[4A. Update from the City Council and Management: Financial Position, Major Projects, Operational Issues, Upcoming Dates of Interest and Items of Community Interest.]

UPDATE FROM THE CITY COUNCIL AND MANAGEMENT. FINANCIAL POSITION, MAJOR PROJECTS, OPERATIONAL ISSUES, UPCOMING DATES OF INTEREST AND ITEMS OF UNITY INTEREST.

>> GOOD EVENING. THESE ARE THE MEETING ANNOUNCEMENTS FOR THIS WEEK. COMMUNITY DEVELOPMENT, IF YOU ARE CONSIDERING ADDING A NEW PET TO YOUR FAMILY THIS HOLIDAY, PLEASE CONSIDER A VISIT TO THE ROWLETT ANIMAL SHELTER. WE HAVE A LOT OF ADOPTABLE PETS LOOKING FOR A NEW HOME . WITH THE COOLER WEATHER UPON US IT IS A PERFECT TIME TO GET OUT AND LOOK AT YOUR HOME AND YARD. TOUCHING A PAINT, TRIMMING TREES, CLEANUP LOOSE BRUSH OR DEBRIS. IT WILL HELP KEEP YOUR HOME IN COMPLIANCE WITH CITY ORDINANCE, IN ADDITION TO MAKING YOUR NEIGHBORS HAPPY. FROM ECONOMIC AND COMMUNITY ENGAGEMENT, WE HAVE A LOT GOING ON THIS MONTH.

MARK YOUR CALENDAR FOR THE HOLIDAY MAINSTREET FEST, AND PARADE THIS SATURDAY DECEMBER 7, FROM 5:00 UNTIL 8:00 IN DOWNTOWN. JOIN FOR AN EVENING OF HOLIDAY CHEER, KIDS ACTIVITIES, FOODS, CARAFES, PARADE FLIGHTS. ATTENDEES ARE ENCOURAGED TO PARK AT THE DART STATION. FOR MORE INFORMATION VISIT ROWLETT.COM. THIS IS EXCITING. I THINK HOPEFULLY MOST OF YOU HAVE HEARD ABOUT THIS. ROWLETT IS PARTNERING WITH THE DALLAS STARS TO BRING THE COMMUNITY AND OUTDOOR ICE-SKATING RINK FEATURING REAL ICE LOCATED ON MARTIN DRIVE.

NEXT TO THE DOWNTOWN GREEN. THE RINK WILL DEBUT AT THE HOLIDAY MAINSTREET FESTIVAL. SATURDAY, DECEMBER 7 AT 5:00 P.M. IT WILL RUN THROUGH DECEMBER 29. IT WILL OFFER RESIDENTS THE OPPORTUNITY TO CREATE UNFORGETTABLE HOLIDAY MEMORIES. ASKED OF ALL THE CITY PROVIDES FREE ADMISSION AND SKATE RENTALS TO MAKE SURE EVERYONE CAN JOIN IN ON THE FUN. FOR MORE INFORMATION AND HOURS OF OPERATION VISIT ROWLETT .COM/ICE-SKATING. AND ON THIS ITEM I JUST WANT TO THANK THE CITY MANAGER AND ECONOMIC DEVELOPMENT STAFF AND ALL OF THEM FOR BRINGING THIS FORWARD. THIS WAS DONE , THEY PUT THIS ALL TOGETHER AS A WONDERFUL SURPRISE AND WE ARE REALLY APPRECIATIVE. I PERSONALLY REALLY APPRECIATE THEM GETTING

[00:05:03]

THIS PUT TOGETHER. THE 12 DAYS OF CHRISTMAS KICKS OFF FRIDAY, DECEMBER 13 WITH A SCREENING OF THE NIGHTMARE BEFORE CHRISTMAS ON THE DOWNTOWN GREEN. THE 12 DAYS RUN-THROUGH CHRISTMAS EVE.

