[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
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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.