[00:00:01]
ALL RIGHT, SO THE SOUND IS ON? YEP.
[Dallas Housing Finance Corporation on August 27, 2024. ]
CALLING THIS MEETING TOO, RIGHT ON TIME.UM, AND I'LL TURN IT OVER TO MS. SCHROEDER 4G ROLL CALL.
PLEASE STATE YOUR STATE PRESENT IF YOU'RE HERE.
PRESENT TREASURER TATIANA FARROW.
UH, VICE PRESIDENT RYAN GARCIA.
WHAT ABOUT I, NEW DIRECTOR AS IN ONLINE, UM,
YEAH, BUT STILL SHOULDN'T WE? YEAH, I THINK
I'LL KIND OF WAIT TO WELCOME HERE.
YOU CAN DO IT TWO TIMES THOUGH.
UM, OKAY, SO WE DO HAVE A
SO WE WILL FORMALLY WELCOME HIM.
I'M NOW GONNA OPEN THE FLOOR FOR ANY PUBLIC COMMENTS AND ITEMS FOUR THROUGH 14.
UM, SO I'LL PAUSE PUBLIC COMMENTS, HEARING, THEN WE'LL MOVE ON TO AGENDA ITEM NUMBER FOUR, WHICH IS APPROVAL OF THE MINUTES OF THE JULY 16TH, 2024.
CITY OF DALLAS HOUSING COMMENCE CORPORATION.
DOES SOMEONE WANNA MAKE A MOTION TO APPROVE? I SECOND THAT.
WHOS TOGETHER? OTHER, UH, SO DOES ANYBODY HAVE ANY CORRECTIONS OR ADDITIONS TO RELEASE? ALL IN FAVOR SAY AYE.
ANY OPPOSED? ANY EXTENSIONS? NEXT MINUTES ARE APPROVED.
ROUND TO ITEM NUMBER FIVE, CONSIDER AN ADOPTING REDUCEMENT RESOLUTION, DECLARING INTENT TO ISSUE BONDS IN AN AGGREGATE PRINCIPAL AMOUNT TO EXCEED $40 MILLION FOR A LOAN TO AMEX CF CON FUND LP TO PROVIDE FINANCING FOR A MULTI-FAMILY RESIDENTIAL RENTAL DEVELOPMENT FOR PERSONS OF LOW AND MODERATE INCOME TO BE KNOWN AS CF BOND APARTMENTS.
AND TO BE LOCATED AT 10,600 CF ON FREEWAY, DALLAS, TEXAS 7 5 2 1 7 AUTHORIZING THE FILING OF AN APPLICATION FOR ALLOCATION OF PRIVATE ACTIVITY BONDS WITH THE TEXAS BOND REVIEW BOARD AND CONTAINING OTHER RELATED PROVISIONS.
UM, SO I GUESS WE CAN MAYBE PUT A MOTION, UH, TO APPROVE THE INDUCEMENT RESOLUTION ON THE FLOOR AND THEN WE'LL HEAR A PRESENTATION.
SO I GUESS WE'LL HAVE THE PRESENTATION RIGHT.
IF YOU COULD PUT YOUR CAMERA ON.
WE'RE REQUIRED TO HAVE EVERYONE ON CAMERA JUST TO, UH, REPLY WITH THE OPEN MEETINGS.
IT IS, I'LL JUST PREFACE THESE FIRST FOUR FOR ANYONE WHO'S NEW TO THE BOARD THIS SHIFT, THESE INDUCEMENTS ARE KIND OF THE FIRST STEP IN
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OUR TAX CREDIT PROCESS.UM, SO WE'RE NOT CONSIDERING PARTNERSHIP YET.
THIS IS JUST SO THAT THEY CAN HAVE A PRELIMINARY INDICATION FROM THE BOARD.
THEY CAN TAKE THAT TO THE STATE AND ENTER THE LOTTERY FOR TAX EXEMPT BONDS.
UM, SO WE AREN'T REALLY COMMITTING TO MUCH HERE OTHER THAN THE FACT THAT WE DON'T ABSOLUTELY HATE THE LOCATION.
UM, IF YOU DO, YOU KNOW, NOW'S THE TIME TO SPEAK UP, BUT WE DO HAVE CHAT HERE READY TO, UH, PRESENT.
SO CHAD, I'LL I'LL SEE THE FLOOR TO YOU.
UH, AND DO YOU HAVE THE PRESENTATION AVAILABLE? I DO.
AND I, I'LL, I'LL KEEP THIS BRIEF.
I, I KNOW EVERYONE'S SHORT ON TIME.
WE'VE GOT A LOT OF PROJECTS TO GO THROUGH, SO I WON'T TAKE UP TOO MUCH OF YOUR TIME.
SO, UH, MY NAME'S CHAD BAKER FROM TEX HOUSING.
WE ARE PROPOSING A PROJECT AT 10,600 CF HA.
UM, THIS WOULD BE OUR FIRST PROJECT WITHIN THE CITY OF DALLAS.
UM, SO IF YOU GO TO THE NEXT PAGE, UM, SO I, SINCE IT WOULD BE OUR FIRST PROJECT IN THE CITY OF DALLAS, I'D LIKE TO JUST GIVE A LITTLE BIT OF BACKGROUND ON, ON THE COMPANY.
YOU SEE THAT WE, WE HAVE BEEN IN BUSINESS FOR 45 YEARS.
UM, WE'VE, WE'VE CREATED A SIZABLE MULTIFAMILY PORTFOLIO.
WE ARE A COMPLETELY, UM, VERTICALLY INTEGRATED DEVELOPER.
SO WE HANDLE EVERYTHING FROM ACCC ACQUISITIONS THROUGH DEVELOPMENT, CONSTRUCTION AND PROPERTY MANAGEMENT.
UM, WE PARTNER WITH TOP FINANCIAL INSTITUTIONS, UM, AND IN, IN ADDITION TO AFFORDABLE HOUSING, WE ALSO DO MARKET RATE AND STUDENT HOUSING.
UM, AND WE ARE A LONG TERM OWNER AND ASSET MANAGER OF OUR PROPERTIES.
AND IF YOU GO TO THE NEXT PAGE, AND EVEN THOUGH THIS IS OUR FIRST PROJECT WITHIN THE CITY OF DALLAS, WE HAVE, UM, COMPLETED 17 PROJECTS AND, UM, IN THE STATE OF TEXAS AND, AND HAVE A COUPLE MORE UNDER CONSTRUCTION CURRENTLY.
AND THESE NEXT THREE PAGES JUST SHOW YOU THE LOCATION OF THOSE PROJECTS AND GIVE YOU A LITTLE BIT OF, UM, INFORMATION ABOUT EACH OF THE PROJECTS, WHAT TYPE OF FUNDING THEY HADN'T.
SUCH THE, SINCE WE'RE EARLY IN THE PROCESS, WE DON'T HAVE ELEVATIONS AND THINGS TO SHARE AT THIS POINT OF THE PROCESS.
UM, 'CAUSE LIKE AARON WAS SAYING, THIS IS KIND OF THE FIRST STEP TO SEE IF WE CAN EVEN MOVE FORWARD BEFORE WE START DOING ALL THOSE THINGS.
SO I PROVIDED THOSE LAST THREE SLIDES JUST AS KIND OF EXAMPLES OF SOME OF OUR OTHER PRODUCTS THAT WE'VE BUILT HERE IN TEXAS AND KIND OF, UM, WHAT YOU CAN EXPECT FROM ANTECH HERE IN TEXAS.
NOW FOR SOME SPECIFICS ABOUT THIS PARTICULAR PROJECT, UM, IT IS APPROXIMATELY EIGHT AND A HALF ACRES WOULD BE A FAMILY PROJECT.
WE'RE LOOKING AT A MIX OF ONE, TWO, AND THREE BEDROOM UNITS.
UM, INCOME AND RENT RESTRICTED AT THE 60% A MI LEVEL.
UM, WE, I, I PUT THE COMMUNITY INPUT IN THE DESIGN PHASE ON HERE BECAUSE THAT'S SOMETHING WE'VE STARTED TO IMPLEMENT.
UM, ESPECIALLY WHENEVER THERE'S OWNER-OCCUPIED SINGLE FAMILY HOMES WITHIN THE PROXIMITY OF A PROJECT.
UM, WE FOUND THAT IT'S, IT'S A LOT EASIER TO, UM, TO PRESENT SOME OF THOSE SITE PLANS AND ELEVATIONS EARLIER IN THE COMMUNITY OUTREACH PRO PROCESS AND START GETTING SOME FEEDBACK FROM THE, THE NEARBY RESIDENTS.
UM, AND THEN WE TRY TO ACCOM, UM, ACCOMMODATE AS MUCH AS WE CAN AND, AND INCORPORATE THOSE DIFFERENT, UM, IDEAS THAT COME FROM THOSE MEETINGS INTO THE PROJECTS WHEN, UM, WHEN WE CAN.
UM, WE HAVE STARTED THE OUTREACH PROCESS FOR THIS PROJECT.
UM, WE'VE, UH, REACHED OUT TO RILEY FIRST BAPTIST CHURCH, WHICH IS NEXT DOOR TO THE PROJECT.
IT, UM, IT SHARES A PROPERTY LINE WITH THE PROJECT AND WE'RE LOOKING TO, UM, HAVE OUR FIRST COMMUNITY MEETING THERE AT THE CHURCH IN MID-SEPTEMBER.
UM, WE'RE, AND TALKS TO 'EM RIGHT NOW.
UNFORTUNATELY, ONE OF THE REFERENCE THERE WAS HAVING SOME HEALTH ISSUES, SO IT, THERE WAS A BIT OF A DELAY, UM, IN GETTING THAT SCHEDULED.
UM, IF YOU GO TO THE NEXT SLIDE, SO THIS PARTICULAR PROJECT, I MEAN, THEY WILL DEFINITELY HAVE A, A FITNESS CENTER, BUSINESS CENTER WITH COMPUTERS FOR RESIDENTS, BARBECUES, SWIMMING POOL, AND, UM, PLAYGROUND.
UM, ALL OF OUR COMMUNITIES HAVE SECURE BUILDING ENTRY, 24 HOUR CAM CAMERA SURVEILLANCE, FULL PERIMETER FENCING WITH, UM, FILE ACCESS FOR, FOR RESIDENTS, UM, AND MANAGEMENT MEMBER ONSITE 24 HOURS.
WE, FOR THIS SPECIFIC PROJECT, WE'LL HAVE TWO UNITS SET ASIDE FOR ONSITE PROPERTY MANAGEMENT TO LIVE THERE ON ONSITE, UM, AS WELL AS ONSITE MAINTENANCE.
AND THEN ON THE NEXT SIDE, I PROVIDED SOME CONTACT INFORMATION, UM, FOR ANY FOLLOW UP.
AND THEN I'M OBVIOUSLY OPEN TO ANSWERING
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ANY QUESTIONS ANY OF THE BOARD MEMBERS HAVE ABOUT THE PROJECT.YOU GUYS ARE THE SPONSOR ON THE DI, CORRECT? YES, WE ARE.
WHEN, WHEN I SAID FIRST PROJECT IN, I MEANT FIRST GROUND UP CONSTRUCTION PROJECT, YOU CAUGHT ME THERE.
UM, AND THE, THE INTENT IS YOU GET A RESERVATION AND HOPEFULLY COME IN.
DO YOU PLAN TO GET A MOU, UH, FOR PARTNERSHIP AS WELL? YES, THAT WAS PART OF OUR APPLICATION.
UH, IN YOUR APPLICATION, UM, I NOTICED WHAT APPEARED TO BE A CONSIDER TO BE A SERIOUS TECHNICAL ERROR.
UM, THE, AS YOU KNOW, THESE PROJECTS IS, IS WHERE EVALUATED, IT'S VERY IMPORTANT TO LOOK AT THE LOCATION OF THE PROJECT RELATIVE TO SERVICES, PARKS, YOU KNOW, HOUSES, WORSHIP, TRANSPORTATION, ET CETERA.
THE, UM, SITE, WHICH THERE'S A, YOU HAVE TWO DIFFERENT SITE, TWO DIFFERENT SITES.
YOU HAVE ONE SITE ON THE SOUTH SIDE OF CFO, ABOUT A QUARTER MILE EAST OF ANOTHER SITE, WHICH HE USED FOR PURPOSES OF DETERMINING THE PROXIMITY TO ALL OF THESE SERVICES.
SO MY QUESTION IS, MS, BE QUESTION MR. BELAN IS DIRECTORS, WE HAVE A DUTY OF CARE, UH, TO THE ORGANIZATION.
WE'D HAVE TO MAKE A FEE THAT INCLUDES IMPORTANT DECISION MAKING.
SO IN THIS CASE, WHEN I LOOKED AT, FOR EXAMPLE, ACCESS TO PUBLIC TRANSPORTATION, IT'S SHOWING ACCESS FROM A DIFFERENT SITE ON THE OPPOSITE SIDE OF THE ESPRESSO.
SO IT'S ACTUALLY IMPOSSIBLE FOR ME IN THE APPLICATION TO DETERMINE ACCESS TO PUBLIC TRANSPORTATION AND SIMILAR FOR OTHER, OTHER THINGS.
SO CAN YOU COMMENT ON THAT? YEAH, SO THERE WAS SOME CONFUSION PRIOR, UM, AND, AND IT WAS ACTUALLY AARON THAT BROUGHT THIS TO OUR ATTENTION, UM, AFTER THE APPLICATION WAS SUBMITTED.
UM, SO WHEN YOU PUT THE ADDRESS INTO GOOGLE MAPS TO TO MAP SOMETHING OUT, IT, IT TAKES YOU TO A DIFFERENT LOCATION.
AND, AND THAT WASN'T, WE DIDN'T REALIZE THAT, UM, THE, THE PERSON THAT WAS CREATING THOSE MAPS FOR, FOR THE APPLICATION ATTACHMENTS, UM, DID NOT REALIZE THAT THE, UM, GOOGLE MAPS WAS SHOWING THE WRONG PLACE FOR THIS PARTICULAR SITE.
UM, SO THE, THE CORRECT SITE IS THAT PORTION OR IS THE PROPERTY, UM, JUST TO THE SOUTH OF 1 75.
AND THEN FOR SOME REASON, I, I'M REALLY NOT SURE WHY, WHENEVER YOU JUST TYPE IN THE ADDRESS TO GOOGLE MAPS, UM, IT POPULATES A, A SPOT JUST NORTH OF 1 75 LIKE YOU WERE SAYING.
UM, AND, AND THAT DID CAUSE SOME CONFUSION.
UM, AND WE ARE MORE THAN HAPPY TO, TO MAKE ANY CORRECTIONS WE NEED OR, OR PROVIDE ANY ADDITIONAL INFORMATION THAT'S NEEDED.
UM, YEAH, I JUST, TODAY I DON'T SEE HOW I COULD LOOK AT CONSCIOUS SUPPORT THIS APPLICATION WITHOUT IT, WITHOUT HAVING THAT INFORMATION.
AND UM, IT, IT'S, IT'S CONCERNING TO ME THAT, THAT YOU GUYS DIDN'T CATCH THIS MISTAKE.
AND IF I LOOK IN THE APPLICATION, THE DEVELOPMENT FEE BE GETTING THIS BETWEEN SIX AND $7 MILLION.
I'M SAYING IT'S DEFERRED, BUT IT SEEMS KIND OF BASIC.
WAIT A MINUTE, I, I MIGHT BE UNCLEAR.
IS IT JUST THAT GOOGLE MAPS, LIKE THE ADDRESS IS CORRECT? RIGHT.
AND JUST GOOGLE MAPS TAKES YOU TO SOMEPLACE ELSE? IS THAT, THAT THE ISSUE IS THAT WHERE IT TAKES IT TO, THEY USED THE WRONG LOCATION FOR THE PURPOSE OF THEY JUST, SOMEBODY JUST TYPED IN THE GOOGLE MAP, EVIDENTLY
SO I, SO THAT ONE THAT'S OUTLINED, THAT'S THE CORRECT SITE.
THAT'S THE CORRECT SITE, BUT YES.
AND, AND THE SITE THAT COMES UP ON GOOGLE MAPS IS JUST NORTHWEST PAGE? YES.
SO IF YOU GO TO ALL ONE THAT'S SHOWING, I'M TRYING TO GOOGLE MAPS TO WORK, I JUST GOOGLED IT, I JUST GOOGLED IT ON GOOGLE MAPS AND YEAH, THAT'S, IT'S PULLING UP THE SITE, THE WRONG SITE.
IT'S ABOUT A LITTLE LESS THAN HALF A MILE AWAY ON THE OTHER SIDE OF THE HIGHWAY.
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YOU WANNA SEE IT ON GOOGLE MAPS? WELL, DO YOU HAVE THE REPORT? BUT THAT SHOWS THE PROXIMITY.UH, SO IF YOU GO TO THE EXHIBITS, IT HAS THE WRONG SITE ON.
HERE'S I SEE WHAT THE APPLICATIONS INTERNALLY LOOKING AT THE EXHIBITS, I KEPT THINKING TO MYSELF, OH, THAT THE EXHIBITS WERE SHOWING THE WRONG SITE BECAUSE I WAS THINKING OF THE GOOGLE MAPS SITE BECAUSE I KEPT THINKING THIS IS ALL, ALL THESE THINGS THEY'RE SHOWING IN THE EXHIBITS ARE ON THE OTHER SIDE OF THE HIGHWAY FROM THE SITE.
BUT NOW THAT'S A MUCH LESS DESIRABLE SITE AND THAT'S IMMEDIATELY JASON'S TRUCK PARKING.
WHAT GOOGLE MAP SHOWS, RIGHT? YEAH.
BUT I FELT LIKE THE EXHIBITS DID SHOW IT BEING ON THE OTHER SIDE AND THEY THINK WHY ARE THEY USING IT? ONE OF THE EXHIBITS, THE SITE MAP IS CORRECT, BUT THE OTHER EXHIBIT SHOW THE RIGHT SIDE, BUT THE OTHER EXHIBITS SHOW THE SITE ON THE OTHER SIDE, WHICH EXHIBITS FOR PURPOSES OF
BEYOND THE TECHNICAL, IF YOU WILL, WITH REGARD TO WHICH IS OR IS NOT THE CORRECT LOCATION IN THE PRESENTATION, EVEN THE CORRECT LOCATION.
I, UH, I DO HAVE A LITTLE CONCERN GETTING IT STILL.
IT'S APPROXIMATE LOCATION TO WITH OTHER, SUPPORTING THEM TO, WITH IT'S GROCERIES, SOME OTHER THINGS, TRANSIT, UM, AND THERE'S, THERE'S LITTLE NO TRANSIT.
AND THEN I THINK AS I LOOK AT THE SITE, IT'S, IT'S KIND OF OUT THERE ANYWAYS IF YOU WILL.
AND IT'S NOT, IT'S RIGHT ADJACENT TO SEAGA THOUGH.
BALL SPRINGS, ALL THAT'S AROUND THERE.
SCHOOL THAT'S CLOSEST I THINK MIGHT BE A SECRET.
AND SO, YOU KNOW, WHEN WE THINK ABOUT, AS I WAS THINKING ABOUT WHAT WE, WE TRYING TO ACCOMPLISH IN OUR MISSION, I JUST DON'T KNOW IF THAT LOCATION IS, DO THEY NEED MORE AFFORDABILITY IN THAT AREA OR NO? DO THEY NEED MORE HOUSING? SURE.
I MEAN, I DON'T KNOW IF THAT QUESTION WAS DIRECTED AT ME, BUT OUR PRELIMINARY MARKET STUDIES DO SHOW THAT THERE IS A NEED, UM, AND THAT THE CURRENT ABSORPTION RATE FOR UNITS OF THIS TYPE AND IN, IN THIS, UM, INCOME RANGE WOULD BE WELL ABOVE WHAT WE WOULD BE PROVIDING.
WHAT'S 10,600 CF ON PAGE 66? THERE YOU GO.
WALK ELEMENTARY SCHOOLS IN TERMS OF TRANSIT.
DART OWNS THE TRAPS OF LAND BEHIND IT.
DO YOU KNOW IF THERE'S PLANNED EXPANSION OR IS THAT JUST, I I DO NOT KNOW THAT THE WRONG, THAT'S THE WRONG, THAT'S THE WRONG, THAT'S THE WRONG TRANSIT.
IT IS ALL JUST TRUCK PLACES AND AUTO REPAIR PLACES.
SO WHERE'S THE S THE OTHER SIDE OF THE SIDE FURTHER SIDE.
THE INFLUENCE OF 20 AND ONE 70.
THAT, SO THESE AMENITIES, I'M THINKING WE'RE ON THE SAME SIDE, ALTHOUGH FAR AWAY SAYING THEY'RE ON OPPOSITE SIDE, CORRECT? YEAH.
THIS IS THE SIDE PAGE THEY WERE SHOWING TO ME TO DIRECTOR ALLEN'S POINT, DON'T THINK THIS GENERAL AREA IS PROBLEMATIC, BUT ASSUMING IT WAS ON THE OTHER SIDE OF THE EXPRESSWAY, IT WAS THEN A HALF MILE TO GET TO A BUS.
IT RUNS ONCE AN HOUR, CORRECT.
STREETS THAT YOU COULD WALK ON.
THIS IS THIS MULTIFAMILY OR YOU GOING NO, IT'S ZONED OFF.
WELL, ACCORDING TO THE APPLICATION, IT'S ZONED OFF WORK.
AND THERE'S NEW SINGLE FAMILY THAT'S NOT IN JUST TO THE SOUTH.
AND I, I MEAN I WOULD SAY THAT THIS GENERAL AREA, REGARDLESS OF IT'S JUST SOUTH OF, OR JUST NORTH OF 1 75, IT IS GOING TO BE A CAR-CENTRIC AREA REGARDLESS, BECAUSE EVEN THE TRANSIT THAT IS OUT THERE IS, UM, IT'S, IT'S, IT'S MORE SPARSELY LOCATED.
UM, AND AGAIN THIS IS TARGETING 60% A MI INDIVIDUALS AND FAMILIES.
SO IT'S, IT'S NOT THE EXTREMELY LOW INCOME INDIVIDUALS AND FAMILIES.
SO I, I THINK THE TENANT POPULATION WOULD BE MORE GEARED TO CAR OWNERS IN THE FIRST PLACE.
SO THAT'S KIND OF ONE OF THE WHAT REASONS WE CHOSE THIS SITE.
SO JAN EQU TO, DIDN'T WE DO ONE OTHER, HAVE WE ALREADY DONE ONE IN THE SEAGA AREA? YEAH, WE THE RENTAL AND WE HAVE THE SAME QUESTION ABOUT TRANSPORTATION AND I BELIEVE THEIR ANSWER WAS THAT THEY WERE GOING USE, WHAT WAS THE NAME OF THAT KIND OF TRANSPORTATION? YEAH, IT'S CALLED THE DARK.
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UM, GO GOLI.WELL THEY ALSO LBG ON THE ONE ON THE NORTH SIDE VILLE ROAD, THEY AGREED TO WORK WITH THE CITY TO INCREASE CONNECTIVITY TO
SO THEY UM, AND THEN THEY ALSO PART OF PARCEL TO FOR A, UM, CONVENIENCE STORE, GAS STATION,
AND YOU DON'T HAVE THAT HERE HERE.
AND TO THE POINT ABOUT TRANSPORTATION, YOU KNOW, WE'VE DISCUSSED BEFORE WE LOOK AT PORTABILITY, IT'S, YOU GOT TWO THINGS.
ONE IS
IT'S THE TWO TOGETHER SAVING THAT YOUR INCOME, WHICH REALLY ES WHETHER TO THE PORT OR NOT.
AND SO IN THIS CASE, TRANSPORTATION COSTS ARE GONNA BE SEE VERY HIGH.
UH, IT BE RELYING ON MOVEMENTS TODAY, EVERYWHERE TO EXTENT YOU DO WANNA WALK.
AND ONCE THE, THE SEA BILL FIELD THIS DURING, NOW AROUND, I SAID THERE'S DOWN LIKE A MILE DOWN THE ROAD MINUTES WALKING ALONG THE SERVICE ROAD.
UM, LAST MONTH DALLAS MORNING NEWS REPORTED THAT IN THAT VERY LOCATION DOING EXACTLY WALKING TO THAT FROM, AND I THINK THERE WAS NO SIDEWALK SAID, YEAH, THERE'S NO SIGN SAID IN WAS NO SIGN
WELL A LOT OF THINGS WERE SAID MEAN, YOU KINDA ASK A PRETTY INTERESTING QUESTION.
YOU KNOW, I ACTUALLY DID BELIEVE TO AN EXTENT IN CERTAIN AREAS OF DALLAS WE ARE PROVIDING SUPPLY.
'CAUSE IN SOME AREAS YOU JUST CANNOT BUILD, RIGHT? LIKE MARKETY BUILDERS CANNOT BUILD TO THE RENTS THAT THAT AREA OFFERS.
WHEREAS IF YOU GO THROUGH RUS OR YOU, THEN YOU CAN, AND IN A LOT OF AREAS YOU JUST EAT SUPPLY THIS WAY TO GET CLEAN, NICE APARTMENT COMPLEXES AND AREAS THAT JUST CAN'T GET.