FOR A FULL LIST OF EVENT'S VISIT ROWLETT.COM. EXCITED TO BE BACK WITH ROWLETT LIGHT UP REWARDS. IF YOU SEE A PLACE THAT IS GREAT OR FEEL YOUR DISPLAY IS AMAZING, SNAP A PHOTO AND SUBMIT WITH YOUR NOMINATION APPLICATION NO LATER THAN MONDAY, DECEMBER 9 AT 5:00 P.M. FOR MORE INFORMATION AND HOW TO APPLY, VISIT ROWLETT.COM. CHRISTMAS TREES ON MAIN IS BACK WITH BUSINESS ORGANIZATIONS, BOARDS, NONPROFITS, ONCE AGAIN LIGHT DOWNTOWN ROWLETT WITH HOLIDAY CHEER. TREES WILL BE DISPLAYED FROM DECEMBER 2ND THROUGH THE 31ST, SPREADING JOY TO THE COMMUNITY ALL SEASON LONG. FOR MORE INFORMATION ON ALL OF THE UPCOMING HOLIDAY ACTIVITIES, VISIT ROWLETT .COM. THE LIBRARY, IT IS TIME TO JOIN THE WINTER READING CHALLENGE. EARN PRIZES AND GRAND PRIZE ENTRIES. VISIT ROWLETT .COM/LIBRARY ARE MORE DETAILS. THE ARTS AND HUMANITIES COMMISSION IS NOW ACCEPTING APPLICATIONS FOR THE CULTURAL ARTS GRANTS AND ARTS AND EDUCATION GRANTS. VISIT ROWLETT.COM/ART TO DOWNLOAD THE GRANT APPLICATION WHICH ARE DUE JANUARY 17TH. IS AT THE LIBRARY THIS SATURDAY FROM 1:00 UNTIL 5:00 FOR FAMILY WINTER WONDERLAND EXPERIENCE. KIDS CAN ENJOY SNACKS AND GRAPHS AND POSE FOR A PHOTO WITH SANTA. AND THAT IS THE ANNOUNCEMENTS THIS WEEK.

>> THANK YOU. I THINK WE MIGHT NEED TO TAKE BETS ON HOW MANY TIMES YOU SAID ROWLETT .COM. WE

ALSO HAVE AN UPDATE FROM COUNCILMEMBER REAVES. >> A HEART AS BIG AS HIS APPETITE FOR TREATS, THIS HANDSOME PUP IS NOT ONLY GREAT WITH OTHER DOGS BUT A PRO AT STEALING HEARTS WITH THOSE CHARMING EYES AND HILARIOUS PERSONALITY. HE IS NEUTERED, VACCINATED, MICROCHIPPED. IF YOU LOVE FETCH OR TUG-OF-WAR, FREDDIE IS THE PERFECT MATCH FOR YOU. TO MEET FREDDIE OR A COMPANION THEN PLEASE CONTACT ANIMAL SERVICES. OR COME BY THE SHELTER AT 4402 INDUSTRIAL STREET FROM 10:00 A.M. UNTIL 5:00 P.M. ON TUESDAY THROUGH SATURDAY. WE ARE CODE RED AT THE SHELTER WHICH MEANS WE ARE OUT OF SPACE. ADOPTION FEES ARE 25 BUCKS AND THAT INCLUDES STERILIZATION, MICROCHIPS, AND VACCINES.

[5. CITIZENS’ INPUT]

>> THANK YOU. DOESN'T THE ANIMAL SHELTER ALWAYS HAVE THE BEST PHOTOS OF THEIR DOGS? REMARKABLE. INCREDIBLE. WITH THAT WE WILL MOVE ON TO ITEM NUMBER FIVE. ANY OTHER UPDATES OR ANNOUNCEMENTS? ALL RIGHT, SEEING NONE. WE WILL MOVE ON TO CITIZENS INPUT. AT THIS TIME, COMMENTS WILL BE TAKEN FROM THE AUDIENCE ON THIS TOPIC. NO ACTION CAN BE TAKEN ON THE COUNCIL DURING CITIZENS' INPUT. I'M TWO CARDS. WHEN I CALL YOUR NAME PLEASE APPROACH THE MICROPHONE AND GIVE US YOUR NAME AND CITY OF RESIDENCE. YOU WILL HAVE THREE MINUTES. FIRST

