00:00:06,630	Um We have uh we’ve started the practice of of having public comments on the agenda. Having no public here. Well Say that’s been addressed Uh, for beating them. Look more and did not print them, so I don’t have them here. Yeah, I, I looked, oh yeah.

00:00:35,530	Yeah Um, Did anyone have any questions, comments? I Motion Hm, sorry. Sorry, we have started the meeting without the mic on. Uh, we’ve gone to the approval of meeting minutes progressed to the approval of meetingmens from 627. 627, uh, any comments or, uh, motions? I was here, but if they look accurate I will move to approve.

00:01:08,070	2 Most in a second, uh, we have, uh, Andrea on by uh. Virtually, um, so I will try to make sure and pause to have you jump in if you, uh, if you have something to say, Andrea, hearing nothing, uh from uh anyone, I will uh ask for a all in favor of the motion, say aye, I, I.

00:01:32,670	Motion passed unanimously. Um, Vision Fund financial statements. Dmitri, anything to say? It’s nothing no major uh. Movement on them. Good afternoon, committee members. Yeah, there’s really nothing that changed since last month, uh, month’s meeting, so uh there’s still about I believe between 7 and 8 projects that can be awarded depending on the situation and with the current

00:01:57,700	financial uh look at the current resources that we have, and so, um, no new draws have been made, um, since last time as well, so, um, very uneventful, so. Fair enough. Any questions for Dimitri? Hearing none, I would accept a motion. Motion to approve. Second, motion in the 2nd. Any further discussion.

00:02:26,600	Hearing none, all in favor say aye. I I Unanimous. Onto the meat of today, the Vision Fund policy guidelines. Um. Mr. Schneider stepping the microphone. Thank you, Mr.

00:02:57,170	Chair, members of the committee, you had in your packet the updated guidelines, um, from, from the previous meeting or I guess changes that were made um from the notes that were um. Given to us from the previous meeting, um, in the, in the guidelines in the. Guidelines that you have in the packet. There’s some highlighted text, those are the changes that were made, um, To the previous uh version based on the comments. Um, and feedback that were given to me at the at the previous meeting.

00:03:21,030	Um, so you can see I can just run through them really, really fast, um, uh, uh, section 3 of the application process, there was a, uh, basically a redundant or duplicative paragraph that that started out that section, we removed that, um, we talked a little bit about, um, there was a a sentence in there about uh

00:03:45,670	people could uh provide feedback or or oral presentations, um, it was decided at the last. Meaning that it would be a public comment, um, period versus. Um, uh, uh. A public notice that they would have to provide writing and stuff like that, so that sentence was changed.

00:04:08,030	Um, you can see the, the version of that text. That’s just the, the version that I came up with that was not, um. Uh, anything that was provided to me or feedback, so if there’s changes that you feel like need to be made to that sentence, I’m wide open on that one.

00:04:29,930	Um, down at the very last paragraph there, um, we, we moved the the timeline out for accessing the funds to 12 months. Um, After 9 months, a single notice would be sent out that highlighted text in red, um, I couldn’t remember, um, in that in the previous meeting we had talked about this, uh, I know this was a question that was brought up by the by Chair Stray.

00:04:50,300	Should the should the city of Bismarck be sending the notice or should the chamber EDC be sending the notice, um, I left it as Chamber EDC because I, I couldn’t remember what was ever decided on that, um. And so, um, open to whatever needs to be the changes that need to be made there.

00:05:10,530	And then, um, Section, um. For, um, was brought up, it was previously section 5. Section 5 got moved down and got renamed Project Review. And then this was the text that I had. Uh, put into that. Um, into that section. Just to make sure that we’re um.

00:05:36,130	Reviewing our outstanding um or outstanding loans that we have and making sure that the projects are meeting their goals and objectives. So I’m first gonna ask if there’s anything that is not highlighted. That any of the committee members want to add to the discussion we will go, we’ll go through the highlighted things in order.

00:05:59,170	which are the edits that were made, but is there anything that anyone has concerns with that isn’t included in those revisions, um, that we should talk about. I have a quick question. Go on Page 3 or page 2. The last full paragraph. Vision funds will be granted on a year to year basis, um, Any requests for renewal of a grant must be accompanied.

