[Sports Arena TIF District Board Meeting on January 30, 2025. ]
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AND THEN THE NEXT ITEM IS TO NOMINATE AND ELECT A TEMPORARY CHAIRPERSON.
UM, AND WE WOULD NEED THAT CHAIRPERSON TO ACTUALLY BE HERE IN PERSON.
SO WE DO HAVE, UM, MR. LUIS LUIS TEMA HERE.
AND SO, UM, WE WOULD ENTERTAIN A MOTION TO NOMINATE LUIS TEMA AS TEMPORARY CHAIRPERSON FOR THIS MEETING.
OH, JESSICA, YOUR CAMERA HAS TO BE ON WHILE YOU'RE IN THE MEETING.
AND THEN, UM, ALL THOSE IN FAVOR SAY AYE.
ALRIGHT, AND SO NOW I'LL TURN IT OVER TO THE CHAIR.
UM, MY NAME IS MAYO, REPRESENT DALLAS COUNTY INTRODUCTIONS.
OH, WE GOT A NEW PERSON ON BOARD.
ELIA, YOU COULD INTRODUCE YOURSELF.
I AM ACTING CHAIR BRUCE, THE DALLAS COUNTY REPRESENTATIVE FOR THE SPORTS ARENA.
UH, THE NEXT ITEM ON THE AGENDA IS PUBLIC COMMENTS PERTAINING TO AGENDA ITEMS FIVE THROUGH EIGHT.
DO WE HAVE ANYONE FROM THE PUBLIC WISHING TO COMMENT ON ITEMS FIVE THROUGH EIGHT? I DON'T THINK WE HAVE ANYONE FROM THE PUBLIC ON DO WE? NO, WE DO NOT.
WE CAN SKIP AHEAD TO ITEM FIVE, WHICH IS NOMINATE AND ELECT A VICE CHAIR.
UM, I'LL ENTERTAIN A MOTION FOR, UH, A NOMINATION OTHER THAN MYSELF, RIGHT.
AND SO THIS VICE CHAIR WOULD ACT IN THE CHAIRPERSON'S, UM, PLACE WHEN, UNTIL WE HAVE AN ACTUAL CHAIR APPOINTED BY CITY COUNCIL.
AND SO, UM, JUST KNOW THAT IF YOU AGREE TO BE THE VICE CHAIRPERSON THAT SHOULD WE HAVE ANY ADDITIONAL MEETINGS THROUGHOUT THE FISCAL YEAR, YOU WOULD BE EXPECTED TO COME AND, UM, CONDUCT THE MEETING IN PERSON.
SO WHO WOULD LIKE TO BE CHAIR? VICE CHAIR? SORRY.
I'LL, I'LL, I'LL TAKE UP THE NOMINATION.
IF ANYONE WOULD LIKE TO NOMINATE ME, I'D LIKE TO, OR I NOMINATE MYSELF.
WELL, YOU CAN'T NOMINATE YOURSELF, BUT IF SOMEONE ELSE COULD NOMINATE YOU, THAT, THAT'LL BE PERFECT.
I'LL NOMINATE
I DON'T KNOW IF YOU DO THAT AS THAT CHAIR.
UH, JESSICA SEPULVEDA WILL NOMINATE SYLVIA LAGOS AS THE VICE CHAIR.
THANK YOU JOHN, FOR STATE MOTION ON THE SECOND.
ALL THOSE IN FAVOR? RAISE YOUR HAND AND SAY AYE.
THAT MOVES US ON TO ITEM NUMBER SIX, WHICH IS REVIEW AND CONSIDERATION OF THE MEETING RECORD FOR THE JANUARY 25TH, 2024 MEETING OF THE SPORTS ARENA BOARD OF DIRECTORS.
AND SO IF YOU, UM, HAD ANY EDITS FOR THE MINUTES, UM, OR COMMENTS, IF NOT, UH, THE CHAIR WOULD ENTERTAIN A MOTION.
UM, SYLVIA
I LOOKED BACK ON THE CITY SECRETARY VILLE BECAUSE I SAW THAT YOU WERE IN A PEN.
I JUST WANTED TO MAKE SURE BECAUSE I WASN'T ON THERE AND THEN I COUNTED THE NUMBER OF BOARD MEMBERS AT THAT PARTICULAR TIME, SO IT WAS NINE, SO, SO, OKAY.
AND SO I LOOKED BACK AT THE ROSTER AT THE TIME, UHHUH
AND IT STILL HAD YOU AS LISTED AS APPLICANT.
SO I THINK YOU WERE MAYBE GOING THROUGH THE PROCESS BUT HADN'T NECESSARILY BEEN,
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NOT BEEN NOMINATED OR, UH, APPOINTED TO THE BOARD.JUST WANTED, I DO NEED TO SHOW YOU AS IN, IN ATTENDANCE.
AND SO I UPDATE THIS WHERE IT SAYS OTHERS IN ATTENDANCE AND I'LL ADD YOUR NAME.
ARE THERE ANY OTHER EDITS, WHICH HEARING NONE, I WILL ENTERTAIN A MOTION FOR APPROVAL, MINUTES OF THE RECORD OF JANUARY 25TH, 2024 SEPULVEDA MOVES.
ALL THOSE IN FAVOR RAISE YOUR HANDS.
NOT IN ATTENDANCE, SO I WILL ABSTENTION.
WE'RE ZIPPING THROUGH ITEM SEVEN, UH, REVIEW AND CONSIDER THE SPORTS ARENA.
TIFF DISTRICT ANNUAL REPORT FOR FISCAL YEAR 20 23, 20 24.
AND OUR PRESENTERS, TAMARA, THE ASSISTANT DIRECTOR OF THE OFFICE OF ECONOMIC DEVELOPMENT.
