* This transcript was created by voice-to-text technology. The transcript has not been edited for errors or omissions, it is for reference only and is not the official minutes of the meeting. [00:00:02] WELCOME EVERYONE. [1. CALL TO ORDER] UH, WE WILL CALL THIS MEETING OF THE DEVELOPMENT AUTHORITY TOGETHER AT 6:01 PM UH, FIRST ITEM ON THE AGENDA IS A ROLL CALL. FOLLOWING MEMBERS ARE PRESENT, UH, MYSELF, JILL, SEAN, DAVID, JOHN, AND DAN. UM, NO, JOHN GOSS IS NOT HERE. UH, SO WE HAVE JOHN AND MORGAN MISSING. WE DO HAVE A COURTROOM, THOUGH. UH, OUR STATEMENT [3. STATEMENT OF PURPOSE] OF PURPOSE, UH, IS THAT THE DEVELOPMENT AUTHORITY OF ALPHARETTA IS GRANTED THE POWERS AND JURISDICTION THROUGH THE STATE OF GEORGIA GENERAL ASSEMBLY AND A RESOLUTION ADOPTED BY THE A ALPHARETTA CITY COUNCIL ON SEPTEMBER 3RD, 1996. THE FUNCTION OF THIS AUTHORITY IS TO PROMOTE THE PUBLIC GOOD AND GENERAL WELFARE, TRADE, COMMERCE INDUSTRY, GENERAL TAX BASE, AND THE EMPLOYMENT OPPORTUNITIES AVAILABLE IN THE CITY OF A ALPHARETTA. UH, SO FIRST UP, WE WILL MOVE INTO THE PUBLIC COMMENT SECTION OF OUR AGENDA. UH, DIANA, DO, DO WE HAVE ANYONE HERE FOR PUBLIC COMMENT? WE DO NOT. ALL RIGHTY. SO IF, UH, SEE, SEEING THAT WE HAVE NO ONE, WE'LL JUST PROCEED ON [5. CONSENT AGENDA] WITH OUR CONSENT AGENDA. UM, THE FIRST ITEM ON THE CONSENT AGENDA IS THE MINUTES FROM THE MEETING OF, UH, JANUARY 7TH. THEN WE HAVE THE FINANCIAL MANAGEMENT REPORTS AS OF SEP, NOVEMBER 30TH. UH, WE HAVE THE FINANCIAL MANAGEMENT REPORT AS OF DECEMBER 31ST. UH, SO DO WE HAVE A MOTION FOR THIS CONSENT AGENDA? A MOTION TO, TO APPROVE THE CONSENT AGENDA. SECOND, UH, SEAN. SO, UH, WE HAVE JOEL MADE A MOTION TO APPROVE, AND SEAN SECONDED, UH, WE'LL CAST OUR VOTES NOW ELECTRONICALLY. SO WE ARE APPROVED FIVE ZERO, AND I BELIEVE THAT IS ALL THAT WE HAVE ON THE CONSENT AGENDA. UH, SO WE HAVE, UH, NEXT ITEM ON THE AGENDA IS ANNOUNCEMENTS AND REPORTS. UH, ANNA, DO WE HAVE ANY ANNOUNCEMENTS OR REPORTS FOR THIS EVENING? WE HAVE NO ANNOUNCEMENTS OR REPORTS THIS EVENING, . ALL RIGHT. SO THEN WE'RE ON TO NEW [7. NEW BUSINESS] BUSINESS AND OUR NEW BUSINESS. UH, WE HAVE TWO ITEMS, UH, ON THE AGENDA. WE HAVE THE ENGAGEMENT LETTER TO APPOINT TROUTMAN PEPPER LOCK AS SPECIAL COUNSEL, UH, WITH AUTHORIZATION FOR MYSELF TO EXECUTE THE NECESSARY DOCUMENTS. AND WE ALSO HAVE THE RESOLUTION AUTHORIZING THE EXECUTION AND DELIVERY OF THE DOCUMENTS RELATING TO DETERMINATION OF THE