[PFC Board of Directors on August 27, 2024]
[00:00:02]
MY NAME IS KEITH AL, PRESIDENT OF THE DALLAS PUBLIC FACILITIES CORPORATION.
I'D LIKE TO CALL THIS AUGUST 27TH, 2024.
MEETING TO ORDER AT 12:00 PM ON THE DOT.
COULD RUN THROUGH A ROLL CALL.
UH, SCOTT, COUNCIL PRESIDENT STACY MARSHALL.
AND FOR ALL RESPONSES, I NEED YOU TO TURN YOUR VIDEO ON.
STACY, YOU THERE? WE'LL DOUBLE BACK.
PRESENT? KEN MONTGOMERY? HERE.
ALRIGHT, I'M GONNA DOUBLE CHECK.
STACY, CAN YOU HEAR US ALRIGHT.
POINT OF THIS MEETING, IF YOU COULD CALL MY NAME AND VICTOR TOLEDO'S NAME.
KEITH
A QUORUM HAS BEEN ESTABLISHED.
MOVING ON TO ITEM NUMBER THREE, PUBLIC TESTIMONY, PUBLIC COMMENTS.
WE HAVE ANY PUBLIC COMMENTS ON ITEMS FOUR THROUGH 10 OR HAVEN'T HAD ANY SIGN UP? WE HAVEN'T HAD ANY SIGN UP YET.
MOVING TO ITEM NUMBER FOUR, DISCUSSION, APPROVAL OF THE MINUTES FROM APRIL 23RD, 2004, BOARD MEETING AND JUNE 11TH, 2004.
DO WE HAVE A MOTION OR QUESTIONS OR COMMENTS? I HAVE JUST ONE, UH, REAL SLIGHT, UH, CORRECTION, WHICH WAS ON THE APRIL 23RD.
UH, NUMBER SIX, PARAGRAPH TWO, THE SECOND SENTENCE, WHICH IS, UH, SCOUT COUNSEL.
AND OF COURSE IT SHOULD BE SCOTT, SO PLEASE CORRECT THAT I OBJECT TO THE PRO CLAIM ABOUT BOARD.
I MOVE TO APPROVE WHAT THOSE CHANGES.
WE HAVE A SECOND, SECOND, SECOND.
ALL THOSE IN FAVOR OF APPROVING MINUTES FROM APRIL 23RD, 2024 AND JUNE 11TH, 2024 SIGNIFY BY SAYING AYE.
SEEING NO OBJECTIONS? THE MOTION CARRIES.
ITEM NUMBER FIVE, ETHICS DISCLOSURES.
AT THIS TIME I LIKE, UH, NO, RUN THROUGH THAT FIRST.
THAT'S A QUICK, IT'S TWO FIVE AND THEN THAT'S NOT WHAT I'M GOING TO SAY.
I SAY THAT WE NEED TO RECOGNIZE, UH, DIRECTOR, UH, KEVIN WINTERS ON THE LINE.
AND WHILE WE'RE BACK ON ROLL CALL, STACY, CAN YOU HEAR US FOR, FOR ANY, UH, ANSWERS WE NEED YOUR, YOUR CAMERA ON.
MOVING ON TO ITEM NUMBER FIVE, ETHICS DISCLOSURES.
BOARD MEMBERS SHOULD DISCLOSE ANY RELATIONSHIP A MEMBER MAY HAVE WITH THE PROJECTS TO BE CONSIDERED ON THIS AGENDA OR WITH ANY DEVELOPER, PARTICIPANT, OR FINANCIAL BENEFICIARY OF THE PROJECTS TO BE CONSIDERED ON THIS AGENDA, EVEN IF THAT RELATIONSHIP DOES NOT RELATE TO THE SPECIFIC PROJECT THAT THE DALLAS PUBLIC FACILITY BOARD CORPORATION BOARD IS CONSIDERING.
WELL, UM, I MOVE THAT WE, UM, MOVE THE BRIEFING ON ITEM EIGHT TO NOW.
I'D LIKE TO HAVE A QUESTION ABOUT THE ETHICS, UH, PART.
THIS GOES TO THE, UH, WHAT DO WE HAVE A CITY ATTORNEY PRESENT? YES.
UH,
HOW DOES THAT FALL UP UNDER THE ETHICS
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DISCLOSURES? SO THERE, THERE IS A PROHIBITION ON COMPLICATIONS FOR PUBLIC SUBSIDY THAT, UM, PROHIBITS CERTAIN COMMUNICATIONS.UM, I WOULD HAVE TO LOOK AND SEE IF AN LGC BOARD MEMBER IS REGARDED AS A PUBLIC OFFICIAL FOR PURPOSES OF THAT SPECIFIC STATUTE.
UM, SO I WOULD HAVE TO CONFIRM THAT.
UM, I BELIEVE WE HAVE, UH, THE DETECTIVE GENERAL, UH, HE HAS RECEIVED SOME REQUESTS FOR REVIEW FOR THE LOCAL GOVERNMENT CORPORATION BOARD DIRECTORS.
I'M NOT, UH, I CANNOT RECALL IF WE SUBMITTED ONE FOR THIS PARTICULAR BOARD.
WE, WE HAVE, UH, SUBMITTED FOUR, UM, AN OPINION REQUEST.
ADDITIONALLY, WE HAVE PLANNED, UM, FOR EITHER THE NEXT MEETING OR THE FOLLOWING, JUST AS AT, AT THE PRESENTATION OF FOUR, UH, BOARD AND COMMISSIONS MEMBERS TAKES ABOUT 30 MINUTES.
SO I CAN CHECK ON THE STATUS OF THAT REQUEST AND SEE IF THAT HAS BEEN FINISHED TO, YOU'RE SAYING TO DISCUSS THIS PARTICULAR MATTER OR WHAT? WELL, IT'S JUST SOMETHING THAT'S PART OF, UH, THE ONGOING, UM, VOICE AND COMMISSION STUFF THAT EVERYONE, UH, OCCASIONALLY, UH, OR WHEN YOU COME ON, YOU NEED TO DO ONE OF THESE AND THEN IT'S GOOD TO REFRESH BOARDS YEARLY OR EVERY TWO YEARS.
SO, SO WE JUST THROW THAT IN THE MEETING AS OPPOSED TO TRY TO COORDINATE WITH EVERYONE.
PARTICULAR QUESTION ABOUT WHETHER OR NOT COMMUNICATIONS BETWEEN, UM, INDIVIDUAL DIRECTORS AND A POTENTIAL APPLICANT WHEN AN OPEN, UM, APPLICATION.
IS THAT, THAT'S YOUR QUESTION.
WELL, IT'S MAINLY WHETHER, UH, AS I, AS I ASKED, IF A, UH, CONSULTANT, A DEVELOPER MM-HMM.
SO WE'VE SUBMITTED THAT QUESTION OR IT HAS BEEN SUBMITTED AS AN ADVISORY AT AGAIN, AND UNFORTUNATELY NOT THE INDIVIDUAL WORKING ON THAT.
SO WHAT I WOULD NEED TO DO IS JUST GET AN UPDATE ON THE STATUS OF THAT INQUIRY TO PROVIDE Y'ALL WITH THAT.
NOW, UM, I MOVE TO, UH, MOVE BY ITEM EIGHT UP.
UM, SO THAT'S EFFECTIVELY ITEM SIX FOR CURRENT DISCUSSION.
OPPOSED, SEEING NONE, DO NOT DISCUSS ITEM NUMBER EIGHT.
IT WOULD BE ITEM NUMBER SIX, DISCUSSION REGARDING THE MAINTENANCE AND DEMOLITION OF THE PROPERTY AND FACILITY.
LOCATED AT 9 9 9 9 TECHNOLOGY BOULEVARD.
I BELIEVE, UH, JAKE, MR. BROWN, YOU ARE HERE TODAY.
CAN, WELL, I THINK, UH, THANK YOU FOR COMING TODAY.
IF YOU'D LIKE TO GIVE US AN, AN UPDATE ON THE PROJECT DEMOLITION.
YOU GUYS HEAR, ARE YOU OKAY? UM, YEAH.
SO WE STARTED, I GUESS IT WAS ABOUT 10 DAYS AGO.
UM, SO THEY'VE MADE PRETTY GOOD PROGRESS AT THIS POINT.
I WAS OUT, UM, ON THE SITE YESTERDAY AFTERNOON, LATE IN THE DAY.
AND SO THAT'S, UH, I GUESS WHAT IT WOULD BE, SOUTHWEST CORNER, UM, OF THE PROPERTY.
AS YOU APPROACH THE BUILDING FROM TECHNOLOGY BALLPARK THAT'S COME DOWN, THEY'RE IN THE PROCESS OF SORTING ALL THE MATERIAL FOR FALL OFF TO THE, UH, LANDFILL.
UM, THERE WAS A QUESTION I THINK THAT WAS POSED YESTERDAY.
I THINK ROBIN HAD SENT IT TO ME VIA EMAIL ABOUT HAVING 'EM WORK SEVEN DAYS AS OPPOSED TO THE SIX DAYS A WEEK THAT THEY'RE CURRENTLY WORKING.
UM, AND THEY SAID THAT THEY WOULD PREFER TO GIVE THEIR CREW AT LEAST ONE DAY OFF.
SO WHAT THEY'RE PLANNING TO DO, UM, IS ADD A SECOND MACHINE OUT THERE JUST TO KINDA EXPEDITE THINGS AND MOVE ALONG A LITTLE QUICKER.
BUT TO THIS POINT, THEY'VE MADE PRETTY GOOD PROGRESS.
UM, I SPOKE TO THE DEMOLITION CONTRACTOR YESTERDAY AFTER VISITING THE SITE, AND HE TOLD ME THAT THEY'RE STILL ON TRACK TO HOPEFULLY HAVE IT DEMOLISHED, CALL IT THIRD WEEK OF SEPTEMBER.
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SO, UM, I GUESS ABOUT THREE OR FOUR WEEKS FROM NOW.BUT THAT, THAT'S REALLY KIND OF THE GLOBAL UPDATE.
DEMOLITION CONTINUES OUT THERE, BUT HAPPY TO ANSWER ANY QUESTIONS.
UH, SO BY DEMOLITION YOU MEAN JUST THE KNOCKING DOWN OF THE BUILDING TO COMPLETE BY THE THIRD WEEK OF SEPTEMBER? I MEAN, HAVING IT COMPLETELY DEMOLISHED AND COMPLETELY HAULED OFF, SO, AND HAULED OFF.
SO WHEN I, WHEN I SAY DEMOLITION PROCESS, I MEAN LIKE THE ENTIRE PROCESS, HAVING IT COMPLETELY KNOCKED DOWN, HAVING IT, EVERYTHING SORTED INTO THE VARIOUS MATERIAL FILES IS COMPLETELY GONE OFF.
AND JUST FOR THE RECORD, CAN YOU CONFIRM THAT THERE'S 24 7 SECURITY ON SITE? YES.
I, I SPOKE TO THE, THE WOMAN THAT WAS ON HER SHIFT YESTERDAY ON, AT SECURITY ON SITE, AND SHE CONFIRMED THAT THERE, THAT THEY ARE PROVIDING 24 24 7 SECURITY, NOT JUST HER SPECIFICALLY.
CAN YOU CONFIRM THAT THAT SECURITY IS DOCUMENTED VIA CAMERA? I, YES.
WHEN TIME WHEN I WAS OUT THERE, THE GENTLEMAN ACTUALLY HAD A, UH, A CELL PHONE AND HE WOULD TAKE PICTURES AND DOCUMENT THEM.
AND SO ARE THOSE RECORDS AVAILABLE TO THE I BELIEVE THEY ARE.
I DON'T KNOW WHY THEY WOULDN'T BE, BUT WE CAN CERTAINLY GET 'EM FOR OR TO THE EXTENT ANYBODY WANTS, I GUESS.
WE HAVE ANY COMMENTS FROM THE FLOOR, ANY BOARD MEMBERS ON ONLINE? I KNOW THIS HAS BEEN A, A BIG ISSUE FOR US.
IT'S BEEN TRACKED, UH, QUITE CLOSELY AND THERE WILL BE SOME LESSONS LEARNED FROM THIS FROM, FROM EVERYONE TO SAY THE LEAST, TO SAY THE LEAST.
UM, SO THE SEPTEMBER 23RD, WELL HOPE, UH, I'LL LIKE TO GO AHEAD AND INVITE YOU BACK TO, UH, NEXT MONTH'S MEETING, EITHER IN PERSON OR VIRTUALLY TO, UM, GIVE US A PROGRESS REPORT.
AND WHEN DO YOU THINK THEY'RE DONE, JAKE? THEY'VE FALLED OFF.
WHEN DO I THINK THEY'RE DONE? YEAH, I, I THINK PROBABLY THIRD, FOURTH WEEK OF SEPTEMBER TO HAVE EVERYTHING COMPLETELY HAULED OFF.
