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[ Dallas Mall Area Redevelopment TIF District Board of Directors Meeting on January 20, 2023.]
DOOR.AND THEN PAM, YOU CAN START RECORDING AND WE'LL GET THIS SHOW STARTED.
LET US, PAM, LET US KNOW WHEN IT'S RECORDING.
WE'D LIKE TO CALL THE MEETING TO ORDER AT 2 32.
I'M KEONDRA JONES, AND DO WE HAVE ANY, UH, PUBLIC COMMENTS PERTAINING TO THE AGENDA? IF THERE ARE NONE, THEN I'D LIKE TO TURN THINGS OVER FOR, UH, TO KEVIN.
UM, SO THE NEXT ITEM IS THE MEETING RECORD FROM THE LAST MEETING ON SEPTEMBER 15TH.
I DID SEND THE DRAFT OF THAT MEETING RECORD, UH, TO ALL THE MEMBERS, I GUESS YESTERDAY.
UH, PAM, IF YOU COULD PULL THAT UP REAL QUICK.
ANY QUESTIONS ABOUT IT? IT WAS A SHORT MEETING.
I THINK IT WAS A 12 MINUTE MEETING, BUT, UH, THE, THE, THE SENSITIVE ITEM ON THAT AGENDA WAS OF COURSE, THE EXTENSION FOR THE HOTEL PROJECT, UH, WHICH WAS APPROVED UNANIMOUSLY.
SO IT'S A PRETTY SHORT SET OF MINUTES.
UH, AND WE'LL ENTERTAIN A MOTION.
I MAKE A MOTION OF MINUTE TO BE APPROVED.
SECOND, WAS THAT OSCAR ON THE SECOND? YES, THAT WAS MIKE.
HEY, MAHESH, THANKS FOR JOINING CALL.
OKAY, THE NEXT ITEM, UM, KEVIN.
IF YOU COULD PULL UP THE ANNUAL REPORT.
SO FOR THOSE OF YOU WHO HAVE BEEN ON THE BOARD FOR A FEW YEARS NOW, YOU'LL KNOW IT'S ANNUAL REPORTING TIME.
SO WE REPORT ON A FISCAL YEAR BASIS, WHICH IS OCTOBER ONE TO SEPTEMBER 30.
UM, ALL OF THESE REPORTS FOR ALL OF OUR CHIP DISTRICTS, UH, ARE RECOMMENDED BY THE BOARD AND FORWARDED TO CITY COUNCIL FOR ULTIMATE ACCEPTANCE.
AND THEN THEY'RE SUBMITTED TO THE STATE COMPTROLLER'S OFFICE, UH, WHICH IS REQUIRED BY THE STATE TAX INCREMENT FINANCE DISTRICT, UH, UH, STATUTE.
SO IT, I KNOW I SENT THIS LATE YESTERDAY, AND I APOLOGIZE.
I TYPICALLY SEND IT OUT A FEW DAYS IN ADVANCE.
BUT, UM, WE WERE, WE, WE DISCOVERED AN ERROR IN THE, IN THE TAX ROLL DATA THAT WE GOT FROM THE CENTRAL PRISON DISTRICT.
AND SO IT TOOK A FEW DAYS FOR US TO FIX THAT WITH THEM.
UM, SO I'LL JUST WALK THROUGH THE DOCUMENT SO THAT, FOR THOSE OF YOU WHO HAVEN'T READ IT, THAT'S FINE.
WE'LL, WE'LL HIT THE HIGHLIGHTS AND THEN I'LL OPEN IT UP FOR QUESTIONS.
UM, SO AGAIN, THIS IS, THIS IS YEAR EIGHT OF THE 30 YEAR TIP DISTRICT.
UM, WE MOVE ON TO THE PAGE THREE, PAM, WHICH IS THE MAPS.
SO THE SECOND HALF OF THE MAP, PAM, THE BOTTOM PART.
SO YOU MAY RECALL THAT THE BOARD IN NOVEMBER OR EARLY DECEMBER OF 2021, UH, RECOMMENDED APPROVAL OF A PLAN AMENDMENT FOR THE TIP DISTRICT THAT ADDED 15.6 ACRES TO THE WESTMORELAND I 20 SUBDISTRICT BECAUSE THE OWNER DEVELOPER OF THE REIMAGINED RED BIRD PROJECT, PETER BOSKY, PETER BOSKY, HAD ACQUIRED ANOTHER 15 ACRES.
AND SO WE ADDED THOSE PARCELS TO THE DISTRICT, AND THE COUNCIL APPROVED THAT ON, UH, IN, IN DECEMBER OF 2021.
SO THE MAP HAS NOW BEEN OFFICIALLY CHANGED TO REFLECT THE NEW, UH, THE NEW GEOGRAPHY FOR THE SUBDISTRICT.
THE NEXT PAGE IS THE MISSION STATEMENT, NO CHANGES TO THE MISSION STATEMENT OTHER THAN TO ACCOUNT FOR THE ADDITIONAL ACREAGE THAT MAKES UP THE WESTMORELAND I 20 SUBDISTRICT.
UM, SO THE MISSION IS STILL THE SAME.
I WOULD BRING YOUR ATTENTION TO THE FIFTH PARAGRAPH DOWN, WHICH IS THE MISSION OF THE TIP DISTRICT IS TO PROVIDE A SOURCE OF FUNDING FOR PROGRAM OF PUBLIC INFRASTRUCTURE IMPROVEMENTS, ECONOMIC DEVELOPMENT GRANTS, AND LAND ACQUISITION ASSEMBLY FOR PUBLIC OPEN SPACE, WHICH IS INTENDED TO STIMULATE PRIVATE INVESTMENT IN EACH SMALL AREA TO THE, TO OCCUR EARLIER AND TO A MUCH GREATER EXTENT THAT WOULD THEN WOULD OCCUR SOLELY THROUGH PRIVATE INVESTMENT IN THE REASONABLY FORESEEABLE FUTURE.
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OF THE DISTRICT IN A NUTSHELL.UH, PAGE FIVE, PAM, WE'LL GO TO THE DISTRICT ACCOMPLISHMENTS FOR THIS PAST FISCAL YEAR, AND I'LL JUST KIND OF WALK THROUGH THESE ONE BY ONE, STARTING WITH THE TOP BULLET.
UM, YOU MAY RECALL THAT IN NOVEMBER, 2020, D I S D, UH, PASSED A, A LARGE BOND PACKAGE FOR THE VOTERS APPROVED A LARGE BOND PACKAGE IN THAT BO BOND PACKAGE WAS 75 MILLION FOR A NEW PRE-K THROUGH 12 VERTICALLY INTEGRATED CHOICE SCHOOLS SOMEWHERE IN NORTH DALLAS.
SO AFTER THAT WAS APPROVED IN NOVEMBER, 2020, WE SPENT A GOOD BIT OF TIME, UH, WITH D I S D TRYING TO HELP THEM EVALUATE POTENTIAL SITES IN THE VALLEY VIEW GALLERIA AREA.
AND THEN IN JULY OF THIS YEAR, THEY ACTUALLY DID CLOSE ON THE PURCHASE OF A 12 STORY OFFICE BUILDING, AND IT HAS ITS OWN PARKING GARAGE.
IT'S ON SIX, 6.2 ACRES AT 55 0 1 LBJ FREEWAY WITHIN THE MANFORD SUBDISTRICT.
SO IF YOU'RE FAMILIAR WITH THE MAP, WE DON'T HAVE TO PULL IT BACK UP, BUT IT'S, UM, IT IS ONE OF THE TWO LARGER OFFICE BUILDINGS THAT THEY'RE, I THINK THEY'RE WHITE, THEY HAVE A WHITE FACADE, BUT IT'S THE ONE THAT SITS BACK OFF OF LBJ.
IT'S NOT THE ONE UP ON THE FRONTAGE ROAD.
UM, AND SO D I S D IS NOW IN THE PROCESS OF DOING A VERY QUICK HURRY UP DESIGN AND REHABILITATION OF THE ENTIRE BUILDING TO TRY AND GET THAT BUILDING READY TO OPEN, UH, FOR THE 2024 SCHOOL YEAR.
HEY, KEVIN, CAN I ASK A QUESTION ON THAT? IS THAT YES, SIR.
NEXT TO THE READY ICE BUILDING, THE, TO WHICH BUILDING READY ICE? THERE'S A, UH, DALLAS BASED COMPANY CALLED READY ICE.
OH, IT'S ON THE OTHER SIDE? IT'S ON THE OTHER SIDE WHERE IT'S LIKE DEALERSHIP USED TO BE A LONG TIME AGO.
IT'S, YEAH, THE PARKING GARAGE.
MAHESH, THE PARKING GARAGE FOR THIS BUILDING IS ACROSS THE STREET FROM THE PRISM CENTER TO THE SOUTH.
BUT IT'S ON THE SOUTH SIDE OF LBJ, CORRECT? NO, NORTH SIDE OF LBJ.
IT'S DIRECTLY ACROSS THE HIGHWAY FROM THE RED ICE BUILDING.
AND, AND WHEN WOULD THE SCHOOL, LIKE, UH, THE CAPITOL IMPROVEMENTS AND EVERYTHING TAKE PLACE TO MAKE THE SCHOOL OPERATIONAL IN THE NEXT 12 MONTHS? THEY HAVE, THEY'RE, THEY'RE ON A SCHEDULE TO OPEN FOR THE 2024 SCHOOL YEAR.
THEY'RE NOT GONNA HAVE ALL 12 GRADE OR PRE-K THROUGH 12 START AT THE SAME, IN THE SAME YEAR.
THEY'LL, THEY'LL TRICKLE IN, YOU KNOW, DIFFERENT GRADES.
I THINK THEY'RE DOING PRE-K SECOND AND, UM, SIXTH GRADE.
UH, SECOND BULLET IS ABOUT THE AUTOMATED TRANSPORTATION SYSTEM AND SHARED PARK PARKING FEASIBILITY STUDY.
THIS IS IN COOPERATION WITH THE NORTH CENTRAL TEXAS COUNCIL GOVERNMENTS.
THE BOARD MAY RECALL THAT, UH, THERE WAS A STUDY IN 2019, UM, AND THAT WAS ACTUALLY APPROVED AND ENDORSED BY THE CITY COUNCIL IN JANUARY OF 2022.
SO EARLIER THIS, OR THIS PAST YEAR.
SO THE CITY COUNCIL HAS OFFICIALLY ENDORSED THE RECOMMENDATIONS OF THIS STUDY, AND WHAT IT'S DONE IS IT'S HELPED, UM, GIVE COMFORT TO THE COUNCIL OF GOVERNMENTS AND THE REGIONAL TRANSPORTATION COUNCIL TO, UH, FEEL GOOD ABOUT COMMITTING 10 MILLION FOR IMPLEMENTATION OF A PILOT PROJECT IN THE VALLEY VIEW GALLERY AREA.
SO FOR THE PAST COUPLE MONTHS, WE'VE BEEN, UH, SERVING.
SO YOU CAN SCROLL DOWN, PAM TO THE NEXT ONE.
YOU CAN SEE THE $850,000 CONSULTANT CONTRACT TO DEVELOP TECHNICAL STANDARDS AND GUIDELINES FOR AN ATS SYSTEM, WHAT WE'RE CALLING THE ATS GUIDELINE STUDY.
THIS IS A STUDY BEING CONDUCTED BY THE COG STAFF AND THEIR CONSULTANT LEAN ELLIOT AND, UH, CITY STAFF, UH, WITH THE CITY OF DALLAS HAVE BEEN PARTICIPATING IN THE STEERING COMMITTEE FOR THAT STUDY.
AND WE'LL, WE'RE EXPECTING A FINAL DELIVERABLE FROM THAT STUDY IN EARLY 2023, AND THAT'S GONNA HELP, UM, TAKE THE NEXT STEP FOR THE COG TO SEE, UH, WHEN AND HOW THEY MIGHT BE ABLE TO HELP US IMPLEMENT A PILOT PROJECT FOR AN ATS SYSTEM.
UH, THE NEXT BULLET IS, LET'S SEE.
THE BOARD MAY RECALL THAT IN JANUARY 21, OUR OFFICE, UH, ENTERED INTO A CONSULTANT CONTRACT WITH SOCIAL IMPACT ARCHITECTS AND SOCIAL IMPACT ARCHITECTS WAS HIRED TO BASICALLY DO A STRATEGIC PLAN
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FOR THE VALUE GALLERIA AREA COMING OUT OF COVID.COUNCILMAN KLEINMAN, WHO WAS STILL IN OFFICE AT THE TIME, FELT LIKE THERE WAS A, A, AN IMPORTANT NEED TO KIND OF PRESS RESET AND REENGAGE ALL OF THE STAKEHOLDERS AND PROPERTY OWNERS IN THE AREA TO COME UP WITH A UNIFIED STRATEGY ON HOW TO IMPROVE AND COORDINATE ALL OF THE THINGS THAT ARE, UH, WITHIN THE DOMAIN OF, OF THE PUBLIC SECTOR.