00:06:26,430	By an application, are we really renewing them and are we renewing a grant or? Um, Would that be like renewal once the whole thing is done, like after You know, however many years or I guess I just haven’t seen a renewal, so I was just curious with that.

00:06:46,100	It’s, it’s old language and and and I don’t, we either need to clarify it or get rid of it, um, you know, that there was uh a lot of language. So I for things other than pace, it could be funds will only be Awarded sort of granted. Because if we’re, but I mean this is, these are loans, so.

00:07:08,400	The Right now that’s been the process, but. recently, I’ll say. Yeah, no, I, I think I remember Nathan, you. I think this has to do with whether we fund the pace buy down. In full or annually. I think this is where that’s this language, um. Originated. Again, it’s, it’s not in sync with where we’re at today. Right. Yeah, Mr.

00:07:36,830	Chair, members of the committee, Andrea, the, so the language The Chair is right, that that language is old language, so the I I’m, I think this is referring back to when the um funding for um. You know, the, the Bismarck Maha Development Association, the Chamber EDC, and the Idea Center um received some grants at one time.

00:08:01,930	I think this was language in there specifically speaking to the grants that those um entities received for for their operations, um. We don’t, uh, we. It’s, it’s certainly up to the committee to grant dollars versus loan dollars, and so I mean. That certainly is an option. I just don’t know if that language. Pertains to.

00:08:29,600	The dollars that are even if the dollars were granted, I just don’t know if that would be Pertinent to a granted. Dollar amount if that makes sense. I think it actually just could be removed, the paragraph could be removed as. The long way of what I’m trying to say. Thank you.

00:08:56,270	So I go back to the eligible projects and it says the vision fund is flexible and can be used for reduced interest loans, job creation incentive, grants, and other appropriate financial incentives, so. We addressed there that we can do grants.

00:09:17,600	So if we have a position, a situation where we can, if we have it in there that we can provide grants, then this probably is applicable. Because we wouldn’t Normally grant anything for more than a 12 month period. And the question is whether we need it. Or whether we if we if we haven’t stated, if we have it stated somewhere that we could have grants available then we probably need this paragraph.

00:09:40,200	And you’re right, it does state that earlier so. So I’m gonna suggest that we, we would want that paragraph to say if. If funds are provided as a grant. The year to year grants will be on a year to year basis. And then the rest of it could say the same. I don’t know that the November 15th. Makes any sense.

00:10:12,130	Again, I think that’s had to do with, you know, the previously the BMDA and the Chamber DC and in that I, I think in that case it worked into the city budget schedule. So that the The request for the grant. Funding was received before. City budget was approved I.

00:10:36,670	I, I, I guess I’m not really sure whether the November 15th date came from either. So anybody object to removing that that uh sentence. Right As far as I’m concerned, it could go out. Yeah, the first one, the sentence before says it has to have a written application, um, so we’re already addressing that there’s a, there’s a process.

00:11:09,300	And by using a date specific you’re assuming every grant is on a calendar year basis and they might not be. Nathan, I’m gonna, I’m gonna read as I think. Makes sense if funds or if vision funding the vision fund funds. OK, let me start over.

00:11:39,770	If funds are provided as a grant? Such grant will be on a year to year basis and then everything beyond that stays the same. Yeah Makes sense. Yep, we’ll make that change. Thanks for catching that, Andrea. OK, so now I’m gonna go back and we’re gonna talk about the highlighted, starting with removing the first paragraph, which was just duplicative. I don’t think we have any everyone was in agreement last time.

00:12:13,330	Um, Question for those who know the rules better than I, um, on, on. When the part that says each vision fund committee will include a public comment period. Um, Again, I don’t anticipate people coming in to filibuster, but um. We put that in because we’re.

00:12:38,930	Trying to go from a standard of 2 meetings to approve an application to a standard of one, is it acceptable to say Each vision fund committee where grant applications are. Reviewed where funding applications are reviewed, we’ll have a public comment period. So my and Janelle I might need to see if this from a legal standpoint. So I read this.

00:13:05,630	I have no problem with public comment, but I think the public comment should be, even though it’s not a, this is a public hearing and we can have public comment public hearing, but they should be associated with the particular agenda item, rather than as one big public comment period that’s exactly my concern in my view.

