[00:00:03]
YOU ARE WATCHING THE MEETING OF THE DALLAS CITY COUNCIL WITH MAYOR ERIC L. JOHNSON, MAYOR PRO TEM CANNELL ATKINS, DEPUTY MAYOR PRO TEM CAROLYN KING ARNOLD, COUNCIL MEMBERS SHAD WEST, JESSE MORENO, ZAIN GRACIE, JAIME RESENDEZ, OMAR VALEZ, ADAM, BASIL DUA, PAULA BLACKMAN, KATHY STEWART, JANIE SCHULTZ, KARA MENDELSON, GAY DONNELL WILLIS PAUL RIDLEY, AND CITY MANAGER TC BROADNAX, CITY SECRETARY BILLY RAY JOHNSON AND CITY ATTORNEY TAMMY PALINO.
[CALL TO ORDER]
IT IS NOW TWO 18.WE CALL THE SPECIAL CALL MEETING TO ORDER.
NEED A MOTION FIRST, UH, ZION GRAYSON, CHAIRMAN, COUNCILMAN GRAYSON GONNA DO THE, THE PRAYER.
HEAVENLY FATHER, WE JUST COME TO YOU TODAY, LORD GOD, ASKING THAT YOU, UH, GUIDE EACH AND EVERY SPEAKER, UH, TODAY, LORD GOD, UH, EACH AND EVERY PRESENTER TODAY, LORD GOD, AND EACH AND EVERY HEART REPRESENTED ON THIS HORSESHOE TODAY, AND THOSE THAT ARE, ARE NOT HERE.
GOD, IN THE SPIRIT OF CONGRESSWOMAN HEADIE BERNICE JOHNSON, LORD, LET US JUST DO THE WORK.
WE ASK THIS IN YOUR PRECIOUS NAME, AMEN.
INSTEAD OF PRESIDENT LEADING OUR PRESSURE LEADING TO FLAG UNITED STATES OF AMERICA UNTIL THE REPUBLIC WILL STAND ON NATION AND GOD INDIVIDUAL IN
OKAY, MAYOR, RECOGNIZE CHAIRMAN UA.
UH, I'D LIKE TO MAKE A MOTION TO SUSPEND THE RULES AND ALLOW FOR ALL PUBLIC SPEAKERS INSTEAD OF JUST A PORTION AT THE BEGINNING TO SPEAK AT THE END AFTER, UM, BRIEFING AND DELIBERATION.
[Additional Item]
YES.UH, I MOVE THAT THE CITY COUNCIL GO INTO COMMITTEE OF THE WHOLE TO CONSIDER THE TOTAL AMOUNT OF THE BOND PROGRAM AND THE ALLOCATIONS FOR EACH PROPOSITION, AND WHETHER THE BOND PROGRAM SHOULD BE CALLED IN MAY OR NOVEMBER 2ND.
WE GOT A MOTION? UH, YOU GOT A QUESTION CHAIR? GO AHEAD.
UM, I WOULD NOT BE SUPPORTING THIS MOTION AND I WOULD LIKE TO HAVE A RECORD VOTE PLEASE.
UH, I, I'LL JUST GIVE A BRIEF EXPLANATION.
UM, UH, IT'S A, THIS IS, UM, ADVERTISED WITH THE TEXAS OPEN MEETINGS ACT ACCORDING TO, UH, AS A BRIEFING, WHICH DOESN'T ALLOW FOR, UM, STRAW VOTING.
UH, THE INTENT IS FOR US TO GIVE CLEAR GUIDANCE AND INDICATION SO THAT WHEN, UH, WE COME BACK ON THE 31ST, UH, MEETING THAT IT IS REFLECTANT OF THE DIRECTION THE BODY HAS GIVEN THEM.
WE DON'T HAVE THE ABILITY TO GIVE THAT, UH, FORMAL DIRECTION, UM, WITHOUT MEETING AS A COMMITTEE OF THE WHOLE AND TAKING STRAW VOTES, UM, AROUND THE HORSESHOE.
SO IT'S THE BASIS FOR THIS, AND IT'S JUST HOUSEKEEPING AT THE FRONT END.
AND, UM, THE STRAW VOTES WOULDN'T OCCUR UNTIL AFTER THE BRIEFINGS.
CAN RECORD VOTE HAS BEEN CALLED.
WHEN I CALL YOUR NAME, PLEASE STATE YES, IF YOU'RE IN FAVOR.
[00:05:01]
DEPUTY MAYOR PRO TEM ARNOLD? YES.COUNCIL MEMBER WEST IS ABSENT WHEN VOTE TAKEN.
COUNCIL MEMBER STEWART IS ABSENT WHEN VOTE.
COUNCIL MEMBER WILLIS IS COUNCIL MEMBER.
WOULD 12 VOTING IN FAVOR? ONE OPPOSED TO ASK WHEN VOTE TAKEN.
MR. MAYOR, WE DOING THE BOND? YEAH,
[B. 24-155 2024 Bond Program Update]
WE CAN DO AN ITEM B.I BELIEVE WE'RE GONNA DO THE BOND UPDATE FIRST.
AND SO BEFORE THE COUNCIL ACTUALLY BEGINS THE DISCUSSION, YOU KNOW, I WANT TO SAY A FEW THINGS TO REALLY JUST SET THE CONTEXT, UH, FOR THIS DISCUSSION.
CAN YOU NOT HEAR ME? I'M SORRY.
THAT'S UNUSUAL FROM THE VERY BEGINNING.
UH, AS WE'VE STARTED THIS PROCESS, STAFF HAS ACTED, UH, WITH THE FOLLOWING DIRECTION FROM THE CITY COUNCIL AND STATED GOALS AND INTENTIONS.
AND WE'VE TRIED TO SUPPORT AND MOVE THE PROCESS, UH, EX EXPEDITIOUSLY AS WE CAN TO FIND A WAY TO MAKE A BOND ELECTION TO ADDRESS MANY OF THE ISSUES AROUND OUR INFRASTRUCTURE, UH, IN THIS COMMUNITY.
UH, AND AS WE'VE TALKED THROUGH, UH, WHETHER IT IS THE CITIZENS BOND TASK FORCE RECOMMENDATION OR STAFF REVIEW OF THE NEEDS, INVENTORIES AND STAFF RECOMMENDATIONS, UH, TOP OF MIND HAS ALWAYS BEEN TO ENSURE THAT WE ARE DOING, UH, THE MOST ADVANTAGEOUS THINGS FOR OUR CITY, UH, AND THE INFRASTRUCTURE IN THIS COMMUNITY.
TODAY'S DISCUSSION, UH, IS TO ALLOW US TO CONTINUE THAT CONVERSATION, UH, GET GUIDANCE AND DIRECTION FROM THE CITY COUNCIL, AND CONTINUE TO DO THE WORK NECESSARY, UH, TO GET US CLOSER TO ULTIMATELY ASKING THE RESIDENTS TO MAKE DECISIONS ON THE TYPES OF INFRASTRUCTURE IMPROVEMENTS THEY'D LIKE TO SEE.
WE'RE HOPEFUL TO WALK AWAY WITH BETTER GUIDANCE TODAY AND MORE DIRECTION AND STAFF IS GOING TO PRESENT AND WALK YOU THROUGH A VERY BRIEF PRESENTATION AND THEN ALLOW FOR THE DIALOGUE TO OCCUR, UH, NOT ONLY WITH THE COUNCIL, BUT ULTIMATELY FEEDBACK FROM THE RESPECTIVE MEMBERS OF OUR COMMUNITY, UH, WHO HAVE A VESTED INTEREST IN MANY OF THE PROPOSALS BEING MADE, UH, AS PRESENTED TO YOU PREVIOUSLY.
SO WITH THAT, I'LL TURN IT OVER TO THE TEAM TO GO THROUGH, UH, THE PRESENTATION.
I'M THE INTERIM DIRECTOR OF THE OFFICE OF BOND AND CONSTRUCTION MANAGEMENT.
SO TODAY WE ARE GONNA DO A BRIEF, UM, OVERVIEW OF THE 2024 BOND PROGRAM.
WE'LL TALK ABOUT SOME, THE BACKGROUND, THE PROPOSITION ALLOCATIONS, UH, THE BOND PROGRAM, TIMELINE, NEXT STEPS, AND THEN, UH, QUESTIONS.
SO I THINK I'M ON SLIDE THREE NEXT.
SO SINCE THE DECEMBER 6TH BRIEFING, UH, UH, SINCE THE DECEMBER 6TH CITY COUNCIL MEETING, FEE AND STAFF HAS MET AND RECEIVED, RECEIVED FEEDBACK FROM, UM, ACTUALLY 13 COUNCIL MEMBERS.
WE HAD ANOTHER MEETING YESTERDAY ON THE, UM, BOND PRIORITIES, UH, FOR THE 2024 BOND.
SIX OF THE COUNCIL MEMBERS PROVIDED, UH, INPUT ON THE 2024 BOND FUNDING AT THE PROPOSITION LEVEL.
AND STAFF HAS CONFIRMED THAT THE FINANCIAL CAPACITY IS RECOMMENDED, UH, TO INCREASE BY NO MORE THAN 150 MILLION, UH, TO BE ADDED TO THE 2024 BOND PROGRAM FOR A TOTAL OF 1.25 BILLION.
[00:10:01]
THE PREVIOUS RECOMMENDATIONS, THE MOST RECENT FEEDBACK FROM COUNCIL AND THE REFINED STAFF RECOMMENDATION LEVELS.BASED ON THE FEEDBACK THIS WEEK, WE DID RECEIVE FEEDBACK FROM OUR BOND COUNCIL IN THE CITY ATTORNEY'S OFFICE.
SO THERE WILL BE SOME MINOR CHANGES AS WE GO THROUGH THE PROPOSITIONS AND WE'LL NEED TO ACCOUNT FOR THOSE IF ANY STRAW POLLING IS DONE.
UM, WE DID SLIGHTLY REORGANIZE THE PROPOSITION LANGUAGE FOR THE CITY FACILITIES AND THE ECONOMIC DEVELOPMENT PROPOSITIONS, UH, DUE TO ADVICE FROM BOND COUNCIL AND OUR CITY ATTORNEY'S OFFICE.
GENERALLY SPEAKING, THE FEEDBACK FROM THE V COUNCIL IS THAT BASED ON SOME LEGISLATION THAT HAS PASSED SINCE 2017, THE PROPOSITIONS NEED TO CLEARLY REFLECT WHAT IS INCLUDED ON THE PROPOSITION FOR THE VOTERS.
