Cocoa CRA

Special Cocoa Community Redevelopment Agency Meeting

Name: Special Cocoa Community Redevelopment Agency Meeting, June 23, 2026
Start: 2026-06-23
Location: Cocoa City Hall

Date: 2026-06-23
Status: Draft minutes and machine transcript available
Source: CivicClerk event #1508
Also captured via: civicclerk: civicclerk_1491 — alternate recording of the same meeting; primary transcript shown above.

📄 Read the City's record 📝 Transcript 📋 Agenda Packet (PDF, 13.0 MB) Watch on the City's meeting portal ↗

Built from draft minutes printed in an agenda packet — no AI-written text Briefing final

The City's record

What the City's record shows

Draft minutes printed in the City's agenda packet of 2026-08-03, pp. 6–11; approved as written by the Cocoa Community Redevelopment Agency according to the draft minutes of 2026-08-03, whose own approval is recorded in later draft minutes but not yet confirmed in the City's approved minutes. The City has not posted the approved minutes as a separate file. The approving motion, “to approve the Minutes for the Special Meeting of June 23, 2026, as written”, is in the draft minutes printed for approval in the 2026-09-08 agenda packet (2479_Cocoa_CRA_Special_Agenda_09_08_26.pdf, packet pp. 6–9; minutes p. 2).

Built only from this meeting's draft minutes (2436_Cocoa_CRA_Agenda_Packet_08_03_26.pdf, packet pp. 6–11). Page numbers are the minutes' own. Discussion is in the minutes' text; it is not summarised here.

Attendance (the roll call)

Listed present when the roll was taken: Mike Blake, Alex Goins, Patricia Weeks, Lavander Hearn, Lorraine Koss, Janne Etz, Candace Rogers
(Checked against the ballots and the printed roll lines; no independent membership list of this board is available to confirm that the roll is complete.)
Absences: the minutes print an “ABSENT” heading with no names under it.
Also listed as present (staff and other roles): Anthony A. Garganese (Agency Attorney), Peyton Fink (Recording Secretary), Stockton Whitten (City Manager), Charlene Neuterman (Community Services Director)
Named on at least one ballot later in the meeting: Alex Goins, ETZ, Lavander Hearn, Lorraine Koss, Mike Blake, Patricia Weeks, ROGERS (participation, which can differ from the roll: arrivals and departures are in the minutes' text)

Adopted actions (4)

to approve the Agenda for the Special meeting of June 23, 2026, as written (moved by Patricia Weeks, seconded by ETZ); PASSED 7-0; ayes: Mike Blake, ETZ, Alex Goins, Lavander Hearn, Lorraine Koss, ROGERS, Patricia Weeks; nays: none — the draft minutes p. 2, packet pp. 6–11
to approve the Minutes for the Regular Meeting of May 04, 2026 as written (moved by Patricia Weeks, seconded by ETZ); PASSED 7-0; ayes: Mike Blake, ETZ, Alex Goins, Lavander Hearn, Lorraine Koss, ROGERS, Patricia Weeks; nays: none — the draft minutes p. 2, packet pp. 6–11
to approve proceeding to negotiate the final application and agreement pending receipt and/or review, and approval of the following items: Title, Five Years of Financials, and Evidence of TIF Incentive Necessity (moved by Mike Blake, seconded by Patricia Weeks); PASSED 7-0; ayes: Mike Blake, ETZ, Alex Goins, Lavander Hearn, Lorraine Koss, ROGERS, Patricia Weeks; nays: none — the draft minutes p. 6, packet pp. 6–11
to adjourn the Special meeting of June 23, 2026 (moved by Patricia Weeks, seconded by Alex Goins); PASSED 7-0; ayes: Mike Blake, ETZ, Alex Goins, Lavander Hearn, Lorraine Koss, ROGERS, Patricia Weeks; nays: none — the draft minutes p. 6, packet pp. 6–11

Draft minutes, as printed in a later agenda packet

Source: 2436_Cocoa_CRA_Agenda_Packet_08_03_26.pdf, the agenda packet of the 2026-08-03 meeting, packet pp. 6–11; lines 165–439 of the City's text of that file. The packet's own page footers are left out below.

Read the draft minutes

MINUTES 
COCOA CRA 
June 23, 2026 
 
The Special Meeting of the Cocoa Community Redevelopment Agency was held 
on Tuesday, June 23, 2026, in Cocoa City Hall, in City Council Chambers, 
located at 65 Stone Street, in Cocoa, Florida, 32922, as publicly noticed. 
I. CALL TO ORDER:  
Chairperson Blake called the meeting to order at 5:02 p.m. 
 
INVOCATION: Agency Member Weeks led the assembly in Invocation.   
 
PLEDGE OF ALLEGIANCE : Agency Member Koss led the assembly in the 
Pledge of Allegiance.   
 
 
 PRESENT:  Michael C. Blake  Chairperson 
Alex Goins   Vice Chairperson 
Patricia Weeks  Agency Member  
Lavander Hearn  Agency Member (Via Phone) 
Lorraine Koss  Agency Member  
Janne Etz   Agency Member 
Candace Rogers   Agency Member 
Anthony Garganese  Agency Attorney (Via Phone) 
    Peyton Fink   Recording Secretary 
 
ABSENT:  
  
OTHER STAFF MEMBERS PRESENT: 
 
City Manager Whitten, Community Services Director Neuterman , Community 
Services Manager Justiniano.   
II. Approval of Agenda and Minutes: 
Agenda: Special Meeting held on June 23, 2026, either as written or with 
amendments. 
 


Special Cocoa CRA Meeting  06-23-2026 
 
Page | 2  
 
* MOTION by Agency Member WEEKS; Seconded by Agency Member ETZ to 
approve the Agenda for the Special meeting of June 23, 2026, as written.  
 
 THE VOTE ON THE MOTION WAS: 
 
 AYES: BLAKE, ETZ, GOINS, HEARN, KOSS, ROGERS, WEEKS. 
 THE MOTION PASSED UNANIMOUSLY (7-0) 
Minutes: Regular Meeting held on May 04, 2026, either as written or with 
amendments.   
* MOTION by Agency Member WEEKS; Seconded by Agency Member ETZ to 
approve the Minutes for the Regular Meeting of May 04, 2026 as written.   
 
 AYES: BLAKE, ETZ, GOINS, HEARN, KOSS, ROGERS, WEEKS. 
 THE MOTION PASSED UNANIMOUSLY (7-0) 
II. DELEGATIONS:   
1. Troy Stephan expressed interest in improving the beautification on the sidewalk 
east of 520 near Brevard Avenue and would be open to working with the city on 
this. He further stated that if there are grants or funds available then he will apply, 
but if he needs to do it himself then he will. The Chairperson suggested that he 
talk with the City Manager and staff to make sure that the right people are being 
met with.   
2. Aleck Greenwood added to what Mr. Stephan stated. He has another plan for the 
downtown area which is to provide more planters on sidewalks to improve safety. 
In addition to this he wanted information on whether trees or landscaping could 
be added to the new parking area where the boats disembark.   
III. PRESENTATIONS: 
V.  ACTION ITEMS: 
1. Request Agency  approval of the TIF Application for 430 Brevard Avenue, 
submitted by The Framework Group for a large -scale residential apartment 
development project.  
 
Director Neuterman gave a description of this action item. She went into detail 
about the background of this project and how  this seven-story mixed use 
development building  will ultimately expand economic activity in Cocoa , 
increase property value, create more jobs, include up to 242 new units, support 


Special Cocoa CRA Meeting  06-23-2026 
 
Page | 3  
 
local businesses, etc. This project will also reduce blight which goes hand-and-
hand with the CRA Plan. No CRA funds will be dispersed unless  and until the 
project generates the qualifying tax increment revenues and complies with the 
program requirements. Applicant is requesting a 90% TIF Reimbursement 
through the remainder of the Cocoa CRA’s lifespan. The application has been 
reviewed, and staff are seeking agency approval.   
 
The Chairperson wanted clarification on the timeframe for the allocation of TIF 
funds. The City Manager and Director Neuterman explained that the 
developer’s portion of the ad valorem would be paid until the end of the Cocoa 
CRA, and it was noted that it is increment that they are creating via the project.            
 
Director Neuterman went over a presentation regarding a condensed three-step 
process. Step one was a pre -application meeting which was to discuss the 
concept and requirements with staff and the City Manager. Step two is what we 
are on now and it is the preliminary application and determination, which means 
that the project needs to be brought to the CRA board for initial direction. Then 
step three is the final application and TIF Agreement. This step involves final 
documentation as well as the negotiation of incentive items and consideration 
of the draft agreement . Director Neuterman then discussed the  negotiation 
process with the board members and shared that they may participate in 
negotiations and give direction to staff. Tonight, staff is recommending that the 
board approve step two so we can move onto step three and begin negotiations. 
 
Two representatives from The Framework Group (Jessica Gow and Thomas 
Sexton) spoke about the project. Jessica Gow gave an overview of the project 
and shared that the company was initially requesting a 95% tax increment, but 
it is now 90%. She believes that tax increments are one of the most useful tools 
at a CRA’s disposal as the incentive will not kick in until the project is fully 
constructed and the develo per pays their taxes. She explained how TIF 
reimbursements work before discussing the economic impact of this project on 
the city. Jessica explained that the initial estimate for economic impact to the 
area is 35 million a year and there are certain requirements that the project will 
be required to meet. One of these requirements is to have 220 -242 residential 
units. She then explained that the tax increment is 90% for ten years af ter 
completion of the project.              
 
Agency Member Koss wondered how long it would take to build. Thomas 
Sexton responded that it would take approximately two years from the start of 
construction to finish. The project will start in 2028 -2029 due to requirements 
that they must meet. Recovery is 10 years from the date  on which the project 
is completed and meets its revenue requirements. Representatives from The 
Framework Group also met with the Cocoa Village Mainstreet and did a r un-
thru of the project to show potential road closure or events that may happen. 
No storefronts will be closed, but there will be partial sidewalk or partial road 
closures along with a traffic director. They would also maintain pedestrian foot 


Special Cocoa CRA Meeting  06-23-2026 
 
Page | 4  
 
traffic. Agency Member Koss then wondered what would happen if the county 
were to do away with the CRA. The City Manager responded that since the 
Cocoa CRA was created prior to becoming a charter county, the county 
commission cannot do anything to it. Agency Member Koss then asked if exact 
numbers would be brought back, the City Manager responded that there are 
only estimates at the moment. Jessica Gow added that based on current state 
law the overall incentive over 10 years is just over $6 million total which is over 
$600,000 per year. She then mentioned that the rate on return is 6.25% that a 
traditional lender needs to support a project. The last four projects by this team 
have exceeded 6.25% With current incentives included we are currently at an 
estimated 6.23% so that 0.02% gap will be covered by the longstanding 
relationship that The Framework Groups has with its lenders. Without the 
incentive agreements they are well below the threshold.  
 
