00:00:11,630	4 o’clock, so I will call the meeting to order, um, we have 4 of us in person, Mayor Schmitz is on uh electronically as is our applicant, uh, so, uh, we have, have that, uh. Connection already established, um, First item, um, well, let me do this.

00:00:35,800	I’m going to a couple of things on the agenda, um, because our applicant is, is on remotely, we’re going to move the application above the updated vision fund guidelines, so we’re gonna address that first, um, Uh, in respect to his time, and then on other business, uh, Nathan has an update for us on the Heart View project that had been approved.

00:00:59,630	So unless there’s any objections, we’ll proceed in that fashion. First item, approval of meeting minutes. They were sent out as anyone have you reviewed and what I on And Is it because of my blood? Um Good Bending the lyrics. He, he can’t hear us I see. I heard, I heard Ben talking.

00:01:34,870	Yeah, we Well, we, we talked to Mike. Before most of you got here. A meeting will go quicker that way. Mayor, can you hear us at this time? It looks like the speaker on this end has been muted. Microphone check. Mayor, can you hear us now? No. Hm. Ben, are you able to hear us? Yes, I do.

00:02:05,370	OK, thank you. We’re having trouble with the other uh attendee on the meeting here. Hm. Someone speak again Your light’s not on like 12 testing 12. Mic check 12. Volume check. Mic check 12. I can’t hear anyone. I can hear you now we’ve got.

00:02:58,670	Whitney, can you, Whitney, can you let the mayor know we can hear him, but he needs to be able to hear us. Kind of Moot point to have in mind. and come back. OK You want to have him sign out and sign back in, Whitney, have the mayor sign out and log back in? To this meeting. Yeah, and I can hear him back there too. Ben, you can hang tight.

00:03:33,630	We’re just working on the mayor’s connection. Thank you. Sure, yeah. You missed an opportunity. Mike Jack, Mike, can you hear me? Can you hear me? Mayor Schmidtz, we can hear you and see you. Can you hear us? He is the mayor is not able to hear us. Online. Well, it’s uh because.

00:04:07,670	The other attendee can hear us, correct? I’ll just. I’ll pull out my earbuds and just go off my computer and see if that works. I was trying to keep everything silent here. OK. Well, maybe while he Tackles the technology you can proceed. I would agree because we have a quorum even without him, so.

00:04:34,500	Are you hearing us now, Mike? I’m good now. I just I can, yes, I just. Something’s not working between. Go ahead. Sounds good. Um, so, uh, on the table is the approval of the meeting minutes, um, we look for a motion or any feedback. I’ll make a motion to approve the minutes. I’ll second.

00:04:57,370	Um, hearing no discussion, all in favor say aye. Aye aye. pose the same sign. I mean that’s are approved uh vision fund financial statements. Dmitri. Committee members, good afternoon, I guess, um, there’s really not a whole lot to report on, on their, um, there was a draw made by, I believe it was Venure LLC if I’m not mistaken, I have to.

00:05:26,070	Look that up, but, um, other than that, there’s really not a lot of um activity that’s happened since our well since the last time you’ve seen these, um, obviously probably interest income, um, grew, but other than that, uh, in the draw really there’s nothing.

00:05:46,570	Significant, there’s no other significant changes that to report we we approved several deals early in the year. Have they, are they um drawing a blank without construction deals that we haven’t funded yet because the loan is not in place. Correct, we haven’t, I don’t believe we received anything from.

00:06:06,770	Because we, we buy them I’m I’m sure that you have to go through some sort of process for like in North Dakota doesn’t the loan convert if it’s a construction loan, um, until it converts to term repayment, so I’m guessing that’s Nathan’s nodding. That would make sense.

00:06:28,470	So we still have the reserved cash balance, um, showing of 433,000 then so that’s, that’s for, um, oh yeah, then it shows below that for notes notes approved but not drawn. So that would be That would make sense. Kevin like venture had been the one that was drawn because they. They went their construction complete, I know. So, but we don’t have anything on the cash flow statement that would show that’s been drawn. It’s on there on the balance sheet.

00:06:52,600	Remember Stray there, it’s on there where it says on under notes receivable. Um, there’s a proved but not drawn because it converts from cash to a loan receivable it doesn’t hit on the it’s just a balance sheet. It’s an asset item that goes from, yeah. OK, fair enough.

