[00:00:02]
[Dallas Fort Worth Avenue TIF District Board of Directors Meeting on December 3, 2024.]
UM, MR. TIKI WILL BE ACTING AS OUR PRESIDING OFFICER, SO IF YOU WANNA CALL THE MEETING MORE AT FOUR OH SIX.AND AN INTRODUCTION OF THE MEETING PARTICIPANTS.
SO LET'S GO AHEAD AND, OKAY, MS.
SO WE'RE, UH, ON AGENDA ITEM NUMBER TWO AND JUST GONNA DO SOME INTRODUCTIONS.
UM, MS. SOLIS, YOUR VIDEO HAS FALLING OFF.
OH, THERE, YOU'RE SOUNDS, LOOKS LIKE IT'S A CONNECTION ISSUE.
SO WHY DON'T WE START WITH THE ROOM AND THEN WE'LL GO ON TO VIDEO.
BRIAN, KYLE, MR. WICK IS ONE OF OUR NEW BOARD MEMBERS.
UM, MS. SOLI, YOU WANNA START? AND WHOEVER, AS WE GO AROUND, I'M SIGNING YOU IN FOR THOSE VIRTUAL.
ELISE, YOU WANNA GO AHEAD OR WHOEVER'S NEXT? UH, SURE.
LUIS DE BIO AND I AM THE APPOINTEE FOR THE DALLAS COUNTY.
UH, MIKAYLA, YOU WANNA GO NEXT? MIKAYLA RAMER, I'M IN REAL ESTATE INVESTMENT AND I ALSO LIVE, UM, IN THE TIFF DISTRICT, BASICALLY.
AND MS. MOORE? HI, I AM DEVIN MOORE.
I HAVE, UH, DLM ON DAVIS STREET, SO THANK YOU.
UM, WE HAVE, UM, SOME STAFF MEMBERS ON AND, UM, THEY COULD BE HERE LATER TO ANSWER ANY QUESTIONS, BUT WE'RE NOT GONNA DO INTRODUCTIONS OF STAFF.
I'M JUST GONNA MAKE NOTE OF WHO IS PRESENT AND THEN WE CAN MOVE ON TO AGENDA ITEM NUMBER THREE.
RECALL THAT, UH, PUBLIC COMMENTS PERTAINING TO AGENDAS, ITEMS FOUR THROUGH SIX.
ALRIGHT, AS FAR AS I KNOW, I DO NOT SEE ANY MEMBERS OF THE PUBLIC.
IF THERE'S ANYONE WHO WOULD LIKE TO SPEAK ON ANY AGENDA ITEMS MOVING FORWARD, PLEASE LET US KNOW.
OKAY, WITH THAT, I HEAR NONE, WE CAN MOVE ON TO AGENDA ITEM NUMBER FOUR.
REVIEW AND CONSIDER THE MEETING RECORD OF THE DECEMBER 5TH 23 MEETING OF THE FORT WORTH AVENUE TIP DISTRICT COURT DIRECTORS.
ALRIGHT, DOES ANYONE HAVE ANY QUESTIONS OR COMMENTS? IF NOT, I'M SURE MR. TIKI WILL TAKE A MOTION FOR APPROVAL OF THE MINUTES.
MOTION TO APPROVE FOR MINUTES.
ALL IN FAVOR OF APPROVING AYE.
AND I'M GONNA SEND THIS OVER YOU GUYS.
DO YOU ME CALL FIVE YOU PLEASE.
AGENDA ITEM NUMBER FIVE IS REVIEW AND CONSIDER THE FORT WORTH AVENUE TIP DISTRICT ANNUAL REPORT FOR FISCAL YEAR 2023.
AND I'M GOING TO SPEND MAYBE 10 MINUTES SINCE THIS IS THE MEAT OF OUR AGENDA TODAY.
I'M GONNA WALK THROUGH PARTICULARLY BECAUSE WE HAVE A COUPLE NEW MEMBERS AND WE'VE HAD QUITE A BIT OF ACTIVITY IN THE FISCAL YEAR.
SO, UM, I'LL ASK MR. TIKI TO KICK ME UNDER THE TABLE.
SO I'M GOING TO SLOW, BUT OTHERWISE I'M GONNA KIND OF MARCH THROUGH, UM, THE ANNUAL REPORT.
I WILL, UM, PREFACE BY SAYING THAT AS YOU REVIEW THE ANNUAL REPORT, THIS IS CONSIDERED, UM, A DRAFT OF, OF THE DOCUMENT IT'LL GO TO.
IT'LL BE MOVED ON TO CITY COUNCIL IN LATE FEBRUARY.
IN BETWEEN NOW AND THEN WE NEED TO ADD THE ADMINISTRATIVE COSTS FROM 2024.
AND WE'LL ALSO HAVE A COUPLE OTHER REVIEWS WITHIN MY OFFICE, OFFICE OF ECONOMIC DEVELOPMENT AND THE ATTORNEYS.
SO ANY MOTION MADE WE ASK THAT IT'S, UM, THERE'S AN ALLOWANCE FOR MINOR EDITS AND THOSE WILL BE VERY MINOR.
IF IT'S ANYTHING MATERIAL, IT WOULD COME BACK TO YOU.
