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[Trinity River Corridor Local Government Corporation September 2024 Board Meeting on September 20, 2024.]
AND SO JUST WANNA WHAT CALL THE MEETING TO ORDER.GOOD MORNING TO TPC AND ALL THOSE WHO ARE HERE, AND TO THE BOARD MEMBERS WHO ARE IN THE VIRTUAL SPACE.
UM, IT'S GOOD TO BE BACK WITH YOU.
WE ARE GONNA GET RIGHT TO THE AGENDA HERE.
WE HAVE NO PUBLIC SPEAKERS, IS THAT CORRECT? NO PUBLIC SPEAKERS.
AND SO THE NEXT ITEM IS TO APPROVE THE MINUTES ON YOUR AGENDA.
THERE WAS A MISTAKE ON TYPO THERE.
IT SHOULD READ MAY 31ST, 2024, MAY 31ST, 2024, WHICH WAS OUR LAST MEETING.
UH, OUR SECRETARY IS NOT HERE.
UM, YOU HAD, I HOPE YOU'VE HAD OPPORTUNITY BOARD MEMBERS TO REVIEW THE MINUTES FROM MAY 31ST, THAT WAS GIVEN, SENT IN THE BOARD PACKET YESTERDAY.
ARE THERE ANY CORRECTIONS, ADDITIONS, ANY OMISSIONS THAT YOU RECOGNIZE? NO.
AND, AND WITH THAT SAID, I'D LIKE TO MAKE A MOTION THAT WE APPROVE THE MINUTES AND I'LL SECOND THAT IT'S BEEN MOVING.
SECOND THAT WE APPROVE THE MINUTES FROM MAY 31ST, 2024.
WELL, WE GET RIGHT TO THE MEAT OF OUR MEETING TODAY, AND WE HAVE, UM, MR. TONY MOORE, WHO IS THE CEO OF TRINITY PARK CONSERVANCY, AND HE'S GOING TO BE SHARING WITH US THIS MORNING ON, UH, AGENDA ITEM NUMBER FOUR.
GIVE US AN UPDATE ON THE HAROLD SIMMONS PARK.
WE ARE IN YOUR HANDS, BROTHER.
THANK YOU SO MUCH, PASTOR PARKER.
AND HELLO TO ALL BOARD MEMBERS AND, UM, MEMBERS OF THE CITY.
THANK YOU FOR THIS OPPORTUNITY FOR AN UPDATE.
UH, WE DO HAVE A POWERPOINT PRESENTATION THAT WE'LL GET ONLINE HERE.
AND SO WE'LL START OUT WITH, UH, COMMUNITY ENGAGEMENT.
UM, AS YOU KNOW, UM, BUILDING A PARK IN A BUILT ENVIRONMENT AROUND COMMUNITIES IS CRITICAL THAT WE HAVE STRONG, UM, ORGANIC, AND I WOULD SAY AUTHENTIC RELATIONSHIPS WITH THE COMMUNITY.
BUT BEYOND THAT, IT'S HOW DO WE ENGAGE THE COMMUNITY THAT WE SERVE? AND SO WE HAVE BEEN BUSY, UM, AS YOU GUYS HAVE HEARD BEFORE, UM, IN PRIOR EVENTS, BUT RECENTLY, TWO EVENTS UPDATE YOU ON.
WE, UM, A FEW MONTHS, UH, ABOUT THREE MONTHS AGO, WE HAD A JOB FAIR, UM, WITHIN THE COMMUNITY.
AND I THINK THAT WOULD BE THE WEST DALLAS COMMUNITY JOB FAIR SLIDE.
UH, BECK CONSTRUCTION IS OUR PRE-CONSTRUCTION, UM, PARTNER.
AND, UH, WE PARTNERED WITH BECK TO REACH OUT AND, UM, GET ENGAGED IN THE COMMUNITY IN THE WEST DALLAS COMMUNITY.
THERE SHOULD BE A SLIDE THAT SHOWS SOME IMAGES OF THAT UNDER WEST DALLAS COMMUNITY JOB FAIR.
BUT BASICALLY WE, UM, PARTNERED WITH BECK AND, UM, A ABOUT 28 OTHERS, ABOUT 30 DIFFERENT PARTNERS.
PARTNERS FROM THE TRADES, UM, FOLKS FROM, UM, SHERRY COATING.
WE HAD, UM, DOWNTOWN DALLAS INC.
UM, WE HAD A JOB FAIR THAT WAS ATTENDED BY ABOUT 500, 550, BE CORRECT LOCAL, UM, RESIDENTS BASED AROUND THE WEST DALLAS COMMUNITY AREA.
AND THE IDEA BEHIND THE JOB FAIR ONE WAS TO INTRODUCE THE PARK AND TO INTRODUCE THE CONSTRUCTION TIMELINE THAT'S COMING THAT VERY SOON.
UM, WE WILL BE UNDER CONSTRUCTION AT SOME POINT, AND IMPORTANT FOR US TO ENGAGE THE COMMUNITY IN UNDERSTANDING THE JOBS, THE LIVING WAGE, JOBS THAT WOULD BE AVAILABLE, AND A PATH TO THOSE JOBS.
AND SO WITH OUR PARTNER BET CONSTRUCTION, WE'RE ABLE TO PROVIDE TRAINING OPPORTUNITIES FOR SOME OF THE TRADE JOBS THAT WOULD BE AVAILABLE.
UM, IN ADDITION TO THAT, THERE WAS ALSO ONSITE HIRING FOR EXISTING CONSTRUCTION JOBS.
UM, NOT ONLY FROM VIC, BUT AMONG THEIR TRADES.
SO WE'RE QUITE PLEASED WITH THE TURNOUT OF ABOUT OVER 500 LOCAL COMMUNITY MEMBERS.
UM, SOME GETTING JOBS DAY OFF AND SOME LINING UP FOR THE TRAINING.
SO AGAIN, THIS FOR SOME, THIS WAS THE FIRST INTRODUCTION ABOUT THE PARK AND THE UNDERSTANDING OF THE JOBS THAT WILL COME.
SO WE'RE PRETTY EXCITED ABOUT THAT.
SECOND EVENT WE HAD, MAYBE ABOUT A MONTH AGO, WAS A HOMEOWNER EDUCATION SESSION.
AND, UH, PASTOR PARKER, WE WENT OUT WITH OUR COMMUNITY RELATIONS TEAM AND WE INTERVIEWED A LOT OF OUR COMMUNITY MEMBERS ASKING HOW TRINITY PARK CONSERVANCY COULD BE HELPFUL.
UM, UNDERSTANDING OUR LIMITATION AS A ENTITY THAT'S BUILDING A PARK, BUT ALSO HOW DO WE ENGAGE A COMMUNITY.
AND ONE THING THAT WE HEARD CONSTANTLY WAS EDUCATION AROUND HOME OWNERSHIP, UM, FROM SHIP TO TAX ABATEMENT, UM, TO RENTER'S, RIGHT? AND SO WE WERE ABLE TO PARTNER WITH UNT DALLAS
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AND, UM, HAVE AN EDUCATION SESSION.WE ALSO PARTNERED WITH, UM, WESLEY RANKING AND BILLS OF HOPE WAS ABLE TO BE A PART OF THIS.
AND SO ABOUT A MONTH AGO, UM, UNT DALLAS, ALONG WITH THE LEGAL AIDS AND STUDENTS WERE ABLE TO HAVE, UM, A SESSION IN WHICH WE'RE ABLE TO ANSWER QUESTIONS IN A GENERAL ASSEMBLY, AS WELL AS ONE-ON-ONE OPPORTUNITY FOR INDIVIDUALS TO GET ONE-ON-ONE LEGAL AID, UM, CONCERNING HO HOMEOWNERSHIP.
AND AS YOU KNOW, AS THE WEST DALLAS AREA DEALS WITH THE GENTRIFICATION THAT'S HAPPENING, OUR FOCUS IS ON THE DISPLACEMENT.
AND SO ANYTHING THAT WE CAN DO TO ASSIST THE LEGACY RESIDENTS WITH THIS DISPLACEMENT IS CRITICAL FOR US AND FOR THIS EVENT, UM, WE HAD ABOUT 180 INDIVIDUALS THAT ATTENDED.
UM, LOGISTICALLY THAT BECAME, STARTED TO BECOME A LITTLE BIT TO MANAGE IN TERMS OF TRYING TO ENSURE THAT EVERYONE HAD ACCESS TO LEGAL ADVICE ON A ONE-ON-ONE.
BUT WE LEARNED A LOT FROM IT AND ARE TOTALLY EXCITED IN, IN WHAT WE WERE ABLE TO ACHIEVE.
THE FEEDBACK FROM THE COMMUNITY HAS BEEN QUITE STRONG AS WELL.
AND SO WE'RE PLANNING TO HAVE TWO OF THESE.
THE NEXT ONE WILL BE WITH, UM, UM, S UM, SMU WITH DR. KNIGHT AND HER ORGANIZATION.
UM, THEY'RE BUSY DOING WORK AS IT IS IN THE WEST DALLAS AIR WITH, WITH HOME OWNERSHIP WITH SMU.
AND SO WE'RE HOPING, UM, THE NEXT ONE WILL BE IN INCORPORATION WITH THEM.
I ALSO FORGOT TO MENTION THAT THE JOB FAIR THAT WAS DONE WAS DONE AT, UM, DALLAS COLLEGE IN WEST DALLAS.
