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HEALTH PRESIDENT,[Dallas Housing Finance Corporation on January 10, 2023.]
AND I CALL THE MEETING TO ORDER.UM, AND BEFORE WE DO THE ROLL CALL, I WANTED TO WELCOME OUR NEWEST BOARD MEMBER, SEAN ALLEN.
UM, AND SO WE ARE SO PLEASE THAT WE ARE JOINING US AND WE'RE LOOKING FORWARD TO WORKING WITH YOU.
AND I DON'T KNOW IF YOU WANNA SAY ANYTHING ABOUT YOURSELF OR
I, I'M NOT SURE WHAT TO SAY ABOUT MYSELF.
UM,
AND JUST FOR EVERYBODY, UH, THIS IS KYLE HINES, GENERAL MANAGER, UH, D HFC.
SEAN IS REPRE, OR DIRECTOR ALLEN IS REPRESENTING DISTRICT ONE.
SO WE'RE VERY EXCITED TO HAVE HIM.
HE'S, HE'S GOT BIG SHOES TO FILL FROM DIRECTOR NIKI.
I KNOW THAT HE, YOU WERE, UH, HANDPICKED AS I WAS TOLD, BUT, UH, WE'RE VERY EXCITED TO HAVE YOU JOIN US.
UM, NOW I WILL LET MR. DID YOU SAY DISTRICT ONE? YEAH.
UM, I'LL LET MR. QUINTO DO THE ROLL CALL.
IF YOU JUST WANNA SAY HERE AFTER I CALL, YOUR NAMES PRESIDENT MARCY HALPIN.
I KNOW HE SAID HE CANNOT COME.
UH, DIRECTOR DAVID ELLIS HERE.
IS PATTY HERE? HERE? ALL RIGHT, THANKS PATTY.
UH, NOW IT'S TIME FOR PUBLIC TESTIMONY AND WE WILL RECEIVE PUBLIC COMMENTS ON ITEMS FOUR THROUGH NINE OF THE AGENDA.
AND, UH, JUST TO REMIND ANYONE WHO MIGHT BE, UH, YOU KNOW, ONLINE OR HERE TO MAKE ANY PUBLIC COMMENTS, UM, WE FOLLOW THE SAME PROCEDURE AS THE DALLAS CITY COUNCIL, WHERE WE, UH, LIMIT THE TIME OF EACH SPEAKER TO THREE MINUTES.
AND, UM, AND, UH, I JUST WANT, UH, THIS ANY POTENTIAL SPEAKERS TO KNOW THAT, UM, YOU SHOULDN'T, UH, TAKE ANY MEANING BY THE FACT THAT MAYBE WE DON'T MAKE ANY KIND OF RESPONSE,
AND WE ARE HAPPY TO HEAR WHAT YOU HAVE TO SAY, BUT WE MAY NOT ENGAGE WITH YOU IN THE CONVERSATION.
SO, UM, DO I HAVE ANYBODY WHO WANTS TO GIVE PUBLIC TESTIMONY? I GUESS WE, WE NEVER RECEIVED ANY EMAILS FOR PEOPLE SIGNING UP TO SPEAK, SO, UM, ANYBODY ELSE OUT THERE?
I GUESS THERE'S NO PUBLIC TESTIMONY.
NEXT ITEM ON THE AGENDA IS THE APPROVAL OF THE MINUTES FOR THE NOVEMBER 29TH, 2022, CITY OF DALLAS HOUSING FINANCE CORPORATION MEETING.
AND, UM, SO DOES SOMEONE WANNA MAKE A MOTION FOR APPROVAL? UM, MOVE TO APPROVE.
AND DO I HEAR A SECOND? I'LL SECOND.
AND, UM, ARE THERE, IS THERE ANY DISCUSSION, ANY QUESTIONS ABOUT THE MINUTES? ANY CORRECTIONS TO THE MINUTES? ANY ADDITIONS? ANYBODY THINKS WE NEED TO MAKE TO THE MINUTES? OKAY.
ANY OPPOSED? ANY EXTENSIONS? OKAY.
CONSIDER AN ADOPT A RESOLUTION APPROVING A MEMORANDUM OF UNDERSTANDING WITH OPPORTUNITY HOUSING GROUP FOR THE ACQUISITION OF MUSE AT MIDTOWN.
A MULTI-FAMILY RESIDENTIAL DEVELOPMENT LOCATED AT
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13 6 75 NOEL ROAD, AND THE CREATION WITH THE TEXAS SECRETARY OF STATE OF A LIMITED LIABILITY COMPANY TO OWN THE DEVELOPMENT WITH THE CORPORATION AS THE SOLE MEMBER TO BE NAMED D H F C NEWS AT MIDTOWN L L C AND APPROVING THE FORM OF A LIMITED LIABILITY COMPANY AGREEMENT.ALRIGHT, UM, JACKIE, YOU WANNA MOVE TO THE NEXT SLIDE? OKAY, SO THIS IS ANOTHER PROPOSAL FROM O H G.
UM, THEY RECENTLY COMPLETED THE BRISCOE WITH US.
UH, THAT WAS OUR FIRST ESSENTIAL HOUSING, UH, DEAL.
SO THIS IS AN EXISTING 289 UNIT, UM, MARKET RATE BUILDING.
IT'S OVER BY THE GALLERY JUST NORTH OF THERE OFF OF NOEL, NOEL ROAD.
UM, IT WAS BUILT RECENTLY IN 2020, SO IT'S, IT'S FAIRLY NEW.
UM, IT'S, I THINK FIVE OR SIX STORIES ON TOP OF A, OF ONE LEVEL OF PODIUM PARKING.
UM, SO IT'S VERY, VERY NICE LOOKING BUILDING, UH, VERY GOOD CONDITION.
AND SO, UH, BASICALLY THIS PROJECT WILL BE VERY SIMILAR, UH, STRUCTURE AS THE BRISCOE AND, AND THE DYLAN OUR, OUR PREVIOUS ESSENTIAL FUNCTION BOND DEALS.
SO THAT BEING SAID, IT'LL BE 50%, AT 80%, UM, OF ERIN BEING INCOME, 40% WILL BE AT 140% AMI.
UM, AND THEN 10% WOULD JUST BE NON-INCOME RESTRICTED MARKET UNIT RATES.
SO, UH, LIKE THE OTHER DEALS, THOSE RESIDENTS THAT ARE CURRENTLY EARNING 80% OR BELOW WOULD BE, UH, QUALIFIED TO RECEIVE THESE RENT REDUCTIONS.
UM, NO RESIDENTS WOULD BE DISPLACED CURRENTLY AND THEY'RE NOT GONNA KICK ANYBODY OUT.
UM, JUST ANYONE WHO MIGHT NOT QUALIFY, THEY MIGHT TURN 'EM OVER AS THEIR LEASE IS TURNED OVER.
UM, LET'S GO TO THE NEXT SLIDE, JACKIE.
SO OBVIOUSLY THIS WILL BE TAX EXEMPT.
THE DH FFC WILL OWN IT A HUNDRED PERCENT.
AND SO THE BONDS WILL FINANCE THIS PURCHASE.
WE WON'T BE PAYING ANYTHING OUT OF POCKET.
UM, BUT ALL OF THE REVENUES FROM THE RENTS AND EVERYTHING WILL BE GOING TOWARDS PAYING, PAYING DOWN THOSE BONDS.
UM, O H G WILL BE OUR PROJECT ADMINISTRATOR, JUST LIKE ON THE OTHER DEALS.
SO THEY'LL RUN THE DAY-TO-DAY, UM, KIND OF OPERATIONS AND MAKE SURE THAT EVERYTHING IS, IS HAPPENING SMOOTHLY AND THAT THEY'LL DO THE LEASING, THE, THE PROPERTY MANAGEMENT AND THINGS LIKE THAT, UM, THROUGH GREYSTAR OBVIOUSLY.
UM, JACKIE, YOU WANNA GO TO THE NEXT SLIDE? OH, I'M SICK.
SORRY, I'M LOOKING AT THE WRONG, WRONG SCREEN HERE.
SO WE DO HAVE LAUREN SIEVER HERE FROM O H G, I THINK, AND BRAD GRIGGS.
UM, I DON'T KNOW IF THEY WANT SAY ANYTHING, IF THEY WANT ME TO LOAD UP.
THEY HAD A LITTLE PRESENTATION.
UM, I CAN SHARE THAT WITH THEM.
ARE YOU GUYS ONLINE? CAN YOU HEAR US? YES.
HI, THIS IS LAUREN SIEBER, OPPORTUNITY HOUSING GROUP.
UM, AND I, I'M HAPPY TO GIVE A PRESENTATION OR, UM, I CANNOT, AS, AS YOU LIKE, I I THINK SOMEONE OUGHT TO, UM, GO OVER, YOU KNOW, WE, IT'S NICE THAT WE NOW HAVE A FAMILIARITY WITH THIS, UH, TYPE OF, UH, OWNERSHIP, BUT, UM, BUT I THINK IT WOULD BE HELPFUL TO, UM, REMIND EVERYONE OF WHAT THE SAVINGS WILL BE FOR THE TENANTS.
I THINK IT'D BE ALSO HELPFUL CAUSE THESE ARE ALWAYS, THIS COULD ANY MEETING COULD BE SOMEBODY'S FIRST MEETING.
WE ALSO HAVE A NEW DIRECTOR HERE, SO, UH, I THINK IT'D BE HELPFUL IF WE GO THROUGH THIS, UH, THE, THE TRANSACTION STRUCTURE AND THE BENEFITS THAT WE'RE PROVIDING HERE.
I'D ALSO JUST, I THINK WE TALKED ABOUT IT, UH, IN THE, YOU MIGHT HAVE SEEN IT ON THE SLIDE, BUT I JUST WANNA REITERATE TO EVERYBODY THAT THIS PROPERTY IS NOT IN THE MALL AREA REDEVELOPMENT TIF DISTRICT.
AND BY TAKING IT OFF THE PROPERTY TAX ROLES, WE ARE NOT SHORT-CHANGING THAT TIF DISTRICT OR THE BARBELL TIFF DISTRICT DOWN AT THE REDFORD MALL RE REDEVELOPMENT.
BUT WITH THAT, LAUREN, IF YOU WANT TO, UH, WALK THROUGH THE STRUCTURE AND WHAT WE'RE PROVIDING AND, AND THE BENEFITS TO THE COMMUNITY, THAT'D BE GREAT.
UM, THANK YOU ALL FOR, FOR JOINING.
UM, GOOD AFTERNOON, DIRECTOR HEALTH BAND AND, UM, MEMBERS OF THE CORPORATION BOARD.
UM, WE'RE VERY PLEASED TO BE HERE.
I'M PRESIDENT OF OPPORTUNITY HOUSING GROUP.
UM, MY PARTNER, BRAD GRIGGS IS HERE AS WELL.
UM, AND THANK YOU FOR TAKING THE TIME AND LISTENING TO OUR PRESENTATION.
UM, AS YOU MAY KNOW, WE CLOSED WITH D H F C ON, UM, THE FIRST, UH, WORKFORCE HOUSING TRANSACTION IN THE CITY OF DALLAS ABOUT A MONTH AGO NOW, THE BRISCOE.
UM, AND WE'RE VERY PLEASED TO BE HERE WITH THIS SECOND PROPOSAL
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FROM MUSE AT MIDTOWN.UM, I'D LIKE TO REALLY HIGHLIGHT ABOUT THIS ASSET, THE QUALITY, UM, AND IN PARTICULAR THE RENT REDUCTIONS.
THE, UM, THIS IS REALLY A, A CLASS A PLUS ASSET.
UM, AND THE, BECAUSE OF THAT, THE RENT SAVINGS FOR THE 80% AMI UNITS ARE ABOUT $550 A MONTH, WHICH IS $6,600 PER YEAR.
AND THAT IS ABOUT DOUBLE WHAT WE HAD AT THE BRISCOE OR THE DILLON.
UM, REALLY WHAT I'VE SEEN AS THE AVERAGE IN OUR, UM, THE REST OF OUR PORTFOLIO WORKFORCE HOUSING PROJECTS AS WELL.
BUT I THINK WE'RE REALLY LUCKY TO HAVE THIS ASSET UNDER CONTROL AND THE OPPORTUNITY TO ACQUIRE IT ON BEHALF OF D H FFC.
UM, SO YOU CAN SEE HERE ON THE SCREEN HERE IS THE PROJECT ITSELF.
UM, IT IS NEAR THE GALLERIA ON, UH, NOEL ROAD.
UM, THE UNIT MIX CONTAINS STUDIOS, ONE BEDROOMS AND TWO BEDROOM UNITS.
AND AS YOU CAN SEE FROM THE LIST AND FROM THE PHOTOS, UM, EVERY CLASS A AMENITY THAT THAT ONE COULD WANT.
INFINITY POOL, OUTDOOR LOUNGE, UM, BEAUTIFUL COMMON AREAS, UM, HIGH END FINISHES IN THE UNITS, ET CETERA.
AND HERE ON THIS SIDE, ON THIS SLIDE, YOU SEE THE RESIDENT RENT SAVINGS.
UM, SO YOU CAN SEE THE, UM, 50% OF THE PROJECT FALLING INTO THE LOW INCOME BUCKET, WHICH IS LESS THAN 80% OF A M I.
UM, SO THAT'S 50% OF THE UNITS 145 UNITS.
UM, AND JUST AS A BASIS FOR UNDERSTANDING, IT DOES VARY BY HOW MANY PEOPLE ARE IN THE HOUSEHOLD, BUT FOR A, UM, FOR A COUPLE, TWO PEOPLE, THE OF OB $62,000, AND YOU CAN SEE WHAT THE PROPOSED RENTS WOULD BE THEIR POST ACQUISITION FOR A DISCOUNT OF OVER 25% OR ABOUT $550 PER MONTH.
LAUREN, YOU WANNA GIVE A LITTLE OVERVIEW OF THE, UH, PROGRAM, HOW IT WORKS FOR THE NEW MEMBER? SURE.