[00:05:01]
SO THE MAP, UM, AS A REMINDER, UM, THERE WAS, UM, A PLAN AMENDMENT APPROVED DURING THE FISCAL YEAR, AND THAT LIGHT BLUE ON THE MAP WAS 372 ACRES THAT WE TOOK IN INTO THE TIF DISTRICT.I'LL GET INTO THAT AS WE MOVE INTO, UM, INTO THE ANNUAL REPORT.
SO THAT WAS APPROVED ON NOVEMBER 8TH, 2023.
AND THE PLAN AMENDMENT DID, UM, A COUPLE THINGS.
ONE IS IT GREW THE TIF DISTRICT BOUNDARY BY THOSE 372 ACRES.
IT ALSO, UM, KEPT THE CITY'S PARTICIPATION RATE IN THE TIF DISTRICT AT 70%.
SO FOR THOSE THAT WERE, UM, PART OF THE BOARD AT THE, AT THE TIME, YOU MIGHT RECALL THAT THIS TIP DISTRICT WAS CREATED, UM, IN 20 20, 20 2007, SORRY, 2007.
AND IT WAS ANTICIPATED THAT THE CITY'S PARTICIPATION, ITS SHARE OF TAXABLE VALUE CAPTURED INTO THE TIFF WOULD KIND OF BELL CURVE AND THAT THINGS WOULD BE SO GREAT BY NOW, KIND OF TAPER OFF, BUT INSTEAD WE, UM, WE'RE GONNA FINALIZE THE LAST YEARS AT THAT 70% LEVEL.
SO THAT WAS DONE, UM, WITH THAT PLAN AMENDMENT.
AND THE PLAN AMENDMENT ALSO REALLOCATED SOME OF THE BUDGET CATEGORIES.
UM, IT DID NOT CHANGE THE NET PRESENT VALUE OF THE BUDGET.
SO THERE'S EVERYT DISTRICT HAS A CAP OF ITS BUDGET AND THIS DIDN'T CHANGE.
SO, UM, YOU MIGHT RECALL THAT PART OF THE PLAN AMENDMENT WAS TO HAVE AN ALLOWANCE FOR, UM, SPENDING FUNDS ON, UM, HOMEOWNER STABILIZATION.
THAT WAS THE OTHER THING THAT THE PLAN AMENDMENT DID.
UM, THE TIFF HAS HAD THREE COMPLETED PROJECT AND NOW ONE UNDER CONSTRUCTION VILLAS AT WESTERN HEIGHTS AS WHAT IT CAME THROUGH AS THE, THE NAME WHEN IT CAME THROUGH CITY HALL.
IT'S NOW KNOWN AS MARIPOSA WESTERN HEIGHTS, AND IT WAS COMPLETED DURING THE FISCAL YEAR.
IT'S 130, UM, SENIOR, UM, UNITS 104, 130 ARE AFFORDABLE AT DIFFERENT, UM, INCOME BANS.
AND ON NOVEMBER 8TH, 2023, UM, CITY COUNCIL APPROVED VISTA, UM, AT KESSLER STEVENS RETAIL PROJECT.
AND THAT'S, UM, THE SPROUTS PROJECT AND AN ADDITIONAL 6,700 SQUARE FOOT BUILDING.
AND THEN ANOTHER, UM, 2,500 SQUARE FOOT BUILDING TO BE CONSTRUCTED BY ANOTHER GROUP.
AND THAT ALSO INCLUDES A MINIMUM 3,500 SQUARE FEET AND OPEN SPACE.
AND SO THERE WAS TIP FUNDING, UM, ASSOCIATED WITH THIS PROJECT THAT IS NOW UNDER CONSTRUCTION THAT CAME THROUGH THE TIP BOARD, UM, LAST FALL, PAGE SIX AND SEVEN.
UM, OUR SIGNIFICANT PROJECTS WITHIN THE TIP DISTRICT BOUNDARY.
UH, TO BE HONEST, THIS GOT A LITTLE COMPLICATED IN THAT WE JUST ADDED THAT 372 ACRES.
AND SO I NEEDED KIND OF A FRESH STARTING POINT BECAUSE IT WAS A FAIR TO INCLUDE PROJECTS THAT MIGHT HAVE FINISHED TWO OR THREE YEARS AGO, FIVE YEARS AGO, ALL ALONG SINGLETON, THERE'S SO MUCH NEW BUILD.
SO I TRIED TO CAPTURE PROJECTS THAT WERE COMPLETED DURING THE FISCAL YEAR AND WE'LL JUST ADD ON AS WE MOVE FORWARD.
SO AS FAR AS THE TIF FUNDED PROJECT, $16 MILLION IN TIF SUBSIDY IS LEVERAGED ABOUT A HUNDRED MILLION DOLLARS WORTH OF VALUE.
WE, WE UPDATE THAT APPROXIMATE VALUE EVERY SINGLE YEAR.
SO THOSE ARE REAL TAXABLE VALUES.
SO I ADDED A NOTE ON PAGE EIGHT THAT ONLY TOWN HOMES COMPLETED DURING FISCAL YEAR 20 23, 20 24 INCLUDED.
THAT'S SOME OF THE MEGA TELL WORKS.
SO IF ANYONE SEES ANYTHING THAT LOOKS OFF, LET ME KNOW.
BUT I TRIED TO REALLY DIG INTO EVERY SINGLE ACCOUNT AND FIGURE OUT WHAT WAS COMPLETED DURING THE FISCAL YEAR.
