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TELL US[Dallas Cypress Waters TIF District Board of Directors Meeting on January 25, 2024. ]
AND THEN WE WILL START, UM, WITH THE BOARD MEMBERS FIRST.UM, AND SO THE FIRST PERSON I SEE IS LUIS.
I WORK FOR DALLAS COUNTY, AND I AM THE DALLAS COUNTY REPRESENTATIVE FOR THE CYPRUS WATER TIFF.
MY NAME IS CLAIRE OLIVER, AND I WAS A RESIDENT OF THIS AREA, UM, WHEN THIS FIRST GOT STARTED.
I WAS APPOINTED BY COUNCILMAN VEZ.
VICTOR, EMMA, RIGHT? COULD YOU TURN YOUR VIDEO ON? YEAH.
MY COMPUTER'S HAVING A HARD TIME WITH VIDEO REACHED OUT TO, UM, IT, I CAN TRY TO LOG IN AGAIN.
UM, WELL, IN ORDER TO BE, UM, COUNTED AS PRESIDENT, YOU HAVE TO PHYSIC BE OKAY.
LET ME, LET ME LOG OUT AND LOG BACK IN.
UM, THE NEXT PERSON I SEE ON MY SCREEN IS, UH, MR. DAN KOHLER.
YOU WOULD, UM, INTRODUCE YOURSELF, PLEASE.
YEAH, I'M, UH, THE, UH, EDITOR OF THE COPPEL CHRONICLE.
WE ALSO HAVE ON, UM, IN THE MEETING A FEW REPRESENTATIVES FROM THE CITY OF DALLAS, MOSTLY FROM THE OFFICE OF ECONOMIC DEVELOPMENT.
WE HAVE STAFF FROM OUR, UM, FINANCE DIVISION, AND, UM, WE ALSO HAVE, UH, VERONICA BARBOSA REPRESENTING OUR CITY ATTORNEY'S OFFICE, UM, IN THE MEETING.
AND SO, ALTHOUGH WE'VE LOST CLAIRE, I MEAN, ALTHOUGH WE'VE LOST VERONICA, WE STILL HAVE A QUORUM WITH THE FOUR BOARD MEMBERS.
AND SO WE'LL CONTINUE TO, UM, MOVE THE MEETING ALONG AND HOPEFULLY SHE'S ABLE TO GET BACK IN AND JOIN US CHAIR.
UH, I'D LIKE TO TURN TO ITEM NUMBER TWO ON THE AGENDA.
UH, ARE THERE ANY COMMENTS FROM THE PUBLIC ON ANY OF THE MATTERS TO BE ADDRESSED HERE? I AM NOT HEARING OR SEEING ANYONE ATTEMPTING TO COMMENT FROM THE PUBLIC.
SO WITHOUT FURTHER ADO, WE WILL MOVE TO ITEM NUMBER THREE OF THE AGENDA, WHICH IS REVIEW AND CONSIDERATION OF THE MEETING RECORD FOR THE JANUARY 30TH, 2023 MEETING.
THE CYPRUS WATER'S TIP DISTRICT BOARD OF DIRECTORS, UM, BOARD.
I SENT THE MEETINGS OUT, I SENT THE MINUTES OUT, UM, A WEEK PRIOR TO TODAY'S MEETING.
UM, PLEASE LET ME KNOW IF THERE ARE ANY EDITS FOR THE, UM, FOR THE MINUTES OR ANY QUESTIONS.
DOES ANYONE HAVE ANY COMMENTS OR EDITS TO THE JANUARY 30TH, 2023, UH, MEETING RECORD? IF NOT, UH, CAN I GET A MOTION TO APPROVE, UH, THE JANUARY 30TH, 2023 MEETING? I'LL MAKE A MOTION THAT WE APPROVE THE MINUTES.
I THINK I HEARD VICTOR SECOND.
IF THERE ARE ANY DISSENTERS STAY, MAY, ANY DISSENTERS, I BELIEVE IT PASSES, UH, UNANIMOUSLY.
THEREFORE, WE WILL TURN TO ITEM NUMBER FOUR ON THE AGENDA, WHICH IS A REVIEW IN CONSIDERATION OF THE CYPRUS WATER TIP DISTRICT ANNUAL REPORT FOR FISCAL YEAR 2022 TO 2023.
UM, ALSO IN YOUR PACKET, UH, WAS THE ACTUAL NEW REPORT FOR THE T DISTRICT.
UM, JOSE, DO YOU MIND MAKING THE, UH, SCREEN A BIT LARGER IF YOU CAN, I WANT TO QUICKLY, UM, GO THROUGH THE ANNUAL REPORT THAT HAS BEEN PREPARED, UM, AT THE END OF MY PRESENTATION, PLEASE FEEL FREE TO ASK ANY QUESTIONS THAT YOU MAY HAVE, AND HOPEFULLY WE'LL CULMINATE THIS WITH AN APPROVAL.
