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IT'S FOUR 11 ON APRIL 20 MONDAY, APRIL 29TH.
[Dallas Mall Area Redevelopment TIF District Board of Directors Meeting on April 29, 2024.]
MEETING OF THE MALL AREA,ALRIGHT, SO, UM, WE ALL HAVE PARTICIPANTS THAT ARE HERE.
ACTUALLY, THERE'S ONE, ONE PERSON ON THAT.
I DON'T KNOW, WE PROBABLY SHOULD DO QUICK INTRODUCTIONS.
MIKE, DO YOU WANNA START WITH YOU? I'M MIKE SIMS, A MEMBER OF THE BOARD.
I'M A MEMBER OF THE BOARD ALSO.
OSCAR, JOIN BOARD MEMBER BRIAN, ECONOMIC DEVELOPMENT COORDINATOR.
KEVIN, OFFICE OF ECONOMIC DEVELOPMENT.
LARRY CALLISTER, UH, CITY OF DALLAS CITY ATTORNEY'S OFFICE.
HI, TK CUSTODY OFFICE OF ECONOMIC DEVELOPMENT CAPITAL FINANCE MANAGER.
I'M HERE FOR A POLITICAL SCIENCE, UM, UH, ESSAY.
AND ANNA BUTLER, I WAS LISTENING IN.
UM, I'M A REPORTER AT THE DALLAS MORNING NEWS.
ALRIGHT, UH, FIRST ORDER OF BUSINESS IS TO INTRODUCE PARTICIPANTS, WHICH DID, UM, AND THEN DO WE NEED TO, UM, HAVE MINUTES? YES.
SO ARE THERE ANY PUBLIC COMMENTS ON, UH, PERTAINING TO, UH, AGENDA ITEM 3, 3, 4, ANY PUBLIC COMMENTS? OKAY.
WE'LL MOVE ON TO ITEM NUMBER THREE, REVIEW OF THE AND CONSIDERATION OF THE MEETING RECORD OF THE JANUARY 22ND, 2024 MA AREA REDEVELOPMENT TIP DISTRICT.
KEVIN, DO WE NEED TO PRESENT THEM OR JUST ADD ONE ANOTHER? THERE WE GO.
DOES ANYBODY, UM, WANNA MAKE A MOTION TO APPROVE THE MINUTES FROM THAT MEETING? SO, UH, MOTION TO APPROVE THE MEETING MINUTES FROM JANUARY 22ND MEETING.
WE'RE THEN MOVE ON TO ITEM NUMBER FOUR.
UM, DO YOU WANT ME TO READ THE ENTIRE
KEVIN SCOTT, PRESENT ITEM NUMBER FOUR.
UH, ITEM NUMBER FOUR IS THE ONLY TIVE ITEM ON THE AGENDA FOR TODAY.
I DID SEND A MEMO TO THE BOARD LAST FRIDAY.
I HOPE YOU HAD A CHANCE TO QUICKLY REVIEW THAT, BUT, UH, IF YOU HAVEN'T, WE'LL MOVE TO THE BENEFIT OF FOLKS WHO, UH, ARE JUST JOINING US FOR THE FIRST TIME.
I'LL, I'LL KIND OF GO THROUGH THE MEMO QUICKLY AND EXPLAIN WHAT THE ITEM IS.
UM, AND THEN WE'LL PROBABLY TURN IT OVER TO MR. BROSKI TO, UH, EXPLAIN HIS POSITION FURTHER AND, OR ANSWER ANY QUESTIONS.
SO, UH, UH, THE BOARD, THIS BOARD WAS INVOLVED IN APPROVING, UH, WHAT WE CALL THE 2018 TIF CHAPTER THREE 80 AGREEMENT.
THIS WAS THE SIZABLE INCENTIVE PACKAGE, UM, THAT WAS RECOMMENDED BY THIS BOARD AND APPROVED BY THE CITY COUNCIL IN JUNE OF 2018.
UM, THAT, THAT AGREEMENT HAS BEEN ACTUALLY AMENDED THREE TIMES SINCE 2018.
UH, THERE'S ALSO SEVERAL OTHER COMPANION DOCUMENTS.