THERE'S TWO PROPOSED PROJECTS THAT COULD BE, THAT WOULD BE, UM, NON-TAXABLE BECAUSE THEY'RE WORKING WITH THE HOUSING DEPARTMENT RIGHT NOW.
AND IF THOSE MOVE FORWARD, THEN THOSE WILL BE ADDED, UM, TO THIS LIST.
AND THERE'S A LITTLE NOTE, UM, ON PAGE EIGHT.
AS FAR AS MIXED INCOME HOUSING SUMMARY.
UM, ALL OF THE TIF FUNDED PROJECTS, UM, THAT HAVE A RESIDENTIAL COMPONENT WILL ALSO HAVE AN AFFORDABLE SET ASIDE, SET ASIDE.
AND OF THE 331 UNITS THAT HAVE BEEN BUILT TO DATE USING TIF FUNDS, 144 UNITS ARE CURRENTLY SET ASIDE
[00:10:01]
AS AFFORDABLE.AND, UM, 40 OF THOSE ARE FROM S IN 30.
AND THE REMAINDERS ARE THAT FILL IS AT WESTERN HEIGHTS THAT HAS A HIGHER AFFORDABILITY LEVEL BECAUSE IT WAS A LOW INCOME HOUSING TAX CREDIT PROJECT.
I'VE ADDED THIS SECTION ON PAGE EIGHT AT THE BOTTOM ABOUT THE HOUSING STABILIZATION.
SO GOING FORWARD, 10% OF EACH YEAR'S ANNUAL INCREMENT WILL BE TRANSFERRED TO THE CITY'S HOUSING DEPARTMENT.
UM, THAT WAS DONE, UM, AT THE, AT ON SEPTEMBER 25TH, 2024.
WE WENT TO COUNCIL TO APPROVE THE ACCOUNTING OF THAT.
YOU GUYS HAD ALREADY APPROVED IT AS PART OF THE PLAN.
AND THE PLAN HAD GONE TO COUNCIL, AS WE TALKED ABOUT ON NOVEMBER 8TH.
LATER IN 2024, THE ACCOUNTING OF MOVING THAT MONEY OCCURRED.
SO $912,000 HAVE BEEN ACCRUED AND HAS BEEN MOVED TO THE HOUSING DEPARTMENT TO BE DEPLOYED FOR HOMEOWNER STABILIZATION PROGRAMS. AND THAT'LL BE, WE'LL REPORT OUT, IT SAYS ON THE PAGE TOP OF PAGE NINE, AS SOON AS THOSE, UM, FUNDS START BEING UTILIZED BY THE HOUSING DEPARTMENT.
UM, THE NEXT SEVERAL PAGES ARE JUST SOME TIP DISTRICT INITIATIVES.
NOT ALL HAVE TIF DISTRICT FUNDS ASSOCIATED WITH THEM, BUT THERE ARE THINGS THAT HAVE OCCURRED WITHIN THE TIF DISTRICT.
UM, MOST RECENTLY, PHASE FOUR, THE COOMBS CREEK TRAIL, UM, IS UNDER CONSTRUCTION.
IT IS ADJACENT TO THE TIF DISTRICT AND THERE ARE NO TIF DISTRICT FUNDS.
THE ONLY REASON IT GOES INTO THIS REPORT IS BECAUSE THE PLAN TALKS ABOUT COOMBS CREEK TRAIL AS BEING AN IMPORTANT, UM, AMENITY.
MOVING ON TO PAGE 11, UM, I WANTED TO MENTION THE COLLECTIVE.
SO, UM, IN THE PAST, THE TIF DISTRICT HAD DEDICATED $496,000 FOR, UM, BIKE TR, BIKE LANES AND OTHER IMPROVEMENTS ALONG FORT WORTH AVENUE AND BAHAMA DRIVE PLYMOUTH.
UM, IN FEBRUARY OF 2023, THE TIF BOARD WAS ASKED TO DEDICATE ADDITIONAL FUNDING FOR, UH, SIGNALIZATION AND, UM, INTERSECTION IMPROVEMENTS AT FORT WORTH AVENUE AND BAHAMA DRIVE.
UM, THAT WORK IS NOW BEING WRAPPED UP.
IT DID GO BACK, IT WENT TRANSPORTATION, TOOK THAT TO COUNCIL.
THE WORK'S BEING WRAPPED IS WRAPPING UP RIGHT NOW, BUT THEY'RE WAITING FOR, UM, A TRAFFIC CONTROL CABINET.
APPARENTLY IT'S ON BACK ORDER.
SO WHEN SEC, ONCE IT GETS INSTALLED, THEY WILL GO CORRECT ANY BUMPERS THAT HAVE BEEN HIT OR MISPLACED AND, UH, REEXAMINE THE CONCRETE WORK ONE MORE TIME AND THEN THAT'LL BE, UM, COMPLETE.
SO WE'RE CALLING IT 90% COMPLETE AT THE END OF THE FISCAL YEAR ON PAGE 13.
UM, LET'S TALK ABOUT THE DISTRICT WIDE SET ASIDE FUNDS OF ALL THE TIF FUNDS, A PORTION GETS SIED OFF FOR DISTRICT WIDE IMPROVEMENTS.
SO THOSE ARE INTENDED, NOT NECESSARILY TO BE USED TO PARTNER WITH A DEVELOPER, BUT INSTEAD TO DO THINGS LIKE THE COLLECTIVE THAT BY LANE OR OPEN SPACE, PUBLIC, UM, FACILITIES, WHATEVER WE FIND THE NEED FOR.