00:13:24,530	So if there’s a, so I don’t know, Janelle, if I’m getting off base legally here. I, well, and, uh, Chereggie and members, Mayor Schmidt So I don’t think there’s anything legally required. I think you want. To make it clear what you’re trying to do. So what I’m hearing you say is you would like comment about the project. Allowed When it’s hurt.

00:13:52,070	Is that what I’m hearing it’s presented or at the time as I as I reread this, that is what it says. Public comment either opposing or supporting applications on the agenda. And, and, and it reads this fine, but we want to go back to how we did the agenda.

00:14:10,200	I’m just thinking we could spell that out maybe in the sentence that the public comment. would be at the related to the particular agenda item will occur. During that portion of the meeting or something like that and I think that if you say it, it, it will occur during The discussion time of or during the item, the agenda items.

00:14:34,270	Presentation, that would be the way to solve that with filibuster, whatever you are the chair of the room. If people are repeating themselves, if you have a bunch, you have still the ability to control the decorum of the room. So that as long as we are not oppressing a particular topic or a viewpoint. You you always have that authority.

00:14:54,700	So Help me understand that, you know, as we lifted today’s agenda, public comment is before. That’s not what you want, sounds like it would just be, we wouldn’t. Public comment would occur if we had an item on here today that was a request for funding. There would be public comment available. Uh, let’s say do that.

00:15:17,270	Well, I’m just wondering if the software can do that since we have the experts in the room. You wanna touch that one you make it like a like we do consent and you can do the application and then do public comment underneath it.

00:15:35,800	From the agenda presentation to the public knows what we’re doing to be listed as an item under the agenda, not at each item. So it can be a sub So So let’s say there’s a loan that request on the agenda, let’s say there were 2 loan requests on the agenda today. We want public comment to be able to occur after the presentation for each of those.

00:15:59,330	Mhm So would it be? Application, not the attachment, of course, it will just be delineated separately. That’s Like consent in E And then would it be a The uh in my mind is the appropriate time after Nathan and the applicant, and before The decision. And members ask their questions.

00:16:31,230	So, uh, well, Che Reggie and members, I think that you always have the right to ask questions of anybody who comes up if it’s not clear the time when they’re presenting is to ask questions, you know, if, if you aren’t sure what Nathan’s presenting or where it is.

00:16:48,800	I don’t think we can, we should stop you from asking questions when he’s presenting and the public comments sometimes when you ask those questions, it resolves the questions they have, so I don’t have a problem with that. You’re, but yes, you should absolutely not make a decision or say you’re Going one way or the other and so everyone’s talked because typically the discussion continues until the point where someone makes a motion, which is backwards, but yes.

00:17:09,000	Robert makes a motion. Then you have discussion. OK, but the question is should the public comment before come before the motion. OK, so that’s the, that’s the tricky part is. is where the public, to me, the public comments, OK, it should be right after.

00:17:27,870	I mean, you can do it again, you’re the chair, you get to control that. We don’t have to do anything with the agenda to control it, but typically what I see is Nathan would present the case.

00:17:44,830	Usually we always let the applicant if they want to add anything, have the first chance, then allow the public to comment, if any, if they don’t, if there’s, you know, you can ask questions as they present, but if there’s further questions, usually they’ll ask, are there any further questions? For anyone, and if there aren’t, then is there emotions so we can have discussion.

00:18:02,470	That is typically how I see Robert’s roles in these types of situations of reading the room and and before we’re ready, when when it feels like we’re ready to make a motion, then we go to the public comment first. The public comment. No. No. So that’s, I’ll use PNZ as an example. So we present. Staff presents the topic and.

00:18:24,870	Derek’s been there, so he, he knows and then the board asked if the, if there are questions for staff. Then we ask that now in the in PNZ the hearing starts immediately with if there’s an applicant in the room, we wouldn’t have to do that.

00:18:41,030	We could allow the applicant to speak first, and then we would say, do we have any questions with the applicant? And then at that point in time, we could say, is there anyone here who wished to speak to this topic. They come up, speak, if we have questions of them, then we ask them. Once we are settled with we’ve heard from everybody who wants to talk about it.

00:18:58,500	We could still then say we have another question that arose because of what we heard from a comment we can ask staff or the applicant. Once that we’ve got the questions asked, then we would. Essentially kind of close that comment period. And the way I handle it, city Comm.