IS JUSTIN MARSTON AND FOLLOWING WILL BE REGINALD NEELY. >> THANK YOU. 5401 FLAMINGO DRIVE. I WANT TO THANK COUNCIL FOR THESE TREE ORNAMENTS. IT WAS A HEALTHY AND GOOD CONVERSATION AND GOING IN THE RIGHT DIRECTION. I THINK THERE COULD BE IMPROVEMENTS ON THERE BUT IT IS HEADED IN THE RIGHT DIRECTION. I AM HERE TONIGHT TO TALK ABOUT MY CONCERNS ABOUT THE COLUMBIA STATES DEVELOPMENT. WE HAVE BEEN TALKING ABOUT OVER THE LAST SEVERAL MONTHS. I AM CONCERNED ABOUT THE DENSITY CREATED HERE AND HOW IT DOES NOT FIT WITH THE CITY CONFIDENCE A PLAN. I WANT TO GO AHEAD AND BRING THIS UP. THIS IS THE COMPETENCE OF PLAN WITHIN THE CITY'S CODE. THE BLUE AREA IS THE EMPLOYMENT CENTER, WHAT WAS DESIGNATED AS.

THIS IS A LOT OF UNDERDEVELOPMENT BUT DEVELOPABLE LAND, AS IT STATES RIGHT NOW. THERE ARE SEVERAL AREAS HERE THAT DID NOT REALLY SPELL OUT INTO THE COMPETENCE OF PLAN. SINGLE-FAMILY HOMES AS WELL AS TOWNHOMES IN THIS AREA ALONG WITH THE WAREHOUSES THAT ARE ALSO GOING IN HERE. I POINT THAT OUT BECAUSE THIS PROPERTY WHERE IT IS LOCATED, IT IS ALSO DEEMED SOMETHING DIFFERENT THAN WHAT IS BEING PROPOSED. I AM CONCERNED ABOUT THE COMPOUNDING IMPACT THAT THIS WILL HAVE AS WE DO NOT FOLLOW THE COMPETENCE OF PLAN. SUNDAY AFTER THANKSGIVING I RECEIVED A PUBLIC HEARING NOTICE THAT THE DEVELOPER WAS SEEKING REDUCTION OF RIGHT AWAY WITH, ALONG IS REDUCTION AGAINST GEORGE BUSH, AS WELL AS SEVERAL OTHERS.

AFTER THE TREE ORDINANCE YESTERDAY, I TOOK IT UPON MYSELF TO LOOK AT THE OPEN RECORDS REQUEST FOR THE TREE SERVING ON THIS PROPERTY. I WANT TO SHARE THOSE FINDINGS.

THERE ARE OVER 1000 TREES SURVEYED. THIS IS NOT INCLUDE TREES UNDER EIGHT INCHES. THOSE THOUSAND TREES WERE MADE UP OF 12 DIFFERENT SPECIES, 1300, EXCUSE ME 13,200 INCHES . AS OF

[00:10:01]

RIGHT NOW THE DEVELOPER PLANS ON REMOVING 11,247 OF THOSE INCHES. THAT IS EQUIVALENT TO 937 FEET LAID SIDE-BY-SIDE. THAT IS OVER THREE FOOTBALL FIELDS. AMONG THE TREES REMOVED ARE 36 TREES OVER 24 INCHES, REFERENCE. AND ANOTHER 21 TREES OVER 30 INCHES. INCLUDING A 37 INCH AMERICAN ELM, 43 INCH PIQUANT A 51 INCH PECAN, AND A 54 INCH AMERICAN ELM. ALL TO BE BULLDOZED OVER. I WANT EVERYBODY TO UNDERSTAND WHAT IS AT STAKE FOR THE PROPERTY IN MY THE FUTURE LAND USE SHOWS IT AS WHY IT SHOULD BE HALF ACRES OR MORE TO PRESERVE AND PROTECT THE TREES IN THE HEAVILY FORESTED AREA. WHILE ALLOWING MANAGEABLE DEVELOPMENT AND RETAIN THE INTEGRITY OF THE SURROUNDING NEIGHBORHOODS THAT WOULD ALLOW TO FALL WITHIN LINE