AND THERE'S ABOUT $2.57 MILLION IN CASH ON HAND AVAILABLE FOR DISTRICT-WIDE SETASIDE PROJECTS.
FAR AS THE VALUE AND INCREMENT THAT WE ANTICIPATE COLLECTING, UM, THE TIF DISTRICT INCREASED IN VALUE 13.6% FROM 2023.
THAT'S, THAT'S, YOU KNOW, PRETTY STRONG COMPARED TO A LOT OF THE OTHER TIP DISTRICTS.
AND THAT WILL RESULT IN, UM, A COLLECTION OF $5.711 BILLION.
THAT'S WHAT'S ANTICIPATED TO 2024 VALUES GET COLLECTED IN 2025.
THE NEXT SEVERAL PAGES ARE JUST OBJECTIVES AND PROGRAM GOALS AS SET FORTH IN THE TIP DISTRICT PLAN.
SO EVERY YEAR WE GO BACK AND SAY, OKAY, WHAT WERE THE GOALS OF THE PLAN AND HOW, HOW ARE WE DOING IN GETTING THERE? SO IF YOU LOOK IN A MID PAGE, THERE WAS A GOAL OF OVER 196,000 SQUARE FEET OF RETAIL.
THERE IS A GOAL OF OVER A MILLION SQUARE FEET OF RETAIL SPACE AND 909,444 RESIDENTIAL UNITS INCLUDING TOWN HOMES, MULTIFAMILY, SINGLE FAMILY.
I WAS NOT HERE AT THE INCEPTION.
I DO NOT KNOW WHY THEY WERE SO SPECIFIC ON THE NUMBER IN THE, BUT UM, THAT IT SIZE PART SHOWS THAT, UM, WE'VE MET 19% OF THE GOAL ON RETAIL AND 38% OF THE GOAL ON RESIDENTIAL DEVELOPMENT.
[00:15:01]
WORK HAPPENING, BUT A LOT LEFT TO ON PAGE 16.I THINK THIS IS PROBABLY ONE OF THE MOST IMPORTANT GOALS TO MENTION.
UM, AGAIN, THE NET PRESENT VALUE OF THE BUDGET CAP IS $69.5 MILLION.
AND, UM, WE ARE ONLY AT 23% OF THAT GOAL.
SO WHAT THAT MEANS, UH, TO BE COMPLETELY FRANK, IS THAT IT IS, EVEN THOUGH THERE'S BEEN, THERE'S GOOD COLLECTIONS EACH YEAR, WE WILL LIKELY NEVER GET TO THAT FULL BUDGET CAP.
SO, YOU KNOW, WE CAN CONTINUE TO DO PROJECTS AND THERE WILL BE CASH AND FUTURE CASH, BUT WE PROBABLY WILL NEVER REACH THAT FULL BUDGET DREAM, UM, OF THE CA OF, UM, THE BUDGET.
PAGE 17 IS YEAR AND SUMMARY OF MEETINGS.
WE HAVE TWO MEETINGS DURING THE FISCAL YEAR.
UM, PLEASE LOOK, LET ME KNOW IF SOMETHING LOOKS OFF.
UM, AND AFTER THAT IT'S JUST KIND OF, UM, A DOCUMENTATION OF ITEMS THAT WENT TO CITY COUNCIL THAT WERE SIGNIFICANT.
THE TIFF DISTRICT PAGE 19 IS THE BUDGET.
UM, AGAIN, THE NET PRESENT VALUE, UM, FULL BUDGET IS 69.5 MILLION.
WHAT THAT TRANSLATES TO, UM, AND TODAY'S DOLLARS IS ABOUT $173.7 MILLION.
THAT'S USING AN NPV AS DICTATED BY THE TIP DISTRICT PLAN AT 5%.
UM, AND SO YOU CAN SEE THAT WE STILL HAVE A LOT OF CAPACITY.
THE REASON I'VE YELLOW HIGHLIGHTED IS TO REMIND ME TO REMIND YOU THAT WE STILL NEED TO UPDATE ADMIN COSTS.
THOSE ARE COMING IN AND THOSE WILL BE IN PLACE UM, BEFORE IT GETS TO CITY COUNCIL.
UM, EVERY YEAR WHEN YOU'LL SEE THIS DOCUMENT.
UM, I'LL MENTION RIGHT NOW THAT, UM, THE CASH ON HAND FOR PROJECTS AFTER WE PAY OUT, UM, VILLAS AT WESTERN HEIGHTS AND ASSUMING, UH, THAT WE'LL PAY OUT VISTAS, VISTA, KESSLER, STEVENS, WE HAVE ABOUT $5 MILLION CASH ON HAND FOR PROJECTS.
UH, 20, PAGE 20 IS KIND OF A WORK PLAN OF WHAT DO WE WANNA BE DOING MOVING FORWARD.
I DON'T THINK I NEED TO GO INTO ON THAT, BUT HOPING TO, UM, EITHER RECEIVE SOME GOOD DEVELOPER DRIVEN PROJECTS OR LOOK AT SOME PUBLIC NEEDS.
UM, AND WE ARE STARTING TO KIND OF PENCIL SOME OF THOSE OUT THAT WE MIGHT BE BRINGING TO YOU.
