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SO WE'LL GO AHEAD AND CALL THE
[Dallas Grand Park South TIF District Board of Directors Meeting on December 5, 2024.]
GRAND PARK SOUTH TIF BOARD TO ORDER ON DECEMBER 5TH, 2024 AT 2:06 PM AND I'LL TURN THE MEETING OVER TO OUR CHAIR.UH, WE HAVE AFTERNOON, AFTERNOON.
WE HAVE SEVEN ITEMS TO GO THROUGH TODAY.
UH, I BELIEVE THREE THROUGH SEVEN.
WE'LL HAVE RECOMMENDATION OR WE'LL HAVE ACTIONS THAT WE NEED TO RESPOND TO.
SO, NUMBER, UH, THREE IS DID EVERYBODY GET AN OPPORTUNITY TO READ, UH, THE MINUTES FROM THE LAST MEETING? YES, I READ THE MINUTES, BUT I JUST, I'M TRYING TO DETERMINE, MR. CHAIRMAN, WHEN, WHEN IT'S APPROPRIATE TO ASK A QUESTION.
I GUESS AFTER, UH, AFTER THEY MOVED IN SECOND, I GUESS.
WELL BEFORE IF THERE'S AN ERROR.
NOW, NOW IT'S NOT AN ERROR, JUST A QUESTION RELATED TO OKAY.
UH, UH, UH, RELATED TO THE STATUS AND THE PROGRESS OF THE, UH, OF THE HOME REPAIR, UH, LOAN.
SO WE CAN DO THAT AFTER THE MEETING.
I THINK WE'RE GONNA TALK ABOUT, WE GONNA, WE'RE GONNA TALK ABOUT THAT IN, IN A MOMENT.
I KNOW THAT'S A PART OF THE MINUTES AS WELL.
UH, SO DO I HAVE A MOTION TO APPROVE THE MINUTES, UH, FROM OUR LAST MEETING OF MAY 2ND? SO MOVED.
ALL ALL IN FAVOR? A, A SECOND TO ACCEPT THE MINUTES FROM MAY THE SECOND.
ALRIGHT, SO WE'RE GONNA MOVE AHEAD TO NUMBER THREE.
AND, UH, SUE IS GOING TO HELP US WITH THAT IS TO REVIEW AND CONSIDER THE, UH, EXCUSE ME, WE'RE GONNA MEET, WE'RE GOING TO NUMBER FOUR TO REVIEW AND CONSIDER THE REQUEST FROM VECTOR STUDIES LLC.
SO I DON'T SEE, UM, ANY REPRESENTATIVES FOR, UM, DR. MORGAN ON THE LINE YET.
SO I WAS GONNA SUGGEST THAT WE MIGHT SKIP AHEAD TO THE ANNUAL REPORT ITEM AND THEN SEE IF DR. MORGAN OR HER PROJECT MANAGER MIGHT JOIN US, UM, IN A FEW MINUTES IN CASE THERE'S QUESTIONS.
WELL, BUT CAN WE ASK A QUESTION NOW TO YOU THAT, THAT, THAT YOU MIGHT KNOW? WE JUST WANNA WAIT TO HER AS RELATES TO, UH, I JUST WANNA KNOW HOW MUCH FUNDING, UH, HAS BEEN DESIGNATED.
UM, I WILL, IT'S ACTUALLY IN THE ANNUAL REPORT, SO WE WANT JUST GO AHEAD, JUST JUMP INTO THAT.
UM, ILEANA, ARE YOU ABLE TO PULL UP THE PRESENTATION WITH THE, AND WE CAN KIND OF LIKE MOVE INTO THE ANNUAL REPORT PART OF THE PACKET? OKAY.
UM, YEAH, IF YOU CAN KIND OF SKIP PAST THIS, 'CAUSE WE'LL GET TO THIS LATER.
SO, UM, HOPEFULLY YOU HAD A CHANCE TO REVIEW, UM, THE ANNUAL REPORT.
THERE'S A FEW, UM, MINOR THINGS LIKE ADMINISTRATIVE COSTS THAT, UM, HAVEN'T BEEN CAPTURED YET.
UM, AND THERE'S STILL SOME INTERNAL REVIEW, UM, GOING ON BEFORE IT'S FINALIZED, UM, FOR COUNCIL IN, UM, FEBRUARY.
BUT WE CAN GO AHEAD AND KIND OF HIT THE HIGHLIGHT.
SO IF YOU CAN, UM, GO AHEAD IN ADVANCE.
I MUST HAVE MISSED THAT PORTION.
ELIANA, CAN YOU EXPAND IT? CAN YOU ENHANCE IT? MAKE IT BIGGER? YEAH, I DON'T, CAN YOU MAKE IT ANY BIGGER ON THE SCREEN? IT LOOKS LIKE IT'S AS BIG AS IT CAN GET.
UM, IN TERMS OF JUST LIKE GENERAL, UM, HISTORY TODAY, UM, THE, UH, THE PROJECT THAT WE'LL BE TALKING ABOUT HERE SHORTLY, UM, WAS SOMETHING THAT WAS APPROVED IN 2023 INITIALLY.
I WON'T GO INTO THE DETAILS 'CAUSE WE'LL KIND OF COVER THAT.
UM, WE CAN SKIP FOR A COUPLE MORE PAGES.
MOST OF THIS IS, UM, INFORMATION THAT'S, UM, I'LL ACTUALLY GO BACK TO, THERE WE GO.
THIS PAGE, THIS IS ONE OF THE NEWER THINGS AND, UM, THIS WILL SHOULD HOPEFULLY ANSWER MS. DALE'S QUESTION.
SO, UM, AS YOU MIGHT RECALL, UM, YOU KNOW, AN EFFORT WAS MADE TO DIRECT SOME FUNDING FROM THE DEBELL TIF DISTRICT
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TOWARDS, UM, HOMEOWNER STABILIZATION, HOME REPAIR, DISPLACEMENT MITIGATION PROGRAMS IN THE HOUSING DEPARTMENT.SO, UM, YOU KNOW, THE RECOMMENDATIONS WERE MADE THAT THE GEOGRAPHY WAS REVIEWED.
UM, THE ACTUAL TRANSFER OF FUNDS, UM, INITIALLY WAS ANTICIPATED TO OCCUR IN JUNE AT COUNCIL, BUT IT WASN'T UNTIL SEPTEMBER.
SO, UM, IF YOU COULD SEE THIS OR IF YOU HAPPEN TO HAVE IT IN FRONT OF YOU, UM, IN HARD COPY, UM, THE BALANCE OF WHAT WAS TRANSFERRED FOR THE VERY FIRST, UM, YEAR OF THIS, UM, EFFORT, UM, WAS ABOUT 2.8 MILLION, 2.87 MILLION WAS TRANSFERRED, UM, BASED ON CITY COUNCIL ACTION IN SEPTEMBER.
UM, SO THAT'S LITERALLY JUST HAPPENED.
AND SO IN TERMS OF THE HOUSING DEPARTMENT DEPLOYING THOSE FUNDS, UM, THINGS ARE JUST GETTING STARTED.
SO THE, UM, THE ANTICIPATION WOULD BE, AT THE VERY LEAST BY NEXT YEAR'S ANNUAL REPORT, WE WOULD HAVE INFORMATION AS TO HOW THOSE FUNDS HAVE BEEN DEPLOYED.
THINGS LIKE THE NUMBER OF APPLICANTS AND THAT TYPE OF THING, BUT THE TRANSFERS LIKE LITERALLY JUST HAPPENED.
SO HOPEFULLY THAT KIND OF ANSWERS YOUR QUESTIONS, RIGHT? BUT CAN I, UH, ASK ANOTHER QUESTION JUST, JUST TO HELP REFRESH MY MEMORY NOW.
WHAT IS THE ACTUAL BOUNDARIES OR THE GEOGRAPHY WITH RESPECT TO, YOU KNOW, WITH RESPECT TO WHERE THIS MONEY WOULD BE TARGETED, I JUST WANNA MAKE SURE THAT THE HOME REPAIR IS TARGETED WITHIN OUR TIFF AREA.
AND SO CAN YOU YEAH, I CAN, I CAN SEND THAT MAP AGAIN, BUT IT'S ESSENTIALLY, IT COVERS THE ENTIRE TIFF DISTRICT PLUS, UM, MOST OF WHAT WAS PART OF HOUSING'S, UM, TARGETED FUNDING AREA, UM, THAT SURROUNDS, UM, THE GRAND PARK SOUTH AREA.
SO AREAS LIKE, UH, QUEEN CITY AND THE FOREST DISTRICT, AND I CAN'T REMEMBER HOW FAR EAST IT GOES.
UM, BUT YEAH, WE CAN DEFINITELY SEND THAT TO YOU, BUT IT DEFINITELY COVERS, UM, THE EXISTING TIP DISTRICT PLUS THE ADJACENT NEIGHBORHOODS WHERE MOST OF THE RESIDENTIAL, UM, IS LIKELY LOCATED.
BUT COULD YOU JUST SEND THAT TO, TO ME AGAIN, I JUST NEED TO REFRESH MY MEMORY.
