[Public Facility Corporation Meeting on January 28, 2025. ]
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MY NAME IS KEITHI'D LIKE TO CALL THIS JANUARY 28TH, 2025 MEETING TO ORDER EXACTLY AT 12 HIGH NOON.
MOVING ON TO ROLL CALL SAMUEL.
SHE MENTIONED SHE MIGHT BE LATE IF SHE MAKES IT AT ALL.
KEITH PALM MCCALL PRESENT A FORUM HAS BEEN ESTABLISHED.
MOVING ON TO ITEM NUMBER THREE, PUBLIC TESTIMONY.
DO WE HAVE ANY PUBLIC COMMENTS ON ITEMS 4 3 17? DO WE HAVE ANY PUBLIC COMMENTS? ANYONE JUST SIGNED UP? ANYONE EITHER VIRTUALLY OR ONLINE? I'M SORRY.
VIRTUALLY OR IN PERSON? I DO NOT SEE ANYONE.
WE'LL MOVE TO ITEM NUMBER FOUR, DISCUSSION AND APPROVAL OF THE MINUTES OF THE DECEMBER 17TH, 2024 DPFC BOARD MEETING.
SO WE HAVE A MOTION TO APPROVE BY DIRECTOR STINSON SECONDED DR.
ALL THOSE IN FAVOR? SEATS OF APPROVAL OF MINUTES BY, BY SAYING AYE.
ANY OPPOSITIONS? SEEING NONE, THE MINUTES ARE APPROVED.
MOVING ON ITEM NUMBER FIVE, COMMUNITY ANNOUNCEMENTS.
THE ONLY COMMUNITY ANNOUNCEMENTS I HAVE IS, UH, ONE HEARING OVER FROM LAST MONTH IS AT THE MOUNTAIN CREEK APARTMENTS.
GRAND OPENING WILL BE ON MARCH 26TH, 2025 AT 4 8 6 8 SOUTH MERRIFIELD ROAD IN DALLAS.
ALL BOARD MEMBERS AND STAFF ARE WELCOME TO ATTEND.
AND THIS IS A REMINDER IN THIS SECTION.
UM, IF DEVELOPERS, UH, OR ANY OF OUR PARTNERS HAVE ANY GRAND OPENINGS OR OPEN HOUSES THEY WOULD LIKE FOR US TO ATTEND, WE CAN ANNOUNCE THEM DURING THIS COMMUNITY ANNOUNCEMENTS SECTION.
DO WE HAVE A PARTICULAR TIME THAT, UH, THAT WE KNOW IS DUE TO OPEN OR SO ABOUT? WELL, THE, UH, THE ACT, UH, ACTUAL TIME, LIKE O'CLOCK UPDATE? NO, WE DON'T HAVE THAT, THAT INFORMATION? YES.
BUT GRAND OPENING ALL DAY AND WE JUST YEAH, THAT, NO, THERE, THERE'S SUPPOSED TO BE A CEREMONY THEY JUST HAVEN'T FINISHED.
UH, I TALKED TO NICK FROM NRP YESTERDAY AND, UH, HE SAID THAT, UH, MARKETING TEAM WAS STILL PUTTING THAT INFORMATION TOGETHER AND THAT HE WAS GOING TO FORWARD ME A, UH, AN EMAIL.
HE ASKED, UH, IF, IF I COULD FORWARD IT ON AND, AND I WAS GONNA FORWARD IT, UH, TO THE FULL BOARD.
AND AT THE NEXT, UH, BOARD MEETING, WE SHOULD HAVE THAT.
AND I'LL INCLUDE IT IN THE, UH, SECTION AS WELL.
ANY OTHERS? ANY ANNOUNCEMENTS OR DISCUSSION? SEEING NONE.
MOVING ON TO ITEM NUMBER SIX, ETHICS DISCLOSURES.
DPFC BOARD MEMBERS SHOULD DISCLOSE ANY RELATIONSHIP A MEMBER MAY HAVE WITH THE PROJECTS TO BE CONSIDERED ON THIS AGENDA OR WITH ANY DEVELOPER, PARTICIPANT, OR FINANCIAL BENEFICIARY OF THE PROJECTS TO BE CONSIDERED ON THIS AGENDA, EVEN IF THAT RELATIONSHIP DOES NOT RELATE TO A SPECIFIC PROJECT THAT DPFC FORD IS CONSIDERING.