AND DALLAS, DALLAS COLLEGE WAS OUR PARTNER IN THAT.
UM, THIS IS NOT A CHECK IN THE BOX AND SAID IT'S DONE.
THIS IS CONTINUAL WORK AND WE'RE TRYING TO BE IMPACTFUL AROUND AREAS OF NEED THAT WE'VE HEARD FROM THE COMMUNITY.
ANY QUESTIONS? I'VE GOT A COUPLE OF, UH, ONE OR TWO.
WHAT, WHAT DO YOU THINK WERE THE BIGGEST, YOUR BIGGEST TAKEAWAYS FROM BOTH OF THESE COMMUNITY ENGAGEMENT, UM, FORMS, JOB FAIR, AND THE HOUSING? SOMETHING THAT YOU MIGHT NOT HAVE KNOWN ALREADY? 'CAUSE WHEN YOU TALK TO COMMUNITY ON A REGULAR BASIS, YOU DO HEAR THINGS THAT YOU DON'T, OR, AND IF YOU DON'T TALK TO 'EM, YOU'LL BEGIN TO PRESUME SURE THAT YOU KNOW WHAT THEY REALLY WANT OR NEED.
AND SO WHAT WERE SOME OF THE BIG TAKEAWAYS OR SOME THINGS THAT, THAT WE'VE LEARNED FROM THAT ON THE, THE JOB FEAR, IT WAS INTERESTING.
UM, WHEN YOU HAVE A JOB FEAR AND YOU DON'T HAVE ACTUAL FULFILLMENT THAT DAY, UM, THEN YOU HAVE THAT LAG AND PEOPLE NEED JOBS NEED JOB THAT DAY.
AND SO IT, IT WAS INTERESTING TO MANAGE THE DYNAMICS OF THE JOBS NEEDED NOW AND THOSE THAT WERE IN A POSITION THAT COULD GET TRAINING FOR JOBS TO COME.
AND SO THERE'S A LITTLE BIT OF, UM, GAMESMANSHIP WITH THE TIMING THEREOF.
ALSO, UM, INTERESTING WAS, UH, IN DALLAS AND, AND, AND I WOULD SAY IN TEXAS, 'CAUSE WE'VE SINCE REACHED OUT TO FIND OUT EVEN MORE, UM, IF I MAY SAY THE AFRICAN AMERICAN CULTURE IS UNDERREPRESENTED IN TRADE JOBS IN THE CONSTRUCTION SECTOR, AND, UM, UNDERSTANDING THAT AS A WHOLE COMPLEX DYNAMICS OF, UM, BEING OUTDOORS AND COMFORT LEVEL AND KNOWLEDGE OF THESE JOBS.
AND SO, UM, THAT PROBABLY WAS QUITE, UM, THAT WAS A, A BIT OF A, I WOULDN'T SAY A SURPRISE, BUT THAT IS AN ISSUE IN, IN TERMS OF, IN INTEREST AND ACCESS TO THESE JOBS.
AND SO, UM, WE'RE TRYING TO BETTER UNDERSTAND THAT AND SEE WHAT WE COULD DO TO PERHAPS, UM, BRIDGE THAT GAP A LITTLE BIT.
UM, AS IT RELATES TO THE, TO THE HOMEOWNER'S OWNERSHIP, AS MENTIONED BEFORE, EVERY TIME WE GO OUT AND SPEAK ABOUT THE PARK, WHERE THE, THE, THE LEGACY RESIDENTS ARE CONSTANTLY SHARING CONCERNS ABOUT INCREASE IN PROPERTY TAX.
AND SO THAT CONTINUES TO BE THE NUMBER ONE ISSUE THAT WE'RE HEARING.
UM, BUT THE LACK OF KNOWLEDGE AND, AND, AND HOW THEY CAN ABATE AND EVEN PUT THEIR PROPER TAX ON INSTALLMENTS.
UM, AND SO THERE ARE FOLKS, UM, UM, THAT HAVE BEEN DOING A VERY GOOD JOB.
I HAVE TO GIVE THE GENTLEMAN, TOBY, A LOT OF CREDIT IN WORK HE HAS DONE WITH BUILDERS OF HOPE AND, UM, WHISTLE RANKING.
BUT IT'S A CONTINUAL, UM, IT'S A CONTINUAL, UH, NEED AND CONCERN.
AND THEN OTHER CONCERNS EVEN DEAL WITH, UM, FOLKS THAT MAY BE IN THE SPACE OF BEING UNDOCUMENTED AND WHAT ARE THEIR, RIGHT.
SO VERY COMPLEX, LOT OF DIFFERENT ISSUES AT DIFFERENT LEVELS.
UM, WE'RE JUST TRYING TO BE A BRIDGE WITH COMMUNITY LEADERS WHO EXCEL AT THIS AND ARE KNOWLEDGEABLE AT THIS, AND HOW WE CAN JUST PROVIDE SOME ASSISTANCE AND ACCESS TO ASSISTANCE.
WELL, I KNOW OUR JOB IS TO BUILD APART, UM, AND WE CAN'T SOLVE ALL THE SOCIAL RACIAL, ECONOMIC ISSUES IN A, IN A NEIGHBORHOOD, BUT I DO THINK IT'S IMPORTANT THAT WE WANNA BE AWARE TOO, AND THEN BE A PART, THIS IS PROBABLY MORE OF AN
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ADVOCACY THING, UH, AREA FOR, FOR US BECAUSE IT'S IN FULL RECOGNITION THAT WHEN WE PUT SOMETHING LIKE A PARK IN A NEIGHBORHOOD, IN ANY NEIGHBORHOOD, YEAH, THERE ARE SOCIAL ECONOMIC RIPPLE EFFECTS, IMPACTS, AND THOSE NEGATIVE ONES, IF WE CAN DO ANYTHING TO, TO MITIGATE THOSE TO, TO LESSEN THEM, THEN I, I DO THINK IT'S IMPORTANT INCUMBENT UPON US TO NOT JUST BE AWARE OF THEM, BUT DO WHAT WE CAN TO, TO PARTICIPATE IN A HOLISTIC WAY, UM, IN MITIGATING SOME OF THOSE NEGATIVE IMPACTS AND ENHANCING THE POSITIVE IMPACTS FOR THE NEIGHBORHOOD ITSELF THAT IT'S IN.SO, UH, WELL SAID, PASTOR PARK, AND I'LL ALSO SAY ON THE JOB FULFILLMENT, UM, WE HAVE AN OBLIGATION IN THAT REGARD, UM, TO THE COMMUNITIES THAT ARE CLOSE TO THE PARK, THE COMMUNITIES THAT WE SERVE, AND WE'VE HEARD DIRECTLY FROM THEM AS WELL.
UM, THE NEED FOR ACCESS TO JOBS THAT ARE CLOSE TO WHERE THEY LIVE, WORK, AND PLAY.
AND SO, UM, AND THE JOBS ON THE JOB, UH, AVAILABILITY AND ACCESS, UM, WE CERTAINLY SHARE A BIT MORE RESPONSIBILITY IN THAT, IN GETTING THE WORD OUT.
BUT, YOU KNOW, AS YOU EVERYONE KNOWS, IT'S, IT'S, YOU KNOW, PARK BUILDING AND COMMUNITY ENGAGEMENT AND COMMUNITY CONNECTING AND COMMUNITY SERVING, UM, IT'S ALL PART OF THE PACKAGE.
WELL KEEP, KEEP YOUR HEAD TO THE GROUND AND, AND LISTEN.
UM, EVERY NOW AND THEN I HEAR SOMETHING AND YOU DON'T, SO JUST KEEP YOUR HEAD TO THE GROUND.
DON'T, LET'S NOT PRESUME THAT THE GOOD THAT WE DO IS THE ONLY THING THAT NEEDS TO BE DONE.
UH, ANY OTHER QUESTIONS FROM BOARD MEMBERS? DR. KNIGHT, THIS IS YOUR AREA, UM, YOUR WORK GROUP.
IS THERE ANY COMMENTS YOU MIGHT HAVE OR OBSERVATIONS YOU MIGHT WANNA MAKE? WELL, I JUST WANNA THANK TONY FOR, FOR GIVING THE UPDATE BECAUSE, UH, WE HAD A MEETING YESTERDAY AND GOOD DISCUSSION AND UPDATE ON THE JOB FAIR AND THE EDUCATION SESSION AS WELL.
I'LL ALSO MENTION, I ATTENDED LAST TUESDAY NIGHT, I GUESS IT WAS THIS TUESDAY NIGHT, UH, THE BUILDERS OF HOPE, THEY HAD A TOOLKIT SESSION, UH, FOR, UH, THE, UM, UH, COMMUNITY IN ORDER TO ADDRESS THE RIGHT TO STAY IN THEIR HOUSES.
AND SO, UH, WHILE THAT'S A DIFFERENT INITIATIVE, I FEEL LIKE WE ARE CLOSELY LINKED AND WORKING TOGETHER ON REACHING, UH, UH, THE COMMUNITY WITH AND, AND, UH, ACKNOWLEDGING THEIR NEEDS.
SO I THOUGHT IT WAS IMPORTANT.
I I WAS THERE, I SAW JOHN HILL THERE.
UM, IT WAS, I THINK IT'S IMPORTANT THAT WE SUPPORT EACH OTHER IN THIS COMMUNITY ENGAGEMENT.