UH, UH, UH, SO, SO WE CAN, BECAUSE THE INTENT IS FOR THE MONIES TO BE CLEARLY DIRECTED THERE.
AND, AND THE STAFF NEEDS TO SOMEHOW, UH, IDENTIFY A WAY THAT THAT WOULD TAKE PLACE AND WE REALLY NEED TO PERHAPS TALK TO, AT THE APPROPRIATE TIME, PUT IT ON THE AGENDA TO TALK TO THE HOUSING STAFF AS RELATES TO HOW THEY PLAN TO ENSURE THAT, THAT THOSE MONIES ARE DIRECTED, UH, TO THE TIFF AREA.
ONE OF THE THINGS, WE WORK CLOSELY WITH THEM ON THE MAP BOUNDARIES SO THAT THEY COULD, UM, TRACK THAT THEY, THEY HAVE A, UM, A GEOGRAPHIC INFORMATION PERSON IN THEIR OFFICE.
AND SO THEY WILL BE TRACKING APPLICATIONS BY GEOGRAPHY THROUGH, YOU KNOW, THEIR MAPPING SOFTWARE.
UM, I COULD TALK TO THEM ABOUT POTENTIALLY DOING SORT OF LIKE A MIDYEAR UPDATE JUST DEPENDING ON, UM, HOW, YOU KNOW, MUCH ACTIVITY'S OCCURRING MAYBE BY MIDYEAR.
AND THEN, UH, AND, AND, AND, AND I GUESS YOU'RE NOT THE APPROPRIATE PERSON AND, UH, AND THAT IS, UH, 'CAUSE OFTENTIMES, UH, TO, TO YOU AND TO CERTAIN THE MEMBERS, OFTENTIMES PEOPLE, UH, DON'T QUALIFY BECAUSE THEY DON'T HAVE AN INDIVIDUAL, UH, I SHOULD SAY OMBUDSMAN, TO WORK WITH THAT SENIOR CITIZEN TO HELP THEM, UH, GATHER THE DOCUMENTS AND TO COMPLETE THE APPLICATION.
AND SO I WAS, AND THAT'S A PROBLEM WITH THE, WITH, WITH THE, UH, PROGRAM IN GENERAL.
AND SO I WAS JUST TRYING TO MAKE SURE THAT IF THAT PERHAPS, UH, PART OF THIS HOME REPAIR PROGRAM CAN BE THAT OMBUDSMAN WHO COULD HELP PEOPLE GO THROUGH THAT PROCESS.
'CAUSE THAT'S A MAJOR PROBLEM THAT, THAT
IS THAT CORRECT? I THINK THAT, I THINK THAT MARKETING IS DEFINITELY SOMETHING THAT THEY HEARD ABOUT, NOT JUST FROM THE T BOARD, BUT FROM OTHER FOLKS, INCLUDING COUNCIL MEMBERS MEMBERS.
SO AS I RECALL, I THINK THEY WERE GONNA MAKE SOME EFFORT TO HAVE SOME SESSIONS IN THE COMMUNITY WITH THEIR STAFF PHYSICALLY THERE TO KIND OF HELP PEOPLE WALK THROUGH THE PROCESS.
BUT I COULD CERTAINLY FOLLOW UP AND TRY TO WELL, YEAH, YEAH, YEAH.
AND, AND, AND, AND I, I DO KNOW, NO DISRESPECT, MAN, I DO KNOW WHAT THEY DO AT, AT THIS PRESENT TIME.
AND WHAT THEY DO IS INSUFFICIENT AND, AND, UH, UH, BECAUSE SOMETIMES YOU MIGHT HAVE
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TO GO TO AN INDIVIDUAL'S HOME, THEY MIGHT NOT BE ABLE TO COME TO KING CENTER AND, AND, AND, AND, AND, AND HOPEFULLY THAT THEY WOULD'VE BROUGHT ALL THEIR DOCUMENTS.THIS REALLY TAKES A SERIOUS OMBUDSMAN TYPE OF ATTITUDE AND PRACTICE.
UM, SO ANYWAY, I'M NOT SO SURE THAT THAT, THAT WHAT THEY NORMALLY DO IS WHAT WE, IS WHAT'S SUFFICIENT.
AND SO, UH, I THINK WE MADE HIM AWARE OF THAT THE LAST MEETING THAT WE HAD.
AND, UH, THAT WAS ONE OF THE THINGS THAT HE WAS GOING BACK TO, UH, UH, SPEAK WITH THE, UH, THE PEOPLE THAT WORKED WITH HIM TO GET, UH, MORE PEOPLE TO GO OUT AND HELP TO, UM, GO THROUGH THE PROCESS OF ALL THE PAPERWORK AND THINGS OF THAT NATURE.
SO I, I, I BELIEVE THEY KNOW ABOUT IT.
WE JUST NEED TO GET AN UPDATE TO SEE IF THERE'S ANY THINGS THAT THEY'VE ADDED IN ORDER TO, UH, MAKE SURE THAT PEOPLE ARE GETTING TAKEN CARE OF IN OUR, OUR DISTRICT.
AND I GUESS I DON'T WANNA CONTINUE TO PURSUE THIS, BUT, BUT, BUT THIS, I'M QUITE FAMILIAR WITH THIS PROCESS,
AND SO, UH, UH, UH, AND I GUESS BECAUSE IN, UH, WE, WE REALLY NEED TO OURSELVES SIT DOWN WAY BEFORE OUR NEXT MEETING TO DETERMINE, I MEAN, IT MIGHT NOT BE ALL OF US, BUT, BUT, BUT, BUT, BUT MAYBE, YOU KNOW, TWO OR THREE OF US.
AND, AND JUST TALK TO STAFF AS RELATES TO WHAT, HOW WE SEE IT, HOW WE THINK IT SHOULD BE DONE.
THIS IS NOT JUST A MARKETING COMPONENT.
UH, IT'S, AND SO I DON'T EVEN KNOW WHAT'S IN THE BUDGET BECAUSE SEE, THIS IS MONEY FROM THE TIF.
WE MIGHT HAVE TO HAVE DIFFERENT RULES AND DIFFERENT REGULATIONS TO SERVE OUR CONSTITUENTS.
SO, SO, SO HOW, SO HOW SHOULD THAT TAKE PLACE, MR. CHAIRMAN OR, OR ANYBODY ELSE? PLEASE WEIGH IN.
I'LL FOLLOW UP WITH THEIR STAFF AND KIND OF, UM, YOU KNOW, SHARE THESE ADDITIONAL CONCERNS AND QUESTIONS.
UM, KIND OF GET THE SENSE OF LIKE, YOU KNOW, WHAT THEIR GAME PLAN IS.
'CAUSE THEY'VE HEARD THIS SAME CONCERN, NOT JUST FROM, FROM THIS VENUE, BUT I, I THINK COUNCIL MEMBERS AS WELL, AND KIND OF FIND OUT WHERE THEY'RE AT IN THAT PROCESS.
AND THEN ALSO SUGGEST, UM, THAT MAYBE WE PLAN ON LIKE OUR MIDYEAR, UH, MEETING, WHICH I THINK IS MAYBE APRIL OR MAY SEE WHERE THEY'RE AT WITH, UM, THEIR PROGRESS TO DATE.
THAT MIGHT BE SOMETHING THAT THEY'D BE AMENABLE TO.
CAN I SUE? I, I COMPLETELY AGREE THAT A, A MID-YEAR UPDATE WOULD BE GOOD, JUST JUST BECAUSE THEY JUST GOT STARTED.
UM, AND THAT WOULD BE A, AN APPROPRIATE TIME TO COME BACK AND LET US KNOW HOW THEY'VE DONE.
UM, SUE, I, I MEAN, I'M IN AGREEANCE WITH WHAT EVERYONE'S SAYING, UH, BUT I DO BELIEVE, UH, BECAUSE THIS IS A UNIQUE OPPORTUNITY FOR, UH, WELL, I'M, YOU KNOW, I'M, I'M FAVORED TO SOUTH DALLAS, UH, FOR RESIDENTS, UH, THAT ARE IN THIS COMPETITIVE POSITION.
AND WITH US HAVING THIS OPPORTUNITY WITH MORE MONEY FOR THE NEEDS OF SOUTH DALLAS, THERE, THERE ARE PEOPLE THAT STILL ARE NOT AWARE AND DO NOT HAVE THE DOCUMENTATION NECESSARY, UH, TO SUPPORT THE PROCESS TO GET THROUGH IT.
AND SO I DO BELIEVE THAT STAFF WHO MAY BE LOOKING AT THIS MAY NOT BE FULLY VERSED IN THE DYNAMIC, UH, FOR SOUTH DALLAS.
AND I THINK, UH, THE ONLY THING MS. RAGSDALE IS TRYING TO SAY IS THAT THE PROCESS OF DEVELOPING THE ACCESS TO THESE FUNDS MAY NEED TO HAVE OUR ACTIVE PARTICIPATION SO THAT WE MAKE SURE IT'S OUR TRUEST EFFORTS TO REACH THE PEOPLE THAT TRULY NEED THE HELP.
I THINK WE'RE ALL SAYING THE SAME THING.
UH, APPRECIATE THAT WE'RE BEING SENSITIVE TO STAFF.
