Authority to order please. Maker here. Brought here. Here, Johnson 7 in 7. Our presence there are absent. Item number one is approval of minutes my and 25 dash 21. Approving the APRIL 2025. A jury meeting minutes. hoping that everybody got a chance to review the U.S. And if there discussion items for otherwise. I'll take a motion from Commissioner game to approve. All those in favor. Aye. All posts. Favors or opposed. The minutes are adopted number 2, the staff report sr. 25 dash 65 tax. Increment financing. Updates every day. So. We did not get t the site of last week's opener 2 weeks
ago. Now I wanted to be able to bring it back attend a and I'm thankful for Jenny to be for being here. And I'll headed over to director Thank you, Chair Johnson commissioners. As you mentioned, it manager Jenny Wolf is here today with yet another informational presentation about tax increment financing. We do have a lot of presentation today. Nothing that needs action. But we do have a lot of presentation. So we'll get through them. But obviously ask all the questions you have. And if we need to to put something to that. I think for the just for what you're in a starter Newton mostly for time purposes, if for some reason, we need to bring up the island bridge update. Next. I'd be open to doing that next. Sept
Chair Johnson and commissioners to me, Wolf, with pd. I'm here to talk about tax increment. We had some guidance from. The board about what they would like me to cover. So I have a summary of topics here that I will walking through. One. I know you've all had the presentation for 2 weeks now. So hopefully if you do have questions, you you'll be ready with those. So in a cover page, 25 summary of tif districts in our capture tax capacity. The new and expiring tip districts. Comes to date and protected. All comes. This is something that in the past I realize I have kind of glossed right over but obviously we established tax increment financing district. We do something with dollars. So I wanted to highlight that. Summary of our 2024 collections. These are unaudited MR. Still working on
the audit. Compared to what we expected and then information about art. Debt obligations. Projected change in capture tax capacity and then one of the items that was requested is kind of what looks like in practice. So I've highlighted the custom House post office to district Redevelopment District. So for page, 25, there are 58 to districts generating. Increment was 46 a tree, districts and 12, 40 districts, the total tax increment expected to be collected. This 37 million with 31.4 for a tray and 5.6 for the Fort. For these 58 districts are capturing 7% of Saint Paul's tax base, which is 409 Million. The table here includes the historical percentage for the last 5
years. And you can see that the percentage has been declining as the city's tax base has been growing. And we have also had reductions in our to capture values. We have know goal high in the city to stay below 10%. So we're comfortable evil that. I want to highlight tif districts that will begin collections in Twenty-twenty 6 or later. These include the landmark Towers redevelopment, which recently opened with 187 new rental units. We have 3 housing tif districts at the Heights with the Habitat for Humanity Development under way with the expected new homes ready for occupancy later this summer. Plus, we have 2 pending rental projects developed by Sherman Associates in jail. Companies for which the a tree board
approval is still pending. In addition, this knowing that way, redevelopment district is expected to generate tax increment in 2027 with the first phase of private development underway. There. And additionally to tip districts and didn't pay. 24, I including the to district that ws decertified 7 years early has authorized by this board. This is a map. You also I think we're distribute copies of those and they are attached in legistar. So these are the tif districts that I'm highlighting these or tif districts that are generating tax increment in page. 25 or will be in future years. So they've already been established. The next few slides highlight some of the that have been achieved or anticipated. And these are within the established if district boundaries. And so this includes 26 housing districts that have created 3,058 total housing units with 2057 affordable rental and 50 affordable ownership. 3 housing tip districts have
been established and are expected to create total housing units, including 245 affordable rental and 73, affordable ownership. And we also have 18 redevelopment. If districts that have created 2,616 total housing units, including 509 affordable rental over 1.6 million square feet of commercial uses 149 hotel rooms. And nearly 3500 structured parking spaces. Plus, an additional 187 rental units as mentioned for the landmark towers and for the Fort to district, there's construction that's completed or underway, which includes 170 ownership units, 715 rental units and nearly 120,000 square feet of office. Retail. Plus, I'm just noting
on the Minnesota events to district that we contribute for capital improvements at the River Center complex. So there's not a specific outcome to mention there. And lastly, for snowy midway, this first phase of development is underway and it will have multiple restaurants. 87,000 Square feet of office. And i heard 60 hotel use. So just to summarize to date, neither district shown on your map. That's all we're showing is the ones on the map. 7,250 new housing units, 2 Million Square feet of commercial uses over 300 hotel rooms and 4,000 structured spacing. Structured parking. That's what we've accomplished within our district found these boundaries. We've accomplished
much more by pulling our tax increment and spending them citywide. P 24. I will summarize just what we collected. Ad then what our debt obligations are. So we had 48, a jury districts and 12 port. If districts, they trade tiff district generated 31 million and the poor districts generated over 5.7 million. For the debt obligations. These are obligations payments made from the tree tipped districts. Only this doesn't include any of the port districts nor did the outcomes. Tee expended tax increment on 34 page you go to know what tolling. 10.4 million pay. As you go know do not have scheduled payments. The tray pledges tax increment as they are collected without any liability of a tree or the city for any financial backing to Tiffany. Expired following. 24 paint Twenty-twenty for
payment leaving 3 notes with outstanding balance of 97 the tree expended tax increment on 65th Avenue, bonds totaling nearly 3.9, 7 million tough revenue. Bonds generally have scheduled payments, but they tree put in a tree pledges tax increment as they are collected without any liability of a tree or city for any other financial backing if pledge tax increment are not sufficient to cover the scheduled payment. The outstanding principal balance of our 2 for of a new van says nearly 13 Million. Lastly, the a tree expended tax increment, some 3 general obligation ordeal, tough revenue, bonds totaling over 4 and a half million, 2 g 0, 2, funds for fully paid in 2024. That's the Koch mobile tif district and the Ford site
redevelopment of District Geo 2 funds to have the backing of the city to Levy property taxes. If the pledge tax increment are insufficient. We have the one remaining 2. If to fund for the block. 39 Boston to district. It has a balance of 2.3 million. These bonds. Additionally pledge not parking revenues from the Atrium Lwson facility and there's been sufficient pledged revenues to pay the bonds and there has not been any risk to the city to levy taxes. These bonds will mature FEBRUARY one of 2027. This shows you a graphical representation of our outstanding tif district. So 87% is the pay as you go notes, which have no risk at all to the city for the jury. 12 0.7 million, which is 11% for revenue bonds. Again, no
