* 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. WELL CALL [00:00:01] MEETING ORDER AT 1105 THEN, [Dallas Deep Ellum TIF District Board of Directors Meeting on December 5, 2023. ] AND WE DO HAVE SOME NEW BOARD MEMBERS. I THINK EVERYBODY MOSTLY KNOWS EACH OTHER, BUT GO AHEAD AND, YEAH, I'LL KICK IT OFF. UH, JOHN ZEL WITH A, UH, LOCAL PROPERTY OWNER OF THE DISTRICT, MASS. JEFF BRIGHTHOUSE, , EVAN, AUGUST, AUGUST REAL ESTATE, UH, AND ADMINISTRATOR, DEVELOPER AND AND V DALLAS, PART UNDER, SIMILAR TO AND DEVELOPER TO THE UH, DISTRICT. ALRIGHT. UH, SO MOVING ON TO AGENDA ITEM NUMBER TWO. OTHER COMMENTS PERTAINING TO AGENDA ITEMS THREE THROUGH SEVEN. I'M NOT SEEING ANY MEMBERS OF THE PUBLIC, UH, LY. THERE'S ON HERE IN THIS ROOM, SO WE CAN CALL IT NONE AND MOVE OFF. CAN CALL. ALRIGHT. AGENDA ITEM NUMBER THREE. WE'RE GIVEN CONSIDERATION OF MEETING RECORD OF DECEMBER 6TH, 2022, DEVELOP DISTRICT BOARD MEETING. UM, DO, DO YOU HAVE ANYTHING ON ADD ON THAT? UM, I DO NOT HAVE ANYTHING TO ADD TO THE PENDING RECORD. OKAY. UH, WITH THAT I'LL ENTERTAIN YOU. GO. DO WE HAVE A SECOND? ANY DISCUSSION OR QUESTIONS? ALL IN FAVOR SAY AYE. AYE. AYE. MOTION ANY HOST? VOTING CARRIES. AGENDA ITEM FOUR, REVIEW AND CONSIDERATION THAT HE FILED FIFTH DISTRICT ANNUAL REPORT FOR FISCAL YEAR OF 2022 THROUGH 2023. UM, DO SEE ANYTHING YOU WANNA PRESENT ON THAT ONE? I DO. IF EVERYONE, SO EVERY BOARD IS A LITTLE DIFFERENT. ANNUAL REPORTS WERE REVIEWED BY ALL BOARDS AT THIS TIME. UM, SOME JUST WALK INTO THE ROOM AND SAID, WE'VE REVIEWED IT, I MAKE A MOTION AND LET'S BE DONE WITH IT. UM, IF YOU ARE OKAY WITH THE CHAIR, I WOULD LIKE TO SPEND FIVE TO 10 MINUTES ON IT BECAUSE IT'LL KIND OF SET THE CONTEXT FOR OUR NEXT AGENDA. ABSOLUTELY. THAT'S A GREAT IDEA. OKAY. DO YOU THINK ANYONE CAN KICK ME IF I'M GOING TO SLOW? BECAUSE IT GIVES A LITTLE MORE, BUT ALSO FOR THE NEW MEMBERS, IT'S KIND OF GOOD JUST TO BE REMINDED OF KIND OF THE HEALTH OF THE DISTRICT AND WHERE WE ARE. SO, UH, THIS TIP DISTRICT WAS CREATED, UM, MIDDLE 20 2005. IT TOOK EFFECT BEGINNING OF 2006 IS GONNA TERMINATE IN 2027 OR WHEN THE BUDGET CAP IS REACHED AND THAT'S ABOUT $30 MILLION IN PV. UM, THE CITY PARTICIPATES AT 85%. THAT'S A PARTICIPATION RATE, 15%. WHAT THAT MEANS IS 15% OF THE INCREMENTAL VALUE EACH YEAR GOES INTO THE GENERAL FUND. 85% IS CAPTURED FUNDS. THE COUNTY DID PARTICIPATE, BUT THEY HAVE REACHED THEIR PARTICIPATE IN THE DISTRICT JUST TO NOT CITY GOING FORWARD. GOING FORWARD. THAT IS CORRECT. SO I'M NOT GONNA KIND OF REHASH HISTORY OF ACCOMPLISHMENTS. I WILL SAY ON JUNE 30TH, 2023, DEBELL AND HISTORIC DISTRICT WAS LISTED ON THE NATIONAL REGISTER OF HISTORIC PLACES, RECOGNIZING DEVELOP, PLACE OF HISTORICAL SIGNIFICANT POOL. WE ALSO GOT CULTURAL DISTRICT DESIGNATION, UH, TWO YEARS AGO, I THINK FOR AS WELL. STATE. YEAH. SO PAGE SEVEN TIPS, DISTRICT FUNDED PROJECTS IS LISTED IN A PART. ALL THOSE PROJECTS ARE COMPLETE. SO ABOUT 14 AND A HALF MILLION DOLLARS OF TIP DISTRICT FUNDING HAS LEVERAGED ALMOST $125 MILLION WORTH OF VALUE EVERY YEAR. WE GO THROUGH AND CAPTURE THE ACTUAL VALUE OF THAT YEAR. SO THESE AREN'T STALE MEMBERS, THESE ARE ACTUAL VALUES AS OF 2023. STARTING ABOUT HALFWAY THROUGH PAGE SEVEN, WE GO THROUGH THOSE NON SIGNIFICANT NON DISTRICT FUNDED PROJECTS. UM, UNDER CONSTRUCTION, 2,800 TAYLOR AND UM, LARGE SPUR FAIR PARK. I DID ADD THAT TO THE LIST. TYPICALLY UNTIL A PROJECT IS UNDER CONSTRUCTION, WE DON'T LIST IT, BUT BECAUSE IT WAS A CITY INCENTIVE, EVEN IT WAS PLANNED, I'VE ADDED THAT. SO IT IS LISTED AT A $0 AND THAT IS BECAUSE THE INCENTIVE STRUCTURE ALLOWS IT TO BE TAX EXEMPT. I ALWAYS FORGET IF IT'S DATED OR EXEMPT, BUT EXEMPT SO THAT IT WILL BE A ZERO VALUE. THE CITY WILL, [00:05:01] UM, BASICALLY HAVE OWNERSHIP AS DEVELOPS. AND WE DID START CONSTRUCTION RECENTLY IN THE JUNIPER. OKAY. WHICH IS AT 4,003 COMMERCE, WHICH HAVE UTILITY ONGOING, BUT WE GOT BUILDING PERMITS THIS MORNING. WE'LL, IS THAT KIND OFF THIS OR IS IT OUTSIDE OF THE DEFINITELY IN THE TIP. WHY IS IT NOT ON HERE? 4,003 COMMERCE STREET. OKAY, WE'RE AHEAD NEXT TIME. WHY DID I NOT I DID IT KICK OFF AFTER OCTOBER 1ST? YEAH. OKAY. I THINK, I THINK THAT I WROTE A NOTE IN MY FILE FOR NEXT YEAR BECAUSE WE DON'T INCLUDE PLANNED UNLESS IT HAS A CITY. YEAH, THEY, THEY JUST, THEY JUST STRICT SITE. SO IT'LL BE ON, I GUESS RIGHT WORK. SO PLAN, YOU CAN SAY PLAN PROJECTS THAT HAVE NOT STARTED CONSTRUCTION ARE NOT NEXT YEAR. NEXT YEAR. PAGE NINE. NEXT INCOME SUMMARY. UM, HAVING AFFORDABLE HOUSING IN OUR RESIDENTIAL PROJECTS IS CRITICAL FOR ALL OF OUR TIFF DISTRICTS. WE HAVE NO RESIDENTIAL PROJECTS, UM, THAT FUNDED WITH TIF DOLLARS. HOWEVER, WE HAVE THE GAL IN THE DISTRICT THAT DID RECEIVE INCENTIVES AND HAS AFFORDABILITY AND NOW LARGE FOR FAIR PARK PROJECT THAT WILL HAVE 50% OF ITS IN ITS, UM, RESERVES FOR HOUSEHOLDS EARNING 80% OR BELOW THE FAMILY AREA BEING PENSION INCOME VALUE AND INCREMENT. UM, THE 2023 TAXABLE VALUE, $1.4 BILLION. SO WE'RE AT 9.6 FROM LAST YEAR. THAT'S NOT STILL HEALTHY GROWTH, BUT NOT AS MUCH AS WE HAD BEEN SEEING PREVIOUSLY. AND WE'VE GROWN 651% SINCE BASE YEAR. UM, EXPECTING THAT TO RESULT IN JUST AROUND $7.7 MILLION OF INCREMENT THAT WILL BE COLLECTED, UM, IN 2024. AND FOR THOSE THAT DON'T KNOW OR DID THE MATH WITHIN YOUR HEAD, WE, WHEN WE FORMED A TIP, WE WERE UNDER $200 MILLION IN VALUE AND NOW WE'RE MORE FOR 1.4 BILLION. SO. ALRIGHT, SO THE NEXT PAGES ARE GOALS AND OBJECTIVES. I'M GONNA SKIP ALL OF THAT UNLESS YOU WANT ME TO GO THROUGH, BUT I WILL KNOW THAT, UM, IN SOME OF THOSE INITIATIVE DISTRICT WIDE INITIATIVE THINGS THAT AREN'T TIP FUNDED. ONE, UM, ITEM TO NOTE IS THE CBD FAIR PARK LANE. UM, THAT THE PHASE TWO MEETINGS ARE UNDERWAY, TRYING TO TAKE INTO ACCOUNT THE NEW HIGHWAY RECONSTRUCTION AND GETTING TO WORK INPUT ON THAT. UM, SO THE DISTRICT, AGAIN, UH, THE GOAL WAS TO GENERATE $30 MILLION IN NPV. UM, THAT'S THE BUDGET CAP. WE'VE NOW $23.15 MILLION AT 77.2% OF