Music Lisa, just you and me, huh? Ha-ha. I'm not going to be able to do it. I'm not going to be able to do it. I'm not going to be able to do it. I'm not going to be able to do it. I'm not going to be able to do it. I'm not going to be able to do it. I'm not going to be able to do it. I'm not going to be able to do it. I'm not going to be able to do it. I'm not going to be able to do it. I'm not going to be able to do it. I'm not going to be able to do it. I'm not going to be able to do it. I'm not going to be able to do it. I'm not going to be able to do it. I'm not going to be able to do it. I'm not going to be able to do it. I'm not going to have to go. I'm not going to be able to do it. I'm not going to be able to do it. I'm not going to be able to do it. I'm not going to be able to do it. I'm not going to be able to do it. I'm not going to be able to do it. I'm not going to be able to do it. I'm not going to be able to do it. I'm not going to be able to do it. 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I'm not going to be able to do it. I'm not going to be able to do it. I'm not going to be able to do it. I'm not going to be able to do it. I'm not going to be able to do it. I'm not going to be able to do it. I'm not going to be able to do it. I'm not going to have to go. I'm going to have to go. I'm not going to be able to do it. I'm not going to be able to do it. I'm not going to be able to do it. I'm not going to be able to do it. I'm not going to be able to do it. I'm not going to be able to do it. I'm not going to be able to do it. I'm not going to be able to do it. I'm not going to be able to do it. I'm not going to be able to do it Okay. We are live mayor. Welcome everyone. This is a special meeting of the Okay, we are live mayor. Welcome everyone. This is a special meeting of the Pasadena City Council. Today is June 8th, 2021. And we will start the special meeting with the calling of a roll. Council member Hampton just joined us. Bless to be here. Council member Kennedy. I hear. Councilmember Kennedy. I hear. Councilmember Madison. Here? Councilmember Moussuda. Here. Councilmember Revis. Here. Councilmember Williams. Here. Vice Mayor Wilson. Here. Mayor Bogard. I'm here. Wow. Mayor Gordo. Oh. Oh. Wow. Mayor Gordo. That's how it's called. I have to say that that is, that was, I'm sorry about that. In your moment. Yeah, in your moment. Something else, I'm gonna check his drink. Wow. Thank you. Seriously, man, what's going on, Mark? You off your peas and and cues, brother. So welcome, everyone. And let me ask Mr. Madison, the leaders from the Pleasant Allegiance. I'm like, please stand and face the flag. Place your right hand over your heart, ready to begin. I pledge allegiance to the flag of the United States of America and to the Republic for which it stands. And one nation under the individual, with liberty and justice for all. Thank you. We'll just give it a moment while our city clerk is being rolled out. But the higher department here. Okay, let's jump right into the agenda and you know this is a special meeting of the City Council. And what we have before us is one of the challenges facing the city. And that challenge is the results in large part of the pandemic. You'll all recall that some years ago we agreed that there would be no NFL and Pasadena. We agreed that Pasadena could take on the renovation, desperately needed renovation of the Rose Bowl on its own. But when we agreed as a community that But you know, when we agreed as a community that that PNFL was not the correct fit for our stadium for the surrounding neighborhoods and or for the city We took on a tremendous responsibility of renovating the stadium at the time we called it plan B Plan B we understood would be difficult and really a lifelong Responsibility the stadium's nearly a hundred years old now and we knew that taking on the responsibility of a renovation would be responsibility to this council and previous councils and future councils were taking on. We renovated the stadium, we successfully went from just over $10 million as my recollection, creed the renovation to over $50 million in growth revenues. And that was a tremendous accomplishment than the pandemic is. Well, we had all of the intentions of continuing that great success. The and also preparing for competition that would come from England. We were sidetracked a bit. We always knew that these years. And this is an important point for all of us to remember, we always understood that twenty. One twenty two twenty three twenty four with the difficult years for the stadium based on the performance. We always understood that. That we might we ran the risk of revenues not meeting the needed budget cherry numbers. But we didn't anticipate the pandemic. We didn't anticipate that instead of $22,000, $21,000, $22,000, $23 22, 23 that would come earlier in 20, and we would be seeing this type of budget challenge. And so I think it's important for all of us to keep the history in mind, to keep in mind that we're going to have to pay particular attention, not just to be roseable, but I'm equally concerned, it's not before us today, but I'm equally concerned and think we should have a similar conversation as it relates to the PCLC. PCLC also has a over $10 million debt service. They're bored over there and the staff are doing tremendous job of doing what they can, but it may be complicated in the next four years. I don't know, I'm waiting to appear, but it may be complicated to attract large gatherings to the PCOC to a convention center. And it's heavily relied on transient occupancy tax. It has a different model and we should recognize that as well. We need a city on the hook for transient occupancy tax does not come back. Then we also are backstop for the debt service at the Convention Center. So we should have a conversation about that situation so that we understand well the facts where we can anticipate and what a solution might be in the event that things don't come lower and back as we hope that they do. So, you know, this is a, this is not a one-time discussion colleagues. This is a discussion that we are going to have to have this be the Rose Bowl discussion that believe the PCOC discussion, revenue discussion in general, that we are going to have a few times, if not more, or the course of the next few months. But view this as sort of a level-study meeting where we can all understand the facts. We go all understand what the goal is facing. We can all understand the steps that have been taken. You'll hear a little bit about the small event revenue and the promise there. We can all understand some of the revenue opportunities that the RBOC has looked at. Some of them, I know we're going to say no way, no how. And some of them we may say, you know, let's do some more work in that area. But it's important that we put all of the facts on the table. I use this meeting as a level setting meeting and then begin the work teasing out the details together with our partners or at the RBOC. So I think we should view this meeting as an all hands on deck meeting. And it's not just the hands on the screen that I'm looking at, members of the City Council and the General Manager and the City Manager. It's also the RVOC Board of Directors and the PCOC Board of Directors who we all appoint and who we all count on to guide the shift on a day-to-day basis. Our representatives, Mr. Madison, RVOC and Mr. Hampton and PCOC are well-appointed with the facts that they're respected operating companies and we can count on them to help guide us and their respected boards. With that, I also want to, you know, provide the council an opportunity to look very closely at the facts. So I'm going to be pointing to an ad hoc committee to work with the boards to bring us closer together to work with the RBOC and PCO staff to tease out some of the facts and help to provide some guidance to the full council so that we're not calling special meetings once a week. And I think that's an approach that will help all of us to keep up with details. And so I'll be calling on some of you to sit on that body. I've already spoken with Mr. Hampton and Mr. Madison, who represent the respective operating companies. And I think it may be time to look at the bigger picture. It may be time to take Pasadena to the next level and consider a sports entertainment and hospitality authority. Let's look at different models throughout the country. Let's look at models in the region and see what makes sense right here in our city. And so I think the ad hoc committee can look at that together with PCOC and RVOC and come up with a model and a solution on the revenue side or at least guide the council, help guide the council and the two operating companies as we look at the revenue side on what the best opportunities might be. With that, yes, Ms. Williams. Thank you, Mayor. I just wanted to disclose that I sit on the board of Westcom Credit Union, which is one of these sponsors of the Rose Bowl, but since we aren't overseeing their contract, I don't see it as a conflict of interest. Thanks. Thank you. With that, let me just suggest that in consultation with our VOC president, Steve Hatterline, we're going to take things a little bit different than they were in the agenda. and Mr. Patterline, if you'll step up and just or tell us what you will specific order is, I believe it's I have three first and then two. Or Carol, it's three and then two. Yeah, Mary, you are correct. I think Steve's some trying to get. Yeah, Mary, you are correct. I think Steve is trying to get in here. I think he's unmuted. Mr. Haddle, I'm. There we go. There we go. Unmuted. I've got my video going. So yes, I have joined you, Mr. Mayor. And happy to be here. And I'm very excited about the opportunity to chat about the future of the Rose Bowl. If I may, I would like to start with opening comments and then introduce Darrell. I just make sure that we can talk about that. Before I do jump into the opening for a prepared comments, just a couple of reactions to Victor's comments. Yes, this is going to be multiple discussions, multiple steps, lots of hard work to get there. This is not a one and done. This is a very significant issue, a complex issue. The other Mr. Mayor, you mentioned in out-out committee, I think, that the wonderful idea to give the members of the council the opportunity to dig into greater depth on this. With that, a few opening comments. Mayor, members of the city council, city manager, city staff, guest and friends, he's had a line president of the Rose Bowl operating company. Today, the Rose Bowl operating company presents the fiscal year 22 budget and two significant reports focused on the future of the asset managed by the RBOC. Specifically, the Rose Bowl Stadium and Brooks Act Golf Course. These two pasting landmarks need no introduction. This report looks to the future, the first to quick review of the past. From almost the century, the Rose Bowl Stadium has been the platform that showcases our great community to the world. Locally, the stadium has met a great meaning to many hospitality community, those who value historic preservation, local businesses, high schoolers who may have had the opportunity to participate in a contest in the stadium, use sports and so forth. And just recently high school graduation memories were made for many of Pasadena schools. Decades from now those Pasadena's will call with pride. I graduated the Rose Bowl. In the mid 90s, the RBOC was formed. It's two in 25 years. The operating company structure has worked quite well. For example example from 2014 to 2020 the RBOC generated ten and a half million dollars in profits and invested 22 million dollars in the stadium. But today is about the future of those assets and operating those assets in an environment of difference from the past. So So back to the future. The goal of these reports is to provide you with our best estimate of the five year performance of the E-DASDES and identify possible new revenue sources to pay for the ongoing debt service requirements. It should be understood that the fiscal year 22 budget has a higher degree of variability than a typical budget, as we emerge from the pandemic, assumptions about major events are more speculative than in prior years. I think it would be appropriate in the RBOC field that would be appropriate for the RBOC to return in the fall with an update on that fiscal year 22 budget. These reports are the result of nine months of work. Across those it requires significant RBOC staff time, RBOC board member involvement, and work by respected industry leader, CA, icon. We do not present these reports casually, but with a seriousness that appropriate for the subject began, the future of the Rose Bowl. I wish I could come before you and say that the future is bright, then as well, Rosie, but the rumors are true. The Rose Bowl Stadium faces major challenges. And there are other rumors. Rumors that the Rose Bowl Stadium, America Stadium, faces an evident decline in the lives of the Orange Bowl Stadium scenario. So that's all I agree that those rumors will not come true. Let's agree that we were committed to maintaining the Rose Bowl Stadium with a world-class venue, a host to major sporting events and concerts, a generator of economic activity, a source of pride within