* This transcript was created by voice-to-text technology. The transcript has not been edited for errors or omissions, it is for reference only and is not the official minutes of the meeting. [00:00:01] I MET DISTRICT AT [Dallas City Center TIF District Downtown Connection Downtown Dallas Development Authority (DDDA) Board of Directors on January 11, 2024.] THE DOWNTOWN DALLAS DEVELOPMENT AUTHORITY BOARD OF DIRECTORS, UH, BOARD 11 FOUR. THANKS EVERYONE FOR JOINING. UH, I ALREADY ENCOURAGE OTHERS TO JOIN IN PERSON OR NEXT MEETING SO WE GET TO KNOW EACH OTHER BETTER AND BE NEED A BETTER TIP BOARD. UH, THE FIRST ITEM ON THE AGENDA IS TO CALL ORDER. WE'VE DONE THAT AND IT SAYS INTRODUCTION OF EACH PARTICIPANTS, BUT IT DOESN'T SAY HOW. SO CAN WE GO AROUND AND INTRODUCE EACH OTHER? I'D LIKE TO DO THAT. I'LL, I DON'T MIND GOING LAST, BILLY, ON OUR SCREEN. YOU'RE FURTHEST TO THE RIGHT, SO PERHAPS YOU COULD GO FIRST. YOU'RE ON MUTE. ALL RIGHT. LET'S, LET'S TRY THIS AGAIN. UM, MY NAME'S BILLY PRUITT. UM, I'M THE CHIEF INVESTMENT OFFICER FOR PACIFIC ELM PROPERTIES. UM, WE OWN, UH, A BUNCH OF THE OFFICE BUILDINGS AT DOWNTOWN DALLAS, AND I'VE BEEN ON THE BOARD FOR, I GUESS THREE YEARS NOW. TWO YEARS. WHO WERE YOU APPOINTED BY? UH, COUNCILMAN RIDLEY. THANK YOU, BEN. YOU'RE NEXT. ALRIGHT. GOOD MORNING EVERYONE. MY NAME IS BEN MCGILL. I'M THE ASSOCIATE VICE CHANCELLOR OF ECONOMIC OPPORTUNITY AT DALLAS COLLEGE. THANK YOU, BEN. UM, WHO WERE YOU APPOINTED? BY? BY, BY THE COMMITTEE. EXCUSE ME. COLLEGE. THANK YOU. UH, CAN WE, WE'LL GO THROUGH BOARD MEMBERS FIRST, IF THAT'S ALL RIGHT. OKAY. UH, THEN ORLANDO, YOU ARE NEXT, SIR. UH, GOOD MORNING EVERYONE. ORLANDO ALAMEDA. I'M THE DALLAS INDEPENDENT SCHOOL DISTRICT REPRESENTATIVE ON THE BOARD. THANKS SIR. JOHN PERRY. YOU'RE ON MUTE. JOHN? YEAH. HI THERE EVERYONE. YEAH, JOHN PERRY. UM, I'M A PROPERTY OWNER DOWNTOWN IN, IN, UH, THE HEALTH TECH SECTOR. AND, UH, LOOKING FORWARD TO HELPING OUT. I'VE BEEN A MEMBER HERE FOR, GOSH, UH, A FEW YEARS NOW. SO I'VE BEEN THROUGH, BEEN APPOINTED BY, UM, YEAH, THREE DIFFERENT COUNCILMEN, . WOW. CONGRAT, FOR YOUR, UH, YOUR TENACITY SIGNAL. UH, CLAY CLAY'S, JUST CITY STAFF. SO A PICTURE. GOT YOU. UH, NICK SEAMAN. YOU'RE AN EXER? YEAH. UH, NICK SEAMAN, UH, CFO OF HEADINGTON. UM, AND I GUESS THIS IS MY, GONNA BE MY SECOND YEAR. UM, ALSO APPOINTED BY COUNCILMAN RIDLEY. OKAY, TERRIFIC. IS THERE ANYBODY ON SCREEN WHO I HAVE FAILED TO CALL? NO. THE OTHER, UM, MEMBERS OR THE OTHER PEOPLE THAT ARE ON SCREEN RIGHT NOW, THEY'RE IN THE VIRTUAL DEAN OF STAFF, SO THEY'RE SOME ACCOUNTING SUPPORT TEAM. UM, THANK YOU ADDRESS, BUT WE DON'T NEED TO DO INTRODUCTIONS. APPRECIATE THAT. OKAY. THANK YOU. I'M, I'M JOSEPH PITCHFORD. UH, I WAS APPOINTED BY, UH, ALSO BY COUNCILMAN RIDLEY. AND I AM THE, I'M RESPONSIBLE FOR THE VERTICAL DEVELOPMENT GROUP WITHIN CRESCENT RIDGE. THANKS EVERYBODY FOR THE INTROS, AND THANKS FOR JOINING. UH, THAT CONCLUDES THE MEETING INTRODUCTION, MEETING PARTICIPANTS, ONE OF THE SECOND ITEM. HOW DO WE CONDUCT THE SECOND ITEM? PUBLIC COMMENTS. YOU CAN JUST CALL IT, I CAN SAY THAT I DON'T SEE ANYONE IN THE ROOM OR VIRTUALLY THAT IT'S OF THE PUBLIC, BUT YOU'RE WELCOME TO CALL IT AND SEE IF THERE'S ANY. AND, UH, WE'LL JUST PUT NONE AND MOVE ON. THANK YOU VERY MUCH. ITEM THREE IS REVIEW AND CONSIDERATION OF THE MEETING RECORD FROM THE JANUARY 12TH, 2023 MEETING. EVERYONE SHOULD HAVE THAT MEETING RECORD AS PART OF THE PACKAGE. IS THERE ANY PUBLIC COMMENTARY? UH, SEE NONE. UH, ANY COMMENTARY ON THE MEETING RECORD BY MEMBERS OF THE BOARD? UH, HEARING NO COMMENTARY BY MEMBERS OF THE BOARD WILL ASK FOR MOTION TO APPROVE THE MEETING RECORD OF JANUARY 12TH, 2023. I MOVE TO APPROVE. WE HAVE A SECOND. I SECOND WE HAVE A MOTION. ANY DISCUSSION ON THE MOTION? NO DISCUSSION. ALL IN FAVOR? AYE. AYE. AYE. ANY, ANY OPPOSED? SOUNDS LIKE THE MEETING RECORD IS DULY APPROVED. UH, ITEM FOUR IS THE REVIEW AND CONSIDERATION OF THE CITY CENTER TIP DISTRICT ANNUAL REPORT FOR FISCAL YEAR 2220. [00:05:02] AND, UH, DORSEY, I UNDERSTAND YOU ARE GOING TO SCROLL THROUGH IT FOR US. I AM. I'M GOING TO, UH, TAKE A COUPLE OF MINUTES ON THIS ONE. I TOLD, UM, THE, UH, PRESIDING OFFICER IS WELCOME TO KICK ME UNDER THE TABLE IF I'M GOING TO SLOW. SO THAT CAN GO FOR YOU AS WELL. BUT I'M GONNA TAKE A LITTLE BIT OF TIME. UM, AND THAT IS BECAUSE, UM, THE, AS YOU'RE AWARE, BECAUSE OF SOME ACTION THAT WERE TAKEN IN 2022, THE END OF 2022, THAT THE CORE DISTRICT, THE CITY CENTER SUBDISTRICT, WHICH IS ALSO KIND OF REFERRED TO, UM, IF THE CORE DISTRICT, UM, TERMINATED DURING THIS FISCAL YEAR, DURING THAT WE'RE REPORTING ON. SO THE TERMINATION, THE SUNSET OF THAT CORE WAS, UM, IN A CALENDAR YEAR, WHEREAS WE'RE CAPTURING FOR THIS REPORTING OF, OF FISCAL YEAR. SO IT'S NOT A KIND OF ONE-TO-ONE MATCH. SO, BUT WE ARE GONNA REPORT ON IT THIS TIME. AND THEN PROBABLY NEXT YEAR, ALL OF THE DETAILS ABOUT THE CORE SUBDISTRICT WILL KIND OF FALL OUT AND THE FOCUS WILL JUST BE ON WEST END LAMAR. SO WITH THAT, LET ME JUST KIND OF RACE THROUGH SOME HIGHLIGHTS, UM, OF THE TIF DISTRICT. MR. PERRY, UH, JUST CAN YOU BLOW THAT UP A LITTLE BIT, JUST REQUESTING, BLOW THAT UP JUST A BIT FOR THE ONLINE FOLKS. THANK YOU. UH, MUCH BETTER. THANK YOU. ALL RIGHT. OKAY. SO THE LIFE, THE TIF DISTRICTS, THAT TIF DISTRICT THAT'S STILL INTACT. THE WEST AND LAMAR GOES UNTIL 2030 SOMETHING. SO