all right we're ready
yeah all right
well this is our first meeting i think
since october so thanks everybody for uh
coming tonight i hope that uh everybody
had good holidays a good new year all
that good stuff so monique thanks for
being here i know that uh you just got
sworn in last night and and matt as well
thanks for
being here uh monique's not a new member
but matt is so
um well let's do uh
roll call real quick so why don't we
just go around the room and introduce
yourself so zahi why don't we start with
you
sure so um hi everybody i'm
david um
what do you say uh maybe six or seven
years now yeah you've been on the csc
for a while yeah i think matt's our only
new member but yeah that'd be good to
just kind of introduce where you're from
and yeah so um
originally from israel i've been here
now 14 years
in 13 years for 13 and a half
um i'm a a finance and real estate
professor at ohio state at fisher
um
and live here in bexley all right and
zay is our current vice chair of the
board
yeah happy to hear to be here in person
since the beginning
what is scary um
tom brigdon i've been on the cic
students formed also
a real estate developer
lived in bexley for 22 years and you're
still here and i'm still here
sarah gold i've been on the cic for two
years now
it's crazy uh also a real estate
developer uh and happy to be here all
right and you're our secretary of the
board i am the center all right
uh i'm nate green i'm the current chair
of the board i've lived in bexley for 20
years and i've been on the board since
it's the inception although i was off
for for one year but
it's uh it's great to be here
ben kessler mayor with the city of
bexley
matt seemed too much of me recently it's
good to see you matt
yep i am matt mcpeak um just elected um
as city auditor um was inaugurated last
night by my kids which was amazing um
but uh nonetheless i've been about
23-year finance professional
and um you know thrilled to be auditor
for the city of bexley and i'm certainly
interested in learning more about cic
and and being an active member
appreciate it well matt we're happy to
have you thanks
monique lamke this is my third year on
the cic i am the new finance chair of
city council and the lawyer by trade
i'm todd friedman uh found one of the
founders here at cic been here since the
beginning um a lifelong resident of
bexley born and raised
been here my whole life
and happy to be here
i'm the chief legal officer for
schottenstein stores corporation
do we have minutes from our last meeting
so we we do but i was just trying to
pull them up on our system and i don't
know if
some our our online agenda system is not
presented normally
in a couple of different ways so i don't
i'm not able to pull them up okay now
that's all right well you know we'll do
we'll just add our next we'll have to do
yeah
consolidate them we can pull them
heidi mccabe is joined
well hello heidi
all right well it's not on the agenda
but let's uh one of the things
uh i do want to talk about
is um
we and i think this is something we have
not done for gosh when was the last time
we did a retreat was it three or four
years ago
yeah four years ago
um so we have uh
and i think hopefully everybody can
attend we have uh slated january 28th
from one o'clock to four o'clock it's
it's a friday
um to do our board retreat um we uh
and ben came up with this idea i i think
what we're gonna do is hold it at 420
north cassidy
uh we have well ben if you want to talk
about it kind of what the what's been
going on there and
why we can use that space so as you guys
know that's going to be
in an interim use as a senior center
slash
oh this is not odd but also like some
teenage programming so we're still
trying to figure out what to name it to
merge those two so if you guys come up
with a good name that's cool
and also somehow relevant of course
anything we come up with is cool
boomer that's been mentioned that's
that's
anyway um so that space has been
carpeted um painted
uh
you know
some tech is going in there there's
internet and uh restrooms work last i
heard so it would be i think kind of fun
to see the space in its interim use and
also sit on a site that's
slated to be a future mixed-use
development with the community builders
um
so that was
maybe maybe a place we could be that
would be cic turf
yeah i think it'll be great and i think
we can you know look at the space and
you know use the space that we're that
we have and it's better than you know
trying to
either rent space or have to pay for
space something like that so well todd
did work into the orange theory lease a
clause that we could every year take it
over for a six hour period for a retreat
so that's the other eye would we have to
use the treadmills yeah would we have to
would we have to do fitness while we're
there yeah it's a good point i think we
would i think that might not work out
for for everybody that might be a that
might be a problem
