[South Dallas Fair Park Opportunity Fund Board Meeting on April 24, 2023.]
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I WILL NOW CALL THIS MEETING IN THE SOUTH DALLAS FAIR PARK OPPORTUNITY FUND BOARD TO ORDER.
IT IS MONDAY, APRIL 24TH, AND THE TIME IS 6 0 7.
MS. REGINA, WILL YOU START US OFF WITH A ROLL CALL, PLEASE? YES, SIR.
DAMON LEVINE ACTUALLY SAID HE WOULD BE HERE TOO.
PRESENT GARY ATTA COOKS ABSENT.
ARE YOU MUTED, SIR? MR. HUGHES, ARE YOU MUTED? I CAN'T HEAR YOU, TRENT.
TRENT, CAN WE HEAR YOU NOW? PUT SOMETHING IN THE CHAT.
IT, IT LOOKS LIKE HE'S TRYING DIFFERENT OPTIONS.
SO THE PROBLEM IS GONNA BE IF YOU HAVE SOMETHING TO SAY, YOU GUESS YOU CAN JUST PUT IT IN THE CHAT, OKAY? OKAY.
AGENDA ITEM NUMBER THREE, APPROVAL OF MINUTES.
UH, EVERYBODY SHOULD HAVE RECEIVED THE MINUTES FROM THE LAST MEETING.
UH, IF THERE ARE NO CORRECTIONS AND OBJECTIONS, DO WE HAVE A MOTION TO APPROVE? I'LL MAKE THE MOTION SECOND.
MR. NAFE, UH, I HEARD WHO'S, WHO'S THE SECOND? KIMBERLY SIMS. MS. SIMS SECOND.
ANY OPPOSED? MINUTES APPROVED.
UH, MS. REGINA, DO WE HAVE ANYBODY SIGNED UP FOR PUBLIC COMMENT THIS EVENING? WE DO.
UH, MS. FARRELL FELLOWS WILL BE SPEAKING AS, AS AN UPDATE FOR THE M L K PROJECT.
THANK YOU VERY MUCH, MS. REGINA, DID YOU WANNA TEE THAT UP? UH, JUST IN TERMS OF JUST REMINDING EVERYBODY, UH, OF, UM, MS. FARRELL, UH, FELLOWS AND HER KINGDOM LEGACY PROJECT? I DO.
JESSIE, WOULD YOU PULL UP THE SLIDES FOR ME PLEASE, SIR? SO, JUST TO REMIND EVERYONE, THIS WAS APPROVED LAST YEAR, I BELIEVE, MAY OR JUNE BY THIS BOARD.
AND THIS IS THE KINGDOM LEGACY UPDATE.
IF YOU RECALL, THIS WAS THE FORMER DALLAS WEEKLY BUILDING 31 0 1 ORIGINAL AND 31 0 1 MLK REIMAGINED BY MS. FELLS.
SO UPDATE ON THE FUNDING ON THE SOUTH DALLAS FAIR PARK OPPORTUNITY FUND APPROVED A 3 50, 300
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50,000 REPAYABLE LOAN WITH A 24 YEAR, 25 YEAR NOTE.THIS IS NOT, THE SLIDE SHOW IS NOT MOVING ON OUR, ON THE WEBSITE ONLINE.
I'M STILL ON PAGE TWO FOR THE SLIDESHOW.
SO OWNER PHARAOH FELLOWS, THE PROJECT DESCRIPTION, UH, THE PROPERTY'S 5,063 SQUARE FEET.
AS I SAID, IT FORMERLY HOUSED THE DALLAS WEEKLY NEWS PUBLICATION.
UM, THEY WERE LOCATED THERE FOR MANY, MANY YEARS AT M L K AND METAL STREET.
THE REIMAGINED BUILDING IS GOING TO BE A WELLNESS COMPLEX.
IT'S GONNA PROVIDE A FITNESS CENTER FOR THE COMMUNITY, UM, WELLNESS OPTIONS FOR FITNESS AND A HEALTHY FOOD RESTAURANT AS WELL AS OFFICE SPACE.
AND THE BUILDING WILL GO FROM BEING THE ONE STORY THAT WE ALL KNEW AND LOVE FOREVER, UH, TO A TWO STORY BUILDING, UH, WITH OPEN AIRSPACE ON THE SECOND FLOOR.
ARE THERE ANY QUESTIONS ABOUT THE UPDATE AND WHERE WE ARE? IS EVERYBODY REMEMBERING THIS? IS THIS JOGGING EVERYBODY'S MEMORY? YES.
