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[Randy Brock (Vice Chair)]: Yes. We're live. Welcome back, everyone, to the Senate House Conference on s one twenty seven, the omnibus housing bill. It is the May 30, the last day. No, second to last day, but the last, we'll see. And it's now 207. I wanna set the stage by saying
[Alison Clarkson (Chair)]: It's not 307.
[Randy Brock (Vice Chair)]: 207. 207.
[Alison Clarkson (Chair)]: Oh my god. Like
[Kesha Ram Hinsdale (Member)]: Don't do this to someone else.
[Alison Clarkson (Chair)]: Don't do this to me.
[Randy Brock (Vice Chair)]: I wanna set the stage by saying when I started this, the first thing I said as a kind of understanding is that nothing is decided till everything is decided. The reason for that rule is that my experience has been in the negotiations, particularly as they go on late in the day, people say things, bundle things, then they didn't mean it or they thought they said something and they didn't say something or they said something and it was wrong. And I think no one here is attempting to act in bad faith. So we think we understand what the order of things was and you think differently and that doesn't bother me in the slightest. It's not an atypical situation. That said, we agree. We have a deal.
[Jessica (Legislative Counsel/Analyst)]: Thank you.
[Cameron (Committee Staff)]: Thank you.
[Randy Brock (Vice Chair)]: Do you hear me, Allison?
[Kesha Ram Hinsdale (Member)]: Thank you. Thank
[Alison Clarkson (Chair)]: you. And thank you for this step for really creating a new tool for housing Thank you. I'm kissing. I'm sending blowing you a kiss instead of shaking your
[Randy Brock (Vice Chair)]: hand. Allison, we're gonna
[Cameron (Committee Staff)]: show you just
[Randy Brock (Vice Chair)]: in just a minute. But let's what's happening I is
[Cameron (Committee Staff)]: just have a drafting question.
[Randy Brock (Vice Chair)]: The cap is three zero. So
[Cameron (Committee Staff)]: page 49. Yeah.
[Jessica (Legislative Counsel/Analyst)]: The slab up.
[Cameron (Committee Staff)]: This is the adjustment of percentage. Right. And you moved it to tenth year. Yes. Okay. So again, this is not my bill. So I'm just trying to Yes. Make sure
[Randy Brock (Vice Chair)]: It's fine.
[Cameron (Committee Staff)]: I's dotted. No. No. That's fine. When you read it, during the tenth year following the creation of a housing development site, the municipality shall submit an updated tax increment financing plan. You get down here, based on tax increment financing debt actually incurred in the history of increment generated during the first five years, Or is that also supposed to be ten?
[Kesha Ram Hinsdale (Member)]: Should we 10
[Cameron (Committee Staff)]: Okay? Thank
[Kesha Ram Hinsdale (Member)]: you. Is
[Alison Clarkson (Chair)]: Jessica there?
[Kesha Ram Hinsdale (Member)]: She's not any longer here. Can we find her? Yep. She's right outside. Jessica.
[Alison Clarkson (Chair)]: To We'll get five years, but I think I would feel more comfortable if we had Jessica to confirm it, given she's the expert.
[Randy Brock (Vice Chair)]: Okay. But what I was gonna say is there's even with these little changes, he's having to finalize it for print it. So that will take about ten minutes. So could I ask you guys to just stay with us here? And then because we have to do is we have to sign one, all of us. And then I Allison, what is the methodology you can use? How can we have Alison sign it?
[Alison Clarkson (Chair)]: I'm gonna share it with you because Delia enabled me to do this. I have a virtual signature I can email to Anna Grace. Or whomever can apply it. Cam, do I send it?
[Randy Brock (Vice Chair)]: Probably Cameron? Cameron.
[Alison Clarkson (Chair)]: I will send it to Cameron.
[Cameron (Committee Staff)]: I can try.
[Randy Brock (Vice Chair)]: Yes. I can try. We'll either that or we'll just sign your name now.
[Cameron (Committee Staff)]: If we have, we can get Delia in here too.
[Alison Clarkson (Chair)]: Can sign my name to anything.
[Cameron (Committee Staff)]: No, but she can help.
[Randy Brock (Vice Chair)]: Let's get
[Alison Clarkson (Chair)]: So it. Need you to Cam, I will email you my signature, okay? Okay. This is embarrassing. I can't believe I'm saying this on YouTube. I don't know how to Can I just move you over as a screen and then send it to you?
[Jessica (Legislative Counsel/Analyst)]: You can just ninety days email.
[Kesha Ram Hinsdale (Member)]: Don't know what to Just
[Jessica (Legislative Counsel/Analyst)]: move your email and it'll stay on.
[Alison Clarkson (Chair)]: Yeah, ninety days that's Okay.
[Jessica (Legislative Counsel/Analyst)]: You can work
[Cameron (Committee Staff)]: this this don't think way. I'll find it.
[Jessica (Legislative Counsel/Analyst)]: Way unless you actively leave the meeting, senator Clarkson.
[Alison Clarkson (Chair)]: Okay. I I I'm doing it. I'm saying this to Cam and to you.
[Kesha Ram Hinsdale (Member)]: I don't think it's highlighted anymore because we had agreed to it. That's all I
[Cameron (Committee Staff)]: was saying. On page
[Alison Clarkson (Chair)]: You can also cc Delia on it. I will That might be helpful.
[Cameron (Committee Staff)]: Page 42. Okay. The bottom, under sub three,
[Jessica (Legislative Counsel/Analyst)]: under the That was
[Cameron (Committee Staff)]: Yeah. Increment generated. Is it five years or ten years?