AND THANK YOU TONY, FOR MAKING US SO VISIBLE AND THANK YOU, DR. KNIGHT.
AND, UM, WE, WE ON THE, WITH THE BUILDERS OF HOPE, UM, COMMUNITY TOOLKIT, UH, COMMUNITY DIVISION PLAN, WE ARE INVOLVED, UM, FROM BEHIND AND AS, BUT BUILDERS OF HOPE, I COULDN'T THINK OF A BETTER COMMUNITY LEADER TO CARRY THE WATER WITH CREDIBILITY WITH, UM, FOR THE WEST DALLAS COMMUNITY.
AND SO WE'RE, WE'RE PLEASED AND HONORED TO BE A PART OF THAT AS WELL.
HAS, UM, THIS QUESTION FROM LAST TIME, THE, THE TAX, UM, TAX ABATEMENT, NOT A TAX ABATEMENT, BUT THE SUPPORT, THE FINANCIAL, THE FUND THAT WAS BEING GENERATED.
WHERE IS, DO YOU KNOW WHERE THAT IS? SO THE TAX ASSISTANCE PROGRAM THERE? UM, YEAH, IT'S, IT STARTED, UH, VILLAGES OF HOPE AGAIN, UH, A LOT OF CREDIT TO JAMES ARMSTRONG AND STEPHANIE CHAMPION AND HIS ORGANIZATION.
UM, I THINK THEY'RE LEARNING A LOT.
UM, IT'S THE, IT'S THE FIRST OF IT KIND AND WE, WE CERTAINLY TERMED A PILOT PROGRAM.
AND SO THANKS TO THE FOLKS FROM, UM, DALLAS COLLEGE FOR SOME FUNDING OPPORTUNITIES, OR I'M SORRY, THE DALLAS COMMUNITIES FOUNDATION, MY APOLOGIES, UM, FOR SOME OF THEIR FUNDING.
UM, SO IT HAS STARTED, PEOPLE ARE BENEFITING FROM IT, BUT I THINK THE ADMINISTRATION OF IT, UM, THERE'S JUST SUCH A MASSIVE LEARNING CURVE AND SO THEY'RE ADJUSTING AND FIGURING OUT, AND THE NEED IS LARGER.
AND SO A A PILOT PROGRAM IS NOT ABLE TO HANDLE IT IN ITS ENTIRETY, BUT, UM, A LOT OF CREDIT FOR JAMES AND HIS ORGANIZATION.
BUT YES SIR, IT HAS BEGUN, BUT, UM, IT'S JUST A LITTLE SLOWER IN FIGURING OUT HOW TO NAVIGATE THE PATH.
AND SO THEY'RE, THEY'RE FIGURING IT OUT THOUGH.
HAS TPC MADE A CONTRIBUTION YET MADE THEIR CONTRIBUTION YET? SO THE WAY IT'S FUNDED RIGHT NOW, IT IS FUNDED PRIMARILY THROUGH THE INITIAL DOLLARS THAT WAS GIVEN THROUGH THE DALLAS, UM, THE DALLAS FOUNDATION COMMUNITY COMMUNITY FOUNDATION.
ANY OTHER QUESTIONS REGARDING COMMUNITY ENGAGEMENT UPDATES? ALRIGHT, THANKS.
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UM, WE ARE PREPARING FOR A DEMOLITION DAY OCTOBER 22ND.AND THIS IS A VERY, VERY SIGNIFICANT MILESTONE FOR THIS PROJECT.
UM, THE PROGRESS OF THIS PROJECT, AS EVERYONE KNOWS, IT WAS, UM, SEPTEMBER OF 2016 THAT WE FIRST RECEIVED THE, UH, $50 MILLION, UM, FROM THE NAMESAKE ANNETTE SIMMONS ON BEHALF OF HER LATE HUSBAND, HAROLD SIMMONS.
AND IT HAS BEEN A ROAD TO THIS POINT, BUT I DO SAY WITH A LOT OF HARD WORK FROM BOTH L-G-C-T-P-C, CITY OF DALLAS AND, AND MANY OTHER UNLISTED AND NOT NAMED HERE, UM, WE ARE PLEASED TO ANNOUNCE THAT WE ARE STARTING WITH THE DEMOLITION OF THE PROJECT, THE DEMOLITION OF THE SITE, AND THAT WILL BE SPECIFIC TO THE WEST OVERLOOK.
I THINK THE NEXT SLIDE SHOWS THE GEOGRAPHY OF THE AREA, AND THIS IS THE INTERSECTION OF BICKLEY AND COMMERCE.
AND SO, UM, ROUGHLY APPROXIMATELY 22 ACRES, AND THIS AS LISTED IN OUR MASTER PLAN AS TO WEST OVERLOOK.
THE NEXT SLIDE SHOWS A MORE, UM, PARK PLAN OF HOW THIS AREA WILL TRANSFORM INTO 22 ACRES OF PARKLAND.
THIS IS THE MOST CONTIGUOUS, UH, OVERLOOK OF ALL OVERLOOKS FOR THE PARK.
THIS IS THE LARGEST, UM, FOOTPRINT OF THE PARK IN TERMS OF BUILD AMENITIES.
AND SO, UM, WE'VE HEARD SEVERAL TIMES FROM THE CITY OF DALLAS, WE'VE HEARD SEVERAL TIMES CIVICALLY AND FROM OTHERS GET THE PROJECT STARTED.
AND SO WE ARE PLEASED WITH A LOT OF HARD WORK FROM A LOT OF UNNAMED INDIVIDUALS, DONORS, UM, STAKEHOLDERS THAT WE ARE IN A POSITION FINALLY TO START THE DEMOLITION OFF THE SITE.
THE DEMOLITION WILL BEGIN ON OCTOBER 22ND, AND IT WILL TAKE ROUGHLY, UM, MARCUS RAHAR, UM, SITTING BEHIND ME ROUGHLY ABOUT FOUR TO FIVE MONTHS OF CLEARING THE SITE, UM, BEFORE WE GET TO A GROUNDBREAKING, WHICH IS A MORE TRADITIONAL GROUNDBREAKING THAT WILL HAPPEN IN SPRING OF NEXT YEAR.
AND SO, AGAIN, UM, A LOT OF CREDIT TO THE TEAM BEHIND ME TO THE TEAM THAT'S INVOLVED WITH THIS, BUT WE, IT'S GETTING VERY REAL LGC.
AND, UM, ONCE THINGS START, THEN THE MOMENTUM CONTINUES.
AND THIS IS ALSO SIGNIFICANT FROM A CREDIBILITY POINT OF VIEW TO SAY THAT SOMETHING TANGIBLE HAS BEGUN.
AND SO WE'RE PRETTY EXCITED ABOUT IT, BUT MORE EXCITED ABOUT WHAT TO COME AFTER THE ACT OF STARTING THE GROUND DEMOLITION.
REMIND US OF THE PURPOSE AGAIN.
JUST RESTATE IT AGAIN, OF THE, THE DEMOLITION DAY DAY.
SO, UM, ONE JUST TO SIMPLY CELEBRATE THAT THE PROJECT HAS BEGUN, UM, AND CERTAINLY WE'LL START CLEARING THE, THE 22 ACRE SITE, BUT SIGNIFICANTLY ACKNOWLEDGING PUBLICLY TO ALL OUR STAKEHOLDERS AND FOLKS IN WHICH WE'RE ACCOUNTABLE THAT THE PROJECT HAS BEGUN.
AND ACTUALLY TO CREATE A, A BIT OF, UM, UH, JUST TO ACKNOWLEDGE THE MILESTONE AS WELL.
UM, THE, THE THING IS THERE ARE SEVERAL THINGS THAT'S LAYERED INTO THIS.
ONE, VISIBILITY WITH THE COMMUNITY THAT THINGS ARE MOVING, UM, EXCAVATORS MOVING, THINGS ARE HAPPENING.
AND SO WE'VE BEEN PRETTY CLEAR AND VERY INTENTIONAL IN SHARING THIS SO THAT THE FOLKS IN THE SURROUNDING AREA KNOWS EXACTLY WHAT'S HAPPENING.
BUT THE OBJECTIVE REALLY IS JUST ACKNOWLEDGEMENT OF THE TANGIBILITY OF WHERE THIS PROJECT HAS COME WITH THE EVIDENCE OF, UM, THE START OF THE DEMOLITION OF THE SIDE.
ANY QUESTIONS TO TONY REGARDING THE DEMOLITION DAY ISSUES SURROUNDING THAT? OKAY, THEN, SO IN SPEAKING ABOUT DEMOLITION AND STARTING THE PROJECT, I'M ON YOUR FAVORITE TOPIC, PASTOR PARKER, OPERATIONS AND MAINTENANCE.
AND, AND, UM, THE, THE NEXT SLIDE JUST REALLY PUTS THINGS IN PERSPECTIVE A LITTLE BIT.
THE PARK THAT WE'RE BUILDING IS NOT JUST YOUR AVERAGE PASSIVE PUBLIC PARK.
AND THE GREAT JOB THAT CLY WOR CLYDE WARREN HAS DONE HERE IN DALLAS HAS HELPED US TO STAND ON THEIR SHOULDERS TO SEE THE IMPACT OF A TIER ONE, WELL-MANAGED PUBLIC PARK.