THE PROPOSITIONS THAT WILL BE IMPACTED ARE THE CITY FACILITIES AND THE ECONOMIC DEVELOPMENT AND HOUSING AND, UM, HOMELESS SOLUTIONS, UH, PROPOSITIONS, EXCUSE ME, IN THE CITY FACILITY, UM, THE, EXCUSE ME, IN THE CITY, CITY FACILITIES, SOME PROJECTS WILL BE MOVED, UH, TO PROPOSITIONS THAT ARE MORE APPROPRIATE WHILE OTHERS WILL BE BROKEN OUT INTO STANDALONE PROPOSITIONS.
UH, THE PROJECTS FOR CITY HALL, UH, WHICH ACCOUNT FOR ABOUT 20, UH, $28 MILLION WOULD BE A STANDALONE PROPOSITION.
THE ITS UM, UH, BUILDING WOULD ALSO BE A STANDALONE PROPOSITION.
THERE WERE SOME UNDERGROUND STORAGE TANKS THAT ARE ALL LOCATED AT POLICE SERVICE CENTERS.
THOSE WILL BE MOVED TO THE PUBLIC SAFETY PROPOSITION.
UM, AND THERE IS AN HVAC, UH, IMPROVEMENT TO THE BRIDGE THAT WILL BE MOVED TO THE HOMELESS PROPOSITION.
ALL THE LIBRARIES IN THE LIBRARY PROPOSITION, UM, ALL THE LIBRARY PROJECTS WILL NEED TO BE IN THE LIBRARY PROPOSITION.
SO, PREVIOUSLY WE HAD TALKED ABOUT THE NORTH OAK CLIFF LIBRARY BEING IN THE ECONOMIC DEVELOPMENT PROPOSITION.
THAT LIBRARY THAT FUNDS FOR THAT LIBRARY WILL NOW BE MOVING BACK TO THE LIBRARY PROPOSITION.
ECONOMIC DEVELOPMENT, HOUSING AND HOME HOMELESSNESS WILL ALSO BE THEIR OWN STANDALONE PROPOSITIONS.
UM, IT IS WORTH NOTING THAT IF A PROPOSITION FAILS, THE CITY WILL NOT BE ABLE TO ISSUE CERTIFICATE OF OBLIGATION BONDS ON PROJECTS WITHIN THAT PROPOSITION FOR THREE YEARS.
UM, AND IF A PROPOSITION ENDS UP BEING UNDER A CERTAIN DOLLAR AMOUNT, SAY $10 MILLION, WE MAY MAY WANNA CONSIDER THE OTHER FUNDING SOURCES.
WE'LL BE WORKING WITH BOND COUNSEL IN OUR CITY ATTORNEY'S OFFICE, UM, THROUGHOUT THE NEXT, UH, FEW WEEKS TO FINALIZE THE BOND LANGUAGE.
SO FOR MAY, 2024, BOND ELECTION.
SO TODAY, UM, WE ARE ASKING CITY COUNCIL, UM, FOR, UH, PROPOSITION CONSIDERATIONS THROUGH STRAW VOTES, UH, AS LONG AS WELL AS THE TIMING OF THE ELECTION AND, AND, UM, OTHER, UH, BOND, UH, ISSUES.
JANUARY 31ST, UH, THE CITY COUNCIL BRIEFING FOR THE MAYOR'S MENAND SENT ON THE 29TH.
UH, STAFF WILL PRESENT THE PROPOSED BOND PROJECTS BY PROPOSITION ON FEBRUARY 7TH.
UH, WE'LL DISCUSS AND FINALIZE THE PROJECT LISTING ON FEBRUARY 14TH.
CITY COUNCIL WOULD CALL FOR A MAY ELECTION.
UH, AGAIN, FOR A MAY, 2024 OR MAY, 2024 ELECTION, UH, IN MARCH, STAFF WOULD FINALIZE THE FACTS AND INFORMATIONAL MATERIALS.
UH, THAT WOULD, IT WOULD INCLUDE PROJECT LISTINGS IN APRIL.
THERE WOULD BE INFORMATIONAL TOWN HALL MEETINGS.
APRIL 22ND THROUGH 30TH WOULD BE EARLY VOTING, AND MAY 4TH WOULD BE THE ELECTION DAY.
AND I BELIEVE THAT IS THE CONCLUSION OF OUR PRESENTATION.
AND JENNY, YOU'VE DONE A REMARKABLE JOB, UM, BALANCING ALL OF THE COUNCIL MEMBERS IN OUR OFFICES AND ALL OF THE VERY INTERESTED, UH, CONSTITUENTS ON THIS.
AND IT'S, IT'S BEEN VERY IMPRESSIVE.
SO THANK YOU FOR THAT AND FOR, FOR PUTTING THIS TOGETHER TODAY.
I'M JUST GONNA JUMP RIGHT INTO A COUPLE BIG QUESTIONS HERE.
UM, SO YOU'VE GOT THE BOND CAPACITY AMOUNT LISTED ON, UM, NUMBER SLIDE THREE.
UM, ARE YOU ASKING FOR US TO GIVE YOU AN OPINION ON WHETHER WE SUPPORT CHANGING THE BOND RECOMMENDATIONS TO ALLOW FOR THE ADDITIONAL CAPACITY OF UP TO 1.25 BILLION? SO YES, TODAY IF THERE'S ANY CHANGES FROM THE 1.1 BILLION, WE WOULD WANT TO KNOW THAT ALONG WITH THE PROPOSITION LEVELS.
THAT'S, THAT'S REALLY WHAT WE NEED IN ORDER TO, TO GET YOU GUYS THE LISTING OF PROJECTS, UH, FOR THE NEXT FEW BRIEFINGS.
THEN I NEED TO ASK, UM, THE CITY, I GUESS, UH, JACK IRELAND, A COUPLE
[00:15:01]
QUESTIONS OR SOMEONE WHO COULD ANSWER, UM, THE QUESTION OF WHETHER, YOU KNOW, HOW THAT IMPACTS OUR BOND RATING AND WHETHER, YOU KNOW, JUST FISCALLY, IS THIS A RESPONSIBLE MOVE FOR US TO INCREASE OUR CAPACITY FROM 1.1 TO 1.25 BILLION? JACKIE NO, YOU CAN'T GET AWAY FROM US VERY LONG.AND THE NEXT QUESTION'S GONNA BE RELATED TO THE PENSION AND HOW THIS IMPACTS THE PENSION.
SO THE QUESTION WAS RAISING THE BOND CAPACITY FROM 1.1 TO 1.25 BILLION, UM, WHAT ARE THE FINANCIAL RISKS TO THE CITY, IF ANY? UM, IS THIS A MOVE THAT THE CITY, UH, THAT YOU WOULD SUPPORT? AND IF SO, WHY JACK IRELAND CHIEF FINANCIAL OFFICER? SO, UH, WE DID LOOK AT THE FINANCIAL CAPACITY AT THE REQUEST OF, UH, DR. PEREZ AND SOME COUNCIL MEMBERS WHO WERE INTERESTED IN INCREASING THE PA CAPACITY.
AND SO IN AUGUST WE EXPLAINED THAT THE FINANCIAL CAPACITY WOULD BE INCREASED FROM 1 BILLION TO 1.1 BILLION.
BUT AT THAT TIME WE ALSO INDICATED THAT WE HAD OTHER DEBT ISSUANCES THAT WERE RESERVED FUNDING FOR OTHER THINGS THAT WERE PLANNED TIME.
SO OUT OF THE $400 MILLION THAT WE HAD SET ASIDE AS A RESERVE FOR OUR POTENTIAL FUTURE USE AS PENSION OBLIGATION BONDS, THIS WOULD BE TAKEN $150 MILLION OF THAT CAPACITY THAT WE HAD RESERVED.
THAT CAPACITY WAS IN FISCAL YEAR 26.
UM, AND IT COULD BE USED TO ADD TO THE 1.1 FOR A TOTAL OF 1.25 BILLION FOR, UH, THE GENERAL OBLIGATION BOND PROGRAM THAT REDUCES THE AMOUNT THAT I CURRENTLY HAVE RESERVED FOR POTENTIAL PENSION OBLIGATION BONDS FROM 400, REDUCES THAT DOWN TO 250 MILLION.
HOWEVER, IN FISCAL YEAR 30, BECAUSE WHEN WE'VE BEEN DOING OUR ANALYSIS, WE'VE ONLY BEEN LOOKING, UH, FOR A FIVE YEAR PERIOD THROUGH FISCAL YEAR 29.
IN FISCAL YEAR 30, WE WILL BEGIN TO HAVE MORE CAPACITY AS OTHER DEBT IS PAID OFF, NEW DEBT CAPACITY BECOMES AVAILABLE.
SO WE WOULD BE ABLE TO, IN FISCAL YEAR 30, ADD THAT 150 MILLION CAPACITY BACK TO OUR RESERVE IF WE WANT TO SET THAT ASIDE FOR FUTURE PENSION OBLIGATION BONDS.
SO IT DOES NOT AFFECT OUR LONG TERM CAPACITY.
IT JUST MOVES THINGS AROUND AND, AND ALLOWS COUNSEL TO ACCELERATE $150 MILLION THAT MIGHT HAVE BEEN HELD IN A FUTURE BOND PROGRAM, MOVE IT FORWARD TO THIS BOND PROGRAM, MOVE CAPACITY FOR PENSION OBLIGATION BONDS FROM THIS FIVE YEAR PERIOD, PART OF IT BACK TO, UH, FISCAL YEAR 30.
I, I HOPE I ANSWERED YOUR QUESTION.
AND TO JUST TAKE THIS ONE STEP FURTHER, WHAT I'VE HEARD A LITTLE BIT, NOT A LOT, BUT A LITTLE BIT, IS THAT THERE'S THIS EITHER OR WE EITHER INCREASE THE BOND A LITTLE BIT OR IF, IF WE DO DECIDE TO DO THAT, WE MIGHT BE HARMING THE PENSION IN SOME WAY IN OUR ABILITIES TO PAY FOR THE PENSION.
AND I JUST WANNA MAKE SURE I UNDERSTAND IN THE PUBLIC UNDERSTANDS WE WILL FIND A WAY WE ARE ON TRACK TO FIND A WAY TO PAY FOR OUR PENSION OBLIGATIONS, UM, EVEN IF WE INCREASE THE BOND CAPACITY, UM, IN THIS ELECTION.
AND IF I CAN EXPAND ON THAT, UM, THE, UM, WE, WE DO HAVE THE ABILITY TO INCREASE THE CAPACITY HERE.
