[Items 1 - 7.2 *A portion of this meeting is without audio*]
[00:13:13]
>> SHOUT OUT AND ASK A QUESTION IF YOU WANT ME TO STOP ALONG THE WAY.
[00:13:23]
AT THE AIRPORT CURRENTLY, WE HAVE 52 HANGER UNITS THAT THE AIRPORT OWNS, MAINTAINS AND[00:13:33]
RENTS OUT. IN THIS NEXT PROJECT THAT WE ARE DESIGNING NOW, WE ARE BUILDING WE ESTIMATE SIX UNITS. WE ARE GOING TO BUILD -- WE WERE FUNDED FOR DEPOSITS FOR NUMBER OF REASONS ONE I ANTICIPATE IT'S OUR WAITING LIST POLICY WHERE WE HAVE A PASSOVER POLICY. FOLKS THAT HAVE BEEN THERE FOR A LONG TIME AND WE TALKED ABOUT THE PASSOVER POLICY, THEY REALIZED THAT IF THEY WERE JUST SERIOUS AS SOME OF THE MEMBERS IT DID NOT MAKE SENSE TO BE ON THE LIST. IT'S TO KEEP THE LIST IN THE POSITION WHERE YOU CAN MAKE A GOOD BUSINESS DECISION. A LOT OF GROWTH CAME IN THE LAST THREE YEARS. SOME ABOUT 15 OR[00:15:04]
20 INDIVIDUALS WE GREW TO 72. IT SEEMS AS THOUGH IT MAY BE RELATED TO SOME OF THE DEVELOPMENT THEY WERE SEEING IN THE REGION.SO JUST SOME CONSIDERATIONS. I PUT SOME THOUGHTS TOGETHER. IT ONLY IDENTIFIES THE DEMAND FOR AIRCRAFT SECOND FIT OUR HERO. WE DO NOT HAVE A QUALIFIABLE DEMAND LESS. MAYBE A SMALL JET OR SOMETHING. I KNOW THE FTO IT IS DIRECTOR DEAL IN THE ARENA MORE BECAUSE THEY ARE AROUND INTERNATIONAL FOLKS. I DON'T HAVE A WAY TO REALLY IDENTIFY FOR THAT DEMAND LESS.
I KNOW SOME OF THE FOLKS ON THE WAITING LIST FOR ON MULTIPLE WAITING LISTS AND OTHER AIRPORTS AS WELL. AND WE DO KNOW THAT THERE ARE STILL SOME SENSITIVITY OF PRICING ON OUR LIST. WHEN WE HAVE OFFERED OUR ROW HANGERS WHICH ARE LITTLE MORE THAN $500 A MONTH FOR RENTALS. WE HAD FOLKS WHO ARE NOT INTERESTED BASED ON PRICING THAT WE NEVER HAD AN ISSUE. WE MAY GO -- THERE IS SUFFICIENT DEMAND AND WE WILL BUILD THAT TYPE OF HANGER. SO THERE IS A LITTLE BIT OF SENSITIVITY AND THEIR BUT NOT AS MUCH AS TO BE -- NOT ALLOW THEM TO FILL HANGER QUICKLY.
I KNOW SOUTH SHORE ARENA WHICH IS A COMMERCIAL AGENCY ARE BUILDING THREE ROW HANGERS.
THERE MOVING FORWARD. AND THEY WILL COMPLETE THE FINAL COLOR SELECTION FOR THOSE THREE UNITS. THEY WOULD LIKE TO MEET AT THE AIRPORT TO TALK ABOUT ADDITIONAL UNITS. BUT WE KNOW THAT IF YOU GO TO ADDITIONAL UNITS WILL EASE INTO THAT DEMAND.
>> (INDISCERNIBLE). >> YES, SIR.
>> IT WOULD TIMEFRAME? WHAT IS YOUR BEST GUESS IF THEY GO TO THE ADDITIONAL UNITS? WHEN ARE THEY GOING TO BE COMPLETE? JUST YOUR BEST GUESS.
>> WHAT THEY TOLD ME ON THE PHONE IS THAT THEY WOULD BE INTERESTED IN STARTING IN THE NEXT 30 TO 45 DAYS. BUT YOU ARE EIGHT OR NINE BUILT TO GET THOSE COMPLETED. AND AS WE ARE CONSTRUCTING THOSE UNITS, IF THEY WERE TO FILL THOSE THREE UNITS, THAT'S WHY THINK YOU'RE GOING TO PULL THE TRIGGER ON THE ADDITIONAL UNITS.
>> THANK YOU. >> AND ALL THAT SUMS UP AT THE BOTTOM, I DO NOT BELIEVE WITH THE FUNDING THAT WE HAVE FROM THE STATE THAT WE WOULD GET TO A POINT IN THIS NEXT ROUND PROJECT WHERE WE WOULD DEPLETE THE DEMAND ON THE HANGER WAITING LIST THAT WE HAVE. AS I SAID ON ONE OF THE OTHER SLIDES, IT WOULD BE A REASONABLE LEVEL LEVEL OF DEMAND MAKE SURE THAT WE CAN FILL OUR HANGAR WHEN WE DO HAVE VACANCIES.
SO THIS SLIDE -- WHAT THIS IS INTENDING TO DO IS TO PUT OUT A PICTURE -- I ALWAYS GET THE QUESTION WHY DOESN'T THE AIRPORT JUST TAKE OUT A LOAN AND GOING BUILD HANGAR IS. IF YOU CALCULATE THE DEBT IT WOULD HINDER ITS ABILITY TO MANAGE GRANTS AND FUND ITS CASH FLOW FOR CAPITAL NEEDS. OVER THE NEXT FIVE YEARS WE HAVE ABOUT $14 MILLION IN PROJECTS. A LOT OF THEM THE FUNDING IS FROM FAA AND DOT GRANTS. THEY DO REQUIRE A SUBSTANTIAL MATCH.
