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[00:00:02]

OKAY,

[ Dallas Mall Area Redevelopment TIF District Board of Directors Meeting on January 22, 2024.]

GO AHEAD AND START THE MEETING.

UH, GISETTE.

WE, WE WILL CALL IT AN ORDER.

OKAY.

TODAY IS MONDAY, JANUARY 22ND.

UM, 2024.

IT'S ABOUT 4:05 PM THIS IS THE, A MEETING OF THE MALL AREA REDEVELOPMENT TIF, DISTRICT BOARD OF DIRECTORS, UM, REINVESTMENT AT ZONE NUMBER 20, CITY OF DALLAS.

UM, WE HAVE WITH US TODAY HAM, UH, OSCAR JOINER, AMY , MIKE SIMS, KEVIN SCOTT FROM THE STAFF WILL BE MAKING A PRESENTATION.

UM, THE SECOND ITEM IS PUBLIC COMMENTS PERTAINING TO ANY OF THE REPORTS THAT WILL BE GIVEN TO BE HAVING ONE SIGN UP TO GIVE PUBLIC COMMENTS.

OKAY.

NO ONE'S HERE TO GIVE PUBLIC COMMENTS.

SO WE'LL MOVE TO ITEM THREE ON THE AGENDA REVIEW AND CONSIDERATION OF THE MEETING RECORD OF THE JANUARY 20TH, 2023 MALL AREA REDEVELOPMENT DISTRICT WORKING.

KEVIN STAFF PRESENTED, UM, ASSISTANT DIRECTOR OF OFFICE OF ECONOMIC DEVELOPMENT.

UH, YOU ALL RECEIVE THOSE MINUTES, UM, VIA EMAIL AND HAVE A, UH, MOVE TO ACCEPT THE MINUTES AS PRESENTED.

SO MOVED.

AND THE SECOND.

SECOND.

ALL RIGHT.

ALL THOSE IN FAVOR? AYE.

UM, MIKE? YEAH, MIKE WAS THE FIRST.

AND SHE'S SECONDED, RIGHT? YES.

OKAY.

UM, WE'LL MOVE ON TO ITEM NUMBER FOUR, WHICH IS THE REVIEW AND CONSIDERATION OF THE LAW PERIOD REDEVELOPMENT TIP, DISTRICT ANNUAL REPORT FOR FISCAL YEAR 20 22, 20 23.

UM, IT'S GONNA BE PRESENTED BY KIM STAFF, ASSISTANT DIRECTOR OF OFFICE OF ECONOMIC DEVELOPMENT, AND IT'LL GO UP ON YOUR SCREENS, BUT SHE SHOULD HAVE ALL GOTTEN AT EVENING.

THANK YOU.

UH, VICE CHAIR.

SO I DID SEND THIS THIS MORNING.

I APOLOGIZE FOR IT BEING A LITTLE LATE, BUT I WILL WALK YOU THROUGH EVERY SINGLE PAGE AND GAVE YOU EVERY OPPORTUNITY TO ASK QUESTIONS.

UM, JOSETTE, IF YOU WOULD PULL IT UP.

THERE WE GO.

OKAY.

SO THIS IS THE FY 2223 ANNUAL REPORT.

IT COVERS THE TIME PERIOD FROM OCTOBER 1ST, 2022 TO SEPTEMBER 30TH, 2023.

THIS IS THE NINTH YEAR OF THE 30 YEAR TERM OF THE MALL AREA REDEVELOPMENT TIP DISTRICT.

NEXT PAGE, TABLE OF CONTENTS.

THEN PAGE THREE IS, IS THE MAP OF THE DISTRICT AND BOTH SUB-DISTRICTS.

THERE'S BEEN NO CHANGES TO THIS, TO THE TIF DISTRICT, UM, IN THIS PAST FISCAL YEAR.

UM, SO IT LOOKS THE SAME AS IT DID IN 2021.

NO CHANGES TO THE MISSION STATEMENT ON PAGE FOUR.

SO WE'LL START DIGGING INTO THE DETAILS OF THE ACCOMPLISHMENTS OF THE PAST FISCAL YEAR ON PAGE FIVE.

OKAY.

UM, SO THE FIRST BULLET IS THE, THE, THE THING THAT'S THE MOST IMPORTANT, UM, IN TERMS OF THE VALUE AREA, THE REMAINING INLINE PORTION OF THE MALL AND THE FORMER A MC THEATER WERE DEMOLISHED, UH, IN IN 2023.

UH, AND SO I JUST KIND OF LEFT IT AS A SIMPLE SENTENCE WITHOUT REGARD TO, UH, ALL OF THE COMPLICATED THINGS THAT WERE OCCURRING TO MAKE THAT DEMOLITION FINALLY HAPPEN THIS PAST FISCAL YEAR, OR ASSIGNING ANY BLAME TO ANY ONE PARTY.

BUT, UH, SO IT IS IMPORTANT THAT THESE, THE REST OF THEM ALL AND THE THEATER ARE DOWN.

THE SECOND BULLET IS ABOUT THE SCHOOL.

UM, AS YOU MAY RECALL, IN NOVEMBER OF 2020, THE VOTERS APPROVED A-D-I-S-D BOND PACKAGE.

THERE WAS 75 MILLION FOR THE DESIGN AND BUILD OF A NEW PRE-K THROUGH 12 VERTICALLY INTEGRATED CHOICE SCHOOL FOR NORTH DALLAS.

UM, IN 2022 DISD CLOSED ON THE PURCHASE OF A 12 STORY OFFICE BUILDING, UH, ON 6.2 ACRES AT 55 0 1 LBJ FREEWAY.

AND DURING THIS PAST FISCAL YEAR, DISD CONTINUED THE PROCESS OF PLANNING AND DESIGNING THE BUILDING'S CONVERSION INTO THE SCHOOL WITH SUPPORT FROM THE CITY OF DALLAS.

UM, AND THEY ANTICIPATE OPENING THE SCHOOL IN 2025.

IN FACT, WE HAVE A MEETING TOMORROW FOR AN UPDATE FROM DISD OFFICIALS.

THE THIRD BULLET IS ABOUT THE, UM, AUTOMATED TRANSPORTATION SYSTEMS STUDY THAT, UH, THE COG EXECUTIVE BOARD HAD AUTHORIZED IN 2021.

SO THE COG, UH, PUT $850,000,

[00:05:01]

UH, FOR CONSULTANTS TO DEVELOP TECHNICAL STANDARDS AND GUIDELINES FOR AN A TS SYSTEM THAT WOULD BE APPLICABLE THROUGHOUT THE REGION.

UH, VARIOUS MEMBERS OF THE CITY STAFF DID PARTICIPATE IN A STEERING COMMITTEE OVER ABOUT AN 18 MONTH PERIOD, AND THAT FINAL REPORT WAS COMPLETED BY THE COUNCIL OF GOVERNMENTS AND THEIR CONSULTANT IN MAY OF 2023.

THE NEXT BULLET IS ABOUT, UM, THE INTERNATIONAL DISTRICT.

SO, AS YOU MAY RECALL, THE CITY HIRED CONSULTANT CALLED SOCIAL IMPACT ARCHITECTS IN 2021 TO REVIEW EXISTING PLANS, RE-ENGAGE STAKEHOLDERS, AND DEVELOP A UNIFIED STRATEGIC PLAN FOR THE VALLEY NEW GALLERY AREA WITH A VERY SPECIAL FOCUS OF IMPROVING AND COORDINATING ALL THE VARIOUS PUBLIC SECTOR IMPLEMENTATION ACTIVITIES, HAVING TO DO WITH THE DISD SCHOOL, THE CITIES, UH, AMBITIONS FOR A PARK, THE AUTOMATED TRANSPORTATION SYSTEM, ZONING, MARKETING AND BRANDING OF THE AREA.

SO IN JANUARY OF 2022, UH, A SUMMARY OF THAT STRATEGIC PLAN WAS PRESENTED TO THE CITY COUNCIL'S ECONOMIC DEVELOPMENT COMMITTEE, ALONG WITH SPECIFIC RECOMMENDATIONS AND NEXT STEPS.

