Hey folks, how are y'all doing? Hannah, we can't start our videos because the host has stopped it. Hey everybody, I'm with you. I'll be on camera in a few minutes. Everybody. Sounds good. Tim, just before we get started, just quick, quick intros here. Maybe you want to do it after we get started too. It's up to you, but Kyle. Yeah, if you want, we can do the intros now before we start. Sure. Okay, perfect. Yeah, there might be a small lag happening, but serious. So Kyle classes here. He is the new assistant city attorney for the city of Burlington. Kyle and I met a couple of weeks ago. He just started about a month ago. Well, not even a month ago. Working at the city attorney's office. He was here just about all day today getting a tour and understanding of the airport. So we're happy to have mine for. And then Steve, maybe you want to introduce yourself. Hi, everybody. I've been in Burlington since 1983 came here because I got into the guard.  Got out after about 12 and a half years flying for them. Got hired by American Airlines. And flying for American for about 30 years. Two kids. Getting close to retirement. So looking for a. New ways to fill my time. First meeting. And then deputy mayor Jim Duncan as well from the city. Jim, do you want to introduce yourself? Yeah, I'm Jim Duncan. As you mentioned, deputy mayor. I've been on the city council for close to four years now. And I've lived in when he's he almost 10. I grew up in Essex before that. So I'm excited to be joining the commission and appreciate the welcome. Great. Thank you. You know, it's good to see it. See our commission at full strength for the first time in, in quite some time and not have to worry so much about quorum and videos dropping off and all of that good stuff. So thank you. Thank you everyone for being today and welcome to our newest commissioners. So with that said, I'd like to call the order the, this meeting of the airport commission at four 10 PM. The first item on the agenda is the agenda itself doing her emotion. To approve the agenda. So moved. Let's move by Helen doing here a second. Second. Second by Greg. Any. Proposed modifications to the agenda before I call the question. Hearing none, none. All those in favor of adopting the agenda as well. Thank you. Thank you. I'm going to signify by saying aye. Aye. Aye. Any opposed. We have an agenda item three is public forum. I can't see if there's anyone online. Hannah is there. There's not. And there's nobody there was Kyle. You wanted to say anything in public forum today. Yes. I just want to say hello. I had a fantastic tour of the airport. It was really cool. It was really cool. It was really cool. There was no one over every. Nook and cranny of the airport. It was extremely interesting. I especially enjoyed the history aspect of it. Didn't realize that Amelia Earhart. Traveled this way all that often. So that was very cool. And. Yeah. Just very excited. To work with you all. And. Let me know. Sounds great. Thank you. So we will now close up public forum and move to item four, which is the consent agenda. During our motion to adopt the contents of the consent agenda. Move. Move by Helen. Is there a second? Second. Robin seconds. Discussion on the contents of the consent agenda. Nick, do you want to start off? Sure. I think for our new commissioners, it might make sense to just present the report that you see here. And maybe you share. Sure. So every month, although there's a slight delay in the passenger traffic numbers that we receive in report, you're going to see our total number of passengers on an annual basis and compared year over year. Right now we're reporting November 2022, so that just over a, just over a 14% increase over November of last year. Last year is not a great indicator of where we are, especially pre pandemic overall, we're still recovering our in plane passengers or passenger boardings onto aircraft. And we're at approximately 8% of our total passengers since 2019 compared to 2019, I could say. So pre pandemic numbers, which was our 10 year high of passenger accounts. The reason we track that most significantly is this is tied to revenue sources, both residual revenue, parking garage revenue, consent revenue, that sort of thing. As well as we track our aircraft, maximum gross landed weight. That's a very large indicator of revenue for the airport as we charge per 1000 pounds of landed weight. And so the reason you're going to see the first page of the report really going into some of the statistics year over year month over month, you can see some of our past both passenger landed weight as well as operational numbers compared to last year's numbers. And then some of the raw data associated on pages two and three were both passengers and landed weights year over year for the last hour. We're recording the last nine years of information on this report. So good recovery and then the final pages garage utilization, which Shelby and Hannah report on, which is exactly that how full is our garage average for that particular month. Of course, that's just an average. If you're going to see lots of fluctuations, if you look at it by the hour, by the day, by the week, et cetera, et cetera, but this just gives us a good indication of what that monthly average is. And that's it. That's it. That's it for me on the passenger and operational statistics. Mr. is any, any thoughts or observations on the contents of the consent agenda. Going in the right direction. Right. Thank you. Just one question on, on the landed weight slide. I don't know if it's an issue with the legend in the chart, but. Because I think 2022 is like the dark blue line, but it doesn't show up in the legend of the chart. So. If you can just for next month, take a look at that and make any adjustments. Perfect. Yes, we will. Yeah, I think they're off by one. One year. I think that's what it is too. Yeah. They're similar. Yeah. Especially when it's in black and white. Yeah. Yeah, we can definitely address that. Make it, make it a little easier. Okay. All right, commissioners. Are we, are we ready for. Ready for the question. If so, all those in favor of approving the contents of the consent agenda, please signify by saying, I. Hi. That carries. So that completes item four item five. There are action items 5.01 is a GSA lease agreement. I do I hear a motion to recommend the approval of amendment to. To an existing GSA lease agreement to accommodate the relocation of TSA offices at the airport. So moved. It's moved by Helen. Do I hear a second? Second. Second, I think that. Was I, I couldn't hear who that was. Okay. Thank you, Stephen. Nick discussion on this. So this is a, as, as subject states, this is an amendment to an existing lease that we currently have. With the general services administration. Who administers the leases. All federal leases. This one specifically for the transportation security administration. So GSA managing TSA's lease. We negotiate directly with GSA. This is a relocation. Of prior office space that used to be. Over here by our administration offices. And that was. Essentially temporarily relocated. To our very old administration offices, which is in the central portion. Of the terminal building. This prior office space has been. Bacon for close to eight years. Right. That's about right. Eight years. So we're, we're now able to lease the lease. It is almost double or just slightly less than double. The prior rental amount, total amount, the same rental rate, but total rental amount. You can see the numbers in the, in the memo there, 38,000 was the prior lease. Annual revenue source, which entailed a few for office spaces. This new annual revenue. Will be just over $63,000 a year. So there's an optic on revenue for us as well. This isn't the total lease that we have with GSA. This is strictly just the differences between the office space. Near our existing admin space and this new proposed space that we're working with GSA to move TSA to. We're going to be putting in a little, a small amount of expenses into this. So where do you have some, we already actually have the amendment. We brought that to you at the glass month, the month prior. So we are working on a big package that's very strict criteria. Whenever we work with GSA, if you remember Larry spent. A massive amount of time negotiating and working with the contractual obligations for the National Weather Service. This is the same. Government entity that made is both of these spaces. As I mentioned earlier, this is a temporary move. Temporary meaning about two years. This existing lease. It's a temporary move. This is a temporary move. Temporary meaning about two years. This existing lease expires at the end of 2024. At which point I am very interested in to work with. TSA and GSA. To relocate TSA to a permanent location. Underneath the air traffic control building, which is mostly vacant at this particular time. And mostly vacant since. Yeah, mostly vacant at this time. That is a process that's going to be later this year. There's no guarantees. We actually have to bid on supporting the process of TSA and relocating, not just the folks that are in the office spaces here, but also potentially folks that are regionally within the office space. I think would make a very great fit. For the airport to accommodate that. The reason I think it's very important that this space is temporary in our terminal building. Is the future of the terminal building and the expansion of the terminal building with our next phase of our. North terminal project. Also consists of renovating the second floor, including the office space that these folks are moving into over the next two years. So the timing works out really well. There's additional revenue source for us as we design some of these elements. And it works really great for TSA to efficiently work. Their programs right here out of the terminal building for now. And that's, that's it. Miss Sunny. Well, there should be. No, they don't. Mr. Is there any questions for Nick? No. Nick, just one question. If the ultimate location is with air traffic control, why wouldn't they just move and it's vacant now? Why wouldn't they just move there now? Yeah, that's a great question. So there was a lot of negotiation, a lot of requirements that required. Both GSA and TSA's ability. And it's not all vacant over there. So