THAT'S UP ALL THAT WE'LL BE COLLECTING ON. UM, GOING FORWARD. UM, AGAIN, UH, THE END OF THE FISCAL YEAR, UH, DECEMBER, 2022, CITY COUNCIL APPROVED TWO SIGNIFICANT ITEMS AND ONE IS THE PLAN AMENDMENT THAT THIS BOARD, UM, APPROVED. THE BOARD APPROVED IT IN SEPTEMBER, SO IT'S NOT CAPTURED IN THIS REPORT. UM, AND THEN THE HARDWOOD PARK DEDICATION OF FUNDS, THOSE FUNDS, UM, THE PROJECT'S COMPLETE AND THE FUNDS HAVE BEEN TRANSFERRED TO THE PARK DEPARTMENT, UH, TO BE DEPLOYED. UM, SO THAT, THAT'S COMPLETE. UM, ON PAGE FIVE, I MENTIONED THAT AOL IS TOWERS NOW COMPLETE. UM, THEY HAVE A TENANT IN PLACE ON THE FOUR. PAGE SIX THROUGH EIGHT IS A RECORDING OF THE SIGNIFICANT PROJECTS WITHIN THE DISTRICT. AND AT THE MIDSECTION OF PAGE SEVEN, YOU CAN SEE THAT ABOUT $81.5 MILLION IN TIP FUNDS LEVERAGED ALMOST $710 MILLION IN INVESTMENT. SO EVERY YEAR WE GO THROUGH AND WE CAPTURE THE ACTUAL VALUE OF EACH OF THESE SIGNIFICANT PROJECTS UNLESS THEY'RE NOT COMPLETE. SO THOSE ARE ACTUAL DEC A VALUE, UM, AS OF 2023. ALL RIGHT. I DO WANNA NOTE ON, UM, PAGE NINE. THERE'S THE LITTLE NOTE NUMBER SEVEN. SO SANTANDER TOWER, WHICH WAS FORMERLY THANKSGIVING TOWER, WAS A TO FUNDED PROJECT. THE CHANGES THAT ARE UNDERWAY RIGHT NOW, WERE NOT FUNDED THROUGH THE TIF. UM, AND BECAUSE THEY'RE REALLY KIND OF OCCURRING NOW THAT THE CORE SUBDISTRICTS EXPIRED, WE DID NOT MAKE THE CHANGES WITHIN THE REPORT WE KEPT WITH THE TIF DISTRICT FUNDED. UM, SO WE DID NOT MENTION THE 14 BOARDS OF THE OFFICE PHASE THAT'S GETTING CONVERT TO HUNDRED AND 91 RESIDENTIAL UNITS. AND MR. PR, I'M SURE YOU'LL CORRECT ME IF I GOT THAT WRONG, BUT HOPEFULLY I GOT THAT RIGHT. NO, YOU NAILED IT. UM, I WISH YOU COULD GO WORK FOR ONE OF THE NEWS OUTLETS, . WELL, MAYBE I WILL HAVE A LITTLE HELP. THANK YOU. UM, AND ALL OF OUR TIP DISTRICTS, MIXED INCOME HOUSING IS REQUIRED IN AN IMPORTANT COMPONENT OF OUR PROJECTS. UM, THE GUIDELINES FOR THAT MIXED INCOME HOUSING WERE CHANGED WHEN WE DID THE PLAN AMENDMENT. AND, UM, SO THAT IF IT'S GROUND UP, THE CHANGE REALLY WAS THAT IF IT'S GROUND UP CONSTRUCTION, 20% OF THOSE UNITS WOULD BE SET ASIDE AS AFFORDABLE. RIGHT NOW WE ONLY HAVE 30 AFFORDABLE UNITS WITHIN THE DISTRICT. WE HAVE THREE. UM, IN MID EL LTS. IT'S A REALLY SMALL PROJECT. IT'S ONLY 29 RESIDENTIAL UNITS, UM, BECAUSE IT'S MAKES, UM, USE, IT'S GOT RETAIL AS WELL. AND THEN IN 5, 5, 5 ROSS AVENUE IN THE WEST, AND LAMAR SUBDISTRICT, THERE'S ANOTHER 27 UNITS. SO HOPEFULLY, UH, THIS UPCOMING YEAR, WE'LL GET AN APPLICATION OR TWO TO, UM, PARTNER WITH THE DEVELOPER TO GET SOME [00:10:01] MORE, UM, MIXED INCOME RESIDENTIAL PROJECTS ON THE GROUND AT LEAST WAY. ALL RIGHT. PAGE 11, I WANNA NOTE. UM, AGAIN, UH, THE CITY CENTER SUBDISTRICTS, THERE IS NO INCREMENT THAT'LL BE COLLECTED. THAT FINAL YEAR OF VALUE, THERE WAS A 7.4 INCREASE IN PROPERTY VALUE, UM, FROM THE PREVIOUS YEAR. BUT IN THE LAMAR WEST IN SUBDISTRICT, UH, WE'LL BE COLLECTING 1.631 MILLION. SO THESE ARE, UM, 2023 VALUES THAT'LL BE COLLECTED IN 2024. UM, THAT'S AN INCREASE OF 9.6% FROM THE PREVIOUS YEAR. SO THIS TIP DISTRICT, WE'LL TALK ABOUT CASH ON HAND. WE'RE USED TO GETTING MORE LIKE $7 MILLION IN INCREMENT EACH YEAR. GOING FORWARD. IT'S GONNA BE A LITTLE BIT LESS, BUT WE'LL TALK ABOUT STILL MEETING, UM, THE BUDGET CAP, BECAUSE THIS WAS EXPECTED. I THINK WE CAN KIND OF SKIP THROUGH SOME OF THESE GENERAL, UM, OBJECTIVES. PAGE, UH, 12 THROUGH 14, PAGE 15, UM, WE ADDED IN THE NEW OBJECTIVES THAT WERE MADE PART OF THAT DECEMBER, 2022 PLAN AMENDMENT. SO THOSE ARE NEW THINGS THAT WE'LL KIND OF BE CAPTURING AS FAR AS PERFORMANCE OF THE TIF DISTRICT PAGE. UM, 16. I JUST WANNA HIGHLIGHT THIS WILL BE A FINAL REPORTING ON THAT SUBDISTRICT, AGAIN, WE HIT THE MARK. THIS WAS A VERY MATURE TIF DISTRICT. WE HIT THE MARK. AND, UM, THE, THE GOALS FOR BOTH FOR RESIDENTIAL, UM, ABSORBENCY OF THE VACANT OFFICE SPACE AND THE GROUND FLOOR RETAIL SPACE. UM, THE LAMAR WEST END, IT'S MORE, EVEN THOUGH IT'S BEEN 11 YEARS, IT'S STILL MORE INFANCY OF TRYING TO GET TO THOSE GOALS. SO YOU CAN SEE WE'VE MET, UM, 11% OF THE GOAL ON THE RESIDENTIAL FRONT, 6.8 ON GROUND FLOOR RETAIL. SO, UM, LUCKILY WE HAVE UNTIL 2037, UH, TO, TO KEEP WORKING TOWARDS THAT. PAGE 18, IF YOU WERE ON THE TIP BOARD, UM, DURING THE LAST FISCAL YEAR, PLEASE, WHICH I THINK ALL OF YOU, PLEASE CHECK THAT I GOT YOUR, UM, ATTENDANCE CORRECT. UM, ON PAGE 19, LET'S TALK ABOUT THE BUDGET. YES. QUESTION ON PAGES PLEASE. SO ON PAGE 18, UNDER THE BOARD MEMBER LIST, WE SEE VACANT CITY APPOINTEE. YES. UH, IS THERE A REASON WHY THAT'S VACANT? THERE ANYTHING THAT ANYONE CAN DO TO ENCOURAGE THAT'S UP TO THE COUNCIL MEMBERS TO, UH, NOMINATE AND GO THROUGH THE PROCESS FOR NEW MEMBERS? THAT'S NOT SOMETHING THAT OUR STAFF USUALLY GETS INVOLVED WITH. WE JUST KIND OF WAIT AND SEE IF THE COUNCIL MEMBER IN THAT PARTICULAR CASE, WHICH COUNCIL MEMBER, ANY COUNCIL MEMBER, ANY COUNCIL MEMBER. AND THERE'S ONLY, THERE'S ONLY THE ONE VACANCY. THAT'S CORRECT. THANK YOU VERY MUCH. PAGE 19. UM, I JUST WANNA REMIND YOU THAT THE BUDGET IS, UM, IT'S CAPACITY. IT'S NOT CASH ON HAND. UM, BUT THE BUDGET FOR THE TIF DISTRICT IS A HUNDRED, ALMOST $152 MILLION. UM, WE'VE ALLOCATED OR SPENT 103 MILLION, WHICH MEANS BETWEEN NOW AND AND TERMINATION, WE CAN, UM, SPEND ALMOST $49 MILLION, ASSUMING THAT WE COLLECT ALL OF THAT. UM, I AM SHOWING AND PROJECTIONS THAT, UM, EVEN PRETTY