ITEM NUMBER SEVEN, DISCUSSION REGARDING FENCING AND SECURITY FOR 9 9 9 9 TECHNOLOGY BOULEVARD.
SAM? YEAH, I I DROVE IT A COUPLE WEEKS AGO.
UH, WE HAVE JAKE HERE, UM, FOR USUAL, UH, BUT I DON'T WANT TO STEAL HIS THUNDER, BUT LIKE I DID LAST TIME, SO I'LL LET HIM GIVE HIS UPDATE.
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NOTHING'S REALLY CHANGED, WHICH IS GOOD.UM, AND SO WE'RE, UH, PROBABLY GEARING UP, I WOULD SAY, TO START OUR CONSTRUCTION LOAN CLOSING PROCESS HERE IN THE NEXT THREE WEEKS.
UM, SO THE, UH, BASED ON THAT, WE'LL PROBABLY BE A POSITION TO CLOSE IN THE, UH, THE BEGINNING OF APRIL AND THEN SOME START CONSTRUCTION.
UH, THE ONE OVERWHELMINGLY POSITIVE UPDATE THAT I CAN GIVE IS WE GOT WHAT'S COMMONLY REFERRED TO OUR FINAL FEE INVOICE FROM THE CITY ON MONDAY, YESTERDAY, UH, TO PAY THE BUILDING PERMITS FEES.
SO WE SHOULD BE BUILDING PERMITS IN THIS WEEK AND NEXT.
SO, UM, WHENEVER WE CLOSE IN THE FINANCING, EVERYTHING'S GOOD TO GO THAT, UH, BE ABLE TO IMMEDIATELY START CONSTRUCTION.
THAT'S, THAT'S REALLY THE EXTENT OF THE UPDATE.
JUST TO REMIND ME, DID THE POLICE DEPARTMENT EV EVER GO BY TO SEE IF WE'RE IN THE PROCESS OF COORDINATING WITH THEM AND, UH, RIGHT NOW AND WE SHOULD HAVE THEM, UH, SHOULD HAVE THEM OUT THERE IN THE NEXT COUPLE WEEKS, TWO OR THREE WEEKS.
BUT YEAH, WE'VE BEEN COMMUNICATION ABOUT THAT.
UM, SO WE COULD RELEASE THEM FROM, UM, THE OBLIGATION TO HAVE THE SECURITY FENCING.
UM, IT, WE, CORRECT ME IF I'M WRONG, TERRY, THERE'S STILL SOME, SOME REBAR POKING OUT OF THE GROUND AND THINGS OF THAT NATURE.
YEAH, BUT I MEAN, IF THAT'S A CONCERN, I MEAN, WHETHER THERE'S A FENCE OR NOT, I MEAN, PEOPLE WANNA GET A TRIP OVER REBAR.
IT'S SO, UM, YEAH, I, I'M PERSONALLY OF THE OPINION THAT DEFENSE IS NO LONGER NEEDED, BUT THE BOARD FEELS REAL STRONGLY ABOUT IT AND OBVIOUSLY OBLIG, YOU KEEP IT ULTIMATELY UP TO YOU GUYS.
THIS, THIS IS MY
UM, PAY FOR SOMEONE TO, UH, COME IN AND PICK OVER THE REBAR YOU JUST MENTIONED AND IT NOT BEING SECURED WHILE IT'S STILL UNDER OUR OWNERSHIP.
I MEAN, IF FOR NO OTHER REASONS THAT OPTICS OR ABSENCE CERTIFIED AND DEFER TO YOU GUYS YOUR WISHES.
UNLESS IT'S RELEASED BY THE DALLAS POLICE DEPARTMENT OR, UH, CODE ENFORCEMENT.
YEAH, WE SHOULD, I THINK WE SAID AT THE LAST MEETING WE WOULD LIKE A PRO A PROFESSIONAL TO, UH, THE CITY TO DETERMINE WHEN THAT TIME IS CORRECT.
IS THAT CORRECT? THAT THAT'S CORRECT.
SO YOU GUYS MENTIONED IN THE LAST ONE MEETING, THAT MAY BE SOMETHING THAT WE COULD HAVE ON THE NEXT QUESTION, BUT IN FEBRUARY JUST GET THEIR FINDINGS OR THOUGHTS ON IT.
