[00:00:01]
[PFC Board of Directors]
GOOD AFTERNOON EVERYONE.MY NAME IS KEITH OV, PRESIDENT OF THE DALLAS PUBLIC FACILITIES CORPORATION.
AT THIS TIME, I'D LIKE TO CALL IT OUR ORDER, THE FEBRUARY 28TH, 2023 AT 12:00 PM MEDIA, DALLAS PUBLIC FACILITIES CORPORATION, BOARD OF DIRECTORS, REGULAR MEETING.
HOUSE DIRECTOR HAEL, ARE YOU LINE DIRECTOR? JENNIFER CORTEZ, DIRECTOR ROBERT STINSON.
PRESENT DIRECTOR DAVID RUSSELL, DIRECTOR RAUL REYES, DIRECTOR VICTOR TOLEDO.
PRESENT DIRECTOR ALLEN TALLIS.
KEVIN, DIRECTOR KEITH PALM MCCALL.
I'LL MOVE ON TO ITEM NUMBER THREE, PUBLIC TESTIMONY.
WE'LL NOW HEAR PUBLIC COMMENTS ON ITEMS FOUR THROUGH NINE.
CAN YOU ALSO SAY THEY HAVE THREE MINUTES? YOU HAVE, YOU HAVE THREE MINUTES TO SPEAK AND, UH, AARON WILL, UH, HELP US, UH, WITH THAT.
AND SO THE FIRST SPEAKER NAME WE HAVE IS, UM, ELAINE TRAILER.
PLEASE, UH, GIVE YOUR NAME AND ADDRESS.
UM, CAN Y'ALL HEAR ME OKAY? YES.
AND, UH, LET US KNOW WHICH ITEM YOU'RE SPEAKING TO.
UM, ADDRESSING ITEM SEVEN, WHICH IS THE MC CALLUM.
I RESIDE AT 68 0 2 WIND ROCK ROAD, DALLAS 75 2 52.
I'VE BEEN A RESIDENT THERE FOR ALMOST 15 YEARS.
UM, I, SO I WANTED, IS THAT, DID YOU SAY SOMETHING ELSE I HAVE TO ADDRESS? THAT'S FINE, THANK YOU.
UM, SO I DEFINITELY WANTED TO ATTEND HERE.
I'VE NEVER DONE THIS, SO, SO IF YOU'LL BEAR WITH ME.
UM, BUT I THOUGHT IT WAS REALLY IMPORTANT AND I, I'M HAPPY TO SEE SOME OF THE PEOPLE IN THE AREA AS WELL.
UM, THE PROPOSAL TO EXPAND THE NUMBER OF UNITS AT THIS LOCATION IS FRANKLY FRIGHTENING.
UM, IT'S ALREADY VERY OVERSATURATED.
UH, IT IS A VERY HIGH CRIME AREA AND IT'S A VERY HIGH TRAFFIC AREA, BOTH FOOT TRAFFIC, CAR TRAFFIC.
IT'S SO OVERFLOWED WITH CARS ALREADY, UM, THAT PEOPLE PARK ON THE STREET.
UH, IT'S, IT'S JUST A VERY HIGHLY TRAFFICKED AREA.
AND ADDING 250 MORE UNITS WOULD, IS, IS, LIKE I SAID, FRANKLY, VERY DISCONCERTING.
UH, ENOUGH WHERE I, I WAS HAPPY TO HEAR ABOUT THIS, UH, MEETING TO ATTEND.
I WA I LIVE ABOUT A MILE FROM THERE.
I DRIVE MY KIDS TO SCHOOL PAST THERE.
I GO TO THE GROCERY STORE PAST THERE.
UM, AND THE, AND THE IDEA OF HAVING THAT INCREASED SATURATION OF JUST PEOPLE AND CARS, LET ALONE THE, THE DENSITY AND THE COVERAGE.
UH, I, I FEEL LIKE THERE SHOULD BE FEWER UNITS THERE, NOT MORE.
UM, AND I DEFINITELY WANTED TO MAKE SURE THAT, UM, THAT YOU GUYS KNOW THAT THE PEOPLE THAT ARE PROPOSING TO DEVELOP THIS, I AM SURE DON'T LIVE THERE BECAUSE IT IS SO FULLY PACKED.
SO THEY HAVE NO STAKE IN THE GAME TO ADD MORE UNITS OR MORE UNITS MIGHT ADD A THOUSAND UNITS.
YOU KNOW, IT, IT'S RIDICULOUS.
THERE SHOULD BE FEWER UNITS THERE.
IT'S ALREADY WAY OVERPOPULATED.
UH, SPEAKER NUMBER TWO, WILLIAM ROTH.
PLEASE STATE YOUR NAME AND ITEM TO WHICH YOU'RE SPEAKING AND ADDRESS.
SPELL IN PERSON, YOU COME UP TO THE PHOTOGRAPH YOU LIKE.
UM, I'M WILLIAM ROTH, UH, OF MY ADDRESS IS 69 21
[00:05:01]
MEADOW ROAD, UH, DALLAS, TEXAS.UM, MY PARTNERS AND I, UH, OWN A 75,000 SQUARE FOOT OFFICE BUILDING AT 11 5 51 FOREST CENTRAL DRIVE, UH, WHICH IS, UH, RIGHT NEXT DOOR TO PICS PROPERTY 11 5 20 THAT Y'ALL ARE DISCUSSING POSSIBLY ACQUIRING FOR A, AN APARTMENT PROJECT.
UH, I WANTED TO, UH, MAKE YOU ALL AWARE, WHICH MAY OR MAY NOT KNOW THAT THERE IS A DEED RESTRICTION ON THAT PROPERTY PROHIBITING THE DEVELOPMENT OF APARTMENTS ON THAT LAND.
THAT DEED RESTRICTION HAS BEEN IN PLACE FOR A NUMBER OF YEARS.
IT AFFECTS THE, ALL THE COMMERCIAL PROPERTIES THAT ARE IN THAT CORNER.
THIS PROPERTY IS ON HIGHWAY 75 AND FOREST LANE.
WE'VE OWNED OUR PROPERTY FOR 25 YEARS.
OTHER PROPERTY OWNERS IN THAT MARKET HAVE ALSO OUR LONG TERM, UH, OWNERS OF PROPERTIES.
WE BOUGHT OUR PROPERTY BASED ON THE DEVELOPMENT PLANS FOR AREA, WHICH WAS DESIGNED FOR COMMERCIAL OPERATION, FOR OFFICES, RETAIL, UH, SERVICE BUSINESSES.
UH, IT WAS DESIGNED FOR THE DEVELOPMENT AND THE CONTROL OF A COMMERCIAL QUARTER THERE.
AND WE HAVE A SIGNIFICANT INVESTMENT AS WHAT WE OTHER PEOPLE.
WE FEEL LIKE IT'S IMPORTANT THAT, UH, YOU ALL UNDERSTAND.
FIRST OF ALL, MAKE SURE THAT THERE'VE BEEN ENOUGH VETTING OF THE LEGAL ASPECTS ABOUT TAKING OR OVERRIDING THE DEEP RESTRICTION, WHICH IS A PRIVATE PROPERTY, RIGHT, THAT WE HAVE.
AND THE OTHER STAKEHOLDERS IN THAT NEIGHBORHOOD HAVE, UH, ON THE CONTROL OF THE DEVELOPMENT OF THAT AREA.
AND BY TAKING THAT RIGHT, THIS IS, UH, A SIGNIFICANT, UM, SITUATION THAT I THINK YOU ALL NEED TO BE AWARE OF AND TO THAT LEGALLY.
AND ALSO TO UNDERSTAND WHAT THE GENERAL EFFECT IS, WOULD BE ON THE NEIGHBORHOOD AND ON THE HOMEOWNERS, THE PROPERTY OWNERS, THE TENANTS, THE BUSINESSES THAT ARE IN THAT AREA, TAKING AWAY AN IDEA AND A PLAN THAT HAD BEEN PUT INTO PLACE FOR MANY YEARS TO, TO CREATE A NICE DEVELOPABLE IMPROVED AREA, UH, FOR THE CITY.
UM, WE FEEL LIKE THIS PROCESS, QUITE FRANKLY, HAS TAKEN PLACE WAY TOO FAST WITHOUT SUFFICIENT INPUT BY THE STAKEHOLDERS IN THE AREA, INCLUDING PROPERTY OWNERS, THE HOMEOWNERS, AND A LOT OF THE OTHER PEOPLE IN THE, IN THE MARKET THERE.
AND I WOULD RESPECTFULLY REQUEST THAT I DON'T UNDERSTAND WHAT THE RUSH TO JUDGMENT IS HERE, BUT I WOULD RESPECTFULLY REQUEST THAT'S YOUR TIME.
MAY I FINISH MY LAST SENTENCE? THAT, THAT YOU'LL POSTPONE YOUR DECISION TO, TO VOTE ON THIS ISSUE AND GIVE THE STAKEHOLDERS IN THE AREA THE CH THE CHANCE TO PARTICIPATE IN THIS PROCESS.
AND, UM, AARON, IF YOU COULD CONFIRM, I BELIEVE I SAW, UH, DISTRICT SIX, UH, MEMBER, UH, REYES ONLINE.
CAN YOU CONFIRM HE'S ONLINE AND HAS JOINED THE MEETING.
CAN YOU TURN ON YOUR CAMERA PLEASE? YEAH, HE'S GOT VERY GOOD.
MOVE ON TO, UH, SPEAKER NUMBER THREE, UH, WOOD LAK.
YES, PLEASE STATE YOUR ADDRESS.
AND THEUM YOU'RE SPEAKING TO MY NAME, ISK.
UM, I, SPEAKING TO, UH, AGENDA NUMBER EIGHT.
UM, I AGREE, UH, MRO, UM, THAT ABOUT RESTRICTIONS IN THE CITY AND HAVING THE PURPOSE TO COME TO TAKE ON THIS DEAL TO REMOVE THIS NEW RESTRICTION.
I I DON'T THINK THAT'S A GOOD WAY TO DO BUSINESS AND ENCOURAGE, UM, DEVELOPMENT, UH, IN, IN DALLAS, UH, IS FOR THE CITY TO INVOLVED THAT WAY.
UM, AND ALSO THIS TO ME, IN A NEIGHBOR, I LIVE RIGHT ON THE OTHER SIDE OF, UH, DART STATION IS, IS A GOOD DEEP RESTRICTION.
UM, TWO YEARS AGO WHEN WE, UH, IN THE NEIGHBORHOOD OF HAMILTON PARK WITH NORTHWOOD STATES, UH, WE'RE MEETING ON ZOOM, UH, WITH THE HOUSING DEPARTMENT HERE IN THE CITIES AND WITH DEVELOPERS, UH, WE WERE ASKED, WHAT DO WE WANT AT THAT LOCATION,
[00:10:01]
UM, OTHER THAN APARTMENTS? AND, AND OUR ANSWER WAS, WE WANTED DETAILS.WE WANTED RESTAURANTS, UM, WE WANTED COMMERCIAL SPACE.
UM, AND I GUESS TODAY YOU GUYS ARE MAKING A DECISION ABOUT WHAT IS GOOD FOR HOUSING IN DALLAS BASED ON THE COMPREHENSIVE HOUSING POLICY.
UM, AND IN MAKING A DECISION, I HOPE YOU NOT JUST CONSIDER NEW PEOPLE MOVING IN, BUT THE MANY RESIDENTS, MANY THOUSANDS OF RESIDENTS WHO LIVE THERE ALREADY AND WHAT THAT AREA NEEDS.
UM, THERE MIGHT BE A MISCONCEPTION ABOUT THE NEIGHBORHOOD, IT BE NORTH DALLAS, BUT THIS, THIS IS AREA CODE IS 75 2 43.
THIS ISN'T A HIGH LEVEL ZIP CODE.
THE, THE MEDIAN INCOME, THE ZIP CODE IS LESS THAN MEDIAN INCOME OF THE CITY OF DALLAS.
UH, THE AREA HAS A HISTORY OF SEGREGATION.
UM, HAMILTON PARK IS RIGHT ACROSS FOREST LANE FROM THE PROPERTY.
UH, STRO ELEMENTARY WAS THE SCHOOL THAT WE PAIRED WITH WHEN, UM, INTEGRATION HAVE TO BE THE SEVENTIES, AND THAT OUR SCHOOLS ARE STILL, YOU KNOW, RECOVERING, UH, FROM THE LACK OF INVESTMENTS, UM, BY, BY THE DISTRICT.
UM, AND YOU KNOW, WHEN YOU, IF GUYS DECIDE TO ALLOW THIS TO HAPPEN, THERE WON'T BE PROPERTY TAXES GOING INTO THE SCHOOL DISTRICT.
SO THAT, THAT ACTUALLY HURTS THE, THE COMMUNITY.
AND I GUESS IN, IN YOUR DISCUSSIONS TODAY, WHEN YOU'RE TALKING ABOUT THE GOALS, ESPECIALLY GOAL NUMBER THREE, OVERCOMING THE HISTORY OF SEGREGATION AND CONCENTRATED POVERTY, UM, MEETING OUR COMPREHENSIVE HOUSING CON, UH, I, I LIKE TO, IN CAN WE TALK, THEY DO MAKE DECISIONS TO ACCEPT THIS, HOW, HOW IT DOES LEAD THAT POLICY.
MOVING ON TO SPEAKER NUMBER FOUR.
UH, HEL COLORADO, THIS HERE IN PERSON? PRESENT, PRESENT, FORMAL CALL.
WE'RE GONNA HAVE A PAUSE THE MEETING REAL QUICK.
THERE'S A ISSUE WITH THE WEBEX.
WE HAVE TO PAUSE FOR A MINUTE.
SHALL WE JUST NEED TO VERIFY THAT IT'S WORKING OKAY.
BUT I THINK THERE'S BEEN A COUPLE OF COMPLAINTS WE'RE NOT ABLE TO ACCESS.
THAT'S, THAT WOULD BE THE OBJECTION.
RECESS FOR FIVE MINUTES WHILE I'M THE STEADY CHECKS ON THE WEBEX.
WHAT'D YOU SAY? YEAH, SO WE CAN TRY TO BACK BIT LIKE A GROUP.
IT'S ALL WOULD BE, I'M WATCHING IT FROM GETS TO BE THE PLACES.
I THINK ANYBODY WHO SPEAKS THOUGH HAS TO BE ON CAMERA, RIGHT? MOVE PODIUM.
IF YOU, HOW'S THE ANGLE ON THIS UN TRAPPED? LOOKS LIKE WE'RE ON PROJECT FROM THE TABLE SO THAT THEY CAN PICK YOU UP.
PICK ON THE WEBEX WHAT I'M SAYING RIGHT NOW.
WE GOOD? LISA, ARE WE VERY GOOD.
THANK YOU VERY MUCH FOR YOUR PATIENCE.
WE'RE NOW NOW RESUME WITH PUBLIC COMMENTS.
RETURNING TO, UH, SPEAKER NUMBER FOUR.
[00:15:02]
THANK YOU.I LIVE AT 1 24 NORTH GARRETT AVENUE.
SPEAKING ON ITEM NUMBER EIGHT REGARDING THOSE PROPERTY CYPRESS AND FOREST LAKE.
I WOULD LIKE TO SPEAK IN FAVOR OF THIS DEVELOPMENT BECAUSE I'VE LIVED IN DALLAS, IN DFW ALL MY LIFE.
I CURRENTLY LIVE IN DALLAS, IN EAST DALLAS.
I WAS BORN HERE AND I GO TO THAT NEIGHBORHOOD QUITE OFTEN.
I HAVE ATTENDED CHURCH AT HAMILTON PARK U C SEVERAL TIMES.
I'VE ALSO PATRONIZED THE BUDDHIST TEMPLE, WHICH IS ALSO WITHIN A SHORT WALK OF LBJ SAN, UH, AND FOREST LANE STATION.
I HAVE FRIENDS WHO LIVE IN THAT SAME NEIGHBORHOOD AND I VISIT WITH THEM OFTEN.
I HAVE SOMEONE WHO WORKS AT TEXAS INSTRUMENTS WHO GOES TO WORK THERE DAILY.
I HAVE A LOT OF FOOT TRAFFIC WALKING EXPERIENCE IN THIS CITY.
AND EVEN WITH THAT NEIGHBORHOOD, I EVEN HAVE A CYCLING GROUP THAT I WOULD RIDE UP TO THE EXACT SAME NEIGHBORHOOD, UH, ON SUNDAYS.
WE ARE 20,000 UNITS SHORT IN THE CITY OF DALLAS.
AND WHEN I SEE THE POSSIBLE IMPACT OF 50% AFFORDABLE UNITS AS LOW AS $500, AND KNOWING THAT A CAR PAYMENT IS UPWARDS OF $800, A THOUSAND DOLLARS A MONTH IN TEXAS AND AROUND THE COUNTRY, THAT COULD BE THE DIFFERENCE BETWEEN SOMEONE HAVING A LIFE AND NOT BEING ABLE TO MAKE IT.
AND KNOWING, HAVING WALKED THAT PATH MYSELF AND PATRONIZE THE BUSINESSES ALONG 75 AND LONG FOREST, I KNOW THAT WOULD BE A HUGE LIFE CHANGER FOR THE OPPORTUNITIES FOR THE PEOPLE WHO GET TO LIVE THERE WHEN THAT PLACE IS CREATED.
I DON'T UNDERSTAND WHY BUSINESSES WOULD NOT WANT TO HAVE PAYING CUSTOMERS WITH ADDITIONAL SPENDING POWER BECAUSE OF THE POSITION NEAR TRANSIT.
I DON'T KNOW WHY YOU WOULDN'T WANT THAT MONEY RIGHT NEXT TO YOU IN YOUR PRIVATE COMMERCIAL PROPERTY.
I DO KNOW WHAT THE SITUATION IS NOW BECAUSE I HAVE SO MANY PEERS WHO HAVE TO MOVE SO FAR FROM THE CITY.
THEY LIVE HERE IN THE CITY IN THE SENSE THAT THEY WORK HERE, THEY SOCIALIZE HERE, THEIR FRIENDS AND FAMILY ARE HERE, BUT THE CITY HAS FAILED TO PROVIDE HOUSING FOR THEM BECAUSE OF UNREALIZED FEARS.
WE KNOW THE STORY OF THE GOOD SAMARITAN WHERE SOMEONE, A HIGH MIGHTY PRIEST AND SEVERAL RIGHTEOUS PEOPLE WALK ON THE OTHER SIDE WHERE THEY SAW SOMEONE FAILING ON THE SIDE OF THE ROAD WHEN IT WAS A SAMARITAN WHO TOOK CARE OF HIM EVEN THOUGH HE DID NOT KNOW THAT PERSON.
AND EVEN THOUGH THERE'S GREAT RISK, WE KNOW THAT THE RISK IS NOT HERE IN THIS SITUATION.
UH, FEARS AROUND PROPERTY VALUES BEING HEARD BY AFFORDABLE HOUSING HAVE NEVER PANNED OUT FEARS ABOUT VAGRANTS OR UNSIGHTLY PEOPLE ARE EITHER UNFOUNDED OR DOG WHISTLES.
WE HAVE AN OPPORTUNITY TO DO SOMETHING INCREDIBLE BOTH ECONOMICALLY AND SOCIALLY AND RACIALLY AND EQUITABLY, RIGHT? WE SHOULD TAKE THIS OPPORTUNITY, WE SHOULD TAKE THIS OPPORTUNITY TO KNOW WHAT WE KNOW WE NEED TO DO, AND WE HAVE TO REALIZE THAT FEAR.
WE HAVE NOTHING TO FEAR BUT FEAR ITSELF.
UH, MOVING ON TO SPEAKER NUMBER FIVE.
PLEASE STATE YOUR NAME, ADDRESS, AND AGENDA.
I'M A RESIDENT OF DISTRICT 10.
I LIVE AT 76 31 PENNY BURN DRIVE.
UM, AND I USED TO LIVE ON, UM, MUL RAINEY DRIVE, AND BOTH OF THOSE ADDRESSES ARE WITHIN HALF A MILE.
UM, SPEAKING TO ITEM NUMBER SEVEN, THE SUGGESTION, UM, DETERMINATION OF A TERM THAT WOULD ALLOW THE APARTMENTS AT 78 25 MACALLEN TO EXPAND FROM 500 UNITS TO APPROXIMATELY 750.
I AM HOPING THAT YOU ALL WILL VOTE AGAINST THIS OR DISCUSS, UM, WHAT THE NEGATIVE SIDES OF THIS ARE.
I DROVE THROUGH, I DRIVE OR WALK UP NEAR MACALLEN LAND ON CALLUM EVERY DAY.
JUST LIKE I, I ECHO WHAT ELAINE SAID.
UM, IT IT'S A WONDERFUL PLACE WITH A WHOLE LOT OF APARTMENTS ALREADY.
UM, THERE IS A MASSIVE CONCENTRATION OF AFFORDABLE HOUSING ALREADY THERE.
UM, SOME PEOPLE ESTIMATE THERE'S AS MANY AS 5,000 MARKET RATE APARTMENTS AND THEY ALL QUALIFY AS AFFORDABLE.
UM, THE RENTS SHOWN IN THE PRESENTATION THAT WE SEE FROM, I GUESS, ALALA AND STANDARD SILVER LINE ARE NOT CORRECT.
THE CURRENT RENT IN THOSE APARTMENTS IS LESS THAN WHAT IS PROPOSED.
UM, WHICH MAKES, AGAIN, WE, WE DON'T NEED ANY MORE AFFORDABLE HOUSING, UH, WHICH HONESTLY IS GREAT.
I DON'T HAVE ANYTHING AGAINST AFFORDABLE HOUSING.
IT'S WONDERFUL, BUT WE HAVE A TON OF APARTMENTS UP THERE.
UM, THE OTHER THING THAT DISTURBS ME
[00:20:01]
IS THAT THIS PROJECT WOULD REMOVE CITY, COUNTY AND SCHOOL DISTRICT TAXES WITH AN EXEMPTION FOR 75 YEARS.AND THERE WOULD BE MORE CHILDREN THERE.
THEY WOULD NEED TO BE SERVED IN THIS AL THE AREA'S ALREADY TARGETED WITH EXTRA RESOURCES FROM THE CITY.
UM, THERE'S ALSO A CRIME PROBLEM UP THERE.
UM, FORTUNATELY, YOU KNOW, THERE'S A LOT OF FAMILIES, WONDERFUL FAMILIES THAT ARE THERE AND WE'D LIKE TO KEEP THEM HAPPY AND SAFE.
SO I'M HOPING THAT YOU ALL WILL CONSIDER HOW MANY APARTMENTS ARE ALREADY THERE AND THAT WE DON'T NEED TO ADD MORE.
THERE'S ALSO NOT ANY, UM, WALKING DISTANCE TO THE SILVER LINE RAIL THAT'S GOING TO BE DONE IN A COUPLE OF YEARS.
SO THAT'S ANOTHER THING THAT IS NOT, IT'S JUST NOT GOOD.
SO I APPRECIATE YOU LETTING ME SPEAK AND I THANK YOU FOR ALL THAT YOU DO.
THANK YOU VERY MUCH MS. PRATT.
MOVING ON TO SPEAKER NUMBER SIX, SIRANO KEITH VALDO.
PLEASE STATE YOUR NAME, ADDRESS, AND UH, AGENDA ITEM YOU'RE SPEAKING TO.
MY NAME IS, I'M THE, UH, RUNNING FOR CITY COUNCILMAN DISTRICT 10.
I AM THE ONLY MINORITY ON THE, UH, BALLOT FOR THE DISTRICT.
AND WITH THE KIND OF OPPOSITION THAT YOU ARE GETTING FROM THAT PART OF TOWN WHERE I REPRESENT 60% OF THE MINORITY, I AM SHOCKED THAT YOU'RE NOT LISTENING TO THEM.
THIS COUNTRY WAS BUILT ON WE THE PEOPLE YOU SEE THE OPPOSITION AND IT'S AMAZING THAT SOME GUY WILL COME UP HERE AND MISQUOTE THE BIBLE ABOUT THE GOOD SAMARITAN STORY.
I'M, I'M A, I'M A MINISTER AS WELL.
NO CITY CAN SOLVE THE HOMELESS PROBLEM OR THE AFFORDABLE HOUSING PROBLEM.
YOU TAKE A BUCKET OUT, IT STILL KEEPS COMING, BUT THE RESIDENTS IN DISTRICT 10 DOES NOT WANT THIS.
EVERYBODY SPOKEN IT DOES NOT WANT IT.
I DON'T ALWAYS LISTEN TO THE ADVOCATE, BUT I'M GONNA READ SOMETHING THAT THEY WROTE.
WHAT DO YOU DO IF YOU'RE A DEVELOPER WHO BLOCKS, WHO'S BLOCKED FROM BUILDING AN AFFORDABLE HOUSING COMPLEX BY PRIVATE DEED RESTRICTIONS, SIMPLE CELLULAR LAND TO THE CITY, THEN LEASE IT BACK AND BUILD.
ANYWAY, I HAVE DEALT WITH DEVELOPERS AS A PRESIDENT OF THE NEWSPAPER IN PATTERSON, NEW JERSEY.
AND THIS IS WHAT THEY DO ALL THE TIME.
OKAY? WE HAVE NO WAY OF MANAGING WHAT WE HAVE.
WE WE HAVE SO MUCH POVERTY IN THAT AREA, WE CAN'T EVEN MANAGE IT.
AND THIS IS NOT THE ONLY THING THEY WANNA BUY.
UH, A CHURCH, THE CORNERSTONE CHURCH, BREAK IT DOWN.
I WAS HERE FIVE YEARS AGO ON THE, THE CITY OF DALLAS TO THE STUDY AND A A MILLION DOLLAR STUDY.
YOU CANNOT TALK ABOUT THESE THINGS WITHOUT TALKING ABOUT DISCRIMINATION, RED RELYING AND ALL THAT KIND OF STUFF.
WE CAN'T SOLVE THAT, THAT PROBLEM.
BUT WE HAVE TO MAINTAIN ALL THE POVERTY WE ALREADY HAVE.
I INVITE YOU TO COME DOWN TO WALMART AND SEE THE KIND OF IN POVERTY THAT WE'RE DEALING WITH THAT WE CAN'T MANAGE.
WE DON'T HAVE THE COMMERCIAL OR ANY KIND OF, UH, BUSINESSES TO SUSTAIN WHAT WE HAVE.
SO JUST LOOKING AT THE PUBLIC, IF THIS WAS A, UM, ARENA, YOU HAVE A MILLION PEOPLE TELLING YOU NO AND A FEW PEOPLE TELLING YOU LADY YES.
SO YOU HAVE TO GO BY WE THE PEOPLE.
SO I'M ASKING YOU AS A PERSON WHO WOULD BE THE COUNCILMAN TO TABLE THIS, OKAY? BECAUSE IF THIS WAS, UH, I WROTE THIS COMING UP HERE AND IT SAYS IT IS SCHEMING TO DEFRAUD THE RESIDENTS OF DISTRICT 10.
IF WHAT THE ADVOCATE WROTE WAS RIGHT AND IF WHAT HE'S DOING IS RIGHT, A DEVELOPER MUST BE HONEST AND HE MUST BE SINCERE AND HE MUST COME AND TAKE THE PROPERTY IN THAT WAY.
BUT TO DO THIS WORKAROUND, TO TRY TO TRICK US, TO TRY TO DEFRAUD US IS WRONG.
I DON'T KNOW HOW THIS GOT PAST CITY COUNCIL, BUT IF I WERE TO SPEAK TO SOME OF THE COUNCIL MEMBERS AND GOT THEM ON MY SIDE, THEY WOULD'VE BLOCKED THIS.
SO AS THE MINORITY LEADER IN THAT PART OF TOWN, I AM ASKING YOU TO EITHER TABLE THIS OR REMOVE IT OR GIVE US A CHANCE TO GO BACK AND HAVE SOME CONVERSATIONS.
LET US GO BACK, GIVE US A FEW MONTHS, WE CAN HAVE SOME CONVERSATIONS AND THEN WE'LL COME BACK TO YOU AND THEN DEAL WITH THIS.
BUT RIGHT NOW IT'S A NO FROM EVERYBODY.
WE, THE PEOPLE ARE SPEAKING TO YOU.
RINA VAUGHN IS HERE IN PERSON.
YOUR NAME, ADDRESS, AND, UH, SPEAKING TO YOU, SPEAKING ON THE SAME YES.
UM, I LIVED AT 92 59 MARK VAN DRIVE.
I WAS INVOLVED WITH THE CYPRESS PROJECT WAS BROUGHT UP THE FIRST TIME.
AND WHEN WE VOTED IT DOWN AND, AND THEN TO, FOR ME TO
[00:25:01]
FIND OUT FROM ADAM'S OFFICE AND THEN FROM THE ARTICLE THAT ARE TRYING TO THIS, THERE WAS A CO NO C THE COMMUNITY.WHY IS IT D BURDEN OF THESE HOUSING PROJECTS? THERE MUST BE OTHER PROPERTIES HERE.
THE CITY OF DALLAS ALSO, THE ARTICLE STATES DEAN, THE FC PARTICIPANTS PARTICIPATION GIVES A PROJECT AN ADDED FINANCIAL BOOST.
PERCENT EXEMPTION FROM PROPERTY TAXES FOR SEVEN YEARS.
IF THEY DON'T HAVE PROPERTY TAXES, WHO'S GETTING THAT CITY OF DALLAS AND THEY'RE STILL GOING, WHY WOULD YOU BUILD UP SOMETHING OFF THE HIGHWAY AROUND BUSINESSES? THERE SHOULDN'T BE MORE TRAFFIC.
THERE'S NO CONCERN FOR SAFETY FOR ANY OF THESE PEOPLE THAT ARE LIVING IN THESE LOWS.
INCOME HOUSING, DART FOREST LANE ISN'T SAFE.
WE HAVE HOMELESS ISSUES THAT AT 75 AND FOREST.
CAUSE THE HOMELESS PEOPLE ARE THERE AND I'M CONCERNED FOR MY OWN SAFETY.
UM, SO IF THERE'S CHILDREN LIVING AT THESE NEW APARTMENTS AND THEY'RE GOING BE GOING TO HAMILTON PARTNER, AS IT SAID IN THE ARTICLE FOR R D, HAVE Y'ALL INFORMED THE CITY OF RICHARDSON THAT THERE'S NEW CHILDREN THAT ARE GONNA BE COMING IN TO THEIR SCHOOLS? DO THEY HAVE ENOUGH TEACHERS? UM, UM, IS THERE ANY CONCERN OFF OF THE SAFETY OF ANYONE LIVING OFF OFF THE FREEWAY? I'M ANGRY THAT WE AS CONSTITUENTS SPOKE AND IT WAS VOTED DOWN.
THEN YOU HAVE DONE THIS DEAL UNDER HANDED AND SHAKE AND WITHOUT CONSULTING OR COMMUNICATING WITH THAT OF ANYONE THAT LIVES NEAR THE AREA, BILL SOMETHING IN THE AREA THAT'S GONNA BENEFIT US.
COME BUILD SOMETHING THAT'S NOT GONNA HELP.
UH, SPEAKER NUMBER EIGHT, UH, TAYLOR JEFFERSON.
I LIVE IN HAMILTON PARK AT 12 5 48 RIAL ALTO DRIVE.
I'VE LIVED THERE PRETTY MUCH MY WHOLE ENTIRE LIFE.
UM, AND I WANNA SPEAK ON THE CYPRESS, UM, AS WELL.
UM, I'M IN OPPOSITION TO IT, JUST AS EVERYBODY ELSE HAS STATED.
UM, THERE'S BEEN LACK OF ENGAGEMENT, COMMUNITY, COMMUNITY ENGAGEMENT TO ASK EVEN IF WE ARE CONSIDERING IT, IF WE WANT IT.
AND ALSO JUST THE LACK OF, HONESTLY, THE LACK OF DISRESPECT THAT IT WAS SO I WOMAN THAT HE HAD TO BOUNCE THROUGH OTHER SOURCES.
AND NOT THAT THIS WAS BACK ON THE TABLE.
UM, THE, IN MY OPINION, THE DEVELOPER HAS ABOUT IT IN A VERY SHADY WAY.
I'VE BEEN REALLY ENGAGING WITH THE
SO, UM, I'M IN OPPOSITION FOR IT AND I'M PRETTY SURE MY ENTIRE NEIGHBORHOOD IS, AS WE'VE TALKED ABOUT IT IN OUR OWN SEPARATE MEETINGS.
SO I'M JUST ASKING THAT THIS, UM, THAT THIS COMMITTEE JUST REALLY THINK ABOUT IT HARD AND KNOW THAT THE COMMUNITY MEMBERS, UH, OF DISTRICT TEAM, WE ARE IN OPPOSITION AND WE, WE WE'RE NOT WANTING GOING CRY.
HERE'S SOME, UH, INTERRUPTION IN THERE.
JEFFERSON, DID YOU FINISH YOUR COMMENTS? YEAH, YEAH, I'M FINISHED.
SPEAKER NUMBER NINE, DISTRICT 10.
I LIVE IN DISTRICT 10 SPEAKING AS A RESIDENT TODAY.
WE, WE FIRST HEARD ABOUT THIS PROJECT TWO YEARS AGO AND THE ONLY COMMUNITY OUTREACH THAT TOOK PLACE DURING THAT TIME WAS DURING THE WORST ICE STORM IN GENERATION.
UM, AND VERY VALID QUESTIONS HAVE BEEN BROUGHT UP BY OUR, THE, THE MOST LOCAL NEIGHBORS IN THE AREAS OF HAMILTON PARKWOOD ESTATES, FOLTZ ROAD, UH, THIS AREA.
