[00:00:01]
OKAY, I'M[Dallas Housing Finance Corporation on September 12, 2023. ]
GONNA CALL THE MEETING TO ORDER.I APOLOGIZE FOR THE DELAY FOR ANYBODY WHO WAS ON ZOOM OR IS HERE IN CHAMBERS, UM, TO HEAR OUR DISCUSSION.
UH, BUT WE JUST NEEDED TO GET SOME CLARIFICATION ON SOME OF OUR AGENDA ITEMS SO THAT WE WOULDN'T HAVE TO STOP THE MEETING ONCE WE START TO GET THAT CLARIFICATION.
SO, UM, I APPRECIATE, UM, YOU BEARING WITH ME.
SO I WILL NOW CALL THE MEETING TO ORDER AT 1223.
UM, AND I WILL ASK MS. SCHROEDER TO DO THE ROLL.
I WILL ASK MR. QUINTO TO DO THE ROLL CALL.
DIRECTOR SEAN ALLEN, PRESIDENT, DIRECTOR PRISMA GARCIA.
I DON'T THINK TONY'S GONNA BE HERE.
SECOND RYAN, DAVID GARCIA AND ELLIS.
NOW I'LL OPEN THE FLOOR IF ANYBODY HAS ANY CORRECTIONS OR DISCUSSION TO PUSH.
DO I NEED TO RECAP ANYTHING ELSE? NO.
ANY DISCUSSION OR CORRECTIONS TO THE MINUTES? OKAY.
UM, OH, I GUESS I NEED TO LOOK THERE.
NEXT WE'RE GOING TO RESOLUTIONS.
THIS IS ITEM NUMBER, OH, SORRY.
I WENT OUT OF ORDER ITEM NUMBER THREE.
UM, I'LL ASK FOR ANY PUBLIC COMMENTS ON ITEMS FOUR THROUGH NINE OF THE AGENDA.
I'LL GIVE IT A FEW MINUTES TO SEE IF THERE'S ANY PUBLIC COMMENTS.
HEARING NONE, I WILL NOW GO ON TO ITEM NUMBER FIVE.
RESOLUTIONS FOR THE DOMAIN AT MIDTOWN PARK.
A MULTIFAMILY RESIDENTIAL DEVELOPMENT LOCATED AT 81 69 MIDTOWN BOULEVARD, DALLAS, TEXAS.
ALRIGHT, SO WE HAVE OUR, UM, APPLICANT HERE, MR. SEAN ROSSON FROM WATERFORD PROPERTY GROUP.
HE'S GONNA GIVE US A QUICK RECAP.
UM, AS YOU GUYS REMEMBER, THIS WAS ONE OF OUR ESSENTIAL FUNCTION BOND DEALS THAT WAS APPROVED HERE, UH, THROUGH OUR BOARD AND THEN ALSO THROUGH COUNCIL, BUT WE COULDN'T COMPLETE THE FINANCING, UH, ON THAT.
SO WE'RE BRINGING IT BACK TO, UH, REEVALUATE SOME, SOME NEW FINANCING OPTIONS AND, UH, HAVE AN M O U WITH OUR BOARD.
[00:05:01]
UM, I'M SEAN ROSSON WITH WATERFORD PROPERTY COMPANY.
I'M HERE TODAY WITH MY BUSINESS PARTNER, JOHN JACKMAN, AND OUR, UM, EQUITY PARTNER, SHARIF MITCHELL FROM NORTHERN LIBERTIES.
UM, IT'S A PLEASURE TO BE BACK IN FRONT OF YOU.
UM, FOR DOMAIN AT MIDTOWN PARK, WE WERE IN FRONT OF THIS BODY BACK IN MARCH OF THIS YEAR, AS AARON MENTIONED, TO PRESENT AN ESSENTIAL HOUSING REVENUE BOND FOR A 395 UNIT PROJECT, UM, CALLED DOMAIN AT MIDTOWN PARK.
UM, AND JUST TO RECAP BEFORE WE GET INTO THE, THE PROPOSAL THAT WE'RE HERE TO DISCUSS TODAY, UH, WE SPENT THE LAST SIX MONTHS WORKING CLOSELY WITH, UH, AARON AND THE HILLTOP TEAM AND, UH, GEORGE AND THE, THE BRACE WALL TEAM TO TRY AND FINANCE THIS, UH, PROJECT AS A, AS AN ESSENTIAL HOUSING BOND STRUCTURE.
UM, UNFORTUNATELY DUE TO THE DISLOCATION IN THE MUNICIPAL BOND MARKETS, IT WAS EXTREMELY CHALLENGING.
AND SO WE'RE HERE TODAY TO DISCUSS A NEW STRUCTURE THAT'S A MORE OF A TRADITIONAL DEBT AND EQUITY STRUCTURE, UM, AND THEN ENTERING INTO A GROUND LEASE, UH, WITH THE H F C.
UM, AND SO WITH THAT, I WANTED TO JUST MAKE SURE I RECAPPED THE, UM, THE FULL BACKSTORY ON WHAT BROUGHT US HERE TODAY BEFORE I GET INTO THE ACTUAL PROJECT.
UM, WITH THAT, UM, AS YOU CAN SEE, THE PRESENTATION IN FRONT OF YOU, AND THIS IS SIMILAR TO THE PRESENTATION THAT I PRESENTED BACK IN MARCH, BUT JUST TO RECAP, DOMAIN MID MIDTOWN PARK IS A 395 UNIT PROJECT LOCATED AT 8 1 6 9 MIDTOWN BOULEVARD, RIGHT OFF US, UM, HIGHWAY 75, UM, AT THE WALNUT HILL, UM, EXIT.
UM, AND IT'S ADJACENT TO THE WALNUT HILL DART STATION AND PROXIMATE TO, UH, NUMBER OF MAJOR, UM, EMPLOYERS, UH, IN THE MIDTOWN MARK AREA.
UM, WITH THAT, AARON, IF YOU DON'T MIND GOING TO THE NEXT SLIDE.
SO IN FRONT OF YOU HERE IS, UH, AN AERIAL MAP THAT JUST SHOWS THE PROXIMITY OF THE, THE PROJECT TO, UH, TEXAS HEALTH PRESBYTERIAN HOSPITAL, AS WELL AS THE HARRY MOSS PARK.
UM, AND AS I MENTIONED, UH, THE WALNUT HILL DARTS DART STATION.
NEXT SLIDE, IF YOU DON'T MIND, AARON.
SO, THE CRUX OF THE, THE AFFORDABILITY, WHAT WE'RE HERE TO, UM, PROPOSE TODAY IS WORKING WITH THE HILLTOP TEAM.
UM, WE WILL DEED RESTRICT 10% OF THE UNITS AT 60% A M I OR LOWER, AND THEN AN ADDITIONAL 41% OF THE UNITS AT 80% A M I OR LOWER.
AND THEN 40% OF THE UNITS AT ONE 40, 140% A M I ARE LOWER.
AND THEN THE REMAINING UNITS AT, AT MARKET RATE.
AND SO AS YOU CAN SEE IN THIS SLIDE, AND I KNOW IT'S A LITTLE DIFFICULT TO SEE, BUT THERE'S SIGNIFICANT DISCOUNTS, UM, AT THE 60% A M I LEVEL AND IT, AND ALSO THE 80% A M I LEVEL, UM, THE 80% A M I UNITS ARE ALMOST 12% DISCOUNT TO MARKET AND ABOUT A $211 A MONTH, UH, RENTAL SAVINGS.
IF YOU DON'T MIND GOING TO THE NEXT SLIDE, ERIN.
UM, TO RECAP, AND I KNOW THAT I'VE BEEN IN FRONT OF THIS BOARD MULTIPLE TIMES TALKING ABOUT THE TARGET DEMOGRAPHIC FOR THESE TYPES OF TRANSACTIONS, BUT IT'S REALLY THE MISSING MIDDLE.
SO IT'S, YOU KNOW, HOUSEHOLDS THAT MAKE TOO MUCH TO QUALIFY FOR TRADITIONAL AFFORDABLE HOUSING, BUT STILL SPEND A SIGNIFICANT AMOUNT OF INCOME ON UNH AND REALLY ARE HOUSING BURDENED.
AND SO THE, THE GENESIS OF THIS STRUCTURE IS TO REALLY PROVIDE HOUSING SECURITY AND SAFETY TO THOSE HOUSEHOLDS THAT ARE, UM, ARE HOUSING, HOUSING BURDEN.
UM, WITH THAT AARON, I BELIEVE, UM, YEAH, SO THAT WATERFORD, JUST TO RECAP, SO WE'RE, UM, A MULTIFAMILY DEVELOPER AND INVESTOR.
WE HAVE OVER 6,000 UNITS IN OUR PORTFOLIO.
A BIG PORTION OF THOSE ARE DEEDED, RESTRICTED, AFFORDABLE HOUSING, SO BOTH IN THE, THE LOW AND VERY LOW INCOME RANGE AS WELL AS THE ESSENTIAL HOUSING SPACE.
UM, SO WITH THAT, I'LL CLOSE MY PRESENTATION.
I'M HAPPY TO ANSWER ANY QUESTIONS.
UM, BUT WE'RE EXCITED TO BE HERE WITH A, WITH A RESTRUCTURED FORMAT AND WE'RE REALLY EXCITED TO HAVE, UH, THE NORTHERN LIBERTIES TEAM ON BOARD AS OUR EQUITY PARTNER.
SO I HAD A COUPLE OF QUESTIONS.
UM, ON THE M O U, UM, I NOTICED THAT FOR SIGNIFICANT DECISIONS IT DIDN'T INCLUDE, UM, CHANGE OF MANAGEMENT COMPANY.
WOULD THAT BE OKAY TO INCLUDE THAT AS ONE OF THE SIGNIFICANT DECISIONS? YEAH, YOU KNOW, I DON'T KNOW KNOW, WHEN I SAY SIGNIFICANT DECISIONS, SORRY,
UM, DECISIONS THAT REQUIRE, UM, THE CONSENT, THE APPROVAL OF THE GENERAL, I GUESS IS THIS AN L L C OF THE APPROVAL OF THE MANAGING MEMBER, UM, WHICH WILL NOT BE UNREASONABLY WITHHELD OR DELAYED.
I, I'M SORRY, JUST TO REFRAME, IS THAT QUESTION TO ME?
[00:10:01]
YES.I GUESS IT'S TO YOU BECAUSE I'M WONDERING IF WE COULD ADD IT.
I GUESS I WOULD ASK, UM, THAT CHAPMAN GROUP YEAH, WE CAN CERTAINLY ADD THAT IN.
I THINK THE REQUEST IS THAT ANY CHANGE REQUIRED THE CONSENT OF THE GENERAL PARTNER.
I, I DON'T SEE ANY ISSUES WITH THAT.
AND THEN I NEEDED CLARIFICATION BECAUSE, UM, I, ON THE REGULATORY AGREEMENT IS THE INTENT THAT NO MATTER WHAT, IT WILL STAY IN EFFECT FOR 30 YEARS.
THE WAY IT'S DRAFTED IS IT WILL STAY IN PLACE FOR THE LONGER OF 30 YEARS, OR THE EXTENT TO WHICH THE D H F C REMAINS THE GENERAL PARTNER.
SO LONGER OF, IN OTHER WORDS, EVEN IF THE D H F C WAS NOT INVOLVED, IT WOULD STILL, IT'S MINIMUM 30 YEARS.
AND THEN, UM, ARE WE A CO-DEVELOPER ON THAT DEAL? NO, I DON'T THINK THERE'S, UM, BECAUSE THERE WAS A CO-DEVELOPER THAT I SAW IN THE BOARD PACKET, A CO-DEVELOPER RESOLUTION, I THOUGHT, AND I DIDN'T THINK WE WERE NO, GIVEN THAT IT'S I THINK VERY LIGHT REHAB, IF ANYTHING, THEY WOULD BE IN THAT ROLE.
I WILL OPEN IT UP TO OTHER QUESTIONS.
DIRECTOR ELLIS, DID YOU HAVE ONE? YEAH, I THINK EITHER ON WATERFORD'S SIDE OR OUR SIDE, THE, YOU KNOW, WHEN THIS WAS APPROVED AS AN ESSENTIAL BOND DEAL, UH, THIS WAS A PURE MIDDLE INCOME, UH, AFFORDABILITY COMPONENT.
THAT'S WHAT GOT APPROVED BY THE BOARD.
IT'S WHAT GOT APPROVED BY CITY COUNCIL.
HOW DID THE LOWER INCOME PORTION GET INSERTED INTO THE CONVERSATION? IT'S BASICALLY, UM, WHEN WE'RE EVALUATING THE PUBLIC BENEFIT, WE, WE RELY ON HILLTOPS ANALYSIS AND THEY RECOMMEND KIND OF A 60% THRESHOLD OF, YOU KNOW, WHAT'S THE PUBLIC BENEFIT VERSUS WHAT'S, WHAT'S THE REVENUE OR NOT REVENUE AND THE, UM, OTHER RENTAL SAVINGS.
AND SO WE'RE TRYING TO HIT THAT NUMBER JUST TO BE CONSISTENT.
IT'S THE PUBLIC GOOD ANALYSIS, CORRECT? SAY THAT AGAIN? IT'S THAT PUBLIC GOOD ANALYSIS.
IF I HAD THAT DESCRIBED TO ME, MY HILLTOP.
UM, LOOK, WE'RE IN A CAPITAL MARKETS ENVIRONMENT WHERE DEALS HAVE A NASTY HABIT OF NOT HAPPENING AND IT IS REALLY TOUGH.
AND THE LAST THING I WANTED TO DO, AND I UNDERSTAND THE PUBLIC GOOD ANALYSIS, BUT I DO THINK THAT IS MORE KIND OF AN UPFRONT WHEN VETTING DEALS, AND WE'VE BEEN IMMERSED IN THIS DEAL FOR THE LAST FIVE, SIX MONTHS AS WELL.
WHAT I DON'T WANT IS WATERFORD, UH, COMING BACK TO US, YOU KNOW, A MONTH LATER SAYING, HEY, SOMETHING HAPPENED.
WE NEED TO EASE OFF ON, YOU KNOW, WE NEED TO EASE OFF ON THE UNDERWRITING, WE WANT TO TAKE IT BACK TO A FULL MIDDLE INCOME, WHICH I'M BEEN FINE WITH.
YOU KNOW, THIS IS MORE OF A MIDDLE INCOME SOLUTION AS WELL.
SO I DON'T WANT ADDITIONAL STRESS ON THIS DEAL, YOU KNOW, THAT'S GONNA MAKE UNDERWRITING AND CLOSING THIS DEAL HARDER.
SO I UNDERSTAND THE RULE OF THUMB, I UNDERSTAND THE 60%, BUT YOU KNOW, AGAIN, ELECTED OFFICIALS HAVE VOTED ON THIS ON THE PRIOR AFFORDABILITY COMPONENT.
YOU KNOW, WE HAVE VOTED ON THE PRIOR AFFORDABILITY COMPONENT.
I DON'T WANT MORE STRESS ON THIS DEAL AND I WANT IT CLOSED.
SO
SO, AM I INTERPRETING YOUR QUESTION TO BE, UM, WHETHER WATERFORD, UH, FEELS COMFORTABLE THAT THIS WILL NOT SORT OF OVERLY STRESS? IT WASN'T REALLY A QUESTION, IT WAS A COMMENT, BUT YEAH, I MEAN, I GUESS THAT IS A GOOD POINT.
WATERFORD, HOW DO YOU FEEL ABOUT YOUR ABILITY TO CLOSE WITH THIS AFFORDABILITY COMPONENT? YEAH, I APPRECIATE THE QUESTION.
UM, SO WE HIT, ORIGINALLY UNDERWRITTEN THE PROJECT BASED ON THE PREVIOUS TERMS OF THE M O U.
UM, AND THEN THROUGH THIS PROCESS WORKED, UM, YOU KNOW, WITH THE HILLTOP TEAM AND, AND, UM, AND WORKED WITH THEM TO ACHIEVE AN AFFORDABILITY SCHEDULE THAT WAS IN LINE WITH THE PUBLIC BENEFIT.
