[00:04:01] No voice detected · Unclear audio
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[00:05:22] Speaker 1 + overlapping voice · Unclear audio
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[00:05:23] Speaker 1 + overlapping voice
I say it right?
[00:05:24] Speaker 1 + overlapping voice · overlapping voices · Unclear audio
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Flag: words only one machine reading has (possibly not said); the recognizer flagged its own output; a language review questioned the wording · 00:05:24–00:05:26 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:05:27] Speaker 1 + overlapping voice · overlapping voices
Alright.
[00:05:28] Speaker 2
‸ Dennis?
[00:05:29] Speaker 1 + overlapping voice · overlapping voices
Oh,
[00:05:30] Speaker 2
can
[00:05:30] Speaker 3 + overlapping voice · overlapping voices
I? Yeah, there you go.
[00:05:33] Speaker 3 + overlapping voice · overlapping voices · Unclear audio
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Flag: numbers, amounts, negation or names differ between the machine readings; the recognizer flagged its own output; a language review questioned the wording · 00:05:33–00:05:33 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:05:35] Speaker 1
We're going to put Jack first. We'll lift you up.
[00:05:41] Speaker 4
Alright. ‸ Okay.
[00:05:44] Speaker 1 · Unclear audio
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[00:05:52] Speaker 1
special meeting. Invocation will be done by Bishop, agency member, vice chairperson Hearn. Pledge of Allegiance will be performed by
[00:06:04] Speaker 1 · Unclear audio
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[00:06:06] Speaker 1
Would everyone please secure
[00:06:07] Speaker 1 · Unclear audio
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[00:06:16] No voice detected · Unclear audio
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[00:06:17] Speaker 1 · Unclear audio
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[00:06:19] Speaker 3
Dear Heavenly Father, I'd like to give thanks for allowing everyone to arrive here tonight. I ask that you give us not only the knowledge to make good decisions on behalf of the city of Cocoa, but give us the energy as well for this beautiful evening. I ask that you continue to watch over our city, our citizens as we leave as well. In his name we pray. Amen.
[00:06:39] Speaker 4 + overlapping voice · overlapping voices
Amen.
[00:06:40] Speaker 5 + overlapping voice · Unclear audio
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[00:06:41] Speaker 5 + overlapping voice · overlapping voices
I pledge allegiance to the flag
[00:06:43] Speaker 1
of the United States of America and to the Republic for which it stands, one nation, under God, indivisible, with liberty and justice for all. Thank you very much.
[00:06:55] Attribution uncertain
Thank you very
[00:06:55] Speaker 1
much.
[00:06:55] Attribution uncertain
Yes,
[00:06:55] Speaker 3 + overlapping voice · overlapping voices
sir. And ma'am.
[00:06:57] Speaker 1
Here
[00:06:58] Attribution uncertain
we
[00:06:58] Speaker 1
go. Thank you.
[00:06:59] Speaker 1 · Unclear audio
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[00:07:04] Speaker 1 · Unclear audio
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[00:07:06] Speaker 6 + overlapping voice · overlapping voices · Unclear audio
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[00:07:10] Speaker 6 + overlapping voice · Unclear audio
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Flag: numbers, amounts, negation or names differ between the machine readings; the recognizer flagged its own output · 00:07:10–00:07:12 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:07:12] Speaker 7
Here.
[00:07:13] Speaker 6 + overlapping voice · overlapping voices · Unclear audio
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[00:07:19] Speaker 6 + overlapping voice
Here. Agency member Rogers. Here.
[00:07:22] Speaker 6 + overlapping voice · Unclear audio
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[00:07:25] Speaker 1 + overlapping voice · Unclear audio
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[00:07:33] Speaker 1 + overlapping voice
minutes. Special meeting of October the 25th, 2022 for the wishes of the agency. Motion to approve. We have a motion
[00:07:42] Speaker 1 + overlapping voice · Unclear audio
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[00:07:44] Speaker 1 + overlapping voice
Second.
[00:07:45] Speaker 1 + overlapping voice · Unclear audio
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[00:07:48] Speaker 1 + overlapping voice · overlapping voices
going to call for question all in favor by saying aye. Aye. And a nays. Ayes have it unanimously. Proceeding on to item number three. Okay. Now I have a card from Jack,
[00:08:03] No voice detected · Unclear audio
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[00:08:10] Speaker 1
or ‸ you want to speak about the action item number 5-1? Action item 5-1. Okay.
[00:08:17] Speaker 1 · Unclear audio
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[00:08:17] Speaker 1 · Unclear audio
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[00:08:20] Speaker 1
Okay.
[00:08:21] Speaker 1 · Unclear audio
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[00:08:21] Speaker 1
none, thank you very much gentlemen. All right. There's nothing under delegations. There's nothing under
[00:08:29] Speaker 1 · Unclear audio
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[00:08:30] Speaker 1
Okay.
[00:08:31] Attribution uncertain
We
[00:08:31] Speaker 1
will
[00:08:31] Speaker 1 · Unclear audio
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[00:08:34] Speaker 1
to report on the status of the hotel deliverables due by the developer and receive direction from the agency if necessary.
[00:08:46] Speaker 1 · Unclear audio
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[00:08:47] Attribution uncertain · Unclear audio
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[00:08:47] Speaker 1 · Unclear audio
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[00:09:04] Speaker 1
Thank
[00:09:05] Speaker 8
you, ‸ Mr. Chair. So, at the October 3rd COCO CRA meeting, we provided you with an update on the developer's deadlines. And at that time, we asked for an additional week for the developer, Mr. Brown, to meet the hotel deadlines due to the hurricane Ian from a week prior.
[00:09:25] Speaker 8 · Unclear audio
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[00:09:31] Speaker 8
property to him. At that time, that triggers a 60-day notice to convey the property for the city to do all of their due diligence and for the developer to do all of their due diligence. There were four items that were required of the developer once he issued the notice of conveyance that we are going to talk about tonight. The first one is the title commitment for an owner's title policy, which is the title insurance company agreeing to insure the title of the property. Mr. Brown did deliver that to us, and it has been approved by staff. The next item,
[00:10:09] Attribution uncertain
the
[00:10:09] Speaker 8 + overlapping voice
letter of credit to secure the purchase price of $1,550,000,
[00:10:13] Speaker 8 + overlapping voice · Unclear audio
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[00:10:18] Speaker 8 + overlapping voice
received yet. Written proof of a binding financing agreement due within the 60-day window has not been received yet. And written proof of a performance bond by the general contractor for the completion of the project, which was also due within the 60-day window, has not been received yet. So, today we've only received one deliverable of the four items. All other items are outstanding at this point.
[00:10:42] Speaker 8 + overlapping voice · Unclear audio
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[00:10:50] Speaker 8 + overlapping voice
time to get all of the information to us, and we have yet to receive any information.