risk to the atraer. The city to levy taxes. And then the 2.3 million of Geo, which is only 2%. And as said, well, mature FEBRUARY one of 2027. Thank you as Commissioner Nick or has a question. Thanks to I appreciate the slot as well because I think one of the questions we have been getting week off and often get about districts is. What happens if the amount of additional tax revenue, the tax increment that we expect doesn't materialize. Are we on the hook then to use our tax dollars to pay for payback the bonds and pay back the cost of the development. And it sounds like the answer is no. With the exception of the geo Bonds, which are very small proportion of the tip that we released. I guess I'm and it
looks like we've been able to fully cover those without any concern, a risk to the city's. I think that's really important that the risk is primarily on the developer. There's no guarantee that the incremental reach the amount that it cost them to do. The development. I guess I'm just wondering why would issue Geo Tiffany Bonds when that does pose some potential liability to the city as opposed to just always keeping it as peco revenue. Chad Johnson, Commissioner's commission maker. So 2 to funds that we have issued in the past have been unique circumstances. All say they've been very large redevelopment site. The Koch mobile. tif district, a large redevelopment site and we were using the tax income MR. Putin
install public infrastructure. And so the nature of the development lies that a developers not really, really to take that risk, especially if they're not developing all of I. And and we did that for culpable and the forward side as well. Ford's I did include a deal to fund component, but also included a patient note. So there was a combination for that one to share the risk with the city and developer. The other reason we do the deal is because we need time to get the revenues in place from the tif district and that allows we can have a 6 year period that we do what's called a temporary to find. And so there's no exposure again to the city. Why the bonds, our outstanding for that 6 years because they're fully capitalize with all their interest. And so that
gives more time for the district to start generating comments taken out, which is what happened with the 4 Okay. So wanted to evaluate our changing captured tax capacity. We first look at our tif districts that are scheduled to decertify, which means they're reaching their statutory collection term. This table is notable to districts that would decertify with over a million in capture tax capacity through 2033, they're that. These are the pay 2025. Captured the moments which total 13.6 million, which represents over one half of the captured tax capacity for page. 25. And this table here shows the projected change to the capture tax capacity with the established if districts offset with those decertifying the shows an increase pay 2028 followed by declining percentages thereafter. And I just want to know what this does include
all of the tif districts that have been approved. It include selling midway. It includes the Ford site. All of those are included in these figures. And I will. And with the presentation on example of what looks like in practice as I chose tip redevelopment, Tipp district that has pulling abilities so we could just kind of understand how that process works. So this is the post custom host, if to district. We established that in 2014 the district was established to renovate the vacant historic post office building. And project included 202 market rate rental apartments. 149 room hotel and 125,000 square feet of commercial space. An underground parking the project cost nearly 85 million and treat I agreement
authorized a tiff pays. You go note in the principal amount, 5.8 million. The adapted to plan included total revenues of 20 million to finance. The 5.8 million. 2.9, 8, 5 million in pulling for affordable housing. 1.9, 9 million in pulling for qualifying public improvements. 1.9, 9 million for administrative costs and 7.2, 3, 5 million for interest. The project was completed in MAY of 2016 in increments, first were collected in 2017. Through Pate 2024, that tif district has generated an estimated 8.6, 5 million in total tax increment allocated as follows that if no pledges 65% of the tax increments to reimburse a developer, the pledge tax increment are first used to pay interest and then reduce principal of that. If no, the total payments from the tax
and comments. On note, we're 5.5, 7 million, which paid 4.0 5 million of principle to reimburse the developer for that. If eligible costs. We've had 1.5, 2 million in interest on that peco note were able to pool not mentioned in comes to over 2 million for temporary tough spending authority from the district. We've spent only 120,000 on administration and we have. Are holding 950,000 for pulling for affordable housing. So when the tax increment are collected, the 65% immediately goes pay that people know what obligation and a 35% is retained by 6 expended in accordance with the tif plan. Notwithstanding what we're allowed to do under the temporary tariff authority. And so we have up to the 10% for public improvements. 15% for qualifying affordable and 10% for admin. For page, 25, we expect to collect 957,000 from
the district. So after we set aside the 65% for the peco, no will have the rest pooled. And I'm sorry, pulling expenditures are reviewed by pd leadership with any affordable housing expenditures authorized by the tree board. So that process comes here for approval when we're going to pull tax increment for affordable development, we do expect to have about 1.2 million accumulated for that purpose in the strip district at the end 25th. And that's all that's all I have. Thank you both. Just checking with other commissioners as to see if there's any additional questions they might have just from looking at this presentation. like 5. I will say that it's just
really helpful to see it and kind of have it broken down to what it looks like in practice. Some of the some of the questions that kind of we receive really are just around like what goes into, you know, this to the sighting where we actually doesn't to or we don't. And I know just being able to see this being walked through. I know it's kind of a continuation of our previous conversations, but it's just helpful. To further understand that and what it looks like. So. I have any questions, but I do appreciate you staying back and coming at again today. Just to kind of bring this forward because I'm sure folks are, you know, millions of years are watching at home as to say, but no, I just know that I constituents that are looking at are to financing. And so I really appreciate being able provide those contacts and in a transparent
way t for this body and for committee members who are interested. Chad Johnson, when you do get questions, we had a recent question from someone that we're able to point to the multiple presentations we've made over the past year to to this body. So they're they're out there. We can provide the dates and you can at least have people start to say looking for basic information about always let us know. Happy to share that kind of information. Thank you so much as well. Thank you. Item number 3 staff report. 25 Dash 7, 6, proposed changes to the Minneapolis Saint housing finance ports. 2026 2027 low-income housing tax credit, procedural man off. And it's 2026. 2027