00:07:12,400	Um, the only two that were drawn, um, in 2024 so far are Cloverdale and venture building Company. So those are the only two. So far OK. Other questions on the financials? How many more do we have to draw? We were And, and when did we approve them? I can’t remember. It was pretty, yeah. Two of them, right? Yeah, there’s 2, there was 3 with the.

00:07:33,770	Yeah, with, at times you have included a schedule of those that would be helpful. That was my comment earlier today, but yeah, I will get that uh my staff are working on getting some of those agreements.

00:07:50,200	I want to make sure the terms are right, like I told you, and to be honest with you, uh, not on my radar, uh, in the last couple of months, so I will, I will, I will get it done for you. Sure. Other questions. If not, I would entertain a motion. I’ll make a motion to approve the financial. I second. Any further discussion? Hearing no and all in favor say aye, aye, aye, I pose same sign.

00:08:13,370	Thank you Um, next item, consider application from Eat Thai Cafe. Mr. Schneider has come to the podium. Thank you, Mr. Chair. Um, yeah, just the, um, on the two that are outstanding just to give you kind of an uh just a um.

00:08:36,370	Brief um review or whatever, the one is, um, the Kut and building in board development. I would, I would. Guess that that’s probably gonna look for a job very soon. Um, and then the other one is the Great Plains Restorative Services, um, which probably would have drawn, there was some um changeover within the Le bank and so we’re trying to work through um all of that and

00:08:58,070	within that lead bank, so, um, I would assume that will. Probably look to draw as well in 2024, so. Um, to the project, um, in front of you, so you have in front of you a request from E Thai Cafe Corporation. Um, In the amount of uh up to $111,606.79.

00:09:21,530	This would be for the local match of the of the um. Pace, not flex pace, but pace. Um, there was a question about the scoring matrix not being included. It was a primary sector.

00:09:42,330	It, it is a certified primary sector company, um, looking to seek uh the local match of pace and so we don’t, we don’t do a scoring matrix with a primary sector companies, um, seeking pace, um, many of you are familiar and I won’t, I, um, Ben’s online with us um from Thailand, so I don’t want to steal any of her thunder for sure, but um.

00:10:03,230	Many of you are familiar with the EThai Cafe uh down on Riverwood Drive, um, they purchased uh a facility to uh do some meal prep, um, and storage if any of you have been there, which probably many of you have, um, there’s not a lot of space there for her. And so she purchased this um facility to do that.

00:10:23,630	In doing that, um, one of the things that it allows her to do within that facility is um uh meal. Packaging and selling to grocery stores and and outside entities, um. For, uh, um. For purchase for for consumer purchase, um, at, at those facilities, so, um, that’s really where the primary sector comes in.

00:10:51,200	That’s really where I think it’s a fit for um Vision Fund, um, obviously the restaurant side we probably wouldn’t look at a at a a deal like this, um, just as from the restaurant perspective, but I think when you add the component of, of, um.

00:11:11,100	The, the pre-packaging, the production, the, the selling the um outside entities, I think then that primary sector component comes into play and it does, um, make it a viable vision fund project, so I’ll be happy to answer any questions regarding the request itself, but if there’s none for me, um, I’ll turn it over to Ben and she can kind of give you a better um a better overview on the project itself.

00:11:31,400	I would, yeah, suggest we go to that and, and unless anyone objects, you have a copy of that somewhere I can see. I don’t see that in my email anywhere. It was there was a link on it I can slide over, um, go ahead if you can introduce Ben and Ben, do you wanna, do you wanna, um, just talk, uh, give a brief overview on the

00:11:46,130	the project itself. Yeah, sure, um. Yeah, I I want to eat Thai coffee, uh, it, it is a small restaurant, uh, down on the River Drive. Right now and it’s been 5 years and we, our business grew, um, like really fast. Like from the from the first year to to today probably.

00:12:13,030	Um, 50%. And I, the, the idea of the project that I bought the, the chop condos and and have that. Um, to be like a food production facility because. We, we. We, we can’t Handle, um. Do like the preps or like storage at the cafe anymore because it’s too small. So Hello? Yep, we’re still here.

00:12:47,130	Yeah, but I can’t see you guys. I don’t know. It’s just OK, OK, I’m, I’m back. Yeah, um, my plan. To use this facility first, um.

