Board of Trustees - Regular Meeting

No, we're recording.

I just had a microwave dinner. Okay. Should we do this?

Like to call to order the town of Frasier Board of Trustees meeting Wednesday, April 15th at 6 PM. Can I have a roll call, please? Katie Fischer, Adam quick, Peggy Smith, Katie Souls, and Brian Circk. Um, can I have an approval of the agenda, please? So moved. Second. Any further discussion? All in favor? I.

Any opposed? Okay. Motion carries. All right. Moving on. Uh, could I have a motion to approve the consent agenda which includes the minutes for April 1st, 2026, resolution 2026402, Fish Point Park Fishing License. Resolution 2026004044 Shy Reduction for Stro and Frasier Valley Distilling Grant Scope amendment request. I'd like to make a motion to approve the consent agenda. Second. Any further discussion? All in favor? I I.

Any opposed? Okay, we'll move on to open forums for business not on the agenda. anyone in the room or online can have three minutes of time to um speak to the board about a subject not on the agenda. Nobody out there seeing nobody in in the in the room. Is anybody online? Anybody online that like to speak? Please raise your hand. online. Okay, we'll move on to discussion and possible action regarding the treasures reports. Lori,

good evening, mayor and trustees. Lori Waters, financial director for the town of Frasier. Um, soon as we get technological magic here, Okay, here we are uh with your uh general fund rever reserves and operating positions. Um the balances are slightly lower than March, which is expected. Um the grant reimbursements uh to offset the cost of St. Louis have been submitted. Um I've submitted $463,976 Fidola for St. Louis alone. We've got a couple of other grants that are uh we're going to be submitting for that will also just, you know, mean some cash coming in. Um so we're making progress there.

Well, she's moving to a recording progress capital asset fund with that negative balance 2.4. That's your That's your depreciation. When the capital asset fund shows up as a negative, it's called a contra account, which basically means all of the assets the town owes are based on historical

um amounts of when they were purchased. Um because in GASPA in the government accounting standards you don't manipulate um the value of a property like um public companies can to make tax benefits. So that negative balance is uh your depreciation. Now if you were to take and sell the town hall at current value that negative would go away really quick. It just, you know, we'd use the negative to offset the

amount that the town hall actually brought in. So, yeah, it's supposed to look that way. It's okay.

Okay, I think we're back in action. So, yeah, the fund balances um are holding about as steady as we can hope right at the moment. Okay, here we go with the sales tax revenue. And this is uh the March collection of the February sales tax. You can see where our little line went up from the January sales tax. Um the the February sales tax for 2026 was a total of $556,820. It was $25,000 higher than January, but it is 15.9% lower than February of the prior year. So, we did see the impacts of the the drought and everything and the dry winter um are with us. So, we will um again hopeful that with the earlier dry season, um I have heard rumors that there were some people out mountain biking and doing some things. So, we might be drawing people up, you know, for a little early mountain biking. Not sure, but it it's it's kind of tight and it's not uh optimal. Um, so anyways, the um short-term short-term tax revenue um it was uh 13% of your total overall tax revenue. Um and it decreased 37.7%

over the prior year. You can see where uh that great big bar standing up there nice and tall. Um, right next to it is our February short-term sales tax or short short-term rental tax, excuse me. So, that was a big drop. Kind of anticipated, but hopefully we'll make some up in the summer. Um, remote sellers, actually, this was interesting. uh was about 6% of the total sales, $34,140, which is higher than 2025. Sorry, I I think I put lower by accident on my report. Um, so it was 13.81% higher. And I think what might be occurring is a lot of people are shopping online and looking for the best bargains. Um, I don't know. You know, everybody's, you know, budgets are getting a little tighter. T gas prices are higher. So, I think that's what maybe is driving that a little bit. Plus, I send cat food to my son. So, you know, and that's online and I got to ship it to Eugene. So, um, so yeah, I think we're seeing bargain hunting. And then the budget expenditure analysis. um nothing is leaping out as extremely over budget. Um we do um have the the loan and the continuing of the uh St. Louis landing project, but as far as the other general expenditures, nothing's gone out of whack. Any questions? If our income continues to drop sales tax, I think we talked about this at the last meeting, maybe having our budget committee meet with staff and take a

look at where where we might need to make some cuts.

Yep. Um we did have an initial meeting with that um just between me and the department heads looked at some different projects that we're looking at, looked at our reserve accounts, looking at the hit that we've currently taken so far. Um, you know, when you hear things like 20% drop or 30% drop for a month compared to the month of the year prior, um, uh, that same month of the year prior, you know, a 20% drop is is fairly nominal when you're looking at a larger budget though. Um, but however, we are looking at initial looks of what would make sense for cuts, not only for projects, but also just looking at operating costs.

So, we have met with that. We're gonna follow with Pat. If you guys would like to have a board member involved in those conversations, we can absolutely do that if you guys would like. Talk about the budget committee. I had two two trustees on it. Yeah. Um we can absolutely invite them to the conversation if you guys would like to be a part of that. I think that would probably be a good idea because obviously this is totally unanticipated. I have a feeling it's not going to get better. No. Very soon. Well, it's really hot and we do not have a fire season up here. More people come up a lot. No smoke.

What have we have we figured out what the anticipated loss would be for if it's February, March, April, May, June, you know, five months or so of 30% less?

I don't really have a good anticipation on this. This is putting us into the level of back in 2021 when we were coming out of CO and just getting things uh started opening up and stuff. So these numbers are just slightly higher than that and I don't feel that that it's not the same type it's not apples to apples um as far as you know that was a pandemic this is um the drought and also the um impact of gas prices and everything that's going on um overseas. So it's really hard to make a comparison. I'm hoping in about another month or so to maybe be able to get a little bit more on that. Oh, I did forget to mention that um we have received $345,000 in property tax. There'll be another big release of property tax probably around the 1st of May. Happy tax day everybody. Um that um so I am anticipating about the bud the amount that we budgeted for we'll be seeing probably close to $400,000. Some people do extend um to pay later and all of the things that they have the right to do. Um but um we will be seeing in their big influx of property tax shortly.

Well, I did have an initial conversation with uh Maddie from Hilltop Securities is actually online um for some of these other agenda items and uh talked about uh looking at you know the budget looking at things like coops and our our capital projects this year. The scenario that we're going to run is what 20% cuts for revenues look like over a three-year period. You have a consecutive three-year period of 20% down. What that does that look like?

Um, we're we're still looking at that. I think you could look at it at a phase approach as far as like what you would cut first year would just essentially be no capital projects outside of the water and wastewater funds. Um, those enterprise funds remain healthy even in economic downturns. So now worried about those projects, but it's really the same thing related to special projects. Um and uh you know that obviously are are great to have and are great for the community obviously, but um you know when it comes down to being conservative at some point, those are the trade-offs that you have to consider. So we're working on that. And if you guys would like to have a couple board members, um

what did we what did we make in sales tax last year? It was over 600,000 same time last year. Yeah. No, I mean like for the year. Oh, for the year 1.3 I think for per percentage generally it was um Gosh, I don't have that right in front of me. It was It was I can pull it up here. Can you pull that up? Thanks. If you can see it, right? It was I want to say it was seven. I'm not Yeah. I mean, if you take five times 1.3, you're about there. Yeah. It's a little above that.

So, so if we're down 30% for half the year, um about $975,000. And I'm just thinking once we get paid back on the St. those landed on the the agenda items for later in this this meeting. Um our our reserves will be healthy again. Yeah. Once so is it worth cutting projects, you know, now when we have the reserves to dip into? Oh, I think it's definitely premature, but we we ought to be looking down that road. Yeah. We need we need to be poised, right? Yeah. I think that having a plan if this continues is

better than panicking. You don't think it's going to be what percent? You don't think it's going to continue? Once we get people in once we get so folks living in the project and it's starting to pay for itself, then I'll feel better about um throwing money into other projects. Right. I I'm just thinking, you know, yeah, let's be super conservative for 2027, but I don't necessarily think we need to cut anything for 20. I hope not.

What we're going to keep digging into it and running some models. That's essentially what we talked about the last time we met is that we think that you can continue the capital projects. Um you know potentially out besides the cop issue for the public works facilities maybe. Um, but I think the recommendation that we'll likely lean to is maintain the capital project this year. But for next year, if we're if we see a major economic downfall when you guys enter budget season this fall, you're probably not doing any special projects for next year, which this year we're hoping to wrap up a lot of these big legacy projects like Clayton Court. And it's probably a economic policy of just keeping a little more cash in the bank, maybe. Yeah.

Hoping from that 70% a little bit to be prepared for situations. We were at more like 100% or over 100%. You were at like 200%. Yeah. So I talked with Hilltop and we talked with and Lori was part of these conversations just but talked to Paul Bacus our auditor for those things and that's that was my approach to like we should use some cash if you guys want to look at some projects because that was the recommendations from these guys. Um still be conservative. Winter Park typically keeps about 35% they're they're operating in cash. Um and uh so obviously it's going to be conservative, right?

And um but yeah, I think that you could look at updating your financial policies. Um and uh I have a a basic draft, but I think you want to wait till St. Louis is done. And I think you want to wait till you finish construction for the public works facilities at some point before you really look at modifying those and maybe making them still conservative at the 70% but if you want to look revisit those to see if you want to keep them much higher until those projects are done I think that probably makes sense. Yeah. Yeah. Agreed. Okay. Any other questions for Lori? No. Thanks Lori. Thank you.

All right. Formal approval of off- premise sign for Fraser Valley Arts. Garrett and Steve Gerald.

Hey, good evening board. Garrett Scott, town planner. Um, item on the agenda is the formal approval for a off- premise sign for Fraser Valley Arts. Uh, we have Steve Fitzgerald here in the room as well to answer questions. Uh, I will try to keep my presentation here fairly brief. Just wanted to focus on a couple items. uh mainly concerns that were raised by you all by the board at our meeting two weeks ago when we first discussed this. So um first I'd like to start by showing uh sideby-side comparison of um kind of these you know fairly simple concept renderings of the proposed sign. On the left is the revised uh more updated rendering. On the right was what was originally presented to the board two weeks ago. Um it may be hard to compare and contrast uh based on you know the screen here in the room but the image on the left is shorter and uh narrower and staff believes it more accurately reflects um you know to some degree the dimensions of the proposed sign. Um staff also went and measured the existing Hillies Hooker pole sign. It is approximately 15, you know, from existing grade to the 15t tall from existing grade to the very top of that sign. And this is proposed to be 11 ft tall, so a whole 4 feet shorter um than than what is currently there. Um, next I wanted to show um I I sent you all this in an email before this meeting, but um this uh is the future layout for Park Avenue at Highway 40 um as part of the St. Louis landing development. Um the town and our developer partners are um adding separate left and right turn lanes for that road which will slightly modify uh the driveway entrance here um

to the post office. And what this diagram is meant to show is uh vehicular sight distance from this driveway intersection. So, uh, for a vehicle in this post office driveway wanting to make a left turn onto Park Avenue, um, they need to have a clear sight distance 225 ft uh to the east along Park Avenue. And this dashed blue line is, um, showing that kind of area to remain clear of obstructions. Zooming into this area, um this green line, uh that is the property boundary. So, one of the things that we talked about in relation to this proposed sign is that the existing pole sign is in the town right ofway and the board wanted this new sign to be on the post office property. So, uh, I've depicted a kind of conceptual location for that sign on the south side of the green line on the post office property, and it is well outside of the area that would need to be clear of obstruction such as a sign to allow safe vehicular sight distance um for vehicles exiting this driveway. Um and then the next image I just wanted to show were was um you know there were concerns raised about well what about vehicles turning into the post office from Park Avenue. So this is meant to depict again a a vehicle, you know, waiting to make that left turn and trying to show the scale of this sign. Again, this black rectangle here 4 ft wide at its base and the very, you know, minuscule impact that that would have in terms of seeing vehicles backing out from parking spaces at the, you know, in front of the post office or blocking vehicles that are in that driveway, drive aisle area. So, um, again, staff believes that a sign of

this scale, you know, of 4 feet wide with, um, in this location on the post office property outside of the Park Avenue rightway does not present any, you know, serious or significant safety and sight distance obstruction concerns. Are there any questions or comments about these two items? So there is sort of a curb and gutter around it so that before you hit the sign you're going to hit the curb.

Correct. So um backing up I guess to this what's shown in the gray line is a potential um relocation extension of that curb line. So it is on the south side of that sign. Um Steve as part of this has also proposed some ballards as well I believe around that sign to help protect it. So, um, so this shows that that curb would only need to be extended approximately 4 feet, you know, south to create enough space to locate that sign on their property and and behind that curb. So, could I? Sure. Of course.

Thanks for uh Peggy. So, yes, we're we're not only um going to move it back a little bit to accommodate the code um but because um we don't own the property and we're working with the the property owner, we're going to rebuild that curb in the parking lot and add ballards um to protect it from people bumping into it.

Yeah, good. So, I had brought up concerns about vehicles that were backing out being visibility blocked by the side, but I was chatting with a guy at the post office. And I asked him, I said, "Okay, I want your opinion." And I stood there. I said, "So, if I was a 4 foot wide sign here, do you think and to the ground up, would it block visibility?" He said, "No, I think it'd be fine." I'm like, "Okay, I'll doing her science experiment. Had to get another opinion on site. The safety sold was getting a little carried away. Good thing for you,

you know, by the way festival, those panels are 4 by8 panels. You take half a mural and stick it up there. That's basically the base. Yeah. Yeah. And you had said before, I think it was with planning or maybe it was with um downtown development authority that this sign is designed to be able to be moved. So when you do have access, I'll let you

um so yeah, when we say it's designed to be moved, um I want to be clear what that means. Um the panels up top are all uh interchangeable. And so, say for example, knock on wood, we get somebody to buy naming rights to the center and we change the name of the center, we can change the sign, the the sign itself, if we moved it, um, it it is theoretically possible, it would be a bit of a mess mess. Um, and honestly, because the the the location for the center is always going to be where it is, and it's set back from 40, um, what I'm more inclined to do is when we build the center, we're going to figure out a way to sort of direct people towards it down that street um, by adding like an arrow or something to that fact, which of course we would come back to this body for approval for. So, I think that's probably more feasible. The the other thing as as Brian and Michael know is we we we did before we did this project, we talked about uh a collaboration with the town um and the town's just not quite ready to to do that.

So I think the other scenario that is possible is if at a future date the town decides to do some signage of its own and it's in the best interest of everyone for Fraser Valley Arts to partner there for event messaging, we we could either move it or remove it. Um, and so those are the the likely outcomes there. All right. Because you don't have access off of Park Avenue to the art center. Uh, yeah, I know. Good. Okay. Thank you. Okay.