SO THAT'S ALL, ALL THE STUFF DEALING WITH THE CITY, THE CITY'S PARK, THE D I S D SCHOOL, THE AUTOMATED TRANSPORTATION SYSTEM, THE CITY'S, UH, CONTROL OVER ZONING AND MARKETING AND BRANDING OF THE DISTRICT ESPECIALLY.
AND IN 2022, IN JANUARY OF 2022, UM, WE DID A BRIEFING TO THE ECONOMIC DEVELOPMENT COMMITTEE OF THE CITY COUNCIL THAT SUMMARIZED, AND PAM, YOU CAN SCROLL DOWN.
WE SUMMARIZED THE, THE DELIVERABLES COMING OUT OF THAT WORK.
THERE WAS A CONSIDERABLE AMOUNT OF RESEARCH AND STAKEHOLDER ENGAGEMENT, UH, AND SOME RECOMMENDATIONS AND NEXT STEPS IN THERE.
AND, AND BASED ON ON THAT, UH, PRESENTATION TO THE ECONOMIC DEVELOPMENT COMMITTEE, IT WAS PRETTY, PRETTY WELL, UM, EMBRACED ABOUT REBRANDING THE AREA AS AN INTERNATIONAL DISTRICT.
THERE WAS A REAL NICHE IN THE, IN THE REGIONAL MARKETPLACE TO PROVIDE, TO HAVE A BRAND LIKE THIS AND PROVIDE, UH, SORT OF A, A CONCIERGE FOR INTERNATIONAL TRADE GROUPS, UH, AND HOPEFULLY TO, TO BE A, A POSSIBLE CATALYST TO HELP BRING IN AND, AND OR DEVELOP, UH, INTERNATIONAL BUSINESSES, UH, TO THE CITY OF DALLAS.
SO THE INTERNATIONAL DALLAS INTERNATIONAL DISTRICT IS NOW OFFICIALLY A THING, AND WE DON'T CALL THE AREA THE VALLEYVIEW GALLERIA AREA.
WE CALL IT THE INTERNATIONAL DISTRICT.
SO I JUST MENTIONED THE EXPANSION OF THE TIP DISTRICT THAT WAS APPROVED BY THE BOARD AND COUNCIL IN DECEMBER OF 2021.
AND THEN MOVING ON DOWN TO THE ZOMM PROJECT.
SO THE ZOMM ZOMM IS THE ONE DEVELOPING THE 398 UNIT APARTMENT PROJECT, WHICH IS THE LAST REMAINING PIECE OF THE OLD CHEVY DEALERSHIP SITE NEXT TO THE GALLERIA AT THE NORTHEAST CORNER OF NOEL AND LBJ.
IT'S KNOWN AS HAZEL BY THE GALLERIA, AND IN FACT, I THINK THEY'RE PARTIALLY OPEN AT THIS POINT, BUT BY THE END OF THE LAST FISCAL YEAR, THEY WERE STILL TECHNICALLY UNDER CONSTRUCTION.
SO THAT'S A FIVE STORY, UH, PROJECT WITH A SEVEN STORY STRUCTURED GARAGE, UH, ESTIMATED TO COST 50 MILLION.
I THINK IT'LL, I THINK IT COSTS MORE THAN THAT, BUT, UM, CONSTRUCTION, UH, BY THE END OF LAST FISCAL YEAR, LIKE I SAID, WAS STILL TECHNICALLY UNDER CONSTRUCTION, AND I THINK THEY'LL BE OFFICIALLY COMPLETE AND, UH, BY THE EARLY 2023.
OKAY, NEXT BULLET IS ABOUT MANFORD MANFORD DRIVE, OF COURSE, UH, HAS, THERE'S A CITY PROJECT FOR MONFORT BETWEEN LBJ AND ALPHA, UM, THAT HAD BEEN UNDER DESIGNED FOR TWO OR THREE YEARS.
AND THEN IN JUNE OF 2021, THE CITY COUNCIL APPROVED A CONSTRUCTION CONTRACT.
UM, FOR THE CONSTRUCTION OF THE PROJECT, IT'S INTENDED TO BE AT WHAT WE CALL A COMPLETE STREET.
SO IT WILL REDUCE THE, THERE'S SIX TRAVEL LANES NOW.
IT'LL BE REDUCED TO FOUR TRAVEL LANES.
THE, THERE'LL BE ADDITIONAL BIKE LANES ADDED, UM, ALL NEW STREET PAVEMENT WITH CONCRETE, ALL NEW STORM DRAINAGE, ALL NEW WATER AND WASTEWATER, UM, ALL NEW, UH, CURB AND GUTTER, UM, LIGHTING, NEW TRAFFIC SIGNALS, PAVEMENT MARKINGS, SPEED CONTROL TREATMENTS, PEDESTRIAN ENHANCEMENTS, AND SOME, UH, BASIC LEVEL OF LANDSCAPING.
THAT PROJECT WAS SUPPOSED TO START IN EARLY 2022 AND BE DONE BY MID 2023.
HOWEVER, AS I'M RECORDING HERE, WE'VE, WE'VE HAD SOME DELAYS.
THE PUBLIC WORKS DEPARTMENT MANAGES THIS PROJECT.
UM, THEY RUN INTO SIGNIFICANT DELAYS IN DEALING WITH ENCORE.
ENCORE WAS SUPPOSED TO HAVE ALREADY, UH, RELOCATED EXISTING POWER POLES, UH, AND THEY SIMPLY HAVEN'T DONE IT.
UM, AND THERE ARE CONTRACT DISPUTES NOW BETWEEN THE CITY AND THE CONTRACTOR, UH, BECAUSE OF COURSE, IN JUNE OF 2021, WHEN THE CONTRACTOR WAS AWARDED THE, THE BID, UH, BETWEEN THEN AND, AND ABOUT JUNE OF 2022,
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THE ECONOMIC WORLD CHANGED DRASTICALLY.AND SO, UM, THEY ARE REFUSING TO DO THE PROJECT, UH, AT THE BID THAT THEY, THAT WAS AWARDED.
UH, SIMPLY THEY SIMPLY CAN'T, CAN'T AFFORD TO DO IT FROM A MATERIALS AND LABOR STANDPOINT.
SO, UM, I DON'T HAVE AN UPDATE ON HOW THAT'S GONNA PLAY OUT.
UM, I DID MEET WITH THE COUNCIL MEMBER COUNCILWOMAN THIS MORNING, AND WE WERE ON THE PHONE WITH THE PUBLIC WORKS DEPARTMENT TO TRY AND MAP OUT A, A STRATEGY ON HOW TO GET THAT MOVING.
UM, IT'S EITHER GONNA GO ONE OF TWO WAYS.
WE'RE GOING TO CANCEL THE CONTRACT AND REVIT IT, WHICH WOULD TAKE AN ADDITIONAL AMOUNT OF TIME, OBVIOUSLY, AND THE PRICES ARE PROBABLY GONNA COME IN, UH, A LOT HIGHER THAN, THAN WHAT WE HAVE.
UH, OR WE TRY TO NEGOTIATE WITH THE CONTRACTOR TO SEE IF THERE'S SOME HAPPY MIDDLE PLACE WHERE WE CAN LAND AND KEEP THEM ON THE PROJECT AND GET IT DONE.
PAM, IF YOU CAN SCROLL DOWN, JUST A REMINDER THAT IN APRIL OF 2021, THE BOARD DID RECOMMEND APPROVAL AND CITY COUNCIL DID ULTIMATELY APPROVE THE USE OF ABOUT NINE SOURCES OF FUNDS, INCLUDING THE TIP DISTRICT FUNDING TO PURCHASE THE, UH, THE PRISM CENTER, WHICH IS, UH, THE BUILDING AT 55 80 PETERSON LANE, WHICH JUST SO HAPPENS TO HAVE, UH, BEEN PART, BEEN OWNED BY OUR, ONE OF OUR BOARD MEMBERS IN THE HAYES.
UM, SO THAT TRANSACTION CLOSED IN MAY OF 2021, AND SINCE THAT TIME, THE CITY'S BEEN, UH, TRYING TO FIGURE OUT HOW TO MANAGE THE PROPERTY.
WE INHERITED A WHOLE BUNCH OF EXISTING CONTRACTS, UH, ON THE OPERATIONS SIDE.
SO IT'S TAKEN A LITTLE TIME FOR US TO GET, GET, UH, GET OUR FEET UNDER US AND HOW TO MANAGE THE BUILDING.
UM, AND THE DISTRICT 11 SATELLITE OFFICE, THE COUNCILWOMAN HAS ESTABLISHED THE SATELLITE OFFICE IN THE BUILDING.
THERE'S A COMMUNITY MEETING ROOM IN THE BUILDING, AND WE'VE ALSO BEEN MARKETING THE BUILDING NOW, LIKE I SAID, UH, IN ALIGNMENT WITH THE STRATEGIC PLAN FOR THE INTERNATIONAL DISTRICT.
SO THIS BUILDING IS GOING TO PLAY AN INTEGRAL PART IN THE INTERNATIONAL DISTRICT.
WE'RE TRYING TO ATTRACT FOREIGN TRADE OFFICES AND IMPROVE FOREIGN RELATIONS, INCREASED TRADE AND CULTURAL EXCHANGES.
THE MAYOR'S OFFICE IS VERY MUCH IN SUPPORT OF THE INTERNATIONAL DISTRICT AND USING THIS BUILDING, UH, TO FURTHER ADVANCE THE INTERNATIONAL DISTRICT'S GOALS.
YOU MAY HAVE SEEN IN DECEMBER, ALTHOUGH IT DIDN'T HAPPEN IN THIS, IN THIS 20 21, 22 FISCAL YEAR, IT, IT WILL SHOW UP IN NEXT YEAR'S REPORT.
BUT IN DECEMBER OF 2022, THERE WAS A, A RIBBON CUTTING AT THE PRISM CENTER, UH, TO WELCOME, UH, THE FRENCH TRADE OFFICE.
UH, SO THE FRENCH ARE GONNA BE MOVING IN, UH, IT'S, IT'S, UH, AN AFFILIATE OF THE FRENCH AMERICAN CHAMBER OF COMMERCE OR SOMETHING.
I DON'T KNOW ALL THE DETAILS, BUT WHAT IT'S DONE IS THAT IT'S, IT'S SUCCESSFULLY CAUGHT THE ATTENTION OF EVERY OTHER COUNTRY'S TRADE GROUP.
SO NOW WE'RE BEING OVERWHELMED WITH, UH, WITH INQUIRIES AND, UH, A DESIRE BY A BUNCH OF DIFFERENT COUNTRIES, TRADE GROUPS TO BE IN THE BUILDING, AND THEY WANT TO BE, YOU KNOW, THEY WANT TO BE TOGETHER, UH, FOR THAT, FOR THAT KIND OF THING.
UM, NEXT BULLET, PAM, IS SAGE GROWTH PROPERTIES, WHICH OF COURSE, OWNS THE FORMER SEARS PORTION OF THE VALUE MALL SITE.
UM, IN MID 2021, THEY DID BEGIN CONSTRUCTION ON HORIZONTAL INFRASTRUCTURE AND SITE WORK ON THEIR PORTION OF THE PROPERTY, UM, TO PREPARE IT FOR VERTICAL DEVELOPMENT, WHICH ULTIMATELY WOULD BE MULTI PHASED, INCLUDING OFFICES, APARTMENTS, AND RETAIL AND RESTAURANT AND HOTEL, MOST LIKELY.
UM, AS A COMPONENT OF ALL OF THAT HORIZONTAL INFRASTRUCTURE WORK, ONE OF THE PRIMARY AND MOST IMPORTANT PIECES OF IT WAS AN OFFSITE WASTEWATER MAIN THAT WAS REQUIRED TO BE CONSTRUCTED ALONG LBJ FRONTAGE ROAD BETWEEN MANFORD AND NOEL, UH, BECAUSE THAT LINE WOULD PROVIDE THE NECESSARY WASTEWATER CAPACITY TO SERVE ALL OF THE FUTURE REDEVELOPMENT THAT'S ENVISIONED ON THE FORMER VALUE MALL SITE.
SO A BIG DEAL IS THAT THE CITY FINALLY ACCEPTED THAT 24 INCH OFFSITE WASTEWATER MAIN AT THE END OF THIS PAST FISCAL YEAR.
