good afternoon welcome to the January 5th 2024 okima City Economic Development trust meeting I'll Now call the meeting to order item two on the agenda are the minutes from the November 21st 2023 meeting if we have no questions or comments we can take a motion we have a motion a second please vote and the item passes brings us to item three on the agenda the ratification of claims we can take a motion in a second I have a motion in a second please vote that item is passed as well brings us to item four on the agenda items for individual consideration item 4A is the resolution of the Oklahoma City Economic Development trust approving a minor Amendment to the amended and restated downtown Maps economic development project plan Mr sud thank you Mr chairman Joan is going to walk us through this but I just want to make a quick comment that really this this item is related to the next couple of items in setting the budget and the Tiff project plan so Joanna is going to run you through the changes yeah so what we've got on the screen Nicole if you'll scroll up just a little bit we've got an amendment to um Tiff 2 and to Tiff 8 scroll down and grab that budget section there you go so both of these are Net Zero budget amendments in order to accommodate the next two items like Kenny said we're reducing residential and hotel commercial by 20 million total in order to add 20 million to other public development costs to facilitate the multi-purpose Stadium item and then on the next page we've got the budget for Tiff 8 where we're reducing other economic developments budget which if you all will remember that's the budget category that allows us to attract Headquarters downtown we're going to reduce that by 1 million to accommodate the Myriad Gardens projects which is item C on your your agenda this is considered a minor budget amendment and the project plan grants the economic development trust the authority to approve minor amendments so this will be kind of the last step for this item any comments or questions if not we can take motion on item 4 a we have a motion in a second me to enter okay and the item passes brings us to item 4B on the agenda this is a joint resolution approving an allocation of 20 million of Tiff 2 and 10 million in Omni Revenue stabilization funds to the city for maps for multi-purpose Stadium project costs and resending the allocation of $16 million from Tiff 2 to the Strawberry Fields project Mr sud thank you Mr chairman so want to set the stage for this there's several things going on this resolution um you know the headline on this is that this would be providing $30 million of additional funds to add to to the maps 4 multi-purpose Stadium project so just um as as a little bit of background on this we're going to pull up a couple of slides from the original 2019 presentations that were done to city council uh for the maps for uh project here so if you'll move forward Joanna real quickly um originally when this was uh proposed in maps 4 so you know the background on this were there were really two options presented an option that was a 37 to 42 million option and an option that was a 67 to $72 million option and we're going to talk briefly about kind of some of the differences on those options but one thing before we go there wanted to talk about you know that the decision at the time uh in maps 4 that was made was to fund that at the lower level and in addition to that want to point out that there was also not really any funding or mechanism in maps for for the land it was really funded originally um in the I believe it was 37 million and and then later on in maps there was a reallocation process when they had some uh better than expected collections where that number moved up to 41 so where it is today in maps 4 the stadium has $41 million allocated to it with no way no no other provision for land or anything anything like that so we want to run through these options really quick so option one you know originally as as planned was that would be an 8,000 uh seat Arena and really the thought behind this it would be something that would be of the level to provide for professional and college soccer it would also be able to host concerts and there's kind of another rendering there with some concerts it' be able to host High School events other sport sporting events Etc and and really this was sort of the minimum or the base level to be able to provide you know a lot of those types of events so there's another option here and these again were the original sides uh that you know the other option would give you a higher level of amenities shade structures more seats um you know better suets better U restrooms better stages Etc so I do want a caveat you know just we all know what's happened in the world um that you know and with every project you know will we get exactly to this option two not sure yet this still has to be designed I'm going to talk about why we're bringing some funding forward before we get the design done on this here in a second but it's likely that this would put us you know today somewhere between option one and option two so want to talk very briefly about why we're bringing this forward right now so we have we have an opportunity and the team has an opportunity and has some options on the land to purchase land in the producers Co-op area so there's a couple of reasons why I think this is a real positive one I think all of us really desire to have this Stadium located downtown not just for soccer but also for concerts and other events two I think um this is an area that has sat undeveloped for quite a while and I'm really excited about using this public project much like we've used other Maps projects and other public projects in the past to be a catalyst for the private development um it's really exciting when you kind of look over there there's there's challenges and