Oct 28, 2024 City Council

[00:00:04]

I NOW DECLARE, THE PLANO CITY COUNCIL IS RECONVENED INTO OPEN SESSION THAT ALL MEMBERS ARE PRESENT.

COUNCIL MEMBER RICK SMITH IS ON ZOOM.

WE WILL BEGIN TONIGHT'S REGULAR MEETING WITH THE INVOCATION LED BY RABBI STEFAN WEINBERG WITH CONGREGATION ANSHAI TORAH.

AND PLEASE JOIN THE COUNCIL RECITING THE PLEDGE OF ALLEGIANCE AND TEXAS PLEDGE.

AFTER THE INVOCATION, WOULD YOU PLEASE STAND? [INAUDIBLE] DEAR GOD, GIVE US WISDOM.

GIVE US COURAGE.

GIVE US THE WILL TO DO WHAT IS NEEDED TO INSPIRE AND UPLIFT THE PATH OF OUR COUNTRY.

EVERY ONE OF US IS RESPONSIBLE, FROM THOSE ELECTED TO THE MOST IMPORTANT POSITIONS IN OUR SOCIETY, TO THOSE WHO ARE THE DAILY LABORERS WORKING WITH EACH OTHER, LOOKING ONE ANOTHER IN THE EYE, STRIVING TO DO WHAT IS GOOD AND JUST, AND ASPIRING TO MAINTAIN A SECURE AND RESPECTFUL COMMONWEALTH.

EARLY VOTING HAS ALREADY BEGUN.

MY WIFE AND I VOTED YESTERDAY IN A PEACEFUL, ORDERLY FASHION RIGHT HERE IN OUR NEIGHBORHOOD.

NEXT TUESDAY, WE WILL TRY TO RESET THE AGENDA FOR OUR COUNTRY, ENSURING A PATH THAT WILL REFLECT THE VALUES THAT HAVE GUIDED THIS AMAZING COUNTRY FOR NEARLY 250 YEARS. EACH OF US, AS VOTERS, HAS BEEN GIFTED WITH AN EXTRAORDINARY OPPORTUNITY.

VOTING PRIVILEGES NOT ENJOYED BY MOST OF THE COUNTRIES IN THE WORLD.

THIS PAST SHABBAT, THE JEWISH WORLD EMBARKED ON ITS YEARLY CYCLE OF REREADING THE FIRST FIVE BOOKS OF THE BIBLE, KNOWN AS THE TORAH.

IN THE FOURTH CHAPTER OF GENESIS, WE RECALLED THE HARROWING EXPERIENCE OF THE FIRST MURDER RECORDED IN THE BIBLE.

CAIN KILLED ABEL, APPARENTLY OUT OF JEALOUSY.

WHAT IS CRITICAL FOR YOU AND I TO GLEAN FROM THE TEXT IS FOUND IN THE DIALOG BETWEEN GOD AND CAIN.

GOD ASKS CAIN, WHERE IS YOUR BROTHER? REFUSING TO ANSWER GOD'S QUERY GAIN, KANE INTRODUCES HIS OWN QUESTION, ASKING GOD, HOW AM I MY BROTHER'S KEEPER? I WOULD POSIT THERE IS NO MORE SIGNIFICANT PIVOTAL QUESTION, WHICH IN TURN BECOMES ONE OF OUR COUNTRY'S SEMINAL PILLARS. YES, WE ARE EACH OTHER'S KEEPER.

YES, WE ARE RESPONSIBLE FOR ONE ANOTHER.

YES, WE CARRY AN OBLIGATION TO ALWAYS BE CONCERNED FOR THE WELFARE OF ALL THOSE IN OUR COMMUNITIES.

THIS HAS BEEN AN UNBELIEVABLY DIFFICULT AND FRIGHTENING YEAR FOR THE JEWISH COMMUNITY ACROSS OUR COUNTRY.

THE LEVEL OF ANTI-SEMITISM HAS SPIKED LIKE NEVER BEFORE IN MOST PEOPLE'S LIFETIMES.

COMMUNITIES LIKE PLANO, TEXAS HAVE BEEN SOURCES OF INSPIRATION AND CONSOLATION FOR US AS A PEOPLE.

MAYOR MUNS CAME TO THE TO CONGREGATION ANSHEI TORAH TO EXPRESS HIS AND THE CITY'S SUPPORT.

ONE YEAR AGO, WHEN WE WERE EXPERIENCING TREMENDOUS LEVELS OF ANGST.