THE GOAL THERE, FOUR YEARS LEFT. AND WITH THAT, IT'S ANTICIPATED THAT WE WILL REACH THAT CAP IN ADVANCE THE 2027 TERMINATION DATE. PAGE 13. UM, I DO WANNA NOTE THAT WITH THE COME TO THE TIP BOARD ASKING FOR RECOMMENDATIONS TO MOVE THE ANNUAL REPORT ON THE COUNCIL, TYPICALLY THE ADMINISTRATIVE CLAUSE FOR THIS FISCAL YEAR ARE NOT COMMITTED IN THOSE NUMBERS. I'VE GOT A COUPLE OF OUR, UM, ACCOUNTING STAFF, TK AND MOEN ON, AND WE'LL GET INTO THE FINANCIALS. BUT I DO WANT NOTE THAT, YOU KNOW, WHEN YOU MAKE A MOTION, IF AND WHEN YOU MAKE A MOTION TO MOVE THIS BOARD, WE'LL ASK THE, TO ALLOW US TO MAKE SOME EDITS, ESPECIALLY ADDING THAT ADMINISTRATIVE COST IN. SO I WANNA NOTE HERE THAT WE'RE GONNA TALK ABOUT THIS IN THE NEXT ROUND, UM, 20, WE CALL IT $30 MILLION ROUNDED, UH, THAT NPV TYPE ACCOUNT, IT'S ACTUALLY 29,000,909 2,935, WHICH EQUATES TO TODAY'S DOLLARS 55.67. WE HAVE A BALANCE OF 40.5 MILLION IN BUDGET CAPACITY. SOME OF THAT IS CASH ON HAND AND SOME OF IT IS FUTURE INCREMENT ANTICIPATED TO BE COLLECTED. UM, AS FAR AS THE WORK PROGRAM, REALLY STARTING THOSE DISCUSSIONS TODAY ABOUT AMENDING A PLAN AMENDMENT TO REALLY FOCUSING ON CLOSEOUT PROJECTS AS THE DISTRICT MOVES INTO KIND OF ITS SUNSET OVER THE NEXT SEVERAL, UM, FINANCIALS BEGAN ON PAGE 15. THIS IS REALLY WHAT'S REQUIRED OF OUR ANNUAL REPORT. [00:10:02] UM, $17.54 MILLION AVAILABLE, AVAILABLE ACCOUNT FOR PROJECTS AND INCLUDES THE 23 COLLECTIONS AND IT SUBTRACTS OUT THE DISTRICT WIDE SET ASIDE. SO THAT'S TYPICALLY WE HAVE FOR PROJECTS, UM, ON PAGE 17 THAT SHOULD MATCH THE BODY OF THE ANNUAL REPORT. THAT 7.702 MILLION EXPECTED INFECTIONS FROM 23 VALUES, 24 COLLECTIONS. THEY'RE GONNA GET REALLY SICK OF ME LIKE AS WE MOVE INTO THE NEXT ITEM TALKING ABOUT NPB AND TOTAL DOLLARS AND VALUE YEAR VERSUS COLLECTION YEAR. 'CAUSE IT GETS A LITTLE CONCRETE. WE HAVE NO APPLICATIONS FOR PROJECTS RIGHT NOW AND WE HAVE NO OBLIGATIONS. WE HAVE PAID THE STAFF IS THE LAST ONE THAT WE'VE BEEN PAID, HAS BEEN PAID IN FULL. UM, I THINK THE LAST PAGE OF THIS REPORT IS THE DISTRICT-WIDE SET ASIDE. RIGHT NOW, THE DEVELOP TOOK DISTRICT ONLY SET ASIDE 5% OF EACH YEARS INCREMENT FOR DISTRICTWIDE PROJECTS. SO WHAT THAT MEANS IS EVERY YEAR WHEN WE COLLECT THE INCREMENT, WE SET ASIDE 5% FOR NON-DEVELOPER DRIVEN PROJECTS. SO MOST OF THE MONEY IS AVAILABLE FOR DEVELOPMENT SITES, WHEREAS 5% IS SET ASIDE FOR DISTRICTWIDE TRAILS, OPEN SPACE, ANYTHING ALLOWED BY STATE LAW. THAT'S THAT BENEFITS THE ZONE, NOT A PARTICULAR PROPERTY. SO THAT LEAVES RIGHT NOW WE HAVE, UH, $1.5 MILLION. OKAY, GOT THROUGH THAT. QUESTIONS CONCERNS HEARING DOUG. I'LL ENTERTAIN A MOTION TO APPROVE THE PROPOSED ANNUAL REPORT TO SENATE COUNCIL. MOTION TO APPROVE. SECOND, ANY, UH, FURTHER DISCUSSIONS OR QUESTIONS? ALL IN FAVOR SAY AYE. AYE. YOU OPPOSED CARRIE? ALRIGHT, YOU WANT ME TO GET THROUGH THIS ONE? MY RIDICULOUSLY LONG TO ITEM NUMBER FIVE, YOU CAN READ IT. I, I HAVE TWO YOUNG CHILDREN THAT I HAVE TO READ BOOKS TO EVERY NIGHT, INCLUDING, I THINK I CAN HANDLE IT. YEAH, BUT GO FOR IT. OH YEAH, YEAH. STOP ME IF I MESS IT UP. BUT, UH, AGENDA ITEM NUMBER FIVE, REVIEW THE CONSIDERATION OF MOST AMENDMENTS TO THE PROJECT PLAN. REINVESTMENT ZONE FINANCING PLAN FOR TAX INCREMENT FINANCING REINVESTMENT ZONE NUMBER 12, DEVELOPMENT DISTRICT TO A INCREASE THE TOTAL BUDGET FOR THE DEVELOPMENT TIP DISTRICT OVER 29,992,000 135 NET PRESENT VALUE, APPROXIMATELY 57 MILLION 641 77 IN TOTAL DOLLARS TO 46,408,080 NET PRESENT VALUE, APPROXIMATELY 93,519,023 TOTAL. B, REMOVE THE LATINO CULTURAL CENTER AREA IMPROVEMENTS BUDGET CATEGORY AND REDEFINE THE OPEN SPACE AND TRAIL BUDGET CATEGORY TO CONSISTENT DISTRICT WIDE IMPROVEMENTS FOR OPEN SPACE TRAILS. AREAS OF PUBLIC ASSEMBLY INCLUDING CULTURAL AREA OR FACILITIES, IMPROVEMENTS IN PUBLIC PARKING, GREATLY AFFORDABLE HOUSING BUDGET. CATEGORIES TWO, ONE SUPPORT DEBELL DISTRICT BASED INCOME HOUSING GUIDELINES AND TWO, ANNUALLY TRANSFER. 20% DEBELL DISTRICT NET INCREMENT. THE CITY'S DEPARTMENT OF HOUSING AND NEIGHBORHOOD REVITALIZATION TO SUPPORT HOMEOWNER STABILIZATION, HOME REPAIR, HOME BUYER ASSISTANCE AND DISPLACEMENT MITIGATION PROGRAMS WITHIN THE GRAND PARK SOUTH AREA. D SET ASIDE, 20% OF ANNUAL TIF DEVELOP TIFF DISTRICT NET INCREMENT FROM 2023 COLLECTIONS 2022 VALUES THROUGH DE DEVELOP TIFF DISTRICT TERMINATION FOR INFRASTRUCTURE IMPROVEMENTS IN AREAS OF PUBLIC ASSEMBLY WITHIN THE GRAND PARK SOUTH AREA ADJACENT TO TO THE SOUTH OF DEBU DISTRICT E MAY CORRESPONDING MODIFICATIONS TO THE TIF DISTRICT'S PLAN F INCLUDE FINDINGS THAT THE PROPOSED PLAN AMENDMENTS WILL HAVE AN OVERALL BENEFIT TWO AND FURTHER THE PURPOSES OF THE DEBU DISTRICT. MM-HMM . SO YOU GUYS GOT ALL THAT YOU READ SHORT FREE EVENT. YEAH, . IT'S A COMPLICATED ONE. SO YEAH, I, I'LL VIEWER THING, BUT WHAT I THINK I'VE TOLD SOME OF YOU SEVERALLY IS THAT, YOU KNOW, THIS IS BIG IS COMPLICATED, IT'S IMPORTANT, RIGHT? SO IN MY MIND, AT LEAST, IF WE'RE READY TO VOTE, WE GO FORWARD TODAY. GREAT. WE WANT TO SPEND TODAY DIGESTING, TALKING, QUESTIONING, YOU KNOW, REALLY KIND OF THINKING IT THROUGH. WE CAN MEET IT AGAIN IN A COUPLE OF MONTHS TOO. LIKE THAT'S REALLY, WOULD YOU AGREE? I MEAN THAT'S YES. PROBABLY NOT [00:15:01] THE END. SO IT'S REALLY A BOARD DISCRETION IN TERMS OF HOW WE WANNA HANDLE YES. UM, AND HOPEFULLY THIS SLIDE DECK, UM, AND TAKES EVERYTHING AND MAKES IT . BUT AGAIN, THE YEARS, UM, AND CONVERTING FROM NPV TO TOTAL IS THE NUANCE. THE BIG PICTURE I THINK IS KIND OF SIMPLE INTENT. UM, SO JUST AGAIN, WE'VE KIND OF GONE THROUGH THE CONTEXT NOW THAT WE'VE DONE THE ANNUAL REPORT SPEC TO EXPIRE IN 2027, BUT WE HAVE TO TERMINATE BEFORE THAT IF WE REACH THAT BUDGET CAP. UM, I'M REALLY BAD AT LOOKING AT MY NOTES AND GOING THROUGH THIS, SO YOU GUYS SEEM LIKE IF YOU DON'T HAVE A COPY, BUT I'LL TRY TO GET THROUGH HERE. SO, UM, THE 2020 3D TAXABLE VALUE, UM, FOR DEVELOPMENT IS $1.42 BILLION. IT'S A CAPTURE VALUE, 1.23 