[Jessica (Legislative Counsel/Analyst)]: It's ten years. Years. Well, you know what? Gonna do ten, right? Oh, I read the language.
[Kesha Ram Hinsdale (Member)]: I'm sorry. I'm gonna get confused
[Jessica (Legislative Counsel/Analyst)]: about it if I don't. Because 40 Is
[Alison Clarkson (Chair)]: Jessica in the room to confirm?
[Randy Brock (Vice Chair)]: Yes.
[Alison Clarkson (Chair)]: But
[Randy Brock (Vice Chair)]: Jessica.
[Cameron (Committee Staff)]: Here. Thank you. You want to turn it up?
[Jessica (Legislative Counsel/Analyst)]: Candy? Right. I believe that that should say the first five years.
[Alison Clarkson (Chair)]: Sorry. That's what I thought.
[Jessica (Legislative Counsel/Analyst)]: Because what happens is you incur debt for five years, and then you retain the first five years of debt. And then at that fifth year marker, you look to see if you're on track to continue to retain for the next five more years, ten more years, because you're debt for twenty years. So you incur debt for five, retain for twenty. But I will double check the TIFF statute because that's what this should be mirroring. And hold on. I'll get
[Cameron (Committee Staff)]: BHFA, if I add that back. Alright. Just give
[Randy Brock (Vice Chair)]: me a quick second, then I can
[Kesha Ram Hinsdale (Member)]: Cameron.
[Cameron (Committee Staff)]: Yes, ma'am.
[Kesha Ram Hinsdale (Member)]: Very important point. I am being extremely sarcastic. For some reason, they combine my old unmarried name with my, there's an old middle initial in there.
[Cameron (Committee Staff)]: The K? Does that go out? Yes.
[Randy Brock (Vice Chair)]: Oh, Keisha K? Keisha Keisha?
[Kesha Ram Hinsdale (Member)]: Not. I'm not. I don't even know why I looked at that, but That's no
[Alison Clarkson (Chair)]: good. Not. I'm gonna be right up there. We
[Cameron (Committee Staff)]: didn't really talk about it much, the effective date. Everything is July 1. So what what it will be is July 1 with the repeal of the landlord certificate going into effect on passage, and then the VHFA thing we talked about going into effect on passage. Everything else is July 1. Alright. Very important aspect of the business. Okay. Okay.
[Jessica (Legislative Counsel/Analyst)]: Okay, it says, during the tenth year following the creation of the tax increment financing district, the municipality shall submit an updated tax increment financing plan to the council, which shall include adjustments and updates of appropriate data and information sufficient for the council to determine based on tax increment financing debt actually incurred and the history it should say ten years. And the history of increment generated during the first ten years.
[Cameron (Committee Staff)]: Yep. Good. Page 49,
[Kesha Ram Hinsdale (Member)]: we should change the five to 10. It
[Cameron (Committee Staff)]: should be 10 to 10. You should really chirp you off though.
[Kesha Ram Hinsdale (Member)]: You have no idea.
[Alison Clarkson (Chair)]: It just makes sense
[Cameron (Committee Staff)]: because No idea.
[Jessica (Legislative Counsel/Analyst)]: Sense because you can retain debt for twenty years, so you'd wanna check-in at the halfway mark.
[Kesha Ram Hinsdale (Member)]: Just just wanna make sure you felt like you understood the 200,000,000 and where it
[Jessica (Legislative Counsel/Analyst)]: every year for the next ten years so that the total amount is $2,000,000,000
[Cameron (Committee Staff)]: I can't deal with that question.
[Kesha Ram Hinsdale (Member)]: Think so. Because
[Jessica (Legislative Counsel/Analyst)]: the reason that I'm confused, and I don't want to have to come back, is that when the spreadsheet was being explained in the $40,000,000 was there and not the $200,000,000 it said, approve no more than $40,000,000 in aggregate life time education property tax increment retention. Yep. But then somehow it conflated to VEPSI would only be able to approve $14,000,000 a year. No.
[Cameron (Committee Staff)]: Yeah.
[Alison Clarkson (Chair)]: Okay.
[Randy Brock (Vice Chair)]: No. Yeah.
[Cameron (Committee Staff)]: Okay. So
[Jessica (Legislative Counsel/Analyst)]: I just wanna Yeah. 200. Okay. Because when I'm writing these guys, I'm gonna be putting in that you guys are good with 200,000,000 And then
[Kesha Ram Hinsdale (Member)]: last night, too, I mean, we should probably make sure we all have the same understanding of what that meant. That was the amount of increment that could be retained.
[Randy Brock (Vice Chair)]: Retained increment ended up $40,000,000 now it's 200.
[Kesha Ram Hinsdale (Member)]: Okay. Okay. For the of the twenty year lifetime of What was the $14,000,000 was that the difference? No, the 14 was a concept of how we arrived at 40.
[Randy Brock (Vice Chair)]: Yeah, it's an intermediate over in the formula.
[Kesha Ram Hinsdale (Member)]: That's okay. Alright. I just wanted to make Okay.
[Jessica (Legislative Counsel/Analyst)]: Alright. I just wanted to make sure that when we when we want this program, we are going to be able to tell that we have $200,000,000
[Kesha Ram Hinsdale (Member)]: of it was to approve. It was their exposure.
[Randy Brock (Vice Chair)]: Wait. Wait. What we need we should stay alive
[Cameron (Committee Staff)]: to sign.
[Randy Brock (Vice Chair)]: To sign. So I'll tell you what we're doing is
[Cameron (Committee Staff)]: we're in
[Randy Brock (Vice Chair)]: recess until we'll come back for signing. But right now, we're just dealing with