Everett Special City Council Meeting
336.24 JOHN336.24 HANLON336.24 -336.24 CITY336.24 COUNCIL336.24 PRESIDENT336.24 -336.24 And,336.24 just336.8 want337.04 to337.28 announce337.36 that337.68 our337.84 council337.92 president338.24 is338.88 away339.04 on339.04 business339.28 and341.19 due341.51 to341.51 the341.51 chain341.75 of341.92 command,342.07 I'm342.4 here.342.56 Clerk?344.24 And353.14 I353.3 also353.46 wanted353.7 to353.94 declare354.02 that354.26 all354.42 items354.66 on354.98 the355.06 agenda355.22 are355.7 as356.02 routine356.34 items.356.9 Okay.358.5 359.57 SERGIO359.57 CORNELIO359.57 -359.57 I'll359.57 read359.65 item359.89 number360.13 1.360.45 Item362.29 number362.62 1362.85 is,363.41 Mr.364.29 Chair364.45 is364.45 an364.62 order364.77 offered365.33 by365.65 council365.89 president366.77 Robert367.25 Van367.65 Campen.367.81 An369.25 order369.5 requesting369.81 approval370.21 of370.77 the370.94 adoption371.1 of371.5 a371.57 minimum371.65 residential372.53 factor373.1 of373.5 0.765982374.05 in376.93 settling377.09 the377.57 city's377.73 FY379.73 2025380.37 tax380.37 rates.380.61 This381.09 is381.33 a381.57 public381.81 hearing.382.21 384.13 ANTHONY384.13 DIPIERRO384.13 -384.13 CITY384.13 COUNCIL384.13 MEMBER384.13 -384.13 Move384.13 to384.37 open384.53 the384.77 public384.93 hearing.385.17 385.65 WAYNE385.65 MATEWSKY385.65 -385.65 Second.385.65 394.96 DIPIERRO394.96 -394.96 Shall394.96 we395.2 have395.37 the395.6 CFO395.76 give396.25 his396.4 presentation,396.64 Mr.401.29 Chairman?401.29 I401.29 put401.45 that401.53 in401.61 the401.77 form401.93 of402.17 a402.25 motion.402.33 437.9 BJ437.9 DEVREAUX437.9 -437.9 CITY437.9 OF437.9 EVERETT437.9 -437.9 Good437.9 evening,438.06 BJ438.54 Devereaux,439.02 city439.58 assessor.439.98 453.56 DEVREAUX453.56 -453.56 The453.56 purpose453.95 of454.27 the454.44 hearing456.44 here456.75 tonight457 is457.63 twofold.458.57 1,459.21 to459.61 vote460.01 on460.41 whether460.65 or460.89 not460.97 to461.21 adopt461.29 the461.77 residential462.09 exemption462.65 for463.05 fiscal463.21 25.464.81 And465.05 the465.05 second465.13 is465.69 to466.01 propose468.01 a468.73 shift469.53 in469.93 the470.09 tax.471.69 The473.24 law473.4 allows473.8 a474.75 shift474.92 in475.15 the475.31 tax475.4 burden475.71 between476.04 property476.51 classes477 from477.4 residential477.56 to478.36 commercial,478.51 industrial,479.15 and479.63 personal479.88 property480.27 classes.480.68 This482.27 does482.51 not482.75 change483 the483.31 total483.48 tax483.8 levy484.12 for484.44 the484.6 community.484.75 It485.15 simply485.4 determines485.71 the486.19 share486.56 of486.64 the486.8 levy486.88 that487.44 will487.68 be487.92 borne488 by488.32 each488.56 class.488.88 Once492 the492.32 properties492.4 have492.88 been493.12 classified493.36 and493.92 certified,494.08 which494.8 has494.96 happened495.68 from496 the496.32 DOR,496.48 the497.04 city497.2 council497.44 holds497.92 this498.24 public498.4 hearing.498.72 The500.81 Board501.06 of501.21 Assessors501.38 presents501.94 information502.42 to502.89 the503.06 city503.21 council,503.45 who503.94 then504.1 vote504.33 on504.57 whether505.06 to505.38 establish505.45 a506.01 different506.18 rates506.5 or506.89 to507.13 tax507.21 all507.54 classes508.57 of508.98 property509.13 at509.45 the509.62 same509.69 rate.509.94 513.02 And,513.02 again,513.18 we513.34 have513.42 the513.82 two514.62 different514.78 issues.515.1 The515.42 minimum515.5 residential515.9 factor516.86 translates517.42 into517.98 the518.22 maximum518.46 shift519.02 onto519.42 the519.82 commercial,519.98 industrial,520.62 and521.18 personal521.34 property521.74 class.523.02 And523.18 the523.18 second523.34 is523.66 the523.82 adoption523.98 of524.38 the524.46 residential524.62 exemption.525.18 Approximately527.45 30%527.93 of528.49 cities528.64 and528.97 towns529.13 have529.52 split529.76 rates.530.09 If530.81 Everett530.97 were531.21 to531.45 choose531.52 a531.85 single532 rate,532.33 it532.64 would532.88 be533.05 $3.14533.29 for534.88 FY535.29 25.535.61 If537.29 Everett537.68 adopts537.85 a538.25 split538.33 rate538.64 at538.88 the539.05 maximum539.21 shift,539.85 this540.49 would540.81 reduce542.33 the542.73 tax542.89 burden543.13 on543.37 the543.53 residential543.69 properties544.25 from544.73 76%545.05 to546.65 58%546.81 of547.53 the547.77 tax547.85 levy.549.21 And549.45 increase549.45 the550.17 commercial550.49 industrial550.97 and552.33 personal552.41 property552.81 share553.21 from553.45 24%553.77 to554.65 42%.554.81 And558.6 we558.84 tax559.88 the561.88 property562.36 in562.75 four563 different563.15 classes,563.48 residential,563.88 commercial,564.43 industrial,565 and565.48 personal565.72 property.566.12 