BILLION. UM, AS YOU MENTIONED THAT WE STARTED WITH THIS VERDICT AND ABOUT LESS $200 MILLION, SO CAPTURE A LOT. UM, THAT'S ABOUT $33.36 MILLION OF COLLECTIONS, ACTUAL DOLLAR COLLECTIONS TO DATE. UM, IS THAT, I YOU TO GUESS IS PROBABLY ONE MORE SUCCESSFUL TO DISTRICTS? YEAH, I MEAN IT TO THE ENDING POINT, YOU KNOW, RIGHT. WE DO HAVE A SUMMARY CHART OF, UM, VALUE INCREASE OVER TIME. I SOME, YEAH, SOME ARE LITERALLY UP, YES. IT'S, IT'S BEEN VERY HEALTHY OVER TIME. WE'RE SO TAKE A LOT LONGER TO GET OFF THE GROUND AND SINCE WE'RE DEALING WITH NPV TRANSLATIONS TO TOTAL DOLLARS THAT SOMETIMES THOSE ONES THAT START OFF REALLY SLOW CAN NEVER GET, UM, SO THAT'S, THAT'S A LOT ABOUT WHAT WE'RE GONNA TALK ABOUT. SO, UM, WE REACHED $19.32 MILLION IN PV. WE THINK THAT THAT BEING SET UP AND COLLECT BY 2025, UM, THE AVERAGE GROWTH BETWEEN 2017 AND 2023 WAS 21. AND THE REASON WHY I MENTION THAT IS KINDA HOW WE CAME UP WITH THE NEW BUDGET AND THE PROJECTIONS. SO IN CONTRAST, THE ABUTTING GRAND PARK SOUTH TIP DISTRICT, WHICH WAS ALSO CREATED IN 2005, HAS EXPERIENCED ONLY $87 MILLION IN CAPTURE VALUE. IT'S UNLIKELY TO EVER REACH IT, BUT ITS BUDGET CANNOT BE ABLE TO IMPLEMENT THIS PLAN. SO TO DATE, CUMULATIVELY $2 MILLION IN INCREMENT, THAT'S IT OVER SINCE THE GET GO. SO AGAIN, HOW CAN WE BENEFIT FROM THE HEALTH OF THIS DISTRICT AND GET MORE THAN WHAT EVER ANTICIPATED IN THIS DISTRICT AND HELP THAT AREA ABUTTING INTO THE SOUTH. IS THERE A MAP OF THAT AREA? UM, I PUT A LITTLE, THERE YOU GO. OKAY. LITTLE ONE RIGHT HERE. AND I CAN PROVIDE A MORE DETAILED ONE, BUT IF THAT GIVES YOU, I MEAN I LITERALLY DO TOUCH, GIVE YOU A PRETTY GOOD SENSE OF GENITAL NO, FOR SURE. WHAT'S, UH, WHAT'S THE PROBLEM? UM, WHAT, WHAT'S THEY, THEY JUST HAVEN'T LACK CATALYST PROJECT. NOT A LOT OF US. THAT'S PRETTY MUCH EXACTLY WHAT I WAS GONNA SAY. THEY HAVEN'T SEEN THE KIND OF CATALYST PROJECTS DEBUT HAS AND, AND FRANKLY YOU DEVELOPMENT FROM 2005 AND SO ABOUT FIVE YEARS AGO, YOU KNOW, 2017 IS 2015. 2017 HADN'T SEEN A LOT OF INCREMENT GROWTH. YEAH. AND THE BIG DRIVING FORCE OF THAT IS WE WERE ABLE TO GET KIND OF A BASELINE OF MY OPINION AT LEAST. YOU KNOW, WE, WE CLEANED UP PUBLIC SAFETY WHEN WE FIRST DID THE SUP STUFF IN 2007. UM, AND WE WERE ABLE TO GET KIND OF A BASELINE OF REALLY FUN, COOL, INTERESTING CONCEPTS TO PULL PEOPLE FROM, FROM DOWNTOWN FOR LUNCH AND PEOPLE DOWN LIVE MUSIC. YOU SELL REOPENING OF TREES AND , ALL THAT STUFF. AND YOU HAVE THE FURTHER CONSOLIDATED OWNERSHIP AND INVESTMENT OREGON. AND SO PARTNERS BUYING THEM OUT ONE PLACES LIKE S JUST FAR OPENING. AND THEN THERE'S ENOUGH OF THAT GOING ON THAT WE STARTED TO SEE THE, UH, FIVE TO SOME CASES, YOU KNOW, 15, 18 STORIES BUILDINGS GOING UP, WHICH IS WHERE YOU GET THE BIG KIND OF A HUNDRED MILLION DOLLAR PLUS SLS ADDED INCOME ADDED VALUE HAVE. SO, UH, GRAND PARK SOUTH HAS NOT HAD THAT. THE CATALYST AT THE BEGINNING IT CONSOLIDATE OWNERSHIP OR, OR THE GROWTH, UM, AND DEVELOPMENTAL. SO THIS IS [00:20:01] SUE HOUSE, SUE, IS IT THE SAME SCHNEIDER? WE'RE BOTH MANAGERS AND SHE MANAGES PLAYING PART ITSELF. SO WE'VE BEEN WORKING HAND IN HAND AND WITH OUR, UM, KEVIN'S STAFF ON KIND OF HOW WE CAN GET A DEEP LLL, UM, NOT ONLY ITS INTENDED INCREMENT OVER THE LINE, BUT MORE PLUS BE ABLE TO, UM, ASSIST WITH THAT NEIGHBOR TO THE SOUTH. OUR TIF DISTRICT POLICY HAS CHANGED OVER TIME, AND THIS DOESN'T REALLY IMPACT IT DIRECTLY, BUT ALL OF OUR NEW TIF DISTRICTS AND IF WE EXPAND THE BOUNDARY OF THE TIF DISTRICT, WE NOW HAVE WHAT WE CALL BARBELLS. SO THE HEALTHY DISTRICTS ARE INTENDED TO SHARE AND ASSIST WITH, UM, ANOTHER AREA, UM, THAT ISN'T SAYING THAT KIND OF FROM, SORRY, GETTING AND THE, THE AREA THAT'S EMPTY IS THAT, UM, THERE'S, THERE'S NO DISTRICT SET UP WITH THAT. I THINK THERE'S LIKE A BIG YARD BY THIS YARD. THERE'S, THERE'S A BIG MASSIVE, THERE'S THE LAND USES THAT DON'T REALLY LEND NECESSARILY TO DEVELOPMENT, SUSAN. A HUNDRED PERCENT RIGHT. IF YOU SEE THIS KIND OF GRAY AREA HERE, THAT'S THE MASSIVE DARK TRAIN MAINTENANCE YARD. AND THEN KIND OF OVER IN THIS PLACE YOU GOT A LOT OF NON-PROFITS, KIND OF MICRO HOMELESS TRANSITION HOUSING, YOU KNOW, THAT'S WHERE CITY PLACES AND SMALL. SO YOU'RE THE LIKELIHOOD OF ANYTHING THERE GENERATING YES. YEAH, THAT'S ALMOST SOUTH FAIR PARK SCHOOLS SERVE, BUT WE, MY HS BEEN LAST COUPLE YEARS HAVE BEEN DEGRADING. OH, WHEN, HOW THE BEST WAY TO PROVE THAT THAT'S THE BEST I COULD DO. OH, SO WHAT SUE JUST HANDED, UH, MR HE IS THE SUMMARY OF WHERE IT SHOWS THE BASE VALUE IN TODAY'S VALUE IN FIRST PERCENTAGE 20 GRADE. SO WAIT, YOU GUYS WANT ME TO MARCH ON IN THE, THE PRESENTATION? SO THE CONCEPT HERE IS THAT WE WOULD INCREASE FROM THAT $30 MILLION NPD TO 46.4 MILLION AND NOT EXTEND THE LIFE THE TERM OF THE TIP THAT GETS KIND POLITICALLY CHALLENGING TO KEEP EXTENDING THE TERM BECAUSE THAT MONEY, YOU KNOW, WOULD OTHERWISE BE USED ELSEWHERE. UM, THE ASSUMPTION HERE IS A 20% ANNUAL INCREASE EACH YEAR UNTIL TERMINATION. HISTORICALLY IT'S NOT OVERLY AGGRESSIVE. UM, BUT WE ALSO DON'T WANNA, YOU KNOW, IF I RAN INTO 10%, WE MAY BE AT THE SAME POINT AGAIN WHERE WE CAP OUT EARLY. SO THE IDEA IS TO DO KIND OF A REALISTIC AND HARDLY AGGRESSIVE ASSUMPTION TO COME UP WITH THAT NEW, UM, BUDGET CAPACITY NUMBER. UM, AND THIS MAKE AN ADDITIONAL 15 MILLION. YEAH, I'LL SHOW YOU IN A COUPLE PAGES THAT AT A REALLY HIGH LEVEL WE'RE TRYING TO DO IS USE THE MONEY THAT QUOTE , UM, WHEN IT WAS ORIGINALLY FORMED ON OR DISTRICTWIDE PROJECTS THAT REMAIN THE END OF THE LIFE OF THE TIF AND INCREASED THE CAPACITY OF THE EBELL AND TIF SO THAT WE CAN ACHIEVE ADDITIONAL GOALS LIKE HELPING OUR NEIGHBORS TO THE SOUTH AS WELL AS FOR SO THE ADDITIONAL CAPACITY IS USED FOR, YEAH. SO I'LL GET INTO KIND OF THE NUMBERS AND TWO OR THREE PAGES AND MAYBE THAT'LL ADDRESS YOUR QUESTION. WELL, I'M JUST TRYING TO FIGURE OUT WHO'S GONNA BE IN CHARGE OF EXTRA 15, THE, THE TRANSFER OF 15 OR 16 MILLION AND THAT IS GONNA MAKE A DIFFERENCE