[1. Convene]
[00:00:07]
>> SPEAKER: HOTEL DEVELOPMENT CORPORATION TO ORDER. WE ARE NOW CONVENED. WE HAVE FOUR OF THE FIVE MEMBERS OF THE BOARD PRESENT. AND SO, A QUORUM IS DULY NOTED. AND SO, WE NOW MOVE INTO THE PART OF THE PROGRAM WHERE WE WILL ACCEPT PUBLIC COMMENT ON ANY ITEM ON THIS AGENDA. AS NOTED, THERE WILL BE NO VOTES OR ANY FORMAL ACTION TAKEN ON SUBJECTS PRESENTED DURING THE PUBLIC COMMENT. THE PUBLIC COMMENT PERIOD WILL ONLY ALLOW MEMBERS OF THE PUBLIC TO PRESENT IDEAS AND INFORMATION TO CITY OFFICIALS AND TO STAFF. SO AT THIS TIME, IS THERE ANYONE WHO WOULD LIKE TO COME FORWARD AND GIVE A PUBLIC COMMENT FOR THE RECORD? AND SEEING NO ONE, I WILL CLOSE THE PUBLIC COMMENT PERIOD. THE NEXT ITEM OF THE
[3. Approval of Minutes — April 6, 2021]
AGENDA IS THE APPROVAL OF THE MINUTES FROM THE APRIL FROM THE APRIL 6, 2021, MEETING. I WANT TO EXPRESS MY APPRECIATION TO DR. SANDRA HARPER FOR PRESIDING AT THAT MEETING IN MY ABSENCE.BUT THE MINUTES HAVE BEEN SENT TO YOU FOR YOUR APPROVAL. AND SO, AT THIS TIME, I WOULD ASK FOR A MOTION AND A SECOND TO APPROVE THE MINUTES OF THAT APRIL 6 MEETING.
>> FEMALE SPEAKER: SO MOVED. > MALE SPEAKER: I SECOND.
>> MALE SPEAKER: I HAVE A MOTION BY DR. SANDRA HARPER, SECOND BY MR. PAUL BELOTTIE TO APPROVE THE MINUTES AS PRESENTED. IS THERE ANY FURTHER DISCUSSION? CAN WE VOTE ALL IN UNISON IN THIS ONE? IF NOT, ALL IN FAVOR OF
APPROVING THE MINUTES SAY AYE. >> GROUP: AYE.
>> MALE SPEAKER: ANY OPPOSED? THE MINUTES OF THE APRIL 6
[Executive Session]
MEETING ARE APPROVED AS PRESENTED FOR THE RECORD. AT THIS TIME, THE BOARD OF DIRECTORS OF THE ABILENE CONVENTION CENTER HOTEL DEVELOPMENT CORPORATION WILL CHOOSE THE RIGHT TO ADJOURN INTO EXECUTIVE SESSION DURING THIS TIME TO DISCUSS ANY OF THE MATTERS LISTED HEREIN IS AUTHORIZED BY THE TEXAS GOVERNMENT CODE SECTION 551-071, CONSULTATION WITH OUR ATTORNEY, 551-072 DELIBERATIONS ABOUT REAL PROPERTY, 551073, DELIBERATIONS ABOUT GIFTS AND DONATIONS; 55. DEAR 074 PERSONAL MATTERS; 074 PERSONAL MATTERS; 551076 ABOUT SECURITY DEVICES AND 551087 ON BUSINESS PROSPECTS AND ECONOMIC THE BUILDING. AT THIS TIME, IT IS11:35 -- EXCUSE ME, 8:35. WE >> MALE SPEAKER: IT IS NOW 9:25, AND THE BOARD HAS RESUMED FROM EXECUTIVE SESSION. NO
[Items 5 & 6]