UH, WE'RE GONNA CONTINUE TO ALWAYS BE SENSITIVE TO THOSE THAT WE'RE OUT HERE TO SERVE, BUT WE DO NEED TO PROBABLY EXTEND A LITTLE BIT MORE OF A HELPING HAND, UH, TO THESE, UH, CONSTITUENTS, UH, THAT ARE NOT AWARE AND DON'T HAVE THE ADEQUATE INFORMATION TO SUPPORT THE PROCESS AND THOSE THAT MAY NEED US TELLING THEM SPECIFICALLY AND WALKING THEM THROUGH IT, UH, TO GET THEM THROUGH IT.
AND SO STAFF, WE WANT THEM TO MAKE SURE THEY UNDERSTAND IT SO THAT THE FRUSTRATION OF IT DOES NOT OVERCOME THE PROCESS AND NO ONE PARTICIPATES.
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SO WE, WE THINK THE INITIAL, THE INITIAL PART OF THEM PLANNING SHOULD INVOLVE, UH, PEOPLE THAT ARE SERVING ON THIS COMMISSION THAT CAN PROBABLY SHARE WITH THEM JUST THE DYNAMICS SO THAT THEY WILL HAVE A BETTER FEEL FOR THEIR PROCESS AS THEY MOVE FORWARD TO SIT DOWN AND WITH THE STAFF.I THINK IT MIGHT BE THOR OR IT MIGHT BE, I THINK IT'S THOR, WHOEVER'S OVER THE HOME REPAIR PROGRAM.
THOR WOULD BE SORT OF THE MAIN PERSON TO, FOR, AND I'LL BE HAPPY TO FOLLOW UP WITH HIM.
SO YEAH, WE JUST NEED TO SIT DOWN AND TALK TO HIM.
AND HE NEEDS TO KNOW THAT THERE'S A, WITHIN THIS GIVEN BUDGET, THAT HAS TO BE A PERSON AND OMBUDSMAN OR AN ADVOCATE OR A PERSON WHO WILL, WHO WILL HOLD THE HANDS OF INDIVIDUALS IN ORDER TO WALK THEM THROUGH THE PROCESS.
BUT YEAH, WE JUST NEED TO TALK.
SO THEY NEED TO, THAT, WITHIN THAT BUDGET, IT HAS TO BE A LINE ITEM.
BASED, BASED ON THE INFORMATION THAT WE JUST DISCUSSED, I THINK SUE'S GOING TO GET WITH THOR AND, UM, WE'LL PROBABLY GET AN UPDATE BEFORE MAY, UH, TO LET US KNOW THEIR PROGRESS IN MEETING SOME OF THESE, UH, CONDITIONS THAT WE'RE, WE'RE EXPECTING THEM TO BE ABLE TO DO.
YOU MIGHT CONSIDER ALIGNING SOME OF THE RESOURCES TO ENGAGING THE CDCS TO UTILIZE THEIR, THEIR RELATIONSHIP COMMUNITY TO, UH, GET THE WORD OUT WORD AS WELL AS WALK PEOPLE THROUGH THE PROCESS.
THAT, THAT WAS ONE OF THE THINGS THAT WE DISCUSSED IN THE LAST MEETING AS WELL.
AND I DON'T THINK ANY OF US WERE, UH, OKAY WITH THEIR PROCESS.
AND SO THAT WAS SOME OF THE THINGS THAT WE, UH, TOLD HIM WHEN HE CAME AND SAT HERE.
AND THOSE ARE SOME OF THE THINGS HE WAS SUPPOSED TO GO BACK AND, UH, DETERMINE HOW TO ADDRESS THOSE THINGS, HOW TO GET THE INFORMATION OUT TO THE PEOPLE, HOW TO, UH, GET THEIR APPLICATIONS COMPLETED.
AND, UH, WE EVEN TALKED ABOUT THE INSURANCE THING, THAT THEY GOT SOME OF THE RESTRICTIONS THAT, UH, THE CITY HAD.
SO THERE'S A LOT OF THINGS THAT WE GAVE HIM TO GO BACK AND DO.
UH, AND I BELIEVE EVEN IN OUR LAST MINUTES, IF WE WENT BACK AND READ IT, UH, I THINK WE RECOMMENDED THAT IT WAS LIKE 80 20, UH, ALL OF THESE DIFFERENT THINGS.
WE NEED TO GET AN UPDATE FROM HIM AS TO WHERE HE IS AND BASED ON THEM JUST, UH, ALLOCATING THE MONEY ON SEPTEMBER THE 25TH, THEN LET'S, LET'S JUST GET, UH, BACK WITH HIM AND SEE WHERE THEY ARE ON THESE PROCESS.
AND SO IF THEY HAVE NOT ENGAGED, UH, SOME OF THE QUESTIONS THAT WE HAVE, THEN, THEN, UH, I BELIEVE THAT WE'LL, WE'LL HAVE TO STEP IT UP AGAIN.
SO, UH, THIS IS JUST THE ANNUAL REPORT THAT WE'RE TRYING TO GET THROUGH.
AND, UH, SO THAT'S GOING TO HAVE TO BE DONE, UH, THROUGH SUE.
SUE'S GONNA CONTACT THEM AND GET AN UPDATE ON WHERE WE ARE, SOME OF THESE ISSUES THAT WAS JUST BROUGHT UP EVEN TODAY AND AT OUR LAST MEETING TO SEE IF ANYTHING HAS BEEN DONE.
IF NOTHING'S BEEN DONE, THEN WE'LL, WE'LL HAVE TO ESCALATE.
SO WE WILL, UM, ANOTHER THING, UM, JUST TO MENTION, WE COULD JUST GO BACK TO PAGE SEVEN REAL QUICK, OR ACTUALLY THIS IS, THERE WE GO.
UM, SO ONE OF THE THINGS THAT WE ADDED NEW FROM LAST YEAR, THERE'S A COUPLE OF INITIATIVES THAT COULD BE OF BENEFIT TO THE, THE TIP DISTRICT.
THE TIP DISTRICT IS NOT INVOLVED WITH THESE DIRECTLY, BUT JUST SO YOU'RE AWARE OF THEM.
THERE WAS A, UM, A FEDERAL GRANT, UM, AWARDED TO THE CITY TO DO SOME PEDESTRIAN SAFETY IMPROVEMENTS ALONG MLK, UM, BOULEVARD, STARTING AT LIKE THE CEDAR CREST BRIDGE ALL THE WAY TO, UM, ROBERT CULLUM.
UM, THE FUNDING HAS JUST BEEN AWARDED, SO, UM, IF ANY OF YOU THAT ARE, HAVE BEEN INVOLVED WITH FEDERAL PROGRAMS, YOU KNOW, THERE'S A LOT OF STEPS INVOLVED WITH GETTING A GRIEVANCE IN PLACE AND THAT SORT OF THING.
SO ALL OF THAT IS JUST GETTING STARTED, BUT THERE HAS BEEN AN, AN AWARD TO DO PEDESTRIAN IMPROVEMENTS ALONG, UM, THAT STRETCH OF MLK BOULEVARD, UM, ABOUT 21 MILLION IN, UM, FEDERAL, UM, FUNDING FOR THAT.
SO WE'LL BE, UM, COLLABORATING WITH THE CITY'S TRANSPORTATION STAFF TO KIND OF TRACK THAT PROGRESS AS IT GOES FORWARD.
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SO NOT A WHOLE LOT OF INFORMATION TO REPORT OTHER THAN, UM, THAT, THAT INVESTMENT'S COMING.AND THEN IF YOU SKIP TO THE NEXT PAGE, UM, ANOTHER FEDERALLY FUNDED PROJECT IS, UM, RELATED TO THE MLK JUNIOR, UM, COMMUNITY CENTER, UM, SOME FUNDING TO, UM, DO SOME UPGRADES TO THAT FACILITY AS WELL.
UM, WE CAN THEN GO AHEAD AND SKIP TO, UM, PAGE NINE.
SO THIS IS JUST A QUICK SNAPSHOT OF THE, UM, THE CERTIFIED TAXABLE VALUE FOR THE DISTRICT FOR 2024 IS A LITTLE UNDER OVER 187 MILLION, UM, WHICH IS ABOUT 138% INCREASE OVER THE BASE YEAR, UM, AS AMENDED.
AND SO BASED ON, UM, THOSE VALUES AND THE PARTICIPATION OF THE CITY AND COUNTY, WE WOULD ANTICIPATE COLLECTING ABOUT $843,630 IN INCREMENTAL TAX REVENUE, UM, FOR TAX YEAR 2024, UM, TO DATE.
UM, BASED ON, UM, PROJECTS THAT HAVE OCCURRED IN THE DISTRICT THAT ARE EITHER COMPLETED OR PLANNED, UM, THERE'S ABOUT 98 MILLION IN NEW, UM, GROWTH AND INVESTMENT, UM, FOR THE DISTRICT.
UH, WE ALSO TRACK, UM, DART, UH, RIDERSHIP AT BOTH STATIONS.
UM, SO THAT INFORMATION IS IN THE REPORT.
UM, THE COVID PANDEMIC HAD AN IMPACT ON, UH, RIDERSHIP, YOU KNOW, IN THE DART SYSTEM.