So, uh, just to clarify or talk through the action, there is a resolution in the packet for the board's um, action and, um, right now there is a condition of approval in that resolution. um that I would just recommend that the board modify to either um require the applicant to present the conceptual artistic design that would be on the base of that monument sign for the board's approval before it's implemented. Um or require that the applicant construct the base to be of a similar material and finish as the post office building. I know that was maybe an item of uh varying opinion two weeks ago. I think some direction would be helpful. Um, I think it it could certainly be deferred to a later time if this board wants additional time to think about it and could be that condition could be left more open-ended as one of these two options must be pursued. Uh, but opening up to the board for discussion.

I actually think that uh that could be a staff approval. I mean, do we need to see the art if every time we want to change it? Yeah. If it's not staff can take care of it, I think they don't. Um, and I'm good with the sign. I mean, it's for our the size of it. It's for to advertising our building and we're funky Frasier. So, seems all these murals in town. Yeah. The same guy who does those. So, we're going to deliver a high quality. I like it.

Right. So, um, within the resolution itself, it has, uh, condition one. Do we want to just change that to say staff approval? Yeah. Yeah. I'll make a motion to approve resolution number 20260401 amended to uh that it does not require board of trustee approval before implementation. It just staff approval is okay. Second. Any further discussion? All in favor? I. Any opposed? Okay. Yeah. Thank you, Steve. Yeah. Thanks, everyone. Thanks, Steve.

Good. Are you sticking around or are you leaving? Um, I might head out if agreeable to that. We're uh we just have to give him his uh his due here. Um Garrett has been an unbelievable town planner for us for the last couple years and this is his last meeting and he is going to be very much missed around these parts. So thank you for all you've done for Frraasier. Um we really appreciate you.

An incredible achievement to go out on. I I agree. Welcome everybody. Thank you all. It's been a pleasure and um again I I look forward to uh continuing work remotely for a period to help ensure a smooth transition with new staff. Um so but but thank you. It's been a real pleasure and honor. We appreciate it. Thank you. Honors as well. Okay. St. Louis landing update. Um Matt and Todd,

do you all have presentations from a few weeks ago? Great. Thanks for having us. Good evening. We're thrilled to get a chance to come out to the site this afternoon and walk around a little bit. Uh work has progressed well as you can see and uh more work to come. It's on the near term schedule. get to that some other actions as well. But thanks for coming out and we look forward to get through the rest of the presentation.

Yeah, thanks for hosting us. Can we kick it off? Yeah, go for it.

Good evening board. Matt Ginsburg affordable housing development. After three years, I learned to do that first. Um okay. Uh see how we are here to update you on the uh project that you walked earlier. Most of you walked earlier. Um key updates are financing status, uh construction update, and then uh you know the the factually necessary but but you know not our preference but hopefully we're almost done conversation about uh extending funding just a little bit further so we can get to closing. Um so first of all financing update. Um, we are, let's see, since the last time we actually stood up here and talked, I guess I don't remember if we were standing up here because I was on the phone, but

it's two times ago that we stood up here and talked. Uh, we've signed the commitment letter for funding from Prop 123. So, why is that important? Because at the time that you sign the commitment letter, funding is locked in between OEID and Chaffa. And so, the sort of amorphous risk that it doesn't show up is gone. you do need to finish the the job of documenting and going through the long list of of small documents that that matter a lot to lawyers um and completing that and then we get to close. Um Chaffa the process is none of this is any uh uh uh disparagement against anybody. It is a long process to close. Chaff has got a lot of new deals on their plate. The you know the we've all pushed they've pushed everybody's arm in arm moving this thing forward. it just sometimes does take longer, especially with a new program like Prop 123. Um, we got some information from them that they were going to take more like, you know, 60 days to close by the time we we uh signed the letter and then got uh in to the next step of having closing calls and going through the motions to finish. Uh, and so that that extended what we thought was going to be a timeline to close on uh in April. Um the bonds are sort of but for the details that need to be in the bonds about the Prop 123 uh debt. They call it equity but it's really debt. Um but for that the bonds are generally complete. The the the marketing documents are generally complete. Um and we you know that's not holding up the closing. We just need to finish the prop 123 and sort of the where those two processes dovetail. I don't know if uh anybody from the bond group is on the phone and wants to comment on that or most well while while uh we're doing that so

not to bury the headlines. So the point is that instead of closing in uh late April we will need to close in about miday. Uh we've now said that for two consecutive meetings so that's good. Um and um and that requires a little bit of extra funding. Not necessarily that it will go out of your account and into the contractors, but that it's it's necessary to prudently manage the project and say that we can continue construction because you know those those uh costs will acrue to the project. They need to be funded somehow. So is that that's all tracked so far. Cool. Um, and then additionally, you know, the sort of So, there's Prop 123, there's bonds, that's almost $50 million in total. Um, and then that we need to close the uh, FRVHP funding, um, which is a million dollars up front, they just all need to come together at the same time. Um, we once we have scheduled a closing for the bonds, all of our conditions precedent to close that $1 million from FRVHP will be met. And then we we've we had a meeting with them or I attended their meeting on Monday this week and asked them to get prepared to fund the week of May 4th.

Great. No comments on that. That's okay. Construction. Yeah. Just a quick update. Um building C is progressing on or slightly ahead of schedule. It's roughly 50% complete. We'll get into some more of the details about it. You should can you use the mic so people online can hear you. Todd Moore with Mountain Affordable Housing Development.

Um what I started to say uh which nobody could hear is basically building C is progressing on or slightly ahead of schedule. It's about 50% complete as it stands. Building E is pressing on or slightly behind schedule. Um you know slightly behind you know might be a week here or there but basically on schedule. Um and it is uh currently about 30 to 35% complete and the infrastructure work again that is on schedule it's scheduled to resume in May and currently the utilities and infrastructure is about 40 to 45%. Um, starting in in May and moving forward, uh, we'll begin the work the road preparation, the preparation for the parking lots and begin curb and and gutter and then start paving the summer. So, um, we'll we'll show you that schedule here in a little bit greater detail. And then as for building D, um, we're currently planning to break ground on or about June 1st. There's a predecessor activity that we talked about relative to putting in the retaining walls around the north side of of Park Avenue and the east side of US 40. And that will be on both sides of building D. We have to get that in place to stabilize the embankments in order for us to begin excavation of building D. Um, with those retaining walls, I meant to ask, um, is there going to be some sort of sidewalk to get up to the corner of of Park Avenue and 40 in the Yeah, the corner

stairs or something? Yeah, stairs or something. Yes, there is. And so there's there's a sidewalk that is between the edge of the the valley pan, if you will, for Park Avenue and where those storing walls are. And there will be steps that go from that down to the south side of building D. Okay.

Um budget and cost forecast. Uh good news is that we are generally in line with the proforma uh still to date. Um, see the the let's when we go back to the page that you guys have looked at for the last three years, uh, the sources and use page, you'll see that it shows your outstanding balance of your loan. You have two loans, one the $5.4 million loan, the other one the $3.3 million loan, referred to as the first and the second loan. uh the outstand the the the second loan will be repaid at the time of financing the b the bonds and then the um first loan will be repaid once the mych proceeds come in. Um the loan balance that's shown on this this uh sources and uses that we'll show in a minute is $2.9 million. Uh that's about a million dollars higher than it was maybe nine months ago. and we are working to bring, you know, to cover that whole piece between the the um Dola housing grant that uh I've been working on with Sarah um and then the new market tax credit which in total are another $4 million funding. Um so far we're we have positive feedback on both those things. Plug in. So just so you guys know that last grant is just a it's with Dole as a GAP grant. So, it helps kind of with the final the final leg of financing. So, uh pretty good confidence, but you don't know until you know. We have pretty good confidence that we'll be able to get that award uh for that 1 million.

Yeah. So, so that um you should think of that as really covering like the the additional million dollars that's shown on the on the balance of the town loan there because when we finally got final building depricing, it was higher. I mean, time has gone by. inflation has happened. Um, so that that I think that's the right way to frame that. And then so there's still has always been about a million and a half to million, eight or nine at the end of the loan. And that's why I've been working on the new market tax credits rebate all that. and in fact may uh may have some additional capital that's available to do additional outfitting and things like that inside of the the DCLC so that it could be um occupied sooner. So, when we were walking through today, we, you know, what stood out to me when I was in a studio is, you know, how do you furnish this? And a Murphy bed seems like the most practical thing. And, you know, if you had a Murphy bed, maybe everybody should have a Murphy bed. And so, that brings in the f furniture package. are we furnishing these or everybody has to go get their crates and put their so and that's not but if we got additional funding maybe that is an option

additional funding um you know everything has its own nuance what it can be used for so the new market tax credit can be used for the um the ECLC so when I say the what the the childcare center thank you yes

yeah it's got a couple of different acronyms but let's just call it childcare side um so that you know grandkids I think was thinking of staged um um occupations not really the right word but use of the things sort of like 25 kids 25 kids 25 kids because it costs money to outfit those spaces and it costs money to to and time to bring teachers on etc so this we can't create teachers out of money I mean maybe you could um but we we can outfit the the space, right? And so refrigerators or bottle warmers or or maybe bottle warmer is a little bit too on the edge, but various different things that you need to run a daycare can be um an early childhood learning center, sorry, can be funded by that that new market tax credit. Murphy beds, I don't have a good funding source for that yet, but now now it's in my mind. So,

okay. Just as a guy who lived in a 420 foot um studio in New York for a couple years, it's not so bad to have your couch and your and your bed next to each other when you're 24. Yeah. The same thing. You just pull a Murphy bed out and nobody ever puts it back. Yeah. Right. Right. It's like, why put it back every day? I have a friend that puts it up every night. Friends are weird. Only adults can rent. Yeah. Sorry. Look at the wrong thing. Look this way. Very good.

Okay. Um, a little more detail on the on the various financing uh uh pieces. So, bonds is the is your biggest piece of uh financing that that we are working to close. Um there's like all of the work that leads up to it called, you know, called underwriting. At some point, the marketing document gets posted uh for investors to review. That kind of schedules everything after that. Um a pricing where we find out what the interest rate is and a closing where the money actually shows up in in the trust accounts. Um that process of posting is at this point very close to happening either late next week or the following. And both those dates are keeping in line with the the timing that we've shown here and closing in the week of May 11th or the week of of May 18th. So now maybe Maddie or somebody that's online may have a comment.

No, you're doing good, Matt. Hi, Maddie.

Hi. Um now we we want to clo we need to close all of the capital because you can't build half a project right at the same time. So the what you have been experiencing is us trying to dovetail the closing of Prop 123 along with the bonds. Um and like we said they're doing a great job new program. We're also a very unique project as seen gets mentioned on most calls these days. Um with a lot of different funding sources that all have to fit together. Um and that's great because that means we've been able to achieve you know great set of AMIs and the childcare center but you know the cost to doing great things I guess is time. So um but we're we're we passed like a couple of key hurdles on on on Prop 123 getting the commitment letter signed. Uh you know this morning we had let's see somewhere on on in one of these pages I say that we're receiving the documents from Proposition 123. um around April 3rd or 4th. I think we got them on the 6th. We reviewed them. There were there was sort of one concept that really needed to be discussed. We had that discussion with all the bond lawyers, the Prop 123 lawyers, um bond underwriters, uh this morning and everybody's in the in the same headsp space. They they haven't accepted all our comments, but they've seen them and they'll have vehement to them. So, I think, you know, if there was going to be one thing that was uh holding us up, then I think we've we've gotten mostly past that. There's one one commercial item we need to work out about how they messed with the development fee, much to your grin, but we'll we'll figure that one out. Um, that's those are the two main things are coming together here in the next in the next two to four weeks. Questions on that? During that call with Chaffa earlier today, I did ask them point blank if they do feel comfortable with being able to close in midmay and they said that

they did. Good. So, thank you. Ah, may the force be with us.

That is right. Um, you mean remaining risks on any of those things if you know the collective body in here hasn't told the truth anywhere which I don't think that's the case because there a lot of lawyers and honest people around it. Um, and then, you know, the geopolitical situation is like a little different than it was when we started the project 10 years ago or whatever. So, you never know what pops up. Um, there's probably ways to work around a, you know, un unfortunately timed moment in the market um to make our closing successful. So, I wouldn't worry too much about that. What if it was a global pandemic? You know what I mean?

Yeah. Why is dad working remotely anyway? I'm just saying what the if co hit tomorrow again would it go? Uh I would high five uh because uh they will lower rates. Also uh I think we just replaced our is it starting uh the new bet starting next you know May one or something like that. So we'll I'm also I'm happy to address that from like a market perspective if that's helpful.

Sure. Okay. Hi, Matty Perdanovvic with Health Securities. Nice to speak be speaking with you all again. Um, yeah. So, I mean, from a COVID standpoint, when COVID happened, it obviously was uh an unknown thing at the time. Um, and the markets, you know, were not officially closed, but certainly kind of shut down for all intents and purposes for about a week or so. Um I I would say it was not all that dissimilar to um what happened after the announcement of um the tariffs about a year ago. Um you know it just the market didn't really know how to react because there was a lot of uncertainty and an unknown of when things were going to reopen, what that meant for revenues, etc. um you know I don't know but I would say if it were to happen again we at least have a little bit more of a a vision of of what happens um in an instance if if co were a co type event were to happen again that said um you know again the market did resume normal operations within a couple of weeks and so if that were to happen again here um that we would kind of have a similar consideration where you know if we were trying to price the bonds a week from now and another COVID event happened and the, you know, world shut down essentially again tomorrow, we probably would be pricing again next week. Um, but that said, I would still expect us to be able to sell bonds um at some point within a reasonable time frame. There just might be a slight delay. Not not I mean I can't I know you're thinking you're giving one example but thinking broadly things you don't know that happen like if if something really stops the world like that that it's likely that that some amount of construction will stop like in co you know we we had at least a moment where everybody kind of like stopped doing something so that would actually stop the expenditure which kind of will all dovetail. I I I wouldn't those are risks. They're out there. There's

nothing we can do about those, but they they've existed for the last six months while we

Yeah, exactly. And I would say from a geopolitical because I know Matt brought that up. I mean, from a market standpoint, while there has been some volatility in the market and interest rates have not moved obviously in the direction that we would have liked over the last two months. Um, deals are still getting done. The market is still clearing. We are still not ha we're not having any issues actually selling bonds. Um, they just might be at a slightly higher interest rate than we would have said two months ago. So, under current circumstances, I don't have any concerns with the ability to actually get the deal to to the market. It's just a question of at what interest rate. Um, it would take a pretty monumental event for us to be in a place, to Matt's point, kind of everything else would also be shutting down if that were were to happen. Um, but it would take a pretty monumental event for us to truly not be able to issue bonds um, you know, on our our expected timeline.