00:19:18,830	, and I say, commissioners, what are your wishes? Maybe we have some questions that pop up as a result. That’s why we ask those questions, but then the motion is made and then we have the dialogue at that point in time before we vote. That would be probably the cleanest and that yeah that’s. We’re on the same track we described it slightly different.

00:19:37,600	OK, OK, is there, is there a delineation between public comment and a public hearing. Yes, public comment is, well, public hearings require certain legal notices that we do, we put that in the newspaper and um Yeah, Public comment is typically just Well, it’s it, it can be limited.

00:20:01,470	Like we limit it at the city commission to only items on the agenda that are not a public hearing, because public hearing, I need that information in that item because for defense if ever it’s appealed, I’ve got, I need to have it all in that area, so it’s more about Well How we noticed that out. I’m not sure we need to publish notice of the hearings in the newspaper. Yeah, we’re not necessarily having a hearing.

00:20:21,730	We’re we’re noticing the meeting and, and the reason logically, I would guess that was started with public comment at the beginning of the uh commission meeting was so that we didn’t stop for every item along the way and.

00:20:41,630	It works I think pretty efficiently for the city commission, but here we’re more specific, you know, it’s, we’re looking for public comment or feedback on a particular project, so we’d want to ask that we have the it’s not notice we’re noticing the meeting, it’s on there and we’re saying there’s public comment available.

00:20:59,800	Yeah, and I know historic preservation committee does have public comment at the beginning of their meeting for any of the items, they don’t have a lot of uptake on that either, uh, I think what your intent is is to make it kind of like a public hearing that it is specific to the items, action items, but Not necessarily we have somebody specific to notice. 9 times out of 10 weren’t gonna have everybody show up.

00:21:18,400	Probably, but I mean, sometimes I wish they would, um, one question on the, on the way it’s written, and again, I’m, I’m. Wordsmithing, but I’m just curious, do we want to say either suppose uh it says comment period for interested parties to make oral presentations either opposing or supporting applications on the agenda.

00:21:41,330	Do we want the opposing or sporting, or do we just want to say to make oral presentations regarding applications on the agenda. I don’t know if there’s a plus or minus. It’s just. I don’t know if that hurts anything to say either say both of them.

00:21:58,630	mean Because we really want both views if there are both views, OK? Any further discussion? On that item on that part of the. Guidelines. OK. Um, we had addressed the paragraph on granted on year to year basis. Next section that had Changes was the 12 month timeline, nine-month notice. 12 months to approve um.

00:22:32,100	11 suggestion I would have is down below that it’s uh in the bottom of that paragraph. It says an applicant may request, I think we should specify in writing. We, we don’t want the burden to be on you, Nathan, that if they babble at you, you’d have to write it up.

00:22:58,300	Yeah Any other notes on that paragraph? From Any of the vision fund members? I, the only question I had, and I don’t know that it. I don’t have a problem. Because the city has effectively contracted with the. Chamber To help administer this program so if the chamber is sending the notice, I think that’s OK from.

00:23:17,530	My perspective, but I just wanna make sure everybody else, it’s it’s much easier if they’re tracking it because it’s one less thing the city has to track. And that was, that was my concern is the, the, the chamber isn’t a party to the agreement that’s pending. That I made me wonder if it should actually come from the city.

00:23:43,800	Well Are we OK, Jason, administratively? Yeah, I think we can That step shouldn’t be a problem. OK, then let’s do it let’s do it from the city, it does keep it. A bit cleaner. That doesn’t prevent Nathan from calling and say, hey, what’s going on with this one? OK, uh, any more on that section going once, going twice. Project review. I know we talked about this.

00:24:10,400	I know we wanted to do something. My memory, I read this and again this is in my wheelhouse as a lender and I shudder at this because the the the chamber. should not have the burden, nor do they want private financial information and those types of things.

00:24:32,800	What I remember of the discussion was the that that we wanted to verify. Um, That the loan was in good standing, where if it’s a pace loan, we can verify that by whether the Payments are continuing to be made because we can see that.

00:24:52,530	We, we are the city, um, as and correct me if I’m wrong, um, can tell if those funds are being drawn down. Is that right, Jason or Dimitri? The bankers can see it, maybe the city can’t. Yeah, I, I, I think if we, I think if we contact the Bank of North Dakota go to the bank in North right away, they, they would.