CONSERVATIVE PROJECTIONS THAT THE BUDGET WILL BE MET AND PROBABLY SEVERAL YEARS EARLY. UM, DON'T MEAN TO WORRY ABOUT THAT FOR ANOTHER DECADE OR SO, BUT, UM, SHOULD BE ABLE TO REACH THAT. UM, THE, BECAUSE WE'RE MEETING IN JANUARY, THE ADMINISTRATIVE COST IS ALREADY IN THERE. THAT'S NOT TYPICAL FOR DECEMBER MEETINGS, BUT THE ADMINISTRATIVE IS UP TO DATE THAT COST. BUT I DO WANNA SAY, I TYPICALLY FORGET THAT WE ASK THE BOARD THAT IF YOU MAKE A RECOMMENDATION TO MOVE THIS ON TO CITY COUNCIL, THAT YOU ALLOW FOR MINOR EDITS. AND THAT'S JUST THAT BETWEEN NOW AND WHEN WE GO TO COUNSEL, THE ATTORNEYS WILL LOOK AT IT AND WE'LL PUT OUR EYES ON THIS REPORT 10 MORE TIMES BETWEEN NOW AND WHEN IT GOES TO COUNSEL. SO IF I SEE A TYPO, I'D LIKE TO BE ABLE TO MAKE THAT ANYTHING MAJOR, ANYTHING SIGNIFICANT WOULD COME BACK TO THE BOARD. LET'S SEE. ALL RIGHT, PAGE 20. UM, TIF DISTRICT SET ASIDE. SO AGAIN, AND JUST, AND THE PLAN AMENDMENT, WE MADE SOME ADJUSTMENTS. WE CONSOLIDATED, UH, DISTRICTWIDE SET ASIDES TO TWO AFFORDABLE HOUSING SET [00:15:01] ASIDE, UM, $12.4 MILLION. AND, UM, THERE WILL NOT BE COLLECTIONS INTO THIS KIND OF BUCKET, THIS CATEGORY MOVING FORWARD. IT'S FULLY AVAILABLE. WE'VE ONLY SPENT 424,000. SO THAT MEANS THAT WE HAVE ALMOST 12 MILLION UNCOMMITTED FUNDS FOR AFFORDABLE HOUSING PROJECTS. I'LL JUST REMIND YOU THAT WHEN WE, UM, DID THE PLAN AMENDMENT, THOSE FUNDS DO NOT HAVE TO BE USED WITHIN THE WEST AND LAMAR, UM, UH, PARCELS. THEY CAN BE USED ANYWHERE WITHIN DOWNTOWN DISTRICT-WIDE IMPROVEMENTS. THAT SECOND SET ASIDE IS FOR MORE OPEN SPACE, UM, PUBLIC, UM, GOOD TYPE OF WORK THAT ARE ELIGIBLE BY TIF LAW. UH, 8.26 AVAILABLE, BUT 5.6 OF THAT HAS COMMIT BEEN COMMITTED. SO WE HAVE 2.66 UNCOMMITTED WITHIN THAT CATEGORY. UM, THE NEXT PAGE IS MINORITY WOMEN OWNED BUSINESS PARTICIPATION. THIS IS A REQUIREMENT OF ALL OF OUR PROJECTS. THE, UM, GOAL BY THE CITY FOR CONSTRUCTION WORK USED TO BE 25%. IT IS NOW 32%. SO WHENEVER WE HAVE GO TO CITY COUNCIL WITH A RESOLUTION AND A SUBSEQUENT DEVELOPMENT AGREEMENT, THAT IS A REQUIREMENT THAT, UH, THEY HAVE A GOOD BIG EFFORT GOAL, UM, TO, TO MEET THAT. AND SO THE, THERE'S PAPERWORK THAT GOES ALONG. WE WORK WITH A DIFFERENT, UM, OFFICE WITHIN CITY HALL THAT SPECIALIZES AND THIS, AND, UM, THEY REPORT TO US WITH THE FINE FINDINGS ARE, AND THAT GOES INTO OUR CLOSEOUT PACKET. ALRIGHT, PAGE 22 IS KIND OF OUR, OUR WORK PROGRAM. AGAIN, UM, JUST HOPING TO, TO FIND SOME PROJECTS, UH, TALKING TO A COUPLE DEVELOPERS. UH, WE'LL SEE IF ANYTHING MOVES FORWARD. WE WILL CERTAINLY, UH, CALL YOU IN FOR A MEETING IF WE HAPPEN TO GET AN APPLICATION THAT'S READY TO, THAT'S UNDERWRITTEN AND LOOKS READY TO, TO MOVE FORWARD. UM, PAGE 23 IS THE BEGINNING OF THE FINANCIALS. UM, I'M THEN CHIN THAT WE HAVE SOME CASH ON HAND FOR THE AFFORDABLE HOUSING SET ASIDE AND THE DISTRICTWIDE SET ASIDE. UM, ONCE YOU KIND OF CARVE THOSE OUT, THERE'S ABOUT 5.34 MILLION AVAILABLE CASH ON HAND FOR OTHER TYPE OF PROJECTS THROUGH DEVELOPMENT REDEVELOPMENT PROJECTS. UM, AND PAGE 25 IS THE COLLECTIONS. IT SHOULD MATCH THE BODY OF THE DOCUMENT. 1.631 MILLION EXPECTED IN 2020. UM, THE LAST PAGE IS JUST A NOTE THAT WE, UM, WE HAVE IN FACT PAID IT OFF THIS TOWER. THEY MET ALL THE TERMS OF THEIR DEVELOPMENT AGREEMENT. IT THAT, UM, PAYMENT WAS MADE JUST AFTER THE CLOSE OF THE FISCAL YEAR. SO IT WAS BECAUSE OF ACCRUAL REGULATIONS AND HOW IT'S REPORTED. IT WAS IN THE ANNUAL REPORT, BUT BECAUSE IT'S A CLOSED TIME PERIOD, WE TALK ABOUT IT, THEY ANTICIPATED TO BE PAID. SO THAT HAS BEEN PAID AND THAT WITH THAT, I, I'M FINALLY FINISHED. THANK YOU MS. PARK. UH, VERY THOROUGH. ARE THERE ANY QUESTIONS REGARDING THE CITY CENTER TIP DISTRICT ANNUAL REPORT? UH, BEFORE I ASK FOR A MOTION, I JUST WANT TO COMPLIMENT MS. CLARK ON AND WHATEVER TEAM SUPPORTED YOU IN THIS REPORT. IT'S A TERRIFIC, THOROUGH, DETAILED, AND I UNDERSTAND EVEN MORE THAN IS TECHNICALLY REQUIRED A REPORT. SO APPRECIATE THAT. UH, WITH NO FURTHER QUESTIONS ON THAT REPORT, I'LL ASK FOR A MOTION TO APPROVE THE CITY CENTER TEMP DISTRICT ANNUAL REPORT FOR FISCAL YEAR 2223. MOVE APPROVE. I MOVE TO APPROVE WITH, UH, AND ALSO TO GRANT STAFF, UM, AN ALLOWANCE TO MAKE MINISTERIAL CHANGES OR CORRECTIONS TO THE REPORT BETWEEN NOW AND SUBMISSION TO COUNCIL. WE HAVE A MOTION, WE HAVE A SECOND, SECOND, SECOND ABOUT THAT. UH, ANY DISCUSSION ON MOTION AS MADE BY MR. PRUITT? NO DISCUSSION. ALL IN FAVOR SAY AYE. AYE. AYE. AYE. AND ANY OPPOSED? MOTION CARRIED AND UNANIMOUSLY. THANK YOU. UH, WE'RE ON TO ITEM FIVE, THE REVIEW AND CONSIDERATION OF THE DOWNTOWN CONNECTION TIP DISTRICT, UH, ANNUAL COURT FOR YEAR 22, 23. MS. LEE, THANK YOU. AND [00:20:01] I WANT TO THANK DORSEY FOR DOING SUCH A GOOD JOB ON EXPLAINING THINGS. SO SOME OF THE, UH, SAME HIGHLIGHTS THAT SHE HIT, I WILL COVER AS WELL. UM, YOU JUST WON'T GET AS MUCH OF THE EXPLANATION UNLESS YOU STOP ME AND ASK ME FOR IT, WHICH I'M MORE THAN WILLING TO GET. WE'LL, UM, GO TO THE VERY FIRST PAGE WITH OUR MISSION STATEMENT ON PAGE FOUR. THIS 10TH DISTRICT WAS ORIGINALLY CREATED IN 2005 BY PETITION. UM, PROPERTY OWNERS WITHIN THE AREA PETITION THE CITY TO CREATE THIS DISTRICT. UM, IN 2022, THE DISTRICT WAS, UM, AMENDED TO, UH, ADDRESS KIND OF THE CHANGE OR KIND OF SHIFT IN MISSION FOR THIS DISTRICT. ORIGINALLY, WHEN IT WAS ORIGINALLY CREATED, IT WAS TO HELP BY, UH, FUNDING TO SUPPORT THE REDEVELOPMENT