AND A PRIMARY RECOMMENDATION OF THAT WAS TO ESTABLISH A SPECIFIC BRAND AND IDENTITY FOR THE VALLEY VIEW GALLERIA AREA AS THE DALLAS INTERNATIONAL DISTRICT.

SO DURING THIS PAST FISCAL YEAR, THE CITY AND SOCIAL IMPACT A ARCHITECTS CONTINUED TO THE PURSUIT OF RECOMMENDED IMPLEMENTATION ACTIONS, INCLUDING MARKETING, THE PRISM BUILDING ITSELF AS AN INTEGRAL PART OF THE INTERNATIONAL DISTRICT TO ATTRACT PROSPECTIVE FOREIGN TRADE OFFICES, IMPROVE FOREIGN RELATIONS, AND INCREASE TRADE CULTURAL EXCHANGES AND FOREIGN DIRECT INVESTMENT.

AND IN FACT, IN DECEMBER OF 2022, UM, AT THE PRISM, THE CITY DID WELCOME THE OPENING OF THE TRADE OFFICE OF FRANCE BY THE FRENCH AMERICAN CHAMBER OF COMMERCE.

AND IN FACT, SINCE THAT TIME, IT'S NOT ON THE PAGE HERE, BUT WE'VE ALSO, UM, LANDED THE EUROPEAN AMERICAN CHAMBER ALSO AT THE PRISM CENTER.

AND WE ARE CURRENTLY COURTING OTHER VARIOUS TRADE GROUPS AND CHAMBERS OF COMMERCE, UH, AS WELL.

UH, THE LAST BULLET ON PAGE FIVE IS ABOUT THE DEVELOPMENT, UM, BY ZOMM LIVING, WHICH IS THE 400 UNIT APARTMENTS KNOWN AS THE HAZEL BY THE GALLERIA.

THAT PROJECT STARTED IN 2021 AND FINALLY CONCLUDED CONSTRUCTION IN THIS PAST FISCAL YEAR.

THE NEXT PAGE IS ABOUT, THE FIRST BULLET IS ABOUT MONFORT DRIVE.

SO IN 20, IN 2021, THE CITY COUNCIL APPROVED A RESOLUTION FOR CONSTRUCTION SERVICES TO DO A COMPLETE STREET FOR MONFORT DRIVE FROM 6 35 FRONTAGE ROAD UP TO ALPHA.

UH, THE PROJECT IS GOING TO INCLUDE, UM, REPLACEMENT OF, SORRY, SORRY, REPLACEMENT OF HAY.

UM, ALL NEW STORM DRAINAGE, WATER AND WASTEWATER LINES.

UM, NEW SIDEWALKS, NEW SHARED USE, UH, PATHS, B BUFFER, BIKE LANES, NEW LIGHTING, NEW TRAFFIC SIGNAL, NEW PAVEMENT MARKINGS, NEW SPEED CONTROL TREATMENTS OF PEDESTRIAN ENHANCEMENTS.

ORIGINALLY, THAT PROJECT WAS SUPPOSED TO START CONSTRUCTION IN EARLY 2022 AND BE COMPLETED BY MID TO LATE 2023.

HOWEVER, DUE TO DELAYS IN THE UTILITY POLE RELOCATIONS BY ENCORE, AS WELL AS CONTRACT DISPUTES BETWEEN THE CITY AND THE CONTRACTOR, THE CONSTRUCTION DIDN'T ACTUALLY COMMENCE IN 2022.

HOWEVER, IT DID START IN MARCH OF 2023 AND IS, UH, ANTICIPATED TO BE COMPLETED BY THE END OF 2024.

SO IF YOU'VE BEEN OUT THERE LATELY, IT'S A GIANT MESS.

CORRECT.

UM, CITY COUNCIL'S ACTUALLY GOING TO BE REVIEWING AND CONSIDERING APPROVAL OF AN INCREASE TO THAT CONTRACT ON WEDNESDAY, UH, OF THIS WEEK.

AT, ON THEIR AGENDA, THEY'RE LOOKING AT A $900,000 COST INCREASE, UM, THAT WILL BE BORN BY THE 2017 BOND PROGRAM STREETS PROPOSITION IF APPROVED.

SO THAT PROJECT IS GETTING MORE EXPENSIVE.

IF YOU WANT THE DETAILS OF WHY I'M HAPPY TO GET THOSE DETAILS FROM PUBLIC WORKS.

BUT THE CITY'S PUBLIC WORKS DEPARTMENT IS MANAGING THAT CONTRACT WITH THE CONTRACTOR.

UH, THE NEXT BULLET IS THE ONE I'M MOST EXCITED YOU PRESENT, WHICH IS ALL THE PROGRESS THAT HAS OCCURRED IN THE LAST FISCAL YEAR, UM, AND THE RE REDBIRD MALL REDEVELOPMENT PROJECT, WHICH IS NOW KNOWN AS THE SHOPS AT REDBIRD.

SO

[00:10:01]

THEY'RE THE, UH, SITE IMPROVEMENTS AND SITE INFRASTRUCTURE FOR THE ENTIRE SITE WERE SUBSTANTIALLY COMPLETED IN THIS PAST FISCAL YEAR.

THAT TOOK OVER THREE YEARS FOR THE DEVELOPER TO COMPLETE, AND THAT WAS TO THE TUNE OF ABOUT $35 MILLION OF INFRASTRUCTURE.

UH, ALSO SUBSTANTIAL COMPLETION OF $2.1 MILLION, 12,600 SQUARE FOOT EXPANSION OF THE DALLAS ENTREPRENEUR CENTER, OR THE DECK AT REDBIRD.

ALSO, SUBSTANTIAL COMPLETION OF DALLAS COLLEGE'S, $5 MILLION 53,000 SQUARE FOOT WORKFORCE DEVELOPMENT AND TRAINING CENTER, ALSO SUBSTANTIAL COMPLETION OF A NEW CHICK-FIL-A RESTAURANT AT REDBIRD, WHICH WAS, I GUESS THE 3000 RESTAURANT, THE CHICK-FIL-A HAS EVER DEVELOPED.

UM, ALSO THE, THERE'S A FORMER BLOCKBUSTER VIDEO BUILDING AT 34 20 WEST CAMPS WISDOM ROAD, WHICH IS ON, ON THE OUT.

IT'S AN OUT PARCEL, UH, THAT FRONTS ON CAMP WISDOM.

IT'S NOT PART OF THE INSIDE OF THE RING ROAD OF THE MALL.

UM, BUT THE DEVELOPER DID TEAR DOWN THAT BUILDING THIS YEAR AND COMMENCE CONSTRUCTION OF A BRAND NEW MULTI-TENANT RETAIL BUILDING.

IT'S SLIGHTLY SMALLER, BUT IT IS, UM, OBVIOUSLY DESIGNED TO ACCOMMODATE SOME RETAILERS THAT WILL BENEFIT THE NEIGHBORHOOD, BEEN REQUESTED BY THE NEIGHBORHOOD.

I THINK THERE'S GONNA BE A JAMBA JUICE, UM, THE AT T STORE AND ONE OTHER TENANT THAT I CAN'T THINK OF AT THE MOMENT.

UM, SO THAT'S EXCITING.

AND ALSO, CITY COUNCIL APPROVED AN ECONOMIC DEVELOPMENT INCENTIVE AGREEMENT WITH RANDALL'S FOOD AND DRUGS, UH, TO BRING A $19 MILLION, 50,000 SQUARE FOOT FULL SERVICE GROCERY STORE TO REDBIRD COUNCIL'S APPROVAL OCCURRED IN APRIL, 2023 AND WAS THE RESULTS OF NEARLY TWO YEARS OF WORK BEHIND THE SCENES.

UM, SO WE'RE VERY PROUD OF THAT.

WE'RE NOW IN THE FINAL THROW OF TRYING TO, UH, EXECUTE ALL THE AGREEMENTS NECESSARY TO EFFECTUATE THAT DEAL AND HOPEFULLY GET THAT UNDER CONSTRUCTION IN THE NEXT COUPLE MONTHS.

NEXT PAGE, UM, IS ALSO A TRANSACTION THAT WAS AUTHORIZED BY THE CITY COUNCIL, BUT IT WAS THROUGH THE CITY'S, UH, NEW MARKETS TAX CREDIT PROGRAM.