YEAH, I'M OBVIOUSLY HAPPY TO COME BACK AND GIVE AN UPDATE TOO WITH THAT.
SO WE LOOKING FORWARD TO THE GRAND OPENING.
WE COULD PUT IN, IN OUR COMMUNITY ANNOUNCEMENTS.
AND WE'LL ALSO ACTUALLY TOO, WHEN WE GET TO THE, THE POINT OF CLOSING AND SOME CONSTRUCTION ON THIS ONE, WE'LL HAVE A, HAVE A GROUNDBREAKING EVENT.
OBVIOUSLY ONCE IT'S, SO WHEN THE TIME COMES, WE'LL COORDINATE WITH SAM AND STAFF AND MAKE SURE THAT THEY'RE
MOVING ONA, ITEM NUMBER EIGHT, DISCUSSION AND APPROVAL OF RESOLUTION AUTHORIZING THE NEGOTIATION AND EXECUTION OF A TERM SHEET FOR THE HUMPHREYS IN PARTNERSHIP WITH ETHOS PROPERTY DEVELOPMENT LLC TO BE LOCATED AT 5 3 3 9 ALPHA ROAD, DALLAS, TEXAS 7 5 2 4 OH.
AND, UH, LET'S, BEFORE YOU COME UP, DID I SEE, UH, ONLINE, UM, DIRECTOR MARSHALL, MS. MARSHALL IS, IS ONLINE? YES.
DIRECTOR MARSHALL, LIKE DIRECTOR REFLECT THAT, UH, DIRECTOR MARSHALL HAS JOINED THE MEETING.
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WELL, GOOD AFTERNOON.I'M THE ETHOS PROPERTY DEVELOPMENT HERE.
SEND OUR PROJECT
UM, NEXT IS, YOU KNOW, THIS IS OUR LEGAL DISCLAIMER, WE APOLOGIZE, BUT THE ATTORNEYS GET
THIS IS OUR EXECUTIVE SUMMARY.
IT'S A GREAT ELEVATION LOOKING AT PROJECT ON ALPHA.
AS YOU CAN TELL, IT'S A FIVE STORY GRAB TYPE PRODUCT WITH 320 FEET UNITS NEXT, YOU KNOW, SO ETHOS PROPERTY DEVELOPMENT IS A GROUP OF THREE INDIVIDUALS, OUR PARTNER BRUCE MEYERS, MYSELF, AND THEN OUR PARTNER MICHAEL GUERRERO BEHIND ME.
BUT TOGETHER, WE HAVE OVER 75 YEARS OF REAL ESTATE EXPERIENCE, HAVE WORKED ON ALL DIFFERENT TYPES OF ITEMS TOGETHER FOR OVER 30 YEARS OF THE DIRECT PARTNERSHIP.
AT THE LAST FIVE, UM, OUR TEAM HAS OVER A HUNDRED REAL ESTATE TRANSACTIONS WITH THE TOTAL VALUE OF OVERWHELMING CAPABILITIES DOLLARS.
UM, THIS WILL BE OUR 12TH MULTI-FAMILY TO PROJECT AND OUR THIRD C PROJECT.
UM, YOU KNOW, IT'S A LOT OLDER, FEELS A LOT OLDER READING IT, BUT WE, IN BETWEEN THE THREE OF US, WE'VE LIVED IN THE METROPLEX FOR 120 YEARS.
THE YELLOW ARE PFCS THAT ARE CURRENTLY LEASING PEAKS ARE ONES THAT ARE CURRENTLY UNDER CONSTRUCTION AND PURPLE ARE FULLY APPROVED, BUT YET TO BREAK BROWN AS OF A MONTH AGO.
UM, THE YELLOW IS A TWO AND A HALF MILE RADIUS IN THE FIVE, UH, THE, EXCUSE ME, THE RED IS A FIVE MILE RADIUS WITH OUR SITE IN THE MIDDLE, AS YOU CAN KIND OF SEE, WE'RE A LITTLE BIT IN A P FT, UH, DESERT AS WE'D LIKE TO REFER TO.
BUT, UH, YOU KNOW, OBVIOUSLY CREATES A GREATER DEMAND IN FOR IN THE AREA.