The Chairperson asked for the amount that is required to be secured for 
closing. Jessica responded that the standard is 25% of overall construction 
costs which is about $16-$18 million. With the current capital stack, they have 
41% equity. 
 
Agency Member Etz expressed some concerns that she has with this project. 
One of her main concerns has to do with the TIF reimbursement being 10 years 
as it is almost the remainder of time that the CRA has left, while some of her 
other concerns had to do with how the project would affect businesses and 
parking. She also wondered if the pr oject would die  if step two were not 
approved tonight. Jessica Gow responded by saying that voting yes on this step 
is crucial as the lenders need to see it. She also explained that this project will 
raise the property value in Cocoa and bring in millions of dollars in economic 
impact. It was also pointed out that by raising the property value, the TIF from 
the county will go up. Agency Member Etz has a hard time balancing her 
thoughts on this, but she is not as opposed after hearing new information 
regarding the project. It was then stated by Jessica that it is estimated that 6 
million dollars a year will be going straight to the business and restaurants. 
Agency Member Etz still has concerns, but she looks forward to seeing more 
specific information. Thomas Sexton then mentioned that one of the main things 
that they would like to do is incorporate the community and regular events into 
this project and they are committed to doing just that.   
 
Agency Member Rogers likes redevelopment but would like to be reassured 
that we will bring in enough TIF to support residents. She also wondered if the 
internal rate of return is more important for the investors than the 6.23%. 
Jessica Gow pointed out that both are important but investors will need to see 
the 6.25%, she then shared out that the required ratio for investment is 7:1 and 
this project is currently at 15:1. There was then a disc ussion between Agency 
Member Rogers and staff regarding what we need to have in order to operate 
as we will be getting 10% of the TIF going forward. Director Neuterman 
explained that we look at the full tax rate of the CRA which would increase with 


Special Cocoa CRA Meeting  06-23-2026 
 
Page | 5  
 
this project, meaning more revenue every year. The City Manager pointed out 
that this is about the increment and with this project we will be getting more out 
of the vacant building and property than we are right now. We would also get 
revenue increases fr om projects that come in as a result of the apartment 
complex being there. Agency Member Rogers then wondered if the TIF could 
be for an amount less than 90%, to which Jessica Gow responded  that projects 
with lower percentages are typically in CRA’s with shorter lifespans and this 
amount was agreed to at the meeting in July. It was then noted that a  traffic 
study has not been conducted yet, but it will be as part of the site plan 
development.  
 
Agency Member Weeks is in favor of this project. She understands the 
concerns about Whitley Bay, but it is possible that the residents of that building 
have lived there longer and may not frequent the village as much anymore. She 
further stated that we would get more with this project than we are currently 
receiving from the site, so she is looking forward to it.  
 
Agency Member Koss stated that we are all in favor of the project, but she has 
concerns regarding costs . She also has concerns about infrastructure and 
wondered if  staff ha d anticipated anything coming up. There were other 
concerns she addressed as well such as safety issues and the costs to citizens. 
The City Manager responded that there will be a traffic study and he is not sure 
where the board stands on  the topic of having  police in the village. All of this 
will be addressed when going through the site planning process. He also 
explained that the CRA stands on the tax increment baseline so the notion that 
they are not contributing to the general fund is incorrect because they are. The 
City Manager continued by saying that we will look at additional needs 
regardless of this project. Jessica added that under state law, utilities and 
roadways are the responsibility of the developer  if they are required for the 
development.   
 
Vice Chairperson Goins addressed two projects, which includes this apartment 
complex and the hotel. He noted that construction is always a heartburn and 
there are always fears associated with it. The Vice Chairperson further 
explained that Cocoa will go through changes, and it is scary, but he thinks that 
this project will make a huge difference in the downtown area. He pushed back 
at the claim people make regarding developers being in your pockets when 
without them our assets would not all be available. He also noted that business 
may need to adapt to possible changes by having a delivery service or another 
method to better suit residents. He is overall in favor of this project.  
 
Chairperson Blak e thanked the developers for answering questions and for 
clearing up confusion with the residents. He noted that Cocoa has prevailed in 
the past because of the proper balance , and he believes that this project will 
also prevail. The Chairperson is a firm believer that Brightline will bring a better 
look and will promote living in the future. He continued to speak highly of the 


Special Cocoa CRA Meeting  06-23-2026 
 
Page | 6  
 
project and its potential impact on Cocoa before making a motion for the board 
to approve.  
 
Agency Member Hearn  welcomed this project and wondered if it would be 
appropriate to ask the developers to make some sort of small contribution to a 
CRA project. The Chairperson responded that these concerns may be  
addressed in the future.  
 
* MOTION by Chairperson BLAKE Seconded by Agency Member WEEKS  to 
approve proceeding to negotiate the final application and agreement 
pending receipt and/or review, and approval of the following items: Title, Five 
Years of Financials, and Evidence of TIF Incentive Necessity. 
 AYES: BLAKE, ETZ, GOINS, HEARN, KOSS, ROGERS, WEEKS.  
THE MOTION PASSED UNANIMOUSLY (7-0) 
VI.  ATTORNEY REPORT: None 
VII.   UPDATES AND STAFF REPORTS: 
• The Agency Members agreed to cancel the July 6th Cocoa CRA meeting. 
• Vice Chairperson  Goins asked for an update on the progress of the O leander 
parking lot, which Director Neuterman will be sending him.  
VIII.  NEXT MEETING DATE: 
Monday, August 3, 2026, at 6:00 pm in the Council Chambers located in Cocoa 
City Hall, 65 Stone Street, Cocoa, Florida.              
 
IX.  ADJOURNMENT: 
 
* MOTION by Agency Member WEEKS; Seconded by Vice Chairperson GOINS 
to adjourn the Special meeting of June 23, 2026. 
 AYES: BLAKE, ETZ, GOINS, HEARN, KOSS, ROGERS, WEEKS. 
 THE MOTION PASSED UNANIMOUSLY (7-0) 
 The meeting adjourned at 6:27 p.m.  
 ________________________________ 
       Michael C. Blake, Chairperson 
 Respectfully Submitted by: 
  ______________________________ 
 Peyton Fink, Recording Secretary

Agenda (the City's wording)

Time links are automatic matches to the machine transcript and may be off.

A time followed by a recording's name is in that recording and opens the page with it selected; a time without a name is in the recording that is open below.

An item without a time link may still have been discussed; the link is only added when the automatic match is strong.

I. CALL TO ORDER

1. Invocation
2. Pledge of Allegiance
3. Roll Call

II. APPROVAL OF AGENDA AND MINUTES

1. Agenda: Special Meeting of June 23, 2026.
2. Minutes: Regular Meeting of May 4, 2026.

III. DELEGATIONS

IV. PRESENTATIONS

V. ACTION ITEMS

1. Request Agency Approval of the TIF Application for 430 Brevard Avenue, submitted by The Framework Group for a large scale residential apartment development project. — 00:18:45

VI. ATTORNEY’S REPORT

VII. UPDATES AND STAFF REPORTS

VIII. NEXT MEETING DATE - July 6, 2026 at 6:00 PM

IX. ADJOURNMENT

Transcripts of this meeting's recordings

2 recordings are filed under this meeting. They are listed in date order (parts of one day in part order), under the label, title and date the archive gives the recording. One recording's transcript is open; “Open this recording” under another reloads the page with that one open, and its passage links then refer to it.

Recording of 2026-06-23 (Special City Council Meeting) Partial transcript

Recording's title: Special City Council Meeting · Date: 2026-06-23 · open on this page

Transcript of Recording of 2026-06-23 (Special City Council Meeting): 1,043 passages, 13,999 words

Machine transcription of the meeting recording. The words are the recognizer's, except where a passage is marked as corrected or machine re-recognized; most have not been checked against the audio, so words, numbers and names can be misheard. It describes what was said. It cannot establish who voted how, an amount or an outcome — the City's minutes do that (above). A time links to its passage, and “Copy link” copies that link. No recording can be started from here.

How this transcript was made. New machine transcription of the whole recording, with 16 voices separated from the audio. 25 short machine repair(s) (29 word(s)) are labelled in place, with the original words beside them: an ordinary word was replaced only where two further machine readings agreed on a different one. Checks run on this transcript: the recognizer's own warning signs and whether a voice was detected where the words are. Not completed: language review. A second, independent machine reading was compared with it word by word: the same words for 92.0% of 13,214 content words. Dotted words (260 places) are ordinary wording differences: hover or tap to see the other reading. 302 passages (26% of the words) are marked suspect: their words are not shown ("unclear audio") and support no statement: numbers, amounts, negation or names differ; the language review questioned them; or no voice was detected there. Agreement between two machine readings is not verification.
Inspection is incomplete: language review.

Speakers were separated by voice. A plain name rests on evidence tied to that voice; “provisional” is a name from an earlier text-only pass and is not verified; “Speaker N” is an unidentified voice.

[00:00:00] Attribution uncertain · Unclear audio

[unclear audio]

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[00:00:05] Speaker 1

know there's somebody else

[00:00:07] Speaker 1 · Machine re-recognized

brought

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[00:00:07] Speaker 1

that.

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It's the swipe cases. Yes, I do. That's absolutely

[00:00:15] Speaker 1

clear.

[00:00:16] No voice detected

But it did do with maybe just

[00:00:17] Speaker 2 + overlapping voice

the...

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[00:00:29] Speaker 2 + overlapping voice

Five dollars.

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there, too? Yeah. What are you doing? Well, yeah.

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What?

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pleasure.

[00:01:09] Speaker 2

It was because everything...

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Friday and Saturday. I tried

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to drop it.

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Yeah,

[00:01:48] Speaker 2

this was Saturday. Sunday morning. And then we did a walking tour of...

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[00:02:05] Speaker 2 + overlapping voice · overlapping voices

Well, you could run. They did a half marathon tour. Yeah, well, it'd be interesting anyway.

[00:02:12] Speaker 3 · Unclear audio

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[00:02:14] Attribution uncertain

Well,

[00:02:14] Speaker 3 + overlapping voice · overlapping voices

that's what I thought.

[00:02:16] Speaker 2 · Unclear audio

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[00:02:24] Speaker 2

more.