UM, I'M GONNA GO THROUGH OUR ANNUAL REPORT PRETTY QUICKLY AND HIT THE HIGH, HIGH NOTICE.
SOME THINGS THAT MAY HAVE OCCURRED OR, UH, ARE OF IMPORTANCE WITHIN THE TECH DISTRICT DRAFT 20 23, 20 24 FISCAL YEAR.
IF YOU'LL GO TO PAGE FOUR, ELIANA.
UM, SO THIS VICTORY, UH, OR THIS SPORTS ATIVE DISTRICT WAS CREATED BACK IN 1998.
ITS BOUNDARY WAS A BIT DIFFERENT IN THAT THERE WEREN'T OTHER SUBDISTRICTS.
IT WAS JUST THE VICTORY PORTION.
BUT IN 2012, THE BOUNDARY WAS EXPANDED TO CREATE THREE SUBDISTRICTS.
UM, THOSE SUBDISTRICTS, THE ORIGINAL BOUNDARY OF THE SPORTS ATIVE DISTRICT THEN BECAME THE VICTORY SUBDISTRICT.
UM, THE RIVERFRONT GATEWAY SUBDISTRICT WAS CREATED AND THEN ALSO THE WEST DALLAS SUBDISTRICT WAS CREATED.
UM, CITY PARTICIPATION IN ALL THREE OF THE SUBDISTRICTS IS 90%.
UM, DALLAS COUNTY ALSO PARTICIPATES IN ALL THREE OF THE SUBDISTRICTS.
FOR THE VICTORY SUBDISTRICT, ITS PARTICIPATION RATE IS 45%.
AND FOR THE RIVERFRONT GATEWAY AND WEST DALLAS SUBDISTRICTS, IT IS 55%.
UM, SINCE THE INCEPTION OF THE TIFF DISTRICT IN 98, APPROXIMATELY 2.65 BILLION IN NEW DEVELOPMENT VALUE HAS OCCURRED THROUGH FISCAL YEAR 2324.
UM, AND THAT IN TURN LOOKS LIKE THE COMPLETION OR THE STARTING OF DEVELOPMENT.
THAT INCLUDES 5,458 RESIDENTIAL UNITS, 251 HOTEL ROOMS, FOUR HUNDRED FIFTY FOUR THOUSAND FOUR HUNDRED FIFTY FOUR THOUSAND TWO HUNDRED SQUARE FEET OF RETAIL SPACE, 1.4 MILLION SQUARE FEET OF OFFICE SPACE.
AND IN JUNE OF 2021, CITY COUNCIL APPROVED A DEVELOPMENT AGREEMENT WITH THE CIRCUIT TRAIL CONSERVANCY.
UM, THAT PROJECT WAS FOR THE HIGHLINE CONNECTOR TRAIL, SPECIFICALLY THE PORTION OF THE TRAIL THAT WILL BE LOCATED WITHIN THE VICTORY SUBDISTRICT.
THE TRAIL PORTION HAS BEEN COMPLETED AND IT WAS COMPLETED DURING THE 24 FISCAL YEAR.
AND NOW, UM, THE REMAINING PORTION THAT THE DEVELOPER IS WORKING ON IS THE ACTUAL TRAIL HEAD THAT'S IN VICTORY.
AND SO WHAT YOU'LL SEE ON PAGE FIVE ARE IMAGES OF THE TRAIL HEAD AS CURRENTLY DESIGNED.
THIS, UM, DESIGN HAS GONE BEFORE THE URBAN DESIGN PEER REVIEW PANEL.
AND SO THE NEXT STEPS FOR THE DEVELOPERS TO CONSTRUCT THIS AND IS ANTICIPATED THAT THE TRAILHEAD WILL BE COMPLETED BY THE END OF 2025.
I WILL SAY, UM, WE ASK EVERY YEAR, UM, ONCE WE REVIEW THE ANNUAL REPORT, THAT SHOULD YOU DECIDE TO MAKE IT A, A RECOMMENDATION FOR APPROVAL AND APPROVE THE REPORT THAT YOU DO.
SO WITH THE ABILITY TO ALLOW STAFF TO MAKE MINOR CHANGES TO THIS ANNUAL REPORT, IT IS STILL GOING THROUGH THE VARIOUS, UM, EXECUTIVE REVIEW PROCESS AND THE CITY ATTORNEY REVIEW PROCESS.
AND SO, UM, THE NUMBERS PART OF IT, WHICH ARE THE MOST IMPORTANT AS IT RELATES TO THE ANNUAL REPORT, WILL NOT CHANGE.
I WILL, I CAN TELL YOU ONE OF THE CHANGES WILL BE THAT I WILL ADD ADDITIONAL PICTURES TO THIS PAGE TO SHOW THE COMPLETED TRAIL.
UM, I DID RECEIVE THOSE PICTURES IN TIME TO HAVE THEM IN YOUR PACKET, BUT I WILL ADD THEM TO THIS PAGE TO SHOW, UM, TO GET, PROVIDE GLAMOR SHOTS OF THE ACTUAL COMPLETED TRAIL BECAUSE IT IS TRULY BEAUTIFUL.
AND SO THAT WILL BE ONE CHANGE THAT WILL BE MADE.
UM, ONCE THIS, UH, ALL OF THE CHANGES HAVE BEEN MADE FROM THE CITY
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STAFF'S POINT OF VIEW, I WILL SEND YOU AN UPDATE IN YOUR REPORT.SO YOU'LL SEE WHAT HAS CHANGED SINCE YOU'VE SEEN IT TODAY.