PAGE 21 IS THROUGH, I BELIEVE FOUR IS WHAT'S REQUIRED BY UM, STATE LAW OR UH, REINVESTMENT ZONE, UH, ANNUAL REPORTS.
WE HAVE A COUPLE OF FOLKS FROM OUR ACCOUNTING TEAM HERE IF YOU HAVE ANY QUESTIONS.
UM, BUT UH, THE BOTTOM OF PAGE 23 IS THAT INCREMENT THAT WE'RE ANTICIPATING TO BE COLLECTED IN 2025.
IT MATCHES THE BODY OF THE DOCUMENT THAT I ALREADY WALKED THROUGH.
PAGE 25 IS OUR FINANCIAL OBLIGATIONS.
I JUST MENTIONED THAT WE, UM, STILL NEED TO PAY OUT FELLOWS AT WESTERN HEIGHTS.
UM, WE ARE IN A CLOSEOUT PROCESS RIGHT NOW.
WE BASICALLY DO AN AUDIT AND SO EVERY OBLIGATION THAT'S SET FORTH IN THE DEVELOPMENT AGREEMENT, UH, BECOMES A CHECKLIST.
AND SO WE GO THROUGH AND MAKE SURE THEY'VE MET THE PRIVATE INVESTMENT THAT THEY'VE MET THE MINORITY AND WOMEN, UM, BUSINESS GOALS, LOCAL HIRING GOALS, OPERATING AND MAINTENANCE.
UM, EVERYTHING THAT'S AN OBLIGATION, IT GETS CHECKED OFF.
SO WE'RE ALMOST TO THE END OF THAT.
UM, ONCE THAT IS DONE, WE WILL PAY OUT WITH CASH ON HAND.
AND THEN AGAIN, WE ALREADY HAVE, UM, CASH ON THE KESLER STEVENS PROJECT, THE SPROUTS PROJECT AND ASSUME THAT IF AND WHEN, UM, THEY HAVE COMPLETED AND UM, THAT AUDIT IS COMPLETE, WE CAN THAT OUT.
UM, ANY QUESTIONS CONCERNS MISS THE
[00:20:02]
1400 WEST COMMERCE? UM, YES, THEY, I BELIEVE THEY'RE MENTIONED ON THAT PAGE EIGHT THAT IT SAYS, UM, TWO PUBLIC FACILITY CORPORATIONS PLANS, PROJECTS ARE NOT INCLUDED.UM, THERE LIKELY WILL NOT BE ANY TIFF FUNDING BECAUSE IT ALREADY BECOMES COMPLETELY TAX EXEMPT WITH THE PFC.
SO THAT IS ASSUMED AT LEAST FOR NOW TO BE THE EXTENT OF THEIR INCENTIVE.
ANYTHING ELSE? AND THEN LAST, I THINK MY LAST QUESTION, UM, IF YOU COULD JUST SPEAK A LITTLE BIT TO, WE HAVE THIS 65 MILLION N PV THAT IS LIKE OUR MAX POTENTIAL ABILITY TO INCENTIVIZE, RIGHT? THAT'S CORRECT.
SO AT THE INCEPTION OF ALL TIFF DISTRICTS, YOU'RE CREATING A BUDGET OF WHAT YOU WOULD LIKE TO GET ACCOMPLISHED.
SO WHAT YOUR PLAN SAYS YOU WANT TO DO AND WHAT YOU THINK YOU CAN COLLECT OVER THE LIFE OF THE TIFF AND YOU SET YOUR BUDGET.
SOMETIMES THOSE ARE AGGRESSIVE BECAUSE YOU ALSO DON'T WANNA LEAVE MONEY ON THE TABLE.
THERE ARE A LOT OF TIPS IN THE OPPOSITE POSITION WHERE THEY'RE GONNA TERM, THEY'RE GONNA CAP OUT YEARS BEFORE THEIR TERM ENDS.
SO YOU CAN HAVE THE OPPOSITE PROBLEM WHERE YOU'VE COLLECTED SO MUCH SO QUICKLY AND THE TIF MAY SAY YOU'RE GONNA, YOU CAN EXPIRE IN 2030, BUT YOU'VE ALREADY CAPPED OUT.
SO WHEN YOU'RE CREATING THIS AND YOU'RE, YOU KNOW, YOU'RE WORKING OFF A 20 YEAR PROJECTIONS, THIS ONE WAS PRETTY AGGRESSIVE HOPING FOR A LOT OF GROWTH BECAUSE THERE WAS A LOT TO DO.
SO WE LIKELY WILL NOT EVER GET TO THAT BUDGET, BUT I THINK WE CAN STILL GET A LOT DONE EVEN WITHOUT EVER REACHING THAT FULL MAX.
DOES THAT MAKE SENSE? WE JUST, IN THE FINAL YEARS NEED TO BE CONSCIENTIOUS THAT WE DON'T WANNA MAKE PROMISES THAT WE CAN'T FULFILL, BUT WE, I DON'T THINK WE NEED TO WORRY ABOUT THAT QUITE YET.
DOES THAT HELP ANSWER QUESTIONS OR DO YOU HAVE ANY FOLLOW UP? OKAY, I'VE GOT QUESTIONS.
UM, BUT SO I'M NOT A DEVELOPER, I'M NOT REAL ESTATE, I DON'T HAVE A BUSINESS IN THE AREA, BUT I LIVE, YOU KNOW, A BLOCK FROM FORT WORTH AVENUE.