00:13:15,470	I Uh, we are doing now as we, we, we cooked and we preps and then we we send it to the cafe, um, and, and, and open the package and uh cook at the cafe right now, um, my, my, my next step would be like I want more locations for the I Thai cafe and I want to make like uh the Thai food product. Like, um, Like, um, sauce, like a Thai sauce that you can, you can buy and you can.

00:13:38,900	You know, bring them at home, uh, and, and cook by a or like uh some tropical ice tea, um. Uh, Jasmine rice, something like that, um, my, my goal is I wanna sell. Um, those product, um, beyond like.

00:14:08,730	Um, like my cafe or like sell it online or um I can distribute that to like a convenience store or like Costco or Sam’s Clap, something like that. Is this operation up and running, or is it something that’s still in the planning stages. I just started, um.

00:14:34,930	As I have a cafe, I use this facility to uh cook and, and, and learn how to make product and also we, we supply some to the cafe, um, to be honest, I just learned about the vision fun about the primary sector, everything of this, uh, that the, the local um organization or um department can support the business. I, I, I. I got a loan from the local bank. Uh, as the conventional loan. So I, I didn’t know that this can can have like.

00:15:06,470	Like better option for me to to uh pay less interest and stuff. So yeah So yeah So yeah So yeah, to be honest are you selling on a wholesale basis now. No. Not right now. But Na uh. Department of Commerce has certified it as primary sector, Mr.

00:15:32,070	Chair, members of the commission, yes, and I apologize, I didn’t have that um in the packet with you, but we do have the certification that are from Department of Commerce showing that um they are certified primary sector, yes. Questions from the other, uh, members of the. Committee. The question I would have is, what to, to ban what’s the timeline for you to move into that wholesale.

00:15:58,870	Market Versus just supplying only your restaurant. Um, We, we, we already started we. We learn from whatever we do at the cafe, um, we learn what. Our customer likes, so we, we already, um, discussed like, um, what items we wanna start first.

00:16:28,670	I, uh, I already started with the local marketing company to help me doing the market research on uh a couple of items. Um, From that, I, I, I was at that right away. OK, thank you. Thank you.

00:16:52,770	I guess um, one question I have been is, um, you have on your application is I think 6 employees between full time and part time we look to adding, um, when would you be hiring those people, um, for this process. Um, I think early next year. I, I am in Thailand right now, uh, one of my goal to be here, uh, for sure.

00:17:20,070	I’m, I’m from Thailand and my family is here, um, I came here to visit one manufacturing, um, like, uh, they make like a soy milk, so I wanna learn, um, as much as I can from them and then and then bring those knowledge back to North Dakota and and. Um, start like looking for the right machine and and stuff, so if you ask me about the labor.

00:17:42,530	I think whenever I, I can get the machine. Delivered to my facility then I need more people. OK. So I have uh Nathan, I’m gonna look at you on this one. Pace specifically says it can’t be used to refinance existing debt. So if she’s already bought the building. Does that not knock pace out of the. Mr.

00:18:16,670	Chair, members of the commission, so she, they, they haven’t moved it to permanent financing yet. It’s, it’s similar to our other deals that we’ve done where it’s like a construction loan where it’s interest only, you know, during the construction phase and then moved to term after the construction is over as from what I understand with the banker is that the loan currently is in an interest

00:18:36,230	only phase, um. Dependent upon Uh, pace, the, the pace by on happening. And so it wouldn’t Be a refinance. Um, Has BND approved it? Mr. Chair, that I do not know.

00:19:00,400	I know the, the bank has been, I don’t know if you know that at all, if B and Diaz, I could text the banker and and find out, but. Um, as I know, BND G uh my local banker, um. Um, the, I’m, I’m at high station Schero. So I think that’s what we are. Right now with the BND, um, the, the local bank, they already approved everything and they have been working with the BND since.

00:19:32,800	Since they learned that I am qualified with the pelo primarily sex and stuff. Other questions. So Um, does this, is this buy down then related to the equipment? Only that’s part of that amortization schedule. Yeah, Mr. Chair, Mr.

00:20:08,600	Mayor, so the, the amount of the buy down, so if you look at the, there’s 2, there was 2 amortization schedules included in the packet. One was for the real estate and one was for the equipment. And And yeah, that’s OK. So the total, the to the 11160679 comes from the two, the two to buy down schedules, one for the equipment, one for the real estate. Do they currently have the equipment? No.

00:20:39,630	And Are they practicing with it or they still have to find it? We have equipment and what number you saw on your paper that’s the equipment that we already got. And what type of products will this equipment make? Will Will it Will it make um we got cattle boiling, we got the can be oven we got um.