I, YOU KNOW, I, IT IS A LITTLE, LITTLE BIT OF A LEARNING EXPERIENCE FOR ME 'CAUSE ADMITTEDLY WE'VE NEVER BEEN A PART OF AN DEMOLITION OF SOMETHING IN THIS MAGNITUDE.
BUT, UM, IN MY CONVERSATIONS WITH THEM, IT SOUNDS LIKE, I DON'T WANNA SAY THE EASIEST PART, BUT THE QUICKEST PART IS ACTUALLY GETTING THE BUILDING KNOCKED DOWN.
THE TIME CONSUMING PART IS JUST THE AMOUNT OF TRUCKLOADS IS THE QUALITY TRUCK THAT TAKES TO HAUL OFF THE VARIOUS MATERIALS, GET 'EM SORTED, AND THEN HAUL OFF THE VARIOUS MATERIALS TO THE LANDFILL.
AND, UH, MR. PLUMMER, JIM? YES, SIR.
AT THIS TIME, UH, IF YOU COULD, CAN YOU GIVE US A, A BRIEFING ON THE ISSUE THAT WE'RE HAVING WITH, UM, ONE OF THE NEIGHBORS? WELL, ARE YOU PREPARED TO GIVE THAT BRIEFING? RIGHT NOW? YOU'RE, YOU'RE TALKING ABOUT THE ISSUE WITH REGARD TO THE LIGHTS AND THE YES, SIR.
THERE IS A QUESTION ABOUT WHO IS TO MAINTAIN THE LIGHTS AT THIS FACILITY.
AND, AND THIS FACILITY IS NOT JUST 9 9 9 9 TECHNOLOGY.
IT IS SEVERAL BUILDINGS IN THE AREA.
THIS WAS ORIGINALLY A TECHNOLOGY PARK, UM, AND BACK, I WANNA SAY ALMOST 40 YEARS AGO, THERE WAS AN AGREEMENT THROUGH AN OWNER'S ASSOCIATION TO MAINTAIN THE LIGHTS AND TO MAINTAIN THE MEETINGS.
THAT AGREEMENT WITH THE OWNER'S ASSOCIATION EXPIRED OF ITS OWN TERMS IN 2015, AND NO ONE HAS BEEN ABLE TO FIND ANY EXTENSIONS OR OTHER ACTIONS ASSOCIATED WITH IT.
AND SO THERE IS A QUESTION ABOUT WHO SHOULD BE MAINTAINING THAT PROPERTY.
UH, AT THIS TIME, THE HLA IS VIRTUALLY DEFUNCT.
UM, WHILE IT IS IN LEGAL EXISTENCE, I DON'T BELIEVE THAT IT HAS BEEN OPERATIVE SINCE 2015.
UM, THERE IS A NEIGHBOR WHO CLAIMS THAT THE CITY SHOULD HAVE RESPONSIBILITY FOR MAINTAINING THOSE LIGHTS IN THE MEDIAN.
UM, THE CITY ATTORNEY, I BELIEVE, IS GOING TO TAKE THE POSITION THAT THE CITY DOES NOT ACTUALLY HAVE THAT OBLIGATION, THAT IT HAS REMAINED WITH THE OWNER'S ASSOCIATION.
UM, AND SO I BELIEVE THAT THERE IS GOING TO BE A DISPUTE, UH, BETWEEN THE OWNERS OUT THERE AND THE CITY ABOUT WHO HAS THE OBLIGATION TO MAINTAIN THAT PROPERTY.
[00:15:01]
THE CITY'S POSITION IS ESSENTIALLY THAT THE LIGHTS ARE NON-CONFORMING LIGHTS.THEY'RE NOT THE STANDARD THAT THE CITY HAS ADOPTED, THEREFORE, THE CITY HAS NO RESPONSIBILITY.
AND SO THERE WILL BE, UM, A DISPUTE ABOUT THAT.
I DO NOT KNOW HOW IT WILL GET RESOLVED.
UM, BUT, BUT THAT HAS BEEN AN ISSUE, UH, WITH REGARD TO THAT ENTIRE PROJECT OF WHICH THIS PROPERTY IS A SMALL PORTION.
JAKE, ARE YOU FAMILIAR WITH THIS ISSUE? I AM.
I'M, AND I, I THINK BASICALLY JUST FOR A GENERAL UNDERSTANDING, IT'S LIKE THE, THE MEDIANS, UH, THAT HAVE SOME LIGHTS ON IT THAT HAVE BEEN DECAYED AND HAVEN'T WORKED FOR QUITE, YOU KNOW, MAYBE A DECADE OR SO.
AND THEN THERE'S SOME OVERGROWN GRASS.
SO, UH, THAT'S IN, THOSE ARE CODE VIOLATIONS.
SO THE, THE QUESTION IS HOW DO WE GET TO A, UH, THE QUICK RESOLUTION TO KEEP THE NEIGHBORS AND EVERYBODY HAPPY, AND, UH, TO AT LEAST, AND ULTIMATELY TO GET THIS TO A POINT WHERE, UM, SINCE AT LEAST FROM A CA I HAVE TO GO BY WITH WHAT THE LAWYERS SAY, BUT FROM A CASUAL STANDPOINT, IT'S LIKE ANY MEDIAN, ANY STREET IN DALLAS, YOU KNOW, IT'S A PUBLIC STREET, RIGHT? IT'S PUBLIC MEDIAN.
SO, UH, I DON'T KNOW, PERHAPS WE CAN GET SOME PEOPLE TOGETHER AND, UM, UH, JIM MIGHT BE ABLE TO SUGGEST WHAT THAT GROUP MAY BE AND, UH, GET A RESOLUTION TO THIS BECAUSE, UH, YOU KNOW, THE LAST THING WE WANT IS TO HAVE, UM, MORE NEIGHBORS, UH, YOU KNOW, UPSET.
AND IT IS AN ISSUE THAT NEEDS TO GET RESOLVED TOO.
NOT JUST SOMEBODY BEING UPSET YOU, THERE'S LIKES THAT DON'T WORK AND THAT'S NOT A SAFE SITUATION.
SO, YOU KNOW, WE GOTTA, WE HAVE TO FIX IT.
I, I WILL ADD THAT IN JUNE, WE CAN ADD A IMPROMPTU, TO BE CLEAR, NOT A PROPERTY OWNERS ASSOCIATE THEIR ASSOCIATION MEETING, BUT SEVERAL OF THE PROPERTY OWNERS WITHIN THAT BUSINESS PART, INCLUDING MYSELF, THAT ATTENDED A MEETING AT THE COWBOYS RED RIVER DANCE HALL THERE, UM, ONE AFTERNOON.
AND, YOU KNOW, THE, THE GENERAL SENTIMENT, WHICH TRACKS WITH WHAT JIM SAID, THEY WERE ALL OF THE OPINION THAT SINCE THERE'S NO PROPERTY OWNERS ASSOCIATION, NO HOA, WHATEVER YOU WANNA CALL IT IN PLACE, THAT SINCE ALL OF THE FACILITIES THAT WERE UP FOR DISCUSSION LIE WITHIN THE CITY RIGHT OF WAY, THAT THE CITY SHOULD BE RESPONSIBLE FOR IT.
UM, SO THAT WAS, THAT WAS PART OF THAT DISCUSSION.
CANDIDLY, I WOULD PROBABLY DEFINITELY AGREE WITH THEM ON THAT, BUT I MEAN, I THINK IT IS, I THINK THERE'S MORE LAYERS TO IT THAN JUST SIMPLY SAYING, HEY, CITY, GET OUT HERE AND CUT THIS GRASS, OR GET OUT HERE, ATTEND STREET LIGHTS.
AND IT'S, IT'S, JIM ALLUDED TO, IT'S JUST KIND OF A, A LONG HISTORY WITH THE EXISTENCE OF THE PROPERTY OWNERS ASSOCIATION, WHICH IS NOW ALL OF THE ABOVE.
SO, AND JUST, JUST TO GIVE YOU THAT EXTRA COLOR THERE.
SO WHAT WOULD WE SEE AS A, A NEXT STEP HERE? COULD THIS CITY ATTORNEY'S OFFICE, UH, COMMENT ON THIS? IS IT, HOW IS THIS POSTED? PARDON? HOW IS THIS POSTED? THIS IS THE DISCUSSION IN ITEM NUMBER EIGHT.
I'M SORRY, I DON'T HAVE THE AGENDA IN FRONT OF YOU.
UPDATE ON THE PROPERTY AND THE FACILITY, BUT IT'S NOT POSTED AS THE, SO WHILE, UH, WHILE YOU GUYS ARE FIGURING THAT OUT, JIM, UM, A QUESTION FOR YOU.
WHAT, SO WE'RE KIND OF BETWEEN A ROCK AND A HARD PLACE, UM, IN THE SENSE THAT THERE'S NOT AGREEMENT ON WHO HAS RESPONSIBILITY FOR THE LIGHTS, BUT IT'S NOT SOMETHING THAT WE CAN, IT'S NOT A CAN, WE CAN KICK DOWN THE ROAD.
UM, SO WHAT, WHAT DO YOU THINK IS A, A GOOD, UM, A GOOD NEXT STEP ON IT? LIKE BASED ON THE INSIGHT THAT YOU HAVE ON SOME OF THE LEGAL ISSUES, UM, HOW, HOW CAN WE, HOW CAN WE ADDRESS KIND OF THE, THE CORE PROBLEM YOU THINK? I'M NOT SURE YOU CAN ADDRESS THE CORE PROBLEM BECAUSE YOU ARE ONLY A VERY SMALL OWNERSHIP INTEREST IN THE OVERALL PARK.
BUT I AM SURE THAT TO THE EXTENT OF OUR PIECE OF THIS PARK, THAT WE CAN START TO TRY AND ADDRESS THE ISSUE.
AND I THINK THAT WE NEED TO HAVE SOME, SOME DETAILED DISCUSSIONS WITH OUR DEVELOPER AND SOME DISCUSSIONS WITH THE CITY, UH, TO SEE IF WE CAN TRY AND RESOLVE THE ISSUES REGARDING OUR PORTION OF THIS PROJECT AND MAYBE SET AN EXAMPLE, UH,
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FOR WHAT OTHERS MIGHT BE ABLE TO DO.NO, YEAH, THAT'S REALLY HELPFUL.
THERE, THERE'S NO ACTION ITEM HERE.
THIS WAS JUST A DISCUSSION REGARDING THE MAINTENANCE AND DEMOLITION OF THE PROPERTY.
SO JUST TO, JUST TO BE CLEAR, THIS HAS CLEARLY BEEN A MAINTENANCE ISSUE WITH REGARD TO THIS PIECE OF PROPERTY.
SO WE ALL, IT IS APPROPRIATE FOR US TO BE DISCUSSING THIS WITH REGARD TO THIS AGENDA ITEM.
AND THAT'S WHAT YOU ADVISED ME ON YESTERDAY.
THAT'S WHY WE CONTINUE THE DISCUSSION.
UM, WELL, I GUESS THERE'S, JUST LEAVE IT AT AS A DISCUSSION FOR NOW AND, UH, PERHAPS, UH, COUNCIL AND OTHERS CAN GET TOGETHER OFFLINE AND, UH, CONTINUE THE DISCUSSION FURTHER.
YEAH, I THINK THAT'S PROBABLY WAS, THANK YOU VERY MUCH FOR COMING.
UH, ANY OTHER QUESTIONS? ANY OTHER QUESTIONS? ITEM NUMBER SIX, TECHNOLOGY.
JAKE, MOVING ON NOW IS ITEM NUMBER SEVEN.
SEVEN, DISCUSSION AND APPROVAL OF A RESOLUTION APPROVING THE TRANSACTION FOR BLOCKHOUSE SANTA FE TRAIL, LOCATED AT 4 5 3 3 WILLOW STREET, DALLAS, INCLUDING THE EXECUTION OF ALL DOCUMENTATION NECESSARY TO CARRY OUT THE TRANSACTIONS, AUTHORIZING THE PURCHASE OF THE LAND FOR THE PROJECTS, AND AUTHORIZING THE DALLAS PUBLIC FACILITIES CORPORATION TO SERVE AS A GENERAL CONTRACTOR AND OTHER MATTERS IN CONNECTION THEREWITH, SAM.
ALRIGHT, UM, SO THIS, UH, PROJECT, SORRY WE DIDN'T GET THIS FORM BACK OUT EARLIER.
WE WERE HAMMERING THIS OUT, UH, VERY END, UH, OF DAY YESTERDAY.
SO, UM, NO APOLOGIES FOR THAT.
BUT WE THINK WE'VE COME TO A PRETTY, UH, PRETTY FAIR AGREEMENT.
UM, THE, UH, VOTE FROM BLOCKHOUSE ARE HERE IF THEY'D LIKE TO, YOU KNOW, TAKE THE PODIUM, FEEL FREE.