UM, I WILL SAY ON THE ONSET THAT,
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UM, THE CITY ATTORNEY'S OFFICE, UM, IS REVIEWING THE ANNUAL REPORT.AND SO ANY MOTION THAT IS MADE AT THE END OF THIS PRESENTATION, I ASK THAT IT ALSO INCLUDES STAFF TO MAKE, UH, MINIMAL CHANGES BASED ON CITY ATTORNEY REVIEW OR OTHER DEPARTMENT REVIEWS, UM, GOING FORWARD PRIOR TO CITY COUNCIL.
AND SO IF WE'LL GO TO PAGE FOUR OF THE ANNUAL REPORT, THE CYPRESS WATERS TIFF DISTRICT WAS CREATED IN DECEMBER OF 2010.
UM, IT HAS A TERMINATION DATE OF DECEMBER 31ST, 2040.
AND THE PURPOSE OF THIS TIFF DISTRICT IS TO ENCOURAGE THE INITIAL DEVELOPMENT WITHIN THE CYPRUS WATERS AREA.
UM, THE FIRST FEW PROJECTS THAT WERE SUPPORTED BY THIS TIP DISTRICT WERE PURELY, UM, INFRASTRUCTURE PROJECTS WITH SOME PRIVATE DEVELOPMENT COMMITMENT.
AND THOSE HAVE BEEN THE ONLY TWO PROJECTS THAT HAVE BEEN, UH, PROVIDED TO FUNDING, UM, ASSOCIATED WITH PRIVATE DEVELOPMENT.
UM, THE TIF DISTRICT, AS I SAY, IS PROJECTED TO TERMINATE, UM, THE EARLIER OF A COUPLE THINGS.
THE FIRST IS EITHER THE DATE OF DECEMBER 31ST, 2040, OR WHEN THE FULL BUDGET THAT WAS APPROVED FOR THE DISTRICT HAS BEEN COLLECTED, OR WHEN ALL OF THE TIFF DISTRICT'S OBLIGATIONS HAVE BEEN MET.
AND SO THOSE ARE THE THREE TESTS THAT WE RUN TO DETERMINE THE LIFE OF THE 10TH.
AFTER HAD IT HAD STARTED IN 2015, THE 10TH DISTRICT WAS AMENDED TO REDUCE THE BUDGET AND TO, UM, ENSURE THAT WE ACCOMPLISHED SOME OF THE GOALS OF THE DISTRICT FROM THE ONSET, WHICH INCLUDED PROVIDED THE INFRASTRUCTURE NEEDED FOR CYPRESS WATERS PHASES ONE AND TWO.
UM, WE WANTED TO ENSURE THAT THE BUDGET IS ABLE TO SUPPORT THE FUTURE DEVELOPMENT OF A PUBLIC SAFETY BUILDING WITHIN THE DISTRICT.
AND THEN TO SUPPORT ANY TYPE OF, UM, INTERLOCAL AGREEMENT BETWEEN THE CITY OF IRVING AND THE CITY OF DALLAS TO ENSURE THAT, UM, NEEDED WATER SERVICES PROVIDED.
UM, FOR TIP DISTRICT ACCOMPLISHMENTS, UM, THE CYPRESS WATERS, UH, PUBLIC SAFETY BUILDING COMPLETED, YOU CAN LEAVE IT THERE IF YOU LIKE, COMPLETED CONSTRUCTION.
UM, DURING THE FISCAL YEAR, THE BUILDING RECEIVED A CERTIFICATE OF OCCUPANCY IN MARCH OF 2023, UM, AND THE DEVELOPER TURNED OVER OWNERSHIP OF BOTH THE LAND AND THE PROPERTY ON APRIL 17TH, 2023.
NOW, THIS FACILITY HAS SPACE FOR THE DALLAS FIRE RESCUE, DALLAS POLICE DEPARTMENT AND A SMALL MEETING SPACE FOR COMMUNITY, WHICH WAS EXTREMELY IMPORTANT TO THE COUNCIL MEMBER OF THIS DISTRICT.
AND THERE WAS ALSO A FIRE, UM, TRAINING TOWER CONSTRUCTED ON THE SITE.
UM, WE HAVE A PICTURE OF THE COMPLETED BUILDING, VERY NICE DESIGN.
WE, UM, HAVE HEARD NOTHING BUT GOOD THINGS ABOUT THE DESIGN OF THE BUILDING AND HOW, UM, VFR WOULD LIKE TO SEE MORE STATIONS OF THIS CALIBER ADDED TO THEIR, UM, OR CALIBER ADDED TO THEIR PORTFOLIO.