SO THIS IS A, A TRANSACTION BETWEEN THE DALLAS DEVELOPMENT FUND, JP MORGAN CHASE AND VOGUL ALCOVE, UH, FOR THE $6.1 MILLION 15,000 SQUARE FOOT CHILDCARE AND RESOURCE CENTER THAT WILL BE PART OF THE INTERIOR OF THE MALL REDEVELOPMENT ON THE WEST WING PART OF THE SITE.

UM, SO I'M VERY EXCITED ABOUT THAT.

SOME OF THE PICTURES FROM THIS PAST YEAR.

SO THIS IS THE, UH, THE FIRST PICTURE IS THE SOUTH WING, WHICH IS, UH, FULLY COMPLETE FULL FACADE REDO, UM, WHICH IS PART OF, UH, THE INCENTIVE AGREEMENT WITH THE DEVELOPER.

UM, THE PICTURE AT THE BOTTOM IS THE CHICK-FIL-A, WHICH, UH, DID HAVE A GRAND OPENING EVENT IN NOVEMBER, BUT THAT'S TECHNICALLY IN THE NEXT FISCAL YEAR, BUT IT WAS SUBSTANTIALLY COMPLETED.

UM, SOMETHING THAT YOU MAY RECALL OVER THE LAST YEAR OR TWO HAS, HAVING BEEN IN THIS DOCUMENT BUT IS NO LONGER ANY SIGN OF IT, IS THE HOTEL AT REDBIRD, WHICH WAS THE MARRIOTT DUAL BRANDED COURTYARD AND RESIDENCE INN HOTEL.

UM, THAT WAS AN INCENTIVE AGREEMENT APPROVED BY THE CITY COUNCIL, RECOMMENDED BY THIS BOARD.

UM, IT DID HAVE SOME TIP FUNDS COMMITTED TO IT.

SO THAT DEAL, AS YOU RECALL, THE BOARD APPROVED AN EXTENSION OF 12 MONTHS BACK AT THE SEPTEMBER, 2022 MEETING, AND THAT EXTENSION WENT TO THE END OF 2023.

SO AS OF DECEMBER 31ST, 2023, THE DEADLINE TO EXECUTE THAT AGREEMENT AND FOR THAT APPLICANT TO ACTUALLY SUBMIT FOR A BUILDING PERMIT CAME AND WENT.

SO WE OFFICIALLY TERMINATED THAT DEAL IS NOW DEAD.

IT DOESN'T APPEAR IN ANY OF THESE DOCUMENTS, AND OUR ALLOCATION OF TIF FUNDS TO THAT PROJECT HAVE BEEN REMOVED AND RESCINDED.

NEXT PAGE IS THE CHARTS.

UH, THE TOP PART OF THE CHART SHOWS PROJECTS WITHIN THE DISTRICT THAT ARE UTILIZING TIF FUNDS.

SO AS OF NOW, WITHOUT THE HOTEL IN THERE, NOW, WE, WE JUST HAVE THE REED AND REDBIRD PROJECT, UM, WHICH IS STILL TECHNICALLY UNDER CONSTRUCTION, UM, AND IS DUE TO BE COMPLETED BY 2025.

THE SECOND PART OF THE CHART ARE PROJECTS THAT ARE OCCURRING IN THE DISTRICT, BUT ARE NOT UTILIZING DIRECT TIP DISTRICT FUNDING.

[00:15:01]

SO THESE ARE ALL THE SAME PROJECTS THAT HAVE BEEN IN THE CHART THE PAST COUPLE YEARS.

SO THAT'S THE AC HOTEL AND RESIDENCE IN, UH, IN THE MONTFORD SUBDISTRICT, THE WINDSOR BY THE GALLERIA, WHICH WAS A MILL CREEK MULTIFAMILY PROJECT.

IN 2017, THE CORNELL MIDTOWN, WHICH WAS ALSO A MILL CREEK, UH, MULTIFAMILY PROJECT, COMPLETED IN 2020, UH, THE PALLADIUM REDFORD, WHICH IS IN THE WESTMORELAND SUBDISTRICT, WHICH WAS COMPLETED IN 2021.

AND NOW THE HAZEL BY THE GALLERIA, WHICH IS THE ZOMM, UH, DEVELOPMENT THAT IS NOW COMPLETED AS OF 2023.

SO WE'VE UPDATED ALL THE VALUES.

SO IN THE APPROXIMATE VALUE, ALL THESE ARE THE THINGS THAT WE UPDATE EVERY YEAR, AND ALL OF THESE PROJECTS ARE GOING UP IN VALUE.

UM, AND, AND SO THAT'S A GOOD THING.

UM, SO YOU CAN SEE WHAT THE APPROXIMATE VALUE OF THE DEVELOPMENT WITHIN THE CHIP DISTRICT IS.

UM, ABOUT 400 MILLION WITH ONLY 15.6 OF CHIP DISTRICT INVESTMENT COMMITTED TO A PROJECT.

UH, NEXT PAGE IS PAGE NINE.

SO THIS IS A CHART CALLED TIP DISTRICT INITIATIVES.

THIS IS WHERE WE TRACK ANYTHING THAT'S OCCURRING THAT THE DISTRICT IS INITIATING ITSELF OR AS SOMETHING THAT'S OCCURRING AS A RESULT OF PERHAPS LEVERAGING OF TIP DISTRICT FUNDS THROUGH THE COUNCIL OF GOVERNMENT OR THROUGH ANOTHER GRANT GRANT SOURCE.

UM, SO THIS IS WHERE WE'VE PUT THE ACQUISITION OF THE PROPERTY AT 55 80 PETERSON LANE, WHICH OCCURRED IN 2021, AND THE COMMITMENT OF SEVERAL SOURCES OF FUNDS FROM THE CITY, INCLUDING THE TIP DISTRICT, WHICH PUT IN $652,000 TOWARDS THAT PURCHASE PRICE.

UM, THAT IS OBVIOUSLY NOT NEW INFORMATION THAT WAS IN LAST YEAR'S REPORT, UM, DOWN TO MIXED INCOME HOUSING SUMMARY.

SO AGAIN, THE TIP DISTRICTS ALL HAVE A POLICY OF 20% OF HOUSING UNITS IN ANY PROJECTS USING DIRECT SITE SPECIFIC FUNDING ARE SUBJECT TO THE CITIES AND COUNTIES CRITERIA FOR MIXED INCOME HOUSING IN THE MONFORT 6 35 SUBDISTRICTS.

WE'VE HAD THREE DEVELOPMENTS OCCUR, UH, THAT I JUST WENT THROUGH.

THOSE HAVE RESULTED IN 1060 360 3 NEW APARTMENT UNITS IN THE MONTFORD SUBDISTRICT.

BUT BECAUSE NONE OF THEM HAVE USED CITY FUNDING OR TIP DISTRICT FUNDING, THEY DO NOT HAVE ANY RENT RESTRICTIONS IN THE NEXT PAGE, TOP OF PAGE 10 IN THE WESTMORELAND SUBDISTRICT.

THE PLAY IN REDBIRD IS A MIXED INCOME PROJECT, UH, BECAUSE I'VE HAD A MIX OF SOURCES OF FUNDING THROUGH HOUSING TAX CREDITS, TAX EXEMPT BONDS, UH, THE CITY COMMITTED CDBG HOME FUNDS TO IT, AND GENERAL OBLIGATION BOND FUNDS.

SO THAT PROJECT DOES HAVE, UH, 70% OF THE 300 UNITS THAT ARE, UM, AT, ARE RESERVED AND AT OR BELOW 60% AREA MEDIA INCOME.

AND 30% OF THE UNITS ARE NOT RESTRICTED AT, AT ALL.

UM, OKAY, DOWN TO VALUE AND INCREMENT REVENUE SUMMARY.

SO AGAIN, THE WAY THAT TIP DISTRICTS WORK IS THEY ESTABLISH A BASE VALUE IN THE YEAR THAT THE PROPERTY IS PUT INTO THE TIP DISTRICT.