there are other non-federal entities that lease space there. And it is essentially a shared lease building. So it's not a typical office space. Even though there's some doors that, that close the shared bathrooms and, and shared hallway space and access points. And TSA really cannot allow that type of shared space. And they, and at this point, they cannot justify leasing the entire space until the, the full group. Kind of moves together to justify the expense to the government. Hence the reason why, why these pieces of timing are really important. Temporarily move up here. Just for these four offices that are displaced right now. And then once the. Other regional office that's, that's expiring, which is the reason why we're so interested. Once that expires or goes through the bidding process, then we can co-locate both of those together in the larger joint space. And they can lease the entirety of that space. So the other tenants will be gone into the years. That's right. Some of them are month, month, month right now, actually both of them are month right now. So they'll be gone. And, and. There's potential for other space for them. And not like a true real tie to the airport that they need to be. There's other options for them. Okay. And we've talked to both of them. Right. Commissioner's any other questions for Nick on this? Hearing none, all those in favor, please signify by saying aye. Aye. Any pose. And that carries. Next up is item six construction update from Larry. Okay. I think everybody received my report. I'll hit the highlights. And we're actually we go realignment. That was a large job. We just finished last year. $19 million real report more on it later. But the only thing outstanding is because we closed up the project was about a $2.9 million. Check from the FAA. We did receive almost $2 million of that. One million of it was due to some amendments that were eligible. That the funds need to come from another place. So we're just waiting on that last. But it's good to have that 1.9 million back in our, or close to that and back in our bank account. That's been hanging out there for a while. And she'll report on that a little bit more in her report when she gets here. The annual parking grant maintenance highlights there is right before the pandemic. We had issued a contract for a contractor to do the expansion joints out there because of travel restrictions and all that. That project got removed or we weren't able to continue. So we are now moving forward to rebid that project. So we can do it in the spring along with that. We will we redo it in the spring. They're quite, they need a lot of work. There's some compensation issues and stuff like that. If you walk through them, they're just terrible. So that's being worked on. As everybody's aware, as you did approve. We signed a $2.3 million contract with MEI, electrical contractor to put all new lighting and alarm system in the garage. I've asked for schedule. A schedule of schedule values and other things. I do have the schedule of values, but not in the format. I needed it, but they can't do that. But we have a schedule because we want to know when they're going to spend the money, just not on what, which subject. So that project is progressing through how we're going to get that done over time because there's relocation of vehicles. And it's all hosted for things that we need to do over the next couple of months. To get that project done. So parking garage stuff will start picking up again. You know, it got kind of put on hold that during the pandemic. The tip private. We, we move forward to the closeout package similar to the tax away golf project. They, they have a holds 10% of our, of our money. So that's what we're going to do. We're going to move forward to the closeout package similar to the tax away golf project. The FDA holds 10% of our, of our money until we get the project closed out. So at a $16 million project. That's another 1.6 million dollars. That's not in our bank. That's in the FDA until we get that project closed out, which is a significant. I don't. Residential sound insulation pilot program. Happy to report that the contract has been issued for the next couple of months. We're going to be moving forward to the next phase. And we're going to be moving forward to the next phase. So that's going to be a good starting of those improvements for those actual was nine homes, but. Eight. And then one got moved into the next phase, but still will be done at the same time. Just the way things work financially with the FAA funding. We're going to be moving forward to the next phase. We're going to be moving forward to start in the spring. We've heard from the FDA that. We are going to receive the remainder of the money to do that project in whole. So we'll be coming back. For about a 1.4 million dollar increase to that project. So it all gets done. We'll be preparing the, the metals and stuff right now. Which is good news. So we don't have a part of a project hanging out there, so, but now we're going to move forward that second part. And it won't have any impact of construction because by the time we get through all that process and the grand issued, they'll be at that point will be later this summer and we'll be able to finish the project and it's entitlement and even if we finish it, we still can get reimbursed for the month. Residential sound insulation phase one. That contract's been signed for those seven or eight homes to have those improvements done. We are progressing through the identified 54 homes. For review and design so we can get those out to bid before grand application in mid April for that the news we heard Nick and I heard today from talking to the FDA. We were on a $5 million a year program. They are programming the entire amount, which is like over $7 million, which is good news. There's no guarantee, obviously, but we they are progressing in that direction to give us that whole amount to do all to knock down those next 54 that we're designing right now. You know, we are a $5 million program. We'll see how that happens. But that seven plus million not only includes those 54 homes based on the price we received, average price we received last year, but also is another million plus dollars to do the design outreach and everything else. The next 54 homes or 50 homes, whatever we come up with by April 15th. So that's good progress there. That's a huge, huge chunk of work. Excuse me. Yeah. We anticipate the per house cost on average to be the same going forward or is there just go. Right now that's what I use for the preliminary information for the grant number. Okay. We won't know that until we bid it. I think it's going to take some time to bring it down because I think we need. More interest in contractors to do it locally. Right now we don't have any, this is the contractor we have now. It's not a local contractor. Okay. He specialized in it. It does this all across the country. But we, I think, you know, we need to put some effort into. Trying to get a local, more local contractors involved. They will sub local home contractors and stuff. The people that we've hired. But you know, I've talked to, I've talked to some contractor about this and there's concern. About that size of project dealing with 50 different homeowners. Okay. That's, that's a handful, you know, so, so, so we will work on that as time progresses to bring down costs is what we're hoping for. We're more competition. I think it's definitely going to take some years before we see any of that pricing actually come down. Both in the context of more experience. I think there is definitely an advantage this year to have a national. No company that's done noise mitigation. And hiring local contractors to do that. But I think it's, it's going to take some time before that average 100,000 per house comes down. And. Why is this hoping it wouldn't be going up. That's probably. Are we doing anything set for a couple of years. So the way I think of it, you have two things happening. And I think it's going to take some time before that. And I think it's going to take some time before that. And I think there's a lot of inflation always that's, that's going to be bumping the edge of this. So those prices probably will go up. But as we work closest to the airport outbound, those prices are going to come down because there's less. Less. That needs to go in. So it may work out, but it's, that's completely not a problem. You need some experience for this. So it's great. So we're moving forward. And we're not just. Able to. Assist in this. I mean, they don't do sound insulation, but they. No, they are insulation. No, they are. So. Vermont gas efficiency, Vermont. Green amount of power. They've all moved together to make sure that whatever they can do. To support. Our funding. They're going to be able to do that. They're going to be able to do that. They're going to be able to do that. They're going to be able to do that. They're going to be able to do that. They're going to be able to do the gas right now. They're going to help support those funding needs. If they are able to. Under their grant and program requirements. Which is that 10% will share that we thought about. Sure. And at the same time, have the opportunity to talk to them. Or is to. Advertise really their programs, whether it's a new. No, I don't know if this noise program would consider, but now is the, the attention of efficiency. What not to maybe do a 0% loan. Or is one of their programs. I was thinking of worker bees too. I mean. Dependency Vermont, but then be your home. And those. Or at least has. Contractors. So I was just curious. That. We talked to them. Collaboration could help get local. I think they're struggling. They're probably struggling. To me and too. So. We just need time with this. To do better. One thing I'll add to the bonus. Unless you have noise exposure map. Yeah. Yeah. Yeah. Go on then. You know. Excuse me. Robin. Did you have a question on that particular point? Or actually going back one. Back to taxi way alpha. Just wondering if when they start that work in the spring, is that going to impact. Runway one and one nine. Are we going to have runway closures again? Like we did last year. Or are we able to. Is that going to be mostly off the side and not really impactful. It will. And we have. We're