Okay, well, so regarding the capital structure, so it was originally presented as a no-depth capital structure, and now there's I think at least well, my understanding is there's 47.5 million dollar deed of trust on the on the property, and then I know there was another deed of trust filed the same day, maybe on personal assets, I'm not sure, or it was related to the West loading property parcel.

Um, but from what I can what I've been able to found public records, there's 40 47 and a half million dollars of debt on the property now that didn't exist before, as well as 14 and a half million of financing in addition to that.

So the 14 so how does that change anything?

Yeah, no, so at the end of the day, we have 148 million dollar appraisal um on the project too.

So when you look at the leverage versus the value, we're pretty sterile, you know, we're low leverage.

Um, and again, at the end of the day, it was never a factor that we every development like this you put debt on, right?

To do infrastructure, period.

And discussion, every building in downtown Chattanooga probably has debt on it, right?

Um City of Chattanooga takes on debt to put in infrastructure, that's normal and customary.

So um, but part of that debt structure was to buy my partners out, and it paid off a previous $15 million loan that did put in the first phase of infrastructure.

That's the 14.5 you're mentioning.

Okay.

And then um just one I got one more question for now, but I I want to read this portion of the development agreement.

Then I'll defer to my colleagues up here.

They have additional questions.

Um there's a there's a section in the in the uh agreement that was approved uh called right of first refusal.

Um so that that section says that the bin uh would provide an instrument within 120 days that shows that the IDB has first right of refusal on any of the parcels in the vent of a default.

I'm not I'm this is a question for our attorneys, either Phil or or Mark.

I'm not sure if that was ever completed.

My concern with that is that there are deeds of trust on the property now, and does that change our rights for first refusal?

Because there are instruments filed on the property now.

Uh the and for example, the 47.5 million, for example, debt instrument.

So does that impact our ability to have right of first refusal in the event of any defaults?

Well, I think our attorney's been in conversations with Mark Mimatoff, and I'm not aware of any defaults.

Um I'd love to be made aware of some defaults if they're already existing.

Well, no, I'm just saying in the future, if there were any, we would need that instrument, which was supposed to be filed back in August of 24.

I just don't know if that was filed before the other deeds of trust.

I don't I don't think that the um Mark Mametoff or anybody followed up with that.

So but Bill Horton's sitting here right here with me has been in conversation with Mark Mohammedov about that.

Now at the end of the day, I think we're far fine with the first right of refusal.

Um, but it's gonna be subject to my partner in Hill Co Global, right?

Um, you know, Hill Co Global with a strategic partner, and despite what many folks may read in the paper, they're not a distress lender, right?

Um they do many multi-phase projects all over the country.

They're a big huge outfit partnered with Oryx.

That was a new partnership that happened in September.

Oryx is a Berkshire Hathaway of uh Japan.

So big out big outfit and big partnership.

Um again at the end of the day, that gives me the flexibility to maybe do the marine ourselves, right?

Having a big partner like that.

Well, I would definitely um assume that we do need to get that put in place as soon as possible, regardless of who has to review it, it should have been done, so it needs to be done as quickly as we can.

Um I know we also received uh a memo that was referring to assignment that may also kind of uh speak to that first right of refusal topic.

Um but either way, if it was in the document that was supposed to be filed, then it should still be filed.

And that's my comment on on that particular topic.

Yeah, I don't I don't disagree.

If it was in the document, it needs to be done.

How I just was curious if we know how any of so you feel like there hasn't been delays because the infrastructure was done um well in advance of the deadline, the first phase of infrastructure.

Is is any of the additional delay or what have you affecting the West Side Connect?

Do we know any kind of uh yeah?

Look, I can't speculate on the West Side that's their project, and that's a project between the city and and you know the West Side of Balls plan.

Um, all I can do is be responsible for my project, which is a private development.

Um my understanding is that the city and the West Side of Alls are moving very very quickly.

Um but all I can do is commit and live up to my obligations under the TIFF agreement, right?

Which we're ahead of schedule and infrastructure.

Um I'll follow up to that question.

And so, do you anticipate any additional restructuring redesigning, or is this going to be kind of the marching orders as we move forward now, or are you just kind of redeveloping as you go?

Yeah, no, absolutely, there'll be redesigned, right?