UM, ON PAGE SIX, WE HAVE A CHART OF ALL OF THE PROJECTS THAT HAVE OCCURRED, UM, WITHIN THE TIF DISTRICT AND HAVE BENEFITED FROM TIF INCENTIVES.
WE ALSO TRY TO CAPTURE PROJECTS THAT ARE WITHIN THE BOUNDARY OF THE TIF DISTRICT, BUT MAY NOT HAVE RECEIVED ANY TYPE OF INCENTIVES.
SO THEY JUST ORGANICALLY INCUR OCCURRED WITHIN THE TIP DISTRICT.
AND SO, UM, SINCE ITS INCEPTION, JUST OVER 114 MILLION IN INCENTIVES HAVE LEVERAGED AND INCREASED VALUE OF 152 MILLION WITHIN THE 10TH DISTRICT.
UM, AND THAT HAS TRANSLATED INTO 352 RESIDENTIAL UNITS, UM, OVER 1600 PARKING SPACES AND OVER 185,000 SQUARE FEET OF RETAIL.
IF WE GO TO PAGE SEVEN, YOU'LL SEE OF THE PROJECTS THAT HAVE OCCURRED, UM, WITHOUT ANY TIFF ASSIST ASSISTANCE, THE VALUE FOR THOSE PROJECTS IS JUST ABOUT 2.5 BILLION.
AND WITH THAT 5,106 RESIDENT, TWO UNITS WERE ADDED WITHOUT ANY TIF ASSISTANCE.
215 HOTEL ROOMS, 269,000 SQUARE FEET OF RETAIL AND OVER 1.4 MILLION SQUARE FEET OF OFFICE HAVE BEEN ADDED TO THE DISTRICT WITHOUT ANY ASCENT.
AND SO, UM, TO WRAP IT ALL UP INTO A BOW, OUR 114 MILLION IN CITY INCENTIVES HAVE LED LEVERAGED A VALUE OF JUST ABOUT 2.7 BILLION IN, UM, INCREASED TAXABLE VALUE.
LET'S GO TO PAGE NINE OF THE REPORT.
UM, ALL OF OUR DISTRICTS HAVE A REQUIREMENT FOR MIXED INCOME HOUSING FOR THE SPORTS ARENA TIP DISTRICT IN ALL THREE SUB-DISTRICTS, THERE'S A REQUIREMENT FOR 20% OF ALL HOUSING UNITS AND PROJECTS THAT RECEIVE TIP INCENTIVES TO SET ASIDE THOSE UNITS FOR, UM, RENTERS AT OR BELOW 80% OF A MFI.
AND SO OF THE 352 RESIDENTIAL UNITS THAT HAVE BEEN CONSTRUCTED USING TIP FUNDS, 20% OR 70 OF THOSE UNITS HAVE BEEN SET ASIDE IS AFFORDABLE.
UM, THE NEXT SECTION, OUR VALUE AND COMMIT REVENUE SUMMARY.
SO THE VICTORY SUBDISTRICT, UM, BASE YEAR VALUE IS $33,515,323.
THE ACTUAL CERTIFIED TAXABLE VALUE FOR 2024 WAS 1.9 BILLION, WHICH IS AN INCREASE OF 29 MILLION OR 1.5% FROM 2023.
IT IS ALSO, UM, YEAH, AND THIS INCREASE IN VALUE WILL, UM, RESULT IN A COLLECTION OF APPROXIMATELY 11.9 MILLION IN INCREMENTAL REVENUE FOR THE VICTORY SUBDISTRICT IN 2025.
UM, I WILL NOTE THAT THAT 11.9 MILLION IS ALL CITY DOLLARS.
THE COUNTY, AS I MENTIONED, PARTICIPATED IN THE 10TH DISTRICT, BUT ITS PARTICIPATION ENDED IN 2022 WITH THE COLLECTION OF THE 22 INCREMENT IN 2023.
AND THAT'S THEIR FINANCIAL PARTICIPATION.
RIVERFRONT GATEWAY SUBDISTRICT, IT'S BASED, THE YEAR VALUE IN 2012 WAS $18,624,970.
IT CERTIFIED TAXABLE VALUE IN 2024 IS $106,350,316, WHICH THE INCREASE OF JUST ABOUT 63 MILLION OR 145% FROM 2020 THREE'S FINAL VALUE.
AND A GOOD PORTION OF THAT JUMP IN APPRECIATION, UM, IS A RESULT OF THE 5 0 5 RIVERFRONT, UM, DEVELOPMENT THAT HAS OCCURRED IN THE RIVERFRONT GATEWAY AREA.
WHICH ONE? ACTUALLY, THE VERY FIRST DEVELOPMENT IN THAT SUBDISTRICT, SINCE IT WAS CREATED IN, FOR THE WEST DALLAS SUBDISTRICT, ITS FACE YEAR VALUE IN 2012 WAS $11,590,076.
IT CERTIFIED TAXABLE VALUE IN 2024 WAS 267 MILLION APPROXIMATELY, WHICH IS A 9.8% INCREASE FROM 2023 VALUE.
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INCREASE IN VALUE WILL RESULT IN THE COLLECTION OF APPROXIMATELY 1.9 MILLION IN INCREMENT FOR THE WEST VALLEY SUBDISTRICT.1.6 OF THAT IS CITY PARTICIPATION AND JUST OVER 300,000 OF THAT IS COUNTY PARTICIPATION.
WE'LL GO TO PAGE 10 AND LOOK AT THE OBJECTIVES PROGRAMS AND SUCCESS INDICATORS.
LOOKING AT THE OVERALL PERFORMANCE MM-HMM
IS THAT 5.8 FOR FROM 2023 TO 2024 OVERALL? YES.