00:25:17,070	I could ask that to just to make sure, but I would assume it’s, it’s the city’s money. They should be able to. Say yes or no that it’s been either sent out or not a loans again, isn’t it Lewis and Clark Lewis and Clark, but, but we should be able to get that directly from Lewis and Clark, but Lewis and Clark, is it so.

00:25:37,330	Pace Sloan is over here. Our loans are at Lewis and Clark. Our loans don’t get any payment until the pace loan is paid off. So our loans don’t have any. Measurement of whether they’re in good standing. During the years, the pay loan is in process.

00:25:59,300	I would hope that Lewis and Clark is inquiring about that as they go. Inquiring about I mean they’re part of the loan transaction. But they’re not tied into the base law. There They’re tied in because the money that we are giving that goes on the pace loan which is being drawn down through the Bank of North Dakota.

00:26:19,000	I would, I mean, I don’t know, I would hope that they’re inquiring that would be, I would tell you it’d be an audit finding on my part if I were auditing them and they weren’t ever checking on that, but, but, but they don’t, they don’t have any legal tie to the pace slow.

00:26:31,400	They have a legal tie to make sure that loan is collected though. Not, not to pay loan. The lawn The the the city is making. For the buy down funds, but the, the payments don’t start on that until the pay low is gone.

00:26:49,870	I so this loan, this loan doesn’t have any way to say if it’s in good standing because it sits for 3 to 5 years. So what are we trying to evaluate? If the So to me the simplest is Find out if the underlying loan is in good standing. Which means, are they making their payments on the Pace loan or if it’s not apa loan.

00:27:10,370	Are they making their payments on that loan? Because, and, and here’s where I’m going, it’s exactly what. If they’re I understand issues with this loan. Then we’ve got issues with this loan. Cause if they’re not making payments on the pace loan, the odds of us getting of of the city and the vision fund getting their money paid back.

00:27:32,630	are starting to decline. So I guess I would, I’m maybe I’m making a bad assumption. I’m assuming that Lesson Clark is tracking that and should be tracking that because they’re actually a part of the entirety of it because we’re all, we’re giving part of the dollars, Bank of North Dakota is getting part of that.

00:27:50,430	Our place would be to inquired right to the bank in North Dakota and that’s my assumption is that, is that the simplest way, rather than saying complete review and analysis each loan, to say verify that the underlying loans are in good standing.

00:28:08,400	That’s my Because, and that’s, but it’s, I’m exactly trying to get to what we can’t get to through Lewis and Clark. Lewis and Clark can’t tell us anything because they’re going, well, we’ve got a loan, the payments don’t start for 3 years, so for those 3 years, we don’t know.

00:28:26,530	And so I’m trying to get at least some indication of whether things are circling the drain on anything where we say this this this loan comes into repayment in 18 months, but we know they’re not making their payments on the loan to Bank of North Dakota and their and their mainlander. So the likelihood of us getting paid is starting to erode.

00:28:43,530	So Dimitri just told me that we can find out from Bacon North Dakota, if the if the escrow dollar amount is being drawn on, which would mean that they’re making their payments, right? I think for for me when I wrote this um paragraph up, I tried to leave it fairly vague, just for for exactly what you’re talking about.

00:29:03,870	I don’t, I don’t envision a a full scale review of the project or the loan. The other thing that we have to think about too is. There, there’s kind of two loans that will be reviewing, will be reviewing the, the loan while it’s still in the buydown period, and then the loan once it’s been repaid, which Bank in North Dakota then has they they

00:29:22,530	won’t know anything, correct? So we’re gonna have to kind of Play on both sides of the buy down. You know, time frame, so OK, so maybe again, I, I, I don’t wanna put an undue burden or or. To your point, have an audit finding that says, well, somebody says we’re reviewing and analyzing, and you’re not.

00:29:45,000	Because I don’t think you should be. But to say verify that loans are in good standing, verify that both the underlying loan and the loan from the city. To the Applicants are in good standing.

00:30:08,430	Now for the Lewis and Clark, that would cover both for this, again, I’m gonna use 3 years, but for the 3 years where it sits, it’s in good standing because there’s no expectation, but we’re getting data from Bank North Dakota then for the years it’s in repayment. It’s in good standing if they’re making the payments on it. And I Mr. Chair, I don’t, I don’t know if there’s a lot of.