SOME OF THOSE PROJECTS ARE NOT GRANT PROJECTS AND ARE THE SOLE EXPENSE OF THE AIRPORT. WE'VE DONE WELL OVER THE PAST FIVE YEARS OR SO, FROM WHAT I CAN SEE IN GROWING THE RESERVE BALANCE. BUT WE STILL HAVE A LARGE AMOUNT OF INFRASTRUCTURE THAT WE HAVE TO MAINTAIN AND REHABILITATE AND KEEP OUR CASH FLOW IN WORKING ORDER IS SOMETHING THAT IS IMPORTANT TO THIS COVERSATION. BEING ABLE TO FUND HER CAPITAL AND MATCH OUR GRANTS. THAT IS GOING TO LEAD TO MANAGE OUR DEBT WISELY. WE DO HAVE CURRENT DEBT SERVICE ON THE TERMINAL WHICH WAS A REFINANCING OF SMALLER DEBT IN THE TERMINAL BUILDING IT WAS A $1.3 MILLION LOAN IN 2018. IT EXPIRES IN 2032. AS YOU SEE HER MONTHLY FINANCIAL REPORT, THE AVERAGE ANNUAL DEBT PAYMENT IS 115,000 YEAR. THAT DOESN'T EXPIRE UNTIL 2032. WE HAVE GOOD NEWS -- WERE 1331,
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WHICH IS A LARGE PROJECT WITH ABOUT $4 MILLION THAT WE USE IN PROGRAMMING NEVER EVEN WITH THAT, I THINK IT'S WISE TO ANTICIPATE THAT WE WOULD HAVE 700 SOMETHING THOUSAND DOLLARS ON PROJECT. WE STILL HAVE A LARGE EXPENSE DOWN THE ROAD. I THINK THERE WERE OTHER ANTICIPATED OPPORTUNITIES THE TWO LARGEST THAT ARE NO WORRY AS WE BUILD UNITS BASED ON THE PRICING OF THOSE UNITS IN NEW REVENUE WE DO HAVE THE RIGHT CREDITS, 50 PERCENT RENT CREDIT THEY PARTICIPATED IN FINDING FUNDING AND ONE THAT EXPIRES WHICH I ANTICIPATE COULD BE 2023 TO 24, THERE IS AN INITIAL $50,000 A YEAR IN REVENUE SERVICE. I THINK IT IS WISE TO SEE THAT IS COMING DOWN THE ROAD AS WELL. SO WHERE DOES THE MONEY COME FROM THE PRIMARY SOURCE IN THIS PROJECT OR ONE OF THE PRIMARY SOURCES IS THE STATE GRANTS. I THINK IT'S GOING TO BE A 50 PERCENT MATCH THAT'S WHAT I PUT ON THE SLIDE. AIRPORT FUND RESERVE SO WHATEVER WE CAN SAVE IN THE BANK, FOR THIS YEAR'S PROJECT, WE ARE SPENDING $500,000 OF OUR AIRPORT RESERVE BALANCE AND MATCHING THE $500,000 OR MORE -- IT'S ACTUALLY A $600,000 GRANT. I'M SAYING 500,000 FOR THE AIRPORT RESERVE AND 5000 -- 500,000 AIRPORT. THE ABILITY TO BUILD AIRPORT FUND BALANCE IS IMPORTANT. IN 2015, WHEN THE CITY DID AN RFP, SOMEWHERE AROUND $720,000 THAT IS ZERO PERCENT LOAN TO CONSTRUCT THE HANGER. SO THERE'S AN OPTION THERE IS A PUBLIC-PRIVATE PARTNERSHIP TO BUILD A HANGER. THERE IS NEW DEBT ISSUANCE SO REAL IS REAL DEBT OBLIGATION. IT COULD BE ANOTHER FUNDING SOURCE TO EXTEND OR LEVERAGE AGAINST THE AIRPORT RESERVE BALANCE DOLLARS AND THE GRANT. AND SO WHAT IT BOILS DOWN TO IS FROM MY THOUGHTS, MY TWO CENTS OF HOW WE KEEP THE AIRPORT HEALTHY WAS DEVELOPING HANGERS BY LEVERAGING MULTIPLE FUNDING SOURCES IN AN ATTEMPT TO MEET THE DEMAND OR BEST MEET THE DEMAND THAT WE CAN. BUT ALSO DOING IT ANYWAY WHICH WE DON'T HINDER OUR ABILITY TO MEET OUR CASH FLOW REQUIREMENTS FOR CAPITAL ALSO, NOT FORGETTING ABOUT OUR MAINTENANCE OF THE EXISTING HANGER FLEET A NEW HANGERS THAT WILL BE DEVELOPED AS A PART OF THE CASH FLOW AND TRYING TO FIND A WAY, IF POSSIBLE, IF WE COULD FIND SOME SORT OF A NET ZERO SCENARIO OR IS CLOSE NET ZERO AS POSSIBLE I THINK WE STAND A GOOD CHANCE OF MEETING OUR CASH FLOW NEEDS FOR THE AIRPORT. IF WE CAN FIND A SCENARIO WHERE THE REVENUE WE ARE PRODUCING MAYBE NEW REVENUE, GETS US CLOSER TO NET ZERO THE AIRPORT IS PERFORMING WELL AND WE ARE PUTTING MONEY IN THE BANK EVERY YEAR WE ARE BEING ABLE TO SAVE AND MEET THOSE REQUIREMENTS, IT GETS US PRETTY CLOSE. AND I DO NOT HAVE THE FINITE NUMBERS YET BECAUSE THERE'S A LOT TO BE DISCUSSED, BUT I THINK THAT IS WHAT I THINK WILL BE A GOOD WAY FORWARD IF POSSIBLE.>> (INDISCERNIBLE). >> YES, SIR.
>> BEFORE WE GET INTO THE COST ASSUMPTIONS, IF I GO BACK TO THE BUDGET PLAN, WHERE DOES THAT F SERVICE LINE ITEM SHOW UP IN THE FINANCIAL REPORT?
>> SO I THINK YOU CAN SEE MY SCREEN.
>> YEAH. I'VE GOT IT ON MINE, TOO. BUT GO AHEAD.
>> HE LIVES AT THE BOTTOM UNDER PRINCIPAL AND INTEREST 57 100, 57 200. AND YOU CAN SEE THE BUDGET, THAT'S WHERE I WAS MENTIONING IN THE BUDGET LINE THERE 79,004 PRINCIPAL 35,004 INTEREST AND SO FOR WE SPENT 17,800 AND INTEREST. THOSE ARE THE TWO LINE ITEMS FOR THE
CURRENT DEBT. >> YEAH. I SAW THAT LINE, BUT I THOUGHT WELL THAT DOESN'T AGREE WITH OUR AVERAGE ANNUAL DEBT PAYMENT OF 115,000.
>>. SO WHEN YOU TAKE OUT DEBT ACROSS THE 50 YEARS, THERE IS A SCHEDULE OF ANNUAL PRINCIPAL AND INTEREST PAYMENTS. AND I AVERAGED ALL THOSE PAYMENTS. BUT EVERY YEAR IS DIFFERENT.