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[00:02:26] Speaker 2 + overlapping voice · overlapping voices · Unclear audio

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[00:02:26] Speaker 2 + overlapping voice

I had walked. I forget how far I had walked.

[00:02:29] Attribution uncertain

I'm

[00:02:29] Speaker 1 + overlapping voice · overlapping voices

in there. I hope you had good

[00:02:31] Speaker 3 + overlapping voice · overlapping voices

shoes on. I did. I did. I had good shoes on.

[00:02:34] Speaker 3 + overlapping voice · Unclear audio

[unclear audio — 0:02]

Flag: a language review questioned the wording · 00:02:34–00:02:36 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:02:36] Speaker 3 + overlapping voice · overlapping voices

But I kept knocking my sciatica

[00:02:38] Attribution uncertain

out. And

[00:02:38] Speaker 3 + overlapping voice · overlapping voices

it's

[00:02:38] Attribution uncertain

very

[00:02:38] Speaker 3 + overlapping voice · overlapping voices

hot there,

[00:02:39] Speaker 1 + overlapping voice · overlapping voices

you know. It was really nice. ‸ It cooled off

[00:02:42] Speaker 3

at night. It was in the 60s at night. So when we were out in the morning,

[00:02:46] Speaker 2 + overlapping voice · overlapping voices

it was great. And...

[00:02:49] Speaker 2 + overlapping voice · Unclear audio

[unclear audio — 0:01]

Flag: the recognizer flagged its own output · 00:02:49–00:02:52 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:02:49] Speaker 1 · Unclear audio

[unclear audio]

[00:02:50] Speaker 2 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:02]

[00:02:51] No voice detected · Unclear audio

[unclear audio]

[00:02:52] Speaker 3 + overlapping voice

Yeah,

[00:02:52] Speaker 3 + overlapping voice · overlapping voices · Unclear audio

[unclear audio]

Flag: the machine readings disagree here · 00:02:52–00:02:53 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:02:53] Speaker 3 + overlapping voice · overlapping voices

it would heat up in

[00:02:54] Speaker 1 + overlapping voice · overlapping voices

the day.

[00:02:54] Attribution uncertain

So the water

[00:02:54] Speaker 1 + overlapping voice · overlapping voices

stays hot at night. Yeah,

[00:02:56] Attribution uncertain

yeah.

[00:02:56] Speaker 3 + overlapping voice · overlapping voices

We do. Yeah. We don't cool off. And it cooled off nicely over there. So it was... In fact, I had to have a sweater in the evening.

[00:03:03] Attribution uncertain

It's

[00:03:03] Speaker 3

good.

[00:03:04] Attribution uncertain · Unclear audio

[unclear audio]

Flag: the recognizer flagged its own output · 00:03:04–00:03:06 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:03:04] No voice detected · Unclear audio

[unclear audio — 0:01]

[00:03:05] Speaker 3 · Unclear audio

[unclear audio — 0:01]

[00:03:06] Speaker 2

Oh, yeah.

[00:03:08] No voice detected

So... Anyway...

[00:03:12] Speaker 5 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:02]

Flag: a language review questioned the wording · 00:03:12–00:03:14 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:03:14] Attribution uncertain

Good

[00:03:14] Speaker 5 + overlapping voice · overlapping voices

evening, ma'am. Ladies. How are you all?

[00:03:16] Speaker 6 + overlapping voice

Good. I don't want to.

[00:03:18] Speaker 6 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:01]

Flag: words only one machine reading has (possibly not said); the recognizer flagged its own output · 00:03:18–00:03:27 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:03:20] Speaker 2 · Unclear audio

[unclear audio — 0:04]

[00:03:24] Attribution uncertain · Unclear audio

[unclear audio — 0:02]

[00:03:26] Speaker 2 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:01]

[00:03:26] Speaker 7 + overlapping voice · overlapping voices · Unclear audio

[unclear audio]

[00:03:26] Speaker 8 + overlapping voice · overlapping voices · Unclear audio

[unclear audio]

[00:03:28] Speaker 7

Quite a name, isn't it?

[00:03:30] No voice detected · Unclear audio

[unclear audio — 0:01]

Flag: words only one machine reading has (possibly not said); the recognizer flagged its own output; a language review questioned the wording · 00:03:30–00:03:36 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:03:31] Speaker 2 + overlapping voice · overlapping voices · Unclear audio

[unclear audio]

[00:03:31] Speaker 7 · Unclear audio

[unclear audio]

[00:03:31] Speaker 2 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:01]

[00:03:32] Attribution uncertain · Unclear audio

[unclear audio]

[00:03:32] Speaker 2 · Unclear audio

[unclear audio — 0:01]

[00:03:33] Attribution uncertain · Unclear audio

[unclear audio]

[00:03:33] No voice detected · Unclear audio

[unclear audio — 0:01]

[00:03:34] Attribution uncertain · Unclear audio

[unclear audio]

[00:03:34] No voice detected · Unclear audio

[unclear audio]

[00:03:34] Attribution uncertain · Unclear audio

[unclear audio]

[00:03:35] Speaker 7 + overlapping voice · Unclear audio

[unclear audio — 0:01]

[00:03:37] Speaker 7 + overlapping voice · overlapping voices

I'm sure they're...

[00:03:38] Speaker 7 + overlapping voice · Unclear audio

[unclear audio — 0:02]

Flag: words only one machine reading has (possibly not said) · 00:03:38–00:03:43 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:03:40] Speaker 2 · Unclear audio

[unclear audio — 0:03]

[00:03:45] Speaker 2 · Unclear audio

[unclear audio — 0:02]

Flag: words only one machine reading has (possibly not said); the recognizer flagged its own output; a language review questioned the wording · 00:03:45–00:03:59 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:03:47] Attribution uncertain · Unclear audio

[unclear audio]

[00:03:47] No voice detected · Unclear audio

[unclear audio — 0:01]

[00:03:47] Attribution uncertain · Unclear audio

[unclear audio]

[00:03:47] No voice detected · Unclear audio

[unclear audio]

[00:03:47] Speaker 2 · Unclear audio

[unclear audio — 0:04]

[00:03:52] Attribution uncertain · Unclear audio

[unclear audio]

[00:03:52] Speaker 2 · Unclear audio

[unclear audio — 0:01]

[00:03:53] Attribution uncertain · Unclear audio

[unclear audio]

[00:03:53] Speaker 2 · Unclear audio

[unclear audio]

[00:03:53] Attribution uncertain · Unclear audio

[unclear audio]

[00:03:53] Speaker 2 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:04]

[00:03:56] Attribution uncertain · Unclear audio

[unclear audio]

[00:03:56] Speaker 2 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:03]

[00:03:59] Attribution uncertain · Unclear audio

[unclear audio]

Flag: words only one machine reading has (possibly not said); the recognizer flagged its own output · 00:03:59–00:04:06 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:03:59] Speaker 6 + overlapping voice · overlapping voices · Unclear audio

[unclear audio]

[00:03:59] No voice detected · Unclear audio

[unclear audio — 0:01]

[00:04:00] Speaker 6 · Unclear audio

[unclear audio — 0:01]

[00:04:00] Attribution uncertain · Unclear audio

[unclear audio]

[00:04:00] Speaker 2 · Unclear audio

[unclear audio — 0:01]

[00:04:01] No voice detected · Unclear audio

[unclear audio]

[00:04:02] Speaker 2 · Unclear audio

[unclear audio — 0:03]

[00:04:05] Speaker 8 · Unclear audio

[unclear audio — 0:02]

[00:04:10] No voice detected · Unclear audio

[unclear audio — 0:04]

Flag: the machine readings disagree here · 00:04:10–00:04:34 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:04:14] Speaker 2 · Unclear audio

[unclear audio — 0:03]

[00:04:19] No voice detected · Unclear audio

[unclear audio — 0:04]

[00:04:22] Speaker 2 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:07]

[00:04:29] Speaker 4 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:01]

[00:04:30] Speaker 2 · Unclear audio

[unclear audio — 0:04]

[00:04:40] No voice detected

Yeah. Yeah. Yeah.

[00:04:49] Speaker 7 + overlapping voice · overlapping voices

What's the amount of the, uh,

[00:04:51] Speaker 7 + overlapping voice · Unclear audio

[unclear audio — 0:01]

Flag: a language review questioned the wording · 00:04:51–00:04:52 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:04:52] Speaker 2 · Unclear audio

[unclear audio]

[00:04:52] Attribution uncertain

But

[00:04:52] Speaker 2

I did sell one.

[00:04:54] Speaker 2 · Unclear audio

[unclear audio — 0:03]

Flag: numbers, amounts, negation or names differ between the machine readings; the recognizer flagged its own output; the recognized words and the detected speech do not line up; a language review questioned the wording · 00:04:54–00:05:06 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:04:57] No voice detected · Unclear audio

[unclear audio — 0:03]

[00:05:00] Attribution uncertain · Unclear audio

[unclear audio]

[00:05:00] No voice detected · Unclear audio

[unclear audio — 0:02]

[00:05:02] Attribution uncertain · Unclear audio

[unclear audio]

[00:05:02] No voice detected · Unclear audio

[unclear audio — 0:01]

[00:05:03] Speaker 4 · Unclear audio

[unclear audio — 0:02]

[00:05:05] No voice detected · Unclear audio

[unclear audio]

[00:05:05] Speaker 4 · Unclear audio

[unclear audio — 0:01]

[00:05:06] Speaker 4

I know that you sometimes

[00:05:07] Speaker 4 · Unclear audio

[unclear audio]

Flag: the machine readings disagree here · 00:05:07–00:05:07 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:05:07] Attribution uncertain · Unclear audio

[unclear audio]

[00:05:08] Speaker 5 + overlapping voice · overlapping voices · Unclear audio

[unclear audio]

Flag: a language review questioned the wording · 00:05:08–00:05:10 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:05:08] Speaker 2 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:01]

[00:05:09] Speaker 5 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:01]

[00:05:10] Speaker 5 + overlapping voice · overlapping voices

Is this-

[00:05:12] Speaker 9 + overlapping voice · overlapping voices

For your agenda? Yeah. Yeah, it's in your mailbox. Yeah.

[00:05:17] Speaker 4 + overlapping voice · overlapping voices

‸ No, no, I just- I'm not saying

[00:05:19] Speaker 2 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:01]

Flag: the machine readings disagree here · 00:05:19–00:05:20 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:05:20] Speaker 2 + overlapping voice

I know.