OF VACANT BUILDING SPACE DOWNTOWN. UM, AND ALSO TO HELP INCREASE RETAIL DOWNTOWN. SOME OF THE, THE THINGS THAT WE'VE WORKED AT OVER THE YEARS. BUT AS TIME HAS GONE BY, UM, WE HAVE APPROXIMATELY 75 ACRES OF VACANT OR UNDERUTILIZED SPACE SURFACE PARKING LOTS WITHIN DOWNTOWN CONNECTIONS DISTRICT. AND SO WE ARE STILL KEEPING THE MISSION OF SUPPORTING THE REDEVELOPMENT OF VACANT BUILDINGS. WE DO HAVE SOME BUILDINGS THAT ARE VERY CLOSE BEING WHAT WE CATEGORIZE AS VACANT, BUT ALSO WE WANT TO BE ABLE TO SHOW THAT WE HAVE AN EMPHASIS ON REDEVELOPING THE SURFACE PARKING LOTS THROUGHOUT THE DISTRICT, WHICH TEND TO CREATE GAPS WITHIN DEVELOPMENT AND GAPS IN THE DOWNTOWN EXPERIENCE. AND SO, UM, THE DISTRICT WAS EXP UM, EXPANDED IN 20 22 1. THE ORIGINAL BOUNDARY, UM, WAS NOW CALLED THE DOWNTOWN CONNECTION SUBDISTRICT. AND WE CREATED A NEW BOUNDARY, UM, THE NEW PARK SUBDISTRICT, WHICH ENCOMPASSED ENCOMPASSES, UH, PROPERTIES THAT ARE A PART OF THE NEW PARK DALLAS DEVELOPMENT. WE ALSO INCREASED THE BUDGET OF THE DOWNTOWN CONNECTION SUBDISTRICT TO PROVIDE THE ADDITIONAL CAPACITY NEEDED TO SUPPORT DEVELOPMENT ON SERVICE PARKING LOTS, AND CREATED A NEW BUDGET FOR THE NEW PARK SUBDISTRICT. WE ALSO REQUESTED DALLAS COUNTY PARTICIPATION IN THE NEW PARK SUBDISTRICT BECAUSE AS OF 2019, UM, THE COUNTY'S PARTICIPATION IN THE DOWNTOWN CONNECTION SUBDISTRICT STOPPED. THEY HAD REACHED THEIR MATH PARTICIPATION FOR THAT PARTICULAR AREA. IF YOU GO TO PAGE SIX, VERY SIMILAR TO DOEY, WE HAVE A LISTING OF PROJECTS WITHIN THE DISTRICT. THE FIRST SECTION OF THIS CHART ARE PROJECTS THAT HAVE RECEIVED TIF FUNDING. AND SO, UM, JUST UNDER 400 MILLION IN TIF FUNDING HAS SUPPORTED A INCREASED VALUE OF ONE POINT, APPROXIMATELY 1.2 BILLION WITHIN THE TIF DISTRICT. THE PROJECTS THAT WE HAVE PROVIDE FUNDING, THE CURRENT VALUE OF THOSE PROJECTS IS 1.2 BILLION, WHICH IS ADDED JUST FOR THIS SECTION. UM, 2,161 RESIDENTIAL UNITS, 1,431 HOTEL ROOMS, 268,205 SQUARE FEET OF RETAIL, AND 787,180 SQUARE FEET OF OFFICE. THE NEXT SECTION OF THIS CHART, UM, JUST TRIES TO CAPTURE SOME OF THOSE LARGE SCALE, UM, DEVELOPMENTS THAT HAVE OCCURRED WITHIN THE BOUNDARY OF THE TIP DISTRICT, BUT DID NOT, DID NOT RECEIVE ANY TIP FUNDING. SO THEY EITHER HAPPENED ON THEIR OWN OR THERE MAY HAVE BEEN SOME TYPE OF TAX ABATEMENT IN PREVIOUS YEARS OR SOME OTHER TYPE OF INCENTIVE THAT, UM, SUPPORTED THE PROJECT. BUT LARGELY WITHIN THIS SECTION, UM, JUST OVER 19 MILLION IN CITY SUPPORT HAS LED TO PROJECTS THAT VALUE 4.7 BILLION FOR THE DISTRICT. AND SO, UM, IT HAS SHOWN THAT, YOU KNOW, 10 DISTRICTS DO WORK AND, UM, WE DO END UP RESULTING WITH LARGE DEVELOPMENTS CREATING ADDITIONAL VALUE AND ADDING TO THE DOWNTOWN SPACE. AND SO, UM, THE NEXT SECTION IS OUR MOST INCOME HOUSING SUMMARY. UM, WITHIN THIS PARTICULAR 10 DISTRICT, UM, OF THE 1,893 UNITS THAT HAVE BUILT BEEN BUILT TODAY, THERE HAVE BEEN 342 PER, UM, UNITS PROVIDED FOR THE, FOR AFFORDABLE HOUSING WORKFORCE HOUSING, WHICH IS 18% OF THE NUMBER OF UNITS. NOW, AS DORSEY MENTIONED, WITH THE 2022 AMENDMENT OF THIS DISTRICT, WE DID ADD IN SOME NEW REQUIREMENTS FOR MIXED INCOME HOUSING, UM, OR PROPERTIES OR BUILDING OR REDEVELOPMENT PROJECTS IN EXISTING BUILDINGS. THE REQUIREMENT FOR MIXED INCOME HOUSING IS 10% OR DEVELOPMENT, WHICH IS NEW CONSTRUCTION. ON SOME OF THESE SURFACE PARKING LOTS, THE [00:25:01] REQUIREMENT IS 20%. AND IF IT IS RESIDENTIAL DEVELOPMENT THAT IS GOING ON TO A CITY OWNED LOT, THEN THE REQUIREMENT FOR MIXED INCOME HOUSING FOR THAT IS 30%. BEFORE YOU MOVE ON MM-HMM . FIXED INCOME. IF IT IS ALL APPROPRIATE FOR THE SCOPE OF THIS REPORT. I WONDER IN THE FUTURE YOU COULD HAVE A, A SUMMARY OF PROJECT WITHIN THE TECH DISTRICT THAT WROTE A CHECK FEE IN LIE. WELL, SO WE DO, WELL THERE'S TWO WAYS YOU APPROACH THAT. IF YOU ARE RECEIVING INCENTIVES FROM THE, UH, CITY OR FROM THE TIP, THERE'S NO FEE IN LIEBE OPTION. YOU PROVIDE UNITS RIGHT NOW, IF THERE IS DEVELOPMENT OUT THAT, UM, HAPPENED ORGANICALLY AND DID NOT RECEIVE ANY TYPE OF INCIDENT AND, UM, THROUGH DEVELOPMENT SERVICES, THEY PAID A FEE IN LIEU OF, WE COULD INCLUDE THAT. WE'D HAVE TO FIGURE OUT HOW WE GET THAT INFORMATION. WELL, NOT UNLIKE, I, I ACTUALLY LOVE VERY MUCH THE SUMMARY OF PROJECTS, MAJOR PROJECTS THAT HAD, THAT DIDN'T RECEIVE PITCH FUNDS. IT WAS VERY HELPFUL TO SEE WHAT'S HAPPENING IN THE DISTRICT AND THAT, THAT FEATURE THAT WOULD BE, AND, UH, I THINK WOULD BE USEFUL IF, IF IT IS APPROPRIATE CAPTIONS REPORT, PLEASE SAY SO. BUT I, I DON'T THINK THAT IT WOULD BE, UM, INAPPROPRIATE. I THINK WE WOULD JUST HAVE TO FIGURE OUT THE MECHANISM BY WHICH WE GET THAT INFORMATION. 