TO YOUR POINT, AND I'M GONNA SPECIFICALLY ANSWER YOUR QUESTION, IT DOES PUT MORE STRESS ON THE DEAL.
BUT LOOK, WE'RE GONNA DO EVERYTHING IN OUR POWER TO CLOSE THIS.
UM, YOU KNOW, WE, WE ARE SIGNIFICANTLY FINANCIALLY COMMITTED TO THIS PROJECT ALREADY.
UM, WE'VE SPENT, UM, A LOT OF TIME WITH THE NORTHERN LIBERTIES TEAM.
UM, AND, UH, YOU KNOW, IT, IT, SO IF YOU WERE ASKING ME IF IT PUT PUTS ADDITIONAL STRESS ON THE DEAL, I WILL SAY IT DOES.
THAT SAID, UM, WE'RE COMMITTED TO WORKING WITH YOU ALL TO, TO ACHIEVE YOUR PUBLIC BENEFIT.
AND, AND SO AND SO NORTHERN LIBERTIES, AND I MEAN, YOU'VE, THEY'VE UNDERWRITTEN THE DEAL, THEY'VE MODELED IT, THE PRO FORMA, EVERYTHING FITS.
I MEAN, IT FITS YOUR UNDERWRITING CHECKS,
[00:15:01]
YOUR BOXES.SO, TO ANSWER YOUR QUESTION, THE WAY WE LEFT IT WITH THE HILLTOP TEAM ON THURSDAYS, WE WERE FINALIZING OUR M O U WAS THAT WE'RE COMMITTED TO TRY AND GET THE DEAL DONE UNDER THIS AFFORDABILITY STRUCTURE.
UM, AND IF IT WE'RE UNABLE TO DO SO, THEN WE WOULD HAVE TO, TO ANSWER YOUR QUESTION SPECIFICALLY, WE WOULD HAVE TO HAVE A CONVERSATION ON CHANGING SOME OF THE, THE VERY, OR EXCUSE ME, THE 60% M I UNITS.
DO YOU HAVE A TERM SHEET FROM NORTHERN NORTHERN ITIES THAT'S EXECUTED? YOU DO, YES.
DO YOU HAVE A TERM SHEET FROM A WHAT KIND OF DEBT EXECUTION IS THIS? SO WE'RE BRINGING IN AGENCY FINANCING AND WE HAVE A TERM SHEET WITH A DUST LENDER.
SO WE'VE GOT, WE'VE GOT QUOTES FOR, OR WE HAVE TERM SHEETS FROM BOTH FREDDY AND FANNY.
WE CAN'T EXECUTE OUR TERM SHEET UNTIL WE GET OUR APPROVALS IN PLACE, BUT THOSE ARE, THOSE ARE READY TO GO.
AND I KNOW I ASKED THIS EARLIER, BUT THE PRICING DISCOUNT THAT'S BEEN APPROVED BY THE SELLER, THAT'S BEEN AND WE'RE GOOD TO GO.
SO THERE'S NOT THAT MANY VARIABLES OUT THERE.
BUT LOOK, AGAIN, THIS IS A TOUGH NO, THAT'S, THAT'S CORRECT.
THIS IS A TOUGH TIME TO CLOSE DEALS AND YOU KNOW HOW I FEEL ABOUT THIS, SO I WANT THIS DEAL CLOSED.
SO DO WE
OKAY, THEN I THINK WE'RE READY.
OH, WE'RE READY TO, UM, HAVE A MOTION TO APPROVE, UM, MOVE TO APPROVE THE DOCUMENTS.
IS THAT DIRECTOR? ZA? UH, DIRECTOR ZA.
UH, OKAY, THEN LET ME GO DOWN THE LIST.
AND, UH, DIRECTOR GARCIA PRISMA IN FAVOR, DEAR.
UH, DIRECTOR PHARAOH IN FAVOR.
OKAY, DIRECTOR COLLINS IN FAVOR, UH, VICE PRESIDENT GARCIA.
IN FAVOR? I'M IN FAVOR, UH, DIRECTOR VERNON.
I'M IN FAVOR, UM, AND DIRECTOR ZADY IN FAVOR.
THE MOTION, THE RESOLUTION IS APPROVED.
JUST WANTED TO SAY THANK YOU VERY MUCH,
WE DEFINITELY ARE SO EXCITED THAT YOU, UH, HAVE REVAMPED THIS DEAL.
AND AS I MENTIONED TO YOU, WE'RE COMMITTED TO GETTING THIS TRANSACTION CLOSED, SO THANK YOU.
ITEM NUMBER SIX, RESOLUTIONS FOR THE DOMAIN AT MIDTOWN PARK.
A MULTI-FAMILY RESIDENTIAL DEVELOPMENT.
I FORGOT THAT ONE OF THEM GOT REMOVED.
YES, I WAS, UH, IN AN OLD AGENDA.
SO NOW WE'RE DOING THE RIGID LOOP 12.
THIS IS, BUT THAT IS ITEM SIX.
SORRY, I WAS ON AN OLD AGENDA.
UM, ITEM SIX, CONSIDER AND ADOPT AN INDUCEMENT RESOLUTION DECLARING INTENT TO ISSUE BONDS FOR A LOAN TO L D G, THE RIDGE AT LOOP 12 LP TO PROVIDE FINANCING FOR A MULTI-FAMILY RESIDENTIAL RENTAL DEVELOPMENT FOR PERSONS OF LOW AND MODERATE INCOME RIDGE AT LOOP 12 TO BE LOCATED AT 1200 NORTH WALTON WALKER IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $50 MILLION, AUTHORIZING THE FILING OF AN APPLICATION FOR ALLOCATION OF PRIVATE ACTIVITY BONDS WITH THE TEXAS BOND REVIEW BOARD AND CONTAINING OTHER RELATED PROVISIONS.
AND SO, JUST TO MAKE IT CLEAR, THIS IS JUST AN INDUCEMENT.
THIS, UH, ALLOWS THEM TO, UM, APPLY FOR, UH, UM, SOME BONDS, UH, TO MAKE THIS HAPPEN.
BUT IT DOES NOT OBLIGATE THIS BOARD TO APPROVE THE PROJECT IF THOSE BONDS ARE APPROVED.
SO JUST WANT EVERYONE TO BE CLEAR ON THAT.
UM, SO I DON'T KNOW IF, UM, YES, JAKE BROWN IS HERE.
HE, HE CAN PRESENT IT QUICKLY AND MR. BROWN, I WILL, UH, I'LL ATTEMPT TO KEEP IT BRIEF.
UM, SO THE, WE'VE GOT TWO ON THE AGENDA TODAY.
THE FIRST ONE IS THE RIDGE AT LOOP 12.
UH, YOU CAN GO AHEAD AND FLIP TO THE NEXT SLIDE.
UH, I THINK, YEAH, I WON'T BORE YOU GUYS
[00:20:01]
WITH THE OVERVIEW OF L D G, BUT, UH, WE'RE STILL DOING THE SAME THING WE'VE BEEN DOING.STILL DEVELOPING APARTMENTS, STILL PREDOMINANTLY AFFORDABLE.
UM, BUT RIDT LOOP 12 LOCATED 1200, UH, NORTH WALTON WALKER BOULEVARD IN DISTRICT SIX.
I'M REALLY THROWN OFF 'CAUSE I'VE GOT SCREENS RIGHT HERE AND OVER ON THE SIDE.
UM, BUT IT'S VERY SIMILAR TO WHAT YOU'VE SEEN BEFORE FROM US.
IT'S, UM, THIS ONE IS GONNA BE PROPOSED TO BE 60% A M I ACROSS THE BOARD, VERY SIMILAR AS TO OTHER PROJECTS.
1, 2, 3, AND FOUR BEDROOM UNITS.
UM, POOL, CLUBHOUSE, FITNESS CENTER, UH, ALL OF THAT GOOD STUFF IS, IS GONNA BE YOUR STANDARD EXTERIOR AMENITY PACKAGE YOU GO.
UH, LIKE I SAID, D SIX FAR WEST DALLAS, UH, OFF OF, UH, LOOP 12, JUST SOUTH OF THE INTERSECTION OF LOOP 12 AND I 30, UH, PRETTY CLOSE TO GRAND PRAIRIE, COCKRELL HILL, IF YOU GUYS ARE FAMILIAR WITH THAT PART OF TOWN.
UM, THE, UH, SITE MAP, PERFECT TIMING THERE.
THE SITE BOUNDARY MAP IS A WEIRD SITE AS FAR AS THE, THE SIZE AND THE SHAPE OF, IT'S ABOUT 15 ACRES IN SIZE, BUT IT'S GOT A, A, A REALLY A WEIRD SHAPE TO IT.
I DON'T, I TRIED TO DO SOME RESEARCH.
I DON'T REALLY KNOW WHAT THE BACKSTORY IS OR REALLY EVEN HOW THIS ONE CAME TO BE, BUT THIS IS HOW IT IS TODAY.
UH, I'LL TELL YOU, THERE'S A STORAGE YARD, LIKE A TRUCKING STORAGE YARD IMMEDIATELY NORTH OF HERE.
THE GUY THAT OWNS AND OPERATES THAT ACTUALLY OWNS THIS PROPERTY AS WELL.
SO YOU'LL KIND OF SEE ON THE AERIAL THERE, THERE'S SOME, SOME TRUCKS THAT I WOULD SAY ARE PROBABLY BEING ILLEGALLY STORED, UM, ON THE PROPERTY AT THE MOMENT.
BUT, UH, HE OWNS THE PROPERTY TO THE NORTH IN THIS ONE AS WELL.
UM, BACKS UP TO THE ARCADIA PARK NEIGHBORHOOD THERE, WHICH IS THE, THE NEIGHBORHOOD THAT COMPLETELY SURROUNDS THIS SITE, KIND OF GOING NORTH, SOUTH AND THEN BACK TO THE EAST.
UM, ONE THING I WILL NOTE, AND I'M KINDA GETTING INTO THE WEEDS A LITTLE BIT HERE, BUT, UH, ONE OF THE THINGS THAT WE TRY TO DO KIND OF IN THE SITE PLANNING PHASE IS ENSURE THAT WE'RE NOT DISRUPTING, I GUESS IS PROBABLY THE TERM I WOULD USE.
THE ARCADIA PARK NEIGHBORHOOD.
SO YOU'LL SEE ON ONE OF THE NEXT SLIDES IN A MOMENT THAT THERE'S NO PROPOSED ACCESS TO THE REAR OF THE SITE.
'CAUSE I DIDN'T, I DIDN'T WANT US, I DIDN'T WANNA CREATE TRAFFIC THROUGH THAT NEIGHBORHOOD.
SO, UH, THE ENTRANCE WILL BE OFF OF THE LOOP, 12 WA WALKER FRONTAGE ROAD, AND THEN THERE'LL BE A SECONDARY POINT OF ACCESS.
IT'S EXIT ONLY TO THE NORTH, UH, ON THAT SAME FRONTAGE ROAD YOU CAN GO NEXT SLIDE.
UH, SO LIKE I WAS SAYING, YOU CAN KINDA SEE THERE, LIKE WORKING TOWARDS THE BACK, THE DRIVE LOOPS AROUND, BUT THERE'S NO ACCESS PROPOSED TO THE PUBLIC STREETS THROUGH THE NEIGHBORHOOD.
IT'S A, IT'S A LITTLE BIT OF A CHALLENGING SITE TO BE HONEST.
UM, A GOOD SITE, BUT A CHALLENGING SITE.
THERE'S SOME TOPOGRAPHY CHALLENGES THROUGH IT.
THERE'S A STREAM, A CREEK RUNNING THROUGH IT.
UM, SO WE'RE HAVING TO WORK AROUND THAT.
UH, SO IT, IT'S, IT'S A LITTLE BIT OF A BEAR TO DESIGN, UH, TO DESIGN AROUND.
BUT I THINK OUR TEAM'S DONE A REALLY GOOD JOB OF DOING THAT.
UH, AND THEN THE NEXT FEW SLIDES ARE JUST KINDA RENDERINGS AND PICTURES.
UH, YOU'LL SEE A LOT OF THESE LOOK VERY, VERY SIMILAR BECAUSE I'VE SHOWN THEM TOO BEFORE.
AND IT'S, IT'S THE SAME DESIGN, SAME AMENITY PACKETS.
THIS IS THE SAME IF YOU GUYS REMEMBER, UH, WE JUST RECENTLY CLOSED AND STARTED CONSTRUCTION ON THE CROSSING AT CLEAR CREEK AND THE TERRACE AT HIGHLAND HILLS.
THIS IS THE SAME ARCHITECT AND ALSO THE SAME ENGINEERING FIRM.
SO, UH, THE DESIGN OF THIS AS FAR AS THE BUILDING STYLE AND THE LAYOUT AND THINGS OF THAT NATURE.
UM, AMENITY PACKAGES, AMENITY LOCATIONS, LANDSCAPING, REALLY ALL OF IT WILL LOOK VERY, VERY SIMILAR TO THE FINISHED PRODUCTS AT CLEAR CREEK AND HIGHLAND HILLS.
UM, AND I THINK THAT MAY BE, IS THERE ANY OTHER SLIDES OR WAS THAT YEAH, AND MARCY STOLE MY THUNDER, BUT I WAS JUST GONNA, I'LL REITERATE THAT THIS IS JUST AN INDUCEMENT TODAY.
WE'RE NOT ASKING, NOT YET, NOT ASKING FOR A, A PARTNERSHIP OR M O U OR ANYTHING LIKE THAT.
IT, IT REALLY AND TRULY IS JUST A, A NON-BINDING RESOLUTION SO WE CAN KIND OF GET IN LINE AND JUST HAVE A FIGHTING CHANCE TO EVEN GET SOME BONDS.
BUT, UM, I'M MORE THAN HAPPY TO ANSWER ANY QUESTIONS.
ALSO, I WANNA APOLOGIZE, I'LL TYPICALLY DO A MUCH BETTER JOB OF REACHING OUT AND PROVIDING YOU GUYS INFORMATION.
AND AT THE RISK OF MAKING EXCUSES, I JUST DID NOT DO THAT THIS TIME.
I'D, I'D BEEN OUTTA THE OFFICE FOR A COUPLE WEEKS ON VACATION, WHICH NOW THAT I'M SAYING THAT OUT LOUD KIND OF SOUNDS LIKE AN EXCUSE.
BUT, UH, I, I JUST, I JUST WANNA APOLOGIZE.
THAT'S PRETTY UNCHARACTERISTIC OF ME.
SO I APOLOGIZE FOR NOT GETTING YOU GUYS INFORMATION SOONER, BUT I'M MORE THAN HAPPY TO ANSWER ANY QUESTIONS YOU GUYS MAY HAVE.
UM, SO IT HAS TO BE REZONED? YES, MA'AM.
FROM SINGLE FAMILY? YES, MA'AM.
UM, HAS THAT ALREADY? WELL, YES, IT'S, YEAH, IT'S, IT'S ACTUALLY, UH, LIGHT INDUSTRIAL AT THE MOMENT, RIGHT? SO, OH, I THOUGHT IT WAS, I THOUGHT IT SAID R 7.5.
WELL, THERE MAY, THERE'S, THERE'S PROBABLY A MIXTURE OF, OF BOTH OF THOSE ZONINGS 'CAUSE IT'S, IT'S WEIRD.
'CAUSE IT'S LIKE I MENTIONED BEFORE, HE OWNS A PORTION OF IT AND IT'S, IT'S A WEIRD SITE.
THERE'S R SEVEN FIVE AND, AND LIGHT INDUSTRIAL BOTH ZONING.
SO HAVE SET, UH, APPLICATION ALREADY BEEN FILED FOR THE REZONE? IT HAS, YES MA'AM.
WE HAVE NOT BEEN TO CITY PLAN COMMISSIONER COUNCIL YET.
[00:25:01]
FACT, WE HAVEN'T EVEN BEEN ASSIGNED A PLANNER YET.UH, 'CAUSE IT'S, THEY'RE A LITTLE OVERSUBSCRIBED I UNDERSTAND AT THE MOMENT.
BUT IT HAS BEEN SUBMITTED, BUT IT HADN'T BEEN TO C P C OR COUNCIL YET.
