* 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]
          GOOD EVENING 
          [1. CALL TO ORDER]
EVERYONE. 
          UH, THANKS FOR JOINING US FOR THE DEVELOPMENT AUTHORITY MEETING. 
          WE'LL CALL THIS MEETING TO ORDER AT, UH, SIX O'CLOCK. 
          UH, THE FIRST TIME ON THE AGENDA IS THE ROLL CALL. 
          UH, WE HAVE, UH, ALL PRESENT EXCEPT FOR JILL, AND JILL IS ON HER WAY, SO WE, WE MAY HAVE HER IN IN A BIT. 
          UM, OUR 
          [3. STATEMENT OF PURPOSE]
STATEMENT 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 ALPHARETTA CITY COUNCIL ON FEBRUARY 23RD, 1981. 
          THE FUNCTION OF THIS AUTHORITY IS TO PRO PROMOTE THE PUBLIC GOOD AND GENERAL WELFARE, TRADE, COMMERCE INDUSTRY, GENERAL TAX BASE, AND THE EMPLOYMENT OPPORTUNITIES AVAILABLE IN THE CITY OF ALPHARETTA. 
          UH, SO FIRST ON THE AGENDA IS, UH, WELL SECOND ON THE AGENDA IS, UH, ANY PUBLIC COMMENTS, UH, MS. RAMANA, DO WE HAVE ANY PUBLIC COMMENTS? WE DO NOT. 
          ALL RIGHT. 
          SO WITH THAT, UH, WE CAN MOVE ON. 
          UH, SO LET'S 
          [5. CONSENT AGENDA]
SEE. 
          OUR NEXT ITEM ON THE AGENDA IS, UM, THE CONSENT AGENDA. 
          UM, AND THE FIRST UP IS THE MEETING OF THE MINUTES, UH, OF APRIL 9TH, AND THE FINANCIAL MANAGEMENT REPORTS FOR THE MONTH ENDING MARCH 31ST, 2026. 
          DO WE HAVE A, A MOTION FOR THE CONSENT AGENDA? SECOND. 
          SO WE HAVE, UH, A MOTION, UH, PRESENTED BY SEAN TO APPROVE THE CONSENT AGENDA. 
          AND, UH, DAVID HAS SECONDED IT. 
          WE WILL CAST OUR VOTES ELECTRONICALLY. 
          SO WE'RE SIX OUT OF SIX, UH, AND IT HAS APPROVED, UH, MS. ROMANO, DO WE HAVE ANY ANNOUNCEMENTS OR REPORTS THIS EVENING? WE DO NOT. 
          ALL RIGHT. 
          WITH THAT, 
          [7. WORKSHOP]
WE'RE GOING TO MOVE ON TO, UH, A WORKSHOP ITEM FOR PROPERTY TAX INCENTIVES, UH, PROCEDURES AND POLICIES. 
          CHARLIE, ALWAYS GOING TO PRESENT THAT. 
          YEAH, GOOD EVENING EVERYONE. 
          SO FROM TIME TO TIME, IT'S GOOD TO KIND OF TAKE A LOOK AT YOUR PROGRAMS AND POLICIES. 
          JUST ENSURE THAT THEY STILL REFLECT BEST PRACTICES AND MEET THE NEEDS OF THE AUTHORITY. 
          AND OVER THE PAST FEW MONTHS, I'VE HAD DISCUSSIONS WITH, UH, BOTH OF OUR COUNCILS, OUR GENERAL COUNSEL AND BOND COUNCIL, REGARDING OUR LOCAL PROPERTY TAX INCENTIVE PROGRAM. 
          UH, THROUGH THOSE CONVERSATIONS, WE'VE IDENTIFIED SEVERAL OPPORTUNITIES TO FURTHER STRENGTHEN, UH, THE PROGRAM, ENHANCE CLARITY FOR APPLICANTS, AND FORMALIZE A NUMBER OF PRACTICES THAT HAVE GUIDED THE PROGRAM OVER THE YEARS. 
          UH, IN YOUR MEETING PACKET, WE INCLUDED A PROPOSED PROPERTY TAX INCENTIVE, PROCEDURES AND POLICIES DOCUMENT, ALONG WITH SOME TEMPLATE AGREEMENTS FOR THE PROGRAM. 
          UH, THE POLICIES INTENDED TO PROVIDE A CLEAR FRAMEWORK FOR THE ADMINISTRATION OF THE PROGRAM AND ESTABLISH CONSISTENT EXPECTATIONS FOR APPLICANTS AS WELL. 
          IT ALSO INCORPORATES A NUMBER OF PRACTICES AND REQUIREMENTS INTO A SINGLE DOCUMENT, UH, THAT'LL BE EASIER TO, FOR THE AUTHORITY TO BE ABLE TO, UH, REFER TO AND, AND STAFF AND APPLICANTS AS WELL. 
          A FEW OF THE PROPOSED CHANGES ARE ADMINISTRATIVE IN NATURE. 
          UH, FIRST STAFF IS RECOMMENDING INCREASING THE APPLICATION FEE FROM 500 TO $2,500. 
          UH, THE CURRENT FEE HASN'T BEEN UPDATED IN MANY YEARS AND IS BELOW WHAT WE'RE SEEING IN SOME OTHER, UH, PROGRAMS ACROSS METRO ATLANTA. 
          AND THEN OUR BOND, UH, OUR BOND IN IS, OR SORRY, OUR BOND ISSUANCE FEE. 
          UH, WE'RE RECOMMENDING KEEP KEEPING THAT THE SAME AT ONE EIGHTH OF 1%, BUT ADDING ON A NEW FEE OF 2,500 FOR BOND MODIFICATIONS. 
          SO THOSE, YOU CAN THINK OF THOSE WHENEVER, UH, PROPERTY CHANGES HANDS DURING THE 10 YEAR PERIOD. 
          UH, YOU KNOW, THE, THE ADMINISTRATIVE WORK THAT GOES INTO PROCESSING THAT. 
          UM, IN ADDITION TO THOSE ADMINISTRATIVE UPDATES, WE'RE RECOMMENDING SEVERAL ENHANCEMENTS RELATED TO ACCOUNTABILITY AND PROGRAM ADMINISTRATION. 