NEVER DID I IMAGINE THAT I, A RABBI IN THE GREATEST COUNTRY IN THE WORLD, MY MOTHER A SURVIVOR OF HITLER'S DEMONIC HOLOCAUST, AND MY FATHER, A PROUD MAJOR IN THE US ARMY AIR CORPS, WOULD BE SUPPORTING THE CONSTRUCTION OF A FENCE AROUND MY SYNAGOGUE TO PROVIDE A SENSE OF PROTECTION FOR OUR CONGREGANTS.

THANK YOU FOR ALL THE WONDERFUL WORK, EACH OF YOU, AND BY EXTENSION, OUR GREATER COMMUNITY DOES FOR THE WELFARE OF THE CITY OF PLANO. AMEN.

THANK YOU.

ALLEGIANCE] THANK YOU. WELL, BEFORE WE START, I WANTED TO THANK EVERYONE IN PLANO FOR CONTRIBUTING TO THE PEANUT BUTTER DRIVE IN SEPTEMBER.

AND AS ALWAYS, PLANO WAS THE TOP CITY AND 2024 IN THE PEANUT BUTTER DRIVE. AND MY MAYOR PRO TEM WAS THERE TO ACCEPT IT.

AND WE RECEIVED THIS AMAZING TROPHY.

GO PLANO.

MAYOR, WE CONTRIBUTED $9,776 AND 9,166 POUNDS OF PEANUT BUTTER.

[00:05:09]

YOU ALWAYS COME THROUGH.

WE APPRECIATE IT SO MUCH, AND THANK YOU.

NORTH TEXAS FOOD BANK FOR THE HONOR.

[CONSENT AGENDA]

THE CONSENT AGENDA WILL BE ACTED UPON IN ONE MOTION AND CONTAINS ITEMS WHICH ARE ROUTINE AND TYPICALLY NONCONTROVERSIAL.

ITEMS MAY BE REMOVED FROM THIS AGENDA FOR INDIVIDUAL DISCUSSION BY A COUNCIL MEMBER, THE CITY MANAGER, OR ANY CITIZEN.

PRESIDING OFFICER WILL ESTABLISH TIME LIMITS BASED UPON THE NUMBER OF SPEAKER REQUESTS.

MOTION TO APPROVE.

SECOND. THANK YOU.

I HAVE A MOTION, A SECOND, TO APPROVE THE CONSENT AGENDA.

ALL IN FAVOR, PLEASE RAISE YOUR HAND.

THANK YOU. MOTION PASSES 8 TO 0.

[(1)  

Public Hearing and consideration of an Ordinance as requested in Zoning Case 2024-019 to amend the Comprehensive Zoning Ordinance of the City, Ordinance No. 2015-5-2, as heretofore amended, so as to amend Urban Mixed Use-2 on 86.2 acres of land located on the west side of Coit Road, 970 feet north of Mapleshade Lane and within the 190 Tollway/Plano Parkway Overlay District in the City of Plano, Collin County, Texas, to modify phasing and development standards; directing a change accordingly in the official zoning map of the City; and providing a penalty clause, a repealer clause, a savings clause, a severability clause, a publication clause, and an effective date. Petitioners: C190R Land LTD., Crow-Billingsley LTD. No. 10, Crow-Billingsley 635 Beltline, LTD., The Neighborhoods at Coit No. 1 Beacon CD, LTD., The Neighborhoods at Coit No. 1 Beacon EJ, LTD., Sherpa Dallas Properties, LTD., Beacon Square Association, and University Business Park II Conducted and adopted Ordinance No. 2024-10-14.

ITEMS FOR INDIVIDUAL CONSIDERATION.

PUBLIC HEARING ITEMS. APPLICANTS ARE LIMITED TO 15 MINUTES PRESENTATION TIME WITH A FIVE MINUTE REBUTTAL IF NEEDED.

REMAINING SPEAKERS ARE LIMITED TO 30 TOTAL MINUTES OF TESTIMONY TIME, WITH THREE MINUTES ASSIGNED PER SPEAKER.

THE PRESIDING OFFICER MAY AMEND THESE TIMES AS DEEMED NECESSARY.

NON PUBLIC HEARING ITEMS. THE PRESIDING OFFICER WILL PERMIT PUBLIC COMMENT FOR ITEMS ON THE AGENDA NOT POSTED FOR A PUBLIC HEARING.

THE PRESIDING OFFICER WILL ESTABLISH TIME LIMITS BASED UPON THE NUMBER OF SPEAKER REQUESTS, LENGTH OF THE AGENDA AND TO ENSURE MEETING EFFICIENCY, AND MAY INCLUDE A CUMULATIVE TIME LIMIT.

SPEAKERS WILL BE CALLED IN THE ORDER OF THE REQUEST ARE RECEIVED UNTIL THE CUMULATIVE TIME IS EXHAUSTED.