UM, DO YOU HAVE ANY WORRIES THAT SOME OF THIS MAY BE CONSIDERED UNDESIRABLE SITE FEATURES? UH, NO.
NOT, THE ONLY THING THAT I WAS POTENTIALLY WORRIED ABOUT WAS THE STORAGE YARD.
AND I HAD SPOKE WITH T D H C A ABOUT THAT AND GAVE THEM SOME INFORMATION AND JUST, UH, COORDINATED WITH THEM PREEMPTIVELY.
AND THEY CONFIRMED THAT IT WAS NOT A CONCERN.
BUT BEYOND THAT, NO, NO CONCERNS.
AND THEN IT SOUNDS LIKE Y'ALL ARE GOING IN AT PRIORITY TWO, THAT'S THE PLAN.
UH, PROBABLY DEFINITELY CONSULT WITH BOND COUNSEL JUST TO MAKE SURE THAT THAT'S A GOOD MOVE.
I'M NOT A BOND ATTORNEY, BUT THAT'S MY PLAN.
ARE, ARE Y'ALL FEELING GOOD? JUST ABOUT THE TIMING AND EVERYTHING? DON'T, I FEEL VERY GOOD ABOUT AS GOOD AS CAN BE AT THE MOMENT, BUT, YOU KNOW, I MEAN, WE, WE FEEL ALL RIGHT ABOUT IT.
I MEAN, I, I WILL TELL YOU THAT, UH, AND I KNOW WE'RE JUST TALKING INDUCEMENT TODAY FROM A, FROM A FINANCIAL PERSPECTIVE, UH, YOU KNOW, THIS IS NOT A TERRIBLE DEAL AT THE MOMENT.
I MEAN, IT'S ONE THAT ACTUALLY PENCILS NOW THAT COULD CHANGE TOMORROW.
BUT, UH, YOU KNOW, RIGHT NOW IT'S PROBABLY ONE OF THE BETTER THE DEALS I FEEL THE BEST ABOUT IN OUR PIPELINE AT THE MOMENT.
IF Y'ALL FEEL COMFORTABLE WITH IT, I'M, I'M ALL ON BOARD.
ANY OTHER QUESTIONS? ANY QUESTIONS FROM THE ZOOM GROUP?
I DON'T HAVE A QUESTION, BUT I WOULD LIKE TO CIRCLE BACK AT SOME POINT IN THE FUTURE AFTER THE INDUCEMENT AND KIND OF DISCUSS THE PROJECT.
AND I'LL TELL YOU, I'M GLAD YOU SAID THAT.
SO, YOU KNOW, ASSUMING THAT WE'RE ABLE TO MOVE FORWARD AND YOU GUYS APPROVE IT TODAY, AND ASSUMING THE PROJECT COMES TO FRUITION, THERE'S A LOT OF ASSUMPTIONS HERE.
BUT, YOU KNOW, WE'LL COME BACK, UH, EVENTUALLY AND ASK YOU GUYS TO, TO PARTNER WITH US LIKE WE'VE DONE ON THE OTHER DEALS.
UH, WE'RE JUST TAKING IT ONE STEP AT A TIME.
AND I, I CAN ASSURE YOU THAT WHEN WE GET TO THAT STAGE, YOU'LL DEFINITELY BE REACHING OUT, PROVIDING YOU GUYS INFORMATION AND UPDATES, UH, AND THEN ALSO ASKING, YOU KNOW, IF YOU GUYS WOULD LIKE TO VISIT, YOU KNOW, ABOUT IT INDIVIDUALLY AND TALK AND ASK QUESTIONS AND THINGS OF THAT NATURE.
AND I APOLOGIZE AGAIN FOR NOT DOING IT ON THIS ONE.
YOU MENTIONED THERE'S NO, UH, VE VEHICULAR ACCESS TO THE NEIGHBORHOOD, BUT IS THERE PEDESTRIAN GATE ACCESS TO WALK DOWN TO DAVIS STREET? 'CAUSE I, I'M JUST TRYING TO THINK THAT, YOU KNOW, FOR THOSE WHO DON'T HAVE CARS RIGHT ALONG THE WALTON WALKER SERVICE ROAD, I MEAN, WHAT WAY CAN THEY GET TO, UH, YOU KNOW, ANY SORT OF RETAIL WITHOUT HOPPING IN A CAR? GREAT QUESTION.
SO I, I WILL TELL YOU THAT WE'VE HAD CONVERSATIONS ABOUT THAT AND CONTEMPLATED IT, HAVEN'T COMMITTED ONE WAY OR ANOTHER, UM, ON WHAT WE'RE GONNA DO THERE.
I'LL ALSO TELL YOU THAT A LARGE PART OF IT'S PROBABLY GONNA DEPEND ON THE COMMUNITY INPUT THAT WE GET.
UM, WE DID, UH, THAT MAKES ME REALIZE THAT I'VE LEFT OUT A PIECE OF INFORMATION.
WE DID HAVE A COMMUNITY MEETING, UM, I THINK IT WAS ON THE 29TH, THE VERY END OF AUGUST.
AND, UH, THERE WAS NO OPPOSITION AT THAT MEETING, WHICH WAS GREAT.
UM, BUT, YOU KNOW, THERE'S STILL SOME WORK TO BE DONE THERE JUST TO MAKE SURE THAT WE'RE KINDA SYNCING UP WITH THEM AND, AND DOING WHAT THEY WANNA SEE.
PERSONALLY, I WOULD LIKE TO SEE THAT AT LEAST TO HAVE PEDESTRIAN ACCESS, UM, BUT ALSO WANT TO BE COGNIZANT OF, OF THE WISHES OF OUR NEIGHBORS.
SO THAT MAY SOUND LIKE A LITTLE BIT OF A LAME ANSWER, BUT IT'S, IT'S TO BE DETERMINED.
IT'S CERTAINLY UNDER CONSIDERATION.
AND I DID NOTICE THAT YOU LISTED THAT THERE WOULD BE SOME FOUR BEDROOM OH YEAH.
UNITS, WHICH I THINK THAT'S ONE OF THE ADVANTAGES OF NEW CONSTRUCTION IS THAT I THINK YOU'VE PROBABLY LEARNED THAT THERE'S, YOU KNOW, SOME DEMAND FOR SOME OF THESE LARGER UNITS AND SURPRISES ME EVERY TIME.
BUT, AND THEN I KEEP, I KEEP PUTTING THEM IN THERE BECAUSE PEOPLE KEEP GOBBLING 'EM UP.
AND I, I KEEP THINKING THAT ONE DAY THERE'S JUST NOT GONNA BE DEMAND FOR 'EM.
BUT IT, I THINK THE FOUR BEDROOMS ARE UNIQUE BECAUSE WHEN YOU HAVE A FOUR BEDROOM, YOU KNOW, YOU'RE KIND OF COMPETING, IN MY OPINION, DIRECTLY WITH MAYBE LIKE A SINGLE FAMILY RENT HOUSE.
BUT THE REALITY IS, IS OUR, THE FOUR BEDROOM THAT WE'RE BUILDING IS BRAND NEW AND IT'S GOT A WHOLE HECK OF A LOT OF COMMUN OR AMENITIES AND WITHIN THAT COMMUNITY, AND YOU'RE NOT HAVING TO DEAL WITH THE UPKEEP LIKE YOU WOULD WITH A SINGLE FAMILY HOUSE.
SO I THINK, I THINK FROM A RENTER'S PERSPECTIVE, THAT'S HOW A LOT OF 'EM ANALYZE IT AND LOOK AT IT.
SO I THINK IT'S REALLY VALUABLE AND ADVANTAGEOUS FOR 'EM.
SO YEAH, I WAS HAPPY TO SEE THAT.
ANY OTHER QUESTIONS? OKAY, I WILL ENTERTAIN A MOTION TO APPROVE, MOVE TO APPROVE THE INDUCEMENT.
AND DO I HAVE A SECOND? I'LL SECOND.
[00:30:02]
DIRECTOR GARCIA.IN FAVOR, DIRECTOR PHARAOH FAVOR, DIRECTOR COLLINS.
IN FAVOR, VICE PRESIDENT GARCIA.
IN FAVOR, DIRECTOR ELLIS IN FAVOR.
I'M IN FAVOR, DIRECTOR VERNON IN FAVOR AND DIRECTOR ZADY IN FAVOR.
OKAY, NOW I'M ON THE PROPER AGENDA.
CONSIDER AN ADOPT AN INDUCEMENT RESOLUTION, DECLARING INTENT TO ISSUE BONDS FOR A LOAN TO L D G, THE LEGACY AT FIVE MILE LP TO PROVIDE FINANCING FOR A MULTI-FAMILY RESIDENTIAL RENTAL DEVELOPMENT FOR PERSONS OF LOW AND MODERATE INCOME.
THE LEGACY AT FIVE MILE, TO BE LOCATED AT 42 0 1 BROOKS SPRING DRIVE IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $45 MILLION AUTHORIZING THE FILING OF AN APPLICATION FOR ALLOCATION OF PRIVATE ACTIVITY BONDS WITH THE TEXAS BOND REVIEW BOARD AND CONTAINING OTHER RELATED PROVISIONS.
SO HERE AGAIN, THIS IS AN INDUCEMENT AND WE ALREADY HAVE MR. BROWN AT THE MICROPHONE, SO I WILL OPEN IT UP.
WE CAN, UH, WHY DON'T WE JUST BUMP DOWN TO THE OVERVIEW SUMMARY HERE.
UM, REAL, REAL SIMILAR, UH, THIS, THIS ONE'S AT, AT 42 0 1 BROOKS SPRING DRIVE.
SO THIS IS IN, UH, CITY COUNCIL DISTRICT FOUR, UM, SITES CURRENTLY ZONE NEIGHBORHOOD OFFICE.
SO SIMILAR TO THE PREVIOUS ONE, IT'S, IT'S GONNA NEED A ZONING CHANGE.
UH, WE HAVE SUBMITTED THE ZONING CHANGE APPLICATION AT THIS POINT, UM, BUT HAVE NOT, HAVE NOT BEEN ASSIGNED A PLANNER, UH, I THINK FOR ALL INTENTS AND PURPOSES TILL VERY EARLY ON IN THE ZONING CHANGE PROCESS.
UM, BUT REST ASSURED, YOU KNOW, WE'LL WORK THROUGH THAT.
CERTAINLY WE'LL HAVE COMMUNITY MEETINGS AND ALL OF THAT GOOD STUFF.
BUT, UH, 240 UNITS, UH, MIX OF 1, 2, 3, AND FOUR BEDROOM UNITS.
THIS ONE'S A LITTLE BIT DIFFERENT IN THE SENSE THAT, UH, WE'RE PROPOSING FOR 10% OF THE UNITS TO BE UP MARKET RATE.
SO IT WON'T BE ALL 60% A M I, I THINK THAT'S IMPORTANT.
'CAUSE I THINK THIS AREA IN PARTICULAR IS ONE THAT NEEDS KIND OF MORE OF WHAT I WOULD DESCRIBE AND STAFF WOULD PROBABLY DESCRIBE TOO, AS, AS A MIXED INCOME APPROACH, HAVING BOTH MARKET RATE AND INCOME RESTRICTED.
THAT BEING SAID, THE AMENITY AND THE QUALITY OF THE DEVELOPMENT AS A WHOLE STILL REMAINS THE SAME.
AMENITY PACKAGE, POOL, CLUBHOUSE, FITNESS CENTER, AND, AND ALL OF THOSE THINGS THAT ARE CONSISTENT WITH ALL OF OUR DEVELOPMENTS.
UH, THIS IS JUST KINDA A MAP TO GIVE YOU AN IDEA OF WHERE IT'S AT.
LIKE I MENTIONED, IT'S IN D FOUR, UH, PENTAGON PARKWAY.
IF, IF THAT MEANS ANYTHING TO YOU GUYS AS FAR AS THE, AS THE LOCATION, IT'S KIND OF IN THAT TRIANGLE THERE.
THAT'S BORDERED BY 35 E, UH, HIGHWAY 67, AND THEN LOOP 12 TO THE SOUTH YOU GO.
ANOTHER WEIRD SIDE AS FAR AS THE BOUNDARY AND THE SHAPE.
UM, SO IT'S A LITTLE WEIRD TOO BECAUSE, UM, MY UNDERSTANDING IS THAT MANY YEARS AGO YOU KINDA SEE THAT LITTLE BIT OF GREEN SPACE BETWEEN THE SHOPPING CENTER AND OUR SITE BOUNDARY.
THAT RIGHT THERE WAS, WAS DEDICATED AS PART OF THE GREEN BELT ALONG FIVE MILE CREEK THERE.
SO, UM, DIRECTOR ZADY MENTIONED A MOMENT AGO OR ASKED ABOUT HAVING ACCESS ON THE PREVIOUS DEVELOPMENT, UM, FOR PEDESTRIAN ACCESS.
AND SO I'D TELL YOU ON THIS ONE, AND FOR SURE, WE'RE PLANNING TO DO THAT, UM, BECAUSE OUR SITE IMMEDIATELY TO THE NORTH IS BORDERED BY THAT FIVE MILE CREEK GREEN BELT.
SO WANNA MAKE SURE THAT OUR FOLKS LIVING THERE HAVE, UH, DIRECT ACCESS TO THAT AMENITY, UM, THAT SIDEWALK, SIDEWALK AND THAT GREEN BELT THROUGH THERE.
BUT YEAH, JUST A, A REAL, REAL WEIRD SHAPE OF A SITE.
UM, DEFINITELY SOME CHALLENGES FROM A TOPOGRAPHY PERSPECTIVE.
THERE'S SOME FLOODPLAIN ON THE NORTH END THERE, BUT OBVIOUSLY WE'LL, WE'LL MAKE A POINT TO DEVELOP AROUND THAT AND MAKE SURE THAT WE STAY OUTTA THE FLOODPLAIN.
UH, YOU CAN GO TO THE NEXT SLIDE.
DON'T HAVE A COLOR SIDE PLAN YET.
SO YOU GET TO LOOK AT THE BLACK AND WHITE DEVELOPMENT PLAN THAT WAS FILED WITH OUR, OUR ZONING CHANGE APPLICATION.
UM, BUT YOU CAN SEE NOT AS CLEARLY HERE, BUT YOU CAN SEE IF, IF I DIRECT YOU TO IT, THE MAIN POINT OF ACCESS WILL BE ON BROOKS SPRING DRIVE, AND THEN THERE'LL BE A SECONDARY POINT OF ACCESS THAT'LL BE EXIT ONLY ONTO THE 67 FRONTAGE ROAD THERE.
UM, SO THAT'S IN AN EFFORT TO KIND OF HELP DIRECT AND, AND, UH, DIVERT TRAFFIC.
AND SO EVERYTHING'S NOT GOING ONTO BROOKS SPRING AND FOLKS HAVE A LITTLE BIT BETTER ACCESS AND A LITTLE BIT BETTER OPTIONS WHEN THEY'RE COMING AND GOING FROM THE DEVELOPMENT.
THERE'S THAT SAME RENDERING AGAIN.
UH, I MEANT, I MEANT TO MENTION ON THE LAST ONE, BUT FAILED TO DO SO THAT JUST BECAUSE YOU SEE CERTAIN COLORS ON THE EXTERIOR OF THE BUILDING DOES NOT MEAN THAT'S EXACTLY WHAT IT'S GONNA BE.
SO REST ASSURED THAT WE'RE NOT, YOU KNOW, WHILE THE BUILDING TYPE MAY BE IT TENAL, IT WON'T BE THE EXACT SAME FINISHES AND COLOR SCHEMES ON THE OUTSIDE.
BUT, UH, AS FAR AS A BUILDING TYPE AND A DESIGN, THIS IS A REALLY, REALLY GOOD REPRESENTATION OF THAT, WHAT WE'RE PLANNING.
[00:35:01]
SLIDE.INTERIOR DESIGN, EXTERIOR DESIGN.
UM, SAME TYPES OF FINISHES, SAME ARCHITECT AS THE OTHER ONES, SAME ARCHITECT AS CLEAR CREEK AND HIGHLAND HILLS.
SO THOSE FINISHED PRODUCTS WILL BE A REALLY ACCURATE REPRESENTATION OF WHAT, UH, WHAT WE'RE PLANNING HERE.
