Troy Industrial Development Authority - Regular Meeting

Okay, we are going to call to order the Detroit Industrial Authority uh board of directors meeting. It is September 26, 2025. Uh we have uh two absences today, just uh Stephanie and Albert, but otherwise we have everyone here. Uh we are going to start with the public hearing for um the Troy Hub LLC. Uh everyone might know it as the Troy Savings Sake Music Hall uh corporation project that is going on. we uh will open the floor to any um comments or questions from the public. If you would like to say anything, please announce yourself. If you're on the call, uh introduce yourself and um the floor is open to the public. And also uh John, right, if you'd like to add anything before the uh public uh if you'd like to mention anything.

Sure. Um the project is well underway. We're about 60% complete now. looking forward to opening the music hall in December and then the rest of the project will uh be finished up late February it looks like right now. Uh very excited about it. Um things are going well. Uh just had our sign installed this morning. So that's pretty exciting. Um and uh I think when we're able to now program year round, the economic benefit to Troy will be substantial. increase our programming attendance and we'll be able to continue sort of the educational programs that we have been doing for the last several years and expand those because we'll have new spaces in which to bring students into the building. So, we're we're excited about that.

Great. Do we have any members of the public present on the call or uh in the room that would like to um speak? I'll give the project a thumbs up. Barb Nelson a tap. Amazing amazing work by the musical.

Deanna Delpas. Uh, I also am super impressed and John was uh amazing to take me uh through through it in during construction. Um, long overdue John probably, right? But you're there and it's very exciting. Okay, I'm not seeing anyone anyone else call come off of mute and we have no one else present for that. Um, thank you for the comments. Uh, Barb and Diana and uh we are going to adjourn the public hearing portion of the meeting. Um, and we will move into uh the regularly scheduled meeting. We'll start with uh we have minutes to go over. It's going to be a little difficult to bring everyone together for these. So, we'd like to uh put a proposal forward for approving all the minutes uh in this package February 21st 30th and July 25th. Um and to the best of the secretary's knowledge, this is all accurate. I think that's the format for this. It's something that we haven't done often, but we keep uh having to skip these. So, let's get these out of the way and start on a better track next month. Uh do we have a any questions or comments? And uh otherwise, a motion to approve uh the this grouping of minutes.

Second. All in favor?

I I Great. And we have no opposed, but we do have the two absences. Okay. So we'll start fresh again in October on to new business. We are going to start um with the project authorizing resolution. So in front of us uh back a bit in your packet um there is a we have in front of us the resolution of the Troy Industrial Development Authority appointing Troy Hub LLC as its agent undertaking a certain project is more fully described and attached of authorizing the execution and delivery of an agent agreement, lease agreement, lease tax agreement, payment in le of tax agreement and related documents with respect to the project and authorizing the provision of certain financial assistance to the company as further defined herein. adopting findings with respect to the state's environmental quality review act uh review act and authorizing the execution of related documents with respect to the project. So this is a a full packet I think it's maybe printed twice in this uh for everything. Do we have um has everybody have if everybody has a chance to has had a chance to review this? Do we have any questions uh for John while he's here or any comments from the board? If not, do we have a motion to approve uh this project resolution?

Motion. A second. All in favor? I I No opposed. And we just have the two absences, David, with Stephanie and Albert. Okay. Good to go. Congratulations and thanks for uh continuing the investment in the community call. Thank you very much. Thanks, John.

We now have uh another part of new business is the downtown Troy bid sponsorship uh specifically uh related to Chowderfest. We have a package uh starting in the back, all establishments uh for the 2025 sponsorship package. And I believe we have some members uh Olivia on the call that would like to possibly say something. Olivia, the floor is yours if you'd like to uh present on the sponsorship opportunity.

Yes. Hello everyone. Um so you have the sponsorship package in front of you. Uh Chowderfest is coming up. It's on Sunday, October 12th. We're still looking for a few sponsors to help with uh making this event happen. A lot of the time this sponsorship really helps with getting your name out there, getting on all of our promotional needs, but it also covers the cost of what we need to make this event happen. So, it's definitely something I recommend sponsoring. It's a great event. Um it's actually one of our biggest events that the bid does. Um it usually brings in around like 5,000 people. All of our businesses sell out of chowder within like the hour that it starts because that's how many people come out. Um, we have a good lineup of our restaurants that are participating. We're up to 12 restaurants participating right now. I always know I'll end up getting more next week when the restaurants are like, can I still participate? So, it's a good lineup this year. We're hoping for good weather. Last year, we had some rain. So, fingers crossed that this rain is just what happened now. But um there's four different levels. It's at your discretion of what level you think works best for the IDA. Um so I'll have you guys kind of review that. And if you have any questions, you can email me, let me know. Um and D is on our board. She also can help you learn about Chatterfest as well.