SO I THINK THERE IS VALUE TO THAT.
UM, I AND NOT THE MICRO LOCATION SIDE, YOU GUYS FROM ALL GREAT ATE POINTS ABOUT THAT.
JUST THE GENERAL SOUTH THIS AREA, IT IS A FAST GROWING AREA.
UM, I MEAN THE LOGISTICS SPACE, THAT LOGISTICS JUST, JUST EXPLODING.
I MEAN I REMEMBER JAKE KIND OF THE FIRST ONE EVER USED THE WORD USING IT, BUT HE SAID LOCK IN THE
IT'S KINDA LIKE SHOOTING A LITTLE BIT FAR IN HEAD.
NOW THAT BEING SAID, I THINK SOME BOARD MEMBERS ACTUALLY BRING DARN OPINION TO TALK ABOUT JUST CONCERNS ABOUT THE MICRO LOCATION.
I USUALLY GET A LOT OF SLACK, THE LOCATION, IF IT'S ALREADY ZONE MULTIFAMILY, IF THE CITY HAS SAID THIS IS WHAT WE WANT FOR A MULTIFAMILY SIDE, THIS IS NOT.
AND SO I'M KIND OF STRUGGLING WITH WE HAVE ISSUES SIDE, IT'S NOT SO FAMILY.
MR. BAKER, DO YOU HAVE, UM, ANYTHING TO SAY ABOUT THE REZONING ASPECT OF THIS? UM, WELL WE'VE BEEN IN TOUCH WITH LORI BLAIR, UM, THAT'S THE ZONING COMMISSIONER FOR, FOR THE DISTRICT.
AND WE'VE TALKED TO HER AND TO MAYOR PRO TIM.
AND THEY'RE, THEY'RE BOTH IN SUPPORT OF THE REZONING.
UM, THAT'S KIND OF WHY WE STARTED THE, THE, THE NEIGHBORHOOD OUTREACH EARLY IN THIS PROCESS TO START GETTING FEEDBACK FROM, FROM THE RESIDENTS IN THE AREA.
UM, AS FAR AS ANY SPECIFIC QUESTIONS, I'M, THAT'S, IT'S REALLY THE ONLY INFORMATION I HAVE ABOUT THE REZONING IS THAT WE, WE'VE BEEN DOING OUR, OUR DUE DILIGENCE AND, AND REACHING OUT TO KIND OF ALL OF THE STAKEHOLDERS THERE TO MAKE SURE IT'S SOMETHING THAT WE DIDN'T FEEL WAS GONNA BE AN ISSUE TO GET TAKEN CARE OF.
YOU HAVE SITE CONTROL ON THIS SITE? WE DO.
I MEAN TO COMPLIMENT DIRECTOR
UM, IT'S RIGHT NEXT TO A CHURCH.
RIGHT NEXT TO SOME SINGLE FAMILY HOMES.
SO I MEAN, I HAVEN'T DONE THE RESEARCH RESEARCH AND I'M SURE YOU HAVEN'T DONE THE OUTREACH YET WITH THE NEIGHBORS.
IT SOUNDS LIKE THEY'RE ABOUT TO DO IT, BUT MAY PREFERRED COMPLEX, IT'S NICE TO MOVE OVER A BUNCH OF TRUCKS.
UH, I'D LIKE TO AMEND MY MOTION.
UM, I WOULD, UH, CHANGE MY MOTION IF I CAN GET SECOND FOR, TO POSTPONE THIS ONE UNTIL OUR OCTOBER MEETING.
THAT WAY WE CAN KIND OF SEE WHAT ELSE IS COMING INTO DISTRICT
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EIGHT.GIVE THEM TIME TO DO THEIR OUTREACH, EVEN GIVE THEM TIME TO CORRECT THEIR APPLICATION SO WE SEE WHAT THE ACTUAL DISTANCES ARE.
UM, IF THE BOARD WOULD ENTERTAIN THAT, I WOULD LIKE TO PUT THIS MOTION FORWARD MEAN.
THIS IS A BOND DISTANT AND USUALLY THIS IS A GOOD TIME TO ISSUE A MORE INCOME SPONSOR.
SENATE GETS REPLACED IN A LOT OF MOU COMMS TREATMENT, YOU KNOW, AND WE'RE GONNA REALLY SCRUTINIZE A BIT IF WE WANNA TELL 'EM TO WAIT UNTIL OCTOBER TO DO SO, THAT'S FINE.
BUT I THINK IT'S ALSO REASONABLE TO SAY, LOOK, JUST SEND IT IN MU COMMS, TRUST ME.
YOU KNOW, AND MAYBE BY THEN WE HAVE MORE FEEDBACK.
WE DO HAVE MULTIPLE OPPORTUNITIES TO TURN DOWN THE PROJECT.
NOW IT IS THE MOU WHERE LIKE IT'S SPEAK NOW FOR EVERYONE THAT FINAL VOTE RIGHT.
NEEDS BE REALLY GOOD REASON TO, WE'LL HAVE MORE FINANCIAL INFORMATION TOO.
BUT ALSO I THINK IN RESPECT TO THE DEVELOPER TOO, LIKE IF THERE ARE SOME OF YOU WHOSE MINDS ARE MADE UP AND JUST LIKE, I ABSOLUTELY HATE LOCATION.
I'M NEVER GONNA VOTE YES OUT KURT OUT RESPECT HIM.
YOU KNOW, LET'S, LET'S JUST SAY NO, BUT I'LL PROBABLY VOTE YES UNDER THE GUISE THAT MAYBE I COULD BE CONVINCED AT THE MOU STAGE THAT THIS IS NOT, I DON'T HATE, DON'T DISLIKE IT ENOUGH TO SAY, HEY, THAT'S NOT A FOOT IN INQUIRY.
BUT LOOK, I WOULD SECOND YOUR MOTION IF YOU, I I'LL VOTE THE RECORD.
GARCIA THIS PUSHING INTO OCTOBER, NEED THEIR ABILITY TO GET INTO THE LOTTERY.
CAN THEY STILL GET IN OCTOBER? UM, GEORGE, I BELIEVE WE HAVE TILL THE 21ST, CORRECT? THE 20TH OF OCTOBER.
OUR NEXT MEETING IS TWO WEEKS FROM NOW.
THE, THE WHATEVER OUR NORMAL LEASE CUT IN OCTOBER MEETING IS GIVE YOU SOME TIME AND GIVE YOU ALL TIME TO DO WHAT YOU NEED TO DO.
DOES THIS SAID ANYTHING BACK? I JUST GUESS MR. BAKER, WHAT IS THE POSTPONEMENT UNTIL THE OCTOBER BOARD MEETING BEFORE YOU TAKE IN THE LOTTERY? WHAT'S GONNA BE THE, HOW COULD THAT AFFECT YOUR ABILITY TO GET THIS? IS THIS GONNA KILL YOUR DEAL WITH THAT? YEAH, IT'S GONNA KILL THE DEAL.
UM, I WOULDN'T SAY IT'S GONNA KILL THE DEAL.
I MEAN ANY BIT OF UNCERTAINTY DOESN'T, DOESN'T HELP OBVIOUSLY.
UM, OR TRYING TO TO WORK THROUGH KIND OF A LOT OF DIFFERENT ASPECTS OF IT.
SO I WOULDN'T SAY IT WOULD BE DEAD IF IT GOT POSTPONED, BUT I MEAN OBVIOUSLY WE WOULD WOULD RATHER HAVE IT NOT BE POSTPONED.
I THINK THAT COULD BE ANY PROGRESS OF A ZONING, UH, CAN BE MADE.
UM, I THINK IT WOULD, THAT WOULD BE ONE AREA WHERE THERE COULD BE SOME DELAYS BECAUSE WE'RE OBVIOUSLY NOT GONNA BE SUBMITTING ZONING REQUESTS AND GOING THROUGH THAT PROCESS UNTIL WE HAVE A MORE FIRM PUTTING THAT THE PROJECT IS GOING FORWARD.
SO THAT COULD CAUSE SOME DELAYS IN THAT ASPECT OF THE, UM, KIND OF, OF, OF THE PLAN.
BUT, UM, ARE WE GOING TO WHAT OTHER NEW INFORMATION? SO WAIT, SO IF WE WERE TO, IF WE WERE TO APPROVE JUST THIS INDUCEMENT, WHICH IS WHAT'S ON OUR AGENDA TODAY, THEN ARE YOU SAYING THAT AT THAT POINT YOU WOULD GO FORWARD TOWARDS REZONING? NO, WE WOULDN'T START THAT PROCESS RIGHT NOW, BUT I MEAN THERE'S A LOT THAT GOES INTO THE PREPARATION TO GET THAT SUBMITTED.
SO, UM, WE'VE GOT THINGS THAT WE NEED TO CREATE ON OUR END AND CONSULTANTS THAT WE NEED TO BRING ON, UM, TO GET THAT, THAT PROCESS STARTED.
AND IT'S NOT COST THAT WE WANT TO INCUR IF, IF WE DON'T FEEL COMFORTABLE THAT THE PROJECT IS DEFINITELY AT LEAST MOVING FORWARD AT THIS POINT.
IS THE AREA STILL CLASSIFIED FOR THE WAREHOUSE TYPE AND THE NEW FORD DALLAS PLAN OR THE BEING RECLASSIFIED? YOU KNOW, I, I DON'T KNOW THAT OFF THE TOP OF HEAD.
I, I KNOW I LOOKED AT IT PREVIOUSLY AND I, I WANT TO SAY IT IS MIXED USE NEIGHBORHOOD MIXED USE IS, I'M PRETTY SURE IS WHAT IT IS, BUT I DON'T QUOTE ME ON THAT 'CAUSE I DON'T HAVE IT IN FRONT OF ME AND IT'S BEEN A MINUTE SINCE I LOOKED AT THAT PLAN DID POSTPONE TO BE ABLE TO PROVIDE THE CORRECT, UH, PROXIMITY FOR THE CORRECT SITE SO THAT WE HAVE THAT INFORMATION.
IT, IT'S, IT'S REALLY HARD TO HEAR PEOPLE THAT ARE FURTHER DOWN THE TABLE.
UH, THE QUESTION WAS WILL YOU PROVIDE SOME UPDATED MAPS WITH THE ACCURATE SITE OR IF WE DECIDE TO POSTPONE? YES, ABSOLUTELY.
AND WILL YOU HAVE THAT COMMUNITY MEETING BEFORE THE OCTOBER? THE DATE WE'RE CURRENTLY SHOOTING FOR IS SEPTEMBER 14TH.
UM, THAT'S SOMEWHAT CONTINGENT ON THE, UM, THE REVEREND THAT WE'VE BEEN SPEAKING WITH HEALTH.
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HE, HE DID HAVE TO, HE WAS HOSPITALIZED, SO THERE'S, WE'RE NOT SURE, UM, IF THAT'S GONNA POSTPONE OUR MEETING OR, UM, I'M ASSUMING IT WILL POSTPONE OUR MEETING.HAVE YOU TALKED TO THE COUNCIL PERSON FOR THE CITY DISTRICT CLERK? YES.
YOU SAID THAT YEAH, THE, WE'VE BEEN IN, IN CONTACT WITH MAYOR
AND, AND LORI WILL BE IN, UM, ATTENDING THE MEETINGS AS WELL FOR WHEN WE DO THE NEIGHBORHOOD OUTREACH.
AND HAVE YOU GOTTEN ANY FEEDBACK FROM THEM? JUST THEY'RE OF THE PROJECT.
SO THAT'S BASICALLY, GARCIA HAS SAID THAT HE'S AMENABLE TO AMENDING HIS MOTION IN ORDER TO POSTPONE TILL THE OCTOBER MEETING.
WOULD WE HAVE A SECOND TO THAT? CORRECT.
UM, AND UM, SO I GUESS MAYBE WE, I FORGET KARMA MENTIONED PROCEDURE HERE.
DO WE VOTE ON THE AMENDMENT?
SO YOU WOULD NEED TO VOTE ON THE AMENDED MOTION FIRST, SO WHETHER YOU'RE POSTPONED AND THEN IF THAT MOTION PASSES FAILS, WE WOULD VOTE ON
ALRIGHT, SO LET'S TAKE IT VOTE ON WHETHER WE'RE GONNA AMEND THE MOTION TO POSTPONE, BUT THAT'S ALL WE'RE VOTING ON, RIGHT? SO YOU MOVE AND SECONDED, RIGHT? YES.
UM, DIRECTOR ALLEN, I AGREE TO POSTPONE, UH, DIRECTOR MARSHALL C AGREE TO POSTPONE.
DID UH, TREASURER PHARAOH GET UP? I DID NOT SAY THAT.
UM, DIRECTOR COLLINS, I AGREE TO POSTPONE, UH, DIRECTOR HINTON AGREE TO POSTPONE VICE PRESIDENT GARCIA.
AGREE TO POSTPONE DIRECTOR ELLIS AGREE
DIRECTOR ROBINSON? YEAH, AGREE TO POSTPONE.
OKAY, WE ARE POSTPONING TILL THE OCTOBER, WE'VE ACCEPTED A MOTION AND WE DIDN'T ACCEPT AMENDMENT.
THE APPROVAL OF THE MOTION, RIGHT? YOU MOVE.
AND IS, IS IT OKAY IF I ASK ONE OR TWO CLARIFYING QUESTIONS BEFORE I GET OFF? SURE.
SO, UM, IN ADDITION TO THE UPDATED, UM, ATTACHMENTS THAT SHOW PROXIMITY TO AMENITIES AND A, A NEW SCORING OF THE APPLICATION, BASED ON THOSE FINDINGS, ARE THERE ANY SPECIFICS THAT THE BOARD WANTS TO SEE IN, IN THE, THE INFORMATION THAT I PROVIDE BACK BEFORE THE NEXT MEETING? I THINK WE PROBABLY WANT SOME FEEDBACK ON COMMUNITY MEETINGS WITH THE, LIKE WE'RE GONNA WANT FEEDBACK, UH, FROM THE COMMUNITY ON THAT SITE AND THE DESIRE AND THE DESIRABILITY, MORE FEEDBACK FROM CITY COUNCIL PERSON AND THINK IT CAN MAKE A PROGRESS ON PLANNING IN ZONING.
I JUST THINK THE QUE THE SITE IS NOT A SLAM DUNK, UH, FOR THIS ORGANIZATION.
IT'S NOT ZONE MULTIFAMILY CURRENTLY.
I THINK WE'RE JUST GONNA HAVE TO SEE SOME COMMUNITY SUPPORT OF SOME KIND FOR THIS SITE INTO THAT, INTO ANOTHER VOTE.
AND THEN ALSO PROXIMITY TO SCHOOLS.
IT DOES HAVE PROXIMITY TO QUITE A FEW DISD SCHOOLS REAL FROM ELEMENTARY SCHOOLS.
BUT, UH, AND I WOULD, I WOULD ALSO RECOMMEND JUST GROWTH PATTERNS, A LITTLE MORE GROWTH PATTERNS ON JUST THAT AREA IN GENERAL.
POPULATION INCREASES, RIGHT? I MEAN, JUST LIKE, MY UNDERSTANDING IS THAT THIS IS A FAST GROWING AREA, BUT LOOK, I, THAT'S JUST, I HEAR THAT, YOU KNOW, I KNOW, BUT LIKE, JUST A LITTLE MORE DATA ABOUT WHERE THIS AREA IS TRENDING AND WHY LOCKING IN AFFORDABILITY FOR 30 YEARS IS THE RIGHT THING TO DO.
SO I JUST THINK IT'S JUST GOTTA BE FLESHED OUT MORE.
THE, THE NEED AT THIS SITE FOR THIS, IT'S JUST, I CHECKING WITH DART AND PARKS FOR EXPANSION PLAN NOW THERE'S GONNA BE A LOT OF ACCESS, BUT IT'S CLEARLY OBVIOUS WHERE IT WOULD GO.
SOME CONTEMPLATION AROUND YOUR TRANSPORTATION.
[00:35:01]
I, I APPRECIATE THAT FEEDBACK.THANK YOU SO MUCH FOR MOVING ON TO, UH, ITEM NUMBER SIX, CONSIDERING ADOPTING INDUCEMENT RESOLUTION, DECLARING INTENT TO ISSUE BONDS FOR A LOAN TO WEST NEW TOWNHOMES LIMITED PARTNERSHIP TO PROVIDE FINANCING FOR A MULTIFAMILY RESIDENTIAL RENTAL DEVELOPMENT FOR PERSONS OF LOW AND MOTHERED INCOME.
BE LOCATED AT 6,600 SOUTHWEST WHI ROAD, DALLAS, TEXAS 7 5 2 3 7 IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $40 MILLION AUTHORIZING THE FILING OF AN APPLICATION FOR ALLOCATION OF PRIVATE ACTIVITY BONDS WITH THE TEXAS BOND REVIEW BOARD AND CONTAINING OTHER RELATED PROVISIONS.
I THINK I'LL DO THE SAME ON THIS ONE JUST TO GET THE MOTION.
UM, SOMEONE WILL BE GOING TO MAKE A MOTION
I'LL SECOND DO I HAVE A SECOND? THANK YOU.
YES, WE HAVE, UH, BLAKE HOPKINS HERE FROM LINCOLN AVENUE CAPITAL, UH, HE HAS HIS PRESENTATION THERE, SO TAKE IT AWAY, BLAKE.
AND, UM, THANK YOU EVERYONE FOR HAVING ME THIS AFTERNOON.
I'M THE VICE PRESIDENT AND REGIONAL PROJECT PARTNER WITH LINCOLN AVENUE COMMUNITIES.
UH, WE'RE A, UH, AFFORDABLE HOUSING DEVELOPER AND OWNER.
WE HAVE, UH, PROPERTIES IN 28 STATES THROUGHOUT THE COUNTRY.
MY ROLE AT THE ORGANIZATION IS TO OVERSEE DEVELOPMENT THROUGHOUT THE STATE OF TEXAS.
UM, APOLOGIZE FOR NOT BEING THERE IN PERSON, BUT IT LOOKS PRETTY PACKED TODAY, SO YOU MIGHT BE THANKFUL.
I'M HERE IN MY OFFICE UP IN PLANO.
UM, WE HAVE, UH, YOU KNOW, WE DO WORK IN PRIMARILY HOUSTON, SAN ANTONIO, AUSTIN, AND THEN OF COURSE HERE IN THE DFW MARKET, UM, HERE TODAY TO DISCUSS A PROPOSAL FOR A 202 UNIT SENIOR COMMUNITY, UH, REFERRED TO AS WESTMORELAND TOWN HOMES.
UM, AND IF YOU HAVE THE PRESENTATION, I CAN, I CAN KIND OF START RUNNING THROUGH THAT AS WELL.
UH, BUT YOU MAY RECALL THIS WAS A PROPOSAL THAT WAS ACTUALLY APPROVED BY THIS BODY LAST YEAR IN OCTOBER.
UH, IT DID GO INTO THE 2024 LOTTERY, AND WE HAD THE CALL IT GOOD OR UNFORTUNATE LUCK OF BEING SELECTED VERY, VERY HIGH IN THE LOTTERY AND WOULD'VE HAD TO CLOSE, UH, IN EARLY JULY, ESSENTIALLY.
AND WE FELT THAT AT THE TIME WE WERE NOT GOING TO MAKE IT THROUGH THE ENTITLEMENT PROCESS IN THOSE SIX MONTHS.
AND SO WE ENDED UP NOT MOVING THE DEVELOPMENT FORWARD.
WE FELL OUT OF CONTRACT WITH THE OWNER, BUT STAYED IN TOUCH.
UM, REENGAGED WITH THEM, WORKED WITH OUR DESIGN TEAM, ACTUALLY REDUCED THE NUMBER OF UNITS DOWN TO ENSURE THAT WE WOULD BE PERMITTED BY RIGHT.
IT IS ZONED TOWN HOME FOR, UH, NINE UNITS PER ACRE.
UM, THE CHALLENGE WE RAN TO LAST YEAR WAS ESSENTIALLY IN LOT SIZES.
AND SO REWORKED THE DEAL, UH, WENT DOWN FROM 242 UNITS TO 204 UNITS.
IT'S REFERRED TO AS BUILD TO RENT IS, IS SORT OF HOW IT'S REFERRED TO OFTEN.
UM, ESSENTIALLY 102 SEPARATE LOTS WITH DUPLEXES, TOWN HOMES ON THEM.
UH, WE'D HAVE ONE IN TWO BEDROOMS, UH, A MIX 50, 50% MIX OF THE TWO.
UM, AND SO SORT OF A UNIQUE PRODUCT, UH, A HUNDRED PERCENT AT 60% A MI.
UM, BUT WE FEEL IT'S SORT OF A UNIQUE OPPORTUNITY.
UH, WE DON'T OFTEN SEE 27 ACRE SITES, UM, THAT ARE DEVELOPABLE TO SORT OF DEPLOY THIS PRODUCT, THIS SINGLE STORY TOWN HOME PRODUCT.
UH, OFTENTIMES WE'RE DOING FOUR STORY ELEVATOR BUILDINGS OR THREE STORY WALKUPS.
UM, SO WE THINK IT'S JUST A REALLY UNIQUE OPPORTUNITY.
UH, AGAIN, THIS WAS A DEVELOPMENT APPROVED LAST YEAR, WENT INTO THE LOTTERY.
UM, HOWEVER, BASED ON THE TIMING, YOU KNOW, TO GET THE APPROVALS FOR ENTITLEMENTS, UM, WE DID NOT MOVE IT FORWARD LAST YEAR FOR APPROVAL.
UH, AND ULTIMATELY DID NOT CLOSE ANY, ANY, YOU KNOW, ANY DEAL ON IT.
AND SO WE'RE BRINGING IT BACK TO YOU, UH, FOR A 2025 BOND APPLICATION.
UM, AND, AND SEEKING THE SAME APPROVAL AS ESSENTIALLY LAST YEAR.
THIS WOULD JUST, AS AARON MENTIONED, JUST GIVE US THE OPPORTUNITY TO SUBMIT FOR BOND APPLICATION IN OCTOBER AND THEN OF COURSE, GO THROUGH THE MOU PROCESS.
UM, WE WOULD BE SEEKING A PARTNERSHIP, UM, IN, IN TERMS OF, YOU KNOW, DALLAS HOUSING FINANCE CORPORATION SERVING AS THE, THE NONPROFIT GP, THE LANDOWNER, AND TYPICALLY THE GENERAL CONTRACTORS.
HOW WE STRUCTURE WITH OUR NONPROFIT PARTNERS.
UM, AND, UM, AGAIN, WE CITE, UM, JUST TO SORT OF ORIENT FOLKS AGAIN FOR THOSE THAT WEREN'T HERE LAST YEAR, UH, OR, OR NOT FAMILIAR WITH THE SITE.
UM, THIS IS IN DISTRICT THREE, UM, JUST NORTH OF SORT OF REDFORD MALL AREA.
UM, WE'LL TALK ABOUT SOME OF THE, THE STRENGTHS AND WEAKNESSES OF IT.
BUT, BUT SOME OF THE FEEDBACK WE RECEIVED LAST YEAR GOING THROUGH THE PROCESS IS SOME OF THE CONCERN IN THE COMMUNITY OF, OF POTENTIALLY OVER CONCENTRATION OF AFFORDABILITY IN THE AREA.
AND SO WE HAVE INCREASED THE A MI LEVEL TO A HUNDRED PERCENT AT 60% FOR THIS.
UM, BUT WE DO FEEL THAT SORT OF BEING THE SORT OF SINGLE
[00:40:01]
STORY TOWN HOME PRODUCT SORT OF DIFFERENTIATES US A LITTLE BIT FOR SENIORS.UH, A HUNDRED PERCENT AT 60% COMPARED TO SORT OF THE TYPICAL FOUR STORY ELEVATOR BUILDING THAT OUR ORGANIZATION, SEVERAL OTHER ORGANIZATIONS DEVELOPED THROUGHOUT THE STATE.
UM, AND AGAIN, THE SITE ITSELF, UM, IT DOES HAVE A BUS STOP DIRECTLY ON THE PRO ADJACENT TO THE PROPERTY IN THE RIGHT OF WAY.
UH, IT'S THE 57 ROUTE THAT RUNS, UH, NORTH AND SOUTH ON WEST WESTMORELAND.
UM, IT SORT OF BACKS INTO THE, THE BOULDER PARK TRAIL OFF THE REAR OF THE PROPERTY.
UM, SOME WITH SOME CONNECTIVITY THERE.
UM, YOU KNOW, IN TERMS OF SORT OF PROXIMITY TO, UM, GROCERIES AND SOME HEALTHCARE SERVICES.
UM, IT'S NOT NECESSARILY DIRECT WALKING DISTANCE.
I WOULDN'T CALL IT DIRECTLY WALKING, BUT, UM, YOU KNOW, A SHORT DRIVE TO, UH, SEVERAL, UM, AMENITY SPACES, UH, CONNECTED, YOU KNOW, AT THE RED BIRD MALL AREA IN THAT SORT OF COMMERCIAL ZONE ON THE SITE ITSELF.