THE, THE, THE WAY THAT THE PROGRAM IS DESIGNED IS, IS QUITE ELEGANT IN ORDER TO BOTH MAXIMIZE THE RENT SAVINGS FOR QUALIFYING RESIDENTS AND THEN TO ALSO AVOID DISPLACING ANYONE FROM WHERE THEY'RE CURRENTLY LIVING.
AND SO THE PROGRAM RULES IN AS LEASES COME UP FOR RENEWAL.
SO WHEN A TENANT COMES UP FOR THE END OF THEIR LEASE, MANAGEMENT WILL CONTACT THEM, THEY'LL DO AN INCOME QUALIFICATION PROCESS, BUT PRESENT PROOF OF THEIR INCOME.
IF THEY QUALIFY FOR EITHER THE 80% OR 140% AMI LEVELS, THEY'D BE OFFERED THE DISCOUNTED ASSOCIATED RENT.
IF THEY DON'T QUALIFY, THEY'RE ALLOWED TO STAY AT MARKET RENT.
UM, BECAUSE TURNOVER IN APARTMENT PROJECTS IS ABOUT 50% PER YEAR OVER THE FIRST TWO TO THREE YEARS, MOST OF THE RESIDENTS WILL, UM, WILL CYCLE THROUGH.
AND THE VACANT UNITS ARE ALL FILLED BY RESIDENTS AT THE LOW AND MIDDLE INCOME CATEGORIES.
SO WE, WE TRANSITIONED THROUGH GRACEFULLY THAT WAY WITHOUT DISPLACING ANYONE, BUT WITH MAKING SURE THAT WE CAN PROVIDE THE AFFORDABILITY AS SOON AS WE CAN, WE CAN GO TO THE NEXT SLIDE HERE.
HERE'S THE GENERAL SUMMARY OF THE PROPOSAL.
UM, IT'S IN MORE DETAIL IN THE M MOU THAT YOU'D BE APPROVING AT THIS MEETING TODAY.
UM, IT'S REALLY THE SAME TERMS AS WE HAD ON THE BRISCOE TRANSACTION.
SO THE, UM, D HFCS, UH, LLC ENTITY THAT IS ESTABLISHING, I THINK IT'S CALLED D H F C MUSIC MIDTOWN, WOULD BE ESTABLISHED, WILL TAKE OWNERSHIP OF THE PROPERTY AT CLOSING.
UM, THE ASSET, AS YOU KNOW, IS MUSIC MID TOWN.
UM, O H D WILL BE THE PROJECT ADMINISTRATOR, OUR UNDERWRITER, UM, AND THEY'RE ON THE LINE AS WELL AS CITIGROUP GLOBAL MARKETS.
GRAYSTAR WILL BE THE PROPERTY MANAGER.
THE INCOME RESTRICTIONS ARE LISTED HERE.
SO 50% OF THE UNITS ARE LIMITED TO INCOMES BELOW 80% OF AMI, 40% BELOW 140 AND 10% AT MARKET.
UM, THE TERM OF THE BOND WOULD BE 35 TO 40 YEARS TO BE ESTABLISHED AS WE GO THROUGH THE BOND DOCUMENTS.
SO ONE OF THE, ONE OF THE BEAUTIES OF THIS STRUCTURE IS THE FLEXIBILITY.
SO THERE'S NO FIXED AMORTIZATION SCHEDULE.
UM, HOWEVER, ALL THE CASH FLOW GOES TO PAY DOWN THE BONDS.
SO OVER THE TERM OF 35 TO 40 YEARS FROM THE CASHFLOW THAT COMES OUT OF THE ASSET, THE BONDS END UP FULLY BEING REPAID.
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THE SOLE BENEFICIARY OF THAT AND OF THE INCREASED VALUE, EQUITY VALUE OF THE PROJECT IS D H F C.UM, SO I HAVE A SLIDE LATER HERE, BUT THERE'S SIGNIFICANT RESIDUAL EQUITY VALUE THAT GOES TO D H F C FROM THE PROJECT.
AND THEN IN TERMS OF OPERATIONS, THERE'S REALLY NO CHANGE.
GREYSTAR WILL ADMINISTER THE PROJECT IN A CLASS A MANNER.
THERE'D BE NO PERCEPTIBLE, NO PERCEPTIBLE CHANGE TO HOW THE ASSET OPERATES.
AND FINALLY, I DID WANNA MENTION AS WELL, UM, WE HAVE ASSIGNED LOI WITH THE SELLER RIGHT NOW.
WE DO NEED TO NEGOTIATE THE, UH, PURCHASE AND SALE AGREEMENT, AND WE'LL BE COORDINATING ON THAT WITH MERCY.
UM, AND AS A PIECE OF THAT, THE PROPERTY WAS DEVELOPED AS A PART OF A LARGER DEVELOPMENT, WHICH INCLUDES ADJACENT RETAIL, INCLUDING SOME GROUND FLOOR RETAIL AND SOME SHARED PARKING, UM, WHICH WILL BE SEPARATED OUT VIA CONDO DOCUMENTATION.
SO WE'LL BE COORDINATING THAT AS PART OF THE PSA PROCESS WITH THE HFC AS WELL.
I DON'T KNOW IF THEY HAVE PLANS TO SELL IT LATER.
SO RIGHT NOW, THE RETAIL AND THE, UM, RESIDENTIAL UNITS ARE OWNED BY THE SAME ENTITY.
AND THAT'S THE ORIGINAL DEVELOPER.
SO, AS I MENTIONED, IN ADDITION TO THE RED SAVINGS PUBLIC BENEFIT, UM, THERE ARE SIGNIFICANT FINANCIAL BENEFITS TO D H F C OF THIS STRUCTURE.
UM, THIS ANALYSIS HERE SHOWS AN ANALYSIS OF THE, THE BENEFITS TO D H F C VERSUS THE COST IN TERMS OF PROPERTY TAX SUBSIDY, UM, AT TWO DIFFERENT MILESTONES.
ONE AS A SALE IN YEAR 15 AND ONE AS A SALE LATER IN YEAR 35.
SO YOU CAN SEE THE PROPERTY TAX SUBSIDY ADDING UP OVER TIME.
UM, AND THEN YOU SEE BELOW THE RESIDENT RENT SAVINGS OVER THE SAME PERIOD OF TIME.
SO YOU CAN SEE THE RESIDENT RENT SAVINGS ALONE OR ABOUT THREE X THE PROPERTY TAX SUBSIDY OVER THE INITIAL 15 YEARS, WHICH IS, WHICH IS REALLY STRONG.
USUALLY YOU SEE THE RENT SAVINGS ARE SIMILAR TO THE PROPERTY TAX SUBSIDY OR MAYBE A A BIT HIGHER OVER THAT INITIAL PERIOD.
UM, AND THAT'S BECAUSE OF JUST HOW DEEP THE RENT SAVINGS ARE AT THE 80% AMMI LEVEL IN THIS PROJECT.
UM, AND THEN IN TERMS OF CASH BENEFITS TO THE HFC, THERE IS AN ONGOING, UM, ASSET MANAGEMENT FEE WHICH, UM, D HFC RECEIVES.
THAT'S THE 592,000 THAT YOU SEE BY YOUR 15, AND IT ROSE THROUGH YOUR 35.
AND THEN THE DISPOSITION PROCEEDS NET OF REPAYMENT ABOUT SANDING DEBT.
SO IN YOUR 15, THAT'S 58 MILLION BY YOUR 35, IT'S 277 MILLION.
UM, THE REASON IT INCREASES SO MUCH IS BECAUSE IT'S LIKE A HOUSE.
UM, THE BALANCE OF THE AMORTIZATION, THE, OR THE MAJORITY OF IT OCCURS TOWARDS THE BACK END OF THE LOAN.
SO YOU SEE BETWEEN YOUR 15 AND 35, UM, THE, THE, UH, DEBT'S FULLY AMORTIZED AND D HFC BENEFITS FROM A HUNDRED PERCENT OF EQUITY VALUE.
WHEREAS IN YEAR 15, THERE'S BEEN SOME APPRECIATION, BUT THE DEBT HASN'T BEEN FULLY REPAID.
SO THE VALUE IS STILL SIGNIFICANT, BUT, UM, HASN'T GROWN AS MUCH AS BY YEAR 35.
SO IN, IN BOTH CIRCUMSTANCES, YOU END UP WITH TOTAL PUBLIC BENEFITS SIGNIFICANTLY GREATER THAN THE TOTAL PROPERTY TAX SUBSIDY.
UM, AND IF YOU COMPARED THIS TO A STANDARD PROJECT, UM, IS THREE OR FOUR TIMES, UM, THE, THE RATIO OF PUBLIC BENEFIT TO PROPERTY TAX SUBSID IS AS A STANDARD, WHICH, AND I THINK THE STANDARD IS ALSO PRETTY STRONG.
AND, UM, WE'VE DONE A LOT OF GOOD PROJECTS AT, AT THAT STANDARD LEVEL AS WELL.
SO, UM, WE, WE CAN MOVE ON TO THE NEXT SLIDE THEN.
SO FINALLY, TO SUMMARIZE THE OPPORTUNITY HERE IS TO IMMEDIATELY CONVERT THE NEWS AT MIDTOWN PROJECT TO MIDDLE INCOME AFFORDABILITY TO BENEFIT ESSENTIAL WORKERS IN DALLAS.
UM, AND I'LL, I'LL JUST HIGHLIGHT IMMEDIATELY.
SO, UM, WHAT, THAT'S ANOTHER KEY COMPONENT OF THIS PROGRAM IS BECAUSE IT'S ACQUISITION OF EXISTING STABILIZED ASSETS, WE CAN REALLY IMPLEMENT THE PROGRAM IMMEDIATELY AT BRISCOE.
WE'VE ALREADY HAVE IMPLEMENTED IT.
UM, THIS IS A LANDMARK CLASS A ASSET.
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UNITS OF LOW INCOME HOUSING.UM, THE RENT SAVINGS ARE $6,600 PLUS PER LOW INCOME UNIT PER YEAR.
THE PROJECT IS ENTIRELY NON-RECOURSE FOR D H F C.
OUR EXPERIENCED TEAM, UM, ALL OUR WHO ARE ON THE LINES EXECUTED OVER A BILLION DOLLARS IN THESE TYPES OF PROJECTS OVER THE LAST YEAR.
UM, AND WE COMPLETED THE BRISCOE WITH THAT D HFC AS WELL.
AND THEN D HFC OWNS THE ASSET FREE AND CLEAR AT THE END OF THE BOND TERM.
THEY CAN SELL, REFINANCE, OR DEEPEN AFFORDABILITY IF YOU CAN USE THOSE PROCEEDS TO WHATEVER END YOU WOULD LIKE.
UM, WE SAW ON THE PRIOR SLIDE, THE VALUATION IS APPROXIMATELY 58 MILLION IN YOUR 15 OR 277 MILLION BY YOUR 35.
UM, THE ASSET IS UNDERWRITTEN WITH SIGNIFICANT RESERVES AND BEST IN CLASS OPERATOR IN GREYSTAR, UM, AND OPPORTUNITY HOUSING GROUP TO MAINTAIN THE ASSET AND CLASS A CONDITION.
UM, AND FINALLY WE HAVE THIS ASSET UNDER CONTROL AND I THINK THAT'S, THAT'S A PRETTY, UM, LUCKY, UM, OPPORTUNE SITUATION TO BE ABLE TO, UH, CONVERT AN ASSET OF THIS QUALITY OF THIS PROGRAM.
SO WE'RE, WE'RE VERY HAPPY TO BE HERE TODAY PRESENTING IT, AND I LOOK FORWARD TO ANSWERING ANY QUESTIONS.
AND, UM, I THINK BEFORE I OPENED THE FLOOR TO QUESTIONS, UM, I ALSO WANTED TO POINT OUT THAT, UM, IN THESE DEALS WE HAVE THE BOND INVESTORS WHO OBVIOUSLY WANNA MAKE SURE THAT THIS DEAL SHOULD WORK PROPERLY, RIGHT? BUT IN ADDITION TO THAT, WE GET THIRD PARTY REPORTS TO LET US KNOW THAT THE PROFORMA, UM, YOU KNOW, TO, TO REVIEW THE PROFORMA FOR US.
AND WE GET A THIRD PARTY TO, AND, AND OBVIOUSLY THERE ARE THE TYPICAL THIRD PARTY DUE DILIGENCE REPORTS, YOU KNOW, OF, UM, PROPERTY INSPECTION AND THE, YOU KNOW, INSPECTIONS OF THE CONDITIONS OF THE PROPERTY.
AND THEN WE GET, UM, AN INSURANCE, UH, CONSULTANT REPORT TO, TO MAKE SURE THAT WE HAVE THE PROPERTY PROPERLY INSURED IN THE CASE OF ANY KIND OF, UH, UNFORESEEN CASUALTY, UM, WHICH ALL OF US IN DALLAS STILL HAVE THE TORNADO FRESH ON OUR MINDS, EVEN THOUGH NOW, I GUESS IT'S MAYBE COMING ON FOUR YEARS OR WHATEVER, BUT YOU NEVER KNOW WHEN THERE CAN BE A SIGNIFICANT CASUALTY AND WE WANNA MAKE SURE THAT WE HAVE PROPER INSURANCE IN PLACE.
SO I JUST WANTED TO, I'LL SAY WINTER FREEZE IS THE NEW YEAH, OUR WINTER FREEZE TORNADOES ARE ONE THING, BUT WINTER FREEZE HAVE BEEN ANYWAY.
AND WE WANNA MAKE SURE, SINCE THIS IS, UM, FULLY OWNED BY THE DALLAS HOUSING FINANCE CORPORATION, UH, WE WANNA MAKE SURE THAT, UH, THAT THE PROPERTY IS IN GOOD CONDITION AND WILL REMAIN IN GOOD CONDITION.