AND SO WHAT THAT MEANS IS THE VALUE MALL SITE IS, FOR ALL INTENTS AND PURPOSES, SHOVEL READY
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NOW, UH, IT NEVER WAS SHOVEL READY BEFORE BECAUSE DEVELOPERS WOULDN'T BE ABLE TO PULL A BUILDING PERMIT WITHOUT THIS WASTEWATER LINE BEING IN THE GROUND AND ACCEPTED.UM, AND THAT WAS ALL FUNDED BY SAGE GROWTH PROPERTIES AND ALSO COST SHARED BY, UM, THE TWO OTHER MAJOR PROPERTY OWNERS, THE BECK BECK VENTURES, AND, UM, THE LIFETIME FITNESS, UH, ENTITY.
UH, NEXT ITEM IS, UH, IS THE HOTEL PROJECT DOWN AT RED BIRD.
SO THE, YOU MAY RECALL THE BOARD RECOMMENDED APPROVAL ON THE COUNCIL ULTIMATELY APPROVED, UM, AN INCENTIVE PACKAGE INVOLVING 1.788 MILLION OF TIFF FUNDS, AND THEN ANOTHER 1.5 MILLION OF PUBLIC-PRIVATE PARTNERSHIP FUNDS, UM, FOR THE COURTYARD AND RESIDENCE IN BY MARRIOTT HOTEL PROJECT AT THE REIMAGINED RED BIRD, UH, DEVELOPMENT AREA.
AND THEN IN SEPTEMBER OF THIS YEAR, THE BOARD DID APPROVE A 12 MONTH EXTENSION TO ALL MATERIAL DATES AND DEADLINES, UH, BECAUSE OF THE ECONOMIC CONDITIONS, INFLATION, COST OF MATERIALS, THE HOTEL DEVELOPER IS WAITING TO SEE IF THOSE, THOSE COSTS COME DOWN.
AND FINALLY, MOST IMPORTANTLY, IS THE PROGRESS THAT'S BEING MADE AT THE REIMAGINED RED BIRD PROJECT.
UM, IF YOU HAVEN'T BEEN DOWN THERE LATELY, IT LOOKS IN COMPLETELY DIFFERENT THAN IT DID EVEN TWO YEARS AGO.
UM, I'M GONNA RATTLE THROUGH SOME OF THESE THINGS THAT WE'RE VERY PROUD OF, BUT ULTIMATELY, ALL THE SITE INFRASTRUCTURE IS, UH, CONTINUED THROUGH THIS PAST FISCAL YEAR.
UM, YOU'LL, WE'LL GO THROUGH SOME OF THE AERIAL PHOTOS, AND I'LL POINT SOME STUFF OUT, BUT AGAIN, THE CITY, UM, THE CITY'S INCENTIVE PACKAGE IS, IS BASICALLY 27 MILLION TO CO COVER ALMOST ALL OF THE COST OF INFRASTRUCTURE, UH, IMPROVEMENTS TO THE AREA.
UM, IN JULY OF 2022, THE CHIME SOLUTIONS, UH, WHICH IS THE OFFICE SPACE ON THE SECOND FLOOR OF THE INLINE PORTION OF THE MALL, THEY, THEY DID AN EXPANSION OF 33,000 SQUARE FEET.
UH, AND THAT WAS COMPLETED IN JULY OF 2022.
SO WITH CHIME SOLUTIONS IN THERE, UM, THEY'RE EMPLOYING, I THINK, ALMOST 2000 PEOPLE AT, OVER VARIOUS TIMES DURING THEIR PEAK PERIODS THROUGHOUT THE YEAR.
UM, AND I THINK THEY'RE, THEY DO STILL DO A WORK FROM HOME THING, BUT THERE'S A LOT OF FOLKS WORKING IN THE BUILDING NOW, UH, WITH CHIME SOLUTIONS.
UM, ALSO THE, THE RETAIL BUILDING THAT'S OUT ON THE, IN THE OUT PARCEL ALONG CAMP WISDOM, UH, WAS FULLY RENOVATED AND IS NOW FULLY OCCUPIED.
SO FROST BANK WAS THE FIRST TO GO IN, UH, ON THE CORNER.
UH, AND THEN NOW THERE'S WOW DENTAL, UH, FUZZY STOCKER SHOP AND THE BREAKFAST BROTHERS.
SO, UM, VERY, VERY EXCITING ON THE RETAIL FRONT THERE.
UM, ALSO IN THE FORMER DILLARD'S BUILDING, WHICH IS KNOWN AS THE SOUTH WING, UH, CONSTRUCTION WAS COMPLETED ON THE 43,000 SQUARE FOOT RENOVATION OF MOST OF THAT BUILDING TO MAKE WAY FOR THE NEW PARKLAND HOSPITAL CLINIC.
UM, ALSO IN SEPTEMBER OF 2022, CONSTRUCTION WAS COMPLETED ON THE FORMER SEARS BUILDING, WHAT'S KNOWN AS THE EAST WING, THAT'S 150,000 SQUARE FEET, UH, FULL GUT JOB AND RENOVATION, UH, AND FINISH OUT FOR THE NEW UT SOUTHWESTERN REGIONAL MEDICAL CENTER.
THERE WILL BE A CHILDREN'S HEALTH CENTER THAT WILL BE ON THE SECOND FLOOR OF THAT BUILDING, BUT THEY'RE NOT SCHEDULED TO OPEN FOR ANOTHER 18 MONTHS.
UH, ALSO IN 2021, OUR OFFICE FACILITATED, UM, WHAT'S KNOWN AS PROPERTY ASSESSED CLEAN ENERGY OR PACE FINANCING.
UH, AND THAT TRACK TRANSACTION ENABLED THE DEVELOPER, UH, TO GO AND GET 3.35 MILLION IN A LOAN FROM TWAIN COMMUNITY PARTNERS TO UPGRADE ALL OF THE LIGHTING, PLUMBING AND H V A C IN THE EXISTING INLINE PORTION OF THEM ALL.
AND THOSE IMPROVEMENTS WERE COMPLETED IN APRIL OF 2022.
WHAT'S NOT IN THIS SUMMARY IS DALLAS COLLEGE.
UH, SO DURING THIS PAST FISCAL YEAR, THEY DID ANNOUNCE, UH, THAT THEY WOULD BE TAKING, I THINK, CLOSE TO 25,000 SQUARE FEET, UH, THE, BASICALLY THE REMAINING PORTION OF THE DIL, THE FORMER DILLARDS BUILDING, AND, AND THEY WOULD BE, UH, CONVERTING THAT TO A WORKFORCE TRAINING CENTER.
UH, WE HAVEN'T SEEN ANY, UH, CONSTRUCTION START ON THAT YET, BUT, UM, WHEN THEY DO, I'M SURE WE'LL PUT IT IN NEXT YEAR'S ANNUAL REPORT.
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NEXT PAGE, PAM, WE'LL START TO LOOK AT SOME OF THESE IMAGES.SO THIS WAS AT THAT IMAGE, THERE IS AS OF AUGUST 1ST OF THIS, OF 2022.
SO THIS IS, UM, LOOKING TO THE NORTHWEST.
UM, YOU CAN SEE THE WHITE ROOF OF THE EAST WING, WHICH IS THE, THE NEW UT SOUTHWESTERN MEDICAL CENTER.
THE WHITE ROOF ON THE SOUTH WING IS THE, UM, THE OLD DILLARDS WHERE THEY'RE THE PARKLAND CLINIC, AND WHERE DALLAS COLLEGE WILL BE GOING.
UM, YOU CAN SEE THE PALLADIUM MULTI-FAMILY PROJECT AND JUST TO THE SOUTH OF THE PALLADIUM IS WHERE THE HOTEL WILL BE LOCATED.
UM, THE ONLY P PORTION THAT HASN'T HAD ANYTHING, ANY ACTIVITY IN IT REALLY IS THE OLD MACY'S BUILDING, WHICH IS THE NORTH, THE NORTH WING, THE NORTH ANCHOR BUILDING.
YOU CAN SEE, UM, AND THERE'S PROBABLY SOME BETTER IMAGES COMING UP, BUT THE LAWN, THE OPEN SPACE AND THE FOOTLOCKER, BUILDING THAT FRONT THAT, AND THEN OF COURSE, THE STARBUCKS AND THE RETAIL BUILDING NEXT TO THE STARBUCKS.
UM, SCROLL DOWN, PAM, IF YOU WOULD.
AND THESE ARE JUST IMAGES THAT WE TOOK, UM, DURING CONSTRUCTION AND WHEN THINGS ARE STARTING TO OPEN.
SO THIS IS THE, THE FACADE OF THE PARKLAND CLINIC, UH, WHICH IS THE OLD DILLARD BUILDING.
THE IMAGE TO THE RIGHT IS WHERE THE INLINE PORTION OF THE MALL HAD, HAS BEEN SELECTIVELY DEMOLISHED.
UH, SO THE DEVELOPER CHOPPED OFF, I THINK, I THINK A HUNDRED THOUSAND FEET.
I WOULD'VE TO CHECK ON THE EXACT AMOUNT.
BUT, SO THE DEVELOPER CHOPPED OFF, UH, A PART OF THE MALL.
AND YOU CAN SEE THE NEW NORTH SOUTH ROAD THAT HAS BEEN CONSTRUCTED TO GO RIGHT, YOU KNOW, RIGHT BY HERE.
THE PALLADIUM MULTI-FAMILY IS JUST TO THE LEFT ACROSS THE STREET FROM THIS.
AND THEN THE DEVELOPER IN THE COMING YEAR WILL BE, UH, MAKING FACADE IMPROVEMENTS IN, IN THIS AREA, A NEW COMPLETELY NEW ENTRYWAY.
UM, AND THEN IF THIS WILL ALL BE LANDSCAPED, LIKE A, A PLAZA TYPE OF AREA.
HERE'S THE LAWN, WHICH HAD, UH, UH, IT, IT, IT WAS IMPROVED IN THE PAST YEAR.
SO ALL THE LIGHTING AND LANDSCAPING DID GO IN THIS YEAR.
UH, THE FOOTLOCKER BUILDING WAS, YOU KNOW, IT'S BEEN UP, UM, FOR I GUESS ABOUT TWO YEARS NOW.
SO ALSO THIS YEAR THEY'VE, THE DEVELOPER FINALLY PUT THE RED BIRD, UH, LOGO BACK ON THE BUILDING, BACK ON THE BUILDING IN A BUNCH OF DIFFERENT PLACES.
BUT THIS WAS, ALTHOUGH IT WAS CEREMONIAL, IT WAS SORT OF A BIG DEAL.
SO, UM, THAT'S THE RED BIRD LOGO ON THE OLD MACY'S.
BUILDING THE IMAGE TO THE LOWER RIGHT IS, UH, YOU CAN SEE CONSTRUCTION.
THIS IS THE NORTH SIDE OF THE BUILDING, UM, WHERE THE, WHERE THEIR ENTRANCE TO THE INLINE PORTION OF THE MALL IS.
AND THAT'S ALL BEING RE REDONE, MODERNIZED.
UM, THERE'S ALSO PUNCHING WINDOWS TO ADD LIGHTING AND TRANSPARENCY TO THE FACADE, SO IT DOESN'T LOOK LIKE A GIANT BOX.
UM, SO THOSE ARE ALL THINGS THAT ARE ALSO REQUIRED, UH, OF THE DEVELOPER IN OUR AGREEMENT.
UH, HERE'S ANOTHER BIRD'S EYE VIEW OF THE SITE.
SEE, YOU CAN SEE THIS UT SOUTHWESTERN PROPERTY.
YOU CAN SEE ALL OF THE NEW PARKING LOTS HAVE BEEN RE COMPLETELY REFIGURED.
THEY'VE ALL BEEN REPAVED, THE RING ROAD'S BEEN REPAVED IN CONCRETE.
ALL THE DRAINAGE HAS BEEN IMPROVED.
ALL, ALL THE PARKING LOTS HAVE BEEN IMPROVED WITH LANDSCAPING LIGHTING.
YOU CAN SEE THAT THE ONLY THING THAT HASN'T BEEN APPROVED IN TERMS OF PARKING LOT IS, UH, THE BURLINGTON AND THE COURTS.
THE BURLINGTON IS STILL OWNED BY BURLINGTON AND NOT BY, UH, PETER BRO'S.
SO OUR DEAL DOES NOT INVOLVE BURLINGTON.
UH, YOU CAN SEE THE, THE SITE AT THE, AT THE CORNER, UM, HAS BEEN FULLY GRADED.
AND THEN THE SITE UP AT THE TOP OF THE IMAGE HAS ALSO BEEN FULLY GRADED.
