Board of Trustees - Regular Meeting

Okay. Like to call to order the Town of Frasier Board of Trustees meeting Wednesday, October 1st, 2025 at 6 PM. Can I have a roll call, please? Katie Fischer, Adam Quicklin, Peggy Smith, Julie White, Lewis Gregory, Katie Souls, and Brian Cirven. Uh, could I have an approval of the agenda, please? So moved. Second. Any further discussion? All in favor? I.

Any opposed? Okay. Could I have a motion to approve the consent agenda which includes the minutes for September 17th, 2025, recommending approval of final plat and major site plan for Centrum Condominiums. Motion for continuence. So moved. Second. Any further discussion? All in favor? I.

Any oppose? Okay. Um we'll now move on to open forum. So again, this is for business not on the agenda. Um we ask that people stick to 3 minutes of speaking. Um this is not to restrict anyone. This is just to keep the town board meeting moving. Um, if you do have more that you want to speak about, you can meet with town staff, you can meet with me, or you can reach out to the town clerk and you can get an agenda item put on for a future meeting. Um, but at this time, I'd like to invite anybody in the audience to come up and you have three minutes of time.

Hi, Cornell Quinn Fraser. Um, in regards to your three-minute rule, at the last meeting, you let everybody else speak over their time limits you had on the uh agenda and then you invited a trustee son to come speak for 15 minutes. Meanwhile, you had 10 people in the audience and several people not in the audience but online that wanted their voices heard and their voice that they wanted you to hear was in a small town, they shouldn't have to fight the government to be treated fairly and honestly. Brian and out respect for Chief Chainer. That's all I have to say tonight. Thank you. Thank you. Anyone else? Okay. Anyone online?

Okay. All right. Moving on to discussion, possible action regarding the draft budget. Lori I apologize. My computer must have just updated and decided I needed to get new Microsoft authenticator.

Oh, great.

I already have the Microsoft authenticator and now it's arguing and so I apologize for that. I'll just do it by paper. Um, good evening, mayor and trustees. Lori Waters, town of Frasier finance director. Um, tonight was basically pursuant to CRS 291105. I am presenting you with you have an electronic and now a hard copy of your 2026 draft budget. Um, this is the draft Uh, so there will be still time to adjust, make changes, all of that good stuff. But there were a few things that I wanted to um hopefully um make you aware of as you're going down the draft budget. See, so I'm doing this on paper. Um, basically all of your revenue and everything is still the same. This is what we're anticipating for 2026. Um, and then salaries. Most of that stuff is the same, but if you get to page three, you might start seeing some highlighted um the GL accounts 1060330. Um, that's not a new one, but we were uh still working on that one. Uh, professional services, we're still looking into that one. But some of the other ones are being added. Um, if you go to page four, you'll see a new one that I'm having to add. It's going to be a transfer to the housing authority. That's so that the funds that you appropriated for the loan, I will make

an official transfer to the housing authority and then those funds will be used out of the housing authority under construction. So you can go all the way to the very last page 12 and you'll see where we have new costs there that will be tracking the St. Louis landing construction. So there's like a development agreement that's coming up and construction costs. Those are new still to be entered. Yeah. All the way to the very last page. There you go. Those are just new accounts that are being added and being utilized. Um, also there's the transfer in from the uh debt service fund.

Um, moving along, restricted revenue funds, all kinds of things. The one I want you to be aware of, are you Lorine? Oh, sorry. What page are you on now? Uh, page five was kind of blasting past restricted revenue and conservation trust fund.

Thank you. Page six is capital equipment replacement. We're starting to budget for uh purchase of some big heavy equipment. We're starting to set some funds aside and we also have some uh fleet purchases that are going on. So, we're getting ready for those. The capital asset fund. This is where um we're going to track the cost for the public works facility. So, this one's coming alive. Um normally there's not a lot of going on in this one. Uh so, the transfer in from the debt service fund for public works is $1,550,000. This is the coops and we're anticipating about a 35% uh project completion in 2026. We're just trying to make sure that we're showing uh we're going to be having those expenditures. And then the capital project buildings, that's the 3240825 that's highlighted in yellow. That's where all the expenditures will be tracked going out to pay for the public works. So, so again, COP will come back to the board for final approval. We're just budgeting for that. Um, should the board

change direction or strategy, you know, we will adjust for that, but we're just trying to account for that with that assumption. Um, so just so you know, that's not a approved done deal. That will come back to the board with all E. Oh, yeah. This is this is just the draft. This is where we're going. It's new territory. It was very new territory for me.

Um, lot of nervousness along with on page eight. Here's where the real action took place. Page eight is your debt service fund and it is going to get very very exciting. Um so I am tracking the bond proceeds for the St. Lewis Landing and then right be below it the cop um funds for the public works facility. Now the bond proceeds is a little is actually in two places. If you go down to where it says 4030825's capitalized bond interest, that 3,566,230 if added to the total bond proceeds um would total the 33 million. But the reason it is in capitalized bond interest, this is what we're going to use to pay the first interest and it comes from the bond proceeds. This was instructed by the the financial crew. So, these funds are actually there to help pay the interest in the first year. So, we're setting those aside. Um, we're also anticipating the it I have two lines because these are going to be two separate funds in Colorado trust. These these monies will not be just in one. They are going in two separate funds. So the Colorado trust fund for the St. Louis landing interest from the bond um at about a 4% hopefully we stay about there um antip anticipating a,120,000

in interest for the year and then the public works is going to be whenever the funds are approved and finally get here. I was anticipating about six months worth of interest to hopefully start earning to help offset the um lease payments that we'll be making for the bonds or excuse me cops sorry. So then down below, this is just going to track the cost of issuance, um, the cost of the COP, the cost of the bonds. I worked with the finance, the Hilltop Financial, to help me get these numbers as close as possible. They're not absolutely dead on, but they're really close. We also have the lease principal payment uh based on six months of the year for the coop is about 1,486,000 for the first year. Um we also have u possible bond agent fees and then we get into where we're going to be doing a lot of the transfers. The $2,679,840 is a transfer to the debt service reserves. This comes from the bond financing and this is basically a mandatory transfer that we set this aside. Um and then the two transfers to the capital asset to the capital asset fund for the public works. That's the estimated amount of construction we hope to complete next year. And then right below it, the transfer to the housing authority is 16,900 or 16,697 460

and we are hoping that is going to be about 60% of the project. Two buildings. Yeah, we're just working on percentages and trying to get, you know, a good amount in there. So we're look like we're budgeting responsibly. And yeah, that was exciting for me. Yeah.

Any questions about your new debt servicing action? Because everything else, the water fund, the wastewater fund, we're still working through a few projects, um trying to make sure as we kind of really focus in on what's really going to get done. Um, anytime any changes come up, they'll be highlighted for you and I will notify the board as soon as we get to a point to where, you know, we'll have a workshop, too. And then we will also uh be discussing this along the way. Any um huge changes before final approval, I will definitely make sure the board is aware. that that's substantial, you know, like all of a sudden a million dollars, you know, I'm definitely going to let you know about. And then the Frasier Housing Authority, as I said, is now going to be getting ready to receive, you know, I've got it where transfer in from the debt service fund and then you're going to see the offsetting amount we plan on for costs that year. So that fund should necessarily zero out or it'll be corrected during audit. But for the budget, we wanted to show the in and the out of those funds. Makes me nervous. Are we going to be able to pay off all this debt?

A lot of debt. And we've been we're working through a baseline budget process right now to ensure a sustainable budget um before we start any work on a cop process. Okay. Uh we've got the design for the public works facilities. We've got the the budget for a road uh finalized construction and addressing the drainage issues on the underpass um that goes up to the pub facilities up there. Um but that's something that we're working on actively right now. our our baseline budget. Um when you have when you zero out uh things like capital projects, grants,

um you know, we have another big chunk that's going towards St. Louis to finish out the uh the grant matches that we have for the grants we have. Um once you zero out these different things, your new revenues budget is about $7.8 million. So, what we're working on is going back to looking at a baseline budget to ensure the sustainability of being able to pay the COP payment and and what that looks like and how much is left over from that. So, uh we're working on that right now and we'll be bringing you guys a tighter budget once we figure in that payment. Okay?

But for next year, uh you'll see there six um for the debt service fund on page on the bottom of page six. Uh the benefit that we have for next year is that we get to uh take advantage of the uh the coop proceeds. Um if it is the finalized three $33.5 million um those proceeds will get the the 4% color trust interest earnings on that. So that's why you have the coop the interest earnings for the coops um which is 40-30-820. So that helps offset that payment that's prrated for next year.

Um but then in 2027 we'll be looking at the full cop rental payment which is for 30 years at that $2.2 million mark.