THE BOTTOM PICTURE ON THE LEFT I THOUGHT WAS NICE BECAUSE THAT'S THE TABLE, THE, UH, DINING TABLE FOR THE FIREMEN THAT'S WITHIN THE FACILITY, AND IT WAS JUST A REALLY NICE TABLE.
AND THEN THE VERY PICTURE ON THE RIGHT, UM, JUST SHOWS THE, THE FIRE TRUCK WITHIN ONE OF THE BAYS AT THE FIRE STATION AND BACK UP TO THE TOP.
IF YOU LOOK TO THE FAR LEFT, KIND OF THE STANDING LOOKING BUILDING, THAT IS THE, UH, THE TRAINING TOWER FOR THE FIREFIGHTERS.
AND WE CAN GO TO PAGE SIX, ACTUALLY, PAGE SEVEN.
SO PAGE SEVEN HIGHLIGHTS THE VARIOUS PROJECTS THAT HAVE BEEN COMPLETED WITHIN THE TIF DISTRICT.
AS I MENTIONED, UM, THE FIRST TWO TIF PROJECTS WERE FOR PUBLIC INFRASTRUCTURE THAT LEVERAGED THE DEVELOPMENT OF 814 RESIDENTIAL UNITS WITHIN THE TIP DISTRICT.
UM, OUR INVESTMENT OF JUST OVER 28 MILLION LEVERAGED THE PRIVATE INVESTMENT, MOSTLY PRIVATE INVESTMENT OF OVER 179 MILLION.
AND SO, UM, OUR FUNDS HAVE BEEN WELL SPENT IN THE AREA.
AND AS YOU CAN SEE, VERY MINIMAL INVESTMENT HAS LEVERAGED ALL THAT YOU SEE OUT OF CYPRESS SQUATTERS AT THIS TOP.
UM, THE SECOND PORTION OF THIS, UH, GRAPH KIND OF SHOW CHART SHOWS YOU DEVELOPMENT WITHIN THE DISTRICT THAT HAS OCCURRED WITHOUT ANY TYPE OF CITY ASSISTANCE.
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ON PAGE EIGHT, YOU WILL SEE THAT THERE WERE TWO PROJECTS THAT WERE COMPLETED PRIVATELY WITHOUT ANY TIP ASSISTANCE.THE FIRST IS THE COMPLETION OF 499 RESIDENTIAL UNITS, AND THE SECOND IS AN OFFICE BUILDING WITH 300,000 SQUARE FEET SQUARE SO SQUARE.
THE VALUE OF DEVELOPMENT THAT HAS OCCURRED WITHIN THIS TIF DISTRICT THAT WAS NOT SUPPORTED BY TIF FUNDS IS JUST UNDER $1 BILLION, WHICH IS AMAZING.
UM, AND IN TOTAL, OUR 28 MILLION IN T FUNDS HAS LEVERAGED NEARLY 1.2 BILLION IN ADDED VALUE WITHIN THE TIF DISTRICT.
UM, WITH ALL OF OUR TIF DISTRICTS, THERE'S A REQUIREMENT FOR MIXED INCOME HOUSING.
UM, FOR THIS PARTIC PARTICULAR TIF DISTRICT, 20% OF UNITS SUPPORTED BY TIF FUNDS ARE REQUIRED TO PROVIDE WORKFORCE HOUSING OR AFFORDABLE HOUSING UNITS, UM, AT REDUCED RENTAL RATES.
AND SO OF THE 814 RESIDENTIAL UNITS THAT WERE CONSTRUCTED, UM, AND SUPPORTED BY 10TH DISTRICT FUNDING, 163 OF THEM ARE AFFORDABLE.
ALL THE OTHER, UM, RESIDENTIAL UNITS THAT HAVE BEEN COMPLETED HAVE BEEN DONE WITHOUT ANY CITY OR TIFF ASSISTANCE.
SO, UM, THERE WAS NO PROVISION OF FIXED INCOME HOUSING.
NEXT SECTION IS, UM, VERY IMPORTANT TO THE TIFF DISTRICT BECAUSE IT, IT SHOWS YOU THE FINANCIAL STATUS OF THE 10TH DISTRICT.
AND SO WHEN THE DISTRICT WAS CREATED IN 2010, THE VALUE OF THE DISTRICT IN WORLD PAGE NINE, JOETTE, THANK YOU, UM, WAS 71,437.
WELL, THE CURRENT VALUE OF THE TIF DISTRICT NOW IS 1,138,425,800 HUNDRED $70, WHICH IS A 1.6 BILLION IN MILLION, 1.6 MILLION INCREASE OVER THE 2010 BASE YEAR VALUE.