NEXT WE'VE GOT A, A SLIDE WHERE WE'VE ZOOMED IN A LITTLE BIT FURTHER.
IT IS A TWO AND A HALF MILE RADIUS, FIVE MILE RADIUS AGAIN, BUT REALLY JUST WANTED TO KIND OF SHOW THAT FENCE CITY UP THE AREA NORTH DALLAS AND, UM, UM, ADD ADDISON FROM OUR SITE.
SO THIS IS A BASIC BREAKDOWN OF OUR PROJECT.
WE'VE GOT THE HUMPHREYS IS AT 5 3 3 9 ALPHA.
HOPE TO BREAK GROUND EARLY Q1.
NEXT YEAR IS 322 UNITS, ROUGHLY HALF WILL BE, UM, INCOME RESTRICTED FOR BOTH 80, 60% TOTAL.
PROJECT COST IS NEARLY $90 MILLION.
TOTAL PUBLIC BENEFIT OVER THE LICENSE.
LIFE OF THE 75 YEAR LEASE IS A LITTLE BIT OVER 420 MILLION, UM, WITH THE ESTIMATED RENTAL SAVINGS OF OVER 330 MILLION OVER THAT 75 YEARS WITH INFLATION AND WHATNOT.
WE'RE EXPECTING THAT THE TAXES OVER THAT 75 YEARS WILL BE THIRD AND 7 MILLION.
SO IT'S A GREAT PUBLIC BENEFIT.
RETURN CITY LOCAL SCHOOLS ARE NATHAN ADAMS IS THE ELEMENTARY WALKER.
THE TY IS THE HIGH SCHOOL WITH THE NEW MAGNET, UM, CAMPUS COMING TWO OR THREE BLOCKS TO THE SOUTH OF THIS SITE AT THE 55 0 1 L
OH, ONE THING TO BRING UP IS ALSO, WE'VE MENTIONED THE CENTRAL LOCATION, THIS SITE, BUT WE ARE 11 MINUTE COMMUTE FROM DOWNTOWN TO THE NORTH, OR EXCUSE ME, TO THE SOUTH AND THEN TO THE NORTH, 11 MINUTES AWAY FROM LEGACY WEST.
SO REAL GOOD CENTRAL LOCATION.
THIS, THIS MAP WE CREATED HERE IS GENERALLY A A 30 MINUTE DRIVE TIME FROM THE SITE.
WE'VE IDENTIFIED 30, UH, EMPLOYMENT CENTERS, WHICH ALONE, UH, EMPLOY 1.2 MILLION PEOPLE.
AS YOU'RE ALL AWARE OF THE GREAT, UH, GROWTH OF DALLAS AND METROPLEX OVER THE LAST COUPLE OF DECADES IS OBVIOUSLY WHY WE'VE, UH, GREAT OPPORTUNITY HERE WITH THE CENTRAL LOCATION AND WHO KNOWS HOW MANY JOBS BESIDES THE ACTUAL EMPLOYMENT CENTERS WITHIN THAT 30 MINUTES.
AND THEN I WILL LET OUR PARTNER MICHAEL, TAKE OVER TO KIND OF GIVE YOU THE HIGH LEVEL DESIGN ELEMENTS AND HOW EXCITED THE HUMPHREYS FAMILY IS.
BUT I GUESS, SORRY, I DIDN'T SKIP THE DEMAND.
OUR DEMAND STUDY HAS SHOWN THAT THERE'LL BE A DEMAND FOR 4 75 MARKET RATE UNITS AFTER WE DELIVER THIS PROJECT, UM, IN OUR PRIMARY MARKET AREA.
UM, AND THEN ALSO THAT DOESN'T INCLUDE THE 80% 60% A MI UNITS WE'RE DELIVERING IN OUR MARKET STUDY SHOWS THAT THAT WILL BASICALLY ADDRESS 1% OF THE NEED AND DEMAND.
SO OBVIOUSLY IT'S A VERY DESIRABLE LOCATION AND PRODUCT.
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UM, THIS IS THE, UH, THE AERIAL OF PROJECTS.UM, CURRENTLY AT 500 ON ALPHA ROAD.
