Good evening, everyone.

And uh welcome to the March eleventh, twenty twenty-six meeting of the Nearest Shell Industrial Development Agency at roughly seven thirty four PM in the city uh council chambers in City Hall, Near Shell, New York.

Uh, the meeting of the Neuroshell Industrial Development Agency is now called to order.

Um, can staff please call the role?

Here.

Ocean Loya.

Greenberg is absent, O'Malley.

I knew here.

We are also joined by our executive director and commissioner of development, Adam Salgado, Katrina Shivers, the IDA manager, and Darius Shafizada for our transaction council from Harris Beach.

Thanks, Katrina.

Uh, any announcements?

No.

No?

Okay, great.

Um, then let's move to the first uh item um for this evening, which is just the approval of the uh the minutes uh for man, November.

Wow, that's been a while, huh?

Um, the minutes from our November nineteenth uh twenty twenty-five uh uh committee meeting.

Uh can I have a motion to approve those minutes?

Um seconded.

Okay, good.

I've been instructed to try to direct who raises it's difficult up here with the lights and stuff.

So um those in favor?

Aye.

All right.

Any opposed, any abstentions of the minutes uh pass, so thank you for that.

Okay, the uh the main reason we're here tonight is to uh kick off the uh the public hearing on 277 North Avenue GPLC.

Um something that uh I think uh we've been waiting for for a long time uh to see uh some action down there, and I'm happy to see that uh we're at that next step here to try to hopefully make progress with that.

But uh most important thing is we have the the public hearing uh as part of our process, so we'll do that uh this evening.

Um if the executive director, Mr.

Adam, if you wouldn't mind uh giving us a description of the action for the thank you, Rob, sure.

I'd be happy to.

The IDA received an application from 277 North Avenue GPLC requesting the approval of the assignment of the existing IDA project located at the same address, 277 North Avenue.

The project was originally approved by the IDA in 2018.

Following that approval, the existing building on the site was demolished by the current owner at the direction of the city.

Uh the proposed development is consistent with the existing approvals granted for the project and includes the construction of approximate 488,000 foot 23 story mixed use residential building.

The project consists of 442 residential rental units with 10% of those uh reserved as affordable housing at 80% of AMI.

The project will also include approximately 13,000 square feet of ground floor retail space, residential amenities, and a parking garage with 433 spaces.

The resolution before the board this evening is to approve the assignment of the project and related IDA documents to the new project sponsor and to modify the existing pilot to reflect a 2026 construction start.

The proposed modification includes the same deviation from the IDA's UTEP that was originally granted and has been determined to be necessary to support the financial feasibility of the project.

Brian Cinsiba from Darren and Seinmets along with Jared Toothman and Adam Klupe from Lincoln Property Company are here to present the details on behalf of the project.

Kevin Grams from Grow America will then present the financial details of the project and the cost benefit analysis to the board um prior to the holding of the public hearing, which will be scheduled uh most likely next month.

Oh, it's today.

I'm sorry.

Oh I'm sorry.

So they're both gonna present today.

Oh, I'm sorry, that's a little out of cadence, so I apologize.

I He didn't read the script.

I did I did read the script, but then I thought I had to correct this script in real time.

So I apologize.

Uh so yeah, so I guess the developer team come up and present the project.

All right, thank you, Adam.

Um good evening, uh Chair, members of the board.

My name is Brian Sinspa.

I'm an attorney with Zaren the Steinmetz on behalf of the applicant.

Um I have quite a bit of a bit of information here that is duplicative of what you just heard, but um I'll run through those items quickly.

Um I also have the development team here as well.

I'd like to give you a little bit of background for the about them, um, go into a little more color as to why we're here before you today, um, what we like to do with the project and a little bit of our timeline.

Um, as many of you may know, this part uh sorry, this property is located at the corner of North Avenue and Huguenot Street.

It's adjacent to the Metro North Railroad.

Um this is within the downtown mixed use in D02 downtown overlay districts, um, which is allowed it to be developed in the fashion that it is as a 23-story building.

Um a large number of units, 10% of which is going to be at AP 80% AMI affordable.

Um I'd like to just note that.

The site also is a brown field site uh cleanup program.

So as part of that brown field cleanup program, um the site has had, I believe.

356 tons of contaminated soil has been removed.

So this project actually has enhanced the downtown in terms of environmental uh impacts, um, as well as what's being proposed in terms of bringing in additional housing, um, additional commercial space.

The sorry, I'm just trying to skip over some of the some of these items that you guys already touched on.

Um, in terms of jobs creation, this where we're proposing right now is 300 construction jobs being brought to the site.

Um well, we also have 27 operational jobs for the project, 24 full-time, three part-time.

Um we would be in compliance, and we've I've gone over this with the applicants in terms of local hiring, so we will increase local hiring significantly with this number.

Um bringing a benefit down only to newer shell but the surrounding area.

Project history.

Um, and I know a lot of members of the board here this evening were not here during the original approvals, so this may be important.

Um this project received approvals back in July 2018 for the planning board.

Um we then went before the IDA, uh not we, but the prior applicant went before the IDA in 2018, was granted benefits for a 20-year pilot, sales and use tax exemption, and mortgage recording tax exemption.

We are seeking all three of those same exemptions at this time.

Um what I'd like to point out is this the prior applicant, much like many other developers of the time, just after 2018, uh, ran into issues in terms of COVID, financial reasons after that.

So what's bringing us here tonight and asking for additional benefits is that um in that time period, the cost of the project has gone up significantly.

So looking at the 2018 application, you'll see that the cost of this project was around 170,000 or 170 million.

Um if you look now, uh, due to inflationary uh uh measures, even with some of the changes to this this project, um dealing with facade and some other items to try to reduce costs.

We are still looking at 250 million.

So it's a significant project.

There's a lot of expenses involved, um, but we do believe that this does have enough benefits for your board to approve.

The applicant, just moving over to the applicant.

The applicant is a what we have is a real estate holding corporation for um Lincoln property company.

It's one of the largest full service real estate firms in the U.S.

Uh we provided within our application some documentation to give some background and clean and clarity as to this applicant.

Um they have a very strong record both regionally and nationally for developments.

Um some of the developments were provided within that package, but I highlighted those again within this presentation.

Um you can see here that we have items spanning all the even globally at this point with commercial and multifamily.

More locally, though, um I just picked out two of those developments just to uh highlight for you.

Um Jersey City, New Jersey, 17-story mixed use, 613 residential units and 10,000 square feet of retail space, as well as Hoboken, New Jersey, 18 story, three 357 residential units, 26,000 square feet of retail space.