D would you like to add anything? Um, I don't really have anything to add, but I, you know, I think it's a great event to sponsor. It is one of the the more fun ones to walk around downtown. It's now it's spread out through all the businesses. So, you know, if you walk someplace and they're out of chowder, then there's other options and other restaurants that you can visit. Um, one I don't know how much promoting I should do. I feel like I'm in the middle. So, yeah, I appreciate you. I like so I'm cool with it. I like

um one question I have is there's an item for a booth at the event. That doesn't necessarily I would imagine that doesn't really necessarily apply to the IDA for this is that if you would like a booth it does. So if you want to have a presence there absolutely you can set a 10 x10 booth up. If you have material that you want to hand out to the public just to learn a little bit more, we always offer that to any of our sponsors.

Are you just my question related to that is is there any fee? I just want to make sure if we're sponsoring this there's no nothing associated with that going to you having to pay someone else for that. Okay. So if we don't have that it's not like it's uh waste of money or anything like that. Yep. No. No. And we're all of the so just for deadline end of next week is when we'll start printing everything. So our banners and the maps. So if you are going to sponsor letting me know by next early next week instead of later next week. So that way when we're printing everything the logo gets on there.

Uh what is the amount that you guys are specifically? I know you you said there's different levels. We have 5,000 2,000 1,00 500. Are you coming with a specific ask in mind for this? The gold sponsor uh is what I'm asking for. So the thousand level at the gold sponsor. Any other questions from board members for them while we have them? So thousand is the minimum to get an MC shout out.

Yeah. Logo placement on all everything. MC shout out on that main stage and then you'll be in our monthly newsletter. So moving forward, your logo goes onto our monthly newsletter and we do a click back to pages. So if you do want the TRIDA clickback, we add that to that monthly newsletter that goes out. Okay. Um do we uh have a motion to approve the sponsor the gold sponsorship level for the uh bid chatterfest event? Sorry. Okay. So we have Alex Michael. All in favor? I. Great. Uh congratulations. You have the gold sponsorship. Thanks for coming. Thanks guys. Hope to see you at Chowderfest.

Absolutely. And D will coordinate uh logo etc with you. Great. Sounds good. Thanks guys. Um D this wasn't in We have October in our packet and it's not in the Just making sure I need this is something we're covering in um Oh, I'm sorry. It's not on one of the I didn't add it as a bullet.

Okay. Just making sure. So, we do have another item of new business today uh that will amend in and this is um a request for sponsorship for TAP's uh first annual Arctober event. Um I think we all know we we're familiar with TAP and coming to the uh CRC. This is um coming for sponsorship for a community event and Barb is here. I'll give the floor to her to uh present on it. Uh please again, it's not in the notes in the last couple pages packet. right after the challenge information. Um so look to that and Barb the floor is yours and then we'll bring it to the board for questions.

Great. Thank you. Good morning. Um so this is our first uh we hope of many annual Arctober events. Arctober kind of started in New York City at the New York City Design Center. Um major cities all over the US uh cover this and smaller cities. Um so this year instead of tap having just one fundraiser gayla um we are um proposing an entire month of collaborations uh just all about architecture and design and the creatives um that that are behind our built environment. Um so we have tappy hours those are like office parties for our sponsors at our sponsors offices. So different architects people can see different architects offices. We have film festivals. We have um trivia nights, uh workshops, webinars. Um we're just bringing in all kinds of um other activities that you know activities with the Hart Club Museum where we team up with them. We have a hard hat tour at uh Proctor's, a hard hat tour at the music hall. So, um, just getting some, you know, Troy loves its architecture, right? We all love our architecture, but we just wanted to throw a little love at the architects and, uh, and, uh, you know, we have 12 architecture businesses, uh, in about four blocks of River Street. So, you know, there's no, um, it's no surprise that Troy fosters a a creative industry. So, um, it's the first time we've done it. Uh the the ending event is a collaboration with collar works. Um they they're going to have a a party at their so instead of just tap having a gayla we're doing a collaborative event with with color

works. Um but we have budget across all of these um events. And I could, if you would allow me, I could share the calendar of events because it's so much more um robust than a Can I do that? Can I share? Oh, I can. Oh, great. Here we go. Yeah.