um zahi's wife and i i know your name
but i'm going to say it wrong so if
you'll introduce yourself please do it
uh
[Music]
yeah so she is going to be our
facilitator which is great and and uh
she does this all the time so i think
she had a lot of great ideas on how we
can structure the meeting
uh how we can
really come up with some good ideas
going forward you know really the goal
would be to put together our plan for
the next year but then also look out
for a couple years i think
we have
we have some new members of the cic we
will have
new council members that will be there i
think even for all of us that have been
on the cic it's good to go back and talk
about the history it's good to talk
about the land use plan that we
really you know have used as the basis
and the foundation for what we do so
we're going to
we're going to do that
and go through that
and then
it would be my goal at least to go
through the different uh kind of our
different areas that we're we're focused
on ferndale mayfield the cassidy
corridor and then if we get time to talk
about the main street corridor and talk
about what we want to do
use the land use plan as our basis for
that and then figure out our plans for
for that going forward so that's really
i think our idea and how we're gonna how
we're gonna put that together and um i
like you will you will uh
guide us through that and uh help us
get there and help us keep keep
organized so
i'll talk too much that that will be
but we don't have uh we have a lot of
members that talk a lot so we don't we
don't uh uh really fail in that so i
think we'll be i think we'll be good
um
but that's kind of the plan that's what
we really like to do and uh everybody
there so i think it'll be it'll be good
um
next we want to talk about uh
bexley square and just um
really we want to go through i sent out
a budget earlier today i don't know if
all of you saw but we have ashley and
johanna both here
to talk about um
to talk about bexley square
and really really a couple things we
need to talk about our budget
we've talked several times about a roof
replacement so we need to talk about
that and and doing that uh this year
because i think we're we're at an urgent
point where we really can't just not do
it we've gotta uh figure out a plan and
actually do you know replace the roof
uh next year and then we have um
we will have some of our leases i
believe are going to be coming up within
the next uh couple years so we need to
we want to talk through that a little
bit uh but more than anything we just
want to get ashley and johanna to give
us an update so
ashley is on the screen she is uh
graciously joined agreed to join us
via zoom although she is uh she's not
feeling well right now so
um ashley i don't know if you want to
talk or you want johanna to talk or how
you want to do that
um we can kind of both if you want to
get up by the mic johanna so we can both
kind of be involved
i don't want to miss out on it
is she there
she's sitting over in the corner and
you can see her from where you are but
okay perfect um
hi guys good evening i got the threaded
c word so i am recovering from that and
trying to avoid spraying
um
so we did put a budget together um i put
in
kind of i guess a wish list so i'm sure
there will be some adjustments made
um
the one thing like you had stated is the
roof replacement we had looked at
actually doing it last year but given um
the delay like all the suppliers are so
behind with hovid and everything
shutting down
so um i would like to start
working through exactly which option you
guys would like to go with so that we
can get the contract signed because i
know um
they're last i spoke with them they're
running about six months out once they
get the signed contracts in
so um
as far as the roof portion um i know we
i've sent you guys so many different
bids and options i'll kind of get some
clean
um proposals sent over to you guys um
for this year but we're looking at two
options one is an overlay and then the
other option would be a complete tear
off um
and speaking with the different
contractors
i would recommend a complete tear off on
this roof it's just the type of
insulation the fiberglass insulation you
have up there has a tendency to hold a
lot of water
um
which is going to continue to corrode up
there so unless we just you know
completely tear it off we could have
more issues
um
obviously the overlay option is going to
be less but then you have
once they start ripping that up and they
find bad decking you end up sometimes
paying more
so um
with that said i would um prefer to do
the tariff um
the last budget price i got from
division seven was 250
and that was based on increased
supplies and labor
over just the past couple years
but i have a total of four proposals
if you want to do the tear off option it
ranges from these different vendors the
low bidder is at 170
and then the high bidder is at 250.
