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RIGHT.[PFC Board of Directors]
EVERYONE.UH, MY NAME IS AARON GRACIE, AND I WILL CALL THIS MEETING TO ORDER AT 12:03 PM UH, WE HAVE, UH, ABOUT THREE ITEMS TO CONSIDER TODAY.
UH, BUT BEFORE WE DO THAT, I'LL, UH, PAUSE AND ALLOW AARON TO DO ROLL CALL.
YOU GUYS LINE COULD UNMUTE SO WE CAN HEAR YOU.
UH, SO WE GO THROUGH THE ROLL.
UM, NEXT ITEM, I'D LIKE TO PAUSE TO SEE IF ANYONE IN OUR AUDIENCE OR ON ONLINE, UH, HAS ANY COMMENTS REGARDING ITEMS FOUR THROUGH NINE.
IF THERE AREN'T ANY COMMENTS, THEN WE'LL MOVE ON TO THE FIRST AGENDA.
THE FIRST ITEM ON THE AGENDA IS THE DISCUSSION AND APPROVAL OF THE MINUTES FOR MARCH 22ND.
UM, ARE, DO I HAVE A MOTION TO ACCEPT THOSE MINUTES? HAVE A CORRECTION.
UM, THE STAFF JUST WANT NOTED, UM, ON PAGE TWO OF THREE, UNDER ACTION TAKEN, UH, THE EIGHTH LINE, UH, WE HAVE A NEW MEMBER, DIRECTOR, TENSON, BUT IF YOU COULD, UH, CORRECT THAT AND MAKE SURE AN INSTANCE PUT IN FRONT OF THAT T AND THAT'LL REFLECT THE CURRENT MEMBER WHO IS ME, ACTUALLY, UH, I, DIRECTOR TALL, WENT THROUGH SOME OF THE, UH, SAME THINGS YOU'RE GOING THROUGH, AND I, I CORRECT.
I JUST DIDN'T WANT TO EMAIL EVERYBODY AGAIN THIS MORNING.
SO, SO THAT HAS BEEN CORRECT? YES, SIR.
I JUST HAVE A COMMENT, IF I MAY, UM, WHEN WE HAVE A DIVIDED VOTE, SHOULD WE NOT LIST, UM, THE, HOW THE VOTES PLAYED OUT? LIST WHO VOTED FOR AND WHO VOTED AGAINST? YES, BECAUSE I DON'T THINK WE DID THAT IN THESE MINUTES.
THE LA I, THE ITEM PASSED ON THE DIVIDED VOTE.
WHO VOTES AGAINST DIRECTOR? POSSUM DIRECTOR RUSSELL.
THAT'S, YEAH, THAT'S WHAT I WANTED.
WITH THAT, I'LL ACCEPT THE MOTION, UH, WITH THE, UH, WITH THE CHANGES, I GUESS.
MOVED WITH THE AMENDMENTS SECOND MOTION HAS BEEN MADE IN SECONDING DISCUSSION.
ALL IN FAVOR? OPPOSED? ALL RIGHT.
UH, THE NEXT ITEM ON THE AGENDA IS DISCUSSION AND APPROVAL OF A RESOLUTION AUTHORIZING THE NEGOTIATION AND EXECUTION OF A TERM SHEET FOR THEIR, UH, OVERTON ESTATES IN PARTNERSHIP WITH HO GLOBAL TO BE LOCATED AT 3,900 SOUTH RL THORNTON FREEWAY.
UH, KYLE, I'LL HAND IT OVER TO YOU.
SO, UH, OVER THE WE OR THE, ON, ON THURSDAY AND FRIDAY, WE SUBMITTED TO THE BOARD AN APPLI, UH, AN OVERVIEW OF THE APPLICATION AND A TERM SHEET WITH HOPE GLOBAL FOR THE DEVELOPMENT OF 136 UNIT, UH, PURPOSE BUILT SINGLE FAMILY RENTAL COMMUNITY, LOCATED AT 3,900 SOUTH AR THORNTON FREEWAY IN DISTRICT FOUR.
THIS SITE IS JUST SOUTHWEST OF, UH, THE SOUTH OAK CLIFF HIGH SCHOOL.
UH, THE HOMES ARE GONNA AVERAGE, UH, 1,350 SQUARE FEET.
IT'LL MIRROR THE, THE SAME TERMS THAT WE'VE HAD ON A LOT OF OUR OTHER DEALS, WHERE 50% OF THE UNITS ARE AT MARKET RATE AND 50% ARE RESERVED FOR FAMILIES EARNING AT OR BELOW, UH, 80% AREA MEDIAN INCOME.
UH, WE'LL RECEIVE OUR STANDARD, UH, UH, STRUCTURING FEE OF $250,000, AND THEN WE HAVE LEASE PAYMENTS STARTING AT $250,000 INCREASING ANNUALLY.
UH, WE DIDN'T ANTICIPATE SEEING ANY, UH, RESIDUAL, UH, SALES PROCEEDS BECAUSE HOPE GLOBAL INTENDS TO HOLD THIS ON A LONG TERM BASIS.
UH, HOWEVER, AT SOME POINT WE DO HAVE, HAVE THE STANDARD RESERVES OF, UH, 15% OF PROCEEDS AFTER THE FIRST CAPITAL EVENT, AS WELL AS, UH, GROSS PRO SALES PROCEEDS GOING FORWARD AT A, AT FUTURE CAPITAL EVENTS.
SO, I DO HAVE HOPE GLOBAL IS HERE.
I DON'T KNOW IF ARTHUR OR STEVEN WANT WANTS TO COME UP AND GIVE A BACKGROUND ON THEIR COMPANY, WHAT THEY'RE PROPOSING HERE.
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HE'S GETTING UP HERE, WE DO THINK THAT I, I SHARED AN ARTICLE FROM THE DALLAS MORNING NEWS THAT HIGHLIGHTED SOME OF THE TROUBLES AND, AND, AND THE CRAZY RENTAL INCREASES ON, ON FAMILIES THAT ARE IN SINGLE FAMILY RENTALS AT THIS TIME.WE THINK LOCKING IN AFFORDABILITY HERE, UH, IS, IS GOING TO BE VERY ADVANTAGEOUS FOR THE CITY.
HOWEVER, UH, WE ALSO WANT TO INCREASE INCOMES IN THIS, UH, IN, IN, IN DISTRICT FOUR AND, AND THE SOUTHERN SECTOR OF DALLAS.
SO WE THINK THAT, UH, THE MARKET RATE UNITS CAN SET NEW COMMS SERVE AS AND ECONOMIC DEVELOPMENT CATALYST IN THIS AREA.
SO, PROVIDING THIS MIXED INCOME HOUSING, UH, WE'RE, WE'RE, WE'RE EXCITED TO BE PRESENTING TO THE BOARD TODAY.
UM, ARTHUR, IF YOU WANNA DISCUSS, UH, AS WELL, WE HAVE YOUR PRESENTATION PULLED UP.
UM, AND THANK YOU TO THE BOARD FOR, UM, ALLOWING US TO PRESENT OUR PROJECT TODAY.
UM, WE'VE, WE'VE BEEN WORKING ON THIS FOR, FOR SOME TIME.
WE'RE EXCITED TO BE BRING YOU TO, TO THE CITY FOR CONSIDERATION.
UM, WANTED TO SHARE A LITTLE BIT, UH, BACKGROUND ABOUT US AS A COMPANY AND SORT OF WHY WE STARTED LOOKING AT THIS, UH, OPPORTUNITY AND, UH, WHY WE BELIEVE IT, IT IT CAN HAVE A SIGNIFICANT IMPACT IN, IN THE, THE COMMUNITY.
UM, I'LL JUST GO THROUGH REALLY QUICKLY SOME OF OUR, OUR PROJECTS THAT, UM, MIGHT HAVE HEARD ABOUT, UM, TO HIGHLIGHT A COUPLE OF THINGS IN PARTICULAR.
SO, UM, NEXT TO CITY HALL, JUST HERE ON THE SOUTHERN SIDE, WE OWN ABOUT 20 ACRES, AND WE'RE PLANNING A LARGE MIX USE DEVELOPMENT.
UM, THIS IS THE FIRST PHASE MIX USE BUILDING, UH, A 38 STORY TOWER WITH OFFICE, HOTEL, AND RESIDENTIAL.
UM, IN THIS PARTICULAR PROJECT, WE, WE PARTNERED WITH A GROUP CALLED KVC, WHO'S DONE LARGE SCALE DEVELOPMENTS.
UM, THEY'RE, THEY'RE, THEY'RE WORKING WITH US ON, ON, UH, ON ELSEWHERE IN THIS, IN THIS DEVELOPMENT, ON THIS BUILDING.
WE'RE WORKING WITH A GROUP CALLED, UM, LAHA REAL ESTATE COMPANY OUT OF, UH, OMAHA, NEBRASKA.
THEY'VE DONE LARGE SCALE DEVELOPMENTS LIKE THIS, AND REALLY THAT, UH, STRATEGY OF, OF BRINGING SUBJECT MATTER EXPERTS WITH US.
AND YOU'LL, YOU'LL SEE THAT CARRY ON WITH OUR, OUR PROJECTS AS WE GO THROUGH THESE.
AND ALSO JUST OUR FOCUS HERE ON THE SOUTHERN SIDE OF, OF OUR CITY, RIGHT? I MEAN, IF YOU'RE LOOKING IN, IN DOWNTOWN, IF YOU REALLY DON'T SEE THE TYPE OF GROWTH THAT'S HAPPENED, REALLY IN THE MAIN STREET DISTRICT TO THE NORTH, YOU DON'T REALLY SEE THAT ON THE SOUTHERN SIDE, RIGHT? AND SO THESE, THESE PARKING LOTS, FOR INSTANCE, COULD HAVE EASILY BEEN THREE, FOUR STORY APARTMENTS, THEN THOSE, YOU KNOW, ANY DAY OF THE WEEK, MUCH AS A FARMER'S MARKET HAS DEVELOPED.
UH, BUT WE FELT LIKE IT WAS AN OPPORTUNITY TO REALLY MAKE A CATALYST TYPE OF, UM, PROJECT THAT COULD HELP PROPEL INVESTMENT IN GROWTH INSTEAD OF CONTINUING TO GO NORTH AND NORTH, YOU KNOW, FRISCO, PLANO AND BEYOND.
UM, YOU KNOW, THERE'S A HUGE OPPORTUNITY TO, TO GROW IN OUR OWN CITY, UH, ON THE SOUTHERN SIDE.
SO WE FEEL LIKE THIS IS AN IMPORTANT CATALYST FOR THAT.
UM, I'LL, I'LL SWITCH OVER TO ANOTHER PROJECT THAT'S ALSO ON THE, ON THE SOUTHERN SIDE.
UH, THIS IS, UH, UH, A PROJECT CALLED SO GOOD.
IT'S DOWN ON, UM, GOOD LATIMER SOUTH, GOOD LAMER, SO WE CALL IT SO GOOD.
WE BOUGHT THE OLD PILGRIM PRIDE CHICKEN PLANT AND OUR CONVERTING THAT INTO AN INNOVATION CENTER.
SO OUR, OUR PARTNER HERE IS THIS GROUP OUT OF CALIFORNIA, UH, THAT DOES LIKE INCUBATORS AND STARTUPS AND, UM, YOU KNOW, VENTURE CAPITAL.
AND SO THAT'S, THAT'S AN AREA OF A LOT OF NEED IN, IN OUR, IN OUR COMMUNITY.
WE REALLY, UH, YOU NEED TO ENFORCE THAT, THAT PART OF OUR ECONOMY.
THEN, PARTICULARLY DOING SOMETHING ON THE SOUTHERN SIDE, RIGHT? SO THIS ISN'T THE CEDARS, YOU KNOW, REAL CLOSE TO, TO THE HERITAGE VILLAGE, CLOSE TO FAIR PARK, UM, AND AN INNOVATION CENTER THAT'S VERY COMMUNITY FOCUSED, UM, THERE, YOU KNOW, CAN HAVE A VERY SIGNIFICANT IMPACT.
SO AGAIN, JUST KIND OF HIGHLIGHTING AS, AS A COMPANY, THINGS THAT WERE, ARE IMPORTANT FOR US.
UH, WE'LL GO TO THE NEXT SLIDE.
UM, THIS IS A PROJECT IN FORT WORTH THAT WE'RE WORKING ON.
IT'S, IT'S, UM, ON THE SOUTHEAST, UM, SIDE.
SO REAL CLOSE TO THE MAGNOLIA SOUTH, UH, MAIN STREET JUST SOUTH OF DOWNTOWN, UM, WHERE THERE'S BEEN A, A LOT OF ACTIVITIES, SIMILAR STORY AS NORTH, SOUTH AND DALLAS.
BUT THIS AREA OF FORT WORTH REALLY HASN'T SEEN THAT, THAT INVESTMENT, THAT GROWTH IN THOSE OPPORTUNITIES.
AND THAT'S WHERE WE WANNA FOCUS ON, IS THINGS THAT WE CAN HAVE AN IMPACT IN THE COMMUNITIES, WORK WITH THE COMMUNITIES IN, UH, REALLY IN ALL OF OUR, OUR PROJECTS.
YOU KNOW, SPENDING TIME, MEETING WITH PEOPLE, LEARNING ABOUT WHAT THE NEEDS ARE IN THAT, IN THAT AREA.
UH, YOU'LL SEE A LOT OF KIND OF, UH, PUBLIC SPACES AND, UM, YOU KNOW, COMMUNITY ORIENTED ASPECTS IN, IN THIS DEVELOPMENT, UH, WHICH IS SOMETHING WE'RE, WE'RE REALLY, REALLY PROUD OF.
UH, GOING TO THE NEXT ONE, UM, UH, SI SIMILAR STORY IN MANSFIELD.
WE'VE BEEN WORKING WITH, UM, THE CITY THERE ABOUT ACTIVATING THEIR DOWNTOWN.
UM, THEY HAVEN'T REALLY, THEY, THEY HAVEN'T BEEN INVESTING IN THEIR DOWNTOWN HASN'T REALLY TAKEN OFF THE WAY THEY WERE KIND OF HOPING FOR.
AND WE'RE, WE'RE COMING IN WITH A PROJECT THAT BRINGS MULTIFAMILY RIGHT INTO THE, TO THE HEART OF THEIR DOWNTOWN.
UM, AND IT HAS INNOVATION CENTER COMPONENTS.
SO WE'RE PULLING FROM OUR, WHAT WE'VE BEEN SUCCESSFUL IN, IN OTHER AREAS.
UM, A LOT OF GREEN SPACE, A LOT OF COMMUNITY ACTIVATION, WHICH WERE ALL KIND OF GOALS IN, IN THAT COMMUNITY.