Um, here it is. So, if you were just um Yeah. to see our our website um and just go right to the Arctober. This is the the shape of Troy graphically. Um, down. Here's our calendar. Oh, it's not clicking. Why is that? Maybe because I'm sharing it. Darn. Um, [Music] we do have the Yeah, we have it.

We have We have the calendar. Oh, you well it's whatever you whatever we gave you is much more um up to date now because we just keep adding um events but um yeah so lunch and learns uh preservation webinars uh and workshops um book talks uh with the uh the Landmark Society Western New York um events at the center of gravity uh about you know model making.

Um the center of gravity is having you know two of their Saturday kids programs will be uh about building and architecture building uh bridges and whatnot. See um yeah so just you know lectures at RPI. Well we're very excited about a collaboration with the the National Organization of Minority Architecture students at RPI. We're going to host a portfolio review night for them. Um a tappy hour at the Park Cluit Museum. So we're just really excited. This has come together in pretty short order. So we're thinking next year will be will be really great. Um so here you you know you just get a a a listing um and and more things are signing up every day. So stop sharing. Barb, I have a couple of questions.

Um, the first one being the Are you with the sponsorship? Is this the only city organization that's looking that you guys are looking to for sponsorship? Um, yes. Um, our other sponsors are architecture offices, um, a couple contractors, preservation groups. Um, but I remember talking to the U, capital Resource Group last year um for other things, you know, for our for our regular party and um so I thought I'd yeah give that a try again. So no, yeah, you're the only civic organization that we've reached out to.

Um there's not just this is kind of a question both for Barb and the board. A lot of these like for a lot of the levels involve like um you know it's it's incentivizing the business involvement um or personal involvement of of you know the of business owners and um like I'd love to be president of these. I'm just I'm not necessarily able to commit 100% if I can be president any of these as a representative of the board um of the IDA or the city. So like I guess I'm going to default to DA. Do you plan on making yourself available as also a member of the bid to be like if we were to sponsor one of these to be like the point person and name tag? Yeah.

Yeah. I mean if anybody Yeah. If anybody wants to go um I would Yeah. There's so many things you can have your choice or or multiple. Um yeah, there's a lot going on and nobody nobody's expected to get to all of them. Be kind of crazy. I will probably be at most of them. Some good positive promotion of the Yeah. normal people. We're not trying to raise money. Um, is there a specific level that you're coming to us uh in mind when you approached us?

Well, you know, clearly the more the better, but I don't want to be greedy. Um um, you know, 2500 would be would be fabulous. Uh, of course 5,000 would be great. Um, but 2500 would really do a do us some good being the first one. We haven't Yeah, we've learned a lot how next year to start earlier and how to uh frame our requests better.

And just for I'm going to ask you to pass this out. This is more this is relevant because it's uh involves tap but if you want to pass these around um this is more for the CRC. I asked Matt and D to help me gather like let's say the last 5 years of uh CRC contributions and grants uh as an overview and just for reference like this was 2024 uh we put 7500 to TAP for the grant that uh Barb was mentioning the equipment upgrades and sponsorship uh back in August. So I think one question is there an expect because again this is coming from a different perspective

you're not doing the gala this is um is there any plan in 2025 to come to the CRC for any other funding requests no or just okay thank you

um okay any questions from the board for uh bar before we discuss the a limit or anything else about the I I could note that um press releases, you know, because October 1st is looming uh large um press releases are going out and you know, email notices are going out. So the sooner we have your your name on the list, the sooner we get it out. I mean, I I think so from my perspective, I think the 2500 makes sense. Uh the the large one is geared more towards like having a a presence in downtown or or something and having an event sponsorship. I think um I I would be I wouldn't be opposed to putting that forward. I just, you know, we'd have to look at which one uh there's there's options within that if that is what we're interested in or if anybody feels that we should look at a different level. Um, let's discuss that. But I I would like to put the my goal be put the motion forward at the $2,500 level and then we discuss which uh which one of these to participate in.