THERE'S A 2016 GRANT AGREEMENT THAT SORT OF RIDES ALONG WITH THIS.
THERE'S ALL SORTS OF OTHER DEEDS OF TRUST AND PROMISSORY NOTES AND ALL THE SORT OF LEGAL DOCUMENTS THAT, THAT GO ALONG WITH THE MAIN AGREEMENT.
UM, AND TWO MONTHS AGO, MR. BROSKI APPROACHED STAFF, UM, WITH A REQUEST TO MAKE THREE MINOR RELATIVELY MINOR AMENDMENTS TO THE 2018 AGREEMENT.
UM, HE'S MADE A LOT OF PROGRESS ON THE PROJECT AS IT'S, AS IT'S REQUIRED AND AS IT WAS ENVISIONED BACK IN 2018.
UM, BUT THE REALITY IS THAT COVID HAS CHANGED THE MARKET, UH, PRIMARILY FOR OFFICE USES AND ESPECIALLY OFFICE USES BECAUSE WHEN THIS AGREEMENT WAS ORIGINALLY NEGOTIATED IN 2018, UH, IT WAS CONTEMPLATED THAT MOST OF THE MAIN MALL PROPERTIES, WHICH ARE
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THE, THE INLINE PORTION OF THE MALL ITSELF AND THE SECOND FLOOR OF THAT, AND THEN THE FORMER DILLARD'S BUILDING AND THE FORMER MACY'S BUILDING, AND THEN LATER THE SEARS BUILDING WOULD ALL BE REDEVELOPED FOR OFFICE USES.UM, AND THE REALITY IS COVID HAS MADE THAT ALMOST IMPOSSIBLE.
AND DESPITE THE BEST EFFORTS OF MR. BRODSKY, HE IS, UH, UP TO THIS APPOINTMENT UNABLE TO, TO FIND AN OFFICE USER TO REDEVELOP PERFORMER BASED BUILDING.
SO WHAT HE'S PROPOSING, UH, ARE THREE TWEAKS TO THE AGREEMENT.
UM, YOU KNOW, THIS IS, AGAIN, THIS IS IN ORDER TO PROVIDE SOME ADDITIONAL FLEXIBILITY TO THE DEVELOPER, UH, SO THAT HE CAN GO OUT AND CREATE A CREATIVELY CONSUMMATE PRIVATE FINANCING DEALS, UH, TO TRY AND GET THE REDEVELOPMENT OF THE FORMER MASON'S BUILDING, UM, OVER THE GOAL LINE WITHOUT ADDITIONAL CITY MONEY.
UM, AND SO THE THREE AMENDMENTS ARE
THE FIRST ONE IS IN, UH, SECTION TWO C SEVEN.
SO SECTION TWO IS THE PART OF THE AGREEMENT THAT DESCRIBES WHAT THE ENVISION DEVELOPMENT PLAN OR THE PROJECT, UH, WAS INTENDED TO BE BACK IN 2018.
IT ALSO DESCRIBES ENLISTS ALL THE COMMITMENTS AND OBLIGATIONS OF THE DEVELOPER.
SO SECTION T TWO C SEVEN, YOU KNOW, YOU CAN SEE THE, THE LANGUAGE, UH, AS IT APPEARS HERE ON THE SCREEN.
AND WHAT THE DEVELOPER IS REQUESTING IS TO SIMPLY STRIKE THROUGH THEREBY REMOVING THE WORDS THE FORMER MACY'S BUILDING.
AND SO WHAT THIS DOES IS IT REMOVES THE SPECIFIC REQUIREMENT, UH, THAT THE FORMER MACY'S BUILDING WOULD BE REDEVELOPED FOR OFFICE USES.
UM, AND, AND SO THAT'S THE FIRST ONE.
THE SECOND ONE IS ALSO IN SECTION TWO.
UM, AND IN THIS ONE, THIS IS MOSTLY ABOUT OCCUPANCY AND MAINTAINING MINIMUM OCCUPANCIES IN THE PROJECT, UH, AND THE DEVELOPER'S PROPOSING TO EXCLUDE THE FORMER MASONS BUILDING.