AND THE, EXCUSE ME, WHAT THIS, UM, PARAGRAPH CAPTURES IS THE TOTAL SUBDISTRICT, SO THESE NUMBERS REFLECT ALL THREE SUBDISTRICTS, BUT THAT'S LESS THAN OVERALL
UM, WHEN WE LOOK AT THE VALUE, I WOULD SAY ONE OF THE THINGS THAT HAS KIND OF AFFECTED A LOT OF THE VALUES THROUGHOUT THE TIF DISTRICT IS THE, UM, TAX RATE.
OUR TAX RATE DECREASED SIGNIFICANTLY, AND FOR 2024, BELIEVE IT WENT FROM LIKE 0.74 TO 0.70.
AND SO THAT'S GONNA AFFECT A LOT OF THE VALUE THAT WE SHOWED YOU IN OUR ANNUAL REPORTS.
AND SO THE PORTION OF OF THAT COULD JUST RELATE TO THE FACT THAT WE DECREASED, BECAUSE ALL OF THE PROPERTY VALUES WITHIN THIS TIP DISTRICT LOOK BACK, FOR THE MOST PART, HAVE PRETTY HIGH INCREASES IN VALUE EXCEPT FOR VICTORY.
AND VICTORY, I WOULD SAY FOR THE MOST PART, IS MOSTLY BUILT OUT.
AND SO YOU'RE NOT GONNA HAVE HUGE, UM, INCREASES WITHIN THAT VICTORY SUBDISTRICT AT THIS POINT.
AND EVEN THE, UM, GOLDMAN SACHS DEVELOPMENT THAT'S OCCURRING ADJACENT TO VICTORY, IT IS NOT WITHIN THE TIF DISTRICT.
SORRY, DID YOU SAY IT'S NOT OR IT IT IS WITHIN THE DISTRICT.
SO ONE OF THE, UM, GOALS OF THE TIF DISTRICT WAS TO ATTRACT 250,000 SQUARE FEET OF ADDITIONAL RETAIL SPACE TODAY, UM, 454,000 SQUARE FEET OF SPACE HAS BEEN COMPLETED WITHIN THE TIF DISTRICT, WHICH IS 182% OF THE TOTAL GOAL.
ANOTHER GOAL TO ATTRACT 3000 ADDITIONAL RESIDENTIAL UNITS, UM, INCLUDING TOWN HALL, MULTIFAMILY AND CONDOMINIUM UNITS.
I, I THINK WE HAVE THE DIVERSE OFFERINGS IN THE VICTORY SUBDISTRICT, NOT NECESSARILY IN THE OTHER TWO SUBDISTRICTS, BUT I DO BELIEVE THERE WILL BE SOME.
UM, I HAVE SEEN AND PRODUCTS HAVE BEEN ANNOUNCED WHERE DEVELOPMENT THAT'S NOT NECESSARILY WITHIN THE WEST DALLAS SUBDISTRICT, BUT IN THAT GENERAL AREA DO HAVE CONDOS.
THEY, THEY HAVE TOWN HOMES, SO IT'S A LITTLE MORE DIVERSE, JUST NOT WITHIN THE WEST DALLAS SUB-DISTRICT PROPER.
DO WE HAVE THE TOWN HOMES OR THE CONDOS YET? AND SO OF THE 3000, A TOTAL OF 5,458 RESIDENTIAL UNITS HAVE BEEN COMPLETED, WHICH IS 182% OF THE TOTAL GOAL.
IN THIS SECTION, YOU'LL SEE I'VE CAPTURED WHERE THE 5 0 5 RIVERFRONT, WHICH IS THE ADDITION OF 535 RESIDENTIAL UNITS, UM, THAT COMPLETED KIND OF THE LATTER PART OF THE FISCAL YEAR, BUT ALL OF ITS VALUE SHOWED UP ON THE TAX ROLL THIS YEAR.
UM, WE WANTED TO INCREASE RECREATIONAL OPPORTUNITIES, UM, AND TO IMPROVE CONNECTIONS TO THE CITY OF DALLAS TRAILS AND OPEN SPACE.
THE CIRCUIT TRAIL CONSERVANCY, UH, PROJECT FOR THE HIGHLINE CONNECTOR TRAIL PROJECT WAS OUR LATEST EFFORT IN, UH, SUPPORTING AND MEETING THAT GOAL.
AND, UM, ITS FINAL COMPLETION WILL BE IN 2025, WHERE YOU WILL HAVE THE, THE ENTIRE TRAIL, NOT JUST THE PORTION IN VICTORY, BUT PORTION THAT'S IN THE DESIGN DISTRICT THAT WILL CULMINATE AT THE KATY TRAIL HEAD THAT WILL BE UNDER CONSTRUCTION.
SO INCREASE THE UTILIZATION OF STRUCTURED PARKING.
WE DID THAT BACK IN 2012 WHEN WE AMENDED THE TIP DISTRICT.
WE FREED UP THE ENCUMBRANCES THAT WERE ON SURFACE PARKING LOTS THROUGHOUT THE VICTORY SUBDISTRICT AND CREATED, UH, PARKING GARAGES, WHICH ALLOWED THOSE, UH, PARKING OR SURFACE PARKING LOTS TO BE REDEVELOPED.
IT SAYS APPROVE ACCESS AND CONNECTIVITY BETWEEN THE BIG THREE RIVERFRONT GATEWAY SUBDISTRICT IN WEST DALLAS.
AND THERE HAVE BEEN IMPROVEMENTS, SPAIN, NOT THROUGH OUR EFFORTS, BUT THROUGH THE CITY'S
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EFFORTS AS A WHOLE WITH THE CONTINENTAL BRIDGE IMPROVEMENT AND THE ONGOING WORK THAT'S GOING ON IN THE WEST DALLAS AREA.SO YEAR END SUMMARY OF MEETING AND CITY COUNCIL MEETINGS.