SO, UM, SO WE MAKE SURE TO HAVE AS MANY OF THESE THIRD PARTY REPORTS AS AS POSSIBLE TO GIVE US THAT REASSURANCE.
SO I JUST WANTED TO KIND OF ADD THAT IN, THAT THAT'S ANOTHER ASPECT OF, UM, HOW THESE DEALS WORK.
UM, SO I GUESS, UH, MAYBE WHAT WE SHOULD DO IS JUST LIKE GET A MOTION ON THE FLOOR AND THEN WE CAN HAVE, UH, DISCUSSION.
SO IF SOMEONE WANTS TO MAKE THAT MOTION, I WOULD APPRECIATE IT.
I'LL MOVE TO APPROVE THE M MOU.
AND DO I HEAR A SECOND? SECOND? THIS IS DIRECTOR LEWIS A SECOND.
UM, SO NOW I WILL OPEN IT UP FOR QUESTIONS, AND SINCE I DON'T, I CAN'T SEE ANYBODY'S LIKE RAISED HAND OR ANYTHING, I NEED GUIDANCE
UM, CAN YOU TELL ME WHERE THE CLOSEST SUPERMARKET IS TO THIS, UH, PROPERTY? THAT IS, IT'S THE PROPERTY.
AND WHAT ABOUT THE CLOSEST, UH, DART BUS? UH, STOP.
YEAH, THERE'S A, I MEAN, IT'S, IT'S AT NOEL AND ALPHA.
I WAS HOPING, I WAS LOOKING, I WAS HOPING IT'S NOT AS CLOSE TO THE SILVER LIGHT AS WHAT I HAD HOPED.
THAT'S A FEW STOPS UP, BUT YEAH.
UM, BUT YEAH, SO THERE, THERE IS, THERE IS BUS AT THE CORNER OF NOLAN ALPHA, WHICH IS EXTREMELY WALKABLE FOR THAT.
UM, I MEAN, IT LOOKS LIKE THERE'S TONS OF, UH, EMPLOYMENT, UH, OPPORTUNITIES RIGHT AROUND LIKE IN WALKING DISTANCE FROM HIS PLACE, INCLUDING LIKE THE GALLERIA.
IT'S JUST RIGHT ACROSS THE STREET BASICALLY.
IS THAT CORRECT? IT'S LIKE, YEAH.
LIKE, I MEAN, IT'S LIKE HALF A BLOCK, RIGHT? IT'S, IT'S DEFINITELY WITHIN WALKING DISTANCE HALF, IT'S DEFINITELY WITHIN WALKING
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DISTANCE.THAT'S WHAT, YEAH, IT LOOKS LIKE, IT'S LIKE, YEAH, LIKE RIGHT THERE.
ANY OTHER QUESTIONS? UH, YEAH, THIS IS, UH, RYAN, UM, OVERALL, UM, YES, LOOKS WELL.
UM, JUST DID WANT TO ASK ABOUT THE, UM, THE CURRENT UNIT CONVERSION PROCESS, HOW IT'S GOING AT THE BRISCOE.
I KNOW WE'RE ONLY A MONTH IN, UM, AND IF WE ANTICIPATE IT TO BE SIMILAR, UH, FOR THIS ONE, UM, YES, IT'S GOING WELL.
UM, WE ARE, YOU MENTIONED ONLY A MONTH IN, AND DECEMBER IS A PRETTY SLOW MONTH FOR LEASE TURNOVERS.
UM, BUT WE ARE, WE ARE SUCCESSFULLY ENGAGING WITH THE TENANTS AND CONVERTING THEM INTO THE, INTO THE PROGRAM AS THEIR LEASES RENEW.
SOUNDS LIKE PEOPLE ARE STARTING TO STARTING TO SEE THOSE RENT SAVINGS RIGHT AWAY, WHICH IS FANTASTIC.
HEY, P NELSON, CAN ANYTHING ELSE? WHO IS, WAS THAT DIRECTOR LEWIS? THAT IS ME.
UM, MY ONLY QUESTION IS THIS IS THE FIRST TIME I'VE, I'VE SEEN, UH, THIS, UH, CASE ON THE AGENDA WHERE A COMMERCIAL SPACE IS CONNECTED TO THE, UH, MULTIFAMILY.
SO JUST CURIOUS, YOU KNOW, DOES THAT AFFECT ANYTHING? UH, JUST KIND OF CURIOUS, UH, IN, IN REGARDS TO THE PURCHASE, UH, WE'LL HAVE TO GO THROUGH THE, THE SPECIFICS OF THE LEGAL DOCUMENTS THAT CREATE THAT CONDO SEPARATION.
UM, BUT NO, IT'S, IT'S BEEN DONE TO HAVE OUR WORKFORCE HOUSING TRANSACTION BEFORE.
LAUREN, WERE YOU SAYING THAT, THAT YOU'VE DONE THAT BEFORE? UM, WE HAVEN'T, BUT OTHER PRODUCTS IN CALIFORNIA HAVE, I BELIEVE, AND, UH, DIRECTOR LEWIS, UM, I, UH,
UM, AND SO, UH, SO WE'RE GONNA BE, YOU KNOW, JUST AS I WAS TALKING ABOUT BEING CAUTIOUS ON ALL THE THIRD PARTY REPORTS AND ALL THE INVESTIGATIONS, WE'RE GONNA BE VERY CAREFUL TO ANALYZE THOSE CONDO DOCUMENTS AND MAKE SURE THAT WE WON'T HAVE ANY PROBLEMS WITH IT BEING A CONDO.
YEAH, AND I THINK I MENTIONED THIS, UH, PRIOR TO THE MEETING TO THE FOLKS THAT ARE IN THE ROOM HERE, BUT, UH, I, I FORESEE, UH, MORE PROPERTIES SIMILAR TO THIS WITH, UH, RETAIL SPACE ON THE GROUND FLOOR AS BEING PART OF THIS PROGRAM.
AS WE, UM, SO LONG AS THE BOARD CHOOSES TO CONTINUE TO USING THIS STRUCTURE, I THINK A LOT OF THE HIGHER OPPORTUNITY AREAS OF THE CITY THAT WE WANT TO PROMOTE WALKABILITY PLUS MIXED INCOME HOUSING, THEY'RE GONNA HAVE THAT RETAIL SPACE ON THE BOTTOM.
SO UNFORTUNATELY, OPPORTUNITY HOUSING GROUP IS GOING TO BE THE ONES THAT HAS TO DO THE LEARNING CURVES ALONG WITH US AS WE GET OUR DOCUMENTS IN ORDER AND MAKING SURE THAT EVERYTHING, THAT WE HAVE ENOUGH CONTROL OVER THAT SPACE TO KNOW THAT WE'RE NOT PUTTING, UH, SOMETHING LESS DESIRABLE THAN WHAT WE'D WANT FOR BOTH THE PROPERTY AND THE COMMUNITY AND THE NEIGHBORHOOD ITSELF.
SO, UH, WE HAVE A, A HIGHER BAR THAN WHAT A NORMAL PROPERTY OWNER WOULD AT SINCE WE ARE A, UH, PUBLIC ENTITY.
SO WE WILL MAKE SURE WE GO THROUGH THESE DOCUMENTS, UH, SUFFICIENTLY TO MAKE SURE THAT WE'RE PROTECTED AND EVERYTHING IS ON THE ORDER.
BUT I, I WILL SAY THAT I, I DO FORESEE THIS BEING AT A FUTURE CONSIDERATION ON, ON OTHER DEVELOPMENTS.
I KNOW I HAVE RECEIVED INITIAL CONVERSATIONS WITH, WITH VARIOUS, UH, DEVELOPERS THAT HAVE OTHER PROPERTIES THAT HAVE A SIMILAR STRUCTURE ON IT.
SO, WE'LL, WE'LL WORK THROUGH IT THIS TIME AND MAKE SURE EVERYBODY'S FULLY BRIEFED AND FULLY AWARE OF HOW THIS, THIS WILL WORK.
UH, AS FAR AS THE CONDO STRUCTURE IS, IS TAKING PLACE, WE HAVE A LOT OF ATTORNEYS AND FINANCIAL ADVISORS SITTING AT THIS TABLE WITH ME RIGHT NOW THAT'LL MAKE SURE THAT THAT HAPPENS.
SO I JUST WANTED TO PUT THAT OUT THERE.
AND AS I SAID, UH, THE INVESTORS, THE BOND INVESTORS WILL HAVE THE SAME CONCERNS.
AND, UM, IT WILL BE, I THINK, BENEFICIAL TO US THAT RIGHT NOW IT'S COMMON OWNERSHIP OF THE TWO, UM, SEGMENTS, THE BOTH THE TWO CONDOS.
AND SO IF THERE WAS THAT WE FELT NEEDED TO BE TWEAKED, MAYBE WE WOULD HAVE A BETTER CHANCE OF THAT THAN IF THERE WAS SOME THIRD PARTY OWNER OF THE RETAIL MS. SEAS.
COULD YOU PROVIDE A LITTLE BIT MORE DETAIL ON HOW YOU ARRIVED AT YOUR 15 AND 35 YEAR DISPOSITION VALUE, SOME OF THE ASSUMPTIONS THAT YOU ALL MAY HAVE
[00:30:01]
MADE, PLEASE? UM, SURE.SO, UH, WE ASSUMED, UM, THAT THE MIDDLE INCOME, THE CURRENT AFFORDABILITY STRUCTURE REMAINS IN PLACE AT THE SALE.
WE SORT ASSUMED A FOUR AND A HALF PERCENT EXIT CAP RATE.
DOES THAT, DOES THAT ANSWER YOUR QUESTION? YEAH, I WAS JUST CURIOUS WHAT CAP YOU'RE USING AND YEAH.
IS THAT DIRECTOR LEWIS? IT IS.
I KNOW ONCE THE, OBVIOUSLY THE HFC BOARD AND STAFF IS GONNA BE WORKING DIGITALLY ON LOOKING AT THE CONTRACT, HOW THIS WORKS.
WELL, THE BOARD BE KIND OF IN THE NOTES IS COME ACROSS AGAIN, WE'LL KIND OF UNDERSTAND KIND OF THE DETAILS, YOU KNOW, WHEN IT COMES TO CONDOS OR COMMERCIAL STATION, A PART OF A, UH, PURCHASE DIRECTOR LEWIS, I'M NOT SURE I CAUGHT THE VERY BEGINNING OF WHAT YOU WERE SAYING.
COULD YOU OH, I WAS SAYING REPEAT.
I WAS ONLY ASKING, OBVIOUSLY I KNOW THE STAFF AT HFC IS GONNA BE WORKING DIGITALLY ON, YOU KNOW, UNDER THE DETAILS OF THE CONTRACT.
I WAS JUST CURIOUS, IN THE FUTURE WILL THE, UH, BOARD BE KIND OF, UH, IN THE KNOW, UH, ABOUT THIS CURRENT DEAL? SO WHEN WE GET FUTURE OPPORTUNITIES, PURCHASING, PURCHASING MULTIFAMILY PROPERTIES WITH A COMMERCIAL OR, OR CONDO SPACE THAT WE'LL KIND OF HAVE A BACKGROUND UNDERSTANDING OF THE, OF THE DETAILS SO WE CAN BETTER ASSESS OR HAVE QUESTIONS IN THE FUTURE IF THIS HAPPENS AGAIN? DEFINITELY.
AND, AND I THINK MY POINT WAS IS THAT I, WE CAN'T PROVIDE YOU WITH AS MUCH DETAIL AT THIS TIME CUZ THOSE AGREEMENTS STILL NEED TO BE DRAFTED AND, AND DOCUMENTED.
HOWEVER, WE WILL, AS, AS OPPORTUNITY HOUSING GROUP KNOWS THIS IS A, THIS, THIS IS A, A NEW THING.
SO IT TAKES US A LITTLE BIT LONGER TO DRAFT THOSE AND MAKE SURE EVERYTHING'S CORRECT.
BUT GOING FORWARD, WE WILL HAVE A, A STANDARD BY WHICH WE WANT TO HAVE A, A CONDO WISE RETAIL COMPONENT TO OUR PROPERTIES.
UM, AND YOU'LL BE BRIEFED ON, ON HOW THAT STRUCTURE'S GOING TO WORK BEFORE THIS COMES BACK TO FINAL APPROVAL OF DOCUMENTS.
UH, SO KNOW THAT, BUT THEN GOING FORWARD WE WILL BE ABLE TO KIND OF DICTATE THOSE TERMS AND SAY, HERE'S WHAT WE NEED, HERE'S WHAT WE'RE COMFORTABLE WITH, HERE'S WHAT THE COMMUNITY'S COMFORTABLE WITH, AND WORK THROUGH IT IN THAT REGARD.
AND, YOU KNOW, I'M THINKING ALSO, YOU KNOW, WE MIGHT BE ABLE TO DO SOME KIND OF SUMMARY FOR THE BOARD AFTER WE LOOKED AT THOSE CONDO DOCUMENTS.
WE MIGHT BE ABLE TO DO SOME KINDA SUMMARIZATION OF HOW THE CONDO WORKS IN THIS PARTICULAR TRANSACTION.
SO EVERYONE, YOU KNOW, COULD LET US KNOW IF THEY HAVE ANY CONCERN, RIGHT? CORRECT.
IF THAT'S ALL THE QUESTIONS, THEN I WILL, UM, TAKE A VOTE, UH, SINCE WE ALREADY HAVE THE MOTION ON THE FLOOR.
UM, VICE PRESIDENT GARCIA, I VOTE IN FAVOR.
AND SECRETARY PAGE IN FAVOR, TREASURER MARTINEZ.
IN FAVOR, UM, DIRECTOR ALLEN IN FAVOR, DIRECT.
OH, DIRECTOR ELLIS IS NOT VOTING.
UH, DIRECTOR, UH, PRISMA GARCIA IN FAVOR, UH, DIRECTOR FARROW.