SO BY ADDING THE LANGUAGE YOU SEE IN FONT IN, UM, ITALICIZED FONT AND UNDERLINED THERE IN THE MIDDLE, EXCLUDING, IF NOT, IF IT HAS NOT YET BEEN RENOVATED AND OR REDEVELOPED THE FORMER MASONS BUILDING.
AND THEN WE'RE ALSO PROPOSING TO STRIKE THE WORD RETAIL IN THAT SENTENCE, THAT'S ACTUALLY AN ERROR.
UM, GOING ALL THE WAY BACK TO THE FIRST AGREEMENT, UH, THE WORD RETAIL SHOULD NEVER ACTUALLY BEEN IN, BE IN THERE BECAUSE SOME OF THE OTHER USES ARE NOT RETAIL USES.
UM, AND THEN THE FINAL, UH, AMENDMENT IS IN SECTION FIVE, AND SECTION FIVE IS THE PART OF THE AGREEMENT THAT SPEAKS TO THE CHAPTER THREE 80 LOAN PORTION OF THE INCENTIVE PACKAGE.
AND SPECIFICALLY SECTION FIVE E IS ABOUT, UM, PARTIAL LIEN RELEASES.
SO THE CITY HAS LIENS ON, UM, A GOOD MAJORITY OF THE, OF THE PROPERTY.
AND, UH, THE MAIN MALL PROPERTIES ALSO ARE SPECIFICALLY TIED TO, UH, THE LOAN GUARANTOR.
SO MR. BRODSKY IS THE OWN THE OWNING THE CONTROLLING ENTITY AND THE GUARANTOR OF THE LOAN, WHICH IS THE $12 MILLION LOAN OF THE INCENTIVE PACKAGE.
SO THE WAY THIS IS WORDED IS THAT THE DEVELOPER SHALL ENSURE THAT THE MAIN MALL PROPERTIES REMAIN UNDER HIS DIRECT CONTROL AND OWNERSHIP, OR UNDER THE CONTROL AND OWNERSHIP OF A SUBSIDIARY ENTITY, OF WHICH THE LOAN GUARANTOR IS THE SOLE MEMBER.
SO THAT'S NOT CHANGING, BUT THE DEVELOPER IS REQUESTING TO ADD LANGUAGE THAT GIVES GREATER FLEXIBILITY TO DEALING WITH THE FORMER MAC BUILDING.
SO WHAT HE'S PROPOSING TO ADD PROVIDED, HOWEVER, THAT WITH THE PRIOR WRITTEN CONSENT OF THE DIRECTOR OF THE ECONOMIC OFFICE OF ECONOMIC DEVELOPMENT, SUCH CONSENT NOT TO BE UNREASONABLY WITHHELD, THE FORMER MACY BUILDING MAY BE CONTRIBUTED TO A JOINT VENTURE IN WHICH THE LOAN GUARANTOR RECEIVES THE PERCENTAGE OF THE JOINT VENTURE COMMENSURATE WITH THE VALUE OF THE MACY'S PROPERTY.
ONLY IF DOING SO WILL RESULT IN THE REDEVELOPMENT OR ADAPTIVE REUSE OF THE FORMER MACY'S BUILDING INTO A HOTEL OR OTHER USES ACCEPTABLE TO THE DIRECTOR THAT IS EXPECTED TO INCREASE THE VALUE OF THE FORMER MACY'S BUILDING.
SO AGAIN, FROM THE CITY'S POINT OF VIEW, WE'RE OKAY WITH THIS PROVISION.
UM, AS LONG AS THE CITY'S COLLATERAL GOES UP IN VALUE, UH, THIS PROVISION IS NOT, UH, UNCOMMON.
I MEAN, THE, THE THIRD AMENDMENT THAT THIS BOARD APPROVED AND, AND THAT THE COUNCIL APPROVED BACK IN 2021 DID ALREADY INTRODUCE SOME LEVEL FLEXIBILITY TO THE DEVELOPER AND GIVE HIM THE ABILITY TO, UH, TO SELL OFF THE FORMER SEARS BUILDING UNDER CERTAIN CONDITIONS, AND ALSO TO SELL OFF THE ENTIRE PROJECT UNDER CERTAIN
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CONDITIONS.UM, SO THOSE ARE THE THREE REQUESTED AMENDMENTS OF THE DEVELOPER.