I'M VERY LOOKING FORWARD TO THIS.
I FOLLOWED THIS PROJECT CLOSELY AND, UM, LOOKING FORWARD TO HEARING MORE SUCH.
ARE THERE ANY OTHER COMMENTS OR QUESTIONS? UH, WELL, WE'LL HOLD QUESTIONS.
UH, WE'RE ABOUT TO GET AN UPDATE FROM MS. FELLOWS HERSELF.
SHE IS HERE, PRESENT WITH US, UH, THIS EVENING.
AND, UH, YOU KNOW, WANNA THANK MS. FELLOWS FOR COMING IN AND, AND PROVIDING AN UPDATE FOR US.
UM, IT'S, I KNOW THE FIRST TIME AROUND YOU WEREN'T ABLE TO COME IN AND, AND, AND VISIT WITH THE BOARD IN PERSON, SO, UH, I THINK WE'RE ALL EXCITED TO HEAR ABOUT THE PROJECT AND THE PROGRESS THAT YOU GUYS HAVE MADE.
AND, UH, WITH THAT, I'LL TURN IT OVER TO YOU, UH, TO HAVE THE FLOOR AND THEN WE'LL HOLD QUESTIONS EVERYBODY, UH, UNTIL, UH, MS. FELLOWS HAS COMPLETED, UH, HER PRESENTATION.
I'M FARRELL FELLOWS, THE MANAGING BROKER AND DEVELOPER FOR KINGDOM LEGACY COMPANY.
AND I DID WANNA MAKE A IMMEDIATE CORRECTION.
I AM NOT THE SOLE OWNER OF THE BUILDING.
I AM THE SPONSOR AND ONE OF THE OWNERS.
THIS PROJECT IS CO-OWNED BY 11 CITY OF DALLAS RESIDENCE, MANY OF WHO LIVE IN THE SOUTH DALLAS COMMUNITY OR WORK IN THE COMMUNITY.
UM, MY COMPANY HAS A MODEL WHERE WE WOULD LIKE TO OPEN ECONOMIC DEVELOPMENT OPPORTUNITIES TO COMMUNITY MEMBERS, AND THIS PROJECT WAS THE FIRST PROJECT THAT I WAS ABLE TO DO THAT, AND I'M VERY PROUD OF THAT.
UM, I WANTED TO GIVE YOU AN UPDATE ON THE TIMELINE AND ANSWER ANY QUESTIONS THAT YOU ALL MAY HAVE ABOUT THIS PROJECT.
THE ORIGINAL DEVELOPMENT SCHEDULE STARTED IN QUARTER TWO OF 2021, WHERE WE PLANNED THE PROJECT AND WERE ABLE TO CLOSE ON THE ACQUISITION OF THE PROPERTY IN DECEMBER OF 2021.
WE COMPLETED OUR CONSTRUCTION AND DESIGN PLANNING BY THE END OF 2021.
PRIOR TO CLOSING AND INITIATED OUR INITIAL ZONING APPLICATION FOR THE PARKING LOT, WE WERE ABLE TO SECURE A PARKING AGREEMENT FROM A NEIGHBORING PROPERTY, WHICH, UH, REMOVED THE REQUIREMENT FOR US TO REZONE THE PROPERTY BEHIND US IMMEDIATELY INTO A PARKING LOT.
WE APPLIED FOR THE FUNDING FOR CONSTRUCTION THROUGH THE CITY OF DALLAS ECONOMIC DEVELOPMENT OFFICE, AND WERE LATER TRANSFERRED TO THE SMALL BUSINESS CENTER.
I THINK THERE WAS SOME INTERNAL TRANSITION, AND SO OUR INITIAL QUOTED DATE OF GOING TO COUNCIL WAS FEBRUARY OF 2022.
HOWEVER, WE WERE NOT, UH, APPROVED UNTIL JUNE OF 2022.
BUT WE ARE THANKFUL AND GRATEFUL THAT WE WERE APPROVED.
THE PROJECT WAS FUNDED IN DECEMBER OF 2022, AND WE HAVE CONTINUOUSLY MOVED FORWARD WITH OUR PROJECT SCHEDULE SINCE THE DATE OF FUNDING.
BETWEEN DECEMBER OF 2021 AND DECEMBER OF 2022, WE HELD THE BUILDING FOR AN EXTENDED PERIOD OF TIME THAT WE HAD NOT ORIGINALLY ALLOTTED FOR.