AND, UM, THERE HAS BEEN AN ABSOLUTE ABSENCE OF ANY SORT OF MEANINGFUL ENGAGEMENT.
THERE'S BEEN ABSOLUTELY NO LISTENING TO THIS COMMUNITY.
THERE'S BEEN TWO YEARS OF OPPORTUNITY TO SHARE, TO COME SIT DOWN TO MEET WITH TAYLOR JEFFERSON, TO MEET WITH HAMILTON PARK CIVIC LEAGUE, TO MEET WITH THE LOCAL CHURCHES AND SAY, HEY, LOOK, HERE'S A PROJECT.
HERE'S SOMETHING THAT COULD BE GOOD IN THE NEIGHBORHOOD.
WHAT DO YOU THINK SHOULD BE BETTER? HOW WOULD YOU MAKE CHANGES? WHAT WOULD YOU DO TO THIS PROJECT? IT HAS NOT HAPPENED.
THERE HAS NOT BEEN OUTREACH TO THE ELECTED OFFICIAL THAT REPRESENT THIS AREA.
JUST GOT A CALL ON THE WAY HERE FROM A RICHARDSON INDEPENDENT SCHOOL BOARD, UH, TRUSTEE, NO OUTREACH WHATSOEVER TO THIS COMMUNITY.
IT HAS BEEN AN ABSOLUTE SLIGHT FROM THE
[00:30:01]
VERY BEGINNING.I'VE ADVOCATED FOR SIMPLE DIGNITY AND RESPECT AND HAVE BEEN DENIED AT EVERY STEP OF THIS.
THIS IS COMPLETELY UNACCEPTABLE.
THIS IS A PROJECT WHERE THE MANAGER AND THE OPERATOR IS IMPORTANT.
IF YOU, I'VE, I'VE BEEN WORKING ON, ON AFFORDABLE HOUSING FOR OVER 18 YEARS IN THIS CITY, AND I'VE SEEN GOOD MANAGERS AND I'VE SEEN POOR MANAGERS AND EVERY BIT OF THIS MATTERS ON WHO'S GOING TO BE OPERATING AND RUNNING THIS FACILITY ON HOW IT WORKS.
AS A GOOD NEIGHBOR WITH THIS COMMUNITY.
UP UNTIL THIS PINPOINT THAT HAS BEEN AN ABSOLUTE FAILURE ON THIS PROJECT.
THE LACK OF TRANSPARENCY, THE FACT THAT THERE HAS BEEN NO OUTREACH IS A PROBLEM.
WHY ARE WE RUSHING? ASK YOURSELF, WHY IS THIS PROJECT BEING RUSHED? IT HAS NOTHING TO DO.
IT'S IN THE BEST INTEREST OF THIS CITY OR THIS COMMUNITY.
IT CAN ONLY HAVE WHAT'S IN THE BEST INTEREST OF THIS PARTICULAR DEVELOPER.
NOT ONLY WILL WE BE SUED, WE SHOULD BE SUED.
THAT'S WHAT DEEP RESTRICTIONS ARE THERE TOWARDS FOR TECH, THE INTEGRITY OF THAT COMMUNITY AND THAT NEIGHBORHOOD.
OUR MVA MARKET VAL VALUE ANALYSIS DIDN'T EVEN LOOK AT THIS AREA BECAUSE RESIDENTS, IT'S NOT ALLOWED TO BE RESIDENTIAL AREA.
OKAY? THERE'S NO APARTMENTS ALLOWED IN THIS PARTICULAR LOCATION, AND IT SHOULDN'T CHANGE BECAUSE OF THIS STRAW PURCHASE DEAL COMING THROUGH THIS BODY.
THAT'S NOT HOW THIS BODY SHOULD BE USED.
UM, THIS IS A FEDERAL DESIGNATED AREA THAT INCLUDES PROJECT SAFE NEIGHBORHOOD, WHICH IS ONE OF THE HIGHEST CRIME AREAS OF OUR ENTIRE REGION.
IT'S WHERE THE US ATTORNEY'S OFFICE HAS DESIGNATED A T F B I, DEA CITY OF DALLAS TO INVEST TASKFORCE RESOURCES TO TRY TO HELP IMPROVE THE CRIME IN THIS AREA.
YOU'VE HEARD THE COTTONWOOD TRAIL, IN SOME CASES ALMOST IMPASSABLE BECAUSE THE CITY HAS NOT INVESTED THE RESOURCES INTO DEALING WITH THE HOMELESS SITUATION IN THIS PARTICULAR AREA.
IT IS, IT IS BOUGHT WITH ISSUES AND USING THIS BODY TO GET PAST, THIS IS NOT THE APPROPRIATE ME MECHANISM.
PLEASE DENY ITEM EIGHT AND LET THERE BE OPPORTUNITIES FOR BENEFICIAL PROJECTS TO COME FORWARD.
PLEASE STATE YOUR NAME AND CONFIRM THE AGENDA THAT YOU'RE SPEAKING TO MR. PARIS.
MR IS NOT HERE LIVING ON THE SPEAKER NUMBER 11 LAURA WEEKS.
PLEASE STATE YOUR NAME AND AGENDA.
MOVING TO SPEAKER NUMBER 12, MIC MICAH.
WEEKS ON THE ZOOM, SAY NOT LIVE.
HI, CAN YOU HEAR ME? YES, WE CAN HEAR YOU, YES.
UM, GOOD AFTERNOON TO YOU ALL.
AND MY COMMENTS ARE IN REGARD TO ITEM SEVEN, THIS STANDARD SILVER LINE PROJECT AT 78 25 MACALLAN.
UH, FIRST I WANNA ACKNOWLEDGE YOU IN THE IMPORTANT RESPONSIBILITY YOU HAVE IN JUDGING OPPORTUNITIES TO ENSURE THAT CITY RESOURCES ARE USED AND MAXIMIZED TO BENEFIT PEOPLE WHO NEED HOUSING AND NOT DEVELOPERS WHO ARE HAPPY TO TAKE ADVANTAGE OF A TAX BREAK.
I BELIEVE THAT THIS PROJECT REPRESENTS THE SECOND OF THOSE TWO OPTIONS.
UH, THE PROPOSAL WOULD INCREASE UNIT IN AN ALREADY PRE DENSITY POPULATED AREA.
UM, AS PRIOR SPEAKERS HAVE MENTIONED, THIS SECTION OF MACALLAN HAS MANY BACK TO BACK APARTMENT COMPLEXES.
THERE ARE CURRENT COMPLAINTS ABOUT PARKING FROM RESIDENCE THERE.
THIS INCLUDES ROUTINE REPORTS THAT POLICE GET, HAVE SHOOTINGS, UM, BESIDES PROPERTY AND OTHER ADDITIONAL AFFORDING AFFORDABLE HOUSING OPPORTUNITIES SHOULD BE PLACED IN AREAS THAT DO NOT ALREADY HAVE AFFORDABLE UNITS.
PLACES WHERE FUTURE RESIDENTS WOULD HAVE OPPORTUNITY FOR IMPROVED QUALITY OF LIFE AND SAFETY.
THAT WOULD NOT BE ACCOMPLISHED BY TRYING TO PACK MORE UNITS INTO AN ALREADY CROWDED SPACE.
REGARDING AFFORDABILITY AND ACCESSIBILITY, A FEW CORRECTIONS ARE NEEDED COMPARED TO THE MATERIALS PRESENTED.
THE PROPOSED AFFORDABLE RENTAL RENTAL RATES ARE HIGHER THAN CURRENTLY AVAILABLE APARTMENTS ON THE STREET THAT HAVE AMENITIES SUCH AS POOLS AND FITNESS CENTERS.
[00:35:01]
THIS PROJECT WON'T MAKE THE AREA MORE AFFORDABLE.AND REGARDING ACCESSIBILITY, THE MATERIALS CLAIM THE SITE IS CONVENIENTLY LOCATED DOWN THE STREET FROM THE SILVER LINE DART STATION.
HOWEVER, THE NEAREST PLAN STATIONS ARE EITHER JUST OFF THE TOLLWAY OR IN RICHARDSON AT THE U T D CANVAS, THERE IS NO IMMEDIATE STATION ACCESS AND THERE WON'T BE ONCE THE TRAIN IS COMPLETED.
THESE DISCREPANCIES SHOW THAT THE DEVELOPER DIDN'T PUT IN THE EFFORT TO LEARN ABOUT THE AREA.
THEY'RE NOT FAMILIAR WITH THE CURRENT AFFORDABLE OPTIONS THAT EXIST, AND THEREFORE THEY'RE NOT PROPOSING A PROJECT THAT ADDS OPPORTUNITY.
I WOULD ASK THAT YOU CONSIDER THE COST OF OVER SUBSIDIZING A PROJECT LIKE THIS, WHERE THE BENEFIT WOULD BE TO THE DEVELOPER IN TAX INCENTIVES, NOT TO POTENTIAL RESIDENTS WHO NEED AFFORDABLE HOUSING AND NEED TO SEE BUSINESSES PAY THEIR PART OF TAXES THAT FUND OUR SCHOOLS' POLICE AND PUBLIC WORKS.
PLEASE DO NOT LET THE PFC BE A TOOL IN FAVOR OF DEVELOPERS WHO KNOW HOW TO USE THE SYSTEM.
MOVING TO SPEAKER NUMBER ADAM LAMONT.
PLEASE STATE YOUR NAME AND CONFIRM THE AGENDA YOUR SPEAKING TO.
HELLO, CAN YOU HEAR ME? YES, SIR.
HELLO, UH, MY NAME'S ADAM LAMONT.
UM, I LIVE IN DISTRICT, UH, 10, UM, ABOUT TWO MILES AWAY.
I'M HERE TO SPEAK ON THE CYPRESS, UH, CREEK, UM, PROJECT.
AND I'M HERE, UH, IN SUPPORT OF IT.
UM, I, UM, WOULD JUST LIKE TO SAY THAT, YOU KNOW, OBVIOUSLY THIS HAS BEEN AROUND FOR A WHILE.
UH, IT HAS COME TO COUNCIL ALREADY, UM, AND WAS APPROVED BY CITY COUNCIL FOR SUPPORT THEN BY A 13 TO TWO MARGIN.
UM, AND, UM, SO WE ARE JUST REHASHING, YOU KNOW, EVERYTHING FROM THERE.
UM, IT WOULDN'T MAKE SENSE FOR THIS BODY TO GO AGAINST THE WISHES OF CITY COUNCIL MEMBERS, UM, FROM TWO YEARS AGO.
UM, IF CITY COUNCIL WISHES TO REVERSE THEIR DECISION, UM, THEY CAN GO AHEAD AND DO THAT WHEN IT'S UP ON MARCH 8TH.
UM, BUT FOR THIS BODY TO TAKE IT UPON THEMSELVES TO REJECT IT WOULD NOT MAKE, UM, MUCH SENSE.
UM, WE SHOULD BE THINKING ABOUT SOLUTIONS AND, YOU KNOW, WHEN WE'RE TALKING ABOUT AFFORDABLE HOUSING, THE, AND HOMELESSNESS, THE SOLUTION IS HOUSING, UM, WHICH THIS PROJECT SUPPLIES, UM, IN A MUCH, YOU KNOW, NEEDED PLACE.
UM, I UNDERSTAND, YOU KNOW, THERE ARE CONCERNS ABOUT SOME THINGS, BUT WHEN WE COME DOWN TO THE END OF IT, UM, YOU'RE NOT GONNA FIND FOR AFFORDABLE HOUSING, UM, CLOSE TO A DARK STATION, NOT ADJACENT TO ANY SINGLE FAMILY NEIGHBORHOODS.
UM, THE DOWNSIDE, OF COURSE, IS THAT IT'S NEXT TO A HIGHWAY, UM, WHICH, YOU KNOW, NO PLACE IS PERFECT.
UM, SO I JUST WANNA REGISTER MY SUPPORT AND, AND HOPE THAT, UM, IT PASSES.
THANK YOU VERY MUCH, MR. MONT.
WHO'S THE SPEAKER LIST THAT I, THERE'S NO SOUND MR. MR. CHAIRMAN.
MY NAME IS ANNE MOD AND I AM THE EXECUTIVE DIRECTOR OF THE INCLUSIVE COMMUNITIES PROJECT, UM, OTHERWISE KNOWN AS I C P I C P IS A FAIR HOUSING AND NONPROFIT ORGANIZATION THAT'S HEADQUARTERED AT 33 0 1 ELM STREET IN DALLAS, TEXAS.
UM, THE MISSION OF THE INCLUSIVE COMMUNITIES PROJECT IS TO WORK WITH LOW INCOME FAMILIES TO HELP THEM FIND RENTAL UNITS IN THE DFW AREA.
AND I'M HERE ON BEHALF OF I C P AND THE LOW INCOME FAMILIES THAT WE SERVE TO EXPRESS SUPPORT FOR THE CITY OF DALLAS'S PARTNERSHIP WITH SYCAMORE STRATEGIES TO BUILD 189 UNITS AT FOREST LANE AND CENTRAL EXPRESS HIGHWAY.
WE SUPPORT THIS PROJECT BECAUSE WE NEED MORE AFFORDABLE HOUSING AND GOOD NEIGHBORHOODS IN DALLAS.
THE CITY OF DALLAS HAS OVER 22,000 LOW INCOME HOUSING TAX CREDIT UNITS.
[00:40:01]
22,000 OR MORE, ONLY 755 OF THE NUMBER ARE IN AREAS THAT ARE 50% OR MORE WHITE.SO I ASSURE YOU THAT THIS AREA IS NOT BEARING ALL OF THE BURDEN OF AFFORDABLE HOUSING.
THE OVERWHELMING MY UM, MAJORITY OF THE UNITS, 92% TO BE EXACT, ARE IN THE SOUTHERN SECTOR AND IN THE PLEASANT OF COMMUNITIES.
THE CITY OF DALLAS RECEIVES $31 MILLION OR SO ON FEDERAL FUNDS TO PROVIDE AFFORDABLE HOUSING.
AND AS A RECIPIENT OF THESE FUNDS, THE CITY OF DALLAS HAS AN OBLIGATION TO AFFIRMATIVELY FURTHER FAIR HOUSING.
AND THIS IS AN OPPORTUNITY FOR YOU TO MEET YOUR OBLIGATION TO PROMOTE INTEGRATION AND STOP SEGREGATION.
NOW, DALLAS NEEDS THE AFFORDABLE HOUSING AND IT'S JUST WRONG TO CONTINUE TO CONCENTRATE THIS HOUSING IN HIGH MINORITY, HIGH UM, POVERTY AREAS.
I THANK YOU FOR EVEN CONSIDERING THE ITEM.
I KNOW THAT THE OPPOSITION IS STRONG.
I KNOW THAT THE ANONYMITY VOICES ARE LOUD.
I KNOW THAT THIS IS A HEAVY LIFT FOR YOU AND POSSIBLY POLITICAL SUICIDE, BUT THE FAMILIES WHO NEED THIS HOUSING NEED YOU TO ACT ON THEIR BEHALF.
YOU HEARD A VERY ELOQUENT SPEECH ABOUT WE THE PEOPLE, BUT I ASSURE YOU, YOU ARE HERE TO SERVE NOT ONLY THE WEALTHIEST AND THE MOST AFFLUENT PEOPLE YOU ARE HERE TO SERVE ALL OF THE CITIZENS OF DALLAS.
AND I'M STANDING HERE ON THEIR BEHALF CUZ THEY'RE AT WORK OR THEY CAN'T GET HERE.
BUT I ASSURE YOU THAT THERE IS A NEED FOR THIS KIND OF HOUSING.
THANK YOU SO MUCH FOR YOUR SUPPORT.
I'LL READ THE, UH, GO IN THE ORDER OF THE SIGNIN SHEET THAT I HAD TO MAKE SURE EVERYONE HAD A, THEIR, UH, RIGHT TO SPEAK, UH, PER PERSON NUMBER ONE.
I'M I'M CALLING IS, UH, PRESLEY PRESLEY SIGNED IND LIKE TO SPEAK SECOND, UH, BRAD JOHNSON? YES, SIR.
MS. LOFT, UH, MR. COLORADO HAD SPOKEN, VA SPOKE.
THANK YOU CHAIRMAN AND MEMBERS OF THIS BODY.
I AM A PRACTICING ATTORNEY AT CODES ROSE LAW FIRM AT 16,000 NORTH PARKWAY, DALLAS, TEXAS.
I'M ONE OF THE ATTORNEYS FOR THE DEVELOPMENT TEAM.
MY REMARKS ARE PRETTY CENTERED AROUND MY PERSONAL KNOWLEDGE ABOUT THE COMMUNITY OUTREACH.
IT TROUBLES ME TO HAVE TO DISAGREE WITH SOME OF THE PEOPLE WHO SPOKE EARLIER.
SO I WILL ONLY SPEAK TO WHAT I PERSONALLY KNOW.
I PERSONALLY REACHED OUT ON BEHALF OF THIS PROJECT TO ELECT ELECTED OFFICIALS THEIR OFFICE AND FOLLOWED THE FEEDBACK AND DIRECTION THAT THEY WOULD HAVE US TO DO TO REACH THE CERTAIN SECTORS OF THE COMMUNITY.
I WORK WITH THE DEVELOPMENT TEAM AND I PERSONALLY REACHED OUT TO PASTORS, ONE OF WHOM IS MY PERSONAL PASTOR.
I'VE REACHED OUT TO SHARON PATTERSON AT UNITED METHODIST.
THESE ARE PEOPLE I'VE KNOWN FOR 20 PLUS YEARS.
WE REACHED OUT TO PEOPLE THAT WERE STAKEHOLDERS AND LEADERS.
MY SISTER AND HER HUSBAND LIVE IN HAMILTON PARK AND WE WERE REACHED OUT TO THE HAMILTON PARK COMMUNITY.
THEIR CIVIC LEAGUE OR WHAT WE MIGHT CALL A HOMEOWNER'S ASSOCIATION, IS NOT AS ORGANIZED AS WHAT YOU MIGHT EXPERIENCE IN YOUR PERSONAL HOMEOWNER ASSOCIATIONS WHERE YOU GET NEWSLETTERS, EMAILS, ET CETERA.
SO THE FEEDBACK IS NOT THAT EVERY PERSON IN HAMILTON PARK OPPOSES THIS PROJECT CUZ I CAN SPEAK PERSONALLY ABOUT THE PERSONS I MET WITH WHO DID NOT KNOW ANYTHING ABOUT THE PROJECT BECAUSE THE ORDER BY WHICH YOU COMMUNICATE WITH THAT GROUP IS NOT AS ORGANIZED AS SOME OF THE OTHER HOMEOWNER ASSOCIATIONS.
BUT WE DID OUR VERY BEST TO REACH OUT WITHIN THOSE SECTORS.
I WAS ON ZOOM CALLS WITH SEVERAL OTHER PEOPLE IN THIS ROOM, AND I'M SURE GIVEN THAT ZOOM CALLS WERE RECORDED, IF YOU WERE SO INTERESTED IN GOING TO THAT LEVEL, YOU COULD SEE THAT THERE WERE SEVERAL PERSONS ON THOSE ZOOM CALLS.
AND WE HAD REPEATED MEETINGS WITH VARIOUS SECTORS OF THE VARIOUS HOMEOWNERS ASSOCIATIONS IN THE COMMUNITY.
SO I CAN ONLY SPEAK TO THE FACT THAT THERE WAS TRANSPARENCY TO THE EXTENT THAT WE COULD
[00:45:01]
POSSIBLY DO THAT.ALL THE COMMUNITY FUNERALS WERE FOLLOWED AND WE TOOK EVERY EFFORT WE COULD WITH MY PERSONAL KNOWLEDGE TO REACH OUT AND VISIT WITH THE, THE CHURCHES.
SOME OF THEM CHOSE TO NOT GET INVOLVED AND THAT WAS THEIR CHOICE, BUT TO THE EXTENT THAT WE COULD DO EVERYTHING WE COULD WITHIN THE MEDIUMS AFFORDED TO US.
SO COMMENTS ABOUT NO OUTREACH, NOT TRUTH, NO TRANSPARENCY, NO TRUTH.
THERE'S A TIMELINE FOR TAX CREDIT PROGRAMS, WHICH IS WHY THIS PROCESS HAS TAKEN SO LONG AND I CAN ONLY ASK YOU TO SERIOUSLY CONSIDER THIS PROJECT AND THE IMPORTANT ROLE THAT YOU'LL HAVE TO ALLOW THESE FAMILIES, SOME OF WHOM WILL BE VOUCHER HOLDERS, AND THIS PROJECT OUT MEASURE SO MANY BECAUSE THERE IS A MARKET COMPONENT TO THE PROJECT WHICH ALIGNS WITH THE CITY OF DALLAS'S HOUSING POLICY.
I APPRECIATE YOUR TIME AND ASK YOUR CONSIDERATION.
THAT CONCLUDES THE NAMES THAT I HAVE FOR, UH, SPEAKING HERE IN PUBLIC OR ON ZOOM.
UH, I BELIEVE RIGHT NOW WE'RE MOVING TO THE PRESENTATIONS.
MR. CHAIRMAN? MR. CHAIRMAN, I HAD SIGNED UP YESTERDAY WITH ERIN QUINTO.
MY NAME IS MAURA SCHREYER FLEMING AND HE CAN CONFIRM IT.
I SEE HE'S ON THE PHONE ON THE VIDEO.
SHE JUST DIDN'T MAKE COMMENTS, PLEASE.
SHE AND I ALSO BELIEVE ANOTHER MEMBER IN ALSO SIGNED IN LISA ROTHSTEIN WHO'S ON THE CALL TOO.
MS. MS. FLEMING, UH, PLEASE SPEAK, UH, STATE YOUR NAME, ADDRESS, AND THE AGENDA YOU'RE SPEAKING TO.
MY NAME IS MAURA SCHREYER FLEMING.
I LIVE AT 70 28 JUDY STREET AND I'M SPEAKING ON ITEM ITEM SEVEN.
I'M THE PRESIDENT OF THE HIGHLANDS OF MCCA, MCCANEY FOUR AND FIVE HOMEOWNERS ASSOCIATION AND WE'RE 247 FAMILIES JUST NORTH OF MACALLEN BOULEVARD AT MEANDERING WAY.
THE STANDARD SILVER LINE PROJECT HAS MANY PROBLEMS STARTING WITH ITS FUNDING THROUGH THE PFC MODEL.
THE CITY LEASES TAX EXEMPT LAND TO A DEVELOPER FOR 75 YEARS IN EXCHANGE FOR AT LEAST 50% OF THE UNITS BEING OFFERED TO TENANTS EARNING LESS THAN 80% OF THE AREA'S MEDIAN INCOME.
THE FIRST OPTION OFFERED PROPOSES 50% OF THE UNITS WILL BE AT MARKET RATE AND ONLY 45% OF THE UNITS WILL BE RESERVED FOR FAMILIES EARNING AT OR BELOW 80%.
AMI 45% DOES NOT MEET THE 50% PFC MODEL THRESHOLD.
THE TRUTH IN ACCOUNTING ORGANIZATION GIVES DALLAS CURRENTLY A D IN FINANCES.
YOU ARE PROPOSING DALLAS DUE WITH FEWER TAX DOLLARS AND THAT'S REALLY UNACCEPTABLE.
THE DECEPTIVE CLAIMS IN THIS PROPOSALS ARE PRETTY CONCERNING.
THE PROPOSAL STATES THAT THE, THE SITE IS CONVENIENTLY LOCATED DOWN THE STREET FROM THE SILVER LINE DART STATION THAT'S BEEN ALREADY DISCUSSED.
THE DART STATION IS LOCATED IN RICHARDSON AT U T D'S CAMPUS, WHICH IS ALMOST TWO MILES AWAY IN A 40 MINUTE WALK.
CROSSING SIX LANES OF COIT ROAD, WHICH HAS 55,000 CARS A DAY, DRIVING 45 MILES AN HOUR.
AND THE PROPOSAL STATES THAT IT'S AN EXCELLENT CANDIDATE TO INCREASE THE DENSITY IN THE AREA.
YOU'VE ALREADY HEARD THAT THERE'S AN ESTIMATE OF 5,000 MARKET RATE APARTMENT UNITS THAT ALL QUALIFY AS AFFORDABLE WITH ENTRANCES ON MAC CALLUM.
BETWEEN COIT AND MEANDERING WAY ALREADY.
IT'S NOT NECESSARY TO INCREASE THE DENSITY IN THE MACALLAN AREA AND THE RENTS THAT WERE PROPOSED IN THE PRESENTATION ARE HIGHER THAN THE CURRENT RENT.
THAT IS AN UNACCEPTABLE ERA THAT MAKES YOU QUESTION THE ACCURACY OF OTHER ASPECTS OF THIS PROPOSAL.
I HOPE THAT THIS PROPOSAL WILL BE REJECTED BY THE PFC IMMEDIATELY AS WORKFORCE HOUSING.
IT WOULD SHOW POOR JUDGMENT IF THE PFC PUTS THE STANDARD SILVER LINE PROJECT PROPOSAL FORWARD TO THE DALLAS CITY COUNCIL.
AND I TRULY HOPE BECAUSE WE LIVE NEAR MACALLEN BOULEVARD, WE'VE LIVED THERE FOR MANY, MANY YEARS.
THE WORK THAT THE PFC DOES IS VERY IMPORTANT WORK AND WE EXPECT THE PFC TO BE A GOOD NEIGHBOR, WHICH MEANS OUTREACH TO THE NEIGHBORHOOD.
WE ONLY LEARNED ABOUT THIS MEETING YESTERDAY AND A GOOD NEIGHBOR WOULD REACH OUT SOONER THAN THAT TO LET US KNOW OF PLANNING.
SO AGAIN, WE HOPE YOU WILL REJECT THIS PROPOSAL.
THANK YOU FOR YOUR TIME AND THANK YOU FOR YOUR WORK.
AND I BELIEVE LE LISA ROTHSTEIN ALSO SIGNED UP WITH MR. QUINTO YESTERDAY.
[00:50:01]
THANK YOU MS. FLEMING? YES MA'AM.ERIN, CAN YOU CONFIRM MS. ROTH? YES, MS. ROTHSTEIN, GO AHEAD.
MS. ROTHSTEIN, THANK YOU FOR LETTING ME MA'AM.
MY, MY NAME IS LISA ROTHSTEIN.
I LIVE AT 71 0 8 BREMERTON COURT.
UM, ALSO I'M SPEAKING ABOUT NUM ITEM NUMBER SEVEN AND I WILL SKIP OVER.
I'LL MAKE IT BRIEF BECAUSE A LOT OF MY, UH, CONCERNS WERE ALREADY ADDRESSED.
THAT WE ARE, ARE ACTUALLY NOT NEAR THE, THE A STATION FOR THE SILVER LINE AND THAT THE CLOSEST ONE IS 40 MINUTES TO AN HOUR WALK OR 40 MINUTES BY A DART BUS.
AND OUR, AND THAT WE WERE NEVER NOTIFIED OF THIS, UM, THIS DEVELOPMENT.
UM, WE ALREADY HAVE, UH, AFFORDABLE HOUSING, BUT THIS LOCATION IS A, HAS A VERY HIGH CRIME RATE, WHICH, AND, AND THE MORE UNITS THAT WE HAVE, THE LESS SAFE IT MAKES IT TO, UH, FOR THE TARGET DEMOGRAPHIC OF LOW INCOME RESIDENTS AND SINGLE MOTHERS.
AND THE REMOVAL OF THE CITY, COUNTY, AND SCHOOL DISTRICT TAXES THROUGH AN EXEMPTION OF 75 YEARS WILL ONLY FURTHER TAX OUR SCHOOL SYSTEM AS THEY CURRENTLY ARE.
CURRENTLY, THE ZONED ELEMENTARY SCHOOL HAS A FREE AND REDUCED LUNCH RATE OF 19.7% AND THIS RATE SOURCED TO 48% IN THE ZONED MIDDLE SCHOOL.
AND A TAX EXEMPTION WILL PUT AN, EITHER, EITHER AN EVEN FURTHER STRAIN ON OUR PUBLIC SCHOOL.
THEY, WE ALREADY HAVE THE, THE CURRENT ALMOST 5,000 UNITS IN THE AREA AND WE HAVE A PARKS DESERT.
WE DON'T HAVE PLACES FOR CHILDREN TO PLAY AND IT IS, MAKES IT UNSAFE FOR THE CHILDREN TO, TO BE ABOUT.
AND WE DON'T HAVE ENOUGH RESOURCES AS FAR AS FREE AND LOW INCOME MEDICAL FACILITIES FOR LOW INCOME HOUSEHOLDS TO SERVE.
EVEN THE CURRENT COMMUNITY, ADDING HUNDREDS OF MORE RESIDENTS WILL ONLY FURTHER PREVENT CURRENT RESIDENTS FROM GETTING CURRENT AND FUTURE RESIDENTS FROM GETTING THE HELP THEY NEED AT LOW OR NO COST.
IT WOULD BE A DISSERVICE TO FUTURE RESIDENTS TO PLACE THEM IN AN AREA WITH A HIGH CRIME RATE AND WITHOUT LO LOCAL RESOURCES TO SERVE THEM.
PLEASE TAKE THEIR SAFETY INTO CONSIDERATION AND HAVE THE DEVELOPERS FIND A BETTER AREA FOR THIS PROJECT.
PERHAPS CLOSER TO A D AN ACTUAL DART SILVERLINE STATION AS IT IS BEING MARKETED TO YOU.
UH, NUMBER FOUR, DISCUSSION OF APPROVAL.
THE MINUTES FOR JANUARY 24TH, 2023 SEATED ALICE PUBLIC FACILITIES PREPARATION APPROVE.
WE HAVE A MOTION TO APPROVE BY DIRECTOR MONTGOMERY SECOND.
SECOND BY DIRECTOR CALLIS TWO.
COMMENTS ON THAT? UH, THE, UH, MINUTES.
THERE ARE ALSO MY DISCREPANCIES HERE.
UM, SOME OF THEM IF YOU'LL LOOK AT, UH, ONE, TWO AND, UH, THREE ON ONE AND TWO, YOU'LL SEE THAT WE HAVE A PAST MEMBER, UH, LISTED AS VOTING INCORRECT.
MR. GRACIE, UH, VOTING IN FAVOR WITH THE REST OF US.
THEN ON NUMBER THREE, UH, YOU DON'T HAVE ANY CONCLUSION FOR WHAT IS STATED.
UH, IT DOESN'T STATE WHAT HAPPENED ON THAT PARTICULAR MOTION.
UM, WOULD YOU LIKE TO, WE HAVE A MOVE, A MOTION TO AMEND, WE CAN AMEND THE, UH, SPENCER'S COMMENTS.
SO THAT'LL COME BACK TO US NEXT MONTH.
IF HE DOESN'T, THAT'S WHAT I SUGGEST.
APPROVE IT WITH YOUR, YOUR COMMENT.
I, I DON'T KNOW WHAT YOU WOULD BE PUTTING FOR NUMBER THREE.
SO I HAVEN'T SEEN WHAT, WHAT THAT IS.
AND THEN TO MAKE SURE THAT THE, UH, VOTING TALLY IS CORRECT WITH ALL THE MEMBERS WHO DID VOTE, UH, IN FAVOR.
AND ALSO, UH, THOSE WHO DID NOT.
WILL THE MAKER OF THE MOTION ACCEPT A FRIENDLY AMENDMENT TO DEFER THE MINUTES UNTIL THEY CAN BE CORRECTED AND BROUGHT BACK TO US AT THE NEXT MEETING? YES, MA'AM.
MOTION WILL AFFORDED TO DEFER THE APPROVAL TO MINUTES TO THE NEXT BOARD MEETING.
ALL THOSE IN PAPERS SIGNIFIED BY SAYING AYE.
JUST HAVE ONE MORE THING I'D LIKE TO SAY, UH, TO ASK, IS IT POSSIBLE JUST TO REARRANGE THIS, HAVE THE MINUTES COME RIGHT OUT THE ROLL CALL? IT JUST DOESN'T SEEM TO FLOW TO ME WITH THAT BEING RIGHT AFTER PUBLIC TESTIMONY.
[00:55:01]
JUST ROLLING ON INTO ISSUES HERE.MOVING ON, NUMBER FIVE, DISCUSSION AND APPROVAL OF A RESOLUTION AUTHORIZING THE NEGOTIATION AND EX EXECUTION OF A TERM SHEET FOR THE PARK AT NORTH POINT AND PARTNERSHIP WITH L D G DEVELOPMENT TO BE LOCATED AT 99 99 TECHNOLOGY BOULEVARD, WEST, DALLAS, TEXAS.
HE CAN, UH, PRESENT THIS PROJECT BRIEFLY AND THEN WE CAN GO TO QUESTIONS.
UH, HI, I'M JAKE BROWN WITH LDG DEVELOPMENTS.
UH, I WILL ATTEMPT TO NOT TAKE UP TOO MUCH SMARTPHONE.
UH, I'LL ATTEMPT TO NOT TAKE UP TOO MUCH OF YOUR TIME TODAY.
I KNOW YOU'VE GOT A BUSY AGENDA.
UM, BUT AS AARON MENTIONED, WE'RE HERE TO TALK ABOUT AROUND HERE TO TALK ABOUT THE PARK AT NORTH POINT HERE IN DALLAS.
AND I WILL APOLOGIZE IN ADVANCE.
I CAN BARELY SEE THE SCREEN, SO IF I MISREPRESENT SOMETHING, I'M SORRY.
CAN WE GO TO THE NEXT SLIDE? UM, I'VE BEEN HERE BEFORE, SO I WON'T GO INTO THE COMPANY OVERVIEW, UM, TOO MUCH.