AND I CAN PROVIDE YOU THE SCHEDULE FOR THE LOAN FOR THE AIRPORT I JUST RECALL 15 YEARS
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AND TOOK AN AVERAGE OF THE PAYMENT. YOU ARE RIGHT. EVERY YEAR IS ACTUALLY DIFFERENT BECAUSE YOUR INTEREST PAYMENTS CHANGE FOR THE COAST ALONE.>> I DON'T NEED THE DETAILS I JUST WANTED TO KNOW WHERE TO LOOK FOR THAT ITEM IN THE
BUDGET. SO THANK YOU. >> YES, SIR.
>> IF I HAVEN'T PUT YOU TO SLEEP YET, THIS SLIDE TALKS ABOUT COST ASSUMPTIONS FOR BILLING HANGERS. I WORK TO COME UP WITH GENERAL COST ASSUMPTIONS THAT WE COULD USE AS FAR AS PROGRAMMING NUMBERS FOR BUILDING HANGARS. I THINK YOU COULD LOOK AT THE NUMBERS AND SAY THOSE ARE HIGH, BUT AT THE SAME TIME, FROM A PROGRAMMING PERSPECTIVE, I WANT TO MAKE SURE THAT WE HAVE A NUMBER THAT IF WE START WITH THE PROGRAMMING NUMBER, WE WILL NOT BE DISAPPOINTED. SO WHAT I'VE USED IS 120,000 FOR THE UNIT. THAT INCLUDES SITE WORK, THE DOOR, PAVEMENT AND ANTICIPATES WERE PUTTING RESTROOM AND. FOR INSTANCE, JUST CONSTRUCTION, THE 12 INDIVIDUAL UNITS TO 1.4 MILLION. 42 UNITS 2.16. SOFT COST INCLUDE YOUR DESIGNING CONSTRUCTION FOR CONSTRUCTION ENGINEERING AND INSPECTION.
DESIGN CERTAIN REQUIREMENTS EA AND CTI NORMALLY WOULD BE A REQUIREMENT TO HAVE THOSE SERVICES IF UTILIZING AN FDOT GRANT. I USED EIGHT HAVE PERCENT IS A PLANNING MEMBER FOR BOTH OF THOSE SERVICES IN THE RED CORRELATES THE KEY HANGERS. SO YOUR SOFT COSTS Ã MAKE THOSE OF THE SOFT COSTS. I'VE BEEN UTILIZING HUNDRED DOLLARS PER SQUARE FOOT. SO A 12,000 SQUARE-FOOT HANGER WITH AN OFFICE IS 1.4 MILLION. IT'S THE SAME LOGIC ON THE SOFT COSTS. I PUT A CONTINGENCY IN THEIR AS A JUDGMENT JUST AS A PROTECTIVE MEASURE. THERE'S SOME UNKNOWN AND THERE THERE NEEDS TO BE ADDITIONAL COSTS DEPENDING ON WHERE WE DEVELOP
AT THE AIRPORT. >> DOES THIS HAVE THE -- THE MATCHING -- THAT THE AIRPORT HAS TO COME IN WITH IT? I THINK YOU SAID 50 PERCENT?
>> YES. WE GET TO EACH SCENARIO I'LL SHOW YOU WHERE IT COMES IN.
>> OKAY. I GOT IT. >> THESE NUMBERS ARE SIMPLY THE COST FOR CONSTRUCTION AND DESIGN. YOU CAN SEE WHERE I CAME UP WITH MY NUMBERS WHEN I
GIVE YOU THE ESTIMATES. >> I GOT YOU.
>> SO WE ARE GOING TO TALK ABOUT A FEW SCENARIOS USING THOSE NUMBERS. SO SAY WE ARE GOING TO BUILD 12 ROW HANGERS THE END THE COST WITH CONSTRUCTION AND SOFT COST CONSULTANT PRODUCTS FUNDING WOULD BE THE FDOT GRANT WHICH IS $1 MILLION. WE COULD SAY THAT WE WOULD SAVE INPUTTED $300,000 FOR THE AIRPORT FUND AND TO BE HONEST THERE'S NO SCIENCE BEHIND IT. WE ARE PUTTING 500,000 IN THIS PROJECT THERE'S AN ASSUMPTION THAT WE COULD SAVE AND APPLY FUNDS TO A PROJECT. IT WOULD MAKE SENSE. SEE WE TOOK OUT A LOAN FOR $500,000. I USED FOUR PERCENT FOR ALL THE LOANS. I KNOW YOU CAN GET DIFFERENT INTEREST RATES, MOST LIKELY IT'S A BETTER RATE THAN THAT, BUT I JUST WANT TO BE CONSERVATIVE INCONSISTENT. FOR TENURE LOAD -- FOR A 10 YEAR LOAN IS $60,000. -- I WOULD ANTICIPATE IT WOULD BE THAT OR HIGHER. 64,800 YEAR. YOUR ANNUAL NET IS 4800. INITIALLY THEN YOU GET THE FULL RENT 10 YEARS FOR THE DEBT SERVICE. THAT WAS THE MANEUVER TO LOOK AT THE CASH FLOW IMPACT AND TRY TO SEE WHAT WE COULD DO TO MEASURE THE GRANTS AND PROJECTS. AND THEN THE TERM, WOULD BE THE LOWEST TERM POSSIBLE. YOUR COST GOES UP TO TWO POINT AILMENT
MILLION. WILL. >> THERE'S NEW REVENUE. AND IT $600 A UNIT DEPENDING ON THE CHARACTERISTICS WAS THE APPROPRIATE RATE, KIND OF WHAT THE DIFFERENCE WOULD BE IN YOUR ANNUAL NET OF 34,800 FOR THE 450 UNITS $600 UNIT WAS TOTAL REVENUE AFTER 15 YEARS. WITH AT&T AURORA HANGARS HAVE
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AN IMPACT AND THAT'S WHERE THE NEW REVENUE WOULD BE AN INFLUENCE DOES THAT MAKE SENSE? -- I'M GOING 12C15 I'M NOT COMING UP WITH THAT KIND OF NUMBER.>> 12C50C2. THAT'S A MONTHLY RATE.
>> GOTCHA. >> YES, SIR. ON THE -- FROM THE AIRPORT FUND, I ASSUME YOU GET 300,000 FROM THE AIRPORT FUND. WHAT IS OUR ANNUAL POSITIVE FLOW EACH YEAR? IN OTHER WORDS, RIGHT NOW WE HAVE -- I'VE GOT TO GET BACK TO THAT PAGE. RIGHT NOW WERE GOING TO HAVE POSITIVE ABOUT 214,000 I THINK.