other things you know with infrastructure and things we're going to have to figure out but it's a blank canvas right now and it'd be really exciting if we could create a a district around this so um you know I think the other reason reason the team the intent would be that they would purchase the land and donate that as their contribution in um and and you all know that land is not cheap downtown so this is an expensive proposition for them and that's part of the urgency on this is they've got a pretty short timeline to be able to purchase the first pieces of property for the stadium which would be late spring early summer and you know just quite frankly as I would be if I were in there isues uh you know they want some assurances that we're going to have a you know professional level stadium that would be successful couple of other comments just things people may be curious about they are also still in the process of of negotiating you know the operating agreement on this and and pursuant to the maps for resolution this would have to be something that's similar to the the Bricktown baseball park where it's it's something where they manage you know it within the the expenses and revenues that are generated there'll likely be some Revenue sharing but again caveat that's something that is still being finalized there also would be a long-term lease with the team to play there again that is being finalized but it would uh probably have options that would get it up to somewhere around 25 years in addition I do want to point out you know this is this is essentially an allocation to ourselves so you know while there's still a lot of agreements and other things that need to be done if if there you know worst case scenario something were to go aride the city's still protected and that this is not tied to the team or tied to it's it's tied to the project so the city has a project that has to go somewhere um couple of other things was this this was heard by the Tiff Review Committee yesterday and recommended for for unanimously for approval and um it still has to go through the maps for process so it still has to go through the Committees The Advisory Board recommendations the design process and we've put the timeline that's in the current maps for implementation plan up there which would be you know begin design this year theoretically begin Construction in 20 late 2025 early 2026 um that's what's in the current um plan now don't know if those things will change um um feel like I had one more oh I wanted to talk about the funding so 20 million from Tiff 2 we do want to address that we feel very good that we what we have looked at Joanna and staff have looked at that and we've estimated all of our collections as a reminder Tiff 2 ends in 2026 we'll still have some collections beyond that as they come in in rear we've looked at not only the debt outstanding all the other obligations Etc you know and there is sufficient funds for this there's there still would be some funds left over in Tiff 2 above and beyond that to continue to do other projects potentially um the other 10 million it comes from what's known as the Omni Revenue stabilization fund so as a reminder on that as part of the deal we did with Omni the city council passed a resolution whereby it was created a a basket of different revenues that went into a fund to make sure there's money there always to pay the debt obligations associated with the Omni debt that the city issued within that uh it was always contemplated that the plan was we were trying to put more money in there than what was needed and being conservative with that to make sure we always had enough money to pay that debt so there's a provision that if that number goes above two years worth of debt service that those funds could be used for other lawful Economic Development purposes and this is one of those purposes so there would still be money sufficient in that fund to cover not just the obligations but have a couple of years balance in there as well um and that's something that it also gives the finance department Joanna you know the ability to kind of manage that cash and transfer the funds as needed you know obviously we don't need the funds today but allows allows them to manage that in addition there's there's a project that you know we had all had done an allocation on on to Strawberry Fields which we were never able to come to an agreement on an economic development agreement with them and so that project has stalled out we're no longer moving forward on that and this also provides for for the resending of that allocation which further ensures that's not an obligation setting out there that we have to fund uh in the future so happy to answer any other questions um you know that's the next step would be going to City ccil you mentioned mayor noro's Tiff Review Committee took a look at this yesterday were there any protests any concerns uh raised at that meeting no sir and I think you know there there were some questions just the mayor with his experience wanted to know a lot of things about you know is this going to create real heavy subsidies or things to the city and the answer was that is still being negotiated but it's likely you know it's going to be like the Bricktown ballpark that they have to live within you know the operations simar to the baseball team yeah okay all right thank you any other questions comments no chairman I have a a question so I'm I'm clear on the the sources of funds I I'm still wanting Clarity on the uses of funds and this $30 million figure without a designated operator or contractor where did the figure come from and then are the uses looking at the original Maps 4 request you know there's obviously a detailed budget what is really driving that 30 million are there changes to just because of the design we want more amenities I'm just a little bit