THE GOLFER, UH, I REPRESENT THE TEXAS DIVISION.
GOT A PORTFOLIO OF OVER 18,000 UNITS.
I THINK IT'S ALMOST 20 NOW ACTUALLY.
UM, BUT PRIMARILY FOCUSED IN THE AFFORDABLE SPACE, BUT WE DO MULTI-FAMILY IN GENERAL.
SO ANYTHING FROM AFFORDABLE TO WORKFORCE TO MARKET RATE AND I CAN'T SEE THAT, SO I'LL DO MY BEST TO GUESS.
UM, SO AGAIN, TALKING ABOUT THE PARK AT NORTHPOINT.
TWO MAIN TAKEAWAYS, UH, THAT I CAN REMEMBER FROM THE SLIDE IS THAT, UH, THIS IS A TWO PHASE DEVELOPMENT.
SO, UH, WHEN I REFERENCE THE PARK AT NORTHPOINT, I'M REALLY REFERENCING AS THE COLLECTIVE BOWL.
UM, SO IT'LL BE PLAN INTENDED TO BE OVER 600 UNITS IN TOTAL PHASE ONE AND PHASE TWO CONCEPT.
UM, THE PROPERTY, UH, IS AT 99 99 TECHNOLOGY BOULEVARD WEST, UH, IN NORTH DALLAS.
AND SAY IN DISTRICT SIX, THE PROPERTY'S GOT A 75,000 SQUARE FOOT OFFICE BUILDING ON IT CURRENTLY.
BUT THE SITE IS ZONED, IT'S ENTIRELY ZONED FOR, UH, IN MIXED USE.
SO IT ALLOWS FOR MULTIFAMILY BY RIGHTS AND, BUT AS FAR AS THE AMENITIES THAT YOU WOULD SEE AT THIS SIDE, I MEAN IT'S THE TYPICAL THINGS THAT WE WOULD PRESENT AT ANY OTHER DEVELOPMENTS, UM, THAT YOU GUYS HAVE CONSIDERED BEFORE.
SO POOL, CLUBHOUSE, UH, FITNESS CENTER, ALL OF THAT GOOD STUFF.
AND EACH PHASE WILL HAVE ITS OWN SET, OWN SET OF AMENITIES.
SO IT WON'T BE SHARING AMENITIES TIME.
AND THAT'S JUST A LOCATION MAP.
JUST SO YOU GUYS, IF YOU'RE UNFAMILIAR WITH THE LOCATION AT NORTH NORTHWEST OF DOWNTOWN DALLAS, DISTRICT SIX VISTA OFF 5 35 AVENUE, YOU, I INCLUDED A PROPERTY BOUNDARY MAP JUST SO YOU GUYS COULD SEE FROM SATELLITE VIEW THAT THERE IS AN OFFICE BUILDING PARKING LOT, ALL OF THE IMPROVEMENTS THAT YOU WOULD EXPECT FOR THE OFFICE BUILDING.
AND ALSO JUST TO KIND OF SEE THE STRANGE LAYOUT OF THE SITE.
UM, I DON'T HAVE A LARGER, IT DIDN'T INCLUDE A LARGER AERIAL IMAGE UNFORTUNATELY, BUT IF YOU LOOKED AT ANY OF THE INFORMATION MATERIALS THAT WERE PROVIDED, YOU CAN SEE THAT IT'S PART OF A, A LARGER DEVELOPMENT THAT CONSISTS OF EXISTING MULTI-FAMILY, COMMERCIAL RETAIL USES.
UH, JUST A WHOLE HOST OF THINGS RIGHT THERE AND, AND KIND OF A, A MASTER PLAN LAYOUT.
UM, BUT THIS IS THE BOUNDARY OF THE SUBJECT SITE THAT WE'RE TALKING ABOUT HERE.
UM, CAN YOU GO TO THE NEXT SLIDE? I THINK THAT MAY BE THE SITE PLAN.
YEAH, SO HERE'S THE SITE PLAN.
UM, AND AGAIN, YOU CAN KINDA SEE THE STRANGE LAYOUT OF THE SITE, BUT UH, IT'S ATTEMPTED TO DO OUR BEST TO KIND OF BIFURCATE DOWN THE MIDDLE OF IT TO CREATE THE PHASE ONE, PHASE TWO CONCEPT THERE.
UM, SO APPROXIMATELY 330 UNITS ON THE FIRST PHASE AND APPROXIMATELY 270 UNITS ON THE SECOND PHASE.
UM, I WOULD EXPECT, I'M SURE ONE OF THE QUESTIONS WILL JUST BE GENERALLY ABOUT TIMING OF THE TWO.
SO I, I WOULD EXPECT, UM, TO START CONSTRUCTION ON THE FIRST PHASE, HOPEFULLY BY THE END OF THIS YEAR.
AND THEN SECOND PHASE WILL PROBABLY BEGIN ONCE WE KIND OF BREACHED SUBSTANTIAL COMPLETION ON THE FIRST PHASE.
SO, UH, I WOULD EXPECT SOMEWHERE KIND OF IN THE 18 TO 29TH RANGE FOLLOWING CONSTRUCTION COMMENCEMENTS OF THE FIRST PHASE.
UH, AND THIS IS A RENDERING THAT I INCLUDED.
[01:00:01]
A BETTER RENDERING INCLUDED.AND IN THE PRESENTATION MATERIALS, I JUST SO YOU GUYS UNDERSTAND THAT THIS IS INTENDED TO BE, UH, FOUR STORY.
SO WHAT YOU SEE HERE IS THREE, BUT IT'S A VERY SIMILAR BUILDING TYPE.
UH, PROBABLY THE MOST SIMILAR THING THAT I HAVE KIND OF IN OUR, OUR LIST OF RENDERINGS.
UM, SAME ARCHITECTS DESIGNING IT, SO BE VERY, VERY SIMILAR.
UH, ONE THING TO NOTE, I DON'T THINK IT'S INCLUDED IN THE S RENDERING, IS THAT, UM, SOME OF THE BUILDINGS ARE ANTICIPATED TO HAVE KIND OF TUCK ON YOUR GARAGE STYLE.
UM, SO SOME UNITS OR SOME OF THE BUILDINGS WILL, WILL HAVE GARAGES AVAILABLE FOR RESIDENTS, UM, TO FART CARS IN.
SORRY, THERE'S A BIT OF A WAGON.
THE NEXT FEW, OUR NEXT FEW SLIDES, PICTURES, UM, KIND OF ARE TYPICAL WHAT YOU WOULD SEE AS FAR AS THE INTERIOR DESIGN OF OUR DEVELOPMENT.
SO, UM, EVERYTHING THAT YOU WOULD SEE AND EXPECT IN, IN A TYPICAL, UH, LDT PRODUCT AS FAR AS WOOD LOOK, FOUR GRANITE COUNTERTOPS, ENERGY EFFICIENT APPLIANCES, UH, VERY MODERN INTERIOR DESIGN.
UM, AND THEN THE NEXT SLIDE I BELIEVE IS EXTERIOR.
SO I MENTIONED THE AMENITIES BEFORE, BUT YOU CAN SEE IT THERE.
UM, POOL IN THE CLUBHOUSE, FITNESS CENTER, ALL ALL OF THAT GOOD STUFF.
UM, NOT TO BELABOR IT, BUT VERY SIMILAR TO WHAT, WHAT YOU GUYS HAVE SEEN BEFORE FROM US.
AND THEN THE ONE THING THAT'S PROBABLY THE MOST, IN ADDITION TO MULTIPLE PHASES THAT I WANT TO CALL YOUR ATTENTION TO AND I KNOW WAS INCLUDED IN THE, IN THE BOARD PACKET MATERIALS, IS THAT, UH, WE'RE ANTICIPATING, UH, CDBG FUNDS, UH, TO THIS PROJECT.
AND SO WE'RE CURRENTLY GOING THROUGH THE, THE, WHAT I GUESS IS CALLED THE PROCUREMENT PROCESS, UH, SUBMITTED THAT APPLICATION OR ANTICIPATING, UM, HOPING, ASSUMING THAT IT'S APPROVED TO RECEIVE A CDBG LOAN, THE AMOUNT OF $10 MILLION TO GO TOWARDS THE ACQUISITION OF THIS PROPERTY.
UH, AND SO THIS IS, THIS IS IT, THIS IS A LOAN, IT'S NOT A GRANT.
I KNOW IT CDBG HAS THE WORD GRANT IN IT, BUT IT IS FULLY REPAYABLE.
IT'S GOT AN INTEREST RATE WITH IT, UH, AT 1% THE TERM OF 40 YEARS.
AND SO IT'S ALONE IN THE TRUEST SENSE OF THE TERM AND I CANNOT FILL OUT OF ME READ WHAT THE OTHER BULLET PARTS ARE.
BUT IF YOU HAVE QUESTIONS WHEN WE GET THE QUESTIONS, I'LL BE HAPPY TO ANSWER 'EM.
I HAVE TERRIBLE, CAN'T SEE THAT.
BUT, AND I THINK THE LAST SLIDE IS, IT LAGS WHEN WE GET THERE.
UM, IT'S JUST A SUMMARY OF THE TERM SHEET, THE PROPOSED TERM SHEET WITH THE PFC.
SO UM, YOU'LL NOTICE, I'M GONNA SKIP AHEAD HERE.
YOU'LL NOTICE ON THE, ON THE BULLET POINTS REFERENCING THE SECOND PAGE OR THE SECOND PHASE THAT THERE IS NO RENT PAYMENT FOR THAT.
AND THAT'S BECAUSE IT'S TO BE NEGOTIATED.
AND THE INTENT BEHIND THAT IS, UM, YOU KNOW, WE DON'T WANT, WE WANNA BE A GOOD PARTNER AND NOT LOCK YOU GUYS INTO A RENT PAYMENT FOR SOMETHING THAT'S GONNA BE IN THE FUTURE.
SO, YOU KNOW, IF TWO OR THREE YEARS DOWN THE ROAD, IF THIS IS APPROVED AND, AND WE'RE READY TO START THE SECOND PHASE, AT THAT POINT WE'LL NEGOTIATE, UH, RENT THAT'S, THAT'S APPROPRIATE AND REFLECTIVE OF KIND OF THE CURRENT MARKET CONDITIONS.
THEORETICALLY IT WOULD LIKELY BE HIGHER, YOU KNOW, ASSUMING THINGS CONTINUE IN UPWARD TRAJECTORY.
UM, BUT BACK TO THE FIRST PHASE, WE'VE GOT TO RENT TO $425,000.
UH, OF COURSE THE STANDARD STRUCTURING FEE OF $250,000 PAID IN FULLS OF THE PFC AT CLOSING.
UM, AND THEN I'M THROWING OFF MEMORY ENTIRELY HERE, BUT I BELIEVE IT'S 15%, UH, OF REFINANCE, PRO NET REFINANCE PRO PROCEEDS AND THEN 2% OF ANY SALE DISPOSITION OF GAS.
AND I'M SURE THERE'S SOME, OH, THE 25% SALES TAX SAVINGS FEE.
SO LIKE OTHER DEVELOPMENTS THAT YOU GUYS HAVE SEEN FROM US AND FROM OTHER APPLICANTS, UM, IT WOULD BE ANTICIPATED THAT YOU GUYS WOULD SERVE AS THE GENERAL CONTRACTOR ON PAPER FOR PROVIDING A SALES TAX EXEMPT SHOWING THE CONSTRUCTION MATERIALS TO RESULT IN A DECENT AMOUNT OF SAVINGS THERE.
AND THEN OF COURSE YOU WOULD BE COMPENSATED AS SUCH FOR 25% OF THOSE SAVINGS.
UH, I BELIEVE THAT'S IT IN THE PRESENTATION.
I'M SURE I MISSED SOMETHING CUZ I CAN ONLY SEE ABOUT HALF OF IT AND REMEMBER THE OTHER HALF MAY.
SO IF YOU GUYS HAVE QUESTIONS, COMMENTS, CONCERNED, I'M MORE THAN HAPPY TO ADDRESS.
WELCOME UP TO FOUR FOR QUESTIONS AND COMMENTS, DIRECTOR CALLIS.
THANK YOU FOR THE PRESENTATION.
UM, AT CLOSING THE, UH, EXCUSE ME, D PFC IS GONNA REQUIRE ALL THE LAND, IS THAT CORRECT? THAT'S CORRECT.
SO WE WILL BE SITTING WITH SOME LAND THAT WILL BE DEVELOPED IN THE FUTURE AND WE'RE GONNA BE NEGOTIATING, UH, THE RIGHT ALONG THAT.
SO IF WE DON'T COME TO TERMS, I WANTED TO SIT THERE THEORETICALLY, I GUESS IT COULD, I I CAN TELL YOU THAT I WON'T SPEAK IN ABSOLUTE, BUT I DON'T THINK I WOULD ALLOW A SITUATION WHERE WE WEREN'T ABLE TO REACH SOMETHING THAT WAS AGREEABLE FOR BOTH OF US.
[01:05:01]
A FAIR POINT, I THINK THE CLARIFICATION NECESSARY.QUESTIONS? YES, MY DIRECTOR TOLEDO, SORRY.
UM, I, IT'S ALRIGHT, I'M DOWN HERE, BUT, OKAY.
UM, GENERALLY IN FAVOR, UH, GREG, THE THINGS I LIKED ABOUT THE PROJECTS, MANY WE'RE NOT DISPLACING RESIDENTS OBVIOUSLY WE'RE DISPLACING A VACANT OFFICE BUILDING, SO I THINK MADE IT VERY MUCH A NET POSITIVE.
ONE, ONE CONCERN I HAD WHEN IT CAME OUT WAS AN YOU ABOUT THIS, OH, I'M SORRY.
YOU NEED TO BE ON, WE NEED TO ON THE CAMERA.
UH, YEAH, A QUESTION I HAD WAS, UM, USING THE, THE CDB D G ALLOCATION USING ALL 10 MILLION ON ONE PROJECT.
AND UM, INITIALLY I HAD CONCERNS, WE, UH, I THINK, I THINK MS. JONES MENTIONED THAT 20 OR MS SLOT MENTIONED WE GET 22 MILLION A YEAR THEY'RE ABOUT TO HIDE.
SO I HAD A QUESTION LIKE, WELL IF THIS GETS APPROVED, WHAT HAPPENS TO OTHER, YOU KNOW, WORTHY APPLICANTS THAT MIGHT WANT DPG UH, FUNDS? AND WHY DON'T YOU GO AHEAD AND YEAH, AND IT'S, THANKS FOR BRINGING THAT UP.
AND I I I WILL START, I WILL ANSWER THAT AND LET ME PREFACE IT BY SAYING THAT IF I MISSPEAK STAFF, PLEASE CORRECT ME.
UH, BUT IT, IT IS MY UNDERSTANDING THAT A PORTION OF THESE FUNDS, PERHAPS ALL OF THEM, NOT A HUNDRED PERCENT SURE ON THAT WERE ORIGINALLY ATTRIBUTED TO AN OTHER PROJECT.
I'M NOT SURE OF THE DETAILS AND FRANKLY, I GUESS I DON'T NEED TO KNOW.
UH, BUT FOR ONE REASON OR ANOTHER, THAT PROJECT IS EITHER NOT UTILIZING THEM OR NOT MOVING FORWARD OR SOME COMBINATION OF TWO.
AND SO, UM, IT'S MY UNDERSTANDING THAT THE CITY WAS KIND OF IN A LITTLE BIT OF A PINCH TO A CERTAIN DEGREE WHERE, UM, THOSE FUNDS HAD TO BE SPENT, HAD TO BE ALLOCATED IN A CERTAIN TIMEFRAME.
AND I THINK THAT TIMEFRAME IS JULY OF THIS YEAR.
AND ESSENTIALLY IF THOSE FUNDS WERE NOT SPENT, THEY WEREN'T ALLOCATED, THEY GO BACK TO DC AND IT WOULD BASICALLY BE A WASH.
AND I SEE DEVI NOT IN HIS HEAD, AND SO MAYBE HE COULD SPEAK MORE TO THAT BEFORE I SAY SOMETHING THAT'S NOT TRUE.
YEAH, THERE, THERE WAS A, UM, A PROJECT THAT SHE HAD, UM, SAY ANOTHER TAX CREDIT PROJECT SO THAT, THAT, UM, DIDN'T END UP USING THE, THE, THE, THE FUNDS AND UM, ON AN ANNUAL BASIS THE CITY HAS TO EXPEND A CERTAIN NUMBER OF OUR COMMUNITY DEVELOPMENT BLOCK GRANT FUNDS OR WE LOSE THEM.
SO THIS WAS THE PROJECT THAT WAS IDENTIFIED THAT WOULD BE ABLE TO UTILIZE THEM IN TIME.
YOU'RE SAYING TO LIE, BUT WE REALLY NEED TO HIT JUNE, WE, WE CLOSE TOMORROW TO ENSURE THAT WE DON'T, THOSE FUNDS ARE NOT JEOPARDIZED.
THAT I WOULD ADD TO, I MEAN, NORMALLY WE'RE NOT TRYING TO JUST PUT THE MONEY SOMEWHERE WHERE WE CAN SPEND IT.
I MEAN, BUT THERE ARE TIMELINES, ALL THESE PRO PROJECTS, IT'S, YOU KNOW, YEARS OUT.
SO WE'RE LUCKY TO BE ABLE TO HAVE SOMETHING TO ACTUALLY ALLOCATE THESE FUNDS, LIKE YOU SAID, NOT BE ABLE TO LOSE THEM SO THAT NEXT YEAR WE CAN, WE CAN HAVE THE SAME AMOUNT TO ALLOCATE TO, TO NEW PROJECTS AS WELL.
DIRECTOR TOLEDO, DID THAT ANSWER YOUR QUESTION? YEAH.
THANK YOU MR. POS, THANK YOU FOR THE PRESENTATION.
UM, CAN WE GET AN EXPLANATION AS TO WHAT THE PROCESS IS FOR THE C B G G FUNDS RIGHT NOW? BECAUSE I THINK IT'D BE AWFULLY EASY TO SPEND 10 MILLION AT 1% INTEREST.
SO THE CITY IS IN, IS ONE OF ABOUT 1200 ENTITLEMENT COMMUNITIES AROUND THE COUNTRY THAT RECEIVES, UM, FUNDING FROM THE US DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT.
I, AND I KNOW ALL THAT, BUT WHAT ABOUT THE PROCESS INTERNALLY HERE AT THE CITY? RIGHT, SO, SO THE PROCESS INTERNALLY IS WE HAVE A NOTICE OF FUNDING AVAILABILITY.
IT'S A STANDING SOLICITATION THAT DEVELOPERS CAN UTILIZE TO LEVERAGE CITY FINANCING TO SUBSIDIZE THEIR DEALS.
UM, THE, THIS PROJECT, UH, L D G APPLIED TO THE NOFA AND, UM, I BELIEVE THIS, IT'S, IT'S GOING TO COUNSEL, I SAY APRIL 12TH.
SO IT IS, IT'S ON PARALLEL TRACKS, UM, FOR COUNCIL TO CONSIDER THE $5 MILLION IN, IN FUNDING FOR THAT ON APRIL 12TH, WHILE IT'S ALSO SEEKING A GENERAL PARTNERSHIP FROM THE PUBLIC FACILITY CORPORATION.
SO IT NEEDS BOTH THE CITY FINANCING AS WELL AS THE GENERAL PARTNERSHIP.
AND THIS PRESENTATION SAYS THAT THIS IS A 10 MILLION CBD G YEAH.
DID I GET THAT NUMBER WRONG? ADD A 75 YEAR TAX ABATEMENT.
DO WE HAVE A, I'M SURE WE MUST HAVE A BUT FOUR ANALYSIS ON ALL OF THIS, AND HAVE WE REVIEWED FINANCIALS AND WHAT
[01:10:01]
OTHER TYPES OF FINANCING DO YOU PLAN TO HAVE? SURE.SO IT'S, IT'S A 10 TO BE CLEAR, IT'S 10 MILLION TO SEEG CLOSED.
AND, UH, WE WILL, I MEAN, THERE'LL BE, EVERYTHING ELSE WILL BE NORMAL, I GUESS, IF, QUOTE UNQUOTE.
SO THERE'LL BE A, A CONVENTIONAL LOAN.
I'M NOT EXPECTING TO USE ANY KIND OF PUN THROUGH FHA, ANYTHING LIKE THAT.
SO JUST KIND OF A, A CONVENTIONAL LOAN.
AND ALSO EQUITY, PROBABLY A PORTION FROM LDG, UH, AND THEN ALSO FROM EITHER REMAINING FROM US AS WELL, OR PERHAPS A THIRD PARTY EQUITY INVESTOR.
LIKELY SOME COMBINATION OF THE TWO WHEN IT'S ALL SAID AND DONE.
UH, BUT OUTSIDE OF THAT, NOT REALLY ANTICIPATING ANY OTHER ADDITIONAL CAPITAL SOURCES OF THOSE THREE THINGS.
AND I, I THINK YOU HAD A THIRD QUESTION, BUT I'VE ALREADY FORGOTTEN ONE.
IT WAS, AND YOU'RE PLANNING ON USING BRACEWELL AS YOUR ATTORNEY? UH, NO.
BRACEWELL REPRESENTS THE PUBLIC CITY CORPORATION.
I SAW THAT IN YOUR SOURCES AND USES, YOU SAID BRACEWELL? YES.
I'M, I'M ASSUMING THAT THEY WILL WANT TO, THEY'LL GET A FEE AT CLOSING.
I'M, I'M ASSUMING THAT THEY'LL WANT BE MADE, CERTAINLY CONFIRM.
THEY DON'T WANNA BE
UH, BUT YES, MA'AM, THAT, THAT'S INCLUDED IN THERE IS A FEE FOR, FOR BRISTOL, FOR THE, REPRESENTS THE PS C, THEIR WORK IN REPRESENTING YOU GUYS.
WELL, I'LL BE HONEST WITH YOU, I JUST THINK THIS SOUNDS LIKE A, A REALLY BIG LEAP.
75 YEAR TAX ABATEMENT, 10 MILLION AT 1% OR 40 YEARS YOU SAID.
AND THE PROJECT'S NOT TOTALLY PUT TOGETHER AT THIS POINT.
THAT'S ALL THE QUESTIONS I HAVE.
THANK YOU VERY MUCH, MONTGOMERY.
UM, JAKE, SO HELP ME UNDERSTAND THE, UH, THE, UH, THE ASSEMBLAGE.
SO I'M, I'M, THERE ARE THREE, UH, SOLES AT 99 99.
THIS TECHNOLOGY IS THAT, SO RIGHT NOW THERE'S ONE, UH, SO RIGHT NOW, THE WAY THAT IT'S SUBDIVIDED IS THE ARROW THAT I SHOWED OR WAS SHOWED ON THE SCREEN A FEW MINUTES AGO.
IT'S PLOTTED IN THAT OUTLINE IF YOU, OKAY.
AND SO THEN AS WE HOPEFULLY MOVE FORWARD THROUGH THE PROCESS, WHAT WILL HAPPEN IS THAT, UM, GENERALLY IN THE LAYOUT THAT YOU SAW IN THE CONCEPTUAL SITE PLAN, THE PROPERTY WILL BE SUBDIVIDED TO SEPARATE THE EIGHT 50 LOTS.
SO CURRENTLY THE ASSESSED VALUE ON THAT IS ALMOST 13 MILLION? THAT'S CORRECT.
AND THEY ARE PAYING THE CITY OF DALLAS, THE CURRENT OWNERS ARE PAYING THE CITY OF DALLAS $95,514.
PROPERTY TAX, PROPERTY TAX, UH, UM, AND THEN A TOTAL TO OTHER JURISDICTIONS OF $321,504.
SO WE'RE, WE'VE TALKED A LOT ABOUT, UM, THE TAX EXEMPTION.
SO THE, THE LEASE PAYMENT, UM, THE LEASE PAYMENT WILL COME TO THE PUBLIC FACILITY OR FOR USE ON, UM, HOUSING ACTIVITIES.
IS THAT, AM I ACCURATE ON THAT? AARON AND
SO THAT'S REVENUE ESSENTIALLY TO THE CITY OF DALLAS.
COULD YOU REMIND ME WHAT THE ANNUAL PAYMENT IS THAT YOU ARE COMPOSING? IT'S $425,000.
SO THAT'S GREATER THAN THE $95,514 THAT WE'RE CURRENTLY RECEIVING? THAT'S CORRECT.
UH, HAVE YOU REACHED OUT TO, UH, DISTRICT'S ACCOUNT DISTRICT? I HAVE MEMBER NAVAREZ ON WHAT THIS IS.
SO I, I'LL GIVE YOU THE, THE WHOLE STORY HERE BECAUSE I DON'T, I DON'T WANT TO MISREPRESENT ANYTHING.
SO, UH, I REACHED OUT TO COUNCILMAN NOVA'S OFFICE ABOUT A WEEK OR TWO AGO, I'M SORRY, DEPUTY MAYOR PROTON NOVA'S OFFICE ABOUT A WEEK OR TWO AGO.
UM, SENT HIM INFORMATION THAT WAS SIMILARLY SENT TO YOU GUYS.
HE EXPLAINED KIND OF THE PROJECT AND REQUESTED THE MEETING.
UH, AND SO THAT VERY EVENING, HIS COUNSEL LIAISON PERSON GOT BACK TO ME AND HE SAID, HEY, I'LL TAKE A LOOK AT THIS AND, AND FOLLOW UP WITH YOU FIRST THING IN THE MORNING.
SO THEN, UM, I THINK JUST ERROR ON THE SIDE OF CAUTION ON THEIR PART, THEY HAD REACHED OUT TO HOUSING AND SAID, HEY, DO THESE GUYS HAVE AN ACTIVE APPLICATION? WE WANNA MAKE SURE THAT WE'RE FOLLOWING PROCUREMENT RULES AND NOT BREAKING ANY RULES THERE BEFORE WE AGREE TO WITH THEM.
SO TO BE, IT'S MY UNDERSTANDING THAT YOU GUYS CONFIRMED THERE IS AN IMPACT AND ACTIVE APPLICATION.
AND SO I DON'T KNOW ALL THE RULES AND I'M CERTAINLY NOT TRYING TO BREAK 'EM, BUT IT'S MY UNDERSTANDING AT THAT POINT THEY CAN'T BE.
I WILL TELL YOU THAT, UH, WHEN SPEAKING WITH THIS COUNCIL LIAISON IN A FOLLOW-UP PHONE CONVERSATION, SHE DID INDICATE TO ME THAT SINCE IT WAS AN AFFORDABLE HOUSING DEVELOPMENT, UH, AND THAT WE WERE LOCKING DOWN TWO PHASES, 600 UNITS, ALL THAT GOOD STUFF, THAT HE WOULD VERY LIKELY TO BE SUPPORTIVE.
UH, I CAN ALSO TELL YOU THAT, UM, I DON'T KNOW WHAT OFFICE DARWIN WADE IS IN, BUT I KNOW THAT WERE YOU WITH IN THAT MEETING TOO, TO BE SO NO, NO, NO.
HE'S IN, HE'S IN, OH, HE'S IN HOUSING.
SO DARWIN WADE IN HOUSING, MET WITH, UH, DEPUTY MAYOR PRO TIM EZ ON FRIDAY.
I SPOKE WITH DARWIN YESTERDAY AFTERNOON.
UH, AND HE INDICATED THAT THE MEETING WENT VERY, VERY WELL.
AND HE WAS SUPPORTIVE OF IT AND EXCITED ABOUT
[01:15:01]
THE PROJECT, PARTICULARLY INSIDE ABOUT LOCKING DOWN, UM, TWO PHASES OF OVER 600 UNITS OF MIXED INCOME HOUSE.UM, SO I DON'T WANNA STAND UP HERE AND TELL YOU THAT I'VE MET WITH HIM, LOOKED HIM IN THE EYE, AND HE'S TOLD ME THAT HE'S SUPPORTIVE OF IT.
BUT ALL OF THE CONVERSATIONS WITH THE FOLKS THAT I'VE HAD INDICATED IT TO THAT POINT.
SO I DON'T WANNA PUT WORDS IN ANYBODY'S MOUTH OR ANYTHING LIKE THAT, BUT THAT'S, THAT'S WHAT'S HAPPENED TO THIS ONE.
THE REASON THAT I DID NOT MEET WITH ARMAS BEFORE WE SUBMITTED THE APPLICATION WAS JUST KIND OF GIVEN THE TIMING FACTOR OF THIS IS SUBMITTING THE APPLICATION, UM, WAS WHEN WE FIRST FIGURED OUT WHAT WAS GOING ON HERE, WE WERE KIND OF IN A RUSH TO GET THIS APPLICATION SUBMITTED.
AND FRANKLY, THAT'S JUST A MATTER ON MY PART OF, OF NOT GETTING TO MEET WITH HIM BEFOREHAND.
AND TOTALLY SLIPPED MY MIND ON THE, ON THE PROCUREMENT RULES.
SO, UH, THAT, THAT'S FRANKLY ON ME, BUT I JUST WANTED TO PUT THAT OUT THERE.
UH, MR. PAULS, UH, SHORT QUESTION.
WHAT CREATED THE RUSH TO GET THE APPLICATION IN? UH, WELL, IT GOES BACK TO KIND THE TIMING THAT I'M CONCERNED EARLIER, AS FAR AS THEY HAD TO EXPEND THE DOLLARS BY JULY.
AND SO I KNEW THAT IF WE WANTED TO BE COMPETITIVE WITH OUR APPLICATION, WE'D HAVE TO GET IT IN AS SOON AS POSSIBLE, SOONER.
CAUSE IT TAKES, I DON'T KNOW, THREE OR FOUR MONTHS TO EVEN GET SOMETHING ON THE COUNCIL OF THEM.
SO WHEN WE END UP IN THIS STATION WHERE WE'RE CRUNCHED FOR TIME, WE START IDENTIFYING MULTIPLE PROJECTS THAT COULD UTILIZE THE FUNDS.
AND THIS HAPPENS TO BE THE ONE THAT WAS ON THE FASTEST STREAM.
UNCERTAINTY OF EXECUTION, BUT WE STILL HAVE A LOT OF THINGS THAT WOULD HAVE TO BE RESOLVED IN ORDER TO MAKE THIS PROJECT MOVE FORWARD.
NOW STARTING WITH THEIR OWN FINANCING.
WE HAVE ANY OTHER COMMENTS OR QUESTIONS? TOLEDO, THANK YOU, CHAIR.
I WANNA BRING, I'M GONNA BRING UP ONE, ONE OTHER POINT.
UM, YOU KNOW, THERE'S BEEN A LOT OF DIALOGUE ABOUT PFCS AND CRITICISM AT THE STATE LEVEL, POTENTIAL LEGISLATIVE CHANGES.
ONE THING THAT DOESN'T, IT DOESN'T SEEM TO MAKE THE, MAKE IT INTO THE NARRATIVE, IS THE VALUE CREATION.
SO I JUST DID BACK OF THE NAPKIN ON THIS DEAL, IT'S $310 MILLION.
IT'S IN THE PROFORMA, THAT'S WHAT THEY'RE GONNA SPEND.
RULE OF 72 MONEY DOUBLES EVERY, IT'S 3% MONEY DOUBLES EVERY 24 YEARS.
SO 20 IN YEAR 25, THIS IS WORTH 610,000, 610 MILLION.
THAT DOUBLES AGAIN, YEAR 50 TALKING 1.2 BILLION, RIGHT? DOUBLES AGAIN, YEAR 75 WHEN THE HAND IS KEYS.
AND MY ANCESTORS, HOPEFULLY WE CAN'T.
AND YOU'RE 75 AND YOU'RE TALKING ABOUT A $2.4 BILLION ASSET.
NOW WE CAN TALK ABOUT DEFERRED MAINTENANCE AND CAPITAL IMPROVEMENTS AND ALL THAT STUFF, THEN THAT'S JUST, THAT'S, THAT'S NOT SCIENTIFIC AT ALL.
BUT I DO WANNA BRING THAT UP THAT, YOU KNOW, WE'RE CREATING AN ENORMOUS AMOUNT OF FUTURE VALUE FOR THE CITY, FOR THE RESIDENTS OF DALLAS, CITIZENS OF DALLAS.
SO WE TALK ABOUT ALL THE AFFORDABILITY AND AFFORDABLE HOUSING, 20,000, ALL THAT'S VERY MUCH TRUE.
BUT WE'RE ALSO, I THINK WE'D BE SHORTSIGHTED NOT TO AT LEAST RECOGNIZE THE, THE WEALTH CREATION FOR THE CITY OF DALLAS, YOU KNOW, DALLAS.
SO I JUST WANNA MAKE THAT POINT.
TO YOUR POINT, AND THEN, UH, ING ON, I MEAN, I DID A LOT OF THE
AND THERE IS AN ECONOMIC MULTIPLIER BY HAVING A GOVERNMENTAL ENTITY INVESTED PROJECTS.
AND YOU KNOW, I LOOK AT THIS NOT JUST AS WHAT IS THE MISSION OF THE P PFC, BUT WHAT ARE WE DOING FOR THE CITY OF TULSA AS A WHOLE? AND YOU SEE THIS MIGRATION NORTH, YOU SEE PEOPLE MOVING NORTH.
UM, ISN'T ABOUT TIME WE START THINKING ABOUT WHAT WE CAN DO, KEEP PEOPLE HERE.
AND, UM, WE'LL TALK ABOUT THE FOREST LANE PROJECT LATER.