00:30:29,330	Undue burden on the chamber EDC if, if all of the committee is looking for is just a list of the projects and then a note saying in good standing, in good standing or past due or whatever we want, you know, however we wanna word it. I, I don’t think that that’s.

00:30:46,330	much of an issue if it’s just us picking up the phone and calling bank in North Dakota. Typically we’re meeting with these projects anyway, um, you know, that it’s not like we just give them. You know, go help them through Vision fund process and then it’s audios.

00:31:07,300	We’re we’re typically visiting with them anyway, so it’ll it’ll probably Be something that we’re working with them anyway, so no, I did not think that was a burden. I thought if you were taking on review and analysis of each loan, that that was a burden and, and again where I’m getting is. When, when the money was grants.

00:31:27,470	It was held in Escrow Bank in North Dakota, if the loan defaulted any unused money came back to the city. Now we’ve got the loan out there or the funding out there as loans. I think that puts a. Expectation on the city to Do some sort of due diligence to see if those loans are collectible.

00:31:49,400	And at the minimum that mean where they’re sitting for 3 years without any payments being made, knowing if the underlying loan is performing. Is the simplest way to do that. That’s where my mind is going.

00:32:09,870	So, so maybe if we just change the wording where it says a review and analysis of each loan, maybe, maybe that just needs to be reworded in my head, review and analysis could be as simple as a spreadsheet saying In good standing or past due. I, yeah, and I think that’s how we want to say it in the guidelines. We’ll, we’ll verify that the direct and underlying past loans are. In good standing. Mitry’s got something to say. I can tell.

00:32:34,730	Um, Chair and members, um, I, I guess we could find I, I, I didn’t to correct, sorry, I maybe I mis misspoke there where we don’t necessarily verify that, but we could make that up as a process, you know, we can work with Chamber ADC and find out a way to where we can figure out all those compliance issues should be a simple once a year letter to

00:32:51,470	BND and like I say it’s something we’re updating these guidelines, it used to not be an issue because we didn’t have loan receivables that we. Again, I’m assuming we have some. Responsibility to figure out if those loan receivables are worth. The paper they’re printed on.

00:33:12,870	On an ongoing basis and so this to me is covering that. I agree, and we could talk to Lewis and Clark and see what they do on their end as well and see if they do that check, and then if we could just maybe just piggyback on their work to verify that they’re doing something that’s great.

00:33:31,570	I think you’re gonna find that they’re not you’re probably right, um, I guess I don’t know for a fact, but I mean, we, we just know that we have long term loans here that with like different.

00:33:47,570	At the city for different HD projects and sometimes they have like a 30 year thing where you don’t touch it for 30 years and we have to remind ourselves to check every year or every other year, hey, let’s go see if this is still an active, active loan or if they’re still complying with the requirements of the mortgage.

00:34:06,070	You’ll get notified if things go, you know, in a bad way, but these don’t always so, and, and as I say this, I don’t think Lewis and Clark would have the. Ability to verify that with BND because they are not a party to those loans. We will check out, we’ll check the situation. We’ll get back to you with a more.

00:34:27,400	Response, but as far as the guidelines go, we can, we can do some sort of just put something about checking the underlying status and I, I, that gives us. The appropriate and and details can happen behind the scenes.

00:34:49,500	And then not to complicate this anymore, but I know one of the, one of the comments that Andrea had made um in the previous meeting was, are we, are we checking to make sure that they’re that they’re meeting the goals and objectives that they set in terms of job creation and and some of those other things and so that was, that was the reason for that last sentence there where we talk about, you know, the reviews are meant to make certain vision fun dollars are being utilized to achieve the goals and objectives set

00:35:05,400	forth by the committee. So I guess I don’t know. Yeah, thank you for reminding them. Reminded me of that, Nathan. Yeah, I just wanna make sure we’re We keep that in there, I guess, somehow. Because A lot of these projects claim they’re going to create this many jobs or Bring in X, Y, and Z, and.

00:35:25,700	I mean, we need to, I think we should at least make sure they are doing that. I think that’s I would agree with that. I, I think it’s a two-step process. Are they, are there loans in good standing and I don’t know if we want some simplified form um to say.

