Nov 04, 2025 City Council Meeting

[CALL TO ORDER]

[00:00:12]

I PLEDGE ALLEGIANCE TO THE FLAG 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.

JENNIFER, WOULD YOU PLEASE CALL ROLL? THANK YOU, MAYOR.

COUNCIL MEMBER HANDLEY. HERE. COUNCIL MEMBER EITERICH.

HERE. COUNCIL MEMBER CHARLTON. HERE. COUNCIL MEMBER NICKS IS ABSENT.

COUNCIL MEMBER ARROYO. HERE. COUNCIL MEMBER WILLIAMSON.

PRESENT. COUNCIL MEMBER DENNY. PRESENT. COUNCIL MEMBER HERRON.

PRESENT. MAYOR SAYERS IS PRESENT AND PRESIDING.

THANK YOU JENNIFER. WE DO NOT HAVE ANY PROCLAMATIONS THIS EVENING, BUT I SEE A NUMBER OF YOUNG GUESTS.

SO LET'S SAY HELLO TO THEM FIRST. IF YOU WOULD PLEASE STAND UP, TELL US YOUR NAME, WHAT SCHOOL YOU GO TO AND WHAT BRINGS YOU OUT TO COUNCIL MEETING TONIGHT? MY NAME IS OKAY. AND HOW ABOUT THESE TWO OVER HERE? HE'S IN CHARGE OF THE SNOWPLOWS. HE'S VERY IMPORTANT.

HOW ABOUT OVER HERE? NOT. YOU WANT TO SAY ANYTHING? OKAY, WELL, WELCOME TO ALL OF YOU. THANKS FOR COMING OUT TONIGHT. HOW ABOUT APPROVING THE MINUTES?

[APPROVE MINUTES]

SECOND. BY. BY. CHRIS. ALL IN FAVOR? THOSE OPPOSED? MINUTES ARE APPROVED. JENNIFER, ANY MODIFICATIONS THIS EVENING? NONE THIS EVENING. THANK YOU. UP FIRST IS THE CONSENT AGENDA.

[CONSENT AGENDA]

ALL MATTERS LISTED WITHIN THE CONSENT AGENDA ARE CONSIDERED TO BE ROUTINE AND WILL BE ACTED ON COLLECTIVELY, WITH NO SEPARATE DISCUSSION. ANY ITEM MAY BE REMOVED FROM THE CONSENT AGENDA BY A MEMBER OF THE AUDIENCE, GOVERNING BODY CITY MANAGER FOR SEPARATE DISCUSSION.

IN THE EVENT AN ITEM IS REMOVED FROM THE CONSENT AGENDA, IT WILL BE PLACED ON THE REGULAR AGENDA.

ANYONE WISH TO REMOVE AN ITEM FOR DISCUSSION? SEEING NONE, I'LL ENTERTAIN A MOTION TO APPROVE ITEMS 1 THROUGH 3 ON THE CONSENT AGENDA.

MOTION BY JOHN MICHAEL, SECOND BY MARK. ALL THOSE IN FAVOR? AYE. THOSE OPPOSED? CONSENT AGENDA IS APPROVED.

UP FIRST TONIGHT, WE HAVE TWO PUBLIC HEARINGS. NUMBER 4 IS CONSIDERATION OF A TAX ABATEMENT AND ISSUANCE OF INDUSTRIAL REVENUE BONDS FOR THE STAG INDUSTRIAL BUILDING 1

[4. Consideration of tax abatement and issuance of industrial revenue bonds (IRBs) for the STAG Industrial Building 1 Project located at 14050 Marshall Drive a. Public hearing to consider exemption from ad valorem taxes for property financed with IRBs b. Resolution determining the intent of the City to issue approximately $16.8 million in IRBs and approving a 10-year tax abatement with payment in lieu of taxes agreement The City received an application requesting the City issue approximately $16.8 million in IRBs to finance the acquisition, construction, and equipping of a 186,300-square-foot office/warehouse facility located at 14050 Marshall Drive. The applicant has also requested a 10-year, fixed tax abatement for the project. Pursuant to state law, the City must hold a public hearing to consider the cost benefit analysis and the granting of a tax abatement for the project.]

GOOD EVENING, MAYOR AND COUNCIL. SEAN MCLAUGHLIN, CITY ATTORNEY.

