[00:00:10]
          ALL RIGHT. GOOD MORNING EVERYBODY. IT IS 830. WE'LL GO AHEAD AND GET OUR FISCAL 
          [1. Resolution Recognizing New Development Corporation as a Local Civic Organization]
COMMITTEE MEETING HERE UNDERWAY. SUPER LONG AGENDA. SO BUCKLE UP, EVERYONE. ITEM NUMBER ONE, WE'VE GOT A RESOLUTION RECOGNIZING NEW DEVELOPMENT CORPORATION AS A LOCAL CIVIC ORGANIZATION. SO SUPPORT. ALL RIGHT. MOVED AND SUPPORTED. WE'VE BEEN IN QUITE A BIT OF CONTACT WITH THE INDIVIDUAL THAT WROTE THE LETTER. WE'VE LOOKED INTO THE VALIDITY OF THE NONPROFIT STATUS OF THE STATE. LARA. AND EVERYTHING SEEMS TO BE IN ORDER. IF THE COMMITTEE WOULD LIKE TO APPROVE THIS, WE WOULD RECOMMEND APPROVAL. OKAY. THANK YOU. ANY QUESTIONS OR DISCUSSION, COLLEAGUES? NO. ALL RIGHTY. HEARING AND SEEING NONE. I'LL CALL THE QUESTION. ALL THOSE IN 
          [2. Notice of Intent to Issue a Water Supply System Revenue Bonds]
FAVOR SAY AYE. AYE. THOSE OPPOSED? THAT CARRIES. ITEM NUMBER TWO. WE'VE GOT A NOTICE OF INTENT TO ISSUE A WATER SUPPLY SYSTEM. REVENUE BONDS. SO MOVE. SUPPORT. ALL RIGHT. WE'VE GOT MR. VERBRUGGE HERE THIS MORNING. TELL US ABOUT THIS ONE. GOOD MORNING COMMISSIONERS. SO THIS IS A NOTICE OF INTENT TO ISSUE WATER SUPPLY REVENUE BONDS IN THE AMOUNT NOT TO EXCEED $18 MILLION. WE DO ANTICIPATE USING THE FULL AMOUNT OF THIS NOT TO EXCEED, THOUGH I SHOULD NOTE THAT THE CURRENT LIST OF PROJECTS THAT WE'RE LOOKING AT, THEIR COMBINED COST, IS A LITTLE BIT UNDER THAT, AROUND 17.9 MILLION. THOUGH THESE FUNDS WILL PRIMARILY BE USED FOR LEAD LINE REPLACEMENTS WITHIN THE CITY OF GRAND RAPIDS AND THEN SOME REPLACEMENT OF WATER MAIN INFRASTRUCTURE UNDER BOSTON STREET AND BURTON STREET AND THE SOUTHEAST SIDE OF THE CITY. THE SERIES WILL BE ISSUED THROUGH THE MICHIGAN FINANCE AUTHORITY AS PART OF THE DRINKING WATER STATE REVOLVING FUND, OR THE SRF, AS YOU MAY HAVE HEARD IT. WITH POTENTIAL PRINCIPAL FORGIVENESS OF UP TO $4 MILLION. THIS WILL BE A 20 YEAR LOAN. WE ANTICIPATE THE INTEREST RATE TO BE AROUND 2%. AND IF EVERYTHING GOES ACCORDING TO PLAN, WE SHOULD BE CLOSING IN MID-JULY. 