AND RIGHT NOW WE ARE NOT RECOMMENDING PENSION OBLIGATION BONDS.
THE MARKET CONDITIONS ARE NOT SUCH THAT AT THIS TIME THAT WE WOULD RECOMMEND ISSUING ANY LEVEL OF PENSION OBLIGATION BONDS, UH, FOR THE DALLAS POLICE AND FIRE PENSION SYSTEM.
IT'S JUST THE INTEREST RATES ARE NOT WHAT WE WOULD FIND FAVORABLE FOR ISSUING THOSE BONDS BECAUSE PENSION OBLIGATION BONDS, WHAT YOU WANNA DO IS YOU WANNA TAKE THE CASH AND BE ABLE TO INVEST IT TO GROW, TO HELP IMPROVE THE FUND.
UM, SO REGARDLESS IF YOU USE THIS ONE 50, NOW YOU'RE, WE, YOU'RE NOT TAKING AWAY FROM WHAT OUR PLAN IS FOR PENSION OBLIGATION BECAUSE ALL WE HAVE RIGHT NOW IS A RESERVE FOR A FUTURE, IF THAT IS WHAT Y'ALL WANT TO DO.
IS THERE IN, IS THERE INDICATION THAT INVESTMENT IN THE CITY AND INFRASTRUCTURE IN PARKS, IN FACILITIES, CULTURAL FACILITIES, CAN RESULT IN A RETURN ON OUR INVESTMENT TO ACTUALLY BRING MORE REVENUE INTO THE CITY? UH, UH YES, OF COURSE IN THAT, UH, WE HAVE GROWTH IN PROPERTY, UH, TAX REVENUES EVERY YEAR.
AND A LARGE PART OF THAT IS FROM NEW CONSTRUCTION.
SO ANYTIME WE'RE, WE DO HAVE DEVELOPMENT, ANYTIME WE DO HAVE GROWTH, IT IT, IT DOES HELP.
[00:20:02]
DOES HELP DEVELOPMENT.SO WITH THAT BEING SAID, I JUST WILL JUST PUT IT OUT THERE EARLY THAT I DO FEEL COMFORTABLE INCREASING THE BOND CAPACITY BASED ON STAFF'S RECOMMENDATION.
UM, MY NEXT COMMENT IS I'M VERY GLAD TO SEE THE LIBRARY FACILITIES MONIES COMING OUT OF ECONOMIC DEVELOPMENT GOING BACK TO LIBRARIES.
I PROMISE MY COLLEAGUES, I WON'T GET INTO SPECIFIC DISTRICT ONE ISSUES 'CAUSE WE'RE GONNA TRY TO AVOID THAT TODAY.
UM, BUT I'M WAS WORRIED ON THE SURVIVAL OF THE LIBRARY PROGRAMS WHEN THEY'RE THROWN IN, YOU KNOW, THE MUD PIT WITH, UH, ECONOMIC DEVELOPMENT DOLLARS AND EVERYONE WILL BE GRABBING AT THAT.
SO IT'S A PRIORITY FOR MY DISTRICT.
UM, THE TIMING OF THE ELECTION IS MY NEXT QUESTION.
SO IS STAFF RECOMMENDING A MAY ELECTION OR STAFF HAVE A PREFERENCE ON MAY VERSUS NOVEMBER? SO I THINK WE, GENERALLY SPEAKING, I THINK WE WOULD PREFER A MAY ELECTION JUST BECAUSE WE HAVE THE MOMENTUM BEHIND US.
UM, AND, AND WE'RE READY TO MOVE FORWARD, UH, WITH THE MAY.
BUT THAT BEING SAID, IF IT'S THE WILL OF THE COUNCIL TO GO NOVEMBER, WE WOULD, I MEAN OBVIOUSLY DO THAT AS WELL, SO.
THA I STILL HAVEN'T GOTTEN AN ANSWER TO MY QUESTION AND I REALLY HAVEN'T ASKED IT SPECIFICALLY TO YOU.
BUT WHAT IS THE BENEFIT, UH, TO US OF DOING MAY VERSUS NOVEMBER? IS IT JUST THE MOMENTUM? IS IT WE GET THE MONEY EARLIER? IS THAT, IS THERE ANY OTHER BENEFIT? SO THE MOMENTUM IS, IS A BIG PART OF IT.
UM, AND IT JUST KEEPING OUR, OUR PROJECTS AND, AND STAFF MOVING.
UM, AND, AND JUST NOT, YEAH, JUST NOT, UM, STALLING ON ANYTHING ON ANY OF OUR PROJECTS.
I THINK THAT'S REALLY THE BIGGEST THING.
WE'D LIKE TO CONTINUE WITH THAT.
IS THERE ANY RISK FOR STAFF BEING RUSHED IF WE TRY TO DO IT IN MAY VERSUS NOVEMBER? WE CAN DO IT NOT WHEN IT COMES TO THE PROJECTS, NO.
IS THERE ANY, ANY INDICATION OF VOTER SUPPORT BEING STRONGER IN MAY VERSUS NOVEMBER? HAVE WE DONE THAT RESEARCH? YEAH, I DON'T HAVE THAT INFORMATION.
UM,
AND I THINK JENNY'S REALLY TALKING ON THE PRACTICAL SIDE OF JUST US AND THE WORK WE DO.
I THINK IF YOU WANTED TO START TO THINK ABOUT JUST THE BALLOTS THEMSELVES, OBVIOUSLY MAY VERSUS NOVEMBER, I THINK SOME THINKING AROUND NOVEMBER IS ONE, IT'S GONNA BE A PRESIDENTIAL ELECTION, UH, LONG BALLOT, A LOT OF ISSUES ON THAT BALLOT.
AND OBVIOUSLY CITIES ARE PUSHED TO THE END.
WE'RE ALREADY HAVING A CHARTER AMENDMENT VOTE, WHICH WHO KNOWS HOW MANY DIFFERENT CHANGES COULD BE THERE.
AND THE WHOLE ISSUE OF BALLOT FATIGUE AND THEM COMPLETING AND FINISHING THE BALLOT, I THINK WOULD PROBABLY BE IN SOME PEOPLE'S MIND, WHICH I'VE HEARD A WORRY TO ENSURE THAT EVERYBODY'S GOING TO ACTUALLY VOTE AND PAY ATTENTION AND KNOW WHAT THEY'RE DOING.
AND SO THAT WOULD PROBABLY BE IN NOT A POLITICAL, UH, YOU KNOW, REVIEWER OF THINGS, THAT WOULD PROBABLY BE A CONCERN AS WELL.
UH, BUT AGAIN, I THINK IT'S MORE ABOUT IF WE'RE READY AND COUNCIL'S DELINEATED THE PROJECTS, UH, THAT THEY WOULD LIKE TO SEE DONE IN THE COMMUNITY.
UH, WE ARE LONG OVERDUE FOR ANY INFRASTRUCTURE IMPROVEMENTS IN THIS COMMUNITY AND WE'D LIKE TO GET GOING ON 'EM TO CONTINUE, UH, THE WORKING EFFORT.
THAT, THAT HELPS CLARIFY A COUPLE THINGS FOR ME.
MY NEXT QUESTION IS GONNA BE ON HOUSING AND THE HOUSING DOLLARS WITH AN AND I AM GONNA ASK ROBIN BENTLEY OR SOMEONE FROM ECONOMIC DEVELOPMENT TO COME UP HERE IN A SECOND, UM, JENNY, WITH AN INCREASE IN CAPACITY, WHERE DO YOU FORESEE THAT ADDITIONAL FUNDING GOING? OR ARE YOU ASKING US FOR THAT AT THIS STAGE? I THINK WE'RE REALLY LOOKING FOR COUNCIL'S GUIDANCE ON, ON WHAT THE PROPOSITION LEVELS NEED TO BE.
AND, UH, COUNCILMAN, IF I MAY, UH, ROBERT BADASS, ASSISTANT SENIOR MANAGER, UM, THE, THE ADDITIONAL ONE 50 ACTUALLY CAME OUT OF DISCUSSIONS FROM, UM, THE, THE FOLKS HERE, THE, YOUR COLLEAGUES, UM, SOME FOLKS ASKING, OR SOME OF THE COUNCIL MEMBERS ASKING FOR, UH, IF WE DID A LARGER, UH, PROPOSITION, WHAT COULD WE SUPPORT AND, AND, UM, MEMORANDUM THAT WE PUT OUT LAST FRIDAY, IT WAS A STAFF RECOMMENDATION THAT WE DO NO MORE THAN 150 MILLION MORE.
UM, SO THAT WAS REALLY, UH, THAT WAS REALLY, IT CAME OUTTA THE DISCUSSIONS, UH, WITH THE, YOUR COLLEAGUES HERE.
AND, AND I KNOW YOU'VE BEEN RIGHT THERE WITH HER ALL THROUGH THE WHOLE THING.
DR. PEREZ, I DIDN'T MEAN TO LEAVE YOU OUT EARLIER.
THANK YOU FOR WHAT YOU'VE DONE.
SO IF WE INCREASE THE HOUSING, WHAT I'VE, ONE CONCERN I'VE HEARD FROM SOME COLLEAGUES HAS BEEN THERE'S NOT DEDICATED PROJECTS IN THE PIPELINE TO PUT THE HOUSING MONEY INTO.
UM, AND I'VE HEARD, WELL, YOU'RE NOT GONNA GET THOSE PROJECTS UNLESS WE KNOW WE HAVE THE MONEY.
ON THE FLIP SIDE, HOW DO WE ADDRESS THAT CONCERN? UM, HEY, HI CYNTHIA.
AND IF, IF THERE'S 200 MILLION OR 180 MILLION OR WHATEVER IN THE HOUSING
[00:25:01]
FUND, WHAT'S, HOW WOULD THAT MONEY BE DIVIDED AND SPLIT UP? SO HOW DO WE ADDRESS THAT? WE DON'T HAVE A PIPELINE, CORRECT.LET ME START WITH THAT QUESTION.
UM, I WOULD HAVE TO SAY LOOKING AT THE HISTORY OF HOW OUR DEVELOPMENT FUNDS GO OUT AND HOW, HOW MUCH MONEY WE TYPICALLY RECEIVE AND HAVE IT AT ANY ONE GIVEN TIME, HOW SUCCESSFUL THAT IS, THAT IT GETS DEPLOYED TIMELY AND THAT WE HAVE SUCCESS IN PROJECT DEVELOPMENT.