AND SO HAROLD SIMMONS PARK PARKS SUCH AS CLYDE WARREN AND HAROLD SIMMONS PARK ARE DIFFERENTIATED IN TERMS OF THE ACTIVE STAFFING AND THE MANAGEMENT THAT'S NEEDED.
WHEN YOU VISIT THESE PARKS, YOU SEE STAFF PRESENT AND THAT CREATES A SENSE OF SECURITY AND, BUT SPEAKS TO THE DEGREE IN WHICH IT IS MANAGED.
IT IS ACTIVELY PROGRAMMED, NOT PASSIVE, IN THAT YOU JUST WALK AND ENJOY FOR ITS AESTHETICS AND LEAVE ACTIVELY PROGRAMMED WHERE IT BECOMES A DESTINATIONAL DRAW, IT DRAWS VISITORS.
PEOPLE HAVE A LONGER LENGTH OF STAY.
AND SO IF YOU GO AND LOOK ON A NATIONAL LEVEL, THESE TIER ONE PARKS THERE ARE DIFFERENTIATED BY STAFFING, BY
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THE PROGRAMMING AND THE ECONOMIC IMPACT THAT IT HAS ON ITS MARKET.BEING DESTINATIONAL DRIVERS AS WELL, WHERE DRIVE MARKETS WILL DRIVE IN TO VISIT THE PARK.
I SAY ALL THAT TO SAY O AND S THAT'S ALIGNED OR FACTORED FOR PUBLIC PARKS OF A TIER ONE LEVEL TENDS TO BE HIGHER THAN JUST YOUR MORE, YOUR MORE PASSIVE PARKS THAT DON'T REQUIRE THE AMOUNT OF PROGRAMMING AND STAFFING.
AND SO NEXT SLIDE, UH, COVERS A A, A QUOTE THAT I FOUND THAT I THINK IS QUITE SIGNIFICANT, AND I'M JUST READING FOR THE BENEFITS OF, OF FOLKS LISTENING IN THAT WHICH GLITTERS WITHOUT A PLAN OF PROVISION WILL EVENTUALLY TARNISH.
LIKEWISE, A SHINY ASSET WITHOUT UPKEEP WILL EVENTUALLY BECOME A TAINTED LIABILITY.
AND IT SPEAKS A LOT ABOUT PARKS, UM, THAT NATURE OF PARKS.
IT'S SUCH A HEAVY LIFT TO FIND THE FUNDING TO GET IT BILLED.
AND, YOU KNOW, WE PAT OURSELVES ON THE BACK WITH A GREAT ACHIEVEMENT THAT IT HAS COME TO FRUITION AND STRUGGLE WITH THE O AND M YEARS LATER, AND I'VE SAID THIS SEVERAL TIMES, IS THE FIVE YEAR ITCH, IT OPENS, IT LOOKS GREAT, AND FIVE YEARS LATER YOU VISIT THAT PARK AND THE PHYSICAL ASSETS ARE NOT PROPERLY MANAGED.
BENCHES ARE BROKEN GUM ON THE FLOOR.
AND THE STAFFING MODEL FOR PARKS MANY TIMES ARE FUNDED THROUGH THE PROSPERITY OF THE CITY.
AND AS THE CITY'S HEALTH GOES, SO DOES THE FUNDING OF THE PARK GOES.
AND THAT'S JUST THE NATURAL DYNAMICS THAT HAPPENS.
AND SO WE'RE TRYING TO BE VERY INTENTIONAL TO AVOID, UM, THAT CHALLENGE.
WE'RE BEING VERY INTENTIONAL IN HOW WE WILL BE ABLE TO MAKE OUR OPERATION AND MAINTENANCE FUNDING SUSTAINABLE.
AND SO WITH THAT SAID, UM, THE AIR, THE NEXT SLIDE SHOWS THE GEOGRAPHY OF OUR FIRST BUILD, AND THE FIRST BUILD IS THE WEST OVERLOOKS AND THE FELIX LAZADA GATEWAY.
THESE TWO AREAS COMBINED HAVE MORE FEMINITIES.
UM, I WOULD SAY OVER 80, OVER 80 PLUS PERCENT OF THE PARK AMENITIES WILL BE IN THESE TWO OVERLOOKS WITH, WITH INTENTIONAL PROXIMITY TO EACH OTHER.
AND THE, UM, AND I, I WANT TO BE NEXT SLIDE SHOWS WHERE WE ARE IN TERMS OF, UM, UH, THE FORECASTED ON M FOR THESE TWO SITES, TWO SUICIDES, UM, AN ACREAGE OF ABOUT 30 ACRES.
AND WHERE WE ARE TODAY IS GONNA BE COMPLETELY DIFFERENT FROM WHERE WE ARE IN THREE OR FOUR YEARS, JUST BY NATURE OF ECONOMICS, BY NATURE OF FACTORS, UM, ESCALATING, UH, UH, MINIMUM WAGE, UM, OVER TIME RATES, UM, INCREASED COST OF GOODS.
THERE'S A LOT OF FACTORS THAT WILL, THAT'S NOT INTO THIS, UM, $10 MILLION.
AND I SHOULD BE CLEAR IN SAYING THIS IS A DRAFT AND A FORECAST, AND EVERY TIME WE SHARE THIS NUMBER, THERE ARE VARIABLES THAT WILL IMPACT IT AND IT GENERALLY DOESN'T MANAGE DOWN.
UH, BUT WHAT WE CAN FIGURE OUT TODAY BASED ON THE ACREAGE THAT WE HAVE AND THE LABOR THAT'S NEEDED AND THE BUSINESS MODEL, WE ARE CONFIDENT THAT ABOUT A $10 MILLION A YEAR O AND M, UM, WILL BE NEEDED.
AND, AND, AND THE NEXT SLIDE JUST SHOWS THE BUILT ENVIRONMENT.
AND THERE'S A LOT OF THINGS THAT'S INVOLVED IN OPERATING A PARK THAT IS SEEN AND UNSEEN, YOU KNOW, SECURITY, FOR EXAMPLE, CAMERAS THAT ARE MONITORED ON SCENE, UM, THE OVERNIGHT WORK THAT HAPPENS, AND EVEN THE SECURITY FORECLOSURE AT NIGHT ON SCENE.
AND SO WE SPENT SOME TIME GOING THROUGH A LABOR MODELS.
WE SPENT SOME TIME GOING THROUGH OUR PHILOSOPHY OF MANAGEMENT AND HOW OFTEN WE'LL PRESSURE WASH OR OFTEN WE'LL CLEAN OUT, OFTEN WE'LL SWEEP WHAT ARE ACTIVE IMPACT, UM, SURVEILLANCE, PHYSICAL SURVEILLANCE IN TERMS OF STAFFING, UM, WILL LOOK LIKE HOW OFTEN FROM A MAINTENANCE POINT OF VIEW FOR FILTERS WILL BE CHANGED.
AND SO BASED ON ALL THAT, WE CAME UP WITH A $10 MILLION.
UM, BUT LET ME LET JUST, JUST, IT'S JUST A QUICK QUESTION.
DOES ANY OF THAT, UM, BUDGET O AND M INCLUDE ANYTHING FOR THE COMMERCE STREET BRIDGE OR THAT IS NOT FACTORED IN AT ALL? SO IF YOU GO TO THE NEXT SLIDE, PLEASE.
IT SAYS DRAFT FORECAST, LABOR AND EXPENSE.
UM, THESE ARE THE BUCKETS THAT MAKE UP THE TIN AND THERE'S MAINTENANCE INVOLVED FROM A HORTICULTURE POINT OF VIEW, THE OVERLOOKS WILL HAVE 1,500 TREES, 300 SHRUBS, A HUNDRED THOUSAND PLANTS.
THE LAND BRIDGE THOUGH PASTOR PARKER, SPECIFIC TO YOU, IT'S NOT, THERE ARE MAINTENANCE INVOLVED IN THE STRUCTURE OF IT, BUT IT'S NOT, UM, UH, FORECASTED LIKE A MONTHLY INSPECTION.
BUT NO, I THINK YOU'RE MISSING MY QUESTION.
THIS JUST, DOES IT INCLUDE COMMERCE STREET AT ALL? THE COMMERCE STREET PEDESTRIAN BRIDGE? IT DOES.
IT'S THE COMMERCE STREET BRIDGE THAT TOUCHES
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THE LEVIES AND THAT ENTIRE AREA IS PART OF THE 22 ACRES, SIR.UHHUH, BUT JUST QUICKLY, THE 10 MILLION'S BROKEN UP IN DIFFERENT DISCIPLINES.
AND WE HAVE NOT BEEN SHY IN SAYING, AND PASTOR PARKER, YOU HAVE ALSO BEEN SUPPORTIVE IN SAYING A PARK OF THIS CALIBER THAT'S GOING TO IMPACT THREE TO 5 MILLION VISITORS A YEAR.
AN ECONOMIC IMPACT OF OVER 30 YEARS OF SE, ALMOST $7 BILLION IN IMPACT TO THE CITY OF DALLAS.
IT'S A PUBLIC PRIVATE VENTURE.
AND, UM, WE HAVE LONG MADE THE CASE IN HOW WE COULD GET ASSISTANCE CIVICALLY.
UM, WHAT'S REPRESENTED HERE IS NOT THE CIVIC ASSISTANCE.
WHAT'S REPRESENTED HERE IS BASED ON THE INFRASTRUCTURE OF WHAT'S BEING BUILT, WHAT WE CAN EXTRACT.