OF THE COMPETENCE OF -- COMPREHENSIVE PLAN. >> THE NEXT SPEAKER IS REGINALD

NEELY. AGAIN NAME AND CITY OF RESIDENCE. THREE MINUTES. >> I WANTED TO MENTION THE VOICE OF CONCERNS OF THE OPPOSITION TO THE REQUEST OF VARIANCES. BASICALLY SPEAKING ON THE COLUMBIA STATES. THE REQUEST VARIANCES AND POTENTIAL REZONING OF -- HE STATES. WITH THE COMPREHENSIVE PLAN AND THE MISSED OPPORTUNITY TO PURSUE MORE RESPONSIBLE AND THOUGHTFUL DEVELOPMENT SOLUTIONS. DENYING THE VARIANCES WOULD ENCOURAGE THE DEVELOPER TO CONSIDER AN ALTERNATIVE THAT RESPECT THE CURRENT LAND-USE DESIGNATION IN THE CITY'S LONG-TERM -- SUSTAINABLE GROWTH AND PRESERVING THE UNIQUE CHARACTER OF ITS NEIGHBORHOODS AND NATURE OF A NATURAL LANDSCAPES. GRANTED VARIANCES THAT ENABLE HIGH DENSITY DEVELOPMENT, CONTRADICTS THE PRINCIPLES AND OVERLOOKS THE POTENTIAL FOR A BETTER AND MORE COMPATIBLE APPROACH. WITH THOUGHTFUL PLANNING AND THE COMMITMENT TO RESPONSIBLE DEVELOPMENT, THIS PROPERTY COULD STILL BE DEVELOPED IN A WAY THAT COMPLEMENTS THE SURROUNDING AREA AND RESERVES ITS NATURAL FEATURES. INCORPORATING THE SITE'S UNIQUE TOPOGRAPHY, VEGETATION, ADJACENCY TO THE LAKE AND TO THE DESIGN COULD CREATE A DEVELOPMENT THAT ALIGNS WITH THE CITY'S GOALS AND MAINTAINING THE AREAS OF APPEAL. THE APPROACH WOULD ENHANCE COMMUNITY CONNECTIVITY, TECH NATURAL RESOURCES, CREATE LASTING VALUE FOR THE CURRENT AND FUTURE RESIDENTS OF ROWLETT. THE VARIANCES REQUESTED BY DEVELOPER ARE NOT NECESSARY TO MAKE THE PROPERTY VIABLE AND INSTEAD THEY PRIORITIZE CONVENIENCE AND DENSITY OVER QUALITY AND SUSTAINABILITY. DENYING THE VARIANCES SENDS A MESSAGE THAT ROWLETT VALUES LONG-TERM PLANNING AND RESPONSIBLE DEVELOPMENT PRACTICES THAT BENEFITS THE ENTIRE COMMUNITY. I RESPECTFULLY URGE THAT THE COMMISSION TO REJECT THESE VARIANCES AND REQUIRE A PLAN THAT REFLECTS THE CITY'S VISION FOR BALANCE, THOUGHTFUL GROWTH, AND I WOULD LIKE TO THANK YOU GUYS ARE LISTENING. THANK YOU.

[6. CONSENT AGENDA]

>> THANK YOU, SIR. ALL RIGHT. ANYONE ELSE IN THE PUBLIC WHO WISHES TO SPEAK THIS EVENING? ALL RIGHT. SEEING NONE. WE WILL MOVE ON TO ITEM NUMBER SIX, CONSENT AGENDA. CITY SECRETARY, IF YOU COULD READ THEM INTO THE RECORD. THE CONSENT AGENDA'S COULD BE TAKEN IN ONE MOTION.