[00:10:55] Speaker 8 + overlapping voice · Unclear audio
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[00:11:00] Speaker 8 + overlapping voice
was going to be bringing any items tonight for approval, and he said he did not have any items to present to us.
[00:11:07] Speaker 8 + overlapping voice · Unclear audio
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[00:11:12] Speaker 8 + overlapping voice · overlapping voices
‸ He is deemed deficient on his deliverables and in noncompliance to move forward with the construction of the project. So, as you noted, Mr. Chairman, because of the default, there is a 30-day default clause within the agreement that allows him to have an additional 30 days to cure the default. So, staff is requesting direction, and I think the city manager and the city attorney will also elaborate on this.
[00:11:47] Speaker 8 + overlapping voice · overlapping voices · Unclear audio
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[00:11:48] Attribution uncertain · Unclear audio
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[00:11:48] Speaker 9 · Unclear audio
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[00:11:52] Speaker 9
but, you know, at this meeting, I guess the two options as I see them are, you know, going down the road of additional time are to declare that the ‸ developer is in default, and that starts a 30-day clock with either the remedy being, with either the deficiency being satisfied at the end of that 30 days, or having to come back to the council to decide what you want to do at the end of
[00:12:23] Attribution uncertain
that
[00:12:23] Speaker 9
30 days or so. So, hopefully, your direction tonight includes either he is in default and it has to be cured by the 30 days, or the ‸ relationship is severed, or something beyond that. And if I didn't say any of that correctly, or if there's ‸ further clarification,
[00:12:45] Attribution uncertain
I
[00:12:45] Speaker 9
think Anthony can give that to you. But, again, looking for some direction with regards to are we ‸ continuing on ‸ with an extension of time, or are we now going into default?
[00:12:58] Speaker 1
Okay.
[00:12:59] No voice detected
Okay.
[00:13:01] Speaker 1
Mr. Esquire's organization. Yes. Would you like to collaborate? If not, I would like to hear from the audience.
[00:13:10] Speaker 2
‸ I think the manager summed it up.
[00:13:13] Attribution uncertain
I
[00:13:13] Speaker 2
mean, there's some, depending on the discussion tonight, there might be a little few nuances ‸ I wish to advise you about, but let's, at this point, I mean, you can engage in your discussion and hear from Mr. Brown.
[00:13:27] Speaker 1
Okay. Is everyone in agreeance of that?
[00:13:31] Speaker 1 · Unclear audio
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[00:13:33] Speaker 1
Okay. Thank you. First on the list. Jack Brown.
[00:13:46] Speaker 7
Well, it's good to see all of you again.
[00:13:48] Speaker 2
Yes, sir.
[00:13:50] Speaker 7
First of
[00:13:50] Attribution uncertain
all,
[00:13:50] Speaker 7
I'd like to thank you for the past times that you've met with me before and extended the contracts in the past. And, uh, ‸ appreciate everything that the board has done, the city administration,
[00:14:06] Speaker 7 · Unclear audio
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[00:14:08] Speaker 7 · Unclear audio
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[00:14:13] Speaker 7 · Unclear audio
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[00:14:15] Speaker 7
very good up to now. I hope it will continue. Um, and with that, uh,
[00:14:20] Speaker 7 · Unclear audio
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[00:14:21] Speaker 7
just like to start out by saying that, um, you know, uh, just like everybody else, um, I would, that the hotel should have been built and,
[00:14:30] Speaker 10
you know,
[00:14:30] Speaker 7
being run, you know, a couple of years ago, unfortunately, the first two years were somewhat, uh, a little shaky and, uh, we didn't really get very far until the end of the second year. And, uh, that's, uh, when I finally got the development agreement, which happened to be signed by our current city manager, Stockton. And, uh, before that we hadn't been able to get that done, but that kind of kicked us off. Finally, after a two year period, I did get the development agreement. So I want to thank him for that. And he's done a great job since then. And I think he's a, the whole city as well as the boards and so forth
[00:15:06] Speaker 7 · Unclear audio
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[00:15:08] Speaker 7 · Unclear audio
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[00:15:17] No voice detected
Um,
[00:15:17] Speaker 7
I wanted to tell
[00:15:18] Attribution uncertain
you
[00:15:18] Speaker 7
also that actually that was one of the first things that he did when he got here. I think it was early in his tenure that he signed the development agreement. Um, you know, I take full responsibility for the delays and everything that's happened during the course of, you know,
[00:15:31] Attribution uncertain
of
[00:15:31] Speaker 7
course, time that has passed.
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[00:15:36] Speaker 7
my fault that some of these things have been delayed, but I do take responsibility for being in the position that we are right now. Cause you know,
[00:15:43] Speaker 7 · Unclear audio
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[00:15:45] Speaker 7
up desk. So, you know, you, you gotta take the bitter with the sweet and, um, I don't want to rehash the past. I just wanted to say that.
[00:15:54] Speaker 7 · Unclear audio
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[00:16:01] Speaker 7 · Unclear audio
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[00:16:03] Speaker 7
Because it's easy to do that.
[00:16:04] Speaker 7 · Unclear audio
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[00:16:10] Speaker 7
that we needed to get done in her three actually left to do.
[00:16:13] Speaker 7 · Unclear audio
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[00:16:16] Speaker 7
but we do, we did send in two actual, um,
[00:16:21] Attribution uncertain · Unclear audio
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[00:16:22] Speaker 7
‸ financing commitments.
[00:16:23] Speaker 7 · Unclear audio
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Flag: a language review questioned the wording · 00:16:23–00:16:25 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:16:25] Speaker 7
from our
[00:16:25] Speaker 7 · Machine re-recognized
present financing financier,
Flag: words were replaced by a machine repair · 00:16:25–00:16:28 · machine repair: words replaced where two further machine readings agreed (not checked by a person)
[00:16:28] Speaker 7
um, John, uh, Giuliano. And then we had one before that, that was the still active, that was, um, issued by, uh, Gulfstream, which is a, um, financing arm of our contractor, general contractor, DFI.
[00:16:45] Speaker 7 · Unclear audio
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[00:16:49] Attribution uncertain · Unclear audio
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[00:16:49] Speaker 7 · Unclear audio
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[00:16:54] Speaker 7
And, um, so that, that document is there as well as the present one.
[00:16:58] Speaker 1 + overlapping voice · overlapping voices
Uh, wrap it up please, sir.
[00:17:00] Speaker 7
Okay.
