WEBVTT 1 "jspaeth@cityofutica.com" (3828001536) 00:00:00.000 --> 00:00:05.219 Called me and order your motion to go into executive session. 2 "jspaeth@cityofutica.com" (3828001536) 00:00:05.219 --> 00:00:11.129 So, I'll make that motion 4th all favor post almost. 3 "jspaeth@cityofutica.com" (3828001536) 00:00:11.129 --> 00:00:14.579 Yeah, yeah. 4 "jspaeth@cityofutica.com" (3828001536) 00:00:21.660 --> 00:00:25.770 What do we think we are in this thoughts comments? 5 "jspaeth@cityofutica.com" (3828001536) 00:00:25.770 --> 00:00:36.030 Questions, well, I want to know is that our policy now to consider benefits past the pilot period. 6 "jspaeth@cityofutica.com" (3828001536) 00:00:36.030 --> 00:00:41.040 Okay, um, so change and his spreadsheet, all the benefits like. 7 "jspaeth@cityofutica.com" (3828001536) 00:00:41.040 --> 00:00:47.970 Um, real estate taxes, or it's all includes 5 years past. 8 "jspaeth@cityofutica.com" (3828001536) 00:00:47.970 --> 00:00:53.280 1 of your no, we don't. It's just a, it it. 9 "jspaeth@cityofutica.com" (3828001536) 00:00:53.280 --> 00:01:06.660 I have that on there just to show that with you for the property was 160,000. yeah. Now it's going to be worth 14 9. we'll say my guess to that. 10 "jspaeth@cityofutica.com" (3828001536) 00:01:06.660 --> 00:01:11.790 Okay, so all I'm doing by having that 5 years is showing that. 11 "jspaeth@cityofutica.com" (3828001536) 00:01:11.790 --> 00:01:18.300 Even after they leave, or after that, I should say after the pilot is done, then. 12 "jspaeth@cityofutica.com" (3828001536) 00:01:18.300 --> 00:01:22.680 There's still a benefit coming to the city because the property has has. 13 "jspaeth@cityofutica.com" (3828001536) 00:01:22.680 --> 00:01:32.880 Based in value. Okay, but and they're like the residential property taxes, those figures on their spreadsheet. 14 "jspaeth@cityofutica.com" (3828001536) 00:01:32.880 --> 00:01:42.900 Well, calculated at 2007 years, 25 and 27 years we talked about their spreadsheet. Yeah, ours is 20, right? Yeah, their spreadsheet. Yeah. 15 "jspaeth@cityofutica.com" (3828001536) 00:01:42.900 --> 00:01:52.680 Yeah, ours is 20. yeah. Right. So are we accepting figures from them? No, no. Oh, no, no, no. There's no spreadsheet. Is that right? 16 "jspaeth@cityofutica.com" (3828001536) 00:01:52.680 --> 00:01:58.770 It is, it's just, it's adding the, it's just showing what the value of. 17 "jspaeth@cityofutica.com" (3828001536) 00:01:58.770 --> 00:02:06.330 The increased value of the property and increase taxes to the city. 18 "jspaeth@cityofutica.com" (3828001536) 00:02:06.330 --> 00:02:13.110 Beyond their pilot no, it's including other figures beyond their pilots. 19 "jspaeth@cityofutica.com" (3828001536) 00:02:13.110 --> 00:02:19.050 Look at this spreadsheet, I don't have it on that. Okay. 20 "jspaeth@cityofutica.com" (3828001536) 00:02:19.050 --> 00:02:22.530 Residential property taxes that figure right there. 21 "jspaeth@cityofutica.com" (3828001536) 00:02:22.530 --> 00:02:30.270 I figure right there and that's that's going out 25 to 27 years. 22 "jspaeth@cityofutica.com" (3828001536) 00:02:30.270 --> 00:02:33.720 Does it do we agree at 20 now? 23 "jspaeth@cityofutica.com" (3828001536) 00:02:33.720 --> 00:02:40.380 Well, yeah, yeah, it's just for audio. No. Does it tell you their narrative speaks to 30. 24 "jspaeth@cityofutica.com" (3828001536) 00:02:40.380 --> 00:02:51.570 And they say, should we get 20? This is the impact on, right right so they don't we need to be clear right right. 25 "jspaeth@cityofutica.com" (3828001536) 00:02:51.570 --> 00:02:56.730 Right. We're going to consider 20. we're not doing 30, right? 26 "jspaeth@cityofutica.com" (3828001536) 00:02:56.730 --> 00:03:03.210 And, you know, which way what do you mean? Uh, last time you oh, yeah. So for story building. 27 "jspaeth@cityofutica.com" (3828001536) 00:03:03.210 --> 00:03:07.620 Okay, do you want to go in the townhouses? Anyone know we can't you can't fit them in a unit. 28 "jspaeth@cityofutica.com" (3828001536) 00:03:07.620 --> 00:03:14.340 By the time, because you like a plan yeah. So you cannot go down houses style. 29 "jspaeth@cityofutica.com" (3828001536) 00:03:14.340 --> 00:03:18.510 Then you will pick up, we can only do 72 minutes if you do that. 30 "jspaeth@cityofutica.com" (3828001536) 00:03:18.510 --> 00:03:21.810 Okay, we ended up. 31 "jspaeth@cityofutica.com" (3828001536) 00:03:21.810 --> 00:03:27.870 Uh, different links with 42 units. 32 "jspaeth@cityofutica.com" (3828001536) 00:03:27.870 --> 00:03:32.190 On each of them, and then 1 of them has 2. 33 "jspaeth@cityofutica.com" (3828001536) 00:03:32.190 --> 00:03:35.910 120 okay. Okay. 34 "jspaeth@cityofutica.com" (3828001536) 00:03:35.910 --> 00:03:43.020 Um, I looked through your spreadsheets as best I could, and I had some questions on. 35 "jspaeth@cityofutica.com" (3828001536) 00:03:43.020 --> 00:03:48.810 Uh, the gross sales tax. 36 "jspaeth@cityofutica.com" (3828001536) 00:03:48.810 --> 00:03:55.740 Those figures, 20Million, we're, we're just plugged into the spreadsheet. They're not a formula. 