qualified location. Plant City. One. Congratulations. You made it through but Icommissioners MAY have been reached out to buy Director intern and team about this. But this is like the actual staff report in order to be able to have a resolution coming forward next week. So head over to directing. That's right. Thank you. Chair Johnson commissioner says mentioned. Hasn't he missed? Has worked with each of you together information. I don't think you'll see any surprises here. It's it's the feedback that we received from from this body that's been incorporated into the changes. This happens every couple of years. So that Jules it on your housing tract will go over what we're what we're proposing to make those changes. And then we'll bring that resolution back next next week. Thank you, Director
Welcome. Director and China. There's Johnson Johnson. I'm sure that my name is just on House and that get to talk about income Housing Tax Credit specifically discuss to quantify location by the conditions for the 2026 27 cycle. Justin people are off to salsa stuckey off the phone, housing units and some fall. The ewells give The sauce is coming from the federal government Home by program. Cdbg also have our projects compete, funding of the occasion. So this did it all comes a county. We saw think also the visit. Also, get out fossil ground to make on Sunday few county additions. We have an indication the playoff on
housing it lol. We also have a look at that. You came and financing that my colleague was talking about and we have an indication of fox and some barns. also low income housing The study. Just like on like. It could buy ground on the night. Program to see that he was to by Congress for that. That's the form at 1986 to encourage adoption affordable. Housing units for low-income tenants by providing. Docs incentives to affordable housing investor us. States receive housing. Thoughts could be the occasion from the irs. I mean, so Okay. To slow the pounds, fine all he also called to join bought. This looking at the full light that projects both Saint Paul and
Minneapolis? But schools join Bob, this uphold equality for occasion along the That sets the priorities for on the condition. The hr team us few fine. These qualities for projects in sample. So that be sbject itself to 42 on Monday that explain how the money a pro gun downs of doesn't quite Again, the way specific a sense it it bought housing property to Just might. Do think that every other year? H's done. That's gusting to 20 to 26 for the 27 cycle. Keep they as group of that, that's program include which I look at tax credits, states. And bottom in the housing Urban Development, fold the to the mid to finance income. So the hra of Sam Fall is authorized by the John Ball administer the program for
projects in sample. Watts that speaks all of Goals to the investor those credits. I mean, they don't get heal the project. 50 people, a magician and wnts to projects And so best deal with go to the I had a could be something less in taxes. that's a fairly complex credits. The focus and not open awarded on Joshan's thoughts and some barns. And then more than and under competitive process. Well, a lot. Estimates for the 2026. Location is one the So I want to close moment because his critics question came off and when checked in with each one of with us. I mean, 1 million wealth effects credit because
he not some all on On the budget, see a different a month you want look at 1 million that's created. Means that the tools on to the vest on sale on sales that. Right now, the pricing all, if you sense, it defies sense of clarity, which means that. Which one, the young guy, where is all tool? 8 million, 2.5 million dollar loss, Wolf of equity. So in the budget, you would so line item such us. That's All syndicate syndication for teammates. But the developments on I love sometimes the price the press can be there. But like above
one dollar all 5 credit. But the bulk up on only up to off each. That's credits. I guess she fact that projects in the past 10 years and fall. And it questions and percent best time. You can see that. Maybe at full 7 minutes and then we sent that sponge projects are located cities. judge distressed area at And the of a development. The fop cent credits. Most of them just to see the que sitting in your little. We have a few projects on the wayside. It seems that in an qc case. And we have to say that program. Since his inspection resulted in the creation of. 7500 unit in sample.
And it just doesn't change I'm going quickly talk about the change and then if you will. And he's an international. If all the proposed change. Obviously we we make sure each one of fuel these Jen just reflects feet by some of the changes all just, you know, it's tough done. We used it last. of the feared empties one. We added long wage comply on. Wish security wage. Because just within just quiet It will MISS K a year yet. Changing. It was used. It funds here. From APRIL, pulls him off it financially viable in the long long can. what, for example, it developed. Man proposing fall my home. This units. It's a tough place finds we
seen that? The 5 points. between that and 19 units you before people from 18 to 10 points 20 on this unit on mobile proposing to go from 25 2.15, points. This is attack ad out. All the amazing that is efficient. To you, Jen. few minutes. We don't think to cost option new units in the area. So fortunate to why he's having fun. The fall of leads in all the U.S.. Yeah. For posing to remove the new law not go to affordable housing a l. It's fitting on the I think from the law, projects. A of wasn't long it because he's. We fall major cause of settle for a quiet open mind from Utah's going, though you're proposing to go half a mile. Those with a substantial
changes. We also have issue changes include entire case hinges on month along with services and it tough and then services. amenities that come from points. We are also expanding young culture condition. Section to if I do to do all case, what specific and measurable actions must be taken to an phones I want to say that section is gone system. Just language consistent the language. Just long blitz. Next steps on these process next with us fall, an option we changes and then the John Ball with me on. JUNE, 11th. 12 pools to provide funding pull up the q a p. And for to do and then on. So if the fda with shool. We used for the 9% for year. And then sometimes they do in the fall. bring you in a commission
for all to the questions. Thank you. Director Commission, an acre. Thanks, Chair Johnson, one comment. And then one question. First of all, I'm so grateful to the way that your team engaged just getting our feedback and then specifically presented this information. So clearly to show what's changing and what the reason for the change was, it's just it's really clear as I look at this, what's different now? I was proposed to be different and I can see my feedback reflected in so thank you. I would just a small question on think the previous slide about transit. Sorry. MISTER Prescott from stealing your question. But I'm just curious. Looks like if I'm reading this right, we are giving more points to projects that are farther away from
less high service transit and fewer points to projects that are closer. To hire service transit. And I'm just wondering why we would want to incentivizing farther away from better chant from worst transit and not as much for being closer to Johnson commissioner, think should give it for He should also pointed 5 miles behind me to Okay. Excitable. Yes. Wanted thank you. Commissioner Watzke, thank you. Chair Johnson in council, PRESIDENT Maker, you know for 2. Well, to know that force is going going to speak to I I very much appreciate the fact that we're expanding from quarter of a milto a half. I I also want buildings to be right in the transit stop but asking for a quarter of a mile is basically arguing for projects only at the station.