I'VE GOT LITTLE KIDS I'M ON FOR BY FOURTH AVENUE EVERY DAY.
AND I THINK CHAD ASKED ME TO JOIN JUST TO HELP FIGURE OUT WHAT CAN WE DO TO MAKE THIS THE BEST PLACE POSSIBLE, RIGHT? ONE THING I'M REALLY EXCITED ABOUT IS THE HAROLD SIMMONS PARK THAT'S IN OUR TIFF.
RIGHT? LIKE I, AND THAT SEEMS LIKE A TREMENDOUS OPPORTUNITY TO DEVELOP AROUND THAT OR THINKING ON COMMERCE AND BECKLEY AND THOSE AREAS AROUND.
SO IS THAT LIKE A, I DUNNO WHEN THE PARKS' GONNA BE GROUNDBREAKING SOON, RIGHT? AND YEAH, SO IS THAT, IS THAT, IS THAT SOMETHING WE CAN SAY, HEY IN 2025 WE WANNA START THINKING HOW WE CAN DEVELOP AROUND THERE, WHAT WE CAN DO WITH THIS BOARD TO SUPPORT THAT? YES.
AND THERE'S, UM, WHEN YOU GET INTO THE HAROLD SIMMONS PARK, YOU'RE RIGHT THAT SOME OF IT IS KIND OF FORT WORTH AVE TIP, DISTRICT TERRITORY, SOME IS SPORTS ARENA, TIFF, DISTRICT TERRITORY.
SO I THINK IT WOULD BE ABSOLUTELY FAIR FOR ME IF YOU WANT AND YOU WOULD MAKE A MOTION OR I CAN JUST PUT IT IN MY NOTES TO ADD AS PART OF THE WORK PROGRAM, UM, BECAUSE STAFF HAS BEEN IN COMMUNICATION WITH, YOU KNOW, THE HAPPENINGS OF, OF WHAT'S OCCURRING.
SO I THINK IT IS FAIR TO ADD IN THE WORK PROGRAM, UM, COORDINATION WITH HAROLD SIMMONS PARK AND IT'S ADJACENT DEVELOPMENT OR SOMETHING.
SO IF I WAS A DEVELOPER, I MEAN I'M LOOKING AT ALL THAT OPPORTUNITY ON COMMERCE THAT'S, YOU THINK OF ALL THE TRAFFIC THAT'S GONNA BE BROUGHT THERE, THE VISITORS, EVERYTHING.
SO HOW CAN WE SUPPORT THAT AND KEEP IMPROVING, YOU KNOW, COMMERCE STREET, ESPECIALLY DOWN THAT WAY.
IS THAT SOMETHING YOU'D LIKE ME DOWN? YEP.
IS THAT A YEAH, WE OPPOSE THAT IDEA OR DOES THAT NOT MAKE SENSE TO ANYBODY? WELL IT SOUNDS LIKE WE HAVE A, UH, PRETTY HIGH GOAL.
SO IF WE'RE LOOKING FOR COOL OPPORTUNITIES, YEAH, I LIKE THAT.
AND I ALSO LIVE NEAR THE NEAR THAT UM, WE
[00:25:01]
NEED TO BE FRIENDS 'CAUSE I LIVE VERY CLOSE THERE ALSO DEVIN'S RIGHT OFF DOWN THE STREET AS WELL, SO.AND THEN ANOTHER LIKE, I THINK IS 30 SO THAT'S ONE OF THE BIG SUCCESSES HERE, BUT AGAIN, I DON'T KNOW MUCH, BUT I SEE FIVE BUSINESSES CLOSE THERE AND IT SEEMS LIKE IT'S STRUGGLING AND IS THAT WHAT WE'VE DONE OUR PART AND THERE'S NOTHING ELSE WE CAN DO IF WE, WE'VE GOT MONEY, THERE'S NO WAY WE CAN START THAT NOW OR YEAH.
SO THAT, THAT IS CHALLENGING AND UM, A LOT OF OUR PROJECTS HAVE, ESPECIALLY OUR NEWER PROJECTS, THIS IS QUITE A BIT OF AN OLDER PROJECT, BUT OUR NEWER PROJECTS HAVE AN ONGOING OCCUPANCY REQUIREMENT, BUT THOSE ARE TYPICALLY FIVE YEARS.
I MEAN I WORKED CITY CENTER FROM THE NINETIES AND IT WAS SO, YOU KNOW, IT'S FRUSTRATING 'CAUSE YOU GET ALL THESE RESIDENTS AND THEN YOU HAVE THE GROUND FLOOR STILL UNACTIVE.
SO, UM, AT SOME POINT IT IS, WE'VE PAID OUT IF THEY'VE MET THE TERMS OF THE DEVELOPMENT AGREEMENT.
WE DON'T HAVE A LOT OF SAY AFTER, AFTER THAT DEVELOPMENT AGREEMENT EXPIRES.
WHY ISN'T BELMONT, I'M SURE THERE'S A BIG STORY AROUND, BUT WHY IS THE BELMONT NOT INCLUDED? I BELIEVE IT WAS NOT INCLUDED OR MY GUESS ON IT IS WHEN WE ARE CREATING A TIF DISTRICT, WE'RE LOOKING FOR OPPORTUNITIES AND PARCELS THAT WE ANTICIPATE WILL GROW OVER TIME.