AND SO WE ONLY MET ONCE LAST FISCAL YEAR ON JANUARY 25TH.
UM, OUR BOARD MEMBER ROSTER HAS CHANGED QUITE A BIT AND WE DO NOW HAVE QUITE A FEW VACANCIES.
UM, WE ARE LUCKY TO HAVE MS. LAGOS ON THE BOARD.
SHE WON'T BE REFLECTED IN THIS ANNUAL REPORT, BUT SHE WILL BE IN THE FISCAL UPCOMING FISCAL YEAR.
ALSO DURING THE FISCAL YEAR, THERE ARE FOUR ITEMS THAT WERE APPROVED BY CITY COUNCIL.
UM, THIS SECTION INCLUDES ITEMS THAT WOULD BE OF INTEREST FOR THE TIFF DISTRICT, SAY FOR INSTANCE ON APRIL 10TH, 2024.
THIS ITEM RELATES TO THE ONCE CALLED THREE HOLE HUNTS, BUT THE WEST DALLAS GATEWAY PROJECT AND APPROVING THE ALIGNMENT TO CO TO, UH, CONNECT UNDER THE RAILWAY.
AND SO THIS JUST PROVIDES SOME INFORMATION ON THINGS THAT HAVE HAD OCCURRED AND HAVE GONE BEFORE CITY COUNCIL.
UM, THAT DID NOT COME FROM OUR OFFICE.
ON PAGE 13 IS OUR BUDGET AND SPENDING STATUS.
AND THE KEY THING TO NOTE, UH, WITH THIS BUDGET IS THE CAPACITY FOR EACH SUBDISTRICT.
AND SO WHILE THIS BUDGET DOES NOT MEAN CASH ON HAND OR DOLLARS IN BANK, IN THE BANK, WHAT IT DOES CAPTURE IS THE ABILITY FOR THE TIP DISTRICT TO SUPPORT ADDITIONAL PROJECTS.
AND YOU CAN SEE THAT IN THE TOTAL REMAINING COLUMN.
SO FOR THE VICTORY SUBDISTRICT, THERE'S ABOUT 40 POINT, 40.9 MILLION IN CAPACITY TO SUPPORT ADDITIONAL PROJECTS WITHIN THAT 10TH DISTRICT PRIOR TO THE TERMINATION OF THE SUBDISTRICT.
FOR WEST DALLAS, WE HAVE 71.5 MILLION IN CAPACITY TO SUPPORT ADDITIONAL PROJECTS.
AND FOR THE RIVERFRONT GATEWAY, WE HAVE ABOUT 10.7 MILLION OR 10.8 MILLION IN CAPACITY TO SUPPORT NEW PROJECTS.
THE BUDGET ON THE NEXT PAGE IS JUST THE BUDGET THAT YOU'LL SEE IN THE, UH, TIP DISTRICT'S PROJECT PLAN AND REINVESTMENT ZONE.
IT IS IN NET PRESENT VALUE DOLLARS.
OUR NEXT SECTION IS NWBE PARTICIPATION WITH ALL OF OUR PROJECTS, WE REQUIRE THAT 32% OF THE HARD CONSTRUCTION COSTS BE CONTRACTED WITH MINORITY OR WOMEN OWNED BUSINESSES OR ENTERPRISES.
AND, UM, TO DATE WE FALL JUST BELOW THE 32%.
BUT THAT IS BECAUSE, UM, THE REQUIREMENT DID NOT INCREASE THE 32% UNTIL AFTER MOST OF THE PROJECTS IN THE CHART HAD BEEN COMPLETED.
SO THE PREVIOUS REQUIREMENT WAS 25%, WHICH YOU CAN SEE THAT WAS EXCEEDED ANY FUTURE PROJECTS.
AND, UM, SPECIFICALLY THE HIGHLINE CONNECTOR TRAIL, THEY WILL HAVE TO, THEY ARE MEETING THAT 32% GOAL AND YOU WILL SEE THAT REFLECTED IN NEXT FISCAL YEAR IN REPORT.
SO THE WORK PROGRAM FOR ME FOR THIS FISCAL YEAR, IT IS FIRST TO GET THIS ANNUAL REPORT APPROVED AND REVIEWED BY THE TEMP BOARD, AND THEN ULTIMATELY ADOPTED BY CITY COUNCIL TO CONTINUE TO WORK WITH STAKEHOLDERS AND INTERESTED PARTIES THAT COME IN THAT WANT TO DEVELOP WITHIN ANY OF OUR DISTRICTS, CONTINUE PAYMENT OF COMPLETED PROJECTS, WHICH WOULD OUR, THE ONLY ONE WOULD BE OUR HIGHLINE CONNECTOR TRAIL PROJECT ONCE IT COMPLETES THIS YEAR.
UM, AND SO THAT'S IN THE SAME VEIN AS WORKING WITH THE CTC AND THE PARK RECREATION DEPARTMENT TO COMPLETE CONSTRUCTION OF THE KATY TRAILHEAD AND THEN EVALUATE INCENTIVE APPLICATIONS FOR WEST DALLAS SUBDISTRICT AND DETERMINE PLAN AMENDMENTS NECESSARY TO SUPPORT ADDITIONAL DEVELOPMENT WITHIN THE SUBDISTRICT.
WE DO HAVE, UM, ONE APPLICATION IN ON FILE FOR DEVELOPMENT IN THE WEST DALLAS SUBDISTRICT.
IT IS CURRENTLY GOING THROUGH, EXCUSE ME, GOING THROUGH UNDERWRITING, UM, FOR OUR DEPARTMENT AND WORKING ITS WAY THROUGH THE DUE DILIGENCE.
