[Dallas Cypress Waters TIF District Board of Directors Meeting on January 30, 2023. ]
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AND TAKE US THROUGH THE AGENDA.
CALL IS MEETING TO ORDER, UH, I GUESS MEETING TO INTRODUCE THE PARTICIPANTS.
AND WHAT TIME ARE YOU CALLING THE MEETING? 11:04 AM AND WE'LL START WITH INTRODUCTIONS HERE IN THIS ROOM, AND THEN WE'LL WORK OUR WAY THROUGH THOSE WHO ARE ONLINE, UH, VIRTUALLY.
I AM THE, UM, DISTRICT MANAGER FOR THE CYPRESS WATERS TIP DISTRICT.
I'M DEREK SANDLER, CHAIRMAN FOR THE COURT.
LUIS, UH, MY NAME IS LUIS DE MAYO AND I REPRESENT DALLAS COUNTY ON THE BOARD.
UM, VICTOR CHITO IS APPOINTED BY, UH, I THINK OMAR.
AND SO THAT'S ALL OF OUR BOARD MEMBERS.
AND NOW IF WE CAN HAVE, UM, GUESTS WHO ARE AT ATTENDANCE INTRODUCE THEMSELVES.
AND I'LL GO AHEAD AND SAY THAT WE HAVE QUITE A FEW CITY STAFF ON WITH US TODAY.
UM, A FEW FROM THE OFFICE OF ECONOMIC DEVELOPMENT, AND WE ALSO HAVE HANNAH MINTON FROM THE CITY ATTORNEY'S OFFICE.
AND SO, UM, THE REST, THE REMAINING, UM, PEOPLE THAT ARE IN ATTENDANCE, IF YOU WOULDN'T INTRODUCE YOURSELF, THIS IS, UH, TOM HOLLAND WITH, UH, BILLINGSLEY.
THIS IS LUCI PENIA, UH, WITH BILLINGSLEY.
HI, THIS IS JENNA, OURS WITH DALLAS COUNTY ECONOMIC DEVELOPMENT.
AND WITH THAT CHAIR, WE CAN CONTINUE WITH THE AGENDA.
NEXT IN LINE WOULD BE, UH, PUBLIC COMMENTS PERTAINING TO AGENDA ITEMS LISTED BELOW.
NUMBER FOUR, REVIEW AND CONSIDERATION OF THE MEETING RECORD FROM JANUARY 24TH, 2022.
CYPRESS WATER'S TIV, DISTRICT BOARD OF DIRECTOR'S MEETING.
ARE THERE ANY QUESTIONS RELATED TO NUMBER FOUR? ANY PUBLIC COMMENTS? OKAY.
NUMBER FIVE, BEFORE WE MOVE ON, YOU CAN CALL FOR A VOTE.
WELL ACTUALLY YOU CAN REQUEST THE MOTION AND THEN CALL.
UM, I GUESS LET'S GO AHEAD AND IS THERE A RECOMMENDATION FOR A VOTE ON NUMBER FOUR CONSIDERATION OF THE MEETING RECORD? I MOVE THAT WE APPROVE THE, UM, MEETING RECORD AS IT HAS BEEN PRESENTED.
CAN WE HAVE A FULL VOTE? ALL OF THOSE IN FAVOR SAY AYE.
SO SHOULD APPROVE UNANIMOUSLY.
UH, NEXT ON THE MEETING, AGENDA NUMBER FIVE, UH, INFORMATIONAL STATUS UPDATE ON PRIVATE DEVELOPMENT ACTIVITIES, NON TIF DISTRICT FUNDED DEVELOPMENT WITHIN THE CYPRESS WATERS TIF DISTRICT.
UM, RECOMMENDED ACTION DISCUSSION ONLY.
SO I DON'T KNOW IF THAT'S GONNA GO TO TOM, OR IF YOU'D LIKE TO GIVE US AN UPDATE, PLEASE.
WE HAVE BOTH, UH, TOM HOLLAND, ANDI PENA WITH BILLINGS COMPANIES, AND, UM, NOT SURE MOVES ON FIRST, BUT THEY'LL PROVIDE THE TIFF BOARD AND UPDATE ON, UH, DEVELOPMENT ACTIVITIES WITHIN THE DISTRICT.
SO, SO TAMARA, I CAN KIND OF SHARE MY SCREEN IF THAT WILL WORK.
KIND OF GO THROUGH A QUICK SURE.
JOSETTE, DO YOU HAVE, UM, CAN YOU GIVE TOM THE ABILITY TO SHARE HIS, UH, SCREEN? THANK, HE HAS EXTEND.
CAN Y'ALL, UH, SEE MY SCREEN? YES.
I'M JUST GONNA GO THROUGH QUICKLY KIND OF WHAT, UH, WHAT HAS TRANSPIRED OUT AT CYPRESS WATERS OVER THE LAST, UH, YEAR SINCE THE LAST TIME WE MET.
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THIS IS OUR CURRENT, UH, DEVELOPMENT, UH, MAP THAT, UH, SHOWS ALL THE, THE PROJECTS THAT HAVE BEEN BUILT TO DATE OR IN THE PROCESS OF BEING BUILT.I'LL GO THROUGH SOME OF THOSE IN MORE DETAIL IN THE LATER SLIDES.
SO WE ARE STILL TRYING TO GET THIS TURNED OVER TO THE CITY.