so um i did put the 250 in the budget
um and obviously we'll work to get that
number down
um
but i just wanted some direction from
you guys i guess on which option you
guys would prefer
on that route
for
um i mean i could even
bring over one of my contractors if you
want to talk you know in detail with him
or just
send you all the bids um
and explain everything in an email to
you but
um
it was failing pretty comprehensively on
this end
we replaced it before we moved in so i
mean at the time i think it was
we had an inspection report i think it
was 15 or 20 years old
that sounded yeah yeah it's the original
roof up there
what was the condition the decking some
of it had to be replaced because of yeah
it was just
rust it wasn't everything though it was
like a cup it was a little spot
replacement
um
and that's i know that they've been
there tenants could continue to have
issues they've just been passionate as
they can
yeah i mean you know it seems that we're
at a point where probably
we need to replace it right we need to
just tear it off and do the whole new
thing but i guess the question really is
is that what we want to do and can we
afford it i mean i i don't know how you
what you think we've
you know where we are from a budget
perspective what revenues we've brought
in from rents um you know 250 000 is a
lot of money
um
and i think uh you know that that we had
talked obviously those budgets have gone
up because i think we got our first
estimates they were
two
yeah so
they've gone up um
i think i mean that's that's a that's a
big thing too i don't want to be cheap
but i also you know want to we need to
we need to make sure that we have the
money to actually do it um i don't know
what your thoughts on the
um
they haven't budgeted for this fiscal
year i don't think we've gone through
the leases to see how
they know
ashley is that something i mean the the
tenants
i mean we talked to them at all about
the roof replacement at that that that
could be that's a you know a charge that
we could run through cam
you
yeah i haven't specifically taught i
mean they've been asking for a new roof
i'm sure you guys are aware of that but
um
typically when we i can double check the
leases but most of our properties when
we replace the roof we do run it through
cam
um
sometimes we can use that you know do
that over a five year period if it you
know if it's going to knock up their
you know their camera is really high we
can work with them on that but um
that typically is something we can run
through cam
that's something we would at least pay
for it up front and then we could you
know you'll get rid of that
which makes sense
yeah
and 250 is like on the high end i don't
think it's going to end up it was
division 7 which they were
the highest bidder to begin with
um
and again that was a budget bid which is
typically higher than normal i'm hoping
we can get in there
closer to um
i would say
190 200 i'm hoping around there
actually what was the price then on the
overlay and not the tear off
so the overlay um
okay so the highest bidder on the
overlay was 170
and then the low bed came in at 115 for
the overlay
115.
no matter what you do whether it's an
overlay over layer
but i thought one of the vendors had
said that it was so compromised
underneath that that you couldn't do it
insulation was still wet that it would
it would not have it would have failed
yeah we did talk about that actually i
was um my one thought is i did hear um
you know some of the roofers were like
we did core samples and doing a overlay
would be fine and i heard other roofers
telling me
because the insulation is so saturated
that we can't
um
i could reach out to one of my reps like
over at firestone
um the manufacturing company
and maybe meet with him
um because they're gonna manufacture the
roof you know whether it be carlyle or
firestone
um have him do an inspection and kind of
get his opinion too
you know
jeff walker did but i don't know if that
ever happened no i don't did he
i mean if there if there's i mean i you
know i think it would
wouldn't be a bad idea to have somebody
come and inspect this yeah from the
manufacturer okay
and because my only fear and i mean i
can um
yeah let's do that let's tom why don't
we have if you're okay with it have your
inspector and then whatever that costs
you know we'll obviously pay that and
then ashley why don't you have
if
they have the firestone person come and
do that and then
get our inspection done and then come
back and we'll make a decision on which
way yeah because
once he gets out and inspects i mean he
can put together a scope
that all the bidders are going to have
to bid off of you know
um
which i mean when you look through these
beds there's a lot of you know some of
them are
putting on the metal roof cap some
aren't you know so that all of that
yeah to the price so
yeah let me do that i'll get in touch
with my firestone or carlyle rep and we
can set that up
and um take a look at that
all right and then tom will figure it
out