          AWESOME. THANK YOU. QUESTIONS OR COMMENTS, COLLEAGUES? WELL, WE KNOW HOW PLANS ALWAYS GO. SO ARE YOU. ARE YOU? ARE YOU FORESEEING THAT WE WILL NOT GO OVER THAT 18 MILLION? THAT IS CORRECT. SO THE 18 MILLION OR THE 17.9 THAT WE'RE PROJECTING RIGHT NOW DOES INCLUDE 6% FOR CONTINGENCY. IT DOES INCLUDE CLOSING COSTS AND ISSUANCE COSTS ON THE BOND AS WELL. SO THERE IS NO INTENTION OF GOING OVER THAT 18 MILLION. AND IF IT SHOULD. SO THERE IS A CASH PORTION THAT WE ARE FUNDING FROM THE WATER SUPPLY SIDE THAT WILL SUPPLEMENT THIS. THANK YOU. GOOD QUESTION. THAT WAS MY EXACT THOUGHT TOO. ANY OTHER COMMENTS OR QUESTIONS? ALL RIGHT. ALL THOSE IN FAVOR SAY AYE. AYE. 
          [3. Bid List Resolution for April 29, 2025]
THOSE OPPOSED. THAT CARRIES. THANK YOU. ITEM NUMBER THREE. WE'VE GOT OUR BID LIST RESOLUTION FOR APRIL 29TH, 2025. SO MOVED. SUPPORT. ALL RIGHT. MOVED AND SUPPORTED. GOOD MORNING COMMISSIONERS. WE HAVE A LITTLE BIT SHORTER BID LIST THIS MORNING ABOUT FIVE ITEMS ON IT. 
          THEY'RE STANDARD OPERATING ITEMS SOME SOFTWARE, SOME HIGH VOLTAGE CABLE AND SOME VEHICLE ACQUISITIONS. BUT HAPPY TO TAKE ANY QUESTIONS YOU MIGHT HAVE. OKAY. QUESTIONS OR COMMENTS. ALL RIGHT. I BELIEVE THE LIST STARTED ON PAGE 11 IN THE PACKET. IF ANYBODY TUNING IN WANTS TO READ THROUGH THOSE. HEARING NOTHING ELSE THOUGH. ALL THOSE IN FAVOR SAY AYE. AYE. 
          [4. Comptroller's Warrant Report for the period of March 25, 2025 through April 14, 2025 in the amount of $56,137,563.02 and Monthly Travel & Small Claims Reports]
THOSE OPPOSED? THAT CARRIES. THAT WILL BRING US TO ITEM NUMBER FOUR. WE'VE GOT OUR COMPTROLLER'S REPORT FOR THE PERIOD OF MARCH 25TH, 2025 THROUGH APRIL 14TH, 2025, IN THE AMOUNT OF $56,137,563.02, AND MONTHLY TRAVEL AND SMALL CLAIMS REPORTS. SO SUPPORT CITY CONTROLLER. GOOD MORNING, COMMISSIONERS. MORNING. FOR THE PERIOD REFERENCE, $56.13 MILLION WAS RELEASED FOR PAYMENT, WHICH INCLUDES APPROXIMATELY $10.7 MILLION FOR OUR EMPLOYEE PAYROLL EXPENSE AND $1.98 MILLION FOR INCOME TAX WARRANTS DURING THAT PERIOD. IN TERMS OF QUANTITY, 15,083 INCOME TAX REFUNDS WERE ISSUED AND 1842 CHECKS AND ELECTRONIC PAYMENTS WERE ISSUED DURING THAT PERIOD. NONE OF THE FUNDS DETAILED ABOVE WERE ISSUED BY INDIVIDUALS OR ANYONE IN THE CITY COMPTROLLER'S OFFICE, AND NOT IN ACCORDANCE WITH THE GRAND RAPIDS CITY CHARTER. THE DETAILS OF THOSE PAYMENTS ARE PROVIDED, AS ALWAYS, ON THE FOLLOWING PAGES. THE SECOND REPORT WE HAVE FOR YOU THIS