* 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] ALRIGHT. [Dallas Fort Worth Avenue TIF District Board of Directors Meeting on October 10, 2023.] UM, THE NEXT ITEM, UH, WELL, UM, THAT ITEM IS ALSO INTRODUCTIONS. I HAVE TAKEN A NOTE OF ALL OF THE CITY STAFF, INCLUDING ECONOMIC DEVELOPMENT, PLANNING AND URBAN DESIGN, AND A COUPLE FOLKS FROM, UM, CITY ATTORNEY'S OFFICE. UM, WE ARE GOING TO SKIP THE NICE TEETH ON THEM AND GO AHEAD AND LET'S GO AHEAD AND QUICKLY. UM, ALL RIGHT. WE'RE JUST GONNA DO QUICK, UM, INTRODUCTIONS FOR THE RECORD OF OUR BOARD MEMBERS ONLY TODAY. GOOD, BRIAN. ALL RIGHT. AND THE THREE JOINING VIRTUALLY, IF YOU CAN JUST COME OFF OF MUTE REAL QUICKLY AND STATE YOUR NAMES STEPHANIE. DEBBIE. SO ARE YOU ABLE TO UNMUTE YOURSELF, MS. TORRES? ALL RIGHT. FOR NOW, I AM GOING TO CALL THAT MS. TORRES IS PRESENT. I SEE HER FACE AND I KNOW SHE'LL FIGURE OUT ALSO MUTE. OH, THERE, SHE'S, YOU CAN JUST STATE YOUR NAME FOR THE RECORD. MS. TORRES. CAN YOU HEAR US? I CHATTED HER. THANK YOU. SHE'S OFF OF MUTE. I UNMUTED HER. UH, MS. TORRES, IF YOU CAN HEAR US, CAN YOU GIVE US A THUMBS UP? LYDIA TORRES. TERRIFIC. AND GO AHEAD AND GET YOUR CAMERA BACK ON WHEN YOU HAVE A MOMENT, PLEASE. WE LOST. ALL RIGHT, LET'S MOVE ON. WHILE YOU'RE WORKING ON THAT, UM, I DON'T SEE, SEE ANY MEMBERS OF THE PUBLIC. THAT'S AGENDA ITEM TWO. SO UNLESS I HEAR OTHERWISE, WE ARE GONNA MOVE ON. YEP. GO FOR AGENDA. ITEM NUMBER THREE IS REVIEW AND CONSIDERATION OF THE MEETING RECORD OF THE FEBRUARY 21ST, 2023 FOR WORTH AVENUE TIFF DISTRICT BOARD MEETING APPROVE. ONE SECOND. SECOND. AYE, ANY DISCUSSION AROUND THE MINUTES? ALL IN FAVOR OF APPROVING? AYE. OKAY, I SEE ALL HANDS BOARD MEMBERS RAISED WITH THAT, WE'LL CONSIDER THAT UNANIMOUS. MOVE ON TO AGENDA ITEM NUMBER FOUR. AGENDA ITEM NUMBER FOUR IS LONG, BUT I WILL READ IT FOR THE RECORD. REVIEWING CONSIDERATION OF PROPOSED AMENDMENTS TO THE PROJECT PLAN AND REINVESTMENT ZONE FINANCING PLAN. THE 10TH PLAN FOR FORT WORTH AVENUE TIF DISTRICT, AND THIS IS TO AMEND THE BOUNDARY TO ADD 372 ACRES, EXTENDING THE ZONE TO THE WEST ALONG WEST COMMERCE AND SINGLETON TO WEST OF NORTH HAMPTON ROAD, PRIMARILY TO MUL MANILA ROAD AND INCORPORATING SIX PROPERTIES NORTH OF FORT WORTH AVENUE SOUTH OF REDMOND, DRIVE EAST OF NORTH HAMPTON ROAD. KEEP THE 70% CITY'S PARTICIPATION RATE AND REDEFINE AND REALLOCATE BUDGET CATEGORIES AS DESCRIBED ON THE AGENDA. ALSO TO MAKE CORRESPONDING MODIFICATIONS TO THE ZONE'S BOUNDARY AND PLAN, AND TO INCLUDE FOR THE BOARD TO INCLUDE FINDINGS THAT THE VACANT AND UNDERUTILIZED PROPERTY AND THE PROPOSED EXPANSIONARY SUBSTANTIALLY ARREST OR REPAIRS. [00:05:01] THE SOUND GROWTH OF THE CITY DEVELOPMENT OR REDEVELOPMENT OF THE PROPOSED EXPANSION AREA WILL NOT OCCUR SOLELY THROUGH PRIVATE INVESTMENT IN THE FORESEEABLE FUTURE. AND INCLUSION OF THE PROPOSED EXPANSION AREA WILL HAVE AN OVERALL BENEFIT TOO. AND FURTHER THE PURPOSES OF FOR WORTH AVENUE TIF DISTRICT. OKAY. WITH THAT I AM GOING TO SEE, I'M REALLY BAD AT SHARING MY SCREEN AND SCROLLING THROUGH AS I'M WORKING, BUT LET ME SEE IF I CAN DO THAT. OH, THAT LOOKS FINE. OKAY. YOU CAN SEE THAT I GOT A THUMBS UP. OH, NOW I, TO FIND MY PLACE. SEE, I THINK YOU MAY KNOW THIS FROM THE PAST, I'D LIKE TO HIGHLIGHT MY HARD COPY SO I KIND OF LOSE MY PLACE, BUT I WILL TRY TO DO BOTH. SO THE, IN YOUR PACKET YOU RECEIVED, EVERYONE CAN HEAR ME RIGHT? OKAY. OKAY. UM, IN YOUR PACKET, YOU RECEIVED A SLIDE DECK, HOPEFULLY NICE AND CLEAN, EXPLAINING THESE PROPOSED PLAN