          UH, ONE RECOMMENDATION IS STRENGTHENING THE AUTHOR'S TERMINATION PROVISIONS. 
          UH, UNDER THE PROPOSED POLICY PROJECTS WOULD REQUIRE TO BE REQUIRED TO BREAK GROUND AND OBTAIN A CERTIFICATE OF OCCUPANCY WITHIN A CERTAIN TIMEFRAME. 
          SO THE CERTIFICATE OF OCCUPANCY IS A TRIGGER POINT FOR, UH, THE, 
          [00:05:01]
THE ACTUAL BEGINNING OF THE TAX, UH, INCENTIVE ITSELF. 
          UH, BUT IN TERMS OF THE LEASE AGREEMENT, UH, UH, IF, IF, UM, WE BUILD THOSE INTO THE LEASE AGREEMENT, IT WOULD PROVIDE THE AUTHORITY, THE ABILITY TO TERMINATE IF, UH, A COMPANY OR A PROJECT DIDN'T MOVE FORWARD, UH, WITHIN THE AGREED UPON TIME. 
          SO REALLY THE GOAL HERE IS JUST TO MAKE SURE THAT PROJECTS MOVE FORWARD IN A TIMELY MANNER. 
          UH, STEPH IS ALSO RECOMMENDING THE ADDITION OF CLAWBACK PROVISIONS, UH, FOR PROJECTS THAT DO MOVE FORWARD AND THAT ARE RECEIVING THE, THE TAX INCENTIVE, BUT ULTIMATELY FAIL TO ACHIEVE THEIR COMMITTED JOB OR, UH, CAPITAL INVESTMENT. 
          UH, GOALS. 
          UH, A PORTION OF THE INCENTIVE WOULD BE RECAPTURED. 
          UM, THE STRUCTURE IS MODELED AFTER THE STATE OF GEORGIA'S REGIONAL ECONOMIC BUSINESS ASSISTANCE INCENTIVE PROGRAM, UH, AND IS BASED ON AN 80% COMPLIANCE THRESHOLD. 
          IF A COMPANY ACHIEVES LESS THAN 80% OF ITS JOBS GOAL OR ITS, UH, CAPITAL INVESTMENT GOAL, A PRORATED PORTION OF THAT INCENTIVE WOULD BE, UH, RECAPTURED FOR THE YEAR IN WHICH THEY RECEIVE THAT TAX BENEFIT. 
          UH, THE PURPOSE, JUST TO KIND OF, UH, GIVE YOU AN OVERVIEW OF TODAY, SO THIS IS ON THE AGENDA AS A WORKSHOP ITEM. 
          SO WE'RE, UH, NOT SEEKING ANY SORT OF APPROVAL FROM THE AUTHORITY TODAY, BUT JUST TO DISCUSS THE PROPOSED CHANGES AND TO GET YOUR FEEDBACK AND ANSWER ANY QUESTIONS THAT YOU MAY HAVE, UM, DEPENDING ON TODAY. 
          AND, UH, THE FEEDBACK THAT WE GET, UH, WE ANTICIPATE BRINGING THE POLICY, UH, BACK TO THE DEVELOPMENT AUTHORITY AT THE MEETING NEXT MONTH IN JULY FOR APPROVAL. 
          AND WITH THAT, I'LL STOP HERE TO ANSWER ANY QUESTIONS. 
          UH, ALLISON DRYER IS HERE WITH HONDA KNIGHT, WHO REPRESENTS OUR BOND COUNCIL. 
          UH, AND THEN, UH, WE HAVE MOLLY AS WELL WITH JORDAN DAVIS, OUR GENERAL COUNSEL THAT WILL ALL CHIME IN. 
          IN ADDITION TO THE FEES, ARE THEY RESPON, I MEAN, LIKE THE APPLICATION OR THE AMENDMENT FEE, THE 2,500, ARE THEY ALSO THEN RESPONSIBLE FOR ANY FEES WE INCUR WITH OUR OUTSIDE COUNSEL? YES, THEY, THAT'S ON TOP OF THAT? YEAH. 
          OKAY. 
          THAT'S BEEN OUR POLICY. 
          AND, UH, WITHIN THE POLICY DOCUMENT, WE ACTUALLY SPELL THAT OUT AS WELL, UM, IN TERMS OF, UH, IN OUR FEES SECTION, NOT ONLY THE DEVELOPMENT AUTHORITIES FEES, BUT THAT THE, THE APPLICANT AND SUBSEQUENTLY THE, UH, THE, THE LEASE FEE IS RESPONSIBLE FOR THOSE, UH, ONGOING AS WELL. 
          OKAY. 
          AND DO YOU HAVE THOUGHTS ON HOW TO MONITOR COMPLIANCE WITH THE 8%? YEAH, SO IN THE POLICY DOCUMENT AND AS WELL AS THE, UH, THE PERFORMANCE AND ACCOUNTABILITY AGREEMENT, UH, IT SPELLS OUT THE RECAPTURE AND THE REPORTING. 
          SO, UH, ANNUALLY, UH, EACH, UH, LEASE FOR PROJECTS, UH, THAT ARE APPROVED IN THE FUTURE WOULD BE REQUIRED TO SUBMIT AN ANNUAL REPORT, UH, ONCE THEY GET THROUGH THE, UH, WELL, WE CALL IT A PERFORMANCE PERIOD, BUT IT ALIGNS WITH THE, UH, THE TAX, UH, SCHEDULE THROUGH FULTON COUNTY. 
          SO ONCE THEY GET THEIR CE, AND THEN THE FOLLOWING YEAR WHEN THE TAX INCENTIVE, JULY OR JANUARY, JANUARY ONE, ONCE IT GOES INTO A ACT, UH, AT THE END OF EACH YEAR, THE LEASEE WOULD HAVE TO SUBMIT AN ANNUAL REPORT TO THE DEVELOPMENT AUTHORITY, UH, BY FEBRUARY 1ST. 