facing that project. And we will. Be pressing through a plan. In the next couple of months on how that will happen. You have any other than that. Yeah. It's definitely not going to be as impactful. Yeah. When we did some of the Bravo work, Charlie, work and really tying in. However. There is another tie into one one nine. That will require a closure of the runway. Specifically at tax week, Charlie, because Larry was able to get additional funding. For that small corner over there. Bravo. I don't think we go all the way. We only go to the safety area. So it's a minimal impact. So yeah. Generally, yes, there's going to be some impact. Not as like, not as long of a period of time. The more impact is to our terminal building that we need to watch really closely. Because there's getting impacts that are going to. Close temporarily. Access to. Yeah, exactly. Yeah. So the. So the runway. It could be partially open. No. No. Yeah. Okay. Yeah. All right. It's closed. It's closed. Unless we. Expend a significant amount of funds to repaint, relight, change the approaches. Yeah. Yeah. That's exactly it. I know. So, but are we looking at weeks, months? I don't remember off the top of my head what Charlie closed your list. I think it was a four week closure. When we tie in last time. But I'm not a hundred percent. Yeah. But not Charlie, but one in one nine. Yeah. Yeah, Ron, I can get, we can get back to you on, on that. We're working with a contractor now on all that. So we have a plan. So, you know, by next month's meeting or whenever you're available, stop by. Or, you know, We'll do. Thank you. Yeah. Okay. Moving on. Number 17. I say date 12 because that's what it was. The new gate nine jet bridge contracts inside with the contractor. We're moving through the shop drawings and all that type of stuff now so we can have that built by summer. So we will be able to access planes directly from. The new terminal project. The south apron taxiway golf extension. We are pretty much finished with any questions from the FAA. They have one last thing today, which I thought we were done. And we're hoping. All right. So anyway, the. So we're pretty much finished. We're just waiting on the grant and finishing up some permit. We had some stormwater issues. We had to resolve and read. Adjust with the permit agencies to get that. And we're anticipating starting construction on that in the spring. The environmental assessment that is the review, the environmental impacts of the obstructions in the approaches found in the master plan contracts been signed. There is a one year deadline on that to be finished with the FAA with that assessment. So we'll know those obstructions and what environmental impacts will be to resolve those impacts obstructions. Nor terminal. Improvements project, which Nick will probably hit a little bit more, which I provided some pictures of is underway. The escalators as of tomorrow would be totally gone. In my pictures, you'll see they were only partially worked on, but they'll be gone as of tomorrow. The old ones. And everything's progressing with removal of glass and that type of thing in the old TSA area. The north terminal project with the new passenger boarding Brett Bridges. Passage. What I do. PBB passenger. Passage or word of reserve. Okay. 38 million. The heart project. Nick will report on that for later on the funding for that project. He's got good news there. And then to my last page. We had a great meeting today on the new SRE storage building and maintenance shop. We're progressing along the programming and siting and grading plan to make sure it's going to work. Where we're looking to put it. And within a week or so. We will be able to meet and currently with. Maintenance people. So they can see what we're looking at and how they can add. To that. Get input from them because they experience it every day. Runway 1533. That's a large project that's coming in 2020. For the rehabilitation of the main runway. We had our scoping session with the FAA. And that's moving forward accordingly. Air, air, air, airfield payment. In addition, management plan. We'll be. We're working on that noise. Use reuse plan on some of the health services. That have been purchased over the last five or 10 years. That weren't included in the original one is being worked on. And then of course, I already reported on the residential sound insulation program. Phase one, but phase two will be that next money spent next year to do the next 50 houses that is coming along. And that's all I got right now. Any question. I was just going to add about the noise exposure map update. We're making progress. Signing contract for that process. Our hope is by. No later than the end of this year, but I think it's going to be much closer to this. That will be portion of final noise exposure map. There's a lot of things in between. Started in March. We're going to be convening. The voice committee. In frame partners fact from South Carolina. To work more in depth of the programs that Larry's explaining to tonight, but also the progress of the noise exposure map. And of course the progress of the insulation program itself. We're hoping to do that in March or we're still organizing internally before we send the invitations for the program. That new process out because there's, as you can tell, there's a lot of noise programs that were working on noise exposure map, noise, views, reuse of days, noise, insulation, multiple phases. So I think reconvening this, this would be very much appropriate to take as a communication. I just had a question. And I think you're the person to ask. Where are we with the hotel? I think she hasn't taken that. Is this the time to ask? It absolutely is. So, you know, COVID certainly didn't help. And to bring our new commissioners up to speed. Prior to COVID. We did sign a ground lease agreement. It's actually a concession agreement with a developer to build a brand new hotel. This would be on the north side of our parking garage and existing parking lot. COVID of course, stall that and the justification that demand. And maybe more importantly, the funding opportunities for this developer to build this. We're no longer there. So we kept an option agreement going with this hotel company because they bid on this. And they were selected on this part of the RFP included this option agreement. That option agreement does today go to the end of March of this year. Just a few months from now. Most likely it may be extended. And in the meantime, we are working with this developer who has since changed partners. The thing, you know, the same developer TW was the corporation that won the bid. Same developer. They brought in a hotel management company because TW does manage hotels, but they can bring a partner. They started a BTP hotel LLC company to jointly manage this hotel structure and the day to day aspects of it. The original partner of theirs is no longer a partner through COVID. They've shared a lot of information. They now have a brand new partner. That they're introducing the city in an airport too. I'm very confident in this new partner there. They seem like an extremely experienced and amazing fit, especially for managing hotels at airports. However, this new partner, Andy now would like to look at the terms of the agreement, but different. So we're actively negotiating the possibility of bringing back the course of this year. This is, this is not going to be a this year project anymore. It's not dead. It's not dead. The design of it shifted. The possibility of a hotel name has shifted. The brand name has shifted possibly. So there's a lot of pieces that are being negotiated. And including the permit because the, the actual footprint may change as well. So we would have to go through. They would have to go through that process again. Right. You have it. Oh, sorry. Any more questions? Great. Great as a question. Hey, great. Hi. Greg Schapler commissioner from Burlington. Just announcing myself because our new policy and procedures request that if we're on zoom and also just to introduce myself to the new. Commissioners and welcome them. Have a question. I guess for Larry, just a clarification. First of all, Larry. Thanks for, you know, having your hands on everything and being knowledgeable about everything that's happening. I do want to go back to the. Issue related to the lighting and alarms. In the. In the parking area. And I was looking at your memo. It sort of sounded like we were reevaluating that sort of situation. I'm sure that that doesn't mean that the. The effort is on hold. But I'm just, could you just clarify where we're at? With that, I just think it's an important issue. We've been getting. Okay. I may have left something old in there, but I'll go back and look at that. Great. But we're not reevaluating anything. This contract was more like a design build type of contract. So. Phasing and all that type of thing. We did spec all the type of lighting we want all that type of thing. So the contractor now is taking those specs. Evaluating, getting shop drawings. So our engineer can review it. For consistency with what we asked for. And preparing a plan of approach. Because, you know, they can only do portions of the garage at a time because we need to be actively using it. So it's all going to take time. There's no reevaluation of anything. We are moving forward. We're moving forward. We're moving forward. We're moving forward. We're moving forward. We're moving forward. We're moving forward. We're moving forward. We're moving forward. We're moving forward. We're all going to take time. There's no reevaluation of anything that we are moving forward. Full force of that project. I'm just. I need there. I need their schedule and their plan of attack. We're also making some adjustments on the. On how. As far as traveling with the parking garage at the same. Potentially the same time because we're going to be closing down for the. Of the garage. So there's a lot of pieces that come into play. And it's just a lot of work. It's just a lot of work. It's just a lot of work. We're working on a lot of work with them. Having our knowledge of how the garage works to get all that. But there's no reevaluation of anything. We are moving forward. Thank you. Thank you. Jeff, do you have a question or comment? Yeah, thanks Tim. Welcome again to the new