00:35:46,470	I can tell you how Stunson Coy does it. Stutzman’s County Development Corporation, um, At least in the first. 3 to 4 years, 5 years, they actually send out a request for certification. From the applicant who then asked us. Sign in a test that they’re meeting number of employees or whatever the criteria might be and then that comes back now.

00:36:11,600	It’s not Verified. It’s still on the word and that’s good, that’s the hard part I think is unless we’re gonna, and I don’t think we want, only with the bandwidth to go and knock on door. And confirm that, but that would be at least making them attest to it. It Yeah, Mr.

00:36:34,630	Chair, members of the commission, Mayor Schmidtz, I, I. That’s how we had done it before as well until the the century code got changed in the last session where they took the accountability pieces out of there. Um, and we had, I guess we had always taken the projects that there were as well, I, I guess if.

00:36:52,600	If they’re gonna lie to you about their their jobs that they have, um, out there I worry about what else they’re gonna. Lie to you about, I guess, but. But if we can’t under North Dakota Central Coota ask for it then. Then we can’t ask for it or we don’t have to ask.

00:37:09,370	We don’t have to. OK, it’s not a requirement by law anymore that we have. I’m asking for it. I think I agree too. I think it, I like asking for it and I like that it’s in our bilas here.

00:37:27,400	So then companies know that when they put in The application that they anticipate this many jobs that we are going to follow up with them, so. Don’t overestimate or overpromise, I guess. Yeah, and it’s, it also provides some accountability to the fund as well that, you know, if people ask, well, you gave out these dollars, what the heck did we get for it? We can’t go back and say these

00:37:48,670	were the jobs that said we’re going to be created. These were the jobs that were created, you know, and, and there’s some accountability and transparency there.

00:38:05,430	Do you remember um the forms that we used when the statue, I mean, is that what they do is compare projected jobs to actual all that we record or all that we ask to. Reported was current number of jobs as of a certain date, so December 31st of 2023, let’s say, and you would report the number of jobs that you had, we would go back and compare it against whatever the projected number was in the application, the application typically only

00:38:23,400	looks out 3 years. Um, so after that, it really wasn’t about. Comparing it to the goal, it was more just where they are. I mean you’ve gotta be kind of realist if they, if they get a one, are we gonna Paul the money, probably not, but we don’t have the ability, but if,

00:38:44,170	if they report back, first off, if their applicants said they’re going to create 5 new jobs and they report back that in year one it was 3, year 2, it was 4 year or whatever or they’re making progress or they’re at it, and they stay at it for the balance of the payout.

00:39:00,730	I don’t care at that point in time because we were treated and maintained right. Yeah, completely agree, simplicity, if we can tweak that. Reporting for a little. And just fill in their projections from their application on the reporting form.

00:39:21,800	And it can, you know, you make whatever 5 copies of it for the 5 year and just they just fill in the second column that says where they at. Yeah And Mayor Schmidtz, I agree with you, I think. I think with this more or less does is not only does it help us track it, it also helps the.

00:39:46,770	kind of Hopefully curb applicants from saying they’re gonna create a bunch of jobs that probably aren’t realistic, um. If we say, hey, we’re, we’re gonna track this, we’re gonna see where your goal is at. So, Let’s be realistic about the goal. And it also gives a tool for. If they come back to request more funds. Um, There’s a, there’s a uh.

00:40:07,400	Written record that says, well, last time you really didn’t do what you said you’re gonna do. Which increases the scrutiny. Any other feedback on the guidelines. Do we think we need to see another draft, or do we think it can be, I think we need to have that last paragraph. Wordsmith.

00:40:37,070	Wordsmith, before we adopt them because I don’t know what it really is gonna say when you look at it, Nathan, and if you want my help, I can I have my my brain says it might be a two-step paragraph one of what we can verify with the bank and one of what we verify with the borrower.

00:40:57,700	Yeah And maybe we can do what we did this last time, maybe we can make the changes, send them out, send them to to the city staff, they can send them out to the committee. Committee can provide any feedback back to the city. And back to us and we can have something that’s like ready to be. Um, decided on the next one.

