[6. COMMENTS FROM THE PUBLIC Any person who wishes to comment on any subject on this agenda may be heard at this time. Please limit your comments to three (3) minutes or less, as directed by the Chairperson, as this section of the Agenda is limited to fifteen minutes. The FPRA Board will not be able to take any official actions under Comments from the Public. Speakers will address the Chairperson, Commissioners, and the Public with respect. Inappropriate language will not be tolerated.]

LONG AS YOU CAN AND AS LONG AS IT WORKS FOR YOU.

>> APPRECIATE THE CONSIDERATION.

>> WILL YOU CALL FOR COMMENTS FOR THE PUBLIC?

>> I DID. >> ANY MEMBER OF THE PUBLIC WISHING TO ADDRESS THE COMMISSION, PLEASE COME FORWARD. YOU HAVE THREE MINUTES. STATE YOUR NAME AND ADDRESS AND WE WILL GIVE YOU A THREE SECOND WARNING.

>> TIME, I WILL GET STRAIGHT TO THE POINT AND REITERATE SOME OF THE TOPICS I HAVE TALKED ABOUT BEFORE. MY OPINION IS THE CITY NEEDS TO CUT TIES WITH AUDUBON AND TAKE THE LAND BACK OR FORCE OUT OF MONTICELLO TO ANOTHER DEVELOPER. WHATEVER IS NEEDED SO WE CAN MOVE ON. THERE ARE OVER SEVERAL QUALIFIED DEVELOPERS READY TO STEP IN AND SAVE US IN DEVELOPING A PARCEL FOR WHAT WE HAVE ALL BEEN ASKING FOR. IF WE KEEP GOING AROUND AND AROUND WITH AUDUBON AND GIVING THEM MORE EXTENSIONS, THE CITY WILL MOST LIKELY LOSE A QUALIFIED DEVELOPER AND WHERE WOULD WE BE THEN? AND WE CAN'T AFFORD TO GO BACK TO THE FOURTH RFP. I TRULY BELIEVE CUTTING TIES STARTING ALL OVER WITH ANOTHER DEVELOPER WILL BE FASTER THAN GETTING THEN THE EXTENSION. THE NEW TIMELINE CALLS THE HOTEL ÚW LATE 2027. PER THE ORIGINAL CONTACT -- CONTRACT, BESIDES INFRASTRUCTURE THE HOTEL WAS SUPPOSED TO BE COMPLETED IN PHASE 1 AND THE WORDING COULD ALSO BE COMPLETED DURING PHASE 1. I DON'T THINK THE BILL WAS INTENDED TO BE BUILT BEFORE THE HOTEL. AND IT COMES DOWN TO, WHERE'S THE FUNDING? SHOW THE PROOF OF FINANCING. PROOF IS ON THE PUTTING. AS OF FRIDAY, WE HAVE TO GO TO THE BILLING APARTMENT FOR SOMETHING AND ASK ABOUT THE AUDUBON PERMIT AND THEY ARE STILL LACKING INFORMATION IN ORDER TO OBTAIN APPROVAL. EVERY TIME WE TURN AROUND, IT IS ANOTHER EXCUSE. EXCUSES, EXCUSES, EXCUSES. THAT IS ALL WE GET. PROPERTY TAXES AT THE APRIL 19 SPECIAL COMMISSIONERS MEETING. WE POINTED OUT THAT THESE HAVE NOT BEEN PAID. WHEN THE COMMISSIONERS ASKED THE DEVELOPER, HIS RESPONSE WAS SOMETHING LIKE, WHY SHOULD I PAY THEM IF I MIGHT LOSE HER PROPERTY? THIS WAS WELL BEFORE HE WAS PUT ON NOTICE AND YET USING THE DEFAULT AS AN EXCUSE.

SOMETHING THAT GOES ALONG WITH THE PROPERTY TAXES. HAS HE GOTTEN A BTR YET? WILL PAY THE CITY BTR. WE WENT ONLINE TODAY AND HE -- AUDUBON IS NOT LISTED AS HAVING THE CITY BUSINESS TAX RECEIPT. AND CAN -- DUE TO THE CONNECTIONS, WE ONLY WANT TO TEAR UP ONCE. THE CITY WON'T GIVE ME A PERMIT.

GLENN WAS CONTAMINATED. WE KEEP HEARING THESE EXCUSES FROM THE DEVELOPER ON WHY HE HAS NOT STARTED AND KEEPS SHIFTING THE

[00:05:01]

BLAME TO THE CITY. I WOULD APPRECIATE IT IF THE CITY WOULD TAKE THE TIME TO EXPLAIN PUBLICLY TODAY SO THAT THE RESIDENTS DOWNTOWN BUSINESS OWNERS CAN HEAR IT AND IF THERE IS ANY TRUTH BEHIND THE DELAYS. THE CITIZENS ARE CONFUSED. HE GETS UP AND SPEAKS OF THE MEETING TELLING ALL THE INFORMATION ON THESE EXCUSES . IT WOULD BE NICE FOR THE CITY TO TAKE THIS OPPORTUNITY TO DEFEND THEMSELVES AND EXPLAIN WHAT IS REALLY GOING ON. THE BOTTOM LINE, SHOW ME THE MONEY . PROOF IS IN THE FINANCING. IF YOU SOMEHOW MIRACULOUSLY ABLE TO PRODUCE A DOCUMENT, VERIFY THEM . DON'T JUST LOOK AT THE PAPERWORK AND TAKE THE WORD. I DON'T NEED TO TELL YOU ALL THAT WE ARE KIND OF HERE BECAUSE OF THE SITUATION.

NOBODY VETTED HIM . ASKED HIM, IS HE IN THE FALL WITH ANYBODY ELSE ? WE ALL KNOW AND WE WON'T MENTION ANY NAMES AND I HOPE THAT YOU WILL PROTECT THE CONFIDENTIALITY CLAUSE HE HAS WITH OTHER PEOPLE AND ALLOW HIM TO BRING UP PERSONAL DETAILS ON

THE OTHER TOWNHOMES. >> THANK YOU VERY MUCH. YOUR

TIME IS UP. >> ANYONE ELSE WISHING TO ADDRESS THE FPRA BOARD, PLEASE COME FORWARD.

>> YOU CAN STAND OR SIT. WHEREVER YOU ARE COMFORTABLE.

>> MY NAME IS ISAAC JONES IN FORT PIERCE, FLORIDA. I WILL BE BRIEF. I WOKE UP THIS MORNING AND I LOOKED AT TC PALM. THE HEADLINE IS, I HAVE IT RIGHT HERE. KINGSLAND DANE, FISHERMAN'S WHARF, BRIGHT LINE STATION, SUNRISE THEATER ALL HAVE A COMMON PROBLEM. THE COMMON PROBLEM IS THAT THEY ALL HAVE FAILED MISERABLY. ALL OF THESE HOPES AND DREAMS OF THE CITIZENS OF FORT PIERCE 20S PROJECTS WERE ANNOUNCED, THEY ALL HAVE FAILED FLAT ON THEIR FACE. AND THE CITIZENS OF FORT PIERCE, A LOT OF THEM ARE NOT HERE. THEY DON'T SHOW UP AT THESE MEETINGS. BUT THEY ARE ON SOCIAL MEDIA. AND WE TALKED QUITE EXTENSIVELY ABOUT TOWN AS WELL. AND I CAN TELL YOU, GIVING YOU THE PLUS OF THE TOWN, THE TOWN IS EXTREME BE DISAPPOINTED IN THE LEADERSHIP HERE IN FORT PIERCE FOR ALL OF THESE FAILED PROJECTS. RIGHT NOW, WE ARE HERE IN THE MIDDLE OF ANOTHER MASSIVE FAILED PROJECT. FOUR YEARS HAVE PASSED BY AND WE ARE HERE WITH THE DEVELOPER WITH A NEW SET OF GUIDELINES. I WAS APPALLED AT THE LAST MEETING TO HEAR THAT OUR POOR CITIZENS OF FORT PIERCE HAVE INVESTED HUNDREDS OF THOUSANDS OF DOLLARS IN THIS PROJECT. AND THE MONEY IS NOT EVEN AVAILABLE TO GIVE THEM BACK. SUPPOSEDLY, IT HAS BEEN USED IN THIS PARTICULAR PROJECT. I CONCUR WITH THE FORT PIERCE CITIZEN, I DON'T KNOW HER PERSONALLY. BUT IT IS TIME TO MOVE ON. THIS IS FOUR YEARS THAT THIS HAS BEEN GOING ON.

AND UNLESS WE HEAR SOMETHING EXTREMELY CONCRETE FROM THIS DEVELOPER TODAY THAT ALL CAN BE VERIFIED, IT IS TIME FOR THIS PRODUCT TO BE PUT TO REST WITH THIS DEVELOPER AND FOR US TO MOVE ON AND LOOK ELSEWHERE, EITHER FOR THE SAME PROJECT OR SOMETHING TOTALLY DIFFERENT FOR THAT LAND-USE. THANK YOU.

>> THANK YOU, SIR. ANYONE ELSE WISHING TO ADDRESS THE COMMISSION, PLEASE COME FORWARD.

>> BECKY MANUAL. 205 NORTH SECOND STREET.

>> BECKY DEMANUAL. I GUESS I JUST WANT TO REITERATE WITH BOTH OF THE PREVIOUS SPEAKERS HAVE SAID. I HAVE BEEN DOWN HERE FOR 11 YEARS WITH MY BUSINESS AND WHEN THE FIRST TALK OF FISHERMAN'S WHARF, KINGS LANDING STARTED, I WAS SO EXCITED. I WAS SO THRILLED BECAUSE I THOUGHT THIS DIAMOND IN THE ROUGH CITY OF FORT PIERCE WILL FINALLY GET THE ACKNOWLEDGMENT IT DESERVES. IT CAN BECOME A DESTINATION PLACE.

BUT I LOOK BACK ON THE PAST, NOT EVEN FOUR YEARS. BACK TO 2019 WHEN ALL THIS STARTED . AND IT IS SUCH A SHAME BECAUSE, JUST AS THAT GENTLEMAN SAID, THERE HAVE BEEN SO MANY WONDERFUL THINGS THAT HAVE NOT COME TO FRUITION. SO MANY MISTAKES HAVE BEEN MADE ON BOTH SIDES OF THE COIN. AND AS A RESULT, THE CITY WILL SUFFER AGAIN UNTIL THIS GETS CLEANED UP. THAT THIS GETS FIXED. AND I'M NOT IN THE GOVERNMENT. I DON'T HAVE THE FIX . BUT YOU PEOPLE SHOULD HAVE THE FIX FOR THIS. AND I AGREE WITH 100% THAT THIS GENTLEMAN HAS WORN OUT HIS WELCOME. I THINK IT IS TIME TO MOVE ON. I THINK THE

[00:10:08]

LAND IS MUCH MORE VALUABLE THEN WE HAVE GIVEN AN APPRAISAL FOR IT. I THINK WE NEED TO TAKE IT BACK AND GIVE ANOTHER DEVELOPER AN OPPORTUNITY AND VERIFY THAT HE HAS THE INCOME AND THE INVESTMENT ABILITY TO BRING IT TO FRUITION AND BRING IN THE HOTEL. IT WAS ALL ABOUT THE HOTEL FROM DAY ONE. NOT CONDOS.

NOT TOWNHOMES. A HOTEL. AND I THINK WE NEED TO GO BACK AND LOOK AT IT AGAIN AND BRING THE HOTEL TO FORT PIERCE THAT WE HAVE ALWAYS WANTED. THANK YOU FOR YOUR TIME.

>> ANYONE ELSE WISHING TO ADDRESS THE COMMISSION?

>> OKAY . >> I HATE TO BE OF HERE AGAIN BUT THIS IS WHERE WE ARE AT. IT IS A LONG TIME. MY GRANDFATHER ALWAYS SAID THE FUTURE PERFORMANCES BASED ON PAST PERFORMANCE IN THE PAST PERFORMANCE IS NOT THERE AGAIN FOR YOU GUYS TO TAKE ANY WORD OF WHAT WILL BE SEEN LATER.

MAYBE HE HAS A GOLDEN GOOSE BUT WE HAVE NOT SEEN THAT. THE CITY DESERVES BETTER THAN WHAT WE HAVE BEEN DEALT AND I DON'T THINK HE SHOULD BE PART OF FORT PIERCE. THANK YOU.

>> ANYONE ELSE? LET'S MOVE ON.

[a. King's Landing Update]

>> THE NEXT ITEM ON THE AGENDA WOULD BE THE KINGS LANDING

UPDATE. >> MR. MIMS.

>> AT THIS TIME, I WOULD LIKE TO TURN THIS OVER TO THE CITY

ATTORNEY. >> YES, MA'AM. MADAM CHAIR, BOARD MEMBERS , THE DEVELOPER AS WELL AS HIS ATTORNEY ARE HERE. I BELIEVE HIS ATTORNEY IS MAKING HIS WAY UP. THEY DID PROVIDE US THIS AFTERNOON WITH MATERIAL FOR THE MEETING. THEY HAVE A PRESENTATION ESSENTIALLY . I DON'T KNOW WHO WILL BE PRESENTING FOR THEM. IF ONE OF YOU WOULD LIKE TO COME UP AND TELL US WHO WILL BE PRESENTING FOR YOU. THEY ARE SUPPOSED TO HAVE A REPRESENTATIVE FROM MARRIOTT WITH THEM AS WELL TO PROVIDE INFORMATION TO YOU . THEY HAVE PROVIDED A PROPOSED TIMELINE THAT EXTENDS DEADLINES. SO WITH THAT, I WILL TURN IT OVER TO THEM TO GIVE YOU THAT INFORMATION AS THEY ARE THE ONES THAT RETAIN IT CURRENTLY.

>> SIR. >> THANK YOU GENERAL COUNSEL AND MS. MAIER AND MR. MIMS. THANK YOU TO THE COMMISSION --

>> STATE YOUR NAME PLEASE. >> SCOTT HAWKINS. I'M HERE WITH MY COLLEAGUE , LANIE FRANCISCO, A RESIDENT OF FORT PIERCE. I LIVE IN PALM BEACH GARDENS, FLORIDA. TODAY, YOU WILL HEAR FROM MARRIOTT CORPORATE. WE HAVE A REPRESENTATIVE NAMED KYLE GOGGIN HE. HE IS A SENIOR DEVELOPER OFFICER FOR MARRIOTT THROUGHOUT FLORIDA AND HE IS HERE TO PRESENT REGARDING THE PROPOSAL AND WHAT MARRIOTT ENVISIONS FOR THE SITE . IN ADDITION, WE HAVE A REPRESENTATIVE FROM THE GENERAL COUNSEL, NOT THE GENERAL COUNSEL BUT THE GENERAL CONTRACTOR. THAT IS MR. KENNY LEWIS.'S ARE FAMILIAR WITH SEVERAL PROJECTS HIS COMPANY HAS RUN IN PALM BEACH COUNTY. IN ADDITION, WE HAVE BROOKE HARRIS, SENIOR MARKETING DIRECTOR OFFICER WITH KINGS LANDING AUDUBON. WE ARE PREPARED TO GO THROUGH ALL THE DETAILS AND YOUR QUESTIONS. THANK YOU FOR THE OPPORTUNITY TO PRESENT TODAY. A LOT OF WORK HAS GONE INTO TODAY. WE DID PROVIDE EXTENSIVE IMAGES AND GRAPHICS THIS AFTERNOON AND WE PROVIDED A PROPOSED NEW TIMELINE AS OF LAST WEEK. IT HAS BEEN A PLEASURE TO WORK WITH MS. HEDGES AND WE APPRECIATE MR. MIMS YESTERDAY AND THANK YOU FOR YOUR TIME AND I HOPE YOUR RECOVERY IS GOING WELL, MR. BEEFREE -- BRODERICK. I WOULD LIKE TO TURN THE PRESENTATION OVER TO MR. MADISON. AND KYLE GOGGIN HE FROM MARRIOTT. AND I'M SURE THEY WILL PULL UP THE SLIDES AND PROCEED. THANK YOU.

>> THANK YOU. MR. MADISON. >> THEO MADISON, AUDUBON DEVELOPMENT. THANK YOU FOR HAVING US BACK. TODAY, THIS AFTERNOON, WE WANT TO PRESENT A PATH FORWARD. WE ARE ALL FRUSTRATED WITH WHAT IS HAPPENING WHAT IS WHAT HAS HAPPENED IN THE PAST ARE WE ALL HAVE. TONIGHT AND THIS AFTERNOON, WE TALK ABOUT A PATH FORWARD. WE BELIEVE IN FORT PIERCE. WE BELIEVE IN KINGS LANDING. WE BELIEVE KINGS LANDING WILL BE A DIFFERENCE MAKER FOR THE TREASURE COAST .

THE HD KINGS SITE IS CLEAN AND READY FOR DEVELOPMENT. OUR AFTERNOON AGENDA IS REALLY SIMPLE. IT IS HOTEL AND TIMELINES . AND THAT IS IT. SO AS SCOTT MENTIONED, WE HAVE KYLE HERE FROM MARRIOTT. HE IS THE VICE PRESIDENT FOR THE LARGEST HOTEL COMPANY IN THE WORLD. I THINK 9000 HOTELS .

AND A MILLION ROOMS. AS BIG AS YOU GET. SO THEY KNOW A THING

[00:15:06]

OR TWO ABOUT THE HOTEL BUSINESS . KYLE HAS BEEN TO FORT PIERCE WITH ME TWICE BUT HE TRAVELS TO FLORIDA ALL THE TIME. HE HAS BEEN HERE A LOT. HE IS FAMILIAR WITH THE MARKET AND FAMILIAR WITH THE TREASURE COAST. HE HAS BEEN TO THE CITY. HE HAS BEEN TO THE SITE. HE HAS EVEN BEEN TO THE COAST GUARD HOUSE. KYLE HAS BEEN AROUND AND HE KNOWS WHAT WE ARE DEALING WITH HERE.

AS A RESULT OF THAT, KYLE SEES OUR VISION AND SHARES OUR VISION AND HAS EVEN DELIVERED A WRITTEN LOI TO AUDUBON DEVELOPMENT TO BRING A MARRIOTT TRIBUTE HOTEL TO KINGS LANDING.

SO DON'T TAKE MY WORD FOR IT. KYLE FROM MARRIOTT IS HERE AND

KYLE, YOU ARE ON >> IT IS DOWN HERE.

>> THANK YOU FOR HAVING ME. WHILE THEY SAID THAT IT --

>> EXCUSE ME. CAN YOU SPELL YOUR LAST NAME PLEASE?

>> G-A-G-N HAVE IT E . >> WHILE THEY GET THAT SET UP, THE PRESENTATION IS A FEW PRETTY PICTURES OF WHAT OUR BRAND IS. A BRAND IS A PROMISE AND THAT IS WHAT MARRIOTT, BEING THE LARGEST HOTEL COMPANY IN THE WORLD, IT IS A PROMISE TO OUR OWNERS AND TO OUR GUESTS AND TO THE CITY WHEN THERE IS A PUBLIC PRIVATE DEAL TO BE HAD. I HEAR WHAT THE RESIDENTS ARE SAYING. I HAVE HEARD OF BEFORE. I FEEL LIKE I WANT TO TURN AND TALK TO YOU ALL. I'M SWOOPING IN. I LIVE IN

ATLANTA. >> THEY CAN HEAR YOU.

>> I HATE TO HAVE MY BACK TO PEOPLE. I LIVE IN ATLANTA. I HAVE HAD THE FLORIDA MARKET FOR 20 YEARS . HAVE BEEN HOTEL DEVELOPMENT FOR 20 YEARS AND BEEN IN THE HOTEL BUSINESS FOR 40. SINCE I WAS 13. I KNOW A FEW THINGS ABOUT THE HOTEL BUSINESS. IT HAS BEEN MY WHOLE LIFE. AND THE LAST 20 YEARS IN DEVELOPMENT, THEY ARE NOT EASY TO GET DONE. HOTELS ARE NOT EASY TO BUILD. IT IS NOT EASY TO STAY ON AN APPROPRIATE TIMELINE. WHEN THERE IS A BRAND COMPANY INVOLVED, WE GET IN EVERYBODY'S BUSINESS A LOT. THE REASON WE DO IS BECAUSE WE WANT TO MAKE SURE IT IS RIGHT. WE WANT TO MAKE SURE STANDARDS ARE MET AND THAT YOU ARE BUILDING WHAT YOU PROMISED TO BUILD. NOT JUST TO US, BUT TO THE CITY, COMMUNITY AND GUESTS.

WE ARE INVOLVED AND IT STRETCHES THE TIMEFRAME. IF YOU BUILD AN INDEPENDENT HOTEL WITHOUT ANY PROTECTION FROM BRANDER STANDARD OR ANYTHING LIKE THAT, OTHER THAN BUILDING CODES, IT GOES A LITTLE QUICKER. WHEN MARRIOTT IS INVOLVED, IT SLOWS THINGS DOWN. IN THE BEST OF TIMES, HOTELS TAKE TIME TO PLAN AND DESIGN AND CONCEPT AND BUILD. I HAVE BEEN INVOLVED. I THINK I MET DAILY YEAR AND A HALF AGO. I REMEMBER THE RFP COMING OUT A LONG TIME AGO. I HAVE LOOKED AT IT SINCE THEN. I TRY TO TRACK THOSE. I HAVE BEEN THE GUY THAT HAS BEEN KIND OF LOOKING AT THIS HOTEL TO BE DEVELOPED.

WHEN I SAW THE PLAN WITH CONDOS AND THIS MIXED-USE DESTINATION CENTER, THIS WAS THE RIGHT PROJECT FOR ME TO JUMP IN AND SINK MY TEETH INTO. AGAIN, WHAT I WANT TO GET ACROSS TO YOU AND THE RESIDENTS IS, YEAH , THESE THINGS STUMBLE ALONG THE WAY.

THESE THINGS TAKE TIME. AT THIS POINT, WE HAVE NOT BEEN THE HOLD UP. IT HAS NOT GONE THROUGH COMMITTEE. IT HAS NOT GONE THROUGH THE DESIGN AND REVIEW PROCESS. IT HAS ONLY BEEN VETTING DALE AND HIS TEAM FROM AN APPLICATION STANDPOINT TO SAY YES, HE HAS THE WHEREWITHAL TO PULL THIS OFF.

DOES HE NEED A HOTEL PARTNER? YES. HE IS NOT KNOW SHE DOES NOT OWN HOTELS. WE WANT HIM TO HAVE A HOTEL PARTNER. WE INTRODUCED HIM TO A COUPLE WHO ARE VERY INTERESTED. THAT IS KIND OF WHAT I DO. I PUT THE PIECES TOGETHER TO MAKE SURE WHAT NEEDS TO BE BUILT IS GOING TO BE BUILT . COVID HAPPENS AND WHAT THAT DOES IS AFFECTS TIMEFRAME. LENDERS TIGHTEN UP.

INFLATION HAPPENS. ALL THESE THINGS THAT WE ALL KNOW OF.

YOUR HOME LOAN AND TAX AND EVERYTHING IS GOING UP. THE SAME IS TRUE IN A LARGE HOTEL LOAN PRE-K 50 MILLION-DOLLAR DEAL. YOU ARE NOT GETTING THE SAME LOAN TO VALUE THAT YOU ARE USED TO GETTING. 25% DOWN ON EQUITY WAS PRETTY STANDARD. IT IS NOW 35% AS A STANDARD TO GET A LOAN. THE INTEREST RATES ARE UP. THE COSTS ARE UP TO DEVELOP THESE THINGS. EVERY ONE OF MY

[00:20:04]

PROJECTS, BUT FOR 10%, ARE DELAYED OR ARE STUMBLING OR NEED HELP . THAT IS -- FORGET ABOUT PUBLIC PRIVATE. THAT IS FULL-SERVICE HOTELS. SELECT SERVICE IS SOMETHING I DON'T DO. THAT IS THE FAIRFIELD END OF THE WORLD OR THE COURTYARDS OF THE WORLD. THEY ARE A LITTLE LESS PRICEY TO DEVELOP. A LITTLE MORE, HERE'S THE BOX. BUILD IT AND IT HAS A PRETTY QUICK TIMEFRAME. YOU CAN EVEN DO A MODULAR ROOM AND IT SPEEDS UP THE DEVELOPMENT TIMEFRAME . THAT IS NOT WHAT THIS IS. THIS IS MY SEGUE INTO THE PRESENTATION WHICH TELLS YOU WHAT THIS HOTEL IS. THE BRAND IS TRIBUTE PORTFOLIO. WHAT THIS IS IS THE UNIQUE COLLECTION OF SOFT BRANDED HOTELS THAT ARE PART OF THE MARRIOTT FAMILY AND PLUG-IN TO THE MARRIOTT SYSTEM. SO IT IS A VERY UNIQUE, VERY INDEPENDENT, VERY SPECIFIC HOTEL PLAN AND DESIGN AND BRAND. SO IT IS NOT A MARRIOTT OR RENAISSANCE OR WESTIN HOTEL. IT IS WHATEVER THE BRAND IS MADE TO BE. AND KINGS LANDING IS THE NAME OF THE DEVELOPMENT. SO IT WILL BE THE SAILFISH HOTEL AT KINGS LANDING OR THE PEACOCK AT KINGS LANDING. WHATEVER IS CONCEPT IT, THERE IS A BRANDING AGENCY THAT WILL COME IN AND CONCEIVE THE BRAND. THEY COME INTO THE COMMUNITY AND THEY UNDERSTAND WHAT RESONATES AND WHAT WOULD BE A GOOD FIT. SOMETIMES THEY TAKE HISTORICAL FIGURES. AND THAT IS THE NAME OF THE HOTEL.