          UH, AND WE'VE STRUCTURED IT IN A WAY THAT IF THEY DON'T SUBMIT THAT BY FEBRUARY 1ST, THEN WE AS STAFF WILL NOTIFY THEM, UH, AND THEN THEY'LL HAVE 30 DAYS TO SUBMIT IT, AND THEN AFTER THAT THERE'S PROVISIONS AND THEREFORE TERMINATION FOR FAILURE TO, UH, SUBMIT THEIR ANNUAL REPORT. 
          I KNOW YOU MENTIONED THAT FEE INCREASE WAS PRETTY STANDARD, BUT IS THE CLAWBACK AND PERFORMANCE CLAUSES, ARE THOSE ALSO PRETTY STANDARD? SO FROM WHAT WE'VE SEEN AND, AND BE HAPPY FOR ALLISON, I KNOW SHE, SHE LOOKS AT THESE MORE BROADLY, BUT IN MY EXPERIENCE, CLAWBACKS ARE PRETTY STANDARD, UM, IN TERMS OF JUST HAVING, CREATING SOME TENSION WITHIN, UH, THE AGREEMENT SO THAT COMPANIES HAVE, UH, OR THAT THE AUTHORITY WOULD HAVE SOME TEETH TO RECAPTURE THE INCENTIVE FOR FAILURE TO PERFORM. 
          UH, IN THE INDUSTRY, YOU TRY TO KEEP IT A LITTLE BIT FLEXIBLE BECAUSE, YOU KNOW, AS I LIKE TO SAY, COMPANIES AREN'T IN THE BUSINESS OF CREATING JOBS. 
          SO, UH, YOU SOMETIMES 
          [00:10:01]
THERE ARE CERTAIN ECONOMIC CONDITIONS THAT ARE OUT ARE, THAT ARE OUTSIDE OF A COMPANY'S CONTROL, SO YOU WANT A LITTLE BIT OF FLEXIBILITY IN TERMS OF, AND THAT'S WHERE THAT 80% COMES INTO PLAY. 
          BUT YOU ALSO WANNA MAKE SURE THAT, THAT THERE'S ENOUGH TENSION WITHIN THE DOCUMENT SO THAT YOU KNOW, THE, THAT IT, IF THERE ARE BAD ACTORS, THEN THERE'S, UH, A MECHANISM BY WHICH THE DEVELOPMENT AUTHORITY CAN RECAPTURE, UH, THAT, THAT BENEFIT THROUGH THE INCENTIVE. 
          FIRST OF ALL, I APOLOGIZE FOR BEING LATE, UM, BUT WITH THAT, IS THERE WITH A CLAW BACK, ARE, ARE THEY BONDED? DO THEY HOLD A BOND THAT, I MEAN, JUST BEING ABLE TO GET THAT MONEY BACK WITHOUT HAVING TO GO THROUGH A LOT OF LEGAL HOOPLA. 
          UM, DO THEY HAVE A BOND THAT WE COULD ATTACH TO? IF THEY DON'T MEET THAT AND WE NEED TO DO A CLAW BACK, THAT I WOULD PROBABLY DEFER. 
          NOW I DO SEE SOME, YEAH. 
          ALLISON, ALLISON, ALISON, WOULD YOU MIND THAT MIC? YEP. 
          SORRY. 
          UM, WHAT WE THANK YOU, AND IF YOU CAN TURN THE MICROPHONE ON, I'LL MAKE SURE. 
          CAN YOU, UM, UM, HERE I AM. 
          UM, IT WOULD BE OUT OF MARKET TO REQUIRE A BOND. 
          HOWEVER, I DO SEE MORE THOUGHTFUL AUTHORITIES REQUIRING PERHAPS A CORPORATE GUARANTEE OF THOSE PA PAYMENTS SO THAT IF THE SPECIAL PURPOSE ENTITY GOES UNDER, YOU STILL HAVE SOMEBODY TO LOOK TO. 
          BUT, BUT AGAIN, THAT WOULD BE KIND OF DISCRETIONARY DEPENDING ON THE DEAL AND, YOU KNOW. 
          YEAH, AND I WOULD ADD TO THAT, THE GOOD THING OF, OR AT LEAST THE THING THAT I THINK IS GOOD ABOUT THE WAY THAT WE'RE REQUIRING THE REPORTING, IS THAT IT WILL BE ON AN ANNUAL BASIS OVER THE 10 YEAR PERIOD. 
          SO, UM, FROM THE POINT THAT THEY START RECEIVING THE TAX BENEFIT, THEY HAVE TO REPORT OUT TO US EVERY YEAR THEREAFTER UNTIL THE TAX INCENTIVE GOES AWAY. 
          SO, UH, IT'S SOMETHING THAT THE, THAT WE CAN MONITOR AND FAILURE ACTUALLY IN THE, UH, LEASE AGREEMENT IF THEY, NOT ONLY IF THEY FAIL TO, UH, SUBMIT THE ANNUAL REPORT OR, BUT ALSO IF THEY FAIL TO MAKE THE PAYMENT, THEN THE AUTHORITY HAS THE RIGHT TO TERMINATE THE AGREEMENT AND THE FUTURE INCENTIVE WOULD GO AWAY. 
          SO IT, IT DOES, THERE IS SOME PROTECTION IN THERE, UM, TO, TO NOT LET IT BUILD UP OVER TIME AND THEN WANT TO CLAW BACK A LARGE AMOUNT, I WOULD SAY. 
          IS THAT A, A SINGLE POINT IN TIME THE MEASUREMENT IS MADE, LIKE ON A SPECIFIC DATE OR BEGINNING OF YEAR, END OF YEAR, UH, WEIGHTED AVERAGE, ANYTHING LIKE THAT? YEAH, SO RIGHT NOW, THE WAY THAT IT'S BUILT IN, IT'S AS OF DECEMBER 31ST OF EACH YEAR. 
          OKAY. 
          AND, YOU KNOW, TO SOME DEGREE THAT CAN COINCIDE BECAUSE COMPANIES HAVE TO FILE, YOU KNOW, THEIR QUARTERLY PAYROLL, UH, WITH THE STATE OF GEORGIA, AND TYPICALLY THAT'S AT, AT THE END OF EACH QUARTER. 
          SO IT WOULD BE AS OF, UH, DECEMBER 31ST, WHICH IS MY UNDERSTANDING. 
