Welcome.

Just want to say huge thank you to the staff of the convention center.

And everybody else involved in the final core.

Everybody, it was tremendous.

What a huge success for our city, and just so proud of all the work everybody does day after day that makes the final four possible.

If people weren't minded, minding the business all the time, 365, we wouldn't have these fabulous events.

So thank you to everybody.

It's just tremendous.

First item on the agenda is approvals from our March 13th meeting.

We'll call the rule.

Marcy.

Hi.

Dave.

Dave.

Hi.

Bob.

Yes.

Maggie.

Oh, not yet.

Jim, hi.

Bruce.

Hi.

Jamie.

Hi.

Thank you.

Thank you.

Wow.

Next time on the agenda is a report that we kind of move back a little bit.

But it is a report from Rich Forest and Matt Langfeld, our brokers at Colliers International who are marketing and helping us with the development of the Panam Cal.

And so we'll bring it over to you guys that get a presentation for us.

Yeah.

Maybe for the most part, you guys let us know.

You want to go up there?

Yeah.

Jamie and Bruce, can you see that?

Very good.

So the first thing we did.

No, you cannot cannot see.

Okay, hello.

How about now?

Yes.

Alright.

Okay.

So yeah, well.

This is Rich Forrest Living Matt.

Langfeld.

They are with Colliers.

And Call Yers is sort of helping us sell and operate rent and operate, not selling it.

Yeah.

Or ever.

Rent and operate the Pan Am Tower.

So we had sort of updated everyone on that.

Of course, the Panted Towers owned by the Building Facilities Corporation and been sort of run and supervised by Tim, myself, Stormy 6FO who works with Tom.

And I'm the close supervision of Marcy and Mary.

So we're just trying to give you guys an update on how things are going, both with the building itself and sort of the market place showing.

Yeah.

So these to sort of dive in, obviously the headwinds are we're dealing with hybrid work right after COVID and we're dealing with some maturing loan issues relative to the towers and all that good stuff.

And so basically when we were brought in to discuss this building, we were of the impression that if we just went in there and acted as standard developers and had no real theme or strategy that we would end up on the wrong end of this, right?

So basically what we've done is we've basically gone out and what we're pitching is what it you know basically was originally you know built for.

So if you think you know economic development, amateur sports, you know, convention business, etc.

And creating that ecosystem, what we're finding is the projects that actually have some sort of story, whether it be entertainment or an ecosystem similar to that, that's how you win.

So that's what we're currently doing, and obviously we're a little bit we're we're we're dealing with a lot of construction, as you guys I'm sure know.

Um the building is used to staging a lot of the construction folks are in and out of there if any place in that been in that building recently.

It's been kind of an interesting uh tour with groups, but we've been working with um Browning Day, coming up with some strategies.

Um I think if we go to let's go instead of on this, let's go go ahead and go to the I think you had a third, maybe the actual brain.

Yeah, yeah, yeah.

This is just our marketing piece.

That's sort of that's the market.

So this is what we're coming up with.

We're basically trying to create a functional building given today's you know, workplace and what we're trying to create.

So if you look out here, obviously, this is Georgia Street right here.

We're gonna work to engage this area, some things that are basically not been done in the past that we think we could take advantage of and make this a unique proposition for for tenants.

This is gonna basically become private space that looks over Georgia Street.

So if you think of people that are coming in and wanting to engage with you know conventions or sporting events, etc.

etc.

But and are maybe bringing PC in or you know, whoever your partners may be, you can actually engage with it without you know dropping down and being with you know everybody down there on the comp street.

It's a it's a VIP experience, if you will, for tenants of the building that are wanting to engage with that.

So if you keep going, what we did is we attach it to basically a little event space.

So if you go, sorry, this is impossible, but this space right here, and go back up, is basically this event space interior-wise.

So you have an outdoor space that moves into a uh an event space where you can go watch games, you know, have some sort of you know, gathering, whether it be with your own boys or you're trying to get folks there and sell the city or sell what you're selling, you know, what have you, it's a means to do that engage with Georgia Street and engage with the hotel and really have more of an entertainment opportunity within the building itself if you keep going.