our community. These are the dividends that the stadium has paid for almost a century. These are the dividends that the stadium can pay to improve. Operating a major stadium has never been easy. I've been involved with the stadium in some capacity for over 20 years. And tonight you will hear about the current challenges facing this stadium. The climbing revenue from major tenants increased competition from new venues, increasing costs, the significant capital needs of a 99-year-old stadium and increasing bond debt payments. Today, I feel that we as a community better understand the problems. We will better learn the problems facing our stadium. Tomorrow, we will solve them. As I mentioned, the RBSC has worked hard to prepare these reports. The same way we worked hard over the past year to support the community in time of new while still creating new revenue sources. We stand ready with the city council and with CESDAF to continue the hard work necessary to develop and implement the solutions required to maintain the Rose Bowl as a venue for world class events. as a venue for world class events. One last comment. It is my opinion that there are no painless solutions to this problem, this situation. Maintaining the stadium will require hard and perhaps unpopular decisions. If we stay focused on the goal, we maintain the Rose Bowl stadium as a host of major events, a generator of economic activity, a source of civic pride we can get there. The Rose Bowl stadium is adjusted for almost from now and lives way to a second century the task that we look forward to accomplishing together with you. That concludes my opening remarks. At this time, I'll turn it over to Gerald Dunn, General Manager of the RBOC for a few comments and an introduction of Dan Barrett of a CA icon. Darrell? If I can indulge the council, let's let Darrell, let's go through the presentations before we ask questions and they're where things will have a smoother flow to the meeting. So if my colleagues will please allow the presentation to be made and then we can circle back. Thank you. Thank you, Thank you. Thank you, Mayor, members of the Council. And thank you, Steve. Clearly, this is a critical time for the Rose Bowl. I've been here 25 years, and we've gone through some challenges, and we've always been, I think, probably proactive, very proud, particularly the renovation,, I think, try to be proactive, you know, very proud, particularly the renovation, because I think we were headed to the curve on that. But now, facts have changed, and we are where we are. And this is the time for us to come together and focus on the future and how we're all gonna work it and make it happen and make us all proud of the Rose Bowl. It continued to be proud of the Rose Bowl. And Steve referenced, we have brought in one of the country's leading experts, CAA, to work with us on this situation. Dan Barrett and Josh Cohen, they work with venues, cities, leagues, states, universities. They work around the country. And we realize we need the best. We need the top people to help us as we try to figure out this complex situation that we're in. They were also involved in the renovation, doing financial analysis, as well as when we developed the music festival. So they do have a lot of Rose Bowl history as well. So I'm going to turn it over to Dan and let the show begin. Dan Wilkins. Thank you, Mayor of Orodo. Members of the council. It's a pleasure to be here. I guess I will ask for the slides to be turned when I'm ready. Is that correct? Is that how this works? That's correct. OK. OK. Great. So I'll just make a couple introductory remarks and thank you for the introduction, Darryl and Steve. For those of you who I don't know, I've had involvement with the Rose Bowl as a fan going back to the mid 80s as a UCLA student and going back to 1995 as a consultant when the city was looking at possibly hosting the Raiders on a temporary basis when they were looking at building a new stadium at Ininglewood, at Hollywood Park. So I have a lot of history with the Rose Bowl and the Rose Bowl holes a place near and dear to my heart. And so I enjoyed the time that I've worked with you all that I've worked with you all on this project. You are obviously in a very challenging situation right now. I think it's worth looking back a little bit, as Steve mentioned, not spending too much time there, but recall back in 2010, the Rose Bowl stadium was at a crossroads. The facility was in dire need of investment for items like infrastructure, public safety, deferred maintenance. Other than the locker room project, which was done in 2007, the last significant investment prior to that was in 1997. Repair and improve the 88-year-old facility to help maintain its competitive position and to retain its tenants long-term was a primary goal of that renovation. It's securing the long-term future of those tenants to avoid what happened with the Orange Bowl Stadium when it was demolished two years before the renovation was approved in Pasadena to avoid the fate of the Orange Bowl game and the Cotton Bowl game, which went to NFL stadiums when those stadiums were built. And to continue to host major events like BCS National Championship Games, ConcoCalf Finals, the Rose Bowl game and UCLA were the primary goals of the renovation. Many people have asked and questioned what's happened since that renovation took place. There were risks in doing the renovation and there were risks in not doing the renovation. And there was a collective decision at the time that the risks of not doing a renovation were greater than the risks of doing a renovation. And so the city decided to move forward. Unfortunately, there were cost overruns which resulted in debt service that were nearly $4 million a year more than what they were projected at. UCLA's attendance and performance, unfortunately, has declined over the past several years to where it had a significant impact on the financial performance of the stadium. The relevance and importance of the Rose Bowl game from the shift of BCS to the college football playoff has changed over time. And there's been a significant increase in operating expenses resulting from a combination of factors, including increased needs for security, insurance utilities, as well as staffing, to try to address and try to attract more events to the facility, which was one of the goals. There's increased competition in the marketplace, which everyone anticipated. There would be an NFL stadium in the marketplace, which everyone anticipated. There would be an NFL stadium in the market at some point in time. And the goal and objective was to make sure that the two primary tenants were locked in long term. And they are through 2044 and 2048 respectively for UCLA in the tournament. So, if I stadium is a dome, a $5 billion dome, it includes two NFL tenants. The LA Coliseum underwent a major renovation after shifting control from the LA Coliseum Commission to USC. Dodger Stadium has made significant investments in their stadium and Bank of California's a new stadium that was not contemplated at that time. The stadium has historically been self-supporting. From an operating standpoint, it is still self-supporting. It is unique in that it has not required investment from its owner up until this pandemic, either from an operating standpoint or for a dead standpoint, from a dead standpoint. Most renovations and repairs and maintenance for facilities like this are handled by the owners of those facilities, whether they're universities or cities or professional sports teams. You're in a unique situation. However, you're not in a unique situation coming out of this pandemic. Many cities, teams and universities are facing many of the similar issues that you are facing currently. In fact, the Houston Harris County Sports Authority revenues declined from $110 million to $50 million as a result of the pandemic because their primary funding sources were car rental tax and hotel taxes. As a result, they were required to refinance a hundred million dollars worth of debt associated with their facilities and extend out their debt to eliminate the three years worth of debt service payments that they couldn't afford to make. And this is just one example of many. and this is just one example of many. So with that said, looking to the future, if you could turn the slide to slides, please. One more, thank you. I'm going to make a brief introduction. We'll go over a financial analysis, which is a five-year pro forma, as well as our opportunities analysis. We've included a handful of appendices here to give you some additional backup. And if there are questions that come up, we may refer to those appendices. Next slide, please. One more. So the two reports that we prepared in combination in cooperation with the RBOC and its board. The first that we'll go over is our financial analysis and our estimate of what the operating conditions will look like for the next five years. And to better understand the RBOC's ability to meet ongoing operating and death service requirements. The second report is our Phase I report of the potential opportunities that exist to potentially address some of the debt service shortfalls that this Phase I identified all of the opportunities or as many as we could identify without respect to feasibility or viability. Please keep in mind that when we prepared the five-year estimate that was prior to the state lifting the COVID-related restrictions as of June 15, 2021. Next slide, please. One more. So the analysis that we prepared in the RBOC staff has prepared their own five-year projection. ours is relatively similar. There are some differences. We didn't conduct any primary research for this so it's a limited scope analysis. The financial statements reflect the operations of the RBOC. You may notice some inconsistencies between auditive financial statements and their internal financial statements. We elected to use the internal financial statement format for consistency to RBOC reporting practices. The primary analysis was conducted based on a review of historical financials, primary emphasis on 2014 to 2020. The current budget for 2022 in discussions with management. Next slide. This slide summarizes the event history from fiscal year 17 through fiscal year 20. And you'll note that fiscal year 20 was impacted by the COVID shutdown. On average, 15 to 16, 17 major events and between 250 and nearly 400 events in terms of minor events. That was one of the outcomes of the renovation. One of the goals was to try increasing the overall activity at the stadium. Next slide, please. This slide summarizes the net income or loss for the RBOC. And the first highlighted item shows the operating income before debt service from 2014 through 2020 fiscal years. This includes some capital contribution as well as preventive maintenance and shows a significant operating surplus on an annual basis. The second highlighted line item shows the net income after debt service, which prior to 2019 range from between two and three million dollars per year. So notwithstanding those changes that I mentioned to you in my opening comments, the RBOC was still able to cover debt service up until with pandemic hit. Now, I have presented before you over the past several years, pro-formas, long-term pro-formas that suggested that challenges were facing the RBOC. And these challenges have been accelerated in part due to the pandemic, but these challenges were not unexpected as was commented earlier. Next slide, please. So in conversation with management staff and our own research. We have put together an estimated event mix going forward for the next five years. Starting with a partial year in FY22, reaching stabilized years in 23, 24, 25 and 26, with events increasing up to 17 or 18, as well as minor events averaging approximately 300 per year. There's a couple of items that are worth pointing out here. You will see that UCLA football is projected at 35,000 in average attendance. That remains well below historical averages. You'll notice that the number of concerts projected at two or one in the next four or five years or next four years after this current fiscal year are below historical averages. And that's primarily taken into consideration the potential impact of SOFI, Dodger Stadium, as well as a renovated Colosseum. And so we see a decrease in the attendance in terms of the projections, although the number of events are expected to remain fairly constant. Next slide, please. The two highlighted line items here summarize the projected net operating income or loss. The first line item that's highlighted represents the net income before debt service. And again, from 23 to to 26 back to stabilized operations. The expectation is that the RBOC will be able to meet operating and preventative maintenance requirements. But when you include debt service and the assumption is going forward in 23 that full debt service is included here, that there will be operating shortfalls ranging from 5.4 million up to 8.6 million in fiscal year 2026. It's important to note here that these estimates do not include capital requirement or capital improvements beyond the preventative maintenance investments that are outlined in the cash flow. Next slide please. This slide summarizes what effectively is a cumulative