[00:17:01] Speaker 7 · Unclear audio
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[00:17:10] Speaker 7
since the time is up. Uh, probably the most important thing that has been accomplished, I think, and maybe
[00:17:17] Speaker 7 · Machine re-recognized
as
Flag: words were replaced by a machine repair · 00:17:17–00:17:17 · machine repair: words replaced where two further machine readings agreed (not checked by a person)
[00:17:17] Speaker 7
important as anything else. And that was one of the requirements, one of the liberals that I had to get done was the acquisition of, uh,
[00:17:24] Attribution uncertain
uh,
[00:17:25] Speaker 7
the address of 625, 27 and 29, Brevard Avenue, which is the site adjacent south to the, uh, hotel site. And, uh,
[00:17:33] Speaker 7 · Unclear audio
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[00:17:35] Speaker 7 · Unclear audio
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[00:17:38] Speaker 7
need it for the original hotel, but it's available for the expansion and so forth.
[00:17:43] Speaker 1 + overlapping voice · overlapping voices
Thank you very much.
[00:17:44] Attribution uncertain
So
[00:17:44] Speaker 7
thank you.
[00:17:45] Speaker 1
Okay, next will be, uh, Michael.
[00:17:47] Speaker 1 · Machine re-recognized
DeVivo.
Flag: words were replaced by a machine repair · 00:17:47–00:17:48 · machine repair: words replaced where two further machine readings agreed (not checked by a person)
[00:17:53] Speaker 2
No comment on. ‸ Okay, sir.
[00:17:57] Speaker 1
Um, next will be Dennis.
[00:18:06] Speaker 11
‸ How are you guys? Uh, first of all, I want to introduce myself.
[00:18:10] Speaker 11 · Unclear audio
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[00:18:13] Attribution uncertain · Unclear audio
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[00:18:13] Speaker 11 + overlapping voice · overlapping voices · Unclear audio
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[00:18:14] Speaker 11 · Unclear audio
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[00:18:14] Speaker 11 · Unclear audio
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[00:18:19] Speaker 11
Uh, ‸ work with blue Marlin real estate and, uh, we, we'd love the support of, you know, what Mr. Brown obviously wants to do is, is to create a redevelopment of a hotel. Um, from what I've heard, there was, uh, some issues with the due diligence as far as timing of when documents have to be delivered. And, you know, that's, that's something we see in the real estate world all the time. Um, but as, uh, Mr. Brown said, you know, there's things that do happen. And, uh,
[00:18:43] Speaker 11 · Unclear audio
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[00:18:47] Speaker 11
plans to move forward as long as, you know, things are done in a, in a time manner that no longer defaults and just ‸ continues to move forward. I believe, you know, there's every right for him to continue this process as long as, you know,
[00:19:00] Attribution uncertain
um,
[00:19:01] Speaker 11
things move in a due diligent manner.
[00:19:02] Speaker 11 · Unclear audio
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[00:19:06] Speaker 11 · Unclear audio
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[00:19:09] Speaker 11
And, uh,
[00:19:09] Speaker 11 · Unclear audio
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Flag: a language review questioned the wording · 00:19:09–00:19:12 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:19:12] Speaker 11
definitely come into fruition. If,
[00:19:14] Attribution uncertain
uh,
[00:19:15] Speaker 11
you know, we can all agree and make sure that we have the opportunity for Mr. Brown to continue his work and,
[00:19:20] Attribution uncertain
uh,
[00:19:20] Speaker 11
but definitely make sure that the due diligence is taken care of, uh, at least in an appropriate time manner for sure. And, uh, that's what I have to say.
[00:19:28] Speaker 1
Thank you very much.
[00:19:29] Speaker 1 · Unclear audio
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[00:19:35] Speaker 12
Good afternoon, everyone.
[00:19:37] Attribution uncertain
Uh,
[00:19:37] Speaker 12
could I, I have a copy of my presentation. Can I get that distributed to all the members?
[00:19:45] Speaker 1
Thank
[00:19:46] Attribution uncertain
you.
[00:19:47] Speaker 1
Thank you very much.
[00:19:51] Speaker 12
Um, for those of you that I haven't met, I joined, uh, the lodging decisions team, uh, back in June.
[00:19:59] Speaker 12 · Unclear audio
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Flag: a language review questioned the wording · 00:19:59–00:20:03 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:20:03] Speaker 12
And my plan was to be to happily retired ‸ and, uh, be close to my, uh, 86 year old mother in Orlando. But, uh,
[00:20:13] Attribution uncertain
I
[00:20:13] Speaker 12
found out about the hotel project and having had 50 years plus in the hospitality business. I saw the value of it and, uh, contacted Jack and became involved.
[00:20:25] Speaker 12 · Unclear audio
[unclear audio — 0:01]
Flag: a language review questioned the wording · 00:20:25–00:20:30 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:20:26] Attribution uncertain · Unclear audio
[unclear audio]
[00:20:26] Speaker 12 · Unclear audio
[unclear audio — 0:04]
[00:20:31] Speaker 12
So,
[00:20:31] Attribution uncertain
uh,
[00:20:32] Speaker 12
basically what I've done is just, just laid out with some detail where each of the items stands. I mean, we do have the construction contracts complete and ready for, uh, they've been signed by DFI. They're an acceptable form to us.
[00:20:51] Speaker 12 · Unclear audio
[unclear audio — 0:03]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:20:51–00:20:54 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:20:54] Speaker 12
for, for Jack's counter signature. Uh, on the financing, as Jack mentioned, we had ‸ a, uh,
[00:21:01] Attribution uncertain
uh,
[00:21:02] Speaker 12
financing commitment letter, uh, back in April, which, uh, has been signed by both parties.
[00:21:09] Speaker 12 · Unclear audio
[unclear audio — 0:01]
Flag: a language review questioned the wording · 00:21:09–00:21:22 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:21:10] Speaker 12 · Unclear audio
[unclear audio — 0:06]
Flag: a language review questioned the wording · 00:21:10–00:21:15 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:21:15] Speaker 12 · Unclear audio
[unclear audio — 0:02]
[00:21:18] Attribution uncertain · Unclear audio
[unclear audio]
[00:21:18] Speaker 12 · Unclear audio
[unclear audio — 0:04]
[00:21:22] Speaker 12
additional financing commitment. That was executed by both parties on August 8th and also a copy delivered to the city as well as a personal introduction of the
[00:21:34] Speaker 12 · Machine re-recognized
financier
Flag: words were replaced by a machine repair · 00:21:34–00:21:35 · machine repair: words replaced where two further machine readings agreed (not checked by a person)
[00:21:35] Speaker 12
uh, to members of city staff.
[00:21:37] Speaker 12 · Unclear audio
[unclear audio — 0:05]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:21:37–00:21:43 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:21:43] Speaker 12
financing commitment over, uh, the previous one, even though it's about $800,000 less money because the financing commitment.