          SO THERE IS SOME WAY IN TERMS OF BEING ABLE TO MATCH THAT TO OTHER FILINGS THAT A COMPANY MAY HAVE. 
          UM, SO I THINK THAT, UM, IT'S REASONABLE TO EXPECT THAT YOU WOULDN'T, I THINK YOUR QUESTION WOULD BE COULD THEY RAMP UP OR JUST TO BE ABLE TO HIT THE THRESHOLD, UH, WHICH IS A POSSIBILITY, BUT IT, I THINK IT WOULD BE UNLIKELY, BUT THEY WOULD HAVE TO DO THAT EVERY YEAR TO, IF THEY DID THAT IN YEAR TWO, YEAR THREE, THEY'RE GONNA HAVE TO RAMP UP EVEN MORE TO BE ABLE TO MAKE UP FOR THAT BUMP UP. 
          ALL RIGHT. 
          I'M PROBABLY NOT, THIS ISN'T PROBABLY PROCESSING RIGHT FOR ME. 
          WHY WOULD THEY PAY THE TAX SAVINGS TO THE AUTHORITY AND NOT JUST HAVE IT BE ASSESSED AS IF THEY DIDN'T HAVE THE INCENTIVE, LIKE THE TAXES, JUST LIKE IT WAS A NORMAL TAX PROPERTY TAX COST VERSUS THEM PAYING WHAT THEY HAD. 
          THE BENEFIT OF PAYING IT TO THE AUTHOR IS HOW IT'S WRITTEN HERE, AND I'M NOT SURE I UNDERSTAND THAT. 
          YEAH, A GOOD QUESTION. 
          BUT, UM, BECAUSE THE AUTHORITY OWNS THE PROPERTY THAT THERE ARE NO TAXES OWED ON THAT INTEREST, AND WE WOULD HAVE TO DEAL WITH GETTING THE ASSESSOR TO ASSESS THE LEASEHOLD VALUE AT A DIFFERENT RATE THAN IS UNIFORM. 
          OKAY. 
          AND SO IT IS, IT'S TOTALLY NORMAL THAT A PILE OF PAYMENT WOULD BE PAID TO THE AUTHORITY ISSUING THE DEBT. 
          NOW, THIS BOARD COULD CONSIDER WHETHER, UM, AND, AND I SEE THIS IN SOME JURISDICTIONS AND SOME I DON'T, 
          [00:15:01]
IT'S KIND OF A BUSINESS DECISION ABOUT WHETHER YOU WOULD WANT TO THEN REMIT A PRO RATA PAYMENT TO THE OTHER TAXING AUTHORITIES OUTSIDE THE CITY OR KEEP IT FOR YOUR BUSINESS PURPOSES. 
          I SEE IT GO BOTH WAYS. 
          I WAS ACTUALLY, YEAH, AND THAT, THAT I WAS ACTUALLY THINKING OF MORE AS, UH, AN ENFORCEMENT OF THE ENFORCEMENT ABILITY, IF IT WAS, YEAH. 
          YOU KNOW, UNFORTUNATELY THERE'S A BETTER WAY. 
          IF YOU HAD A LITTLE, YEAH, YOU HAD A LITTLE HEAVIER HAMMER, IF OKAY, THAT'S, THANK YOU. 
          I UNDERSTAND THAT CHARLIE, WHO DOES THIS AUDIT, IS THAT YOUR GROUP OR, YEAH, WE WOULD TAKE THAT ON AS STAFF TO MAKE SURE THAT, UH, ONE THAT WE'RE RECEIVING THEM. 
          AND THEN ALSO, YOU KNOW, WE, MY APPROACH TO INCENTIVES, BECAUSE WITHIN THE PROFESSION OF ECONOMIC DEVELOPMENT, YOU NEVER WANT TO ACTUALLY DO A CLAWBACK UNLESS IT'S NECESSARY. 
          SO SOMETIMES I'VE SEEN WHERE COMPANIES JUST FORGET THAT THERE IS SOME SORT OF REPORTING. 
          UM, THE BEST PRACTICE IS THAT EVEN THOUGH IT'S A REQUIREMENT OF THEM IN THE DOCUMENT, THAT WE WOULD AS, UH, STAFF WOULD STILL NOTIFY THEM OUT OF COURTESY EVERY YEAR JUST AS A REMINDER JUST TO MAKE SURE THAT, UH, WE'RE DOING EVERYTHING WE CAN TO MAKE SURE THAT THEY STAY COMPLIANT. 
          IT'S NOT JUST AN OVERSIGHT, BUT, UH, IT WOULD BE STAFF THAT WOULD, UM, ESSENTIALLY RECEIVE THOSE, MONITOR THOSE, UH, AND THEN IF A CLAWBACK WERE EVER NEEDED. 
          UM, AND WE HAVE INCLUDED, UH, OUR CFO, UH, TOM HARRIS IN THESE DISCUSSIONS, UH, ABOUT HOW CLAWBACK MIGHT WORK AND WORKING WITH HIS TEAM TO BE ABLE TO FIGURE OUT, WELL, WHAT WAS THE PRORATED RATE THAT WE WOULD NEED TO BRING BACK? AND, UH, THEY'VE BEEN SUPPORTIVE OF, OF THIS MODEL AND BEING ABLE TO PROVIDE SUPPORT AS WELL. 
          AND THEN, YOU KNOW, ON THE TERMINATION FRONT, WELL, LET ME STEP BACK. 
          SO, UH, ONE THING THAT ALLISON MENTIONED IN TERMS OF LIKE, LET'S SAY THAT A COMPANY, THEY'RE, THEY HAD TO, UM, REMIT PAYMENT BACK FOR, BECAUSE THEY, UH, TRIGGERED THE CLAW BACK RIGHT NOW IN THE POLICY DOCUMENT, UH, THE QUESTION WAS RAISE, WELL, WHERE DO, WHAT IS, WHAT DO YOU ALL DO WITH THAT MONEY? IT IS BEING RECOMMENDED IN THE POLICY TO HAVE THAT RETURNED BACK TO THE TAXING, THE ORIGINAL TAXING JURISDICTION. 