impact over time and you can see starting in FY23 when you take into consideration the operating reserve balance of 4.7 million. The operating reserve is actually 8.2 million currently. There's a internal policy of reserving roughly 3.5 million or 8% of operating expenses as a set aside. So we reduce at 8.2 million to 4.7. And when you take that into consideration the cumulative of loss over the next five years is estimated at about $26 million. And that number is in the far right bottom corner under FY26. You can see $25.957 million of the cumulative loss. Next slide, please. As I mentioned, that cash flow loss does not include capital repairs. There will need to be a capital investment made in the facility as it continues to age and additional funding sources will need to be identified to meet those needs going forward. Next slide, please. Mayor, do you want me to go into the next report and then wrap up or? Yeah, what do you think? Continue. Okay. So the opportunities analysis, what we were tasked with was trying to identify as many potential opportunities as possible to help the RBOC address the operating and financial challenges that it's currently facing. We started this process with working closely with staff and the RBOC board as well as certain members of the city to number one establish some key considerations, which I'll go over in a moment. Number two, identify potential projects. And number three, identify potential projects for further study in phase two. I want to emphasize that this first phase, the primary focus was identifying opportunities. It was not looking at financial feasibility necessarily. It was not intended to look at legal feasibility or political feasibility. It was merely to identify opportunities and allow the RBOC in the city to narrow the list for further in-depth analysis. Next slide, please. As I alluded to, there are several categories of considerations that we looked at to help determine which projects would move forward to Phase 2. Financial feasibility was a starting point. Did we think that it would generate net income and contribute to the solution for the challenges? What was the return on investment? What capital investment would be necessary? Was it financially feasible? Was it legally feasible? Some projects require a charter amendment or a voter or a referendum. So that was taken into consideration as well. Political and stakeholder feasibility. How does it impact the city? How does it impact the operations of the Rose Bowl? How does it impact the neighborhood? Those, those considerations were also factored in as well. And then operational feasibility on the overall operation of the stadium, the golf course and the aurorao. tried to highlight the ones that were taken into consideration as we developed our second or phase two list. Go ahead to the next slide, please. We started and developed a list of approximately 130 projects. A number of these projects were introduced by entities like Jertie, Urban Land Institute, Genselor Architects. We tried to narrow the list down to a more manageable list. And so we went from 130 projects to approximately 94 projects and the difference between those projects included projects that many of which were non-revenue generating projects and weren't viewed as potential solutions to the financial challenges that the RBOC is facing. Go ahead to the next slide. that the RBOC is facing. Go ahead to the next slide. We categorized projects into the following categories. So physical modifications to the stadium to generate revenue, and salary development opportunities. And I know the sensitivity here of potentially doing any type of development that the Eroio is a very sensitive subject. And we're well aware of that. I will tell you that one of the major trends across the country, both for professional sports as well as collegiate and amateur sports facilities is to develop the property around the stadiums to try to drive additional foot traffic and to try to drive additional revenue to help support the financial condition of those facilities as well as invest in capital expenditures. We looked at naming rights and sponsorship opportunities. We looked at potential restructuring of tenant and partner contracts. Those are likely to be considered down the road as different opportunities present themselves. We looked at potentially consolidating operating companies with the Convention Center to look at a possibility of a more efficient approach with the combined organization, combined funding sources, and combined oversight. We look at the fiscal opportunities, what revenue sources are available at the local level, the regional level, and even at the state level. And we look at financial and capital support from those potential stakeholders. We also look at financing options. What opportunities were there to refinance the existing debt? We even looked at the sale or lease of portions of property or even the stadium itself. And then we looked at event-related opportunities. And the event-related opportunities which are better referred to as kind of enterprise funds, enterprise events, which are run by staff currently. You heard Mr. Hadeline reference the growth in those revenues. The RBOC and staff have done an incredible job, particularly during the pandemic, in growing those revenues from unique opportunities. Go ahead to the next slide. This slide is not intended to be read, because I'm sure if you're anything like me, I can't read it. What it is intended to show is the 94 projects that we took a look at that are included in our report. They have a reference, a page reference to each of the projects, so that you can reference back to the report and see the comments that were made a description of the project and the comments about the potential feasibility, whether it's financial feasibility, political feasibility, or legal feasibility, the comments that went with each of those projects. But it's next slide. Based on working with staff in RBOC board leadership, as well as the RBOC board, we identified a number of projects for further study. And we identified the responsible party that would be tasked with looking at these opportunities in more depth. The first of three or four projects there represent physical improvements, potential physical improvements to the stadium that could generate incremental revenue. We're not in a position here today to tell you whether those opportunities are financially feasible or whether there's a positive return on investment. But these are some of the potential opportunities that could have a significant return on investment in generating mental revenue that could potentially contribute to the solution. We also looked at capacity reduction, which isn't necessarily a revenue generator, but what it could potentially do is improve the fan experience and safety, as well as address a seep replacement issue, which has been sorely required for many years and has not been done to date. There's also an opportunity that Gensler has come up with which we're referring to as a concourse extension and food and beverage plaza that we included some renderings in our report that could potentially generate incremental revenues. The next two are a little bit different in that they reflect opportunities for investment in the facility and investment and enhancement of the profile of the facility to allow it to continue to attract high profile events that generate significant economic and fiscal impacts within the city and the region. There are also a number of other items here, turf conversion, which would be intended to reduce operating expenses, potential improvements to the clubhouse, driving range expansion, many golf opportunities, again, looking at the feasibility of those opportunities to drive incremental revenue, compost facility, a potential hall of fame that's being, funds are being raised by legacy, and then potentially development of an ice skating rink. And obviously we're aware of the ice skating rink that you have currently. There may be an opportunity and some synergies with developing a new ice skating rink or rinks adjacent to or near or in the aurorao that could free up land where the current ice skating rink is to develop or to generate revenues either through sale or development. Next slide. We also looked at naming rights and sponsorship opportunities, and we certainly recognize the sensitivity when it comes to potential naming rights of the stadium. We are not suggesting that or proposing that at this time, in part because attendance have certain approval rights, in particular the tournament has veto rights over selling the stadium naming rights. However, there may be an opportunity to sell naming rights to the campus, to the Eroio campus and the assets that are there collectively. So there may be some opportunities with that. There may be opportunities with I-210 signage. You're seeing this more prevalent in the state of California where the angels and the ducks and the Sacramento Kings have placed freeway signage to generate incremental revenue to help them invest in their facilities. There may be an opportunity there. I mentioned the stakeholder contracts, as well as potentially establishing a combined sports convention and hospitality authority. The RVOC staff has been looking at pandemic-related funding sources, including Save America's treasures, a shutter venue operation, operators' grand and nonprofit securities grants or urban securities initiatives, those are all being looked at carefully to potentially find funding sources. Donor recognition, additional fund raising through legacy and other sources, the Rose Bowl Institute, debt relief and refinancing. We think there are limited opportunities there. We've worked closely with the city. Unless there's something done at the federal level, it's unlikely that refinancing is going to be an opportunity given the current situation. And as I mentioned before, there's been talk about, well, what about the Green Bay model where fans own the team? Well, could you do something similar where fans own the stadium? Could you sell property for development rights or lease property for development rights in the Euroio to generate revenue for as part of the potential solution? Again, we're not sitting here making judgment or suggesting you do or don't do anything, but what we wanted to try to do is identify potential opportunities from our experience in other communities, municipal clients, professional sports team clients, collegiate clients, we're trying to bring our experience and work with your staff and your board, RBOC Board leadership to come up with potential opportunities here. And the last one on the list here is the non-event date parking opportunities. Go ahead to the next slide. Again, those represent the phase two items that the board is recommending be evaluated further. I think depending on the outcome of those items, there may be other opportunities to be explored. A hotel adjacent to the stadium, a performing arts stage for not only small concerts, but also performing arts, naming rights for the stadium. Is there a sponsorship opportunity along the parade route that could generate revenue for the city? The development of a wellness center. These are, we recognize how controversial some of these items may be. And again, we're simply identifying potential opportunities. Again, looking at direct financial support from the city, whether it's in the form of increased hotel tax or direct subsidy is something that would be considered. In many situations across the country, it's not just the city that participates as owners and investors in these facilities. Counties and states and other communities also participate. The county of LA doesn't have any direct investment in the Rose Bowl stadium. They have their own financial challenges and politically we recognize how difficult this may be. But the county does benefit from the activity that happens at the Rose Bowl and the events that are held at the Rose Bowl. And so we think it's reasonable to approach them about potential financial support as the facility needs additional investment going forward. And then there's some additional revenue enhancement revenue enhancing opportunities that depending on the outcome of phase two, may be worth exploring as well from bunker suites, which were proposed in the 2010 renovation to eSports betting to the extent that it's legalized at the state at some point in time, a sports betting lounge may be an opportunity. There are others as well. Go to the next slide. So, basically that represents our summary of our reports. And I want to take this opportunity to thank staff to thank the RBOC board for working closely with us on this, as I mentioned, very challenging situation. We have some appendices here that we can certainly refer to to the extent that there are specific questions, but I'm happy to answer any questions that you might have. And thank you very much. And Nick, go to the cover slide. Thank you very much. And Nick, I think I said cover slide. Thank you, Dan. Mr. Hatterline. Mr. Gunn, any comments? Before we start. I'm calling for a quick comment. I mean, the idea that has done a thorough job and his college Josh was very helpful in that. And has presented a tremendous amount of information to you that's the