UM, YOU KNOW, WE SORT OF THINK OF THIS SORT OF BUILD TO RENT PRODUCT AS ALMOST TAKING OUR, YOU KNOW, SORT OF TRADITIONAL RENTAL TAX CREDIT DEVELOPMENT AND SORT OF FLATTENING IT OUT AND SPREADING IT ACROSS THE PROPERTY, RIGHT? WHERE WE'LL STILL HAVE A CENTRALIZED COMMUNITY ROOM, COMMUNITY SPACE, UH, WITH OUR SWIMMING POOL AND, AND AMENITIES AREA, UM, FITNESS FACILITY, DOG PARK, RESIDENT GARDEN, ALL OF THOSE SORT OF AMENITIES WE TYPICALLY PROVIDE.
UM, WE ALWAYS PROVIDE, YOU KNOW, UM, PERIMETER FENCING, SECURE GATE ACCESS, UM, SORT OF ALL THOSE STANDARD, UH, SECURITY FEATURES.
UM, WOULD ALSO PROPOSE TO HAVE IN UNIT LAUNDRY ON THESE, THESE UNITS.
UM, PATIOS STAR APPLIANCES IN TERMS OF THE FIELD.
YOU KNOW, YOU'D HAVE FRONT YARDS AND BACKYARDS.
UM, SO IT WOULD HAVE THAT SORT OF, I THINK THE NEXT SLIDE, POTENTIALLY THE SLIDE BEFORE THIS POTENTIALLY MIGHT HAVE HAD A, A SORT OF A SITE PLAN.
YEAH, SO THIS IS A VERY PRELIMINARY SORT OF LAYOUT THAT THE ENGINEERS HAVE PUT TOGETHER.
THIS IS THE SITE AND HOW IT WOULD LAY OUT.
UM, SO WHEN YOU'RE IN THERE AND, AND YOU'RE KIND OF LOOKING AT IT COMPARED TO THE SINGLE FAMILY HOMES ACROSS THE STREET OR SOME OF THE TOWN HOMES ACROSS THE STREET, IT HAS THAT SORT OF SIMILAR NEIGHBORHOOD FEEL, UH, WHERE IT'S STREET SCAPES, FRONT YARDS, UM, PARKING, UH, OR WORKING THROUGH RIGHT NOW, BUT IS ANTICIPATED TO BE OFF THE STREETSCAPE, YOU KNOW, ONTO THE, ONTO THE LOT ITSELF.
UM, AND SO IT WOULDN'T NECESSARILY HAVE THAT APARTMENT FEEL THAT WE TYPICALLY DEVELOP.
IT'S, IT'S MORE OF THIS, UM, TOWN HOME DUPLEX FEEL WHERE YOU'D HAVE STREET SCAPES.
UM, SO YEAH, WE CAN KEEP HEADING THROUGH.
UM, JUST WENT THROUGH THIS ONE.
AND THEN IN TERMS OF, YOU KNOW, SOME OF THE OTHER STRENGTHS, WE, WE DO, UM, HAVE, YOU KNOW, PRELIMINARY MARKET STUDY THAT THAT FOUND, UM, YOU KNOW, EXTREMELY HIGH OCCUPANCY RATE IN THE AREA FOR STABILIZED LITECH.
UM, YOU KNOW, 15%, EVEN AT 60% A MI SPREAD TO MARKET AND, UH, A LOW CAPTURE RATE OF 4.4.
SO IN TERMS OF SORT OF THOSE STANDARD, YOU KNOW, MARKET STUDY ECONOMICS, WE LOOK FOR THAT, THAT DESPITE, YOU KNOW, THE AREA ADMITTEDLY HAVING, UH, ALREADY SEVERAL, UH, LITECH PROPERTIES, UM, STILL MEETS THOSE SORT OF THRESHOLDS WE LOOK FOR.
AND AGAIN, JUST IN TERMS OF THE DESIGN, UM, THIS IS A PRODUCT OUR ORGANIZATION HAS, UH, UNDER CONSTRUCTION RIGHT NOW IN, IN ARIZONA AND IS IS DOING ONE IN OHIO.
BUT, UM, WE'RE EXCITED ABOUT THE OPPORTUNITY.
YOU KNOW, WE JUST DON'T FIND A LOT OF 26, 27 ACRE PROPERTIES, RIGHT, UM, THAT WE CAN DEPLOY THIS, UH, PRODUCT.
SO WE THINK IT WOULD BE A GOOD FIT.
UM, IT WOULD BE 55 AND OVER WOULD BE THE AGE RESTRICTION FOR THIS DEVELOPMENT.
UM, AND CAN HEAD TO THE NEXT ONE.
IN TERMS OF THE ECONOMICS, WE'RE NOT CURRENTLY SEEKING ANY SOFT FUNDS, UM, YOU KNOW, FROM, FROM DALLAS OR ANY OTHER SOURCES.
IT WOULD JUST BE DEFERRED DEVELOPER FEE.
UH, THIS ONE'S STRUCTURED AS A, A FANNY, UM, MT E, WHICH IS HOW WE'VE CLOSED SEVERAL DEALS THIS SUMMER.
UM, YOU KNOW, WE'LL HAVE TIME.
WE, THIS DEAL WOULDN'T CLOSE UNTIL SUMMER 2025.
UM, THE TTAB HAS BEEN PROBABLY THE MOST ADVANTAGEOUS, UH, PRODUCT THAT WE'VE BEEN WORKING WITH THIS YEAR.
UM, BUT IF IT'S DROPPED WITH 35 YEAR AMORTIZATION FROM 40 YEAR, IT STARTS TO GET PRETTY COMPARABLE TO A, A PRIVATE PLACEMENT.
SO IN TERMS OF THE DAY-TO-DAY ECONOMICS OF THE, OF THE MODELING THAT WILL MOST LIKELY SHIFT BETWEEN NOW AND THEN.
UM, BUT OVERALL, NO ANTICIPATED NEED FOR, FOR SOFT FUNDS AT THIS TIME.
YEAH, SO I THINK THE, THE BIGGEST CHALLENGE THAT WE HEARD LAST YEAR WHEN GOING THROUGH SORT OF THE PRELIMINARY, UM, DISCUSSIONS WITH THE SITE, UM, MEETING WITH DARRELL HERBERT, THE, THE CPC COMMISSIONER WAS SORT OF A CONCERN IS DOES THIS AREA OF DISTRICT THREE HAVE AN OVER CONCENTRATION OR ALREADY HAVE ENOUGH LITECH? UM, AT THAT TIME WE DID HAVE A CARVE OUT OF 30% A MI UNITS IN THE DEVELOPMENT.
UM, COMING BACK WE WOULD BE LOOKING AT A HUNDRED PERCENT AT 60%.
SO SORT OF THE UPPER LEVEL OF A, OF A MI, UM, REDUCING THE UNITS DOWN AND THEN PROVIDING A SORT OF ALTERNATIVE PRODUCT WE THINK COULD HELP SORT OF DIFFERENTIATE THIS DEVELOPMENT FOR SENIORS.
UM, BUT WE WOULD REQUIRE, IN ADDITION TO OUR RESOLUTION OF NO OBJECTION, WHICH WE ALWAYS REQUIRE, THE RESOLUTION OF NO OBJECTION, WOULD ALSO NEED TO, TO NOTE THAT THE CENSUS TRACK HAS MORE THAN 20% MY TECH UNITS.
AND SO THAT IS AN ITEM, UH, WE'RE WELL AWARE OF AND, AND AN ITEM WE UNDERSTAND WE NEED TO,
[00:45:01]
TO MAKE SURE WE WORK THROUGH.UM, I DO HAVE A MEETING, UH, SET UP WITH, UM, COUNCIL MEMBER GRACIE ON SEPTEMBER 10TH.
UM, WE'LL BE MEETING WITH COUNCIL MEMBER, UM, TO RECEIVE HIS FEEDBACK.
UM, BUT UH, OVERALL WE UNDERSTAND THAT'S, YOU KNOW, EVERY DEAL HAS ITS CHALLENGES.
OBVIOUSLY THAT'S PROBABLY THE, THE BIGGER CHALLENGE FOR THIS DEVELOPMENT AS OPPOSED TO LOCATION OR, OR PROXIMITY TO TRANSIT, THINGS LIKE THAT, THAT WE TYPICALLY WILL SEE.
IT'S, IT'S MORE OF THAT, UM, MORE, UM, UNDERSTANDING OF THE SORT OF ECONOMICS AND, AND NEED, IF YOU WILL, UH, FOR THE DEAL.
UM, AND SO YEAH, AS, AS ERIN MENTIONED TODAY, YOU KNOW, WHAT WE'RE REALLY SEEKING IS JUST THE OPPORTUNITY TO SUBMIT THE, UH, APPLICATION TO THE TEXAS BOND REVIEW BOARD IN OCTOBER.
UM, WE WOULD OF COURSE COME BACK TO, UH, GO THROUGH THE MOU PROCESS, UH, IN TERMS OF OUR TIMELINE.
UM, THE APPLICATION GETS SUBMITTED IN OCTOBER.
THE LOTTERY TAKES PLACE IN NOVEMBER AND THEY START FUNDING DEALS IN JANUARY.
WE WOULD THEN HAVE 180 DAYS TO CLOSE DEPENDING ON WHEN WE'RE AWARDED.
UM, ANTICIPATE LIKELY A SUMMER OF 2025 CLOSING, UH, TWO YEARS OF CONSTRUCTION GIVE OR TAKE.
AND THEN WE'D BE LEASING UP IN, UH, SUMMER 2027.
AND, UH, WAS THAT, YOU KNOW, HAPPY TO ANSWER ANY QUESTIONS THAT THE, THE GROUP MAY HAVE.
SO I, I JUST WANNA SAY THAT, UM, THAT THE REASON I'M HOPING THAT, UM, THAT, UH, MEMBER GRACIE WILL BE MORE AMENABLE TO PUTTING THIS PARTICULAR LITECH DEAL AND FOR ALL THE REASONS YOU SAID ABOUT, YOU KNOW, HOW DIFFERENT IT IS BEING A TOWN HOME DEVELOPMENT, BUT ALSO, YOU KNOW, I DON'T THINK THERE'S AS MUCH SENIOR LIGHT THAT'S MY QUESTION OF THAT CONVERSATION.
HOW MUCH OF, HOW MUCH OF IT IS SENIOR? YEAH, THAT'S VERY LITTLE SENIOR.
MY, MY UNDERSTANDING AND WE, WE DO NEED TO ADMITTEDLY UPDATE THE MARKET STUDY.
UM, BUT IT, SO MAY
WITHIN THE DIRECT, UH, PROXIMITY IN TERMS OF THE AFFORDABILITY.
BECAUSE I THINK THAT'S A BIG DEAL.
I THINK THAT'S A BIG, THAT A BIG DIFFERENTIATION.
YOU KNOW, I, I THINK THERE'S, I THINK THAT'S BIGGER THAN THE, THE PRODUCT.
I THINK THAT, THAT IT'S A DIFFERENT, DIFFERENT SENIORS WHO MIGHT, UM, WHO MIGHT HAVE BEEN LIVING, YOU KNOW, FOR MANY YEARS IN THAT AREA AND NEED TO GET OUT OF, YOU KNOW, POSSIBLY A SINGLE FAMILY HOME AND AND WANNA STAY IN THEIR NEIGHBORHOOD.
SO, UM, BUT I HAVE A QUESTION.
THERE WAS THIS STRANGE EXHIBIT TO THE CONTRACT THAT TALKED ABOUT SOME PAYMENT TO AN INDEPENDENT CONTRACTOR.
YEAH, THAT'S, THAT IS THE, THE, THE OWNER, SO THE OWNER OF THE PROPERTY ESSENTIALLY IS A GROUP THAT HAS, HAS OWNED THE PROPERTY FOR SEVERAL YEARS.
WE, WE SPOKE WITH THEM AND IT'S, IT'S A GROUP THAT UM, ACTUALLY HAS SOME DONE SOME WORK IN THE LIVE TECH SPACE ON THE MANAGEMENT SIDE.
UM, WE LOOKED AT JOINT VENTURING WITH THEM, ESSENTIALLY BRINGING THEM INTO THE OWNERSHIP GROUP AS A JOINT VENTURE.
UM, BUT IN OUR EXPERIENCE, WHEN WE HAVE OURSELF A THIRD PARTY PLUS THE NONPROFIT GP, UM, IT LIKELY WOULD HAVE GOTTEN VERY COMPLICATED IN TERMS OF THE OWNERSHIP STRUCTURE.
WE ENDED UP WORKING AT A DEAL WHERE ESSENTIALLY THEY WOULD BE RECEIVING DEVELOPER FEE ONLY FROM OUR SHARE OF DEVELOPER FEE.
AND SO THERE'S ESSENTIALLY A FEE OF DEVELOPER FEE, BUT THEY'RE NOT PART OF THE OWNERSHIP STRUCTURE OR THE BORROWER.
AND SO IT WOULD NOT IMPACT THE, THE DALLAS HOUSING FINANCE CORPORATIONS SPLIT, IF YOU WILL, OF ANY ECONOMICS.
IT WOULD ONLY COME OUT OF SPONSORS SHARE.
UH, BUT THIS IS A WAY TO ESSENTIALLY KEEP THEM ESSENTIALLY AS A PARTNER BUT NOT AS PART OF THE OWNERSHIP STRUCTURE.
THERE'S THIS BIG DISTINCTION THERE, IF YOU WILL, IN TERMS OF, UM, BUT WE WOULD SERVE AS THE, A GUARANTOR, OH, GO AHEAD.
YOU'RE STILL GONNA TAKE YOUR FULL DEVELOPER FEE THEN FEE THAT LIITE PERMITS AND THEN THERE'S EXACTLY.
AND WE WOULD, AND WE WILL, YOU KNOW, HAVE A NEGOTIATED SPLIT WITH DALLAS HOUSING FINANCE CORPORATION.
IT WOULD NOT, BUT OUT OUR SHARE OF THE SPLIT, THAT'S WHERE THAT FEE WOULD COME FROM.
IT'S LIKE THAT'S STANDARD NOW.
THEY'RE JUST SAYING, WE'RE GONNA NEGOTIATE OUR FEE AND THEN THEY'RE GONNA PAY OUT OF THEIR END AND WE'LL PAY OUT OF OUR END.
SO IT WOULDN'T IMPACT YOU GUYS, BUT WHAT IT DOESN'T DO IS IT, THEY WOULD NOT SHARE ANY CASH FLOW SPLITS OR REFINANCING RESIDUALS OR BE PART OF THE OWNERSHIP STRUCTURE OR THE GUARANTOR OR ANY OF THAT.
SO WE WOULD BE THE GUARANTOR TO SPONSOR ALL OF THAT.
IT JUST GOT, WE WENT KIND OF BACK AND FORTH AND ROUND AND ROUND ABOUT HOW WE COULD DO A JOINT VENTURE ON THE OWNERSHIP SIDE.
AND IT WAS JUST THAT HERE, THE ECONOMICS THAT YOU WOULD BE RECEIVING, WHY DON'T WE JUST PROVIDE YOU THE ECONOMICS AND THEN NOT HAVE YOU IN THE ORGANIZATION DEVELOPER FEE THAT THEY PARTICIPATED IN.
I WOULD THINK JUST NOT INCLUDE THE PRICE.
IS IT JUST BECAUSE IT COULDN'T PAY THAT AMOUNT UPFRONT ON THE PRICE, SO, YEAH, EXACTLY.
SO IT, IT, IT WOULD BE ESSENTIALLY SPREADING THAT COST OUT.
[00:50:01]
SO BASICALLY IT'S'CAUSE THEY ALSO DID PROVIDE SERVICES.
THEY'VE OWNED THE SITE FOR A GOOD FOUR YEARS AND THEY'VE DONE A LOT OF DEVELOPMENT SERVICES.
UM, LIKE THE SITE PLAN YOU SAW ON THE SLIDE, FOR EXAMPLE, THEY WERE WORKING WITH THE ARCHITECT SINCE WE'VE BEEN OUT OF CONTRACT THE LAST YEAR.
THEY'RE THE ONES THAT WERE GOING TO TAKE IT FORWARD.
UM, AND SO THERE, THERE IS A DISTINCTION THAT THIS WOULD BE FOR THEIR WORK AS THE DEVELOPER YEAH.
TO, IT LOOKS LIKE A THIRD PARTY SERVICES FEE ALMOST.
AND THAT, THAT'S HOW WE FEES, BECAUSE THEY'VE PROBABLY SPENT SEVERAL HUNDRED THOUSAND DOLLARS ON, ON ENGINEERING FEES AND EVERYTHING TO GET THIS SITE WHERE IT NEEDS TO BE.
UM, BUT THEY ALSO OWN IT, RIGHT? SO THERE'S ALSO A DISTINCTION BETWEEN, BECAUSE IT'S SPACE, WHAT'S BASE ELIGIBLE, WHAT'S NOT BASE ELIGIBLE FOR TAX GREATER PURPOSES.
SO THERE IS A DISTINCTION THERE THAT THIS WOULD BE FOR THEIR DEVELOPMENT SERVICES, THE ENGINEERING WORK THEY'VE DONE, THE GRADING, YOU KNOW, STUDIES, THE ALL, ALL EVERYTHING THAT THEY PUT INTO THIS PROJECT THEY'RE GETTING RECOUPED FOR.
AND THAT THAT FEE, THAT 1.275 I THINK IT IS, THAT IS NOT IN THE PROJECT BUDGET AT ALL.
THAT'S JUST, YOU GUYS ARE, THAT IS DEVELOPER TAKING OUTTA EXACTLY.
SO IT'S, IT'S IN THE, IT'S IN THE BUDGET, BUT IT, IT'S IN THE DEVELOPER FEE.
AND SO IF YOU LOOK AT PART OF THE DEVELOPER FEE, ESSENTIALLY A PORTION THAT GOES TO THE SPONSOR, WE WOULD BE NET THAT WOULD BE NET OUT OF THE SPONSOR'S DEVELOPER FEE.
LIKE I KNOW YOU NEED TO GET THAT ADDITIONAL RESOLUTION FOR THE OVER 20% CONCENTRATION.
WHAT IS THE CONCENTRATION RIGHT NOW? UM, SHOOT, I, YOU KNOW, I, I DO NOT KNOW OFF THE TOP OF MY HEAD.
I CAN CERTAINLY EMAIL YOU THAT RIGHT NOW.
TDHC HAS A, A REALLY CLEAN SPREADSHEET THAT I COULD EVEN PULL IT DOWN BETWEEN THE NEXT MYSELF AND THE NEXT PRESENTER IF YOU'D LIKE.
UM, YEAH, T-D-H-C-A HAS A SPREADSHEET THAT HAS ALL THE CENSUS TRACKS.
UM, DON'T HAVE IT OFF THE TOP OF MY HEAD.
IF NOT, I CAN, I CAN EVEN STICK AROUND AND LET YOU GUYS KNOW RIGHT AFTER THE NEXT PRESENTER.
AND I, I HAVE A RELATED QUESTION IS HOW LARGE IS THE SIZE OF THE CENSUS TRACK? BECAUSE SOME OF THESE CENSUS TRACKS CAN BE VERY SMALL, SO OH YEAH.
CENSUS TRACK RUNS, IT INCLUDES THE MALL.
ON CENSUS TRACK, I THINK IT'S LIKE 4,000.
HOW MANY UNITS ARE IN THE CENSUS TRACT TOTAL? YEAH, IT DOES, BUT UP AGAINST THE BIG AIRPORT.
VICE PRESIDENT
YOU LOOK AT WHICH PATTERN COULD BE, THIS IS THE CENSUS TRACK ITSELF.
THIS IS NOT THE C-D-H-C-A WEBSITE CENSUS TRACK.
THIS IS, UM, A CENSUS TRACK LOOKUP SITE.
YES, THE RUNWAY THREE GOES EAST, WEST, AND THIS IS LIKE SOUTH OF THE, THE AIRPORT.
SO PLANE FOR NOT SOMEWHERE GOOD.
I, THERE'S A QUESTION ON THE NOISE STUDY.
WE DID CHECK THE NOISE, UM, CONTOUR MAPS AND WE ARE OUTSIDE OF, OF THE DECIBEL LEVEL THAT NEEDS TO BE, DID WE MISS SOMETHING THAT YOU SAID, MR. HOPKINS? YEAH.
DID YOU FIND THE SECOND DEMO REPORT? YEAH, THERE'S SOMETHING ABOUT THE CENSUS TRACK.
WE WERE KIND OF, YEAH, WE WERE TALKING.
THE, AT LEAST WHAT I'M SEEING HERE IS NUMBER OF HOUSEHOLDS 1007, 769 1000 HOUSEHOLDS, HOUSEHOLDS 1007 SIX LITERAL HAVE 200 UNIT.
SO THAT'S PROBABLY, YOU KNOW, THE VACANCY FLYING INTO THAT DIRECTOR ROBINSON, DO YOU HAVE ANY QUESTIONS? UH, I, I DON'T OFFHAND, UH, I, YEAH, I I LIKE THE FACT IT'S EMPTY LAND, UH, YOU KNOW, UNDEVELOPED LAND.
UH, ONE THING THAT CAME TO MIND LOOKS LIKE THERE'S A CREEK GOING THROUGH IT.
IT'S, I ASSUME IT'S DRY WEATHER CREEK, UH, WHAT WEATHER CREEK BROTHER? YEAH.
IT RUNS ALONG THE REAR OF THE SITE.
SO THE SITE WOULD DRAIN DOWN TOWARDS THE CREEK.
THIS WILL, THIS SITE WILL REQUIRE A SIGNIFICANT AMOUNT OF RETAINAGE RETAINING WALLS.
AND SO THAT IS SORT OF ONE OF THE LARGER SITE WORK COSTS WE HAVE.
UM, AND THEN THE SITE IS SORT OF BIFURCATED ON SORT OF THE NORTHERN, THERE'S LIKE A LITTLE TRIANGLE THAT KIND OF, IT CREATES.
UM, SO THERE ARE SOME SITE WORK CHALLENGES, UM, THAT WE HAVE TO WORK THROUGH.
UM, BUT THE PLAN RIGHT NOW IS TO USE RETAINING WALLS TO SORT OF STEP THIS PROPERTY DOWN AND THEN EVERYTHING WOULD DRAIN.
THERE'S ACTUALLY A, UM, THERE IS, YOU KNOW, WATER SEWER INFRASTRUCTURE AT THE SITE, BUT EVERYTHING WOULD DRAIN DOWN, UM, TO THAT, THAT
[00:55:01]
INFRASTRUCTURE.BUT YOU'RE NOT DISTURBING THE CREEK PER SE? NO, NO.
YEAH, WE, WE STAY OUTTA THE CREEK.
SO THE, UH, I DUNNO IF WE WANNA BRING IT BACK UP, BUT THE, THE SITE PLAN IS DESIGNED TO ESSENTIALLY STAY OUT OF ANY, YOU KNOW, ANY FLOOD ZONE AND, AND STAY UP KIND OF NORTH OF THAT.
AND WE USE RETAINING ESSENTIALLY TO SORT OF KEEP OURSELVES OUT OF THAT AREA.
UH, AND LAST QUESTION WAS, YOU MENTIONED THESE FRONT AND BACKYARD.
I MEAN, I, I LIKE THIS TOWNHOME CONCEPT.
WHO, WHO MAINTAINS THAT? DO TENANTS MAINTAIN THOSE OR DO, UH, OWNERSHIP DOES.
AND SO THAT WAS, THAT WAS SOMETHING WE, UM, IT'S KIND OF, WE, WE WERE LEARNING ABOUT THE PROCESS AS WELL OVER THE LAST YEAR THAT, YOU KNOW, LANDSCAPE COSTS ARE SOMETHING WE REALLY NEEDED TO MAKE SURE WE BUDGET FOR.
YOU KNOW, WHEN WE, WHEN WE REALLY START DRILLING DOWN ON THE ECONOMICS AND THE, AND THE PROFORMA, UM, SITE MAINTENANCE, CONTRACT SERVICES, THINGS LIKE THAT ARE, WE'RE REALLY HAVE TO DIAL IN COMPARED TO OUR, YOU KNOW, FOUR STORY ELEVATOR BUILDING THAT WE, WE SEE A TON OF, YOU KNOW.
GO THROUGH AND HAND EVERYBODY VOTE.
OH, UHUH, WE BE, WE NEVER GOT TREASURER THERE, RIGHT.
DIRECTOR COLLINS, IN FAVOR? UH, DIRECTOR HINTON.
IN FAVOR, UH, VICE PRESIDENT GARCIA.
IN FAVOR, DIRECTOR ELLIS IN FAVOR.
I IN FAVOR, DIRECTOR ROBINSON.
IN FAVOR, DIRECTOR MOORE IN FAVOR.
SECRETARY PAGE IN FAVOR AND DIRECTOR ZA VOTE TO STEP OUT.
OKAY, PATTY, REALLY QUICK, CAN YOU, UH, MAKE SURE YOUR CAMERA'S ON? THANK YOU.
DO YOU, UM, I ALMOST GOT TO, DO YOU WANT ME JUST TO SHOOT YOU AN EMAIL ON AARON ON, ON THE PERCENTAGE, UM, MYTECH UNITS AND THEN I CAN ALSO BREAK THAT DOWN BY FAMILY.