And I point this out just to show that there are similar projects that we've taken on.

I know that there's some sensitivity here as to the delay, um, but this is not an applicant that is going to delay this project.

To that end, I'm just gonna wrap this up quickly uh with the project timeline.

We're looking to close sometime in April and May under our current contract with the current um project beneficiary.

The pre-construction, we're estimating to take about eight months, then in turn that entails finalizing design, um, and going through some other financing items, guaranteed maximum price, securing ultimate financing.

And then construction, we're looking at approximately 30 months.

Um that's running from start of site work all the way through to TCO.

So that's where we get we end up at 2029, uh quarter four, I believe, is what we put in our application.

Um that's our estimate currently is where we stand.

But it's a large project.

We we're gonna do our best to move through it.

And I think you have an ex uh applicant before you.

Yeah, any questions by anyone?

Like so the Fisher group just um, just thank you.

I'll learn that I just been so long since we've had the the Fisher group just got fatigued, I guess, deal fatigue, and no, so like you said, COVID or the costs went up and yeah, so um they are here so they can speak more to it, but I'm just gonna try to address it, just address your question now.

Um what happened was they came back in 2020 with a partner of an equity partner.

That equity partner, JP Morgan was that partner that came back at that time.

This is February 2020.

Um COVID then hit and JP and JP Morgan backed out of the project.

Um since that time, they've had issues obtaining an equity partner to run with them on this project.

We've also had inflationary pressures post-COVID in terms of the increased cost of goods.

So obtaining financing became even more difficult.

Um we now have a partner in Lincoln Property Company that's willing to come in and take this project over.

Um, but that's the basis for the delay.

And who's Lincoln Properties equity partner?

Because usually you're the general partner, and then you bring in like Fisher, uh uh an institutional partner.

Yeah, I can answer that here.

I think we've met every day when they work.

Why don't you come up to the uh podium and just uh I I love having conversations and we will have it, but we got to do it from there.

Sure.

If you could introduce yourself and then we go from there.

Jared Toothman, I'm the market leader for Lincoln Property Company, worked in uh New York area real estate for 20 years.

Uh started uh a place called Eastern Consolidated, uh if you remember Eric Anton and Ron Solars.

Uh worked for Vornado Realty Trust for 12 years, building projects like 220 Central Park South, much of the Penn Station uh district got the general project plan approved with the governor, um, other big projects like 350 Park Avenue.

I joined Lincoln in 2023.

Lincoln is a 60-year-old company on par with Heinz and Tramil Crow.

It was actually started by Tramil Crow sixty years ago in Dallas.

Uh it's developed something ridiculous like 400 million square feet uh over the past 60 years.

It was recently recapitalized with a large financial backer called Stone Point Capital, in conjunction with that recapitalization that was motivated by the age of the uh the founding group really needed to find a uh transition plan.

I came over from Vornado to build up the New York business.

Um really Lincoln's business model has always been capitalizing projects on a one one-off basis, essentially uncrossed development uh joint ventures.

So we have a large pool of partners, everything from Goldman Sachs, Morgan Stanley, you know, Invesco, Clarion, Rock Point, you name it, uh, a lot of the big pension plans.

Um, we're working on you know that the Hoboken deal is most likely going to be a big national life code.

So really, Garrett, the problem today is you you cannot capitalize a project until you're shovel ready.

So we need to put in the work.

Essentially, nobody will commit until you have a line of sight on this is our debt, this is our GMP, and we're going to close on the equity of the debt and the guaranteed maximum price contract simultaneously.

So we we do have, I mean, debt is actually quite abundant right now.

That is not an issue.

The debt markets are fluid, um, definitely open.

We have we are actually already uh partnered with Swinterton Construction, which is one of the top uh construction firms in the country.

They're actually based in San Francisco, um, but they're this is a market they want to be in.

So we already have our general contractor.

Um and then the equity, you know, I I don't want to name names at this point, but we have had uh preliminary conversations with people uh who are already partnered with large national private equity funds and uh life life insurance companies who are interested in the project.

And as soon as we're at the point where we can tell them exactly what the cost and the timing will be, that's when we can get a commitment.

Miguel?

Yes, my concern is um I see that you're paying into the social equity program.

And uh under this program, you're required to have 15% of your workforce to be the local hire or union labor.

And I know you mentioned before, you know, you're willing to work with uh to fulfill that obligation, but I want to I'm wondering if you could tell us what are your steps that you're taking to fulfill that, because other developers here in the area, their numbers are nowhere near 15 percent.

They're down in the threes.

That's something Swinterton's aware of.

They're based in San Francisco, where I guarantee the uh requirements are in insane in San Francisco.

Um it's it's almost impossible to develop there.

So they're much they're very much uh used to uh these types of requirements.

I'm honestly not qualified to speak to exactly what Swinterton has done, but uh I I know we are definitely aware of it.

This was something uh WMBE requirements, a lot of projects I worked on at Vornado, such as the Farley building, where we did meet uh all of our all of our similar requirements.

So in terms of the local hiring requirements, it's just you know, we're we're currently interviewing uh building a pool of subcontractors right now for our bidding pool.

And you know, it's it's normal course of business for companies like Lincoln, where we're doing this in Seattle, San Francisco, Los Angeles, Boston, Washington, DC.

These are the toughest entitlement environments uh in the country, and some of the strictest uh similar uh work rules requirements.

So I I'm happy to report back on specifically what we've done today, but I know it's something that comes up in our meetings that we're aware of.

So they are open and up screwed communications with the building trades and you know trying to bring them in.

Absolutely.

As I was telling some of our uh audience members here, we are not at odds with the unions at all in all things equal.

We would prefer to you work with the unions because they're often much more competent.

A lot of our projects at Vornado, we had to use the unions because we can't put up a 70-story building uh with with anything but top-notch labor.

Uh we're, you know, developers are at odds with the capital markets, which means it's still extremely difficult uh to get projects capitalized today because the hurdle, the interest rate hurdle, everything in real estate is essentially uh a spread to base rate.

So when interest rates are elevated as they are now relative to three years ago, it just makes the you know the economics of any development extremely tight.

So developers would always prefer to use you know the most skilled trade out there, which is almost always the unions.

It's simply you know, if costs are beyond a certain level, it nothing nothing gets built.

So we uh we work with you know, we we've done all union jobs, we've done open shop jobs, but there's certainly no aversion to using uh union trades.

Yeah, just because I know you know I'm a building trades member myself, so I know a lot of our unions are open to having some type of um what's the word uh an agreement where you know we can mix up the ratios between apprentices because that's another thing that we would like to see on this project because hardly any of the projects in our show right now have any apprentices, and that's a key thing with us that we want to bring up some young people, starting, you know, building, you know, start working and building a career.