So we're working on the baseline budget looking at the sustainability of being able to make that payment with confidence every year. um in addition to having some other funds available for special projects and things uh while also maintaining the capital improvement plan that's adopted by the board for the water and wastewater infrastructure projects. So, more to come on that. We're working on that um and verifying a lot of this with with Hilltop Securities as far as how this is supposed to work and the legalities of it which uh myself and Lori have worked a lot with Maddie. Um you guys may remember Maddie. She's awesome.

So, she's she's been helping us us with this and helping set good expectations for what fees we can expect when uh issuing coops and issuing bonds and those different things and um how that schedule for payment will work to to ensure that we're budgeting sustainably and that we're not putting town in any kind of a financial position that's not sustainable. Is Maddie a fiduciary? Maddie. Yes, she is. Uh, well, she has a fiduciary responsibility to the town. She's obligated to have a Yes. And I'm also Yeah, he's still talking.

Sorry. I'm also going to be working with the auditors because I do have to be make sure that we are uh following um the government accountability standard board rules and making sure that this is presented correctly. And so there's still, as I said, this is a draft. Um, and if anything changes, cuz at one point I kind of they said capitalize interest should be a fund, but I think I'm okay where I'm at, but I need to, you know, there's a lot of verification going on because I'm nervous about this debt, too, Katie. Yeah, lot of want to make sure the old debt, too.

Want to make sure we're managing that well.

Had a good run. Yeah, I just I sh I share the same concerns in looking at the revenue page one. Um it looks like we're drawing down some money from our general fund reserve and 25 actually end of year there's there's not anything being drawn down from there but it was in the budget and then for next year it's in the budget. Um I mean I guess what do we expect the next couple years potentially you know I don't know you know recession but decreased number of people coming up here lower sales tax revenues you know use tax all that I mean I it's it's a little concerning that we don't you know we're we're spending a lot of money and

relying on sales tax. We don't we don't know what's going to happen in the next couple years. Yeah.

And once we build build out the baseline budget, you know, we'll focus on again what is the risk of of looking at integrating that payment to our budget long term. And you know, from there, if it's making decisions as far as, you know, maybe we start with the primary building for public works and some different things there instead of the full outlining buildings and the full buildout. Um, there's different ways we'll be able to approach it. So these two line items in the last bucket um it looks like it's around $5 million. We're draw are we drawing that down from reserves in order to cover

found it's uh 1039920 and 103999 I'm sorry. Yeah, that's it. So, it's almost $5 million that we're drawing down from our reserve funds. Unassigned fund. Well, these are the funds that are Yeah, it's not not

they're they are unused funds with no assignment. So, yes, you have an unassigned fund which is uh basically over the years it's been your revenue over expenditures. So yeah, we'll be using some of that potentially. Well, it looks like we're using about 5 million of between those two funds. How much do we have in reserve? I guess was the question then.

So right now we're maintaining um about 85% even after the uh the short-term loan goes through for VTO uh for St. Louis. We're still maintaining 85% of our operating budget in cash. Um, which is a healthy place to be. Um, typically you don't want to for our type of municipality based on tourism and those different things, you want to maintain at least 70% at a minimum of your cash balance to support your operating budget every year. So for 7.8 8 million you want to maintain, you know, whatever 70% of that is. Um and uh so we've been talking with Hilltop Security about this too and um and just making sure that we we are balancing things right. Um unassigned fund balance is just a lot of times just the carryover year to year of unused funds um that just passes along. You'll see in the 2024 audited version um 3.1 million of that was utilized from the previous years. Um but with the sustainable budget just our core budget will focus on um you know if we have anything from the year prior passing along that's that's one thing but uh the primary focus that I look at is is 10-39-920 when you're looking at the general fund reserves. And uh typically you only pull in those reserves for special like legacy type projects which you know the infill for Clayton court we're maintaining the $4.4 million for Clayton court for next year that's a legacy project but really these kind of one-time things that you want to pull from your cash reserves more. Um, so I don't know if that answers your question, Matt, but essentially they're unused funds that are unassigned and not they're are available for the general

fund itself, not for water or wastewater fund or anything else, any of the other funds. Okay. Well, if I go back to your last presentation, Lori, um, looks like we have a little bit over $19 million in those two funds. Is that right?

Well, that Yeah, that's that's the Colorado Trust Fund and that includes wastewater. Um it it's all the funds combined. But when we go to the uh I don't have a copy of it in front of me, the um equity side of the um town of Frraasier, if you look in the um audit for this year, it's it's in there separately and the funds are broken out. So each one um and this is what we're talking about is just the unassigned fund balance which the equity was uh after the audit was over 8 million just for the unassigned fund balance and this doesn't is not touching the other funds. This is you you had revenue over expenses and it's been building up for years. So when we when the the notice proceeded came forward for St. was landing and the discussion took place about the short-term bridge loan um you know it was discussed how much funds is available for the general fund um which was about 13 million

and uh you know if you provide 5 million of that through for the bridge loan which was approved by the board that still allows that still leaves 8 million in our cash balance that we have

and our new revenues budget again without any grants and that grant revenue line item. Once you zero that out and you zero out St. Louis landing, which will be um 2027 essentially, um you're again looking at about $7.8 million for your base budget. That does not include any capital projects or um grants or grant matches or St. landing items and all the associated um professional service line items that were associated with those projects as well. So when you look through like the public works budget um you'll see line items for engineering fees and professional services that support all those different projects. Um those are higher when we have the intense project years because all those require engineering and construction documents. Um, but when you're looking at just a baseline budget, which we're we're working on finishing to show the board what this is going to look like, um, you're you're you're back down to that 7.8 million. Michael, much smaller dollars, but what are the discussions on uh the child care stand in general? I I we have something coming up with something. So, um the town of Winter Park is looking to budget $150,000$1 to $150,000. They're not sure yet. Um what they want to do. Uh my recommendation would be to know if the the board wants to budget, which Do you have some I believe you have some of that in here, Lori?

Yes, I do. Um I gotta find it. You have the childcare line item. Yep. What line item? 186. No, 1041866. 1041. What page? Uh, it's on page two. And it's 1041866 childc care subsidy for $150,000.

So, that's just another that'll be another discussion item that we'll have. Um, as far as the board's interest in doing that, my recommendation would be to, um, since we're not subsidizing child care next year, um, to maintain that for to support the operations, but then once we actually have the childcare facility built and we're starting to subsidize that, we just take um, that becomes president before any type of other stuff into anything else. That was part of my bigger thought process, just priorities. So, the discussion of the when the when Winter Park lands on what they want to do, for example, and you know, when I I mentioned them just because they're our neighbor and we we partner together on these types of initiatives,

um when we see what they're looking to do, we'll have the discussion item to see, you know, what the board wants to do. Do you want to match it? Do you want to do a portion of it? Do you want to do anything? Um you know, we'll be having that discussion. But I would recommend, you know, given the the the the county focus on that that challenge, budgeting something to support that operation. And then for 2027, once we're subsidizing that facility, that that becomes that comes from that line item. That's that's And then anything left over, if we have anything left over, can go to the general operations if you want to.

Yeah. you know, now I think about priorities and I think well child care or a remodel on this on the town hall. No, I I I fully think we need to participate in a child care. Not when I mentioned priorities, I was just thinking of our core responsibilities and and and I do believe that public works facility and those kind of things are are core responsibilities, you know, and that doesn't mean I want to eliminate the other uh you know, I'm thinking about opportunistic property purchases, not Clayton Court as well and some of those kind of expenditures that we have.

Yeah. uh that you know you'd like to take advantage of, but we we may not be able to depending on how things go. And we will have a leaner budget with the new public works facility. Um whether it's the full 2.2 or if we're phasing in that facility or the road or what we're doing there, but um you know, it's going to make this budget a little more lean and we're we're working on that. Once we have that, we will have a clear discussion about next year's budget and then what sustainable budgets look like from a baseline point of view. Um because we before is 2023 the first year that we did capital projects, Paul,

it was the first year in a while. We've taken a couple years before we started the sewer project and the fighters water line, but we continued that push. Uh maybe not. I mean this year is a ridiculous year with 13 projects, but um I think it's like Michael said a lot of legacy projects. The town hall, the church, some water lines that have needed to be fixed. Uh the South Pedi Bridge that Ced said you're going to fix. Um so just certain projects that are designed to help the town function better. But we've done a lot in the last three years. So, um, get one more good push in there and then, you know, wait a couple years and get another big push.

So, we went several years without capital projects. Yeah. I had they went to bid.