yeah so that's um anyways that was what
the roof
budget was for
and then the other things are just i put
in now
oops
okay sorry i clicked another screen
um
i put in so the asphalt needs done but i
think
that can wait
um if we're doing the roof this year
that's another big expense that we
probably should have
2022. but
opinion on that
yeah
yeah i thought
we'll have to look
that's what our concrete actually is um
both so i have um
i budgeted we had a bid 25 000 for the
asphalt
and then the concrete
is um
we did
um
it was just paved two or three years ago
where is the asphalt failing i haven't
seen that
uh the price i have to look at the bit i
know they were wanting to seal and
strike
um
and then he had some repairs in there
um
but yeah i didn't think it really looked
like it had to be done right away so
yeah well that's probably right
yeah so actually i think what we might
want to do if it's not it doesn't put
you guys out is because we do
contract out concrete and asphalt as a
city we are able to use that
pricing for uh for the cic property
so we can
have our engineer take a look at it and
yeah
most likely would be favorable pricing
right
that's good
we split and then we end up holding part
of that cost because of what you know is
between the square and here right that's
what we end up doing i think it depends
where it's at yeah i don't know but it's
not it's not half and half but it's you
know they're part of whatever we'll
figure that out right so okay so
just going forward i guess whenever i
need to get collect asphalt proposal
should i just come to you directly for
that or do you still want me to uh
do your engineer yeah so uh
yeah just let me and nate know and all
work right
yep
perfect okay
so i'll take that out but um and then
just the other thing was the concrete um
in that
price we now again that was priced out
by a subcontractor and we had a bid for
15 000 to do the sidewalk repairs
um let's just do ashley let's have the
city bit both of those beds on both of
us and we'll
we'll work with the service director to
get that so we'll talk
figure that out
awesome
um and then
oh and then we did us talk about the
snow removal
um
i just didn't really know
what to base it off of since we don't
have like a contract on file
um i know the city does the snow
so um
i did take that number down after i
spoke to
andy
yeah
and we have updated pricing that andy or
grant from to be getting you actually if
you haven't heard from me
that would be great yeah cause we've
sort of been under charging for that
okay
yeah because i haven't seen any bills so
yeah that's true
yeah i think um we may need to sit down
with the city because i think for
insurance we probably owe you something
and there are probably
things we need to pay our fair share on
so yeah um
and also landslide snow and landscaping
are the two items that we need to
[Music]
mark fishel was the city officer who was
appointed this year it's going to be
beecher hale who's the finance director
partially for this he handles insurance
so we're gonna be able to kind of like
the left hand will know what the right
hand's doing yep
um yeah so i did get a price um
for painting we would i was looking at
just like the really bad areas um you
see a lot of it isn't like the back of
the building it's just peeling off
um
so i didn't quote out painting the
entire building this year just because
if we do the roof i know that would be a
lot so to do the painting it would be 5
000 back in the back portion where it's
the really bad areas that are peeling
actually we might want to hold off the
painting absolutely does have to happen
in the rear like you said but i think
the
roof right fusion happening which is
causing that because it's bubbling it's
not like yeah it's not like flaking
yeah
it's happening
yep but i think we keep that in the
budget and then
uh i don't we don't need i don't think
we need to approve this budget today do
we heidi i don't think we have in the
past so
we could bring it back at our next
meeting and and approve it then okay
and then we'll have a better idea on
that yeah we can call up those items
and
yeah and then bring it back to the board
in our next day
you just walk me through the gross rents
um
i see year to date
of 178 and the year-to-date budget of
307
is the year-to-date but i guess i don't
know what's a 2022 budget versus
2021 actual and what's driving the
variance so
yeah you understand hannah can you jump
in on that one
yep
[Music]
so this is written as a
budget
january 2022 to december 2022 so it
doesn't define what that year to date is
what the period was right yeah
let's see um
yeah we're started in uh news so they're
only reflecting they're not including
the new marks right collections
i think it's just reflecting your actual
yes yes yes
so maybe that column could be adjusted
[Music]
well and that yeah that would actually
make sense because our year to date
in the november budget use bex property
report you sent
the income year to date was 152 000 but