IN FAVOR, DIRECTOR LEWIS IN FAVOR.
AND DIRECTOR COLLINS IN FAVOR.
AND, UH, THANK YOU TO THE, UM, O H G, UM, PEOPLE WHO ARE ON THE CALL.
NEXT ITEM IS TO CONSIDER AND ADOPT A RESOLUTION AUTHORIZING THE D H F C PRESIDENT, TREASURER AND STAFF TO APPROVE THE ANNUAL OPERATING PLAN AND BUDGET AND THE ANNUAL CAPITAL BUDGET FOR D H F C, THE BRISCOE APARTMENTS LLC.
ALRIGHT, UM, BASICALLY THIS IS, UH, KIND OF AN ADMINISTRATIVE ITEM HERE FOR US.
UM, WE OBVIOUSLY BOUGHT THE BRISCOE AND, UH, ITEM SEVEN, I THINK, UM, THAT DYLAN.
SO BASICALLY THIS ALLOWS US TO APPROVE THEIR ANNUAL OPERATING PLANS AND BUDGETS BECAUSE WE ARE TECHNICALLY THE OWNERS.
UM, SO WE WILL BE GIVEN AUTHORITY TO, UM, O H G AND, UM, AMCAL TO EXECUTE THOSE BUDGETS.
UH, BUT IT JUST ALLOWS US TO HAVE A LITTLE BIT MORE CONTROL, UH, AS WE GO.
ALSO, THE PURPOSE OF THIS ITEM IS AS WE ARE DOING THESE THINGS, UH, IT'S, UH, THIS IS
[00:35:01]
MORE OF AN ADMINISTRATIVE FUNCTION TO NOT HAVE TO BRING EVERY SINGLE BUDGET AND LINE ITEM FOR THIS BOARD TO REVIEW.WE WILL GET, WE WILL GET REPORT, UH, WE WILL BE REPORTING ON THE FINANCIAL FINANCIALS OF THE PROPERTIES AS THEY GO FORWARD.
HOWEVER, THE BUDGETS, I DON'T IT'S BEST PRACTICES TO HAVE THIS BE ALMOST AN ADMINISTRATIVE TASK, BUT WE DON'T WANT TO HA WHAT WE DID HERE WAS SIMILAR TO HOW OUR, UH, OUR, OUR INTERNAL CONTROL POLICY, UH, WORKS, IS THAT STAFF WILL REVIEW THE BUDGET ALONGSIDE OUR BOARD PRESIDENT AND BOARD TREASURER AND BOTH WILL SIGN OFF ON AND HAVE AN APPROVAL OF THE OPERATING PLANS AND, AND BUDGETS.
SO, UM, THIS AUTHORIZES OUR APPROVAL OF THOSE BUDGETS AND OPERATIONAL PLANS.
UH, I GUESS I'LL OPEN THE FLOOR FOR A MOTION TO APPROVE DIRECTOR LEWIS A MOTION TO APPROVE.
EVERYBODY NEEDS TO WAKE UP FROM THEIR LUNCHTIME,
AND DO I HAVE A SECOND? UH, I'LL SECOND THAT MOTION.
UH OH, THAT WAS VICE PRESIDENT GARCIA? YES.
UH, DOES ANYONE HAVE ANY QUESTIONS? I DO.
FOR THOSE OF US WHO ARE INTERESTED IN REVIEWING THE CAPITAL BUDGET, WILL WE BE ABLE TO, WE COULD SEND IT, UH, LIKE WE'RE MORE THAN WILLING TO AND, AND HAPPY TO SEND IT TO THE BOARD, UH, BUT WE JUST WANT, AND YOU CAN PROVIDE COMMENTS ON THAT, BUT WE WANNA MAKE THIS AN ADMINISTRATIVE PROCESS, OTHERWISE, EVERY JANUARY MEETING WE'RE GONNA BE HERE FOR FIVE HOURS AND, UH, FAIR ENOUGH.
OR IS THERE ANY POSSIBILITY OF HAVING A LITTLE LIKE SUBCOMMITTEE? WELL, WE DO HAVE, WE DO TECHNICALLY HAVE OUR FINANCE COMMITTEE, IT JUST HASN'T BEEN AS ACTIVE, SO PERHAPS WE CAN FIGURE OUT WHO'S STILL ON IT AND THEN WE CAN NO, THAT WOULD BE GOOD IF WE CAN, IF WE HAVE A FINANCE COMMITTEE AND YOU COULD SERVE ON THAT, THAT WOULD BE GREAT.
YEAH, JUST THE ACCOUNTANT IN THE I'M INTERESTED.
YEAH, WE CAN, YEAH, NO, NO, NO, THAT'S GREAT.
YEAH, I MEAN, I HAD LIKE, YEAH, THAT'S, THAT'S MORE THAN, WE'RE MORE THAN HAPPY TO DO THAT.
AND IT'LL, AND IT WOULD BE NICE TO HAVE ANOTHER MEETING OF OUR FINANCE COMMITTEE THAT, SO SHOULD WE, UM, AMEND THE RESOLUTION TO PROVIDE THAT? IT WOULD COME TO THE FINANCE COMMITTEE IF WE, IF WE HAVE TO, OR WE CAN JUST HAVE THAT BE OUR INTERNAL OPERATING PROCEDURE SO THAT IN THE EVENT THE FINANCE COMMITTEE CAN'T REVIEW IT AND WE NEED TO APPROVE THIS THING TO EFFECTIVELY AND PROPERLY MANAGE THE PROPERTY THAT WE HAVE, THE OPTION, I WOULD PREFER TO HAVE IT BE OUR OPERATING PROCEDURES, BUT THE RESOLUTION ITSELF STILL JUST REQUIRES THOSE TWO APPROVALS OF STAFF.
YEAH, THAT SOUNDS THE OFFICER, IF THAT'S OKAY.
THAT, THAT IT WOULD, UM, THAT IT WOULD, WHEN IT FIRST GETS EMAILED OUT, IT WOULD INCLUDE THE FINANCE COMMITTEE.
AND THEN WE CAN, WE CAN GET TOGETHER AND HAVE A MEETING OF, OF THAT, BUT TO MAKE THAT BE PART OF THE ACTUAL RESOLUTION THAT NEEDS TO OCCUR, I DON'T WANNA DO THAT IN, BECAUSE RIGHT.
IT'S USUALLY IN, IN DECEMBER AND JANUARY AND I DON'T WANNA, I DON'T WANT TO TIE US UP TO, YOU KNOW, SKI TRIPS ARE IMPORTANT TOO, SO YEAH, I DON'T WANNA DELAY THE APPROVAL PROCESS, BUT I DO THINK IT WOULD BE GOOD TO, YEAH, NO, I MEAN, WE'LL HAVE THAT BE, THAT'S A PERFECT, THAT'S A GREAT SUGGESTION.
I HAVE COMPLETELY FORGOTTEN THAT WE HAD A FINANCE COMMITTEE, SO
SO, WELL, I THINK IF IT'S JUST, I THINK WHAT I'D LIKE TO DO IS, IS KEEP THE RESOLUTION AND THE MOTION AS IS AND THEN USE AND THEN BE AS PART OF OUR POLICIES AND PROCEDURES AS A, AS BOARD AND OUR STAFF.
WE WILL MAKE SURE THAT, THAT THE DISTRIBUTION LIST, SO TO SPEAK.
YEAH, LIKE FOR THAT DOCUMENT, THOSE DOCUMENTS WOULD INCLUDE THE FINANCE BUREAU.
AND THEN WE CAN, WE CAN PROVIDE COMMENT THROUGH THAT.
THEN I WILL SECOND THE CURRENT STANDING
SO I'M GONNA GO DOWN THE LIST SO WE CAN VOTE.
UM, I'M IN FAVOR, UH, VICE PRESIDENT GARCIA.
UH, SECRETARY PAGE IN FAVOR, TREASURER MARTINEZ.
IN FAVOR, UH, DIRECTOR ALLEN IN FAVOR, DIRECTOR AL.
WHERE IS DIRECTOR ELLIS DIDN'T COME BACK.
HE HAS ABSTAINED FROM THIS OR RECUSED OF HIMSELF FROM THIS VOTE AS WELL AS WELL SINCE THIS, OKAY.
SO HE'S ACCUSED, UM, DIRECTOR GARCIA? YES.
[00:40:02]
DIRECTOR FARROW.IN FAVOR, DIRECTOR LEWIS IN FAVOR.
AND DIRECTOR COLLINS IN FAVOR.
OKAY, SO THE NEXT AGENDA ITEM IS IDENTICAL EXCEPT FOR THE DYLAN.
SO I'M GOING TO READ THE AGENDA ITEM, BUT THEN WE OUGHT TO JUST GET A QUICK MOTION ON THE FLOOR AND A VOTE.
UM, SO IT'S TO CONSIDER AN ADOPT A RESOLUTION AUTHORIZING THE D H F C PRESIDENT, TREASURER AND STAFF TO APPROVE THE ANNUAL OPERATING PLAN AND BUDGET IN THE ANNUAL CAPITAL BUDGET FOR D H F C, THE DYLAN APARTMENTS LLC.
UM, SO DO I HAVE A MOTION, SOMEONE TO MAKE THE MOTION? SO MOVED WITH ELLEN.
AND A SECOND WAS THAT I HEARD SOMEBODY.
THIS IS MARTINEZ, ALL SECOND TREASURER MARTINEZ.
OKAY, SO I'M GONNA DO THE VOTE.
UM, I'M IN FAVOR, UH, VICE PRESIDENT GARCIA.
SECRETARY PAGE FAVOR, TREASURER MARTINEZ.
IN FAVOR, DIRECTOR ALLEN IN FAVOR, DIRECTOR ELLIS IN FAVOR, DIRECTOR GARCIA.
IN FAVOR, DIRECTOR LEWIS IN FAVOR, AND DIRECTOR COLLINS IN FAVOR.
ALL RIGHT, NEXT ITEM ON THE AGENDA.
OKAY,
RESOLUTIONS FOR THE CROSSING AT CLEAR CREEK, A MULTI-FAMILY RESIDENTIAL DEVELOPMENT LOCATED AT THE NORTHEAST CORNER OF HIGHWAY 1 75 AND WOODY ROAD.
A, CONSIDER AN ADOPT A RESOLUTION APPROVING AN AGREEMENT WITH L D G MULTI-FAMILY L L C FOR THE ACQUISITION AND DEVELOPMENT OF THE CROSSING AT CLEAR CREEK, A MULTI-FAMILY RESIDENTIAL DEVELOPMENT.
B, CONSIDER AN ADOPT A RESOLUTION APPROVING THE ASSIGNMENT TO THE CORPORATION OF OWNERSHIP OF L D G, THE CROSSING IT CLEAR CREEK GP, L L C, THE GENERAL PARTNER OF L D G, THE CROSSING IT CLEAR CREEK LP, AND APPROVING THE FORM OF AN AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT.
C, CONSIDER AN ADOPT A RESOLUTION APPROVING THE CREATION OF A LIMITED LIABILITY COMPANY WITH THE CORPORATION AS THE SOLE MEMBER WITH THE TEXAS SECRETARY OF STATE TO BE NAMED D HFC, THE CROSSING AT CLEAR CREEK DEVELOPER L L C AND APPROVING THE FORM OF A LIMITED LIABILITY COMPANY AGREEMENT.
DEE, CONSIDER AN ADOPT A RESOLUTION APPROVING THE CREATION OF A LIMITED LIABILITY COMPANY WITH THE CORPORATION AS THE SOLE MEMBER WITH THE TEXAS SECRETARY OF STATE TO BE NAMED D H F C, THE CROSSING AT CLEAR CREEK LANDOWNER LLC AND APPROVING THE FORM OF A LIMITED LIABILITY COMPANY AGREEMENT.
E CONSIDER AN ADOPT A RESOLUTION APPROVING THE CREATION OF A LIMITED LIABILITY COMPANY WITH THE CORPORATION AS THE SOLE MEMBER WITH THE TEXAS SECRETARY OF STATE TO BE NAMED DH F C, THE CROSSING IT CLEAR CREEK GENERAL CONTRACTOR L C AND APPROVING THE FORM OF A LIMITED LIABILITY COMPANY AGREEMENT.
SO THIS IS ANOTHER 4%, UH, PROPOSAL FROM OUR PREVIOUS PARTNERS, L D LDG CROSSING AT CLEAR CREEK.
UM, IT IS, LET'S GO DOWN HERE.
WE ACTUALLY HAVE, UH, JAKE BROWN HERE.
I DON'T KNOW IF YOU GUYS WANT TO HEAR ME SAY THE SAME THINGS HE'S GONNA SAY, BUT WE DO HAVE A, A PRESENTATION LOADED UP HERE.
UM, JUST GENERALLY THIS WILL BE THE SAME STRUCTURE AS, UH, OTHER DEALS WITH THE LDG.
UM, AND JAKE, DO YOU WANNA PRESENT HERE REAL QUICK? LET ME PULL UP HIS, UH, YEAH, I'LL, I'LL SHARE YOUR, UH, NO, YOU DON'T HAVE TO SIGN IT.
YEAH, I, I'VE GOT IT RIGHT HERE.
CAN YOU GUYS, CAN YOU GUYS HEAR ME OKAY? I KNOW YOU GUYS CAN OTHER PEOPLE ONLINE.
YEAH, I CAN GIVE A HIGH LEVEL OVERVIEW SO I KNOW, DID YOU GET MY UPDATED PRESENTATION, AARON? YEAH, THAT SHOULD BE IT.
UM, I KNOW THAT WE BROUGHT THIS TO THE BOARD BACK IN, I BELIEVE IT WAS SEPTEMBER OF LAST YEAR FOR CONSIDERATION OF A BOND INDUCEMENT.