The other things we're doing are we're cleaning the place up a bit, so the lobby itself needs an upgrade, it's obviously hasn't seen one in some time, so we're just lifting that with Browning Day, just getting it up to up to par relative to the aesthetics.

That's some of what you're seeing here to keep going, and then we're adding some things.

So with hybrid, you probably read footprints are going down, right?

So when that when that happens, a lot of times what they're also trying to do is find space where they can go meet as a company, but yet not have that space permanently rented within their their private space.

So we're it's kind of a must have to have conferencing spaces and things of that nature within buildings anymore.

So we're looking to add some of those to the building.

So we've got a large conference here, and if you keep going, I'm guessing oh, you cut it off.

Okay, so there's also a smaller functional space where you can maybe meet you know eight to ten folks as well.

Um other piece that we've just um Decided to pull off, which we're selling, which people are a lot very excited about is a connection into obviously the the hotel and the convention center.

So on that first floor, you can directly enter basically a tunnel area that'll shoot you over to the to the hotel and its amenities, and then also the convention.

So, as you can imagine at that point, you can go get a drink, you can go get some food, you know.

If you've got guests staying in, you know, they can come over and visit your space, etc.

So we think that's a huge advantage for this project.

Um other things, standards, fitness.

Um, we've got one, so we're gonna clean it up, um, showers, all that good stuff, clean it up, you know, re-engage with some newer equipment, etc.

But again, so that's some of the low-hanging fruit.

Um of the challenges we're gonna be dealing with, or some of the you know, because of the hotel going up.

We do have some space that doesn't have the best views anymore.

If you think south, if you think east, you know, until you get to certain levels, you're you're kind of staring at some, you know, staring at the building.

So we're gonna be working on how they're functioned and how you know so.

Basically, that comes from how you stack a building and where you claim to be allowed.

So we're working with the tenants on that.

Um, get into the market, or what would you like to do?

I mean, we talk just generally about the market, you know.

There's a there's a I have I have this presentation copy, but if you want to talk a little bit about it.

I'll give you a couple just as it relates to specifically the building micro.

So we've done a pretty good job.

One of the main things we wanted to do is retain the tenants we had, and if it's been over there at any time, given the construction, it was actually a pretty the experience was tough.

Um but with this vision and telling where we're going, we were able to basically every everybody renewed with the exception of a couple smaller groups, um, and we actually landed a couple new tenants as well that lend itself to this ecosystem.

I think we're at it up around 29,000 square feet of leasing, which in this market given the state of the building is pretty phenomenal.

We've got about another 32,000 that we're currently talking to as well.

So we'll get some of those and we won't get them all.

But given the state of and we haven't even swung a hammer in this thing, it's pretty amazing.

What's our occupancy?

We're probably sitting right around 50, 40 somewhere in there, depending.

Yeah, and one of the challenges is this has been utilized by it was a benefit when we first started because it's um emptying out, and we were able to add to some construction teams in there to basically headquarter out of out of the panion for the for the Signia project.

Um that has though been a challenge as well.

They're paying you know market rent, but they're also well, some of them are.

But they're also tracking a lot of dirt, dirt and deaths.

A lot of tools, a lot of dirty buff, you know, dirty boots.

They really are using the heck out of the building, and so that's what's necessitated sort of the lobby refurbishment and some of this stuff.

So we're we're trying to change the character of the building away from that.

Um so that's been a challenge.

So as and also all the construction barriers and Georgia Street not being done, and just it's been really hard on the current customers, so we're glad to have kept the ones that have been there and really hardened to see um additional people being added.

Uh you know, uh section 127 just executed, and they're the design graphic design arm of sports graphics.

The sports graphics started in you know the Pan M when they when they first opened, so they had printing presses on the um so it's great to see you know, sort of the original vision of the of the building to to come back, and um we're seeing some success with it too.

So um, you know, we're talking to lots of engineering firms, law firms, you know, folks that that um that wanna be in this space where the city and between city CIV were spending about three billion dollars in downtown one uh one and a half billion just on Georgia Street, you know, with uh the mall and the rich project and everything.