00:21:07,330	Was that like, um, the the freezer. We got Dish machine. We got The big walk-in cooler we got. The big walk-in freezer. Yes, and we have a big ventilation system. Thank you. Other questions. This is, this is an unusual one in that, um. I, I struggle a little bit in providing.

00:21:59,000	Uh, buy down to a business that is already established itself going forward without the buyout that that the project has been funded and is ready to move forward without it. Um, Again, in theory, the reason for it is to, is to assist projects that otherwise couldn’t happen, so I struggle a little bit with that that it’s an after the fact, um.

00:22:20,100	So that’s just my thought, um. Other, other thoughts, other questions or uh if someone is prepared to make a motion. Well, I guess for me, I, I mean, we’ve funded uh office project that probably would have happened whether we would have done anything or not with it earlier this year and maybe a few other projects that would

00:22:42,800	have happened whether we did it or not with say Heartview or something like that, um, so I’m supportive of her project, I guess for myself, but um.

00:23:00,930	I think it’s the job creation and and a product that we don’t have locally here that she brought here once, but if we can bring it to the market into a grocery store, a local thing. I like that, so. Um, I would make a motion to accept the application and prove it. But um Leave that up for further discussion before that if you make the motion, then we need to look for a second. I’ll second the motion. At any further discussion, um.

00:23:28,370	So absolutely. I just I’m not I’m not sure where her whole plan is like I guess where she is in the phase. It sounds like she’s getting there, but she’s still talking and I don’t know like she says Costco and Trader Joe’s, but I don’t know how long that could take and.

00:23:45,970	You know, I think in our new bylaws. Or our new things you’ve been working out like you only get like a year to pull it out and. How long would we hold the money until she I don’t know. I’m just not super. Convinced that it’s gonna happen, I guess, at this point.

00:24:03,170	Since she hasn’t started producing it, and I know it’s a tough market to get it. Well, so this begs to back to Kevin’s question or comment, this is a. I look at this as as actually getting up and going and starting.

00:24:21,800	I don’t know how, you know you know weren’t gonna, if we were only going to fund something that’s not started yet. Then She could never, she would have to be already out there operating based on that question, I guess maybe that’s a better way of saying it. And then we wouldn’t be funding it because it’s. Past stardom. Um, can I say something? Sure. Um, As I am the one who take the.

00:24:48,370	2 million. commercial loan to the local bank. I think I, I took enough. With everything to move forward. If you’re talking about. Oh, I don’t know what she’s doing when she’s gonna sell. I’m carrying. Big loan amount. On my shoulders. So my goal is to move forward with everything that I can.

00:25:16,130	To make the money back and pay the bank. So, um, if you ask me what’s what’s her plan is. I know what my plan is, as I start with the marketing company that can help me out with product can be sold in the market.

00:25:39,130	I didn’t start with, oh, just cook and put in the container and and send it to maybe family friend and waiting. Um, back with the feedback that, oh, how, how about my product today. That, that’s it, that’s itself, or you know, should I kill this product? No, I didn’t start with that. I start with somebody can give me more information than I can sell the product wisely.

00:26:05,430	And whether you approve this or not. I will do whatever I. I plan As before. But I, as I, as I learned from several people that, OK, Bismarck. Also North Dakota has some supportive program that can support the, the local business because we are, we are.

00:26:31,400	We live in North Dakota and we want to support each other and we wanna support the community. And we want to make everything good, so I am with that. Just to comment to to your. Input, Andrew As I understand it, the loans are already funded, so our, our funds would be drawn.

00:26:56,600	Quickly in this case, so, so when the when that part of it starts, will come quicker on this than on most. But yeah, that goes to my other is that the loans are already funded. And and now we’re looking back at it. Other questions, other input, we have a motion on the table, so if there is no more, um, to be said, we’ll move to the vote.

00:27:23,770	But I want to give a last chance around for any further input. Um, yeah, I’m sorry, I don’t know if I missed or not, I guess one was. When were you planning on starting all this, I guess if you haven’t already love the process and. I’m sorry, I just kind of got lost on the timeline there, so.

00:27:43,070	I guess when would you like to? If you haven’t already begun the operations of this, I guess. I know that’s really good the way put it sorry so. Yeah, I’m Apologize to Sk lost in the timeline. That’s that’s a question for you, Ben, if, if I could clarify that one. Is the facility.