SO I THINK THE MAJORITY OF YOU WITH MAYBE THE EXCEPTION OF DIRECTOR ALLEN,
[00:45:01]
THIS WILL LOOK PRETTY FAMILIAR.UM, SO I CAN JUST KIND OF GIVE A HIGH LEVEL SUMMARY OF, OF THE PROJECT AND I WON'T GO, TRY NOT TO GO INTO THE SAME GRANULAR LEVEL OF DETAIL AS I HAVE BEFORE.
BUT, UM, THE FIRST ONE THAT WE'RE GONNA TALK ABOUT TODAY IS THE CROSSING AT CLEAR CREEK.
IT'S IN SOUTHEAST DALLAS, UM, PRETTY CLOSE TO THE DALLAS SEAVILLE CITY LIMIT LINE.
UM, IT'S ALREADY ZONED, IT'S ZONED M U ONE, SO IT ALLOWS FOR MULTI-FAMILY BY, RIGHT.
UM, AS AARON MENTIONED, IT'S, IT'S A 4% LITECH PROPOSES A 4% LITECH, SO 264 UNITS TOTAL WITH A MIXTURE OF BOTH MARKET RATE AND 60% AMI, UH, 1, 2, 3, AND FOUR BEDROOM.
AND IT'S GOT THE STANDARD AMENITIES THAT YOU SEE ON ALL THE LDG PROPERTIES WITH POOL, CLUBHOUSE, FITNESS CENTER, ET CETERA.
UH, THIS IS PROBABLY THE MOST IMPORTANT SLIDE THAT I'LL COVER TODAY, IS JUST KIND OF THE UPDATES ON, ON WHERE WE'RE AT WITH THIS PROJECT AND KIND OF WHAT'S TRANSPIRED SINCE THE LAST TIME WE SHOWED THIS TO YOU GUYS BACK IN SEPTEMBER.
SO, UM, AS I MENTIONED SEPTEMBER, YOU GUYS SAW THIS FOR A, FOR A BOND INDUCEMENT FOR YOU GUYS TO SERVE AS THE ISSUER.
A COUPLE MONTHS LATER WE TOOK IT TO CITY COUNCIL, UM, AND CITY COUNCIL APPROVED THE RESOLUTION OF NO OBJECTION FOR THIS PROJECT UNANIMOUSLY.
UM, AND SO SUBSEQUENTLY, AFTER GETTING THE BOND INDUCEMENT APPROVAL FROM YOU GUYS, UH, WE HAD ALSO SUBMITTED AN APPLICATION TO THE TEXAS DEPARTMENT OF HOUSING AND COMMUNITY AFFAIRS FOR THEM TO SERVE AS THE ISSUER AS WELL.
AND SO THE REASON THAT I DID THAT, UM, WAS BECAUSE AS YOU GUYS KNOW, THE LAST COUPLE YEARS, THE LOTTERY HAS BEEN EXTREMELY COMPETITIVE.
AND SO WHAT I DID NOT WANT IS A SITUATION WHERE WE SUBMITTED IN THE LOTTERY WITH YOU GUYS AS THE ISSUER, WE DIDN'T GET THE FAVORABLE LOTTERY DRAW AND THEN WE'RE STUCK, YOU KNOW, WAITING TILL THE END OF NEXT YEAR, POTENTIALLY NOT EVEN RECEIVING A RESERVATION AT ALL.
SO I, UH, I RAN BOTH CHANNELS AND I SUBMITTED AN APPLICATION TO TD H C A AS WELL FOR THEM TO SERVE AS THE ISSUER.
UH, WE SUBMITTED APPLICATIONS TO THE BOND REVIEW BOARD THROUGH WHAT IS CALLED TRADITIONAL CARRY FORWARD.
AND SO WE WERE FORTUNATE ENOUGH TO RECEIVE A TRADITIONAL CARRY FORWARD ALLOCATION, UH, THIS TIME LAST WEEK WITH TB, H C A IS THE ISSUE.
SO WHILE ADMITTEDLY IT'S UNFORTUNATE UNDER THIS NEW PROPOSAL YOU GUYS WOULDN'T SERVE AS THE BOND ISSUER, I THINK THE BIG, LOOKING AT THE BIG PICTURE IS WE'RE ABLE TO GET A DEVELOPMENT DONE AND ABLE TO ADD AFFORDABLE ANALYSIS.
SO, YOU KNOW, MAYBE NOT AS, AS MUCH OF A FINANCIAL BENEFIT TO THE DALLAS HFC, BUT OVERALL TO THE CITY OF DALLAS, WE'RE STILL GETTING, UH, NEW AFFORDABLE HOUSING QUALITY, AFFORDABLE HOUSING UNITS ON THE GROUND.
SO THAT'S, THAT'S THE BIGGEST CHANGE I WOULD SAY THAT'S TRANS OR REALLY THE ONLY CHANGE THAT'S TRANSPIRED AT THIS POINT.
UM, YOU KNOW, THE PROJECT'S STILL LOCATED IN THE SAME SPOT.
IT'S, IT'S STILL THE SAME GENERAL OVERALL PROPOSAL.
UM, SO THAT, THAT'S THE BIGGEST DIFFERENCE.
AND WE CAN RUN THROUGH THESE LAST FEW SLIDES HERE.
UM, THIS IS JUST KIND OF AN AREA, OBVIOUSLY AN AERIAL VIEW OF THE SITE.
UM, LET'S GO TO THE NEXT SLIDE IF WE CAN.
SO, UM, THIS WILL LOOK FAMILIAR TO MOST OF YOU.
SO THIS IS, IT'S APPROXIMATELY 32 ACRES IN SIZE, THE ENTIRE PARCEL.
THERE'S ANOTHER PARCEL ON, ON THE LE RIGHT HAND SIDE THAT'S, THAT'S CUT OFF ON THAT SCREEN.
BUT, UM, ABOUT 16, JUST OVER 16 ACRES IS GONNA BE USED FOR MULTI-FAMILY.
UH, WE'VE BEEN WORKING WITH THE PARKS DEPARTMENT HERE AT THE CITY OF DALLAS TO DEDICATE APPROXIMATELY 10 ACRES OF THAT LAND IS PARKLAND.
AND SO I WANT, I WANT EVERYBODY TO UNDERSTAND THAT THIS IS NOT AN INSTANCE WHERE I'M JUST DEDICATING PARKLAND FOR THE SAKE OF DEDICATING IT MAYBE TO, TO GET, YOU KNOW, AN OFFSET OF FEES OR SOMETHING LIKE THAT.
IT'S, IT'S BEING DEDICATED WITH AN INTENT AND A PURPOSE.
AND THAT PURPOSE AND VISION OVERALL, UM, IS FOR IT TO BE A PARK WITH HIKE AND BIKE TRAILS THAT NOT ONLY CONNECT TO OUR DEVELOPMENT, BUT ALSO CONNECT TO SPUR TRAIL, WHICH YOU CAN KIND OF SEE ON THE RIGHT HAND SIDE OF THE SCREEN.
UH, AND THEN ALSO TO THE SIDEWALK THAT WILL INEVITABLY BE BUILT ON THE, UH, US HIGHWAY 1 75 BURNING ROAD.
SO IT'S GONNA BE AN EXCELLENT AMENITY IN MY OPINION, NOT ONLY FOR OUR DEVELOPMENT, BUT FOR THE SURROUNDING COMMUNITY.
UH, AND THIS PART OF DALLAS IN PARTICULAR DOES NOT HAVE A LOT OF PUBLIC PARKS, AT LEAST NOT ANY OF ANY GREAT QUALITY.
SO, UH, REALLY EXCITED ABOUT THAT.
THAT'S A, THAT'S A CONVERSATION THAT'S ONGOING AS FAR AS KIND OF GETTING IT DEDICATED.
BUT, UH, REST ASSURED IT, IT WILL BE DEDICATED AT THIS STAGE IN THE GAME.
IT'S REALLY JUST, UM, KIND OF A FACTOR OF GETTING IT ON A PARKS BOARD COMMITTEE MEETING, GETTING THAT APPROVED, UH, AND THEN PAPERING IT UP AND THEN YOU SEE THE COMMERCIAL RETAIL CORNER THERE TO AND HALF ACRES AND THE REMAINDER OF ITS MULTI.
AND I TRY, I PROMISED I WOULDN'T GO INTO GRANULAR DETAIL, BUT I CAN ALREADY PUT MYSELF DOING IT.
UH, AND THIS IS JUST A BLACK AND WHITE ILLUSTRATION TO KIND OF SHOW HOW THE, THE DIFFERENT LOTS ARE DELINEATED.
UH, IT'S GOT OUR MULTI-FAMILY LOT AND THEN THE PARKLAND LOT IS IMMEDIATELY TO THE RIGHT OF THAT CAN GO TO THE NEXT SLIDE.
THE NEXT FEW SLIDES ARE JUST RENDERINGS, UM, AND PICTURES.
[00:50:01]
SO, UM, YOU KNOW, IT'S OUR TYPICAL, WHAT I WOULD CALL OUR TYPICAL THREE STORY GARDEN STYLE PRODUCT THAT YOU'LL SEE ON, I THINK ON ALL OF THE DEVELOPMENTS THAT WE'VE PARTNERED ON WITH HFC TO THIS POINT.TYPICAL AMENITIES AND THE BUSINESS DEAL IS, IS VERY, VERY SIMILAR.
UM, THE 25% OF THE DEVELOPER FEE GOES TO THE HFC 40% OF CASH FLOW REFI AND, AND SALES PROCEEDS.
UM, YOU GUYS WILL BE ASSUMING THAT YOU APPROVE IT, WE'LL, WE'LL BE SERVING AS THE GENERAL CONTRACTOR AND, AND WE'LL RECEIVE FINANCIAL BENEFIT FOR THAT.
THE ONE THING I NEGLECTED TO INCLUDE ON THIS SLIDE IS THE $10,000 ANNUAL PARTNERSHIP MANAGEMENT FEE.
UM, SO EVEN THOUGH IT'S NOT ON MY SLIDE, REST ASSURED THAT THAT THAT IS HAPPENING, WHICH IS CONSISTENT WITH THE OTHER TRANSACTIONS THAT WE'VE WORKED ON WITH YOU GUYS.
AND THEN I DID INCLUDE THE NOTE IN THERE THAT, UM, ASSUMING THIS IS APPROVED TODAY AND WE MOVED FORWARD, WE'RE ABLE TO MOVE FORWARD.
T D H C A WOULD SERVE AS THE BOND ISSUERS.
YOU GUYS WOULD BE UNFORTUNATELY FORFEITING THAT ISSUER FEE, UH, BUT STILL RECEIVING EVERYTHING ELSE.
AND I THINK THAT'S THE LAST SLIDE.
UM, YEAH, DO YOU GUYS HAVE ANY QUESTIONS? I'M MORE THAN HAPPY TO ANSWER MAYBE THAT, UM, SO, UH, I THINK YOU, THAT THIS RENDERING OR THAT THE AERIAL IS SHOWING, I GUESS IT'S SINGLE FAMILY THAT'S, UM, BEHIND IT THAT'S CORRECT.
AND UM, AND THEN THAT AREA THAT HAS NOTHING ON IT IS THAT FLOODPLAIN, SO PROBABLY THERE WOULDN'T BE ANYTHING ON IT IMMEDIATELY TO THE NORTH OF US.
THAT'S ALL FLOODPLAIN RIGHT THERE.
UH, THAT, THAT'S A CREEK THAT KINDA SNAKES BACK INTO THAT SINGLE FAMILY DEVELOPMENT, BUT THAT'S ALL FLOODPLAIN.
UH, IT'S PART OF THE OWNERSHIP THAT OWNS, THAT DEVELOPED THAT SINGLE FAMILY SUBDIVISION.
BUT AGAIN, IT'S ALL FLOOD PLAIN, I DON'T PROBABLY CALL IT.
AND THEN, UM, WHERE DID YOU SAY THAT TRAIL IS? THAT'S ADJACENT TO WHAT YOU'RE SHOWING IS THE PARKLAND.
SO THERE'S, WE MAY HAVE MISSPOKE.
THERE'S NO, THERE'S NO TRAIL YET.
UM, BUT THERE'S A SIDEWALK, THERE'S AN EXISTING FIVE FOOT SIDEWALK ALONG SPUR TRAIL, WHICH IS ON THE FAR RIGHT HAND SIDE OF, OF THE IMAGE ON THE SCREEN.
THERE'S A FIVE FOOT SIDEWALK ALONG THAT MUCH TO MY CHAGRIN.
I'M BUILDING A, I THINK IT'S A SIX FOOT SIDEWALK ALONG 1 75 FRONTAGE ROAD.
AND IT'S NOT THAT I DON'T LIKE BUILDING SIDEWALK, IT'S JUST SEEMS LIKE A BAD IDEA TO HAVE PEOPLE WALKING UP AND DOWN THE FRONTAGE ROAD, UH, WHEN PEOPLE ARE GOING 70 MILES AN HOUR.
BUT I DON'T, I DON'T RECALL THE SHOTS THERE.
SO PUBLIC WORKS TOLD ME TO DO IT, SO I'M BUILDING IT.
SO THERE'S GONNA BE HIKE AND BIKE TRAILS, WALKING TRAILS ALL THROUGH THAT GREEN SPACE AND THAT PARKLAND.
AND WHAT I WAS ATTEMPTING TO SAY IS THAT THEY'LL CONNECT TO THE SIDEWALKS, UH, ALONG SPUR TRAIL IN 1 75 FRONTAGE AND THEN ALSO ULTIMATELY CONNECT, UM, TO OUR DEVELOPMENT.
AND THEN, UH, UM, THE CLOSEST ELEMENTARY SCHOOL, HOW FAR IS THAT? UM, THERE'S, I BELIEVE IT'S SEAVILLE HIGH SCHOOL AND SEAVILLE MIDDLE SCHOOL, OR IMMEDIATELY TO THE NORTH HERE, ABOUT A MILE AWAY.
UM, AN INCONCEIVABLE ELEMENTARY.
I CAN LOOK THAT UP, BUT IT'S ESCAPING ME HOW CLOSE THAT ONE IS.