We've had really good, you know, Sarah, the other staff has done great on on grant writing and getting grant revenues coming in for these places to support them that otherwise I don't think would happen. Um, and um, and that's been fantastic. I think right now the the federal grants are looking to kind of slow down and kind of dry out a bit for a while. So we could be looking at a period where we are looking at a more lean budget um with less support from grants for projects. Um but given the priorities for the downtown for St. Louis um and the new facilities, I think I think the town's on the right path for this all. Um but we can't you know you can't sustain a $4.4 million, you know, downtown project every year. That's a one time and place thing. Um and then uh just other projects will require more or less grant funding as needed based on what the budget's looking like. But u again once we have that baseline budget that will we'll bring that front and center to the board. But I'm not I would never recommend moving forward with a COP payment that is not sustainable with our new revenues. Um, so that's something that we're all working on, making sure that we're presenting you with really good options that are well vetted and um and conservative.

So, and the new revenues are from the bond sales where where are the what are the new revenues? So, new re revenues primarily come from everything you see um which page above um page one. Okay. So new revenues come from everything from if you look at 10-36-900 and above 10-36 yeah miscellaneous

every everything that line item line item and everything above it are considered new revenues. So you don't consider um unassigned fund balance you know basically funds exp unexpended from years prior that kind of roll forward. you don't consider that you you look at the new revenues coming into the town. Okay? And new revenues can be grants which we have, you know, heavily budgeted for next year. U taking advantage of the 5 over $5.8 million that we have for grants just budgeted for next year's projects. Um

and uh when we start to really close those out and get reimbursed for all those. Um but again, when you zero out grants, you zero out um the St. Louis landing expenditure um that's in the town board section for expenditures. Um and you you bring down a lot of these line items that are associated with these capital projects, you get to your base budget. So, um, but yeah, new new revenues will not count on our cash reserves or anything like that.

So, the grants you're estimating we're only going to get a million by the end of the year and we budgeted over six million. Is that coming next year?

Well, part of this was um the ride ofway acquisitions for Clayton Court, which we're we're looking really good on. Um uh I'm scheduling a closing right now for one of them and we have executed with uh Frighter Downtown LLC and uh I think right now we're just scheduling closings. So I I actually was scheduling closing dates. The acquisition of that rideway is what prevented that that construction project from happening this year. Um, in addition to accounting for the gas and the power curve balls that kind of came with all that, in addition to just the goofy infrastructure that exists in that road and straightening it all out, which has been a challenge, um, we we we have budgeted the 4.4 million for this year just to reserve those funds, hoping that we will get some of that done. Um, but I don't I don't know if that's going to be be possible. So, again, we're rolling those funds forward for next year. Um but uh you know 1.5 million of the grants for 2025 was based on that project being finished this year which we won't touch those funds most likely until next year. So, we will be spending plenty of time on this throughout the next month and a half uh two months. Um, so happy to answer other uh kind of uhformational questions, but these numbers will change as we kind of finite uh get more finite with these these different line items here. Any questions? Public have any questions? Go ahead.

I didn't have as much time as Lori here had, but um just looking at the quick review of the budget, I came up with 13.1 million um that you guys are bringing in. You're spending close to 16.7 million, 3.6 million gap. I know we have cash reserves, Michael. Um I don't that they're going to be enough in the long run. The executive and administrative wages are between 620 and 640,000 a year. That's 10% of your budget. Lawyer fees are 350 to 450 a year. Most of that is spent on fighting citizens for their rights, their property rights. Uh total consultants, professional spending, 2023 was a million, 2024 was 967,000. 2025 budget was 1.1 million. Uh there's a possible uh money shortage. You guys might be looking at close to 6 million a year. 500,000 a month. That's if you don't sell the bonds for St. Louis. How many bonds have we sold for that so far?

We closed on the bonds in December.

Good to know. Uh key areas that could be considered noncore to base town operations. I like the marketing, but that's something that could be cut out. Mills and entertainment. That's 400 to or that's 4 thou 40,000 to 50,000 a year. Uh sustainable programs and recycling is 125,000 a year. Child care subsidy is budgeted for $150,000 this year. I care about children's education as well, but that's a lot of money that this town's putting out for non-residents u child care. uh arts and public spaces is around 90k uh professional services consultants uh beyond legal and engineering you spent about 650k last year. That's from a quick read of your thing. The way they do the budget for you guys makes it really hard for you to figure out the real price.

Thank you. Uh Mr. Lipkcom, you have your hand up. Hello. Can you guys hear? Yep.

I turned my video on, but the host won't let me. So, anyway, good to see all you guys. Sorry you can't see me. Um, a few things on this. I think presentationally it would be really helpful for the town to include its balance sheet when it's doing budget reviews so we can see how much is in the actual um account balances in the funds and where the town's assets lie. Um and specifically um we talked about this last year but um I don't nobody knows how much money is in St. is landing and we talked about creating a separate account for that uh as an example just I mean that's just a great example u but it really hard to do budgeting when you don't know what your checking account balances are u I I understand the revenue and expense side of this um I have a lot of questions on it but I think it would be really helpful if if we could get a b current balance sheet um and maybe your budget group can get that too and maybe Is that something that y'all can provide?

It was with the presentation of the audit, but yeah, we can that's available.

Well, I just think it's relevant, Michael, to, you know, what the fund balances are today and what they will be if this budget's approved after if they actually spend all this stuff. So, uh, on the child care thing, just real quick, um, I I think I I think we should not be subsiding subsidizing child care with, uh, town funds, and it's not part of the town's core business. Um, I understand there's a large wait list. I think there's lots of opportunities that the child care facilities to increase their revenues, manage their expenses, and have more uh, students. Um, but you know, personally, you know, I didn't get subsidies when my kids went through the program. Um, I know a lot of people that did that shouldn't have, and I would be concerned about how's that going to be administered, who's it going to, and then are you guys having to watch over, you know, some other nonprofit child care group to see if they're efficiently using the funds the town gave them or if they're squandering it. So, my personal opinion is strip out that 150 grand. If Winter Park wants to do something like that, let them figure it out. Um, but again, I think there's better ways to run and operate that business. Um, one of the things that I'm a little bit concerned about, I'm looking at roughly $72 million in cop and bond. Is that right in 2026? I'm just, you know, crude math. 73 million.

Yep. Is that right? And and is the interest expense um what's the interest expense projected on that? Do you know what the interest expense projected us? I think for the bonds it's 6.2 for the coops. Um I can't remember what the coops are. um rejecting for that, but we're we're pretty far away from the coops will go through their own individual process, but

the coops are considered a lease payment and it's a combination of interest and principal.

Okay. But we're projecting just as an you're talking about 6 point just use Michael's number 6.2 million in interest. Um and we've got 4.8 8 million in sales tax revenue and there are no new revenues guys. I mean the the revenue unless you guys pass more taxes or you know could get them approved by the voters. So your re revenues are relatively stagnant. And what would be real helpful in a budget like this is to have a variance report with columns of dollar variances and percent variances year-over-year. And going back to 2023 because I mean just simple math on some of these I mean 185% up 94 and a.5% up. There's one that's 598% up uh in terms of spending. your revenues aren't increasing at a pace to cover those things. So, I realize you have a decent savings right now. Um, but I get real concerned about servicing debt of, you know, call it $73 million on a a fairly modest uh revenue budget, right? 13 million. And you've got other operational expenses to deal with. So, I I'm just curious what this board's thinking uh as to, you know, how that's going to be managed. And I mean, Lewis keyed in on, you know, some of the other stuff that I was looking at, like grants. Uh we had a budget of 6.39. Um looks like year in we might have a million from grant revenues. I mean, it's great that we have a grant revenue line and we can get grants, but and Michael, I think you explained that that's a timing thing. So, you're still going to get that money for the Clayton Court construction project. is coming in next year. Is that right?

Correct. Okay. And for the the lion share of um the grants associated with St. Louis. Okay. Because building C is expected to be finished November of next year. Uh building E January and building D I believe in June or July. And and this debt's going to fund the construction of all of those or is there going to be more debt? That's for the construction of all these. It's for all four of the buildings. Uh all all three of the buildings. Okay. Yep. Buildings

and the public and the public works facility. The 73 million is public works and all of St. Louis. Right. Right. But um Lori, the the bonds is that's not going to m be maintained in our budget. That's going to be with the project, right? Yeah. It'll be maintained down in the debt service fund and then it'll go straight to the project. So that'll have its own project financing, which we'll we'll we'll dive into eventually what that's going to look like. But um that'll be on the project itself, not on the town. Um

I think that's a really good point, Michael. That's a really good point is in this budget you almost need I mean your your biggest expenditure is that project and this roughly 73 million you know 61 of it is going towards that project right on the cop and the bonds. So why wouldn't you in this budget have um St. Louising proforma. Um, so you can see your rental projections, your expenses, uh, debt service there because the town shouldn't be servicing that debt. Correct. Correct. And that's been in all the presentations for St. Louis is showing that proforma.