We are happy to work with you within the bounds of economic reality, is what I'd say.

We we have to make the numbers work.

Um, but we're we're absolutely happy to to uh be creative on how we get there.

All right, thank you.

So just um adding to that.

Yeah.

Okay.

I've been up here before.

I know.

Um just to add to that, um, you know, we're we're starting a committee to make those introductions between the unions and the GCs that are coming online.

You know, we're trying to figure out where in the process we're gonna make those introductions, so we need to do that quickly.

But it'd be great if you guys were our test subjects for you know, initiating that committee so that our IDA could be, you know, an introduction between some of the part the parties that you know could be working on these projects.

Because that's what our community wants to see.

Again, we're we're open to happy to be an open book.

We're not fighting each other, we're fighting, we need to get the project capitalized.

Um so we'll we'll tell you the numbers.

Excellent.

You know, it it's it's also interesting.

You know, people talk about the unions, but there's different unions for every trade.

Right.

It's and I would say if you do this analysis, which we've had to do a few times, because we do try to work with AFL CIO, we do work with capital partners like Intercontinental and Asana and ASB, which are primarily union money.

So we're we're very fluent in this.

But uh when you're when you're looking at it, you could have eight out of ten trades where it's honestly not a big deal, and that's why open shop doesn't mean we're not using union, it just means it's a mix.

And then not to call out specific trades, but there are specific trades like carpenters and electricians where sometimes it can be 2x.

And so it's not, you know, to have this conversation in in vague terms is not always useful.

But you know, wherever we can, wherever we can use union labor, and especially if it, you know, if if we can make you guys look good and you know make the process uh frictionless, obviously that's that's our incentive as well.

So again, there's no there's no adversarial relationship between developers and unions.

It's just we the numbers are what we are.

We're here if the Fishers are an extremely uh extremely accomplished real estate development family.

They didn't mess this up.

They got hit by a crazy uh public health event, and then they got hit by a crazy response to it, which drove interest rates up 500 basis points in like 10 minutes.

There's no way to recover from that as a real estate developer.

So here we are.

We're we're just working together to make the economics work.

Right.

So that was my piggyback.

My actual question looking at this mixed use.

Another issue that we've been dealing with in the shell is developers coming in and not necessarily filling their retail.

So if you could speak to, you know, your strategy for making sure that the retail space that you create gets filled.

Yeah, well, I part of the reason we picked this site is because it's you know transit-oriented development.

You can't get more obvious than this.

I I don't know.

I mean, you know, the the RXRs and the BRTs of the world are also extremely accomplished developers, so nothing bad to say about them, but I I think this site is actually you know better than being closer to the water because the whole point of this is transit oriented development.

So I think, you know, and and Adam uh mentioned that you guys have certain place or AI type stats that I think will help us lease the retail.

But the retail, the the biggest problem in New Rochelle right now is somehow the developers failed to, for lack of a better word, collude on a real retail strategy.

Um, I I joke with my team that if we hadn't found a place where I could get a chocolate croissant within five minutes of the site, we wouldn't be here right now because we're not trying to pioneer new neighborhoods.

Uh you know, we we want to come in, you know, early, but don't want to be the first.

So I mean it's crazy that there's not even a Starbucks is is some kind of kind of lightning rod sometimes, but you know, it it's kind of crazy you don't have any major coffee brand when you have the most important train station in in Westchester County, which is a hundred billion dollar economy, that's bigger than like eight states and the most important train station, like that there's not a single name brand coffee shop.

It's weird.

So, you know, for us it's we we don't want to lose money on our retail space, but it's it's an amenity for us, and it seems impossible to me that a you know a quality retailer can't make money with that kind of foot traffic.

But yes, it's it's crucial to us to have hopefully what we we would want at least one three meal per day restaurant uh where you can get you know your coffee and your croissant in the morning and get grab and go dinner and and hopefully, you know, something like an LPQ, but fancier.

Not fancier and expensive way, but just fancier in a not so you know boilerplate national brand type way.

There's a lot of other options out there.

In addition to coffee shops, because we we do actually have an abundance of them, even if they're not Starbucks.

Um, you know, speaking to, you know, uh retail is never going to look like what it looked like in the 1980s, so it is what it is.

But do you have other partners that you've worked with, other brands that have you know filled your spaces like a Trader Joe's, like what is your presence look like?

Like uh, you know, lit Lincoln manages 45 million square feet of retail, so we have 1800 unique retailer relationships.

So we will leverage that uh portfolio of retail relationships.

I mean, my colleagues can call the head of Whole Foods tomorrow.

I don't know if our space works for a Whole Foods bodega, but if you know if we had a 13,000 foot contiguous space, then you know that's the kind of that's the kind of retail we'd be aligned in brings.

Great.

Any other questions?

Uh I guess the theme, um, and you've hit on all of those points is partnership, right?

Um business partnership.

And we're we'll do our best to support you.

We there's certain interests that we also would need, and it sounds like you are uh more than open towards you know, entertaining and and trying to walk together hand in hand and be supportive of the uh the ecosystem that we have here and government, but also kind of with the other developers and some of the things that we're trying to do in the uh in the city in general.

So that's encouraging to hear that.

Yeah, my friends work for BRT, RXR might literally be funding one of our own project one of our other projects.

So, you know, we we're all we know we know who to call toll brothers as a friend of me, but we we've we play well with them and Kennedy Wilson, who just bought them um is is our lender on another site.

So yes, we will cooperate uh to the extent useful.

Wonderful.

I appreciate that.

One thing I just in the guise of full disclosure, Mr.

Chair, I have to say that um the company I work for Ready Capital has an existing relationship with with um Lincoln property.

So I think in you know, in the guise of transparency, I should probably I should recuse myself from voting because of that.

That's uh conflict.

So I just want to put that out there.

Disclosure, disclosure, disclosure.

You can never go wrong with disclosure.

Um obviously uh defer to counsel with respect to if there's a need or not, but uh the the first step was taken with respect to that, and we can take everything under advisement.

Fair counsel?

Absolutely.

Absolutely, Mr.

Chair.

Okay, Mr.

Chair, I have a question for Coral America.

Is that now or should I Yeah, I was just gonna say if there's no further questions by the board, I was gonna ask Kevin Grimms from Grow America to come up and go through the analysis from our perspective or from your perspective, and then certainly you can ask any questions.

Thank you.

Thank you.

I will I will have one more question for them.

Sorry.

Okay.

That's it.

Okay.

Yeah.