And I someone like me who's an absurd pedestrian is willing to walk far, far longer than a half-mile, but a normal person with ability concerns are young children or people who want to walk a very normal distance. I think a half-mile Hitting that. That that's foot priority. Im very curious to see if this and I also appreciate down below batter for the mixed use. I think the more and more we can encourage mixed use and transit accessibility with these affordable housing projects of huge, huge, huge component component of being able t live. Affordably is not just an affordable home, but how you gt around. It's incredibly expensive. Don't operate a car. And I also appreciate that. This language acknowledges transit ways that are under final planning because we have multiple bus,
rapid transit lines that are going in throughout Saint Paul. So I'm I'm very curious to see if this drives any particular interest and then in the future, I absolutely would be in favor of more sharply increasing those point totals as well. The transfer it further, really appreciate that weeks here. Thank you, Commissioner. I also just want to say, like I appreciate the process and what you all took to engage. The commissioners had a time as well. So as to take some of our feedback and implemented I know that this is something that will have opportunity to discuss a couple And I think just as we continue to adjust to I guess just react to things. I would be really off. Inclined to welcome you back, director, just to see like how this these changes work kind of what's learn from them. And if
this is kind of what you're seeing, that just really helps with serving home, we want to serve in be it able to invest where we want invest with this, that these resources. So I'm curious, you know, in the future to be able to just hear back like here's change we had. And then here's how that especially because of it helpful. And it really just kind of warrant us some more further ways to act to cut this out these resources out to the from the city. I think that would be great just t see like what happens some of these changes and as we learn from it. So I welcome that conversation in the future. Thank you. Chair Johnson. Once we receive all petitions love, we always have opportunity Right then I see where people getting Barnes. Yeah. We think Bengals them Those applications to one. Wonderful. I saw Commissioner Hanks Eastern
Johnson also want to chime in and say thank you so much to you and your housing team for always engaging with commissioners. Way in advance. Okay. In all my years in the county here, whenever this is up for a full, you all have always done a really, really fantastic job at that. I clearly see the suggestions that I mean, if be incorporated into here, especially on the other changes slide, which is giving and points to applicants who are including multi-vendor services, child care centers into their project and also clarifying the language the equity cultural integrity and take integration Thank you all so much for that. And wanted to share in general. Very supportive of what is being proposed. Wonderful. I any other questions for commissioners at this time. The rise. We're going to have a couple more items that come up. So I'll be okay to move
forward. Item number 4 is a staffer for 25 Dash 7, 7, Island bridge updates. Thank you. Chair Johnson. Thank you. Director new not have this one over to you. All right. Thank you. Chair Johnson Commissioners, Deputy Director Melnick McMahon is here with an update on several. Several updates on Highland Ridge activities and items coming up at future meetings. Welcome, MISS The fans. Tara Commissioners, thank you so much for the opportunity to be here as director Melanie McMahon, deputy director of the Department of Planning and Economic Development. And here to give you some information about how and updates that will be before you both as a housing redevelopment authority and the City Council
next week on the 14th. Just starting very briefly with a sort of history and timeline of the site in to plan was adopted for the site of certified for Castillo at the time that had to be set up at that time. And then 2017, the Ford site zoning and public from master plan was adopted by the city in 2019 for land sold the site trying companies and the city and the a jury entered into redevelopment agreement was Ryan companies at that time to invest public dollars into the site to build out the public infrastructure and the horizontal public infrastructure on the site in 2020 2021, we had covid another regulatory changes and now in 2025 almost 10 years to plan has been adopted coming before you with some consideration for updates again next week for both ice.
Starting with the minimum assessment agreement. So the city and the h or a previously established minimum assessed values for parcels on the Highland Ridge site. Those values increase over time in order to incentivize development and solidify the tax increment collections for the site. However, those minimum assessments place a tax burden on the properties without an offsetting income source. And so those holding costs due to those high minimum assessed values MAY development more difficult on the site. So this amendment would modify the minimum assessed values for some of the blocks on the site for 15 out of the 44 parcels. They'll be reduced for the near term, but then increase again like the original agreement. And by the end of the term of the tif
district, the overall minimum assessed values for those men did parcels will actually be around 20% higher than the original agreement. Again, those are the minimum assessed values for the parcels. It's the floor. So I to say not the ceiling. So the county still determines the assessed value for every parcel every year on the site, just like they do have throughout the city. And they determine that assessed value for the parcels. It's just that on this site, we had these minimum assessed values that they can't go allow that they can and do definitely go above them. Ending these minimum assessments that allows for that reduce holding cost burden and therefore allows for greater opportunity to be able to finance move forward with development, vertical construction on the site. The existing task, the
existing base taxes that are generated remitted are not changing at all. In the minimum assessed values are in place only until the final year of the Tipp District. But they do also expire when the tif district at this. Moving on to the redevelopment agreement. So that redevelopment agreement reference back in the beginning on 2019, feels a little bit like a century ago, some days right? But that redevelopment agreement contains a few things. One relates to green infrastructure connection charges. So there's a central stormwater system on the site. You can see it on the on top picture there actually, which is really forward thinking for sustainability on the site. And I know we've done it on other sites now in the city as
well. But that having centralized stormwater system instead of each individual honor taking care of the storm water only on their individual parcel require the city to finance the construction of that system because, again, it goes and pulse across all of the parcels on the site. So we then receive a connection fee when people pull permit to build and hook into that central ice storm water system but was stalled. Development were then not receiving those connection charges to offset the financing to construct that central stormwater system as part of this redevelopment agreement. Amendment Ryan companies will actually prepay some of the green infrastructure connection charges for some of their parcels on the site. Additionally, Ryan companies will be prohibited from receiving any public city or h or a subsidy for future development of parcels. They
own at Highland Bridge. This is excluding block to all talk about the plot to development agreement later on to presentation, they're separate. Turns to relate to block 2 and that agreement. One other item address a fitting exhibits but also related to public infrastructure. So the public infrastructure substantially completed on the site. If you've been out there and walk around probably what think is actually all completed on the site. The roads are there. The central storm, water systems air the sewers built out. The sanitary feels out. All of that. So really what's remaining is some of the landscape, both landscaping in the boulevards, some of the sidewalks really on those those infill. Lots on the site. So that public infrastructure originally in the development agreement had
a five-year completion date. And the reason that there's that deadline for that completion date of 5 years was a corresponded to the state's five-year rule for Tess. And the reason was that the public infrastructure was being constructed using tip dollars. However, the budget was set such that if there's any expenses above that total, that originally budgeted for Ryan companies pays for those additional public infrastructure costs and they're all the tip dollars for public infrastructure have been expended. And so all for their public infrastructure costs are, going to be borne by Ryan companies, which means that that state five-year rule doesn't apply anymore. And so in order to prevent building out some of that boulevard landscaping inside fox, that would then need to be torn down and removed and to order to put the vertical