IT DOES SEEM LIKE THERE'S BEEN SOME RECOVERY, UM, FOR RIDERSHIP NUMBERS.
OH, AND, UH, JUST JUMPING TO, UM, PAGE 11, UM, JUST NOTING THAT THERE ARE, UM, SOME ADDITIONAL, UH, RETAIL PROJECTS GOING ON IN THE DISTRICT.
THE, UM, THE DALLAS CLOUD KITCHEN OPENED, UH, LAST YEAR.
WE ALSO HAVE, UM, THE 1632 MLK BOULEVARD RETAIL PROJECT HAS BEEN UNDER RENOVATION.
IT'S VERY CLOSE TO COMPLETION.
UM, THERE'S ALSO, UM, THE FOREST THEATER, UH, RESTORATION, AND THERE'S A NEW GROUND UP CONSTRUCTION PROJECT CALLED MALCOLM'S POINT, UM, THAT'S, UM, PLANNED AND THEN, AND, UH, RECENTLY WAS APPROVED FOR SENTENCE, UH, IF YOU SKIP TO PAGE 12, YOU CAN SEE A PHOTO OF THE, UM, THE 1632 MLK, UH, PROJECT UNDER CONSTRUCTION EARLIER THIS YEAR.
THEY RECEIVED, UM, ECONOMIC DEVELOPMENT, UM, GRANT FUNDS THROUGH, UM, LAW PROGRAM.
BUT THEY DIDN'T RECEIVE TIFF MONEY THOUGH? NO, NO.
YEAH, THE ONLY, UM, TIFF DEVELOPMENT PROJECT DATE IS THE ONE WE'LL BE TALKING ABOUT, UM, IN A FEW MINUTES.
AND, UM, WE CAN SKIP TO PAGE 13.
UM, WE HAVE OUR YEAR END SUMMARY MEETINGS.
IT REFLECTS THAT THE, UH, THE TIF BOARD MET TWICE DURING THE FISCAL YEAR, AND WE'VE RECORDED, UM, THE ATTENDANCE OF THE BOARD MEMBERS.
UM, IF ANYONE HAS ANY, UH, QUESTIONS OR NOTICES, ANY DISCREPANCIES, JUST LET US KNOW.
UM, COUNSEL APPROVED, UM, TWO ITEMS DIRECTLY RELATED TO THE, UM, TIP DISTRICT IN, UM, THIS LAST FISCAL YEAR, THE ANNUAL REPORT.
AND THEN, UM, CAN SKIP TO PAGE 14.
UM, AND THE, UH, THE TRANSFER OF FUNDS RELATED TO THE HOUSING STABILIZATION EFFORT, UM, WAS, UM, OFFICIALLY, UM, APPROVED BY CITY COUNCIL IN SEPTEMBER.
THIS IS OUR, UM, TIP DISTRICT BUDGET.
AND AGAIN, THESE ARE, UM, ESTIMATES PRIMARILY LIKE WHAT THE BUDGET CAPACITY IS, BUT NOT NECESSARILY CASH BECAUSE THE, UM, THE DEVELOPMENT PROJECTIONS FOR THE DIF DISTRICT, UM, ARE KIND OF BEHIND WHAT THEY WERE ORIGINALLY.
UM, BUT THIS AT LEAST SHOWS THAT WE HAVE, YOU KNOW, CAPACITY, UM, IN THE DISTRICT.
UH, WE CAN GO AHEAD INTO PAGE 16, JUST MENTIONS THAT WE'LL CONTINUE TO, UM, SUPPORT EXISTING AND ENCOURAGE NEW DEVELOPMENT PROJECTS IN THE DISTRICT, INVESTIGATE ADDITIONAL SOURCES OF FUNDING, UM, CONTINUE TO PROVIDE SUPPORT FOR THE, UM, THE CITY'S BROWNFIELD, UM, EFFORTS IN THE AREA.
AND THEN WE CAN SKIP TO PAGE 17.
THIS IS, UM, THE BEGINNING OF THE FINANCIAL STATEMENTS.
THIS IS ACTUALLY THE ONLY PART OF THE REPORT THAT'S REQUIRED BY STATE LAW.
UM, ONE THING, AGAIN, AS I MENTIONED EARLIER, ARE, UM, ADMINISTRATIVE
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EXPENSES FOR THE LAST FISCAL YEAR ARE STILL PENDING.UH, WE DON'T ANTICIPATE THOSE BEING REALLY ANY DIFFERENT THAN PRIOR YEARS.
UM, WE DO HAVE STAFF FROM OUR, UM, FINANCE AND COMPLIANCE GROUP HERE.
IF THERE'S ANY SPECIFIC QUESTIONS ABOUT THE FINANCIAL STATEMENTS, UH, WE CAN THEN SKIP TO PAGE 20.
AND THIS IS NOTES THAT OUR ONLY, UM, TIP RELATED, UM, OBLIGATION IS OUR COMMITMENT TO THE LEGACY OF POPE PROJECT, UM, WHICH IS 2.3 MILLION.
UM, YOU KNOW, PENDING COMPLETION OF THE PROJECT.
UH, WE WOULD ANTICIPATE BEING ABLE TO FULLY, UM, PAY THAT PROJECT IN 2026.
UM, THERE'S CURRENTLY NO DISTRICTWIDE SET ASIDE, UH, PROJECTS.
AND THAT'S REALLY KIND OF THE, THE HIGHLIGHTS OF THE ANNUAL REPORT AND HAPPY TO ANSWER ANY QUESTIONS.
HELLO? OH, UH, DR. MORGAN, WE'RE, UM, RUNNING THROUGH ONE ITEM, BUT WE'LL BE GETTING TO YOURS SHORTLY.
ANY QUESTIONS ON THE ANNUAL REPORT? RIGHT? IT IS JUST A CLARIFICATION FOR ME.
AND THAT IS THE, UH, UH, THE, THE BUDGET THAT'S IN THE ANNUAL REPORT IS FOR 2324.
THAT IS FOR THE LIFE OF THE DISTRICT.
SO THE OTHER SORT OF WHAT OUR, OUR BUDGET CAPACITY WOULD BE BASED ON MOSTLY FROM ORIGINAL PROJECTIONS PLUS, UM, WHEN WE EXPAND THE DISTRICT IN 2021, WE, WE TOOK ANOTHER LOOK AT THAT, BUT WE WERE SO FAR BEHIND THAT EVEN WHEN WE EXPANDED THE DISTRICT, WE KIND OF LEFT THE CAPACITY WHERE IT IS.
SO THAT'S OVER THE LIFE OF THE DISTRICT IN TERMS OF WHAT THE FULL CAPACITY WOULD BE.
SO THAT'S KIND LIKE YEAR TO DATE, IF YOU WILL.
UH, MEANING NOT YEAR TO DATE, THE ONLY, THE ONLY REAL YEAR TO DATE IS IF YOU GO TO APPENDIX A AND THE FINANCIALS, THAT IS THE MORE REALISTIC YEAR TO DATE.
UM, IF YOU GO TO PAGE, UM, OKAY.
18, UM, AND YOU LOOK AT THE ITDA YEAR TO DATE, UM, THAT'LL SHOW YOU, UM, WHAT'S ACTUALLY BEEN COLLECTED YEAR TO DATE, WHICH IS, UM, ALONG WITH SOME INTEREST EARNINGS, LIKE 2.8 MILLION MM-HMM
THE, UH, IS THERE A TIME WHEN THE COMMITTEE DETERMINES WHAT THE BUDGET SHOULD BE OR TO ADJUST THE BUDGET, ET CETERA? UH, THE BUDGET IS, UM, YOU KNOW, TYPICALLY ESTABLISHED WHEN THE PROJECT PLAN IS, IS ADOPTED FOR THE DISTRICT, UNLESS IT'S AMENDED.
WHEN WE DID THE EXPANSION IN 2021, WE KNEW THAT WE WERE PRETTY FAR, FAR BEHIND.
SO WE DID NOT INCREASE THE CAPACITY.
WE WERE HOPING THAT WE COULD MAYBE CATCH UP, UH, WITH THE EXPANSION OF THE DISTRICT.
SO AT THIS TIME, THERE'S PLENTY OF CAPACITY.
UM, IT'S REALLY JUST A MATTER OF CAN WE GET SOME PROJECTS GOING? UM, YOU KNOW, AT SOME POINT AS WE GET CLOSER TO THE, THE LIFE OF THE DISTRICT, WHICH I THINK IS THROUGH 2035, WE MIGHT REEXAMINE AT THAT POINT, DO WE NEED TO DO ANY OTHER PLAN AMENDMENTS? BUT AT THIS TIME, WE HAVE PLENTY OF CAPACITY.
WE JUST REALLY NEED TO ENCOURAGE MORE, UM, DEVELOPMENT PROJECTS.
SO THAT'S REALLY OUR CEILING, IF YOU WILL, UM, OF WHAT WE COULD COLLECT, UM, AND SPEND.
BUT WE JUST, YEAH, WE JUST HAVEN'T GENERATED VERY MUCH.
AND I WAS JUST TALKING ABOUT THE LINE ITEMS IF WE WANTED TO MAKE AN ADJUSTMENT.