VOTES OR ACTION WAS TAKEN IN EXECUTIVE SESSION. WE NOW MOVE ON OUR AGENDA TO ITEMS NUMBER FIVE. I WILL CALL ON MR. ROBERT HANNAH TO PROCEED WITH THIS ITEM.>> MALE SPEAKER: THANK YOU, MR. PRESIDENT, AND MEMBERS OF THE BOARD. TODAY'S AN IMPORTANT DAY IN THE DEVELOPMENT OF THE HOTEL PROJECT, PRIMARILY BECAUSE THIS IS THE DAY THAT WE ARE ASKING THE DEVELOPMENT CORPORATION TO PASS A RESOLUTION AUTHORIZING THE ISSUANCE OF DEBT FOR THE HOTEL AND A NUMBER OF OTHER DIFFERENT THINGS WE DISCUSSED IN EXECUTIVE SESSION. AND SO, AS A REMINDER, THIS IS A PROJECT THAT'S BEEN IN DEVELOPMENT NOW FOR FIVE YEARS, FOR SURE, MAYBE SIX. AND WE HAVE WORKED DILIGENTLY TO STRUCTURE A PROGRAM IN WHICH THE TAXPAYERS OF ABILENE ARE PROTECTED. SO I WILL INVITE GEORGE WILFORD UP TO THE PODIUM IN A SECOND TO WALK THROUGH THE FINANCING MODEL INTO GO OVER AN OVERVIEW OF WHAT THE ISSUE IN SIZE WE ARE ACTUALLY ASKING THE BOARD TO DO. ALSO, ANY ACTION Y'ALL TAKE TODAY WILL COME TO COUNCIL FOR APPROVAL ON THE 12TH. SO YOU ARE RECOMMENDING WE ISSUE THE DEBT, YOU'RE PREPARING TO ISSUE THE DEBT AND THE COUNCIL HAS TO RE- -- ISSUANCE OF THE DEAD BEFORE THAT CAN TAKE PLACE. BEFORE THE DEAL IS STRUCTURED, SIGNIFICANTLY AS THE HOTEL REVENUE BONDS ARE NONRECOURSE THE TAXPAYER. SO WE HAVE STRUCTURED THIS DEAL SO THAT THE CITIZENS OF ABILENE WILL NEVER HAVE TO BE IN A POSITION WHERE WE ARE HAVING TO WRITE A CHECK TO COVER THE BOND PAYMENTS FOR THE HOTEL, WHICH I THINK IS AN ESSENTIAL COMPONENT TO THIS DEAL AND SOMETHING THE COUNCIL WAS VERY ADAMANT IN MAKING SURE THAT THE TAXPAYERS WERE PROTECTED. SO WITH THAT,
[00:05:03]
I AM BOARD INVITE GEORGE APPEAR TO WALK THROUGH THE FINANCINGPRESENTATION, PLEASE. GEORGE? >> MALE SPEAKER: MEMBERS OF THE BOARD, FOR THE RECORD, GEORGE WILFORD WITH HILLTOP SECURITIES, FINANCIAL ADVISOR TO THE CORPORATION AS WELL AS
TO THE CITY OF ABILENE. >> MALE SPEAKER: I BELIEVE THE
CLICKER WORKS. >> MALE SPEAKER: Y'ALL HAVE HARD COPIES AS WELL. THIS IS A PRESENTATION REGARDING THE FINANCING FOR THE PROJECT. AND AS YOU CAN SEE ON PAGE 1, WE ARE ANTICIPATING TWO SERIES OF HOTEL REVENUE BONDS, FIRST PLAN WHICH WILL BE INVESTMENT GRADE RATED BY STANDARD BOARDS, SECOND LIEN FINANCING AS WELL. THE CORPORATION IS A LOCAL GOVERNMENT. CORPORATION WHICH WAS FORMED FOR THE PURPOSE OF OWNING AND FINANCING THE HOTEL. YOU CAN SEE IN THE MIDDLE THAT THE PROCEEDS OF THESE BONDS ARE FINANCING ONLY THE HOTEL PORTION, NONE OF THE CITY PORTION OF THE PROJECT. ON THE FLIPSIDE, AS IT SAYS IN THE BOTTOM, THE CITY IS SEPARATELY ISSUING CERTIFICATES OF OBLIGATION AND USING OTHER AVAILABLE MONIES FOR CONFERENCE RELATED FACILITIES TIED TO THE HOTEL. BUT THEY HAVE NO INTEREST OR OBLIGATION WITH RESPECT TO THE HOTEL ITSELF. ON PAGE 2, THIS SHOWS THE KEY PARTICIPANTS ARE MORE OR LESS THE TEAM AND THE PROJECT ITSELF AS IT STANDS WITH THE HOTEL OWNER AND ISSUE WERE BEING THE CORPORATION. AND YOU HAVE RELATIONSHIPS ESTABLISHED WITH GARFIELD PUBLIC-PRIVATE AS THE DEVELOPER OF THE HOTEL PROJECT.