AND AS CONSIDERATION FOR THOSE AMENDMENTS, UM, THE CITY'S REQUESTING, AND THE DEVELOPERS AGREED TO INCREASE WHAT'S KNOWN AS HIS MINIMUM INVESTMENT REQUIREMENT BY $15 MILLION.
SO, UH, IN THE AGREEMENT WILL BE HE'LL BE REQUIRED TO REACH A MINIMUM INVESTMENT OF 150 MILLION UP FROM 135 MILLION CURRENTLY.
SO THAT WAY WE ARE STILL APPLYING ENOUGH PRESSURE, UH, ONTO THE DEVELOPER TO CONTINUE TO CAUSE HIM TO CREATE MORE INVESTMENT IN THE PROJECT.
UH, AND THEN, UH, SUBSECTION E OF THE AMENDMENTS IS ANY OTHER MODIFICATIONS TO ANY OF THE OTHER PROJECT DOCUMENTS, UH, THAT MAY BE NECESSARY TO EFFECTUATE THE SPECIFIC AMENDMENTS THAT WE'VE DESCRIBED ABOVE.
SO, AGAIN, IN CASE THAT WE NEED TO MAKE ANY WEEKS TO THE 2016 GRANT AMENDMENT, I DON'T THINK WE DO.
BUT IN THE, IN THE CASE THAT WE MIGHT, AND ALSO IF WE NEED TO TWEAK THE DEED OF TRUST, UM, WE HAVE THE ABILITY TO DO THAT TO REFLECT THESE THREE AMENDMENTS.
SO THAT'S, THOSE ARE THE THREE AMENDMENTS QUICKLY IN A NUTSHELL.
I'LL TURN IT OVER TO MR. BROSKY TO SEE IF YOU'D LIKE TO ADD ANYTHING MORE.
UM, YEAH, IT, IT IS REALLY WHAT, WHAT KEVIN SAID.
UM, WE'VE BEEN SUCCESSFUL IN REDEVELOPING THE SEARS.
WE BROUGHT IN UT SOUTHWESTERN.
WE'VE BEEN SUCCESSFUL IN REDEVELOPING THE DILLARDS INTO A PARKLAND AND WORKFORCE SOLUTIONS AND, AND, UH, WE'VE GOT THE DALLAS ENTREPRENEUR CENTER IN THERE.
WE'VE BEEN SUCCESSFUL ON THE SECOND FLOOR OF THE MACY'S BRINGING IN DALLAS COLLEGE, EXCUSE ME, OF THE MALL BRINGING IN DALLAS COLLEGE.
WE JUST HAVE NOT BEEN SUCCESSFUL, UH, WITH THE MACY'S.
UM, IT'S A HARDER BUILDING TO RENOVATE.
UM, FRANKLY, WE'VE, YOU KNOW, WE'RE PRETTY PARTICULAR ABOUT WHAT GOES IN THERE BECAUSE IT IS RIGHT AT THE FRONT OF THE DEVELOPMENT.
UM, BUT WE HAVEN'T HAD A LOT OF, WE, WE REALLY HAVEN'T HAD ANY, UH, ANY TAKERS ON, UH, ON THAT BUILDING.
WE'VE LOOKED AT IT IN EVERY DIFFERENT ITERATION OF, YOU KNOW, KEEPING THE WHOLE BUILDING DEMOLISHING PART OF THE BUILDING, YOU KNOW, TURNING IT INTO RETAIL, YOU KNOW, TURNING IT BACK INTO RETAIL, TURNING IT INTO OFFICE, TURNING IT INTO A HOTEL, MEAN WE WERE LOOKING AT EVERYTHING.
UH, DESPITE THE FACT THAT THE CITY OF DALLAS FEELS THAT THEY NEED TO EXERT PRESSURE IN ORDER TO, UH, CAUSE ME TO DO THINGS.