SO IT'S, BUT IT'S NOT WALKABLE? NO, MA'AM.
THE, I DON'T, I DON'T THINK, DON'T QUOTE ME ON THAT.
LET ME, LET ME RESEARCH AND I CAN GET YOU AN ANSWER.
I KNOW THAT THE, UH, I KNOW THAT THE EL OR THE MIDDLE SCHOOL AND THE HIGH SCHOOL OR WALKING DISTANCE, AND THAT'S ANOTHER THING THAT I NEGLECTED TO MENTION IS THAT ALONG WOODY ROAD, WHICH IS ON THE LEFT HAND SIDE OF YOUR SCREEN THERE, KIND OF RUNNING NORTH AND SOUTH, IF YOU GO NORTH ON WOODY ROAD, THAT'LL GO ALL THE WAY UP TO SIEGAL HIGH SCHOOL AND SIEGAL MIDDLE SCHOOL RIGHT NOW ON THE EASTERN SIDE OF WOODY ROAD CLOSEST, OUR DEVELOPMENT, THERE IS NO SIDEWALK.
AND SO WE'RE WORKING WITH PUBLIC WORKS RIGHT NOW, UM, AND HAVE AGREED TO A PARTNERSHIP TO SPLIT THE COST 50 50 TO CONSTRUCT A FIVE FOOT SIDEWALK THE ENTIRE LENGTH OF WHAT HE BROKE.
SO THAT THOSE TWO, THE MIDDLE SCHOOL AND THE HIGH SCHOOL ARE BOTH WITHIN WALKING DISTANCE OF OUR DEVELOPMENTS THAT'LL PROVIDE THE RESIDENCY ABILITY TO WALK TO SCHOOL, AT LEAST TO GO SCHOOLS.
BUT YEAH, BUT NOT UNTIL THAT, WELL, I GUESS THEY CAN WALK DOWN THE GRASS RIGHT NOW IF THEY WANTED TO, BUT IT'LL, IT'LL BE CONSTRUCTED IN, IN, IN CONCURRENCE WITH OUR DEVELOPMENT.
PEOPLE LIVING THERE, IT'LL BE THERE.
JUST WANNA BE THINKING LIKE, UH, SECRETARY PAGE,
SO, UM, I DO HAVE A COUPLE QUESTIONS ABOUT THE SIDEWALK AND, AND I, FIRST OF ALL, WE REALLY COMMEND YOU FOR TAKING, YOU KNOW, TAKING THIS ON CUZ IS, YOU KNOW, A LOT OF PEOPLE HERE NOW, I HAD REAL CONCERNS ABOUT THIS SITE AT THE BEGINNING BECAUSE OF ITS, UH, REMOTE LOCATION, EVEN THOUGH IT WAS PHYSICALLY APPROXIMATE TO THE MIDDLE SCHOOL AND THE HIGH SCHOOL, THAT THERE WAS ACTUALLY NO SAFE WAY TO, TO WALK THERE.
AND SO, UM, S SIDEWALK, YOU SAID YOU'RE BUILDING A FIVE, IT'LL BE A FIVE FOOT SIDEWALK THAT THAT'S WHAT'S PROPOSED RIGHT NOW.
AND THE ONLY REASON IT'S NOT SIX FOOT IS BECAUSE THERE'S STILL SOME QUESTION ABOUT THE CONSISTENCY OF WIDTH BETWEEN THE EXISTING FENCE AND THEN THE CURB BACK OF CURB LINE FOR HAVE ENOUGH ROOM TO PUT A SIX FOOT SIDEWALK IN THE ENTIRE BLOCK.
IF WE HAVE, IF WE HAVE THE, THE ROOM TO PUT A SIX FOOT
[00:55:01]
SIDEWALK, IT'LL BE SIX FOOT.AND THAT, I DON'T KNOW IF YOU KNOW THE ANSWER TO THIS, BUT WHEN I LOOKED AT THIS INITIALLY, IT LOOKED LIKE THOSE FENCES WERE ALL ENCROACHING IN INTO THE PUBLIC RIGHT OF AWAY ALONG WOODY ROAD.
AND THAT'S WHAT WAS CREATING THE PROBLEM.
SO DO YOU, DO YOU KNOW IF THAT I DON'T, THE SHORT ANSWER IS I DON'T KNOW.
AT THE RISK OF SPECULATING, I I THINK THERE MIGHT HAVE BEEN SOME THINGS THAT WERE NOT DONE CORRECTLY.
UM, BUT EVEN WITH THE POTENTIAL ENCROACHMENT OF THE FENCE, THERE'S ROOM TO DO THAT.
FRANKLY, I DON'T, I DON'T KNOW THAT I WANT TO GET INTO A, A SITUATION WHERE I'M, YOU KNOW, DOING BATTLE WITH THE SINGLE FAMILY HOMEOWNERS AND RIPPING UP THEIR EXISTING FENCE.
UH, BUT YEAH, I, I THINK, I THINK THERE'S POTENTIAL, I'M TRYING TO BE DIPLOMATIC BY HOW I SAY THIS.
I THINK THERE'S POTENTIAL FOR POTENTIAL ENFORCEMENTS THERE ALONG INTO THE RIGHT OF WAY.
AND THEN, UM, THE PARKLAND AND, AND YEAH, I'M GLAD YOU'RE WORKING ON THIS.
WHEN, UM, WHO'S GONNA FUND THE INFRASTRUCTURE THAT'LL GO INTO THAT, INTO THE PARK? SO IT'S, MY UNDERSTANDING FROM THE PARK STAFF IS THAT THEY'RE, I GUESS THEY'RE DIS MAYBE DISCRETIONARY FUNDS WITH THE, THE TERMINOLOGY THAT WAS USED IN CONVERSATIONS WITH THEM, UM, THAT ARE GONNA BE UTILIZED TO FUND THAT.
THAT'S PART OF, UM, I THINK I MENTIONED IN UPDATES AND QUESTIONS YOU MAY HAVE HAD, UM, THAT'S PART OF POTENTIALLY WHAT'S GONNA BE CONSIDERED AT THE PARK AND RECREATION BOARD MEETING WHENEVER THIS IS HEARD.
SO IT WOULD BE TWO ITEMS. IT WOULD BE THE DEBTOR, THE POTENTIAL DEDICATION, ACCEPTANCE AND DEDICATION OF THIS PARKLAND.
AND THEN ALSO THE APPROVED, I GUESS THE APPROVAL TO ALLOCATE FUNDS FOR THE INFRASTRUCTURE, WHETHER IT'S BIKE TRAIL, HIKING, BIKE TRAILS, YOU KNOW, GRANITE CRUSH, GRANITE PAS, PLAYGROUND EQUIPMENT, ET CETERA.
UM, BUT IT'S MY UNDERSTANDING THAT THEY'VE GOT DISCRETIONARY FUNDS THAT THEY'RE PLANNING TO USE.
BECAUSE IT ALSO LOOKS LIKE THERE'S THIS GOLF BRANCH CREEK GRANITE TOO.
THERE'S, THERE'S GONNA NEED TO BE, THERE'S GONNA BE A BRIDGE.
THERE'S GONNA HAVE TO BE A BRIDGE.
CUZ WHEN YOU GET, OBVIOUSLY THE CLOSER YOU GET TO THAT CRE IT GETS BRIDGE STEEP THROUGH THERE.
OTHER QUESTIONS, DIRECTOR FARROW.
UH, FROM MY NOTES, THE LAST TIME WE SPOKE, I KNOW WE SPOKE ABOUT THE SIDEWALK TO THE SCHOOL AND ALSO THE GROCERY STORE ISSUE.
I'M NOT GONNA STAND UP HERE AND TELL YOU THAT IT'S GONNA BE AN ALDI OR, OR EVEN A GROCERY STORE TO THAT MATTER.
BUT, UM, THERE WAS STOCK PUT INTO THAT AND I WOULD VERY MUCH LOVE FOR THERE TO BE A GROCERY STORE, JUST HAVING THAT AMENITY WITHIN WALKING DISTANCE.
THE EXISTING GROCERY STORE, I CAN TELL YOU THAT THERE'S, UM, A GROCERY STORE 1.2 MILES TO THE NORTHWEST OF THIS SITE, UM, WHICH IS KIND OF LIKE A SMALLER GROCERY, FAMILY GROCERY OPERATION.
NOT LIKE A MAJOR CHAIN OR ANYTHING LIKE THAT, BUT THEY DO HAVE FRESH FRUITS AND VEGETABLES, UM, AND A MEAT MARKET.
AND THEN THERE'S ALSO A WALMART FOUR MILES DOWN 1 75 IN SEAVILLE.
NOT, OBVIOUSLY NOT WALKING DISTANCE, BUT NOT TERRIBLY FAR AWAY.
IT LOOKS LIKE SINCE THE LAST TIME, LIKE THIS, THE LAST TIME I LOOKED AT GOOGLE MAPS, THERE'S, NOW I I KNOW ONE OF MY CONCERNS BEFORE TOO IS I THINK JUST, YOU KNOW, UM, WE WERE JUST DISCUSSING, YOU KNOW, GROCERY BEING KIND OF FAR AWAY, BUT ALSO JUST GENERAL SHOPPING LOOKS LIKE THERE'S NOW A, A FAMILY DOLLAR.
IT LOOKS LIKE THIS THING WAS JUST BUILT.
UM, THAT'S ABOUT, IS IT ON, UH, IS IT ON SABLE ROAD? IT'S, IT'S ON BELTLINE.
YEAH, IT LOOKS, IT LOOKS BRAND NEW.
ADMITTEDLY, I'M OBVIOUSLY, I'M NOT AWARE OF IT.
I WILL SAY THAT I TYPICALLY DON'T INCLUDE FAMILY DOLLAR IN, INTO MY GROUPING WITH GROCERY STORES.
I DO KNOW THAT FAMILY DOLLAR, I'M THINKING FROM A SHOP, JUST FOR A GENERAL SHOPPING PERSPECTIVE, SHOPPING, YOU'RE NOT HAVING TO GET, YOU KNOW, DRIVE MILES TO GO BUY HOUSEHOLD GOODS.
YEAH, NO, THAT, THAT, I WILL, I, I RECOGNIZE THE FACT THAT THIS IS NOT IDEAL AS FAR AS WALKABILITY GOES.
UM, BUT YOU KNOW, THAT THAT'S PROBABLY THE ONE DOWNSIDE OF THIS.
BUT EVEN SO WITHIN PROBABLY A THREE OR FOUR MILE RANGE FROM THIS SITE, JUST A QUICK DRIVING DISTANCE WITH THE HIGHWAY THERE.
UH, EVEN IN SEIGAL THERE'S A LOT OF SHOPPING OPTIONS THERE, WHICH IS, WHICH IS GOOD.
AGAIN, I WOULD LOVE FOR IT TO ALL BE WALKABLE, BUT I, I THINK THAT'S JUST GONNA BE UNFORTUNATE REALITY WITH THIS SITE.
AND THEN I'LL, I'LL ALSO TRY TO PRETEND THAT I'M, UH, UH, FORMER VICE PRESIDENT NIKI, AND ASK IF YOU'RE GONNA, UM, TRY TO MAKE THE
[01:00:01]
EXTERIOR.THAT WAS, HAVE SOME CHARACTER AS THAT WAS THE RENDERING FLASHED UP THERE A MINUTE AGO.
I REMEMBERED HIS COMMENTS ABOUT THAT.
SO, AS ALWAYS, MY, MY CAVEAT IS, IS THE RENDERINGS ARE JUST RENDERING, RIGHT? THEY'RE JUST GENERAL REPRESENTATIONS OF WHAT THESE BUILDINGS ARE GONNA LOOK LIKE AS FAR AS THE ARCHITECTURAL DESIGN AND THE STYLE OF THEM.
IT'S PRETTY DEAD ON WHAT IT'S GONNA BE AS FAR AS THE EXTERIOR COLORS AND FINISHES AND THAT NATURE THAT THAT IS STILL IN PROCESS.
THEY WILL NOT LOOK COOKIE CUTTER IDENTICAL LIKE THE, ALL THE RENDERINGS I'VE EVER SHOWED YOU HAVE, MAYBE I SHOULD SPEND A LITTLE MONEY AND GET SOME NEW RENDERINGS.
THEY, I, I'VE TAKEN HIS COMMENTS TO ART BELIEVE MEAM.
UM, DO, IS THERE ANYBODY WHO'S ONLINE THAT HAD A QUESTION? OKAY, THEN I WILL.
OH, I DON'T HAVE, UM, A MOTION ON THE FLOOR FOR THIS.
SO CAN WE GET A MOTION AND A SECOND PLEASE? I'LL MOVE TO APPROVE.
UH, LET ME GO THROUGH HERE I VOTE IN FAVOR.
UM, VICE PRESIDENT GARCIA, I VOTE IN FAVOR.
SECRETARY PAGE IN FAVOR, TREASURER MARTINEZ.
IN FAVOR, DIRECTOR FARROW EVELYN.
IN FAVOR AND DIRECTOR COLLINS IN FAVOR.
MOTION PASSES AND WE'RE ON THE LAST ITEM OF THE AGENDA.
THIS IS RESOLUTIONS FOR THE TERRACE AT HIGHLAND HILLS, A MULTI-FAMILY RESIDENTIAL DEVELOPMENT LOCATED AT 3,100 PERSIMMON ROAD A.
CONSIDER AN ADOPT A RESOLUTION APPROVING AN AGREEMENT WITH L D G MULTI-FAMILY LLC FOR THE ACQUISITION AND DEVELOPMENT OF THE TERRACE AT HIGHLAND HILLS, A MULTI-FAMILY RESIDENTIAL DEVELOPMENT.
B, CONSIDER AN ADOPT A RESOLUTION APPROVING THE ASSIGNMENT TO THE CORPORATION OF OWNERSHIP OF L D G, THE TERRACE AT HIGHLAND HILLS GP, L L C, THE GENERAL PARTNER OF L D G, THE TERRACE AT HIGHLAND HILLS LP, AND APPROVING THE FORM OF AN AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT.