commissioners. I'm Jeff Shulman. Commissioner from. Burlington. As well. Good to have you with us. Look forward to meeting you all in person. I was, I wanted to just bring up. That a couple of the items in this report around the, the north and south. Terminal. Those are pretty big, big projects that are being discussed. If, if I don't know if it's Larry or Nick, if you could just update us on. Where those are in the, in the process approval process. Have we, and I apologize if I don't recall it. Is that all been sort of presented to us. And approved and. And then also on the financial side. What portion of those, I guess it depends on where we're at in the process, but what portion of those. Of those costs would have to be absorbed by the airport. And what is our thinking in terms of. I can take the first step, Nick, if you want. And then take it from there. Okay. So with the North. Conquest relocation. The large one that we thought the $38 million one. All right. We have signed, which has been before you a 30% contract for the women area design and 30% design. Of that project. The funding. If we report on a little while there's good news on that. So if we build, you know, when we build that project, it'll be like a typical FAA project will be responsible for 10% of that product, local funds. Okay. 10, which is significant. Right. As far as, and I'll let me go around and I'll come back. The self-conquest, I think, you know, we were competing for that money. Originally we asked for the whole amount to do that. And we realized through learning the system and what was becoming available for, for those competitive dollars that they were, they wouldn't give us all that amount of money at one time. So we revisited that and we've only applied for. The design only of that. As part of that, the FAA has asked us for a financial plan, which we have Rekonda working with Marie. On right now to lay all of this out because they want to know where the money's coming from that 10%. Also, if they give us that $3 million to design the south, they want to make sure it gets done, right? Like anything else. They've got comfortable with us and they're giving us design only grants, but that's still a lot of money. So by the time all that happened, there is a potential source to even get that done. If we don't get it through grants, although we'll exhaust every effort to get that money. So. Nick and Marie help me here. I guess that's. Yeah. No, I think you, I think you captured the both points. Larry. So, so like Larry said, the North being designed right now just kicked it off. We, we've talked about some high level architectural. Visions really just a vision board essentially of what we need, what operational items we need, and we'll come back over the course of this year. Time and time again to update you on, on how that progress is going to ultimately the final design. And theoretically, you know, by mid next year, mid 2024 account, year 2024 at the latest, I would say we would be ready to bid this out. I'll talk about it right now. Anyways, so as part of the final swing of Senator Leahy, and as he was outbound and as the on the bus bill, asked the $34 million has officially made it into the on the bus bill package with Burlington International Airport's name on it, which is, which is massive historical and the highest that I could see the highest amount given to any airport in the country for a terminal project. This is, substantial. This is substantial. But there's financial risk associated with that on the part of the 10% share. This is still a typical FAA grant process that occurs. So we're talking three, three and a half million dollars here. This project also includes renovating the city of Burlington, which is the city of Burlington, which is the city of Burlington, which is the city of Burlington, which is the city of Burlington, which is the city of Burlington, which is the city of Burlington, the city of Burlington, which is the city of Burlington, the city of Burlington, and the city of Burlington, which is the city of Burlington, where the capital is increased. This project also includes renovating the second floor entirely. It also includes new Jeff images. If the funding. Oh well is available on events, priority number three for us. There is a PFC source availability for this 10% analysis of not just how was the original building built as we're demolishing it. So there's some items associated with what needs to happen with FAA on that. It looks like no federal funds were used for that and ask, but we still need to confirm that. And then of course, how we can fund the local share. South, the same concept, just a longer time period. Although we are working extremely hard to get this design-only grant, which is a complete shift in what the FAA has normally allowed, they typically did not allow design-only grants because they now were at risk that the project wasn't gonna get built because an airport sponsor wouldn't have been able to afford it. They're now inverting that decision on a local level and allowing these design-only grants especially to airports like Burlington that has consistently committed and built the projects that we've designed year and year and year. But again, the timeframe is longer. The opportunities for additional funding that Larry was referring to comes from bonding. And when I talk about bonding and this is really the first time we've talked about this publicly, but I'm really comfortable doing it, is there's a lot of work that needs to happen between now and 2030. We are debt-free just about at the end of 2030. And it gives us an opportunity to not only design and compete for additional construction funding, but also to build the FAA that we are extremely serious for the need, the justification and the financial ability to carry this project to full construction with or without FAA funding sources. And if we're debt-free, there is an opportunity to go after healthy debt in our next phase of bonding to build what we really need. And again, this all goes back to these three priorities that we talk about all the time. The parking of an aircraft and the ability to park an aircraft of any size, the capacity of that larger aircraft to have holdroom space on the inside of the airport, seating and whatnot, and the TSA security screening capacity. We've solved the TSA screening capacity. We need to solve the holdroom space on the interior, which is what these two buildings will allow and concurrently allow larger aircraft to attend to park at the airport. So all three massive priorities being solved with this seven-year plan. Yeah, I'd like to add and we're not sitting around on this because just today with discussions with the FAA, they want that financial plan because I think it's just my sense, there's no guarantee that they might consider giving us that design-only money in that competitive process and they need to see our plan right away. In fact, I talked to Maria, heard about that today and we've already scheduled me with Rekondo to push this forward. So we can be moving all these pieces at the same time. Yeah, we're with multiple meetings with a kind of set up for the next couple of weeks. I see that. But Rekondo, the company that we work with on the financial piece a lot, has helped us with PFC applications. They know our finances and they're really in tune with FAA procedures as well. So it really allows us to take this total three-phase build-out of the new terminal building to full succession. Great, thanks for that update and great news about the grant. It's awesome. Yeah, we're very excited. Got a lot of work on our shoulders, a lot of work on Larry and Marie and Shelby and Anna's shoulder, everybody's shoulder. Dave couldn't make it tonight. Ian and sets us up for probably what I'm gonna be talking to you at the next meeting, which is why we absolutely need to reorganize the airport, reorganize our org chart, get additional support. So I can support the leadership team and what resources they need to accomplish these massive historical goals over the next seven years and support the women and men that are working out on the front lines every single day, ambassadors to maintenance, to operations line. Right now, right now this is the team right here that is managing almost a $200 million capital program and approximately 50 staff. And it's very challenging, very difficult to make sure that we are and stay at the best airport that we can, the greatest airport that we can. So a lot of this pertains to improving the airport and succeeding each one of these, making these projects, each one of these success. Yeah, that's my, it's my time. That was good. $700. Yeah. Larry, just a quick question for you on, normally our batting average with the FAA is really good but I noticed on the de-icing system that they decided not to fund that. I'm curious if you have any explanation on that. Okay. Well, I have set up a meeting to discuss that with them. We think it's eligible. They don't think it is. They did pay for a system seven years ago. So it was eligible then and what we have researched we feel it is eligible. And again, another thing that just happened today and we had a progress meeting on how we're moving forward with that system. So we are not giving up. I actually asked the FAA for a meeting to discuss the way we understand the rules on why that's eligible. So not giving up, Tim. Okay, a lot of that does have to do with the timing, Tim, of useful life of the project, of the build out of a previous project, what we built in the past, what we're trying to move. And also the sustainability and environmentally, I think we need to start making the next steps to that. Okay. Yeah, just keep this update with how that goes. All right, commissioners, any other questions for Larry? Right, thank you, Larry, for your report. We appreciate it. Marie, you're up next. Item seven, the financial report. Very good. So for the benefit of all of our new folks here, I just want to introduce myself. I'm Marie Friedman and I'm the chief financial officer here. So hello to all of you and we're happy to have you on board. I just want to see that. So each month I prepare a financial report that will look like this with some of the highlights. I try to do a write-up that you can have a chance to look at. And I go through all of the items