I DO ANTICIPATE AT SOME POINT IN THE VERY NEAR FUTURE FUTURE, WE WILL HAVE A TIP BOARD MEETING FOR YOU TO CONSIDER THE PROJECT FOR ASSISTANCE.
UM, AND WHETHER OR NOT, UM, WE NEED A PLAN AMENDMENT, WE'LL DETERMINE THAT.
AND IF WE DO, YOU WILL ALSO SEE THAT ON YOUR AGENDA AS WELL.
MY QUESTION IS, UM, WITH THE APPLICATION THAT'S CURRENTLY THAT YOU CURRENTLY HAVE, WILL WE BE ABLE TO KNOW OR SEE THAT APPLICATION
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YOU WILL, UM, WHEN WE ARE READY TO PRESENT, WHEN WE'VE GONE THROUGH ALL OF OUR DUE DILIGENCE WITH THE UNDERWRITING TO ENSURE THAT THE PROJECT ACTUALLY HAS A NEED FOR ASSISTANCE, WE WILL BRING THE PROJECT TO YOU GUYS TO REVIEW.YOU'LL GET TO SEE THE, UM, PROPOSED PROJECT.
YOU WILL SEE, UH, THE OUTCOME OF STAFF'S DUE DILIGENCE ON THE PROJECT.
AND IF WE ARE RECOMMENDING FUNDING, WE WILL INCLUDE ALL TERMS AND CONDITIONS FOR THAT FUNDING.
I WOULD LIKE, UH, TO ASK THAT WHEN YOU ARE REVIEWING IT DURING THE DUE DILIGENCE THAT CARE IS TAKEN WITH PARKING, UH, BECAUSE PARKING SEEMS TO BE A BIG ISSUE ON THE, UM, RON KIRK BRIDGE, CONTINENTAL BRIDGE MM-HMM
IS AN ISSUE AND TRAFFIC IS BEING SPILLED OVER INTO THE NEIGHBORHOOD IS BECOMING A BIG TRAFFIC PROBLEM ON SINGLETON AND GOLDEN.
UH, STREETS, I BELIEVE THAT, I KNOW THAT THE CITY COUNCIL WAS TALKING ABOUT, YOU KNOW, ELIMINATING PARKING LIMITS AND SUCH, BUT IT DOESN'T MAKE ANY SENSE WHEN YOU'RE ABUTTED INTO A NEIGHBORHOOD AND ESTABLISHED NEIGHBORHOOD AND THEY ARE, YOU KNOW, OVERWHELMED WITH THE PARKING.
I DON'T KNOW WHAT THIS APPLI PROPOSED APPLICATION IS FOR WHAT IT IS.
BUT THERE NEEDS TO BE ENOUGH PARKING THAT THIS PARKING IS NOT BECOMING A BURDEN ON THE, UH, LAVA HAVA NEIGHBORHOOD, WHICH AUDS TO TRINITY GROVES.
SO I DO HAVE A BIG ISSUE WHEN IT COMES TO THE PARKING.
AND I WILL MAKE NOTE OF THAT AND KEEP THAT WITH US AS WE, AND ALSO MENTION IT TO THE, TO THE DEVELOPER THAT'S PROPOSING DEVELOPMENT.
I WILL SAY, UM, THE DEVELOPMENT DOES INCLUDE, UM, A NUMBER OF PARKING GARAGES RIGHT.
AND SO THAT'S ONE WAY TO HANDLE IT.
AND, UM, ANOTHER IS, UM, TO SEE IF WE CAN'T WORK WITH MAYBE OUR STREETS DEPARTMENT.
I KNOW THERE ARE CERTAIN THINGS THAT THEY DO LIKE IN THE, UM, KNOX HENDERSON OR, UH, GREENVILLE AREA AS IT RELATES TO THE PARKING IN THE SPILLOVER OF COMMERCIAL PARKING INTO THE RESIDENTIAL NEIGHBORS THAT ARE DIRECTLY ADJACENT TO IT.
SO I SEE WHAT THAT PROGRAM IS, AND I'LL LET YOU KNOW MS. LAGOS, BECAUSE IT MAY BE SOMETHING THAT THE COMMUNITY CAN DO.
AND WITH ALL THAT IN MIND, THE OTHER, UM, THE APPLICATION PROCESS, UM, I IS THE BATAN CENTER, IF YOU'RE AWARE, WHERE THE BATAN CENTER IS, IT IS OFF, UM, BATAN CENTER BETWEEN CANADA DRIVE AND SINGLETON BOULEVARD.
IS THAT IN THE TIFF AREA? I WANT TO SAY IT IS.
BECAUSE WE'RE PUTTING A LOT OF, I, I'LL CONFIRM THAT.
I, I FEEL THAT IT IS, WE'VE HAD SOME DISCUSSIONS.
WE UNDERSTAND THAT, UM, THAT CENTER IS IMPORTANT TO THE COMMUNITY.
AND SO, UM, NOT NECESSARILY SURE AT THIS TIME, IT IS CURRENTLY NOT OWNED BY THE CITY.
SO, BUT WE ARE KEENLY AWARE THAT THAT IS OF IMPORTANCE, RIGHT.
BECAUSE I WOULD LIKE TO SEE SOME, YOU KNOW, WE'RE PUTTING A LOT OF FUNDING INTO ALL THESE PARTS, AND THEN YOU'LL HAVE ALL THESE NEW DEVELOPMENTS AND YOU'VE GOT, UM, YOU KNOW, YOU'VE GOT MUNCIE STREET, UH, LINEAR PARK, HERBERT PLAZA, AKRON PARK, UH, GALLOWAY.