So um I think it's a new part of downtown or an old part of downtown is becoming new again.

I think as we discussed in prior meetings, this is a long-term commitment by the CIB to protect our investments and the city's investments in this block.

I mean, between the city and the CIB, we own everything, and so for us not to have Pan out tower and spend this effort to make it what it had been 40 years ago and bring it into the 21st century, I think would have been a gross misstep for us.

Um and these things take time, we all know that all how long the construction is taking everywhere.

And so I'm really pleased with the progress we're making, and Richard Matt are doing a really good job of responding to our request for proposals right away, and just all the normal, I guess you call it blocking and tackling what you have to do in your line of board.

So there'll be more news to share as things go forward.

For example, one crazy thing about this building, the windows hadn't been washed since it was built.

There was no way to do that, so I think we shared that we had to build a trapdoor or a ceiling setting around.

Basically, this area right here was never built in such a way where you could actually get down and clean the windows.

So I mean, we're again we're out there selling and we're looking at windows you can barely see, and you can combine that with construction dust.

So, yeah, we're pretty pleased with where we're heading given given the uh obstacles thus far.

And what we're finding is there is an appetite for you know, this kind of thing in this ecosystem, people are gravitating toward.

And at some point we don't want to throw it all out there right now, but some of the conversation we're having, if we get a couple more of these, you know, these thought leaders within those worlds, it just miles off.

So, and we're feeling pretty good in section 127's a great example of that.

And I'll just add Rich and Matt uh representing Hendricks on Follow Works.

Remember when Bottle Works first came on, that took a while to get going.

And now stuffs is another one.

I have the hottest place that's stuffs is another product that's some but the theme is you know, there's like Riz said earlier.

I mean, you need a story of some shape or form, right?

And so if you think about bottle works and you think about studs, great stories, and that's what we're trying to create.

It's different, different story, but you need it.

Um plus engagement with amenity base, and those pieces are really really important to firms right now.

Everybody's looking for that because they're trying to get people interested in being back in the office.

So well, this will certainly be interesting.

You know, if it's here, yeah.

And what's interesting is the leads we're getting are falling right in line with this sort of strategy, and they want to be close to the convention center and sort of stadium and the business that we do otherwise.

And that was really prior to some of the big lifts and getting some of these renderings pulled together, and you know, really we were uh telling the story now, they can start to see the story, and then also you know, that connectivity at the hotel is huge.

Um so being able to put that out there, which we haven't publicly put out there yet, but we're having some conversations now with helpful with those conversations we're currently having, you know, continue those.

So it's parking or parking challenges in the area affecting your leads for this building.

Parking is always, as you would imagine, a discussion, right?

But standing on the 10th floor, which is where we're doing most of our presentation right now, and staring at the tops of garages is pretty helpful.

Um Georgia and having that walkability uh is also something that people are pretty uh receptive to as well.

You know, it's a nice walk, it's not like you're going through a scary part of town or anything like that.

They feel pretty good about that.

So a lot of them are parking there for our meetings, and so they're noticing that a good majority of what who is there.

Um there's a lot of pickup trucks there now.

That's obviously based on the amount of construction taking place.

So I think once those things go away, and we speak to those when we're with them.

Once those go away, I think we we feel pretty good between the mall and the two directly north.

You know, there's actually quite a bit there, you just have to be okay with that.

And you know, in the past, quite frankly, we used to get into this 20-something years ago.

We used to get into discussion of it wasn't next door, we had a problem, right?

We talk about segues, shuttles, and all this ridiculous stuff.

We're maturing as a city in that sense.

You know, people are willing to walk um, you know, three blocks, four points.

And it's covered now.

If if with the connection into the hotel because the hotel is connected, convention center which connected to both those garage.

It's a little bit longer of a walk, but you don't have to go outside.

Right.

And we've been working with our you know, the operators, you know, Denison, the likes, you know, basically see what we can do to get folks you know going as far as rates and things of that nature, um, to incentivize people to go.