AND THOSE SITES ARE BEING MARKETED, UM, FOR, UH, GROCERS AND OTHER USERS HOPEFULLY WILL HAVE AN EXCITING ANNOUNCEMENT ABOUT, ABOUT WHAT'D BE GOING ON THAT PART OF THE SITE IN THE NEXT COUPLE MONTHS.
THE NEXT IMAGE, THESE ARE JUST MORE UP CLOSE PICTURES.
SO THE, THE ONE ON THE LEFT IS THE, THE OLD DILLARDS.
AGAIN, THIS BUILDING WAS BASICALLY GUTTED TO, ITS, ITS CORE, UH, NEW ROOF, NEW FACADES, NEW WINDOWS, EVERYTHING.
SAME THING WITH THE OLD SEARS BUILDING, WHICH IS
[00:30:01]
DOWN AT THE BOTTOM WHERE THE UT SOUTHWESTERN MEDICAL CENTER IS.NOW, YOU CAN SEE THEY ACTUALLY CUT, UH, UH, THEY CUT PART OF THE BUILDING AWAY SO THAT IT, IT ADDS LIGHT TO THE, IN INNER PART OF THE BUILDING.
UM, THEY DID SELECTIVELY DEMOLISH PART OF THE BUILDING, UM, AND THEN ADDED ALL THE WINDOWS AND EVERYTHING TO IT.
SO THIS IS A CHART, UM, THAT SUMMARIZES THE DEVELOPMENT ACTIVITY, BOTH, UH, IN THE DISTRICT USING TIF DISTRICT FUNDS AND IN THE DISTRICT, BUT NOT USING TIP DISTRICT FUNDS.
SO THE TOP PART OF THE CHART IS DEVELOPMENT ACTIVITY IN THE DISTRICT USING DISTRICT FUNDING ARE THE TWO PROJECTS THAT HAVE COURSE BEEN, UH, APPROVED.
THE REIMAGINED RED BIRD IS THE ONE, THE TOP ONE.
AND THEN THE COURTYARD AND RESIDENCE IN HOTEL BY MARRIOTT, WHICH STILL IS PLANNED AND TECHNICALLY NOT YET UNDER CONSTRUCTION.
AND THEN THEY'LL SCROLL DOWN A LITTLE BIT, PAM, IF YOU WOULD.
THIS SECOND PART OF THE CHART IS DEVELOPMENT ACTIVITY OCCURRING IN THE DISTRICT THAT DOESN'T USE TO FUNDING.
UM, MOST OF THIS IS IN THE MONFORT, UH, 6 35 SUBDISTRICT.
SO YOU CAN SEE THERE'S THREE MULTI-FAMILY PROJECTS, THE WINDSOR BY THE GALLERIA, WHICH OPENED IN 17, THE MADERA DALLAS, DALLAS MIDTOWN, WHICH OPENED IN 2020.
AND I THINK THEY ACTUALLY CHANGED THE NAME CAUSE I THINK THAT WAS SOLD.
I THINK IT'S CORNELL MIDTOWN NOW.
UM, AND THEN THE HAZEL BY THE GALLERIA IS, IS THE ONE BEING DEVELOPED BY SAM THAT IS NEARLY COMPLETED.
AND, UM, SO, AND THEN OF COURSE, PALLADIUM IS A MULTI-FAMILY PROJECT DOWN IN REDFORD.
AND IN TOTAL, UH, WE'VE GOT 1,363 UNITS OF MULTI-FAMILY AND THAT ARE EITHER COMPLETE OR UNDER CONSTRUCTION AND 256 HOTEL ROOMS, OF COURSE, IN THE, THE AC HOTEL AND RESIDENCE IN, UH, NEAR THE GALLERIA.
DID THEY QUALIFY FOR THE TIF INCENTIVES? WHICH PROJECT? UH, ANY OF THOSE MULTI-FAMILY PROJECTS? WELL, THEY DIDN'T REQUEST ANYTHING.
SO THEY, THEY WOULD'VE QUALIFIED, YOU KNOW, AGAIN, THE INCENTIVES THEY COULD HAVE APPLIED FOR, HAVE REQUIREMENTS, POLICY REQUIREMENTS ATTACHED.
SO, UM, AND ONE OF THE, THE BIGGEST ONES FOR MULTI-FAMILY IS, YOU KNOW, THE, THE AFFORDABILITY REQUIREMENT, 20% OF THE UNITS AFFORDABLE AT 80% AMI.
SO SOME OF THESE PROJECTS THAT DIDN'T, THAT OCCURRED NATURALLY AND DIDN'T COME IN FOR INCENTIVES, YOU, YOU COULD MAKE THE ASSUMPTION THAT THEY WANTED TO AVOID THE AFFORDABILITY REQUIREMENT.
SO WE DON'T HAVE ANY CONTRACTUAL WAY TO GET AFFORDABILITY IN PROJECTS THAT WE DON'T HAVE A DEAL WITH.
SO, SO THE GRAND TOTAL DOWN AT THE BOTTOM IS, UH, YOU KNOW, AND WE, AND WE REPORT THIS IN EVERY ONE OF OUR TIP DISTRICTS, CUZ A LOT OF, UH, A LOT OF THE LEVERAGE IS, IS IMPORTANT.
SO WE'RE LOOKING AT ALMOST 400 MILLION OF NEW VALUE.
UM, AND IT'S BEING LEVERAGED BY A CHIP DISTRICT INVESTMENT OF 17.3 MILLION COMMITTED.
DO WE HAVE A REPORT THAT VALUE YEAR OVER YEAR? YEAH, THIS IS UPDATED AND WE'LL GET TO THE, WE'LL GET TO THE TAXABLE VALUES.
UM, BUT THIS, THE POINT OF THIS CHART IS FOR THINGS THAT ARE ALREADY BUILT AND ON THE TAX ROLLS, WE DO UPDATE THIS WITH THE CURRENT TAXABLE VALUE.
AND THEN WE, FOR THINGS THAT ARE PLANNED OR COMMITTED, BUT NOT YET CONSTRUCTED, ALL WE CAN DO IS PUT THE ESTIMATED, UH, YOU KNOW, THE ESTIMATED VALUE.
SO THAT'S WHAT THIS CHART REPRESENTS.
BUT WE'LL FURTHER DOWN IN THE REPORT, WE'LL GET TO THE ACTUAL TAXABLE VALUES IN THE PERFORMANCE OF THE DISTRICT.
UM, SO PAM, GO AHEAD AND SCROLL DOWN.
SO THIS CHART, THE PURPOSE OF THIS CHART IS TO TRACK DISTRICT DISTRICT-WIDE INITIATIVES, NOT SPECIFIC DEVELOPMENT PROJECTS.
AND OF COURSE, THE, THE ONLY ONE WE GRE HAVE IS THE ACQUISITION OF, OF THE PRISM CENTER AT 55 80 PETERSON.
UM, THIS WAS IN THE LAST YEAR'S REPORT AS WELL.
SO THE POINT OF THIS REPORT AGAIN, IS WE DO THIS EVERY YEAR, AND THEN IT'S A, IT'S A COMPENDIUM, YOU KNOW, IT'S A COMPILATION OF HISTORY.
SO EVERYBODY KNOWS HOW THE DISTRICT IS PERFORMING AND WHAT, AND WHAT ACTIVITIES.
IT'S, IT'S DONE TO, TO GET THAT PERFORMANCE.
UM, SO THIS JUST SHOWS THE DIFFERENT SOURCES OF FUNDS THAT THE CITY USED TO ACQUIRE THAT, THAT BUILDING.
NEXT SCROLL DOWN TO MIXED INCOME HOUSING SUMMARY.
UM, SO AGAIN, ANYTHING THAT COMES IN
[00:35:01]
AND ASKS FOR DIRECT SITE SPECIFIC DISTRICT FUNDING IS REQUIRED TO HAVE 20% OF THOSE UNITS AFFORDABLE AT 80% AMI.UM, IN THE MONTFORD SUBDISTRICT, LIKE I SAID, WE'VE HAD THREE MULTI-FAMILY DEVELOPMENTS, NONE OF WHICH HAVE COME IN FOR SITE SPECIFIC TIP DISTRICT FUNDING.
AND SO WE DON'T HAVE ANY AFFORDABILITY IN ANY OF THOSE PROJECTS.
SO THE NEXT PARAGRAPH IS IN THE WESTMORELAND SUBDISTRICT, WE DO HAVE THE PALLADIUM PROJECT, WHICH IS A MIXED INCOME, A TRUE MIXED INCOME, UH, MULTI-FAMILY PROJECT.
IT DOES HAVE 70% OF THE UNITS, UH, AFFORDABLE AT 60% AMI AND THAT'S BECAUSE IT'S PARTIALLY FUNDED WITH CDBG AND HOME FUNDS, WHICH ARE FEDERAL FUNDS.
UM, IT ALSO HAS HOUSING TAX CREDIT EQUITY IN IT AS WELL.
AND, AND SOME CITY, UH, CITY HOUSING DEPARTMENT FUNDING.
UM, AND SO 70% OF THOSE UNITS, WHICH IS 210, ARE AFFORDABLE.
AND THE REMAINING 30% OF THE UNITS, 90 UNITS, UH, ARE NOT RENT RESTRICTED IN ANY WAY.
UH, OKAY, SO HERE'S THE VALUE IN INCREMENT REVENUE SUMMARY.
SO THE, WHAT WE CALL THE BASE VALUE OF THE FIRST YEAR, THE DISTRICT WAS CREATED, UH, AND WE CALL IT THE, WE HAVE TO REFER NOW TO THE ADJUSTED BASE VALUE, CUZ WE DID ADD, UH, THE, THE 15.6 ACRES THAT WE ADDED TO THE DISTRICT LAST YEAR.
THEY HAVE A DIFFERENT BASE YEAR.
SO THEIR BASE YEAR IS 2021 WHEN THE REST OF THE DISTRICT WAS CREATED IN 2014.
SO WE SAY ADJUSTED BASE VALUE BECAUSE WE HAVE TWO DIFFERENT BASE YEARS, BUT THE TOTAL BASE VALUE OF THE ENTIRE DISTRICT IS 176.2 MILLION, 148.5 MILLION OF THAT IS IN MONTFORD SUBDISTRICT.
SO IN THE 2022 CERTIFIED TAX ROLE FROM THE APPRAISAL DISTRICT, THE TOTAL APPRAISED VALUE OF THE TAXABLE REAL PROPERTY IN THE ENTIRE TIP DISTRICT WAS 336.2 MILLION.
SO THAT'S 159.9 MILLION INCREASE SINCE THE BASE YEAR, AND THAT'S A 90.7% INCREASE.
NOW, IF WE DRILL DOWN INTO THE SUBDISTRICTS IN THE MONTFORD 6 35 SUBDISTRICT, THE TOTAL APPRAISED VALUE OF ALL TAXABLE REAL PROPERTY IN TAX YEAR 2022 WAS 287.5 MILLION.
SO THAT'S 138.9 MILLION INCREASE, OR 93.5% OVER THE BASE VALUE.
AND THEN AGAIN, THAT'S MOSTLY ATTRIBUTED TO THE NEW DEVELOPMENT, WHICH WERE THE THREE MULTI-FAMILY PROJECTS IN THE HOTEL PROJECT.
IF WE GO TO THE WEST MORELAND I 20 SUBDISTRICT, THE TOTAL APPRAISE VALUE OF ALL TAXABLE REAL PROPERTY IN 2022 WAS 48.69 MILLION.
THAT'S AN INCREASE OF 21 MILLION OR 75.8% OVER THE ADJUSTED BASE OF YOUR VALUE.
THAT'S ACTUALLY REALLY OUTSTANDING THAT WE'RE STARTING TO SEE, UH, TAXABLE VALUE GROW IN THE WESTMORELAND SUBDISTRICT, I THINK I RECALL LAST YEAR, IT ACTUALLY, IT ACTUALLY DIPPED INTO THE NEGATIVE, YOU KNOW, THE VALUE WENT BELOW THE BASE HERE VALUE.
SO NOW WE'VE HAD A, A, A GIANT, UH, INCREASE.
AGAIN, IT'S BECAUSE WE'RE INVESTING IN, UH, IN THE INFRASTRUCTURE AND THE DEVELOPER IS INVESTING IN THE BUILDINGS AND THE BUSINESSES IN THOSE BUILDINGS.
AND SO THE, SO DECA, THE APPRAISAL DISTRICT IS, UH, RECOGNIZING THE INCREASED VALUE AND THE INCOME PRODUCING VALUE OF THOSE PROPERTIES.
AND SO THAT'S WHY YOU'RE SEEING THAT INCREASE IN WESTMORELAND SUBDISTRICT.
SO YEAR OVER YEAR THAT THE ENTIRE TIF DISTRICT'S 2022 CERTIFIED TOTAL VALUE WAS, UH, UH, A HUNDRED MILLION.