AMENDMENTS. AND THEN YOU HAVE THE ACTUAL PLAN THAT IS RED LINE, LIKE FRAZEE. SO WHAT WE'RE DOING HERE IS THIS TIP DISTRICT WAS CREATED IN 2007 AND A LOT OF TIMES WHEN WE GET TO KIND OF THIS TAIL END, SORRY. UM, A LOT OF TIMES WE GET TO THESE TAIL END OF THE TIP DISTRICT. IT'S NICE TO TAKE A REEXAMINATION OF WHERE WE ARE COMPARED TO WHERE WE THOUGHT WE WERE GONNA BE AS FAR AS BUDGET CAPACITY AND INCREMENT COLLECTIONS AND MEETING THE GOALS AND OBJECTIVES. SO WITH SIX YEARS LEFT OF THE TIF DISTRICT, IT'S TIME TO KIND OF MAKE SOME ADJUSTMENTS. UM, AND THAT'S WHAT WE'RE DOING HERE TODAY. SO IT KIND OF SEEMS CUMBERSOME, BUT THERE'S REALLY THREE MAIN CATEGORIES THAT WE'RE PROPOSING BE AMENDED. ALRIGHT, SO JUST TO SET THE STAGE A LITTLE BIT, AGAIN, ESTABLISHED IN 2007, EXPIRATION IS IN 2029, THIS TIC DISTRICT WAS CREATED SO THAT THE CITY PARTICIPATED IN THE BELL CURVE IN THE IDEA WAS THAT EVERYTHING WAS GONNA GET SO HEALTHY THAT AND THE INCREMENT WAS GONNA COME IN WITH ALL THIS MARKET CONSTRUCTION THAT REALLY WE COULD KIND OF TAPER OFF AND LET THE MARKET TAKE OVER. UM, AND SO WE'RE GONNA TALK A LITTLE BIT ABOUT THAT PARTICIPATION IN A LITTLE BIT. BUT IN REALITY, UM, WE HAVEN'T DONE A TON OF PROJECTS WITHIN THE TIP DISTRICT. UM, WE'VE MET 31% OF THE DISTRICT'S RESIDENTIAL GOALS, 19.8% OF THE COMMERCIAL AND RETAIL SPACE. WE'VE, UM, PARTICIPATED LEAVING THE TIF DISTRICT HELP FUND THREE PROJECTS, INCLUDING ONE THAT'S NEARING COMPLETION, AND THEN THE COLLECTIVE A DISTRICT WIDE PROJECT. AND THAT'S WHAT YOU GUYS, UM, CAME TOGETHER FOR IN FEBRUARY. UM, THE TIF DISTRICT BUDGET IS CREATED IN A NET PRESENT VALUE. AND THE DIS AND THE PLAN SAYS THAT YOU CAN COLLECT UNTIL YOU GET TO 69.5 MILLION IN NET PRESENT VALUE. AND THERE'S A BUDGET THAT MATCHES THAT AMOUNT OF COLLECTIONS BASED ON THE GOALS AND OBJECTIVES OF HOW THE MONEY SHOULD BE SPENT. BUT WITH ONLY SIX YEARS REMAINING OF THE 22 YEAR TERM, ONLY 13.2 MILLION OF THAT HAS BEEN COLLECTED. SO ONLY 19%. SO I ACTUALLY WROTE DOWN HERE THIS YEAR, THE TIF DISTRICT WILL COLLECT ABOUT 4.4 MILLION. AND THE PLAN ANTICIPATED, AGAIN, THESE ARE PROJECTIONS MADE IN 2006, 2007, WHEN THE, WHEN IT WAS CREATED, IT WAS PROJECTED THAT BY THIS YEAR WE WOULD COLLECT 9.55 MILLION. SO AGAIN, THINGS ARE HAPPENING BUT SLOWER THAN ORIGINALLY ANTICIPATED. SO WHAT WE'RE PROPOSING OR WHAT WE KNOW WE WANT TO DO, UM, I GUESS I'M SPEAKING FOR STAFF, BUT WE'LL, AND SEE WHAT YOU GUYS THINK IS TO, UM, HAVE ENOUGH FUNDING CAPACITY TO DO SEVERAL THINGS BEFORE THIS DISTRICT TERMINATES. AND WE ARE NOT PROPOSING THAT WE EXTEND THE LIFE, BUT JUST DO A COUPLE THINGS TO HOPEFULLY, UM, HARNESS SOME MORE, UM, INCREMENT AND VALUE INTO THE DISTRICT. AND ONE IS REALLY, REALLY IMPORTANTLY IS HOMEOWNER STABILIZATION. UM, YOU CAN SEE IN THIS PICTURE IN THE BOTTOM LEFT, AND I'M SURE ALL OF YOU KNOW, THAT THERE'S A LOT GOING ON ALONG SINGLETON, UM, AND ALL THOSE NEIGHBORHOODS AND MAKING SURE THAT THE HOMEOWNERS WITHIN THE DISTRICT HAVE SUPPORT. [00:10:02] SECONDLY, IS TO SUPPORT DISTRICT-WIDE INITIATIVES THROUGH SUBSTANTIAL PUBLIC INFRASTRUCTURE AND PUBLIC FACILITY NEEDS. SO THE MIDDLE PICTURE IS WEST COMMERCE. WEST COMMERCE HAS, THERE'S GREAT OPPORTUNITY TO TAKE SOME OF THAT OBSOLETE INDUSTRIAL AND START CONVERTING IT TO MIXED INCOME HOUSING AND BOUTIQUE OFFICE, BUT NOT WITH A ROADWAY LIKE THAT. SO THAT'S, YOU KNOW, THINGS LIKE THAT FOR PUBLIC FACILITY NEEDS. THE FIRE STATION THAT'S WITHIN THE AREA, UM, IT WAS BUILT IN 1959. IT PROBABLY IS, UM, A LITTLE, IT'S