GARRIN PROJECT. UH, SO FIRST UP, CHARLIE IS GOING TO PRESENT THE, UH, TROUTMAN PEPPER LOCK AS SPECIAL COUNSEL. UH, GOOD EVENING EVERYONE. UH, THIS ITEM IS A REQUEST ON BEHALF OF THE CITY OF ALPHARETTA FOR THE DEVELOPMENT AUTHORITY TO RETAIN TROUTMAN PEPPER LOCK AS A SPECIAL COUNSEL. SO THE CITY HAS ALREADY ENGAGED, UH, TROUTMAN PEPPER LOCK AS A SPECIAL COUNSEL FOR CERTAIN MATTERS WHERE THE CITY ATTORNEY, WHICH IS GERARD AND DAVIS, UH, HAS EITHER A CONFLICT OF INTEREST OR WHERE PEPPER, LOCKE, UH, PEPPER, TRAPMAN, PEPPER LOCK, SORRY, HAS SPECIFIC EXPERTISE THAT IS NEEDED. UH, SOME OF THOSE MATTERS MAY ALSO INVOLVE THE INTERESTS OF THE DEVELOPMENT AUTHOR AUTHORITY. SO, SINCE GERARD DAVIS ALSO REPRESENTS THE DEVELOPMENT AUTHORITY AS ITS, UH, GENERAL COUNSEL RETAINING THE SAME SPECIAL COUNCIL WOULD FOR THESE CIRCUMSTANCES, IF THEY ARISE, UM, WOULD ENSURE THAT THERE'S EFFICIENT AND TIMELY, UH, COUNCIL THAT CAN BE RETAINED BY NOT ONLY THE CITY, BUT UH, THE AUTHORITY AS WELL FROM THE SAME SOURCE. SO STAFF IS RECOMMENDING THAT THE DEVELOPMENT AUTHORITY LIKEWISE RETAIN TROUTMAN AND PEPPER LOCK, UH, AS A SPECIAL COUNSEL AND AUTHORIZE THE CHAIR TO EXECUTE ANY DOCUMENTATION, UH, FOR THAT ENGAGEMENT. AND ESSENTIALLY, THIS ACTION WOULD SIMPLY PUT THE ENGAGEMENT INTO EFFECT, UM, SO THAT IF THE AUTHORITY NEEDS THOSE SERVICES OF A SPECIAL COUNSEL IN THE FUTURE, IT'S ALREADY IN PLACE. AND YOU, UM, AS A BODY CAN LEVERAGE THE SAME LEGAL COUNSEL AS THE CITY. UH, WE DO HAVE A REPRESENTATIVE FROM TRAPMAN PEPPER LOCK HERE THIS EVENING, UH, BETSY HICKS, WHO IS AN ASSOCIATE WITH THE FIRM AND, UM, TO PUT A, A FACE WITH THE, THE FIRM ITSELF. AND I'M HAPPY TO ANSWER ANY QUESTIONS THAT YOU [00:05:01] MAY HAVE. ANY QUESTIONS? NO. ANY MOTIONS I MOVE. WE APPROVE THE ENGAGEMENT OF TROUTMAN PEPPER LOCK AS SPECIAL COUNSEL AND AUTHORIZED THE CHAIR TO EXECUTE ALL NECESSARY DOCUMENTS. A SECOND. ALL RIGHT, SO WE HAVE, UM, A MOTION BY SEAN AND A SECOND BY JILL, SO WE CAN VOTE ELECTRONICALLY. AND WE HAVE PASSED, UH, FIVE YES, NO NOS. ALL RIGHT. SO THE MOTION HAS PASSED. NEXT UP WE HAVE THE RESOLUTION AUTHORIZING THE EXECUTION AND DELIVERY OF THE DOCUMENTS RELATING TO THE DETERMINATION OF THE CPB, THE GARRIN, UH, LLC PROJECT, TAXABLE REVENUE BONDS. UM, SO CHARLIE IS GOING TO PRESENT THIS ITEM, UH, GOOD EVENING AGAIN, ANOTHER ITEM UP FOR, UH, DISCUSSION AND CONSIDERATION FOR YOUR ACTION TODAY. SO A LITTLE BIT OF BACKGROUND ON THIS