IT INCREASED 500 MILLION FROM LAST YEAR.
SO THAT'S 42% OVER LAST YEAR'S, 2021 FINAL VALUE OF 236 MILLION.
AND SO WHEN YOU DO THE MATH, THE CITY PARTICIPATES IN THE TIP DISTRICT AT 90% FOR THIS, FOR 20 20 20 20 22 TAX YEAR.
THAT MEANS THAT THE INCREMENTAL TAX REVENUE THAT WE ANTICIPATE TO COLLECT AND DEPOSIT IN THE TIP DISTRICT FUND FOR 2023 IS GONNA BE ABOUT 1,000,070 $3,000.
LAST YEAR, THE LAST COUPLE YEARS, WE'VE ONLY BEEN COLLECTING ABOUT 400, 400 SOMETHING THOUSAND DOLLARS.
WE'RE, AND WE'RE VERY EXCITED TO SEE THAT.
SO A MILLION DOLLARS COULD COME IN TO THE TIFF DISTRICT FUND, UH, BY MAY OF,
[00:40:01]
OF 2023.JUST A QUICK NOTE, YOU CAN SEE ABOUT DALLAS COUNTY.
THEY DID APPROVE A COURT ORDER BACK IN 15 TO PARTICIPATE IN THE TIP DISTRICT, BUT IT WAS CONDITIONED ON, UH, MOST OF THE VALLEY VIEW MALL BEING DEMOLISHED BY JANUARY OF 2020.
UM, PAM, SCROLL DOWN TO THE NEXT PAGE, PLEASE.
SO BY BY JANUARY OF 2020, THE MALL WASN'T SUFFICIENTLY DEMOLISHED IN THE EYES OF THE COUNTY, AND THEY CONCLUDED THAT, THAT THEIR PARTICIPATION, THE CONDITION OF THEIR PARTICIPATION HAD NOT BEEN FULLY SATISFIED.
SO THEY STILL DON'T TECHNICALLY PARTICIPATE IN THE TIP DISTRICT, AND YOU CAN SEE THAT THEY DON'T HAVE A, THEY CAN'T HAVE A, A REPRESENTATIVE ON THE BOARD OF, OF THIS, THIS TIP DISTRICT UNTIL THEY PARTICIPATE OFFICIALLY.
WE HAVE BEEN IN CONVERSATIONS WITH THE COUNTY, UM, AND THEY FULLY EXPECT TO TAKE A NEW ITEM TO THEIR COMMISSIONER'S COURT IN 2023 TO PARTICIPATE UNDER THE SAME EXACT TERMS THAT THEY HAD PREVIOUSLY AGREED TO, WHICH IS 20 YEARS OF PARTICIPATION, 55%.
UM, SO WE'LL HOPEFULLY SEE THAT HAPPEN THIS YEAR.
UM, WE'LL STAY ON TOP OF, OF THE COUNTY'S STAFF TO MAKE SURE THAT DOES HAPPEN, BECAUSE, AGAIN, WHEN THE COUNTY PARTICIPATES, THE COLLECTIONS THAT, UH, BASED ON THEIR, UH, THEIR VALUE ALSO GO THE TIP DISTRICT FUND, UM, OBJECTIVES, PROGRAMS AND SUCCESS INDICATORS.
SO FOR ALL OF OUR TIP DISTRICTS, WHAT WE DO EVERY YEAR IS WE REFLECT ON OR CALCULATE HOW WE'RE ACHIEVING THE GOALS THAT ARE STATED IN THE PROJECT PLAN FOR THE TIP DISTRICT.
SO THESE ARE THE GOALS THAT ARE IN THIS PROJECT PLAN.
THE FIRST ONE IS TO CREATE ADDITIONAL TAXABLE VALUE ATTRIBUTED TO NEW PRIVATE INVESTMENT IN THE MONTFORD SUBDISTRICT, TOTALING 3.92 BILLION OVER THE 30 YEAR LIFE OF THE DISTRICT.
THE TAXABLE VALUE IN THE MONTFORD SUBDISTRICT HAS INCREASED BY 138.9 MILLION OF THE BASE VALUE.
SO WE'RE, WE'RE GETTING THERE, 3.5% OF GOAL, BUT OF COURSE, DEVELOPMENT HAS NOT OCCURRED AS RAPIDLY AS WE HAD ANTICIPATED, UM, FOR A VARIETY OF REASONS.
GOAL NUMBER TWO IN THE MON, I MEAN, IN THE WESTMORELAND SUBDISTRICT, UH, OUR GOAL IS TO CREATE AN ADDITIONAL TAXABLE VALUE OF ALMOST 300 MILLION OVER THE 30 YEAR LIFE OF THE SUBDISTRICT.
THE TAXABLE VALUE IN THE WEST MORELAND SUBDISTRICT HAS NOW INCREASED BY 21 MILLION OVER THE BASE VALUE, WHICH IS 7% OF GOAL GOAL NUMBER THREE TO ATTRACT HIGHER DENSITY DEVELOPMENT IN THE MONTFORD SUBDISTRICT.
AND THEN, AND THEN WE HAVE A VARIETY OF, UH, QUANTITIES OF DIFFERENT, UH, DEVELOPMENT TYPES.
SO BASED ON WHAT'S HAPPENED IN THE MONTFORD SUBDISTRICT THUS FAR, WE HAVE 1,063 MULTI-FAMILY RESIDENTIAL UNITS COMPLETED.
THAT'S 14% OF GOAL AND 256 HOTEL ROOMS, WHICH IS 27% OF GOAL.
AND AGAIN, WE'RE ONLY IN YEAR EIGHT OF THE CHIP DISTRICT.
THIS IS 30 YEAR, 30 YEAR DISTRICT.
GOAL FOUR IS TO ATTRACT NEW HIGHER DENSITY PRIVATE DEVELOPMENT IN THE WEST MORELAND SUBDISTRICT.
UM, AND THEN WE HAVE SOME QUANTIFIED, UH, GOALS THERE FOR RETAIL AND OFFICE AND HOTEL AND RESIDENTIAL UNITS.
SO IN THE WESTMORELAND SUBDISTRICT, WE HAVE HAD 23,000 SQUARE FEET OF NEW RETAIL, INCLUDING THE STARBUCKS AND THE FOOT LOCKER, AND THAT'S 17% OF GOAL.
UH, WE ALSO HAVE THE 300 NEW MULTIFAMILY RESIDENTIAL UNITS.
THAT'S 19% OF GOAL AND 164 HOTEL ROOMS ARE PLANNED.
AND IF THAT, UH, GETS CONSTRUCTED, WE'LL BE WELL OVER A GOAL AT 205%.
WE ALSO HAVE A NUMBER OF CONVERSIONS OF FORMER RETAIL SPACE, UM, TO OFFICE.
SO WE HAVE 129,000 SQUARE FEET OF FORMER RETAIL SPACE THAT'S BEEN CONVERTED FOR THE DALLAS ENTREPRENEURIAL CENTER, JARVIS CHRISTIAN COLLEGE WORKFORCE SOLUTIONS AND CHIME SOLUTIONS.
THESE ARE ALL INSIDE THE INLINE PORTION OF THE MALL.
UM, AND THEN IN THE FORMER DILLARDS AND FORMER SEARS ANCHOR BUILDINGS, WE'VE ALSO HAD CONVERSION OF 103,000 SQUARE FEET OF FORMER RETAIL SPACE FOR MEDICAL OFFICE USE WITH THE PARKLAND CLINIC IN UT SOUTHWESTERN.
GOAL NUMBER FIVE IS TO ENCOURAGE, UH, WHAT'S GOAL NUMBER FIVE? SO IT'S A QUALITATIVE GOAL THAT DOESN'T HAVE ANY, WE CAN'T REALLY QUANTIFY
UH, GOAL SIX IS DECREASE THE PUBLIC OPEN SPACE IN THE DISTRICT.
SO, UM, WHILE WE DIDN'T ACQUIRE ANY, UH,
[00:45:01]
OPEN SPACE IN, NO, THAT SHOULD SAY FY 2122, UM, THAT'S A TYPO.WHILE WE DIDN'T ACQUIRE ANYTHING, UM, WE HAVE BEEN, OUR, OUR EFFORTS HAVE BEEN ONGOING.
UM, WE'RE ACTUALLY IN THE PROCESS OF PREPARING A GRANT APPLICATION TO THE NATIONAL PARK SERVICE, UM, TO GET A GRANT TO HELP ACQUIRE PROPERTY IN THE MONTFORD SUBDISTRICT THAT'S NEEDED FOR THAT 20 ACRE PARK.
UM, IT DID GET APPROVED OR RECOMMENDED FOR APPROVAL BY THE PARK BOARD LAST WEEK, AND WE'LL BE GOING TO CITY COUNCIL NEXT WEEK, AND IF WE GET APPROVAL TO SUBMIT THAT APPLICATION, UM, THEN WE'LL WE'LL PROCEED WITH, WITH SUBMITTING THAT APPLICATION.
FIRST IT GOES TO THE STATE'S PARK, PARK AND WILDLIFE DEPARTMENT FOR A PRELIMINARY REVIEW.
AND THEN IF THEY LIKE IT, THEN WE'LL BE ASKED TO DO A FULL AND COMPREHENSIVE APPLICATION THAT WILL GO TO THE, TO THE FEDS BY THE, UH, BY THE FALL TIMEFRAME.
UM, SO WE AREN'T DOING THINGS TO TRY AND ACQUIRE PROPERTY FOR THE PARK.
IT'S JUST REALLY, REALLY HARD.
UH, GOAL SEVEN IS TO GENERATE APPROXIMATELY 431 MILLION.
CAN I, CAN I ASK A CLARIFYING QUESTION THERE TOO, KEVIN? I'M SORRY.
HAVE YOU GOTTEN ANY BETTER COOPERATION FROM THE LANDOWNERS IN THE, YOU KNOW, MIDTOWN DISTRICT, UM, VERSUS LIKE A FEW YEARS AGO WHEN WE WERE TALKING ABOUT IT? ARE THEY MORE WILLING NOW OR OR LESS WILLING NOW THAN THEY WERE? ARE YOU, IS YOUR, YEAH.
IS YOUR QUESTION IN, IN THE CONTEXT OF THE PARK? YES.
UM, YEAH, I MEAN, I WOULD SAY AS AN EXAMPLE, THE, THE, THE MULTI-FAMILY PROJECT THAT'S ADJACENT TO THE WEST OF THE PRISON CENTER, UH, I THINK IT'S CALLED THE BURGE.
IT, UH, YOU KNOW, IT WAS, WE HAD BEEN MEETING WITH THAT PROPERTY OWNER FOR THREE YEARS AND, UM, HAD HAD VERY, VERY GOOD CONVERSATIONS ABOUT WHEN AND IF THEY WERE READY TO SELL, HOW WE MIGHT STRUCTURE SOMETHING, UH, TO ALLOW THE CITY TO ACQUIRE HIM.
UM, AND IN FACT, WE SPENT MANY MONTHS LAST YEAR TRYING TO, TRYING TO FIGURE OUT A, A DEAL STRUCTURE THAT WOULD WORK.
THEY BASICALLY GET, IT GAVE US AN INFORMAL RIGHT OF FIRST REFUSAL, UM, BUT BECAUSE OF WHERE CAP RATES WERE, UH, LAST SUMMER, AND, YOU KNOW, THE, THE PROPERTY IS JUST TOO EXPENSIVE AND WE DON'T, WE DIDN'T HAVE THE CASH ON HAND TO, TO STRUCTURE THE DEAL IN A WAY THAT WOULD, YOU KNOW, SATISFY ALL HIS INVESTORS.
UM, SO WE COULDN'T CLOSE ON ACQUIRING THAT PROPERTY, BUT WE DID SPEND A LOT OF EFFORT TRYING TO FIGURE OUT IF IT WAS POSSIBLE.
SO, UM, AND THEN THE PROPERTY, THE MULTI-FAMILY PROPERTY TO THE WEST OF THAT PROPERTY, WHICH IS ALSO ONE OF THE PARCELS THAT'S, UH, WHERE THE, YOU KNOW, THE PARK IS ENVISIONED, UH, WE'VE ACTUALLY HAD SOME REALLY GOOD ENGAGEMENT WITH THEM.
THEY'RE AN OUT-OF-STATE OWNERSHIP GROUP.
UM, AND SO WE, WE HAVEN'T HAD UP TO ABOUT LAST YEAR, WE HAVEN'T HAD, HADN'T HAD A LOT OF CONVERSATION OR ENGAGEMENT WITH THEM, BUT IN THE LAST YEAR WE HAVE HAD PRETTY GOOD CONVERSATION WITH THEM.