council. It's the RBOC's expectation that lots of questions will get asked, and I said lots of information will be transmitted, will be understood, and this will be the basis for going forward in terms of trying to address this challenge. Look forward to answering lots of questions and the answer, Patrick, yourself. Steve, this is a lot of information. We've, you know, I've talked about this a few times, I think it may be helpful for the council to hear. And for the public to hear, I mean, what a lot of-owned stadiums, you can private stadiums. Must be seen in some of the same challenges. What's, what, Stinguish is the rose bowl from some of those other stadiums, Steve, Dan? I mean, with, yeah, if I may, you know, how do, how do other stadiums survive? Right. Right. And we certainly had looked around, fact and mentioned the green bay model in terms of selling non-voting shares and raising money that way and Lambo Field, they Wisconsin, is a good model to understand how do other older stadiums survive. And in part, Lambo, it's because Lambo Field receives the sales tax, of course, the sales tax in addition. It has a relationship with Brown County where the stadium is located. That was mentioned earlier is potentially approaching Los Angeles County that exists to creep back. In addition at Lambo Field they have significant commercial activity adjacent to the stadium. Dan mentioned that that adjacent commercial opportunities is a way that stadiums are coping. Green Bay calls its title town and sure we could come up with something equally compelling. But I think those are the pieces that we're looking at, you know partners, investment from the owner, partners in the form of the county, investment in the owner from the city, an additional commercial opportunities to generate revenue. I think it's going to be a combination of those things. My thing. Trying to be the first. First council member, at least you had a simple work with other. I'll see you. Thank you, mayor. Very much. I really. Appreciate the presentation from Steve and Darrell and Dan. And as you mentioned, mayor, I am the Council's appointee to the RBOC board. It's still early days for me, but I've spent quite a bit of time, as you can imagine, on these documents that are before us today, and we're going to discuss going forward. You know, I think the Rose Bowl, and you might notice in the memo that was provided by the RBOC, there's a SWAT analysis, strengths, weaknesses, opportunities, and threats. And I really recommend that to you. And my takeaway, as I read it, was that the strengths and the opportunities just vastly outweigh the threats and the weaknesses, not to say that they're not reformedable challenges, especially in the short term. But when you look at our stadium, it's America's stadium. It is truly iconic. And I think at this point, everyone would concede. It's one of a kind in the country. And we have long-term contracts with the T of R and with UCLA. Obviously, the T of R relationship, especially, has come to define our municipal identity for the whole world. And it's easy to forget that now with a year where we didn't celebrate the renewal of New Year's with the parade and a Rose Bowl game. But that'll occur again next January. I think the thing that I've observed so far over at the RBOC is just the at the RBOC is just the quality and the volume of attention and care that's being devoted to the stadium and the entire portfolio. You know, it's not just the board, which is top notch staff, which is top notch, Darrell Dunn and his team, but you know, the legacy group, which I think is already raised, you know, $40 million in gifts or pledges, has contributed something like $17 million already. There's an advisory group that's been established. It's just a who's who? People, particularly in the sports, the sporting world and all. And then the other opportunities that we have, and be at music festivals with golden boys, principally, the golf course is doing well now, although it has challenges with water and all. So to me, this is a challenge, but it's one that we can overcome with all of these great, great assets. And I'm convinced that we will. I will say that without getting too much into the individual projects that Dan presented on him, by the way, I would count Dan among the assets, the, you know, in terms of the panoply of people that are working on this Dan and Josh, you know, again, our top drawer in the country on this. I think that my admonition has been that we should focus on things that are most directly related to the core services and activities that the Rose Bowl and the surrounding area have come to represent. So, there were some spitballing about projects that I really think would not ever be seriously considered, in terms of development in the central宝io, hospitality space and the like. And I think those are non-starters, but certainly the things that Dan ticked off in terms of, you know, world cup, Olympics, and ice rink, additional amenities at the golf course. You know, those all speak to the kind of family recreation and in sporting activities that the Rose Bowl really represents. And I think those deserve serious consideration. And, you know, the final point I would make is just, you know, we, many of us including Mr. Hatterline who was on the council then, you know, deliberated long and hard about whether to have the NFL, not just the radar, temporary tendency that Dan cited, but also a permanent relationship with the NFL. And we rejected that as a council and then one of our members put it on the ballot for the voters as a referendum and we rejected it again as a city. And I believe we did that knowing and intending that there would come a time where there would be additional challenges and needs for the stadium for it to stay current and vital and that we're prepared to step up to that challenge and do that. And a number of the things that like with Lambo that were mentioned are not acceptable for the Rose Bowl, the sort of, again, commercial development and all the rest. But I do think we owe it to ourselves and our future to seriously consider some of the additional proposals. At the end of the day, I think the city is going to have to step up and support this institution. Again, to be able to have another hundred years of New Year's Day and all the other benefits that we derive from the stadium. So those are my comments, Mayor, and look forward to the rest of the discussion. Sorry, I was muted. I think Mr. Madden, that any question? Thank you, Mayor. Thank you, Dan, and thank you, Steve. How do I both tease for that matter? Obviously, this is a critically important issue, not just given the subject matter, but the financial impacts, the city $25 million, capital or the next five years is meaningful. Regardless of how you calculate it, and that doesn't really contemplate, I think the capital improvements that need to be made. I guess this may be a more comment to Dan. I know you started with 130 projects and looks like you're down to 95 You know my encouragement would be to you know figure out how to get down to 20 or 25 looking at things like You know timeline to success impact probability Some of those things because I feel like There's a little too much too many players in the field right now for really to see how this could all work. Some of them also feel kind of very maybe a drop in the bucket and some of them are things that are really dramatic that I could see as never doing. So just in terms of finding a path forward I feel like that next scrub will be really important. Right now I dig you the chance to look through them. There's a lot of text, but I was looking for that kind of filtering process and I'm suspect that will be your next step to get to, you know, whatever the magic 24 that are really worth pursuing. And I think the, maybe you respond to kind of just that process. And when you think, you know, this feels like still a little bit of a blue sky list. I know you eliminated obviously 35. So when do you think you'll get to kind of a, maybe the core few dozen that really are worth, you know, us providing maybe some feedback and consideration. Yeah, thank you. Thank you for the comments, Vice Mayor Wilson. I think what we've got is on that phase two lists for in-depth study. I think we've got about 27 projects there. And those are the ones that we're going to be primarily focusing on. And some of those require more in-depth analysis than others. So I think there's probably maybe half that list. Is the ones really going to be looked at very carefully? You know, there's unfortunately there's not a simple answer. And we're going to have to look at a combination of potential projects here to figure out a potential solution. I'm sure with the the 27 you mentioned maybe I missed that in the the fake book. Sure if if you could bring the presentation back up. I also have the attachment. And if you could jump to page 20. So these items here, there's about I think 14 of them are so on this page. And then the next page includes I think another 13 or so. Okay. Not the 95 that are profiled in the. Correct. correct. This is a narrow down list. So if you could go to the next slide. Those are the ones that we're putting primary focus on right now. Okay, Jan, but those are also highlighted in the hard copy we got. Maybe I missed that. Yes, they should. Yes. Okay, I'll go back and take a look. The other thing that I wanted to challenge this group on, and I know it's harder because this is complex enough as it is, but to me, you're the experts, but this feels more like a seismic change in the landscape and that little tweaking of moving seats and filling in with small events are nice but it feels a little bit like fingers on the dike and I'm wondering whether kind of reconceptualizing what the arroyo campus is and expanding the aperture because we have kids' face, we have the aquatic center. Are you thinking about this kind of from a strategic positioning of what the Euroio is? Because it gives you, now it gives you more degrees of freedom to do something maybe bolder and maybe that's a longer term scenario and you do some short term stuff and maybe that goes to your picture your point around having a, we did call that athletic that goes to your point around having a, we did call that athletic, the social, I don't know what that thing is, that higher level of consortium is beyond just the golf course in the, you know, the stadium itself. Is that kind of part of the conversation or if it is greater or should it be, or where does that fit in? As maybe Dan, if I can just respond, then you can jump in. You know, I think it does need to be part of the conversation. You know, and it goes beyond the confines of the order. I think it's thinking about Pasadena and the next evolution of our city as it pertains to sports, arts, entertainment, conventions, the whole ball of wax and hospitality. I think it's the sports entertainment, arts and hospitality, who pass even to that next level of high profile world class city. You know, we do a good job, I think, of attracting regional people from the region to a capacity. And on new years and other occasions, we attract nationally and internationally, but I think it's there's an opportunity here to look at Pasadena 25 50 years from now and Look at our strengths and our strengths there we have many strengths and they may have them involved sports hospitality They may have them involved sports, hospitality, arts, culture, conventions. We have all the makings and Janet, the company of looked at that, but separate from that, Vice-Norwillson, there's also the fact that the RVOC doesn't just operate a scene. It operates a campus to your point that includes the golf course and the rounds surrounding and includes the golf club. There may be an opportunity a bruise to provide some enhancement. So I think in the first instance it's looking at the campus that's already under the Rose Bowl operating company's jurisdiction and it's looking immediately out and then also in other words into the Royal and doing it responsibly of course and with a general touch we call that is in the Auroio is also a neighborhood, but they also go and beyond the Auroio and thinking about our strengths of the city differently and how we bring all of those elements together to be part of a solution, long term. Mr. Merrick, can I add something to the vice-meritus two questions? I need to, you know, pictures with a lot of detail behind it, a lot of thoughts on that. But I would have a short answer to your second question about it besides the change in the answers, yes. We need to think big and broad. And we are certainly aware of, as Victor said, the need for a light touch. But we will be thinking big on these issues. To your first question about the 27 and narrowing it down, we're at the, just to kind of give you a quick snapshot. We're at the phase where we think these are viable. These are the 27 that we want to spend some time gathering additional information on to figure out which is how much money can an ice skating rink produce. What was the cost of an ice skating rink? So we don't have the information yet to go from 27 down to let's pursue these five. That's what phase two will be, is that information gathering process? And I would let the Dan, Dan will be our first person undertaking that task. It's been in terms of a timeline gathering that information and then having the board make decisions. 