BUT OTHERWISE, JIM, I'M GONNA LET YOU, UH, EXPLAIN THE SUBTLE DIFFERENCES.
JIM'S OLD AND HE DOESN'T HIT THE UNMUTE BUTTON VERY WELL.
UM, WOULD YOU LIKE BLOCKHOUSE TO SPEAK FIRST OR WOULD YOU LIKE ME TO? I, I THINK I, I'D LIKE JIM FOR YOU TO, TO START AND JUST KINDA LAY OUT THE, IF YOU DON'T MIND.
SO, BLOCKHOUSE IS A 92 UNIT PROJECT.
IT'LL BE LOCATED AT 45 33 WILLOW STREET.
AND THIS IS A UNIQUE PROJECT IN THAT IT IS A FULLY FURNISHED PROJECT WITH SMALLER UNITS.
UM, IT IS A UNIQUE PROJECT IN THAT IT HAS DEEP AFFORDABILITY, UM, WHICH GOES DOWN TO THE 50% LEVEL.
UM, IT, IT IS OBVIOUSLY A SMALLER PROJECT.
UM, WHEN WE FIRST, WELL, WE FIRST LOOKED AT THIS PROJECT IN MARCH OF THIS YEAR.
CITY COUNCIL APPROVED THE PROJECT IN MAY OF THIS YEAR.
AND WHEN WE FIRST LOOKED AT THIS PROJECT, UM, IT WAS DETERMINED, UH, THAT HILLTOP RAN ALL THEIR NORMAL NUMBERS AND THEIR NORMAL ANALYSIS, AND WE WERE RECOUPING UP TO 114% OF THE TAX EXEMPTION IN TERMS OF RENT REDUCTIONS AND INCOME FROM THIS PROJECT.
SO FROM A COMMUNITY BENEFIT PERSPECTIVE, THIS IS AN EXTREMELY GOOD PROJECT.
WE WENT THROUGH, WE NEGOTIATED A TERM SHEET.
THE TERM SHEET WAS ON OUR, PRETTY MUCH OUR STANDARD TERMS AS WE WENT THROUGH THE PROCESS.
THEY FINALIZED, GOT THEIR NUMBERS MUCH CLOSER.
UM, WE HAD TO MAKE TWO CONCESSIONS FROM OUR STANDARD TERMS IN ORDER TO MAKE THIS PROJECT WORK.
THIS PROJECT WOULD'VE NORMALLY HAD A $39,677 PER YEAR RENT.
WE AGREED TO A CONCESSION DOWN TO $35,000.
THAT 400, THAT $4,677 CONCESSION SHOWS YOU HOW TIGHT THIS PROJECT IS AND HOW HARD WE'VE HAD TO NEGOTIATE IT ON BOTH SIDES.
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THAT WE MADE IS WE GET 25% OF THE SALES TAX SAVINGS CURRENTLY EXPECTED TO BE $92,000.IN ORDER TO MAKE THE NUMBERS WORK, WE, WE HAD TO MOVE BACK.
WHEN WE WOULD GET PAID THAT AMOUNT OF MONEY, WE NORMALLY RECEIVE 50% AT CLOSING, 50% AT PROJECT COMPLETION.
IN THIS CASE, WE AGREED THAT WE WOULD RECEIVE 50% AT PROJECT COMPLETION AND 50% AT STABILIZATION.
THOSE TWO SMALL CONCESSIONS, ONE FOR LESS THAN $5,000 AND ONE FOR AFFECTING TIMING ENABLED THIS PROJECT TO MOVE FORWARD.
WE HAVE NEGOTIATED FINAL DOCUMENTS.
THEY ARE YOUR STANDARD FORM DOCUMENTS WITH THOSE TWO MINOR CONCESSIONS, AND THEY ARE READY TO CLOSE THIS TRANSACTION, UM, AND START THE PROCESS OF, OF BUILDING THESE UNITS IN A RELATIVELY NEAR TIME.
SO I'LL TAKE ANY QUESTIONS THAT YOU HAVE, I CAN GIVE YOU A LOT MORE DETAIL.
UM, BUT I THINK THAT TELLS YOU WHAT THE DIFFERENTIAL IS FROM OUR STANDARD.
UH, THANKS JIM, THAT, THAT'S REALLY HELPFUL.
UM, ON DISPOSITION, I'M, I'M CURIOUS AND MAYBE, UM, HIL AND, UM, I DON'T WANNA DIG TOO FAR INTO THIS, BUT I'M CURIOUS.
UM, SO WE'VE GOT DISPOSITION OF 15% OF NET, UM, AND I I, I WOULD BE INTERESTED, NUMBER ONE AND WHAT THAT DOLLAR AMOUNT IS, AND THEN HOW MUCH OF THAT IS THE PUBLIC BENEFIT? UM, THAT 114% THAT YOU, UH, UM, THAT ME YOU MENTIONED EARLIER, AND THEN PERHAPS HOW THAT WOULD, UH, CONTRAST TO A GROSS NUMBER OF ONE OR ONE POINT A HALF PERCENT.
UM, BECAUSE 15% OF NET, I MEAN 15% IS A, UM, THAT, THAT'S CERTAINLY A, A REASONABLE NUMBER, BUT IT, IT'S REALLY DEPENDENT ON, UM, WHEN DISPOSITION IS YES.
AND, UM, THIS, I THINK HAS A 10% GRAPH ON IT.
UM, AND SO I'M JUST, I I I, I DON'T REALLY HAVE A, A MY FUNDAMENTAL QUESTION IS, WHICH ONE'S BETTER FOR THE PFC GROSS OR NET? UM, THAT'S MY REAL QUESTION.
UM, BUT IF YOU COULD JUST KIND OF TELL US HOW WE GOT THERE AND, UM, AND ANY, ANYTHING THAT YOU GLEANED FROM THAT, THAT, THAT WOULD BE HELPFUL, BE HAPPY TO, THE, THE 15% USUALLY EQUATES TO SOMEWHERE BETWEEN THREE AND 4% OF GROSS.
THE HONEST TO GOD TRUTH IS IF THEY SELL EARLY, IT'S CLOSER TO FOUR.
IF THEY SELL LATER, IT'S CLOSER TO THREE.
AND THAT'S JUST A FACTOR OF THE VALUE OF THE BUILDING CONTINUES TO GO UP.
UM, AND SO, YOU KNOW THAT WE GET 2% ON EACH SUBSEQUENT SALE.
SO TRUTHFULLY, WE'RE REALLY KIND OF GETTING A, A POP, IF YOU WILL, ON THE FIRST SALE.
'CAUSE THAT'S THE DEVELOPER WE'RE DEALING WITH.
UM, USUALLY IT IS MORE THAN 3%.
USUALLY IT'S ABOUT THREE AND A HALF.
WE, WE SELECTED THE 15% NUMBER BECAUSE IT REDUCES THE RISK, FRANKLY, TO THE INVESTOR.
IF THE PROJECT DOES NOT GO AS PLANNED, THAT INVESTOR, UM, WILL NOT PAY US AS MUCH.
AND, BUT THEY WILL STILL HAVE A GREATER CHANCE OF GETTING THE INTERNAL RATE OF RETURN THAT THEY PROJECTED.
IF THE BUILDING GOES BETTER THAN PLANNED THAN, THAN OUR NUMBERS GO UP SIGNIFICANTLY BECAUSE WE'RE SHARING A 15% OFF THE TOP IN THE WORLD OF LOWER INTEREST RATES, WHICH FRANKLY IS, WHEN WE STARTED THIS, WE WERE SEEING A MINIMUM OF A 20% INCREASE IN VALUE, AND THAT 15% SHARE WAS GOING UP AND UP AND UP IN A WORLD OF REDUCING INTEREST RATES AND FEWER SALES.
UM, YOU MIGHT BE BETTER OFF WITH A STRICT NUMBER, BUT JUST RECOGNIZE THAT, THAT IF WE PUT IN A STRICT, A STRICT 3% OR 4%, THE INVESTORS ARE GONNA DETERMINE THAT THAT'S GREATER RISK BECAUSE IT'S A MUST PAY NUMBER, RIGHT? IT'S NOT COMING AFTER THE, SO THE CHANCES OF GETTING A PROJECT FINANCED WOULD GO DOWN IN AN INCREASING INTEREST RATE ENVIRONMENT.
THE CHANCES OF OF MAKING MORE MONEY IF A PROJECT
[00:30:01]
GOT DONE PROBABLY GOES UP.UM, AND SO TRUTHFULLY, WE HAD ADOPTED THAT 15% NUMBER BECAUSE IT, IT SEEMS TO BE A RELATIVELY FAIR WAY, UM, TO GET A GOOD BACKEND.
I, I WILL TELL YOU THAT THESE NUMBERS ARE DEVELOPED SO THAT OUR INTEREST AND THE DEVELOPER'S INTEREST ARE ALIGNED AND, AND THEY'RE NOT GONNA SELL TILL THEY CAN MAXIMIZE PROFITS.
AND SO THAT'S WHAT WE'RE COUNTING ON TO MAXIMIZE OUR 15%.
IS THERE ANALYSIS THAT NOW IS THE TIME TO SELL? UM, AND, AND WE THINK IT'S A FAIR WAY TO DO IT, AND IT IS ESSENTIALLY BECOME THE INDUSTRY STANDARD.
UM, ONE OTHER COMMENT AND THEN I'M DONE, UM, IS THE EARLY TERMINATION.
UM, I I, I, I'M CRITICAL OF THE EARLY TERMINATION AND, UH, UM, HAVE BEEN OF, OF THESE, THESE TERMS. UM, I, I WOULD LIKE TO, UM, WORK WITH HILLTOPS, TAKE A, A CLOSER LOOK AT, AT WHAT OUR EARLY TERMINATION OPTION, UM, IS GOING FORWARD.
UM, THIS IS A TOPIC THAT, NOT, NOT DIRECTLY, BUT, UM, THIS TOPIC OF WHAT IS THE, THE VALUE OF THE PFC ON THE BACK BACKEND, UM, CAME UP YESTERDAY IN OUR BRIEFING WITH THE HOUSING AND HOMELESSNESS SOLUTIONS COMMITTEE.
AND, UH, I, I, I WOULD FEEL A LOT MORE COMFORTABLE IF WE, UH, IF WE DUG INTO THAT MORE.
AND, UH, I CAME UP WITH, UH, UM, SOMETHING THAT I KNOW FROM YOUR PERSPECTIVE, JIM, BECAUSE YOU'RE VERY THOUGHTFUL ABOUT THIS STUFF, THAT AN 8%, UM, UH, FACTOR ON THE BACKEND IS DEFENSIBLE.
UM, I, I, I WOULD JUST FEEL MORE COMFORTABLE GOING ALL THE WAY THROUGH THE NUMBERS, UM, AND FIGURING OUT WHAT THAT, WHAT THAT RIGHT PERCENTAGE IS.
I MEAN, FOR THESE DEALS, I KNOW WE'VE USED THAT AND THAT'S FINE.
UM, BUT I, I JUST, I, I THINK WE NEED TO REVISIT IT.
WELL, I'M HAPPY TO WORK WITH HILLTOP AND PUT TOGETHER A PRESENTATION WITH MORE DETAIL ON THAT.
UH, AND, UH, I DON'T THINK WE NEED THAT.
I DON'T, I DON'T KNOW THAT ANYBODY ELSE IS AS CURIOUS ABOUT IT AS, AS I AM.
I JUST, UH, I NERD OUT I ON THE, THE BACK END OF THE DEALS BECAUSE WE, YOU KNOW, WE'RE CREATING VALUE OR NOT THE DEVELOPERS CREATING VALUE AND WE'RE THE BENEFICIARY OF THAT BY HAVING A BALANCE SHEET.
AND I JUST WANNA MAKE SURE THAT WE, UH, WE RECOGNIZE, UM, AS MUCH OF THAT, THAT BALANCE OR AS MUCH OF THAT VALUE ON THE BALANCE SHEET AS WE CAN.
I MEAN, I, I, I WILL TELL YOU THAT THE NUMBER THAT REALLY IS NEGOTIATED HARD IS THAT 8% VERSUS A 10%.
UH, YOU KNOW, THE NEXT DEAL WE LOOKED AT, THEY CAME IN WITH IT 20% AND WE SAID, NO, NOT GONNA DO IT.
SO, UM, I'M HAPPY TO GO THROUGH THAT WITH THE, YOU KNOW, RX AND I CAN GET TOGETHER AND RUN SOME NUMBERS AND THEN WE CAN HAVE A CONVERSATION WITH YOU AND KIND OF WALK YOU THROUGH IT.
AND, UM, IF THE NUMBERS SHOW THAT WE OUGHT TO BE DOING SOMETHING DIFFERENT, WE CAN BRING IT BACK TO THE BOARD.