SO AGAIN, THAT IS FROM A HIGH LEVEL, CURATED AND CRAFTED IN, NOT JUST COURTYARD HOTEL, WHICH IS ONE OF OUR BRANDS AND HAS THE RIGHT FIT IN CERTAIN PLACES SUCH AS POPS IN AND CAN BE BUILT IN 18 MONTHS. SO WE HAVE A LOT OF TRACTION WITH THIS BRAND. IT IS MOST PROLIFIC BRAND RIGHT NOW IT MARRIOTT. WE HAVE 32 BRANDS IN THE PORTFOLIO. THIS IS THE ONE THAT THERE ARE FOUR OTHER DEVELOPERS ON MY TEAM AND WE ARE ALL BRINGING TO COMMITTEE FOR APPROVAL, THE MOST. SO THAT TELLS YOU SOMETHING. IT IS ONE OF THE BRANDS THAT IS THE DEVELOPER FAVORITE NOW ANTICONSUMER FAVORITE. WE HAVE OVER 118 OPEN, 120 I BELIEVE. EQUAL AMOUNT OF GLOBALLY IN THE PIPELINE. AND MORE COMING. A LITTLE BIT OF WHAT I SAID, THESE ARE NOT YOUR COOKIE-CUTTER HOTELS . NOT A MARRIOTT. THIS IS A UNIQUELY DESIGNED CAPTIVATING, VIBRANT AND SINCERE SERVICE. THESE ARE THE PILLARS THAT WE DO. THIS IS SOMETHING THAT I LIKE TO JUST GET ACROSS TO COUNCILMEMBERS TO SAY THAT THIS IS UNIQUE. THIS IS WHAT YOU WANT. THIS IS WHAT HELPS THE NEIGHBORHOOD COME TO THIS HOTEL AND COME TO THE COMMUNITY. WE TALKED ABOUT THIS ON THE WALK OVER. GENERALLY, THE RESIDENTS OF A TOWN OR CITY DON'T WALK OVER AND GO TO THE COURTYARD FOR HAPPY HOUR AFTERWARDS. OR LET'S MEET AT BREAKFAST AT THE COURTYARD. AT THESE HOTELS, THAT IS WHAT HAPPENS. THE SCENE, THE RESTAURANTS BECOME THE LOCAL, SOCIAL SCENE. YOU WANT TO GO BACK TO THESE HOTELS AND BE PART OF IT. THERE IS ACTIVATION. THAT MIGHT BE THE NEXT SLIDE. WE ACTIVATE THIS BRAND. WE DESIGNED THIS FOR THE COMMUNITY AND FOR GUESTS TO COME AND BE PART OF THE COMMUNITY. WE HIRE FOLKS THAT HAVE A STORY TO TELL AND CAN TELL THE STORY ABOUT THE BRAND. SO IT IS REALLY SOMETHING YOU ARE PROUD OF OWNING. YOU ARE PROUD TO STAY AND HOPEFULLY IN A COMMUNITY, YOU ARE PROUD TO GO AND SUPPORT AND TO BE THERE.

AND IF WE CAN GET PAST THESE HURDLES OF TIMEFRAME AND FACING WHAT MANY OTHERS ARE FACING FROM A DEVELOPMENT STANDPOINT AND HOTELS SPECIFICALLY, APARTMENTS CAN BE BUILT. THOSE ARE NOT FACING WHAT THE HOTEL INDUSTRY IS FACING FROM A DEVELOPMENT STANDPOINT. SO IF WE CAN GET THERE, IT IS A PILLAR TO THE COMMUNITY. YOU GET MARRIED AT THESE SOFT BRANDED COOL TRIBUTE PORTFOLIO HOTELS. YOU TO GET MARRIED AT THE COURTYARD OR HAMPTON INN. SO YOU HAVE YOUR REUNIONS. IT IS SOMETHING TO BE PROUD OF IN THE COMMUNITY. AGAIN, I DON'T WANT TO TALK POORLY ABOUT OTHER BRANDS. BUT THERE IS A DIFFERENCE FOR THAT TYPE OF BRAND. IT IS JUST A STAY. IT IS CONVENIENT TO COME IN. GREAT. I WILL STAY THERE AND GO TO THE COURTHOUSE AND HAVE MY SESSION AND THEN I WILL LEAVE . THIS, I WILL COME FOR THE WEEKEND AND I WILL ENJOY THE TOWN AND GO TO THE STOREFRONTS. I SEE CLOSED STOREFRONTS. I SEE MORE ACTIVITY. I SEE A BUILDING. THIS IS WHAT WE ARE DOD AUGUSTINE, GEORGIA IF ANYBODY HAS BEEN THERE. THE STREETS WERE ROLLED UP IN THAT CITY. I CAN NAME CITY AFTER CITY WHERE THIS HAS HAPPENED AND AS THE DEAL IS -- AS A HOTELS ANNOUNCED COMING, THOUGH STOREFRONTS AROUND IT NOW BECOME POPULATED AND PEOPLE GET EXCITED AND DO THAT.

[00:25:05]

>> THESE ARE STANDARDS. I SHOULD HAVE TAKEN IT OUT .

SPECIFIC TO THIS. THIS IS A PROMISE. WE ARE NOT GOING TO BUILD SOMETHING NOT APPROPRIATE TO THE MARKET. AND IT IS SOMETHING HIGH END AND ACHIEVES HIGH RATES, HIGHER RATES THAN ANY HOTEL IN THE AREA. AND SO THESE ARE KIND OF THINGS THAT DRIVES THAT RATE. FOOD AND BEVERAGES A KEY COMPONENT OF THESE TRIBUTE PORTFOLIO HOTELS. AND SO THAT IS PART OF THE DESTINATION. WE HAVE A GAP. YOU CAN SEE NORTH OF US, WE CERTAINLY HAVE SOME HOTELS. PROBABLY A FEW MORE AS YOU GO UP. CLEARLY SOUTH, AS THE POPULATION SIZE INCREASES DOWN THERE, WE ARE LINE FROM WEST PALM DOWN. AND AGAIN, CERTAIN MARKETS, WEST PALM, ALTHOUGH A LONG TIME AGO, WAS KIND OF A STREETS ROLL UP AT NIGHT UNTIL THE HOTELS GOT GOT THERE. THE CITY THERE BUILT A HUGE CONVENTION CENTER. HUNDREDS OF MILLIONS OF DOLLARS. AND AN INCENTIVE FOR THE HILTON TO COME AND JOIN THE CONVENTION CENTER. THAT WAS THE CATALYST FOR THAT CITY. HOWEVER MANY YEARS LATER, THEY HAD ANOTHER RFP. SO THE CITY WILL DOUBLE DOWN AGAIN AND SEND ANOTHER HILTON TO COME IN AND SUPPLEMENT THAT ROOM NEED FOR THE CONVENTION CENTER. THAT IS WHAT CITIES ARE DOING. THEY ARE BUILDING CONVENTION CENTERS TO ATTRACT GUESTS AND THE HOTEL COMES IN AND PARTNERS WITH THAT CONVENTION CENTER AND IT IS A GREAT MARRIAGE. WE ARE NOT DOING THAT HERE. THE INCENTIVES HAVE BEEN LAID OUT. THEY ARE GOOD. I HAVE SEEN SOME THAT ARE BETTER. I'VE SEEN SOME THAT AREN'T THERE. I THINK IS APPROPRIATE FOR THIS MARKET, FROM WHAT I SEE. AND AGAIN, THE BRAND IS APPROPRIATE AND THE SIZE OF THE HOTEL IS

APPROPRIATE FOR THIS MARKET. >> THIS, WE CAN KIND OF GO THROUGH THIS. IF THERE ANY QUESTIONS, I BELIEVE THIS DIET SLIDE UP FOR A QUICK SECOND. HOPEFULLY MOST PEOPLE HERE KNOW THAT MARRIOTT IS THE LARGEST IN THE WORLD. WE BRING IN A STRONG, COMPLEMENT OF TALENTED PEOPLE THAT ARE AT THE CORPORATE OFFICES AND REGIONALLY BASED THAT HELP DEVELOPERS, HELP OWNERS DEVELOP THE RIGHT PRODUCT AND DELIVER ON THE PROMISE THAT THEY HAVE GIVEN US AND THAT WE ARE GIVING BACK TO THEM. THAT MEANS THAT IT HAS TO BE BUILT TO A CERTAIN STANDARD SO THAT OUR GUESTS KNOW WHAT TO EXPECT. AS SIMPLE AS THAT. WE ARE VERY LARGE AND GROWING LARGER EACH DAY . MR. MARRIOTT, WHO WAS STILL ALIVE, HIS FAVORITE WORD TO US IS MORE. HE IS 80 YEARS OLD. THE FIRST HE WILL SAY IS, HOW ARE YOU DOING? MORE, RIGHT. WE HAVE MORE. WHEN IS THE NEXT ONE COMING? IT IS AN INTERESTING DYNAMIC.

>> BOND BOY, THIS IS MORE ABOUT HOTEL. WE ARE JUST THE LARGEST AS FAR AS REWARDS MEMBERS AND LOYALTY MEMBERS. THEY COME HERE. THEY ARE WELL-TRAVELED AND WELL SEASONED. THEY KNOW WHAT TO EXPECT. THEY COME WITH A VERY LARGE SHARE OF WALLET.

THEY COME AND STAY HERE AND SPEND HERE IN THE COMMUNITY.

>> TOP TALENT, FINANCING IS A GOOD ONE. NOW THAT WE ARE LOCKED IN, NOT LEGALLY THERE YET BUT WE ARE COMMITTED TO SEEING THIS THROUGH. WE HAVE ACCESS TO FINANCING THROUGH THE TREASURY TEAM. WE HAVE ACCESS TO LENDERS. I NOTICED BANK OF AMERICA AND SOUTH STATE BANK ARE BOTH ON THE BOARD OR ONE OF THE COMMITTEES HERE SO WE HAVE RELATIONSHIPS WITH THOSE BANKS.

AND I DON'T WANT TO OVERPROMISE BUT CAN MAKE INTRODUCTIONS TO SEE IF THIS IS SOMETHING THE NETWORK CAN GET INVOLVED IN. TOP TALENT. THAT IS JUST GOING WITHOUT SAYING BECAUSE OF PROTECTING THE COMMUNITY THAT THIS WILL BE BUILT RIGHT AND DELIVERED. WE ARE VERY TIMELY. WE WANT TO MAKE SURE THAT THE SCHEDULE IS UPHELD AND THAT IS CRITICAL FOR US. CLEARLY CRITICAL FOR YOU. WE HAVE MISSED TIME FRAMES.

THERE ARE REASONS FOR. WHEN WE GET ON BOARD AND GET A DEAL, LET'S MAKE SURE THIS IS MOVING. WHEN I SELL THE PROJECT AND MOVE ON, WE HAVE SOMEBODY FROM CORPORATE ASSIGNED HERE.

THEY ARE IN OPENINGS TEAM MANAGER. THEY HAVE A FULL TEAM BEHIND THEM. AND SUPPORT OR PUSH WHEN PUSH IS NEEDED.

AGAIN, WE KEEP THINGS ON SCHEDULE AND KEEP THINGS TIGHT AND OUR OWN RIGHT. TIGHT THESE DAYS IS OFTEN TIMES, THREE YEARS FROM A NEW BILL DEAL FROM START OF A DEAL SIGNEE BECAUSE THERE IS SOME LEAD UP TO DESIGN THIS AND TO PROPERLY GO THROUGH

[00:30:05]

THE PROCESS. AND OPENING THE DOOR FOR THE FIRST GUESTS TO COME IN. OR THE TRAINING THAT GOES ON THE FIRST FEW WEEKS.

OFTEN TIMES AT THE SIGNING TABLE FOR THESE DEALS, WE HAD A TIGHT TIMEFRAME. TWO AND HALF YEARS. THE DEVELOPER ASKED FOR ANOTHER SIX MONTHS SO THEY HAVE BREATHING ROOM TO GET THIS DONE. SO 20 YEARS OF DOING THIS, THAT IS WHAT I SEE. AND I SEE THIS HERE. I DON'T KNOW THE BACK STORY OF WHY THE COMMUNITY IS SAYING, LET'S SIGN UP WITH THE NEXT DEVELOPER. I HAVE DONE THAT BEFORE AND I HAVE FAILED. I SAID, THIS PERSON ISN'T GOING TO DO IT. LET ME GO TO THE NEXT ONE AND THERE ISN'T THE NEXT ONE. OR THE NEXT ONE IS THERE, I WOULD LOVE TO TALK . LET ME SEE THE HOTEL PROGRAM. I WOULD LOVE TO SEE IF HE OR SHE IS READY TO GET A HOTEL LOAN AND HAVE A BRAND SUPPORT THEM AND BE READY TO GO TOMORROW. I DON'T KNOW IF THAT

HAPPENS. THANK YOU. >> QUESTIONS.

>> I HAVE INTRODUCED DALE TO A COUPLE OF PEOPLE. ARE THOSE

POTENTIAL PARTNERS? >> WHAT WE HAVE ARE OPERATING PARTNERS. A GROUP THAT WOULD OPERATE THE HOTEL IS THE MANAGER. DALE DOESN'T MANAGE HORT -- HOTELS AND NOR DOES HE WANT TO. AND HE IS NOT APPROVED TO MANAGE A HOTEL. SO AN OPERATING PARTNER, WHO WOULD HAVE AN EQUITY POSITION, A JV PARTNERSHIP WITH DALE. SO HAVE EQUITY AND WORK ON A LOAN AND BE A PARTNER AND MANAGE THE HOTEL. THAT IS WHAT WE ARE DOING. SOMETIMES THE DEAL IS ALL COOKED AND THE MONEY IS THERE AND THE DEVELOPMENT IS READY TO GO AND IT IS JUST AN OPERATING MANAGER WHICH IS BASICALLY A FEE-FOR-SERVICE.

THAT IS NOT WHAT WE ARE LOOKING FOR HERE. WE ARE LOOKING FOR SOMEBODY THAT WILL JOIN IN THE EQUITY PARTICIPATION AND BE A

CODEVELOPERS SO TO SPEAK . >> YOU ARE FROM CORPORATE MARRIOTT AND YOU MAKE THOSE THINGS HAPPEN BUT YOU ARE NOT

THE PARTNER? IS THAT RIGHT? >> YES.

>> AND SO YOU SAID YOU ARE NOT IN A LEGAL PARTNERSHIP?

>> RIGHT. A LETTER OF INTEREST ARE PROVIDED CERTAINLY IS A DOCUMENT THAT COULD BE SHARED. IT IS JUST EXPRESSING THAT WE ARE VERY INTERESTED. WE ARE LOCKED IN. WE WANT TO DO THIS BUT WE WANT TO SEE IT THROUGH. WE HAVE NOT SIGNED A FRANCHISE AGREEMENT THAT TETHERS US AND BINDS US TO HAVE THIS THING

BUILT. >> I THINK ONE OF THE THINGS YOU SAID IS THAT YOU HEDDEN VETTED AUTOBAHN?

>> HAVING A GENERAL APPLICATION COMMON. HE HAS TO PUT THE FULL APPLICATION IN. THE APPLICATION TO SAY HE IS INTERESTED IN ONE'S TO SUBMIT FOR ATTRIBUTE PORTFOLIO.

>> BUT DID YOU CHECK THE FINANCING?

>> OTHER THAN THE DISCUSSIONS WE HAVE HAD IN THE E-MAILS WE HAVE HAD, I HAVE NOT ASKED FOR HIS SIGNED PERSONAL FINANCIAL STATEMENT. THAT COMES AT A LATER DATE. THERE IS A BIT OF A TRUST INVOLVED IN THIS, THE FACT THAT HE IS HERE AND HAD WON THE RFP BACK IN THE DAY IS SOMETHING THAT WILL CLICKS FOR ME TO SAY, YOU SAW PROBABLY THE SAME THINGS I DID. AND I DON'T BELIEVE HE WANTS TO HAVE MEARS SPEAKING ON BEHALF OF MARRIOTT IF HE IS NOT PREPARED AND READY TO DO WHAT HE IS SAYING HE IS

DOING. >> YOU MET HIM A YEAR AND A HALF AGO SO HOW COME WE ARE JUST NOW SEEING YOU?

>> I DON'T KNOW. I'M ALWAYS HAPPY TO TALK AND HELP WHERE I CAN. I DON'T KNOW WHY IT WENT THIS LONG.

>> BECAUSE YOU HAVE THE WHOLE SOUTHEAST U.S.?

>> EAST COAST FROM MAINE TO FLORIDA.

>> EAST COAST. OKAY. >> FULL-SERVICE HOTELS.

>> MADAM CHAIR, LET'S PICK UP ON THE LAST QUESTION. YOU JUST STATED THAT YOU HAVEN'T GOTTEN TO THE POINT OF REVIEWING HIS FINANCIALS, RIGHT? THAT IS AN ASPECT WHERE MARRIOTT WILL LOOK TO VALIDATE AT THIS POINT AS WELL AS THE EQUITY PARTNER THAT COMES ALONG TO LOOK TO SEE IF THIS WILL BE THE CASE. TALKED TO ME ABOUT A TIMELINE. WHAT DOES THAT LOOK LIKE WITH

GETTING TO THAT? >> THE APPLICATION CAN BE

SUBMITTED ANYTIME. >> SO IT IS AN APPLICATION?

>> APPLICATION FOR US. FOR ATTRIBUTE PORTFOLIO FRANCHISE WHICH THAT WOULD SPUR THE ACTUAL PERSONAL FINANCIAL

STATEMENTS TO BE SUBMITTED. >> THAT HAS NOT BEEN DONE?

>> THAT HAS NOT BEEN DONE. THE ACTUAL APPLICATION WHICH AGAIN, WE ARE NOT THERE BECAUSE YOU ARE NOT THERE. I CAN'T GET AN APPLICATION AND SIGN A DEAL WHEN THIS HAS NOT BEEN

EXTENDED. >> WHAT DO YOU MEAN WE ARE NOT

THERE? >> HAVE YOU GUYS EXTENDED THE

DEVELOPMENT TIMEFRAME >> THERE WAS A DEVELOPMENT AGREEMENT IN PLACE TWO YEARS AGO, ET CETERA. SO WHEN DID

[00:35:04]

YOU COME TO THIS PARTY AS FAR AS GETTING THE APPLICATION AND GETTING THE SIGNAL TO SAY, IS BECAUSE WE HAVE HAD OTHER DEVELOPERS AND WE HAVE HEARD FROM OTHER HOTEL PARTNERS. WHEN DID YOU COME IN ON THE SITUATION?

>> I MET HIM A YEAR AND A HALF AGO BUT I HAVE NOT PUSHED FOR THE APPLICATION UNTIL -- OBVIOUSLY IT WAS TO COME HERE.

I WANT TO GET THINGS MOVING FOR YOU AND FOR ME AND HE IS

PREPARED TO DO THAT. >> LET ME ASK YOU. IS THE EDISON ON THE WEST COAST , THAT IS A MARRIOTT PROPERTY, RIGHT?

>> THERE IS A LUMINARY. >> THAT IS WHAT I MET.

>> THAT IS A MARRIOTT PROPERTY.

>> IT IS JOE COLLIER WITH MAINE SALE.

>> AND IS JOE COLLIER ASSOCIATED WITH YOU?

>> WITH MARRIOTT. >> TELL ME HIS POSITION WITH MARRIOTT TO HELP ME UNDERSTAND HIS RELATIONSHIP.

>> OWNER OPERATOR. >> SO HE OWNS HOTELS AND DEVELOPS HOTELS AND MANAGES HOTELS. HE WAS INVOLVED IN THE DEAL FOR A WHILE. WE TALKED TO HIM. WE ASKED HIM WHAT THE LATEST FOR HIM WAS. HE WAS OVERSTRETCHED. HE IS A ONE MAN SHOP. BASICALLY A VERY SMALL SHOP. A LOT OF DEALS WERE COMING HIS WAY AND HE BASICALLY TOLD ME THAT HE WAS OVERSTRESSED AND THAT THE TIMING FOR HIM WAS NOT APPROPRIATE FOR HIM TO JUMP IN AND EXECUTE ON THE DEAL .

>> AND THIS EQUITY VETTING TO BRING IN THE EQUITY PARTNER OPERATING FINANCER OF THAT, I JUST LEARNED THAT THE APPLICATION IS NOT IN. OBVIOUSLY THERE WOULD BE A VETTING OF THAT AN EQUITY PARTNER WILL LOOK AT THIS. HOW LONG DOES IT TAKE FOR THE EQUITY PARTNER TO BEGIN TO EVALUATE THE SITUATION AND MAKE A DECISION IF THEY WANT TO BASICALLY COLLATERALIZE THIS ACTUAL PROJECT ?

>> IT DEPENDS. SOMETIMES 60 DAYS BEFORE THEY ACTUALLY SAY, LET'S SIGN THE DEAL AND GET A JV DEAL TOGETHER. SOMETIMES IT TAKES LONGER. THERE IS A LOT OF DEVELOPMENT GOING ON. A LOT OF WORK GOING ON . THESE COMPANIES THAT BUILD TRIBUTES IN PARTICULAR ARE SMALLER. THEY TEND TO BE. I INTRODUCED JOE TO A LARGER GROUP THAT I FEEL WOULD BE VERY WELL-SUITED FOR THIS PROJECT. I DON'T KNOW IF HE IS AT LIBERTY TO SAY JUST YET. BUT THEY HAVE SHOWN INTEREST. THERE WAS A RECENT INTRODUCTION. JOE COLLIER ACTUALLY CAME BACK AROUND BUT DALE AND I SPOKE. WE DON'T KNOW IF HE IS THE RIGHT FIT FOR THE PROJECT. AGAIN, BECAUSE IT NEEDS ATTENTION AND WE DON'T KNOW IF HE CAN GIVE THAT ATTENTION SPECIFICALLY TO THIS DEAL BECAUSE OF THE SIZE OF HIS COMPANY.

>> HOW DOES THIS LINE UP WITH THE TIMELINE THING? A TIME WHEN WE GOT AT 3:00 TODAY IS DIFFERENT FROM THE TIMELINE

THAT CAME IN EARLIER. >> OKAY.

>> HELP ME UNDERSTAND WHAT YOU JUST SAID AS FAR AS THE VETTING OF ALL OF THIS. DOES NOT MATCH UP WITH WHAT WE HAVE AT 3:00

TODAY? >> THE TIMELINE IS CERTAINLY

DALE'S. >> THE HOTEL DELIVERY TIME POINT. I'M HEARING YOU SAY THAT YOU HAVE TO GET EQUITY PARTNERS. YOU HAVE TO GET ALL THESE PEOPLE TO THE TABLE. YOU HAVE TO THAT STUFF. I JUST HAVE A TIMELINE AT 3:00 TODAY AND IT HAS A TIMELINE ON THE DELIVERY. AND I'M CONCERNED BASED ON WHAT YOU ARE SAYING. UNFAMILIAR WITH DEVELOPMENT SOMEWHAT. BUT WHAT YOU ARE SAYING TO ME IS YOU CAN'T GUARANTEE -- YOU HAVE NOT SEEN THE 3:00 TIMELINE, HAVE YOU?

>> I GENERALLY KNOW THE TIMELINE BUT I DON'T KNOW THE

SPECIFICS. >> THAT IS WHAT I THOUGHT.

>> OKAY. >> MR. BRODERICK .

>> FIRST, THANK YOU FOR COMING INTO TOWN TODAY TO MAKE THE PRESENTATION. WE CERTAINLY ARE ALL AWARE OF THE HORSEPOWER OF MARRIOTT ACROSS THE ORGANIZATION. I'M GOING TO FOLLOW UP ON MR. JOHNSON 'S COMMENTARY WITH A LITTLE MORE NUANCE. TO BE CLEAR, AND JUST SO I UNDERSTAND IN ITS ENTIRETY, IS THAT YOU BRING IN A FRANCHISEE HOTEL OPERATOR WHO PARTNERS WITH THE DEVELOPER TO GO VERTICAL. AND THE FRANCHISEE IS THE OPERATOR OF THE FACILITY, OWNER OPERATOR OF THE

FACILITY, CORRECT? >> YES. IN THIS CASE, DALE WOULD BE PART OWNER OF THE HOTEL ALONG WITH THIS OTHER OWNER OPERATOR. SO THE FRANCHISE ENTITY IS WHO HE WOULD SIGN WITH AND IT WOULD BE -- AGAIN, I DON'T KNOW IF IT IS EQUAL. WE HAVE NOT DETERMINED THAT YET BUT THAT IS THE GROUP I'M INTRODUCING BECAUSE THAT IS THE DEAL. AND OTHER DEALS HIM SOMETIMES THE HOTEL IS FULLY BUDGETED AND THE

[00:40:08]

EQUITY IS IN PLACE AND IT IS TRULY JUST AN OPERATOR. SO DOES THE FORMER AND NOT THE LATTER.

>> HAVING SAID THAT, 18 MONTHS, YOU HAVE BEEN INVOLVED IN THE PROCESS. 18 MONTHS AND, THERE IS NO HOTEL PARTNER CONTRACTED AT THIS TIME. IT IS JUST DISCUSSION.

>> YES. >> I WANTED TO CONFIRM THAT.

THE NEXT TRANSITIONING OFF OF THAT, FINANCIAL RESULTS WILL BE FOR THE CONSTRUCTION OF THE HOTEL. ARE YOU LOOKING FOR THAT RESPONSIBILITY FROM THE HOTEL PARTNER? ARE THEY THE PRINCIPAL FINANCIAL END OF THE? ARE YOU LOOKING FOR FINANCIAL RESPONSIBILITY DEVELOPER JOINTLY. CAN YOU GIVE ME DETAIL AS TO YOUR EXPECTATIONS? I HAVE TO ASSUME THAT MARRIOTT HAS A HIGH THRESHOLD TO SAY, YES, YOU HAVE CHECKED THE BOX

>> YES. >> SO HOW DOES THAT ACTUALLY WORK ? THERE HAVE BEEN SIGNIFICANT QUESTIONS FROM THIS BODY AS WELL AS THE COMMUNITY RELATIVE TO FINANCIAL CAPABILITY OF THE DEVELOPER TO EXECUTE THIS PROJECT AND BEING CANDID AND UPFRONT ABOUT IT. SO YOU ARE BRINGING IN A NEW PARTNER WITH NEW EQUITY CAPABILITY. HOW DOES THAT MESH?

>> DALE WILL BE THE MASTER DEVELOPER OF THE ENTIRE PROJECT. THE HOTEL WILL HAVE A SPECIFIC ENTITY CREATED THAT WOULD BE THE JV PARTNER, WITH THE HOTEL PARTNER AND DALE. THE HOTEL OPERATING PARTNER AND DALE. THAT IS HOW WE WOULD SEE IT. THE GROUP BROUGHT IN MAY WANT TO BUY THE WHOLE THING OUT. THEY WANT TO DO THE HOTEL THEMSELVES. I HAVE SEEN THEM DO THAT IN DEALS I HAVE INTRODUCED THEM TO. THIS IS NOT WHAT WE'RE TALKING ABOUT. WE ARE TALKING ABOUT BRINGING IN A JV PARTNER THAT WILL PARTNER WITH DALE ON THE HOTEL.

>> YOU ACTUALLY ANSWERED MY NEXT QUESTION. MARRIOTT DOES NOT HAVE A TEMPLATE TO SAY YOU HAVE TO BRING IN! PERCENTAGE.

THIS IS ALL SUBJECT TO NEGOTIATION OR SUBSIDENCE SIGNOFF BY MARRIOTT TO SAY WE APPROVE OF THIS STRUCTURE?