that's through november and that's
that's low
to november and the period to date and
period to date budget and actual also
don't seem to make any sense so that's
something that could be clarified yep
so i think we just need to update that
because that doesn't
that that that's not correct so in
conclusion it is much healthier than
this appears to be yes okay thanks yes
okay well thank you and and i think to
heidi's point there's
in the bexley square
checking account there's 375 thousand
dollars
so you know
right right right
so we're doing okay
good good catch though that was
something i was going to ask him that i
forgot to do it so
all right um
ashley another comments or do we have
any other questions for ashley about the
budget
actually you had mentioned that maybe
some of these other things can be held
off if in fact the roof is the priority
out of everything
about the property is the roof the
absolute top priority
yeah definitely
i'd say monique it's been a priority for
at least i mean the past six months
so yeah i had talked about doing it last
year but the contractors were so backed
up you know
um we weren't able to get to it so
i
if if now's a kid time about the solar
you know that i've kind of been keeping
my eye on that for the roof which is no
surprise to any of you i'm sure but the
um
so the
we worked with the solar
designer and the challenge with that
center as with many centers is that you
can't really share the savings among
like you can't easily with a
multi-tenant sub-metered situation or a
multi-meter situation
make it work so
um the engine that makes the most sense
i think is a solar power purchase
agreement so what essentially we would
do is we would
work with a developer who would build it
and they would
we could buy it back if we wanted it to
but it would be no cost to us they would
own they would own the facility we would
share in any profits i think to a
certain degree
and um the columbus partnership is
coming up with a green bank
that i don't know if you've heard about
this
that we would actually be we're like the
perfect
type of user for the green bank because
we're a non-profit that cannot otherwise
leverage
um certain types of tax credits that
make these work better so
we're talking with them about whether or
not this would be a good project yeah
seem interested in it so it would be
like no interest essentially or one one
percent interest what are we going to
know more about
i have a meeting in a couple days about
it okay um but it's just it doesn't have
to happen at the same time as the roof i
think having a new roof makes it makes
it makes a lot more sense so i think
it's just something for us to keep an
eye on and i'll continue to keep you
guys updated okay and if you hear
anything you think makes sense
good let us know okay
um
so moving on from the budget i think uh
ashley and johanna i think one of the
things we want to talk about we don't
want to talk about tonight because i
know
michael was supposed to be here and he
couldn't but is is our leases so at some
point
in the next maybe at our february march
meeting we come back and we talk about
the leases what leases are up or what
leases are coming up in the next year
two or three
what we need to do
what those escalations and those rents
look like those kind of things
are they
okay
okay well that's good if you want to
discuss i know um we had talked about
the covet amendments there's still some
tenants that um
um
but there was never amendments created
for them so
i think
i think we were going to try to
confirm but
i feel like one will still have like a
one month deferral that we never really
reconcile i think there were verbal
conversations too
never between the change from new mark
to gilbert it never actually got
put down on paper so
reaching out to them
i mean we can create those amendments
once the board decides how they want it
to look
so are these deferrals from covet sort
of things
[Laughter]
originally
we just called it the two-month pause
for that april
march in april with
it looks like we agree that we've just
sprayed that lightning replies that over
there
but uh i don't think we ever
implemented that
we never put agreements in place or
amendments to those leases to do that
so if i recall correctly also in some of
the leases there is some adjustment for
inflation that's right
in
in brassica now
right
at least i remember discussing it i'm
not sure whether it was implemented
i think ben and i at some point talked
about it but
yeah i think we just started yeah
but i don't know whether it was
implemented
i don't think we did in those leases
[Music]
you know the brassica was
was after but
okay
i know it was disgusting i can't
remember
how played out
it is and maybe the only the pilates
studio was different right but i think
everything else was
i think everything else was the ten
percent running bump that we did
okay
uh anything else about bexley square
that we want to discuss
i don't know ashley what's the square
footage of the roof
um
it is
12 000.