[00:05:21] Speaker 2 + overlapping voice · overlapping voices · Unclear audio

[unclear audio]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:05:21–00:05:23 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:05:21] Speaker 4 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:02]

[00:05:23] Speaker 2 + overlapping voice · overlapping voices · Unclear audio

[unclear audio]

[00:05:23] Speaker 4 + overlapping voice · overlapping voices · Unclear audio

[unclear audio]

[00:05:23] Speaker 2 + overlapping voice · overlapping voices

I know.

[00:05:25] No voice detected

I'm going by

[00:05:26] Speaker 2

and every time I

[00:05:28] No voice detected

get

[00:05:28] No voice detected · Unclear audio

[unclear audio — 0:01]

Flag: the machine readings disagree here · 00:05:28–00:05:54 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:05:30] Speaker 2 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:02]

[00:05:32] No voice detected · Unclear audio

[unclear audio — 0:04]

[00:05:36] Speaker 2 · Unclear audio

[unclear audio]

[00:05:37] Speaker 4 · Unclear audio

[unclear audio — 0:02]

[00:05:38] Speaker 8 · Unclear audio

[unclear audio]

[00:05:39] Speaker 10 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:09]

[00:05:49] Speaker 2 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:01]

[00:05:50] Speaker 8 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:01]

[00:05:54] Speaker 5 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:01]

[00:05:57] Speaker 5 + overlapping voice · Unclear audio

[unclear audio — 0:01]

Flag: the machine readings disagree here · 00:05:57–00:05:58 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:05:58] Speaker 5 + overlapping voice · Unclear audio

[unclear audio — 0:01]

Flag: a language review questioned the wording · 00:05:57–00:05:59 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:05:58] Attribution uncertain · Unclear audio

[unclear audio]

[00:05:59] Speaker 5 + overlapping voice · Unclear audio

[unclear audio — 0:01]

[00:05:59] Speaker 5 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:01]

Flag: the machine readings disagree here · 00:05:59–00:06:14 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:06:00] Speaker 2 · Unclear audio

[unclear audio — 0:01]

[00:06:03] No voice detected · Unclear audio

[unclear audio — 0:11]

[00:06:17] No voice detected · Unclear audio

[unclear audio — 0:01]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:06:17–00:06:19 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:06:18] Speaker 5 · Unclear audio

[unclear audio — 0:01]

[00:06:20] Speaker 5 · Unclear audio

[unclear audio — 0:02]

Flag: a language review questioned the wording · 00:06:20–00:06:22 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:06:23] Speaker 5

We're having tonight's meeting.

[00:06:26] Speaker 5 · Unclear audio

[unclear audio — 0:03]

Flag: numbers, amounts, negation or names differ between the machine readings; the recognizer flagged its own output · 00:06:26–00:06:29 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:06:29] Speaker 5 · Unclear audio

[unclear audio — 0:03]

Flag: a language review questioned the wording · 00:06:29–00:06:32 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:06:33] Speaker 5

The council chamber. We have a pledge of

[00:06:36] Speaker 5 · Unclear audio

[unclear audio — 0:04]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:06:36–00:06:40 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:06:40] Speaker 5

invocation led by agency member Weeks. What everyone demands and serves, please secure your cell phone, pagers, or any

[00:06:51] Speaker 5 · Unclear audio

[unclear audio — 0:01]

Flag: a language review questioned the wording · 00:06:51–00:06:52 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:06:52] Speaker 5

Please, everyone stand for

[00:06:55] Speaker 5 · Unclear audio

[unclear audio — 0:01]

Flag: the machine readings disagree here · 00:06:55–00:06:55 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:07:00] Speaker 3

Let us pray. Our dear Heavenly Father, we thank you so much for us to come together tonight to do the city of Coco's business in the

[00:07:10] Speaker 3 · Unclear audio

[unclear audio]

Flag: a language review questioned the wording · 00:07:10–00:07:10 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:07:10] Speaker 3

Lord,

[00:07:11] Attribution uncertain

[00:07:11] Speaker 3

ask you to give us wisdom and make wise choices. And Lord, we just thank you so much for all your many blessings on the city. And we ask you to be, especially with all of the

[00:07:22] Speaker 3 · Unclear audio

[unclear audio — 0:02]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:07:22–00:07:24 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:07:24] Speaker 3

Lord, they do just a wonderful job. And we just thank you for each one of them.

[00:07:28] Speaker 3 · Unclear audio

[unclear audio — 0:01]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:07:28–00:07:29 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:07:29] Speaker 3

Amen. Amen. Let's face the flag.

[00:07:32] Speaker 1 + overlapping voice · overlapping voices

I pledge allegiance

[00:07:33] Speaker 2 + overlapping voice · overlapping voices

to the flag of the United States of America and to the republic for which it stands. One nation, under God,

[00:07:42] No voice detected

‸ indivisible,

[00:07:43] Speaker 2 + overlapping voice · overlapping voices

with liberty and justice for all.

[00:07:50] Speaker 5 · Unclear audio

[unclear audio — 0:03]

Flag: a language review questioned the wording · 00:07:50–00:07:52 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:07:53] Speaker 5

can we do roll call, Mr. Fink?

[00:07:56] Speaker 9

Yes, sir.

[00:07:56] Speaker 9 · Unclear audio

[unclear audio — 0:01]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:07:56–00:07:57 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:07:57] Speaker 5

Present, sir.

[00:07:58] Speaker 9

Vice Chairperson Goins? Here. Agents Member Weeks?

[00:08:01] Speaker 5

Here.

[00:08:02] Speaker 9

Agents Member Hearn?

[00:08:04] Speaker 11

Here.

[00:08:05] Speaker 9

Agents Member Koss?

[00:08:06] No voice detected

Here.

[00:08:07] Speaker 9

Agents Member Etz?

[00:08:08] No voice detected

Here.

[00:08:09] Speaker 9

Agents Member Rogers?

[00:08:10] No voice detected

Here.

[00:08:11] Speaker 9 · Unclear audio

[unclear audio — 0:01]

Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 00:08:11–00:08:13 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:08:13] Speaker 12 · Unclear audio

[unclear audio]

[00:08:14] Speaker 9

Thank you.

[00:08:20] Speaker 5 · Unclear audio

[unclear audio — 0:06]

Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 00:08:20–00:08:26 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:08:26] Speaker 5

What are the wishes of the agency?

[00:08:28] Speaker 3

Move to approve.

[00:08:30] Speaker 5

We have a motion on the floor by agency member Weeks.

[00:08:34] Speaker 6

Second.

[00:08:35] Speaker 5 · Unclear audio

[unclear audio — 0:04]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:08:35–00:08:39 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:08:39] Speaker 5

going

[00:08:39] Attribution uncertain · Unclear audio

[unclear audio]

[00:08:39] Speaker 5

call the question. All

[00:08:40] Speaker 5 · Unclear audio

[unclear audio — 0:01]

Flag: the machine readings disagree here · 00:08:40–00:08:41 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:08:41] Speaker 5

saying aye. Aye. Any nays? Ayes have it unanimously. Proceeding forward to item number 2-2 minutes.

[00:08:50] Speaker 5 · Unclear audio

[unclear audio — 0:03]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:08:50–00:08:52 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:08:53] Speaker 5

What are the wishes of the agency?

[00:08:55] Speaker 3

Move to approve.

[00:08:57] Speaker 5 + overlapping voice

Second. Motion on the floor by agency member Weeks. And

[00:09:02] Speaker 5 + overlapping voice · Unclear audio

[unclear audio — 0:03]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:09:02–00:09:05 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:09:05] Speaker 5 + overlapping voice · overlapping voices

call the question. All in favor by saying aye. Aye. Any nays?

[00:09:10] Speaker 5 + overlapping voice · Unclear audio

[unclear audio — 0:15]

Flag: the recognizer flagged its own output; numbers, amounts, negation or names differ between the machine readings · 00:09:10–00:09:40 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:09:24] Speaker 10 · Unclear audio

[unclear audio — 0:01]

[00:09:27] No voice detected · Unclear audio

[unclear audio — 0:01]

[00:09:27] Speaker 10 · Unclear audio

[unclear audio — 0:01]

[00:09:30] Speaker 5 · Unclear audio

[unclear audio — 0:04]

[00:09:34] Speaker 10 · Unclear audio

[unclear audio — 0:03]

[00:09:38] No voice detected · Unclear audio

[unclear audio — 0:02]

[00:09:47] Speaker 10

I have a little packet I'd like to give to y'all and it will help my little vision that hopefully you guys will help me accomplish here.

[00:09:55] Speaker 5 · Unclear audio

[unclear audio — 0:01]

Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 00:09:55–00:09:56 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:09:57] Speaker 5

Mr. Fink, raise your hand.

[00:10:06] Speaker 10

So mainly the issue I just wanted to present to the board tonight is just some beautification requests. Maybe I can help and get it taken care of with you. The package you're looking at is when you're driving in going east on 520,

[00:10:25] Attribution uncertain

you

[00:10:26] Speaker 10

know,

[00:10:27] Speaker 10 · Unclear audio

[unclear audio — 0:04]

Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 00:10:27–00:10:30 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:10:30] Speaker 10

to turn into the village. So the first picture I gave you ‸ shows what actually that sidewalk looks like. It's not very attractive. And that's the road that we go into when we go into the village, mostly on Bavard Avenue. So I'm trying to beautify that area. I know it's possibly DOT right of way. I've ‸ contacted DOT. I presented a plan to them. Hopefully we can work out some issues with them. But I'd like the board's blessing on trying to get something accomplished. And if there's anybody that can help me get it accomplished. So what I'm proposing is I'm looking, partnering with ‸ a retail business for that Stumpy's location because they're not there anymore. ‸ So in doing so, the retail location has kids, families, even

[00:11:22] Speaker 10 · Unclear audio

[unclear audio — 0:05]

Flag: a language review questioned the wording · 00:11:22–00:11:27 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:11:27] Speaker 10

But when you actually walk on that road and you're at that street light on 520, the way those cars come down there, it's kind of scary to walk down to that business. I mean, anybody can go down there and feel it. So I'm just not comfortable putting a tenant in there that's family-owned type tenant with kids

[00:11:48] Speaker 10 · Machine re-recognized

Flag: words were replaced by a machine repair · 00:11:48–00:11:48 · machine repair: words replaced where two further machine readings agreed (not checked by a person)

[00:11:48] Speaker 10

kids business when we have no buffer from 520 to that sidewalk. Because you walk on there,

[00:11:57] Speaker 10 · Unclear audio

[unclear audio — 0:01]

Flag: a language review questioned the wording · 00:11:57–00:11:58 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:11:58] Speaker 10

So what I'm trying to propose in that little AI rendering that I did is a beautification. It brings in tree elements. It brings in barriers. It brings in a safe walking element to that not very aesthetically pleasing sidewalk, if you look at the first picture. So

[00:12:21] Speaker 10 · Unclear audio

[unclear audio — 0:04]

Flag: a language review questioned the wording · 00:12:21–00:12:25 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:12:25] Speaker 10

And you know that whole Cocoa Village feel like we're in downtown. Let's get that feel right there before so they can look around and then turn into Brevard Avenue to enjoy the rest of the city. That's what I'm saying. So please help me.