THERE'S NEVER BEEN A PIPELINE BECAUSE OF HOW DEVELOPMENT OPERATES.
WE HAVE TO KNOW THAT MONEY IS AVAILABLE BEFORE, UH, OUR DEVELOPERS HAVE TO KNOW THAT MONEY IS AVAILABLE BEFORE THEY CAN SHOP AROUND FOR FINANCING FOR, UM, YOU KNOW, THEIR, THEIR SUB CONTRACT FOR ALL THE THINGS THAT THEY NEED FOR DEVELOPMENT DEALS.
IT, IT'S NOT POSSIBLE FOR THEM TO SAY, OKAY, I, UM, I I HAVE THIS PROJECT THAT I DON'T NEED TO START FOR THREE YEARS AND C CAN YOU PUT THAT IN YOUR PIPELINE AND I'LL WAIT FOR YOU TO GET MONEY? IT DOESN'T HAPPEN BECAUSE ACQUISITION HAS TO HAPPEN RIGHT AWAY AND THEY HAVE TO HAVE THOSE AVAILABLE RESOURCES AS QUICKLY AS POSSIBLE.
AND IT CAN'T BE THAT MUCH TIME BETWEEN WHEN WE HAVE AVAILABLE FUNDING AND, AND THEY'RE WAITING ON US.
I MEAN, THAT'S THE FEAR THAT I'VE BEEN HEARING FROM FOLKS.
THAT'S THE TYPICAL MARKET PROCESS.
AND SO I I APPRECIATE YOU CLARIFYING THAT.
IS THERE ANY, AND IT COULD, WOULD WE BE, I KNOW LISC THROUGH THE, THE REAL ESTATE COUNCIL HAS ITS OWN FUND.
THEY HAVE A PROVEN PROJECT, UM, PIPELINE THAT THEY'VE, THEY'VE ALREADY FUNDED.
WOULD WE BE ABLE TO PUT A PORTION OF THE HOUSING FUND, I'M KINDA LOOKING AT BOTH OF YOU ON THIS INTO, COULD IT BE POURED INTO THE TREK FUND TO FUND THESE PROJECTS THAT ARE ALREADY IN THE PIPELINE? IF THAT WAS SOMETHING COUNCIL WANTED TO DO? SO LET'S JUST SAY WE FUNDED IT $200 MILLION, COULD 50 MILLION BE PUT INTO THE TREK FUND TO, TO FUND THOSE AFFORDABLE HOUSING PROJECTS LEGALLY? I DON'T KNOW LEGALLY THAT IS A LEGAL QUESTION.
AND I'LL END IT ON THAT CHAIR ONCE I GET THAT ANSWER.
OR MAYOR LISA MORRIS, DID YOU, CAN YOU ANSWER THAT QUESTION? IT DOESN'T WORK.
LISA MARS WITH THE DALLAS CITY ATTORNEY'S OFFICE.
UM, IF I UNDERSTAND YOU CORRECTLY, THE QUESTION IS WHETHER OR NOT WE CAN, THE CITY CAN ISSUE BONDS AND THEN, UM, PROVIDE A PORTION OF THOSE FUNDS, THE PROCEEDS TO TRE OR ANOTHER THIRD PARTY ENTITY THAT'S NOT, UM, SILLY CITY AFFILIATED.
SO WE TYPICALLY WILL PROVIDE GRANTS OF BOND PROCEEDS OR WE'LL DO, UM, FORGIVABLE LOANS AS WELL.
SO IF THAT WOULD BE PART OF A PROGRAM THAT IS A CITY, UH, ECONOMIC DEVELOPMENT POLICY PROGRAM, THEN THAT WOULD BE POSSIBLE.
WE WOULD JUST HAVE TO HAVE SOME CONTROLS OVER USE OF THE FUNDS TO ENSURE THAT A PUBLIC PURPOSE PURPOSES MET AND THAT PURPOSE IS USUALLY SET OUT IN THE POLICY.
UM, I JUST WANNA CLARIFY ON THE MAY VERSUS NOVEMBER SINCE, DID I UNDERSTAND WE'RE GONNA VOTE ON THAT? SO DO WE DISCUSS THAT THEN WITH STAFF OR SHOULD I ASK ON QUESTIONS ABOUT THIS NOW? OKAY, SO IS THERE, AND IT, THANK YOU.
UM, IS THERE AN ADVANTAGE IN TERMS OF MAY VERSUS NOVEMBER IN TERMS OF KNOWING THE RATES OF WHAT THEY ARE NOW OR WHAT THEY WILL BE IN MAY VERSUS NOVEMBER? IS THERE AN ADVANTAGE TO THE CITY? SO, SO WE TALKED, OH, SORRY.
WHOEVER CAN ANSWER THAT, THAT'D BE GREAT.
JEANETTE WHEDON, DIRECTOR OF BUDGET AND MANAGEMENT SERVICES.
UM, TO ANSWER YOUR QUESTION, THE WAY WE PROPOSED THE, UH, BOND PROGRAM, UH, DEPENDING ON IF YOU HAVE A BOND ELECTION IN MAY OR NOVEMBER, WE PLAN TO USE OUR COMMERCIAL PAPER PROGRAM TO IMMEDIATELY, UM, START THOSE PROJECTS.
SO, UM, IN TERMS OF WHEN WE WOULD ACTUALLY ISSUE THE DEBT, WE HAVE CAPACITY TO, UH, DELAY THAT TILL THE RATES ARE FAVORABLE BY USING OUR COMMERCIAL PAPER PROGRAM.
SO, SO THERE'S NO, SO THERE'S NO NECESSARILY NOT A RATE DIFFERENCE? WE
[00:30:01]
DON'T, WE DON'T KNOW.SO, BUT DO WE KNOW WHAT IT WOULD BE IN MAY IF WE DID IT? I DON'T THINK SO.
WELL, THERE'S A NO, THERE'S, THERE'S NO DIFFERENCE.
COUNCIL MEMBER, ARE YOU ASKING REGARDING THE INTEREST RATE THAT WE WOULD PAY? YES, SIR.
YEAH, IT WOULD BE, WE WOULD DO IT AT A COMPETITIVE BID.
AND SO I DON'T KNOW, WE'VE ASSUMED BETWEEN FIVE AND FIVE AND A HALF PERCENT FOR THE GENERAL OBLIGATION BONDS.
HOPEFULLY WE WOULD GET BETTER THAN THAT WHENEVER IT IS.
BUT AS JEANETTE MENTIONED, WE DO HAVE SOME FLEXIBILITY BY USING THE COMMERCIAL PAPER PROGRAM SO THAT IF, IF, IF RATES SPIKE FOR A FEW MONTHS, THEN WE CAN DELAY, UH, BEFORE WE HAVE THE BOND ISSUANCE.
OUR FIRST PLANNED BOND ISSUANCE, UH, WHETHER IT'S A MAY ELECTION OR A NOVEMBER ELECTION, WOULD NOT BE UNTIL AFTER WE'RE INTO FISCAL YEAR 25.
WE'RE NOT PLANNING, IF THERE'S A MAY ELECTION, WE'RE NOT PLANNING A FISCAL YEAR 24 BOND ISSUANCE.
WE WOULD USE COMMERCIAL PAPER WE WOULD ISSUE IN 25, FISCAL YEAR 25.
MY NEXT QUESTION, I GUESS IS TO OUR CITY SECRETARY IN TERMS OF THE MEMO THAT WAS SENT ABOUT THE COST OF ELECTIONS.
COULD YOU ADDRESS THAT FOR US PLEASE? THANK YOU.
I'D BE HAPPY TO IN MAY IF THERE IS AN A MAY ELECTION, UM, THE COST WOULD DEPEND ON THE NUMBER OF ENTITIES THAT ARE, IT'S VARIABLE COST, BUT THE LARGEST COST IF THERE ARE OTHER ENTITIES ON THE BALLOT.
SO, UM, AND GETTING THAT YOU DON'T REALLY KNOW YET UNTIL A LITTLE BIT LATER ON.
BUT WORKING WITH DALLAS COUNTY, UH, IT HAS BEEN ONE ENTITY THAT HAS, UM, INDICATED THAT THEY MAY BE ON THE ELECTION BALLOT.
IF NOT, THEN THE CITY OF DALLAS WOULD INCUR, UH, THE ENTIRE COST.
AND SO I SENT OUT A MEMO, UH, MAYBE A WEEK OR SO AGO TO SHOW THE DIFFERENCES, UH, WITH WHAT I KNOW NOW.
AND AGAIN, THAT COULD CHANGE, WE COULD GET ANOTHER ENTITY.
BUT, UM, AS FAR AS MAY, IF, IF THE CITY, UM, IF THE OTHER ENTITY JOINS THE CITY OF DALLAS, THE COST IS AROUND $595,000.
UM, AND AGAIN, THIS IS WITH USING, THIS IS THE, UH, MOST CONSERVATIVE, UH, ESTIMATE, MEANING WE'RE USING ALL OF THE LOCATIONS.
HOWEVER, DURING A MAY ELECTION, UH, THE CITY OF DALLAS WOULD BE IN CONTROL OF WHAT LOCATIONS, UH, WE, WE WOULD USE.
UM, AGAIN, THIS IS WITH ALL 469 VOTE CENTERS.
UM, IF, IF THE OTHER ENTITY JOINS, THE CITY OF DALLAS IS ABOUT $595,000.
UM, IF THE CITY OF DALLAS IS THE ONLY ENTITY ON THE BALLOT, IT'S ABOUT $877,000.
AND AGAIN, THESE NUMBERS WILL CHANGE, UH, NOVEMBER ELECTION, UM, AS THE CITY MANAGER STATED, IT'S A PRESIDENTIAL ELECTION, UH, A COUPLE OF THINGS THE CITY OF DALLAS WOULD NOT HAVE CONTROL OF, OF THE LOCATIONS.
AND I CAN TELL YOU THAT DURING A PRESIDENTIAL ELECTION, THEY WILL USE EVERY SINGLE LOCATION.
SO THE COST IS, UM, THE CITY OF DALLAS'S COST IF WE ARE ON THE BALLOT, AND I DO BELIEVE WE WILL BE ON THE NOVEMBER BALLOT BECAUSE OF ANOTHER, UH, UH, MEASURE, BUT IT'S, UH, ESTIMATED AT $2.2 MILLION.