UM, I THINK THAT WE WERE ALL LEARNING AS THIS BOARD WAS BEING BROUGHT BACK TOGETHER, WHAT THE NEW PROCESSING PLAN WOULD BE TO BRING PROJECTS
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THROUGH THE PIPELINE.AND WE WERE VERY, UM, FLEXIBLE AS WE LEARNED.
AND THE DEADLINES WERE UPDATED SINCE JANUARY OF 2023.
WE HAVE WORKED WITH OUR TENANTS WHO SIGNED LOIS WITH US BACK IN 2021, AND WE'RE VERY PROUD THAT WE WERE ABLE TO RETAIN OUR TENANT BASE FOR A TWO YEAR PERIOD.
WE ALSO, UM, WERE ABLE TO SIGN OR WORK WITH A NEW GENERAL CONTRACTOR, AND WE'RE CURRENTLY IN THE PROCESS OF SIGNING AN AGREEMENT WITH THAT GENERAL CONTRACTOR.
THE CURRENT PROJECT STATUS IS THAT WE HAVE MAINTAINED OPERATIONS SINCE DECEMBER, 2021.
BECAUSE THE PROPERTY HAS A DE RESTRICTION, IT HAS A USE RESTRICTION.
WE WERE NOT ABLE TO LEASE THE BUILDING, EVEN THOUGH IN THE INTERIM, WHILE THE BUILDING ISN'T BEING USED FOR OUR INTENDED PURPOSE, THE USE RE RESTRICTION WILL NOT ALLOW US TO RENT THE BUILDING.
SO THE BUILDING IS BEING HELD VACANT.
WE HAVE DEMOED THE INTERIOR OF THE BUILDING AND THROUGH THE DEMOLITION PROCESS, IDENTIFIED UNDISCLOSED TERMITE DAMAGE IN THE STRUCTURAL WALLS THAT HAS BEEN THERE FOR MANY YEARS.
BUT WE'VE INHERITED THAT PROBLEM.
HOWEVER, WE'VE ADJUSTED, AND AS A RESULT, WE'VE WORKED WITH A STRUCTURAL ENGINEER TO BE ABLE TO IDENTIFY WHICH STRUCTURAL WALLS NEED TO BE REPLACED.
WE ALSO HAVE GONE THROUGH THE M E P PLANNING PROCESS AND ARE IN THE PROCESS OF FINALIZING OUR DRAWINGS WITH OUR TENANTS SO THAT WE CAN SUBMIT THEM TO THE PERMIT OFFICE.
WE ALSO EXPERIENCED SOME CHALLENGES DURING OUR TIME HOLDING THE BUILDING, UM, AND I DON'T KNOW HOW MUCH DEPTH WE SHOULD GO INTO THOSE CHALLENGES, BUT ONE BEING ALL OF THE ELECTRICAL WIRING AND COPPER WAS STOLEN FROM THE BUILDING DURING THE PERIOD OF VACANCY.
AND AS A RESULT, WE HAVE HAD TO REDESIGN OUR ELECTRICAL PLAN.
ADDITIONALLY, ENCORE HAS A MATERIAL SHORTAGE FOR NEW METERS AND HAS A 30 WEEK BACKLOG, WHICH WE ARE WORKING THROUGH.
WE HAVE REDESIGNED OUR ELECTRICAL PLAN FROM INITIALLY DIVIDING THE BUILDING INTO THREE METERS AND THREE SUB PANELS SO THAT WE CAN PROVIDE SEPARATE ELECTRICITY TO OUR TENANTS.
WE WILL NOW HOUSE THEM UNDER ONE ELECTRICAL METER TO SHORTEN OUR TIMEFRAME, AND WE'RE MAKING THAT ADJUSTMENT.
SO, BECAUSE WE KNOW HOW EXCITING AND HOW MUCH ANTICIPATION THERE IS FOR THIS PROJECT, WE DON'T WANNA DELAY IT ANY LONGER.
ADDITIONALLY, WE HAVE FRAMED THE INTERIOR WALLS AND WE ARE READY TO PROCEED WITH SUBMITTING FOR PERMIT APPROVAL FOR THE FRAMING, AND THEN MOVE FORWARD INTO ELECTRICAL.
AND IF THERE ARE ANY QUESTIONS, I'D BE HAPPY TO ANSWER THEN THANK YOU VERY MUCH, MS. FELLOWS.
UH, JESSICA, CAN WE SWITCH OUT OF PRESENTATION MODE SO THAT EVERYBODY WE CAN SEE? EVERYBODY PLEASE.
UH, I WILL NOW GO AHEAD AND OPEN IT UP TO ANY QUESTIONS THAT THE BOARD HAS FOR MS. FELLOWS, IF THERE ARE ANY.