Right. But, but you're showing the debt going on the town's books. So, why would the debt not be going directly into that project? Like, is the town a conduit for the debt? The Frasier Housing Authority is the conduit for the bonds. Okay. But the town's issuing the bonds, not the project. The the housing. Yeah. The Fraser Housing Authority, the town. Yeah.

Okay. But but I mean, do you understand what I'm saying? The the Why is that debt on these books? Because these are the town's books when really you should be looking at the Fraser Housing Authority books. And what I heard in those meetings is, you know, if you can't service the debt, they're taking the property, foreclosing it, wiping it out, whatever. Uh, but the town itself isn't responsible if the project can't service the debt. That's what I heard. And is that still correct?

That's correct. There is there is flexibility built into the project. Um, but um but yeah, it's it's ultimately on the project. It's not going to be on the town's uh liability. Right. So why would you have the COP and the bond proceeds as a revenue line item on this? Because that's how they have to come in. They have to be able to come in through the Frasier Housing Authority for the bonds because the Frasier Housing Authority is who issues the bonds. But this isn't a budget for the Frasier Housing Authority, is it Michael? We do have the Frraasier Housing Authority fund at the very last fund that's on the budget. Okay. So that's on the last page. Yep.

Except that doesn't show the COP and the bond funds coming into that Frasier Housing Authority next year. It shows the transfer from the debt service fund which is the bonds. But that's only showing $16.8 million and there's 73 million. I mean, I'd be glad to come meet at your office and you can try to explain this to me so I'm not wasting everybody's time here. May maybe I'm don't understand what you're doing. Yeah, we I'm I' I'd be happy to Snapchat through with your Yeah. But I mean, you guys understand what I'm looking at. I'm looking at $73 million in debt issued by the town between bond issuances and coops. And I'm looking at the Frasier Housing Authority fund receiving 16.8 million

of that bond issuance. Is that is that a correct assumption? Right. And and the COPS again will go through its own vetting process. Um uh that'll be a whole series of meetings for the coops and presentations. Uh but I don't understand I don't understand what that means. I mean it's this is a budget hearing. So I don't care about the cop process. We're seeking 30. It's a number. Yeah. We're seeking a big number in in certificate of participation money. 33.5 million, right, for the bonds. Correct. But that's I'm sorry. That's for the COP.

That's the COP proceeds. So 29.9 million. Um, plus the 3 million is about 33 million for the bonds, but I had to split that out to carry some of that that gets put into the capital interest. Capitalized interest.

Yes. Um, according to Gatsby, we run debt service which manages all bonds, all interest, all payments in the debt service fund and then the funds are distributed. The bonds are going to the Frasier Housing Authority. The coops are going to capital ass uh uh the capital asset fund for the public works new building. Okay. But Lori is the am I correct that the bond proceeds are 29.943 million and the COP proceeds are 33.5. They're two separate amounts. Correct. That is correct.

Okay. And if the 29.9 million is coming in to the debt service fund through the town, it's a conduit to get at the housing authority. Why doesn't the 29.9 million show up in the housing authorities uh fund account instead of 16,893960? Where's the rest of the money?

We anticip actually it's going to be saved in the debt service fund in the um Colorado trust funds for both um of the the bond and the coops. That money is going to stay where it is. I'm trying to demonstrate exactly how much of the project will be completed next year. We are anticipating completing 60% of the um St. Louis landing which is the 16 million that's showing as an expense down in Frasier Housing Authority. And we're anticipating should the bonds all come true and everything happens, we're anticipating about a 35% completion because we won't get the COP money funds and probably won't get this project started until later in the year. We anticipated a 35% completion. So I'm demonstrating to the state that we are ant anticipating using that much in the funds the capital asset fund um where I have the 1155 the 11,550,000 anticipated expenditures

in the meantime the remaining balance of the cops and the bonds will be held in the debt service fund and they will be held in Colorado trust and they are separate from the general fund. So they'll continue to acrue interest um interest earnings on that uh those bond proceeds until the funds are needed to be expended. So the only amount that's reflected in the Fraser Housing Authorities was what is expected to be spent next year of the bonds. But is the is the the COP proceeds are they purely for public works? Yes. Yes.

Public works and the the construction of the road the dirt road for the drain. There's a lot because I didn't know. So the 11550 and I think Lor's explanation the 11550 is only really a third of of the public works projected. Correct. Because accounting wise um basically the government doesn't really recognize it until it happens. Right. So my question this is our anticipation of what we're going to have happen. But if you're gonna secure 33.5 million of COP funds and have an own bank account, why don't we just finish the public works facility in the road and just knock it all out in one year because we don't think that's possible. So, okay, let's go.

I'm happy to sit down. You ask questions. I'm happy to sit down with you and go through the budget and just make sure all our ducks are in a row. off. No, I think that'd be great, Michael, because I'm just having some I I guess my struggle is we're going to issue $72 million, but we're really only going to spend 27 of it. So, we're going to have the balance sitting in a bank account, which presumably will be earning interest. I get that, but it also has an interest expense associated with it.

And and I think the interest expense is what's reflected on the books of a million120 and 884. Is that the net of the differential projected, Lori, between the interest earned on the on the deposited funds that you don't use and the interest expense owed to the bond and the certificate of participation people? Roughly $2 million in interest. Which line item are you talking about, Clark? On the debt service fund, there's a million120 and 884400. I think that's the interest. Maybe I wish I had much. Maybe give us the page and the number that's useful.

Oh, sorry. It's 43. It's 40 3810. I mean, basically, guys, I'm just trying to understand what the net differential cost of borrowing money and parking it, what's the spread uh and the cost to the residents of Frraasier? And is it really beneficial to do it all at once? Or if you're going to spread construction over three years, could you not do COP of a third of it this year and a third year and a third the next? I mean, just I'm just spitballing here, but it just seems like a whole lot of money to borrow and then sit on it in a in a bank account.

Yeah, for cops, you're required to spend so much funds every year. Um, and there are certain levels that you have to expend any interest earnings to prevent arbitrage. Um, but we're we're anticipating the issuance of the COP's uh April of next year. um once uh uh with the assumption the board approves at coops for the construction of public works facilities um which is again a whole process that we're going through. We're just trying to show the in the budget accounting for those funds um with the assumptions that that coop will be issued to the full amount to build the full full facilities. Okay.

Okay. I I mean you understand my concern I think but and maybe you can you know explain it the the ideas better to me. Another one that I didn't understand professional services uh historically I mean you're running like 15,000 uh 27,000 65,000 and then you've got 4450. Is that related to the public works facility design the professional services? What why did it balloon to 400 and 450? And we got a $400,000 budget, but a year an estimate of 15,000 for 2025 for professional services. Yeah, that that line item is going to change. Um Okay.

I talked to Paul about that today. So, we're looking again at um because what this budget does not account for Oh, we do have the account for for the partial COP payment in here. Yeah. Okay. Um yeah, we're we're that 450 is going to come down significantly. But is that is that like I mean professional service I consider engineers, architects, um attorneys, lawyers, things like that. Is that what it is?

That's my understanding, right, Paul? Paul Johnson, public works director. uh previous budgets hadn't uh accounted for some of our professional services in the past and so the 2025 budget uh lumped those all together. Uh going forward into 2026, I've separated those out. So engineering fees is strictly our our design and engineering fees we do on our in-house projects. uh construction and administration on our projects. And then other professional services for public works is uh soil testing, survey, uh geotechnical, all of those items, just accounting for those because on all these projects we end up hiring a geotech, we end up doing a survey. Those just trying to capture those costs that seem to have not been in budgets prior to last year.

So, so Paul, is that is that glo there's no other line items that break any of those items out? This is the line item to capture. I agree with you. All those things happen and they cost money. This line item is reflective of all of what you're projecting for all these different projects. Yes. So if you go uh 1060 330 is for all of our engineering design and construction admin on those projects and then the 370 professional services is the the kumarss the the survey the geotechnical work. Um that's captured in the professional services. Okay. But is is there a reason that it was 400,000 budgeted this year and that only 15,000 is projected by year end?

It'll be much higher than that. That's just that that number hasn't been updated yet. Again, this is just draft. This will these numbers will change. Um we're just presenting it to meet the state's timeline and we'll be diving into this much more deeper. So, it was with with 13 projects, we had a lot of CA, but we're not seeing as much um construction administration with Clayton Court not having been able to to go forward this year due to utility conflicts and a rightaway acquisition. So, a lot of that construction administration cost was wrapped up in that job that didn't go and so that's going to isn't being expended this year. But, um we got to 95% plans for Clayton Court this year. We're at we're at 100% right now.

