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[Dallas Fort Worth Avenue TIF District Board of Directors Meeting on December 5, 2023.]
KLER, ALSO DISTRICT ONE, SARAH RIVERA, DISTRICT ONE.ALRIGHT, YOU CAN GO AHEAD AND, UM, CALL AGENDA ITEM NUMBER TWO.
YOU CALL THE COMMENTS PERTAINING TO THE AGENDA ITEMS THREE THROUGH FIVE.
I'M SCROLLING THROUGH OUR ATTENDEE LIST.
WE HAVE SEVERAL MEMBERS OF OUR ACCOUNTING TEAM ON THE CALL.
I DO NOT SEE ANY MEMBERS OF THE PUBLIC.
UM, SO WITH THAT, I THINK WE ARE SAFE TO SAY NONE AND MOVE ON TO AGENDA ITEM NUMBER 30.
UH, REVIEW INCONSIDERATION OF THE MEETING RECORD OF THE OCTOBER 10TH, 2023 FORWARD.
NOW NEW TIFF DISTRICT BOARD MEETING RECOMMEND ACTION IS APPROVAL.
UM, DO YOU WANNA, DO WE NEED TO GO THROUGH, WE DON'T IF ANYONE HAS ANY QUESTIONS OR CONCERNS, OTHERWISE, UH, THE RECITING OFFICER CAN CALL QUESTION THERE A MOTION TO APPROVE.
YOU'RE ON SPLIT SCREEN, SO YELL LOUD IF YOU, UM, ARE A DISSENTING VOICE.
OTHERWISE I GOT THAT AS UNANIMOUS.
YOU'LL CALL THAT, UH, REVIEW CONSIDERATION OF THE FOR WORTH AVENUE TIP DISTRICT ANNUAL REPORT.
ALRIGHT, SO, UM, I'LL LEAVE IT TO YOU.
WOULD YOU LIKE ME TO SPEND A COUPLE MINUTES WALKING THROUGH THE REPORT? UM, EACH BOARD IS A A LITTLE DIFFERENT, SOME WANT ME TO SPEND FIVE OR 10 MINUTES WALKING THROUGH.
OTHERS ARE LIKE, WE'VE READ IT, WE'RE DONE.
SO, UM, DO YOU WANT ME TO SPEND A COUPLE MINUTES JUST THE HIGHLIGHTS, PULL THROUGH, WE'LL HAVE A QUICK VOICEOVER.
YEAH, I, I THINK IT'D BE HELPFUL.
YES, I WOULD, I THINK IT WOULD BE HELPFUL.
CONSIDERING THIS IS REALLY WHAT'S ON THE AGENDA, WE MIGHT AS WELL DO IT RIGHT? SOUNDS GOOD.
LET ME GET MYSELF ORGANIZED REAL QUICKLY WITH THE MINUTES AND THEN I AM READY TO MARCH THROUGH THIS.
I'M GONNA PREFACE THIS BY SHARING, OF COURSE, THIS IS A SNAPSHOT IN TIME OF THE CITY'S FISCAL YEAR, WHICH IS THE END OF SEPTEMBER 22 TO OCTOBER 1ST, 2023.
YOU ALL WILL RECALL THAT WE HAD A BIG PLAN AMENDMENT.
YOUR VOTE WAS ON OCTOBER 10TH, 2023 AND IT WENT TO CITY COUNCIL AND WAS APPROVED THE PLAN AMENDMENT ON NOVEMBER 8TH, 2023, WHICH MEANS THAT SOME OF THE THINGS THAT I WILL BE REPORTING AS MY, AS THE SNAPSHOT IN TIME IS NOT SO TRUE ANYMORE.
AND I WILL TRY TO POINT THOSE THINGS OUT.
AGAIN, THE REPORT IS ONE THING.
EVERYTHING THAT WAS APPROVED AFTER THE END OF THE FISCAL YEAR WILL BE CAPTURED NEXT YEAR IN THE 2324 REPORT.
AND I'M NOT GONNA KIND OF REHASH THE HISTORICAL ITEMS, JUST KIND OF FOCUS ON 22, 23.
SO AGAIN, AS AN EXAMPLE, UM, ON PAGE FOUR OF THE PRESENTATION, AND I'LL TRY TO KIND OF FLY THROUGH WHO I'M REALLY BAD ABOUT, LOOKING AT MY NOTES AND TRYING TO KEEP UP WITH THE REPORT.
NEW PICTURE OF VILLAS AT WESTERN HEIGHTS.
UM, AGAIN, RIGHT HERE IT TALKS ABOUT, UH, THE PARTICIPATION.
AS WE KNOW IT'S NOT GONNA BE 70%, BUT AGAIN, FOR THIS PURPOSE IT IS 55%.