PROJECT. THE DEVELOPMENT AUTHORITY ENTERED INTO A LEASE AGREEMENT AND TAXABLE BOND TRANSACTION, UH, FOR, WITH THE SUBSIDIARY OF CRESCENT COMMUNITIES ON DECEMBER 28TH, 2022 FOR A, UH, ADVER LIUM TAX INCENTIVE FOR THE ACQUISITION AND DEVELOPMENT OF THE GARRIN PROJECT. SO THE GARRIN PROJECT WAS, UH, A PROPOSED 160,000 SQUARE FOOT PLANNED CLASS, A OFFICE BUILDING CONSISTING OF THE RENOVATION OF THE EXISTING BUILDING, WHICH YOU MAY KNOW AS THE FORMER, THE OLD BAILEY JOHNSON SCHOOL, AND THE CONSTRUCTION OF A NEW MASS TIMBER FRAME OFFICE BUILDING ON THAT PROPERTY. UH, SINCE ITS APPROVAL IN 2022, CRESCENT COMMUNITIES HAS BEEN UNABLE TO MOVE THE GARRIN PROJECT FORWARD AND IS NOW SEEKING TO TERMINATE THE LEASE AGREEMENT AND BOND TRANSACTION FOR THE PROJECT. UH, REPRESENTATIVES FROM CRESCENT COMMUNITY WERE UNABLE TO ATTEND TONIGHT'S MEETING, BUT THEY DID PROVIDE A LETTER, UM, FOR THE DEVELOPMENT AUTHORITY THAT WE INCLUDED IN THE AGENDA PACKET AS WELL. AND YOU KNOW, AS I MENTIONED BEFORE, THIS WAS A PROJECT THAT, UH, WAS PROPOSED FOR A TAX INCENTIVE, BUT I DO WANT TO CLARIFY THAT THE WAY THAT OUR TAX INCENTIVE WORK, WHEN YOU APPROVE THEM, THEY ONLY GO THE 10 YEAR TAX, UH, INCENTIVE ONLY GOES INTO EFFECT ONCE THE PROJECT IS COMPLETE. AND A, UH, C CERTIFICATE OF OCCUPANCY HAS BEEN, UM, UH, RECEIVED. SO AT THIS POINT, SINCE THE PROJECT NEVER MOVED FORWARD, I DID WANT TO JUST ADDRESS THAT, UH, THE, THE PROJECT ITSELF HAS NOT RECEIVED THAT TAX BENEFIT. UM, AND, UH, AT THIS TIME, MOLLY, IF YOU HAVE ANYTHING ELSE YOU WOULD LIKE TO ADD? SURE. SO BOND COUNSEL ACTUALLY PREPARED, UM, AND I BELIEVE IT IS IN YOUR PACKET, A RESOLUTION OF THE DEVELOPMENT AUTHORITY AUTHORIZING THE EXECUTION, UM, AND DELIVERY FOR THE TERMINATION OF THE PROJECT. AND SO THE RESOLUTION WOULD, UM, ESSENTIALLY ACKNOWLEDGE THAT THE COMPANY HAS SOUGHT TO TERMINATE THIS, UM, AND ACKNOWLEDGES THAT WE HAVE CERTAIN DOCUMENTS THAT NEED TO BE EXECUTED SPECIFICALLY THERE IS ATTACHED AS AN EXHIBIT, THE FORM OF A DEED THAT WOULD TRANSFER THE PROPERTY BACK TO THE GARRIN, UM, AND AUTHORIZE BASICALLY ANY ACTIONS THAT WOULD BE NECESSARY TO FULFILL THIS. UM, AND SO, UM, IF Y'ALL HAVE ANY QUESTIONS, I'D BE HAPPY TO TO TRY AND ANSWER THEM AND OTHERWISE WOULD ASK FOR YOUR APPROVAL OF THE RESOLUTION. SO IF I'M SPEAKING OUT OF TURN, YOU CAN TELL ME IS THIS A TIME WHEN WE CAN ASK WHAT HAPPENED? BECAUSE I KNOW, I MEAN, I THINK THEY GOT IN THERE AND THEY FOUND