I'LL, I'LL DO SOME RESEARCH AND BREAK THAT DOWN BY FAMILY AND SENIOR.
YEAH, I'LL, I'LL DISSEMINATE WHATEVER YOU GIVE ME TO THE BOARD.
ITEM NUMBER SEVEN, CONSIDER ADOPT INDUCEMENT RESOLUTION TO CLEAR AND INTENT TO ISSUE BONDS IN AN ED PRINCIPLE AMOUNT.
NOT TO EXCEED $40 MILLION FROM A LOAN TO A LIMITED LIABILITY COMPANY OR A LIMITED PARTNERSHIP CREATED BY JPI, AFFORDABLE ACQUISITION LLC TO PROVIDE FINANCING FOR A MULTI MULTI-FAMILY RESIDENTIAL RENTAL DEVELOPMENT FOR PERSONS OF LOW AND MODERATE INCOME TO BE KNOWN AS TORRINGTON DAVIS.
AND TO BE LOCATED AT 4,700 WEST DAVIS, DALLAS, TEXAS 7 5 2 1 1 AUTHORIZING THE FILING OF AN APPLICATION FOR ALLOCATION OF PRIVATE ACTIVITY BONDS WITH TEXAS FILING REVIEW BOARD AND CONTAINING OTHER RELATED PROVISIONS.
UM, SO LET'S GO AHEAD AND PUT A MOTION ON THE FLOOR.
WE COULD FOR THE, UM, TORRINGTON DATES.
OKAY, WE CAN DO THE PRESENTATION RIGHT.
WE HAVE OUR FOLKS HERE FROM JPI.
WE HAVE, UH, BRIAN, BRIAN, BRIAN
WE HAVE CARSON LOWE, UH, HE'S IN LONDON ACROSS THE FARM THAT HE'S DIALED IN, UH, AS WELL.
SO HE DID A LOT OF HEAVY LIFTING, SO HE DESERVES A CREDIT, BUT HE COULDN'T BE HERE SO I COULD STEP IN AND, UH,
UM, BUT WITH JPI, UH, WE'VE BEEN LO UH, HEADQUARTERED HERE IN IRVING, UH, FOR THE LAST 35 YEARS.
ONLY THING WE DO IS MULTIFAMILY.
WE'VE HISTORICALLY DONE, UM, MARKET RATE MULTIFAMILY IN THE LAST THREE, THREE YEARS.
WE, WE DOVE INTO MORE OF THE AFFORDABLE HOUSING SECTOR THAT C FOR THAT, UH, IN OUR METROPLEX.
AND SO WE'VE DONE A FEW DEALS, UH, IN ANNA, UM,
WE'VE DONE A LOT OF MARKET RATE DEALS, UM, IN DALLAS.
UH, DIFFERENT, DIFFERENT LOCATIONS.
BUT, UH, THESE WOULD BE, THERE'S THIS ONE.
THE NEXT, THE NEXT ONE IS JPI, UH, AS WELL.
SO WE CAN TALK THROUGH BOTH AT THE SAME TIME OR ONE AT A TIME, HOWEVER Y'ALL WANNA DO IT.
UM, BUT THE FIRST ONE HERE IS, UH, I THINK YOU SWITCHED THE ORDER ON ME.
IS THAT RIGHT? DAVIS? DAVIS FIRST ON THIS ONE, YEAH.
THIS IS MORE IN THE WEST OAK CLIFF AREA OF TOWN.
WE HAVE HAD, UM, A LOT OF CONVERSATIONS WITH COUNCILMAN WEST, UM, HERE, AND WE MET HIM DOWN AT TAP AT THE TEXAS
I HAD LUNCH WITH HIM THERE AND TALKED TO HIM ABOUT THIS SITE AS WELL.
UH, IF YOU, IT'S RIGHT ACROSS FROM AMAZON WHERE THEY JUST PUT A, A PLANT THERE, BUT THERE'S A LOT OF TOPOGRAPHY FROM WEST DAVIS DOWN
[01:00:01]
TO THE SITE, SO IT MAKES A CHALLENGING SITE TO ACCESS.UM, FOR REALLY MOST OTHER USES.
THERE'S SEVERAL, THERE'S ATMOS LINES AND MAGELLAN LINES RUNNING THROUGH THE SITES.
WE'RE WORKING THROUGH THOSE ISSUES RIGHT NOW.
UM, IT'S THAT CONFERENCE WITH THE ATMOS.
THERE'S A FUTURE TRAIL, THE PARKS DEPARTMENT, THE LAND ON THE EAST SIDE.
SO WE LEAVING IN THAT SPACE DEDICATED AS WELL FOR THAT FUTURE.
UM, TRAIL TIMING, BUT WE HAVE TALKED TO THE PARKS DEPARTMENT ABOUT THAT AS WELL.
WE'VE SUBMITTED FOR REZONING ON THIS ONE.
UM, WE'RE KIND OF, WE'RE HOLDING OFF ON GOING TO THE PUBLIC HEARINGS, UM, AS WE WORK THROUGH THE AT LINES AND MAGELLAN LINES.
UH, WE'LL MAKE SURE THOSE ARE, WE CAN ABANDON CERTAIN LINES, RELOCATE CERTAIN LINES, MAKE SURE THOSE ARE IN PLACE.
WE'LL BE, UM, YOU KNOW, GO THROUGH THE, THE HEAVY LIFTING OF THE RE ZONE.
BUT WE HAVE, AGAIN, TALKED TO COUNCILMAN WEST, UH, AND, UH, COMMISSIONER, UH, SEVERAL TIMES, UM, ABOUT, ABOUT THIS LOCATION.
AND THEY, THEY WISH THERE WERE SUPPORT ENCOURAGED US OF THEM.
UM, OUR KIND OF THOUGHT IS DON'T, DON'T SUBMIT FOR REASON IF YOU DON'T HAVE SUPPORT OF COMMISSIONER AND THE COUNCILORS.
SO, UH, WE DIDN'T WANT TO, YOU KNOW, WASTE, WASTE ANY SIGN THAT THEY WERE AGAINST THE CHALLENGES WE FACE.
UM, HERE, HERE, THE NEXT SLIDE.
UH, THIS IS HIGH LOCATION AGAIN, YOU CAN SEE AMAZON JUST TO THE NORTH, UH, BUILT THAT FACILITY.
THERE'S A WALMART AND A LOWE'S AND OTHER BIG, UH, NAME CHAINS TO THE NORTH.
UH, THERE ARE SOME DARK BUS STOPS ACROSS THE STREET AS WELL.
THIS IS, UH, CURRENT TODAY IS SINGLE FAMILY.
UH, IT IS A, IT IS A CHALLENGING SITE.
MENTION THE TOPOGRAPHY TO DEVELOP AS THE PLAYING ON THE EAST, SOME MANY OTHER LINES THAT ARE GOING THROUGH.
SO BIG SITE KIND OF MATCH MOVES ITSELF TOWARDS THIS TYPE OF DEVELOPMENT.
WE HAVE THE BOARD MEETING AS TEST NINE SIX OR AHEAD OF SCHEDULE THERE.
BUT, UH, WE HAVE SUBMITTED FOR THE ZONING, UM, THAT ESTIMATED DATE AGAIN, TEN FIVE, THAT'S, THAT'S ESTIMATED HAS WORKED THROUGH SOME OF THE SITE CHALLENGES AND THAT WE'RE FACING AT THIS OTHERS SLIDE.
UH, THIS IS THE SITE PLAN TODAY.
SO, UH, THAT GREEN AREA ON THE RIGHT IS, IS DEDICATED OPEN SPACE.
UM, THERE IS A, A LINE THERE THAT YOU CAN'T PUT, UH, BUILDING THE PARKING ON TOP OF ANYWAYS, SO WE THOUGHT, LET'S, LET'S TURN IT INTO ITY.
YOU'RE NOT, YOU CAN'T GO ON TOP OF IT ANYWAYS.
UM, SO THAT'S WHAT'S PLANNED THERE TODAY.
YOU CAN SEE WE GOT DOG PARK FITNESS CENTER, UM, RESIDENT LOUNGES.
IT'S A LITTLE BLURRY, UM, ON THAT SCREEN, BUT, AND THEN THE VERY FAR RIGHT CIRCLE WE SEE CALLS OUT THE FUTURE TRAIL, CITY OF DALLAS DIALYSIS PLAN FOR, UM, THAT WOULD RUN ALONG SIDE OF, OF THE PLAN HERE.
WE HAVE PICTURES AT THE END TO KIND OF GET THE FEEL FOR THE REPRESENTATIVE, FEEL FOR WHAT THE PROJECT WOULD LOOK LIKE ON THE SIDELINES, SOME OF THE AMENITIES HERE.
UH, THIS IS A BREAKDOWN AGAIN, UM, OF, OF THE AFFORDABILITY HEAVY ON THE 60% A MI WITH, WITH 8%.
THIS WILL BE, UM, SPREAD OUT ALMOST 1, 2, 3 BEDROOM UNITS.
UM, THIS IS A, A BREAKDOWN OF, OF UNI MIX AND COSTS, THE REQUEST.
AND THEN HERE'S AN EXAMPLE OF, UM, ELEVATIONS.
THIS IS NOT FOR THIS SPECIFIC PRODUCT.
WE HAVEN'T GOTTEN TO THAT STAGE OF THE PLAN.
UM, BUT THIS IS ONE THAT WE'VE DONE INVOLVE SPRINGS THAT'S UNDER CONSTRUCTION TODAY.
UM, JUST A REPRESENT REPRESENTATION OF, UH, FIELD TYPE OF PRODUCT.
HERE ARE, UH, PICTURES AGAIN OF, OF SOME RENDERING, SOME REAL LIFE OF, OF THAT PRODUCT.
AND THE NEXT SLIDE, UH, THIS IS A CLUBHOUSE OF ALMOST RECENT, UM, AFFORDABLE HOUSING PROJECT COMPLETION.
UH, UH, DOWN IN THIS IS FALL SPRINGS AS WELL.
THIS IS THE EXAMPLE OF THE UNITS.
SO A LOT OF THE FINISHES THAT WE, SAME FINISHES THAT WE DO, UH, AND IN OUR MARKET RATE, WE THOSE HERE IN OUR GLOBAL HOUSING SPACE AS WELL.
AND THAT'S TALKING WITH, UH, COUNCILMAN WEST AND ATKIN.
JUST, I GUESS THE NEXT DEAL, JUMPING AHEAD A LITTLE BIT, BUT THAT'S, AND, AND BLAIR, UM, THAT WAS A, UM, UH, KIND, A VERY IMPORTANT FEATURE TO THEM IS MAKING SURE THAT THE QUALITY OF THESE THIS HOUSING IS, IS HIGH AND, UM, ON PART OF OVER THE LAST 33, 5 YEARS.
WE CAN GO THROUGH THE, THE SECOND ONE IS US TOO.
YOU GO THROUGH THAT ONE, OR I THINK YOU CAN BECAUSE WAIT, WE DON'T HAVE THE MOTION ON THE FLOOR, BUT THAT ONE, BUT IT DOESN'T MATTER.
UM, SO THE OTHER ONE WE CALL, UH, 20 FOREST, BECAUSE IT'S ON GREG THREE FOREST BOULEVARD.
I'M NOT VERY, UH, CREATIVE WITH THE NAMING
UH, LIKE, UM, WE, WE'VE TALKED, UM, WITH, WITH COMMISSIONER BLAIR AND ATKIN ON THIS ONE, MAINLY BLAIR.
WE ACTUALLY TOUR COMMISSIONER BLAIR AT ONE OF OUR PROJECTS IN DALLAS CALLED JEFFERSON CEDAR RIDGE.
UM, IT IS, UH, CENTER DISTRICT AS WELL.
[01:05:01]
ON THAT PROJECT BACK IN JULY.UM, WE HELD A, A NEIGHBORHOOD OUTREACH, OUTREACH MEETING, WHICH SHE ATTENDED AS WELL.
UM, AT THE FIRESIDE, UH, CITY CENTER, I BELIEVE.
WHAT WAS THE NAME OF IT? COMMUNITY CENTER.
UM, SHE WAS THERE AS WELL, UM, SUPPORT FROM SOME OF THOSE, THOSE NEIGHBORS IN THE AREA.
AND SO AT, AT THAT TIME, SHE RECOMMENDED, SHE KINDA GAVE HER SEAL RULE FOR US TO SUBMIT TO THE REZONES.
WE HAVE SUBMITTED FOR REZONE ON THIS AS WELL.
I BELIEVE IT ALLOWS FOR COMMERCIAL TODAY.
UM, KEEP THE SITE TO GO TO THE NEXT SLIDE.
SO IT IS THAT, THAT HARD CORNER THERE.
UH, ON GRAND STREET FOREST AND J BOULEVARD, THERE IS SOME FLOOD PLAIN THAT RUNS TO THE SITE.
IF YOU GO TO THE NEXT SLIDE, PLEASE KIND OF SEE IT FROM THAT BLUE.
UH, SO WE'RE IN THE YELLOW SQUARE.
IT'S NOT REALLY A MARKER WHERE THE RED LETTERING IS IN THE YELLOW SQUARE IS REALLY WHERE OUR SITE'S LOCATED.
UM, YOU CAN SEE THAT BLUE, WHICH IS SLOW PLANE RUNNING THROUGH THE SIDE.
WE TALKED WITH THE PARKS DEPARTMENT, UH, PHIL ERWIN, THE CHIEF, OUR ABOUT DOING A TREE PRESERVATION, UM, EASEMENT, CONSERVATION EASEMENT, I GUESS IN, IN THAT AREA, UM, FOR THE TREES AND SOME, THE AREA NEXT DOOR.
UH, BUT IT IS, IT IS KIND OF A FUNKY SIDE WITH THE WAY THE FLOOD PLANE RUNNING RIGHT THROUGH.
IT DOESN'T, IT LOOKS LIKE A PERFECT A RECTANGLE ON THE, FROM GOOGLE MAPS WHEN YOU DIVE INTO WHERE FLOW POINT IS SIMILAR TOPOGRAPHY.
IT'S NOT MORE CHALLENGING SIDE, UM, AROUND THAT AND SMOOTH EXPLAIN SLIDE.
SO HERE, HERE'S THE SIDE PLAN.
YOU CAN SEE THE FOOT PLANE AND THE CONSERVATION TREES THAT RUN, UH, ON THE EAST SIDE AND LOOP AROUND IN THE SOUTH AND COME BACK UP TO THE NO WEST, UH, PLANNING, PLANNING AROUND THAT WITH THESE, THESE TWO BUILDINGS.
A LOT OF SIMILAR AMENITIES THAT WE SAW IN ALASKA.
GATED ACCESS, DOG PARK, FITNESS CENTER, WALKING TRAIL AROUND, UH, DEVELOPMENT BOTH ON THE STREETS AND UH, AROUND KIND WHERE THE FLOODPLAIN TO ACTUALLY DECIDE AS WELL.
THERE'S A, A, UH, BUS STATION ACROSS THE STREET FROM THIS ONE AS WELL.
SLIDE SIMILAR BREAKDOWN TO THE LAST ONE.
80% SIX AT 60% A MI LEVEL AVERAGING THESE ACROSS THE THREE BEDROOM, FOUR BEDROOM TYPES AS WELL.
BUT REALLY TARGETING THAT 60% LEVEL FOR THIS ONE.
UH, BUT PICTURES, PICTURES FROM THE LAST ONE.
YOU CAN GO BACK AND TAKE OUR LOOK PRE PICTURES INSTEAD OF OUR FACES.
UH, BUT THE, THE, THE PICTURES OF THE, THAT'S WHAT REALLY SOLD BLAIR.
I'D SAY SHE, SHE DID TOUR WITH US LAST AND WE TALKED TO AT, HE'S A HARDER GENTLEMAN TO GET HOLD OF, I WOULD SAY
UH, SO HE'S, WE HAVE NOT HAD A CHANCE TO TOUR HIM.
UM, WE DID TOUR BLAIR AND THAT WOULD LET, UH, MR. COUNCILMAN LIST A COUPLE TIMES.
UM, BUT WE KIND OF HARP ON WHAT THEY LIKE IS JUST THE QUALITY WHAT WE BUILT.
SO I TO BRING THAT KNOW THAT AS, AS YOU GUYS WE'VE ALREADY DISCUSSED TODAY, BEEN BUILDING IN SOUTH DALLAS AND CERTAIN AREAS CAN COME SOME SCRUTINY.
AND THAT'S WHY WE MADE SURE THAT OPEN CONVERSATIONS WITH THE INITIAL TO MAKE SURE THEY WERE ON BOARD THE NEIGHBORHOODS.
UM, WHEN YOU MET WITH COUNCIL PERSON WITH COUNSELING WEST, AS IT RELATES TO
SO HERE'S WHAT YOU SAID THERE.
YEAH, UH, CARSON WAS IN THAT MEETING.
CARSON, ARE YOU, ARE YOU ON STILL? YEAH, AND I, I CAN SPEAK TO THAT.
UH, AND SO WHENEVER WE WERE TALKING WITH COUNCILMAN WEST, UH, HE HAD INFORMED US THAT THIS WAS ACTUALLY A RECENTLY ACQUIRED PORTION OF HIS DISTRICT.
AND SO THEY'RE NAMING IT THE WEST OAK CLIFF AREA.
AND IN DOING SO, UH, HE'S ACTUALLY FORMED A TASK FORCE FOR THIS AREA.
AND SO WE ACTUALLY WERE ABLE TO MEET WITH HIS APPOINTED COMMISSIONERS FOR THAT WEST OAK CLIFF AREA.
AND SO THEIR WHOLE VISION IS TO HAVE THIS BE SORT OF A WORKFORCE, UH, AREA, EMPHASIS ON THE JOBS THAT ARE IN PLACE.
BUT TO DO SO, THEY WOULD ALSO NEED WORKFORCE HOUSING.
AND SO THEY WANT TO HAVE A HANDFUL OF JUST TARGETED WORKFORCE PROJECTS ACROSS THE INCOME SPECTRUM TO BE ABLE TO MEET THAT NEED.
AND SO THAT ALSO SPEAKS TO WHY, UH, THERE ARE THOSE FOUR BEDROOM UNITS IS TO, TO MEET THE WIDE RANGE OF FAMILIES AND EMPLOYMENT NEEDS IN THE AREA.
ANSWER YOUR QUESTION, YES AND NO
[01:10:01]
AT THE NORTHERN END OF THIS, UH, LOOSE CHALK HILL TRAIL.ARE YOU GONNA BE PARTICIPATING IN THAT? IT LOOKS LIKE IT COMES RIGHT TO THE PROPERTY.
THERE'S LAND, SO THE CITY ALREADY OWNS LAND TO OUR EAST.
WHAT WE'VE TALKED ABOUT IS DOING A BIT OF A LAND SWAP WHERE SOME OF OUR PARKING IS THERE ON CURB THROUGH OUR SITE.
AND THEN WE WOULD ALSO BE ABLE TO HELP BUILD SOME OF THAT TRAIL IN THAT LOCATION.
OR WE HAVEN'T LANDED THE PLANE ON EXACTLY HOW THAT WORKS.
EITHER US CONTRIBUTING, THE MOST LIKELY CASE IS CONTRIBUTE TO IT UNTIL THE TIME WAS READY.
PERSONAL STABILITY THERE DOESN'T GO ANYWHERE.
UH, SO WHAT WE TALKED WITH THE PARK, UM, ABOUT IS DON DONATING, OR I GUESS THAT MONEY, THE TRAILER TREES.
AND I, I, I GUESS TO ALSO SPEAK TO THAT, UH, SO IN THOSE CONVERSATIONS WITH COUNCILMAN DAVIS, HE HAD AN EMPHASIS ON THE FUTURE PLAN FOR THE PARKS, TRAILS AND IMPROVEMENT OF WALKABILITY OF THIS AREA.
AND SO CURRENTLY THERE IS NO SIDEWALK THAT FRONTS DAVIS TODAY.
AND SO OUR GOAL IS TO BOTH IMPROVE THAT AREA, BUT THEN ALSO TO CREATE A WAY TO TIE INTO THAT CHALK HILL TRAIL.
AND SO I THINK, THINK IT WE'RE, IT'S STILL AN OPEN CONVERSATION.
UH, WE HAVE DONE THAT WITH CITIES BEFORE, FOR INSTANCE, UP IN ANON, ONE OF OUR WORKFORCE PROJECTS WE'RE ACTUALLY FOR A PARKLAND DEDICATION, DEVELOPING THE WHOLE TRAIL FOR THEM AND THEN DEDICATING THAT IN TANDEM WITH THE LAND SELLER.
SO I THINK WE'RE OPEN TO HAVING THOSE CONVERSATIONS, BUT I JUST DON'T THINK THE DETAILS HAVE BEEN IRONED OUT YET.
SO, UM, AND I UNDERSTAND IT'S STILL IN PLANNING PROCESS, BUT IT SOUNDS LIKE, NOT TO PUT WORDS IN YOUR MOUTH, BUT IT GOTTA BE SUPPORTIVE OF AND COOPERATIVE WITH THE, UH, CITY PARKS DEPARTMENT IN ESTABLISHING WHEN, WHEN, UH, MR. BUSH AND A CONNECTIONS IN THIS PROJECT AND
ONE OF THE THINGS I'D LIKE TO SEE, I LIKE THAT THESE PROJECTS ARE ABOUT ANY DEGREE COURSE AND THINGS LIKE THAT.
UM, I JUST WANNA MAKE SURE THAT WE HELP WITH THE OVER WEBSITE TO MAKE SURE THAT WE'RE BUYING CA AND, UH, FORESTRY PLANTS, HOW THINGS ARE LANDSCAPED AND MAINTAINING BETWEEN BEVERAGE, THINGS LIKE THAT.
UM, I'VE NOT MEASURED OUT THAT DISTANCE.
UH, I KNOW WE HAVE PLANS FOR, FOR TWO SIDEWALKS, ONE ALONG THE STREETS AND ONE
I DON'T, I DON'T KNOW THAT DISTANCE, UH, TOP OF HEAD.
YOU KNOW, WE COME BACK OR THERE, UM, THAT SAME PRACTICAL
AND SO Y'ALL TAKEN INTO CONSIDERATION WHERE YOU WILL LOCATE YOUR SIDEWALKS.
AND MY CONCERN IS WHEN PEOPLE FLY THROUGH THERE SURE.
AND, UH, IT IS HEAVY TRAFFIC AND HIGH SPEED.
AND SO I, I HAVE SOME CONCERNS ABOUT SOME SORT OF BUFFER BETWEEN THE SIDEWALKS AND THE ROAD AND SOME SORT OF SAFETY MEASURES THERE.
I KNOW ON THE, ON THE NORTH SIDE, CAN'T SEE HERE, BUT THERE'S ABOUT 30 FOOT, UH,
UH, AND SO I THINK, OBVIOUSLY NOT TO PUT THAT RIGHT UP ON THE ROAD, IT IS TIGHTER ON THE, ON THE WESTERN BOUNDARY.
UM, BUT UH, CERTAINLY WITH CITY STAFF, MAKE SURE PUSHING SAFE LOCATION, AND I DON'T KNOW IF Y'ALL CONSIDERED IT, BUT WHERE YOU LOCATED, BELIEVE IT OR NOT, THERE ARE A LOT OF WILD HOGS THAT COME THROUGH THAT AREA.
AND SO WELL JUST BE MINDFUL OF IS IN THE SEASON, LIKE THE GOLF COURSE ATTACK TAKES SOME MITIGATING ACTIVITIES TIME TO TIME, SO IT MAY NOT BE SOMETHING THAT YOU MAY ACCOUNT FOR SURE.
DID NOT ACCOUNT
AND, AND I, I SEE IT MORE FROM, YOU KNOW, IF YOU'RE GOING TO HAVE NCE THAT YOU GOTTA DO SOMETHING TO KEEP ON PROPER, WE DO THAT.
WE WILL HAVE SECURITY FENCING AROUND IT, UM, SO THAT WE CAN MAKE SURE THE SKIN HAIR THAT DIDN'T STOP, THAT'S DIG AROUND.
JUST SOMETHING NEW MAKE ABOUT THE
[01:15:14]
GARCIA, THE HOGS A ROUGH SITE WORK COST ESTIMATE FOR THE DATA SITE FOR THE DAVIS ONE.UH, NO, UM, I KNOW THE RETAINING WALLS ON THE OTHER ONE, YOU ASKING ABOUT THAT ONE FROM GENERAL ANSWER.
UH, BUT WHAT'S DAVIS ONE? I DON'T, CARSTEN YOU MAY KNOW.
UM, BUT I, I THINK WE'RE STILL WITH THE, I REALLY WAITING ON A FINAL ANSWER FROM AGNES AND GEL WHERE THOSE LINES WIND UP.
UM, BUT I DID KNOW THERE'S SOME
IT'S ABOUT SEVEN 50,000 JUST RETAINING LAWS AT LEAST.
AND I, I DON'T NECESSARILY KNOW THE EXACT PRICE POINT, BUT I DO KNOW THAT, UH, WE'VE ENGAGED A COUPLE THINGS.
UH, OUR CIVIL ENGINEER IS DOING A DOWNSTREAM ASSESSMENT BECAUSE THERE IS SOME FLOOD IN THAT AREA.