I'LL CLOSE BY SAYING THAT I'M HAPPY TO ANSWER ANY QUESTIONS.
WHAT WE'RE PROPO PROPOSING TODAY IS JUST A BOND INDUCEMENT.
I DO PLAN TO COME BACK AT SOME POINT AND ASK YOU GUYS FOR A PARTNERSHIP, EVEN ASSUMING THAT WE'RE ABLE TO MOVE FORWARD, BUT TODAY'S JUST AN INDUCEMENT, NON-BINDING.
HAPPY TO ANSWER ANY QUESTIONS YOU MAY HAVE.
SO AM I CORRECT THAT, UM, THERE'S LIKE A PARKLAND FACILITY? THERE IS, YEAH.
AND ALSO IT'S RIGHT NEAR THE TEXAS T H H SS, WHATEVER THAT IS.
TEXAS HOUSING, AND I DON'T KNOW THE ACRONYM, BUT I KNOW WHAT YOU'RE TALKING ABOUT.
SOMETHING SERVICES, UH, PRETTY NEAR BISHOP DUNN.
AND THEN I MADE A NOTE THAT THERE'S LOTS OF TREES.
THERE'S LOTS OF TREES, SO I GUESS WE'LL HAVE TO, WE LOVE SIDES OF TREES SINCE WE HAVE PANTRY FEES.
DO LIKE, UH, TREE MITIGATION, I WOULD THINK, RIGHT? YEAH.
WHAT WHAT WE'LL LIKELY DO IS THAT, UH, THERE'LL BE TREE MITIGATION ASSOCIATED WITH TREE PRESERVATION.
SO WHEN WE GO THROUGH THAT ZONING CHANGE PROCESS, WHAT WE HISTORICALLY HAVE DONE IN THE CITY OF DALLAS, WHEN WE DO A PD, AND THIS WILL BE NO DIFFERENT HERE, THERE'LL BE A LANDSCAPING AND TREE PRESERVATION PLAN ASSOCIATED WITH THE DEVELOPMENT PLAN AND THE PD APPLICATION.
UM, SO WE'VE GOT THE TREE SURVEY BACK ALREADY, SO GO THROUGH AND PICK ALL THE TREES WE WANNA SAVE, AND THEN THROUGH THAT PD ORDINANCE, WE'LL BE REQUIRED TO PRESERVE THOSE TREES.
SO IT JUST KINDA ADDS ANOTHER LEVEL OF CERTAINTY THAT WE'RE GONNA DO WHAT WE SAY WE'RE GONNA DO AS FAR AS THE TREE PRESERVATION WELL, AND WHICH WILL BE GREAT.
WELL, I THINK IT LOOKS A WHOLE HECK OF A LOT BETTER TOO.
AND I THINK, UH, YOU KNOW, ANYTIME WE CAN PRESERVE TREES AND CUT DOWN THE TREE FEED WELL AND PROVIDE THAT SHADE, YOU KNOW, WELL, YEAH.
ESPECIALLY DURING A SUMMER LIKE THIS, UH,
NO, BUT, UH, THAT'LL, THAT'LL ALL BE PACKAGED IN, NOT ONLY WITH THE PD ORDINANCE, BUT ALSO WHEN WE HOPEFULLY GO THROUGH THE PERMITTING PROCESS WHEN WE GET TO THAT STAGE.
AND THEN, WHAT IS THAT CURRENT ZONING? IT SAYS, NO, THAT IS NEIGHBORHOOD OFFICE.
ANYBODY ELSE? I'VE GOT, I GOT A FEW QUESTIONS.
DO YOU KNOW WHAT'S WHAT, WHAT, UH, ELEMENTARY SCHOOL AND JUNIOR HIGH SCHOOL WITH THE CHILDREN WHO LIVE IN THAT DEVELOPMENT VIEW ZONE TOO.
AND I CAN TELL YOU, UH, IF YOU'LL GIMME JUST ONE SECOND TO LOOK IT UP.
I'VE GOT IT WRITTEN DOWN SOMEWHERE.
WILL YOU PULL THAT UP RIGHT QUICK? NEXT QUESTION.
WHILE HE IS LOOKING THAT UP, HAVE YOU HAD A CHANCE TO MEET WITH ANYBODY IN THE COMMUNITY ABOUT POST DEVELOPMENT? HAVE NOT DONE THAT YET.
I WILL TELL YOU THAT, UH, WE WILL DO THAT.
ABSOLUTELY, CERTAINLY WILL DO THAT.
UM, TYPICALLY WHAT I LIKE TO DO IS THROUGH THE ZONING CHANGE PROCESS, DO THAT.
I LIKE TO GET A LITTLE BIT FURTHER INTO IT.
I, BEFORE WE TYPICALLY HAVE THOSE COMMUNITY MEETINGS, I THINK THE REALITY IS, IS SINCE THE FEEDBACK THAT I'M GETTING FROM STAFF IS THAT THEY'RE SO BACKED UP AND SO OVERWHELMED THAT WE MAY NOT HAVE A PLANNER IN THE RELATIVELY IMMEDIATE TERM, WE'RE PROBABLY JUST GONNA GO AHEAD AND START THAT COMMUNITY ENGAGEMENT.
I, I EXPECT ON THIS ONE WE'LL PROBABLY HAVE A COUPLE COMMUNITY MEETINGS MM-HMM.
THE LAST ONE THAT WE HAD, AS I MENTIONED, THERE WAS NO OPPOSITION.
UH, SO ON THIS ONE, I EXPECT THERE WILL, THERE'LL BE A LOT MORE INVOLVEMENT, UH, AND PROBABLY THE NEED FOR MULTIPLE COMMUNITY MEETINGS PROBABLY.
ANY OTHER QUESTIONS? OKAY, THEN I WILL ENTERTAIN A MOTION ON THAT ONE.
AND DO I HAVE A SECOND? I'LL SECOND.
IN FAVOR, UH, DIRECTOR GARCIA.
IN FAVOR, DIRECTOR PHARAOH, I'M IN FAVOR.
SORRY, I HAD TO STEP AWAY FOR A CALL.
IN FAVOR, VICE PRESIDENT GARCIA.
IN FAVOR, DIRECTOR ELLIS IN FAVOR? UH, I'M IN FAVOR, DIRECTOR VERNON.
IN FAVOR, UH, DIRECTOR ZADY IN FAVOR.
I'M TOLD THAT IT IS, UH, ADELE TURNER ELEMENTARY, ADE TURNER JUNIOR HIGH SCHOOL.
IT SAYS WILLIAM HAWLEY ATWELL, BUT I DON'T, IS I'M ASSUMING THAT THAT'S A CHARTER SCHOOL OF SOME KIND.
[00:40:01]
THANK YOU VERY MUCH.ITEM NUMBER EIGHT ON THE AGENDA, CONSIDER AN ADOPT AN INDUCEMENT RESOLUTION, DECLARING INTENT TO ISSUE BONDS FOR A LOAN TO TX ILLINOIS 2024 LIMITED TO PROVIDE FINANCING FOR A MULTI-FAMILY RESIDENTIAL RENTAL DEVELOPMENT FOR PERSONS OF LOW AND MODERATE INCOME.
LOCATED AT 47 10 WEST ILLINOIS AVENUE IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $35 MILLION, AUTHORIZING THE FILING OF AN APPLICATION FOR ALLOCATION OF PRIVATE ACTIVITY BONDS WITH THE TEXAS BOND REVIEW BOARD AND CONTAINING OTHER RELATED PROVISIONS.
WE HAVE ACTUALLY CHRIS AQUIS HERE FROM GENERATION HOUSING PARTNERS TO PRESENT THEIR INDUCEMENT APPLICATION.
UH, SO YEAH, HEADLINE IN ILLINOIS, THIS IS A 200 UNIT DEVELOPMENT THEY'RE WORKING ON.
THERE'S A CLASS A DEVELOPMENT.
UH, IT WILL SERVE MULTIPLE INCOME BANDS, SO THAT'LL INCLUDE 30%, 50%, 60 AND 70% A M I.
UH, THIS DEVELOPMENT, IT'S LOCATED ON 6.5 ACRES ON ILLINOIS AVENUE, UM, BASICALLY RIGHT ACROSS THE STREET FROM MOUNTAIN VIEW COLLEGE.
UM, THE CURRENT USE, UH, IS A VACANT CHURCH.
UM, THE CHURCH WILL OBVIOUSLY BE DEMOLISHED.
UH, A REZONING IS ALSO NECESSARY.
IT'S CURRENTLY SINGLE FAMILY, THE R 7.5, SO WE'LL NEED TO REZONE TO SOME TYPE OF MULTIFAMILY CONDUCIVE USE.
UM, AND THEN A LITTLE BIT ABOUT US.
WE'VE, WE'VE PARTNERED WITH THE, UH, DALLAS HOUSING FINANCE CORPORATION ON A FEW OTHER DEALS.
IT'S BEEN A GREAT PARTNERSHIP.
UM, THOSE INCLUDE ESTATES AT SHILOH AS WELL AS WESTMORELAND STATION, UH, AND POSSIBLY HERE IN THE NEAR FUTURE.
HOPEFULLY IT'LL BE, UH, ESTATES AT FERGUSON.
UM, WE'RE ABOUT A MILE AND A HALF, UH, WEST OF WESTMORELAND STATION.
UM, OUR SIDE IS THIS PURPLE SHADED SITE, UM, DIRECTLY TO THE WEST OF US IS THE L B U HEALTH CENTER.
SO IT SAYS MYRA NEVES RIOS PEDIATRICIAN.
THERE'S ACTUALLY A NUMBER OF DOCTORS IN THE CENTER HERE, UM, JUST THE NORTH OF US, UH, MOUNTAIN VIEW COLLEGE, AS WELL AS THE PARK.
UM, AND THEN TO THE SOUTHWEST IS A DAYCARE.
AND THEN TO THE EAST OF US IS A GROCERY STORE.
AND THEN HERE ARE OUR SITE PLAN ELEVATIONS.
UH, THIS WILL BE A FOUR STORY BUILDING, BASICALLY TWO CONGREGATE BUILDINGS.
THE CLUBHOUSE WILL BE ON THE NORTH SIDE OF THE PROPERTY RUNNING WEST ILLINOIS.
UM, TYPICALLY THOSE ARE ABOUT 3000, 3,500 SQUARE FEET.
UH, WE'LL HAVE A FITNESS CENTER, UH, POOL, AND THEN, UH, ACCESSIBILITY THROUGH VARIOUS PATHS FOR THE PROPERTY.
AND WE CAN GO INTO THE NEXT ONE TO SHOW THE AMENITIES.
UM, SO YEAH, AS I MENTIONED, UH, RESORT STYLE SWIMMING POOL, UH, LEASING CENTER, FITNESS CENTER, COMMUNITY LOUNGE, BUSINESS CENTER, AND SECURITY CAMERAS.
WE ALSO PLAN ON HAVING THIS FENCED AND GATED.
UH, THE UNIT AMENITIES ARE WHAT YOU'D EXPECT AND A CLASS, A MARKET RATE TYPE DEVELOPMENT.
SO YOU'D HAVE NINE FOOT CEILINGS, GRANITE STYLE COUNTERTOPS, FULL WOOD FLOORING, WALK-IN CLOSETS, UM, AND THEN A GATED COMMUNITY.
ALSO HAVE LOW E WINDOWS AND LOW FLOW FIXTURES FOR GREEN AMENITIES.
UM, SOME OF THE RESIDENT SERVICES WILL HAVE HEALTH AND WELLNESS CLASSES, FINANCIAL LITERACY TRAINING, TAX PREPARATION CLASSES, OWNERSHIP CLASSES, UH, FITNESS CLASSES, AND THEN POTLUCKS AND COMMUNITY EVENTS.
AND THEN THIS WILL BE A 35 YEAR, UM, RENT RESTRICTED DEVELOPMENT.
UM, AND THEN WE'RE ALSO LOOKING AT MAKING IMPROVEMENTS TO THE EXISTING DART STOP TO MAKE IT, UM, REALLY MORE ACCESSIBLE FOR FOLKS WITH WHEELCHAIRS AND, AND OTHER DISABILITIES.
THEN HERE'S OUR SOURCE AND USES, UH, TOTAL SOURCES OF FUNDS.
WE'RE LOOKING AT CLOSE TO $56 MILLION.
THAT'LL INCLUDE $21 MILLION IN HOUSING TAX, CREDIT EQUITY, AND A BASICALLY A CONTRIBUTION THROUGH DEFERRED DEVELOPER FEE OF 2.4 MILLION BUCKS.
TOTAL CONSTRUCTION COST IS ABOUT 25.2 MILLION.
OBVIOUSLY THAT'S SORT OF A MOVING TARGET.
HOPEFULLY WE END UP CLOSE TO THAT.
AND HERE'S A RENT SCHEDULE JUST BREAKING OUT THE DIFFERENT AMIS.
SO AGAIN, IT'S 30%, 50%, 16, 70% AS PER OUT THROUGH THE ONE, TWO, AND THREE BEDROOMS, UH, WITH AN AVERAGE UNIT SIZE OF 983 SQUARE FEET.
UH, AS I MENTIONED, ZONING CHANGE IS NECESSARY AS WELL AS A RESOLUTION OF NO OBJECTION.
UH, WE DON'T SEE ANY ISSUES THERE IN GETTING THE RESOLUTION OF NO OBJECTION.
I BELIEVE WE'VE MEET ALL OF THE CRITERIA.
WE'VE ALSO BEEN IN CONTACT WITH COUNCIL MEMBER WEST'S OFFICE ABOUT, UM, THIS DEVELOPMENT.
[00:45:01]
UM, OBVIOUSLY THIS CAN SHIFT.UH, WE'RE HOPING TO HAVE ZONING IN MARCH OF 2024.
THAT MAY BE SLIGHTLY AGGRESSIVE.
UM, CONSTRUCTION SHOULD TAKE ABOUT 18 MONTHS, UM, WITH LEASE UP STARTING IN FEBRUARY OF 2026, AND FULL OCCUPANCY BY JULY OF 2026.
AND THAT'S ALL I HAVE FOR OUR LINE OF ILLINOIS.
AND I'LL TAKE ANY QUESTIONS YOU HAVE.
I CAN ALSO, IT WAS A QUESTION REGARDING SCHOOLS ON THE PREVIOUS APPLICATION.
I CAN POINT THAT OUT REAL QUICK.
UM, OH, I HAVE A, I HAVE A NOTE ABOUT LESLIE STEMMONS ELEMENTARY.
BUT I DIDN'T NOTE ABOUT THE MIDDLE SCHOOL OR THE HIGH SCHOOL.
SO YEAH, LESLIE, LESLIE STEMMONS, IT'S A MET STANDARD SCHOOL.
THE, UM, MIDDLE SCHOOL IS, UH, T W BROWN AND ACTUALLY T E A LISTED THAT ONE AS NEED SOME IMPROVEMENT.
UH, AND THEN KIMBALL HIGH SCHOOL IS THE HIGH SCHOOL AND IT'S A MET STANDARD SCHOOL.
UH, I WILL OPEN THE FLOOR TO ANY QUESTIONS.
YEAH, IT'S, UH, JUST A SMALL QUESTION.
WHAT'S THE BENEFIT TO A 35 YEAR AFFORDABILITY PERIOD AS OPPOSED TO THE STANDARD 30? UH, YOU KNOW, IT'S REALLY, IT'S A FEW THINGS.
IT'S A REQUIREMENT OF T D H C A.
UM, BUT I THINK IT'S, IT'S REALLY, YOU KNOW, A BARRIER TO DISPLACEMENT AND GENTRIFICATION.
I MEAN, REALLY LOCKING IN, UM, YOU KNOW, THE ABILITY FOR THIS TO MAINTAIN AFFORDABILITY FOR 35 YEARS.
AND, UM, I MEAN, I THINK WHEN YOU LOOK AT PARTS OF OAK CLIFF AND, AND SOUTHERN DALLAS, YOU'RE GONNA START SEEING GENTRIFICATION.
AND I THINK IT'S, IT'S A GOOD WAY TO HELP AVOID THAT.
I DON'T KNOW WHERE I SAW THIS.