OUT IT WAS IN WORSE CONDITION, WHICH FROM THE OUTSIDE IT'D BE HARD TO BE SURPRISED TO BE IN WORSE CONDITION, BUT THAT, YOU KNOW, AND IT WAS GONNA COST MORE. AND I DON'T KNOW IF IT WAS TOO MUCH OFFICE SPACE AROUND LIKE, IS THERE A REASON THIS ONE DIDN'T HAPPEN? AND I KIND OF WANT TO KNOW THAT JUST AS WE LOOK FORWARD, THIS ISN'T REALLY ABOUT, I MEAN, THAT'S WHY IT MAY NOT BE THE RIGHT TIME. 'CAUSE I DON'T THINK WE WANNA HANG ON TO THIS. I THINK THIS IS THE RIGHT MOVE, BUT WHAT'S THE PLAN? OR IS THERE A PLAN? 'CAUSE IN THE LETTER THEY SORT OF SOUND LIKE THEY STILL WANT TO MOVE FORWARD WITH IT, BUT WHAT'S A REALISTIC OPTION THERE? YEAH, SO I WAS HOPING THAT WE WOULD'VE HAD REPRESENTATION HERE TONIGHT SO THAT THEY COULD SHARE DIRECTLY WITH YOU. UH, I CAN SAY, YOU KNOW, BASED ON THE CONVERSATIONS THAT I'VE HAD WITH THEM, UM, THEY HAVE MENTIONED SOME CHALLENGES WITH, UH, JUST MARKET CONDITIONS. UM, IT, IT KIND OF SOUNDED TO ME THAT, YOU KNOW, THERE ARE SOME CHALLENGES WITH CONSTRUCTING NEW OFFICE CURRENTLY, JUST THE, THE PRICE TO BUILD NEW, UH, AND THEY REALLY NEEDED TO SECURE AN [00:10:01] ANCHOR TENANT TO HELP, UM, ESSENTIALLY KICKSTART THE PROJECT. SO WITHOUT HAVING THE ABILITY TO LAND A, UM, UH, AN ANCHOR TENANT TO HELP MAKE THE FINANCIALS WORK, THOSE ARE THE TWO THINGS THAT AT LEAST HAS BEEN SHARED WITH ME. UH, THEY HAVE, AS WE'VE GONE THROUGH THIS PROCESS, UM, EXPRESSED SEVERAL TIMES THEIR DESIRED COMMITMENT TO HAVING SOME SORT OF PROJECT, UH, HAPPEN THERE. IT SOUNDS LIKE THEY'RE STILL PURSUING AN O AN OFFICE OPTION. UM, BUT AS WE ENGAGE WITH THEM, UH, WITH YVONNE AS WELL, WITH OUR BOND COUNCIL, UH, THEY JUST COULDN'T COMMIT TO A TIMETABLE OF WHEN THEY COULD ACTUALLY HAVE THE PROJECT MOVE FORWARD OR THE ABILITY TO EXECUTE THE PROJECT AS IT WAS PRESENTED AND APPROVED, UM, BY THE DEVELOPMENT AUTHORITY. SO, UM, BASED ON THE, THE TAX MOU WITH FULTON COUNTY, THAT WAS PART OF THE, THE, THE CLOSING DOCUMENTS. THE PROJECT WAS SUPPOSED TO BE DONE AT THE END OF 2025 WITH THE OBTAINING A CEO. SO ONCE WE HAD SOME CONVERSATIONS, WE STARTED, YOU KNOW, FOLLOWING UP WITH THEM LAST FALL, UH, AND THEN CARRIED THOSE CONVERSATIONS INTO EARLY THIS YEAR AND, AND KIND OF CAME TO THE CONCLUSION THAT WITHOUT A A CLEAR PATH FORWARD, IT WOULD BE BETTER TO GO AHEAD AND TERMINATE THIS, UM, PARTICULAR, UH, PROJECT THAT WAS APPROVED. AND THEN, YOU KNOW, IF THEY HAPPEN TO GET A PLAN TO MOVE IT FORWARD, UM, THEN THEY COULD