00:28:04,470	Currently in use and when, when would you be ready to start selling wholesale? Um, I think the only thing that we, we have left is packaging. And labeling We already have the product we already work on supplying and everything, but we just, um, need to have the the good packaging and then we can sell after that. That answer your question? OK.

00:28:43,400	Further questions or input. Going once Going twice All right, please call the question. So this is for a yes vote to move it forward. So remember Freilich? Schmidt. Yes. Peterson. So Wachter? Yes. Cheery. No. So the motion fails and I would, I would put forward, it’s 3 to 2. Was it 3? Sorry. Mayor Schmidt and myself.

00:29:25,670	And it doesn’t require further explanation. Thank you. That’s Um, thank you, Ben. Yes. Thank you. Let me revisit. Because one thing we did not address specifically, um, we, we move for approval.

00:30:03,470	We should probably have a second motion since it wasn’t included in that, um, to clarify that it is under the common terms that we have been using, which is to Do the buy down as a loan. It would be 2 loans because we’d need to separate the buy down for the two separate pace projects. Um, I don’t We, we, Mr. Chair, we haven’t in the past.

00:30:23,830	We haven’t, it’s just a lump sum that goes to the bank in North Dakota and then between the Le bank and bank in North Dakota, they work out where the buy down is distributed to. OK, so then our payback if the loans don’t, here’s what, here’s where my question becomes historically, we are payback has started when the pace funds are exhausted and these two loans are going

00:30:48,730	to be on different schedules as to when those pay funds are exhausted. Am I seeing that correctly, Nathan? You are. So Let’s let’s church, I, I think it would mean that they’re, even though the dollars might all go out at once. I think you’re right. I think there’s two separate loans.

00:31:13,500	For the funding component from the city of Bismarck Vision Fund. One for the equipment, one for the real estate. Yeah, let me. Sorry, Mr. Mayor, go ahead. So that way then the payback will probably start sooner um the shorter term loan. My guess is You, Mr. Chair, let me, let me check with the.

00:31:38,670	With the, with the banker, we may have to do this in two separate notes like you said, because. Because we’ll have to do loan docs for 2 because the the loan repayment will start at a different time with the with the equipment not versus the real estate notes we may have to do two separate notes for that total amount.

00:31:57,870	I don’t know that that’s a banker question that’s, that’s a, that’s us question as long if the loans are being set up as the amortization schedules look. Then we’d want to do it again as we have in the past, same interest rates, same structure on the repayment. Sure.

00:32:17,930	And, and as we, as we have that discussion, I don’t know, Jason, do you think we should have a motion for that or because it has been our standard is it is an ascent OK? If there’s general consensus, the minutes can reflect that at the table as well, please. Any other final thoughts on that approval. All right.

00:32:43,770	Uh, next topic, review the updated vision fund guidelines which keeps youth podium, Mr. Schneider. Thank you, Mr. Chair. Ben, if you, if you need to go back to bed, I know it’s late and early, I guess in Thailand you can jump off the call and we’re just gonna go over Vision fund guidelines now. Oh, that’s fine. I, I’m wide awake now.

00:33:04,430	Um, so, Mr. Chair, um, I think this is now, um, version 3 or maybe even 4 in terms of vision fund guidelines that you have in your packet here. Um, there was just a a couple of, um. A couple of uh um. Revisions that were made, um, if you look under um.

00:33:27,470	And I apologize, I don’t have the, the ones from the agenda packet with me, but um, if you look under the application process, number 3, it would be paragraph 1234. That’s just highlighted that each vision fund. Oh yes, so this was a discussion item that we had, um, I think a pretty extensive one about um.

00:33:54,730	Feedback either in opposition or in favor of a of a Vision fun project that we would give the public opportunity to provide, um, this came because of how the application process used to be with two separate applications.

00:34:17,130	There was an opportunity within in, in between those two applications, um, that the public had an opportunity to provide uh either uh opposing testimony or uh favorable testimony and so that was with the verbiage that you see here, which essentially um would create, um, what is similar to the city commission meetings up uh basically a public comment period at the beginning of each vision fund committee meeting, which would allow the the general public to

00:34:42,130	come in and invoice whatever, um, however they felt about the project. Mr. Mayor, you would kind of thrown out that concept that Nathan just described. Would you see that? I’m, I’m trying to picture how it would work.