BELIEVE ME, I FEEL THE PRESSURE, I HAVE EVERY ECONOMIC INCENTIVE TO DEVELOP IT, BUT IF DESPITE BEST EFFORTS, I'M NOT ABLE TO, I DON'T WANNA HAVE TO PAY BACK ALL THE MONEY WHEN I FEEL LIKE I'VE, I'VE WORKED IN GOOD FAITH FOR MANY, MANY, MANY YEARS AND PUT A LOT OF CAPITAL AT RISK AND, AND REALLY DONE EVERYTHING THAT I, THAT I SAID I WOULD'VE DONE.
OR IF I HAVEN'T DONE IT, IT'S NOT FOR LACK OF TRYING.
UM, AND SO, UH, THAT, THAT WAS WHY I, UH, REQUESTED THE AMENDMENT AS WE SORT OF COME TO THE END OF, YOU KNOW, THESE DEADLINES BEGIN TO LOOM LARGE.
UM, AND, UH, AND I'M MORE THAN HAPPY TO, UH, TO, UH, ADD IN, UH, MINIMUM SPEND, UH, JUST BECAUSE WE HAVE BEEN SUCCESSFUL IN SEVERAL OTHER VENTURES THAT ARE GONNA CAUSE US TO SPEND, YOU KNOW, QUITE, QUITE A BIT OF MONEY.
SO I WAS HAPPY TO MEMORIALIZE THAT YOU WANNA GIVE ANY DETAILS ABOUT REALISTIC PROSPECTS IN TERMS OF WHY YOU NEED THE JOINT VENTURE FLEXIBILITY? SURE.
UM, YOU KNOW, ONE OF THE IDEAS THAT WE HAD IS TO, UH, TURN THE MACY'S INTO A HOTEL.
UM, OBVIOUSLY, WELL, MAYBE NOT, OBVIOUSLY, OBVIOUSLY TO ME, UH, WE WOULDN'T ACTUALLY PUT THE HOTEL IN THE BUILDING, UH, BUT IT COULD BE A VERY ATTRACTIVE LOBBY.
THERE COULD BE CONFERENCE ROOM SPACE THERE.
BUT WHAT'S INTERESTING ABOUT THE MACY'S BUILDING IS THAT WHEN IT WAS BUILT, IT WAS DESIGNED TO HAVE A THIRD FLOOR ADDED TO IT.
AND SO IT IS STRUCTURALLY SOUND TO BUILD ON TOP OF IT.
IT'S ALSO A CONCRETE BUNKER, SO IT COULD ABSOLUTELY TAKE A TWO OR THREE STORY HOTEL ON TOP OF IT WITH A, YOU KNOW, A TERRIFIC ROOF PATIO OVERLOOKING THE LAWN.
YOU CAN SEE THE DALLAS SKYLINE FROM UP THERE.
SO WE WERE APPROACHED BY A HOTEL GROUP, UH, THAT WAS INTERESTED IN PUTTING A BOUTIQUE HOTEL ON TOP.
WE'VE ALSO TALKED TO A COUPLE OF OTHER HOTEL GROUPS, BUT AS YOU GUYS PROBABLY KNOW, HOTELS ARE NOT GOING TO DO A GROUND LEASE.
THEY NEED TO OWN THE PROPERTY.
UH, WE ARE PROHIBITED FROM SELLING
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THE PROPERTY BECAUSE IT'S ONE OF THE THREE PROPERTIES THAT CAN CANNOT BE SOLD WHILE THE LOAN IS OUTSTANDING SO THAT THE CITY HAS SOMETHING TO GRAB ONTO IF THEY NEED TO.AND SO I REQUESTED PERMISSION TO AT LEAST CONTRIBUTE IT TO A JOINT VENTURE WHERE, YOU KNOW, RATHER THAN OWNING A HUNDRED PERCENT OF THE BUILDING YOU WOULD OWN, WE WOULD OWN X PERCENT OF A LARGER VENTURE, UH, THAT, THAT, YOU KNOW, THAT NO ONE WOULD DO IF THEY DIDN'T THINK THERE WAS UPSIDE.
SO THAT'S THE GENESIS BEHIND THAT.
THESE ARE EARLY CONVERSATIONS.