for the write-up during our meeting, just, and then I answer any questions that anybody might have. So try to give you an idea of how we're doing, how we're doing this year. A lot of what we're looking at because of COVID and the effect that had on the airport starting in 2020, we really, we go back and a lot of the comparisons we're looking to three years ago. So like we call it pre-COVID, we're looking at 2019 and we look and see how revenues have recovered because revenues are still not 100%. Some items, some of the revenues are exceeding but we are doing very, very well. So I'm trying to give a sense of our recovery. So you'll get that flavor as we talk about financials from month to month. So this report is including the November revenues and expenses. And so we'll talk about that. And also I look at the revenue recovery that we have. There's a chart in here that looks at that. The cash report showing all of our cash balances and all of our accounts and reserves as well as what we call our airport, there are AIP, which is our grant receivable report. Those are through the end of December because those information that everything I have. A quick summary, the airport was very fortunate during COVID that we received three very large stimulus grants. So I have a section here where I sort of update each and every month, how much money that we got and how much money we spent on those stimulus grants. And we have the CARES Act, which was the first bucket of funds we got, which was $8.7 million, these are significant monies that we got and needed to help us when we had loss of passengers and loss of members flights for a while. And then we got the, we call it the CARESA grants and that was $4 million. And then we got the airport received a $7.6 million under the American Rescue Act. We have spent what we needed to spend. We will be spending, you'll start to see that those grants, we're gonna be doing some more drawdowns on that. We are balancing that with the upcoming projects, this big project in the garage that we're gonna, that Larry was talking about the lighting project and we're doing fire alarm safety stuff in the garage as well. All of that project is going to, we have to balance our revenues that are coming in as a whole with our, all of our expenses that are going out. So our expenses are going to go a little higher in the repair and maintenance as we rev up through the rest of this year and into next year. So we'll start drawing down more of that, we'll call it the stimulus grant money over the next few months, you'll see some activity there. Our year-to-date revenues through November were about $11.3 million. And that was $2.5 million or 28% increase compared to the same time last year. So sometimes I compare to last year, sometimes I compare to three years ago. So we're very pleased from a financial standpoint, we're seeing very strong growth even in a year out from last year, that is good. Now some of that recovery or some of those revenues are coming in age related to a new activity that we have. We've now had a full year of our car rental QTA, which is our quick turnaround facility. So there are some revenues, about $320,000 a gas that we have an on expense side, but we've also then gotten reimbursement for on the revenue side. So a few of the revenues are related to the activity that we have with the QTA. Some of the expenses are a little higher because of that operation, but those expenses are fully covered either directly from the car rental companies or in the case of a lot of the operating of the QTA, those are covered by the CFCs, which is a customer facility charge that we have that when somebody rents a car, there's the CFC charge that gets added onto each daily rate. So I'm pleased with the revenues, like I'm very, very happy. Our parking garage revenues for the first five months of this year, fiscal year runs July 1st through June 30th. So it's different than a calendar year, just let you know how the airport is looking at this, but our revenues for the first five months in the garage were 102% of our pre-COVID numbers. So people are using the garage, they're coming here, maybe they're parking here more, parking here longer. I know I see a lot of Canadian traffic returning in the garage. When I walk through, I see a lot more of that that's returned. So we know that they're flying and they tend to park for longer. So those revenues are really strong in the garage and I'm excited to see that because pre-COVID, our garage numbers were the strongest that year, that period we'd seen ever. So if I'm saying they're even stronger now, that's a very good trend for us. Which will prove challenging when we are doing those upgrades and renovation. We worry about, we plan on timing of when the garage uses does have some seasonality to it and we take that into account. What if we plan any work that we do in the garage? The expenses through November were $6 million. It's higher than it was a year ago. I'm not, this is in line with what I expected. We pay for the fuels for the QTA, which is an expense to us, but then we charge the car rental companies for all their uses. So it's a net net zero actually. They pay for the utilities and then the operating cost of the quick turnaround as I mentioned is covered by the CFC companies. We are seeing some expenses in our salaries this year in our overtime and custodia contracts. The custodia contract is specifically related to our opening this very large new project, this beautiful building that we have, which we do all of our screening in. We have to pay to keep that clean. So that's added to our custodial, but as far as overtime, even though we have some positions we haven't filled in a period of time, we did have the city as a contract. They increased salaries as of July 1st and it was quite more significant than I've ever seen in my time here, almost 30 years with the city. So it was 7.2% cost of living adjustment, like a one-time thing. And we're seeing that in a lot of industries and other workplaces, but that is what the city agreed to. So that is going to be reflected by salaries will be higher and we will see that. As far as our cash, our cash continues to be very strong with $5.2 million of our airport checking account. So I'm very pleased with that. Sets us up to be in a very good position to cover all these upcoming expenses without having to worry about timing. And the amount that was owed to us by the FAA was about $6 million heads of December, though we just got a $1.6 million reimbursement in one of our projects. So it's a constant flow of we have to pay for these grants, we make an expenditure on it and then we get reimbursed on all of our grants and that's just how it works. We don't get the money upfront for a grant. We go ahead, we contracts the projects, we pay those bills and then we get reimbursed by the FAA. So I guess I'll point out the revenue analysis chart. So this is a rolling, it looks those dots are like a rolling 12 month average. And what this report is intended to do is it shows you over time and you can see over time how we compare to prior to COVID, what happened during COVID and then how we're coming, how are we doing today compared to that? It's really interesting to take a look at that. So that is, I'm not sure if that's fair enough. I'm sorry about that. So that in the nutshell is the finance report, but I will entertain any questions that anybody might have, potential spam, sorry. All right, commissioners, any questions for Marie? Very good. If anybody ever had any questions, you can always feel free, especially as I knew our newer folks here get acclimated and start looking at this, Marie and I, I welcome any questions. All right, thank you, Marie. We'll move on now to item eight, which is our noise program update. And so Hannah, if you can lead us in that place. So we have a noise monitoring and flight system installed in three different locations within the group of the FAA. So we have one of the monitors is located in Boruski, one in Chamberlain School, in South Burlington, and one in Houston. So we report on, we have that data at btqsound.com and our information is also located on, as I said, has the portal run by Vector Software that can go to also submit any comments. You wanna submit feedback. And what I do each month is share that data in terms of feedback related by town, the number of comments by town, and which are a bunch of neighboring towns that I've put on the most recent slide and also by aircraft. So we typically break them up that way. Also, we have a heat map that shows the clusters from some of the prominent areas where people have recorded hearing noise in those surrounding communities. So we kind of have a running, it's on cumulative amount of the comments. So from when we started in June, 2021 to present, we have around 500 comments. And like I said, they're broken out in specific sections by town, aircraft, and by the location. And Hannah, can you also comment on our frequent commenters and how that affects some of this data for our new commissioners? Yeah, so we've been a little active lately. Yeah, so we, most, a lot of the subreds residents know to submit comments to the guard, but we have specific residents who are repeat commenters. And that has, so we used to do it by individual commenter and that kind of could see how that would see the data. So we've now been reporting it by town. Great, thank you, Hannah. Commissioners, any questions or observations on this information? Well, just an observation. Last month, the Dot Wendowski wasn't really that large. So I'm just wondering, so just a group of people who are activated, maybe Jim has an idea about this, or was there a change in flight patterns that seem to affect Wendowski more than it did the month before? Yeah, so remember, these are individual commenters. Right. So that 65 number is one person presenting 60 times, or one person commenting. That's 200. To provide some clarity, yes. Those are the individual commenters. We've just mapped it out so you can get a better understanding of where they're located. We can dive into that a little bit more specifically on that. Yeah, I was just curious because we have that. And do we, like, follow up and meet with these people? So I'm trying to have a dialogue about, I know, calling, calling, calling. Yes, sometimes we