AND SO IT, SINCE WE KNOW WE'RE GONNA BE ON IT FOR THE CHARTER, DOES THAT IMPACT, UM, WILL WE PAY MORE IF WE HAVE TWO ITEMS? IS IT REGARDLESS OF THE NUMBER OF THINGS THAT WE HAVE ON THE BALLOT? SO IT'S 2.2 NO MATTER WHAT, BECAUSE OF THE CHARTER? WELL, THAT IS CORRECT.
SO THE COST, MAJORITY OF THE COST IS YOUR POLLING LOCATIONS.
AS FAR AS ADDING ANOTHER MEASURE, IT'S A VERY SMALL COST BECAUSE IT'S, IT'S JUST ADDING ANOTHER LINE ON, ON THE BALLOT.
SO THE ONLY THING THAT WOULD BE AFFECTED IS, UM, AS FAR AS DOLLARS WOULD BE PROGRAMMING OR PRINTING OR BALLOTS.
THE PROGRAMMING SHOULD BE HARDLY ANY COST.
AND, UM, JUST ADDING THE PROPOSITIONS, IF WE WERE TO ADD THAT TO NOVEMBER, UM, JUST ADDING ANOTHER LINE AND THAT IS A, THE COST OF PRINTING.
AND SO THAT'S A VERY SMALL AMOUNT.
UM, THAT'S, THAT'S ALL I HAVE, MR. MAYOR.
UM, MR. MAYOR, UM, I WANTED TO TALK ABOUT THE HOUSING PORTION.
UM, AS I'VE LEARNED MORE IS, UM, I WAS GOING TO MENTION THAT WE COULD FUND OUR HOUSING, UM, FINANCE CORPORATION.
WE COULD GIVE, PUT A SOME DOLLARS THERE.
UM, IT'S POSSIBLE THAT WE COULD CREATE A, UM, DOWN PAYMENT ASSISTANCE PROGRAM.
[00:35:01]
WE COULD HAVE, UM, ALL KINDS OF DIFFERENT THINGS LIKE FOR HOME REPAIR, ALL KINDS OF DIFFERENT THINGS THAT COULD REALLY HELP OUR RESIDENTS HERE IN THE CITY OF DALLAS.UM, AND THEN THE POTENTIAL WITH THE HOUSING ONE IS THAT WHEN WE INVEST, THEN THE FEDERAL GOVERNMENT SEES IT AND THEN THEY SHOW UP WITH MORE DOLLARS.
SO IT'S ALMOST LIKE THAT, UM, WHATEVER IT ENDS UP BEING A HUNDRED, A HUNDRED TWENTY FIVE, ONE FIFTY, TWO HUNDRED, UM, IT'S LIKE CAN DOUBLE, TRIPLE, QUADRUPLE.
AND THAT'S WHAT WE'VE SEEN HOW HAPPEN IN HOUSTON AND IN AUSTIN.
AND, UM, IT'S ONE OF THOSE THINGS WHERE IT'S LIKE WE REALLY WOULD NOT BE DOING THE RIGHT THING IF WE DON'T PUT MONEY TOWARDS HOUSING.
UM, AND WHAT THOSE PROGRAMS ARE.
WE HAVE THE ENTITY, SO IT DOESN'T HAVE TO BE A THIRD PARTY, UM, BECAUSE WE'VE CREATED LIKE THE, UM, HOUSING FINANCE CORPORATION, UM, AND OTHER DIFFERENT ENTITIES.
BUT MAYBE WE CAN DO, UM, SOMETHING THROUGH TREK.
'CAUSE THEY DO HAVE A DIFFERENT FUND AS WELL.
I MEAN, THERE'S ALL DIFFERENT IDEAS.
AND, UM, AT THE END OF THE DAY, IF WE CAN GET, UM, WORKFORCE HOUSING AND MORE OF IT HERE IN THE CITY OF DALLAS, THEN UM, OUR RESIDENTS WILL BE ABLE TO ONE, STAY AND OR MOVE IN AND, UM, MAYBE RENTERS LIKE ME, UM, WOULD ACTUALLY HAVE AN OPPORTUNITY TO, UM, PURCHASE A HOME AND REALLY SET ROOTS HERE IN THE CITY OF DALLAS.
AND, UM, I THINK THAT THAT'S SOMETHING THAT WE REALLY HAVE TO TAKE A LOOK AT AND WATCH.
UM, AND ALL OF THESE WORK TOGETHER, EVERY ONE OF THESE PROPOSITIONS, RIGHT? WE NEED THE INFRASTRUCTURE.
UM, SO THE STREETS, ROADS, UM, ALLEYS, LIGHTS, CAMERAS, EVERYTHING THAT GOES TO GETTING PEOPLE TO WHERE THEY NEED TO GET.
AND THEN WE NEED A PLACE TO LIVE.
YOU NEED THE ECONOMIC DEVELOPMENT SO THAT WE CAN GET JOBS.
AND SO ALL OF THESE ARE, IT'S LIKE A BIG GIGANTIC RECIPE AND WE'RE TRYING TO FIGURE OUT, YOU KNOW, IS IT, YOU KNOW, YOU NEED FOUR PARTS HOUSING, TWO PARTS TRANSPORTATION, ONE PART, UM, YOU KNOW, LIBRARY FACILITIES, AND WE NEED ALL OF THIS IN ORDER TO MAKE A GREAT CITY.
UM, I DON'T KNOW, IS IT OKAY IF I TALK ABOUT CERTAIN JUST DOLLAR AMOUNTS THAT WE SAW? I, I, I DEFINITELY WANT TO SAY THAT WE DID DEFINITELY NEED TO MAKE SURE THAT TRANSPORTATION INFRASTRUCTURE HITS AT LEAST 500 MILLION.
I MEAN, WE, OR THAT WAY WE DON'T.
UM, THAT WAY WE CAN CONTINUE OUR ZERO DEGRADATION HERE IN THE CITY OF DALLAS.
SO 500 MILLION IS, UM, WHAT WE HAVE TO HAVE.
UM, AT A MINIMUM, UM, I DON'T KNOW ABOUT ALL THE ARREST, BUT I CAN TELL YOU, UM, UM, WHEN IT COMES TO, UH, CULTURAL ARTS FACILITIES, UM, IF WE'RE GOING TO 1.25, 6% IS 75 MILLION.
AND, UM, THE ARTS AND CULTURE FOLKS HAVE BEEN VERY EASY TO WORK WITH.
WHEN WE, WHEN WE ASKED EVERYBODY TO MAKE CUTS, THEY WERE THE ONLY PEOPLE WHO SHOWED UP WITH REAL CUTS AND THEY CUT STUFF THAT WAS, UM, UM, WOULD'VE THEY GOT PRICED OUT OF BECAUSE OF INFLATION.
SO BY RAISING THEIRS FROM 65, 60 6 MILLION UP TO 75, THEY'RE ABLE TO PUT ALL THOSE PROJECTS BACK IN THAT HAD TO GET CUT BECAUSE OF INFLATION.
SO THEY'RE PROJECTS THAT ARE READY TO GO.
UM, AND IF WE DO THAT, UM, ARTS AND CULTURE FACILITIES IN THE CITY OF DALLAS NEED 150 MILLION TOTALED TO FIX EVERYTHING.
SO IF WE CAN GET TO SONY FIVE, WE'RE, WE'RE BASICALLY TAKING CARE OF HALF OF IT NOW.
AND, UM, MAYBE IN THE NEXT BOND WE CAN TAKE CARE OF THE OTHER HALF AND THEN WE DON'T HAVE TO HEAR FROM THEM AGAIN 'CAUSE THEY'RE ON THEIR OWN AND THEY'RE, THEY'RE THEY'RE WHOLE, RIGHT? UM, AND NOT SAYING WE DON'T WANT TO CONTINUE HELPING THEM, BUT IT'S A MAJOR ECONOMIC DRIVER.
UM, WHEN IT COMES TO THE ARTS, UM, AND CULTURAL FACILITIES, I WAS, UM, PLEASANTLY SURPRISED TO HEAR HOW MANY THOUSANDS UPON THOUSANDS AND THOUSANDS OF JOBS, UM, ARE IN ARTS AND CULTURE, UM, THAT REALLY HELP DRIVE A LOT OF, UM, ECONOMIC IMPACT HERE IN OUR CITY.
UM, OBVIOUSLY ALL THE REST OF THESE ARE GREAT.
UM, UM, THANK YOU TO WHOMEVER STARTED ADVOCATING FOR SOME MONEY FOR, UM, HOMELESS FACILITIES.
UM, 'CAUSE WE DO NEED SOME DOLLARS THERE.
UM, WE DID 50 MILLION LAST TIME, AND I THINK RIGHT NOW WE'RE SEEING ABOUT 20.
UM, I DON'T KNOW IF THAT SOUNDS ABOUT RIGHT, BUT IN ORDER TO HELP UPGRADE SOME OF THE FACILITIES THAT WE HAVE, WE HEARD ABOUT THE BRIDGE, THE BRIDGE NEEDS THAT NEW HVAC SYSTEM, AND WE HAVE A LOT OF OTHER THINGS.
UM, THIS ISN'T THE SEXIEST PART OF WHAT WE DO, BUT, UM, WHEN IT COMES TO FLOOD PROTECTION AND STORM DRAINAGE, I JUST WANNA MAKE SURE THAT WE HAVE ENOUGH DOLLARS TO MAKE SURE THOSE LEVIES, UM, CAN BE EXPANDED TO HELP AS YOU GO FURTHER SOUTH DALLAS, THAT PEOPLE HAVE BEEN WAITING SONY FIVE 80, A HUNDRED YEARS IN ORDER TO GET SOME FLOOD PROTECTION, BUT ALSO THAT NOTHING, UM, WILL COLLAPSE OR BREAK IN THE, UM, FACILITIES THAT WE ALREADY HAVE ON THE LEVEE.
SO, UM, WITH THAT, I'M, I'M DONE.
I JUST WANTED TO REALLY HONE IN ON THAT HOUSING PART AND THE OTHER PIECES.
BUT TRANSPORTATION, WE'VE GOTTA GET IT TO 500 MILLION.
THANK YOU MR. MAYOR, I HAVE A QUESTION FOR JACK IRELAND.
[00:40:03]
JACK HAS A GENERAL PROPOSITION WHEN AN ENTITY INCREASES ITS BORROWING AND INDEBTEDNESS THAT CAN AFFECT ITS CREDIT WORTHINESS.SO MY QUESTION TO YOU IS, DO YOU SEE ANY IMPLICATIONS IN THE CITY'S CREDIT WORTHINESS BY INCREASING THIS BOND PROPOSITION FROM 1.1 TO AN INDEBTEDNESS OF 1.25 BILLION? THANK YOU.