MORNING IS THE MARCH FISCAL YEAR TO DATE TRAVEL REPORT. THIS DETAILS TRAVEL, FOOD AND BEVERAGE AND CONFERENCE EXPENSE BY CITY DEPARTMENT FOR THE FIRST NINE MONTHS OF THE FISCAL YEAR. THAT REPORT IS SHOWING THAT OVERALL, WE SPENT ABOUT 38% OF THOSE FUNDS. AND THEN LASTLY, WE HAVE THE QUARTERLY SMALL CLAIMS REPORT FOR THE FIRST QUARTER CALENDAR QUARTER OF 2025. SO OVER THAT THREE MONTH PERIOD, THE CITY PAID OUT ON A TOTAL OF 21 SMALL 
          [00:05:07]
CLAIMS, TOTALING AMOUNT OF JUST UNDER $72,000. THE DETAILS OF THOSE CLAIM PAYMENTS ARE ALSO PROVIDED HERE IN THE REPORT. ALL RIGHT. THANK YOU. THAT IS RECEIVED AND FILED. LASTLY, 
          [5. Treasurer’s Report for Period of April 3, 2025, through April 16, 2025]
WE'VE GOT OUR TREASURER'S REPORT FOR PERIOD OF APRIL 3RD, 2025 THROUGH APRIL 16TH OF 2025. AND WE DON'T NEED A MOTION ON THIS ONE. GOOD MORNING COMMISSIONERS. GOOD MORNING. HOW ARE YOU? I'M FANTASTIC. HOW ARE YOU? GREAT. WITH THE REPORT TODAY REALLY HIGHLIGHTING SOME OF THE THINGS THAT ARE GOING ON. WE STILL SEE STORM CLOUDS ON THE HORIZON. WE'VE GOT A LOT OF MIXED INFORMATION GOING ON IN OUR ECONOMY. LOTS OF DIFFERENT PEOPLE OPINING ON IT. WE'RE WE'RE WATCHING WHAT'S GOING TO BE THE IMPACT OF TARIFFS. SOME YOU HEAR THAT THEY'RE GOING UP. 
          THEN YOU HEAR THEIR PAUSE FOR 90 DAYS. THEN WE DON'T KNOW WHAT NEGOTIATIONS ARE GOING ON. SO REALLY UP DOWN SIDEWAYS RIGHT NOW. SO AS WE'RE LOOKING AT THIS THE FED IS STILL PROJECTING NOT MOVING INTEREST RATES WITH THEIR MAY MEETING. AGAIN THEY'RE STILL WAITING ON THE DATA TO START SUPPORTING THEM MAKING A MOVE. AND THIS ACTUALLY LAGS BEHIND THE ACTUAL ACTIVITY. SO IT TAKES TIME TO HAVE THE ACTIVITY TAKE PLACE FOR THAT TO THEM TO REPORT IT, THEN FOR THEM TO DIGEST IT AND THEN TO THEN FIGURE OUT THEIR COURSE OF ACTION. INFLATION IS STILL AN ISSUE, AND WE STILL HAVEN'T SEEN WHAT'S GOING TO HAPPEN WITH THESE TARIFFS. SO WE REALLY DON'T KNOW. WE JUST HEARD THIS MORNING THEY WERE TALKING ABOUT A PAUSE ON SOME OF THE AUTO TARIFFS. YOU KNOW BECAUSE AGAIN OUR PRESIDENT TRUMP IS GOING TO BE IN MACOMB COUNTY TODAY RIGHT IN THE CENTER OF THE AUTO INDUSTRY. AND SO IT PLAYS WELL FOR THAT MESSAGING TO PAUSE IT ON AUTOS. SO YOU KNOW, PART OF ME IS LIKE WHAT IS IT FOR YOUR OWN PERSONAL GAIN VERSUS WHAT IS IT TRULY DO TO INCREASE OUR ECONOMY AND GROW OUR ECONOMY AND STRENGTHEN THE US ECONOMY? AND SO IT'S UP, DOWN AND SIDEWAYS. IT'S REALLY HARD TO FORM A CLEAR DIRECTION. SO THAT'S WHY