do in the noise commenting system, allows us to respond to something or give additional information because it'll automatically tag a flight track information to the timeframe that the commenter submitted. So it at least allows us to have a conversation or whatever you're saying. This is what happened. The radar information says that plane was 600 feet above your house at this time. Maybe it wasn't an anomaly on a flight track so we can have that conversation and work with FAA. It's extremely rare, especially in the cold environment. None of our flight assets have been adjusted and most of that is controlled by FAA and standard procedure, the urgent procedures. Cranky teens. So yeah, so it could be, if or it could be a new resident that wasn't aware or an house he wears. So it can be a lot of different scenarios but that doesn't treat me, not just the one in New Zealand. So the one by Taff's corn is over there too. I'd be curious. Does the air guard still have their own noise complaint hotline? They do and that's a really good question because those numbers are not in this information. This is strictly just the airport's noise monitoring system online noise comment system that has these. How does this system determine what airplane it was? Does the complainer say it was an F-35? That's correct. Yes, so it's the information submitted by the comment. Well, two ways. Well, they can find out. Right, so let's take military off of the conversation just for a quick second. So when a commenter submits a comment there is track radar track information associated with the noise monitors that can actually identify orally a comment, a time, a place, you know, the actual aircraft. Assuming that the commenter has an accurate time. That's correct, because they have to submit or revert to a time that they experienced that except for F-35s, because we do not have radar information on F-35s. We have, and you'll know this, but we have a single F-35 if they're in a pair or before because that one aircraft on the lead aircraft will be identifying a very unique code and that can be picked up. However, the radar track kind of goes like this because it's not true radar information. You know, we don't have that. So we cannot orally a military, specifically F-35 on that, on that scenario. And then every aircraft behind it, similar to what just happened right now, none of those, few of those are squawking anything, but triple zero or something very not the same. So we cannot track that item. So it does not correlate to the F-35. The noise monitors, however, is pretty clear that it's a military aircraft and it totally does correlate to the time frame that these comments are submitted. And I think typically the people in South Burlington and Winooski who were so actively opposing that no, not to complain here, but to complain to the body. So I think these are different people who maybe are new to the area as you're suggesting or just haven't been part of that longer conversation or debates that they don't even know. And did you have a number like 75% of the comments or like from free addresses or something like that? Well, we actually have Likert's talking about on the actual, that heat map it lists all of the individuals, but it's a very small percentage of people that the individual comments come from. Yeah, it's just over 75% Larry. I would say close to 80% are for commentators. Typical 95% of them. One other thing on this, because just picking up on something Helen said, we had talked about potentially trying to get an overlay of this chart with the typical F-35 flight path. Is that a possibility? You mean the planes? Yeah, yeah, with the predominant plane, general aviation I think comes from all directions and places, but most of the noise complaints tend to revolve around the F-35. And so if we knew what the F-35 typical flight path looked like, it'd be interesting to map that up against where we're hearing the noise complaints from. Yeah, I don't have any recent information, but I have the information from our 2019 noise exposure map, which is relevant. It's gonna be substantially similar radar data. And what we can do is work with Diane to pull the, it's another email that comes from the radar track. And I think that would look really great on this. It's not, unfortunately it doesn't say this is an F-35, this is a Cessna 172, it's all radar information for that one year period of time. Okay, so now when we looked at the flight path before, it looked like, at least to me, looked like a plate of spaghetti with lines going in every, which way? And that's what I think in the heat map is better because it just takes all of those lines. Okay. An actual radar information of aircraft arriving in department and just puts a brighter line where there's more frequent aircraft flying and a lighter line where there might only be 10 events throughout the year. But it would correlate, I think really nicely with this particular. Okay, great. Thank you. There's a few more red dots. There was. Are there any commissioners, any other comments on the noise presentation? All right, thank you, Hannah. We'll move on now to item nine, which is the director's report. No, the good news. So I spoke about what I really wanted to speak about earlier, which is congratulating the team in the airport mission, the city council on $34 million coming to the airport. We're working with FAA right now on administering that, like Larry said, designing the new North Terminal expansion project. Expansion. That will keep you places. Yeah, I think I'm going to use expansion because we are expanding. Okay. We're growing. Okay. We're happily growing the airport. And that's, like I said before, unprecedented, historical, super excited to go through that. I won't go through it again, but very, very excited to go through that. The North renovation project is highly intrusive right now. This is under construction right now. This is a $2 million project happening on our North concourse area. Like Larry said, the escalators are being removed. There's some big, big temperate walls and it's getting very creative with how we're advertising it and displaying what's coming next to that area. And it's going to look very different for the United and American airline passengers in just a few short months after that. In a few short months, I could say. Morris heating, Hudson News up in the North side will be relocated. We have a new 3D dimensional graphic. Maybe you can send that out to the commissioner. That shows what the new space will look like. We've ordered two new automatic exit lanes, which will help us be more efficient in scheduling and our operations of our staff and add a security element that we've never really seen before at this airport. Again, these are automatic security lanes if you've flown in and out of a lot of airports, you'll notice that nobody's sitting or standing at an exit door anymore. You literally walk through this contraption, this cube of a machine and they automatically let you out. If you turn around, we'll know that you turned around. There's going to be lots of alarms. Everybody will know that you turn around. The doors will lock on you and we'll be able to respond appropriately. Like four doors. Yeah, ours won't be that big. It's not working with TSA. Yeah, exactly. Our door will have two doors on them, front or the back. And there's going to be one north, one south. So that's part of the Nordic Renovation, $2 million project. Hudson News relocated, Skinny Pancake expanding. I am working with both of those companies and negotiating probably the longer term for both of those companies because both want to reinvest into the airport with substantial amounts of funds because of these relocated efforts. Those are the two good news that I can share with you today. I do have one sad news for you and it has to deal with Shelby Lozier. Unfortunately, this Friday will be Shelby's last day with the airport. Shelby, I'm super excited for Shelby. Can't thank her enough for the E plus years that she's helped build our team, build our airport. She's going to be incredibly missed across this 900 acres here for a long, long time.  So maybe you'll change your mind. Yeah. Earlier today, it was days, then weeks, another month, then we said today, years. So you can spend a couple more years. Yeah, but I'm super excited for her. Thank you. Not having to see her leave, but also happy for her and her future. Are you staying around here? I am. Oh, good. It's funny. That's the question. You can always come back. She. That's right. They're down here in part time. That's right. There's new opportunities as part of this reorganization. Like I said, hopefully. So I don't know if that's interesting or not. It's funny. People my age say, are you getting out of here? And then people who are my age say, you're sorry, right? You're right. It's so funny to buy it, but I appreciate it. People care where I'm going. So that's nice. So thank you. And that's all for me tonight. All right. Thank you, Nick. And thank you Shelby for everything you've done for the airport. We all appreciate that. Thank you. You too indeed. All right. So next up is item 10, which is commissioner items. So for new commissioners generally, what we like to do in this segment is if you have something that you want to report on, usually a constituent matter or something like that. This is the form for that. We do request that you submit this in advance. And we'll get into that a little bit when we get to item 11. But you're certainly welcome to bring up anything that you want to discuss at this time, even if it hasn't been submitted in advance. So commissioners, do you have anything that you would like to talk about this afternoon? No. OK. We're good. So we'll move on to section 11, which is follow up items. So this is a section where we take note of sort of lingering issues from previous meetings that we need to keep working data across the finish line. Today, we have just one, which is item 1101, the Airport Commission Rules and Procedures. So in this month's agenda packet, you all received a copy of the, I guess I would call it, final draft of the Commission Rules and Procedures. This is, I want to thank all commissioners who have contributed to this process and those commissioners before us who drafted these original rules that we've