'CAUSE IF THE, IF THE PROJECT OCCURS, DEVELOPMENT OCCURS, YES. UM, WE WOULDN'T NECESSARILY SEE IT UNLESS THEY APPLY FOR SOME TYPE OF INCENTIVE. OKAY. AND SO IT WOULD BE JUST ESTABLISHING SOME TYPE OF COMMUNICATION WITH OUR DEVELOPMENT SERVICES TO SEE HOW WE CAN GET THAT INFORMATION. IT SPEAKS TO THE HEALTH AND VITALITY OF THE WHOLE. THAT'S WHY THANK YOU VERY MUCH. AND I'M GONNA MAKE A NOTE. ALRIGHT. AND SO, UM, THE NEXT SECTION, IT ALSO SPEAKS TO THE HEALTH OF THE TIP DISTRICT AND THE VALUES THAT ARE BEING CREATED WITHIN EACH SUBDISTRICT. AND SO, UM, AS I MENTIONED, THE DOWNTOWN CONNECTIONS SUBDISTRICT WAS CREATED IN 2005, AND IT HAS A BASE YEAR VALUE OF APPROXIMATELY 565 MILLION. THE 2023 CERTIFIED TAXABLE VALUE FOR THAT SAME DEC, SAME DISTRICT IS 7.17 BILLION, WHICH IS A 1171% INCREASE FROM THE BASIC YEAR VALUE, WHICH IS HUGE INCREASE. THAT'S A HUGE INCREASE. AND THEN, UM, IF WE WERE TO COMPARE THE INCREASE FROM 2022, UM, 2022 SPINAL TAXABLE VALUE, UM, THE DISTRICT'S VALUE HAS INCREASED OVER 677 MILLION, WHICH IS ABOUT 11% YEAR OVER YEAR. THE INCREASE IN VALUE WILL RESULT IN THE ESTIMATED COLLECTION OF $43,785,458 OF INCREMENT FOR THIS PARTICULAR SUBDISTRICT. UM, ALL OF THAT INCREMENT IS CITY INCREMENT. AS I MENTIONED THIS, THE COUNTY RE REACHED ITS BUDGET MAX IN 2019. AND SO NEW PARK SUBDISTRICT IS OUR NEWER SUBDISTRICT. THEIR BASE YEAR VALUE, UM, HAS THE DATE OF 2022, AND THE VALUE WAS $22,270,550. UM, THAT THIS SUBDISTRICT HAS ALSO INCREASED. AND THE 2023 CERTIFIED TAXABLE VALUE IS 24,574,074. AND SO WITHIN THIS COMING YEAR, WE ANTICIPATE COLLECTING $15,256 FOR THIS SUBDISTRICT. UM, AND HIGHLIGHTING IT WITHIN THE SECTION IS THAT, UM, DALLAS COUNTY'S PARTICIPATION HAS BEEN REQUESTED BY THE CITY TO START WITHIN THIS DISTRICT IN YEAR 2027. WE ARE STILL CURRENTLY WORKING WITH THE DALLAS COUNTY REPRESENTATIVE ON THIS BOARD TO HAVE, UM, THIS REQUEST FORMALLY PRESENTED TO THE COUNTY COMMISSIONER'S COURT FOR THEM TO, UM, CONSIDER PARTICIP PARTICIPATING IN THE NEW PARK SUBDISTRICT. WE HOPE TO, UM, HELP WITH THE COUNTY AND HELP HAVE THAT HAPPEN IN THIS COMING WEEKS, IN THIS FISCAL YEAR. UM, AS DOROTHY MENTIONED, WE ALL OF OUR TWO DISTRICTS HAS DEVELOPMENT GOALS AND OBJECTIVES. UM, I WILL SKIP TO PAGE 11. ONE OF THE GOALS, KEY GOALS FOR THIS DISTRICT IS TO DEVELOP A MORE DIVERSE MIXTURE OF LAND USES WITHIN THE DOWNTOWN CONNECTION AREA. AND AS I MENTIONED, WE HAVE BEEN ABLE TO DO THAT BOTH PROJECTS ASSISTED BY TIP FUNDS AND THOSE THAT ARE NOT BY CREATING 8,542 RESIDENTIAL UNITS, 2,589 HOTEL ROOMS, 761,996 SQUARE FEET OF RETAIL, AND [00:30:01] JUST ABOUT 7 BILLION SQUARE FEET OF ANOTHER KEY COMPONENT OF GOALS IS THE, IS TO INCREASE OPEN SPACE AND RECREATIONAL OPPORTUNITIES IN THE DOWNTOWN CONNECTION AREA. AND IF YOU'LL GO TO PAGE 13, I TRIED TO CAPTURE THE, UM, PARKS THAT HAVE COME ONLINE OVER THE PAST COUPLE OF YEARS, AND TWO OF 'EM WITHIN THE LAST YEAR OR SO. UM, THE VERY FIRST WAS PACIFIC PLAZA PARK, WHICH, UM, IS 3.7 ACRES IN SIZE AND IT COSTS ABOUT 15 MILLION. AND THAT OPENED TO THE PUBLIC ON OCTOBER OF 2019. THE SECOND PART WAS THE CARPENTER PARK. AND, UM, IT IS NOT NECESSARILY WITHIN THE BOUNDARIES OF THE TIP DISTRICT, BUT IT IS DEFINITELY ADJACENT TO AND PROVIDES RECREATION FOR PROPERTIES WITHIN THE, THE, UH, DOWNTOWN CONNECTION TIP STUFF DISTRICT. AND THAT PARK IS 5.8 ACRES IN SIZE, AND IT OPENED ON MAY 3RD, 2022. AND THEN LASTLY WAS HARWOOD PARK, WHICH THE CITY CENTER TIP DISTRICT PROVIDED SOME FUNDS TO, UM, HELP SUPPORT THIS PARK. AND IT WAS, IT IS 3.8 ACRES IN SIZE. UM, IT COST APPROXIMATELY 21.8 MILLION AND IT OPENED IN SEPTEMBER OF 2020. NEXT SECTION, YEAR END SUMMARY OF MEETINGS BOARD ONLY MET ONCE, WHICH WAS JANUARY 12TH, 2023. I WILL ADD THAT, UM, IN THE PACKET THAT I SENT TO YOU VIA EMAIL I HAD WHERE THERE WERE TWO VACANT CITY APPOINTING SLOTS. I'VE SINCE UPDATED THAT. AND YOU CAN SEE HERE ON THE SCREEN THAT I REMOVED ONE, THAT EXTRA, EXTRA VACANT SLOT WAS NOT ACCURATE. AND SO BOTH CITY CENTER AND DOWNTOWN CONNECTION HAVE ONE CITY APPOINTING SLOT AVAILABLE. AS I MENTIONED, THIS TIP DISTRICT WAS CREATED BY PETITION. AND SO STATE LAW HAS SOME REQUIREMENTS ON THE MAKEUP OF THE BOARD. AND SO IN ADDITION TO THE CITY APPOINTEES, WE DO HAVE THE DALLAS COUNTY APPOINTEE, AND WE HAVE TWO AVAILABLE SLOTS FOR THE STATE SENATOR'S OFFICE APPOINTEE AND THE STATE REPRESENTATIVES APPOINTEE, WHICH BOTH OF THOSE AVAILABLE. UM, NEXT SECTION ARE JUST A LIST OF COUNCIL ITEMS THAT HAVE GONE THROUGH THAT ARE EITHER DIRECTLY OR INDIRECTLY ASSOCIATED WITH THE TIFF DISTRICT. I JUST WANNA HIGHLIGHT A COUPLE ON PAGE 15. ON MAY 24, THE CITY COUNCIL APPROVED, UM, DEVELOPMENT AGREEMENTS FOR THE NEW PARK MUNICIPAL MANAGEMENT DISTRICT WITHIN THE AREA, A MECHANISM THAT THE, UM, DEVELOPERS OF THE NEW PARK AREA WOULD HOPE TO BE ABLE TO TAKE ADVANTAGE OF TO SUPPORT THEIR DEVELOPMENT. AND SO WE ENTERED INTO A, UM, A GENERAL DEVELOPMENT AGREEMENT, WHICH WAS REQUIRED BY STATE LAW TO, UM, MAKE THE NEW PARK MUNICIPAL MANAGEMENT DISTRICT EFFECTIVE. UM, SO PAGE 19, UM, IN SEPTEMBER OF 2023, CITY COUNCIL APPROVED THE CONTRACT FOR A, UM, MANAGEMENT SERVICES OR OWNERS REPRESENTATIVE FOR THE KAY BAILEY HUTCHESON CONVENTION CENTER, DALLAS MASTER PLAN. AND SO THE WHOLE, UM, MOVEMENT TO REDEVELOP OUR MA OUR, UH, CONVENTION CENTER AREA AS WELL UNDERWAY, WE NOW HAVE OUR, UM, LEAD CONSULTANT WHO'S GOING TO PUSH THIS PROJECT FORWARD FOR THE FIRST PHASE. AND THEN ALSO AT THE END OF SEPTEMBER, UH, CITY COUNCIL APPROVED THE ISSUANCE OF BONDS FOR THE PROJECT. AND SO, UM, WE TRY TO KEEP YOU AWARE OF THINGS THAT ARE GOING ON WITH THIS, WITH OUR MASTER PLAN AND REDEVELOPMENT OF THE . UM, PAGE 20 IS OUR BUDGET. UM, AND AS DORSEY SAID, THIS IS MORE CAPACITY BASED AS OPPOSED TO FUNDS IN THE BANK. AND SO OUR CURRENT ESTIMATED BUDGET IS A LITTLE OVER 1 BILLION TO DATE. WE HAVE COMMITTED OR SPENT $522,652,798. AND SO OUR REMAINING CAPACITY TO SUPPORT NEW PROJECTS IS JUST OVER 512 MILLION. AND I WILL TELL YOU THAT, UM, I HAVE RECEIVED ONE APPLICATION FOR, UM, THIS TIP DISTRICT THUS FAR. WE ARE IN THE PROCESS OF REVIEWING THE APPLICATION FOR COMPLETENESS, BUT I DO