JEN, CAN YOU PLEASE SWITCH IT BACK UP. I'LL BRING MY PRESENTATION UP HERE IN JUST A SECOND.

THANK YOU. AS YOU MENTIONED THIS FIRST PUBLIC HEARING FOR CONSIDERING BONDS AND A TAX ABATEMENT IS FOR WHAT'S KNOWN AS STAG INDUSTRIAL BUILDING 1.

AND AS YOU CAN SEE ON THE MAP THAT'S LOCATED APPROXIMATELY JUST NORTH OF MARSHALL DRIVE BETWEEN SANTA FE DRIVE AND PFLUMM ROAD.

IT IS BUILDING 1. IT IS PART OF A PROPOSED TWO BUILDINGS ON THE SITE.

THE OTHER ONE WOULD BE DIRECTLY EAST OF THE RED SQUARE THAT YOU SEE ON THE MAP.

THE FIRST BUILDING IS 186,300FT² WITH A PROPOSED BOND ISSUANCE OF $16.8 MILLION.

IT IS A FIXED ABATEMENT BASED ON A $95 A FOOT VALUATION, WITH AN ANNUAL 2% INCREASE OVER THE TEN-YEAR TERM, IT WILL BE A 55% ABATEMENT. THIS PROPERTY IN RED IS CURRENTLY PAYING APPROXIMATELY $67,000 IN PROPERTY TAXES, AND IN FIRST YEAR OF ABATEMENT OF THE PILOT THAT WILL BUMP UP TO 207,000 APPROXIMATELY IN PILOT PAYMENTS.

AND THEN IT WILL INCREASE THERE FOR THE TEN-YEAR TERM.

STAFF DOES RECOMMEND APPROVAL OF THE RESOLUTION IN ABATEMENT.

I DO HAVE A COUPLE DIAGRAMS, KIND OF LAYOUTS OF HOW THIS BUILDING WILL LOOK WITH THE CURRENT ONE AND THEN AS WELL WITH THE PROPOSED WHEN PHASE TWO WOULD COME IN.

WE BELIEVE OBVIOUSLY THIS IS A GOOD USE OF THIS DEVELOPMENT.

THAT BUILDING ON THE EAST SIDE IS CURRENTLY, I WANT TO SAY, BUILT IN 1967.

[00:05:01]

HAPPY TO ANSWER ANY QUESTIONS NOW OR AFTER THE PUBLIC HEARING.

AND I KNOW THERE'S A REPRESENTATIVE FOR THE APPLICANT AS WELL. IF YOU HAVE ANY QUESTIONS FOR THEM. ANY QUESTIONS BEFORE WE OPEN THE PUBLIC HEARING? OKAY. I WILL OPEN THE PUBLIC HEARING. IF ANYONE PRESENT WOULD LIKE TO SPEAK ON THIS ITEM, PLEASE COME FORWARD TO THE PODIUM SIGN IN.

STATE YOUR NAME AND ADDRESS FOR THE RECORD. AS IS USUAL, WE WILL LIMIT PUBLIC COMMENTS TO THREE MINUTES.

OKAY. SEEING NONE, I'LL ENTERTAIN A MOTION TO CLOSE THE PUBLIC HEARING. MOTION BY COURTNEY, SECOND BY CRAIG. ALL THOSE IN FAVOR? AYE. PUBLIC HEARING IS CLOSED.

ANY OTHER QUESTIONS OR DISCUSSION BEFORE WE START WITH MOTIONS? I GUESS MAYBE I WOULD JUST REPEAT TO CLARIFY FOR UNDERSTANDING.

CURRENT PAYMENTS, 60,000 SOMETHING DOLLARS DOES TRIPLE TO 200,000.

SO IMMEDIATE INVESTMENT IN THE PROPERTY. OKAY.

OKAY. I'LL ENTERTAIN A MOTION TO ADOPT THE RESOLUTION DETERMINING THE INTENT OF THE CITY.

OH, SORRY. THAT'S THE WRONG ONE. HANG ON. NOPE.

WE NEED TO START WITH 4A, NO, SORRY, 4B. THANK YOU.