>> YES. AND GENERALLY, THAT HAPPENS QUICKLY. WHEN IT IS READY TO GO. APPLICATION AND A JV DEAL AND DOCUMENTS. IT HAPPENS PRETTY QUICKLY. I GET IT THROUGH APPROVAL IN A FEW

MONTHS. >> IF THE DEVELOPER DOES NOT MEET THE FINANCIAL THRESHOLDS REQUIRED BY MARRIOTT, WHAT YOU ARE INDICATING THEN IS THAT THE BURDEN OF THE HOTEL COULD BE SHIFTED TO THE HOTEL PARTNER AND THEY WOULD TAKE ON 100% OF

THAT ? >> THE HOTEL PARTNER AT THAT POINT WOULD -- SO DALE IS FORTHCOMING WITH THE PARTNERSHIP, WITH AN EQUITY. HE WILL HAVE THOSE CONVERSATIONS TO SAY, HERE IS MY THINKING. HERE IS WHAT I VALUE THE LAND AT. AND NORMAL JV DEAL YOU WOULD PARTNER WITH SOMEBODY ON.

THAT IS WHAT HE IS DOING. HAVING THOSE CONVERSATIONS. I DON'T KNOW. AT SOME POINT, WOULDN'T IT BE FLUSHED OUT THAT DALE DOES NOT HAVE THE FINANCIAL WHEREWITHAL TO DO THIS? I DON'T KNOW. I HAVE DONE THIS FOR A LONG TIME.

THERE ARE ONLY A COUPLE OF TIMES WHERE SOMEBODY OUTRIGHT LIED TO ME AND SAID THEY DIDN'T HAVE THE WHEREWITHAL TO DO WHAT THEY SAID THEY WERE DOING. THOSE WERE THE PREVIOUS COMPANIES. WHEN MARRIOTT IS INVOLVED, USUALLY, IN MY EXPERIENCE, THEY HAVE THE FINANCIAL WHEREWITHAL TO DO WHAT THEY ARE SAYING. BUT AGAIN, I HAVE NOT VETTED THOUGH AND A PERSONAL AND FINANCIAL STATEMENT . A COMES THROUGH A SECURE LINK TO THE APPLICATION. I DON'T EVEN GET TO SEE IT. MY TREASURY DEPARTMENT APPROVES IT. I CANNOT BE MORE CLEAR.

>> YOU HAVE ANSWERED THE QUESTION. THANK YOU. AND I HAVE TO THINK THAT THE MARRIOTT TREASURY TEAM OR FINANCIAL TEAM HAS CHOPS. THEY KNOW WHAT THEY ARE DOING AND THEY DO A TRUE ANALYTICAL BACKGROUND RESEARCH TO CONFIRM THAT THE INFORMATION BEING GIVEN IS ACCURATE. I HAVE CONFIDENCE IN THE MARRIOTT'S CAPABILITY TO EXECUTE THAT AND YOUR SUCCESS SPEAKS VOLUMES AND NOT. THE NEXT LINE OF QUESTION IS RELATIVE TO, WHAT IS THE EXPECTATION OF MARRIOTT AND THE EQUITY PARTNERS YOU ARE BRINGING IN TO PARTNER OR TAKE THE HOTEL ON IN TOTALITY? WHAT IS THE EXPECTATION THAT WHEN THEY DRIVE INTO TOWN, WHAT IS SUPPOSED TO BE ON THE SITE TO SAY, YES, WE ARE READY TO GO? LET ME BACKSTOP THAT WITH THE SUGGESTION THAT, DOES THAT INCLUDE INFRASTRUCTURE? DOES IT INCLUDE A HOTEL PAD BEING CONSTRUCTED AND READY TO GO VERTICAL? OR ARE YOU SAYING THAT THERE IS A PIECE OF DIRT HERE AND WE HAVE AN OUTLET TO PLUG THE EQUIPMENT TO. WE WILL BRING IN THE INFRASTRUCTURE. WE WILL BRING IN WATER, SEWER AND POWER AND ALL THE FUNCTIONS NECESSARY TO COMPLETE THE PROJECT. OBVIOUSLY INCREASING THE COST EXPONENTIALLY OR IS IT THE EXPECTATION THAT MARRIOTT

[00:45:01]

SAYS, NO. WE NEED SOMETHING PAD READY TO GO VERTICAL?

>> IT IS USUALLY, ABSOLUTELY A GREEN SITE. SOMETIMES IT IS WATER AND SEWER UP TO THE STREET OFTEN. SOMETIMES IT'S 300-ACRE NEW DEVELOPMENT. THE CITY WILL PUSH THE SEWER AND WATER IN . FLORIDA POWER & LIGHT WILL COME IN. ANY AND ALL STAGES. BUT TRADITIONALLY, IT IS TREES. TOPOGRAPHY. BASICALLY

GREEN AND NOT READY AT ALL. >> SO YOU ARE READY TO TAKE IT RAW? YOU ARE JOINT VENTURE PARTNERS ARE READY TO TAKE IT AS A RAW SITE AND INVEST THE CAPITAL NECESSARY, NOT JUST FOR THE BOX WITH ALL THE IMPROVEMENTS NECESSARY TO GET

THAT SITE READY FOR A HOTEL? >> YES. AS LONG AS THAT IS IN THE DEVELOPMENT PROFILE WITH DALE, THAT IS WHAT THEY WILL LOOK AT AND THAT IS WHAT THEY WILL SIGN UP FOR. ON THE BUDGET, THAT WE HAVE REVIEWED, IT LOOKS APPROPRIATE . 55 MILLION WAS THE LAST. THAT LOOKS APPROPRIATE TO US, THE LINE ITEMS. SO AGAIN, I HAVEN'T VETTED THAT THROUGH MY EXPERTS. THAT IS JUST -- 20 YEARS. I HAVE SEEN A LOT OF THEM. CHECKS THE BOX FOR ME TO SHOW UP HERE TODAY AND LET YOU KNOW THAT WE FEEL GOOD ABOUT THIS. WE ARE DEFINITELY BEHIND IT. AND AGAIN, I FEEL THAT YOU GUYS ARE NOT ALONE. THE COMMUNITY IS NOT ALONE. THESE THINGS TAKE TIME. THEY HAVE BUMPS ALONG THE WAY. AND AGAIN, IT IS NOT A TRADITIONAL TIME TO DEVELOP A HOTEL. THERE HAVE BEEN TOUGH ISSUES THAT HAVE DOES THAT HOTEL DEVELOPERS HAVE FACED. BUT WE ARE COMING OUT OF IT. INFLATION IS COMING DOWN AND COST IS COMING DOWN.

CONTRACTORS ARE GETTING MORE HUNGRY SO THEIR RATES ARE COMING DOWN. SO INTEREST-RATE, AND SOME ASPECTS OF HOME LOANS IN PARTICULAR, ARE STAYING STEADY ON COMMERCIAL LOANS. WE ARE SEEING IMPROVEMENT TO SEE THE STEEL PROJECTS MOVING AND THOSE ARE ONES WE HAVE ALREADY SIGNED. WE THOUGHT EVERYTHING WAS GOOD. WE SIGNED THEM. AND THEY STALLED AND NOW THEY NEED EXTENSIONS. AT MARRIOTT, WE DO THE SAME THING. WE HAVE A GOVERNING BODY THAT SAYS, LET'S LOOK AT WHAT THEY HAVE GOT. LET'S GIVE THEM AN EXTENSION. THEY ARE TRYING. IF HE IS TRYING. IF HE IS SITTING ON HIS HANDS, THAT IS ONE THING. HE HAS BEEN ACTIVE WITH ME LIKE I REALLY WANT TO DO THIS. LET'S TALK AND FIGURE THIS OUT. HE BROUGHT ME TO MEET THE PRESIDENT OF INDIAN RIVER STATE COLLEGE. HE IS ACTIVELY GOING AFTER IT. SO I DON'T WANT TO SWOOP IN AND ACT LIKE I KNOW EVERYTHING BECAUSE I DON'T. BUT I DO SEE THIS TIME

AND TIME AGAIN. >> ONE ADDITIONAL QUESTION AND I WILL TURN IT OVER TO THE OTHERS HERE. A CRITICAL COMPONENT . AND FIRST OF ALL, YOU ARE THE EXPERT IN THE ROOM.

THAT IS WHY YOU ARE BEING PEPPERED WITH QUESTIONS.

HOPEFULLY YOU ARE THE EXPERT THAT CAN ANSWER THE QUESTIONS THE BODY HAS SO THANK YOU FOR BEING PATIENT. THE FOLLOW-UP QUESTION I HAVE, AND AS COMMISSIONER JOHNSON WAS REFERRING TO, BOARD MEMBER JOHNSON WAS REFERRING TO AND I WILL SPEAK BLUNTLY TO THE FACT, FINANCIAL CAPABILITY IS THE ENTIRETY OF THE ISSUE HERE. LET'S CUT RIGHT TO THE CHASE.

THE DEVELOPER BEING ABLE TO EXECUTE ON THIS PROJECT WHEN AT THE LAST MEETING HELD 30 DAYS AGO APPROXIMATELY, I ASKED A DIRECT QUESTION, IS THERE ANY FINANCIAL CAPABILITY LINED UP FOR THE PROJECT? THE ANSWER WAS NO. SO YOU UNDERSTAND OUR CONCERNS. YOUR BRINGING JOINT VENTURE PARTNERS TO THE TABLE.

OBVIOUSLY THEY ARE VETTED AND Ú MARRIOTT. THEY CAN EXECUTE.

HOW FAR ALONG ARE YOU IN DISCUSSIONS WITH THESE DIFFERENT JOINT VENTURE PARTNERS OR POTENTIAL JOINT VENTURE PARTNERS AND EXPOSING THEM AND INTRODUCING THEM TO THE PROJECT? HAS ANYBODY STEPPED UP AND SAID, WE ARE CHOMPING AT THE BIT TO DO THIS. WE WILL GIVE THIS A LOOK OVER.

SEND ME THE NUMBERS AND I WILL GET BACK TO YOU. FROM YOUR POSITION AS THE CORPORATE REPRESENTATIVE, WHERE DOES THAT STAND IN THE PROCESS? THAT IS A CRITICAL IMPORTANCE. WITHOUT THAT JOINT VENTURE PARTNER AS DISCUSSED 30 DAYS AGO, THE

PROJECT IS NOWHERE. >> MAIN SAIL WANTED BACK IN. I BELIEVE THEY HAVE THE CAPABILITIES TO DO EXACTLY THAT. DALE AND I SPOKE. I KNOW MAINSAIL VERY WELL. I HAVE DONE A BUNCH OF DEALS WITH THEM. IT IS OBVIOUSLY PROFESSIONAL. I UNDERSTAND THEIR CAPABILITIES AND THEY UNDERSTAND WHEN THEY CAN'T TAKE ON OTHER PROJECTS. I KNEW I WAS PUSHING TOO HARD WITH MAINE SALE. EVEN THOUGH HE WANTED TO DO IT AND BRING IT ON. I COULD TELL THAT DALE NEEDED MORE ACTION, ACTIVITY AND SHOWING UP. THAT IS WHEN I INTRODUCED ANOTHER GROUP THAT IS VERY LARGE AND IN OUR CIRCLE OF EXCELLENCE, IF YOU WILL,

[00:50:07]

WHICH IS KIND OF THE HIGHEST HONOR WE GIVE. INTRODUCED THAT GROUP TO THE PROJECT 30 DAYS AGO, 45 DAYS AGO. AND THEY ARE EVALUATING. THE EVALUATION TIME, LIKE I SAID, TAKES ABOUT 60 DAYS FOR A GROUP LIKE THAT TO EVALUATE AND THEN AGAIN ON THE WALKOVER, I WANT TO TALK TO THOSE GUYS AND SEE WHERE THEY ARE. I HAVE NOT CONNECTED WITH THEM AND A COUPLE WEEKS. I WANT TO SEE IF IT IS TIME TO BRING IN SOMEBODY ELSE. THESE GROUPS THAT I WILL BRING IN, I KNOW WHAT THEY WANT. WE HAVE DISCUSSIONS ALL THE TIME. WE HAVE CONFERENCES A FEW TIMES A YEAR WITH 2000 OF OUR CLOSEST FRIENDS IN THE INDUSTRY. WE SIT AND TALK ABOUT WHAT THEY WANT TO DO WHAT THEY ARE LOOKING TO DEVELOP. THE GROUP LIKES FLORIDA AND THEY LIKE THE EAST COAST AND THEY LIKE SMALL TOWNS AND THEY LIKE TRIBUTE. OKAY.

HERE IS ONE. SO THEY ARE EVALUATING. THE NEXT GROUP, AGAIN LIVES IN ATLANTA. THEY HAVE DONE A FEW DEALS RECENTLY WITH ONE IN FORT LAUDERDALE AT THE AIRPORT FOR TRIBUTE. THAT IS THE NEXT GROUP AND LINE THAT I HAVE MENTIONED BUT HAVE NOT INTRODUCED THEM TO THE PROJECT. SO SAME THING. JOINT VENTURE DEAL WHERE THEY WILL BRING EQUITY AND EXPERTISE OF DEVELOPMENT AND DELIVERY. AND LIKELY FINANCING RELATIONSHIPS

IN THE HOTEL SPACE. >> SORRY, GUYS. ONE ADDITIONAL FOLLOW-UP BASED ON THAT COMMENTARY. YOU INDICATE THAT THE OTHER POTENTIAL PARTNERS HAVE BEEN IN DISCUSSION ORDERLIES CHATTING ABOUT THIS WITH 30-45 DAYS. AND YET MARRIOTT HAS BEEN INVOLVED WITH THIS FOR 18 MONTHS BY YOUR ACKNOWLEDGMENT SAYING THAT IS WHEN WE HAVE BEEN PART OF THE PROCESS. WHAT IS PRESENTED BY THE DEVELOPER IS THAT ALL THE DELAYS OF THE PROJECT ARE THE CITY'S FAULT. WHICH WE DEBUNKED MANY OF THOSE AND PREPARED TO DEBUNK MORE IF NECESSARY. BUT WHY ARE WE LOOKING AT A YEAR AND A HALF INTO THE PROJECT THAT THESE PARTNERS ARE ONLY BEING INTRODUCED AT THIS JUNCTURE? IS THAT A DEVELOPER PORTION? IS AT THE MARRIOTT PORTION THAT THIS PROJECT WAS JUST NOT IN THE FEASIBILITY STAGE TO DO THAT? I'M CURIOUS BECAUSE AGO FROM 18 MONTHS DOWN TO TWO. WHY ARE WE NOW SO LATE IN THE GAME TO BRING THESE FOLKS TO THE TABLE? INNOCENCE, AND DISCUSSION NOW?

>> BECAUSE MAINE SALE WAS TRYING. I DO THE SAME THING. I TAKE ON TOO MUCH. I AM THERE TRYING AND I'M TRYING TO GET TO EVERYBODY. AND I'M LIKE SHOOT. I DID NOT ANSWER THAT E-MAIL FOR THREE WEEKS. THAT IS MAINE SALE. THEY ARE NOT BIG ENOUGH AND THEY DON'T HAVE THE SCOPE TO GET THERE. THAT IS WHERE DALE WAS FRUSTRATED. YOU SAW MAINE SALE WAS THE RIGHT GROUP TO DO THIS AND THEY HAVE EXECUTED TIME AND TIME AGAIN BUT THEY COULDN'T DO IT. HE DIDN'T HAVE THE CAPABILITY TO GET THIS ONE DONE. I DON'T KNOW WHY. I DON'T KNOW WHY. I SUSPECT THAT, LIKE HIS OTHER PROJECTS, FINANCING IS TOUGH.

FORGET IT. SOMETIMES IT IS 50% EQUITY AND THAT IS KIND OF UNREASONABLE FOR A LENDER TO ASK FOR 50% EQUITY ON A DEAL.

THE ECONOMICS DON'T WORK IN THAT SINCE. I'M GUESSING THAT THERE WERE A FEW KIND OF CHOPPED THAT THE TREE FOR FINANCING, FOR MAINE SALE. AND I STUCK BY. THEY BROUGHT ME TO THAT DEAL FIRST. I WAS CERTAINLY LOOKING AT IT. THE RFP AND SEEING IT AND THE MAINSAIL REACHED OUT AND SAID, WE ARE HOOKED WITH THE DEVELOPER. IT IS A GREAT OPPORTUNITY FOR US. LET'S RIDE TOGETHER. SO I CAN'T GO AROUND THEM AND SAY, I KNOW YOU ARE TRYING BUT LET ME INTRODUCE SOMEONE ELSE WHO COULD TRY A LITTLE HARDER. I HAVE TO WAIT AND BE PATIENT. THAT IS ME. I THINK DALE DID THE SAME THING.

HE WAS WAITING AND BEING PATIENT. AND AGAIN, THIS IS NOT OUT OF THE ORDINARY . I KNOW IT IS OUT OF THE ORDINARY FOR YOU GUYS AND THIS IS WHAT YOU ARE LIVING AND BREATHING AND I SEE IT. I HAVE SEEN AT THREE OTHER TIMES JUST FROM THE STANDPOINT OF DELAYS AND FINANCING. A LOT OF TIMES, IT IS A HISTORIC ADAPTIVE REUSE. IT IS DIFFERENT WAYS TO GET FINANCING AND INCENTIVES. HE WORKED WITH YOU. I BELIEVE THE INCENTIVES ARE STILL ON THE TABLE FOR THE NEXT DEVELOPER TO COME IN. THIS IS WHAT HAD TO BE WORKED THERE TO GET DONE TO GET THIS PROJECT LAUNCHED. BUT RIGHTLY SO, DALE BECAME IMPATIENT. I'M SO IT FAULT OF DOING IT RIGHT NOW. IT IS -- IT JUST DIDN'T GET THERE. IT DIDN'T SURFACE TO THE TOP. THAT IS WHY HE STEPPED ASIDE AND HAD A CONVERSATION. HE WANTED TO STAY IN. DALE

SAID, LET'S KEEP IT ASIDE. >> ONE COMMENT. I BELIEVE IT IS CRITICALLY IMPORTANT TO GET INTO THE RECORD. THE DELAYS OF THE PROJECT CLEARLY, THE MEDIA GRASP OF THIS HAS BEEN SPUN.

THE CITY OF FORT PIERCE HAS BEEN TOTALLY CULPABLE IN DELAYING THE PROJECT. I CLEARLY UNDERSTOOD THAT IT WAS JUST

[00:55:02]

ARTICULATED THAT THIS PROJECT -- PROCESS HAS BEEN IN PLACE FOR 60 DAYS EXCEPT FOR THE ORIGINAL CANDIDATE LOOKING TO OPEN A HOTEL THERE POTENTIALLY. I BELIEVE THAT IS IMPORTANT FOR THE CITIZENS OF THE CITY TO UNDERSTAND AND THAT CONSUMERS OF THE INFORMATION BEING PROVIDED HERE GET THE GIST OF THIS. IT IS IN THE RECORD THAT THIS IS NOT -- THE CITY OF FORT PIERCE'S ISSUE AS TO THE DELAYS. I WANT THAT CLEARLY UNDERSTOOD BY MEMBERS OF THE AUDIENCE AND MEMBERS OF THE CITY AND THE RESIDENTS OF THE CITY, ET CETERA. I MOVING FORWARD. BUT THANK YOU FOR YOUR INPUT AND PROVIDING YOUR

EXPERTISE. >> THANK YOU.

>> THANK YOU FOR MAKING THAT CLEAR.

>> A FEW QUESTIONS. IT HAS BEEN TALKED ABOUT TODAY AND DALE MENTIONED IT . AND I THINK YOU SAID THAT IT IS A LETTER OF INTEREST. CAN YOU EXPLAIN TO ME WHAT A LETTER OF INTEREST

MEANS? >> EXACTLY THAT. A LETTER OF INTEREST. WE ARE INTERESTED. WE ARE HERE TO SEE IT THROUGH.

>> WHAT LEGAL BINDING -- >> NON.

>> I'M PUTTING MY LAWYER HAD ON. SO I WANT TO MAKE SURE

EVERYBODY UNDERSTANDS. >> THE TERM SHEETS, WHEN WE SIGNED A TERM SHEET, THAT IS NONBINDING.

>> UNDERSTAND TERM SHEETS. I WANT TO MAKE SURE I'M READING IT RIGHT. WITH THE LETTER OF INTEREST, IF THEY DON'T DO IT IN THE OTHER SIDE DOESN'T DO WHAT MARRIOTT WOULD LIKE TO SEE DONE, THEN MARRIOTT CAN WALK AWAY IF THEY WANT TO.

>> SURE. >> LIKELY, I HAVE A LOT OF DEALS. I LIKELY WOULD HAVE WALKED AWAY A LONG TIME AGO.

>> I UNDERSTAND. BUT THE PUBLIC IS HEARING ONE THING. WE THROW THESE TERMS OUT. LETTER OF INTEREST. AND UNLESS YOU ARE FAMILIAR WITH THE TERMS, SOMEONE MIGHT WALK AROUND HERE AND THERE IS A CONTRACT BECAUSE YOU DID A LETTER OF INTEREST.

>> NO. NO CONTRACT. >> THE FRANCHISE GREEMENT IS

THE CONTRACT. >> UNDERSTAND THE FRANCHISE

AGREEMENT. >> AND FOR THE REST OF THE

COMMUNITY. >> I'M CURIOUS. DO YOU KNOW WHEN THE LETTER OF INTEREST WAS GIVEN TO THE DEVELOPER?

>> JUST LAST WEEK PROBABLY. >> I WAS JUST ASKED FOR IT.

>> HAVING BEEN INVOLVED FOR HOW LONG WE HAVE BEEN INVOLVED, IT IS EASY TO SAY WE ARE INTERESTED AND WE ARE RIDING

WITH YOU. >> AS MY COLLEAGUE SAID, WE ARE ASKING YOU THIS QUESTION BECAUSE YOU HAVE PRESENTED YOURSELF AS THE EXPERT OF MARRIOTT. EAST COAST. I THINK YOU SAID FROM FLORIDA TO MAINE. I JUST WANT TO GET THAT RIGHT.

>> HE CALLED ME AN EXPERT. >> I WILL STAND BY THAT.

>> THANK YOU. I APPRECIATE IT.

>> I WILL GIVE YOU YOUR DUE BECAUSE FOR YOU TO COME IN AND SAY THAT YOU CONTROLLED THE EAST COAST FOR THE MARRIOTT CORPORATION, THAT MEANS SOMETHING TO THE PEOPLE HERE AND IT SHOULD MEAN SOMETHING. I CAN DO IT ANOTHER TIME.

>> I'M PROUD TO REPRESENT THE COMPANY FOR SURE.

>> A FEW OTHER QUESTIONS AND I WILL TURN IT TO MY COLLEAGUES.

I SIT HERE AND LISTEN AND I LISTEN TO YOUR COMMENTS TODAY.

AND YOU TALKED ABOUT SOMETIMES IT'S LIKE A THREE YEAR PROCESS AND SOMETIMES -- YOUR WORDS, 2.5 YEARS BUT DEVELOPERS ASKED

FOR -- >> A LITTLE EXTRA CUSHION.

>> YOU HEARD WE HAVE TIMELINES TODAY AT 3:00. THE TIMELINES THAT WE HAVE, THEY ARE ASKING FOR FOUR YEARS. CAN YOU EXPLAIN TO ME WHY YOU WOULD SAY 2.5, AND THE EXTRA SIX MONTHS WE GIVE THEM, TO NOW? BASICALLY, WHAT IS THE DIFFERENCE BETWEEN YOUR THREE YEARS. GIVING YOU SIX MONTHS AND FOUR YEARS? WHY WOULD THEY NEED FOUR MORE YEARS?

>> I HAVE HAD DEVELOPERS ASKED FOR EXTRA TIME TOO AND SOMETIMES I GIVE IT AND SOMETIMES I DON'T. I DON'T KNOW EXACTLY WHERE THE TIMEFRAME IS ON WHAT HE NEEDS.

I KNOW NOT -- I KNOW MY TIMEFRAME. I KNOW ITCOULD BE COMPONENTS AM NOT AWARE OF. BASICALLY THEM SAYING THAT IF THIS IS A PAD READY SITE OR CLOSE TO, THAT IS GENERALLY MY

TIMEFRAME. >> I'M NOT TRYING TO TRICK YOU. I DON'T WANT YOU TO PUT WORDS. I LISTEN TO WHAT YOU ARE SAID. I ASKED QUESTIONS. THIS IS WHAT I DO FOR LIVING.

>> YOU SAY YOU MET DALE ABOUT A YEAR AND A HALF AGO , YEAR AGO.

HAVE YOU REVIEWED OR DID YOU EVER HAVE A CHANCE TO REVIEW THE ORIGINAL CONTRACTS WITH THE CITY THAT HE HAD FOR DEVELOPING

[01:00:02]

AND THE DATES SIGNED OFF ON ? DID YOU HAVE ANY ROLE IN THAT? DID IT COME TO MARRIOTT AND MARRIOTT SAID ANYTHING? ANY

QUESTIONS ABOUT THAT? >> DOES THE SYNOPSIS FROM JOE COLLIER. JUST A SNAPSHOT OF WHAT THE DEVELOPMENT TIMEFRAME WAS. HE KNOWS WHAT I NEED AS I'M RUNNING AROUND AND LOOKING AT A LOT OF DEALS. HE KNOWS THE CHECKPOINTS TO PULL ME IN AND GET ME INVOLVED AND SHOW THAT IT IS A REAL DEAL. HE PROVIDED THE TIME FRAMES. HE PROVIDED THE INFORMATION.

>> OKAY. MADAM CHAIR, THEY ASKED OTHER QUESTIONS I HAD WRITTEN DOWN. I TOLD MY COLLEAGUE THAT I MIGHT HAVE

ANOTHER ONE. >> MR. J JOHNSON, ARE YOU

READY? >> I HAVE A FEW QUESTIONS. A LOT OF GOOD DISCUSSION. I APPRECIATE YOU BEING HERE WITH US AND SHARING. IF YOU COULD JUST HELP ME TO UNDERSTAND OR HELP US UNDERSTAND THE WHOLE TIMEFRAME AND YOUR INVOLVEMENT TODAY VERSUS YOUR INVOLVEMENT WITH MAINE SALE FROM THE BEGINNING. OBVIOUSLY, THERE WAS A CONVERSATION. I WANT TO UNDERSTAND EXACTLY HOW THAT HAPPENS AND THEN YOU BEING IN FRONT OF US SPEAKING TODAY AND WHAT EXACTLY IS MARRIOTT DEFINING AS, I WANT TO COME TO THE CITY OF FORT PIERCE AND HAVE A CONVERSATION RATHER THAN ALLOW THE DEAL TO BE DONE OR

NOT BE DONE? >> I WAS ASKED TO SUPPORT A DEAL THAT I TRULY SUPPORT AND TRULY BELIEVE IN AND TO SHARE MY REAL LIFE EXPERIENCE OF HOW THESE THINGS WORK. SO TO THE POINT THAT WE KEEP SAYING EXPERT OR WHATEVER YOU WANT TO CALL ME, I LIVE IT. I LIVE IT. DELAYS ARE HAPPENING. THE REASONS ARE WHAT WE HAD TALKED ABOUT BEFORE. THAT WAS IT. IT SEEMED LIKE DALE NEEDED SOME HELP TO EXPLAIN TO YOU GUYS THAT YOU ARE NOT UNIQUE. THESE DELAYS HAPPEN. I HATE THAT THE CITY HAS BEEN BLAMED THAT IT IS ALL YOUR FAULT. BUT FINANCING IS TOUGH. PUTTING DEALS TOGETHER IS TOUGH SOMETIMES.