AND, UM, WANNA HIGHLIGHT THIS ONE,
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UM, IT'S A LITTLE DIFFERENT, BUT THIS IS JUST NORTH OF AUSTIN.UM, IT'S IN THE FLORENCE, TEXAS, IT'S A VINEYARD PROJECT, SO IT'S A LITTLE VINEYARD IN WINERY, BUT THERE'S A RESIDENTIAL COMMUNITY AROUND IT.
UM, SO WHILE RESIDENT, UH, SINGLE FAMILY RESIDENTIAL ISN ISN'T NECESSARILY SOMETHING, UH, YOU KNOW, WE'RE, WE'RE KNOWN FOR OR SO, BUT IT'S, UH, A PRODUCT THAT'S OF, OF GREAT INTEREST TO US, AND WE'VE BEEN, UH, INVESTING IN THAT SPACE.
UM, WE THINK THERE'S, THERE'S GREAT OPPORTUNITIES, UH, TO THINK INNOVATIVELY ABOUT HOUSING AND LOOKING FOR DIFFERENT SOLUTIONS.
UM, AND THAT, THAT'S SOMETHING THAT, UH, AGAIN, I HOPE, HOPE TO, UH, BE ABLE TO HIGHLIGHT HERE WITH, WITH OUR, UH, PROPOSAL FOR THE OVERTON STATES.
SO WITH THAT, UM, I THINK NEXT GOES INTO OUR, OUR APPLICATION, OUR PROJECT HERE.
UM, SO THIS IS, THIS IS, UM, LIKE, LIKE, UH, KYLE WAS SAYING RIGHT NEXT TO SOUTHCO CLIFF HIGH.
UH, WE CAN GO IN A LITTLE DEEPER HERE, UH, NEXT PAGE.
SO IT'S, UM, IT'S KIND OF BETWEEN THE, THE HIGHWAY AND, UH, SINGLE FAMILY ROADS THAT, THAT GO IN NEXT TO THE, UM, THE HIGH SCHOOL, UH, THE SINGLE FAMILY AREA THERE.
YOU KNOW, IT'S A NICE LOW NEIGHBORHOOD.
YOU, YOU DRIVE THROUGH THERE, YOU KNOW, HOMES ARE NI NICELY KEPT, IT'S QUIET, UM, AND HAVE EXPLORED A NUMBER OF DIFFERENT CONCEPTS ON THIS SITE.
WE, WE'VE LANDED ON, UH, SINGLE FAMILY, UM, RENTAL IN PARTICULAR BECAUSE OF PARTNERSHIPS THAT WE'VE BEEN BUILDING, UM, WITH, WITH A, A COUPLE OF GROUPS.
AND, AND IN PARTICULAR WITH OUR FOCUS ON THE SOUTHERN SIDE IS, YOU KNOW, AGAIN, HAVING THAT IMPACT IN COMMUNITY AND HAVING THAT SOCIAL IMPACT.
SO, TARGETING GROUPS THAT ARE FOCUSED ON E S G, SO E S G CAPITAL, AND, YOU KNOW, GETTING THEM EXCITED ABOUT, AND LOOKING AT, AT INVESTING IN, UH, AREAS THAT, UH, YOU KNOW, CAN HAVE A SIGNIFICANT IMPACT.
UH, SO IF WE'LL GO TO THE NEXT PAGE, THIS IS SORT OF A LAYUP.
THERE'S AN EXISTING CREEK THAT GOES THROUGH IT, ALICE CREEK, WHICH WE INTEND TO KIND OF DRESS UP AND MAKE LIKE A, LIKE A GREEN BELT THROUGH THE COMMUNITY, UM, REALLY OPENED UP INTO THE, THE SURROUNDING COMMUNITY AS WELL.
THEY'RE KIND OF TWO, UM, VEHICULAR, UH, ENTRY POINTS ON, ON THE SOUTH, AND, UH, ON THE, LET'S SEE, ON THE EAST ON THE NORTHEAST.
UM, AND, YOU KNOW, JUST TRYING TO REALLY INTEGRATE WITH THE, THE, THE WHOLE SURROUNDING COMMUNITY.
SO WE'VE GOT ABOUT 136, UM, UNITS, UM, HOMES PLANNED HERE.
AND, UM, IF WE GO TO THE NEXT ONE, SO OUR PARTNER IN THE PROJECT, UM, IS, UH, A GENTLEMAN NAMED TERRY HORTON, ONE OF THE CO-FOUNDERS OF DR.
AND SINCE, UM, TAKING A STEP BACK FROM THE, THE LARGE COMPANY HE'S BEEN REALLY INVESTING IN AND GROWING, UM, SUSTAINABLE HOUSING TECHNOLOGIES.
SO HE HAS A
UM, IT'S ACTUALLY MORE DURABLE THAN CURRENTLY USED, UM, HOUSING MATERIALS.
AND, UM, IT'S ALL PREFABRICATED, YOU KNOW.
SO THESE ARE, UH, MADE OFFSITE IN A FACTORY.
THEY'RE CUT WINDOWS, EVERYTHING THEY'RE BROUGHT OVER, THEY'RE PUT IN.
AND, YOU KNOW, WITHIN A WEEK'S TIME, YOU KNOW, AFTER HAVING POURED THE FOUNDATION, YOU CAN HAVE A HOUSE UP.
UM, WE THINK THESE KIND OF INNOVATIVE APPROACHES TO, UM, HOUSING, YOU KNOW, TO, UM, CREATE AFFORDABILITY, TO CREATE, UM, YOU KNOW, SUSTAINABLE TYPES OF CONSTRUCTION, SUSTAINABLE TYPES OF LIVING, UM, ARE IMPORTANT.
THEY'RE, YOU KNOW, THERE'S NOT A ONE SIZE FITS ALL BY ANY MEANS.
UM, BUT THIS IS, UM, YOU KNOW, WE, WE THINK CAN BE A REALLY IMPACTFUL TOOL, UH, FOR, FOR THIS KIND OF DEVELOPMENT.
WELL, UH, WITH THAT, UH, PRESIDENT GRACIE, IF YOU WANNA OPEN IT UP FOR QUESTIONS THEY'RE HERE TO, TO ANSWER.
WELL, AT THIS TIME, I WANT TO OPEN IT UP FOR QUESTIONS.
MS. PASSA, I KNOW YOU HAVE A QUESTION, BUT OUTTA RESPECT, THIS IS, UH, UH, MR. STINSON'S DISTRICT, SO I'LL GIVE HIM THE OPPORTUNITY TO KIND OF ANSWER HIS, ASK HIS QUESTIONS AND MAKE HIS COMMENTS.
LET ME LOOK, MS. POSS, GO AHEAD.
ALRIGHT, WELL, I WAS JUST, I WAS JUST GONNA ASK TWO QUESTIONS.
UM, ONE OF, UM, THE DEVELOPER.
HOW FAR ALONG ARE THE PROJECTS THAT YOU SHOWED US IN THE PHOTOS? MM-HMM.
AND SECONDLY, I WAS GONNA ASK KYLE OR ERIN, YOU KNOW, UH, TO TELL US ABOUT THE VETTING PROCESS AND LOOKING AT THE PRIOR PROJECTS AND THE FINANCIALS, ET CETERA.
SO, CERTAINLY, UM, SO THE, THE PRIOR PROJECTS ARE IN A MIX OF, UM, UNDERWAY AND IN PLANNING STAGES.
UM, THE, THE MAIN ONE THAT'S HAD THE MOST, UM, KIND OF BUILDING THINGS, UH, THAT'S ALREADY HAPPENED IS THE, THE VINEYARD AT FLORENCE PROJECT, WHERE WE'RE, WE'RE DOING SINGLE FAMILY AROUND THIS VINEYARD AND WINERY.
SO, UH, WE RECENTLY DID A, A LARGE SCALE REMODEL OF THE, UH, OF LIKE, THE RESORT COMPONENT OF IT.
UM, AND THEN WE'VE BEEN, UH, SELLING INDIVIDUAL LOTS, UH, AND GETTING HOMES, UH, YOU KNOW, UH, BUILT ON THOSE, UM, VERY
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ACTIVELY.SO TH THEY'VE BEEN, UH, THEY'VE BEEN GOING VERY ACTIVE SINCE AUGUST OR SO.
SO THE, THOSE AREN'T IN FULL SWING.
UM, AND OVER HERE AT, AT NEW PARK, UM, WE'RE WORKING WITH THE CITY ON KIND OF, UH, LINING UP, UH, INCENTIVES NECESSARY TO, YOU KNOW, DO A LARGE SCALE DEVELOPMENT, UH, OF THAT, YOU KNOW, OF THAT SIZE, UM, IN THAT LOCATION.
SO WE'RE, WE'RE WORKING THROUGH, UH, WITH THE OFFICE ECONOMIC DEVELOPMENT THERE.
UM, AND, AND THAT'S KIND OF A MAIN MILESTONE THAT, YOU KNOW, WE, WE KINDA, UH, WORK THROUGH TO, UH, GET TO, YOU KNOW, CONSTRUCTION DOCUMENTS AND, AND BREAKING GROUND.
UM, THE, THE INNOVATION CENTER IN THE CEDARS, UH, WE ACTUALLY JUST STARTED THE DEMOLITION WORK FOR SOME OF THE OLDER PARTS OF THE OLD CHICKEN PLANT THAT WE'RE NOT KEEPING, WE'RE KEEPING PART OF IT TO REPURPOSE FOR THE INNOVATION CENTER.
BUT, UM, WE, IT'S IN, IT'S IN FULL DEMO MODE RIGHT NOW, UM, FAR AS BREAKING GROUND ON THE, YOU KNOW, THE NEW ELEMENTS AND, AND, UM, RENOVATING THE EXISTING STRUCTURE.
THAT'S PROBABLY CLOSER TO THE END OF THE YEAR, UH, WHEN WE'RE, WE'RE STARTING THAT.
SO WE'RE, WE'RE ALSO KIND OF PIGGYBACKING WITH SOME OF THE, THE WORK THAT ECONOMIC, THE OFFICE OF ECONOMIC DEVELOPMENT'S BEEN DOING.
THEY'VE BEEN PARTNERING WITH, WITH HOPE TO GET TO GET THE OTHER PROJECTS, YOU SEE, SEE THERE.
AND THEN ALSO LOOKING AT THE, UM, THE, THE HORTON TEAM, CUZ THEY'RE ACTUALLY DOING A, ANOTHER SINGLE FAMILY DEVELOPMENT, UH, IN THE UNIVERSITY HILLS AREA OF THE CITY, WHERE WE'RE HOPING TO USE SOME OF OUR ARPA FUNDS DOWN THERE.
SO WE LOOKED AT THAT, WE LOOKED AT THE, THE, UH, THE CONSTRUCTION COSTS AND THE, THE, THE VARIOUS FINANCIAL STRUCTURES AND EVERYTHING SEEMED TO BE ALONG IN MARKET.
AND SO THAT'S KIND OF HOW WE, WE LOOKED AT THIS AT THIS TIME.
AND THIS IS IN A PD, SO THIS IS AN ALLOWABLE USE IN THE PD? NO, WE'RE GONNA HAVE TO WORK THROUGH SOME, SOME OF THE, THE ZONING, IT, IT WAS THE PD IS FOR MULTIFAMILY.
UM, SO THAT, THAT'S SOMETHING WE'RE, WE'RE WORKING THROUGH.
MR. SPENCER, PRETTY GOOD AFTERNOON.
WAS IT MR. SANTA MARIA? YES, SIR.
SO THE CURRENT ZONING THERE IS, UH, MULTIFAMILY.
UH, WELL, THE PD, UH, THE PD ALLOWS FOR 370, UH, UNITS TOTAL.
UH, THE, THE PD ALLOWS FOR 370 UNITS TOTAL.
AND, UM, I AM VERY FAMILIAR WITH THIS PARTICULAR COMMUNITY AS I USED TO RUN THESE STREETS AS A CHILD BACK SOUTH OAK CLIFF IS MY, UH, HIGH SCHOOL, UH, 1972.
JUST IN CASE YOU GUYS, UM, MOST OF THE HOMES IN THIS PARTICULAR NEIGHBORHOOD, JUST IN FACT, ALL OF THEM, OR EITHER I'D SAY ANYWHERE FROM 80% TO, UH, 100% BRICK.
WOULD YOU AGREE WITH THAT? SURE.
UH, YOU MENTIONED THAT THESE ARE PREFAB MATERIALS.
UH, AND WITHIN THIS COMMUNITY, ALL OF THESE PEOPLE THAT WOULD POTENTIALLY LIVE IN THIS PARTICULAR NEIGHBORHOOD WOULD'VE TO TRAVERSE INTO THE LEGACY NEIGHBORHOOD.
OFF OF SUN VALLEY AND OFF OF, UH, GARZA, WHICH BOTH ARE DEAD ENDS AT YOUR PARTICULAR SITE.
UM, I'M NOT GOING TO TRY AND DO ANY HOMEWORK HERE AT THE, UH, TABLE, IF YOU WILL.
IN OTHER WORDS, I'VE GOT A LOT OF QUESTIONS, A LOT OF CONCERNS.
UH, NUMBER ONE IS I HAVE NO INSIGHT OR INPUT FROM THE COMMUNITY, WHICH I BELIEVE ARE GOING TO BE VERY CONCERNED ABOUT THIS.
MAINLY ANYTHING THAT DOES NOT SEEM TO BE COMPATIBLE OR, UH, COMPARABLE TO WHAT'S ALREADY THERE HAS BEEN THERE SINCE I'VE BEEN A CHILD.
UH, SO THEREFORE, SOMETHING OF THE NATURE YOU'RE DESCRIBING, UH, BRINGS, UH, A LOT OF CONCERN.
NOW, SINCE THIS WILL BE A 50 50, TO ME, IT APPEARS THAT WHATEVER LEVEL AND MANY OF THESE PEOPLE ANYWHERE FROM LOW TO MID INCOME RANGE, THEREFORE, BY BRINGING IN 50% MORE, TO ME, YOU'RE ADDING ON TO 50% MORE LOW INCOME OR PERHAPS POVERTY IN THAT AREA.
WHAT DO YOUR NUMBERS AND INFORMATION TELL YOU? UH, SORRY, TO TO CLARIFY, YOU'RE SAYING THE, THE 80 80%
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AAMI UNITS OR? YEAH, I MEAN, I WOULD, I'D SAY IT'S THE CONVERSATION WE'VE HAD, UH, ABOUT ALL OF OUR OTHER PROJECTS WHERE 80% AAMI, UH, THE INCOMES THAT YOU'RE LOOKING AT THERE ARE ANYWHERE FROM 49,000 TO 72,000, UH, UH, DOLLARS A YEAR.SO WE'RE LOOKING AT, THAT'S, UH, D P D STARTING SALARY DALLAS FIRE RESCUE, STARTING SALARY, THE AVERAGE D I S D TEACHER.