But we'll we'll go through this part.

Thank you.

Thanks.

On the screen.

Hopefully we can.

Do you want to answer your question now?

I can get going.

Um Mr.

Chair, members of the board, um, good evening.

Um I can get going without the um the presentation uh on the screen.

Okay.

Um I don't think I I I need to re uh there's been thorough uh review of the program.

Uh but a few things I want to emphasize about the program with the 443 units.

Um this is the same program that was approved in 2018 with Fisher development of what they proposed.

Uh and there remains 10 percent of the 443 units that will be affordable to households less than uh 80 percent of AMI.

Um so this design is consistent with Class A mixed use buildings of what we see down downtown um newer shell.

Um in addition to the 443 units, uh 13,000 square feet of ground floor retail.

Um and then um um there's necessary parking, 400 and 43 uh structured parking spaces.

From uh from a financial standpoint, it's always that structured parking that adds a very significant additional capital cost to the development.

Um but that's obviously necessary for the entitlement that was authorized through uh the planning board.

Um we have a obviously a very highly accomplished developer with holdings uh throughout um uh throughout the country, um class A space um and and proven in terms of uh helping many many communities in terms of uh strengthen the marketplace in the downtown.

Um technical difficulties here trying to get the screen going, but uh you're doing fine.

Yeah, Kev, whatever.

Yeah, and and not to be discounted is um as as has been alluded to uh the market has changed quite significantly since the the initial approvals.

So again, the same same program, but the but the cost increase is staggering.

Um I I thought it was uh an additional fifty million dollar uh uh additional cost from what was what what was in the um what Fisher development cost was.

It's uh it's at least fifty million dollars of additional cost.

So what's that as a percentage?

Do you know, roughly?

20 percent.

Um we had presented a budget of a roughly um 200 million dollars for Fisher.

It's now 250, so uh 20 percent.

Um so based upon those increase in cost, um the economics are very challenging and very tight.

Um but as as you've heard, the um the the investment here is based upon the confidence of the newer shell marketplace continuing to strengthen based upon what has already been established here.

Um I don't know if we okay.

So this is the same pilot.

Um the same pilot that was authorized and approved in in 2018.

It was a slight deviation to the standard 20-year uh 20-year schedule that's in the unified uh tax exemption policy.

It's a slight deviation, but overall it provides a 54% um uh provides about a 46 percent savings on taxes.

So we're dealing with the same abatement percentage over the 20 uh 20 years.

Um Kevin, your computers working.

I don't know if you want to move to the proper slide.

We might have to just select the presentation.

I don't know what happened.

Are there any teenagers here in the room that can work this computer?

Somebody go over.

I think it's like this.

I like that the audience can keystroke, which is important, right?

That's showing your age, you know that being young.

You're showing the young crew there, if you know that.

I don't know the shortcuts.

Thank you.

Kev, uh feel free to pick up where you where you were.

So, yes, I was reminded that the increase of the project costs is $70 million.

I thought it was $50, it was $70 million.

So it's it's closer to 30 percent increase from the original budget.

Um but again, as uh as mentioned, this is the same uh pilot schedule that was authorized in in 2018, slight deviation, but it's a pilot that starts with a 75 percent abatement in years one and two, and then um a phase in that's a slightly different than the standard uh schedule.

But overall, the um the development pays 54 percent of full taxes, so it realizes a 40 46 percent savings.

Um that being said, it's a very significant increase over the current taxes.

Um it's it's roughly a uh $24 million uh increase in the increment over that 20 years.

So on average, it's about a $1.2 million increase in the taxes collected on the property because the tax is obviously based upon uh not a uh uh a vacant site, uh the taxes are marginal right now, so it's a $1.2 million um average uh increment over the over the 20-year schedule.

Um so that's obviously the the uh the the um the details of the pilot.

Um again, the the same uh the same schedule as what was uh uh authorized.

Um but the short of it is if you look at full taxes, if if the developer had to pay full taxes from year one, it's nowhere near financially feasible.

Uh and in fact, when when looking at the financial analysis um uh with the pilot, um you have marginal debt coverage ratio and and um rates of return for on an investment that's uh that's acceptable but quite marginal.

So um again, this is this is really based upon the confidence in the new newer shell market strengthened over time.

But in no way is this financial assistance package providing undue enrichment to the developers.

It allows them to meet expectations, but the the returns are marginal based upon those increases in the development cost that we've seen in the marketplace.

Um overall the development package is um uh is uh $29 million between the pilot, the uh the savings on the uh sales tax exemption and the mortgage recording tax.

Um but that's roughly 12 percent of the of the development budget.

Uh 12 percent of the development budget is uh actually on the low end of uh uh IDA assistance packages, so it's an eight to one uh leverage factor in terms of private investment based upon the the incentive package.

Um student impact.

Um the majority of these units are studios and one bedrooms.

Um so based upon the unit mix, it is estimated that approximately 18 net new students would be added to the to the school district.

Um the year three pilot would be $737,000, which is over $220, $220,000 more than what would be expected in terms of new stud new student cost based upon those 18 additional students.

So there's a um uh certainly a uh surplus uh and it meets that revenue neutrality test for the schools.

Um overall benefit analysis, there are um $2 million of fees that will be paid to this development through the fair share of mitigation and the social equity fee.

Um we attribute the value of the affordable housing, the 44 units of um workforce housing is significant, and there is $34 million of fees that are be paid based upon the pilot uh the pilot and the nonpilot uh taxes that are paid over the 20-year period of time.

So there's $43 million of public benefit in the form of those fees.

Um and the benefit package is $21 million.

So again, there's a uh almost a $14 million net public benefit as a result of this development.

Um besides that $24 million net public benefit, other significant uh significant benefits for the City of New Rochelle, um $24 new full-time jobs based upon the uh the ground floor retail and a few a few uh management jobs on the resident residential.

Uh it's estimated over the construction period to be uh 300 uh full-time uh uh excuse me full full 300 construction jobs during the construction period.

Um we mentioned the significant private investment, 250 million dollars, at least more than an eight time leverage over the financial package that that is being offered.

And then similar to the other developments that have been placed into service, this really brings significant disposable income uh of from the residents who who will be um occupying uh this building, uh adding to the strength of the retail to support the retail and the business base in the downtown newer shell marketplace.

And with that, we'd be happy to answer any questions.

Thank you, Kevin.

Any questions?

Go ahead.

Um so I'm just reviewing page nine of the cost benefit analysis, especially uh specifically regarding the student generation calculation.

And I mentioned this in um one of our past meetings about the per child cost.