PROBABLY CHALLENGE TO MEET ALL THE MULTIFAMILY THAT'S OCCURRING, UM, ALONG FORT WORTH AVENUE. SO THINGS LIKE THAT. AND THEN THIRDLY, UM, TO PROVIDE THAT BUDGET AND FUNDING CAPACITY FOR REDEVELOPMENT PROJECTS. UM, THEY GET UNDERUTILIZED PROJECTS. SO THAT'S SOMETHING THAT TIP DISTRICTS ARE ALWAYS TRYING TO PARTNER WITH DEVELOPERS WITH, UM, THEIR PROJECT DON'T PENCIL OUT TO, TO MAKE THEM, UM, BE ABLE TO SUCCEED. RIGHT. SO THE PROPOSAL IS TO, UM, ADD 372 ACRES. UM, THAT'S THE AREA IN THE BLUE. UM, AND AGAIN, IT IS TO BOTH, IT'S KIND OF A BALANCE. WE'RE TAKING ADVANTAGE OF WHAT'S HAPPENING IN THE MARKET CONDITIONS AND USE USING THAT INCREMENT THAT VALUE INTO THE TIP DISTRICT AND ALSO TO BE ABLE TO SUPPORT THOSE HOMEOWNERS, UM, THAT HAVE THE, THAT ARE TRYING TO STABILIZE WITHIN THE NEIGHBORHOOD. SECONDLY IS, INSTEAD OF DOING THAT, YES. UM, THIS MAY BE A A DUMB QUESTION, BUT DOES OUR TIFF, I THOUGHT IT WAS JUST IN DISTRICT ONE, IS THAT NOT WE ALSO GO IN? NO, IT, IT DOES, IT, IT ALREADY GOES INTO COUNCIL MEMBER VAL'S DISTRICT. RIGHT. AND IN FACT THE BOARD MEMBERS ARE OF BOTH. UM, THIS WOULD JUST BE MORE INTO COUNCIL MEMBER VAL'S DISTRICT, BUT IT'S ALWAYS HAD A LITTLE, MOSTLY COUNCIL MEMBER WEST. IT'LL JUST BE A BIT MORE. OKAY. OKAY, COOL. AND THAT, AND THAT'S NOT ATYPICAL TO HAVE A TIP DISTRICT THAT GOES ACROSS DISTRICT LINES. GOT IT. OKAY, THANKS. ALRIGHT, YOU GOOD? OKAY. SO SECONDLY, AGAIN, RATHER THAN TO DO THAT BELL CURVE TO KEEP THE CITY PARTICIPATION AT 70% TO TRY TO, UM, YOU KNOW, THESE ARE TAXES THAT ARE GONNA BE PAID BY PROPERTY OWNERS. IN ANY CASE, IT DOESN'T CHANGE THAT IT'S JUST, UM, TAKING 70% AND SPENDING THEM INTO THE DISTRICT, UH, RATHER THAN THE GENERAL FUND. UM, SO JUST A STATEMENT HERE THAT BY INCREASING TIP DISTRICT BOUNDARY AND LEVELING THE CITY'S PARTICIPATION, THE PLAN AMENDMENT ATTEMPTS TO PROVIDE SUFFICIENT INCREMENT TO BE COLLECTED SO THAT THE TIF DISTRICT BUDGET CAPACITY IS MAXIMIZED BY THE TERMINATION DATE. SO WITH THAT, WE KIND OF LOOK AT THE BUDGET NEXT AND SAY, OKAY, OUR GOALS AND OBJECTIVES LINE UP WITH A BUDGET. IS THAT STILL VALID TODAY? WELL, PRIMARILY IT IS, BUT WE KNOW MORE NOW. SO THERE'S SOME TWEAKS, UM, AND ONE IS TO ADD THAT HOMEOWNER STABILIZATION, HOME REPAIR, DISPLACEMENT MITIGATION TO BE AFFORDABLE HOUSING BUDGET CATEGORY. SECONDLY, I DON'T KNOW WHY WE HAVE SEPARATE BUDGET CATEGORIES FOR ENVIRONMENTAL REMEDIATION, DEMOLITION FACADE. IT'S JUST OVERLY COMPLICATED. THEY'RE JUST BY STATE LAW, WE CAN JUST DO THEM AS REDEVELOPMENT DEVELOPMENT PROJECTS. AND WE LOOK FOR THOSE, WHAT WE CALL KIND OF TIF ELIGIBLE EXPENDITURES. SO I JUST BUCKETED THOSE. AND THEN AS ALLOWED BY STATE LAW, UM, CHAPTER THREE 11, WE'RE EXPRESSLY ACKNOWLEDGING THAT TIF DISTRICT FUNDS MAY BE USED IN OR OUT OF THE DISTRICT. UM, IF THE BOARD, UM, HAS A FUTURE PROJECT THAT IS AFFORDABLE HOUSING AREA, PUBLIC ASSEMBLY OR INFRASTRUCTURE, THAT BENEFITS US OUT. AND THAT'S KIND OF A CATCHALL THAT IF THE BOUNDARY ISN'T PRECISELY PERFECT AND THERE'S A, UM, HOMEOWNER STABILIZATION THAT'S JUST OUTSIDE THE BOUNDARIES ALLOWED BY STATE LAW AND THE BOARD CAN MAKE A FUTURE FINDING THAT IT BENEFITS THE Z AURORA INFRASTRUCTURE PROJECT. AGAIN, UH, THE PROPOSAL, UM, DOES NOT CHANGE THE TOTAL BUDGET, NOR DOES IT CHANGE THE TERMINATION DATE. THIS IS JUST [00:15:01] A RED LINE VERSION OF THE OLD $69.5 MILLION BUDGET AND WHAT THAT LOOKS LIKE IN ACTUAL TODAY'S DOLLARS, THESE ARE PROJECTIONS. THEY'RE NOT THAT FAR OUT NOW, TO BE HONEST. THEY'RE STILL PRETTY AGGRESSIVE