37 "jspaeth@cityofutica.com" (3828001536) 00:03:55.740 --> 00:03:59.400 Where they came from. 38 "jspaeth@cityofutica.com" (3828001536) 00:04:02.430 --> 00:04:05.490 The 12Million dollars yeah. 39 "jspaeth@cityofutica.com" (3828001536) 00:04:05.490 --> 00:04:09.840 Is the revenue from. 40 "jspaeth@cityofutica.com" (3828001536) 00:04:09.840 --> 00:04:16.560 Right. And then, uh, 4Million dollar revenue from the entertainment center. Okay. 41 "jspaeth@cityofutica.com" (3828001536) 00:04:16.560 --> 00:04:23.040 And that is based on your experience running hotel, right? Right. Okay. 42 "jspaeth@cityofutica.com" (3828001536) 00:04:23.040 --> 00:04:29.999 And what about the entertainment center? We don't have that for the answer, but that's where we are hoping that you will make that. 43 "jspaeth@cityofutica.com" (3828001536) 00:04:29.999 --> 00:04:33.779 Okay, and actually, when we talk to people. 44 "jspaeth@cityofutica.com" (3828001536) 00:04:33.779 --> 00:04:39.179 Like, the monster franchise, they were a lot more than that. 45 "jspaeth@cityofutica.com" (3828001536) 00:04:39.179 --> 00:04:44.879 Okay, well, we didn't want to put more like the 40,000 square foot building. 46 "jspaeth@cityofutica.com" (3828001536) 00:04:44.879 --> 00:04:48.599 Pain easily make 4,000,000. 47 "jspaeth@cityofutica.com" (3828001536) 00:04:48.599 --> 00:04:53.309 Okay, we didn't want to put more, but that's something that we talked to. 48 "jspaeth@cityofutica.com" (3828001536) 00:04:53.309 --> 00:04:58.139 I want sure in the investor. 49 "jspaeth@cityofutica.com" (3828001536) 00:04:58.139 --> 00:05:07.229 Okay, and you do understand that breakdown there's 8Million that's allocated to the tax. 50 "jspaeth@cityofutica.com" (3828001536) 00:05:07.229 --> 00:05:11.039 For the hotels only and that's the additional tax. 51 "jspaeth@cityofutica.com" (3828001536) 00:05:11.039 --> 00:05:15.599 Some numbers, you'll see 12 and some numbers you'll see 8 on there. Yeah. 52 "jspaeth@cityofutica.com" (3828001536) 00:05:15.599 --> 00:05:26.969 Because the entertainment center won't have the occupancy tax, but the hotel on top of sales tax has another 5% occupancy tax on that. 8Million. Okay. 53 "jspaeth@cityofutica.com" (3828001536) 00:05:26.969 --> 00:05:33.089 Um, I also looks, it's, it seems to me looking at spreadsheets that. 54 "jspaeth@cityofutica.com" (3828001536) 00:05:33.089 --> 00:05:36.749 The, the apartments are the real money maker. 55 "jspaeth@cityofutica.com" (3828001536) 00:05:36.749 --> 00:05:41.639 Are you, um, yeah, I think the hotels are, but, um. 56 "jspaeth@cityofutica.com" (3828001536) 00:05:41.639 --> 00:05:52.769 Apartment is also it's, uh, so by the time you get done, you make plenty of other way. You're not being business. No, I understand that. I'm just wondering. 57 "jspaeth@cityofutica.com" (3828001536) 00:05:52.769 --> 00:05:59.759 It looks like the return on the whole project is about 16 a year 60% a year. Yeah. 58 "jspaeth@cityofutica.com" (3828001536) 00:05:59.759 --> 00:06:06.779 Are you familiar with that? But oh, this is the gross revenue? Yeah. 59 "jspaeth@cityofutica.com" (3828001536) 00:06:06.779 --> 00:06:23.309 Oh, 16 okay if you put in, um, 40Million profitable and you're getting 2Million dollars and return 2.5 and it's like, 60%. No, I know but. 60 "jspaeth@cityofutica.com" (3828001536) 00:06:23.309 --> 00:06:27.059 16% of the revenue that's gonna be a profit. 61 "jspaeth@cityofutica.com" (3828001536) 00:06:27.059 --> 00:06:40.289 No, I know I just, I'm just when I looked at 16. yeah, that makes sense to me. Okay. But then there's 3 separate spreadsheets 1 for the entertainment center. 1 for the whole column. Yeah. The departments. 62 "jspaeth@cityofutica.com" (3828001536) 00:06:40.289 --> 00:06:43.739 1, for the requirements is like 27% or more. 63 "jspaeth@cityofutica.com" (3828001536) 00:06:43.739 --> 00:06:54.959 No, I'm just wondering why you don't go more environments because there's more risk in the department because oh, we know the hotel. Wh, what are you are looking at the image from the sand. 64 "jspaeth@cityofutica.com" (3828001536) 00:06:54.959 --> 00:07:01.259 What is the profit? Yeah, the sales and profit is different from. 65 "jspaeth@cityofutica.com" (3828001536) 00:07:01.259 --> 00:07:07.109 What it cost to build something for the investment, and you couldn't be selling something that. 66 "jspaeth@cityofutica.com" (3828001536) 00:07:07.109 --> 00:07:14.189 10 dollars, and you making 2 dollars profit you couldn't be sharing some new for 20 dollars. 67 "jspaeth@cityofutica.com" (3828001536) 00:07:14.189 --> 00:07:23.399 And making it doesn't make any difference. He must be looking at 3000 profit. I mean, any better way to get that 20 dollars. Yeah. 68 "jspaeth@cityofutica.com" (3828001536) 00:07:23.399 --> 00:07:27.479 So, when it comes to. 69 "jspaeth@cityofutica.com" (3828001536) 00:07:27.479 --> 00:07:34.679 Yeah, it's very like, okay, so, because he's the lowest in the apartment. 70 "jspaeth@cityofutica.com" (3828001536) 00:07:34.679 --> 00:07:43.289 Return to the department business. Anybody you ask for an apartment business is lot lower lower risk lower. 71 "jspaeth@cityofutica.com" (3828001536) 00:07:43.289 --> 00:07:47.909 Return apartment in sales for. 72 "jspaeth@cityofutica.com" (3828001536) 00:07:47.909 --> 00:07:55.439 8. K okay. That's how it is that it is. 73 "jspaeth@cityofutica.com" (3828001536) 00:07:55.439 --> 00:08:02.069 The operation costs is lower in an apartment you have less employees. 74 "jspaeth@cityofutica.com" (3828001536) 00:08:02.069 --> 00:08:06.749 You don't have much employees are running the business. 