MAYBE IT WAS ON THE PROFORMA, BUT I WROTE A NOTE THAT THE MANAGEMENT FEE WAS LISTED AS 5%.
DID I JUST MISTAKE THAT? IT MAY HAVE BEEN A TYPO.
TYPICALLY, WE'RE RIGHT ABOUT 4%, 4%, AND WE USE, UH, YES MA'AM.
SO THIS 5%, EITHER I'M MADE A ERROR OR THE SHEET MADE AN ERROR.
MAYBE YOU COULD GO BACK AND DOUBLE CHECK THAT.
UM, ANY OTHER QUESTIONS? UM, YEAH, ONE QUICK QUESTION.
UM, SO I SEE THAT YOU'RE REQUESTING 35 MILLION BONDS.
UM, ARE Y'ALL COMFORTABLE THAT'S GONNA BE ENOUGH TO DO YOUR DEAL? UH, WE ARE, YEAH.
YEAH, WE SHOULD BE ABLE TO MEET THE 50% TEST, 35 MILLION IN BONDS.
I WILL ENTERTAIN A MOTION ON THIS ONE.
MOVE TO IMPROVE THE INDUCEMENT, VP GARCIA.
AND DO I HAVE A SECOND? I'LL SECOND DIRECTOR FARRELL.
ACTUALLY, I SHOULD BE CALLING YOU TREASURER PHARAOH.
TREASURER PHARAOH
UH, ALL RIGHT, LET ME GO DOWN THE LIST.
IN FAVOR, VICE PRESIDENT GARCIA.
IN FAVOR, DIRECTOR ELLIS IN FAVOR? I'M IN FAVOR, DIRECTOR VERNON.
ITEM NUMBER NINE, CONSIDER AN ADOPT AN INDUCEMENT RESOLUTION, DECLARING INTENT TO ISSUE BONDS FOR A LOAN TO TX TENNYSON 2023 LIMITED TO PROVIDE FINANCING FOR A MULTI-FAMILY RESIDENTIAL RENTAL DEVELOPMENT FOR PERSONS OF LOW AND MODERATE INCOME.
TENNYSON LOFTS TO BE LOCATED AT 3,500 TO 36 32 SAMUEL BOULEVARD IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $30 MILLION AUTHORIZING THE FILING OF AN APPLICATION FOR ALLOCATION OF PRIVATE ACTIVITY BONDS WITH THE TEXAS BOND REVIEW BOARD AND CONTAINING OTHER RELATED PROVISIONS.
DO WE HAVE SOMEONE PRESENTING ON THAT ONE? YEAH, THIS IS ACTUALLY THE SAME DEVELOPER
SO, UH, MR. QUIST, AGAIN, INVITE CHRIS BACK TO, UH, GO THROUGH HIS PRESENTATION.
I'LL TRY TO GET THROUGH THIS PRETTY QUICKLY WITH SOME OF THE INFORMATION WILL
[00:50:01]
BE THE SAME.UM, THIS DEVELOPMENT TEST IN OFFICES WE'RE PRETTY EXCITED ABOUT.
WE'VE BEEN WORKING ON THIS FOR ABOUT TWO YEARS.
UM, THIS IS 164 UNIT, CLASS A DEVELOPMENT MULTIPLE INCOME BANDS OF 30, 50, 60, 70, 80% A M I.
UM, THIS IS LOCATED 3,500 SAMUEL GRAND, UM, WHICH IS RIGHT ACROSS THE STREET FROM TENNYSON, UM, GOLF COURSE, UM, WHICH IS AN 81 ACRE PUBLIC PARK.
UH, CURRENTLY IT'S USED FOR, UH, DILAPIDATED BARS.
THERE'S A SMOKE SHOP NIGHTCLUB.
UM, THERE'S A TIRE SHOP, THERE'S OLDER RESTAURANTS AND, AND IT REALLY IS SORT OF AN AREA THAT THE CITY OF DALLAS HAS WANTED TO REVITALIZE FOR QUITE A WHILE.
UM, SO WE'VE BEEN WORKING WITH, UM, COUNCILMAN MORENO AS WELL AS BASIL DUA.
UM, THEY REALLY LIKE THIS DEVELOPMENT.
THEY'RE REALLY EXCITED ABOUT DOING SOMETHING HERE.
UM, CURRENTLY IT'S ZONED, UH, REGIONAL RETAIL.
AND SO WE WILL HAVE TO GO BACK AND REZONE THIS TO MULTIFAMILY MIXED USE TYPE DEVELOPMENT.
AND WE CAN MOVE ON TO THE NEXT SLIDE.
SO THIS IS OUR MAP HERE, AND ESSENTIALLY WE'VE GOT THE PARK DIRECTLY TO THE NORTH.
UH, ANOTHER THING THAT'S PRETTY EXCITING ABOUT THIS IS THERE'S THE, UH, TREE RIVER SPINE TRAIL THAT'S GONNA BE COMING IN, AND THAT'S GONNA BE LOCATED ALONG THE EAST SIDE OF OUR SITE.
IT'LL BE RUNNING NORTH AND SOUTH, UM, THROUGH THE PARK.
UH, WE ALSO HAVE THE DART STATION, WHICH WE'RE GONNA IMPROVE THAT, UH, WITH AN A D A ACCESSIBLE COVERED BUS SHELTER.
UM, AND THEN TO THE EAST WE HAVE, UH, THE WALMART SUPERCENTER OF SAM'S CLUB BANKS.
AND THEN TO THE WEST WE HAVE SOME ADDITIONAL RETAIL AND RESTAURANTS.
UM, THIS DEVELOPMENT WILL ACTUALLY BE FIVE STORIES.
UH, AND I'LL HAVE SORT OF A MIX OF, UM, APARTMENTS AND THEN TOWN HOME STYLE UNITS.
UM, AND THEN HERE'S OUR ELEVATION AS WELL, WHICH DOESN'T QUITE SHOW THE FIVE STORIES, BUT IT'LL BE, UH, DESIGNED BY ARRIVE ARCHITECTS.
IT'LL BE VERY SIMILAR TO WHAT YOU SEE HERE.
AND THE SAME AMENITIES AS PREVIOUSLY MENTIONED FOR HIGHLINE.
UM, REALLY WHAT YOU WOULD EXPECT IN A CLASS.
A MARKET RATE STYLE DEVELOPMENT, GRANITE COUNTERTOPS, WOOD FLOORS, FORWARD FLOORS, UM, SWIMMING POOL, FITNESS CENTER CENTER, SECURITY CAMERAS, AND THEN ALL OF THE SAME, UM, SUPPORTIVE SERVICES, THE HEALTH AND WELLNESS, FINANCIAL LITERACY, TAX PREP, HOME OWNERSHIP CLASSES AND FITNESS CLASSES.
AND THIS ONE ALSO THE 35 YEAR AFFORDABILITY.
SO THE TOTAL COST ON THIS ONE IS A LITTLE BIT LESS 164 UNITS AS OPPOSED TO 200.
UM, SO THE TOTAL CAPITAL STACK WOULD BE APPROXIMATELY $43 MILLION.
UM, THIS INCLUDES $12 MILLION IN TAX CREDIT EQUITY, UH, AS WELL AS WE'LL HAVE A DEVELOPER CONTRIBUTION, UH, OF APPROXIMATELY 1.5 MILLION.
I THOUGHT I SAW REFERENCE TO A C D B G.
SO WE ARE APPLYING FOR RIGHT AROUND $11 MILLION, WHICH WILL BE A MIXTURE OF HOME AND C D B G I BELIEVE, BUT THAT HAS NOT BEEN APPROVED YET.
WE'RE, WE'RE STILL IN THAT PROCESS.
AND, UM, AND IF THERE WAS TO BE C D B G, UM, WOULD THAT, DO THOSE FUNDS HAVE TO BE REPAID OR HOW DOES THAT WORK? YES, MA'AM.
IT'S, IT'S STRUCTURED AS A LOAN AND ESSENTIALLY ONCE DEFERRED FEE IS PAID OFF, 50% OF THE CASH FLOW, UM, GOES TO PAY THAT THAT LOAN BACK.
'CAUSE I GUESS I DIDN'T, I DON'T THINK YOU HAVE IT BUILT INTO YOUR PROFORMA YET.
UM, LEMME SEE, BECAUSE I FELT LIKE I DIDN'T SEE A REPAYMENT OF THAT.
YEAH, IT'S, IT'S INCLUDED IN THE SOURCES OF FUNDS ON THE PROFORMA.
IT MAY NOT BE IN THE PROFORMA, BUT I MEAN, HOW IT'S STRUCTURED IS, IT TAKES QUITE A WHILE.
THEY'RE BASICALLY A 40 YEAR, UM, AM AND 40 YEAR TERM LOAN, I BELIEVE IT'S 1% AND 50% OF THE CASH FLOW GOES STRAIGHT TO THAT AFTER THE FIRST 50,000.
SO I GUESS, YOU KNOW, ONCE YOU GET THAT, THEN THAT PROFORMA WILL BE REVISED.
AND DID I ALSO NOTICE THAT TWO LOTS ARE NOT PART OF THIS BIG, UH, LIKE ARE THERE TWO LOTS THAT AREN'T PART OF THE, THE BIGGER, UM, AREA THAT AREN'T INCLUDED? CORRECT.
SO IT'S, IT'S APPROXIMATELY 4.7 ACRES.
UM, AND THERE IS A RADIO TOWER AND A, UM, A SMALL
[00:55:01]
BUSINESS THAT WE'RE TRYING TO ACQUIRE THAT SITE NOW, BUT WE DON'T HAVE IT YET.'CAUSE I NOTICED LIKE FOR THE SURVEY, FOR WHAT'S BEING ACQUIRED, THERE WERE TWO LOTS THAT JUST WEREN'T, DIDN'T SEEM TO BE INCLUDED, RIGHT? THAT'S CORRECT.
SO WE'RE STILL WORKING ON THAT AND YOU'RE, AND YOU WOULD NEED TO, UM, RE DEAL WITH EACH OF THESE BUSINESSES, RIGHT? THAT'S CORRECT.
SIX, WE'VE, WE HAVE A RELOCATION COMPANY 'CAUSE IT RELOCATION IS TRIGGERED AND SO WE WILL HAVE TO, UM, WORK WITH THE BUSINESSES AND HELP 'EM WITH RELOCATION MEET ALL OF THE REQUIREMENTS.
UM, I GUESS THAT WAS ONLY QUESTIONS THAT I HAD.
ANY OTHER QUESTIONS? I HAVE A QUESTION.
SO, UH, SPEAKING OF THE REVITALIZATION OF THAT AREA, IS YOUR PLAN FOR THE LOTS YOU'RE REQUIRING TO PUT UP SOME COMMERCIAL SPACE OR SOMEHOW INTEGRATE IT INTO THE PROPERTY? BECAUSE I THINK IT'S REALLY IMPORTANT IF THERE'S GOING TO BE, I GUESS WHAT I WOULD CALL AN ANCHOR SITE FOR REVITALATION, THAT YOU KIND OF SET THE TONE FOR THE TYPE, TYPE OF RETAIL THAT'S GOING TO BE IN THE AREA.
HAVE YOU GIVEN ANY THOUGHT TO THAT? WE'VE, WE'VE LOOKED AT THAT AND WHAT WE, WHEN WE'RE TALKING TO FAIR HOUSING, ONE OF OUR THOUGHTS WAS TO HAVE A SMALL POLICE SUBSTATION.
WE HAVEN'T REALLY LOOKED AT TRUE, YOU KNOW, RETAIL ALONG THE, THE FRONTAGE THERE.
WE WOULD MOST LIKELY HAVE, UM, OUR CLUB AND THEN, YOU KNOW, THE COMMUNITY ROOM, COMMUNITY SPACE FITNESS CENTER.
SO THE POLICE SUBSTATION, IS THAT BECAUSE THERE'S A NEED IN THE AREA OR IS THAT A SELLING POINT FOR YOUR PROJECT? YOU KNOW, A LOT OF TIMES IT'S, IT'S, IT'S A SELLING POINT AND WE TYPICALLY OFFER A UNIT FREE TO A POLICE OFFICER.
AND IT JUST MAKES EVERYONE FEEL A LITTLE BIT BETTER HAVING, YOU KNOW, HAVING A POLICE CRUISER PARKED THERE.
UM, WE REALLY HAVEN'T HAD MUCH IN THE WAY OF CRIME AND ANY OF OUR, OUR OTHER PROPERTIES.
AND I THINK A LOT OF THAT HAS TO DO WITH, YOU KNOW, WE HAVE A CRIME FREE LEASE ADDENDUM MM-HMM.
BUT I ALSO WANNA CHALLENGE YOU TO USE THIS PROPERTY NOT JUST AS AN ADDITION TO THE NEIGHBORHOOD, BUT ALSO AS KIND OF A JUMPSTART FOR THE REVITALATION SO THAT OTHER BUSINESSES WHO COME TRY TO ADD TO THE COMMUNITY AS WELL.
NOT JUST, YOU KNOW, BRINGING MORE UNITS AND POLICE PRESENCE, BUT MAKING IT A SPACE WHERE PEOPLE CAN WALK TO LOCAL SHOPS, CONGREGATE WITH THEIR NEIGHBORS, BRING THEIR CHILDREN, WALK UP AND DOWN THE STREET.
I THINK THERE'S A REAL POTENTIAL THERE, SO.
IT'S DEFINITELY SOMETHING WE NEED TO LOOK INTO.
WE'VE, WE'VE DONE SOMETHING SIMILAR.
UM, 'CAUSE WE'RE NOT REALLY RETAIL DEVELOPERS, BUT IT IS SOMETHING THAT WE, THAT WE CAN CONSIDER, WE SHOULD CONSIDER MM-HMM.
UM, WE HAVE DONE SOMETHING SIMILAR.
WE WORK WITH NONPROFITS, UM, ACTUALLY STATES AT SHILOH.
WE HAVE SPACE THERE FOR NONPROFITS.
UM, AND SO THERE IS SOMETHING TO DO WITH THAT SPACE THAT CAN MAKE SENSE.
I'LL BE INTERESTED TO SEE WHAT YOU COME UP WITH.
I WILL ENTERTAIN A MOTION MOVE TO INDUCE THE DEAL.
IN FAVOR, UM, DIRECTOR GARCIA.
IN FAVOR, VICE PRESIDENT GARCIA.
IN FAVOR? I'M IN FAVOR, DIRECTOR VERNON.
THANK YOU VERY MUCH FOR ALL OF THAT INPUT AND FOR, UH, VISITING WITH US ABOUT THIS, AND WE'RE HOPEFUL IT WILL GO THROUGH.
AGENDA ITEM 10, REVIEW AND DISCUSSION OF DALLAS H F C PIPELINE REPORT.
[01:00:01]
I'M GONNA TRY TO GO THROUGH THIS A LITTLE QUICKLY, UH, BECAUSE WE HAVE CRYSTAL MOYA HERE AND SHE HAS A HARD DEADLINE AT TWO O'CLOCK, BUT, UM, AGAIN, THIS WILL BE A MONTHLY REPORT HERE JUST ON THE STATUS OF OUR CURRENT PROPERTY, UM, PIPELINE.HOPEFULLY YOU GUYS RECEIVED THE SPREADSHEET THERE, THAT, THAT GOES ALONG WITH THE MEMO.
UM, I'LL JUST QUICKLY GO THROUGH THIS.
UM, BRISCOE, WE HIT 93% OCCUPANCY IN JULY.
THAT'S OUR ESSENTIAL FUNCTION BOND DEAL.
SO THAT'S APPEARS TO BE OPERATING PRETTY WELL.
OBVIOUSLY WE JUST REVIEWED IT TODAY.
HOPEFULLY WE CAN GET THAT FINANCED AND, AND CLOSED IN THE NEXT, UH, LITTLE WHILE HERE THAT DYLAN WAS ANOTHER ONE OF OUR, UM, ESSENTIAL FUNCTION BOND DEALS.
WE'VE, WE'VE OWNED THAT FOR ABOUT A YEAR NOW.
UM, WE DID HAVE ONE COMPLAINT CONCERNING AN ELEVATOR, BUT, UH, THAT I THINK IS BEING TAKEN CARE OF.