Are you referring to like when buildings are complete, if we can rent them all or are refer to until the loan closes? Gotcha. Okay. You notice it between now and midday, right? See like the biggest disruptor will be construction if they put if if Gran County Public Health puts things in place that you can't do certain types of construction within proximities of other people. Kind of talking about co I'm just saying like an event. Yeah. Yeah. Okay. Well, anything. Yeah. I mean, anything could happen, but we only have about four weeks to think about it. So,

yeah, just Okay. All right. Yeah. I mean, I I would say if there if a problem arose between now and then, I don't think you'd see Todd and I up here again saying, "Oh, just do more million dollars in in two weeks." That's what kind of happened last time, though. Yeah. At that point, we signed the the commitment letter. And so we we were working on ex express timelines from like the negotiating group at Chaffa rather than the closing group. Now we're the closers. So they only do one thing. Matt, can you explain what the commitment letter is?

Yeah. Commitment letters is uh in Chaffa's case is a relatively lengthy document that that actually uh outlines most of the terms. Um in fact some of the things are exact copy and paste from the the commitment letter to the final documents. Right. So so um it has details like events of default and the the the u affordability compliance in in specific detail and a list of postclosing items that that need to have happen. So it's very detailed. there's not like that's why we think there's a lot of uh sort of business term risk after that point. Um and the thing the com the conversation we had this morning was just that we we felt that the Prop 123 docs were not like explicitly clear that they were subordinate to the bonds and that that could cause a bond investor to like have to think more about the their position than than you would want them to. So we said, "Hey, we need to make this clear." and they said, "That's the deal. No problem. Let's make it clear."

Uh, Maddie and Kim, can you guys explain that from an underwriting perspective how the uh the letter kind of triggers the critical path here?

Sure. Yeah. I mean, the I obviously can't speak for Chaffa, but but the commitment letter is what allowed Chaffa to essentially start on the process that then allows us to incorporate their legal documents into our bond structure. Um, at the end of the day, the Prop 123 equity um, kind of cash flow at the bottom of the waterfall as well as the repayment of that has to be worked into the bond indenture that also sort of governs essentially the senior bonds that are being issued for the project that what we the financing that we keep coming back and talking to you all about. Um and so without having Chaffa's documents, we are, you know, prior to a week and a half ago or two weeks ago at this point, we were sort of operating a little bit blind in that regard because we did not have their documents. So we were essentially having to kind of guess what we needed to account for in those documents. Now the commitment letter is what triggered to to Matt's comments. We moved from, you know, Matt working with the kind of the project team to now the closing team. um the commitment letter and the signature of that is what triggered that. I think um you know as Matt I think has mentioned a couple times, we weren't really sure exactly what that process was going to be for this. I think um for other various uh funding sources coming out of Chaffa and and some other projects, you know, some of those I think were able to move a little bit closer. This is the first one that they're closing that is uh with this type of capital structure. So, it's just taking a little bit longer than we anticipated. Um, but really the signature of that commitment letter is what allowed the Chaffa legal process to to fully start, which we need to have happen um to ensure that we're creating the appropriate lean structures within the indenture um to protect bond holders. And I guess the other thing

we've got you guys since the April 1 meeting, we did actually get the documents and they do actually reflect the commitment. That was the last thing that you could wonder a lot about from our perspective. You could wonder about anything. Um, okay. More questions on those two items?

Cool. Uh, middle- inome housing tax credit. So, uh, we have an LOI with the tax credit buyer, um, which we will execute imminently. Um, may or may not be before the closing of the bonds. Uh, but but the, you know, that was awarded already. The project owns those credits. Um, in the last couple weeks, one good thing did happen, which was the the um, uh, statute was amended there. Uh, and so these credits are transferable, which you should just think of salailable. Um that's to make them usable by folks like yourself as the owner, the the government who doesn't have a tax position and and can't um and then in specifically in your case where you have to own the project in order to be able to take advantage of the tax exempt bonds. There are some limited exceptions which we had found a limited exception to that and were able to do it the way the statute was originally written which is the tax credit holder had to also own the project. So your tax credit partner was going to get a little tiny piece of the like a 0.01% of the project. But they cleaned it up. So now we don't think we need to do that. So we can just cleanly sell the credits and that that's simpler, less brain damage, less things to write about in the in the uh uh bond offering documents and less documents.

Good timing. Yeah, great timing. You can uh thank uh your senator here, Roberts, Roberts. Roberts. And when we went to uh cast a couple minutes ago, it was talked a lot about this middle- income tax credit and I don't think anybody else had it. They kept trying to pursue it or they saw it last minute. Uh so it's good for to, you know, to work with them to get ahead on this and we were able to, you know, obviously get this last fall. I think we were outside doing a groundbreaking or um soft opening for the bike park, I think, when we found out about it. So definitely an exciting part um that uh really locks us in. Yes.

Um and the final one is the new market tax credit which we talked about a little bit before which is really focused on um the programs federal program focused on new markets. In this case, the new market is um child care. And you have to be in a a specific u census track that has certain economic characteristics that make it challenged for lack of a better word. Um which the project is happily in that case within. So, so that's what makes it eligible and an attractive project and the state's focus on on um on childcare etc. So, that that process cool

I guess the the remaining risk there um chaff needs to approve whatever we finalize the structure and whenever we finally bring in the investors that's call it like a Q3 kind of thing. So, all this stuff will close. We will continue working on new market tax credit. We will need to negotiate with Chaffa. So, you know, expect a couple more updates about bumps in the road on that. It doesn't have to do with closing Prop 123. Prop 123 closes now. We have to go back and open the document and do a little surgery on it to allow this to happen later. But that can happen later. That can happen later.

Right. So the um daycare, remember originally we're talking about something like four million for them to build build it out for their space and this is three million of that. Yeah. So this is going to build the building and then the there there's probably some budget in there to have some some of the buildout inside which all counts towards the new market. There we go. New market credit right for inside just million bucks. That's awesome. Well, students can have Murphy beds. That's awesome. Preferred. Is there like handle the monkeys up? That's awesome. Work, Matt. Okay.

You said you were going to develop a stack. You've done a fine job. So, outside of our project, is this a repeatable model or something that you would do again? jumping in. Uh I'm just curious.

Okay. I mean, from my from my perspective, it is repeatable. Each project has a different um each project has a different flavor to it. You know, we we looked at one recently where they also want to do childcare, but they're not in that zone. So they got some other places in town that are that have that that denomination, but it's not in a place where the town's acquiring land. So that that strategy doesn't work. There's there's other other strategies, right? For a unicorn. You can say yes. People Yes, you guys are

okay. It's been um I mean you should ask the uh the the lawyers and and bankers on the phone also. It's I'd say it's it's it's sort of painfully complicated. Um but you know we we I guess I have a policy of not assuming that what's been done in the past is a thing that should continue to be done. And so I like to ask why.

And uh that you know if you ask why enough times eventually you either get an answer that satisfies you or you don't. Let's close the new market tax rate before we high five. But uh and by the way, the other $50 million of funding um timelines. So previously expected schedule closing in April. I think we we discussed how that's not happening at the moment. Um Chaffa based schedule closing in miday May the week of May 18th. Um our hopeful to pull it in a week schedule closing the week of May 11th. Uh we are definitely somewhere between the 11th and the 18th right now. Um from from the perspective of what we were asking for for funding here, we were asking for additional funding through the end of of uh of the month of May. So, in either case, we're we're in a good spot. Um, you know, sort of the milestones here, uh, the posting of the document that may happen the week of April 27th. If that does, then the pricing is um the week of May 11th and then the closing is May 18th. Also, those two things can happen in the week next to one another. There doesn't have to be that separate week. Maddie can confirm. Yep, exactly right.

Um, so I if you don't have questions on those, probably actually talk a little bit more about the project and the project's schedule. All right. Um so basically we've broken down where the where the status of the project is by component. Um you know starting with the infrastructure and then you know once we we talk about the current status I'll show you what the forecast is in the near term and and the the original packet had details on the um you know the near-term activities and and the plan start and finish dates for those things. um you know depending on what the board's appetite is we we can or cannot you know discuss those since they're available for reading and we'll summarize them here um without hopefully belaboring something that you want to hear about but um overall the infrastructure it uh work began in October of 24 and worked through um December of 2024 we knocked off for the winter and then um brought the the contractor back on site in the summer of 25 and they then they worked until December of 25 and during that period finished all of the the underground utilities, you know, including the um dorm sewer, the underground electric, um water manes, uh sanitary sewer and the like. Then um again they knocked off for the winter of 2526 and are now scheduled to remobilize in May to continue on with the road and bridge or excuse me I should say the road preparation, the curb and gutter preparation and ultimately begin paving in the summertime.

Um so the remaining major scopes of work are the sidewalks, the roads, the bridge the which will include the St. creek diversion, then installing the the box culverts for transit over the creek. Um, which is now planned to start the the creek diversion in late August when the water flow is at a minimum and will cause lease disruption then um and ultimately finish in early November um with the final paving over the bridge. um landscaping uh which is always a nice finishing touch for building CE and uh most of the rest of the site south of the the creek will start late summer and will wrap up in the fall. Um we will not complete the the landscaping around building D because it'll still be in a construction zone and likely to get damaged. And then um ultimately the last piece of that work is going to be work inside the PNA itself. And uh currently the work side. The PNA is is planned to be overseen by Grand Environmental. Um although we have talked with Big Valley and um Grand County Landscaping about um their interest in in actually doing the work even though it would be overseen by Grand Environmental. So we're working through that. It could always become part of the project or we could just let Grand Environmental handle it. You know, either way is fine, but that's currently planned for 2027 and not this year. What is PNA?

Uh protected natural area. That's where the wetlands are that kind of flank each side of St. Louis Creek as it goes from where Edna Tucker is to the east. Okay. Um as it relates to building C work began in July of 2025. Um foundations and slab on grade were completed by October of 25. The structural interior framing um was completed by March of 26. MEP roughening is still in process on the lower floors. It started on the the upper floor and worked its way down. The exterior sighting is in process as you may have seen some of that on the building C on both the east and the west elevations. And uh we're still tracking forecast completion date in November of 26. Um and as I mentioned earlier, work's about 50% complete. Um for building E, work began in August of 25. Um the foundations and slab on grade were completed by December of 25. And then it just sat until it was time to appropriately stage um trades to come back and and start framing after they finished working on building C. But structural interior framing is now expected to be complete in May of 26. and we have a forecast completion date of March 27th and and both of those forecast completion dates haven't really changed. So, um and it's roughly 30 35% complete overall. Um building D uh was originally scheduled to start July 1st. Uh we were working with Big Valley to to try to start that in May. Uh we'd like to start in May, but it's you know kicking off that work will be contingent upon closing on the prop 123 and the bonds. But um uh whether we start in the middle of May

or the 1 of June, um really the precursor activity besides the the financing is going to be getting the retaining walls in on the north side of Park Avenue and on the east side of US 40. that will stabilize the embankment and allow the the excavation to commence. So, um we need about two weeks to get the um the concrete block onto the site and um the contractors already planning to mobilize in early May anyways. So, it should take them a few weeks, three weeks maybe to to get the retaining walls in on that part of the site set aside what's over by the post office for the time being. But that would allow that work to be completed so that excavation could start June 1st.

So will there be fencing along those retaining walls? Is there what four foot drop? Yeah. Well, 4 foot max. Okay. They'll they'll be a varying heights. Um and they'll still be within the con the construction zone. So they'll be behind the perimeter fence for the time being. Okay. Um when the time comes, right? I don't believe that fencing will be required. Um, it doesn't show up on the plans, the the civil plan. So, um, I don't think it'll be required. Don't want anybody falling off. No, we don't either. Jump. Four feet. Kids will love it. Kids will love four feet. Be jumping off. Drop and roll. Yeah.

Yeah. Um, so right now we have a forecast completion date of building D roughly December of 2027. Um, so that's what we're striving towards. I I have a question. Building C, it says uh November 2026. Do you know if we're shooting for November one or 30th? Just the ski area opens mid month. That's what we're targeting. Okay. You know, beating that I think is probably a pretty good target. Yes. And my secondary question is when do we start ramping up the leasing out side of this to ensure that we have customers over the winter?

Yeah, great question on that. Um, so we've already been working with Griffith Blessing and the town regarding the the leasing. Um, you know, one of the first things that's that's on the table for that is coming up with the the lease parameters and lease priorities in terms of who are going to be the target tenants or at least which ones may get some kind of um, you know, tier one versus tier two. Um the the property management company has asked us to start marketing and start going through the the solicitation of interest anywhere from four to six months ahead of expected completion. So that would be starting in May. Yeah. May. Yeah. Okay. Okay.

So we just Anyways, that's parameters and getting it out there. Well, even before that, if we're able to ex we're reviewing the drafts of the agreement between the town and group's blessing and if we're comfortable moving forward to start marketing, we can start marketing and then if you know we we do have it on our our schedule for the next board meeting, Sarah will ring back what she got from guidance from the board for the uh the preferences. Um and uh so you know regardless even if it takes we take longer on that preference list we can still go ahead and start marketing this and you're just applying the preference list to the pool of people coming in.

But ultimately it's it's looking to you know get these buildings filled. It's just you'll be able to put in place a preference policy that people kind of filter through and then whoever's left outside that are filling units as long as they meet the AMI requirements. So we'll start recruiting for that. It'll be a picnic in the park. um be handing out flyers to those types of things. So, we'll be doing heavy marketing. Um hopefully kicking that off next month. Okay, cool. That's what I want to do. Great.