[00:12:41] Speaker 10 · Unclear audio

[unclear audio — 0:03]

Flag: a language review questioned the wording · 00:12:41–00:12:44 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:12:44] Speaker 10

Anything, any directions, any comments, ‸ anything that you can help me beautify that area, I would

[00:12:51] Speaker 10 · Unclear audio

[unclear audio — 0:01]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:12:51–00:12:56 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:12:52] Speaker 5 · Unclear audio

[unclear audio — 0:04]

[00:12:57] Speaker 10

No, I haven't. It's just been a busy week. But ‸ this is my first.

[00:13:01] Speaker 5 · Unclear audio

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[00:13:19] Speaker 5 + overlapping voice · Unclear audio

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[00:13:20] Speaker 5 + overlapping voice

something of this magnitude, I think to make sure we meet with Chuck, who is the spokesperson for our meetings.

[00:13:30] Speaker 5 + overlapping voice · Unclear audio

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[00:13:34] Speaker 5 + overlapping voice · overlapping voices

Alright. ‸ So make sure you convey and collaborate with the city manager and staff members as well. Okay. Thank you.

[00:13:42] Speaker 5 + overlapping voice · overlapping voices · Machine re-recognized

we're proceeding

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[00:13:43] Speaker 5 + overlapping voice

this order.

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[00:13:49] Speaker 5 · Unclear audio

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[00:13:58] Speaker 13 · Unclear audio

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[00:14:00] Speaker 13 · Unclear audio

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[00:14:02] Speaker 13 · Unclear audio

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[00:14:06] Speaker 13

do yourself financially? Or is it something for a DOT project?

[00:14:11] Speaker 10 + overlapping voice

You know, I'm here to just ask questions.

[00:14:15] Speaker 10 + overlapping voice · overlapping voices · Unclear audio

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[00:14:20] Speaker 10 + overlapping voice

Um, we'd like to give that whole face. It's one of the main buildings when you come into the village. I'd like to even do more there.

[00:14:28] Speaker 10 + overlapping voice · Unclear audio

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[00:14:31] Speaker 10 + overlapping voice

resident that tenant in that building without that buffer. I can't do it because it's just too scary for kids and families. So if I have to do it myself, I'm going to have to try to do it myself, but it has to be done before I can put them in there. I just don't feel comfortable.

[00:14:47] Speaker 13

Okay.

[00:14:48] Speaker 10 · Unclear audio

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[00:14:51] Speaker 5 + overlapping voice · overlapping voices · Unclear audio

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[00:14:52] Speaker 5 + overlapping voice · overlapping voices · Unclear audio

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[00:14:54] Speaker 5 + overlapping voice · overlapping voices

the city manager and staff members. Okay.

[00:14:56] Attribution uncertain

Um,

[00:14:56] Speaker 5

that will clear up a lot of concerns that you may have and make sure there's power in numbers.

[00:15:02] Speaker 10

Okay.

[00:15:03] Speaker 5

And we do have a good rapport with

[00:15:04] Speaker 5 · Unclear audio

[unclear audio]

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[00:15:05] Speaker 5

because there's a change in the city of Cocoa. Nice. And the surrounding

[00:15:09] Speaker 5 · Machine re-recognized

areas

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[00:15:09] Speaker 5

The agency member calls the mail.

[00:15:12] Speaker 1 + overlapping voice · overlapping voices

Yeah, I was going to ask on the ‸ first photo, ‸ the garbage cans there, are those, do you just have to bring those out on the day

[00:15:20] Speaker 1 + overlapping voice · Unclear audio

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[00:15:26] Speaker 10 + overlapping voice

receptacle, receptacle.

[00:15:29] Speaker 10 + overlapping voice · Unclear audio

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[00:15:31] Speaker 10 + overlapping voice

I'd like to do an eight yard dumpster in the back area there.

[00:15:35] Speaker 10 + overlapping voice · Unclear audio

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[00:15:38] Speaker 10 + overlapping voice

for it. That way we clean it up and we don't have because they're gross.

[00:15:43] Speaker 2

Yeah,

[00:15:44] Speaker 10 + overlapping voice · overlapping voices

they leak. It goes into the, you know, on the sidewalk. It's just, we've got to clean that up. It's not nice.

[00:15:51] Speaker 1

Okay. Yeah, because that would be the first thing to do.

[00:15:54] Speaker 10 + overlapping voice · overlapping voices

Yeah. We can't have kids in strollers passing dirty garbage cans. It's not going to happen.

[00:16:03] Speaker 5

Okay. Do

[00:16:04] Speaker 5 · Machine re-recognized

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[00:16:04] Speaker 5

have any ‸ questions?

[00:16:05] Speaker 5 · Unclear audio

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[00:16:06] Speaker 5

Thank you very much. Mr.

[00:16:08] Speaker 5 · Machine re-recognized

Troy.

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[00:16:09] Speaker 10

Thank you.

[00:16:10] Speaker 5

Okay. Mr. Greenwood, sir, is yours on the delegation as well as the manager? Yes, sir. Go ahead and come forward, please.

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[00:16:24] Speaker 14 · Unclear audio

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[00:16:27] Speaker 14

Greetings, Chairperson and the board. I wanted to follow up from what Troy had presented because there was another plan I thought would be great, not only to solve his problem, but that could be added to the whole downtown area. Well, it's not going to be the whole downtown area. What I'm getting at is that there's some sidewalks that are quite large. And I'll give you an example. The sidewalk in front of Osorio's, there's planters there. And I think everybody's familiar with them. But the sidewalk's wide enough that it still allows pedestrians to go by. The idea, I think, is an excellent one that I've shared with other people that's members of the commercial property group like Troy is.

[00:17:13] Speaker 14 · Unclear audio

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[00:17:25] Speaker 14

like in front of the playhouse for planters there where the sidewalks are wider, it could prevent the accident or help avoid it a little. Because there's no cars parking in front of the theater and the accident, they jumped over the curb. And so it's like an additional safety area. And I was hoping that maybe we might could go and consider maybe other areas in the downtown area that we could provide that idea with. Not only does it add to the landscaping and all that, but it does provide a good sense of safety and it's not taking away from anything. And I just hope that this is something we can pursue. And then in addition to that, I'm hoping for the getting information in reference to the new parking area where the boats are disembarking that we could add trees or landscaping there. It just looks a little too barren, even though everything about it is beautiful. It's heard. I've heard nothing but positive about all the extra spots. So it's something that I hope that maybe we could take this and take it one step further. That's all I wanted to say. Thank you.

[00:18:35] Speaker 5

Thank ‸ you very much. Do we have any additional cards under delegation?

[00:18:44] Speaker 5 · Unclear audio

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[00:19:09] Speaker 5

This is moving.

[00:19:11] No voice detected

Thank

[00:19:11] Speaker 8

you, Mr. Chairman. I'm going to go over briefly over the background information and then I do have a PowerPoint presentation to ‸ share about the process.

[00:19:22] Speaker 8 · Unclear audio

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[00:19:25] Speaker 8

framework group has submitted ‸ application for the CRA tax ‸ increment financing program for the redevelopment of

[00:19:32] Speaker 8 · Unclear audio

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[00:19:35] Speaker 8

Barnett Bank Bank of America building. The proposed project does consist of a seven story mixed use development that includes approximately 220 to 242 upscale rental residential units, 2800 square feet of ground floor commercial retail, structured parking and public parking accommodations, resident amenities and streetscaping around the project. And ‸ so they submitted their application to the city ‸ to the staff and we have gone through the application and have found it to be consistent with CRA objectives of the redevelopment plan. And the main objectives were

[00:20:12] Speaker 8 · Unclear audio

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[00:20:15] Speaker 8

promoting mixed use redevelopment, increasing residential density, expanding economic activity, encouraging private investment within the CRA district, enhancing walkability and supporting long term growth of the tax base. We have we've had a long presence meetings with our framework group. Folks that are here tonight and they will be speaking and answering questions later.

[00:20:44] Speaker 8 · Unclear audio

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[00:20:59] Speaker 8 · Unclear audio

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[00:21:05] Speaker 8

will increase the property values of the CRA. It will create jobs with

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[00:21:19] Speaker 8

jobs,

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[00:21:22] Speaker 8

during the construction and related economic activity. Its project is anticipated to add approximately 242 new households, increase consumer spending in Cocoa Village and in Cocoa in general, support local businesses and restaurants, provide commercial space for business occupancy, and increase activity and investment within the downtown area. The project does advance several public purposes that the CRA has in their plan, which is the elimination of blighted and underutilized properties. As you know, the Bank of America property has been underutilized for many years since the Bank of America has left there, and ‸ any improvements to that would be a great improvement to the city. Currently, the tax revenue

[00:22:07] Speaker 8 · Unclear audio

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[00:22:12] Speaker 8

from that property. So an increase in density and having a large established residential unit there will increase

[00:22:21] Speaker 8 · Unclear audio

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[00:22:25] Speaker 8

years to come.

[00:22:27] Speaker 8 · Unclear audio

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[00:22:37] Speaker 8

agreements. No CRA funds will be

[00:22:40] Speaker 8 · Machine re-recognized

dispersed

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[00:22:40] Speaker 8

unless and until the project generates the qualifying tax increment revenues and complies with all the program requirements.

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[00:22:51] Speaker 8

In my staff report,

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[00:22:56] Speaker 8

It would be through ‸ the duration of the CRA, which is 2041. And so staff has reviewed the application and materials and responses, and we're bringing this to you tonight for your review and approval. And I'm going to provide you with a PowerPoint to go over what the TIF reinvestment agreement policy is to explain the process that has brought us to this point tonight.

[00:23:25] Speaker 5 + overlapping voice · Unclear audio

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[00:23:28] Speaker 5 + overlapping voice · overlapping voices

Yes, sir. I just want to make sure I comprehend you correctly. You're saying the sunset of the CRA is 2041? Yes, sir. Is that correct?

[00:23:37] Speaker 8

Yes, sir.

[00:23:38] Speaker 5

Now, they're asking for

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[00:23:45] Speaker 8

Their portion of the ad valorem.