75 "jspaeth@cityofutica.com" (3828001536) 00:08:06.749 --> 00:08:14.129 You know, for the utility bills on that your cost to live in a 5 minute. 76 "jspaeth@cityofutica.com" (3828001536) 00:08:14.129 --> 00:08:21.089 If I'm in business is very different from the hotel business where you have all the staffing and. 77 "jspaeth@cityofutica.com" (3828001536) 00:08:21.089 --> 00:08:25.439 Internet costs and all these fees and everything. Mm. Hmm. 78 "jspaeth@cityofutica.com" (3828001536) 00:08:25.439 --> 00:08:30.539 You don't have all of that in the apartment building apartment in that plays a cost. 79 "jspaeth@cityofutica.com" (3828001536) 00:08:30.539 --> 00:08:36.329 You only make 5,000 dollars 45 dollars on rent. 80 "jspaeth@cityofutica.com" (3828001536) 00:08:36.329 --> 00:08:41.669 From a, let's say how to square foot building. Okay. Okay. 81 "jspaeth@cityofutica.com" (3828001536) 00:08:41.669 --> 00:08:48.269 In in a hotel, you have on the same square footage, you have 3 rooms. 82 "jspaeth@cityofutica.com" (3828001536) 00:08:48.269 --> 00:08:52.079 And you make them close to 75,000 dollars in revenue. 83 "jspaeth@cityofutica.com" (3828001536) 00:08:52.079 --> 00:08:58.949 So is there are 2 different, right? So, but again, there's more risk in the hotels in an apartment. 84 "jspaeth@cityofutica.com" (3828001536) 00:08:58.949 --> 00:09:03.869 Okay, department will have very steady. 85 "jspaeth@cityofutica.com" (3828001536) 00:09:03.869 --> 00:09:07.379 Better to look at Google. 86 "jspaeth@cityofutica.com" (3828001536) 00:09:07.379 --> 00:09:10.859 Based on all the demands in the area or whatever it is. 87 "jspaeth@cityofutica.com" (3828001536) 00:09:10.859 --> 00:09:19.709 It's 2 different. Okay. And so basically, the way you look at it is like, that's what it is. I will raise your return at the end of everything done. 88 "jspaeth@cityofutica.com" (3828001536) 00:09:19.709 --> 00:09:25.739 What any extra we'll look at is I'm putting in this much money. 89 "jspaeth@cityofutica.com" (3828001536) 00:09:25.739 --> 00:09:30.239 What is my profit at the end? That's what drives everything. Mm. Hmm. 90 "jspaeth@cityofutica.com" (3828001536) 00:09:30.239 --> 00:09:33.989 So, when you look at it that way, the average profit on. 91 "jspaeth@cityofutica.com" (3828001536) 00:09:33.989 --> 00:09:38.129 The whole thing once it's done, we're looking at 2.5Million dollars. 92 "jspaeth@cityofutica.com" (3828001536) 00:09:38.129 --> 00:09:41.129 Now, on a 40Million dollar investment. 93 "jspaeth@cityofutica.com" (3828001536) 00:09:41.129 --> 00:09:44.369 That's not a lot. It's not. 94 "jspaeth@cityofutica.com" (3828001536) 00:09:44.369 --> 00:09:47.879 There's nothing that you can say. It's a great we look at. 95 "jspaeth@cityofutica.com" (3828001536) 00:09:47.879 --> 00:09:54.809 Down the road, it's it's what it is. What it is I mean, that that's, uh. 96 "jspaeth@cityofutica.com" (3828001536) 00:09:54.809 --> 00:10:02.639 Now, would it be better? Entertainment center makes more profit. You don't know that that's the 1. that's. 97 "jspaeth@cityofutica.com" (3828001536) 00:10:02.639 --> 00:10:06.479 That's a wild card for us. Very small piece of the. 98 "jspaeth@cityofutica.com" (3828001536) 00:10:06.479 --> 00:10:19.919 As a pathways okay, right. Doesn't cost that much to build that building. Right? It's about 15Million dollars to 200,000 in the apartment. 99 "jspaeth@cityofutica.com" (3828001536) 00:10:19.919 --> 00:10:26.459 Right. So, you know, it's a necessary investment when you look at the total investment 90,000,000. 100 "jspaeth@cityofutica.com" (3828001536) 00:10:26.459 --> 00:10:31.559 15Million is the apartment in the entertainment center okay. 101 "jspaeth@cityofutica.com" (3828001536) 00:10:31.559 --> 00:10:36.509 Here's how it is. I mean, um, so when you look at, it's funny about that. Okay. 102 "jspaeth@cityofutica.com" (3828001536) 00:10:36.509 --> 00:10:56.509 I think that I want to say something that I think everyone needs to understand is and John, you'll know from the banking industry, obviously, apartments are a safer investment. As far as a bank is concerned, we do know hotels better, but when you take the risk, uh, at this project. 103 "jspaeth@cityofutica.com" (3828001536) 00:10:56.509 --> 00:11:16.509 We know these hotels are going to succeed in North America, because we have all our hotels in North America is very transient. It has the restaurants. There's still a lot of risk on the investment side of the apartments. Um, it has its own issues with public safety. All right it's easier when it's transient versus. 104 "jspaeth@cityofutica.com" (3828001536) 00:11:16.509 --> 00:11:28.979 Your residential component, and we need to make sure this is a secure apartment complex. We need to make sure it's built correctly and it succeeds from the beginning because if you don't do it, right from the beginning. 105 "jspaeth@cityofutica.com" (3828001536) 00:11:28.979 --> 00:11:48.979 That's going to carry with you for a long time with the apartment component. Now, take the hotel versus restaurant component in North America. 1 of the reasons the restaurants succeed. I'm sorry about that in North America could be the fact that it's a very transient customer base. It's not as. 106 "jspaeth@cityofutica.com" (3828001536) 00:11:48.979 --> 00:11:58.109 Is people would think and transient basis that come and go tend to forget sometimes if an experience wasn't 100%. 