90 days, 120 days, Dan. It's probably gonna be 12 to 16 weeks. I mean, there are some items there that we really need to put some significant thought into. If we can do it sooner, we will, but this needs to be a well thought out thorough analysis before presenting anything because we recognize that some of these things are going to be politically sensitive. And I will tell you that there aren't a lot of home runs on this list. There are a lot of singles and doubles potentially, but there aren't a lot of home runs, and the home runs are not gonna be politically feasible or acceptable to the neighbors or acceptable to your charter. Doing a significant development in the aeroio with a hotel and commercial development around it would generate substantial revenue and probably solve your financial problem. But we certainly recognize that that also changes the nature of the erroyo and has an impact on the neighbors and so we'll be challenging from a charter standpoint and also from a political standpoint to support. So we need to try to find the balance of how do we generate projects that will drive incremental revenue, but also be reasonably acceptable to the community. And I think the idea of building a massive development in Roya, I think, is a non-starter for probably everyone in this call. But I do think the idea of re-envisioning that is a destination and imagine, you know, a thinking of, you could think about, let me just pick on the ice skating rink, for example. If you were to put, and I have no idea if it's feasible, let's just say the ice skating rink in the Rose Palace, that would add a family oriented of menadie that adds to the recreational intensity of that area rather than just looking at it as kind of an ice skating rink and really what is the kind of uber vision of what that bigger destination could be that is kind of the amalgamation of a bunch of singles and doubles right in that they all work together and then is a collective, it is a home run, but it's been, you know, done through a bunch of singles and doubles. And that's kind of what I'm saying. And I look at that equation at a chance, and I know police and I had coffee with the new CEO at Kent Space, and she's super dynamic. And I look at, you know, that is part of the solution set of what we're trying to build rather than kind of individual, you know, option one, seven, fourteen. We need to look at them as a portfolio and a collective around how we redefine what used to be kind of a football stadium, which I think that future is, you know, UCLA is fine, but I think we need to think about what is the future of the Eroio and Brookside and what is that mean as Victor said the next 10 or 20 years, and how do we, you know, make it at the set of reasonable steps to achieve what is a dramatic redefinition of what, you know, that use is and what business model is. So, anybody just want to make sure that we're, the apertures wide enough, and that doesn't mean dropping in a huge development. It means having some vision that kind of unifies and redefines what that is, what that bigger space is, and what the bigger opportunities, and how we position ourselves as a compelling, you know, amenity to all of Southern California honestly just like the Rose Bowl was in its day, right? Now what is, you know, the, the, the, the, the, the, the, the, the, the, the, the, the, the, the, the, the, the, the, the, the, the, the, the, the, the, the, the, the, the, the, the, the, the, the, the, the, the taking as you guys go to your next steps. Oh. And one, you know, part one reason that I'd like to have this discussion together with the PCOC is, you know, as the governing body for the entire city, we also don't want to cannibalize another operating company. And so when we talk about joint efforts, when we talk about maybe an ice rink, one of the questions we'll have to ask ourselves is what is the best location and what is the best and most appropriate use in and around the Rose Bowl and in the E. Royal, but also at the convention center property. That is very valuable property. So I think it's a very complex discussion. And that's why I'm asking some of us to serve at Hawk to at least provide a little bit of one for the council as Dan and Darrell and Mr. Haddle and the boards go through their work. I expect to mention that Williams is also part of that group. It's Williams, Mr. Radish and Mr. Hampton. So, you know, that's all part of the bigger, longer-term picture. In the meantime, we have some work to do as it relates to budgetary actions. Ms. Williams? Thank you, Mayor. And thank you, our B, and Dan, for coming here, giving us this great presentation. I did have a chance to look at this a couple of weeks ago when I talked to Daryl and Steve, and just think there's some really good, as Vice Mayor Wilson said, there's some good ideas here, look forward to whittling it down to what's feasible and what the opportunities are because we all cherish the stadium. And I don't, I don't think anybody here wants it to go the way it's the orange bull. So we're gonna go in opposite direction here in Pasadena. So I do have some fairly technical questions. These are probably gonna be more Matt Hawksworth type questions and Darrell questions. And it just really helps me kind of understand the structure of the Rose Bowl more as we kind of move forward. This is not really sort of a budget issue here. The budget I think is the best that it can be right now. I don't think there are a lot of tweaks we can do to it. But just looking strategically, it would help for me to have some of the answers to these questions. So I'm going to go to my favorite topic which is the bonds. That's going to be my first thing that and you already know what's coming. But in looking at the official statement and the indenture, there is an extraordinary reduction based on a reduction or elimination of the federal IRS subsidy which has happened. So I'm wondering, I think there are kind of three areas that I would like to see more detail from bond council and from calculations. So the first area is does the extraordinary redemption apply. It's still a make-holes. It's still a pretty big amount to refund. But is there a portion? I know subons are taxable, which implies private activity. And the two big lease holds on the Rose Bowl are tax exempt, the Tournament of Roses and UCLA. So I'm wondering if there's an option for extraordinary redemption with the ability to at least refund a portion on a tax exempt basis, which would make it more economic than actually refunding them on a taxable basis. And these are not questions, you have to answer them now. These are very detailed questions, but I would like us to engage bond council in that discussion, because a very good attorney can find a way around the extraordinary redemption as well as the pandemic, even almost characterizing the pandemic as a taking, which is also part of the make-hole, the regular redemption on the bond. So if we get a bond council, look at that. I think also on the federal legislation side, there's talk of bringing the BABs legislation back in as part of the infrastructure bill. And I would encourage us to have our lobbyist work on that, BABs legislation to reinstate the 35% IRA subsidy since it's been cut and also find more of a continual sustainable source for that so we have some predictability in the future. So that would be sort of the alleged policy committee working with our lobbyists to work on that. I know that is kind of a Hail Mary. Other things have been trying to do it, but we do have good lobbyists. So, and then lastly on the, on the beds, I think that the Finance Committee should review the debt policy for the city, because if you look at the Convention Center swap, we're boxed in in a lot of places. If you look at the cabs, the swap on the convention center, the Babs, here, the escalating debt service, we have a lot of structures that may not be the best fit for our city and our risk profile. And so I think at the finance committee, we should look at the debt policy to see if that should be amended to change us going forward so that when we do get a chance to refund, we can refund on a less onerous basis. So that's a question. I don't know, Matt, if you have, I know you've been talking to Bond Council a little bit of evidence of any updates on the BADS that would be helpful. Sure. A couple of responses. One, absolutely, we can bring back all of these items for review with the various council subcommittees and you directly, if you'd like to do some of this. We have absolutely engaged bond council regarding the extraordinary measures in the pandemic and regarding the sequestration of the Babs subsidy by the federal government. As you mentioned, the make-hole call is the very expensive component of buying out of these bonds, which has always made it cost prohibitive. Plus, the legal challenges that we could face and invoking that clause and the potential credit risk to the organization and invoking that clause. And while these bonds are taxable because of the Babb subsidy, they're essentially considered non-taxable bonds. And so we've met with the RBOC staff and legal counsel because that presents challenges in our contractual agreements with operators and our partners. And the bad subsidy has been a struggle since day one. The federal government continuously toys with that and threatens to reduce it and take it away. It's got a value of two and a half to three million dollars to us. So that's real money that we can't afford to lose and we'd certainly like them to fund the entire amount. So we can certainly bring back all of these things for a larger conversation. The secretration issue was really a concern, but at three years ago or so. And I mean, it's always a concern, but we took some pretty strong advocacy positions when it came up four or three years ago. But you know, at the time, just for a little bit of background, at the time that we went out for the bond. So the bonding question was entirely a finance department issue in Citiman, led by the Citimanages Office of the time. And, you know, there were, there were some trade-offs to the bonding structures that were chosen by the city. The RVOC didn't necessarily like the trade-offs, but because it was completely a city function, the time RVOC went along with, well, no choice but to go along with it. But it continues to be a tremendous, tremendous challenge in terms of the bond these structures that you're loving. So... So, I covered a couple of other... Yes, I decided to start out with a nice big question. A couple of other operating questions. And that is, do we have a separation, so this goes to benefits and calpers. Do we have a city as separation of what the annual calpers contribution is for the Rose Bowl, assuming that comes from the general fund and what the unfunded liability is associated with the rose bull. Sure, so the Rose bull as its own entity has its own contract with CalPERS. They are not part of the city's plan and their unfunded accrued liability in the big picture is actually very small. So a significant pension liability, thankfully, is one of the things that we have not had to stress or worry about for the Rose Bowl. Do we know what the annual contribution is and what the UAEL is? We can get that, but it's, I hate to say nominal, but it's pretty small. I think their UAEL is in the tune of a couple million dollars. So in the big picture, it's small compared to the bond debt that has a stadium home. Okay. And then as an operational question, what is the update on Brookside and the leave the agreement with the restaurant? If that can be disclosed at this time? and the leave the agreement with the restaurant if that can be disclosed at this time? There are a lot of know if you'd like to jump in on this and we're currently, my understanding is that we're currently in negotiations with Levy to try to come to some resolution. Concurrently, we're looking at options to try and make sure that we are ready to go to come August. And the COAC season, there's a lot of negotiation going on with losing. Let's try and see if we can come to some resolution on how to operate that. And also how to operate, or the conditions to operate. The restaurant at Brookside, you know, on a personal note, I think that's a strong negative. Not to have a robust restaurant down there when you've got lots of offers and walkers and so on and so forth. I think that's an opportunity that we certainly need to get back on track. And I was at football tower and he said, his dream is to run the restaurant at Brookside. So you will fan there. So that's a bad idea. Is that Darrell? No, it wasn't, but to your, I think Steve summed up pretty well. I think that you're going to hear more about Brookside in your future. OK, thank you. And so that leads me to the last part of my sort of operational question, which I'll leave it here for now. Are there opportunities currently? I know what I was on the PCOC board, I was the sort of marketing seat on the RBIOC board, which was a great collaboration. So I believe that if you could sort of describe capabilities to combine with the PCOC, purchasing, contracting those sorts of