Glad we're still short of a quorum, is that right? Yeah,
we need one more John and I'm expecting Lee to join here pretty soon. Good morning. Hey, good morning. Good morning. How are you, Mayor?
Well how are you?
I'm well I'm Well John, we officially have enough we have a quorum, but my recommendation is let's give it another minute for for Lee to join.
Okay, that sounds good. And if he does not at that time, just just let me know when he does when he does join.
Hey, good morning, Lee. How are you? Now all right. All right.
Good morning, Les. And John. Let's go ahead and call recording in progress. Let's go ahead and call the meeting to order that always stops me when it tells me that recording is in progress on my first two words. It doesn't take much to slow me down. Meaning it means called order. We need approval for the agenda, please.
I'll move approval. This Lee. Thanks,
Lee. May I have a second? Second. All in favor. We'll move forward with this agenda then. This is Lee's final meeting. Lee you're not going to get by without a more formal set. Of very thankful and very nice words about everything you've done for the Beltline for the city of Atlanta for Fulton County, you know, for for the entire project, but we'll we'll do that in a minute. But and we expect we expect it we'll hear from you too. been such a important voice for the Beltline. Less than Allison. Let's now move through the agenda though Lee and then we'll get to that here in just in just a minute. First is Approval of the minutes of the October 12 meeting. Do I have any comments or corrections on those? minutes? Hearing none may have a motion to approve. So move a
second certainly
heard I heard a motion and a second. All in favor.
Aye. Aye.
Any opposed? Those minutes are approved. Let's now move to the financial report.
Good morning, everyone. I present to you the results of ABS operations. And capital expenditures as of October 31 2022. Beginning with a balance sheet we ended with a cash balance of approximately 5.5 million, which consisted of about 4.1 million in operating cash 1.2 5 million in philanthropy, philanthropic dollars the other cash amounts cash assets specific is specifically related to certain real estate projects, accounts receivable, and it with a balance of roughly 3.9 million, primarily consisting of receivables due from tat and eight up representing outstanding and in process requisitions. In the total current assets category, activity increased by roughly 635,000 between September and October which represented primarily continuation of work in the south side and west side trail areas, simply down to current liabilities. We ended with accounts payable and accrued expenses of roughly 3.2 million which represented payables due to our key vendor partnerships, Kimberly Horne, and pass foundation and reeds to name a few. Also here one thing I wanted to point out is that you will now see an intangible right to use lease asset in our asset section and capital lease liability. That represents new accounting standards that are now in effect requiring this presentation representing significant leases. The other liabilities significant liability balances represent primarily the loan due to Atlanta capital bank related to the Chapel Road property. shifts into the next page is the traditional format of our income statement which we provided in advance for your review. And shifted to the next page is our Financial Dashboard, which represents a more visual summary of our income statement started with revenues. The variances noted here are primarily in the SSD grants and ADP line items. That time he representing the ramping up of those projects given that those are more recent fundings. As an organization we will be viewing performing a half year review. To review the timing we expect the variance to reduce through the balance of the fiscal year shifting to the next page expenses. In summary, we are tracking very well against the budget in summary about a $1.2 million variance which is mostly due to open positions that we're currently working to feel and some project programmatic areas affordable housing, economic development, and community engagement that are actively working to reduce that variance and implement their plan projects as well. Shifting to the next page is our general summary from a cash perspective. The main points of highlights of this page represent performance of the tax incrementality and SSD. Given the time of the year. We don't have a significant update to provide at this point. So we're looking forward to December January recording to provide an update of actuals versus Muni cat projections. Shifting to the next page. This is our overall summary of assets completed in service and under construction. This is updated as on a quarterly basis. So this information is as of September 30. This concludes the financial update I'm open to any questions.
Thank you, Nicole. Any questions for Nicole on the financial reports? Thanks again, Nicole. Hearing none. I do want to confirm that we did not have any request for public comments. Just make sure that's part of the minutes. Is that still correct? i You should Clyde that. Correct. Okay, thank you. Let's then go ahead and move we do not have action items. Let's go ahead and move to the CEO report card.