ANTICIPATE THAT WE'LL HAVE FUTURE PROJECT, I MEAN, ADDITIONAL MEETINGS THIS YEAR. UM, THE NEXT BUDGET IS FOR THE NEW PARK SUBDISTRICT. AND SO, UM, WE ESTIMATE THAT THEIR BUDGET TOTAL COLLECTIONS WOULD BE $213,451,451. UM, TO DATE, 92 MILLION [00:35:01] HAS BEEN COMMITTED. THE BULK OF THAT IS FOR THE ONE NEW PARK, A PROJECT THAT WAS APPROVED LAST YEAR. AND THEN, UM, WE HAVE OVER 121 MILLION IN CAPACITY FOR THAT PARTICULAR SUBDISTRICT. ROUND IT UP, I'M COMING INTO HOME, HOME BASE. UM, THE VERY LAST, UH, NEXT TO LAST ITEM IS OUR, UH, KIND OF A STATUS REPORT ON THE BONDS FOR THE DISTRICT. WHEN THIS DISTRICT WAS CREATED, BONDS WERE ISSUED TO SUPPORT THE MERCANTILE, UM, KIND OF COMPLEX REDEVELOPMENT. AND SO, UM, WE, THE TOTAL IN PRINCIPAL AND INTEREST IS $206,972,265. AND TO DATE, WE'VE PAID JUST UNDER 87 MILLION. AND, UM, OUR OUTSTANDING BALANCE IS 120 MILLION, JUST OVER 120 MILLION. UH, THE BOND WILL BE RETIRED AT THE EXPIRATION OF THE DISTRICT. AND SO THAT WILL BE IN 2035. THE NEXT PAGE IS OUR MW UH, BE PARTICIPATION CHART, WHICH DO TO EXPLAIN IN THE PRESENTATION. AND THEN LASTLY IS THE 20 23 20 24 WORK PROGRAM. UM, I'LL JUST HIGHLIGHT A COUPLE OF THE, UM, BIG ITEMS. WE'RE GONNA CONTINUE TO DO OUR ANNUAL DISBURSEMENT OF FUNDING TO DISTRICT PROJECTS, WHICH I'LL SHOW YOU KIND OF OUR PAYOFF ESTIMATES IN THE BACK OF THIS, UM, REPORT. UM, WE'RE GONNA CONTINUE TO WORK WITH RELEVANT CITY DEPARTMENTS ON VARIOUS TRANSPORTATION PROJECTS, UM, BOTH OF THEM BEING I 30 CANYON REDESIGN AND THE I 3 45 SUBCOMMITTEE. AND THEN I'D LIKE TO ADD ONE MORE BULLET THAT POPPED UP TO ME, WHICH WOULD BE TO CONTINUE TO WORK WITH THE BOARD'S DALLAS COUNTY REPRESENTATIVE ON THE COUNTY'S PARTICIPATION IN THE NEW PARTS SUBDISTRICT. UM, PAGES 25 AND 26 AND 27 ARE WHAT'S REQUIRED BY, UH, STATE LAW FOR ANNUAL REPORTS. AND SO THESE ARE OUR FINANCIALS. AND THEN, UM, PAGE 29, WE DO NOT HAVE DISTRICT SET ASIDES WITHIN THIS DISTRICT. AND IF YOU SKIP BACK TO 28, THERE'S A LISTING OF, UM, PROJECTS THAT ARE, THAT WILL BE PAID OFF ACTUALLY THIS YEAR. AND SO I THINK GO AHEAD AND TELL YOU THAT WE'VE ALREADY BEGUN PROCESS TO PAY OFF THE, UH, STALER LIBRARIES. SO THAT SHOULD BE DONE WITHIN THE NEXT COUPLE DAYS, AND THEN WE'LL ONLY HAVE THREE OTHER PROJECTS REMAINING IN OUR QUEUE. SO WITH THAT, I AM HAPPY TO ANSWER ANY QUESTIONS. MAY HAVE, I'VE GOT SOME QUESTIONS ABOUT, UM, THE DDDA DOWNTOWN DALLAS DEVELOPMENT AUTHORITY. SURE. DOES THE D DO THE DDDA FINANCIALS ROLL UP ONTO THE DOWNTOWN CONNECTION TIFF FINANCIALS? SO IS, IS IT LIKE A SUBSIDIARY OR IS THAT A SEPARATE SEPARATE ENTITY? SEPARATE ENTITY. I'LL LET, UM, TK, HE'S ON TK WITH OUR FINANCIAL GROUP, SPEAK TO THAT. HE PREPARES HIM AND HIS GROUP PREPARES ALL OF OUR FINANCIALS AND ALSO WORKS WITH OUR CONTROLLER'S OFFICE WHEN IT COMES TO THE BUDGETING AND, UM, FINANCIAL SUPPORT. THE CITY. TK, MAKE SURE YOU'RE NOT ON MUTE. UH, WE CAN'T HEAR YOU. IF YOU'RE SPEAKING, YOU'RE WELCOME TO RUN IN HERE IF THAT'S BETTER FOR YOU. YEAH, IF YOU CAN, YOU CAN JUST WALK OVER TK WHILE HE'S DOING THAT. UH, DO YOU HAVE ANY OTHER QUESTIONS, BILLY? NO, I WAS REALLY, UM, I WAS REALLY JUST TRYING TO MAKE SURE THAT, UH, I UNDERSTAND HOW THE, HOW DDDA WORKS AND RELATES TO DOWNTOWN CONNECTION AND FRANKLY, IT'S JUST 'CAUSE OF, UM, THE, UH, THE CALL FROM THE AUDITOR IS KIND OF CONFIRMING THAT EVERYTHING IS, IS FINE. AND I, I SORT OF REALIZED DURING THAT CALL THAT, UH, I DON'T REALLY KNOW ENOUGH ABOUT DDDA, SO I'M JUST TRYING TO BE A DILIGENT BOARD MEMBER. OKAY. CAN Y'ALL HEAR ME? THIS IS CK YES, SIR. OH, THANK YOU. YES. RELATED TO THE DDDA, WE COLLECT THE MONEY THAT WE COLLECT FROM THE TAX INCREMENT IN THE DOWNTOWN COLLECTION TIP DISTRICT. THAT MONEY WILL BE SENT TO A TRUSTEE, WHICH IS US NATIONAL BANK [00:40:01] OR THE CITY OF DALLAS FOR DDDA. THEN WE COLLECT THE MONEY BACK FROM THEM AND APPLY TOWARDS ALL THE PROJECTS THAT TAMARA MENTIONED WITHIN THE DOWNTOWN CONNECTION. BUT THE CITY CONTROLLER'S OFFICE HAS TO PREPARE A SEPARATE DTDA AUDITED FINANCIAL STATEMENT THAT IS PART OF THE, YOU KNOW, AUDIT REQUIREMENT BECAUSE OF THE DEBT. SO WHEN, WHEN I LOOK AT THE DDAS FINANCIALS, UM, IF, IF, AND THE ONES I LOOKED AT FOR THE CALL A FEW MONTHS AGO, UH, HAD ABOUT 16 MILLION IN CASH ON HAND. DO WE KEEP CASH AT DDDA IN ADDITION TO THE CASH THAT'S ON HAND AT THE TIF DISTRICT? OR IS THAT THE SAME CASH? NO, THAT IS THE SAME ACT THAT HAS GONE TO THE TRUSTEE AND THEN WILL GET THE MONEY BACK. SO WHEN YOU SEE THE BANK STATEMENT IN THE AUDITED FINANCIALS, THAT WILL SHOW WHAT IS THE BANK BALANCE AT THAT TIME. RIGHT. BUT WE ALSO HAVE RESERVES YES. FOR THE BONDS THAT WERE REQUIRED BY OUR BOND COVENANTS. AND SO THAT COULD BE A PORTION OF THE CASH ON HAND THAT YOU SEE AS WELL. MM-HMM. OKAY. WITH THAT PORTION, WE DON'T IN COLLECT THAT PORTION OF THE RESERVES BACK TO THE FUNDS. NO. AND, AND THERE'S NO THOUGHT ABOUT RETIRING THE BONDS EARLY OR ANYTHING LIKE THAT? IF, IF WE HAVE EXCESS PROCEEDS AT THE TIFF DISTRICT? WELL, THAT HAS TO BE DIFFERENT. YEAH. I THINK WE ALWAYS HAVE THAT OPTION, BUT, UM, WE WOULD CONSIDER DOING THAT IF WE WERE MAYBE LOOKING AT SHUTTING DOWN THE, UM, DISTRICT EARLY OR IF THERE WERE NO, THERE WAS NO INTENT TO HAVE FUTURE PROJECTS. WE WOULD ONLY HAVE EXCESS CASH ON HAND IF WE DON'T HAVE PROJECTS TO USE OUR IMPLEMENTED PAD. OKAY. THOSE PROJECTS, THAT'S, THAT'S ALL I HAD. THANKS. NO PROBLEM. THANK