TO BE ABLE TO GET TO THAT FULL 69.5 MILLION EVEN WITH THE CHANGES. ALL RIGHT. AND STAFF RECOMMENDATION, THIS IS JUST A SUMMARY OF EVERYTHING WE JUST TALKED ABOUT AND HERE IS OUR HOPEFUL, UM, NEXT STEPS IF THE BOARD HAS THE DESIRE TO MOVE THIS WITH THAT TO ANY QUESTIONS. SO WOULD THIS BE WHERE IT SAID LIKE HOME REPAIR AND IMPROVEMENT? THIS WOULD BE LIKE THE PROGRAM THEY HAVE OVER HERE, UM, IN KESSLER PARK WHERE IF YOU WANNA FIX YOUR SIDEWALK THAT THEY, THE CITY HELPS PAY FOR HALF OF IT OR SOMETHING LIKE THAT. IS THAT KIND OF ALONG THOSE LINES? YEAH, I THINK IT'S 30%. THIS IS MORE SO OUR PROPOSAL, AND WE'VE DONE THIS, UM, IN OAK CLIFF TIP DISTRICT AND A COUPLE OF OTHERS WHERE WE HAVE THE OPPORTUNITY TO TRANSFER FUNDS TO THE HOUSING DEPARTMENT AND TELL THE HOUSING DEPARTMENT WHERE WE WANT THOSE DOLLARS SPENT. OKAY. SO THEY HAVE, I, I CAN'T REMEMBER WHAT PAGE IT, UM, THEY HAVE FUNDS, UH, THAT THEY CAN USE FOR, UM, EMERGENCIES. LET ME JUST GO BACK THERE QUICKLY SO I DON'T HAVE TO GUESS. YEAH, I SAW SOMETHING ABOUT FLOODING, I JUST, I WASN'T SURE WHAT ALL THAT WOULD. YEAH, SO THEY, THEY CONTRACT WITH CONTRACTORS TO, YOU KNOW, FOR OVER 65 PROGRAMS TO WEATHERPROOF HOMES TO HELP WITH, YOU KNOW, WINDOWS ROOFING. THEY CAN HELP WITH, UM, THE SEE THOSE HOME BUYER ASSISTANCE PROGRAM HELP WITH DOWN PAYMENT, CLOSING COSTS. THEY HAVE A, UM, YOU KNOW, KIND OF A BUCKET OF DIFFERENT TOOLS THAT THEY USE IN ORDER TO HELP, UM, HOMEOWNERS STAY IN THEIR HOMES. OKAY. AND THIS IS NOT SOMETHING THAT ECONOMIC DEVELOPMENT PARTICULARLY SPECIALIZES IN. SO TYPICALLY WE'RE GONNA PARTNER WITH THE HOUSING DEPARTMENT TO, UM, DISPERSE THOSE FUNDS, BUT WE WILL, WE WILL CERTAINLY HAVE CONTROLS OVER THEM. GOTCHA. YOU MENTIONED DOWN PAYMENT, LIKE, SO PEOPLE OVER 65 THAT ARE TRYING TO PURCHASE A HOME AS WELL. YES, THEY DO HAVE SOME PROGRAMS THAT CAN HELP WITH DOWN PAYMENT AND CLOSING COSTS. INTERESTING. OKAY, COOL. THANKS FOR, YEAH, SUMMER GRANTS, SUMMER LOANS. UM, AGAIN, WE, WE TRY NOT TO TO MESS WITH THEIR BUSINESS TOO MUCH, BUT WE CERTAINLY WILL HAVE CONTROLS OVER THIS AND TELL THEM, UM, HOW WE FEEL IT'LL BEST BE USED WHERE WE'VE BEEN SPEAKING WITH THE HOUSING DEPARTMENT ON THIS QUITE A BIT. OKAY. I'M TRYING TO THINK IF THERE'S ANYTHING IMPORTANT. OPERATIONAL. OKAY. IF SOME, A HOMEOWNER, ONE OF THESE PROGRAMS, WOULD THEY COME TO BOARD FUNDS OR WOULD THEY APPLY DIRECTLY? YEAH, HOUSING. HOUSING. SO LUIS IS ASKING HOW THE MONEY, UM, WOULD BE ALLOCATED. AND YOU'LL SEE IN AN UPCOMING ITEM, THE TIP DISTRICT ALLOCATION POLICY. WE ARE PROPOSING ACTUALLY THAT 10% OF EACH YEAR'S INCREMENT GOES DIRECTLY TO THE HOUSING DEPARTMENT, SO THAT FOR EVERY $20,000, YOU KNOW, ITEM, WE DON'T HAVE TO COME TOGETHER. THAT WE WILL GIVE THEM THE PARAMETERS AND SEND THE MONEY THERE FOR A PROGRAM AND THEY WILL ALLOCATE ANYTHING ELSE. IS THERE A MOTION TO APPROVE? I'LL MAKE A MOTION TO APPROVE SO I'M NOT MUTED. THERE WE GO. , WE CAN HEAR YOU MS. KYLE. THANK YOU. THANKS. REAL QUICK, WE APPROVE EACH, JUST DO FOUR. UM, OH YEAH. DO WE NEED TO BREAK IT DOWN? NO, IT, WE CAN, YOU CAN JUST APPROVE AGENDA ITEM NUMBER FOUR IN ITS ENTIRETY. UM, MAKE A MOTION TO APPROVE AGENDA ITEM NUMBER FOUR IN ITS ENTIRETY. [00:20:01] OKAY. ALL SECOND. OKAY. ALL IN FAVOR OF APPROVING NUMBER FOUR IN ITS ENTIRETY. I HAVE A RAISED HAND BY MS. TORRES AND MS. SOLI. AND MR. OKAY. THAT IS A UNANIMOUS THANK YOU FOR THE RECORD. TERRIFIC. OKAY. UM, LET'S MOVE ON TO AGENDA ITEM NUMBER FIVE. UM, UH, LET'S DEFINITELY NOT GO THROUGH THIS. SO