107 "jspaeth@cityofutica.com" (3828001536) 00:11:58.109 --> 00:12:06.569 And versus your local community, which says, hey, I got a bad meal. I'm not going back there 1 and so forth. So this neighborhood. 108 "jspaeth@cityofutica.com" (3828001536) 00:12:06.569 --> 00:12:26.569 And I developed tableau as the land owner of that building and sold out with Sal and it's exactly why he succeeded versus bleaker street. And he'll tell you that as much as everyone says things about bleaker street, he thinks that the community on bleaker street. 109 "jspaeth@cityofutica.com" (3828001536) 00:12:26.569 --> 00:12:32.639 He was probably a little bit less outrageous than the community we have on North genesis street. 110 "jspaeth@cityofutica.com" (3828001536) 00:12:32.639 --> 00:12:41.069 So there is, when we talk about doing this project and why it's an extraordinary pilot, this is an extraordinary project. 111 "jspaeth@cityofutica.com" (3828001536) 00:12:41.069 --> 00:13:01.069 Not only substantially in dollars, but substantially in the fact that if we have to do it all right we've spent the last 15 years developing that entire corridor from when there was brick industrial buildings there. Um, we're not telling you to say yes. And just vote because we're asking for it. 112 "jspaeth@cityofutica.com" (3828001536) 00:13:01.069 --> 00:13:06.269 But we're asking you to look in the fact and say, what is it if I say, no. 113 "jspaeth@cityofutica.com" (3828001536) 00:13:06.269 --> 00:13:11.309 Do we, we will go build 1 hotel because we already own the land for 1 of these hotels. 114 "jspaeth@cityofutica.com" (3828001536) 00:13:11.309 --> 00:13:15.719 But you may be sitting there 7 years, 10 years. 115 "jspaeth@cityofutica.com" (3828001536) 00:13:15.719 --> 00:13:35.719 Looking at just what you see today, and I think as a community it has to be considered I don't say it should be your only choice, but you do need to say yes, this is an extraordinary ask, but they are also taking extraordinary risk. Um, and, you know, and I always struggle, you know, I remember department money, they'll give you a longer. 116 "jspaeth@cityofutica.com" (3828001536) 00:13:35.719 --> 00:13:40.919 Term because you guys do feel a little bit safer, you know, we, we have 1 of the best hotels. 117 "jspaeth@cityofutica.com" (3828001536) 00:13:40.919 --> 00:13:47.069 That I've ever met, uh, that knows how to run what he runs and, um. 118 "jspaeth@cityofutica.com" (3828001536) 00:13:47.069 --> 00:13:53.279 And as far as us learning the entertainment business, the entertainment side of this component, by the way. 119 "jspaeth@cityofutica.com" (3828001536) 00:13:53.279 --> 00:13:57.299 Is a community service for us. Okay. 120 "jspaeth@cityofutica.com" (3828001536) 00:13:57.299 --> 00:14:06.629 It's not like we wanted to build something that had an entertainment component. We did this because of Nexus because what we're seeing is. 121 "jspaeth@cityofutica.com" (3828001536) 00:14:06.629 --> 00:14:16.469 A lot of families coming to this place that are going in and out of their, their games and their, their weekends here and the kids have nothing to do. 122 "jspaeth@cityofutica.com" (3828001536) 00:14:16.469 --> 00:14:24.779 Now, we're taking a risk to try to help the community in that aspect. We're obviously we're looking to make money with that risk, but. 123 "jspaeth@cityofutica.com" (3828001536) 00:14:24.779 --> 00:14:30.059 If we built a 3rd hotel there versus a 40,000 entertainment center, it'd be better for us. 124 "jspaeth@cityofutica.com" (3828001536) 00:14:30.059 --> 00:14:34.889 The mayor pushed us always wanting an entertainment component. 125 "jspaeth@cityofutica.com" (3828001536) 00:14:34.889 --> 00:14:41.609 This was a mixed use development project we could have met the mixed use requirements without doing what we're doing. 126 "jspaeth@cityofutica.com" (3828001536) 00:14:41.609 --> 00:14:44.819 I mean, I, I think it and as an investor with Andy. 127 "jspaeth@cityofutica.com" (3828001536) 00:14:44.819 --> 00:14:48.659 I am just so you understand my position. I'm not here as a broker. 128 "jspaeth@cityofutica.com" (3828001536) 00:14:48.659 --> 00:15:03.119 I've spent 7 years on this project and what I'm getting paid as a broker. I've lost money, but I'm an investor with Andy and 30 of his hotels and I'll invest in this project. Um, I would be as an investor. I'm against the entertainment center. 129 "jspaeth@cityofutica.com" (3828001536) 00:15:03.119 --> 00:15:07.799 As for my dollar, but he wants to get back to the community. 130 "jspaeth@cityofutica.com" (3828001536) 00:15:07.799 --> 00:15:13.499 And I just think when you say we're giving you a lot, just remember we're taking. 131 "jspaeth@cityofutica.com" (3828001536) 00:15:13.499 --> 00:15:16.649 A lot of risk, because Andy wants to get back to you to go. 132 "jspaeth@cityofutica.com" (3828001536) 00:15:16.649 --> 00:15:19.769 And at the same time, I would, I would probably add to it that. 133 "jspaeth@cityofutica.com" (3828001536) 00:15:19.769 --> 00:15:22.799 The end of the day, I mean. 134 "jspaeth@cityofutica.com" (3828001536) 00:15:22.799 --> 00:15:26.669 As a land compared to what we are. 135 "jspaeth@cityofutica.com" (3828001536) 00:15:26.669 --> 00:15:32.369 Giving back, I mean, you want to get back on the shelf steps and the fact that now you have. 136 "jspaeth@cityofutica.com" (3828001536) 00:15:32.369 --> 00:15:35.369 More vibrant businesses in town. 137 "jspaeth@cityofutica.com" (3828001536) 00:15:35.369 --> 00:15:43.109 More better place to stay in the city and entertainment center. It's a, it's an uplift to the city where. 