ARE THERE ANY THAT WE WANT TO PULL FOR INDIVIDUAL CONSIDERATION? SEEING NONE.

PLEASE GO AHEAD. >> 6A, CONSIDER ACTION TO APPROVE THE MINUTES. 6 A.

CONSIDERING ACTION TO APPROVE A SETTLEMENT AGREEMENT. >> THANK YOU. COUNCIL WILL ENTERTAIN A MOTION. WE HAVE A MOTION FROM COUNCILMEMBER BRITTON AND A SECOND FROM COUNCILMEMBER REAVES TO APPROVE AGENDAS AS READ. ANY DISCUSSION? ALL RIGHT, LET'S CALL THE VOTE. AND THAT CARRIES UNANIMOUSLY BY THE MEMBERS PRESENT. NOW WE MOVE ON TO ITEM

[7A. Discuss and consider action to approve a parameter ordinance authorizing the issuance of Certificates of Obligation with the final terms to be approved by the City's pricing officers on any date until expiration of the delegated authority.]

7, INDIVIDUAL CONSIDERATION. 7 A IS DISCUSS AND CONSIDER ACTION TO APPROVE A PARAMETER ORDINANCE AUTHORIZING THE ISSUANCE OF CERTIFICATES OF OBLIGATION WITH THE FINAL TERMS

[00:15:01]

TO BE APPROVED BY THE CITY'S PRICING OFFICERS ON ANY DATE UNTIL EXPIRATION OF THE DELEGATED AUTHORITY. MAKING THAT PRESENTATION WILL BE FINANCE DIRECTOR WENDY B.

>> THANK YOU. AS THE MAYOR PRO TEM INTRODUCED A DATE FOR THE UPCOMING CERTIFICATES OF APPLICATION DEBT. IS PRESENTED AT THE OCTOBER 15TH COUNCIL MEETING, THE CITY PLANS TO ISSUE CERTIFICATES OF OBLIGATION IS AN OVERALL 76 MILLION DEBT FUNDING PLAN TO SUPPORT THE MUNICIPAL COMPLEX PRODUCT. WHICH INCLUDE A NEW CITY HALL, ADMINISTERED OF OFFICES, POLICE AND FIRE HEADQUARTERS, JAIL, COURTS, ANIMAL SHELTER, DOG PARK, OTHER PARK AMENITIES AS REQUIRED BY STATE. AND INTENT TO ISSUE ON OCTOBER 15, AND THE NOTICE WAS SUBSEQUENTLY PUBLISHED IN THE NEWSPAPER ON OCTOBER 18. AND OCTOBER 25TH. THE PROPOSED ASSURANCE WILL SUPPLEMENT THE 7.6 MILLION FUNDING RECEIVED FROM THE GENERAL OBLIGATION BONDS THAT WERE ISSUED BACK IN AUGUST OF 2023. AND WILL BE FURTHER SUPPLEMENTED BY ADDITIONAL BONDS IN LATE SUMMER OF 2025. AND 2026. TO COMPLETE THE 76 MILLION DEBT ISSUE IS TO COMPLETE THE PROJECT. TONIGHT'S PROPOSED ORDINANCE WITH DELICATE FINAL PRICING AUTHORITY. TO THE CITY MANAGER AND OR CITY MANAGER TO APPROVE THE SALE, ONLY IF THE ORDINANCES ARE MET . THIS WILL ALLOW THE MAXIMUM FLEXIBILITY TO LOCK IN THE PRICE OF BONDS ON ANY DAY RATHER THAN BEING LOCKED IN TO THE PRICE ON THE CITY COUNCIL MEETING. TONIGHT ORDINANCES ARE MATTRESS -- MAXIMUM INTEREST COST, MAXIMUM -- A 30 YEAR OBLIGATION AND AN EXPIRATION OF THE ALLOCATED AUTHORITY OF 90 DAYS WHICH WILL BE MARCH 30 -- MARCH 3RD, 2025.