ITEM NUMBER ONE PUBLIC HEARING AND CONSIDERATION OF AN ORDINANCE AS REQUESTED IN ZONING CASE 2024-19 TO AMEND THE COMPREHENSIVE ZONING ORDINANCE OF THE CITY ORDINANCE NUMBER 2015-5-2, AS HERETOFORE AMENDED, SO AS TO AMEND URBAN MIXED USE TWO, LOCATED ON 86.2 ACRES OF LAND LOCATED ON THE WEST SIDE OF COIT ROAD, 970 FEET NORTH OF MAPLESHADE LANE, WITHIN THE 190 TOLLWAY PLANO PARKWAY OVERLAY DISTRICT IN THE CITY OF PLANO, COLLIN COUNTY, TEXAS, TO MODIFY PHASING AND DEVELOPMENT STANDARDS, DIRECTING A CHANGE ACCORDINGLY IN THE OFFICIAL ZONING MAP OF THE CITY, PROVIDING A PENALTY CLAUSE, A REPEALER CLAUSE, A SAVINGS CLAUSE, A SEVERABILITY CLAUSE, A PUBLICATION CLAUSE, AND AN EFFECTIVE DATE.

GOOD EVENING, MAYOR, COUNCIL AND EXECUTIVES.

I'M CHRISTINA DAY, THE DIRECTOR OF PLANNING HERE TO PRESENT THIS ZONING CASE TO YOU THIS EVENING.

ZONING CASE 19.

AS STATED EARLIER, IT IS A REQUEST TO AMEND ONE OF OUR THREE URBAN MIXED USE DISTRICTS.

IT'S DISTRICT NUMBER TWO, WHICH IS ALSO KNOWN AS BEACON SQUARE.

SO THESE ARE MAPS OF THE LOCATION OF THE ZONING DISTRICT.

THE ONE ON THE LEFT SHOWS THE NOTIFICATION AREA SURROUNDING THE PROPERTIES, AND THE AERIAL ON THE RIGHT SHOWS THE EXISTING DEVELOPMENT OF THE PROPERTY, AS WELL AS SURROUNDING DEVELOPMENT IN EACH DIRECTION.

SO THE UMU DISTRICT, UMU TWO DISTRICT WAS ESTABLISHED IN 2014.

IT DID COME THROUGH AND HAVE A REQUEST FOR MODIFICATIONS IN 2020, AND PHASE ONE IS CURRENTLY UNDER CONSTRUCTION, AS YOU CAN SEE ON THE AERIAL.

SO THERE ARE REALLY TWO PARTS TO THIS REQUEST.

THE FIRST ONE IS PHASING AND BLOCK A IS PHASE ONE.

BLOCK B WAS SLATED PER THE ORIGINAL DEVELOPMENT PLAN, TO BE PART OF EITHER PHASE THREE OR PHASE FOUR, BUT THERE'S BEEN SO MUCH SUCCESS ALONG THE ROAD FRONTAGE FOR THE RETAIL DEVELOPMENT THAT THEY HAVE THERE THAT THE PROPERTY OWNER IS REQUESTING TO MOVE THE REST OF THE COIT ROAD FRONTAGE UP TO THIS PHASE SO THEY CAN GO AHEAD AND BUILD OUT THE RETAIL THAT IS PROPOSED IN THAT AREA.

THE SECOND PART OF THE REQUEST RELATES TO SIGNAGE.

THEY WANT SOME IDENTIFICATION SIGNAGE THAT IS UNIQUE TO THEIR SITE AND ARE ASKING TO DO THIS CUBE TYPE SIGN THAT YOU SEE IN FRONT OF YOU.

AND IN ORDER TO ENSURE THAT WHAT YOU SEE IS WHAT YOU GET.

WE'VE ACTUALLY TIED THAT TO THE DEVELOPMENT PLAN.

SO IT'S VERY CLEAR WHAT THE EXPECTATION IS, INCLUDING DIMENSIONS OF THE SIGNAGE.

SO THESE ARE THE TEXT AMENDMENTS RELATING TO THE SIGNAGE.

AND THEN THE DEVELOPMENT PLAN IS BEING AMENDED REGARDING THE PHASING.

THIS IS A PAGE THAT'S BEING ADDED TO THE DEVELOPMENT PLAN SHOWING THE SPECIFICS OF THE SIGNAGE, ONE OF THE OTHER ISSUES THAT'S BEING ADDRESSED HERE.

[00:10:04]

SO SOME OF THIS WERE CLARIFYING JUST HOW WE'RE GOING TO MAKE MEASUREMENTS AND SO FORTH THROUGH THIS DRAWING.