AND THE TIF DISTRICT WILL EXPIRE IN DECEMBER.
UM, VILLA'S AT WESTERN HEIGHTS, WHICH IS NOW MARIPOSA AT WESTERN HEIGHTS.
THE SENIOR, UM, LOW INCOME HOUSING TAX CREDIT PROJECT THAT THE TIF DISTRICT, UM, DEDICATED SOME TIF FUNDING TO IS UNDER CONSTRUCTION.
AND THAT DEAL STRUCTURE, OUR DEADLINES CAN FOLLOW THE STATE'S DEADLINES.
SO THEY RECEIVED AN EXTENSION DURING COVID
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TO THE END OF 2024.THEY'RE WRAPPING UP CONSTRUCTION, GETTING IN SOME OF THEIR ELEVATOR MATERIALS AND IT SHOULD BE COMPLETE FAIRLY SOON.
UM, THIS TIP DISTRICT OVER ITS ENTIRE LIFE HAS ONLY FUNDED THREE DEVELOPMENT PROJECTS.
TWO COMPLETED METRO PAUSE AND SULLIVAN 30.
AND THEN OF COURSE, THE ONE THAT I JUST TALKED ABOUT FILLS AT WESTERN HEIGHTS UNDER CONSTRUCTION.
ON THE NEXT SEVERAL PAGES, THERE'S SEVERAL PROJECTS THAT WE'RE CALLING IN.
A SIGNIFICANT DEVELOPMENT PROJECTS WITHIN THE DISTRICT, A COUPLE OF NEW ONES, UM, THE KESSLER BLUFFS AND MODERNA TRINITY.
UM, ON THESE PROJECTS THAT ARE COMPLETE, THOSE ARE THE ACTUAL, THAT SECOND TO LAST COLUMN IS ACTUAL DCAP VALUE OF 2023.
FOR THE ONES THAT ARE UNDER A CONSTRUCTION, WE'RE LOOKING AT EITHER WHAT THEIR INVESTMENT AMOUNT OR DOING A COMP TO COME UP WITH THAT NUMBER.
MIXED INCOME SUMMARY REPORT SOLD IN 30 DOES HAVE A SET ASIDE OF 40 UNITS SET ASIDE, UM, AT 80% OF AREA MEDIAN INCOME.
AND THEN WHEN VILLAS AT WESTERN HEIGHTS OPENS UP 104 OUT OF THEIR 130 UNITS WILL BE AFFORDABLE UNITS.
THIS TIP DISTRICT, WE'VE KIND CAPTURED A LOT OF THE INITIATIVES THAT HAVE OCCURRED AND ARE OCCURRING WITHIN THE DISTRICT.
ONLY ONE IS TIFF FUNDED AND THAT'S THE COLLECTIVE.
YOU MIGHT RECALL THAT THAT PROJECT THAT'S UNDER CONSTRUCTION CAME BACK FEBRUARY OF, UM, 2023.
SO THAT SHOULD BE CAPTURED IN HERE SOMEWHERE.
HERE IT IS FEBRUARY OF 2023 WHEN THEY CAME AND ASKED FOR A DEDICATION OF SOME ADDITIONAL FUNDING FOR THE COLLECTIVE FOR THAT SIGNALIZATION INTERSECTION PROJECT.
IT WENT TO COUNCIL AFTER THE FISCAL YEAR.
BUT, UM, THAT DEDICATION OCCURRED, UM, IN THIS, IN THIS REPORT.
SO THE FOLLOWING SLIDES, YOU KNOW, I'M GONNA MAKE THIS JUST A LITTLE SMALLER.
UM, NOW NONE OF US CAN READ IT, RIGHT? BUT, UM, THIS CAPTURES ALL OF THOSE DISTRICT-WIDE INITIATIVES.
UM, COS CREEK, I'LL POINT OUT THAT TOP ONE, EVEN THOUGH, UM, A LOT OF IT FALLS OUTSIDE OF THE BOUNDARY.
UM, THERE WAS A CONSTRUCTION CONTRACT THAT OCCURRED AND, UM, I BELIEVE THAT WAS FOR PHASE FOUR TIF DISTRICT SET ASIDE FUNDS.
UM, ANNUALLY, THE TIF DISTRICT SETS ASIDE 10% OF ITS INCREMENT, UM, AND 1.17 MILLION IS NOT COMMITTED.
SO WE HAVE A LITTLE BIT MORE, WE'VE UTILIZED SOME OF THOSE FUNDS FOR THE COLLECTIVE.
ALL RIGHT, PROBABLY THE MOST IMPORTANT POINT, THE 2023 ASSESSED TAXABLE VALUE IS JUST OVER, UM, $842 MILLION AND THAT'S 8% OVER LAST YEAR.