00:41:18,000	32nd discussion instead of a 30 minute discussion, that would be, that would be yes, we can get there. Hm Anything else from you, sir? Um, I do have, so this isn’t something that probably even needs a formal action on, but just an update on the application. I, I promised you all that we’d have an updated application.

00:41:37,530	Um, if you just want to take a look at it, um. If you want a copy of the previous application just for reference, I can give that to you as well. And then maybe um oh this thing when you uh.

00:42:00,230	When you provide feed, we don’t have to talk about it now unless unless you really think we need to, but if you provide some feedback, there’s something in there that you really think we should see. Um, the first two pages actually stayed fairly similar, the same as the The previous two pages we took out.

00:42:21,470	Um, the more in-depth employee piece, we kept the sources and uses uh a chart there that that does need some some work on it. I, I. Kind of, I’m not really sure how to structure that because technically the Vision fund dollars that are used for the interest I don’t technically aren’t part of the project.

00:42:39,130	So you gotta kind of figure out how to set that aside and then the piece that I um promised you guys the last meeting that um final blue box on the bottom there that for internal use only, is really just setting the the terms of the loan.

00:42:59,530	Um, so that you can see that in the application when we bring it forward to the application, so I’ve changes are or suggestions or recommendations are needed for that piece that they can be made. Um, At that meeting Sorry, Andrew, I can send you a copy of this as well, Andrea, so you, so you have it, um. As well. And uh based on the discussion we had last time, if you have feedback on this, um.

00:43:32,000	To be To follow our, our, our rules that we have to follow, bring it back through Whitney, who will provide it to Nathan and Ken. Coalesce those comments into, um. A 2nd version of this. So I might suggest. On the sources.

00:43:56,070	If we took the column that says Bismarck Vision Fund them out, and move that all the way after total and then you have the total that takes the bank bank equity and other whatever other might be, I don’t know, but. I suppose it could be contributed equipment. In kind, um. So then Then you can take an easily add a cost to where the total column is and then the vision fund dollars are.

00:44:23,330	Separate Agree with that Um As long as we’re tackling it. I also think on the internal use, we want to put in um. The 12 month draw date. Both, both in terms of tracking it and in terms of making sure we ask if that’s If we need to make any exceptions on.

00:44:44,070	The project, you know, whatever project is in front of us is that uh is it an 18 month project and we need to address that up front. So is this intended for the loan from the vision fund? Yes, the, the blue box. Question. If we need a couple of the lines or not. Because there’s no security Right? There’s no Guarantee Is there, there can be.

00:45:12,500	It’s the, the guarantee, owner guarantee. OK Yeah, to, to your point, Mr. Mayor, we, we have not, um, we have not at this point, required a guarantee, um, but that that’s. I mean, all of that I think is on the table in terms of like the Clark has been taking security agreements.

00:45:36,930	They recognize their subordinate security agreement there’s probably no value to them, but they’ve been OK, well, that’s fine. I’m OK with that. Then we aren’t collecting fees on these. So I’m just, you know, to the extent we can eliminate things that are. irrelevant. I would do that, agreed. The fees one, yeah, could um.

00:45:59,970	Lewis and Clark does, does, um, Take a fee on it. In addition, in an upfront fee in addition to their rate. Who pays that the project, OK, then it’s, it’s, then it belongs. And just because we don’t see that. Component of it, how that flows through, um, and then, sorry, Mr. Chair,, 11 note I did have was um. On from last meeting.

00:46:29,270	I think it was um, you, Mr. Chair, that said, anticipated completion date, um, was required on the on the application is that. Is that the 12 month. Draw a deadline that you’re talking about, OK, anticipated, yeah, anticipated, um. Loan finalization, yeah, whatever it might, whatever, however we can put it to make it. Sure, Clear, yep.

00:47:02,900	Um, Yeah, because Andrea doesn’t have it and, and Mike’s not here, um. I think we, you know, send that out. will feed it back to you with any further and and hopefully we can finalize both the uh. The guidelines and the application next uh, next meeting.

00:47:21,530	Yep, I’ll send this over to Whitney right away and um she can get it out to you. There’s some formatting stuff that needs to be changed. I realized that we didn’t really get into the. The devil in the details in terms of formatting until we kind of had an idea as to where things were gonna lie and things like that.

00:47:42,400	All right, any other business to come before the vision fund. Fearing none, we are adjourned. Thank