the 30 million only goes towards the construction of the it does not go towards operations only the construction of the St multi-purpose stadium so it would be added to the current 41 million so it would give a total construction budget design and construction budget of 40 of 71 million for the stadium um it it's I would say it's from one I mean obviously all of us know there's been inflation and things but the big driers is really just wanting to have more amenities wanting it to be you know I I would tell you probably there's a lot of folks that would want even more funding to this type of thing if you think about what kind of Stadium can you build in today's environment for 71 million it's still going to be it's going to be nice it's going to be Prof professional level but there's always a desire for more amenities to make the the team more successful make make the U the events more successful okay so we're Landing somewhere in between design wise between the original option one and option two shades or no funding funding wise it's it's where the original option two was I just wanted to caveat that we all know the reality is it likely this ends up somewhere in between those two and that's part of how the city and the maps 4 office will manage it it's they'll have a budget and they will manage to that budget they'll they'll design it and then in turn value engineer if needed to get it within that budget okay and then my second question well maybe third but um so far as the team kind of you you phrase it as a donation so is this a equity contribution or are they actually giving ownership of the land or is there going to be a ground lease can you the intent will be it will be donated and then owned conveyed to the city okay and the city would own it and the city will own the the the the land and the improvements okay wonderful thank you any other questions all right if not we can go ahead and take a vote on item 4B we have a motion in a second the item passes brings us to item 4C on the agenda this is a joint resolution approving an allocation to the City of Oklahoma City an amount not to exceed $1 million from Tiff 8 for improvements at the city-owned Myriad Gardens Crystal Bridge Mr sud thank you Mr chairman maren is here to give us a presentation on um what this this These funds would go toward and and like the previous item this item was also uh presented at the Tiff Review Committee yesterday and they unanimously recommended it moving forward well good afternoon um well before I get into the details I would just like to give a very brief update on the renovation that was completed um a year ago we opened the bridge after a very extensive renovation November 18th of uh 22 and so it's been over a full year now I'm happy to say it's it's really has exceeded our expect ations in visitorship and visitor feedback um we had budgeted about 600,000 in ticket sales for the new opening and we're just shy of a million dollars now so it's been well received by the public and I I think everybody is very pleased with the investment of nearly um $1 million that was put into it and that was again our public private partnership the city uh contributed roughly six million and we raised uh nearly five million as a as our part in the project so everything's been working very well except for the high heat levels in the Crystal Bridge on a day like today it's wonderful August not so much um we installed some temperature um uh sensors on all three levels of the Crystal Bridge and your handout if you'd like to dive into the details of the temperatures at 85° 90 95 100 and up you can see that on all the levels it it gets to be increasingly uncomfortable obviously as the heat rises the temperature outside inside and by the afternoon um especially when it's over 85 90 degrees it's not really comfortable to be in there and in some cases it can be almost unsafe for the elderly or folks with health issues so our issue here today is find a way to uh find a solution to that so year round and especially from May through October we can have a really quality visitor um experience for people in the bridge and also keep it open all year have more rentals have better gift shop sales um with more moderated temperature temperature levels um so how we would like to do that is um a couple of phases it's it's not inexpensive but it is it is the next investment that's needed to fully finish the Run renovation of the Crystal Bridge so the first phase which could happen immediately upon approval is replacing all of our old air handling units and there's about oh nine or 10 to replace which would then outfit us with all new of these units which help modulate temperature in the bridge and that can get us immediate relief for this coming season um that cost is the million dollars which you're looking at to today uh and if approve those monies um I understand are made are available very quickly we could get these purchased and hopefully have them installed by early June maybe a little bit earlier and that would really help this year to have a great season in there and beyond that will regulate temperatures to a certain point but to really get the uh Crystal Bridge usable all year round and expand all those uses I mentioned there's another phase and that's to get chilled water system hooked up to these new air handling units and that chilled water system is um takes a little it takes some advanced work to uh do the engineering the construction documents to trench and add the connection to chilled water um and so the air handling units have to be there before that happens so that's the sequence of how we'd like that to work so we're working on getting updated estimates for that to hopefully bring uh to you at another meeting but today it's to get the air handling units uh hopefully approved any any questions questions comments all right if not oh