138 "jspaeth@cityofutica.com" (3828001536) 00:15:43.109 --> 00:15:51.659 It 1 thing, which the other, we all know that if there are people going to stay there, they're gonna spend some money in our city. 139 "jspaeth@cityofutica.com" (3828001536) 00:15:51.659 --> 00:16:00.989 It's a view, in fact, I mean, it's no brainer. They're gonna eat somewhere. They're going to shop somewhere. They're going to do other stuff. 140 "jspaeth@cityofutica.com" (3828001536) 00:16:00.989 --> 00:16:09.659 Play golf, I don't know what they do, but they will do different things. So, I mean, there is a value that 1 business brings for now for us. 141 "jspaeth@cityofutica.com" (3828001536) 00:16:09.659 --> 00:16:13.829 The project without the idea. 142 "jspaeth@cityofutica.com" (3828001536) 00:16:13.829 --> 00:16:18.719 All day long and we can't do it. There's no, absolutely. No way. 143 "jspaeth@cityofutica.com" (3828001536) 00:16:18.719 --> 00:16:28.979 Doesn't even make sense. It's and then with the idea now, the new laws, so you have to do it prevailing wages that also add 15% to the. 144 "jspaeth@cityofutica.com" (3828001536) 00:16:28.979 --> 00:16:32.249 Oh, I mean, just at the end of the day. 145 "jspaeth@cityofutica.com" (3828001536) 00:16:32.249 --> 00:16:35.549 If we do a lot of projects. 146 "jspaeth@cityofutica.com" (3828001536) 00:16:35.549 --> 00:16:38.999 And is this like a. 147 "jspaeth@cityofutica.com" (3828001536) 00:16:38.999 --> 00:16:42.239 Slam dunk project for us no, it's not. 148 "jspaeth@cityofutica.com" (3828001536) 00:16:42.239 --> 00:16:49.649 Norway, we invest money with dollars where we get a lot better than than this all day long. 149 "jspaeth@cityofutica.com" (3828001536) 00:16:49.649 --> 00:16:53.849 It's a project that we decided to do it and we're going to commit to do it. 150 "jspaeth@cityofutica.com" (3828001536) 00:16:53.849 --> 00:17:02.399 After this day today is my last. Maybe. Right? If you guys, you think our answers will do this project. 151 "jspaeth@cityofutica.com" (3828001536) 00:17:02.399 --> 00:17:05.579 We don't want it. We had just had everything weekend. 152 "jspaeth@cityofutica.com" (3828001536) 00:17:05.579 --> 00:17:09.869 It's a society that has a lot of issues. 153 "jspaeth@cityofutica.com" (3828001536) 00:17:09.869 --> 00:17:16.289 A lot of stuff that we have promised many times that will take, don't get any idea level. 154 "jspaeth@cityofutica.com" (3828001536) 00:17:16.289 --> 00:17:19.289 You get this 1, you take this on, you take this on. 155 "jspaeth@cityofutica.com" (3828001536) 00:17:19.289 --> 00:17:26.429 And we've done all of that. So, I think at this point, now, I, it gets any more than that. No, I mean, we, you love the community. 156 "jspaeth@cityofutica.com" (3828001536) 00:17:26.429 --> 00:17:33.959 The community has been good to us to the community. That's fine. I mean, it's really your decision now if you want this project or not. 157 "jspaeth@cityofutica.com" (3828001536) 00:17:33.959 --> 00:17:43.079 We're grateful for your time, but honestly we have spent over 7 years with the working on this project. 158 "jspaeth@cityofutica.com" (3828001536) 00:17:43.079 --> 00:17:50.309 That's a long time. No, it's part of our fault we wanted to. We also said we'll do what apart for and we tried and. 159 "jspaeth@cityofutica.com" (3828001536) 00:17:50.309 --> 00:17:54.629 My investors and everybody got nervous. We said, we'll do it. I said it will do it. 160 "jspaeth@cityofutica.com" (3828001536) 00:17:54.629 --> 00:18:01.019 And it's something that so you just take the time span was not because of anybody's fault. It's just. 161 "jspaeth@cityofutica.com" (3828001536) 00:18:01.019 --> 00:18:08.549 That took time, but that's where we are at. I guess we'll just leave it for any more questions. 162 "jspaeth@cityofutica.com" (3828001536) 00:18:08.549 --> 00:18:14.219 Hi, good morning. Welcome. 163 "jspaeth@cityofutica.com" (3828001536) 00:18:14.219 --> 00:18:24.089 Hey, we're good. You are good. All right, well, thank you for your time so much. Thank you. Thank you. Well, yeah do you have a good trip? Thank you. Yep. 164 "jspaeth@cityofutica.com" (3828001536) 00:18:24.089 --> 00:18:28.319 I'm good. Thanks. Yeah, thanks. So. 165 "jspaeth@cityofutica.com" (3828001536) 00:18:28.319 --> 00:18:35.339 Hmm. 166 "jspaeth@cityofutica.com" (3828001536) 00:18:35.339 --> 00:18:39.629 Hold on a true thing. 167 "jspaeth@cityofutica.com" (3828001536) 00:18:39.629 --> 00:18:42.989 The, uh, the. 168 "jspaeth@cityofutica.com" (3828001536) 00:18:42.989 --> 00:19:02.989 Rec center and 840 and the other 1 over on 233. I mean, they're doing pretty good. I think so this rec center or whatever you're going to call it should do pretty good. Kids are going to do more work with different kinds. Yeah. Yeah. That was fun. Is accelerates our job yeah, I'm talking to. 169 "jspaeth@cityofutica.com" (3828001536) 00:19:02.989 --> 00:19:11.369 Excel, I mean, that's packed all the time. This is more like the bowling and miniature golf and they do another accelerator. 