AND THEN EACH YEAR AFTER THAT, ANY INCREASE OF THE VALUE BEYOND THE BASE VALUE IS WHAT'S KNOWN AS CAPTURED, INCREASED CAPTURED VALUE, AND THEN YOU, YOU CALCULATE TAX INCREMENT BASED ON THAT CAPTURED VALUE.

SO THE ADJUSTED BASE VALUE OF THE TIP DISTRICT IS A TOTAL OF 106 70 6 MILLION.

MOST OF THAT IS IN THE MONTFORD SUBDISTRICT AT 148 MILLION AND, UH, 27.7 MILLION IN THE WESTMORELAND SUBDISTRICT.

SO THAT'S THE BASE VALUE IN THE 2023 CERTIFIED TAX ROLL.

PER THE DALLAS CENTRAL APPRAISAL DISTRICT.

UH, THE TOTAL VALUE OF TAXABLE PROPERTY IN THE ENTIRE DISTRICT WAS 404 MILLION, AND THAT REPRESENTS AN INCREASE OF 228 MILLION OR 129.4% OVER THE ADJUSTED BASE VALUE.

NOW, IF WE BREAK THAT DOWN BETWEEN THE TWO SUBDISTRICTS IN THE MON FIRM SUBDISTRICT, THE TOTAL APPRAISED VALUE OF TAXABLE REAL PROPERTY BASED ON 20, UH, 2023 TAX YEAR WAS 353 MILLION.

AND THAT'S AN INCREASE OF 205 MILLION OR 138.2% OVER THE BASE VALUE.

AND THE WESTMORELAND SUBDISTRICT, UH, THE

[00:20:01]

TOTAL APPRAISED VALUE OF ALL TAXABLE REAL PROPERTY IN 2023 WAS 50 MILLION, REPRESENTING AN INCREASE OF 22 MILLION OR 82.3% OVER THE GIST BASED VALUE.

SO YEAR OVER YEAR, THE TIP DISTRICT'S 2023 CERTIFIED TOTAL VALUE INCREASED BY 69 MILLION OR 20% OVER THE TIP DISTRICT'S FINAL VALUE IN 2022.

SO WITH THE CITY'S PARTICIPATION IN THE TIP DISTRICT FOR TAX YEAR 2023 AT 90%, THAT MEANS THAT THE CAPTURED INCREMENTAL TAX REVENUE THAT WE ANTICIPATE TO COLLECT AND DEPOSIT INTO THE TIF DISTRICT FUND FOR 2024 IS ONE MILLION FIVE HUNDRED ONE MILLION FIVE HUNDRED TEN THOUSAND SEVEN HUNDRED FIFTY ONE.

UM, AS A, UH, JUST TO COMPARE TO WHAT OUR COLLECTION WAS THIS PAST YEAR, WE COLLECTED 1,000,067 995,000, UH, IN 20 20 23 BASED ON THE 2022 TAX RULE.

UM, A LITTLE NOTE HERE THAT'S, THAT'S BEEN IN EVERY ANNUAL REPORT FOR THE LAST COUPLE YEARS.

UM, AS YOU MAY RECALL, THE COUNTY, UM, AND IF FOR EVERY TIP DISTRICT HAS TO APPROVE A COMMISSIONER'S, THE COMMISSIONERS HAVE TO APPROVE A COURT ORDER, UH, THAT ESTABLISHES THE TERMS AND CONDITIONS UNDER WHICH THE COUNTY WILL PARTICIPATE IN THE TIF DISTRICT.

IN 2015, THEY HAD, UH, APPROVED, UH, A CONDITIONAL, UM, PARTICIPATION IN THE DISTRICT, BUT IT WAS CONDITIONED ON, UM, THE MALL BEING FULLY DEMOLISHED EXCEPT FOR THE A MC THEATER BY 2020.

2020 CAME AND WENT, AND THE THAT CONDITION HAD NOT BEEN SATISFIED.

SO THE, UH, COUNTY WAS NOT THEIR, THEIR PARTICIPATION DID NOT START.

SO WE HAVE NO COUNTY PARTICIPATION FOR TAX YEAR 2023.

I'M LOOKING AT THE TOP OF PAGE 20, UH, PAGE 11.

UM, THE COUNTY'S PARTICIPATION FOR THIS TAX YEAR 2023 IS STILL CURRENTLY ZERO.

SO, UH, THE RE WITH THE REMAINING PORTIONS OF THE MALL HAVING BEEN FULLY DEMOLISHED IN 2023, THE COUNTY STAFF HAS INDICATED STRONG SUPPORT FOR PURSUING A NEW COURT ORDER FROM THE COMMISSIONERS IN 2024 TO AUTHORIZE THE COUNTY'S PARTICIPATION FOR THE VERY SAME DURATION, WHICH WAS 20 YEARS.

AND AT THE SAME RATE, 55% AS THEY HAD PREVIOUSLY COMMITTED TO, UM, ASK A QUESTION, WHO TAKES ABOUT FORWARD HERE? THE COUNTY DOES.

SO THE COUNTY STAFF, THE DIRECTOR OF DEVELOPMENT FOR THE COUNTY, UM, WILL TAKE THAT, HE WILL TAKE THAT TO THE ERS COURT, RIGHT? AND I'VE BEEN IN CONTACT WITH HIM IN RECENT WEEKS.

SO, UM, OKAY.

MOVING ON TO OBJECTIVES, PROGRAMS AND SUCCESS INDICATORS.

THIS IS WHERE WE SHOW HOW THE GOALS OF THE PROJECT PLAN THE DISTRICT ARE BEING, HOW, HOW MUCH PROGRESS WE'RE MAKING.

UM, SO GOAL ONE WAS ADDITIONAL TAXABLE VALUE ATTRIBUTED TO NEW PRIVATE INVESTMENT IN THE MONTH.

SUBDISTRICT TOTALING 3.92 BILLION OVER 30 YEARS.

SO IN THE MONTFORD SUBDISTRICT, WE'VE INCREASED 205 MILLION OVER THE BASE VALUE.

SO WE'VE ACHIEVED 5.2% OF THE GOAL.

GOAL NUMBER TWO IN THE WESTMORELAND SUBDISTRICT.

UM, OUR GOAL WAS TO ACHIEVE A TAXABLE VALUE ATTRIBUTED TO NEW PRIVATE INVESTMENT TOTALING ALMOST 300 MILLION OVER 30 YEARS.

OUR TAXABLE VALUE IN REALITY HAS INCREASED 22.7 MILLION OVER THE BASE VALUE.

SO WE'RE AT 7.7% OF GOAL.

GOAL NUMBER THREE, ATTRACT HIGHER DENSITY DEVELOPMENT OF ALL THESE CERTAIN AMOUNTS.

SO IN LA MONTFORD, SUBDISTRICT, WE'VE ACHIEVED 1063 MULTIFAMILY RESIDENTIAL UNITS.

THAT'S 14% OF GOAL AND 256 HOTEL ROOMS, WHICH IS 20 PER 27% OF GOAL.

GOAL NUMBER FOUR IS ATTRACT HIGH HIGHER DENSITY DEVELOPMENT IN WESTMORELAND, SUBDISTRICT, AND ALL THESE NUMBERS.

MOVING ON TO THE NEXT PAGE.

SO IN THE WESTMORELAND SUBDISTRICT, WE'VE HAD SOME RETAIL SPACE, UM, INCLUDING THE STARBUCKS AND THE FOOT LOCKER.

THERE'S BEEN A, UH, ANOTHER MULTI, MULTI-TENANT RETAIL BUILDING AS WELL THAT I DIDN'T LIST HERE.

BUT, UM, WE'RE BASICALLY 70 17% OF GOAL ON RETAIL.

AND THEN THE 300 NEW MULTI-FAMILY RESIDENTIAL UNITS PUTS US AT 19% OF GOAL FOR APARTMENTS.

UM, WE ALSO HAVE ALL THIS OTHER STUFF WHERE SPACE IS BEING, UH, CONVERTED TO NEW USES MOSTLY, UH, THE MEDICAL USES, UH, WHICH REALLY WASN'T CONTEMPLATED IN THE PROJECT PLAN, SO THERE'S NO PERCENT GOAL

[00:25:01]

OF THAT.