And some of these have been um you know uh donated, you know, by other sponsors. But um I do know that the that the happy hour the tappy hour at TAP's office uh on October 16 is not yet fully sponsored. So, you could certainly um sponsor that. I' I'd have to check with Corey, my event guide, to see um most currently what is what is up. Let me see.

Everyone's intently reading here. Barb, you might not be able to see. We're not ignoring you. I can see I would put forth a motion uh to sponsor them at the 2500 level. Um do we need to at this point? I I would say either the tappy hour or the uh art by architects are

Oh yeah, I like that. Um yeah, if you I mean if you let's put it this way, if we give you two, if you need to if you need to use the sales effort to get the tappy hour from someone else, feel free. We can step back. I think that Okay. Yeah. So, I guess we have a a motion from Sue for and I or motion from me from the $2,500 limit. Do we have a second? Second. Okay. Do we have all in favor? I I Thank you. Um, okay. You got it, Barb. You can coordinate with the make sure you get our logo and everything on those items. We'd love to see that. Um, and thank you for coming to us with this opportunity and I look forward to seeing the turnout.

Yeah. Oh, it's going to be fun. Thank you all very very much. I really really appreciate it. Yeah. Thanks for doing extensive community event. I mean this is this is a lot this is a lot of work for your team. So we appreciate the effort seeing you guys do this for for Troy. We've got Olivia. We've got Olivia working on it with us too. So we got Yeah. Okay. Well, thank you so much and have a great weekend. You too. Okay. I just have a quick note. Um the color works groundbreaking is Sunday and they want to send the invite to everybody on the board. I know they're still like in FL kind of they applied but it's not completed. So

this is in the uh bank by the post office, right? This is down on first a going towards um um it's the old some industrial building. Collar works was going to partner make a 206 first. Oh, thank you. Yeah, it was a while ago. I mean, how long ago would you say they applied? Justin, been a while. You did apply, right? For which the collar works or for the IDA or Yeah, I thought they came before us and gave us an application. I think so. I don't know if we went past the application. It's at 10:00 on Monday if anybody's interested.

Yeah, 10 o'clock Monday. 206 first. If anybody wants to go, uh, just send me an email address. Okay. Can you send an email out as a reminder to the board since because we have people that aren't here, too? Thank you. Um, and if you could also uh we'll send a I mean, we have this in the packet, but do you mind sending a separate email with the agenda with the uh schedule for the uh our links to it? Yeah, a link to the one online that has because the one online does look like it has more stuff on it.

Yeah. And whoever needs to crossromote it from city hall marketing uh to push it out there. Great. Okay. So, we'll move that concludes uh new business. We have nothing this week on old business. We will move into financials in a separate budget discussion. Uh we have first those uh financials from that. part is the payment of position. As of August 31st, we have total assets of 1,267,519 with 1,183,741 of that in cash. Had total liabilities of $3,53126, which left us with a fund balance of $1,263,987. no significant changes in statement of financial position for the month of August. [Applause] And lastly, we have the state of activities for the month August. We rent $54,185. Um, our most significant source of revenue within our administration fee and our largest was our account fees. [Applause] Do we have any questions from Matt on the uh budget statement before we approve that? And then uh we can uh start with the financial statement before we approve that and then we can go into budget discussion.

Otherwise on the um on on the aging, do you have an update on 657th Avenue? I believe we're actually going to they paid the city and not us on time. So it's they were issued a late fee when they did pay on time. We just they sent the money to the city, not the IDA. So that fee will come off the agent. Any other questions for we have a motion to approve? [Applause] Make the motion.

Second. All in favor? I and no opposed and the office says okay if you could take us into the overview of the draft budget proposal. We're not adopting this today or approving it but we are reviewing it um for I believe we'll have it at next meeting for what November 1st approval. [Applause]

Yes. points in budget for our operating revenues. We have our annual admin fees for um the pilot and then I threw in a for now a rough number for our project closing fees. Um I work with Justin and I just getting if there's any fees in the pipeline that we can expect in 2026. Our investment earnings is just our interest from our bank account. um professional service contracts. Uh we have our legal notices, um insurance, our annual management fee to the city, uh legal expenses, accounting. Um and then I the other professional services where does the the city contribution fall? Where is that professional service contracts? We're paying to reimburse. We're paying the city the license fee and we're reimbursing the city for so we don't have a professional service contract with the city. We reimburse them. We just got to class that I think a little differently. There's no service contract there.