When569.45 you569.61 sign569.85 off570.25 on570.49 the572.25 LA5572.65 tonight,572.65 that575.53 confirms575.77 you've576.25 been576.49 notified577.13 of577.61 any577.77 excess578.09 capacity578.49 in578.97 the579.13 levy.579.21 580.81 The580.81 levy581.05 limit,581.45 that's582.55 the582.71 maximum582.95 amount583.43 the583.75 city583.9 can584.14 levy584.31 in584.63 a584.79 given584.87 year.585.11 It586.31 can586.47 grow586.63 by586.87 2587.02 and587.35 a587.35 half587.43 percent587.67 of587.99 the588.14 prior588.31 year's588.63 levy588.95 limit589.26 plus589.67 new589.99 growth590.14 in590.55 any590.71 Prop591.02 2591.26 and591.43 a591.59 half591.67 overrides.591.9 When593.26 the593.5 city593.67 council593.9 signs594.38 the594.71 LA5595.35 form595.59 after595.99 the596.23 classification596.38 hearing,605.95 they605.95 acknowledge605.95 that605.95 they605.95 have605.95 been605.95 advised605.95 of605.95 any605.95 excess605.95 levy605.95 capacity605.95 for605.95 that605.95 fiscal605.95 year.605.95 The605.95 maximum605.95 allowable605.95 levy605.95 is605.95 the605.95 levy605.95 limit606.27 plus606.67 debt606.91 exclusions607.15 or607.87 other608.11 allowable608.35 adjustments.608.91 And610.24 the610.39 override610.55 capacity611.12 is611.51 the611.75 difference611.83 between612.24 the612.48 levy612.63 limit613.03 and613.36 the613.51 levy613.67 ceiling614.07 or615.36 levy615.6 limit.616 The618.79 levy618.95 for619.27 the620.63 FY621.03 2025621.27 approved622.48 budget622.88 is623.43 117,262,518.624.82 The628.9 FY629.3 2024629.62 approved630.74 budget631.14 levy631.46 was631.86 110,509,988.632.26 You637.86 are638.1 able638.33 to638.82 raise639.05 up639.53 to639.7 the639.86 levy639.93 limit,640.25 which640.58 is640.82 $183,889,953.641.29 This647.21 leaves647.45 an647.77 excess648.01 levy648.41 capacity648.74 of649.21 $66,627,435.649.53 656.88 Again,656.88 this657.2 year,657.36 the657.6 majority657.68 of658.24 the658.32 increased658.48 growth659.2 in659.6 the659.76 tax659.92 base660.24 was660.56 the660.8 result660.96 of661.44 new661.6 multifamily661.92 construction662.56 and663.76 personal664 property664.4 from664.72 Encore664.96 Boston665.36 Harbor.665.76 This670.59 page670.9 just671.38 goes671.63 through671.95 the672.18 calculation672.35 of,673.47 you675.54 know,675.63 of676.42 the676.59 levy677.38 limit,677.71 how678.02 we678.18 get678.26 to678.42 that678.59 levy679.47 limit.679.87 The682 FY682.32 2024682.72 levy683.52 limit683.76 was684.08 a684.24 172688 million.688 We688 had688.32 3688.88 million689.44 in689.44 amended689.68 FY690.48 2024690.72 growth.691.6 The693.12 allowable693.28 2693.84 and694.08 a694.08 half694.24 percent694.4 levy694.96 increase695.36 worked696.42 out696.75 to696.9 be697.07 4.38697.3 million.699.54 And699.54 FY700.02 25700.35 new700.9 growth701.14 was701.46 just701.78 shy702.11 of702.42 4.3702.58 million.704.66 This704.66 gives704.9 us705.14 our705.3 total705.46 of705.78 a706.02 $183,889,953.706.11 And711.1 there711.34 you711.38 can711.42 see711.66 the711.98 levee712.54 ceiling712.86 is713.18 223,044,471.719.34 And,719.34 again,719.5 you719.82 can719.9 see720.06 your720.22 budget720.94 levy721.26 is721.74 significantly722.38 below723.1 the723.5 levy723.66 limit723.98 at725.34 two725.87 thirds726.02 of726.35 it.727.99 So730.02 with730.35 the730.58 maximum730.66 shift,731.38 putting732.42 the732.75 maximum732.9 shift735.3 onto735.63 the735.87 commercial,736.02 industrial,736.5 and736.9 personal737.07 properties,737.46 that738.72 would738.88 result739.12 in739.52 a739.76 residential739.92 rate740.4 of740.64 11.39740.8 per741.84 1,000742.16 and743.04 a743.2 commercial,743.28 industrial,743.92 personal744.56 property744.88 rate745.28 of745.44 $23.745.6 747.68 On747.68 this747.84 chart748.48 here,748.8 you749.12 can749.2 see749.44 that751.25 the753.16 values753.33 have753.73 gone753.88 up.754.04 This754.21 was754.45 a754.52 recertification754.68 year755.57 for756.28 us756.52 here756.76 in757.16 Everett.758.45 And759.4 the759.4 DOR759.73 was,760.28 you761.8 know,761.96 looked762.92 at763.25 our763.4 numbers,763.64 took763.96 a764.21 really764.52 deep764.76 dive765 on765.33 all765.49 our765.64 numbers765.8 and766.21 all766.37 our766.52 stats.766.76 And768.18 to770.58 meet770.74 their770.98 guidelines,771.22 the771.78 condo772.66 values773.14 were773.54 raised773.78 based774.1 on774.42 market775.06 condition.776.9 The777.3 average777.46 condo778.26 value778.58 is778.98 now779.14 363,000779.78 and780.98 change.781.14 The781.68 average781.85 single782.25 family782.57 value783.2 is783.52 almost783.68 582,000.784.16 The786.4 average786.57 2786.88 family787.13 value787.52 is787.92 now788.16 almost788.57 776,000,788.96 