UH, AND OUR ADJACENT NEIGHBOR HAS DISTURBED SOME OF THAT FLOODPLAIN.
SO WE'RE DOING FULL, UH, ASSESSMENTS OF THAT AREA.
SO WE'RE STILL TRYING TO DETERMINE WHAT, TO WHAT EXTENT DO WE NEED TO BRING IN FILL, BUILD UP, RETAINING WALLS.
UH, AND SO I THINK THERE IS A LITTLE BIT OF QUESTION MARK ON THE DOLLAR AMOUNT.
UH, BUT AGAIN, I, THAT IS AN OPEN CONVERSATION THAT WE ARE HAVING WITH THE CITY OF DALLAS AS WELL.
AND THAT IS GOING TO PLAY INTO OUR CPC DATE.
AND, AND REASON WE'RE ASKING THAT, IS 40 MILLION BONDS GONNA BE DONE OR DO WE NEED TO UP THAT A LITTLE BIT? COULD THE INITIAL WE CAN SEE ALL TO COME BACK? YEAH, SO CURRENTLY WHENEVER WE RUN OUR, UH, 50% TEST BASED UPON THIS DEAL SIZE, IT SHAKES OUT TO ROUGHLY 57%.
UM, SO I THINK 40 MILLION IN BONDS WILL BE ENOUGH FOR THIS DEAL.
UH, IT IS ONLY 251 UNITS, SO, UH, I, I THINK WE SHOULD BE IN GOOD SHAPE ON THAT FRONT.
ANY OTHER, OH, DIRECTOR ALLEN, AS IT RELATES TO THE DAVIS PROJECT, HAVE Y'ALL DONE ANY STUDIES, UH, AS FAR AS INGRESS AND INGRESS, VEHICULAR? 'CAUSE I KNOW THAT THOSE 18 WHEELERS OFTENTIMES ARE STACKED UP, TURNING IN AND OUT.
AND SO HAVE Y'ALL GIVEN ANY CONSIDERATION AS TO HOW YOU ALL MITIGATE SOME OF THAT TRAFFIC GIVEN WHERE YOU GO LOCATED? YES, AND I, BRIAN, YOU CAN JUMP IN HERE TOO AS WELL, BUT I KNOW THAT AS A PORTION OF OUR TIA, THEY'RE STARTING TO WORK ON, UH, ACTUALLY PUTTING A MEDIAN IN OVER THERE.
AND THAT'S BEEN SOME OF OUR EARLY CONVERSATIONS WITH THE CITY, UH, WHEN WE HAD OUR, OUR INITIAL MEETING WITH THEM IS THAT THEY PLAN TO PUT A MEDIAN IN TO FORCE THE, PARTICULARLY THE TRUCK TRAFFIC COMING FROM THE NORTH SIDE OF THE SITE TO TURN RIGHT.
SO THEY WOULD NOT BE ABLE TO TURN LEFT ACROSS WEST DAVIS.
UM, AND THEN AS FAR AS THE CURB CUTS, WE ARE STILL WORKING THROUGH WHETHER WE WOULD NEED TO GET AN ADJACENT ACCESS EASEMENT, UH, TO THE NEIGHBORHOOD OR IF WE WOULD NEED TO DO SOME FORM OF TWO CURB CUTS.
SO THAT IS ONE OF THE TRICKY THINGS ABOUT THIS SITE, HAVING THAT PREDOMINANT ACCESS IS UP ON DAVIS.
SO WE, WE CONTINUE TO WORK WITH OUR ENGINEER IN THE CITY ON FIGURING OUT WHAT'S THE BEST WAY TO MITIGATE FOR THAT.
YEAH, THE BIG ONE, LIKE, LIKE SAID, IT'S, I THINK IT IS ON THE HILL INSTEAD OF ALREADY CONCERNS ABOUT AMAZON TRUCKS PULLING OUT.
SO PUT A MEDIAN AND MAKE THEM TURN RIGHT AND GO TOWARDS 12, WHICH IS
IT'S A SMALL QUESTION, BUT SEEN 10%, 70%, IS THAT DAVID? 'CAUSE THEY HAVE TO AVERAGE OUT TO SIX.
THE INCOME, UH, HAS TO DO WITH BETTER ANSWER THAT.
I I I'M SORRY, I MISSED THE QUESTION.
JUST CURIOUS HOW THAT, OH, WHETHER THAT AFFECTS THE PRIORITY.
SO IT, IT DOESN'T AFFECT THE PRIORITY IF YOU'RE GOING FOR PRIORITY TWO.
IF YOU ARE TRYING TO GO FOR A PRIORITY ONE, THEN IT WOULD, UH, BUT FOR, I BELIEVE ON WEST DAVIS WE'RE SUBMITTING FOR A PRIORITY THREE ANYWAYS.
AND THEN FOR TORRINGTON FOREST, I BELIEVE WE'RE SUBMITTING FOR A PRIORITY TWO.
BUT I THINK THE ORIGIN BEHIND WHY WE'RE WANTING TO INCLUDE THOSE FIFTIES AND SEVENTIES, ONE, IT HELPS THE ABSORPTION BECAUSE YOU'RE SERVING A WIDER INCOME BAN.
BUT THEN TWO, IT'S, UH, ADDRESSING THE JUST ARRAY OF NEEDS IN THE AREA.
AND, YOU KNOW, OFTENTIMES THERE COULD, AT ANY GIVEN TIME, A LOT OF NEW SUPPLIES COMING ONLINE AT THE 60% BAND.
UH, AND AGAIN, MARKET STUDIES PLAY INTO THAT, BUT PROVIDING THAT 70%, ESPECIALLY IN AN AREA WHERE THAT IS EFFECTIVELY MARKET RATE, THAT ALLOWS US TO SUPPLY NEEDS FOR, YOU KNOW, ARRAY OF, OF FAMILIES.
YOU, YOU'RE STILL ABOUT CANADA BASED MANAGING,
[01:20:01]
BUT YOU DON'T GET ANYTHING ON THE CREDITS.'CAUSE YOU DON'T GET CREDITS FOR THE, YOU DON'T GET MORE.
BUT IT'S, IT'S JUST, LIKE YOU SAID, IT'S A LITTLE MORE SOPHISTICATED WAY TO UNDERWRITE.
IT HELPS WITH ABSORPTION BECAUSE IF YOU'RE ALL COMPETING FOR 50% AND BELOW PEOPLE, IT'S HARD TO CRAM ALL IN ONE SPOT.
BUT THEN IF YOU HAVE THAT OTHER STRATIFIED LEVEL OF A I, THEN YOU HAVE TWO DIFFERENT KIND INCOME GROUPS THAT ARE GOING FOR DIFFERENT PARTS.
IT'S JUST EASIER TO FILL IT UP.
AND FROM OUR STANDPOINT, IT HELPS WITH LEASING VELOCITY TOO.
UH, BECAUSE YOU'RE NOT JUST STRIDING INTO THAT ONE INCOME BAND.
I'M SCARED MY LUNCH BETWEEN ITEMS AT ONCE.
GONNA, I, WE COULD JUST SEEMS TO ME HOW I ATTORNEY, IF I CORRECT THAT, THAT IF WE DO ANOTHER MOTION ON, ON, UM, THORRINGTON FOREST, WE COULD VOTE ON THEM BOTH AT SAME.
I GUESS I'LL NEED THE CALL THE QUESTION, CALL THE QUESTION ON DAVIS, BUT GO AHEAD.
UM, ON THE DAVIS, UH,
AND YOU GOT, YOU HAVE THREE LANES ON EACH DIRECTION AND YOU HAVE A PAGE SHOULDER, THEN YOU HAVE TO SIDEWALK JUST DIRECTLY ADJACENT TO THE SHOULDER.
AND SO THERE'S STILL A CURB OR, UH, SO IT DOESN'T SEEM LIKE AN IDEAL WALKING CONDITIONER UNDERSTANDING OR
YOU TALKING ON DAVE? I'M SORRY.
THAT'S YOU WERE TALKING ABOUT VERY, SO SAME, SAME ISSUE.
HE SAID THAT, THAT'S WHY I STARTED THINKING DON'T DRIVE AS FAST.
I DO KNOW, UH, IN THE, IN THE LUNCH WITH THE AREA, UH, AREA PLAN FOR
WE KNOW THAT IS A, UH, TARGETED NEED.
SO WE'LL WORK WITH COUNCILMAN WEST.
I MEAN, HE'S VERY GOOD AT THIS STUFF.
SO STUFF ON, ON THE SOUTH SIDE, CERTAINLY THERE ISN'T SIDEWALK REALLY ON THE SOUTH SIDE, IT'S JUST SHOULDER SIDEWALK.
I'M GONNA GO THROUGH THE VOTE ON DATES ALREADY.
SO, UH, DIRECTOR OUT IN FAVOR, DIRECTOR MARSHALL C IN FAVOR? YES, WE DID.
IT WAS VICE PRESIDENT GARCIA AND DIRECTOR MOORE.
YEAH, WE DID IT BEFORE THE DISCUSSION.
DIRECTORY IN FAVOR VICE PRESIDENT GARCIA.
IN FAVOR? IN FAVOR, DIRECTOR ROBINSON.
IN FAVOR, DIRECTOR MOORE IN FAVOR.
UH, NOW I NEED A MOTION AND A SECOND FOR TORRINGTON.
WE JUST ING SECOND DIRECTOR ALLEN.
UM, AND I THINK WE CAN JUST VOTE.
UM, DIRECTOR MARSHALL SAGE, DIRECTOR COLLINS IN FAVOR, DIRECTOR HINTON.
IN FAVOR, VICE PRESIDENT GARCIA.
IN FAVOR, DIRECTOR ELLIS IN FAVOR.
I IN FAVOR, DIRECTOR ROBINSON.
UH, SECRETARY PAGE IN FAVOR? OH, DIRECTOR ALL I'LL ABSTAIN.
[01:25:01]
TOP WORK ORDER ON THE HOUSE.DIRECT RESOLUTIONS FOR 29 29 YCL, A MULTIFAMILY RESIDENTIAL DEVELOPMENT TO BE LOCATED AT 29 29 YCL AVENUE.
THE CITY OF DALLAS, DALLAS COUNTY, TEXAS.
7 5 2 1 9 ITEM A, CONSIDER AN ADOPT A RESOLUTION APPROVING A MEMORANDUM OF UNDERSTANDING MOU WITH CAF CAPITAL PARTNERS LLC FOR THE FINANCING, ACQUISITION AND DEVELOPMENT OF 29 29 WHITEWOOD AN APPROXIMATELY 284 UNIT, MULTI-FAMILY RESIDENTIAL DEVELOPMENT.
AND B, CONSIDER AN ADOPT RESOLUTION APPROVING THE CREATION OF A LIMITED LIABILITY COMPANY WITH THE CORPORATION AS THE SOLE MEMBER WITH THE TEXAS SECRETARY OF STATE TO BE NAMED DHFC 29 29 IFF, G-P-L-L-C AND APPROVING THE FORM OF A LIMITED LIABILITY CAN BE AGREEMENT IN THE EXECUTION THEREOF.
AND SEEK, CONSIDER AN ADOPT A RESOLUTION APPROVING THE CREATION OF A LIMITED LIABILITY COMPANY WITH THE CORPORATION AS THE SOLE MEMBER WITH THE TEXAS SECRETARY OF STATE TO BE NAMED DHFC 29 29 WCL LANDOWNER, LLC AND APPROVING THE FORM AND SUBSTANCE OF A LIMITED LIABILITY COMPANY NEED AGREEMENT AND THE EXECUTION THEREOF.
SO LET'S GO AHEAD AND WONDERFUL PRESENTATION.
UM, NICE FALCON, IF YOU CAN COME OVER AND ZOOM THE POSITION.
UH, WE WOULD LOVE TO DO THE PRESENTATION.
SO I JUST WANNA TELL THE BOARD AND EVERYONE LISTENING ONLINE, THANK YOU FOR BEARING WITH US.
I KNOW THIS MEETING'S A LITTLE LONGER.
ALL THESE WOULD'VE BEEN ON NEXT MONTH'S DUE, AND SO IT WOULD'VE BEEN LIKE A 12, 12 DEAL MEETING.
UH, IT WAS JUST BETTER THIS WAY.
UM, SO WE'RE, WE'RE MAKING IT THROUGH YOUR FAST AND I THOUGHT WE WOULD.
SO BEFORE WE GET STARTED, JUST FOR REFERENCE, EVERYONE HAS THIS PROPOSAL, THE PDF THAT'S AVAILABLE, WE'LL PUT IT ON BY HAND.
I JUST WANNA MAKE SURE YOU GUYS ALL HAVE IT CORRECT.
IT GOES INTO A LOT MORE DETAIL THAN
UH, FIRST OFF, UH, RELATED TO THE PROJECT, I CAN ASSURE YOU THERE ARE MAILBOX AROUND
YOU'VE SEEN IT'S PRETTY IN THE MIDDLE OF, UM, MY NAME IS MATT GAN AND I REPRESENT CAI WROTE THIS DOWN AND MAKE SURE I STAY ON SCRIPT.
ACTUALLY, IF YOU WANT TO COME SIT HERE.
OH, I THINK JUST FOR THE MOST BENEFIT LINE, YOU TALK A LITTLE QUIETER THAN BRIAN
THIS IS, YOU'RE CLOSER THAN MIC.
SO MY NAME'S MATT H AND I REPRESENT CIF COMPANIES.
UM, I'M THE ARCHITECT OF C'S IMPACT AND HOUSING PLATFORM.
BEFORE WE FORMALLY GET STARTED INTO THE DETAILS OF THE, UH, PRESENTATION ON THE PROPERTY, I WANTED TO TELL YOU A LITTLE BIT ABOUT MYSELF AND WHY THIS PROPOSAL RES, UH, RESONATES WITH ME.
I GREW UP IN WORKFORCE HOUSING FOR A GENERATION AMERICAN.
I RELIED ON ESL PROGRAMS TO LEARN ENGLISH.
THUS, THE INVESTMENT THESIS THAT WE'VE CRAFTED AT CIF REFLECTS PROVIDING RESIDENTS TOOLS AND RESOURCES THAT I WISH THAT I HAD OR I WISH I HAD.
UM, AS MY PARENTS RAISED ME AND AS THEY IMMIGRATED FROM THE FORMER SOVIET UNION.
UH, THIS IS WHY I SIT ON THE TREK COMMUNITY INVESTORS BOARD.
AND I'M DEEPLY DRIVEN AND CREATING LASTING IMPACT ORIENTED INVESTMENTS ACROSS THE DFW METRO FUNDS.
CF CAPITAL'S INVESTMENT PHILOSOPHY IS THAT IMPACT INVESTING ALLOWS US TO DEFENSIVELY INSULATE OUR RETURNS FROM ECONOMIC HEADWINDS BY LAYERING IN CRITICALLY NEEDED SOCIAL PROGRAMS AND RESOURCES AT COMMUNITIES THAT NEED IT MOST.
WE'RE ACTUALLY, UH, WE HAVE SOMETHING IN COMMON.
UH, WE ARE BOTH PARTNERS WITH KIDS U UM, YOU MIGHT KNOW KIDS U BECAUSE THEY'RE THE NONPROFIT DAYCARE PROVIDER AT YOUR DEAL, WESTMORELAND STATION.
WE'VE WORKED WITH PI U FOR HALF A DECADE, MAYBE MORE REALLY IMPRESSIVE.
AND WHAT DIANA DOES IS AT THE EPICENTER OF WHAT OUR MISSION STATEMENT IS AS WELL, UM, BECAUSE OF THEM WHEN WE WERE, UH, KIND OF PIONEERING THIS THESIS IN 20 19, 20 18, COVID HIT AND WE HAD PARTNERED WITH KU.
AND WITHIN WEEKS FOLLOWING THE QUARANTINE AND THE COVID LOCKDOWN, WE WERE ABLE TO LEVERAGE
UM, ENTREPRENEURSHIP 1 0 1 TELLS US TO PRIORITIZE THE NEEDS OF OUR CONSUMER OVER THE, ONCE WE TRY TO DO BOTH, WE REALLY EMPHASIZE NEEDS, NEEDS BEING WHAT HUMANS NEED MOST.
[01:30:01]
SECURITY, SELF-ACTUALIZATION, AND SHELTER.WHAT'S ALSO IMPORTANT IS THE WANTS SUBWAY, TOWER BACKSPLASH, STAINLESS STEEL APPLIANCES, AND AESTHETICALLY PLEAING HOPE.
THAT SAID, LET'S GET INTO THE PROPOSAL ON HOW A PUBLIC PRIVATE PARTNERSHIP ALLOWS US TO FACILITATE THIS.
UM, A LITTLE BACKGROUND ON CAF AND WHO WE ARE.
UM, OUR PORTFOLIO TOTAL IS APPROXIMATELY 22,000 UNITS.
WE'RE 99% CONCENTRATED IN TEXAS.
WE HAVE A LITTLE PRESENCE IN OKLAHOMA AND ARIZONA AS WELL.
AND WE'RE, WE'RE HEADQUARTERED HERE.
WE'RE HEADQUARTERED UP IN FRISCO.
DFW COMPRISES ABOUT 13,000 UNITS.
SO OUR LARGEST F FOOTPRINT, ABOUT 55% OF OUR, UM, PORTFOLIO TO DATE, WE'VE CLOSED ON THREE PFCS AND ONE HFCS.
WE'RE FAMILIAR WITH THE STRUCTURE AND THE OPERATIONS OF THIS, UM, THIS STRUCTURE.
UM, AND OUR EQUITY PARTNER CONTEMPLATED IN THIS DEAL AS A LARGE INSTITUTION, UH, NAMED KING ANDERSON THAT WAS FOUNDED IN 1984, HAS OVER $30 BILLION OF A UM AND THEY'RE INVESTING IN THIS DEAL, UH, VIA BILLION DOLLAR IMPACT AND PRESERVATION FUND.
SO THEY'RE VERY MISSION ALIGNED AND MISSION ENDEAVOR, AND THAT'S WHAT WE TYPICALLY TRY AND IDENTIFY ARE MISSION ALIGNED PARTNERS, BOTH ON THE EQUITY AND THE DEBT SIDE.
UH, ON THE DEBT SIDE, CAF HAS BEEN AWARDED, UM, AN IMPACT SPONSOR DESIGNATION FROM FREDDIE MAC THAT WE ARE VERY PROUD OF FOR OUR WORK IN THE IMPACT HOUSING ARENA.
THIS INVESTMENT 29 29
AND I'LL GET INTO WHY IN A FEW MINUTES.
UM, THIS DEAL, AS IT WAS A PURSUIT A FEW MONTHS AGO WHEN IT WAS ON THE MARKET, I PREVIEWED WITH THE SENIOR LEADERSHIP AT FREDDIE MAC WHEN I SPOKE AT THE ANNUAL IMPACT ROUND TABLE AND WAS PULLED ASIDE AFTERWARDS BY STEVE JOHNSON, THEIR HEAD OF PRODUCTION, TO LET ME KNOW THAT FREDDIE MAC WILL DO WHATEVER IT TAKES TO DO THE DEBT ON THIS DEAL.
THEY'LL BE AS COMPETITIVE AS POSSIBLE BECAUSE IT SO HEAVILY RESONATES WITH THEIR CORE VALUES AND THEIR MISSION TO THEM.
TO THEM, THIS IS NOT JUST ANOTHER HFC TRANSACTION AND WE AGREE QUICKLY.
AN OVERVIEW ON THOSE FOR THOSE UNFAMILIAR WITH THE PROPERTY.
29 29 WHITECLIFF, UH, IN MY OPINION, IS BEST DESCRIBED AS ICONIC.
ANYONE THAT HAS LIVED IN DALLAS FOR MORE THAN A FEW DAYS HAS, HAS DRIVEN BY IT AND CAN RECOGNIZE IT FROM THE TOLLWAY.
IT SITS IN THE HEART OF THE OAK LAWN SUBMARKET AND GIVES AND GIVEN ITS CONTEMPORARY DESIGN AND PREMIUM QUALITY FINISH OUTS, BOTH TOP OF MARKET RENTS FOR THE AREA H 12 AND THE PDF PROPOSAL HAS SOME NICE PICTURES OF THE EXTERIOR AND THE INTERIOR.
FURTHERMORE, YOU CANNOT BUILD THIS QUALITY OF CONSTRUCTION TODAY FOR THE PRICE THAT WE'RE ABLE TO ACQUIRE IT AT.
UM, NOTABLY TO THE HIGH QUALITY OF CONSTRUCTION, IT BEING A TWO BUILDING ADJACENT ODM DEAL WITH SUBTERRANEAN PARKING.
THE PROPOSED HFC PARTNERSHIP CONTEMPLATES DEEP AFFORDABILITY WITH 10% OF UNITS AT 60% OF A MI AND 40% AT 80% OF A MI, WHICH IN AGGREGATE RESULTS IN OVER A 15% DISCOUNT TO CURRENT RENTS AND APPROXIMATELY A $500,000 RENT ANNUAL RENT SAVINGS TO THE COMMUNITY.
THIS CHECKS THE AFFORDABILITY BOX, BUT WHAT WE ARE PASSIONATE ABOUT DOING IS EMPHASIZING A WAY TO TIE INTO THE COMMUNITY WHEREVER POSSIBLE.
I'VE BEEN IN DISCUSSIONS WITH UT SOUTHWESTERN SINCE BEING INTRODUCED TO THEM VIA TREK LAST YEAR.
MOST POPULAR NEW CURRICULUM IS SOMETHING CALLED CULINARY MEDICINE.
WE CAN THINK OF THIS AS A FOOD AS MEDICINE APPROACH OR PREVENTATIVE MAINTENANCE FOR HUMANS, NOTABLY IN UNDERSERVED COMMUNITIES, PLA BY, UH, CHRONIC ILLNESS SUCH AS DIABETES THAT CAN HEAVILY BE TREATED WITH NUTRITION.
WE PLAN TO PARTNER WITH THE MEDICAL SCHOOL BY PROVIDING THEM A FREE NUTRITIONIST UNIT IN OUR COMMUNITY.
IN TURN, THEY WILL RUN A SCHOLARSHIP FOR THEIR SECOND YEAR STUDENTS TO WIN THE HOUSING AND DEPLOY THE CUR THEIR CURRICULUM ONSITE FREE FOR OUR RESIDENTS VIA MONTHLY COOKING DEMONSTRATIONS AND PERSONALIZED NUTRITION COACHING.
NOW, BY DOING THIS, WE ARE GETTING INTO WHAT I CONSIDER THE RIPPLE EFFECT OF, UH, IMPACT.
ALL OF A SUDDEN WE'VE CREATED A TOOL TO MOTIVATE ACADEMIC PERFORMANCE ACROSS A WHOLE SUBSET OF NEIGHBORING MEDICAL STUDENTS, NOT JUST PROVIDING RENT CAPS AND AFFORDABILITY.
FURTHER, WE PARTNER WITH THE SUSE FINANCIAL TO ALLOW OUR RESIDENTS, WHO, MANY OF WHICH ARE RECENT COLLEGE GRADUATES, TO CREATE OR BOOST THEIR CREDIT SCORES VIA TIMELY PAYMENT OF RENT.
IT'S FREE TO OUR RESIDENTS, AND IT MOST IMPORTANTLY DOES NOT PENALIZE THE RENTER, UM, FOR LATE OR NON-PAYMENT OF RENT.
UM, WE ARE ALSO PASSIONATE ABOUT CONDUCTING AND IMPLEMENTING EXTENSIVE SUSTAINABILITY, UH, ENVIRONMENTAL SUSTAINABILITY AUDITS.
UM, WE RETROFIT THE PROPERTY WITH WATER AND ENERGY EFFICIENT EQUIPMENT, UM, TO PROMOTE SUSTAINABILITY AND DECARBONIZATION.
UH, ADDITIONALLY, AND, AND THIS IS SOMETHING I I THINK COULD BE REALLY COOL AND, BUT IT HAS A LITTLE BIT OF RUNWAY, IS WE ARE, UH, PLANNING ON, BUT IT'S STILL IN A DILIGENCE PHASE OF HAVING, UH, SMU, UH, COX IMPACT INVESTMENT FUND TO INVEST ALONG CAF IN THE, UH,
[01:35:01]
IN THE CAF SLUG WITH CAPITAL, UH, IN THIS DEAL.WE'VE HAD DISCUSSIONS WITH JOSEPH KAPO, THE HEAD OF SU REAL ESTATE AND THE HEAD OF THE FUND FOR THE LAST SIX MONTHS ABOUT THIS.
UM, OF COURSE THEIR COMMITTEE, UH, SENATOR NEEDS TO VOTE ON THIS AND WAITING FOR SCHOOL TO GET BACK IN SESSION TO START PREVIEWING THIS OPPORTUNITY WITH THEM.
BUT THEY'RE VERY INTERESTED IN IT.