MS. PEEVY, UH, LESS OF A QUESTION, MORE JUST OF A COMMENT.
UM, JUST, YOU KNOW, I'VE WATCHED YOUR, YOUR MISSION, YOUR WORK, AND WITH, WITH ALL AND APPRECIATION FOR WHAT YOU'RE BRINGING TO THIS COMMUNITY.
AND I'M SO SORRY TO HEAR THAT THAT DELAY, YOU KNOW, HAD ALL OF THOSE UNINTENDED CONSEQUENCES.
AND, YOU KNOW, I WASN'T A PART OF THE BOARD AT THE TIME, BUT I KNOW THAT, YOU KNOW, WE'VE WORKED TO TRY AND GET A LOT OF THOSE THINGS WORKED OUT, BUT I JUST, YOU KNOW, I JUST WANT TO SEND, YOU KNOW, OUR APPRECIATION FOR EVERYTHING THAT YOU'RE CONTINUING TO DO IN THE COMMUNITY.
ARE THERE ANY OTHER QUESTIONS OR COMMENTS? ARE THERE ANY OTHER QUESTIONS OR COMMENTS? IF SO, JUST RAISE YOUR HAND.
UH, MR. MARQUEZ? YES, YOU HAVE THE FLOOR.
THIS IS, UH, CHRISTIAN MARQUEZ, UH, REPRESENTING DISTRICT SIX.
MY QUESTION FOR YOU IS, UM, CAN YOU, CAN YOU GIVE US SOME OF, I KNOW YOU MENTIONED SOME OF THE ACHES YOU GUYS ARE HAVING THE PROJECT.
DO WE HAVE A TIMELINE OF WHEN THIS IS COMPLETED? UNFORTUNATELY, I WASN'T IN THE BOARD WHEN, UM, THEY APPROVED THIS, BUT I'M EXCITED TO HEAR ABOUT ALL YOU GUYS ARE DOING, AND SORRY TO HEAR ABOUT YOUR, UM, YOU KNOW, DILEMMAS FOR THE LAST COUPLE OF MONTHS.
I HEARD PART OF YOUR QUESTION.
COULD YOU REPEAT THAT? HOW, HOW'S IT GOING WITH THE, THE PROCESS OF THE, OF THE BUILDING, OF THE CONTRACT? I KNOW YOU GUYS JUST MENTIONED YOU GUYS GOT A NEW GC.
SO WAS THAT JUST BECAUSE YOU GUYS WERE WAITING
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TO HIRE GC OR DO YOU GUYS HAVE TO SWITCH FROM ONE TO ANOTHER? AND SO HOW'S THE TIMELINE OF, OF BEING COMPLETED EVEN THOUGH, YOU KNOW, WE'VE HAD SOME DILEMMAS.UH, WE SWITCHED GCS BECAUSE THE INITIAL GENERAL CONTRACTOR THAT WE HAD, I DETERMINED, DID NOT HAVE THE CAPACITY TO WORK ON DUAL PROJECTS AT THE SAME TIME THEY WERE HIRED OR ENGAGED TO DO ANOTHER PROJECT FOR US THAT THEY ARE STILL COMPLETING.
AND BECAUSE OF THE TIMELINE OF THIS PROJECT, I NEED TO RUN THOSE PROJECTS CONCURRENTLY.
AND AFTER INTERVIEWING MULTIPLE GENERAL CONTRACTORS, IT HAS BEEN VERY DIFFICULT TO FIND ONES THAT WOULD FIT WITHIN A BUDGET FROM 2021 WHEN INTEREST RATES AND MATERIAL PRICES AND LABOR HAS ALL INCREASED OVER THAT PERIOD.
HOWEVER, I HAVE IDENTIFIED A GENERAL CONTRACTOR THAT IS HIGHLY, UM, SUPPORTED BY NEIGHBORS WHO HAVE USED THEM.
AND I'VE, I'VE IDENTIFIED THAT THEIR WORK IS UP TO THE QUALITY AND STANDARD THAT WE NEED FOR A PROJECT OF THIS KIND.
AND THEY ALSO ARE, UM, A CITIZEN OF THE UNITED STATES BECAUSE THAT IS ALSO SOMETHING THAT HAS ELIMINATED OTHER, UH, CONTRACTORS THAT WANTED TO BID ON THE PROJECT.
SO FINDING SKILLED LABOR FOR COMMERCIAL CONSTRUCTION THAT IS WITHIN OUR BUDGET HAS BEEN A CHALLENGE, BUT WE'RE EXCITED THAT WE HAVE FOUND THAT PARTNER AND WE ARE READY TO MOVE FORWARD.