and791.45 the791.68 average791.92 3792.8 family793.04 is793.52 coming793.68 in794 at794.4 over794.96 931,000.795.45 The798.16 upper798.48 chart798.8 shows800.08 the800.64 tax803.28 change805.12 based805.12 on805.52 properties805.92 receiving806.64 the807.04 residential807.2 exemption807.68 because808.08 the808.4 residential808.56 exemption809.12 is809.52 going809.76 to810.08 go810.24 up810.4 where811.36 all811.68 the811.84 values812 went812.32 up.812.56 The813.38 residential813.54 exemption814.11 amount814.5 is814.75 based814.9 on815.14 the815.3 average815.46 residential815.78 value.816.5 And818.26 the818.66 lower818.66 chart,819.07 this820.26 is820.5 why820.58 the820.99 same821.14 property821.63 is822.18 not822.26 receiving822.5 the822.9 residential823.07 exemption.823.63 That's824.02 why824.26 their824.66 increases825.7 are826.5 considerably826.99 more827.63 because828.62 they829.66 don't829.98 benefit830.14 from830.7 the831.42 residential831.58 exemption.832.22 835.82 These836.94 are837.18 the837.34 same837.5 properties837.74 that838.3 I838.54 give839.18 every839.42 year.839.58 One840.06 is840.3 a840.46 convenient840.54 freestanding840.94 convenience841.42 store,842.22 another842.62 is842.62 a842.86 national843.26 fast843.82 food844.13 quick844.52 serve844.68 restaurant,845.09 and845.57 the847.73 lower847.97 one848.37 is848.68 a848.85 warehouse.848.92 And850.45 you850.61 can850.76 see850.92 that851.16 these851.49 values851.73 also853 went853.4 up853.64 and856.62 as857.1 well857.26 as858.3 the860.06 taxes860.22 on860.94 the861.18 properties861.34 themselves.861.9 So866.86 the867.26 residential867.5 exemption,868.14 you're868.94 allowed869.26 up869.58 to869.66 a869.82 35%869.98 discount.874.42 We876.83 went877.14 from877.38 20877.63 to878.11 25%878.5 about879.54 five879.78 years880.02 ago.880.26 The883.88 exclusions884.12 for884.68 the884.84 exemptions,885 vacant885.48 land885.88 doesn't886.52 receive886.92 it.888.12 And888.92 residential888.92 property889.48 is889.88 not890.04 occupied890.68 as891.24 a891.32 primary891.8 residence892.2 by892.6 the892.84 owner.893 The897.18 next897.34 page897.65 is897.98 just900.7 the901.01 calculation901.25 of901.82 the901.98 residential902.13 exemption.902.77 So903.1 the903.25 total903.42 residential903.74 value904.86 is905.34 a906.05 little906.13 over906.38 6.8906.7 billion.908.99 We908.99 have,909.15 8,710910.27 residential,911.87 properties913.07 that913.79 gives914.03 us914.35 an914.51 average914.67 residential916.43 value916.99 of917.39 $780,714.922.11 The924.07 value924.48 at924.88 25%925.03 of925.83 that926 is926.39 a927.27 195,179.927.43 931.43 So931.43 far931.6 this931.83 year,932.07 we932.31 have932.48 4,044935.51 properties,935.51 qualifying936.88 for937.51 the937.67 residential937.83 exemption.939.73 And939.97 the939.97 breakeven940.05 value940.77 is,941.41 1,681,500.942.13 What947.01 that947.25 breakeven948.69 value949.49 is,949.89 that950.13 means950.37 that950.61 every950.85 property951.17 receiving951.57 a952.05 residential952.13 exemption953.01 that953.49 is953.65 assessed954.04 less954.36 than954.43 that954.67 is954.92 receiving955.15 some955.8 sort956.04 of956.27 benefit956.43 from956.92 the957.15 residential957.32 exemption.957.96 But,959.15 obviously,959.55 the960.12 lower960.27 value,960.6 since961 it's961.24 the961.63 same961.8 value,962.04 no962.36 matter962.51 whether962.75 you're963.15 assessed963.32 at963.63 200,000964.43 or965.24 whether965.39 you're965.72 assessed965.88 at966.6 1.5966.67 million,968.93 it968.93 has969.09 a969.25 bigger969.33 impact969.65 on969.97 the970.05 lower970.29 value970.53 properties.970.85 And976.45 this976.85 is977.09 just,977.25 so978.53 the979.57 amount980.05 of980.37 value980.93 that's981.41 being981.97 exempted982.29 through983.68 the984 residential984.17 exemption984.73 is,985.05 789,304,000.993.13 If993.13 you993.29 subtract993.52 that994.09 from994.4 the994.64 total994.73 value995.21 and996.65 then996.89 divide998.33 the998.81 residential999.21 levy999.85 amount,1000.25 that's1000.57 the1000.81 portion1001.61 to1002.01 be1002.09 borne1002.25 by1002.57 the1002.73 residential1002.97 taxpayers,1003.61 you1004.65 come1004.81 up1005.05 with1005.21 the1007.77 residential1008.81 tax1009.77 rate,1009.93 which1010.17 is1010.33 11.391010.49 per1011.61 1,000.1011.85 And,1015.78 again,1016.83 just1017.23 to1017.54 reiterate,1017.71 at1020.11 the1020.26 maximum1020.42 shift,1020.99 you1021.63 would1021.87 be1022.02 reducing1022.18 the1023.07 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million1107.67 we1107.67 had1107.84 initially1108.15 assessed?1108.71 1110.18 DEVREAUX1110.18 -1110.18 That1110.18 was,1111.38 what1111.86 happened1112.02 