AND NOTHING ELSE REALLY HAPPENING AT THAT PROBLEM OR AT THAT PROPERTY.
UM, ALL ACCOUNTS THAT'S GOING WELL.
THE GALBRAITH, UM, THERE WAS A HUD COMPLAINT THAT WAS LODGED ABOUT, UH, SOME UNFAIR TREATMENT DUE TO A DISABILITY.
UM, AND OUR, OUR LEGAL COUNSEL IN, UH, CONJUNCTION WITH THE DEVELOPER'S, LEGAL COUNSEL AND, AND SOME OTHER FOLKS HAVE KIND OF DEALT WITH THAT.
AND IT LOOKS LIKE ALL, ALL ACCOUNTS THAT THAT COMPLAINT WILL BE DISMISSED.
IT SEEM TO BE UNFOUNDED, BUT WE WILL KEEP YOU UPDATED IF ANYTHING ELSE IS TO BE REPORTED ON.
UM, MOVING ON, RIDT LANCASTER, THIS IS ONE OF OUR L D G DEALS.
IT'S, UM, NEAR IN COMPLETION AND, AND ALMOST READY FOR MOVING.
AND SO WE'RE JUST WAITING FOR A CERTIFICATE OF OCCUPANCY.
SO THAT, UH, SHOULD BE COMING HERE ANY DAY NOW AND WE'RE EXCITED ABOUT THAT TO GET THAT OPENED UP AND, AND HAVE PEOPLE MOVE IN.
UM, OBVIOUSLY THE STERLING CHARTER APARTMENTS THERE, THERE ARE SOME, UH, CODE COMPLIANCE ISSUES AND A COUPLE OF THE THINGS THAT WE'RE GONNA HAVE OUR REGIONAL MANAGER, UM, FOR THAT REPORT ON RIGHT AFTER THIS.
UM, SO WE'LL WAIT FOR THAT ONE.
UM, QUICKLY ON, ON THE OTHER ONES DEVELOPMENT ACTIVITY, UH, WE WENT OVER RIDGE AT LANCASTER.
GATEWAY OAK CLIFF IS, UM, UNDER CONSTRUCTION HIGH POINT AT WYNWOOD, SAME, THAT SHOULD BE COMPLETE IN LATE 2024.
UM, ASH CREEK, WE JUST CLOSED ON THAT IN JULY.
THE MONTELLO, UM, WE JUST RECEIVED THE BOND ALLOCATION ACTUALLY, AND WE SHOULD BE CLOSING BY THE END OF THE YEAR.
UM, THE POSITANO JUST CLOSED ON THE 24TH, SO THAT'S ANOTHER ONE THAT WE'LL BE, UH, EXCITED TO, TO GET RENOVATED THERE.
THEN TWO OF OUR NEW DEVELOPMENTS, WE CLOSED IN JULY, CROSSING AT CLEAR CREEK AND TERRASET, HIGHLAND HILLS WILL, I'M MEAN, CONSTRUCTION HAS JUST COMMENCED.
SO THAT'LL BE ABOUT TWO YEARS BEFORE THOSE ARE DONE.
UM, WE HAVE FITSU URBAN FLATS.
THAT ONE IS ANOTHER ONE OF THE ESSENTIAL BOND DEALS THAT'S STALLED OUT A LITTLE BIT, UM, ALONG WITH ACCESS KESSLER PARK.
SO HOPEFULLY WE CAN REVIVE THE FINANCING ON THOSE AND, AND GET 'EM DONE.
UM, SOON WE ON, WE HAVE, UH, REQUESTS THAT THE BOARD MEMBERS PUT THEIR CAMERAS ON.
UM, IF THEY DON'T HAVE IT, I'M, I'M GETTING REQUESTS.
IF, IF YOU'RE A ONLINE BOARD MEMBER, COULD YOU PLEASE PUT YOUR CAMERAS ON? UM, THANK YOU.
MEADOWBROOK IS ALSO UNDER CONSTRUCTION DUE FOR LEASE UP IN 2024, UM, ALONG WITH TERRACE AT SOUTHERN OAK UNDER CONSTRUCTION.
UM, VIEWS AT MIDTOWN IS ANOTHER ESSENTIAL BOND DEALS.
WE'RE WAITING TO GET THAT PRICE IN THE BOND MARKET, AND WE'RE OPTIMISTIC ABOUT THE CHANCES OF THAT ONE, BUT WE WILL KEEP YOU UPDATED.
HOPEFULLY NEXT MONTH WE'LL HAVE SOMETHING GOOD TO REPORT HERE.
UM, AS ESTATES AT FERGUSON WILL BE COMING TO US NEXT MONTH FOR THE M O U, WE'RE GONNA CLOSE ON THAT ONE IN DECEMBER.
AND WESTMORELAND STATION IS UNDER CONSTRUCTION.
SO WE, WE HAVE QUITE A BIT GOING ON.
WE HAVE DONE A LOT AGAIN, AND, UH, SOMETHING YOU GUYS CAN ALL BE PROUD OF SERVING ON THIS BOARD.
UH, AGAIN, HERE'S A SPREADSHEET, BUT YOU CAN REFER BACK TO IT IF YOU NEED AND, AND CALL ME WITH ANY OTHER QUESTIONS.
AND NOW, UM, SO I, I DON'T KNOW IF YOU INCLUDED, BUT I THINK IT'S VERY GOOD INFORMATION.
THE NUMBER OF UNITS, YOU KNOW, IT'S KIND OF AT THE END OF THE PIPELINE.
SO WE CURRENTLY HAVE ABOUT 2,600 UNITS COMPLETE, AND THEN ANOTHER 2,800 UNDER CONSTRUCTION.
UM, AND SO THAT'S DETAILED IN THE, IN THE SPREADSHEET THERE.
UM, QUITE A BIT OF OF ACTIVITY GOING ON.
SO, UH, THANK YOU AGAIN FOR, FOR ALL THAT THE BOARD DOES AND, AND WHAT YOU GUYS DO.
UM, ARE THERE ANY QUESTIONS ON THE PIPELINE REPORT?
[01:05:03]
AGENDA ITEM NUMBER 11, REVIEW AND DISCUSSION OF REPORT ON STERLINGS SHIRE APARTMENTS.
OKAY, I GUESS WE'RE GONNA HEAR FROM MS. MOYA.
THANK YOU FOR YOUR TIME AND THE OPPORTUNITY TO GIVE YOU ALL A, A BRIEF, UH, UPDATE ON STERLING SHIRE.
I'M THE REGIONAL VICE PRESIDENT WITH THE N R P GROUP, AND I OVERSEE OUR ENTIRE AFFORDABLE PORTFOLIO IN TEXAS, STRONGLY SHIRE BEING ONE OF THOSE COMMUNITIES.
UM, TODAY I'LL COVER JUST A FEW ITEMS, AGAIN, PROPERTY REVIEW SOME OF THE CHALLENGES IN A TIMELINE TO GET, UM, THE CHALLENGES, UM, CORRECTED.
UH, PROPERTY REVIEW, UH, STRONGLY SHIRE IS A 264 UNIT, UH, LOW INCOME HOUSING TAX CREDIT COMMUNITY IN DALLAS, UH, LOCATED AT THE INTERSECTION OF BRUTON ROAD AND NORTH ST.
UH, IT IS A TOTAL OF FIVE BUILDINGS FOR RESIDENTIAL AND ONE, UM, MAINTENANCE LAUNDRY FACILITY.
UM, I'VE LISTED THE AMENITIES, UM, FOR YOUR, UM, KNOWLEDGE.
UH, SO I, UH, I DON'T WANNA TAKE TOO MUCH TIME, BUT I DO WANNA GIVE A HIGH LEVEL SYNOPSIS OF WHAT GOT STERLING SHIRE WHERE AT TODAY.
WE'RE CURRENTLY OCCUPIED AT 66.7, UM, AT LEAST AT 74.24%.
CURRENTLY, A LOT OF THE THINGS THAT, UM, CONTRIBUTED TO ONE
UM, THE NEXT THING THAT REALLY CONTRIBUTED WAS THE WINTER STORM, SINCE YOU ALL KNOW WE'VE HAD A COUPLE, UM, BACK, BACK, 1, 2, 1 IN 2021.
SO, SORRY TO INTERRUPT, BUT WE ARE HAVING TROUBLE HEARING.
IT'S SOMETHING MAYBE ABOUT THE MICROPHONE.
OH, UH, DO YOU NEED ME TO JUST SPEAK UP A LITTLE LOUDER? DOES THIS HELP? YEAH, THANK YOU.
UM, SO, UH, BIGGEST CHALLENGES HERE, UM, CONTRIBUTING TO THE, UH, CURRENT STATUS OF THE PROPERTY.
WE'RE AT 66.67% OCCUPIED LEASE AT 74.24%.
A COUPLE OF CONTRIBUTING FACTORS.
ONE HAS BEEN STAFFING TURNOVER.
IT'S, IT'S BEEN A CHALLENGE KEEPING A SOLID STAFF THERE AT THE, AT THE PROPERTY.
WE ARE NOW FULLY STAFFED, AND I THINK WE'VE BEEN IN THAT POSITION FOR ABOUT TWO MONTHS NOW.
SO WE'RE HEADING IN THE RIGHT DIRECTION IN REGARDS TO STAFFING.
UM, BUT SOME OF THE LARGER CONTRIBUTORS HAVE ALSO BEEN, UH, THE WINTER STORMS. SO WE'VE BEEN CHALLENGING.
YOU KNOW, WE'VE BEEN WORKING THROUGH, UM, THE LAST, UH, TWO YEARS.
UH, THE ONE OF THE MOST SIGNIFICANT WAS OFF, OBVIOUSLY STORM ERIE.
UH, BUT THIS LAST STORM, STORM ELLIOT IN DECEMBER OF 2022, UM, WAS AN UNFORTUNATE SITUATION BECAUSE WE DID LOSE WATER ACCESS TO ALL OF OUR BUILDINGS.
UM, THIS OBVIOUSLY CREATED A, A LITTLE BIT OF A CHAOTIC SITUATION AT THE COMMUNITY.
WE WERE ABLE TO RESTORE SERVICES, BUT THAT WASN'T WITHOUT, UM, YOU KNOW, CREATING SOME DISPLEASURE AMONGST OUR, OUR RESIDENTS, WHICH, UH, IS UNDERSTANDABLE.
AGAIN, WE GOT REPAIRS DONE, AND WE EVEN OFFERED OUR RESIDENTS A CONCESSION.
UH, UNFORTUNATELY, WE, WE DID LOSE A FEW PEOPLE.
AS A RESULT, THE LARGEST CONTRIBUTOR, UM, HERE HAS BEEN THE LOCAL MORATORIUMS. UM, AS YOU ALL MIGHT BE AWARE OR YOU ARE AWARE, UH, THERE, IT WAS A RIGHT TO CURE, UH, MORATORIUM IN DALLAS, WHERE WE HAD TO SEND AN INITIAL NOTICE WHENEVER A RESIDENT WAS LATE ON THE RENT.
UM, UNFORTUNATELY DUE TO THE SITE TURNOVER, THE TEAM WAS SENDING THE WRONG NOTICE AT THAT TIME.
UM, WHEN WE DISCOVERED THE CHANGE OF THE, UH, NOTICE, UH, WHICH WAS IN EARLY 20 IN JANUARY, 2023, WE HAD TO RESEND SOME OF THESE, UM, RIGHT TO CARE NOTICES.
UM, BECAUSE THIS COMMUNITY IS A LOW-INCOME HOUSING TAX CREDIT PROPERTY, WE ARE ALSO REQUIRED TO FOLLOW THE CARES ACT, WHICH REQUIRES US TO SEND A 30 DAY NOTICE TO VACATE VERSUS THE THREE DAY NOTICE TO VACATE THAT WAS REQUIRED TO BE SENT PRIOR TO COVID.
UH, THE CARESS ACT, AS YOU ALL KNOW, HAS NOT, UM, ENDED.
THERE WAS NO, THERE WAS SOME AMBIGUITY IN THE CARESS ACT.
SO UNFORTUNATELY WE STILL HAVE TO FOLLOW THE STIPULATIONS CONTAINED WITHIN.
HOWEVER, UM, WE'VE BEEN ABLE TO ENFORCE THE LEASE AND THE, THE PAYMENT OBLIGATION ON BEHALF OF THE RESIDENTS.
THIS HAS RESULTED IN A TOTAL OF 103, 150 MOVE OUTS YEAR TO DATE, OF WHICH 111 OF THOSE WERE DUE TO NON-PAYMENT OF RENT.
WE DID WORK WITH SEVERAL OF OUR RESIDENTS TO TRY TO GET RENT ASSISTANCE THROUGH THE TEXAS RENT RELIEF, UH, THROUGH
[01:10:01]
LOCAL PROGRAMS AS WELL.UM, BUT SEVERAL WERE JUST NOT WILLING TO WORK WITH US.
AND WE, YOU KNOW, TO GIVE YOU AN EXAMPLE, WE HAVE RESIDENTS THAT HADN'T PAID IN OVER A YEAR APPEAL STATUS.
UM, THANKFULLY IT APPEARS WE'VE GOTTEN A LOT OF THOSE BAD APPLES OUT, OUT, AND WE'VE SECURED POSSESSION AND WE HAVE A PRETTY EXTENSIVE WAIT LIST.
SO WE'RE WORKING THROUGH THAT, UH, DILIGENTLY TO REOCCUPY OUR UNITS.
AND JUST LAST WEEK WE WERE ABLE TO SECURE SIX MOVE-INS.
WE'RE LOOKING AT ABOUT ANOTHER FIVE TO SIX THIS WEEK, AND WE'RE GONNA CONTINUE TO PUSH THAT, UM, THROUGHOUT, UM, YOU KNOW, UNTIL WE REACH STABILIZATION AGAIN, RIGHT NOW, WE DO HAVE A GOAL, UM, IF YOU CAN PROBABLY, I THINK IT'S ON THE NEXT SLIDE.
UH, WE DO HAVE A GOAL TO HIT, UM, ALMOST 85% BY THE END OF THE YEAR.
AND THIS IS CONSIDERING, YOU KNOW, MOVE-OUTS, RIGHT? SO, UM, THE LAST COLUMN, WHICH IS THE THIRD COLUMN, SHOWS OUR NET MOVE-INS NEEDED EVERY WEEK.
SO THIS WEEK WE'RE LOOKING TO HIT A NET MOVE-INS OF SIX, WHICH WILL HIT US, HELP US REACH 68.94% OCCUPANCY, AND YOU CAN SEE THE REST, UM, WEEK OVER WEEK WHAT THE GOALS ARE.
AND THIS IS BASED ON CURRENT EVICTIONS THAT ARE STILL ON SCHEDULE.
UM, WE HAVE, YOU KNOW, ALSO PEOPLE THAT JUST GIVE NOTICE THAT ARE LOOKING TO EITHER MOVE OFF THE PROPERTY FOR WHATEVER REASON OR THEY'RE PURCHASING A HOME, WHICH IS A GOOD THING.
WE DON'T WANT TO DISCOURAGE THAT EITHER.
UM, BUT WE DO HAVE A TIMELINE, UM, SET IN PLACE FOR OUR TEAM.
UM, IF YOU CAN GO BACK TO THE PREVIOUS LINE, I CAN TOUCH ON, UM, COLLECTIONS.
UM, AGAIN, DUE TO THE MORATORIUMS AND WHAT AND WHATNOT, WE HAD A REALLY HARD TIME ENFORCING THE LEASE IN REGARDS TO, YOU KNOW, SECURING POSSESSION, WHICH RESULTED IN REALLY HIGH BALANCES FROM SOME OF OUR RESIDENTS.
UH, WE HAD ABOUT $438,000 IN AGENT RECEIVABLES IN THE BEGINNING OF MARCH, UH, BECAUSE WE'VE NOW BEEN ABLE TO REALLY PUSH, UM, ON THE LEASE ENFORCEMENT IN REGARDS TO NON-PAYING TENANTS, WE'VE BEEN ABLE TO DECREASE THAT.
UM, AGING RECEIVABLES DOWN TO ABOUT $275,000, WHICH IS A REALLY, REALLY GOOD PRO PROGRESS MADE THUS FAR.