So, usually every time we present an update, we always like to present a summary schedule. And so this this shows kind of where we've been over the last couple of quarters and and what's currently in the forecast. Um in any event, the the the primary activities that are that are in store, as we mentioned before, are the curb gutter and paving uh and landscaping for Ed Tucker u around building C, around building E. And then, you know, that all starts in roughly uh July. And then uh uh the well the base prep and would occur starting in May um in June and then we go into the curbon gutter and you know get that moving. Uh and then the the creek diversion is currently scheduled to to commence in late August with the with the bridge and so forth being done by November. So that's what those initial activities are. Um, you can see that the the boulder walls that I had originally scheduled um are are later in time than than what we're currently talking about. Um, after we prepared this, um, we're working with Big Valley said, "No, we need to have those in because it's a constraint to being able to excavate, provide a safe, um, excavation slope." So anyway, so that's why, you know, we are looking to to accelerate that from June to to May. So I was off by a few weeks on that. Um, and then in terms of buildings, the the vertical construction, we could see what's planned and where on a summary level where we're, you know, we're still finishing the the core and shell for building C. We're uh in the middle of the MEP finishing the rough ends there on the interiors for the lower level

floors and then on the upper floors we're working on the drywall and uh we'll be starting finishes in there and you can see the the planned timeline for that. So even though I show that last bar going out to December um you know that's really includes punch list and stuff like that but we're planning to wrap things up in November uh for building E. Um similarly, we're still framing and working on the core and shelf for that. Um there's a couple more months involved with that before that'll be wrapped up. But um you know, we have some of the the building exterior being closed in um starting in the coming week, maybe the following week, we should be installing windows and and some of the exterior doors. So um we'll be moving ahead with that. And then following that of course will be the MVP ruffins and and interior finishes once the the framing is complete and the building is dried in. And then building D of course you can see where that is is planned to start in in about June and then roll out through as we see here u through the fourth quarter of 27. So, I I only have it going through November of 27 because I'm optimistic that I think we can get it done.

Um, how big are the box culverts on the bridge for at drive? So, there's two of them and um they're they're roughly 40 feet um wide long and they're they're side by side. So, um so the total span will be um Well, it's roughly 40 by 40. Wouldn't it be wide? They're Yeah, I mean they're basically 20 by 40. Okay. Is I Yeah. Oh, yeah. That should be funny for And how big is the

diameter of the circle? Like like how how big is like how they're rectangular? Oh, right. Right. So, but how tall would they be then? Um, roughly How tall are they? Are they 12 feet? So huge. Enough for tall. Yes. So they they will they will sink below the the bottom of the creek. And so that way you know they could be built up the creek bottom can be built up so that water can flow more naturally through instead of you know being sheetated across bare concrete.

Gotcha. Cool. That's true. Yeah, I know. That's very fun. So then then you know the following tables here in the presentation have a bunch of details in terms of the near-term activities. It might be a little bit well it is a little bit more detail than we probably need to go through, but yeah, I wanted to include it just in case people were

curious. Um Matt, that kind of brings us back to sources and uses update. Okay. Um, oh, go ahead. Silly, but Edna's talking in my ear. Um, if you would include the way on there after her name. Yes. Check out other documents. It's not a big deal. But when you're back in there, just add way

they say there come Ed the Tucker. Ed the Tucker. Well, I'm not a street. I don't come on. Sorry. Be a lot of sweet, but I know a lot of locals that love the name. They were whining about the project and how big it was and I tell them about Edna Tuck. They're like, "Oh, that is so cool." So, the oldtimers every way. Yeah. Then it tuck away. Thank you. Tuck away. Silly. Nice long street sign right there. Then it tuck away. Yep. Can't miss it.

We'll see if it's struck by lightning. We'll know that she's pissed.

See, you asked if I'd do it again. I do it again for for this moment because you get to know people

real people most um okay this is uh this is a a a table you've seen a hundred times or so before um I as pointed out earlier in the um in the presentation the only real change here is the the balance on the loan that's remaining at the end of the project here which is you know 2.9 instead of where it's been about a million dollars less than that and that's just because the the building D um uh pricing came in and and was sort of as as reasonably expected higher um and then you know in theory that was covered by contingency but in order to to keep the project looking healthy etc and because we have these other sources of funding that we're pursuing uh we want to keep the the contingency full that helps the folks on the phone market the bonds and and makes you know kind of completes the story. You'll some of you will remember all the way back to like three years ago and lots of conversations about contingency and how important it is. Um that is really there's nothing more to say about that that that table. I've discussed it many many many times. If you have questions or don't recall something by all means I'm here to answer them. Um okay. Okay. So then the the the most important thing here is to the what's necessary to proceed um you know through the the end of uh April and into May is $2 million of additional funding from the town. Um and then we will also uh with in terms of cash funding, we also actually go get the the Fraser River Housing Partnership funds in at the beginning of May too. So, there'll be sort of a a pool of additional $3 million to get us through the end of May. Um, and we already did all the talking about why we're going to get closed during that period of time. So,

that that additional $2 million doesn't affect the balance of your loan in the end. That just gets added to that $3.3 million that's rebated by the uh the bonds when the bonds are issued. And I was just sitting down looking because the the underwriters had run a little bit of a sensitivity. They ran, you know, we've always talked about the bonds being at 6.3%. There's a time a couple months ago where we thought it might be a little bit lower than that. Um, maybe it'll be a little bit higher than that. They ran a sensitivity at at 6.55%. Um, which is, you know, pretty pretty significant increase in bond world. Um, and and everything still works in that case and they're comfortable marketing that. I think anybody on the phone agrees or disagrees. Looks like we can use

agree. Kisses, Kim. Thank you, Kim. Kim. Um, for some reason, stock prices all of a sudden take a huge jump or that bond price drop a little bit. Stock prices go up. Inverse relationship. Yeah, maybe. Okay. low rates between once they're sold it's yeah no quiet would have to happen yeah um if if all is quiet on the eastern front for a while that probably is the best best outcome for for bond prices

well bond interest rates price goes the other way um okay that And just a reminder to be by the mic so folks online can hear.

So u we had inserted a couple of of charts here just to show our plan versus actual expenditures. Uh this is more a a measure of cash flow um and how the how the rate of expenditures at least this is for infrastructure. Um currently the the actual rate of expenditures is below the original plan and uh uh which which can indicate that you know as you might expect we stopped work during some of the winter months and uh in some cases we we were planning to get further along than what the initial winter would allow but the the overall rate is less than what we had initially planned. Uh we expect that curve to cross over in May of 26 as we remobilize the site and continue working on the um uh preparation for the roadways and the parking lots and the bridge. Uh overall, as you can see that the actual expenditure curve exceeds the the plan and that's largely attributable to the the $400,000 and additional work required by C dot that we've talked about. And so that wasn't in the initial um the initial baseline that we used for planning on the the cash flow, but um it's been included in the the the current forecast. And obviously we've been working with um the funding sources to get that covered by grants. But um this is plan versus the the the B excuse me the baseline plan versus the actual. Um and then similarly we have we have the same type of curve for um building C and we have the same type of curve for building E. U this is building C. Again it's the the actual expenditures are running slightly behind

plan as we have it. Um we expect that those will the gap will close as we go into the interior finishes because that's where a lot of the money is and uh it'll close out roughly on um on par with the the baseline on that. Um but you can see how the the plan versus actual both an incremental and a cumulative basis um compare for our for our purposes of of tracking and cost control. Um, similar story for for building E. Shape of the curve is a little bit different. You know, overall the timelines are different. The shape of the curve is approximately the same, but the the rate of expenditure that was planned versus actual is slightly different. But u similar here um uh where we we are currently behind planned expenditures. uh that will accelerate the gap will close. Um and as you can see with building E, there's a slight overage in terms of planned actual expenditures. Um but that's largely being attributable to to changes that have been introduced to the to the project that weren't in the original baseline. you know, whether it's for um you know, daycare finishes or elevator coat changes, um some interior finish modifications. Uh there's probably a couple of others that I don't recall, but uh mostly attributable to to changes that are being covered by contingency and like any questions on that. So lastly, um wanted to provide an update on pot status. So just as a recap, uh we originally

executed a GMP contract with Big Valley Construction in October of 2024. The initial contract was for 1.1 million. Uh what is a GMP?

Oh, sorry. Guaranteed maximum price contract. um as opposed to a lump sum or stipulated sum or cost plus a fee, whatever. It's it's effectively a cost plus a fee with a guaranteed maximum. Um so the the contract sum has been built up incrementally based on, you know, release of funding and things of that sort. Um but the the original scope only included part of the the underground utilities. In April 2025, we amended the contract to include additional infrastructure and utilities work. Um the GMP was increased by approximately 4.9 million. At that time, um the scope of work did not include the bridge work. Um and the work north of St. Louis Creek. Um it still doesn't. We have a a pending contract change order to add that work to the contract sum. So, uh that has been paper. It's a matter of executing on that. Uh we expect to to um add the the box coververts to the contract tomorrow and then the the balance into the work by the end of the week.

Um that way we can get the box coverts released which have a certain lead time to them. Um in August of 2025, we again amended the contract to add the um the vertical construction for building C and E to the contract. There was two change orders for that. Building C added uh 15.9 million, then building E added 13.6. Um next, we we assigned the Big Valley contract to the Frasier Housing Authority in December of 2025. Um and so that is that is now um a form of agreement between the housing authority in Bay Valley with Mountain Affordable Housing Development serving as the the owner's representative there and an agent in terms of administering that contract. So it takes us effectively out of the the owner position, transfers that to the housing authority, and then we're the agent and owners rep. Um, so we have we have a uh two additional contract amendments that are pending. One is to add building D to the to the GMP to the contract sum. We have pricing on that to that. Um there may be a couple final adjustments, but that'll be the next amendment obviously that we have to have done here by the end of the month so that we uh we can uh provide notice to proceed on that work come uh the middle of May. And then of course we have the that pending change order for the balance of the infrastructure and bridge work um which is has always been in the proform but it's just hasn't been part of the contract. So so um no net difference there is just adding the work to the contract. Um, similar to the buildup of the the contract sub, we've also um provided a

number of limited notices to proceed to um authorize Big Valley to to proceed with work up to the level of of existing and committed funds. And so the the current limited notice to proceed totals 15.2 million. and um the commitment of the additional funds by the town to the housing authority will allow us to extend that. Um and so the the the last item there is really just a restatement of what we talking about terms of um the additional commitment of $2 million or whatever to um to allow us to increase the notice to proceed. And so, um, in closing, just wanted to to provide really a recap of where we are in terms of budget versus cost and so you could see where the the original proform was or the I should say the current proforma, the original GMP approved changes and the estimated cost of completion. um you know overall the the current performance is 49.9 the original GMP um was summarized to be 49.6 6 million approved and projected changes are roughly 400,000 um which and we're forecasting estimated cost of completion of about 50 for the infrastructure building CD& uh so that's that's kind of a current recap of of where things are great yeah questions on Thank you.

You look beautiful. Thank you.

All right. Thanks, guys. Appreciate that. Um, uh, we will move on to ordinance 535. Amending ordinance number 531 relating to second interim loan to the Frasier Housing Authority declaring emergency. Uh Michael and Maddie um to present. All right. Thank you, Mayor. Uh Michael Brack, U Fraser town manager and uh on the phone we also have uh as you heard from earlier uh Mattie Bdonovic with Uptown Securities. Um, and we also have uh Kim Crawford on the phone as well. You heard her kind of make a comment earlier. Kim is part of our underwriter team with uh Stifle. Um, and she's been doing a lot of the work for the underwriting for all of this. Um so what this is presenting as discussed in the presentation um is looking to amend the second interim loan that was approved on February 18th earlier this year by the town board that which appropriated appropriated 3.3 million to allow construction to maintain its tempo. Um and uh the intent behind that again was looking to uh maintain things until we were able to establish a better closing date that ultimately depended on getting that uh commitment letter from Chaffa uh which is really the the the critical piece for that that sets the the real timeline for closing. So now that we received that um uh we want to be able to maintain um construction through the end of May um and this additional 2 million would do that um with the uh larger confidence level closing for for miday. And I'll let um I'll let Kim and

Maddie speak to that a little bit before I do hand it over to them. Um again, this $3.3 million loan, if this is approved by the board tonight, it does maintain construction through the end of May. Um once we do close on the bond and Prop 123, uh there will be a same day transfer to the town to repay back this short-term interim loan. Um and make the the town whole on this item that's before you tonight. Um, additionally, I did do um a quick uh look at our budget here, which I'd like to share, and you do have copies of that in front of you for the trustees. Uh,

all right. Can you guys all see that online? So I have a question. So on this presentation that we just heard the contract status at the end, MAD says they need 2.25 million and this is only an additional 2 million. Um we're currently at lower than what we're we were projected for 3.3 right now. Right. Okay. Pig Valley came in at 1.3 last month instead of 1.6 as projected. So, okay, good. So, two is good. Great. Thank you.

So, what I have up here on the screen, um, and as we discussed before with, um, with Maddie and and Jason with Hotel Securities, uh, talking about what is a very what is a reasonable and conservative place to have the cash balance for the general fund and the restricted revenue fund. Um the general fund is obviously uh has a lot of different expenditures to it and various revenue sources. So on the left side of this you've got a um I go through that first here you guys can all see that. Um so this shows the 2024 audited financials which are our most recent audited financials and um the expenditures once you subtract the capital projects from those expenditures um the expenditure from our general fund is just almost 5.8 million. Uh the restricted revenue fund which is funded by that 1% sales tax um is uh the expenditure of that was just over 1.1 totaling about 6.9 million. um based on uh the recommendation for maintaining 70% of your operating expenditures uh which essentially is your expenditures minus capital projects. Um that 70% uh cash balance recommended is just over $4.8 million. Um when you look at the cash position that was presented earlier this evening in the treasures report by Lori uh she shows that these are the current cash balances in those funds um for the general fund and the restricted revenue fund um totaling just over 9.7 million um based on that amount we are currently at about 141% when you compare it to the 2024 um audited numbers and that If you, if the board were to approve that $2

million addition to this short-term interim loan, um, that would bring our our our capital our operating cash balance to 112% of those expenditures. So, still uh that's about 42% above what the recommendation is. Um, and when you compare that, we do have a pretty good grip on the 2025 financials as of December 31st of last year. Um these obviously are not audited financials so they will fluctuate a little bit but based on those expenditures that we've been accounting for for actuals uh the the expenditures were a little bit higher for 2025 than they were in 2024. Um but when you compare that uh to where the town should be um we're at about 130% now and if you approve that we would be at about 103% if you're comparing it to the 2025 expenditures. So I know that that may be a little confusing. I tried to just lay this out so you have a good understanding of where your cash balances are. um and hopefully making an informed decision tonight on uh that $2 million and the impact to your cash balance based on your expenditures uh that you've experienced last year and in 2024. Um from there I'd like to hand it off to uh to Maddie and Maddie you can do a handoff to Kim if you like.