          SO THE PORTION THAT WAS SAVED BY THE CITY VERSUS THE COUNTY VERSUS THE SCHOOL BOARD. 
          UH, THE, THE POLICY AS WRITTEN NOW WOULD DIRECT, UH, THAT PAYMENT TO GO BACK TO THE, THE TAXING AUTHORITY. 
          SO I JUST WANTED TO MAKE SURE THAT, THAT, THAT WAS POINTED OUT, AND AGAIN, IT'S COMPLETELY UP TO THIS AUTHORITY, BUT, UM, BUT AS DRAFTED NOW THAT THAT'S WHAT WOULD BE IN POLICY. 
          CHARLIE, EXCUSE ME, DO WE HAVE, UH, OR DO THEY HAVE ANY FORM OF APPEAL IF IN FACT WE FIND THEY'RE NOT IN COMPLIANCE, DO THEY HAVE ANY FORM OF APPEAL? AND DOES THE AUTHORITY HAVE ANY JURISDICTION TO AGREE TO NOT DO A, UH, CALLBACK OF SOME KIND? THAT IS A GOOD QUESTION. 
          I'M NOT SURE. 
          I, I DON'T RECALL SEEING ANYTHING IN ANY OF THE DOCUMENTS. 
          I'LL MAKE SURE ALLISON DOESN'T OTHERWISE, I MEAN, THEY COULD ALWAYS SEEK TO ENFORCE THE AGREEMENT IN, IN THE GENERAL COURSE WITH LITIGATION. 
          I CERTAINLY HOPE IT WOULDN'T COME TO THAT. 
          WE WOULD OBVIOUSLY HAVE CANDID DISCUSSIONS AND SHARE DOCUMENTS TO TRY AND RESOLVE IT. 
          UM, BUT I'LL DEFER TO ALLISON IF SHE RECALLS ANYTHING FORMAL IN THE DOCUMENT ON THAT. 
          I DON'T, WE DON'T GIVE THEM ONE TO BEGIN WITH. 
          I FREQUENTLY SEE COMPANIES NEGOTIATE ONE. 
          SO A LOT OF THIS IS OUR POLICY, AND THEN IT'S UP TO THIS BOARD TO AGREE OR DISAGREE WITH ANY OF THEIR BUSINESS REQUESTS. 
          SO WE START WITH NO, SOMETIMES WE MAY END UP WITH YES, BUT WE HAVE THE, WE HAVE AUTHORITY TO HEAR WHAT THEY HAVE TO SAY AND PERHAPS GIVE THEM SOME GRACE. 
          PERIOD. 
          YOU CAN ALWAYS WAIVE ANY REQUIREMENT OF THESE DOCUMENTS. 
          AND JUST BECAUSE THEY FAIL IN ONE YEAR, IN A PARTICULAR WHERE WE END UP DOING A CLAWBACK, THAT DOES NOT MEAN THAT THAT CAN'T GO FORWARD WITH THE, WITH THE REST OF THE INCENTIVE THAT THEY HAVE. 
          UM, IS THERE ANY POINT, I MEAN, THEY'RE PROJECTING OUT 10 YEARS WHAT THEIR NUMBERS ARE GONNA BE IF THEY HIT YEAR FIVE AND THEY'RE GOING, MAN, WE'RE JUST NOT GONNA MAKE IT AT YEAR, YEAR EIGHT AND NINE AND 10, IS THERE SOMETHING THAT THEY CAN COME BACK AND NEGOTIATE, RENEGOTIATE THAT, OR, UM, OR DO THEY JUST LOSE THOSE INCENTIVES BECAUSE THEY'RE NOT GONNA BE ABLE TO MEET THOSE NUMBERS? UH, I, I BELIEVE THE WAY, AND I WOULD HAVE TO RE-LOOK AT THE AGREEMENTS, BUT IT WOULD BE, I DON'T KNOW IF I WOULD ADVISE TO RENEGOTIATE, BECAUSE ULTIMATELY, I THINK ONE THING THAT THE AUTHORITIES SHOULD THINK ABOUT, SO WHEN YOU HAVE PROJECTS BROUGHT BEFORE YOU, THERE'S A CERTAIN COMMITMENT, UH, TO THE, THE, TO THE COMMUNITY AS THE BENEFIT. 
          UM, 
          [00:20:01]
I WILL SAY THAT WHEN YOU THINK ABOUT THE TAX INCENTIVE ITSELF, IT, IT WINDS DOWN OVER TIME. 
          SO, UH, THE, THE YEARS IN WHICH THEY, THEY GET THE, THE, THE LARGEST BENEFIT WOULD BE IN YEAR ONE, TYPICALLY THROUGH FIVE. 
          SO, YOU KNOW, THE, THE INCENTIVE STARTS OFF AT 50% IN YEAR ONE AND THEN GOES DOWN 5% EVERY YEAR THEREAFTER. 
          SO ONCE YOU GET INTO YEAR EIGHT OR YEAR NINE, UH, YOU'RE DOWN TO 15%, YOU KNOW, 10%, 5%, AND THEN IT PHASES OUT. 
          SO, UM, SO YEAH, I MEAN, IT, YOU, WE COULD LOOK AT SOMETHING LIKE THAT, BUT IT, IT'S ALSO, UM, TRYING TO MATCH IT TO THAT BENEFIT, I THINK, OF THE, OF THE COMMUNITY AS WELL. 
          AND, AND THERE ARE, YOU KNOW, THERE HAVE BEEN SOME, I MEAN, WE JUST, UH, 10 YEARS IS A LONG TIME. 
          UM, AND, YOU KNOW, WE'VE HAD OTHER, WE, WE'VE HAD SOME, YOU KNOW, EVEN MORE RECENTLY, FISERV THAT WERE, THAT WAS ABLE TO MAINTAIN THEIR EMPLOYMENT THROUGH THE DURATION OF THE 10 YEARS. 
          AND THAT ONE JUST, UH, TERMINATED, UH, AT THE END OF ITS LIFE SPAN AFTER THE 10 YEARS, UH, AT THE END OF LAST YEAR. 