AND SOMETIMES IF WE FEEL LIKE A PROJECT'S KIND OF AT ITS PEAK AND IT MIGHT START DEPRECIATING, WE DON'T GRAB IT BECAUSE IT CAN DRAG DOWN THE VALUES.
SO IT WAS ACTIVE AT THE TIME, IT WAS VERY ACTIVE AND VERY, YES.
SO TIP DISTRICTS, IT TAKES A PUBLIC HEARING, BUT THEY CAN CHANGE THE BOUNDARY AS YOU CAN SEE BY ADDING THIS.
SO I WOULDN'T SAY IT WAS OUT OF THE REALM OF THE POSSIBILITY THAT IF SOMETHING CAME ABOUT THAT IT CAN BE ADDED.
UM, I ALWAYS LOVE THE BELMONT TO BE ADDED.
I'M SURE SOMEBODY HAS A PRIVATE PLAN FOR THAT RIGHT NOW, RIGHT? YEAH, IT'S PRIVATELY OWNED, BUT WE WOULDN'T, UM, PROACTIVELY GO GRAB IT INTO THE TIF.
BUT IF THERE'S A DEVELOPER, AND I'M SPEAKING WITHOUT, YOU KNOW, TALKING TO ANY OTHER CITY STAFF OR ANYTHING, BUT YOU KNOW, IF THERE'S DEVELOPMENT INTEREST AND IT DOESN'T PENCIL OUT AND THERE'S A GAP, UM, THEN IT IS SOMETHING WE WOULD LIKELY LOOK AT.
UM, BACK TO THE SYLVAN 30, LIKE I TOTALLY KNOW THAT WE CAN'T, YOU KNOW, CALL IN ON LIKE, HEY YOU'RE NOT, WE DON'T HAVE THE OCCUPANCY, UM, COVENANT THERE AND IT'S NOW WITH I THINK CROW HOLDINGS INSTEAD OF OCA NEW OWNERSHIP.
UM, ARE THERE ANY WAYS TO USE TIFF AS A VEHICLE TO SUPPORT AT THE BUSINESS LEVEL OR INCENTIVIZE? DO LIKE SMALL DEALS WITH LOCAL BUSINESSES? WE TYPICALLY TAP INTO OTHER, UM, RESOURCES.
THIS ISN'T, THIS TIFF IS USED FOR REAL ESTATE AND NOT, WE DON'T HAVE A JOB CREATION.
WELL THAT'S NOT REALLY OUR FORTE.
UM, OKAY THEN BACK TO CITY CENTER, BACK IN THE LATE NINETIES WE TRIED TO INCENTIVIZE BUSINESSES AND UM, YOU KNOW, LESSONS LEARNED.
THEY LEAVE IN THE MIDDLE OF THE NIGHT AND YOU KNOW, THERE GOES SOME MONEY.
SO, YOU KNOW, IT'S, YES YOU CAN GRANT OVER TIME, BUT YOU STILL CAN'T, YOU KNOW, ASSURE LONG-TERM STABILITY THERE.
SO WE REALLY HAVE KIND OF GOTTEN OUT OF THE BUSINESS OF INCENTIVIZING THE RETAILER BUT INSTEAD THE BUSINESS, OR I'M SORRY, THE PROPERTY OWNER INSTEAD.
ANYTHING ELSE? WE HAVE A MOTION TO APPROVE AND FORWARD RECOMMENDATION OF APPROVAL TO CITY COUNCIL WITH THE ADDITIONS THAT WERE DISCUSSED EARLIER AND THE CAVEAT OF ALLOWING CAVEAT ALLOWING MINOR, MINOR CHANGES.
[00:30:03]
I DUNNO WHAT'S GOING ON BECAUSE WHAT DOES LOOK LIKE? HE'S ON MUTE.IT DOESN'T LOOK LIKE YOU'RE ON MUTE, BUT WE CAN'T HEAR YOU.
SEE YOU ARE WORKING ON SOMETHING.
I DON'T KNOW IF I GET CHAD'S UM, IF SOMETHING WRONG WITH AUDIO.
WERE YOU JUST, WERE YOU JUST APPROVING OR DID YOU HAVE A COMMENT TO ADD ONE FOR YOU HAVE A MOTION TO MAKE TWO.
THE CLARITY ON THE ADDED ITEMS, THE ADDED ITEMS WERE TO ADD IN, UM, TO THE PLAN GOALS TO HAVE COMMUNICATION WITH THE PARK AND THE DEVELOPMENT AROUND THE HAROLDSON PARK.
SO, AND, AND SOMEONE SHOULD PROBABLY MAKE A MOTION WITH THESE ITEMS AND THEM.
BUT WHAT THE SUGGESTED SUGGESTED MOTION WOULD BE, UH, APPROVAL, UM, WITH THE ADDITION AND THE 24 25 WORK PROGRAM COORDINATION WITH HAROLD SIMMONS PARK AND ADJACENT DEVELOPMENT OPPORTUNITIES AND SUBJECT TO MINOR, UM, MODIFICATIONS TO THE PLAN.
DOES ANYONE WANNA MAKE THAT MOTION? I SO MOTION JUST TO MAKE THAT WELL YOU'RE NOT ALLOWED TO MR. PRESIDING OFFICER MOTION.
SPEAK UP IF YOU HAVE A SECOND PLEASE.
I LIKED, I LIKE THAT BUT I DON'T THINK TEXAS OPEN MEETINGS REQUIREMENTS WOULD, I'M, I'M FULL SUPPORT TO MOTION.