UH, WE DO HAVE OUR TEMPORARY CERTIFICATE OF OCCUPANCY, UM, AND WE HAVE RECEIVED THE FINAL PLAT RECREATION.
SO WHERE WE'RE AT RIGHT NOW IS I'M TRYING TO GET THE, UH, PAVING AND DRAINAGE, UH, APPROVAL.
UH, WE'VE GOT, UH, WE'VE HAD A COUPLE OF OUTSTANDING ISSUES ON THAT.
I'VE HAD TO MAKE SOME CONCRETE REPAIRS RELATED TO SOME SEWER LINE REPAIRS AS WELL AS A STORM LINE REPAIR.
SO I'M CURRENTLY WAITING, AND I'M HOPING I'LL HAVE THAT TODAY AS A STORM LINE VIDEO THAT I CAN SEND OVER TO, UH, OUR THREE, UH, THREE 11 T INSPECTOR.
UM, SO WE CAN GET OUR, UH, PROJECT WALK SCHEDULED.
UH, ONCE THAT WALK HAPPENS AND HE APPROVES WHAT IS IN PLACE, THEN WE SHOULD BE ABLE TO SECURE THE, UH, CERTIFICATE OF OCCUPANCY.
UM, AT THE SAME TIME, WE'RE GONNA BE WORKING THROUGH SOME OF THE AUDIT PROCESS, UH, FOR THE, AT THE END OF THE JOB.
UM, ONCE THAT'S COMPLETE, THEN UH, I BELIEVE THE DE TRANSFER CAN OCCUR AND, UH, THE FIRE DEPARTMENT CAN OCCUPY THE, THE SPACE.
IT'S KIND OF A QUICK, UH, UPDATE ON WHERE WE ARE WITH BUDGET.
SO WE'RE JUST AROUND AND WE'RE LOOKING AROUND $700,000 UNDER BUDGET OVERALL.
THIS IS A QUICK UPDATE ON ONE OF THE MULTI-FAMILY, UH, PROJECTS THAT WERE COMPLETED LAST YEAR.
UM, 385 UNITS PROJECT CALLED SAGE HILL.
IT'S IN THE SOUTHEAST CORNER OF DEVELOPMENT.
ANOTHER MULTI-FAMILY PROJECT COMPLETED LAST YEAR WAS 93 UNITS, UH, CALLED OLYMPUS FLATS.
IT'S OFF OF OLYMPUS BOULEVARD AND SCREENS THE PARKING GARAGE ASSOCIATED WITH OUR 10 STORY OFFICE TOWER AT 29 99.
OLYMPUS HASTINGS END, 4 99 UNITS CURRENTLY IN CONSTRUCTION.
UM, IT'S ON THE PENINSULA JUST NORTH OF THE SOUND.
UM, WE'RE LOOKING AT STARTING TO TURN UNITS THERE IN MARCH OF, UH, THIS YEAR, UH, 29 9 ON 29 99 OLYMPUS.
THAT WAS COMPLETED IN, UH, LAST YEAR.
IT'S 300 SQUARE FOOT OF OFFICE.
AND, UH, LUCI, I DON'T KNOW IF YOU KNOW SOME OF THE CURRENT TENANTS THAT WE'VE GOT GOING IN THERE.
UH, YES, VELI IS, IS ONE OF THE LEAD TENANTS.
UH, AND THE BUILDING IS A HUNDRED PERCENT LEASED.
I THINK THERE'S LIKE MAYBE 3000 SQUARE FEET LEFT OVER FOR A SMALL OFFICE.
UH, NEXT OFFICE, THIS IS A GROUP OF THREE OFFICE BUILDINGS.
THE FIRST ONE IS THE TOP LEFT, UH, WE REFER TO AS 3,300 OLYMPUS.
IT'S A SIX STORY, UH, OFFICE BUILDING, UH, 300, UH, 25, 200 15,000 SQUARE FEET.
AND RIGHT NOW, UM, WE SHOULD GET OUR, UH, CO FOR THE SHELL, UH, LATE SPRING AND BEGIN TI.
RIGHT NOW, 20% OF THE BUILDING IS LEASED.
UH, THIS BUILDING, IF YOU LOOK AT THE BOTTOM LEFT, THERE'S A LARGE PARK WITH FOUNTAINS AND AMENITIES THAT IS PART OF THIS PROJECT.
AND IN THE FUTURE THERE WILL BE TWO ADDITIONAL OFFICE BUILDINGS, THE ONE THAT IS BEHIND THE PARK AND THE ONE IS THAT IS TO YOUR BOTTOM RIGHT.
CAN I, UM, ASK YOU USED A COUPLE OF, UH, ACRONYMS OR ABBREVIATIONS THAT MAYBE, UM, THE GENERAL PUBLIC DOESN'T KNOW.
CAN YOU EXPAND ON THOSE PLEASE? I KNOW CO IS CERTIFICATE OF OCCUPANCY, BUT SOMETHING ELSE.
WHICH OTHER ONE? MY APOLOGIES.
SO TENANT IMPROVEMENT WILL BEGIN, UM, THIS SPRING.
AND AS I MENTIONED EARLIER, UM, 20% OF THE BUILDING IS CURRENTLY LEASED AND WE ARE IN FOR PERMIT ON THE LOWER, UM, LEFT, UH, THAT BUILDING IS 33 50 OLYMPUS.