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[00:23:50] Speaker 7 + overlapping voice · overlapping voices · Unclear audio

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[00:23:57] Speaker 7 + overlapping voice

the tax revenue when we get there. ‸ But again, I think they'll explain that probably better than I can. It's ‸ the increment that they're creating via the project.

[00:24:07] Speaker 8

Right. Okay. Great. So in the TIF free investment agreement process, we have a detailed outline that was created by staff and the attorneys who helped us create this process through looking at other agencies that have developed TIF policies.

[00:24:24] Speaker 8 · Unclear audio

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[00:24:30] Speaker 8

the framework group ‸ staff to go over this process and getting us to the part where we're at right now, which is the preliminary application. And then after tonight's meeting, should the agency agree to move forward, then we would go into the final application and agreement process. So tonight's approval does not necessarily constitute a final agreement of the TIF reimbursement and reinvestment policy. So right now we're in the preliminary application and determination staff sell a bit staff determines the eligibility. And if requirements are met, the project goes before the CRA for initial direction by majority vote. Once we get through that, the final application in the TIF agreement, where is all the documentation negotiation of all the incentives and the final CRA board consideration of the draft agreement.

[00:25:24] Speaker 8 · Unclear audio

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[00:25:30] Speaker 8

So nothing happens with the TIF reimbursement except until it is approved before step three. So you don't have an agreement until after the final step approval has been made. Under the preliminary application and determination. So they submit their application. CRA staff review the application and determine whether or not they're eligible to make it. to this portion of the meeting process.

[00:25:56] Speaker 8 · Unclear audio

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[00:26:00] Speaker 8

If we determine

[00:26:01] Speaker 8 · Machine re-recognized

that

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[00:26:02] Speaker 8

the requirements are met and then the board will give us direction on what ‸ to move forward with the application process and negotiations. So it's important to note that a favorable preliminary determination does not improve, approve the incentive. It only allows the request to move towards a final application and draft agreement subject to board direct discretion. So the minimum application information is the applicant identity, which is their business development team bios and relevant experience.

[00:26:33] Speaker 8 · Unclear audio

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[00:26:38] Speaker 8

applicant and or related development financing entities. Their project concept is their engineered conceptual plan building elevations floor

[00:26:47] Speaker 8 · Machine re-recognized

plans,

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[00:26:47] Speaker 8

scope features and tentative milestones, which are included in your agenda tonight. The regulatory fit the zoning verifications that show that they are consistent with city of cocoa and the cocoa CRA.

[00:27:00] Speaker 8 · Machine re-recognized

requirements. Cost and impact. They

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[00:27:05] Speaker 8 · Machine re-recognized

construction cost and a preliminary fiscal impact estimate. And then the additional items or any additional items as required by the staff during that application process. Again, I will note board decision if staff determine the requirements are met, the CRA board may by majority vote authorize staff to process the final negotiations and begin the

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[00:27:32] Speaker 8

negotiations. So from this point, if we get to stage three, the final application package, the applicant has 90 days from the CRA board decision to submit their final application, which will have the property control, final project details, market and occupancy details, financial capacity and cost verification. And all of those will be established once they have got to the next step of this general approval. Under the negotiations, the board action and agreement terms, once we get into staff negotiations, we're going to

[00:28:07] Speaker 8 · Unclear audio

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[00:28:10] Speaker 8

agreement, which we will bring before the CRA for their final approval. Once approved, ‸ the applicant, the CRA chair will execute and if denied the decision will be final by the CRA. The CRA board may participate in negotiations and provide direction to staff. Staff may create forms, require supplemental information, and the city manager may establish an application fee. The CRA may require third party analysis. Costs may be reimbursed by the applicant at the CRA's discretion, and approved agreements govern reimbursement and must include strict compliance terms and a clawback provision.

[00:28:48] Speaker 8 · Unclear audio

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[00:28:48] Attribution uncertain · Unclear audio

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[00:28:48] Attribution uncertain

Bottom

[00:28:48] Speaker 8

line, the incentive is not automatic. It is negotiated,

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[00:28:55] Speaker 8

agreement. So tonight, the staff's recommendation is that the, we recommend that the board approves proceeding to the final application and negotiation pending receipt and a review and approval of the following items. The final title package five years of the

[00:29:12] Attribution uncertain

financial

[00:29:12] Speaker 8

records and evidence of TIF incentive necessity. And this action would authorize staff to continue the process. It would not

[00:29:20] Speaker 8 · Unclear audio

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[00:29:24] Speaker 8

us to continue moving forward. And, and so we do have representatives from the framework group who are here tonight to also provide you with some information and answer questions that I know many of you have regarding their application and their project. So, um, I'm going to have Thomas Sexton come up and Jessica Gow, who is the attorney for the framework group. Okay.

[00:29:51] Speaker 8 · Unclear audio

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[00:29:53] Speaker 5 · Unclear audio

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[00:29:56] Speaker 5

make sure you submit a card for me, please. As they proceed to go forward in their presentation. Okay. How would you all would like to do this CRA board members? Would you like to hear from them first and then have questions or you want to hear from them first? Okay. Good. Good. All

[00:30:14] Speaker 5 · Unclear audio

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[00:30:16] Speaker 15 · Unclear audio

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[00:30:20] Speaker 15

Happy to be here this evening.

[00:30:21] Speaker 15 · Unclear audio

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[00:30:25] Speaker 15

the project team. Um, we will probably jump up and down depending on who is best to answer these questions.

[00:30:30] Speaker 15 · Unclear audio

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[00:30:32] Speaker 15

This project is something that I think framework group has been passionate about and pursuing for just over three years now. And so I know that the city in different capacities has, um, seen this project in different forms. There have been comp plan amendments. There have been policy changes.

[00:30:48] Speaker 15 · Unclear audio

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[00:30:51] Speaker 15

at this point. Um, and that outlined the vision of the site that you see in the backup, um, to during that presentation

[00:30:58] Speaker 15 · Machine re-recognized

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[00:30:59] Speaker 15

July, uh, and that final reading of the development agreement,

[00:31:01] Attribution uncertain

um,

[00:31:02] Speaker 15 · Unclear audio

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[00:31:05] Speaker 15

a teaser trailer of the requested partnership that this project would bring forward. Um, at that time we were requesting a 95% tax increment, um, for the project support to move forward.

[00:31:15] Attribution uncertain

Um,

[00:31:16] Speaker 15

following that hearing, the tax increment guidelines were adopted by the CRA authorizing up to 90%. And so it took a little bit, I think on the project team to adjust the rates and metrics, kind of the cost savings to get to that 90%, um, rather than that 95%

[00:31:30] Attribution uncertain

that

[00:31:30] Speaker 15

was contemplated and that backup is shown tonight.

[00:31:33] Attribution uncertain

[00:31:33] Speaker 15

we are looking as noted at that 95% tax increment, um, tax increment financing in my experience and land use law is one of the best, um, tools that a CRA has because it requires the developers and they don't love it when I say this to put the money where their mouth is, uh, because there is no risk on the side of the city unless the there's no risk at all in my opinion.

[00:31:54] Speaker 15 · Unclear audio

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[00:31:59] Speaker 15

and they pay their taxes first. They then get to get a part of it back based on the agreement with the city. And so it is not a situation where once we get to that third step, if approved tonight, um, the city has a financial obligation that is coming out of general fund revenues or something that has to be planned. It is that if we get that go ahead, we move to final design and construction when the project is complete that first year after completion, we look at what the difference in taxable value is from what exists today, or the date that the agreement is entered, and what the taxable value is when the project is completed. And that difference, the increment is what we capture 90% of, which means that the underlying base value always remains with the city.

[00:32:41] Speaker 15 · Unclear audio

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[00:32:46] Speaker 15 · Unclear audio

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[00:32:50] Speaker 15

the city

[00:32:50] Speaker 15 · Machine re-recognized

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[00:32:50] Speaker 15

Cocoa village and overall Cocoa. Um, so as noted by staff for this project, the initial estimates on a year over year basis ‸ is $35 million a year of economic impact from this project. That is not directly related to construction. That is impacts to the overall community, $35 million a year. Um, I think that can't be understated. Uh,

[00:33:13] Speaker 15 · Unclear audio

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[00:33:16] Speaker 15

So the way we structure this is there has to be a minimum of 220 residential units. You see that range 220 to 242. Um, and there has to be a

[00:33:25] Speaker 15 · Unclear audio

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[00:33:31] Speaker 15

there. We are committed to constructing a high caliber project. If you guys remember, um, if you were present during the city council action on the development agreement, we went through their development agreement requirements for the grand courtyard, the integration, the nine foot ceilings, the six foot tall windows, all of those design metrics would still have to be met, which is why it's probably be very easy to get to

[00:33:53] Speaker 15 · Unclear audio

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[00:33:56] Speaker 15

not get cheaper as time goes on. This step as noted is kind of laying out those metrics of what is being requested, the minimum residential units, the minimum, uh, non-residential square footage, the, the timeline, the request is 90% of the tax increment for 10 years after completion of the project, as noted, with we acknowledging that that CRA expires in 2041. And so we've got a fantastic opportunity. I think right now, um, for this project and this team, um, and we've been working hard with staff to get there.

[00:34:29] Speaker 15 · Unclear audio

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[00:34:31] Speaker 15

add anything right off the cuff and then we're here for as long as we need for questions.

[00:34:35] Speaker 16

Yeah, absolutely.

[00:34:36] Speaker 16 · Unclear audio

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[00:34:41] Speaker 16

Tampa, Florida. And it's good to be in front of you all today. I've met most of you in the past, but for the new faces, it's great to see you, um, and be introduced formally to you all. So we're excited

[00:34:50] Speaker 16 · Unclear audio

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[00:34:55] Speaker 5 · Unclear audio

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[00:35:06] Attribution uncertain · Unclear audio

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[00:35:06] Speaker 5 · Unclear audio

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[00:35:09] Speaker 5

Okay. You're next. Okay. Okay.

[00:35:19] Attribution uncertain

Agency

[00:35:19] Speaker 5

member calls.

[00:35:21] Speaker 1

Hello. Hello. Um, so how long are you anticipating it'll take to build?

[00:35:27] Speaker 16

Two years from the start of construction, the start of mobilization.

[00:35:31] Speaker 1 · Unclear audio

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[00:35:37] Speaker 16

Well, uh, based on the development agreement and the dates put forth, we would have 18 months to get through the submission of the site plan, 24 months to have the site plan approved. And we'd have from the execution of the development agreement, three years to start construction in earnest.