things. And has that been kind of part of the, I think that was a section of the analysis. I don't know whether we went into detail, but do you guys thought of sort of in the immediate future, are there options to do that? Council Member, I actually think there are. I think we've done a pretty good job with it. An example being, you know, we have a half marathon that's, you know, that we work in conjunction with each other. PCOC was very helpful to us in a payroll situation we had in the past several months. And Mike and I, my grandson are talking quite a bit. As we know, we both have challenges in different ways and going in and, you know, can we work together and be better as a whole? And I think one of the phase two recommendations actually is to see what we can do about, you know, working in more in conjunction with each other as well as this potentially expanding it to a hospitality other as well as this potentially expanding into a hospitality authority as well. But for sure, we're in the same family. Okay, so those are those are my questions for now. Thank you. Thank you. Council Member Kennedy. Thank you. Council Member Kennedy. First, thank you, Mayor. First of all, I want to just thank Steve Hatterline for stepping up into the role of President. That is the term. Doug Cranwinco was my, is my appointee and he was appointed one of the things I told him when I was appointed him is that I wanted to see him become a chair of the board and in fact the members of the RBOC soft fit because of Doug's expertise to ask him to serve in that capacity as the chair of the board. And then Steve, you, someone with extraordinary experience as a former council member, has stepped into that role. And I just want to say thank you. It is a role that anyone stepping in at this juncture would have to have an extraordinary set of skill sets to deal with. And so I just want to thank you and wish you success. Dan, I really don't know you, but I'm interested in asking several questions about your presentation. Then as it relates to Daryl Dunn, you know, everyone loves Daryl. I guess that could be a tagline for the Rose Bowl. everybody loves Darrell Dunn. So my first question if we could bring up slide number 12. Okay. And just to be clear, we had some bantering about what would be the cumulative loss over expiry date of time. At one point I heard 25 million and at another point I heard 27 million and I just want to be clear on what is the forecasted cumulative loss and over what time period if you could just share that with me. Absolutely. So you're going to hear different numbers from us versus RBOC staff, because while we worked and consulted with, we wanted to put together our own independent estimates of the projected losses. And so from CAI CONS perspective, our thought is that the loss is $25.96 million. And that takes into account $4.7 million in operating reserve balance that's uncommitted at this point. So if you go across and the bottom here, you see that the cumulative loss on the last line is 4 million initially, goes to 10 and a half 17 and 25.9 basically 26 million dollars. Okay, health and screen is set up just so you'll know, Dan, I don't think the council can see that last column. Oh, okay. That's a problem. That would be a problem. So the last under so what I'm looking at and what the deck has is FY22 through FY26. So that five-year period our cumulative projected loss after accounting for the operating reserve is projected loss after accounting for the operating reserve is $26 million. Okay, got it. No. And if we can go to page 20, I'd just like to understand what is the benefit if CAA icon is retained by the RBOC to provide strategic consulting services, why is it necessary to make the distinction between CAA icon and RBOC. Why isn't the heading simply RBOC, everything falls under RBOC, whether it's CAA icon or another group that is assisting the RBOC in writing the ship? Yeah, I think it is all under the umbrella of the RBOC. I think what this table is trying to represent is who's gonna be the primary party responsible for conducting the analysis. But it is all under the RBOC. If I could jump in, that's a little bit of an internal document, John. Oh, okay. So I understand who's doing what? RBOC will be looked internally. The RBOC will take care of the ones that are listed RBOC. We would look to Dan Barrett for the others. So it's a little bit of an internal document. But yeah, you're right. Everything holds some of these. I'm of the RBOC in front. I think it would be helpful to see if you do have that public and that internal document. because now everything is public that's been shared tonight. And I think this slide, not intentionally obviously, is a little bit confusing for those who are paying attention. So I would also say that I think the team itself, the court team, and those who are assisting the RBOC needs to have a little magic like Disney. And I don't mean magic that we pull a rabbit out of a hat or become Pinocchio or something in that direction. But in terms of partners that help us reimagine, as I think at least several members of the council, have already said in different ways, reimagining the Eroio Seco from, I would go down as far as Locke-Cicadela Eroio in North to the dam actually. And looking at that comprehensively, that land, and obviously the word political has been used, I think in almost every one's mouth, not everyone, but almost, and political really refers to the appetite the neighbors have in seeing more activity in the Royal Seiko. And if we're really serious about solving some of the seemingly intractable issues, we must have a strong outreach to the neighbors, not later, but right now and invite them into the process of helping us figure this out. Now Doug, for example, I believe Mr. Madison, for example, live in Linda Vista. We need Sam Rafelle. We certainly need Councilmember Hampton, and those who are on the east side of the Rose Bowl engaged as well. And so when we're talking about groups to really get engaged, we need them because as far as I can see, they need to be part of the reimagining so they're not automatically saying no more events. Because right now you get this reflexive view that we can only take so much. But if they understand the existential, the possible existential threat to the health of the finances given that the full faith and of credit of the cities behind the bonds, they may be more receptive to a conversation. we've already had into a new conversation. So my recommendation there is to think about reaching out immediately and at least putting that up on the chalkboard or discussion on how that would possibly help us be more effective. Now, as it relates to the press box in Michael Beck's desire to build, generate, establish a fan experience for the wealthy because the press box, as I thought, could be wrong, that like other stadiums, they were for sale or for lease. And given that, Dan's comments to us right at the beginning was that the seats in the lower part of the Rose Bowl haven't been changed. I think he may have used 30, the number 30 years or 35 years. Dan knows whatever he used, but it was illustrative in my point. And that my point is that we have created not by intention, but a fanned experience for those in the press box in a much, much more limited positive fanned experience if we haven't done even think anything with something so basic as the chairs, the bathrooms, some of those attendant items that make up a wonderful, fan experience. And I for one of occasionally been invited to come into the press box and I must say that I personally enjoy that experience. I've also sat in the stands and that's not as nice as the experience and it's not because I'm not in the press box it's because of the aging infrastructure that we all recognize. But I don't think necessarily that all the council members are on the same page with the recognition of how much additional additional investment is required. Now why do I talk about investment because one of you mentioned we need investment from the owners and I am ambivalent because on the one hand the city is in fact the owner but we created these operating companies in some respect as a shield to our general fund and to make sure that this city stays healthy and now the question is city we need $10 million a year for debt service and we are being told that potentially we have a pathway out and I don't think the pathway is as clear as some would like us to believe and I think we're struggling with that together, together. So I'd like to start out with a realistic of picture by both organizations, meaning the City Council and the RBOC of exactly where we are. And have a very honest discussion, look, et cetera, which we will not get to tonight because we have limited time. The mayor mentioned to me from the outset that we're only going to 615 and he would like to wrap up if possible before 615. Normally when that occurs in any council member or the mayor mentions that somehow it doesn't happen but I'm confident that we'll make it happen tonight. The other thing I would mention mayor, I'd like a response from you more than RDOC. Do you think it would be helpful if you could attract someone like Dick Radden for Dezian to play some sort of role in helping us in that reimagining and thinking through? I'm not asking necessarily to make the decision, but someone like him, given the fact that he's been so close to some of the people in Englewood and what they're doing there. And then another neighbor, I would think maybe you and several members of RBOC I think maybe you and several members of RBOC could at least have a conversation with, is Jim Ellis, the former dean of the Marshall School of Business. That's how I met Rosky. That's how I met Bomber. That's how I met Bomber. That's how I met several other people and certainly he has a skill set to attract investment that we desperately need to make this asset operate. Okay, I think the comments in the feeling that all council members have, I think, by their own expression that America's stadium is somehow sacrosanct. We all know that's not true by the position that we're in financially. Whether RBOC existed or not, the city of Pasadena would be grappling with the same issues that the RBOC board is. That is not to suggest them somehow trying to take the RBOC board off the hook. But here we are clearly, clearly in this together. It won't do us any good at this point, the point fingers, it's not what benefit is that. So I'm hoping that we can deal with the FAND experience. I'm hoping that we can deal with the fan experience. I'm hoping that we can really think about the Latino or Latin X community in terms of concerts like Shakira, like Los Tigres de Norte, Mana, which I don't know necessarily out of pronouncing correctly. Mana. Mana. Mana. Mana. Mana. I think that's an extraordinary group. And what's fascinating about these three that I've mentioned, they easily sell out very large venues. So we need to at least give some consideration to that. I'm just looking at my notes. Give me a couple more minutes to measure if you would. Okay. Oh. And then I'd like the board of the Rose Bowl to consider as well as city staff structurally structure where does the RBOC reside? Does it reside in a operating company or does it reside clearly within city government under the purview of our city manager that is a decision for the mayor and the city council to make, but I believe it needs to be on the table at least for consideration. Okay. And lastly, beyond dealing with the FAMD experience, I'd like to know what is the approximate investment required related strictly to infrastructure. If we don't have it tonight, it's a legitimate question. I suspect that there's been some work by staff that says we need to change all the seats out. We need to do the bathroom. We need to do another exit entrance in one of the cornersining the Rose Bowl and not just the Rose Bowl, the Royal Seiko. I'd like to see what that investment is because it was a quiet reference that the, as I already mentioned, the owners of the Rose Bowl need to think about that reinvestment. The ultimate owners, I suppose, are the residents and voters, but for now, it's the City Council, if you want to look at it that way. So I want to know what the number is. I think it's helpful to all the council Find out what that investment looks like And with that matter from the I'm sorry John I was gonna respond to a couple of your questions, but I'm sorry, but okay, no, go ahead I'm sorry And first off, John. Thank you for the kind words. I appreciate that Earlier you mentioned engaging the neighborhood and I want to make sure that's very clear that the RBOC is making an effort to engage the neighborhood. These projects, these ideas will not be pushed upon the neighborhood. It will not fall to a council member to have to defend the neighborhood. The neighborhood will be involved. And I think you're right, as neighbors understand, the significant financial challenges, with that comes a greater flexibility in terms of what goes on in the Ohio. And we're fortunate that Darrell has spent many years developing good relationships with the neighborhood. And I think that will, you know, that will be very helpful through this process. You would also mentioned, you know, a desire not