PART OF MY CONVERSATION EARLIER WAS, IF THERE IS SOMEBODY NEXT IN LINE THAT IS ALREADY LINED UP AND READY TO GO, SOMETIMES THEY ARE NOT QUITE READY EITHER. FINANCING IS TOUGH FOR A 55 MILLION-DOLLAR HOTEL RIGHT NOW. I THINK WE HAVE A REALLY GOOD PLAN. WE HAVE THE RIGHT PARTNER COMING IN. I THINK MAINE SALE COULD EXECUTE ON THAT . WE ARE IN A GREAT PLACE NOW. BUT TO START ALL OVER MAYBE WITH THE NEW FRANCHISE, IT MIGHT BE MORE TIME INVOLVED. THAT IS THE REASON THAT I CAME.

THAT IS THE REASON I WAS ASKED TO COME. YOU ARE NOT ALONE IN THE FACT THAT THIS IS A DELAYED PROJECT, SIMPLE AS THAT.

>> I WANT TO BUILD ON THAT TOO. IN YOUR PRESENTATION EARLIER BEFORE WE STARTED QUESTIONS, IT WAS MENTIONED THAT IF WE WERE TO RESET -- IN YOUR EXPERIENCE, YOU SAID YOU HAVE ENCOUNTERED OPPORTUNITIES THAT WERE FAILURES AND YOU HAD TO RESET AND YOU EXPERIENCED THAT. WHAT IS THE TIME-LAPSE THAT OCCURS WHEN THERE IS A RESET IN THE NATURE OF THAT? WHERE WE JUST START THE CLOCK OVER TODAY. WHAT DOES THAT LOOK LIKE AND WHAT DOES IT FEEL LIKE FROM THE MARRIOTT PERSPECTIVE?

>> IS THERE A RECESSION COMING? ALL THINGS ARE POINTING THAT WAY. IF YOU HAVE SOMEBODY THAT COMES IN NEW AND HAS TO START THE CLOCK ROLLING AND DIG IN AND GET THIS GOING, MAYBE IT IS UP AGAINST LENDERS GETTING TIGHT AGAIN. THAT IS TOTALLY HYPOTHETICAL. I HAVE BEEN THROUGH TWO RECESSIONS MYSELF.

I HAVE SEEN WHERE BANKS TIGHTEN UP AND IT IS TOUGH TO LEND. IF SOMEBODY COMES IN AND HAS ALL EQUITY AND WANTS TO BUILD IS ALL EQUITY, DIFFERENT STORY. OMNI HOTELS DOES THAT. THEY ARE A PRIVATE COMPANY. THEY HAVE BILLIONS OF DOLLARS. WHEN THE OWNERS THOSE BUILD IT , THEY BUILD IT. THAT IS WHY THEY ARE SELECTED AND A LOT OF PUBLIC AND PRIVATE BIGGER DEALS. SO, YEAH, I DON'T KNOW. AND MY EXPERIENCE, ANYWHERE FROM SIX MONTHS, TO TWO YEARS, TO GONE. TO NOT EVEN HAPPENING. GET OFF THE HORSE YOU ARE RIDING. CHOOSE THE OTHER ONE. AND IT DIDN'T HAPPEN. I HAVE EXPERIENCED IT ALL.

>> AND I APPRECIATE THAT. AT THIS POINT, YOU ARE HERE TODAY.

YOU ARE SPEAKING TO US. I DID NOT HEAR THE TRUE ANSWER. AND YOU MAY HAVE SAID IT. I DIDN'T CATCH IT MAY BE. WHAT IS THE MARRIOTT EXPECTATION? THE MARKET LOOKS GOOD. I HAVE WRITTEN DOWN A COUPLE OF COMMENTS. THE BRAND IS APPROPRIATE FOR THE MARKET. YOU HAVE MADE THAT COMMENT TODAY.

WHAT IS MARRIOTT'S EXPECTATION FROM HERE FORWARD? WHAT IS YOUR EXPECTATION TO GET THE ITEM ON THE MARKET AND MAKE IT AVAILABLE? WHAT DOES IT DO IN YOUR EYES?

>> DALE NEEDS A DEVELOPER. WE KNOW THAT. A HOTEL PARTNER

[01:05:02]

DEVELOPER. I'M HERE TO INTRODUCE THEM TO A COUPLE OF THEM AND I DON'T DO THAT ALL THE TIME. FOR THE RIGHT PROJECT, THE RIGHT DEAL, THIS ONE MAKES SENSE TO INTRODUCE A COUPLE OF PARTNERS. IF THE PARTNERS THEY BRING IN SAYING NO, WHICH THEY HAVEN'T AND ONE IS TRYING TO COME BACK, THEN MY EXPECTATIONS ARE THAT I TRIED. NOW IT IS ON YOU. I'M STILL HERE. I TRIED TO BRING SOME OF MY KEY DEVELOPMENT PARTNERS. I CANNOT GIVE YOU MY ROLODEX BUT YOU WILL HAVE TO FIND THAT HOTEL DEVELOPMENT PARTNER. THAT IS MY EXPECTATION. I HAVE HIM HELD TO THE FIRE FOR THAT. HE HAS ME HELD TO THE BUYER FOR SOME INTRODUCTIONS. THAT HAPPENS PRETTY QUICKLY . THAT IS ANOTHER 90 DAYS. IF THIS ONE DOESN'T COME OUT, THE OTHER ONE NEEDS TIME TO EVALUATE. SIMPLE AS THAT. THAT IS MY

EXPECTATION. >> I'M GOING TO ASK OTHER QUESTIONS OF THE DEVELOPER LATER. LET'S TALK ABOUT CONSTRUCTION TIMEFRAME. IS IT TYPICAL OF A HOTEL THIS SIZE, IF IT IS STILL AROUND THE 140 ROOM MARK, LOOKING AT ALL THE SCHEDULES AND THE CHARGES IN THE WHOLE WIDE WORLD AND GETTING THE INFORMATION, IS TWO YEARS APPROPRIATE OF THE

VERTICAL CONSTRUCTION? >> YES. IF EVERYTHING IS DESIGNED AND APPROVED TO THE POWER TEAM. AND IN THIS CASE, IT IS NOT. SO AS I MENTIONED, YOU HAVE TO COME UP WITH YOUR OWN BRAND . NOT JUST A MARRIOTT. THAT IS A COUPLE MONTHS, 45 DAYS OF THE CONCEPT OF THE BRAND IN DEVELOPING AND BEING CREATIVE AND ALL THIS STUFF TO HAVE THE BRAND DECIDED ON AND THEN EXECUTING ON THAT . IT IS NOT JUST, THE NAME IS THE SAILFISH OR WHATEVER. THERE IS A LOT OF WORK PUT INTO THAT VERSUS JUST MARRIOTT. SO THE BANNED HOTEL WEST PALM BEACH, THE CONCEPT TOOK A LONG TIME. JUST MUCH LONGER THAN THE STANDARDS AND PUT THE BIG M ON IT FOR THE MARRIOTT DOWN THE STREET IN WEST PALM. AGAIN, WHEN THAT IS DONE AND YOU ARE GOING TO THE GROUND, THAT IS TWO YEARS. WITHOUT A HURRICANE OR OUT ANY TYPE OF CONSTRUCTION DELAYS OR RECESSIONS. IF IT ALL GOES SMOOTH, WHICH YOU KNOW IT DOESN'T, TWO YEARS IS THE

TIMEFRAME WE GIVE. >> SOME OF THOSE ITEMS, CAN THEY RUN IN PARALLEL WITH STRUCTURAL COMPONENTS AND DESIGN AND ALL THE SOFT ELEMENTS OF DESIGN WORK? YOU ARE TALKING ABOUT FOOTERS AND STRUCTURES. CAN'T THOSE THINGS

BE DONE IN CONJUNCTION? >> WE HAVE AN APPROVAL PROCESS.

THE BRANDING IS THE FIRST. SO YOU MIGHT HAVE SOME SCHEMATIC DRAWINGS DONE BUT YOU ARE NOT GETTING TO YOUR 80% DOG KEPT ALL CAPS AT TO ACTUALLY START SENDING AND FOR PERMITS OR GETTING TO THE ACTUAL PERMIT SET TO START DIGGING AND CONSTRUCTING. THOSE TYPES OF THINGS, WE ARE APPROVING SIMULTANEOUSLY BUT THEY STILL TAKE TIME. I DON'T KNOW ENOUGH ABOUT THAT. AND OTHERS A GENERAL CONTRACTOR THAT MIGHT BE ABLE TO TELL YOU MORE ABOUT THAT. FROM THE HOTEL SIDE, IT IS TWO DIFFERENT TEAMS REVIEWING AND APPROVING THOSE THINGS SO THEY DO RUN CONCURRENTLY. BUT I KNOW THE TEAM, AS FAR AS DESIGNING AND BUILDING OUT SPACES, WHICH IT STARTS FROM THE STRUCTURE, THAT THEY WAIT FOR THE DESIGN PROGRAM TO BE APPROVED . CONTEMPLATED AND APPROVED.

>> THAT MAKES SENSE. SOME OF THE PROGRAMMING, ARE THE ELEMENTS OF LOBBY SPACE OR VESTIBULES OR EATING ROOMS AND ALL THOSE THINGS COMING TO PLAY?

>> YES. ALL THE MEP. >> AND KNOW THAT PART. BUT YOUR DEVELOPMENT TEAMS. THERE ARE TWO GROUPS HE TALKED ABOUT.

>> WE HAVE ALREADY PROVIDED A PROGRAM WHICH BASICALLY SAYS, FOR A 140 ROOM TRIBUTE, THESE ARE THE SPACES YOU NEED IN EACH KIND OF AREA. THESE ARE THE AMENITIES YOU NEED. 1000 SQUARE FOOT FITNESS CENTER. THIS IS THE BACK OF THE HOUSE AND THE HALLWAY SUPPORT. FOOD AND BEVERAGE AND THE TYPES OF THINGS THAT HAVE BEEN PROVIDED FOR A SCHEMATIC PLAN. AND THAT IS THE FOUNDATION TO BUILD TO THE NEXT SET.

>> TO THESE TEAMS GET INVOLVED WITH -- IT IS IMPORTANT TO THE CITY AND THE CITY RESIDENTS, YEARS AGO, BRINGING IT TO LIFE IN 2019 FINALLY, THE ELEMENTS OF PROMENADE ALONG MORRIS CREEK WHICH IS THE REAR OF THE HOTEL. COMBINING THAT, CONNECTING THE HOTEL COMPONENTS WITH THE FORT PIERCE NATURAL ENVIRONMENT, WHICH IS WHAT WE HAVE TALKED ABOUT FROM DAY ONE. IS THAT

PART OF THE GROUPS THAT YOU HAVE ON THE TEAM? Ú>> WE LOVE T PLANT RIVERSIDE IF ANYONE HAS BEEN TO SAVANNAH, IT IS ALL ACTIVATED ALONG THE RIVER. THE CITY BUILT THE RIVER WALK ALONG TO THE HOTEL. THAT WAS PART OF THE PUBLIC-PRIVATE. AND THE HOTEL WAS OBLIGATED TO ACTIVATE THE SPACE. THEY DO A CIRQUE DU SOLEIL THING OUT THERE AND PUT SOME BARS OUT THERE. SO THAT IS SOMETHING THAT CAN BE PART OF THE HOTEL COMPONENT THAT IS MANAGED BY THE HOTEL OR YOU KEEP IT OUT OF THE HOTEL FROM A

[01:10:04]

STANDPOINT LEGALLY AND YOU GUYS ACTIVATE IT AND HAVE THAT SPACE. I HAVE SEEN THEM BOTH. I HAVE SEEN THEM BOTH. A LIFESTYLE HOTEL LIKE THIS, YOU WANT TO BE, AS I MENTIONED, INTEGRATED INTO THE COMMUNITY. THAT IS A GREAT WAY TO PARTNER IN THAT WAY AND SOMETIMES IT IS A PARK WHERE YOU CAN HAVE A WEDDING NEXT DOOR. SO WE LIKE THAT. WE DON'T GET INTO THE WEEDS UNLESS IT IS PART OF THE ACTUAL SITE PLAN OF THE HOTEL.

>> CRITICAL COMPONENT. MY COLLEAGUES WERE ASKING ABOUT INFRASTRUCTURE EARLIER. I WANT TO TALK ABOUT INFRASTRUCTURE THAT MAKES A DIFFERENCE FOR YOUR HOTEL. THAT IS PARKING.

PART OF THE DEVELOPMENT PLAN IS TO BUILD A STRUCTURE PARKING GARAGE. PART OF THE DOWNTOWN BUSINESS DISTRICT IN THE CITY OF FORT PIERCE DOES NOT REQUIRE PARKING. HOWEVER, WE ALL KNOW THE COMMON SENSE IS THAT WE BETTER SUPPLY PARKING BECAUSE YOU HAVE 140 ROOMS THAT YOU WANT TO BE FULL. WE HAVE TO DO SOMETHING. IS THERE GOING TO BE A REQUIREMENT FOR MARRIOTT FOR THAT INFRASTRUCTURE COMPONENTS TO BE ALIVE AND WELL THE DAY THAT YOU EXPECT TO BE CUTTING A RIBBON IN THE FRONT DOOR? WHAT

ARE YOUR EXPECTATIONS? >> IT IS EITHER ONE, PER ONE IN THE HOTEL ITSELF OR THERE IS A PLAN. THERE IS AN ACTUAL WRITTEN PLAN WITH AN AGREEMENT WITH THE CITY OR PRIVATE GARAGE THAT IS PART OF THE OPERATIONAL SIDE OF THE BUSINESS . SO IT IS EITHER OR. IF THERE IS NOT A REQUIREMENT BY THE CITY TO HAVE THOSE, WE STILL HAVE A ONE PER ONE AND WE NEED TO BE CONVINCED THAT YOU SOLVED FOR THAT. THE ONE PER ONE FOR A HOTEL LIKE THIS IS ACCURATE. OF IT HAD A BIG BALLROOM OR A LARGER FOOD AND BEVERAGE OR MULTIPLE, WE WILL LOOK FOR MORE BECAUSE THE COMMUNITY WILL OCCUPY THE SPACE AND THE BALLROOM MIGHT HAVE A LOCAL EVENT AND THE HOTEL IS FULL. WITH HIS HOTEL, THE WAIT IS SIZED NOW, IT WOULD BE ONE PER ONE IN THE HOTEL ITSELF OR

A PLAN. >> THANK YOU.

>> YOU'RE WELCOME. >> OTHER QUESTIONS?

>> I WANT TO BE CLEAR ON SOMETHING. BY THE WAY, THANK YOU FOR BEING HERE. I THOUGHT THAT THE LUMINARY -- I HAVE BEEN THERE AND SEEN THAT GREAT PROJECT. YOU HAVE EQUITY PARTNERS THAT HAVE BEEN VETTED BY MARRIOTT. THEY ARE READY TO GO FINANCE PEOPLE. AND SO I JUST WANT TO BE CLEAR THAT FROM THE MARRIOTT SIDE, YOUR WAITING ON THE APPLICATION FROM THE DEVELOPER SO THAT YOU CAN GET DISCLOSURE TO LOOK AT THE FINANCES, ET CETERA. WHATEVER HE BRINGS TO THE TABLE AS A DEVELOPER AND THEN THAT IS A PROCESS THEN THAT IS GOING INTO A ROOM AND YOU EVALUATE THAT, RIGHT? WHAT DOES THAT TAKE?

HOW LONG DOES THAT TAKE? >> IN YOUR OPINION -- BECAUSE, I UNDERSTAND MAINE SALE WAS HERE BEFORE. WE ARE FAMILIAR WITH THEM. SOME OF US ALL THE LUMINARY. THAT IS HOW HE UNDERSTOOD MAINE SALE. WHAT IS THE HOLD UP HERE WITH THAT

VETTING OF THE DEVELOPER? >> I THINK I SAID 30 DAYS. YOU MIGHT HAVE SAID 60. I CAN LOOK BACK TO TELL YOU WHEN I ACTUALLY MADE THE INTRODUCTION OF THIS NEW DEVELOPER. AFTER FINALLY REALIZING. I WAS SUPPORTING MAINE SALE AND GIVING THEM EXTRA TIME. WE ULTIMATELY SAID, LET'S

INTRODUCE SOMEBODY ELSE. 30-45. >> I'M NOT TALKING ABOUT THAT DEVELOPER. I'M TALKING ABOUT MR. MADISON, HIS APPLICATION.

>> I DON'T WANT HIS APPLICATION UNTIL THE OTHER JV PARTNERS AND BECAUSE I KNOW HE NEEDS THAT JV PARTNER . WHEN THE APPLICATION COMES IN WITH THE JV PARTNER, BECAUSE THEY

ARE TOGETHER, RIGHT? >> I UNDERSTAND. WE ARE INNOCENCE WAITING ON THIS JV PARTNER TO GET THE NEW PERSON.

>> SO THAT WILL TAKE -- >> IT WON'T TAKE TOO LONG.

THEY HAVE TO MAKE A DEAL. THEY HAVE TO EVALUATE.

>> AND INK A DEAL WITH YOU GUYS AND INK A DEAL TOGETHER. GET THAT FIGURED OUT. VERY REASONABLE FROM WHAT I SEE AND HE HAS THE JV DEAL TOGETHER. VERY REASONABLE. SO, YES, THAT SHOULD HAPPEN FAIRLY QUICKLY WHEN THEY SAY THEY WANT TO JOIN THE DEAL. AND THEY WILL SUBMIT TO ME THE APPLICATION COMBINED WITH THE NEW ENTITY FORMED OR TO BE FORMED. I WOULD NOT EVEN GET HUNG UP ON THAT WHICH WILL HAVE THE PORTAL FOR THE FINANCIALS WE WILL REVIEW THE BUDGET AT THAT TIME. THE TIMELINE. AND WE ACTUALLY LOOK FOR DOCUMENTS. SO THE DOCUMENT IN PLACE RIGHT NOW -- I DON'T KNOW IF IT IS EXPIRED OR IF IT WAS AN EXTENSION OR THE DEVELOPMENT. I WILL NEED TO SEE THAT THAT HAS BEEN EXTENDED SO THAT THEY HAVE THE ABILITY TO DO THIS. OTHERWISE, I'M SENDING PAPER --

[01:15:05]

>> HAVE YOU GOTTEN AT THE MOST RECENT EXTENSION THAT CAME OUT OF THIS CITY COMMISSION? ARE YOU FAMILIAR WITH THAT

EXTENSION WAS GRANTED? >> NO.

>> SO YOU DON'T KNOW THE TIMELINE?

>> CURRENTLY RIGHT NOW I KNOW. >> IT SEEMS AS THOUGH THAT WOULD HAVE BEEN SHARED BECAUSE THAT WAS SOMETHING THAT THE DEVELOPER ASKED FOR. HE GOT. AND YOU HAVEN'T SEEN IT.

>> FOR ME, I SHARED WITH HIM WHAT OUR TIMEFRAME LOOKS LIKE.

HE IS A MASTER DEVELOPER OF A LARGER --

>> I UNDERSTAND. >> I THINK IT IS BETTER THAT I DON'T KNOW SO MUCH. I'M NOT IN THE WEEDS WITH THESE GUYS.

I'M JUST TELLING YOU, THIS IS WHAT I SEE GENERALLY. AND THESE ARE THE TIME FRAMES THAT I SEE AND THAT ARE VERY ACCURATE.

THESE ARE THE DELAYS WE SEE. AND SO YES, AGAIN, I COULD HAVE GONE THROUGH EVERY LAST LITTLE DETAIL. FOR ME, I WANTED TO TELL YOU GUYS THE TIME FRAMES THAT WE EXPECT AND THAT WE

WOULD HOLD HIM TO. >> THANK YOU FOR BEING HERE. I JUST FIND IT CHALLENGING TO KNOW THAT THE DEVELOPER HAS COME. WE HAVE HAD SOME EXTENSIONS ON THINGS AND YOU HAVE HEARD COMMENTS. AND WE HAVE EXTENDED. BUT THAT CURRENT COULD LAPSE BASED ON WHAT YOU HAVE SHARED WITH JUST GETTING THE EQUITY PART VETTED AND GETTING THOSE TWO MARRIED TOGETHER TO MAKE SURE THEY AGREE AND WE COULD BE RIGHT BACK HERE AGAIN ASKING FOR ANOTHER EXTENSION.

>> THAT IS WHAT I'M TAKING FROM THAT.

>> THAT IS JUST MY COMMENTS. THAT IS HOW I SEE IT MADAM CHAIR. I COULD BE CORRECTED. BUT THAT IS WHERE I AM NOT.

I'M TRYING TO BRING THE PUBLIC ALONG AS WELL. SO THANK YOU.

>> ABSOLUTELY. >> FOLLOW-UP QUESTION. AND THANK YOU. YOU ARE A WEALTH OF INFORMATION.

>> THANK YOU. >> AND HAVE CLARIFIED GOOD, BAD OR INDIFFERENT. YOU HAVE CLARIFIED A LOT OF ISSUES ON THE ENTIRE TRANSACTION SO THANK YOU FOR COMING. YOU HAVE HIT ON THE POINT SPECIFICALLY, AND THIS IS A FOLLOW-UP ON THE COMMISSIONER C JOHNSON'S -- YOUR FINANCIAL TEAM COULD TURN AROUND THE APPLICATION VETTING PROCESS RAPIDLY. A 30 DAY OR LESS PROCESS FROM THE DAY RECEIVED THE APPLICATION FROM THE DEVELOPER. JV INTERESTS WERE ALREADY IN THE SYSTEM.'S ALREADY IN OPERATION. REALISTICALLY, YOUR SUGGESTING THAT IT IS A 60 DAY -- BECAUSE DISCUSSIONS HAVEN'T TAKEN PLACE, TO GET COMMITMENT FROM YES OR NO. WE ARE IN OR WE ARE NOT IN. THE FINANCIAL ASPECTS OF THAT COIN DON'T HAVE TO WORRY ABOUT. THEY ARE ALREADY PREAPPROVED. HAVING SAID THAT, WE ARE INNOCENCE LOOKING AT A 90 DAY TIMELINE IN THEORY. OR IF YOU ARE RUNNING THEM CONCURRENTLY, 60 DAYS TO HAVE SOME TYPE OF A PICTURE. THE REASON I'M GETTING THIS COMMENTARY AND THE QUESTIONS COMING IS THAT YOU UNDERSTAND -- I THINK YOU HAVE A PRETTY GOOD JUST OF THE LACK OF CONFIDENCE THAT THIS BODY HAS IN THE EXECUTION OF THIS PROJECT FROM A FINANCIAL STANDPOINT.

>> YES. >> THAT IS IT. THE TIMELINES THAT WERE PROVIDED TO BUILD THE REST OF THE COMPLEX IS IRRELEVANT WITHOUT THIS PORTION OF COMMITMENT BEING COMMITTED FOR LACK OF A BETTER WAY TO DESCRIBE IT. AND MOVING FORWARD, CONCURRENTLY WITH THE OTHER TIMELINES THAT HAVE BEEN INTRODUCED. THAT IS IRRELEVANT AT THIS POINT WITHOUT THAT COMMITMENT BY THE DEVELOPER'S OWN ACKNOWLEDGMENT, THEY HAVE NO FINANCIAL CAPABILITY TO EXECUTE ON THE PROJECT. THAT IS IN THE MINUTES OF THE LAST MEETING FROM THREE WEEKS AGO.

HAVING SAID THAT, THE RELIANCE ON MARRIOTT WHO OBVIOUSLY HAS GOT THE VETTING POWER TO DO A DEEP DIVE AND MAKE A DETERMINATION ON A PARTNER, MY QUESTION COMES DOWN TO, BASED ON THE LACK OF CONFIDENCE AND TRUST IN THIS ROOM BETWEEN THIS BODY, THE DEVELOPMENT TEAM, ET CETERA, IF ALL PARTIES AGREE, WOULD MARRIOTT BE WILLING TO SHARE YOUR DECISION-MAKING THROUGHOUT THE PROCESS TO SAY, YES, WE SECURE JOINT VENTURE PARTNER SUBJECT TO FINANCIAL CAPABILITY OR TWO, WE HAVE REVIEWED THE DEVELOPER'S FINANCIAL CAPABILITY AND WE HAVE APPROVED HIM OR NOT APPROVED HIM ? IF ALL PARTIES TO THE TRANSACTION AGREE TO THE DISCLOSURE, WOULD MARRIOTT BE WILLING TO ASSIST US IN THAT CAPABILITY BY PROVIDING THAT

INFORMATION? >> I'M NOT SURE. I COULD AS

LEGAL. >> I WOULD BE VERY INTERESTED AND OBVIOUSLY YOU CAN'T ANSWER IT NOW. WE NOW HAVE A THIRD-PARTY EXPERT. YOUR TEAM HAS MUCH MORE CAPABILITY THAN ANYONE ELSE IN THIS ROOM. THAT INFORMATION TO ME IS OF

[01:20:05]

CRITICAL IMPORTANCE BECAUSE IF THE FINANCIAL CAPABILITY IS NOT THERE, THIS DEAL IS GONE. BY THE DEVELOPER'S OWN ACKNOWLEDGMENT, IT IS GONE. MARRIOTT IS OUT UNLESS THEY CAN FIND A PARTNER THAT WILL COME IN AND TAKE ON THE WHOLE CONSTRUCTION OF THE HOTEL BUT JUST BY ITSELF. AND I SEE MANY CHALLENGES WITH THAT WITH THE DEVELOPER THAT HAS AN AGREEMENT WITH THE CITY TO PROVIDE XYZ. SO WOULD THAT BE SOMETHING YOU WOULD BE WILLING TO CHECK OUT WITH YOUR TEAM AND GET BACK TO OUR FOLKS TO SAY, YES , THAT IS A POSSIBILITY. THAT IS GOING TO ANSWER BY A THIRD-PARTY EXPERT, QUESTIONS WE CANNOT GET ANSWERED NOW. THANK YOU FOR CONSIDERING THAT. AND YOU CAN RESPOND TO THE CITY MANAGEMENT TEAM AND IF IT IS POSSIBLE, AND I THINK THAT WOULD BE CRITICALLY IMPORTANT TO MOVING THIS FORWARD IF THAT IS THE DESIRE.