UH, I MEAN, THAT'S THE, THAT'S THE INCOME BANDS THAT WE'RE TARGETING THERE.
SO I DON'T KNOW THAT THIS WOULD NECESSARILY BE SOMETHING I'D CONSIDER CONCENTRATING POVERTY CAUSE THAT'S WELL ABOVE THE POVERTY.
YOU GUYS, AND THIS IS NOT A DEBATE, BUT YOU GUYS THROW THOSE FIGURES OUT AT US AND YOU USE THOSE PARTICULAR PROFESSIONALS, UH, AS COMPARABLE TO THOSE PARTICULAR SALARIES.
LOOKING AT THIS PARTICULAR SITE AND WHAT YOU'RE GOING TO BILL AND THE ACCESS AND THE, AND THE EGRESS FROM IT, UH, THERE'S GOING TO BE A CERTAIN POPULATION IS GOING TO MOVE IN AT A RENTAL AND EVERYBODY THERE OWNS THEIR HOMES.
UH, HOW DO YOU INTEND TO KEEP THIS STABLE, MR. SANTA MARIA? YEAH, NO, IT'S, UH, I, I UNDERSTAND.
UM, I MEAN, I THINK IT'S, IT'S IN LARGE PART BY WORKING WITH THE COMMUNITY, YOU KNOW, AND, UM, I THINK, UH, FROM, EVEN FROM A MARKETING PERSPECTIVE, TRYING TO REACH, UM, YOU KNOW, INDIVIDUALS IN THE COMMUNITY THAT, YOU KNOW, COULD, COULD BENEFIT FROM, UM, THIS HOUSING OPTION.
UM, YOU AND I MEAN, CERTAINLY THROUGH, YOU KNOW, OUR MANAGEMENT TEAM, YOU KNOW, ON SITE THAT, UH, MAKE SURE THINGS GO WELL.
UM, BUT, BUT TO KYLE'S POINT, YOU KNOW, WITH THE, UH, THE INCOME BANDS THAT, UH, WE'RE, WE'RE TARGETING HERE, WE FELT REALLY COMFORTABLE IN SORT OF THE, THE TARGET MIX, UH, YOU KNOW, OF, OF RESIDENT IN, IN THE COMMUNITY, UH, AT THE MARKET RATE.
WOULD THAT MARKET RATE BE THE SAME IN THIS PARTICULAR COMMUNITY AS IT WOULD BE SOMEWHERE ELSE? UH, WELL, THE, THE MARKET RATE WOULD BE BASED ON WHAT REDS ARE, ARE BEING COMMANDED IN THAT RIGHT KIND OF AREA.
SO MARKET RATE IS WHAT THE MARKET RATE WOULD COMMAND RIGHT THERE.
WHICH WOULD NOT NECESSARILY MEAN IF I WENT ACROSS TOWN SOMEWHERE, I MAYBE BE, IT WOULD BE THE SAME MARKET RATE.
SO THEREFORE IT'S GOING TO BE LOWER.
AND THEREFORE, UH, UH, WITH THAT, HOW, ONCE AGAIN, DO YOU STABILIZE? YOU MENTIONED THAT THERE WILL BE MANAGEMENT ON SITE.
UH, WE'LL, WE'LL HAVE A MANAGEMENT TEAM.
UM, THERE IS NO MANAGEMENT, NO CONTROL, NO SECURITY OF THE AREA ON SITE.
UH, I'M NOT THAT WE BREAK THAT OUT.
WE'LL HAVE THE MANAGER OFFICE ON SITE.
WELL, WE'RE GONNA TALK, UM, AGAIN, HOPEFULLY, UH, WE'LL TALK AGAIN HOPEFULLY CUZ THEY WERE, WHAT ONE OF THE, UH, THINGS THAT WILL NEED TO BE DONE HERE.
ONE THING, UH, MR. HINES AND MR. QUINTO THAT I'D LIKE TO POINT OUT AND ALSO TO, UH, MY MEMBERS FELLOW DIRECTORS HERE.
I RECEIVED THIS, UH, SOME OF IT ON THURSDAY, AS YOU MENTIONED EARLIER.
AND THE REST OF IT CAME IN AT 5 0 3 FRIDAY AFTERNOON.
SO WE'RE LOOKING AT GOOD FRIDAY, LET'S SKIP SATURDAY.
BUT THEN WE'RE LOOKING AT EASTER.
SO, UH, WITH, UH, A BEVY OF MATERIAL, THE LUMINOUS NATURE OF WHAT, WHAT WE HAVE AND WHAT I'D LIKE TO DIG INTO, I LOVE INFORMATION, BUT I CAN'T GARNER THE SPECIFICS WITHIN THAT PERIOD OF TIME.
MR. HINES, YOU EVEN SENT ME A LETTER LETTING ME KNOW THAT, HEY, I COULD MEET WITH SOME OF THESE PRINCIPLES THURSDAY EVENING.
I'M NOT GONNA BREAK MY NECK IN JUST RECEIVING THAT TO TRY AND SET UP SOMETHING ON GOOD FRIDAY, PERHAPS.
AND I'M DEFINITELY NOT GOING TO WORRY ABOUT IT ON SATURDAY.
AND I DEFINITELY DON'T DO ANYTHING ON SUNDAY.
I WAS RAISED NOT TO DO ANY WORK ON SUNDAY UNLESS ABSOLUTELY NECESSARY FOR MY FAMILY.
UM, SO THEREFORE I HAVEN'T HAD ANY DISCUSSION, ANY INPUT.
AND FOR THIS TO COME BEFORE US.
AND YOU ASKED, UH, FOR OUR AGREEMENT FOR YOUR TAX EXEMPTION, UH, AT THIS PARTICULAR MOMENT, I HAVE A LOT OF CONCERNS THAT I'D LIKE TO SPEAK ABOUT, UH, WITH THESE PARTICULAR PARTIES, THIS PARTICULAR NEIGHBORHOOD, OR REALLY ANYWHERE IF YOU GO WITHIN OAK CLIFF.
[00:25:01]
JUST SPEAK, UH, DIRECTLY HERE, STATE SPECIFIC, UH, REYNOLDS JUST AIN'T GONNA CUT IT.WHY CAN'T YOU GUYS LOOK AT, UH, TRYING TO SELL A PRODUCT VERSUS TRYING AND, AND DEFINITELY IMPROVE THE STABILITY OF AN AREA VERSUS, UH, PEOPLE COMING IN AND OUT.
UH, I KNOW NOTHING ABOUT YOUR STRATEGIES, NOTHING ABOUT, UH, HOW THESE, THESE SO-CALLED, UH, PROFESSIONAL BASED ON, UH, SURVEYS.
I HAVE NO IDEA HOW STABLE, UH, THIS IS GOING TO BE, WHICH WILL NOW DISRUPT A, UH, STABLE LEGACY NEIGHBORHOOD.
YOU GUYS HAVE ANY INFORMATION ON THAT? ON, UH, DOING A SINGLE FAMILY RENTAL VERSUS OWN? YEAH.
I MEAN, IT, I'D SAY FROM OUR, OUR STUDY IN THE MARKET, YOU KNOW, WE FELT LIKE IT WAS A, UH, A GOOD APPROACH.
SOMETHING WE'RE, WE'RE, YOU KNOW, HAPPY TO TALK ABOUT.
AND, AND I WOULD LIKE TO SAY, UH, DIRECTOR SINCE, AND I JUST WANNA APOLOGIZE FOR OUR NOT HAVING REACHED OUT TO YOU EARLIER.
WE HAD SOME, UH, MISUNDERSTANDINGS INTERNALLY, UM, AND I COMPLETELY DROPPED THE BALL.
UH, BUT WE'RE ALL A NEW, UH, FORM TO BOARD HERE.
SO A LOT OF THINGS ARE STILL, UH, STILL NEED TO BE IRONED OUT, SO TO SPEAK.
AND THIS IS ONE OF THE PROCESSES.
I DON'T KNOW WHETHER YOU GUYS HAVE ADMINISTRATIVE STAFF AVAILABLE TO YOU.
I KNOW IT'S A LOT ON, UH, THESE TWO GUYS HERE AS TO WHAT THEY'RE TRYING TO DO, AND THEN COMMUNICATE BETWEEN ALL OF US, THE INFORMATION THAT'S COMING IN.
BUT, UH, IN DEALING WITH A ILLUMINOUS NATURE, UH, THAT, UH, OF WHAT WE HAVE TO LOOK AT, UH, IS NOTHING THAT CAN BE, UH, THAT I'M GOING TO TRY AND DIGEST WITHIN 24, 36 HOURS.
UH, I'LL NEED A LITTLE LONGER CAUSE I HAVE TO LOOK AT THE COMMUNITY, WHICH I'VE DONE THREE TIMES NOW.
CAUSE MY MOM STILL LIVES IN THE AREA.
SO THEREFORE I'VE, I'VE DRIVEN THE STREETS ONCE AGAIN AND OVER AGAIN AND OVER AGAIN.
BUT, UH, FROM THERE, I NEED TO TALK WITH YOUR PRINCIPALS, WHOEVER'S INVOLVED HERE, GET YOUR TAKE AND YOUR INPUT.
AND THEN HOPEFULLY, UH, UH, YOU CAN UNDERSTAND EITHER THE COMMUNITY SIDE, MY INPUT, BUT I DEFINITELY GO ALONG WITH THE COMMUNITY, UH, AS TO WHAT THEY SEE ON THIS, UH, MR. CHAIR, I'LL TURN THIS BACK OVER TO SOME OF THE OTHER DIRECTORS SO THAT THEY MAY HAVE SOME QUESTIONS AND INPUT.
AND THEN I'D LIKE TO, UH, UH, SPEAK TO IT ONCE AGAIN.
I, I'VE LOOKED AT, UM, UH, DIFFERENT PARTS OF DALLAS FOR, UH, UH, SINGLE FAMILY, UH, UH, RENTAL DEVELOPMENTS.
AND THE BIGGEST CHALLENGE I FOUND, SO I WANNA KNOW HOW YOU FIGURED IT OUT, HOW DO YOU FIND YOUR RANK COMPARABLES? BECAUSE IF YOU LOOK AT A, EVEN IF YOU GO ON MLS OR SOMETHING, A LOT OF NEIGHBORHOODS MIGHT LOOK LIKE, OH, THESE ARE, IT'S A SINGLE FAMILY NEIGHBORHOOD.
BUT YET IF YOU DIG A LITTLE BIT DEEPER, UH, YOU MIGHT FIND THAT, UH, 30 OR 40% OF THE HOMES, DEPENDING ON WHAT SIDE OF TOWN YOU'RE IN, ARE ACTUALLY OWNED BY A CORPORATION OR, UH, AND THEY'RE BEING RENTED AS, AS YOU KNOW.
SO, UH, MY QUESTION IS JUST, AND THIS IS PARTLY TO, TO MAKE SURE THAT YOU'RE, UH, PROFORMA IS STABLE.
UM, OR DID YOU GET YOUR RENTAL NUMBERS? BECAUSE JUST FROM MY EXPERIENCE, I KNOW THEY'RE HARD TO FIND AND THEY'RE NOT, YOU MIGHT NOT NECESSARILY COMPARING APPLES TO APPLES IF YOU'RE LOOKING AT, YOU KNOW, SCATTERED LIKE, YOU KNOW, INDIVIDUALLY OWNED, UH, HOMES OR YOU'RE LOOKING AT A SINGLE FAMILY RENTAL COMMUNITY, WHICH ARE, THERE ARE VERY FEW OF FOR WHERE THE, I DON'T KNOW IF THERE ARE ANY EXCEPT FOR THE ONES UNDER DEVELOPMENT SOUTH OF I 30 OR NORTH OF I 30, REGARDLESS OF WHICH PART IN TOWN.
SO, UH, JUST TO MAKE SURE THAT THE PROFORMA IS STABLE AND, UH, LIKE TO INQUIRE WHERE YOU GOT YOUR NUMBERS AND HOW YOU, UH, HOW YOU CAME ABOUT THAT.
WE, UH, WE PULLED FROM LISTING INFORMATION FOR OTHER RENTAL HOMES IN THE AREA.
I THINK WE DID A TWO MILE RADIUS ROUGHLY FOR, FOR THE, FOR THE RECORD.
DO YOU MIND INTRODUCING YOURSELF? I'M SORRY, STEVEN SHELLEY HOPE LEVEL.
UM, WE'RE LOOKING AT OTHER, WHAT OTHER HOMES WE'RE RUNNING FOR IN THE AREA.
SO YOU USED MLS, UH, WE USED A COUPLE DIFFERENT THINGS.
UH, REALPAGE, COSTAR, AND THEN JUST OLD FASHIONED ZILLOW.
SO WITHIN YOUR TWO MILE RADIUS, UH, WHAT PERCENTAGE OF THE HOMES WITHIN THAT TWO MILE RADIUS ARE FOR RENT? I COULDN'T SAY WHAT PERCENTAGE OF HOMES FOR RENT WE'RE, YOU KNOW, WE'RE NOT LOOKING AT EVERY SINGLE HOME IN THE RIGHT, WE'RE JUST LOOKING AT ONE THAT ARE AVAILABLE FOR RENT.
[00:30:01]
RIGHT.I MEAN, IS IT, THE REASON WHY I ASK IS THAT, UH, THAT CAN SORT OF TELL YOU HOW STABLE THE NEIGHBORHOOD IS TOO.
IF, UH, IF THERE'S, YOU KNOW, 50% OF THE HOMES WITHIN TWO MILE RADIUS ARE UP FOR RENT OR ARE NOT OWNER OCCUPIED.
UH, THAT'S SOMETHING THAT I THINK, UH, THAT'S INFORMATION THAT'S GOOD TO KNOW.
A ANECDOTALLY, UH, IT DOESN'T LOOK LIKE THERE ARE A TON OF, OF HOMES FOR RENT IN THE AREA.
UM, THE ONES THAT ARE, ARE RIGHT IN LINE WITH OUR MARKET RENTS.
UH, I DON'T SEE EVIDENCE OF ANY, YOU KNOW, PURPOSE BUILT SINGLE FAMILY RENTAL COMMUNITIES IN THE IMMEDIATE AREA.