[00:21:53] Speaker 12 · Machine re-recognized
received in August also includes a commitment by the financier to provide the letter of credit for the
Flag: the recognized words and the detected speech do not line up · 00:21:53–00:22:00 · gap filled by a machine re-reading (not checked by a person)
[00:22:00] Speaker 12 · Unclear audio
[unclear audio — 0:02]
Flag: the machine readings disagree here · 00:22:00–00:22:01 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:22:03] Speaker 12 · Machine re-recognized
the property. My reading of the
Flag: the recognized words and the detected speech do not line up · 00:22:01–00:22:08 · gap filled by a machine re-reading (not checked by a person)
[00:22:11] Speaker 12 · Unclear audio
[unclear audio — 0:04]
Flag: numbers, amounts, negation or names differ between the machine readings; the recognizer flagged its own output · 00:22:11–00:22:15 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:22:15] Speaker 12
I believe that's how the language leads as opposed, as opposed to sometime before. So that would be a, a closing item that our attorneys and the city attorney would would deal with in structuring the closing. And then the last item are the bonds. The, uh,
[00:22:32] Attribution uncertain
uh,
[00:22:33] Speaker 12 + overlapping voice
development agreement actually suggests two bonds, one in favor of the city guaranteeing completion of the public, uh, improvement section of the project, uh, including one floor of the garage. And then the other is would have the developer as the beneficiary.
[00:22:52] Speaker 12 + overlapping voice · Unclear audio
[unclear audio — 0:02]
Flag: a language review questioned the wording · 00:22:52–00:22:55 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:22:55] Speaker 12 + overlapping voice · Unclear audio
[unclear audio — 0:06]
Flag: a language review questioned the wording · 00:22:55–00:23:01 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:23:01] Speaker 12 + overlapping voice
by the closing. And their attorneys spoke with Mr. Garganese, uh, a week and a half ago and represented same. ‸ And there was some clarification on the second bond, which I've, I've put forth in here.
[00:23:16] Speaker 12 + overlapping voice · Unclear audio
[unclear audio — 0:05]
Flag: a language review questioned the wording · 00:23:16–00:23:21 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:23:21] Speaker 12 + overlapping voice · overlapping voices
way there. And, uh, we would ask rather than get into an adversarial relationship at this time by triggering default that we would ask for an extension until December 16th. So just a matter of a couple more weeks, ‸ couple more weeks than a 30 day trigger would provide. And that's just in recognition of the holiday season coming on people taking a lot of extra PTO towards the end of the year law firms having to deal with transfers for tax purposes and so forth. All right.
[00:23:54] Speaker 1 + overlapping voice · overlapping voices
If there's
[00:23:55] Speaker 12
any questions. Yep.
[00:23:58] Speaker 1
Okay. All right. I've got a motion. Okay. If that's what you want.
[00:24:06] Speaker 13
I've got a motion right now. If it's okay with everybody up here, uh, I go ahead and make a motion for default of the development agreement.
[00:24:13] Speaker 13 · Unclear audio
[unclear audio — 0:02]
Flag: a language review questioned the wording · 00:24:13–00:24:15 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:24:16] Speaker 13
I have seen two huge apartment complexes before I ever got here.
[00:24:21] Speaker 13 · Unclear audio
[unclear audio — 0:01]
Flag: a language review questioned the wording · 00:24:21–00:24:22 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:24:22] Speaker 13
I had a dollar store.
[00:24:23] Attribution uncertain
It's
[00:24:23] Speaker 13
in my district and I have about 400 homes ‸ been built in my district since this. So I got ‸ on the
[00:24:28] Speaker 13 · Machine re-recognized
dais.
Flag: words were replaced by a machine repair · 00:24:28–00:24:29 · machine repair: words replaced where two further machine readings agreed (not checked by a person)
[00:24:29] Speaker 13
and I've seen a bunch of
[00:24:30] Speaker 13 · Unclear audio
[unclear audio — 0:04]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:24:30–00:24:34 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:24:34] Speaker 13
a huge apartment complex in there. And we have a new one that just started out
[00:24:38] Speaker 13 · Unclear audio
[unclear audio — 0:06]
Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 00:24:38–00:24:44 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:24:44] Speaker 13 · Machine re-recognized
they've
Flag: words were replaced by a machine repair · 00:24:44–00:24:44 · machine repair: words replaced where two further machine readings agreed (not checked by a person)
[00:24:44] Speaker 13
got a pharmacy coming up. So
[00:24:46] Speaker 13 · Machine re-recognized
I
Flag: words were replaced by a machine repair · 00:24:46–00:24:46 · machine repair: words replaced where two further machine readings agreed (not checked by a person)
[00:24:47] Speaker 13
see all this stuff happening and we keep coming here with the same thing. I gave four
[00:24:50] Speaker 13 · Unclear audio
[unclear audio — 0:04]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:24:50–00:24:54 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:24:54] Speaker 13
And you guys
[00:24:55] Speaker 13 · Machine re-recognized
walked
Flag: words were replaced by a machine repair · 00:24:55–00:24:55 · machine repair: words replaced where two further machine readings agreed (not checked by a person)
[00:24:55] Speaker 13
it through and you got it done. Then you went to, uh, I guess, uh, sleep mode.
[00:25:02] No voice detected
No,
[00:25:02] Speaker 13
let's see if the 30 days works for you again. You got 30 days to fix it. If not,
[00:25:06] Speaker 13 · Machine re-recognized
bye-bye.
Flag: words were replaced by a machine repair · 00:25:06–00:25:06 · machine repair: words replaced where two further machine readings agreed (not checked by a person)
[00:25:08] Speaker 13
Can I get a second?
[00:25:09] Speaker 1 · Unclear audio
[unclear audio]
Flag: the machine readings disagree here · 00:25:09–00:25:09 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:25:10] Speaker 1
We have a motion on
[00:25:11] Speaker 1 · Unclear audio
[unclear audio — 0:05]
Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 00:25:11–00:25:16 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:25:16] Speaker 3 · Unclear audio
[unclear audio — 0:02]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:25:16–00:25:19 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:25:17] Speaker 1 · Unclear audio
[unclear audio — 0:01]
[00:25:20] Speaker 1
Okay.
[00:25:21] Attribution uncertain
We
[00:25:21] Speaker 1
have a motion on
[00:25:22] Speaker 1 · Unclear audio
[unclear audio — 0:03]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:25:22–00:25:25 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:25:25] Speaker 1
chair person.
[00:25:26] Speaker 1 · Machine re-recognized
Hearn.
Flag: words were replaced by a machine repair · 00:25:26–00:25:27 · machine repair: words replaced where two further machine readings agreed (not checked by a person)
[00:25:27] Speaker 1
now we're open for discussion.