modified. But we've reached a point where I believe that the document you received today reflects all the input from the commissioners that I've received. It also has been vetted by the city attorney's office as well. So I believe that this is going to be the final document. So we aren't going to be voting on this today, but we will be voting on this at the February meeting. So please give this a final lookover. Let me know if you have any questions. If so, we can certainly modify it. I'm not saying this has to be the final document, but assuming we don't get any major proposed changes, we will plan on voting on this at the February meeting. Will the new schedule then go into effect in March? Yes. So in March, we'll go. Yes. So our meeting right now, so our meeting right now, that's a good question. Our meeting right now is the 15th of February for the February meeting. If this is adopted, the meeting will be on March. The following meeting will be on March 1st. OK. So to add a little bit. Unless Nick wants to move it around for timing of other. If you know what I'm going to ask, January was unique just because of the holidays. And I think it worked out very well for us to come tonight versus the first week of February. But I would like to request that the commission consider the first week of February rather than the rather than the third for the February meeting, which happens to be on February 1st this year. There's a couple of things that we'd like to present to you to prepare what to find at City Council for those February meetings. And then still now, if it was passed at that first week, what you were saying, Tim, then it would be a regular meeting in March, the first week. OK. So we're proposing to, I guess, the technical process for this is we're proposing to cancel the regularly scheduled meeting on the 15th and hold a special meeting on February 1st. Got it. So commissioners, just I'd like you all to weigh in with your thoughts on availability for that. Is there anyone who cannot make that? I'm available. So unfortunately, I will not be available on the 1st. I actually will be at a board meeting in Pittsburgh on that day. So, Jeff, I guess I will coordinate with you to lead this in my absence. Thanks for that. Yeah, I'm actually I think I'm available for the meeting, but I'm out of town. So I could probably do it remotely. But it's which is fine. But I just want to make sure you do that. OK. That should be fine. We'll keep it light as much as light as possible. Light and happy, you know, light and happy people, either. No, we're going to keep up with you. Nick, just on clear. So would that be a that would be a special meeting, not a regular meeting? Technically, yes. Yeah. So we would not have all the normal agenda items. It would just be like I know sometimes we've had meetings just to help one night. Yeah, I mean, we're talking two weeks from now. So there most likely will not be. There will not be a financial report update. Larry will have a minimal updates if any on a construction package. There's going to be a few action items on that. There may be an executive session on that to talk about personnel and reorganization and then consent and those normal types of things. But yes, it's technically a special. OK. Thanks. All right, so I hear sort of the consensus from commissioners to move forward with this schedule change. So we will plan on our next meeting being the first. Well. So Tim, are you and we can talk about this offline, but this is also going to be the bowl potentially for the rules and procedures? Yes. OK. As long as we as long as we have sufficient commissioners for a quorum, I think we're good. Certainly I'll report back to everybody. You know, I guess I would say if there are proposed changes to the document, if you can let me know like in the next week, then that'll help affirm whether or not what we've presented today is the final. But I'm confident with the vote going through if I'm not present on the first. OK, that's very great. So that wraps up item 11. And then also I should say it also an item 11. If there's anything that came up, this is mostly for commissions. But if anything came up during the course of the meeting that we want to make sure that the airport staff follows up upon, we would just mention it here as a follow up item. So commissioners, was there anything you heard today that you would like the airport staff to follow up on for our next commission meeting? In two weeks, no. OK. Is there something broader than two weeks that you'd like to make note of? At some point, it would be really nice to have the overlay of the ear guards noise complaints. But I don't know how much. I don't think that's just a quick phone call. And voila, it happens.  They've summarized it, but not to this of the detail. They said there's some public records request we could submit that potentially through that. But they've given me as much as they can. Yeah, I think we've gone through this before. This is just like an old Bill Pio thing. I think we've tried this before and we didn't quite get what we were looking for, if I remember correctly. But certainly the overlay of the flight path. I don't know what that involves. An email, probably. I mean, maybe you could just not for two weeks, but maybe in. Yeah, Mark. Yeah, just that's not for March. Maybe we could have some follow up with this as well. Absolutely. Is possible or not. Great, thank you. So that's that closes follow up items. Unless any commissioner has anything else, I'll take a motion to adjourn. So moved. Moved by Helen. Is there a second second by Greg? All those in favor of adjournment, please signify by saying aye. Any opposed? We are adjourned. Thanks everyone for coming today. It's good to see you all. Greg is it's pitch black over here. And I see reflection in this window. That looks awfully nice.


That was the bottom. That was the bottom. OK, before a bottom can be made, can we at least reclaim the 50-day moving average, right? Again. Welcome to Access a Trader, the number one community for those who are committed to taking control of their trading in order to achieve success, profitability, and longevity. Thank you for joining us. Here's Dan Shapiro to help you find your edge, master your process, and own your future. Hey, guys. Good morning, everybody. Welcome to another edition of the Access a Trader.com Weekend Update Show. Hope everybody is doing well. Hope everybody had a great trading week. Phenomenal action. If you look at the scoreboard this week, you see Dow. OK, less than 1%. You had the S&P crawling up about 2%. Big move obviously came in the NASDAQ space, right? NASDAQ 100, actually, NASDAQ composite, went up about 4 and 1 half percent, a little more than 4 and 1 half percent. What really stood out this week was the massive leadership. And you saw it all week. And some of the stocks rested on Friday. But you saw this really, really big leadership from the biggest cash hoarders, Microsoft, Apple, big, big moves. You had Amazon, really, really big moves. You had Google, right? You could go through the whole space. Obviously, Tesla will get to Tesla in a second. Had a phenomenal, phenomenal move. But from the macro point of view, and this is kind of where I want to keep this update short and sweet, because I got 38 million basketball games today. So let's talk about it, right? Here's what we know, right? We know we've been in a bear market for the last six months. That's undeniable. The longer we stayed below the 50-day moving average, the higher probability we were going to go lower. And that was pretty consistent for pretty much the last six months, even going through the first time that we lost the 50-day all the way up on January the 4th. It started a pretty aggressive nasty cycle. And the one thing that continued to play out, the theme that continued to play out, was even though we're in a bear market, the market was going lower, we still had pockets of strength in between all the selling. And you would have pretty good run-ups. And again, this is kind of you've been watching the video just in the last several months. You kind of know that was the common denominator throughout this bear market. You had your runs. You had your runs even reclaiming the 50-day moving average here and kind of going on an extra run. But the point is once we lost the 50-day, it started a nasty selling cycle as well. And what we saw this week was, first of all, phenomenal action. You got to give the bulls a lot of kudos. Incredible, right? Every dip was bought this week. All data was negated. All Fed talk was negated. Everything was negated. The most important part was the structure, the organic structure, the out-of-the-money, deep expiration, which we saw in every single leader. That's why these stocks started to really, really run on a really heavy outside money betting. And the most important part is we started reclaiming bigger levels, not the biggest level yet, but bigger levels. And you can see that. Here's, let me show you the first one. Here's the reclaim of the 20. Here was obviously the reclaim of the 50. We rallied. What happened when we lost the 50? We started going lower. We'll get to that in a second. Here's another reclaim of the 20. Started rallying for about seven, eight days. Once we started losing the 20, we went lower here. And here's kind of fast forward to this past week. We reclaimed the 20-day moving average. And now we are at the 50. Not only are we at the 50, Friday got rejected perfectly. Like a perfect reject at the 50-day moving average. And if you watched Thursday night's video, that's what we talked about. We talked about, I believe, I believe that we were going to have one more day of aggression. I thought the first time that we were going to test the 50-day moving average, we were going to get rejected. Just because, again, it's such a major area. It's such a big sentiment change that you're not going to just blast through the 50-day moving average on your first try. And if you flip that reverse, any market that's coming down into rising support and hits the 50-day moving average, there's always a high probability that buyers are going to defend that 50-day moving average the first time and bounce. So here was kind of the reverse effect. So we did have that bounce. We did have that move into the 50-day moving average. The