yeah i don't remember
twenty thousand square feet
twenty doesn't include the city
[Music]
wow
there you go
14 000
14 okay
oh 15 with the
like patio root portion i guess
well yeah
yeah
it's real
[Music]
okay
anything else for bexley square for
ashley or johanna
all right
we're supposed to be billing back the
neighboring tenant for the trash
um
and i know we had talked about this
before getting
all the bills together and then the
seminary pays a percentage of that
the the trash
the trash yeah the rumpke services
yeah between the city and the in the
in the cic
um
oh with gary on the other side
um where our dumpsters are
and then
we're supposed to build back um them a
portion of it because they use the
dumpsters as well
well i don't know that we would since
we're not paying that bill the city is
right it bills us for that for that
dumpster so the city has to build back
for that that's right
okay yeah
yep
but we should at least
bill because a portion of it belongs to
bcic so we need to have that portion of
it on their books
that is correct
well no that we have gotten built that's
not true we've gotten some bills for
refuse we just haven't they're not
they've been inconsistent from the city
that's yes
he's correct yep
because i've gotten them and sent them
on to be paid
yes i've got that's the only ones i have
got the ones you've sent me
okay anything else i missed ashley todd
covers it for me
so i think we need to we need to approve
the budget and then we can send then we
can send the cam notices out to them and
the cam uh requirements out to that so i
think at our next meeting we approve
that and then we send them out time
well i don't think we can approve the
budget today with with the changes right
so i think we have to wait until and you
know maybe we can even approve it at our
at that january board retreat is one
thing we can do
that's what i thought because we had
approved i think i think two years ago
we approved the budget in march
yeah
yeah so you know we don't we obviously
ty we don't want to do that for them for
budget purposes but i you know i think
we should at least try to
get it done this month if we can and if
not we'll do it in our first movie in
february if we can come back at that if
we could we could even at our january
28th board retreat we could have a short
session approve the budget
and then move out of that
if i can interject if you're talking
about the triple net reconciliation for
the properties
i think
i wanted to ask if there was a template
from newmark did they give those to you
in excel when they did them so that we
can you utilize those without having to
recreate the wheel
okay
because that'll expedite things right
there okay
and then heidi you and i will get
together
possibly with perfect balance and try to
all be on the same page
you and i'll set something up separate
okay
all right
well thank you ashley and johanna for
coming to the meeting thank you thank
you for having us
the big that's a lot of stuff but that's
our biggest property so it makes sense
all right well actually you don't have
to stick around on zoom if you don't
want you're you're good all right
thank you guys have a good evening
thanks thank you
all right
um
so next up we've got the 420 north
cassidy and uh nicole is here again
again she loves coming to these meetings
it's my home away from home that's right
uh just to talk about kind of where we
are with the application
um
and where we are with the with the litec
application with ofa and what we need to
do there uh what we need uh kind of what
assistance we need from the cic where we
stand with the ownership
of the project which i think is
important so
it's the floor is yours so i think
everybody
i've met most everybody but for those
that don't know me nicole boyer knight
with the community builders i'm a senior
project manager and have been working on
bexley apartments for
quite some time
um
[Applause]
but uh yeah i appreciate the chance to
come and just kind of fill you guys in
on where we're at i think the last time
i was here was september
and october
and at that time we
we were trying to be as
clear and transparent specifically about
what the goals are for the residential
financing for the bexley apartment
project and specifically about the
ownership structure
um to refresh everybody's memory
last february so february of 2021
this year's 22. nate said he's putting
23 on things i'm still putting 21 on
things so
last year february 2021 we submitted an
application for the residential funding
source and it was a co-application
with the community builders tcb and the
cic
we were not successful in that funding
application and part of the reason was
because while the cic is a 501c3 entity
and is a not-for-profit in the eyes of
the irs
it's also a quasi-governmental
entity and so it was deemed not fully
eligible as a non-profit in the eyes of
the funding agency and so we lost 10
very competitive points in our
application
so the pivot that we're making for this
year is that we are
completely removing the cic from the
ownership participation in the
residential
financing structure so there is no
cic participation whatsoever in the
ownership of the residential portion
the community builders we are sole
developer
of the residential portion and then
we are the managing
member of the general partner
we are
in the process of working with a local
partner to get another non-profit on
board to get those 10 points that we
lost last year but um as of right now
i'm not at
a liberty to say who it is because we
haven't finalized that agreement
but so from uh yeah
yeah
so
what we the way we have structured the
project last year
um specifically on the 420 site
was that
we were going to execute a land lease
with the cic so we still want to do that
we still would like to condominiumize
the commercial space from the
residential space
and so the commercial ownership will be
solely the cic
so
or whatever entity