170 "jspaeth@cityofutica.com" (3828001536) 00:19:11.369 --> 00:19:31.369 I'm here to play hockey cause they're the ones they're already playing. Right? So, they're gonna play soccer when they're this is the weekend. I just want a diversion. It's Yeah Yeah. Just keep them off the street. You've probably done, but I think the Nexus setter is closer to accelerate. Well, yeah. Yeah. So this is something that they can do when they're not. 171 "jspaeth@cityofutica.com" (3828001536) 00:19:31.369 --> 00:19:36.839 Yeah, yeah and their sports yeah. 172 "jspaeth@cityofutica.com" (3828001536) 00:19:36.839 --> 00:19:40.919 You know, I do see the, the community aspect of it and. 173 "jspaeth@cityofutica.com" (3828001536) 00:19:40.919 --> 00:19:44.999 He's saying he's getting a lower on this. 174 "jspaeth@cityofutica.com" (3828001536) 00:19:44.999 --> 00:19:51.659 But again, you look at the entirety of their old things here. 175 "jspaeth@cityofutica.com" (3828001536) 00:19:51.659 --> 00:19:56.819 Please don't make it up elsewhere. 176 "jspaeth@cityofutica.com" (3828001536) 00:19:56.819 --> 00:20:05.819 Yeah, he, he has a quality developer. 177 "jspaeth@cityofutica.com" (3828001536) 00:20:05.819 --> 00:20:13.439 Extensive experience, uh, throughout, you know, at least New York state, if not the Northeast. 178 "jspaeth@cityofutica.com" (3828001536) 00:20:13.439 --> 00:20:21.779 Hello, my knowledge, he's done everything he said he would do, and all his projects here. 179 "jspaeth@cityofutica.com" (3828001536) 00:20:21.779 --> 00:20:25.259 Yeah. 180 "jspaeth@cityofutica.com" (3828001536) 00:20:25.259 --> 00:20:31.109 The danger danger concern I have as a banker and. 181 "jspaeth@cityofutica.com" (3828001536) 00:20:31.109 --> 00:20:36.929 Sound in the city of Munich is all these developers come in from outside the market. 182 "jspaeth@cityofutica.com" (3828001536) 00:20:36.929 --> 00:20:45.089 We don't know them as well as we know folks that are in our market and unfortunately folks in our market are not. 183 "jspaeth@cityofutica.com" (3828001536) 00:20:45.089 --> 00:20:54.629 Not have the means to do with some outside developers do so, but he's been in this market 10+years and. 184 "jspaeth@cityofutica.com" (3828001536) 00:20:54.629 --> 00:21:00.209 I think you're taking over the hotel. You okay. It was. 185 "jspaeth@cityofutica.com" (3828001536) 00:21:00.209 --> 00:21:05.309 That's fine with his commitment. Um. 186 "jspaeth@cityofutica.com" (3828001536) 00:21:05.309 --> 00:21:11.459 I again, if I'm lending money, I would love money to his group. Um. 187 "jspaeth@cityofutica.com" (3828001536) 00:21:11.459 --> 00:21:15.779 Just based on what some of the strengths I just noted. 188 "jspaeth@cityofutica.com" (3828001536) 00:21:15.779 --> 00:21:29.729 The weaknesses, I don't disagree mark with, you know, what we said earlier, and we are supporting him and help him attract other investors to do this. This is a. 189 "jspaeth@cityofutica.com" (3828001536) 00:21:29.729 --> 00:21:35.189 I project for our developers no question based on environmental. 190 "jspaeth@cityofutica.com" (3828001536) 00:21:35.189 --> 00:21:40.919 Concerns and I'm sure there's some indemnification in there, but still, it adds to the cost of. 191 "jspaeth@cityofutica.com" (3828001536) 00:21:40.919 --> 00:21:45.299 Doing these projects that would not be there who was a clean. 192 "jspaeth@cityofutica.com" (3828001536) 00:21:45.299 --> 00:21:50.909 Site, so I, I, I do understand. 193 "jspaeth@cityofutica.com" (3828001536) 00:21:50.909 --> 00:21:55.379 Some of the concern team. His team yeah. 194 "jspaeth@cityofutica.com" (3828001536) 00:21:55.379 --> 00:22:03.239 All right, there's still our environmental issues down, and it should be all cleaned up by now. Well, there's restrictions as to what they can, how they can build. Right? 195 "jspaeth@cityofutica.com" (3828001536) 00:22:03.239 --> 00:22:07.229 Yeah, yeah, yeah, because yeah, but that's, uh. 196 "jspaeth@cityofutica.com" (3828001536) 00:22:07.229 --> 00:22:12.899 But it adds cost, I mean, you can look it up the street, uh, on 12 with, um. 197 "jspaeth@cityofutica.com" (3828001536) 00:22:12.899 --> 00:22:18.029 A United out I, I was. 198 "jspaeth@cityofutica.com" (3828001536) 00:22:18.029 --> 00:22:21.359 Part of the original financing for that. 199 "jspaeth@cityofutica.com" (3828001536) 00:22:21.359 --> 00:22:25.949 And I know for a fact that once you get in there, and you can get in the ground. 200 "jspaeth@cityofutica.com" (3828001536) 00:22:25.949 --> 00:22:32.009 And all the soft cost engineering costs, we have to go in there that 1st face doesn't make money. 201 "jspaeth@cityofutica.com" (3828001536) 00:22:32.009 --> 00:22:41.129 It really doesn't. It's only when, in this case, where you see the other development they've done with, and in the health care center. 202 "jspaeth@cityofutica.com" (3828001536) 00:22:41.129 --> 00:22:46.229 Yeah, I'm not affiliated with that project anymore. I'm sure this is where he's getting is. Mm. Hmm. 203 "jspaeth@cityofutica.com" (3828001536) 00:22:46.229 --> 00:22:53.219 Return on investment is now certainly wasn't in the beginning, you know, Andy and his team. 204 "jspaeth@cityofutica.com" (3828001536) 00:22:53.219 --> 00:23:02.789 Would run into some additional soft costs or hard costs because of the site to building. 