SO WE ARE INTO THE CITY RIGHT NOW FOR PERMIT AND HOPE TO BREAK GROUND, UH, LATER THIS YEAR.
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CYPRUS WATERS IS UP ON THE, WHAT WE CALL THE HILL.UH, AND IT IS THE NEW, UH, HEADQUARTERS FOR AT HOME.
UH, THE BUILDING IS ON PENA PARK.
AND THEN BEHIND IT, YOU CAN SEE ON THE PHOTOGRAPH TO YOUR RIGHT, THERE'S A PARKING GARAGE AND THEN THERE'S A DESIGN CENTER THAT, UH, IS ON THE LEFT.
IT IS BASICALLY A LARGE WAREHOUSE THAT THEY USE AS, UM, FOR DOING MOCKUPS OF WHAT THEY'RE GONNA DO ON THE STORES.
IT HAS VERY LOW OCCUPANCY, BUT IT'S TO TEST THEIR PRODUCTS THAT THEY'RE GONNA PUT IN THEIR STORES AROUND.
UM, WE EXPECT TO GET THE CERTIFICATE OF OCCUPANCY FOR THE OFFICE COMPONENT IN THE NEXT, UM, TWO WEEKS.
AND AT HOME WE'LL BEGIN MOVING IN AT THE BEGINNING OF FEBRUARY.
I MEAN, AFTER WE GET OUR, OUR CERTIFICATE OF OCCUPANCY AND WE'LL GRADUALLY MOVE IN OVER THE NEXT MONTH.
AND THE BUILDING IS A HUNDRED PERCENT LEASED.
TOM, YOU GO AHEAD WITH THIS ONE.
YEAH, SO THIS IS ACTUALLY AUGUST HILLS.
UH, UH, THIS IS THE SECOND PHASE OF SAGE HILL.
IT'S AGAIN IN THE SOUTHEAST CORNER OF THE DEVELOPMENT.
UM, WE ANTICIPATE CONSTRUCTION STARTING MAY, JUNE OF THIS YEAR.
UM, AGAIN, IT'S ANOTHER, UH, MORE OF THE LOW DENSITY, UH, MULTI-FAMILY COMPARED TO WHAT'S OUT ON THE, UH, THE PENINSULA.
SO SOMETHING THAT GOOD FOR YOU TO KNOW ABOUT THIS IS IN THE PENINSULA YOU SEE HIGHER DENSITY AND WE TEND TO DO, UM, SMALLER UNITS AND MORE ONE AND TWO BEDROOMS HERE.
LIKE IN THE INITIAL PHASE OF SAGE HILL, WE GO FOR LOWER DENSITY AND GO FOR SLIGHTLY LARGER UNITS AND DO MORE THREE BEDROOMS. SO WE'RE TRYING TO CREATE A VARIETY OF PRODUCT TYPES TO APPEAL TO A DIVERSITY OF RESIDENTS.
UH, SO THAT IS ONE OF THE WAYS THAT WE GO ABOUT THAT TO HAVE, YOU KNOW, MULTIPLE PRICE POINTS AND DIFFERENT UNIT TYPES.
AND, UH, LASTLY, THIS IS THE, UH, CYPRESS WATERS AMENITY CENTER.
IT'S GONNA INCLUDE ROUGHLY SIX PICKLEBALL COURTS, TWO VOLLEYBALL COURTS, AND THREE TENNIS COURTS.
UM, WE'RE LOOKING AT BUILDING THIS IN CONJUNCTION WITH THE MULTI-FAMILY, UH, THAT WE JUST WENT OVER AUGUST HILLS, JUST, WHICH IS ACROSS THE STREET FROM THIS.
THIS IS, AGAIN, IS IN THE SOUTHEAST CORNER OF THE DEVELOPMENT.
AND THIS WILL BE AVAILABLE TO ALL RESIDENTS AND ALL OFFICE USERS AT CYPRESS WATERS.
LASTLY, I WAS JUST GONNA TRY TO QUICKLY, UM, GO OVER, LEMME GET BACK TO THAT, UH, MASTER PLAN HERE.
WE HAVE, UH, BUILT QUITE A BIT OF TRAILS OUT THERE AROUND THE LAKE.
WELL, I GUESS THIS DOESN'T SHOW AT ALL.
UM, BUT WE BUILT A LOT OF TRAILS ALONG THE, UH, UM, THE SOUTHERN EDGE OF THE LAKE ALL THE WAY OVER TO WHERE THE DAM IS.
AND, UM, IT'S A COMBINATION OF, UH, CONCRETE, A LITTLE BIT OF ASPHALT AND A LOT OF, AND SOME GRAVEL, UM, THE KIND OF IS AROUND THE LAKE.
I KNOW THAT THERE IS STILL THE TRAIL THAT, UH, WE'RE WORKING WITH THE COUNTY ON, ON THE, UH, THE NORTH SIDE OF THE LAKE.
UM, I THINK THERE'S BEEN SOME DELAYS ON THAT.
UM, UH, LUCY WAS SAYING, I THINK THERE MAY BE MAYBE THE PARK DEPARTMENT HAS KIND OF THE DALLAS PARKS DEPARTMENT HAS GOTTEN INTO THAT, AND THERE MAY BE SOME ISSUES THERE THAT NEED TO BE RESOLVED.