>> THE CITY ATTORNEY COME SOMETIMES ATTORNEYS CAN WORK

THAT OUT. >> I'M SEEING THE MANAGEMENT TEAM AS A WHOLE. MANAGEMENT TEAM AND WE HAVE THE WHOLE CREW INVOLVED IN THIS AND FROM MY PERSPECTIVE, TRANSACTIONS BASED ON OTHER PEOPLE'S MONEY ARE DOOMED TO FAIL. YOU HAVE NO REAL SKIN IN THE GAME. YOU HAVE NO CAPABILITY TO EXECUTE ON YOUR FINANCIAL OBLIGATIONS TO BRING US OUT OF THE GROUND.

I'M NOT GOING TO LISTEN TO THE. WE NEED OUTSIDE EXPERTISE TO SAY, YES, THIS IS GOING TO HAPPEN AND THAT IS MARRIOTT. I COULD NOT ASK FOR A BETTER ORGANIZATION TO VET THOSE SOME THE GUYS THAT WILL HAVE THEIR NAME ON THE BUILDING.

>> AND I WOULDN'T BRING IT TO MY COMMITTEE IF IT WASN'T

VETTED AHEAD OF TIME. >> THANK YOU. IF YOU CAN CHECK THAT WITH YOUR TEAM AND GET BACK TO OUR FOLKS, I WOULD BE

VERY APPRECIATIVE. >> AND IT MIGHT BE SOMETHING AS SIMPLE AS, WE ARE READY TO BRING THIS TO COMMITTEE HANBY CAN SAY OUR COMMITTEE VETTING PROCESS IS TO MAKE SURE THE FINANCES WORK.'S MAY BE SOMETHING AS SIMPLE AS, THIS IS

ON THE AGENDA. >> WE ARE INVOLVED IN THE COMMUNICATION FLOW AND IT WILL BOOST CONFIDENCE MASSIVELY.

>> WE WILL SEE IF WE CAN DO THAT.

>> THANK YOU. >> THAT IS A GREAT REQUEST. I

HOPE WE CAN. >> WE DO APPRECIATE YOU BEING HERE. YOU HAVE HELPED US A LOT. ANY OTHER QUESTIONS WE MIGHT ASK? ARE YOU GOING TO STICK AROUND? I THINK MR. MADISON, YOU WANTED TO COME BACK UP FOR SOMETHING. THANK YOU VERY MUCH.

>> THANK YOU . >> I THOUGHT IT WOULD BE GOOD FOR YOU TO HEAR FROM KYLE. HE IS SHARP. I DID NOT KNOW SHALL -- KYLE INITIALLY. I KNEW JOE IN REIGNSFOZ SALE. AND THE TIME THAT WE INVEST IN GAVE MAINE SALE, IT IS FRUSTRATING BECAUSE WE SIGNED AN EXCLUSIVE LETTER OF INTENT FOR MAINE SALE TO DO THE HOTEL AND THE FUNDING OF THIS ENTIRE PROJECT. THEY WERE A 50/50 JOINT VENTURE WITH US. AND THAT AGREEMENT WAS SIGNED IN 2022., 2023, EXCUSE ME. JUNE OF 23. AND WE REALIZED THAT THAT WAS NOT GOING WELL AND NOT PERFORMING. THAT IS WHY I REACHED OUT TO KYLE AND SAID WE ARE STRUGGLING HERE AND IT IS NOT WORKING OUT. SO THANK YOU FOR SHOWING IT. I

APPRECIATE IT. >> LET'S TALK ABOUT THE TIMELINE. AND CAN YOU PULL UP SOME OF THE SLIDES HERE? LET THAT SIT UP THERE. I WANT TO TALK ABOUT THE ONE COMMENT ABOUT FINANCING . I THINK MR. BRODERICK MENTIONED THAT I SAID, WHATEVER DATE YOU ASKED ME, THAT I COULD NOT FINANCE IT AND THAT IS NOT WHAT I SAID. I SAID THAT AT THIS JUNCTURE, WE DO NOT HAVE FINANCING BECAUSE LENDERS LIKE CERTAINTY. NO LENDER IS GOING TO SIGN UP FOR A PROJECT THAT IS BEING QUESTIONED IN THE SITUATION . INTERESTINGLY ENOUGH, ONE OF THE REQUIREMENTS OF THE RFP WAS TO DO A FEASIBILITY STUDY. AND I DON'T KNOW IF YOU READ THE SUBMISSIONS BUT WE HAVE THE NATIONALLY RECOGNIZED FIRM AND SPENT $20,000 ON A FEASIBILITY STUDY FOR KING'S LANDING. IN THE FEASIBILITY STUDY, THEY IDENTIFIED THREE THINGS THAT WERE AT RISK FOR THIS PROJECT.

[01:25:01]

ONE WAS A TERTIARY MARKET AND EMERGING. THAT WAS A RISK. THE SECOND WAS THE REVERTER'S IN THE CONTRACT AND THAT IT IS TOUGH FOR COMMITMENTS TO BE MADE WITH THIS SORT OF TENUOUS GUILLOTINE SORT OF RELATIONSHIP OVER THE PROJECT THAT, IF THINGS DON'T GO ACCORDING TO HOYLE, YOU CAN TAKE THE TRAPDOOR OUT IN THE THIRD WAS A BROWNFIELD SITE. SO WE HAVE KIND OF HAD THE PERFECT STORM HERE. ALL THE THREE THINGS THAT WERE IDENTIFIED BACK WHEN WE SUBMITTED THE RFP, CVRE IDENTIFIED AND WE ARE THERE. SO LENDERS JUST DON'T LIKE UNCERTAINTY. THEY WANT TO KNOW THAT IT IS A SOLID DEAL AND SO WE ARE TRYING TO GET BACK TO A PATHWAY OF A SOLID DEAL. I HAVE FINANCIAL RESOURCES . I HAVE INVESTORS TO MAKE THIS HAPPEN.

I HAVE TWO DIFFERENT SOURCES WITH OVER $10 BILLION IN REAL ESTATE LENDING THAT ARE READY TO SUPPORT THIS. BUT NOT IN THE CONDITION WE ARE IN. THE HOTEL IS REALLY IMPORTANT. EVERYBODY WANTS THE HOTEL. THAT IS WHY, WHETHER MAINE SALE COULD OR COULDN'T DO IT, I WAS A BIG FAN OF JOE'S BUT HE HAS PUT US IN A DIFFICULT POSITION. I JUST WANT TO KYLE AT MARRIOTT AND SAID, YOU KNOW WHERE THE BONES ARE BURIED. YOU CAN DIRECT US TO WHO CAN DO THIS WITH US. SO HELP US GET THE RIGHT PARTNER.

AND SO KYLE GRACIOUSLY AGREED. SO THAT IS STEP ONE. STEP TWO IS TO ESTABLISH A REVISED TIMELINE. AGAIN, FOR THE RECORD , WE TECHNICALLY HAVE HAD CONTROL OF THIS LAND FOR 24 MONTHS. A LOT OF PEOPLE WANT TO TALK ABOUT THREE YEARS IN FIVE YEARS AND I THINK WE ARE ALL FRUSTRATED BY HOW THIS IS GETTING POSITIONED IN THE MEDIA. BUT THE SAYING THAT CVRE IDENTIFIED IN THE FEASIBILITY STUDY WAS THAT ONE OF THE BIG CONCERNS WAS THE REVERTER IS HAPPENING. 24 MONTHS AFTER WE TAKE CONTROL OF THIS PROJECT. WE ARE HAVING THIS DUSTUP OVER ESTABLISHING NEW DEVELOPMENT TIMELINES. WE CAN GO INTO WHY ALL OF THE TIME HAS BEEN SPENT DOING SOMETHING ELSE, BUT I DON'T THINK THAT IS WHAT THIS MEETING IS FOR.

WE ARE TRYING TO LOOK FORWARD. SO WE HAVE INVESTORS. WE HAVE LENDERS. WE HAVE MARRIOTT. I DON'T KNOW WHAT ELSE WE CAN DO TO SET THE TABLE TO GET THIS PROJECT GOING NOW THAT THE SITE IS CLEAN AND READY FOR DEVELOPMENT. SO LET'S TALK ABOUT THIS TIMELINE. AND WE WILL GET AS GRANULAR AS YOU WANT ON THIS. AND I YOU ASKED KYLE SOME QUESTIONS ABOUT THE DATE AT WHICH IT TAKES TO BUILD A MARRIOTT AND OUR NUMBERS TRACK WITH HIS AND WE HAVE TRIED TO LEAVE TIME FOR CERTAIN ELEMENTS. LET'S START WITH INFRASTRUCTURE AT THIS SITE.

AND THE TWO THINGS THAT ARE PRETTY MUCH PERMITTED AND READY TO GO. SO THE INFRASTRUCTURE TIMEFRAME AS FOLLOWS, YOU WILL SEE THEIR START IN JUNE AND THEY FINISH IN A YEAR. WE HAVE DO YOU HAVE THE COLOR GRAPHIC ? THIS MIGHT BE A CHALLENGE AS I'M COLORBLIND. SO THE SITE WORK, BLUE, AND THE VILLA IS ALSO BLUE. ESSENTIALLY PERMIT. I THINK IT HAS ONE AIR CONDITIONING MANUAL SAYING THAT IS HANDLED AND WE ARE REALLY PRETTY MUCH GOOD TO GO ON THE VILLAS. THOSE CAN COMMENCE IMMEDIATELY. THE GENERAL CONTRACTORS THEY TO GIVE US 90 DAYS TO MOBILIZE. YOU HAVE THE CONTRACTS SET AND EQUIPMENT AND SUPPLIES AND WE CAN START. AND THEY SAY, JUNE OF 24 AND THEY WILL BE DONE WITH BOTH INFRASTRUCTURE AND THE VILLAS IN ONE YEAR. AND THAT IS REFLECTED IN THE TIMEFRAME. THE HOTEL, WHICH IS NEXT, WHICH IS IN PINK, IS 24 MONTHS TO BUILD.

[01:30:08]

AND THAT IS CONSTRUCTION TIME. AS KYLE MENTIONED, IT TAKES EIGHT MONTHS TO DESIGN IT AND THEN THERE IS PERMITTING AND, CAN YOU GO BACK TO -- I WILL TOGGLE BACK AND FORTH BETWEEN THESE TWO SHEETS. UNDER HOTEL TIME FRAMES, WE HAVE FINALIZED CONTRACTS . THAT IS WHAT WE ARE DOING NOW WITH THE FRANCHISEES WHO KYLE HAS -- THEY HAVE BEEN VETTING THIS PROJECT FOR THE LAST FEW WEEKS. ONE OF HIS POSSIBLE FRANCHISEES. WE ESTABLISHED THREE MONTHS TO FINISH THAT UP. WE HAVE DESIGNED TIME FOR THE HOTEL AT EIGHT MONTHS. WE HAVE SITE WORK WHICH WE DON'T CONTROL. MAYBE THERE IS HOPE THAT YOU CAN BRING TO BEAR ON THE EXPEDITED APPROVAL PROCESS. BUT, THESE TIME FRAMES ARE NOT OF -- MAYBE AND DIRECTLY BUT THIS IS MORE HELP THAT MAYBE YOU COULD SQUEEZE THE TIMEFRAME DOWN. SO ALL OF THE SITE WORK PERMITTING, VERTICAL APPROVAL AND VERTICAL PERMITTING, ARE ALL SOMETHING WE CAN USE HELP ON. THE CONSTRUCTION TIMEFRAME IS TWO YEARS. SO WHAT IS THAT IN TERMS OF PERMITTING? FOUR, FIVE, SIX, 11 MONTHS WORTH OF PERMITTING AND APPROVALS AT THE CITY LEVEL BUILT INTO THIS HOTEL TIMELINE. YOU HELP US SHRINK THAT AND WE GET THE HOTEL BUILT FASTER. THE CONSTRUCTION TIME JUST TAKES WHAT IT TAKES. TWO YEARS I THINK IS A REASONABLE AMOUNT OF TIME TO BUILD A 140 ROOM HOTEL. EIGHT MONTHS IS A REASONABLE AMOUNT OF TIME TO DESIGN IT. 11 MONTHS IS WHAT IS BUILT INTO THE PLAN TO GET THROUGH THE CITY. IF THAT CAN BE SPED UP, WE WOULD -- WE HAVE A REQUEST OF THIS GROUP IF NECESSARY THE MAYBE YOU CAN HELP US DO THAT BECAUSE CLEARLY, WE FEEL LIKE -- YOU FEEL LIKE THERE IS A LACK OF COMMUNICATION FROM ME AND I FEEL LIKE WE ARE JUST STUCK AND WE CAN'T GET THINGS MOVING AND SO , MAYBE WE NEEDED TIGHTER TIMEFRAME TO COMMUNICATE WITH ONE ANOTHER DIRECTLY SO THAT YOU KNOW WHAT WE ARE WRESTLING WITH US AND MAYBE YOU CAN HELP. SO THAT IS THE HOTEL TIME FRAMES. 24 MONTHS TO BUILD. UNDER THIS

TIMELINE. >> CAN YOU MOVE YOUR

MICROPHONE? >> YES.

>> UNDER THIS TIMELINE -- I'M LOOKING FOR -- SO SIX/24, THROUGH FEBRUARY SLASH 28 IS THE OVERALL TIMELINE THAT ENCOMPASSES ALL OF THE. SO THAT IS THE HOTEL. THE THIRD ITEM IS THE PARKING AND CONDOS . CAN YOU GO BACK TO THE COLORED MAP, LAINEY? SO THE CONDOS AND THE PARKING ARE ALL THE GREEN. SO THOSE ARE -- THE EIGHT STORY CONDO IN FRONT OF THE HOTEL ON THE EAST SIDE TOWARD THE WATER. THE 11 STORY BUILDING ON THE SOUTHEAST SIDE THAT HAS THE PARKING GARAGE IN THE CENTER AND THE EIGHT STORY CONDOS ON THE SOUTH SIDE. THOSE ALL GO UP AT THE SAME TIME AS A PHASE 2 PACKAGE. CAN YOU GO BACK TO THE SPREADSHEET, LAINEY? THERE WE HAVE PHASE 2 CONDOS AND PARKING. WE HAVE AGAIN, THE SAME 90 DAY PERIOD TO FINALIZE, MOBILIZE AND GET THINGS GOING. AND THEN DESIGN DOCUMENTS ONE YEAR AND THEN THE APPROVALS AND THE CONSTRUCTION TIME IS TWO AND A HALF YEARS. SO YOU CAN SEE IN THE APPROVAL PROCESS HERE, -- WE HAVE A YEAR OF TIME AND APPROVALS. IF WE CAN SHRINK THAT DOWN, EVERYTHING GOES FASTER. BUT THAT IS WHERE WE COULD USE YOUR HELP. TWO AND A HALF YEARS TO BUILD THE CONDOS AND THE PARKING GARAGE. EVERYTHING IN GREEN. AND WE WOULD START ON THAT IN SEPTEMBER OF 26 -- SEPTEMBER OF 24 AND BE DONE WITH IT IN 29. AGAIN, 29 SEEMS LIKE A

[01:35:08]

CRAZY NUMBER. IT IS THREE/2729. IF WE COULD SHRINK A YEAR OUT OF THE APPROVAL PROCESS AT THE CITY LEVEL, EVEN IF WE CAN SHRINK IT IN HALF, WE ARE DONE WITH THAT PORTION AND 28 WHICH WOULD BE GREAT. AND THE FINAL COMPONENT IS THE COURTYARD BUILDINGS. THE THREE-STORY BUILDINGS. THAT ARE YELLOW HERE AND THE FRONT SECOND STREET AND THOSE ARE SIMPLER PROPOSITION. CAN YOU GO BACK TO THE SPREADSHEET

PLANNING? >> THOSE WILL TAKE ABOUT A YEAR TO BUILD. IT IS REALLY JUST DESIGN DOCUMENT SIX MONTHS AND THE REST OF IT IS APPROVAL PROCESS. AGAIN, 11 MONTHS AND THE CONSTRUCTION TIMEFRAME IS ONE YEAR. THERE IS A LOT OF TIME. MAYBE A YEAR, YEAR AND A HALF, THAT WE CAN SQUEEZE INTO THE DEVELOPMENT PLAN IN THE APPROVAL PROCESS. THE TIME IT TAKES TO BUILD IS PRETTY MUCH THE TIME IT TAKES TO BUILD.

DESIGNED TIME CAN BE SPED UP AND SOME INSTANCES. IT DEPENDS ON HOW COMPLEX THE HOTEL GETS AND I DON'T MEAN TO SPEAK FOR THE EXPERT KYLE, BUT I HAVE HEARD HIM SAY THAT IT COULD HAPPEN IN SIX MONTHS WITH A DESIGN INSTEAD OF EIGHT MONTHS.

WE HAVE COMMITTED, OR WE HAVE BUILT INTO THE DESIGN TIME OF EIGHT MONTHS. SOME OF THE THINGS, LIKE THE INFRASTRUCTURE IN THE VILLAS, THERE IS NO DESIGN TIME OR APPROVAL TIME.

THAT IS GO TIME . AND WE ARE PREPARED TO DO THAT. SO, FROM WHERE WE SIT, THE FAST TRACK COULD BE A GOOD TRACK. BECAUSE A SUBSTANTIAL AMOUNT OF TIME IN THE DEVELOPMENT PLAN IS IN APPROVALS AND PERMITTING. SO , QUESTIONS.

>> CAN YOU GO BACK TO THE COLOR SHEET?

>> YES, SIR. >> I WILL KICK IT OFF WITH ONE OBSERVATION. THIS IS OKAY TO START AND I WILL NEED TO GO BACK TO THE TIMELINE. LET'S LOOK AT THIS PIECE FIRST. LISTS TALK ABOUT THE COMPONENTS. YOU HAVE THREE LAYERS OF PHASING.

IT IS NOT EVEN PHASING BIKE CONTRACT BUT BY COLOR CHART.

AND IT IS REALLY FOUR LAYERS. I WILL POKE HOLES IN THE BALLOON FOR A HALF OF HIS SECOND. IT HAS PLAGUED ME FOR A LONG TIME ABOUT CONSTRUCTION TIMELINE AND HOW THE HOTEL WILL BE COMPLETED IN FEBRUARY. LET'S JUST SAY WE ARE MOVING FORWARD. FEBRUARY OF 2028. AND YOU CAN SWITCH BACK OVER IF YOU DON'T MIND.

AND BUT THE CONDOS GARAGE IS NOT COMPLETE UNTIL MARCH OF 2029. REFERENCING BACK TO MY QUESTION TO KYLE ABOUT PARKING.

IT WILL BE 1-800-SOMEBODY'S PHONE. CITY HALL, YOUR PHONE, BUT WE HAVE A GREAT HOTEL HERE. I CUT A RIBBON AND CAN GET IN THE FRONT DOOR BUT I HAVE NO WHERE TO PARK. WHAT IS THE

SOLUTION? >> THE HOTEL PARKING WAS NEVER PART OF OUR PARKING GARAGE. THE HOTEL PARKING AS IT WAS STRUCTURED WITH MAINE SALE WAS SURFACE PARKING BY THE HOTEL LIMITED AND THE PARKING SHARE AGREEMENT AT THE CITY PARKING GARAGE WHERE IT WAS 50/50 RIDESHARE.

>> SO IS THERE SURFACE LEVEL PARKING?

>> LIMITED ON THE HOTEL LAND. IT WILL BE A PAD READY SITE.

THEY WILL HAVE SOME LIMITED PARKING. MAYBE 30-40 SPACES THERE. THE OTHER WAS VALET AND OVERNIGHT PARKING. IT WAS THE PARKING SHARE AGREEMENT ON THE TOP LEVEL OF THE CITY GARAGE.

THE HOTEL PARKING WAS NEVER IN THE KING'S LANDING PARKING

GARAGE. >> OKAY. UNDERSTANDING THAT COMMON SENSE SAYS THAT WHEN I GO TO A HOTEL, I WILL USE THE PARKING GARAGE ON THE PROPERTY TO PARK TO GO TO THE HOTEL,

RIGHT. >> YES. YOU PULL UP TO THE HOTEL AND THEY TAKE YOUR CAR OR YOU PARK WHEREVER YOU ARE GOING TO PARK. BUT GENERALLY, WHEN YOU CHECK INTO A HOTEL, YOU MOVE YOUR BAGS OUT AND YOUR CAR GOES AWAY. WHETHER IT GOES ON THE HOTEL PARCEL OR WHETHER IT GOES TO A PARKING GARAGE NEARBY IS WHERE IT GOES. AND SO, IT WAS GOING TO GO TO THE CITY PARKING GARAGE WHICH JOE COLLIER AT MAINE SALE, HAD

[01:40:02]

PERMISSION FROM MARRIOTT TO DO THAT LEAP OR LINK TO THE CITY GARAGE AND OFFERED TO DO A 50/50 RIDESHARE WITH THE CITY OF FORT PIERCE FOR THE USE OF THE TOP TWO LEVELS OF THE

PARKING GARAGE. >> ACTUALLY IT WAS ONE LEVEL.

>> THAT IS WHAT I THOUGHT TOO. >> LET'S TALK ABOUT SIDE WORK ALSO. DOESN'T IT MAKE SENSE TO GO THROUGH SITE WORK COMPONENTS OF D PC R AND PERMITTING BECAUSE YOU HAVE A MASTER PLAN COMMUNITY HERE TO DO IT ALL AT ONCE AND GET THE APPROVAL FOR YOUR INFRASTRUCTURE, WATER, SEWER, STORM WATER COMPONENTS? DOESN'T IT MAKE SENSE TO HAVE THAT SO WE CAN SKIP THE LAYERS OF PHASE 2. THE DELTA AND THE PUSH I SHOULD SAY OF PHASE 2 IS GOING FROM A DATE THAT PASSED US, MARCH 18TH, 2024 LAST MONTH, TO NOW A PROPOSAL SUBMISSION DATE OF NOVEMBER 26TH. 11-26-2025. WE HAVE PUSHED IT A YEAR AND A HALF ESSENTIALLY. DOESN'T IT MAKE SENSE TO GET THROUGH SOME OF THE PROCESSES UPFRONT?

>> WOULD YOU LIKE TO ADDRESS THAT?

>> IF YOU CAN IDENTIFY YOURSELF FOR THE RECORD.

>> MY NAME IS KENNY LEWIS WITH CONCHA LEWIS CONSTRUCTION. MR. JOHNSON, WE HAVE THE SITE PLAN APPROVAL FOR THE DPCR FOR THE MAIN SITE WHERE THE HOTEL IS. WE ARE JUST GETTING INTO THAT ACTUAL SITE . AND WHEN THE PLANS ARE DEVELOPED WITH THE HOTEL ITSELF, WE WILL BE ABLE TO FINISH THE SITE ITSELF FOR THE HOTEL. SO THAT HAS TO BE CONSIDERED ITS OWN PROJECT.

THAT IS WHY WE CAN'T GO IN FOR CIVIL DPCR FOR THE HOTEL UNTIL THE HOTEL -- IS DESIGNED. WHERE'S THE SEWER CONNECTION AND WHERE'S MY FIRE MAIN CONNECTION . WE ARE INTO THE SITE BASED ON THE OVERALL SITE PLAN APPROVAL THAT WAS DONE WORKING WITH THE CITY THROUGH THE INITIAL DPCR. SO WE HAVE TO DO IT AGAIN BASED ON THE -- WE DON'T HAVE THE FINAL DESIGN OF THE HOTEL TO FINISH THE SITE DEVELOPMENT OF THE HOTEL ITSELF. IT IS A STANDALONE PROPERTY.

>> SO THEREFORE WE HAVE THE CIVIL REVIEW AND WHEN THAT IS APPROVED, WE HAVE TO CEMENT FOR THE VERTICAL . SO WHEN THE VERTICAL IS APPROVED, WE HAVE TO SUBMIT FOR THE VERTICAL.

>> SO THE MASTER SITE -- I'M ASSUMING THAT YOU WOULD HAVE TO TALK TO THE ENGINEER OF RECORD AND MAYBE THEY CAN DO OVERLAPPING RUBEN IT WILL BE THE SAME GROUP ARE NOT.

>> WE WERE JUST TRYING TO BE PRUDENT. AND ERR ON THE SIDE OF CAUTION AND THE APPROVAL PROCESS. THE CONSTRUCTION TIME FRAMES ARE THE CONSTRUCTION TIME FRAMES. SO THAT IS WHY WE LEFT THE CONSTRUCTION TIMEFRAME FOR TWO YEARS. WHEN THE VERTICAL PERMIT IS AT HAND. SO WE CAN'T DO ANY OF THE SITE WORK. AND WE DID GIVE THE DESIGN TIMEFRAME OF EIGHT MONTHS TO DO THE FULL DESIGN DOCUMENTS. DURING THAT TIME, WHEN YOU GET THROUGH THE DD WHICH WOULD BE FOUR MONTHS AND, HE KEPT CAP C WILL START THE DESIGN PROCESS . THAT WAY WHEN THEY ARE FINISHED AND READY WITH THE CIVIL PLANS, OBVIOUSLY WE WILL GET THAT AND IMMEDIATELY FOR THE SITE PLAN DPCR. WE JUST LEFT IT IS A CLEAR LINE SAYING THAT THE DESIGN FRAME WAS EIGHT MONTHS AND THAT INCLUDES THE TIME

FRAME AS WELL. >> THANK YOU FOR THAT. WE HAVE MORE QUESTIONS LATER ON THAT BUT I WILL PASS THE BATON. I WANT TO TALK ABOUT THE TIMEFRAME IN WHICH PHASE 2 HAS BEEN PUSHED. AND I WANT TO TALK ABOUT THAT SPECIFICALLY BECAUSE I FEEL LIKE BECAUSE OF THE TIMELINES THAT HAVE BEEN PRESENTED TODAY AND THE REQUESTS, SPECIFICALLY FOR ADDITIONAL TIME -- AND THIS MIGHT BE AN ANSWER BY DALE OR YOU. IS THERE NO WAY THAT, IF A HOTEL PARTNER, JOINT VENTURE, IS ENACTED AND IMPLEMENTED, WHY WOULD WE WAY FOR OTHER PARAMETERS ON THE SCREEN TO COME INTO PLAY AND COME TO

[01:45:06]

LIFE? WHY WOULD WE WAIT FOR DESIGN DOCUMENTS OF PHASE 2 TO START IN NOVEMBER OF THIS YEAR AND NOT START THE DAY THAT WE INKED A DEAL WITH THE HOTEL PARTNER?