205 "jspaeth@cityofutica.com" (3828001536) 00:23:02.789 --> 00:23:08.129 Okay, I'll share the change in the law where now you got to use the prevailing wage, right? 206 "jspaeth@cityofutica.com" (3828001536) 00:23:08.129 --> 00:23:14.849 We started this project with New York. Excuse me? A Margo we are. 207 "jspaeth@cityofutica.com" (3828001536) 00:23:14.849 --> 00:23:19.559 Your under significant restrictions from. 208 "jspaeth@cityofutica.com" (3828001536) 00:23:19.559 --> 00:23:28.979 You know, how you manage it you know, the range you charge, uh, uh, how you manage, uh, tenants name. 209 "jspaeth@cityofutica.com" (3828001536) 00:23:28.979 --> 00:23:35.669 How do you get them? How long it takes? 210 "jspaeth@cityofutica.com" (3828001536) 00:23:35.669 --> 00:23:40.829 He's right that's the top of business and hotels. Yeah. 211 "jspaeth@cityofutica.com" (3828001536) 00:23:40.829 --> 00:23:44.159 Uh, but if if these happened successful is. 212 "jspaeth@cityofutica.com" (3828001536) 00:23:44.159 --> 00:23:49.859 Uh, air city live, you know, what are those apartments. 213 "jspaeth@cityofutica.com" (3828001536) 00:23:49.859 --> 00:23:57.989 Yeah, That'll make him feel you'll sleep better at night. If he has to associate that natural head out there. 214 "jspaeth@cityofutica.com" (3828001536) 00:23:57.989 --> 00:24:01.469 He's got water, right? 215 "jspaeth@cityofutica.com" (3828001536) 00:24:06.599 --> 00:24:11.099 I probably can't call the law because I'm conflicted. Oh, right. 216 "jspaeth@cityofutica.com" (3828001536) 00:24:11.099 --> 00:24:16.319 Mark, you have to service chair for this, um. 217 "jspaeth@cityofutica.com" (3828001536) 00:24:16.319 --> 00:24:19.799 And that emotion been made, I don't know. Okay. 218 "jspaeth@cityofutica.com" (3828001536) 00:24:19.799 --> 00:24:23.069 I'll I'll make a motion a 2nd. 219 "jspaeth@cityofutica.com" (3828001536) 00:24:31.679 --> 00:24:39.269 Wait for me, what do we we seem to have everybody voted on that. 220 "jspaeth@cityofutica.com" (3828001536) 00:24:39.269 --> 00:24:46.049 It's, I'm curious about hurt me. 221 "jspaeth@cityofutica.com" (3828001536) 00:24:46.049 --> 00:25:06.049 Patient and patriotism is the last revenue of a scoundrel. I think global community is the last developer I used to. 222 "jspaeth@cityofutica.com" (3828001536) 00:25:06.049 --> 00:25:11.249 Nonetheless, uh. 223 "jspaeth@cityofutica.com" (3828001536) 00:25:11.249 --> 00:25:19.499 I think it's just here. I didn't yeah, I looked in the eye and. 224 "jspaeth@cityofutica.com" (3828001536) 00:25:19.499 --> 00:25:22.589 He never done just a question. No, no, no, no. 225 "jspaeth@cityofutica.com" (3828001536) 00:25:22.589 --> 00:25:28.169 Yeah, okay so I think we will learn what we need to learn and know. 226 "jspaeth@cityofutica.com" (3828001536) 00:25:28.169 --> 00:25:33.209 Proper vote on favor. Aye. Aye. All right. 227 "jspaeth@cityofutica.com" (3828001536) 00:25:33.209 --> 00:25:37.229 Can you post. 228 "jspaeth@cityofutica.com" (3828001536) 00:25:37.229 --> 00:25:41.459 Approvals so who was 1st. 229 "jspaeth@cityofutica.com" (3828001536) 00:25:41.459 --> 00:25:53.549 1, other thing before we adjourn, this is oh, do you have a secret resolution also for this project to adopt? Okay. 230 "jspaeth@cityofutica.com" (3828001536) 00:25:53.549 --> 00:26:07.679 If you'd like to make the motion to consider a secret resolution, I can explain process. I will be there. I'll make a motion to have you explain it for us. 231 "jspaeth@cityofutica.com" (3828001536) 00:26:07.679 --> 00:26:24.689 Um, so the city of there was a general environmental impact study done for the harbor area, which contemplated this kind of a project, uh, the city delivered a letter. 232 "jspaeth@cityofutica.com" (3828001536) 00:26:24.689 --> 00:26:28.499 Week confirming that this specific project. 233 "jspaeth@cityofutica.com" (3828001536) 00:26:28.499 --> 00:26:47.639 Will be constructed in conformance with the so they determine they did not have to do a further seeker review for this specific project. So, the secret resolution you are adopting today is not about the construction of the project, but the financial assistance you're granting, which. 234 "jspaeth@cityofutica.com" (3828001536) 00:26:47.639 --> 00:26:58.469 Does not have any environmental impacts so we'll serve as lead agency for the seeker for just the financial assistance as an unlisted action. Okay. 235 "jspaeth@cityofutica.com" (3828001536) 00:26:58.469 --> 00:27:03.479 That was good. Hello? From Brian correct? Yes. Okay. 236 "jspaeth@cityofutica.com" (3828001536) 00:27:03.479 --> 00:27:07.829 Do I need a motion to approve that? Yes. Yeah. 237 "jspaeth@cityofutica.com" (3828001536) 00:27:07.829 --> 00:27:13.409 2nd, all in favor aye, any opposed. 238 "jspaeth@cityofutica.com" (3828001536) 00:27:13.409 --> 00:27:16.469 No. 239 "jspaeth@cityofutica.com" (3828001536) 00:27:16.469 --> 00:27:36.469 Today's Mark's last meeting is leaving us to go, do some good work in Syracuse for the refugees and sliding knowledge all the effort he's putting in over the years. Well, we could all be wrong, right? We got a new mayor. You get to I'm not sure. I please. 240 "jspaeth@cityofutica.com" (3828001536) 00:27:36.469 --> 00:27:42.719 Priority here you served with the pleasure of the king. 241 "jspaeth@cityofutica.com" (3828001536) 00:27:42.719 --> 00:27:48.239 I want to thank mark for everything he's done. Oh, you're welcome. Thank you. 242 "jspaeth@cityofutica.com" (3828001536) 00:27:48.239 --> 00:27:58.259 Yeah, so what exactly are illegal? Well, I've been doing a lot of pro bono work in Syracuse for a volunteer warriors project that assist. 