>> YES, SIR. THAT'S RIGHT. >> SO WHAT -- HOW MUCH OF THAT WAS THIS YEAR. IN OTHER WORDS WHAT WAS ANNUAL POSSIBLY ARE LOOKING AT? BECAUSE THE POINT I'M TRYING TO GET TO THE 300,000 GOING TO TAKE IT TO ZERO AND KEEP IT THERE FOR A WHILE. SO, TO ANSWER YOUR FIRST QUESTION, THE REVENUE OF EXPENSE ON THE MONTHLY FINANCIAL REPORT IS THIS FISCAL YEAR ONLY. IF YOU REMEMBER WHEN WE FINISHED THE LAST FISCAL YEAR WE DID MUCH BETTER THAN WE ANTICIPATED. WE HAD $650,000 IN RESERVE. BEYOND HER OBLIGATIONS. AND WE'VE TAKEN 500,000 OF DATA MATCHED OUR OTHER PROJECTS INPUTTED TOWARD THE T HANGER PROJECT. HOW MUCH WAS OUR RESERVE GROWING EACH YEAR TO GET --
>> YES. SO, OUR REVENUE AND EXPENSE PICTURES CHANGING EVERY YEAR. AT THE END OF THE NEXT FISCAL YEAR WHAT IS IN OUR BUDGET, I CAN TELL YOU, WE BUDGETED $150,000 AT THE END OF THE FISCAL YEAR TO BE THE REMAINING RESERVE BALANCE HOWEVER, THAT WAS WITH A CONSERVATIVE PROJECTION OF ESSENTIALLY HAVING FULL EXPENSE IN THE FISCAL YEAR NOT RECEIVING FULL REVENUE. I'M SUPER CONSERVATIVE. YOU CAN SEE THAT WE ARE GOING TO BE BETTER THAN WHAT WE WERE ANTICIPATING. I DO NOT HAVE THE NUMBER YET BECAUSE WERE NOT THE END OF THE FISCAL YEAR. BUT MAYBE THE BEST THING I CAN DO IS WHEN WE GET TO THE END OF THE FISCAL YEAR WILL WORK WITH THE FINANCE OFFICE TO GET A BALANCE FOR YOU. IT WILL BE MUCH BETTER THAN WHAT WE WERE SHOWING. IF THAT IS HELPFUL.
>> OKAY. THE MAJOR CONCERN IS THE 300,000. THAT IS HOW LONG IS IT GOING TO TAKE IT BACK UP.
WERE GOING TO HAVE OTHER EXPENSES. HANGER DOORS ON THE CURRENT T HANGER DOORS ARE PRETTY MUCH NEED TO BE REBUILT. THEY ARE GETTING THERE. SO THAT WAS MY CONCERN. HOW MUCH MONEY ARE WE GOING TO HAVE CARRYING FORWARD IF WE TAKE THE 300,000 OUT?
>> YES. GOOD QUESTION. SO WE GENERALLY BEEN PUTTING IN THE FUND BALANCE IN MY SHORT EXPERIENCE HERE. LAST YEAR WAS A GREAT YEAR. HE PUT UP $500,000 IN THE FUND BALANCE.
PART OF THAT WAS REIMBURSEMENT FOR HANGER DAMAGE. BUT WE'VE BEEN PUTTING AT LEAST $200,000 AND THE BALANCE -- FUND BALANCE EVERY YEAR. YOU HAVE TO WATCH YOUR CASH BALANCE.
>> VERY GOOD. THANK YOU. >> I'M JUST CONCERNED ABOUT OUR RESERVES. IS THERE ANY WAY THAT WE COULD LOSE OUR RESERVES FOR THE CITY IF WE DON'T HAVE A
EARMARK FOR SOME SPECIFIC USE? >> GREAT QUESTION. NO. WELL, LEGALLY, NO. SO THE AIRPORT CARRIES GRANT ASSURANCES FOR ITS OBLIGATIONS. ONE OF THOSE IS CALLED USE OF AIRPORT FUNDS. YOU MAY HAVE HEARD THIS TERM AS THE VIOLATION, WHICH WILL BE REVENUE DIVERSION. SO THE FAA REQUIRES FUNDS THAT WERE REDUCED -- PRODUCED BY ASSETS OWNED BY THE AIRPORT MUST BE USED FOR ONLY AIRPORT OPERATING CAPITAL EXPENSES. SO AIRPORT
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DOLLARS CANNOT BE TAKEN OUT OF THE AIRPORT ENTERPRISE AND USED FOR ANOTHER PURPOSE.>> (INDISCERNIBLE). >> WITHOUT A VIOLATION. IN
THEORY. >> I THINK WHAT IT SEES IN THE PAST IS IT THAT IS DOWN, IF FUNDS ARE APPROPRIATED, THE FAA MAY COME BACK AND SEEK THE RETURN OF THOSE FUNDS THAT'S HAPPENED I'M JUST CONCERNED OR WE MIGHT STAND WATER LEGAL STANDING IS.
>> YES, SIR. YOU'RE RIGHT. YOU CAN EXPECT THAT IT DID HAPPEN THE FAA WOULD CERTAINLY COME AFTER THE FUNDING. THERE IS A RECENT CASE IN ATLANTA. WHATEVER TRANSFERRING FOR ANOTHER USE. I THINK IT WAS SCHOOLS. AND THE FAA CAME IN AND WENT AFTER THE AIRPORT FOR
ITS. >> WE BASICALLY ARE COMMITTED
>> IN SERVICES TO THE AVIATION COMMUNITY.
>> THAT'S RIGHT. YOUR FUNDING IS -- IS PRODUCED BY THE AIRPORT YES, SIR.
>> UH-UH (AFFIRMATIVE).. >> ALSO WERE GOING TO HAVE TO
DO SOMETHING. >> SO, MOVING ON TO OUR NEXT SCENARIO, I WENT BEYOND JUST BUILDING T AND RO HANGARS. WE TALKED ABOUT A T AND RO HANGARS AND A BULK HANGER. I DID TWO SCENARIOS AND SAID WHAT IF WE BILL TO HANGERS -- I'M SORRY.
12 T ROAD HANGAR UNITS. PUTTING THE POSSIBLE FUNDING WAS A MILLION-DOLLAR. I UP THE AIRPORT FUND BALANCE CONTRIBUTION. THAT SINGLE PUTTING 500,000 AND TAKING OUT A MUCH LARGER LOAN. AND YOU CAN -- WITHOUT INSULTING YOUR INTELLIGENCE, YOU CAN WALK TO THE SCENARIO WILL WE GET REVENUE FROM A T -16 STUDENT IN A BULK -HANGER IN YOUR ANNUAL NET FOR THOSE SCENARIOS. YOU CAN SEE THE NET IS INCREASINGLY LARGER AND REQUIRES USE OF SOME OF THAT NEW REVENUE TO OFFSET THE NET IN THAT SCENARIO. AND FINALLY, DID THE SAME THING INSTEAD OF THE AIRPORT IS INTERESTED IN LEVERAGING IN THE CITY IS INTERESTED IN LEVERAGING, AND A BULK HANGER USING ALONE IN THE OFFER FROM THE FTO FOR A ZERO PERCENT LOAN, SOMEWHERE AROUND $720,000 WHICH WOULD BE RETURNED FOR RENT, WHICH I HAVE DONE, IT LOWERS YOUR ANNUAL NET SCENARIO. THAT BULK HANGARS, THE AIRPORT IS TAKING ALONE.