BUT YOU CAN SEE THAT I, I KNOCKED DOWN THE NEW HOTEL ROOMS, .

YEAH, UH, WE USED TO BE PRETTY HIGH UP ON OUR GOAL IF THE, THE MARRIOTT PROJECT WAS GONNA MAKE, BUT IT'S NOT GONNA MAKE ANYMORE.

UM, I'LL SKIP GOAL FIVE BECAUSE THERE'S REALLY NO QUANTIFICATION OF THAT GOAL NEEDED, BUT GOAL SIX IS ABOUT TRYING TO INCREASE PUBLIC OPEN SPACE IN THE DISTRICT.

SO THIS PAST FISCAL YEAR, UM, AS OUR VICE-CHAIR CAN ATTEST, WE'VE BEEN VERY ACTIVE IN TRYING TO ACQUIRE AND ASSEMBLE PROPERTY FOR THE, THE MIDTOWN COMMONS PARK.

UM, IN JANUARY OF 2023, THE CITY COUNCIL APPROVED A RESOLUTION THAT AUTHORIZED AN OUR APPLICATION TO THE TEXAS PARKS AND WILDLIFE DEPARTMENT'S OUTDOOR REC RECREATION LEGACY PARTNERSHIP GRANT PROGRAM.

BASICALLY, WE SUBMITTED A GRANT SEEKING $10 MILLION.

UM, IT'S TECHNICALLY THROUGH THE NATIONAL PARK SERVICE, BUT IT IS, THERE'S A FIRST LAYER OF REVIEW THROUGH THE STATE.

UM, WE WERE SEEKING $10 MILLION TO HELP US ACQUIRE, UH, A PIECE OF THE PROPERTY WE NEED FOR THE PARK.

UM, SO WE SUBMITTED THAT APPLICATION ON FEBRUARY 1ST, 2023, BUT IN, IN THE LAST COUPLE MONTHS, WE'VE LEARNED THAT THAT APPLICATION WAS NOT SUCCESSFUL.

UH, BUT WE DID GET SOME GOOD FEEDBACK FINALLY FROM THE STATE, AND LOOKS LIKE WE'RE GONNA BE MAKING ANOTHER, UH, APPLICATION THIS YEAR.

UM, GOAL NUMBER SEVEN IS TO GENERATE FOUR 31 MILLION IN TIF FUND REVENUES OVER THE 30 YEAR LIFE OF THE DISTRICT.

SO OUR TOTAL COLLECTIONS OF TIP DISTRICT FUND REVENUES UP TO THIS POINT IS 3,453,806, WHICH IS NOT EVEN 1% OF OUR GOAL, AND WE ALL KNOW WHY THAT IS.

RIGHT.

UM, YEAR END SUMMARY OF MEETINGS AND COUNCIL ITEMS. SO THE BOARD ONLY MET ONCE DURING THE PAST FISCAL YEAR, WHICH WAS IN JANUARY.

UM, AND THAT WAS TO, TO REVIEW AND CONSIDER THE ANNUAL COURT FROM LAST YEAR.

UH, TOP OF PAGE 13 IS THE LISTING OF THE, UM, YOUR ATTENDANCE AT THAT MEETING.

SO PLEASE LET ME KNOW IF I GOT ANY OF THAT WRONG.

I THINK MR. PERDUE, WHO'S, UH, NO LONGER ON THE BOARD, HE WAS THE ONLY ONE THAT MISSED THAT MEETING AS I RECALL.

OKAY.

UH, THEN HALFWAY DOWN THE PAGE ON PAGE 13, THIS IS A LIST OF THE SEVEN ITEMS THAT THE COUNCIL ACTUALLY TOOK ACTION ON AS IT RELATES TO THE TIP DISTRICT.

UM, AND I'LL JUST SORT OF SCROLL THROUGH THESE QUICKLY AGAIN.

IN JANUARY OF, UH, 2023, THE COUNCIL APPROVED A RESOLUTION FOR AN ADVANCE FUNDING AGREEMENT WITH FOR WHAT'S CALLED A GREEN RIBBON PROGRAM PROJECT.

UM, SO THAT BASICALLY MEANS THAT TDOT IS, UM, PUTTING IN A LITTLE MONEY, UH, TO HELP, UH, WITH LANDSCAPING IMPROVEMENTS AND IRRIGATION IN THEIR RIGHT OF WAY AT 67, WHERE IT INTERSECTS WITH CAMP WILSON ROAD, WHICH IS RIGHT THERE, YOU KNOW, UM, NEXT TO THE REDBIRD MALL REDEVELOPMENT PROJECT.

UM, ALSO IN JANUARY OF 2023, LIKE I SAID, WE, THE COUNCIL APPROVED, UM, OUR APPLYING FOR THIS GRANT THROUGH THE, UH, TEXAS PARKS AND WILDLIFE DEPARTMENT.

THEN IN FEBRUARY, THE COUNCIL APPROVED AND ACCEPTED THE FY 2122 ANNUAL REPORT, UH, FOR THE MALL AREA REDEVELOPMENT TIP DISTRICT, WHICH WAS, UH, REVIEWED AND RECOMMENDED FOR APPROVAL BY THIS, THIS BODY, UH, ON IN JANUARY, 2023.

NEXT PAGE, PAGE 14.

UM, IN MARCH OF 2023, THE COUNCIL APPROVED THE ACCEPTANCE OF A SIZABLE GRANT FROM THE US DEPARTMENT OF TRANSPORTATION'S FEDERAL HIGHWAY ADMINISTRATION.

SO THIS IS A $6 MILLION FEDERAL GRANT, UH, THAT ALSO HAS A $1,500,000 LOCAL MATCH REQUIREMENT.

UM, AND THIS IS GOING TO RESULT IN THE RECONSTRUCTION AND WIDENING OF SIDEWALKS AND THE ADDITION OF PEDESTRIAN STREET LIGHTS AND THE RECONSTRUCTION UPGRADE OF ALL THE CROSSWALKS AND ASSOCIATED TRAFFIC SIGNAL INFRASTRUCTURE ON WEST CAMP WINSTON CAMP WINSTON ROAD FROM US 67 TO SOUTHWEST ORLEANS.

SO FOR THAT ENTIRE LENGTH OF CAMP, WI CAMP WISDOM THAT RUNS ALONG THE NORTH SIDE OF THE REDBIRD MALL REDEVELOPMENT AREA, THAT WILL BE THE SUBJECT OF THIS, UH, UH, PROJECT THAT IS MOSTLY FUNDED THROUGH A FEDERAL GRANT, UH,

[00:30:01]

DOWN THE PAGE IN, UH, APRIL, 2023.

I DID MENTION BEFORE, UH, THE TOM THUMB AT REDBIRD PROJECT AND THE INCENTIVE AGREEMENT THAT WAS AUTHORIZED BY THE CITY COUNCIL.

THAT INCENTIVE AGREEMENT HAS A ESTIMATED VALUE OF A TOTAL OF $6 MILLION, ALL BASED ON PERFORMANCE OF THE TO OF THUMB.

AND IT DOES NOT INVOLVE ANY TIP DISTRICT FUNDS.

BUT THIS IS, AGAIN, UM, A FULL SERVICE FIVE 50,000 SQUARE FOOT GROCERY STORE.

UM, AND WE HOPE THAT IT WILL START CONSTRUCTION VERY SOON.

NEXT PAGE, PAGE 15.

UM, ALSO I MENTIONED BEFORE IN JUNE OF THIS YEAR, COUNCIL APPROVED THE NEW MARKETS TAX CREDIT TRANSACTION, UH, TO SUPPORT THE VOGEL ALCOVE CHILDCARE FACILITY AT REDBIRD.

AND THEN THE LAST BULLET THERE, IN SEPTEMBER, 2023, COUNCIL APPROVED, UH, THE AUTHORIZATION OF A PROFESSIONAL ENGINEERING SERVICE CONTRACT WITH HDR ENGINEERING FOR THREE TRAFFIC CORRIDOR STUDIES, ONE OF WHICH IS CAMP WISDOM ROAD FROM ROE HILL ROAD, ALL THE WAY TO I 35, WHICH IS GOING TO BE THE, TO THE BENEFIT OF THE, UH, REDBIRD MALL REDEVELOPMENT AREA, AND THE WESTMORELAND SUBDISTRICT.