Sure. Excuse me. Thank you Michael. Good evening again. and Matty Pdanovic with Hilltop Securities, um the town and housing authorities u municipal adviser. And I also just want to clarify Kim Crawford um is with Butler Snow um as bond council on this transaction. So she is stepping in for Dalton. You guys have obviously seen him a lot and are familiar with him. He is I think since we last spoke um maybe news to you while he is on paternity leave. So um Kim has Yes. So Kim has agreed to uh step in and help us get across the finish line on this one. So, um, I don't have a ton to add above and beyond what Michael just said. Um, you know, I know we spoke a couple of weeks ago, but from a big picture perspective, this is truly a a mismatch of timing, uh, as far as when funds are needed and when we anticipate closing on the bonds. Um, as he mentioned, this is separate from the outstanding loan that I know was referenced in Matt's sources and uses tables within the presentation that he just shared. Um this the amount if authorized would function similar to the 3.3 million that's already been approved and almost spent um which will be repaid immediately to the town um upon closing of the bonds which again we anticipate occurring sometime um in miday. So u and I apologize Kim I actually had um steif and then in parentheses bond counsel so steif is our underwriter and our bond

correct yes I apologize for miscommunication

no no worries at all and then I also this is Kim Crawford from Butler Snow and we are your bond counsel and um and again as I Maddie said I'm stepping in for Dalton um but this is essentially the same ordinance and same promisory note and loan agreement that you approved um not even a month ago with respect to the $3.3 million um second interim loan. Um just changing the dollar amounts for an additional $2 million, but the terms of the loan, everything else are the same. Um so it's just really um amending and restating to say um to increase that principal amount. So the reason this is done via emergency ordinance is so that the funds are available today, tonight, tomorrow, um instead of having to do it through a normal ordinance, which I don't believe it would be available for another 30 days. So that's correct presented as an emergency ordinance tonight.

Okay. Because we need to get the money the commitment. So, if it's an emergency ordinance, do we have to have how many people vote for it? Three quarters. Second threshold. So, we have five of seven here tonight. So, we're missing two board members. Um, that's a problem. Dang it. Okay. So, um, we could probably call Lewis. I know that he's in agreement of it. No one caught that.

Um, good catch, Peggy. We want to make sure that this is Yes, thank you. Um, yeah, if you're not here, you can Well, you kind of see us, but you moved over one, it looks like I know. Yeah. I just filled the side of the table. You did a huge person. You're taking a whole texting. Yes. Julie is on a different country. Oh, she's far away.

I like this seat. Ah. So, did you say one of another member is on their way? Um, I'm I've texted a member to see if he can jump on a call on just get on speaker phone with us real quick to vote on this

this one. And then the also the um the one transferring the property will need to be approved by three4s of the members. So he would just need to stay on for one more ordinance. Okay. Um, uh, Kim, if we were to make the change to this for a regular ordinance, um, a regular ordinance passed. It's just a majority vote. Correct. Um, but it's not effective for 30 days. No, I understand. Okay. Um, I was just informed 30 days from publishing, right?

Correct. seven. So you're looking at 37 days before those funds are available, but if they're passed, they would be available.

Where you call? I'm calling answers. Um, I will say, Michael, I mean, we can obviously talk through the timing and Matt probably has a better sense of that than we do of when those funds are actually needed, but um, I think we're going to still need Lewis or or someone for for the property transfer, right? Um,

didn't anticipate this one. Hey, Louis. Hey. Can we um can we vote on this with you present? um because we need 75% and basically what the issue with the emergency piece is that the funds wouldn't be available 30 days if we did an ordinary ordinance. That's why we're doing the emergency. So we need 75% of the vote. So we need your yes vote in order to pass this that keep

okay let Okay, let me put you on speaker. You can just kind of mute yourself until we're ready to to vote. All right. Thanks. He has to vote in the other one, too. So, how do we need to recognize that here? How do you want us to recognize here?

If you could announce that he's on the phone, that way we can document it in the minutes for the votes. Okay. Uh Lewis Gregory is on the phone um for the minutes. Le, are you there? In for the vote. Yes, I'm here. Thank you. Thank you. All right. So, are we ready to make the motion? Yeah. I'll make a motion to approve emergency ordinance 535 amending ordinance number 531 relating to the second interim loan to to the Frasier Housing Authority declaring an emergency. Is there a second? I'll second. Any further discussion? All in favor? I I

I Okay. Any opposed? Okay. And then we do need you for this second one too if you want to just hang hang for a sec here. Sure. Thanks. Thank you, Louis. Thanks, Louis. Okay. So, you want to move on to the next one? Yeah. Um, so moving on to ordinance 536 approving the transfer of land for the St. Louis landing project from the town of Frraasier to the Frasier Housing Authority and declaring an emergency.

Right. This again is just providing that uh that transfer of ownership when we do have the the bonds are funded through the Fraser Housing Authority, the uh Prop 123 funds or to the Frasier Housing Authority. So, in order to actually have a legitimate finance stack based on who owns property, we do have to transfer um the the lots of the buildings uh to the actual Frasier Housing Authority. Erin, do you want to go ahead and provide an overview with that? And and Kim, feel free to chime in, Maddie.

Sure. Uh good evening. Erin Dame from Holland Hart. Um it really is pretty much just as simple as Michael described. What this ordinance does um is allows the town to transfer lots one, lot one, lot two, and lot three. Th that's the land um that the improvements will be located on and the two buildings have already started to be constructed on. So, it will transfer it to the Frasier Housing Authority. The purpose of this ordinance is simply to meet the authority requirements that are necessary for the title company in order to ensure uh the transaction when it closes. Um as well as to provide it to Chaffa. Um, so we're doing it and and we're doing it today on an emergency basis largely so that we can have the timing line up and make sure that it gets done and accomplished in time to make sure that we don't impede the closing. Um, so with that, I would also say that there will be a reservation, you'll notice in the ordinance, a reservation of certain infrastructure that will remain being owned by the town. The reason for this is that the town has several DOA grants which require the town to continue to own certain infrastructure. that's largely infrastructure like like water and sewer underground utility type things. Um so they'll simply be a few words in that deed which reserve those to the town so that we can make sure that we are in compliance with the grants. Um it does allow the town manager the assistant town manager to execute the deed as well.

Okay. So you want to make a motion? Yeah, I'd like to make a motion. I I had a question. Okay, go for it. On section three, findings of best interest. It just starts off the board here by finds and deterrence. Do we have find I was questioning section three where it just says uh findings of best interest. Um sounds like we have uh well we have findings in determination. Is that something real or is that just a clause or is that is there something to back that up or is that If we have find I mean if we found and determined that this is the best is what we're saying

by legal counsel. Okay. Is that determined by I would just pipe in I could share with you. I think being in the best interest is simply that this this is necessary in order to facilitate the closing of the project to ensure that title insurance is issued. So, so it's in the best interest in the sense that um you know the closing just doesn't happen because it's a fundamental requirement unless we can affect this transfer. You you got it. It's about the process. Okay. Okay.

I I'd like to make a motion to approve uh ordinance 536 approving the transfer of title at St. Louis from the town of Frraasier to the Frasier Housing Authority and declaring an emergency. Is there a second? I'll second. Any further discussion? All in favor? I I Okay. Any opposed? All right. Motion passes. Okay. And that's all we need Lewis for, right? Um, how about the housing authority for All right. Thanks, Lev.

They're just resolution. Yeah, the authority doesn't have ordinances. Okay. Yeah, thank you. Okay. Um, moving on. Resolution 2026 0403 St. Louis Landing 15-year funding support.

All right. Uh, thank you, Mayor Michael Bracken, for town manager. Uh what this resolution is doing is is providing a uh it's basically showing the town's commitment towards what the town um agreed to in the development agreement um uh for uh with our development team for St. Louis. What this does is subsidizes the project to achieve the goals um of the project to uh accomplish a certain level of average AMIs. uh math that average level of AMIs is 86.8 86.8

86.8% AMI um which is fantastic. If you recall um that development agreement was approved with um the the the expectation at the time that we were going to be looking at achieving 100% average AMI. uh the board um vocalized by the mayor did state that the goal was to achieve a 90% average AMI and we've been able with our development team and finance team been able to accomplish a little bit lower than that. So it's great.

Um so what this resolution does is really just provides documentation that our underwriters need to provide to the investors and to use in their relevant documentation for the bond closing and the underwriting. um just showing that commitment um for the town to provide those funds. Um it is still subject to annual appropriation by the town. Um and u and we would see this to be largely funded if not entirely funded by the short-term rental fees uh that the town currently has in place. Um, we're projecting short-term rental fees for this year to be in the um above $230,000, if not hopefully a little higher. So, we would I would recommend that as as where you would pull those funds from, so you're not pulling those from your general fund.

Um, so I think the budget strongly supports this. It's obviously something that we're committed to in the development agreement. Um, and I'll I'll hand it to um to Erin. Anything that you want to add on that? Sure. You know, not much to add. I think as Michael said, similar to the other ordinance, it's pretty straightforward. You know, this is a um pledge of support for $250 a year for 15 years. Uh it's non-binding uh subject to annual appropriations. Uh the first installment would be due within 30 days of the first certificate of occupancy being completed. So, we were looking, I think Todd's presentation talking about the completion of building C in November of 2026. So, I think we would be looking roughly um at December 2026 based on current timelines. And I know Kim, you were also involved in this one. If you have anything additional, please pipe in.

Yeah, it was it was 250,000, not 250, but that correction. Sorry. Apparently, I need coffee this evening. But thank you. I mean, good job for both that that really describes it. just um it tasks the town manager or whoever prepares your budgets to include that in your budget every year, but it's completely up to the board um as to whether you want to fund it or not.

Was that in our budget for this year if we're looking at December of first payment? Um, I don't think it's included in our budget this year because we don't think we anticipated the closing um the building E, I'm sorry, building C to be opened in November.

Um, but uh yeah, I mean, you would just have that appropriation from our STR revenues this year. So, again, the the budget for this year's STR revenues is 230,000. um uh which works pretty well and that's with the fee increased that just went from $250 per bedroom to $350 per bedroom um last October. So that gives us a full year this this calendar year to achieve um the the last tier of that STR structure. Um which when that was approved by the board, I think very thoughtfully, it did tier what that uh cost per bedroom would be for the STRs over a period of time. And last October was the last last increase um until further action is ever taken by the board on that. So, based on a $350 per bedroom fee, um we're currently just at 298 short-term rentals is what Wendy briefed us earlier today. Um and from what we've seen in previous softwares, the average is um about 2.5 bedrooms. Um so when you do that multiplication, uh you're right around 250,000. Um, but if you just assume that you have some not there, you know, I don't know, I'm we budget kind of conservative,

but the anticipation that that would come from those revenues. Um, but we did not specifically budget for that because we didn't we didn't know what the timeline quite yet was for building um, building C. We thought it was going to be December the following January. So, this revenue is coming from fees, the short-term rental, not the lodging tax. Correct. a lodging tax going to the county.

We don't have lodging tax. So, yeah, correct. If once you do go home rule, you will have the opportunity to take advantage of the lodging tax. Um, my my current estimate from working with the county is that uh if the town were to recoup the lod the 2% lodging tax within town boundaries, you're looking at about $350,000 a year with that. And uh and just my recommendation if you go that route would be looking focusing on the lodging tax which is a better equitable more equitable way of handling the impacts of short-term rentals versus having a set fee that they have to pay up front. It's just you know the more people use it as a short-term rental they pay the tax and the more revenues you get. But that that'll be its own separate conversation when that time comes.

I just want to clarify that so everybody Yeah, it's appropriate. These are the funds. Definitely. Any other questions about that? I'll make a motion. I'll make a motion to approve the Fraser Housing Authority or uh wait a minute. A resolution 20 26403 St. Louising 15-year funding support. I'll second. Any further discussion? All in favor? I.

Any opposed? Okay. Carries. All right. So, now we suspend the board meeting. Correct. Okay. All right. So motion to suspend the board meeting and open um the Frasier Housing Authority. So moved. Is there a second? I'll second. All in favor? All in favor? I. Any opposed? Okay. Nobody's in favor. All right. We are now in

housing authority. So, Bridge Housing Authority Resolution amending resolution 2026 0401 modify, amend, and restate the second interim loan for St. Louis. So, uh, mayor, board of trustees, this just, um, accepts the increase in the funds so that you can pay the bills for continue construction. Other side of the coin. Exactly. So, move I'll second. Any further discussion? All in favor? I I. Any opposed? Okay.

I move to close the Frasier housing authority and resume the board of trustees meeting. Second. And resume board of trustees meeting two minutes. Perfect. Um, all in favor? I. Any opposed? Okay, we're back in. That was probably the fastest Frasier Housing Authority meeting we've ever had. Should we let these other guys leave if they want? Feel free if you want to, guys. They don't mind. Stay because you never know what's going on. Yep. I just got to go home. We won't be offended if you just let me.

All right, we're back in discussion. Possible action regarding town manager recruitment, advertisement, job position, and recruiting proposal. Michael Thank you mayor. Michael Bra town manager. This is the exciting stuff. So they don't want to leave with this. Um so um top of

as as I have made aware um I have provided my notice town of Frasier um and my role as town manager and uh looking to provide a uh recruitment process at least presenting something to the board. Um you do not need to approve anything tonight. You guys can continue to think about what you want to do and we can come back or uh you can pursue whichever option you want to. Um we also do have John Staby on the call. Hi John.

Uh John is has been uh he is the executive director for the Northwest uh Council of um governments here for the Western Slope Areas. Uh thanks for being on the call. John, you want to introduce yourself real quick? Yeah, sure. Uh John Stabin, Northwest Colorado Council of Governments in my uh casual evening gear. So um uh good to uh good to see you guys uh virtually. So I've enjoyed the last couple visits for uh for doing this work over to to Frasier. I enjoy seeing you guys in person.

So what we have here on the agenda, um I do present a few options as far as what the board could consider for a hiring process. Um, essentially, uh, you know, the we do have an updated version thanks to, uh, Sarah Wick, our our marketing communications manager, did a great job revamping this ad and, uh, making it maybe a little more aesthetic. So, but that is that is open for chopping blocks. We are not married to it. Uh, we provide a little bit of thoughtfulness and crafting something that we thought was simple and kind of elegant that um, kind of advertises and markets the the position. Um, and the job description is really the the heavier element for the job description for this role. Did we have the ad in our pocket?

Yes. I just didn't see it. Um, okay. I'll keep going. It's a town manager recruitment advertisement. The third item there. Great. Thank you.