YOU MAY CONSIDER USING IT FOR MULTIPLE SOURCES. IN THIS SCENARIO, TAKING THE CONTRIBUTION ESSENTIALLY IS TO PRODUCE A HANGAR FOR LONG TERM BASIS. AN ISSUE THE RENT CREDIT BACK. AND PRODUCES THAT THE NET SCENARIO AT THE BOTTOM EVEN IF IT'S A LITTLE BIT LESS
REVENUE TO OFFSET ANNUAL NET. >> MADE, I HAVE A QUESTION.
>> YEAH. >> IF THE FPO THAT IS INTERESTED IN A BULK HANGAR, WOULD THEY BE INTERESTED IN HANGAR B ORSAK NOT BIG ENOUGH
FOR THEM? >> I THINK THAT THEY COULD USE HANGAR B SO LET ME GIVE THE UPDATE. IT DEPENDS ON THE PRICE I IMAGINE. THE FPO, THE REVENUE -- I DO WANT TO SPEAK FOR ANYONE HE'S ON CALL. IT'S GOING TO BE BEST ON WHAT THEY CAN STORE IN THE HANGAR AND WHAT THEY CAN GET FOR REVENUE. IT'S A 10,000 SQUARE-FOOT HANGAR. DEPENDING ON THE FAIR MARKET VALUE, IS SOMEWHERE AROUND 49,000 YEAR FOR A RENT PAYMENT. CAN THEY GET ENOUGH REVENUEREVENUE TO MAKE SURE -- AT THAT PRICE POINT. I DO IMAGINE THEY COULD HAVE INTEREST IN STORING AIRPLANES AND THAT SURE. AND I THINK BRIAN IS ON THE CALL. I DON'T THINK -- I DON'T KNOW IF HE WANTS TO MAKE A COMMENT.
>> THIS IS BRIAN. I'LL MAKE ONE BRIEF COMMENT FOR HANGER OR BEFORE JOHN CAN YOU HEAR ME?
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>> I CAN HEAR YOU. >> IT'S GOT A SMALL DOOR SO IT LIMITS WHAT TAIL HEIGHT YOU CAN GET IN THERE SO THE LEGALIZATION OF IT RIGHT NOW IS PRETTY MUCH WHAT HE COULD BE USED FOR. NATE PROBABLY HAS SIX OR SEVEN SMALLER AIRCRAFT.
SO, IS KIND OF LIMITING AND THEN IT'S AN OLDER STRUCTURE. I'M NOT SURE I WOULDN'T BE INTERESTED IN IT, AT SOME POINT IN THE FUTURE TO STORE SMALLER STUFF. BUT THE BULK HANGER CONVERSATION THAT WE HAD WITH THE CITY IS WE NEED SOMETHING LARGER WHAT WE CAN GET A JACKET OR HOPEFULLY SOME CHECK TRAFFIC HERE THAT GOOD CHARTER OR PRIVATE OWNERSHIP THAT WOULD INCREASE FUEL SALES AND REVENUES ACROSS THE CITY. AND HANGAR B DOESN'T FIT THAT. SO, IT'S A GOOD HANGAR OR SOMEBODY WHO NEEDS OFFICE SPACE AND 10,000 SQUARE-FOOT WITH A SMALL
HANGAR DOOR. SO, YOU KNOW. >> I UNDERSTAND. THANK YOU.
>> SO THOSE ARE KIND OF THESE SCENARIOS JUST RANDOM SCENARIOS IT MADE SENSE WAS TRYING TO MEET THE DEMAND. I'M NOT SAYING THEY WERE THE ONLY SCENARIOS, I'M JUST TRYING TO TAKE FOUR LOGICAL SCENARIOS TO THROW OUT OUR CONVERSATION AND GET THE CASH FLOW SCENARIO IF WE COULD WORK THE FINANCIAL COMPONENT, I THINK WE COULD MAKE SENSE.
I'VE SPOKEN ABOUT GIVE IT BACK TO LET YOU GUYS TALK ABOUT WHAT YOU THINK AND WHAT YOU HAVE SEEN AND ASK QUESTIONS LET ME KNOW WHAT I'M MISSING AND WHAT ADDITIONAL INFORMATION I CAN BRING BACK. I DID NOT ANTICIPATE -- IT WOULD HELP BUILD TO GET MORE INFORMATION.
SO I WANTED TO TRY TO GET YOU INFORMATION START THE CONVERSATION.
>> THIS IS TOM. THE GUARD IS NOT INTERESTED IN HANGAR B THAT ALL IS THAT CORRECT.
>> GUARD IS STILL INTERESTED IN BEING WITH US. WE ARE STILL WORKING WITH THEM ON SOME OTHER FACILITIES THAT ARE LOOKING AT. THAT ARE IN AND AROUND THE AIRPORT. THE LAYOUT OF HANGAR B AS IT WENT THROUGH THE REVIEW PROCESS COULD MEET SOME OF THE SECURITY PARAMETERS THAT THEY NEEDED TO USE AT THE FACILITY. YOU ARE RIGHT. WHAT WE ARE GOING TO DO WANT TO HAVE THE LISTING GENERATED FOR HANGAR B. WE'VE HAD SOME FOLKS WHO ARE INTERESTED.
>> I HAVE A QUESTION. BECAUSE I DON'T CURRENTLY OWN A PLANAR PROBABLY WILL NEVER OWN ANOTHER PLANE, WHEN WE HAVE PEOPLE ON THE LIST AND I'M ASSUMING I JUST DON'T SEE WHERE IT'S EXPLAINED, BASED ON THE SIZE OF THEIR PLANES, HAVE YOU DONE A STUDY AS TO WHAT SIZE -- WHEN WE GET TO THE LAST PAGE ABOUT BULK OR T ROSE ONLY AND BULK HANGAR AND HERO, WHAT IS THE BEST WAY TO GO FOR UTILIZING THIS SPACE TO THE BEST ADVANTAGE FOR THE 72 PEOPLE ON THE LIST. DID I SAY THAT RIGHT? HOW MANY PEOPLE GET OFF THIS LIST AND IN WHICH FASHION WE GET THE MOST PEOPLE OFF THE LIST INTO A HANGAR? HAVE THEY SAID I'M ONLY GOING TO TAKE A T HANGER? I'M NOT GOING TO TAKE A ROAD HANGAR OR A BULK HANGAR?