WE TRY AND FOCUS ON THE STABILITY OF OUR PORTFOLIO, THE STABILITY OF OUR CITY INVESTMENTS AND HOW WE VIEW OURSELVES AND WHAT WE CAN DO TO IMPACT OUR COMMUNITY, OUR GROWTH, OUR DEVELOPMENT. BUT AGAIN, WHEN WE SEE THESE TYPES OF THINGS COMING ON THE HORIZON, WE HAVE TO TAKE A PAUSE AND REFLECT ON WHAT OTHER THINGS SHOULD WE DO AS CONSUMERS, AS OUR OWN HOUSEHOLD? WE LOOK AT THOSE TYPES OF THINGS AS, DO I MAKE SIGNIFICANT INVESTMENTS? DO I SPEND OR DO I SAVE? CAN I DELAY SOMETHING? JP MORGAN HAS RAISED THEIR PROJECTION OF A 60% LIKELIHOOD OF A RECESSION COMING. AND SO, YOU KNOW, YOU'RE TALKING ABOUT THE LARGEST FINANCIAL INSTITUTION IN THE WORLD ACTUALLY PROJECTING THIS. THAT'S WHAT THEY'RE LOOKING AT. AND WE HAVE TO TURN OUR EYES TO THAT TO LOOK AT THAT TYPE OF NEWS AND LOOK AT THAT TYPE OF DATA AND REALLY THINK ABOUT HOW WE SHOULD BE MAYBE MODELING OURSELVES. AND, YOU KNOW, WHEN WE DO THAT IN OUR HOUSEHOLD, WE LOOK TO DIVERSIFY INCOME. I REMEMBER WHEN I HAD TWO KIDS GOING TO COLLEGE, I TOOK A SECOND AND A THIRD JOB TO HELP PAY FOR THE COLLEGE EDUCATIONS AND MAINTAIN THE HOUSEHOLD. WE DO THAT BECAUSE WE SEE THAT INVESTMENT IN OUR KIDS, BUT WE MAKE THOSE CHOICES. THE SAME THING IS WITH THE CITY. WE HAVE A WAY THAT WE CAN EITHER RAISE OUR FEES. WE CAN ADD NEW MILLAGES, OR WE CAN RAISE EXISTING MILLAGES. THOSE ARE WAYS THAT WE CAN ADD MORE INCOME TO THE CITY. IF WE'RE FACING THIS TYPE OF HEADWIND. WE ALSO AT HOME WE MAKE UNNECESSARY OR WE MAKE NECESSARY CUTS TO EXPENSES. DO I NEED TO HAVE THREE STREAMING CHANNELS AND I CAN ONLY I ONLY NEED TO REALLY HAVE ONE. CAN I DELAY SPENDING ON A PHONE ANOTHER YEAR? YOU KNOW, WHAT CAN I DO? WE ALSO LOOK TO CONTINUE TO INVEST WISELY, WHICH THE CITY IS DOING. 
          WE'VE GOT A REALLY STRONG PORTFOLIO AND VERY, VERY SOUND, SECURE, HIGHLY RATED INVESTMENTS AND THEY CAN BE LIQUIDATED IF NEEDED. OBVIOUSLY THAT'S NOT OUR CHOICE. BUT AGAIN, IF FINANCIAL NEEDS DICTATE, WE WOULD DO THAT. BUT WE HAVE REALLY BUILT A STRONG LIQUID PORTFOLIO WITH ALSO A GOOD AMOUNT OF MONEY IN LONG TERM INVESTMENTS. WE ALSO LOOK TO CONTINUE TO BUILD AN EMERGENCY FUND IN OUR HOUSEHOLD BUDGET, JUST LIKE WE WOULD SAY. DO WE REALLY WANT TO START TAPPING INTO OUR SAVINGS OR TAPPING INTO AS WHAT MANY PEOPLE HAVE DONE BEFORE, ALTHOUGH I FIND IT TO BE AN UNWISE DECISION AS THEY TAP INTO THEIR 401. S FOR A BORROWING NEED, OR GET A HOME EQUITY LINE OF CREDIT IN A TIME IF THEY NEED TO HAVE SOME TYPE OF FINANCIAL STABILITY. 