WOULD WE LIKE TO HEAR FROM, UM, BLOCKHOUSE, UM, SHORT, SWEET, I THINK BEN MENTIONED, UH, ALL THE SALIENT DEAL POINTS WERE, UH, WE REALLY WANTED THE OPPORTUNITY SIT IN FRONT ALL IN MARCH, TALKED ABOUT OUR PROJECT.
AND I THINK THAT THE OPPORTUNITY OF DEDICATED PROVIDES, UH, BOTH OUR POTENTIAL FUTURE NEIGHBORS EAST HOUSE, UH, BUT ALSO THE OPPORTUNITY TO REALLY, UH, WE'RE LOOKING AT OUR HORIZON AND OPEN DOOR TO MORE SMALLER DEVELOPMENTS, BEING ABLE TO BE PART OF THE PFC PROGRAM.
AND JOHN AND I FOUNDED THE BLACK HOUSE COMPANY WITH A MISSION TO TRY AND BUILD MORE TANGIBLE HOUSING.
WE'RE HUGE ADVOCATES OF THE PFC PROGRAM, AND WE'RE VERY HAPPY TO BE, UH, SPEARHEADING THAT OPPORTUNITY TO OPEN UP THE PROGRAM TO MORE SMALLER DEVELOPMENTS.
UH, WE'RE TRUE BELIEVERS THESIS THAT IF WE REALLY WANT TO GET PEOPLE, UH, CLOSE TO WORK, CLOSE TO JOBS, POST ENTERTAINMENT, WHERE PEOPLE WANT TO LIVE, UH, THAT THE, THE PROGRAM NEEDS TO BE ACCEPTABLE TO SMALLER DEVELOPMENTS.
AND WE'RE HAPPY TO BE THE FIRST, UH, DEVELOPMENT OF THIS SIZE TO BE ABLE TO DO IT.
UH, AND THEN THE ONE THING THAT I'LL JUST ADD THAT JIM BROUGHT UP EARLIER,
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UH, IN REGARD TO THE DIFF DIFFICULTY OF GETTING PROJECTS ACROSS THE FINISH LINE RIGHT NOW IN A VERY DIFFICULT LENDING ENVIRONMENT WITH HIGH INTEREST RATES, BAD BALANCE SHEETS FOR BANKS WHO DON'T ON ANY MORE CONSTRUCTION LENDING RIGHT NOW, UH, I'M HAPPY TO ENTER IN, UH, MY HAIRLINE AND ALL THE GRAY HAIR THAT I HAVE ACCUMULATED SINCE MARCH APPROVAL, TRYING TO GET THIS ACROSS THE FINISH LINE, UH, AS AN EXHIBIT FOR HOW DIFFICULT IT IS TO GET THINGS DONE RIGHT NOW.BUT, UH, THE BOTTOM LINE IS, UH, WE'RE VERY EXCITED, UH, FOR THIS TO BE THE FIRST MANY OPPORTUNITIES TO, TO WORK TOGETHER.
WE BELIEVE IN THE MISSION, WE BELIEVE IN THE NEED, UH, TO KEEP, UH, TO KEEP BUILDING MORE ATTAINABLE HOUSING IN DALLAS, UH, THE DALLAS FORT WORTH AREA.
UH, AND WE'RE VERY EXCITED TO BE PARTNERS WITH YOU GUYS ON THIS.
WE HAVE ANY OTHER QUESTIONS OR COMMENTS FROM THE FLOOR? AND IF YOU'RE ONLINE, CAN YOU RAISE YOUR HAND SO I CAN SEE YOU WITH COMMENTS? I JUST HAVE A QUESTION.
I REMEMBER FROM THE INITIAL PRESENTATION WE SAW THAT, AND JIMMY JUST MENTIONED IT, THAT THESE ARE FURNISHED UNITS.
A PORTION OF THEM ARE YES MA'AM.
AND ARE THOSE DISTRIBUTED? YES, EVERYTHING'S PROPORTIONAL.
UH, WE'RE INCLUDING, AS JIM ALLUDED TO, UH, AND, AND GOING BACK TO THE SUBJECT OF FIRST, WE ARE THE FIRST DEVELOPMENT TO OFFER 50% AND BY UNITS, IT'S PART OF THE DEVELOPMENT, BUT THEN IS A BIG PRIORITY FOR Y'ALL.
SO WE'RE HAPPY TO BE ABLE TO GET THAT DONE.
AND TO YOUR QUESTION IN PARTICULAR, UH, THE AFFORDABILITY IS, IS SPREAD EVENLY ACROSS THE UNIT TYPES AS WELL AS, UH, UH, THE OPPORTUNITY FOR THE FURNISH UNITS.
AND I GUESS I DON'T SEE ANYTHING ACTUALLY SPELLED OUT IN THE TERMS THAT THEY WILL, THERE WILL BE THE FURNISH UNITS.
IS THAT SOMETHING THAT SHOULD BE DOCUMENTED OR, I MEAN, COULD THAT CHANGE IN THE FUTURE? UH, CHANGE IN WHAT SENSE? LIKE YOU COULD DECIDE TO NOT FURNISH THEM IN THE FUTURE? JUST A QUESTION.
I'M, IT JUST, 'CAUSE IT SEEMS LIKE IT WAS AN, I JUST DON'T SEE A DOCUMENT.
I THINK IT WAS, UM, I THINK IT WAS PART OF PRESENTATION THAT WE PUT TOGETHER IN MARCH.
AND IT'S, IT'S, IT'S AN OPPORTUNITY THAT'S GONNA BE UP TO THE NEIGHBORS, THEIR EXPRESSION AS TO WHETHER OR NOT THEY WANT TO DO IT.
SO YOU, SO IT IS ONE OF THE, ONE OF THE FEEDBACK WE GOT FROM A SIMILAR PROJECT CALLED COHO NEAR SOUTH SIDE FORT WORTH, WHICH WAS NOT PSC, BUT IT WAS SIMILAR SIZE UNITS, UH, SIMILAR MECHANICAL FURNISHING PACKAGE.
WE'VE BEEN INTERVIEWING THEIR PROPERTY MANAGER AND ACTUALLY ALL OF THEIR UNITS CAME WITH MECHANICAL FURNITURE AND IT'S BEEN A PROBLEM FOR THEM ON LEASE, UM, BECAUSE THERE IS A NUMBER OF THE PROSPECTIVE TENANT BASE THAT DID NOT WANT THE FURNISHINGS, THAT HAVE THEIR OWN FURNITURE, DIDN'T WANT IT.
AND SO WE'RE TRYING TO MAINTAIN SOME LEVEL OF FLEXIBILITY IN TERMS OF EXACTLY WHAT FURNISHINGS WE PROVIDE AND THEN HOW MANY UNITS TO LET IT RESPOND TO ACTUAL MARKET DEMAND WHEN WE'RE IN LEASE UP.
UH, WHICH IS WHY, AS ALEX STATED, YOU KNOW, RIGHT NOW WE'RE GUESSING WE PROBABLY NEED ABOUT HALF FURNISH UNITS.
UM, BUT WE CAN COMMIT TO MAKING SURE WHATEVER WE DO SPREADS THE AFFORDABILITY SPECTRUM AND IS PROPORTIONAL AGAIN, SPEAK TO THE NEEDED LEGAL DOCUMENTS OR THERE'S OTHER PROVISIONS THAT WE OFFER, YOU KNOW, THE SAME LEVEL TO EVERYBODY OR NOT.
AND THERE'S GENERAL TERMS OF, I'M NOT A LAWYER, I'M AN EXPERT.
MAYBE JIM CAN TOUCH ON THAT BETTER THAN ME, BUT THAT'S CERTAINLY OUR INTENTION.
AND THEY HAVE THE ABILITY TO FLEX UP AND DOWN ON THE FURNISHINGS DEPENDING ON WHAT THE ACTUAL TENANT NEIGHBOR WANTS.
SO JUST, I'M SORRY, UH, DEFINE YOUR TERM ACCOUNT COOL.
UH, SO THE, WE CALL MODERN DAY MURPHY BEDS.
UH, THERE ARE TWO SYSTEMS THAT WE'RE GONNA USE.
'CAUSE THIS IS RELATIVELY NEW FOR THE MARKET, RIGHT? SO WE'RE, WE'RE TESTING IT OUT IN REAL TIME.
UH, THERE IS A NEWER FLASHIER SYSTEM CALLED ORI, ORI THAT YOU CAN LOOK UP AND WE'RE PROBABLY, WE'RE GOING WITH THE, THEY CALL THE CLOUD BED SYSTEM WHERE THE BED ACTUALLY RAISES UP INTO THE CEILING AND THERE'S A COUCH AND A COFFEE TABLE UNDERNEATH.
SO YOUR BEDROOM IN YOUR LIVING ROOM DOUBLES AS SQUARE FOOTAGE.
AND THEN THERE'S MORE TRIED AND TRUE ONE CALLED RESOURCE FURNITURE, UH, THAT WE'RE GONNA PUT IN SOME UNITS AS WELL, WHERE THE BED ACTUALLY FOLDS OUT OF THE WALL AND IS LESS SNAZZY.
UH, BUT THEY'VE BEEN DOING THIS FOR DECADES AND DECADES AND IT'S MORE OF A TRIED AND TRUE MODEL.
SO WE'RE, WE'RE GONNA BE TESTING THIS OUT IN REAL TIME DEPENDING ON WHAT, WHAT PEOPLE ACTUALLY WANT AND NEED.
SO AS A CUSTOMER POTENTIAL, UH, LEASEHOLDER COMES IN, UM, TO, UH, VIEW AN APARTMENT, THEN AT THAT POINT, DO YOU GUYS SAY, HEY, WE HAVE A NUMBER OF UNITS THAT WE CAN PREFU? YEAH, THEY, THEY ABOUT HALF THE UNITS OF THE START OFF AS FURNISHED.
AND SO A NEW RENTER WILL HAVE THE CHOICE OF WHETHER TO GO WITH ONE OF THE FURNISH UNITS OR THE UNFURNISHED UNITS.
[00:40:01]
THEY'LL ALREADY BE THERE.THEY ALREADY BE THERE IN HALF.
AND IF THEY ACCEPT IT, THEN THAT TAKES CARE OF THAT CHECK MARK THERE.
AND THEN IF WE FIND THAT 80% OF OUR RENTERS WANT THE FURNISH AND THE UNFURNISHED, THEN WE'LL ADD MORE FURNISHERS DEPENDING ON WHAT ACTUAL MARKET DEMAND IS.
'CAUSE WE'RE, YOU HAVE TO BE VERTICALLY BLUNT, WE'RE GUESSING HERE IN TERMS OF WHAT PROPORTION.
UM, BUT WE ARE BASING IT SOMEWHAT ON, UM, MARKET KNOWLEDGE ON A SIMILAR PROJECT, AS I MENTIONED BEFORE, THAT WENT A HUNDRED PERCENT FURNISHED AND ENDED UP BEING A MISTAKE ON THEIR RESET.
AND THEN, UH, PIGGYBACKING ON PRETTY MUCH DIRECTLY, UH, PART OF, UH, DIRECTOR STONE'S QUESTION.
SO WILL THIS BE A PERMANENT SORT OF DEAL HERE WITH THESE PARTICULAR APARTMENTS OR AT SOME TIME IN THE FUTURE YOU DECIDE TO TAKE IT ALL AWAY? I MEAN, THERE'S A USEFUL LIFE BASED ON, RIGHT? IS IT BASED ON THE MARKET, SO TO SPEAK? IT'S BASED ON THE MARKET, YEAH.
AND THAT'S WHY WE FEEL PRETTY COMFORTABLE AT 50% THAT IT WON'T BE LESS THAN THAT NUMBER AND WE'RE NOT GONNA HAVE TO TEAR 'EM OUT BECAUSE PEOPLE DON'T WANT 'EM AT OUR UNIT SIZE.
UM, BUT WE FULLY EXPECT TO LIKELY HAVE TO FLEX UP AND ADD MORE OVER TIME.
BUT WE WANNA MAINTAIN THAT THAT FLEXIBILITY AND MARKETS CHANGE OVER 5, 10, 40, 60, 75 YEARS TYPE OF TERMS WE'RE TALKING ABOUT HERE TOO.
SO DO THE RENTS FLEX WITH THE FURNISH MACHINES VERSUS NOT FURNISHED? YEAH.
UH, FOR MARKET RATE, THEY DO FOR SURE.
NOW WE, IT'S, IT'S A, IT'S A PACKAGE THAT WE HAVE INCLUDED TOGETHER, OR YOU HAVE THE OPPORTUNITY TO PAY A PREMIUMS TO GET THE FIRST UNITS ON TOP OF BASE RENT.
SO THE ANTICIPATED RENT THAT WE SEE IN THE AGREEMENT ARE THE BASE WITHOUT FURNISH SHEET, UH, WITHOUT THE AGREEMENT FROM BS, HOW, HOW MUCH WOULD IT BE FOR A FURNACE APARTMENT ON A MARKET GREAT DEAL.