DPR CONSTRUCTION, WHICH IS A WELL-KNOWN AND RATED CONSTRUCTION COMPANY AS THE DESIGN BUILDER; OF ALL CABELA'S ARCHITECT; AND GARFIELD ASKED THE MANAGEMENT TO ARM, TO MANAGE THE PROPERTY MOVING FORWARD, THE ACTUAL HOTEL AND THE OPERATIONS WILL BE MANAGED BY HILTON IS ALSO THE FRANCHISE ENTITY AND IT WILL CARRY A HILTON DOUBLETREE. YOU CAN SEE ON PAGE 3, THIS IS A DETAIL OF THE INNOCENCE PLAN OF FINANCE OR ANTICIPATED SOURCES AND USES OF FUNDING FOR WHAT YOU WILL SEE. OVER ON THE FAR RIGHT-HAND SIDE, THE MIDDLE PAGES OF 70 AND A HALF MILLION CONSTRUCTION COST PROJECT IN TOTAL, STARTING ON THE LEFT-HAND SIDE. YOU WILL SEE THE FIRST PLAN HOTEL REVENUE BONDS, AND THOSE ARE ANTICIPATED TO BE IN THE PARAMOUNT SIZE OF 19 AND A HALF MILLION. AND THEY ARE SIZED BASED ON THE PREMIUM THAT WE EXPECT TO BE GENERATED WHEN THEY ARE MARKETED SO THAT THEY WOULD PROVIDE AROUND 16 MILLION OF ACTUAL CONSTRUCTION COST ALONG WITH THEM FUNDING CAPITALIZED INTEREST, BOND RESERVE FUND, AND COVERING COSTS OF ISSUANCE AND SO ON.
THE SECOND LIEN BONDS ARE EXPECTED TO BE IN THE AMOUNT ROUGHLY OF 22.2 MILLION TO FUND 17 MILLION OF CONSTRUCTION COSTS ALONG WITH RESERVES, AND ISSUANCE RELATED COSTS AS WELL.
SO THE TOTAL OF THE TWO BOND ISSUES WILL BE 41.7 IN THIS CASE. BUT SOMEWHERE NORTH OF $40 MILLION, AGAIN DEPENDING ON MARKET CONDITIONS AND THE PREMIUM GENERATED AND SO ON.
WHAT YOU WILL SEE ON OTHER USES OF FUNDS IS EQUITY DOLLARS, AND I WILL SHOW HOW THAT IS SPLIT A LITTLE MORE CLEARLY IN JUST A MOMENT, TOTALING 15.0 8 MILLION, AND THAT IS ALL LOCALLY GENERATED AND PROVIDED EQUITY DOLLARS IN THE PROJECT, WHICH IS VERY BENEFICIAL. AGAIN, I MENTIONED THAT IN A MINUTE. IT SHOWS CERTIFICATE OBLIGATION PROCEEDS, REALLY A MIX OF AVAILABLE MONEY AS WELL AS THE MUCH SMALLER CO ISSUANCE BY THE CITY OF 23.1. LIKE I SAID, THE TOTAL PROJECT, 70 AND A HALF MILLION, BUT WITH RESERVES, COSTS AND SO ON, YOU ARE TALKING ABOUT 81.7 IN THIS CASE ALL TOTALED. THE GRAPH AT THE BOTTOM REALLY SHOWS THE LEVEL OF OPERATING MARGIN THAT WE HAVE. THE GREEN LINE IS ACCORDING TO THE FEASIBILITY OR MARKET STUDY BY CBRE. THE PROJECTED REVENUES FROM
[00:10:07]