WHERE IT IS RIGHT NOW. I I THAT'S SOMEBODY HAVE A PLAN THERE OR IT'S JUST SAYING, OKAY, THE MONEY'S AVAILABLE NOW AND YEAH, SOMEBODY'S BEEN INTERESTED, COME TALK TO US. WELL, I'LL, I'LL DEFINITELY GET TO THAT. THAT'S CERTAINLY SOMETHING TO CONSIDER. UM, BUT LET ME JUST KEEP LAYING THE GROUNDWORK A LITTLE BIT AND WE'LL GET TO THAT. SO CHAPTER THREE 11, THE STATE LAW THAT WE ABIDE BY FOR THE TIP DISTRICTS, IT ALLOWS, UM, EXPENDITURES OF FUNDS OUTSIDE OF THE BOUNDARY FOR CERTAIN, UM, INSTANCES. AND THAT'S AFFORDABLE HOUSING AREAS OF PUBLIC ASSEMBLY AND INFRASTRUCTURE. SO THAT GIVES US THE ALLOWANCE TO DO THIS TYPE OF PLAN AMENDMENT. SO THE IDEA IS STARTING WITH THE 22 VALUES WITH THE 23 [00:25:01] COLLECTIONS, 60% OF THE INCREMENT. AND WE KNOW THAT AMOUNT BECAUSE WE KNOW THE 22 VALUES. UM, WE EVEN KNOW 23 VALUES. SO WE KNOW TWO YEARS OF WHAT WE'RE GONNA GET, 60% OF THE INCREMENT WOULD STAY OR DEVELOP INTO DISTRICT PROJECTS. AND EVEN WITHIN THAT, WHAT STAYS, UM, WE ANTICIPATE KIND OF RESHUFFLING THE BUDGET CATEGORIES, SO MORE EMPHASIS ON AFFORDABLE HOUSING, UM, FIXED INCOME DEVELOPMENT PROJECTS, REDIRECTING SOME FUNDS THAT WERE FOR THAT WERE VERY SPECIFIC LINE ITEM BUDGET FOR THE LATINO CULTURAL CENTER. AND IT WAS ACTUALLY NOT FOR THE CENTER, IT WAS FOR WHAT IS NOW CITY LIGHTS. THEY WERE ANTICIPATING THAT THAT WOULD BE PUBLIC PARKING FOR LATINO CULTURAL CENTER AND HALF IT NEED, RIGHT? AND IT DOESN'T NEED TO, THAT MONEY NEEDS TO BE DEPLOYED ELSEWHERE. UM, SO THE IDEA IS TO PUT THAT ALL INTO A DISTRICT WIDE FUND, BE ABLE TO USE IT PERHAPS FOR PUBLIC FACILITIES, BUT UM, FOR CULTURAL TRAILS, FOR OTHER THINGS. UM, A LOT OF PROJECTS CAN KIND OF FIT UNDER THAT UMBRELLA AND WE'LL TALK ABOUT HOW THAT GETS DEPLOYED. UM, AND THEN TO, UM, YEAH, SO JUST KIND OF RE-SHIFTING YEAH, SHIFTING THINGS AROUND SO WE CAN DEPLOY IN PROJECTS. UM, AS I SAID TO MR. AUGUSTS BEFORE WE STARTED THAT, YOU KNOW, WE WE'RE DOING THESE TIP DISTRICTS OVER A 20 YEAR LIFE AND SOMETIMES MORE. SO YOU'RE TAKING YOUR BEST GUESS AT THE NEEDS AND YOUR BEST GUESS AND THE PROJECTIONS. AND HERE WE ARE ALMOST AT CLOSE DOWN AND WE KNOW WHAT THE NEEDS ARE TO SOME EXTENT AND WE CAN DO A BETTER INVESTMENT ON THAT FUTURE. UM, CAPTURE, UM, THE OTHER 40% GOES TWO WAYS. ONE 20% WOULD GET TRANSFERRED, LITERALLY TWO. THE HOUSING DEPARTMENT, THEY HAVE A MECHANISM TO DEPLOY FUNDS TO A CERTAIN GEOGRAPHIC AREA AS WE DICTATE. AND THAT MONEY WOULD GO INTO, UM, SEVERAL PROGRAMS THAT THEY HAVE FOR, UM, HOMEOWNER STABILIZATION, UM, MITIGATION OR DISPLACEMENT. THEY HAVE VARIOUS TOOLBOX OF PROGRAMS TO HELP WITH HOMEOWNER STABILIZATION. AND SO WE LITERALLY, THE PRIMARY GOAL BEING IS AREA IS GENTRIFYING, PARTICULARLY POTENTIALLY AROUND FAIR PARK, THE EXISTING HOMEOWNER STONE AND FLUSHED OUT BY RISING PROPERTY TAXES. BUT IF THEY WANT TO CASH OUT AND SELL THEIR HOME AND CASH OUT LOTTERY TICKET, THEN THE NEXT ONE DOESN'T GIVE THEM BENEFITS. THAT LICENSE. YEAH, THAT, THAT'S EXACTLY RIGHT. AND OUR, AND THAT IS KIND OF A GOAL OF OUR DEPARTMENT AND TO SAY IT'S NOT ONLY GROW AFFORDABLE HOUSING, BUT TO STABILIZE THOSE THAT ARE, WHEN PEOPLE AGE IN PLACE STAY IN PLACE. SO AGAIN, THAT 20% WOULD LITERALLY ON A ANNUAL BASIS GO TO THE HOUSING DEPARTMENT AND THEY WOULD DEPLOY THOSE FUNDS. THE NEXT 20% WOULD BE HOUSE WITHIN THE DEVELOP DISTRICT FUND AS A NEW SET ASIDE. AND THAT MONEY WOULD BE USED, UM, BY EITHER PUBLIC OR PRIVATE REQUESTS FOR FUNDS. SO IN OTHER DEPARTMENTS, UM, FOR THE GRAND PARK. FOR THE GRAND PARK AREA, NOT NECESSARILY WITHIN THE BOUNDARY, JUST DEPENDING ON WHERE THE NEEDS ARE. WE'VE TALKED ALREADY ABOUT, WE MIGHT LEAN A LOT ON PUBLIC WORKS AND TRANSPORTATION TO TELL US DO YOU HAVE A SIDEWALK MASTER PLAN, BUT NO FUNDING. MAYBE THAT'S A GOOD WAY TO USE THE MONEY IN COLLABORATION WITH THE STAKEHOLDERS IN THAT AREA. AND WE'VE GOTTEN BETTER AT THAT. WE'RE, OUR DEPARTMENT IS GOOD AT PARTNERING WITH DEVELOPERS AND DOING GROUND UP CONSTRUCTION OR REDEVELOPMENT, BUT WHEN IT COMES TO THESE GRADE DISTRICT WIDE PROJECTS, SOMETIMES WE HAVE THE FUNDING BUT WE CAN'T IMPLEMENT A CONTRACT. THAT'S NOT SOMETHING WE DO IN HOUSE. SO WE'VE WORKED WITH THE PARK DEPARTMENT OR THEY SAID, YOU KNOW, WE ONLY HAVE A MILLION DOLLARS FOR THIS PARK. IT'S GONNA COST FOUR A TIP DISTRICT CAN CHIP AND THE OTHER THREE AND THEY GO CONTRACT AND WE MOVE THE MONEY OVER. THERES, WE'VE DONE THAT FOR SAFETY SECURITY LIGHTING IN OTHER DISTRICTS. UM, I'VE DONE A DREDGING PROJECT ALONG A WATERWAY ALONG WITH DW AS SUE SAID, A LOT OF TIMES WE CAN HELP IMPLEMENT, UM, A PUBLIC WORKS OR TRANSPORTATION PROJECT BECAUSE WE HAVE A FUNDING SOURCE. SO THAT IS ONE WAY THAT WE ENVISION, UM, WHERE SINCE THE DEPOT TIFF FUND WOULD HOLD THOSE, THOSE DOLLARS INTENDED FOR THE GRAND PARK SOUTH AREA, YOU GUYS, AS THE BOARD MEMBERS WOULD BE ASKED, UM, TO DEDICATE THOSE FUNDS TO MOVE IT ON TO CITY COUNCIL FOR APPROVAL. AND, AND, AND [00:30:01] IT WOULD, IT IS A CLARIFY POINT. IT WOULD WORK THE SAME WAY FOR OUR DISTRICTWIDE PROJECTS WITHIN AS WELL FOR REMAIN 60. THAT THAT IS CORRECT. IT, WE WOULD STILL NEED TO, WE ALREADY IDENTIFIED, YOU KNOW, THE PARTNERSHIP STATE PUBLIC WORKS, A FEW OTHERS THAT WOULD BE COMPLICATED OF THOSE FUNDS FOR THOSE DISTRICT WIDE PROJECTS. BUT YOU KNOW, WE WE'RE SETTING FUNDS ASIDE FOR THOSE THINGS, BUT UNTIL WE ACTUALLY HAVE AN APPLICANT AND A DEFINED PROJECT TO DO, THERE'S NOT A LOT FOR US TO DO THE QUESTION. SO THERE ARE SOME PROJECT READY THAT PEOPLE ARE THINKING. YES, AND THAT'S IN THE, I I DID AN ADDITIONAL LIST. THAT'S SOME OF THE PRESENTATION, JUST KIND OF START UP THE WALL, YOU KNOW, YOU KNOW, SOME THINGS WE COULD USE THE MONEY FOR, BUT WE'RE GONNA HAVE TO, YOU KNOW, KEEP OUR FOUNDATION OR WHOEVER, SOMEBODY'S GONNA HAVE TO WORK WITH THE HR AS AN ACTUAL TIME FOR THESE PROJECTS IN THEIR BUY TO STILL THEIR PRICE WHOLE NINE. SO TANDEM WITH THAT TO 2024 BOND IS WRAPPING UP ITS PLANNING STAGES AND SO BY NEXT