yes I'm sorry Morin um is there an assurance that the chilled water system will do the trick yes we the city actually commissioned uh a study from adg Engineers who worked on our project in blat engineers and they did a fairly intensive study and they feel that with the air handling units we can moderate the temperatures anywhere from about 9 degrees to 14 degrees that's dependent on humidity levels in the Crystal Bridge the higher the humidity the less cooling effect there will be but but that's a pretty good increase and so they've studied air circulation and the capacity of these air handling units and so on and the next step they've also done an engineering study on that and that they can think they think that will bring it closer to 20 degrees of moderation so that would really get it to be comfortable on on all levels even on some pretty warm days thank you chairman quick question um as a frequent VIs visitor I guess I'm asking more out of curiosity will this project Resort res Resort in a temporary closure of the facility will you all have to close the gardens to to do this replacement well there'll be some disruption especially the chilled water part of the project where they have to trench and put in some lines and so there'll be just some dis aesthetic disruptions outside Pathways closed um once I'm not sure when they actually sto go to connect it um that part um my guess is we probably have to close for some time but I I wouldn't see it's for more than a couple of weeks okay something like that we those are all the details we have to be looking at but the water goes in the air handlers are already there if they're approved there's a connection made so that part of it is the last part the the part about trenching and bringing it in that that's more disruptive to the grounds but we can still have the Crystal Bridge open um so it it shouldn't be long I don't think okay thank you okay thank you all right we can go ahead and take a motion on item 4 C I have a motion a second please cast your votes any item passes brings us to item 4D on the agenda the amended and restated Economic Development agreement with Liberty Bell OK LLC for assistance and development financing not to exceed $765,000 in support of the Nova project Mr SLE thank you Mr chairman so this is a project that was already approved by this body and the city council uh back in 2022 started in August 22 went through the process and Council had the final approval January of 23 there's been a couple of changes here and so really this is this is just a an amended restated Economic Development agreement I'm going to go very briefly through the changes it is changing the entity because there was a change in the partners on this project and this was a project that had had a little bit of a stall but it's back on track and if you'll recall this is what we all referred to as the Nova project it's the old stow's office building where they're converting it to a full Service uh grocery um you know Food Hall type of thing had uh uh it was going to have a greenhouse on top of the parking it was going to have some 20 apartment units so the changes are bringing in this the new partner enity um the greenhouse will now be replaced by pickle ball courts um and I think they're moving from 20 units to 24 residential units otherwise it's still a you know 24 million plus capital investment the incentives on this have not changed what we had approved prior was just 100% of the remaining Tiff they had this is in Tiff number two so it was anticipated they might get two years of Tiff so you know that may still be the case it may only be one year but in any any case it's capped at 100% of whatever Actual taxes are generated not to exceed the 765,000 so the incentives have not Chang changed we just needed to bring this back for the change in the project and the partnership so I assume putting the pickle ball on top of the uh garage they'll have some safety nets there right I mean Chase your ball well I can picture Stone Cipher like flying off the edge of the building there trying to I'm not 100% sure but I would assume so we can get you that answer all right any other questions comments all right we can take a not a vote on item 4D have a motion a second the item passes brings us to item 4E Economic Development agreement with Jurassic Games 2 LLC for a pay for performance fil incentive agreement not to exceed $33,750 for the proposed feature film project project Dino thank you Mr chairman so uh this was one that the allocation was approved back in August so this is the economic development agreement pretty standard Economic Development agreement nothing out of the ordinary just couple of points again the incentive would be only $33,750 um has the production the majority of the production being in Oklahoma City um Etc pretty standard stuff any questions all right if not we can take a motion on item 4E I have a motion in a second the item passes brings us to item five on the agenda the general manager report Miss mpen I will try to get through this without coughing I apologize um the only thing I wanted to point out was um if you take a look at Tiff 2 Tiff 8 and Tiff 10 you'll see that those cash balances are pretty healthy for all all three of those to cover the projects that we've discussed today so I just kind of wanted to point that out and again like Tiff 2 we said we've got a little over 20 21 million in cash right now and we've got four more years of advm collections to go and so we we feel Cashwise we're in a good in good position happy to answer specific questions if anybody has any nope thank you very much all right item six on the agenda are comments from staff we have any comments from trustees have any citizens signed up to speak no all right that brings us to item seven we are adjourned thank you
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