CERTAINLY BRING THAT BACK TO THE DEVELOPMENT AUTHORITY FOR CONSIDERATION. OKAY. THANK YOU. QUESTION, UH, DOES THE AUTHORITY RECEIVE A FEE OR A CANCELLATION FEE, OR IS THERE ANYTHING, UM, 'CAUSE WE DID HAVE SOME COST, I WOULD ASSUME JUST TO, TO GET THIS KICK STARTED, OR IS THERE, MAYBE THEY PAID IN THE BEGINNING. YEAH, SO THAT WOULD'VE BEEN PART OF THE BOND ISSUANCE FEE. SO THEY DID PAY ONE EIGHTH OF 1% OF, UM, THE TOTAL BOND AMOUNT. UH, SO THE, THE AUTHORITY WAS COMPENSATED ON THE FRONT END FOR, UH, ISSUING THOSE AND, UH, THE LEGAL FEES WERE COVERED AS WELL. OKAY. THANK YOU. ANY OTHER THOUGHTS, QUESTIONS, COMMENTS? ALRIGHT, WITH THAT THEN, UH, ANY MOTION I MOVE, WE APPROVE THE RESOLUTION AUTHORIZING THE EXECUTION AND DELIVERY OF DOCUMENTS RELATED TO THE TERMINATION OF THE CCB, THE GARRIN LLC PROJECT, TAXABLE REVENUE BONDS. I SECOND. SO WE HAVE A MOTION, UH, BY SEAN AND A, A SECOND BY JILL TO APPROVE. UH, SO LET'S VOTE ELECTRONICALLY. AND AGAIN, THAT HAS, UH, PASSED WITH A VOTE OF FIVE, UH, FOUR, UH, AND THAT IS, UH, OUR NEW BUSINESS. UH, NEXT UP [8. PARTNER UPDATE] WE ARE MOVING ON TO, UH, OUR PARTNER UPDATE FROM THE CITY OF ALPHA AT ECONOMIC DEVELOPMENT. AND CHARLIE IS GOING TO BE PROVIDING AN UPDATE. YEP. UH, SO AT YOUR SEAT, YOU SHOULD HAVE RECEIVED A COPY OF THE 2025 ECONOMIC DEVELOPMENT YEAR IN REVIEW. UH, THAT IS A PUBLICATION THAT OUR DEPARTMENT PUT TOGETHER THANKS TO THE, THE, UH, LEADERSHIP OF MANDY YORK ON OUR TEAM. UH, BUT IT WAS THE, THE FIRST YEAR IN REVIEW THAT WE'VE DONE TO REALLY KIND OF SPOTLIGHT, NOT REALLY WHAT WE DID AS AN APART AS A DEPARTMENT OR AS A CITY AS AN ENTITY, BUT REALLY WHAT HAPPENED FROM AN ECONOMIC DEVELOPMENT STANDPOINT WITHIN THE CITY ITSELF. SO, UH, AS YOU LOOK THROUGH THAT, UH, WE FOCUSED ON SOME KEY AREAS, UH, LIKE BUSINESS INVESTMENT, WHICH YOU THINK ABOUT, YOU KNOW, COMPANIES THAT ARE RELOCATING OR RELOCATED OR EXPANDED HERE. LAST YEAR, UH, WE ALSO FEATURED REAL ESTATE DEVELOPMENTS THAT, UM, EITHER GOT APPROVED OR ARE IN THE PIPELINE, UH, THROUGHOUT THE YEAR WHERE THERE ARE SIGNIFICANT PROGRESS. UH, ALSO SECTIONS ON THINGS THAT MAKE, WE KNOW ALPHARETTA SUPER SPECIAL, WHICH IS INITIATIVES AROUND PLACEMAKING, UH, WITH SOME FEATURES ON MURALS AND, UH, THE ALPHA L AS WELL. AND THEN, YOU KNOW, OTHER THINGS LIKE TRANSPORTATION, UH, AND TOURISM AS WELL. SO WE'RE EXCITED TO KIND OF PULL THAT TOGETHER AND WE STARTED DISTRIBUTING IT OUT TO THE COMMERCIAL