BUT THAT, THAT'S SORT OF THE, THAT'S THE TYPE OF INFORMATION THAT NORMALLY I WOULD PROBABLY LOOK AT, UH, WHEN EVALUATING A PROFOR PROFORMA IS, UH, WHERE DID THAT INFORMATION COME FROM? AND, UH, YOU KNOW, HOW MANY, WHAT'S YOUR POP WHAT, UH, ARE YOU LOOKING AT, UH, A THOUSAND DATA POINTS OR YOU'RE LOOKING AT, YOU KNOW, 30, YOU KNOW,
IT'S, IT'S DIFFICULT TO FIND RIGHT.
ANYTHING LIKE THIS IN THE AREA AND THEN, RIGHT.
YOU HAVE TO JUST KIND OF SET IT BASED, BASED OFF OF WHAT YOU SEE AND, AND WHAT CAN BE COMMANDED ELSEWHERE AND, AND, AND WHATNOT.
SO THAT'S KIND OF WHAT, WHAT WE LOOKED AT WHEN WE WERE, WE WERE, WE WERE EVALUATING WHAT RENTS COULD BE HERE.
I CAN LOOK AT ALL THAT FOR YOU.
LET YOU KNOW WHAT THE ANSWER IS.
YEAH, I'M, I'M AN MLS AS WELL.
BUT, UM, I GUESS I COULD HAVE DONE A STUDY ON MY OWN, BUT I WAS WONDERING WHAT, WHAT YOU USE TO, UH, TO SET YOUR NUMBERS FROM COSTAR AND, AND ZILLOW, BUT, AND YOU, YOU BELIEVE THAT, UM, THOSE ARE GONNA BE STABLE NUMBERS TO SET THE RATES FROM? I ASSUME YOU DO.
CAUSE THEY'RE IN YOUR PROFORMA.
UH, BEFORE I GET MY QUESTIONS, I WANT TO THANK YOU FOR INVESTING IN, IN THE SOUTHERN SECTOR SOUTH OF, SOUTH OF, UH, CITY HALL.
ALL THOSE, ALL THOSE DEVELOPMENTS LOOK EXCITING.
AND, UH, HOPE YOU, UH, HOPE YOU MAKE IT TO THE FINISH LINE.
JUST A COUPLE OF POINTS AND, AND THEN SOME, THERE'S SOME QUESTIONS.
DO YOU PLAN ON PLATTING IT AS 136 INDIVIDUAL? LOTS.
SO GRA CAUSE AS YOU KNOW, A LOT OF BUILD OF RENTS ARE PARKINGS ON THE OUTSIDE.
ALL THE BUILDINGS ARE IN INTERSPERSE.
YOU'VE SEEN, I'M SURE YOU'VE SEEN A VILLAS PRODUCT.
WE, WE ARE INTENDING THIS TO BE, UH, AS TRADITIONAL A SINGLE FAMILY COMMUNITY AS THERE IS, THERE'S ARE HOMES THAT WE HAPPEN TO BE RENTALS, RENTALS INSTEAD OF SALES.
ONE THING THAT WE'VE LOOKED AT THAT I HESITATE TO BRING UP IS, YOU KNOW, I CAN'T COMMIT TO IT YET.
ONE THING WE'VE LOOKED AT IS HOW WE WORK IN SORT OF A, A RENT TO OWN KIND OF PROGRAM HERE.
SO YES, WE ARE INTENDING TO PLATINUM THEM INDIVIDUALLY, UH, REALLY SO THAT WE CAN MAKE THAT HAPPEN LATER ON.
AND COLIN, IT MIGHT BE A QUESTION FOR BOND COUNTS.
I MEAN, ONE ADVANTAGE OF DOING IT THAT WAY IS THAT IT GIVES YOU MULTIPLE EXIT STRATEGIES.
YOU KNOW, PUT, PUT ASIDE THE PFC, YOU CAN, YOU CAN DO RENTALS.
IF THE MARKET TURNS, YOU CAN SELL 'EM, YOU CAN DO SELLER FINANCING, MULTITUDE.
I THINK IT'S MORE EXPENSIVE TO DEVELOP IT THAT WAY, RIGHT? YOU HAVE TO GET CARS TO THE HOUSES, SO IT CUTS DOWN ON DENSITY AND OTHER THINGS.
BUT, YOU KNOW, I JUST BRING THAT UP AND IT'S A POINT WORTH EXPLORING.
SO I DON'T KNOW IF THEY COULD, IF IN 10 YEARS IF THEY COULD UNRAVEL THIS AND TRY TO SELL 40 HOUSES.
SO I MEAN, WE CAN DO WHATEVER WE WANT.
I TALKED WITH OUR COUNSEL, JIM PLUMMER, ABOUT WHAT DOES THAT LOOK LIKE AT A LATER DATE.
WE DIDN'T TRY TO, UH, COME UP WITH ANY SORT OF TERMS, CUZ WHO KNOWS WHAT THINGS WILL LOOK LIKE AT THAT TIME.
BUT WE DO HAVE THE ABILITY TO TAKE A LOOK AT THESE BEING FOR SALE AT SOME COIN.
BUT OBVIOUSLY THERE'S, THERE'S INVESTMENT DOLLARS THAT ARE BEING MADE BASED ON IT BEING A RENTAL COMMUNITY.
SO FOR THE TIME BEING, OBVIOUSLY THEY NEED TO BE ABLE TO HIT THEIR RETURNS TO MAKE THIS INVESTMENT WORK, BUT AT THE END OF THE DAY, UH, WE AS A BOARD AND IN WORKING WITH THE DEVELOPER CAN, CAN WORK TOGETHER TO COME UP WITH A SOLUTION AT A, AT A LATER DAY OR ANOTHER EXIT TYPE OF STRATEGY HERE.
UM, ON THE PROFORMA, A COUPLE OF NUMBERS JUMPED OUT ON ME.
UH, YOUR DART IS $20,000 PER PER LOT, OBVIOUSLY THAT'S NOT A, THAT'S A PAY LOT PRICE, I ASSUME.
SO IN THE, IS IS YOUR, ARE YOUR INFRASTRUCTURE DEVELOPMENT COSTS ENCOMPASSED IN THE 25 MILLION, UH, CONSTRUCTION AGREEMENT? YEAH.
SO IT'S HORIZONTAL AND VERTICAL? CORRECT.
I DID, I DID POP ON THE VIDEO, SO I THINK IT'S A LITTLE BIT MIS MISUNDERSTOOD TO SAY IT'S PREFAB.
IT'S JUST THE WALL PANELS INCLUDE INSULATE, THEY INCLUDE EXTERIOR TO INTERIOR, EVERY, A LOT OF BUILDERS USE WALL PANELS, SO THAT'S CORRECT.
AND, AND I WAS SITTING DOWN HERE SO I DIDN'T WANNA INTERRUPT THE CONVERSATION EARLIER.
[00:35:01]
WE CAN PUT ANY KIND OF SKIN ON THESE BUILDINGS THAT WE WANT.KYLE'S MISSION BEFORE THAT THERE WOULD BE AN EMPHASIS ON THE BRICK TO TIE INTO THE EXISTING NEIGHBORHOOD.
THAT IS SOMETHING WE'RE FOCUSED ON.
THEN LASTLY, YOUR, YOUR PRICE PER SQUARE FOOT, $138 PER SQUARE FOOT.
YOU KNOW, OBVIOUSLY IF LUMBER'S AT 1300 VERSUS 500, THAT, THAT MIGHT BE AN ISSUE.
OH, I THINK YOU HAVE ENOUGH CONTINGENCY BUILT IN.
WE'RE TALKING THREE YEARS FROM NOW REALISTICALLY.
SO WE DO FEEL LIKE WE HAVE ENOUGH CONTINGENCY BUILT IN.
OBVIOUSLY THOUGH CONSTRUCTION PRICING IS A MOVING TARGET.
UM, BUT I WILL SAY THE, THE SYSTEM THAT WE'RE USING FOR THESE PANELS, IT ENDS UP BEING, UH, STEEL CONSTRUCTION AND NOT LUMBER FOR WHAT IT'S WORTH.
SO STEEL'S EXPENSIVE RIGHT NOW TOO.
UH, BUT NOT QUITE AS VOLATILE AS, AS WHAT, AND ONE COMMENT ON YOUR, ON YOUR, ON YOUR REVENUE, $2,000 FOR BRAND NEW 1300 SQUARE FOOT HOUSE, YOU KNOW, CERTAIN CERTAINLY SEEMS ACHIEVABLE.
AND THEN YOUR, YOU KNOW, THE LOW INCOME, IT'S STILL 1852.
IT'S NOT LIKE YOU'RE RENTING THESE HOUSES FOR A THOUSAND DOLLARS OR $900.
SO AGAIN, I'LL DEFER TO, TO COMMISSIONER STINSON ON, ON COMPATIBILITY TO THE NEIGHBORHOOD OWNERSHIP VERSUS FOR SALE.
BUT I JUST WANNA POINT THAT OUT.
IT'S, WE'RE NOT REALLY TALKING LOW INCOME, WE'RE TALKING ATTAINABLE HOUSING, I THINK.
SO A WORD I WOULD PREFER ANYBODY CAN USE, YOU KNOW, ANY NOMENCLATURE THEY WANT.
UM, YEAH, JUST TO SPEAK TO THAT, I MEAN THE, THE, UH, IT'S THE 80% READ BASED ON T D HCA THAT WE ALWAYS USE FOR, FOR OUR PROJECT.
SO WHEN WE ORIGINALLY RECEIVED THIS PROPOSAL, IT WAS ALL, AND YOU KNOW, OBVIOUSLY CUZ THERE'S A LOT OF QUESTIONS ABOUT THIS, LIKE IF, IF DIFFERENT NUMBERS, IF THE BOARD WANTS TO SEE DIFFERENT INCOME LEVELS OR, OR RENTAL RATES HERE THAT WE DID, THE INITIAL PROPOSAL WE RECEIVED FOR THIS WAS ALL A HUNDRED PERCENT AT 70% AAMI AND BELOW.
AND THE GOAL OF THIS, OF THIS BOARD AND THIS CORPORATION IS TO HAVE MIXED INCOME HOUSING.
SO WE WANT, SO I I DIRECTED THEM LIKE LOCATE YOUR NUMBERS WITH UH, 50% INCOME RESTRICTED AND 50% MARKET RENT TO BE ABLE TO ALLOW, UH, YOU KNOW, HIGHER INCOME SET, NEW MARKET, NEW MARKET COMPS, DRIVE MORE ECONOMIC, UH, DEVELOPMENT AND CATALYTIC TYPE DEVELOPMENT IN THE AREA.
HOWEVER, YOU KNOW, WE'RE MORE THAN HAPPY TO SHARPEN THE PENCIL, TAKE A DIFFERENT LOOK AT THIS.
UH, BUT THAT WAS HOW IT WOULD WE RECEIVED THE PROJECT, HOW WE RECEIVED THE APPLICATION.
BUT BASED ON THE CORPORATION, WHAT WE'RE ABLE TO DO, I THOUGHT A, A MIXED INCOME TYPE PROJECT WOULD BE MUCH BETTER RECEIVED IN THE COMMUNITY.
UM, SO I'LL, I'LL LET ECHO VICTOR'S, UM, THOUGHTS, WHICH IS THANK YOU FOR, UH, FOR INVESTING, UM, IN THAT AREA AND, UH, RIGHT BY THE, UM, STATE CHAMPS AND, UM, WE'RE, I, I APPRECIATE THE INNOVATE.
WELL IT'S NOT REALLY INNOVATION IN THIS DAY AND AGE, BUT, UM, THE THOUGHTFULNESS ON SINGLE FAMILY RENTALS, UM, THAT'S, THAT'S SOMETHING THAT I THINK WE COULD USE A LOT MORE OF.
AND I KNOW, UM, YOU KNOW, MARKET RATE, PARTICULARLY UP NORTH, THERE'S A A TON OF THAT GOING ON.
UH, A FEW QUESTIONS, UM, THAT I, I SUSPECT WILL, WILL COME BACK TO, UM, ONE IS ON HOW THE GROUND LEASE IS STRUCTURED.
SO I'M SURE THAT, UM, KYLE WILL HAVE A ROBUST CONVERSATION ABOUT THAT.
UM, I'M ASSUMING IT WOULD JUST BE ALL 21 ACRES AS A GROUND LEASE.
CUZ IF YOU START DIVVYING IT UP BY PLAT, THEN IF EACH IN, YOU CAN DO EACH INDIVIDUAL ONE AS A, AS ITS OWN GROUND LEASE.
AND I SAID THE, IT'S CONTEMPLATED THAT IT'LL JUST BE ONE BIG GROUND LEASE, HOWEVER, IF WE DO SOMEHOW UNWIND THIS TRANSACTION OR, OR PARCEL OUT PIECES OF IT, OBVIOUSLY THAT'S SOMETHING THAT WE CAN WORK ON WITH THE DEVELOPER AT THAT, AT THAT TIME.
BUT LIKE I SAID, IT HAS TO MAKE FINANCIAL SENSE FOR US TO GIVE UP THAT ASSET.
I'M SURE WE'D PROBABLY ALL AGREE THAT HAVING A FORCE LIKE CONVERTED TO FOR SALE, WE'D BE FINE WITH EVEN IF WE DID LOSE SOME REVENUE ON IT.
UH, BUT THE DEVELOPER WOULD ALSO HAVE TO COMMIT TO THAT TOO.
BUT THEY HAVE IN, THEY'VE INDICATED THAT THEY'RE OPEN TO THAT.
SO WE KIND OF WORRY ABOUT THE PARCELING OUT AT INDIVIDUAL A LOT AT PROBABLY A LATER DATE.
AND WE KNOW CUZ IT'S, IT IS JUST TOO HARD TO TELL AND I DON'T WANT TO LOCK US INTO SOMETHING OR WE DON'T WANNA LOCK OURSELVES INTO SOMETHING THAT MAY NOT BE ADVANTAGEOUS FOR ANYBODY AT THAT TIME.
THAT WOULD BE MY RESPONSE TO THAT.
UM, AND THEN I GUESS MY OTHER, UH, MY OTHER BIG, UM, QUESTION IS GONNA BE AROUND THE MATERIALS AND THE, THE BUILD ITSELF.
UM, PARTICULARLY HOW THIS, THIS BUILDER HAS USED THOSE MATERIALS AND IF THEY HAVE,
[00:40:01]
UM, UH, PRODUCT ON THE GROUND, UM, AND HOW MUCH AND WHAT SCALE.AND THEN ALONG THOSE LINES, IF, IF THESE PLANS AS, UM, THEY'RE LAID OUT HERE HAVE EVER BEEN PERMITTED IN THE CITY OF DALLAS, UM, USING THOSE MATERIALS SO THAT THAT WOULD, THAT'LL BE A, UM, SOMETHING.