OPERATIONS, THE HOTEL, THE TWO DARK BLUE AND LIGHT BLUE BOXES ARE THE ANNUAL DEBT SERVICE FOR EACH OF THE SENIOR INSUBORDINATE LIEN DEBT. YOU CAN SEE THAT FROM THE OUTSET, OUR INITIAL YEAR OF OPERATION IS PROJECTED THAT THE COVERAGE OF ANNUAL DEBT SERVICE REVENUES WILL BE NEARLY 2 TIMES AND VERY SOON AFTER OPENING WITHIN A COUPLE OF YEARS, IT STARTS EXCEEDING TWO TIMES COVERAGE. THIS IS A LITTLE CLEARER IN GRAPHICAL PRESENTATION OF HOW FUNDING BREAKS OUT. AGAIN, ON THE FAR LEFT-HAND SIDE, YOU HAVE THE SENIOR LIEN, SUBORDINATE LIEN BOND HOTEL REVENUE, BONDS BEING ISSUED BY THE CORPORATION ARE CONSIDERED BY THE CORPORATION. THEN YOU WILL SEE THE 15.0 8 MILLION OF EQUITY THAT WILL BE PROVIDED BY THE ABILENE IMPROVEMENT CORPORATION. IF YOU WILL COME DOWN, YOU WILL SEE THE 9.4 5 MILLION AS IT STANDS. THAT ARROW IS FOR THE HOTEL CONSTRUCTION. THIS IS VERY BENEFICIAL RELATIVE TO SOME OTHER PROJECTS THAT ARE BEING DONE, SIMILAR HOTELS AND SO ON. GOING INTO THIS PROJECT, IT WAS THOUGHT THAT, WELL, THERE WOULD HAVE TO BE 1/3 LIEN TRANCHE OF FINANCING ACTUAL DEBT INCURRED, WHICH WOULD BE AT A MUCH WEAKER CREDIT POSITION, AND THEREFORE THE CITY ITSELF MAY HAVE TO BACKSTOP THAT ISSUE. THE EQUITY DOLLARS ELIMINATED THAT IN ITS ENTIRETY. AND BY THAT, ELIMINATED ANY CONNECTION OR OBLIGATION ON THE PART OF THE CITY RELATING TO THE HOTEL PROJECT ITSELF. THE ONLY CITY COMMITMENT IS ON THE FAR RIGHT-HAND SIDE. YOU CAN SEE IN THE GRAY BOX IN TOTAL, 28.1 3 MILLION. YOU WILL SEE THE ARROW AT 5.03 OF EQUITY DOLLARS. WHAT THAT DOES IS IT BRINGS 28.1 BACK DOWN OR DOWN TO THE 23.1 MILLION THAT THE CITY HAS SAID FROM THE OUTSET WILL BE ITS INVESTMENT IN THE CONFERENCE OR CONVENTION RELATED PORTION OF THE PROJECT. YOU CAN SEE THAT IN THOSE BOXES THAT HAVE THE DIAMOND TYPE UNDER THERE AND CAPTION WHERE IT SAYS NO REPAYMENT, 5 MILLION AND 8 MILLION OF CASH THAT IS EITHER AVAILABLE OR WILL BE AVAILABLE AS WELL AS 5.1 2 MILLION THAT'S ALREADY BEEN SPENT ON PREDEVELOPMENT COSTS.ALL OF THOSE DOLLARS, TAKE THAT 23.1 MILLION, DOWN TO AS YOU WILL SEE ON THE FAR RIGHT-HAND SIDE, 4.9 8 MILLION OF ACTUAL DEBT OR CERTIFICATE OF OBLIGATION ISSUANCE THAT THE CITY WILL NEED TO DO. SO NEXT WEEK, THEY WILL CONSIDER AUTHORIZING ISSUANCE OF, AND MOST LIKELY IT WILL BE 6 MILLION OF CERTIFICATES OBLIGATION. AND THE REASON FOR THAT IS WE ARE SIZING IT SO THAT IT WILL OFFSET FROM SOME OF THESE OTHER MONIES THE INTEREST DURING CONSTRUCTION ON THE COS THEMSELVES. SO THE CITY, THAT IS THE ONLY OBLIGATION OR COMMITMENT THAT THEY ARE GOING TO HAVE FROM A DEBT STANDPOINT, IS WILL BE THE CO ISSUANCE WHICH WILL BE AROUND SOMEWHERE AROUND $6 MILLION.
