SmartTranscript of S.127 Committee of Conference - 2025-05-29 - 7:45PM

Select text to play as a video clip.

[Speaker 0 ]: I'm so sorry. [Speaker 1 ]: You're Appreciate that. Thank you. [Chair Marc Mihaly]: Welcome, everybody, back to the senate accounts conference on s one twenty seven, the omnibus housing bill. It is still on the twenty ninth at seven forty five, and we are back in session. And you guys, I know, have been doing some talking, thinking, and working. Yes. So would you like to tell us what you've come up with? [Speaker 1 ]: We would. So we are still at an increment of seventy five eighty five. We're willing to cut forward with affordable and not including moderate. And we took you seriously when you said, what is a cap we could live with? And we took that seriously. And so we looked at what our housing needs are, and our housing needs are fairly substantial. And we looked at what Chris Donnelly in CHT has said is the average cost of infrastructure for you. And we have work figures based on that. And so we have, we know that we need seven thousand five hundred new units of housing every year. We and we, work with Pepsi to figure out how many that that might conceivably be financed with a CHIP program. And that was about thirty seven hundred and fifty [Chair Marc Mihaly]: units. Yeah. [Speaker 1 ]: And so we are looking at we're looking at two hundred million. And we have Patrick Titterton has done the workout on this. He's bringing it up to you because we added an additional column of what additional revenue to the Ed Fund it is. So we have done that, and Patrick will be here in about five minutes. [Speaker 0 ]: We had two small And we had two small additions. Additions. [Speaker 1 ]: You wanna mention? Sure. [Speaker 0 ]: So we feel pretty strongly about the ten years. Maybe that was already decided. [Chair Marc Mihaly]: We already agreed [Speaker 0 ]: to. And we haven't noticed that there was a five year look back at the cap. It wasn't even a report. It was a review. Some kind of review on my prescription. Yes. Recommend. [Speaker 3 ]: Right. [Speaker 0 ]: Yeah. You know, without too much without going too much into, you know, how how Jessica and Pepsi folks have felt about this process, We, at this point, just feel this is entirely unnecessary and that, you know, Pepsi's been through quite a bit. [Chair Marc Mihaly]: And we have the annual report. [Speaker 0 ]: We have the annual this is so much reporting. [Chair Marc Mihaly]: We just felt that reporting that Pepsi does. [Speaker 0 ]: Yeah. For two people that they I mean, maybe they're gonna get another person or two one day. [Speaker 3 ]: So I think Well, I already [Speaker 1 ]: suggest that when we chatted about that our our first meeting. Oh, yeah. But if we're gonna give them all this work, we need more people and fancy. [Chair Marc Mihaly]: So I think the discussion was [Speaker 3 ]: if the cap is at two hundred million, then you don't really need the next two subsections. [Speaker 0 ]: I mean, Matos still loves if you want five million more dollars, go for it. [Speaker 1 ]: Just in case we build another fifty units. [Chair Marc Mihaly]: I know. [Speaker 1 ]: Anyway, we a path is here, [Speaker 0 ]: but we're willing to let that five million go. [Chair Marc Mihaly]: Have have that approval there for that five million. So we took [Speaker 1 ]: we took you seriously, and we worked out our numbers, perhaps. That's great. And we have come up with a number that we think, we, could [Speaker 0 ]: And that we have confirmation, that the administration could sign this bill. This is it. I would like to go home and watch my daughter close her eyes. [Speaker 1 ]: We have yin and yang experiences going on. [Speaker 0 ]: She's not letting her [Speaker 1 ]: eyes and mine's getting married. [Speaker 0 ]: I know. I I think we should all give Allison some credit for missing and her son, [Speaker 1 ]: the lovers. I've been such a [Chair Marc Mihaly]: big one. Unless, of course, you really wanted to skip the day. [Speaker 1 ]: Right now. I'm holding over here. We're on camera. [Speaker 3 ]: We're on camera. Oh, we [Chair Marc Mihaly]: are on camera. Oh, we are on camera. Yes. We're not doing We're not like happening. Right. Okay. So that's Oh, whoops. [Speaker 1 ]: They really are there. [Speaker 0 ]: Oh, do you want the spreadsheet? [Speaker 3 ]: Yes. I would love to see the spreadsheet. [Speaker 1 ]: Your spreadsheet. Spreadsheet is here, and Patrick has done Nolan's work [Speaker 0 ]: in speeding. You, Patrick, for staying. But spreadsheet ended up being hitched. [Speaker 3 ]: So it's, ten years for the Pepsi adjustment to the increment is what you're talking about. Mhmm. Right on the projects? Yes. [Speaker 0 ]: And no five year, whatever that was. So no five [Speaker 3 ]: five year adjustment of the cap to review it because there should be sufficient money anyway. Any