C CONSIDER AN ADOPT A RESOLUTION APPROVING THE CREATION OF A LIMITED LIABILITY COMPANY WITH THE CORPORATION AS THE SOLE MEMBER WITH THE TEXAS SECRETARY OF STATE TO BE NAMED D H F C, THE TERRACE AT HIGHLAND HILLS DEVELOPER L L C AND APPROVING THE FORM OF A LIMITED LIABILITY COMPANY AGREEMENT.
DEE, CONSIDER AN ADOPTER RESOLUTION APPROVING THE CREATION OF A LIMITED LIABILITY COMPANY WITH THE CORPORATION AS THE SOLE MEMBER WITH THE TEXAS SECRETARY OF STATE TO BE NAMED D H F C, THE TERRACE AT HIGHLAND HILLS LANDOWNER, L L C, AND APPROVING THE FORM OF A LIMITED LIABILITY COMPANY AGREEMENT.
E CONSIDER AN ADOPT A RESOLUTION APPROVING THE CREATION OF A LIMITED LIABILITY COMPANY WITH THE CORPORATION AS THE SOLE MEMBER WITH THE TEXAS SECRETARY OF STATE TO BE NAMED D H F C, THE TERRACE AT HIGHLAND HILLS GENERAL CONTRACTOR LLC, AND APPROVING THE FORM OF A LIMITED LIABILITY COMPANY AGREEMENT.
SO WAY, LET'S PUT UP JAKE'S OTHER PRESENTATION REAL QUICK.
SO I, I CAN GO THROUGH, I'LL GO THROUGH THIS ONE, HOPEFULLY TO, NOT THE SAME LEVEL OF INTENSITY, BUT, UM, SO THIS ONE'S THE TERRACE AT HIGHLAND HILLS.
UM, THIS ONE ALSO ZONES MULTI-FAMILY.
IT ALLOWS FOR MULTI MUL MF TWO A ALLOWS FOR MULTI-FAMILY BY RIGHT.
UM, SO THIS ONE'S A LITTLE BIT BIGGER THAN IN THE PREVIOUS PROJECT YOU SAW, UM, THIS ONE'S 300 UNITS, BUT, UM, STILL 1, 2, 3, AND FOUR BEDROOM WITH A MIX OF 60% AMI AS WELL AS MARKET RATES.
SO I, I WOULD LABEL THIS ONE MIXED INCOME AS WELL.
UM, SAME SET OF AMENITIES AS FAR AS POOL, CLUBHOUSE, FITNESS CENTER, LARGELY THE SAME AS AS THE PREVIOUS ONE YOU JUST SAW.
UM, YOU CAN GO TO THE NEXT LINE.
PROJECT UPDATES ARE IDENTICAL.
UH, I, I DID THE SAME EXACT STRATEGY AS, AS THEY DID ON THE CROSSING AT CLEAR CREEK.
SO, UM, RESOLUTION WAS APPROVED BACK IN, IN NOVEMBER UNANIMOUSLY.
AND THEN WE'RE NOW PROPOSING FOR T D H C A TO BE THE ISSUER FOR THE SAME, SAME LIST OF REASONS IN THE SAME STRATEGY THAT I, I DETAILED ON THE LAST DEVELOPMENT.
UM, SO YOU CAN SEE THIS ONE'S A LITTLE BIT.
UM, THIS ONE'S A LITTLE BIT CLOSER TO THE CITY CENTER IN SOUTH DALLAS, JUST NORTH OF, OF I 20 THERE.
UH, IN DISTRICT EIGHT, YOU GO TO THE NEXT SLIDE.
[01:05:01]
UH, HERE'S A, AN AERIAL KIND OF OUTLINING THE, THE SITE BOUNDARY THOUGH.SO SIMPSON STEWART IS THE EAST, WEST ROAD THERE ON THE, ON THE BOTTOM OF THE PAGE.
AND THEN BON VIEW IS THAT NORTH, SOUTH ARTERY BON VIEW ROAD THERE, UM, ON THE LEFT HAND SIDE OR THE RIGHT HAND SIDE ON IT.
AND SO THIS IS KIND OF ORIENTED A LITTLE AWKWARDLY HERE.
IT'S NOT TRUE NORTH AND SOUTH LIKE I WOULD LIKE.
BUT, UM, YOU CAN SEE HERE, UM, THE LAYOUTS, UH, SO YOUR MAIN ENTRANCE IS GONNA BE ON HIGHLAND HILLS DRIVE, WHICH CONNECTS TO BON VIEW AND THEN TO THE REAR, UM, YOU'LL HAVE AN EXIT ONTO PERSIMMON ROAD.
NOW PERSIMMON ROAD AND ITS CURRENT STATE IS AWFUL.
IF, IF THOSE OF YOU REMEMBER WERE AROUND WHEN WE WERE, UH, CLOSING THE RIDGE AT LANCASTER A COUPLE YEARS AGO, IT'S VERY SIMILAR TO CROUCH ROAD AS FAR AS ITS CURRENT CONDITION AND CURRENT STATE.
UNFORTUNATELY, THERE'S NO CAPITAL IMPROVEMENT PROJECT, UH, NO BONDS SET ASIDE FOR THE IMPROVEMENT OF PERSIMMON ROAD.
UM, BUT PUBLIC WORKS, WE'RE WORKING WITH PUBLIC WORKS TO, UM, BUILD OUT PERSIMMON ROAD, THE LENGTH OF OUR PROPERTY CONNECTING THE BONNEY VIEW, IT'S ABOUT A QUARTER MILE, UM, IN LENGTH.
SO RIGHT NOW, THE BEST WAY I CAN DESCRIBE IT IS IT'S JUST, IT'S JUST ASPHALT AND THAT'S IT.
THERE'S NO STRIPING, THERE'S NO CURB AND GUTTER.
UH, THERE'S NO SIDEWALK, THERE'S NO, NO NOTHING.
UM, BUT WE'RE DOING ALL OF THAT.
SO THERE'LL BE, UH, FULL FINISH OUT WITH STRIPING CURB AND GUTTER SIDEWALKS ON, UH, ON OUR SIDE OF THE PROPERTY, FIVE FOOT SIDEWALK ON OUR SIDE OF THE PROPERTY.
UM, SO THERE IS SOME BENEFIT AS FAR AS SOME NEW ADDED INFRASTRUCTURE TO PERSIMMON ROAD ALONG WITH THIS DEVELOPMENT.
MORE GENERIC RENDERINGS, UH, ISSUE.
MY OTHER CAVEAT, THEY WON'T, THIS WILL NOT BE EXACTLY WHAT THEY LOOK LIKE, AND THERE WILL BE SOME THOUGHTFUL THIS PUT INTO THE EXTERIOR FINISHES.
BUT GENERALLY THE ARCHITECTURE AND DESIGN IS, IS WHAT YOU SEE HERE.
WE GO TO THE NEXT SLIDE AND THE NEXT FEW SLIDES ARE JUST, UH, KINDA THE INTERIOR EXTERIOR DESIGN FROM SOME OF OUR OTHER PROPERTIES.
UH, I DID NOT MENTION IT ON THE LAST ONE, BUT THIS, JUST TO BE CLEAR, THIS WILL STILL HAVE WOOD LOOK FLOORS, ENERGY EFFICIENT APPLIANCES, GRANITE COUNTERTOPS, NINE FOOT CEILINGS, UH, CONSISTENT WITH, WITH EVERYTHING ELSE THAT WE'VE PROPOSED TO YOU GUYS IN THE PAST.
YOU THE NEXT SLIDE, AMENITIES, I MENTIONED THOSE BEFORE.
UM, OVERALL, AND THEN I GUESS I DID INCLUDE THE PARTNERSHIP MANAGEMENT FEE ON THIS ONE, BUT THE, THE BUSINESS DEAL IS THE SAME.
AND THEN AGAIN, THAT BULLET POINT IN THERE ABOUT TD H C A NOW BEING THE ISSUER.
SO YOU GUYS WOULD UNFORTUNATELY FORFEIT THAT ISSUER FEE.
UH, BUT OVERALL EVERYTHING IS CONSISTENT WITH THE OTHER TRANSACTION AND, AND PREVIOUS DEALS THAT WE'VE PROPOSED TO YOU GUYS.
AND SO THAT'S A HIGH LEVEL SUMMARY AND I'M HAPPY TO ANSWER ANY QUESTIONS THAT YOU GUYS MAY HAVE.
UM, IS THIS
IS THIS THE ONE THAT'S NEAR THE FIVE MILE CREEK? THIS ONE IS NEAR FIVE MILE CREEK, SO I JUST MIGHT MENTION TO EVERYONE IN CASE, UH, YOU DIDN'T SEE IT, BUT THERE WAS A VERY BIG ARTICLE ON THE DALLAS MORNING NEWS IN THE LAST WEEK, MAYBE EVEN JUST A FEW DAYS AGO.
ANYWAY, ABOUT FIVE MILE CREEK AND HOW THAT COULD BECOME SUCH A WONDERFUL, UH, UM, HIKE AND BIKE TRAIL YEAH.
AND SO I THINK THAT THAT'S A REAL PLUS ABSOLUTELY.
IN REGARD TO THIS DEVELOPMENT.
I DON'T KNOW IF ANYBODY ELSE, I WAS ACTUALLY JUST IN THE PROCESS OF PULLING UP THE FIVE MILE CREEK URBAN, UH, MASTER PLAN, UH, WHILE YOU WERE SPEAKING, WHICH I JUST GOT UP AND, YOU KNOW, I WAS LOOKING TO SEE HOW CLOSE THIS IS AND YEAH, IT'S GONNA BE VERY CLOSE TO THAT.
AND I THINK THAT PROJECT IS GONNA BE REALLY, HAVE AN INCREDIBLY POSITIVE IMPACT ON SOUTHERN DALLAS AND, AND ALL SORTS OF WAYS.
AND SO I THINK, YEAH, I LIKE THIS LOCATION, RIGHT? I, I'LL ADD TO THAT, YOU KNOW, LOOKING AT IT JUST IN CLOSE PROXIMITY, THERE'S I THINK SIX MULTI-FAMILY DEVELOPMENTS NEAR THIS.
AND SO IT'S, I THINK IT'S EASY.
IT WAS EASY FOR ME WHEN I, WE WERE FIRST LOOKING AT THIS SITE JUST TO LOOK AT IT AND SAY, MAN, THERE'S JUST ALREADY A LOT GOING ON HERE.
BUT WHEN YOU TAKE A DEEPER DIVE, THOSE SIX PROPERTIES, I THINK THEY'VE GOT AN AVERAGE AGE OF SOMETHING LIKE 52 YEARS.
SO THEY'VE BEEN AROUND FOR A MINUTE AS FAR AS A USEFUL LIFE GOES FOR MULTI-FAMILY.
UM, AND SO, YOU KNOW, I THEN YOU COUPLE, THE FACT WITH THERE WAS ONE PROPERTY THAT HAD SOME ISSUES ABOUT 18 MONTHS AGO WITH THE GAS EXPLOSION AND IT DISPLACED A LOT OF PEOPLE.
AND SO WHEN YOU KIND OF START TO PEEL BACK THE LAYERS OF THIS IMMEDIATE AREA AS FAR AS NEW OR LACK OF NEW QUALITY HOUSING GOES, YOU KIND OF SEE A BIGGER PICTURE OF A BIGGER NEED
[01:10:01]
HERE.UM, AND SO I THINK THIS PROJECT IN PARTICULAR BECAME REALLY IMPORTANT TO ME BECAUSE I, I THINK THIS IMMEDIATE COMMUNITY IS REALLY, REALLY LACKING.
AND NOT JUST NEW QUALITY AFFORDABLE HOUSING, BUT JUST NEW HOUSING IN GENERAL.
AND SO I, I THINK THIS DEVELOPMENT ALONG WITH, AND PALLADIUM IS DOING, UM, IN PROCESS RIGHT NOW.
I BELIEVE IT'S STILL UNDER CONSTRUCTION ON THE OTHER SIDE OF SIMPSON.
STEWART, NOT TERRIBLY FAR FROM HERE.
I THINK OUR DEVELOPMENT, OUR PROPOSAL HERE ALONG WITH WHAT PALLADIUM'S DOING, CAUSE THEY DO A REALLY, REALLY SHARP PRODUCT, UH, IS REALLY GONNA BE A HUGE BENEFIT TO, TO THE LACK TO ADDRESS THE LACK OF HOUSING IN THIS IMMEDIATE AREA.
SO THAT WASN'T IN MY PRESENTATION, BUT I DID JUST WANNA MENTION THAT JUST TO ADD, LIKE, AND, UM, I KNOW FOR T D H C A, ISN'T IT ONE OF THE REQUIREMENTS OF YOUR PACKET THAT YOU HAVE TO LOOK AT AT THE ANY CRIME, UH, STATISTICS AND, UM, SO IT KIND OF CONCERNS ME IF THERE'S A LOT OF OTHER VERY OLD PROPERTIES.
YEAH, NO, AND UM, AND THAT'S FAIR.
AND I, I'LL TELL YOU TOO, WE'VE BEEN WORKING, UH, WITH D P D, UM, SPECIFICALLY SOME, ONE OF THE OFFICERS IN THE SOUTH CENTRAL STATION, WHICH ISN'T VERY FAR FROM HERE, KIND OF IN BETWEEN THIS SIDE AND THE RIDGE AT LANCASTER.
UM, JUST TO KIND OF GET BEHIND WHAT'S GOING ON THERE.
AND I THINK SOME OF THE THINGS THAT WE'VE DISCOVERED WERE LINKED TO, UM, THAT THE GAS LINE EXPLOSION AT ONE OF THE NEIGHBORING PROPERTIES.