SHOULD COUNCIL APPROVED TONIGHT'S PERIMETER ORDINANCE, PRICING OF THE CO'S IS ANTICIPATING TO TAKE PLACE FEBRUARY 25, 2025, WITH CLOSING AND DELIVERY OF FUNDS TO THE CITY TO CLOS DIRTY DAYS AFTER THAT PRICING. MARCH 25, 2025. THAT IS THE CONCLUSION OF TONIGHT'S PRESENTATION. WE ARE READY FOR COUNCIL ACTION UNLESS YOU HAVE QUESTIONS FOR ME.

>> THANK YOU. QUESTIONS? NO QUESTIONS, IN THAT CASE I WILL ENTERTAIN A MOTION. THERE IS A SUGGESTED MOTION ON THE SCREEN. THERE IS A COPY IN FRONT OF YOU AS WELL. WE WILL NEED A VERBAL MOTION. I SEE MOTION FROM COUNCILMEMBER SCHUPP. IF YOU COULD HIT YOUR BUTTON. GO

AHEAD. >> I MOVED TO ADOPT AN ORDINANCE AUTHORIZING THE ISSUANCE OF CERTIFICATES OF OBLIGATION WITH THE FINAL TERMS TO BE APPROVED BY THE CITY'S PRICING OFFICERS ON ANY DATE UNTIL EXPIRATION OF THE DELEGATED AUTHORITY. AND

APPROVING ALL OTHER MATTERS RELATED THERE TOO. >> WE HAVE A MOTION FROM COUNCILMEMBER SCHUPP TO APPROVE AND A SECOND FROM COUNCILMEMBER BOWERS. ANY DISCUSSION ON THIS ITEM? I WILL SAY BECAUSE I THINK IT IS IMPORTANT, I HAVE BEEN PRETTY VOCAL ABOUT MY OPPOSITION TO CERTIFICATES OF OBLIGATION BOND IN THE PAST. PRIOR TO MY TIME ON COUNCIL AND EVEN SHORTLY BEFORE I GOT ON COUNCIL. I DO NOT THINK IT IS EVER BAD TO ADMIT WHEN YOU ARE WRONG. AND I CAN ADMIT THAT THERE WAS A TIME WHEN MY BELIEF ABOUT CO'S WAS MISGUIDED. MY OPINION WAS BASED ON THOSE THAT WERE AROUND ME IN DISCUSSIONS I WAS HAVING WITH THEM IN THE PERCEPTION THAT OUR CONSTITUENTS MUST HAVE A SAY IN EVERY DECISION LARGE OR SMALL THAT IS MADE, IN THE COMMUNITY. AND WITHIN THE GOVERNMENT AS A WHOLE. IN HINDSIGHT THAT IS AN INSTEAD EACH OF US AT THIS DAIS IS SELECTED TO MAKE DECISIONS THAT COULD IMPACT OUR COMMUNITY WHETHER THAT IS FOR DAYS, WEEKS, MONTHS, OR YEARS. THE COUNCIL HAS DISCUSSED THE DEBT STRATEGY IN DEPTH, WHICH INCLUDES CO BONDS AND TEXT NOTES. THE REDESIGNED STRATEGY HAS BEEN DISCUSSED AT LENGTH AND ONE ON ONE WITH THE CITY MANAGER. WE'VE HAD DISCUSSIONS AS COUNCIL ON AT LEAST THREE OCCASIONS THAT I'LL CALL. DISCAL RESPONSE ABILITY AND STEWARDSHIP HAVE BEEN CENTRAL TO THOSE DISCUSSIONS AND MY DISCUSSION IS GROUNDED IN INTENTIONALITY AND PURPOSE. ENSURING THAT WE ALIGN WITH THE OVERALL STRATEGY AND SERVING THE BEST INTEREST OF OUR COMMUNITY. THE ISSUANCE OF THE BONDS ACCOMPLISHES THE PURPOSE

