Yeah, Kevin, you're really missing so much over Laura.

I have a question.

Commissioner Rogers, Commissioner Williams.

Here, Vice Chair Cutler.

Here, Chairman, Chair Muller.

Open public input.

And seeing no members of the public will close public input.

Move on to we've got three previous um meeting notes, meeting minutes that we need to approve.

First is the February eleventh, twenty twenty-five meeting.

February eleventh minutes as written.

All those in favor, please say aye.

Moving on to approval of the April eighth, twenty twenty-five meeting.

Aye.

Approved.

And finally, the July eighth, twenty twenty-five meeting minutes.

I move to approve the July eighth, twenty twenty-five minutes.

Motion and the second.

It's approved.

Moving on to our only agenda item resolution 2025-03 approving an intergovernment governmental agreement with the Lafayette Downtown Development Authority.

Okay.

So short but important item tonight.

This is the IGA that helps us formalize some of the funding and agreements that we have with the newly formed downtown development authority.

So I'm going to be going through the framework of the IGA, the administrative support, additional funding, the parking lot leases, our economic development agreement, and loan repayments.

Talk about next steps, have uh some time for question discussion, and then the motion language.

So the first section that is in this IGA is related to administrative support.

And I have here some language from the IGA between the city and the DDA because the IGA is referenced.

And it talks about the city will assign one or more city employees as determined by the city manager to act and carry out functions of the executive director of the DDA.

Neither the city nor the DDA anticipates that they assign employees will be exclusively devoted to the authorities' activities.

And so this is very similar to the structure that we have now where I report to the city manager, and I also report to Laura.

Um we're doing the same thing where I report to the city manager and the DDA board.

Um and so this section of the IGA talks about that Laura will cover the costs of um the administrative cost for the first year.

Um just because they won't have any tip revenue this upcoming year, and there's some short overlap with that.

So one question.

Did we just I'm trying to think if my question is based on something that happened in executive session, which it may be.

Um cover some portion of something or yeah.

Well, the the administrative the 10% administrative cost.

I understood that to be for the first year potentially so then um so they're not charging the DDA any cost this year.

Okay.

Um and there's a ramp up period for the fee of the um administrative costs for the DDA for the first five years.

Okay, so they're going to charge it in 20% increments.

So the first year, which we'll start charging is in 2026, and it's about 37,000, and then it will go up 20% in 2027.

And so the idea is that by 2029, they're paying the full cost for what it would be to have an administrative fee.

And uh that is memorialized in the IGA between the city and the DDA.

Okay, and it's been negotiated in last night we had our DDA meeting, and I introduced the budget, and we feel like we have a healthy um roadmap and fund balance because of the startup funds that Laura will provide.

Okay, thanks.

Yeah.

So that's a good transition to the additional funding.

So this section is um meant to really outline what this funding should be without being too prescriptive of saying you need to use exactly this amount for this because we want to be able to provide some discretion to the DDA because things pop up.

Um, but they'll roughly be around two million dollars available that we can provide to the DDA as startup funds, and we outline here that's supposed to be spent on the administrative fee, the parking lot program, small business support, such as capital grants or programs, and district support, such as marketing, farmers market, holiday lights, anything that is meant to support the district as a whole.

Um, and in there we uh say that the allocated amount will be determined by the Laura executive director based on final accounting of remaining Laura projects and the property tax increment financing received by Laura.

We still have like one more chunk of property tax increment that we need to receive, and then there are just some projects that we are um wrapping up, but I feel pretty confident that it's gonna be around two million dollars, and so um this I we worked with this language with our city attorney, so it's a little flexible enough that if it's you know 1.9 million, we don't have to change anything, but the idea is that we're giving roughly this amount based on all the other commitments that we have.

And so then we also have a line in here that says that the DDA is gonna prioritize funding administrative support and the parking lot maintenance before um allocating funds for small business support and district support, and I was able to pull um historical trends for the parking lot program for the past uh three, four years about how much we paid for snow removal, how much we paid for striping and maintenance, and so I've built that into a five-year projection for the DDA also with the administrative fee ramp up, so we're able to see what is kind of left over and what that can be spent on and your insurance too, right?

And so I've built that into a five-year projection for the DDA also with the administrative fee ramp up.

So we're able to see what is kind of left over and what that can be spent on.

And your insurance too, right?

Insurance for parking lots.

We don't have to pay for insurance, that's because it's all on the private property owners for that.

Okay, I thought there was some something with helping with insurance costs with it.

Yeah, maybe we are covered under SORSA.

Um, Lura is, and the DDA will also be.