ENTERTAIN A MOTION TO ADOPT THE RESOLUTION DETERMINING THE INTENT OF THE CITY TO ISSUE APPROXIMATELY $16.8 MILLION IN IRBS AND APPROVING A TEN-YEAR TAX ABATEMENT WITH PAYMENT IN LIEU OF TAXES AGREEMENT. CRAIG. THANK YOU. MOTION BY CRAIG.

SECOND BY CHELSEA. ALL THOSE IN FAVOR? AYE. THOSE OPPOSED? MOTION PASSES. AND THEN ITEM 5 IS CONSIDERATION OF TAX ABATEMENT AND ISSUANCE OF INDUSTRIAL REVENUE BONDS FOR SANTA FE COMMERCE CENTER PROJECT,

[5. Consideration of tax abatement and issuance of industrial revenue bonds (IRBs) for the Santa Fe Commerce Center Project located at the northeast corner of Santa Fe Trail Drive & Lakeview Avenue a. Public hearing to consider exemption from ad valorem taxes for property financed with IRBs b. Resolution determining the intent of the City to issue approximately $30 million in IRBs and approving a 10-year tax abatement with payment in lieu of taxes agreement The City received an application requesting the City issue approximately $30 million in IRBs to finance the acquisition, construction, and equipping of a 152,000-square-foot office/warehouse building and a 70,550-square-foot office/warehouse building both located at the northeast corner of the intersection of Santa Fe Trail Drive & Lakeview Avenue. The applicant has also requested a 10-year, fixed tax abatement for the project. Pursuant to state law, the City must hold a public hearing to consider the cost benefit analysis and the granting of a tax abatement for the project.]

5A, PUBLIC HEARING. 5B, RESOLUTION DETERMINING THE INTENT OF THE CITY TO ISSUE APPROXIMATELY $30 MILLION IN IRBS AND APPROVING A TEN-YEAR TAX ABATEMENT.

HELLO. ALL RIGHT. OUR SECOND PUBLIC HEARING AND CONSIDERATION OF TAX ABATEMENT AND BONDS TONIGHT IS FOR WHAT'S KNOWN AS THE SANTA FE COMMERCE CENTER.

THIS IS ON THE SOUTHERN EDGE OF TOWN, RIGHT THERE ABUTTING SANTA FE TRAIL DRIVE OR, MORE APPROPRIATELY, I-35 AS YOU APPROACH OLATHE SOUTH OF THE THOMPSON BARN.

THIS WILL BE TWO BUILDINGS, APPROXIMATELY 152,000FT², AS WELL AS A 70,000 SQUARE FOOT BUILDING AND ISSUING UP TO $30 MILLION IN IRBS.

IT IS THE EXACT SAME VALUATION, WITH A FIXED PILOT AT $95 A SQUARE FOOT, WITH A 2% ANNUAL INCREASE AND ANOTHER 55% ABATEMENT OVER TEN YEARS. AGAIN, IMPORTANT INFORMATION IS CURRENTLY THAT IS UNDEVELOPED PROPERTY.

THOSE PARCELS ALL TOGETHER, WHICH IS WHAT, FIVE OF THEM PAYING APPROXIMATELY $200,680 AT THIS POINT AND THE FIRST YEAR OF ABATEMENT THAT WILL JUMP TO $222,000 AND GO FROM THERE ON, THAT STAFF DOES RECOMMEND APPROVAL OF RESOLUTION IN THE ABATEMENT.

THIS WAS APPROVED PLAN WISE OVER A YEAR AGO. SO SIMPLY KIND OF A LAYOUT THAT WAS APPROVED FROM THE STAFF REPORT BROUGHT UP HERE.

OBVIOUSLY I'M HAPPY TO ANSWER ANY QUESTIONS NOW OR AFTER THE TO PUBLIC HEARING IS REPRESENTED FOR THE APPLICANT IS HERE AS WELL.

ANYTHING FROM THE APPLICANT YOU WANT TO ADD? NO.

OKAY. THANK YOU. YEP. MARK. HEY, SHAUN. THANKS.

COULD YOU CLARIFY THE INCREASE FROM, LIKE, THE PREVIOUS ONE WE JUST TALKED ABOUT? IT WAS BIGGER BUILDING FOOTPRINT. AND THIS ONE'S FOR 30 MILLION VERSUS 16.8.

