[00:00:08]
CONVENING HAS ARRIVED. WE'LL START THIS EVENING SERIES OF MEETINGS WITH THE FIRST WITH THE PUBLIC FACILITIES AUTHORITY. I'D LIKE TO CALL THIS MEETING OF THE PUBLIC FACILITIES AUTHORITY OF SANDY SPRINGS TO ORDER FOR TUESDAY, MAY THE 19TH, 2026. WILL THE SECRETARY PLEASE MAKE THE ANNOUNCEMENTS AND CALL THE ROLL? GOOD EVENING. FIRST, JUST A REMINDER TO THOSE IN ATTENDANCE, PLEASE SILENCE ALL CELL PHONES AND OTHER ELECTRONIC DEVICES AT THIS TIME AS I CALL ROLL. PLEASE CONFIRM YOUR ATTENDANCE. CHAIR. RUSTY PAUL, RESIDENT. MEMBER. JOHN PAULSON HERE. MEMBER MELODY KELLY. SHE'S JOINING US THIS EVENING ON ZOOM. WE'RE LOOKING TO GET HER MOVED OVER TO A PANELIST NOW. I'M PRESENT. PERFECT MEMBER MELISSA MUELLER HERE. MEMBER FRANK ROBERTS, MEMBER. MARY FORD HERE. MEMBER. ANDREW CHINSKY HERE. IS THERE A
[III. Approval of Meeting Agenda]
MOTION TO APPROVE THE MEETING AGENDA? CHAIRMAN PAUL, I MOVE APPROVAL OF A MEETING AGENDA FOR TUESDAY, MAY 19TH, 2026. MOTION BY MR. PAULSON. IS THERE A SECOND? SECOND. MOTION BY MR. PAULSON, SECONDED BY MR. ROBERTS, THAT WE APPROVE THE MEETING AGENDA. IS THERE ANY DISCUSSION? HEARING NONE, WE'LL CALL THE QUESTION. THE QUESTION IS ON APPROVAL OF THE MEETING AGENDA. ALL IN FAVOR OF THE MOTION, SAY AYE. AYE. OPPOSED? NO. THE AGENDA IS APPROVED. IS[IV. Approval of Meeting Minutes]
THERE A MOTION TO APPROVE THE MEETING MINUTES? CHAIRMAN. PAUL. MR. PAULSON, I MOVE APPROVAL OF THE MEETING MINUTES FROM MARCH 17TH, 2026. MOTION BY MR. PAULSON. IS THERE A SECOND? SECOND. SECONDED BY MR. CHINSKY. ANY DISCUSSION? HEARING NONE, WE'LL CALL THE QUESTION. THE QUESTION IS ON APPROVAL OF THE MINUTES. ALL IN FAVOR OF THE MOTION, SAY AYE. AYE. OPPOSED?[VI. New Business]
NO. THE MINUTES ARE APPROVED. MOVING INTO BUSINESS, THE SECRETARY PLEASE READ THE FIRST ITEM. THIS IS FOR 2020 604. CONSIDERATION OF A RESOLUTION TO APPOINT OFFICERS OF THE CITY OF SANDY SPRINGS PUBLIC FACILITIES AUTHORITY. AND TO CONFIRM AND RATIFY ALL PRIOR ACTIONS OF THE AUTHORITY AND FOR OTHER PURPOSES. DO WE HAVE A MOTION, CHAIRMAN PAUL? MISS MUELLER. I MOVE THAT WE APPROVE PFA. I MEAN, I'M SORRY, NUMBER. ITEM NUMBER PFA 2026-0 FOR APPROVAL OF A RESOLUTION TO APPOINT OFFICERS OF THE CITY OF SANDY SPRINGS PUBLIC FACILITIES AUTHORITY TO CONFIRM AND RATIFY ALL PRIOR ACTIONS OF THE AUTHORITY AND FOR OTHER PURPOSES, AND TO APPOINT BOARD MEMBER JOHN PAULSON AS THE VICE CHAIR. WE HAVE A MOTION BY MISS MUELLER. IS THERE A SECOND? SECOND. MOTION BY MISS MUELLER, SECONDED BY MISS FORD, THAT WE APPROVE. AGENDA ITEM 2020 604 RESOLUTION APPOINTING OFFICERS TO THE CITY OF SANDY SPRINGS PUBLIC FACILITIES AUTHORITY, CONFIRMING AND RATIFYING ALL PRIOR ACTIONS OF THE AUTHORITY FOR OTHER PURPOSES AND NOT NOMINATING MISTER JOHN PAULSON AS THE VICE CHAIR OF THE AUTHORITY. ANY DISCUSSION? HEARING NONE, WE'LL CALL THE QUESTION. THE QUESTION IS ON AGENDA ITEM FOR 2020 604. THE RESOLUTION APPOINTING OFFICERS OF THE CITY OF SANDY SPRINGS PUBLIC FACILITIES AUTHORITY. ALL IN FAVOR OF THE MOTION? SAY AYE. AYE. OPPOSED? NO. THE ITEM IS APPROVED. THE SECRETARY. PLEASE READ THE NEXT ITEM. THIS IS FOR 2020 605. CONSIDERATION OF A RESOLUTION TO APPROVE THE FY 2026 