BUT WE'RE NOT INVESTING ANY, UH, INTO THE PARKS THAT ARE CURRENTLY THERE THAT THE NEIGHBORS ESTABLISHED NEIGHBORS, UH, ARE NOT BENEFITING FROM ANY OF THIS TIFF MONEY TO UPGRADE ANY OF THE AMENITIES THAT THEY NEED IN THEIR NEIGHBORHOOD.
BECAUSE WHAT WE'RE DOING IS WE'RE PUTTING MONEY INTO THE TIFF AREA, WHICH IS DEPLETING THE, UM, THE, THE COST OF THE, WELL, NOT JUST THE COST, BUT IT'S BRINGING UP THE, THE TAXES FOR THE CURRENT RESIDENTS.
AND WE'RE PUTTING IN PUTTING MORE MONEY INTO THIS TIFFS, BUT WE'RE NOT DOING ANYTHING FOR OUR RESIDENTS.
AND IF THAT AREA, IF IT'S PART IN THE TIFF, WE NEED TO INVEST MORE IN THAT PARTICULAR NEIGHBORHOOD ALSO.
SO WHAT I'LL SAY IS BECAUSE IT IS PRIVATELY OWNED, WE CAN'T UNILATERALLY GO DO ANYTHING, BUT WE ARE, WE ARE, WE ARE OPEN TO WORKING WITH THE OWNERS OR ANY FUTURE OWNER OF THE PROPERTY.
SO YEAH, I WILL BRING YOU THE, I'LL BRING THAT INFORMATION TO THEM SO THAT WE CAN ALSO INVEST IN, IN, UH, BUT OUR CURRENT NEIGHBORHOODS
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SO THAT, YOU KNOW, THEY CAN BE AT, AT, THEY'RE ALSO BENEFITING FROM THEIR TAXES.UM, ACTUALLY WHAT I WAS GONNA SAY IS PAGE 16 AND 17 AND 18 ARE THE FINANCIALS OF THE REPORT.
THEIR FINANCE TEAM, WHICH WE HAVE A REPRESENTATIVE, YOUR
UM, AND THEN PAGE 19 IS OUR PAYOFF ESTIMATES FOR, UM, THIS DISTRICT.
YOU'LL SEE THAT WE PAID OFF THE ONE PROJECT THAT WE HAD IN WEST DALLAS THAT IS NO LONGER IN THE WEST DALLAS SUBDISTRICT.
THAT IS NO LONGER IN THIS CHART.
AND, UM, WE WILL PAY OFF OUR NEXT PROJECT THIS YEAR.
UM, PAGE 20 IS JUST OUR SUBDISTRICT SET ASIDES.
AND IF YOU GO THROUGH THE CHART, YOU CAN SEE THAT EACH SUBDISTRICT HAS FUNDS SET ASIDE FOR SPECIFIC THINGS TO OCCUR, BUT GENERALLY FOR DISTRICT WIDE IMPROVEMENTS.
AND, UM, THE RIVERFRONT GATEWAY IN THE WEST DALLAS SUBDISTRICT BOTH HAVE FUNDS THAT HAVE NOT BEEN COMMITTED TO THIS POINT TO ANY PROJECT.
SO MS. LAGOS, YOUR REFERENCE TO THE BATON CENTER.
UM, THAT WOULD BE SOMETHING THAT WE COULD USE DISTRICT WIDE FUNDS FOR, BECAUSE THAT WOULD BE A PROJECT THAT BENEFITS THE ENTIRE DISTRICT AND COMMUNITY AS OPPOSED TO JUST A PRIVATE DEVELOPMENT PROJECT.
AND SO, UM, DEFINITELY IF YOU ARE IN TOUCH WITH THE OWNERS OR ANY PROSPECTIVE NEW OWNERS, LET THEM KNOW THAT THEY ARE IN A TIF DISTRICT OR CLOSE ENOUGH TO A TIF DISTRICT AND IF THEY HAVE REDEVELOPMENT PLANS OR TO MAKE THAT CENTER MORE LIVELY AND MAKE IT MORE OF AN ASSET FOR THE COMMUNITY, THEY SHOULD COME AND TALK TO US.
AND SO THAT COMPLETES MY, UH, PRESENTATION OF THE ANNUAL REPORT.
UM, I AM HERE FOR ANY QUESTIONS ANY OF THE BOARD MEMBERS MAY HAVE.
ARE THERE ANY QUESTIONS AT THIS POINT OR COMMENTS AT THIS POINT? YES, MR. CHAIR? I DO HAVE A QUESTION ON THE RIVERFRONT GATEWAY SUBDISTRICT, UM, THERE WAS, UH, ASSESSING BOUNDARIES FOR EXPANSION OPPORTUNITIES.
THE MONEY THAT IS CURRENTLY DEDICATED TO THE RIVERFRONT GATEWAY WILL STAY THERE, AND THOSE FUNDS WILL BE USED FOR THAT.
THEY WILL NOT BE TAKEN FROM THE OTHER SUBDISTRICTS.
IS THAT CORRECT? CORRECT, YES.
UM, YOU CAN SEE THAT THE RIVERFRONT GATEWAY BOUNDARY, IT IS JUST A PORTION OF THE AREA IT OVER IN THIS AREA.
AND SO THERE MAY BE DEVELOPMENT THAT EXPANDS, EXPANDS OUTSIDE OF ITS CURRENT BOUNDARIES, AND THEN IN ORDER TO MAKE THAT DEVELOPMENT HAPPEN, THEY NEED A LITTLE ASSISTANCE.
IT WOULD BE AT THAT POINT IN TIME THAT WE WOULD EXTEND THE BOUNDARIES OF THE RIVERFRONT GATEWAY.