THIS IS A CALENDAR. AGAIN, THE ACTUAL PRICING IS STILL PERSPECTIVE. BUT TODAY, THE CORPORATION, AS YOU WILL SEE IN THE BOLD AUGUST 5, IS CONSIDERING AUTHORIZING ON A DELEGATED BASIS THE ISSUANCE OF THE HOTEL REVENUE BONDS NEXT WEEK. THE CITY WILL ALSO CONSIDER AUTHORIZING ON A DELEGATED BASIS THE ISSUANCE OF THE CERTIFICATES OF OBLIGATION.
AS IT STANDS, WE ARE HOPING TOWARDS THE END OF AUGUST, WE STILL NEED TO WORK THAT OUT, THAT THESE HOTEL REVENUE BONDS CAN ENTER THE MARKET AND BE PRICED AND THEN THE CITY COS WOULD FOLLOW SO THAT THE FUNDS CLOSING OF ALL THE FINANCING WOULD BE LATE SEPTEMBER BEFORE OCTOBER, ALL THE FUNDS WOULD BE IN PLACE. THIS SHOWS THE SECURITY OR THE BONDS. THIS IS VERY ANALOGOUS OR SIMILAR TO ANY COMMERCIAL REAL ESTATE DEAL WHERE THE PROPERTY ITSELF AND A MORTGAGE ON THE PROPERTY SECURES IT AND IS REPAYABLE FROM THE REVENUES BEING
[00:15:01]
GENERATED. SO THAT IS THE ONLY ITEMS SECURING THE HOTEL REVENUE BONDS, ARE THE MORTGAGE AND THE REVENUE PLEDGE THEMSELVES IN ANY MONIES THAT HAVE BEEN ACCUMULATED FROM THOSE REVENUES AND RESERVES THAT ARE IN PLACE. AGAIN, THE CITY HAS NO COMMITMENT OR OBLIGATION BEHIND THIS FINANCING. THIS IS A SUMMARY OF THE RISK FACTORS AND THE MID AGAINST FOR THOSE. YOU WILL SEE AS I POINTED OUT, IN DEALING WITH VERY EXPERIENCED DEVELOPMENT AND CONSTRUCTION PARTIES, THEY HAVE LIQUIDATED DAMAGES AND GUARANTEES IN PLACE TO PROTECT THE CORPORATION IN THE CITY. HILTON ITSELF IS THE OPERATOR. IT'S KNOWN BY ITS NAME. AND SO, YOU'VE GOT VERY GOOD OPERATION IN PLACE. YOU WILL SEE THAT THE DEBT SERVICE COVERAGE, I SHOWED THAT GRAPHICALLY, IT'S PROJECTED THAT THE SENIOR LIEN WILL HAVE FOUR TIMES AND THEN OVER FOUR TIMES COVERAGE OF ANNUAL DEBT SERVICE, COMBINED WILL START A PROJECTION OF 1.86 AND GREW FROM THERE. YOU WILL HAVE DEBT SERVICE RESERVES, ONE-TIME ANNUAL DEBT SERVICE BEING FUNDED FROM THE SOURCES AND USES. THE ACTUAL ISSUANCE THAT I MENTIONED, BUT THEN ANOTHER 50 PERCENT THAT WILL ACCUMULATE. THEN A SUPPLEMENTAL RESERVE FUND, AGAIN, WILL ACCUMULATE, EQUAL ANNUAL DEBT SERVICE SUCH THAT THE TOTAL RESERVES AT A POINT IN TIME WILL BE TWO AND A HALF TIMES THE ANNUAL DEBT SERVICE. SO THAT IS KIND OF AN UNHEARD-OF AMOUNT OF RESERVES BEHIND A TYPICAL REVENUE BOND ISSUANCE AND SO ON. BUT THEN THERE ARE ALSO OTHER OPERATION AND CONSTRUCTION RELATED RESERVES. THE LAST PAGE IS A DETAIL OF THE CBRE CASH FLOW OR PRO FORMA FOR THE FIRST TWO YEARS. IF YOU LOOK DOWN AT THE VERY BOTTOM, YOU CAN SEE THE SECOND YEAR IN A WHICH IS 2025, BECAUSE THE HOTEL HAS BETWEEN 18 AND 24 MONTH CONSTRUCTION TO OPENING TYPE