WHAT, WHAT WOULD YOU CHARGE TO FURNISH THE APARTMENT? HUNDRED 1575.
SO LAUREL, DO YOU THINK A FACTOR OF THAT WOULD BE, UM, A GOOD NUMBER TO PUT IN THE LEASE? LET'S SAY I, AND I'M MAKING NUMBERS UP A HUNDRED BUCKS A MONTH AND CAP IT AT A HUNDRED.
WOULD YOU GUYS BE OPEN TO SOMETHING LIKE THAT? WELL, THE, THE COMMENT THAT I WOULD MAKE IN RESPONSE TO THAT IS THERE'S
NO, I'M TALKING ABOUT ON THE 16 80% A MI UNITS CAPPING WHAT THEY WOULD PAY FOR FURNITURE ON A MONTHLY BASIS, CAPPING THEIR FEE FOR THE FURNITURE.
CAN I JUMP IN ON THAT? YEAH, JUST PUSH IT ABOVE.
I THEIR, THEIR RENT IS CAPPED PERIOD.
WITH FURNITURE, WITHOUT FURNITURE, IT'S CAPPED.
IF THERE IS A MUST PAY FEE, IT IS INCLUDED IN RENT.
AND SO THEIR RENTS ARE CAPPED WHETHER THAT UNIT'S FURNISHED OR NOT FURNISHED.
UM, AND, AND ACTUALLY IT'S THE SAME CAP EITHER WAY.
SO BASED ON THAT, THAT MEANS THERE HAVE TO BE A PERCENTAGE OF UNITS PROVIDED WITH THE FURNISHING PACKAGE, MEANING THE DISTRIBUTION OF A MAMI UNITS, REGARDLESS OF WHETHER OR NOT, UM, YEAH.
WE'LL, WE'LL KEEP OUR PORTION THE SAME OF FURNISHED UN FURNACES RENT RESTRICTED FROM MARKET.
DO WE HAVE ANY MORE QUESTIONS OR COMMENTS FROM HERE ARE ONLINE? I'M NOT SEEING ANY ONLINE COMMENTS.
ANY OTHER COMMENTS FROM THE FLOOR HERE? FROM THE, FROM THE CHAIR SAYING NONE.
DO WE HAVE A MOTION? SHOULD NO APPROVE.
WE HAVE A MOTION TO APPROVE ITEM NUMBER SEVEN.
HANSEL MARSHALL RONALD STINSON IN MONTGOMERY APPROVED MARK HOLMES APPROVED ALLEN TALLIS APPROVED.
KEVIN WINTERS APPROVED OR STONE APPROVED.
[00:45:01]
ITEM NUMBER SEVEN, COURT AT 4 5 3 3 WILLIS STREET IN DALLAS IS APPROVED.THANK YOU VERY MUCH GENTLEMEN.
MOVING ON TO ITEM NUMBER EIGHT, DISCUSSION AND APPROVAL OF A RESOLUTION AUTHORIZING THE NEGOTIATION AND EXECUTION OF A TERM SHEET FOR OAK HOUSE AT COLORADO.
TWO IN PARTNERSHIP WITH MINT WOOD REAL ESTATE TO BE LOCATED AT 9 0 9 EAST COLORADO BOULEVARD, DALLAS, TEXAS, SAM.
ALRIGHT, THIS ONE IS A, JUST A CONTINUATION KIND OF, OF, UH, THE, OUR ORIGINAL OAK HOUSE.
IT'S, IT'S FAIRMONT LARGER MID THREES, UH, UNIT COUNT.
UM, AND THEY'RE SOMEWHAT DOING THE CITY OF FAVOR BY, BY CLEANING UP THIS, THIS PROPERTY THAT'S A LOT OF
SO, UH, IN ORDER TO, YOU KNOW, WORK WITH THEM A LITTLE BIT, THE, THE NUMBERS ARE A LITTLE BIT DIFFERENT FROM, FROM TIP WHAT WE WOULD SAY LEAST ARE ON THE FIRST, UH, THREE POSITIVE.
BUT, UM, I'M JUST GONNA LET THEM GET RIGHT INTO IT.
WE, WE START OFF WITH, UH, JAN WITH YOUR REVIEW AND CAN YOU DISCUSS OR HIGHLIGHT THE, UH, ENVIRONMENTAL CONCERNS THAT WAS HIGHLIGHTED? YEAH.
JUST REAL QUICK, WHAT'S THE SITE, WHAT'S THE ADDRESS ON THE SITE? 9 0 9 EAST COLORADO.
THIS IS A NON-BINDING RESOLUTION TO ALLOW US TO MOVE FORWARD WITH THE TERM SHEET THAT WE'VE NEGOTIATED.
THE PROJECT, UM, IS 375 UNITS, UH, 3 58 DROP.
UM, AND IT IS ON A SITE THAT WAS ORIGINALLY A MINOR LEAGUE BASEBALL STADIUM THAT THE CITY OF DALLAS CAME IN A LONG TIME AGO, DEMOLISHED 'CAUSE IT WAS PRINCIPALLY CONCRETE, THEY SIMPLY BURIED IT.
UM, AND SO YOU'VE GOT ATTRACTIVE LAND THAT HAS CONSTRUCTION DEBRIS FROM A PRIOR BASEBALL STADIUM THAT CONSTRUCTION DEBRIS WILL HAVE TO BE DUG OFF AND REMOVED AND SENT TO AN APPROPRIATE SITE.
UM, IT IS IDENTIFIABLE IN THE SENSE THAT THEY KNOW WHAT WAS THERE AND, AND NOW WHAT'S UNDERGROUND GROUND.
BUT IT DOES DRIVE UP THE COST OF THE PROJECT.
UM, THIS IS A TYPICAL 10% AT 60, 40% AT 80 PROJECT, UM, ALL RENT RESTRICTED FORCE, ALL PRO RATA THROUGHOUT THE UNITS.
UM, WE, IN NEGOTIATING THIS TRANSACTION, WE TRIED TO GIVE THEM A BREAK ON THE RENT ON THE EARLY YEARS TO TRY AND HELP OFFSET SOME OF THE ENVIRONMENTAL CONTAMINATION COST.
UM, WE'VE BEEN NEGOTIATING THIS FOR A COUPLE OF MONTHS.
IT IS OUR STANDARD DEAL IN THE SENSE THAT YOU'RE GONNA GET A $250,000 CLOSING FEE, YOU'RE GONNA GET 25% OF SALES TAX SAVINGS, AND YOU GET 25% OF THE PROPERTY TAX SAVINGS.
THE FIRST YEAR WE DISCOUNTED THE RENT FROM ABOUT 400, UH, THOUSAND TO 362,000 FOR YEARS, ONE TO THREE.
AND THEN THE RENT GOES UP IN YEARS FOUR AND FIVE TO $450,000 IF THE PROJECT SELLS, THE RENT WILL BE RESET AT A LEVEL EQUAL TO 20% OF THE TAX SAVINGS TIMES THE SALES VALUE THAT WAS NECESSARY TO KEEP US WITHIN AN INTERNAL RATE OF RETURN THAT WOULD BE ACCEPTABLE TO INVESTORS.
UM, WE DO GET OUR STANDARD 15% OF NET POWER PROCEEDS AFTER A 10% PER ALPHA AND 2% ON SUBSEQUENT SALES.
HILLTOP RAN THE NUMBERS ON THIS, UM, AND I BELIEVE, I'M GONNA GET MY PERCENTAGE WRONG, BUT WE GET, I THINK 63% OF THE SALES TAXES THAT WOULD HAVE ACCRUED ON THE PROJECT IF IT WAS TAXABLE BACK IN THE FORM OF RENT REDUCTION AND REVENUE.
[00:50:01]
AN AREA WHERE, QUITE FRANKLY, THE DIFFERENTIATION BETWEEN MARKET RATE RENT AND 80% RENT IS NOT AS GREAT AS IT IS IN MANY OTHER AREAS OF CITY.SO THAT LEAVES US WITH A 63% INSTEAD OF MAYBE A 70% RETURN.
UM, BUT IT DOES PROVIDE ADDITIONAL AFFORDABLE HOUSING.
IT, IT IS ACCORDING TO OUR STANDARD TERMS, EXCEPT FOR WHERE WE'VE MADE AN ANNUAL RENT CONCESSION IN ORDER TO TRY AND HELP 'EM OUT WITH THE ENVIRONMENTAL.
UM, IT IS, I MEAN, WE KNOW THE OAK HOUSE PROJECT.
THERE'S ONE THAT WE DID THAT'S UP AND OPEN.
UH, WE KNOW THE DEVELOPER ON THE PROJECT.
SHE IS VERY CAPABLE OF GETTING THIS DONE.
AND I'LL TAKE YOUR QUESTIONS AND THEN TURN IT OVER TO HER TO SHOW YOU THE ACTUAL PROJECT.
UH, ANY QUESTIONS FROM KIM? OR IF NOT, UH, PLEASE COME FORWARD AND, UH, LET YOUR, YOUR PRESENTATION.
DID YOU WANT ME TO CLICK THROUGH FOR YOU? OH, I CAN CLICK THROUGH THAT WAY YOU DON'T NEED TO.
CAN YOU PLEASE INTRODUCE YOURSELF AGAIN AND, AND YOUR GUEST AND THE AUDIENCE, OR YOUR COWORKERS? ALRIGHT.
UH, MY NAME IS KATIE SLADE AT THESE MEETINGS.
DO I NEED TO GIVE AN ADDRESS? IS THAT FORMAL? I'LL GIVE ONE ANYWAYS.
26 21 STATE STREET IN DALLAS, TEXAS WITH MET WITH REAL ESTATE, UH, AND THE AUDIENCE AND THEY MAKE THE QUESTIONS WOULD BE PART OF IT.
UH, NICK VANHOUSE AND, UH, BLAKE JONES, BOTH WITH MIDWOOD REAL ESTATE AS WELL.
UH, THANK YOU FOR YOUR TIME TODAY.
AND JIM, THANKS FOR THAT INTRO.
I, AS PART OF THIS WANTED, LET'S QUICKLY RUN THROUGH THE OAK HOUSE PROJECT AND SOME PICTURES 'CAUSE WE JUST OPENED THERE AND WITH YOU ALL.
THIS WAS THE FIRST PROJECT I, I THINK THIS IS THE FIRST PROJECT THAT'S OPEN THAT YOU ALL APPROVED, THAT WE DEVELOPED.
AND SO, UH, WE REALLY ARE ARE GRATEFUL FOR THAT AND WANTED TO JUST QUICKLY SHOW THAT AND ALL OF YOU'RE WELCOME TO COME THROUGH AND SEE IT.
UH, LIKE JIM MENTIONED, THIS IS THE PROJECT THAT WE'RE TALKING ABOUT TODAY IS ACROSS THE STREET FROM OAK HOUSE.
UH, THE PICTURES HERE SEEMS TO BE DELAYED.
SO, UM, I'M GONNA LET IT BE LIKE THIS BECAUSE IT SEEMED LIKE THERE WAS A LAG ON, ON THE SCREEN.
UM, SO THIS IS OC HOUSE, WHICH WAS JUST FINISHED.
OUR INTENTION WITH THIS IN THE WAY THAT WE ARE APPROACHING THESE PROJECTS IS TO MAKE SURE THAT WE'RE DELIVERING A, A LUXURY AND QUALITY EXPERIENCE FOR, FOR THE RESIDENTS SO THAT WE'RE, UM, GIVING, YOU KNOW, VERY FINE HOUSING OPPORTUNITIES.
THIS IS CURRENTLY, WE'VE FINISHED THE FIRST TWO FLOOR CONSTRUCTION AND WE'RE GETTING TCOS, UM, BY FLOOR.
SO AT THIS POINT WE'RE, YOU KNOW, THAT'S, THAT'S ROUGHLY 20, 25% LEASED.
UM, AND THE UNITS ARE DIVIDED THROUGHOUT.
UH, SO THIS IS THE AMENITY AREA THAT WE HAVE.
IT'S A VERY MODERN AND CONTEMPORARY DESIGN.
IT'S CONSISTENT WITH THE NEIGHBORHOOD THAT'S OVER THERE, WHICH OAK CLUB IS A VERY CREATIVE NEIGHBORHOOD.
WE'RE SEEING THAT A LOT OF OUR RESIDENTS ARE, UH, EXACTLY WHAT I I MY UNDERSTANDING IS THAT THIS PROGRAM WAS INTENDED FOR, WHICH IS THE, UM, THE TEACHERS, THE FIREFIGHTERS, THE POLICE OFFICERS, THE NURSES THAT ARE, UM, WORKING APPROXIMATE TO OAK CLIFF IN DOWNTOWN DALLAS.