NEXT SECTION IS BUDGET AND SPENDING STATUS.

SO THIS CHART, UM, AS I MENTIONED BEFORE, WE'VE REMOVED THE PROJECT ALLOCATION FOR THE, UH, CANCELED MARRIOTT HOTEL AT REDBIRD PROJECT.

THE 10TH DISTRICT HAD COMMITTED 1.788 MILLION TO THAT PROJECT AS AN INCENTIVE.

UM, BUT SO YOU NO LONGER SEE THAT IN THE, UH, IN THE WESTMORELAND SUBDISTRICT PART OF THE CHART.

UM, SO YOU CAN SEE WE HAVEN'T, YOU KNOW, WE'VE, WE'VE BASICALLY DONE THE 652,000 THAT'S BEEN ALLOCATED IN THE MONTFORD SUBDISTRICT FOR THE LAND ACQUISITION FOR THE PRISON BUILDING, AND THEN THE $15.6 MILLION THAT'S, THAT WAS COMMITTED TO THE REIMAGINED REDBIRD PROJECT IN 2018.

AND THEN THE ADMIN, UH, FOR THE TIP DISTRICT, UM, THAT 747,408, UH, DOES INCLUDE, UH, WHAT WE'VE, WHAT WE BILLED IN ADMIN COSTS FOR THIS PAST FISCAL YEAR, WHICH WAS $68,000.

SO WHEN WE GET TO THE FINANCIALS, I'LL POINT THAT OUT AS WELL.

UM, THE NEXT PAGE IS THE DISTRICT'S BUDGET IN NET PRESENT VALUE.

SO THIS IS A BUDGET THAT IS LOCKED IN AND DOESN'T GET CHANGED.

UH, YOU KNOW, BECAUSE THE DISTRICT WAS CREATED IN 2014, THE BUDGET IS IN MVV DISCOUNTED BACK TO 20 $14.

AND IF THIS DOESN'T CHANGE, THIS IS WHAT WE, UH, USE TO LIMIT THE, YOU KNOW, THIS IS THE, ULTIMATELY THE CAP ON THE BUDGET FOR THE TIP DISTRICT.

SO IT'S ALWAYS THE SAME UNLESS IT'S APPROVED BY A BOARD AND THE COUNCIL TO CHANGE IT.

NEXT IS THE WORK PROGRAM FOR FY 2324.

A LOT OF THIS LOOKS SIMILAR TO WHAT IT HAS BEEN IN THE PAST WITH A FEW, UH, EXCEPTIONS.

SO WE'RE GOING TO CONTINUE TO COORDINATE WITH INTERESTED PROPERTY OWNERS, INVESTORS, AND DEVELOPERS ON POTENTIAL DEVELOPMENT APPLICATIONS.

WE'RE GOING TO CONSIDER POTENTIAL BOUNDARY AMENDMENTS OR PLAN AMENDMENTS THAT ARE NECESSARY OR CONVENIENT TO FURTHER IMPLEMENT THE PROJECT PLAN.

WE'RE GOING TO CONTINUE TO COORDINATE AND PROVIDE STAFF SUPPORT FOR CITY INITIATED PUBLIC INFRASTRUCTURE PROJECTS THAT BENEFIT THE DISTRICT, INCLUDING THE MONTFORD PROJECT.

AND, UH, THE, UH, OTHER THINGS WE'RE WORKING ON ARE POTENTIAL IMPROVEMENTS TO ALPHA FROM THE TOLLWAY TO PRESTON ROAD.

THAT WILL BE A SMALLER SCALE PROJECT, UM, BUT IT IS LIKELY TO, UH, GO TO CONSTRUCTION IN 2024.

UM, WE'RE GONNA CONTINUE TO COORDINATE WITH DALLAS COUNTY ON GETTING THAT OUR LOCAL AGREEMENT APPROVED AND EXECUTED SO THAT THEY WILL PARTICIPATE IN THE DISTRICT.

WE'RE GOING TO CONTINUE COORDINATION AND IMPLEMENTATION OF THE VALLEY VIEW GALLERIA AREA PLAN.

UM, SO A LOT OF THIS IS WHAT I SPENT A LOT OF MY TIME DOING.

UM, SO WE'RE CONSTANTLY IN COORDINATION WITH, UH, THE FRIENDS IN THE COMMONS, WHICH IS THE FOUNDATION THAT IS, UM, TRYING TO RAISE PHILANTHROPIC FUNDS, UM, TO SUPPORT THE PARK IN THE MON PER SUBDISTRICT.

UM, LOTS OF BOND PROJECTS AND POTENTIAL BOND PROJECTS BEING DISCUSSED IN ANTICIPATION OF THE 2024 CITY BOND PROGRAM.

UM, CONSTANTLY IN PURSUIT OF OPPORTUNITIES

[00:35:01]

TO ACQUIRE PROPERTY FOR THE PARK, UM, AND ACTIVELY IN TWO NEGOTIATIONS.

UH, WE HAVE BEEN IN, IN TWO ACTIVE NEGOTIATIONS FOR THE GREATER PART OF THIS YEAR.

UM, WE ALSO HELP, UM, WITH THE EXPLORATION OF THE FEASIBILITY OF A PUBLIC IMPROVEMENT DISTRICT BEING CREATED, UH, IN, IN PART OF THE DISTRICT.

SO THAT WAS, UH, A LOT OF WHAT WE DID LAST YEAR.

UM, ULTIMATELY WITH THE GALLERIA HAVING BEEN TAKEN BACK BY THE LENDER METLIFE IN DECEMBER OF 2022.

UM, AND WITH THE GALLERIA BEING THE BIGGEST PROPERTY OWNER IN THE DISTRICT, THEY'RE, THEY WANTED MORE TIME.

THEY DID NOT FEEL COMFORTABLE AND DID NOT WANT TO, UH, GET SERIOUS ABOUT A PUBLIC IMPROVEMENT DISTRICT IN THE PAST YEAR.

BUT WE'RE CONTINUING TO HAVE THOSE CONVERSATIONS, UH, IF THEY WANT TO GO DOWN THAT ROAD.

UM, CONTINUING TO COORDINATE FOR ALL THINGS RELATED TO THE AUTOMATED TRANSPORTATION SYSTEM.

UM, CONTINUING TO COORDINATE WITH THE SCHOOL DISTRICT REGARDING THE, THE SCHOOL, AND CONTINUING TO COORDINATE WITH SOCIAL IMPACT ARCHITECTS WHO IS STILL OFFICIALLY UNDER CONTRACT WITH THE CITY'S OFFICE OF GOVERNMENT AFFAIRS.

UM, SO THAT THEY ARE SUPPORTING EFFORTS TO IMPLEMENT THE STRATEGIC PLAN FOR THE INTERNATIONAL DISTRICT.

OKAY, SO NOW WE GET TO THE PART THAT'S ACTUALLY REQUIRED BY STATE LAW FOR T DISTRICT ANNUAL REPORTS.

UM, SO THIS IS REQUIRED BY CHAPTER, UH, THREE 11.016 OF THE TIF ACT.

SO THE FIRST SECTION ON PAGE 18 IS THE AMOUNT OF SOURCE OF REVENUE ESTABLISHED, UH, FOR THE FUND.

SO WE HAD 24,000 OF INTEREST INCOME PLUS 1,000,060 7, 9, 9 5.

THAT'S WHAT WE COLLECTED IN 2223, UH, BASED ON THE 2022 FUNNEL TAX ROLL.

SO WE HAD TOTAL REVENUES OF 1,000,090 2000.

UH, SECOND SECTION IS THE EXPENDITURES FROM THE FUND.

WE HAD 68,000 OF ADMINISTRATIVE EXPENSES, WHICH ARE THE COSTS THAT, UM, UH, WE INCUR AT THE STAFF LEVEL TO ADMINISTER THE TIP DISTRICT.

WE HAD 168,000 OF NON-CAPITAL OUTLAY.