          AGAIN, ALL THIS STUFF LEADS TO US TO REALLY HAVE TO TAKE A GOOD FOCUS ON THE FINANCIAL DIRECTION OF THE CITY AND WHERE WE'RE HEADED. REALLY LOOK AT WHAT'S HAPPENING IN THE MARKETPLACE AND REALLY LOOK AT WHAT'S COMING DOWN THE PIPELINE, BECAUSE WE ARE GROWING. SO YOU KNOW THAT THERE'S GOING TO BE MORE NEEDS FOR FUNDS. SO WE WERE JUST BROKE GROUND ON A SOCCER STADIUM. THE 
          [00:10:03]
AMPHITHEATER IS BEING BUILT. WE'RE TALKING ABOUT THREE TOWERS. WHAT IS THAT GOING TO DO IN THE NEXT 3 TO 5 YEARS ON CITY SERVICES? AND WHAT WE WOULD HAVE TO DO TO PRODUCE AND HAVE THOSE ESSENTIAL SERVICES BEING POLICE AND FIRE AND WATER AND SEWER AND FOLKS TO MANAGE THAT INCREASED GROWTH. SO, YOU KNOW, ALL THAT IS GOING TO BE AN ITEMS THAT WE HAVE TO NAVIGATE AS WE LOOK FORWARD TO OUR FINANCIAL FUTURE. BUT THAT'S KIND OF WHERE I SIT. AND I HAVE THAT MORE OF AN OUTSIDE LOOKING IN, BECAUSE MY APPROACH IS LOOKING AT THE ECONOMY AND WHERE WE'RE SEEING. 
          NOT ONLY OUR GLOBAL ECONOMY, BUT OUR LOCAL ECONOMY AS WELL. AND AS MUCH AS WE HAVE REALLY GOOD STRONG POINTS IN OUR ECONOMY, WE'RE NOT FAR AWAY FROM 2008 2009 RECESSION. WE'RE NOT FAR AWAY FROM COVID PANDEMIC THAT, YOU KNOW, FORGIVE ME FOR BEING A LITTLE GUN SHY HERE, BUT IT'S ONE OF THOSE THINGS THAT I, I, I WOULD RATHER BE VERY CAUTIOUS AND CONSERVATIVE THAN LAUNCH INTO HUGE NEW INITIATIVES. YEP. ABSOLUTELY FAIR. I APPRECIATE THE POINT ON LIQUIDITY TOO. I THINK THAT'S IMPORTANT WHEN YOU JUST THERE'S A LOT GOING ON THAT WE DON'T KNOW, HAVING INVESTMENTS THAT ARE LIQUID IN CASE WE NEED TO ACCESS THEM. SO I FIND COMFORT IN KNOWING THAT YOU AND YOUR STAFF HANDLE THOSE INVESTMENTS WISELY AND WE'LL BE TAKEN CARE OF. SO I'LL TURN TO MY COLLEAGUES AND SEE IF THEY HAVE ANY OTHER THOUGHTS OR QUESTIONS. YES. THANK YOU, MISTER GALINSKY, FOR THAT. AS ALWAYS, I APPRECIATE THAT. I JUST I DON'T WANT TO THROW OUT THE SAME CAUTION THAT YOU SAID, YOU KNOW, WITH THE CITY HAVING TO DO DIFFERENT THINGS TO DIVERSIFY, BUT ALSO KNOWING AND UNDERSTANDING THAT THE VERY COMMUNITY THAT WE WOULD BE ASKING FOR MORE MONEY FROM, RIGHT IN VILLAGES AND RAISING COSTS ON DIFFERENT SERVICES, ARE THE SAME PEOPLE THAT ARE BEING IMPACTED, EVEN MORE SO RIGHT BY EVERYTHING THAT'S GOING ON. 