Um and you know, when you mentioned that this was approved back in 2018, I wanted to go back in the minutes and see what the per pupil um cost was in 2018, and it was 19,000.

And this year it's 19,492, um, which is only a 492 dollar increase, which very low compared to the cost of everything that's been increasing.

And I know I've mentioned in the past that currently the cost to educate a child in New Rochelle is in the mid-30,000s, um, especially if a student has an uh uh an individual education plan, um an IEP, it could be up in the 40,000s, the cost to educate a child.

So um really more of a question for maybe Adam Katrina or the chair about this where this number come from.

Is it a calculation?

Is it from the school district, and what is the process to update these numbers?

I am gonna step my head back and let Adam take this.

Sure.

Um happy to answer that question.

Um in 2015, we conducted a student uh generation analysis of all of the development.

Um and the cost per student was calculated by WXY was the firm that we condition that we uh contracted with to conduct the study.

Um, and that was the per student cost.

We also projected a certain number of students to be generated by the development.

And so 10 years later, yes, the cost per student remains the same, but the actual number of students that are being added to the school district is much lower than what was originally projected.

So we have reviewed the total revenue payment to the school district periodically over the course of the 10-year build-out.

Um it is not necessitated a uh a change in formula.

Until recently, we have been asked to take a look at the at this calculation, but also at to to sort of right-size it.

So we think on an absolute value in terms of dollars that are contributed to the school district that we're we're we're we're providing sufficient resources to cover the cost of educating the actual number of students that are being generated by the development.

Um, but we do also agree that um it kind of needs to be the actual data for the last 10 years needs to be taken into account, and perhaps the per cost may increase the per student cost will go up, but the number of students generated based on actuals will also be adjusted.

So we're we're looking at those numbers with representatives from the school district now quietly, um, you know, not quietly, but sort of we're we're in we're involved in the um in that that exercise.

So uh I take your point to heart, and we are certainly going to do our best to make sure that the development is is paying for whatever impacts it has on the school district in the latest 2026 in these uh DOZ amendments that are before council now, there is a 25 percent increase in the fair share mitigation costs, which uh also increases the portion, which as you know, uh you know, twenty almost twenty percent of that goes to the school district.

Uh so that will be increasing by 35 percent as well.

So we are looking uh, you know, in in many forms to increase the contribution to the school district to help you grow with the city.

Great.

Thank you, Adam.

All right.

And I will just uh we'll just add though, Kevin, and you have said this is that the uh this applicant is meeting the current standard that's before it, and uh they're you know, so they're hitting whatever the targets are.

Revenue neutrality.

Exactly.

So that's I just want to make sure that that's clear that you they're not you're not doing anything wrong.

We may we need a mark to market, but uh we won't do it on your backs.

Um I will also uh like to just state and then I'll kick it over to anybody else that had any questions that uh the social equity fund um that we have now.

We didn't have this back when we originally approved this.

So that's another benefit, a couple million dollars, I think Adam is what I remember or Kevin uh what was the amount for the social equity that we were getting roughly uh the social equity uh number, I can't remember how much the amount is.

Whatever it's 157.

Okay, forgive me, I written wrong, but whatever it is, that that's a uh as you would say found money or new money that would be coming in um to the city to help us kind of do some of our other missions that we didn't otherwise have uh before, some of it's serendipity.

Um, but we'll we'll take it.

Any other questions for Adam?

I'm for Adam or for Kevin.

Sorry.

Just adding to that, um, could we make sure uh our member uh Mr.

Ianusy has the details on how he could participate in those meetings so we understand what's going on live because our city manager uh meets regularly monthly with the superintendent.

Actually, it's at least monthly.

They have an official meeting, but then they speak throughout the month on a variety of issues where the school district intersects with the city.

And when we you know introduced unions uh when our city council introduced unions to the IDA and made sure that we had a school district representative, you know, filling in their space on the IDA as well.

We wanted to facilitate conversations like that.

So I want I also want to be a part of those conversations as well, just to make sure that all parties are involved and kept up to date.

Um there's a lot of work that goes into this, and I just want to respect your job as well, Mr.

Director slash commissioner of development, because you're here every day, 8 30 a.m.

to 4 30 p.m.

working on things like this.

Uh well, I'm sorry.

8 30 until right.

Um so we just want because we need our city to understand that the business of this decisions like this come from conversations that are had all day, not just in meetings like this.

But our our city staff, particularly our commissioners, are working more than over time to make sure that in uh issues like these are settled.

And last year, what happened was because the the reason why we created the relationship, particularly our city manager and our school superintendent, is last year there was a lot of misinformation about what was happening with the school district.

For example, one of the reasons that we lost money from the state was because we were under that 10,000 mark and had fewer uh students in the school district, and it was also attributed to property values in the north end, property values on our waterfront.

So there's a lot that goes into this.

It's not just the sound bite or the headline.

This is the management of a city where we live.

You know, so I just want everybody to understand and appreciate, and I want to be a part of the conversations between the school district and the city that are already happening to include how we're gonna recalculate and look at this.

And I'm also grateful for the work to create things like the equity fund where we can you know make up the differences if necessary.

And also, can you speak a little bit to some of the uh ways of the school district if they have an issue could at any time uh come for a make good basically on any of these deals?

Sure, yeah, there's a five-year look back on the revenue that is paid by the city um to the school district.

So the school district has the ability to basically audit and to uh make a case for the you know an underpayment and for a reconciliation through the through the development.

Um we have not had that, or there hasn't been one requested.

And as I've said, we are working directly with the school board personnel on, you know.

We haven't presented to be honest, the the last conversation I had required me to do a solicitation and a you know hire a consultant to conduct this analysis.

Um and so we have not finalized any numbers.

So as soon as we begin kind of uh assembling the team that will work with the city between the city and the school district, uh I I will I will bring this to the attention of both the city manager and the superintendent about your request to participate in that process.

And um, I'm happy to work with you both.

Um you know, this is definitely of a vital importance, and I agree with you council member and board member Oshinlaye, uh, that you know we don't need any more uh you know misrepresentations of the of the development and the impacts on our various institutions that support our city.

So I'm happy to work to make sure the information is available for everyone.

Excellent.

And just I'm sorry, just uh follow-up to that.

When can uh at what part of the year can the school district at any time uh uh come back and look at this reconciliation?

Is there a period during the request the reconciliation?

But when when could that happen?

Could that happen whenever time?

It's a five-year look.

It could happen tomorrow.

Okay.

So it's 365 days, X amount of years, 10 years of development.

It can happen any day.

Yes.

Has that always been our policy?

It's been our policy since we adopted the DOZ in 2015.

Excellent.

Thank you.