NOW THAT YOU'VE APPROVED THIS, I WILL DO A CLEAN VERSION. I WAS TELLING MR. TEI THAT, UM, THERE IS SO MUCH REDLINING BECAUSE THIS IS A KIND OF A STATIC DOCUMENT THAT HASN'T BEEN TOUCHED IN A REALLY LONG TIME. SO ALL THE, WE WILL CREATE A PLAN. WE WILL DO, THIS HAS TO BE CHANGED SO IT GETS KINDA UGLY. I DON'T KNOW IF THERE'S A WAY. DO YOU THINK I, UM, I'M GONNA JUST GUESS HERE. OKAY. I'LL LOOK AT THAT. OKAY. UM, OH, DARN. OKAY. I'M GONNA READ AGENDA ITEM NUMBER PLAQUE FOR THE RECORD, IT'S REVIEW AND CONSIDERATION OF AMENDMENT TO THE FORT WORTH AVENUE TIFF DISTRICT GRANT PROGRAM TO UPDATE THE ZONE MAP REFLECTIVE BOUNDARY AMENDMENTS AND AGENDA ITEM NUMBER FOUR. AS A REMINDER, WE HAVE A GRANT PROGRAM THAT IS BASICALLY A CATCHALL FOR ITEMS THAT ARE NOT VERY SPECIFIC TO TIP ELIGIBLE EXPENDITURES WHERE WE FEEL LIKE, AND THE BOARD FEELS LIKE THAT THEY, UM, YOU KNOW, IT STILL IS USEFUL TO PUT IN TIF DOLLARS TO MAKE A PROJECT COME TO FRUITION. THERE ARE NO CHANGES TO THIS AT ALL, EXCEPT THERE WAS AN ATTACHED MAP. SO I'VE REMOVED THE MAP BECAUSE WE HAVE NOW EXPANDED THE BOUNDARY. I DIDN'T REPLACE IT BECAUSE I FIGURED, YOU KNOW, FOUR YEARS DOWN THE ROAD, IF IT'S OFFENDED AGAIN, THE BOUNDARY, I DON'T HAVE TO COME BACK IN. SO THE ONLY CHANGE ON THIS IS, UM, REMOVING THE MAP AND I, THERE'S A PLACE AT THE BOTTOM SOMEWHERE IN HERE, PRO IT, IT ALREADY SAID PROJECTS MAY BE LOCATED ANYWHERE WITHIN THE DISTRICT. I FIGURED THAT THAT WORKS. ANY QUESTIONS? MOTION? I HAVE NUMBERED MS. TORRES, I'M NOT SEEING YOUR VIDEO. JUST A GRANT PROGRAM. JUST REMOVING THE MAP BECAUSE WE'VE JUST EXPANDED THE BOUNDARY. NO, THAT'S THE NEXT ITEM. OKAY, TERRIFIC. WE HAVE A MOTION. IS THERE A SECOND? MS. TORRES, CAN YOU TURN ON YOUR VIDEO? I'VE GOT MS. KYLE, MS. TORRES, BEFORE WE TAKE A VOTE, WE'RE GONNA NEED YOUR VIDEO ON PLEASE. HI. OKAY, I SEE A HAND UP FROM MS. TORRES. UH, ALL IN FAVOR, MS. ALISA? MS. DO, DID YOU RAISE A HAND? OKAY, FOR THE RECORD, I HAVE FIVE HANDS RAISED. THAT'S YOU. THANK YOU. WE'LL MOVE ON TO AGENDA ITEM NUMBER SIX. YOU. OKAY. I TAKE OVER REVIEW, REVIEW AND CONSIDERATION OF AN AMENDMENT TO THE FORT WORTH AVENUE CHIP DISTRICT INCREMENT ALLOCATION POLICY RELATED TO DEDICATION OF INCREMENT FOR HOMEOWNER STABILIZATION, HOME REPAIR AND DISPLACEMENT MITIGATION TO REFLECT AMENDMENTS IN AGENDA ITEM NUMBER FOUR AND DISTRICT WIDE IMPROVEMENT. SET ASIDE, UM, LET ME JUST BEND A MINUTE OR TWO ON THIS. YOU SHOULD HAVE A RED LINE VERSION. I'LL TRY TO PULL IT UP. SO, UM, MADE TWO CHANGES. ONE, AS WE TALKED ABOUT, YOU SEE RIGHT HERE, I ADDED THIS, [00:25:01] UM, THIS KIND OF SET ASIDE WITHIN THE INCREMENT THAT WE COLLECT EACH YEAR. SO 10% TO BE SET ASIDE FOR HOMEOWNER STABILIZATION, HOME REPAIR, DISPLACEMENT, MITIGATION. THE OTHER THING I DID THAT WE HAVEN'T TALKED ABOUT IS I SUGGEST AND RECOMMEND THAT WE INCREASE THE DISTRICT-WIDE SET ASIDE TO 20%. THE REASON BEING, UM, RIGHT NOW IT'S AT 10%, I BELIEVE GOING FORWARD, NOT ONLY WILL WE HAVE PROJECTS THAT WE WANNA ASSIST, WE'LL HAVE THOSE DISTRICT-WIDE IMPROVEMENTS. WE CAN USE FUNDS. HOWEVER, IF WE HAVE PROJECTS QUEUED UP, IT'S A LITTLE AWKWARD TO SAY WE NEED CASH ON HAND FOR A ROADWAY OR SOMETHING. SO THIS ALLOWS US TO KIND OF CARVE OUT 20% OF EACH YEAR'S INCREMENT TO START STOCKPILING FOR THOSE NON-DEVELOPER DRIVEN PROJECTS. SO THOSE ARE THE ONLY CHANGES MADE HERE. ANY QUESTIONS? WE HAVE A MOTION TO APPROVE. MS. TORRES, IF, DO YOU WANNA COME OFF OF MUTE? AND I, I SEE YOUR HAND, BUT DID YOU WANNA MAKE A MOTION? MOTION TO