SO THIS IS IN THE SUBURBAN ACTIVITY CENTER AND OPEN SPACE NETWORK OF THE COMPREHENSIVE PLAN.

IT'S NOT PROPOSING TO CHANGE THE MIX OF USES OR ANY CHARACTER DEFINING ELEMENTS.

SO IT DOES MEET THE COMP PLAN PRIORITIES.

WE HAD ONE RESPONSE WITHIN 200FT.

YOU CAN JUST BARELY SEE IT.

THERE'S A LITTLE KIND OF POP OUT TO MAKE IT EASIER TO SEE.

ON THE UPPER RIGHT HAND CORNER OF THIS SLIDE, YOU CAN SEE HOW IT JUST CLIPS THE CORNER NORTH OF THE RAIL.

AND THEN WE HAD ONE OTHER RESPONSE IN FAVOR.

SO TWO RESPONSES IN FAVOR OF THIS REQUEST.

NONE NEUTRAL OR IN OPPOSITION.

AND WITH THAT, YOU CAN SEE THE LOCATION OF THOSE RESPONSES ON THE MAP.

AND THE PLANNING AND ZONING COMMISSION DID RECOMMEND APPROVAL BY A VOTE OF 6 TO 0, AND I'M AVAILABLE FOR QUESTIONS YOU MIGHT HAVE.

THANK YOU. ANY QUESTIONS FOR CHRISTINA? THANK YOU. OH I'M SORRY.

SO FOR CLARIFICATION, THEY'RE JUST WANTING TO MOVE THE PLAT WHAT WAS ORIGINALLY SUBSECTION B AND BRING THAT FORWARD NOW SO THEY CAN DO DEVELOPMENT OF THAT.

ALSO TIED TO THIS WAS A VARIANCE, IF YOU WILL, OF THE SIGNAGE.

CORRECT. THAT'S CORRECT.

AND DID ANYBODY ON P&Z QUESTION THEM ABOUT THE SIGN ITSELF.

BECAUSE IN MY OPINION THIS IS BEACON SQUARE.

THERE'S NO BEACON.

IT'S JUST THERE ISN'T.

IT'S JUST A SQUARE.

AND I FIGURED GROWING UP ON THE EAST COAST, YOU HAVE A BEACON.

A BEACON IS SUPPOSED TO EITHER WARN YOU OR PROVIDE A PATH FOR SAFE HARBOR.

PROVIDE SOME ARTS WOULD APPRECIATE THIS.

IT'S JUST A SQUARE, AND I'M KIND OF LIKE I THOUGHT THEY'RE SPENDING SO MUCH MONEY ON THIS DEVELOPMENT.

THEY OUGHT TO BE SOMETHING THERE.

IT'S I DON'T KNOW. IT LIGHTS UP, RICK.

IT LIGHTS UP. IT LIGHTS UP.

OKAY. YOU KNOW, BUT PROPOSING OR RENAMING THE SQUARE, IT'S CALLED THE SQUARE.

ALL RIGHT. BUT DID ANYBODY ASK THOSE QUESTIONS? I DON'T BELIEVE SO.

NOBODY'S. NOT EXPLICITLY.

NOBODY'S FROM NEW JERSEY.

ALL RIGHT. VIRGINIA.

VIRGINIA. THANK YOU.

I'LL OPEN THE PUBLIC HEARING.

DO WE HAVE ANY SPEAKERS? ALL RIGHT. I'LL CLOSE THE PUBLIC HEARING AND CONFINE THE COMMENTS TO THE COUNCIL.

I'LL MAKE A MOTION TO APPROVE WITH THE AMENDMENT THAT WE RENAME IT TO SQUARE BEACON.

STRIKE THAT LAST PART, CORRECT? YEAH. I'LL SECOND WITHOUT THE AMENDMENT.

OKAY. SO SAY IT CORRECTLY.

MOTION TO APPROVE. OKAY. THANK YOU.

FULL STOP. ALL RIGHT.

SECOND. THANK YOU. I HAVE A MOTION AND A SECOND TO APPROVE ITEM NUMBER ONE.

ALL IN FAVOR? RAISE YOUR HAND.

I SEE YOU, RICK. THANK YOU.

MOTION PASSES 8 TO 0.

ITEM TWO.

[(2)  

Consideration of a Resolution to adopt the 2025 Legislative Program for the City of Plano, Texas; directing the City Manager or his designee to act with regard to the City’s 2025 Legislative Program; and providing an effective date. Adopted Resolution No. 2024-10-15(R).

DIRECTING THE CITY MANAGER, OR HIS DESIGNEE TO ACT WITH REGARD TO THE CITY'S 2025 LEGISLATIVE PROGRAM AND PROVIDING AN EFFECTIVE DATE.