[00:25:31] Speaker 1 · Unclear audio
[unclear audio — 0:01]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:25:31–00:25:34 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:25:32] Speaker 4 · Unclear audio
[unclear audio — 0:01]
[00:25:33] Speaker 1 · Unclear audio
[unclear audio]
[00:25:34] Speaker 1
Sorry. Agency member
[00:25:35] Speaker 1 · Unclear audio
[unclear audio — 0:02]
Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 00:25:35–00:25:37 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:25:38] Speaker 4 + overlapping voice
I was just going to try to understand more. Um, ‸ your presentation, the letter of credit.
[00:25:45] Speaker 4 + overlapping voice · Unclear audio
[unclear audio — 0:03]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:25:45–00:25:49 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:25:49] Speaker 4 + overlapping voice · overlapping voices
So is it based on? I mean, what is the collateral for the credit? The actually,
[00:25:55] Speaker 12
no, ‸ I didn't say it could not be delivered prior to closing. It is the strict strict reading of the development agreement says that it's a closing item. It's due at closing. I mean, it's possible that it could be delivered before, but what it is, it's as the property is transferred from the CRA, your agency to the developer. It's a additional security on top of the ‸ construction bond and other mechanisms that that everything will be complete. And again, uh, and the city attorney can be can correct me, but that letter of credit, I believe, stays in place until the project is complete and the certificate of occupancy is achieved.
[00:26:39] Speaker 4
Okay. Go
[00:26:41] Speaker 2 + overlapping voice · overlapping voices
ahead. I want to address the letter of credit issue, but before I do that, who's been, we have been trying desperately to have Mr. Brown designate a closing agent and a represent his representative that's going to be responsible for closing this transaction. From what I hear, I think both from Mr. Brown and you is that all of a sudden the closing documents are going to materialize on the day of closing and you're going to expect the city of Cocoa city of Cocoa redevelopment agency just to approve them. We have been urging Mr. Brown to designate a closing agent and provide document documents in advance for our review to date. We haven't received one single closing document with respect to the letter of credit. Mr. Brown brought into the city hall in front of the manager and myself, some form that could easily easily be printed off the internet. I advised Mr. Brown that read the agreement. It requires
[00:27:47] Speaker 2 + overlapping voice · Unclear audio
[unclear audio — 0:04]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:27:47–00:27:51 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:27:51] Speaker 2 + overlapping voice · overlapping voices
We have not. And I said that language has to be negotiated. And we're asking that your bank and your closing agent provide the letter performance letter of credit for our review to date. We have not seen it. So when you know if the agency declares default, when are we going to receive any sort of representative who's going to be responsible for closing this transaction on Mr. Brown LDI's behalf. And when are we going to get the draft closing documents, which you all are responsible for providing? Can you answer that question? Because I'm curious.
[00:28:33] Speaker 12
Yes. ‸ Yes, sir. The, the, the request for a, uh, attorney designee on our behalf for the closing. Actually,
[00:28:44] Speaker 12 · Unclear audio
[unclear audio — 0:03]
Flag: a language review questioned the wording · 00:28:44–00:28:47 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:28:47] Speaker 12
and I've already, uh,
[00:28:50] Speaker 12 · Unclear audio
[unclear audio — 0:05]
Flag: a language review questioned the wording · 00:28:50–00:28:54 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:28:55] Speaker 12
But the, uh,
[00:28:56] Attribution uncertain
um,
[00:28:57] Speaker 12
we're in conversation. I know that you've, you've had conversations with, uh, the white bird firm that's primarily DFI's attorney, although they do have a retainer, uh, of ours and have been performing some work on our behalf.
[00:29:12] Speaker 12 · Unclear audio
[unclear audio — 0:04]
Flag: a language review questioned the wording · 00:29:12–00:29:16 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:29:17] Speaker 12
regardless of what the board decide or what the agency decides this evening. Uh, either, uh,
[00:29:24] Speaker 12 · Unclear audio
[unclear audio]
Flag: a language review questioned the wording · 00:29:24–00:29:25 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:29:24] Attribution uncertain
Mr.
[00:29:25] Speaker 12 · Unclear audio
[unclear audio]
[00:29:25] Speaker 12
or someone else at the white bird firm or, uh, Mr. Peter lash, who's an attorney and part of the lodging decisions team. Uh,
[00:29:35] Speaker 12 · Unclear audio
[unclear audio — 0:02]
Flag: a language review questioned the wording · 00:29:35–00:29:36 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:29:37] Speaker 12
one of those two will be pulling all these pieces and parts together working in close concert with you. It was, it was never any
[00:29:44] Speaker 12 · Machine re-recognized
intention
Flag: words were replaced by a machine repair · 00:29:44–00:29:45 · machine repair: words replaced where two further machine readings agreed (not checked by a person)
[00:29:45] Speaker 12
to leave anything to the last minute. And then they'll also reach out to the financiers attorney who's up in Maryland and make sure that the proper language is produced for the letter of credit. And
[00:29:57] Attribution uncertain
then they'll be able to,
[00:29:57] Speaker 12
you know, recognize, certainly recognize, I noticed exactly the same thing you did about missing language when I saw the form.
[00:30:08] Speaker 2
Can you please explain? I haven't met you. I'm not sure if anybody else has met you.
[00:30:17] Speaker 2 · Unclear audio
[unclear audio — 0:03]
Flag: a language review questioned the wording · 00:30:17–00:30:21 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:30:20] Attribution uncertain · Unclear audio
[unclear audio]
[00:30:20] Speaker 2 · Unclear audio
[unclear audio — 0:01]
[00:30:21] Speaker 2
but can you explain your relationship with LDI and who you are? Cause I'm not,
[00:30:26] No voice detected
okay.
[00:30:27] Speaker 2 + overlapping voice · overlapping voices
I'm a little puzzled by that. No, as I
[00:30:30] Speaker 12 + overlapping voice · overlapping voices
said, I moved to the area in January and found out about the project and contacted Jack and, uh, uh, have become associated with LDI as project manager. It's something I've been doing for over 50 years. I've lived in Florida since 1979, primarily Orlando.
[00:30:49] Speaker 12 + overlapping voice · Unclear audio
[unclear audio — 0:06]
Flag: a language review questioned the wording · 00:30:49–00:30:54 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:30:54] Speaker 12 + overlapping voice
from Michigan State University. I also have
[00:30:57] Speaker 12 + overlapping voice · Machine re-recognized
an
Flag: words were replaced by a machine repair · 00:30:57–00:30:57 · machine repair: words replaced where two further machine readings agreed (not checked by a person)
[00:30:57] Speaker 12 + overlapping voice · overlapping voices
MBA in marketing from New York University, et cetera, et
[00:31:01] Attribution uncertain
cetera. You're
[00:31:01] Speaker 2 + overlapping voice · overlapping voices
not a principal. Pardon me? You're not a principal of LDI. You're, you're a project manager. Correct. I
[00:31:06] Attribution uncertain
mean,
[00:31:06] Speaker 2
you're retained by LDI to be the project manager.