WHAT'S THE DIFFERENCE IN IN THAT MATH IN REGARDS TO WHY IS IT 30 MILLION? MATH ON LIKE THE PILOT. SO ACTUALLY THIS IS TWO BUILDINGS IS ACTUALLY A LARGER BUILDING.

SO THE OTHER ONE WAS 186. SO THIS IS WHAT, 120 OR 225,000FT².

OH, THAT WOULD ACCOUNT FOR THE DIFFERENCE. THIS IS TWO SMALLER BUILDINGS BUT COMBINED IS BIGGER.

OKAY. THEY'RE ACROSS SPREAD ACROSS THE ENTIRE PARCEL, IF YOU WILL, THE FULL SQUARE FOOTAGE.

ALL RIGHT. THANK YOU. YEP. ONE PREVIOUS WAS FOR JUST FOR PHASE ONE.

YES. JUST FOR PHASE ONE AT 186. PHASE WHEN THEY TAKE DOWN THE EXISTING BUILDING.

OKAY. GO AHEAD AND OPEN THE. ANY OTHER QUESTIONS? GOOD. OPEN THE PUBLIC HEARING. ANYONE PRESENT WOULD LIKE TO SPEAK ON THIS ITEM.

PLEASE COME FORWARD. SAME DEAL. THREE MINUTES.

SEEING NONE, I'LL ENTERTAIN A MOTION TO CLOSE THE PUBLIC HEARING. SECOND.

MOTION BY MARK. SECOND BY MELANIE. ALL IN FAVOR? AYE. THOSE OPPOSED? PUBLIC HEARING IS CLOSED.

ANY OTHER QUESTIONS, COMMENTS? AGAIN. MARKED INCREASE OF $2600 TO $272,000 IN INITIAL PILOT PAYMENTS.

ENTERTAIN A MOTION TO ADOPT THE RESOLUTION DETERMINING THE INTENT OF THE CITY TO ISSUE APPROXIMATELY $30 MILLION IN IRBS AND APPROVING A TEN-YEAR TAX ABATEMENT.

MOTION BY CHELSEA, SECOND BY MARK. ALL THOSE IN FAVOR? AYE. THOSE OPPOSED? MOTION PASSES. WE HAVE NO NEW BUSINESS TONIGHT.

[00:10:05]

[STAFF REPORTS]

JUST A REMINDER THAT NEXT TUESDAY IS A HOLIDAY, SO WE WILL NOT HAVE A COMMITTEE OF THE WHOLE MEETING.

HOWEVER, THE US CAPITOL CHRISTMAS TREE WILL BE AT 84 LUMBER AT 3 P.M., SO IF YOU'D LIKE TO SEE THE CAPITOL CHRISTMAS TREE AND SMOKEY THE BEAR WOULD ENCOURAGE YOU TO JOIN US AT 84 LUMBER AT 3 P.M. NEXT TUESDAY.

YES. THANK YOU. HI, I'M NATE I HAVE THE THIRD QUARTER FINANCIAL REPORT TO GO OVER WITH YOU TONIGHT.

I DO UNDERSTAND THERE'S OTHER THINGS GOING ON THIS EVENING, SO I'LL PROBABLY GO THROUGH THIS AT A HIGH LEVEL.

BUT PLEASE STOP ME IF YOU HAVE ANY QUESTIONS.

AS FAR AS THE REPORT, THIS IS UNAUDITED, PRESENTED ON A CASH BASIS.

NATE, CAN YOU HOLD ON FOR ONE SECOND? IS EVERYBODY OKAY WITH WATCHING ON THIS MONITOR? OUR MONITORS UP HERE ARE NOT WORKING. IS EVERYBODY OKAY? GOING AHEAD. OKAY. THANK YOU. SORRY ABOUT THAT.

GO AHEAD. IF WE HIT THE LITTLE BLUE BUTTON, NOTHING HAPPENS.

BUT WE CAN MAKE IT THROUGH THIS. THANK YOU. WE HAVE OUR FIVE KEY INDICATOR AREAS LISTED THERE, AND THEN OUR AWESOME COLOR CODING FOR OUR RATING SCALE AND EVERYTHING IN THE PRESENTATION THAT WE'LL GO OVER IS GREEN, SO. AT A HIGH LEVEL OUR REVENUES INCREASED 3.8 MILLION OR 4% COMPARED TO LAST YEAR.