UH, I THINK IT'S LOOKED UPON IF A CITY DOESN'T TAKE CARE OF THEIR INFRASTRUCTURE, IT COULD HAVE A NEGATIVE IMPACT ON THEIR CREDIT RATING.
BUT AS FAR AS CONTINUING TO INVEST 1.1, 1.25, I DO NOT SEE, UH, AN IMPACT TO OUR CREDIT RATING AS A RESULT OF THAT.
UM, WITH REGARD TO THE DIFFERENT BOND CATEGORIES, UM, UH, JENNIFER, IN LIGHT OF YOUR STATEMENT THAT SOME OF THESE CATEGORIES THAT WE'VE BEEN DEALING WITH NOW FOR SEVERAL MONTHS WOULD BE RECATEGORIZED TO THE ACTUAL BOND PROPOSITIONS.
I WANNA AVOID US TALKING ABOUT APPLES AND ORANGES SO THAT WE'RE ON THE SAME PAGE.
IS THERE ANY WAY THAT YOU CAN PROVIDE US A, UH, GRAPHIC OR A WRITTEN FORM SHOWING WHAT YOU ANTICIPATE TO BE THE ACTUAL BOND PROPOSITIONS? SO THAT, AND, AND WHICH OF THESE CATEGORIES FIT WITHIN THOSE BOND PROPOSITIONS SO THAT WE CAN TALK APPLES TO APPLES? YEAH.
UH, YES, I CAN GET THAT TO YOU.
I CAN, UM, SEE IF WE CAN GET THAT TO YOU.
UM, I WILL SAY, SO THE, THE MAIN, UM, IMPACT TO THAT IS CITY, INSTEAD OF HAVING ONE CITY FACILITIES, WE'RE GONNA HAVE MULTIPLE.
AND, UM, AND THEN SOME OF THE PROJECTS THAT WERE IN THE CITY FACILITIES, YES, YOU'RE RIGHT, THEY'LL GO INTO OTHER PROPOSITIONS.
SO I'LL SEE IF I CAN GET THAT TO YOU WHILE WE'RE ALL SITTING HERE.
I THINK THAT WOULD BE VERY HELPFUL.
UM, IN TERMS OF SOME OF THE ALLOCATIONS, THE CULTURAL ARTS FACILITIES, UM, I BELIEVE SHOULD REMAIN AT 6% OF WHATEVER WE DECIDE TO BE THE ULTIMATE BOND AMOUNT.
AND I CONCUR WITH COUNCILMAN NOVAS ABOUT THE IMPORTANCE OF, UH, DOING THE DEFERRED MAINTENANCE ON OUR ARTS FACILITIES THAT ARE NECESSARY TO KEEP THEM OPERATING AND IN GOOD ORDER SO THAT WE DON'T SEE A DROP OFF IN THE ECONOMIC BENEFIT THAT WE RECEIVE FROM THOSE FACILITIES OR THE CONTRIBUTIONS THAT THEY MAKE TO OUR CULTURAL QUALITY OF LIFE.
SO I'M FULLY IN SUPPORT OF EITHER A $65 MILLION ALLOCATION IF WE'RE AT 1.1 BILLION OR 75 MILLION IF WE'RE AT ONE AND A QUARTER BILLION.
UM, WITH REGARD TO, UM, FLOOD PROTECTION AND STORM DRAINAGE, THAT ALSO I THINK IS A CRITICAL INFRASTRUCTURE SPEND.
I HAVE NEIGHBORHOODS IN MY DISTRICT THAT ARE FLOODING EVERY TIME THERE'S A SERIOUS RAIN.
AND ALTHOUGH THERE WILL BE ULTIMATE IMPROVEMENT ONCE THE MILL CREEK TUNNEL IS COMPLETED, THAT IS NOT THE ULTIMATE SOLUTION BECAUSE WE ALSO NEED TO SPEND MONEY TO EXPAND THE LATERALS THAT CONNECT THE NEIGHBORHOODS UP TO THE MILL CREEK TUNNEL.
AND I'M SURE THAT AFFECTS MORE THAN JUST MY DISTRICT.
AND SO I WANNA MAKE SURE THAT THERE IS FUNDING FOR ALL OF THE FLOOD PROTECTION AND STORM DRAINAGE PROJECTS THAT WE NEED.
UM, CAN YOU ADDRESS WHAT THAT $50 MILLION ALLOCATION WOULD GO FOR? I'D ASK, UH, DW TO, TO COME UP AND ADDRESS THAT AND MAKE SURE THEY GET THE RIGHT PROJECTS.
MATT PINK, ASSISTANT DIRECTOR DALLAS FOR UTILITIES.
THE, THE CURRENT 50 MILLION INCLUDES 20 MILLION FOR THE DESIGN OF THE EXTENSION OF THE MILL CREEK, UH, EAST PEAKS AND PEAKS BRANCH IMPROVEMENTS, WHICH ARE THE AREAS ABOVE THE CURRENT FLOOD TUNNEL THAT'S UNDER CONSTRUCTION.
SO 20 MILLION OF THE 50 MILLION PROPOSED IS GOING TOWARDS THAT PROJECT.
AND, UM, CAN YOU GENERALLY SUMMARIZE WHAT THE OTHER 30 MILLION WOULD GO TOWARD? YES.
[00:45:01]
20% OF THE OVERALL 50 IS GOING TOWARDS EROSION CONTROL, THE OTHER 80% OR FOR, UH, LOCAL AND NEIGHBORHOOD, UH, FLOODED AND, AND DRAINAGE PROJECTS.THAT'S ALL I HAVE AT THIS TIME.
ANY ANYONE ELSE? I SEE THE LIGHTS.
YOU, CAROL, YOU YOUR LIGHTS ON HUH? DE DEBBIE MAY APPROACH ON.
I DIDN'T, I WAS TRYING TO SEE IF OKAY.
I REALLY JUST HAVE A F FEW COMMENTS SINCE WE ARE HERE AND WE HAVE AN OPPORTUNITY TO WORK TOGETHER TO GAIN A LITTLE MORE INSIGHT.
BUT JUST QUICKLY IN LOOKING AT, UH, THE PROPOSED ALLOCATIONS, I JUST WANTED TO SPEAK TO FIRST OF ALL, UH, WHERE I SIT IN TERMS OF THE NEED OF A DISTRICT THAT HAS BEEN UNDERSERVED AND UNDER-RESOURCED FOR MANY YEARS, SYSTEMICALLY, UH, UH, SYSTEMATICALLY AND INTENTIONAL THROUGH DIFFERENT POLICIES.
WE ARE LOOKING FOR SUPPORT AND INVESTMENT IMMEDIATELY.
AND SO WE STAND LOOKING FOR A MAY ELECTION SO THAT WE CAN GET OUR RFPS OUT OF ALL THE LEGAL, UM, UH, POLICIES AND, AND, AND PROCEDURES SO THAT WE CAN GET OUR STREETS, ALLEYS, HOME REPAIRS, INFRASTRUCTURE.
SO IMPORTANT BECAUSE WE'RE STILL STRUGGLING FOR ECONOMIC DEVELOPMENT.
SO I STAND HERE COUNCIL MEMBERS, SO THAT YOU KNOW WHERE WE ARE.
WE WANT WHAT WE'VE BEEN NEEDING FOR SO LONG.
AND SO I WANNA GO ON THE RECORD TODAY BEFORE YOU, AND WE'RE GLAD THAT YOU ALL ARE HERE.
BUT THE COUNCIL MEMBERS, I NEED YOU TO SEE, UNDERSTAND THAT WE NEED MAY IN ORDER TO BEGIN THE PROCESS OF EQUITY THAT WE TALK ABOUT AND WE WANT IT AND WE WANT IT NOW.
NOW, IN TERMS OF WHERE I'M LOOKING AT, UH, WITH THE, THE, THE PROPOSAL, THE CULTURAL ARTS HAS ABOUT $67 MILLION.
NOW, I I, I HAVE A FEELING, AND I'M PROBABLY A LITTLE BIT DIFFERENT THAN A COUPLE OF YOU HERE, WHEN YOU TALKED ABOUT 75, I I REALLY BELIEVE CULTURAL ARTS CAN, CAN GET BOOSTED UP TO ABOUT A HUNDRED AND, UH, A HUNDRED AND PROBABLY 125 MILLION, PRIMARILY BECAUSE YOU'RE LOSING, YOU'RE GONNA BE LOSING JOBS IF YOU DON'T GET THOSE FACILITIES FIXED.
YOU'RE GONNA LOSE THE OPPORTUNITY FOR PARTNERSHIPS WITH OUR SCHOOLS BECAUSE THEY DO PROVIDE A VERY VALUABLE GAP FOR MANY OF OUR SCHOOLS.
AND I CAN SPEAK ABOUT THE SCHOOLS IN OUR DISTRICT WHO NEED THAT PARTNERSHIP.
DISTRICT FOUR DOESN'T HAVE ANY, AND THE SOUTHERN SECTOR REALLY DOESN'T HAVE A NUMBER OF FACILITIES THAT WE CAN GO TO FOR CULTURAL PARTNERSHIPS.
NOW, WHETHER THE NUMBER GETS TO THAT OR NOT, I'M SIMPLY TELLING YOU THAT'S MY FEAR, IS THAT WE DON'T SECURE THOSE JOBS.
THE PARTNERSHIPS GOES AND THE, AND THE LIGHT AND THE BEAM OF LIGHT THAT THOSE CHILDREN GET FROM THOSE PARTNERSHIPS, UH, WILL BEGIN TO DIMINISH IF WE DON'T HAVE THOSE PARTNERS.
UH, I WANT TO, UH, ALSO JUST SPEAK QUICKLY ON A PROPOSAL COUNCIL MEMBERS THAT I'M GOING TO PROPOSE WORKING WITH STAFF.
AND IT DEALS WITH THE FREEDMAN'S TOWN 10TH STREET, WHICH HAS BEEN A VICTIM OF POLICIES THAT WERE TALKED ABOUT AND LOFTY IDEAS THAT WERE PASSED AROUND THE COUNCIL, BUT WERE NOT IMPLEMENTED IN THAT NEIGHBORHOOD.
AND SO I'M LOOKING TO GET A, A PROPOSAL FOR A PACKAGE DEAL OR A DEMONSTRATION PROJECT FOR 10TH STREET AND 10TH STREET NEEDS.