[00:35:52] Speaker 1 + overlapping voice · overlapping voices · Unclear audio

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[00:35:55] Speaker 16 + overlapping voice · Unclear audio

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[00:35:57] Speaker 16 + overlapping voice · overlapping voices

Okay. At the latest.

[00:35:59] Speaker 1

And is it, because I've heard a couple of years,

[00:36:02] Attribution uncertain

somebody

[00:36:02] Speaker 1

said 15 years and somebody said 10 years for the term for

[00:36:07] Speaker 15 + overlapping voice · overlapping voices

the recovery. Yeah. Yeah. So I think the distinction is the life of the CRA until 2041 and then our increment request. And the increment request would be 10 years from the date that the project is completed. Okay.

[00:36:19] Speaker 16 · Unclear audio

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[00:36:25] Speaker 1

Okay. So the CRA would, would only have the three

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[00:36:38] Speaker 1 + overlapping voice · Unclear audio

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[00:36:43] Speaker 1 + overlapping voice · overlapping voices

mean, the plans for construction and avoiding businesses, um, not being able to function during that period. And that's one of the big concerns. How do you avoid that? So because ‸ some people are anticipating that they're literally going to have to close down. Absolutely.

[00:37:05] Speaker 16 + overlapping voice

Yes, ma'am. So for the seven story, um, building that we're proposing, um, ‸ we met with, uh, Cocoa village main street, um, last week and kind of walked them through a mock trial of what an MOT plan would look like. And we don't have a formal MOT plan because

[00:37:18] Speaker 16 + overlapping voice · Unclear audio

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[00:37:22] Speaker 16 + overlapping voice

But typically we would produce an MOT plan that would show the phases of construction, how we're managing traffic and how we're maintaining, um, the streetscapes and the potential, um, partial road closures that we would have to incur. This would be coordinated in conjunction with all

[00:37:38] Speaker 16 + overlapping voice · Unclear audio

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[00:37:40] Speaker 16 + overlapping voice

And we would essentially guarantee that there would be no closures of the storefronts of any of the buildings. It would essentially be just partial sidewalk or partial road closures that would be, you know, within, you know, six hour period, nine hour period. And we would hire full time traffic directors to ensure the smooth flow of traffic. Um, when we get to vertical construction, we would construct a tunnel, um, with, you know, scaffolding over top of it. So it would maintain the pedestrian, um, foot traffic to be able to access all of the, um, storefronts.

[00:38:10] Speaker 16 + overlapping voice · overlapping voices · Unclear audio

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[00:38:14] Speaker 16 + overlapping voice · overlapping voices

impacted from a, um, pedestrian walkability standpoint only for the duration until we get up to vertical construction and do that tunnel.

[00:38:22] Speaker 1 · Unclear audio

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[00:38:29] Speaker 1

a staff question. Um, there is talk, there's a rumor amongst the county commissioner, county commissioners that, um, there's an appetite for, um, bringing up the discussion of whether or not we should have the CRA. Um, if something like that were to happen, where would this agreement stand?

[00:39:00] Speaker 7

This agreement would be fine because this CRA was created prior to becoming a charter county. And so the county commission has no ability to do anything with this CRA.

[00:39:12] Speaker 2

Okay.

[00:39:13] Speaker 7 · Unclear audio

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[00:39:16] Speaker 1 · Unclear audio

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[00:39:17] Speaker 5 · Unclear audio

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[00:39:18] No voice detected

We can

[00:39:18] Speaker 5

kill it.

[00:39:19] Speaker 1

Thank

[00:39:20] No voice detected

you.

[00:39:21] Speaker 1 + overlapping voice · overlapping voices

Okay. And we'll get exact figures. Is somebody going to present the exact figures? Like exactly what, what is the increment that we're, because I know in the package there is, um, estimates from

[00:39:33] Speaker 1 + overlapping voice · Unclear audio

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[00:39:41] Speaker 1 + overlapping voice · overlapping voices

So I'm trying to figure out what is the total value.

[00:39:45] Speaker 7 + overlapping voice · overlapping voices · Unclear audio

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[00:39:51] Speaker 7 + overlapping voice · Unclear audio

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[00:39:51] Speaker 7 · Unclear audio

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[00:39:53] Speaker 7

They're taking whatever methods they normally use to estimate what would be the taxable value. I think they could better discuss that than I could, but right now you're only going to have estimated.

[00:40:04] Speaker 1 + overlapping voice

Right. And then understood. Yeah.

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[00:40:11] Speaker 1 + overlapping voice · overlapping voices

28 to 41, that would be 13 years. Sure. What

[00:40:17] Attribution uncertain

is it?

[00:40:17] Speaker 1 + overlapping voice · overlapping voices

So what is the incentive that we would be providing?

[00:40:20] Speaker 15 + overlapping voice

Over the 10 year term, I think our current estimates and as noted,

[00:40:23] Speaker 15 + overlapping voice · Machine re-recognized

their their

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[00:40:24] Speaker 15 + overlapping voice

estimates. You know, we look at the current property generation. We look at the construction value we're plugging in.

[00:40:29] Speaker 15 + overlapping voice · Unclear audio

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[00:40:32] Speaker 15 + overlapping voice · overlapping voices

based on year over year, what we're seeing in the county to project out kind of all of the different millage rates and categories. And I'm going to say this, that is based on current state law and we are all kind of holding on to see what happens. But those projections are plugged in there. When you look at that from stabilization to that 10 year term, the overall incentive total over that 10 years is just over 6 million with our estimates. So you separate that up. It's 600,000 or something per year on kind of return under the incentive agreement for the project. And those are estimates. I think that there's that total number is on the backup of the application materials, but we can include that and kind of highlight it again at the next reading as well, kind of update those figures, make sure our math is still. Okay.

[00:41:18] Speaker 1 + overlapping voice · overlapping voices · Unclear audio

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[00:41:23] Speaker 1 + overlapping voice

needed in order to show that you, so, so you could get the financing. So what is the threshold? It didn't identify what that was.

[00:41:32] Speaker 15

Yep. So that is outlined in the backup of the agreement, just on the comparison with the incentive and without it.

[00:41:38] Speaker 15 · Unclear audio

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[00:41:41] Speaker 12 + overlapping voice · overlapping voices · Unclear audio

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[00:41:41] Speaker 12 + overlapping voice · overlapping voices

Yeah.

[00:41:42] Speaker 15 + overlapping voice · overlapping voices

So 6.25% is the rate on return that a traditional lender needs to support a project. As noted in the backup, the last four projects financed by this team have exceeded that 6.25. But in order to get a traditional lender to the table, you need 6.25. Cards on the table

[00:42:02] Speaker 15 + overlapping voice · Unclear audio

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[00:42:05] Speaker 15 + overlapping voice

6.23.

[00:42:06] Speaker 15 + overlapping voice · Unclear audio

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[00:42:09] Speaker 15 + overlapping voice

I think, by the longstanding relationship framework

[00:42:12] Speaker 15 + overlapping voice · Unclear audio

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[00:42:14] Speaker 15 + overlapping voice

to say, you know, the quality we produce, you know, that the long-term hold is there.

[00:42:19] Speaker 15 + overlapping voice · Unclear audio

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[00:42:22] Speaker 15 + overlapping voice

forward with the financing. Without the incentive agreement, we are well below that.

[00:42:30] Speaker 1

‸ Okay.

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[00:42:34] Speaker 1

Um, but you mentioned that this project has been in process for three years. Well, we actually met Nick in 2019.

[00:42:43] Speaker 6

Okay.

[00:42:44] Speaker 1 + overlapping voice · overlapping voices

And there was a community meeting. Yeah. So it's actually taken quite a while.

[00:42:50] Speaker 15

Seven years then. I will.

[00:42:52] Speaker 1

So we're seven years out now.

[00:42:54] Speaker 15

Okay. Okay.

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[00:43:00] Speaker 5

Quick question. At closing, how much are you required to be secured for closing of this deal if it's consummated?

[00:43:10] Speaker 15 + overlapping voice · overlapping voices

In terms of private equity that we bring to the table, I think the standard is 25% of that overall construction cost is in private equity.

[00:43:18] Attribution uncertain

Maybe

[00:43:18] Speaker 5 + overlapping voice · overlapping voices

the financial number of that,

[00:43:20] No voice detected

please,

[00:43:20] Speaker 5

if you

[00:43:21] No voice detected

can

[00:43:21] Speaker 5

calculate that.

[00:43:22] Speaker 16 + overlapping voice · overlapping voices

25% is roughly 16 to 18 million. And in our current capital stack, we're 41% equity to debt.

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[00:43:33] Speaker 5 + overlapping voice · overlapping voices

well. Yes, sir. That's the angle that I'm coming from. Yeah, I mean, it's just not waiting on handouts, but

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[00:43:44] Speaker 5 + overlapping voice

Okay.

[00:43:45] Speaker 5 + overlapping voice · Unclear audio

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[00:43:52] Speaker 5

Okay.

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[00:43:55] Speaker 4

While we're on page 52 of the evidence of TIF incentive page, what it says, net operating income. What period of time is that? Is that an annual? Is that a monthly? Is that what, what is that figure?

[00:44:11] Speaker 16 + overlapping voice · overlapping voices

I can speak to that. Yeah. That's just our, our yearly, once we're stabilized. So now it's an annual. Yes, ma'am. Okay. 93% occupied. Okay.

[00:44:19] Speaker 4 + overlapping voice · overlapping voices

And, and, uh, what does project IRR mean?

[00:44:24] Speaker 16 + overlapping voice · overlapping voices

Internal rate of return. I'm sorry. Internal rate of return. So it's a metric that measures. ‸ I'm not a numbers person.

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[00:44:34] Speaker 16

Okay.

[00:44:41] Speaker 4

‸ No, I have many, many, many notes. Um, I just wanted to figure out how to get started. From a CRA perspective, having that particular piece of property is amazing. Fixed up is amazing. I personally have never been particularly excited about this project because it's a giant thing in the middle of the village.