GOOD EVENING, MAYOR AND COUNCIL ANDREW FORTUNE, DIRECTOR OF POLICY AND GOVERNMENT RELATIONS.

YOU WERE ALL PROVIDED VIA EMAIL, A COPY OF THE AGENDA.

IT'S ALSO IN YOUR PACKET.

IN THE EMAIL THAT I PROVIDED, WE NOTED THE SLIGHT DIFFERENCES THAT WE MADE IN RESPONSE TO SOME OF THE FEEDBACK WE HEARD FROM THE COUNCIL, BUT I'M HAPPY TO ENTERTAIN ANY DISCUSSION QUESTIONS ON THAT AGENDA.

THANKS. YES, SIR.

ANTHONY. THANK YOU, MAYOR.

AND THANK YOU, ANDREW, FOR YOUR WORK ON THAT AND FOR YOUR RESPONSES ON MY EMAILS.

SO THERE IS, FIRST OF ALL, A QUICK CLARIFICATION, JUST TO KIND OF PUT IT ON THE RECORD, I THINK IT'S GOOD FOR US TO HAVE IN OUR LEGISLATIVE AGENDA SUPPORTING THE FULL FUNDING OF PUBLIC SCHOOLS BECAUSE OF THE IMPORTANCE OF PUBLIC SCHOOLS TO THE CITY OF PLANO, TO OUR RESIDENTS, TO OUR BUSINESSES AND THE ECONOMIC COMMUNITY OF OUR OF OUR CITY.

SO I THINK THAT'S REALLY GOOD.

AT THE SAME TIME, I JUST ASKED YOU BY EMAIL A CLARIFYING QUESTION THAT WE'RE NOT PLANNING ON WADING INTO THE SCHOOL CHOICE DEBATE THAT'S LIKELY TO HAPPEN DURING THIS LEGISLATIVE SESSION.

OBVIOUSLY, WE HAVE PUBLIC SCHOOLS AND PRIVATE SCHOOLS IN THE CITY.

AND SO I THINK, YOU KNOW, IT WOULD BE UNWISE FOR THE CITY AS AN ORGANIZATION TO TAKE A POSITION ONE WAY OR THE OTHER.

AND I JUST WANTED TO PUT ON THE RECORD THAT THAT LANGUAGE IS ABOUT, YOU KNOW, ENCOURAGING OUR LEGISLATURE TO FUND THE PUBLIC SCHOOLS, NOT TO WADE INTO, YOU KNOW, CONTROVERSIAL

[00:15:02]

BUT AND THEN THE OTHER THING THAT I WAS GOING TO TO, TO SUGGEST, AS I DID DURING OUR LAST MEETING, YOU KNOW, I REALLY WOULD LIKE TO ADD LANGUAGE STATING THAT WE WOULD LIKE A BENEFICIAL AMENDMENT TO THE PUBLIC FUNDS INVESTMENT ACT.

AND I ASKED THE STAFF TO LOOK INTO A LITTLE BIT.

AND BY THE WAY, I DON'T I DON'T HAVE COPIES OF THIS OR SLIDES.

I KNOW YOU ALL ARE SO SAD THAT THAT I DON'T HAVE THIS, BUT THE STAFF PROVIDED SOME ANALYSIS SHOWING FIVE YEAR RETURNS FOR THE TWO YEAR TREASURY, WHICH IS THE BENCHMARK FOR OUR INVESTMENT PORTFOLIO VERSUS THE S&P 500, WHICH IS A, YOU KNOW, WIDELY KNOWN INDEX THAT, YOU KNOW, ONE CAN INVEST IN THROUGH AN INDEX FUND AND OVER EVERY SINGLE FIVE YEAR PERIOD GOING BACK THREE DECADES, THE S&P 500 OUTPERFORMED THE TWO YEAR TREASURY, EVEN WITH FLUCTUATIONS, EVEN DURING THE FIVE YEAR PERIOD THAT INCLUDED THE START OF THE GREAT RECESSION.

THE S&P 500 STILL DID BETTER.

THE REASON I MAKE THAT POINT IS BECAUSE THE LEGAL RESTRICTIONS OF THE PUBLIC FUNDS INVESTMENT ACT LIMIT THE WAYS THAT WE CAN DIVERSIFY OUR INVESTMENT PORTFOLIO. MOST AMERICANS RETIREMENT PORTFOLIOS ARE INVESTED IN A WAY THAT'S WIDELY CONSIDERED SAFE, BUT IS ACTUALLY ILLEGAL FOR THE CITY TO INVEST ITS TREASURY PORTFOLIO THAT WAY.