[00:31:08] Speaker 12
Correct. And that's, you know,
[00:31:11] Attribution uncertain
uh,
[00:31:12] Speaker 12
part, part payment, part equity
[00:31:14] Speaker 12 · Machine re-recognized
earned
Flag: words were replaced by a machine repair · 00:31:14–00:31:15 · machine repair: words replaced where two further machine readings agreed (not checked by a person)
[00:31:15] Speaker 12
for the work I'm doing. I mean, the, the initial involvement was basically to my, my specialty in the hospitality industry has been as a pre opening manager. I'm a certified hotel administrator and I've been in this business for a long time. So the initial work was going to be the, the furnishings, the procuring of equipment,
[00:31:36] Attribution uncertain
the
[00:31:37] Speaker 12
restaurant design, et cetera, et cetera. And then it's evolved into other areas due to my additional experience as a developer myself.
[00:31:45] Speaker 2 · Unclear audio
[unclear audio — 0:02]
Flag: a language review questioned the wording · 00:31:45–00:31:47 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:31:48] Speaker 12
Uh, since June.
[00:31:49] No voice detected
Okay.
[00:31:51] Speaker 12
But as I say, during that period of time, the responsibilities have evolved and changed and, and added things.
[00:31:59] Speaker 7 · Unclear audio
[unclear audio — 0:01]
Flag: the recognizer flagged its own output · 00:31:59–00:32:01 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:32:01] Speaker 7
Mr.
[00:32:02] Speaker 1 + overlapping voice
Brown.
[00:32:03] Speaker 1 + overlapping voice · overlapping voices · 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 · 00:32:03–00:32:08 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:32:06] Attribution uncertain · Unclear audio
[unclear audio]
[00:32:07] Speaker 1 + overlapping voice · Unclear audio
[unclear audio — 0:01]
[00:32:08] Speaker 1 + overlapping voice
his company.
[00:32:09] Speaker 1 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:01]
Flag: the recognizer flagged its own output · 00:32:09–00:32:10 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:32:11] Speaker 1 + overlapping voice
Yes.
[00:32:12] Speaker 1 + overlapping voice · Unclear audio
[unclear audio — 0:01]
Flag: the recognizer flagged its own output · 00:32:12–00:32:13 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:32:13] Attribution uncertain · Unclear audio
[unclear audio]
[00:32:13] Speaker 1 · Unclear audio
[unclear audio]
[00:32:13] Attribution uncertain
We
[00:32:13] Speaker 1 + overlapping voice · overlapping voices
have a floor.
[00:32:14] No voice detected · Unclear audio
[unclear audio]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:32:14–00:32:17 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:32:16] Speaker 4 · Unclear audio
[unclear audio]
[00:32:16] Speaker 1 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:01]
[00:32:17] Speaker 1 + overlapping voice · overlapping voices
Mr. Brown. My lady's down there. ‸ Mrs.
[00:32:22] Speaker 1 + overlapping voice · overlapping voices · Unclear audio
[unclear audio]
Flag: the machine readings disagree here · 00:32:22–00:32:23 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:32:23] Speaker 5 · Unclear audio
[unclear audio]
[00:32:24] Speaker 1 + overlapping voice
Okay.
[00:32:24] Speaker 1 + overlapping voice · Machine re-recognized
you're on
Flag: words were replaced by a machine repair · 00:32:24–00:32:24 · machine repair: words replaced where two further machine readings agreed (not checked by a person)
[00:32:24] Speaker 1 + overlapping voice
red light?
[00:32:26] Speaker 1 + overlapping voice · Unclear audio
[unclear audio]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:32:26–00:32:26 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:32:27] Speaker 1 + overlapping voice · overlapping voices
‸ Do we have a red light?
[00:32:28] Speaker 14
Yes.
[00:32:29] Speaker 1
Okay.
[00:32:30] Attribution uncertain
You
[00:32:30] Speaker 1
do have your red light.
[00:32:32] Speaker 1 · Unclear audio
[unclear audio — 0:01]
Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 00:32:32–00:32:33 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:32:33] Speaker 1
Yes, ma'am. Thank you. Okay.
[00:32:38] Speaker 1 · Unclear audio
[unclear audio]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:32:38–00:32:39 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:32:39] Speaker 10 · Unclear audio
[unclear audio]
[00:32:39] Attribution uncertain
Yes,
[00:32:39] Speaker 10
sir.
[00:32:40] Speaker 10 · Unclear audio
[unclear audio — 0:06]
Flag: a language review questioned the wording · 00:32:40–00:32:45 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:32:45] Speaker 10
these documents in
[00:32:47] Attribution uncertain · Unclear audio
[unclear audio]
[00:32:47] Speaker 10
and if we decide to go with the default, um, probably
[00:32:53] Speaker 10 · Unclear audio
[unclear audio — 0:01]
Flag: a language review questioned the wording · 00:32:53–00:32:54 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:32:54] Speaker 10
days so we have time to go through all the documents because if we receive them at 30, would that still, would that be null and void if we have to approve the documents they receive that we receive?
[00:33:08] No voice detected
Yeah.
[00:33:09] Speaker 10
Or they need to be in before the 30 days.
[00:33:11] Speaker 2
Well,
[00:33:12] Speaker 5
it's 30 days.
[00:33:13] Speaker 2
Yeah.
[00:33:13] Speaker 2 · Unclear audio
[unclear audio — 0:05]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:33:13–00:33:19 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:33:19] Speaker 2
in default, they have 30 days in which to cure the default. Well, what's the default? The default is, you know, pursuant to the agreement,
[00:33:27] Attribution uncertain
um,
[00:33:28] Speaker 2 + overlapping voice · overlapping voices
LDI notified the agency in writing that they're ready to close. That's called the conveyance notice. And under the agreement, they have 60 days in which to close the deal. The 60 days plus has come and gone. Yeah. So the performance obligation is to close the deal. So they'll have 30 days to cure to close the deal. And it's not an easy, the easiest transaction to close. We haven't even had, I think anybody on the other side to really even talk about the details of the closing because they have not designated a closing agent. Yes, sir. And the documents that have been provided are not closing documents. They have, they met some preliminary deliverables.
[00:34:25] Speaker 2 + overlapping voice · Unclear audio
[unclear audio — 0:06]
Flag: a language review questioned the wording · 00:34:25–00:34:31 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:34:31] Speaker 2 + overlapping voice
the agency a conveyance notice. Um, I mean, the financing documents are far more detailed what the agency expects to see and review than what was the commitment that was originally provided. So there's a lot of work to be done to close this transaction.
[00:34:50] Speaker 2 + overlapping voice · Unclear audio
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[00:34:55] Speaker 2 + overlapping voice
And then after the, after 30 days, the agency has the option to terminate the agreement without penalty. If they can't complete the closing.