market opened up lower. The jobs number wasn't great initially. But we talked about it last night, Thursday night's video. And we talked about it pre-market. I believe that everything was going to go green, just because of the momentum and the idea that everybody was assuming all those betters, all those bets that were buying the 750 weeklies on Tesla. They were buying the 17s on Amazon. They were buying all these different stocks with anticipation of them going into the 50-day moving average, they were going to get paid off. And that's exactly what happened. The market really discounted whatever data that was from the jobs number. And the market started really going well, right? Really, really going well. And right when we got to the 50-day moving average, if you go on my regular Twitter account, I posted this. We're probably going to get rejected. Here's the 50-day moving average. The last thing you want to do is start putting on fresh positions at the 50-day moving average, because you probably have a really tough time. And yada, yada, yada, we got rejected off the 50-day moving average. We actually went red. But the good news is the bulls did not roll over, right? It wasn't a scenario that we went red and then lost 200 points on the NASDAQ. We went red, buyers came back in, and we actually caught a fractional positive close on the Qs, which really sets up for this week. So again, the pivots on Friday were great. It doesn't make a difference. We talked about this on Thursday's video, Wednesday, when we thought it was going to happen. Tesla was a monster. Roll blocks had great option flow. Rivian had great option flow. He had really great action on Friday. That's over. We don't care, right? We don't live in the past. We always talk about the first day of your life. Today is the first day of your life. Whatever happened in the past in the past, we don't live there anymore. What's going to happen now? And going into this week, there's no possible. And I can't under-emphasize or overstate whatever the hell that word is. How important this week is for the bulls, right?  That was the bottom. That was the bottom. OK, before a bottom can be made, can we at least reclaim the 50-day moving average, right? Again, stop trying to overthink. OK, stop trying to get cute. Nobody cares. Nobody cares about who predicted the bottom. That's irrelevant. That's water cooler talk. If you're looking for likes and shares and all that stuff, well, then that's what you're doing. Nobody cares, right? Nobody's going to give you a trophy. So before we could call a bottom, number one, we need to reclaim the 50-day moving average. And now we are right back to where we were right over here. And now the question was, can we do it, right? That's the million-dollar question. Are we putting in a top? Did we put in the top on Friday, hitting the 50-day and getting rejected? Or is Monday or Tuesday going to come, reclaim this 296.75 area, and then start moving up? There's also one little area here above the 50-day that needs to get cleared out. But again, let's put the cart in front of the horse. The bulls need to reclaim 296.75 on the close. Everybody see that, guys? That's where it got rejected on Friday, right? The slight blue line is the 50-day moving average. There is no room for debate. The bulls are either going to reclaim the 296.75 level on the 50-day moving average and start making its way to the 300 level of the next supply zone, or they're going to get rejected again and close below 289, which is the rising five-day support, and go low. Right now, us sitting here on Saturday morning, we're guessing. You could turn around and say, yes, that was the bottom. The bear case is turning around and saying, well, that was the bottom. We just got rejected off the 50-day moving average, and they couldn't get through just the way they couldn't get through right here, right here, right here, right here. So this week is super-duper important. If you're a swing trader and you're looking for risk on, which basically means starting to build a book, you need a close for you to have a substantial shot, a puncher shot for this market to expand into the summer after Labor Day. We need to put in a close over this 296.75. If that's the case, start looking at your favorite stocks. If they start mirroring the NASDAQ 100 and start putting in closes over the 50-day moving average by themselves, then it's going to start a green light. Now, here's how you manage your swing. If your stock or the Qs start closing below the 50-day moving average, that is your light, right? That is your clue.  I want nothing to do with this market, because if you didn't do so, right, you had every opportunity to do so. The first couple of days here under the 50-day moving average, if you turn around and say, well, let me just see what happens or technical analysis doesn't work, well, you have the next three months of deep help. And that's exactly what it was. You might turn around and say, well, it wasn't that bad. Yeah, it was deep help. We had, the NASDAQ literally went, the Qs literally went from 353 to 269 in a matter of two months.  That was your clue. Once we close below the 50, the risk is off. The risk is gone. You need to go into cell bias mode and you need to clear out all positions. Once we get above the 50-day moving average, and that's exactly why this week is super-duper important, once we get above the 50-day moving average, then risk goes back on, because that's the really shortest term of macro supply that gets reclaimed and the money will start flowing in. But any close below, that's your secret sauce to get out. The S&P will use the spies as a perimeter. It's lagging a little bit, right? Because again, there's a lot of companies that have exposure to China and this, that, the other thing, supply shortages, this, that, the other thing, not that the members of the Qs don't, but there's a lot of companies that are still trying to get their business model straight, going in the right direction. So the spies are lagging a little bit on the Qs. For the spies to really get going, number one, they need to test this high here of 390 and close above it. But for the spies to really get going, you see the 50-day moving average here? For the spies to really get going, they would need to close above 396. We're still far away. We're still about eight points away on the spies. But again, the question is, if the Qs reclaim the 50-day moving average this week, are they going to pull up the spies? Probably, right? But if the Qs get rejected off the 50-day moving average and close below the five, the lagger, which is the spies are probably gonna roll over faster than the Qs because of their lagger on the way up. So we're still a little bit of ways from reclaiming the 50-day moving average on the spies. When you look at the Russell and you look at the small cab group, again, it's getting there, right? It's getting there, not as aggressive as the NASDAQ, but it's getting there slowly, but surely, I think the IWM needs to put in a close above 178. If the IWM can get above 178 level, then again, it's gonna start fueling speculation money to come in. So we're ready to set up, man. We're kind of do or die. This is not, you know, technical analysis is not, you know, it's not a discussion. These are big levels. NASDAQ is obviously the barometer that I trade because 99% of the stocks that I trade are probably gonna be members of the Qs or just part of a group that's just convenient with the whole run-up. So it's very, very important. I think by Monday or Tuesday, we're gonna know exactly where we are. A close above the 50-day, super bullish, a rejection again at the 50-day. And if we close below, you know, 289, right? If we close it below 289, 290, that's gonna be a major sell signal. So 297 up, 290 down, and everything in between is guessing. Everything else is in opinions. Nobody cares about our opinions. Nobody cares about the data. Nobody cares what you think is gonna happen. It's either gonna happen or it's not gonna happen. Stop thinking, okay? Let the data tell you. Let the closing price tell you. Let the price action tell you what happens next that you can make a decision like an adult with technicals instead of making a decision like a child with emotions. Nah, nah, nah, I can't hear you, okay? No, no. It's all about price action. It's all about the closing price and it's all about the options market dictating what's gonna happen next. Big news, obviously, after the close is nothing really surprising. I mean, we talked about it numerous times over the last couple of months. Tesla, it looks like the deal is pretty much a dead deal, right? It looks like Elon Musk is walking away. Not really surprised. We were talking about it for months now. It was just taking too long, right? Really, really too long to play out. Tesla was strong. Tesla's been by far the best mover of the week. It reclaimed all these levels here, pre-markets trading at the top of this channel here. I think any close above 7.72 will probably get a move into the 7.90s, will probably get a move to the 8.10. But again, we'll see how Tesla acts. Other stocks in the group have been great. The video saw really, really aggressive call buying towards the end of the week. Not as great as all these other charts, but hey, if this thing starts breaking down this channel here, we did see some pretty aggressive 160, 165, 170 calls going into this week. We saw some 190s towards the end of the month. Amazon has just been a rock star. We still see a bunch of 18s and 20s rolling in. Tesla towards the end of the day, we saw the 750s, 760s, 770s, a little bit of the 800s. So the market is set up here. So that's it, guys. Sometimes you need to figure things out. Sometimes you need the market to do the legwork for you and kind of get more clues before you can strike. All the clues are here, right? This is do or die, 296, 75, sink or swim, whatever you want to, whatever you want analogy you want to use, but this is the line in the sand. We're either gonna close above it and start a macro move higher or get rejected, close below the five day and continue this bear market. Guys, God bless, research is ready, charts are set up. Now the question is, do we confirm? Guys, God bless, I wish you all the best and hopefully I'll see you guys all on Monday. Take care.