SCHEDULE SO THAT A PART OF 2023, THAT'S A VERY SMALL PART OF THAT YEAR, WHERE THE INITIAL YEAR IN 2024, '25 IS THE YEAR THAT I'M REFERRING TO THAT THE COMBINED COVERAGE IS 1.86 TIMES ANNUAL DEBT SERVICE FROM THE PROJECTED REVENUES. MR. HANNAH, WANTED TO POINT OUT SOMETHING THAT IS VERY IMPORTANT TO THE CITY.YOU WILL SEE MID PAY -- LET ME GET THE LASER. WELL, IT IS THE CUMULATIVE SURPLUS REVENUE FUND THAT IF THESE PROJECTIONS ARE ON TARGET, YOU WILL SEE THE ANNUAL AMOUNTS WHICH WILL BE ACCUMULATED ABOVE DEBT SERVICE AND REQUIRED RESERVES. IN SUCH THAT BY YEAR 10, IT'S PROJECTED THAT THE HOTEL WILL HAVE GENERATED 12.4 MILLION EXCESS. AND THOSE MONIES CAN BE USED BY THE CITY TO ACCELERATE PREPAYMENT IN PART OF THE 6 MILLION ISSUE. AND THEN TOWARD OTHER NEEDS AND POTENTIALLY AT A POINT TO PREPAY OR ACCELERATE THE PAYMENT OF SOME OF THE HOTEL REVENUE DEBT AS WELL. BUT WITH THAT, I WOULD BE GLAD TO ANSWER ANY QUESTIONS. SAM GILL, MICHAEL PARTNERS, AND
BOND COUNCIL IS HERE AS WELL. >> MR. PRESIDENT: THANK YOU, GEORGE. WITH ANYONE ON THE BOARD HAVE ANY QUESTIONS OF MR. WILLIFORD? IN REGARD TO THE PRESENTATION? THANK YOU, GEORGE. DO WE MOVE AT THIS TIME TO GO AHEAD
AND NOW APPROVE THE ITEMS? >> MALE SPEAKER: YES, MR. PRESIDENT, IF THAT'S THE BOARD'S PLEASURE.
>> MR. PRESIDENT: OKAY. AT THIS POINT, TO CLARIFY, IS DONE EVERYTHING WE HAVE BEEN SHARED WITH TODAY, DOES ANYONE ON THE BOARD HAVE ANY QUESTIONS OF ANYONE, MR. HANNAH, MR. GILL, MR. WILLIFORD, MR. SMITH, OUR LOCAL COUNCIL? ANY QUESTIONS? BEFORE US TODAY ARE TWO ITEMS FOR APPROVAL: THE FIRST IS THE CONSIDERATION, ITEM NUMBER FIVE, CONSIDER AND ADOPT A RESOLUTION AUTHORIZING, AND THERE IS AN ENTIRE LIST OF THINGS THAT ARE THERE. IT IS INVOLVING -- HE PUT ITEM NUMBER FIVE UP, PLEASE. E. HERE WE GO. ITEM NUMBER FIVE. ALL OF
[00:20:12]
THE THINGS MENTIONED THERE ARE A PART OF THIS FIRST RESOLUTION. AND THEY INVOLVE ALL OF THE RESOLUTIONS AUTHORIZING THE ABILENE CONVENTION CENTER HOTEL DEVELOPMENT CORPORATION TO MOVE FORWARD. AND FOR THE RECORD, AS MR. WILLIFORD SHARED, THAT THIS WILL NOW PROCEED TO THE ABILENE CITY COUNCIL WHICH WILL TAKE THIS UNDER CONSIDERATION A WEEK FROM TODAY AT THEIR MEETING. IT'S NOT CONSIDERED FORMAL UNTIL THE COUNCIL HAS APPROVED IT AT THAT TIME. SO AT THIS TIME, I WOULD ASK FOR A MOTION AND A SECOND TO CONSIDER ITEM NUMBER FIVE AS OUTLINED IN THE AGENDA FOR APPROVAL TO MOVE FORWARD WITH THE HOTEL DEVELOPMENT CORPORATION.>> FEMALE SPEAKER: SO MOVED. > MR. PRESIDENT: I HAVE A MOTION BY BOARD MEMBER DR. SANDRA HARPER WHAT DO I HEAR A
SECOND? >> FEMALE SPEAKER: SECOND.