to have the distance into a blame game and who did what. And I was trying to capture that with my opening comments that I think we all need to be pulling together help preserve, maintain and make the stadium that's driving stadium. It will take everybody pulling in the same direction. And then lastly you asked about the capital requirements and yes they are meaningful. We haven't quite got there yet and it would be a little responsible to throw out a number and in part we haven't gotten there yet because the capital needs will be a little bit a function of what revenue opportunities we pursue. For example if the ice skating rink looks like a viable, it's going to make us some money project and we seek to pursue that. Well, there's a capital expense that goes with it that would be on that list and add it into that number that you're looking for. If that's not part of it, and that won't be on that number. So there's a little more work to do on our side to come up with a number of it. Yes, the work has started. Well, we wanted to make sure that was out there. So we were not misleading this group into thinking, OK, it's only the operating issue. We don't have to worry about capital, but no capitals can be out there also. So that's my response on the capitals, I John, that we're working on it, but we're not quite there yet. The only thing I would say in retort for greater expansion at another time is that no matter what other partners we create in the Rose Bowl, there are some their infrastructure needs that I think members of the Rose Bowl operating company without the assistance of the council could come up with. And I've mentioned this. Right. Excess, egress, bathrooms, those are kind of basic. Right. We agree that there are some capital needs that are not in that generating. There's almost three lists. There's the non-revenue generating list of capital needs, things you just mentioned. There's the revenue generating capital needs, you know, the Family Golf Center, the IKating Rank, those kind of things. And then there's a third one that might be part of the first one. It's, gee, if we want to pursue a world-cup in a post-analytic major event, those events require certain capital and investments, whether it's improved light, it's Wi-Fi. Those are the things that we're working on. So, if we talk about it, you understand it's a little more complex than here's what we need to do to fix the old house. There's a little bit more going on and we're working on it. Well, the very last thing, thank you very much. The very last thing mayor, a someone mentioned that tournament has detailed rights and I just wasn't sure what was meant by that. To the, to the re naming of the stadium. Oh, the re naming of a stadium itself. Okay. I suspect residents would say that you pay to that equal rights. Sure, but the tournament gets with the program as soon as possible to join us on the right track. And I'll just leave it at that. Thank you, Mayor. Thank you all. Let me just say, Mr. Kennedy, thank you for your comments. You know, the anyone and everyone who Thank you, Mayor. Thank you all. Let me just say, Mr. Kennedy, thank you for your comments. You know, anyone and everyone who wants to participate in think-shelping us to think through how we move forward in the future. It's welcome to be a part of it and take whatever names you have. Rossi, somebody a really good name to have. I didn't say Rossi, I said, I just ran for Vivian and Jim Ellis and no, I have not approached the bigger the pockets, the better. And, you know, and let me just respond to why, and I know you didn't mean to impuminate anyone but you said Michael Beck is a decision to create comfortable CD-My Words for the wealthy. At the time that the decision was made to go forward with the press box as opposed to other other investments that were needed. It was not to create a Taj Mahal. It was not to create a more comfortable scene experience for some but not was. It was to get people who could afford to pay for the renovation, to pay for the renovation. And it worked. And that was a always due to the first step. The renovation really was just that initial step to keep the state in competitive, to keep it alive, to prepare it, for a competition that we believe was coming. I mean, England wasn't even announced at the time. It wasn't even real, but we knew at some point it was inevitable. And we knew that we had to make an initial investment that would generate revenue to help keep us afloat. And that was the analysis that was made. The press box needed to be done to generate revenue, to give us a fighting chance. At the time that we have those discussions, you'll recall that, you know, the instrumentist and recalls correctly, we've said no to the NFL at least three times. I'm likely to be only elected official in the country that had the pleasure of saying, I shouldn't say that way, that actually said know to the NFL three times. During more times really, when we had the vote at City Council, when we had the vote on temporary presence and then casting our ballot on the initiative as well as more recently when the NFL was preparing to come to England and we had the discussion at the RBOC level and ever came to the council but we test and are as an operating company we pay decision to say no and continue to even on a temporary basis and continue to try and renovate the stadium ourselves. One other point at the time that we conclude that we went out to bond. The NFL, at the time, said it was $550 million, is what they said it would take to renovate the stadium. is what they said it would take to renovate the stadium. Of course, we went at closer to $200,000 to do the initial step. But we, at the $200 million, Victor, there'll be $200,200 million. I'm sorry, thank you. $200 million, I wish we could do it $200 million. At the time, my recollection is that there remained about 50 million in capital-improving costs at the time that included things that we just couldn't afford to do. And that 50 million we agreed as a city would be left for the future. the RBOC led by Mr. Doug and Doug and Mickey Seagull and others took on the responsibility of trying to raise those dollars from many of those dollars privately to date it's over $17 million that's been raised and turned over to help with capital costs through legacy not a taxpayer dollar involved. And the commitments are closer to $36, $40 million. And there's a real effort to get there and beyond led by Mickey and her partners at legacy. And so, it's not like the project, the initial phase of renovating the stadium in 2013, 14, whatever it was, was taken and then the wheel stopped. Real efforts to address the capital improvement that we knew were there. 50 million continued through legacy. And I would say that you have been extraordinary successful. Who else was going to raise $17 million to $40 million? Just have an apple for a acidic building even for city hall, nowhere near. So those efforts are continuing. So this is a work in progress, and we've known it all a lot. It came to change your course as a pandemic. But I think we double our efforts, and as you say, we can work together. We're going to have to find some solutions and reimagine how we do things, not just within the compines of the Rose Bowl and its campus but the oil and beyond the oil. I would simply say to the city clerk if you would separate from just minutes if you could provide my comments specifically to Mr. Hadeline and the board I'd appreciate it but be very clear, but I suspect that all of the comments that have been made by the mayor and members of the City Council need to be specially provided to the head of the organization Darrell Dunne and all of the board members of RBLC and I understand and appreciate what the mayor has already told us that there will be an ad hoc group of working to help us find the necessary solutions. And I do believe working together we can get there. Thank you, Mayor. Mr. Kennedy has come. It's absolutely. Part of this is the RBC coming forward to explain all the data and the information and the work we've done. But also it's a part for the RBC to hear from the elected officials and the council and ultimately the owners of the stadium. What you're looking for. So yes, we are very much listening to the comments that they're coming from Council members. This is, again, this is the level study meeting where we see all the work that's been done by GAN and the RBOC. This is now the opportunity for all of us to understand all the facts, the history, and now begin the work of launching the stadium into the next 100 years. And a big part of that is going to be to ensure that we're competitive and ready to compete for the Olympics and for the World Cup. And I believe that we can get there and those two events can play a big role in the launch of the stadium again until it's next 100 years. And I push for my not for quite some time and we can't see any of your attention. So hopefully they'll hear you. So I agree with you that that's a market that is not necessarily as tapas. It should be the Latino music. But let's see. It's not because it's not the lack of effort. I'll play that. If there are no other questions on this, there's a public comment, I believe. There are other questions on this. There's a public comment, I believe. I couldn't just have the public on the map. And I'll be very brief. Okay, Mr. Reckhamton. We still have a budget to ask the public on it. Okay, and so we'll just take the public comment. We'll take Mr. Hampton's questions or comments. And then the budget, well, we've already seen the glimpse of it. I think, but we still need to take affirmative action on item one or a key to the budgetary map. And that should be fairly quick given the discussion you've already had. So we can call the public comment speaker, which is Nina Chomsky. Is Chomsky? Yes, I've just done muted. Can you hear me? Yes, we can go ahead. Fine, thank you. I'm speaking tonight on behalf of my Linda Bistamma's Association Board, but also I have a personal comment. Number one for our Board, neighborhood relationships and protection and security are at a good situation now between the neighborhoods and the RBOC and Mr. Dunn and the staff and they need to stay that way. Several of the documents say that good neighborhood relationships are essential to going forward and I would agree with that and I think our board was. So cutting costs or changing the way we do things that have been so successful recently is that it's not a good idea and the money involved is not part of this giant amount of money involved. So we should say with good neighborhood relationships. As to the Eroio, this is another board comment. Intense commercial development or just commercial development with hotels and retail malls and all this, I don't think it's going to go anywhere with impacted neighborhoods and these are all the neighborhoods around the Eroio and below the freeway. And we should remember that there are hundreds and hundreds, if not thousands, of environmental activists in this area who are working to naturalize the Royal. So we've got to balance naturalization efforts with whatever ideas come forward for further development, shall we call it, or events in the Roseville. Now, here's my personal comment, and I've spoken to some of you, and I've advocated for this. We must do whatever we can, and that would include the World's Greatest Bond Council. It might include the World's Greatest Effort on changing federal law as needed, including whatever advice we need to get out of the terrible situation with the BABs and the drag on anything and everything that we want to do with the Rose Bowl and to get out of the situation. And we must end up with some kind of situation where the ads are refinanced and are sustainable over a long period of time. The bomb situation is not in my desire to understand. It is not sustainable. And yeah, there is problems with the documents. There may be problems with federal law. We are never going to have more opportunities than we have now problems with federal law. We are never going to have more opportunities than we have now that change federal law with everyone from California involved in Washington. Now is the time to do whatever has to be done to get out from under the terrible bond situation. And if I'm blaming the past, yeah, there's some blame in the past, we should commit ourselves to get out from under the situation going forward. And then we wouldn't be in such a bad situation as we're talking about today. Thank you. Thank you, Ms. Johnson. Mayor, that completes public comment on this item. I would just note that the City Clerk's office received nine letters in support of the Rose Bowl operating company, and some also stated concerns regarding the Rose Bowl and its financial challenges. And those were distributed to the council posted online and are part of tonight's meetings record. Mr. Hannon. Thank you so much. Thank you for the presentation. As you said, Mayor, this is definitely an issue. I think it's going to take all hands on deck and all of us working together. And as a rest of my colleagues have mentioned, you know, I think that we put all our heads together. We could definitely figure out a way out of this storm. It may be something that, you know, we're just not seeing