THESE ARE, UH, BECAUSE OF THE WAY THE TEMP DISTRICT, UH, THE AGREEMENT BETWEEN THE TEMP DISTRICT AND REDBIRD IS, IS SET UP, UM, UH, THE INCREMENT THAT'S CREATED BY THE WESTMORELAND SUBDISTRICT, AS WELL AS THE 10% OF ENTRY INCREMENT CREATED BY THE MONTFORD SUBDISTRICT THAT GETS TRANSFERRED EVERY YEAR.

THOSE GET APPLIED TO THE ACCRUED INTEREST ON THE REDBIRD PROJECT.

SO THAT $168,000 IS WHAT'S BEING PAID OUT OF THE TWO DISTRICT FUNDS.

HOLD BACK TO THE CITY'S PUBLIC-PRIVATE FUND, 'CAUSE THAT'S THE FUND FROM WHICH OUR $12 MILLION LOAN ORIGINATED.

UM, SECTION THREE, UH, AMOUNT OF PRINCIPAL AND INTEREST DUE ON OUTSTANDING INDEBTEDNESS.

THE ZONE DOES HAVE ANY OUTSTANDING INDEBTEDNESS AT THE MOMENT.

SECTION FOUR IS AN ACCOUNTING OF THE BASE VALUE AND THE CURRENT CAPTURED VALUE, WHICH I JUST WENT THROUGH, BUT THIS IS IT.

THIS IS IT IN A SIMPLIFIED TABULAR FORMAT.

SECTION FIVE IS APPRAISED VALUE BY THE MUNICIPALITIES THAT PARTICIPATE.

SO RIGHT NOW, THE CITY OF DALLAS, AS YOU CAN SEE, IS THE ONLY, UH, TAXING ENERGY THAT PARTICIPATES BASED ON THAT PARTICIPATION.

OUR ESTIMATED INCREMENT FOR 2023 IS 1,000,500 $10,751.

AND THEN, UH, RIGHT DOWN AT THE BOTTOM THERE, YOU CAN SEE SUBSECTION B, THE TOTAL AMOUNT OF ESTIMATED TAX INCREMENTS SHOULD BE BILLED IS THE MILLION FIVE.

AND FOR 2022 TAX YEAR, THE ZONE RECEIVED INCREMENT OF 1,000,060 7,995.

NEXT PAGE IS THE BALANCE SHEET.

THERE'S NOT MUCH TO BRING YOUR ATTENTION TO HERE EXCEPT FOR, UM, IN THE LIABILITIES SECTION.

UM, YOU CAN SEE THAT DUE TO OTHER FUNDS LINE OF 203,704, THAT NUMBER MATCHES UP WITH IF YOU GO TO THE NEXT PAGE ON PAGE 20 WITH THE NOTES NOTE NUMBER SIX ON PAGE 20 SAYS ON THE BALANCE SHEET THAT DUE TO OTHER FUNDS AMOUNT OF 203,784 REPRESENTS THE ZONE ADMINISTRATION'S EXPENSES FOR.

AND YOU CAN SEE THE, THE BREAKDOWN

[00:40:01]

BY FISCAL PAST FISCAL YEARS OF, UM, ADMIN THAT ADDS UP TO THE $203,000.

SO, UM, THE WAY THIS WORKS, AS WE'VE EXPLAINED IN PREVIOUS YEARS, IS THAT, UM, WE BUILD THIS TO THE TIP DISTRICT OUR ADMINISTRATIVE TIME, AND THEN WE'LL REIMBURSE THE GENERAL FUND IN FUTURE YEARS AS WE HAVE THE MONEY AND HAVE HAVE A BUDGET TO DO SO.

SO WE DON'T, WE DON'T PAY OFF THE ADMIN, THE ACCRUED ADMIN ALL AT ONCE.

WE DO A LITTLE BIT EACH YEAR.

UM, AND IF YOU HAVE QUESTIONS ABOUT THAT, WE'VE GOT OUR ACCOUNTING TEAM ON THE CALL.

THEY CAN TRY TO EXPLAIN IT TO YOU.

BUT, UM, LET'S GO PAST THE NOTES ON PAGE 20.

GO TO PAGE 21, WHICH IS THE ONLY FINANCIAL OBLIGATION OF THE DISTRICT.

AGAIN, THIS IS THE, THE DEVELOPMENT THAT WAS APPROVED BY THE COUNCIL ON THE BOARD IN 2018.

UM, SO IT'S A $15.6 MILLION SUBSIDY, BUT THE DEVELOPER ASSIGNED ALL THE RIGHTS TO RECEIVE THE PAYMENT OF THAT SUBSIDY BACK TO THE CITY AS COLLATERAL, UM, FOR THE $12 MILLION LOAN THAT WE MADE FROM OUR PUBLIC PRIVATE PARTNERSHIP FUND.

SO THERE WERE TWO DISBURSEMENTS OF THAT LOAN IN $6 MILLION TRANCHES.

THE FIRST DISBURSEMENT OF THE LOAN OF $6 MILLION WAS MADE JUNE 10TH, 2019.

THE ACCRUED INTEREST THROUGH THE END OF SEPTEMBER OF 2023 WAS 373,000, INCLUDING ADDITIONAL ACCRUED INTEREST FOR THAT FISCAL YEAR OF 120,000, BASICALLY 120,000 A YEAR OF NEW INTEREST ACCRUAL.

BASED ON WHAT THE OUTSTANDING BALANCE OF ACCRUED, UM, WE PAID 84,384,000, UH, THAT WAS TRANSFERRED FROM THE TIP DISTRICT TO THE PUBLIC PRIVATE, PUBLIC PRIVATE PARTNERSHIP FUND TO PAY DOWN THE PORTION OF THAT OUTSTANDING ACCRUED INTEREST.

SO AS OF THE END OF, UH, SEPTEMBER 30TH, 2023, THE NET ACCRUED REMAINING INTEREST BALANCE ON THAT 6000001ST TRANCHE OF THE LOAN IS $288,973.

THEN THE SECOND BULLET IS ABOUT THE SECOND DISBURSEMENT OF THE LOAN OF 6 MILLION, WHICH OCCURRED ON FEBRUARY 19TH, 2020.

UM, SO THAT HAS A CLEAR INTEREST OBVIOUSLY AS WELL.

SO AT THE END OF SEPTEMBER 30TH, 2023, THE NET ACCRUED REMAINING INTEREST BALANCE IS 290,655.

SO THE LAST PAGE, PAGE 22.

SO THE TIP DISTRICT, UM, HAS AN INCREMENT ALLOCATION POLICY THAT'S BEEN ADOPTED BY THE TIP DISTRICT BOARD AND INCLUDES, INCLUDES TWO DISTRICT SUB, WHAT WE CALL SET ASIDES FOR THE MONTFORD SUBDISTRICT, AND AN ENTER SUB-DISTRICT TRANSFER THAT GOES FROM THE MONTFORD SUBDISTRICT TO THE WESTMORELAND SUB-DISTRICT.

SO THREE GIVEN YEAR AFTER WE COLLECT OUR GROSS INCREMENT, WE, UH, APPLY IT FIRST AGAINST OUR ADMINISTRATIVE EXPENSES.

AND THEN WHAT'S LEFT IN THE MONTH FOR SUBDISTRICT IS, IS CONSIDERED NET INCREMENT.

AND THEN THERE'S A WATERFALL, UH, BASED ON THE SET ASIDES AND THE TRANSFER.

SO 10% OF THE NET INCREMENT IS TRANSFERRED TO THE WEST FOUR ONE SUBDISTRICT.

SO FOR THIS YEAR, WE'RE TRANSFERRING $66,954 AND 10% OF THE NET INCREMENT IS ALSO SET ASIDE FOR A SUBDISTRICT WIDE PUBLIC IMPROVEMENTS BUCKET IN THE SUBJECT.

AND THAT ALLOCATION IS $66,954.

AND THEN THERE IS ANOTHER SET ASIDE FOR LAND ACQUISITION FOR SUBDISTRICT WIDE OPEN SPACE, AND THAT'S 30% OF THE NET, UH, NET INCREMENT.

AND SO FOR THIS PAST FISCAL YEAR, THAT ALLOCATION WAS 200,862.

OKAY.

SO ONCE GOTTEN THROUGH THE REPORT, UM, I'M HAPPY TO TAKE ANY QUESTIONS THAT THE BOARD MAY HAVE.