I DON'T KNOW THE DETAILS OF THAT THOUGH.
I JUST WANTED TO TELL THE, THE BOARD THAT IF YOU LOOK IN YOUR ANNUAL REPORT ON PAGE SEVEN, THERE'S A LARGER, UM, SH A LARGER, UM, GRAPHIC OF THE MASTER PLAN, WHICH SHOWS THE TRAILS THAT TOM IS REFERRING TO THAT THEY'RE HIGHLIGHTED IN YELLOW.
UM, THE TRAIL THAT TOM IS REFERRING TO SPECIFICALLY IS ON THE NORTH SIDE, ON THE NORTHWEST SIDE, SO ACROSS FROM THE SOUND.
AND WE'VE BEEN WORKING WITH THE COUNTY ON THIS FOR A FEW YEARS.
AND THE LAST COMMUNICATION THAT WE GOT FROM, UH, KAMALA ANDERA WITH DALLAS COUNTY SAID THAT REGARDING THE SCHEDULE, THAT THEY COULD NOT PROCEED FURTHER BECAUSE OF RIGHT AWAY CLEARANCE REQUIREMENTS WITH THE CITY OF DALLAS.
THAT THE PROJECT IS PENDING THE TRAIL EASEMENT DEDICATION BY THE CITY FOR PLACEMENT AND CONSTRUCTION OF THE TRAIL.
SO WE'RE LOOKING FURTHER INTO THAT, BUT APPARENTLY IT'S THE TRAIL, THE DEDICATION OF THE EASEMENTS FOR THE TRAIL THAT IS HOLDING IT UP RIGHT NOW.
AND I'D LIKE TO ALSO POINT OUT, IF YOU LOOK AT THE MAP, EVERYTHING THAT'S IN ORANGE IS BUILT.
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CALL IT MAGENTA, ARE THE ONES THAT ARE UNDER CONSTRUCTION.THE ONE AT THE BOTTOM IS AT HOME.
THE ONE IN THE MIDDLE IS THE POLICE STATION.
AND THEN IN THE PENINSULA IS THE MULTI-FAMILY WE CALL HASTINGS ZEN THAT YOU SAW EARLIER.
AND THE ONES THAT ARE SHOWN IN BLUE ARE OFFICE BUILDINGS THAT ARE IN FOR PERMIT.
UH, THE TWO ON THE LEFT ARE FIVE STORY OFFICE BUILDINGS.
THE ONE ON THE RIGHT NEXT TO THE SOUND IS A NEW 10 STORY OFFICE BUILDINGS, UH, 96 50 LOCK.
AND THEN THE LAST MULTI-FAMILY THAT TOM REFERRED TO AT THE BOTTOM RIGHT OF THE PAGE OF THE MASTER PLAN, YOU SEE IN ORANGE, THAT IS SAGE HILL PHASE ONE ACROSS OLYMPUS, WHERE THE CURSOR IS.
THAT WILL BE AUGUST HILLS ORS PAGE TWO, JUST TO GIVE YOU A GENERAL ORIENTATION.
UH, TOM, QUICK QUESTION, UH, OR SORT OF TWO-PART QUESTION.
WHAT DO YOU ANTICIPATE THE FULL C O ON THE POLICE AND FIRE STATION AND, YOU KNOW, IS IT, OR DOES IT ALREADY HAVE ALL OF THE EQUIPMENT EARMARKED FOR IT? UM, WE ANTICIPATE THE CO IN THE NEXT COUPLE OF WEEKS.
UM, I'M, AS SOON AS I GET THIS VIDEO OVER TO, UH, PAVING A DRAINAGE, I'M HOPING THEY CAN WALK IT WITHIN A WEEK AND MAYBE WE CAN GET THE CO UM, AS FAR AS THE EQUIPMENT, I KNOW THAT THE, UH, THERE, I KNOW THE FIRE DEPARTMENT IS GOING, DOES HAVE EQUIPMENT ALREADY ORDERED.
UM, I KNOW THAT THEY'RE NOT INSTALLING EVERYTHING DAY ONE.
UM, UH, NOT ALL THE EQUIPMENT IN THE APPARATUS BAY IS GONNA BE GOING IN DAY ONE, BUT I THINK THE, WHAT THEY, THEY HAVE ORDERED FOR THE FIRST, UH, FIRST OCCUPANCY IS, IS ON ORDER.
AND I DO BELIEVE THEY DO HAVE IT.
AND I ENCOURAGE ALL OF YOU, NEXT TIME YOU ARE OUT AT CYPRESS WATERS TO VISIT THIS FIRE POLICE STATION.
IT IS A VERY ATTRACTIVE, UH, BUILDING WITH STATE-OF-THE-ART TECHNOLOGY.
I THINK SOMETHING THAT THE CITY AND ALL OF US CAN BE VERY PROUD OF.
I KNOW, I KNOW THEY'RE CHOMPING AT THE BED TO GET IN THERE, SO WE'RE TRYING TO GET 'EM IN THERE AS SOON AS AS POSSIBLE.
WELL THANK YOU BOTH VERY MUCH.
MOVING ON TO ITEM NUMBER SIX, REVIEW AND CONSIDERATION OF THE SITE WATER'S T DISTRICT ANNUAL RECORD FOR FISCAL YEAR 20 21, 20 22.