EVERYTHING THAT'S ON THIS LIST THAT'S HERE PUBLIC, YOU MAY NOT HAVE IT, BUT EVERYTHING WE NEED, WE NEED MORE MONEY FOR HOUSING, WE NEED EVERY, WE NEED STREETS, WE NEED, UH, FLOOD PROTECTION, WE NEED HOMELESSNESS.
AND I SAY HOMELESSNESS HELP AND MENTAL HEALTH, UH, WRAPAROUND SERVICES AS WELL.
AND, AND ALL OF THAT WILL HELP TO SECURE THAT COMMUNITY.
AND I THINK IF IT'S ON THE BOND, IT PROTECTS, PROTECTS THEM.
SO, BECAUSE WE DON'T WANT TO LOSE THAT COMMUNITY BECAUSE OF THE GROWTH ON THE GATEWAY, UH, THE DECK PARK.
SO WE WANNA MAKE SURE THAT YEARS TO COME, NO ONE CAN MOVE THE MONEY AND THAT COMMUNITY IS PROTECTED.
AND SO THAT IS SOMETHING I DEFINITELY WANNA MAKE SURE THAT WE PULL TOGETHER ON THIS, UM, BOND PACKAGE.
LAST, UH, RIGHT NOW ANYWAY, I HAVE ABOUT ONE MINUTE LEFT STAFF, IF YOU WOULD BRING FOR ME, UM, THE FLOOD PROTECTION AND STORM DRAINAGE.
WE HAVE A NUMBER OF COMMUNITIES THAT ARE IMPACTED BY THE FLOOD, PARTICULARLY IN THE CADILLAC HEIGHTS AREA, AND THEY'VE BEEN WAITING FOR THAT 30 AND 40 YEARS.
I NEED TO KNOW IF THE MONEY THAT WE RECEIVE FROM THE CORPS OF ENGINEERS WE RECEIVED A FEW YEARS AGO, HOW MUCH THAT
[00:50:01]
IS, AND SEE IF IT WILL HELP TO OFFSET WHAT WE HAVE, UH, LISTED HERE IF WE NEED MORE.SO YOU ALL CAN BRING THAT TO ME OFFLINE.
I DON'T WANNA TAKE ALL THE TIME.
IT IS A DIFFERENT, UH, TIME OF THE DAY.
AND I DO KNOW THAT EVERYONE WANTS TO GET THEIR QUESTIONS AND, AND IN.
BUT DID WANNA THANK YOU ONCE AGAIN, STAFF, UH, CITY MANAGER.
I KNOW I CAN'T THANK ALL OF YOUR STAFF, BUT I KNOW MS. JENNY, YOU'VE BEEN WORKING VERY PROFUSELY TO GET ALL OF THE INFORMATION TO US.
AND, UH, WE KNOW THAT, UH, YOU ARE COMMITTED TO THIS BOND AND I WANNA THANK YOU FOR THAT.
BUT, BUT MOST OF ALL, I WANNA MAKE SURE THAT I SAY TODAY, I THINK IT'S THREE O'CLOCK, THAT DISTRICT FOUR NEEDS AN ELECTION IN MAY, SO THEY CAN GET THERE JUST DUE.
AND I'M GONNA ENCOURAGE EVERYONE HERE AS WE TALK, STAY WOKE AND MAKE SURE YOU UNDERSTAND THE TIME TO DO RIGHT IS NOW.
ANYONE ELSE? MR. CATCH? STEWART? CHAIRMAN STEWART? THANK YOU, MR. MAYOR.
UM, SO I DIDN'T NECESSARILY REALIZE WE WERE GONNA SPEAK TO NUMBERS TODAY, BUT WHEN MS. ARNOLD HELD UP A PIECE OF PAPER WITH THAT MEMO, UM, I JUST WANNA SPEAK IN FAVOR OF, UH, I THINK BELIEVE MY NAME'S ON THAT MEMO, UM, AND TAKING SOME, AND ADJUSTING THE STAFF NUMBERS TO MATCH, UM, TO MATCH WHAT, WHAT IS IN THAT MEMO.
AND FOR PARKS SPECIFICALLY, I WANNA SPEAK BECAUSE I AM CHAIR OF PARKS TRAILS IN THE ENVIRONMENT.
AND SO I WOULD ASK FOR AN ADDITIONAL 50 MILLION, 50 MILLION TO GO FROM THE 250 THAT THE STAFF IS RECOMMENDING TO 300 MILLION.
AND THAT IS A, THAT ALSO, IT'S A COMPROMISE.
IT COMES DOWN FROM THE COMMUNITY, UH, BOND TASK FORCE NUMBER.
AND, UM, AND I, I THINK MY BIGGEST POINT IS THIS.
I'VE TALKED TO ALMOST ALL OF YOU AND HEARD WHAT YOUR PRIORITIES ARE FOR THIS BOND.
AND I'M GONNA TELL YOU PARKS IS IN YOUR TOP THREE, ALMOST ALL OF YOU.
SO WE NEED TO REMEMBER THAT THAT'S A COMMON DENOMINATOR AROUND THIS HORSESHOE.
WE WANT OUR NEW REC CENTER, WE WANT OUR TRANSFORMATIONAL PROJECT.
UM, WE NEED TO HAVE, YOU KNOW, CERTAIN MAINTENANCE PROJECTS TAKEN CARE OF AT SOME OF OUR REC CENTERS AND OTHER PLACES.
SO I'M GONNA BE YOUR ADVOCATE FOR PARKS AND, UM, AND SPEAK UP FOR THEM AND REMIND ALL OF YOU OF WHAT YOU SAID WAS YOUR TOP PRIORITY.
SO IN ORDER TO GET ALL OF THAT DONE, WE'RE GONNA NEED THE 300 MILLION.
ANYONE ELSE? FOR SOME REASON IT'S NOT LIGHTING UP.
UM, I'D LIKE TO MAKE A MOTION, UH, FOR THE BODY TO CONSIDER, UH, UH, INCREASING OUR BOND CAPACITY TO 1.25 OVER 1.1 AS RECOMMENDED BY STAFF.
HOLD ONE SECOND TO INCREASE, I MEAN, GENERALLY SPEAKING, WHEN WE ARE IN A COMMITTEE OF THE WHOLE, UM, THERE'S AN UP DOWN WITH GREEN CARD AND SOMEBODY JUST SAYS WHAT THEIR, WHAT THEIR PROPOSITION IS OR THEIR CHANGE IS.
AND SO, I MEAN, THAT'S THE TYPICAL CUSTOM, BUT WE DO REQUIRE SECONDS IN THOSE.
SO, I, I SECONDED PARLIAMENTARY INQUIRY CHAIR.
I'M WONDERING, I'M WONDERING IF YOU WOULDN'T PREFER TO ALLOW EVERYONE TO COMMENT ON THIS TOPIC BEFORE A MOTION OR STRAW POLL IS CONSIDERED.
YEAH, YOU CAN, YOU WANNA COMMENT? UH, I I THINK THAT ROBERT'S RULES ALLOWS FOR DISCUSSION AFTER A MOTION'S BEEN MADE AND SECONDED AND THAT'S WHAT'S ON THE FLOOR NOW.
SO WE HAVE A OPPORTUNITY TO SPEAK, UH, TO IT.
RIGHT? IN CLARIFICATION OF, I'M SORRY.
AM I RECOGNIZED? YOU'RE RECOGNIZED IN CLARIFICATION OF MY PARLIAMENTARY INQUIRY? UM, THE QUESTION IS NOT TO SPEAK ON THE MOTION.
THE QUESTION IS, MANY MEMBERS OF THIS BODY HAVE HAD AN OPPORTUNITY TO GIVE INPUT AS WAS REQUESTED.
I'M NEXT IN LINE TO DO THAT AND THERE'S A MOTION TO JUMP AHEAD WHERE I WOULDN'T HAVE THAT OPPORTUNITY.
I DON'T KNOW IF THERE'S OTHER MEMBERS WHO WOULD LIKE TO SPEAK THAT HAVEN'T YET RUNG IN.
AND SO I'M JUST ASKING YOU AS CHAIR, IF YOU FIND THAT IN CONDUCTING THE MEETING IT'S PROPER TO JUMP AHEAD TO THAT MOTION AND RECOGNIZE IT AS OPPOSED TO ALLOWING EVERYONE AN OPPORTUNITY TO SPEAK ON THE QUESTION OF INPUT THAT WAS POSED.
WITH THAT, THIS VERY UNIQUE SITUATION, I BELIEVE THAT EVERYONE SHOULD SPEAK BEFORE WE GET TO THAT MOTION.
I THINK EVERYONE SHOULD GET THAT.
WE CAN GET BACK TO YOUR MOTION.
IF IF THAT'S THE CASE, THEN IT'S MY TIME TO BE RECOGNIZED AND I QUESTION.
[00:55:01]
UH, MAYOR, I, UH, UH, WOULD LIKE TO ASK, UM, JACK IRELAND.THANK Y'ALL FOR ALL OF Y'ALL'S, UH, HELP AND WORK.
UH, I KNOW WE'VE GOT A LOT OF MOVING PARTS RIGHT NOW.
UM, ONE, UH, I WANNA FOLLOW UP ON SOME OF THE QUESTIONS THAT WERE ASKED TO YOU EARLIER.
UM, I, I FIRST WANNA MAKE IT VERY CLEAR WE HAVE TWO PENSION, UM, FUNDS THAT WE ARE, UH, TRYING TO HAVE CLEAR AND, UH, COHESIVE PLANS, UM, THAT ARE, ARE, ARE LONG-TERM PLANS OF COURSE.
UH, AND THEY ARE SEPARATE FROM EACH OTHER.
WE, WE NEED TO MAKE SURE THAT THAT'S CLEAR.
UM, HOWEVER, WE'VE HEARD FROM, UM, STAFF ON THE OBLIGATION BONDS NOT BEING IDEAL RIGHT NOW AS THE ANSWER.
UM, AND EVEN IF WE DIDN'T HAVE A CAPITAL BOND AND PUT OUR ENTIRE CAPACITY, WE'RE STILL NOT ADDRESSING, UH, THE LONG-TERM NEED IN THAT CAPACITY.
SO WHAT I HAVE TO ASK YOU IS THAT IF THE ROBUST PLAN THAT WE COME UP WITH THAT IS INCLUSIVE OF AN INFLUX OF CASH TO GET US TO WHERE WE NEED TO GET, UM, BUT IS, IS ALSO, UM, REQUIRING FOR PENSION OBLIGATION BONDS IF THE MARKET IS NOT DICTATING, UH, THAT TO BE, UM, SUGGESTED AT THIS TIME.