>> THAT WOULD BE IDEAL. FOR US, I GO BACK TO MY CONSTRUCTION TIME FRAMES. STILL THE SAME AS WE WERE PRESENTED IN THE INITIAL AGREEMENTS AS FAR AS FIGURES

FOR THE. >> OBVIOUSLY, THE MAIN FOCUS IS GETTING THE DESIGN FIRST DONE ON THE HOTEL. THAT HAS ALWAYS BEEN THE CATALYST. IF I HAVE THE DESIGN TEAM WORKING ON ONE LARGE PROJECT, WE ARE PICKING AND CHOOSING THE PRIORITY. THE PRIORITY IS GOING FIRST TO THE HOTEL WITH THE DESIGN TEAM FALLING BACK TO THE CONDOS AND GARAGE AND WE WOULD HAVE EVC MAKE SURE THE HOTEL PORTION WAS FINISHED AND WE WOULD FALL BACK TO THE CONDOS AND THE GARAGE. IT IS A MATTER OF TRYING TO ALLOW THE DESIGN TEAM ENOUGH TIME TO GET AHEAD OF THE PRIORITY AND THE PRIORITY IS THE HOTEL AND THEN WE SHIFT IT BACK. OBVIOUSLY WHATEVER TIMEFRAME, HOWEVER FAST WE CAN PUSH IT, OBVIOUSLY WE WILL. WE WERE TRYING TO ALLOW ENOUGH TIME TO KNOW WHAT THE PRIORITY WAS. THAT IS WHY THE OTHER

PHASE HELPS COME BACK. >> THAT MAKES SENSE IF YOU ARE USING THE SAME STRUCTURAL ENGINEER AND SAME ARCHITECT.

>> I'M TRYING TO THINK GLOBALLY. THAT IS THE WAY THAT

IS BEING CONCEIVED. >> I'M NOT SO SURE WE HAVE TO USE THE EXACT SAME TEAM. ONE EXPERT IS -- I DO NOTHING BUT HOTELS. THAT IS ALL I DO. I DO IT ON WATERFRONTS SO I BUILD PILINGS WITH A STRUCTURAL ENGINEER. AND I HAVE AN 11 STORY CONDO EXPERIENCE WITH THE BAR ON TOP.

>> 100%. AND I WAS TRYING TO THINK WORST CASE SCENARIO, FIGURING IF IT WAS FROM A GLOBAL STANDPOINT. OBVIOUSLY, IF WE CAN GET IT DONE QUICKER, THAT IS OBVIOUSLY THE GOAL. THE QUICKER AND SOONER YOU ARE DONE, THE BETTER OFF EVERYBODY

IS >> ALL RIGHT.

>> I WILL PASS. >> QUESTIONS ON THIS GENTLEMAN? OR MR. MADISON? COMMISSIONER BRODERICK.

>> THE PREVIOUS MEETING, MY QUESTION AND COMMENT AND REQUEST WAS THAT, FOR THIS MEETING, WE HAVE SOME GRANULAR SPECIFICITY AS FAR AS FINANCING COMMITMENTS ARE CONCERNED. YOU MENTIONED IN YOUR PRESENTATION A FEW MINUTES AGO THAT YOU HAVE EQUITY PARTNERS THAT ARE PREPARED TO INVEST. THAT IS THE FIRST TIME I HAVE HEARD THAT COMMENT. PRIOR TO THAT, THERE HAS BEEN NO COMMENT REGARDING ÚFINANCIAL CAPABILITY. ARE YOU IN A POSITION WITH YOUR PARTNERS TO PREPARE AND PROVIDE TO THE CITY SOME TYPE OF DOCUMENTATION RELATIVE TO THESE FINANCIAL COMMITMENTS FROM OUTSIDE PARTNERS?

>> YES. >> THAT TYPE OF DOCUMENTATION IS GOING TO OUTLINE SOME KIND OF POTENTIAL LETTER OF INTENT? OBVIOUSLY CONTINGENT ON A WHOLE HOST OF THINGS RELATIVE TO

ANYTHING DISCUSSED HERE TODAY. >> RIGHT.

>> YOU ARE PREPARED TO PROVIDE THAT KIND OF COMMITMENT FROM YOUR EQUITY PARTNERS TO THE CITY. I WANT TO MAKE SURE I'M ASKING THIS CLEARLY. THAT THAT TYPE OF COMMITMENT, INNOCENCE, A COMMITMENT LETTER FROM A LENDER, CAN BE PROVIDED TO THE CITY TO SHOW THE FINANCIAL CAPABILITY IS THERE.

>> I MENTIONED A MOMENT AGO -- THE ANSWER IS YES. I MENTIONED A MOMENT AGO, I HAVE AN EQUITY PARTNER THAT IS A 10 BILLION-DOLLAR TRUST FUND. A REAL ESTATE FUND. THEY MAY BE IN THE AUDIENCE HERE TONIGHT. I HAVE A LETTER OF INTENT FROM THEM. THEY , LIKE EVERYONE ELSE, ARE WAITING TO SEE WHAT WE DO WITH THE DEVELOPMENT SCHEDULE. THEY ARE PLEASED THAT MARRIOTT IS INVOLVED AND THEY, LIKE THE PROJECT . THEY HAVE BEEN HERE MANY TIMES. WE HAVE THE FINANCING ARRANGED BUT AS I SAID, THEY DON'T LIKE UNCERTAINTY.

>> I DON'T DISAGREE. LET ME PUT A FINE POINT ON THAT. ANY LETTER OF INTENT TO COMMITMENT WILL BE SUBJECT TO A LAUNDRY LIST OF ISSUES. ONE OF THEM OBVIOUSLY IS EXTENDED TIMELINES BEING AGREED TO BY THE CITY OF FORT PIERCE RELATIVE TO THE ENTIRE DEVELOPMENT SCHEME. BECAUSE THEIR INVESTMENT WILL BE THROUGHOUT THE ENTIRE PROJECT, I'M SPECULATING.

>> YES. >> I'M ASSUMING THAT IS THE CASE. IT WOULD BE A PROBLEM GETTING A LETTER OF INTENT SUBJECT TO EXTENDED TIMEFRAME BEING AGREED UPON.

>> YES. I SAID THAT I HAVE THE LETTER OF INTENT.

>> WHEN CANNOT BE PROVIDED TO THE CITY?

>> I CAN PROVIDED IN 27 SECONDS. I HAVE IT IN MY

E-MAIL. >> OKAY.

[01:50:01]

>> I AM GOING TO STRONGLY SUGGEST THAT THE INFORMATION BE PROVIDED TO THE CITY. YOU UNDERSTAND MY CONCERNS HERE.

AND LOOK. COMMERCIAL REAL ESTATE , I'M NOT IN YOUR END OF THE BUSINESS. I HAVE BEEN IN THIS BUSINESS MY ENTIRE CAREER.

THE NECESSITY OF FINANCING TO EXECUTE ON THIS PROJECT IS THE UNDERPINNINGS OF THE SUCCESS. TO DATE, I HAVE BEEN ON THIS BOARD FOR A YEAR AND A HALF. TO DATE, HAVE NOT SEEN ONE DOCUMENT INDICATING THAT THERE IS FINANCIAL CAPABILITY TO EXECUTE. WHEN ASKING THE QUESTION DIRECTLY. AND I'M GOING TO BE BLUNT. YOU KNOW WE WANT TO KNOW THAT THE QUESTIONS ARE DIRECT. I ASKED YOU IF THE FINANCIAL CAP ABILITY WAS IN PLACE AT THE LAST FPRA MEETING AND HE SAID NO. I SAID IT IS A YES OR NO QUESTION. YOU SAID NO. NO YOUR INDICATING THE FINANCIAL CAPABILITY IS IN PLACE . I'M THRILLED IF THAT IS THE CASE AND YOU HAVE THAT COMMITMENT IN PLACE FROM A LARGE 10 BILLION-DOLLAR COMMERCIAL REAL ESTATE FUND THAT CAN UNDERWRITE THIS PROJECT. BECAUSE I THINK THAT IS THE BASIS OF THE PRIMARY CONCERN. AS I INDICATED EARLIER. THE TIMELINES OF CONSTRUCTION AND FERMENTING AND ALL THAT, I GET IT. WE HAVE EXPERTS ON THE COMMISSION. IT IS NOT MY AREA OF EXPERTISE. WITHOUT THE FINANCING IN PLACE,

THE DISCUSSIONS ARE NOT. >> A COUPLE THOUGHTS. AND I DON'T DISAGREE WITH ANY OF THAT. WHEN WE STARTED THIS ENTIRE KING'S LANDING PROJECT, IT WAS 100% FINANCED. SO WHEN WE CAME OUT OF THE RFP PROCESS, IT WAS FINANCED. AND THEN THE DELAYS STARTED. WE COULDN'T CLOSE BECAUSE OF -- PICK AN ISSUE. COVID, SUBMERGED LAND. THE LAND COULDN'T CLOSE. BY APRIL 2022, WHEN WE DID FINALLY CLOSE, THE DEAL -- THE LENDER HAD MOVED ON . WE ARE IN THE ENVIRONMENT NOW WHERE THE 22 MONTHS WE SPENT DIGGING THE 1500 TONS OF DEBRIS OUT OF THE GROUND HAS PUSHED US INTO PERHAPS ONE OF THE WORST LENDING MARKETS IN 20 YEARS. SO JOE COLLIER AT MAINE SALE HAD THE TROUBLE. I DON'T KNOW OF ANYBODY NOT HAVING DIFFICULTY GETTING DEALS FUNDED. AND IF THEY ARE GETTING FUNDED, THEY ARE AT THE BEST MARKETS AT THE BEST RATES AND SADLY, THIS IS NOT ONE OF THOSE SITUATIONS. SO WE HAVE TO TRY A LITTLE HARDER. AND SO, WE FOUND A SOLUTION. AND I THINK KYLE HAS FOUND US A SOLUTION FOR THE HOTEL THAT IS STRONGER THAN THE LAST SOLUTION WE HAD. WE ARE DEFINITELY RELOADING WHICH IS WHY WE ARE BACK BEFORE YOU TRYING TO RELOAD THE SCHEDULE.

>> WE HAVE HAD THIS PROJECT FOR 24 MONTHS. I KNOW EVERYONE IS FRUSTRATED THINKING WE HAVE HAD IT FOR FIVE YEARS. WE HAVE TALKED ABOUT IT FOR FIVE YEARS. I HAVE NOT HAD POSITION TO DO ANYTHING WITH THIS LAND UNTIL 24 MONTHS AGO.

>> LET ME JUST FOCUSED ON THIS PARTICULAR ASPECT OF IT. THE FINANCING END OF THIS IS CANDIDLY, IT SWINGS MY DECISION ON THE ENTIRE PROJECT ONE WAY OR THE OTHER. THE COMMITMENT HERE ON THE RECORD IS THAT WITHIN THE NEXT COUPLE DAYS, WE ARE GOING TO HAVE A LETTER FROM YOUR LENDER. A LETTER OF INTENT, LETTER OF COMMITMENT. WHATEVER THEY ARE PROVIDING TO YOU WILL BE PROVIDED TO THE CITY TEAM AND THAT WILL SUBSEQUENTLY PROVIDE FOR THE BODY. IS THAT AN ACCURATE

STATEMENT? >> YES.

>> I HAD A FOLLOW-UP ON THAT. >> HOLD ON A MOMENT. LET ME SEE IF THEY ARE HERE. I DON'T SEE THEM.

>> THE FINANCIAL UNDERPINNINGS OF THIS TRANSACTION IS CANDIDLY TRUMPING ANY TIMELINES. WITHOUT THE FINANCIAL COMMITMENT, NONE OF THIS WILL TAKE PLACE. SO THAT DOCUMENTATION FORTHCOMING, I LOOK FORWARD TO RECEIVING IT. I DID HAVE A FOLLOW-UP. IT KIND OF FADED AT THIS POINT IN TIME. IT HAS TO DO WITH FINANCING. I EXPECT THE BODY WILL RECEIVE THE DOCUMENTATION IMMEDIATELY.

THANK YOU. >> WE CAN DO THAT. IT IS A FAIR

QUESTION. >> APPRECIATE IT.

>> COMMISSIONERS. >> MS. HEDGES, WHAT IS THE CURRENT TIMELINE, DEADLINE NOW ?

>> FOR THE WHOLE PROJECT OR THE 45 DAYS?

>> YES, MA'AM. CURRENTLY, THE CITY COMMISSION PROVIDED THE 45 DAY EXTENSION RELATED THROUGH THE DEFAULT FOR PHASE 2.

[01:55:08]

>> OKAY. >> IT SPARKED THE QUESTION SO

GO AHEAD. >> GO AHEAD.

>> YOU ARE SUPPOSED TO BE STANDING UP.

>> IT IS THE PAINKILLERS I AM ON .

>> POPPING THEM LIKE LIFESAVERS. JUST KIDDING.

>> I HAVE CANDY TOO. >> THEN I'M ABOUT OUT OF HERE.

>> YOU HEARD MY LINE OF QUESTIONING EARLIER FROM KYLE WHO I DO CONSIDER TO BE THE EXPERT BY THE WAY. EXPERT WITNESS TESTIMONY. HE WOULD BE MY GUY. RELATIVE TO HOTEL OPERATIONS AND SUCH. THE QUESTION I RAISED EARLIER WAS RELATIVE TO, ONCE AGAIN, I GET IT. WE ARE LOOKING AT CHECKING AND DOUBLE CHECKING AND TRIPLE CHECKING. AS INDICATED, DALE, THERE IS A LOT OF -- I WILL CALL IT MISTRUST.

MISUNDERSTANDING. TENSION. A HOST OF DESCRIPTIONS AS TO THE STRAINED NATURE OF THE RELATIONSHIP. I ASKED KYLE RELATIVE TO THE FINANCIAL DISCLOSURES THAT YOU WOULD PROVIDE TO THEM, WOULD YOU BE IN AGREEMENT THAT MARY IT WOULD BE ALLOWED TO RELEASE INFORMATION TO THE CITY TEAM .

>> I WOULD HAVE TO ASK THAT THAT IS SOMETHING THEY ARE

WILLING TO DO. >> CLEARLY FINANCING IN THE JOINT VENTURE PARTNER AND YOUR PARTICIPATION OF THIS BUT THAT IS CRITICAL TO THE PROJECT, THE HOTEL. AREA IT SEEMS TO BE THE DESIGNATED HITTER THAT CAN EXECUTE AND BRING JOINT VENTURE PARTNERS TO THE TABLE. OF THE FINANCIAL CAPABILITY ISN'T THERE, IT IS JUST FOR NOT. WE HAVE NOTHING IN THAT POINT IN TIME TO AT LEAST FROM MY PERSPECTIVE, ALL THE INFORMATION HAS BEEN PROVIDED SO FAR.

>> LET ME GIVE YOU COLOR ON THAT.

>> LET ME FOLLOW UP ON THIS. YOU WILL CHECK UP WITH THE TEAM AND WE WILL PROVIDE AN ANSWER SPECIFICALLY TO OUR TEAM RELATIVE TO DISCLOSURE OF THE INFORMATION WHEN MARRIOTT MAKES A DECISION BASED ON THE SUBMISSION OF YOUR APPLICATION.

>> RIGHT. I SEE NO REASON NOT TO. MARRIOTT IS GOING TO SAY THAT IS WHERE THEY ARE IN THE APPROVAL PROCESS. SO I DON'T

SEE A BIG ISSUE HERE. >> THAT INFORMATION WILL BE

PROVIDED TO THE TEAM, YES? >> YES, IT.

>> WE HAVEON THE RECORD. THAT IS WHAT I WANTED TO GET TO. WE ARE SETTING UP THREE LEGS OF A STOOL HERE. THE CITY PARTICIPATION, AGREEMENT TO MOVE FORWARD, THE WISHES OF THE BOARD AND THEN THE CITY COMMISSION ULTIMATELY. THE MARRIOTT IS A CRITICAL IMPORTANCE IN THE PROCESS WITH THE ABILITY TO BRING THE JOINT VENTURE FINANCIALLY CAPABLEOF FOLKS TO THE TABLE TO JOIN VENTURE WITH YOU. AND THEN FINALLY, THE CAPABILITY TO EXECUTE BASED ON WHAT THE MARRIOTT PERSPECTIVE IS BECAUSE THEY ARE THE IN THE ROOM EXPERTS ON BEING ABLE TO MAKE THAT DETERMINATION. SO THAT INFORMATION IS BEING PROVIDED TO THIS BODY IN AN OPEN AND FAIR CONTEXT AND I BELIEVE THAT WILL RAISE THE SATISFACTION LEVEL THAT, WE HAVE A TRUST HERE. WE HAVE OUTSIDE EXPERTS VETTING THIS AND ARE PREPARED TO PROVIDE INFORMATION AND THAT IS ALL I'M ASKING. MARRIOTT GIVES US THE BLESSED THING.

THEY VETTED YOU. WE ARE NOT LOOKING FOR THE INFORMATION.

JUST ACKNOWLEDGMENT TO SAY, YES. WE HAVE GONE THROUGH THE PROCESS AND WE ARE IN AGREEMENT THAT HE IS APPROVED TO MOVE FORWARD WITH A JOINT VENTURE PARTNER WITH ONE OF OUR JOINT

VENTURE GROUPS. FAIR ENOUGH? >> SURE. A COUPLE OF POINTS TO YOUR QUESTION. IT IS NOT ALL FOR NOT. IF, FOR WHATEVER REASON, THE FRANCHISEE THAT KYLE HAS IN MIND THAT IS VERY CAPABLE AND I THINK OVER 130 HOTELS ACROSS THE COUNTRY, MY FINANCIAL PARTNER ONES TO DO THE HOTEL, WHETHER THIS PERSON IS IN IT OR NOT. SO WE WANT THE HOTEL GUY TO BE IN IT AS THE JV BUT IT IS A LOT EASIER TO HAVE A MARRIOTT FRANCHISEE -- MAYBE YOU NEED -- KYLE, EITHER BACK ME UP OR TELL ME I'M WRONG, IT IS A LOT EASIER TO HIRE SOMEBODY TO MANAGE A HOTEL THAT YOU OWN THEN IT IS TO FIND SOMEBODY TO FIND A CHECK AND JOINT VENTURE AND BUILD A HOTEL WITH YOU.

>> EITHER OR. IF THE FINANCIAL RESPONSE WHAT IS COMING FROM THE EQUITY PARTNER, FINE. IF IT IS COMING FROM THE JOINT VENTURE PARTNER, APPROVED BY MARRIOTT AND YOU ARE APPROVED BY MARRIOTT, FINE. WHAT I'M LOOKING FOR IS BOTH. BOTH

STREAMS OF INFORMATION. >> IT IS A FRANCHISEE. FOR WHATEVER REASON, THE ONES WE ARE DANCING WITH DON'T WORK

OUT. >> I WILL WITHDRAW THAT PORTION OF MY, TO SUGGEST THAT THE FINANCIAL UNDERPINNINGS AND THE CREDIBILITY OF THE EQUITY PARTNER, THAT INFORMATION IS WHAT THIS BODY NEEDS. THAT IS WHERE I WILL STOP WITH IT. YOU SAID HE WILL PROVIDE THAT INFORMATION. IF YOU GO DOWN THE PATH WITH MARRIOTT AND EVERYONE IS IN AGREEMENT THAT THE INFORMATION CAN BE RELEASED, I GET IT. THERE A BUNCH OF LEGAL

[02:00:04]

DISCLAIMERS THAT NEED TO BE ATTACHED TO ALL THAT. FINE. WE WOULD LIKE TO SEE THAT INFORMATION AS WELL AND EVERYBODY I THINK IS IN AGREEMENT THAT IF THAT IS POSSIBLE, ALL THE INFORMATION WILL BE PROVIDED. THE EQUITY PARTNER INFORMATION WILL BE PROVIDED INSTANTLY. WE WILL HAVE THAT ON THE INBOX WITHIN TWO DAYS AND SUBSEQUENTLY, THE WALKED DOWN THE PATH WITH MARRIOTT , KYLE AND THE EXPERT IS THE PROCESS TURNAROUND TIME IS 30 DAYS OR LESS. ALMOST INSTANTANEOUS. BECAUSE THEY HAVE A TEAM THAT DOES THIS ALL DAY LONG. SIMPLY PUT, THAT INFORMATION TO THIS BODY AT LEAST FROM MY PERSPECTIVE IS CRITICAL IMPORTANCE FOR THE EXECUTION AND MOVING FORWARD WITH THE PROJECT. I'M STRESSING THIS. I CANNOT STRESS IT ANY STRONGER. IT IS CRITICALLY IMPORTANT. THE FINANCIAL CAPABILITY NEEDS TO

BE SHOWN. FAIR ENOUGH >> YES.

>> THANK YOU. I'M DONE. >> IN REGARD TO FINANCING, I THINK THAT, AS OF LAST WEEK, I KNOW A LOT OF PEOPLE SAY, WHAT SORT OF AN INVESTMENT HAS MEDICINE PUT INTO THIS? SO FAR, AS OF LAST WEEK, $4.4 MILLION IN THE DIRT. THAT IS YOUR LAWYERS AND ENGINEERS. YOU NAME IT. ARCHITECTS. IT ADDS UP. SO I HAVE SOME MONEY AND AN EMPTY LOT. I AM VESTED.

>> GOT IT. THANK YOU, DALE. APPRECIATE IT.

>> I LOOK FORWARD TO THE DOCUMENTATION.

>> YOU BET. >> THIS IS A KING'S LANDING UPDATE. WHAT I KNOW IS THAT WE ARE IN THE PHASE 1 PORTION OF THE CONTRACT LEGALLY. THAT IS WHERE WE ARE. I SPEAK CONTRACT LANGUAGE IS MUCH AS I CAN BECAUSE IT IS SIMPLE. BUT IT GETS VERY COMPLICATED WHEN IT COMES TO YOUR SIDE OF THE WORLD, COMMISSIONER. WE ARE IN PHASE 1. PHASE 2, THERE WAS A LETTER SPENT AND SENT. THERE WAS A SPECIAL MEETING. WE TALKED ABOUT 30-45 DAYS. HAS YOUR TEAM, HAVE YOU TAKEN THE CONTRACT, WHICH WAS AMENDED AND RESTATED AT SOME POINT EARLIER IN LIFE, TWO YEARS AGO OR WHATEVER TIMEFRAME IT WAS, HAVE YOU TAKEN THE CHART AND LOOKED AT THE SCHEDULE AND SAID, I HAVE TO ASK CAP THESE DATES AND THESE ARE THE DATES I NEED TO MOVE AND HAS YOUR ATTORNEY VETTED IT AND SEND IT TO OUR ATTORNEY SO THAT IT CAN BE DISCUSSED AS THE COMMISSION

BODY? IS THAT -- >> THE CONTRACT? WE ARE HERE TO CHANGE THE DEVELOPMENT DATES. THE CONTRACT IS NOT WHAT WE ARE TRYING TO CHANGE YOUR WE ARE TRYING TO CHANGE WHAT IS IN THE

CONTRACT. >> WE HAVE AN AMENDED AND RESTATED AGREEMENT THAT HAS COME INTO PLAY WITH CONTRACT TIMES. THAT IS WHAT I'M TALKING ABOUT.

>> RIGHT. >> TO ME, I CALLED A CHANGE ORDER. IN THIS WORLD, IT IS AN AMENDED AND RESTATED AGREEMENT.

WHICH IS WHAT WE ARE TALKING ABOUT. YOU HAVE A CHART IN FRONT OF YOU. ARE WE MARKING OUT DATES?

>> THESE ARE THE DATES WE WANT YOU TO APPROVE.

>> THE MAYOR DOES NOT SIGN THAT CHART. THE MAYOR'S SCIENCE AFTER THE APPROVAL HAS BEEN AMENDED AND RESTATED IN THE

AGREEMENT. >> I UNDERSTAND YOUR QUESTION.

CAN YOU PULL THE CHART UP AGAIN, LAINEY. IT IS ON YOUR SCREEN. NOT ON THIS ONE. HERE WE GO. AT THE TOP, AFTER CITY COUNCIL MEETING ON 5-14, WE HAVE RESET DATES A CONTRACT ONE MONTH BUILT INTO THIS CHART TO DO WHAT YOU ARE TALKING ABOUT

RIGHT THERE . >> OKAY.

>> TRY TO ANTICIPATE THAT. >> ALL RIGHT. AT SOME POINT, YOU PROPOSED THAT YOU WILL SAY, CITY OF FORT PIERCE, THIS IS MY CHANGE ORDER. I WILL SUBMIT THIS CHANGE. THIS, WHATEVER THE AGREEMENT IS AND SAY, THESE ARE THE DATES WE NEED AND THIS IS WHAT WE SEE AND THAT WILL BE PART OF. WE NEED TO DO THAT -- I'M NOT AN ATTORNEY. BUT IN MY SIMPLETON MIND, IT SAYS THAT WE SHOULD DO ALL OF THAT BEFORE JUNE 4TH. I THINK THAT IS WHAT WE HASHED OUT IN THE SPECIAL MEETING.

>> BEFORE YOU ARE SUBMITTING THE DATES WE WANT TO REDUCE TO WRITING AND WE HAVE REDUCED THOSE DATES TO WRITING AND WHY THEY ARE THE WAY THAT THEY ARE. THAT IS WHAT WE ARE HERE FOR

THIS AFTERNOON. >> I UNDERSTAND. BUT THIS IS AN UPDATE. WE ARE NOT STAMPING ANYTHING AT THIS MOMENT.

>> I THINK YOUR CHANGE ORDER ANALOGY IS A GOOD ONE. THE CONTRACT NEEDS TO BE RECAST IN TERMS OF TIME FRAMES.

>> WE HAVE NOT DONE THAT IN ADVANCE OF TODAY BUT WE WANTED TO GET THROUGH TODAY AND SEE HOW TODAY WENT. YOU FRANKLY ASKED A LOT OF VERY INTELLIGENT QUESTIONS. I THINK THAT CONTENT WAS MADE ABOUT THE INFORMATION AND TRUST. FROM MY OBSERVATION, THAT IS A CRITICAL ISSUE THAT HAS TO BE ADDRESSED. WE CAN HAVE A NEW AMENDMENT IN PLACE IN 30 DAYS. PROBABLY QUICKER THAN THAT. BUT IT SEEMS TO ME WE WILL HAVE TO COME BACK TO YOU TO DO THAT. BECAUSE YOU WANT TO SEE WHAT IT LOOKS LIKE.

[02:05:05]

I THINK THAT IS WHAT I'M HEARING IT. I'M SURE THE ATTORNEY WILL REQUIRE IT AND LOOK AT IT AND TELL IS HER

OPINION. >> I AM WONDERING OUT LOUD, WHETHER A WAY TO APPROACH TODAY WOULD BE TO CONTINUE TO TOLL THE NOTICE THAT MR. MIMS SERVED A MONTH AND A HALF AGO. AND LAINEY, IF YOU DISAGREE, PLEASE SPEAK UP. AND TO CONTINUE THE HEARING. THERE ARE A LOT OF QUESTIONS THAT HAVE BEEN ASKED.