YEAR WE'LL KNOW, YOU KNOW, WHAT'S LIKELY TO GET FUNDED AND WHAT LIKELY IS UNFUNDED BUT PEOPLE STILL WANT AND THAT'S ANOTHER, OR UNDERFUNDED EXACTLY. THAT'S ANOTHER SORT OF POINT OF INFORMATION TO FEED INTO THIS TOO. AND SO THOUGHT IN TERMS OF WHAT'S CABINET WITNESS? YEAH, YEAH, I'VE BEEN, I'VE BEEN MARKING, UM, THE AND KEVIN STAFF BEEN IN THE COUNCILMAN MORENO AND COUNCILMAN BAS FOR A WHILE. I THINK IT'S UH, UH, IT'S UH, I'VE BEEN REGION FOR READJUSTING THE BUDGET FOR THE STREAMLINE STUFF FOR A FEW YEARS NOW, AND I THINK IT'S A WAY TO ACHIEVE THE GOALS. SO COUNCIL HAS TO DO AN AREA OUT FAIR BARGAIN FOR A WHILE. THEY ALSO ACHIEVING HIGH LEVEL WHAT HE'S, I I'VE WORKED WITH THOUGHT DE FISH SHOULD HAVE BEEN DOING FOR A FEW YEARS NOW. MM-HMM . OKAY. THE ACTUAL MECHANICS SPECIFIC. YEAH. SHOULD WE GET THROUGH THE PRESENTATION? I HAVE SOME QUESTIONS TOO. I'M SURE YOU ASKED TOO, BUT YEAH, THEY FINISH UP THE LAST SEVERAL PAGES AND YEAH. QUESTIONS ON THE LAST COUPLE I CAN ANSWER. UM, ALL RIGHT, SO, UH, NEW NPV BUDGET, WHICH CALCULATES THEIR 4% IS, IS HOW THE PLAN DICTATES 93.5. SO IF YOU GO BACK TO WHAT WE JUST RECOMMENDED, THE ANNUAL REPORT THAT WAS 55.67 LEFT IN BUDGET CAPACITY, WE WOULD NOW BE AT 78.4 MILLION IN BUDGET CAPACITY. THAT NUMBER IS GONNA FLUCTUATE A LITTLE BIT EACH YEAR AS INCREMENT COMES IN BECAUSE IT'S FROM. SO ON PAGE EIGHT, I TRY TO WALK THROUGH, AGAIN, LOTS OF NUMBERS HERE. SO IF THE 10, IF MPB STILL SCREW FOR NON-FINANCE PEOPLE, BUT IT'S SO STRANGE, STILL PERS MY HEAD, BUT I'LL TAKE, SO IF THE TIP DISTRICT PLAN IS NOT AMENDED, 40.5 MILLION WOULD BE THE BALANCE, THE BUDGET CAPACITY. SO I POINTED OUT WHEN WE WENT IN THE ANNUAL REPORT, THAT LAST COLUMN OF THAT'S HOW BUDGET CAPACITY, AGAIN, SOME OF IT'S CASH, SOME OF IT IS ING. SO IF WE DO THE PLAN AMENDMENT, WE CAN PROVIDE 66.6 BUDGET CAPACITY, UM, FOR DEVELOPMENT ITSELF, 15.1 SPENT AS SHOWN IN THE ANNUAL REPORT, 11.2 IN CASH. THAT DOES NOT MATCH WHAT YOU, WE TALKED ABOUT IN THE ANNUAL REPORT BECAUSE I SUBTRACT IT OUT ONE YEAR AT 22, 23 AND THEN 40.3 MILLION IN FUTURE VALUE, WHICH MATCHES THAT PERTAIN THAT LAST HOW LONG RETAINING 60%. SO THAT WOULD PROVIDE 26.9 INCREMENT FOR THE HOUSING STABILIZATION AND FOR ALL THOSE, UM, PUBLIC, UM, DISTRICTWIDE IMPROVEMENTS I WANNA NOTE, UM, SMALL CREDIT YEAR AS A LIMITATION TO THE TRANSFER. AND THAT IS TO PROTECT THE DEEP L TIP INCREMENT ITSELF TO MAKE SURE THAT THE MONEY THAT WAS INTENDED FOR THIS DISTRICT DOESN'T START FLOWING OUTSIDE OF THE DISTRICT UNTIL DEEP L GETS WHAT WAS ANTICIPATED IN THE ORIGINAL PLAN. IN TODAY'S PLAN. SO WHAT THIS IS SAYING IS THAT IF IN ANY YEAR THAT THE TIP DISTRICT ONLY GROWS 5% OR LESS, WE WOULD ONLY MOVE 10% TO HOUSING AND DEDICATE 10% FOR GRAND PARK SOUTH DISTRICTWIDE IMPROVEMENTS. SO THAT'S THE INTENT THERE. AND THAT STRANGE NUMBER OF IN SCHOOL, 29.3% [00:35:01] IS REACHED, THAT IS, THAT IS THE AMOUNT ANTICIPATED THAT THE DEVELOPMENT WAS GONNA GET MINUS THE CASH ON HAND. SO MOVING FORWARD, ONCE YOU GUYS GET TO 29.3, YOU HAVE BEEN MADE FULL. ANYTHING ABOVE AND BEYOND THAT IS NEW INCREMENT TO THE DISTRICT THAT WOULD HAVE BEEN TERMINATED AND GONE BACK INTO THE GENERAL FUND. SO ANYTHING ABOVE THAT'S NEW MONEY FOR THE DISTRICT AND SOME TO BE WITHIN THE ZONE. SO THAT TABLE DO WE, DO WE THINK IT'S GONNA TERM 2027 OR MORE LIKE 20 25, 20 26 BASED ON GETTING THAT MAXIMUM? UM, IF WE KEEP IT, IF WE KEEP IT AT 30 MILLION, I, MY PROJECTIONS ARE SHOWING THAT WE'LL CAP OUT IN 2025. OKAY. THE IDEA HERE IS TO LET IT KEEP GROWING AND POLITICALLY THE WAY TO KEEP CAPTURING, NOT ONLY FOR THIS DISTRICT, BUT TO LET IT, SOME OF IT GO JUST SOUTH OF HERE TO LET IT KEEP GROWING AND STILL TERMINATE AT 2027. SO YES, I ANTICIPATE IF THAT'S WHY THIS ROAD LAST 27, YES, 2027 IS THE CURRENT EXPIRATION. SO WE'RE, WE'RE NOT GONNA CHANGE THE EXPIRATION DATE. WE'RE GONNA CHANGE THE CAP. YEAH. MAKES, ALLOW THE KEEPER THAT MAKES SENSE. KEEPS COLLECTING IS IT THE END OF 2027? SO IT'S ALWAYS DECEMBER 31ST OF THAT YEAR AND THAT'S THE VALUE. SO COLLECTIONS ACTUALLY OCCUR THE FOLLOWING YEAR. SO WE CAN, THESE ARE TAX YEAR 2027, WHICH MEANS IN 2028 WE'LL SEE OUR FINAL IN FERMENT. AND HOW FAR BEYOND THAT CAN DOLLARS CONTINUE TO BE SPENT SO THAT WE'VE ONLY HAD A COUPLE OF TIP DISTRICT SUNSET. AND THE IDEA IS WE AT LEAST NEED TO CONTRACTUALLY, CONTRACTUALLY OBLIGATE THE FUNDS PRIOR TO THE EXPLANATION. THAT'S RIGHT. SO WE HAVE A PROJECT THAT WE, WE APPROVE IN EARLY 2027 AND CITY COUNCIL CRUISE IN JUNE OF 2027 AND THE CONTRACT SIGNED BY THE END OF THE YEAR. MY UNDERSTANDING IS EVEN IF THERE'S THE FUND DIRECTLY DISPERSED, YOU KNOW, A YEAR OR TWO AFTER THAT, IT'S, IT'S FINE. YES, YES. WE'RE NOT, WE CAN'T COME BACK IN JUNE OF 2028 AND SAY, HEY, THIS PROJECT'S READY TO GO, YOU KNOW, YOU KNOW, UNLESS THERE'S SOME OTHER ADJUSTMENTS WHICH YES. SO TO DUMB IT DOWN, YES, PLEASE DO. BUT SOMETHING ABSOLUTELY ECONOMIC HAPPENS, UH, DEVELOPMENTS OF GUARANTEE IT'S 29.3 MILLION AND WHAT HAPPENS BEYOND THAT? THEY GETS A LITTLE BIT AND WE POTENTIALLY GET A LITTLE BIT MORE AS WELL. EXACTLY. OKAY. I MEAN THE WAY I KEEP WORKING, THE NUMBERS REALLY CONSERVATIVE AND JUST MAKING, IT'S AWAY AND NO MATTER HOW WELL AT WIN, YES, IT'S NOT LIKES REALLY WITH THE CAP GOING OUT. NO, AT A HIGH LEVEL, IT, YOU'RE INCREASING THE CAP. SO GRAMS CAN BENEFIT FROM PURE AND THEN WE RETAIN WHAT ORIGINAL PLAN THATS 3000 FEET. THAT'S THE OVERALL GOAL. THE 20% OF THE, THAT STAYS IN THE, UM, HOUSING DEPARTMENT THAT, THAT WE USED QUICKLY, RIGHT? THIS FUNDS ALWAYS AND LIKE HOME REPAIR FUND AND ALL THAT STUFF. OR ERICSON, WHO'S THE ASSISTANT DIRECTOR OVER THERE, STUFF. SO HE DID IT. SO HE OVERSEES THAT PROGRAM AND HE ASSURES US THAT THE MONEY CAN BE, YOU KNOW, DIRECTED TO THE AREA THAT WE WANT AND IS NEEDED AND WILL BE SPENT. AND I WILL SAY THAT TWO YEARS FROM NOW, IF YOU KNOW, THEY'RE LIKE, WHOA, WE'RE FLOODED WITH MONEY, WHICH THEY'RE NOT GOING TO BE. THERE'S SUCH A NEED. YEAH. IT'S