BROKER, UH, WORLD. AND WE OFTEN GET, YOU KNOW, CALLS, UH, FROM COMMERCIAL BROKERS WHO EITHER [00:15:01] REPRESENT POTENTIAL TENANTS COMING, UH, THAT, THAT MAY BE EVALUATING COMING DOWN ALPHARETTA OR PROPERTY OWNERS WHO WANT TO KNOW HOW BEST TO SELL THEIR PROPERTY BASED ON WHAT ELSE IS GOING ON IN THE CITY. SO THIS IS A GREAT RESOURCE THAT WE CAN NOW KIND OF PUT IN FRONT OF THEM AND NOT JUST VERBALLY TELL THEM, BUT HAVE SOME GRAPHICS AND PICTURES AND, UH, UPDATES. AND IT'S SOMETHING WE PLAN TO DO ANNUALLY, UM, EVERY YEAR TO KIND OF RECAP THE, THE PREVIOUS YEAR. SO EXTREMELY EXCITED TO GET THAT RELEASED. SINCE WE MET LAST IN JANUARY, THERE HAVE BEEN TWO PROJECT ANNOUNCEMENTS. SO, HIGH SENSE, UH, HAS RELOCATED ITS HEADQUARTERS, THE US HEADQUARTERS TO ALPHARETTA. UH, THEY RELOCATED ABOUT 200, JUST OVER 200 EMPLOYEES THAT WERE SPRINKLED BETWEEN SUWANEE AND AN OFFICE IN JOHNS CREEK, BUT THEY'RE LEASING 55,000 SQUARE FEET, UM, IN, UH, WINDWARD DISTRICT ON THE EAST SIDE, UM, IN THE BUILDING OVER OFF OF MARCONI DRIVE. UH, AND, UM, AND I MENTIONED BEFORE OVER 200 EMPLOYEES, SO THAT'S A, A REALLY GOOD, UH, SHIFT, UH, PICKUP FOR THE CITY. YOU KNOW, A COUPLE THINGS THAT THEY MENTIONED IS WHY THEY MIGRATED THIS WAY WAS JUST AS THE, THE BROKER, THE OFFICE BROKER THAT ADVISED THEM, UH, WHEN THEY PLOTTED OUT WHERE THEIR EMPLOYEES WERE. UH, ALPHARETTA HAD A HUGE ADVANTAGE IN TERMS OF ACCESSIBILITY AND, YOU KNOW, WE TALK A LOT ABOUT GEORGIA 400 AND EVEN SOME OF THE EAST WEST CORRIDORS THAT BRING PEOPLE IN FROM GWINNETT AND EVEN OVER, UH, FROM COBB COUNTY. AND THEN WHEN WE ATTENDED THEIR RIBBON CUTTING TO OPEN, UM, THEIR US UM, CEO MENTIONED HOW THEY THOUGHT THAT IT WAS GONNA HELP WITH THEIR RECRUITING AS WELL, THAT THEY'VE MOVED THEIR, UM, THE INTEREST OF THEIR EMPLOYEES AND WANTING TO BE IN ALPHARETTA, UH, WAS SOMETHING THAT, THAT THEY HAD, UH, WITNESSED FIRSTHAND. SO IT'S GREAT TO HEAR THAT, UH, THAT KIND OF QUALITATIVE FEEDBACK ON, ON WHY A COMPANY WOULD WOULD CHOOSE TO LOCATE HERE. AND THEN WE ALSO HAD RECENTLY A COMPANY CALLED CONER, WHICH UM, IS A, THE CONSTRUCTION MATERIALS INDUSTRY, BUT THEIR CORPORATE HEADQUARTERS WERE IN NORCROSS AND THEY WERE RELOCATING APPROXIMATELY A HUNDRED PEOPLE TO THE CONTINUUM PROJECT. SO JUST A QUICK REFRESHER, THAT'S A PROJECT THAT THIS, UH, AUTHORITY SUPPORTED, UH, BACK IN 2024, PHASE ONE, UM, OF THE OFFICE RENOVATIONS ARE DONE. AND THIS IS THEIR FIRST KIND OF SIGNATURE