AND, UH, IF WE INVEST, IF THEY INVEST THE BENEFIT OF HAVING 30 MBA STUDENTS STUDYING THE COMMUNITY BENEFITS AND OPERATIONAL PERFORMANCE OF THIS ASSET IS, WOULD BE VERY INTERESTING FOR A, FROM A, FOR A PUBLIC PRIVATE PARTNERSHIP STANDPOINT TO BE ABLE TO TRACK REAL TIME THAT IMPACT, BUT ALSO MIGHT MOTIVATE THAT NEXT GENERATION OF IMPACT INVESTORS, WHICH IS ANOTHER COMPONENT TO RIPPLE EFFECT AND INCOME THAT WE TRY AND DEPLOY.
THERE ARE MORE BENEFITS TO THIS INVESTMENT THAT ARE OUTLINED IN THE COMMUNITY BENEFITS ANALYSIS THAT BILL TOP HAS PRESENTED.
BUT AFFORDABLE HOUSING IS A PROBLEM WE CANNOT ADDRESS INDIVIDUALLY.
UH, WE NEED KEY STAKEHOLDERS IN OUR COMMUNITIES TO COME TOGETHER AND COLLABORATE TO ADDRESS THIS ISSUE.
AND I THINK THE COMBINATION OF CITY OF DALLAS, UT SOUTHWESTERN, SMU AND CAF IS A PRETTY STRONG ROSTER.
UH, THE ECONOMICS OF THE DEAL ARE SUMMARIZING THE MATERIALS, BUT I'M HAPPY TO, UH, GET INTO THAT DETAIL OR ANSWER ANY QUESTION.
THANK YOU FOR THAT PRESENTATION.
UM, I KNOW THESE DEALS HAVE A TYPICALLY PRETTY QUICK TURNAROUND.
WHAT'S THE TIMING? WHAT
UM, THEY DIDN'T WANNA TAKE A CHANCE ON US.
THEY DIDN'T WANNA TRUST HFC EXECUTION.
ANOTHER OPERATOR COULDN'T PERFORM.
THEY HAD FORECLOSURE ISSUES IN THEIR PORTFOLIO.
UH, RIGHT NOW WE'RE, UM, IT'S UNDER OUR CONTROL.
SO OUR DUE DILIGENCE PERIOD EXPIRES ON SEPTEMBER 12TH.
ORIGINALLY WE HAD CONTEMPLATED GOING TO SEPTEMBER 10TH MEETING.
THIS IS A WELCOME ACCELERATION OF THAT.
UM, AND THEN THEREAFTER, I CAN WALK THROUGH THE TIMELINE, BUT WE ANTICIPATE GOING TO A COUNCIL HOUSING COMMITTEE ON OCTOBER 22ND, A CITY COUNCIL MEETING, UH, NOVEMBER 13TH, ACTUALLY THE DHHC MEETING AS WELL IN NOVEMBER BEFORE WE CLOSE, UH, NOVEMBER 26TH AT THE LATEST.
SO WE GENERALLY DO HAVE A GOOD AMOUNT OF TIME THAT WE'VE NEGOTIATED FOR CLOSING AND IF WE CAN ACCELERATE ANY OF THOSE MEETINGS, THAT WOULD BE WONDERFUL.
BUT WE'VE TRIED TO SET COMFORTABLE EXPECTATIONS WITH THE SELLER SIDE, UM, BECAUSE, YOU KNOW, WE HAVE, WE HAVE EARNEST MONEY, SO COSTS GOING AT RISK HERE THAT WE NEED TO BE ABLE TO, UH, SAY WHAT WE'RE GONNA DO AND DO WHAT WE'RE, HOW LONG YOU BEEN OUTTA CONTRACT NOW? UM, WE HAVE BEEN UNDER LOII OKAY.
UH, THE PSA IS CIRCULATING SIGNATURE PAGES NOW.
YOU'RE ABOUT TO MOVE DUE DILIGENCE, BALANCE A SPINNING BUTTON.
UM, WE DID START DUE DILIGENCE UNDER AN ACCESS AGREEMENT ONCE WE WERE AWARDED THE DEAL JULY 29TH.
SO THAT WE CAN GET AS MUCH PROGRESS.
AND THAT'S WHY THE PSA GOT DELAYED IS IT WAS ALMOST MORE IRRELEVANT 'CAUSE OUR DILIGENCE IS ON A FIRM DATE.
DO YOU HAVE A TERM SHEET FROM KATIE? MM-HMM.
SO THAT, YEAH, YOUR QUESTIONS.
SO WITH THESE DEALS, IT'S DIFFERENT, NOT TECH, OBVIOUSLY EXECUTION FASTER.
I HAVE HAD EXPECTATION WITH CLOSE FORWARD IF SOMETHING WERE TO GO AWRY, WHICH DOES SOMETIMES HAPPEN, YOU KNOW, STILL BOUGHT THAT THESE MOUS ARE PAPERED UP, LIKE IT'S A CONTRACT.
AND SO IT CAN KIND OF CREATE SORT OF A LITTLE BIT OF A PERCEPTION OF THE MARKETPLACE ABOUT SOMEONE'S CONTROL OVER THE HFC EXECUTION.
JUST I ASK THE STAFF AND SEE YEAH.
JUST KIND OF KEEP TALKING TO EACH OTHER ABOUT WHERE IT STANDS IN THE CONTRACT FALL SOMEHOW THINGS WENT
BUT I DON'T THINK ANTICIPATE THAT PROBLEM, BUT AT ALL.
BUT JUST ONE OF THOSE THINGS, YEAH'S ABSOLUTELY.
I THINK HILLTOP AND DHFC WILL TELL YOU OUR APPROACH TO THIS IS WE ARE NOT GOING TO PUT ANYTHING TOWARDS THE SELLER OR PUT ANYTHING IN WRITING THAT WE CAN'T PERFORM TO.
AND WE'VE BEEN, THAT'S WHY WE LOST THE DEAL THE FIRST SCHOOL.
YOU KNOW, WE WERE ASKED TO MAKE REPRESENTATIONS THAT WE COULDN'T ABIDE FROM VIA, YOU KNOW, A LOT OF THE HILLTOP AND DHSC GUIDANCE WE WERE GIVEN AND PROBABLY AD NAUSEUM, I COMMUNICATED WITH THEM TO MAKE SURE WE WERE WORKING IN LOCKSTEP ON THIS TRANSACTION.
'CAUSE ONE OF THE PRESENTATION PAGES SAID FIVE, THE INTERVIEW SAYS 10%.
WHAT, WHAT'S, I'M GLAD WE ALSO, THE, UM, THE PUBLIC BENEFIT SHEET SAID 10.
THE ONLY THING THAT SAID FIVE WAS ONE OF THE PRESENTATIONS PRESENTATION.
SO I'M GLAD YOU BROUGHT THAT UP.
[01:40:01]
UM, THAT PRESENTATION WAS SUBMITTED AT BELIEVE IN APRIL, AND WE WERE CHASING THE DEAL.AND ORIGINALLY THE CONVERSATIONS WITH HILLTOP WAS WE CAN ONLY GET TO 5%, 10%.
AND I KNOW HOW IMPORTANT IT IS TO YOU, BUT WITH WHERE RATES WERE AND WHERE THE PRICING WAS COMING IN AND ON THESE MARKETING DEALS, WE GOT THREE WEEKS TO LOOK AT IT, PUT OUR BEST FOOT FORWARD AND SECURE EQUITY.
AND SO I COULD ONLY COMMIT TO 5%, BUT I, I COMMITTED TO CLAIRE AND SAY, IF WE FIND RELIEF IN PRICING OR INTEREST RATES OR ANYTHING, I'LL GET YOU 10%.
WELL GUESS WHAT, UM, INTEREST RATES HAVE COME DOWN NOW PRICING WENT UP, ACTUALLY, BUT IT'S ANOTHER STORY.
BUT I COULD MAKE THE NUMBERS WORK AND LIKE I SAID, I SAID I WAS GONNA DO SOMETHING, I DID IT.
THE PDF THAT'S UP THERE, THAT WAS SUBMITTED 8 27, THAT DOES REFLECT ACCURATE.
UH, 10% OF 16, 40% OF 80 BECAUSE WE COULD ACCOMMODATE THAT.
SO WE DO NOT HAVE MOTION TO APPROVE.
ANY OTHER QUESTIONS FOR THE GROUP? ANY? CAN I CLARIFY SOMETHING BEFORE WE GO? JUST 'CAUSE IT'S IN A WEEK OR TWO, THERE'S ANY, UM, CONFUSION? THIS IS TO APPROVE THE FORM.
NO ONE THAT WOULD COME BACK GIVEN? YES.
I'LL GO THROUGH THE CITY COUNCIL SUBCOMMITTEE THEN FULL COMMITTEE, CITY COUNCIL MEETING AND THEN COME BACK, BLAH, BLAH, BOTTOM LOAN, CLOSING DOCUMENTS, PARTNERSHIP POCKETS, AND BOTH THOSE.
I, I WANNA, IN NOVEMBER, I THINK YOU WERE SAYING, IS THAT IN NOVEMBER? I WAS SAYING NOVEMBER.
UM, MY FIRST QUESTION, YOU KNOW, WHEN I GET HOME BACK TO
WELL, WE'RE, WE'RE FINE WITH THE TIMELINE PERSON.
CAN I ASK A QUICK QUESTION? SURE.
UM, AND MAY MAYBE TO THE SPONSOR, MAYBE TO AARON, YOU KNOW, AS I LOOKED AT THESE MATERIALS, UH, ESPECIALLY THE PUBLIC BENEFIT ANALYSIS, AND YOU HAVE, YOU KNOW, KIND OF THE 67, 60 8% RATIO OF, YOU KNOW, THE CALCULATED PUBLIC BENEFIT ANALYSIS TO THE TAXES THAT ARE, UH, THAT ARE BEING ABATED BY THE CITY.
I JUST WANTED TO GET MY HEAD AROUND A LITTLE BIT, KIND OF HOW I, I GUESS, AARON, HOW YOU'RE MAKING THAT ASSESSMENT, UM, AND WHAT YOU'RE YEAH.
TELL ME A LITTLE BIT ABOUT THE THOUGHT PROCESS THERE BECAUSE SURE.
IN MY HEAD, INITIALLY I WAS LIKE, YOU KNOW, I WOULD WANNA SEE THE BENEFITS OUTWEIGHING THE COST TO THE CITY, BUT I MAY BE LOOKING AT THAT INCORRECTLY.
SO I'D LOVE TO HEAR YOUR THOUGHTS.
AND I THINK THE WAY THAT WE LOOK AT IT, CLAIRE, DO YOU WANT TO YES.
HEY, AARON, I'M HERE PULLING DOUBLE, BUT, UM, SO BASICALLY THE, THE REASONING BEHIND THAT, WHICH HAVE LIKE A STANDARD, ESPECIALLY ACQUISITIONS, CAN YOU SPEAK UP A LITTLE BIT? I'M SORRY, I'M HAVING A LITTLE TROUBLE HEARING YOU MAYBE 'CAUSE WHERE THE MIC IS, I HAVE A QUIET VOICE TOO.
UM, WE, WE TRY TO HAVE LIKE A MINIMUM STANDARD WITH ALL THESE ACQUISITIONS BECAUSE WE DO TAKE, YOU KNOW, EVERY, EVERY PROJECT VERY SERIOUSLY, ESPECIALLY IF IT'S OPERATING AND, AND CONTRIBUTING TO THE TAX BASE.
SO THERE HAS TO BE A DE DEMONSTRABLE PUBLIC BENEFIT, RIGHT? AND SO WE RELY ON HILLTOPS ANALYSIS TO GO COME BACK AND SAY, ALL RIGHT, BASED ON THE TAXES OVER, I THINK IT'S 15 YEARS.
IS THAT RIGHT? BRAXTON? CLAIRE? YES.
SO WHAT, WHAT ARE WE GETTING BACK? UM, IN TERMS OF PUBLIC BENEFITS? SO THAT CAN COME BACK EITHER IN THE FORM OF, UM, SOCIAL SERVICES, LIKE HE MENTIONED FOR DIRECT TO RENT REDUCTIONS, UH, COMPARED TO MARKET, UH, AS WELL AS ANY LEASE PAYMENTS TO THE HFC.
NOW IN TERMS OF ACTUAL DIRECT CITY OF DALLAS LOST REVENUE, IT ACTUALLY FAR EXCEEDS THE LOST REVENUE BECAUSE THAT'S ONLY, THAT'S TO THE TOTAL TAXES ABATED, RIGHT? TODAY, RIGHT.
COUNTY SCHOOL, EVERYTHING, SCHOOL DISTRICT, EVERYTHING.
SO THE CITY OF DALLAS IS ACTUALLY, YOU KNOW, LOSING
[01:45:01]
WAY LESS COMPARED TO THAT.I I'M SURE I BUTCHERED THAT, BUT, UM, IF YOU HAVE ANYTHING TO ADD, FEEL FREE.
I THINK OLIVER'S QUESTION THOUGH IS LIKE, LOOK HERE YOU'RE SAYING ONLY 60%, LIKE, YOU KNOW, IF WE'RE ONLY GETTING 60% THAT THAT MAYBE THERE'S A GREATER COST TO THIS, THEN THE BENEFITS WE'RE GETTING AT, SO THE ISSUE IS THIS, YOU'VE GOT THE TAX PAYMENT, 40% OR A CERTAIN PORTION HAS TO FLOW TO THE SPONSOR'S BOTTOM LINE, OR THEY'RE NOT GONNA DO THESE PROJECTS.
SO IT'S A PUBLIC-PRIVATE PARTNERSHIP.
SO PART OF GETTING THESE DEALS DONE AND PROVIDING AFFORDABILITY IS, YOU KNOW, YOU HAVE TO HAVE EQUITY THAT'S GONNA PULL THE TRIGGER AT THAT NOI WELL, THAT EQUITY NEEDS A LITTLE BIT OF HIGHER RETURN THAN A NORMAL MARKET RATE DEAL.
AND SO IT, IT IS LIKE YOU HAVE TO HAVE A HIGHER NOI FOR THE SPONSOR, BUT WE'RE NOT SAYING, HEY, YOU GET THE FULL BENEFIT OF THE TAXES, YOU'RE GETTING ONLY 40% FLOW THROUGH OF THAT TAX PAYMENT.
60% STILL HAS TO GO TO THE PUBLIC GOOD, EITHER IN TERMS OF RENT SAVINGS OR THE TENANTS OR MONEY INTO THE HSC.
SO, AND THAT'S IN A LOT OF CASES, THE PSCS, EVEN IN
CAN I ADD TO THAT? IS IT, AM I ABLE TO SHARE? SURE.
UM, ALSO BY ANALYSIS OF PUBLIC BENEFIT, IT MIGHT BE DIFFERENT THAN HILLTOPS.
FOR EXAMPLE, HILLTOPS PUBLIC BENEFIT ANALYSIS.
I DON'T BELIEVE IT INCLUDES 2 MILLION IN PROJECTED FOR SALES PROCEEDS.
SO PART OF THE ECONOMICS OF THE DEAL IS WE'RE OFFERING A POINT AND A HALF DISPOSITION FEE BECAUSE THAT'S UNDERWRITTEN AS 15 YEARS OUT.
THAT DOESN'T FLOW THROUGH TO THE PUBLIC BENEFIT ANALYSIS.
SO IN REALITY, AND CLAIRE'S DOING A GREAT JOB PRESENTING A CONSERVATIVE ESTIMATE, IT THE PUBLIC BENEFIT SHOULD INCLUDE WHAT'S PRESENTED ON PAPER.
SIMILARLY, IT'S HARD TO QUANTIFY, YOU KNOW, THE BENEFIT OF A SCHOLARSHIP FOR UT SOUTHWESTERN, BUT SO THAT'S NOT ON THERE, BUT IT IS EASY TO QUANTIFY THE RENT SAVINGS OR THE ENERGY EFFICIENCY.
ALSO, I WOULD, I WOULD NOTE TOO, YOU KNOW, IT'S NOT LIKE IT DOESN'T COST THE CITY ANYTHING.
LIKE THAT'S NOT WHAT WE'RE TRYING TO REPRESENT, TO SUBSIDIZE HOUSING IS ESSENTIALLY THAT TO SUBSIDIZE IT.
RIGHT? LIKE NO ONE IS GOING TO GIVE YOU CHEAPER RENTS OUT OF THE GOODNESS OF THEIR HEART.
AND THAT'S WHAT I THINK DIRECTLY I WAS JUST TRYING TO SAY THERE, THERE HAS TO BE SOME KIND OF MARKET FORCE THAT WOULD, WOULD SUPPORT THIS PARTNERSHIP.
AND SO, UM, YOU KNOW, THAT'S KIND OF OUR MINIMUM STANDARD OF WHAT'S WHAT'S IT WORTH? IS IT, AND I GUESS THAT'S UP TO THE BOARD, IS IT WORTH THAT INVESTMENT FROM THE CITY TO ATTAIN SOME LEVEL OF AFFORDABILITY IN THAT AREA OF THE CITY? YEAH, TOTALLY.
I TOTALLY AGREE WITH YOU GUYS.
THERE WILL BE A COST, YOU KNOW, IN MY HEAD, OF COURSE, IT'S MUCH EASIER TO, IT'S MUCH EASIER TO SAY YES TO A PROJECT THAT'S GROUND UP WHEN YOU HAVE, YOU KNOW, A PIECE OF PROPERTY WITH ALMOST NO EXISTING TAX BASE, RIGHT? 'CAUSE YOU'RE GIVING UP VERY LITTLE AND IT'S TRULY THE BUT FOR ARGUMENT.
UM, SO I, I REALLY JUST WANTED TO KIND OF HEAR THAT FROM YOU AARON, AND WE CAN TALK ABOUT IT MORE AS I KIND OF GET MY HEAD AROUND, UH, MY OWN PHILOSOPHIES HERE, UH, WHATEVER THAT MEANS.
SO I KEEP ON TELLING AARON, MY GOD, CAN WE JUST DO GROUND UP WORKFORCE? CAN WE DO GROUND UP WORKFORCE? JUST BECAUSE IT IS, LIKE, IT REALLY IS MUCH BETTER TO TAKE A VACANT TRACK, UH, YOU KNOW, THAT'S REALLY PAYING US A FEW THOUSAND ON THE TAX ROLL AND THEN JUST BUILDING SOMETHING WITH IT.
AND DOES, THERE'S JUST SOMETHING THAT'S JUST BETTER.
HOWEVER, LOOK, THE INDUSTRY OF MERCHANT BUILD, UH, AND THE DEVELOPERS THAT CAN BUILD THAT TYPE OF PRODUCT, I MEAN, THEY ARE BUILD AND SELL TYPE GROUPS.
THE, IT IS A VERY FINITE UNIVERSE OF, UH, GROUPS THAT REALLY CAN GET ON BOARD WITH THE PARTNERSHIP STRUCTURE OF AN HFC.
I MEAN, THERE ARE SOME THAT WILL DO IT, BUT IT'S JUST HARD.
AND IT'S JUST SIMPLY, I HATE TO USE THE WORD EASIER.
IT'S JUST EASIER, MORE FUNCTIONAL, TAKING AN EXISTING DEAL WITH A SOCIAL IMPACT GROUP, A SPONSOR THAT HAS LONG-TERM PULL AND SOCIAL MISSION TO IT, AND JUST BUYING IT.
JUST, AND I MEAN, FRANKLY, WE'VE ONLY GOTTEN FOUR OF THESE DEALS DONE EITHER THROUGH A CENTRAL FUNCTION BOND DEAL AND OR A PARTNERSHIP IN THE LAST THREE YEARS, REALLY.
AND WE JUST DON'T SEEM TO BE GETTING, UH, ROUNDUPS FROM THE DEVELOPERS.
AND I THINK IT'S JUST NOT MAKING SENSE FOR 'EM.
YOU KNOW, SO WE'RE, WE'RE STILL AT THE MERCY OF WHAT COMES TO US FOR THE PRIVATE MARKETS.
BELIEVE ME, DIRECTOR ROBINSON, I, I PLEAD WITH DEVELOPERS EVERY DAY.
THEY BRING ME GROUND UP STUFF.
'CAUSE IT'S MUCH MORE PALATABLE POLITICALLY.
I, AND I KNOW IT'S HARD TO, UH, MAKE THIS DECISION.
THAT'S WHY I'M GLAD I DON'T HAVE A VOTE.
SO
I MEAN, THE RISK PROFILE'S DIFFERENT
[01:50:01]
FOR ACQUISITION, YOU KNOW, UH, A LOT OF DIFFERENT MARKET FORCES THAT, THAT, YOU KNOW, THAT, THAT IT PROBABLY SERVES THE PLACE FOR SURE.SO, BUT ALSO WE THINK ABOUT THAT, YOU KNOW, UH, IN THE URBAN CORE, WHICH IS WHAT WE'RE TALKING ABOUT HERE.
UM, YOU'RE NOT GONNA FIND VACANT LAND.
MAYBE WE'RE HEADED TOWARD THE PIT.
SOME OF THESE POSSIBILITIES WILL GO AWAY.
WE NEED, YOU KNOW, TO FIND ENOUGH LAND TO BUILD SOMETHING IS PRETTY MUCH NON-EXISTENT.
AND THEN THE FINAL THING I WANNA SAY IS, I KNOW WE ALL LIKE TO THINK ABOUT DOLLARS, BUT WE HAVE TO THINK BEYOND DOLLARS TOO.
LIKE, WE NEED PEOPLE WHO ARE WILLING TO, UM, TO WORK IN OUR RESTAURANTS, IN OUR HOSPITALS, IN OUR SCHOOLS, AND, UH, AND MAYBE DON'T WANNA BE COMMUTING FOR AN HOUR TO GET THERE.
AND SO WE HAVE TO THINK ABOUT THAT AND, AND OUR TOTAL TAX BASE, YOU KNOW, THAT WE, WE WANT, UH, PEOPLE WORKING HERE, SHOPPING HERE, UH, EATING HERE.
AND SO WE HAVE TO THINK, I KNOW WE ALL, UH, THINK MAYBE, UH, UNFORTUNATELY FIRST ABOUT DOLLARS, BUT IT'S NOT COMPLETELY IN A HUNDRED PERCENT DOLLARS OR AT LEAST DIRECT DOLLARS.
SO YEAH, I, I AGREE THAT'S, THAT'S OUR MISSION TO, TO MAKE THAT STUFF ACCESSIBLE TO, UH, A WIDE VARIETY OF, UH, PEOPLE.
I CAN MOVE TO CALL THE QUESTION.
EVERYBODY OKAY WITH THAT? OKAY.
DIRECTOR ALLEN, IN FAVOR, DIRECTOR MARSHALL C FAVOR, DIRECTOR COLLINS IN FAVOR, DIRECTOR HINTON.
IN FAVOR VICE PRESIDENT GARCIA.
IN FAVOR, DIRECTOR ELLIS IN FAVOR, FAVOR, DIRECTOR ROBINSON.
IN FAVOR, DIRECTOR MOORE IN FAVOR.
OKAY, SECRETARY PAGE IN FAVOR AND DIRECTOR Z IN FAVOR.
THANK YOU SO MUCH FOR THE PRESENTATION.
OKAY, NEXT ITEM, WE HAVE ONE MORE PROBLEM,
THIS IS ITEM NUMBER 11, RESOLUTION REGARDING ESTABLISHMENT OF A CREDIT CARD.
RESOLUTION REGARDING PARTICIPATION IN THE FINANCING OF THE BRIDGE AT LUKE 12, A MULTI-FAMILY RESIDENTIAL DEVELOPMENT TO BE LOCATED AT 1200 NORTH WALTON WALKER BOULEVARD, CITY OF DALLAS, DALLAS COUNTY OF TEXAS, 7 5 2 1 1.
CONSIDER AND ADOPT A RESOLUTION IMPROVING THE BRIDGE, PARTICIPATION IN THE FINANCING DEVELOPMENT, AND OWNERSHIP OF A MULTI-FAMILY RESIDENTIAL SETTLEMENT TO BE KNOWN AS THE BRIDGE OF 12 AND AUTHORIZING OFFICERS TO ACT ON BEHALF OF THE CORPORATION IN CONNECTION WITH THE CORPORATION'S PARTICIPATION.
UH, YOU CAN, YOU CAN TALK LOUDLY, SO YOU JUST HAVE ALL, HOW CAN YOU SEE ON CAMERA, MY CAMERA OR MAYBE STAND NEXT BETWEEN RYAN AND RYAN RIGHT THERE.
CAN YOU GUYS SEE ME NOW? MAYBE.
UM, I'LL TRY TO KEEP THIS BRIEF.
YOU GUYS CAN SEE THIS ONE BEFORE, IT'S BEEN ALMOST A YEAR SINCE WE BROUGHT IT BEFORE YOU GUYS, IF YOU SINCE SEPTEMBER OF 23 THEN WE BROUGHT IN FOR INDUCEMENT RESOLUTION.
SO, UM, MY UNDERSTANDING HERE TODAY, AND SOMEBODY CORRECT ME IF I'M WRONG, BUT I THINK WE'RE JUST APPROVING THE RESOLUTION SO WE CAN MOVE FORWARD WITH THE, WHY DON'T YOU GIVE A SUMMARY OF THAT.
SO YEAH, SO BASICALLY JAKE IS TRYING TO FINISH PACKAGING THE FINANCING FOR THIS DEAL.