AND SO I'LL GO THROUGH THIS LINE BY LINE QUICKLY, PLEASE.
THE ENDOWMENT OF 40 MILLION, THERE IS AN ENDOWMENT OF $40 MILLION THAT'S FORECASTED TO TAKE CARE OF THE OPERATIONS AND MAINTENANCE.
THE $40 MILLION ENDOWMENT AT A DRAW OF ROUGHLY, UM, UH, 4.5, UM, ANNUAL WILL EQUATE TO ABOUT 1.8, JUST SHY OF, UM, 2 MILLION A YEAR.
I'M PLEASED TO SAY THAT WE HAVE HAD AN ANONYMOUS, UM, DONOR THAT HAVE DONATED THE FIRST 30 MILLION OF THIS 40 MILLION, AND I SHOULD SAY PLEDGED, WE HAVE NOT YET RECEIVED IN THE TILL, BUT PLEDGED 30 MILLION THAT WILL START RECEIVING NEXT YEAR, UM, TOWARDS O AND M.
AND THIS IS SIGNIFICANT TOWARDS US MOVING TOWARDS, UM, FINDING A PATH THROUGH OUR O AND M.
AND SO THE ENDOWMENT IS CRITICAL, AS YOU MAY HAVE, UM, BE AWARE OF ON THE, THE 22 ACRES.
THERE'S AN SPECIAL EVENTS BUILDING THAT'S DESIGNED TO HAVE THE ABILITY TO HOUSE, UM, UH, JUST SHY OF 30 VISITORS ON ROUND TABLES.
UM, THE ABILITY THAT WE WILL HAVE SOMEONE FROM MARKETING THAT WILL MARKET THIS FROM A DESTINATION POINT OF VIEW, WORKING WITH VISIT DALLAS AND CREATING A UNIQUE PLACE TO HAVE EVENTS FROM WEDDINGS TO CORPORATE EVENTS.
AND SO WE THINK THAT EVENT BUILDING MODESTLY WILL GENERATE ABOUT 1.9 ANNUALLY.
UM, WE HAVE TWO CULINARY FACILITIES SEPARATE TO THE EVENT BUILDING THAT WE WILL OUTSOURCE.
UM, PRETTY COMMON MODEL THAT'S USED WITHIN PUBLIC PARKS.
THIRD PARTY COME IN FROM CULINARY, THERE'S A OFF THE TOP AND AMOUNT THAT'S GIVEN TO THE, TO THE OWNERS AND THEN, UM, THEY EITHER DO A REV SHARE FOR THE BALANCE, AND SO WE'RE FORECASTED ABOUT A HALF A MILLION ON THAT AND A SERIES OF OTHER, UM, ECONOMIC, UM, VENTURES WITHIN THE PARK FOR PER CAPITA GAIN FROM TOURIST TO, UM, MERCHANDISE CARTS, VENDING, UM, AT A PEAK ATTENDANCE, UM, MEMBERSHIP, WE'LL GENERATE ANOTHER 300 PLUS FROM THAT.
AND THEN SPONSORSHIPS THAT'S TYPICAL, UM, ABLE TO CAPTURE WITH TIER ONE PARKS, UM, IN MARKETS SUCH AS DALLAS, UM, WE THINK WE'RE MODEST AROUND THE 300 MILLION.
AND THEN, UM, PHILANTHROPIC, UM, FUNDRAISING ON AN ANNUAL BASIS, ABOUT A HALF A MILLION.
SO WE'VE MADE THE CASE FOR ABOUT 5.3 MILLION AND WE'VE GONE THROUGH THESE NUMBERS OVER AND OVER, UM, IN, IN THE TABULATION AND HOW FEASIBLE THIS IS, AGAIN, THIS IS A DRAFT, BUT WE, PART OF YOUR CHALLENGE AS WELL AND OTHERS IS WHAT CAN WE GENERATE? WHAT'S NOT MENTION HERE IN THIS 5.3 MILLION IS WHAT WE COULD GET CIVICALLY.
AND SO WE'RE STILL HAVING THE CONVERSATIONS IF IT'S A VALUE CAPTURE OPPORTUNITY THAT WE MAY HAVE.
UM, WE'RE HAVING DISCUSSIONS WITH OFFICE OF ECONOMIC DEVELOPMENT CONCERNING A PID AND, UM, AND WE'RE HAVING A, A MEETING, UH, NEXT WEEK ACTUALLY.
UM, AND HOW WE CAN START PER THE ADVICE OF THE OFFICE OF ECONOMIC DEVELOPMENT MOVING ALONG WITH PID, BUT THE CONVERSATION FOR VALUE CAPTURE CONTINUES TO BE AN ACTIVE PART OF IT, AND WE'RE STILL PURSUING THAT ALONG THE WAY.
SO YOU QUICKLY DO THE MATH AND SAY, HEY, YOU HAVE 5.3 ON A, ON A 10 MILLION, YOU HAVE A DEFICIT.
THE NEXT SLIDE SHOWS OF ABOUT, UM, 4.7.
BEFORE YOU GET TO THAT, LET ME ASK YOU YES, SIR.
LET'S GO BACK TO THAT PREVIOUS SLIDE.
UM, WHAT THE PARK IS FREE, CORRECT.
OKAY, THEN, SO WHEN YOU SAY MEMBERSHIP AS A POTENTIAL REVENUE, WHAT DOES THAT REFER TO? YOU KNOW, MEMBERSHIP IS A LOYALTY BASE THAT A LOT OF PUBLIC PARKS HAVE WHERE MEMBERS WILL, UM, ON AN ANNUAL BASIS SIGN TO BE A PART OF A LOYALTY GROUP THAT WILL IN TURN RENDER SOME BENEFITS SUCH AS EARLY ACCESS TO PROGRAMMING.
BUT, UM, IT'S A, I WON'T CALL IT PAID SUBSCRIPTION, BUT IT'S A LOYALTY BASE THAT MEMBERS AGREED TO PAY
[00:30:01]
INTO, UM, UM, FROM A SUPPORT FROM A PARK POINT OF VIEW, AND ALSO ACCESS, UM, TO PARKS.AND IT'S TYPICALLY USED AND THERE'S SEVERAL, SOMETIMES IT'S TIERED WHERE YOU MAY HAVE A GOLD, A SILVER, AND A BRONZE.
UM, BUT IN PUBLIC PARKS IT'S, IT'S A SUPPORT STRUCTURE THAT LOYAL MEMBERS PAY IN TO SUPPORT THE PARK AND TO, UM, SHOW THEIR SUPPORT AND TO ALSO BENEFIT FROM SOME ENGAGEMENTS ASSOCIATED WITH IT.
SO THE DALLAS ZOO HAS MEMBERSHIP, EVEN THOUGH THE, OKAY, I JUST WANNA BE CLEAR THAT THE PARK IS FREE.
BUT THEN THAT'S, UH, THE, UM, SPONSORSHIP, THE, IS THAT NAME SPONSORSHIP OR, YOU KNOW, GOOD, GOOD QUESTION.
COCA-COLA TREE, OR I DON'T, YOU KNOW, YOU, YOU, YOU, YOU, SO THERE'S NAMING RIGHTS THAT WERE ACTIVELY, SO YOU'VE MENTIONED THE LAND BRIDGE.
WE WOULD LIKE TO PUT ANYONE THAT'S WILLING, CORPORATE OR PRIVATE FOUNDATION OR NOT, THAT WOULD LIKE TO HAVE NAMING RIGHTS FOR THAT BRIDGE.
AND SO WE WILL SECURE IN THE CAPITAL PHASE A LOT OF NAMING RIGHTS FOR BUILDINGS, FOR BRIDGES, FOR FEATURES.
BUT AS A PARK BECOMES OPERATIONAL, THEN THERE IS SPONSORSHIP RELATED TO THE OPERATION OF THE PARK WHERE, FOR EXAMPLE, WE MAY GET A BEVERAGE POURING RIGHTS, YOU KNOW, FROM A BEVERAGE COMPANY THAT WILL PAY INTO THAT.
WE MAY GET A, UM, A SPONSOR FOR HORTICULTURE THAT WANTS TO BE ASSOCIATED WITH THE HORTICULTURE THAT MAY BE PART OF THE SPONSOR.
WE, IN THE INDUSTRY, IN THE MARKET I SHOULD SAY, SUCH AS DALLAS WITH SOUTHWEST AND AMERICAN BEING PROMINENT, UM, NATIONAL AIRLINE CARRIERS, WE WOULD LOVE TO HAVE AN AIRLINE SPONSOR FOR THE PARK AS WELL THAT WOULD BE INTO THERE.
AND SO, UM, BRIAN BEHIND ME AND THE MARKETING TEAM WILL WORK WITH, UM, WE'RE PURSUING THESE FROM CORPORATE SPONSORS, UM, THAT WOULD WANT TO ALIGN WITH THE TIER ONE PARK IN A MARKET SUCH AS DALLAS.
AND IT'S, IT'S, IT'S, IT'S A COMMON, UM, STRATEGY FOR TIER ONE PARKS.
AND SO, UM, WE ARE, WE'RE, WE'RE LOOKING FORWARD TO THAT SPONSORSHIP OPPORTUNITY AND WE WANT TO START THAT CONVERSATION RATHER EARLY.
DON'T WANNA WAIT FOR ITS BRICK AND MORTAR.