          RIGHT. WE SO TO THE WIND, YOU REAP THE WHIRLWIND. AND I DON'T I DON'T FEEL LIKE IT'S I DON'T KNOW I, I, I'M VERY CAUTIOUS ON US DIPPING INTO THAT SAVINGS. RIGHT. AND USING THAT WHEN WE DON'T NECESSARILY HAVE TO. AND THERE ARE OTHER OPPORTUNITIES TO STEP BACK. AND LIKE YOU SAID DURING THIS TIME, WE HAVE TO LOOK AT HOW WE TIGHTEN OUR BELTS AT HOME. RIGHT. NOT GOING OUT TO DINNER ALL THE TIME AND DON'T MESS WITH MY STREAMING SERVICES. BUT YOU KNOW, I COULD WATCH THE GROUNDHOG OUT BACK. HE'LL PROBABLY DO A SHOW FOR ME, BUT. JUST JUST LOOKING AT DO WE WANT TO PUT EXTRA BURDEN AND COST ON OUR COMMUNITY WHO'S ALREADY STRUGGLING WHEN THEY'RE TAKING AWAY SERVICES FOR SENIORS AND THE AREA? AREA AGENCY ON AGING IS STRUGGLING TO MAKE SURE THAT THEY CAN PROVIDE THESE SERVICES. MEALS ON WHEELS AND, YOU KNOW, PEOPLE'S HOUSES FALLING APART AND MAKING SURE THAT THEY HAVE A SAFE PLACE TO LIVE AND THEY HAVE ACCESS TO THE THINGS THAT THEY NEED. AS OLDER PEOPLE, WE'RE ALL GOING THAT SAME PATH. SO DO WE WANT TO DO THAT TO THEM, TO SUPPORT? I MEAN, I UNDERSTAND WE HAVE TO TAKE CARE OF THE CITY, BUT I THINK THERE'S OTHER WAYS THAT WE CAN LOOK AT WHAT WE'RE DOING, AND WE HAVE TO BE VERY FRUGAL AND WE HAVE TO BE SMART. 
          AND I'M JUST, YOU KNOW, I SAID IT BEFORE, I GUESS KIND OF LOOKING AT WHAT, WHAT PLAN B AND C IS. RIGHT. BECAUSE WE'RE LOOKING AT A AND WE HAVE THERE'S NOTHING WRONG WITH DREAMING, THERE'S NOTHING WRONG WITH PLANNING. BUT AT THE END OF THE DAY, WE GOT TO BE SMART AND WE HAVE TO DO WHAT'S RIGHT FOR THIS COMMUNITY. SO YEAH, THANKS FOR THAT, COMMISSIONER. ALL GOOD CONVERSATIONS WE'LL BE HAVING AS WE MOVE INTO OUR BUDGET PLANNING WORKSHOP STUFF STARTING THIS UPCOMING WEEK. SO APPRECIATE THAT. ANY OTHER COMMENTS? YES. THANK YOU COLLEAGUES I WOULD ECHO AND PLUS ONE TO BOTH OF YOUR STATEMENTS. AND THEN I'D LIKE TO ASK THE TREASURER. SO WE'VE TALKED ABOUT OUR NATION IMPOSING TARIFFS. BUT WHAT ABOUT COULD YOU SPEAK TO A LITTLE BIT THE IMPACT OF WHAT RETALIATORY TARIFFS WOULD LOOK LIKE. THE PRESIDENT OF MEXICO HAS TALKED ABOUT THIS. AND SHE SAYS THAT SHE'S DEEPLY CONSIDERING THIS AND IS SOMETHING THAT SHE WOULD DO AS A NEIGHBORING NATION AND JUST WOULD LIKE TO GET OUR COMMUNITY THINKING ABOUT THE IMPACT OF, OKAY, OUR PRESIDENT