Um, and then just in the packet as well, we just have a draft um kind of hiring process that we would look at. This is definitely not the dates or the schedules that we would use or much less the the very process, but just an example of what this could look like. Um, and uh, talking to John uh recently, we've talked about how he he's happy to make himself available as a facilitator and adviser for the role. Um, uh, just with some some restraints on certain dates and things coming up like his congratulations on your wife's 60th. That's great. Um and u so happy to have John helping us with this. Um and um so I kind of like to just start I guess to finish this off. We do also have a proposal from KRW who does a lot of recruitment um for western slope communities for town manager recruitment, public works recruitment. Uh we actually use them to uh get Paul from Virginia and get him all the way out here. Fantastic. So um they're a great firm to work with. Um they do cost money. So that is an option that is a professional search that is entirely managed by that that consulting firm. Um and uh they would provide their constant feedback back to the board. They would have the board and the staff involved in certain parts of the process but less intensive. Um but that would be entirely done in their area arena uh with their um experience in consulting as far as um who they would recommend to you for finalists uh for you to interview. Um so that is also on here that the cost for that proposal uh is I think about $24,500. Um uh but uh so you have that option. Um, as the the town board, you do have the option of uh looking at just an

internal search if you do want to just look at an internal search before taking this public. Um, you it is your your job as the town board trustees for the town of Frraasier to appoint the town manager in whichever process that you would like to have. So, um, uh, I like to just kind of open things up on what you would like. If you do like the advertisement that is currently in here and you want to go the route kind of outlined with um some staff uh screening applicants, we could have as we did previously have one to two board members a part of that screening process as well to evaluate our uh the applicant pool through Bamboo as our HR software. It works very good for ratings and notes and uh who you consider as a someone to interview. Um, so, uh, with that, um, you know, you can have, uh, staff involvement. Um, I'm happy to make myself available for any role you would like to see. Um, I'm happy to provide help with screenings or the interview process itself, but you don't need to make any decisions on that now. Um, but I am happy to make myself available. Um, you are looking at uh, a couple of internal applicants here. Um, and they would not be involved in this hiring process. Um, so we'll be using staff outside of them. Um, in addition to um, Kate McIntyre has also made herself available with the Department of Local Affairs who's our regional DOA rep here in uh, in this this area and uh, happy to help out with that interview process as well. So happy to talk about what process you guys would like to see and then maybe drill down into um uh how we can better that process and uh put something in place. John's gone through this process here with the town of Frraasier uh twice I believe John um and um so he's happy to he's got good experience answer any questions that you

might have on process but otherwise like to just open it up to you all happy to go through the advertisement if you want to look at certain sections of that you do need to establish a salary range for this um and u John I if you'd like to provide some input on the salary range just from that discussion. I' I'd love to get your invite your feedback on that.

Yeah, thanks Michael. And I I have to admit um trustees and mayor uh uh that I have not done a recent sort of salary uh study right of your area. Uh I know um Michael and I talked about the Winter Park um you know range which was which was higher I think appropriately so probably uh you know I think it it it depends on you know if you want to think of the low end this way uh think about the kind of applicants you might get at the sort of it looks like it's 160 200 is what's plugged in there right now um you know uh 160 believe it or not, it's kind of a, you know, a starter a very new manager, you know, wage these days. Um, it's kind of crazy to say, but it is. Uh, a lot of them, a lot of managers are are 200 and over these days. Um, my concern is less about the low end. Um, although the lower you have that, the lower it sort of signals, right, uh, maybe what you're looking for that you may want to push the high end up a little bit higher. Um what you also don't want is for somebody to you know say ah well you negotiate you like you go through the process you find somebody they say well actually I you know 220 is kind of my minimum I know is 200 but I knew I'd get a chance to talk to you and I wanted to win you over the interviews or whatever and you hire somebody and you know and maybe not for 20,000 maybe you well 20,000 is significant and you get a handful of other people thinking to themselves well I would have applied if it would have been if I had known that was the range. So, you you really should be reasonable to where you think you you want uh somebody to be. Um, and yeah, I'll stop there and just answer questions if you have them.

Yeah, I think that I I agree with your analysis that I'm not sure we need somebody right out of school. I think it's a little more complicated than that. So increasing the salary would be a better tempered. Yeah.

Um and the other thing that to that that we will discuss tonight and uh is just looking at what the current priorities are shown in the advertisement if you guys feel like those are the current priorities or not. Um I'll kind of walk through those bullet by bullet. And then the last thing that we would want to discuss is just what you see as a personnel profile for an an ideal candidate. Um so for the current priorities uh we did list uh the Fraser River corridor master plan uh workforce housing development, new public works facility, downtown and economic development, infrastructure improvements, sustainable public transportation and new transit facility and uh transition to a home rural municipal By transit, you talking bus system or or the trans?

So, both. So, when I say sustainable public transportation, um, uh, you know, we've been having conversations with Winter Park, um, and looking at, I think they said May, we're going to be sitting down and looking at some creative service options that they've looked at as far as how we could look at reducing some of the cost to the system while hopefully making it just as or more efficient um, and increase service levels. So, um, that's that's its own challenge. Um but in addition, you know, with the u acquisition of this new vet clinic right next to the Amtrak station that is very very well located for where a lot of public transportation options exist between Amtrak, Mountain Rail, and um you know the lift bus system, bus um ski train, there's five that are labeled there. Um, obviously looking at how you can continue to build that out and make that that building and the surrounding areas very complimentary to what you want to see um in your downtown corridor.

Hey Michael. Yeah. Um, and I should have checked this first, but each of these priorities if uh I don't know if these are hot links are going to be, but is there like a web page that sort of explains most of these? like they're going to find if they click on the Fraser River Quarter master plan, I'm assuming there's a master plan page that's got a little bit of information already, right? Um, so to that question about the the public transportation, that verbiage you just used, if it's not already like a page or something, you you might just flush that out, not in this document, but but have something that they can go to. I think that's great. We can absolutely do that. That's a good call. I think you nailed the priorities though.

Yeah. Yeah.

How about that? um issues that we'll have 2028 that we'll be looking at with the um ex annexation agreement and some of the use by rights or whatever it's called statement. Um how would we define something like that generally the kind of skills or experience that would be useful? Um, I can't hear you. Sorry, I'm You are

I mean, you could keep it to something like future land use planning. Um, and code revision or uh Yeah, I mean to that. Yeah. And I think you guys are on a good critical path for that right now. Yeah. Um, and it's going to be somebody maintaining that. So, it's really just um uh legal pri legal uh coordination coordination on future land use. I think that's really what you want. So, we could we could itemize that thought. It's go ahead.

Yeah. By the way, your um flyer here is is beautiful and and well done and and like it hits all the high points. So that's really really good work. Um notches above number notches above. One thing it does not have that some of these flyers have is is, you know, a a paragraph that is something like the ideal candidate will, right? And that might be where you do a little where you're talking about the ideal candidate will have some experience in master planning. You know, you want to lay everything out there like somebody's intimidated if they haven't done one of those things or two of those things, but um will have a number of years experience in X, Y, and Z, you know, whatever you want to say that is. Uh maybe

yeah, conflict resolution is good at that, has worked on facil, you know, a new facility plan or something. So anyhow, I think uh you could tailor that around, again, don't be too prescriptive with it. just a little bit of sense of somebody can read it and go, "Wow, that really sounds me like me and where I'm coming from and my place in my career and what you know the priorities is excellent because that's what somebody's going to go, okay? If I jump on these things and do them well for this board, that's going to look like success, right? This is just a little bit more of like the character experience part if that makes sense. districts.

Um, yeah, I think we can absolutely add a portion to that. There is a lot of items like that called out in the job description, but to put something like that in the advertisement, I think would serve well. Um on page on the second page where or number two yeah the second page it does say there the town of Frasier Colorado is seeking dynamic collaborative leader to serve as town manager as the town's chief administrator officer the town man lead staff lead staff oversees operations and budgeting works closely with the board of trustees to implement community priorities. This role serves as a key ambassador for Frraasier, representing the town locally and regionally while guiding major projects and initiatives. Well, we we can definitely add to this. Um,

yeah, just another paragraph says the ideal candidate would have these this list of experience or personnel. This all fits very nicely. Conservation easements and strong land use. Strong. Yeah, strong land.

Um, yeah. And on page three, there are some some other aspects that kind of sprinkle that in a little bit. Again, I think we can have a dedicated section that we can add to this. Um um I can come up with um I'm kind of keeping a list here. Uh strong land use. Um yeah,

what else would you like? And on the page, the third page here, you do have Frasier operates under a board trustees, manager form of government. The board says priority is direction. Town manager oversees daily operations, implements those of priorities. Town manager is expected to be proactive, engaged, and collaborative, building strong relationships with staff, residents, and regional partners. In this role, the town manager works at the intersection of policy operations and community. From guiding staff and implementing board priorities to engaging with residents and regional partners, the positions requires strong leadership, communication, and the ability to navigate both big picture planning and day-to-day decision-making. Yeah, I I mean I that's great, but it's not really describing the fact that we've got 1,200 acres that need to be developed and the town is going to double in size and you're going to be actively in charge of a huge amount of development. It's,

you know, when you read the article in the paper last week of what Winter Park has planned, it what they're pro what they hope to plan. Yes. But, you know, we're really we've got more developable land than what they do. So, we're it's a huge project. Yeah. I'd also like to put in there it's it's kind of saying, oh, it's an hour from Denver and then it's like midnight. Yeah, midnight. You know, the town manager expected to be proactive engage. What about being like live in town? It would be nice.

I mean, if it's if we're advertising this as an hour from Denver, all commutes an hour. What if we get some guy from Denver that's going to like I'm going to drive up there every day and be the manager? Does that make sense? That's almost what it, you know, he was here during the week, but he it's a part of our community, but he look at over at us. Yeah. Well, I think that should be a requirement that they live in the community. No, be in the Frasier Valley or where would you set those boundaries? In Grand County, Rick. Yeah. Right. Because as Paul knows finding and I want the staff to be more involved like they work with a guy or gal every day. We're just here like

you know we read our packet for a couple hours then we're here for a few hours do what we say. Yeah. Yeah. Like and they know and then and we're not really supposed to talk to them oneonone. We will never know like with Ed. So yeah, I mean I think if you if you want you need to look at Grand County or if you want to look at something smaller than that, that's just something you guys need to agree to as a board. Yeah. Well, I think since Paul doesn't just live down the street, but he is in Grand County, we can't say the Frasier Rec. You're ineligible.

Yeah. Yeah. You can't count. Wait, you're in the east. even something like, you know, that they need to live within um in Grand County and ideally within the Frasier Valley or the town of Frasier. Yeah, that Yeah,

I think you can tag this onto your um the flyer thing where you talk about the relocation assistance. you know, you have a little relocation assistance, a monthly housing stipen, uh, until, you know, for a certain period of time until applicant is or until manager is able to relocate to the community or leave it just a little bit vague or you can say Grand County. Um, and that gives a signal, right, that you're, you know, but be careful about saying exactly where, you know, what if they're Yeah. I don't know. I don't know. They wouldn't want to live in Clear Creek County and come over there for goodness sakes, right? Yeah, you'd be surprised. Yeah,

we're saying it's an hour from Denver. These people from Connecticut are like, "Whoa, heck yeah. It's true. That's not bad." Yeah. So, leave that out of it. I think we should leave that out of it. Okay. So, live in Grant County, but ideally in the Fraser Valley. Yeah, I think that's fine. And they would not be eligible for our new housing, would they? because they'll make too much money for phase one probably. Yeah. Okay. But I mean, I was looking at the market last night, guys. Um based on interest rates, a single family home, I mean, you're looking at a $8,000 a month mortgage payment.

Oh my god. per for p perspective and based on what you're providing for a salary range any single family home is just what I looked that was listed

in town you know tavern you can look at something for um you know half the single family homes here in Frasier um you know usually around $600 to $800,000 that could be doable um and then there's probably some you know more affordable options between there and Um, just for perspective, I mean, just looking at the salary range, um, I can I can tell you this, it's it's difficult if you were trying to live unless you know you've got the the right setup. You're coming in with equity or, um, you know, a partner with with income, but, uh, some people have large families

um, and, uh, they have to make that decision if they want to have a larger place with some some room for them to run around on. And um those are always considerations. So So I got that. I can add that. 8,000

streets are that's before the metric. That doesn't include Yeah. Does it include the D- deck? That's What is prime 6.7 or something like that? You you're a realtor. What is it? Yeah, it's it goes like this every hour. 6.75 depends on who's following it. So, as far as other personal profile um uh for the ideal candidate characteristics um uh what what experience maybe are you looking for or um personal traits that you would like to see? Flexibility and resilient. Even headed being coolheaded, I guess.

Asked Michael what we could do to train people, you know, for you'd be able to take on bullies and he said, um, boot camp. Oh, yeah. No doubt. Maybe, you know, the military backgrounds was not a bad thing. It just that's Yeah, put that on there. Yeah, very good. That's what um I would recommend uh team focused approaches to things. Absolutely. No ties, dude. Get out of here. Ability to delegate. Yeah. No blazers allowed.

Another thing, you know, you guys are looking from the board perspective. I don't know if you get Michael you could articulate a little bit of staff culture or sort of you know like how that works when you're talking about collaborative work in a such and such atmosphere where you know yeah uh I would say just you know I know the open door policy thing is kind of a cheesy generalized thing but um something about being open to input from from positions of all levels I think it's very valuable accessibility yeah accessible definitely good at team building.

We do not want a microag. We don't want a micromanager. Empowering. We want a micromanager. Somebody that empowers staff by empowering staff and board. So when the staff goes through bamboo or whatever gives a the who what part who who in the staff does that for reviewing applications? Yeah

only who you allow to do that. So um like in in the in the software you can just set it so only certain staff have visibility of the applicants and how the reviews are currently working. So Lorraine was in on that, right? Didn't they see that? I think they should all the name Yeah, the names on the list. So they're too busy.

Yeah. And like with an interview process, you know, and John's probably seen these too. You can do everything from a lunch um with the candidates, you know, and they can provide their feedback after the fact, do an anonymous survey or something like that. Um, that's something that KRW kind of recommended in their process. Pack the seal. They give us a proposal if we need to. Um, but it's just a good way to just get all staff feedback. You could have like an all staff kind of get together with some food or something and um and they can ask questions of maybe the finalists um and then provide their input that can be summarized to the board for like an executive session when you guys talk about who you want to move forward with. Yeah. So that you had mentioned a process and you had names.

Yeah. I mean is that just might call and answer that and Lori and couple board members is what it says, but we could really decide. So okay, so that was just this is just draft stuff. Uh and again if if you like me to be involved or not, you know, I I could see it as being appropriate or inappropriate. It's entirely what you would like to do. So, I'm here to help help you guys if you guys like help. It's good to have you involved. Yeah. Can can I mention, you know, Michael is leaving as a town manager and I think he has great perspective on the job.

Um, we do have our, you know, potentially a couple of internal candidates which narrows the pool of staff maybe that you could really look at who it is and our talent planners left. So really staff that's used to interviewing, looking at inter, you know, looking at candidates, helping to narrow down that pool is very narrowed right now due to just of where we're at with staffing. So I think that's something that the board really needs to think about also. Yeah, that makes sense.