is1112.34 we1112.58 audited1112.9 the1113.78 personal1114.02 property1114.42 down1114.9 at1115.14 Encore1115.3 Boston1115.7 Harbor.1117.22 And1118.18 we1118.18 realized1118.5 that1120.42 we1121.3 could1121.46 have1121.7 been1121.78 taxing1121.94 them1122.34 more1122.58 for1122.82 last1122.98 year.1123.22 So1124.7 we're1124.93 capturing1125.89 that1126.38 this1126.62 year.1126.78 1127.34 SMITH1127.34 -1127.34 Okay.1127.34 So1127.82 there1127.98 was1128.13 the1128.38 5.61129.82 million1130.13 we1130.13 initially1130.38 thought1130.93 was1131.17 gonna1131.34 be1131.58 the1131.65 fiscal1131.74 year1132.13 241132.38 growth,1132.7 and1132.93 then1133.1 there's1133.26 an1133.41 additional1133.58 31134.3 million1135.26 on1135.26 that1135.34 growth?1135.49 1138.76 DEVREAUX1138.76 -1138.76 Yeah.1138.76 I1139.64 guess,1139.88 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apartments1721.3 above1721.69 it1722.02 or1722.17 three1722.34 apartments1722.58 above1722.97 it,1723.21 you1723.62 could1723.78 qualify1724.02 if1724.65 the1725.13 majority1725.3 of1725.69 the1725.78 property1725.93 is1726.26 residential.1726.41 1727.9 PIETRANTONIO1727.9 -1727.9 The1727.9 percentage,1728.54 the1728.78 percentage1728.86 of1729.26 tax?1729.42 1729.66 DEVREAUX1729.66 -1729.66 It's1729.66 based1729.82 on1730.06 a1730.3 percentage.1730.38 So1730.7 we1730.86 code1731.02 those.1731.34 If1731.74 it's1731.9 a1732.06 majority1732.14 residential,1732.62 we1733.1 code1733.18 it1733.42 one1733.58 way.1733.74 If1733.9 it's1733.98 a1734.62 majority1734.78 commercial,1735.26 we'd1735.66 just1735.82 say1736.06 11736.22 apartment1736.46 up1736.86 above1737.02 it1737.58 we1737.74 code1737.74 it1737.98 a1738.06 different1738.14 way.1738.46 So1738.54 that's1738.7 how1738.86 we1739.1 know1739.18 the1739.34 difference.1739.5 1739.82 PIETRANTONIO1739.82 -1739.82 But1739.82 there's1739.98 no1740.22 limit1740.38 on1740.7 units1740.94 to1741.42 get1741.66 owner1741.99 occupied1742.47 exemption1743.35 if1743.99 I1744.14 live1744.23 there?1744.47 There's1744.71 no1744.95 1746.07 DEVREAUX1746.07 -1746.07 Well,1746.07 it1746.38 is.1746.63 It1746.87 is1746.95 for1747.27 four1747.59 units.1748.14 1748.14 PIETRANTONIO1748.14 -1748.14 Four1748.23 units.1748.79 Okay.1748.79 So1749.03 if1749.27 someone1749.27 that1749.51 owns1749.66 1001749.9 units1750.14 lives1750.55 there?1750.71 1750.87 DEVREAUX1750.87 -1750.87 No.1750.87 1751.18 PIETRANTONIO1751.35 -1751.35 Okay.1751.35 Alright.1751.9 The1755.96 commercial,1756.12 the1757.8 CIP,1758.04 you're1758.76 shifting1759 that1759.4 burden1759.64 from1759.96 24%1760.2 to1761.16 42%.1761.4 Did1762.68 I1762.84 hear1762.92 that1763.08 right?1763.24 1763.48 DEVREAUX1763.48 -1763.48 Yep.1763.48 1763.72 PIETRANTONIO1763.72 -1763.72 So1763.72 that's1763.88 an1764.04 18%1764.2 increase?1764.92 1766.8 DEVREAUX1766.8 -1766.8 It1766.8 was1766.96 not1767.04 an1767.2 18%1767.44 increase1768.16 over1768.48 last1768.8 year.1769.2 It's1769.52 just,1771.37 that's1772.33 the1772.64 burden1772.88 the1773.37 percentage1773.52 of1774 the1774.16 tax1774.33 levy1774.57 that's1774.96 being1775.28 pushed1775.61 onto1775.92 them1776.4 by1776.88 splitting1777.13 the1777.61 rate1777.76 at1778.4 the1778.64 highest1779.92 allowed1781.13 by1781.52 law,1781.76 which1782.6 translates1783 to1783.4 the1783.56 minimum1783.72 residential1784.12 factor.1784.68 So1785.64 what1786.28 we're1786.68 doing1786.84 is1787 we're1787.24 switching1787.72 that,1788.52 we're1788.76 pushing1789 that1789.32 onto1789.64 the1789.96 commercial1790.12 properties.1790.6 Not1790.92 that1791.08 they're,1791.32 they're1791.64 not1791.96 going1792.2 up1792.44 that1792.6 much1792.76 because1793 it1793.24 was1793.4 the1793.56 same1793.72 ratio1794.2 last1794.68 year.1794.92 1796.55 PIETRANTONIO1796.55 -1796.55 Okay.1796.55 So1796.71 that1797.28 doesn't1797.43 turn1797.67 to1797.99 18%1798.15 of1799.52 and1799.91 more1800.15 taxes?1800.63 1800.63 DEVREAUX1800.63 -1800.63 No.1800.63 1801.67 PIETRANTONIO1802.39 -1802.39 Okay.1802.39 The1803.43 host1803.67 agreement1804.15 with1804.63 Wynn,1805.04 what1806.15 is1806.39 their1806.55 percentage?1806.79 Does1807.36 that1807.52 go1807.76 up1807.91 a1808.08 year?1808.15 1808.95 DEVREAUX1810.23 -It's1810.47 my1810.47 understanding1810.63 that1811.03 goes1811.19 up1811.35 21811.59 and1811.75 a1811.75 half1811.91 percent.1812.07 1812.79 PIETRANTONIO1812.79 -1812.79 21812.79 and1813.11 a1813.11 half1813.27 percent.1813.43 So1815.11 what1815.43 would1815.59 you1815.75 predict1816.39 this1816.79 24%1817.03 to1818.87 42%?1819.11 What1820.47 would1820.63 that1820.79 percentage1821.03 be1821.67 for1821.91 them1823.11 people,1825.13 that1825.29 group,1825.53 I1825.73 should1825.92 