I mean if you're in construction or you're in development, or if you're in architecture, plans change every day, right?

Uh cost money every time you redo it.

That's right, that's right.

But it's our money, right?

At the end of the day, we're spending our money here, right?

This is developer back TIFF.

We are not, you know, the opposite the stadium deal, right?

That was a hundred million dollars funded through taxpayers, right?

This is private land with private development.

We have a TIFF obligation to deliver, and we chose to partner with the West Side Evolve so that we could help support that development, just like the new downtown school, in addition to what we were required to do.

So, again, you know, this is Chattanoogans developing Fort Chattanoogans here uh through our own blood, sweat and tears to make this happen.

And it's not easy.

I mean, you're we're pulling off a as you can see what we've already accomplished 250 million dollars of direct investment, thousands of jobs, um, you know, marina permits, uh dealing with the corps of engineer, buying land from the railroad, trying to put all this property together, that didn't happen overnight, right?

And that's why we set out to say, hey, look, we're not gonna commit to any vertical at this point in time, but what we will commit to is things we can control, and that's on the infrastructure that's in place now.

But yeah, no, I mean, plans are gonna change.

Uh, you know, as technology advances, plans have already changed, right?

I mean, we're already thinking about autonomous vehicles and how they're gonna park and you know what buildings look like that they drop off and go huddle and all those things.

So again, yeah, plans will change.

With the um goal of starting the marina by December 1st.

Is that the only goal to be completed or to begin, or what else is going to be started along with that?

No, no.

So, as I mentioned, we already have surgical centers that have been built, we've got surgical centers that are in the pipeline.

Right, right.

But for the marina, that's kind of a disconnect from a surgical center, right?

No, they're all connected.

Street infrastructure wise, yes.

But as far as like a planning purpose goes, you wouldn't need a marina for a search for no no no no, but you will need a marina.

Um, I mean the marina is separate, right?

So the marina is just something that that's there.

December one is when we're gonna commit to having you know that start uh based upon our timelines and requirements via the permits, but but um yeah, the multifamily, the residential, the hospitality, that infrastructure is already there so that those buildings can now start being built.

That's correct, yes.

Um and again, I I have to be careful about you know my NDAs and who my partners are and all those things, but that's all gonna come out, right?

You know, I didn't take over the project, you know, buyout until January 6th of this year.

And so every the all these new plans that you've seen with the amphitheater and marina, all these things have happened over the last few months.

Um you know, we are moving at warp speed for project this size.

I would encourage you to look at similar projects like the Wharf and DC, uh Seaside 30A that everybody's familiar with, uh Avalon.

Look at the time frame and then compare, right?

We're right on track.

Um, I mean that that you know, any time you're doing new, different uh waterfront, there's a lot of moving pieces.

Absolutely.

Thank you.

I wouldn't question, I mean, I don't question the vision.

Um, and you've referred to NDAs a couple of times.

I wonder I think we have a food share responsibility to make sure the capital structure, the schedule, the financial performance, all that stuff matches the public commitments.

Um so I wonder if there's some mechanism where we could do a closed session with attorneys to get information about you know what's planned and what's gonna happen.

Well, I don't think you'll have to do that, it'll be out in the next few weeks.

I'm gonna follow up to Mr.

Goldberg and Mr.

White.

What I'm gonna say is we've I think as a whole, we appreciate the vision and the what you're talking about trying to speed and bringing things along.

What's bothersome, at least for me, is the fact that as a partner here on this TIF, the industrial development board finds out about this Hill Code Global coming in in the newspaper, and we weren't consulted, we weren't told, and I'm not sure that complies with the agreement that we as industrial development board had with your entity.

I think that's something that with all due respect, the attorneys may need to get involved on.

And I further note that certainly Hillco's Global's website even talks about quite quite extensively about helping distressed companies.

Now, in fairness, it talks about healthy ones too.

But Hillco Global's got a very distinct reputation that we're aware of as a body that isn't all good.

And it doesn't all reflect well on entities that rely upon Hillco Global.

Now, maybe the healthy aspect is the arm you're dealing with, and we hope so.

But we do have some concerns, and I can say again, as an individual member of this body, if there's this kind of structural changes to the behind the scenes organization, it would at least be nice to be notified and given a heads up.