Yeah, I think we've always kind of just put it in that section. I have it there, but we can definitely look into Is that 125? Is that what it is right now? That's what I have in the budget now. I don't know if that number is going up or down. I know. Yeah. I think it's been at that number for the last two years. Three years. Yeah. Yeah. Sounds right. I mean, this is not It's not that we haven't seen sponsorship things in the past in front of the board, but are you accounting for that in the other non-operating expenditures? Just putting like a placeholder for the other four or 5,000.

The other non-operating expenditures I have the way finding work in there. We've kind of had that budgeted for the last couple years and we kind of just move it forward every year when we don't use that money, but I could definitely put in like a marketing number sponsorships like to see that. I know we did we didn't hit by but just to hold it put like by line for 5,000 in there or something. I I don't know what the expectation is next year, but these two coincidentally came at the same time and it's kind of an odd thing, but it'd be nice to have something budgeting for it. Yes. And if there's anything else additional would like to see in there, happy to add it.

Otherwise, there's nothing to approve today, but if there's any other questions, um otherwise, we'll see this next month for uh round it out and we can also send them to approve it. And if not, then we have motion. Motion second. All in favor? I. Great.

Okay, we're going to jump right into the uh Capital Resource Corporation uh board of directors meeting. It is September 26th, 2025. We are going to start with a another full approval of the minutes um from February 21st, April 25th, May 30th and July 25th uh that we are going to uh pass al together in this block and get back on track for more uh month by month approvals. So we're making this amendment based off of the that the minutes are accurate. Uh that's the secretary's knowledge for recording um everything for the meetings. Do we have any questions or comments on that or do we have a motion to approve this block of minutes?

Motion second. All in favor?

I Great. Um okay. And we have nothing on new business this month. We are um bringing in old business back to the uh CCIA grant request um which as it stood from a few uh months ago was a request for $25,000. Before we go into anything from them, again, I just wanted to have this clear um that we have gone through, I think, a strange year in 2020 where there was a lot uh put out um for Franklin Alley project, summer square program like that. But that's a high number. I think that's not consistent with what we would see every year. 78,000 in 2021. 58,000 in 2022 and I believe it was 23 or 24 that we started talking about doing a budget for the remainder. Um we had 44,000 in 23, 62 in 2024 and we are at 21,000 year to date in 2025. And if I remember right, um apologies for not having this number in front of me, but there's we set kind of a a budget of about 45 I think uh annuals that we wanted to stick under. We still have a few months left in the year and this would tap all of that out. So I think that there's um you know it's reasonable with our previous commitments to this organization for them to come in and ask for um more uh you know or like on in line with what they've been getting um or at on par with what they were getting last year. So two years ago in 2023 we granted um 11,000 in August. uh back again in August uh 15,000 and now it's a

different um format uh of the event of what we're sponsoring but the request is for 25 and let's just leave that for discussion for the board unless we have uh Shannon here right if she wants to name um Amy is who I oh Amy right but I think that might be her um oh there Sharon I'm I'm having a hard time with my video. I apologize. Oh, that's okay. My internet is Yeah. Yeah. So, Amy is here available by phone. I did not recognize that name. Sorry. Sorry. Yeah.

Have any questions? I mean, if you wanted to detail on this before, but if we have any questions for Amy or want to review anything um or if we want to put uh this motion forward or if there's an amendment to the motion that anyone would like to put forward for us, open for discussion. I have a question. The 15,000 granted to the circus was last year, correct? Yes, that's correct.

Oh, by the way, sorry, the packet also has a a further breakdown of everything in your in your taxes if you haven't seen that. So, we have the application um and some information on the desktop group uh along with um their 20 their budget printed out for us. So yeah, take some time to review and then any questions uh for any while we have her up. [Applause] This budget was as of which date?