UM, AT THE END OF AUGUST, WE HAD ABOUT 162,000 OF UNCOLLECTED REVENUE, UM, AND 15 OF THOSE HOUSEHOLDS HAVEN'T PAID TOTAL $34,000 OF THAT UNPAID DEBT.
UM, AND AGAIN, SOME OF THESE ARE HOUSEHOLDS THAT HAVE BEEN IN APPEAL FOR A LONG PERIOD OF TIME.
UM, YOU KNOW, WE'VE BEEN WORKING WITH THE JUDGE, UM, CLOSELY, BUT IT JUST SEEMS LIKE WE'RE NOT GETTING ANY RELIEF AND ON THAT END, BUT WE ARE STILL WORKING VERY CLOSELY WITH 'EM TO, TO, TO SECURE POSSESSION OF THESE UNITS SO WE CAN GET, YOU KNOW, SOLID PAYING QUALIFIED PROSPECTS INTO THESE APARTMENTS.
UM, ANOTHER ISSUE THAT WE HAD WAS A SQUATTER SITUATION.
WE HAD A DISGRUNTLED EX-EMPLOYEE THAT, UM, WAS LEASING OUR BEACON UNITS TO UNQUALIFIED PROSPECTS.
UM, THEY WERE SECURING POSSESSION OVERNIGHT WHEN THE OFFICE WAS CLOSED.
UM, AS A RESULT, WE HAD A TOTAL OF 11 SQUATTERS AND THAT ONE EMPLOYEE UNIT THAT WE WERE TRYING TO EVICT THROUGHOUT THIS PROCESS.
FOR THOSE THAT HAVE BEEN THE EVICTION OR PROCESS, YOU KNOW, ONE, IT'S ALREADY A CHALLENGE.
TWO, IT'S EVEN A BIGGER CHALLENGE WHEN YOU DON'T HAVE IDENTIFYING INFORMATION FOR THE INDIVIDUALS THAT HAVE TAKEN POSSESSION OF THE UNIT.
LONG STORY SHORT, I DO HAVE SOME GOOD NEWS.
WE HAVE SUCCESSFULLY, UH, REMOVED, UM, BY A WR OF POSSESSION, THE, UH, EX-EMPLOYEE AND NINE OF THE 11 SQUATTERS.
SO WE'RE DOWN TO ONLY TWO, AND WE ACTUALLY HAVE COURT ON THOSE TWO, UM, THIS WEEK ON THE 15TH.
SO WE'RE HOPING TO GET OVER THAT, THAT, UM, CHALLENGE HERE, UM, WITHIN THE NEXT COUPLE OF WEEKS IF WE HAVE TO EXECUTE A RID OF POSSESSION ON THOSE TWO AS WELL.
UM, AS A RESULT, YOU KNOW, WE, WE ALSO HAD A LOT OF CRIMINAL ACTIVITY.
UM, WE IMPLEMENTED OR WE HIRED ON A SECURITY, UH, A SECURITY CONTRACT FIRM.
UH, THEY DO PROVIDE TWO ARMED SECURITY OFFICERS OVERNIGHT.
UM, AS A RESULT, WE'VE SEEN A SIGNIFICANT DECREASE IN THE CRIMINAL ACTIVITY ON SITE.
WE STILL HAVE SOME ISSUES, RIGHT? THAT'S, I THINK EVERYWHERE, UM, BUT NOT AT THE RATE THAT WE HAD BEFORE.
SO THAT HAS REALLY, REALLY HELPED US.
UM, ALONG WITH THAT, WE ALSO INSTALLED ADDITIONAL SECURITY CAMERAS IN SOME OF OURY WAYS, AND WE UPGRADED THE, THE EXISTING SYSTEM WE HAD.
UM, AND THAT'S, THAT KIND OF SEGUES INTO THE LAST ITEM, WHICH ARE CAPITAL PROJECTS.
[01:15:01]
NOW WE HAVE FOUR VEHICULAR ENTRANCE GATE TO THIS COMMUNITY.UM, OUR RESIDENTS, UH, LIKE TO DAMAGE OUR GATES, THEY WILL CRASH INTO THEM, THEY INTENTIONALLY DAMAGE THEM.
AND IT'S PROBABLY NOT JUST RESIDENTS.
IT COULD BE UNAUTHORIZED INDIVIDUALS JUST TRYING TO HAVE ACCESS TO THE COMMUNITY AT, YOU KNOW, WHENEVER THEY WANT.
UM, I WORK VERY CLOSELY WITH, UM, CHIEF FREEMAN, UM, WITHIN THE, UM, FIRE DEPARTMENT AND, UM, SOME OTHER INDIVIDUALS TO SEE IF THERE'S AN ALTERNATIVE WAY TO GET, UM, A COUPLE OF THOSE GATES CLOSED PERMANENTLY.
UH, BECAUSE IT JUST GIVES TOO MANY ACCESS POINTS TO UNAUTHORIZED, UH, PEOPLE TO ENTER THE COMMUNITY.
UM, UNFORTUNATELY GIVEN, UM, THE LOCATION OF THE GATES AND, AND THE FIRE CODE CURRENTLY, UM, WE CANNOT ELIMINATE ANY OF THE FOUR ACCESS POINTS.
UM, BUT THEY DID GIVE ME AN APPROVAL TO, UM, MAKE TWO OF THEM ACCESSIBLE TO THE EMERGENCY PERSONNEL, UH, WHICH IS GONNA HELP US SAVE A LITTLE BIT OF MONEY ON THE CAPITAL SIDE, UM, CAPITAL REVENUE SIDE.
UH, AND WE'RE GETTING, UM, THAT CONTRACT IN PLACE.
I HAD SOME LAST MINUTE QUESTIONS FOR THE FIRE YOUTH THIS MORNING, AND WE'RE LOOKING AT, I KNOW I PUT A TIMELINE, IF YOU GO TO THE NEXT TWO SLIDES, ERIN.
UM, I PUT A TIMELINE THAT THESE WOULD BE ACTUALLY COMPLETED BY, UM, 10 31, BUT IT LOOKS LIKE WE'RE LOOKING MORE TOWARDS THE END OF SEPTEMBER, WHICH IS A REALLY GOOD THING BECAUSE THIS WILL HELP US ONE, TURN A LOT OF THE CRIMINAL ACTIVITY THAT IS BEING CAUSED BY UNAUTHORIZED GUESTS.
AND TWO, ALSO THE BULK TRASH DISPOSAL ON THE PROPERTY.
WE'VE HAD CONTRACTORS, WE'VE HAD PEOPLE GO AND THROW FURNITURE THAT DON'T LIVE ON THE PROPERTY.
IT OVERFILLS OUR, OUR, OUR TRASH BINS.
AND OUR RESIDENTS NO LONGER HAVE A PLACE TO THROW THEIR TRASH, SO THEY LEAVE IT ON, ON THE GROUND WITHIN, CREATE A LOT OF LITTER, AND THEN WE'RE HIT BY CODE ENFORCEMENT.
UM, AND THAT DOESN'T HELP THE PROPERTY GET TO WHERE WE WANT TO BE.
SO THE GATES ARE GONNA HELP SIGNIFICANTLY.
AND I'M FROM CHIEF AND WE'LL BE WORKING ON SECURING THAT CAPITAL PROJECT AGAIN BY THE END OF THE MONTH.
UM, OR THAT'S ABOUT EVERYTHING.
WE HAVE SOME OTHER THINGS GOING ON ON THE PROPERTY, UM, PRESSURE WASHING, JUST TRYING TO IMPROVE THE CURB APPEAL AND WHATNOT.
AND THOSE WILL BE ALL COMPLETED BY THE END OF THE MONTH.
AND YOU GO TO THE NEXT SLIDE, PLEASE.
UM, SO AGAIN, UH, JUST THIS, A QUICK SUMMARY AGAIN WITH THE NEW STAFF IN PLACE, UH, CONSISTENT AND DIRECT OVERSIGHT BY MYSELF.
I'M, I'M THE REGIONAL VICE PRESIDENT AND THE STRUCTURE IS REGIONAL VICE PRESIDENT, SENIOR, REGIONAL, AND REGIONAL MANAGER.
I PERSONALLY, UM, AM OVERSEEING THIS PROPERTY AGAIN, AND ALSO WITH THE ELIMINATION OF THE LOCAL MORATORIUM, A CONSISTENT APPROACH TO ENFORCING THE LEASE OBLIGATIONS, OUR NEW SECURITY FIRM FIRM, WHICH INCLUDES ARMED GUARDS, UM, AND THE CAPITAL IMPROVEMENTS THAT WE'RE GONNA BE EXECUTING ON THE SITE.
I KNOW THAT WE WILL GET THE PROPERTY WHERE IT NEEDS TO BE, AND I APPRECIATE EVERYONE'S PATIENCE AND YOU KNOW, THE RELATIONSHIP THAT WE HAVE WITH THE CITY OF DALLAS, I'VE BEEN WORKING WITH VARIOUS, UM, VERY IMPORTANT INDIVIDUALS, UM, AND GETTING A LOT OF THESE THINGS DONE AND GETTING QUESTIONS ANSWERED AND ASSISTANCE AT THE
SO, UH, AGAIN, AN OVERWHELMING THANK YOU TO THE CITY OF DALLAS AND ALL OF YOUR, YOUR PARTNERS WITHIN, WITHIN THE, WITHIN THE CITY.
UM, I'M OPEN TO ANY QUESTIONS YOU MIGHT HAVE.
THAT'S MY, THE NEXT SLIDE IS MY CLOSING SLIDE.
SO, UM, SO SHOULDN'T THE ARMED OFFICERS OVERNIGHT, I, I GUESS I'M SUSPECTING THAT MOST OF THE GATE DAMAGE WOULD BE DONE AT NIGHT, RIGHT? UM, SOMETIMES FOR THE MOST PART, YES.
UM, IT CAN ALSO HAPPEN BECAUSE, UM, TWO OF OUR GATES ARE NOT VISIBLE THROUGH THE OFFICE THE WAY THAT THE COMMUNITY IS STRUCTURED.
AND THOSE WERE THE TWO GATES THAT I WAS HOPING TO GET AN APPROVAL TO CLOSE OFF PERMANENTLY.
UM, BUT IT, IT HAPPENS AT VARYING HOURS.
IT COULD BE OVER THE WEEKEND WHEN THE OFFICE HAS LIMITED HOURS.
IT COULD BE EARLY MORNING, IT COULD BE IN THE EVENINGS.
UM, BUT YES, THE SECURITY OFFICER CONTRACT WAS JUST PUT IN PLACE, UM, I THINK AROUND MAY OR APRIL OR MAY OF THIS YEAR.
UH, SO PRIOR TO THAT, WE HAD A PATROL COMPANY THAT WOULD ONLY PATROL, YOU KNOW, AT DIFFERENT HOURS OF THE NIGHT.
THEY WEREN'T CONSTANT FOOT PATROL LIKE THIS NEW COMPANY IS.
SO HOPEFULLY THAT WILL, UM, ALLOW YOU TO HAVE, YOU KNOW, GATES THAT ARE OPERATING FOR THE PROPERTY.
AND, UM, IF YOU COULD, UH, BE SUCCESSFUL IN HAVING NON-PAYING TENANTS MOVE OUT, UM, DO YOU FEEL LIKE YOU COULD FILL THE PROPERTY, UH,
[01:20:02]
YOU KNOW, THAT IT COULD BE AT A HIGH OCCUPANCY LEVEL? DO YOU HAVE ENOUGH DEMAND? YES.UM, I, I FEEL THERE IS ENOUGH DEMAND.
HISTORICALLY, THIS PROPERTY HAS AVERAGED AN OCCUPANCY ABOUT, IT FLUCTUATED BETWEEN 80, 89 TO 93% YEAR OVER YEAR.
UH, SO YES, I DO BELIEVE THAT THE, THE DEMAND IS THERE.
I MEAN, EVERYBODY NEEDS AFFORDABLE HOUSING.
AS ALL THE INDIVIDUALS BEFORE ME PRESENTED, THERE'S, THERE IS A NEED.
AND, UM, I DON'T HAVE ANY CONCERNS WITH, UH, FILLING THESE UNITS.
UM, I WILL ADD THERE HAVE BEEN SOME MARKET SHIFTS, UM, RIGHT, AND THERE'S BEEN SOME DECREASES IN, UH, RENTS, UM, IN, IN CERTAIN MARKETS, BUT I DON'T THINK WE'LL HAVE A CONCERN AT STERLING SHIRE.
ANYBODY ELSE HAVE ANY QUESTIONS? I GUESS NOT WELL, OH, SORRY, GO AHEAD.
I MEAN, I UNDERSTAND ABOUT COVID AND I UNDERSTAND THE MORATORIUMS, THE EFFECT THAT HAD AN OPERATIONS IN A LOT OF THE DEPARTMENTS.
I UNDERSTAND SNOWMAGEDDON AND THE FREEZE WE HAD AND WHAT THAT DID TO PIPES AND APARTMENTS, UH, YOU KNOW, IN THE CITY.
AND LOOK, YOU GOTTA TAKE ONLINE REVIEWS, THE GRAIN OF SALT, I GET IT.
BUT I WAS JUST ENTERTAINING, YOU KNOW, DIRECTORS AIDING GARCIA WITH THE ONLINE REVIEWS OF THIS PROPERTY AND THE BAD REVIEWS WAY PREDATED THESE EVENTS, RIGHT? ALMOST WHEN IT WAS ORIGINALLY BUILT BACK IN 2016, 2017.
NOW, AGAIN, I DON'T WANT TO JUST GO OFF THE RAILS ABOUT WHAT SOME PEOPLE ONLINE JUST POSTED, BUT AGAIN, THERE WAS A TREND AND IT WAS BEFORE ALL THIS.
SO IT SOUNDS LIKE THE MOMENT THIS WAS BUILT, THERE WAS AN OPERATIONAL ISSUE.
AND LOOK, I MEAN, SQUATTERS AND APARTMENTS, LOOK, THAT MEANS YOUR STAFF ISN'T GOING IN, YOU KNOW, WE'RE NOT LEASING THE PROPERTY.
WE'RE NOT, THAT'S NOT NORMAL, YOU KNOW, NEW CLASS A BUILD DEAL.
SO THERE HAS BEEN SIGNIFICANT MANAGEMENT AND OPERATIONAL ISSUES AT THE PROPERTY THE MOMENT THIS THING, UH, HAD OCCUPANCY.
SO JUST GONNA MAKE THAT COMMENT.
THESE ISSUES NEED TO BE FIXED AND THEY NEED TO BE FIXED QUICK.
MAY, MAY I ASK, UM, WHO'S SPEAKING? MAY I ASK WHAT, UH, WHO, WHO IS THIS SPEAKING? I'M SORRY.
I THINK YOU MAKE A REALLY GOOD, UH, POINT.
UH, I HAVE ALSO SEEN THE REVIEWS.
I'VE BEEN OVER THE COMMUNITY, UM, FOR TWO YEARS.
I'VE BEEN WITH N R P FOR ABOUT TWO YEARS AND FIVE MONTHS, UH, THUS FAR.
SO I CAN'T REALLY SPEAK TO THE HISTORICAL OPERATIONAL, UM, ISSUES.
UM, BUT, UM, THEY ARE ISSUES THAT WE ARE AWARE OF AND WE'RE GONNA CONTINUE TO WORK THROUGH THEM.
AND AS I TELL EVERYBODY EVERY DAY, UH, TO KEEP OUR TEAM ENCOURAGED, AND I KNOW WE'RE GONNA HAVE IN THAT DIRECTION, WE MIGHT EVEN CHANGE THE NAME FROM STERLING SHIRE TO STERLING STAR.
UM, BECAUSE I, I AM FULLY, THIS IS GONNA BE A TURNAROUND PROPERTY, REALLY LOOKING FORWARD TO LEADING THE CHARGE AND GETTING THE TEAM, UM, WHERE WE NEED TO BE BY THE END OF THE YEAR.
LOOKING FORWARD TO THE UPDATE.
HOW LONG HAVE YOU BEEN OR HAD OVERSIGHT OVER THIS PROPERTY? AND, AND YOU SAID YOU'VE BEEN WITH N R P FOR TWO YEARS AND, AND FIVE MONTHS.