So again, I think we had those conversations with the mayor's office with city council members before my buyout of my partners.

The mayor's office was aware of it.

We've had countless meetings with the mayor's office as it relates to time frame, projects, and we still currently do, in the same way with the county site.

But at the end of the day, you're saying that I have to get approval every time I put debt on my property to go do a project.

There was debt on the property when we made this deal, right?

Initially, I took out a $15 million loan with West Banco to go do the first phase of infrastructure on my personal signature, right?

I paid that off with West uh with Hillco Global.

And as I mentioned, Hillco Global's already commented on this, right?

Hillco Global formed a new partnership with Oryx.

They were bought out by Orix in September, October of last year.

This is one of their first major projects they've invested in.

And they're happy about it.

And never, not one time has distressed ever been mentioned as part of this project.

We're public knowledge we paid 35 million for this thing and sold the Novonics building for 41 and a half, right?

You know, get public knowledge, right?

So our basis was back at zero, better than zero, three years into the project.

I think we've been great stewards of the project.

And you know, not only that, we paid cash for all the design, we paid cash for Airbell Street.

But look, if there's stipulations in that agreement that the city, I'm sure our attorney has been in communications on, those will get resolved, you know, at the end of the day, right?

This is a partnership, right?

It's the way we've always looked at it.

But again, you know, when you look at some of the comments in city council and some of the other stuff out there in the media, that hurts our project.

That hurts the stadium project, hurts the city of Chattanooga, right?

At the end of the day, we should all be rolling in the same direction, right?

Then if there's things that need to be resolved, uh technicalities, if you will, documentation.

That's on both sides.

We didn't hear from Mark Mamitoff about the first ride first writer refusal agreement until the buyout was happening.

And then there was concern about change of ownership.

I've always been the majority owner, I've always been the manager, I just am more now.

And all the entities that we made a deal with, those are all still in place.

I'll be happy to speak to that.

Yeah.

First of all, I I have a long closing with uh Hillco, and I met all those people.

I don't understand this talk about them being a predatory lender.

Uh normal transaction.

They have a lot of risk here, as does Mr.

White.

They put up 47 million dollars on the site with an appraisal of well above 150.

So I I don't understand that that street talk about predatory lender.

Uh to me that's that's not relevant.

Uh on the event of default on a right of first refusal, it's it's uh Mr.

Mammentoff has sent me the form.

We're working on it, we'll work that out.

It's kind of I don't think there's any intent that the board would have a right of first refusal on every parcel down there as these people come in and make offers.

That that does not make any sense.

You've got several parcels down there.

So if somebody comes in and wants to pay five million dollars for parcel C to build something on, if we're not intended that the board, the Dust Revenue Board have an option to match that offer.

It's only in the in the event of default, and so we have to figure out what kind of default are you talking about and how substantial does that default have to be.

Uh is it a default that that would impair the ability to have the TIFF benefits?

Uh Mark did send that form to me.

We've been working on it.

There's also an issue about some individual guarantees by the landowners down there that would have to be subordinate to Hillco to guarantee the performance of this uh uh agreement.

So we're working on that.

I don't I'm not concerned that we we won't get that resolved.

But I don't know why the agreements were not submitted and signed uh within a short period of time.

That's the first thing I noticed when I got involved in this because I did not handle the legal work on the TIF is that you did not have those documents in place.

They should be in place.

And we will have those documents in place.

But they have to make sense.

And why would they buy it?

Why would the Industrial Revenue Board or City want to buy it?

You know, it's when he's going to develop it.

So those have to be resolved.

Mr.

Mike is here.

He can comment on it from his viewpoint.

If you have any questions of me, I'm happy to answer them because I did close the loan with Hill Co.

I am I met all those guys in Chicago, New York.

Legal counsel had, as you can imagine, I've had a lot of legal lawyers, legal counsel involved, a lot of lawyers involved.

Quite complicated documentation.

They must have faith in the project to put that kind of money up.

Well, Mr.

Horton, you're a good lawyer.

We're glad to see you or if I'm a good lawyer, but I am a lawyer been around as you can tell from my gray hair.

I've been around the city 55 years.

I remember coming to this city when it was a grimy town.

You could barely see the town coming over the ridge.