UM, THE 2122 GROWTH WAS LARGER, BUT 8% IS STILL, UM, VERY IS HEALTHY.
AND IT, WHAT WE'RE SHOWING HERE IS THAT WE'RE EXPECTING TO COLLECT $3.958 MILLION.
HOWEVER, WE KNOW THAT ALSO NOT TO BE THE TRUTH SINCE WE RAISED THAT CITY PARTICIPATION FROM 55% TO 70%.
SO AGAIN, FOR THE PURPOSES HERE, THAT WOULD BE THE COLLECTION OF THE 55%.
THE FOLLOWING PAGES ARE FROM THE TIP DISTRICT PLAN.
WE HAVE OBJECTIVES AND SUCCESS INDICATORS, AND EACH OF THESE KIND OF, UM, INDICATE HOW FAR ALONG AS PERCENTAGES THAT WE ARE MEETING THE GOALS.
UM, THERE'S BEEN QUITE A LONG LIFE TO THIS TIF DISTRICT AND WE AREN'T NEARING, YOU KNOW, THOSE GOALS IN A LOT OF PLACES, BUT CERTAINLY MAKING HEADWAY.
UH, THIS LAST BULLET IS SOMETHING WE TALKED A LOT ABOUT WHEN WE DID THE PLAN AMENDMENT.
THAT THE GOAL IS TO GENERATE $69.5 MILLION IN NPV.
THAT'S MPV DOLLARS OVER THE 21 YEAR LIFE OF THE TIFF.
UM, AND THAT WE'VE ONLY REACHED 13.17 MILLION IN INCREMENTALLY 19% OF THE GOAL.
AND AGAIN, THAT WAS ONE OF THE JUSTIFICATIONS FOR THE THAT PLAN AMENDMENT, BUT JUST KIND OF THAT'S AN INDICATOR OF THE HEALTH AND GROWTH OF THE VALUE IN THE INCREMENT COLLECTED WITHIN THE DISTRICT.
IN SUMMARY REPORT, I ASK ALL THE MEMBERS TO TAKE
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A LOOK AT THIS AND SEE IF I GOT EVERYTHING RIGHT.I NOTED THAT LAST YEAR AT THIS TIME, WELL, WE WERE SUPPOSED TO REVIEW THE ANNUAL REPORT.
SO WE HAD ONE MEETING THAT WAS THAT FEBRUARY MEETING WHEN WE TALKED, WE HAD, UM, PUBLIC WORK STAFF IN HERE TALKING ABOUT THE COLLECTIVE AND THAT SIGNALIZATION PROJECT.
AGAIN, OLD BUDGET, STILL THE SAME, UM, SAME TOTAL DOLLAR AMOUNT ANTICIPATED BALANCE, $155.5 MILLION.
THAT IS BUDGET CAPACITY, NOT CASH ON HAND.
IT IS NOT LIKELY WE WILL BE ABLE TO, UM, REACH THAT FULL AMOUNT, BUT AS WE GET INCREMENT IN, OF COURSE WE CAN DEDICATE IT TO PROJECTS AND OR TO DISTRICT-WIDE PROJECTS, MINORITY AND WOMEN OWNED BUSINESS PARTICIPATION IS IMPORTANT FOR ALL OF OUR TIP DISTRICTS.
THERE'S BEEN NO CHANGE IN THIS CHARTS.
WE DON'T HAVE ANY NEW PROJECTS THAT HAVE BEEN COMPLETED AND REPORTED.
UM, CLOSES OUT, WE'LL HAVE THEIR NUMBERS.
SO CHECK, CHECK ON THOSE FIRST TWO WORK PROGRAM GOALS, PLAN AMENDMENT, AND SUPPORTING A GROCERY ACRE RETAIL REDEVELOPMENT PROJECT.
THAT PROJECT WAS ALSO APPROVED BY COUNSEL IN NOVEMBER.
UM, THE FOLLOWING PAGES, UM, ARE THE FINANCIALS.
ONE THING I FAILED TO REPORT WHEN WE WENT THROUGH THE BUDGET, AND IT'S ALSO INDICATED IN THIS PART OF THE FINANCIALS, IS THAT WE DO NOT YET HAVE THE ADMINISTRATIVE COSTS FOR 2223.
WE'LL HAVE IT READY BEFORE IT GOES TO COUNCIL.
SO ANY MOTION YOU MAKE FOR RECOMMENDING MOVING THIS ANNUAL REPORT ONTO COUNCIL, IT WILL NEED TO BE WITH SLIGHT EDITS SO THAT WE CAN, UM, A CATCH ANY LITTLE GRAMMAR MISTAKES IF WE HAVE.