MR. BRODERICK ASKED A LOT OF QUESTIONS THAT MY CLIENT HAS TO PERFORM. LET US COME BACK TO YOU AND PUT THAT IN FINAL FORM WHEN WE HAVE ANSWERED YOUR QUESTIONS. I'M THINKING OUT LOUD. MY CLIENT MAY DISAGREE WITH ME. MY CLIENT IS HERE IN GOOD FAITH TO FIGURE OUT A WAY TO GET THIS ON TRACK. I HAVE A SUGGESTION FOR GETTING IT ON TRACK THAT IS MORE OF A DEVELOPMENT SUGGESTION GOING FORWARD. I DON'T WANT TO GET INTO THAT TODAY. THIS IS A REALLY COMPLICATED PROJECT. I FRANKLY THINK YOU NEED TO MEET WITH MY CLIENT ALMOST EVERY 60 DAYS. SO HE CAN UPDATE YOU ON DESIGN AND PROGRESS AND TELL YOU WHAT WILL HAPPEN OVER THE NEXT 60 DAYS. THAT WAS MY SUGGESTION. THIS IS A COMPLICATED ISSUE. I THINK YOU ARE ENTITLED TO KNOW , DAY BY DAY, WHAT IS HAPPENING IS THAT MY CLIENT CAN TELL YOU DIRECTLY. THE APPROVAL PROCESS, THE PERMIT PROCESS WILL BE COMPLICATED HERE. AND IT HAS BEEN TOLD TO US THAT IT WILL BE EXPEDITED. WE BELIEVE THAT IF WE HAVE THE REGULAR REVIEW, SOMEONE LIKE YOURSELF INVOLVED WILL HELP EXPEDITE THINGS. I'M GOING TO SUGGEST THAT. THAT IS FOOD FOR THOUGHT IN THE FUTURE. I HAVE GIVEN MY SUGGESTIONS ON HOW TO DO THE CONTRACT ISSUE TONIGHT.

>> MY QUESTION TO YOU SPECIFICALLY IS, WE HAVE AN EXTENSION THAT WAS APPROVED WITH OUR OTHER HATS ON AT THE CITY COMMISSION AND THERE IS A DATE CERTAIN ON THAT. WE NEED THAT TO HAPPEN. AND WE NEED THAT TO BE HEARD AND MOVE FORWARD WITH THE SUBMISSION. IF YOU NEED TO TAKE THE BLACK AND WHITE DOCUMENT AND X OUT DATES AND WRITE NEW DATES BASED ON THE CHART, I'M OKAY WITH THAT BECAUSE I UNDERSTAND THAT LANGUAGE. IT MEANS NO TO THIS ONE AND YES TO THIS ONE BASED ON YOUR AT IT. YOU SUBMIT THAT TO THE CITY. I DON'T KNOW IF THAT WORKS IN THE LEGAL WORLD BUT LIKE I SAID, IN MY BRAIN,

IT WORKS REALLY EASILY >> COMMISSIONER, I THINK IT DOES WORK AND I THINK THAT IF WE TOLD THE NOTICE AND DEADLINES, THAT IS THE MAGIC TERM. THAT MEANS TO SPEND.

THAT WOULD ACCOMPLISH THE SAME THING. TIME IS MONEY. WE WANT TO MOVE THIS AS FAST AS POSSIBLE. TRUST ME. MY CLIENT HAS DEVOTED A LOT OF TIME TO THIS IN THE LAST TWO WEEKS TO GET WHAT YOU HAVE TODAY AND TO WORK WITH MARRIOTT. AND SO, I'M HAPPY TO MEET WITH MS. HEDGES AND GO OVER THE BEST WAY TO APPROACH THIS . I THINK IF WE TOLD THE DEADLINES ON THE NOTICE THAT MR. MIMS SERVED, THAT WOULD ALLEVIATE PRESSURE OF THE REVERTED ISSUE . AND THE OTHER THINGS WOULD FLOW FROM THAT. THAT WOULD CREATE CONSEQUENCES. I WANT TO AVOID THAT. I WANT TO GET THIS INTO THE ON TRACK MODE. AND --

>> I'M GOING TO MAKE ANOTHER COMMENT. AND PROBABLY SHE HAS WORDS TO SAY. NOBODY I HAVE HEARD ON THIS -- NOBODY, COLLEGE MY RIGHT ASK THIS AND MADE A STATEMENT THAT SAID, HE IS NOT AWARE OF ANY LETTER THAT SAID THE REVERTER IS IN EFFECT.

I'M NOT AWARE OF THAT. SO THAT FEAR, I WANT TO SUBDUE THAT FEAR AND TAKE THE FIRE HYDRANT AND SQUISH IT RIGHT THIS SECOND. THE TIME BEING SITTING HERE TODAY.

>> THE FEAR MAY BE COUNSEL, MY INTERPRETATION OF THE RISK.

>> WE ARE NOT THERE YET. >> WE HAVE NOT HIT THE DATES

YET. >> WE HAVE TO HAVE THAT CONVERSATION AND WE WILL HAVE THAT LATER AND I WILL RELY ON MY FRIENDS HERE TO SHARE EXPERTISE.

>> MY ISSUE IS, WE ARE IN CONTRACT PERIOD FOR PHASE 1 RIGHT NOW. WE ARE ALL LEGAL. THE WHOLE THING IS LEGAL. IT IS. SHOVELS IN THE GROUND. COULD BE HAMMERS IN HAND. WE ARE IN THE PHASE 1 TIME PERIOD. WE HAVE NOT EXPIRED. PART OF IT DID EXPIRE. THE PHASE 2 SUBMISSION AND APPLICATION.

THAT IS THE PART WHERE YOU HAVE A LETTER. AND SO, I UNDERSTAND YOUR REQUEST AND I HEAR WHAT YOU ARE SAYING. TO ME, IT IS JUST THAT YOU HAVE TO MOVE IT FORWARD AND MAKE THE EDITS. WE EVALUATE AS A COMMISSION WITH THE FPRA HAD ON, BOARD MEMBER HAD AN CITY COMMISSIONER HAD. THERE TWO LAYERS FOR US. AND IF THIS COMMISSION FELT LIKE IT OR THIS BOARD, SINCE WE ARE SITTING IN THE FPRA TODAY, FELT LIKE IT NEEDS TO HAVE A SPECIAL MEETING, THEN THERE ARE RULES THAT WE CAN HAVE A SPECIAL

[02:10:01]

MEETING FOR THIS BOARD. THERE ARE RULES WE CAN HAVE SPECIAL MEETINGS AT CITY COMMISSIONERS. IN ADDITION TO THAT, WE -- I FEEL LIKE THERE JUST NEEDS TO BE PUSHED FRWARD BY YOUR TEAM, BY YOUR CLIENT, TO MAKE THESE THINGS HAPPEN AND TO MOVE THIS FORWARD. YOU BUILT IT INTO A CHART AND I'M OKAY WITH THAT.

LET'S JUST MOVE IT FORWARD SO THAT WE CAN MAKE SOME DECISIONS. TODAY WAS AN UPDATE. YOU HEARD A LOT OF COMMENTS. WE HAVE A LOT OF COMMENTS BACK. I HAVE ONE MORE. I CAN'T

REMEMBER WHAT IT IS. >> MAYBE IT WILL JAR YOUR

MEMORY. >> LADY FRANCISCO WITH JOHN FOSTER. TO ANSWER SOME OF YOUR QUESTIONS, COMMISSIONER J JOHNSON, THE GOAL TODAY OBVIOUSLY THE GOAL THE NEXT FEW DAYS IS TO GET YOU AN AMENDED VERSION OF THE AGREEMENT. AND BY YOU , I MEAN YOUR CITY LEADERSHIP TEAM HERE. AN AMENDED VERSION OF THE AGREEMENT. HOWEVER, IN ORDER TO DO THAT, WE NEED AN INDICATION FROM THE BOARD WHETHER IT IS WEARING THE FPRA HAT AS IT IS TONIGHT OR THE CITY COMMISSION HAT, THAT THESE DEADLINES WITH COMMISSIONER BRODERICK'S CONDITIONS AND OTHER INFORMATION BEING PROVIDED, WOULD BE ACCEPTABLE TO THE COMMISSION. THERE IS NO SENSE IN EDITING A LEGAL DOCUMENT AND PRESENTING IT TO YOUR LEADERSHIP TEAM IF THIS TIMELINE AND THE COMMITMENTS WE ARE MAKING TODAY AREN'T ACCEPTABLE TO YOU. WE NEED FURTHER INFORMATION FROM YOU OR FURTHER ITEMS THAT YOU WOULD LIKE INCLUDED. WE JUST NEED TO BE AWARE OF THAT IN ORDER TO

EDIT THAT DOCUMENT. >> THANK YOU. RESPECTFULLY, I THINK I COULD EDIT THE DOCUMENT IN 3-6 HOURS WITH SOME RESEARCH AND LANGUAGE AND I'M GOING TO TELL YOU THAT I WOULD EXPECT THE EDIT TO BE SENT TO THE CITY. KNOWING THAT IT WILL GO FOR APPROVAL AT SOME POINT . BASED ON INFORMATION PROVIDED HERE. THAT IS YOUR RISK. THAT IS DALE'S OF RISK. IT IS YOUR CLIENT'S RISK. I HAVE HEARD HIM SAY HE IS OKAY WITH AT RISK AT THIS POINT BECAUSE HE WANTS TO SEE THE PROJECT MOVE FORWARD. RESPECTFULLY, PLEASE EDIT THE DOCUMENTS AND SCRATCH OUT DATES AND PUT NEW DATES ON AND LET'S GET THE BALL

ROLLING. >> UNDERSTOOD. THANK YOU.

>> THANK YOU. >> THAT IS FOR ME.

>> I HAVE LISTENED TO THIS ENOUGH TONIGHT. ALL RIGHT, COMMISSIONER JOHNSON. YOU ARE A BASEBALL PLAYER SO YOU THREW ME A CURVEBALL. THIS IS MY UNDERSTANDING FOR TONIGHT. MY UNDERSTANDING FOR TONIGHT WAS THAT WE WERE GOING TO GET AN UPDATE. WE ARE GOING TO GET AN UPDATE AND MARRIOTT WAS SUPPOSED TO BE HERE. WE ASKED HIM TO HAVE SOMEBODY FROM MARRIOTT HERE. WE SKIPPED OVER THE CONSENT AGENDA BECAUSE OF COMMISSIONER BRODERICK'S HEALTH ISSUE AND I WE NEED TO HURRY UP AND I UNDERSTAND HE IS DOWN THERE HURTING AND I'M GLAD HE SHOWED HIS COMMITMENT TO THE CITY OF FORT PIERCE AND THIS ISSUE. ON FOR HIM BEING HERE TONIGHT. THANK YOU FOR THAT COMMISSIONER BRODERICK. THIS IS TO MADAM ATTORNEY. WE MOVED PAST THE CONSENT AGENDA. AND ON THE CONSENT AGENDA, 7C, IT WAS TO APPROVE THE 45 DAY EXTENSION FOR THE CARE PERIOD.

UNDER THE MOTION SENT TO AUTOBAHN DEVELOPMENT ON MARCH 21ST, 2024 REGARDING KING'S LANDING PROJECT TO CONTINUE WITH THE CITY COMMISSION ON APRIL 19TH, 2024. BRIGHT? THAT WAS GOING TO BE PART OF THE CONSENT AGENDA. WE WERE GOING TO APPROVE IT OR NOT APPROVE IT OR WHATEVER WE WERE GOING TO DO WHEN WE GOT TO THAT PART. NOW I'M HEARING, SCRATCH OUT THE DATES. PRESENTED BACK TO US AND THEN WE WILL GO FROM THERE. MY CONCERN IS , WHERE ARE WE NOW? ARE WE STILL ASKING THE DEVELOPER AND HIS TEAM TO SUBMIT A NEW PROJECT FOR US TO REVIEW AND APPROVE OR ARE WE GOING TO SCRATCH OUT 7C AND SAY, WHEN WE GET TO THAT PART AFTER THIS, WHEN WE GET TO THAT PART, ARE WE GOING TO AMEND THAT PART AND SAY, NOW WE WILL JUST AOLL IT ? I'M JUST TRYING TO FIGURE OUT, WHAT ARE WE DOING TONIGHT? IF I'M SITTING HERE CONFUSED, I CAN GUARANTEE THAT THE PUBLIC IS LOOKING AT US LIKE WHAT ARE WE DOING HERE TONIGHT? I'M TRYING TO FIGURE OUT , I UNDERSTAND THE UPDATES.

TRUST ME AT 3:00 WHEN MY CITY PHONE BUZZES AND I HAVE THESE DATES. I REALLY CAN'T SAY WHAT I WANT TO SAY BECAUSE I WISH I HAD EARLIER. I HAVE THE DATES AND I'M FINE WITH THAT. I'M

[02:15:03]

JUST TRYING TO FIGURE OUT, WHAT ARE WE DOING NOW? ARE WE TAKING THIS FOR INFORMATION? WE HAVE CHANCE TO ASK QUESTIONS AND ANSWER QUESTIONS. OR ARE WE ASKING THEM TO GO AHEAD AND SUBMIT SOMETHING FOR A NEW CONTRACT OR WHATEVER? BECAUSE I DON'T EVEN KNOW . IT SAYS KING'S LANDING UPDATE. ARE WE SUPPOSED TO VOTE ON THE UPDATE? I'M JUST TRYING TO FIGURE IT OUT BECAUSE, I'M CONCERNED THAT IF WE TRY TO MAKE A VOTE.

IF WE ARE TRYING TO MAKE A VOTE ON THESE UPDATES, THAT SHOULD FALL UNDER THE LEGISLATIVE HEARING WHERE PEOPLE CAN COME IN AND TESTIFY OR DO WHATEVER. I'M JUST TRYING TO FIGURE IT

OUT. >> I CAN ANSWER ALL THESE

QUESTIONS. >> PLEASE DO SO.

>> MADAM CHAIR, BOARD MEMBERS, THIS ITEM IS ON FOR AN UPDATE.

FOR MYSELF TO TAKE LEGAL ACTION AGAINST THE PROPERTY, I WOULD NEED DIRECTION, SPECIFICALLY THROUGH VOTE FROM BOTH THE FPRA BOARD IN THE CITY COMMISSION. FOR THE JUNE 4TH DEADLINE, IN ORDER FOR ME TO DO ANYTHING LEGALLY IN A COURTROOM, THAT WOULD REQUIRE VOTES BY BOTH BOARDS WHICH WOULD HAPPEN THEREAFTER. I THINK THE FIRST MEETING IS JUNE 11TH IF I'M CORRECT, FOR THE FPRA AND THE FOLLOWING MONDAY, I BELIEVE IS THE CITY COMMISSION. MADAM CLERK IS TELLING ME THAT I'M CORRECT. SO THAT IS WHERE WE ARE WITH THAT . RELATED TO COMMISSIONER JOHNSON'S POINT, IF THERE IS A CONSENSUS THAT THIS BOARD WOULD LIKE ME TO NEGOTIATE POTENTIAL SECOND AMENDMENT, WE ARE IN THE FIRST AMENDMENT SO WE WOULD BE LOOKING AT A SECOND AMENDMENT TO THE AMENDMENT AND RESTATED AGREEMENT, I CAN WORK WITH COUNSEL TO DO THAT, TO PRESENT TO YOU IN JUNE. IT IS NOT A COMMITMENT THAT YOU HAVE TO AGREE TO ANY OF THE NEGOTIATED TERMS OR HAVE TO VOTE YES OR NO. WE CAN NEGOTIATE A POTENTIAL SECOND AMENDMENT FOR YOU TO CONSIDER IF THERE IS A CONSENSUS YOU WOULD BE OPEN TO CONSIDERING IT. OBVIOUSLY, IF THERE IS NOT, I DON'T THINK ANYBODY WANTS TO WASTE ANY VALUABLE TIME OR RESOURCES IN DOING SO. SO THERE IS NOT A VOTE TONIGHT TO EXTEND ANYTHING OTHER THAN 7C . RELATED TO THE HARD DEADLINES IN THE CONTRACT, THAT IS NOT UP FOR A VOTE TONIGHT.

>> IF I CAN FURTHER CLARIFY COMMISSIONER, THE WAY I SEE THIS. AT ANY POINT, OUR DEVELOPMENT PARTNER CAN SUBMIT -- I WILL CALL THE CHANGE ORDER. THEY CAN SUBMIT THAT TOMORROW AND SAY, I NEED ONE MORE DAY. THE NEXT DAY THEY COULD SUBMIT AND SAY I NEED ANOTHER WEEK. AND THEN THEY COULD SAY I NEED FOR -- FIVE MORE MONTHS. MY POINT IS, GET THE BALL ROLLING TO MAKE THAT. IT IS NOT A VOTE OF. I DID NOT MEAN TO CONVEY THAT OR SAY IT THAT WAY IF IT CAME OUT THAT WAY. MY POINT WAS, I'M TELLING THE TEAM, GET IT GOING SO WE CAN HAVE A VOTE. I KNOW THAT TONIGHT WE CANNOT HAVE A VOTE ON ANYTHING PRESENTED ON THE SCREEN DATE WISE. WE ARE NOT HERE TO VOTE ON IT. WE ARE HERE FOR AN UPDATE. THEY HAVE ANNOUNCED TO US. IT WAS JUST ME AND YOU NEGOTIATING, EASY.

CLOSE THE DOOR IN THE OFFICE AND YOU ARE MY CLIENT OR MY CUSTOMERS SO I'M GOING TO SAY, LISTEN. ANYMORE TIME. THIS IS WHERE WE ARE AT . BUT WE ARE AT A PUBLIC MEETING, PUBLIC FORUM. THEY ARE PROPOSING DATES. MY POINT IS, PUT IT ON PAPER AND GET IT SUBMITTED. MADAM ATTORNEY CAN RECEIVE THAT PAPER AND WE CAN SAY YES OR NO. IF WE SAY NO TO 7C WHEN IT COMES UP FOR A VOTE LATER ON, WE HAVE A WHOLE NEW ROUND OF ISSUES TO TALK ABOUT AS OF WORK RIGHT HERE. IF WE VOTE AGAINST

[02:20:03]

THAT 7C ITEM TONIGHT. MY POINT WAS, GET THE BALL ROLLING BECAUSE YOU NEVER KNOW. AND THREE WEEKS FROM NOW, COULD BE ANOTHER CHANGE. THAT IS JUST THE WAY THAT MY WORLD WORKS. SO

SUBMIT THE PAPERWORK. >> COMMISSIONER JOHNSON, I UNDERSTOOD EXACTLY WHERE YOU WERE GOING. BUT THERE ARE A LOT OF PEOPLE IN THE AUDIENCE HAD A LOT OF PEOPLE LISTENING AND THINKING THAT WE ARE VOTING ON SOMETHING TONIGHT. JUST BEING HONEST WITH YOU, THOUGH SHE MIGHT.

>> THAT IS NOT WHAT THE AGENDA SAYS.

>> I UNDERSTAND WHAT THE AGENDA SAYS AND I HAVE HAD SEVERAL CONVERSATIONS ABOUT THESE CONSENT AGENDAS AND WHATEVER.

THE WORD IN THE COMMUNITY TONIGHT, TODAY, IS THAT WE WERE VOTING ON SOMETHING ABOUT KING'S LANDING TODAY.

>> WE ARE. 7C. >> AND THAT IS JUST AN AGREEMENT FROM WHAT WE DID AS CITY COMMISSIONER AFTER 45 DAYS. THERE ARE PEOPLE THAT DON'T UNDERSTAND THAT. THAT IS WHY I ASKED THE QUESTION AND I WANT CLARIFICATION FROM THE CITY ATTORNEY TO UNDERSTAND WHAT WE ARE DOING TONIGHT.

EVERYBODY IS LOOKING AT ME AND I'M TELLING YOU WHAT IS GOING ON. I KNOW BECAUSE I HEAR IT AND I SEE IT. ANOTHER THEY UNDERSTAND. I UNDERSTAND WHAT YOU ARE SAYING. GET THE BALL ROLLING. GET THE BALL ROLLING. AND THAT WILL BE COMING BACK TO

ANOTHER VOTE FOR THE 11TH. >> AND THE 17TH. THAT IS WHAT I'M HEARING. IF THEY DO THAT. IF THEY SUBMIT SOMETHING. THOSE OF THE TWO TIMES TO VOTE ON IT AT THAT TIME.

>> WE ARE OUT OF TIME, COMMISSIONER. AT THAT POINT , YOU HAVE GIVEN THEN THE 45 DAYS. IT IS A LINEUP. SO MAKING SURE THEY BOTH LINEUP. THE DEVELOPER KNOWS HE NEEDS TO CURE THIS DEFECT BY JUNE FOURTH. IF THAT IS NOT CURED BY JUNE 4TH, THAT TRIGGERS COMING BACK TO THE CITY COMMISSION MEETING OR NAY FOR MEETING FIRST. OR FOR WHATEVER ACTION MIGHT BE DECIDED. AND THEN IT GOES TO THE CITY COMMISSION MEETING. AND ALSO LINING UP ACTIONS THAT MAY OR MAY NOT TAKE PLACE. THERE IS NO VOTE TONIGHT . WE JUST GOT AN

UPDATE. >> I UNDERSTAND. I'M TALKING

TO THE AUDIENCE TOO. >> .

>> I'M HEARING YOU BUT WHAT I'M HEARING NOW IS THE VOTE IS 45 DAYS, THEY WANT THIS 45 DAYS REMOVED. THAT IS THE PROBLEM THEY ARE HAVING. I'M TELLING YOU WHAT I'M HEARING. THAT IS WHY THEY KEEP SAYING, WE ARE TOLD. STOP EVERYTHING.

>> BUT THERE IS NO CLERK IT IN THIS 7C AGENDA ITEM.

>> I UNDERSTAND WHAT THEY WANT. THEY CAN MAKE ALL THE DEMANDS.

BUT WE HAVE HAD UPDATES HERE. I DON'T KNOW HOW MUCH MORE WE

NEED TO UPDATE. >> I THINK WE NEED TO MOVE ON

WITH THE AGENDA. >> JUNE 4TH IS THE DATE. SO INFORMATION HAS BEEN REQUESTED THAT WE NEED FOR THE COMFORT LEVEL WHICH I AGREE WITH COMMISSIONER, WHAT YOU

REQUESTED. >> YOU TALKED ABOUT DEADLINES .

I THINK IT IS CLEAR TO ME WHAT EVERYBODY WOULD HAVE TO DO. IS IT CLEAR TO THE COMMISSION ON BOARD ?

>> I HAVE A VISION THAT WHAT WILL HAPPEN AS THEY WILL REQUIRE ANOTHER EXTENSION TO GET THIS IN FRONT OF THE BODIES OF THIS GROUP FOR PROPER VOTING? EVEN IF YOU CALL SPECIAL MEETINGS, ET CETERA. BUT I COMPLETELY AGREE WITH BOARD MEMBER JOHNSON'S SUGGESTION. TO GET BUSY. GET

ON IT. >> LIKE AT 8:00.

TRANSITIONING ]

[02:25:52]

. >> I'M GOING TO TAKE MY LEAVE AT THIS JUNCTURE SINCE THERE IS NO OFFICIAL VOTE.

>> NOT UNLESS THERE ARE ANY QUESTIONS.

>> THANK YOU, THANK YOU VERY MUCH. THANK YOU FOR EVERYONE'S

[7. CONSENT AGENDA]

TIME. LET'S MOVE ON. >> NEXT WOE GO TO THE CUP SENT AGENDA. IS THERE ANY ITEM THAT A BOARD MEMBER WOULD LIKE TO

PULL? >> I NEED TO PULL 7C.

>> I NEED TO PULL 7B. >> OKAY. SO DO YOU HAVE ANYTHING, COMMISSIONER? DO WE WANT TO HAVE A MOTION FOR THE REMAINDER OF THE CONSENT AGENDA?

>> I MOVE APPROVAL OF REMAINING ITEMS.

>> THERE IS A MOTION AND A SECOND. CALL THE ROLL?

>> COMMISSIONER JAY JOHNSON. >> COMMISSIONER JAMES?

[b. Authorization to execute Master Services Agreement with BEEFREE, LLC in the amount of $480,000 for On-Demand Transportations Services]

>> YES. >> JOHNSON?

>> YES. >> JAY JOHNSON? YES.

>> CHAIR WOMAN HUDSON? >> YES.

>> NEXT WE HAVE ITEM 7B WHICH IS AUTHORIZATION TO EXCUTE A MASTER SERVICES AGREEMENT WITH BE FREED LLC IN THE AMOUNT OF $780,000 FOR TRANSPORTATION SERVICES.

>> COMMISSIONER JOHNSON? >> THANK YOU. IN THIS AGREEMENT STATED HERE, CAN YOU CLARIFY, THE -- YOU AND I HAVE HAD A DISCUSSION OF THIS. BUT ARE THERE BOUNDARIES WITHIN THE AGREEMENT OR IS IT SPECIFIC TO FINANCIAL? COULD YOU CLARIFY

THAT? >> BOARD MEMBER JOHNSON, WE DO HAVE OUR PROJECT MANAGER, DEL GADO. WOULD YOU COME UP AND

ANSWER THE QUESTIONS? >> MS. DEL GADO, DID YOU

UNDERSTAND THE QUESTION? >> CAN YOU REPEAT IT?

>> YES. SO MY QUESTION WAS RELATED TO THE AGREEMENT AND ARE THERE SPECIFIC MATTERS WITHIN THE AGREEMENT ON BOUNDARIES, TIME OF SERVICE, NUMBER OF CARS, AND ALSO FINANCIAL AND COULD YOU GO THROUGH A SNAUPSIS OF THOSE IN

WHATEVER ORDER YOU PLEASE? >> OKAY. I PUT THIS TOGETHER TODAY. OUR SERVICE STARTS JUNE 1. WE EXPANDED THE BOUNDARIES AND NEW HOURS AND DAYS AS WELL. WE EXPANDED TO OKEECHOBEE JENGEN. THEN WE HAVE U.S. 1 TO BOTANICAL GARDENS AND SOUTHWEST DRIVE TO THE PIE HOLD. AND THEN WE HAVE THE FULL SEVEN DAYS OUT OF THE WEEK, MONDAY TO WEDNESDAY, THURSDAY, FRIDAY, SATURDAY, SUNDAY. INSTEAD OF 48 HOURS, IT IS 70 HOURS. WOE HAVE FOUR VEHICLES AND WE HAVE ONE ADA ACCESSIBLE VEHICLE. AND THEN FREE B DID PUT TOGETHER ALL OF THE DATA IN THE SERVICE SIMULATOR AND THAT WAS THE WAY THEY WERE ABLE TO TELL THE WAIT TIME BECAUSE THAT WAS A CONCERN. IT WILL ONLY INCREASE BY 3 TO 4 MINUTES. HE USED DATA SPRING BREAK WHICH IS THE HIGHEST PEAK. SO LOWEST PEAK WOULD BE 10 MINUTES. HIGHEST WOULD BE 10 TO 15. THAT WOULD BE THE WAIT TIME. AND OF COURSE, WE CHECK MONTHLY, THE DASH BOARD, JUST TO SEE HOW THE WAIT TIME, AND WHAT WE HAVE NOTICED IS 46% OF THE RIDERS

ARE 40 AND OLDER. >> THANK YOU FOR THAT. THOSE WERE THE METRICS I WAS CONCERNED WITH THE LAT LAST

[02:30:03]

TIME WE HAD THE DISCUSSION SO THANK YOU FOR BRINGING THAT FORWARD. IN A RECORD LATER IN THIS AGENDA, WE WILL GET THE FPRA REPORT AND IT TALKED ABOUT SPECIFIC PARAMETERS OF FREE BEE. AND MY CONCERN IS THAT EXPANDING THE BOUNDARY WITH THE SAME NUMBER OF CARS AND VEHICLES IS GOING TO INCREASE THE WAIT TIMES WHERE PEOPLE WILL POSSIBLY BE FRUSTRATED.