And so they've been working they've been working with us in the great two.

What's our break-even point on occupancy as far as being profitable?

How much of it needs to be rented?

We're we we still are we're still looking at those variables.

Okay.

Yeah, we're still we're still diving into you know the work that we've got right now, VE and all that to see you know where what our end product is, you know, etc.

So until we get there, we really we don't have the variables.

Yeah, and as we're adding new tenants too, it's it's it's one thing to be occupied, is another thing to like have the have the uh the build-out done and have the incentives that get paid out, you know, free rent for three months or whatever, um, to have it all stabilized.

So it's gonna take a minute to stabilize before we have we have the sense of what that is.

Um the good news is we don't have that on on it, so we're not having to take that off of the you know um revenue.

Um and we're we're kind of close.

We're getting there.

I'd also say this is kind of a rare thing, especially again given the state that we've already pushed rate.

So that's again once we've come up with you know our story and we feel comfortable with you know that it's gonna be perceived well and you know, there's gonna be some traction there, we we've gone ahead and pushed that.

So we're asking 24 dollars a square foot as of right now.

Started around 20.

I think the folks before it had 21, 22 dollars out there.

So the questions that the average for downtown or below average?

That would be so to give you an idea, it's all over the place right now, right?

That's honestly a that question could go a long time given the state we're in right now.

Right.

Um, but if you look at bottle works on high end, right, you're probably in the mid-40s.

Um and then if you go down and look at your standard, you know, let's call it class C type product, you're probably 18 bucks, you know, on the high end there.

So the Salesforce is 29, 30 Salesforce hour.

Yeah, yeah.

You but there are there are folks in there paying a lot less on their sub-leasons right now.

Correct.

So it's a loaded answer.

Yeah.

So this be class B space.

Uh it yes, probably.

Yeah, yeah.

There's nothing wrong with that.

Yeah.

The definition has moved so many times, that's why like I it's kind of hard, right?

It used to be the type of elevators you had, whether or not you had man security, you know, there was a handful of things that made you that.

Well, a lot of these things are at model works and bottles as the high as an example, right?

So I mean it's just that world's changes to how you define that.

Thank you.

Thank you guys, of course.

Yeah.

I have a copy of the presentation if you guys are on it.

I do pass it off, but we've gotten it up on the video screen.

Is the presentation public that we could share to the board?

I read like, yeah.

Yeah.

Okay, we can do that.

Okay.

Next item on the agenda of the reports, and it's first is the microfinance reporting.

Thank you.

Good morning, everyone.

February 2026.

Finished with revenues net of expenses of 4.6 million dollars, which is 3.4 million more than prior year and $7 million more than budget.

Variance from prior years mainly due to our lower spend in parts and supplies and capital outlay.

And then also in 2025, we held the Royal Rumble, and we didn't have a similar event in 2026.

So that cost some variances there.

Tax revenues totaled 11 million dollars, which is 1.4 more million dollars more than last year.

Largest variance there is in hotel and admissions tax lines.

Note that although tax admission had 450,000 variable from prior year in February, the year-to-day variance is still unfavorable, about almost 400,000 there because January has such an unfavorable large variance there.

Operating revenue was 4.5.9 million dollars, which is less than prior year about by about $2 million.

Largest unfavorable variance there versus prior year was in food service and labor reimbursements.

Both those are directly related to the Royal Rumble that we had in 2025, which pretty much made up the full variance in operating revenue for the month in February.

On the expense side, personal services is under prior year by about only $67,000 or about 3%.

Largest variance is there or part-time temporary labor line, which the expenses were down again due to Royal Rumble.

And then also the employee medical insurance line had an unfavorable variance there, and that was just due to us paying the entire year's worth of medical stop loss insurance coverage.

We paid it all in February, so that cost the variance there.

Then character two supplies is under prior year by about $800,000 or 65%.

That favorable variance there is due to part and parts and supplies, and that is due to in 2025, we had some large high-ticket items for the hotel that we paid there that we just didn't have this year.

Some of the items that we did have this year, the higher ticket items for the convention center.