construction and then down all over again, there's going to be an additional 5 years for the remaining public infrastructure. Again, that landscape Boulevard and sidewalks those infill lots to be constructed. Another update is that plan again, as I mentioned, spent almost 10 years now, a plan was originally adopted. The overall budget for the site will remain the same and is not increases, but it but it remains no new additional tax dollars going into budget and that for the site, instead, what was previous previously budgeted for interest expenses will now be reallocated to use on affordable housing and other public improvements. So again, that pretty that if a jet with that Pre-covid and trying to estimate conservatively what we might
need for interest expenses. And you heard this will talk with interest expenses as part of to budgets and her presentation. We were, as you know, she mention about the giovanni's for the Ford site. We actually got a piece, a grant from the state in order to pay off for some of that central Central stormwater system. And we received that was helped us pay off those back bonds for the site earlier than planned. I was like to publicly give a shout out to Wes Anderson Pierce a previous water resource coordinator was instrumental in really a fine for and getting millions of dollars for that. So you see a lot of times with these. You see that tales on that. This is a wonderful tale to have on his efforts. There. So specifically, again, we have those interest expense is that we now know we no longer need and will be won't to utilize
them. So reallocating 62 million dollars of those interest expenses into 2 different categories. One affordable housing, almost 28 million dollars for affordable housing and about 42 million dollars for other public improvements. The reallocation of those interest expenses to invest in public improvements such as a block to will then allow for stimulation of vertical development on the site will again remaining within that previously adopted tif budget without increasing the overall to budget for the sect. One other element is an agreement with Weiner of Director McManus. Have question for Commissioner Thank yu. Double experience. Thank yu, So with the tif plan. And the reallocation of those understand it's
increasing the tif, but since they're not use for interest expenses, but are there any other interview reallocated? Are there any other ways that that money could be spent like inside or outside of Hghland Bridge of the tif district? To me, that's a question for Jenny. chair commissioner, I think both have this will come up and help answer that as well. And little more than the weeds and the new ones. But would be subject to the 5 year rule of which we are actually coming up on. So mentioned that the 5 year rule does expire at the end of this year for developable expense us. Chair Johnson commissioner just. Yes. So since we are coming on the five-year rule, we would have to expend most dollars. This in order to preserve the ability to So there's and must we can come up with
something very quickly to get underway. We've found that this is a very good use of these dollars and it'll help expand or pulling a suspension in the 2 plan Amendment ok? And so question. So what happens if we don't spend dollars this year? To Johnson Commissioner Joe So any amount that we do expand the principal amount this year and then the interest on that cost is what we can pull. What tells us how much we can pool. So the agreement Ryan companies requires that they incur the costs this year. So it does count 4 are in district in her pool. Our ability to pull on if they're not able to spend it this year and we will not included in that if know and we would then preserved are pooling for other things. So so to say that a different manner when the first rta was
done, it was a requirement that Ryan companies believe U.S. Military branch mean I can it that incur all of the cost for the public infrastructure by the end of this year so that it would be an in district expenditure the way the state laws written, even if you spend in your district. But it's beyond that 5 years come to get your pulling limitations. So we've tried you know, pointedly set up everything that's happening with the developer side to be qualifying in district so that we have an excellent pulling that we control. Thank you. Come back to Direct command. Moving on to the agreement with Weiner apartments. So as part of these updates as Weiner introduce separate agreement and will be obligated to do to multi-family projects at
Highland Ridge. will consist of 2 different residential buildings that will have respectively. One will have 170 residential units and the other will have 180 residential units. One of those would begin construction next year and the other would begin construction the year after. So they becoming pretty quick here. Wiener apartments would also be subject to compliance requirements for this project. So the Sustainable building from action to that policy, those sort of things. Additionally, they would be prohibited from seeking any city or h or a public subsidy or dollars for both the projects that are obligated to and on any other parcel that they own in the entirety of the Highland Ridge
site. Binder Apartments would also prepay the entirety of their green infrastructure connection charges. Again, for all of the parcels that they own on the site. And then this is the last one. The Black to development agreement. So this is what 2 that were just discussing a little bit. The building, some block to include one mixed use residential building with 97 new housing units. Ground floor, commercial space, public amenities with the streetscape, te pomenade for different commercial buildings that total over 36,000 square feet and structured parking as part of this. Ryan is subject also to compliance requirements. Similarly symbol, building ordinance, affirmative action to that policy. All of those there
would be an investment of the public redevelopment costs that if dollars of 23.9 million dollars again, that is the reallocation from the interest expenses so that if budget for the site, the investment of tips on this project to get the vertical moving overall that not increasing, it is a reallocating from interest expenses into this block. And again, those are those to eligible costs that are subject to the five-year rule, which expires this year. And accordingly, construction would begin this on the site in order to move that forward. And then really just sort of, you know, trying to set back the picture and summarize what the package of updates is bringing forward to you all. So its approval of those updates, you'd be getting a binding commitment for 3 residential buildings that
total 447 housing units, 4 different buildings of retail and commercial space adjustments to the minimum assessed values of certain parcels that would end up totaling more than the original agreement by the end of the term of the tif district. There'd be no increase in the total to budget for the site. Instead, reallocating those expenses from existing expenses in 2 affordable housing and public dollars as well as that prepayment of a total of 2.8 million dollars and green infrastructure connection charges on the outstanding financing that we've got for that green infrastructure district. So these updates, as I mentioned before, would be for And the cty Council next week on Wednesday, MAY 14th. Thank you, Deputy director and I do also see Ryan companies
team as well. So thank you guys for coming out and also for reaching out to So final getting a chance to have a briefing on this as well. So it's just being able to ask some of my questions has been really helpful. Do are there any questions from commissioners at this time on on Island bridge commissioner provide skin and Commissioner Yang. Thank you. Chair Jonathan deputy director and this is the value of that pre briefings in today because there are things that you said Better appreciating in the moment having already heard the first time. So again, thank you for for the briefing. I just want to acknowledge a lot of the creativity and ingenuity that come into some of the solutions. You you spoke to the work done by West Sanders
Pierce to pursue that grant which allowed us to unlock what would have been those interest payments to make sure other elements of the project to go forward. Even ensuring we used the tif dollars within the 5 year. But doing that by partnering with rain to get those future infrastructure needs covered. You know, I'd love for the sidewalks, everything rebuilt. Now everyone knows I personally would love for this. We built now, but that is typically have development is done where we do the sidewalks as development go through. So and the fact tat this largely still matches the vision laid out in the master plan, which was so so was fought for and argued over and and created and shaped over, you know, more than a decade of public community work in city work. So I just want to name, you
know, there elements in here that I would have little nooks and crannies of questions about. But overall, I just really appreciate that. The creativity ad the willingness to try and find the solutions because it's a major site that we need to start seeing more and more activity from and more and more vitality from. And so just appreciate all the work to make that happen. Commissioner you and then commissioner. The Johnson Melanie. Thank you so much for your presentation today. I appreciate getting chance to talk earlier today and also the conversations that I've had with councilmember just on this, too. Just looking at what you're presenting so far. And I there are a few things that I want to highlight that I please to see it getting questions about status of the