00:35:07,800	Would it be a comment period before the presentation on the application or after or how would you see that cause I, I, I, I feel like you had a a. Mental picture of how that should work. Yeah, my, my thoughts were that it would be so like we just had this presentation.

00:35:27,500	That the presentation will occur and then the public comment period would be after that presentation, so it was directly associated with the With the topic, it’s like our public hearing. Components because we’re not dealing with, you know, like with the city commission, we have a real long consent agenda, which is why we have public comment ahead of that. versus specific item. To me this is each one onto its own.

00:35:51,530	So we would, we would have to separate the Vision Fund questions from the And then cease that, go to public comment and then go to a motion essentially so that we could get our questions asked and then go to public comment.

00:36:09,730	Does that make sense we could do it either we could do it either way because we’re generally only dealing with one or two at a time here. You know, so I would say that we’d have the presentation, you could technically have public comment. And then if we, the vision fund committee members can ask questions of the applicant or the presenter after the public comment period. That’s how we would, you know.

00:36:31,600	We can that’s how we sometimes operate, not sometimes frequently operate public hearing for the city commission. Most important, the most important thing is we give, we notice the meeting, we give people the opportunity to comment. We may not have very many of those occur. OK. Any further discussion on that part of the editing.

00:36:53,430	I just wanna make sure that I just wanna make sure the public comment period would happen in this meeting and not at the city commission meeting before the consent agenda, is that right? Like it’s happening in. That’s in this meeting.

00:37:15,500	OK, the other part of the editing, yep, and then um if you look two paragraphs below that, um, we’ll call this one the the the the BMDA paragraph. Um, it’s essentially referring to grants provided by the uh the vision fund, um, years passed, the, the BMDA’s funding came through the Vision Fund, um, and it was basically set into the guidelines that the BMDA would come back on a yearly basis to

00:37:36,200	present to the Vision Fund, um, to get, to get that fun. on an annual basis. And so it was just put into the guidelines that that’s how it would be structured.

00:37:54,330	We changed that, um, a little bit so that, um, if the funds are provided as a grant now, the last time that the Vision Fund provided a grant was probably 5 or 6 years ago when we still did the local match of the of the flex space as a grant, um, but basically what this is saying is if it’s provided as a grant, um, that they’ll just be provided on a year to year basis each year, the project have to come if

00:38:10,930	it’s an ongoing grant each year the the the uh recipient would have to come back and, um, essentially, um apply again for the grant. Questions Input All right. And then I think there’s one more. Yep, and then the other one is under um Roman numeral V under project review.

00:38:37,070	This is another one that we had uh some extensive uh conversation on at the last meeting, um, and it’s regarding the review of the of the projects or of the loans that are provided by the Vision Fund. Um, you can see the verbiage that, um, that it was changed to, um, where we’re essentially we, we are relying upon um.

00:38:56,300	Uh, the Bank in North Dakota and Lewis and Clark Development Group, um, to find out status, the status of the loans, um, and then, um. Doing any sort of internal review that we feel is necessary. Questions or comments on that section. We have labored on this for numerous meetings.

00:39:23,470	I think we’re, we’re we’re getting through the issues and, and concerns that we’ve had, um, any Other thoughts that uh that any of the commission members want a voice. Committee members. When will that review take place? Are you guys just gonna do it every December or? Every year anniversary of it, and will we be notified of it. Yeah, um, Chair Stray, um.

00:39:49,170	Committee member Peterson, I, I, I guess that that would be up to you guys. However, you, you feel like. You would like to see that if you want us to come on an annual basis at the end of the year or beginning of the year, talking about the previous year.

00:40:07,270	Um, or how you would like that structured, I, I think it would, it would be a good practice. To do that on an annual basis to provide that feedback back to the vision fund committee so that you all know what’s happening with the, with the projects and with the loans that are provided.

00:40:22,830	Um, I guess I’ll, I’ll leave it up to you guys. I don’t. I don’t know that I, if I was a committee member, I don’t know that I want someone coming here every month with a project review, you know, I would want it all done at once, but. I’m happy to do it. Anyway that you guys want me to do it.

00:40:39,930	In in Let me just What, what we as this committee as the city will, we’re not going to get deep financial information. What we’ll get will be an assessment that the loan is current or non-current, they’ve been making their payments, you know, because once we provide the buy down funds.