BUT THERE'S SO MANY NURSES, MEDICAL TECHNICIANS, TEACHERS, UH, FIRST RESPONDERS THAT CAN'T AFFORD TO LIVE IN DALLAS ANYMORE BECAUSE THE RENTS WE LIKE.
SO WE NEED TO THINK ABOUT WHAT OUR PURPOSE IS IN TERMS OF MEMBERS OF, OF THIS BOARD AND NOT GET CAUGHT UP IN THE NOISE OF ZONING OR OTHER THINGS.
THEY'RE NOT WITHIN OUR JURISDICTION.
ANY FURTHER COMMENTS? HEARING NONE.
WE HAVE A MOTION ITEM NUMBER FIVE.
UH, ITEM NUMBER FIVE, DISCUSSION AND APPROVAL OF THE RESOLUTION AUTHORIZING AND NEGOTIATION EXECUTION OF A TERM SHEET FOR THE PARK AT NORTH POINT IN PARTNERSHIP WITH LDG DEVELOPMENT TO BE LOCATED AT 9 99 TECHNOLOGY BOULEVARD, WEST DALLAS, TEXAS.
[01:20:01]
ROLL CALL PLEASE? YES, PLEASE INDICATE WHETHER YOU VOTE IN FAVOR OR YES.DIRECTOR SCOTT HANSEL NEWSPAPER.
SUPPORT VICE PRESIDENT KEN MONTGOMERY.
VE MARK HOLMES FOR DIRECTOR ALLEN TAAS.
FOR DIRECTOR KEVIN WINTERS FOR DIRECTOR ZOE HOFFMAN FOR PRESENT STOP CALL.
AND DIRECTOR MARY FO OPPOSED PASSE.
MOVING ON ON NUMBER SIX, DISCUSSION AND APPROVAL OF A RESOLUTION AUTHORIZING THE NEGOTIATION AND EXECUTION OF A TERM SHEET FOR L LUR FAIR PARK AND PARTNERSHIP WITH LUR CAPITAL.
RE LOCATED AT 35 25 ASH LANE, DALLAS, TEXAS.
AARON INVITE, UH, MR. WADE HERE.
CLARKSBURG, I'D LIKE YOU TO DO, GO AHEAD.
CAN YOU STATE YOUR NAME AGAIN PLEASE? HI, CARL ANDERSON, UH, 2 99 CARLISLE STREET.
THANK, SO WE'RE EXCITED TO BE HERE TODAY.
UH, WE'RE, THIS IS A REALLY, I THINK, COMPELLING PROJECT.
IT'S THE FIRST NEW CONSTRUCTION MULTI-FAMILY PROJECT ON THE EAST SIDE OF 30 IN THE SECTION OF, OF DALLAS, THE FAIR PARK, UH, NEIGHBORHOOD, UH, CREATING, YOU KNOW, NEW AFFORDABLE MARKET RATE HOUSING WITHOUT REPLACING ANY EXISTING RESIDENTS, WHICH WE'RE EXCITED ABOUT.
WE'RE WORKING TO BRIDGE THE EXISTING DIVIDE BETWEEN
THIS IS ONE OF THE KIND OF FEW BIG CITY BLOCKS THAT JUST SERVES AS A PARKING FOR FAIR.
THAT'S ALL, THAT'S ALL IT DOES.
SO THERE'S A LITTLE ODE ON THE CORNER.
UM, OTHER THAN THAT, IT'S, IT'S KIND OF WASTELAND.
DOESN'T REALLY PRODUCE MUCH INCOME TAXES.
UH, WE THINK THAT THIS IS, IT'S RIPE FOR REDEVELOPMENT.
IT'S A PERFECT LOCATION FOR A PFC PROJECT WITH THE CITY.
UH, WE HAVE, UH, YOU KNOW, NEARBY MEDICAL CENTERS, SCHOOLS, AND, UM, A LOT TO DRAW FROM AS FAR AS RESIDENCY.
SO IF WE CAN GET INTO THE DECK.
SO THAT'S JUST AN AREA OVERVIEW.
EVERYONE KNOWS WHERE, WHERE PARK IS, AND THIS IS ONE OF THE TWO BIG, BIG LOTS ON THE WAY IN, UM, FIXED PAST THAT.
SO AFTER THE INFORMATION, I'LL GIVE A LITTLE BIT ABOUT OURSELVES.
SO OUR COMPANY IS LARGE FOR CAPITAL.
WE HAVE BUILT, WE HAVE IN DEVELOPMENT THOUSANDS OF APARTMENT UNITS IN CITY OF DALLAS AND FORT WORTH.
THIS TABLE ONLY SHOWS CITY OF DALLAS.
AND WE'VE, WE'VE DONE A TON EAST DALLAS, UM, OVER, OVER THE PAST 10 YEARS.
WE ACTUALLY ARE WRAPPING UP ANOTHER PROJECT IN DEPOT RIGHT NOW, JUST THE PEOPLE BLOCKS FROM THIS ONE.
WE HAVE A SECOND PROJECT STARTING IN DE SUMMER, JUST, UH, WAITING ON, UH, GETTING INTO THE CITY AND GETTING AWAY PERMITTED.
AND WE'LL GET GOING IN THE SUMMER.
AND THEN WE CAN TIP FORWARD TO THE, THE EXECUTIVE SUMMARY.
SO THIS IS A 290, 290 UNIT WRAP STYLE, MULTI-FAMILY BUILDING.
IT WILL TAKE UP VIRTUALLY THE WHOLE CITY WALK.
THERE'S ONE PARCEL THAT HAS A BILLBOARD, WELL, THERE'S TWO PARCELS THAT HAVE BILLBOARDS.
ONE WE CONTROL, WE'RE GONNA VACATE THE OTHER ONE'S OWNED BY THE BILLBOARD OPERATOR.
UM, BUT OTHER THAN THAT, THE WHOLE CITY BLOCK, UH, COMPRISES THE DEVELOPMENT.
SO IT'S A 200,000 SQUARE FOOT, UH, PROJECT THAT HAS A DEVELOPMENT COST OF 70 MILLION.
WE CAN FILL THE PROJECT BY RIOT.
IT'S NPD 2 69, WHICH, WHICH ALLOWS US USE CURRENTLY.
SO WE CAN PROBABLY SKIP TO AMENITIES.
I WON'T GET INTO THE NUANCES OF THE UNIT MIX UNLESS THERE'S QUESTIONS, BUT, SO THE PROJECT'S HIGHLY AMENITIZED, UM, BECAUSE WE HAVE THAT BILLBOARD TRACK, ANDIT ADJACENTLY THAT WE CAN'T USE BECAUSE OF THE FUTURE, UH, TECH OP PROJECT AT BARING I 30, WE ARE BUILDING A PRETTY LARGE PARK, BUT WE TYPICALLY, YOU DON'T SEE IT PROJECTS
[01:25:01]
LIKE THIS CAUSE WE HAVE A HUNDRED PERCENT LOCK COVERAGE.WE DON'T OFTEN HAVE LAND LAYING, LAYING NEXT TO US THAT WE CAN USE AT A VERY LOW COST.
SO WE HAVE A LARGE PARK OUTSIDE OF THE PROJECT ON OUR PROPERTY.
UH, THE DOG PARK, OUTDOOR GRILLS FIREPLACE, UH, WE HAVE A POOL DECK.
UH, MAKING IT VERY PET FRIENDLY.
AND WE'RE TRYING TO MAKE THIS AREA, WE WANT IT TO BE MORE WALKABLE.
THERE'S RETAIL ACROSS THE STREET FROM US.
AND, UH, WITH PUTTING IN INFRASTRUCTURE LIKE THIS ENTIRE CITY BLOCK IN AN AREA WHERE THERE'S NOT EVEN CURRENTLY SIDEWALKS, A LOT OF TIMES WE'LL BE BUILDING IT INTO THE PD 2 69 STANDARDS, WHICH REQUIRE, UH, EIGHT FOOT SIDEWALKS, PARKWAYS, PEDESTRIAN LIGHTING, PEDESTRIAN AMENITIES, BENCHES, TRASH CANS.
WE CAN SKIP TO A FEW FORWARD TO THE CONCEPT RENDERS.
SO WE'VE TRIED TO PULL IN, THERE'S OBVIOUSLY A LOT OF ARCHITECTURAL CONTEXT AND THE, AND THE NEIGHBORHOOD WITH BEAR PARK, AND ITS OF ART DECO BUILDINGS.
SO WE'RE TRYING TO PULL IN THE ART DECO ARCHITECTURAL ELEMENTS FROM FAIR PARK, WHICH I THINK WE'VE DONE A GOOD JOB DOING.
UH, THERE'S THIS BIG, YOU KNOW, CASTO ELEMENT IN THE CENTER.
THE TOP LEFT IMAGE IS THE FRONT OF THE PROPERTY.
IT FACES ASH, IT ALSO FACES TOWARD FAIR PARK, WHERE THE MUSIC HALL.
SO WE'VE ORIENTED THE BUILDING TO FACE FAIR PARK, AND, UH, BUT WE, THERE'S NO BACK OF HOUSE SECTION OF THE BUILDING.
YOU CAN SEE SOME OF IT FROM MY THIRD.
YOU CAN SEE IT FROM ALL DIFFERENT DIRECTIONS.
SO IT ALL REALLY LOOKS THE SAME.
WE DIDN'T JUST SLAP, YOU KNOW, PARTY ON THE BACK, UH, AND THE AREA THAT WE THINK PEOPLE WON'T LOOK.
I THINK THAT'S, THAT'S EVERYTHING RELEVANT HIGH LEVEL FROM OUR DECK.
WE'RE HOPING TO START CONSTRUCTION END OF THE YEAR, UM, IF WE CAN GET APPROVAL AND, UH, KEEP MOVING FORWARD, UM, AVAILABLE FOR ANY QUESTIONS.
I'LL OPEN THE FORM FOR THE DISCUSSION.
SO, UM, YOU KIND SKIPPED MUTE, SO I'LL GO BACK.
THE, SO THE 290 UNITS, UH, HUNDRED 19 I THINK ARE STUDIO, ANOTHER 120, GIVE OR TAKE ARE, UH, ONE BEDROOM AND THERE ARE 59 2 BEDROOM, SOMETHING LIKE THAT.
SO I GUESS UNIT MIX CONCERNS ME, UM, BECAUSE WE, I I THINK THAT SKEWS THE AFFORDABILITY, UM, OF THE, OF THE PARTICULAR UNIT.
SO HAVING, UH, ALMOST HALF A STUDIO IS A LITTLE BIT OF A, A CONCERN.
TELL ME A LITTLE BIT ABOUT HOW YOU LANDED ON THAT, THAT UNIT MIX AND WHAT OTHER UNIT MIXES YOU.
UM, UH, WHAT OTHER UNIT MIXES YOU'VE CONSIDERED? SO IT'S, I THINK IT'S, I MEAN, IT'S 108 OVER TWO 90, SO MAYBE CLOSER TO 27% OR SOMETHING.
SO THE, WE DO THIS AS A MARKET UNIT MIX.
IF YOU LOOK AT, IF YOU DO A SURVEY AREA OF MARKET RATE PROJECTS THAT ARE, UH, YOU KNOW, RECENT CONSTRUCTION, WE TRY TO SOLVE FOR 70% OF UNIT MIX BEING STUDIOS AND ONE BEDS AND 30% TWO BEDS.
AND SO I THINK WHAT WE'VE DONE IS WE'VE FOLLOWED, WE'VE LOOKED AT THE COMPS, WE SEE HOW, HOW THOSE UNIT TYPES PERFORM, WHAT PERFORMS THE BEST AND TRY TO TRY TO ATE.
THAT'S KIND OF MORE AN ART THAN A SCIENCE.
AND THEN, UM, ONE, ONE FINAL QUESTION ON THE, THE, UM, TAXES.
SO YOU'RE, UH, YOU'RE TAKING OVER THAT, UM, OR YOU'RE GONNA TEAR DOWN THAT BODEGA THAT'S THERE.
UM, AND THERE'S NOTHING ELSE ON THE PROPERTY THAT PROPERTY CURRENTLY HAS.
UM, CITY OF DALLAS TAXES AT 3,656, SOMETHING LIKE THAT.
UM, AND THEN REMIND ME WHAT, UM, THE, UH, THE LEASE PAYMENT WOULD BE? THREE.
THREE, I'M SORRY, 3 80, 300 80,000.
HUNDRED TONS REVENUE THAT WE'RE RECEIVING NOW IN THE CITY.
RECORD HOUSE ONE ONE QUICK QUESTION.
UM, ON YOUR SOURCES OF FUNDS, UM, THEY'VE GOT RE ALL BUT THERE'S A TITLE THERE.
BANK LOAN OF 55% AND THEN, UH, UH, EQUITY IS 65%.
SO YOU'RE GONNA 45% EQUITY, 20% ON THE PROJECT, RIGHT? YES.
PS DO YOU CURRENTLY HAVE ALL OF YOUR FINANCING LINED UP FOR THIS PROJECT? WE DO.
OUR EQUITY PARTNERS ARE REPEAT INSTITUTIONAL PARTNER.
WE'VE DONE SEVERAL PROJECTS WITH, AND OUR DAD IS A, UH, LOCAL BANK.
[01:30:01]
BANK, YES.UM, WHERE DID YOU GET THE IDEA TO PARTICIPATE IN THE DEEP ELUM TIP? WE, SO WE'RE TRYING TO, A, AS RATES HAVE CONTINUED TO INCREASE AND LOOK LIKE THEY'RE GONNA CONTINUE TO INCREASE FOR, FOR AT LEAST A FEW MORE TIMES THIS YEAR.
THE EX THE, THE REQUIRED GOING IN YIELD ON COST THAT EQUITY INVESTORS DEMAND IN ORDER TO MAKE A PROJECT INVESTIBLE HAS RISEN COMMIT.
SO AS THE ENTIRE KIND OF RATE SPECTRUM HAS GONE UP, YOU KNOW, CAP RATES GO UP, YOU'RE GOING AND YIELD REQUIREMENT GOES UP.
AND SO NO ONE IS, IS BUILDING ANYMORE TO, YOU KNOW, A FOUR AND A HALF OR 5% YIELD LIKE THEY WERE 20 20, 20 21 BECAUSE YOUR COST OF DEBT IS NOW ALL NARROW CONSTRUCTION, ONE OF THOSE PROJECTS.
SO R PLUS 300, SO SEVEN AND HALF PERCENT, UH, BY THE TIME WE CLOSE AND MAYBE EIGHT AND A HALF, 9%.
AND SO YOU HAVE NEGATIVE LEVERAGE DAY ONE.
YOU CAN'T, THE ECONOMICS DON'T WORK.
AND SO WHAT WE'RE TRYING TO DO WITH THE TIP FUNDS IS TO BRIDGE THE GAP.
AND THAT, THAT GETS US TO ABOUT SIX AND A HALF PERCENT GOING IN YIELD ON COSTS.
WE'RE AT SIX, SIX THROUGH FOUR WITHOUT IT.
AND SO THAT IS WHERE WE NEED TO ENTICE AN EQUITY INVESTOR, UH, TO INVEST IN THE PROJECT.
AND THAT'S JUST KIND OF A SIX AND HALF IS A RULE THUMB.
HAVE YOU TALKED TO THE TIP ABOUT THAT? YES, YES.
WE'VE TALKED TO STAFF AND THE TIP, UH, BOARD CHAIRMAN, BECAUSE, YOU KNOW, A TIP, A TIP IS DESIGNED TO INCREASE THE TAX VALUATION IN THE GEOGRAPHICAL AREA MM-HMM.
AND IF YOU EXPAND THE TIF TO INCLUDE YOU, AND YOU DON'T PAY ANY TAXES, BUT YOU WOULD BE EXPECTING A PORTION OF THEIR REVENUES, WHICH IS GONNA REALLY DIMINISH THE VALUE OF THE TIF FOR ALL OF THE OTHER PARTICIPANTS.
SO I'M JUST HAVING A REALLY HARD TIME UNDERSTANDING WHY THEY WOULD EVEN TALK ABOUT THAT.
I MEAN, SO DORSEY DID SAY THIS WOULD BE A GUINEA PIG BECAUSE IT'S NOT, IT WOULDN'T BE ON THE TAX RULES.
UM, I, I DON'T THINK THERE WAS A LEGAL OBSTACLE OR ANYTHING ELSE, IT'S JUST HAVING TO WORK THROUGH IT TO FIGURE IT OUT.
SO THE DEBE AND T, SO WE SIT IN THE EXISTING BOUNDARIES OF DEBE AND TIFF.
SO WE'RE NOT ASKED, WE'RE NOT BEING ASKED TO BE LOOPED IN OR HAVE A SPOT TIFF.
UM, WE IDEN, I MEAN THAT TIFF HAS, I SIT, SIT ON THE BOARD OF PAYPAL FOUNDATION.
WE HAVE SOME, UH, ANCILLARY, UM, INTERACTIONS WITH ETF AND IT HAS A TON OF MONEY.
IT'S GONNA EXPIRE IN THREE YEARS.
AND WE DIDN'T WANT TO TAP INTO IT BECAUSE WE, AT THE DEEPAL FOUNDATION WE'RE, WE WANNA USE SOME OF THAT MONEY TO HAVE DISTRICT DO SOME DISTRICTWIDE IMPROVEMENTS.
UM, BUT TOP CONSTRUCTION COSTS.
SO JUST NOT DEBATED TO THE POINT WE, WE THOUGHT WE'D START SEEING THEM COME DOWN.
AND WE'VE SEEN A COUPLE THINGS TRICKLE DOWN, BUT COSTS REMAIN EXTREMELY ELEVATED AND CHALLENGING.
AND THAT'S ACTUALLY MORE CHALLENGING THAN THE HIGHER EIGHT ENVIRONMENT FOR US.
UM, INSTEAD THE TIF FUNDS BRIDGE THAT GAP AND GET US THAT REQUIRED YIELD THAT EQUITY INVESTORS WANNA SEE.
BUT TO EXPAND THE TIFF, YOU'D HAVE TO HAVE THAT ENTIRE TIP APPROVE IT, AS WELL AS HAVE THE COUNCIL APPROVE IT.
AND WE DO SUPPORT OF THE BOARD, THE TIP BOARD CHAIR FOR THE PROJECTS MORE ON THE TIP, WHAT IS 3.5 MILLION BEFORE.
SO IT'S BASICALLY KIND OF THE FUNDING GAP THAT WE NEED TO GET TO THAT REQUIRED YIELD.
AND SO V STRUCTURE, I THINK IS AN AFFORDABLE HOUSING GRANT.
FROM THE TIPS PERSPECTIVE, UH, THIS TIP'S NEVER DONE AFFORDABLE HOUSING.
I THINK THE ONLY MULTIFAMILY IT'S DONE, THE PROJECT THAT WAS EXPANDED TO INCLUDE A COUPLE YEARS AGO, OLD HIGH
UM, SO IT'D BE STRUCTURED ACCORDING TO STAFF AS A, UH, AFFORDABLE HOUSING BRAND, STRICTLY A GRANT.
NO PUBLIC IMPROVEMENTS, UTILITIES, LIKE, WELL, WE, I MEAN, IN REALITY WE HAVE A MASSIVE, UH, SANITARY SEWER RIGHT.
TO RELOCATE THAT SERVES SEVERAL PROPERTIES TO THE WEST OF 30 THAT WERE, I'M GONNA REROUTE, UH, DOWN, DOWN OAK AND THEN EAST IN, UH, IN SECOND AND THEN, AND THEN DOWN THAT NEXT BLOCK.
AND SO THAT'S, THAT'S GONNA BE A, YOU KNOW, MILLION DOLLAR PLUS PROJECT.
AND THEN WE HAVE SITE IMPROVEMENTS AROUND THE ENTIRE PROJECT THAT ADHERES TO PD 2 69 REQUIREMENTS, WHICH ARE THE DEVELOPMENT PD.
UH, SO, WHICH ARE EXPENSIVE TO BUILD NEAR OTHER PARTS OF THE STATE.
ALL THOSE EXPENSES ARE IN YOUR PROJECT? THAT'S CORRECT.
BUT THE 3.5 MILLION THAT YOU'VE REQUESTED IS NOT IN THE BUDGET.
SO WHEN WE UNDERWROTE THE PROJECT OR DID BUT FOUR TEST, WE DID NOT INCLUDE THE 3.5.
IT'S A POTENTIAL SOURCE FOR THIS PROJECT.
SO WE DON'T KNOW IF IT, IF, IF IT MEETS THE VET FOUR TEST.
CAUSE WE DON'T KNOW IF YOU'RE GONNA GET THE 3.5.
AND THAT'S, WE BATTLE WITH THAT AND WE DON'T KNOW IF WE'RE GET THREE AND A HALF FROM THE, THE TIFF.
YOUR OTHER PROJECTS, YOU HIGHLIGHTED WILLOW AND JUNIPER, I'M NOT
[01:35:01]
FAMILIAR WITH THE AREA.UM, HOW LONG AGO WERE THOSE COMPLETED? WILLOW IS IN LEASE UP NOW.
AND THEN JUNIPER BREAKS AROUND THE SUMMER.
AND THEY'RE PRESUMABLY ALSO IN THET.
DID TOOK FUNDING FOR THOSE PROJECTS.
NO, THE ECONOMICS WOULD NOT WORK.
AND THAT'S WHY NO ONE TAKES, I MEAN, IT, THE LOT OF MULTIFAMILY DEVELOPERS DON'T USE TIPS IN THE CITY OF DALLAS BECAUSE THE 20% AFFORD REQUIREMENT, UH, RENDERS THE PROJECT.
SO IS IS THIS PROJECT, HOW IS THIS PROJECT DIFFERENT THAN THOSE OTHER PROJECTS? WELL, SO THAN THE FUNDING NEXT.
SO THIS PROJECT'S, IT ALREADY HAS THE 50% OF AFFORD REQUIREMENTS.
SO THE 20% REQUIREMENT FROM THE TIP IS NOT
I MEAN, THE LOOK AND FEEL OF THE PROJECTS.
ARE THEY VIRTUALLY THE SAME? UM, THOSE ARE MUCH MORE EXTENSIVE BUILDINGS.
AND SO THEY HAVE TWO THROUGHOUT TWO AND A HALF OF STRUCTURED PARKING, THEY GO UNDERGROUND.
UM, SO IT'S A REALLY, IT'S A DIFFERENT ANIMAL.
THOSE, THOSE PROJECTS MIGHT EVEN BE FEASIBLE TODAY BASED ON WHERE COSTS ARE GOING.
AND SO CAUSE THEY'RE THAT WAY, THAT'S WHY THEY'RE NOT IN THE SEEK TO FUND.
UM, WELL THE, THE TIF, IF YOU, IF WE RESTRICTED 20% OF THOSE BUILDINGS, YOU CAN ONLY, WITHOUT HAVING AN AFFORDABLE HOUSING GRANT, YOU CAN ONLY GO AFTER A SPECIFIC LINE ITEMS THAT YOU FELT TO LIKE SITE AND DO EVENTS FOR UTILITIES.
UH, SO TO GET, YOU KNOW, A MILLION BUCKS OR 2 MILLION BUCKS DOES NOT MAKE ANY, ANY SENSE AT ALL TO TAKE, TO RESERVE 20% OF YOUR UNITS TO BE AFFORDABLE.
SIR, YOU GOOD? WE HAVE ANY OTHER COMMENTS? WELL QUESTION DR.
SIMPSON, THANK YOU FOR YOUR PRESENTATION.
TELL US ABOUT, UH, THE PARKING.
YEAH, WE'RE PARKED AT A, WHAT WE VIEW AS A MARKET RATIO.
SO DALUM HAS ONE, THE PD HAS ONE OF THE LOWEST PARKING REQUIREMENTS IN THE CITY.
IT'S AT ONE PER UNIT, IT SAID ONE PER BEDROOM, UH, NO GUEST PARKING REQUIREMENT.
SO WE'VE PARKED MORE THE MARKET RATIO, I THINK WE'RE AT 1, 2, 3, 1 0.23 PER DOOR, WHICH, YOU KNOW, UM, THERE PROJECT'S IN
IT OBVIOUSLY WOULD SAVE US A TON OF MONEY TO DO THAT.
AND WELL, THAT'S CONCRETE, WHICH IS CONCRETE'S ONE OF THE BIGGER, BIGGEST PROBLEMS RIGHT NOW, COSTWISE.
BUT WE WANT THIS, THIS IT, WE CAN'T UNDER PARK A PROJECT.
IT WOULD, WE WOULD, UM, HAVE, THAT'S ONE OF THE TOP TWO REASONS PEOPLE LEAVE IS PARKING ISSUES.
SO WE HAVE HIGHER TURNOVER, HIGHER COSTS, WE GET A REPUTATION.
SO WE PARK IT AT A MARKET LEVEL.
SO ALL OF YOU PARKING, UH, WITHIN THIS PODIUM STYLE, IT'S, IT'S ALL WRAPPED.
AND, AND SO EVEN FACING I 30, WE DON'T, IT'S RAPID UNITS.
WHAT ABOUT YOUR, UH, INGRESS? EGRESS? THE MAIN INSURANCE IS OFF ASH, BUT THERE'S ALSO AN ENTRANCE OFF OF FIRST.
SO MOVING TRUCKS AREN'T CLOGGING FIRST.
THEY'RE PULLING INTO OUR PROPERTY HAND.
UM, I HAVE A, I HAVE A COMMENT AND A QUESTION.
UH, FIRST I WANNA SAY THANK YOU FOR THE PRESENTATION.
UM, FIRST THE QUESTION WE'RE THIS, THIS PROJECT IS IN SOUTH DALLAS, RIGHT? JUST WANNA MAKE SURE THAT WE'RE THAT'S RIGHT.
AND AS I'M LOOKING AT YOUR, HERE ON YOUR PRESENTATION ON POINT 10 AND 11, INCLUSION AND ENGAGEMENT, UH, AS I, AS I'M READING, I I DON'T, I DON'T SEE ANYONE OR ANY ENTITY THAT YOU, THAT THAT, THAT WAS MADE ON THIS EFFORT TO ENGAGE WITH ANYONE FROM THAT, FROM THAT COMMUNITY, UH, FROM THE SOUTH DALLAS COMMUNITY.
I WOULD, I WOULD AT LEAST HAVE, WOULD EXPECTED THAT, THAT IF YOU'RE BUILDING SOMETHING DOWN THERE THAT, UH, SOMETHING LIKE A DIANE RAGSDALE WOULD'VE POPPED UP ON YOUR
AND I, AND I, AND I DON'T SEE IT.
UM, I SEE THAT YOU SPOKE WITH, UH, THE DEEP DEVELOP FOUNDATION, UM, BUT I, I'M, I'M, MY CONCERN IS THAT, UH, JUST BASED ON THE EXPERIENCE THAT WE JUST WENT THROUGH EARLIER, UH, THAT ANY DEVELOPMENT THAT DOESN'T HAVE AN ADEQUATE COMMUNITY ENGAGEMENT OR, OR ROBUST COMMUNITY ENGAGEMENT, AND I'LL BE JUST QUITE FRANK, UH, THAT YOU'RE GONNA BUILD IN THEIR, ON THEIR BACKYARD AND THEY'RE, AND THEY DON'T KNOW WHAT'S COMING.
UH, IT, IT IS GOING, IT IS GOING TO, IT'S, IT IS GONNA HAVE OPPOSITION.
[01:40:01]
IS THAT, UM, THAT YOU GO BACK AND MAKE SURE THAT YOU'RE SPEAKING WITH LEADERS OUT THERE, UH, WHO ARE VERY INVESTED IN THEIR COMMUNITY, UH, WHO DEFINITELY WANT THEIR COMMUNITY TO THRIVE.UH, BUT THE LAST THING THAT THEY WANT IS TO FEEL THAT, THAT THEY'RE, THAT THAT THEY'RE BEING, UH, WELL, I MEAN, ME BE, MY COMMUNITY HAD BEEN GENTRIFIED BEING GENTRIFIED AND THAT IT'S BEING DONE IN A MANNER IN WHICH THEY'RE NOT BEING ACTUALLY INCLUDED.
AND AGAIN, I'M NOT SAYING THAT YOU HAVEN'T, UH, BECAUSE THAT ALL THAT IS RELATIVE.
UH, BUT I WOULD, I WOULD DEFINITELY ENCOURAGE FOR YOU TO GO AND, AND TRY TO GET ACTUAL PEOPLE THAT ARE THERE DAY IN AND DAY OUT ADVOCATING FOR THAT COMMUNITY, UH, BECAUSE THEY WANT, THEY NEED HOUSING.
WELL, WE ALL NEED IT, RIGHT? BUT, UH, I, I WOULD LIKE TO HAVE, I WOULD LIKE TO KNOW WHAT, WHAT, WHAT THEY THINK, UH, OR AT LEAST FOR YOU TO KNOW WHAT THEY THINK, BECAUSE I'M GONNA DEFINITELY GET ON THE PHONE
BUT IT, IT, IT, IT DEFINITELY STARTS WITH YOU SINCE YOU'RE THE ONE THAT'S ASKING, UH, FOR US TO SUPPORT IT.
AND THEN BY PROXY, YOU'RE ASKING THE COMMUNITY, THE SOUTH DALLAS COMMUNITY AND THE E EVERYONE THAT LIVES THERE TO ALSO SUPPORT THIS PROJECT.
UH, I DON'T LIVE IN SOUTH DALLAS, BUT THEY'RE, THEY'RE, THEY'RE, THEY'RE, THEY'RE A COMMUNITY THAT'S JUST LIKE MINE IN WEST DALLAS.
SO, UM, SO I'M DEFINITELY SPEAKING UP, UH, FOR THEM.
SO, UM, AGAIN, YOU DON'T HAVE TO ANSWER IF YOU HAVE IT OR NOT, BUT THAT'S, THAT'S MY ENCOURAGEMENT FOR YOU TO GO AND, AND, AND, AND BE MORE PURPOSEFUL IN YOUR ENGAGEMENT.
AND THANK, THANK YOU FOR YOUR COMMENTS.
AND WE, WE TYPICALLY ALWAYS ARE WITH ANY OF OUR PROJECTS, WHETHER WE'RE SEEKING, YOU KNOW, IN ANY ENTITLEMENTS OR NOT.
UM, AND IN THIS CASE, YOU KNOW, PFC PARTNERSHIP, UM, WE, WE'VE HAD A CHALLENGING TIME GETTING ANYONE TO, YOU KNOW, RESPOND TO US.
UH, WE DON'T HAVE ANY IMMEDIATE RESIDENCE IN THE AREA.
UM, IN FACT, WE'RE REZONING A SITE A FEW BLOCKS TO THE NORTH OF, OF THIS ON THE OTHER SIDE OF THE DART LINE.
AND EVEN REZONING, WE CAN'T GET PEOPLE TO TALK TO US.
THEY DON'T, THEY JUST DON'T HAVE AN INTEREST.
WE NO OPPOSITION, BUT THEY JUST DON'T HAVE AN INTEREST IN TALKING TO US.
WE HAVE REACHED OUT SINCE WE PUT THIS SLIDE TOGETHER.
WE'VE TALKED TO FAIR PARK FIRST.
UM, LET'S SEE, WE'VE MENTIONED IT IN OUR REZONE, UH, AT THE, THAT PRIVATE'S IN A DIFFERENT COUNCIL DISTRICT, BUT IT'S JUST IN FEW, FOUR BLOCKS AWAY.
WE'VE TALKED TO THE ADJACENT PROPERTY OWNER THAT OWNS ALL THE 1920S ZONE OR 1920S VINTAGE PROPERTY ALONG COMMERCE ALONG EXPO ON THIS SIDE OF 30.
UM, SO WE'VE, WE'VE TALKED TO ADJACENT PROPERTY ON OUR CROSS FIRST.
SO WE'VE, WE, I, WE'VE TRIED TO REACH OUT TO RESIDENTS, BUT, AND I'M SURE WE CAN DO A BETTER JOB DOING THAT.
SO I WILL MAKE A COMMITMENT THAT WE WILL TRY TO TRACK DOWN NEIGHBORHOOD LEADERS AND, AND GET FRONT OF THEM.
WE JUST HAD A HARD TIME MEETING PEOPLE TO THAT WANNA MEET WITH US.
UH, ANY OTHER COMMENTS OR QUESTIONS ON THE BOARD SAYING NONE ON ZOOM OR HERE IN PERSON? ITEM NUMBER SIX, DISCUSSING AN APPROVAL OF A RESOLUTION AUTHORIZING THE NEGOTIATION OF EXECUTION OF THE TERM SHEET FOR LOCKFORD FAIR PARK AND PARTNERSHIP WITH LUXFORD CAPITAL.
WE LOCATED AT 35 25 ASHLAND, DALLAS, TEXAS.
THEN WE HAVE A MOTION ON THE FLOOR.
MOTION MOTION BY, UH, DIRECTOR TOLEDO SECOND.
SECOND BY DIRECTOR CALLIS VOTE.
IF YOU CAN INDICATE WHETHER YOU'RE OR, OR AGAINST, IF I CALL YOUR NAME, DIRECTOR AGAINST DIRECTOR STINSON AYE.
DIRECTOR REYES, DIRECTOR REYES AGAINST DIRECTOR TOLEDO FOUR.
DIRECTOR WINTERS AGAINST DIRECTOR.
ARE YOU STUDYING DIRECTOR HAMAN? YES.
BUT NOW I'M GONNA HAVE TO ROLL OFF.