UM, SO I WOULD SAY, AND THEN FOR THE RETAIL STRIP RETAIL THAT'S ADJACENT TO THE EAST MM-HMM.
AND, UH, WE'RE STARTING TO GET INTO CONVERSATIONS WITH HIM ABOUT, UH, TRYING TO FIGURE OUT A WAY TO ACQUIRE THAT PROPERTY.
BUT, YOU KNOW, THE, SO THE, THE ANSWER TO YOUR QUESTION IS YES, THE PROPERTY OWNERS ARE, ARE WILLING TO EVEN TALK ABOUT AN ACQUISITION.
UM, BUT IT IS WITHOUT SITTING YOU, IF WE'RE NOT SITTING ON 10 OR 20 OR 30 MILLION IN CASH, IT'S HARD, HARD TO CLOSE.
IT'S, AND THEY DON'T, WE HAVE, WE, WE CAN DO CREATIVE DEAL STRUCTURES WHERE THEY, THEY, YOU KNOW, MAYBE IT'S A SELLER FINANCE THING OR, YOU KNOW, WE COBBLE TOGETHER BOTH CASH AND ONGOING ANNUAL PAYMENTS THROUGH ANOTHER SOURCE OF FUNDS.
UH, BUT NINE TIMES OUT OF 10, YOU KNOW, THAT DOESN'T, THAT'S NOT GONNA FLY WITH, WITH, WITH THE INVESTORS BEHIND THOSE PROPERTIES.
SO THE PROP, THE PROPERTY THAT WE ARE LOOKING TO, UH, THAT WE PUT AS THE SUBJECT PROPERTY FOR THIS GRAIN APPLICATION THAT WE'RE MAKING IS THE FOUR AND A HALF ACRES ON THE EAST SIDE OF MONTFORD.
SO ON THE, ON THE OLD VALLEYVIEW
[00:50:01]
MALL SIDE.UM, SO THAT'S THE, THAT'S THE PIECE THAT WE'RE TARGETING FOR THAT GRANT APPLICATION.
IS THAT THE PARCEL THAT WHEN YOU CROSS OVER MONTFORD, UM, IT'S JUST SOUTH OF THE SERVICE OR THE ACCESS ROAD THAT GOES THROUGH THE MALL? LIKE THE YEAH, I MEAN, IF, SO JAMES, JAMES TEMPLE AND PETERSON ARE THOSE TWO EAST, WEST ROADS.
AND SO IF YOU WERE TO JUST STRAIGHT LINE THOSE, THOSE ROADS ACROSS MONTFORD.
UH, IT'S, IT'S THE FOUR AND A HALF ACRES.
BECAUSE THOSE ROADS ARE ENVISIONED TO CONTINUE.
UH, YOU KNOW, WHEN, WHEN DEVELOPMENT DOES OCCUR ON THE MALL SITE, THERE WILL BE A WHOLE BUNCH OF NEW, RIGHT.
A WHOLE NEW STREET, YOU KNOW, STREET GRID.
UH, NOW WE'LL GO TO YOUR END SUMMARY OF MEETINGS.
SO, UH, THIS IS A SUMMARY OF THE MEETINGS THAT THE BOARD DID HAVE.
WE HAD, UH, TWO SPECIAL CALL MEETINGS AND A REGULAR MEETING.
UH, IF YOU CAN SCROLL DOWN, PAM.
SO THIS IS ME JUST GOING BACK THROUGH, UH, THE MEETING RECORDS AND THE ATTENDANCE TO SEE WHICH, WHICH BOARD MEMBERS WERE AT, WHICH MEETINGS.
AND IF YOU THINK I HAVE MADE A MISTAKE, PLEASE, PLEASE LET ME KNOW.
UM, BUT I THINK THIS IS, I THINK IT'S ALL CORRECT.
I'LL GIVE YOU A SECOND TO LOOK AT IT.
SO MIKE, I HAVE YOU AS, AS HAVING BEEN ON TWO OR THREE MEETINGS, I THINK YOU DID MISS THAT SEPTEMBER MEETING, IF I'M NOT MISTAKEN, RIGHT? I, YEAH, I DID, KEVIN.
I WAS TRYING TO ACCESS IT FROM MY PHONE AND I COULDN'T GET THE THING TO WORK RIGHT.
UM, WELL, IF NOBODY HAS ANY CHANGES TO THAT, THEN WE'LL MOVE ON.
UM, SO WE ALSO SUMMARIZE ANYTHING THAT THE COUNCIL TOOK ACTION ON RELATED TO THE TIP DISTRICT.
SO A LOT OF THIS IS REPETITIVE, BUT, UM, THE FIRST TWO BULLETS ARE THE, THE PLAN AMENDMENT AND THE ADDITION OF THE 15.6 ACRES TO THE TIP DISTRICT.
PAM, YOU CAN SCROLL PAST THAT NOW TO THE NEXT PAGE.
UM, ON JANUARY 26TH, LIKE I HAD MENTIONED, MARTHA COUNCIL, THE COUNCIL DID APPROVE THE ADOPTION OF THE AUTONOMOUS TRANSPORTATION SYSTEM AND SHARED PARKING FEASIBILITY STUDY AND BASICALLY DIRECTED THE CITY MANAGER TO USE THAT STUDY TO EVALUATE, YOU KNOW, WHAT CHANGES TO THAT NEED TO BE MADE TO OTHER PLANS, UH, AND, AND TO IMPLEMENT THE RECOMMENDATIONS IN THE STUDY.
UM, ON FEBRUARY 23RD, THE COUNCIL ACCEPTED THE ANNUAL REPORT FOR FY 2021, WHICH WAS RECOMMENDED BY THE BOARD, UM, IN JANUARY OF LAST YEAR, UH, ALSO ON FEBRUARY 23RD, THE COUNCIL DID APPROVE THE INCENTIVE AGREEMENT FOR THE HOTEL PROJECT, WHICH IS ALSO RECOMMENDED BY THE BOARD IN JANUARY OF LAST YEAR.
UH, NOW ON THE BUDGET AND SPENDING STATUS.
SO THIS IS, WE'VE GOT TWO CHARTS HERE, AND I ALWAYS HAVE TO EXPLAIN THIS SLOWLY.
THE FIRST CHART IS IN, UM, IT'S IN CURRENT, YOU KNOW, DOLLARS.
IT'S NOT, IT'S NOT SET BACK TO AN M P V.
UM, THIS IS, AND WE, WE CALIBRATE THIS EVERY YEAR.
UH, AND THE PURPOSE OF THIS CHART IS TO SHOW THE BUDGET CATEGORIES IN EACH SUBDISTRICT AND THE AMOUNT OF ALLOCATION OF TIF FUNDING THAT HAS BEEN A, THAT HAS BEEN MADE OR COMMITTED TO PROJECTS OUT OF THOSE BUDGET CATEGORIES TO SHOW WHAT THE BALANCE IS LEFT.
SO, YOU KNOW, IN THE MONTFORD SUBDISTRICT, WHICH IS THE UPPER PORTION OF THAT CHART, UH, YOU CAN SEE THAT THE ONLY THING THAT'S BEEN ALLOCATED IS A 652,000, WHICH WAS USED FOR LAND ACQUISITION FOR 55 80 PETERSON.
BUT THEN IN THE WESTMORELAND SUBDISTRICT, UH, YOU CAN SEE THAT WE HAVE THE 15,600,000, WHICH WAS COMMITTED TO THE REIMAGINED RED BIRD PROJECT, AND THEN THE 1.788 OR WHATEVER THE, TO THE HOTEL PROJECT.
SO THAT'S WHAT THE 17,388,126 IS.
UM, ALSO UNDER STATE LAW, WE DO BILL, UH, THE TIME THAT WE SPEND AS A STAFF TO THE TIP DISTRICT.
AND SO, UH, THIS PAST FISCAL YEAR, WE, SO, OH,
[00:55:01]
THAT 679,000 IS A CUMULATIVE, UH, NUMBER.WHEN WE GET TO THE FINANCIALS, UH, YOU'LL SEE WHAT, OH, WE'RE PROJECTING $59,000 FOR FY 22 IN, IN STAFF TIME ADMINISTRATIVE COST.
UH, BUT THAT 679,000 IS A ROLLING TOTAL OVER THE EIGHT YEARS THAT WE'VE BEEN ACTIVELY MANAGING THE TIP DISTRICT.
UH, SO YOU CAN SEE WE'VE GOT A LOT OF, OF BUDGET CAPACITY LEFT.
THE PROJ, THE PROJECT PLAN BUDGET, WHICH IS THE NEXT CHART, IS IN NET PRESENT VALUE.
AND THIS IS WHAT'S APPROVED IN THE TIF DISTRICT PROJECT AND FINANCE PLAN.
AND IT CANNOT CHANGE, UH, UNTIL, AND UNLESS THE COUNCIL AND THE BOARD, UH, APPROVED CHANGES TO IT.
SO, LIKE I SAID, THIS IS 182 MILLION TOTAL M P V, UH, BUDGET FOR THE DISTRICT, BUT THE IN THE CHART ABOVE THE 441 MILLION IS IN ACTUAL DOLLARS.
THE MPV BUDGET IS, IS, UH, DISCOUNTED BACK TO $2,014.
WORK PROGRAM FOR NEXT FISCAL YEAR.
A LOT OF THIS IS GONNA LOOK THE SAME.
SO WE'RE GONNA CONTINUE TO COORDINATE WITH ANY INTEREST INTERESTED PROPERTY OWNERS AND INVESTORS AND DEVELOPERS ON POTENTIAL INCENTIVE APPLICATIONS.
WE ALSO, UH, WILL CONSIDER ANY POTENTIAL BOUNDARY AMENDMENTS OR PLAN AMENDMENTS THAT ARE NECESSARY TO FURTHER IMPLEMENT THE PROJECT PLAN FOR THE DISTRICT.
WE'RE GONNA CONTINUE TO COORDINATE, UH, AND PROVIDE STAFF SUPPORT FOR ANY CITY INITIATED PUBLIC INFRASTRUCTURE PROJECTS THAT BENEFIT THE DISTRICT.
SO THE MONTFORD PROJECT, UH, IS ONE OF THOSE.
WE'RE ALSO PROBABLY GONNA BE LOOKING AT A PROJECT FOR ALPHA ROAD, UM, IN THE COMING YEAR, BUT THAT WILL BE ORGANIZED THROUGH THE PUBLIC WORKS DEPARTMENT AND, AND ME AND OUR STAFF WILL ALSO COORDINATE ON THAT, UH, CONTINUED COORDINATION WITH THE COUNTY, AS I SAID, ON AN INTERLOCAL PARTICIPATION AGREEMENT IN THE DISTRICT, CONTINUED COORDINATION AND SUPPORT TO IMPLEMENT THE VALLEY VIEW GALLERIA AREA PLAN, AND THE ULI VISION FOR SOUTHWEST CENTER MALL, WHICH IS NOW RED BIRD.
SO THAT INCLUDES ANY OF THESE OTHER THINGS THAT WE'RE DOING.
UM, THE 2024 BOND PROGRAM FOR THE CITY IS NOW IN DEVELOPMENT.
AND SO WE WILL BE LOOKING AT THESE TWO AREAS TO SEE WHERE AND WHAT, UH, POTENTIAL BOND PROJECTS, UM, WE MIGHT WANT TO ADD TO THE, EITHER TO THE STREETS PROPOSITION, THE PARKS PROPOSITION, AND OR THE ECONOMIC DEVELOPMENT PROPOSITION.
WE'RE, WE'RE ANTICIPATING AN ECONOMIC DEVELOPMENT PROPOSITION.
WE'VE HAD AN ECONOMIC DEVELOPMENT PROPOSITION IN PREVIOUS BOND PROGRAMS AS WELL.
UM, WE ALSO DO A LOT OF COORDINATION WITH PRIVATE PHILANTHROPIC, UH, GROUPS.
SO THE PARK HAS A FOUNDATION THAT WE COMMUNICATE WITH FAIRLY OFTEN.
UM, WE'RE, WE'RE CONSTANTLY SEEKING WAYS TO ACQUIRE LAND FOR THE PARK.
UH, AND THAT'S, WE'RE ALSO HELPING WITH THE EXPLORATION OF A PUBLIC IMPROVEMENT DISTRICT, UM, WHICH IS HAPPENING RIGHT NOW.
UM, CONTINUED COORDINATION AND STAFF SUPPORT FOR THE AUTOMATED TRANSPORTATION SYSTEM.
UM, AND AGAIN, WE'RE SERVING ON THE TECHNICAL STEERING COMMITTEES FOR THESE STUDIES, AND WE HAVE PERIODIC MEETINGS WITH THE COUNCIL OF GOVERNMENTS ON THAT, UH, CONTINUED COORDINATION WITH THE SCHOOL DISTRICT.