THIS IS AN ECONOMIC DEVELOPMENT OPPORTUNITY FOR THE BUSINESS UNITS WITHIN THE URBAN CORE OF DOWNTOWN AND OUT TO 13TH STREET WHICH IS WHERE WE SUBMITTED THE BOUNDARIES BEFORE. I'M STILL WITH THET SNACHLT I THOUGHT WITH THE DATA SUPPLIED TODAY AND THE REPORT WAS VERY GOOD INFORMATION. I HAVE CONCERN THAT EXPANDING THE BOUNDARY BECOMES A TAXI SERVICE FOR A LACK OF BETTER WORD, A LYFT SERVICE FROM ONE RESIDENCE TO ANOTHER RATHER THAN THE BUSINESS CORE OF OUR CITY.

THAT'S WHAT I'M CONCERNED WITH. THIS IS USING FPRA DOLLARS WHICH IS SPECIFIC TO ECONOMIC DEVELOPMENT. I UNDERSTAND AND I'M GLAD THAT THE VENDOR SUPPLIED INFORMATION TO WHERE THERE WILL BE 3 TO 4 EXTRA MINUTES OF WAIT TIME WHICH IS TYPICAL. I'M A USER OF THE APP AND MY FAMILY CLICKS IN AND WE ARE WAITING AROUND FOR THE VEHICLE, USUALLY STILL BEING ENTERTAINED AT A RESTAURANT OR SOMETHING WAITING FOR THE VEHICLE TO ARRIVE. IT TAKES PROPER PLANNING. I'M CONCERNED WITH THE MORE WE MOVE INTO DENSE RESIDENTIAL DISTRICTS, THAT IT BECOMES MORE OF A LYFT TAXI TYPE SERVICE WITHOUT GETTING TO THE ECONOMIC CORE OF THE CITY.

>> I WOULD SAY THAT AGAIN, WE CAN MONITOR ALL OF THIS THROUGH THE DASHBOARD. THE MONTH, NEXT MONTH, WE CAN COME BACK TO THE NEXT MEETING TO GIVE YOU ON UPDATE ON THE WAIT TIME TO SEE IF IT IS MORE THAN THE EXTRA 3 TO 4 MINUTES SO YOU HAVE AN IDEA. THE OTHER THING IS TOO, WE HAVE THE FDOT GRANT WITH THE COUNTY. CAN WE GET THE METRICS ON LOCATION TO LOCATION? WE CAN GET THE DATA ON THAT? I CAN GET ALL OF THAT FOR YOU.

>> WOULD YOU GO BACK TO THE MAP? BECAUSE YOU EXTENDED IT ALL THE WAY UP TO AVENUE, TO TAYLOR CREEK. THAT WAS NOT

THERE BEFORE, RIGHT? >> NO, IT WAS 13TH.

>> WASN'T IT TO 13TH? >> WAS IT AVENUE H BEFORE?

>> IT WAS BEFORE. AND NOW IT IS OUT TO 33RD AND THAT IS ALL FPRA TERRITORY. I UNDERSTAND THAT. AND THEN THE WHAT WAS BEHIND GOING TO JENGEN ROAD? ARE PEOPLE GOING TO HOME DEPOT OR WALL MART? I'M TRYING TO THINK HERE.

>> LAST TIME WE WERE HERE AND WE TALKED ABOUT FREE BEE YOU SAID YOU WANTED MORE, LARGER AREA, EXPAND, EXPAND, EXPAND.

SO WE HAVE A STRONG GROWTH CORRIDOR ON THE OKEECHOBEE ROAD ORDORE AS IT GOES TO JENKINS ROAD. WE HAVE TREMENDOUS ECONOMIC OPPORTUNITIES. ON THE U.S. 1 CORRIDOR, WE ARE SEEING REVITALIZATION IN THAT AREA. THESE ARE THE AREAS THAT FREEBIE ALSO EXAMINED AND DETERMINED IT WOULD BE SOMETHING BENEFICIAL TO THEM AND THE CITY. IN CONJUNCTION WITH THE DIRECTIVE TO EXPAND, EXPAND, EXPAND, WE LOOKED AT THE GROWTH CORRIDORS TO MAKE IT HAPPEN.

>> HOW FAR DOES IT GO SOUTH? DOES IT GO PAST --.

>> TO BOTANICAL GARDENS. >> ON THE U.S. CORRIDOR.

>> THE RESEARCHERS THOUGHT IT WOULD BE A WONDERFUL ATTRACTION TO INCLUDE IN THE PROMOTIONAL MATERIAL.

>> SO THANK YOU FOR THIS. A COUPLE OF QUICK QUESTIONS. THIS MAP THAT I'M LOOKING AT IS THE ENTIRE FPRA ZONE, CORRECT? OR

IS IT BEYOND THAT? >> THIS MAP INCLUDES THE ENTIRE

FPRA . >> BUT THERE IS EXTRA TOO.

>> THERE IS AN ADDITIONAL AREA OUTSIDE OF THE FPRA.

[02:35:03]

>> THAT IS JENKINS AND SOUTH U.S. 1.

>> YES, SIR. >> SO, I THINK AS WE LOOK AT THIS AND EVALUATE IT, I HAVE AN A LITTLE DIFFERENCE OF OPINION HERE ON THIS. I THINK ONE OF THE THINGS WE MAY WANT TO CONSIDER IS DO WE GEOFFENSE THIS TO BUSINESSES. WE ARE TRYING TO DRIVE AN ECONOMIC CATALYST FOR PEOPLE USING THIS SERVICE TO GET TO A BUSINESS, RIGHT? SO SOMEHOW I THINK WE CAN GEO LOCK THAT TO A CERTAIN DEGREE. I'M ASKING, MAYBE NOT.

MEANING THAT AND I MAY BE WRONG, THAT'S WHAT I'M ASKING. RIGHT NOW, PEOPLE AND RESIDENTS IN CERTAIN PARTS COULD GET THE RESTAURANTS ON THE BEACH. OTHERS WERE PRECLUDED FROM DOING THAT. THIS OPENS UP AN OPPORTUNITY, A CONCERN FROM FELLOW BOARD MEMBERS. A CONCERN IS USING THIS TO MOVE FROM ONE SPOT TO ANOTHER. THAT MAY BE THE CASE BUT IT IS WITHIN THE FPRA. WE ARE USING FPRA FUNDS TO DO THIS. MY CONCERN IS WHEN WE TALK ABOUT REIVATALIZATION AND ECONOMIC PUSH OF SUPPORTING COMMERCIAL BUSINESSES PARTICULARLY IN THE FPRA THAT WEREN'T GETTING SERVICE TO THEIR RESTAURANTS, THEIR COMMERCIAL BUSINESSES ET CETERA, THAT WAS MY PUSH FOR THIS, TO GET SOME OF THESE RESTAURANTS THAT PEOPLE CAN GET TO, DINE AND GO BACK. SO I GUESS WHAT I'M ASKING IS THAT AS WE LOOK AT THIS, AND LOOK AT THE DATA, EVEN RIGHT NOW, WHAT WE MAY HAVE, I'M CONCERNED. I WANT TO SEE THE DATA OF WHO HAS USED IT FROM HOUSE TO HOUSE IN THE CURRENT ZONE WE HAVE. I'M SURE WE CAN GET THAT DATA. I'M CURIOUS ABOUT THAT. I'M ALSO CURIOUS TO SEE THE TRIPPING THAT PEOPLE REQUESTED IN THIS PAST YEAR AND A HALF WE HAD THIS THING OF WHO WENT TO WHAT BUSINESSES ET CETERA AND THEN CAN WE TIE SOME KIND OF ECONOMIC IMPACT TO THAT? BECAUSE THAT IS THE GOAL FOR MOW. I KNOW THERE ARE RESTAURANTS IN THE FPRA THAT PEOPLE NEED TO GET TO TO

SUPPORT. >> YES, SIR.

>> AND THERE ARE GREAT INVESTMENTS PARTICULARLY ON LINKIN PARK THAT IF PEOPLE HAD A WAY TO GET THERE, PEOPLE COULD GET THERE AND PARTAKE OF THE RESTAURANTS.

>> 25TH STREET. >> SOME GREAT PLACES, RIGHT?

>> YES. >> SO THAT'S WHERE I WAS GOING WITH THIS. I THINK YOU RAISE A CONCERN BUT I THINK WE NEED TO LOOK AT SOME OF THE DATA. I THINK WITH ANYTHING WE CAN ALWAYS TWEAK IT. BUT I THINK OUR EMPHASIS ON THIS IS WE ARE TRYING TO GET AN ECONOMIC DRIVER FOR OUR COMMERCIAL BUSINESSES TO STAY WITH US, FOR PEOPLE TO HAVE ACCESS TO GET TO THEM. AND UTILIZE THOSE RESTAURANTS.

>> ABSOLUTELY. >> OR BARS, WHATEVER.

>> THE FPRA HAS SEVERAL COMMERCIAL CORRIDORS, ORANGE, DELAWARE, GEORGIA. THERE ARE COMMERCIAL BUSINESSES THROUGHOUT THE ENTIRE CITY OF FORT PIERCE. SO THE FPRA IN ITSELF IS AN ECONOMIC DEVELOPMENT ENGINE.

>> RIGHT. >> SO THIS, INITIATIVE WOULD HELP CONNECT THOSE BUSINESSES AND HELPS WITH ADVERTISING.

RIGHT. >> IT ALSO HELPS WITH TRANSPORTATION TO AND FROM THE BUSINESSES.

>> RIGHT. >> THE FREEBIE PROGRAM HAS BEEN A SUCCESS IN THE PILOT PROGRAM WITH FORT PIERCE AND WE BELIEVE THE VENDOR ITSELF BELIEVES THAT THIS CAN BE A SUCCESSFUL VENTURE WITH EXPANDED BOUNDARIES.

>> I AGREE BUT I WOULD LIKE TO SEE LITTLE MORE DATA TO SEE WHAT THE IMPACT IS. MAYBE WE GO TO THE COMMERCIAL PARTNERS IN THE FPRA AND THEY MAY BE ABLE TO AUGMENT OR SUPPLEMENT IF WE CAN VALIDATE THAT BUSINESSES HAVE HAD IMPACT BECAUSE PEOPLE ARE COMING IN AND SENDING MONEY. THERE ARE SOME GEO THINGS TO DO TO REALLY UNDERSTAND THIS. I THINK WE ARE ON THE WAY. I'M INTELLECTUALLY CURIOUS THOUGH BECAUSE I LIVE IN THE FPWRA AND I COULD NOT GET TO THE BEACH. I CAN NOW. I THINK THERE ARE OTHERS THAT WANT TO TAKE THAT OPPORTUNITY AS WELL. IT WILL BE INTERESTING TO SEE. AS YOU RAISE A CONCERN THAT IS LEGITIMATE, WE MAY HAVE TO FIGURE OUT HOW NOT TO DO THAT BUT THEN WE HAVE A SECTION OF THE POPULATION THAT IS ELDERLY. THEY DO NEED TO GET TO A CARE TAKER'S HOUSE BECAUSE THAT IS THE ONLY WAY THEY CAN GET THERE OR GET THAT PERSON TO A DOCTOR. WE ARE PUTTING THE CART BEFORE THE HORSE. I APPRECIATE YOUR COMMENTS. I THINK WE NEED TO PAY ATTENTION

[02:40:01]

TO THIS GOING FORWARD AND SEE HOW IT COMES OUT.

>> AND I WOULD LIKE TO SAY, I DON'T WANT TO BE GREEDY BUT WE STOPPED JUST SHORT OF THE NORTH PUBLIC SHOPPING. SO WE WILL KEY IF THERE IS A DEMAND FOR THAT. DID YOU NOTICE THAT ? WE HAVE THE SOUTH ONE. I THINK THAT IS INCLUDED JUST VIRGINIA.

>> I CAN ASK. >> YOU CAN GET RIGHT UP THERE

BUT NOT ACROSS TAYLOR CREEK. >> JUST DROP OFF AT THE BRIDGE.

>> ONE DAY THERE WILL BE AN EAST COAST GREENWAY.

>> THERE WILL BE. >> SO COMMISSIONER C. JOHNSON, THAT'S WHERE I WAS HEADED WITH THIS. MAYBE IT IS DRIVEN ON MAYBE NOT SPECIFICALLY A GEOFFENSE BUT IT IS SPECIFIC TO DESTINATION OR ORIGIN OF THE TRIP WHICH IS KIND OF WHAT I HEARD YOU TALKING ABOUT AND SPURRED SOME IDEAS IN MY HEAD.

I CAN TELL YOU NOW BECAUSE I KEEP TRACK OF THE SCHOOL DISTRICT, NOW THAT WE ARE OPENING THIS UP, I WILL BE HONEST WITH YOU, IF THERE IS A SCHOOL THAT HOPENS AT 9:00 A.M.

AND STARTS AT 8:00 A.M., GUESS WHAT, ME AND MY KID CAN TAKE A RIDE TO THE SCHOOL ON FREEBIE. I'M NOT SAYING IT IS A BAD THING BUT THERE ARE CREATIVE PEOPLE IN THIS WORLD, I JUST SAID IT IN A PUBLIC MEETING BUT THERE ARE PEOPLE WAY SMARTER THAN ME THAT TAKE ADVANTAGE OF OPPORTUNITIES, POSITIVE OR NEGATIVE, HOWEVER YOU SPIN IT, AND THEY USE OPPORTUNITIES TO OTHER THINGS THAN WE THOUGHT. I WANT TO BE AWARE OF THOSE THINGS AND BE VERY DILIGENT. BECAUSE THE FIRST TIME WE APPROVE THIS, AND I DO A LOT OF POLLING AS FAR AS CONVERSATION.

I BET YOU, EVEN THOUGH THE PEOPLE USE FREEBIE AND THERE IS AN OVERWHELMING RESPONSE, THERE IS PROBABLY 60/40 IN THE NEGATIVE JUST BECAUSE THEY DIDN'T LIKE US SPENDING

$400,000. >> I HEARD THAT TOO.

>> THAT WAS A REAL CONVERSATION AND I TALKED TO AS MANY PEOPLE AS I COULD. BUT WHEN I WENT TO THE BUSINESSES, IT WAS AN OVERWHELMING, 90% OR 100%, RAW RAW, LET'S GO TEAM. WHICH MADE ME THINK AND UNDERSTAND THAT THIS IS EXACTLY WHAT WE SHOULD BE DOING. THAT'S WHY I BRING THESE THINGS FORWARD. WE JUST HAVE TO BALANCE IT, UNDERSTAND IT, OBVIOUSLY HAVE TRANSPARENCY WITH THE PUBLIC AND WHY WE ARE DOING IT AND HOW WE ARE DOING IT AND IT IS TO DRIVE FURTHER ECONOMIC OPPORTUNITY WITHIN OUR

FPRA AREA. >> RIGHT. AND I WILL SAY THAT THE PEOPLE WHO HAVE USED IT HAVE BEEN OVERWHELMINGLY

POSITIVE ABOUT IT. >> PART OF THAT 60% THAT

CHANGED THEIR MINDS. >> RIGHT, WITH USE.

>> MADAM CHAIR, REAL QUICK, BASED ON THE COMMENTS I'M HEARING FROM THE REST OF THE BOARD, YPG THAT WE NEED TO ASK FOR A 60 DAY REPORT JUST TO SHOW WHERE THOSE RIDES ARE GOING. IT GIVES US A BETTER IDEA IF WE NEED TO COME BACK AND CURTAIL THIS. IF PEOPLE ARE BEING SMART AND USING IT. AND THEN I THINK MAYBE WHEN SCHOOL STARTS OR OTHER ACTIVITIES AND SCHOOL GETS BACK IN, WE ARE STARTING IN THE SUMMER AND SCHOOL IS OUT MAY 30. AND SOMETIME IN AUGUST, SEPTEMBER, ASK FOR ANOTHER ONE JUST SO WE HAVE AN IDEA OF WHERE THE RIDES ARE GOING AND IF WE NEED TO MAKE SOME TYPE OF DECISIONS TO PUT SOME DIFFERENT PARAMETERS ON THE AREAS OR WHATEVER.

THAT'S WHAT WE CAN DO. I'M JUST THROWING IT OUT THERE. WE WON'T KNOW UNTIL WE START GETTING COMPLAINTS. IF WE KNOW BEFOREHAND, WE GET THE 60 DAY REPORT, WE CAN BETTER LOOK AT

IT. >> WE ALSO HAVE A PARTNER IN THIS, THE COUNTY. WE NEED THEIR INPUT.

>> MADAM CHAIR AND MEMBERS OF THE BOARD, WE HAVE A MONTHLY REPORT THAT FREEBIE PROVIDES FOR US. THEY PROVIDE ALL OF THE ANALYTICAL DATA. IF YOU WOULD LIKE THEM TO EXACTLY COME HERE AND HAVE A DIALOGUE WITH YOU? THAT'S NOT WHAT I'M ASKING.

THANK YOU. THE MONTHLY REPORTS ARE SOMETIMES GOOD. BUT WE KNOW WHAT WE SAID TONIGHT, WE KNOW WHAT WE ARE LOOKING FOR. IF OUR PARTNERS ARE LISTENING FOR US, I WANT TO PINPOINT WHERE THESE RIDES ARE ACTUALLY GOING AND ARE THE BUSINESSES REALLY BENEFITTING OR ARE PEOPLE GETTING ON THE RIDES JUST TO RIDE AND GOING TO OTHER PLACES. THAT'S WHAT WE NEED TO KNOW.

WE PUT THE MONEY IN TO HELP THE PUBLIC GET BUSINESSES AND HELP THE BUSINESSES GROW AND DO WHATEVER. IT IS NOT TO GO WHEREVER. YOU GET A RIDE AND DROP ME OFF HERE AND THAT TYPE OF THING. IT HAPPENS. THAT'S ALL I'M LOOKING FOR. IT GIVES US SOMETHING CONCRETE THAT WE CAN LOOK AND SEE. THE REPORT

[02:45:04]

WILL BE EVERYWHERE. I DON'T HAVE TIME TO READ EVERYWHERE.

>> WE DON'T NEED FREEBIE WE NEED MS. DEL GADO TO COME BACK.

>> THE DASHBOARD IS VERY DETAILED SO I CAN -- THAT'S

ALL I'M ASKING FOR. >> KEEP US POSTED.

>> WE CAN TWEAK IT, A MONTH OR 60 DAYS, WE CAN SEE WHERE ALL OF THE ACTIVITY IS. IF WE DON'T SEE ANYTHING GOING TO JENKINS, WE CAN MOVE IT TO THE PUBLIX. ALL THE WAY TO HOME DEPOT. I KNOW SOME OF US WILL GO TO HOME DEPOT.

>> PLEASE, DON'T GIVE ME A SUGGESTION ON THAT.

>> NO MORE SUGGESTIONS. ARE YOU GOING TO MAKE A MOTION?

>> I WILL MOVE FOR THE APPROVAL.

>> IS THERE A SECOND? SECOND. >> IS THERE A MOTION AND A SECOND. CALL THE ROAD. COMMISSIONER K. JOHNSON? YES.

[c. Approve 45-day extension for cure period under the default motion sent to Audubon Development, Inc. on March 21, 2024 regarding the King's Landing project to be coterminous with City Commission's decision on April 19, 2024.]

>> J JOHNSON? >> YES, MA'AM.

>> GAINS? >> YES, MA'AM.

>> CHAIR WOMAN HUDSON? >> YES, MA'AM. NEXT WE HAVE ITEM 7C APPROVEA 45 DAY EXTENSION FOR CURE PERIOD UNDER THE DEFAULT MOTION SENT TO ODD BN DEVELOPMENT INC. ON MARCH 21, 2024 REGARDING THE KING'S LANDING PROJECT TO BE COTERMINUS WITH THE CITY COMMISSION'S DECISION ON APRIL

19. >> COMMISSIONER GAINS?

>> MADAM CHAIR, I PULLED THIS BASED ON EVERYTHING I HEARD TONIGHT AND THE REQUEST WE HAVE REQUESTED FOR THE DEVELOPERS.

I'M -- I DON'T KNOW IF I CAN SEE YES TO THIS TONIGHT. I DON'T KNOW HOW TO -- I DON'T WANT TO MAKE A MOTION TO DENY IT BUT I KNOW I CAN'T VOTE YES ON IT. SO I PULLED IT JUST TO SAY THIS SO SOMEONE CAN MAKE A MOTION SO WE CAN HAVE A VOTE

AND WE CAN MOVE ON. >> OKAY. SO DOES SOMEONE LIKE

TO MAKE A MOTION? >> MAY I MOVE APPROVAL OF ITEM

7C. >> SECOND.

>> MOTION AND SECOND. CALL THE ROLL.

[b. Means Court Center project status update]

>> JOHNSON? >> YES.

>> GAINS? >> NO, MA'AM.

>> JOHNSON? >> YES.

>> HUDSON? >> YES, MA'AM.

>> NEXT WE HAVE A MEANS COURT CENTER PROJECT UPDATE.

>> WE HAVE A SPECIAL PROJECTS COORDINATOR AUDREY AWARD IS GOING TO COME AND GIVE US A VERY BRIEF UPDATE ON A TASK THAT YOU GAVE THE STAFF AT THE LAST MEETING WHEN THE INC.

REPRESENTATIVES WERE HERE GIVING AN UPDATE.

>> MS. WELLS? >> SINCE THE LAST MEETING, THE BUILDING PERMITS FOR THE BUILDING PROJECT HAS BEEN RENEWED. THEY WERE ISSUED ON MAY 2. TODAY, MR. MIMS AND I MEANT WITH MS. GARDENER AND PETE TESH FROM THE CDC AND WE LEARNED THAT WORK HAS RESTARTED AT THE MEANS COURT CENTER. WE WILL HAVE AN UPDATE ON THE PROJECT PROBABLEY NEXT WEEK OR NEXT WEEK I WILL SAY. AND THEN REQUEST FOR PROOF OF FINANCIAL CAPABILITY WAS REQUESTED AND THE RESPONSE WAS IT WILL BE

BOUGHT BY IT. QUESTIONS? >> JUST A COMMENT, THANK YOU FOR THE UPDATE. I HAVE SEEN TRUCKS, CONSTRUCTION BY THERE BECAUSE I RIDE BY THERE FREQUENTLY. I THINK EVERYTHING THAT I'M HEARING, RECEIVING, ET CETERA HAS BEEN THAT THEY ARE MOVING IN THAT DIRECTION. I'M GLAD TO HEAR THE BUILDING PERMITS ARE ALL DONE SO WE HELP THEY ACCELERATE AND GET THINGS IN LINE WITH WHERE THEY NEED TO REOPEN.

>> ANYTHING ELSE? THANK YOU VERY MUCH.

>> I WILL ADD SHE IS COMING IN TO MEET WITH ALL OF YOU. OH,

[c. Authorization to terminate Agreement dated October 27, 2020 to Lease and Improve the 1134 and 1138 Avenue D with Lincoln Park Young Professionals.]

YEAH, I SAW THAT ON MY CALENDAR, YEAH.

>> NEXT ITEM IS AUTHORIZATION TO TERMINATE AN AGREEMENTIDATED OCTOBER 27, 2020 TO LEASE AND IMPROVE THE 1134 AND 1138 TAEFB D WITH LINKIN PARK YOUNG PROFESSIONALS. JOHNSON?

>> WE HAD A RECENT MEETING WITH THE YOUNG PROFESSIONALS REGARDING THE PROPERTIES 1134 AND 1138 THAT IS COMMONLY CALLED THE ROOT DEVELOPMENT. THE PROFESSIONALS HAVE EXPRESSED THEY ARE NO LONGER PURSUING THE COMPLETION OF THE PROJECT. WE ASKED THEM TO PROVIDE THAT IN WRITING. THEY ARE FOUR YEARS IN VIRTUALLY AND LITTLE TO NOTHING HAS OCCURRED.

SO AT THIS TIME, WE WOULD LIKE TO MOVE FORWARD WITH AUTHORIZATION TO TERMINATE THE AGREEMENT AND ASKING FOR YOUR

APPROVAL TO DO SO. >> MR. MIMS, TO YOUR KNOWLEDGE ARE THEY STILL AN ORGANIZATION THAT HAS FILED? DO THEY HAVE A

[02:50:07]

5013C? >> I DONOT KNOW THEIR CURRENT

STATUS. >> OKAY. ANY OTHER QUESTIONS OR

MOTIONS? >> MS. HEDGE, IS THERE ANYTHING IN THE CONTRACTS ABOUT TERMINATION THAT WE SHOULD BE AWARE OF OR ANYTHING WE SHOULD DISCUSS?

>> MADAM CHAIR, MEMBERS OF THE BOARD, THIS ITEM WAS NOT PRESENTED TO ME FOR LEGAL REVIEW. SO CANDIDLY, I HAVE NOT GONE THROUGH THIS. MY UNDERSTANDING IS THAT THEY ARE IN AGREEMENT WITH THE TERMINATION. THAT IS CORRECT,

CITY MANAGER? >> THAT IS WHAT WAS VERBALLY RELAID TO US DURING THE MEETING, YES.

>> IF THAT IS THE CASE, TERMINATION WOULD BE EASY. IF THAT IS NOT THE CASE, THEY WOULD NEED TO BE IN DEFAULT FOR US TO MOVE FORWARD WITH TERMINATION. SO I WOULD SUGGEST THAT THE MOTION BE TO TERMINATE IF THEY ARE IN AGREEMENT WITH THE TERMINATION OR IF THEY ARE IN DEFAULT IF THERE IS A MOTION