right now, but I didn't want to ask some questions about, you know, I have it and be on the PCOC board. And I did notice that, you know, throughout the presentation and as well as the documentation that was given to the PCOC and I haven't asked anybody over the PCOC, but I feel like I would have gotten a response back or was the PCOC consoled? I'm sorry, I missed the last point. We make the list. You broke up. Okay, I'm sorry. The PCOC went. I think it's a second-salted, Mayor. Where they involved in this at all. And I think you know from an answer perspective. I'm sorry. I'm sorry. I don't know what happened. I got kicked out and I got back in. But my question was was the PCOC consulted in this. I feel like we would have had a conversation about some of the recommendations that the Rose Bowl. Because at the end of the day, we have a business center. And, you know, we definitely rely on the Rose Bowl. I mean, you know, people come to the city of Pasadena because as you mentioned, it is a beautiful iconic stadium and it is something that we should all rally around. But I don't remember any of the consultation. Mayor, I can answer that. Mike Ross and I have been talking, I think we've talked two or three times in the past week. They were not consulted in terms on the report that was done by CAI icon. That was their own work. However, you know, we're talking and I think we as early as recently as you know, really this afternoon, we spoke and recognizing that really the key is that the two sides, if you would, need to become that one side and we need to really enhance the communication. It's good, but this is the time we need to go to the next level. I think we both understand that. Yeah, I thank you. Thank you, Darrell. I really appreciate that. I think that we need to be talking. I think that there are some synergies there. And I think when we put together the ed hoc committee that the mayor is talking about that we have that discussion. You know the ice skating center in the Royo. I think that there had been some conversations about that before and you know the ice skating center and the convention center is something that is very fantastic to us and it actually you know generates revenue for the PCOC and we're very proud of it that's why we recently spent about a little over half a million dollars getting the facility back up so that it is good for another 25 years. So in the reported, as if the Ice Kidding Center was no longer a viable or had only a very short shelf life. And if there was some consultant with the consultant company, they would have found that out that he just recently spent money on updating the ice candy center. But that's in the weeds, that's in the heat of the heat of the heat. I think that there's definitely need to figure out where our synergy is. And we all need to work together as well as really at the end of the day anything that Rolls-Bull wants to do. Instead of bringing great ideas, saying, you know, minister Grop, ice skating. You're breaking up. Sorry. Hold on, let me see if this will make it better. At the end of the day, anything that world's world wants to do is work. Oh yeah, is this better? Do you guys better? Can you hear me now? Is that better? Yes. Is that better? Yes. Okay, cool. Verizon. Yeah, can you hear me? Can you hear me now? You got to move around. It's like sprint nowadays, Verizon, I don't know if you wanna know. Anyhow. So, anything that the roles will want to do moving forward, I think that the Council members are all correct on Council over Kennedy alluded to it right on point as well as me and Tom Ski and Hermel Remarks about, making sure that their neighbors are fully engaged and fully involved in the discussion and also contributing factor of the idea. So when the ad hoc committee comes around, I hope mayor that it's a public ad hoc committee so that we can start that dialogue with the neighbors. I'll reserve the rest of my questions. I had a lot of questions about the budget and everything that I read. But I know that we want to get out of here by 615. And we've got three more minutes before that number hits. But I am grateful for the Roseville staff and the work that they have done, especially within the past four years when it comes to neighborhood mitigations, the east part of the royal and not to take away from the west side of the royal thing, passing the royal one past the other royal, is detrimentally impacted by all the traffic that comes in and out as well as the buses. And I would just have to say that the plan of action to get cars out of the Rolls-Wall quicker, the plan of action could take the east side of the rollo. Since I've been elected and docked in the Dero and this team, I have to say that the neighbors greatly appreciated it. So I just, you know, we just got to keep that conversation going and keep the dialogue between the neighbors and the roles role and we'll figure out a solution altogether. Thank you, Mayor, for the time. Absolutely. It's every, it's involving the public. It's a paramount. Absolutely. Especially those directly impacted. You know, it's going to be doubly important that we listen carefully, that we have a public process on these or any other suggestions that may serve this. What's the will of the council here? Do we need a full budget presentation? I think we've got an a sense of where we are, but I think we're, if everybody wants a full presentation on what we know is an intermediate budget, if you will, then we can have a full presentation on we can just try and leave our timeline. What's the will of the council? We need a full budget presentation, Mr. Wilson. I thought you were here. For me, I don't think it's necessary. I read the budget packet and it's kind of hate to say the elephant in the room is trying. You know, what we're talking about. And I think this is a good initial discussion around a lot of hard work that's in front of us. So I don't have any specific questions. I did either chance to go through it. It's pretty clear. There are specific questions. We can entertain those now or you can submit them. But I think we get a sense of where we are, which is the reports before us, the budget's before us, and the medical discussion. Mr. Assistant. I'm sorry, good. Tell us about the student. Eric, I don't need a presentation. Thank you. Mr. I was just going to mention that really may come with this. There's a lot of variability with this budget. So I'm not sure it's in your best interest to spend thousands of hours digging down to every dime knowing that there's going to be a lot of variability. We just don't know how the pandemic's going to unfold. I think it would be best if we got this budget. This is our start point. Six months from now, we come back in the fall without a clearer picture of what's going on in terms of reopening the stadium in terms of college football. This budget, in some ways, it's a five minute presentation tonight. Another way is if a six-month process to understand what can happen this year. And I would suggest that we defer, you will be able to adopt it if I did, but a discussion can be deferred for six months on this one. Mayor, what's plenty of opportunity? It sounded like they stopped, was it Dan's response as well, that there would be a more complete discussion based off the, where is it 12 to 16 weeks of digestion on the options? It may be we commit, or the RBOC commit to some sort of check in in maybe four months or something like that, or the opening up the venue is more obvious and then you get that phase two scrub. Absolutely. Four or five minutes, we'll go back with that second analysis on the list that they referred to plus and up in on the budget. I think this is going to be an ongoing discussion. It's to advance some of the forms and we will have it back. I don't think, even if we wanted to, I don't think we could have. We will have a back. I don't think even if we wanted to, I don't think we could have. Ms Williams. Here, can I make a motion to approve the budget and then how do we incorporate them coming back in four to six months and then the ad hoc committee? Does that need to be an emotion? No, I think the ad hoc committee does that need to be in a motion? No, I think the ad hoc committee will, I'll just, I mean, I've made the announcement and I want to thank those of you who agree, I think it's a good mix of people and I think the rest of the council for supporting us and moving in that direction. And when we back believe it is, it's, it's, it's, it's, it's, it's an important subject for all of us and certainly for this council. And technically you're just receiving and filing this. We only we adopt the whole budget and entirely believe to all of us. So let's end on a good note. Mr. Dunn, we are planning to have a football back in person at UCLA. And we're hoping that UCLA knocked out of of park. And then we've announced. The RBOC has announced a few. Concerts that have been booked. Do you want to just read for some of that? Sure, yeah, we are excited about the UCLA season. I mean, our partnership with Golden Voice, they've announced two music festivals. One for November, one for May. We expect a third announcement coming soon. And also, you know, July 4th, we did our press release actually today on that as well. We were proud to say we have a pretty strong partnership with JPL for July 4th this year, which we're excited about. Oh, you know, this's this is a this this this budget is probably about as conservative when the green is to headline Mr. Don as we could get but we have to be very conservative but there's a there's a raise of sun coming over to your Royal and one of them is UCLA, going back and then a partner, EEG, and Alamed Simu, as music plays. I think he's captured the spirit of the fiscal year 22 budget, which was to be reasonably appropriately conservative in terms of revenue projections and reopening costs and so forth. So yes, there is some upside potential on these things. I hope you don't want to promise those things, but yeah, I think it's fair to say there's some upside potential in these things. And the small events, you know, I remember the days when small events generated $500,000, $1500, and even during the pandemic, we've, you know, there's good news. Mr. Gunn, Mr. Haderline, what total revenue on small events has grown to nearly $4 million now? Well, all events used to mean small revenue. Now it's, as you say, up to $3, $4 million. And Darryl and Jens and Company have done a great job of putting that together. And it is a bit of a unique story in that not every stadium as they will be able to pull that off. We've been benefited by the efforts there. And it has turned into a positive story there. We look for that to continue. So even during crisis, there's been revenue generation, you know, three, absolutely. Three to four million dollars is driving theaters and Jurassic parks and everything that they could think of and come up with the make a buck was going on down there. And between you and me, I didn't think some of those things would make money, but they're making money down there. So good for them. People love fun. And funnel cakes. A couple things, I appreciate the excitement about enterprise events. Numbers are a little bit enhanced. It's about half of those numbers, but it is still, we're setting records. And we are doing amazing things continually, although this Sunday is a flea markets back, so if anybody's have anything to do, read it back. I need a couple of questions, Consus, so I'll be. Let's go ahead and ask the audience. I just wanna point out in the staff report for the budget on top of page six, it says currently an opening date of August 29th, 2020, obviously that's just to be 2021 for UCLA. I assume that's typo in the budget book. All right. Is that, is that, if we catch that Mr. Don's thoughts with Vice-Mervals? Yeah. We just a title. Yeah, we'll correct that in the final version. And so, all entertain a motion to receive and file the budget report and look up to it. We're not the entirety of the budget. So move Local to receive and file councilmember Hampton. Yes, councilmember Kennedy. Yes, councilmember Madison. Yes Councilmember Moussouda. Yes. Councilmember Revis. Yeah. Councilmember Williams. Yeah. Vice Mayor Wilson. Yes. Mayor Gordo. Yes. Motion is passed unanimously. Thank you, everyone. Mr. Hadarline, please thank all of your colleagues and our friends for all of their work and efforts. Absolutely. I will pass along the good words and we look forward to continuing to work together. Great. Thank you. Mr. Madison, final say and then we'll adjourn. No, I'm grateful as well, Mayor, to all the good work by Dan and Josh, Darrell, Steve, the entire board, all of the stakeholders. We've got a good thing here and we'll get through this and it'll be sunny days again. Like I said, there are rays coming over your oil. Okay everyone, we're adjourning. Thank you. Good night. Thank you. Good morning. Good bye. I'm going to go to the next room. I'm going to go to the next room. I'm going to go to the next room. I'm going to go to the next room. I'm going to go to the next room. I'm going to go to the next room. I'm going to go to the next room. I'm going to go to the next room. I'm going to go to the next room. I'm going to go to the next room. I'm going to go to the Thank you.