THAT WAS MAINLY DUE TO PROPERTY TAXES COMING IN ABOUT WHAT WE EXPECTED.

AND THEN THE CITY'S COMP USE TAX HAS BEEN STRONG FOR THE FIRST THREE QUARTERS OF THE YEAR.

YOU CAN SEE BOTH OF THOSE REVENUE SOURCES LISTED THERE.

FRANCHISE TAXES FOR GAS HAVE REALLY INCREASED 18% OVER LAST YEAR.

THAT IS MAINLY DRIVEN BY WEATHER RATES, BUT ALSO NEW DEVELOPMENTS.

SO WE'VE HAD A LOT OF NEW DEVELOPMENT IN THE CITY, WHICH HAS BEEN A FACTOR IN THAT INCREASE.

SAME WITH STORMWATER SERVICE CHARGES. WE HAVEN'T INCREASED THAT RATE OR CHANGED THAT RATE FOR OVER A DECADE AT $109 PER EDU.

THAT 5% INCREASE IS STRICTLY DUE TO NEW DEVELOPMENT WITHIN THE CITY.

THE EXPENDITURE INDICATORS ARE ALSO GREEN. BOTH THE EXPENDITURES IN THE GENERAL FUND AND STORMWATER FUND INCREASED, BUT ARE WITHIN BUDGET FOR FISCAL YEAR 25. THERE'S REALLY NO ABNORMAL EXPENDITURES THAT HAVE TAKEN PLACE FOR THE FIRST THREE QUARTERS OF THE YEAR.

DEBT SERVICE EXPENDITURES ACTUALLY DECREASED.

AND THAT'S A REALLY GOOD THING, A SIGN OF A HEALTHY FINANCIAL POSITION.

WE'RE ACTUALLY PAYING OFF DEBT FASTER THAN WE'RE ADDING IT TO OUR PORTFOLIO.

LOOKING AT THE RESERVE POLICY INDICATORS, THERE'S A COUPLE OF THINGS I WANT TO NOTE ON THIS. DURING THE BUDGET PROCESS, THERE WAS A LOT OF TALK AND DISCUSSION ON OUR RESERVES.

AND WE'VE COMMUNICATED BOTH IN THIS PRESENTATION, THE BUDGET PRESENTATIONS THAT PORTIONS OF THESE RESERVES ARE ALLOCATED TO CERTAIN PROJECTS, CERTAIN EXPENDITURES THAT THE CITY HAS.

BUT WE HAVE TO SHOW THEM DURING THE BUDGET PROCESS LEGALLY AS A RESERVE AND OUR RESERVE BALANCE.

SO WHAT I'VE DONE HERE IS I HAVE TAKEN OUT THOSE COMMITTED FUNDS.

AN EXAMPLE OF A COMMITTED FUND WOULD BE, IN THE TOURISM FUND WE HAVE AN ECONOMIC DEVELOPMENT AGREEMENT WITH THE HOTEL DEVELOPERS ACROSS THE STREET.

THE AGREEMENT STATES THAT WE WILL USE TRANSIENT GUEST TAX TO REIMBURSE THEM FOR PUBLIC PARKING THAT THEY'RE INCORPORATING IN THEIR DEVELOPMENT.

I CANNOT PAY OUT THAT, THOSE FUNDS UNTIL THEY COMPLETE THE PROJECT.

I ALSO CAN'T SPEND IT ON ANYTHING ELSE. SO IT'S LITERALLY SITTING IN OUR RESERVES AND THE TOURISM FUND.

AND EACH TIME WE GET A DISTRIBUTION, WHICH IS QUARTERLY THROUGHOUT THE YEAR, THAT FUND JUST KEEPS THOSE RESERVES, KEEPS INCREASING. SO WHAT I'VE DONE IS I'VE TAKEN THOSE OUT TO KIND OF SHOW WHAT IS UNALLOCATED.

AS OF 930 AND THAT RESERVE FUND. SO THAT TOOK ABOUT HALF OF THE PERCENTAGE WAS OVER 300%.

IT'S DOWN TO ABOUT 146. OTHER THINGS THAT ARE GOING TO BE COMING UP IN THAT FUND IS THE WORLD CUP EXPENDITURES, WHICH WILL BE BROUGHT BEFORE COUNCIL. WE ANTICIPATE THAT RESERVE GOING DOWN QUITE A BIT WITH THOSE AS WELL.