ADDITIONALLY, THE 2023 VALUE IS A 20%, 26% INCREASE, OVER 22 VALUE.
AND SO THIS INCREASE OVER THIS INCREASE IN VALUE OVER THE BASE YEAR WILL GENERATE APPROXIMATELY 8.5 MILLION IN TIP INCREMENT THAT WILL BE COLLECTED IN 2024.
OF THAT 8.5 MILLION, 7.1 MILLION WILL BE GENERATED BY CITY CITY'S PARTICIPATION IN THE TIP DISTRICT, AND 1.35 MILLION WILL BE GENERATED BY THE COUNTY'S PARTICIPATION IN THE TIP DISTRICT.
WE'LL SCROLL DOWN A LITTLE FURTHER.
ON PAGE NINE, I'LL JUST GO OVER SOME OF THE SUCCESS INDICATORS FOR THE TIP DISTRICT.
AND SO THE VERY FIRST IS TO CREATE ADDITIONAL TAXABLE VALUE, UM, THAT IS ATTRIBUTABLE TO NEW PRIVATE INVESTMENT TOTALING 1.5 BILLION OVER THE LIFE OF THE 10TH.
UM, AS OF TODAY, 1.1, 1.14 BILLION AND INCREASED VALUE HAS BEEN CREATED WITHIN THE TIP DISTRICT, WHICH IS 76% OF THE GOAL.
UM, ON PAGE 10, UM, THERE WERE SOME OTHER KIND OF PRIVATE DEVELOPMENT, UM, GOALS FOR THE TIP DISTRICT.
THEY WERE TO CREATE 10,000 NEW RESIDENTIAL UNITS, 4,000 SQUARE FEET OF COMMERCIAL SPACE, UM, AND AN ESTIMATED 150,000 SQUARE FEET OF PEDESTRIAN ORIENTED RETAIL SPACE AND AN ESTIMATED 9,000 JOBS.
AND TO DATE, UM, APPROXIMATELY 2,930 RESIDENTIAL UNITS HAVE BEEN CREATED WITHIN THE TIP DISTRICT, WHICH IS 29% OF THE HOUSING GOAL.
UM, JUST UNDER 4 MILLION SQUARE FEET OF OFFICE SPACE HAS BEEN CREATED, WHICH IS 89% OF THE COMMERCIAL SPACE GOAL.
UM, 35,000 SQUARE FEET OF RETAIL HAS BEEN CREATED WITHIN D TIP DISTRICT, WHICH IS 23% OF THE RETAIL GOAL.
AND LASTLY, 18,024, UM, JOBS HAVE BEEN CREATED WITHIN THE TIF DISTRICT, WHICH ESSENTIALLY DOUBLES THE GOAL OF THE DISTRICT.
UM, AT THE VERY BOTTOM, ANOTHER GOAL FOR THE TIF DISTRICT WAS TO GENERATE APPROXIMATELY 45 MILLION IN TOTAL DOLLARS OVER THE LIFE OF THE TIF.
AND WITH THE CITY'S PARTICIPATION AND THE COUNTY'S PARTICIPATION, THE TIF DISTRICT HAS GENERATED 39.6 MILLION TODAY IN TIF REVENUE, WHICH IS 88% OF THE DISTRICT'S GOAL.
ON PAGE 12, UM, WE'LL BRIEFLY TALK ABOUT THE, THE MEETINGS FOR THE TIP DISTRICT.
AND SO WE ONLY MET ONCE LAST YEAR, VERY SIMILAR MEETING, AN ANNUAL REPORT REVIEW, AND THAT WAS ON JANUARY 30TH, 2023.
AND BELOW, YOU CAN SEE THE ATTENDANCE RECORD FOR
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THE BOARD MEMBERS.THE CHART ON THAT PAGE SHOWS YOU THE BUDGET AND SPENDING STATUS FOR THE 10TH DISTRICT.
AND SO, AS I MENTIONED, UM, WE ANTICIPATE TO COLLECT $45,208,496 OVER THE TERM OF THE 10TH DISTRICT.
TODAY, 32.4 MILLION OF THAT BUDGET HAS BEEN ALLOCATED TO VARIOUS PROJECTS, WHICH I MENTIONED, WHICH WAS THE PHASE ONE, PHASE TWO INFRASTRUCTURE PROJECTS, AND THE PUBLIC SAFETY BUILDING.
AND SO WE HAVE THE FUNDING CAPACITY OF 12.8 MILLION FOR THE REMAINING YEARS OF THE DISTRICT.