          SO OVERALL, DO YOU HAVE A SENSE OF HOW PAST PROJECTS HAVE, HAVE OR HAVEN'T MET THEIR PERFORMANCE STANDARDS? I KNOW YOU MENTIONED FISERV. 
          YEAH, SO I, YOU KNOW, WHEN WE LOOK BACK, WE DO, WE DO HAVE AN ASSESSMENT ON HOW MANY JOBS AND HOW MANY PROJECTS. 
          SO, UM, BASED ON WHAT WE HAVE RIGHT NOW, WE HAVE 13 ACTIVE PROJECTS, UH, THAT THROUGH THE ISSUANCE, UM, WE'RE ESTIMATED TO HAVE ABOUT 8,100 NEW JOBS OVER, UH, WE'RE GOING TO CREATE, UH, AND THEN A CAPITAL INVESTMENT OF 541 MILLION, UH, THAT WAS ESTIMATED. 
          UH, THAT'S ONE OF THE REASONS AS WE LOOK AT, YOU KNOW, KIND OF THE ANNUAL REPORTING, WE DO HAVE ECONOMIC DEVELOPMENT GOALS OUTLINED IN OUR LEASE AGREEMENT, UM, BUT WE DIDN'T HAVE THE REPORTING MECHANISM THAT WE'RE RECOMMENDING NOW. 
          SO, UM, SO THAT'S WHY WE THINK IT'S A GOOD JOB TO ACTUALLY BE ABLE TO, YOU KNOW, UM, WRITE THOSE INTO THE AGREEMENTS AND NOT ONLY TRACK THEM, BUT THEN ALSO, UH, HAVE A LITTLE BIT OF TEETH THERE SO THAT IF THERE ARE NON-COMPLIANCE, UH, THEN THE AUTHORITY, AND AGAIN, YOU KNOW, WE'RE, WE'RE REALLY LOOKING AT THIS FOR BAD ACTORS, WHICH, YOU KNOW, I DON'T GET THE SENSE THAT WE'VE HAD ANY OF THOSE, YOU KNOW, THE PROJECTS HAVE MOVED FORWARD. 
          YOU LOOK AT THE GARRIN, THAT ONE DID NOT MOVE FORWARD, BUT IT TERMINATED AND, YOU KNOW, RESOLVED ITSELF EARLIER THIS YEAR. 
          SO, UM, I MEAN, OVERALL, I THINK THE PROGRAM HAS BEEN SUCCESSFUL. 
          UH, IT'S JUST A MATTER OF, YOU KNOW, WRITING SOME THINGS INTO OUR POLICY AND OUR AGREEMENTS TO, UM, TO HAVE A LITTLE BIT MORE REPORTING AND, AND, UM, UM, UH, AND IF THERE WERE ISSUES, THE ABILITY TO DO SOMETHING ABOUT IT ON THE CLAWBACK MONEY, THEN BEING REMITTED BACK TO THE ORIGINAL TAXING AUTHORITY, WHICH SEEMS KIND OF THE OBVIOUS THING. 
          ARE THERE OTHER WAYS TO, I MEAN, ARE THERE, DO YOU EVER SEE, I DON'T KNOW WHO I'M LOOKING AT TO ASK THIS QUESTION. 
          DO YOU EVER SEE OTHER WAYS OF, I MEAN, DO, ARE THERE OTHER ENTITIES THAT TAKE THAT MONEY AND REINVEST IT INTO ECONOMIC DEVELOPMENT WITHIN OUR COMMUNITY KNOW, OR SOMETHING LIKE THAT AND HAVE THAT? OR IS THAT, YOU KNOW, IT'S STILL ON THE UP AND UP TO DO THAT AND PEOPLE DON'T GET UPSET ABOUT IT? OR IS IT PRETTY MUCH YOU JUST TO GIVE IT BACK TO THE ORIGINAL? SO I DO SEE KIND OF, I SEE AUTHORITIES HOLD THIS MONEY FOR ECONOMIC DEVELOPMENT AND AS KIND OF A MAKE WHOLE FOR, WELL, WE HAVE THE PROGRAM, WE DID THE POLICY, WE'RE ENFORCING IT. 
          UM, ON THE OTHER HAND, IT'S A POLITICAL BUSINESS DECISION ABOUT WHAT DO WE WANNA DO HERE? UM, AND I WOULD SAY PROBABLY THE ONE THAT'S GOING TO RUFFLE THE LEAST AMOUNT OF FEATHERS IS TO JUST SHARE IT PRO RATA. 
          THAT BEING SAID, YOUR MILLAGE IS PROBABLY THE LOWEST MILLAGE. 
          AND SO HERE YOU ALL ARE DOING ALL THE WORK AND MAKING ALL THE DECISIONS AND ENFORCING IT AT COST, UM, AND NOT GETTING TO KEEP THE PRIZE OF ENFORCEMENT. 
          UM, SO THAT'S, THAT'S WHY SOME COMMUNITIES HOLD ONTO IT. 
          AND, AND I THINK IT GOES BOTH WAYS. 
          I SEE IT ALL AROUND THE METRO, IN THE CITIES BOTH WAYS. 
          IS THAT SOMETHING THAT THERE, IS THERE A POINT WHEN WE THEN AS A BOARD WILL DISCUSS, WOULD IT BE THE BOARD THIS AUTHORITY'S DECISION ON THAT? IS THAT WITHIN OUR SCOPE, OR IS THAT A CITY COUNCIL? YEAH, SO IT IS WITHIN, I BELIEVE, THE SCOPE OF THIS AUTHORITY TO MAKE THAT DECISION. 
          UM, 
          [00:25:01]
I WOULD ADVISE, ADVISE AND POLITICALLY MAYBE TAKE ADVICE AND CONSENT, YOU KNOW? YEAH, I'M, AND THAT'S IT. 
          THE ELECTED OFFICIALS, I'M NOT, I JUST WANTED, YOU KNOW, I WANTED EVERYONE TO AT LEAST KNOW IF THERE WERE OTHER OPTIONS AND IF THERE WERE WAYS TO TAKE THAT MONEY AND REALLY HAVE IT BE A, A LITTLE BIT OF BOON FOR OUR ECONOMIC DEVELOPMENT HERE IN ALPHARETTA, THEN I THINK TOO, THE THING TO REMEMBER IS IT'S GONNA BE REALLY RARE YEAH. 