SO, UM, OUR FISCAL YEAR FOR THE CITY IS OCTOBER 1ST, 2022 THROUGH SEPTEMBER 30TH, 2023.
AND SO THE LAST FISCAL YEAR OR THE FISCAL YEAR THAT WE'RE REPORTING ON RIGHT NOW.
IS OCTOBER 1ST, 2021 THROUGH SEPTEMBER 30TH, 2022.
AND THE RECOMMENDED ACTION HERE IS APPROVAL AND FORWARD RECOMMENDATION OF APPROVAL OF CITY COUNCIL.
I WILL, UH, BRIEFLY RUN THROUGH THE ANNUAL REPORT.
UM, I ALWAYS ENJOY HAVING THE REPRESENTATIVES FROM BILLING SUITE COMPANIES WHO PROVIDE THE BOARD, UM, REAL TIME UPDATES ON DEVELOPMENT.
AND SO THAT'S ALWAYS VERY HELPFUL.
AND SO WHAT I'LL ADDRESS WITH THIS, UM, PRESENTATION IS JUST GIVE YOU SOME DOLLARS AND CENTS BEHIND THE DEVELOPMENT THAT'S BEEN GOING ON AND, UM, WHAT THE OUTLOOK IS FOR THE NEXT FISCAL YEAR.
AND SO, UM, THIS TIP DISTRICT WAS PRE CREATED IN 2010, AND I'M ON PAGE FOUR.
IT WAS LATER AMENDED IN 2015 TO REMOVE APPROXIMATELY 28 ACRES IN THE NORTHERN SECTION OF THE DISTRICT.
THE BUDGET FOR THE DISTRICT WAS ALSO DECREASED, UM, FROM 65.7 MILLION TO ROUGHLY 26 MILLION NET PRESENT VALUE.
AND, UM, AND SO THOSE WERE THE CHANGES TO THE, UM, PLAN FOR THE DISTRICT.
YOU'LL SEE FURTHER ON WHEN WE GET TO OUR GOALS FOR THE DISTRICT, THOSE CHANGES THAT WERE MADE IN 2015 AND HOW WE'RE MEASURING UP BASED UPON THE STATE GOALS FOR THE DISTRICT.
UM, AS TOM MENTIONED, TOM HOLLAND MENTIONED THAT THE, UH, PUBLIC SAFETY BUILDING THAT WAS APPROVED BY THE BOARD IS CURRENTLY UNDER CONSTRUCTION WITH, UM, A FEW REMAINING CONSTRUCTION RELATED ITEMS THAT ARE OUTSTANDING BEFORE THEY CAN GET THEIR CERTIFICATE OF OCCUPANCY.
UM, THIS BUILDING WILL HOUSE THE DALLAS FIRE DEPARTMENT, UH, DALLAS POLICE DEPARTMENT, AND THEN THERE IS A SMALL COMMUNITY MEETING ROOM TO PROVIDE SPACE FOR THE COMMUNITY.
UPON COMPLETION OF THIS PROJECT, UM, THE DEVELOPER WILL, UH, CONVEY THE
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LAND AND THE, UH, FACILITY THAT'S ON THE LAND TO THE CITY AT NO COST.AND SO THOSE ARE SOME OF THE, UM, OUTSTANDING ITEMS THAT WE HAVE FOR THE PROJECT.
UM, WHAT I INCLUDED ON PAGE SIX OF THE ANNUAL REPORT IS PICTURES OF THE PROGRESS OF CONSTRUCTION FOR THE DISTRICT.
AND AS YOU CAN SEE, IN SEPTEMBER OF 21, THERE WAS NO STRUCTURE THERE, BUT BY THE FOLLOWING YEAR OF SEPT SEPTEMBER OF 2022, YOU HAVE A FULLY, FULLY CONSTRUCTED, UM, STRUCTURE WITH, UM, MINOR OUTSTANDING CONSTRUCTION ITEMS REMAINING.
IF YOU'RE GOING TO PAGE EIGHT, WE'LL TAKE A LOOK AT THE PROJECTS THAT HAVE OCCURRED WITHIN THE TIF DISTRICT.
AND SO, UM, THE VERY FIRST COUPLE OF PROJECTS WITHIN THE TIF TIF DISTRICT WERE INFRASTRUCTURE TYPE PROJECTS THAT LED TO DEVELOPMENT OF WHAT LED TO PRIVATE DEVELOPMENT.
AND SO THE VERY FIRST PROJECT, WHICH WAS AN INFRASTRUCTURE PROJECT, PHASE ONE, LED TO THE DEVELOPMENT OF 814 RESIDENTIAL UNITS.
UM, IT ALSO RECEIVED A TIF DISTRICT AWARD OF 9.5 MILLION.
AND SO IN TOTAL, UM, THE TIFF'S INVESTMENT WITHIN THE TIF DISTRICT SO FAR HAS BEEN A LITTLE OVER 28 MILLION, BUT IT HAS LEVERAGED, UM, INCREASED PROPERTY VALUE OF OVER 157 MIL MILLION.
SO OUR FUNDS HAVE TRULY, UM, LEVERAGED EXPLOSIVE GROWTH WITHIN THIS AREA.
UM, TIP FUNDS HAVE DIRECTLY CONTRIBUTED TO THE COMPLETION OF 814 RESIDENTIAL UNITS, AND OF COURSE THE 16,800 SQUARE FOOT PUBLIC SAFETY BUILDING.