VERY EASY TO SHIFT THIS. WE CAN ADJUST AGAIN, IT JUST TAKES ANOTHER PLAN AMENDMENT, ANOTHER SHIFTING OF FUNDS. IT'S MUCH EASIER THAN RAISING THE CAP FROM A COUNCIL LEVEL TO SHIFT AMONG BUDGET CATEGORIES. GOT IT. YEAH. FUNDS GET USED, RIGHT IF UM, BUT THAT, THOSE PROGRAMS ARE HER GO INSTANTLY AND THEN THE OTHER 20%. SO FOR AREA IMPROVEMENTS, IF, YOU KNOW, THESE ARE THINGS LIKE PARKING PARKS OR STREET LIGHTING, WI MEAN, AND, BUT WE ONLY HAVE A FEW YEARS IN REALITY TO GET THAT MONEY BASED, WHICH WE ACTUALLY OBLIGATED. IS THAT ENOUGH TIME? BECAUSE I KNOW HOW LONG THOSE PROGRAMS TAKE TAKE SOMETIMES THAT'S SOMETHING THAT SUE'S WORKING ON WITH HER BOARD. THEY KIND OF PRIORITY IT, BOTH OF US AND GRAHAM WORKS OUT THAT SAME, THAT SAME STRUGGLE, UH, OF FIGURING THAT OUT, RIGHT? SO ESPECIALLY WHEN YOU'RE LOOKING AT DECKING OF HIGHWAYS THAT HAVEN'T EVEN STARTED, YOU KNOW, HOW DO YOU ANTICIPATE THAT? SO THAT GETS US TO THAT FINAL PAGE OF THE DEEP, THE SPECIFIC DEEP L KIND OF CLOSE OUT INITIAL LIST. NOTHING UNLESS IS SET IN STONE. NO, BUT THIS IS KIND OF, AND AGAIN, THIS, THIS DOES INCLUDE MIXED INCOME HOUSING AT 10 MILLION. SO THESE AREN'T [00:40:01] JUST DISTRICT-WIDE PROJECTS. THAT'S A BIG, A BIG GOAL OF MINE WAS TO MAKE SURE WE RETAINED A GOOD AMOUNT OF MONEY AVAILABLE FOR MIXED INCOME AND AFFORDABLE HOUSING WITHIN IN THIS FINAL BUDGET. I THINK DISTRICTWIDE STUFF'S IMPORTANT, BUT BECAUSE WE HAVE NOT DEDICATED ANY TIPS FUNDS TO MIXED INCOME, AFFORDABLE HOUSING IN DE DEVELOP, I MADE A MISTAKE NOT TO SET ASIDE A GOOD CHUNK, JOSH. AND AGAIN, HOWEVER MANY YEARS, THREE, FOUR YEARS FROM NOW, IF IT HAS IT, THERE'S NO APPLICATIONS, YOU KNOW, THIS BOARD CAN DECIDE TO SHUFFLE AROUND. AGAIN. ONE THING THAT CAME UP ON A CLOSEOUT SINCE YOU AND I, ONE THAT WE MIGHT THINK THROUGH IN TERMS OF THIS PLAN HAPPENS IS, UH, WE HAVE A, UH, PUBLIC SAFETY COMMAND CENTER IN THAT ALL OUR CAMERA FEEDS GO TO OUR PRIVATE SECURITY DVD. IT'S NOT TECHNICALLY AN OFFICE, BUT THEY HAVE AN OFFICE THERE, UH, OF SORTS. UM, UH, AND RIGHT NOW IT'S JUST BEING GIVEN BY, DONATED BY THE GOOD GRACES OF AS PARTNERS SPACE. WE CAN'T DEPEND ON THAT FOREVER. UM, IT MIGHT BE AN INTERESTING TO CLOSEOUT PROJECT TO MAKE IT MORE PERMANENT PUBLIC SAFETY COMMAND CENTER FACILITY IN PARTNERSHIP WITH AN ENTITY LIKE SO. UM, SO THAT'S A NEWER ONE. I YOU, I KNOW YOU AND I HAVE TALKED ABOUT THAT. YES. SO I, I MEAN A LITTLE BIT OF A, SO ON THE DISTRICT GU FRUIT AND I DID ADD, UM, LIKE CULTURAL AREAS OF GROWTH FACILITY AND PLACEMENT FACILITY IMPROVEMENTS. OKAY. THAT, THAT, THAT WOULD PROBABLY GIVE US ENOUGH. WE'VE BEEN HELPING THE FIRE STATION AND AND WE'RE PROBABLY GONNA GO FIRE STATION AND FORWARD JUST THAT'S GREAT. IT HAS MORE PERMANENT, NOT JUST THE GOOD GRACE OF SAW THEY GET RIPPED AWAY FROM US IN THREE DAYS. SO, YOU KNOW, SO THINGS THAT SEE THAT WE RIGHT NOW, UH, 3 45, I'M TRYING TO LIVE THAT LONG. YEAH, YEAH. IT'S, THAT'S ONE OF THE ONES WHERE I THINK THE NUANCE. SO TALK ABOUT, YOU KNOW, CONTRACT ARE NOT LONG AND THEY HANG SYSTEM, RIGHT? VISION STORY OR TALK OR TEXTILE OR WHATEVER. WE SIGNED AN AGREEMENT THAT WE'RE GONNA FUND X AS LONG AS THEY RAISE THE REST OF THE MONEY AND IT MIGHT BE A WAYS OUT. IS THAT CHECK THE BOX CONTRACTUALLY OBLIGATED AFTER EXPIRATION? I DON'T KNOW, BUT IT'S CERTAINLY NOT GONNA DITCH BY 0.7 I 30 IS A LITTLE BIT DIFFERENT THAN I THIRTY'S MUCH MORE EVIDENT WATCHING TIMELINE POINT OF VIEW. UH, MAYBE NOT 20, 27 I 30 EXERCISE. WE WERE JUST TALKING ABOUT THREE 40 FIVES MOVING ALONG. THEY'RE AT UH, THEY'RE GOING PUBLIC, THEY'RE GONNA GO TO COUNCIL I THINK TOMORROW FOR I THINK 30%, 34% IS HARD. UH, SO THEY'RE MOVING FASTER THAN I REALIZE. WE ACTUALLY HAVE A FOLLOW UP MEETING WITH THEM NEXT WEEK. YEAH. HOW MUCH WEIGHT DOES THIS LIST CARRY? I MEAN I, THIS IS, THIS IS JUST TO GIVE US A GENERAL IDEA OF WHAT WE COULD SPEND IT ON. THIS IS IN A FORMAL LIST THAT'S PART OF THE . YEAH, THIS IS ME FILLING IN THE BLANKS. I MEAN JUST BY, I'M, I'M A LITTLE PERSON TO, TO SPECIFIC PROJECTS. UH, HAVING BEEN PART OF ONE AND I MEAN, AND ALSO I THINK UM, YOU KNOW, JUST BRINGING OFFICE WORKERS TO DETAIL 'EM. I THINK OBVIOUSLY LIKE THE STACK BUT LIKE THE LARGE, YOU KNOW, CERTAINLY THEY PROJECT IS UM, YOU KNOW, THEY'RE SELLING THAT SITE. YOU KNOW, THE UH, ALL OFFICE PROJECTS ARE ON THE SHELF. UBER NEVER PROFIT PEOPLE HERE. I THINK A LITTLE BIT OF FOCUS ON TRYING TO MAKE SURE THAT WE'VE GOT A STRONG OFFICE COMPONENT IN DEVELOP IS IMPORTANT. UM, YOU KNOW, THERE'S OBVIOUSLY LIKE THE BENEFITS OF MIXED INCOME I RECOGNIZE, BUT THERE'S TONS OF RESIDENTIAL AND THERE'S MORE, YOU KNOW, THERE'S CONTINUED UM, ADDITIONAL DEVELOPMENT PROJECTS IN THE WORK, IN WORK OR HIS OFFICE IS JUST BASICALLY BEEN . AND SO IF YOU CAN KIND OF HELP SUBSIDIZE THAT, I THINK JUST KIND OF HAVING THE, YOU KNOW, BUILD OFFICE RIGHT NOW AND CAPITAL MARKETS ENVIRONMENT. UM, SO FOR THE PRELIMINARY FOR THE BUDGET, UM, THE TYPES OF PROJECTS, IT'S GETTING A LITTLE BIT MORE CHALLENGING POLITICALLY TO FIND OFFICE HOTELS, THOSE KIND OF PROJECTS AND A REALLY HEALTHY DISTRICT. YEAH, IT'S NOT TO SAY IT CAN'T BE DONE, BUT, WELL TO GIVE YOU TWO EXAMPLES OF OFFICE PROJECTS WE'VE DONE. UM, ONE WAS ACTUALLY EURO'S PROJECT AT CONTINENTAL JET AND THE REASON THAT WENT THROUGH WASN'T BECAUSE IT WAS OFFICES BECAUSE IT, THE OLD BUILDING AND DEVELOPMENT, YOU MEET THE JOB OF HISTORICAL SOFTWARE REGULATION. IN THE CASE OF THE STAFF, THE REASON THEIRS GOT DONE WASN'T JUST BECAUSE THEY WERE BUILDING OFFICE, [00:45:01] IT WAS BECAUSE THEY WERE PROVIDING A MASSIVE PUBLIC PARKING GARAGE IN THE CENTER OF A DISTRICT. SO IT NEEDS TO, MY EXPERIENCE WITH TIFF, IT NEEDS TO BE OFFICE PLUS. YEAH. SOMETHING ELSE. UM, NOW THAT BEING SAID, I MEAN DO WE WANNA CONSIDER SOME BUDGET GETS SOME BUDGET UH, CAPACITY FOR UTILITY IMPROVEMENTS. SO WE HAVE THE ABILITY TO CONSIDER THAT, YOU KNOW, HELPING WITH UTILITIES IF SOMETHING COMES ALONG. SO, SO RIGHT