WOULD IT BE SAFE TO SAY THAT BY WAITING UNTIL A NOVEMBER ELECTION, THAT'S JUST WAITING EVEN LONGER UNTIL WE'VE SOLD OFF BONDS FROM WHATEVER CAPITAL BOND THAT WE HAVE PUT FORTH AND, AND WOULD BE THAT MUCH LONGER THAT WE FREE UP THE CAPACITY TO ADD PENSION OBLIGATION BONDS TO THAT COMPREHENSIVE PLAN JACK, CHIEF FINANCIAL OFFICER? AND I'LL TRY TO ANSWER THAT AND PUSH BACK IF I DON'T GET THERE.
UM, SO THE, THE PLANNING RELATED TO A FUNDING SOUNDNESS RESTORATION PLAN FOR THE DALLAS POLICE AND FIRE PENSION FUND IS BEING PUT TOGETHER, UM, WITH US INCREASING OUR ANNUAL CONTRIBUTIONS THROUGH THE GENERAL FUND.
AND WE WANT THAT PLAN TO BE SUSTAINABLE THAT WE'RE ABLE TO PHASE UP INTO IT, PAY THOSE AMOUNTS OVER THE 30 YEAR AMORTIZATION TO GET US TO BE FULLY FUNDED WITHIN 30 YEARS, NOT RELIANT UPON ANY INFUSION OF CASH, NOT RELYING ON ANY INFUSION OF PENSION OBLIGATION BONDS.
HOWEVER, IF AT ANY POINT IN TIME THERE IS THE OPPORTUNITY TO MONETIZE AN ASSET OR, UM, THE MARKET IS RIGHT THAT WE DO CHOOSE TO MOVE FORWARD WITH PENSION OBLIGATION BONDS AT ANY POINT IN THE 30 YEARS, WE CAN HAVE THAT CASH INFUSION INTO THE POLICE AND FIRE PENSION FUND AND THAT IMPROVES THE FUNDING STATUS AND WILL REDUCE FUTURE YEAR CONTRIBUTIONS OUT OF THE GENERAL FUND.
BUT THE PLAN WE'RE PUTTING TOGETHER DOES NOT RELY UPON THAT.
BUT, UM, WHAT I'M ASKING THOUGH, IS IT, IT WITH THAT PLAN AND IF, UM, WE END UP, UH, WANTING TO, UM, INCORPORATE PENSION OBLIGATION BONDS, UH, AS A PART OF THE INFLUX, UM, WHAT, WHAT, WHAT I'M ASKING IS THAT WE NEED TO HAVE CAPACITY FREED UP IN ORDER TO DO THAT.
WE HAVE TO HAVE THE CAPACITY IN THE DEBT SERVICE FUND TO PAY THE PRINCIPAL PLUS INTEREST ON THE BONDS THAT WE ISSUE.
AND SO WHEN WE'VE BEEN LOOKING AT, UH, THE 2024 GENERAL OBLIGATION BOND PROGRAM, WE HAVE NOT BEEN LOOKING AT THE 30 YEAR TIMEFRAME.
WE'VE BEEN LOOKING AT A FIVE YEAR TIMEFRAME BECAUSE WE WOULD ISSUE $220 MILLION A YEAR OVER FIVE YEARS TO GET TO 1.1 BILLION.
IF YOU ADD ANOTHER $150 MILLION IN, WE WOULD DO THAT IN FISCAL YEAR 26.
WE WOULD STILL HAVE $250 MILLION OF CAPACITY IN THE NEXT FIVE YEARS FOR PENSION OBLIGATION BONDS.
IF AT ANY TIME DURING THAT FIVE YEAR PERIOD THE MARKET WAS RIGHT.
AND THEN IN FISCAL YEAR 30 AND BEYOND, WE HAVE NEW CAPACITY EVERY YEAR.
SO WITHIN THE FIVE YEAR PERIOD OF THIS BOND PROGRAM, WE STILL WOULD HAVE 250 MILLION FOR PENSION OBLIGATION BONDS.
IF EVER WE CHOSE TO AFTER FISCAL YEAR 29 AND GOING INTO FISCAL YEAR 30, WE WOULD START HAVING MORE CAPACITY WHERE WE COULD RESTORE THE ONE 50 THAT WE'RE TALKING ABOUT TAKING NOW AND EVEN, UH, HAVE A LARGER PENSION OBLIGATION BOND IF THAT WAS THE DIRECTION OF THE COUNCIL.
BUT THAT IS CAPACITY, IT'S WITHIN THE 30 YEAR PERIOD AND IT WILL HELP THE PENSION PLAN.
BUT FOCUSING RIGHT NOW ON THE FIVE YEAR PERIOD, UH, FOR THIS BOND PROGRAM, WE WOULD HAVE FUTURE CAPACITY FOR OTHER PENSION OBLIGATION BONDS.
AND, AND JUST IN LAYMAN'S TERMS, IF WE WERE TO, UM, WAIT UNTIL A NOVEMBER ELECTION VERSUS A MAY SPECIFICALLY TO THAT CAPACITY THAT YOU JUST MENTIONED, THAT'S JUST SIX MONTHS MORE, UH, UH, UH, SIX MONTHS LATER UNTIL WE WOULD START THAT TIME CLOCK TO FREE UP CAPACITY FOR
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POTENTIAL PENSION OBLIGATION BONDS.THAT ADDITIONAL CAPACITY WOULD NOT BE AVAILABLE NO MATTER WHEN YOU HAVE THE ELECTION.
THAT ADDITIONAL CAPACITY DOESN'T COME UNTIL FISCAL YEAR 30.
YOU HAVE, YOU WOULD HAVE 250 MILLION CAPACITY WITHIN THE NEXT FIVE YEARS FOR PENSION OBLIGATION BONDS.
YOU WOULD HAVE ADDITIONAL CAPACITY AFTER FISCAL YEAR 29.
NO MATTER WHEN THE ELECTION IS.
CHAIRMAN MIDDLETON, I'M GONNA PULL MYSELF OUTTA THE QUEUE AND WAIT LATER TO SPEAK.
UM, JUST TO RECONCILE BETWEEN THE MEMO THAT WE RECEIVED ON, UM, THE PRESENTATION OF WHAT CITY STAFF RECOMMENDED IN DECEMBER AND THEN, UH, WHAT SOME COLLEAGUES HAVE RECOMMENDED, UM, YOU KNOW, IT LOOKS LIKE SOME PROGRESS IS BEING MADE.
SO I THINK WE'RE ALL WORKING ON THIS WITH A SPIRIT TO ACHIEVE WHAT WE NEED TO FOR OUR CITIZENRY, UH, OUR RESIDENTS.
SO I GUESS JUST TO GO THROUGH THESE NUMBERS, I WOULD SAY ON STREETS AND TRANSPORTATION, I WANNA ECHO, UH, CHAIR NARVA
I THINK ON GETTING BACK TO THE 500,000 OR $500 MILLION NUMBER, WE KNOW THAT WE'VE GOT VISION ZERO TO ACHIEVE.
AND I THINK THIS AFFECTS EVERY SINGLE ONE OF US, EVERY DISTRICT.
AND, UM, I, WE HAVE TO COMMIT TO THAT.
AND THIS IS ONE WAY WE CAN DO IT IN A BIG WAY ON STREETS.
UH, I KNOW CHAIR STEWART TALKED ABOUT ALL OF US HAVING OUR PRIORITIES AND THAT SORT OF THING, BUT WE HAVE A CITIZEN SATISFACTION SURVEY AND 12 OF 14 DISTRICTS HAD STREETS AS NUMBER ONE OF, OF THEIR CONCERN.
THE OTHER TWO HAD IT AS NUMBER TWO IN THEIR, THEIR CONCERN.
SO WE CAN'T LOSE SIGHT OF THAT BECAUSE THAT WAS, UH, SCIENTIFICALLY CONDUCTED AND IT'S THE READ THAT WE NEED TO KEEP IN THE CROSSHAIRS WHEN LOOKING AT THE BIGGEST PORTION OF THIS BOND.
UM, THE OTHER THING ABOUT STREETS IS THAT YOU CAN'T GO OUT AND GET PRIVATE DONORS OR GRANT MONEY ON OUR NEIGHBORHOOD STREETS.
AND SO I LOOK AT THIS LIST, ALL OF THIS IS IMPORTANT, IT'S WHAT OUR CITIZENRY IS CRYING OUT FOR.
HOWEVER, THERE ARE DIFFERENT FUNDING SOURCES FOR SOME OF THE THINGS ON THIS LIST, AND THAT'S WHAT WE'VE GOTTA BE MINDFUL OF.
AND THAT'S WHY YOU CAN'T MAKE ME BE QUIET ABOUT STREETS WHEN IT COMES TO THE BOND IS BECAUSE THIS IS ONE OF THE CHIEF WAYS RIGHT NOW THAT WE CAN FUND GETTING TO ZERO DEGRADATION.
WE ALL KNOW THERE'S SOME OTHER OPTIONS BEING TALKED ABOUT AND HOW WE CAN START TO CLOSE THIS AMAZING GAP THAT WE HAVE GOT THAT WE WILL NEVER GET TO UNLESS WE GET CREATIVE AND INNOVATIVE ON HOW WE INFUSE MORE FUNDS INTO OUR STREET MAINTENANCE.
AND SO WE DON'T KNOW THE ANSWERS TO THAT NOW, BUT WE CAN'T TAKE OUR FOOT OFF THE GAS ON THAT AND, UH, I KNOW I'LL BE SPEAKING UP FOR THAT AND THERE ARE OTHERS IN THE CHOIR.
SO, UM, BUT FOR RIGHT NOW, THIS HAS GOTTA BE A BIG CHUNK OF THE SPA.
UH, I HOPE IN FIVE YEARS OR WHENEVER WE, UH, ARE, ARE COMING UP AGAINST THE NEXT BOND PROGRAM.
IT'S FILLED WITH WONDERFUL TRANSFORMATIVE PROJECTS AND WE'VE SOLVED OUR STREET FUNDING ISSUE TO WHERE IT DOESN'T HAVE TO TAKE THIS BIG PIECE OF THE PIE ON.
UM, WHAT I'M, I'M GOING BACK TO NOW BECAUSE I'VE LOOKED THROUGH THE LIST ON PUBLIC SAFETY FACILITIES AND UM, I KNOW THERE'S A LOT OF PROGRESS BEING MADE THERE ON, UM, I I'M COMING TO THE LIBRARY FACILITIES BECAUSE IN THE DISCUSSION