say?1826.16 1826.48 DEVREAUX1826.48 -1826.48 Their1827.45 tax1827.68 says1827.68 121A1827.68 agreement,1827.68 which1828.24 is1828.4 by1828.73 law1829.21 is1829.61 considered1829.61 an1830.09 excise1830.24 tax.1830.64 It's1830.97 not1831.13 considered1831.29 a1831.68 real1831.77 estate1832.01 tax.1832.33 1833.53 PIETRANTONIO1833.53 -1833.53 Okay.1833.53 1837.06 UNIDENTIFIED1837.06 SPEAKER1837.06 -1837.06 Councilor,1837.06 so1837.7 how1839.62 it1839.86 actually1840.02 works1840.34 with1840.58 the1840.74 121A,1841.46 that1841.7 comes1841.86 in1842.02 as1842.18 a1842.34 straight1842.5 revenue1842.74 source,1843.14 in1844.18 the1844.34 general1844.5 fund,1844.82 which1845.14 then1845.38 reduces1845.54 the1846.1 amount1846.18 of1846.42 tax1849.84 levy1850.08 that1850.39 needs1850.47 to1850.8 be1850.88 raised,1851.04 and1852.15 then1852.39 these1852.63 calculations1852.95 are1853.6 applied.1853.76 So1854.39 they're1854.56 not1854.88 included1855.19 in1855.67 any1855.84 of1855.99 these1856.15 calculations1856.47 because1857.43 the1857.67 agreement1857.84 with1858.23 the1858.39 city1858.47 is1858.8 under1858.95 a1859.19 121A,1859.91 so1860.32 that1860.39 will1860.63 come1860.8 in1861.04 just1861.19 as1861.43 general1861.6 fund1861.91 revenue1862.15 to1863.12 offset1863.28 the1863.67 amount1863.76 of1863.99 taxes1864.15 that1864.56 need1864.71 to1864.95 be1865.04 raised.1865.19 1867.41 PIETRANTONIO1867.41 -1867.41 Trying1867.41 to1867.73 understand1867.89 it.1868.29 So1873.97 the1874.29 residential1874.69 tax1875.65 rate1876.13 is1877.25 going1877.57 to1877.81 be1877.89 11.391878.21 on1879.49 every1879.65 1,000?1879.97 1880.85 DEVREAUX1880.85 -1880.85 Correct.1880.85 1882.63 PIETRANTONIO1882.63 -1882.63 Compared1882.63 to1883.11 last1883.27 year?1883.59 1884.22 DEVREAUX1884.22 -1884.22 11.461884.22 last1885.27 year.1885.51 1885.9 PIETRANTONIO1885.9 -1885.9 11.46.1885.9 And1887.83 now1888.07 we've1888.3 taken1888.63 money1889.27 out1889.59 of1889.74 free1889.98 cash1890.22 to1891.42 help1891.59 offset1891.98 this1892.46 tax,1893.11 we've1893.42 taken1893.42 101893.74 million1894.54 out1894.54 of1894.7 free1894.87 cash1895.11 to1895.66 offset1895.9 this?1896.38 1896.94 DEVREAUX1896.94 -1896.94 Correct.1896.94 1898.12 PIETRANTONIO1898.12 -1898.12 And1898.12 that1898.28 free1898.6 cash1898.84 money,1899.16 where1899.56 does1899.72 that1899.96 come1900.12 from?1900.36 1901.88 DEVREAUX1901.88 -1901.88 I1901.88 don't1902.04 deal1903.16 with1903.4 that.1903.56 1904.92 UNIDENTIFIED1904.92 SPEAKER1904.92 -1904.92 So1904.92 at1905.32 the1905.4 end1905.56 of1905.72 the1905.88 year,1905.96 when1906.76 the1907 city1907.16 closes1907.48 its1907.88 books,1908.12 there1908.92 are1909.24 numerous1911.84 calculations1912.39 that1912.96 go1913.12 into1913.28 that.1913.91 But1914.15 really1914.15 what1914.48 the1914.63 bulk1914.8 of1915.04 that1915.2 is,1915.36 what1916.39 makes1916.63 up1916.88 free1917.04 cash,1917.28 you1917.52 could1917.6 break1917.76 it1917.88 down1918 into1918.24 three1918.48 things.1918.72 The1919.2 amount1919.36 of1919.6 unspent1919.76 free1920.32 cash1920.56 from1920.8 the1920.96 prior1921.12 year1921.43 that1923.85 city1924.25 council1924.57 didn't1924.97 appropriate,1925.29 and1926.25 then1926.49 your1926.97 revenues1927.37 in1927.85 excess1928.01 of1928.57 the1928.81 budget,1928.97 and1929.85 then1930.09 unspent1930.49 appropriations.1930.97 So1931.69 everything1931.85 is1932.89 given1933.05 back1933.37 then1933.61 submitted1933.85 to1934.17 the1934.41 state.1935.05 And1935.21 then1935.21 the1935.37 state1935.53 will1935.85 go1936.01 forward1936.25 and1936.65 certify1936.89 free1937.37 cash.1937.61 1938.18 PIETRANTONIO1938.18 -1938.18 So1938.18 in1938.42 layman's1938.59 terms,1939.22 that's1940.27 taxpayers'1941.54 money?1943.22 1944.59 UNIDENTIFIED1944.59 SPEAKER1944.59 -1944.59 Yes.1944.59 And1944.59 I1944.9 just1944.98 wanna1945.22 make1945.54 make1945.87 note1946.11 there1946.35 are1946.59 three1946.74 free1946.98 cashes.1947.22 There's1947.63 one1947.94 for1948.18 the1948.35 general1948.42 fund,1948.83 which1949.14 is1949.38 strictly1949.54 just1950.03 the1950.18 general1950.35 fund.1950.66 It1951.07 does1951.22 not1951.38 include1951.63 any1951.94 capital.1952.18 Then1953.36 there1953.44 is1953.6 one1953.84 calculated1954.4 for1955.12 the1955.92 ECTV1956.88 Enterprise1957.76 Fund,1958.24 cable1959.04 television,1959.36 and1959.92 then1960.16 for1960.32 the1960.48 water1960.64 sewer.1960.96 So1961.36 there1961.52 are1961.68 three1962 separate.1962.16 1963.04 PIETRANTONIO1963.04 -1963.04 That1963.04 goes1964.88 into1965.12 this1965.36 free1965.52 cash1965.76 fund?1966 1966.53 UNIDENTIFIED1966.53 SPEAKER1966.53 -1966.53 