NOW HALF OFFICE PLUS GOING ON AND RIGHT NOW WE WOULD HAVE 1.2 MILLION IN UTILITIES, ANOTHER 3.7 IN PING SCAP STILL WE STILL THOUSAND FISH AND IT OFF RESTORATION DEPARTMENT DEMO AND THEN OF COURSE FORESEE BIG. SO SOMEBODY COULD COMBINE A COUPLE OF THOSE. YES. ABSOLUTE AND GET TIP AWARD FOR OFFICE, UH, PROJECT THE GAVE AND LIGHTING HAS PROVEN TO BE VERY DIFFICULT TO ACTUALLY SPEND. MM-HMM BECAUSE THE SIDEWALK AND THE STREET LIGHTS, UH, AS PART OF A BIG PROJECT IS HUGE. A LOT OF MONEY. UH, BUT AS YOU KNOW, THE SOLDER NOVATION OF THE WHOLE BUILDING AND UTILITIES, THOSE, THOSE GET TO BE BIG CHECKS. UM, AND THESE ARE ONE OF THE, THOSE ARE LINE ITEMS AS WE'RE CLOSING OUT THAT UM, YOU KNOW, WE ARE NOT REALLY PROACTIVE ABOUT SEEKING DEVELOPMENT. IF SOMETHING LAND IN OUR LAB THAT HAS A PROVEN GAP, UM, IN NEED AND HAS THE PUBLIC BENEFIT, THE RESIDENTIAL'S EASY. YEAH, WE HAVE A WHOLE LOT. BUT IF IT'S AN OFFICE OR A HOTEL OR SOMETHING ELSE AND IT HAS THAT PUBLIC BENEFIT, UM, YOU KNOW, THERE'S A LITTLE BIT WE CAN TAP INTO, BUT HALF THE TIME THAT THAT PROJECT COMES FORWARD, SOME OF THESE LINE ITEMS COULD BE SHUFFLED AROUND. WHAT I DON'T WANNA DO IS SECURE THEM ON A PROJECT THAT WE DON'T THIS TYPE OF, WE DON'T SEE THAT. TO MARC'S POINT EARLIER, UM, DOING THINGS LIKE EXTENDING THE TERM OR RAISING THE CAP REQUIRES A LOT OF POLITICAL WEALTH. YEAH, RIGHT. COUNCILS REALLY CONTROL THAT. DOING THINGS LIKE DOING MINOR READJUSTMENTS OF THE BUDGET WITHIN THE NUMBERS THAT HAVE ALREADY BEEN APPROVED BY COUNCIL IS MUCH EASIER. IF THERE'S SPECIFIC PROJECT THAT TOUCHED ON, SO THE PROJECT CAME ALONG AND THERE WAS LINE ON FUTURE MISSION LIKE THE UTILITIES IN THE STREETS, BUT THEY NEEDED MORE MONEY AND I WHERE YOU WANT US, COULD YOU TAP IN THAT $10 MILLION, UH, HOUSING BUDGET FOR EXAMPLE TO GET A STRAIGHT 2 MILLION OUTTA THAT FOR COMPELLING OFFICE HISTORICAL REBATE? I THINK IT COULD BE JUST MY PERSONAL, I THINK IT WOULD BE EASIER TO TAP INTO THE PAVING STREET SCHEME AND LIGHTING. YEAH. TO DO THAT THAN AFFORDABLE HOUSING BUDGET. THAT ONE. 3.7. 3.7. YEAH. SO THAT'S WHAT I'M SAYING. BEFORE YOU CAN BUY THE 1.2 LEFT IN UTILITIES WITH 3.7 LEFT IN BATHING STREET STATE MINING AND THE 900,000 LEFT IN FACADE RENOVATION. I MEAN THAT'S UH, ALMOST $6 MILLION OF YOU KNOW, MONEY BILL AND IF THAT OFFICE HAS THE PUBLIC PARKING, THERE'S 30 MILLION IN THAT DISTRICT WIDE. YEAH, EXACTLY. SO IF YOU SEE, BUT THIS IS JUST THE DESIRED LIST. WE'RE NOT ACTUALLY APPROVING ANY NO, NO, YEAH, THAT, THAT, THAT IS JUST GENERALLY TO GIVE US A SENSE OF THE MONEY MIGHT, THAT'S NOT, THAT'S NOT IN THE ACTUAL BUDGET RIGHT HERE. THERE'S PUBLIC PARKING AS PART OF THE DISTRICT WIDE. YEAH. SO THIS IS THE SLIDE I WAS TALKING ABOUT. SO THAT THAT LIST YOU SAW IS HOW WE MIGHT SPEND THIS $30 MILLION. YEAH. THIS IS ALL STILL A, ALL THE OTHER ONES ARE AVAILABLE FOR OTHER THINGS. AND AGAIN, THIS IS BUDGET CAPACITY, NOT NECESSARILY CASH ON HAND, SOME IS CASH ON HAND, SOME ARE HAVE TO WAIT AC CREW OVER. YEAH. YOU MIGHT NOT HAVE FULL CAPACITY ALL THAT STUFF TOO, BUT YOU KNOW, PROJECT COMES ALONG. IT'S NOT JUST, NOT THAT IT'S NOT RIGHT. YEAH, IT'S, THERE'S JUST, I JUST THINK THERE'S SEVERAL ASSETS LEFT THAT HAVE I PROJECT, THIS IS A QUINTESSENTIAL TIP PROJECT. MM-HMM I HAVE SOME, SOME MORE BUILDINGS LEFT THAT COULD BE REDEVELOPED AND THERE PAID FOR THIS TO LOSE OUT THERE. THERE'S SOME BUT NOT, I'M NOT AWARE OF ANY THAT WOULD HAVE A SCALE THAT WOULD JUSTIFY GOING TO THE BUREAUCRATIC CASTLE AND EXPENSE OF SEEKING TIFF FUNDS. YEAH. UNLESS I'M MISS EM. DR. PEPPER SITE WOULD BE THE YEAH, YOU'RE RIGHT. DR. PEPPER SAID THAT'S, I I EVEN THOUGH WE JUST TALKED LUNCH, YOU ARE RIGHT. THAT IS ONE THAT WOULD BE AN EXCEPTION TO THAT. BUT THAT ONE I THINK COULD BE EASILY, I MEAN THEY COULD, THEY WANT CONVERT IT INTO LOSS. THEY COULD HAVE AFFORDABLE HOUSING LOSS TO GET THAT ONE DONE. YEAH. THAT'D BE MUCH EASIER TO GET DONE TODAY ANYWAY, SO YEAH, THAT MAKES SENSE. THAT SOUNDS LIKE THERE'S STILL PLENTY TO TAP INTO FOR OTHER PROJECTS TO COME ALONG AND WE CAN BRING JUST MUCH WE HAVE REALLY YEAH. HAVE IMPORTANT SO IN DEVELOPED, [00:50:01] GIVEN THE MARKET APARTMENT RENTS, DO WE THINK ANYONE IS GOING TO TAKE AFFORDABLE HOUSING INSTEAD FUNDS OR I, YOU KNOW, YOU DEVELOP MORE APARTMENTS THAN ME BUT UM, I THINK FROM WHAT I'M HEARING, INCLUDING MY CONVERSATIONS WITH YOUR PFC GROUP AND FAMILY DEVELOPERS IS THAT WITH TODAY'S INTEREST RATES AND EVERYTHING ELSE, A LOT OF DEVELOPERS, I MEAN I JUST HAVE A COFFEE STREETLIGHTS BEFORE THIS, RIGHT. A LOT OF BROKER ARE LOOKING INTO THINGS THEY WOULD NEVER CONSIDER IN NORMAL WORLD AS A WAY TO CAPITALIZE PROJECTS. YEAH, TOTALLY. YES. AGREED. I JUST THINK AND GIVEN THE MARKET EVENTS, UNLESS ONE PROJECT COULD TAKE THAT WHOLE 10 MILLION AND THAT, WHICH MIGHT BE WHAT I THINK MAYBE THAT STILL DOESN'T WORK. IT DEPENDS ON THE SCALE OF PRODUCT AGAIN. BUT IT SEEMS LIKE IT'S HARD FOR THESE TOWARDS, AND THEY HAVE, THEY HAVEN'T. RIGHT. WE DON'T HAVE MORE WHERE WE'RE SEEING LIVE TECH PROJECTS COME AND ALSO NEED TO FUNDS AND THAT TYPE OF THING. SO THEY'RE TAX PART. YEAH. LIVE. YEAH. SO, AND ANYBODY THAT CAN TELL YOU WHAT THE CAPITAL MARKETS ARE GONNA BE LIKE IN TWO YEARS IS . I DON'T PUT THE , BUT THE NEXT PART OF YOUR PACKET IS A VERY RED LINE VERSION OF THE PLAN AND I'M NOT GONNA GO THROUGH IT. UM, THAT SURE BUT THE PLANS ARE INTERESTING BECAUSE IN SOME WAYS THEY'RE STATIC DOCUMENTS AND IN SOME WAYS THEY'RE DY DYNAMIC. SO IT'S LIKE A LOT OF IT'S JUST CHANGE THE SENSES AND STUFF. UM, BUT WITHIN THAT DOCUMENT IT'S BASICALLY ALL OF THIS POWERPOINT, YOU KNOW, HOW WE'RE SHIFTING THE BUDGET, RAISING THE UM, THE BUDGET AND UM, ALRIGHT, I HAVE A QUESTION ON, YEAH, SO IT WOULD BE 20% FOR THE SOUTHBOUND TIP SPECIFIC, UH, GRAND SOUTH, THIS IS THE AREA NOT NECESSARILY WITHIN THE BOUND, GENERALLY THE AREA SOUTH. OKAY. THE UM, DISTRICTWIDE IMPROVEMENT BUDGET. SO 20% FOR A HUNDRED PAIRS DISPLACEMENT. THAT'S