AND I WOULD ALSO SAY THAT WE ARE EXPECTING TO COLLECT OR MEET OUR BUDGET IN YEAR 2024, WHICH IS ABOUT 16 YEARS EARLIER THAN THE 30 YEAR TERM.
AND SO WE WON'T REACH THE 30 YEAR TERM.
WE'LL PROBABLY END UP EITHER, UM, IT'S, UM, COLLAPSING THE TIFF DISTRICT IN YEAR 14, WHICH IS 2025, OR IF THERE ARE SOME OTHER PLANS FOR THIS TIP DISTRICT, IT WILL COME BEFORE YOU TO, TO, UH, REVIEW AND CONSIDER ON PAGE 14.
NOW, THIS IS A PAGE WHERE I MENTIONED THAT, UM, I WOULD REALLY LIKE FOR YOU TO APPROVE THE ANNUAL REPORT WITH ALLOWING STAFF TO MAKE EDITS, MINOR EDITS.
AND SO WITH THIS FIRST MWB PARTICIPATION CHART, READING THROUGH IT THIS MORNING, I REALIZED THAT I HADN'T UPDATED TO INCLUDE THE PUBLIC SAFETY BUILDING PROJECT, NOW THAT IT'S COMPLETE.
AND SO I'LL GIVE YOU THOSE NUMBERS AND THEN I WILL UPDATE THE CHART TO INCLUDE THE PUBLIC SAFETY BUILDING.
AND SO THE TOTAL CONSTRUCTION AMOUNT FOR THAT PROJECT WAS $8,728,079.
AND OF THAT, THE TOTAL PARTICIPATION WAS $4,069,146.
AND SO THAT PROJECT HAD A 46.6 PARTICIPATION OF MINORITY WOMEN AND MINORITY AND WOMEN OWNED BUSINESSES AND ENTERPRISES FAR EXCEEDING THE 25% REQUIREMENT.
NEXT ON THE PAGE IS THE 2023 WORK PROGRAM.
AND SO THERE ARE A COUPLE THINGS THAT, UM, WE'LL BE DOING THIS YEAR.
FIRST IS TO SEND THIS REPORT TO CITY COUNCIL FOR APPROVAL IN FEBRUARY.
UM, SECONDLY IS TO MAKE THE LAST REMAINING PAYMENT FOR THE PUBLIC SAFETY BUILDING, UM, FOR ITS PROJECT IMPROVEMENT.
AND THEN LASTLY, UM, WHICH IS THE LAST BULLET ON YOUR PAGE, IS TO EXPLORE AND ANALYZE THE HENSLEY FIELD'S MASTER PLANS, UH, RECOMMENDATION TO AMEND THE CYPRESS WATERS TIP DISTRICT TO ADD HENSLEY FIELD, WHICH IS A CITY OWNED PROPERTY IN SOUTHERN DALLAS TO THE DISTRICT TO SUPPORT THE REDEVELOPMENT OF THAT 738 ACRE PROPERTY.
HENSLEY FIELD IS VERY SIMILAR TO CYPRESS WATERS IN THAT IT IS LOCATED ON A LAKE, WHICH IS MOUNT CREEK LAKE.
UM, THE DIFFERENCES IS THAT THAT PROPERTY IS OWNED WHOLLY BY THE CITY.
AND, UM, AS YOU WOULD IMAGINE, VERY SIMILAR TO WHAT WAS THE CASE IN CYPRESS WATERS, THAT THERE IS A LACK OF INFRASTRUCTURE TO SUPPORT REDEVELOPMENT AND DEVELOPMENT.
AND SO THERE WAS A RECOMMENDATION THROUGHOUT THIS MASTER PLANNING PROCESS FOR HIS FIELD THAT, UM, WE FIGURE OUT A WAY TO DO KIND OF A BARBELL TIP, IF YOU ARE AWARE OF WHAT THAT IS, WHERE YOU HAVE A PORTION OF A TIF DISTRICT THAT IS IN A HIGHLY PERFORMING AREA AND IS GENERATING, UM, INCREMENT TO SUPPORT A PORTION OF THE TIF DISTRICT THAT IS IN, UM, AN AREA THAT NEEDS ASSISTANCE WITH INFRASTRUCTURE IMPROVEMENTS, REDEVELOPMENT, MIXED INCOME HOUSING, UM, ALL THOSE DIFFERENT THINGS.
AND SO, UM, WE WILL WORK ON THAT, ANALYZE THAT, AND THEN ALSO SHOULD WE DECIDE TO MOVE FORWARD WITH THE RECOMMENDATION, BRING THAT BACK FOR YOU BEFORE THE BOARD TO REVIEW THE PLAN AMENDMENT AND WHAT STAFF IS PROPOSING.
CAN I ASK, WANNA ASK A QUESTION? SURE, SURE.