AND THEN FINALLY, AND THIS KIND OF GOES BACK TO THE, UM, THE STRUCTURE OF THE GROUND LEASE, UM, FOR KYLE AND AARON AND THEN PROBABLY JIM MORE THAN ANYBODY, UM, FORT WORTH HAS DONE A, A SINGLE FAMILY RENTAL PFC.
I'D BE INTERESTED IN HOW THEY STRUCTURED IT JUST FOR REFERENCE.
I, I BELIEVE I SEE HANDS UP FOR, IS THAT ALAN AND RAUL? ALAN, I, I SEE YOU FIRST.
I'LL, I'LL LET YOU GO AND THEN ROLL YOU NEXT.
UM, I GUESS, YOU KNOW, FOLLOWING UP ON, ON THE LAST COMMENTS, UH, YEAH.
THE PROJECT THAT WE'VE LOOKED AT THUS FAR HAVE HAD PRETTY NICE BUILD OUTS.
UM, THEY'VE BEEN HIGH, HIGH QUALITY.
AND GIVEN THAT THIS APPEARS TO BE MODULAR CONSTRUCTION, I'M, I'M CONCERNED ABOUT WHAT THE INTERIOR BUILD OUT OF THESE UNITS ARE, ARE GONNA LOOK LIKE AND WHAT THE QUALITY OF, OF, OF THE MATERIALS ARE GONNA BE.
UH, PARTICULARLY, YOU KNOW, GIVEN THE DURATION OF, OF, OF THE PROJECT'S LIFE.
SO I'LL JUST SAY FIRST IT'S, IT'S NOT REALLY MODULAR CONSTRUCTION.
UH, THESE ARE JUST WALL PANELS THAT WE'RE TALKING ABOUT USING.
UM, SO IT'S NOT, IT'S NOT MODULAR.
UM, WE'LL STILL HAVE, UH, YOU KNOW, FINISHED WALLS, FLOORS, WE'RE ENVISIONING CLASS A UNIT FINISHES IN TERMS OF, YOU KNOW, GRANITE COUNTERTOPS, UM, ETC.
UM, AND IN TERMS OF LONGEVITY, AGAIN, WE'RE BUILDING WITH STEEL, NOT WOOD.
WE FEEL LIKE THIS IS, UH, SUSTAINABLE IN, IN SEVERAL DIFFERENT WAYS, BUT LONGEVITY IS, UH, UH, A NON-ISSUE FOR US WITH THIS PROGRESS.
UM, I'D LIKE TO, WELL, I HAVE A QUESTION AND I'D LIKE TO JUST KIND OF ECHO, UH, SOME OF THE CONCERNS THAT MR. STETSON HAS, UH, ON, ON THIS PROJECT.
UM, THAT AREA, I WORKED THAT AREA FOR THREE YEARS AS A, UH, AS A CITY EMPLOYEE AT A, UM, THE CITY ATTORNEY'S OFFICE.
SO I'M VERY FAMILIAR WITH THAT AREA.
AND, UH, MY CONCERN AS TO WHAT MR. STETSON WAS SAYING, IT'S A LEGACY COMMUNITY.
UH, MANY OF THE PEOPLE THAT LIVE AROUND THAT AREA ARE INDIVIDUALS THAT HAVE BEEN LIVING THERE, UH, WHO WENT TO SCHOOL THERE AND, UH, ARE STILL, UM, I REMEMBER THERE'S, THERE'S A LOT OF GRANDPARENTS THERE.
THEY'RE STILL RAISING GRANDCHILDREN THAT GO TO SOUTH OAK CLIFF.
UM, AND MY CONCERN IS HOW WOULD A DEVELOPMENT LIKE THIS, UH, OR WHAT, WHAT, BECAUSE THERE'S SOME, SOME UNFORESEEABLE, RIGHT? BUT THERE'S SOME, WE, WE SAY THEY'RE UNFORESEEABLE, BUT THERE'S THINGS THAT WE ALREADY ARE FAMILIAR WITH BECAUSE IT'S SOMETHING THAT DALLAS HAS BEEN GOING THROUGH IN OTHER COMMUNITIES SUCH AS MINE IN WEST DALLAS, GENTRIFICATION AND DISPLACEMENT DUE TO, UM, THE DEVELOPMENT.
UM, AND MY CONCERN IS WHAT, DO WE HAVE ANY, ANY INFORMATION ON WHAT THIS DEVELOPMENT WOULD DO TO THE AREA AS IT RELATES TO THE RISE IN TAXES AND TAXATION BEING THAT EVEN THOUGH IT'S A LEGACY NA NEIGHBORHOOD AND AT ONE POINT, UH, THE PEOPLE THAT USED TO WORK THERE OR THEY USED TO LIVE THERE, WERE FORMERLY HOST EMPLOYEES AND, UH, THOSE INDIVIDUALS ARE, ARE, ARE NO LONGER THERE.
I MEAN, THEY'RE THOSE GRANDPARENTS, THEY'RE RETIRED, THEY'RE ON, THEY'RE ON A, ON A, ON A FIXED INCOME.
AND MY CONCERN IS THAT, UH, IS THAT HOW DO WE AS A CITY UTILIZING THIS TOOL, THIS ECONOMIC TOOL THAT IS SUPPOSED TO, UH, CREATE, UH, HOUSING, UH, BUT COULD ALSO CREATE DISPLACEMENT BY RAISING THE PROPERTY VALUE IN THAT AREA AND THEN CREATING BURDENS THAT EVENTUALLY THE PEOPLE THAT WILL BE RESPONSIBLE FOR THOSE HOMES, UM, WON'T BE ABLE TO MAINTAIN THOSE HOMES.
UM, BECAUSE AGAIN, UH, WE'RE INVESTED INTO THE, INTO THE DIRT, BUT I THINK ALL OF US THAT KNOW THAT ARE FAMILIAR WITH THAT AREA, WE KNOW THAT WE, IT'S BEEN A WHILE SINCE WE INVESTED IN THE HUMAN CAPITAL OF THAT AREA.
UM, SO I, I, THAT'S, THAT'S MY MAJOR CONCERN IS THAT HOW DO WE AS A BODY AND AS A CITY, HOW ARE WE UTILIZING THIS TOOL? UH, AND I KNOW THAT'S PROBABLY NOT A QUESTION THAT THE, UH, THAT THE, THAT THE DEVELOPER CAN ANSWER, CUZ THAT'S MORE OF A QUESTION FOR US TO THINK ABOUT.
BUT I, BUT I LIKE TO JUST BE ABLE TO HAVE THAT INFORMATION ALSO
[00:45:01]
AVAILABLE WHEN WE PUT THIS TYPE OF DEVELOPMENT BEING THAT IT'S THE FIRST OF ITS KIND FOR THIS BOARD IN A COMMUNITY LIKE, UM, LIKE THE ONE THAT'S THERE AT, UH, UM, AROUND SOUTH OAK CLIFF.SO, UM, MAYBE, MAYBE WE COULD GET THAT ANSWER LATER CUZ I KNOW I, I CAN FORESEE THAT WE'RE GONNA HAVE TO HAVE THIS, THIS PRESENTATION COME BACK TO US, UH, IN THE FUTURE.
YEAH, AND I JUST, TO BE HONEST, I, WE HAVEN'T HAD ANY SORT OF MIXED INCOME TYPE, UH, SINGLE FAMILY RENTAL PROJECTS COME TO US EITHER IN THIS BOARD OR THE OTHER BOARD THAT ACTUALLY MOVED FORWARD.
SO KNOWING WHAT A SINGLE FAMILY RENTAL PURPOSE-BUILT SINGLE FAMILY RENTAL PROPERTY WOULD DO TO, UH, ADJACENT PROPERTY TAXES, I'M JUST NOT QUITE SURE.
AND, UH, AT THIS TIME I DO KNOW THAT, UH, ONE OF THE, THE, THE GOALS OF THIS IS, IS TO ACTUALLY, YOU KNOW, HELP INCREASE, INCREASE INCOMES AND DO ECONOMIC DEVELOPMENT WHILE STILL MAINTAINING A PORTION OF THE UNITS TO BE ABLE TO, UH, TO BE ABLE TO MAKE SURE THAT PEOPLE CAN STAY THERE, THAT, THAT ARE AT THAT 80% AAMI LEVEL.
UH, BUT AS FAR AS WHAT THIS WOULD, HOW WOULD INDIVIDUALLY AFFECT PROPERTY TAXES ADJACENT TO THE SITE? I JUST, I DON'T HAVE THAT INFORMATION AT THIS TIME, BUT WE CAN CERTAINLY START TAKING A LOOK AT OTHER PROJECTS THAT MAY HAVE BEEN COMPLETED, UH, ELSEWHERE.
I MEAN, IF THIS WERE ALL FOR SALE, UH, IT WOULD DEFINITELY RAISE THE PROPERTY VALUE.
I WOULD JUST BE 136 NEW HOMES.
UM, WHEREAS NOW RESTRICTING THEM TO RENTALS AND HALF OF 'EM BEING AFFORDABLE RENTALS, UH, YOU'RE STILL, YOU KNOW, PROVIDING ACCESS TO PEOPLE AT THAT INCOME LEVEL.
SO, I MEAN, EITHER WAY YOU DO IT, IF YOU'RE BUILDING SOMETHING NEW THERE, IT WILL LIKELY INCREASE THE PROPERTY VALUE AROUND IT, BUT IT'S EITHER THAT OR DON'T BUILD ANYTHING.
UM, BUT LOOKING AT THE AREA IN THIS OLD MAP TOO, I MEAN, THERE'S, THERE'S NOT A LOT OF OPEN LAND LEFT.
AND SO 136 HOMES OUT OF, YOU KNOW, THE COUPLE THOUSAND THAT ARE IN THERE, IT MIGHT NOT, YOU KNOW, HAVE A, A HUGE EFFECT ON, ON EVERYTHING SURROUNDING.
SO I JUST WANTED TO ADD, I'VE PERSONALLY DONE SOME STUDIES ON MULTIFAMILY DEVELOPMENTS AND ITS EFFECT ON US SURROUNDING, UH, HOME VALUES.
AND I, I FOUND LOOKING IN FIVE DIFFERENT CITIES, THERE IS NO EFFECT.
EVERYTHING'S GOING UP AT BASICALLY THE SAME RATE.
AND, UM, I MEAN THAT'S JUST THE WAY IT IS HERE IN TEXAS NOW.
I MEAN, WHATEVER YOU BILL, BUT, BUT THAT'S WHAT I'M SAYING IS THAT IT IS, I WOULD'VE, FROM LOOKING AT THAT, I WOULDN'T THINK IT WOULD AFFECT IT, BUT IF YOU, UH, THIS IS A SINGLE FAMILY DEVELOPMENT AND THERE ARE NO COMPARABLES THAT I KNOW OF IN THE AREA THAT YOU COULD, UH, JUSTIFY, UM, YOU KNOW, WILL IT GO EVEN MORE BECAUSE THEY'RE SINGLE FAMILY HOMES OR, OR NOT, UH, LIKE YOU SAID, THERE AREN'T, THERE ISN'T ANY DATA AVAILABLE ON THAT.
ANYTHING ELSE? ANY O ANY OTHER COMMENTS? JUST, UH, A QUESTION FOR WHOEVER EVER MIGHT HAVE THE INFORMATION.
WHAT'S THE HISTORY OF THIS, OF THIS LOT OF THIS PARCEL? IS IT, HAS IT ALWAYS, IS IT ALWAYS BEEN UNDEVELOPED RAW LAND? AS FAR AS I KNOW, YES.
AND IF THIS PROJECT WERE TO GO FORWARD, OBVIOUSLY IN TERMS OF WE HAVE A LOT OF CONCERNS FROM, UH, DIRECTOR STENSON, DIRECTOR REYES ON THE LEGACY NEIGHBORHOODS, WOULD THE WOULD Y'ALL'S PROJECT, DEPENDING ON, YOU KNOW, CHOICE OF, UH, BUILDING MATERIALS EXTERIOR WISE, IS THERE ANYTHING THAT WOULD, UH, NOT PLANT ANY TYPE OF GATED OR WALLED COMMUNITY TOTALLY CONNECTED? BECAUSE I'M, I, OBVIOUSLY I LOVE NEIGHBORHOODS THAT FEEL CONNECTED, JUST LIKE PROBABLY DIRECTOR STUNS AND REYES OR, UH, WANNA MAKE SURE THAT THE LEGACY NEIGHBORHOOD THAT IF THIS WERE TO GO FOR IT FEELS A PART OF THOSE LEGACY NEIGHBORHOODS AND DOESN'T DISRUPT THOSE.
HOW WOULD WE, HOW, I MEAN, WOULD WE JUST KNOW IT JUST BECAUSE IT LOOKS LIKE NEWER CONSTRUCTION? EXACTLY.
AGAIN, OUR GOAL IS TO BUILD SOMETHING IS INTEGRATED INTO WHAT'S ALREADY THERE, NEWER HOMES OBVIOUSLY THAN, THAN WHAT'S SURROUNDING IT.
UM, BUT JUST FOR CONTEXT, WHEN WE STARTED LOOKING AT THIS PROPERTY, IT WAS WITH AN EYE TOWARD BUILDING, YOU KNOW, TRADITIONAL APARTMENTS BASED ON THE ZONING ALREADY BEING THERE FOR, YOU KNOW, ALMOST 400 OF THEM.
UM, AS WE KIND OF GOT INTO THAT, ONE OF OUR BIGGEST CONCERNS WAS THIS DOESN'T REALLY FIT HERE.
UM, AND, AND THAT'S WHEN WE KIND OF STARTED FOCUSING MORE ON DOING A SINGLE FAMILY RENTAL, UH, UH, PROJECT.
UM, AND THE PSC BEING THE WAY THAT WE CAN ACTUALLY, I THINK, MAKE THAT HAPPEN.
OH, LISTEN, I'M, I'LL MAKE MY COMMENTS TO, WE'LL GO BACK THROUGH FOR A SECOND ROUND HERE IN A SECOND.
UM, I DO HAVE A COUPLE OF, OF, OF QUESTIONS, BUT FIRST I, I WANNA MAKE SURE
[00:50:01]
THAT, THAT WE AS A, AS A A, A COMMITTEE, A BOARD ARE USING THE RIGHT TERMS, NOT JUST AT AROUND HERE, BUT FOR, FOR THOSE THAT MAY BE LISTENING IN THE COMMUNITY AS WELL.AND WE WE'RE USING AFFORDABILITY AND, AND, AND WHAT WAS THE OTHER AFFORDABILITY VERSUS WHAT IS THE, THE TERM ATTAINABLE, ATTAINABLE, ATTAINABLE, LOW INCOME.
SO, BECAUSE I THINK EVEN WHEN WE USE THOSE TERMS, AFFORDABILITY, THAT AUTOMATICALLY PUTS THIS NEGATIVE CONTENT ON SOME OF THE PROJECTS AND THINGS LIKE THAT.