THE HOUSING. YEAH. THAT'S NOT THE 20% DISTRICT BUDGET IS FOR GRAND PARK SALE. YES. BUT COULD THERE BE SPECIFIC PROJECTS THAT COME ALONG THAT HAPPEN IN THOSE FUNDS? OR IS THAT ONLY MR REQUIRED? NO, THE IDEA WOULD BE THE THINGS THAT ARE ELIGIBLE BE USE WITH THESE FUNDS OUTSIDE. SO IT HAS TO BE PUBLIC INFRASTRUCTURE PARKS THAT YEAH. SO THERE, THAT'S A STATE LAW ISSUE, SO OKAY. OKAY. YOU CAN'T SEND TIF FUNDS SOMEWHERE ELSE UNLESS IT'S FOR SPECIFIC CATEGORIES. OKAY. YEAH. THE PUBLIC INFRASTRUCTURE IS VERY BROAD. YEAH. PLACES THE PUBLIC PRETTY BROAD. YEAH. SO PUBLIC INFRASTRUCTURE COULD BE, IF THERE IS A PROJECT THAT WHERE THEY HAVE TO UPGRADE THE SEWER LINE FOR A COUPLE BLOCKS TO MAKE THE PROJECT HAPPEN, THE TIFF COULD FUND THAT. RIGHT. OKAY. ONCE THOSE DOLLARS LEAD THIS TIFF AND GET THAT TIFF, THEY, TO BE CLEAR, THEY'RE NOT TECHNICALLY LEADING OUR SO DOES THIS BOARD, THIS BOARD HAS BEEN APPROVE THOSE PROJECTS, WHICH IS YOU GUYS ARE GONNA BE COLLABORATING? NO, I WOULD BECAUSE OF THE WAY PAUL WORKS. WE'RE GONNA HAVE TO BE, WE'RE ENVISIONING THAT A LOT OF THIS IS GONNA BE FACTOR DRIVEN WITH INPUT FROM BOTH BOARDS. CORRECT. AND, AND YOU KNOW, OBVIOUSLY WE WE'RE GONNA PERSON, THEY'RE GONNA CARE A LOT ABOUT THEIR SEE IN THEIR DISTRICT AS THEY UNDERSTAND THEIR DISTRICT BETTER NIGHT. ALRIGHT. WITH THAT GUT CHECK, HOW, HOW ARE PEOPLE FEELING ABOUT MORE TIME DIGESTING IT? ARE YOU BE IN A COUPLE MONTHS OR MOVE FORWARD? SO I I THINK MOVE FORWARD WHILE WE HAVE THE POLITIC WILL BECAUSE DR. ELECTION MAY AND I GUESS YEAH, THAT'S CLOSE. IT'S LIKE MAYBE IT'S WELL IN, IN, IN MY MIND IF EVERYBODY'S GENERALLY COMFORTABLE WITH IT. UM, WHY, WHY COME BACK? YEAH, I COME BACK. UH, TIME IS PRECIOUS, RIGHT? I I'M SURE GONNA TRY TO OUT HERE TO MAKE VAC PARTNER FORM UH, HOPEFULLY. UH, BUT ALSO UM, YOU KNOW, WE HAVE A TIGHT WINDOW TO GET OUR PROJECTS GOING AND I THINK REALLY GETTING THE CITY DEPARTMENTS CAUSE ATTENTION AND WHATNOT TO BECOME THE APPLICANT TO GET WORKING ON PLANS AND BUDGETS. THEY'RE GONNA WANT TO SEE SOMETHING APPROVED TO PROVE THAT THE MONEY IT CAN BE THERE IF THEY GO THROUGH THAT EFFORT MAX. SO SOONER WE GET THAT DONE, THE MORE LIKELY TO BE SUCCESSFUL ACTUALLY SPENDING HOME THAT'S UH, ALL YOUR HAND MOTION THEN SECOND, [00:55:01] I'D LIKE TO DO ANY VIEW ALERTS. ANY FURTHER QUESTIONS OR COMMENTS? ALL THOSE IN FAVOR SAY AYE. AYE. OPPOSED? MOTION CARRIES. RIGHT. AGENDA ITEM NUMBER SIX, WHICH SHOULD BE PRETTY STRAIGHTFORWARD CONSIDERING WHAT WE JUST TALKED ABOUT. I THINK REVIEWING CONSIDERATION OF PROPOSED AMENDMENTS TO DEBELL IN FIFTH DISTRICT INMAN ALLOCATION POLICY TO A REFLECT PROPOSED PLAN AMENDMENT. DESCRIBE YOUR ITEM FIVE AND B. INCREASE THE ANNUAL IMPROVEMENT SET TIME FROM 5% TO 25. OKAY, SO THIS IS, LEMME JUST PULL IT UP HERE. THIS IS DOES NOT GO, OH GOD. LET ME GUESS HERE. WHAT DO WE THINK? IT'S FURTHER CONTROL THE SCREEN. . YEAH, . IT WAS JUST THERE. OH, I JACKET. OH I'M DONE. MY FUN RED LINE. IT'LL BE CLEANED UP BEFORE IT GOES TO COUNCIL. THEY DON'T SEE IT. OKAY. I JUST SKIPPED IT AGAIN. OH MY GOD. WHAT IS GOING? IT'S GOING BACK. I KNOW WHAT I'M DOING. LET'S TRY THAT AGAIN. OKAY, HERE WE GO. UM, THIS IS AN INCREMENT ALLOCATION POLICY THAT THE BOARD APPROVES. IT DOES NOT GO TO CITY COUNCIL AND IT BASICALLY DICTATES HOW FUNDS, UM, GET ALLOCATED. AND SO SINCE WE'VE MADE SOME ADJUSTMENTS, THE DISTRICT PLAN HOW SUBJECT TO COUNSEL, WE WOULD ALSO MAKE, UM, SOME ADJUSTMENTS TO THIS DOCUMENT. SO IT'S RED LINE. UM, ON PAGE TWO. FIRST OF ALL THERE'S UM, THE NEW INCREMENT SHARING ARRANGEMENT IS WHAT I'M CALLING IT. AND THEN THERE'S KIND OF A PART A FRONT B OF THAT AS DESCRIBED 20% TO THE HOUSING DEPARTMENT. 20% EDUCATED FOR UM, USE PARKS, UM, AREA. THE OTHER THING THAT I CHANGED IN HERE IS UM, THE DISTRICT-WIDE SET ASIDE AT 5% KNOWING WHAT SOME OF THE CLOSEOUT GOALS ARE FOR THIS PRO, FOR THIS DISTRICT IS. YEP. A LOT OF THE TIP DISTRICTS, AS THEY GET TOWARDS THE END AND THEY SEE THE NEED FOR STREETS GATE OPEN SPACE, THEY'LL START DEDICATING MORE OF THAT ANNUAL INCOME TO THE DISTRICT WIDE PROJECTS. IT'S CHALLENGING IS IF WE DON'T HAVE ANY PROJECTS QUEUED UP, YOU CAN KIND OF TAKE FROM THE POT. YOU'RE NOT TAKING MONEY FROM A DEVELOPER THAT'S ANTICIPATING GETTING REIMBURSED, BUT AS SOON AS YOU HAVE OTHER PROJECTS IT'S NICE TO HAVE MORE FUNDING IN THIS DISTRICTWIDE SET ASIDE. SO WHEN YOU'RE READY TO DO A PLAZA OR SOME FIVE LANES OR DECK PARK ENHANCEMENTS THAT YOU HAVE THOSE FUNDS, RIGHT NOW YOU ONLY HAVE 1.5 MILLION ACCRUED FOR A REALLY LONG TIME. SO AGAIN, MOVING UP FROM 5% TO 25% WITHIN TWO YEARS THERE'S MORE PROJECTS THAN DISTRICTWIDE THAT CAN COME BACK DOWN. BUT I'VE THOUGHT AT LEAST FOR SEVERAL YEARS, LET'S, LET'S KIND OF BUILD THAT BUCKET, BUILD THAT BACK IN UP A LITTLE BIT. SO THAT'S TIME ABOUT PAGE THREE. THOSE ARE THE ONLY CHANGES. MOTION ON THAT ONE. MOTION SECOND, SPREAD IT AROUND. UH, ANY DISCUSSION OR QUESTIONS? ALL IN FAVOR SAY AYE. AYE. ANY OPPOSED? MOTION CARRIES. AGENDA ITEM NUMBER SEVEN, REVIEW AND CONSIDERATION OF A REGULAR MEETING SCHEDULE FOR DEBELL TIFF, DISTRICT BOARD OF DIRECTORS FOR CALENDAR YEAR 2024. AS AT THE END OF THE PACKET, I WILL SPECIFY THAT PER USUAL, ASSUMING THE PLAN IS AS NEEDED EXCEPT FOR THE END OF THE YEAR, THAT LEAST HAVE SOME TARGET DATES. THAT'S CORRECT. CITY SECRETARY'S OFFICE LIKES TO HAVE US TO HAVE SPECIFIC DATES. IF YOU DON'T HEAR FROM ME TWO WEEKS BEFORE, ASSUME THE MEETING IS NOT HAPPENING. WE CAN ALWAYS CALL SPECIAL MEETINGS THAT DON'T FALL ON THESE FOUR DAYS, BUT DECEMBER 3RD FOR ANNUAL REPORT MEETING THE OTHERS , HOPEFULLY WE'VE GOT A PROJECT OR TWO THROUGHOUT. YEAH, YEAH, ACTUALLY WILL MEET THROUGHOUT. ABSOLUTELY. UH, DO MOTION ON THAT ONE SECOND. ANY [01:00:01] QUESTIONS, COMMENTS? ALL IN FAVOR SAY AYE. AYE. THE OPPOSED. MOTION CARRIES ALL NUMBER. READY, ADJOURN. LOOKING FORWARD MEETING 1205. GREAT JOB. THANKS Y'ALL. * 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.