          THAT YOU GET ONE OF THESE PAYMENTS. 
          YEAH. 
          AND PEOPLE PROBABLY AREN'T GONNA EVEN KNOW WHAT'S HAPPENING. 
          NOT THAT THAT'S A GOOD REASON. 
          NO, I KNOW. 
          BUT IF IT'S YOUR POLICY, IT'S YOUR POLICY AND THAT'S ABOVE OR TOO, YEAH. 
          OKAY. 
          WELL, THE THING I WOULD ADD, MY HESITATION THERE WAS JUST THINKING THROUGH THE MECHANICS OF THAT. 
          SO IF WE WERE TO EVER BE IN A CLAWBACK SITUATION, ULTIMATELY, UM, THE AUTHORITY HAS TO APPROVE ANY MONIES SH UH, UH, ANY EXPENSES. 
          SO THIS WOULD BE AN EXPENSE THAT WOULD HAVE TO COME BACK BEFORE THE DEVELOPMENT AUTHORITY IN TERMS OF DISTRIBUTING IT. 
          UH, SO AT THAT TIME, YOU KNOW, IT, IT'S NOT SOMETHING IN TERMS OF A POLICY THAT IT WOULD AUTOMATICALLY GO, YOU KNOW, IT, IT WOULD BE SOMETHING THAT EVEN ON A CASE BY CASE BASIS, THE AUTHORITY COULD DETERMINE, UH, FOR THAT SITUATION. 
          BUT AS WE SAID, WE DON'T HAVE MANY OF THOSE CASES, SO IT WOULDN'T BE A HUGE BURDEN IF WE CHOSE TO DO THAT. 
          YEAH. 
          AND WE PROBABLY WOULDN'T HAVE HAD ANY OUT OF THE 13 ACTIVE YEAH. 
          BASED ON THE POLICY AT THE, FROM WHAT WE'RE PROPOSING, I HAVE NOT SEEN ANYTHING THAT WOULD MAKE ME THINK THAT THERE WOULD HAVE BEEN A CLAWBACK PROVISION. 
          BUT, YOU KNOW, UH, I MEAN, LIKE, TO, TO SEAN'S POINT, UM, NOT THAT YOU KNOW, IT, IT'S, NOBODY WOULD KNOW, BUT IT, IT REALLY IS, AS WE'RE GOING INTO THIS, IT'S REALLY A, A SUNK OPPORTUNITY COST FOR EACH OF THE PARTIES THAT'S GIVING UP THE 50 45, 40 35. 
          SO, UH, YOU KNOW, AS FAR AS THEY'RE CONCERNED, YOU KNOW, IT IS, IT'S, IT'S REVENUE'S NOT COMING. 
          UH, SO, UH, MAYBE, YOU KNOW, WE CAN CONSIDER LIKE 50% RETAINED, 50% RETURNED OR SOMETHING LIKE THAT FOR THE, YOU KNOW, ADMINISTRATIVE BURDEN OF ENFORCING AS, AS ALLISON HAD POINTED OUT A LITTLE BIT. 
          UH, BUT MAYBE WE CAN DO SOMETHING LIKE THAT. 
          AND THEN, YOU KNOW, THE, THE WHOLE POINT WAS TO HAVE THE COMPANIES AND INVEST IN ALPHARETTA AND WE CAN THEN USE THOSE DOLLARS TO INVEST IN ALPHARETTA. 
          SO, JUST A THOUGHT. 
          ANY OTHER THOUGHTS, QUESTIONS, COMMENTS BEFORE WE MOVE ON TO OUR NEXT ITEM? ALL RIGHT. 
          WELL, 
          [8. PARTNER UPDATE]
IT SEEMS THAT CHARLIE'S GONNA STAY ON THE DAYS HERE AND KEEP TALKING AND HE'S GONNA GIVE US AN UPDATE ON, ON, UH, THE CITY OF A CITY OF ARO ECONOMIC DEVELOPMENT. 
          YEAH. 
          ONLY A COUPLE THINGS. 
          IT'S BEEN, UH, WE'VE BEEN BUSY SINCE OUR LAST MEETING, SO I, UH, ATTENDED SELECT USA IN DC WITH THE STATE OF GEORGIA, UM, BACK IN EARLY MAY. 
          UH, THAT'S ALWAYS GOOD TO SPEND A LITTLE TIME REPRESENTING THE STATE AND, UH, JUST SHOWING OUR SUPPORT, BUT THEN ALSO BEING ABLE TO NETWORK WITH, UH, COMPANIES FROM AROUND THE WORLD THAT COME TO THAT CONFERENCE TO LEARN ABOUT OPENING, UH, OR DOING BUSINESS IN THE US. 
          SO, UH, WE SPENT SOME TIME THERE LAST MONTH, UM, EARLIER, OR ACTUALLY JUST LAST WEEK, WE HOSTED A, A FAM TOUR, WHICH IF YOU DON'T KNOW WHAT FAM STANDS FOR, IT'S A FAMILIARIZATION TOUR, UH, LAST WEEK FOR OUR PARTNERS AT, UM, THE GEORGIA DEPARTMENT OF ECONOMIC DEVELOPMENT AND GEORGIA POWER ECONOMIC DEVELOPMENT, UH, TO ESSENTIALLY GET THEM ON SITE IN ALPHARETTA TO JUST GIVE THEM AN UPDATE ON WHAT'S GOING ON IN THE CITY. 
          UH, WE HADN'T REALLY GONE THROUGH OUR CONNECTED ALPHARETTA PITCH YET ABOUT, YOU KNOW, WHAT MAKES US SPECIAL AROUND LIFESTYLE, UH, BUSINESS AND, UM, CONNECTIVITY. 
          UH, AND THEN WE TOOK HIM ON A BUS TOUR AROUND THE CITY AS WELL. 
          UH, THAT'S IMPORTANT BECAUSE SOMETIMES, YOU KNOW, IT, IT'S, UM, IF THERE ARE COMPANIES LOOKING TO RELOCATE TO GEORGIA, A LOT OF TIMES THEY WILL START WITH THE STATE OF GEORGIA OR GEORGIA POWER. 