THERE IS HUMP RECENT PARTNERS ARCHITECTURE FIRM, UH, ALONG WITH ITS, UH, OTHER COMPANIES THAT IT DOES OWN AND OPERATE, BEING AN INTERIOR DESIGN FIRM, UH, REAL ESTATE DEVELOPMENT FIRM, AND A, UH, LANDSCAPING DESIGN FIRM AS WELL.
THEY'VE BEEN IN THIS LOCATION FOR ABOUT 20 YEARS AND, UH, IS A LEADER IN THE MULTIFAMILY ARCHITECTURE, UH, SPACE.
THEY'RE DOING ABOUT, UH, 400 DESIGNS OF SITE PLANS ON AN ANNUAL BASIS.
AND, UH, WE HAVE A GREAT WORKING RELATIONSHIP WITH, UH, HUMPHREYS PARTNERS.
UH, MARK HUMPHREYS, WHO'S THE OWNER OF HUMPHREYS PARTNERS, UH, RECENTLY PASSED AWAY BACK IN 2021, I GUESS 2022 ACTUALLY.
AND, UH, THIS WAS ONE OF THE LAST PROJECTS THAT HE HAD HIS HANDS ON, UM, AS A LEGACY PROJECT FOR THE COMPANY ONCE THEY KNEW THEY WERE OUTGROWING THAT SPACE AND ARE CURRENTLY IN PROCESS OF MOVING TO A BILLING CITY PROPERTY FRISCO.
SO, UM, WITH HIS HAND IN THIS DESIGN AND OUR CLOSE WORKING, AND IT'S, UH, A NEAT DEAL TO CALL THE HUMPHREYS BECAUSE OF WHAT HAS BEEN IN THE LAST 20 YEARS AND HIS, ONE OF HIS LAST, LAST SIGNS, UM, WHERE WE HAVE THIS RIGHT NOW IS A BREAKDOWN BETWEEN STUDIO UNITS AND THREE BEDROOM UNITS.
THERE IS A LACK IN THE, UH, SUBMARKET FOR THREE BEDROOM UNITS.
AND SO WE HAVE OFFICE OF 15, UH, AT THIS LOCATION.
AND, UH, A TOTAL NET SQUARE FOOTAGE OF 219,000 SQUARE FEET A LITTLE OVER.
BUT, UH, WITH THIS BREAKDOWN, THE WAY WE'RE LOOKING AT IT IS, UM, WITH GENERAL CONTRACTORS, A A TYPICAL FEE THAT WE'VE SEEN RECENTLY IS WHEN YOU HAVE, UM, OVER 5, 6, 7 DIFFERENT UNIT TYPES.
IT'S, UH, CAN TAKE LONGER AND THERE COULD BE MORE MISHAPS IN THE CONSTRUCTION.
DO A FRAMING AND WHERE EVERYTHING'S LOCATED ABOVE AND BELOW, UH, WHAT FLOOR WORKS.
SO WE LOOK AT THIS AS A, UH, A MORE CONCISE PROJECT AND A, UH, MORE, UM, EFFICIENT PRODUCT, WHICH IS THE GOAL OF HUMPHRIES.
THEIR, THEIR GOAL, ONE OF THEIR MAIN GOALS IS EFFICIENCY.
SO I BELIEVE, UM, WITH THE WAY THAT THE UNITS ARE LAID OUT, UH, THERE'S, UH, FEWER HALLWAYS, UH, THERE'S LESS CORNER AND LESS, LESS DEAD SPACE INSIDE THE UNITS.
SO EVEN THOUGH YOU MAY HAVE A SMALLER UNIT THAN WHAT YOU MAY BE USED TO, UM, THERE'S, UH, GREAT EFFICIENCY WITHIN THAT UNIT.
UH, ALL THE UNITS DO HAVE YOUR, UH, NORMAL OF YOUR, UM, EXCUSE ME, ALL FORWARD.
YOUR, UH, END UNIT AMENITIES, UH, YOU KNOW, HAS EVERYTHING THAT EVERYONE WOULD EXPECT, YOU KNOW, IN THIS TIMEFRAME.
UH, WHERE WE ARE A LITTLE BIT SET ASIDE IS TALLER CEILINGS.
WE DO HAVE, UH, FULL, UM, UH, FULL SIZE OR WASHER DRYERS, OVENS, EVERYTHING THAT EVERYONE IS DOING.