THAT ANSWER YOUR QUESTION, MR. MARQUEZ? YES.
MS. PEEVE, DO YOU HAVE ANOTHER QUESTION? DO I SEE YOUR HAND? YES.
GO AHEAD ON MR. MARQUEZ, FOLLOWING UP ON MR. MARQUEZ'S QUESTION.
UM, AND MAYBE YOU HAD SAID THIS, I, I TRIED TO TAKE DETAILED NOTES, BUT DO YOU HAVE A VAGUE DATE WHERE YOU'RE HOPING TO OPEN? I KNOW YOU'RE LIKE, I WISH
UM, OUR GC HAS QUOTED US EIGHT MONTHS, BUT I HOPE TO BE OPEN BY NOVEMBER OF 2023.
DO WE HAVE ANY OTHER QUESTIONS FROM THE FOLKS ONLINE? OKAY, MS. FELLOWS, I HAVE A COUPLE OF QUICK QUESTIONS FOR YOU.
FIRST OF ALL, YOU KNOW, I JUST WANNA REITERATE HOW EXCITED WE ALL ARE ABOUT THE PROJECT AND, AND, AND GETTING IT LAUNCHED AND GETTING IT GOING.
SO THE ORIGINAL USE OF THE BUILDING WAS FOR OFFICE USE.
HOWEVER, WHEN WE SIGNED OUR, UH, AGREEMENT, OUR LOAN AND GRANT AGREEMENT WITH THE CITY OF DALLAS, THERE WAS A USE RESTRICTION THAT IT NOW HAS TO BE USED FOR THE PURPOSES THAT WERE OUTLINED IN OUR AGREEMENT TO HAVE A FITNESS CENTER, A RESTAURANT AND OFFICE SPACE.
AND THOSE ARE THE THREE ALLOWABLE USES.
SO WITH THAT BEING SAID, WE WENT FORWARD WITH DEMOING THE INTERIOR STRUCTURE AND NOT TRYING TO LEASE THE BUILDING.
UM, THROUGHOUT THE WAITING PERIOD THAT WE WAITED TO BEGIN CONSTRUCTION, WE HAVE HAD SEVERAL COMPANIES REACH OUT TO US BECAUSE THERE IS A LACK OF OFFICE SPACE IN THAT COMMUNITY.
HOWEVER, WE ARE FOCUSED ON OUR VISION AND MOVING FORWARD WITH THAT.
MR. CHAIR, I'D LIKE TO, UH, JOYCE PLANS, UH, SMALL BUSINESS CENTER, JUST TO MAKE SOME QUICK CLARIFICATIONS OF THAT.
LEGALLY, THE D RESTRICTIONS ARE HELD BY US BASED ON THE FUNDING THAT WE APPROVED AS THE SECOND LIEN HOLDER.
AND, UM, FOR, BECAUSE OF THE FACT THAT WE APPROVED PUBLIC FUNDS, UH, BASED ON WHAT WAS PRESENTED, THEN THOSE D RESTRICTIONS ARE PART OF, UH, THE CAPACITY IN THE, UH, LEGAL USE OF THE BUILDING SPACE THAT WE COULD DO.
SO THOSE D RESTRICTIONS ARE PUT INTO THE CONTRACT BY US.
DIRECTOR WILLIAMS. UM, AND MS. FELLOWS, CAN YOU, UH, TALK TO US A LITTLE BIT ABOUT THE TENANTS THAT YOU HAVE, HAVE SIGNED OR, OR YOU GOT TEED UP TO BE IN THE BUILDING? YES.
SO WE CURRENTLY HAVE A FITNESS CENTER THAT IS GOING TO BE OPERATED BY TWO LOCAL RESIDENTS OF SOUTH DALLAS.
AND THEIR PLAN IS TO FOCUS ON YOUTH DEVELOPMENT AND MENTORSHIP, AND ALSO PROVIDING ACCESS FOR SENIOR CITIZENS WHO HAVE DISCOUNTED FITNESS OPPORTUNITIES AND TRAINING PROGRAMS. WE HAVE ALSO MET WITH, UH, BAYLOR'S COALITION AGAINST HUNGER
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AND POVERTY, UM, THE AMERICAN HEART ASSOCIATION, PARKLAND AND BAYLOR SCOTT AND WHITE.AND THEY ARE ALL INTERESTED IN INVESTING THEIR RESOURCES AND, AND, UH, AND ALLOWING US TO UTILIZE THEIR EVIDENCE-BASED PROGRAMS TO PROVIDE ADDITIONAL HEALTH AND WELLNESS RESOURCES VIA THAT FITNESS CENTER.