SO I WANNA MAKE SURE CONSISTENTLY THAT AS A BOARD WE'RE USING THE SAME, UH, FOR, FOR COMMUNICATION PURPOSES TO THE PUBLIC.
I WANNA MAKE SURE WE'RE USING THE, THE SAME TERMS THERE.
SO LET'S BE CONSCIOUS OF, OF AFFORDABLE VERSUS ATTAINABLE, UH, IN THAT SPACE.
BUT THE QUESTION I HAVE, SO TWO, ONE I ONE, I APPRECIATE THIS PROJECT AS WELL.
UM, AS A KID I LIVED, GREW UP IN KANSAS CITY, LIVED WITH MY COUSINS, AND I REMEMBER WE ALL WERE CRAMMED IN THIS HOUSE AND WE ACTUALLY MOVED INTO A HABITAT HOME.
AND I REMEMBER THAT FEELING OF BEING ABLE TO SPREAD OUT AND HAVE YOUR OWN FROM THAT PERSPECTIVE.
THEN MY MOM AND I MOVED OUT, WE GOT OUR OWN PLACE.
WE MOVED TO A, A DUPLEX, WHICH WAS STILL HAVE MY OWN SPACE AND ALL OF THAT, BUT WE ENDED UP MOVING TO A HOUSE.
BUT I STILL APPRECIATE THE FEELING OF BEING IN THE HOUSE FROM, FROM THAT PERSPECTIVE.
SO WHEN I LOOK AT THESE PROJECTS, I THINK OF IT FROM THAT PERSPECTIVE OF THE FEELING I HAD AS A KID MOVING INTO A HOUSE.
I DIDN'T KNOW IT WAS RENTED AT THE TIME, BUT IT WAS A HOUSE AND IT WAS MY ROOM AND THOSE KIND OF THINGS.
SO I APPRECIATE THAT IDEA AND CONCEPT THERE.
AND I'VE ALWAYS BEEN A FAN OF THESE TYPES OF PROJECTS.
THE RECOMMENDATION, UM, ABOUT POTENTIALLY AT SOME POINT, BEING ABLE TO, UH, PURCHASE THE HOME I THINK IS SOMETHING THAT WE COULD EXPLORE.
KYLE, I DON'T KNOW WHAT THAT WOULD LOOK LIKE ON OUR, YOU KNOW, FROM OUR, OUR FINANCIAL PERSPECTIVE, WHAT THE IMPACT WOULD BE, BUT THAT'S SOMETHING I THINK WOULD BE OF BENEFIT TO THOSE, ESPECIALLY IF THEY'RE IN THERE AND THEY'RE TAKING GOOD CARE OF THE PROPERTY AND THINGS LIKE THAT.
I JUST THINK THAT SHOULD BE SOMETHING WE SHOULD CONSIDER, BECAUSE THAT'S ULTIMATELY, THAT'S THE GOAL IS FOR HOME OWNERSHIP.
UM, THE, THE PIECE I DIDN'T SEE IN THIS LINK IN HERE, AND YOU ALL HELPED ME, BUT NORMALLY WHEN IT REFERS TO THE 80% AAMI AND THE 50 50 MARKET RATE AND ALL THAT, THEY USUALLY SAY THAT IT WILL BE SPREAD AMONG THE COMMUNITY.
AND I DON'T, I DIDN'T SEE IT ANYWHERE.
DID I OVERLOOK THAT? I DIDN'T, SHOULDN'T IT SHOULD BE TO, IT'S USUALLY NORMALLY AT THE BEGINNING OF THE PARAGRAPH, BUT I DIDN'T, I I'M NOT SEEING IT ANYWHERE AND I JUST KIND WANT TO GO ON THE RECORD TO, TO MAKE SURE THAT, THAT IT WILL BE SPREAD EVENLY, BUT I DIDN'T SEE IT.
FOR WHAT IT'S WORTH, WE, WE DON'T INTEND TO DESIGNATE SPECIFIC UNITS AS, YOU KNOW, AFFORDABLE VERSUS VERSUS MARKET RISK.
I JUST DIDN'T SEE IT DOCUMENTED.
IT'S IN OUR MOU, BUT I THINK OKAY.
IT SAYS UNIT AND WE KIND OF HAVE TO REPHRASE THAT TO BE HOME, I GUESS, OR HOWEVER IT, BUT LIKE, IT'LL BE, IT'LL BE JUST LIKE ALL OF OUR OTHER PROJECTS WHERE IT'S ESSENTIALLY FLOATING THROUGHOUT IT AND ALL, ALL OF THE BILLS WILL BE THE SAME FOR BOTH, UH, THE INCOME RESTRICTED AND THE MARKET RATE, AND YOU WON'T BE ABLE TO TELL WHICH ONE IS WHICH.
I JUST, I JUST DIDN'T SEE IT ANYWHERE.
SO, UM, WANTED TO BRING THAT UP.
AND THEN THE, THE LAST PIECE IS, IS, UH, AND I KNOW THIS IS SOMETHING THAT WE'LL KIND OF FIGURE OUT HOW TO WORK THROUGH THROUGH SOME OF THESE COMMITTEES, UH, BUT THE COMMUNICATION TO THE, TO THE COMMUNITY, WHAT DID THAT LOOK LIKE? AND I DON'T KNOW THAT, UH, MR. STINSON BROUGHT IT UP, BUT I, CAN YOU TALK A LITTLE BIT ABOUT WHAT THAT LOOKED LIKE, OR, OR, AND I KNOW IT'S NOT ALWAYS REQUIRED IN THIS PARTICULAR FORMAT, BUT AS A KIND OF AN EFFORT TO BE A GOOD NEIGHBOR, WHAT DID THAT LOOK LIKE? SURE.
UM, SO WE, WE, I, AS I MENTIONED EARLIER, YOU KNOW, WE'VE LOOKED AT, UM, VARIOUS DIFFERENT IDEAS FOR, FOR THIS SITE.
UH, WE'VE BEEN WORKING ON THIS FOR, FOR A LITTLE WHILE.
UM, WE HAD MET WITH COUNCILWOMAN ARNOLD PREVIOUSLY ON WHEN WE HAD MULTIFAMILY THOUGHTS ON THE PROPERTY.
UH, WE'VE BEEN, YOU KNOW, UH, FOLLOWING UP AND, AND, YOU KNOW, UH, WOULD LIKE TO, UH, GIVE HER AN UPDATE.
I HAVEN'T HAD THAT OPPORTUNITY YET.
UM, YOU KNOW, CLEARLY WE DROPPED THE BALL WITH DIRECTOR STINSON ON, ON THIS PARTICULAR BOARD.
UM, BUT DO YOU HAVE A FEEL FOR WHAT THE COMMUNITY, KIND OF BOTH TO MR. STINSON AND MR. REYES ACTUALLY WITH THIS BEING THAT LEGACY COMMUNITY, WHAT IS THE FEEDBACK OR GENERAL, UM, PERCEPTION OF THIS PROJECT THAT MAY BE COMING THIS WAY? YEAH, YOU KNOW, AND, AND THAT, THAT'S WHERE WE'VE LED, LOOKED AT COMMUNITY LEADERS, UM, SUCH AS, UH, COUNCILWOMAN ARNOLD.
AND I MEAN, UH, PEOPLE WHO ARE IN THE, UM, IN THE COMMUNITY, UH, TO, TO HELP GIVE US THAT, THAT KIND OF GUIDANCE.
UM, YOU KNOW, SO, SO OUR, OUR, UM, FEEDBACK HAS, HAS BEEN, UH, PARTICULARLY ON ONE, THE MULTIFAMILY SIDE WAS, YOU KNOW, THAT, THAT, THAT DIDN'T FEEL RIGHT, YOU KNOW, SO WE KIND OF, UH, TOOK A DIFFERENT APPROACH.
UM, BUT YOU KNOW, TO, TO OUR POINT, WE, WE HAVE MORE, MORE OF THAT TO DO.
I THINK THESE ARE GOING TO BE MORE CONVERSATIONS THAT WE'RE GONNA HAVE.
I THINK, UM, I'LL JUST, YOU KNOW, I, I
[00:55:01]
APOLOGIZE THAT THIS CAME, UH, ON DR.STINSON ON THURSDAY AND THEN FRIDAY TO THE REST OF THE BOARD.
I KNOW THAT THE TIMING WASN'T RIGHT.
IT WAS ON OUR AGENDA THAT WAS POSTED TO MEET TOMA, BUT KNOWING THE TIMEFRAME, I FIGURED WE COULD AT LEAST HAVE THE DISCUSSION ABOUT THIS.
BUT, UH, ANY SORT OF POSTPONEMENT HERE TODAY SO WE CAN ALL TALK ABOUT IT MORE, POSSIBLY DO SOME MORE COMMUNITY ENGAGEMENT ISN'T GOING TO HARM THE PROJECT FROM, FROM CLOSING.
THERE'S NO FINANCIAL RISK OR WHATEVER.
WE HAD THE, HAD THE NUMBERS, WANTED TO BE ABLE TO START THE DISCUSSIONS OR WHATEVER.
BUT IF WE, IF THERE, WHICH I, I THINK DIRECTOR STINSON, YOU'RE, YOU'RE LEANING TOWARDS THIS WANTING TO GET MORE TIME.
SO, UH, I WANTED TO PUT IT ON HERE IN CASE ANYBODY WANTED TO MOVE FORWARD WITH IT IF WE WERE COMFORTABLE.
HOWEVER, IF THERE IS SOME, IF, IF WE DO WANNA PULL MORE COMMUNITY FEEDBACK BEFORE MAKING A PRELIMINARY NON-BINDING ACTION ON, ON THE PROJECT, THAT'S CERTAINLY FINE AND WE CAN ACTUALLY HAVE MORE, UH, IN-DEPTH CONVERSATIONS, UH, WITH YOU AND THE PRINCIPLES OF, OF HOPE GLOBAL AS WELL.
SO I JUST WANT TO PUT THAT OUT THERE.
THIS IS AN, THIS WAS NOT THE TIMEFRAME THAT I, THAT WE WOULD PREFER, BUT DID NOT WANT TO IMPEDE THE PROGRESS OF, OF, OF PRESENTING IT AND GETTING IT IN FRONT OF EVERYBODY.
AND WE HAPPEN TO HAVE THIS BOARD MEETING, SO I FIGURED WE CAN AT LEAST, AT LEAST TALK ABOUT IT.
SO I JUST WANTED TO PUT THAT OUT THERE AS WELL.
SO I RECOGNIZE EVERYBODY'S CONCERNS WITH THAT.
WHAT ABOUT THE GROUND MAINTENANCE? IS THAT, WOULD THAT BE THE RESPONSIBILITY OF THE TENANTS OR WOULD THAT BE THE RESPONSIBILITY OF A WE TAKE CARE OF IT.
WITH THAT, UH, I'LL KIND OF GIVE US A SECOND ROUND, MR. OKAY.
I THINK DIRECTOR COUNSEL HAS HIS HAND UP.
I DON'T KNOW IF OH, THANK YOU.
UM, AND I WOULD BE, I, I WAS CURIOUS IF THERE HAD EVER BEEN A PFC PROJECT FOR THIS TYPE OF PRODUCT AND IT SOUNDS LIKE IN FORT WORTH THERE WAS, AND ULTIMATELY I'D BE CURIOUS, UH, HOW THEY HANDLED, I GUESS THIS ISSUE SINCE, YOU KNOW, DEALING WITH DETACHED UNITS KIND OF DOES PRESENT CHALLENGES AND IT'S WITH SO FEW EXAMPLES OUT THERE.
UM, I THINK WE'RE KIND OF, I MEAN, THE ONE QUESTION I DO HAVE IS WHAT, WHAT IS CLASS A RESIDENTIAL PROPERTY HERE WITH DETACHED UNITS? I THINK WE CAN, I MEAN, I'M NOT IN THE BUSINESS, SO, SO MAYBE THERE ARE ANSWERS FOR THAT.
UM, IF, IF THE DEVELOPER WANTS TO SORT OF MAYBE CLARIFY WHY THESE UNITS WOULD BE CLASS A COMPARED TO SOMETHING LESS THAN THAT, WHAT MAKES SOMETHING CLASS A HERE IS SOMETHING I MAYBE JUST NEED TO BE EDUCATED ON BECAUSE ULTIMATELY WHATEVER THAT IS, THAT HAS TO SOMEHOW BE MAINTAINED FOR THE LIFE OF THE LEASE.
AND, YOU KNOW, 75 YEARS IS, IS A LONG TIME.
AND YOU KNOW, THE OLD SCHOOL IS THAT, YOU KNOW, A HOUSE HAD A 30 YEAR MORTGAGE CUZ THAT WAS ALL IT WAS GOOD FOR.
SO, I MEAN, I CAN CERTAINLY APPRECIATE USING SUSTAINABLE MATERIALS, BUT I, I, I WONDER HOW LONG ANY OF THESE HOUSES WOULD, WOULD TRULY BE ALLOWED OR, OR ABLE TO STAND FOR THAT LONG IN A SORT OF A CLASS A STATUS.
AND, UH, THAT'S JUST THE TENSION OF OUR DEALS.
AND I, AND IT'S USUALLY NOT MUCH OF AN ISSUE, I THINK, WHEN WE'RE DEALING WITH SIX STORY STRUCTURES WITH ELEVATORS AND SO ON AND SO ON.
BUT, BUT, UH, HERE, YOU KNOW, KEEPING THIS CLASS A FOR, FOR 75 YEARS IS A TALL ORDER.
AND I WANNA MAKE SURE I UNDERSTAND HOW THAT'S, THAT THAT CAN HAPPEN HERE, UH, WITH, YOU KNOW, INDIVIDUAL HOMES WITH, YOU KNOW, SHINGLE ROOFS AND SO ON AND DRIVEWAYS.
AND, YOU KNOW, I DON'T EVEN KNOW IF THE STREETS HERE THAT ARE PROPOSED WOULD BE BUILT, YOU KNOW, CURB AND GUTTER TO PUBLIC STREET STANDARDS IN CASE, UH, YOU KNOW, THEY, THEY'VE TRIED TO SELL LOTS HERE.
SO AS OPPOSED TO THE DRIVEWAYS WE SEE IN, YOU KNOW, STANDARD APARTMENT PROJECTS, WHICH ARE NOT.
UM, SO, UH, THOSE, THOSE ARE SOME QUESTIONS THAT PROBABLY NEED TO BE PART OF, OF THE FUTURE DISCUSSION, UNLESS ANYONE CAN MAYBE QUICKLY ANSWER WHAT I KIND OF JUST THREW OUT THERE.