And then if you want to have two board members involved in uh the screening process, um that could work well. Uh, you know, I think what we did previously, John, is you had yourself and um and staff to do the initial screen of interviews in the morning is how we did that last time. I think you had a kind of a social meet and greet u with the candidates and then the evening the board interviewed the finalists which were like the final three and then you had an executive session at the end of that and you talked about if you wanted to extend an offer or uh move forward with any of those candidates.

So this you're saying they'd be if they had out of town people coming in they'd be flying in and all this process would all happen in one day. maybe one day of madness and that's it's it's it's it is a lot in one day but if you do have people traveling from out of state or you know obviously balancing work life things right it is a commitment for one day um versus having to do multiple trips back and forth and coordinating that. Mhm.

The last time you guys interviewed three finalists um and uh you know as someone who applied for that in the last round uh I started the morning interviewing with staff then staff created a an executive summary that was communicated to the board. Um I believe after the board did their interviews so that you would be unbiased. Um, and then you have an executive session where uh someone like John or or otherwise can bring you that executive summary to that executive session after you've inter interviewed the finalists. And so you have the input from staff.

Um, and then you obviously have your own input between each other after doing those interviews. And um, and you don't need to do an executive session that night, but you could do it like you know the following meeting or something if you wanted to. But last time I believe you did it on the same day. I think so. And then discussed if you wanted to who you would like to pursue an offer for for contract negotiations. And so who does the negotiating? Is that John or is that

I I recommend your attorney. I think that's who it's been at the end of of that um process. Uh, I mean, I I'm happy uh communicating terms to somebody, but if there's back and forth, I think that probably is is best with your your your t attorney.

And when you guys meet in that final executive session, you you discuss uh what you're willing to offer and certain, you know, limitations um uh provisions you would be accountable, you know, be open to. and then the um the attorney or um um whoever's doing that can communicate back and forth with you to make sure that you guys are good with that if there's anything new that comes to the table through contract negotiations. Okay.

Yeah. Ex Yeah, good point. So, there's really kind of two things. there's like an offer letter um which would just be basic terms you know like they you know the housing stipen and you know whatever wage was talked about and some of those things any other little things that get sprinkled in there um and then there's I I I can't remember Michael you you're working with a contract and I think your last couple managers have had a contract so that's like the next level after of okay we're we're good with the basic terms now with your attorney there's an actual manager your contact and that gets into things. Do you guys have one first before I go on? Yes.

Yeah. So, um Yeah. And that gets into some other things uh like you know what happens in different cases, right? Usually unfortunate cases. Antonet's point is a really good one and and it it is I can't remember how many total staff you have and there's pluses and minuses to going too far down into the ranks um with folks. Um, ideally it's sort of a mid and upper level leadership kind of folks, directors and maybe their, you know, um, kind of co-leader kind of people. But yeah, we we we basically had a semi, it was an interview, you know, style in the morning. Uh, that was one, two, three. And um and then you're right uh myself and um I'm trying remember who else was was helpful in that might have been an ant sort of put together like you said a kind of summary and we did hold on to that then there were tours I think for people who wanted them that was like you know obviously Michael didn't need a tour of the public works facility or the wastewater plant or whatever but um and then mid afternoon you know late you know before before it gets too late having those interviews so you guys have a chance to deliberate when it's not, you know, 10:00 at night, but while it's still fresh with you, if that makes sense.

Yeah, absolutely. So, this list includes Michael and two staff members and two board members are. So, that's the committee. It's not just Michael and the two staff and then the board members show the two board members show up later on. So, is that how that works? Um my my understanding John I don't think you had board members on the staff interview panel but on the on the screening of the applicants. I think you had two board members that help the applicants. Okay. Um

to determine like um you know who who could be the final three um that you get to. I think the first round is uh you would have a team that maybe does an initial round of interviews. Let's say you get to eight candidates that you want to interview. You do Zoom interviews for those. Um, you know, you could have board members on those Zoom interviews if you would like. I think it makes sense.

Um, and then you can craft down that eight down to three. And then that three comes in as the finalists and they that's the ones that that partic and and afternoon interviews um and maybe a meet and greet during the day. It's it's whatever you want to do. Yeah, I mean I think with the number of staff that are actually available to do this, I think it's probably good to have two board members part of that. So kind of do all the screen the applicants, get them down to five to eight or whatever. Do do virtual phone calls and then and then pair it down to three before it goes in front of everybody.

So who will like you guys think that's enough staff involvement? I feel so bad about the Ed thing. Like I have a lot of guilt there with these guys. Like I want them to feel comfortable, you know? Yeah. Would you add anyone besides Michael and Anette and Lori? Would you guys?

Okay. All right. Sounds good. Well, I would like to be one of the board members. Yes, you are absolutely. Oh, and I know Peggy would as well. Oh, here we go. Oh, Peggy. Okay. Want to open it up to the rest of you guys, too, if you if you have interest. I'm too easy. I like everybody. I know. Same. Yeah. So, that's great. You guys are more analytical. You okay with that? Well, I'm interested, but I'm busy. Yeah. And it sounds like there might be some budgets coming up anyway. Yeah. About you good to be volunteered?

I would love to be volunteered. My only issue is this time frame. I'm not going to be back from Europe until the 29th of May. So, we'd have to slide it a couple days. Probably just Yeah. Slide it a couple days. Okay. We could have you re reviewing applicants while you're on vacation. Yeah. You two are your term's not up right now. We call Yeah. I think by the time we get the advertisement out everywhere we want to go and start receiving applications, we're not going to be in a process of starting to really narrow things down probably until closer to the end of May is my guess. Yeah. End of May or Yeah. Yeah. Sounds good. It seems so fast for someone to make a life changing decision to be like, I'm moving to Frasier, Colorado,

right? It's like in six weeks. Well, yeah, we may not have anybody in place until who knows, could it be July? Yeah. June. I mean, it takes time. It's not a quick process. Yeah. I think you're probably looking at beginning of June at the earliest when you would have those interviews. Yeah. Okay. So, at this point, we don't feel the need to use the um KRW. No, I I think it's great to use, John. Yeah. Yeah. And if we don't, we can be picky. If we don't get candidates that we feel are appropriate, then we could look to ARW to do.

You can always declare a failed search. Um, and you can always take a different approach to it. Um, it's whatever you would like to do. Okay. So, John, so with this KRW their search and kind of the search that you would help us with,

what's the difference? Is it huge minor? Well, um I don't I mean there's different recruiting agencies and they do different degrees of sort of outreach, you know. Uh you know, I think what you're what you're what you're setting out for with with somebody like that is to do all the stuff. I don't know if you guys are looking at that same document of the sort of like sketch schedule, what's it called? the town manager hiring process that Michael sent over to me. But they're basically taking all of those steps, the screening, you know, any background check calls and reference checks and and you know, usually just bringing you those three finalists. Um, so I think there's benefit in in having, you know, resumes come in to to, you know, Anonet or a staffer, right? And so it says you have some faith in staff and um you know and you guys I think handling it on yourself on your own you guys can do a very professional job of this and I I think you know one of the weaknesses sometimes with recruiters um is they they want to bring you I think a lot of them say I want to bring you three candidates who you who you could hire and each of them would be fine or be good. So they don't bring you necessarily some kind of like maybe just a little unconventional people who might fit right um the way that you guys when you're screening a couple of you and a staffer might kind of go wow that doesn't quite fit the sort of like AI cut off for what we said we'd looking for but that's a kind of interesting fit right so you get a little bit more of that kind of tailored work with you guys being involved in it and and a little bit of staff and a little somebody like me usually than you get from, you know, a recruiter,

right? But they do just bring it to you and then they manage it and you you all you got to do is sort of, you know, interview and make an offer and go. So that that sort of whatever the the term for that is out um you know, start to finish. Okay. Thank you. Sounds good. You guys mind if I take public comment? Cool. All right. Um Clark, you have your hand up. Uh love to hear what you have to say. You just click on that icon participants.

Hey, can you guys hear me? Yes, we can. Hey, you see my face too, but my camera um is disabled, I guess, by the host, but with us.

Regardless, it doesn't matter. I was just thinking um I mean this is really important and and you guys have uh been through this now. Well, not all of you, but but the community has, the business community, etc. Um you know, we had an interim manager that didn't last very long and didn't do some good stuff. we had another manager that didn't last very long and then Michael who was an assistant manager and moved up and and uh and now he's departing and and so I just don't want to see a repeat of kind of the same process, you know, kind of doing the same thing over and over that hasn't yielded results. And I'd suggest that perhaps you need to maybe have some business owners uh in the community

and and some of the larger business owners perhaps uh also interview uh the candidates once you narrow them down. And if if you do um you know recruiters I I think it's pertinent to ask you know what what's a recruiter uh recruiter going to charge. um we we use recruiters occasionally uh in high level positions but it you know they can be quite expensive obviously as well and I'm sure John can expand on that but but I do think that you know rather than kind of keeping it in a vacuum and doing the same thing as has been done the last three times maybe it's a wise move to broaden it out and get uh more of the business owners that are involved in the community uh engaged uh in and helping to find the right fit for Frasier. I mean, what what what I think we all consider Frasier very unique, right? We're leaving planet Earth. Um, what else, Peggy? Remind me.

We're no longer the ice box, but I mean, the long story short is, you know, we need to get the right person this time, guys. And and not that Michael wasn't, but he didn't last. We need to find somebody that's going to be here and be here for the long term. uh so that we can go develop those 1,200 acres, Peggy, that you mentioned and and grow our business community and grow and support our employee base in this community. So, you know, I would just ask you all to consider outside of, you know, the town hall uh vacuum. Let's bring in, you know, someone from outside that that lives uh in our community and has businesses in our community or a business in our community. I'd be glad to volunteer, but um you guys uh you know are are welcome to you know you know plenty of business owners and there's perfect there's some great business owners in our community that I'm sure would would love to help as well. That's all. Thank you for the time.

Yeah, absolutely. That's a good idea. Thank you. Yeah, it's gonna be good to get them involved. Um, the new candidates and they provided out some stuff about Yeah, that's a good point. Yeah, when Winter Park um, you know, was going through that process. I think they were down to five candidates. I think they flew in five candidates, but um, they they brought in all kinds of business owners. I was invited. Um, there was a number of of people in the whole valley, not just Winter Park. there. What are those four people doing? Yeah, I know. I thought about that.

Be interesting. Yeah, but um yeah, so I I I think that process was was good. They, you know, received feedback from everybody and notes and stuff like that. So you have them for two days instead of one, right? What's that? Basically a meet. It was like a breakfast meet and greet. So it just started their day. So like maybe before they meet with staff they we do that kind of thing. Just invite specific people to town hall have little munchies and and they can meet the three candidates the three finalists. It's a good idea. Yeah. But we wouldn't have to make the decision that day.

We wouldn't have to. No. But they would probably if they were outside candidates they would be leaving town. Yeah. you know, there's a shoe in. And when they when they did that at Winter Park, they gave them, I think, a piece of paper for them to fill out to provide their input. And what they did is they summarized that input or just got it all and they gave it all to the council with that with an executive summary, but they were able to see all the comments that were provided during that time, too. So, so did the candidates give a presentation or was just wandering around and you have to talk to the cit was kind of facilitated um with one of the guys that were hired

to do the process but just to help people move along and help people kind of you know meet the the various candidates take the time and talk about the intent behind you know what we're what they're doing. So it was it was a little organized but um um it was I think a good kind of flow that people kind of walk around meet the candidates and ask them questions and um you know how would you approach this or how would you do this and u they were able to have those conversations and then on the way out they were able to fill out a questionnaire and and put it in a pile there and again that was compiled by their staff and provided to their counsel. So

yeah, I I think it's not a bad idea, you know. Think about So it sounds like you guys like this process. Um and uh we could look at integrating that into that intensive day. Um, you know, we could even potentially do it if the candidates were to come in uh earlier in the day. Uh, we could maybe do something, you know, afternoon or evening with the candidates and then they could stay the night and then you can have the next day with the interviews or something along those lines. That I think would be better. Yeah. One full day, right? I mean, I just feel bad for the candidate. Yeah. talk about a trial prior.

So, we could we could try to include a secondary part of the day.

And and I just want to pop in there that, um, what what Clark's talking about, there's a lot of different versions of of of doing that from what you know, mayor, you're talking about, uh, where it's kind of more openhouse kind of thing. Sometimes that's even the night before to, uh, a casual somewhat structured. you kind of meet and greet a little bit, then you stop and candidates each give a little spiel. Um, and then maybe there's a question answer back and forth. Um, or you know, you actually bring, you know, a handful of people like you're right, even the last time we had the, uh, Winter Park town manager sit in, uh, but it's very common to have a couple business owners or community leaders, whatever you know, you want to call, um, you know, sit in. you know, we're talking about how few staff there are. Um, I wouldn't completely boot staff out of the process, but um, you know, there's ways to do both those things and get that input and and it is it is, you know, if you want it, it's your choice. Uh, it can be done. The second thing I'd say is what you're talking about does not have to be decided tonight. You're talking about something that's going on in July and, you know, you you can put in your in your sort of here are the things generally that are going to happen. We're going to be accepting interviews from this point to this point and there'll be, you know, a process. We expect finalists to be about this time and, you know, interviews to be around this time or the week of. So, you do not need to uh detail out that right now. And you can give it a little more thought than than you know, right now on the spot.

Yeah. So, to the day to the day of to the to who's in the interviews, how that process goes and all of that great stuff you're talking about does not have to be said. Okay. Thank you. So if you're going to do a couple of days, I think it's we need to also sell them on Frasier and not just invite them to.

So we need to spend some time showing them the community and maybe you do that the first day with the evening gathering and maybe some of the business leaders go on that tour if they want. But I think it's important that people actually see the community. You know, I I I kind of like the idea of if we were to find somewhere here, maybe a local business to host uh some type of a summit where they have them as a panel and then people from the public can ask questions, everyone can hear the question, everybody can hear the answer. Um instead of just one person getting answers to certain things. I mean, that could be a good format just to think about. And again, we we don't have to finalize this tonight, but we can I I I can I can look at implementing this into the advertisement um and then um kind of send it to you guys and let you guys see it and if you're comfortable with it, we can get that out. Um last thing I just want to ask is do you guys like the salary range that's currently in there? Um or do you want to look at increasing the upper range or increasing the lower range? It's uh what do you guys want to do? You need to increase the lower range for sure. And maybe

the lower inc Oh, increase the lower range. So bring the lower range up to 180 75 180 kind of in the average high end at 220. Well, resort communities is what we really need to be looking at.