BUT IN ADDITION TO PROJECTS THAT THE T HAVE FUNDED, THERE HAVE BEEN, UM, MANY PROJECTS THAT WERE COMPLETED WITHOUT ANY T ASSISTANCE, WHICH IS SOME SHOWN IN THE SECOND SECTION OF THIS CHART.
AND COMPLETED ON PAGE NINE, EXCUSE ME.
SO, UM, JUST OVER 858 MILLION OR NEARLY 800, 850 9 MILLION IN, UH, LAND VALUE OR INCREASED PROPERTY VALUE HAS OCCURRED WITHOUT ANY TEMP ASSISTANCE.
AND THAT HAS GENERATED 2,116 RESIDENTIAL UNITS, 3.3 MILLION SQUARE FEET OF OFFICE, 35,000 SQUARE FEET OF RETAIL.
UM, ONE OF THE REQUIREMENTS OF THE PROJECT PLAN FOR THIS TIP DISTRICT IN ALL TIF DISTRICTS WITHIN THE CITY OF DALLAS IS MIXED INCOME HOUSING.
UM, 20% OF UNITS CREATED BY PROJECTS THAT RECEIVE TIP SUPPORT ARE REQUIRED TO RE, ARE REQUIRED TO BE, UH, PROVIDED FOR THOSE PERSONS OR FAMILIES MAKING 80% OR BELOW OF AREA MEDIAN INCOME.
AND SO, UM, OF THE UNITS THAT HAVE BEEN CREATED, 814 OF THOSE WERE SUPPORTED THROUGH TIF FUNDS.
AND 163 UNITS, OR 20% OF THOSE HAVE BEEN SET ASIDE IS AFFORDABLE.
ANOTHER, UM, KIND OF TELLTALE SIGN OF THE DEVELOPMENT AND THE SUCCESS OF CYPRESS WATERS IS THE NEXT SEC SECTION, WHICH IS OUR VALUE IN INCREMENT REVENUE SUMMARY.
SO THE CYPRESS WATER AREA IN 2010 HAD A VALUE OF $71,437, BUT AS OF THE CERTIFIED 2022 ASSESSED TAX VALUE FOR THIS DISTRICT, IT IS OVER 905 MILLION, WHICH REPRESENTS, WHICH IS REALLY CRAZY TO SAY ABOUT 1300000.0% INCREASE IN VALUE.
I'M PRETTY SURE THERE'S NO OTHER TIP DISTRICT MAYBE THAT CAN BOAST SUCH HIGH INCREASES, BUT OF COURSE OUR VALUE WAS VERY LOW TO BEGIN WITH.
AND SO, UM, THIS TIF DISTRICT VALUE INCREASED BY 104 MILLION FROM LAST YEAR, 2021, WHICH IS 7% INCREASE.
AND WITH THE COLLECTION IN 2023 OF THIS FISCAL YEAR'S, UM, INCREMENT, THE TIFF WILL BRING IN $6,824,261.
OF THAT 5.7 IS FROM THE CITY, AND, UM, JUST OVER 1 MILLION IS FROM THE TIFF.
SO THIS NEXT SECTION IS WHERE WE GET INTO WHERE YOU'LL BE ABLE TO SEE THE CHANGES BETWEEN THE 20 20 20 10 ADOPTION OF THE PLAN FOR THE DISTRICT AND THE 2015 AMENDMENT.
AND THAT'S SHOWN THROUGH, UM, KIND OF THE, THE CROSS THROUGH AND THE MOLDING.
AND I'LL JUST GO OVER A FEW OF THE METRICS FOR THE DISTRICT.
AND SO THE FIRST ONE IS TO CREATE ADDITIONAL TAXABLE VALUE THAT IS
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ATTRIBUTABLE TO NEW PRIVATE INVESTMENT, UM, TOTALING APPROXIMATELY 1.5 BILLION OVER THE LIFE OF THE TIP DISTRICT.AND TODAY, THE VALUE, UM, OF TAXABLE PRIVATE INVESTMENT WITHIN THIS DISTRICT IS 905 MILLION, WHICH IS 60% OF THE GOAL.
ADDITIONALLY, THERE WERE SOME, UM, GOALS FOR KIND OF DEVELOPMENT USES WITHIN THE 10TH DISTRICT.
UM, ONE OF THE FIRST ONES WAS TO CREATE 10,000, UM, RESIDENTIAL UNITS.
AND TO TODAY AND TO DATE, WE HAVE 2,930 UNITS.
AND SO WE'RE CURRENTLY AT 29% OF THE GOAL.
BUT AS YOU CAN SEE WITH THE PRESENTATION MADE BY TOM HOLLAND, THERE ARE MORE RESIDENT RESIDENTIAL UNITS ON THE WAY.
UM, ANOTHER GOAL OF THE DISTRICT WAS 4,000, NO 4 MILLION SQUARE FEET OF COMMERCIAL SPACE OF WHICH 3.3 MILLION HAS BEEN GENERATED.
AND SO WE'RE MEETING 81% OF THAT GOAL.
AND THEN LASTLY, UM, ONE OF THE TRUE SUCCESS STORIES OF THIS AREA IS THAT ORIGINALLY IN OUR PLAN, WE, UM, WANTED TO CREATE 9,000 JOBS ON SITE WITHIN THE CYPRESS WATERS TIP DISTRICT.