SECONDLY, THERE IS A RESTAURANT THAT WILL BE CALLED KINGDOM SANDWICH THAT WILL EMPHASIZE SANDWICHES, SMOOTHIES, SOUPS, SALADS, AND OTHER HEALTHY, UM, LUNCH AND DINNER OPTIONS THAT ARE, UM, SOMEWHAT ABSENT IN THIS COMMUNITY.
AND THEN FINALLY, OUR THIRD SUITE, THIS IS A CHANGE THAT WE HAVE NOT DISCUSSED, BUT, UM, BECAUSE OF THE DURATION OF TIME, ONE OF OUR TENANTS NO LONGER NEEDED THEIR SPACE, BUT WE WERE ABLE TO SECURE ANOTHER LETTER OF AGREEMENT FROM A COFFEE SHOP, UM, WHICH IS A MENTAL HEALTH BASED COFFEE SHOP.
AND WE'RE VERY EXCITED THAT WE'LL BE ABLE TO BRING COFFEE TO THE COMMUNITY BECAUSE THAT IS SOMETHING THAT IS, UM, THAT I LOVE AND THAT I WILL BE ENJOYING WHEN IT OPENS.
THANK YOU SO MUCH FOR THE UPDATE.
UM, DO WE HAVE ANY OTHER QUESTIONS FROM THE BOARD OR ANYONE ONLINE REGARDING THE KINGDOM LEGACY PROJECT? I'M SORRY, I, MS. P, MISS PBE, DO I SEE YOU AGAIN? I'M JUST, YES, THAT'S MY, THAT'S MY HAND NOW.
I, I WOULD JUST, I JUST WANTED TO SAY THE COFFEE SHOP AND MENTAL HEALTH SPACE SOUNDS AMAZING, UM, AND WONDERFUL ADDITION.
UM, SO REALLY LOOKING FORWARD TO SEEING THAT.
THANK YOU VERY MUCH, MR. CHAIR.
I'D LIKE TO MAKE CLARIFICATION ON ONE THING.
UM, UM, JUST SO THAT THE BOARD KNOWS THAT, UM, MS. FELLOW'S GROUP HAS LOOKED AT NOT ONLY DEVELOPMENT, UH, OF THIS PROPERTY, BUT ALSO THE OPPORTUNITY TO LOOK AT DEVELOPING, UH, WORKFORCE OR, UH, HOUSING, AFFORDABLE HOUSING ALSO WITHIN THAT AREA THAT IS, UH, WALKING DISTANCE FROM THE, FROM THIS DEVELOPMENT.
SO WE ARE VERY HAPPY THAT SHE WILL BE WORKING NOT ONLY ON THAT PROJECT, BUT POSSIBLE PROJECTS WITH DEPARTMENT OF HOUSING FOR THE CITY OF DALLAS.
AND SO WE LOOK FORWARD TO CONTINUING TO WORK WITH HER.
UH, AS YOU CAN SEE THAT SHE IS VERY COMMITTED TO THE SOUTH DALLAS COMMUNITY, NOT ONLY BECAUSE OF HER HISTORY AND HER PARENTS AND ALL OF THOSE COMMITMENTS THAT THEY'VE DONE IN THIS COMMUNITY, BUT ALSO BECAUSE SHE LIVES THERE.
SO WHEN SHE SAID THAT SHE HAD 11 OWNERS, I NEEDED TO BE ABLE TO CLARIFY THAT FOR THIS BOARD SO THEY CAN UNDERSTAND BASED ON HER COMMITMENT AND HER VISION OF WHAT SHE SEES AS PART OF WHAT SHE WANTS TO DO AND BEGIN HER OWN LEGACY WITHIN THE SOUTH DALLAS FAIR PARK AREA AND ALSO WITHIN SOUTHERN DALLAS, SHE IS STARTING A NEW WAVE OF WHAT I CALL COOPERATIVE BUSINESS AND OWNERSHIP.
HOWEVER, LEGALLY THAT THE PROPERTY, THE FIRST LIEN AND SECOND LIE IS OWNED BY KINGDOM LEGACY HOLDINGS IS THE HOLDING.
UH, SO THE 11 OWNERS THAT SHE WAS TALKING ABOUT IS THE OWNERS WHO COMMITTED TO, UH, HELP SPONSOR, AND I WOULDN'T SAY HELP, BUT THAT COMMITTED TO EQUITY OF THE PROJECT.