          UM, BECAUSE IF, IF IT'S A MULTI-STATE PROJECT, UH, THEY'RE GONNA GO TO THE ONE PERSON IN GEORGIA THAT CAN HELP THEM CONNECT AND UNDERSTAND 
          [00:30:01]
WHERE THEY SHOULD BE LOOKING OR WHAT OPPORTUNITIES THEY ARE THERE ARE. 
          SO IT'S ALWAYS GOOD TO TRY TO KEEP ALPHARETTA TOP OF MIND FOR THEM. 
          'CAUSE YOU NEVER KNOW WHEN PROJECTS MAY COME THROUGH. 
          UH, AND JUST TO HELP THEM UNDERSTAND KIND OF WHERE WE ARE IN TERMS OF JUST BEING, YOU KNOW, A A REGIONAL, WE'RE NOT, WE'RE NOT JUST A SUBURB. 
          UH, THERE ARE SOME MISCONCEPTIONS SOMETIMES OF WHAT ALPHARETTA IS. 
          SO IT'S ALWAYS GREAT TO GET 'EM HERE AND SHOW 'EM THAT WE'RE, WE'RE NOT JUST A SUBURB, BUT WE HAVE A HUGE TECH PRESENCE HERE. 
          UM, YOU KNOW, WE ARE A MAJOR EMPLOYMENT HUB FOR NORTH FULTON AND REALLY THE, THE METRO AREA. 
          UH, SO IT WAS GOOD TO KIND OF GET THAT OUT AS WELL. 
          AND THEN, UH, THE ONLY OTHER THING I WOULD MENTION WAS THAT RECENTLY, UH, NICHE RELEASED ITS ANNUAL RANKINGS, COMMUNITY RANKINGS. 
          SO YOU MAY HAVE ALREADY SEEN THIS POSTED THROUGH CONNECTED ALPHARETTA, BUT, UH, THE CITY CONTINUED TO RANK WELL. 
          SO IN THESE DIFFERENT CATEGORIES, UH, WE WERE RANKED THE SECOND BEST PLACE TO RAISE A FAMILY IN GEORGIA. 
          NUMBER TWO, BEST SUBURB TO LIVE IN GEORGIA. 
          NUMBER TWO, BEST SUBURB TO RAISE A FAMILY IN GEORGIA. 
          NUMBER THREE, BEST PLACE WITH THE BEST PUBLIC SCHOOLS IN GEORGIA. 
          AND NUMBER THREE SUBURB WITH THE BEST PUBLIC SCHOOLS IN GEORGIA AS WELL. 
          SO AGAIN, YOU KNOW, THAT BED AND BREAD OR, OR BREAD AND BUTTER OF BEING A GREAT PLACE TO RAISE A FAMILY, WE CONTINUE TO GET RECOGNIZED FOR. 
          AND UH, IT ALWAYS GIVES US GOOD CONTENT OR GIVES MANDY GOOD CONTENT TO HELP PUSH OUT AND, UH, KEEP THAT ASPECT OF ALPHARETTA, UM, TOP OF MIND OF JUST ANYONE. 
          SO, AND WITH THAT, THOSE ARE REALLY THE ONLY TWO, THREE UPDATES I HAVE THIS EVENING. 
          ALRIGHT. 
          SOUNDS GOOD. 
          UH, THE, I GUESS NEXT AND 
          [9. ESTABLISHMENT OF NEXT MEETING]
FINAL ITEM ON THE AGENDA IS, UH, THE SETTING OF THE DATE FOR THE NEXT MEETING, UH, WHICH IS CURRENTLY SCHEDULED FOR THURSDAY, JULY 9TH. 
          UM, BUT THERE SEEMS TO BE A CONFLICT AND DIANA'S GONNA TELL US ABOUT THAT. 
          YES, THANK YOU. 
          UM, AS THE CHAIR MENTIONED, OUR NEXT REGULAR SCHEDULED MEETING IS GONNA BE THURSDAY, JULY 9TH. 
          HOWEVER, DUE TO THE JULY 4TH HOLIDAY, WHICH IS THE PRECEDING WELL WEEKEND, UM, BUT THE PLANNING COMMISSION WOULD'VE HAD THEIRS THE PRECEDING THURSDAY AND THEY HAVE RESCHEDULED FOR OUR THURSDAY, JULY 9TH AS WELL. 
          UM, AS YOU MAY BE AWARE, THE PLANNING COMMISSION, UM, THOSE ITEMS FLOW DIRECTLY TO CITY COUNCIL, AND SO IT'S IMPORTANT TO KEEP THOSE, THOSE DATES SET. 
          UM, AND SO IN ORDER TO ACCOMMODATE THE PLANNING COMMISSION, UM, I WOULD RECOMMEND THAT, UH, WE WOULD RECOMMEND THAT THE MEETING BE MOVED TO THE FOLLOWING WEDNESDAY. 
          THAT WOULD BE JULY 15TH. 
          UM, I THINK THAT WOULD GET US CLEAR OF, OF MAYBE, HOPEFULLY HOLIDAY TRAVEL PLANS AND MAKE IT A LITTLE BIT EASIER FOR ATTENDANCE. 
          SO OUR RECOMMENDATION WOULD BE TO MOVE THE JULY MEETING TO WEDNESDAY, JULY 15TH AT 6:00 PM SOUNDS GOOD. 
          UM, DO WE HAVE A MOTION, I MAKE A MOTION TO MOVE REGULAR SCHEDULED MEETING FROM JULY 9TH TO JULY 15TH AT THE SAME TIME? 6:00 PM AND WHEN? SECOND. 
          UH, SO JILL MADE A MOTION TO, UH, TO, UH, APPROVE IT AND, UH, DAMN MITNICK SECOND IT. 
          UH, SO WE'LL VOTE NOW. 
          SO WE ARE SEVEN, FOUR AND ZERO AGAINST, SO THIS PASSED. 
          AND I THINK WITH THAT, UH, THERE'S NO FURTHER BUSINESS. 
          UH, SO WE CAN ADJOURN AT 6 35. 
          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.