UH, SO HERE'S WHERE OUR UNIT FINISHES LOOK LIKE AND WHAT WE'RE PROPOSING FOR PHASE TWO WOULD BE COMPARABLE TO THIS.
UH, THE NICE BATHROOMS, TALL CEILINGS, THAT'S PART OF THE ZONING IN THAT AREA.
WE ALSO, AND THIS IS NOT FINISHED YET 'CAUSE YOU'VE ONLY TO FINISH THE FIRST TWO FLOORS OF CONSTRUCTION, BUT WE ALSO HAVE A SKY DECK THAT HAS SOME OF THE BEST VIEWS OF DOWNTOWN DALLAS THAT I'VE SEEN.
SO I WOULD LOVE TO TAKE YOU ALL THROUGH IF YOU'D LIKE TO.
YOU DON'T HAVE A GIANT FITNESS CENTER AS WELL.
SO THIS IS A FULLY AMENITIZED BUILDING.
NICK AND I WERE AT GABLES RESIDENTIAL BEFORE WE STARTED BENWOOD.
AND SO A LOT OF THIS IS CONSISTENT WITH WHAT WE, UM, HAD A PHILOSOPHY AT GABLES, WHICH IS TO BUILD A HEAVILY AMENITIZED BUILDING AND, AND, UM, A BEAUTIFUL PROJECT.
SO WE'VE BEEN REALLY HAPPY WITH OAK HOUSE AND, AND ARE VERY GRATEFUL TO YOU ALL AND, AND THIS PARTNERSHIP THAT WE HAVE.
SO ON, ON PHASE TWO, UM, WE HAVE IN THIS FOR YOU ALL TO LOOK THROUGH FOR YOUR OWN PLEASURE LATER, SOME DETAILS ABOUT WHAT MINT, WHAT'S BEEN DOING.
UM, ONE OF THE MOST NOTEWORTHY ONES, AND THE THING THAT IS EXCITING FOR US IS THAT WE'VE ALSO JUST FINISHED A CONVERSION OF AN
[00:55:01]
OFFICE BUILDING IN DOWNTOWN DALLAS TO MULTIFAMILY.SO WE LIKE TO BE A PART OF REALLY CREATIVE DEALS THAT PROVIDE HOUSING FOR THE CITY, UH, IN, IN DIFFERENT WAYS.
UM, THIS PROJECT, AND THIS IS THE, THE LARGER OVERVIEW OF NOTE, IT'S, IT, IT IS BEEN MENTIONED, IT'S CURRENTLY IN, IN SAM, IT'S CURRENTLY VACANT LAND.
IT'S ASSESSED AND THE TAXES IT PAYS EVERY YEAR IS ABOUT $40,000.
SO, UM, ON, ON THE TAX RULE, THIS IS NOT CHANGING ANYTHING, UM, RELATIVELY DRASTICALLY FOR THE CITY OF DALLAS 'CAUSE WE'RE NOT REMOVING ANY KIND OF EXISTING STRUCTURE.
UM, WE'RE PROPOSING JUST OVER 350 UNITS AND AS MENTIONED, UH, 40% OF THEM AND 80% A MI AND 10% AT 60% A MI.
UM, I MENTIONED THE DOWNTOWN VIEWS.
YOU CAN SEE HERE THIS IS REALLY ADJACENT TO THE TRINITY RIVER.
THERE'S A CITY OF DALLAS' BUILDING THE PUMP STATION ON THIS TRIANGLE.
SO, UM, SO IT IS, IT IS GOT INCREDIBLE VIEWS OF DOWNTOWN DALLAS BECAUSE IT'S OVER THE, THE TRINITY AND, UM, IT'S A, IT IS A GREAT PIECE OF LAND AND IT'S BEEN REALLY UNDERUTILIZED, UM, AS FAR AS DENSITY AND DEVELOPMENT.
AND SO, UH, AND THE PROXIMITY I 35 GIVES GREAT ACCESS FOR PEOPLE TO GET TO JOBS AND, AND WHAT THEY NEED TO BE DOING.
UH, QUICK SITE PLAN, THERE'S NOTHING ABOUT THIS THAT IS NECESSARILY, UM, A UNIQUE, IT'S A CONVENTIONAL, UH, WRAP APARTMENT BUILDING AROUND A GARAGE WITH A 358 UNITS, A POOL COURTYARD, SAME TYPE OF AMENITIES I JUST SHOWED YOU, INCLUDING THE SKY LOUNGE THAT WE'RE BUILDING THAT WOULD BE ON THE TOP LEVEL WITH THE VIEWS OF DOWNTOWN DALLAS.
UM, SORRY, MS. LAG, I'M TRYING TO PAUSE FOR YOU ALL TO SEE WHAT
UM, THEN, UM, PARTNERSHIP STRUCTURE.
I THINK YOU ALL HAVE THE MOU, SO I DON'T NEED TO GO THROUGH IT UNLESS YOU GUYS HAVE ANY, ANY QUESTIONS.
WE HAVE A LITTLE BIT OF INFO JUST ON THE OVERALL PROJECT SIZE.
IT'S JUST SHY OF A HUNDRED MILLION DOLLARS PROJECT AS WE'RE LOOKING AT IT.
UM, AND, UM, SO PRETTY SUBSTANTIAL RELATIVE TO PHASE ONE AND IT WAS COMPLETED AND, UH, PHASE ONE WAS 219 UNITS.
ANY QUESTIONS THAT YOU GUYS HAVE? DIRECTOR HANSEL, YOU CAN UNMUTE YOURSELF.
UH, I'M GONNA JUST WANNA DRIVE BY THE OTHER SIDE OF COLORADO.
I GUESS I'M, I, THE PICTURE THAT YOU HAD OF THE SITE PLAN, UM, DID MAKE ME WONDER.
UM, SO THERE WOULD BE SOME LAND BETWEEN, UH, THIS PROJECT AND THEN WHAT YOU CALL THE, THE FUTURE PUMP STATION.
AND EVEN THE SITE PLAN MADE IT SOUND LIKE THERE WAS A, YOU KNOW, A STILL SOMETHING OF A DEVELOPABLE TRACK BETWEEN THIS, THIS SITE AND THE PUMP STATION.
THERE IS, UH, RELATED PURCHASED, UH, I WANNA SAY ABOUT SIX ACRES OF LAND TO DEVELOP THIS FAMILY, UH, IN BETWEEN THIS TRACT AND THE PUMP STATION.
AND, UH, RELATED HAS SINCE CLOSED ITS DALLAS OFFICE AND IS TRYING TO SELL THE PROPERTY.
COULD YOU REPEAT THAT PLEASE? HE COULDN'T HEAR.
UM, WHO WAS THE, WHO WAS THE, WHO WAS THE O THE NEW OWNER OF THAT TRACK THEN? I'M SORRY.
RELATED AND, AND RELATED HAS, UH, PURCHASED IT AT THE SAME TIME THAT WE PURCHASED THE PHASE ONE OC HOUSE LAND AND DIDN'T, UH, MOVE FORWARD AND THEY'VE SINCE CLOSED THEIR DALLAS OFFICE AND PUT THE PROPERTY UP FOR SALE.
UM, THE ONLY OTHER QUESTION I HAD WAS, UH, I BELIEVE I COULD BE WRONG THAT THIS PROJECT IS IN A TIFF DISTRICT.
I, I CAN YOU CONFIRM THAT? I DON'T WANNA OVERTALK YOU.
I THINK YOUR AUDIO IS A LITTLE BIT JUMPY.
SO, UM, I APOLOGIZE IF I'M INTERRUPTING YOUR QUESTION.
I DON'T THINK THAT THIS IS IN A TIF DISTRICT.
I THINK THIS IS ACROSS THE STREET FROM IT, BUT I'M, I MAY BE MISTAKEN.
WELL SUFFICE TO SAY THEN THAT IN YOUR SORT OF
[01:00:01]
DECK FOR FINANCING THEN THERE'S NO ANTICIPATED NEED TO APPLY FOR THAT TYPE OF, YOU KNOW, THE APPLICATION TO THE TIF BOARD AND SO ON, UH, TO COVER DEVELOPMENT COSTS.UH, WE DO NOT NEED TO APPLY TO THE TIF BOARD FOR ANYTHING.
UM, WITH THE, THE RENT ADJUSTMENT THAT WAS MENTIONED EARLIER, THAT'S SUFFICIENT TO COVER ANY KIND OF, UM, YOU KNOW, THE, THE ENVIRONMENTAL QUESTIONS THAT WE HAVE.
AND THEN, UH, WE ALSO DON'T HAVE ANY NEED TO GO THROUGH ANY KIND OF ZONING OR, OR ANYTHING FOR THAT DISTRICT.
IT'S ALREADY ZONED FOR WHAT OUR DESIRED USE IS.
I HAD, UH, THANK YOU VERY MUCH.
AND QUESTIONS OR COMMENTS? UM, YEAH, SO HERE'S MY, HERE'S MY CONCERN, KATIE, AND I'M JUST TRYING, I'LL, AND SCOTT, UM, I'M SURE WE'LL HAVE SOME INSIGHT INTO THIS TOO.
UM, SO IN DISTRICT ONE WE'VE GOT, UM, NOW FOUR.
UM, AND BY THE WAY, BEFORE I EVEN START, UM, I DRIVE BY THE OAK COWS ON A REGULAR BASIS, PROBABLY THREE OR FOUR TIMES A WEEK THAT IT LOOKS, IT, IT, THAT SEEMS TO BE COMING ALONG REALLY, REALLY WELL.
UM, IT'S, UM, AESTHETICALLY PLEASING, UM, WHICH IS SOMETHING THAT CORNER DESPERATELY NEEDS.
UM, I THINK YESTERDAY, UH, DURING OUR, OUR BRIEFING, I REFER TO IT AS A CATALYST 'CAUSE I, I THINK IT IS FOR THAT, YOU KNOW, BETWEEN THAT AND THE BOTTOM ACROSS 35.
I MEAN, IT'S REALLY, YOU KNOW, CREATES SOME, UH, SOME, UM, ACTIVITY.
I'M JUST, I'M, MY CONCERN IS THAT THERE ARE FOUR INDUSTRY ONE NOW, AND THIS WOULD, I KNOW IT'S PHASE TWO, BUT FOR ALL INTENTS PURPOSES BE A FIFTH.
AND, UM, SO FROM YOUR CONVERSATIONS WITH COUNCIL MEMBER SCOTT BE REPRESENTING, UM, DISTRICT ONE, I, I'M JUST CURIOUS KIND OF WHAT THAT, UH, UH, I'M NOT ASKING FOR AN ENDORSEMENT OR ANYTHING THAT, BUT JUST KIND OF WHAT KIND OF CONVERSATION YOU'VE HAD, IF THAT'S SOMETHING THAT'S COME UP WITH COUNCIL MEMBER WEST.
YEAH, I, I, I HAVE DISCUSSED THE PROJECT WITH COUNCIL MEMBER WEST AND HIS STATED CONCERN, WHICH I THINK HE WOULD MENTION TO ANYBODY, IS THAT HIS CONCERN IS THAT ALL OF THAT LAND, YOU KNOW, NEEDS SOME FORM OF MASTER PLAN ACROSS JEFFERSON, SPECIFICALLY O OVER TIME.
UM, THAT'S ACTUALLY HOW WE GOT INVOLVED IN, IN WORKING ON THAT LAND IS THAT THE CURRENT OR THE, THE OWNER THAT WE'RE PURCHASING FROM ENGAGED MINT WOOD TO HELP WITH MASTER PLANNING THAT AREA AND TO WORK WITH THE NORTH CENTRAL TEXAS COUNCIL OF GOVERNMENT ON, AT THAT TIME, THEY HAD SIGNIFICANT RTC FUNDS TO TRY TO WORK ON JEFFERSON REALIGNMENT, UM, HOUSTON STREET BIO DUCT REALIGNMENT.
AND THAT STUFF SORT OF FELL BY THE WAYSIDE UNFORTUNATELY, IN TERMS OF, OF ORCHESTRATING A CHANGE THERE.
UM, THEY STILL HAVE A PRETTY CONSIDERABLE AMOUNT OF LAND THAT IS ON THE OTHER SIDE OF JEFFERSON FROM US.
COMING BACK TO YOUR QUESTION, COUNCIL MEMBER WEST IS SUPPORTIVE OF THIS PROJECT.
HE ASKED FOR US TO, UM, HAVE SPACE ALONG COLORADO AND JEFFERSON THAT COULD POTENTIALLY ACCOMMODATE FUTURE RETAIL USE SO THAT AS THAT AREA DEVELOPS, IT HAS THAT ABILITY.
THE ZONING IN THAT DISTRICT ALLOWS FOR THAT PRETTY WELL BECAUSE IT HAS A 15 FOOT CEILING HEIGHT ON THE STREET LEVEL, UM, CEILING HEIGHT.