SO WE'RE, WE'RE CONSTANTLY IN COMMUNICATION WITH THE SCHOOL DISTRICT, AND AGAIN, WE, WE HELP THEM TRY AND FIND LOCATIONS AND, AND PROPERTIES TO ACQUIRE.
AND NOW THAT THEY'VE ACQUIRED ONE, UM, WE DO COORDINATE HELP TO COORDINATE BOTH THEIR PERMITTING ISSUES AND ALSO TO, UH, DO KIND OF OTHER AREA PLANNING EFFORTS ABOUT WHERE THEY MIGHT WANNA, UH, HOW THEY MIGHT WANT TO JOINTLY USE ANY RECREATION AREAS OR PARK AREAS OR PLAYGROUND AREAS.
UM, AND THEN WE'RE CONTINUING TO COORDINATE WITH OUR CONSULTANT SOCIAL IMPACT ARCHITECTS TO ADVANCE THE GOALS OF THE STRATEGIC PLAN FOR THE INTERNATIONAL DISTRICT.
SO THIS NEXT PAGE IS THE ONLY THING THAT'S TECHNICALLY REQUIRED BY THE STATE STATUTE.
EVERYTHING ELSE I'VE PRESENTED THUS FAR IS JUST INFORMATION THAT WE'D LIKE, WE'D LIKE YOU TO HAVE
BUT THIS THING RIGHT HERE IS THE ONLY THING THAT'S REQUIRED TO BE SUBMITTED TO THE STATE, BUT SO WE, WE DO GIVE THEM THE ENTIRE ANNUAL REPORT, INCLUDING THESE FINANCIALS.
UM, SO THE FIRST PART, UH, IS THE AMOUNT OF REVENUE THAT, UH, THE DISTRICT COLLECTED IN THE FISCAL YEAR.
SO YOU CAN SEE IF WE DID COLLECT 425, 420 4,000, AND THAT'S BASED ON THE 2021.
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MA'AM.BASED ON THE 2021 FINAL TAX ROLL.
UM, SO IF YOU KNOW ANYTHING ABOUT THE CALENDAR FOR, UM, HOW TAXES WORK AND HOW THE APPRAISAL DISTRICT WORKS AND WHEN TAXES ARE DUE, FOR INSTANCE, TAX YEAR 21 IS NOT DUE TO, YOU KNOW, THE, THE BILL FOR TAX TAXES FROM 21 TAX YEAR ARE NOT DUE UNTIL THE END OF JANUARY OF 2022.
AND THEN WE GO THROUGH A PROCESS WHERE WE RECONCILE THE COLLECTIONS OF, OF THE TAX INCREMENT DURING FEBRUARY AND MARCH, AND THEN WE ULTIMATELY END UP BILLING OURSELVES FOR THE CITY'S PARTICIPATION.
AND THEN IF OTHER TAXING JURISDICTIONS PARTICIPATE IN THE DISTRICT, WE ALSO BILL THEM.
AND SO BY, IF EVERYTHING GOES RIGHT BY MAY, THEN WE ACTUALLY COLLECT INTO THE TIP DISTRICT FUND THE AMOUNT THAT'S OWED TO US BASED ON THE PARTICIPATION.
SO OUR REVENUE FROM 2021 TAX YEAR WAS 408, UH, THOUSAND DOLLARS.
THE SECOND, UH, PART OF THAT, THE AMOUNT AND PURPOSE OF EXPENDITURES FROM THE FUND, WE ONLY SPENT 109,000, UM, IN THE FISCAL YEAR.
AND AGAIN, 59,000 OF THAT IS ADMINISTRATIVE EXPENSES FOR STAFF TIME TO MANAGE THE DISTRICT.
UH, WE ALSO HAVE A $50,393,000 NON-CAPITAL OUTLAY, UH, WHICH IS AGAIN, TO REMIND YOU HOW THE DEAL IS STRUCTURED FOR THE REIMAGINED RED BIRD, UH, DEVELOPMENT AGREEMENT, THE 15.6 MILLION OF TIF FUNDS THAT ARE COMMITTED TO THE PROJECT DON'T GO TO THE DEVELOPER.
THE DEVELOPER HAS ASSIGNED THOSE BACK TO THE CITY, AND THEY ARE TO BE APPLIED TO THE ACCRUED INTEREST ON THE LOAN THAT WE MADE FOR THE DEVELOPER FROM A DIFFERENT FUND, THE PUBLIC PRIVATE PARTNERSHIP FUND.
SO WE HAVE A LOAN OUT TO THE DEVELOPER FOR $12 MILLION AT 2% INTEREST.
AND THE, UH, INTEREST THAT ACCRUES, UH, WE, WE APPLY THE TIP DISTRICT FUNDS THAT ARE GENERATED IN THE WESTMORELAND SUBDISTRICT AND ALSO THE 10% THAT'S GENERATED FROM THE MONTFORD SUBDISTRICT, THAT ALL GETS APPLIED TO THE, TO THE, UH, RED BIRD REIMAGINED, RED BIRD LOAN, UH, OUTSTANDING BALANCE.
SO WE'RE APPLYING $50,000 TO THAT.
UH, THE THIRD SECTION IS OUTSTANDING INDEBTEDNESS.
SO THE STATE ALWAYS WANTS TO KNOW IF THE TIP DISTRICT IS TAKING OUT ANY DEBT, AND WE DON'T HAVE ANY OUTSTANDING BONDED INDEBTEDNESS.
SECTION FOUR, THIS IS THE, UH, TAX INCREMENT BASE AND CURRENT CAPTURED VALUE BY THE ZONE.
SO YOU CAN SEE THE FIRST COLUMN IS THE TAXABLE VALUE IN, IN 2022.
THE SECOND COLUMN IS THE BASE YEAR VALUE.
AND AGAIN, MOST OF THE BASE YEAR WAS 2014, BUT WESTMORELAND I 20 SUBDISTRICT ZONE B IS THE 15.6 ACRES THAT WERE ADDED IN 2021.
SO I DO NEED TO ADD THAT NOTATION THAT IT, IT'S 2014 AND 2021 BASED HERE VALUES.
SO YOU CAN DO THE MATH AND SEE WHAT THE CAPTURED VALUE BY THE DISTRICT IS.
UM, 159 MILLION AS I, AS I STATED BEFORE, SECTION FIVE IS THE, THE CALCULATION THAT WE DO BASED ON PARTICIPATION OF THE TAXING JURISDICTIONS.
SO SINCE THE CITY IS THE ONLY TAXING JURISDICTION CURRENTLY PARTICIPATING, WE APPLY THE ASSESSMENT, UM, AND THE 90% PARTICIPATION RATE TO GET TO THE AMOUNT OF INCREMENT THAT WILL BE BILLED TO OURSELVES, UH, IN, UH, BASED ON TAX YEAR 2022.
UM, AND SO IN 2023, IF YOU SCROLL DOWN AT THE VERY BOTTOM THERE, IT SAYS THE TOTAL AMOUNT OF ESTIMATED TAX INCREMENT TO BE BILLED FOR THE 2022 TAX YEAR IS 1,000,070 3, 4 99.
AND FOR 2021 TAX YEAR, WE RECEIVED INCREMENT OF FOUR 24,533.
NEXT PAGE, THE NEXT, THE NEXT SHEET IS THE BALANCE SHEET.
UM, SO THIS IS A, A YEAR OVER YEAR LOOK AT THE, UH, ASSETS AND LIABILITIES OF THE DISTRICT.
UM, SO YOU CAN SEE IF YOU SCROLL DOWN, YOU CAN SEE THE INCEPTION TO DATE, THE CUMULATIVE TOTALS OF THE TOTAL AMOUNT OF INCREMENT THAT WE'VE COLLECTED OVER SEVEN YEARS, 2.385 MILLION.
YOU CAN SEE WHAT, UH, EXPENDITURES WE'VE MADE FOR ADMINISTRATION FOR NOUN CAPITAL OUTLAYS FOR CAPITAL OUTLAYS.
UM, SO YOU CAN SEE WHAT THE, THE FUND BALANCE IS
[01:05:01]
AT THE END OF THE YEAR.NEXT PAGE, THESE ARE THE NOTES TO OUR FINANCIALS.
AND THE ONLY THING I WOULD BRING TO YOUR ATTENTION IS NOTE NUMBER SIX, WHICH IS, IT REFERS BACK TO THE BALANCE SHEET, THE DUE TO OTHER FUNDS LINE ON THE BALANCE SHEET, WHICH SHOWS A TOTAL OF 196, 642.
SO THAT IS A RUNNING TOTAL OF THE ACCRUED ADMINISTRATIVE EXPENSES, UM, THAT WE HAVE EARNED.
BUT WE WILL BE REIMBURSED, UM, BY THE CITY'S, UH, SUIT TO THE CITY'S GENERAL FUND, UH, IN FUTURE YEARS.
SO WHAT WE DO IS LIKE, AND THIS IS WHY THE ACCOUNTANTS ARE ON THE CALL, THEY HANDLE ALL OF THE STUFF, BUT WE BASICALLY, UM, IN THE CURRENT YEAR, WE, OUR, OUR OPERATING, YOU KNOW, OUR STAFF TIME IS PAID THROUGH THE GENERAL FUND, AND THEN WE BILL THE TIME THAT WE SPEND IN THE TIP DISTRICTS TO THE TIP DISTRICTS, AND THEN IN FUTURE YEARS, WE REIMBURSE BACK FROM THE TIP DISTRICT, UH, TO COVER THAT, UM, NEXT PAGE.
SO THIS IS JUST THE DETAIL ABOUT THE ONE EXISTING FUNDING OBLIGATION THAT, UH, THE DISTRICT HAS.
AND AGAIN, THIS IS THE BIG AGREEMENT FOR THE REIMAGINED RED BIRD PROJECT.
UM, AND LIKE I SAID BEFORE, THE PER THE AGREEMENT, THE DEVELOPER, WE DID A, WE DID A 12 MILLION LOAN AND 15.6 MILLION TIFF SUBSIDY, BUT THE DEVELOPER ASSIGNED ALL THE RIGHTS TO RECEIVE THAT TIFF SUBSIDY BACK TO THE CITY AS COLLATERAL FOR AN IN PAYMENT OF THE LOAN.
UH, AND SO THIS IS AN ACCOUNTING OF THE INTEREST.
SO IF YOU CAN SEE HALFWAY DOWN THE PARAGRAPH, UM, AS OF SEPTEMBER 30TH, 2019, THERE HAD, THERE WAS A NOTE RECEIVABLE IN THE AMOUNT OF 6 MILLION.
UM, AND SO INTEREST STARTED TO ACCRUE ON THAT 6 MILLION, AND BY THE END OF THIS PAST FISCAL YEAR, WE HAD 278,000 OF ACCRUED INTERESTS, INCLUDING IN SPECIFICALLY IN THIS PAST FISCAL YEAR, 120,000.
SO OF THAT OUTSTANDING ACCRUED INTEREST OF 303,197 WAS TRANSFERRED FROM THE MALL TIP DISTRICT FUND TO THE PUBLIC PRIVATE PARTNERSHIP FUND TO PAY DOWN A PORTION OF THAT OUTSTANDING ACCRUED INTEREST.
SO AT THE END OF THE FISCAL YEAR, THE NET ACCRUED REMAINING INTEREST BALANCE IS 253,000.
THE SECOND BULLET IS ABOUT THE OTHER 6 MILLION OF THE LOAN THAT WE MADE TO THE DEVELOPER.
AND THAT NOTE RECEIVABLE WAS POSTED ON THE BOOKS AT THE END OF SEPTEMBER, 2020, WHICH A YEAR LATER.
SO, UM, IT HAS, UH, ACCRUED INTEREST THROUGH THE END OF SEPTEMBER 30TH OF SEPTEM, UH, 2022 OF $280,000.
AND THEN WE APPLIED $25,197 FROM THE TIP DISTRICT BACK TO THE PUBLIC-PRIVATE PARTNERSHIP FUND TO PAY DOWN, UH, THE ACCRUED INTERESTS.
AND SO, AS OF THE END OF 2022 FISCAL YEAR, THE NET ACCRUED REMAINING INTEREST BALANCE IS 255,000.
SO YOU ARE GONNA ADD THOSE TWO TOGETHER.
THERE'S ABOUT, UH, HALF A MILLION DOLLARS OF ACCRUED INTEREST, UH, THAT THE DEVELOPER'S ON THE HOOK FOR.
SO THAT'S WHY HE'S EAGER FOR THE DEVELOPMENT AND THE MODEL FOR SUBDISTRICT TO PICK UP A LITTLE BIT SO THAT THAT 10% THAT COMES DOWN CAN HELP PAY DOWN THAT ACCRUED INTEREST A LITTLE BIT FASTER.