[00:20:09]

AND THEREFORE MY SUPPORT FOR THE AGENDA ITEM IS DRIVEN BY THAT COLLECTIVE GOAL TO ADDRESS THE PRESSING NEEDS OUR COMMUNITY HAS AND CONTINUES TO HAVE, WHILE MAINTAINING PRUDENT FINANCIAL MANAGEMENT. THAT IS MY THOUGHT AND I FEEL LIKE I WOULD SHARE THEM BECAUSE IT IS IMPORTANT TO EXPLAIN A REVERSAL OF WHAT I MIGHT'VE EXPRESSED A FEW YEARS AGO. IF THERE ARE ANY OTHER COMMENTS, THEN WE WILL GO AHEAD AND CALL THE VOTE. AND THAT ITEM CARRIES UNANIMOUSLY

[7B. Discuss and consider action to approve a resolution approving a facility agreement with Jefferson Merritt 190, LLC to allow Developer to file and record final plat prior to completion of required infrastructure, consistent with escrow payment.]

BY THE MEMBERS PRESENT. NEXT WE WILL MOVE TO ITEM 7B. 7B, DISCUSS AND CONSIDER ACTION TO APPROVE A RESOLUTION APPROVING A FACILITY AGREEMENT WITH JEFFERSON MERRITT 190, LLC TO ALLOW DEVELOPER TO FILE AND RECORD FINAL PLAT PRIOR TO COMPLETION OF REQUIRED INFRASTRUCTURE, CONSISTENT WITH ESCROW PAYMENT. MAKING THE PRESENTATION IS COREY R,