All right, thank you John. And good morning, members of the board. So this comes the time of that year. That's somewhat become a tradition here at the at the Beltline is to show kind of our top 10 accomplishments for for the calendar year. And so one of the things that that we are guilty of as an organization is is stopping and recognizing, you know, a lot of the hard work that the women and men of the Beltline and all of our partner organizations have accomplished, you know, over the last 12 months. This has been perhaps arguably the most productive year for for beltline since our inception. And so we want to make sure that we stop this really is a video of thanks and gratitude to again all the women and men that push this project forward. Our sister organizations that support us every day, the city of Atlanta Fulton County APS, just a tremendous year for for beltline from a production perspective. And so I just want to show you a quick three and a half minute video that really reminds us of kind of what happened over the last 12 months. or so. So can you play the video
2022 has been a mosaic of progress as Atlanta BeltLine Inc continues to bring the Atlanta BeltLine vision to life. Let's take a look at the big wins of the year. One new funding sources secured the Beltline receives substantial philanthropic and federal grant support for trail construction from the Woodruff Foundation, the James M Cox Foundation, as well as a congressional appropriations bill in the Atlanta Regional Commission's Transportation Improvement Program. In addition, funding from the US Department of Commerce's Economic Development Administration and the candy to fund went towards small business support programs. Avi also began spending special service district or SSD dollars to advance trail construction to the full loop design plan identified after ABI and the PATH Foundation wrapped up a year long feasibility study of the Northwest trail. A preferred group has been identified for the final quadrant of the loop and get this within the next two years 80% of mainline trail will be built or under construction three exceeding affordable housing goals. We celebrated several closings, groundbreakings and ribbon cutting ceremonies with partners and wrapped up the year with the closing of 421 affordable housing units. This exceeds our annual affordable housing goal by 31%. We are now over halfway to our goal of 5600 units by 23rd. For beltline marketplace. Six minority businesses were selected to participate in the pilot beltline marketplace program, which provides affordable commercial space directly on the Atlanta BeltLine. The business is set up shop and customized containers on the west side and East Side trails, allowing them to tap into more than 2 million visitors by opening a west side trail segment three. The public can now enjoy 1.2 miles of new trail following the ribbon cutting of the west side trail segment three which runs along Marietta Boulevard sixth construction on northeast trail segment two construction began on the northeast trail segment to phase two behind Ansley mall to install lighting, security cameras, landscaping, and built out the paved trail for full 1.2 Miles seven selection of Murphy crossing finalist, abi officially selected real estate development company called the SAC Inc with Atlanta based urban oasis development as the finalist for the much anticipated redevelopment of the 20 acre Murphy crossing site. Eight art provoked new conversations the Atlanta BeltLine welcomed the region's first indigenous stickball select United some of Atlanta's most celebrated style writers and brought many new murals, sculptures and performances to the Beltline with the annual art on the Atlanta BeltLine exhibition, nine beltline transit progress Marta in coordination with ABI in the city of Atlanta reach 30% design plans for expanding the streetcar from downtown to Ponce City Market. The streetcar East extension project is the first step towards bringing transit to the Beltline 10 Lantern Parade on the west side trail for the first time ever, the west side trail hosted the beloved Atlanta BeltLine Lantern Parade, drawing a crowd of an estimated 10 to 15,000 people. As you can see, the gears have shifted. We're moving full steam ahead and constructing this massive transformational project none of this would have been possible without our partners, stakeholders and the community. Here's to a great year. And here's to the bright future we're building together for the generations to come
that is that is great and and a shout out to a shout out to the the comms team for putting that that video together. And so that's just a good reminder of some of the accomplishments for for 2022 not to suggest that we don't have a whole lot of work ahead of us because because we do but again, it's just a good reminder of where we came from and kind of where we are today. And so if you could pull up team just the CEO report. There are a couple of items I'm not going to make you all sit through a video and also my presentation but I do want you to have a couple of takeaways with regards to beltline and our progress. And so you probably heard in the video go down to the next slide please so this is really the the takeaway from from a trail status perspective. So think about this. So within the next 24 months, literally 80% of the Beltline will be finished or under construction again. Within the next 24 months. And I will tell you, if you were to ask me that, you know three years ago, three and a half years ago, I would have told you absolutely not not possible. So again, with all the support from the SSD from the philanthropic giving to the federal the state support, it has been nothing less than remarkable. And so I just want to make sure that people you know hear that from from a takeaway perspective. And then also if you can go down real quickly to to the housing slide. So one