WE'RE NOT READY WITH THE MOU YET, BUT FOR HIM TO GO BEFORE THE T-D-H-C-A BOARD WHERE THEY'RE SEEKING ANOTHER LOAN, IT WOULD HELP THEM AND THEIR VOTE TO KNOW OF OUR INTENT DEPARTMENT.
AND SO REALLY THE RESOLUTION IS JUST, IT'S NOT A COMMITMENT TO ANYTHING.
IT'S JUST, UH, A SIGNAL TO TDHA AND AND TO JAKE THAT YES, WE'VE SEEN THIS DEAL, WE INTEND TO PARTNER IF WE CAN COME TO TERMS. UM, THAT'S REALLY ALL THAT TO SAY.
SO CONTINUALLY, THEORETICALLY I'LL BE BACK A THIRD TIME
SO WE CAN GO AHEAD AND THE NEXT SLIDE, I'M GONNA SKIP THE, ACTUALLY YOU KNOW WHAT I WILL, THERE'S SOME NEW FACES.
I'M GONNA GO THROUGH THE OVERVIEW JUST JUST THROUGH THE FOLKS.
[01:55:01]
UM, OUR GROUPS AT GORDON, LOUISVILLE, KENTUCKY, I HAVE A HUGE PRESENCE IN TEXAS.I LEAD THE VAST MAJORITY, IF NOT ALL THE DEVELOPMENT OPERATIONS HERE IN TEXAS.
UM, GOT OVER 21,000 UNITS ON THE GROUND NOW ACROSS I THINK SEVEN OR EIGHT STATES AT THIS POINT.
UM, BUT WE'RE STRICTLY A MULTIFAMILY DEVELOPER.
I WOULD SAY 90% OF OUR PORTFOLIO IS FINANCED WITH THE LOW INCOME HOUSING TAX CREDIT PROGRAM.
UM, THE REMAINDER OF THOSE 10% OF THE PORTFOLIO IS REALLY KIND OF THE, THE WORKFORCE MARKET RATE CONCEPT.
BUT, UH, ONE THING I DO THINK IT'S IMPORTANT FOR THE NEW FOLKS AND EVERYBODY JUST TO REMEMBER THAT WE'VE GOT A VERY STRICT DEVELOPMENT GOAL STRATEGY.
SO WHEN I'M COMING TO TALK TO YOU GUYS ABOUT A POTENTIAL DEVELOPMENT OR SOMETHING WE'RE CONSTRUCTING WHATEVER IT IS, I MEAN, WE'RE IN IT FOR THE LONG TERM.
WE DEVELOPED OVER 110 NEW CONSTRUCTION, MULTI-FAMILY ASSETS IN 30 YEARS AND I THINK FOUR.
BUT NOW OF THOSE WE'VE ONLY EVER SOLD THEM.
SO I MEAN WE JUST, WE CAN'T EVEN HELP OURSELVES.
UM, YEAH, SO WE'RE TALKING ABOUT THE RIDGE AT LOOP 12 TODAY.
SO IT'S AT 1200 NORTH WALTON WALKER BOULEVARD, FAR WEST DALLAS.
YOU CAN PROBABLY THROW A ROCK TWICE AND HIT GRAND PRAIRIE.
IT'S, IT'S PRETTY CLOSE TO GRAND PRAIRIE.
UM, SO THIS ONE IN THE TIME THE LAST 11 MONTHS, WE'VE GONE THROUGH THE ZONING CHANGE PROCESS WITH CPC, UM, GONE THROUGH A FREE DEVELOPMENT PLAN APPLICATION.
SO THIS ONE'S HAS PD ZONING ON IT, ALWAYS LIKE TO DO A PD IF I CAN FOR MANY REASONS.
ONE OF WHICH IS JUST TO ENSURE NOT ONLY THAT CPC AND CITY COUNCIL KNOW THAT UH, WE'RE GONNA BUILD WHAT WE SAY WE'RE GONNA BUILD, BUT ALSO WITH THAT PD APPLICATION COMES THE DEVELOPMENT PLAN THAT WE HAVE TO ADHERE TO.
AND A COUPLE SLIDES, I'LL, I'LL SHOW YOU THE DEVELOPMENT PLAN THAT WAS APPROVED AT CPC, BUT UM, THIS WAS APPROVED, THE ZONING WAS APPROVED AT CITY COUNCIL BACK IN JUNE.
SO IT IS, IT IS ZONED FOR MULTIFAMILY, UM, AND READY TO GO THERE.
UM, 300 UNITS, ROUGHLY 20 UNITS AN ACRE.
UM, WE'VE GOT A MIX OF 1, 2, 3, AND FOUR BEDROOM UNITS.
WHICH LIST OF YOU WILL RECOGNIZE THAT'S GENERALLY THE, THE MIX AND THE PRO, YOU KNOW, PROFILE TYPE THAT WE'VE GOT ON ALL OF OUR DEVELOPMENTS.
UM, SO ONE OF THE THINGS THAT'S CHANGED IN THE TIME IN THE LAST 11 MONTHS IS THE A MI.
SO I THINK I MIGHT'VE SHARED IN THE INFO PACKET THAT I DISTRIBUTED TO EVERYBODY THAT IT WAS ALL AT 60% A MII UNINTENTIONALLY LIED TO YOU BECAUSE IN THE TIME THAT I DISTRIBUTED THAT T-D-H-C-A INFORMED ME THAT TO PARTICIPATE IN PROGRAM WE HAD TO HAVE A CERTAIN PERCENTAGE OF UNITS AT 50% A SO, UM, UNIT MAKES US SLIGHT ON THE INCOME SPECTRUM.
SO YOU'LL SEE THAT WE NOW HAVE 12 UNITS AT 50% A MI AND 12 UNITS AT 70% THE REMAINING 276 OR AT 60%
UM, AND THEN JUST A FEW MISCELLANEOUS ITEMS. I MENTIONED THE CITY COUNCIL APPROVAL ON THE ZONING SIDE, WE'VE ALSO HAD THE, THE RESOLUTIONS THAT GO WITH TAX CREDIT FINANCING RESOLUTION.
THE SUBSEQUENT RESOLUTIONS WERE APPROVED.
I THINK THOSE WERE ACTUALLY APPROVED AT COUNCIL BACK IN JUNE OF 23.
UH, SO THIS ONE'S BEEN AROUND FOR A MINUTE.
THERE ARE A LOT OF CHANGES THAT'S BEEN HAPPENING.
TDHCA IS NOW THE BOND THIS ISSUE.
AND SO I WANT EVERYBODY TO KIND OF UNDERSTAND THE, THE PROCESS OF HOW THAT CAME TO BE.
I'M PRETTY OPEN THAT ANYTIME WE REQUEST A BOND INDUCEMENT FROM YOU GUYS, NINE TIMES OUT OF 10 I'M PROBABLY GONNA HAVE T-D-H-C-A DO A BOND INDUCEMENT TOO.
AND, AND REALLY IN ALL HONESTY, THE ONLY REASON I DO THAT IS JUST TO KIND OF EFFECTIVELY TRY TO DOUBLE OUR CHANCES OF GETTING A BOND RESERVATION.
THE BONDS ARE AT A PREMIUM, THEY'RE OVERSUBSCRIBED EVERY YEAR.
SO IF I CAN DOUBLE THE CHANCES OF GETTING A RESERVATION, I'M GONNA THAT.
AND SO WE WERE FORTUNATE, UM, TO RECEIVE A RESERVATION FOR T-D-H-C-A, UH, AS THE ISSUE IN THE AMOUNT OF 50 MILLION THROUGH TRADITIONAL CARRY FORWARD.
AND AND THE IMPORTANT DISTINCTION WITH TRADITIONAL CARRY FORWARD IS THAT YOU'RE NOT UNDER THE 180 DAY CLOCK THAT YOU ARE ON THE TRADITIONAL RESERVATION.
SO THE RESERVATION EFFECTIVE DATE, UH, WAS DECEMBER 31ST, 2023.
YOU GOT THREE YEARS FROM THAT DATE.
SO UNTIL DECEMBER 31ST, 2026 TO CLOSE.
I DO NOT INTEND TO TAKE THAT LONG AT ALL, BUT IT'S GOOD THAT WE'RE NOT UNDER THE GUN OF 180 DAY BLOCK TO GET TO CLOSE.
UH, AND THEN LAST AND ARGUABLY THE MOST IMPORTANT COMPONENT THAT'S BEEN INTRODUCED INTO THIS DEAL NOW THAT I BRIEFLY MENTIONED A MOMENT AGO IS THE TCAP FUNDS, WHICH IS TAX CREDIT ASSISTANCE PROGRAM, TDHC.
SO, UM, WE SUBMITTED THE TAX CREDIT APPLICATION SUBSEQUENTLY SUBMITTED TO THEIR MULTIFAMILY DIRECT LOAN PROGRAM IN A REQUEST OF $10 MILLION OF TCAP FUNDS.
AND WE'VE BEEN PRELIMINARILY GRANTED THAT REQUEST, WHICH IS GREAT NEWS FOR THIS DEAL.
UM, AND AS AARON MENTIONED A MOMENT AGO, KIND OF PUTTING THE FINISHING TOUCHES ON THAT APPLICATION, I THINK AT THIS POINT WE'RE PROBABLY
[02:00:01]
GOING TO THE TDHC BOARD IN OCTOBER, WHICH IS FINE.EVERYTHING WILL BE FINE TO CLOSE, BUT UM, THE RESOLUTION IS KIND OF NEEDED TO FINALIZE THAT, THE TAX CREDIT COMPONENT AND ALSO THE TCAP.
UM, I'LL STOP THERE 'CAUSE I RAN THROUGH A LOT.
IS THERE ANY QUESTIONS JUST KIND OF ABOUT THE DEAL ITSELF AT THIS POINT? WHAT'S CHANGED? SO JUST TO REITERATE, WHAT YOU'RE ASKING FOR TODAY IS JUST A RESOLUTION SAYING WE'RE PLANNING TO GET TO AN MOU FOR TDHC, WE, YOUR ALLOCATION TCA.
SO IF SOMEBODY DISAGREES THAT, UH, YES, FORWARD OKAY.
IF THAT'S THE CASE, I'M GOOD WITH IT.
OKAY, SO BE A PARTNERSHIP OR NO? YES, YES MA'AM.
SO JUST TO BE CLEAR, THE RESOLUTION THAT I'M ASKING FOR JUST GIVES US EVEN FORWARD THE TH SCAN.
SO THEY NEED SOME ACKNOWLEDGEMENT FROM OUR ORGANIZATION THAT WE'RE GOING TO DO SOME AS IF THE SIGNATURES ON THE APPLICATION FROM THE HFC ARE NOT ENOUGH.
IT'S, IT'S JUST PART OF, IT'S A PROGRAM.
WE'VE GOTTA HAVE THE RESOLUTION.
ADMITTEDLY, TYPICALLY WE'RE AT THIS POINT WHERE I'VE GOT AN MOU FAR IN ADVANCE.
WE'VE DONE THE RESOLUTION, APPROVED IT ALL AT ONCE, BUT WE'RE STILL, THERE'S A LOT OF LAYERS TO FINANCE WITH THIS.
AND SO WE DON'T, WE CAN GET INTO IT IF YOU WANT BUT JUST KIND OF THE, THE CONCEPT OF THE GROUND LEASE PAYMENT MIXED WITH THE SENIOR DEBT, MIXED WITH THE TCAP LOAN, MIXED WITH MY LACK OF ABILITY TO MAKE MONEY ON THE CASH FLOW.
THERE'S JUST A LOT OF DIFFERENT PARTS MOVING HERE, AND SO WE'RE TAKING OUR TIME AND JUST MAKING SURE THAT WE GET IT DONE COMPLETELY AND EVERYBODY LOOKS GOOD.
YEAH, I DON'T HAVE MONEY JUST NOT PROVIDING RESOLUTION.
ANY OTHER QUESTIONS? UM, QUESTION.
I THINK WHEN WE SPOKE EARLIER, YOU SAID THE DEVELOPMENT PLAN HAS CHANGED NOW.
IT'S ACTUALLY, I THINK IT'S THE NEXT SLIDE OR THE NEXT, SO THEN JUST, JUST REAL QUICK, CAN WE GO BACK TO THE BIG MAP JUST TO ILLUSTRATE WHERE IT IS.
RIGHT OFF LOOP WALL, JUST SOUTH OF I 30.
UM, THEN THE NEXT SLIDE JUST SHOWS THE PROPERTY BOUNDARY MAP THAT WE'RE KIND OF WORKING WITH HERE.
AND THEN I THINK THE NEXT SLIDE IS THE SITE PLAN.
SO LET'S STOP HERE FOR A SECOND.
THIS SITE PLAN WAS INCLUDED IN THE INFORMATION PACKET.
SO ORIGINALLY JUST A LITTLE BRIEF HISTORY.
WE HAD NOT PROVIDED ACCESS TO TILLERY, WHICH YOU'LL SEE IN THE, UH, THE RIGHT HAND CORNER TOWARDS THE RIGHT HAND CORNER OF THE, THE SITE PLAN THERE.
THERE'S A ROAD THAT KIND OF DEAD ENDS.
WE HAD ORIGINALLY NOT CONTEMPLATED THAT ACCESS FOR A COUPLE REASONS.
ONE, I FELT LIKE IF I PUT ACCESS THERE, THE TRANSPORTATION DEPARTMENT WAS GONNA TRY TO FORCE ME TO CONNECT TILLERY TO SOUTH TILLERY AND BUILD A PUBLIC STREET.
SELFISHLY DIDN'T REALLY WANNA DO THAT.
UM, THE OTHER REASON WAS TOO IS JUST OUTTA RESPECT FOR OUR NEIGHBORS.
YOU KNOW, WE DIDN'T WANT A BUNCH OF TRAFFIC, UH, CONSTRUCTION OR PROPERTY TRAFFIC ONCE IT'S COMPLETED GOING THROUGH THEIR NEIGHBORHOOD.
YOU KNOW, WE KIND OF GOT TO RIGHT BEFORE CPC AND THEN BEFORE COUNCIL AND TRANSPORTATION WAS KIND OF HIM AND HAW A LITTLE BIT ABOUT IT.
REALLY WANTED THAT CONNECTIVITY.
YOU KNOW, I FELT LIKE IT WAS PROBABLY THE RIGHT THING TO DO, BUT JUST WANTED TO BE RESPECTFUL OF THE NEIGHBORS IN THE END.
AND WE CAN GO TO THE NEXT SLIDE THAT SHOW THE DEVELOPMENT PLAN.
THIS IS THE DEVELOPMENT PLAN THAT'S APPROVED.
I WAS GONNA WALK THERE POINT, BUT I REALIZE THE CAMERA WON'T BE ABLE TO SEE ME.
SAME CORNER, YOU'LL SEE THE CONNECTIVITY THERE, BOTH VEHICULAR AND PEDESTRIAN ACCESS.
UM, THIS WAS AT THE RECOMMENDATION OF TRANSPORTATION, RECOMMENDATION OF LAND COMMISSIONER AND RECOMMENDATION OF COUNCILMAN
UM, SO WE'VE GOT THAT CONNECTIVITY NOW, WHICH IS GOOD BECAUSE I MEAN, THREE PEOPLE BLOCKS TO THE EAST, THERE IS ARCADIA PARK ELEMENTARY SCHOOL AND THE LIBRARY.
SO THE KIDDOS THAT ARE LIVING AT THIS PROPERTY CAN NOW CONCEIVABLY WALK TO SCHOOL IF THEY CHOOSE TO DO SO.
IS THAT A PATH CONNECTOR TO SOUTH TILLERY? I'M SORRY? IS THAT A CONNECTOR TO SOUTH TILLERY? NO, THAT'S A SCREENING.
THE, UM, THE RECENT THIS IS IMPORTANT TO ME IS, UM, THIS PROJECT IS JUST A FEW BLOCKS, UH, TO THE NORTHWEST OF THE DAVIS PROJECT CONNECT ACCESS TO, OH, TO THE JPI ONE WE JUST LOOKED AT, BUT YOU'LL BE ABLE TO GET TO THE TRAIL TOO, WHICH WILL TIE INTO, ALL RIGHT, SOUTHERN DALLAS.
SO THE JPI GUYS HAD MENTIONED THAT I, I THINK THEIR SITE, THE CHALK HILL SITE, I THINK IT WAS IN PREVIOUSLY IN D SIX IN THIS DISTRICT OR IN D THREE.
SO THE CONFLUENCE OF D THREE, D ONE AND D SIX IS ALL KIND OF RIGHT THERE.
UM, LIKE, I MEAN, WE'RE JUST A FEW BLOCKS AWAY FROM THEIR, SO SOME KIND SECTION 42 RULES OR SOME ABOUT OUT.
YEAH, SO THERE'S, THERE IS A RULE THAT ONCE YOU'VE GOT A PROGRAM AWARD FOR TAX CREDITS AND YOU'VE GOTTA GET AN ADDITIONAL RESOLUTION THAT IF THERE'S ANYTHING, THE ONE MILE PER YEAR RULE, WHICH IS COMMONLY REFERRED TO.
WHICH DOES NOT COME INTO PLAY YET.
'CAUSE THEY'RE, OH, HASN'T SO'S A, IT'S A RACE TO GET.
UM, BUT ANY OTHER QUESTIONS? DIRECTOR PAGE ABOUT CONNECTIVITY? YEAH, I THINK IT'S GREAT.
I DID NOT LIKE THE ORIGINAL PLAN BECAUSE OF BEING ON THE SURFACE ROAD THAT WAS
[02:05:04]
IN THE CIRCULATION TO CONNECTIVITY.AND HOW ABOUT JUST THE QUALITY OF LIFE? THAT'S, IT'S JUST BETTER BECAUSE THEN, YOU KNOW, BEFORE, JUST FOR ILLUSTRATIVE PURPOSES, YOU KNOW, IF I WANT TO GO, IF I WANT TO GO DOWN TO DAVIS FOR WHATEVER REASON, WELL, BEFORE I WAS GONNA HAVE TO GO UP, LOOP AROUND, SIT AT A LIGHT, TURN ANOTHER LIGHT, AND THEN GO, YOU KNOW, EASTBOUND ON DAVIS OR WESTBOUND ON DAVIS AND DO WHATEVER I WANTED, WELL, NOW THEY'VE GOT THE ABILITY TO EXIT OUT THE, RESERVE THE PROPERTY, COME DOWN, TILLERY, COME DOWN ONE OF THE OTHER ANCILLARY ROADS WITHIN THAT NEIGHBORHOOD AND GET TO DAVIS.
AND I, I THINK, YOU KNOW, SOMETIMES, SOMETIMES I JUST PUT THE BLINDERS ON AND I'M JUST SO FOCUSED ON GETTING SOMETHING DONE.
IT TAKES SOMEBODY ELSE TO GIVE ME AN OPINION ON, HEY, HAVE YOU LOOKED AT IT DOING IT THIS WAY? AND THAT'S WHAT HAPPENED HERE.
AND I THINK IT JUST WORKED DOWN A LOT.
YEAH, I THINK JUST LIKE, YOU KNOW, WORK ON THE VILLE PROJECT HERE, YOU KNOW, HAVING MORE ACCESS TO LIKE, SAY ABOUT THE KIDS, LIKE BEING ABLE TO HAVE FRIENDS THAN LIVING IN THE SINGLE
IT WAS FOUR KIND LIKE YOUR BOX.
SO YOU'RE, YOU KNOW, AND I'LL ADD TOO, JUST ON THE COMMUNITY ENGAGEMENT ASPECT OF THIS.
WE WERE, THIS IS PROBABLY THE FIRST TIME IN MY CAREER WHERE, UH, WE'VE HAD NO COMMUNITY PUSHBACK.
WE HAD A COMMUNITY MEETING, UH, AT THE ARCADIA PARK LIBRARY AND, UH, NOBODY SHOWED UP.
WE EVEN HAD IT'S PREDOMINANTLY HISPANIC COMMUNITY THERE IN ARCADIA PARK AND HAD ENGLISH TO SPANISH TRANSLATOR AND NOBODY SHOWED UP, NO OPPOSITION.
SO PROBABLY WON'T EVER HAPPEN AGAIN.
BUT IT WAS REALLY NICE TO EXPERIENCE THAT FOR ONCE.
SO, UM, IT'S, IT'S BEEN A, IT'S BEEN A GOOD, IT'S BEEN A LONG PROCESS.
IT'S BEEN A GOOD PROCESS AS FAR AS THE, THE ENGAGEMENT SUPPORT OF CPC AND COUNCIL.
ANY OTHER QUESTIONS ABOUT DEVELOPMENT PLANS? I LAYOUT ANYTHING LIKE THAT FROM ANYBODY? OKAY.
WE
YOU SEE THE HGDK LOGO THERE IN THE BOTTOM LEFT HAND CORNER.
UM, YOU'LL SEE THIS PRODUCT TYPE VERY, VERY SIMILAR TO WHAT YOU SAW AT, UH, CROSSING AT CLEAR CREEK AND TERRACE.
HIGHLAND HILLS, SAME MARKET TYPE.
AND I THINK THE LAST FEW PICTURE, OR VAST LAST FEW SLIDES ARE JUST PICTURES OF INTERIORS.
I'M, I'M SORRY TO SAY WE'RE NOT REINVENTING THE WHEEL HERE, BUT THE FINISHES YOU SEE ON THE INSIDE WILL VERY, VERY, VERY SIMILAR TO OTHER LDG PROPERTIES, BRAND COUNTERTOPS, ENERGY EFFICIENT COMPLIANCES, CEILING FANS WILL HAVE PATIO BALCONIES ON, ON THIS PROPERTY JUST LIKE WE HAVE ON ALL THE OTHER ONES.
UH, AND I THINK THE LAST SET OF PICTURES IS JUST AMENITIES, WHICH I MENTIONED EARLIER.
SWIMMING POOL, FITNESS CENTER, CLUBHOUSE, BUSINESS CENTER, UM, ALL OF THOSE AWESOME THINGS THAT, THAT WE HAVE IN OUR COMPETITORS SIDE OF THEIR PROVINCE.
I'M HAPPY TO ANSWER ANY QUESTIONS ABOUT ANYTHING RELATED.
ARE WE READY TO TAKE A VOTE? OKAY.
DIRECTOR ALLEN RUTH, DIRECTOR MARSHALL C RUTH, DIRECTOR COLLINS, APPROVE DIRECTOR HINTON APPROVE.
VICE PRESIDENT GARCIA APPROVE.
DIRECTOR MOORE A APPROVE SECRETARY PAGE APPROVE.
YOU DO HAVE SOME OTHER ACTION ITEMS, BUT I THINK THEY'LL GO QUICKLY.
SO THE FIRST ONE IS THAT, UH, IT'S BEEN DIFFICULT FOR ERIN AND JACKIE, UH, IN ALL THE LONG TIME THAT THERE HAS BEEN NO CREDIT CARD BECAUSE, YOU KNOW, AND, AND, UM, BECAUSE THEY HAVE TO WRITE CHECKS OR, I MEAN, ANYWAY, WE ALL KNOW THAT THE WORLD WORKS MORE EASILY WITH A CREDIT CARD.
UM, ANYWAY, SO NOW, UH, WE HAVE A RESOLUTION TO ESTABLISH A CREDIT CARD ACCOUNT FOR THE CORPORATION WITH ORIGIN BANK AND THE ADOPTION OF A CORPORATION POLICY IN CONNECTION WITH SUCH ACCOUNT THAT HOPEFULLY ALL OF YOU HAVE REVIEWED A CONSIDER AN ADOPTER RESOLUTION AUTHORIZING CORPORATION TO ESTABLISH A CREDIT CARD ACCOUNT WITH ORIGIN BANK AND PROVIDING AUTHORIZED SIGNERS FOR SUCH ACCOUNT AND BE CONSIDERED RESOLUTION TO IMPLEMENT THE CORPORATION CREDIT CARD POLICY WITH THE ORIGIN BANK CREDIT.
SO SAY, LET'S JUST GIVE A SMALL CREDIT CARD SO WE CAN PAY FOR CONFERENCE, TRAVEL REGISTRATION,
[02:10:01]
ALL THESE THINGS.AND THE POLICY THAT SAYS IF I MISUSE IT, YOU CAN KILL ME, STAB ME,
UM, I REPORT ALL THE TRANSACTIONS IN OUR MONTHLY BOARD AS WELL.
UH, I READ THE POLICY, I THINK THE POLICY IS GOOD.
ONE PART I HAD A QUESTION ON IS, WILL THE STATE GO TO THE TREASURER AND, UH, BECAUSE IT WASN'T CLEAR TO THE POLICY THAT APPLIED POLICY, YOU KNOW, KNOW AND WHERE WE WANT FIT OR VERY, THE TREASURER SEEMS THAT POLICY SET, THE ACCOUNT CONCERN.
YEAH, WE CAN INSERT THE TREASURER.
ADD AND TREASURER, UH, YOUR YEAH, I I WOULD ADD THOSE POLICY CRIMINAL STATEMENTS WILL
UM, OKAY, SO DOES SOMEONE WANNA MAKE A MOTION WITH THAT AMENDMENT TO THE POLICY? I'LL MAKE THAT SECOND.
AND, UM, ANY OTHER QUESTIONS ABOUT THAT? YEAH, YEAH.