project here. Opposition from from some residents about are increasing that if applications for the project and I just want it to be known, I would be very opposed increasing allocation. And I'm pleased to see that it is remaining the same. And also on the just the what you mentioned here on a couple of the agreements about no city and the funds for any remaining Ryan owned parcels that I'm also very supportive of 2. I have a few things I do want to to be really open with that with my fellow commissioners about. I you know, I did walk away from the briefings being pretty And that reason why is because my understanding of the team is here is that it crafted under the expectation that the stabilization amendment today being proposed by concert shows that I was to
be approved and you know, these agreements then be voted on by And and to me, that's really problematic. Regardless of where the stances for council members at the table here like to me, it is a huge issue that has conversations about ngotiations for this project is being had. There's already a compromise pretty much on an ordinance that we haven't voted on like it is to 53 and we have a council meeting at 3.30 today to vote an amendment being brought forward by stabilization. Ad there's also a couple of amendments being forward to. So to me, my what I would really like to understand is why is it that agreements were crafted in a way where? There is already going to be almost
as anticipation that the amendment being proposed by Conciertos would be approved today. And when was that when when did it? When was it decided that that was going to be? Pretty much the direction of the conversation. Yes, I don't reckon the custom to yet. That is a question for other folks to if if they have any response, want you to feel like it's I knew answer this. Chair I'll just know there's a lot of different elements to it in terms of rent stabilization as a component for all development in the city. Right? Is a component moving forward. They're these components that are specific to the Highland Bridge site. And in terms of the timing of this, I'll just note also for the minimum assessed values and look at minimum assessed values. The county actually does required for pay 2026. That things are to them and ready for
reporting in early JUNE. Record in early JUNE. So for an opportunity to move these updates forward, looking those minimum assessed values and amending those has to be done in MAY in order to impact the pay 2026. So that's how the timing of this moving forward and large part. Like maybe island, just a little bit Johnson and commissioner. What we've been what you're looking at is package of. Well thought out, creative. Efforts to keep this development project going in our current market conditions with our current policy situation and their policies have impacted our do impact and always impact the market. So the developer has looked at our policies and said assuming this happens, this is what would be in any case. Mean, this happens. This is what we
can work on. I'm assuming and I have been deeply involved as director deputy director. But with any project going through this kind of process that doesn't happen. Then would have to look at other things. And again, like there's a timing issue with the of things have to be considered anytime you're looking at a comprehensive set of negotiations to try to keep a development project going in. Whatever given market conditions are to some extent. I hear you on that directing then. I just wanted to bring up again. It is my understanding that this was these agreements are crafted under a scenario that the amendment being De Amendment being proffered by customer Jones would be approved. I'm not hearing agreements for a different scenario. It isn't a surprise to folks here at the table that I'm bringing forward an amendment for 30
year exemption for new construction. Currently, it's 20 years. And so my what I want to understand is how would this how these agreements look any different under a different amendment that was approved? What it look different at deputy director back then we can it over to you. If you have. And if you MAY not have answer to that, I also can bring director noon as well. I can as well as you know, developers say here as well for answering questions. I just did one what rate developers have indicated that the Fix State Amendment to the new construction exemption within the rent stabilization is what is needed are for them to move forward to obtain financing and move forward. As
I indicated on these. So why the 2 Weiner buildings are entirely privately financed. The block to development is majority privately financed. So they've indicated to us that fixed 8 change the rent. Stabilization ordinance is what is needed for them to move forward with that financing and to be able afford with developments. Okay. Commissioner Ian to do a follow-up. I know commissioner. Yes, commissioner ticketed. You still have a. So commissioner at the commissioner, Nick and then Commissioner Kemp, thanks Johnson. Thank you. I hear you on that too. What I'm saying is that we have not voted an amendment for rent stabilization yet. So you want to make it really clear that. What has happened. It's really want make sure it's also a very irresponsible and then it's aso bad policy making until mean I wasn't at the table. I don't need to be at
that table on when you having developers about Highland Ridge, I it would be my expectation that that's something that councilor Josue be sepping into. At the same time as a council member. Is my expectation that you all are going into these meetings, ready, making decisions like I suppose unofficial decisions about how this council is going to be taking action. These are understand these are separate votes stabilization amendment taking place today. Votes on the agreement here, the oes that are being proposed, that would be next Wednesday. They're separate. But I clearly see that there's a connection between it because the message that could be going around to council members is well, if you don't vote for the amendment being
proposed by conciertos today, then developers are going to walk away from Heim a bridge and also these event, these agreements that you put together, basically they won't be they want the be relevant anymore because it was tied to the amendment. Bring being brought forward today by consular toast. And so that's why I'm saying it is premature. It response. What bad policy making and also they're really I don't I don't see any around justification for any of the things that are happening right now. And that's something that if if we want to move forward as a city morning to make informed decisions, those are things that need to be delivered on. And so I want to make it really clear what my expectations are and that how this is even being handled, how it's being about 4 to us. The process itself. It is
completely it flawless. And there is much more improvement to do about it. Thank You, Commissioner Your comments are taken in their heard. I tink one of the things I will that I really would like to kind of share back what director new on. With projects like Highland and Commissioner Joe and the Heights Commissioner Yang and even the hams redevelopment and most of the the projects downtown, I would say, you know, I I will so was not involved in some of the preliminary conversations night recognize and fully understand that. So much of our projects take months sometimes to get to a place where we're actually in the position that we are now. I just want to acknowledge although the work that has
been into it, I want to now stand and just let you know, Commissioner I hear yu part of the reason why I wanted to make sure that we were able to get a staff update today. Without an action is also to be able to address any outstanding questions. Concerns and thoughts. So I would just encourage if the commission anyone, if you have continued conversations around Highland Bridge, specifically in anticipation for MAY 14th, but it will come back to the stable with an official action on the agreements. From my vantage point, I have asked, you know, for to see agreement, I had a chance to review the actual event itself had a chance to also connect with Ryan companies about the overall just I wanted to better understand some of the minimum assessments and where they were. And but I appreciate a Marine and her
team for being able to get that back to me. Encourage commissions to do the same for big projects that we have coming up in anticipating coming up I will share with you. I think that my biggest concern on this one in particular is that did go to the school board prior to coming to the eatery. And that was just like something I'd like to avoid in the future. I did messages and things from school board directors wanting to know, you know, about the space and I think we can get ahead of that. And I would encourage us to continue as a team to just operate in that level level of transparency, out of respect for all the commissioners. So if we are leaving a big project in our ward and we know something coming up in our war during our jurisdiction in space. We MAY be heavily involved in the
weeds, but I'd encourage our commissioners continue to think about that and how all these sessions are gonna have to come back to this body in advance. So I'm going to take that. They're also gonna bring that forward. But I want to be able to Commissioner Nick or and the Commissioner Kim also ask their questions, but I just to share that. I think that we're talking about high numbers right now. And want to acknowledge your work that has gone into it. I want to just share like full complexity, sport. And I know that this is like kind of the precursor for multiple developments that are to come play. And I just want to make sure that we and to lean into that aspect of before we get ready to do something to bring it forward, especially to another body. We MAY want to bring it here even for informational purposes for thanks to Downton all all you'll to cause best present.