YEAH, THOSE ARE, UM, YOU KNOW, FAIRLY BROAD IN TERMS OF WHAT IS, UM, ALLOWED, UM, BY STATE LAW.
YOU KNOW, WE DO IN SOME OF OUR OTHER DISTRICTS, WE DO A LOT MORE, UM, TIF FUNDING IN A FORM OF A GRANT AS OPPOSED TO LIKE HARD INFRASTRUCTURE COSTS.
SO THAT'S SOMETHING WE'RE JUST, DEPENDING ON THE NEEDS OF THE DISTRICT, WE COULD REVIEW THAT, UM, IN THE FUTURE.
BUT, UM, WE DO HAVE MOST OF THE ELIGIBLE COSTS UNDER STATE LAW ALREADY COVERED BY THE BUDGET.
WELL, I, I JUST WOULD LIKE FOR US TO REVIEW, UH, THE LINE ITEMS AND THE AMOUNT ASSOCIATED WITH EACH LINE ITEM.
IF WE CAN MAKE, IF, IF WE DESIRE TO MAKE THOSE ADJUSTMENTS.
I MEAN, I'D JUST LIKE TO HAVE SOME, WE DON'T HAVE TO DISCUSS IT NOW.
WE COULD BE AT THE NEXT QUARTERLY MEETING, BUT I'M JUST SAYING FOR US TO REVIEW THAT AND TO DETERMINE IF WE WANTED TO MAKE ADJUSTMENTS TO THE LINE ITEMS WITHIN THE BUDGET THAT COMPRISE THE BUDGET.
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MM-HMMYEAH, I MEAN, WE COULD GO HAVE, WE COULD HAVE PROVIDE SOME BRIEFING INFORMATION AT OUR NEXT MEETING, UM, IN TERMS OF LIKE WHAT IS ELIGIBLE AND WHAT WE HAVE.
BUT AGAIN, I THINK WE DO HAVE A LOT OF CAPACITY AND I THINK WE'VE, WE'VE COVERED MOST OF THE THINGS THAT WE WOULD FEASIBLY BE ABLE TO, UM, SPEND TIP DOLLARS ON.
SO SINCE, SINCE WE HAVE CAPACITY, IS, IS THERE A PARTICULAR INITIATIVE THAT SPURS ON DEVELOPMENT PROJECTS OR THEY SORT OF HAPPEN ORGANICALLY? WELL, IT IS OFTEN ORGANIC.
I THINK THE BIGGEST CHALLENGE FOR THIS AREA, UNLIKE SOME OTHER TIP DISTRICTS, IS BECAUSE OUR FUNDING IS, UM, ON THE BACK END AFTER PROJECTS ARE COMPLETE AND REVENUE GETS GENERATED, PEOPLE HAVE TO HAVE A SOURCE OF CAPITAL UPFRONT.
THEY HAVE TO BE ABLE TO GET A LOAN OR A MEZZANINE FINANCING.
AND THAT'S BEEN, I THINK, THE BIGGEST CHALLENGE.
AND MAYBE THAT'S SOMETHING THAT WHEN THIS DISTRICT WAS ESTABLISHED IN 2005, WE WERE MAYBE A LITTLE BIT NAIVE ABOUT NOT REALLY REALIZING THAT THERE WOULD BE CHALLENGES WITH ACCESS TO CAPITAL UPFRONT.
SO I THINK THAT'S REALLY, THAT'S STILL THE BIGGEST CHALLENGE I THINK IN TERMS OF GETTING DEVELOPMENT GOING.
BUT THERE'S A LOT OF MOMENTUM IN THE AREA.
UH, WE'VE BEEN HAVING A LOT OF CONVERSATIONS ABOUT, UM, POTENTIAL DEVELOPMENT AROUND THE MLK DART STATION.
UM, WE'RE HOPING THAT MAYBE THAT CAN GAIN SOME TRACTION, UM, IN THE NEXT FEW YEARS.
BUT, SO THAT'S, I THINK THE BIGGEST THING IS, IS JUST ACCESS TO CAPITAL UPFRONT.
I, I WOULD JUST LIKE TO KNOW KIND OF, AND THIS WOULD BE MAYBE FOR A LATER MEETING, KINDA WHAT THE TYPES OF DEVELOPMENT PROJECT AND IF NOT JUST MAJOR DEVELOPMENTS, BUT WHAT OTHER TYPE OF, OF THINGS WE CAN USE TIFF FUND MONEY, UH, FOR EX I MEAN YOU MENTIONED AROUND THE DART STATION, UH, YOU KNOW, THERE IS A MAJOR SECURITY ISSUE OVER THERE AND ALL OF THAT.
SO I WOULD JUST LIKE TO HAVE A MA A LATER DISCUSSION, NOT NOW ABOUT KIND OF WHAT IS THE BROAD UMBRELLA OF WHAT WE CAN BE FUNDING.
ANY, ANY OTHER QUESTIONS CONCERNING THE ANNUAL REPORT? WE DO KNOW AGAIN THAT THE ADMINISTRATIVE COSTS HAVE NOT BEEN, UH, PUT INTO THE, UH, FINANCIAL AND APPENDIX A AND THAT ALWAYS GETS PUT IN LATER.
SO, UH, ARE THERE ANY OTHER QUESTIONS? ALRIGHT, WELL I NEED A MOTION TO SEND THIS ANNUAL REPORT REPORT FOR 2324 YEAR.
I ACCEPT THE ANNUAL REPORT FOR 2324 AS PRESENTED.
ONE OPPOSED IN IT THEN IT HAS BEEN APPROVED.
SO ILEANA, IF WE COULD GO BACK TO, UM, THE SUMMARY FOR LEGACY OF POPE.
SO, UM, THIS WAS PROVIDED IN THE BOARD'S PACKET AND I'LL, I'LL JUST KIND OF GO THROUGH IT.
AND THEN WE DO HAVE, UM, PROJECT REPRESENTATIVES ONLINE.
UM, DR. MORGAN AND I BELIEVE HER PROJECT MANAGER, UH, RODNEY
SO AS I MENTIONED EARLIER, THIS WAS, UH, THIS WAS THE FIRST, UM, DEVELOPMENT OF PROJECT THAT THE, UM, THE TIF DISTRICT, UM, COMMITTED FUNDING TO IN 2023.
UM, WE COMMITTED, UM, 2.3 MILLION TO SUPPORT THE LEGACY OF POPE, UH, DFW PROJECT, WHICH IS BASICALLY TAKING, UM, WHAT WAS A HISTORIC, UM, DOCTOR'S HOSPITAL ON
IT WOULD INVOLVE, UM, DR. MORGAN MOVING, UH, HER DENTAL PRACTICE THERE, AS WELL AS OTHER KIND OF WELLNESS ORIENTED TENANTS.
SO SINCE, UM, APPROVAL OF THE PROJECT, UM, HER INITIAL, UM, SOURCE OF A LENDER KIND OF FELL THROUGH.
SO SHE'S BEEN TRYING TO GO THROUGH SOME, UM, FINANCIAL RESTRUCTURING.
SHE'S ALSO HAD SOME DELAYS WITH HER PRE-DEVELOPMENT.
SO THE AUTHORIZING RESOLUTION, UM, HAD A DEADLINE FOR A
[00:35:01]
BUILDING PERMIT OF, UM, THIS MONTH SO THAT THAT'S NOT BEING ABLE TO BE MET.SO THE, UM, THERE WAS A PROVISION TO ALLOW, UM, THE DIRECTOR OF OUR OFFICE TO GRANT A 12 MONTH DEADLINE EXTENSION WITH APPROVAL FROM THE, FROM THE TIF BOARD.
SO WE'RE RECOMMENDING THAT 12 MONTH DEADLINE EXTENSION, UH, WHICH WOULD ALLOW HER BUILDING PERMIT DEADLINE TO GET MOVED TO, UM, DECEMBER, 2025, AND THEN COMPLETION OF THE PROJECT OF DECEMBER, 2027.
SO, UM, THAT AGAIN, THEY'RE AVAILABLE ONLINE FOR ANY ADDITIONAL QUESTIONS? UH, YES, THIS IS DR. MORGAN.
I'M HERE ONLINE AND MR. BIRCHFIELD IS HERE AS WELL.
AND WE ARE, WE CONTINUE TO BE EXCITED ABOUT THE PROJECT AND WE ARE, UM, JUST ASKING FOR, UM, AN EXTENSION TO, BECAUSE WE RAN INTO SOME HICCUPS, BUT WE ARE STILL COMMITTED TO THE PROJECT AND APPRECIATE EVERYTHING THUS FAR AND WE WOULD LIKE TO CONTINUE.
DO YOU THINK YOU HAVE ALL OF THE, UH, ROADBLOCKS, POTENTIAL ROADBLOCKS CONQUERED, UH, TO MEET THE NEW EXTENSION IN THE 12 MONTH PERIOD? WELL, UM, WE ARE IN THE POSITION TO GET THEM CONQUERED.
WE DIDN'T KNOW WHAT THE ROADBLOCKS WERE GOING TO BE UNTIL WE WERE AWARDED, UM, THE TIER FUNDS.