WELL, TODAY THERE IS, UM, 17,874 JOBS ON SITE.
SO WE FAR EXCEEDED THE GOAL AS IT RELATES TO JOB CREATION.
AND THE VERY LAST METRIC THAT I'LL HIGHLIGHT IS ON PAGE 12, WHICH, UM, TALKS ABOUT GENERATING ACTUAL DOLLARS FOR THE TIF DISTRICT.
AND SO THE GOAL WAS TO GENERATE 45 MILLION TOTAL DOLLARS THROUGHOUT THE DISTRICT OVER THE LIFE OF THE DISTRICT.
AND CURRENTLY THE DISTRICT HAS GENERATED 25.4 MILLION, WHICH IS 50 PER 56% OF THE 10TH DISTRICT'S CALL ON PAGE 13 HIGHLIGHTS THE, UM, NUMBER OF MEETINGS THAT WE HAD LAST DURING THE FISCAL YEAR, WHICH WAS ONE.
AND THAT MEETING WAS VERY WELL ATTENDED.
ALL OF THE BOARD MEMBERS ATTENDED THAT MEETING, WHICH IS GOOD.
AND, UM, VERY GLAD TO HAVE A QUO OF THE BOARD TODAY.
THE NEXT PAGE ON 14 TALKS ABOUT THE BUDGET, THE BUDGET, AND THE SPENDING STATUS FOR THIS TEMP DISTRICT.
AND SO, AS PREVIOUSLY MENTIONED, THE BUDGET FOR THE DISTRICT IS JUST OVER 45 MILLION.
WE'VE ALLOCATED, UM, 32 MILLION OF THAT TO PROJECTS THAT HAVE EITHER BEEN COMPLETED.
AND, UM, THE LAST PROJECT THAT IS CURRENTLY UNDER CONSTRUCTION, WHICH IS THE PUBLIC SAFETY BUILDING.
SO WE HAVE, UM, JUST ABOUT 13 MILLION LEFT IN BUDGET CAPACITY TO SUPPORT NEW PROJECTS WITHIN THIS TIF DISTRICT.
SHOULD THEY COME OR SHOULD THE DEVELOPER, UM, DECIDE TO ASK FOR TIF INCENTIVE ON PAGE 15, UM, IS OUR SECTION ON M W V E PARTICIPATION.
UM, WHEN THE PROJECTS THAT WERE FUNDED BY THE TIP WERE APPROVED BY CITY COUNCIL, THE M W B E PARTICIPATION GOAL, WHICH IS MINORITY AND WOMEN OWNED, UH, BUSINESSES GOAL WAS 25% OF CONSTRUCTION RELATED COSTS.
UM, AT THIS TIME, WELL ACTUALLY LAST YEAR, CITY COUNCIL INCREASED THAT GOAL TO 32%.
BUT WHEN THESE PROJECTS WERE APPROVED BACK IN, UM, WERE APPROVED, WERE ORIGINALLY APPROVED, UM, THEY COMPLETED BOTH PHASES WITH 21% OF THE GOAL.
AND IF I MAY RE REMEMBER CORRECTLY, THERE MAY HAVE BEEN, UM, REASONS FOR NOT MEETING THE 25% GOAL.
I, I WANT TO SAY THROUGH THE DEVELOPMENT AGREEMENTS, IT MAY HAVE BEEN, UM, APPROVED TO HAVE A, A LOWER MEETING GOAL FOR THIS AREA, BUT I WILL LET YOU KNOW THAT TOM CAN, UM, ATTEST THIS, THAT OUR GOAL FOR THE PUBLIC SAFETY BUILDING, WHICH IS 32% WILL BE MET OR EVEN EXCEEDED.
AND SO THE NEXT SECTION IS OUR WORK PROGRAM OR MY WORK PROGRAM FOR THE FISCAL YEAR 2022 AT 2023.
AND THE FIRST IS TO GET THIS, UM, DOCUMENT ADOPTED BY CITY COUNCIL AND, UM, TO CONTINUE TO WORK WITH BILLINGSLEY COMPANIES WITHIN THE DISTRICT, DEFINITELY TO COMPLETE THE, UM, CONSTRUCTION OF THE FIRE STATION AND DO THE CITY'S AUDIT OF THE PROJECT SO THAT THEY CAN BE IN THE POSITION TO RECEIVE PAYMENT, UM, WHEN PAYMENTS ARE RECEIVED IN JUNE OF THIS YEAR.
UM, WE'LL CONTINUE DISBURSEMENT OF ANY PROJECTS THAT HAVE BEEN COMPLETED ON PAGES 16 AND 17.
OUR FINANCIALS FOR THE TEMP DISTRICT AND BY STATE LAW, THIS IS THE ONLY REQUIREMENT FOR ANNUAL REPORTS, BUT WE'D LIKE TO GIVE THE TEMP DISTRICT MORE INFORMATION
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AND PROVIDE BETTER INSIGHT INTO OUR DISTRICT.SO IF YOU'RE NOT ON THE BOARD AND YOU'RE A MEMBER OF THE PUBLIC AND YOU PULL UP OUR ANNUAL REPORT, YOU GET A BETTER IDEA OF WHAT WENT ON WITHIN THE FISCAL YEAR.