UM, PRESIDENT PALM MCCA FOR DIRECTOR PO AGAINST
[01:45:03]
SEVEN FOUR AGAINST MOTION PATSON LINDA ON ITEM NUMBER SEVEN, DISCUSSION AND APPROVAL OF A RESOLUTION AUTHORIZING THE NEGOTIATION EXECUTION OF A TERM SHEET FOR STANDARD SILVER LINE IN PARTNERSHIP WITH AHA PARTNERS TO BE LOCATED AT 78 25 MCALLEN BOULEVARD, DALLAS, TEXAS OF A PRESENTATION.CAN YOU STATE YOUR NAME? YES, MY NAME IS KURT PRESLEY.
I RE REPRESENT THE APPLICANT SOHA HOLDINGS TODAY.
I'VE BEEN ASKED TO KEEP MY COMMENTS BRIEF.
UM, I BELIEVE YOU ALL HAVE THE PACKET IN FRONT OF YOU.
UM, SO I JUST WANNA SHARE A LITTLE BIT ABOUT WHO WE ARE, UM, WHAT WE'VE DONE, WHAT WE'VE DONE IN DALLAS, AND WHAT WE'VE DONE HERE WITH THE DPFC, AND ALSO WHY WE THINK WE'RE PROPOSING A VERY UNIQUE OPPORTUNITY TODAY.
SO THANK YOU FOR CONSIDERATION.
THANK YOU TO THE COUNCIL OR TO ME, THE CITIZENS THAT CALLED IN AND EXPRESSED THEIR OPINIONS EARLIER.
I HOPE YOU'VE BE ABLE TO STAY ON THE FALL BECAUSE I THINK A LOT OF THE POINTS YOU ADDRESS ARE ABSOLUTELY CORRECT AND ARE GOING TO BE DIRECTLY ADDRESSED BY WHAT WE'RE PROPOSING TODAY.
SO, UM, STARTING THROUGH THE SLIDES, FLIPPING AHEAD TWO PAGES.
UM, SO AHAS DALLAS SPACE COMPANY.
WE'RE A LEADER IN MIXED INCOME AND AFFORDABLE HOUSING ACROSS THE STATE OF TEXAS.
UH, WE'VE DONE, I THINK, ALMOST 20 PUBLIC PRIVATE PARTNERSHIP TOO ACROSS THE STATE OF TEXAS THAT ENCOMPASSED PERMANENT SUPPORTIVE HOUSING, LOW INCOME LITECH HOUSING, AND ALSO POC HOUSING.
IT'S BEEN, UH, NEARLY 6,000 UNITS TO DATE.
WE'RE VERY PROUD OF OUR TRACK RECORD.
UM, FLIPPING AHEAD TWO SLIDES, YOU'LL SEE TWO RENDERINGS OF OUR UPCOMING DOS PROPOSALS THAT THIS BOARD HAS APPROVED IN THE PAST, BECAUSE IF WE HAVE NOT BEEN IN OF YOU IN ALMOST A YEAR, I DID WANNA SHARE A BRIEF UPDATE ON WHAT YOU'RE SEEING ON THE LEFT, WHICH IS THE STANDARD SHORTLINE AND WHAT YOU'RE SEEING ON THE RIGHT, WHICH IS THE PROPOSED RENDERING INTO STANDARD WEST COMMERCE.
UM, THESE PROJECTS, I'M PROUD TO SAY BOTH RECEIVED UNANIMOUS CPC APPROVAL OVER THE PAST YEAR.
UM, WEST COMMERCE HAS RECENTLY, I BELIEVE, TWO WEEKS AGO, UM, IT'S BEEN A, IT'S BEEN A LONG PROCESS WITH A LOT OF STAKEHOLDER AND COMMUNITY SUPPORT, AND WE'RE VERY PLEASED TO GIVE THE PFC AN UPDATE THAT BOTH, UM, PROJECTS ARE MOVING AHEAD FOR A CLOSING THIS YEAR.
NEXT, UM, JUST SOME TRACK RECORD PICTURES.
UM, FOR THOSE OF YOU THAT ARE FAMILIAR WITH US, YOU'VE SEEN SOME OF THESE BEFORE.
THE NEXT SLIDE IS ACTUALLY ONE I'M PRETTY PROUD OF.
THIS IS, UM, FLIPPING AHEAD ONE MORE.
THIS IS A PROJECT THAT OPENED LAST MONTH IN NORTH FORT WORTH WHERE WE USED A PFC TO CREATE A 230 COTTAGE HOME RENTAL COMMUNITY.
UM, IT'S THE FIRST OF ITS TIME IN STATE AND IT'S 230 DETACHED HOMES LAID OUT OVER 20 ACRES THAT ARE OFFERED FOR RENT AND A WORKFORCE STRUCTURE WITH AFFORDABILITY THAT RANGES FROM THREE 30% OF AMI TO 80% AMI.
SO GOING FORWARD, JUST SOME MORE TRACK RECORD PICTURES THAT YOU ALL HAVE A CHANCE TO, TO FLIP THROUGH.
UM, SEE WHAT WE TALK ABOUT WHEN WE TALK ABOUT BOTH OUR GROUND UP EXPERIENCE, BUT ALSO OUR SUBSTANTIAL REHABILITATION EXPERIENCE.
SO, UM, FLIPPING NOW TO THE SLIDE WITH THE BLUE AND WHITE BARS.
UM, I HAVE A, I HAVE A THEME FOR TODAY.
UH, IF YOU ALL GO WITH ME A LITTLE BIT, AND THAT'S TWO BIRDS WITH ONE STONE.
SO IF YOU'LL IMAGINE WITH ME, A HIGH OPPORTUNITY AREA OF DALLAS WITH GOOD SCHOOLS, GOOD RETAIL, GOOD GROCERY APPROXIMATE TO TRANSIT NEAR UT DALLAS AND TEXAS A AND M, THIS IS EXACTLY THE KIND OF PLACE THAT THE CITY HAS BEEN PRIORITIZING ON ADDING NEW DENTS AND HIGH QUALITY HOUSING.
NOW, IF YOU'LL IMAGINE WITH ME, AN AREA OF 1970S AND 1980S BUILDINGS WHERE OUT OF TOWN LANDLORDS AREN'T MAKING THE NECESSARY REPAIRS WHERE NEIGHBORS COMPLAIN ABOUT CRIME.
THIS IS EXACTLY THE KIND OF AREA WHERE DALLAS NEEDS TO BE FOCUSED ON REINVESTING AND EXISTING HOUSING STOCK AND USING ITS TOOLS IN ITS TOOLBOX TO INCENTIVIZE NOT ONLY THE CREATION OF BRAND NEW QUALITY HOUSING, BUT ALSO SUBSTANTIAL REHABILITATION AND EXISTING HOUSING.
WE SUBMIT THE PROPOSAL WE'RE BRINGING YOU TODAY IS A TWO BIRDS, ONE STONE PROPOSAL THAT THE ACQUISITION OF WHAT WE'RE CALLING STANDARD SILVER LINE AT 78 25 MCOWEN BOULEVARD, WHICH CURRENTLY OPERATES THE 494 UNIT APARTMENT COMPLEX FROM THE MID 1980S.
THAT WHAT WE'RE PROPOSING TO TEAR DOWN A SMALL PORTION, FOUR ACRES OF THE 22 ACRES, AND BUILD A BRAND NEW MID-RISE WHILE REHABILITATING THE REMAINING 370 UNITS TO, TO A CLASS A STANDARD IS TWO BIRDS OF ONE STONE.
ONE TO ADD NEW DENSITY AND NEW HOUSING IN AN AREA THAT'S INCREDIBLY HIGH OPPORTUNITY.
AND TWO, TO PROTECT AND REINVEST IN OUR AGING HOUSING STOCK AND ENCOURAGE OTHER LANDLORDS IN THE
[01:50:01]
AREA TO MAKE THE NECESSARY INVESTMENTS TO KEEP THE HOUSING NICE AND TO MAKE THE AREA MORE LIVABLE AND ENJOYABLE FOR RESIDENTS.SO, FLIPPING TO THE NEXT SLIDE, SO WE ALL KNOW WHERE WE'RE TALKING ABOUT.
HERE'S THE ZOOM OUT OF THE ENTIRE CITY OF DALLAS.
YOU'LL SEE THIS IS IN, UH, NORTH DALLAS COUNCIL DISTRICT 12.
UM, IT'S, IT'S VERY CLOSE TO U T D AND IT'S RIGHT ACROSS THE STREET FROM TEXAS A AND M'S DALLAS' CAMPUS.
FLIPPING TO THE NEXT PAGE, YOU'LL SEE AN EVEN TIGHTER VIEW.
YOU'LL SEE THE PROPERTY IS LOCATED NEAR THE MAIN NORTH SOUTH CROSSROADS OF COTON CAMPBELL.
THE ENTRANCE IS ON MACALLEN BOULEVARD.
UM, AND IN THE AREA ARE TARGET, TOM TH SAM'S BLUFF CENTRAL MARKET.
UH, IT'S, IT'S NEAR THE GEORGE BUSH TURNPIKE.
IT'S NEAR, UM, THE DARK SILVER LINE.
UM, THERE'S A, THERE'S A BUS LINE THAT RUNS DOWN MACALLAN THAT STOPS JUST OUTSIDE THE PROPERTY.
UM, FLIPPING AHEAD, JUST SO, UM, WE'RE GONNA GO TWO SLIDES FROM HERE.
UM, I THINK IT'S BEST TO VISUALIZE WHAT WE'RE TALKING ABOUT WITH THE MAP.
SO HERE YOU'LL SEE THE YELLOW BOUNDARY OF OUR PROPERTY LINE, THE 22 ACRES THAT WE DISCUSSED.
WHAT WE'RE TALKING ABOUT IS CARVING OFF FOUR ACRES ON THE FRONT OF THE SIDE THAT FACES MACALLEN BOULEVARD, UH, DEMOLISHED THOSE UNITS AND BUILDING APPROXIMATELY 375 UNITS IN THEIR PLACE.
THE ENTRANCE WILL BE ON THE STREET, UM, AND IT'LL, IT'LL FRONT, UM, THE TRAFFIC THAT PASSES NEAR, NEAR BOYTON AND DOWN MAC MCCALLUM.
THE REMAINING 375 UNITS WILL BE LAID OUT AROUND THE NEW MID-RISE, AND IT'LL BE REHABILITATED WITH INTERIOR AND EXTERIOR AMENITIES AND, AND SOME FEATURES THAT I'M SURE SOME OF THE RESIDENTS IN THE NEIGHBORHOOD WILL APPRECIATE, WHICH WILL INCLUDE A GATE, UM, SECURITY LIGHTING AND OTHER SECURITY FEATURES, AS WELL AS INSTALLING PROFESSIONAL PROPERTY MANAGEMENT AROUND PROPERTY.
UM, TO THE NEXT SLIDE IS A RENDERING TO HELP YOU VISUALIZE WHAT THE, UM, NEW MID-RISE FOUR OR FIVE STORIES PROBABLY FOR, UM, WITH EXISTING, UH, CLASSIC APARTMENT GARDEN STYLE APARTMENTS, IF YOU WILL.
THAT WRAP, UM, AROUND THE SITE.
SO YOU CAN SEE THE NEW, THE NEW MID-RISE THAT ADDRESSES MACALLEN BOULEVARD DIRECTLY, UM, WITH CLASSIC APARTMENT UNITS KIND OF LAID OUT AROUND IT.
SO, UM, THE STAFF MEMO THAT I BELIEVE, UM, ACCOMPANIED THE, THE PRESENTATION THEY LAID OUT THAT WE'VE PREPARED TWO DIFFERENT TURN SHEETS OR, OR TWO DIFFERENT MOU FOR YOUR CONSIDERATION.
UM, I DON'T WANT TO CON IT'S, I I THINK THAT THE STAFF MEMO ACTUALLY DID A LOT, HAS NOT LOOKED AT THE
UM, IN ALL HONESTY, THEY'RE ROUGHLY, EXCUSE ME, ROUGHLY EQUAL IN OUR EYES.
UM, AND SO WE LEFT IT UP TO THE BOARD TO DECIDE WHAT LEVERAGE YOU WANT TO PULL.
DO YOU WANT TO GO FOR DEEPER AFFORDABILITY? DO YOU WANT TO GO FOR MORE REVENUE TO THE CITY? AND UNDERSTANDING THAT THAT'S AN INHERENT TRADE OFF IN, IN THE PARTNERSHIP TERMS. SO WITH THAT, I WILL LEAVE IT UP FOR QUESTIONS AND I APPRECIATE YOUR TIME AND CONSIDERATION TODAY.
UM, I'LL START OFF WITH A QUESTION, UH, JUST ON THE OUTSIDE, I'M SLIGHTLY UNCOMFORTABLE ABOUT, UH, REHABS.
UH, FOR THE TERM OF WHAT WE'RE DOING HERE AT THE PFC, YOU CONVINCED ME OTHERWISE.
UM, SO, YOU KNOW, THIS IS A 75 YEAR PARTNERSHIP.
UM, YOU KNOW, THE BUILDINGS WERE BUILT IN THE, IN THE MID TO LATE 1980S.
UM, DOING THE MATH, THEY WOULD BE CLOSER TO A HUNDRED YEARS OLD WHEN THE CITY TAKES OWNERSHIP OF THE LAND AND, AND ASSUMING THE BUILDINGS ARE STILL THERE.
YOU'RE, YOU JUST SAID ASSUMING THE BUILDINGS ARE STILL THERE.
UM, GOD WILLING, THE BUILDINGS ARE STILL THERE.
UM, THAT'S MAYBE A BETTER WAY TO PUT IT, BUT, UM, THE, THE REHAB SCOPE THAT WE'RE TALKING ABOUT, I GUESS COMPARED TO WHAT A NORMAL LANDLORD WOULD DO, UM, I THINK NEEDS TO BE STRESSED.
SO, UM, A LOT OF TIME APARTMENT DEVELOPERS, A LOT OF, YOU KNOW, MOST OF THESE APARTMENTS THAT HAVE BEEN MENTIONED TODAY, THESE 2000 UNITS THAT ARE ON THE ACCOUNT BOULEVARD, UM, ARE OWNED BY OUT-OF-TOWN LANDLORDS.
A LOT OF PRIVATE EQUITY GROUPS, A LOT OF DIFFERENT, UM, AND, YOU KNOW, INVESTORS, UM, I BELIEVE THE CURRENT OWNER OF OUR BUILDINGS SPENT APPROXIMATELY 1.2 MILLION OVER THE FOUR OR FIVE YEARS THAT, THAT THEY GO ON THE PROPERTY.
WE'RE PLANNING TO SPEND 10 MILLION IN THE FIRST 12 MONTHS.
SO THIS ISN'T JUST, UM, THE EUPHEMISM IN THE INDUSTRY IS LIPSTICK ON A PIG.
UM, THIS IS NOT THAT KIND OF REHAB.
UM, YOU KNOW, WE SHOW IN OUR TRACK RECORD PHOTOS WHAT WE SAY WHEN WE'RE TALKING ABOUT SUBSTANTIAL REHAB AND IT'S NOT JUST, UM, SLAPPING ANOTHER COAT OF WHITE PAINT ON SOMETHING AND MOVING ON TO THE NEXT UNIT.
I MEAN, WE'RE, WE'RE REPLACING, UM, COUNTERTOPS WITH GRANITE.
WE'RE, WE'RE CUTTING POLES AND WALLS, WE'RE MOVING UNITS AROUND, WE'RE ADDING CLUBHOUSES WHERE THERE USED TO NOT BE CLUBHOUSES.
[01:55:01]
UM, YOU KNOW, WE REALLY THINK WE'RE, WE'RE BRINGING IN ENOUGH MONEY TO PUT THIS REALLY TO A CLASS A STANDARD, WHICH IS GONNA IMPROVE THE SUB-MARKET OVERALL, BUT ALSO LOCK IN QUALITY HOUSING AT AN AFFORDABLE RAMP FOR THE TENANTS THAT ARE LIVING THERE.UM, IT'S A FOLLOW UP QUESTION.
THESE 40 YEAR OLD BUILDINGS THAT'S STICK BUILT, ARE THEY STICK BUILDER? YES.
THEY'RE AT STICK UH, SKI CONSTRUCTION.
SO ARE YOU GONNA DO ANY UPGRADES TO THE ELECTRICAL OR PLUMBING OR, YES.
SO SPECIFICALLY ON THE ELECTRICAL, UM, THERE ARE, UH, THE PROPERTY WAS ORIGINALLY BUILT IN TWO PHASES.
SO THERE'S 200 UNITS IN ONE SIDE OF THE FENCE, TWO UNITS IN THE OTHER SIDE OF THE FENCE.
UM, ONE SET OF THE PROPERTY DOES HAVE FEDERAL PACIFIC BREAKERS, UM, WHICH ANY OF THE INSURANCE OR REAL ESTATE PEOPLE IN IN THE ROOM MIGHT UNDERSTAND, UM, THE HISTORY OF FEDERAL PACIFIC BREAKERS OR MAYBE AS A HOMEOWNER YOU HAD ONE.
UM, WE BUDGETED $2,000 PER UNIT TO COMPLETELY REWIRE ALL OF THOSE UNITS ON THE ELECTRICAL SIDE.
UM, ON THE PLUMBING SIDE, THERE IS SOME ORIGINAL PLUMBING, UM, IN SOME OF THE UNITS WE HAVE BUDGETED, I THINK ROUGHLY, UM, THAT'S A NOT QUITE A THOUSAND DOLLAR LINE ITEM PER UNIT WHERE WE HAVE, UM, ORIGINAL PLUMBING, STILL SOME UNITS.
UM, BUT YEAH, THAT, THESE ARE THE THINGS WE'RE TALKING ABOUT.
YOU KNOW, THESE ARE THINGS THE RESIDENTS DON'T NECESSARILY TOUCH.
IT'S HARD FOR US TO GET PAID MORE AS A LANDLORD, YOU KNOW, INCREASE SOMEONE'S RENT BY REPLACING THEIR PLUMBING.
BUT IT'S THE THINGS YOU HAVE TO DO WHEN YOU WANNA MAKE SOMETHING LAST FOR THE LONG TERM.
WELL, YOU'RE LOOKING AT THE HUNDRED 50 YEAR OLD STICK BUILDING MM-HMM.
SO IF THE BUILDINGS ARE STILL THERE IN 115 YEARS MM-HMM.
SO THAT'S, THAT'S RHETORICAL YOU CAN'T ANSWER.
AND, AND I, ONE, ONE THING THAT, YOU KNOW, THE, THE CURRENT TERM SHEET CONTEMPLATES, UM, ADDITIONAL PHASES.
I THINK ONE OF THE THINGS I WOULD BE MOST PROUD OF IN A COUPLE YEARS IS IF WE BUILD THAT NEW MID DRIVE IN THE FRONT AND EVERYONE VIEWS IT AS, AS SUCCESS THE COMMUNITY, THIS BOARD AND THE CITY COUNCIL, AND THEY SAY, LET'S GO DO IT AGAIN.
AND SO WE TAKE ANOTHER A HUNDRED UNITS DOWN, WE PUT ANOTHER MID-RISE.
THAT'S NOT ON THE AGENDA, BUT, UM, THERE IS, I GUESS A PLAN OR THAT WE WOULD BE WILLING TO ENTERTAIN EVENTUALLY REMOVING ALL THE 1980S BUILDINGS AND REPLACING 'EM ALL WITH BRAND NEW BUILDINGS AS JUST LIKE WE ARE WITH THE FIRST HUNDRED UNITS.
SO, UM, I GUESS MAYBE KEEP THAT IN THE BACK OF YOUR MIND.
UM, DO WE HAVE AN APPRAISAL ON THIS LAND? YES.
SO ONE HAS BEEN ORDERED BY THE, OR ONE WILL, I, SORRY, I DON'T SAY HAD ONE WILL BE ORDERED BY OUR BANK, OUR LENDER.
UM, AND I CAN TELL YOU THE, UM, ACTUALLY IS THE, IS THE SALE OF THE, OR IS THE VALUE OF THE PROPERTY CONSIDERED PART OF THE PUBLIC RECORD YET? I DON'T WANNA DISCLOSE IT CUZ TECHNICALLY WE'RE NOT.
SO THAT'S, IT'S NOT, BUT YEAH.
BUT I GUESS THE QUESTION CAN BE ANSWERED ANYWAY WITHOUT CORRECT.
IF YOU DON'T YET HAVE AN APPRAISAL, HOW DO YOU KNOW THAT THIS LEASE PAYMENT IS GONNA MATCH THE APPRAISAL? BECAUSE THAT'S WHAT WE DO ON EVERY ONE OF THESE TRANSACTIONS IS WE, WE TRADE THE LEASE PAYMENT FOR THE LAND.
SO WE DO HAVE AN APPRAISAL FROM THE COUNTY APP PRINCIPAL, UH, THE APPRAISER DISTRICT.
AND SO THAT'S WHAT THE CURRENT TAX BILL IS BASED ON.
UM, SO THE, THE, AS YOU SEE IN THE MEMO, THE, THE PROPERTY PAID $305,000 IN TAXES TO THE CITY OF DALLAS LAST YEAR.
AND THAT'S WHY WE'RE PROPOSING A FULL REPLACEMENT OF THOSE TAXES.
WELL I, UM, I'M ACTUALLY GETTING REAL ESTATE.
WE DON'T PUT A LOT OF VALUE IN THAT.
UM, WHAT, UH, WHAT DO YOU THINK REALISTICALLY IS A CLOSING DATE BECAUSE MM-HMM.
UH, WHAT DO YOU THINK THAT'S GONNA BE? SO WE DON'T HAVE A LOAN COMMITMENT YET, BUT THIS, THIS LOAN WILL IN ALL LIKELIHOOD BE FINANCED BY FANNIE MAYOR FREDDIE MAC.
UM, THEY'RE VERY FAMILIAR WITH THE TFC AND WITH AFFORDABLE MIXED INCOME PARTNERSHIPS LIKE THIS, UM, WE'VE CLOSED SEVERAL FANNIE MAE LOANS WITHIN THE PAST YEAR.
I'M HIGHLY CONFIDENT IN OUR ABILITY TO SECURE ONE HERE.
THEY HAVE A MANDATE TO LAND ON 50, LIKE EVERY DOLLAR THAT GOES OUT, 50 CENTS OF IT HAS A GOOD AFFORDABLE HOUSING.
SO THEY'RE VERY, VERY ACTIVE IN, IN THE SPACE.
AND, UM, I KNOW YOU HEARD SOME COMMENTS THIS MORNING FROM ALL OF THE COMMUNITY MEMBERS WHO WERE, WHO WERE SPEAKING YES.
UH, ABOUT HOW THERE HAD BEEN NO, UM, COMMUNITY INVOLVEMENT, NO DISCUSSION WITH ANYONE ABOUT THIS PROJECT.
I KNOW IT WAS A SURPRISE TO THE COUNCIL MEMBER
[02:00:01]
MM-HMM.I JUST PRINTED OUT PART OF IT.
I DIDN'T BRING MY LAPTOP BECAUSE I WANTED TO MAKE A POINT ABOUT HOW WE DON'T HAVE ANY BRIEFINGS ON ANY OF THESE MATERIALS LIKE A COUNCIL MEMBER WOULD, AND YET WE'RE MAKING MILLION DOLLAR DECISIONS.
UM, WHY DIDN'T WE HAVE ANY COMMUNITY INVOLVEMENT? I MEAN, WE DIDN'T HAVE THAT ON THE SHORELINE PROJECT ON GARLAND, AND THAT HASN'T CLOSED YET EITHER.
SO, UM, YOU KNOW, I DO WANNA SAY WE TAKE COMMUNITY INVOLVEMENT VERY SERIOUSLY.
I THINK THERE'S SEVERAL PEOPLE ON THIS BOARD THAT I'VE COME TO KNOW PERSONALLY OVER THE LAST YEAR THAT HAVE PROJECTS IN THEIR DISTRICT, AND THEY SAT WITH US AT THE COMMUNITY MEETINGS, UM, DOZENS IN PUBLIC SETTINGS AND TOO MANY TO COUNT IN PRIVATE SETTINGS, ONE-ON-ONE, UM, IN FRONT YARDS WITH NEIGHBORS KNOCKING ON DOORS.
UM, I THINK, YOU KNOW, OUR RECORD ON COMMUNITY ENGAGEMENT, UM, HAPPENING FROM TODAY AND THROUGH CLOSING IS, UM, I'M VERY PROUD OF.
AND SO, YOU KNOW, ONE, I THINK AS, AS FROM LDG MENTIONED EARLIER, WE HAVE BEEN GIVEN ADVICE NOT TO REACH OUT TO COUNCIL PEOPLE OR MEMBERS OF THIS BOARD ON ACTIVE ITEMS, UM, THAT ARE, BECAUSE WE ARE RESPONDING TO THAT ADVICE, WHAT YOU'VE, YOU'RE GONNA BE MAD AT US, UM, YEAH.
THAT THESE, THIS, UH, OPEN PROCUREMENT, SO IT'S IMPORTANT THAT THERE'S NO, UM, PERCEPTION OF UNDUE INFLUENCE BY A DEVELOPER TO, UM, THOSE THAT WOULD BE VOTING ON THE PROJECT.
SO WE TYPICALLY, UM, SERVICE THE, UM, MEDIUM BETWEEN THE DEVELOPER AND THE BOARD OR THE COUNCIL MEMBERS.
BUT Y'ALL DIDN'T TELL THE COUNCIL MEMBERS EITHER ON WHICH, ON THIS PROJECT NO, YEAH.
ON THIS PROJECT OR THE ONE WE'RE GONNA DISCUSS NEXT? NO, WELL, THAT'S, THAT'S NOT TRUE.
BUT I'M HAVE TO SHARE THE TIMELINE.
UH, I, I THINK THIS NEEDS A LOT MORE DISCUSSION, UH, WITH THE COMMUNITY.
UH, I'M NOT SURE THAT THE PROJECT IS, IS GONNA BE VIABLE UNDER ANY CIRCUMSTANCES, BUT YOU, YOUR CHART SHOWS WHAT AFFORDABILITY IS, AND YOU'VE GOT A DALLAS POLICE OFFICER LISTED AS BEING 40,000, UM, ANNUAL INCOME.
BUT IN REALITY, A CITY OF DALLAS POLICE OFFICER STARTS AT 60 75.
AND I FOUND A NUMBER OF ERRORS IN ALL OF THAT.
IF YOU TALK TO THE PEOPLE IN THE UNITS WHO ARE THERE RIGHT NOW, WHO ALREADY HAVE THE SAME AMENITIES THAT YOU'RE TALKING ABOUT BUILDING, THEY'RE ALREADY BUILT AND THE RENTS ARE ALREADY CHEAPER THAN WHAT YOU'RE PROPOS WHAT YOU ARE PROPOSING TO BUILD.
UM, I, I KNOW THAT PART OF WHAT WE'RE CHARGED WITH DOING IS PROVIDING AFFORDABLE HOUSING IN SAFE, GOOD NEIGHBORHOODS, BUT YOU'RE IN AN AREA THAT HAS A PRETTY BAD CRIME RATE.
AND I DON'T KNOW THAT THAT MEETS THAT, THAT MEETS THE OBJECTION.
UM, OVERALL, I JUST DON'T SEE ANY ADVANTAGES AT ALL TO, UH, TO THIS PROJECT.
I HAVE CONCERNS ABOUT THE COMMUNITY INVOLVEMENT.
I HAVE CONCERNS ABOUT THE COMMUNICATIONS WITH THE COUNCIL, COUNCIL MEMBERS.
I HAVE CONCERNS ABOUT A 75 YEAR TAX ABATEMENT FOR ANYBODY ANYWAY.
AND I NEVER SEE ANYTHING DIFFERENT, UH, ON ANY OF THESE PROJECTS, WHICH TELLS ME THAT'S JUST WHAT WE DO.
IT'S NOT NEGOTIATED IN ANY WAY.
UM, BY THE WAY, ONE OTHER THING ARE, ARE YOU PLANNING ON USING BRACEWELL AS PART OF YOUR LEGAL TEAM ON THIS AS WELL? NO, WE ARE.
I SAW THAT IN THE FINANCIALS AS WELL.
SO BRACEWELL WOULD REPRESENT THE PUBLIC FACILITY CORPORATION.
WE WOULD HAVE OUR OWN COUNCIL.
WELL, THE WAY THOSE FINANCIALS ARE BEING WRITTEN MM-HMM.
AND I, AND I KNOW YOUR, YOUR CHAIRMAN'S WIFE.
THEY'RE MY NEIGHBORS ACTUALLY.
SO, UH, BUT I AM, I AM NOT GONNA BE SUPPORTING THIS, UH, I I DON'T THINK THIS PROJECT MAKES ANY SENSE.
UH, IT DOESN'T ADD ANYTHING TO THE COMMUNITY.
IT DOESN'T GIVE YOU ANYTHING NEW THAT THEY DON'T ALREADY HAVE.
AND A NUMBER OF THE DATA POINTS ARE INCORRECT, INCLUDING THE TRANSPORTATION DATA POINT, BECAUSE THIS IS NOWHERE CLOSE TO A DART STATION.
AND THE BUS LINE YOU MENTIONED, THAT'S
[02:05:01]
ACTUALLY THE U T D CIRCULATOR.IT'S NOT A REGULAR DART BUS LINE.
WE HAVE ANY OTHER QUESTIONS OR COMMENTS? I WAS GONNA GIVE THE GENTLEMAN AN OPPORTUNITY TO ADDRESS THE NEIGHBORS THAT DID ASK ABOUT, YOU KNOW, WERE ADVERTISING SILVER LINE.
HOW, HOW Y'ALL FOLDED THAT IN AS PART OF YOUR PROPOSAL AND SAW THAT AS THE HUMIDITY IN TERMS OF WHAT THEY'RE REGARDING AS THE SPATIAL DISTANCE BETWEEN, BETWEEN THIS DEVELOPMENT AND WHERE THE DEPOT WOULD BE.
I I, I DID HEAR SOME, I BELIEVE IT WAS CHARACTERIZED THAT IT WAS A 40 MINUTE BUS RIDE TO, TO THE DART STATION THAT, UH, THAT'S NOT CORRECT.
UM, YOU KNOW, NO, THE, SO I, I THINK WE MAY HAVE GOTTEN A LITTLE LOST IN TRANSLATION.
THE, THE PROPERTY IS LITERALLY ON THE SILVER LINE.
UM, I GUESS WE DID NOT MEAN TO CHARACTERIZE THAT IT IS ALSO BACKS UP TO A STATION.
UM, SO I WILL JUST FULLY TAKE THE, THE BLAME FOR THAT ONE.
BUT THAT, UH, THAT WAS MORE TO GIVE PEOPLE A REFERENCE FOR WHERE THIS IS, I BELIEVE IT'S 0.6 MILES FROM THE STATION.
I THINK DALLAS DEFINES T O D AS 0.5 MILES.
SO I DON'T, WE WERE NOT CHARACTERIZING THIS AS T O D OR, OR FOR THE BONUSES THAT DALLAS AFFORDS TO, TO T O D, WHICH IS TRANSIT ORIENTED DEVELOPMENT.
UM, SO, YOU KNOW, THAT IS, I THINK THAT I WOULD YEAH, IF THAT HOPEFULLY SETS THE RECORD STRAIGHT ON APPROXIMATELY TO TRANSIT.
UM, AND IF YOU HAVE A FOLLOW UP, I'D BE HAPPY TO.
THE QUESTIONS OR COMMENTS? CORRECTOR MONTGOMERY, UM, SO YOU, YOU'VE, YOU'VE PROVIDED TWO OPTIONS AND IF I, I DO THE MATH ON THOSE OPTIONS, ESSENTIALLY.
SO 5% ARE AT 60% AMMI, SO THAT'S 38 UNITS, SO ROUND UP.
AND, UM, IF I TAKE THE DELTA BETWEEN OPTION ONE AND OPTION TWO, UM, BACK INTO IT, I COME UP WITH ESSENTIALLY A SUBSIDY OF $567 A MONTH FOR EVERY 60% 40.
YOU'RE SAYING THE HUNDRED 5,000 DELTA DIVIDED BY THE 40 UNITS, RIGHT? 38, YEAH.
UM, AND THEN THAT GIVES ME 6,700 OR WHATEVER MM-HMM.
YEAH, NO, I AGREE WITH YOU MATH, YES.
UM, SO THE, MY, MY QUESTION IS TWOFOLD.
SO NUMBER ONE, UM, AND MAYBE DAVID WOULD BE A, A GOOD ANSWER TO THIS QUESTION.
UM, CAN, CAN WE AFFECT AS A CITY, WHETHER IT'S THE PFC OR OTHERWISE? WELL, I KNOW WE CAN DO IT AS PFC, COULD WE DO IT THIS WAY? UM, CAN WE AS A CITY PRODUCE A 60% AMI UNIT WITH A SUBSIDY OF $567 A MONTH.
I, I CAN'T DO THAT MATH IN MY HEAD.
UM, BUT THAT SOUNDS REALLY, REALLY LOW.
YEAH, IT SOUNDED REASONABLE TO ME.
I MEAN, I'M JUST CURIOUS CUZ THAT TO ME IS THE NUMBER YOU'RE SAYING, WE'RE SAYING FOR LITTLE LESS THAN 600 BUCKS A MONTH, ITS SUBSIDY.
WE CAN PROVIDE SOME 60% OF IT SEEMS REASONABLE THOUGH.
OH, SO THE RENT WOULDN'T BE 500 AND SOMETHING? NO.
I THINK THAT'S A QUESTION THAT, UM, WE, THAT'S A FUNDAMENTAL QUESTION BETWEEN OPTION ONE AND OPTION TWO, AND WE WANT THAT KIND OF THE SUBSIDY OR NOT.