And I remember when we were announcing uh for the city the aquarium.

And there was a lot of negative talk about the aquarium.

Uh, what do they call it?

Jack Leptis fish pond.

And I remember standing down there uh when uh Jim Gallagher, who was uh I mean not Jim Gallagher, but when uh Rick Montague, who was a son-in-law at that time, was announcing this project, said look around, you won't recognize this area in 10 years.

And he was right.

People take risks, they put their capital and a careers and their whole life at risk to improve the community, and I think it's another example of that.

I think the stadium is another example of that.

People put in the capital at risk to improve this, improve the community.

Uh this is an ambitious project, no doubt.

Very ambitious.

But look what you had before this project was announced.

You have businesses failing down there, going out of business with huge industrial complex, uh, not productive for the community, and now you have a chance.

Uh it has a chance for success.

I appreciate all the things that you all are trying to do.

But I do want to kind of level set here moving forward because we're running out of time too.

This is all happening because most of the people on this board read about it in the newspaper.

We are partners.

We have a contractual agreement.

This board, not the city, but this board has a contractual agreement with you all.

And I think as the third largest TIFF as a huge project, it's our responsibility to have to make sure that all the dots get crossed and and that we follow up on all the issues that are here.

There's a lot I don't think we can deal with today.

For example, the younger study that talks about the money that goes into taxes that go to debt service, taxes that go to various other things.

I think that might be off schedule, and I don't think that the the this board is saying let's scrap the whole thing.

But this board is saying we need to have a direct conversation about where we are, when things need to get adjusted, and I and I want to make it very clear.

Things may change in the developer agreement.

We often make amendments, we often go back and readjust because we understand that life happens, that plans change, that but that hasn't happened up until this point, and that is, I think, why there are a lot of questions and a lot of concerns.

So what I'm asking at this point is for a commitment moving forward that there is better communication, there's consistent communication, and that it's with this particular body because we are the ones that are in an agreement with you all on this project, and we all want to see it be successful.

And quite frankly, the vision is amazing.

If even half of it gets pulled off, it's gonna be great for the city of Chattanooga.

But we our responsibilities have to be with making sure that this huge of a project was given because there is a benefit that goes towards the private developer with putting in this infrastructure.

There are reimbursements that are gonna happen, there is money that's gonna come back out that we're following up on all the details.

And so I just want to make sure that we're clear that that moving forward is what's gonna, I think everyone on this board is going to be looking more closely at how this develops with the ability to have change.

We're completely fine with that, but there's got to be more communication moving forward.

Well, I think a key question is is the uh is in compliance with the infrastructure schedule.

Question number one, yes, he's ahead.

Question two, what is the status of moving forward to the individual project at the site?

I think that's in the works.

There's no strict guideline in there that says you gotta build building A by such and such date.

Uh so I don't think there's non-compliance there.

So our issue, if there's communication issues, I'll let Mike speak for himself, but I have had good communication, Mike Mavantov since I got involved.

Mr.

Horton, let me chime in here and say there are communication issues.

Oh, yes.

Now we appreciate the vision, but there are communication issues.

That's why we're we're so bothered.

So we don't need any legal counsel with all due respect to tell us there's not there's whether there's communication problems.

There is.

So we would appreciate it moving forward, or at least I would you guys doing a better job of keeping us as a body in the loop.

And Mr.

White hears the concern, and I I mean he's a smart guy, he wouldn't be here.

I think he knows, okay, maybe in the future this can be addressed.

Yeah, I I think it's a simple, simple thing, right?

Uh as I mentioned, contrary to belief, I did not miss a city council member, we weren't notified, but I have been to 50 of them that I have showed up to uh and never missed, right?

When I was properly notified.

So what I'm getting at is I'm here today, right?

Um, I'm happy to come next week.

I'm having to come the following week.

I just need to know, hey, when are we gonna meet and what's the agenda?

I mean, there's there's no but I will say that there was a yeah.

So look, I I will say that there is there hasn't been a meeting to date, right?

Now is that our fault, or is that IDB's fault, or is that the city's fault?

Uh I I haven't seen an open line of communication between any of us as it relates to what the proper timeline is.

Is it every three months?

Is it every six months?

I'm I'm happy to agree to a timeline today.

Just let us know.