Kenneth, her question was a direct because want okay. Well, thanks Johnson thanks has become and I want I just want to say sort of stepping back. I think I share a lot of the frustrations that being expressed. What was missing, I think from the contacts I the shared at the beginning is it's not just. We're not just here because of covid are not just here because rent stabilization were here because the partners that we contracted with an expected to fulfill obligations to us have not fulfilled those obligations. It's really disappointing to be here. All of us, I think prefer not to be in this position. And so I just think it's important to say that because I recognize that as responsible policy makers, we often need to make
distasteful decisions because we need to do what's best for the city and we need to move things I find this distasteful. I don't like changing agreements that we put in place in order to create developments that have not created that development for a variety of reasons. For example, the minimum assessments that within you described as being a hindrance to development because they are raising costs for the developer. Those were put in place to raise costs for the developer to incentivize development to occur. That was the point. And development has not occurred. And now we're talking about backing off of those assessments, at least in the short term. So I just want to be really clear about my disappointment that we're in
this place that sid moving forward. I have a couple of specific questions. One of them is related to wrap up the block to development agreement. The structure parking facility that we are paying for with public dollars is that a public facility? Is that going to be free? Is that the private development needs of the private development. For the law to developments that those dollars will be spent on a multitude things, including the structure parking right. So site utilities say, works of great improvements, structure parking, retaining walls, pedestrian access grade level connections and all that for that structure parking 77 of those stalls are public. 15 additional sites, specific cell specific for the retail component. And there is residential parking of 109
stalls for that. The public parking is free and open to the public included in public parking as well. Our 2 ev ready parking stalls and 3 car Sheriff's office. Okay. So 77 cells will be open to the public of 77. That's the 15 sorry. Great. And I think this is a bigger, just question that we need to have. I need answer before MAY 14th. And was something. I think it's important not just for us, but also as we're talking about what this decision means to the public I don't I don't feel like I right now understand the cumulative impact of all of these changes from what we originally agreed to. So, for example. Will these changes affect what's built on the site compared to what was agreed to how these changes affect, how much public money is going into the site compared to what was agreed to and how much private money is going into the site
compared to what was agreed to the answers to all those questions MAY be really easy. Easy to give us now or they might take some time. But I think those are the 3 big picture what does this, what does this new agreement mean to us and to our community that we need to add that I need to answered before we've next week. thank you so much, commissioner. You care for questions director knew to be get those as well. Just like kind of put together. And then I think it would be just great for members of commission to get the answers to that well, I'm sure was a lot of us have the same questions. And I think when we hear of that, you know, have a amend their agreement that we're bringing forward. You know, I think it's always great to know like what that actually what the impacts of that. And then just when we do get questions about it, I think just knowing what
has changed and how that MAY. At all be different. It might just think folks further questions for your side. The surprise of people don't have follow-ups from that, but I think it could jst get e-mails appropriate if you for in communication to commissioner said great. Commissioner Thank you so much, chair. Thank you. Thank director man and this will for being here. I just want to and also Director Newton, thank you for the presentation. And I know that Highland Bridge is a project that has been going on for for over a decade in. There's a lot of information to pack even into this presentation. I appreciate everyone's questions thank Thank you. Director deputy director actor for making the time to give a preliminary report to everyone since we knew some who information. I think everyone has been
briefed at this point. I've also talked to eery council member here and Chair Johnson. I did talk to do get a chance to talk to a school board member before, but I will make sure and thinking of that. Timing moving forward on decisions like this. I agree that that's important I I really it appreciative of the opportunity to b able to move forward on Highland Bridge. As I mentioned, this has been in the works for a decade. And even if you councilmember sitting here have been. Part of those discussions and, you know, the council member that sat here before me worked on this for pretty much his entire career. And there was really a lot of a lot of hope and excitement about this project. And I really do believe that that is still there, even with the project having been on hold for 4
years. I think that, you know, these these agreements and really the creativity and hard work that everyone put into to try to find a way to move forward. I'm I'm really grateful for that. And for the project to build live up to what is already in that master development agreement. Tis is just such a critical development for our entire city. When we're talking about, you know, thousands of units of housing being built the opportunity to build or expand our property tax base and also to be able to provide another economic engine for our city in addition to downtown. So I'm really I am too. I am also, you know, I'm little bit disappointed that we are in this situation for so many different reasons. But at the same time, I am optimistic and hopeful that we do have an opportunity to move
forward. And so I really appreciate everyone's questions will be working really hard with staff to make sure that folks questions get answered over the next week. But I am very supportive of this item and I want to thank everyone for their work on this. That's really very intense over the last few years. And even for folks before me. And so I'm grateful that we have the chance to forward. Thank you, Commissioner Joe market. You have that you have additional question and we'll hear time. But I'm happy to take it before I move forward. I think I'll just echo I'm also very interested in sort of the timeline of this thing coming to council. I want to echo the concerns. A consummate Yang and council PRESIDENT That I'm also very interested. Why we don't have
information or Dion. If a 30 year Councilmember Yang's amendment were to be moved today, why that would not be feasibly be very interested in sort of like. What's the average time line for - financing? It seems like a lot of the development tools for financing or well within that timeline. And I just want to echo again the thing that councilmember Yang's that I I we haven't been here very long, but time and time again, this site comes forward asking for changes and tweaks and amendments and exceptions I think there. I'm going to be very interested or on the data that proves why those will be needed. So I will just echo that. I will need substitute
information in order to be supported for for next week. Right. Thank you so much, Commissioner Kemp. And I'm sure that direction. And then deputy director McMahon can definitely follow up. If you have if you have specifics on like this, the supplemental things are going American so that to me and I'm happy to get that to the mark or vice chair dress. All right. Thank you so much. Appreciate you. For the sake of time, I'm gonna. I actually went item number 6. 0st. I do see this for audience and I know she's been patiently waiting, but I want to make sure we have to take action and both of these items I do want to touch on them from share Facilitating standpoint, I want to make sure we do get through the actual project item number 6 on going to take that person. That's ok and like find and should do I like. But the number 5 would facilitate number 6 being able
to happen to it could be quick, but it makes a little more sense we let 5 go before 6, but we could do it quickly, ok, if there's any questions on item. Number 6, I want. For to be an answer, they listened look to me and are both people doing them, Angela Magic Angela rifle be doing the first one chair and then Jonathan Rees, Tripoli will be doing the second one. And and but the first one is quick. It's just an explanation that you'll need to be able to facilitate second. Okay. And the objections to skipping the pop that back on science. For the sake of understanding with the amendment changes are wonderful. tear gas and commissioners. I'm Angela Rye fee de France will project manager. I'm here to request an amendment to the messages. Patient agreement related list community asset, transition, fun otherwise known as the Cat Fund. Very
quickly, this is fund that was lit that was launched by Liska Twin Cities and to provide affordable flexible capital to pardon redevelop properties. They've already funded several projects Saint Paul, including Walker, West Music Academy, 3,000 feet, new vertical. So. Cat Fund goals are here on the slide and available for you. A child to skipping. DECEMBER of 2021, the jury allocated 500,000 civil unrest funding and in turn into an in pa with The 8 refunds provide up to 250,000 per project to not exceed 50,000 or a 50% of acquisition costs. 4, 0%, interest loans up to 5 years.