YOU ALSO NOTICE IN THE GENERAL FUND WE'RE AT 38%.

SO WE TAKE OUT SOME OF THOSE COMMITTED FUNDS. WE'RE PRETTY CLOSE TO OUR MAX RESERVE TARGET.

I WILL SAY THE DEBT SERVICE FUND. THERE WAS NO COMMITTED FUNDS IN THAT THAT WE TOOK OUT OF RESERVES.

WE'VE PURPOSELY BUILT UP THAT RESERVE AND LOWERED THE MILL LEVY THE LAST SEVERAL YEARS IN ANTICIPATION OF SOME MAJOR ROAD PROJECTS.

WELL, IN EXCESS OF $50 MILLION THAT WILL BE ISSUING DEBT FOR AND THEN, IF YOU REMEMBER, EXPENDITURES EXCEEDED REVENUE FOR ALL FIVE YEARS OF THE FINANCIAL FORECAST, SO THAT RESERVE WILL BE GOING DOWN.

[00:15:08]

WE DON'T ANTICIPATE ISSUING ANY DEBT IN 2025.

OUR NEXT DEBT ISSUANCE IS PROBABLY GOING TO BE IN THE SPRING OF 26.

SO THERE'S REALLY NO CHANGE TO THESE INDICATORS. THEY BOTH LOOK REALLY GOOD.

OUR INVESTMENT INDICATORS ARE WITHIN POLICY AS FAR AS OUR PORTFOLIO DISTRIBUTION.

THE CURRENT YIELD VERSUS THE SHORT TERM PORTFOLIO BENCHMARK.

WE'RE ACTUALLY EXCEEDING IT. IF YOU RECALL, WE'RE USUALLY LAGGING BEHIND A LITTLE BIT OVER THE LAST COUPLE OF YEARS BECAUSE INTEREST RATES WERE INCREASING AND IT TAKES TIME TO CATCH UP. NOW THE INTEREST RATES ARE DECREASING. OUR PORTFOLIO IS EXCEEDING THAT BENCHMARK, SO ANOTHER GOOD SIGN OF SOME GOOD INVESTMENTS OVER THE LAST COUPLE OF MONTHS.

THE UNREALIZED GAIN IN THE INVESTMENT PORTFOLIO, IF WE WERE TO SELL EVERYTHING ON LINE 30 WOULD HAVE BEEN ABOUT $81,000.

THAT'S JUST AN APPRECIATION OF THE INVESTMENTS, NOT NECESSARILY THE INTEREST ON IT.

WE HAVE ABOUT $102.7 MILLION IN OUR INVESTMENT PORTFOLIO AS OF SEPTEMBER 30TH.

AND THEN FINALLY OUR ECONOMIC INDICATORS. THEY ARE ALL GREEN.

YOU'LL SEE. COMMERCIAL SINGLE FAMILY AND APARTMENT ARE TRACKING A LITTLE BIT BEHIND OUR FIVE YEAR AVERAGE FOR THE LAST FIVE YEARS.

HOWEVER, YOU KNOW, THE LAST COUPLE OF YEARS WE'VE HAD RECORD DEVELOPMENT. SO THESE NUMBERS ARE STILL REALLY STRONG.

THAT'S WHY I'VE LEFT THEM AS GREEN BUILDING PERMIT REVENUE.

WE'RE AT 1.3 MILLION. AND THEN LAST YEAR AT THIS TIME, WE'RE AT 1.5 MILLION AGAIN, WE'VE HAD RECORD REVENUE THE LAST TWO YEARS.

SO 1.3 IS STILL REALLY STRONG. THAT'S REALLY ALL I HAD FOR YOU THIS EVENING.

IF THERE'S ANY QUESTIONS OR IF YOU WANT ME TO GO INTO MORE DETAIL ON ANYTHING, PLEASE LET ME KNOW.

QUESTIONS FOR NATE? SEEING SHAKING HEADS. NO, BUT GREEN IS GOOD.

THANK YOU. THANK YOU NATE. GOOD TO SEE YOU. SEE YOU.

OKAY, THIS ENDS THE RECORDED PORTION OF THE MEETING.

* This transcript was compiled from uncorrected Closed Captioning.