We had we bought some sound and light equipment, wireless transmitters and receivers.

That was about 117,000 combined there, and then also 75,000 water heater for the convention center more big ticket purchases as well.

Other services total about $7 million.

That's about $800,000 less than prior year.

Some of the variances there, legal and architect had some hotel expenses in the prior year that we didn't have this year.

Contract labor was about $400,000 in expenses last year that were related to the roller rumble again.

We didn't have this year.

And then the bid fund we had about $200,000 payment that we made to visit Indy for the NFL combine that we didn't have this year, too.

So all those were down.

Capital outlay totaled only about $400,000 this year.

We just didn't spend as much this year.

Some of the items, the higher ticket items this year, the convention center Signia Bridge, we spent about $200,000 this in February this year.

And then Victor Field, we had about $135,000 there in locker room storage and field replacement projects there.

For the year we're just over $5 million, bottom line, which is three million dollars more than prior year, $12 million more than budget.

I think by the end of the year we'll we'll use up most of those funds.

So it's a temporary variance there.

So open any questions?

Any questions?

Thank you.

Next item is the visit in the report.

Good morning.

Marcy, thank you for your comments about the final four.

It was a great weekend.

We had some incredible customers in, including FDIC and WEP.

We had the Society of Cardiologists, we had the College of Surgeons, and we had the veterinarian medicine association of 12 and all really good customers in.

Our team worked at the sports corp over at the Media Center with the thousand media that were there, and also we were live on TV on both CNN and on the Today Show.

So really great coverage, a great event, well conducted.

You guys just knock it out of the park and make our city look so good.

So thank you.

You might recall January.

We had Snow Mageddon.

Hotel performance is really down, really affected by that.

February's rebounded.

Marion County is up 4.9% demand February of 25 versus this year.

Revenue is up one percent.

Occupancy was up 5.7.

Downtown held its own.

It was it was relatively flat but held its own.

And we continue to see sort of the outline hotels perform slightly better than Marion County.

So it's something else that we continue to look at.

But just as a reminder, the amount of business that visit Indy has on the books, group business is lighter in the first half of the year and much stronger in the second half of the year.

So we're hoping to see us building on some momentum as we go through the year to look at uh over performance year over year as we can continue through through the rest of the months.

Um so we've had a great season.

We're getting ready to figure out what our marketing plans will be for the summer.

Uh those will be running in in our drive markets, and uh so we're looking forward to a good year.

Our uh sales team has uh performed well this first quarter.

We've we we looked 98% of our goal, which you go, well, you're still two percent short, but historically the first quarter is always more difficult, and I believe that's our best performing quarter that I can ever remember in my years at Viz Indy.

Uh so uh the team is off to a really strong start, land laying great ground head on my foot and leads in the funnel.

So uh we anticipate a good year.

Happy to take any questions.

Any questions?

Thank you.

Thank you.

The next dungeon would be two third visiting a week.

Thank you, Marcy.

Good morning, everyone.

All right, our March occupancy was 54.5 percent.

That's almost five percent higher than March of last year.

So really happy to see that number.

Our attendance, however, for March, it was 52,057.

That is significantly lower than March of last year, which is 108,000.

Biggest reason for that, the last nine days of the month, so almost a third of the month.

That was final four fan fest move in.

And as you know move in, the spectators, the attendees, the guests aren't quite here yet, uh participating in the event, so that could have an effect to find your attendance.

That was certainly the case for our March attendance, but it was all well worth it.

The final four fanfest was a huge success.

If you haven't already heard the NCAA released numbers yesterday, uh we broke the record with 86,519 uh people that came to the convention center over the course of just those four days for the FAM Fest.

Um, and that broke the previous record, which was set in 2015 by Indianapolis.

So we both uh broke our record yet again.

Uh we couldn't be happier uh to do that for the NCAA.

They were actually with us for uh a total of 16 days from start to finish.

We just got them completely moved out yesterday, the their last few spaces that they were renting.

Um, right now in the North Campus, we have uh Alpha Kappa Alpha, that's uh the AKA sorority.