WHAT, WHAT OTHER PROPERTIES HAVE YOU WORKED ON? AND, AND CAN YOU TELL US A LITTLE BIT ABOUT THE CONDITION OF OTHER N R P PROPERTIES, UH, OR ABSENT THAT MAYBE SOME OF THE OTHER PROPERTIES IN THE IMMEDIATE VICINITY? IS THIS, UH, AN ISOLATED INCIDENT OR IS THIS HAPPENING IN, IN, IN NUMEROUS BOOK HOUSE? THIS, THIS IS AN ISOLATED INCIDENT.
UM, AND IN REGARDS, UM, GREAT QUESTIONS.
UM, OBVIOUSLY, I MEAN, I OVERSEE APPROXIMATELY 60 COMMUNITIES RIGHT NOW.
YOU KNOW, THE MORE COMMUNITIES YOU OVERSEE, THE, THE CHANCES OF YOU HAVING AN ISSUE HERE AND THERE ARE, ARE HIGHER VERSUS SOMEONE THAT MIGHT OVER OVERSEE ONLY 10 COMMUNITIES.
RIGHT? UM, SO THERE, I WOULD SAY MAYBE ABOUT 1% OF MY PORTFOLIO HAS CHALLENGES NOT AT, AT NOT AT THIS RATE.
UM, IN ADDRESSING THE SQUADRON QUESTION, I KNOW THAT, UM, THE DIRECTOR PRIOR MENTIONED THE SQUADRON SITUATION.
THE SQUADRONS WERE DISCOVERED THE DAY AFTER THREE OF THEM TOOK POSSESSION.
AND IT WAS JUST, AGAIN, WE'RE NOT THERE, YOU KNOW, OVERNIGHT.
WE DISCOVERED THEM RELATIVELY QUICKLY.
THIS WASN'T A SITUATION WHERE THE SQUATTERS WERE SITTING THERE FOR MONTHS BEFORE WE DISCOVERED THEM.
WE DISCOVERED THEM ALMOST IMMEDIATELY BECAUSE THE TEAM WAS WALKING UNITS EVERY DAY.
BUT IT'S A, IT'S A PROCESS THROUGH THE ENTIRE COURT PROCESS, THE NOTICES WE HAVE TO DELIVER.
IT'S NOT THAT JUST EASY TO JUST SAY YOU HAVE TO MOVE OUT.
UM, UNFORTUNATELY, AND WE HAD TO FOLLOW THAT LEGAL PROCEEDING IN ORDER TO SECURE A POSSESSION.
UM, BUT OTHER COMMUNITIES, UM, THAT WE HAVE, UM, WE ONLY HAVE ONE IN DALLAS, THE REST ARE IN FORT WORTH.
UM, WE HAVE SOME IN, UH, ONE IN DENTON AND ONE IN MCKINNEY.
[01:25:01]
HAVE HAD SOME COLLECTION ISSUES, BUT NOTHING AT THIS LEVEL.UM, WE'VE HAD SOME OCCUPANCY ISSUES HERE AND THERE, BUT NOTHING AT THIS LEVEL.
YOU KNOW, THEY ALL FLUCTUATE BETWEEN 88 TO, TO 98% OCCUPANCY.
YOU HAVE A FEW DEALS WITH P F C, CORRECT? THE DALLAS P F C? YES.
HAVE THOSE BEEN DELIVERED? I DON'T OVERSEE OUR P F C PORTFOLIO.
ACTUALLY GOES UNDER OUR MARKET OR CONVENTIONAL, UH, REGIONAL VICE PRESIDENT.
UH, CRYSTAL, YOU'VE GOT A PLAN IN PLACE AND, AND A TRAJECTORY.
UH, YOU KNOW, YOU'RE SITTING AT 60 SOMETHING, 66, 60 7% OCCUPANCY RIGHT NOW WITH SIGNIFICANT COLLECTION ISSUES.
IF WE COME BACK IN, IN THREE OR FOUR MONTHS AND THE SITUATION HASN'T BEEN REMEDIED MEANINGFULLY, UH, WHAT DO WE DO THEN? I THINK THAT'S A CONVERSATION THAT WE CAN DEFINITELY HAVE AT THAT POINT.
BUT I DON'T THINK, THINK WE'LL BE HAVING THAT CONVERSATION IN THREE MONTHS.
I'M CONFIDENT WE WILL NOT BE HAVING THAT CONVERSATION EVERY MONTH.
WHAT'S, SORRY, I THOUGHT OF ANOTHER QUESTION.
WHERE IS, ARE WE COVERING THE LOAN RIGHT NOW? IT'S 60% OCCUPANT.
60% OCCUPANTS SAY I HAVE A HARD TIME BELIEVING WE ARE, WE ARE RECOVERING THE LOAN AT THIS POINT.
UM, WE'VE HAD SOME CASH CHALLENGES.
UM, WE HAD TO ACTUALLY, UH, INCUR A BORROWING THAT CAME TO N R P MOST RECENTLY.
UM, AND THAT HELPED US, UH, CATCH UP WITH SOME OF THE, UH, VENDOR AGING PAYABLES.
BUT SO FAR, UM, OUR LOAN HAS BEEN OUR PRIORITY AND THAT CONTINUES TO BE MET EVERY MONTH.
THANK YOU VERY MUCH FOR THAT, UH, INFORMATION AND WE'LL LOOK FORWARD TO GETTING SOME GOOD NEWS SOON.
UM, MOVING ON TO THE NEXT ITEM ON THE AGENDA, WHICH IS THE DISCUSSION OF PLANNING, ESPECIALLY CALLED MEETING FOR PURPOSES OF A D H F C BOARD RETREAT.
UM, WE, UH, HAVE QUITE A FEW MEMBERS WHO, UM, YOU KNOW, JUST HAVEN'T BEEN ON THE BOARD ALL THAT LONG.
AND, UM, AND ALSO I THINK YOU COULD SEE FROM THE PIPELINE HOW MUCH WE HAVE GOING ON.
AND BECAUSE WE HAVE SO MUCH GOING ON AND OUR AGENDAS ARE SO FULL, WE FEEL LIKE IT WOULD BE GOOD TO HAVE A RETREAT WHERE WE CAN, UM, DO SOME, UH, MORE BROAD BRUSH THINKING, UM, ABOUT, YOU KNOW, SORT OF STRATEGIC PLANNING, I GUESS I WOULD CALL IT.
AND, UM, AND ALSO, UH, WE THOUGHT IT WOULD BE A GOOD IDEA WHEN I SAY WE, I'M TALKING ABOUT OUR GENERAL MANAGER, UM, THAT, UH, THAT WE COULD HAVE A COUPLE OF PRESENTATIONS, UM, ONE FROM THE CHAPMAN FIRM, PERHAPS JUST, UH, TALKING ABOUT, UM, JUST THE NITTY GRITTY OF, OF HFCS
UM, JUST, UH, THOSE KINDS OF THINGS THAT WE JUST FEEL LIKE, AS YOU CAN SEE, THIS MEETING HAS ALREADY TAKEN A LONG TIME AND, UM, WE JUST FELT LIKE IT, SINCE WE ALWAYS HAVE SO MANY, UH, DEAL ITEMS TO TALK ABOUT ON OUR AGENDA, THAT IT WOULD BE GREAT TO JUST HAVE A SEPARATE MEETING.
NOT, NOT A, NOT AN ALL DAY AFFAIR, BUT JUST MAYBE HALF A DAY.
UM, AND SO I DON'T KNOW, UM, MR. QUINTO, YOU WANNA GIVE US SOME THOUGHTS ON HOW WE WOULD, WOULD SCHEDULE THAT? YEAH, SO BASICALLY, YOU KNOW, IT WOULD HAVE TO BE PUBLISHED AND, YOU KNOW, POSTED HERE VIA THE, THE CITY'S RULES ON, ON OPEN MEETINGS.
BUT, UM, AS DISCUSSED, YOU KNOW, IT WOULD BE ABOUT A HALF A DAY.
WE WOULD, IT HAD BEEN MENTIONED LIKE A NINE TO 12 KIND OF SESSION, UM, WITH A FEW TRAINING ITEMS AND, AND SOME DISCUSSION THAT YOU GUYS COULD HAVE JUST ON THESE, UM, OPERATIONAL KIND, WHAT YOU WANT.
UM, YEAH, AND JUST STRATEGIC, YOU KNOW, GOING FORWARD.
BUT, UM, CAN WE SEND OUT, DO YOU THINK SOME KIND OF A, SO MAYBE LIKE A SURVEY MONKEY OR, RIGHT, SO, SO THAT'S WHAT, UM, JACQUELINE SCHROEDER AND I ARE GONNA SEND OUT KIND OF A, A REQUEST, YOU KNOW, WHAT DAY WILL WORK.
I MEAN, WE WANNA DO THIS AS QUICK AS POSSIBLE, RIGHT? WITH WITHOUT DELAY.
SO, UM, ACCORDING TO EVERYONE'S SCHEDULE AND, AND IF WE CAN GET THE RIGHT AMOUNT OF PEOPLE THERE, UM, HOPEFULLY THIS, THIS CAN HAPPEN PRETTY QUICKLY.
UM, AND SO I WOULD JUST BE ON THE LOOKOUT FOR, FOR KIND OF A SERVICE AND, AND I THINK WE'RE KIND OF CONSIDERING MAYBE LIKE A SATURDAY MORNING OR SOMETHING, YOU KNOW, WHERE WE WOULD NOT BE, BE TAKING
[01:30:01]
EVERYONE AWAY FROM THEIR JOBS.UM, SO, UH, DOES ANYONE HAVE ANY THOUGHTS OR QUESTIONS ABOUT THAT
I'M HAPPY TO, UM, RESPOND TO A SURVEYMONKEY.
THERE ARE SEVERAL OF US WHO WORK PRIMARILY IN RESIDENTIAL REAL ESTATE.
SATURDAY MORNING IS TYPICALLY HOUR MONDAY.
SO I THINK JUST, YOU KNOW, IN KEEPING THAT IN MIND A SURVEY, A SURVEYMONKEY OR SOME SORT OF FORUM WHERE WE CAN ALL SUBMIT SOME DATES MAY MAKE THE MOST SENSE.
YEAH, I DIDN'T, DIDN'T THINK ABOUT
WE, WE WORK WHEN EVERYONE ELSE DOESN'T, RIGHT? SO YES.
SO I JUST WANTED EVERYONE TO KIND OF BE AWARE THAT WE WILL BE TRYING TO ACCOMPLISH THAT.
UM, AND THEN THE NEXT ITEM IS TO CONSIDER AND ADOPT A RESOLUTION APPOINTING DARWIN WADE AS GENERAL MANAGER PURSUANT TO THE BYLAWS ARTICLE THREE, SECTION 3.1 B, AND RECOGNIZING THE APPOINTMENT OF ERIN QUINTO AS ASSISTANT GENERAL MANAGER PURSUANT TO THE BYLAWS.
AND, UM, CONSIDERING THAT THIS IS, UH, A PERSONNEL MATTER, UM, I'M GOING TO, UH, HAVE US GO INTO EXECUTIVE SESSION JUST, UH, SO THAT WE CAN DISCUSS THE, THE PERSONNEL, ANY PERSONNEL ISSUES, UM, AND, UH, AND ALSO, UM, IF NECESSARY TO RECEIVE ADVICE OF AN ATTORNEY.
SO THIS WOULD BE UNDER TEXAS GOVERNMENT CODE 5 51 0.071, SEEKING THE ADVICE OF ITS ATTORNEY ABOUT PENDING OR CONTEMPLATED LITIGATION SETTLEMENT OFFERS OR ANY MATTER IN WHICH THE DUTY OF THE ATTORNEY TO THE CITY COUNCIL OR TO THE D H F C UNDER THE TEXAS DIS DISCIPLINARY RULES OF PRO PROFESSIONAL CONDUCT OF THE STATE BAR OF TEXAS CLEARLY CONFLICTS WITH CONFLICTS WITH THE TEXAS OPEN MEETINGS ACT.
AND, UM, TEXAS GOVERNMENT CODE 5 51 0.074 DELIBERATING THE APPOINTMENT, EMPLOYMENT EVALUATION, REASSIGNMENT DUTIES, DISCIPLINE, OR DISMISSAL OF A PUBLIC OFFICER OR EMPLOYEE, OR TO HEAR A COMPLAINT OR CHARGE AGAINST AN OFFICER OR EMPLOYEE UNLESS THE OFFICER OR EMPLOYEE WHO IS THE SUBJECT OF THE DELIBERATION OF HEARING REQUESTS A PUBLIC HEARING.
UM, SO I'M GONNA ANNOUNCE THAT IT IS 1 55, UH, PM ON SEPTEMBER 12TH, 2023.
THE DALLAS HOUSING FINANCE CORPORATION WILL NOW GO INTO CLOSED SESSION UNDER SECTION 5 51 0.074, AND POSSIBLY SECTION 5 51 0.07, ONE OF THE TEXAS OPEN MEETINGS ACT ON THE FOLLOWING MATTER DESCRIBED ON TODAY'S AGENDA RELATING TO ITEM 13, CONSIDER AND ADOPT A RESOLUTION APPOINTING DARWIN WADE AS GENERAL MANAGER PURSUANT TO THE BYLAWS ARTICLE THREE, SECTION 3.1 B, AND RECOGNIZING THE APPOINTMENT OF ERIN QUINTO AS ASSISTANT GENERAL MANAGER PURSUANT TO THE BYLAWS.
AND, UM, AND SO WE'RE GONNA GO, JUST THE BOARD MEMBERS ARE GONNA GO INTO A SEPARATE AREA AND, UM, THE PEOPLE THAT ARE ON THE BOARD, MEMBERS WHO ARE ON ZOOM, YOU WILL GET INFORMATION ABOUT LOGGING IN TO BE IN THAT EXECUTIVE SESSION.
I THINK, ERIN, YOU SENT OUT A LINK, RIGHT? WEBEX.
THE DALLAS HOUSING FINANCE CORPORATION HAS COMPLETED ITS CLOSED SESSION UNDER SECTIONS 5 51 0.071 AND 5 51 0.074 OF THE TEXAS OPEN MEETING, OPEN MEETINGS ACT, AND AT 2:51 PM ON SEPTEMBER 12TH, 2023, WE HAVE RETURNED TO OPEN SESSION.
I'M GOING TO READ AGAIN, UM, THE AGENDA ITEM AND THEN I WILL ENTERTAIN ANY MOTIONS.
THE AGENDA ITEM IS TO CONSIDER AND ADOPT A RESOLUTION APPOINTING DARWIN WADE IS GENERAL MANAGER PURSUANT TO THE BYLAWS ARTICLE THREE, SECTION 3.1 B, AND RECOGNIZING THE APPOINTMENT OF ERIN QUINTO AS ASSISTANT GENERAL MANAGER PURSUANT TO THE BYLAWS.
UM, SO I DON'T, I'LL ENTERTAIN A MOTION TO, UM, I HAVE A MOTION.
WELL WAIT, I HAVE TO, I HAVE TO STATE IT PROPERLY.
OH, TO HOLD IT UNDER ADVISEMENT.
I'LL ENTERTAIN A MOTION TO HOLD THIS UNDER ADVISEMENT UNTIL THE NEXT MEETING DOES SOMEONE SO MOVED.
OKAY, SECOND SECRETARY PAGE AND DIRECTOR ELLIS.
UM, UM, AND I, IS IT OKAY FOR ME TO DO THIS ONE BY ACCLIMATION? HELLO ATTORNEYS? CAN I DO THAT OR DOES IT HAVE TO BE INDIVIDUAL?
[01:35:01]
I'M SO SORRY.THIS IS WILLOW SANCHEZ, CITY ATTORNEY'S OFFICE.
COULD YOU REPEAT YOUR QUESTION? I JUST DIDN'T HEAR IT ALL.
MY QUESTION IS WHETHER WE CAN JUST, UM, SAY ALL IN FAVOR AND ALL OPPOSED, AS OPPOSED TO INDIVIDUALS? YE YES.
OH, AND I'M GOING TO ADJOURN THE MEETING AT 2:53 PM THANK YOU.