So basically participation in these loans helps to lower the costs to borrowers as shown. In the example, project example table. Here you can see that it would lower the cost to like 3%. Just an example project. To chair Johnson's point, the current in pa is based on Cat Fund. One point, this project program integration limits loans up to 5 year terms and borrowers to only 7 preapproved nonprofit developers. The Cat Fund to point he's developed in 2023. Offers more flexible terms up to 10 year loans and eligibility for mission aligned for private developers. So the Cat Fund the project pipeline, including 9, 6, 8, which is next on the agenda. Bases updated terms in order to move
forward. So next week we are requesting approval of a The mpa to include mission aligned, for-profit developers and loans up to 10 years to right-size projects. For a pipeline. So on MAY 14th. So thank you. Any questions. So just in short, know. Well, when we didn't get a chance to read it and number 5 into the records will do that. Now U.S. Thanks love for staff report. 25 Dash 78 introduction to list cat Fun Master Participation Agreement Amendment citywide. And then as we continue forward for that. So thank you for that. I think in short it looks like the main changes right now are going to be a v a. The long-term years. And
then the eligible which is directly affiliated with the projects to come. At this time for commissioners. I know that was quick, but you have any additional questions on this item. I felt like that was a pretty self-explanatory change. It's that applies to the project, but it's not solely for that project. Change isn't just come in for that project. There's been multiple situations and scenarios so much. The 7 approve nonprofit developers from the previous Tom previous criteria no longer work with what we're trying to do in the future yet. And cheered on Sunday will be additional projects coming up. So the 500,000 this upcoming project is requesting 150 in. And there's going to be some subsequent projects that will also benefit from these the changes. Wonderful. Thank you so with that. And there's no objections that can we can
move forward to the next item as well. But will read it and see. Item number 6, a staff report staff report. 25 just 79 introduction to list Cat fund's participation for the acquisition of property 9.64. Through 9.68 Payne Avenue in District 5 boards. 6. Director noon. Thank you. Chair Johnson Commissioners principal poject manager Jonathan Restricts here give an introductory presentation on this item. It will be coming to you for action and upcoming meeting developer, Georgia for us here as well. If you have any questions after the presentation. Thank you so much. And I am usually really great but last things. But for today, MR. thank you. Chair Johnson commissioners again, Jonathan
a project manager Economic Development team. This is an intro to participation request in Tillis, Kathleen, for the acquisition of 9, 6, 4, 9, 6, 8 Payne Avenue. As Angela mentioned in the last item, the h or allocated 500,000 of civil unrest funding in 2021. To this program. And in 2023 lisc and the injury entered into a master participation agreement or nda. And the way the mta details, responsibilities, lisc underwrites, the loans which are then subject to a approval. 9, 6, 4, 9, 6, 8, Payne Avenue was at the corner of case and Payne Avenue in Ward, 6 District 5. It is Zoned b, 2. The slides were supposed to have property lines on them, but I think
they got lost going the pdf. So the building, which has the blue awning on a closest to corner where Anderson choose used to operate is about 4,000, 400 square feet. That's 9, 6, 8, pain and the lca parking lot on the corner and wrapping around the back side to the alleyway behind the adjacent buildings is 9, 6, 4, Payne Avenue and that's 10,242 Square Feet. Georgia, Ford and Black Press have a purchase agreement extension until MAY 28th for $400,000 for both of these parcels. As for acquiring entity is 9, 6, 8 Pain llc. She and her media company would sponsor and guarantee the loan. And then for the tenant uses, the main floor would be the new
headquarters for black press and also for the nonprofit arm of it, the Center for broadcast journalism. The second floor would include e-business suite and your 3 another broadcast studio. The sources and uses include acquisition and pre-development costs totaling $481,000 lists loan amount would be $275,000. Our loan amount to be $150,000 borrower equity would be $56,000. So the total blended loan amount is $425,000. The term of the 6 years, the rate to the borrower would be 1.7 and that would be with Gerri amount being 0% interest in the list come out being about 2.6 amortized over 25 years with a balloon payment. At the end of
the six-year term. So lists loan underwriting show sufficient income and for loan repayment during the term of the loan. And then at the end of the term, the project would refinance and the balance of the loan would be do. Lisc also secures the loan for the full amount and the mpa does indicate that payments to the h are subordinate to lists receive payments in the order listed here. In addition to using the property is detailed in this report. As for has explored future opportunities for expanding development on the site. Activating space with community partners. As mentioned. She is here today as our Kate Speed and Kawhi mayor I from lisc Twin Cities. If you have questions for them, oherwise I'll take
questions as well. Thank you. a other. Any questions from commissioners. Commissioner you thanks to Johnson. I don't have questions. Just want say. Thank Jonathan, for 15 there and also keeping in that request here to it. You always do such a great job. I am so grateful to Georgia joining us today. Thank you for being here. I can't say enough about how incredible she is funny to just I like that. She's an independent journalist. Also, Sheen has been recently opened up Boxing Club owner, Kate streets that you're looking for a boxing lesson. That would really spot for you or get tall. So I bring your kids are used to and just thank you so much for the investment you're making in to our east side coming in, Saint Paul overall, the amount of work you do in youth investment, building a pipeline into journalism in just developing in our city is incredible. And
I would no surprised also expands projects into other parts of see Paul, too. So she MAY even be coming into your words sometime Wanted to say i'm very supportive of request here people supported it when it comes before us. Thank you so much. Commissioning. I also want to share that. I'm really excited to see you back on side. And I know that there was just a lot of efforts being taken from U.S. 4 multiple folks are really excited about this project, but also bring. On the site to And so I just think it's really cool that we have an opportunity to invest in our local businesses and to keep folks here in Saint Paul and in our community and on the side. So thank you so much MISTER Respect. Wonderful But I really appreciate just bing able to have that. And too,
will be there to support this next week. Are there any things before we wrap up other than seen? And thank you again, the sport for actually sitting through it and being patient with us as we're going through all these items. I'm surprised got all that. All 6. It's a job well done. So with that, we are