AND SO WHAT WE ARE WORKING THROUGH IS HOW TO DESIGN SOMETHING SO THAT TODAY IT MAY BE MULTI-FAMILY, BUT IN THE FUTURE IT COULD BE RETROFITTED.
AND SO THAT'S SOMETHING THAT WE'RE SPENDING TIME ON AND, UM, AND TALKING TO HIM ABOUT, BUT THAT DOESN'T PRECLUDE HIS SUPPORT.
UM, AND I DON'T WANNA SPEAK FOR HIM, BUT RIGHT.
HE HAD NO OPPOSITION TO WHAT WE WERE ASKING FOR.
OVERALL, I, AND I'M SAYING THIS KIND OF SEPARATELY THINKING THROUGH YOUR DISTRICT ONE CONCERN ON THE AMOUNT OF, OF, UH, UNITS, WHAT'S INTERESTING IS THE DEVELOPERS TO LOOK AT THE CITY OF DALLAS AND HOW IT'S GROWING RIGHT NOW.
I MEAN, WHEN WE WERE AT GABLES UPTOWNS WHERE WE BUILT THAT WAS, THAT HAD BEEN AND WENT THROUGH AN EVOLUTION OF BECOMING AN AREA WHERE THEN THE RENTS FAR EXCEEDED WHAT WAS GOING ON IN THAT MARKET.
AND I THINK THAT'S A LITTLE BIT OF WHAT'S HAPPENING IN OAK CLIFF NEIGHBORHOOD.
THIS WOULD BE OUR THIRD PROJECT OVER IN OAK CLIFF.
AND WE LOVE IT BECAUSE IT HAS EXISTING RETAIL, IT HAS GREAT ACCESS TO DOWNTOWN, IT HAS A, A STRONG JOB BASE AND, AND HAS SOME CHARACTER THAT REALLY ATTRACTS PEOPLE TO WANNA LIVE THERE.
SIMILAR TO FUNDAMENTALS THAT WERE HAPPENING IN UPTOWN IN THE LATE NINETIES AND EARLY TWO THOUSANDS AS IT WAS GOING THROUGH THAT EVOLUTION.
AND SO THE PROJECT AND THIS, UM, AFFORDABILITY
[01:05:01]
COMPONENT, YOU KNOW, IT FUTURE PROOFS FROM THAT GROWTH.SO AS, AS THE, UM, OAK CLIFF AREA BECOMES THAT, THEN WHAT THIS DOES, IT PRESERVES HOUSING IN A, IN AN AFFORDABLE BRACKET.
BUT ANYWAYS, I THOUGHT THAT WHOLE PARCEL OVER THERE WAS GONNA BE MARKET.
SO I MEAN, THE FACT THAT, UH, WE GET SUPPORT WOULD BE GREAT.
ARE THERE ANY OTHER COMMENTS? SO YOU JUST MENTIONED THAT A MEMBER OF THE UNITS IN PHASE TWO WILL ULTIMATELY BE REFERRED TO RETAIL? NO, THAT COUNCIL MEMBER WEST ASKED FOR US TO DESIGN THE FIRST FLOOR SO THAT IT COULD BE IN THE FUTURE.
THAT'S NOT PART OF ANY LIKE THAT, THAT WOULD BE ABOUT SOMETHING THAT, YOU KNOW, COULD BE DISCUSSED IN THE FUTURE RELATED WITH THE CITY OF DALLAS.
AND, UM, THAT'S NOT PART OF WHAT OUR PLANS ARE.
AND THAT WOULD BE ABOUT 10 UNITS.
SO IT, IT IS BEING DESIGNED THAT WAY, OR IT'S JUST IN, IN FROST.
WE'RE DESIGNING IT WITH 15 FOOT CEILING HEIGHTS AND WITH THE FEEL OF RETAIL WHERE WE HAVE, UM, THAT HAVE SORT OF AWNINGS OR, OR CANOPIES THAT GO OVER FOR A FEW FEET.
SO THAT THE, AND AND HIS MAIN CONCERN THAT HE VOICED TO ME WAS THAT THE, UM, THE DESIGN AND THAT THE WAY THE DESIGN FELT WASN'T THAT, UM, YOU KNOW, HAD FLEXIBILITY AND HAD THAT THE VOLUME AND THE HEIGHT.
SO OUR LEASING OFFICE IS ALSO ALONG THAT, SO LEASING OFFICE TAKES SOME OF THAT AND AS THE STOREFRONT WHEN THE SENSE OF THE, THE VOLUME OF A SPACE THAT'S OPEN FOR THE PUBLIC.
BUT, UM, THE, THIS DEAL CONTINUES TO KEEP THE NUMBER OF UNITS AS IS.
THIS IS NOT, WE'RE NOT PROPOSING SOMETHING WHERE WE WOULD REMOVE UNITS AND I, I DON'T THINK THE LEASE EVEN ALLOWS THAT.
THAT'S MY QUESTION IS THAT THE 10 YEARS, FIVE YEARS FROM NOW, 10 UNITS ARE NO LONGER THERE.
WHICH UNITS ARE THOSE TAKING AWAY FROM? THAT'S NOT ANYTHING THAT WE ARE ASKING FOR OR PART OF OUR REQUEST IN ANY WAY.
LIKE THE LEASE WOULD, HAS A, A NUMBER OF UNITS THAT ARE PROVIDED AND THAT WON'T CHANGE.
ANY OTHER COMMENTS FROM HERE OR ONLINE? UM, ONE QUESTION, SAM, UM, FOR YOU, UH, BECAUSE THIS SITE, AND I, I COMPLETELY UNDERSTAND WHY, UM, OC HOUSE HAD SOME OF THE, THE CHALLENGES THAT THEY HAVE 'CAUSE I, UM, 'CAUSE OF THE TRAFFIC, UM, UNDERNEATH THE, THE 35 BRIDGE, A LOT OF IT HOMELESS, UM, FOLKS, UM, COULD YOU REMIND ME, UM, YOU AND I CHATTED ABOUT A, A SERVICE THAT ADDRESSES THOSE ISSUES, A PRIVATE ORGANIZATION THAT ADDRESSES THOSE ISSUES AND WORKS WITH THE DEVELOPER TO ADDRESS THEM.
UM, WHAT ARE THE ROUGH COSTS ON THAT? UM, WE HAVE, UH, WE, I PLAN TO HAVE THEM IN, UH, TODAY, BUT, UH, THEY JUST GOT LEFT OFF THE AGENDA.
I WOULD'VE MADE SURE THAT THAT GOT GOT THROUGH.
IT JUST GOT LEFT OFF BEFORE IT WAS POSTED AND TRULY BY THE TIME I REALIZED.
BUT WE'RE PLANNING ON HAVING THEM IN AND, UH, AND DISCUSSING ON THE NEXT FOUR MEETING.
UM, AND IF YOU GUYS WOULD LIKE, I CAN GET THAT PRICING SHEET SENT OUT BEFOREHAND SO YOU GUYS COULD KNOW THAT WELL HERE'S THE, HERE'S THE QUESTION BEHIND THE QUESTION IS I, I WOULD LIKE TO INCLUDE THAT IN THESE, UM, IN THE, THE TERMS. UM, WE'LL JUST CALL IT, UM, UM, DEVELOPMENT, UM, MONITORING.
UM, AND I, I'D LIKE TO INCLUDE THAT AMOUNT, UH, WITH THESE TERMS. I DON'T THINK WE'RE TALKING SIX FIGURES, YOU KNOW, WE WERE TALKING FIVE OR SIX GRAND OR SOMETHING LIKE THAT.
UM, IT, SO ONE OF THE THINGS THAT, UM, ONE OF THE CHALLENGES THAT WE HAD IS THERE'S A DISPROPORTIONATE NUMBER OF 3 1 1 AND 9 1 1 CALLS.
UM, AND IT'S NOT JUST YOUR SITE, UM, ON OTHER PFC SITES, THERE'S A REASON FOR THAT.
I MEAN, A LOT OF IT IS BECAUSE WE'RE IN CATALYST AREAS.
UM, AND, UH, AND I, I THINK OOC HOUSE IS A, A PRIME EXAMPLE.
UM, IT'S NOT THE DEVELOPMENT, IT'S JUST ACTIVITY AROUND IT.
UM, I THINK THERE'S A LOT OF THAT.
SO WE JUST WANT TO, UM, HAVE A WAY TO BE BEYOND REPROACH, UM, WHEN IT COMES TO MONITORING.
AND THAT'S JUST BEEN HUGE TO IT.
DO YOU MIND IF I, NO, UM, UH, I DID LOOK AT THE RECORDS THAT THE POLICE DEPARTMENT HAD FROM CALL AND CALL,
[01:10:01]
HAD CALLS AND, AND VISITS.A LOT OF THAT WAS, SEEMED TO BE RELATED TO CONSTRUCTION ACTIVITY AS WELL.
LIKE SOME OF IT WAS FROM, UM, YOU KNOW, THEFT OF AN APPLIANCE WHERE OUR CONTRACTOR CALLED AND PUT A REPORT IN.
BUT WE'RE HAPPY TO DO WHATEVER'S NEEDED.
ANY OTHER QUESTIONS OR COMMENTS? WE HAVE A MOTION I WOULD MOVE TO APPROVE THE PROJECT PRESENT MOTION BY MY DIRECTOR, SEL TO APPROVE AS SUBMITTED.
MOVE FORWARD TO A VOTE, PLEASE.
ALRIGHT, SCOTT HANSELL APPROVE.
KEN MONTGOMERY APPROVED MARK HOLMES APPROVE AIS APPROVED.
KEVIN WINTERS APPROVED OR STONE APPROVED? KEITH
UH, LET THE RECORD REFLECT THAT THE ITEM NUMBER EIGHT AT 9 0 9 EAST COLORADO HAS BEEN APPROVED.
ON THE PIPELINE, UH, DISCUSSION.
REVIEW OF THE DALLAS PC PIPELINE REPORT.
SO THERE HASN'T BEEN ALL TOO MUCH ACTIVITY IN THE LAST COUPLE MONTHS.
UM, WE DID HAVE A, UH, COUPLE OF, UM, OF PROPERTIES MOVE INTO THE PRE, UH, COMPLIANCE MONITORING STAGE.
THEY'RE GETTING THEIR TRAINING.
UH, RIGHT NOW WE'VE GOT THREE THAT ARE ACTUALLY IN LEASE UP AND FULLY TRAINED, UH, WITH THE COMPLIANCE TEAM.
UM, SO OUR FIRST DEAL THAT WE'VE APPROVED IN A WHILE, BUT IN THE PAST MONTH WE'VE, WE'VE GOTTEN SOME ACTIVITY AND, AND THERE'S PROBABLY ABOUT THREE OR FOUR MORE, FIVE PROJECTS IN THE WORKS THAT, UH, THAT WE'LL BE GETTING, UH, APPLICATION FOR FORM AT LEAST BY THE END OF THE YEAR.
UM, SOME, SOME INTERESTING STUFF.
SOME, SOME OF OUR BREAD AND BUTTER.
UM, AND, AND BEYOND THAT, THERE'S REALLY NOT ALL TOO MANY CHANGES.
ANY QUESTIONS? CONCERN? SEEING NONE.
MOVING ON TO DISCUSSION, REVIEW OF DALLAS PFC WEBSITE REPORT.
UM, SO WE HAD BEEN, UH, PROBABLY PLANNED ON GETTING THIS GOING FOR, UH, A MONTH-ISH OR SO.
ALBERT AND, UH, SOPHIA, THIS ONE, THE FIRST ONE THAT HE'S BEEN WORKING ON.
SO WE'VE GOT THEM, UH, PAID UP AND WE WERE PLANNING ON SENDING OUT, UH, AN EMAIL THIS WEEK TO THE, UH, COMMUNITY OUTREACH, UH, COMMITTEE AND, UH, GETTING THEM SCHEDULED ON A ZOOM OR, OR WHATEVER TYPE, UH, MEETING WITH OUR, UH, WEBSITE DESIGNER JUST TO KIND OF BOUNCE SOME IDEAS BACK AND FORTH, KIND OF SET A PLAN AND THEN, UH, TRY TO GET BIWEEKLY, UH, EVERY TWO WEEK APPOINTMENTS SET TO KIND OF GO OVER PROGRESS WITH, UH, WITH OUR WEBSITE DESIGNER, YOU KNOW, 15, 20 MINUTES, JUST KIND OF CHECKING IN ON PROGRESS AND TWEAKING THINGS IF WE LIKE IT OR WE DON'T LIKE IT.
UM, SHE BELIEVES THAT IF, YOU KNOW, WE'RE ENGAGED, WE CAN GET THIS DONE IN ABOUT 12.
SO IF WE START IT THIS WEEK, WE COULD GET THIS DONE BY MID-NOVEMBER.