UM, AND THEN THE COMMON AMENITIES, UM, YOU KNOW, LEASING SPACE, WE HAVE THE AMENITY ROOM WITH THE FIREPLACE.
UH, WE HAVE A PRIVATE RESIDENT GARAGE WITH PRIVATE ACCESS, UH, PICNIC ROOM, MAIL ROOM, EVERYTHING THAT YOU WOULD NEED.
WE HAVE LOOKED INTO DOING AMAZON BOXING, WHICH NOWADAYS, UH, A BIG CONVENIENCE FOR, UH, APARTMENT S UH, ALONG WITH, UH, DOG PARK.
OBVIOUSLY EVERYONE LOVES THE DOG, LOVES THE DOG APARTMENT.
SO WE HAVE, UH, DESIGNED THE SPACE, DESIGNED THE BUILDING ON THE SPACE THAT WE HAVE TO PROVIDE THOSE AREAS.
UM, STILL BE MEETING WITH THE, THE GREEN SPACE DEPARTMENT, UM, IN THE CITY OF DALLAS.
UM, SO THAT'S PRETTY MUCH WHERE WE ARE IN, IN TERMS OF THE DESIGN OF IT.
UM, GOING BACK TO THIS ELEVATION, WE'RE VERY PROUD OF THIS.
UH, WE'VE MET WITH, UH, JAMIE SCHULTZ, THE, UH, COUNCIL MEMBER FOR DISTRICT 11.
I'VE KNOWN HER FOR PROBABLY THREE OR FOUR YEARS NOW AS WE'VE BEEN KICKING AROUND THE CAN ON THIS PROJECT IN PARTICULAR.
UH, SHE HAS BEEN VERY SUPPORTIVE OF US, HAS, UH, PROVIDED US MANY CONTACTS, UM, WITH SAM AND OTHERS TO, UH, HELP US GET THIS MOVING FORWARD NOW THAT WE'RE PLACED IN OUR, UM, LEASE WITH THE BUILDING, UH, THE LEASES THAT WE HAVE INSIDE THE BUILDING, INCLUDING THE HUMPHREYS JET, OR SORRY, THE, THE HUMPHREYS COMPANIES.
AND, UM, WE'RE, UH, WE'RE, WE'RE VERY EXCITED TO BE THE,
[00:20:01]
I DON'T WANNA SAY THE LEADER, BUT ON THE FOREFRONT OF THE DALLAS INTERNATIONAL DISTRICT REDEVELOPMENT PROJECT.WE THINK THAT THE LOCATION BEING ON ALPHA ROAD WITH DIRECT ACCESS NORTH AND OF THE SOUTH, UM, REALLY IS KIND OF THE ONE QUOTE GATEWAY WE LIKE TO CALL IT INTO THE INTERNATIONAL DISTRICT.
AND, UH, WE'RE, WE'RE PROUD OF THE DESIGN.
SO ALL THAT BEING SAID, UH, WE ARE HERE TO ANSWER ANY QUESTIONS YOU GUYS MAY HAVE, AND WE'LL DO YOUR FEEDBACK.
UM, HAVING BEEN A 25 YEAR RESIDENT, BUT JUST 11, BLESS YOU.
THANK GOD SOMETHING'S GOING IN IN THAT AREA.
IT LOOKS LIKE A GREAT PROJECT AND GREAT BEGINNING, OR AN AREA THAT HAS NEEDED TO BE REDEVELOPED FOR AT LEAST THE LAST 10 YEARS.
THANK YOU FOR YOUR PRESENTATION.
I GUESS ONE THING I DID FORGET TO MENTION IS WE ANTICIPATE OUR RENTS ARE GONNA BE 30 TO 110% BELOW MARKET ON THE RESTRICTED UNITS AND WILL BE GENERALLY YEAR ONE.
WE
SO, BUT THANK YOU FOR, WE APPRECIATE IT.
AND JUST A COMMENT FROM THE CHAIR HERE.
SO, UH, AFTER APPROVAL TODAY, UH, WHEN WOULD YOU EXPECT, UH, A GROUNDBREAKING WE ARE LIKELY TO UTILIZE THE HUD D FOUR PROGRAM SO EARLY NEXT YEAR IS PROBABLY REALISTIC, SOMETHING WE CAN STAY ON? VERY GOOD.