AND AS A RESULT OF THAT, WE ALL CITIES IN TEXAS GET LESS OF A RETURN THAN WE WOULD GET IF WE WERE ABLE TO INVEST IN WAYS THAT ARE GENERALLY CONSIDERED PRUDENT FOR PEOPLE'S RETIREMENT NEST EGG.

AND AS A RESULT OF THAT LOWER RETURN, OUR RESIDENTS AND BUSINESSES HAVE TO BEAR HIGHER TAXES BECAUSE THE MONEY HAS TO COME FROM SOMEWHERE.

IF WE GET LESS OF A RETURN ON OUR INVESTMENT PORTFOLIO, THEN TO GET THE SAME AMOUNT OF REVENUE, WE HAVE TO TAX MORE.

SO REALLY, THE RESTRICTIONS THAT THE STATE OF TEXAS HAS PUT ON OUR INVESTMENT ACTIVITIES UNDER THE PUBLIC FUNDS INVESTMENT ACT RESULT IN ADDITIONAL TAXES FOR THE BUSINESSES AND RESIDENTS IN THE CITY OF PLANO.

SO FOR THAT REASON, I WOULD LIKE TO INCLUDE LANGUAGE IN THE LEGISLATIVE PROGRAM THAT WE WOULD LIKE BENEFICIAL AMENDMENT OF THE PUBLIC FUNDS INVESTMENT ACT.

AND I WOULD SAY THAT WE WOULD OBVIOUSLY NOT WANT TO CHANGE HOW WE'RE INVESTING ALL OF OUR INVESTMENT PORTFOLIO, BUT WE ALREADY HAVE INVESTMENTS THAT HAVE MATURITIES OF FIVE YEARS. AND THAT'S WHY I ASK FOR THAT FIVE YEAR ANALYSIS.

I THINK THAT PORTION, THAT FIVE YEAR PORTION OF OUR INVESTMENT PORTFOLIO WOULD BE BETTER INVESTED IF THE STATE WOULD ALLOW IT IN SOMETHING LIKE AN INDEX FUND, THAN IN THE TYPES OF INVESTMENTS THAT WERE REQUIRED BY STATE LAW TO INVEST IN.

AND I ALSO KNOW THAT INCLUDING THIS IDEA IN OUR LEGISLATIVE AGENDA DOES NOT MEAN THAT THE LEGISLATURE WILL MAGICALLY SAY, OH WELL, GLAD IT'S IN THE LEGISLATIVE AGENDA FOR THE CITY OF PLANO, WE'LL GO AHEAD AND PASS THAT.

BUT I THINK WE COULD START BUILDING MOMENTUM, YOU KNOW, ACROSS MULTIPLE SESSIONS TO WHERE MAYBE WE COULD RECRUIT OTHER CITIES TO JOIN US, START EDUCATING THE LEGISLATURE AND HOPEFULLY GET TO A POINT WHERE CITIES IN TEXAS CAN INVEST IN THE WAY THAT PEOPLE ARE INVESTING THEIR RETIREMENT NEST EGGS.

THAT'S GENERALLY CONSIDERED SAFE, AND IT WILL RESULT IN LOWER TAXES FOR MUNICIPALITIES THROUGHOUT THE STATE OF TEXAS.

SO ANYWAY, I JUST FEEL LIKE IT'S REALLY IMPORTANT TO INCLUDE THAT IN OUR LEGISLATIVE AGENDA.

AND THAT'S MY PITCH.

SO MAYOR AND COUNCIL. REAL QUICK, THE PUBLIC FUNDS INVESTMENT ACT HAS A SLY APPROACH TO INVESTMENT, AND SLY STANDS FOR SECURITY FIRST, THEN LIQUIDITY, THEN YIELD.

AND SO SECURITY OF TAX DOLLARS IS SOMETHING THAT THEY ARE VERY CAUTIOUS ABOUT IN THE WAY THAT YOU HAVE YOUR INVESTMENT PORTFOLIO.

AND THIS COMES FROM EXPERIENCE THAT THEY'VE HAD IN CALIFORNIA AND IN OTHER PLACES WHERE THEY'VE ACTUALLY ENDED UP WITH SECURITY ISSUES AND THEN LIQUIDITY ISSUES.

AND SO THEY ARE VERY CONSERVATIVE IN WHAT THEY ALLOW US TO INVEST IN.

I HAVE NO PROBLEM. IT'S YOUR IT'S YOUR LEGISLATIVE PROGRAM.

SO I HAVE NO PROBLEM WITH YOU ALL ASKING FOR MORE FLEXIBILITY IN BEING ABLE TO CREATE MORE YIELD.