SHE BROUGHT HER OWN EQUITY, BUT BECAUSE OF HER LEGACY THAT SHE WANTS TO BUILD FOR COOPERATIVE BUSINESS AND OWNERSHIP, SHE ALLOWED 11 OTHER PEOPLE TO ALSO INVEST IN THAT PART OF THE EQUITY.
BUT I JUST WANTED TO CLEAR UP THAT YOUR APPROVAL OF THIS PROJECT AND APPROVAL OF THE PROPERTY IS ACTUALLY FOR DEVELOPMENT PURPOSES, IS OWNED BY HER DEVELOPMENT COMPANY AS A SINGLE OWNER.
BUT I DO APPRECIATE HER FACT OF BEING ABLE TO MAKE SURE THAT SHE IS STANDING WITH THAT COMMITMENT PUBLICLY WHENEVER SHE'S TALKING ABOUT HER DEVELOPMENT IS THAT SHE IS IN STANDING, UH, WITH THOSE 11 OTHER PEOPLE.
IT'S KIND OF LIKE THE VERIZON, I BRING THE NETWORK WITH ME.
AND SO SHE'S JUST TRYING TO SHOW THAT EMPOWERMENT THAT SHE HAS THAT COMMITMENT OF EQUITY FROM THE COMMUNITY AS WELL.
SO I JUST WANTED TO CLEAR THAT UP BECAUSE SOME OF YOU MAY HAVE BEEN LISTENING AND SAY 11 OWNERS, WE DON'T REMEMBER 11 OWNERS.
AND, UM, BUT I, I WANTED TO MAKE SURE THAT THAT CLARITY WAS THERE AND I DO APPRECIATE THAT COMMITMENT.
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YOU FOR THAT DIRECTOR WILLIAMS. AND JUST TO, UM, JUST TO SUMMARIZE WHAT DIRECTOR WILLIAMS SAID, UH, FIRST AND SECOND LIEN IS HELD BY MS. FARROW, MS. FELLOWS AND KINGDOM LEGACY.HOWEVER, SHE DOES HAVE OTHER EQUITY INVESTORS IN THE PROJECT WHO ARE BASICALLY, SHE'S THE GP, SHE'S GONNA BE RUNNING WITH THE PROJECT AND DEVELOPING THE PROJECT.
SHE'S GOT 10 OTHER LPS, BASICALLY MM-HMM.
WHO ARE ALL MINORITY PART EQUITY OWNERS IN THE PROJECT WHO WILL BE ABLE TO TAKE ADVANTAGE OF, UH, ANY APPRECIATION OR ANY INCOME THAT GETS KICKED OFF FROM THIS PROJECT ONCE IT GETS UP AND RUNNING.
AND THEN IT ALSO GIVES THEM OWNERSHIP IN SOMETHING IN THEIR COMMUNITY AS WELL.
SO, UH, JUST TO SUMMARIZE, SO DOES ANYBODY HAVE ANY QUESTIONS ABOUT THAT? ALL RIGHT, WELL THANK YOU VERY MUCH MS. FELLOWS FOR, UH, COMING IN THIS EVENING.
WE APPRECIATE YOUR TIME VERY MUCH.
WE WILL MOVE ON TO THE NEXT AGENDA ITEM, MS. REGINA, WHICH IS, UH, JUST A QUICK UPDATE ON OUR UPCOMING BOARD RETREAT.
THIS IS, UM, SHORT AND SWEET, JUST THE LAST SLIDE JUST REMINDING EVERYONE, UM, MAY 13, PLEASE, PLEASE, PLEASE PLAN TO BE THERE.
WE HAVE, UH, A LOT TO GET THROUGH.
UH, IT'S GONNA BE HELD AT THE SOUTH DALLAS CULTURAL CENTER.
I HAD SAID NINE TO 12, BUT THE BUILDING DOESN'T OPEN UNTIL NINE.
SO I NEED A LITTLE BIT OF TIME TO GET, TO GET SET UP.
SO IF YOU GUYS SHOW UP, UM, RIGHT AROUND NINE 30 WOULD BE GREAT.
NINE 30 TO 12 JUST RECAPPING US AT, WE'RE GONNA HAVE A FEW COMMUNITY LEADERS COME IN.
UH, LEGAL'S GONNA COME TALK WITH US ABOUT A FEW THINGS AND WE'RE GONNA JUST KIND OF GO OVER SOME OF THE, UM, POLICIES AND RULES FOR, UM, BOARD MEMBERSHIP.
YES, WE WILL ABSOLUTELY BE SHARING THE AGENDA.