of the things that we obviously need to stay very focused on and that is affordable housing preservation, and production. And so So roughly we're at about 420 units for for this calendar year in the tax allocation district. The goal, according to the Beltline Affordable Housing Task Force was to do 320 this calendar year, and so we still got a lot of work to go but we're actually trending in the right position. I'm actually very bullish that we'll be able to exceed the 5600 unit goal by the end of of 2030. But kind of the the untold story behind our affordable housing work is is land acquisition. And so quietly with our partners we have been snapping up key sites along the Beltline on for future housing affordability. And again I know I'm preaching to the choir when I say this that when you control the land when you control the dirt that obviously allows us to do deeper and long term, perhaps permanent affordability along the Beltline. And one of the things that we will start looking at for for subsequent years also with regard to affordable housing is is a For Sale product. And so most of the pipeline that we talked about right now for beltline is is rental, which is key, but I think also for the opportunity to help families build wealth. So partnering with with the Atlanta Land Trust and making sure that organizations like that I have an opportunity to exact a For Sale affordable product along the Beltline is what you will see in subsequent years for for the Beltline. So those are just a couple of items that I wanted to detach on. I will stop there. Before I say a couple of words about Lee but if there are any specific questions that anyone from the board has before again, we close I'm happy to address those
I have one thing. Yes. Is the video available for me. How are you going to distribute that video because that's a pretty remarkable end of your video. How are y'all planning to get that out and then can you notify us so that we can either share it or you can email it to us or give us a link etc? So we can post that ourselves?
Absolutely may or what we'll do is share that with all the agencies PIOs and to make sure they have the link and it can distribute it but you're right. It is it is a fantastic set of accomplishments. And so we'll get that over to to your PR folks. So they'll have a copy of that video that's good with you.
And so you just saw something come up says December 27. is what I was going to post what's the rationale behind that date?
Yes, it's so team so so come on. What Why December 27. For for that for that date. Hi,
this is Heather Kalevi in the marketing and communication department. We can certainly post it earlier. We are also timing it with our social media. We are doing a one day spotlight for each of the highlights and then we're going to wrap up with with this end of your video on social media. But we can definitely post it on our website prior to that
I'm learning a lesson in good news. You can be your mind you can think about how many times you hate to see somebody brag. But when it's your turn to brag just go on and do it.
Yeah, yeah.
So you know, I mean, I would imagine that on the 27th you got less eyeballs and you have this week or next week. I just and I also imagine that you know, your staff and everybody want to take their victory laps. While they're actually working. And so my suggestion if other board members want to chime in is that you share this news. You find a nice spot. end of this week, not a Friday, but Thursday or Monday, Tuesday next week. Yeah,
yeah, sorry. Yeah, I agree to Andre the sooner the better. And let us all know to so we can amplify it but it's it's awesome video, so it'd be great to have the opportunity for people to see it sooner.
Yeah, it was really well done. Just the way the way it flowed, made. What we all understand as accomplishments it it really brought it home in the right way. I thought one question I had the Beltline marketplace, that the businesses that are you know up and running that how do we have any reports on how well you know that's that's going for those businesses?
Yeah, so so they are doing extremely well. And if Calvin is on the line, I'm going to ask him to chime in here but one of the things that we have decided is to give them and the additional selling season and as they're getting the the program off off the ground. We were a little bit behind and giving them a full selling season and now that we're getting into the cold weather months, it wasn't fair to them to have this truncated selling season. So they're actually going to have an additional season for 2023. And but they have been producing. There's been a couple of the companies that have sold out a product on on the Beltline and so so from a financial perspective, they're doing well we still got some kinks that we need to work out with regards to the program, but a lot of good lessons learned there with regards to to market place and and our hope is that that at this next selling season is successful that we will look at future locations along the Beltline to expand because we had I want to say closer to 150 applications for for six slots. And so there is a pent up demand with regards to this program. And remember this is all about commercial affordability. And so we oftentimes talk about residential affordability, which is important, but also making sure that small businesses have affordable opportunities to rent space along the Beltline is also key