I WANTED TO COMPLIMENT YOU, UH, I, I THOUGHT I LIKED THE TERM THAT YOU USED, UM, PFC DESERT BECAUSE, UH, THAT IS A SPOT IN DALLAS.
IT'S A VERY WHITE, MY OFFICE USED TO BE UP THERE.
UH, IT'S VERY MUCH NEEDED A-A-P-F-C DEAL OR A SIMILAR DEAL.
AND SO I APPRECIATE Y'ALL TARGETING THAT AREA.
HAVE, THERE'S GONNA BE A LOT OF GROWTH IN THERE IN THE FUTURE, AND, UH, CERTAINLY A PLACE WHERE WORKERS AND EVERYONE WILL NEED A PLACE TO LIVE.
UM, APPRECIATE YOUR PRESENTATION.
WE, UH, WE, I'LL BE VERY SUPPORTIVE OF THIS, UH, HAVE LIVED IN THE AREA AS WELL.
KNOW THE AREA VERY, VERY WELL.
UH, IT'S NOT ON MY TABLET UP IN AL BENETS NORTH RIGHT NEXT TO THIS, A COUPLE TIMES
IT'S JUST, IT'S JUST STRIKING TO ME, YOU KNOW, SO MUCH RAW, UNDEVELOPED, OR, YOU KNOW, BETWEEN THE MALL AND EVERYTHING ELSE BEING TORN DOWN UP THERE.
WE'RE TAKING A FUNCTIONAL OFFICE BUILDING AND TEARING IT DOWN FOR AFFORDABLE HOUSING, WHICH IS GREAT.
BUT IT'S JUST REALLY, IT'S REAL TELLING ABOUT THE STATE, THE STA THE STATE OF THE MARKET, BOTH FOR RESIDENTIAL AND FOR OFFICE.
SO IT'S KIND SAY ABOUT, ADD A LITTLE BIT, THERE IS AN OUTDATED OFFICE BUILDING.
SO CONSTRUCTION IN ADDITION FOR PLATE AND WHATNOT.
ARE YOU TAKING THE, ISN'T THERE A VACANT PROPERTY RIGHT NEXT TO IT, NEXT TO MARK ZALE'S PROPERTY? IS THAT PART OF THIS TOO, OR IS IT, ARE YOU JUST TAKING THE, IT IT, IS IT, THERE IS, UH, THERE ARE, THERE'S AN EMPTY LOT NEXT TO THIS PROPERTY.
IT'S THE EAST, AND THIS IS NOT PART OF THAT PROPERTY.
THIS IS SOLELY ON THE 5 3 2 9
UM, WE HAVE LOOKED INTO MAP SURE.
BUT IT'S KIND ACROSS THAT BRIDGE.
UM, YOU, MY OTHER COMMENTS, QUESTIONS, I, YOU KNOW, YOU MENTIONED YOU'VE DONE TWO, TWO OF THE PFC DEALS.
I, I ASSUME THEY'RE IN DIFFERENT JURISDICTIONS.
ONE'S UP IN PALMVILLE, WHICH IS JUST, AND THEN WE'RE DOING ANOTHER ONE IN ELGIN, WHICH IS JUST SOUTH OF TAYLOR.
AND IN BOTH THOSE INSTANCES, ARE THE PFCS AND THE PROPERTIES BOTH LOCATED IN THE CITIES? YES, SIR.
SO IT IT'S NOT LIKE A FARMVILLE PFC? NO, NO, SIR.
IT'S NOT A TRAVELING BANK OR ANYTHING LIKE THAT.
SO YOU, YOU'VE GOT FAMILIAR WITH THE, WITH THE CONCEPT AND THE, AND YES, SIR.
THAT'S REALLY ALL I HAVE, YOU KNOW, VERY SUPPORTIVE OF THE C AND I SEE THIS IN THIS AREA OF THE CITY, FOR SURE.
ANY OTHER QUESTIONS OR COMMENTS? YEAH.
UM, SO FIRST AND FOREMOST, LET'S START WITH THE, THE BIG PICTURE.
UM, UH, AND, YOU KNOW, UH, DIRECTOR CALLUS LIVES THERE.