UM, AND THAT'S ABOUT ALL WE HAVE ON THAT FAR AS AN UPDATE, BUT WE'RE GONNA THIS WEEK FOR THE COMMUNITY, UH, OUTREACH TEAM IN TOUCH WITH OUR WEBSITE, UH, DESIGNER.
AND PERHAPS THEY COULD EVEN SEND AROUND WHENEVER IT'S AVAILABLE, UH, WHAT DO THEY CALL IT? THE A VERSION OR THE, THE PRE VERSION BEFORE SOMETHING GOES OUT.
[01:15:01]
WE, WE'LL KEEP YOU GUYS POSTED AT, AT EACH MEETING, UH, WITH, WITH THE BOARD PACKET, WHICH AGAIN, WE'VE, WE'RE GONNA GET YOU GUYS ON FRIDAY.BUT, UM, WE'RE, WE'RE GONNA, YOU KNOW, WITH THIS, THIS IS KIND OF A BIG THING WE WANT, YOU KNOW, THE COMMUNITY OUTREACH TEAM IS, IS IN CHARGE OF THIS ONE, BUT WE DO WANT, YOU KNOW, AS MUCH FEEDBACK FROM ALL THE BOARD AS WE CAN GET.
SO, UM, YOU KNOW, IT'LL BE WELL, SO WE'LL, WE'LL MAKE SURE WE'RE GIVING YOU GUYS MONTHLY WE UPDATES ON THAT AS WELL.
ANY OTHER QUESTIONS OR COMMENTS ON THE WEBSITE? SO MCC CALL, THIS IS MY DIRECTOR, HOLMES.
UH, SO SAM, UH, WE'VE GOT, UH, DIRECTORS, WINNERS AND STONE ON THE PHONE WHO ARE ON THE COMMUNITY OUTREACH COMMITTEE.
SO WHEN CAN WE EXPECT TO BE ASSEMBLED WITH, UH, WITH STAFF TO KIND OF GO THROUGH WHERE WE ARE AND, UH, WHERE WE'RE GOING? I MAY, I MAY HAVE MISSED IT.
WE'LL, WE'LL REACH OUT THIS AFTERNOON AND, AND TRY TO SCHEDULE A TIME JUST TO KIND OF GET TOGETHER WITH, WITH YOU GUYS.
AND IF YOU THINK IT'S APPROPRIATE FOR THIS MEETING AS WELL, WE COULD, WE COULD HAVE OUR, OUR WEBSITE DESIGN, UH, CONTACT A PART OF THAT MEETING AS WELL.
WELL LET'S TALK ABOUT THAT OFFLINE AT OUR, UH, WHEN WE GET COMMUNITY OUTREACH TOGETHER.
AS LONG AS THE OTHER DIRECTORS DON'T, UH, DON'T DISAGREE, THAT'S GREAT.
WE'LL, UH, WE'LL GET, WE'LL REACH OUT THIS AFTERNOON TO SCHEDULE A TIME FOR THE COMMUNITY OUTREACH, UH, COMMITTEE TO GET TOGETHER.
WE HAVE A, A MOTION, WE HAVE A, UH, LIKE I'LL MAKE A MOTION TO MOVE IT TO EXECUTIVE SESSION.
HAVE YOU EITHER CLEARED IT WITH THE CITY ATTORNEY THERE OR, UM, IT WASN'T A RECALL.
I HAVE IT POSTED ON THE AGENDA.
SO WE HAVE TO HAVE IT POSTED ON THE AGENDA.
UNLESS WE'RE DISCUSSING ONE OF THE ITEMS, BUT WE DON'T EVEN HAVE IT POSTED ON THE AGENDA AT ALL, HAVE ANY OF THE OTHER STUFF LISTED SO YOU HAVE ENOUGH TO GO OFF OF.
QUESTION JUST, JUST FOR MY UNDERSTANDING FOR FUTURE.
SO IF A CONCERN OR PROBLEM DEVELOPS, USUALLY IT, IT'S EITHER DURING THE MEETING OR BEFORE THE MEETING, UH, THAT WE DID NOT KNOW ABOUT, WHICH WOULD'VE BEEN POSTED.
SO HOW DO YOU GO INTO EXECUTIVE SESSION TO ADDRESS A, AN TO ME AN IMMEDIATE CONCERN RIGHT NOW POSTED? I UNDERSTAND WHAT YOU'RE SAYING ABOUT POSTING, RIGHT, BUT, BUT THIS AGENDA, YOU WOULD LIST ALL OF THE SECTIONS AND THEN EXCEPTIONS OF WHAT THAT WE'RE CONCERNED ABOUT? NO.
UNDER TOMA THERE ARE A NUMBER OF STATUTES THAT ALLOW FOR DELIBERATION IN A CLOSED SESSION.
WHAT THE COUNCIL DOES AND TYPICALLY OTHER COMMITTEES DO, IS THEY LIST ALL OF THE EXCEPTIONS.
WHEN YOU KNOW, AHEAD OF TIME THAT YOU'RE GOING TO HAVE A CLOSED SESSION, THEN YOU WOULD LIST THAT PARTICULAR TOPIC AS WELL.
SO THERE'S, THERE'S SOME WAYS TO DO THAT.
UH, IF SOMETHING WERE TO ARISE DURING, UM, A MEETING AND IT IS, IF IT'S RELATED TO ONE OF THESE POSTED ITEMS AND THEN YOU HAVE ALL THE EXCEPTIONS LISTED, THEN THAT WOULD BE APPROPRIATE THEN.
BUT I DON'T, I DON'T HAVE ONE.
YOU HAVE TO INDICATE WHICH OF THESE AGENDA ITEMS THAT YOU WOULD BE DISCUSSING IN CLOSED SESSION.
SO EVEN THOUGH YOU COULD DISCUSS, SAY, YOU KNOW, LITIGATION RELATED TO, UM, PARTICULAR MATTER MM-HMM
[01:20:01]
CAUSE NUMBER OR YOU STILL HAVE TO LIST, YOU KNOW, A COMPLAINT FROM SOMEBODY.BUT WHAT WAS THE MOTION THAT WAS MADE WAS FOR A CLOSED SESSION, BUT THERE WAS NO REFERENCE TO AN AGENDA NUMBER OR A TOPIC OR A LAWSUIT OR A COMPLAINT.
SO THAT WAS NOT AN APPROPRIATE, DO YOU THINK PERHAPS YOU COULD SEND US ALL THE BOARD MEMBERS, UH, PERHAPS THEY, LIKE YOU JUST SAID, LIKE GO BACK OVER WHAT YOU JUST SAID LIKE CAL TWO SO THAT I, WELL, SECTION 1 0 1 BASIC RIGHT.
SO THAT, THAT AND IT, BECAUSE THERE COULD BE ITEMS LIKE LITIGATION OR THINGS THAT COME UP THAT WE WOULD LIKE TO DISCUSS, RIGHT? BUT THEN WE TALK ABOUT LITIGATION, IT'S GONNA BE LISTED 'CAUSE YOU'RE GONNA HAVE A LAWSUIT OR YOU CAN TALK MAYBE THREATEN LITIGATION RELATED TO A PARTICULAR ADDRESS.
SO
SO YOUR EXECUTIVE SESSION, IF WE WOULD'VE POSTED AGENDA ITEM 11, EXECUTIVE SESSION REGARDING PERSONNEL MATTERS ARE REGARDING POTENTIAL LITIGATION RELATING TO THEN WE WOULD'VE BEEN ABLE TO GO INTO EXECUTIVE SESSION.
BUT WE DON'T, YOU CAN ONLY DISCUSS WHAT'S ON THE AGENDA IN AN EXECUTIVE SESSION.
AND WE DO NOT HAVE AN AGENDA ITEM THAT SAYS EXECUTIVE SESSION RELATING TO.
AND SO WE CAN'T GO INTO EXECUTIVE SESSION UNLESS WE'VE GIVEN THE PUBLIC NOTICE THAT WE'RE GOING TO GO AND DISCUSS GENERALLY THEIR EMPLOYMENT MATTERS OR LITIGATION MATTERS OR SEEKING THE ADVICE OF ATTORNEY PURCHASE OF PROPERTY.
BUT WHAT TYPICALLY HAPPENS IS I'LL HAVE A HEADS UP SO I CAN WRITE A SCRIPT FOR YOU SO THAT YOU KNOW EXACTLY WHAT TO SAY.
AND RELATED TO A PARTICULAR AGENDA.
ONE OF THE, UH, QUESTION OBSERVATION.
SO ON OUR AGENDA EACH MONTH, OF COURSE THERE IS NOTHING THAT STATES OTHER BUSINESS, OTHER MATTERS.
THAT'S, YOU CAN'T, THAT'S NOT SPECIFIC TO A 50 CHAPTER 5 51 OF THE TEXAS CODE.
SO YOU CAN'T HAVE GENERAL BUSINESS MATTERS THAT THERE'S, UM, GUIDANCE ON THAT IN RELATED TO CHAPTER 5 51, THAT, UM, HAVING A LISTING SUCH AS GENERAL BUSINESS MATTERS, THIS NOT SUFFICIENT NOTICE FOR THE PUBLIC TO KNOW WHETHER OR NOT THEY HAVE INTEREST IN WANT TO TUNE IN OR SHOW UP TO THIS BEHAVIOR.
SO HOW DO WE RECTIFY SOME CONCERNS BY WHAT SAYING WE'RE GOING TO PUT IT TO STATE SOMETHING FOR NEXT MONTH'S MEETING.
SO WHEN YOU CAN HAVE IT NEXT MONTH, YOU CAN DO, SAY SOMETHING COMES UP DURING THAT WITHIN PUBLIC COMMENTS OR SOMETHING LIKE THAT AND IT'S NOT PROPERLY LISTED THE APPROPRIATE AND EXCEPT WOULD IT BE D TURN TO SAM TO SAY, HEY, CAN YOU PLEASE LIST THAT AS AN AGENDA ITEM AT AN UPCOMING MEETING OR STAFF WOULD LIKE AN UPDATE ON THAT PARTICULAR TOPIC AT AN UPCOMING MEETING THAT WOULD BE THE APPROPRIATE THING TO DO.
SO THAT YOU CAN DELIBERATE ONE, YOU CAN HAVE A BRIEFING AND THEN YOU CAN DELIBERATE ON IT.
WHATEVER, YOU KNOW, CONCERN US FROM CITIZEN, YOU KNOW, JOHN DOE AS A BOARD, EXCUSE ME, MR. CHAIR AND VICE CHAIR.
BUT AS A BOARD, IF WE OUGHT TO BE PROFESSIONAL, EFFICIENT, AND EFFECTIVE AND THERE IS SOMETHING THAT IS HAMPERING THE PROCESSES AT THIS PARTICULAR MOMENT, UH, THEN HOW IS THAT STATED OTHERWISE, UH, WE'RE DEALING WITH THE SAME ISSUE NEXT MONTH.
THE OPEN MEETINGS ACT IS NOT ABOUT EFFICIENCY, IT'S ABOUT GIVING THE COMP NOTICE.
WE HAVE NOT RESOLVED ANYTHING AND WE ARE STILL DEALING WITH THE SAME ISSUES NEXT MONTH.
UH, THAT RELATES TO US, UH, YES SIR, WE REPRESENT AND WHAT OUR DUTIES ARE AND WHAT WE HAVE TO GET DONE NOTICE.
SO HOW IS THAT RESOLVED? THAT'S MY MINDSET.
HOW IS THAT RESOLVED? UH, EITHER THROUGH, YOU COULD HAVE TYPE OF A SPECIAL CALL MEETING.
YOU COULD HAVE A SPECIAL CALL MEETING IF YOU NEEDED TO MEET, TO DISCUSS SOMETHING PRIOR TO YOUR NEXT REGULAR MEETING.
[01:25:01]
AND IF IT WAS TRULY AN EMERGENCY, THERE ARE SOME WAYS TO HOLD AN EMERGENCY MEETING.BUT AGAIN, IT HAS TO BE COMPLIANCE WITH THE OPEN MEETINGS ACT.
AND THE OPEN MEETINGS ACT IS NOT ABOUT EFFICIENCY, IT'S ABOUT GETTING THE PUBLIC NOTICE ABOUT WHAT'S GOING TO BE DISCUSSED BY THIS PARTICULAR BOARD.
AND AS A BOARD, YOUR YOUR, YOU'VE GOT TO COMPLY WITH THE OPEN MEETINGS ACT BECAUSE YOUR SPONSORING ENTITY IS THE CITY OF DALLAS.
A DO WE HAVE A MOTION TO ADJOURN? SO MOVED.
ALL IN FAVOR SIGNIFY BY SAYING AYE.
ALL OPPOSED, THE AUGUST 27TH, 2024 MEETING OF THE DALLAS PUBLIC FACILITIES CORPORATION IS HERE BY ADJOURN.
THANK YOU YOU ALL FOR YOUR PARTICIPATION.