AND, UM, AS WE MOVED AWAY FROM THAT AND TRIED TO, UM, UH, GET, GO TO THE NEXT STEPS, THAT'S WHEN THE ROADBLOCKS OCCURRED.
SO WE ARE WORKING THEM OUT AND UM, UM, I FEEL VERY CONFIDENT THAT WE'LL BE ABLE TO WORK THEM OUT AND, UM, MEET AN EXTENDED DEADLINE DATE.
WHAT IS THE TOTAL, UH, AMOUNT OF THE PROJECT AND ARE YOU ANTICIPATING PRICE ESCALATION WITH THE REQUEST FOR THE EXTENSION? I'M SORRY, WOULD YOU REPEAT THAT PLEASE? WHAT IS THE TOTAL AMOUNT OF THE PROJECT AS ORIGINALLY, UH, PRESENTED AND WITH YOUR EXTENSION, ARE YOU ANTICIPATING PRICE ESCALATIONS AS A PART OF, UH, THE REQUEST? UH, I'LL LET RODNEY ANSWER THAT.
UH, THAT WAS ONE OF THE, UH, ONE OF THE REQUESTS THAT WE DID MAKE TO SUE AND, AND HER, HER TEAM, UM, YOU KNOW, BECAUSE WE DID FACE DR. MORGAN AND THE PRICE PROJECT DID, UM, WAS IMPACTED BY THE PANDEMIC AND PRICING.
YOU KNOW, WHEN THE PROJECT WAS INITIALLY SUBMITTED FOR A TIF CONSIDERATION, UM, THE PROJECT WAS ABOUT A MILLION DOLLARS LESS.
SO, UH, AT THE TIME, THAT PROJECT WAS PROBABLY ROUGHLY, UM, RIGHT AT $4 MILLION, 4.1 OR SOMETHING LIKE THAT.
UM, SO, UM, WE WENT AND, AND ALSO WHAT WHAT IMPACTED PRICE AS WELL WAS THERE WERE, UM, RECOMMENDATIONS THAT THE DESIGN TEAM WANTED TO SEE SOME, YOU KNOW, DESIGN ELEMENTS INCORPORATED INTO THE PROJECT.
AND THOSE, UH, DESIGN ELEMENTS WERE NOT, UM, WERE NOT ESTIMATED BY THE GENERAL CONTRACTOR IN THAT OLD PRICING.
SO THESE ARE ALL THINGS THAT WE DID GO BACK AND DO OVER THE PAST MONTHS HERE.
AND, UH, WITH THOSE, UH, DESIGN ELEMENTS AND INCLUDING COST ESCALATIONS, WE DID SEE A SCOPE CREEP, UH, IN PRICING.
UM, SO WE DID MAKE, AGAIN, MAKE THAT CONSIDERATION AS WELL AS ADDITIONAL TIME.
AND, UM, AS SUE AND HER TEAM COMMUNICATED TO US, UM, YOU KNOW, THEY'LL HAVE TO, UM, RE UNDERWRITE THE PROJECT TO SEE IF YOU KNOW, THAT, UM, ADDITIONAL FUNDS WOULD BE AVAILABLE.
UM, BUT THAT DETERMINATION HAS NOT BEEN MADE AT THIS TIME.
JUST TO PIGGYBACK ON, UM, WHAT RODNEY IS MENTIONING THAT YEAH, AT THIS TIME WE KNOW THE PROJECT NEEDS ADDITIONAL TIME AND IT SOUNDS LIKE, UM, THERE'S SOME PRE-DEVELOPMENT WORK THAT STILL NEEDS TO OCCUR TO REALLY DETERMINE WHAT A FINAL COST WOULD BE FOR THE PROJECT, BUT IT IS POSSIBLE THAT WE MAY BE NEEDING TO BRING AN AMENDMENT BACK TO THE BOARD, BUT WE DON'T REALLY HAVE ENOUGH FINAL INFORMATION TO DO THAT.
AND WE MAY HAVE TO RE-UNDERWRITE THE PROJECT, BUT
[00:40:01]
AT THIS TIME WE WANTED TO MAKE SURE THAT SHE WAS AT LEAST IN COMPLIANCE IN TERMS OF HER DEADLINES AND GO AHEAD AND DO THAT ADMINISTRATIVE, UM, DEADLINE EXTENSION.I MOVED THE REQUEST FOR AN EXTENSION.
I COULDN'T, THAT'S WHAT I THOUGHT, BUT I DID IT.
OKAY, SO THE AUDIO IS A LITTLE DELAYED, SO WE KIND OF TALKING PAST EACH OTHER.
SO IT'S BEEN MOVED AND, UH, SECOND THAT WE, UH, PROVIDE THE LEGACY OF HOPE DFW REDEVELOPMENT PROJECT AND EXTENSION.
AND, AND CAN, CAN I SUE? UM, I'M SORRY.
YOU KNOW, AND, AND THIS IS, AND, AND IT IS WORTHWHILE FOR US TO ALSO RECEIVE, UH, PROGRESS REPORTS, UH, DURING THIS EXTENSION PERIOD, SUE? YEAH, I MEAN WE CAN CERTAINLY, UM, PROVIDE AN UPDATE AT THE NEXT MEETING AS TO WHERE THINGS ARE AT BECAUSE I THINK BY THEN, UM, HOPEFULLY DR. MORGAN WILL HAVE COMPLETED SOME OF HER ADDITIONAL PRE-DEVELOPMENT WORK AND WE'LL HAVE A BETTER IDEA OF, UM, IF WE'RE GONNA BE REVISITING THE COMMITMENT.
WELL, WELL, WE CERTAINLY, UH, AND I THINK I SPEAK FOR ALL OF US.
I THINK WE, WE CERTAINLY WANT, UH, THIS PROJECT TO BE IMPROVED, UH, FOR THE RENOVATION TO TAKE PLACE.
IT DOES HAVE A STRONG HISTORY, UH, IN THE COMMUNITY.
UH, BUT, BUT WE CERTAINLY, UH, AND, AND, AND, AND IT'S ON THE BOULEVARD, SO WE CERTAINLY WANT IT TO BE IMPROVED AND RENOVATED AND, AND IT APPEARS AS IF THE, UM, OTHER FACADE IS A SIGNIFICANT IMPROVEMENT BASED UPON THE, BASED UPON THE REPORT HERE.
SO, SO WE, WE LOOK FORWARD TO THAT.
SO IT IS JUST WORTHWHILE TO HAVE AN ONGOING, UH, PROGRESS REPORT.
AND THAT WAS, I KIND OF MENTIONED ABOUT THE ROADBLOCKS.
I JUST WANNA MAKE SURE THAT WE ARE PROVIDING AS MANY RESOURCES AND, UM, TO ALLOW THIS PROJECT TO MOVE FORWARD.
UH, WE KNOW PROJECTS CHANGE, UM, RIGHT, RIGHT.
UH, THE SCOPE, YOU KNOW, KIND OF EXPANDS AND CONTRACTS ALONG THE PROCESS, UH, BUT IT WOULD'VE BEEN A GOOD, YOU KNOW, EVEN IF THIS EXTENSION COULD HAVE BEEN MADE EARLIER.
SO WE WANNA MAKE SURE, I THINK THOSE PROJECT REPORTS WOULD BE VERY HELPFUL.
SO THAT HA BECAUSE WE MEET SO FAR, BE WE, WE DON'T MEET VERY OFTEN THAT WE WANT TO MAKE SURE THAT WE HAVE, UM, AN ADEQUATE UNDERSTANDING OF WHAT SUPPORT SHE MAY NEED ADDITIONALLY FROM THE TIFF FUNDS, BECAUSE I WILL ECHO DR.
FLOWER AUTOMATICALLY THAT THAT COST IS GOING TO ESCALATE.
HAS THIS 12 MONTHS TIMEFRAME, UH, IS EXTENDED? SEE, THIS IS ROD HERE AGAIN.
NO, I, I, I GREATLY APPRECIATE YOU MENTION YOU, UM, STATING THAT, UH, WE DO FEEL THAT, UM, WE HAVE IDENTIFIED, YOU KNOW, WHAT THE ROADBLOCKS ARE AND IT'S, IT'S CERTAINLY THE PRE-DEVELOPMENT FUNDS THAT WOULD ALLOW US TO CONTINUE TO MARCH FORWARD.
UM, YOU KNOW, BECAUSE ONE OF THE THINGS THAT AS, AS WE EVALUATE, UM, THAT THE LENDERS, THE SENIOR LENDERS EVALUATE, UM, THE UNDERWRITING OF THE PROJECT, THEY CAN ONLY MOVE FORWARD WITH A HARD NUMBER.
YOU KNOW, BUT, YOU KNOW, WE'RE PROVIDING THEM, UM, THE INFORMATION WE PROVIDED THEM ARE HIGH LEVEL PROBABLE COST ESTIMATES.
AND, YOU KNOW, AND OUR CHALLENGE TO GET TO A DEFINITIVE COST IS BEING ABLE TO GET THE ARCHITECTURES, UM, TO GET THEM TO TAKE OFF ON OUR CONSTRUCTION DRAWINGS.