PAGE 19 SHOWS OUR ESTIMATED PAYOFF FOR PROJECTS THAT HAVE RECEIVED TEMP AWARDS.
AND SO WE ONLY HAVE ONE PROJECT REMAINING IN OUR QUEUE, WHICH IS THE PUBLIC SAFETY BUILDING, AND WE ANTICIPATE BEING ABLE TO PAY THAT, UM, TIF AWARD OFF IN 2024.
AND SO THAT CONCLUDES MY SUMMARY OF THE ANNUAL REPORT, AND I AM HERE TO ANSWER ANY QUESTIONS OF THE BOARD.
SHOULD THERE BE ANY THIRD? YEAH.
UH, TIM WRIGHT, I DID HAVE A QUESTION.
UM, I BELIEVE LAST YEAR THE, THE, THE CITY MOVED SOME TIF MONEY TO FUND LIKE THE HOUSING TRUST FUND OR SOMETHING.
I, I I, I FORGET THE EXACT NUMBERS.
DID ANY OF THAT COME FROM, FROM THIS TIFF? IT DID NOT.
IT CAME FROM TIFFS THAT HAD ALREADY BEEN, HAD ALREADY EXPIRED AND HAD OUTSTANDING FUNDS.
AND SO IT DID NOT COME FROM THIS TIFF.
HAS THERE BEEN ANY THOUGHT ABOUT WHAT TO DO WITH THE EXCESS TIF FUNDS THAT WE'RE GONNA HAVE STARTING NEXT YEAR FOR THIS 10TH? UM, NO, NOT AT THIS TIME.
UM, THERE ARE SOME THINGS THAT WE ARE MAYBE LOOKING AT WITHIN OUR OFFICE THAT'S NOT READY TO BE SHARED AT THIS TIME, BUT DEFINITELY IF, IF WE HAVE ANYTHING, WE'LL BRING IT TO THE BOARD AND, AND WE'LL WORKSHOP IT AND, AND GET YOU GUYS ON BOARD OR TAKE ANY SUGGESTIONS THAT YOU MAY HAVE.
BUT AT THIS TIME, WE DON'T HAVE ANYTHING FOR THE BOARD.
ANY OTHER COMMENTS OR QUESTIONS BEFORE WE SEEK, UH, VOTE? CAN WE GET A MOTION FROM SOMEBODY PLEASE? UH, MOTION TO APPROVE CLEAR.
ANYONE AGAINST SAY NAY? DID NOT HEAR ANY NAY.
SO, UH, IF PASS HERNANDEZ, ITEM NUMBER SEVEN ON THE AGENDA IS REVIEW AND CONSIDERATION OF A REGULAR QUARTERLY MEETING SCHEDULE FOR THE CYPRESS WATERS TIFF DISTRICT BOARD OF DIRECTORS FOR CALENDAR YEAR 2023, RECOMMENDED ACTION APPROVAL.
AND SO THIS ITEM APPEARS ON YOUR AGENDA EVERY YEAR.
AND, UM, YOU MAY REMEMBER THAT WE ARE REQUIRED TO HAVE A SET MEETING SCHEDULE, ALTHOUGH WE ARE ABLE TO MEET AS A BOARD ON THAT SCHEDULE OR CALL SPECIAL OR HAVE SPECIAL CALL MEETINGS.
AND SO, UM, WHAT WAS I THINK, EASY FOR THE BOARD IS JUST TO CONSIDER THE MEETING SCHEDULE THAT WAS ADOPTED IN THE FOLLOWING THIS YEAR.
AND I CAN READ THAT AND YOU CAN FIND IT IN YOUR MINUTES.
UM, AND SO LAST YEAR THE BOARD AGREED TO MEET ON THE FOURTH THURSDAY OF THE SECOND MONTH OF EACH QUARTER AT 4:00 PM AND IF THAT STILL WORKS FOR THE BOARD TO JUST SET UP A, A MEET A QUARTERLY SCHEDULED, THEN SOMEONE CAN MAKE THE MOTION FOR THAT TIMEFRAME OR MAKE THE MOTION TO ADOPT LAST FISCAL YEAR'S MEETING SCHEDULE.
I WILL MAKE A MOTION TO ADOPT LAST YEAR'S, UM, QUARTERLY MEETING SCHEDULE TO CONTINUE FOR THIS YEAR.
ALL THOSE AGAINST SAME NAY, NOT HEAR ANY NAMES PASSES UNANIMOUSLY.
AND SO YOU CAN JUST ADJOURN THE MEETING AND STATE THE TIME.
AT 11:39 AM ON, UH, JANUARY 30TH, 2023, THE MEETING IS ADJOURNED.
GOOD TO SEE YOU, LUCI AND HALL.
YOU KNOW, CONGRATS COMING IN UNDER BUDGET GUYS.
IS THAT PINYA PARK LINKED AFTER YOU?
[00:35:01]
YES, THAT WAS, UH, SOMETHING LUCY DID AND COMPLETELY SURPRISED ME, BUT THAT WAS VERY NICE.AND I'LL JUST SAY THAT WHEN WE HAVE A GRAND OPENING, I THINK WE, THERE WILL BE A GRAND OPENING.
I'LL INVITE THE TIP BOARD SO YOU GUYS CAN COME AND CHECK OUT THE FACILITY.