>> ARE YOU ASKING -- WHAT MIX OF BULKY AND TEA HANGAR WOULD GET THE PEOPLE OFF THE LIST
FASTER? >> PERSONALLY, I'VE NEVER HAD FIVE PLAIN HANGAR. I CAN SEE THAT THE UPSIDE OF HAVING MY OWN TEA HANGAR SO THAT NOBODY ELSE CAN GOING THERE. IT'S MINE. I CAN PULL MY PLANE IN AND OUT I DO NOT HAVE TO WORRY ABOUT SOMEBODY ELSE GOING IN AND PULLING PLANES IN AND OUT OF I WANT TO FLY IF YOU ARE IN A BULK HANGAR. I WOULD IMAGINE THAT THE PEOPLE ON THIS LIST, THE 72 PEOPLE ON THE LIST ALSO HAVE SIMILAR IDEAS AS TO WHAT THEY WILL ACCEPT. WHEN YOU GO THROUGH THAT LIST, WHAT YOU JUST DID, AND CALLED SOME OF THE ONES OFF THE TOP THAT HAVE BEEN SITTING THERE FOR A LONG TIME, HAVE THEY STATED THAT THEY ONLY WANT A T HANGER BECAUSE SHE DID MENTION THAT PRICE WAS A FACTOR. I WOULD IMAGINE THAT BASED ON THAT, BOTH THE PRICE AND SPACE, THAT
[00:45:05]
THEY MIGHT RATHER HAVE THEIR OWN TEA HANGAR OR WOULD THEY GO INTO A BULK HANGAR?>> THAT'S A GREAT QUESTION. I THINK YOU ARE PROBABLY RIGHT. I THINK THERE ARE MANY FOLKS ON THE LIST THAT WOULD CERTAINLY PREFER TO HAVE THEIR OWN HANGAR. BUT IF THEY CAN'T FIND SPACE ANYWHERE ELSE THEY BE INTERESTED IN A BULK HANGAR. THE OTHER COMPONENT, THE BULK HANGAR DISCUSSION TAPS INTO A SEPARATE MARKET AND DEMAND FOR THE AIRPORT WHICH IS HEALTHY FOR BUSINESS PERSPECTIVE. BECAUSE YOU CAN FIT AIRCRAFT THAT WON'T FIT IN A TEA HANGAR.
THEY AREN'T SERVED IN THE T HANGAR MARKET. AND THEY PROVIDE A SERVICE TO THE AIRPORT COMMUNITY THAT YOU DON'T GET FROM THE T HANGAR IS. THEY HAVE OFFICE SPACE AND HANGAR SPACE ONE THAT CAN STORE A LARGER AIR PLANE BUT IT'S A TRIGGERING SITE YOUR MINIMUM STANDARDS WHERE A LOT OF YOUR SERVICE PROVIDERS, YOU CAN START PROVIDING A COMMERCIAL SERVICE BECAUSE YOU HAVE THE OFFICE SPACE. SO IT'S YOUR BUSINESS AND.
>> I NEVER THOUGHT OF IT. >> I SEE.
>> AND SOMETIMES IN CORRELATION, WHEN YOUR SENIOR SMALL AIRPLANE POPULACE GROW YOU SEE SOME DEMANDS LIKE THE MAINTENANCE SERVICE GROWING AS WELL SO BULK HANGERS ARE IMPORTANT FOR THAT PIECE TWO. I JUST DON'T KNOW ENOUGH ABOUT THE DIFFERENT PLANES OUT ON THE AIRPORTS THAT WOULD LIKE THE HANGAR SPACE.
>> OKAY. THAT MAKES SENSE. OKAY.
>> CAN I ADD A COMMENT TO THAT. >> OF COURSE.
>> I'VE GOT A SEPARATE LIST THAT WHEN PEOPLE WANT A T HANGER OR THAT'S NOT REALLY A GOOD USE FOR A BULK HANGER, I'VE GOT ANOTHER LAST FOR PEOPLE THAT HAVE AIRPLANES AND SMALL JETS THAT WILL NOT CONNECT TO A T HANGER SO I HAVE A PRETTY HEALTHY WAITING LIST THAT WHEN WE DO BUILD A BULK HANGAR WHETHER IT IS IN CONJUNCTION WITH THE CITY OR HERSELF THAT THERE IS A HEALTHY DEMAND FOR BULK HANGAR OUT THERE THAT WOULD NOT AFFECT THE 72 PEOPLE ON THE WAITING LIST FOR THE T HANGAR.
>> YES. >> AND NATE, TOO. WHEN MR. GILLS GOES FORWARD WITH HIS PROJECT, YOU BELIEVE ENEA ON THOSE LISTS WOULD BE ABLE TO
UTILIZE THAT SPACE? >> POSSIBLY.
>> THEY HAVE NOT -- GO AHEAD REX (MULTIPLE SPEAKERS).
>> THE PEOPLE ON MY LIST -- HE IS DOING LIKE A 40 BY 40 AND 40 BY 50 BOX. AND MOST OF THE PLANES ON MY LIST WOULD NOT FIT IN THERE. ONE OR TWO MIGHT, BUT THE MAJORITY ON MY LIST ARE BIGGER AND THEY WOULD NOT FIT INTO A SMALLER BOX HANGAR.
>> OKAY. >> THEY HAVE NOT INDICATED -- FOR AN OPERATOR OF THEIR TIME TO COME IN AND DEVELOP A BULK HANGAR THE ONE THING THEY'LL NEED TO REMEMBER IS IT'S MORE ENTAILED BECAUSE THEY WOULD WANT A RELATIONSHIP THAT -- COMMERCIAL OPERATOR OR WITH SOMEONE LIKE BRIAN. SO FOR A DEVELOPER IT'S MORE DIFFICULT TO MOVE IN AND BUILD THE BULK HANGAR WITHOUT HAVING THE -- IT'S MOVING AIRPLANES FOR THEM.
THAT MAY NOT MAKE SENSE. >> OKAY.