AND ONCE AND, AND THE PATH MOVING FORWARD IS, UH, WE HAVE, WE FEEL THAT WE HAVE TWO LENDERS THAT IN PLACE THAT WILL, UM, HAVE STRONG INTEREST IN, UH, THE PROJECT, THE LOCATION OF THE PROJECT, UM, AND THEY'RE CURRENTLY EVALUATING IT SO THAT THEY CAN PROVIDE SOME PRE-DEVELOPMENT FUNDING FOR THE SPECIFIC NEEDS THAT WE NEED TO MOVE FORWARD THAT WILL ALLOW THE PROJECT TO ACCELERATE WITHIN THE NEXT, I WOULD SAY, UM, THE NEXT 90, 120 DAYS.
UM, AND, AND THAT, THAT TRACK IS, ONCE THOSE FUNDS ARE DEPLOYED FOR PRE-DEVELOPMENT, YOU KNOW, THEN THE ARCHITECT AND CIVIL WILL BE ABLE
[00:45:01]
TO, YOU KNOW, START CONSTRUCTION DRAWINGS AND ONCE WE GET TO 50, 80% CONSTRUCTION DRAWINGS, THEY'LL BE ABLE TO ENGAGE, UH, THE GENERAL CONTRACTOR SO HE CAN SEND THOSE, UM, THOSE, UM, DRAWINGS OUT TO THEIR SUBS FOR, UM, FOR MORE DEFINITIVE PRICING.AND WE FEEL THAT THIS, THE NEXT TWO STEPS IN TERMS OF ARCHITECTURAL DRAWINGS GETTING US TO, UH, COMPLETED, SET A REVIEW WITH THE CITY AND, UM, GETTING US TO CONSTRUCTION PERMITS, WE THINK THAT WE CAN ACHIEVE THAT WITHIN ABOUT SIX MONTHS.
WELL, WE HAVE A MEETING, SO, SO WE CAN GET A PROGRESS REPORT AT THAT TIME, SUE.
I I, BASED ON WHAT YOU SAID, IT MAKES ME, WERE YOU, WERE YOU PREVIOUSLY, UH, WERE, WERE YOU PREVIOUSLY IN A SITUATION WHERE YOU WERE ABLE TO HAVE PRE-CONSTRUCTION DOCUMENTS AND THEN YOU HAD THE COVID AND OTHER CIRCUMSTANCES TO OCCUR THAT CAUSE YOU TO HAVE TO GO BACK, HAVE, HAVE FUNDS ALREADY BEEN INVESTED IN THE ARCHITECTURAL DESIGN? WELL, AND HOW FAR DOWN THE ROAD WERE YOU BEFORE YOU HAD TO MAKE THESE ADJUSTMENTS? WELL, I THINK IN, IN THE EARLY YEARS OF, OF, OF THE PANDEMIC, UM, THE, THE FACTORS THAT PROHIBITED THAT, THAT WERE IDENTIFIED AT THAT TIME WERE A LOT OF FUNDS WERE, UH, BEING USED FOR, UM, OTHER PRE-DEVELOPMENT ITEMS. YOU KNOW, WE, THERE WERE, UH, SCHEMATIC, YOU KNOW, THERE WAS, UM, SCHEMATIC DESIGNS THAT WERE, UM, THAT WERE PAID FOR BY, UH, THE A BY THE, THE OWNERSHIP.
AND THE OTHER THING WAS THAT DR. MORGAN IDENTIFIED AS JUST A HUGE DISABLER FOR HER WAS THE FACT THAT THE PREVIOUS, WHEN SHE, THE ACQUISITION OF THE PROPERTY AND SHE HAD OTHER PARTNERS AND THE OTHER PARTNERS DID NOT WANT TO MOVE FORWARD TO BE A PART OF THE LIMITED PARTNERSHIP THAT WOULD SECURE, THAT WOULD BE THE, THE GUARANTOR FOR FINANCING THE ENTIRE PROJECT.
SO IT WAS SOME REORG SOME CONVERSATIONS IN TERMS OF, UM, HER TRYING TO WORK OUT A, A, A TRANSITION OR DISPOSITION OF THOSE OWNERS, YOU KNOW, PREVIOUS OWNERS WHO WERE A PART OF THE ACQUISITION OF LAND, BUT ONLY WANTED TO BE A PART OF THAT TRANSACTION AND NOT MOVE FORWARD ON, ON, AS I MENTIONED, ON THE DEVELOPMENT.
SO WE FINALLY WORKED OUT THAT STRUCTURE.
UM, AND THERE WERE OTHER PRE-DEVELOPMENT FUNDS, YOU KNOW, THAT WERE DEPLOYED IN TERMS OF SECURITY OF THE FACILITY TAXES AND, AND, AND THOSE THINGS.
RODNEY, SO, SO DR. MORGAN, I THINK ONE OF THE QUESTIONS THAT WAS ASKED EARLIER, IT WAS REFERRED TO AS ROADBLOCKS.
UM, I THINK THAT EMBEDDED IN THAT QUESTION WAS IF THERE ARE OPPORTUNITIES OR WAYS IN WHICH WE CAN, UH, ASSIST, PARTICULARLY WITH BUILDING A CAPITAL STACK THAT, UM, FEEL FREE TO, YOU KNOW, KIND OF REACH OUT TO US.
SHE MAY BE ON MUTE, BUT I I WOULD CERTAINLY MAKE SURE SHE, UH, GETS THAT MESSAGE.
AND, AND I'LL, AND I'LL, AND I'LL, I'LL ALSO ADD THAT SUE AND HER TEAM HAS BEEN, UM, I MEAN, SUPER SUPPORTIVE THROUGH THE PROCESS.
UM, YOU KNOW, IN TERMS OF, YOU KNOW, BEING ABLE TO ASSIST, UM, YOU KNOW, THE ALIGNMENT OF, OF THE BRIDGE LENDERS, YOU KNOW, JUST KIND OF REALLY WORKED OUT, YOU KNOW, WITHIN THE LAST, I WOULD SAY PROBABLY THE LAST 60 TO 90 DAYS.
SO WE HAVE, YOU KNOW, AND, AND THEY'VE BEEN, YOU KNOW, THEY'VE PROVIDED OTHER RESOURCES AND CONTACTS AND EVERY TIME THAT WE'VE, YOU KNOW, GOTTEN, YOU KNOW, THOSE REC REFERENCES FROM THEM, WE FOLLOW THROUGH.
BUT I JUST THINK THEY'RE UNDERWRITING THEIR INTEREST IN THE PROJECT.
THIS WASN'T THEIR TYPE OF PROJECT THAT THEY WANTED TO INVEST IN.
AND THE TWO ENTITIES THAT, THE TWO ENTITIES THAT WE HAVE RIGHT NOW, AND I CAN, YOU KNOW, I'LL GO AHEAD AND STATE THEM.
THE TEXAS MEZZANINE FUND AND PCL OF TEXAS, YOU KNOW, THEY ARE THE TYPE OF ENTITIES AND LENDERS, YOU KNOW, THAT ARE LOOKING FOR DEALS LIKE THIS, CHALLENGING DEALS, YOU KNOW, THAT NEED THE TYPE OF SUPPORT THAT THEY CAN COME IN AND PROVIDE THAT SUPPORT.
SO, UM, WE'VE HAD, UM, AN INTRODUCTION CALL WITH, UM,
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THE LENDERS AND, AND WITH SUE AND HER TEAM, UM, SO THAT, UH, THERE'S SOME ALIGNMENT THERE AND THEY KNOW THE CHALLENGES, UM, GETTING THIS EXTENSION IS ONE OF THE THINGS THAT THEY NEEDED FOR, UH, THEIR, UM, APPROVAL CHECKLIST, UM, TO KNOW THAT, YOU KNOW, THE CITY'S FULL COMMITMENT WAS THERE.AND, YOU KNOW, THIS IS A HUGE, UM, A SHOW OF SUPPORT, CONTINUED SUPPORT THAT, UH, BY PROVIDING THIS EXTENSION.
AND SO LET ME ASK THIS QUESTION ALSO.
UM, BECAUSE CERTAINLY WE, WE, WE SUPPORT THE EXTENSION, UH, BECAUSE OFTENTIMES BANKS DON'T LIKE TO DO PRE-DEVELOPMENT MONIES AT ALL, UH, BECAUSE IF SOMETHING FALLS, THEN, THEN, THEN THEY SIMPLY CANNOT, THEY DON'T HAVE ANYTHING, UH, TO, UH, TO, TO ESSENCE USE TO, TO RECOVER THEIR MONEY.
AND SO, SO, SO, UM, SO NOW, BUT SO THEREFORE, WHERE DID YOU INDICATE THAT YOU WOULD ACQUIRE THE PRE-DEVELOPMENT MONIES? BECAUSE I'M HEARING IT, THAT PRE-DEVELOPMENT MONIES ARE STILL NEEDED.
UM, THAT'S ONE OF THE CONDITIONS OF, OF THE, UH, BRIDGE LENDERS THAT WE'RE WORKING WITH.
UH, WE'VE WORKED OUT A STRUCTURE WITH THEM WHERE THEY'RE GONNA TAKE, UM, UM, A LIEN ON THE, UM, ON THE, ON THE DEED.