AND THAT LEADS INTO THE SECOND QUESTION, WHICH IS, UM, A A LOT MORE IMPORTANT THAT 560 BUCKS A MONTH FOR 60%, 60% AMI ISN'T MUCH OF A SUBSIDY IF IT'S A STUDIO UNIT.
AND I HAVEN'T SEEN A UNIT MIX.
SO CAN YOU SHARE WITH US THE, ON THE 750, THE UNITS YES.
WHAT THAT UNIT NEXT WOULD LOOK LIKE? SO THE UNIT MIX TODAY IS 40% TO BE BEDROOMS AND 60% ONE BEDROOM.
AND THAT'S ON THE EXISTING 494 UNITS.
THE PROFORMA UNIT MIX IS SUBSTANTIALLY IDENTICAL FOR THE 750.
SO IT'D BE APPROXIMATELY 60 TO 65%, ONE BEDROOMS, AND THEN THE REMAINDER OF TWO, UM, PROBABLY SOME THREES, UM, TAKE A BABY.
WE, WE BUILT AROUND, UM, EIGHT TO 23 BEDROOMS JUST CAUSE THE DEMAND THERE IS TYPICALLY SOFTER.
UM, BUT YEAH, SO IT'D BE 40%, THREE BEDROOMS OR, AND THREE BEDROOMS COLLECTIVELY.
[02:10:01]
WHERE, WHERE I'M GONNA LAND IS, UM, THAT WE AS A BOARD DECIDE ON ONE OF THESE OPTIONS AND THEN SEND IT BACK TO THE DRAWING BOARD.UM, AND I THINK UNIT MIX IS SOMETHING THAT, UM, THAT WE WOULD, WE HAVE TO ADDRESS, ESPECIALLY IF WE DO, IF WE DO 8%, IT'S NOT AS BIG A DEAL, BUT IF WE'RE DOING 60%, IF WE'RE, WE'RE PROVIDING THAT SUBSIDY MM-HMM.
THAT'S ONE OF THE THINGS I HEARD FROM THE, THE NEIGHBORS.
THERE ARE LOTS OF FAMILIES THERE.
WELL THEN LET'S BE SURE TO PROVIDE, UM, HOUSING FOR FAMILIES.
UM, FOR, FOR LARGER HOUSEHOLDS.
I'D JUST LIKE TO SAY I, I'M SOMEWHAT INCLINED TO VOTE NO RIGHT NOW UNLESS, UH, YOU WANT TO TAKE IT BACK AND PERHAPS TABLE UP TILL NEXT MONTH.
UNLESS YOU WANT THAT VOTE TO BE AS IT IS BECAUSE, UH, THERE'S TOO MANY QUESTIONS THERE.
THERE'S, UH, AND I, THE, UM, THAT I HAVE ABOUT, UH, FINANCING AND THE ROOM MIX AND ALSO JUST, UH, UH, REFURBISHING THE EXISTING, UH, DEPARTMENTS AND WHETHER OR NOT APARTMENTS OR WHETHER OR NOT THEY'LL LAST FOR A HUNDRED YEARS, YOU KNOW, THAT'S JUST SORT OF, I LIKE THE IDEA OF IT, BUT I DON'T THINK, I HAVEN'T SEEN ENOUGH FIGURES TO SUPPORT WHETHER OR NOT, UH, THAT'D BE A GOOD INVESTMENT.
UM, SO I DON'T KNOW, A MOTION ON THE FLOOR, WHATEVER SOMEONE WOULD LIKE TO MAKE A MOTION.
WELL, JUST TO COMMENT, UH, MR. CHAIRMAN, I WOULD ALSO ECHO, UH, DIRECTOR PAUL'S CONCERNS AROUND COMMUNITY ENGAGEMENT INVOLVEMENT OF THE COUNCIL PERSON FOR THE DISTRICT.
UM, I'D LOVE, LOVE TO SEE SOME EFFORTS AROUND THERE TO KINDA BRING THOSE PARTIES THAT, YOU KNOW, WERE EXPRESS CONCERNS HERE TO SEE IF WE COULD, UH, BECOME MORE COMFORTABLE.
I DON'T KNOW IF THAT'S POSSIBLE, BUT SOMETHING IN TERMS OF, WE, WE, I THINK WE ALL FELT A LITTLE LACK OF COMMUNITY, OR AT LEAST FOR THE FOLKS THAT COULD SHOW UP AND, AND TALK ABOUT IT TODAY.
I KNOW OUR LEASES HEIGHTS WERE REFURBISHMENT AT LEAST SEVEN YEARS, BUT I, I PERSONALLY HAVE CONCERN INVESTING IN BUILDINGS THAT ARE CURRENTLY 40 YEARS OLD DURING THE LAST ANOTHER 75 YEARS THAT'RE STATE BILL.
I, I JUST, I DON'T THINK IT'S A PROVEN PRINCIPAL.
I LIKE THE IDEA OF REDEVELOPMENT, TEARING 'EM DOWN AND REDOING THEM, BUT I JUST, I CAN'T GET MY HEAD AROUND IT.
AND PERHAPS IF WE DO TABLE THIS AND THEY COME BACK WITH SOME STUDIES THAT, UM, I CAN SAY, HEY, YOU'RE WRONG.
I, I'M CERTAINLY WILLING TO LISTEN, BUT AS THINGS STAND RIGHT NOW, I WOULD VOTE DR.
UM, I KNOW INITIALLY I WAS, UH, EXCITED TO SEE A DEAL UP IN DISTRICT 12, BUT I THINK, YOU KNOW, PLUS SOME ALL THINGS WE'VE TALKED TODAY, ESPECIALLY SINCE IT'S ONE OF THE FIRST ONES WE'VE SEEN WHERE WE'RE ACTUALLY TAKING AN EXISTING RESIDENCES AND REDOING THEM, UH, KIND OF WAS THE FIRST THING THAT YOU GAVE ME PAUSE ON COMING FORWARD THIS PROJECT.
HAVE YOU DONE ANY COMMUNICATIONS WITH DART ON THE CONSTRUCTION OF THE NEW SILVER LINE? UM, NOT DIRECTLY ON, THEY DO HAVE PUBLIC, UH, UPDATES, UM, ON, ON THE STATUS OF THE LINE, I BELIEVE SECTION IS UNDER CONSTRUCTION UNTIL EARLY 2024 WITH FULL SERVICE PLANNED.
UM, I BELIEVE THE LATEST IS 2025
UH,
NO, BUT IF THIS COMES BACK TO US, I HOPE IT WILL COME BACK TO US WITH A LOT OF COMMUNITY INVOLVEMENT.
AND I'D ALSO LIKE TO HEAR AN EXPLANATION ABOUT THE PLAN TO EXPAND THE TIFF, UH, BECAUSE I MEAN, YOU WERE IN THE AUDIENCE EARLIER WHEN I WAS TALKING WITH THE OTHER GENTLEMAN ABOUT THE FACT THAT, YOU KNOW, A TIFF IS DESIGNED FOR INCREMENT INCREASES TO BE SPENT IN THE GEOGRAPHICAL AREA.
AND IF YOU EXPAND THIS TIFF TO INCLUDE YOU WHO'S NOT PAYING ANY TAXES, BUT YOU'RE EXPECTING TIFF BENEFITS, THE LIGHTING AND ALL OF THE OTHER AMENITIES THAT CAN BE PURCHASED WITH TIF FUNDS, THAT REALLY DIMINISHES WHAT THE EXISTING TIFF GETS.
AND I MEAN, I'D, I'D LIKE TO HEAR FROM THE OTHER TIFF, THE TIFF THAT THEY WOULD BE AGREEABLE TO SOMETHING LIKE THAT.
AND, AND JUST THE RECORD, THERE, THERE IS NO, UM, PROPOSAL, UM, TO USE TIF FUNDING OR TO EXPAND A TIFF OR IT'S MENTIONED IN HERE.
UM, THEN THAT IS WORTH CLEARING UP ON THE RECORD THAT, THAT AT NO POINT WE, THE DEVELOPER HAVE BROUGHT UP TIF DOLLARS, NOR DO WE PLAN ON USING THEM.
UM, I I DON'T THINK THERE'S EVEN A TIFF IN, IN THE AREA.
I HAVEN'T RESEARCHED IT CAUSE I WASN'T PLANNING ON EVEN CONTACTING THE TIP, SO.
[02:15:01]
PAPERWORK, BUT OKAY.TOLEDO, COUPLE POINTS, UM, KIND OF KIND OF ECHOING WHAT SEVERAL OTHER DIRECTORS HAVE SAID.
WHEN I SAW, SAW THIS BASICALLY 250 NEW UNITS FEEDING IN PLANO WEST, I'M LIKE, THIS IS PERFECT.
THIS IS WHAT, THIS IS THE END RESULT THAT WE'D LIKE TO SEE ACHIEVED.
UM, BUT HEARING CONCERNS ABOUT THE AGE OF THE BUILDINGS, ET CETERA, YOU KNOW, TO, TO COME BACK WITH MORE INFORMATION, I THINK WOULD BE IN YOUR BEST INTEREST.
YOU KNOW, I DON'T REALLY SEE THAT IN THERE.
A LOT OF PEOPLE HAD THOSE CONCERNS THIS MORNING.
VERY, YOU KNOW, UM, SO DEFINITELY, LIKE I SAID, I I DO APPRECIATE THE TWO DIFFERENT OPTIONS.
YOU AT LEAST YOU KIND OF KINDA, YOU LAID IT OUT VERY WELL AND IT'S A, IT'S A DECISION IF THIS DOES PASS AND YOU KNOW, THIS BODY AND COUNSEL CAN CERTAINLY, CERTAINLY WEIGH IN ON, UM, YOU KNOW, AFTER THE TIFF, I, THERE IS A TIFF ACROSS KOIT AND IT'S TIED TO THE UNIVERSITY PLACE.
TIFF IS TIED TO THE UNIVERSITY HILLS PLACE, TIFF AROUND TD.
SO I DON'T THINK THIS IS A PART OF THAT, BUT, BUT TO THAT POINT, YOU HAVE A BRAND NEW NEIGHBORHOOD RIGHT FROM IN, I'M SURE VERY ENGAGED HOA.
SO ON YOUR LIST OF PEOPLE YOU'VE TALKED TO MM-HMM.
THEY'RE ADDING, YOU KNOW, MULTI-FAMILY AND ALL TYPES OF AMENITIES.
JUST LIKE TO GET A BUY IN FROM THEM.
I WOULD THINK THEY'D BE SUPPORTIVE OF HAVING FORMAL HOUSING FOR STUDENTS, TEACHERS, YOU KNOW, PEOPLE TO USE.
YOU MIGHT WANNA GO THERE, SHARED CUSTODY SELLING PEOPLE GOING TO BE, YOU KNOW, DIVORCED SINGLE PARENTS, YOU KNOW, BE HAVE YOUR CHILDREN MM-HMM.
I DON'T MEAN AFFINITY ID OR R ID RESIDENT, BUT, UH, BE TREMENDOUS.
THAT'D CERTAINLY URGE YOU TO CONSIDER COMING BACK.
I BELIEVE THE TIFF THAT WAS BEING REFERRED TO AS UNIVERSITY PLACE.
THERE'S A SUBDIVISION THAT WRAPS AROUND TEXAS A AND M DALLAS CAMPUS.
WE DEFER THIS TO THE NEXT MONTH'S MEETING TO ALLOW THE DEVELOPER TO COME BACK WITH INFORMATION THAT HAS BEEN DISCUSSED BY THIS BOARD.
MOTION COURT BY DIRECTOR WILL ACCEPT A FRIENDLY AMENDMENT, UH, TO INCLUDE THAT THE DEVELOPER ALSO HAVE, UM, SUBSTANTIVE CONVERSATIONS WITH ALL OF THE COMMUNITY AND COUNSEL AND OTHER RELATED PEOPLE.
WHO'S INCLUSIVE OF DAVID STEPS.
THAT'S, DO WE HAVE A SECOND? SECOND.
WE HAVE A MOTION ON THE FLOOR TO REFER TO THE NEXT MEETING.
ALL THOSE, I'M SORRY, I THINK WE DID A ROUGH CALL.
ARE YOU? I THINK SHE HAD TO LEAVE THAT SHE DROPPED DIRECTOR HONG KONG.
NOW WE'RE MOVING TO ITEM NUMBER EIGHT.
UH, I HAVE TO REFUSE MYSELF DUE TO THE CONFLICT OF INTEREST.
SO, UH, VICE PRESIDENT MONTGOMERY WILL TAKE OVER THIS ITEM.
UM, THIS IS, I AM A DISCUSSION, APPROVAL OF THE RESOLUTION AUTHORIZING NEGOTIATION EXECUTION OF, FOR CYPRESS CREEK AT FOREST LANE IN PARTNERSHIP WITH SYCAMORE STRATEGIES.
YOU LOCATED AT 1520 NORTH CENTRAL TRUSTFULLY DALLAS AND SOMEONE FROM, UH, SYCAMORE, I THINK.
UM, THIS IS OBVIOUSLY VERY UNTRADITIONAL, UH, TRANSACTION FOR THE PSC.
I'M A RESIDENT OF DISTRICT 12.
UH, WE'RE AFFORDABLE HOUSING DEVELOPERS.
WE HAVE ABOUT 1200 UNITS IN THE CONSTRUCTION RIGHT NOW.
AND THEN MY BUSINESS PARTNERS AND I HAVE OVER 5,000 UNITS THROUGHOUT THE STATE OF TEXAS AND WE FOCUS ON LOW INCOME HOUSING TAX, CREDIT DEVELOPMENT.
SO THIS PROJECT HAS GONE THROUGH, UM, QUITE A JOURNEY.
WE WERE AWARDED HOUSING TAX CREDITS IN, UM, THE 2021 APPLICATION ROUND.
THEN TO GIVE YOU KIND OF AN OVERVIEW OF
[02:20:01]
AFFORDABLE HOUSING, THERE ARE A FEW DIFFERENT TOOLS THAT THE CITY IS USING TO CREATE AFFORDABLE UNITS.THERE'S THE PFC, THE HFC, LITECH, AND THERE ARE TIF.
NOW ALL OF THOSE PROJECTS AND ALL OF THOSE DIFFERENT FUNDING MECHANISMS GENERALLY CREATE UNITS THAT ARE AT 80% AMI AND 60% AMI THE ONLY TOOL THAT IS CURRENTLY BEING USED IN THE CITY TO CREATE 30% AMI UNITS.
50% A M I UNITS, UNITS THAT HAVE DEEP AFFORDABILITY IS THE 9% AFFORDABLE HOUSING TAX CREDIT.
WE WERE AWARDED 15 MILLION OF 9% AFFORDABLE HOUSING TAX CREDITS FOR CYPRESS CREEK AND FOREST LANE IN 2021.
UM, WE AWARDED THOSE EVEN WITH A GREAT DEAL OF, UM, NEIGHBORHOOD OPPOSITION.
THE NEIGHBORHOOD DID NOT LIKE THIS PROJECT.
UM, AND IF YOU HAVE ANY QUESTIONS ABOUT COMMUNITY OUTREACH, ANY QUESTIONS ABOUT DEED RESTRICTIONS, FEEL FREE TO ASK THEM.
46% ARE GONNA BE MARKED RATE UNITS.
WE REALLY BELIEVE IN A MIXED INCOME COMMUNITY, BUT THE OTHER THING WE BELIEVE IN IS LOCATING OUR PROJECTS IN HIGH OPPORTUNITY AREAS.
DALLAS MORNING NEWS JUST RAN AN ARTICLE ABOUT PFCS AND THEY SHOWED A MAP OF THE PFC DEALS THAT HAVE BEEN PASSED ALREADY AND SOME THAT ARE PROPOSED.
YOU SEE, THERE'S A LOT THAT ARE IN WEST DALLAS.
THERE'S A LOT THAT ARE IN FAR EAST DALLAS.
THERE'S A LOT THAT ARE IN SOUTH DALLAS.
AND JUST LIKE ANY OTHER TYPE OF AFFORDABLE HOUSING, THERE'S A WIDE RUNWAY THAT COVERS THE 75 CORRIDOR AND THAT COVERS THE DALLAS NORTH TOLLWAY CORRIDOR AND THERE'S NO PFC DEALS.
VERY LITTLE AFFORDABLE HOUSING.
AND IN GENERAL, THOSE ARE CORRIDORS THAT ARE LINED WITH HIGH INCOME, HIGH RENT, MARKET RATE HOUSING.
ALSO ON THE 75 CORRIDOR, WE'RE REALLY SEEING THE REPLACEMENT OF SOME OF THE AFFORDABLE CONDOS ARE BEING REDEVELOPED RIGHT NOW INTO HIGH RISE, UH, MARKET RATE HOUSING.
THERE ARE VERY, VERY FEW OPPORTUNITIES TO DEVELOP AFFORDABLE HOUSING IN THE 75 CORRIDOR AND IN THE DALLAS NORTH TOLE CORRIDOR.
THIS PROJECT WILL BE ON THE CORRIDOR.
WE'LL BE IN CLOSE PROXIMITY TO JOBS AND WE'LL PROVIDE AFFORDABLE HOUSING AND WE'LL PROVIDE A DEEP AFFORDABLE HOUSING.
THE OTHER THING THAT YOU REALLY NEED TO START TALKING ABOUT IS WALKER VOUCHERS.
IN THE 1980S, THERE WAS A WALKER SETTLEMENT BECAUSE SEGREGATION IN DALLAS, ESPECIALLY AMONGST SECTION EIGHT RENTERS, WAS SO PROFOUND THAT THERE WAS A LAWSUIT AND A SETTLEMENT THAT SAID WE NEED TO MOVE BLACK FAMILIES TO HIGH OPPORTUNITY AREAS.
THERE ARE OVER A THOUSAND OF THOSE VOUCHERS THAT SIT UNUSED TODAY BECAUSE LANDLORD DISCRIMINATION DOES NOT ALLOW THESE PEOPLE TO UTILIZE THOSE VOUCHERS IN HIGH OPPORTUNITY AREAS.
ICP, WHO YOU HEARD FROM, FROM AN LAW, THEY DO SURVEYS EVERY FEW YEARS TO TO TALK TO LANDLORDS AND TO SAY, ARE YOU ACCEPTING SECTION EIGHT VOUCHERS? AND THE VAST MAJORITY OF LANDLORDS DO NOT ACCEPT THEM.
AND THE VAST MAJORITY OF LANDLORDS IN HIGH OPPORTUNITY AREAS ESPECIALLY DO NOT ACCEPT THEM.
THIS IS THE FIRST PROJECT THAT'S NEW CONSTRUCTION, AFFORDABLE HOUSING, ACCEPTING WALKER VOUCHERS SINCE 2017.
THOSE VOUCHERS SIT UNUSED FOR YEARS AND WE NEED TO TAKE ADVANTAGE OF THE DEVELOPMENT OPPORTUNITIES THAT ARE GONNA ALLOW THOSE VOUCHERS TO BE UTILIZED.
OUR PROJECT IS ON A PIECE OF LAND THAT IS ZONED FOR MULTI-FAMILY.
WE DID NOT REZONE IT, IT WAS ZONED THAT WAY.
WHEN WE, UH, PUT IT UNDER CONTRACT, IT IS IN A HIGH OPPORTUNITY AREA.
IT IS IN A CENSUS TRACK WITH A POVERTY RATE OF 13.5.
IT IS IN CLOSE PROXIMITY TO JOBS AND IT WILL ALLOW HOUSING TO BE PUT IN DISTRICT 10 AFFORDABLE NEW CONSTRUCTION HOUSING FOR THE FIRST TIME SINCE THE 1990S.
IT WILL ALLOW NEW CONSTRUCTION, AFFORDABLE HOUSING IN RICHARDSON I S D FOR THE FIRST TIME SINCE THE 1990S AS WELL.
THIS IS A PROJECT THAT MEETS THE GOALS OF THE WALKER SETTLEMENT AND IT ALSO MEETS THE GOALS OF THE RACIAL EQUALITY PLAN THAT WAS PASSED BY THE CITY COUNCIL.
WE HAVE BEEN WORKING DILIGENTLY TO TRY AND MAKE THIS PROJECT A REALITY AND IT HAS BEEN STUNTED BY OBSTACLES FOR TWO YEARS.
WE FEEL LIKE WE ARE VERY CLOSE TO THE FINISH LINE.
WE WOULD LOVE TO BRING THESE TYPES OF UNITS, THIS TYPE OF PROJECT IN A HIGH OPPORTUNITY AREA IN THE CITY OF DALLAS THAT IT SO DESPERATELY NEEDS.
AND I'LL TAKE ANY OF YOUR QUESTIONS.
SO WHAT WE'LL DO IS, UM, LET'S, WE'LL DO QUESTIONS NOW, THEN WE'LL TAKE THE MOTION AND HAVE DISCUSSION, UM, AFTER THE MOTION.
SO FOR NOW, LET'S, UH, LET'S GO TO QUESTIONS.
UM, AND I'M SORRY, REMIND ME OF HEARING NAME ZACHARY CROTCH.
UM, SO ANY QUESTIONS? QUESTION? YES.
[02:25:01]
UM, THERE'S BEEN A LOT OF COMMENTARY ABOUT THE RESTRICTIVE COVENANT, WHICH YES.BUT CAN YOU SPEAK TO THAT? I'M VERY FAMILIAR WITH THE LOCATION CUZ YOU'RE LESS THAN A MILE FROM THE BACK OF MY COMMUNITY AND A TON OF HOSPITALS ALL AROUND THERE.
SO THERE, THERE ARE A TON OF HOSPITALS AND ACTUALLY MY DAUGHTER GOES WITH PEDIATRICIAN AT MEDICAL CITY AND THEY CAN'T KEEP WORKERS BECAUSE THERE'S NO AFFORDABLE HOUSING NEARBY AND THE COMMUTES ARE TOO LONG.
BUT THE RESTRICTIVE COVENANT WAS FROM, UM, 1979 AND IT COVERED THE ENTIRE 30 ACRES THAT INCLUDED THE HOME DEPOT, THE ACADEMY, SPORTS, AN ENTIRE CORNER.
AND WHEN IT WAS ORIGINALLY, UM, PUT IN PLACE, IT WAS TO BE AN OFFICE PARK AND IT, THE RESTRICTIVE COVER INCLUDED RESTAURANTS, HOTEL, MOTEL AND OFFICES.
NOW, I DON'T THINK THAT THAT HAPPENED.
I DON'T THINK THAT AN OFFICE PARK OCCURRED.
AND AS TIME WENT ON, THE ORIGINAL DEVELOPER REMOVED SOME OF THE PIECES OF LAND FROM THE DERE RESTRICTION TO ALLOW FOR USES THAT WERE NOT RESTAURANT, HOTEL, MOTEL OR OFFICE.
SO THE HOME DEPOT IS NO LONGER UNDER THE DE RESTRICTION.
THE ACADEMY SPORTS IS NO LONGER UNDER THE DE RESTRICTION OF THOSE ORIGINAL 30 ACRES.
APPROXIMATELY EIGHT ACRES ARE LEFT UNDER THE DERE RESTRICTION THAT ARE OWNED BY FIVE OWNERS.
SO I, I HEAR THIS A LOT AND I HEAR ABOUT, YOU KNOW, PEOPLE DISCUSSING THIS POLICY.
IT, I THINK THAT THERE'S A LOT OF DIFFERENT VALUE JUDGMENTS YOU CAN MAKE.
WE'RE NOT GOING INTO A SINGLE FAMILY NEIGHBORHOOD AND VIOLATING A DEED RESTRICTION BY BUYING FOUR LOTS AND THEN SAYING, LET'S BUILD AN APARTMENT TOWER.
THIS IS, UM, A DEED RESTRICTION THAT IS ENTIRELY SURROUNDED NOW BY USES THAT ARE NOT SUBJECT TO THAT DEED RESTRICTION ANYMORE.
THAT ARE NOT GONNA CALL IT TIME OUT.
REAL QUICK, THE I LINK IS BROKEN AGAIN.
TELL I CAN'T GET THIS BACK UP.
UM, WE'LL STAND RECESS FOR FIVE MINUTES.
I WAS GETTING ARE YOU, ARE YOU MOVING? SAME HERE.
AND I WAS GOING STORM SOMETHING MAJOR AND I LOOKED AROUND AND THEN I LOOKED OVER THERE AND THEN GAVE IT WAS YESTERDAY.
HOW LONG THOSE BUILDINGS ARE GONNA LAST IS QUESTION.
[02:30:52]
MY UNDERSTANDING ATTORNEY.THEY ACTUALLY HAVE ABSOLUTELY.
HOW ARE YOU? HOW YEAH, YEAH, YEAH.
[02:35:15]
THAT'S, THAT'S, THAT'S EXACTLY RIGHT.I GOT OFF THE, THAT'S EXACTLY.
WHAT YOU WISH FOR? ARE YOU, SO IF YOU YEAH, THE UH, THE ALTERNATE DOWN A I'M SORRY.
[02:40:51]
I MEAN I HAD TO MY RECOMMENDATIONS TEACHERS IT'S TOO, SO LET'S THE THAT'S THE WAY TO GO.I DIDN'T WANNA, I DIDN'T GRAB EVERYTHING.
I CAN SIT HERE THREE NEXT THREE HOURS ON A YEP.
JUST WORKING ON, HOW ABOUT YOU? CERTAINLY 15 AND GET BIGGER FOR A WHILE AND THEN 10 YEARS SON.
[02:45:02]
SON'S LOOKING FOR NEIGHBOR.SO, SO WE'VE GOT TAX OPERATIONS GROUP ISSUES.
QUESTION, SIGN OF RETURN FOR OKAY.
SO THE LANDSCAPE, WE'RE STILL BUSY CAUSE THE QUESTIONS GONNA FLY.
MIKE, MIKE HAS A NUMBER STATED RETURNS.
I THINK THREE DIFFERENT TYPES.
TECHNOLOGY WE HAVE TO TURN YOU'RE, YEAH.
I DON'T KNOW ABOUT THIS THIS MORNING.
THAT'S NOT, I MEAN, I WONDER WHAT'S THE THING ITS LIKE TO YEAH, THAT WAS, YEAH, WE REALLY APPRECIATE YOU THAT'S IN THERE.
I WOULD JUST, I THINK HE'S WORKING.
IT'S GROWN UP QUITE A BIT WHERE OKAY.
UM, SO THE, THE WEBEX LINK IS INCORRECT, BUT WE'RE GONNA BE ABLE TO, WE CONFIRM THAT, UM, WE CAN SEND A CORRECTED LINK, BUT WE HAVE TO UPLOAD THAT BEFORE WE CAN RESTART.
SO IT'LL BE ABOUT 10 MINUTES AND UH, AND THEN WE'LL RESTART THE MEETING.
[02:50:06]
YEAH.I'M HAVE TO CANCEL, I THINK HEARD HIS NAME FRANK TO START OFF WITH, UH, YOU'VE KNOW SUBURB.
I MEAN IN THE NEIGHBORHOOD I'M IN.
JUST GO ROUND, ROUND WALL COLUMN AND THE, WE START OFF.
[02:56:24]
AND SO WHY ARE YOU HOLDING? IT WAS, I'M NOT SURPRISED AT ALL HERE.WE ARE GONNA START MOMENTARILY.
WE LITERALLY ARE WAITING FOR THE, UH, THE LINK ARE, I DUNNO.
SO WE'RE GONNA START MOMENTARILY.
UM, BUT WE HAVE TO WAIT FOR THE, UH, THE LINK TO BE UP AND, UH, AS SOON AS IT, AS IT IS, WE'LL GET STARTED.
RESOURCE WHAT WE I'M NOT TRAVEL
[03:00:03]
ALL THAT STUFF.IS ANYBODY ELSE ONLINE? OH, STILL THERE WAS THE ONLY ONE THAT HAD THE LEAD.
WE STILL, SO AARON, WHO, WHO IS ONLINE? OBJECT TO BASE.
EVERYONE ELSE IS JUST AUDIENCE.
UM, YOU HAVE EXECUTIVE SESSION ON, UM, WE, IF YOU WOULD LIKE IT.
I SAW SOME GREAT, WHAT WAS THE CONTEXT? CAN'T TALK ABOUT IT.
CAN'T TALK ABOUT IT, BUT WHAT WE ALMOST HAD BLANK.
I DON'T CALL FOR A SUICIDE SQUEEZE OR
[03:05:04]
OKAY, GOOD.UM, WE ARE RECONVENING AS OF 3:03 PM UH, WE ARE BACK IN SESSION.
OUR DISCUSSION IS CURRENTLY ON ITEM EIGHT, UM, MOU FOR CYPRESS CREEK AND FORCE LANE.
UM, AND OUR DISCUSSION TOPIC WHEN WE, UM, RECESSED WAS DEED RESTRICTIONS.
SO WE'RE GONNA, THAT'S WHERE WE'RE GONNA PICK UP.
AND THEN IF YOU HAVE ANY QUESTIONS, UM, WE'LL ASK THOSE BEFORE A MOTION IS PUT FORWARD.
SO WE'LL PICK UP WITH DEED RESTRICTIONS.
SO, UH, I GUESS WHERE I LEFT OFF, THE, UH, DEED RESTRICTIONS COVERED THAT FULL 30 ACRES.
AND THEN OVER TIME, AS USES WERE INCORPORATED, THAT DID NOT INCLUDE HOTEL, MOTEL OFFICE OR RETAIL PIECES OF LAND FROM THAT DATA RESTRICTION WERE REMOVED.
SO THERE ARE CURRENTLY A SMALL STRIP CENTER THAT, UM, IS OWNED FOREST AND THEN DIRECTLY SOUTH OF THAT, UM, A LARGER OFFICE BUILDING DIRECTLY SOUTH OF THAT, A SINGLE USER OFFICE BUILDING.
DIRECTLY SOUTH OF THAT IS OUR VACANT PRO, UH, PARCEL OF PROPERTY.
AND THEN DIRECTLY SOUTH OF THAT IS THE PROPERTY THAT, UH, MR. ROTH IS REPRESENTING.
THOSE ARE THE FIVE PARCELS OF LAND THAT ARE STILL COVERED BY THE DEED RESTRICTION.
NOW IN THE IMMEDIATE SURROUNDING AREA, OUTSIDE OF THE DEED RESTRICTION, THERE'S TWO FAST FOOD RESTAURANTS.
THERE'S, I, I DON'T KNOW IF IT'S MIDAS, IT MIGHT BE ANOTHER ONE OF THE BRANDS, THE NATIONAL BRANDS.
THERE'S, UH, CARWASH SELF-SERVICE, UH, SELF-STORAGE.
AND THEN THERE'S THE, UM, AUTO MANUFACTURER, THE ELECTRIC AUTO MANUFACTURER AND THE HOME DEPOT.
AND THERE MIGHT BE A COUPLE SMALLER USES IN THERE THAT I'M NOT, UM, REMEMBERING OFF THE TOP OF MY HEAD.
BUT THIS IS NO LONGER, UM, A 30 ACRE PARCEL OF LAND THAT IS BEING DEVELOPED WITH A COHESIVE PLAN AS AN OFFICE PARK WITH HOTELS AND RESTAURANTS.
THIS IS, UH, A SMATTERING OF DIFFERENT USES THAT I DROVE BY EVERY DAY FOR YEARS, UH, COMMUTING.
SO THIS IS AN IDEAL PLACE TO PLACE HOUSING TO ACTUALLY BRING UP THE ENTIRE AREA AND ALSO IT CONNECTS TO THE TRAILS.
UM, I KNOW THAT EVERYBODY IS TALKING ABOUT THAT TRAIL SYSTEM NOT BEING USABLE, BUT THERE ARE IMPROVEMENTS.
THE NORTH HAVEN BRIDGE IS GONNA CONNECT THE TRAIL SYSTEM.
THAT TRAIL SYSTEM ALLOWS YOU TO WALK DIRECTLY FROM THE PROPERTY TO THE DART RAIL.
UM, SO THIS IS A CORNER THAT HAS A LOT OF DIFFERENT USES AND HOUSING WOULD NOT IN ANY WAY BE OUT OF PLACES USE IN THAT CORNER.
UH, ANY OTHER QUESTIONS ON, I GUESS THE DE RESTRICTION ITEM? UM, ALL THE OTHER PEOPLE THAT ARE INVOLVED WITH THIS PROJECT, HOW DO THEY VIEW THE DEEP RESTRICTIONS THAT'S BARRIER OR SENIOR LENDING OR ANY OTHER INVOLVEMENT? THIS PROJECT, UH, WE HAVE, YOU KNOW, LOOKED AT OUR, ALL OF OUR LEGAL MEMOS AND OUR LEGAL ANALYSIS AND WE'VE GOTTEN COMMITMENTS TO MOVE FORWARD WITH US.
BUT OBVIOUSLY UNTIL EVERYONE'S SIGNED ON THE DOTTED LINE, YOU NEVER KNOW.
BUT WE'RE, WE'RE FEELING VERY STRONGLY THAT WE'RE GONNA BE ABLE TO PROGRESS.
UM, THE HISTORY OF DE RESTRICTIONS ALSO OF, YOU KNOW, THERE'S A PROFESSOR AT UNIVERSITY OF TEXAS AUSTIN THAT'S STUDYING HOW DEED RESTRICTIONS REALLY ARE STIFLING AFFORDABLE HOUSING AND STIFLING, UM, MOBILITY, ESPECIALLY FOR MINORITIES.
SO THIS IS, YOU KNOW, DEED RESTRICTIONS DO HAVE THEIR TIME IN PLACE.