DIRECTOR OF COMMUNITY DEVELOPMENT. >> SO THIS PROJECT, JEFFERSON MERRITT 190, LLC, THIS HAS TYPICALLY BEEN REFERRED TO AS THE MERRITT PARK PROJECT THAT YOU HAVE HEARD ABOUT OVER THE PREVIOUS YEARS. THE SPECIFIC SITE WE ARE TALKING ABOUT RIGHT NOW IS PHASE ONE OF THE PROJECT WHICH IS THE MULTIFAMILY PORTION THAT IS ALONG MERRITT ROAD. THE KIND OF BACK GROUND HERE, THIS HAS BEEN GOING ON FOR SEVERAL YEARS NOW REGULATING PLAT WAS APPROVED, DEVELOPMENT PLAT WAS APPROVED AND THEY CONTINUE TO MAKE PROGRESS THROUGH THE PROJECT WITH MOST RECENTLY THE AMENDMENT TO THE REGULATING PLAN WITH THE WARRANTS THAT YOU APPROVED BACK IN AUGUST. AND THEN FOLLOWED BY FINAL APPROVAL OF THE CIVIL PLANS JUST A COUPLE MONTHS AGO. SO THE REASON WE ARE HERE TONIGHT IS TO DISCUSS THE ESCROW AGREEMENT WHICH YOU ALL HAVE, I THINK YOU ALL HAVE HAD SOME HAND IN PREVIOUS ESCROW AGREEMENTS IN THE PAST. SOMETHING BETWEEN AN APPLICANT AND THE CITY IF THEY ARE REQUESTING TO RECORD OR FILE AND RECORD THE FINAL PLAT BEFORE THEY REACH SUBSTANTIAL COMPLETION. SO WHEN WE RELEASE A PROJECT FOR CONSTRUCTION OF THE REQUIRED PUBLIC INFRASTRUCTURE, WHEN THEY REACH THAT POINT OF COMPLETION AND THEY MAY HAVE A LITTLE CLEANUP WORK DONE LEFT, TYPICALLY THE CITY ENGINEER WILL ISSUE A LETTER OF SUBSTANTIAL COMPLETION THAT WE REQUIRE FROM THEM IN ORDER TO ACCEPT THE FINAL PLAT. THE ONLY ALTERNATIVE TO THAT ALLOWED FOR IN THE CURRENT ORDINANCE IS TO HAVE AN AGREEMENT WITH THE CITY. THAT CAN BE DONE IN A COUPLE DIFFERENT WAYS. THE MOST HISTORICALLY PROCESS YOU HAVE USED IN THE CITY OF ROWLETT IS TO ALLOW THE CASH ESCROW PAYMENT EQUAL TO 100% OF THE INFRASTRUCTURE REMAINING TO BE PUT INTO THE PROJECT. THERE ARE OTHER ITEMS ADDRESSED IN THE ORDINANCE CURRENTLY. IT ALLOWS FOR A LETTER OF CREDIT OR SOME OTHER FORM APPROVED BY THE CITY. AND WE FIRST STARTED WORKING WITH THE APPLICANT, AS WELL AS A COUPLE OTHER MAJOR PROJECTS, WE TALKED ABOUT ALTERNATIVES THAT WE MAY BE COMFORTABLE WITH, WHAT THE INDUSTRY STANDARD IS, WHAT OTHER CITIES DO WITH THESE TYPES OF PROJECTS. WE STARTED HAVING CONVERSATIONS, AND RATHER THAN WAITING UNTIL WE HAVE A FINAL SOLUTION ON THAT, THE APPLICANT ASKED THAT WE MOVED FORWARD WITH THE CASH ESCROW OPTION THAT YOU ARE COMFORTABLE WITH. YOU HAVE BEEN COMFORTABLE APPROVING IN THE PAST. THEY WOULD LIKE AT A LATER DATE TO COME BACK WITH AN AMENDMENT TO AN AGREEMENT IF YOU CHOOSE TO AGREE TO IT TONIGHT. WE WENT DOWN A PATH OF WORKING TOWARD A LETTER OF CREDIT, WHICH IS SPECIFICALLY CALLED OUT IN THE ORDINANCE, BUT AFTER INTERNAL DISCUSSIONS AND LOOKING AT OTHER CITY PROCESSES AND WHAT WE FELT WE WERE COMFORTABLE WITH, WE THOUGHT WE WOULD MOVE FORWARD TO THE PAYMENT AND PERFORMANCE BONDS, TO BE GIVEN BY THE CONTRACTOR BY THE DEVELOPER, BEFORE WE WOULD APPROVE THE FINAL PLAT. WE HAVE BEGUN TO HAVE THOSE CONVERSATIONS AND HAVE DRAFT THAT THEY HAVE SUBMITTED AND WHAT WE WILL BE REVIEWING. IN TERMS OF WHAT THAT LOOKS LIKE FOR THE PAYMENT AND PERFORMANCE BOND OPTION. AGAIN THAT IS SOMETHING THAT WOULD COME BACK AT A LATER DATE. TONIGHT WHAT WE ARE ASKING FOR IS APPROVAL OF AN ESCROW AGREEMENT THAT WOULD ALLOW FOR THE APPLICANT TO FUND THE ENTIRETY OF THEIR PUBLIC IF A STRUCTURE IMPROVEMENTS. IT IS CLOSE TO $9.5 MILLION. AS YOU CAN SEE ALL OF THE PIECES THAT ARE INCLUDED IN THAT, THEY WOULD DEPOSIT THE FUNDS IN TOTAL WITH THE CITY, IN ORDER TO MOVE FORWARD WITH THE NEXT STEPS OF THE PROCESS THE FINAL PLAT APPROVAL SO WE COULD MOVE FORWARD WITH THE BUILDING PERMITS. WHY THAT MAKE SENSE IN A BIG PROJECT LIKE THIS, THERE IS A LOT OF WORK THAT CAN BE DONE AT THE SAME TIME. YOU ARE CONSTRUCTING THE PRIVATE AND PUBLIC INFRASTRUCTURE ALL AT ONCE. PAVING, THE FIRE LANES WE WOULD REQUIRE, BEFORE WE WOULD TYPICALLY RELEASE HOLDING PERMITS. BUT AS WELL AS THE