I um would say my my my partner here again, he stole my thunder, has multiple hats.

So he has this, he sits at this chair as a city council person and uh uh we have vice chair here.

So um we'll we have these great and and then part of it is communication, and I'm glad that we do this because it's important that our uh our applicants understand that we do believe in the partnership stuff.

Um some things get messy, but ultimately we all care about each other and we want to make sure that everyone's successful.

Uh and that's all we're all trying to push the same uh uh rock up the uh up the hill.

And unlike Sisyphus, we want to make sure that we get it up there and doesn't roll back and hit us.

Okay.

Thank you, Kevin.

Um I appreciate your uh detailed analysis and your time.

So now we'll gonna move to the actual public hearing to allow members of the public to have their opportunity.

However, my vice chair did have one question which he did flag for me before uh to ask the applicant.

So it's happened.

I'm sorry, I'm the talker, ladies and gentlemen.

My apologies, my apologies.

Oh well, you did you did mention that, so that is fair.

Um I just did want to ask about the brownfield cleanup as well that's happening here.

Are we aware of some of the issues that are happening on the site that would require brownfield cleanup?

The brownfield cleanup.

Like the pilot is essentially a prerequisite for development in Westchester County.

Just to give you guys a practical example of the challenges developing in New Rochelle, Porchester, White Plains.

There's nothing uh unique about New Rochelle's predicament, but it is much more expensive from a just construction cost basis to develop in Westchester versus Hust Hudson County.

Like, you know, it's 20 to 25 percent more expensive here for some reason.

Uh and in Hudson County, for instance, you know, in Hoboken in Jersey City right now, rents are you know bare minimum for a product like this, high 60s in in towers now up into the 80s.

So the construction costs are lower, the rents are a lot higher.

The development economics are much better, which is why you're seeing you know, five, ten thousand units a year get developed on the in Hudson County.

Here, you know, the the you guys did a good job, you know, spurring development uh by being pro-development friendly.

Um it happened during a tough time with with COVID and cost increases and everything else, and there's been you know more there's been quite a bit of supply in a micro market, um, which is kind of you know kept kept rents down, which from a public policy perspective is exactly what you want to do from a development perspective, it makes it you know a little challenging as rents stay relatively stable.

Again, that's a that's a good thing in most cities, uh and costs continue to rise, um, which is you know, cut construction costs are about half and half labor and materials.

Uh materials spiked unnaturally during COVID and stabilize, but unfortunately they never go back down.

Um and then, you know, labor is it just kind of steadily rises over time and you know, over the years, that's that's how we get to these 25 percent increases in in cost.

Been relatively stable.

So the Brownfield program is uh is essentially necessary to uh to be honest, you can find I'm sure contamination pretty much every major urban site in the country.

Um that that's why pretty much everything you see developed in Westchester County has a brownfield tax credit.

But yes, the the program is extremely rigorous.

Um we have we have how many consultants, Adam?

Many at least at least three.

The Fishers did a great job uh teamed that up for us.

We're using a firm uh affiliated with uh Capelli, who's kind of the dean of Brownfield tax credits.

Um so we've got you know a top-notch team.

We're gonna do everything that's required.

We're gonna go through the certification process like everybody else.

And and we are we definitely are gonna have cleaner soil um after after we're done.

I just wanted to ask because we've had blighted properties before in vacant particularly our vacant properties.

So having developments like this, sometimes there's something in particular at the site or in the area that we should know about.

So I just wanted to be sure.

We are next to the I don't think there was a mercury factory here.

There's nothing crazy.

It's a uh we had a military base too.

So I I would just probably add just and I'd like to move to the to the meeting that uh it's a another financing tool that the state and has has put out there to try to remediate in this instance where it's really bad or needs to be done, but certainly provide some financial incentive and help to developers.

So we understand that effective program, yes.

Right.

Okay.

Wonderful.

With that being said, we will I'm sorry to members of the public for the delay, but I think the conversation is good.

Um we're gonna move to the uh public hearing um at this point.

So uh can I ask the IDA economic development manager to please introduce the 277 North GP LLC public hearing for 277 North Avenue.

Yes.

This public hearing is being held with respect to 277 North Avenue GP LLC project located at 277 North Avenue, Section 1 Block 239, lots 29 and 33 in Neurishtown, New York, in accordance with New York General Municipal Law Section 859A, subsection two.

The public hearing was originally scheduled for February 25th, 2020 2026, excuse me, with notice published in the journal news on February 15th, 2026.

The hearing was subsequently rescheduled to March 3rd, 2026, with notice published in the Journal News on February 25th, 2026.

The hearing was then rescheduled to this evening, March 11th, 2026, with notice published in the journal news on March 4th, 2026.

Thank you.

Thank you.

So therefore, on this uh 11th day of March 2026, the public hearing is opened uh with respect to 277 North Avenue GPL C project located at 277 North Avenue.

Uh to the members of the public who wish to speak or comment in favor or opposition of the project.

Uh the people who have registered, I have your cards here, um uh registered to speak will be called by name and given three minutes to make their comments, which will be timed.

So I think uh I have the cards here, so we'll give it a go here.

So if the first uh person uh for the public would mind coming up, it's Serge uh Veckler Becker.

And again, if when you come to the uh podium, if you'd be so kind as just to restate your name um and your address.

Thank you.

Good evening.

Serge Vetcher, 25 Lira place.

Um I would like to um express uh uh uh you know my my support for the project, you know.

Uh as they say in discussions in city council with the development team, uh the developers in this city only get out of bed for a project that's over 70 units uh at least, and typically luxury uh housing.

And uh this is a 400 unit project uh that's been dormant for uh a lot of years.

Uh and the developer, you know, that for a good chance that I had to look at and the introduction we heard today uh is actually seems to be like a reputable entity uh was a website in a portfolio that you can check and see uh what their um situation and past experiences, unlike some other projects that we've seen approved lately uh by the planning board.

Uh but to this uh particular project, uh I think it's exciting to see uh there is definitely benefit to the community that a long dormant and underused space that's been uh approved in 2018 and should have really started construction back then is finally uh becoming something.

Um do we need another 400 units in this town?

Uh the economics and uh a lot of research that's been before the city council says that you know maybe maybe not, and but that's the for the developer to answer.

Um the important question for this board, I think, uh as a taxpayer to consider is has something changed since 2018 for for the cities finances and the initial assumptions that were made under that original IDA agreement.

Uh uh I looked it up.

This this project was one of the first 10 approved uh in the entire DOC.

Um since then, a lot of projects uh around the same time have moved forward.

Projects approved after 2018 have moved forward.