I, I THINK WHEN THAT HAPPENED, THERE WAS, UH, AND I DON'T KNOW ALL THE DETAILS, BUT I, I, I DO THINK THAT THERE WAS SOME INSTANCES OF WHERE MAYBE THERE WAS NOT A, AN OWNER THAT WAS RESPONSIVE AS, AS HE OR SHE COULD HAVE BEEN.
AND SO I THINK THAT LED TO SOME OTHER ISSUES THERE.
AND, AND I MENTIONED THE AGE OF SOME OF THOSE OTHER PROPERTIES.
I, I THINK THAT GIVING PEOPLE A BETTER, SAFER, NEWER QUALITY ALTERNATIVE IS GONNA HELP WITH THE CRIME.
IT'S, IT'S EXISTING IN IN SOME OF THOSE, UH, IN SOME OF THOSE COMPLEXES AND JUST KIND OF THAT I, YEAH.
AND TO CONFIRM IT IS THE OFFICE OF INTEGRATIVE INTEGRATED PUBLIC SAFETY SOLUTIONS THAT WORK ON YEAH, WE'RE ALSO WORKING WITH THAT WITH D WELL, YEAH, NO, WE'RE, THAT'S, I'VE FORGOTTEN, I'D FORGOTTEN THAT.
SO WE ARE WORKING WITH THE OFFICE OF INTEGRATED PUBLIC SAFETY SOLUTIONS.
WE'RE ALSO WORKING DIRECTLY WITH, UH, SOME OF THE BEAT OFFICERS THAT WORK AT THE SOUTH CENTRAL STATION THERE, JUST TO KIND OF GET MORE OF A BOOTS ON THE GROUND APPROACH.
BUT THAT'S A GREAT POINT THAT KYLE MADE IS I, I'D SLIPPED MY MIND THAT WE ARE, WE'VE BEEN WORKING WITH THE OFFICE OF INTEGRATED PUBLIC SAFETY SOLUTIONS FOR PROBABLY SINCE DAY ONE ON THIS PROJECT.
AND REALLY FOR THOSE OF YOU DON'T KNOW, KIND OF A, MY UNDERSTANDING IS THEY'RE KIND OF A SUBSET OF D P D THAT ARE REALLY FOCUSED ON, YOU KNOW, THE SAFETY AND KIND OF THE SAFETY MEASURES AS FAR AS, YOU KNOW, LIGHTING AND SECURITY AND IMETER FENCING ENGAGE THE THINGS THAT WE TYPICALLY ALREADY DO ANYWAY.
THEY'RE JUST KIND OF THERE TO BOUNCE IDEAS OFF OF.
UM, BUT YEAH, WE'RE WORKING WITH BOTH OF THEM.
UM, I HAVE, UH, ONE MORE QUESTION.
CAN WE GO BACK TO THE SITE PLAN? SURE.
TRYING TO WORRY MYSELF, UM, FOR SIMMONS ROAD IS, IT'S ON THE LEFT HAND SIDE.
UM, YEAH, IT LOOKS LIKE THERE'S, UM, I MEAN, THERE IS, I'M JUST TRYING TO KIND OF SQUARE IT WITH, LET'S SEE, OKAY, SO AT THE BOTTOM OF THAT SITE PLAN YEAH, WHERE THE LOGO AND STUFF THAT'S ACROSS IS, I, I JUST LOOKED AT THE FIVE MILE CREEK, UM, URBAN PLAN AND THERE'S A PLAN TO PUT A BIG, I THINK THAT'S A, UH, HIGH TENSION YEAH.
SO THEY'RE GONNA PUT ACROSS ALL MESA BRANCH.
AND SO THEY'RE GONNA PUT A TRAIL ALONG THAT THING.
AND SO GOING FROM THERE, GOING TO THE LEFT, THEN THAT'LL TIE INTO FIVE MILE CREEK, THAT FIVE MILE CREEK TRAIL, AND THEN FROM THERE THAT TIES INTO THE LOOP.
SO, I MEAN, THIS IS, SO ARE YOU SAYING, AND I'M NOT PROMOTED FOR, YOU'RE SAYING THAT, FOR THAT, THAT MEA POWER LINE THAT FOR SIMMON, SO THE PLAN IS DO A, UH, DIRECTLY BE ABLE TO, OH, COOL.
WELL, I'D LIKE TO SAY I DID THAT ON PURPOSE, BUT GOING MY LAP, SO THAT'S GOOD.
YEAH, I THINK THE, THE FIVE MILE CREEK CONNECTION IS, YOU KNOW, UH, THE PROXIMITY OF THAT FIVE MILE CREEK PLAN TO THIS DEVELOPMENT IS REALLY, YEAH.
I'LL ALSO SAY JUST CUZ I ALWAYS WANNA MAKE SURE THAT STUFF ISN'T SILOED
[01:15:01]
IN THE CITY.ONE, WE HAVE THIS CONNECTION TO THE, THE TRAILS AS WELL, BUT ALSO, UH, THE DEPARTMENT OF HOUSING AND NEIGHBORHOOD REVITALIZATION, WHICH THIS CORPORATION IS UNDER.
WE'RE ALSO PROVIDE, WE HAVE ABOUT 10 MILLION WORTH OF ARPA FUNDS THAT HAVE BEEN EARMARKED TWO TO FIVE MILE CREEK NEIGHBORHOOD, WHICH IS A HISTORIC NEIGHBORHOOD THAT WE'RE PUTTING IN INFRASTRUCTURE AND TARGETED HOME REPAIR THERE.
WE ALSO HAVE, UH, A SINGLE FAMILY, UH, DEVELOPMENT THAT WE'VE EARMARKED 1.6 MILLION WORTH OF HOME FUNDS TO IN OUR 2019 NOFA THAT'S CURRENTLY UNDERWAY, THAT'S DEVELOPING FOR SALE, UH, MIXED INCOME HOUSING IN THAT NEIGHBORHOOD, WHICH IS IMMEDIATELY TO THE WEST OF THIS.
SO JUST KNOW THAT THIS IS JUST ONE, ONE DEVELOPMENT THAT WE'RE LOOKING AT, BUT WE'RE, THIS IS AN OVERALL, UH, GLOBAL PICTURE OF WHAT WE'RE TRYING TO DO TO PROVIDE, UH, A DIVERSITY OF HOUSING OPTIONS THAT ARE AFFORDABLE TO ALL RESIDENTS OF DALLAS.
SO THE, THE PARKS, UH, THE, THE TRAILS AND EVERYTHING ALONG WITH JUST MUCH NEEDED BETTER APARTMENTS IN THE AREA ALSO IS, IS IS WHAT WE'RE SUPPORTING.
SO I JUST WANTED TO MAKE SURE THAT WE PUT THAT OUT THERE FOR EVERYBODY TO KNOW ALL THE GOOD WORK THAT MY TEAM IS ALSO WORKING ON, UH, WITH OUR FEDERAL DOLLARS AS WELL.
ANY OTHER, YES, SO WE'RE JUST APPROVING THE, UH, PARTNERSHIP AGREEMENT ON THIS DEAL HAS, FORGET MAYBE MAKING YOU REPEAT YOURSELF UPON RESERVATION.
AND WE ARE THEN WE RECEIVED IT LAST ON THE FOURTH, SO LAST WEEK, NOT THE ISSUE.
OH, IT'S THE, SO IT'S THE SAME STRUCTURE, IT'S THE SAME AS YOU.
WELL THEN I JUST WANNA SAY THANK YOU FOR THIS CUZ UH, I DON'T KNOW HOW MANY TIMES, UH, KYLE'S BEEN CONTACTED ABOUT THAT SITE, BUT I THINK I, A TAP CONFERENCE I TALKED TO TWO OR THREE DEVELOPERS ABOUT THE PERCENTAGE SITE AND NO ONE, I GUESS KNOWING THE APPARENTLY COULD MAKE SENSE OF IT OR DEAL WITH IT, BUT OF COURSE IT WAS JACOB LDG.
UH, AND WE ALSO SAW APPARENTLY THE OTHER SITE, THE ONE NEAR SIEGEL
SO, UH, YOU'RE TOO STUPID TO QUIT LOOKING FORWARD TO VOTING YES ON THIS ONE, SO, OKAY.
ANYBODY WHO'S ONLINE WHO HAS A QUESTION, I DON'T HAVE A, DON'T HAVE A QUESTION.
THAT'S MORE OF A COMMENT I WANNA THANK FOR JANE FOR THE PRESENTATION.
UM, I, I KNOW I WAS ONE OF THE EARLY, UM, MEMBERS THAT WAS KIND OF WEARY OF ANOTHER APARTMENT COMPLEX IN THE AREA, BUT I DO UNDERSTAND, YOU KNOW, THAT THE DILAPIDATED MULTIFAMILY AIR, UM, PROPERTIES AROUND THERE ARE KIND OF DEGRADED.
SO IT'S NOT, AT FIRST I WAS KIND OF AGAINST IT, BUT AT THE SAME TIME, I KNOW HOPEFULLY THIS WILL BE KIND OF A, UH, CATALYST TO PUT ONUS ON THE OTHER OWNERS OR OTHER PROPERTIES TO KIND OF RENOVATE THE PROPERTIES.
CUZ YEAH, IT'S HOLDING THE HOLLAND HILLS AREA, THEY'RE, THEY'RE PRETTY BAD.
UM, THE HIGHLAND HILLS APARTMENTS WAS THE APARTMENT COMPLEX ON BUN VIEW AND, UM, UM, AROUND THE CORNER THAT DID HAVE THAT EXPOSURE.
SO I DO THINK THIS WOULD BE REALLY GOOD.
UM, I DID HAVE ONE QUESTION AND JUST KIND OF, UH, OUR STUDENTS, DO THE STUDENTS STUDENTS MEET THEIR CRITERIA FOR THESE APARTMENTS? BECAUSE OBVIOUSLY PAUL QUINN IS RIGHT, LITERALLY RIGHT DOWN THE STREET AND OBVIOUSLY THEY'RE EXPANDING AND GROWING IN THEIR ENROLLMENT.
SO JUST, UH, JUST CURIOUS ABOUT THAT.
THE, THE ANSWER IS, IT DEPENDS.
SO THE, THE WHOLE BASIS OF THESE IS IT'S, IT'S AN INCOME RESTRICTED DEVELOPMENT OR AT LEAST 90% OF THESE UNITS WILL BE INCOME RESTRICTED.
SO AS LONG AS THEY CAN MEET, DEMONSTRATE FULL-TIME EMPLOYMENT, EVIDENCE OF FULL-TIME EMPLOYMENT, UM, ALONG WITH BEING AT OR BELOW THE INCOME RESTRICTION REQUIREMENTS FOR THEIR FAMILY SIZE, WELL AS CHECK ALL THE OTHER REQUIREMENTS THAT WE WOULD FROM ANY OTHER NEED FROM ANY OTHER TENANT.
THERE'S NO REASON THAT THEY COULDN'T LIVE HERE.
BUT, UM, YOU KNOW, IT'S NOT TO SAY THAT WE ACCEPT ALL STUDENTS, IT'S NOT TO SAY THAT WE EXCLUDE STUDENTS.
THE BASIS IS STILL, DO YOU MEET THE INCOME REQUIREMENT? DO YOU HAVE THE FULL-TIME EMPLOYMENT? THEN WE GO DOWN FROM THERE.
SO, UM, IF THERE'S, IF THERE'S STUDENTS AT
AND FOR CLARIFICATION, THE ACTUAL TENANT HAS TO MEET THE INCOME REQUIREMENT OR A GUARANTOR ASSOCIATED WITH THE TENANT, THE ACTUAL TENANT.
CAUSE THEY'VE GOTTA DEMONSTRATE THAT EMPLOYMENT VERIFICATION AS WELL.
ANY OTHER QUESTIONS? OKAY, I WILL.
SOMEONE WANNA MAKE THE MOTION? I'LL MOVE TO APPROVE.
THAT WAS, UH, VICE PRESIDENT GARCIA, RIGHT? YES.
UM, VICE PRESIDENT GARCIA, I VOTE IN FAVOR.
SECRETARY PAGE FAVOR, UH, TREASURER MARTINEZ.
IN FAVOR, DIRECTOR ALLEN IN FAVOR, DIRECTOR
[01:20:01]
ELLIS IN FAVOR, DIRECTOR GARCIA.IN FAVOR, DIRECTOR LEWIS IN FAVOR.
AND DIRECTOR COLLINS IN FAVOR.
UM, SO JUST BEFORE I ADJOURN, UM, I WANTED TO SAY IT'S REALLY NICE THAT WE DO HAVE FIVE OF US IN HERE RIGHT NOW.
I KNOW THAT IT, SOMETIMES PEOPLE JUST CAN'T MAKE IT HERE AND SO I APPRECIATE THE FACT THAT THEY CAN, UM, UH, PARTICIPATE IN THE MEETING.
I, YOU KNOW, I THINK IT'S GOOD THAT THE CITY OF DALLAS HAS ALLOWED FOR THAT, BUT, UM, I WOULD JUST STRONGLY ENCOURAGE
AND ANTHONY, IF PEOPLE HAVEN'T GOTTEN THEIR SECURITY PASSES OR PARKING PASSES TO GET HERE INTO THIS BUILDING, UH, PLEASE REACH OUT TO ERIN AND JACKIE OR MYSELF AND WE'LL MAKE SURE THAT THAT HAPPENS.
UM, ANYWAY, SO, BUT, BUT THANK YOU EVERYONE WHO HAS PARTICIPATED.
I KNOW THESE MEETINGS SOMETIMES, UH, GET KINDA LONG, BUT IT'S, THE REASON THAT THEY'RE LONG IS CUZ WE'RE DOING A LOT AND THAT'S THE WHOLE POINT OF, OF OUR EXISTENCE.
SO, UH, SO I WANNA, UM, JUST TRULY APPRECIATE THAT AND I WILL CALL THE MEETING ADJOURNED AT ONE TWENTY THREE.