They're observing their central regional conference.

They're using called NFE, so a complete uh half building show.

And then the South Campus starting tomorrow.

We're gonna have uh move in for our longtime annual the MPAC show.

Uh that's the trade show for the gas station convenience store convenience stores that we always enjoy having, and then one week from today, that'll be the first move-in day for FDIC.

And you know how much we love FDIC, Building Wide Show.

They take over uh the entire city.

Um we're gonna end the month with uh 500 festival mini marathon packet pickup that we have every year.

That'll be on the north campus in a few of the halls.

Then the South Campus, the entire South Campus.

We're gonna have American coatings.

That is a 14-year biannual, every up here conference that we've been hosting.

Um it is a huge trade show that focuses on paint and like sealants and other uh coatings.

A good bit of their attendees are international.

So let's look forward to welcoming them to Indianapolis.

Uh they'll actually still be in the building when we meet again next month.

Um, it's a long show, they'll be at the very tail end of their move out.

So we're pretty much back to what sort of feels like normal after the final floor is now gone.

Uh, working hard to get our annuals and our weekly customers in and move out smoothly, um, but we are still in the midst of a very, very busy sprint.

Any questions?

Okay, thank you.

Hi, good morning.

Last month was pretty short list here.

We had State Robotics Championship, which was which was a big success.

We've had a lot of students from all over the state.

Told you about it before, but there were stages set up throughout what would normally be the playing surface and different robotic activities are going on that these high school students are taking part in.

So that's really great opportunity along the same lines as when the state high school football championships in our building and other state championships are in the premier range in town.

So excited about that.

And then it was uh all final four.

So we um you know this one was um really special for everybody.

Um we had uh just a great performance from move in.

We're not quite moved out, we're still taking those stages that hold the folding chairs out today.

But the center hung's gone, it looks very different than it did a few days ago for those of you who were there.

But um when I started in 2017, one of the first things we did was put together the bid for this event that finally happened uh this past week, and uh group of us, including Ms.

Indy and Sports Corps and the City went to Boston to pitch this event, and so to think that it's that long of a gap in between when we were awarded the event in 2018 to when we perform it in 2026 is pretty special, but um highly successful.

I um had uh informal conversations with all the executives of the NCAA who were just so highly complimentary, and then our team performed extremely well.

Everything from food and beverage to housekeeping to all of our trades, our events team, they worked themselves to the bone.

Um it was really special to have uh the confetti fly around and um now we're removing them out, so very excited about that.

As we look next month, we have FBI C we have uh a number of private events, including the recruit military job fair in the building.

We we have uh a fun private event.

Um the pickle packers will be in town, um, as well as Elanco doing uh a corporate event, and then um about this time when we're meeting again next year, we'll or next month we will be um about to start Morgan Wallin.

Uh the moving will be completed on the event day.

Um we have two Morgan Wallins shows, which are all that's all out at this point.

So that will be the start of our run of concerts for 2026, and uh that'll be a great start because that that is uh the double header of uh Morgan Wallin, which until Taylor Swift came along and had the record for attendance and the building show.

So that's what I've got for you.

We're we're a tired group.

Uh looking forward to the the weekend, but we we're really proud of what the city was able to do and to be a part of it.

Thank you.

It's fabulous.

Any questions for Eric?

Okay, very much.

The next item on our reports would be uh Candy's update on the city and the building.

Yes, um so contractually when we first when we first started the um project with A competent.

We put in uh a couple benchmarks, and um the first major one for delivery of the building was a commitment to deliver 400 rooms by April 13th, and we're there.

So we have been able to finish the basically the construction project of the 400 rooms.

We still haven't added all the furniture and mattresses and stuff, and we have to wait for some fire alarm in order to start doing that.

But we will start moving in hard furniture um this this coming week.

So next week, um which is which is fabulous.

Um, and so we're real proud of that that be able to hit that milestone.

We're doing really well on schedule.

Um just just really cruising right now.

Still about 700 um uh tradesmen on the job site um every day, except for during the final four.

It was it was uh we took we took a pause.