In fact, we had three big projects finished this summer, uh leaf, which was approved around the same time, 500 Main Street, uh finished construction and this leasing.

And that's an example of a uh of a development that offers more than bare minimum affordability criteria.

You know, the you know the the benefits of the community of uh mixed uh mixed uh uh ability or you know, mixed rate uh for affordable housing is uh is not something that this project has.

So in the beginning it made sense.

Uh now uh does it make sense now?

And I think from the taxpayer perspective, you need to consider that.

Thank you.

Thank you, sir.

Um next up, please.

If uh Sean Wayworth, did I get that right?

Way Watski, okay, sorry.

You see me with my reading glasses, they don't always work, so thank you.

Not an easy one.

Um Sean Wayowatsky, 25 Leroy, please.

It's more of a general comment, not specifically about this project, but I think the idea you really need to start asking yourself what tangible benefits all these projects, not just this one, are giving back to community in the pre-existing downtown ecosystem in order to earn their tax breaks.

Projects like 438 Main Street, which you heard in September, that has truly affordable units at 30% AMI and the community church space, you know, projects like that makes sense.

Projects with 10% of the units at 80% AMI, which we know is not affordable, when the average New Rochelle resident makes 50% AMI and products where they will use best efforts to use local labor without any clawbacks if they don't.

I mean, come on.

If the free market creates a project like that, fine.

But are projects like that something the city really wants to incentivize with tax breaks?

People are starting to wake up, they're starting to pay attention, and they're seeing developers get large tax breaks while their taxes go up.

They're rightfully getting upset.

Whether it's in the DOZ amendment, which Adam mentioned, uh that's on the table, or it's in the decision that you on the IDA make, we have to start doing better.

Thank you.

Thank you, Sean, for your comments.

Uh next, please, uh Jim Kellaran Kelleher.

You can call me whatever you want.

All right, Jimmy.

You're in the right ethnicity.

Anyway, St.

Patrick's Day is next week's.

Yes, it is.

That's inside.

Happy St.

Patrick's Day.

Whatever you believe in.

Anyway, it's a it's always an honor to be here in the city of Thomas Payne.

I can never understand how the IDAs ever represent the people.

And that isn't against you guys.

It makes no sense how citizens are ever lifted up.

Uh and and that again, this is what's um, by the way, the Fisher brothers are fine people.

I know people that know them highly recommended, and uh they put a lot of effort into this project, and it's great to meet the Lincoln uh uh people who have developed from Dallas to Jersey City.

Both are rocking.

Both have retail, both have people moving there.

And we have the largest Exodus Island New York, one in every three.

We have no home ownership, which is the heart of the Fuller Center for Housing Organization, which Millet Frost started.

And so um I I actually am here to ask for a pilot for the people.

For every homeowner, if we could put that as uh on the on the IDA table, because have your taxes ever gone down here?

Anyone's taxes ever gone down?

Anyone honestly, it isn't I'm you want your taxes to go down.

Adam's got a house.

You know, so anything that's done should make it easier for all of us.

And again, I'm not against you guys coming in.

You're doing you're fighting for yourselves for the best deal going.

But any decision should help the citizens of Neurochell be uh relieved.

And our taxes and the schools are going down.

You heard it, people are leaving.

And you're putting the school tax up, and even the state mandated another type of school to come in.

Along with that, local jobs.

How mandate local jobs, 20% or more of people, put someone like Michael with Miguel on the committee and make sure it's happening.

Third, I could never understand how Ivy League mayors, and I love you, ma'am, but don't say coffee shop, but you're bringing in, and we got 3300 of them here, and that's what we're doing for day residents.

Okay, well, it was coffee shops.

But I mean, to think that million billionaire developers and Ivy League mayors and consultants and six-figure salary development departments can't bring a retailer in.

Man, I don't know what's going on, but maybe only the dialogue is from the third floor to the second floor, like you said.

Everyone's talking up here, but no one's talking with the people.

And that's the heart of what you've seen from Flowers Park to last night to 570 Maine to the school system and the parents.

It's a real tough time.

So the schools are suffering.

So welcome.

And anyway.

No, and I mean that.

And so I would suggest instead of affordable units in the building, can you give that money and let's build small tiny homes for Neurochell residents like my kids and Dasha?

And have kids.

Nothing wrong with having kids, having in Neurochell, right?

Grandkids, people like grandkids.

I do.

I want some.

And I want my kids went here.

So maybe could how about a unique model that instead of putting it in that building, let's build homes on Memorial Highway, get David Peters, small tiny homes, and like the ones on Lincoln, and there's still room to put a link in green space and do an alternative creative, you know, instead of putting them in.

And the the tough thing on that area, it's not a green corridor.

You know, so you have low income people, if I am correct on the other side of the I messed up the time.

I just want you to know, I know they'll let you finish your sentence.

You you have like 10 seconds left.

Okay.

Okay, sorry.

Thank you.

Serge, will you go look at the clock right now?

No, but uh and I appreciate that.

But and again, who who limits your time?

We're the taxpayers.

So there needs to be green space over there.

There's none.

And and how they got a peregrine falcon uh on the on the mural that was painted by someone not from the Rochelle.

So how can we include green space in there?

So try a unique model.

I'll be glad to help sit with you and say, let's build some tiny homes.

And let's have a pilot so that any project that goes in.

And the last thing I would say, any developer that comes in, don't give approval until there's a signed retailer.

Until there's I mean, does that make sense?

Because we've had promises of everything.

That doesn't mean you're not going to try to make your promise true.

But a signed retailer that we all want.

I mean, an old Navy, uh uh, you know, we you mentioned other Trader Joe's or or uh or a fabric store by Creative Neurochell in a shark tank way that a retailer was brought in.

But don't give approvals until a sign because we have heard, and no one believes it anymore, that billionaire developers.

We heard about a golf thing, we heard about a theater.

And Ivy League mayors rate committees haven't brought one retail in.

You guys can do it.

I've I go to Jersey City for fun.

I go to Dallas.

The cost over there is hard uh the cost of here is doubled in Hudson Park.

God bless you.

Thank you.

Jimmy, thanks for your comments as always.

Um is that clockworking?

No, just kidding, Jim.

Um if uh I guess next up to uh speakers is uh Mike Michael Yellen.

Good evening, Michael Yellen.

Uh on a personal note, uh when I hear Capelli and Brownfields.

Okay.

I'm speaking for the Neurochell Alliance for Justice, an alliance of faith, community, and labor groups organizing for equitable development.

Since 2015, the city's planning policies have put developers' interests first.

The Lincoln property company's arrival in New Rochelle sends a clear message that the city's development plans work, otherwise you all wouldn't be here, right?

