All right. Good morning. It is Friday, May 9, 2025 at 8 o'3 am and I'm calling to order at the meeting of the McKinney Housing Finance Corporation. So the first item on the agenda is item 25-2758, update on 2025 McKinney Board and Commission Member Appointments. And who are we having? Awesome. Do you want to turn your mic? Should I start over? Should I start over? Okay. Good morning board members and city staff. I am Sheridan Burns, the administrative assistant in the city secretary's office. Today I'm here to provide a quick update regarding the boards and commissions member appointments process. This is the time of year we begin to accept applications for McKinney residents who wish to serve on a board or commission, including current members who are seeking reappointment. On Tuesday, August 26th, the McKinney City Council will appoint members to various boards and commissions with the term to begin October 1st, 2025. To be considered interested individuals, including current members, with terms expiring in 2025, most complete an application and participate in an interview. The application can be accessed online through the city's website and the deadline to apply as Friday at June 20th. Interviews will be conducted in July and August. If you are a current member who wishes to be a reappointed, you will need to reapply using your email address on file to update your existing application. And that's in granicose, I've learned so. In addition to preparing for service for the board, newly appointed, and reappointed members must complete open government training before October 1st and any other assigned trainings. In accordance with the board and commissions, eligibility process, housing finance board members can serve up to two consecutive terms. If you're referred to the second page of the text file, you will find the current community grants, not community grants. The current housing finance roster, which reflects, I believe, three board members that are eligible for reappointment in 2025. This concludes my update and I'll stand for any questions. Thank you. Any questions? Perfect. Y'all have a good day. Thank you very much. All right, there were no bullet comments ahead. So go into the consent items. Item 25, 27, 59. Minutes of the McKininney housing finance corporation meeting of March 14th 2025. So the minutes are attached and I'll give everyone a moment to review them and I'll entertain any motions to approve. All motion to approve. Aye, second. Sorry, I was looking at that. First motion by Miss Emery, seconded by Mr. Shuro. All those in favor? Any opposed? All right, motion carries. All right, the next item is reports and then we'll have a report on 252760 the Community Land Trust update. Thank you Mr. President. I've attached in your packet today just an update to where we currently are with our Community Land Trust. We have recently surveyed 3.6 acres and we have a preliminary site plan with at least 20 town homes. We've had a pre-development meeting and we're looking to make sure that the site is a feasible study and what we can build on it so we're super excited about that. We are currently working on a request for proposal to find a development firm to help us with this entire process and then we're looking to rezone the land within the next three months. So we were definitely moving forward and we're excited to come back to you in the future let you know what we're doing next. I'm happy to answer any questions. Assuming all goes as planned when we'll be hoping to break ground on it. That's a great question. Resoning would be you know three to six months and then we're probably looking at nine months. Awesome. Nine to 12 months. And what's our cost for the land out of that? The land was donated to us by the city. So the city currently owns the land so we did not have to purchase the land. Would we have expense in like, would we have to pay, would we be paying to using our money to develop it, like taking out a loan and paying the developer, would we partner with the developer or what? We would partner with the developer to come in and do that and then also there's other money available that we can apply for. Okay. Any other questions? All right, going to the regular agenda items. Item 25, 2761. Consider Discuss Act on a resolution of the McKinney Housing Finance Corporation, authorizing the issuance of McKinney Housing Finance Corporation, Multifamily Housing, Subordinate Revenue Bonds, Milstream Apartment Homes, Series 2025C, an amendment and amended and restated subordinate bond finance agreement and a regulatory agreement authorizing the execution of documents and instruments necessary or convenient to carry out the issuance of bonds and other provisions in connection therewith. Do we have a presentation, Mr. Transil? President, I miss the orientation on the machine, but I think it's the red lights on, so I think I'm okay, right? Mr. President, members of the board, I'm Bob Drantzell and I'm an ordinance full bright. This item that you have seen in terms of the poor you today is one that you've seen before. This is in connection with the Milstream Apartments. That was initially financed through you all in 2023. This is now additional bonds 2025 C. It's a $2 million amount. If you adopt this resolution or authorize the issuance of those particular bonds at $2 million amount and then do the amendments to the financing agreement associated with that will also be a deed restriction put as we did in 2023 put deed restrictions on the property. So it's a straightforward process. We held a tepfor hearing on Wednesday. That all was one of the requirements for federal tax exemption. The project is a private placement with merchants, bank of Indiana, just as it was before. So this is really providing funds to help finish the construction of the project if you will. And with that, I know you're well familiar with it, but I'm happy to try to answer any questions you might have. Okay, questions. All right. If there are no questions, I'll entertain a motion to approve. I'd like to make a motion to approve. I'll second. All right motion by Mr. Surar, seconded by Ms. Brandon. All those in favor? Any opposed? All right motion carries. Thank you Mr. Ritzman. Next item 252762. Consider discuss act Act on the MHFC 2025-2026 budget. We have a presentation on the budget. There's not a