Um and so uh yeah, we're doing great, and um you know Georgia Street will they're gonna take down the the crane.

Um so um Georgia Street will be helpful, you know, the paved Georgia Street's really helpful for that actually.

So that will benefit the project and frankly capital.

Um we won't have to be on capital as much.

Um and then um and then we'll get we'll get Georgia Street over the way we we expect Georgia Street right now to be done around September 1st, um, and that would be completely finished and bollards up and people walking on it, uh no longer be in construction site.

So happy to answer any questions though.

That's a great report.

I'll bet that 400 row deadline's kind of been hanging over your head.

Yeah, no, it's it's it makes it real, you know.

Um we're actually punching the and you know it's really ready to be sold.

So that's great.

Thank you.

Thank you.

Next item on the agenda of claims.

Sure, we've got two two claims vouchers, one's operating voucher, three million nine hundred and eighty-five thousand eight hundred and two dollars seventy cents.

Um and then the second voucher is uh the confirming voucher $5 million, $52,123.

Looking over them, there's a couple in there, um some tables and chairs and operating voucher, and then um some basic utility work, um, so payments, contractual payments of the sports corpairs, um, so the HUD conference garage, and then um you know a bunch of labor for platform.

So we understand motion to through both vouchers, seconds, thank you.

Any questions for Andy?

Any discussion?

RC Bob Maggie, Jim?

Hi, Bruce.

Um Jamie.

Okay.

Excellent.

Thank you.

Thank you.

Uh next item on the agenda is other business that Andy has.

Yeah, um, this goes um along the same lines as we were talking about with the building facilities corp and gaining power.

Um we are circling around um a a project being becoming involved in a project.

We're looking at um support of um a new uh capital project to support the tourism convention in the sports industry.

Um the developer is uh finalizing the basic terms, but um our participation uh I could talk about today and just broad strokes.

Um the developer is a Simon is a Simon family entity, and we're being asked to make a nine million dollar construction loan, which would be uh a fraction of a larger private construction financing that was being sought for a new entertainment venue on South Meridian, specifically the 231 and 235 um addresses on South Meridian, which will be combined into one building.

Um we we will ask the BSC board, which is all of you to go by written consent at a later date as we finalize the terms and documentation.

But wanted to let you know about it and and allow you to ask questions about um this is a nine million dollar forgivable loan, two draws would happen in 2026 and one draw in early 2027.

Termin of the loan is seven years.

The borrower were would enter into a seven-year loan, and for each year that the venue is open, we would forgive one-seventh of the loan.

So essentially guaranteeing ourselves seven years of operation, and if we don't have if it doesn't make it seven years, we get refunded on a pro rata basis.

Um entertainment six nights a week during the initial term of the loan, which is really important to us and the tourism industry and why why we're being asked to be involved.

Um this satisfies or addresses the need in downtown Indianapolis for for some safe, well-organised operating um uh entertainment venues that are open after dinner, and um gives gives folks uh something to do, and hopefully we'll be at anchor or catalyst um to further develop it in the area between Gambridge Field House and Convention Center of the Summer State.

Um the operator is a national first class, well capitalized, experienced operator in this space.

Um there are other they have other outlets and major tourism centered markets.

Um the operator and concept will be announced publicly by the developer and operator in the coming weeks.

I can just can't tell you what is happening today.

But um wanted to give you a flavor of it and context around um what we'd be asking you to vote on at some point prior to the announcement, I imagine.

And there would be more details forthcoming.

other outlets and major tourism centered markets um the operator and concept will be announced publicly by the developer and operator in the coming weeks I can just can't tell you what is happening today but um wanted to give you a flavor of it and context around um what we'd be asking you to vote on at some point um prior to the announcement I imagine there would be more details forthcoming um I will say that our loan would be guaranteed as well so not just the lease uh term for seven years but um it's interesting to me because it is an area that where we have avoid and it might bring more regional travel in that supports what we do with conventions on a large large scale so we're noodling it through and taking a look at all the details but more to come any questions okay any public comments or adjourned thank you all easy a lot