you guys determine to be the appropriate
it'll still be the cs okay so the cic
will own the commercial
and then the residential portion will be
owned by the community builders and this
other partner that we have so we will we
are looking to
keep the same land control and site
control
it's the same condominium
kind of minimized structure
it's just that the cic
does not have a material participation
in the ownership structure anymore of
that residential portion
but because we are
going to be
neighbors
more or less um there's still
co-tenancy and other things that
yes
yeah so it's uh so it break it breaks it
out so we you know because we lost those
points
um we kind of as a as a as an executive
committee talked about it and it you
know it makes sense for us not to be
involved in that ownership now our
ownership was very limited if you all
remember it wasn't we were making money
off of it and it was it was
you know
less than one percent
um so this just takes us out of that
that structure for really for the low
income housing tax credit application
more than anything
yeah that's exactly right so
what
what tcp has been doing since you know
since we kind of found out last summer
what happened is trying to find another
partner
to to do the project with
but that our structure as far as how
we're gonna you know we're gonna still
continue to land we will as
nicole said we're gonna do the uh
condominium the the commercial we'll
still do all that and we'll have to
figure all that and what that means uh
but you know we're just not in the
application for it
so so why why do we need another non for
profit because there's still the
competitive scoring requirement for
local partners
and so um there are
a couple entities that we've been
talking with and we're hoping to have
somebody finalized by next year so these
entities are like
they're they're local non-profits with
that are have a presence currently in
bexley or in the adjacent communities
what's their goal or
um so the criteria that the higher
housing finance agency has is that they
have to have a history of providing
housing
um and so it's a takes a narrow pool and
makes it even more
complicated to uh really find the right
partners that also have a really good
mission
and so you know for us it's all about
finding a partner that also understands
the goals and the mission and some of
the nuances yeah we didn't you know
we're a non-profit but we didn't meet
the mission of housing so
it was the quasi-governmental oh that's
right yeah the icb is also a non-profit
right so what is it like
it's because we do not have housing in
in ohio or in mexico well in in franklin
county and impact oh yeah
we're talking with local groups
we've got a list
nicole what's the expected timeline say
for the next three or six months yeah so
our funding application is due february
10th and ofa will make their funding
decisions on may 18th
so we will know if we have a go no go on
may 18th
um i will share in full transparency tcb
we have a purchase option on the 2300
east livingston site that is a hard
option so
that may date is really important for us
as it is for the cic in the city around
the affordable housing initiative
um
hopefully we are successful in getting
awarded this year
and if that is the case then we would
seek to close on our financing in like
may or june-ish of 2023 it really just
kind of depends on
how some of the gap financing resources
come together and then we're projecting
about a 15-month construction schedule
but
with everything being the way it is
right now
throw dart at the wall and see where it
lands right but we're hoping that the
project will be finished and open by
2024 by late 2024
so at this point we don't really nicole
you don't need anything from this board
at this point right i think we're
well that's not true we have to have a
we have to have a development agreement
correct we would like to ask to
execute the land lease so we had an
option to lease that we executed last
year and we'd like to ask to
re-execute that because it expired when
the tax credit award was not funded
right yep that's true and then we would
also like to um
execute an updated developer agreement
that
fully outlines the separation of the cic
from the residential piece because the
one we have currently still has that
structure hasn't been has us in the
structure yeah okay
well any other questions for nicole
do you have a draft of that modified
development agreement or is that
something that you want
we have it and i can send it yeah i'll
send it as a follow-up
yeah
because i think what we would need here
is you know the ability to for uh for me
as the chair to sign that that developer
agreement and lane lease now we can
bring it back for everybody to review
but that's probably what we need is that
ability to do that and the land lease
would be effective
at a future date
conditional upon correct finance
knowledge yeah and the language and the
land leases will be identical to what it
was last year there'll be no changes so
i'll send both of those documents as a
follow-up to everybody tomorrow
yes
yes we have not changed
anything in the projects the only change
and i think this was because it happened
in february around the zoning is that
the commercial space right now is 2500
square feet on 420 north cassidy we had
hoped to be at 3 500 but because of
parking requirements and just looking at
the density of the parking for our
commercial use um we took it down to 2
500 square feet yeah
that got changed dave in the in the uh
yeah in the zoning discussions that was
something we came back with and said
let's reduce it because that reduces the
parking of the
the need for the parking because you
know it's very tight and there's there's
on-street parking that has to happen and
some other things so that's what we and
the space design was wonky there was
like a key
yeah there was a box and a key and so we
just said we'll take the key as
residential storage space or some sort