SO THIS SOUNDS LIKE THE MONEY THAT HAS BEEN EARNED MADE, UM, FROM THE INVESTMENT IN THE CYPRESS WATERS DISTRICT IS GOING TO GO TO THE MOUNTAIN CREEK LOCATION.
IF THIS IS THE WAY THINGS GO, THAT'S TYPICALLY HOW IT IS.
IT IS EITHER IN, AND THAT'S WHAT WE NEED TO FIGURE OUT.
THE, THE, THE NEEDS IN THAT AREA ARE GREAT.
AND SO, UM, INFRASTRUCTURE NEEDS WILL BE MUCH MORE THAN ANY DEVELOPMENT DEVELOPER COULD MAKE WORK OR PENCIL
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FOR ANY TYPE OF PRIVATE DEVELOPMENT.AND SO, UM, SOME PORTION OF THE INCREMENT COULD GO THERE OR ALL OF THE INCREMENT BEING GENERATED COULD GO TO THAT AREA.
UM, THAT IS SOMETHING THAT WE WILL HAVE TO RUN OUR MODELS BASED ON THE DEVELOPMENT PLAN FOR CYPRESS, UM, FOR THE KANSAS CITY FIELD TO SEE WHAT MAKES SENSE, WHAT MAKES FINANCIAL SENSE.
HAS THERE BEEN ANY MOVEMENT IN, UM, ADDING LIKE CITY SERVICES? I KNOW THERE'S A SAFETY, UM, THE FIREHOUSE, BUT, UM, LIBRARY REC CENTER, ANYTHING LIKE THAT BECAUSE THE RESIDENTS IN CYPRUS WATERS ARE NOT IN THE CITY OF COPPEL TO TECHNICALLY BE ABLE TO USE THEIR LIBRARY, THEIR REC CENTER, ALL OF THOSE DIFFERENT ASPECTS OF, UM, LIVING IN THAT, THAT AREA IS LIKE YOU HAVE TO GO TO DALLAS TO GO TO THE LIBRARY IN THE NEAREST ONE'S, LIKE A 20 MINUTE DRIVE.
SO I'M NOT AWARE, UM, I'M NOT AWARE OF WHAT OUR PARKS AND REC DEPARTMENT OR OUR, UH, LIBRARY DEPARTMENT HAS PUT IN FOR THEIR REQUEST FOR BOND FUNDING.
AS YOU KNOW, THE CITY OF DALLAS IS, UM, LOOKING AND WORKING TOWARDS A BOND PROGRAM FOR THE VERY NEAR FUTURE, MAYBE GOING FOR THE VOTERS, UM, THE LATTER PART OF THIS YEAR.
AND SO, UM, IT VERY WELL COULD BE THAT THEY HAVE REQUESTED FUNDS FOR THOSE TYPES OF THINGS IN CYPRESS WATERS.
UM, OUR TIF DISTRICT COULD HELP ASSIST WITH THAT, BUT WE DO HAVE DEPARTMENTS THAT WE WOULD LIKE TO SEE IT.
MAYBE THAT'S A PART OF THEIR PROGRAM, BUT I, I'M NOT, I WILL SAY THAT THAT IS SOMETHING THAT A TIF DISTRICT COULD POTENTIALLY, AND THAT'LL BE ONE OF THE THINGS THAT WE CAN LOOK AT AS WE WORK TO AMEND, UM, THIS TIF DISTRICT TO SEE IF WE WILL HAVE THE FUNDS GENERATED TO SUPPORT THAT AND ALSO SUPPORT THE INITIATIVE THAT THE CITY COUNCIL HAS APPROVED IN LEY FIELD.
IS THERE AN, I MEAN, I'VE BROUGHT THIS UP SINCE, UM, I IT'S BEEN YEARS I'VE BEEN HARPING ON A LIBRARY AS A FORMER LIBRARIAN.
UM, BUT IS THERE ANY DIALOGUE EVEN HAPPENING OR AM I THE ONLY ONE WHO'S CONCERNED ABOUT QUALITY OF LIFE FOR THOSE S AT THIS POINT, I HAVE NOT BEEN APPROACHED REGARDING, UM, ASSISTANCE FOR A LIBRARY OR PARKS IN THIS AREA.
I KNOW LUCY OR
BUT AS FAR AS THE CITY PARK THOUGH, SO WOULD THAT BE UP TO THE, LIKE OMAR TO COME AND ADVOCATE FOR THOSE THINGS FOR THIS AREA? HOW DOES THAT GO ABOUT HAPPENING? THAT'S ONE WAY IT COULD HAPPEN.
IT COULD ALSO BE BY THE VARIOUS DEPARTMENTS DOING A NEED ASSESSMENT FOR THE AREA.