Um, after this meeting and determine what that timeline is, and we'll get it on the agenda, have it be uh reoccurring thing.

That's not a big issue.

We'll go that way.

So the agreement said periodic report.

Do you tell us what periodic reports you want?

Yeah, I can I can uh vouch for Jamie in that I've been in several meetings with Jimmy with the city and county mayors jointly on this project personally, where they had questions and so on.

He he is not shy away from from giving any information requested as far as relying on what the press may report.

I would caution you on that.

It's not always accurate.

Sometimes it has holes that need to be filled in, sometimes it's speculation.

So you need to hear it from the developer himself, and if periodic reports may appear before this body, uh that's fine.

Just let us know what you want.

Yeah, we'll look forward to seeing you more often and get our certainly we I mean, Mr.

Wharton, I complimented you.

Certainly, we've got what we think is good lawyers on our side, Mr.

Knoblett and Mr.

Mamintov, and certainly we ask you to work with them as I know you will, um, because they're on top of this, and they understand our concerns and and so please keep working with them.

I'll let them speak to the quality of communication uh involving the three of us.

I'll let them speak to that, but we have had communication.

Yeah, I know we're limited on time at this point, but just to pivot back real quick.

So two questions for you, Mr.

Dwight.

Yes, sir.

Uh you mentioned a number earlier, some we're running through here.

750 million in vertical, and then also uh is that deals that you've already signed that you cannot attend that you can't learn into, or is that uh I would say a big portion of that is deals that we've already signed that I cannot report.

Okay, there's a timeline.

Should we hear something in the next like 60 days that you'll have some announcements?

I mean, I'm hopeful as early as this week, right?

That's what I told city council last week is uh, you know, when I met with them, right?

Uh again, I I hope you guys understand.

I I probably say too much, um, but you know, I I tell people I play cards face up, right?

I'll tell you what I know, right?

Unless I've got a legal document telling me that I can't.

Um that's for our protection and your protection, everybody's protection.

But but look, it's weeks.

Uh and again, you know, many of these deals were in negotiations prior to my partnership file, right?

Um, again, there's just a different difference of opinion there that's been resolved now, and we're all friends.

So, but look, I welcome the communication.

I welcome the opportunity to to, you know, in the chip.

No, look, in the tip may change.

Great.

Um, we'll work through it.

But I hope you guys understand the spirit of this deal in the city council at the time and the county commission at the time, and the bot this body at that time was that this developer uh has committed to things that we did not have to, right?

Um meaning we went above and beyond to help out the West Side Evolves because we think the Ben should have done that as a good neighbor.

Right?

Same way with the downtown school.

Um, we committed above and beyond dollars that are normal for education.

The tip district is just our property.

That's different than the stadium too.

I mean, the stadium has 500 acres or something that includes in it.

But look, the stadium, the bend, the Eureka Foundry, the South Side, the mayor's office, the county, um, us here, we all have to work together.

We got to be rolling in the same direction.

And I think communication is part of that.

And so I'll be here.

Just let me know when.

Thank you.

So I would like to request a legal opinion though on the first rider refusal or a legal meeting.

I just think that needs to be resolved.

It's in the development agreement because of the deed of trust that exists now on the property.

I I think that needs to be resolved.

And I agree.

Yeah.

Yeah we agree as well.

So I think Mr.

Mammatoff and Horton have some work to do.

Yeah.

And our next meeting is June 1st and so we'll get with Sharita and teen and about the agenda item and how it should read but look forward to seeing you then one more question.

So it's also kind of my attention the West End loading LLC property has delinquent taxes on it.

Is there a plan to resolve that?

I wasn't aware of that.

As delinquent property taxes according to the trustee website uh $3,948 cents which includes interest.

Okay I think that's just I'm sure that was missed at the closing because we paid $900 and something thousand dollars it yeah thank you we assessed this year so we paid that in December.

So those are paid three something just needs to be resolved I appreciate you bringing that to our attention there's a lot of different parcels out there guys 120 acres you know railroad parcels all these other things and some of them we're still in the process of acquiring and cleaning up so we will make sure that that gets taken care of thank you for bringing that to our attention anything else for today all right we look forward to seeing you next month thank you thank you are there any other business items to discuss today from the board all right if not extended dry thank you