Well,1966.53 there's1966.69 three1967.02 separate1967.41 free1967.73 cash.1967.97 They're1969.41 all1969.58 separate1969.73 and1970.21 they1970.45 get1970.53 put1971.02 into1971.17 one1971.73 commingled1972.13 amount1972.77 of1973.02 free1973.26 cash.1973.34 1973.65 PIETRANTONIO1973.65 -1973.65 But1973.65 you1973.82 can1973.97 pull1974.13 out1974.29 of1975.17 all1975.26 three1975.41 anytime1975.65 you1976.13 want?1976.38 1978.29 UNIDENTIFIED1978.29 SPEAKER1978.29 -1978.29 So1978.29 general1978.62 fund1979.02 free1979.26 cash1979.49 is1979.97 for1981.43 the1981.59 general1981.75 fund.1982.07 ECTV1982.47 free1983.35 cash1983.67 can1983.99 only1984.15 be1984.39 appropriated1984.55 within1985.19 ECTV.1985.51 And1986.15 the1986.31 water1986.47 sewer1987.35 free1987.67 cash1987.67 can1987.91 only1988.07 be1988.31 applied1988.47 to1988.79 water1988.95 sewer.1989.51 So1990.07 you1990.23 do1990.39 need1990.55 to1990.63 segregate1990.79 those.1991.27 1991.83 PIETRANTONIO1991.83 -1991.83 Okay.1991.83 And1992.87 on1993.83 a1994.07 condo,1994.47 they1995.72 get1995.88 the1996.67 tax1996.91 exemption1997.32 like1998.52 a1998.76 11998.99 family1999.24 does,1999.56 21999.88 family2000.04 does,2000.84 correct?2001.39 2001.39 UNIDENTIFIED2001.39 SPEAKER2001.39 -2001.39 Mmmh.2001.39 2001.39 PIETRANTONIO2001.39 -2001.39 Now2001.39 how2001.63 do2001.72 we2001.96 track2002.28 if2003.63 that2003.88 person2004.2 actually2004.76 owns2005.15 that2005.48 condo?2005.72 If2006.2 I2006.43 own2006.67 it2006.91 and2007.08 I2007.24 rent2007.39 it2007.63 to2009.08 Stephanie,2009.32 how2009.88 do2010.04 we2010.2 track2010.52 that?2010.84 2011.4 DEVREAUX2011.4 -2011.4 I'd2011.4 like2011.88 not2012.12 to2012.28 give2012.36 away2012.6 all2012.92 my2013.08 secrets2013.24 here2013.64 in2013.8 public,2014.04 but2014.44 we've2015.4 got2015.8 different2016.12 ways2016.68 of2016.92 looking.2017.08 We2017.4 check2017.48 public2018.2 data.2018.52 We2018.76 check2018.92 RMV2019.16 data2020.76 and2021.08 other2021.24 public2021.56 sources2021.88 to2022.36 be2023.08 sure2023.24 that2023.48 someone's2023.72 occupying2024.71 the2025.52 unit.2025.91 A2026.47 lot2026.63 of2026.8 times2026.88 we2027.28 get2027.6 return2028.08 mail2028.47 because2028.8 if2029.12 somebody2029.19 moves2029.52 out,2029.76 we2030.39 send2030.55 them2030.71 a2030.8 tax2030.95 bill,2031.43 now2031.6 there's2031.6 a2031.76 different2031.84 name2032.08 on2032.23 the2032.39 mailbox.2032.47 It2032.88 gets2033.04 returned.2033.19 That's2033.52 a2035.36 trigger2035.52 for2035.84 us2035.91 to2036.08 look2036.23 at2036.39 it2036.55 and2036.71 say,2036.88 is2037.44 this2037.6 person,2038.08 why2038.24 is2038.4 this2038.56 mail2038.64 being2038.88 returned?2039.12 Do2039.6 they2039.84 live2040 there2040.16 anymore?2040.4 2041.2 PIETRANTONIO2041.2 -2041.2 I2041.2 know2041.28 I2041.44 got2041.6 the2041.84 exemption.2041.92 I2042.4 can't2042.48 remember.2042.72 When2043.12 I2043.36 came2043.44 in2043.6 the2043.76 exemption,2043.84 did2044.24 I2044.4 have2044.56 to2044.72 show2044.8 my2044.96 license2045.2 or2045.6 water2045.76 bill?2046 I2046.32 can't2046.48 remember2046.72 how2047.04 I2047.2 did2047.44 that.2047.44 2047.44 DEVREAUX2047.44 -2047.44 So2047.44 we2047.6 ask2048.48 for2048.72 a2049.28 driver's2049.52 license2049.92 that2050.4 shows2050.56 the2051.04 address2051.2 of2051.89 the2052.14 property2052.53 on2053.09 your2053.34 license.2053.57 If2054.45 it2054.7 doesn't,2055.26 we2055.66 will,2055.82 but2056.3 you've2056.53 already2056.7 changed2057.02 it2057.26 at2057.41 the2057.41 RMV.2057.57 We2058.05 will2058.14 look2058.38 at2058.7 RMV2058.86 data.2059.34 And2060.22 a2060.61 utility2060.86 bill2061.34 in2061.57 the2061.82 applicant's2061.97 name2062.38 that2062.61 gets2062.78 mailed2063.02 to2063.26 that2063.34 address2063.57 not2063.97 a2064.14 water2064.3 bill.2064.61 2067.42 PIETRANTONIO2067.42 -2067.42 Okay.2067.42 And2067.42 a2068.86 condo's,2069.26 let2070.3 me2070.46 see2070.62 if2070.78 I2070.82 get2070.86 this2071.02 right.2071.34 A2071.34 condo's2071.42 evaluation2072.54 say,2074.46 these2074.7 condos2074.94 are2075.42 selling,2075.58 like,2075.82 for2076.14 $900,000.2076.54 Does2078.78 that2079.18 affect2079.42 a2079.9 single2080.06 family?2080.46 That's2080.86 gonna2081.02 bring2082.76 the2082.99 valuation2083.16 of2083.55 a2083.72 single2083.8 family2084.11 up2084.43 too,2084.68 I2084.91 would2085.16 think.2085.32 2085.8 DEVREAUX2085.8 -2085.8 Well,2085.8 I2086.2 mean,2086.36 generally,2086.59 in2086.91 the2087.07 market,2087.16 you2087.8 know,2087.95 if,2089.39 it2090.36 all2090.52 depends,2091.24 you2091.39 know2091.39 what2091.47 I2091.55 mean?2091.64 If2091.88 it's2092.04 a2092.2 condo2092.36 