AND SO, UH, TYPICALLY, UH, PARKS AND, UM, LIBRARIES ARE DRIVEN BY THE DEPARTMENTS THAT MANAGE THEM.
AND SO IF THEY SAW THAT THERE WAS A NEED VERY SIMILAR TO THE FIRE STATION AND IN, IN, IN THIS AREA, THERE WAS A, THERE'S DEFINITELY A NEED BASED ON DEVELOPMENT THRESHOLDS AND PEOPLE THRESHOLDS FOR THE CREATION OF A FIRE STATION.
AND SO I'M PRETTY SURE THOSE DIFFERENT DEPARTMENTS HAVE DIFFERENT METRICS THAT TRIGGER WHEN A LIBRARY IS NEEDED OR WITH PARKS.
THERE'S QUITE A BIT OF OPEN SPACE OUT THERE ALREADY.
AND SO WE HAVE NOT BEEN APPROACHED TO ASSIST WITH PROVIDING A LIBRARY OR A PARK IN THAT AREA.
H LUIS, UH, CLAIRE, WERE YOU FINISHED WITH YOUR QUESTION? SORRY.
IN ADDITION TO EXPLORING CYPRESS WATERS AS A TIFF TO EXPAND TO THE HENSLEY FIELD AREA, HAS ANY OTHER TIFF BEEN EXAMINED TO DO THE SAME OR A STANDALONE TIFF FOR, UH, CYPRESS WATERS IN ITS OWN RIGHT.
HENSLEY FIELD ON ITS OWN? YEAH.
GIVEN THE, THE NEED IN HENSLEY FIELD, A STANDALONE TIP, UM, WOULD NOT BE A REFERRED OPTION IN THAT IT TAKES TIPS ABOUT 10 YEARS TO GET UP AND GOING.
AND SO THAT'S WHEN YOU HAVE PROPERTY THAT IS READY FOR DEVELOPMENT, UM, THE PROPERTY.
SO LIKE THIS TOO IS NOT READY FOR DEVELOPMENT.
THERE ARE A LOT OF PUBLIC INFRASTRUCTURE TYPE THINGS THAT NEED TO OCCUR, OCCUR TO EVEN MAKE IT DEVELOPABLE WHERE A PRIVATE DEVELOPER COULD COME IN.
AND SO THAT'S WHY IT, IT IS MORE ADVANTAGEOUS TO HAVE THIS BECOME A PART OF AN EXISTING TIF DISTRICT.
UM, ANOTHER REASON WHY THE CYPRESS WATERS TIF DISTRICT IS, UM, A GOOD CANDIDATE IS THAT WE DON'T HAVE TO THE EXCLUSION
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OF SPENDING BOND MONEY, I GUESS, RIGHT? OR IN ADDITION TOSO THAT WAS CON SO THAT HAS BEEN CONTEMPLATED.
AND SO ANOTHER REASON WHY THIS TWO DISTRICT WAS A GOOD CANDIDATE IS BECAUSE WE DON'T HAVE ANY OTHER OUTSTANDING OBLIGATIONS.
AND SO EITHER WE SHUT THE TIP DOWN OR WE USE IT TO MAKE ANOTHER AREA OF THE CITY BETTER.
AND THEN THERE'S SIMILARITIES BETWEEN THE CHARACTERISTICS OF THE TIP DISTRICTS AND THAT THEY'RE BOTH, UM, ARE AROUND THE LAKE.
UM, THEY BOTH GENERALLY LEY FIELD IS MORE OF A BROWNFIELD, WHEREAS, UM, CYPRESS WATERS WAS A GREENFIELD, BUT VERY SIMILAR DYNAMICS.
SO THERE WAS ANALYSIS OF OTHER TIFS TO TAKE FROM, BUT THIS WAS THE MOST SIMILAR AND BEST OPTION.
AND THEN THAT WOULD JUST EXTEND THE TERM OF THE CYPRESS WATERS PIP, IF YOU BLEND IT WITH THIS INTENSELY FEEL.
UM, WE CAN MOVE TO THE NEXT PAGE.
SO PAGE 15 AND 16 ARE YOUR FINANCIALS.
15, 16, AND 17 ARE YOUR FINANCIALS.
AND ACTUALLY THESE ARE THE ONLY THREE PAGES THAT ARE REQUIRED BY STATE LAW FOR AN ANNUAL COURT FOR 10TH DISTRICTS.
BUT WE CHOOSE TO, TO BEEF IT UP AND MAKE SURE THAT IT'S A DOCUMENT THAT CAN WHOLLY REFLECT WHAT HAS HAPPENED OVER THE FISCAL YEAR AND PROVIDE, UM, INFORMATION TO ANYONE WHO WOULD LIKE.