100% now. It'll that project goes to bid tonight hopefully if I can get it I can help these estimates haven't been updated because the actuals are higher than the right some of them will we can we table this is supposed to be a five minute presentation yeah this is time bark of whomever else wants to absolutely put in their I appreciate it guys I think this is not ready for prime time yet

yeah this is probably one of the most important years for Frasier from a budgetary perspective. So, you know, I would just ask that all of you board members understand this explicitly, every single line item. You're responsible for it. And if you have questions, ask questions of your staff. Hey, yeah, much appreciated. Um, a lot of a lot of good points there. Um, let's uh let's close that discussion. Um, obviously it's going to come back around again. Um and we'll move on to donor advised funds uh board appointments. Uh lawyer Lori.

Good evening mayor and trustees. Um the uh we need two board members for the donor adise fund board appointments. Um this is your charitable vehicle administered by the town of Frasier to manage the annual charitable contribution each year. The members work with the grand foundation to recommend how much money will be granted to the organizations that have been brought forward and vetted by the grand foundation. Grants can be recurring or new charities. The members work together to ensure that the funds that the town is sending out uh work best to benefit the community. So, any volunteers? Do you know when their next meeting is? Is it anytime soon?

I haven't gotten a schedule of a meeting. I think it was uh late October, November last year, was it? Yeah. But I haven't heard from Grand Foundation yet. I'll I'll send another email and see what they have going on. Remember what their deadline is? I think it's October 1st is their deadline for Oh, for receiving. Yes,

they Yeah, they they're probably that's correct. Thank you for reminding me. They're still wrapping up the grants that we sent out last year whether people have actually completed all the requirements and have submitted their paperwork to get the reimbursement from the Grand Foundation and I thought you are correct. I think it's October 1st. Um, so I'll be emailing those guys and try and see where they're at with that and then when we might be able to get this put together and how they're going along on uh utilizing the funds that we gave last year. I'll do it. I'd be happy to. Did we do that last year, Katie? That's what I did do it last year. It was good.

It was cool. I'll do it this year. Do you have a line item number for the donor box? I'm trying to find that. How much are we? How much was in that? Was it 85,000? I think it was 75,000. But this year it's plus fees because there is a fee that we pay out. Where is don 4% manage and do all the research and why not? She's looking grids to agencies 1041860.

That might get skinny down a little bit. I like I said I don't have my note that I can look at. I had it up to 97,000. There was one other there was oh KFFR which is um an annual Yeah. That'll come back with uh the annual appropriations for the different agreements the various agreements the town approves every year the K will be that's okay. So that's included the line item that we attribute that to. Yes.

So let me ask a question to in this budget. I hate to go back to this document, but the 2025 actuals through the end of August versus year end. There are a lot of these at the year end. I haven't It's my fault. I haven't really been able to go through all of those and update some monies or what was happening there. But basically, the year end estimates have not been updated. It's my fault. Okay. Just say that's correct. They have not this one. They have not been updated. I was overly intense on trying to figure out how your debt service fund worked. So, I was catching that up the other day. Thank you for focusing on that.

Yeah, I was catching up the other day and didn't get as far as I would have liked. Thank you, Kyle. Those will be updated. We got Is everybody good with uh this chair? We got two volunteers. Okay. over here. I think we're good. Last year there was a resolution and there's not this year. So maybe just a motion to appoint them. Want to make that motion? A motion to approve Katie and Adam to the D adise fund. Second. Any further discussion? All in favor?

I. Okay. Thanks, guys. Thanks, Lori. All right. Resolution 2025101 authorizing town manager to sign tap credit acknowledgement. Paul, good evening, mayor, board of trustees. UF resolution 2510-1. There was a change to that resolution to better acknowledge uh annexation agreements that are pertinent to this. Uh but basically what we're asking is to allow us to sign a uh letter of agreement um by the manager to agree to the tap credits that haven't been recognized formally. I think it's 2012 was the last time we came to an agreement. So, uh,

Grant Park's, uh, finance team and myself spent, I want to say about nine months going over all the records from 2012 through 203 just to verify all the regional water costs and what those tax credits look like. We came to a resolution on those items earlier, um, this year. And then, uh, just this month um, I also certified the 2024 costs for regional infrastructure. So, this is just getting a resolution um out there saying that we agree to the tap credits that are currently owed to Grand Park based on their regional water infrastruure costs. It sounds as though this is a catch-up exercise.

It is a catch-up exercise. This is something I would like to see us do annually just to recognize that they've put in a million dollars of infrastructure, so we owe them a set number of tap fees. This is something that when I first got here, a previous finance director was working on and then it just kind of got to the point where I needed to take a look at everything. And so we went through uh their finance department and myself went through every invoice over those years against what was regional, what was local, what was uh water source um and came to an agreement on uh that tap credit fee that's attached to the letter. Uh so just uh looking for board approval to allow the manager to sign that so that we can move on to uh starting working on the 2025. Thank you for answering my second question. Yeah.

Any other questions? Sounds like it's long overdue. So good work, good research. Yeah, it's keeping up to date on this is going to be important. So, we're not trying to figure out, you know, what regional water facility uh fees or or costs were 10 years ago, 12 years ago. So, um definitely commend Paul and and Grand Park for working with us to try to get all this hammered out and um hopefully we can keep things a little more simple moving forward. Great. Great. I'd like to make a motion to approve resolution 2025-10-01.

If I could add uh an adjustment um to the first whereas and I'll just read it and you can say so moved if you want. Um whereas the town of Frraasier reimbures regional water infrastructure in the form of tap credits in accordance with article 5.6 six of the amended and supplemented annexation agreement for the Mville property dated April 15th, 1998 as amended and replaced by article 5.6 of the amended and restated annexation agreement for the rendevous property dated June 4th, 2003 as amended by that certain first amendment to annexation agreement dated November 2nd, 2005. I have one more question on this. Is this exclusive to Grand Park of rendevous property or is this portion of this

exclusive to Grand Park at this? You got it. That all of those agreements take you from the original to the separation to the amended Grand Park. Yeah. So, we reconciled everything with rendevous u spread the payments over a couple years to catch up because they were not requesting nor did we believe that we needed to owe them any more tap credits. But, uh clearly our our legal team and our finance team validated about that. So, this will bring us up to par with both Grant Park and Ronnie Beer. Clark does have his hand up if you wanted to allow him to speak. Um, sure, Clark. Go ahead.

Actually, put it down because you guys answered that. But it's for both Rendevu and Grand Park. It's the what we call the Mville Water System. Perfect. Which is one system. Okay, cool. Thank you. Thank you. Thank you all for your help tonight and and great job on uh Paul and the staff getting this finally finished. It's been a long time coming. So, thank you. Great. All right. There's a motion on the table. I I'll make a second with the the uh changes that the mayor um just read. Uh any further discussion? All in favor? I. Any opposed? Okay. Thanks, Paul. Thanks, CL.

Thanks, Paul. Yeah.

All right. Uh, business enhancement grant policy, Sarah. Good evening, Mayor Svenic board. Derkica Tanzite, assistant town manager for the town of Frraasier. Um and tonight we are talking about the Frasier business enhancement grants. Um as you all know at our before our last board meeting we had a workshop to discuss the program um and address some of the different questions and concerns that came up throughout the year as we were reviewing applications to try to continue to refine the program and kind of hone in um on some different aspects of the program. So, you we do have tonight um a staff briefing that discusses um outlines the program once again and discusses some potential updates that are up for discussion and possible approval via a motion. Um we can still make changes to what's outlined here before anything is approved. So, this is meant to continue the discussion on some of the items that we didn't maybe come to full consensus on. Um, so the Frasier Business Enhancement Grant Program offers is intended to support businesses and entities undertaking exterior improvements to commercial properties and enhancements to adjoining public spaces in the downtown corridor. The program recognizes that the appearance and condition of commercial buildings shapes the public's impression of Frraasier and affects business vitality. um and recognizes that Frasier's success

is closely tied to the success of its businesses, which provide essential goods and services for residents and visitors, generates tax revenues, and contributes to community life. Um it recognizes that enhancements to private buildings and public spaces, improves the town's curb appeal, reinforces Frasier's identity, helps to attract visitors, and create a more vibrant and welcoming downtown. Um, in turn, these improvements help to strengthen the economy, generate tax revenue, and improve quality of life for residents. The program um does very much align with the 2017 downtown Frasier strategic plan um which was developed through public input and divi identified different goals for guiding future projects in and around downtown particularly the first three goals of developing a vibrant town center that serves as a focal point for the community and encourages people to stop preserving and building upon Frasier's fun eclectic and historic character and developing a diverse and resilient local economy that supports s locally owned and operated businesses in addition to fostering entrepreneurship. So goals of the program um I want to keep these in mind as we do kind of discuss um changes to the program. Um one of the primary goals is business support. So really trying to help with business retention and expansion, strengthening local businesses, recognizing that a lot of our businesses do operate on thin margins. Um, so trying to really incentivize improvements to commercial buildings and recognizing that some of these improvements may not happen without that that incentivizing and that financial assistance. Um, focusing on enhancing the curb appeal and beautifification of downtown, which in turn is intended to help attract more visitors and enhance the visitor experience, which in turn is intended to increase sales tax revenues. Um, enhancements can also help with commercial tax revenues. And then really

