WEBVTT 1 "jspaeth@cityofutica.com" (2286217216) 00:00:00.000 --> 00:00:16.139 Yeah. All right, call me in order and get approval of the minutes 17 December 2025. 2 "jspaeth@cityofutica.com" (2286217216) 00:00:16.139 --> 00:00:36.139 Second favor, I post so moved. Right Cornell LLC. So in your packet that I had sent, and I apologize I didn't have any of it besides just the minutes and everything. So due to some financial and you you saw the email that came from. 3 "jspaeth@cityofutica.com" (2286217216) 00:00:36.139 --> 00:00:37.650 Chris Roland. 4 "jspaeth@cityofutica.com" (2286217216) 00:00:37.650 --> 00:00:57.650 Who works with with Thrive in the group and they we had used an 8 % of effective gross income for this project. The reason is, is because typically we have for residential type of pro projects like this, we use a seven. 5 "jspaeth@cityofutica.com" (2286217216) 00:00:57.650 --> 00:01:08.880 Percent. However, there is a, 7 % again of effective gross income. With this project, however, there is some like four profit stores or. 6 "jspaeth@cityofutica.com" (2286217216) 00:01:08.880 --> 00:01:28.880 Areas and and that they'll have in within that project. So I figured, well, it's the best way to kind of handle it is just to add another percent to it. So then they came back and they had we had induced this project a couple years ago. So due to the insurance, the. 7 "jspaeth@cityofutica.com" (2286217216) 00:01:28.880 --> 00:01:45.060 Utilities, and you saw the numbers on that email. It's kind of throwing them for a little bit of a loop in their financing. I don't I don't have it for you, but the, the financial show that. 8 "jspaeth@cityofutica.com" (2286217216) 00:01:45.060 --> 00:02:05.060 I think year 13 or NO, not 1323 or so, onto the 30th year there's like zero, you know, money that is made or whatever, they're just at a very much break even type of point. So they requested through the letter that you have to reduce. 9 "jspaeth@cityofutica.com" (2286217216) 00:02:05.060 --> 00:02:11.550 Down from the eight to the 7th talked to Vin about it and he, you know, he says, you know, it's a good project. 10 "jspaeth@cityofutica.com" (2286217216) 00:02:11.550 --> 00:02:29.790 Especially for that area it needs a little revitalization so what we're here for today is to consider a supplemental inducement resolution relating to the impact corn Hill LLC facility. 11 "jspaeth@cityofutica.com" (2286217216) 00:02:29.790 --> 00:02:49.790 Granting preliminary approval to increase the value of previously authorized financial assistance in the form of a reduction of real property tax for a period of 32 years. Total financial assistance valued at $8342348, an increase of $500505. 12 "jspaeth@cityofutica.com" (2286217216) 00:02:49.790 --> 00:03:09.800 And authorizing the agency to conduct a public hearing. We're looking Laura is has been tweaking the notice notice of public hearing and so we're kind of on a fast track with this just to, so she'll put it in the paper I believe today. 13 "jspaeth@cityofutica.com" (2286217216) 00:03:09.800 --> 00:03:28.260 Today, and then on the 10th, we'll have a we would hold the public hearing and then on the next day in March we would be holding a meeting to finalize into a passive final resolution. So we're gonna push our meeting in March back. 14 "jspaeth@cityofutica.com" (2286217216) 00:03:28.260 --> 00:03:44.610 We're going to on on well unfortunately, in March is usually when I get my audit done and then also all the authority budget office documentation. So we're because of that and they won't have it done until the end of the month. 15 "jspaeth@cityofutica.com" (2286217216) 00:03:44.610 --> 00:04:01.440 I'll probably end up holding another meeting in March because I like to make sure that the doc all of our ABO stuff is is filed in time will also have the UCDC documentation at that time, you know, at that meeting. 16 "jspaeth@cityofutica.com" (2286217216) 00:04:01.440 --> 00:04:21.440 Correct. Their closing is scheduled for 26 March. Okay. So you just need to adopt a final resolution. I mean, granted they probably want the comfort that it's adopted sooner than that, but ok so if I could, if I could hold a meeting on the 25th or something, is that too? 17 "jspaeth@cityofutica.com" (2286217216) 00:04:21.440 --> 00:04:41.440 Probably too close. Probably too close. I mean, with the state financing, we're delivering all documents into Escra. Like we're finalizing documents next week, delivering documents the following week so they may want Kevin's gonna be out with the surgery. Yeah, 10 March, so hopefully we can get, we got John in here. 18 "jspaeth@cityofutica.com" (2286217216) 00:04:41.440 --> 00:04:56.099 Yeah surgery, but I assume I'll be ok. Yeah. I figured a couple weeks is all I'll need. 19 "jspaeth@cityofutica.com" (2286217216) 00:04:56.099 --> 00:05:14.789 So with that, then you make your call. Oh, we need motion to adapt the change? So moved second yeah the only what I'm working on right now in general is getting the annual reports from all the businesses. 20 "jspaeth@cityofutica.com" (2286217216) 00:05:14.789 --> 00:05:34.019 Making sure that we have proper insurance in place, which everybody is is providing, and and then again with that then in March then we'll approve the ABO documents that I formulate out of some of the information that we that I put in from these annual reports. 21 "jspaeth@cityofutica.com" (2286217216) 00:05:34.019 --> 00:05:54.019 No other new applications. I know our council has been extremely busy preparing all the closing documents for both of the projects for the, the, the parkway gardens. The you're familiar with that Kevin? Yeah. And then also this project so they're it's all. 22 "jspaeth@cityofutica.com" (2286217216) 00:05:54.019 --> 00:05:54.539 Is. 23 "jspaeth@cityofutica.com" (2286217216) 00:05:54.539 --> 00:06:14.539 You know hurry up, hurry up and wait, and then why why aren't you done yet so and we are closing the true storage you tomorrow, so ok sounds good. So that's it for me. Yes. Yep. N. They finally closed other acquisition in January. 24 "jspaeth@cityofutica.com" (2286217216) 00:06:14.539 --> 00:06:30.144 Yeah. All right, nothing else you do a journey? Second second on favor. Hi. Good luck everybody with your surgeries.