BUT, UM, WHEN WE'RE LOOKING AT IT, WE'RE ALSO LOOKING AT IT AS AFFORDABLE HOUSING IS A POLICY AND A PUBLIC POLICY, AND WE'RE NOT THE ONLY AFFORDABLE HOUSE DEVELOPER THAT ARE, IS ENCOUNTERING THIS DE RESTRICTION, UM, ISSUE.
AND I DON'T KNOW IF ALL OF YOU FOLLOWED IN DENTON COUNTY, THERE WERE, UM, A MASSIVE AMOUNT OF AFFORDABLE TENANTS GETTING REMOVED BY DE RESTRICTION.
SO THIS IS A PROBLEM THAT'S GONNA CONTINUE TO COME UP AND IT'S A PROBLEM THAT, UM, ICP IS PART OF THE FIGHT AGAINST.
ARE WE ONLY TALKING ABOUT DEED RESTRICTIONS RIGHT NOW? UH, ANY QUESTIONS OR ANY TOPICS? YEAH.
UM, I'VE NOTICED THAT YOUR, THAT YOUR DEBT COMMITMENTS, UH, IN THE PRESENTATION WE RECEIVED ARE DATED FOR, UM, EARLY 2021.
HAVE THOSE BEEN RENEWED? UH, YEAH, WE'VE BEEN WORKING WITH THEM AND WE'VE BEEN RENEWING THEM AS TIME HAS GONE ON.
UM, DAN HAVE GIVEN US FORMAL DEBT COMMITMENTS AGAIN, BUT, UM, THE INTEREST RATE BUCKET IS CHANGING RAPIDLY.
UM, WE HAVE BEEN RE-UNDERWRITING THIS DEAL AS THINGS HAVE CHANGED.
SO, UM, JUST, UH, FOR INSTANCE, LAST WEEK, THE, UM, PROJECTED AFFORDABLE RENTS WERE RE-RELEASED, UM, FOR WHAT'S GONNA BE PROPOSED FOR NEXT YEAR.
SO WE'VE BEEN UPDATING AS THEY'VE GONE, BUT, UM, WE'RE VERY CONFIDENT IN OUR CAPITAL STACK.
CAN YOU, UM, CAN ANYBODY TELL US WHAT THE URGENCY OF THIS DEAL IS? I MEAN,
[03:10:01]
I, I READ ALL OF THE MATERIALS TWICE, BUT I DIDN'T SEE ANYTHING THAT SIGNALED TO ME THAT THIS WAS REALLY URGENT.AND I KNOW, AARON, YOUR, YOUR EMAIL STARTED OUT WITH THAT.
I APOLOGIZE, BUT THIS IS URGENT.
CITY MANAGER'S OFFICE IS VERY INTERESTED IN GETTING THIS DONE.
SO, I, I'M NOT SURE WHAT YOU PUT INTO THE, INTO THE EMAIL, BUT I, I DO KNOW THAT, UM, THIS PROJECT IS RECEIVED TAX CREDITS AND I WANNA SAY THEY RECEIVED THEM IN 2021.
SO THE TIME THAT THEY HAVE REMAINING TO BRING THIS PROJECT INTO, WHAT'S THE WORD? PERMISSION, OUR, OUR PLACEMENT SERVICE DATE.
IS, IS, IS, IS, IS WHAT'S PRESSED.
SO WE HAVE DONE OUR DUE DILIGENCE, UM, FROM A, FROM A STAFFING PERSPECTIVE AND OFFERED IT UP TO THE, UM, UM, PUBLIC FACILITIES CORPORATION BOARD, UM, TO CONSIDER.
BUT I WOULDN'T SAY THAT THIS IS ANY DIFFERENT THAN ANY OTHER PROJECT THAT WE'VE PRESENTED BEFORE TODAY.
BUT THESE TAX CREDITS ARE TAX CREDITS FOR YOUR PROPOSED CONSTRUCTION? YES.
SO, BUT SO YOU SOMEHOW YOU GOT TAX CREDITS.
WALK US THROUGH THE TIME WITHOUT THE, WITHOUT THE DEED RESTRICTIONS WITH THE, WITH THE DEED RESTRICTION.
SO THAT'S NOT SOMETHING THAT, UM, THE STATE IS GONNA KIND OF LOOK OVER.
SO WE, THERE'S A COMPETITIVE TAX CREDIT ROUND EVERY YEAR FOR THE STATE OF TEXAS.
AND THE STATE OF TEXAS IS BROKEN UP INTO A BUNCH OF DIFFERENT REGIONS.
WE'RE REGION THREE URBAN AND THERE'S APPROXIMATELY, UM, 150 MILLION OF TAX CREDITS AVAILABLE TO DALLAS FORT WORTH, DENTON COUNTY, ELLIS COUNTY, THE FULL SURROUNDING, UM, URBAN COUNTIES OF DALLAS.
AND WE, UM, COMPETE EVERY YEAR FOR THOSE TAX CREDITS BASED ON A CRITERIA THAT'S SET BY THE GOVERNOR AND SET BY THE TEXAS DEPARTMENT HOUSING COMMUNITY AFFAIRS.
AND IF YOU SCORE HIGH ENOUGH IN THOSE CRITERIA, YOU ARE AWARDED TAX CREDITS.
THOSE TAX CREDITS DO HAVE EXPIRATION DATES.
OUR TAX CREDITS HAVE BEEN EXTENDED, UH, DUE TO THESE CIRCUMSTANCES.
SO WE DO HAVE A LITTLE BIT MORE TIME, BUT THE URGENCY IS STILL, UM, GETTING TO THAT PLACE IN SERVICE DATE AND GETTING THESE UNITS ON THE GROUND CUZ THAT'S UTILIZING THESE FEDERAL FUNDS AND ALLOWING THESE UNITS TO COME INTO EXISTENCE AND SERVE THE, YOU KNOW, COMMUNITY MEMBERS THAT THEY'RE MEANT TO SERVE.
BUT THIS, BUT THIS WAS NOT, AND THIS WAS DENIED BY THE COUNTY AND THE DERE RESTRICTION IS IN PLACE.
I MEAN, I READ THAT IN THE PAPER THIS MORNING.
UM, AND I MEAN IT, IT'S ZONE DEAL U THREE, BUT IT, IT'S, IT EXCLUDES RESIDENTIAL AND NOT THE ZONE.
NEVER BEEN MY UNDERSTANDING THAT THE CITY DID ANYTHING TO ENFORCE PRIVATE DEED RESTRICTIONS.
THAT WOULD BE A MATTER TOTALLY BETWEEN YOU AND THE PROPERTY OWNER.
BUT, UM, PRIVATE DEED RESTRICTIONS AND THERE'S A, A TREMENDOUS AMOUNT OF CASE LAW.
PRIVATE DEED RESTRICTIONS ARE NOT, UM, ENFORCEABLE AGAINST A PUBLIC ENTITY.
SO, SO A BIG SWITCHEROO THEN, I DON'T KNOW, CALL IT A SWITCHEROO.
CALL SOMETHING THAT'S BEEN UTILIZED BY MANY DIFFERENT, UM, MUNICIPALITIES FOR MANY DIFFERENT USES.
OH, UH, I THOUGHT I, UH, IN SOME OF THE MATERIALS THAT WE WERE FORWARDED, I SAW A, UH, PLACED IN SERVICE DATE OF 12 31 20 23.
YOU MENTIONED YOU GOT AN EXTENSION.
WE HAVE THE NEW DATE THAT IS THE, UH, NO, YEAH, WE'RE 24 NOW.
ERIC? YEAH, JUST ONE, ONE POINT ABOUT, UH, THE REAR ENTRANCE IN MY COMMUNITY, TRUSTING THE MILE FROM SITE.
SO EVERY TIME I GO NORTH ON SOMETHING EXPRESSWAY, I PASS IT.
AND IN MY OPINION, THIS WOULD BE A GREAT ENHANCEMENT TO THAT AREA.
UM, IF YOU LOOK AT THE ECONOMICS ALONE, THIS PROPERTY IS CURRENTLY ON THE APPRAISAL ROADS ABOUT 2.5 MILLION.
UH, ASSUMING THE INFORMATION THAT WAS SENT OUT TO US IS CORRECT, UH, WE'RE GONNA GET AN OVER A MILLION DOLLARS IN DEVELOPMENT FEES PLUS THE LEASE PAYMENT PLUS 25, THE, THE TAX TAX REBATE ECONOMICALLY.
THIS MAKES A LOT OF SENSE FOR THE CITY, FOR PUBLIC PURPOSE TO ASSIST WITH, WITH OUR WHOLE WHY WE ARE, WHY WE ARE TOGETHER.
I MEAN, WE'RE SUPPOSED TO BE LOOKING AT SUPPORTING WORKFORCE HOUSING AND HELPING THE HOUSING SITUATION IN THE CITY OF DALLAS.
AND I HAVEN'T, ALL THE PROJECTS I'VE SEEN COME THROUGH THIS ONE REALLY FIT, FITS THAT
[03:15:01]
BILL TO IT, TO ACROSS, YES, SIR.UM, IS IT CROTCH ANGLE? UH, CROTCH TANGLED.
THANK YOU, UH, FOR COMING TO, UH, MAKE THIS PRESENTATION AND TO, UH, STAND HERE AND TAKE SOME OF THESE QUESTIONS.
UH, YOU JUST GOT THROUGH TALKING.
THIS, THIS IS GOING BACK TO THE, UH, DEED RESTRICTION.
SO YOU JUST GOT THROUGH, UH, MENTIONING, AND I WANNA MAKE SURE I UNDERSTAND THIS CORRECTLY.
UM, YOU PRETTY MUCH NEED THE CITY AT THIS POINT TO MAKE THE PRIVATE LANDOWNER GIVE UP THEIR RIGHTS.
I COULD PUT IT IN A MORE ELOQUENT WAY, BUT THAT IS, YEAH.
UM, SO WITH, WITH THAT SAID, THEN, WHY CAN'T, YOU ALSO MADE A STATEMENT EARLIER THAT YOU HAD OTHER EITHER INVESTORS OR LANDOWNERS OR PEOPLE INTERESTED IN THIS, THEY HAD NOT ALL YET SIGNED ON YET.
SO WHY CAN'T YOU GUYS GET EVERYBODY IN AGREEMENT, GET THEM SIGNED ON BEFORE YOU COME THROUGH WITH THIS PROCESS? WHICH ONCE AGAIN GOES BACK TO QUESTION OF URGENCY.
UM, I MET WITH, UM, MR. ROTH FOR, I WANNA SAY WE HAD THREE OR FOUR IN-PERSON MEETINGS THAT WENT PROBABLY OVER AN HOUR AT EACH MEETING.
UM, I OFFERED CERTAIN CONCESSIONS.
HE DID NOT FIND THOSE TO BE REASONABLE TO HIM.
UM, I WOULD'VE LIKED FOR IT TO HAVE WORKED OUT IN THAT RESPECT AND IN THAT MATTER, AND IT UNFORTUNATELY DID NOT WORK OUT IN THAT MATTER.
UM, I THINK HE, HE AND I JUST HAVE A VERY DIFFERING OPINION OF WHETHER AFFORDABLE HOUSING IS SUITABLE AT THAT SITE.
AND HE DOES NOT BELIEVE SO BASED ON A LOT OF THE CITIZENRY INPUT THAT WE OCCURRED EARLIER.
UH, YOU GUYS HAVE NOT SAT DOWN WITH COMMUNITIES, UH, SURROUNDING, UH, THIS PARTICULAR PROJECT, THIS SITE, AND HAD DISCUSSIONS OF MEETINGS.
UM, WHEN WE WERE GOING THROUGH THE TAX CREDIT PROCESS, WE HAD, UM, TWO ZOOM CALLS.
UM, AND THEN ONCE WE AWARDED THE TAX CREDITS, UH, WE DID NOT DO ANY ANYMORE COMMUNITY OUTREACH UNTIL WE WERE, UM, GOING THROUGH THAT PROCESS WITH THE COUNTY.
AND ACTUALLY ANOTHER MEMBER OF MY DEVELOPMENT TEAM, UH, PHILIP KINGSTON, UH, ACTUALLY HANDLED THAT MEETING.
SO I'M GONNA HAVE HIM COME UP AND TELL YOU ABOUT THAT MEETING, IF THAT'S OKAY.
I ONLY NEED ONE MORE QUESTION, VINCENT ANSWER.
BUT SO WHAT YOU JUST SAID THAT EVIDENT THAT YOU GUYS DID NOT HAVE AN SCHEDULED MEETING WITH HOMEOWNER POLICE AT THE PARTICULAR AREA, UM, OTHER THAN THE TWO ZOOM MEETINGS, BUT IN-PERSON MEETINGS YOU DID NOT HAVE THAT WAS PARTIALLY WEATHER RELATED.
UM, THERE ARE A LOT OF EXTENUATING CIRCUMSTANCES, UM, BUT I CAN CONTRAST THAT WITH I HAVE DONE AFFORDABLE HOUSING IN OTHER DISTRICT IN THE CITY WHERE I HAVE BEEN, UM, FLYERING NEIGHBORHOODS MYSELF TO HAVE IN-PERSON MEETINGS, UM, AND WORKED WITH A COUNCIL MEMBER AND WORKED WITH THEIR CPC TO MAKE SURE THE COMMUNITY OUTREACH, UM, WENT SMOOTHLY.
THAT DID NOT, UH, OCCUR HERE FOR A FEW DIFFERENT REASONS.
UM, I THINK YOU GUYS HAVE SEEN THE TIMELINE OF WHAT OCCURRED AND, UM, AT THE END OF THOSE MEETINGS, THEY, UH, THE NEIGHBORHOOD DECIDED TO GO LOBBY THE STATE REP.
SO WE, WE KIND OF TOOK THAT ANSWER AS NO, AND LOOKING AT THIS AND LOOKING AT OPPORTUNITIES TO DEVELOP IN NORTH DALLAS, IF THE BAROMETER OF ALLOWING SOMEBODY TO DEVELOP AFFORDABLE HOUSING IN NORTH DALLAS, IT'S A NEIGHBORHOOD THAT SAYS YES AND EMBRACES IT AND WELCOMES NEW DEVELOPMENT, AFFORDABLE HOUSING, THEN I, I FIND THAT TO BE A BAROMETER THAT'S NEVER GONNA BE MET BECAUSE I HAVE NOT BEEN IN THAT SITUATION AS OF YET.
UM, I THINK THAT YOU GUYS HAVE SEEN IT, YOU GUYS HAVE SEEN, WHEN YOU GO AND TRY AND BUILD AFFORDABLE HOUSING NEXT TO A SINGLE FAMILY NEIGHBORHOOD, NOBODY WANTS IT THERE.
SO WE FOUND A SITE THAT WAS A QUARTER MILE AWAY FROM THE NEAREST SINGLE FAMILY NEIGHBORHOOD THINKING THAT THAT WOULD HELP ALLEVIATE COMMUNITY, UM, OPPOSITION, HELP ALLEVIATE THOSE KINDS OF THINGS.
AND I DON'T KNOW, A BETTER SITE THAT'S ALREADY ZONED MULTI-FAMILY IN ALL OF NORTH DALLAS TO PUT AFFORDABLE HOUSING BECAUSE THERE ARE SO FEW AND FAR BETWEEN, ESPECIALLY ON THOSE TWO CORRIDORS.
[03:20:01]
CHAIR, I'LL HAVE SOME COMMENTS TO MAKE ONCE OKAY.ANY OF THE, ANY OTHER QUESTIONS FOR THIS FIRST ROUND? FOR BACK TO THE DIRECTOR PASS? OKAY.
WELL, SO YOU HAVE TOLD US THAT YOU'VE BEEN TOLD NO BY THE COUNTY, YOU'VE BEEN TOLD NO BY THE STATE.
UM, YOU'RE CURRENTLY NOT ZONED FOR THIS.
THIS IS REALLY A VERY COMMERCIAL ORIENTED AREA.
IN FACT, YOU'RE HALF A MILE FROM THE DART STATION, YOU SOMEBODY COULD REALLY DEVELOP A TRANSIT ORIENTED DEVELOPMENT IN THIS ENTIRE AREA.
HAVE YOU DONE A TRAFFIC STUDY, WHICH I THINK WOULD BE REQUIRED FOR THIS TYPE OF ZONING? UM, WE ARE ZONED, WE'RE, WE'RE ZONED BY RUNNING.
SO, AND THE STATE HAS ACTUALLY AWARDED US A TAX CREDIT.
SO I, I DON'T THINK ANY BALCONIES OR ANYTHING LIKE THAT WOULD BE ALLOWED IN THIS PARTICULAR AREA.
UM, AND THAT MIGHT DIMINISH THE VALUE OF ANY APARTMENTS THAT YOU WOULD HAVE.
UM, I MEAN, I CLEARLY, I CLEARLY SEE THE NEED RESTRICTION ISSUE AS BEING SOMETHING THAT YOU NEED TO WORK OUT WITH THE, WITH THE, UH, OWNER.
AND THAT'S NOT SOMETHING THAT TYPICALLY THE CITY GETS INVOLVED IN.
UM, DO YOU HAVE AN APPRAISAL ON THIS LAND? YES.
IT'S BEEN AND DOES THAT, DOES THAT MARRY UP AARON WITH WHAT THE LEASE PAYMENTS ARE GONNA BE? I HAVE TO CHECK, BUT OUR LEASE PAYMENTS ARE AN ORTHODOX ON BECAUSE OF THE DECENT PORTABILITY GIVEN.
SO WE, WE'VE SET UP A DIFFERENT STRUCTURE BASED ON THE CASH FLOW, NOT VERSUS THE, UH,
HAVE WE HAD ANYBODY FROM THE CITY ATTORNEY'S OFFICE TAKE A LOOK AT THIS? YES, WE HAVE.
ARE WE AT LIBERTY TO KNOW WHAT THEY HAVE SAID ABOUT IT? WELL, THEY SAID THAT THE CURRENT PROPOSED STRUCTURE WITH THE LEGAL AND
BUT THE STATUTE, I THINK THEY'RE CITING, UH, IT SAYS THAT FOR THE PUBLIC PURPOSE, THE CITY IS ALLOWED TO PURCHASE THE PROPERTY AND, UH, IT'S NOT A TAKING, UM, DEED RESTRICTIONS ARE NOT DEFINED AS A PROPERTY, RIGHT.
WHEN THEY ARE ATTEMPTED TO BE ENFORCED AGAINST A PUBLIC UNITY, IT, IT FLOWS FROM THE CONCEPT OF, UH, SOVEREIGN IMMUNITY.
THE CITY IS ALLOWED TO DO THINGS FOR PUBLIC PURPOSES AND PRIVATE CONTRACTS, SORRY, CAN'T AFFECT THAT.
I'M PHILLIP KINGSTON, I'M ANOTHER ONE OF THE ATTORNEYS FOR THE, THE PROJECT.
UM, AND I, I ALSO WAS AT THE, UH, THE DECEMBER PUBLIC MEETING IN PERSON WITH ALL THESE NEIGHBORHOODS THAT WAS CALLED BY COMMISSIONER, UH, ERMAN, WHERE WE DISCUSSED THIS PROJECT, AND I WAS INTRODUCED AS THE REPRESENTATIVE FOR THE DEVELOPER.
UM, BUT YEAH, THE, THE, THESE DEED RESTRICTIONS, ACTUALLY, IF WE HAD SUFFICIENT TIME TO DO THIS IN COURT, RATHER THAN TRYING TO GET THIS THING INTO SERVICE, UH, THESE DEED RESTRICTIONS WOULDN'T BE ENFORCEABLE ANYWAY BECAUSE THEY ARE AVOIDABLE AS AGAINST PUBLIC POLICY.
THIS BODY, THE CITY OF DALLAS, THE STATE OF TEXAS, THE UNITED STATES OF AMERICA, DALLAS COUNTY, ALL HAVE EXTREMELY STRONG PUBLIC POLICIES IN FAVOR OF HOUSING.
AND SO THESE E RESTRICTIONS ARE NOT DISSIMILAR TO THOSE THAT USED TO BURDEN.
FOR INSTANCE, THE DEEP TO MY ORIGINAL HOUSE SAYS THAT THERE ARE CERTAIN PEOPLE WHO CAN'T OWN IT.
UM, THOSE ARE NO LONGER ENFORCEABLE.
UH, WE JUST DON'T HAVE TIME TO GO DO THAT IN COURT.
AND SO THIS IS A, THIS IS A GREAT PARTNERSHIP OPPORTUNITY FOR THE CITY TO BE ABLE TO PUT THIS LAND INTO PRODUCTIVE SERVICE FOR A, A VERY STRONG PUBLIC PURPOSE.
ANY OTHER, UH, ANY OTHER QUESTIONS BEFORE WE GO INTO THE DISCUSSION? I WAS GONNA SAY, I WAS JUST GONNA, UH, SAY IT, IT, I THINK, UH, MR. TANGLE, YOU MENTIONED THAT YOU HAD, UH, THREE OR FOUR MEETINGS WITH, UH, MR. ROTH, WHO'S STILL IN OUR AUDIENCE WITH US.
WAS IT TALKED ABOUT THAT MAYBE WE SHOULD INVOLVE THE COUNCILMAN FROM THE DISTRICT OR THE COMMUNITY MEMBERS SINCE IT HAD BEEN, I DON'T KNOW WHEN THOSE MEETINGS WITH ROSS TOOK PLACE OR WHEN THESE, THESE RESTRICTIONS WERE ACTUALLY DISCOVERED IN, IN REFERENCE TO THIS.
I'VE GOT THIS 2021 DATE IN MY MIND.
UM, BUT IN THE, IN THE TWO YEARS THAT HAVE, UH, THAT HAVE TRANSPIRED AND IT, IT FEELS LIKE THIS IS KIND OF A REFRESH OF THE PROJECT, UH,
[03:25:01]
WHERE WAS THE, UH, I GUESS WHERE WAS THE THOUGHT PROCESS AROUND MAYBE WE SHOULD 20 21 2 YEARS HAVE PASSED? MAYBE THE TEMPERATURE AROUND THE COMMUNITY HAS CHANGED.MAYBE WE SHOULD GO BACK AT LEAST CHECK IN WITH, UH, THE COUNCILMAN, UH, AND, UH, THE COMMUNITY ON, UH, WHERE THEY MIGHT STAND, UH, ON THIS PROJECT AND WHAT TYPES OF THINGS THEY MIGHT WANNA SEE AS PART OF THE PROJECT.
UM, YOU KNOW, WE MET WITH MR. ROTH TO NEGOTIATE FOR THOSE DE RESTRICTIONS.
AT THAT POINT, WE ALREADY HAD OUR PROPOSAL AND ALREADY HAD OUR TAX CREDIT FUNDING.
UM, IT'S JUST, YOU KNOW, LOOKING BACK ON IT, COULD THAT HAVE BEEN DONE? YEAH.
BUT AT THE SAME TIME, PRETTY MUCH EVERY COMMUNITY MEETING WE HAD WAS NOT VERY PRODUCTIVE IN TERMS OF, YOU KNOW, WHAT THEY WANTED.
IT WAS JUST, THEY DON'T WANT THIS, UM, THIS ISN'T A, A 10 ACRE SITE WHERE WE CAN DO A BUNCH OF DIFFERENT THINGS AND AT A BUNCH OF DIFFERENT AMENITIES.
WHEN YOU'RE TALKING ABOUT DEVELOPING IN NORTH DALLAS, IT IS, THESE ARE POSTAGE STAMP SITES THAT ARE IN FILL SITES THAT WE'RE DOING ONE BUILDING ON 2.85 ACRES WITH AN INTERNAL GARAGE.
I MEAN, UM, WE PROVIDE CLASS A AMENITIES, AS ALWAYS, WE PROVIDE SERVICES IN ACCORDANCE WITH, UM, T D H C A IN ACCORDANCE WITH COMPREHENSIVE HOUSING POLICY.
THOSE POLICIES ARE EXTREMELY, UM, DEEP AND WELL DEFINED IN TERMS OF HOW YOU SERVE THE COMMUNITY AND HOW YOU SERVE YOUR TENANTS.
UM, EVERY, YOU KNOW, PRESENTATION THAT WE'VE MADE HAS JUST BEEN, WE DON'T WANT THAT HOUSING.
SO I, I FELT LIKE WE HIT A REAL BRICK WALL IN TERMS OF THAT, IF, YOU KNOW, MAYBE I'M WRONG ABOUT THAT, BUT I DON'T THINK THAT THE BAROMETER OF THE COMMUNITY HAS CHANGED IN TERMS OF WANTING AFFORDABLE HOUSING IN THAT LOCATION.
BUT, BUT AGAIN, THAT'S BASED ON TWO YEAR OLD ASSUMPTIONS.
UM, THERE WERE, UM, SOME, SOME PEOPLE ON MY BEHALF, UH, I THINK ONE PERSON DID TALK TO, UH, COUNCILMAN MAGUE AFTERWARDS, AND HE EXPRESSED THAT HE WAS NOT INTERESTED IN WORKING ON THIS PROJECT WITH US.
UM, IN TERMS OF, IN TERMS OF, UH, THE CONVERSATIONS WITH MR. ROTH AND THE OTHER INVESTORS THAT ARE ALREADY THERE, I MEAN, IN TERMS OF THE VALUE CREATION THAT WE'RE CONSIDERING TODAY, DO YOU FEEL THAT IT WOULD, THAT THERE'S A CREATING VALUE FOR THEM AS WELL? OR IS IT SOLELY GONNA BE YOUR, YOUR DEVELOPMENT? UH, I THINK THERE'S ABSOLUTELY GREAT VALUE TO HAVING WORKFORCE AND MARKET RATE HOUSING THERE, WHICH IS WHY IT'S A, A MIXED INCOME COMMUNITY.
UM, I THINK THAT THE OTHER THINGS THAT COULD GO THERE COULD BE USED USEFUL.
I DON'T THINK WE'D ADD NEARLY AS MUCH VALUE OR BE NEARLY AS LARGE OF AN INVESTMENT.
UM, I THINK WHEN YOU LOOK AT THE HOTEL OPTIONS THAT WOULD PROBABLY GO THERE, IT'S PROBABLY SOMETHING MID-LEVEL LIKE A, A HAMPTON INN OR A DAYS INN OR A HOLIDAY IN EXPRESS THAT THOSE ARE THE SAME TYPES OF PRODUCTS THAT ARE ALL UP AND DOWN 75.
I DON'T THINK THAT THEY ADD TO THE COMMUNITY.
I DON'T THINK THEY ADD TO THE NANO SURROUNDING NEIGHBORS.
SO, YOU KNOW, THIS DE RESTRICTION'S INTERESTING BECAUSE YOU COULD BUILD THE EXACT SAME SHAPE BUILDING.
IT'S NOT SOMETHING THAT'S GONNA, YOU KNOW, IMPEDE THEIR HEIGHT OR ANY OF THOSE KINDS OF THINGS, BUT BECAUSE IT'S GONNA HOUSE PEOPLE, THAT'S WHY YOU CAN'T DO IT BY BASED ON THOSE DEED RESTRICTIONS.
SO, UM, I THINK THAT THIS WOULD ABSOLUTELY ADD VALUE.
THIS IS A, A VERY LARGE INVESTMENT ON THAT CORNER IN TERMS OF YOUR DUE DILIGENCE AROUND THOSE DEED RESTRICTIONS.
DID, DID WE, DO WE UNDERSTAND KIND OF THE, I'LL USE LEGISLATIVE HISTORY AS TO WHY THEY PUT THAT IN THERE AND WHY THEY PULLED IT BACK? BECAUSE I, I'D BE INTERESTED IN YOUR THOUGHTS AS TO WHAT YOUR CONVERSATIONS WERE WITH THE PROPERTY OWNER WITH REGARDS TO WHY IT WAS ORIGINALLY BLOCKED AND THEN THEY KIND APPEALED IT OFF.
I MEAN, I, THE ORIGINAL PROPERTY OWNER'S, NOT THE DEVELOPER ANYMORE.
I DON'T BELIEVE THAT THEY OWN ANY PROPERTY IN THE DEED RESTRICTED AREA ANYMORE.
I, I MEAN, I'M ASSUMING THAT THE MARKET SAID THIS PROPERTY IS NOT AN OFFICE BUILDING.
WE WANT TO DO SOFT STORAGE AND WE'RE WILLING TO PAY THIS MONEY FOR THAT PIECE OF LAND.
SO THE DEVELOPER SAID, OKAY, AND THEY REMOVED THAT PIECE OF LAND FROM THE DEED RESTRICTION.
SO TWO DOORS DOWN FROM WHERE WE'RE PROPOSING HOUSING IS, UM, I BELIEVE ABOUT FOUR ACRES OF SOFT STORAGE.
UM, WHEN, YOU KNOW, THE, THE CAR LOCKS THAT WERE ORIGINALLY IN THE DEED RESTRICTION WERE REMOVED, SAME WITH THE HOME DEPOT AND SAME WITH THE ACADEMY.
SO I ASSUME IT'S JUST MARKET OVER THOSE YEARS.
BUT AS FAR AS YOU KNOW, THAT WAS A NEGOTIATED PROCESS BETWEEN THE, UH, WELL, SO THE DEED RESTRICTIONS, WHEN THE ORIGINAL DEVELOPERS STILL INVOLVED, THEY ACTUALLY HAVE LIKE RIGHTS TO DO WHATEVER THEY WANT, PRETTY MUCH.
SO THOSE DEVELOPERS HOLD ONTO THOSE DEVELOPER RIGHTS UNTIL THEY NO LONGER OWN A PIECE OF PROPERTY.
SO I DON'T KNOW IF IT WAS NEGOTIATED, UH, WITH THE OTHER SURROUNDING LANDOWNERS OR IF THEY DID IT UNILATERALLY BECAUSE THE ORIGINAL DEVELOPER WAS SELLING OFF THOSE PIECES OF LAND.
UH, AARON, IN TERMS OF THE, IN TERMS OF ALL THE DEALS WE LOOKED AT, THIS ONE, I
[03:30:01]
THINK YOU SAY SAID THE TERMS ARE GONNA BE A LITTLE DIFFERENT BASED ON THE DEEP AFFORDABILITY.UM, WHICH LIKE I SAID, IT IS ONE OF THOSE, THIS ONE THING DOESN'T LOOK LIKE THE OTHERS.
CAN YOU HELP ME? CAN YOU HELP ME UNDERSTAND, UH, BASED ON THAT DEEP AFFORDABILITY EQUATION, HOW WE CAME UP, UH, WITH THIS WAS THE RIGHT ANSWER FOR NOT ONLY THE D P F C, UH, BUT ALSO THE, UH, THE DEVELOPER, RIGHT? SO BASICALLY OUR STANDARD STRUCTURE IS OUR LEASE PAYMENT IS EQUAL TO WHAT THE CITY OF DALLAS' SHARE OF PROPERTY TAXES WOULD'VE BEEN, RIGHT? THAT'S KIND OF HOW WE STARTED IN OUR NEGOTIATIONS.
WE VARY LITTLE UP AND DOWN CUZ WE'RE NOT TRYING TO KILL DEALS CUZ WE WANT REVENUE, RIGHT? IF IT'S GOOD FOR THE CITY, THAT'S UP TO Y'ALL, OBVIOUSLY STAFF WHO JUST PRESENTED TO YOU, BUT YOU GUYS DECIDE, ALL RIGHT, IT'S WORTH A LITTLE EXTRA INVESTMENT TO GET IT THIS LEVEL AFFORDABILITY.
LIKE ON THE PREVIOUS PROJECT YOU ONLY HAD THE TWO OPTIONS.
IS IT WORTH THE INVESTMENT? SO THIS IS JUST, UH, WAY THAT WE, UH, FORM THIS DESTRUCTURE THAT IT WOULD WORK FINANCIALLY FOR, FOR THE DEVELOPER AND FOR US POTENTIALLY TO, TO MAKE THIS INVESTMENT.
SO ON THE LEVELS OF AFFORDABILITY, WE DON'T GET CLOSE TO 30% ON ANY OF OUR PROJECTS.
SO THEY HAVE A COUPLE 30% UNITS, THEY HAVE 70, AND I MEAN OBVIOUSLY THAT MAKES US RIGHT.
AND THEN, I DON'T KNOW OFF THE TOP OF MY HEAD, BUT IT'S, IT'S MUCH 70 80.
UM, SO BASED ON THAT, YOU KNOW, THEIR REVENUES ARE GONNA BE MUCH LOWER BASED ON THE UNIT COUNT, RIGHT? SO THEY'RE GONNA NEED A LITTLE MORE FLEXIBILITY IN THAT LEASE PAYMENT IF THIS IS GONNA WORK FINANCIALLY.
AND DOES THE, UH, AND DOES THIS, I SEE IT'S, UH, 20% OF THE SHARED DEVELOPER FEE, I THINK WE'RE USED TO SAYING THAT, BUT THIS 20% SHARE OF, UH, PROJECTED CASH FLOWS, I GUESS THAT'S TAKING THE PLACE OF THE LEASE PAYMENTS THAT WE EXACTLY.
UH, DO WE FEEL THAT THAT EXPOSES THE D D P C IN ANY WAY FROM A, FROM WHAT PILL TALK OR, I MEAN, WE'RE, WE'RE NOT EXPOSED CAUSE WE'RE NOT, WE DON'T ACTUALLY HAVE ANY CASH HOUSEHOLDS ON THIS, RIGHT? OUR CONTRIBUTION IS SOLELY THE ABILITY TO GIVE THEM THIS TAX EXEMPTION, RIGHT? SO ANYTHING WE GIVE BACK, IT'S UP TO Y'ALL ON THE BOARD TO SAY, IS IT WORTH THE CITY'S INVESTMENT TRUE TO GET THIS, THIS LEVEL OF BOARD REALLY FOR THIS MANY? SO THAT'S KIND OF WHAT WE'RE PRESENT.