Um, the budget was made uh the budget you're looking I believe was made in spring. It was the April decision on the board. And it looks like the the breakdown that you gave us, the request for match operating support, the 25,000 would go towards artist fees, recruitment, and training as well as general operating support to be provided as a match reimbursement um directly supporting staff time for planning and implementation, partnership development with local venues and nonprofits, artist contracting and program coordination, and communications, outreach, and program evaluation. So there is a difference in what we previously did which was targeted more towards an event even though it wasn't sponsorship of an event but uh that's what was coming in and pitch this is for that overview of everything so it's ongoing for that [Applause]

yeah I can speak to that a little bit in the previous years you know the concentration of the entire budget went to one event to Circus in the Park um that ran roughly from 10 to 14 days. Um this year we took a little bit different approach. We've been trying to do more community engagements involved in different festivals um throughout the region um and expanding our footprint a bit. Um we did just have our sixth um circus in the park um in September on September 7th. Um, so we have an ongoing commitment to that, but we introduced new programming. We ran, um, spring circus week at Mount Ida, um, which culminated in World Circus Day celebration with a professional performance, um, that was open to the community. And then again this fall we're having um Sean Fagan, a local um performing artist, uh conduct a program at at Mount Ida um which we have grant funding to provide scholarships for local youth who wouldn't be able to um attend as well. So, we're trying to, you know, last year when we at the end of the year when we looked at, you know, how we were spending our money, we thought perhaps there's a way to spread it out over the year and and um expand our our impact a bit instead of one one event. Maybe I'm curious, are you a performer as well?

I'm not a performer. Hey guys, they've been patient waiting for us to come to us for this. Uh if we don't have any other questions, do we want to look at an amount um other than this or bring it forward? What's the what's the balance uh in our I wasn't clear on I would say we have 80,000 in assets right now.

Yeah. Cash which gives us the with no revenue on the forecast. So how much is this one? 25 25 that leaves us with 55 going into the turn of the year. And there's 57 that you've got going out here.

Yeah, the ones I have on the budget for 26 are just kind of the recurring ones that we have. We're going to have to shut all that off unless the pays off some of that um the working capital loan and I don't know that we've set that budget yet. We have it all set in the LBC budget, but maybe some or something. So, I mean, we have I just keep an eye on the stick. Yeah. And I know when we were discussing this back in 2024, it was we knew we would have three years of

similar amounts like that was and that was it. So this is the we're in the middle now. So we're not going to surpass that. But I mean the point being like after that three-year point, we knew we were if nothing came in that that was the end of having funds for it.

So the option is either stretch this out longer and revise that which wasn't what we had discussed in 2024 or um if we continue on this path. I think that 25 is is personally I think the 25 is aggressive. I'm fine with meeting down at like 175. Um you know somewhere a little closer on the lower side back to what we did last year. And then that leaves us um a little bit of room if there's another request at the next couple meetings tiny bit to be under that 45 uh number. I just because we just don't know what what else could come to us. We still have three more meetings this year. So that would be the amendment I would recommend. It's still something that we can contribute. It's a little bit of growth like we have done with many of these organizations year over year. Um so that's what I would put forward or if anyone wants to propose an alternative amount.

I was thinking something more in the middle of the previous two years like 125. That's what you think.

I I think I think that um their new direction with year round programming merits our support. Um, so I would I would go with the 175 perhaps uh more so than than the just because that was a one-time event. This is this is year- round programming now and I think we ought to support that. Just need to look at the budget for next year because if it stays as it's drafted then there's it's we have no fund back at the end of 26. No, which is what we were aware of. Yeah. Then what? Yeah. Then then what?

So the folks that typically come to us like you know the the neighborhood improvement guys in the Tech Valley for the last couple of years, P Park are they aware of the limitation of funds that don't was that discussed with them the last couple times they've it's our budget, right? and they ask us for support and if we don't have the resources then there goes the support right uh so I just just keeping an eye on those things and that that may force the conversation with the LDC loans so

I think this was roughly talked about at the last meeting I think that separate from this conversation about this project but obviously it's all connected I think it would be very helpful if like we look at we could go back um to whatever organizations are are active of the last four years, let's say, that are still asking for this and beginning of the year or end of this year asked like what do you like knowing what they need to ask for and support. Um, you know, we could have done that before this meeting. We didn't, but this is um, you know, without executive director, it's hard to spend that time on this, but this is something that it would be helpful to know and be able to commit something earlier in the year so we're not spreading it out like in my mind. So we're not waiting until December of last year to like get the last bit of money out and then that gives the board more time to if there's the rest of the year to look at where is funding coming from putting requests out looking for grants etc. like the effort can be put on that, but I' i'd rather um know what we're committing to for next year, letting them in and making them aware of that that this might be the last year there's a budget for it. Like we do need to be transparent with that. We don't have to notify them in January. We can notify them next month. But the point being like we need to put that out there to them. We owe it to them. They come to that. It just helps our organization. Um so I think that's a part of communicating that outward. If it hasn't, it might not be apparent to everyone. Not everyone's following our minutes and this discussion and you know it's relevant to Amy now because she's on the call hearing it but it's not relevant to Power Spark people for example perhaps.