UH, ALL IN FAVOR OF APPROVAL? AYE.
YOU CAN RAISE YOUR HAND FOR AYE.
I THINK I SAW EVERYONE WHAT YOU WANNA ASK.
ANY OPPOSED? THAT LATE APPROVAL OR OPPOSED? THAT WAS OKAY.
NUMBER SIX ON HERE IS TO REVIEW AND CONSIDER A QUARTERLY MEETING SCHEDULE FOR THIS BOARD, UM, FOR THE COUNTY HONOR ONLY BE HELD WITH THE BOARD AND ACTION ITEMS TO CONSIDER.
SO I JUST USED THE SAME 4:00 PM ON TUESDAYS EACH QUARTER.
AS MR. TEFI NOTED, WE TYPICALLY DON'T MEET UNLESS WE HAVE ACTION TO CONSIDER.
CITY SECRETARY'S OFFICE LIKES US TO KEEP A TIGHT CALENDAR.
FOR NOW, WE CAN ALWAYS CALL A SPECIAL MEETING.
UM, IF THIS DOESN'T WORK FOR AN ACTION ITEM, WE NEED TO CONSIDER ANY SUGGESTED CHANGES OR JUST WANNA APPROVE FOR NOW AS IS AND WE CAN WORK ON IT LATER AS NEED BE THERE.
I THINK LOUISE, WE WILL COUNT HIS HAND UP.
I SEE THAT AS MR. TEMA GIVING THE MOTION TO APPROVE.
ALL IN FAVOR OF APPROVAL? AYE.
THANK YOU EVERYONE WHO MAKES THE CALL ON IF WE HAVE THESE MEETING? LIKE ARE YOU DECIDING? HEY, DID WE SAID ANYTHING? SO COUPLE WEEKS I'M GONNA CANCEL.
AND I'M, I'M WON'T EVEN PLACE HIM ON YOUR CALENDAR.
SO JUST ASSUME, I MEAN, IF, IF THAT'S YOU, YOU'LL YES.
I'LL ALWAYS LET YOU KNOW AND AS MUCH, AND SO I APOLOGIZE FOR LIKE ALL THE CALENDAR NOTICES, BUT I LIKE TO GET IT IN THERE, YOU KNOW, LIKE THREE WEEKS OR A MONTH IN ADVANCE AND THEN IT TURNS INTO THE ACTUAL MEETING INVITES.
SO THAT'S TYPICALLY WHAT HAPPENS IS LIKE PLACE PENCIL IN THE STATE.
UM, IS THERE A REQUIRED MINIMUM? LIKE WE HAVE TO LIKE MEET ONCE NEXT YEAR OR TWICE? WE DON'T.
UM, BUT WE, WE ALWAYS LIKE AT LEAST MEETING IN DECEMBER TO GO THROUGH ANNUAL REPORT.
HOPEFULLY WE'LL HAVE SOME ACTION.
IS THERE ANY BENEFIT? I I'M DEFINITELY NOT ONE TO HAVE A MEETING FOR NO REASON, BUT GETTING US TOGETHER AND TRYING TO SAY, OKAY, WE GOT MONEY, LET'S DO SOMETHING WITH IT.
LET'S CREATIVELY THINK, LET'S PUSH THE, YOU
[00:35:01]
KNOW, AGENDA OR LET'S GET SOME THINGS HAPPENING, RIGHT? YES.IF WE JUST DON'T TALK UNTIL FOR A YEAR.
I KNOW STUFF COULD HAPPEN BUT WE'RE NOT TRYING.
SO A LOT OF TIMES WE ARE REACTIVE WITH THE DEVELOPMENT AND A LITTLE BIT MORE PROACTIVE WITH KIND OF THE DISTRICT WIDE FUNDS AND THERE UM, ARE SOME ONGOING DISCUSSIONS ON USE OF DISTRICT WIDE FUNDS AND I WOULD BRING THAT TO YOU IF THAT'S STARTING TO BAKE.
UM, BUT THAT DOESN'T MEAN THAT YOU ALL INDIVIDUALLY, YOU KNOW, IF YOU, YOU GUYS ARE THE ONES IN THE COMMUNITY MM-HMM
I THINK THAT UNLESS WE'RE GONNA HAVE LIKE A PLANNING CHARETTE, WHICH IS TYPICALLY NOT WHAT THE TIF BOARD DOES, WHERE YOU'RE JUST KIND OF THROWING THINGS IN THE AIR THAT TYPICALLY DOESN'T WORK.
AND FOR THIS BOARD IT'S MORE LIKE, HEY, I'VE NOTICED THAT YOU KNOW, THE WHATEVER FACILITY IS WAS BUILT IN THE FIFTIES AND REALLY NEEDS AN UPGRADE.
IS THAT SOMETHING THAT TIFF CAN DO? YOU KNOW, THAT'S SOMETHING THAT WE WOULD TAKE A LOOK AT.
AND THAT'S KIND OF WHAT I WAS REFERENCING IS THE MORE WE'RE TOGETHER, THE MORE THERE'S IDEAS LIKE THAT THAT COULD COME UP.
LIKE SIMMONS, ANYTHING ELSE? YOU WANNA GO AHEAD AND ADJOURN US? YEAH, IF THERE'S NOTHING ELSE THEN WE'RE ADJOURNED AT 4 43.