SO AS WE GET INTO GROUNDBREAKING AND HAVE THE TANGIBILITY THAT THE PARK IS HAPPENING, AND WE CERTAINLY WANNA START ENGAGING THOSE CONVERSATIONS.
TONY, MAY, CAN I JUMP IN? YES, SIR.
UH, AND I APPRECIATE THIS SO FAR.
UM, I HAD A QUESTION ON, ON THIS FORECAST AND SLIDE THAT YOU HAVE, AND I WAS GONNA WAIT, BUT, BUT SINCE THE PASTOR JUMPED IN ANYWAY, I THOUGHT I'D, I'D PIGGYBACK A LITTLE BIT.
AND SO TAKE THE ENDOWMENT AS AN EXAMPLE, WHEN YOU'RE TALKING ABOUT A $40 MILLION ENDOWMENT, IS THAT SCALED JUST TO THESE 30 ACRES OR IS THAT FOR THE ENTIRE PARK IN ITS FUTURE FULL BUILD OUT? YEAH, I APPRECIATE THAT QUESTION.
UM, DOCTOR, UH, IT'S FOR THE ENTIRE, THE FORTIES FOR THE ENTIRE PROJECT, THE ENTIRE, UM, 250 ACRES AND NOW THE 250 ACRES IS MISLEADING.
200 OF THAT IS THE FLOODWAY AND THE NATURE WAY THAT WILL INVOLVE SOME MAINTENANCE AND SOME UPKEEP, AND IT'S OUR HEART OF THE PARK FROM A NATURE POINT OF VIEW.
THE WEST OVERLOOKING THE FELIX LAZADA IS THE MOST, UM, THE, THE, THE, THE, IT'S THE LARGEST BUILT ENVIRONMENT THAT CARRIES THE LARGEST PART OF THE LABOR.
BUT TO ANSWER YOUR QUESTION, THE 40 UM, MILLION IS NOT SPECIFIC FOR JUST THOSE AREAS TO IMPLY THAT THERE WILL BE ANOTHER DONATION FOR, UM, ENDOWMENT WHEN THE OTHER SITES COME IN.
IT'S FOR THE ENTIRE, FOR THE ENTIRETY OF THE PROJECT.
SO MY, MY, I GUESS WHERE I'M HEADING THEN IS I THINK COUNTING THE 40 MILLION OR, OR THE FOUR POINT A HALF PERCENT ANNUAL TO GET THE 1.8 MILLION FOR THIS 10 ACRES SEEMS LIKE PERHAPS AN OVERESTIMATE THAT YOU MAY HAVE TO DOG HERE AND REMOVE FROM THE CALCULATION TO HAVE IT AVAILABLE ONCE THE REST OF THE PARK IS BUILT OUT.
AND IN OTHER WORDS, YOUR 4.7 SHORTFALL SEEMS SLIGHTLY LOW.
AND SO AGAIN, THIS IS A LINE AND I APPRECIATE FOR THE WEST OVERLOOK THE 30 ACRES, UM, FROM A CASHFLOW POINT OF VIEW AND FROM A, UM, GENERATED REVENUE.
AND THAT'S WHY WE DESPERATELY NEED THE CITY'S ASSISTANCE.
'CAUSE ONCE WE START LOOKING AT THE 250 ACRES, UM, THE DYNAMICS AND THE ECONOMICS CHANGE SIGNIFICANTLY.
AND WHAT WE HAVE HERE IS JUST A PATH TO THE 10 MILLION.
UM, BY NO MEANS WILL THIS GET US, UM, FOR THE ENTIRE 250 ACRES.
[00:35:01]
UM, SO YOUR POINT, SHARON, SAYING WHAT WE HAVE HERE JUST ACCOUNTS FOR THE WEST OVERLOOK, UM, THE 30 ACRES, UM, WE'RE GONNA NEED MORE TO BUILD UP TO CREATE THE, UH, TO, TO ACCOUNT FOR THAT DEFICIT AFTER 4.7.WELL, I, I, THAT'S NOT EXACTLY WHAT I'M, THAT IS TRUE, BUT THAT'S NOT EXACTLY WHAT I'M SAYING.
I'M SAYING WHEN YOU ACCOUNT FOR THE FULL TWO 50, UM, IF YOU FULLY ACCOUNTED FOR THE ENDOWMENT HERE, I MEAN IT'S, IT'S ALL THE SAME PODS AT THE END OF THE DAY, IT JUST MEANS YOU WON'T BE ABLE TO USE THE ENDOWMENT IN THE ACCOUNTING FOR THE FULL, BECAUSE YOU'VE FULLY EXPENDED IT HERE.
OR ANOTHER WAY TO SAY THAT IS, SHOULDN'T YOU HAVE THIS LINE ITEM FOR ENDOWMENT AS A, AS A PARTIAL, IF YOU HAVE AN EXPECTATION THAT THE O AND M HERE IS GOING TO BE 50, 60, 70% OF THE EVENTUAL, SHOULDN'T YOU HAVE A MULTIPLIER HERE OF, OF TWO THIRDS? UH, UNDERSTOOD.
UH, OUR FORECAST FOR THE ENTIRE, UM, 250, IF YOU REMEMBER, WAS AROUND 13 TO 14.
AND SO IF YOU DO THE SPREAD, THEN BASICALLY WHAT YOU'RE SAYING, THIS IS 10 OUT OF THE 14, SO HOW DO YOU SPREAD IT OUT, RIGHT? YEAH.
THAT, THAT'S WHERE I GOT MY, MY TWO THIRD.
INSTEAD OF, YEAH, 1.8, YOU SHOULD, YOU SHOULD, YOU KNOW, TAKE THAT DOWN TO, TO ONE OR 1.2.
UH, AND PERHAPS THE SAME WITH SPONSORSHIP AND PHILANTHROPY.
THE OTHERS SEEM TO BE TARGETED, RIGHT? THE SPECIAL EVENT IS FOR THIS LOCATION AND SO FORTH.
AND, AND ALSO TO YOU, YOU ARE ABSOLUTELY CORRECT, UM, DR.
QUICK SAW, BUT I THINK IT'S, IT'S ALSO IMPORTANT TO NOTE THAT MAJORITY OF THE BUILT ENVIRONMENTS ARE IN THESE TWO AREAS.
AND SO, UM, THE EAST OVERLOOK AS IT'S FORECASTED IS NOT INTENDED TO BE DESIGNED WITH A LOT OF F AMENITIES AS WELL.
SO, UM, JUST SPEAKING ABOUT THE, THE, THE SCALING AS WELL, BUT YES SIR, YOU'RE CORRECT.
WELL, I MEAN, YOU'RE ABOUT TO HEAD TO HOW TO MAKE UP THIS SHORTFALL.
I WOULD, I WOULD JUST, UH, SUGGEST THAT THE, THE TOTAL DOLLAR AMOUNT MIGHT BE A BIT HIGHER.
UH, I THINK YOU EVEN SAID AS YOU CONSTANTLY RE-LOOK AT THESE, THEY ONLY GO UP.
BUT
LET'S TAKE A LOOK AND AGAIN, EMPHASIZING THE TERM DRAFT DRAFT, DRAFT DRAFT.
UM, AT THIS POINT, YOU KNOW, WE'RE IN, WE'RE IN THE MIDDLE OF, AND I HATE THE TERM BUILDING THE PLANE WHILE, UM, WHILE YOU'RE FLYING IT, 'CAUSE THAT DOES NOT WORK.
BUT WHAT WE'RE DOING, WE'RE TRYING TO FIGURE OUT WHERE WE ARE TODAY, WHAT WE CAN GENERATE BASED ON WHAT WE KNOW, AND WE'RE MAKING A CASE AS WE MOVE FORWARD.
AND SO THIS 4.7 SPECIFIC TO THE FIRST BUILD, UM, CANNOT SAY AGAIN ENOUGH, THE IMPORTANCE THAT WE ARE MISSING FROM THIS EQUATION IS CIVIC SUPPORT AND THE IMPORTANCE OF THIS CIVIC SUPPORT IN, IN, UM, AND, AND THE GOOD THING IS WE'RE NOT ASKING FOR A HUNDRED PERCENT HELP.
A HUNDRED PERCENT, YOU KNOW, FOR, FOR CIVIC SUPPORT TO CARRY A HUNDRED PERCENT OF THIS PROJECT.
AND SO AS WE FORECAST THE, UM, THE 5.3, WHAT WE'RE CERTAINLY ASKING FOR CIVIC, SO NEXT SLIDE SPEAKS ABOUT SOME WORK IN PROGRESS, IS PROBABLY THE BEST WAY TO PUT IT.
UM, THE PID, THE PUBLIC IMPROVEMENT DISTRICTS.
UM, WE'RE STARTING WITH THOSE CONVERSATIONS NEXT WEEK AS MENTIONED.
UM, WE'RE STILL PURSUING A TIF AGREEMENT AND HOPE AND BEING HOPEFUL THAT THAT WILL COME TO FRUITION.
UM, WE'RE LOOKING AT OTHER SOURCES OF REVENUE, WHETHER THAT COULD BE, UM, MOST OF OUR PARKING WILL BE FREE.
THIS IS A FREE PARK, BUT WE'RE HAVING CONVERSATIONS WITH THIRD PARTIES AS WE KNOW, PREFERRED PARKING IS A, IS A THING HERE IN DALLAS WHERE UM, FOLKS ENJOY THAT CONVENIENCE.