[00:35:10] Speaker 2 + overlapping voice · Unclear audio
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[00:35:14] Speaker 2 + overlapping voice
I didn't hear in the motion. What happens if they can't cure within 30 days and manager alluded to that. Whether that has to come back to the agency or whether you're going to include in that motion. If they can't close the transaction within 30 days, the agreement ‸ terminates. Okay. I mean, that, that, that issue is, is on the table for, ‸ for your, ‸ for your discussion. Okay. Um, but we, the agency didn't trigger the 60 day time period. LDI triggered it some time ago. So a lot of time has come and gone.
[00:35:48] Speaker 10
Gotcha.
[00:35:49] Speaker 10 · Unclear audio
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[00:35:51] Attribution uncertain · Unclear audio
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[00:35:51] Speaker 10 · Unclear audio
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[00:35:55] Speaker 10
know, I was one of your biggest, uh, supporters for sure. I think I voted on probably all of the extensions.
[00:36:01] Speaker 10 · Unclear audio
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[00:36:05] Speaker 10
um, was here throughout. Um, so this is a heartburn for us because we all want the project to happen. I think everyone in the community wants this project to happen.
[00:36:14] Speaker 10 · Unclear audio
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[00:36:19] Speaker 10 · Unclear audio
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[00:36:21] Speaker 10
and, and it's hard for us to make another extension when that communication is not there. Um, and I think that that's one of the biggest thing for, I hear from the city manager. Um, it's just information is not being provided in a timely manner. Um, so that's, that's really my statement. As far as the motion,
[00:36:43] Attribution uncertain
um,
[00:36:44] Speaker 10
is that need to add to that motion? Am I correct?
[00:36:47] Speaker 1
Yeah, yeah,
[00:36:48] Attribution uncertain
yeah.
[00:36:49] Speaker 1 + overlapping voice · overlapping voices
I got you. I just want to get this dialogue going on. That's all I answer. Thank you very much. One more other thing. Um, clearly there's a, like
[00:37:01] Speaker 1 + overlapping voice · Unclear audio
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[00:37:05] Speaker 1 + overlapping voice · overlapping voices
And I hate to get things in the 13th hour, as anyone would. And more than ample time has been given. And I just, you have, we had empathy.
[00:37:16] Speaker 1 + overlapping voice · Unclear audio
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[00:37:19] Speaker 1 + overlapping voice · overlapping voices
Goes back to their term. And I encountered this too as well, two years under my current time.
[00:37:25] Speaker 1 + overlapping voice · Unclear audio
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[00:37:32] Attribution uncertain · Unclear audio
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[00:37:32] Speaker 1 · Unclear audio
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[00:37:32] Speaker 1
my other irregularity about this, sir.
[00:37:35] Speaker 1 · Machine re-recognized
Is
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[00:37:36] Speaker 1
when they do submit the documentation, it's always
[00:37:39] Speaker 1 · Machine re-recognized
been,
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[00:37:39] Speaker 1
as the old folks a piecemeal. It may have one portion, but it lacks another part of the overall scheme of things. And that's frustrating within itself. Um, so that's the reason why I believe in Mr. Brown like everyone else. And that's all I'm gonna ‸ say for right now.
[00:37:58] Speaker 1 · Unclear audio
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[00:38:00] Speaker 5
Thank you, sir. You know, I have been gung ho about this since the beginning. Voted for every extension. But my current issue is that every time we get to this point, this, this is the last minute. Somebody new shows up saying, I only heard about this today. So there's not only a lack of communication with us. There's a lack of communication going on out there too, that we aren't even privy to. I, I,
[00:38:36] Speaker 6
I just
[00:38:39] Speaker 5
can't do it anymore. Sorry. Thank you.
[00:38:43] Speaker 1 · Unclear audio
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[00:38:53] Speaker 14 · Unclear audio
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[00:38:59] Speaker 14
the 30. If it goes into default, what we're going to do during those 30 days so that we don't lose any more time. Should Mr. Brown fail to, uh, cure the default. I understand that we have a current, uh, an appraisal. Recent. Uh, we've had actually two marketing studies, but the latest being done in May of 2021. Um, I just would like to know what we can be doing. Um,
[00:39:31] Attribution uncertain
so
[00:39:31] Speaker 14
that we are not looking at January. I understand we have to notify, um, legally notify lodgings that they have, uh, lodging decisions that they have gone into default. So I would like to know how all this is going to stack up so that we're not having to have a meeting to call a special meeting and so on and so forth and allow the staff also to continue working towards getting a hotel, whether it's Mr. Brown's or someone else's because we desperately need one.
[00:40:09] Attribution uncertain
Um,
[00:40:10] Speaker 14
so I'd like to try to do this as, um, efficiently and as fair as possible within the agreement that both parties agreed to, which I went over the agreement and I thought it was very fair. That's all I have to say. Thank you.
[00:40:26] No voice detected
Thank
[00:40:27] Speaker 1
you very much. City manager.
[00:40:29] Speaker 9 · Unclear audio
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[00:40:34] Speaker 9
a declared default, that motion needs to
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[00:40:39] Attribution uncertain · Unclear audio
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[00:40:39] Speaker 9
Notice, uh, LDI of default, uh, which starts the 30 day clock and at the end of the 30 days, uh, again,
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[00:40:51] Speaker 9
the, the loan for the construction amount needs to be closed. And so whether you get the letter of credit and whether you get the bonds, um, uh, with the closing or at the closing is, uh, you know, something I'll, I'll leave to Anthony, but we're, we're literally talking about a loan closing and verifying that. And actually the city participating in that within the 30 days and that that's not a $17 million amount. That's a, that's according to the, to the, uh, the, uh, building permit, a $30 million amount.
[00:41:29] Speaker 9 · Unclear audio
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[00:41:33] Speaker 9
and you're presented with, with the, uh, a copy of
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[00:41:40] Speaker 9
the, uh, on the building permit. So, so we're, we're literally talking about there is a financing that's closed just like your house loan. There's a financing that's closed within 30 days.
[00:41:53] Speaker 9 · Unclear audio
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[00:41:58] Speaker 9
would be, uh, to declare them in default, uh, with a cure of 30 days. And if that is not, um, cured in 30 days that the, the contract with LDI is terminated, we will be back to the drawing board. Um, there, there is an RFP that has to be issued. I am sure that you all want to look at that RFP. I don't, I'm not, I think I probably read the previous RFP, but, but obviously would like to create, um, um, a current RFP. Um, um,
[00:42:34] Attribution uncertain · Unclear audio
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[00:42:34] Speaker 9 · Unclear audio
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[00:42:36] Speaker 9
obviously we would have to work on that RFP, assuming there's going to be a default and, and bring that back to you in December. You haven't, you don't have a November meeting or, or hopefully get back in December with that RFP for you to approve and push that back on the street.