00:41:05,400	We, what we haven’t gotten in the past is updates, but the, the mechanics of the pace program or the flex pace is that the city’s money sits in a trust fund and goes in on a month by month basis if and only if the borrower makes their payment and then it’s used for the buy down, but what we had not done in the past and

00:41:23,170	again we weren’t making. We’re making grants, not loans, so if the loan defaults, any money left at the Bank of North Dakota Trust warrant comes back to the city, this is just kind of a.

00:41:40,700	Hey, are these current? Are they non-current, are they using our funds? Is there a chance that it’s gonna default, which tells us that the loan we have probably isn’t going to happen, so it’s more than anything what I envision is a list of here’s, here’s how the balance has come down.

00:42:02,070	Here’s whether they’re current and if they’ve been past due and and more of a loan status than a financial analysis and that’s kind of what we’ve discussed. So in that setting, I think. Doing it all at once would make. The most sense, Tim. I think we also say though, um.

00:42:21,270	Like it says If the goals and objectives are being met, like, so are they creating those jobs? Like that’s kind of what I’m curious of are we create is this business moving forward that is visionary in some sense, like. I, those are things I haven’t seen, I guess, and. The successes and I don’t look up businesses, I guess, that we see. I don’t look them up in the news, but. And Yeah, like every January or December is fine.

00:42:41,730	OK, thanks for the feedback on that. I do, I do think it’s important that we do review, you know, job, you know, employee projections, um, things like that and make sure that the business is still operational and the facility that they. You know, use the money for and. Yeah.

00:43:06,200	All right, any last thoughts? If not, I would entertain a motion to approve these amended policy guidelines. So I moved. And you second. All right, we have a motion in a second. Um, I, I don’t think we need a roll call vote on this one, any, Something to say, OK, um, and all in favor say aye aye, I pose the same sign.

00:43:31,130	Policy guidelines are finalized for this round. Um, other business, Nathan, you had an update for us on Heartview. Yeah, thank you, Mr. Chair, just a quick update on the Heartview loan that was approved. It, it did, obviously it was approved here, you all know that it was also approved at the city commission level, um, unanimously, no objections.

00:43:52,530	Um, we started working they started working through the process of purchasing the building, um, in, in the appraisal process, um, there was some um hiccups. Um, and the sale ultimately did not go through, um, and so they are, they, they did not utilize um the Vision fund dollars, they will, they will not be utilizing the Vision fund

00:44:15,000	dollars, um, and I can include uh in the next packet maybe an email from um one of the principals at Heartview, um, stating that, um, if you, if you’d like to see that, um, but yeah, I, they’re exploring their options at this point. I, I mean, the, the issues that they were having.

00:44:34,300	In that necessitated the purchase of the building have not gone away, um, and so they’re kind of exploring what’s next, so they continue to occupy the building, they’re just not buying it. Correct.

00:44:52,270	And if they want to come and do another project to us that that’s going to be a separate application and this one does not carry over, I’m gonna assume, Mr. Chair, committee member for like, that’s what I would advise to them is come with a different cause I’m guessing the numbers are gonna be different. The building’s gonna be different, all of that stuff. Nathan, didn’t they actually say that in their Correspondence or that.

00:45:15,170	Mhm Because this project is not happening, they’re effectively withdrawing their application. Mr. Chair, Mr. Mayor, yeah, that they did, yes, that in the in the email correspondence to me, they said they were withdrawing. They It’s not a commitment cause it’s our commitment.

00:45:37,730	I don’t know what it is on the other side of it, but if you, Jason, do you have that correspondence? And I’m just asking if you received it. I don’t need it. I believe I received it from Nathan, yeah, so we would have it for documentation of the file and Whitney and I were just talking about it on the spreadsheet that’s maintained, we’ll make a note that the project’s been withdrawn.

00:45:53,770	We’ll add a column that provides a little bit more explanation, maybe a reference to a date or some documentation so it’s not just a simple withdrawing the pole over there, so yes, that’ll give him enough to remove it from the balance sheet commitment. Correct. Thank you. Um, Thank you, Nathan.

00:46:16,770	Uh, last item of other business, November and December meetings fall on. Thanksgiving and Christmas, um, uh, Nathan, while you’re still there, anything in the hopper that you anticipate coming forward in the next 3 to 6 weeks. Mr. Chair, I, I have had conversations with a couple of businesses that are looking at, um.