UH, AND THEN THEY'RE COMFORTABLE MOVING FORWARD, UM, AND, AND MOVING TO A SECOND POSITION, UH, ONCE THE SENIOR LENDER COMES IN PLAY.
AND WE ALSO, AND, AND THAT'S FINE.
SO, SO, SO YOU DO HAVE A BANK OR A LENDER WHO, WHO'S WILLING TO DO PRE-DEVELOPMENT, UH, AND OF COURSE THEY WOULD DO A LIEN AGAINST THE, THE PROPERTY.
UH, AND, AND, AND WHAT'S THE TOTAL AMOUNT OF THE PROJECT NOW, THE TOTAL COST THAT YOU HAVE RIGHT NOW THAT YOU ANTICIPATE RIGHT NOW? I KNOW IT MIGHT CHANGE, BUT THAT YOU ANTICIPATE RIGHT NOW? YEAH, ROUGHLY 5.5 MILLION OO OKAY.
AND THEN SUE, WE CAN TALK ABOUT THIS LATER, I JUST WANTED TO KNOW WHAT, UH, WHAT, WHAT IS OUR MAXIMUM THAT, THAT WE CAN PROVIDE, UH, FROM, FROM THESE TWO? WE'LL HAVE TO, WE'LL HAVE TO POTENTIALLY GO BACK THROUGH, UM, UNDERWRITING.
UM, SO WE'D HAVE TO KIND OF TAKE A LOOK AT THAT.
AND THEN IT MAY BE A MATTER OF, UM, JUST TIMING BECAUSE, YOU KNOW, THIS TIP DISTRICT DOESN'T HAVE A LOT OF CASH.
PROJECT WILL NECESSARILY GENERATE A LOT JUST BECAUSE RENOVATIONS JUST DON'T NECESSARILY GENERATE A LOT.
SO WE WOULD JUST HAVE TO LOOK AT WHAT WOULD BE THE ADDITIONAL NEED AND HOW LONG IT MAY TAKE TO GENERATE THE REVENUE TO MEET THAT NEED.
UM, I UNDERSTAND, YOU KNOW, WITHIN REASON.
I THINK WE SHOULD HOPEFULLY GET THERE.
I JUST, YOU KNOW, BECAUSE I KNOW WE DON'T HAVE, WE HAVE OUR LIMITATIONS AS WELL, SO I WAS JUST TRYING TO DETERMINE, AND I THINK THAT THAT'S ONLY FAIR FOR DR. MORGAN TO HAVE A REALISTIC UNDERSTANDING OF WHAT THE TIFF COULD MAXIMALLY PROVIDE.
THE OTHER QUESTION, I, UH, A LOT OF DISCUSSION HAS BEEN SURROUNDING THE FOCUS ON, UH, LENDERS AND I THINK FROM THE ONSET WHEN THE PROJECT WAS FIRST INTRODUCED TO THE COMMUNITY, THE FOCUS WAS ON INVESTORS.
UM, AND SO IF THE INVESTORS SIDE IS STILL SOMETHING IN PURSUIT I'D, I'D BE INTERESTED IN KNOWING MORE ABOUT THAT.
IF YOU HAVE TO PROVIDE YOUR CONTACT INFORMATION THAT THAT CAN BE A DISCUSSION SESSION, ANOTHER, ANOTHER MEETING OR, UH, WE DON'T HAVE TO DO IT AT, IN THIS, AT THIS TIME.
AND, AND, AND HOPEFULLY, UH, SUE CAN FACILITATE, UM, THAT CALL OR, OR FORWARD THE SHARE THE CONTACT INFORMATION.
UH, AND, UH, I THINK WE WOULD GET SUED AND IF WE CAN'T SET UP SOMETHING, IF WE HAVE ADDITIONAL, UH, QUESTIONS OR INFORMATION THAT WE, UH, WANT ABOUT INVESTORS PROGRESS REPORTS, WE'LL WE'LL GET THAT DONE.
WE HAVE ONE OTHER ITEM AND THAT IS OUR SCHEDULE FOR NEXT YEAR, THE REGULAR MEETING SCHEDULED FOR OUR TIP, THE CALENDAR OF 2025.
[00:55:01]
COULD KIND OF SKIP TO THAT, THAT'S PROBABLY THE LAST PAGE IN THE PACKET.AND I WILL SAY THAT THESE ARE, THESE ARE PLACEHOLDER DATES, SO IF THE NEED ARISES WE CAN, UM, CALL SPECIAL CALL MEETINGS OR IF WE DON'T HAVE BUSINESS THEN WE WILL MEET.
BUT, UM, THIS IS JUST A RECOMMENDED JUST CALENDAR PLACEHOLDER.
UM, THE CITY SECRETARY'S OFFICE LIKES US TO HAVE A REGULAR SCHEDULE, SO TYPICALLY WE'LL SET, UM, QUARTERLY MEETING DATES AND JUST ADJUST AS NEEDED SINCE THAT'S BEEN TO APPROVE THE THEIRS IS GOOD TO ME.
UM, AND AGAIN, THAT'S SO FAR IN THE FUTURE, I DON'T KNOW WHAT, SO THAT'S FINE.
DID ANYONE SECOND IT? I'LL SECOND IT.
SO WE'RE GETTING READY TO ADJOURN, BUT I JUST MADE A FEW NOTES.
UH, BELIEVE SISTER, UH, DALE WANTED US TO, AND SOMETIME IN THE FUTURE, UH, REVIEW THE LINE ITEM.
UH, AND ALSO, UH, I BELIEVE IT WAS REVEREND ATKINS THAT WANTED TO KNOW WHAT TYPE OF DEVELOPMENTS.
I THINK WHAT WE MAY WANNA DO, ESPECIALLY 'CAUSE WE HAVE A NUMBER OF NEW MEMBERS AND IS JUST TO KIND OF HAVE JUST MAYBE JUST A GENERAL BRIEFING ABOUT THE PROJECT PLAN AND UM, YOU KNOW, WHAT THE PARAMETERS OF WHAT WE CAN DO AND KIND OF WHAT THE ASPIRATIONS OF THE DISTRICT WAS AND WHAT IT MIGHT TAKE TO KIND OF GIVE US, UM, SOME MORE MOMENTUM.
AND THEN ON THE, UH, LAST ITEM THAT, UH, NEXT TO THE LAST ITEM, UH, PROGRESS REPORTS AND GUESS NAME OF SOME OF THE INVESTORS.
YEAH, WE'LL, WE'LL GO BACK AND TAKE A LOOK AT MAYBE WHAT, WHAT WE CAN IN TERMS OF, UM, INFORMATION LIKE INVESTORS, WHAT WE CAN DO WITHIN AVOIDING ANY KIND OF CONFLICTS OF INTEREST.
BUT CERTAINLY IF THERE'S LIKE INVESTOR GROUPS THAT ARE LOOKING TO COME TO THE AREA AND THOSE, UM, ENTITIES CAN BE IDENTIFIED AND SHARED, UH, WE JUST WANNA AVOID ANY BOARD MEMBERS HAVING ANY FINANCIAL CONFLICTS WITH THE PROJECT.
SO WE'LL JUST HAVE TO KIND OF NAVIGATE THAT.
AND IN TERMS OF, UM, PROGRESS REPORTS, HOPEFULLY BY, UM, BY MARCH WE MAY KNOW ENOUGH ABOUT WHERE THINGS ARE HEADED WITH, UM, THE PROJECT TO REVISIT THAT OR UM, YOU KNOW, IF WE HAVE SOME ENOUGH SUBSTANTIVE INFORMATION WE CAN, WE CAN PASS SOMETHING ON TO THE BOARD.
AND THEN LAST THING WAS, UH, THOR YES.
GETTING BACK UPDATE ON WHERE THEY ARE WITH SOME OF THE QUESTIONS THAT WE, SO MAYBE ABOUT EITHER THE MARCH OR THE MAY MEETING, UH, THEY'LL HAVE GOTTEN ENOUGH UNDER THEIR FEET TO LIKE, UH, GIVE US AN UPDATE ON WHERE THEY'RE AT AND WE'LL CERTAINLY VISIT WITH THEM ABOUT, UM, THEIR THINKING ABOUT MARKETING AND WHAT KIND OF GAME PLAN THEY HAVE FOR THAT TO, YEAH.
I JUST WANNA ECHO WHAT, UH, MS. RAGSDALE SAID.
IT'S NOT SO MUCH JUST THE MARKETING, BUT IT'S THE ACTUAL NAVIGATION OF, OF THE RESIDENT.
AND, AND THAT'S THE VERY REASON WHY AND I APPRECIATE THAT, UH, SUE AND MR. CHAIRMAN.
UH, BUT, BUT, BUT I WILL BE SPEAKING WITH THOR AS WELL.
SO, SO, SO HE CAN GET A CLEAR UNDERSTANDING AND MAYBE BY MAY THEY WILL HAVE HAD GREAT SUCCESS AND NAVIGATION, UH, TO, TO EXPEND A GOOD CHUNK OF THOSE FUNDS.
AND WE NEED A MOTION TO ADJOURN.
I DON'T HAVE NO PROBLEMS WITH THAT.