IS SAYING ONE THING AND THEN WHAT ARE OUR ALLIES OR WHAT OUR NEIGHBORING NATIONS CONSIDERING, AND WHAT MAY THAT IMPACT LOOK LIKE? IT'S KIND OF A VICE VERSA, RIGHT? SO IF I'M A IF I WANT TO RAISE MY FENCE EIGHT FEET, SOMEBODY ELSE IS GONNA SAY, I'M GOING TO RAISE MINE TEN, I WANT TO RAISE MINE 12. WHAT IT'S DOING IS IT'S PREVENTING BARRIERS FROM OUR BUSINESSES DOING BUSINESS IN OTHER COUNTRIES, BECAUSE AS THEY RAISE A TARIFF THAT OUR IMPORTED GOODS, THEN IF IT'S 200% FOR A $10 ITEM GOING INTO THAT COUNTRY, IT'S NOW $30 TO TRY TO SELL IT IN MEXICO AND VICE VERSA. IF MEXICO IS TRYING TO SELL WASHERS AND DRYERS, WHICH I KNOW WHIRLPOOL YEARS AGO MOVED FACILITIES DOWN, THEY'RE BRINGING THOSE BACK TO THE UNITED STATES. YOU'RE SEEING 100, 150, $200 INCREASE ON THOSE 
          [00:15:01]
APPLIANCES. SO THAT'S WHERE THE THOSE THESE RETALIATORY RECIPROCAL TARIFFS COME INTO PLAY. IT MAKES IT HARDER THAN FOR US TO SELL OUR GOODS IN THE OTHER COUNTRY. OUR TARIFFS WILL MAKE IT HARDER FOR THOSE COUNTRIES TO SELL OUR GOODS IN THE US. THAT'S WHY THEY'RE TALKING ABOUT HAVING ALL THESE MANUFACTURING FIRMS RESHORING INTO THE UNITED STATES, BECAUSE THEN THEY CAN AVOID THE TARIFFS. BUT IT ALSO THEN WOULD BUILD FACTORIES AND JOBS AND OTHER THINGS HERE IN OUR COUNTRY. BUT AS OUR INVESTMENT OFFICER, LEVI BOLT, HAD HAD RECOGNIZED AND PUT INTO ONE OF OUR OUR TREASURER'S REPORTS PRIOR TO THIS IS THAT REALIZE IT'S 2 TO 3 YEARS BEFORE YOU'RE GOING TO BUILD THIS OUT. IT'S NOT AN INSTANTANEOUS BUILD. YOU'RE NOT GOING TO BE GOING INTO EXISTING FACTORY SPACE, RECONVERTING IT AND THEN START PRODUCTION. IT DOESN'T HAPPEN THAT QUICKLY. SO, YOU KNOW, AS MUCH AS WE HEAR THE FEDERAL GOVERNMENT SAY THEY'RE GOING TO REDUCE PERMITTING AND ALL THAT OTHER STUFF TO MAKE IT FASTER AND STREAMLINED, IT STILL TAKES 2 TO 3 YEARS TO BUILD A NEW FACTORY, AND EVEN MORE SO IF YOU'RE TALKING ABOUT A SEMICONDUCTOR FACTORY, WHICH MIGHT TAKE UPWARDS OF FIVE YEARS BECAUSE OF THE NATURE OF THAT PRODUCTION AND THE CLEAN ENVIRONMENT THAT HAS TO BE IN IN ORDER TO MAKE SEMICONDUCTORS. 
          YEAH. GREAT QUESTION. ALL RIGHT. HEARING SEEING NO OTHER QUESTIONS HERE. WE CAN GO AHEAD. 
          WE'LL RECEIVE AND FILE THAT.
* This transcript was compiled from uncorrected Closed Captioning.