Yeah. And also I wanted I wanted to comment that u I do like the um the idea of being able to help more organizations um and you can see you know going back you know you know a couple years you know some of the larger awards have have been you know to the city. So, you know, we, you know, are not, you know, giving out as, you know, big of chunks, you know, anymore. So, that's also, you know, something to note. Mhm. What if we were to meet in the middle at 15? Yeah. Just continue. Yeah. Just keep match last year. Yeah.

I think that's, you know, that's more in line with if we were looking to stick to a budget, that's more in line with it. So, I'd be I'd be fine with that if we want to put a motion for matching last year's amount of 15. I'll make that motion. Let's second it. Okay. All in favor? I I Any oppose? And just the absences of Stephanie and Albert. Okay. Um Amy, thanks for your patience with us. We weren't able to meet and um Okay. can coordinate with an A for the allocation of the 50,000 for the grant request

and we are going that concludes old business. We will move on to same as last meeting the statement of financial position. Uh we'll approve that and then we'll go into our budget discussion for voting next month. All right. Our first report is in the financial position as of August 31st. We had total assets of $295,881 with $80,881 of that in cash with total liabilities of $460 which left us with a fund balance of $295,421. No significant changes to the statement of financial position. And lastly, we have the statement of activity for the month of August. We ran a deficit of $218.15. Our only source of revenue was our interest earnings and our expenses were in our account fees.

Any questions for Matt or do we have a motion to approve our finances for August? [Applause] So move. Second. All in favor? Uh great. Thank you. And let's go into the budget.

Um pretty similar to last year, our ad fees are from the RPI bonding closings. Um investment earnings are from the bank. I did put in the uh capital. professional service contracts. Uh we have legal expenses and accounting fees in there. And then grants and donations. Um I put together a list of our common people that come and ask us for money and what the average they've asked for the past couple years. All the detail sheet.

Does that payment need to be one? Like how does that payment need to come? Is there a deadline? and it doesn't need to come one payment like for the LBC uh get that discussion more between I'm just curious kind of right now I think based on the LDC's budgetary resources half of that could come in in 26 then we retire the HUD loan and then in 27 there'll be a lot more flexibility honestly yeah waiting even waiting for all of it for the HUD loan would still give us the budget for 27 that we're missing right yeah like we don't need to pay any of that next year. We don't need to get any of that next year technically if we stick to this budget, but then we have to the HUD loan uh for the LBC is like a 20-year payment that's ending next year.

We're done in August. Yeah. Um so for allocating that like so part of the reason this keeps getting pushed, this payment back is just to, you know, be a little more balanced on that. So like even if we hit the 40,000 next year, we're saying we'll have in cash, like even after expenses, we should have we have that budgeted then. Um it might there might be a gap in 27 where this money isn't in the hands yet, but it would give more flexibility. If you look at our year to date, um we're sitting on 80 and we just approved how much? 15.

15. So that's down to 65 theoretically. And we're going to have a little bit more expense for the end of the year. Let's call it 60. You're rolling into 26 with 60 in cash with 7,500 expected in you know in total income for the year. Yeah. And then you have 57 budgeted here for uh estimated expenses and grants going out. So at some point I think maybe to the extent that we forecast some things for the LDC and there's you know half you know 1075 or something like that

um to come in to knock out half of this that will at least set up a couple budget years. Yeah. Looking out looking forward for the the CRC. I think we can have these conversations. Yeah. When we come back in the end of uh October we'll be able to firm that up. Because when you do your the annoying thing, well, one of the more difficult things that you have to deal with when we post the budgets is you have to do the next three years. So, we would see zeros unless Yeah. Yeah. Yeah. Yeah. Your budget's going to be zero for the next three years. Unless RPI has another bond issuance. We thought they were coming in this year, but I think you're like many people waiting for. Okay. That comes down some more.

That would solve a lot of things. Yeah. Okay. Um we'll be approving a budget for next month's meeting, but otherwise um the information's in front of us. If you have any questions, uh you know, bring them to the next meeting or that you think they're outside of this um for the budget. And uh otherwise, do we have a motion to adjurnn? Motion. Second. All in favor?