BUT I DID FEEL LIKE IT WAS IMPORTANT TO UNDERSTAND THAT THE REASON FOR THAT IS BECAUSE TAKING RISK WITH TAX DOLLARS AND INVESTMENTS IS SOMETHING THAT HAS THAT HAS HAPPENED TIME AND TIME AGAIN, WHERE TAX DOLLARS HAVE BEEN LOST AND THE OUTRAGE THAT HAS BEEN EXTENDED TO THE GOVERNMENTS THAT TOOK THOSE INVESTMENTS IS SOMETHING THAT WAS VERY SERIOUS.

AND SO I JUST WANT TO MAKE SURE I AT LEAST EXPLAIN THE SLIDE PROGRAM.

AND THAT'S WHAT WE GO THROUGH ON OUR PUBLIC FUNDS INVESTMENT.

AND IF I MAY JUST TAKE 30S, I THINK THOSE ARE ALL GREAT POINTS.

CITY MANAGER ISRAELSON.

AND I'M NOT TALKING ABOUT GIVING US UNFETTERED DISCRETION TO INVEST IN ANYTHING NOR IF WE HAD UNFETTERED DISCRETION, WOULD I WANT TO USE IT TO INVEST IN THINGS LIKE, YOU KNOW, WHAT WE'VE SEEN WITH SOME PENSION FUNDS, FOR EXAMPLE, AND ISSUES THAT HAVE HAPPENED THERE.

BUT I THINK THERE ARE THINGS LIKE, YOU KNOW, THE S&P 500 INDEX FUND HAS NEVER LOST ALL VALUE AND HAS ALWAYS COME BACK.

IT'S JUST A MATTER OF TIME HORIZON.

AND SO SINCE WE ALREADY HAVE AN APPROACH WHERE WE HAVE SHORTER MATURITIES, YOU KNOW, THAT THAT, YOU KNOW, SAFETY AND LIQUIDITY, WE HAVE 0 TO 1 YEAR MATURITIES.

[00:20:03]

AND WHAT I WAS SUGGESTING IS IF THE STATE WOULD ALLOW US AND OTHER CITIES TO TAKE THAT, THAT FIVE YEAR PORTION, MAYBE THE FOUR YEAR PORTION AND SAY, YOU KNOW, OVER THIS TIME HORIZON, YOU KNOW, THAT'S NOT AS BIG OF A RISK.

AND FRANKLY, IT'S HOW, YOU KNOW, 401 K'S THAT PEOPLE CAN'T AFFORD TO LOSE OR THEY CAN'T RETIRE OR, YOU KNOW, 403 B'S OR WHATEVER THE CASE MAY BE, IRAS ARE ALREADY INVESTED, THINGS THAT ALSO NEED TO BE INVESTED SAFELY, THAT ALSO CAN'T BE LOST.

AND IF WE COULD DO JUST A PORTION OF IT THAT WAY, I THINK WE WOULD, WE WOULD BE ABLE TO GET A HIGHER RETURN.

AND FAR FROM LOSING PUBLIC FUNDS, WE WOULD ACTUALLY PREVENT THE DETERIORATION OF THE PUBLIC FUNDS WE'RE HOLDING THROUGH INFLATION.

AND WE WOULD ALSO SAVE TAXPAYERS MONEY BY GENERATING FUNDS WITHOUT HAVING TO TAX THEM MORE.

SORRY, THAT WAS MORE THAN 30S.

THAT'S OKAY.

SHELBY, WHILE ADHERING TO SLI PRINCIPLES, I THINK IT'S REASONABLE TO LOBBY THE LEGISLATURE TO EXPLORE THINGS NOT JUST SUCH AS VARYING TIME HORIZONS LIKE COUNCILMAN RICCIARDELLI PROPOSED, BUT ALSO ALLOCATING JUST A PROPORTION OF A PORTFOLIO TO SUCH INVESTMENTS, WHETHER THAT'S 5%, 50%, WHATEVER, SO THAT IT'S NOT THE WHOLE SHEBANG.

BECAUSE WHILE I HAVEN'T DELVED INTO THE PARTICULARS IN OTHER CITIES AND WHOLE STATE GOVERNMENTS, I UNDERSTAND THAT THERE HAS BEEN SOME RISKY ACTIVITY FOR WHICH TAXPAYERS WERE NOT HAPPY.

WE DON'T WANT THAT. YEAH, I THINK IT IS POSSIBLE TO EXPLORE MODIFICATIONS THAT STILL ADHERE TO THOSE PRINCIPLES, AND I'D SUPPORT ADDING THAT TO THE LEGISLATIVE AGENDA.