presentation, but there is an attachment of the budget in New York. So the one that's currently attached is the 2526 budget and still in it we're proposing the same budget for this next year unless you guys would like any changes and you can move around the funding. So at a later date if you realize that we didn't spend all of that for one program you can allocate it to another program it's just the total dollar amount within within the budget that you wanna stay in. If we go over that dollar amount, is when we would have to go back to city council and do a budget amendment. I have a question. How are we looking on budget for 24, or yet for the year we're in now. Like what is, I know it's, the revised is sort of like we're having a flat budget. Like is that a re-inline to like meet the budget at this point? Absolutely, you guys, you haven't even, you haven't spend it, you haven't expanded all the funds you currently have here. So technically these funds you could roll over to the next budget or you could just start with the same budget and then amend it later as needed. With the development of the community land trust has there been any thought into like capitalizing that development from our group or not yet. You haven't moved just far as the financial side of it yet still trying to do the rezone and we're as we haven't moved that far ahead yet. If we wanted to do something we could always go back to council to ask for a. Yes. What's our bank balance right now? We're approximately. mm-hmm, you have, I'll have to pull it out, but there's over a million dollars. Okay. Bank account that's there. And you have a couple different funds because each of your developments that you've done, they all have different LLCs that are connected to those that you receive funding for. So annually, like today, the bonds that you're issuing, you get an annual issuance every year. So when you see that top part where you've got the $541,000, that's coming in annually. That comes in annually from issuing bonds. And when you continue to do more developments, there will be more income that comes in, not only than annual issuance fee, but also fees that you have at closing or application fees when developers submit for you to review their projects. How is the usage been on our like down payment assistance and other? I know we've sometimes we haven't always spent all that money. Right. Currently today we've only funded three. It is just it's a it's a difficult market to be funding home so we funded three homes so far this year And then we also had where was the bucket coming from for like the emergency assistance that you know There's a resident that needs a new AC right that is your TBD projects the $60,000 you have there. That is for projects that come up to be able to do that. And if for some reason, you need more, you could move it from one of the other buckets of something else isn't happening. If you're not spending the 25 homes at 5,000, you could say, you know, let's take 50,000 and from there 100,000 and move it to the other one. If you had a project that was presented to you that was over that $60,000 you could say you know let's take 50,000 from there 100,000 and move it to the other one if you had a project that was presented to you that was over that $60,000 And we don't have any like land purchases we know of on the horizon of anything we're actively looking at buying We're currently looking into some landfill lots but we don't have anything that's yeah With the rising cross costs across the board for the most part, do we have a plan in place or any type of emergency? Like for instance if we suddenly see a huge influx of applications and requests, do we just, do we have like an emergency flush fund that we have for something along those lines? My question comes from the thought of possibly we're going to see a lot more traffic in the near future. So with rising costs. So just kind of a general question really. And those applications are for what type of projects? Well, you know, housing rent, rental assistance, housing assistance. I'm sorry, I wasn't clear on that. That's okay. No, absolutely, we don't have a slush fund, but you do have additional funding that you could do a budget amendment later on to say we would like to allocate X number of funding to this. Or you can move around from the buckets that you have in front of you. If we aren't expending those, you can move those over. Okay, and I didn't mean to call it a slush fund. Yeah. Yeah, anything can be moved. Like, we've never spent out of the land purchases. So that could be considered a very large slush fund. We really needed to do something. How long is the process to amend the budget? Is it just like going to the next council meeting? It doesn't need to notice period or anything. Correct. And this budget, we won't actually take this. The first time this goes to council will be in August. So we still have time to make some adjustments, if you sit here, but in the future, If you decide that there needs to be a budget amendment, it's just getting it on the next city council meeting and presenting it to council and them approving it. to make some adjustments if you sit here, but in the future, if you decide that there needs to be a budget amendment, it's just getting on the next city council meeting and presenting it to council and then approving it. So that could be easily done in a few weeks for you if we needed something. Yes. And our counting fees and other services that are staying pretty steady? Yes. Any other questions? Well, I will entertain a motion to approve the budget. Motion to approve. And my second. Thank you, motion by Mr. Sharar, seconded by Ms. Brandon. All those in favor. Aye. Any opposed? Motion carries. Does anybody have any further items or discussion, any comments from the board or Crystal. All right, I'll entertain a motion to adjourn the re-sing. I was just going to ask on the, um, not the minutes, but on the first item we discussed for the board's and commission appointments. I don't see the attachment we were of the members that are their terms are due and Is that in our packet? Okay. We'll make sure to get you. Unless there's further discussion, I'll entertain a motion to adjourn. Motion to adjourn. Second. Motion by Ms. Emery. Seconded by Mr. Schroarr, all those in favor? Any opposed? Meeting adjourned. Thank you.