WE WILL, WE WILL BE TREATING IT AS A BOARD MEETING TOO, BECAUSE WE ARE NOT GONNA HAVE A MEETING IN MAY BECAUSE THE LAST MONDAY IS A HOLIDAY.
SO THIS WILL BE TREATED AS A RETREAT AS WELL AS A MEETING.
AND AT THAT POINT, UM, I BELIEVE WE'LL TALK ABOUT EX DALLAS EXAMINER WILL BE ON THERE FOR UH, WHAT WAS IN OUR PIPELINE.
SO, UH, EVERYBODY PLEASE, UH, AND I KNOW THERE'S ONE OR TWO OF YOU THAT HAVE ALREADY REACHED OUT AND SAID THAT, UH, YOU WON'T BE ABLE TO MAKE IT, BUT FOR EVERYONE ELSE, UH, PLEASE MAKE IT A PRIORITY TO BE THERE BECAUSE IT WILL BE A, A DUAL, A DUAL, UH, MANDATE THAT WE'LL HAVE, WE'LL HAVE A RETREAT AND THEN WE'LL HAVE A REGULAR MEETING FROM MAY, WHICH WE WILL BE VOTING, UM, ON, ON A PROJECT AT THAT TIME.
SO, UH, PLEASE BE PREPARED FOR THAT.
UH, SHOULD, SHOULD BE A FULL DAY.
AND I THINK WHAT WE GOT SCHEDULED IS NINE TO NOON.
WE HAD NINE TO NOON, BUT IT'S GONNA BE NINE 30 CUZ I DIDN'T KNOW THE BILL THAT DIDN'T OPEN UNTIL NINE, SO, OKAY, SO EVERYBODY PLANNED FOR, UH, UH, NINE 30 TO 1230 BASICALLY FOR THE MEETING.
SO, UM, WE'RE TRYING TO DO THIS EARLY IN THE AFTERNOON SO THAT EVERYBODY'S GOT THEIR SATURDAY AFTERNOON HANDY AND AVAILABLE TO 'EM.
SO, UM, LOOKING FORWARD TO THAT.
SO ARE THERE ANY OTHER QUESTIONS OR COMMENTS ABOUT THE UPCOMING BOARD MEETING? AND I SU WE'LL GET ALL THAT INFORMATION DISTRIBUTED TO US, UH, AHEAD OF TIME IN TERMS HOPEFULLY LOCATION WEEK? YES.
AND, UH, ALL THE SUPPLEMENTAL DOCUMENTS.
UH, ANY OTHER QUESTIONS OR COMMENTS ABOUT THAT FROM ANYBODY? UH, MS. PBE, SORRY.
UM, I HAVE JUST, IF YOU ALL ARE ABLE, IT WOULD BE GREAT TO JUST PUT A HOLD, UM, WITH TEMPORARY INFORMATION UNTIL, UM, UNTIL WE CAN CONFIRM UP SOME OF THAT FROM LIKE NINE 15.
CUZ PEOPLE SHOULD PROBABLY TRY TO, YOU KNOW, ARRIVE A LITTLE EARLY.
BUT, UM, BECAUSE JUST TO HAVE IT AS A PLACEHOLDER AND TO JUST BE ADVISED TO ANYONE ON THIS CALL, THAT IS ALSO MOTHER'S DAY.
SO DON'T LIKE IF SOMETHING COMES UP, JUST KNOW THAT THOSE ARE HAPPENING THE SAME WEEKEND.
NO BIG DEAL, BUT JUST LOOK ALIVE, LOOKING FORWARD TO IT.
YEAH, NO, NO, I DON'T MEAN LIKE THE SAME DAY.
I JUST MEAN MOTHER'S DAY WEEKENDS.
THANK, THANKS FOR THE, UH, THE HEADS UP ON THAT MS. PEEWEE.
AND, UH, AND WHAT I WILL SAY TO THAT, THAT'S EVEN MORE IMPORTANT.
WHY, UH, I'D ASK EVERYBODY TO BE ON TIME SO THAT WE CAN GET STARTED ON TIME AND, AND GET EVERYBODY OUT.
SO, UM, WITH THAT BEING SAID, UM, IF THERE'S NOTHING ELSE WE WILL ENTERTAIN A MOTION TO ADJOURN.
OH, IS THAT MR. LEVINE? TRENT HUGHES, DISTRICT 12.
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IN FAVOR? HUGHES.THANK YOU VERY MUCH EVERYBODY.
WE WILL SEE YOU AT THE BOARD RETREAT.