of amenities space for our residents
right
yeah bike storage like storage 1000
square feet for bike store that's great
a lot of bikes
10 2 whatever
whatever
okay well thank you and uh i think
you're good as far as questions
okay i'll stick around in case anybody
has any okay
so i think we need a resolution right to
do that this evening i believe so they
can have it in their application
to do a development agreement
application
i think we need two things we need a we
need a
authorized
basically for me is the chair to sign a
development agreement
a new development agreement a developer
agreements is basically our developer of
choice
is tcb and then the second thing would
be for me to sign a
land lease
you know a ground lease between us and
tcb for the 420 north cassidy the most
time sensitive one for us will be the
land lease that we need to have for our
application that is due
by four o'clock on thursday
february 10th so our next meeting is
february 1st would it
maybe be better to take a look at it i
won't be here february 1st but if you
all want to vote on that february 1st
that's fine by me
yes todd um
yeah
so
we have some of that like we've done
some rough numbers i'm actually getting
construction numbers back right now and
it gives me heart burn
um but yeah i'm happy to send our
assumptions over and give the real-time
feedback that we're getting from our
contractors around just
ti build out and part of it also is
assumptions around what the end user
might be in the space we're looking to
do you know grease traps and
hood connections and everything assuming
that a restaurant could go in there and
making sure that there's infrastructure
so yeah i'm happy to send the
information when we get it i'll have in
probably two weeks
okay well so let's do that so let's wait
so in our february first meeting we will
vote on those two things for you to get
that okay looking forward to coming back
thank you thank you you may not have to
be here for that meeting yeah
she doesn't leave anything a chance
no she doesn't she's
she's good she's good all right thanks
nicole
um let's see moving on do you want to
talk about fernando mayfield
uh you know i think we should probably
delve into fernando mayfield in depth
more at the retreat but i will say that
we've been working the city council
passed some nuisance language that we've
started working around
with the properties at fernando mayfield
a state of ohio has opened up brownfield
funds that's a very new and recent
development which can apply to that site
city council approved
an infrastructure fund
and funded that infrastructure fund and
it includes
this eligible use of those funds
environmental remediation and
right-of-way improvements and such so
there are a couple projects that we have
anticipated for that but fernando
mayfield is one of them so um all that i
think i just wanted to know that there's
stuff moving
that requires i think that's a good
retreat topic to kind of delve into a
little deeper i
agree all right uh
heidi do you have a finance report
probably not
all right
so i updated you that our brexit square
account has
uh
374 000 to 1454.
we also um
have our ferndale mayfield account which
is 377
452
is in there currently
we have our cassidy account that's for
the 458 property that's at 5432
and our general account there's also
5270 in there um and i don't think we've
updated the full board that we did
finalize the audit with the state
for calendar year 19 and 20.
and
it was a long and in-depth process
there were a couple of things that we in
the report you can find online there are
a couple of material weaknesses that
they found where
they've now been corrected through
perfect balance
one was a
first half property tax that was booked
in the wrong year and so they had to
because of the amount of that it
tricked the material weakness
and another one was a we have several
payments that both come in and go out
and it was just marked as a journal
entry and not as an actual
event so it doesn't make a difference
from a cash flow point of view but
we had to re-book it in the way that
they wanted us to so
that was it all right
that audit was awesome
it was awesome and we got to do another
one this year but
and we now get to do them annually yes
because we're a component unit of
and we're going to the city yeah great
thank you
thank you thank you but next year though
heidi one of the good news one of the
good things is
that and you weren't on this call
because i think no
you missed it
yes but we will have a we don't have the
state auditor auditing us it will be an
accounting firm
that contracts with the state auditor ah
yeah what so and it could be julian and
grub it could be another you know one of
the other firms so i actually think
that's a
not to disparage our and we're going to
get our finances
up to be able to be the conduit but
david
we do just so i mean we do the annual
review through julian and group it was
just that this is the state process it's
a whole new
new level
yes
so yeah so we'll start that process here
here soon
all right
thanks heidi
do we have any uh new business or old
business
any public comments for our public
okay
all right with that i'm going to ask for
a motion to adjourn into executive
session
per
is this the ohio revised code section 22
point
per city section 22.3 i'm sorry 223.03
subsection b to consider the purchase of
property for public purposes or for the
sale of property a competitive bidding
if the premature disclosure of
information would give an unfair
competitive or bargaining advantage to
public interest so do i have a motion to
adjourn that
the
motion by uh tom brignett seconded by
todd friedman so uh we have to do roll
call to do that so
chair i believe it's our intent to
adjourn totally as soon as we come out
of the executive session is that correct
it is our intent to adjourn once we come
out of his exercise
thank you all thanks cool
for
hi
thank you all