243 "jspaeth@cityofutica.com" (3828001536) 00:27:58.259 --> 00:28:02.369 Refugee seeking asylum in the United States. 244 "jspaeth@cityofutica.com" (3828001536) 00:28:02.369 --> 00:28:07.769 Mostly Afghan refugees and Ukrainian refugees. 245 "jspaeth@cityofutica.com" (3828001536) 00:28:07.769 --> 00:28:24.809 I kind of got into it thinking it would be less stressful, but wrong deal with human lives. Yeah, I've got guys who got lost in the airport and separated from their family and they got evacuated. 246 "jspaeth@cityofutica.com" (3828001536) 00:28:24.809 --> 00:28:32.309 Cater and eventually to the United States, but their wife and son were on the wrong plane and never got here. 247 "jspaeth@cityofutica.com" (3828001536) 00:28:32.309 --> 00:28:36.479 Yeah, so and they don't know where they are. 248 "jspaeth@cityofutica.com" (3828001536) 00:28:36.479 --> 00:28:41.999 No, they know where they are, but they can't get them out of the country. Right? You know, and. 249 "jspaeth@cityofutica.com" (3828001536) 00:28:41.999 --> 00:28:48.029 And and the immigration system is just completely overwhelmed. It can't. 250 "jspaeth@cityofutica.com" (3828001536) 00:28:48.029 --> 00:28:53.129 I'm close to handling this southern border much less Venezuela. 251 "jspaeth@cityofutica.com" (3828001536) 00:28:53.129 --> 00:28:56.309 Yeah, good. 252 "jspaeth@cityofutica.com" (3828001536) 00:28:56.309 --> 00:29:00.149 And, uh, so I've got clients have been waiting. 253 "jspaeth@cityofutica.com" (3828001536) 00:29:00.149 --> 00:29:03.839 Over 2 years for, uh. 254 "jspaeth@cityofutica.com" (3828001536) 00:29:03.839 --> 00:29:16.769 Dial M, approval and these were guys that we're in special forces fighting side by side with Americans for 10 years. I've got to get it. That's how I did all his life display wars. He's 30 years old. 255 "jspaeth@cityofutica.com" (3828001536) 00:29:16.769 --> 00:29:25.289 And had high security clearance that there was when he was over there, and we still doesn't have a decision on as a silent application. Mm. Hmm. 256 "jspaeth@cityofutica.com" (3828001536) 00:29:25.289 --> 00:29:35.609 And that's the 1st step, he gets asylum that he can apply for derivative asylum for his family for his wife and son and. 257 "jspaeth@cityofutica.com" (3828001536) 00:29:35.609 --> 00:29:51.539 But, you know, then you can't walk into your local passport office and say, you know, where you're going and then they'll say, Where's your husband if they find out easier? 258 "jspaeth@cityofutica.com" (3828001536) 00:29:51.539 --> 00:29:56.069 Just about the stress balls. 259 "jspaeth@cityofutica.com" (3828001536) 00:29:56.069 --> 00:30:02.159 Standing next to a guy who is going away for 20 years to life if you lose. 260 "jspaeth@cityofutica.com" (3828001536) 00:30:02.159 --> 00:30:08.729 Do you work out of therapy? Yeah, we're in South Warren street. 261 "jspaeth@cityofutica.com" (3828001536) 00:30:08.729 --> 00:30:19.919 In 20th downtime yes, but I can do a lot of paperwork at home. The hearings are either in Buffalo, Manhattan, or New Jersey. 262 "jspaeth@cityofutica.com" (3828001536) 00:30:19.919 --> 00:30:24.359 Luckily have been in Buffalo, right? So. 263 "jspaeth@cityofutica.com" (3828001536) 00:30:24.359 --> 00:30:29.489 Yes, it's a great thing you're doing though. Yeah. Why are these. 264 "jspaeth@cityofutica.com" (3828001536) 00:30:29.489 --> 00:30:35.219 These guys work hard at a Ukrainian client that I was my. 265 "jspaeth@cityofutica.com" (3828001536) 00:30:35.219 --> 00:30:45.389 Helping him get temporary protective status to come from a certain country you can apply for that and Ukraine with 1 of them. And that's where he's from. So, I. 266 "jspaeth@cityofutica.com" (3828001536) 00:30:45.389 --> 00:30:49.349 He works at Amazon, like, I think. 267 "jspaeth@cityofutica.com" (3828001536) 00:30:49.349 --> 00:30:52.469 80% of refugees in Syracuse work at Amazon. 268 "jspaeth@cityofutica.com" (3828001536) 00:30:52.469 --> 00:30:58.979 And I said, what do you, what hours do you work cause? I haven't already got it works there. So he said he said, like. 269 "jspaeth@cityofutica.com" (3828001536) 00:30:58.979 --> 00:31:05.729 You know, 75 and so I said, oh, you were 10 hours a day and he said, yeah, so I was thinking. 270 "jspaeth@cityofutica.com" (3828001536) 00:31:05.729 --> 00:31:25.729 You know, like nurses and stuff sometimes they were 3 times or 312, and I said, oh, they were 4 times he said, no, 6 tenths. Wow. 10 hours a day. 6 days a week. Wow. And I said, wow, that's tough. And he said, you know, my family still in Afghanistan if I sit home, I just. 271 "jspaeth@cityofutica.com" (3828001536) 00:31:25.729 --> 00:31:32.249 Think about it, so I'd rather be 1. yeah, so. 272 "jspaeth@cityofutica.com" (3828001536) 00:31:32.249 --> 00:31:35.609 Real quick a motion to adjourn. 273 "jspaeth@cityofutica.com" (3828001536) 00:31:35.609 --> 00:31:55.609 2nd, so we're, we're on easy street. Yes, I've got a former son in law that you create if you want to spend a little reverse. 274 "jspaeth@cityofutica.com" (3828001536) 00:31:55.609 --> 00:32:03.084 That's it. I'll take this. No.