kind of on the more qualitative level in ways that are harder to to quantify economically speaking, um, but enhancing community and quality of life, really creating a downtown that that residents are proud of, that can serve as a center and a heart for for Frraasier. Um, provide public gathering spaces. Um and then also trying to forward these town visions, the 2017 strategic plan, things that will come out of the comprehensive plan, um the downtown development plan for the downtown development authority. And so by forging those partnerships with local businesses and individuals, um to help have that strategic alignment, I'm recognizing that we can help incentivize new commercial growth, but also wanting to make sure that we're maintaining and enhancing buildings and businesses that already exist. So, um I think the majority of the proposed updates there was at least a majority consensus on that came out of the workshop. Um the budget remains at $125,000 for next year with a maximum war award of $25,000 per business space. We did move up the deadline or looking to move up the deadline to February 1st for priority consideration with rolling applications continuing to be accepted through August 1st um so long as funding remains and then looking at taking those unused funds and rolling them into next year's donor advised funds. um by cutting off those rolling applications around about August 1st, that gives us about a month to process approve those um to know how much money may be left in the pot if we do want to roll that money forward into the donor advised funds. Applicant eligibility I think is the area that we did not necessarily come to a finalized consensus on. Um the way it is currently written in the staff briefing does focus on the goal of kind of enhancing commercial properties

within the downtown and business district. Um so for someone to be eligible they must own or lease commercial property um that they are slating for improvements. Um this bullet point would exclude in the future a mooseen merchant. They did not yet have a lease or own the property. Um, properties must be within Frraasier's Riverwalk or business districts be or be in a commercial mixeduse plan development. Um, so this is the town of Frraasier zoning map. This would basically be that commercial corridor kind of all along Highway 40. So any of the areas in red are v zoned commercial. Up at the top there, you see the the black slash marks in the red. That is St. Louis, which has a commercial overlay on it. And then those pink buildings are the Riverwalk mixeduse district. Um, home occupations as well as standalone residences are not eligible. Um, a mixeduse building that had commercial with maybe some residents up top would be eligible. Applicants must be in good standing with the town. So, there can't be um any sort of and I'm forgetting what we talked about. um nuisance

violations um things of that nature. If they are an entity that's required to have a business license, they must have a current business license. Um so just making sure they kind of check all of those boxes. Um tenants uh must have written consent from the property owners if they don't own the property. And then a single application may be submitted for multiple spaces or properties for a particular scope of work. Um, so within this eligibility here, it does not focus on nonprofits or forprofits. Um, I would like the board to consider as staff has kind of talked through this after the last workshop and really tried to hone in on a policy that seems to make sense with the goals of the program and would be in line with the board's desires. Um, we kind of kept thinking of different examples. So, I do want the board just to consider residential buildings are currently excluded unless they're part of a qualified mixeduse building. We have shops, retail, restaurants, bars, breweries. Um, these are the kind of businesses that tend to be generating our sales tax. We also have office spaces, which again would be businesses but likely are not necessarily attracting visitors or generating sales tax. Um, medical, auto, accounting, other service-based entities. Again, important services and businesses. Um, they may or may not be generating sales tax. Nonprofits, these could be a child care center like um grandkids. Um, KFFR is another nonprofit that we have kind of within this district as well as the changes thrift store. Um, so nonprofits could have various kind of forms. Um, also thinking about government services. Um, EMS is kind of within this district that is owned by Grand County. is the division of Grand County. The post office um is a federal entity. Um this space is leased

from a private land owner. Churches um I think generally are not considered commercial buildings. So again, I think they they would be exploded with how things are currently written. And then also just considering that we do have mixed shopping centers. Um over if you're looking over by Safeway, again, you have Changes Thrift Store, which is a nonprofit. It's run by the church, but it is within a building that that hosts other businesses. And the same thing with like KFFR over in the Murdoch's Shopping Center. Um, I did send an email out to the board with more information about the donor advised funds because questions about that did come up in terms of if that would be a better avenue for nonprofits. Um, last year there was $199,60 requested and $75,000 awarded. So, it is a pretty competitive fund. Awards tended to be much smaller. Grandkids was awarded $25,000 last year, but a lot of the awards are in that $1,000 to $3,000 range. I think there was a couple of for five and $6,000. Um, so with that, I'm happy to take questions or open it up to the board to discuss if you would like to address any changes to this applicant eligibility. what the thoughts are.

You don't have the matching fund requirement any um it remains the same. Okay. So it still be the 50% generally. Okay. And that's in somewhere. Sorry I largely outlined changes to the program. Um so if that is not Yeah, it does. It's listed under the 2025 update, so that would remain the same. A 50% project match, um, though a lower match could be considered with exceptional public benefit. Last year, Grandids was the one entity that received a lower match requirement.

And can you clarify? You went I'm not sure where I saw this. Uh, go back the 20. So, if someone is awarded or gets an award for one year and it's less than $25,000, are they eligible for another award? So, um is that in is that in this presentation or was this in that

we talked about I can jump ahead here. So, we do say like further on in um the presentation, if an applicant has been awarded $25,000 and say they request an extension and so they're looking at the next year, um it is proposed here that they would not be able to request additional money beyond that $25,000 for that scope. I guess my question is they if they were awarded like $10,000 and they want to come back and get more, are they still eligible to get another award in the same year or in a subsequent year? Well, what is this in the same year? The same year or subsequent year?

The 25,000 addresses the subsequent year um because they they would not be eligible in that current year either because they've maxed out. Um in the case of like Camber, they they came back and requested more money. It really was for the ch the same scope. Um the way things are currently written, somebody is not specifically, I guess, excluded from coming back up to that $25,000 maximum for the same year or for the subsequent year for either.

Yeah. But again, we can we can write in additional text um as the board sees fit. So, for example, if an entity was doing their sighting and they said, "You know what? Like, we'd like to do an ADA ramp while we're at this." They could come back and ask for additional funding for that ramp as long as they haven't exceeded that $25,000 maximum per business space and the money's available. That makes sense. And then they're going to match it. Yeah. Right. Correct. So when is the deadline for the applications?

Uh February 1st for priority consideration and then the same as this past year if funding remains they can continue we'll continue accepting them through August 1st so long as funding remains. Yeah. To your question Lewis. We actually did recently get a request from Black Thai. They came in under budget. Um they were able to find somebody else that was significantly less to do the sighting

and so they had asked about windows. Um and we kind of administratively approved that within their current scope. Um they have also asked they still have um maybe about $2,500 left in their approved amount. um they've asked for permission to do a mural with the rest of that money. Um so if the board would like to weigh in on that um they have a muralist lined up, but I told them that that that seemed a little further out of the original scope. So I did want to ask for board approval before approving it.

I think mural mural would be great on that building. Yeah, they had originally been approved for $19,688 for half of their sighting budget, which was $39,376, and they're currently at 34,000. So, they've got about 2600 left in terms of their amount that was approved um if they are granted the ability to expand their scope.

I don't know. I have a little bit of a problem with that because someone comes in and they get a grant for say they sandbag and they get a grant for whatever $25,000 and then they find a bid that's lower and then they keep adding. Okay, now we get, you know, we have $10,000 to spend. We can, you know, keep doing other things that weren't approved initially because that that's that's our money, right? we you know it's left over is our money and it's I don't know it's and it's not their money right which is why they have to ask it for a specific purpose we didn't approve it like as a slush fund and they can do any other projects they want it correct

they do have to they go they have to go to the board again for any scope well not if it's less than $2,000 right it's administrative that would be considered administrative within the discretion yeah but And um so is that supposed to be for an individual request or for an additional change in scope?

So last time we talked about minor scope or budget changes um could be administratively approved. And again I I mean my response to her was I feel like this is not necessarily a minor scope change. So I want to bring it back to the board as to whether or not it's approved. um because it's not a slush fund, but again, it's if it's an item that the board may have originally approved, if had it been presented and there's money there, um I think the board can consider whether or not they want to approve that. But I also I meant to bring that up at the end. I don't want to derail our whole conversation here if we want to circle back to that.