APPROVE? TERRIFIC. THANK YOU. SECOND, IS THAT A SECOND? MS. SOLEY? OKAY. IF, IF YOU DON'T, ARE YOU ABLE TO UNMUTE YOURSELF TO MAKE THAT SECOND? YES. TERRIFIC. THANK YOU. ALL IN FAVOR? ALRIGHT, ONCE AGAIN, I'VE GOT FIVE HANDS WITH THAT. THAT IS UNANIMOUS. OH. OH MY GOSH. CAN I DO A, A REVERSE HERE, MS. TORRES? YES. MAY I SUGGEST A FRIENDLY AMENDMENT? AND THAT WOULD BE THAT THIS ONLY GOES INTO EFFECT IF CITY COUNCIL APPROVES THE PLAN AMENDMENT BECAUSE IF THEY DO NOT APPROVE THE PLAN AMENDMENT, THIS IS NOT VALID. SO IF YOU ARE COMFORTABLE WITH THAT, I DID NOT HAVE THAT ON THE AGENDA. OKAY. DO I NEED TO SAY THAT? SO DEPENDENT IF, UH, CITY COUNCIL APPROVES THIS? OKAY. SO SUBJECT TO CITY COUNCIL APPROVAL, UH, THE PLAN, THANK YOU VERY MUCH. AND MS. LACE, ARE YOU OKAY WITH THAT AMENDMENT? IS THAT A YES? YES. THANK YOU VERY MUCH. I APOLOGIZE. OKAY, LET'S GO BACK TO THE VOTE. OKAY. ALL IN FAVOR OF THE AMENDED APPROVAL. OKAY, I SEE THAT AS . THANK YOU. OKAY, WE HAVE MR. COLTON RIGHT HANGING OUT WITH US ALL DAY TO, UM, OUR PROJECT. SO FOR THE RECORD, UM, AGENDA ITEM NUMBER SEVEN WE'RE REVIEW AND CONSIDERATION OF A TAX INCOME AND FINANCING DEVELOPMENT AGREEMENT. AN AMOUNT NOT TO EXCEED 5,124,811, THE TIF SUBSIDY PAYABLE FROM CURRENT AND FUTURE FORT WORTH AVENUE TIF DISTRICTS, AND A CHAPTER THREE 80 ECONOMIC DEVELOPMENT GRANT AGREEMENT IN AN AMOUNT NOT TO EXCEED 1 MILLION 100 7500 189 GRANT PAYABLE FROM 2017 GENERAL OBLIGATION BOND FUNDS. THAT'S PROPOSITION I COUNCIL DISTRICT ONE DISCRETIONARY ALLOCATION. THE DEVELOPER TOGETHER IS KNOWN AS VISTA, BUT THEY'RE ENTITY NAMES. RIGHT NOW COLUMBUS TRAIL, 94 LTD AND WD FOR FW AVENUE PARTNERS, LP AND OR ITS AFFILIATES IN CONSIDERATION OF THE VISTA AT KESSLER STEVENS DEVELOPMENT PROJECT CURRENTLY ADDRESSED AT 2045 FORT WORTH AVENUE AND 1340 NORTH HAMPTON ROAD. ALL RIGHT, YOU GUYS READY FOR ME TO GO THROUGH ANOTHER QUICK SLIDE DECK? YES. OKAY. ALRIGHT. UM, COLTON WILL BE HERE TO ADDRESS ANY QUESTIONS YOU MIGHT HAVE. UM, BUT I BELIEVE THAT MOST OF YOU IN THE NEIGHBORHOOD, I SHOULD PROBABLY BE AWARE OF THIS PROJECT. [00:30:02] UM, THERE ARE PARCELS THAT WE JUST ADDED TO THE TIF DISTRICT THAT WERE JUST SURROUNDING IT. UM, AND THIS, UH, THE ZONING FOR THIS PROJECT, UM, WAS APPROVED ON MARCH 8TH, 2023. I BELIEVE IT WAS ABOUT A YEAR LONG ZONING PROCESS, MAYBE A LITTLE LONGER, BUT, UM, BUT THAT'S WHERE THE PROJECT IS LOCATED. AND EXISTING CONDITIONS, IT'S ABOUT 4.3 ACRES. THERE'S SOME OBSOLETE STRUCTURES ON IT RIGHT NOW. LET'S GET INTO WHAT THE PROJECT IS. SO YOU'RE GONNA SEE A LITTLE BIT OF DISCREPANCY BETWEEN THIS PAGE AND ANOTHER ONE. OUR PROJECT SUMMARY SOMETIMES MIGHT BE A LITTLE BIT HIGHER THAN THE MINIMUM REQUIREMENTS. SO THIS IS WHAT THE PROJECT AS PROPOSED, UM, WILL ENTAIL IS, UH, REMEDIATION AND DEMOLITION OF TWO EXISTING BUILDINGS. UM, THERE'S THREE BUILDINGS. BUILDING NUMBER ONE WILL BE A SPROUTS FARMER'S MARKET GROCER, JUST OVER 23,000 SQUARE FEET. BUILDING NUMBER TWO IS A SPECULATIVE MULTI-TENANT RETAIL BUILDING AT ABOVE 6,700 SQUARE FEET. BUILDING. NUMBER THREE IS TO BE CONSTRUCTED AND OWNED BY OTHERS AND A GROUND LEASE, UM, WITH THE DEVELOPER, AND THAT'S ANTICIPATED TO BE 2,500 SQUARE FEET. THERE'S ALSO A NEW PUBLICLY ACCESSIBLE GREEN SPACE, 30, ABOUT 3,500 SQUARE FEET AT MINIMUM, ACQUIRED BY THE ZONING. AND THEN VARIOUS SITE IMPROVEMENTS ALONG THE SIDEWALK. AND THE PARKING ESTIMATED, UH, PROJECT COST IS 21.2 MILLION. THEY DID GO THROUGH URBAN DESIGN, PEER REVIEW, AND IF, UH, ARTURO DEL CASTILLA HAS