YOU. CHANGE THIS ONE MORE TIME. ARE THERE ANY OTHER QUESTIONS? I HAVE A QUESTION, BUT I'LL DEFER TO BOARD MEMBERS ON VIDEO FIRST. SOUNDS LIKE NO OTHER QUESTIONS. UM, I MIGHT BE A LITTLE BIT OF A SQUEAKY WHEEL ON THIS, BUT IT TROUBLES ME THAT WE HAVE THINGS. IS THAT TYPICAL? IT IS TYPICAL. UM, WE'D RATHER HAVE THE REPORTS AS WELL, BUT THE APPOINTMENT PROCESS, IT'S ONE THAT WE CAN'T CONTROL. UM, IN YEARS PAST, WE'VE SENT EMAILS AND MEMOS TO VARIOUS, UM, COUNCIL MEMBERS, BUT THEY'RE ALSO BUSY AS WELL. SO, UM, THAT'S ABOUT THE LIMITS OF WHAT WE CAN DO. I DO, UM, WOULD SEEK MAYBE SOME ASSISTANCE ON, UM, IF YOU HAVE CONTACT WITH THE STATE REPRESENTATIVE'S OFFICE OR THE TWO LEGISLATIVE APPOINTEES THAT UM, MAYBE WE CAN WORK ON GETTING THOSE FILLED, WHICH WILL HELP US GET CLOSER TO A FOUR FOUR. WOULD YOU REMIND ME WHICH STATE SENATOR, MR. RESIDENT WE'VE BEEN TALKING ABOUT? I, I BELIEVE IT'S, UM, MEYER IS THE REPRESENTATIVE AND I BELIEVE WEST IS THE SENATOR. OKAY, GOOD. AND, AND I NOTICED THAT WAS ON PAGE 24, 1 OF THE, UH, WORK PROGRAM ITEMS WAS RIGHT. WORK TO GAIN STATE EMPLOYMENT. I I KNOW VERY WELL WHY. SO WOULD JUST OPEN THE DOOR OF COMMUNICATION AND THEY CAN REACH OUT TO ME AND I COULD TELL THEM ALL OKAY. THAT WE'RE LOOKING FOR BY THEM, BUT IT, IT, I APPRECIATE THAT. DOES ANY OF THE BOARD MEMBERS KNOW SENATOR WEST, CHAD WEST? NO, NOT THAT, UH, UH, ROY ROYCE WEST, BUT ALSO WE CAN WORK THROUGH OUR AREA GOVERNMENTAL DEPARTMENT AS WELL, I THINK APPROACH FROM ALL FROM DIFFERENT AVENUES. THEY HELP. DALLAS COLLEGE HAS A PRETTY, UM, A GOOD RELATIONSHIP WITH SENATOR WEST OFFICE. THINK OUR, OUR IN INTERGOVERNMENTAL WE'LL HAVE ONE AS WELL. BEN, IS THAT SOMETHING THAT YOU COULD HELP WITH? YEAH, ABSOLUTELY. HE'S NOT ON, I THINK MIGHT BE OUTSIDE OF SCOPE FOR HIM. WE'LL WORK WITH OUR INTERGOVERNMENTAL OFFICE ON THAT ONE. THANK YOU. OKAY. OKAY. UH, AND THEN THE SECOND QUESTION I HAD IS ON YOUR 20 23 24 , YOU HAVE CONTINUE WORKING WITH THE ONE NEW PART TEAM TO ADDRESS DEVELOPMENTS TO DELAY THE EXECUTION OF THE PROJECT DEVELOPMENT. SO THE, THE TIP FUNDS, I WOULD, I MEAN, WE, WE'VE SET ASIDE A REWARD OR WHATEVER, BUT, BUT UNLESS UNTIL THEY HAVE A EXECUTE DEVELOPMENT AGREEMENT AND COMPLETED THE PROJECT, IT'S STILL, IT IS JUST ALLOCATED AT THIS POINT. IS THERE A, IS IT FAIR TO TALK ABOUT IS THERE A PROJECTION FOR COMPLETED DEVELOPMENT? [00:45:01] UM, THERE IS, THERE ARE JUST SOME THINGS THAT HAVE COME UP THROUGH THE PROCESS OF DESIGN AND, UM, WORKING THROUGH DEFINITIVE DOCUMENTS THAT THEY'RE WORKING OUT ON THEIR END. AND SO WE STILL HAVE OUTSIDE DATES. I, I DON'T BELIEVE THEY ARE REQUIRED TO HAVE THEIR, UM, HAVE THEIR BUILDING PERMIT UNTIL MAYBE THE END OF THIS YEAR OR SOMETIME IN 2025, THEIR COMPLETION DATE, SOME YEARS AFTER THAT. AND SO WE HAVEN'T MISSED ANY PIVOTAL, PIVOTAL, UM, DEADLINES AT THIS POINT. AND IF, IF THEY, IF, IF THE AGREEMENT IS BUILDING PERMIT BY X AND X IS NO LONGER ACHIEVABLE, WHICH ANYBODY ON THIS CALL WOULD UNDERSTAND, WILL, WILL, WILL THE APPLICANT THEN COME BACK TO THIS BOARD FOR AN EXTENSION IF THAT WERE TO OCCUR? IF THAT'S WHY WE DO, UM, BAKE INTO ALL OF OUR DEALS AND ADMINISTRATIVE EXTENSION OF ONE YEAR. AND SO THEY MAY NOT COME BACK, UM, FOR THE INITIAL EXTENSION, BUT ANYTHING OUTSIDE OF THAT WOULD HAVE TO COME BACK TO THE WE ONLY HAVE ONE ADMINISTRATIVE EXTENSION. YOU'RE RIGHT. WELL, SOME WE'LL CROSS THAT BRIDGE OVER. WE DON'T. YES. RIGHT. AND SO SOME OF OUR ADMINISTRATIVE EXTENSIONS IS REQUIRED TO FOR RECOMMENDATION AND I BELIEVE THAT, THAT THIS ONE FOR THIS PROJECT DOES. AND SO I THINK YOU'LL SEE ANY TYPE OF EXTENSION EITHER WAY, WHETHER IT IS ADMINISTRATIVE OR IT HAS TO GO ON COUNCIL , HOPEFULLY THERE . RIGHT. OKAY. UH, TERRIFIC. UM, ANY OTHER QUESTIONS REGARDING, UH, THE DOWNTOWN CONNECTION ANNUAL REPORT? I'LL JUST OFFER AS A REMINDER THAT AS IT RELATES TO NEW PARK, IT'S A, IT'S A SUBDISTRICT. SO, UM, YOU KNOW, IF, IF, UH, THAT ALLOCATION BECAME AVAILABLE AGAIN, IT WOULD STILL JUST BE AVAILABLE FOR THAT SUBDISTRICT, WHICH IS PRETTY MUCH ALL JUST THE SAME DEVELOPER'S PROPERTY. YEP. THE INCOME'S NOT POOLED. YEAH, THAT'S A VERY IMPORTANT POINT. THANK YOU. OKAY, BEFORE I ASK MOTION, I WOULD LIKE TO, TO GRADUATE THIS REPORT IN PARTICULAR, PERSONALLY, I APPRECIATE THE, THE DETAILED BACKGROUND OF THE MISSION, UH, AND HISTORY THERE. IT JUST REALLY HELPED TO UNDERSTAND THAT. SO THANK YOU FOR THAT. AND THANKS TO WHATEVER TEAM MEMBERS ASSISTED WITH THAT, UH, TERRIFIC REPORT. UH, WITH THAT, I'LL ASK FOR A MOTION, UH, TO APPROVE, UH, THE, UH, CITY CENTER DISTRICT AND REPORT FOR 2022. 