reports. [Speaker 1 ]: It's even more than we thought. It's thirty eight million back to the end fund. [Chair Marc Mihaly]: My math was incorrect. No. No. Your [Speaker 1 ]: math was very close. [Chair Marc Mihaly]: Switch this year. Sorry about that. Okay. You're welcome. Bye, Mary. What's that? Oh, [Speaker 3 ]: this is your pen? That's [Chair Marc Mihaly]: oh, there you go. [Speaker 3 ]: I have several pens going right there. I think most of them are yours. [Speaker 1 ]: So I think that is where we are. Alright. [Speaker 3 ]: Okay. So Any comments from, my fellow? That's two hundred a year, what are you looking at, the maximum exposure, and you did it over ten years. [Chair Marc Mihaly]: Twenty years. Two no. Ten year period of [Speaker 0 ]: Oh, okay. But it's a twenty year Chip. [Speaker 3 ]: Excuse me. [Chair Marc Mihaly]: Right. Right. [Speaker 3 ]: Twenty year increment retention, but ten years of issuance. Yeah. Correct. And it's the assumption is seventy percent. What'd you use for the increment? [Chair Marc Mihaly]: Seventy five. Seventy five. [Speaker 1 ]: Seventy five, eighty five. [Chair Marc Mihaly]: But [Speaker 3 ]: eighty five is not in it. It's just seventy five. [Speaker 1 ]: Just just seventy five. [Speaker 3 ]: Eighty five percent. Okay. Ten year tranches. K. So the maximum exposure according to this is thirty eight million to [Chair Marc Mihaly]: the education fund portion. [Speaker 0 ]: That's not exactly sure. [Chair Marc Mihaly]: New column. Yeah. Yeah. If we added in just what's the Ed Fund portion, that would be That's revenue. Mhmm. So education tax increment. [Speaker 1 ]: To the Ed [Speaker 3 ]: Fund. Okay. Okay. Okay. Yeah. [Chair Marc Mihaly]: That is Just subtracting those. Yeah. [Speaker 1 ]: Because some of us feel [Chair Marc Mihaly]: you know, this is [Speaker 0 ]: We should look at that figure at the end and say, if if you're gonna fix your roof and invest in your house, you get that return on investment. This is basic economics. Good night and good [Speaker 3 ]: Good Any comments, gentlemen? Thank you for working through it. [Chair Marc Mihaly]: Yes. So I appreciate it. Yeah. And thank you. Patrick. [Speaker 0 ]: And everyone. Megan [Speaker 3 ]: Yeah. Yeah. [Speaker 0 ]: Everyone who Everybody first invited by somebody else. [Speaker 3 ]: Yep. Yeah. So thank you for going [Speaker 1 ]: So, Imran. [Chair Marc Mihaly]: Yep. It is. Writing. Yeah. Well, we we I think that is there any any comments? I mean, I only have one. I I'm not I don't wanna get deep into the numbers. I I think that, for me at least, I never saw a chip as being that powerful. I think it's more like fifteen, twenty percent of the units that are produced would actually be financed by chip. We basically don't know what you're I don't I know. Yeah. But I don't know what you think. I don't I'm not a chip expert. If if we have [Speaker 3 ]: the opportunity to fund that many new units per year [Speaker 1 ]: We'd be thrilled. Wow. [Chair Marc Mihaly]: We'd be [Speaker 0 ]: I I do wanna remind the house that last year, you came to us with a proposal not fully funded to get a billion dollars over ten years for three thousand units of housing. That's right. So this is a much lower cost per unit. And just wanna put that on the table as we talk about big round numbers. [Chair Marc Mihaly]: Yeah. [Speaker 0 ]: And I really Right. [Chair Marc Mihaly]: That's okay. [Speaker 1 ]: Alright. So That is what this is. So I was fifty. Yeah. [Speaker 3 ]: Alright. So [Speaker 1 ]: So what is our thought about going forward? [Speaker 0 ]: Well, she needs to know because she's not here tomorrow. But Well, I I'm always with This [Speaker 1 ]: is our thought about it. Always with you. Spirit. [Chair Marc Mihaly]: But I think we'll just absorb this and have to get back to Okay. [Speaker 1 ]: So I I don't think there's [Speaker 0 ]: any getting back to us. [Chair Marc Mihaly]: Well well, I think we're not gonna We need to know what they what they think. [Speaker 3 ]: This is a favorable, presentation, but we can't commit [Chair Marc Mihaly]: yet. You have to confer. [Speaker 1 ]: So I'm available from one to three. Yeah. Okay. Tomorrow. Tomorrow. That is my window for the opportunity. That is my window of opportunity. [Speaker 3 ]: My electronics and shit. [Speaker 1 ]: Yeah. Okay. Yes, ma'am. And and I understand from our secretary that that that's okay. [Chair Marc Mihaly]: Okay. That is okay. And, really, thank you very much for all your work. Yeah. Thank you, Jim. Really appreciate your time. Really continuously, this is, I think, really an excellent process, but we'll just absorb this and we can go offline. We're
Select text if you'd like to play only a clip.

This transcript was computer-produced using some AI. Like closed-captioning, it won't be fully accurate. Always verify anything important by playing a clip.

Speaker IDs are still experimental