>> I WOULD LIKE TO ADD THAT I THINK IT'S IMPORTANT THAT WE CONSIDER AN OPTION THAT HAS BULK AND T HANGARS IN IT. THERE IS SOME UNLISTED BENEFITS TO SERVING THE NEEDS ON THE BULK SIDE. THERE'S A BIG DEMAND AND THERE IS ZERO INVENTORY NOW. YOU KNOW, THE -- THE AIRPORT IS GOING TO UP UTILIZATION WILL GO UP. FEES ARE GOING TO -- THERE IS GOING TO BE UNREALIZED REVENUE THAT IS GOING TO ADD ONTO THIS AND IT'S GOING TO HELP THE OTHER SIDE, TO ENACT -- THE FINANCIAL NUTRITION THAT COMES TO -- THAT'S -- THAT WE NEED TO INCUR
[00:50:08]
WHICH ARE IN MY VIEW, NECESSARY. IT WOULD HELP THE BULK HANGAR CASE IN THE OVERALL AIRPORT CASE. SO I REALLY THINK THAT THE LAST SCENARIO -- LIKELY SCENARIO WEATHER MIGHT BE IN 18 T HANGARS IN THE BULK HANGAR OR SOMETHING LIKE THAT IS REALLY WHERE I THINK IT NEEDS TO GO. WE ARE IN A SITUATION NOW WE'VE GOT A REALLY THAT LOG ON BOTH SIDES.AND I THINK THAT THE SOONER THAT WE GET SOMETHING GOING, THE SOONER WE CAN START COLLECTING REVENUE AND PAY OUR NET.
>> THIS IS DOUG. AND IF I'M READING THIS RIGHT, IF I GO BACK TO THE BEGINNING, THE ANTICIPATED FUTURE REVENUES FROM THE SIX WE ARE BUILDING RIGHT NOW IS GOING TO BE 30 TO 40,000. AND IF I LOOK AT THIS LAST SCENARIO WITH THE 12 ROW T HANGARS AND A BULK HANGAR, YOU ARE LOOKING AT AN ANNUAL NET OF DOWN 32,000. THAT'S ALMOST A WASH THEY ARE.
SO, IT IS ALMOST REVENUE NEUTRAL IF YOU CONSIDER IT. WE JUST WOULDN'T BE ADDING MORE TO
OUR COFFERS. >> THAT'S RIGHT. I THINK THAT'S WHY I WAS MOLDING THE MODELS TRYING TO FIND THE NET ZERO THE LAST ANYONE HAD THE NEW HANGAR REVENUE OFFSET. THAT'S WHAT I WAS STARTING TO SAY. YOU'RE GETTING CLOSE AND THEN YOU HAVE THE OFFSET REVENUE AND IT'S ALMOST A WASH AT LEAST FOR THE DEBT. YES,
COMMENTS? >> IS THERE ANY OTHER INFORMATION I CAN PROVIDE THAT HELPS THE GROUP? LIKE I SAID, I WON'T TAKE A RECOMMENDATION BUT IF THIS SOUNDS LIKE THIS IS THE CONSENSUS OF THE GROUP, I WANT TO FINE-TUNE WE THINK WERE DOING AND I HEARD EVERYBODY GRAVITATE TO THE LAST SCENARIO. IT NEEDS MORE HOMEWORK. BUT IF THAT IS SOMETHING THAT WE THINK THAT WE ARE INTERESTED IN BUILDING T ROWE HANGARS ARE BULK HANGAR I CAN COME BACK WITH A BETTER PICTURE BUT I WANT TO SPEND MY TIME WHERE IT
IS APPROPRIATE. >> I THINK YOU JUST HAVE TO CONSIDER THE FUNDING WHEN YOU -- WHEN YOU NEEDED -- 32,000 THAT INCLUDES THE OFFSET OF THE
FPO RENT CREDIT? >> SO THE ANNUAL NET ON THAT, IT WAS NEGATIVEFPO RENT CREDIT?
>> SO THE ANNUAL NET ON THAT, IT WAS -32,000. THAT -32,000 HAS NOT CHANGED AT ALL BY THE NEW RENT CREDIT EXPIRATION OR THE NEW REVENUE. YOU COULD USE THE HANGAR REVENUE THAT'S REVENUE MINUS THE DEBT EXPENSE. YOU HAVE THE REVENUE COMING.
>> BUT IT WOULD BE WORSE BECAUSE WERE GOING TO HAVE THE RENT CREDIT WILL BE FACTORED
INTO IT. >> I FACTORED IN THE RENT CREDIT THE FBI WOULD GET FOR ITS CONTRIBUTION TO THE PROJECT INTO THE ANTICIPATED ANNUAL RENT. SO THERE RENT CREDIT FOR THE HANGAR IS FACTORED INTO THAT. IT'S ALREADY INTO THAT
NIGHT IF THAT MAKES SENSE. >> OKAY. THAT WAS A QUESTION.
ALL RIGHT. >> I'VE GOT A FULL SPREADSHEET THAT I CAN SHOW YOU. I'M JUST TRYING TO GET IT SLIMMED DOWN TO A SLIDESHOW. YOU'RE NOT SEEING ALL THE MATH BEHIND THE SCENE. I CAN GIVE YOU MORE DATA.
>> NATE, >> YES, SIR. WE'RE TALKING EITHER T HANGARS OR BOX HANGARS. ON YOUR WAITLIST, WHAT WOULD FILL THE HANGARS UP THE QUICKEST? THE T HANGARS FOR THE TYPE AIRCRAFT AND THE PEOPLE WANTING TO COME IN WITH
HER WHAT. >> THE T HANGARS WOULD ACCOMMODATE THE HANGAR WAITING LIST. THAT'S WHAT THEY'RE LOOKING FOR IN THOSE T HANGAR UNITS. WE JUST WOULDN'T HAVE THE ADDITIONAL MARKET THAT EXISTS FOR THE LARGER AIRCRAFT AND A LITTLE MORE FLUID FUEL WOULD BE ON IT. AND THAT WAS WHERE -- THAT'S WHY I PUT A
[00:55:01]
SCENARIO TOGETHER TO HELP BOTH. I TRY TO ACCOMMODATE OUR HANGAR WAVE BUT ALSO TRYING TO REACH THE OTHER MARKED. IT HAS OFFICE SPACE FOR COMMERCIAL SERVICE AT SOME POINT AS WELL WITHIN THE SAME PROJECT. I THINK ARE BOTH IMPORTANT. BOTH THE CONTRIBUTIONS OF BOTH CANBRING TO THE AIRPORT. >> AND THIS IS CHUCK. AFTER HEARING DAVE'S AND BRIAN'S INPUTS, I'M -- I WOULD ADVOCATE STRENUOUSLY FOR THE T HANGARS
IN THE BULK HANGAR. >> SIMULTANEOUSLY.
>> GREAT. OKAY. >> THIS IS WARD.