SO I'LL JUST SAY THAT WHEN WE TALK ABOUT CLASS A, WE'RE REALLY TALKING ABOUT, UH, THE, THE MATERIALS AND THE FINISHES BEING USED, UM, APPLIANCES, COUNTERTOPS, FLOORING, THINGS LIKE THAT.
UM, MORE THAN ANYTHING ELSE, UH, IN TERMS OF HOW WE MAINTAIN IT, THAT PART'S NOT REALLY DIFFERENT THAN ANY OTHER RENTAL COMMUNITY.
UH, WE'VE GOT HEALTHY REPLACEMENT RESERVES BUILT INTO OUR BUDGET.
UM, WE'RE COMFORTABLE THAT, YOU KNOW, EVERY SEVERAL YEARS THINGS ARE GONNA NEED TO BE, YOU KNOW, REPLACED, UM, MORE LIKELY THAN BEING REPAIRED.
UM, BUT TO BE HONEST, I THINK THAT'S ONE AREA WHERE A RENTAL COMMUNITY, UM, IS MAYBE AN ADVANTAGE OVER A FOR SALE COMMUNITY, BECAUSE YOU DO KNOW THAT IT'S GONNA BE CONSISTENT, UM, ACROSS THE ENTIRE COMMUNITY.
UM, YOU'VE GOT ONE, ONE GROUP IN CHARGE OF THIS.
WE ARE BUILDING THIS A LONG TERM HOLD.
WE INTEND TO BE IN THIS, YOU KNOW, LONG TERM.
UM, AND, YOU KNOW, WE INTEND TO INVEST IN IT LIKE THAT.
[01:00:02]
ALL RIGHT.UH, MR. SHEY, IS THAT CORRECT? YES, SIR.
UH, THIS HAS BEEN, UH, AND ALSO TO MY FELLOW DIRECTORS.
I THINK, UM, YOU MENTIONED SOMETHING ABOUT PUTTING A SKIN OVER IT.
SO IS THAT THE TYPE OF, UH, PREFAB MATERIAL, SO TO SPEAK? IT'S NOT REAL BRICK, BUT IT CAN LOOK LIKE BRICK.
UH, IT WASN'T REALLY A TERM OF ART.
UH, I INTENDED IT COULD BE REALLY EITHER ONE.
UM, HERE I'M THINKING REAL BRICK.
UM, I, I A DEPARTMENT BACKGROUND.
SO IN THAT CIRCUMSTANCE, WE TEND NOT TO USE, YOU KNOW, REAL BRICK.
HOW LONG IS A RENTAL TERM FOR AN INDIVIDUAL LEASE? YES.
USUALLY A YEAR'S A LITTLE BIT FLEXIBLE, THE MARGINS, BUT USUALLY A YEAR.
AND I, I WASN'T AWARE, AND THIS IS WHERE MEETINGS COME IN, I WASN'T AWARE YOU GUYS HAD ALSO TALKED WITH THE, UH, COUNCILWOMAN OVER THE DISTRICT, BUT, UH, YOU MENTIONED THAT YOU WERE CONSIDERING APARTMENTS FIRST, AND WHY DID YOU DECIDE THAT APARTMENTS WOULD NOT WORK? OH, I DON'T KNOW.
IF THEY WOULDN'T HAVE WORKED, IT MIGHT WORK JUST FINE.
UH, IT JUST WASN'T WHAT WE WANTED TO DO WITH THE AREA TO THE AREA.
WELL, YOU ARE, UH, AWARE THAT THERE'S A HUGE APARTMENT COMPLEX THAT THIS RENTAL, UH, COMMUNITY WILL BE BUILT ADJACENT TO? CORRECT? I AM THE, THE PD THAT, THAT GOVERNS THIS PROPERTY, UH, ORIGINALLY INTENDED IT TO BE ANOTHER TAX CREDIT PROPERTY LIKE THAT ONE NEXT TO IT.
AND THEN DIAGONALLY, UH, NORTHWEST DIRECTLY ACROSS I 35.
THERE'S ANOTHER HUGE MULTIFAMILY COMMUNITY.
SO WE, WE DEFINITELY HAVE ENOUGH OF THOSE IN THE AREA.
UM, YOU GUYS MAY WANT TO CONSIDER, UH, SOMETHING SUCH AS AN AREA OF NOTIFICATION, WHICH WE WOULD DO ON THE PLANNING COMMISSION.
UH, SO THEREFORE PEOPLE WITHIN SAY, THREE, 500, UH, FEET FROM THE, UH, LOCATION IN A, UH, RADIUS, SO TO SPEAK, TO BE NOTIFIED, AND HOPEFULLY THEY CAN PASS THE, UH, THE MESSAGE ON TO OTHER MEMBERS, OR OF COURSE, IT'S JUST A GOOD OLD FASHIONED SHOE LEATHER AND GOING DOOR TO DOOR, LETTING PEOPLE KNOW.
BUT, UH, I'M GOING TO, UH, SUGGEST THAT WE HAVE A MEETING DATE THAT CAN BE VIRTUAL ALSO, UH, BUT ALSO, UH, UH, MAYBE ON SITE.
BUT I'M GONNA SUGGEST THAT AS A STARTING OFF, SO THAT, UM, WE CAN DISCUSS, UH, MANY OF THE CONCERNS AND HOPEFULLY GET ENOUGH FEEDBACK, UH, ON YOUR END AND MY END.
CAUSE I ALSO KNOCK ON DOORS AND TALK TO PEOPLE.
BUT, UH, JUST SO THAT, UH, WE CAN HAVE SOME, WHAT I'LL JUST CALL A BASELINE, UH, TO OPERATE FROM.
AND THEN I HAVE MORE QUESTIONS OF YOU GUYS.
AS I SAID, I DON'T REALLY WANT TO DO MY, MY HOMEWORK HERE AT THE TABLE.
SO I'VE GOT, UH, ALY OF QUESTIONS THAT I QUICKLY MADE UP, UH, THURSDAY NIGHT AND FRIDAY AFTERNOON,
AND THEN FROM THERE, I GOTTA GET TO MY PERSONAL LIFE CAUSE PLAYING A BASKETBALL ON TWO, AND THE WIFE WANTS MY ATTENTION AND GRANDKIDS.
AND SO FROM THERE, A, I STOPPED, BUT, UH, I DID, UH, QUICKLY REVIEW THE MOU, AND I ALSO HAVE SOME QUESTIONS, UH, ON THAT.
SO IF, UM, MR. STINSON, I'LL, I'LL DEFER TO YOU IN TERMS OF HOW YOU WANT TO PROCEED.
DO YOU WANT TO PROCEED, TAKE A VOTE AND APPROVE THIS PENDING THE CONVERSATION.
DO YOU WANT TO DELAY? NO, I'D LIKE TO PUT THIS UNDER ADVISEMENT.
MY TERM, WHICH I BROUGHT WITH ME MM-HMM.
BUT, UH, PUT THIS UNDER ADVISEMENT FOR AT LEAST 30 DAYS, WHICH WOULD BE THE NEXT, UH, MEETING DATE, I WOULD ASSUME HERE.
UH, SO THAT, THAT ALLOWS HOPEFULLY SOME TYPE OF, UH, TIME TO DISCUSS THIS AND, UH, BRING BACK, UH, UH, SOME INPUT TO, UH, THE BOARD, AND THEN OF COURSE, FOR A VOTE.
BUT I WILL SAY, UH, I DO HAVE CONCERNS AND AT PRESENT, UH, THIS DOES NOT AGREE, UH, WITH MY, UH, SENTIMENTS, SO TO SPEAK, MY OUTLOOK FOR THE NEIGHBORHOOD.
BUT WE'LL STILL TALK AGREEABLY.
IF THAT'S A MOTION, I'LL SECOND IT.
UH, SO I'D LIKE TO MAKE A MOTION THAT, UH, WE TABLE THIS, PUT THIS UNDER ADVISEMENT UNTIL, WHAT'S OUR NEXT MEETING DATE? IT WILL BE
[01:05:01]
MAY 24TH.MAY 24TH, 2022 AT, UH, 12:00 PM FOR OUR NEXT MEETING.
SECOND, A MOTION HAS BEEN MADE AND SECONDED TO TABLE THIS UNTIL THE NEXT MEETING.
DO WE NEED TO DO A RECORD VOTE FOR THIS? WE'VE DONE, I'M ASSUMING THERE'S NOT GONNA BE ANY, UH, PEOPLE AGAINST RIGHT?
THANK YOU SO MUCH FOR YOUR TIME.
KELLY, YOU SAID THE 24TH, RIGHT? 24TH, YEAH.
UM, MOVING ON TO THE NEXT AGENDA ITEM.
THIS IS APPROVAL OF, UH, OF THE OPENING OF THE DALLAS PUBLIC FACILITIES CORPORATION REQUEST FOR APPLICATIONS.
KYLE, I'LL UH, PASS THIS OVER TO YOU AND GIVE YOU AN OPPORTUNITY TO KIND OF EXPLAIN.
SO OUR BYLAWS, WHEN IT WAS IN, WHEN WE WERE INCORPORATED IN 2020, UH, THE BYLAWS SAID THAT WE ARE ONLY GONNA HAVE A THREE MONTH APPLICATION WINDOW TO RECEIVE APPLICATIONS ON AN ANNUAL BASIS.
THIS, UH, DOESN'T QUITE WORK FOR REAL ESTATE DEVELOPMENT BECAUSE PROJECTS COME ALONG OUTSIDE OF THREE MONTHS A YEAR.
SO WHAT I WOULD LIKE TO DO, AND THE PLAN GOING FORWARD, AND I'VE, I'VE GOTTEN INDICATION FROM COUNSEL THAT THEY'RE FINE WITH CHANGING OUR CORPORATION BYLAWS IS TO, IS TO MAKE IT A YEAR ROUND OPENING APPLICATION WINDOW.
BECAUSE IF, IF WE HAVE TO APPROVE EVERYTHING, COUNSEL HAS TO APPROVE EVERYTHING, WE SHOULD BE ABLE TO RECEIVE APPLICATIONS.
THERE'S NO REASON TO KIND OF LIMIT THAT.
SO IN LIEU OF BEING ABLE TO UPDATE ALL OF THE CORPORATION BYLAWS IN A TIMELY MANNER, UH, WE CAN JUST OPEN UP OUR NEW THREE MONTH WINDOW FOR THIS YEAR.
AND THEN, UH, WE'LL WORK ON THE CORPORATION BYLAWS, UH, ASSUMING THIS BOARD APPROVES OPENING A YEAR ROUND OPEN APPLICATION WINDOWS.
I DON'T EVEN, I, I DON'T TECHNICALLY KNOW THAT THIS REQUIRES BOARD ACTION, BUT I THINK I'D LOVE TO HAVE THE BOARD, UH, GIVE ME THE GO AHEAD AND, AND, AND VOTE, UH, IN, IN FAVOR OF OPENING UP OUR WINDOW ON MAY 1ST.
ANY AGREEMENT DISAGREEMENTS? QUESTION? YEAH.
UH, IS THAT, I'M ASSUMING THAT OTHER PFCS HAVE A YEAR-ROUND PROCESS AS WELL.
IT'S EITHER A YEAR-ROUND PROCESS OR THEY HAVE LIKE A MONTHLY OR MONTHLY R F P DEADLINE TO RECEIVE APPLICATIONS.
SO OUR, OUR NOTICE OF FUNDING AVAILABILITY, UH, APPLICATION IN THE HOUSING DEPARTMENT, WE MOVE FROM, UH, LIKE A ONCE A YEAR OR BI-ANNUAL RECEIPT OF, OF APPLICATIONS TO A JUST STANDING NOFA APPLICATION PROCESS.
AND IT'S BEEN VERY, VERY HELPFUL IN GETTING, UH, PROJECTS READY AND, AND UNDER REVIEW IN A MUCH MORE TIMELY MANNER.
SO THAT'S WHAT I WOULD RECOMMEND FOR US AS WELL.
I THINK OPENING UP ONE EVENTUALLY FROM A FINANCIAL PERSPECTIVE, I THINK MORE APPLICATIONS, MORE OPPORTUNITIES, THOSE THINGS, BUT ALSO I THINK JUST IT CREATES AN OPPORTUNITY FOR THE COMMUNICATION, UH, AND MAKING PEOPLE AWARE OF THAT OPENING.
IT MAKES IT MORE EFFICIENT FROM THAT PERSPECTIVE.
MOTION HAS BEEN MADE PROPERLY.
SECOND, UH, ANY DISCUSSIONS? ANY ADDITIONAL, WHAT'S THE MOTION TO OPEN IT? YES.
TO, TO OPEN THE APPLICATION PROCESS YEAR ROUND.
YOU, IT'S NOT, YOU'RE NOT MOTIONING TO, YOU'RE NOT ACTUALLY OPENING, THAT'S A BYLAW CHANGE.
THAT'S, THAT, THAT'S A DIFFERENT BYLAW CHANGE, WHICH IS GONNA BE ANNOYING TO WRITE UP BY, WE'LL GET IT, WE'LL GET IT TAKEN CARE.
THIS MOTION AUTHORIZES THE THREE MONTHS CHANGE IN THE, OKAY.
SO THE THREE MONTH STARTS ON MAY 1ST.
TILL AUGUST 1ST TO ACTUALLY GET THAT COMPLETED.
BUT YEAH, VICTOR'S RIGHT? THAT'S A CHANGE IN THE BYLAWS.
KYLE
ANY OPPOSED? ALL RIGHT, I HAVE IT.
THE NEXT ITEM THAT WE HAVE IS, IT'S REALLY, IT'S THE DISCUSSION APPROVAL OF THE RESOLUTION CREATING, I THINK WE CREATED AT THE LAST MEETING WE'RE DESIGNATING AT THIS MEETING.
SO THIS IS REALLY A DISCUSSION TO DESIGNATE BOARD MEMBERS TO THE THREE COMMITTEES.
NOW, I'M GONNA SAY THIS IN ADVANCE.
WELL, FIRST LEMME START BY SAYING ONE, UH, PUBLICLY THANK YOU TO, TO KEN FOR DOING SOME OF THE LEGWORK TO KIND OF GET THE RESOLUTION IN PLACE.
I REALLY APPRECIATE THAT, AND THE WORK THAT YOU'VE DONE TO GET US, UH, TO THIS POINT.
NOW, I WANNA PUBLICLY APOLOGIZE BECAUSE I DIDN'T GET A CHANCE TO REALLY TALK TO EVERYONE TO SEE IF YOU'RE OKAY
[01:10:01]
WITH SOME OF THE, WITH, UH, THE, THE, UH, THE RECOMMENDATIONS THAT I'M MAKING FOR THESE BOARDS.UH, I DO BELIEVE I DID A PRETTY GOOD JOB.