JUST A QUICK QUESTION, IF I MAY, WAS THAT, WAS THAT IN REGARDS TO A DECISION WE MADE A FEW MEETINGS AGO TO GIVE PETER AN EXTENSION ON THE PORTION OF THE PROPERTY, I THINK HE HAD ORIGINALLY ENVISIONED FOR A MOVIE THEATER, AND WE HAD, WE HAD NEGOTIATED AN EXTENSION OF THAT.
IS THAT THE SAME, WAS REFERRING TO THAT? WHERE DOES THAT FOLLOW THE FLIP FROM YOU? IT SHOWED US EARLIER.
I, YEAH, I THINK I'M, YOU MAY RECALL THAT IN JUNE, IN MAY OF JUNE OF 2021, THERE WAS A BIG PACKAGE OF AMENDMENTS THAT THE BOARD WAS ASKED TO REVIEW, UH, AND RECOMMEND APPROVAL OF.
AND THAT DID GET APPROVED BY COUNCIL IN THAT PACKAGE OF AMENDMENTS, HE DID, HE WAS REQUESTING FIVE YEARS TO BE ADDED ON TO THE TERM OF HIS LOAN.
SO IT'S A 20 YEAR LOAN NOW, NOT A 15, BASICALLY, BECAUSE HE IS LOST, YOU KNOW, SOME MOMENTUM WITH COVID AND OTHER THINGS.
SO YEAH, I THINK THAT'S AN ANSWER.
UM, AND THEN THIS IS THE LAST, UH, PAGE OF THE ANNUAL REPORT.
SO, UM, WE TRACK THE SET ASIDES SO THAT
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ALL TIP DISTRICTS, MOST TIP DISTRICTS HAVE SET ASIDES.UM, AND THIS TIP, TIP DISTRICT HAS VERY SPECIFIC SET OF ASIDE IN THE MONTFORD SUBDISTRICT.
UM, SO THIS IS WHAT WE CALL THE INCREMENT ALLOCATION POLICY.
UM, SO EVERY YEAR WHEN WE, WHEN WE GET OUR COLLECTION IN, THE FIRST THING WE DO IS APPLY THAT COLLECTION TO THE ADMINISTRATIVE EXPENSES THAT WE'VE INCURRED IN THAT FOR THAT YEAR.
AND THEN WHAT'S LEFT IS KNOWN AS THE NET INCREMENT.
AND THEN, SO YOU CAN SCROLL DOWN PAM TO TWO, THREE, AND FOUR.
SO ONCE WE, WE'VE PAID DOWN OUR, OUR APPLIED OUR ADMINISTRATIVE EXPENSES, THEN THE NET INCREMENT IS APPLIED TO THREE THINGS.
THE 10% TRANSFER DOWN TO THE WESTMORELAND SUBDISTRICT AND TWO SET ASIDES THAT STAY IN THE MONTFORD SUBDISTRICT.
SO YOU CAN SEE WHAT OUR TRANSFER AMOUNT FOR THE FY 2122, UH, IS 40,466.
AND THEN, UH, THE ALLOCATION AMOUNT FOR THE SET ASIDE FOR SUB-DISTRICT WIDE PUBLIC IMPROVEMENTS, WHICH IS A 10%, UH, 10% OF THE NET INCREMENT IS ANOTHER 40,466.
AND THEN A 30% OF NET INCREMENT SET ASIDE TO HELP WITH LAND ACQUISITION FOR THE, FOR THE PARK IN THE MONTFORD SUBDISTRICT, UH, THAT ALLOCATION AMOUNT IS 121,397.
SO THAT'S WHERE ALL THE MONEY GOES AFTER IT GOT COLLECTED THIS YEAR.
UM, SO WE DO HAVE CASH ON HAND IN THESE SUB SIDES, AND, UH, WE DO HAVE CASH, UH, A LITTLE BIT OF CASH TO, TO POSSIBLY DO A DEAL, YOU KNOW, START TO DO A DEAL WITH THE DEVELOPER.
WE'RE IN CONVERSATIONS RIGHT NOW WITH A, WITH A VERTICAL DEVELOPER ON THE, THE SAGE PORTION OF THE VALUE MALL SITE.
UM, SO I'M EXPECTING THAT WE'LL SEE AN APPLICATION FROM THEM IN THE NEXT 30 DAYS, AND HOPEFULLY I'LL HAVE A DEAL TO BRING TO YOU, UM, MAYBE BEFORE THE SUMMER, UH, FOR, UH, VERTICAL DEVELOPMENT IN THE MONTFORD SUBDISTRICT.
SO I'LL, I'LL STOP THERE AND SEE IF THERE'S ANY REMAINING QUESTIONS.
CAN YOU, ARE YOU AT LIBERTY TO TELL US THE, UH, YOU KNOW, WHAT, HOW MANY STORIES THE VERTICAL DEVELOPMENT ON THE SAGE PIECE WOULD BE? ARE THEY, ARE WE LOOKING AT MORE FIVE STORY OR ARE THEY BUMPING IT UP? UH, I HAVEN'T SEEN ANY IMAGES YET.
I COULDN'T, I COULDN'T SPEAK TO IT.
UM, YOU COULD PROBABLY GOOGLE IT IN, IN THE LAST COUPLE MONTHS SINCE
UM, AND HE TENDS TO PUBLISH, UH, ARTICLES THAT ARE INFORMATIONAL BECAUSE HE, HE SCOURS, UM, APPLICATIONS THAT ARE MADE TO THE STATE'S DEPARTMENT OF, UH, LICENSING AND REGULATION.
SO WHENEVER DEVELOPERS ARE PREPARING PLANS, UM, THEY'RE REQUIRED TO SUBMIT, UH, SOMETHING TO THE STATE TDLR OFFICE, AND THOSE ARE PUBLIC RECORDS.
AND SO I THINK THE DALLAS MORNING NEWS, UH, THEY SEE THOSE THINGS AND SO THEY TEND TO PUBLISH THINGS PREMATURELY.
YOU KNOW, WHEN, WHEN DEVELOPERS ARE IN EARLY STAGES OF, UH, DEVELOPING THEIR PLANS.
UM, AND THAT MAY BE, THOSE PROJECTS MAY NOT BE READY OR RIGHT TO ACTUALLY, YOU KNOW, GO VERTICAL AND GET CONSTRUCTION.
ARE THERE ANY OTHER QUESTIONS ON THE ANNUAL REPORT? UM, IT'S A LOT OF WORK AND I REALLY APPRECIATE IT, KEVIN.
UM, I APOLOGIZE FOR HAVING NOT SENT IT UNTIL YESTERDAY, BUT AGAIN, WE WERE DEALING WITH DECA AND SOME OTHER THINGS.
UM, I WOULD SAY BEFORE A MOTION IS MADE, I WANNA MAKE A CAVEAT THE SAME CAVEAT I MAKE EVERY YEAR, WHICH IS, YOU KNOW, WHILE I WAS GOING THROUGH THIS WITH YOU, I DISCOVERED A COUPLE OF TYPOS AND SOME THINGS THAT I SCREWED UP AND NEED TO FIX.
UM, SO I WOULD ASK THAT ANY MOTION MADE TO ACCEPT THIS REPORT, AND MOVING ON TO THE CITY
[01:15:01]
COUNCIL DOES INCLUDE, UH, THAT CAVEAT, A LITTLE BIT OF FLEXIBILITY TO US AS A STAFF TO MAKE MINOR CORRECTIONS A AS WE FINALIZE THIS THING AND GET IT, UH, MOVING FORWARD TO THE CITY COUNCIL.MADAM CHAIR, I, GO AHEAD, AMY.
I WAS JUST GONNA MAKE A MOTION THAT WE APPROVE THE ANNUAL REPORT, UM, WITH THE LEEWAY THAT STAFF MAKE MINOR CORRECTIONS BEFORE PRE PRESENTING IT TO CITY COUNCIL.
I THINK THE AYE SEVEN, THE SECOND.
WHO WAS THE SECOND? MIKE? MIKE, THANK YOU.
AND THEN MOVING ON TO THE NEXT ITEM ON THE AGENDA IS THE CALENDAR FOR, FOR THE YEAR FOR 2023.
SO FOR THOSE OF YOU WHO ARE NOT NEW TO THE BOARD, UM, THIS WILL BE REPETITIVE, BUT THE CITY SECRETARY'S OFFICE REQUIRES ALL BOARDS AND COMMISSIONS TO TRY AND ESTABLISH REGULAR MEETING DATES THAT HAVE PREDETERMINED, YOU KNOW, DATES.
UM, AND THAT'S HOW THEY DIFFERENTIATE REGULAR MEETINGS FROM SPECIAL CALL MEETINGS.
SO SPECIAL CALL MEETING IS SOMETHING WHEN WE DON'T HAVE A REGULAR MEETING PLANNED, BUT WE HAVE BUSINESS THAT I NEED THE, YOU KNOW, THE BOARD TO CONSIDER.
SO REGULAR MEETING DATES ARE THE ONLY ONES THAT COUNT AGAINST YOUR ABSENCES IN TERMS OF, UH, YOU KNOW, THE POLICIES ABOUT YOUR ATTENDANCE AS A BOARD MEMBER.
SO, UM, THESE ARE THE, THE, ALMOST THE, TO THE DAY, THE EXACT SAME DATES AS, AS LAST YEAR
UH, SO, UH, AND AGAIN, I THINK WE MAY BE STUCK TO ONE OF THESE ONE OUT OF THE FOUR.
THE REST OF 'EM GET CANCELED UNTIL THERE'S A NEED TO MEET.
BUT WE DO NEED TO, UH, I DO NEED THE BOARD TO APPROVE A SET OF REGULAR MEETING DATES.
SO IF YOU HAVE ANY, UH, CHANGES OR COMMENTS OR QUESTIONS, PLEASE FEEL FREE TO ASK.
SO KEVIN, JUST A QUICK QUESTION IN TERMS OF IF, HOW FAR IN ADVANCE WILL YOU KNOW THAT WE'RE CANCELING? SO I RECALL THAT HE SORT OF SAT THERE ON MY CALENDAR AND I DIDN'T HEAR FROM YOU, AND I FIGURED OKAY, THEY'RE CANCELING OVER THE COURSE OF LAST YEAR.
UM, I TRY TO KEEP REGULAR MEETINGS, UH, YOU KNOW, TENTATIVELY ON, ON THE CALENDAR UNTIL I KNOW FOR SURE THAT THERE ISN'T ANY BUSINESS FOR THE BOARD.
UM, YOU KNOW, I'M NOT VERY GOOD AT OFFICIALLY CANCELING MEETINGS.
UM, YEAH, I'LL TRY TO GET BETTER ABOUT DOING THAT.
UM, BUT USUALLY IF THERE'S, IF YOU HAVE A REGULAR MEETING COMING UP, UM, AND I HAVE BUSINESS FOR THE BOARD TO CONSIDER, UH, USUALLY YOU'LL HEAR FROM ME AT LEAST TWO WEEKS OUT TO SAY, HEY, WE DO HAVE A MEETING AND WE DO HAVE BOARD, UH, YOU KNOW, WE HAVE BUSINESS.
UM, I'M NOT REALLY ANSWERING YOUR QUESTION, BUT I I WOULD SAY IS I'M GONNA, I WOULD LIKE TO KEEP THEM ON UNTIL THE VERY LAST MINUTE AND THEN MAYBE I CAN, I CAN COMMIT TO THE BOARD TO BE BETTER ABOUT OFFICIALLY CANCELING SO THAT YOU CAN TAKE IT OFF YOUR CALENDAR.
I JUST, UH, IT, IT, IT ALL WORKED FINE.
I JUST WANTED TO MAKE SURE I WASN'T MISSING ANYTHING THAT, UH, YOU CANCELED AND I HADN'T CAUGHT IT.
YEAH, IT'S NOT AN OFFICIAL MEETING.
SO THERE'S NOT FOR, FROM A LEGALITY STANDPOINT, WE DON'T, YOU KNOW, WE DON'T HAVE TO OFFICIALLY NOTIFY THE PUBLIC THAT THE MEETING'S CANCELED.
THIS IS A PLACEHOLDER FOR, FOR YOU AS BOARD MEMBERS.
UM, IS THERE A MOTION TO APPROVE? I'LL MAKE MOTION TO APPROVE THAT.
UM, MEETING SCHEDULE FOR 2023.
AND IS THERE ANYTHING ELSE THEN THAT NEEDS TO BE COVERED? THAT'S PRINTED ON THE AGENDA.
THEN WITH THAT, WE ARE ALL ADJOURNED AT 3 51.