THEY MAY FIZZLE, THEY MAY NOT FIZZLE, BUT, YOU KNOW, GOING THROUGH THIS PROCESS IS ONEROUS FOR ME.
IT'S VERY ONEROUS FOR THE CITY.
UH, AND SO I FIGURED WHILE WE WERE DOING THE OTHER AMENDMENT, IT WOULD MAKE SENSE TO CONTEMPLATE THIS, UH, SO THAT WE DON'T HAVE TO DO THIS AGAIN.
DO WE HAVE ANY QUESTIONS? YEAH, I HAVE ONE.
UM, WHAT IS THE, UH, FEEDBACK FROM PEOPLE THAT HAVE TOURED THE MACY'S SPACE? YOU KNOW, THE POTENTIAL USERS, I MEAN, WHAT, WHAT'S, WHAT, WHAT, WHAT, IT SOUNDS LIKE NOBODY'S A TAKER, BUT WHAT SPECIFICALLY ARE THEY, THEY DON'T, THEY DON'T LIKE ABOUT THE, THE, THE, THE SPACE? WELL, IT'S NOT REALLY JUST THE MACY'S, UH, IT, IT'S REALLY ALL OFFICE SPACE.
I MEAN, IF YOU LOOK AT WHERE WE'VE BEEN SUCCESSFUL, IT'S BEEN EDUCATION AND MEDICAL.
WE'VE GOT ONE OFFICE USER THAT'S AN INCUBATOR SPACE THAT'S FOCUSED SPECIFICALLY ON SOUTHERN DALLAS.
BUT WITH THE VACANCY RATE THAT WE'VE GOT DOWNTOWN AND EVERYONE CAN, WORKING FROM HOME, THERE JUST AREN'T LARGE OFFICE USERS LOOKING FOR SPACE.
AND THIS HAS TO BE A LARGE OFFICE USER BECAUSE IT'S VERY DEEP SPACE.
SO IF YOU WANNA TAKE ADVANTAGE OF ANY NATURAL LIGHT, YOU KNOW, YOU CAN'T HAVE A, A 3000 SQUARE FOOT OFFICE, IT WOULD BE A BOWLING ALLEY.
UH, SO YOU HAVE TO HAVE AT LEAST 10,000 SQUARE FEET IN ORDER TO MAKE IT WORK.
AND SO YOU'RE LOOKING AT LARGER SPACES.
UM, BUT YOU KNOW, WE HAVEN'T HAD A HUGE AMOUNT OF SUCCESS.
UH, WE, WE, LET'S PUT IT THIS WAY.
WE, WE'VE HAD SUCCESS WITH THE DI BUILDING, BUT WE STILL HAVE 50,000 SQUARE FEET THERE THAT ARE EMPTY.
UH, IT'S JUST THAT WE'VE SUCCESSFULLY CONVERTED IT TO OFFICE AND IT'S OCCUPIED ENOUGH THAT WE'VE SATISFIED THE CITY, THE CITY REQUIREMENTS.
DOES THAT MAKE SENSE? IT, IT DOES.
I I GUESS FROM A RETAIL STANDPOINT THOUGH, LIKE WOULD, WOULD A DICK SPORTING GOODS OR ANOTHER ACADEMY OR SOMEBODY LIKE THAT BE A, A, A FIT FOR THAT SPACE? UH, I, I THINK SO.
SO ONE OF THE THING, ONE OF THE THINGS THAT I'M HAPPY THAT WE DID IS WE KEPT THE SECOND FLOOR.
SO THERE WAS A, A SECOND FLOOR ENTRANCE WITH AN ELEVATED PARKING FIELD, AND WE KEPT THAT.
AND WHAT'S HAPPENED NOW IS THAT, THAT, UH, OSCAR JOIN, CAN YOU TURN ON YOUR CAMERA? YEAH.
I'M LOGGING BACK ON THROUGH A, THROUGH A DESKTOP AS WE SPEAK.
UM, THAT FACADE FACES THE NEW TOM THUMB DEVELOPMENT.
AND SO I THINK THAT IT, I THINK THAT IT WILL BE, AND WE'VE GOTTEN FEEDBACK THAT THAT COULD BE A VERY ATTRACTIVE RETAIL SPACE.