I'M, I'M USUALLY PRETTY GOOD ABOUT THIS KIND OF STUFF, BUT I SAY THAT TO SAY THIS IS ABSOLUTELY OPEN FOR DISCUSSION FROM CAPACITY, FROM A, I DON'T WANT TO PERSPECTIVE WHATEVER IT IS YOU ARE OPEN TO LET ME KNOW, UH, FROM THERE.
SO, UH, WHAT I WANNA DO IS REALLY JUST KIND OF START WITH THE, THE SCIENCE BEHIND GETTING HERE, AND THEN GO FROM THAT, JUST SO YOU ALL CAN UNDERSTAND WHAT I WAS THINKING AS I GOT TO THIS POINT.
SO I STARTED WITH, UH, REALLY THE SECTION TWO POINT 12 OF THE COMMITTEES.
IT SAYS, AND I BROKE THAT DOWN INTO REALLY THREE THINGS.
IT'S, IT'S REALLY THE COMMITTEE BREAKDOWN, COMMITTEE REQUIREMENTS AND COMMITTEE RESPONSIBILITIES.
SO FROM THE, UH, BREAKDOWN, IT SAYS, MAY DESIGNATE THREE OR MORE QUORUM MEANS, AND AGAIN, JUST ESTABLISHING KIND OF THE, THE, SOME OF THE, THE BOUNDARIES OF THESE COMMITTEES.
THE QUORUM IS A SIMPLE MAJORITY, WHICH MEANS IT'S, IT'S, UH, UM, YOU KNOW, MORE THAN HALF, MORE THAN HALF THERE.
IN THIS CASE, THERE'S, UH, 13 OF US.
SO WE CAN ALLOCATE UP TO SIX PEOPLE ON EACH ONE OF THESE COMMITTEES CURRENTLY HAVE FIVE.
UM, FROM THERE, UH, THE TITLES AND TERMS OF SOME OF THE OTHER THINGS I WENT THROUGH THAT SAYS THAT THE OFFICES OF THE CORPORATION, SECTION 3.1 SHALL BE, UM, A PRESIDENT, VICE PRESIDENT, SECRETARY.
OF COURSE, WE KNOW THAT THE PRESIDENT, MYSELF, VICE PRESIDENT KEITH, UH, PALM MCCAW, ALVIN SCOTT, AND THE TREASURERS, ALLEN TELLIS.
SO WHAT I DID FROM THERE, AGAIN, I'M SAYING ALL TO TELL YOU, I DON'T KNOW IF IT'S A REQUIREMENT TO, BUT I WENT AHEAD AND MADE ALL OF THE OFFICERS THE CHAIRS OF THE COMMITTEE.
IS THAT KIND OF MADE SENSE TO ME.
IF THERE ANYBODY WANTS TO DISCUSS THAT, I'M COMPLETELY OPEN TO IT, UH, FROM THERE.
SO, WITH THAT SAID, UM, I'LL START WITH THE FINANCE CHAIR.
THE FINANCE CHAIR IS GONNA BE ALLEN TALLIS, WHO'S CURRENTLY THE, UH, TREASURER FOR, UH, THE CORPORATION FOR THE GOVERNANCE, UH, COMMITTEE.
I HAVE KEITH PALM MCCALL, WHO'S THE CURRENTLY THE VICE CHAIR, UH, FROM THERE.
AND THEN FOR COMMUNITY OUTREACH, I HAVE VEENA SCOTT, WHO'S CURRENTLY THE SECRETARY.
UM, SO I WANNA STOP THERE AND ASK EACH OF YOU, ARE YOU OKAY WITH THOSE ASSIGNMENTS? I AM.
SO FROM THERE, THE NEXT THING I DID WAS I JUST KIND OF WENT THROUGH AND LOOKED AT, BASED ON SOME OF OUR INITIAL CONVERSATIONS THAT I'VE HAD, AGAIN, I DIDN'T GET A CHANCE TO CATCH UP WITH EVERYONE, SOME OF THE INITIAL CONVERSATIONS AND YOUR INTERESTS AND YOUR PASSIONS.
I TRIED TO ASSIGN YOU BASED ON THAT.
AND AGAIN, I HOPE YOU'RE OKAY WITH THAT.
SO I'LL START WITH THE GOVERNANCE COMMITTEE.
UM, WE SAID KEITH, UH, POAL WOULD BE CHAIR, KEN MONTGOMERY WOULD BE VICE CHAIR.
UH, THEN WE'D HAVE RONALD STINSON, MARY POS, AND RAUL REYES ON THE, UH, GOVERNANCE COMMITTEE.
IS EVERYONE OKAY WITH THAT? ANY OBJECTIONS? ALL RIGHT.
UH, AND THEN FOR THE COMMUNITY OUT REAL QUICK, YES.
WE'RE GOOD WITH FIVE, RIGHT? I'M TRYING TO THINK.
SO THE, THE QUORUM, SO THE, THE OTHER SECTION, I FORGET WHICH SECTION WAS, AND THE BYLAWS, WELL, RIGHT NOW WOULD BE SIX, I THINK.
IS THAT SEVEN? BECAUSE WE ADDED, ADDED KEVIN WINTER, WHO HASN'T SHOWED UP YET, BUT HE'S, HE IS, THAT FACE WAS ME DOING THE MATH WAY.
YEAH, SO THAT'S WHAT I WAS SAYING.
SO YOU CAN ADD UP TO SIX PEOPLE WITHOUT IT BEING A PROBLEM.
DAVID RUSSELL IS VICE CHAIR, UH, KEVIN WINTERS, MARK HOLMES, AND RAW REYES IS ON THERE.
LET ME BACK UP BECAUSE SOME OF YOU JUST SO I COULD HAVE A FIVE, I DON'T, AGAIN, THE, THE AUTHORITIES, THERE'S NOT A LOT.
I, I TRY TO DO AN ODD NUMBER CASE THAT NEEDS TO BE A VOTE OR THINGS LIKE THAT.
WITH THAT SAID, SO SOME OF YOU ALL ARE, UH, ON MORE THAN ONE COMMITTEE.
IF YOU DON'T WANT TO BE ON MORE THAN ONE COMMITTEE, PLEASE LET ME KNOW.
OR IF YOU WANT TO BE ON MORE THAN ONE COMMITTEE, BECAUSE WE ALL HAVE ABUNDANCE OF TIME, UM, LET ME KNOW.
UH, FROM THERE, SO THAT'S THE, THE COMMUNITY OUTREACH COMMITTEE THERE.
AND THEN THE FINANCE COMMITTEE IS ALLEN TALLIS IS THE CURRENT TREASURER.
MARK HOLMES IS VICE CHAIR SCOTT HOEL, VICTOR TOLEDO, AND MARY PAZ.
EVERYONE OKAY WITH THAT? OKAY.
AND, UM, FINANCE COMMITTEE IS, IS PRETTY MUCH KIND OF SELF-EXPLANATORY.
ALL THINGS DEALING WITH OUR BANKING ACCOUNTS AND THINGS LIKE THAT WILL COME THROUGH.
THE FINANCE COMMITTEE, FINANCE COMMITTEE WILL BRING IT TO THE, UH, UH, TO THE FULL BOARD.
[01:15:01]
COMMITTEE REALLY WANTED TO KIND OF, I KNOW THERE MAY HAVE BEEN SOME DISCUSSION ABOUT KIND OF WHAT THAT LOOKS LIKE FROM THERE.A LOT OF THAT, I DIDN'T WANT TO NECESSARILY KIND OF, I, I WANT TO GIVE US THE ABILITY TO KIND OF SHAPE WHAT THAT LOOKS LIKE FROM THERE.
BUT SOME OF THE THINGS THAT WE WANTED TO FOCUS ON IS GOVERNMENT'S COMMUNITY'S BASIC PURPOSE OF THE BOARD, ULTIMATELY ORGANIZATION AND REACHES FULL POTENTIAL.
SO PART OF THAT WOULD BE MAKING SURE THAT WE'RE, UH, STICKING TO OUR BYLAWS AND THINGS LIKE THAT AS IT RELATES TO THESE PROJECTS THAT COME FORWARD.
UM, OTHER THINGS WOULD BE JUST, UM, REVIEWING IS THIS CONSTITUTIONAL DOCUMENTS ORGANIZATIONS, IF THERE NEEDS TO BE ANY BYLAW CHANGES BASED ON ANY DECISIONS THAT WE'VE MADE, THINGS LIKE THAT.
AND ABOUT, UH, ADVISE ON HOW TO DEAL WITH, UH, POTENTIAL CONFLICTS AND JUST MONITORS, UH, BOARD STRUCTURE.
THE OTHER THING I WAS TRYING TO COMMUNICATE EARLIER, AND I THOUGHT, I THINK ONE OF OUR FIRST MEETINGS, KEN, YOU, YOU MADE A DISCUSSION ABOUT, WAS IT THE RENTER'S PROTECTION OR SOMETHING TO THAT EFFECT, JUST REVIEWING SOME OF OUR STANDARD LANGUAGE OR DOCUMENTATION AND SEEING IF THERE'S SOME DISCUSSIONS OR SOME TWEAKS WE WANNA MAKE TO THAT.
SO THAT'S REALLY WHAT THAT GOVERNANCE RESPONSIBILITY A COMMITTEE WOULD BE RESPONSIBLE FOR.
AND THIS IS NOT LIMITED TO JUSTICE, BUT THESE ARE JUST SOME EXAMPLES OF SOME THINGS I KIND OF WANT US TO KIND OF START TAKING A LOOK AT, UH, FROM THERE.
AND OBVIOUSLY FOR THE COMMUNITY OUTREACH PIECE, THIS BIG DISCUSSION ABOUT, YOU KNOW, WHAT THAT LOOKS LIKE.
HOW ARE WE COMMUNICATING TO THE, OR HOW ARE THE DEVELOPERS COMMUNICATING TO THE NEIGHBORHOODS ABOUT THESE UPCOMING PROJECTS? HOW ARE WE, UH, MARKETING OR STAFF MARKETING, THE APPLICATION PROCESS TO THE DEVELOPERS AND THINGS LIKE THAT.
AND JUST BRINGING MORE AWARENESS TO, UH, THE PUBLIC FACILITIES, CORPORATIONS, AND OUR RESPONSIBILITIES.
SO THOSE ARE THE THREE COMMITTEES, AND THOSE ARE THE ASSIGNMENTS THERE.
AND ANY QUESTIONS, I'D BE HAPPY TO DEFER HAND TO BE, UH, CHAIRMAN OF THAT COMMITTEE.
I THINK IT MIGHT BE, UH, GOOD TO HAVE AN ATTORNEY AS CHAIRMAN OF THE GOVERNANCE.
AND, AND IF YOU, IF YOU'RE OKAY WITH THAT, IF YOU HAVE INTEREST IS DEFINITELY THERE.
BUT, UH, I THINK IT'D BE HELPFUL TO HAVE AN ATTORNEY IN CHARGE.
AND, AND I, AND, AND, AND, AND TO BE QUITE HONEST, THANK YOU FOR THAT.
THAT WAS MY ORIGINAL RECOMMENDATION, BUT I WANTED TO KIND OF STAY CONSISTENT WITH ENGAGING THE OFFICER.
SO IF YOU'RE OKAY WITH THAT, I CAN SWITCH THOSE ROLES.
YOU SAID DO WE NEED TO, WE DON'T NEED TO TAKE A VOTE FOR THIS.
UH, JIM, ARE YOU ON, DO THEY NEED TO VOTE AND APPROVE THESE NAMES OR DO WE JUST KIND OF NO, THEY ACTUALLY, THEY, THEY, THEY NEED TO PASS A RESOLUTION APPOINTING THOSE PEOPLE.
SO WE, WE DO NEED TO, WE DO HAVE THE, THE RESOLUTION OR WHATEVER THAT WE'LL ADD THE NAMES TO.
BASED ON THE VOTE HERE, I THINK THE ONE THAT'LL BE SWAPPED IS, IS KEN SERVING AS THE CHAIR OF THE GOVERNANCE? RIGHT? YEP.
WITH THAT, SID, UH, I'LL ACCEPT THE MOTION TO ACCEPT.
SO MOVE, THANK SECOND MOTION HAS BEEN MADE PROPERLY.
SECOND, ANY DISCUSSION QUESTIONS? ALL IN FAVOR SAY AYE.
THANK YOU FOR YOUR GRACE, YOUR PATIENCE AND FLEXIBILITY.
QUICK QUESTION, JUST QUICK QUESTION OF, UH, STAFF.
YOUR PERSONAL SKILLSET, MR. HINES, COULD YOU ALL, UH, UH, UH, AARON ASKED FOR, UH, A PHONE NUMBER.
SO COULD YOU ALL, UH, JUST, YOU KNOW, HAVE SOME TYPE OF, UH, BOARD CONTACT.
IN OTHER WORDS, HAVE OUR PHONE NUMBERS AND OUR EMAIL ADDRESSES FOR US TOO? YOU GUYS WANT IT CIRCULATED AMONGST EACH OTHER? IS THAT OKAY, TOM? YEAH.
I MEAN, HAVE SOMETHING NOT ONLY FOR YOU TO CONTACT US, AS LONG AS YOU'RE NOT ALL EMAILING EACH OTHER ON ONE LIST, THAT WOULD BE GREAT.
BUT IF THAT'S, IF I WANTED TO CONTACT SOMEBODY, THEY WANTED TO CONTACT ME ON SOMETHING.
JUST SEND, YEAH, JUST SEND ME AN EMAIL.
I'M GONNA PUT TOGETHER EXCEL SHEET.
YOU GUYS WILL ALL HAVE THE CONTACT INFO AND, UH, HEY, AND I'LL, I'LL EVEN MAKE SURE, AND THE BIOS TOO, IF YOU HAVE THEM.
I, UM, WELL THE LAST THING ON THIS AGENDA IS JUST FUTURE ITEMS TO BE AWARE OF.
WE HAVE, UH, POTENTIAL FOR CORPORATION TRANSACTIONS, UH, IS PRESIDIUM THREAD, ALPHA ROAD, UM, WITH A T B D ON THE TERMS OF A DATE THERE.
AND THEN POTENTIAL CHANGES TO THE CORPORATION BYLAWS, UH, AGAIN, IS WHAT WE JUST TALKED ABOUT.
SO WITH THAT, I'LL, UH, WE DON'T NEED TO TAKE A MOTION.
I'M GOING TO ADJOURN THIS MEETING AT 1:22 PM DO I HAVE A WONDERFUL DAY?
[01:20:03]
OKAY, BUD.HEY, THIS IS JUST, UH, FOR US NOW, RIGHT? NOT PUBLIC.