BUDGET. AMENDMENT TO UPDATE REFUNDING PROCEEDS AND BOND DEBT SERVICES BUDGETS PRESENTED BY TREASURER TONY CARLYLE. MISS CARLYLE, MEMBERS OF THE PFA. THIS BUDGET AMENDMENT IS PRESENTED TO UPDATE REFUNDING PROCEEDS AND BOND DEBT SERVICE BUDGETS. THIS BUDGET AMENDMENT IS COMPRISED OF A NUMBER OF COMPONENTS, AND I'LL PROVIDE A DESCRIPTION OF EACH AND MAKE A STRONG ATTEMPT TO BRING THE PIECES TOGETHER.FOR A SIMPLE UNDERSTANDING OF THIS BUDGET AMENDMENT. IN SEPTEMBER 2020, WE PARTICIPATED IN REFUNDING OF OUR SERIES 2015 DEBT, WHICH WAS ISSUED FOR CITY HALL AND THE PERFORMING ARTS CENTER. THE DEBT REFUNDING WOULD YIELD SAVINGS OVER THE LIFE OF THE LOAN IN THE AMOUNT OF $16,674,801. THE REFUNDING CREATED SERIES 2020 BONDS. IN MARCH 2025, WE RECEIVED NOTIFICATION FROM HILLTOP SECURITIES OF AN OPPORTUNITY TO RESTRUCTURE THE SERIES 2020 DEBT TO RECOGNIZE AN ESTIMATED SAVINGS OF ABOUT $1.4 MILLION BY EXECUTING A SECURITY SUBSTITUTION FOR THE OUTSTANDING ESCROW. THIS SUBSTITUTION WAS INCLUDED IN THE FY 26 BUDGET IN THE AMOUNT OF $1.4 MILLION TO REDUCE THE GENERAL FUND TRANSFER NEEDED TO FUND DEBT SERVICE OF THE SERIES 2025 BONDS. IN SEPTEMBER 2025, WE EMBARKED ON THE RESTRUCTURING PROCESS BUT ONLY RECEIVED $980,460 SAVINGS, LEAVING THE FUNDING SHORT OF BY $419,540. ALSO IN SEPTEMBER 2025, WE ISSUED NEW DEBT FOR THE PURPOSE OF BUILDING NEW
[00:05:01]
FIRE STATIONS ONE AND FOUR AND THE ADDITION OF FIRE STATION NUMBER THREE IN THE AMOUNT OF $50 MILLION. SERIES 2025 DEBT WAS CREATED WITH A BUDGETED DEBT SERVICE PAYMENT OF $3,000,078. I'M SORRY, $3,078,478. HOWEVER, THE INVOICED AMOUNT WAS ONLY 2,935,200, LEAVING A BUDGET BALANCE TO THE GOOD OF $143,278. NOVEMBER 2025. WE RECEIVED A SETTLEMENT FROM ROSSER FOR ITS PROFESSIONAL NEGLIGENCE AND MATERIAL BREACH OF THE AGREEMENT IN THE AMOUNT OF $900,000, BECAUSE THE PROJECT FOR WHICH THESE FUNDS APPLY IS CLOSED. THE FUNDS ARE CURRENTLY HELD IN A PFA CONTINGENCY G L ACCOUNT FOR FUTURE ALLOCATION.IN SUMMARY, THIS BUDGET AMENDMENT IS REQUESTING THE NET OF THE BUDGET SHORTFALL FOR THE RESTRUCTURING OF $419,540 AND THE EXCESS BUDGET FOR THE NEW DEBT OR SERIES 2025 OF 143,000 278 IN THE AMOUNT OF $276,262 BE ALLOCATED FROM THE $900,000 CONTINGENCY, THE BALANCE OF THE SETTLEMENT CONTINGENCY WILL BE $623,738. IF THIS BUDGET AMENDMENT IS APPROVED. NOT APPROVING THIS. THIS FUNDING FROM THE CONTINGENCY WILL REQUIRE A TRANSFER FROM THE GENERAL FUND. ALL RIGHT. YOU'VE HEARD THE REPORT OF THE TREASURER. WHAT'S THE DESIRE OF THE AUTHORITY CHAIRMAN? PAUL? MR. PAULSON, I MOVE APPROVAL OF AGENDA ITEM FOR 2020 604 RESOLUTION TO I'M SORRY, 2020 605 RESOLUTION TO APPROVE FISCAL 2026 BUDGET AMENDMENT TO UPDATE REFUNDING PROCEEDS AND BOND DEBT SERVICE BUDGETS AS DESCRIBED BY TONY CARLISLE.
HAVE A MOTION BY MR. PAULSON. IS THERE A SECOND? SECOND. MOTION BY MR. PAULSON, SECONDED BY MR. ROBERTS, THAT WE APPROVE AGENDA ITEM 2020 605, A RESOLUTION APPROVING FY 2026 BUDGET AMENDMENT TO UPDATE REFUNDING PROCEEDS AND BOND DEBT SERVICE BUDGET. ANY DISCUSSION. HEARING NONE. WE'LL CALL THE QUESTION. THE QUESTION IS ON AGENDA ITEM 2020 605. THE RESOLUTION APPROVING THE FY 2026 BUDGET AMENDMENT. ALL IN FAVOR OF THE MOTION, SAY AYE.