right but we will take that advice, Mayor and members of the board and we will get that posted sooner rather than later. That's That's good advice. And and also a shout out to again the communications team for producing I thought a very crisp video wasn't overly verbose and and straight to the point but effective so so nice job there. And but before we wrap up, I do want to stop and and recognize a key board member for Atlanta BeltLine EAC and that is Commissioner Lee Morris. And and many of you may not know but but Lee his whole public service record is extensive. It is absolutely remarkable. So if you did not know Lee actually served and so councilmember Dozier, Mayor Dickens, you probably knew this but Lee actually served two terms in city council in the 90s. So did an amazing job there and was known as a big advocate for for smart zoning, smart planning. And it was really one of the early people pushing transit oriented development within the city of Atlanta. And so again, his his history, his service has been again nothing less than the remarkable lovelies background and many of you may not know this either, but But Lee did his his undergraduate years in North Carolina and and Leigh and I connected on that side me being from North Carolina as well. And and just really a thoughtful person. And if we're all being honest to Lee was one of those folks that that absolutely asked the hard questions held us accountable when we needed those hard questions asked and that is the tale of a true solid board member. And one of my favorite stories about about Lee when when I was appointed CEO about four years ago, roughly Lisa's now now what are you going to do about this this Northwest segment of the Beltline and of course you know you know rose class colored glasses for me everything everything Oh, we it'll be it'll be fine. Not I'm not an issue at all. And who was I was layup profit. That was definitely a challenging exercise but because of Lee's really solid counsel and giving us you know, real feedback about about that Northwest segment. We are very happy to announce that we have that alignment selected and entire alignment is selected for for the whole 22 mile loop of the Atlanta BeltLine. And so in Lee's honor we have sent him a plaque recognizing I guess his five five and a half years service to the Atlanta BeltLine that was mailed to his home. And so if we can all join and a round of virtual real applause to Lee and his his service we thank you very much and and not to put you on the spot but I would love for you to say some words. Whatever you want to say the floor is yours.
Thank you, Claude for that very kind acknowledgement. I'll be real quick it has. I've always said that being elected by your friends and neighbors to public office is one of the highest honors anyone can have. And you know, I did serve eight years on the city council I probably should have hung around. But I but I had promised my constituents that I believed in citizen legislators and would only serve eight years so I stepped down and then was out of public life for 13 years until I got talked into running for the seat but at any rate, it has been a great honor but one of the one of the neatest things has been my selection by my colleagues on the commission to serve on the Beltline board. I was on the city council when the Beltline was first presented. The idea was first virginity and experts I remember John Krueger transportation did the city said Oh, it'll never happen. I mean, because one of one of the problems is, is there is not an entire circle of abandoned railroads. There are gaps. And of course back then the the main the main premise was going to be a transit around the circle. And he said it can't possibly happen because of that cap in the Northwest where there is no inactive railroad and the railroads won't give up. That was his prediction. The railroads won't give up right away ever, but it has been an honor. As you all know what an important project this is not only for the city, but really nationwide. You know, I served on the search committee when we picked you clad and the fact that people from all over the country I mean, the can't remember John, the candidates from from all over this country. We're anxious to have your job, right because this project is so important, so I'm honored. I am honored that the county is involved in this. I have mentioned more than once that it's important for everyone, including my colleagues on the commission to know that, that actually the county general fund contributes more to the Tad than the city of Atlanta does because our general fund military is slightly higher than the city's. The bond millage Mayor the city makes makes the overall millage rate for the city higher than the counties but the general fund contributes more than the city this project so I think it's important for the Beltline to be cognizant of that all the time. I I present your ce o report every month to our commission as an agenda item and a written or hardcopy in each commissioners box. So it's really really important and I'll shut up but I will thank you for this plaque is this is it and I look around my office here and I've got lots of plaques but none of them have my picture on it. So so this is this one is really special. So when my grandkids start throwing out all this stuff from my office, when I'm when I'm going, maybe one of them will keep that. But thank you all keep up the important work and God bless you all
on behalf of the full Board Wait, thank you for everything. individually. I'd like to thank you I mean we the process we went through on the CEO search you were right right there make helping us make all the right decisions. We would very much appreciate that. And as Clyde said, I always knew that you would appropriately challenge everything we did. I also always knew that you would appropriately support as we made the decisions. That's a sign of a true, professional. True, true solid board member. So thank you for everything. I think that concludes the items we have on the agenda for today. The next meeting will be on January 11 of 2023. With that we can conclude the meeting. Do I have a motion to adjourn please?
And move to adjourn.
Thank you. Thank you. All in favor. Aye. Aye. And we stand adjourned everyone Happy Holidays. Merry Christmas. Happy New Years. See you all in the new Year.