[00:43:00] No voice detected
Okay.
[00:43:02] Speaker 1
All right. Yeah. All right. I'll give me one second.
[00:43:06] Speaker 1 · Unclear audio
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[00:43:09] Speaker 1
that, sir?
[00:43:13] Speaker 2
Um, just, just, just to, to the manager's point. ‸ I'll address this to LDI. The agency is not looking for a piece of paper on financing. The agency is looking to have proof that the financing has closed and that money is in hand to complete the project period. So I want to just elaborate on that. So there's no misunderstanding. On that point, the managers indicated the numbers don't add up. And we have no proof of, uh, of a closing on the financing. And the requisite closing documents that are going to be required to provide proof of financing, including bank account statements, showing money in hand. Affidavits, all the things that you would expect in a closing. And that all has to be done in 30 days.
[00:44:24] Speaker 12
If I can, if I can respond to one
[00:44:27] Speaker 1
moment. Wait a minute.
[00:44:28] Speaker 12
Okay.
[00:44:29] Speaker 1 · Unclear audio
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[00:44:37] Speaker 1
I would like to hear from you. Then I will go to agency member.
[00:44:41] Speaker 1 · Unclear audio
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[00:44:45] Speaker 1
you.
[00:44:46] Speaker 12 · Unclear audio
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[00:44:54] Speaker 12
after the property has conveyed, you know, simply like you getting a mortgage on your house. Unless you own the property, you can't get a mortgage on your house. So that's point one, but we can have everything, all the documentation, everything. And, you know, again, correspondence between our attorney and the city attorney showing all this is ready so that the loan is ready to close within a day or two after the property is conveyed. So we're talking two different closings, a land closing and a mortgage closing. And then as far as the, the comments about, uh, numbers, the, uh, at the time that, uh, DFI ‸ submitted the permit applications
[00:45:39] Speaker 12 · Unclear audio
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[00:45:45] Speaker 12
process. So what they put down as far as the value on the permit was purely a pie in the sky estimate at that point. Now we have concrete numbers and we
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[00:46:07] Speaker 12
then
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[00:46:13] Speaker 12
That's already in place. You know, just like,
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[00:46:22] Speaker 12
You know, we've had to prove to the lenders that we have sufficient equity to keep the loan, the loan to value ratio below 65% or 70% rather. So, you know, we have, you know, Mr. Brown has 4 years and a lot of equity in this project, a lot of dollars spent bringing it to this point. You know, not, you know, including purchasing the additional land adjacent to the ‸ city's property. So the number, the numbers do match up. So I just want to clarify those two points.
[00:46:55] Speaker 1
Thank you very much, sir. Agency member calls?
[00:46:58] Speaker 4
I think I'll pass.
[00:47:00] Speaker 1 · Unclear audio
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[00:47:02] Speaker 13
The last time we put this outfit under the gun, they did it. So I would like to change my motion to amend my motion. Yeah, thank you. I'm in my motion. Declare of default. They have 30 days to get everything done or DFI
[00:47:18] Speaker 13 · Unclear audio
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[00:47:20] Speaker 13
from the agreement.
[00:47:21] Speaker 1 · Unclear audio
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[00:47:24] Speaker 13
Yeah, yeah. Sorry.
[00:47:25] Speaker 1 + overlapping voice · overlapping voices
LDI. LDI.
[00:47:27] Speaker 13
Sorry.
[00:47:28] Speaker 1 + overlapping voice · overlapping voices
That's
[00:47:28] Speaker 13
LDI.
[00:47:30] Speaker 1 · Unclear audio
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[00:47:38] Speaker 3
I will amend my second to reflect that. Thank you. I just also wanted to state, you know, I was one of the, you ‸ know, I'm definitely pro for this project and I wanted to see it happen. But at
[00:47:51] Attribution uncertain
the
[00:47:51] Speaker 3
end of the day, this agency speaks on
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[00:47:55] Speaker 3
CRA. And we've seen over numerous of projects, price of materials go up, you know, weekly. So, you know, my concern is, you know, we did move forward. You know, we'll have issues with financing there. So, um, I have to amend my second to reflect councilman or agency member Dow's proposal.
[00:48:16] Speaker 1
Okay.
[00:48:18] Speaker 1 · Unclear audio
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[00:48:23] Speaker 1
Madam, uh,
[00:48:24] Attribution uncertain
Mr.
[00:48:25] Speaker 1 + overlapping voice · overlapping voices
Chabot. Do you have the motion that's been stated? Yes, sir. Okay.
[00:48:31] Attribution uncertain
I
[00:48:31] Speaker 1
see you go.
[00:48:31] Attribution uncertain · Unclear audio
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[00:48:31] Speaker 1 · Unclear audio
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[00:48:36] Speaker 2
Um, I understand the motion, but I just want to indicate that if this motion passes,
[00:48:43] Speaker 2 · Unclear audio
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[00:48:51] Speaker 2
default effective today, which triggers the 30 day cure period.
[00:48:57] Speaker 2 · Unclear audio
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[00:49:00] Speaker 2
um, expires without a closing, then the agreement between the agency and LDI shall terminate. Okay.
[00:49:08] Attribution uncertain
Is
[00:49:08] Speaker 2
that that's my understanding of the motion? Yes, sir.
[00:49:11] No voice detected
Okay.
[00:49:13] Speaker 1 + overlapping voice
Everyone understands? Yes, sir. Yes, ma'am. Yes, sir.
[00:49:16] Speaker 1 + overlapping voice · overlapping voices · Unclear audio
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[00:49:46] Speaker 1 + overlapping voice · Machine re-recognized
Our next meeting will be held
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[00:49:48] Speaker 1 + overlapping voice · Unclear audio
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[00:49:48] Speaker 1 + overlapping voice · Machine re-recognized
there a light on?
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[00:49:53] Speaker 8 + overlapping voice · Unclear audio
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[00:49:54] Speaker 8 + overlapping voice · overlapping voices
meeting. Right, yes
[00:49:55] Speaker 1
ma'am.
[00:49:56] Speaker 1 · Unclear audio
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[00:50:00] Speaker 1
7th, 2022 at 6 p.m.
[00:50:05] Speaker 1 · Unclear audio
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[00:50:10] Speaker 13
Motion to adjourn.
[00:50:11] Speaker 1 + overlapping voice
‸ A motion on the floor by agency member Dow. Second by agency member Rogers.
[00:50:17] Speaker 1 + overlapping voice · Unclear audio
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[00:50:18] Speaker 1 + overlapping voice · overlapping voices
favor, say aye. Aye. And then nays.
[00:50:20] Speaker 1 + overlapping voice · Unclear audio
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[00:50:23] Speaker 1 + overlapping voice
See you all in about 13 minutes.