I, I THINK THE, THE POLICY LOOKED REASONABLE AND I TOTALLY GET WHY, UH, WE WANNA DO THIS.
UM, YOU KNOW, AT SOME POINT IF YOU KNOW JACKIE AND AARON AREN'T HERE, WHICH WE ALL KNOW ARE FINE PEOPLE AND UH, YOU KNOW, WE WANNA MAKE SURE IT'S ALL PROTECTED.
DOES THIS, DOES THIS RUN THROUGH RE I GUESS WE'D SEE THE EFFECTS OF THIS IN THE TREASURY OR HOW IS THIS KIND OF BEING OVERSEEN ON A MONTHLY BASIS OR IS IT KIND OF ASKED AS WE WANNA SEE IT? HOW DOES THAT KIND OF CHECKS AND BALANCES WORK? I SUPPOSE? I THINK THE PAGE WAS GETTING TO THE, THAT A COPY OF THE STATEMENT WILL GO TO OUR TREASURER AS WELL AS TO OUR ACCOUNT.
AND, AND DIRECTOR ROBINSON, YOU AS A BOARD MEMBER, YOU ARE, YOU CAN DEMAND TO SEE ANY FINANCIAL STATEMENT AT ANY TIME.
WE'LL SHOW THAT TO THE, AND IT GOES TO THE TREASURES REPORT.
I THINK DIRECTOR ZA, IN RESPONSE TO YOUR QUESTION, I'M THINKING MAYBE IT WOULD JUST ALLOW HER TO SEE THAT EVEN SOONER THAN SEE THE TREASURERS PLUS THE TREASURER IS GOING TO BE INCORPORATING THE, UM, EXPENSES SHOWN ON THERE, BUT MIGHT NOT BE THINKING ABOUT, OH, WHY IS THIS AT THIS LEVEL? YOU KNOW WHAT I MEAN? SURE.
SO I THINK THAT'S A GOOD, UM, OKAY, SO WE'RE GONNA VOTE, UH, DIRECTOR ALLEN APPROVE, DIRECTOR
DIRECTOR COLLINS, APPROVE DIRECTOR APPROVE VICE PRESIDENT GARCIA APPROVE.
UNDER APPROVE DIRECTOR ROBINSON APPROVE.
UM, AND THEN I JUST WANNA STOP FOR A MOMENT, UM, TO JUST SAY WE DO HAVE TWO OTHER THINGS, UM, OR THREE OTHER THINGS I GUESS BEFORE OUR PRESENTATION FROM HOUSING CONNECTOR, BUT I HOPE THAT EVERYONE WILL HANG IN THERE BECAUSE IT'S A REALLY IMPORTANT, UM, PROGRAM THAT WE'VE BECOME AWARE OF THANKS TO SECRETARY PAGE AND I'M JUST REALLY HOPING THAT EVERYBODY CAN KIND OF HANG IN THERE.
I THINK TRADITIONALLY THIS MEETING AND THE SEPTEMBER MEETING ARE VERY PACKED AND SO WE TRY TO MAKE OTHER MEETINGS GO MUCH MORE QUICKLY.
BUT ANYHOW, JUST I WOULD KNOW HONESTLY IF YOU GUYS WANT TO SKIP THE TREASURE REPORT AND THE PIPELINE, THOSE ARE PRETTY STANDARD INFORMATION KIND IN THERE.
WE COULD SEE THE TIME
THERE'S THREE ONLINE RIGHT NOW ON VIDEO.
SO WE HAVE, SO WE'VE GOT UNIVERS.
NO, WELL, WELL SCHEDULE, IT SHOWS THAT OUR SCHEDULE VOTE SCHEDULE FIRST AND THEN WE YEAH.
I JUST WANNA MAKE A CORRECTION ON THE MEETING SCHEDULE.
THE DATE OF DECEMBER 10TH IS ACTUALLY DECEMBER 9TH.
THE TUESDAY IS, I WANTED TO APPROVE SCHEDULE.
IN FAVOR, DIRECTOR MARSHALL STATE DIRECTOR PALS IN FAVOR, DIRECTOR, HINT IN FAVOR
[02:15:01]
VICE PRESIDENT GARCIA IN FAVOR, DIRECTOR ELLIS.IN FAVOR? IN FAVOR, DIRECTOR ROBINSON.
DIRECTOR MOORE FAVOR, SECRETARY PAGE DIRECTOR ZA.
OKAY, SO, UH, SO I THINK THERE WAS KIND OF CONSENSUS, OH FOR A SECOND.
I NEED TO SEE ALL THE ITEMS ABOUT THE TREASURER'S REPORTS AND THE PIPELINE BOARD UNTIL THE NEXT MEETING THAT I CALLED VOTE BY AFFIRMATION.
UM, AND AS I SAY, THIS IS SUCH A, A GOOD PROGRAM AND WE CAN ONLY DO ONE.
MS. PARKER, I DON'T KNOW IF YOU WANNA SIT OR STAND, WHATEVER YOU PREFER.
I KNOW Y'ALL ARE GETTING THAT TWO O'CLOCK FEELING.
UM, SO
UM, DO WE HAVE MY SLIDE? OH SHOOT, IF NOT, THAT'S OKAY.
SORRY, YOUR LAST AND THANKS FOR EVERYONE APPRECIATE RU I FEEL LIKE I WAS A FLY ON THE WALL TODAY, SO I REALLY APPRECIATE THAT.
AND WHAT WAS ALSO REALLY COOL IS I'VE MET A FEW OF THESE FOLKS AT TAP, SO I'M LIKE, HEY, NOW LET'S AGAIN
AND I HAVE A VERY LENGTHY SLIDE DECK, SO I WILL TRY TO REALLY HIT THE MEAT AND POTATOES FOR YOU GUYS.
BUT YOU KNOW, THE FIRST QUESTION I ALWAYS LIKE TO ASK IS, HAVE YOU EVER HAD TO WORRY ABOUT WHERE YOU WERE GOING TO LAY YOUR HEAD ON ANY GIVEN NIGHT? AND I APOLOGIZE 'CAUSE I KNOW IT'S GONNA BE LIKE HARD TO KEEP TRACK OF WHERE I AM.
BUT ON THE SECOND SLIDE HERE, RIGHT, ON ANY GIVEN NIGHT, THERE ARE THREE TO 4,000 FOLKS RIGHT HERE IN DALLAS AND
HOUSING INSTABILITY OFTEN LOOKS DIFFERENT THAN WHAT MOST PEOPLE WOULD ASSUME.
YES, THERE ARE PEOPLE THAT ARE LIVING ON THE STREETS, THERE ARE PEOPLE THAT ARE LIVING IN SHELTERS, I'M SORRY, NOT ANGLED PROPERLY.
UM, THERE ARE PEOPLE THAT ARE LIVING ON THE STREETS, LIVING IN SHELTERS, BUT THERE ARE ALSO PEOPLE THAT ARE LIVING IN THEIR CARS, STAYING ON SOMEONE'S COUCH.
AND THAT'S ALSO CONSIDERED HOUSING INSTABILITY AS WELL.
NOW LOOKING AT ME, THAT'S PROBABLY NOT SOMETHING THAT SHE WOULD ASSUME THAT I'VE EXPERIENCED.
I GREW UP WITH AN AMAZING SINGLE MOM AND SHE DID WHATEVER SHE COULD TO PROVIDE FOR US, BUT IT WASN'T ALL SUNSHINE AND RAINBOWS.
YOU KNOW, THERE WERE TIMES WHERE OUR LIGHTS WERE CUT OFF, THERE WERE TIMES WHERE WE WERE EVICTED AND A FEW OF THOSE TIMES WE HAD TO STAY WITH FAMILY AND FRIENDS UNTIL WE COULD GET ON THE RIGHT TRACK.
AND BECAUSE OF MY MOM'S EVICTIONS AND HER LOWERED CREDIT SCORE, NOW SHOWING UP ON HER RENTAL HISTORY, GETTING ON THE RIGHT TRACK OFTEN TOOK A LOT LONGER THAN WE'D EXPECTED.
THERE ARE THOUSANDS OF FOLKS THAT ARE APPLYING FOR APARTMENTS, APPLYING FOR RENTAL HOMES DAY IN AND DAY OUT, AND THEY'RE UNABLE TO ACCESS HOUSING BECAUSE OF THEIR RENTAL HISTORY.
AND HOUSING CONNECTOR WANTS TO CHANGE THAT AT HOUSING CONNECTOR.
WE BELIEVE THAT NO UNION SHOULD SIT VACANT WHILE THEY ARE BOTH SITTING DIFFERENT HOME.
THE PROBLEM AS WE SEE IT,
SO, UM, YOU KNOW, THE PROBLEM AS WE SEE IT IS THAT VACANT HOMES ARE NOT ONLY A FINANCIAL LOSS TO THAT HOUSING PROVIDER, BUT IT'S ALSO A LOSS TO THE COMMUNITY.
AND AGAIN, THOUSANDS OF PEOPLE, IF NOT MILLIONS OF PEOPLE ARE UNABLE TO ACCESS HOUSING DUE TO THEIR RENT REGISTRY.
BUT WHEN IT COMES TO OUR SOLUTION IS THAT WE PARTNER WITH PROPERTY OWNERS IN THE, WE ASK THEM FOR A REDUCTION IN THEIR SCREENING CRITERIA AND IN EXCHANGE WE BASICALLY PROVIDE THEM WITH FREE INSURANCE PACKAGE.
AND THAT WAY MORE FOLKS ARE ABLE TO APPLY FOR AND BE APPROVED FOR THESE UNITS THAT WOULD OTHERWISE SAY THEY CAN.
[02:20:03]
WE'RE ON SLIDE SEVEN AND WE'RE THE ONLY NONPROFIT TO DO THIS.SO THERE'S ABSOLUTELY NO COST TO BE A PART OF OUR PROGRAM.
SO WHO DO WE REFER? JUST AS YOU MENTIONED, MARCY, WE WORK WITH TEACHERS, WE WORK WITH CASHIERS, WE WORK WITH SENIORS, VETERANS, JUST ABOUT ANYONE CAN BENEFIT FROM THE HOUSING MEASURE, BUT WHAT REALLY IS THE BENEFIT TO THE FOLKS IN OUR PROGRAM IS THAT THEY'RE ABLE TO BE SCREENED WITH THIS REDUCED SCREENING CRITERIA VERSUS THE GENERAL CRITERIA AS ANY OTHER PARTNER.
AND ALL OF THE FOLKS IN OUR PROGRAM HAS ALREADY HAS THE MEANS TO PAY THEIR RENT AND UTILITIES ON THEIR OWN.
AND THE BENEFIT AGAIN IS NOW THEY'RE BEING ABLE TO BE SCREENED WITH THIS REDUCED SCREENING CRITERIA AND THEY'RE WORKING WITH A CASE MANAGER FROM A COMMUNITY PARTNER.
SO THINK OF LIKE THE SOCIAL SERVICE GROUPS NEARING DALLAS TO HELP THEM FIND HOUSING QUICKLY AND EFFECTIVELY.
SO ALL OF THIS SOUNDS GREAT, BUT I'M SURE YOU'RE LIKE, WHY WOULD A PROPERTY WANNA DO THIS
SO WE'LL COVER UP TO THREE MONTHS OF EMERGENCY RENTAL ASSISTANCE FOR ANYONE THAT'S IN OUR PROGRAM.
AND SO I ALWAYS LIKE TO GIVE AN EXAMPLE, IF THE RENT IS $1,500 A MONTH, HOUSING CONNECTOR WOULD PAY A TOTAL OF $4,500 SPECIFICALLY IN EMERGENCY PRINCIPAL ASSISTANCE.
AND THAT CAN BE TAPPED INTO ACROSS THE LEASE TERM.
IN ADDITION TO THAT, WE'LL COVER UP TO $5,000 DAMAGE REMEDIATION WELL.
SO IF THERE ARE ANY DAMAGES THAT EXCEED THAT, UH, SECURITY DEPOSIT AMOUNT, HOUSING CONNECTOR WOULD TAKE CARE OF THAT AS WELL.
WE ALSO COVER UP TO TWO YEARS OF CASE MANAGEMENT.
THE MAXIMUM AMOUNT OF TIME FOR SOMEONE TO BE IN OUR PROGRAM IS TWO YEARS.
IDEALLY WE WANT TO GIVE THEM A HELPING SO THAT HOPEFULLY YEARS AFTER THEY'RE ABLE TO PURCHASE THEIR RIGHT.
AND SO WE PROVIDE THE TWO YEARS OF CASE MANAGEMENT JUST TO ENSURE THAT THEY'RE STAYING SAFELY HOUSED.
AND IN ADDITION TO THAT, NO ONE LIKES EVICTIONS.
SO WE'RE REALLY TRYING TO PREVENT THAT.
AND WE ASK OUR PROPERTY PARTNERS TO LET US KNOW WHEN IT'S A YELLOW FLAG BEFORE IT BECOMES A RED BULL.
AND ALSO WE HAVE A PARTNERSHIP WITH ZILLOW.
ZILLOW ALLOWS US TO LIST ALL OF OUR PROPERTY PARTNERS ON ZILLOW FOR FREE.
SO THAT WAY IT'S A STREAMLINED PROCESS FOR FOLKS TO FIND HOUSING AND IDEALLY.
UM, AS FAR AS WE'RE SORRY ABOUT NUMBER TWO, I DON'T KNOW WHY THAT LOOKS LIKE THAT, BUT
THE ONLY DIFFERENCE IS THAT OUR COMMUNITY PARTNERS HAVE A LITTLE SPECIAL FILTER ON ZILLOW, SO THAT WAY THEY'RE ACTUALLY EASILY SEE THE PROPERTIES THAT ARE A PARTNER WITH US.
SO IT WORKS, I KNOW IT SOUNDS NOBLE AND GREAT, BUT IT WORKS.
WE ARE BASED IN SEATTLE AND WE ENTERED INTO THE DALLAS MARKET, UH, LAST YEAR AND WE'VE HOUSED A HUNDRED, UH, 430 FOLKS.
I LOOKED TODAY
THIS IS JUST A QUICK SNAPSHOT OF WHAT, UH, OUR, UH, PLATFORM LOOKS LIKE ON ZILLOW.
LIKE I SAID, IT'S THE ZILLOW THAT EVERYONE KNOWS AND HOPEFULLY LOVES.
UM, BUT UH, CURRENTLY WE HAVE ABOUT 600 UNITS THAT ARE AVAILABLE ON ZILLOW TODAY THAT CAN BE RENTED.
IT IS A, UH, EVERGREEN SYSTEM.
IT SAVES IN WITH THEIR PROPERTY MANAGEMENT SYSTEM.
SO THESE ARE ALL UNITS THAT ARE AVAILABLE RIGHT NOW AND IT'S ME AND MY
UH, I LIKE TO SAY WE ARE THE DYNAMIC DUO OF DALLAS BECAUSE IT'S JUST US TWO HERE IN THE DALLAS MARKET, BUT WE DO HAVE AN INCREDIBLE TEAM THAT SITS IN SEATTLE THAT HELPS US WITH ALL THE TECHNOLOGY, ALL THE FUNDING AND ALL OF OUR STABILITY EFFORTS.
CHARA HAS YEARS OF EXPERIENCE IN NONPROFITS.
UM, SHE ACTUALLY CAME TO US BY A WAY OF UNITED WAY METRO DALLAS.
AND FOR MYSELF, I HAVE BEEN A REALTOR HERE IN DALLAS FOR ABOUT A DECADE AND REALLY WAS LOOKING FOR SOMETHING DIFFERENT AND CAME ACROSS HOUSING CONNECTOR AND I FEEL LIKE THIS IS MY PLACE, THIS IS MY HOME.
UH, I STARTED AS THE PROPERTY PARTNERSHIP MANAGER.
SO ALL OF THOSE 600 UNITS THAT YOU'VE SEEN WERE ALL NEGOTIATED BY ME,
UM, YOU KNOW, ONE THING THAT WE LEARNED WERE IN SEATTLE, DENVER AND PORTLAND, BUT WHAT WE LEARNED IS THAT TEXAS DOESN'T HAVE SOURCE OF INCOME PROTECTION.
SO, UH, YOU KNOW, IT WAS CHALLENGING AT
[02:25:01]
FIRST AS WE TO ENTER INTO THE MARKET AND THAT'S WHEN WE REALLY FOUND OUR NICHE OF WORKING WITH FOLKS THAT HAVE THE INCOME BUT HAVE A BARRIER TO ACCESSING HOUSING.AND THAT'S REALLY WHAT HAS CREATED THE MOST IMPACT FOR US.
WE ALSO HAVE A LOCAL ADVISORY BOARD.
WE TRY TO FIND A, A VARIETY OF FOLKS, UM, THAT REALLY ARE BOOTS ON THE GROUND AND HAVE AN IMPACT IN DALLAS TO HELP US WITH OUR GROWTH AND DIRECTION, UM, AS WE CONTINUE TO LEARN MORE ABOUT DALLAS AND HOW WE CAN BE IMPACTFUL.
SO AS I MENTIONED, WE'RE AT ABOUT 430 FOLKS CURRENTLY, UH, THAT WE ARE, THAT WE HAVE HOUSED.
WE'RE LOOKING TO HOUSE ABOUT 700 VOTES THAT ARE IN SENIOR.
UM, AS YOU CAN SEE ON THE GRAPH, I DON'T KNOW MANY OTHER ORGANIZATIONS THAT AS OUR IN IMPACT INCREASES, OUR COST ACTUALLY DECREASES.
UM, AND AGAIN, THAT REALLY JUST GOES BACK TO THE TECHNOLOGY THAT IS REALLY, UH, OUR BIGGEST TOOL AND OUR ASSET HERE AT AS A TECH FOR GOOD ORGANIZATION.
UM, WE DON'T HAVE TO CONTINUE TO MARKET MORE AND DO ALL OF THOSE THINGS.
EVERYTHING IS STREAMLINED THROUGH OUR ZILLOW PLATFORM AND THEN OUR TECH TEAM THAT'S IN SEATTLE.
AND THEN AS FAR AS THE IMPACT GOES, I THINK EVERYONE HERE HAS SEEN ALL OF THE ARTICLES ABOUT HOMELESSNESS IN DALLAS AND HOW IT'S AFFECTED AND JUST AS I MENTIONED, HOMELESSNESS AND HOUSING INSTABILITY IS REALLY A SPECTRUM.
AND SO WHEN IT COMES TO HOUSING CONNECTOR, WE'RE ABLE TO ASSIST THOSE FOLKS THAT ARE LIVING ON THE STREET, LIVING ON SOMEONE'S COUCH AND BEYOND.
AND WHEN IT COMES TO THE OVERALL IMPACT, OUR AVERAGE IS ABOUT $570 PER PERSON TO KEEP SOMEONE HOUSED FOR A YEAR VERSUS THAT IS A NATIONAL NUMBER, BUT AGAIN, 30 TO $50,000 TO KEEP SOMEONE HOMELESS, RIGHT? SO SUCH A HUGE DIFFERENCE.
WE ALSO HAVE A LESS THAN 1% EVICTION RATE.
WE ACTUALLY DON'T HAVE ANY EVICTIONS CURRENTLY IN DALLAS, UH, WHICH I'M VERY PROUD OF.
AND LASTLY, ABOUT 98% OF OUR INVENTORY IS AT OR BELOW FAIR MARKET RENT, WHICH IS HUGE.
JUST AS YOU TOUCHED ON, WE WANT PEOPLE TO BE ABLE TO LIVE AND WORK IN THE SAME AREA AND NOT BE RANK BURDENED AND ALSO HAVE OPPORTUNITIES TO CHOOSE WHERE THEY WANT TO WORK.
SO THAT'S PRETTY MUCH IT GUYS.
I TRY TO WRAP IT UP FOR YOU BECAUSE I KNOW
I THINK, YOU KNOW, THAT WE HAD GOTTEN PUSHBACK FROM ONE OF OUR PROPERTY.
SO HOW HAVE YOU BEEN HANDLING THAT? YEAH.
LIKE HAVE YOU GOTTEN PRETTY GOOD RECEPTION FROM MOST PROPERTY? I HAVE AND YOU KNOW, THAT'S A GREAT POINT BECAUSE THAT PROPERTY MANAGEMENT COMPANY IS A LARGER PROPERTY MANAGEMENT COMPANY, SO AND SO, YOU KNOW, THEY HAVE A LITTLE BIT MORE STAKE IN THE CA IN THE GAME.
AND SO IT WAS A LITTLE BIT MORE DIFFICULT TO WORK WITH, UH, THAT ORGANIZATION.
BUT WE'VE REALLY SEEN THAT A LOT HAS CHANGED THIS YEAR VERSUS LAST.
AND SO, UH, AGAIN, WITH KEN WHO'S AT THE APARTMENT, UM, ASSOCIATION, WE'VE NOTICED THAT MORE LARGER PROPERTY MANAGEMENT COMPANIES ARE REACHING OUT, OUT TO US NOW AND ARE MORE WILLING TO WORK WITH US, US, BUT THEY MAY NOT NEGOTIATE ON EVERY SINGLE ITEM OF THE CRITERIA THAT WE WANT TO NEGOTIATE ON, BUT THEY'RE BECOMING MORE FLEXIBLE AND MORE OPEN BECAUSE THEY ARE SEEING THAT, UH, OCCUPANCY RATE KIND OF GO DOWN THAT MORE THAN THEY WERE LAST YEAR.
HOW MANY DIFFERENT PROPERTY MANAGEMENT COMPANIES DO? YEAH, THAT'S A GREAT QUESTION.
WE ARE AT ABOUT 40 DIFFERENT PROPERTY MANAGEMENT COMPANIES.
SO THERE'S 40 THAT UNDERSTAND YOUR MODEL.
AND THEY UNDERSTAND SO CAN MEAN CAN WE JUST CAN FORWARD AIR IN THAT LIST OF PROPERTY MANAGEMENT? SURE.
AND I MEAN THIS HAS A TOUCH OF LIKE ALMOST LIKE PERMANENT SUPPORTIVE HOUSING ISH.
BUT YOU'RE ABLE TO KIND OF THAT THAT'S A HARD TYPE OF PROJECT TO GET OFF THE GROUND.
YOU KNOW, WHEREAS THIS YOU SORT OF, I DON'T, IT'S A MORE EFFICIENT WAY TO KIND OF GET SOME LEVEL OF PER SUPPORTIVE HOUSING IF NORMAL COMPLEXES SURE.
THERE A RAMP UP OF BUNCH OF APPLICANTS OR IS THERE A RAMP UP OF SUPPLY OR HOW DO YOU MANAGE THOSE TWO? THAT'S AN ABSOLUTELY GREAT QUESTION.
I THINK THE REASON WHY I'M HERE TODAY IS TO BE CANDID WITH YOU.
WE HAD SEEN SO MUCH OF AN IMPACT WITHIN THE PAST LIKE SIX MONTHS OR SO THAT WE ACTUALLY COULDN'T KEEP UP.
RIGHT? DALLAS DOES NOT HAVE ANY LOCAL PUBLIC FUNDING COMPARED TO OUR OTHER MARKETS.
AND SO WE ACTUALLY HAD TO SCALE BACK BECAUSE WE WERE SEEING SO MANY FOLKS THAT AGAIN, ONCE WE SHIFTED FROM FOCUSING ON FOLKS THAT HAD VOUCHERS TO FOCUSING ON SOMEONE THAT HAS A BARRIER, WE WERE SAYING THAT IMPACT KIND OF SKYROCKET.
UM, AND WE DIDN'T HAVE THE MEANS TO KEEP UP WITH THAT BECAUSE AS I MENTIONED, WE'RE A FREE INSURANCE POLICY FOR THE PROPERTY.
AND SO THE MORE FOLKS THAT WERE COMING TO
[02:30:01]
US, IF SOMEONE WERE TO DEFAULT, WE WOULD BE ON THE HOOK FOR THOSE GUARANTEES.AND HOW MANY UNITS DOES IT, LIKE HOW MANY UNITS DOES A PARTICULAR APARTMENT COMPLEX MATTERS GIVE YOU? YEAH.
WHAT SORT OF LIKE, I'M GLAD YOU ASKED.
SO WE DON'T ASK FOR THEM TO RESERVE THE UNITS FOR US, RIGHT? WE'RE JUST ASKING FOR ACCESS SO THAT OUR PROGRAM PARTICIPANTS CAN APPLY.
BUT HOW MUCH, I MEAN, WHAT'S THE LARGEST AMOUNT YOU'VE GOTTEN IN COMPLEX? OH YEAH.
I MEAN ON AVERAGE I WOULD SAY I'M LOOKING AT ABOUT FIVE, UH, 300 TO 500 UNITS PER, UM, PER COMMUNITY.
BUT AGAIN, WE'RE NOT ASKING THEM FOR RESERVE FEES.
UM, WE'RE ACTING ABOUT 20 UNITS PER, I'D LIKE TO THAT WE CREATE AD HOC AND MAYBE JUST TO LOOK INTO THIS A BIT FURTHER.
FEW PEOPLE CAN CHAT SOME OF OUR, UH, PROPERTY MANAGERS WHO CAN HOPEFULLY COME BACK TO THE BOARD WITH THE SOLUTION.