00:46:39,270	They’re looking at either vision fund or Opportunity Fund, one or the other. Um, I do have, I think they’re at least one or maybe even 2 that I, I think are viable, um, vision fun projects, at least something that should be considered at this at this table, um, I don’t have any applications currently, um, on my desk, completed ones, um, but.

00:47:01,470	That could, that could turn around quickly and we can always I can always connect with Whitney and Jason and schedule a meeting that that would be my recommendation with the, with the agreement of the rest of the committee that we would cancel the standing meetings someone wants to be here on Thanksgiving, um, and then set him up the, the, the

00:47:21,430	old way, so to speak, if we do need to have one, we would, uh, use the, the calendar system to find a time that works for a quorum. I’m getting nods of assent, agreed. OK. Any other, uh, additional business from the committee. I have a question, um, so.

00:47:43,770	Because that last project was pace, we didn’t have to do the scoring sheet. Can you just describe the reason why we didn’t have to. I mean, I, when there’s still be some benefit to seeing how it was scored or to me that just means like, oh yeah, we’ll just approve it then, or, but we still can review it, I guess. Yeah, Mr.

00:48:02,070	Chair, committee member Peterson, I think so when we when we develop the scoring matrix, uh, it, it was my assumption and I, if, if I’m wrong, tell me and I will change it, but it was my assumption that they was just going to be for flex-pace projects typically flex space projects are what we would consider, you know, non-traditional economic

00:48:23,900	development projects, projects that aren’t, you know, adding value, generating new wealth for the community and the state. Um, I think with the primary sector certification that already is telling us the community benefit because it in order to qualify for primary sector, they need to generate more than 75% of their revenue from outside of the state or

00:48:44,770	project that in the next 3 years. And so that to me is already a a a community benefit um outside outside money coming in, um, adding value to a product, and so that’s why. At least when we went to the scoring matrix, we did not design it or develop it for.

00:49:06,970	Pace and primary sector companies. And that would be my memory too, that the, the scoring sheet was OK if it’s not primary sector, why do, what do we see as the value of it? Because typically, um, or traditionally, I should say not typically, traditionally the vision fund had had.

00:49:31,100	Typically been used for only primary sector companies and for only pace or the local matchup paus and when we look to open it up and, and, and make it available for, for flex space or for non-primary sector companies. I think the feedback from you all at the table was, OK, we’re OK with that, but.

00:49:51,570	We need to have some sort of like a scoring matrix or something showing community benefit. Thank you. Now I remember, um, and then I know at one time Jason had said like if we ever have. Questions or presenters we’d wanna see like I’d be it’d be interesting to see. I, I haven’t had time to like read city plans lately on future goals and land use and stuff.

00:50:08,930	Could we ever have like a planner give like a 15 minute spiel on. Where their priority areas are or where the city is going. I just wanna make sure. I mean, I know it goes through all those plans, but I would just be curious, I guess. Mr.

00:50:25,500	Chair, committee members, committee member Peterson, I think you’d have a hard time containing a planner to just 15 minutes, but I, I’m sure they would be thrilled to come and, and share those, uh, there’s, there’s a number of significant projects that are either occurred or been approved recently, but then also there are some things going on right now significantly, the land development code rewrite

00:50:43,530	project is a very significant undertaking for community development. This is kind of. a generational project. This is probably 40 years in the making. Really what this is, it’s a comprehensive look and rewrite and new uh format for the zoning code that will guide the development throughout the community for. Likely decades.

00:51:07,430	So, but yes, if I’d suggest Daniel. Jason and I’d suggest Daniel because he can cover 2045 also. Daniel, so the mayor’s referencing Daniel Nairn, He is the planning manager, so he oversees the work of the planning division within the community development department and is the project manager for the Land Development Code rewrite right now. Good thought.

00:51:30,070	Yeah, just something, I mean 15, I don’t need to take everybody’s time and on a meeting where we have less going on, I guess just be good to know what’s going on. And then the mayor, I can’t see you if you’re waving your hand. Any anything on your mind? No, I just appreciate everybody. Everybody’s work and good discussion today. Also, Mr.

00:51:49,370	Chair, one more thing, um, just a heads up for for you all, um, we looked at it the last meeting that the revised application based on the new guidelines, so the next projects that we’ll see we have that revised application if, if you’re looking through that application and you’re like, oh shoot, we should have this in

00:52:07,930	there. Please let me know and we’ll. At it and it’s a working document. It does, it’s not perfect, yeah, um, but we’ll, you’ll see that application next time. Fair enough. We are