Well, yeah. So, I guess in my mind, the most important issue that we need to figure out is whether or not we're going to use this money for nonprofits. And to me, it seems like it's much cleaner if the donor adise fund is for nonprofits and this is for businesses, right? And and we're blurring the line if we're going to allow nonprofits to either, you know, pick pick either fund that they want or both. Well, it kind of kind of blurs the line. So, where is that addressed in here? Well, that's the verbiage. That's right. They didn't agree on it last time.

Yeah. So, right now the eligibility does not distinguish between nonprofit or for-profit. Um, if you wanted to distinguish it, there's a couple different ways we could do it. You could say buildings owned and occupied by nonprofit entities are not eligible. Um the question then is if they have a private landown lord are is the landlord able to apply for grants to enhance their building and again this would have been the case when like tame wellness was in um Fisher's building or if the landlord for the property owner for the changes thrift store KFFR building if they want to do building enhancements um you could also limit it to buildings that generate sales bills or commercial property taxes. That said, um some nonprofits are exempt from property taxes. Grand kids actually pays property taxes. They paid over 12,000 in property taxes last year. Changes, I believe, still collect sales tax on the goods that they sell. I have a question about the so the KFFR so if we approve the the dumpster enclosures for the whole complex up to 25,000 does KFF arch to come as a separate entity and ask for more money although the whole building got the trash enclosures

the way it's written it's 25,000 per business space um if you had to keep it simple two adjoining building like two adjoining businesses, right? Like if you look at like the a Tim Catkkeys building across from Shell, if we just pretend that's two business spaces, if he applies for $50,000 to redo the sighting and that had been awarded, then those spaces would be tapped out. Um the same for KFFR then because Yeah. Yeah. And most 25 per business and the landlord.

Well, that's what she's clarifying. I thought if it was just two businesses and the landlord went in and asked for 50,000 for the two businesses with a $50,000 match. What's proposed here is per business space? Yeah. Um that doesn't mean the board has to grant it all, but technically Murdoch's could, you know, add up the number of business bases that are eligible. Theoretically, if it was a nonprofit, it could be another 25 from the donor management, right?

Potentially. I mean, you also could take the donor advice funds and say for exterior facade improvements within these boundaries, direct them this way. Um, because the donor advice funds are generally decided in the fall. You also would have that information coming into when these applications are are made. Um, but the post office is another example, right? that building is not the post office is not a for-profit business, but it has a private land owner who owns the property and is looking to do enhancements there. So, wanting to make sure that the policy kind of addresses who you would like, for lack of a better word, to include and exclude, thinking of all these different kind of setups because it's not just that we have for-profit businesses and nonprofits. There's a lot of different kind of variations. So a cause and effect that could happen if you say that you know if if a if a commercial space is leasing to a nonprofit um and they're otherwise so they're ineligible for a business enhancement grant because they're leasing to a nonprofit. I don't in my opinion I don't think that makes sense. I don't think you want to discourage

uh commercial property owners from leasing to nonprofits because it makes them ineligible. you would still be enhancing the exterior facade of that building out to the DDA. The commercial property owners paying right property taxes and paying for the DDA. Exactly. So, so we we had that discussion about, you know, property owners who are leasing, they're still paying their full property taxes. They're still paying everything and they're it's up to them how, you know, how much they would negotiate for the lease, but they're going to charge a market rate lease, right, for that space. But there's difference between that and obviously a nonprofit who owns their own property which there's only a handful here in Fr.

And again I would encourage you to go back to kind of the program goals and business support obviously is meant for kind of individual forprofit businesses, right? Um, but a lot of these goals are really about enhancing downtown regardless of, I think, the entity that's making the improvements. Mhm.

Great. Any other questions? All right. I will open it up to the public, but let's keep it short. This not supposed to be that long of a topic. How many years can somebody come can they somebody come back every year and get 25,000 or is a onetime deal every year?

I don't think it's been determined. So as it's currently written, they can come back. Um but it also um one of the items that's proposed um is that previous business enhancement grant awards and past performance including completion of prior projects, submitting documentation, things like that may be factored into evaluations. Um, and so I think in part if if we were to get a flood of applications from businesses that had never gotten awards and other businesses were also applying who had gotten awards, giving preferences to those who have not. Um, but if a business wants to continue to enhance their program, they are not currently excluded from coming back and asking for money again. Okay.

I just want to double check because I've been telling people that, so I there were some hands up online as well. If there's anyone online that would like to speak, please raise your hand. Can't see him because of this show or something. Gotcha. Okay, cool. All right.

I I can just quickly also go through the other items. Um again I think there was largely majority consensus on this. Eligible projects remain the same. Ineligible ineligible projects largely remain the same. Um administrative approvals can be made for applications after the priority deadline that meet eligibility criteria up to the amount of $2,000. Minor scope or budget changes could be administratively approved and project extension requests with sufficient justification. Extensions are limited to one year from original project completion deadline dates. Um, applicants may not submit an additional application for scope of work that has already been awarded the maximum $25,000. Previous business enhancement grant awards and past performances may be factored into evaluations. And then town fees and taxes are not waved but may be counted as eligible expenses.

Thank you. So, what do we need at this point? Um, you need to tell me if you would like to approve it as written, if you would like to include additional language that further distinguishes applicants, um, be it to exclude nonprofits or to focus on generation of commercial or sales tax um, or any other changes you would like to see. When you said commercial, did you mean property tax or commercial? Sorry. Commercial property taxes. Yeah. I mean, I like it. I was written because they still have to come in front of the board. What's that? Okay. Yeah. Right. This comes before the board.

The board. It covers pretty much every base that I can think of. And if it doesn't, they'll have to still come before us and ask. Yeah. Well, unless it's less than 2,000, right? Yeah. Right. Which is if it fits within our parameters, that's great. Well, I mean, well, the whole issue around nonprofits They can still get money, but it's through a different fund, right? Yeah, probably. There's another avenue for them to request dollar, right? That's very competitive. A donor advice fund that we just appointed, right? That's what I'm saying. It's not saying very competitive.

They can't get money. It's just not through this program. This is this is really for commercial businesses, for-profit commercial business that we collect sales tax and all that. Well, it doesn't it doesn't restrict him from from trying or applying like paint as we keep on, you know, using them as an example. Like changes are in a commercial building if they want to make an improvement to the outside. I think they should be able to apply for this. The the landlord or the the owner could apply for it. Right. Right. Or maybe they don't want to approval. Well, a nonprofit wouldn't be requesting it. It would be the land owner.

Well, no. I mean, if changes wanted to change their sign and wanted to, you know, make improvements in that way, then I think they should be able to apply. And it's up to the board at that time to say, "No, we don't want to approve that or or or not." But I think they should still have the right to apply. Because the idea behind the whole this whole project, this whole thing is to make Frasier more attractive. Yeah. Yeah. no matter who's who owns it, who's doing, right? I'm good with it the way it is. I think it's very well done and it allows us some flexibility.

And again, as you said, the larger dollars still come back to the board and it's spelled out the parameters that I agree with Katie. Thank you. Good job. Thanks, Sarah. Great. If we could get a motion that to approve um the changes as outlined in the staff briefing. Make a motion to approve the changes outlined as set for second. Any further discussion? All in favor? I. Any opposed? Okay. Thank you. Thanks, sir. Thanks, sir.

Okay, on to updates. Um, we'll start with Antonette. Hello, mayor and trustees. Antet McVey, the town clerk. Um, so this is um our email retention schedule policy that has been proposed. Um, and so the matter before the board is as a part of our ongoing effort to improve email management, security, and compliance with the Colorado Open Records Act, the town is implementing a new email retention policy effective January 1st. And managing email retention is critical to efficiency responding to public records requests while reducing unnecessary data storage and security risks. Um so on March 1st um at 2023 the board did adopt resolution 2023304 adopting an updated open records policy. The email retention policy aligns with the updated open records policy in the state records retention schedule. Um email is meant to be a commun communication tool and not a management system. Um important records must be properly archived to ensure that both compliance and future accessibility. Um town staff has worked together to develop this email retention policy. Um it has to be rolled out to the board also. Um and the destruction and schedule um has been presented to guide this process. Um members of the board of trustees and the planning commissions are provided town of Frasier email addresses. However, you guys do not have t access to the town servers. So your emails cannot be saved on our server. Um, so all of your emails and your Outlook and Office 365 cannot be retained beyond the two years. Um, please note that any email correspondence that has been saved may be subject to disclosure over the open records request and therefore such email