AND I'D ALSO LIKE TO WEIGH IN WHILE I HAVE THE MIC AND SAY THAT I TOO WOULD WANT TO MAKE SURE THAT THE PUBLIC EDUCATION SECTION OF OUR LEGISLATIVE AGENDA NOT TAKE A POSITION ON SCHOOL CHOICE.

OKAY. ANYBODY ELSE? OKAY WITH THAT? I. I THINK IT WOULD BE WONDERFUL, BUT I DON'T THINK WE SHOULD GET OUR HOPES UP REAL HIGH.

THANK YOU. MAYOR. I KNOW IT'S A LONG SHOT, BUT IF WE START EDUCATING PEOPLE, MAYBE IT'LL PASS IN 2034.

OKAY. THANK YOU.

ALL RIGHT. DO WE NEED TO MAKE A MOTION? A MOTION TO AMEND.

YEAH. I WILL MOVE TO PASS THE LEGISLATIVE AGENDA WITH THE ADDITION OF LANGUAGE REQUESTING THE BENEFICIAL MODIFICATION OF THE PUBLIC FUNDS INVESTMENT ACT TO PROVIDE GREATER FLEXIBILITY TO PURSUE RETURNS WHILE STILL ADHERING TO SLI PRINCIPLES.

ALL RIGHT. SECOND.

GOT ALL THAT, LISA? ALL RIGHT.

I'M SORRY. GO AHEAD. CAN YOU REPEAT THE MODIFICATION PART TO ME? YEAH, SURE.

THAT WAS JUST.

OH, SORRY, I GUESS, DID YOU WANT ME TO REPEAT IT OR? PERFECT. OKAY. I REALLY NEED IT.

I THINK WHAT I SAID WAS, I'M GOING TO TRY THIS VERBATIM, THAT WE WOULD ADD LANGUAGE TO THE LEGISLATIVE PROGRAM REQUESTING THE BENEFICIAL AMENDMENT OF THE PUBLIC FUNDS INVESTMENT ACT TO ADD LANGUAGE, ALLOWING US GREATER FLEXIBILITY TO PURSUE INVESTMENT RETURNS WHILE STILL ADHERING TO SLI PRINCIPLES.

OKAY, SO I HAVE A MOTION AND A SECOND TO APPROVE ITEM NUMBER TWO.

ALL IN FAVOR? RAISE YOUR HAND.

ALL RIGHT. MOTION PASSES.

THANK YOU. NEXT ITEM.

[COMMENTS OF PUBLIC INTEREST]

THIS PORTION OF THE MEETING IS TO ALLOW UP TO THREE MINUTES PER SPEAKER, WITH 30 TOTAL MINUTES ON ITEMS OF INTEREST OR CONCERN, AND NOT ON ITEMS THAT ARE ON THE CURRENT AGENDA.

THE COUNCIL MAY NOT DISCUSS THESE ITEMS, BUT MAY RESPOND WITH FACTUAL OR POLICY INFORMATION.

THE COUNCIL MAY CHOOSE TO PLACE THE ITEM ON A FUTURE AGENDA, AND WE DO HAVE ONE SPEAKER THIS EVENING.

TARA RICE, RACE, AND SHE'LL BE JOINING US VIA ZOOM.

SHE'S MOVING OVER.

MISS RICE.

IF YOU CAN PUT ON YOUR CAMERA.

YEAH. GIVE ME ONE SECOND.

I'M OFF.

HOLD ON ONE. I THINK THE.

CAN YOU SEE ME? NO, NO.

IT'S NOT COMING OFF CAMERA. I'M SORRY.

OKAY. WE'LL NEED YOU ON CAMERA TO ALLOW YOU TO SPEAK.

[00:25:08]

SO I AM TRYING TO CONNECT.

I AM TRYING TO CLICK ON THE CAMERA TO CONNECT.

AND IT'S NOT ALLOWING THE CAMERA'S NOT COMING ON.

SO THAT'S VERY NORMALLY IT COMES ON BECAUSE I DO ZOOM A LOT.

SO. WELL IF FOR SOME REASON IT WON'T WORK, WE YOU WE'D BE GLAD TO HAVE YOU EMAIL US YOUR COMMENTS AND WE'LL ALL THE COUNCIL WILL RECEIVE THOSE COMMENTS.

OKAY. I WILL EMAIL THEM TO YOU AND I WILL EXPECT A SWIFT RESPONSE.

THANK YOU.

CITYCOUNCIL@PLANO.GOV. OKAY GREAT.

THANK YOU SO MUCH. THANK YOU.

THERE BEING NO FURTHER BUSINESS WE'RE ADJOURNED.

* This transcript was compiled from uncorrected Closed Captioning.