It also signals that the city can now do more to lift up residents' interests and fulfill the promise of truly affordable housing, creation of family supporting jobs.

Excuse me.

Thank you.

Union jobs, green space, and equable equitable opportunity, sorry, for residents to enjoy the results of development.

I'm going to say that again.

It also signals that the city can now do more to lift up resident residents' interests and fulfill the promise of truly affordable housing, creation of family supporting union jobs, green space, and equitable opportunities to enjoy the results of the redevelopment.

Regarding affordable housing, the inclusion of units of units at 80 percent of AMI does not meet the needs of most Neurochale renters.

The Hudson Valley Patterns for Progress recent report, quote, measuring affordability, the history applications and shortcomings of area median income in affordable housing found that, quote, affordable housing policies that target households at 80 percent AMI or above do not address the demand for rental housing that is affordable to most residents, unquote.

According to the United Way, as of 2023, 44 percent of Neurochell households live below the poverty line, or were the working poor barely making ends meet.

Regarding construction jobs, most of the development downtown is done by low road contractors who don't hire local residents, they pay poverty wages and provide no benefits, and that puts workers and the public at risk.

Take, for example, the situation at IDA subsidized Stellar One and Stellar 2, where at Stellar One, a contractor with alleged ties to organized crime is now in prison for quote unquote enterprise corruption.

That's at Stellar One.

While another contractor at Stellar 2 is known for committing wage and hour violations today.

Without the addition of labor standards by the IDA, this race to the bottom will continue.

These standards must create pathways to construction careers for local residents, not just temporary poverty wage jobs, as is the norm here today.

Regarding the IDA social equity program, while it's too early to see its results, the 15 percent requirement for either local hire union labor or MWB is a very low bar and will result in continued failure for the IDA to meet its employment goals.

And it doesn't have to be this way.

Requiring project labor agreements on publicly subsidized developments and strengthening the economic opportunity non-discrimination policy to require apprenticeship opportunities for newer shell residents would go a long way toward meeting the city's employment goals.

Thank you very much.

Requirement is the key.

Nothing is required.

Best efforts only.

Thank you.

Thank you, Michael, for your comments.

Oh yeah, actually, um, if possible, if you would be wouldn't be if you'd be so kind if you have anything that you could submit, then that could be part of the record in case we uh you can just give it to Katrina.

I should have said that for the other speakers, so forgive me.

I know where you are, that's no question.

We like your writing, Michael.

Uh can I call Maxine Gouls to come to the uh, sorry.

No, I didn't put my glasses on that time.

I should have had them on.

Thank you for the I have been called worse.

Uh unlike my colleagues here, I did not come here prepared to speak.

But there are a few things that I heard tonight that I feel like ought to just be pointed out.

I think it's interesting that you're going to have 442 units with only 432 spaces.

That presumes that no family would ever have more than one car.

Seems unlikely to me.

Just because it's one bedroom doesn't mean that there won't be a couple living there.

And unless you are commuting by train, which is always very nice when it works, you need two cars.

In addition, you are talking about retail space, but you're not providing any parking to go with that retail space.

And as recent conversations said I was just involved in, most people who want to utilize retail space would very much like to park near that retail space.

So unless it's a space that's just going to be used for your residents, um there's not that much foot traffic on that corner, and it's a terrible intersection.

So I would rethink that and encourage you all to rethink that.

Um and then finally, um, you're talking about 38 months of pre-construction and construction, and that's already a horrific intersection.

So I do hope that someone is planning to mitigate the traffic disturbances at that intersection.

Um we've already lived through not being able to get out of the train station and um all the other problems at the intersections of North and Huguenot, et cetera.

So I really hope the IDA is taking that into account.

Thank you very much.

Thank you, Maxine.

Your thoughtful comments.

Um I don't see if there are anyone else that needs to speak.

If not, uh we'll call the meeting uh closed at this point.

Can I just have one comment?

Uh let me close the public meeting and then we'll have time to talk as uh as the board here next.

So uh the public meeting now is is closed.

So um the next step would be for uh a motion to authorize uh the pilot as has been discussed previously.

Now, if any questions or statements by the board.

Yeah, I just want to make a comment that uh I've been to the you know the I've seen online the previous planning board meeting, and there was a huge contingent here that was against um any kind of development.

There's been a huge uh enough is enough.

Uh yesterday's uh citizens to be heard.

So I just want to you know thank the people that came out today to speak and you know we are hearing what you have to say and uh I'm preferring to the developer and I hope that you live up to your word saying that you will reach out to you know union workers and um that's about it.

Uh I'd like to ask for a motion then to approve the uh pilot for 277 North Avenue GP LLC.

So moved.

So just one thing on that motion.

Just it's it's gonna be authorizing the pledge transfer and assignment, conveyance of 277 to uh and our principal to 277 North Avenue GP because this was approved, so it's the transfer and assignment, which would include the approval of the pilot and everything as set forth in the resolution.

This is why we have council.

And it was that wasn't in my script, but uh thank you, council, for uh for doing that.

Uh everything that council just said is the uh is the motion before.

Is there a second second?

Second, Miguel?

Okay.

All in favor?

Aye.

Opposed.

Any abstention one abstention.

Okay, are we good with the count?

Okay, great.

Two five.

Five one, five.

I believe it was moved, right?

Did you make the motion?

Move and Miguel second if you're okay.

Then we're good here with the clerical stuff.

The motion passes.

So uh uh congratulations uh to uh Lincoln Properties and et al.

Um you guys have a stellar reputation and uh I always like to say thank you for choosing us.

People forget that you do have choices and you chose Nero Shell.

So we do appreciate that, and we will do everything as we had said here to uh stand up to our side of the bargain and we're looking forward to you guys doing the same.

So uh congratulations.

Thank you.

Thanks.

Okay.

Um moving forward and we're just basically done here.

Uh is there any other business or discussion items to be discussing this evening, Katrina?

No.

Adam, anything?

No.

Uh therefore the next meeting will be on uh March.

This isn't right.

Yes, it is, isn't it?

No, it is March.

We're making up for loss of the case.

Oh, that's right.

We had it.

That's I was my earlier comment we haven't had a meeting since November.

So our next meeting is on March 25th, 2026 at 7 30 p.m.

Is there a motion to adjourn tonight's meeting?

So moved.

Oh, seconded.

Is there a second to move?

Thank you.

Uh all in favor?

Aye.

Opposed.

Any abstentions?

The mo meeting carries unanimously.

The meeting is adjourned.

Thank you everyone for coming this evening and your giving us your time.

What happens if we say