2023. SO MOVED. MOTION. WE HAVE SECOND. SECOND. UH, ANY DISCUSSION ON THE MOTION? SEEING NONE, HEARING NONE. ALL IN FAVOR? AYE. AYE. AYE. UH, I DON'T KNOW IF WE, IF WE GOT, YEAH. OKAY. AND, UH, ANY OPPOSED HERE? ? THANK YOU VERY MUCH. SO THE VERY LAST ITEM IS JUST, SO THAT'S, OKAY, SO A QUESTION ABOUT THIS ONE. SO ITEM SIX, REVIEW, CONSIDERATION OF A MONTHLY JOINT MEETING FOR THE CITY CENTER DISTRICT BOARD OF DIRECTORS, THE DOWNTOWN CONNECTION TIP, DISTRICT BOARD OF DIRECTORS, AND THE DOWNTOWN DEVELOPMENT AUTHORITY BOARD OF DIRECTORS FOR THE CALENDAR YEAR. UH, 24 IS OUR, IS OUR ITEM SIX AND STAFF RECOMMENDATION AND APPROVAL, UM, OF WHAT? RIGHT. I, I, I HAD A QUESTION BECAUSE MY UNDERSTANDING IS WE DON'T REALLY HAVE A MEETING UNLESS WE HAVE AN ALLOCATION OR SOME OTHER SPECIAL BUSINESS. SO WHAT WE TYPICALLY TELL OUR TIP BOARDS IS THAT CITY SECRETARY'S OFFICE LIKES US TO HAVE REGULAR MEETING SCHEDULE. HOWEVER, IF YOU DON'T HEAR ANYTHING FROM EITHER OF US, APPROXIMATELY TWO WEEKS BEFORE THAT MONTHLY, UM, MEETING, WHICH IS , WELL, IT LOOKS LIKE LAST YEAR WE WENT TO A QUARTER JOINT MEETING SCHEDULE FOR THE FIRST THURSDAY OF THE FIRST MONTH OF EACH QUARTER. YEAH. SO WE CAN DO MONTHLY. IT'S BASICALLY JUST TO HAVE SOMETHING IN THE BOOKS. IF YOU DON'T HEAR FROM US, THE MEETING DOES NOT OCCUR. THIS WAS THE ONLY BOARD FOR YEARS THAT DID A MONTHLY MEETING BECAUSE THERE WAS A TIME WHEN THEY WERE MEETING A LOT. YEAH. UH, THE, THE BOARDS THAT I OVERSEE DO A QUARTERLY MEETING AND SAME RULES APPLY IF YOU DON'T HEAR FROM US, ASSUME IT'S CANCELED. ALSO, IT'S VERY EASY FOR US TO DO A SPECIAL CALL MEETING. SO IF IT'S NOT ON THAT QUARTER DATE, WE NEED TO HEAR SOMETHING THAT'S NOT ON ONE OF THOSE DATES. IT'S VERY EASY FOR US. IT'S BASICALLY THE EXACT SAME PROCEDURE [00:50:01] TO CREATE A SPECIAL CALL MEETING RATHER THAN A REGULAR MEETING. SO UP TO THE BOARD, UM, THEY JUST WANNA KIND OF EARMARK A MONTHLY OR A QUARTERLY DATE AND THAT WE, THAT WE CAN GET ON THE RECORD. SO I ALWAYS, UM, SUGGEST THAT WE START WITH THE QUARTERLY OR THE SCHEDULE THAT WAS APPROVED LAST YEAR AND SEE IF THAT STILL WORKS FOR THE BOARD. BEFORE WE GO THROUGH THE, WHAT ABOUT THIS, UM, FIGURING OUT ALTERNATIVE DATES AND TIME. RIGHT. A TOUGH TASK FOR YOU AND FOR US REALLY. SO, UH, I, YOU KNOW, I'M GONNA JUMP IN HERE. I WOULD, I WOULD RATHER NOT SCHEDULE MONTHLY. I'D RATHER SCHEDULE, ESPECIALLY IF THERE'S A, A STANDARD OF DOING THAT FOR YOUR OTHER BOARDS THAT'S ACCEPT SECRETARY, UH, THAT, THAT'S MY PERSONAL VIEW. BEFORE I ASK FOR OTHER QUESTIONS, I'LL ASK YOU THIS. DORSEY, WHAT IS CHAIRMAN? THE, WHAT IS THE NOTICE PERIOD FOR SPECIAL MEETING? SEVEN, TWO HOURS. THOSE ARE REQUIRED BY STAWA, OF COURSE. SET A COURTESY. WE TRY TO GET IT TO YOU AT LEAST A WEEK IN ADVANCE AND EVEN A HOLD ON YOUR CALENDAR BEFORE, PRIOR TO THAT, IS THERE ANY DISCONNECT BETWEEN THAT NOTICE REQUIREMENT? 72 HOURS. AND THE AGENDA APPROVAL REQUIREMENT BY THE CITY? AJOUR SET SE SEVEN TWO HOURS. CITY SECRETARY DEVELOPMENT. OKAY, WELL THE APPROVAL, THE REVIEW PROCESS TAKES PLACE BEFORE WE POST. AND SO, UM, AND SO THE 72 HOURS IS JUST FOR POSTING. THAT MEANS WE HAVE AN AGENDA THAT HAS BEEN REVIEWED AND APPROVED AND IT'S READY TO BE POSTED. THAT'S THE 72 HOUR WINDOW REQUIREMENT. NOW, PRIOR TO THAT, UM, WE, WE WORK ON OUR AGENDA WEEKS BEFORE THE DAY EVEN. YEAH. DEPENDING UPON WHAT WE HAVE, WHAT'S COMPLETED, WHAT'S READY. SO GENERALLY WHEN WE SEND THINGS TO CITY ATTORNEY OR START THE REVIEW PROCESS, IT JUST DEPENDS ON WHEN WE HAVE WHAT WE NEED TO DO THAT. AND IF WE FEEL CONFIDENT, IF WE SEND SOMETHING UP FOR REVIEWS AND WE FEEL CONFIDENT WE HAVE A DEAL THAT'S READY FOR CONSIDERATION BY THE BOARD, THAT'S WE'LL LY JUST PUT A HOLD ON THE CALENDAR. OKAY. AND THEN IT'LL BECOME OFFICIAL ONCE THERE'S A STAMPED AGENDA. AND IF WE WENT TO A QUARTERLY, IF, IF THE OTHER BOARD AGREED, UH, WOULD THIS BE OUR Q1 MEETING AND THEN WE START WITH Q2, THAT YES, IT LOOKS LIKE IT, YES. COULD BE. OKAY. I I HAVE NO FURTHER QUESTIONS. UH, . SO THE LAST QUARTERLY, UH, SCHEDULE WAS THE FIRST THURSDAY OF THE FIRST MONTH OF EACH QUARTER AT 11:00 AM MEETING TODAY ON THE SECOND THURSDAY OF THE FIRST MONTH OF THE QUARTER AT 11:00 AM SO IT SEEMS LIKE MAYBE THAT KIND OF WORK THE SECOND THURSDAY, EITHER THE FIRST OR THE SECOND THURSDAY, IS THERE A PREFERENCE AGAIN, IF WE NEED IN MARCH, IF IT'S DURING SPRING BREAK FOR HALF OF YOU AND YOU'RE OFF SKIING OR WHATEVER, WE CAN TAKE ANOTHER DAY. IT'S BASICALLY JUST HAVE A PLACEHOLDER, NO APPROACH BETWEEN THOSE TWO OPTIONS. SO LET'S HEAR MOTION. WE HAVE A MOTION TO, UH, TO APPROVE SCHEDULING OF A QUARTERLY MEETING FOR THE CITY CENTER. TIFF AS A PLACEHOLDER, UH, TO BE HELD, UH, UNLESS, UNTIL NEEDED AND IF NOT NEEDED, WE'D HAVE TWO WEEKS NOTICE. MOVE IT FROM OUR MOTION TO THAT EFFECT. SO MOVED. WE DIDN'T, WE DON'T HAVE A A THE SCHEDULE. SO, UM, I GUESS THE MOTION WOULD NEED TO SAY, UH, WE'LL HAVE A QUARTERLY MEETING SCHEDULED FOR THE FIRST THURSDAY OF THE FIRST MONTH OF EACH QUARTER AT 11:00 AM MUCH BETTER. YES. MOTION MAKER AGREE. ANY SECOND? I SECOND. MOTION? SECOND. ANY DISCUSSION? ALL IN FAVOR? AYE. AYE. AYE. AYE. MOTION TWO. THAT'S ALL YOUR STAFF. AND LET ME JUST CLARIFY ONE THING. IF YOU DON'T [00:55:01] HEAR FROM US, ASSUME THERE'S NO MEETING. WE TYPICALLY, BECAUSE WE OVERSEE SO MANY MEETINGS, UH, BOARDS, WE TYPICALLY DON'T PROACTIVELY SAY, HEY, WE'RE NOT GONNA HAVE THIS MEETING. SO ASSUME IT'S NOT HAPPENING UNLESS YOU HEAR FROM US. AND WHAT WE'LL DO IS WE'LL SEND OUT A CALENDAR INVITE FOR THE YEAR THAT WE'LL HAVE THESE QUARTERLY MEETING DATES ON THEM. AND WHILE YOU MAY NOT RECEIVE AN EMAIL, YOU MAY SEE THAT THE MEETING HAS BEEN REMOVED OR DELETED OR CANCELED, YOU MAY GET THAT NOTE INFORMATION. OKAY? UH, IF THERE ARE NO MORE QUESTIONS OR DISCUSSION, THEN UH, DO I NEED A MOTION TO ADJOURN? NOT AJO ALL THE TIME. OKAY. WE'RE, WE'RE ADURING THE MEETING. EXACTLY. CALLS ME STRAIGHT UP. WELL DONE. THANK YOU. THANK YOU ALL. HAPPY YEAR. THANKS GUYS. * This transcript was created by voice-to-text technology. The transcript has not been edited for errors or omissions, it is for reference only and is not the official minutes of the meeting.