GOOD QUESTIONS.

ANYBODY? MIKE OSCAR MAHESH? NOPE, THIS IS, THIS IS OSCAR.

I HAD A QUESTION IF YOU HAD A, UH, PERCENT LEASE UP OF THOSE MULTIFAMILY PROPERTIES YOU DISCUSSED ON WESTMORELAND AND MONTFORD? I DIDN'T HEAR THE QUESTION.

I'M SORRY.

THE PROPERTIES ON WESTMORELAND AND MONTFORD, ARE THEY FULLY LEASED UP THE MULTIFAMILY DEVELOPMENTS YOU DISCUSSED? YES, I WOULD SAY, I MEAN, YES BY APARTMENT STANDARDS.

I DON'T KNOW ABOUT THE ZO PROJECT BECAUSE IT'S, YOU KNOW, THE MOST RECENT TO COME ONLINE.

UM, BUT

[00:45:01]

I, FOR SURE, I KNOW LAST TIME I CHECKED WITH PALLADIUM DOWN AT REDBIRD, UH, THEY WERE EFFECTIVELY FULLY LEASED AT SOMETHING LIKE 95%.

AND THEN THE STUFF, UM, THE MILL CREEK STUFF, UH, LAST TIME I CHECKED THEY WERE, YOU KNOW, 93 TO 94% OCCUPIED.

OKAY, GREAT.

FANTASTIC.

THANKS.

THOSE ARE, THOSE ARE WONDERFUL UPDATES.

ANY OTHER QUESTIONS THAT KEVIN OR I HAVE ONE QUESTION ON THE COURT ROAD STREET IMPROVEMENTS.

UM, I KNOW THERE WAS SOME CONTRACT, UH, YOU KNOW, DISPUTES AND STUFF LIKE THAT, BUT IS IT KIND OF BACK ON THE FAST TRACK NOW? I MEAN, I DRIVE BY THERE ALL THE TIME AND I KNOW THEY'RE WORKING.

YES.

BUT, UH, YES, THEY ARE WORKING.

UM, AND THAT DISPUTE WAS RESOLVED, UM, I GUESS A YEAR AGO NOW, ALMOST.

UM, SO YEAH, THE, WE GET WEEKLY UPDATES.

UM, BUT LIKE I SAID, THE, THE, THE ONE OF THE DISPUTES WAS THE FACT THAT BETWEEN THE TIME THAT CONTRACTOR BID THE PROJECT AND THE, AND THE TIME THAT THE CITY WAS READY TO, TO GIVE THEM A NOTICE TO PROCEED WITH CONSTRUCTION COSTS CHANGED DRASTICALLY.

SO, UM, I'M NOT SURE WHAT HAPPENED TO RESOLVE THAT DISPUTE.

UM, THAT WAS BETWEEN THE PUBLIC WORKS DEPARTMENT AND THE CONTRACTOR.

BUT LIKE I SAID, THE, THE CITY COUNCIL IS GOING TO BE ASKED TO APPROVE, UH, AN INCREASE TO THAT CONTRACT ON WEDNESDAY'S AGENDA.

SO IT'S GOING UP BY $900,000.

GOT IT.

BUT THE ORIGINAL SCOPE IS STILL THE SAME.

IT HASN'T, THE SCOPE HASN'T NECESSARILY CHANGED, HAS IT? CORRECT.

IT HASN'T CHANGED.

OKAY.

THANK YOU.

DO YOU HAVE ANY OTHER QUESTIONS THEN? UM, WE NEED TO MOVE TO APPROVE THIS RECOMMENDATION, BUT WE'D LIKE TO ADD THE CAVEAT THAT KEVIN CAN MAKE ANY SMALL TWEAKS THAT HE NEEDS TO, 'CAUSE THERE ARE ALWAYS SMALL CHANGES THAT HAVE TO HAPPEN BEFORE IT'S PRESENTED TO CITY COUNCIL.

SO IF SOME COULD MAKE THE MOTION TO APPROVE AND BOARD A RECOMMENDATION TO APPROVAL THE CITY COUNCIL WITH PERMISSION FOR THE OFFICE OF ECONOMIC DEVELOPMENT TO MAKE ANY MINOR TWEAKS THAT ARE NEEDED, HAVE A MOTION.

SO MOVED.

UH, A SECOND.

ALL IN FAVOR? AYE.

OKAY, GOOD.

WELL THANK YOU FOR THAT.

I MEAN, IT WILL BE BRIEFED TO DO ECONOMIC DEVELOPMENT COMMITTEE, UH, ON FEBRUARY 5TH, I BELIEVE, AND THEN IT WILL GO TO THE FULL CITY COUNCIL ON FEBRUARY 28TH.

GREAT.

OKAY.

SO OUR NEXT, UM, UH, ITEM ON THE AGENDA IS APPROVAL AND CONSIDERATION OF MEETING DATES FOR THE NEXT YEAR.

AND THEN WE HAVE TO SET THESE DATES IN ADVANCE.

UM, BUT IT IS UP TO THE OFFICE OF ECONOMIC DEVELOPMENT TO CANCEL THOSE MEETINGS IF THEY'RE NOT NEEDED.

SO IF WE CAN HAVE A MOTION TO APPROVE THESE REGULAR MEETING DATES FOR 2024 WITH THE CAVEAT THE, UM, ECONOMIC DEVELOPMENT, WE'LL CANCEL THEM.

BUT THERE'S NOTHING THAT WE NEED TO MEET ABOUT.

SO MOVED.

ALL RIGHT.

SECOND, SECOND, OSCAR.

RIGHT.

ALL IN FAVOR? AYE.

AYE.

THANK YOU.

AND UM, I'D JUST LIKE TO ADD THAT I KNOW THAT KEVIN HAS BEEN WORKING REALLY HARD ON A LOT OF ITEMS, ESPECIALLY RELATED TO THE BOND ISSUE THAT WILL REALLY HOPEFULLY PUSH THEM ON FOR PROJECT.

I MEAN THE, I GUESS THE VALUE NOW INTERNATIONAL DISTRICT PORTION OF THIS PROJECT AHEAD.

SO I'M FEELING VERY POSITIVE ABOUT WHAT COULD HAPPEN AND FISCAL YEAR 24TH AND THE BONDS THAT THE BOND, AS YOU'VE PROBABLY READ THERE, HOPEFULLY ON COUNCIL AGENDA ON WEDNESDAY TO APPROVE WHAT WILL BE INCLUDED IN THE BOND.

AND IN THAT IS OUR MONIES FOR THE PARK AND MONEY FOR ECONOMIC DEVELOPMENT FOR THE PARK THAT WILL, UM, HOPEFULLY BE ON A BOND ISSUE IN MAY OF THIS YEAR.

ACTUALLY, IF I COULD CORRECT THAT, I THINK SO THERE WAS A BRIEFING TO COUNCIL LAST FRIDAY.

LAST FRIDAY, YEAH.

AND THIS WEDNESDAY I THINK THEY'RE ALSO GONNA DO ONE ON THE 31ST.

31ST THAT'S RIGHT OFF.

SORRY, I WAS THINKING IT WAS THIS WEDNESDAY'S THE FOLLOW WEDNESDAY.

YEAH.

BUT THERE WAS, HAVE YOU READ ANY OF THE ARTICLES? FROM LAST FRIDAY? WE WERE ALL HERE UNTIL SEVEN SUPPLEMENT, SO YEAH, SO I THINK WE'RE GETTING THERE IS WHERE IT GOT AND IT GOES SO, SO HOPEFULLY ON THE 31ST, BUT THERE SEEMED TO BE A STRONG CONSENSUS TO HAVE THE

[00:50:01]

BOND ISSUE HAPPEN IN MAY AS OPPOSED TO NOVEMBER AND GETTING CLOSE ON THE ITEMS THAT SHOULD BE ON THAT.

SO, SO MEETING AND THANK YOU ALL FOR YOUR TIME, REALLY APPRECIATE IT.

I HOPE WE HAVE AN ACTIVE 2024.

THANK YOU.

THANKS ALL.

THANK YOU.

THANK YOU.

SEE.