STUCK WITH US, HE'S FROM PLANNING AND URBAN DESIGN, AND TOOK THIS THROUGH THAT DESIGN, PEER REVIEW PROCESS, UM, THE DEVELOPER MET AND COMMUNICATED ON ALL OF THE ITEMS THAT THE PEER REVIEW FOUND. SO, UM, THIS ONE WAS INTERESTING BECAUSE, YOU KNOW, THAT'S ONE THING WE LIKE TO GET OUT PROJECTS THAT WE PARTICIPATE IN IS ENHANCING THE DESIGN, WHICH WAS DONE. BUT A LOT OF THAT WAS ALSO DONE THROUGH A VERY EXTENSIVE ZONING PROCESS. SO BY THE TIME IT WENT THROUGH ZONING, UM, THE DEVELOPMENT PLAN, AND THEY ALREADY HAD BIOSWALES, THEY ALREADY HAD THE OPEN SPACE, A LOT OF THOSE THINGS WE ASKED FOR WERE ALREADY IN THERE, AND IT WAS JUST SOME REFINEMENT OF THOSE ITEMS, RENDERING OF THIS SPROUTS GROCERY STORE, THE SITE PLAN ON THE RIGHT SIDE. AND AGAIN, SOME OF THOSE ZONING, UM, REQUIREMENTS. AND I DO WANNA STAY BECAUSE I THINK THAT, UM, SOMETIMES WE HEAR, OH, WELL THEY ALREADY HAVE THEIR ZONING. UM, JUST BECAUSE THE ZONING IS IN PLACE DOES NOT MEAN THAT THE PROJECT CAN BE CONSTRUCTED FINANCIALLY. SO, UM, THEY HAVE TO KNOW WHAT THOSE, UM, THOSE ZONING REQUIREMENTS ARE. UM, BUT THAT AGAIN, DOESN'T MEAN THAT THAT THE PROJECT, UM, HAS A RATE OF RETURN THAT MAKES SENSE FOR THE DEVELOPER. THIS OPEN SPACE IS AN INTERESTING COMPONENT, SOMETHING THAT WAS BEEN NEGOTIATED IN, UM, FROM THE NEIGHBORHOOD MEETINGS. BUT WHAT THAT MEANS IS, UM, THAT'S A PRETTY BIG, THAT COULD HAVE BEEN A PAD SITE FOR ANOTHER RETAILER, WHICH HAVE, WOULD HAVE, UM, ALLOWED MORE REVENUE GENERATING, UM, RETAIL COMMERCIAL INTO THE SITE. BUT INSTEAD IT'LL BE NON-REVENUE GENERATING, WHICH OF COURSE, UM, LEAVES THE GAP FOR THE DEVELOPER. BUT, UM, I KNOW EVERYONE IS REALLY EXCITED IN THE NEIGHBORHOOD TO HAVE THIS, UM, PUBLIC OPEN SPACE. WE CALL IT OPEN SPACE BECAUSE IT'S NOT DEDICATED TO THE PARK AS PART OF THE PARK SYSTEM. SO THAT'S WHY WE ALL CALL IT MM-HMM . THIS IS, UM, THIS IS THE 6,700 SQUARE FOOT, UM, ONE STORY RETAIL BUILDING, AND HERE'S THE MINIMUM, 3,500 SQUARE FOOT, YOU'RE SEEING A TRELLIS IN THE HUB. UM, THESE PATHWAYS WERE ALSO REALLY CRITICAL TO THE ZONING COMPONENT. IT WAS WORKED ON WITH PEER REVIEW AS WELL, TRYING TO MAKE THE MOST PUBLICLY, YOU KNOW, THE, THE BEST PATH FOR PEDESTRIANS TO MAKE THIS AS PEDESTRIAN FRIENDLY AS POSSIBLE. UM, A LOT OF IT WAS, LIKE I SAID, BAKED INTO THE ZONING, BUT THEY WORKED WITH PEER REVIEW ON SOME OF THE IMPROVEMENTS. PROJECT COSTS JUST OVER 21 $1 MILLION BROKEN DOWN. WE CAN GO THROUGH THIS [00:35:01] IF YOU CARE, BUT, UM, UH, ABOUT 35%. HERE'S THE SOURCE OF FUNDS. ALL RIGHT, THE, UM, CITY SUBSIDY, AGAIN IS MADE UP OF TWO COMPONENTS. TIF DOLLARS, THAT'S THAT LITTLE CHART AT THE BOTTOM. AND THEN, UM, DISTRICT ONE, UH, SOME GENERAL OBLIGATION BOND DISCRETIONARY FUNDS FROM COUNCIL MEMBER WEST. SO OFFERING THAT 1.175 MILLION. WE HAVE ALL SORTS OF CONDITIONS. I ALWAYS SAY OUR MONEY IS FREE, BUT NOT WITHOUT A LOT OF STRINGS ATTACHED. SO THE NEXT SEVERAL PAGES ARE ALL OF THE CONDITIONS THAT WE'RE PUTTING ON DEVELOPER IN ORDER TO RECEIVE THE CITY SUBSIDY. OF COURSE, OUR, WE DON'T PAY A PENNY OUT UNTIL THE PROJECT IS COMPLETE AND HAS MET ALL OF THE CONDITIONS. I WILL NOTE REAL QUICKLY, UM, I DON'T KNOW IF YOU NOTICED IN THE AGENDA, I SAID, UH, CURRENT AND FUTURE TIP DISTRICT DOLLARS. THAT IS STANDARD LANGUAGE IN THIS CASE. WE DO HAVE CASH ON HAND SO THAT WHEN THE DEVELOPMENT IS FINISHED IN 18 ISH MONTHS, UM, THAT THERE SHOULD BE CASH ON HAND ONCE THEY MEET THE TERMS OF THE, OF THE, UM, DEVELOPMENT AGREEMENT. SO I AM NOT GOING TO GO THROUGH ALL OF