AYE. OPPOSED? NO. THE ITEM IS APPROVED. THE SECRETARY WILL PLEASE READ THE NEXT ITEM. THIS IS AGENDA ITEM NUMBER FOR 2020 606. CONSIDERATION OF A RESOLUTION TO APPROVE THE FY 26 BUDGET. AMENDMENT TO INCREASE FOR OVERFLOW PARKING PROJECT COST BUDGET PRESENTED BY TREASURER TONY CARLYLE. MISS CARLYLE, IF YOU ALL REMEMBER, IN JUNE 2025, THE PFA APPROVED AN MOU WITH TRAMMELL CROW TO CONSTRUCT 111 PARKING SPACES AT A COST OF 4,000,877 333. WE FUNDED THE NEW PROJECT BY REALLOCATING THE UNUSED FUNDS OF PROJECT PF8 GEORGIA COMMISSION ON THE HOLOCAUST IN THE AMOUNT OF FOUR POINT EXCUSE ME, $4.4 MILLION. THIS PROJECT IS STILL UNDERFUNDED BY $477,333. WE REQUESTED TO UTILIZE $477,333 OF THE REMAINING PFA CONTINGENCY TO FULLY FUND THIS PROJECT. THE CONTINGENCY BALANCE WOULD BE $146,405 IF APPROVED. NOT APPROVING THIS FUNDING FROM THE CONTINGENCY WOULD REQUIRE REVISITING THE REQUEST TO DETERMINE THE METHOD TO FULLY FUND THE PROJECT. YOU'VE HEARD THE REPORT OF THE TREASURER. WHAT'S THE DESIRE OF THE AUTHORITY CHAIRMAN PAUL? MR. PAULSON, I MOVE APPROVAL OF AGENDA ITEM 2020 606. CONSIDERATION OF RESOLUTION.
APPROVE THE FISCAL YEAR 2026 BUDGET AMENDMENT TO INCREASE FOR OVERFLOW PARKING PROJECT COST BUDGET. A MOTION BY MR. PAULSON IS THERE A SECOND? SECOND MOTION BY MR. PAULSON, SECONDED BY MR. CZYNSKI, THAT WE APPROVE AGENDA ITEM 2020 606, A RESOLUTION TO APPROVE FY 2026 BUDGET AMENDMENT TO INCREASE FOR OVERFLOW PARKING PROJECT COST. BUDGET. ANY DISCUSSION? MR. CZYNSKI, JUST A QUICK QUESTION FOR STAFF. WHAT WAS THE RATIONALE FOR WHY IT WASN'T FULLY FUNDED INITIALLY? WE WERE JUST USING THE FUNDS THAT WERE AVAILABLE, WHICH WERE IN THE UN, THE UN UNUSED FUNDS FOR GEORGIA COMMISSION ON THE HOLOCAUST, WHICH WAS $4.4 MILLION, BECAUSE WE DIDN'T FULLY FUND IT AND THESE FUNDS WERE AVAILABLE, WE WANTED TO BRING IT BACK TO FULLY FUND THE PROJECT SO THAT WE WOULDN'T HAVE TO COME BACK IN THE FUTURE ASKING FOR THE ADDITIONAL $400,000. BUT THOSE WERE THE FUNDS THAT WERE AVAILABLE AT THAT TIME. OKAY. I THINK WHAT WE DID IS WE WE TOOK THE MONEY THAT WE HAD AVAILABLE AND APPLIED IT TO THAT. NOW WE'VE GOT MORE ACCURATE COSTS AND WE'VE GOT TO MAKE UP THE DIFFERENCE. OKAY. AND JUST TO CLARIFY ANOTHER POINT TO THAT, IT'S INCREMENTAL PAYMENT. SO WE WEREN'T PUTTING ALL OF THE MONEY OUT AT ONE TIME. WE KNEW THAT WE'D HAVE THE OPPORTUNITY TO COME BACK AND TRUE UP THE
[00:10:02]
BUDGET. ANY OTHER DISCUSSION? HEARING NONE, WE'LL CALL THE QUESTION. THE QUESTION IS ON AGENDA ITEM 2020 606 RESOLUTION TO APPROVE FY 2026 BUDGET AMENDMENT TO INCREASE FOR OVERFLOW PARKING PROJECT COST BUDGET. ALL IN FAVOR OF THE MOTION? SAY AYE. OPPOSED? NO.THE ITEM IS APPROVED. IS THERE A MOTION TO ADJOURN THE PUBLIC FACILITIES AUTHORITY CHAIRMAN.
PAUL? MR. PAUL, I MOVE ADJOURNMENT. MR. PAULSON MOVES ADJOURNMENT. IS THERE A SECOND? SECOND. SECONDED BY MR. ROBERTS. ALL IN FAVOR OF THE MOTION, SAY AYE. AYE. OPPOSED? NO.
* This transcript was compiled from uncorrected Closed Captioning.