TENANT, NEW TENANT THAT HAS, UM, UH, MOVED OR ANNOUNCED THAT THEY'RE MOVING INTO THE BUILDING, WHICH WILL BE IN, I BELIEVE MAY OF THIS YEAR. BUT THEY'RE TAKING ABOUT 30,000 SQUARE FEET OF SPACE IN THE BUILDING, UH, AS WELL. SO ANOTHER GOOD PICKUP. AND THEN, YOU KNOW, I KNOW I SHARE SOME OF THESE UPDATES AND YOU KIND OF GET 'EM SPRINKLED THROUGHOUT THE YEAR. UH, BUT WHEN YOU LOOK AT THE TOTAL NUMBER OF COMPANIES WHO HAVE EITHER RELOCATED OR EXPANDED IN THE CITY SINCE JULY OF LAST YEAR, WE'RE AT EIGHT TOTAL, UH, COMPANIES AND THEY'VE, UH, ANNOUNCED APPROXIMATELY 1100 NEW JOBS IN THE CITY AND OVER $32 MILLION OF CAPITAL INVESTMENT, UH, HERE AS WELL. SO THOSE ARE PRETTY SOLID NUMBERS AND WE HOPE TO CONTINUE TO HAVE KIND OF BUILD OFF OF THAT MOMENTUM. AND, YOU KNOW, PART OF OUR GOAL IS, YOU KNOW, SOME OF THESE PROJECTS WE CAN HELP INFLUENCE MORE THAN OTHERS, BUT REGARDLESS OF THAT, WE ALWAYS, UH, TRY TO WELCOME NEW COMPANIES IN AND KIND OF GIVE 'EM THE WHITE GLOVE TREATMENT. 'CAUSE WE KNOW AGAIN, THAT THAT CONNECTIVITY TO THE COMMUNITY IS WHAT MAKES ALPHARETTA SPECIAL. SO, UH, CONER IS A PRIME EXAMPLE OF THAT. UH, WE ACTUALLY HEARD OF THAT ONE AFTER THE FACT AND THEN REACHED OUT TO THEIR CORPORATE LEADERSHIP AND OFFERED TO, YOU KNOW, HELP THEM IN ANY WAY WE COULD AS A CITY TO HELP WELCOME THEM IN THEIR EMPLOYEES, UH, ONCE THEY DO MAKE THE MOVE. SO THEY, UH, APPRECIATED THAT OFFER AND, UM, AND HAS SAID THAT, THAT THEY LOOK FORWARD TO WORKING WITH US AS THEY GET CLOSER TO MOVING IN. BUT THOSE ARE THE UPDATES THAT I HAVE RIGHT NOW. AND HAPPY TO ANSWER ANY OTHER QUESTIONS THAT YOU MAY HAVE. DO YOU, DO YOU WANNA MENTION THE CHANGE WITH THE OWNERSHIP OF THE BUILDING RIGHT HERE? UH, 'CAUSE THAT, THAT'S ALSO CONTINUUM RELATED AS WELL, IS IT NOT? YES. SO THE DATA SCAN BUILDING, WHICH IS IN CITY CENTER, SO THAT BUILDING WAS ACTUALLY ACQUIRED OR SOLD AT THE END OF 2025, [00:20:02] UH, TO HOWARD CAPITAL MANAGEMENT. AND IT SOLD FOR, UH, $16.2 MILLION, WHICH SET A RECORD FOR ESSENTIALLY THE, THE HIGHEST PER SQUARE FOOT PRICE FOR A VACANT OFFICE SPACE. UH, DATA SCAN, UM, HAD BEEN IN THE BUILDING, THEY'RE STILL CURRENTLY THERE, BUT ANNOUNCED, UH, PLANS I THINK AT THE END OF LAST YEAR THAT THEY WERE GONNA BE RELOCATING AND THEY'RE ACTUALLY GOING OVER TO, UH, CONTINUUM. UM, SO THAT'S ANOTHER PICKUP FOR CONTINUUM AS WELL. BUT, UM, HOWARD CAPITAL MANAGEMENT WILL BE RELOCATING FROM ROSWELL AND, UH, MOVING INTO