conversion2092.68 from2093.07 the2093.32 1970s,2093.8 those2094.28 are2094.43 some2094.59 of2094.76 our2094.91 lower2095.07 value2095.32 condominiums.2096.23 You2098.47 know,2098.55 those2098.71 are,2099.67 you're2100.31 gonna2100.55 typically2100.79 find2101.19 them2101.43 in2101.67 the,2101.83 you2102.15 know,2102.31 mid2102.79 to2103.03 upper2103.27 22103.59 into2103.83 the2104.15 low2104.31 to2104.47 mid2104.63 32104.95 range,2105.19 selling2105.75 42106.15 currently2106.39 in2106.71 the2106.87 market.2107.03 You2108.63 know,2108.71 a2109.43 condo2109.59 that's2110.07 900,000,2111.97 you2112.18 know,2112.22 that's2112.45 gonna2112.93 be2113.09 a2113.49 a2113.66 large2113.74 townhouse2114.14 style2114.61 condo.2114.86 We2115.26 don't2115.34 have2115.58 too2115.66 many2115.82 of2116.06 those.2116.14 2119.66 PIETRANTONIO2119.66 -2119.66 So2119.66 they2119.89 do2120.22 get2120.45 based2120.86 just2121.41 like2121.66 a2121.82 single2121.89 family2122.22 do,2122.61 actually?2122.86 2123.97 DEVREAUX2123.97 -2123.97 Yeah,2125.44 pretty2125.68 much.2126 2128.4 PIETRANTONIO2128.4 -2128.4 Alright.2128.4 Thank2128.64 you.2128.88 2132.48 MICHAEL2132.48 MARCHESE2132.48 -2132.48 CITY2132.48 COUNCIL2132.48 MEMBER2132.48 -2132.48 Mr.2132.48 Devreaux,2132.48 how2132.48 are2132.48 you2132.56 today?2132.72 Just2133.92 quick,2134.32 couple2134.64 of2134.88 quick2135.04 questions.2135.28 The2136.24 121A,2136.48 the2137.84 separate2138 thing,2138.4 that's2138.64 actually2138.88 free2139.28 cash2139.52 money,2140.08 right?2140.84 2140.84 DEVREAUX2140.84 -2140.84 No.2140.84 It2141.15 goes2141.32 into2141.32 the2141.63 general2141.8 fund.2142.03 2142.59 MARCHESE2142.59 -2142.59 It2142.59 goes2142.76 into2142.91 general2143.07 fund,2143.32 but2143.47 it2143.55 could2143.63 be2143.8 used2143.88 for2144.03 free2144.19 cash,2144.43 couldn't2144.76 it?2144.99 2146.91 UNIDENTIFIED2146.91 SPEAKER2146.91 -2146.91 No.2146.91 So,2147.23 the2147.8 121A2149.07 revenue2149.23 from2149.63 Encore2149.88 is2150.99 shown2151.39 as2151.63 a2151.88 revenue2151.95 source2152.43 like2153.86 any2154.18 other2154.42 general2154.66 fund2154.98 revenue.2155.22 No.2155.7 So2156.26 you2156.66 have2156.82 your2157.06 budget2157.22 that2157.54 was2157.7 approved,2157.94 then2158.34 you2158.58 take2158.74 your2159.22 estimated2159.46 revenue,2160.02 the2160.5 revenue2160.66 that's2160.98 coming2161.22 in,2161.54 and2162.18 the2162.42 net2162.58 difference2162.82 with2163.62 other2163.86 adjustments2164.34 is2164.98 gonna2165.14 be2165.38 the2166.18 total2166.34 tax2166.66 levy.2166.9 2167.41 MARCHESE2167.41 -2167.41 Now2167.41 where2167.49 are2167.61 they2167.61 taking2167.73 the2168.05 102168.3 million2168.86 out2168.86 for2169.01 the2169.34 tax,2169.57 put2170.14 on2170.38 the2170.53 taxes2170.61 tonight?2171.09 2171.66 UNIDENTIFIED2171.66 SPEAKER2171.66 -2171.66 I'm2171.66 sorry?2171.82 2172.21 MARCHESE2172.21 -2172.21 Where2172.21 are2172.45 they2172.61 taking2172.7 2173.09 UNIDENTIFIED2173.34 SPEAKER2173.34 -2173.34 That's2173.34 actually2173.34 coming2173.73 out2173.97 of2174.14 free2174.3 cash2174.53 but2174.78 it2174.86 doesn't2175.01 have2175.26 anything2175.49 to2175.82 do2175.97 with2176.05 the2176.21 121A.2176.93 2177.26 MARCHESE2177.26 -2177.26 So2177.26 where2177.49 does2177.66 the2177.82 121A2178.45 money2178.7 sit?2179.01 How2179.26 much2179.41 is2179.57 that2179.73 account?2179.97 Is2180.3 there2180.53 an2180.7 account?2180.86 2182.35 UNIDENTIFIED2182.35 SPEAKER2182.35 -2182.35 It's2182.99 within2183.23 the2183.63 general2183.79 fund2184.11 revenue.2184.35 And2185.39 what2185.63 I2185.79 can2185.87 tell2186.03 you2186.19 is2186.35 there's2186.59 no2186.91 estimated,2187.47 there2188.99 no2189.63 excess2191.23 121A2192.91 revenue2193.07 because2193.47 that2194.27 money,2194.43 we2195.23 know2195.39 what2195.55 we're2195.71 collecting2195.87 this2196.27 year,2196.53 and2196.68 we2196.84 know2196.92 per2197.24 the2197.48 community2197.72 host2198.05 agreement2198.36 that2199.01 goes2199.16 up2199.4 by2199.57 22199.72 and2200.05 a2200.05 half2200.13 percent.2200.36 So2200.76 those2200.92 numbers2201.09 are2201.48 fixed2201.64 when2202.05 they're2202.2 budgeted.2202.44 2202.92 MARCHESE2202.92 -2202.92 What2202.92 are2203.32 we2203.64 receiving2203.96 from2204.68 Encore2205.01 right2205.89 now,2206.05 including2207.32 the2207.8 piece2208.28 of2208.61 sales2208.76 tax,2209.16 the2209.57 room2209.72 tax,2209.96 and2210.28 food2210.44 tax?2210.76 Do2211.61 we2211.69 get2211.85 302212.17 million2212.73 a2212.73 year2212.81 from2212.97 them2213.13 total?2213.29 2215.21 UNIDENTIFIED2215.21 SPEAKER2215.21 -2215.21 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how3421.8 