WE'RE ALSO, WE RECEIVED 1.8 MILLION IN, UM, FEDERAL FUNDING, UM, LAST YEAR.
AND WE'VE APPLIED FOR ANOTHER 3 MILLION, UM, THIS YEAR FROM THE OFFICES OF, UM, ALL ALREADY IN VC.
AND SO WE'RE, WE'RE HOPING OR BEING VERY HOPEFUL IN THAT, NOT LISTED IN THIS, WE'RE ALSO PURSUING AN HIGHLY IN, I I NOT ACTIVELY PURSUING, BUT NOT, BUT NOT LISTED HERE IS THE POTENTIAL OF EVEN A REV SHARE AGREEMENT THAT WE COULD POTENTIALLY HAVE A HOTEL OR RESTAURANTS ON SITE.
AND SO WE'RE BEING VERY ENTREPRENEURIAL IN HOW WE CAN GENERATE, UH, BUT AGAIN, THIS WILL NOT BE ABSENT OF, UM, SOME FUNDING SUPPORT COMING CIVICALLY.
QUICK SAW, WE DON'T HAVE ALLOCATIONS GIVEN FOR THESE, THESE ARE JUST, UM, A COMBINATION OF DIFFERENT EFFORTS THAT WE'RE WORKING THROUGH NOW.
NOW HOW DID YOU KNOW, I WAS GONNA ASK THAT TONY
[00:40:01]
UM, BUT I WILL ASK YOU TO, TO, TO CLARIFY ONE THING.UM, YOU'RE BEING QUITE, QUITE BROAD, PROBABLY PURPOSEFULLY, 'CAUSE THERE ARE PROBABLY MANY OPTIONS, BUT YOU'RE BEING QUITE BROAD ABOUT CIVIC SUPPORT.
CAN YOU, CAN YOU PUT SOME MEAT ON THOSE BONES? CAN YOU GIVE SOME SOME CLARIFICATION OR, OR, UM, SPECIFICITY TO WHAT YOU'RE REFERRING TO? UM, INDEED.
AND SO WE HAVE LONG WITH SOME, UM, ASSISTANCE ACS SITTING HERE AS WELL.
WE HAVE LONG HAD STARTED SOME DISCUSSIONS A FEW YEARS AGO WITH THE CITY OF DALLAS AND SAYING THESE, YOU KNOW, THIS PARK IS A $325 MILLION INVESTMENT.
UM, THE CAPITAL CAMPAIGN PRIMARILY FUNDED BY A PRIVATE DON DONORS.
AND SO WE HAVE SEEN ON A NATIONAL LEVEL THE IMPACT THAT PARKS SUCH AS THESE HAVE ON THE ECONOMICS AROUND FROM A, FROM A, UM, VALUE CAPTURE POINT OF VIEW, WE HAVE SEEN HOW IT ENHANCES THE QUALITY OF LIFE.
AND AGAIN, AS STATED EARLIER, UM, THIRD PARTIES, HRA HAVE DONE, UM, NATIONAL STUDIES AND CONSERVATIVELY FORECAST HAVE, UH, YOU KNOW, BETWEEN A SIX OR $7 BILLION IMPACT IN, IN 30 YEARS.
AND SO WITH THAT INFORMATION, UM, WE'RE IN DISCUSSIONS WE'RE ASKING IN A, IN A, A SUITE OF DIFFERENT PUBLIC FUNDING OPPORTUNITIES.
AND IT RANGES FROM THREE EIGHTIES TO MMDS TO PS TO TIFFS, UM, WHAT IS FEASIBLE, UM, THAT WE COULD USE TO OFFSET SOME OF OUR, UM, OUR O AND M.
AND, UM, YOU KNOW, IN TYPICAL MODELS, THE PARKS ARE FUNDED THROUGH, UM, PARKS AND RECS OR FROM THE CITY AND TAKEN FROM THE GENERAL FUND THAT WE ARE TRYING OUR BEST NOT TO TAKE FROM GENERAL FUND FROM THE CITY OF DALLAS.
WE KNOW THAT IF, BUT FOR THE PARK WE'LL GENERATE QUITE A BIT OF, UM, ECONOMIC IMPACT AND VALUE CAPTURE.
AND SO WE'D LOVE TO CAPTURE FROM THAT.
AND SO TO ANSWER YOUR QUESTION, SIR, UM, WE HAVE A MEETING NEXT WEEK WITH THE OFFICE OF ECONOMIC DEVELOPMENT TO TALK ABOUT A PI AS THEY'RE ENCOURAG US AND HOW WE CAN WORK WITH CREATING A DISTRICT AROUND THE PARK.
UM, THERE IS A, UM, AND SO THE DISTRICT IS, IS, BUT YOU KNOW, THE ENTITIES IN THE PI HAVE TO AGREE TO BE ASSESSED, AND SO THAT BECOMES A LITTLE BIT OF A DANCE.
UM, THERE IS A TIFF, AN ARENA TIFF THAT WE HOPE TO HAVE CONVERSATIONS ABOUT WHETHER WE CAN BE INCLUDED IN.
UM, SO WE'RE LOOKING AT EVERYTHING FROM SOUPS TO NUTS IN TERMS OF WHAT'S AVAILABLE CIVICALLY.
UM, AND WE'RE, WE'RE OPTIMISTIC THAT WE'LL BE ABLE TO ACHIEVE THIS THROUGH THE CITY OF DALLAS.
UM, ANY OTHER QUESTIONS, COMMENTS? DIANE, THIS IS, I KNOW THIS IS YOUR AREA, ONE OF YOUR AREAS HERE.
OH, I, UH, I THINK, UM, HE JUST ANSWERED MY, MY QUESTIONS.
UM, UH, ANDREW KIND OF HAD TOP OF MIND WHAT I WAS THINKING, SO I'M GOOD.
SARAH AS IT RELATES TO THESE POTENTIAL FUNDING SOURCES FOR IN THE CIVIC AREA? NO, I'M GOOD.
I REALLY APPRECIATE TONY, UM, YOU LAYING THIS OUT AND BEING, UH, UH, CREATIVE AND THINKING ABOUT HOW TO DO THE O AND M.
YEAH, I, I DO HAVE ONE JUST I GUESS GENERAL QUESTION THAT, UM, DR.
SAL BROUGHT UP ABOUT, UM, PURSUING REVENUE SHARE FROM HOTELS OR RESTAURANTS OR THOSE, I'M ASSUMING THOSE WOULD BE OFFSITE AND, YOU KNOW, HOW, HOW MUCH PROGRESS HAVE, ARE YOU JUST IN THE VERY EARLY STAGES OF CONSIDERING THIS? OR DO YOU HAVE, UM, YOU KNOW, SOME MORE CONCRETE OPPORTUNITIES, UM, TO BE ABLE TO DO THAT? UM, APPRECIATE THAT QUESTION, DIANE.
UM, WE THINK IT'S IMPORTANT THAT THE PROJECT HAS A CREDIBILITY OF STARTING
SO AS WE SPEAK TO POTENTIAL PARTNERS, UM, THEY KNOW THINGS ARE HAPPENING.
WE HAVE LOOKED AT SOME MODELS AS IN, UH, IN NEW YORK, THERE IS THE ONE HOTEL THAT'S TIED TO THE BROOKLYN BRIDGE PARK.
UM, THERE'S FOUR CS AND DIFFERENT, UM, THERE ARE CERTAIN HOTEL BRANDS THAT ALIGN WELL WITH PUBLIC PARKS, AND WE'RE STARTING THAT DISCOVERY PROCESS.
I WILL ALSO SAY THAT WE HAVE A SITE WITH CLOSE PROXIMITY TO THE PARK THAT WOULD WORK WITH GREAT SYNERGIES THAT WE'RE ALSO, UM, STARTING THE MASTER PLANNING THOUGHT AROUND.
SO IT, IT'S A LITTLE MORE INTENTIONAL THAN JUST ASPIRATIONAL.
WE HAVE A SITE AND WE'RE STARTING TO LOOK AT BRANDS, AND THE HOPE IS THAT ONCE WE'RE ABLE TO GET TO SOME MOMENTUM
[00:45:01]
AND PROGRESS WITH THE GROUND, WITH THE PART BEING UNDER CONSTRUCTION TO START TO HAVE THOSE CONVERSATIONS WITH, UM, BRANDS THAT WOULD LIKE, YOU KNOW, DALLAS IS A MAGNET AS A EIGHT, YOU KNOW, ALMOST A EIGHT, 8 MILLION GROWING MSA AND THE PROXIMITY TO DOWNTOWN OF WHERE THE PARK IS.UM, WE THINK THERE WILL BE A HOTEL FLAGS THAT WOULD BE INTERESTED.
UH, YOU, YOU SAID SOMETHING THERE.
YOU SAID YOU HAD A, A SITE NEARBY.
UM, WHAT DO YOU, WHAT DO YOU MEAN BY THAT? THERE, THERE'S A PRIVATELY HELD SITE THAT YOU, THAT YOU HAVE PARTNERED WITH OR, OR DOES, DOES THE CONSERVANCY HAVE ANOTHER PARCEL OF LAND? WHAT, WHAT DO YOU MEAN BY YOU HAVE A SITE PICKED OUT? UM, IF YOU GO BACK TO THE SLIDE THAT SHOWS THE GREEN, UM, IT'S IMMEDIATELY CONNECTED TO THE SAME SITE DR.