must be stored in a location accessible by the town clerk if it needs to be saved beyond a two-year retention policy. Um an if an email contains information with long-term or permanent value and it must be retained beyond the two years um then this should be forwarded to the town clerk for archiving and the count town clerk will evaluate the content to determine whether it meets the criteria for long-term preservation. So again the policy will take effect on January 1st. Um emails that will be automatically deleted on the first of each month beginning on January 1st. This will include all emails that have been reached um the two-year retention period across all folders in your inbox, sent, deleted, your junk, drafts, subfolders, everywhere. Um this process is automatic. It is not a manual process. This will be done on the background by our IT team. Um so I'm asking you to prior to January 1st, please review all of your emails approaching that 2-year retention period. After this date, these emails will no longer be retained and they will be permanently deleted and they will not be recoverable. Um, things to consider and what to save. Um, all correspondents to and from a town attorney or special counsel are considered confidential and are not required to be disclosed in an open records request. And then if you have an email um if you have an email chain that has been running or existed that will reach a two-year mark only the emails of that chain that were originally sent or received two years ago will be deleted. The contextual tale of the details and these replies um and forwards will remain and the newer emails and house the information for those older emails but the original emails themselves would be deleted. So this is just to help us with our records management. Um, our IT team does currently have access to everybody's email. Should we get open records requests, we can search your emails currently. Um, you cannot save emails

where we can't access them because they are all open to records requests minus those specific um, town attorney or town um, special counsel emails. Um, this is does align with the um, open records policy that we've already adopted. So there's no we don't need to adopt this or approve this. But I needed to make everybody aware of this is happening starting January 1st. Um I did roll this out to the planning commission last week. So our commissioners here do know already know about it, but the rest of you are hearing it for the first time. Does anybody have any questions about that? I have hundreds of junk I mean that say security risk and stuff like that.

They will automatically just be deleted the first of every month. Perfect. Yeah. So you don't need to do anything after two years after two years. Yeah. Yeah. Make this a national rule.

I know for me, I'm not great at my email inbox either. I'm just as guilty as anybody else of not deleting and going through my email. So this really helps. We've had issues with um inboxes as all as employees have left the town, the new person replacing that person has received their inbox with years of emails and nobody has the time or the energy to go through those. So, we are avoiding that. The internal staff, our policy is a little bit different since we have access to our servers um to save really important um emails for future reference, but you guys do not have that access. Thank you. I think that's perfect.

Yeah. Right. Thanks. Okay. Great. Thank you. Right. Other updates? I've got plenty, but Sarah, wait till the board has them. No,

I've got a couple for you. Um, am pleased to announce that after years of work, we have received approval to modify the boundary for the protected natural area from the St. Louis. Um, sorry, did I say that right? My brain's not working. We've received permission to modify the boundary for the protected natural area that's on St. Louis. So, we have been working with Jeff Elliot and Grand Environmental to kind of map out all the the wetlands and provide a bunch of data and information um that we could provide to the Army Corps of Engineer to request permission to modify the boundary. This modification um removes the Edna Tucker Way road and bridge from the the PNA um which was the request that they made versus us requesting permission to change the deed restrictions to allow a bridge through the protected natural area. Um they did find when they were doing this work that there was 03 acres less of compensatory wetlands than what was init initially required back when this protected natural area um was put in place before the town owned the property. So we have agreed to doing some stream restoration work to make up for that lack of of wetlands um that again um happened before before we took on the property. So, um, the other piece of it though is it allows us to finalize the permit request for the Edna Tucker Bridge and move forward with with the bridge. So,

wonderful. Um, yeah. So, good work to Garrett for for pushing that across the finish line with four there. Yay.

Um, and then the bike park, as some of you may have seen, um, we're getting close. We're getting close. There's still a lot of piles of dirt. Um and they're getting in some of the different kind of bike features for the skills area and bicycle playgrounds. But the pump track, um Paul and I were out there last week after we got all that rain and notice some pooling of water in a couple places. So they have somebody coming out next week to address that um and do some repairs there on the pump track. But once that happens, the pump track should be good to go. Um they're hoping that they can finish up the different skills areas in the next 3 weeks. Obviously this time of year it's very weather dependent. Um but they've been out there seven days a week. I went out there with my kids yesterday to talk to them and we left at almost 6:00 and they were still all working. So they're doing their best to get it done. We know there's a couple things in the central hub that are going to be finished out next year in terms of setting up this shade sale um and things like that. But it does leave us with the question of we tried to schedule a soft opening and likely partial opening um that people could get on the pump track, maybe some other areas and ride for a couple weeks before it's covered in snow or if we wait till the spring and just do a grand opening when everything's kind of more polished and ready to go. Um we know people have been chomping at the bit to get on the pump track. Um,

I saw somebody riding on there yesterday. Who did you see riding on there yesterday? I saw some kids over there. Um, I know they had some people from the bike crew out there over the weekend riding it. Um, I may have officially helped test it with Avid and my children yesterday afternoon.

They need somebody to test it. Um, but yeah, I mean, we've talked about trying to do something maybe the week of I should have opened up my calendar on my desk. Um, around about October 19th. Again, it's just really hard to know with the snow. Um, the pump tracks should remain ridable a little bit longer. If they're not finished with other stuff, we can put up some construction fencing, I think. So, but really, we just like to know how the board feels about it. Let them ride. Let them ride. So long as it doesn't damage any of the other features that are in process. Have a grand opening or something or the idea is that we would do a soft opening and then we'd have like a

kind of full-blown event um late spring when it's ready to ride next year. Yeah, they want it. It'll be fun. Make people smile. I had like exciting. Okay. No dirt bikes. Non-motorized. Non-motorized. I know. I don't even have a bike. I don't know what's going on. Your nine-year-old. That's good news. Yes. Cubby will be out there. I don't know that they will be. Yeah. Yeah. Is everyone in agreement? Are we going non-motorized? People going with the exception perhaps of adaptive Yeah. equipment. Yeah.

Okay. Um, so yeah, we're looking at maybe October 17thish if we want to do that. Um, I'll send something out and confirm a date once we have it to make sure that hopefully most of the board can make it. Great. Great. Thank you. Awesome. Thank you. Um, I have one update. Um, we are going to be applying for a whistleless crossing here in Frraasier. Um, yes. Um, apparently it's uh the crossing is already safe enough that it qualifies for a whistleless crossing. Um, so we are going to bring something in front of the board in two weeks to approve. Hey,

did either of you hear the train go last night? The loudest train ever that did not blow its whistle. Did he? No. Nothing. Last night it was the loudest train like you know like a tornado sounding like sound like a freight train. No whistle. Was it just the weight of the train? Not the horn. Just the you just hear the train but no horn. Interesting. I see. Think think about it. We listened for it tonight. Maybe I'll be back. Okay. Super heavy. I assume big boy steam engine that military advertise on the or that comes through. See what it was. But it was like no whistle all train. giant antique.

I've got a I've got a few updates I can throw out. Okay, Michael. Um, St. Louis Landing is looking to go vertical for building C in about three weeks. Um, so that'll be exciting. Uh, the demolition for the historic church is completed. Uh, they're moving fairly quickly with that project for that renovation.

Um, with that expected to be completed um, end of November. Uh, front of town hall will be open about two weeks and the new awning will be coming in in about and installed in about four weeks. So, you won't have to you'll have to use this side entrance for another couple weeks here. Um, October 12th and we will be advertising this October 12th will be the next community cleanup day um from 9 to 4:00 p.m. and it will now be at 6W which is where the new public works facility will be. It's going to work much be better for traffic flow and prevent the uh congestion of people trying to drop off recycling and trash while also trying to do the

community cleanup drop off stuff. Will there be more dumpsters available? I know they're full at like 10 a.m. Yeah, they'll have more dumpsters because they have more sight 430 4 30 yard rolloffs there. So, we'll have I was supposed to pick up my neighbor's trash. By the time I came back with my empty truck to get his, it's full and his mattresses are still in the alley. It's not his fault really. I mean, he was getting it out for dump days. But yeah, it's coming. It filled up so fast. And how about the um metal recycling container? Get after them for the um I'm not going to forget about that.

I'm sorry. Um I know we talked about this. I just can't remember the answer. So, right, cuz when they did their initial proposal, they said there was no charge for it and I feel like we need to have I apologize for that, Katie. A lot of people that get the metal that they leave out for the trash company. You can take metal to Ranch Creek Ranch or Ranch Creek Waste for free. They don't charge there. Um QR code will be going up to the drop at the drop this weekend. Um, it will also be available at 6W for the drop offations to support the drop. So, we have that set up Venmo. Ready to rock and roll.

Okay. Not Venmo, but when you pull up the QR code, you just input your information. You can save it. Um, and it just goes right to that donation. It's not Vinmo. Cool. All right. It's another payment system. Yeah. Interesting. All right. Try it out. It does. Yeah. Hope it brings us in some revenue. That's really it for me. I move to second. Any further discussion?