BUT THERE IS NO SHARING OF INCREMENT FOR THE RIVERFRONT GATEWAY.
WITH THAT IN MIND, MY NEXT QUESTION IS, IF THE BATAN CENTER, FOR WHATEVER REASON, OR ANY OTHER AREA CLOSE TO THE TIF, UH, THE TIF DISTRICT THAT IS NOT IN THE BOUNDARY THERE, WOULD THERE BE OPPORTUNITIES THEN AT THAT POINT TO ALSO ACCESS THE BOUNDARY EXPANSION OPPORTUNITIES IN THE WEST DALLAS TIF? UH, SUBDISTRICT, WE CAN DO THAT.
UM, WE ALWAYS HAVE THE ABILITY TO EXPAND BOUNDARIES, BUT WE TYPICALLY EXPAND THEM WHEN WE HAVE A PROJECT ALSO IN HAND.
UM, WE TRY NOT TO EXPAND THE BOUNDARIES OF TIF DISTRICTS 'CAUSE IT TENDS TO CREATE SPECULATIVE INCREASES IN VALUE.
AND SO WE DON'T WANT TO BID UP THE LAND IF THERE'S NOTHING REALLY GOING ON AT THAT POINT.
SO THAT'S WHY MOST OF THE TIMES WHEN WE DO EXPAND OUR BOUNDARIES IS BECAUSE WE HAVE A PROJECT THAT'S OCCURRING THAT MAY NOT NECESSARILY BE IN THE BOUNDARIES, BUT IS IN CLOSE PROXIMITY AND IT MAKES SENSE TO EXPAND THE BOUNDARIES TO SUPPORT IT.
MY LAST QUESTION, WHEN WILL BE, DO YOU HAVE A TIMELINE AS TO WHEN WE'LL BE ABLE TO SEE THE APPLICATION THAT IS CURRENTLY, UH, THE PROPOSED APPLICATION THAT YOU HAVE FOR TIB FUNDING? I, I CURRENTLY DO NOT HAVE A TIMELINE.
UM, I WILL BE ABLE TO PROVIDE A TIMELINE AFTER WE'VE COMPLETED UNDERWRITING.
'CAUSE THAT'S REALLY OUR GO NO GO AT THAT POINT.
SO, AND THAT TYPICALLY TAKES ABOUT 30 DAYS.
SO I THINK 30 DAYS FROM NOW I SHOULD, NO.
ARE THERE ANY OTHER QUESTIONS RELATED TO THE REPORT ITSELF? NOPE.
I'LL CONSIDER A MOTION TO THIS IS, UH, CONSIDER THE SPORTS ARENA
[00:35:01]
TIF ANNUAL REPORT.PROVE THE SPORTS ARENA TIF ANNUAL REPORT FISCAL YEAR 2023.
2024, WITH THE ABILITY FOR STAFF TO MAKE MINOR EDITS WITH STAFF TO MAKE MINORS.
IS THERE SOMEONE THAT WILL MAKE THAT MOTION? WELL, I GUESS I MOVED THAT WE ACCEPT THIS.
UM, I GUESS WE'RE, WE'RE TALKING ABOUT THE, THE ANNUAL REPORT OR JUST THE, THE BUDGET AGENDA ITSELF? THE ANNUAL, JUST THE ANNUAL REPORT.
BUT MR. MAYOR MADE THE MOTION.
DO YOU MIND SECONDING? SVIA SELIA.
ALL THOSE IN FAVOR IF YOU AYE.
WE'RE ON TO OUR FINAL AGENDA ITEM.
THIS IS REVIEW AND CONSIDER THE A QUARTERLY REGULAR MEETING SCHEDULE FOR SPORTS ARENA DISTRICT BOARD OF DIRECTORS CALENDAR YEAR 2025, I THINK HAS PROPOSED DATES.
SO I'M JUST GONNA PROPOSE THAT WE KEEP OUR SAME, UM, SCHEDULE FROM LAST FISCAL SCHOOL YEAR, WHICH IS THE FOURTH THURSDAY OF THE LAST MONTH OF EACH QUARTER AT NOON.
UM, THE CITY SECRETARY OFFICE ASKED THAT WE SET UP A REGULARLY QUARTERLY MEETING SCHEDULE, ALTHOUGH WE ARE NOT FOUND TO MEET ON THOSE DATES.
THEY WOULD JUST LIKE TO HAVE A SCHEDULE.
MORE THAN LIKELY, UM, OUR MEETINGS WILL BE SPECIAL CALL MEETINGS SINCE WE MEET ON A AS NEEDED BASIS.
SO THAT, THAT, UM, THE SCHEDULE, YEAH, GO AHEAD.
ON THE SEVENTH, THURSDAY FOURTH.
FOURTH THURSDAY ON LAST MONTH OF THE COURT.
I'M SORRY, I'M PUTTING AN ECHO.
I I'M NOT GETTING A, UH, I CANNOT HEAR YOU.
YEAH, THE AB IS SOMETIMES WALKING.
I'LL, I'LL LIKE TO HEAR A MOTION FOR THE APPROVING THE MEETING SCHEDULE FOR THE FOURTH THURSDAY OF THE LAST MONTH OF EACH QUARTER AT NOON.
SO MOVES FOR THE QUARTERLY MEETING, AS IN, AS OUTLINED SECOND.
ALL THOSE IN FAVOR? RAISE YOUR HAND AND SAY AYE.
UH, ADJOURNMENT IS OUR LAST ITEM AND I HAVE THAT AS 1154.
GLAD YOU GUYS WERE ABLE TO GET IN DESPITE ALL THE TROUBLE.
THANK YOU VERY MUCH FOR YOUR TIME.