>> GO AHEAD. IF WE -- T HANGARS", BUT THE BULK HANGAR BE CONSTRUCTED FIRST AND THEN PERHAPS SIX SMALLER AIRCRAFT SPEEDING UP REVENUE?
>> OR WHICH WOULD GO FASTER BUILDING A T HANGAR OR A BULK HANGAR?
>> WELL YOU'RE PROBABLY GOING TO GET A MOST EFFICIENT PROJECT BY MOBILIZING CONTRACTORS IN ONE LARGE PROJECT. THE WAY THE GRANT WILL WORK AS YOUR DESIGN WORK IN YOUR CONSTRUCTION WORK, IF YOU WANT TO BE ELIGIBLE FOR THE GRANT DOLLARS CANNOT START UNTIL THE GRANT IS EXECUTED.
SO JULY 2022 FOR THE STATE FISCAL YEAR 23 WILL SEE A GRANT JUDGMENT BEFORE THAT'S EXECUTED WE WANT REIMBURSABLE. WE CAN'T START ANY WORK PRIOR TO THAT. I WOULD SAY FROM AN EXPENSE PERSPECTIVE, YOU WANT TO MOBILIZE YOUR CONTRACTORS AND NOT MOBILIZE THEM TWICE. FROM A -- MAY BE A FACING PROCESS, THEY BUILT A BULK FIRST AND THEN THEY MOVE ON AND BUILD THE T. THERE MAY BE SOME WAY THAT THAT MAKES SENSE.
>> WELL, I'M IN FAVOR OF THE T HANGARS AND BULK.
>> FABULOUS. IS THERE ANYBODY THAT IS NOT IN FAVOR OF THAT SCENARIO?
>> PART OF ME. >> I WAS ASKING THE GROUP IF THERE WAS ANYONE THAT WAS NOT IN FAVOR OF THAT SCENARIO? RIGHT?
>> WAIT A MINUTE. I THOUGHT THE SIX WERE GOING TO BE STARTING UP PRETTY SOON.
>> THE SIX ARE HAPPENING. THAT'S A FINDING RIGHT NOW.
>> THIS IS 2023. >> THIS IS 2223 WE ARE LOOKING
AT ONLY 23. YES. >> ALL RIGHT. ALL RIGHT.
>> THESE SIX ARE BEING DESIGNED AND THEY'RE GOING TO BE CONSTRUCTED THIS WINTER.
THAT'S ACTUALLY HAPPENING. >> YES, SIR.
>> OKAY. >> I HAVE ANOTHER QUESTION BACK TO WHAT BRIAN SAID ABOUT HANGAR B. HAS RUBBER BAND CONSIDERATION OF RAISING THE HEIGHT OF THE HANGAR DOOR AND THE WITH TO ACCOMMODATE LARGER AIRCRAFT?
>> I DON'T KNOW THAT I HAVE AN ANSWER TO THAT QUESTION. I HAVE TO MAYBE ASK A QUESTION TWO DESIGN ENGINEERS TO SEE WHAT IS POSSIBLE THERE AND WHAT YOU GET OUT OF IT.
STRUCTURALLY, I DO NOT KNOW THAT THERE IS A AN ABILITY TO RAISE THE DOOR. I DON'T KNOW IF THERE'S ANY ROOM TO RAISE THE DOOR, IF IT WILL BE WORTHWHILE FOR THE EXPENSE.
IT'LL BE LIMITED BY THE ROOFLINE AND THE STRUCTURE OF THE BUILDING ASK OKAY. THANK
YOU. >> OKAY. ANY OTHER QUESTIONS? PERFECT. THANK YOU. THANKS FOR THE HELP.
>> THANK YOU FOR THE WORK. >> SO I THINK THAT LEAVES US
[8.1 Monthly Airport Manager Report]
WITH MY REPORT YOU, MY MONTHLY REPORT. JUST A FEW QUICK NOTES. WE HAVE THREE GRANT AGREEMENTS ON THE CITY COMMISSION AGENDA TOMORROW. TWO OF THEM ARE SUPPLEMENTAL.MAYBE THEY ARE GIVING MORE FUNDING THAT IS PROGRAMMED AND PLANNED FOR THE PROJECT AND -- AND I SENT OUT AN EMAIL THAT I WANTED TO MAKE MENTION ABOUT DAVE AND HE IS FILLED HIS COMPLETE TERM OF THE CAESAR CHAIRPERSON. I KNOW EVERYBODY IS SORRY TO SEE DAVE GO. I WANT TO SAY THANK YOU TODAY FOR ALL THE HELP HE GAVE. AND BEING SUCH A GREAT CONTRIBUTOR.
GOING TO MISS YOU. WE HOPE YOU COME BACK TO US IN THE FUTURE.
[01:00:02]
>> THANKS, DAVE. IT'S NICE OF YOU TO SAY THAT. I ENJOYED WORKING WITH ALL OF YOU AND I HAVE COME TO A POINT RECENTLY WHERE MY WORKLOAD IS GOING TO INCREASE MY TRAVEL DEMAND IS GOING TO CRANK UP. BUT WHEN I HAVE A LITTLE BIT MORE TIME I WOULD NOT MIND COMING BACK. I ENJOYED THIS. IT'S BEEN NEED TO SEE WHAT WE CAN DO TO OUR AIRPORT HERE.
>> THANKS, DAVE. >> THANKS I APPRECIATE IT.
>> GOOD JOB. >> GREATLY APPRECIATED.
>> I THINK YOU SHOULD BRING SOME OF THOSE THURSDAY GULFSTREAM'S IN HERE.
>> BRIAN WOULD NOT MIND THAT. >> YOU JUST NEED A HANGAR TO
>> SO ARE YOU TAKING -- LESSONS?
>> (LAUGHING). >> I NEED SOME HELP THERE.
>> GOOD LUCK TO YOU, DAVE. >> THAT'S ALL I HAVE FOR YOU.
[9. COMMISSION MEMBER REPORTS/COMMENTS]
WE ARE ON TO COMMISSION MEMBER REPORTS.>> ANYTHING FROM THE GROUP? >>.
>> YOU HAVE ANYTHING FROM THE TEAM HERE?
>> I HAVE NOTHING. >> KEEP UP THE GOOD WORK, NATE.
YOU ARE DOING GREAT. >> THANK YOU.
[10. NEXT MEETING DATE]
>> RIGHT. >> NEXT MEETING? NEXT MEETING?
>> I WOULD LIKE TO MOVE FOR AN ADJOURNMENT IF THAT IS OKAY, DAVE?
>> YES. MEETING ADJOURNED. THANKS EVERYBODY. TAKE CARE.
* This transcript was compiled from uncorrected Closed Captioning.