[00:45:13] Speaker 4 · Unclear audio

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[00:45:16] Speaker 4 + overlapping voice

know, but

[00:45:16] Speaker 4 + overlapping voice · overlapping voices · Unclear audio

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[00:45:17] Speaker 4 + overlapping voice

I've been in, have a store in the village for 34 years. So I've seen a lot of coming and going. I've heard a lot of promises. I've seen numbers. I've seen studies. I've, you know, just, I've been involved the whole time that I've been involved. Um,

[00:45:32] Speaker 4 + overlapping voice · Unclear audio

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[00:45:36] Speaker 4 + overlapping voice

because that's 40% of the time that we have left. And now it's like 10 years. And so that's pretty much almost all of the time that we have left. And while I get that, I mean, it's okay. It's a CRA's dream to, to have a project like this, to get this kind of infusion into a downtown area. ‸ It's exactly what a CRA is for. But if we can't use the money that it's generating to do additional projects, if we had time, it wouldn't be such a big deal. I am very concerned about the projects that we have talked about over the years, the things that we want to do and, and how much money they are going to cost. Because once the CRA is gone, I can't imagine the city's going to be able to come up with millions of dollars to, you know,

[00:46:34] Speaker 4 + overlapping voice · Unclear audio

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[00:46:39] Speaker 4 + overlapping voice

CRA has talked about. But on the other hand, I get where you're coming from, although I'm not a numbers person, I get where you're coming from as far as how much you have to have in order to secure your financing. So it's kind of a catch 22, right? If, if we don't approve this amount, then you can't come up, you can't come up with your financing. And so the project is dead. Is that, is ‸ really the bottom line?

[00:47:05] Speaker 15

That is, and I, let me just, I will kind of take a step back in terms of, the bottom line is ‸ a harsh thing. It is, that is what is needed to show the project's feasible. And I think that

[00:47:14] Speaker 15 · Unclear audio

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[00:47:19] Speaker 15

is that the market isn't there. This isn't an easy project to say, here are 10 comps when two mile radius of that can support these rents,

[00:47:28] Speaker 15 · Unclear audio

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[00:47:29] Speaker 15

So you should trust us and framework groups specifically

[00:47:32] Speaker 15 · Unclear audio

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[00:47:33] Speaker 15

first met to, to this corridor, is known for saying, will be the first one. We will prove it and we will see what follows.

[00:47:42] Speaker 15 · Unclear audio

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[00:47:44] Speaker 15

to see. I think from a perspective of community redevelopment agencies across the state, they struggle with that same thing as taking this project right out of play. In a way, as you're maintaining the status quo, you have that 10% increase, so

[00:47:58] Speaker 15 · Unclear audio

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[00:47:59] Speaker 15

But the true trade off is you're getting a transformational project that's bringing

[00:48:04] Speaker 15 · Unclear audio

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[00:48:06] Speaker 15

outside of it. And that is a direct economic spend. And that includes kind of the secondary impacts of once this construction is complete,

[00:48:15] Speaker 15 · Unclear audio

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[00:48:17] Speaker 15

the other values of land, those all go up as well. They are not subject to an agreement. So you're capturing more funds there as well during the life of the CRA. And I think that as the CRAs across Florida, ‸ we saw the challenge from the legislature last year to try to get rid of them, kind of midstream, which would have been terrible. But you say for the time we have left, how do we bring some of the major goals that we had at establishment forward? And with only 15 years left

[00:48:46] Speaker 15 · Machine re-recognized

until

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[00:48:46] Speaker 15

the end of it, we're running out of time.

[00:48:48] Speaker 4 + overlapping voice

Okay, so let me ask a sort of a more general question. And maybe those of you on council who deal with numbers more often than I do can help. If this project is going to bring up property values everywhere and, you know, whatever else, if it brings up property levels, that increases the overall our overall tiff to the from the county, right? Because that's the money that we get is the

[00:49:12] Speaker 4 + overlapping voice · Unclear audio

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[00:49:13] Speaker 4 + overlapping voice · overlapping voices

[00:49:28] Speaker 4 + overlapping voice · Unclear audio

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[00:49:30] Speaker 4 + overlapping voice

who've seen

[00:49:30] Speaker 4 + overlapping voice · Machine re-recognized

projects

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[00:49:31] Speaker 4 + overlapping voice · Unclear audio

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[00:49:32] Speaker 4 + overlapping voice

I was here before Oleander Point was built. And both of those were going to save the village. And everybody was going to come every day and buy stuff ‸ and eat in the restaurants and whatever.

[00:49:41] Speaker 4 + overlapping voice · Unclear audio

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Flag: a language review questioned the wording · 00:49:41–00:49:42 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:49:43] Speaker 4 + overlapping voice

And I read the study. I'm really pretty particular about reading the packets. And I read the studies and I've seen studies. And in my experience, studies are always a little more optimistic than what actually happens.

[00:50:04] Speaker 4 + overlapping voice · Unclear audio

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[00:50:11] Speaker 4 + overlapping voice

From a business perspective, how much of that is going to come in my front door? Probably not a lot. So I have a hard time personally balancing. I understand that ‸ this project is ready to go. I mean, you own the property. You've got the plan.

[00:50:28] Speaker 4 + overlapping voice · Machine re-recognized

they

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[00:50:28] Speaker 4 + overlapping voice

know, it's all it's proceeding the way it should. So it's not something that I just I have learned a few things through this and ‸ through discussion and questions and stuff that that I didn't realize before. So I'm not as opposed as I've been in the past. I just I'm just very concerned because we have an end date. Now, if it were possible for the city to give some sort of monetary consideration, ‸ I guess it's not really done anymore. I don't know what kind of variances and stuff will end up being in play. If the city were able to participate financially in this development in some way, that would be cool because the city isn't going to cease to exist in 15 years. And

[00:51:26] Speaker 4 + overlapping voice · Unclear audio

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[00:51:32] Speaker 4 + overlapping voice · overlapping voices

You know what I'm saying? I because I've been here a long time and I've seen stuff and it's great. But the bigger things just haven't gotten done. And so anyway, I'm going to listen to what everybody else has to say. ‸ And if

[00:51:48] Speaker 15 + overlapping voice

I can just some of the points, one of the points you raised, I think, was really important to the project team as well, which is how much of that economic impact goes to these shops in Cocoa Village. And so as part of that backup, we specifically asked them to identify of that benefit, how much directly goes to Cocoa Village shops, retail restaurants.

[00:52:09] Speaker 15 + overlapping voice · Unclear audio

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[00:52:14] Speaker 15 + overlapping voice · Unclear audio

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[00:52:17] Speaker 15 + overlapping voice · overlapping voices

And even

[00:52:18] Speaker 4 + overlapping voice · overlapping voices

if that's optimistic, four million dollars a year sounds pretty good too.

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[00:52:22] Speaker 4 + overlapping voice · overlapping voices · Unclear audio

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[00:52:22] Speaker 15 + overlapping voice · Unclear audio

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[00:52:23] Speaker 15 + overlapping voice · overlapping voices

Okay. And I think one of the ‸ keys, because ‸ you talked about other projects, and I think that when you look at ‸ the CRA as ‸ an overall, one of the things, just another story from my hometown in Daytona Beach where we struggle with our downtown, is

[00:52:38] Speaker 15 + overlapping voice · Unclear audio

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[00:52:40] Speaker 15 + overlapping voice

You've got amazing things that people should celebrate, should ‸ be there. The vision for the Daytona Beach CRA has always been, we want a grocery store in downtown. That is what the CRA pushed for. We have

[00:52:51] Speaker 15 + overlapping voice · Unclear audio

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[00:52:54] Speaker 15 + overlapping voice · overlapping voices

We have all of these amazing things that are a part of the CRA vision. And none of those pieces could come forward because there weren't people walking by the shops and going in and spending the money and putting that investment in place. And until we had two projects that people said it's a little tall, it's a little denser than we usually see, but it brings 600 people walking by that shop every single day. People driving by, people who are sitting in their apartment and they say, I don't want to drive out on this road that's a little too busy on traffic. I'm going to pop down right across the street. That is the village vision. And bringing the people there is the key point.

[00:53:32] Attribution uncertain

[00:53:32] Speaker 4

hope. I hope ‸ that the pedestrian impact from that building is going to be what the studies say it is.

[00:53:42] Speaker 4 · Unclear audio

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[00:53:47] Speaker 4

But on the other hand, I'm optimistic. ‸ I'm concerned. I'm glad you have a plan in place because I am very concerned about the impact to businesses while the construction is going on. If

[00:54:01] Speaker 4 · Unclear audio

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[00:54:07] Speaker 4

Margot, so

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[00:54:10] Speaker 4

many people come in. It's terrifying.

[00:54:13] No voice detected · Unclear audio

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[00:54:16] Speaker 4 + overlapping voice

So any tiny little thing can push some people over the edge. I'm very concerned about that.

[00:54:22] Speaker 4 + overlapping voice · Unclear audio

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[00:54:29] Speaker 4 + overlapping voice

and people are they don't want to go up in their space and

[00:54:33] Speaker 4 + overlapping voice · Unclear audio

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[00:54:35] Speaker 4 + overlapping voice · overlapping voices

leave their car out or their guests are going to. I see where you have 25 spaces that are specifically for you know guests or or shoppers or whatever and that's yay. ‸ Parking is yay. But I'm still very concerned about the impact that it is going to have on the on street parking. It's one of those things where we're just going to have to see wait

[00:54:56] Speaker 2

and see

[00:54:57] Speaker 4 + overlapping voice · overlapping voices

and I very much appreciate all this information. I look forward to if I understand correctly, we're going to get more specific figures in the final So I look forward to that and thank you for your time tonight. I am done. Thank you, sir.

[00:55:14] Speaker 16

Can I just say one thing to address? So last week again when we spent some time

[00:55:21] Speaker 16 · Unclear audio

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[00:55:23] Speaker 16

you know one of the main things that Hannah and I want to bring to framework and what we want to bring to our communities is that sense of tie-in and I think that you know what we've shown it like

[00:55:32] Speaker 16 · Unclear audio

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[00:55:33] Speaker 16

community that's right down the street from the main street there. We want to incorporate our monthly events and how we promote the local establishments inside of our property in the elevator. We want to have community events and really try to be a fabric of the community and work hand in hand with Pam and Chris to do so. So that's our commitment to you all is to be a direct partner in this. Yes ma'am.

[00:55:56] Speaker 16 · Unclear audio

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[00:55:56] Speaker 5 + overlapping voice · overlapping voices · Unclear audio

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[00:56:04] Speaker 1 + overlapping voice · overlapping voices · Unclear audio

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[00:56:09] Speaker 1

Okay.

[00:56:10] Speaker 5

Thank you ma'am.

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[00:56:14] Speaker 5

Oh. Oh. Oh.

[00:56:17] Speaker 6

Oh. Oh.

[00:56:24] Speaker 6 · Machine re-recognized

why we have the CRA. It actually doesn't affect the downtown area. We're hoping that what we do here spreads out for the long-term goals of

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[00:56:37] Speaker 6 · Unclear audio

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[00:56:37] Speaker 6 · Unclear audio

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[00:56:39] Speaker 6 · Unclear audio

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