Yeah, it it typically reflects the cost of living. Um, you know, tip and just, you know, my conversation with John is we're not Winter Park. um you know, we're not going to likely get be looking at candidates with, you know, 10 years at Breen Ridge kind of thing. Um um but I think you do want to have a strong enough candidate pool where you're getting um applicants that you really want to attract. Um that may even be here in the valley already, obviously, um outside of, you know, internal candidates that we have. Um so, you know, looking at that, you could look at 215 as an upper limit, 220 as an upper limit, uh 170 to 220 170 to 2 215 I think would be very reasonable. So, I just read in the paper

Winter Parks Winter Park's advertised range was 210 to 260, right? That's 200 210,000 to 260,000 billions. And I mean, yeah, that's bigger than us. One of the county's top paid employees at 220. It is that's a wicked high for us, right? Yeah. That have to be the best candidate. I have to be basically Ed being like I just want to do Frasier now. Talk about Ed Moyer. He makes 220 a year. He's one of the highest paid I think he's one of the highest paid

people in the county at 220 for the county manager position. Two 250 employees staff at 220. What do you guys think? And this is a that's a resort county. Do you like 160 to 200? Do you want to raise it? 210, but again that has to be an exceptional I think. So maybe 160 to 210. You will look at a higher tier um another tier of candidates. If you look at like 210 215, I think you will get a higher tier of candidates. So you have a better pool to choose from. Um

or do they just think they're better? country. They have to obviously you understand. I was on the hiring committee for Mountain Parks Electric and that was a surreal experience and uh we flew in three candidates and uh the group decided that we would have the manager would call and talk to all three and find out what they wanted and then we would pick the cheapest. What's up? And I thought now I wonder if that's how they picked their wives.

Okay then. All right. 170 to 210 or 170 to 215. Say 200. I mean that I don't know. Yeah. You don't have to go to 220, but let's 1 million. You're hired. Let's see who we get to apply. Consensus here. We need another two. But we won't get reimbured. Bottom bottom range. Do you guys have a consensus on the bottom range? Bottom range. 175. High range 215. Sounds good. Kate, why does it why does it have to be so small? Why can't it be 150 to 210?

Well, because we don't want somebody right out of college. like like John John mentioned that you know when you show a lower pay range entry level that you're open to people who are very entry entry level like out of school kind of thing. Okay. Um so it's like setting a precedent as far as what you're looking for is what your salary range helps recruit for, right? So it is a statement to who you're trying to what what I want to be careful my words but what caliber you're looking for I guess. Okay. So I you said 175 to 215. What do you guys want to do?

You know, and I I see a lot of job ads and I don't know it applies to town managers, but a lot of times they have a salary range and a hiring range, you know, to say that if you were here f or whatever, you know, you have potential to get up to the a certain level where we hire at this level. Yeah. I don't know if that's I mean I I can tell you that that Graanby is over two. I was gonna ask their manager is I don't want to put it out on the public record, but um I think I sent you guys that in an email before. Um but anyway, um

um I think it's I would recommend the one 175 to 215. I think it's a good pull. Um John, do you have any thoughts on that? Yeah, I you know uh I mean I I really don't want to lay down a specific number. I think you guys are talking in the right about the right things in the right range and I I do think you want to be o be able to go over 200. Um and so you know whatever that actual number is I don't know. I was just doing the same kind of searches while you're talking trying to find out. And you're right, um, Ed Moyer's at 222 and, um, you know, but like the Silverthorn manager, you know, who left was at 270, right? So there is like seasoned people are, you know, up there in in some of these places. Um, so but that's probably I don't know that's probably as much or more than John Peacock who came from Picking County uh got hired for in Winter Park. I don't know what that number is. So, um,

what's out numbered, Brian? Do you know? Yeah, I was thinking 220, but that must have been Edmire's number. Yeah. Um, so the the range when it was advertised in 2022 was 150 to 180. And really, if you just follow just inflation since then, it is that 175 to 215 range. Uh, AI says, uh, John Peacock's at 225. You know it's AI

within city, right? Well, if inflation threw out my numbers too, we do live at 8550, right? So 8,515 If that makes sense to you, let's go with it. All right. And if lightning strikes, we have two. Let's make a motion. You guys feel comfortable with that? Yeah. I know you need consensus. So, yeah.

All right. We'll move forward with that. I've got good understanding of the uh priorities and personnel profile. John, anything else that you we want to ask before we uh end this? No. Good discussion. Thanks for letting me be a part of it. Yeah. Thank you, John. Okay. I think I've got good direction on that. You've had staff input. So, and make sure that the staff's priorities are kind of thought about in there, too, because otherwise I have to work with them. Take it. Got it. All right. All right. Matt, did you have any any input?

Said he was going to apply for it. I was gonna offer myself too fast. We can include you. Make a move that. Um, all right. Updates. First, uh, there's one on the list, drought and water conservation, uh, discussion. Right. So, um, thanks, John. Um, so we've, uh, obviously been having conversations. the county to put in some drought measures in place. Exactly.

Um and uh wanted to just you know just have a general conversation. We will look at I think bringing forward if the the board wants us to uh from from your direction we can bring some options as far as what drought um uh considerations we could look at putting in place for for water use here in the uh town of Frasier. um counties county what the county put in place um which I don't even think is really enforcable but it's really like focused on voluntary compliance and you could always look at stages of this throughout the the year based on how severe the drought gets. Um you know Adam's very involved in that with the county. Uh thanks Matt and um I will

um I didn't know he was here. So, you know, we we've talked about some ideas. Um, but just want to just let you guys know that we'll be looking at bringing something, Adam. If there's anything you want to add to that, feel free. Or Paul,

for me, as as you know, being in charge of the water system, I'd just like to know if what the board's thoughts are in the situation we're in. Um, I know of two municipalities, Kremling and Telluride, that have implemented some sort of restriction. Um, again, it's kind of voluntary. There's no legal way to to find somebody, but the uh Kremling is currently watering between 7 and 9 a.m. and p p.m. every other day. So, uh odd dates if your address ends in an odd number, even if it's even. Um so, there's some thoughts there. Uh there's also the model that Denver just put in place where you you impose drought rates that would only be enforceable maybe when the county has us in stage three or stage four. And uh my thought is that we don't put it on tier one for that normal consumption that people are doing. But if you're getting into tier two or tier three when you're using a lot of water that's um getting you into those areas, does it make sense to up those rates by 20 or 30% during a stage three or stage four? That's really the only enforcement the town would have. Otherwise, it's it's just pushing that messaging really hard for uh voluntary. Um we are not the same as Kremling. our wells and not um surface water. So, they implemented theirs uh the end of March because Red Dirt Reservoir was low. Um don't know what it looks like now, but just wanted to know what the board's feeling was about water restrictions. Um as far as we can tell, Frasier has never implemented water restrictions. Um being on wells instead of surface water, it's a little bit different, but at the same time, we're trying to conserve as much of the water as we can. Um so, just kind of wanted to know where you were. Um, yeah, Adam and I had like a sidebar conversation at a different uh function and just wanted to see where you guys were before we put a bunch of effort into trying to draft something if there's no appetite for for doing anything. But really, it's really going

to come down to irrigation. Um, and the town is going to we've already going to implement um we're going to water like Oldtown Park only every other day instead of every day. Um, town staff waters the plants in the median every fourth day. So, we're already on a really long schedule on that, but just trying to cut back and see, well, you know, the the town would lead by example prior to us doing anything that would be uh formal toward the town. So, just didn't know what the board had been thinking about since we've been uh looking at this over the last month, month and a half.

Yeah. And I'd like to add to this. Uh I I did instigate this conversation. uh you know environmentally we're in a pretty tough situation and it's I mean we're in a multi-deadeal drought and we are reaching heights that we've never reached before. Um our our rate structure actually was created to be a conservation measure. Um that that was the whole the goal behind it when it was created. and and I'm in agreement. You don't touch tier one. That's $150 per thousand gallons. That was set up so that families and everyday use can happen. I think that uh yeah, I I'd be in favor of doubling tier two and tier three.

So, but tier two and three of like our brewers. No, those are businesses. Okay. So, businesses are this is a they don't have tears on businesses. The school would not be affected. Uh businesses would not be affected. So, haven't we already increased their rates? Because when we when we're putting together our new rate structure, not enough to discourage Yeah. Yeah. And and so so the way our rates are set is we have a service fee because we're a resort community.

Yeah. um consumption right now. If you spend if if you do 23,000 gallons of water in a quarter, which is 3,000 over the limit, that $3,000 will cost you um $18. Okay. So, we're talking about water usage. I was thinking about our was it the tap fees that we changed? No. Yeah. No, it's not tap fees. It's it's it's touching it wouldn't touch the service fee. So, that would still say the 153. It's it's looking at tier two and tier three on a consumption. Okay. Whereas if you're if you're using 800 gallons a day for 3 months during the summer, you would get a $600 bill.

Yeah. Do we have residential units that are doing it? Yes. So it really would affect just a small number of our total residents. The the high users are are pretty limited. And and that's where price structure is the most effective way to change somebody's beh and you need to pair that up with a real educational campaign. I also believe that if uh if we have good monsoon rains, we can call it all.

You don't have to follow through, but we need to start thinking about it. need to start setting that stage today if we're going to do something here for the and I would propose that we look at doing this for the third quarter of the year which is July, August, September those are the driest months you know we've got a little bit of time but again you have an ordinance that takes 30 days and those kind of things. Um yeah. So if you if the board would like we could bring this forward to for conversation maybe the first meeting in June um and talk about what this could look like or how you could phase it. It could follow something like a base approach based on escalation and drought levels.

We're at the top. It doesn't US drought monitor does not get any higher. we are 99% of our county is at the highest drought level there is and has been there for so I guess from a messaging standpoint we would probably want to talk about this in in May um yeah this board so we can we can work with staff and look at bringing some forward things forward in May and um seeing how we could approach this um between voluntary compliance and uh you know imposing the the higher fees for the higher tiers so you're talking about doubling that would I would I more dramatic, the more I you go to 12 bucks and I don't know how much water you say per

it goes uh it would go to six in tier 2 and 12 in tier 4 and it's still so it' be $12 per thousand gallons over 20,000 gallons in a in a is that so tier 2 is only at three bucks right now it's gonna yeah oh I thought it was higher than that so it's 153 and six currently I would I would even suggest being more dramatic Six bucks is nothing. Water is used. I don't even look at like it's impossible to say an average lawn, but like if a sprinkler system is running for 15 minutes, like how many gallons is that? It

It shouldn't be much, but we do have multiple properties that are using 800 gallons for that. I'll type one. I don't know. It could be a multiple of things, but irrigation is generally what drives those numbers up from the normal. But I I think we need a shut off mechanism. If we're going to implement, we need to be able to Yeah, I remember. We need those abilities for it to shut down the same way it turns on.

So if if we go to, you know, drought three, then tier three gets a rate. when we go to four, then tier two gets it. But as we move back into three, then it needs to be automatic that it's not constantly coming to the board. I think it whatever we if we bring something to the board in May that it has triggers to turn on, but then triggers to turn off because the last thing I want to do is raise rates and then forget about them. We need to make sure that there's an automatic shutdown. So, and then if you have monsoons, I don't think we want to be shifting. It's then people would stop hopefully watering their grass if you have monsoon.

We would hope and I I think the only way to unless we're constantly bringing resolutions if we set the resolution up to follow the drought three and four levels we can because at one monsoon for a week isn't necessarily going to take us from four to three. It's going to take them like you just did their house three and four. We're at the the peak of drought. Yes. Um so you're not going to have a a rating scale. What I'm saying it's not like fire where you know you the fire danger. Yeah. Oh, absolutely. So you're you're at the max now.

We are at the max right now. That's set by US drought monitor index. That's not going to change unless the forecasts are not looking good either. Yeah. I mean, we may have a weaker rookie breed here or there, but that doesn't change the long-term trajectories. And I mean, you you look at even at the largest scale, Lake Pow is Yeah. almost a dead pool. Yeah. Have you been to hot sulfur? Our river has is a gravel bar. Yeah.

It is. I mean, it's terrible. We should have peaked in our snow water equivalent. Our snow pack should have peaked three days ago. And look at us. It is not going to get better. Yeah. So, so I thought in our regs or that we had something about watering restrictions and to only water um in the mornings and the in the evenings, not during the heat of the day. We don't have anything in there. We do and code enforcement goes around and tries to notify those people. Okay. Um but well, it's something that we can can continue to get out, you know, use that as part of our message.

I mean, I I would say the majority of irrigation is done within those hours and they're automated and and maybe Sarah something could come up some kind of a cool post or something that we put the post up or something about you know play do your part you got to save water yeah and absolutely whether we're looking at voluntary compliance or you know looking at increasing the tier structures we would absolutely do be heavy on the messaging you both someone go to the schools what happened to shut the water when you brush your teeth. Nobody does that anymore. Yeah, right. We all do that. I shut the water off when I brush my teeth now though. Yeah, you heard that. They don't need to anymore.

They told Frasier that are it's a timer. It's a like a five minute egg timer with a suction cup on it you could put in your shower. Water gives those out and I thought about this because 17 minutes is the fastest I can do. Better than socks.

Better than socks is seems pretty.

Okay. Okay. Any other updates? Oh, I have one quick question, Paul, about water real quick. Um, remember when Lucas went, wasn't it Lucas who went around and found all those leaks? Has he done that lately? Uh, we do it all the time. Haven't found the the last big one we found was on the um the line from the green zone that went to um up to the red zone in Rendev. We had a a big leak there, so we took care of that one. Uh and then the last like leak detection was the one at ACE. Um so, but it's We're getting there. They they they found a lot of the big ones and now it's the small ones that are really hard to hear and find. Yeah.

I'm pretty sure there's one in Highway 40. Oh boy. Um between um Clayton um Clayton Avenue and Frasier. We just It's on that dead end line and there's just with the commercial laundry there, it's really hard to hear water when it's running constantly over there. So, um hopefully Clayton Court when that all gets developed, a lot of that will go away. Okay.

We are we are still actively doing um leak detection. Uh we're going to Lucas mentioned today that we're going to do uh hydrant flushing. Uh just uh the amount needed to satisfy CDPHE and keep the water clean, but we're not going to try and do a bunch of uh mainline flushing and flush 10,000 gallons down the gutter. Although that's going right back into the Fraser River. So, um, okay. But just the optics of just running hydrants. We're going to run hydrants to satisfy water quality. Any other updates? I'll second. All in favor? Enemy you.