IT HAS ITS OWN DEDICATED PARKING FIELD.
UH, IT'S GOT, UH, IT FACED REALLY PART OF THE TOM THUMB, UM, SPACE, YOU KNOW, THE, UH, YOU KNOW, PARCEL.
UM, AND SO I DO THINK THAT THERE'S, THERE'S SOME POSSIBILITY, UH, THAT THAT WILL BE, UH, END UP BEING RETAIL ON THE SECOND FLOOR.
UH, IT'S DIRECTLY ADJACENT TO THE, TO THE, TO THE LOADING DOCK.
UM, THEN IT JUST BECOMES A QUESTION OF WHETHER THOSE BIG BOXES CAN PAY ENOUGH RENT THAT IT WILL BE ECONOMICALLY FEASIBLE TO RENOVATE THE BUILDING THE WAY IT WOULD NEED TO BE RENOVATED.
UH, I HAVE ONE FOLLOW-UP QUESTION.
UH, WHAT'S THE TIMING FOR THE ADDITIONAL MINIMUM INVESTMENT, THE $15 MILLION INCREMENT? IS THERE A A A TIME ASSOCIATED WITH THAT, OR IS THAT JUST OVER THE WHOLE DURATION? I THINK IT ALL HAS TO BE DONE BY THE END OF 2025.
NO, WELL, THE, THE CO DATE, THE FINAL, FINAL, FINAL COMPLETION DATE IS THE END OF 26.
AND, AND THAT CAN BE IN THE FORM OF TENANT IMPROVEMENT, NEW CONSTRUCTION IN, UM, AN ANY, ANY FORM WHERE IT'S HARD DOLLARS GOING INTO THE PROJECT, CORRECT? YEAH, IT INCLUDES, UH, I THINK
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THERE'S, UH, 16 AND A HALF MILLION DOLLARS COULD BE SPENT ON ACQUISITIONS.UH, THERE'S LANDLORD COSTS, TENANT IMPROVEMENT, ALLOWANCES, SOFT COSTS, A REASONABLE, REASONABLE DEVELOPER FEE.
UM, AND, AND WE'LL, WE'LL, WE'LL HIT THAT NUMBER.
SO IT DOESN'T HAVE TO BE ALL HARD COSTS, BUT IT HAS TO BE APPLICABLE.
YES, IT HAS TO BE, IT, IT REALLY IS TOTAL SPEND UHHUH
BUT IT IS, UH, BUT THE VAST MAJORITY OF IT WILL BE HARMED.
ARE THERE ANY OTHER QUESTIONS TO PASS? UM, UH, FOURTH AMENDMENT TO THE TAX INCREMENT DEVELOPMENT CHAPTER THREE 80 GRANT AND CHAPTER THREE 80 LOAN AGREEMENT 2018 CHAPTER THREE 80 AGREEMENT WITH DEPUTY CWRD INC.
AS STIPULA OR SUB SUBSIDIARIES DEVELOP DEVELOPER APPROVED AS TO FORM BY THE CITY ATTORNEY RELATED TO THE RE-IMAGINING OF REDBIRD MALL DEVELOP REDEVELOPMENT PROJECT DOWN.
IS THE SHOP AT REDBIRD GENERALLY LOCATED AT THE SOUTHEAST CORNER OF CAMP WISDOM ROAD AND WEST PALM ROAD AND TED, THROUGH SPECIFICALLY INCLUDING TIONS OR INCLUDING THE DELETIONS ARE SHOWN? DO WE NEED TO READ? NO.
AND I WOULD JUST SAY BEFORE, BEFORE THE VOTE, THE BOARD'S GONNA VOTE ON THIS AND, AND FORWARD A RECOMMENDATION TO CITY COUNCIL.
IT'D BE GOING TO THE MAY 22ND CITY COUNCIL.
DO I HAVE A MOTION? SO MOVED TO APPROVE IT? UH, I SECOND, I'LL SECOND.
THANK YOU VERY MUCH, UH, TO THE MEETING AT, UM, LET'S SEE, 4:26 PM THANK YOU.
APPRECIATE EVERYBODY TAKING THE TIME.