THE BUILDING AND WE WILL, UM, WE'LL CONTINUE TO HAVE ACTIVITY IN DOWNTOWN, SO THAT'S GREAT. BUT WHAT WE DID WITH CONTINUUM KIND OF ALLOWS THIS KIND OF CHESS GAME. SO, YEAH. AND SO THE BUILDING ITSELF, IT, IT HAS 34,000 SQUARE FEET OF SPACE. SO I KNOW CONTINUUM, I THINK THEY'RE AT 20,000 SQUARE FEET OVER. UH, UH, THEY'RE, THEY JUST SIGNED A LEASE FOR 20,000 OVER THERE. SO, YOU KNOW, AGAIN, IT KIND OF HELPS RIGHT SIZE AS COMPANIES KIND OF GROW AND THEN SOMETIMES YOU DON'T NEED AS MUCH SPACE. SO, UH, WE WERE EXCITED TO SEE THAT, THAT THEY WERE MAINTAINING OPERATIONS IN THE CITY. AND, YOU KNOW, WHEN WE SAW THE SIGN, THE NEWMARK SIGN, UM, GO ON THE, THE BUILDING IS LISTING IT FOR SALE OR LEASE BACK IN OCTOBER, UH, WE REACHED OUT DIRECTLY TO DATA SCAN JUST TO CHECK IN ON 'EM TO SEE IF THERE'S ANYTHING WE COULD DO. AND, UH, AT THAT POINT THEY, THEY SAID THEY WERE NEGOTIATING, BUT THAT THEIR HOPE WAS TO REMAIN IN THE CITY. SO WE CERTAINLY APPRECIATE THEIR CONTINUED INVESTMENT HERE AND, UH, LOOK FORWARD TO HAVING THEM AROUND FOR MUCH, MUCH LONGER. AND, AND THE FOLKS WHO BOUGHT THE BUILDING, THEY'RE GONNA OCCUPY THE WHOLE BUILDING MINUS THE RETAIL LEVEL. SO FROM OUR UNDERSTANDING, AND DIANA, YOU MAY HAVE SOME MORE DETAIL ON THAT. I'M NOT SURE THAT THEY'VE COMPLETELY FINALIZED EXACTLY HOW THEY'RE GONNA USE THE SPACE. TOTALLY. UM, I, I THINK THERE IS A, A POTENTIAL THAT THEY MAY LEASE OUT SOME OF IT. I THINK AS I UNDERSTAND IT CURRENTLY, THEY'RE GONNA TRY TO GET IN THERE AND SEE WHAT, WHAT THEY NEED. UM, WE, WE HAVE BEEN IN COMMUNICATION WITH THEM. UM, I THINK, UH, THEY INTEND TO OCCUPY THE BUILDING, I THINK SOMETIME THIS SPRING OR EARLY SUMMER. SO HOPEFULLY WE'LL GET MORE DETAILS AS I THINK THEY FINALIZE THEIR PLANS ON THE SPACE AND MOVING IN, IN TIMELINES. ANY OTHER THOUGHTS, QUESTIONS, COMMENTS FOR CHARLIE? ALRIGHT, THANK YOU. UH, SO NEXT ON THE AGENDA [9. ESTABLISHMENT OF NEXT MEETING] IS JUST THAT, UH, THE, THE DATE OF OUR NEXT MEETING, UH, WILL BE THURSDAY, APRIL 9TH, SAME TIME, SIX O'CLOCK. UH, AND, UH, DO WE NEED AN EXECUTIVE SESSION? UH, NO, MR. CHAIRMAN, THERE'S NO NEED. ALL RIGHT. SO WITH THAT, UH, WITH NO, UH, FURTHER BUSINESS TO HEAR IT DISCUSS, UH, WE CAN ADJOURN THIS MEETING AT 6 24. THANK YOU. * This transcript was created by voice-to-text technology. The transcript has not been edited for errors or omissions, it is for reference only and is not the official minutes of the meeting.