THE, UH, I WANNA, I WANNA MAKE ONE COMMENT TO, TO, TO THE RESIDENTS THAT CAME OUT APPRECIATE EVERYBODY'S TIME AND INTEREST.
ALWAYS TYPICALLY BELIEVE IN, IN, YOU KNOW, SELF-DETERMINATION, YOU KNOW WHAT'S BEST FOR YOUR COMMUNITY, YOU KNOW BETTER THAN, THAN CERTAINLY I DO.
UM, BUT THIS ISN'T A ZONING CASE, SO THIS IS A LITTLE DIFFERENT AND YOU'LL HAVE YOUR AVENUE TO, TO EXPRESS THOSE SENTIMENTS.
SO THE EXTENT Y'ALL CAN MEET WITH THE COUNCILMAN AND, AND, UH, MR. CRO NAGLE, YOU KNOW, AND CERTAINLY SUPPORTED THAT.
BUT THERE ARE A COUPLE OF COMMENTS ABOUT THE SCHOOLS AND THE IMPACT ON THE SCHOOL'S CUZ IT DOES FEED INTO RICHARDSON, RIGHT? IT'S A VERY DESIRABLE DISTRICT.
AND I ASKED THIS QUESTION PROBABLY THE VERY FIRST TIME WE HAD A, WE HAD A CASE.
SO WHAT ARE THE SCHOOLS SAYING ABOUT TAKING ALL THIS MONEY OFF THE TAX ROLES AND, YOU KNOW, PROVIDING, YOU KNOW, YOU KNOW, INCREASING THE POPULATION MORE STUDENTS, IT, IT SEEMED LIKE A, YOU KNOW, A COLLISION COURSE THAT'S NOT A GOOD OUTCOME.
IT'S WHAT, WHAT MR. PLUMER TOLD ME NOW IS HE EXCUSES MYSELF.
HE SAID, NO, IT DIDN'T WORK THAT WAY.
HE SAID, ACTUALLY, WHEN YOU HAVE MORE RESIDENTS, WHEN YOU HAVE MORE STUDENTS, THE SCHOOLS GET MORE MONEY FROM THE STATE AND YOUR, YOUR YOUR SCHOOL TAXES.
THEY DON'T GO TO THE SCHOOL, THEY GO TO THE STATE.
AND WE'VE, WE, WE ALL LOVE ROBINHOOD AND WE'VE ALL HEARD ABOUT IT.
LET'S SAY IT'S A PERFECT SITUATION.
WE, WE DON'T WANNA OVERCROWD SCHOOLS IF THIS GETS SUPPORTED.
BUT I DO WANNA SHARE THOSE COMMENTS ABOUT, YOU KNOW, THE IMPACT ON SCHOOLS AND WHAT HAPPENS AT THE SCHOOL TAX EVIDENCE.
THE QUESTION FOR YOU, ZACH, AND MAYBE IT'S FOR COUNCIL KINGSTON, IS, IS REPRESENTATIVE TURNER STILL, CAN HE STILL KILL IF WE GO THROUGH ALL OF THIS, ALL THAT? SO HE'S NO LONGER IN THE, IN THE ABILITY TO SUPPORT THIS DEAL.
SO REPRESENTATIVE TURNER, UM, WHEN YOU GET STATE REP SUPPORT OR DENIAL OF SUPPORT, IT'S JUST A POINT ITEM.
SO WHAT HAPPENED WAS, WE WERE ACTUALLY IN LAST PLACE IN TERMS OF, UM, THE POINTS TO RECEIVE TAX CREDITS IN THE TD H C APPLICATION ROUND.
BUT THEN, UM, THREE OR FOUR DEALS IN FRONT OF US DROPPED OUT FOR VARIOUS REASONS.
SO WE WERE, WE ENDED UP BEING THE LAST ONE STANDING AND WE'RE STILL HOLDING ONTO THOSE TAX CREDITS.
SO THERE'S NO, UM, WAY TO GET THEM TAKEN AWAY AGAIN.
THERE, THERE'S STILL OUR TAX CREDITS AND THE CURRENT, THE CURRENT REP IS, IS VERY MUCH IN FAVOR.
OKAY, SO THAT'S CHANGED THE POLITICAL LENS IT TO THE STATE LEVEL? YES.
AND THE REDISTRICTING MOVED THIS PROJECT FROM DISTRICT ONE 14 INTO, I DON'T KNOW THE NUMBER, BUT IT'S HONOR MARIA RAM'S DISTRICT AND SHE'S, SHE'S VERY SUPPORTIVE.
[03:35:03]
NO, I JUST, UH, JUST A CONDUCT, UM, THIS PIECE OF PROPERTY HAS BEEN VACANT FOR 22 YEARS AND I'VE LIVED, YOU KNOW, VERY CLOSE TO IT.AND I THINK, UH, AS I SAID BEFORE, I THINK IT A, IT'S ABSOLUTELY FITS WITH WHAT OUR PURPOSE IS.
B IT'S GONNA BE A REVENUE ENHANCEMENT TO, TO THE CITY.
WELL, I HAVEN'T HEARD ANYTHING THAT MAKES ME THINK THIS IS THE RIGHT LOCATION FOR RESIDENTIAL.
UH, AND I KNOW THE AREA PRETTY WELL.
I DON'T SEE ANYTHING ABOUT IT THAT MAKES IT RESIDENTIAL.
UM, WILL YOU LOSE THESE TYPE CREDITS IF THIS IS NOT COMPLETED BY THE END OF THIS YEAR? UH, BY THE END OF 2024? YES.
BY THE END OF 2024 OR 2023, I THINK WHAT WE RECEIVED, OUR POCKET SAYS 2023.
UM, I THINK WE'RE GOING THE EXTENSION JUST TO 2024.
NOW, I'M NOT GONNA SUPPORT THIS.
I THINK THAT THIS IS, UH, YOU KNOW, THE LEGISLATURE'S GONNA BE DEBATING PFCS OVERALL, AND I SUSPECT A SITUATION LIKE THIS WHERE YOU HAVE DEEP RESTRICTIONS THAT HAVE BEEN IN PLACE SINCE AT LEAST THE SEVENTIES WILL BE CONSIDERED A TAKING.
I THINK MOST EVERYONE WOULD CONSIDER THIS A TAKING AND THIS WILL BE A BIG PART OF THAT DISCUSSION DOWN IN AUS.
ANY OTHER QUESTIONS? I WAS JUST GO BY.
UH, SO I WAS JUST GOING THROUGH THE MOU AND HAD A COUPLE QUESTIONS AS THEY KIND OF ALTER FROM OUR, UH, OUR NORMAL TERM SHEETS.
AND I'M SURE IT'S JUST BECAUSE OF THE STRUCTURE OF THE DEAL, BUT, UH, I WAS WONDERING MAYBE ONE OF THE SPEAKERS COULD TALK TO US ABOUT HOW THE, THE, THE 1 68 H ELECTION IMPACTS THE FINANCES ON THE DEAL.
I KNOW THAT'S A DEPRECIATION ELECTION UNDER THE, UH, INTERNAL REVENUE CODE.
AND ALSO THERE WAS ANOTHER TERMINOLOGY THAT MAYBE NOT ALL THE BOARD MEMBERS WERE FAMILIAR WITH, WHICH WAS THE SECTION 42 COMPLIANCE PERIOD, WHICH I THINK THAT'S AGAIN TIED TO YOUR, YOUR TAX CREDITS THAT, THAT YOU'VE RECEIVED.
BUT I WAS JUST WONDERING HOW, UH, IF ANYBODY COULD SPEAK TO HOW THAT MAY OR MAY NOT IMPACT OUR, OUR FINANCES, WHETHER THAT'S BEEN TAKEN INTO ACCOUNT.
SO SECTION 42 IS THE TAX CREDIT SECTION.
SO THAT'S JUST ABOUT HOW LONG WE KEEP IT AFFORDABLE.
AND THE AFFORDABILITY PERIOD FOR THE TAX CREDITS, THE INITIAL AFFORDABILITY PERIOD IS 15 YEARS, AND THE EXTENDED AFFORDABILITY PERIOD IS 45 YEARS.
UM, THE 15 YEARS IS UNDER THE INITIAL, UM, TAX CREDIT AWARD.
AND THEN WE ACTUALLY VOLUNTARILY, UM, RESTRICT UP TO 45 YEARS.
THE, UM, 1 68 ELECTION HAS TO DO WITH DEPRECIATION.
AND HOW BASICALLY BECAUSE YOU'RE A NONPROFIT, YOU CAN'T TAKE DEPRECIATION.
SO IT'S JUST A LITTLE BIT OF A WRINKLE BECAUSE OUR, UM, INVESTOR IS A TAX CREDIT INVESTOR VERSUS, UM, WE DON'T HAVE INVESTORS THAT GET, YOU KNOW, AN I R BECAUSE THEY PUT IN A CERTAIN AMOUNT OF MONEY AND THEY BECOME THE LP.
WE HAVE INVESTORS THAT ARE BUYING THOSE TAX CREDITS THAT ARE GRANTED TO US BY THE FEDERAL GOVERNMENT.
SO THAT'S WHAT THAT ELECTION IS ABOUT, BUT THAT HAS NO BEARING ON THE FINANCIAL PERFORMANCE, UM, AS IT RELATES TO OUR O U
MR. CHAIRMAN, UH, AND I ALSO NOTICED THIS INDEMNIFICATION LANGUAGE THAT WAS ADDED TO THE M O U.
CAN YOU, UH, GIVE SOME COMMENTS AROUND WHY THAT'S BEEN INCLUDED? UH, YEAH, FOR THE POSSIBILITY OF AN INVERSE CONDEMNATION LAWSUIT BROUGHT TO MR BY, UM, THE NEIGHBORING LANDOWNERS THAT ARE PART OF THE DE RESTRICTION.
SO WE HAVE INDEMNIFIED THE D P C AND THE CITY, AND IN, IN, IN THAT CERTAIN TURN SHEET, IT REFERENCES THAT THE WILL BE UNDER THE JURISDICTION OF THE COURTS IN BEHAR COUNTY.
IS THAT, UH, I BELIEVE, YEAH, I BELIEVE THAT WAS, UH, MR. MS. SPRING? YES.
SO, UM, AND, AND I I DO HAVE ONE CLARIFYING QUESTION.
WE'LL, UM, WE'LL TAKE A MOTION.
YOU OWN THE PROPERTY, RIGHT? NO, YOU DO NOT.
UM, DO WE HAVE A MOTION? THANK YOU, MR. CROTCH.
THANK YOU, MR. UM, AND THE MOTION IS FOR THE APPROVAL OF THE RESOLUTION AUTHORIZING THE NEGOTIATION EXECUTION OF A MEMO OF UNDERSTANDING FOR CYPRESS CREEK FORCE LANE AND PARTNERSHIP WITH SMORE STRATEGIES TO BE LOCATED AT 1520 NORTH CENTRAL, UM, EXPRESSWAY, DALLAS, TEXAS.
IS THERE A SECOND DISCUSSION? UH, I WILL NOT BE SUPPORTING THIS AT THIS TIME.
I DON'T THINK THERE'S BEEN SUFFICIENT COMMUNITY ENGAGEMENT, UH, WITH THE COUNCILMAN WHOSE DISTRICT THAT RESIDES IN WITH THE COMMUNITY MEMBERS THAT SHOWED UP TO EXPRESS THEIR VERY STRONG OPINIONS.
I KNOW WE HAD SOMEONE EITHER SIDE OR IF THAT TELLS ME IS THAT THERE PROBABLY SHOULD BE ADDITIONAL DIALOGUE.
WE'VE HAD A TWO YEAR COOLING OFF PERIOD SINCE THIS,
[03:40:01]
UH, SINCE THE COMMUNITY WAS ENGAGED.AND I WOULD LIKE TO SEE, UH, SOME ADDITIONAL CONVERSATIONS, UH, BEING HAD.
I KNOW THIS IS, UH, UH, ON A VERY FAST TIMELINE.
WE WERE AT OFFICE OF HOUSING YESTERDAY.
WE'RE HERE TODAY, WE'RE ON THE, UH, DALLAS CITY COUNCIL FOR THE EIGHTH.
UH, AND I THOUGHT THAT WAS PROBABLY AS A RESULT OF THE, WHEN I SAW IN THAT, UH, IN THE DOCUMENT THAT THE TAX CREDITS WERE EXPIRING, UH, POTENTIALLY 12 31, 20 23.
BUT NOW THAT WE HAVE AN EXTENSION, MAYBE THAT AFFORDS US SOME ADDITIONAL TIME TO HAVE THOSE CONVERSATIONS, UH, AND MAYBE GET EVERYBODY ON THE SAME PAGE FROM WHERE WE STOOD IN 2021.
UM, UNDERSTANDING MR. TANGLES BELIEVES THAT THEY PROBABLY HAVEN'T CHANGED MUCH.
UM, SO AT THIS TIME, I WOULD PREFER TO, TO, TO TABLE THIS.
UM, IF WE'RE GONNA PUT A, TO VOTE TO SEE, WE CAN GET SOME COMMON GROUND ESTABLISHED, UM, AND, UH, COME UP WITH, UH, I THINK THERE'S A SUFFICIENT TIME IN THE TIMELINE IN ORDER TO HAVE THOSE ADDITIONAL CONVERSATIONS TO SEE IF SOME OF THE COMMUNITY STAKEHOLDERS, UH, AND THE DEVELOPER, UH, COULD, UH, SOME COULD FIND A, COULD FIND A MILL ROAD.
I CERTAINLY UNDERSTAND, UH, SOME OF MY FELLOW BOARD MEMBERS HERE IN THEIR EXPRESSION OF VALUE CREATION AND, AND, AND TRYING TO CARRY OUT, UH, THE INTENTIONS OF OUR SPONSOR, WHICH IS THE DALLAS CITY COUNCIL, UH, AND THE CITY OF DALLAS.
UH, BUT AGAIN, WE, WE, WE, WE SIT AROUND THIS, UH, THE, THESE TABLES TO THE, UH, PRUDENT INVESTORS OF THOSE, UH, EXEMPTIONS.
UM, AND WE WANNA MAKE SURE WE'RE PUTTING, WE'RE INVESTING THOSE EXEMPTIONS, UH, IN COMMUNITY BACKED PROJECTS THAT WILL BE ACCRETIVE TO THE COMMUNITY.
AND SOMETIMES, UH, IT'S, THERE'S A STEEP LEARNING CURVE, BUT I WOULD HOPE THAT WE WOULD ENGAGE IN THAT JUST TWO YEARS LATER TO, TO SEE IF WE COULD, UH, MAKE SOME, UH, MAKE SOME PROGRESS ON THAT.
YES, OBJECT FOX AND THE, UH, THE TAX EXEMPT, UH, CREDITS THAT WERE ISSUED, I'M SURPRISED WERE ISSUED GIVEN THE FACT THAT THE DEED RESTRICTION WAS IN PLACE.
I SUSPECT SOMEWHERE ALONG THE WAY THAT WAS A BUREAUCRATIC MISTAKE.
WE HAVE NOT SEEN ANY PUBLIC ENGAGEMENT, WE'VE HEARD FROM THE COUNCIL MEMBER FROM THIS AREA, AND HE WAS SURPRISED AT ALL THIS, JUST AS I GUESS WE ALL RECEIVED OUR PACKET FRIDAY NIGHT.
UM, WE DON'T HAVE ANY INFORMATION RELATED TO CURRENT FINANCING THAT'S AVAILABLE FOR THIS PROJECT IF IT WERE TO ALL WORK OUT.
AND IN FACT, THE DOCUMENTS RECEIVED SAY THAT WE HAVE MULTIPLE TOOLS, AND THAT'S PRETTY INES DESCRIPTIVE AS TO EXACTLY WHAT'S GONNA HAPPEN.
UM, I THINK THAT THIS IS GOING TO OPEN UP A LOT OF NEW ISSUES.
AND I, AGAIN, STRESS TO ALL OF YOU, THIS IS GONNA O OPEN UP AN AWFUL LOT OF DEBATE, UM, AT THE, UH, STATE LEVEL AS THEY CONSIDER WHAT IS GONNA BE THE FUTURE OF PFCS.
SO AT A MINIMUM, I REQUEST THAT EVERYBODY, AT LEAST TO VER THIS, UM, IF NOT JUST A DENIAL TODAY, WHICH IS MY PREFERENCE.
UH, USUALLY, UH, I'M ALWAYS IMPRESSED WITH, UH, CITIZEN INPUT, CITIZEN COMMENTS, ESPECIALLY, UM, SINCE I LIVED ON SOUTHERN HALF OF UH, DALLAS, DALLAS COUNTY.
AND, UH, HAS IT SORT OF BEEN ALLUDED TO AND MENTIONED, UH, ESPECIALLY ABOUT ONE GENTLE LADY HERE WHO GAVE SOME, UH, NUMBERS, PERCENTAGES ABOUT, UH, WHAT HAS USUALLY BEEN DUMPED.
UH, USE THAT PHRASE INTO, UH, OAK CLIFF PLEASANT ROAD, AND LIKE THAT HAD WEST DALLAS AREAS.
WE'LL HAVE TO FIND SOME WAY TO INCORPORATE, UH, NEW UNITS.
CAUSE AS A FORMER PLANNING COMMISSIONER WITH MANY YEARS, UH, DEALING WITH PLANNING AND ZONING, UH, EVEN IN MY PARTICULAR DISTRICT THAT I LIVE, THERE HAVE BEEN AS MANY AS 19 LITECH PRODUCTS AND MORE BEING DEVELOPED ON THE GROUND NOW.
BUT, UH, THE CITY SEEMS TO FIND A WAY TO PUT THOSE INTO OUR NEIGHBORHOODS.
DESPITE THE SAME WONDERFUL UPSTANDING DALLAS CITIZENS WHO WANT TO PROTECT THEIR AREAS, THEIR NEIGHBORHOODS, THEIR HOMES, SOMEHOW THEY ARE HERDS.
[03:45:01]
WHETHER HEARD THAT THEY'RE NOT LISTENED TO AND SOMEHOW HERE IN, UH, NORTH DALLAS, USUALLY THINGS ARE MOVED AROUND AND THEY'RE DENIED AT TIMES.BUT I'M ALWAYS, ONCE AGAIN, BACK TO MY LEAD-IN STATEMENT, I'M IMPRESSED AND MY HEART GOES TO HOMEOWNERS, THOSE WHO RAISED THEIR FAMILIES, THOSE WHO, UH, WALKED THEIR NEIGHBORHOODS, WHO LIVED THERE FOR, FOR YEARS.
UH, I, I PERSONALLY WILL BE, UH, MOST AGREEABLE TO PERHAPS TABLING THIS, NOT JUST TO TABLE, BUT, UH, I WOULD PLAN ON FOR ME, MYSELF, JUST GOING OUT AND, UH, VISITING THAT PARTICULAR SITE AND ALSO, UH, TALKING WITH ANY OF THE NEIGHBORS, ANY OF THE HOMEOWNERS, ANY RESIDENTS THAT ARE THERE IN THAT PARTICULAR AREA, SO THAT I CAN HAVE A FULL PICTURE AND AS THE EXPERIENCE THAT I HAVE WITH ME, BE ABLE TO LOOK AT THE SITE AND SEE WHAT IMPACTS IT MAY NOT HAVE ON DENSITY TRAFFIC AND ALSO, UH, PEOPLE'S, UH, LIVING AREAS.
UH, I WOULD ALSO ENCOURAGE THOSE NEIGHBORS WHO ARE SO ADMITTEDLY OPPOSED TO SOME TYPE OF AFFORDABLE HOUSING HERE IN THE NORTH TO PERHAPS COME ON OVER AND COALESCE WITH US IN THE, UH, SOUTHERN AREAS.
ONE OF THE, UH, UH, ITEMS THAT WE HAD EARLIER WAS THERE IN SOUTH DALLAS PROPER, WHICH WAS DIRECTLY ACROSS FROM FAIR PARK.
THERE'S NOTHING REALLY TO IMPACT THAT AT ALL.
DIRECTLY ACROSS THE STREET FROM FAIRPORT, GOT OLD WAREHOUSES.
UH, WE GOT EX EXPOSITION AVENUE THAT RUNS RIGHT ON INTO, UH, DEEP ELEMENT.
SO IT IS PROBABLY, UH, A GOOD SITE FAR AS NOT IMPACTING SOMEONE'S HOME, A LIVELIHOOD, BUT ACTUALLY IS THERE WITH TRAFFIC.
AND YOU HAVE TRANSPORTATION SO PEOPLE CAN COME IN AND OUT.
THE TRAIN IS RIGHT ACROSS THE STREET AT FAIRPORT, NOT TO MENTION THE AMENITIES THAT, UH, FAIRPORT BRINGS, UH, TO THE AREA.
SO IT SEEMS THAT WE'VE JUST BEEN DISCOVERED AS OF TODAY.
UH, ALL OF THE INPUT, ALL OF THE, UH, ATTENTION.
WE'RE LESS THAN TWO YEARS OLD FOR THIS PROCESS BEING IN EFFECT.
BUT ONE THING THAT CONTINUES TO COME OUT, WHICH HAS BEEN MENTIONED BY MANY HERE, IS THE TIME THAT WE HAVE.
I HAVE SUGGESTED, UH, NUMEROUS TIMES TO STAFF THAT PERHAPS YOU ALL NEED, UH, MORE ADMINISTRATIVE STAFF, SOMEONE THAT CAN HELP YOU, UH, PUT THESE DOCUMENTS, THESE ITEMS TOGETHER IN A FASHION THAT GETS IT TO US.
I WILL SUGGEST AT A WEEK IN ADVANCE, WE CONTINUE TO GET IT, UH, EITHER, AND THIS IS NO KNOCK ON PRESIDENT STAFF CAUSE I KNOW YOU GUYS ARE LOADED AND I UNDERSTAND ADMINISTRATIVE PROCESSES, NOT ONLY HERE WITH THE CITY, BUT CAUSE I TOO HAVE BEEN A MANAGER DEALING WITH REGISTRATION AND ISSUES.
BUT THE POINT IS, IS THAT WHAT'S MISSING OUT OF THIS MACHINERY HERE IS THAT YOU DON'T HAVE ENOUGH HELP IN THE MIDST OF YOUR MYRIAD AND NUMEROUS DUTIES TO HELP YOU PROCESS AND PUT TOGETHER SOME THINGS SO THAT WE CAN AT LEAST GET A, UH, A DOCKET THAT IT MAY NOT BE IN CONCRETE AT THAT POINT, BUT WE CAN GET IT AHEAD OF SCHEDULE AND KNOW SOMETHING IS COMING DOWN THE PIPE HERE AND ALLOW US TIME TO, UH, READ IT AND BREATHE IT SO THAT, UH, I COULD HAVE TAKEN TIME TO GO ON TO, UH, NORTH DALLAS AND BU SITE AND OTHER SITES.
UH, THE, UH, NUMBER SEVEN ITEM HERE THAT WE HAVE TOO.
BUT, UH, I WOULD, I WOULD, UH, CONTINUE ONCE AGAIN TO SUGGEST THAT SO THAT, UH, WE AS A BOARD HAVE AMPLE TIME CUZ WE HAVE SO MUCH INFORMATION HERE THAT, UH, IS VERY COMPLEX IN NATURE, ESPECIALLY WHEN WE LOOK AT OUR PRO PERFORMANCE AND, UH, SOME, UH,
[03:50:01]
OF OUR DIRECTORS OR REAL ESTATE PEOPLE WHO CAN, UH, HASH THIS STUFF OUT IN A SECOND WITHOUT THE USE OF A COMPUTER.I NEED MY COMPUTER, MY PEN AND PAPER, UH, JUST TO BEGIN TO PUT THINGS DOWN AND TRY AND UNDERSTAND IT.
AND I, LIKE MR. POS, I HAVE TO PRINT STUFF OUT OF JUST ONE OF THOSE PEOPLE THAT HAVE TO, UH, HIGHLIGHT AND UNDERLINE AND STUDY.
UH, I EVEN LEAVE MY HOME AND GO TO A LIBRARY TO LAY THIS OUT AND TRY AND STUDY AND MAKE MY QUESTIONS AVAILABLE.
SO SOME OF MY SUGGESTIONS HERE IS JUST FOR THE FACT OF HOPEFULLY HELPING US TO BE A BETTER ASSET AND BE A BETTER ASSISTANCE TO THE CITIZENS OF DALLAS.
SO AT THIS PARTICULAR, UH, MOMENT, I AM AGREEABLE IF THE, UH, MAKER OF THE MOTION IS AGREEABLE TO, UH, SUGGESTING THAT WE TABLE THIS.
AND I'M NOT SUGGESTING A TIME PERIOD FOR A MONTH OR TWO MONTHS OR WHATEVER, BUT OTHERWISE, UH, I TOOK AT THIS MOMENT CANNOT BE, UH, IN AGREEMENT WITH THIS, UH, PROPOSAL.
IT ALSO CONCERNS ME WHEN SOMEONE SAYS THAT THEY CAN TAKE SOMEONE'S RIGHTS.
I DON'T KNOW ALL OF THE ISSUES, BUT YOU CAN TAKE SOMEONE'S RIGHTS SPEAKING TO THE DEEP RESTRICTIONS.
UH, AND I CAN'T JUST TAKE YOUR WORD THAT, UH, THERE'LL BE, UH, COURT STAND BY YOU AND THAT ALL THESE ISSUES THAT WE SOLVE, BUT YOU NEED US TO HELP ENFORCE IT.
UH, I, I, I DON'T, UH, I DON'T, UH, LIKE I DON'T TAKE THAT LIGHTLY, BUT I, I DON'T THINK THAT I'D LIKE BEING INVOLVED IN THAT PARTICULAR PROCESS.
SO WITH THAT SAID, UH, I'D LIKE TO OFFER THAT, UH, FRIENDLY AMENDMENT, UH, TO THE MAKE OF THE MOTION DIRECTOR TALLIS, IF HE WOULD BE, UH, AGREEABLE TO, UH, TABLING THIS AS, UH, DIRECTOR HOLMES HAS ALSO SUGGESTED AGREEABLE.
SOMETIMES THE TASK TAKES A TIME, ALLOT IT FOR COMPLETION, AND THIS THING HAS BEEN GOING ON SINCE 2020.
UH, SO MY RECOMMENDATION, MY AGREEMENT WOULD BE IF WE'RE GOING TO DO THE WORK TO A MOTION AMENDMENT, A MOTION TO APPROVE, WE NEED TO BE WITHDRAWN AND REPLACE THE MOTION TO TABLE.
SO YEAH, THE, THE, THE, UH, THE MOTION ON THE, THE FLOOR NOW IS APPROVAL OF THE, THE RESOLUTION.
SO WE'LL CONTINUE DISCUSSION ON, ON THAT.
AND THEN, UH, I WITHDRAW THE MOTION TO, TO APPROVE INCUR TO THE MOTION TO TABLE.
BUT I THINK WE NEED TO GET US SOME TIME PER, OKAY, SO, UM, THE MOTION TO APPROVE HAS BEEN WITHDRAWN.
IS THERE ANOTHER MOTION? I'LL MOTION THAT, UH, UH, THAT WE TABLE THE ITEM, UH, TILL NEXT MONTH.
BUT I THINK WE NEED TO BE CAREFUL, UH, DIRECTOR TALLIS, THAT THE WORK CAN GET DONE BY BOTH SIDES.
UM, AND ESPECIALLY WITH A PUBLIC COMPONENT IN WHICH WE JUST GOT THROUGH TALKING ABOUT 2021 AND A BLIZZARD STOPPED EVERYBODY FROM COMING TOGETHER TO TALK ABOUT THIS, THAT WE'RE REALLY GONNA BE PRESSING ALL, EVERYBODY ON ALL ENDS OF THIS, OF THIS TO, UH, TO COME TO SOME TYPE OF RESOLUTION.
SO IT MAY BE CHALLENGING, I DON'T KNOW IF THAT'S A MOTION, BUT IT'S A WARNING, I THINK.
SO TO CLARIFY, CLARIFY, THE, THE MOTION ON THE FLOOR IS TO DEFER DISCUSSION AND APPROVAL OF THIS RESOLUTION, THE MOU FOR CYBER FORCE LANE UNTIL THE NEXT MEETING.
IS THAT ACCURATE? ACCURATE? THAT'S CORRECT.
FURTHER, IS THERE SESSION SECOND, FURTHER CLARIFICATION.
SO THEN WHAT WORK ARE WE TALKING ABOUT? WE'VE BEEN SITTING HERE DISCUSSING ALL THE THINGS THAT EVERYBODY WANTS.
I THINK THAT'S THE WORK WE'RE TALKING ABOUT.
I MEAN, WE WANNA PUT IT IN THE MOTION AND A LOT, A VERY LONG MOTION.
BUT I THINK, I THINK THE ISSUE, THERE ARE A COUPLE ISSUES.
UM, COMMUNITY INVOLVEMENT, THERE'S NO RESIDENTIAL AROUND, AROUND THE SITE, OKAY? BUT WHATEVER COMMUNITY INVOLVEMENT THERE NEEDS TO BE, THAT NEEDS TO BE TAKEN CARE OF.
AND TO THE EXTENT, UH, THERE COULD BE NEGOTIATIONS BETWEEN THE DEVELOPER AND THE
[03:55:01]
CURRENT LANDOWNER THAT OWNS THE DEEP RESTRICTION, YOU KNOW, THERE NEEDS TO BE AT LEAST SOME MOVEMENT ON, ON THAT.AND IF, IF IT'S, I, IF, IF IT'S IRRESOLVABLE, IT'S I IRRESOLVABLE AND THEY NEED TO COME BACK AND SAY IT'S IRRESOLVABLE, BUT, UM, YOU CAN'T LET THIS JUST, YOU KNOW, HANG OUT THERE AND, AND THEN GO ON FOREVER BECAUSE THIS IS MY BACKYARD AND, UM, I'D LOVE TO SEE SOMETHING DONE THERE WITH AFFORDABLE HOUSING IN THAT
YEAH, I JUST WANTED SOMETHING FINALLY STATED SO THAT WE JUST DON'T SAY HEY NAMES FOR ANOTHER MONTH AND IT JUST SITS ON THE TABLE, BUT JUST ACTION IS ALL CARING.
UH, WITHIN THAT TIME, BRIAN, MOVE, HOPEFULLY THIS ALONE.
SO THE, THE MOTION ON THE FLOOR IS TO DEFER BY DIRECTOR HOLMES, SECONDED BY DIRECTOR, PAUSE.
UM, IS THERE ANY DISCUSSION ON THIS, UM, MOTION? OKAY.
I WOULD, UH, I, I DO HAVE A DISCUSSION POINT.
UM, THEY, THIS STRIKES ME AS, UM, AS CERTAINLY, CERTAINLY, UM, FERVENT, UM, COMMUNITY DISCUSSION, NEIGHBOR OF DISCUSSION.
I THINK BY VIRTUE OF WHAT WE DO AS A BOARD AND THE, THE TYPE OF HOUSING AND THE DEEPER AFFORDABILITY THAT, UM, WE ARE, UM, CHARGED WITH DELIVERY AND CHARGED WITH, UH, WITH LEVERAGING THE PUBLIC FACILITY CORPORATION FOR IT'S INEVITABLE, UM, THAT THERE IS GONNA BE PUSHBACK.
I THINK IT'S VERY VALID TO SAY THAT IF WE'RE WAITING FOR, UM, COMPLETE AND TOTAL, UM, COMMUNITY AGREEMENT, THAT WE'RE NOT GONNA GET THERE.
WE'RE SITTING HERE LOOKING AT A PFC DEAL AND WE TALK A LOT ABOUT DEEPER AFFORDABILITY IN THIS ROOM.
WE'RE SITTING HERE LOOKING AT A PFC DEAL THAT HAS 22%, 70% AMI AND 25% AT 30% AMI.
THAT'S PROBABLY THE, THAT'S PROBABLY MORE UNITS AT 30% AMMI THAN WE'VE APPROVED THE ENTIRE TIME WE'VE, WE'VE BEEN DOING THIS.
SO, UM, WE'RE GONNA VOTE AND I SUSPECT THAT WE'RE GONNA DEFER THIS.
UM, BUT LET'S NOT LOSE SIGHT OF OUR MISSION, UM, AS WE CONTINUE THE DISCUSSION AND COME BACK AND VOTE ON THIS NEXT TIME.
SO, UM, NOW WE'LL TAKE A VOTE ON THE MOTION TO DEFER.
YOU CAN JUST, UH, INDICATE WHETHER YOU FOR OR AGAINST, AND I CALL YOUR NAME DIRECTOR HOUSEHOLD.
DIRECTOR REYES OR DIRECTOR TOLEDO FOR DIRECTOR MONTGOMERY AYE.
DIRECTOR HOLMES HOLMES FOR VE DALLAS.
DIRECTOR WINTERS FOR VE
UM, EXILE BRIEFING ON PROCUREMENT POLICIES.
UM, AARON, DO YOU WANT TO, UM, LET'S, LET'S HIT ON THAT ONE SUMMARY OR DO YOU NEED TO, HONESTLY, IT WAS JUST A ONE SENTENCE SAYING BASICALLY A CLARIFICATION ON OUR, OUR COMPUTER POLICIES, IF THERE'S AN ACTIVE APPLICATION, CAN HAVE DIRECT COMMUNICATION.
LIKE, UH, THAT MEANS SAID WE CAN'T HAVE ANY APPEARANCE BEEN PROVIDED EARLY BOOK.
SO THAT'S, IS THERE A MOTION TO ADJOURN? SECOND.