>> MR. PRESIDENT: I HAVE A SECOND BY D MOORE. ARE THERE ANY OTHER QUESTIONS OR DISCUSSION? ITEM NUMBER FIVE, MOTION IN THE SECOND, SO AT THIS TIME ALL IN FAVOR SAY AYE.
>> GROUP: AYE. >> MR. PRESIDENT: ANY OPPOSED? ITEM NUMBER FIVE IS APPROVED AS PRESENTED.
ITEM NUMBER SIX IS TO CONSIDER AND APPROVE THE HOTEL DEVELOPMENT AGREEMENT BY AND BETWEEN THIS BOARD, THE ABILENE HOTEL DEVELOPMENT CORPORATION, AND GARFIELD PUBLIC PRIDE LLC FOR THE CONVENTION HOTEL, THE CITY FACILITY'S LEASE AGREEMENT BETWEEN THE CITY AND THE CONVENTION CENTER HOTEL DEVELOPMENT CORPORATION AND THE CITY OF ABILENE. SO I WOULD ASK AT THIS TIME, DOES ANYONE HAVE ANY QUESTIONS ABOUT THIS ITEM? IF NOT, I WOULD ASK FOR EMOTION AND A SECOND TO CONSIDER ITEM NUMBER SIX AS PRESENTED IN THE AGENDA.
>> MALE SPEAKER: SO MOVED. >> MR. PRESIDENT: I HAVE A MOTION BY MR. PAUL FOR LOBBY. DO I HEAR A SECOND?
>> FEMALE SPEAKER: SECOND. >> MR. PRESIDENT: I HAVE A SECOND BY D MOORE ON THIS ITEM. IS THERE ANY FURTHER DISCUSSION? SEEING NONE, ALL IN FAVOR WOULD YOU SAY AYE.
>> GROUP: AYE. >> MR. PRESIDENT: ANY OPPOSED? ITEM NUMBER SIX IS APPROVED AS PRESENTED. AS MENTIONED IN THE PRESENTATION, THESE ITEMS AND RESOLUTIONS NOW MOVE FORWARD TO THE CITY COUNCIL MEETING ON AUGUST, THE 12TH. THAT WOULD B ANOTHER PIVOTAL MEETING, AS THIS ONE HAS BEEN, TO MOVE FORWARD WITH ALL OF THE NECESSARY ISSUANCE OF BONDS AND AGREEMENTS. AND I WILL SAY, TODAY COULD BE RECORDED AS A DAY WE ARE MOVING FORWARD ON A DOWNTOWN HOTEL FOR ABILENE.
AND SO, IT'S VERY EXCITING. I APPRECIATE THE MEMBERS OF THE CORPORATION THAT HAVE BEEN HERE TODAY IN YOUR DUE DILIGENCE IN THIS REGARD. I DID RECEIVE A NOTE FROM MR. JESSE GARDENA'S THAT HE COULD NOT COME TODAY. AND SO, AT THIS TIME, WE HAVE COVERED ALL OF THE ITEMS THAT WE ARE HERE TO DISCUSS AND TO APPROVE. AND WITH THIS, WE WILL LOOK FORWARD TO THE CITY COUNCIL TAKING THIS UP NEXT WEEK. WE JUST ALL NEED TO BE LOOKING OUT FOR THE SAVE THE DATE CARD FOR A GROUNDBREAKING,
MR. HANNAH. >> MALE SPEAKER: YES, SIR.> MR. PRESIDENT: SO WE WOULD ALL LIKE TO BE THERE. SO THIS CONCLUDES. IT IS NOW 9:45 AND THE WORK OF THIS COMMITTEE, I
* This transcript was compiled from uncorrected Closed Captioning.