WE AS WE'VE BEEN KIND OF WORKING THROUGH THESE, BUT ALSO TO, UM, INCLUDE THIS YEAR'S ADMIN COSTS, WHICH OUR ACCOUNTING TEAM IS, UM, FINALIZING.
LET ME, I'M GONNA JUST LOOK THROUGH MY NOTES HERE.
UM, IT SHOWS THE TOTAL LIABILITY AND FUND OF THE FUND EQUITY IS ABOUT 14.7 MILLION.
UM, IF YOU SUBTRACT OUT THE DISTRICT-WIDE SETASIDE, THE PAYMENT, THE ANTICIPATED PAYMENT TO THE VILLAS AT WESTERN HEIGHTS AND THE ANTICIPATED PAYMENT TO VISTA, WHICH OF COURSE THAT'LL BE PROBABLY A YEAR AND A HALF, TWO YEARS FROM NOW, UM, THERE'S ABOUT 1.87 MILLION AVAILABLE.
SO THAT'S KINDA UNENCUMBERED DOLLARS FOR PROJECTS.
AND THEN OF COURSE WE'LL GET MORE FUNDING.
THERE'S A NOTE HERE OF THE COLLECTIVE FUNDS.
WHAT HAPPENS HERE IS THAT, UM, PUBLIC WORKS BASICALLY BILLS US AND WE FORWARD THOSE DOLLARS.
SO THAT MEANS THAT 147 ISH THOUSAND CAME OUT OF OUR ACCOUNT, UM, TO MAKE PAYMENTS FOR THE COLLECTIVE.
AND THIS IS OUR INCREMENT COLLECTIONS.
UM, IT SHOULD MATCH WHAT I SHOWED IN THE BODY OF THE ANNUAL REPORT.
AGAIN, A GAZILLION ASTERISKS RIGHT HERE TALKING ABOUT THOSE CHANGES.
THIS IS OUR FINANCIAL OBLIGATION AS I JUST MENTIONED FOR THE VILLAGES AT WESTERN HEIGHTS.
UM, 5.179 ISH MILLION DUE UPON COMPLETION.
AND ONCE THEY VERIFY THAT THEY'VE MET ALL THE TERMS OF THE DEVELOPMENT AGREEMENT.
AND WITH THAT, I AM COMPLETE ANY QUESTIONS? THAT WAS VERY HELPFUL.
THANK YOU FOR WALKING US THROUGH IT.
I KNOW IT'S ALWAYS HELPFUL, ESPECIALLY ON THE BOARDS THAT DON'T MEET FREQUENTLY, WHICH IS MOST OF THE BOARDS, SOME I HAVEN'T SEEN ALL YEAR.
AND WITH NEW MEMBERS, IT'S KIND OF A GOOD WAY TO, TO GET IN TO KNOW QUICKLY.
THE VERSION TO YOUR EXTENT WITH THE, UH, CONTINGENCY OF THE, THE OPEN CHANGES FOR, UM, TIME EXPENSES AND FINAL REVIEW.
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I'LL SECOND.WHO MADE THE MOTION? WHO MOVED? WELL, I WASN'T EVEN ON THAT PAGE.
WHO SAID THAT IT WAS RAISE YOUR HAND.
AND I BELIEVE THAT WAS MS. KYLE AS A SECOND.
I GOT THE THUMBS UP, MS. KYLE.
ALRIGHT, YOU WANNA CALL AGENDA ITEM NUMBER FIVE, REVIEW IN CONSIDERATION OF A REGULAR MEETING SCHEDULE FOR, UH, FOR AVENUE TIP DISTRICT BOARD DIRECTORS FOR CALENDAR YEAR 2024.
AS A REMINDER, THIS IS SOMETHING THE CITY SECRETARY'S OFFICE LIKES US TO DO TO HAVE A SET QUARTERLY SCHEDULE.
IF YOU DO NOT HEAR FROM ME TWO WEEKS, APPROXIMATELY TWO WEEKS PRIOR, ASSUME THERE IS NO MEETING ON THOSE DATES.
AND IF WE HAVE BUSINESS TO CONSIDER THAT DOESN'T WORK ON THOSE DATES, WE CAN ALWAYS CALL, UM, A SPECIAL MEETING.
AND SO, UM, THE DECEMBER 3RD IS PROBABLY A GOOD ONE TO THROW INTO YOUR CALENDAR.
A YEAR FROM NOW, WE'LL BE DOING THIS FUN STUFF AGAIN.
MOTION TO APPROVE THE, UH, SET SUGGESTED MEETING DATES.
I'LL MAKE A MOTION TO APPROVE THE SUGGESTED MEETING DATES.
BEFORE WE ARE END OF THE AGENDA, CALL FOR ADJOURN.