I3422.05 got3422.13 35%,3422.36 but3423.09 yeah.3424.53 No.3424.76 I3424.93 approve3425.24 it.3425.57 I3425.64 have3425.8 it.3425.96 I3426.05 have3426.44 it3426.61 myself3426.68 in3427.01 my3427.16 own3427.32 home.3427.48 It3427.72 is3427.89 a3428.05 good3428.13 thing.3428.44 And3428.76 it's3428.76 an3428.93 incentive3429.16 to3431.32 buy3431.48 and3431.72 live3431.96 here.3432.2 You3432.44 don't3432.61 have3432.76 these3433.01 absentee3433.24 landlords3433.8 that3435.12 we3435.28 have3435.44 throughout3435.68 the3436.08 city.3436.24 It's3436.64 a3436.88 great3436.96 program.3437.28 But3438.96 like3439.2 we3439.36 say,3439.52 we3439.76 probably3440 should3440.4 get3440.56 a3440.8 better3441.04 way3441.6 to3441.84 get3442 it3442.16 out3442.24 there3442.48 to3442.72 the3442.88 residents3443.52 so3444 they3444.16 can3444.32 take,3444.88 you3445.2 know,3445.36 advantage3445.6 of3446.08 it.3446.16 But,3446.95 I3447.2 mean,3447.28 I3447.43 support3447.68 it.3447.99 Thank3448.24 you.3448.47 3457.99 MARCHESE3457.99 -3457.99 Just3457.99 a3458.32 quick3458.39 talking3459.43 to3460.95 Councilor3461.97 Pietrantonio.3461.97 It's3461.97 a3462.37 great3462.45 thing3462.69 with3462.93 the3463.09 spot.3463.25 Actually,3463.57 I3463.81 sponsored3463.97 the3464.45 piece3464.93 about3465.17 183465.17 years3465.57 ago.3465.81 I3466.45 think3466.61 it3466.73 was3466.85 15%3467.09 then,3467.81 but3468.05 then3468.21 they3468.45 brought3468.77 the3469.09 levy3469.17 up.3469.49 The3470.21 only3470.45 bad3470.77 thing3471.01 about3471.25 it,3471.49 and3472.05 I3472.21 vote3472.37 for3472.61 it,3472.77 is3472.93 that3473.09 the3473.73 money3473.81 gets3474.05 kicked3474.29 back3474.53 to3474.77 the3474.93 absentee3475.53 landlord3475.84 multi3476.57 units3476.89 that3477.2 pay3477.45 rent.3477.68 So3478.24 when3478.41 you3478.57 talk3478.64 about3478.8 the3478.97 counter3479.13 rent3479.45 control,3479.61 it3481.28 goes3481.45 on3481.76 theirs3482.24 and3482.72 it3482.89 gets,3482.97 rent,3485.76 it3486.01 goes3486.16 up3486.41 on3486.89 them.3487.13 That's3487.61 all.3487.93 But3488.09 I'm3488.41 100%3488.97 for3489.53 this.3489.68 3513.13 CORNELIO3513.13 -3513.13 Item3513.13 number3513.45 3,3513.61 Mr.3513.93 Chair,3514.16 is3514.16 an3514.24 order3514.32 offered3514.64 by3514.81 Councilor3514.97 Robert3515.29 Van3515.53 Campen3516.01 as3516.01 president,3516.23 an3516.39 order3516.63 requesting3516.79 approval3517.19 of3517.43 an3517.51 appropriation3517.75 of3518.15 $103518.47 million3519.03 from3519.03 the3519.27 budgetary3519.35 fund3519.83 balance3519.99 free3520.39 cash3520.55 to3520.95 reduce3521.19 the3521.59 FY3521.99 20253522.23 tax3523.03 levy.3523.27 3524.15 ROGERS3524.15 -3524.15 Favorable3524.15 action.3524.63 3525.11 SMITH3525.11 -3525.11 Second.3525.11 3548.56 CORNELIO3548.56 -3548.56 Item3548.56 number3548.8 4,3551.04 Mr.3551.2 Chair,3551.2 is3551.2 an3551.36 order3551.44 offered3551.6 by3551.84 Councilor3551.92 Robert3552.16 Van3553.36 Campen,3553.44 as3553.44 president.3553.44 An3553.44 order3553.44 requesting3553.68 approval3554.08 of3554.4 an3554.48 appropriation3554.72 of3555.28 $1.13556.32 million3558.32 from3558.32 the3558.48 water3558.64 sewer3558.96 budgetary3559.76 fund3560.32 balance3560.48 to3561.31 offset3561.47 FY3561.95 20253562.27 water3563.07 sewer3563.22 rates.3563.55 3564.51 MARCHESE3564.51 -3564.51 Favorable3564.51 action.3564.99 3565.55 SMITH3565.55 -3565.55 Second.3565.55 3571.79 PIETRANTONIO3571.79 -3571.79 Just3571.79 to3572.03 make3572.18 it3572.35 clear,3572.43 I3572.66 want3572.83 the3572.99 public3573.14 to3573.55 know3573.7 that3573.86 this3574.35 is3574.51 not3574.66 free3574.91 cash.3575.14 This3575.55 is3575.7 still3576.84 taxpayers'3576.92 money,3577.64 water,3578.12 where3578.84 it's3579 coming3579.08 to3579.4 water3579.48 fund3580.76 $103581.64 million.3581.64 It's3581.64 all3581.88 taxpayer3582.28 money.3582.84 Thank3583.16 you.3583.4 3606.78 CORNELIO3607.02 -3607.02 Mr.3607.02 Chair,3607.02 item3607.02 number3607.34 53607.5 is3607.74 an3607.9 order3607.98 offered3608.22 by3608.38 Councilor3608.46 Robert3608.78 Van3609.58 Campen3609.66 as3609.66 president.3609.66 An3610.14 order3610.38 request3610.62 approval3610.86 of3611.18 an3611.34 appropriation3611.5 of3612.06 $146,0003612.22 from3613.74 the3613.9 ECTV3614.06 budgetary3614.7 fund3615.26 balance3615.5 free3616.51 cash3616.76 to3617.07 offset3617.32 the3617.88 FY3618.28 20253618.43 ECTV3619.23 budget.3619.88 3621.88 ROGERS3621.88 -3621.88 Favorable3621.88 action.3621.88 3621.88 SMITH3621.88 -3621.88 Second.3621.88 3640.49 SMITH3640.49 -3640.49 Motion3640.49 to3640.64 adjourn.3640.89 3641.36 GARCIA3641.36 -3641.36 Second.3641.36
Monday November 25, 2024