THESE. UM, WE, WE ANTICIPATE THEY WILL START CONSTRUCTION WELL BEFORE THE END OF NEXT YEAR, BUT OH MY GOODNESS, I CANNOT TELL YOU HOW MANY TIMES WE'VE HAD TO COME IN AND GET, YOU KNOW, PUSH THAT BACK. SO WE ARE NOW, UM, CAUTIOUS AND, UH, THE DEVELOPER USUALLY SAY WE DON'T NEED THAT MUCH TIME, BUT THAT'S ON US TO, TO ALLOW THAT MUCH TIME. UM, THERE'S AN OCCUPANCY REQUIREMENT THAT THE BUILDINGS, BUILDING THE BUILDINGS ALONE IS NOT GOING TO, UM, CUT IT TO GET OUR TIFF DOLLARS IN THE, UM, DISCRETIONARY BOND FUNDS, THEY ACTUALLY HAVE TO BE OCCUPIED. UM, THAT'S, YOU CAN SEE AT THE BOTTOM BUILDINGS ONE, TWO, AND THREE EACH HAVE THEIR OWN OCCUPANCY REQUIREMENTS. UM, THEY'LL HAVE AN OPERATING MAINTENANCE AGREEMENT FOR ALL OF THAT PUBLIC RIGHT OF WAY. UH, THE STREETSCAPE, THE OPEN SPACE, ET CETERA. UH, 40% PARTICIPATION AND MINORITY WOMEN OWNED BUSINESSES FOR THEIR CONSTRUCTION. AND, UM, THEY WILL ALSO HAVE TO CREATE AND THEN FOLLOW A LOCAL HIRING PLAN FOR THIS SPROUT. WE WANNA MAKE SURE THAT THEY'RE HIRING LOCAL DALLAS RESIDENTS. AND THIS IS PRETTY STANDARD THAT, UM, IF ANY OF THOSE ESTATES DON'T HAPPEN. BUT AGAIN, THEY'RE QUITE GENEROUS THAT, UH, THE TIF BOARD AND ECONOMIC DEVELOPMENT DIRECTOR COULD GRANT EXTENSIONS. ALL THAT MEANS IS WE WOULDN'T GO BACK TO COUNCIL. WE WOULD JUST ASK THE THIS TIF BODY ALL. SO STAFF RECOMMENDATION IS A CI CITY SUBSIDY AND AMOUNT NOT EXCEEDS 6 MILLION, 300,000 IS GAP FUNDING FOR THE VISTA KESSLER STEVENS PROJECT. UM, AND THAT'S MADE UP OF THOSE TWO COMPONENTS THAT DISCUSSED. YOUR VOTE TODAY WILL BE ON THE TIFF SUBSIDY COMPONENT, THE 5 MILLION 124,811. AGAIN, IF, UH, THIS IS APPROVED, IT WOULD MOVE ON TO ECONOMIC DEVELOPMENT COMMITTEE AND TO COUNCIL. UM, HERE'S A LITTLE BIT ABOUT THE DEVELOPMENT TEAM. THEY HAVE A TRACK RECORD, UM, THROUGHOUT THE CITY AND BEYOND. UM, THIS IS A LITTLE BIT ABOUT THE TAXABLE VALUE. RIGHT NOW, THE TAXABLE VALUE IS 2.48 MILLION AND THEY ANTICIPATE THAT UPON COMPLETION IT'LL BE WORTH JUST OVER $17 MILLION. AGAIN, THAT ADDS VALUE, UM, TO THE TIF DISTRICT AND TO THE CITY AS A WHOLE. ANY QUESTIONS? SURE. VERY. THE OPEN STUDENTS SPREAD NEXT TO THAT WOULD NOT BE UTILIZED BY THE RESTAURANT. UH, I MEAN, IT IS THERE YOU NOT, IT'S NOT . UH, THEY CAN'T HAVE, THEY HAVE PEOPLE OUT THERE GOT THERE. YES. SO IT'S NOT REVENUE FOR THE TENANT, BUT [00:40:01] IF SOMEONE REP , IT'S A PUBLIC SPACE. NOT, THEY DON'T, IT'S NOT THE PATIO, IT'S THE PUBLIC SPACE. AND I I AM SURE EVERYONE IN THIS GROUP IS FAMILIAR WITH SYLVAN 30. SO THIS IS KIND OF THE INSPIRATION IS TO DO SOMETHING LIKE THAT WHERE, YOU KNOW, YOU MIGHT BE RIDING A GLASS OF WINE AND YOUR KIDS OUT THERE PLAYING SOCCER IN A GREAT SPACE. YEAH. OTHER QUESTIONS? OR MOTION TO APPROVE? SO WE'RE MAKING A, WE WOULD MAKE A MOTION TO APPROVE THE TIFF SUBSIDY NOT TO EXCEED THE 5.5 MILLION. IS THAT THAT THAT'S CORRECT. AND FORWARDING THAT RECOMMENDATION TO CITY COUNCIL. OKAY. IT'S, IT'S CONTINGENT UPON ALL OF THE STAFF RECOMMENDATION. RIGHT. OKAY. UM, I'LL MAKE A MOTION TO APPROVE THE, THE T SUBSIDY NOT TO EXCEED THE 5,124,000 . THERE'S YOUR MOUSE IN WAY. IS THAT A SIX, SARAH? AND 11? YOU FEEL MY PAIN EIGHT 11. A SECOND. I'LL SECOND IT. THANK YOU, MS. ALL AYE, THAT IS A UNANIMOUS IN FAVOR. THANK YOU VERY MUCH. YOU GUYS DID EXCELLENT. ALL OF THAT IN AN HOUR. WOO. LET'S SEE. ALL RIGHT. THE ONLY OTHER ITEM FOR BUSINESS IS ADUR. I CLOSE. SPEEDING. THANK YOU ALL SO MUCH. HAVE A GREAT EVENING. THANK YOU TOO. THANK YOU. * 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.