UM, IT'S THAT OPEN SPOT THAT YOU SEE RIGHT NEXT TO THE EVENT BUILDING THERE.
UM, STILL PART OF THE ENTIRE SITE THAT'S THERE, THAT SQUARE, UM, IF YOU COULD CURSE OR OVER THAT LOOKS LIKE A, A SQUARE RECTANGLE OPEN SPOT.
SO IT'S PART OF THE SAME SITE.
IT'S, IT'S PART OF THE ACREAGE THAT'S WITHIN THE PARK BOUNDARY.
IT IS NOT IN THE 22 PARK, UM, UM, 22 PARK BUILD.
IT'S AN ADDITIONAL THREE ACRES, BUT IT'S PART OF THE OWNERSHIP OF THE TPC.
SO THAT, THAT'S THE PROPERTY BETWEEN THAT FIELD AND, AND IF, IF I MAY, PASTOR PARKER, UM, AND I APPRECIATE THE QUESTION DR.
SO THE TRINITY PARK CONSERVANCY, AS WE SEEK TO BUILD A PARK, UM, THIS O AND M IS, IS THE, IS THE ACHILLES HEEL FOR ANY PUBLIC PARK AS STATED EARLIER, RIGHT? AND SO WE WANTED TO HAVE AN OPPORTUNITY FOR THE PARK TO HAVE A STRONG CONNECTION TO THE COMMUNITY.
AND SO, UM, IN ADDITION TO THAT, THREE ACRES, THERE IS PROBABLY AN ADDITIONAL FIVE, UM, THAT WE'RE PURSUING THAT WE DON'T HAVE, BUT WE'RE PURSUING.
UM, THE IDEA IS THAT WE WOULD LIKE TO HAVE MISSION ALIGNED ENTITIES THAT WILL SUPPORT THE PARK FROM A COMMUNITY POINT OF VIEW, MISSION ALIGNED ENTITIES FROM, UM, THAT ALIGNS WITH THE COMMUNITY, WHETHER IT'S IN THE, THE PLACE OF SOCIAL SERVICES.
WE'RE GOING THROUGH THOSE DISCUSSIONS RIGHT NOW, WHAT SOCIAL SERVICES THE PARK COULD ENGAGE IN WITH THE COMMUNITY THAT WOULD SUPPORT PARK MAKING AND PLACEMAKING.
AND SO, UM, THOSE ARE THE DISCUSSIONS WE'RE HAVING.
BUT SPECIFIC TO THE PARK LAND, UM, THAT WE DO HAVE UNDER OUR OWNERSHIP RIGHT NOW AND THE THREE ACRES THAT'S SHOWN ADJACENT TO THE PROPERTY, WE DO HAVE UNDER OUR OWNERSHIP AS WELL.
I DO WRITE DOWN MISSION ALIGNED INITIATIVE.
ANY OTHER COMMENTS, QUESTIONS REGARDING, UM, THIS BIG O AND M ISSUE? UM, I DO WANNA SAY WHY OTHERS DON'T RIGHT NOW.
I APPRECIATE THIS INFORMATION.
I THINK THIS IS THE CLEAREST THAT WE'VE HAD TO DATE ABOUT ONE, WHAT IS A POTENTIAL, A DRAFT? I REALIZE IT'S A DRAFT AND IT'S ALWAYS GONNA GO UP
UM, AND, AND, AND I'M GOING TO SAY HALF OF IT, ALMOST HALF OF THIS $10 MILLION O AND M FOR THIS, THIS PORTION OF THE PARK IS, IS BEING, UM, IT'S NOT, THERE'S NO ASK FROM THE CITY.
TPC IS ACTIVELY ENGAGED IN THESE, UM, THESE OTHER AREAS TO GET THIS BY WHAT YOU HAVE THIS 5.3 ME, UM, AND AS DR.
QUICK SAW MENTIONED IT, THAT MIGHT BE A LITTLE LOWER GIVEN THAT, UM, THAT ENDOWMENT PIECE, BUT I'M JUST GONNA SAY RIGHT NOW, HALF YOU, YOU'RE TRYING TO ACCOUNT FOR, AND I THINK THAT'S A TREMENDOUS, UM, THING TO HAPPEN.
I'M TRYING TO FIND THE RIGHT WORD.
UM, AND I AM SURE THAT BOTH IS THE EXPENSES, THE, THE, UH, THE BUDGET'S GOING TO INCREASE.
I'M ALWAYS, I'VE, YOU'VE HEARD ME SAY ON MORE THAN ONE OCCASION, IF THE PHILANTHROPIC COMMUNITY'S GOING TO MAKE A $350 MILLION INVESTMENT, I THINK THE CITY, THE, THE CIVIC, UH, AREA CAN MAKE SOME INVESTMENT IN, UH, THE OPERATIONS AND MAINTENANCE.
AND SO, UM, I APPRECIATE THIS INFORMATION TODAY TO THIS BOARD AND TO, TO THE PUBLIC.
[00:50:01]
ANY OTHER, UH, QUESTIONS RIGHT NOW FOR TONY AS IT RELATES TO THIS UPDATE HE SHARED BECAUSE HE, I LOOK AT THE AGENDA ITEM.THE NEXT AGENDA ITEM IS NUMBER FOUR.
YOU'VE ALREADY TALKED ABOUT THAT IN YOUR UPDATE NUMBER FIVE REPORT ON THE HOMEOWNER'S WORKSHOP THAT WAS COVERED IN YOUR UPDATE.
UM, SO ANY OTHER QUESTIONS RIGHT NOW FOR HIM? THEN I, AGENDA ITEM NUMBER SIX, WORK GROUPS, UM, ANY REPORTS? I, I LEAVE THAT OPEN.
DR. KNIGHT, YOU'VE KIND OF GONE THROUGH YOURS, UM, WITH, IN CONJUNCTION WITH TONY PARK'S EX PARK EXCELLENCE, THAT'S, THAT'S THE BIG O AND M PIECE.
IS THERE ANYTHING YOU'D LIKE TO ADD TO THAT TODAY? OKAY, UM, THE PARK DESIGN AND ADVOCACY, THOSE TWO MEMBERS ARE NOT HERE.
SO, UM, THINGS ARE MOVING RIGHT ALONG AS TONY ALREADY MENTIONED IN THIS UPDATE.
AND AS WE SAW FROM THE DECK, THERE'S A LOT OF COMMUNICATIONS EFFORTS AROUND SOME OF THESE, UM, THE NEWS THAT'S COMING OUT.
AND SO, UM, I THINK THE COMMITTEE HAS JUST BEEN FOCUSED ON MAKING SURE WE'RE HITTING THE RIGHT AUDIENCES, UM, IN THE COMMUNITY TO SHARE THIS NEWS.
UH, BUT OUTSIDE OF THAT, IT'S JUST A CONTINUATION OF THE LATEST UPDATES.
UM, NOTHING BIG OUTSIDE OF THAT.
ALRIGHT, ANY OTHER, UH, ITEMS, ANY OTHER QUESTIONS, COMMENTS, WORDS IF BE THERE? NONE.
UH, AGENDA ITEM NUMBER SEVEN SAYS OTHER PUBLIC SPEAKERS,
THERE ARE NO OTHER PUBLIC SPEAKERS.
AND WITH THAT, UM, I WANT TO THANK THIS BOARD, UH, FOR YOUR, ESPECIALLY YOUR WORK OUTSIDE OF THIS PARTICULAR MEETING.
EACH OF YOU IN YOUR OWN WAYS HAVE BEEN ACTIVE IN YOUR, UM, IN YOUR WORK GROUPS AND WORKING WITH TPC.
AND, AND SO I PERSONALLY WANT TO THANK YOU FOR THAT.
WE, UH, OUR NEXT MEETING IS IN OCTOBER AND THAT'S QUOTE UNQUOTE OUR RETREAT.
AND BASICALLY THE RETREAT IS A MEETING WHERE WE GET UPDATES FROM THE CITY AND OTHERS AND IT'S A LITTLE LONGER MEETING.
I WOULD, IF YOU, UM, WOULD SCHEDULE AT LEAST TWO HOURS FOR THAT MEETING.
UH, IT HAS NOT GONE TWO HOURS, BUT I WOULD YOU, IF YOU WOULD BLOCK ON YOUR CALENDAR AND HOPEFULLY YOU MIGHT BE ABLE, IF YOUR SCHEDULE ALLOWS AND YOUR TRAVEL ALLOWS THAT YOU COULD BE IN PERSON.
I FEEL LONELY SITTING UP HERE BY MYSELF,
UM, UM, AND THERE'S NO, IF THERE'S ANYTHING ELSE YOU'D LIKE TO SHARE.
SO WE LOOK FORWARD TO THE OCTOBER MEETING, UH, RETREAT.
AND GENERALLY WE HAVE SOME KIND OF LUNCH OR SOME KIND OF, MOLLY CARROLL USUALLY TAKES CARE OF US, SO WE'LL, UH, WE'LL LOOK FORWARD TO THAT.
YOU'LL HEAR MORE ABOUT THAT COMING UP.
TONY MOORE AND ALL THOSE WHO WORK FOR TPC.
ALL OF YOU SITTING BEHIND TONY BACK THERE.
IF THERE'S NOTHING ELSE, IT IS 10 57 AND THIS MEETING IS ADJOURNED.