UM, ON THE TIP DISTRICT, IF YOU LOOK AT PAGE 18, AS I MENTIONED, OUR LAST OBLIGATION IS REIMBURSEMENT OF, UM, TASKS FOR THE CYRUS WATERS PUBLIC SAFETY BUILDING.
AND WE ANTICIPATE PAYING THAT THIS YEAR.
SO WITH THAT, THAT IS THE CONCLUSION OF MY SUMMARY OF THE ANNUAL REPORT.
IF THERE ARE ANY ADDITIONAL QUESTIONS, I'M HERE TO ANSWER THEM.
AND IF YOU HAVE ANY QUESTIONS ABOUT THE FINANCIAL SPECIFICALLY, WE DO HAVE REPRESENTATIVES FROM OUR FINANCE DIVISION TO, UM, SUPPORT YOU ON THAT AS WELL.
IF THERE ARE NO COMMENTS OR QUESTIONS, UH, CAN WE GET A MOTION TO APPROVE AND I BELIEVE IT WOULD BE APPROVED WITH THE UPDATE TO THE MBE AND WBE PARTICIPATION.
ANY, ANY OTHER MINOR, ANY OTHER, UH, MINOR, UH, EDITS THAT ARE NEEDED.
I'LL MAKE A MOTION, MOTION TO APPROVE THE, UM, ANNUAL REPORT.
I'LL SECOND IN ALL THOSE IN YOU IN FAVOR SAY AYE.
I DID NOT HEAR ANY NAYS, THEREFORE, I BELIEVE IT PASSES UNANIMOUSLY.
UH, WE'LL MOVE ON TO AGENDA ITEM NUMBER FIVE, WHICH IS REVIEW AND CONSIDERATION OF A MONTHLY MEETING SCHEDULE FOR CYBER WATER'S SHIFT DISTRICT BOARD DIRECTORS FOR CALENDAR YEAR 2024.
AND SO, UM, WE DO THIS EVERY YEAR.
WE, UH, THE CITY SECRETARY'S OFFICE HAS REQUESTED THAT WE HAVE A MEETING SCHEDULE.
UM, WE HAVE IN THE PAST HAD QUARTERLY MEETING SCHEDULES.
AND SO WHAT WE ARE ASKING FOR YOU IS TO SET UP A MEETING SCHEDULE FOR THE YEAR 2024.
IT DOES NOT MEAN THAT WE WILL MEET ON THOSE DATES.
UM, WE ALWAYS HAVE THE ABILITY TO CALL SPECIAL MEETINGS.
AND SO, UM, LAST YEAR'S QUARTERLY MEETING SCHEDULE WAS THE FOURTH THURSDAY OF THE SECOND MONTH OF EACH QUARTER AT 4:00 PM AND WE CAN START THERE OR WE COULD JUST KEEP IT THERE.
ANY SUGGESTIONS? I THINK WE DO LIKE WE'VE ALWAYS BEEN DOING, IT'S WORKED OUT GREAT FOR ME.
SO, UM, ALL WE WOULD NEED IS A MOTION TO KEEP THE SAME QUARTERLY MEETING, MEETING SCHEDULE OF THE FOURTH THURSDAY OF THE SECOND MONTH OF EACH QUARTER AT 4:00 PM I MOVE THAT WE KEEP THE QUARTERLY MEETING SCHEDULE AS STATED A SECOND AGO.
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SECOND ALL THOSE IN FAVOR SAY AYE.ANYONE IN DISAGREEMENT? SAY NAY.
NOT HEARING ANY DISSENT, I BELIEVE AGENDA ITEM NOTIFY CAPTAIN UNANIM.
ARE THERE ANY FURTHER COMMENTS, QUESTIONS BEFORE WE ADJOURN? NOTHING FURTHER.
CAN I GET
WHEN WILL THAT ANALYSIS, LIKE WHEN IS THAT GOING TO BE, COME BACK TO US? IT'LL BE THIS YEAR.
AND MAYBE I'M, I'M NOT REALLY SURE ON THE TIMELINE, BUT I DO ANTICIPATE IT IN THE YEAR OF 2024.
AND THAT'LL COME BACK TO US DISCUSSION BEFORE ANYTHING MOVES FORWARD OR HOW DOES THAT WORK? DEFINITELY, DEFINITELY IT HAS TO, THE TIF BOARD IS THE KEEPER OF THE PLAN FOR THE DISTRICT.
AND SO ANY CLOSED AMENDMENTS OR EXPANSIONS HAVE TO COME TO YOU FIRST.
IT IS 11:32 AM THANK YOU EVERYONE.