I KNOW WE WERE TALKING ABOUT THE HOUSING BOND, UM, INTERNATIONAL DISTRICT AND, AND GETTING SOME HOUSING IN THERE WAS REALLY, REALLY IMPORTANT.
SO LOCATION WISE, UH, WE'RE IN THE RIGHT PLACE.
SO I'M, I'M GONNA HAVE SOME QUESTIONS ON THE MARGINS.
UM, AND, UM, AND ALSO JUST, I'M JUST, I'M DOING SOME, SOME MATH HERE AND TRYING TO GET A, A GOOD UNDERSTANDING OF IT.
UM, SO FIRST OF ALL, TELL ME ABOUT MARKET COMPS.
'CAUSE THAT, UH, WHEN I, WHEN I FIRST SAW THESE MARKET THREATS, UH, I, I, I, I WAS A LITTLE SURPRISED, BUT THEN LOOKING
[00:25:01]
AT THE CO YOU KNOW, JUST DOING SOME BASIC STUFF AROUND THE, UH, PROPERTY, IT'S LIKE, WOW, THAT BEARS OUT.UM, SO TELL ME WHERE, JUST TELL ME ABOUT YOUR
DO YOU HAVE SOMEBODY ELSE DO IT OR DO YOU DO IT INHOUSE? WE PRETTY MUCH DID IT OURSELVES, YEAH.
WITH A LOT OF LOCAL EXPERTS, LOT OF BROKERS, COSTAR REPORTS, ET CETERA.
YOU KNOW, ONE THING I WOULD SAY ABOUT THE MARGINS, IT'S GONNA BE YEAR EIGHT OR NINE.
WE HAVEN'T REVIEWED THE HILLTOP REPORT YET, BUT IT'S GONNA BE 8, 9, 10 YEARS BEFORE IT WOULD ACTUALLY FALL APART AT THE EXISTING RENTS WITH THE MARKET RATE LOAN WITHOUT THE PFC PARTNERSHIP.
AND THAT'S WHY WE, THAT'S WHY IT'S SO CRITICAL.
OH, YOU MEAN THE, THE, UH, REGULATORY PERIOD, YOU HAVE TO HAVE THE RESTRICT, IS THAT NO, NO.
WHAT I'M JUST MEANING IS, IS THAT WE DON'T HAVE THE PFC PARTNERSHIP YEAH.
WE WOULD BE 10 YEARS BEFORE THIS PROJECT QUALIFY FOR CONVENTIONAL BONDS.
UM, SO LET'S TALK ABOUT DISPOSITION FOR A SECOND.
AND, AND I, THIS MAY BE A QUESTION ABOUT BRAXTON.
UM, SO I'M, I'M DOING, I'M, I'M LOOKING AT THE NUMBERS AND I SHOW IN YEAR 15, UM, I'M SHOWING A, A STRIKE PRICE OF $136,130,900.
AND THEN THE PROCEEDS AT A FIVE CAP, THE PROCEEDS TO THE, UH, PFC WOULD BE 11,313 AND CHANGE.
AND IF WE, IF WE BACK OUT, UM, THE ONLY THING THAT WE'RE TAKEN OUT OF THE PROCEEDS IS, UM, 60 MILLION, 700, 7,000.
UM, GIVE OR TAKE, I'M JUST, I'M, I'M GROSSING UP.
UM, SO THAT MEANS THAT, UM, NET PROCEEDS WOULD START SOMEWHERE AROUND 76 MILLION.
THAT JUST SEEMS HIGH TO ME WITH, UM, WITH EQUITY AND DEBT STILL IN IT.
UM, I'M ASSUMING IF YOU DO IT, UM, IF YOU DO TWO 20 1D FOUR THAT YOU'RE GONNA AMORTIZE IT OVER PROBABLY 35 YEARS.
UM, SO THAT JUST, UH, THAT, THAT SEEMS LIKE THERE WOULD BE A LOT MORE DEBT STILL IN IT.
IN OTHER WORDS, WHAT I'M SAYING IS I DON'T THINK WE, WE RECOGNIZE THAT 11 MILLION, UM, AT DISPOSITION IF WE ASSUME A 15 YEAR DISPOSITION.
UM, SO MAYBE I'LL, I'LL JUST STOP AND LET BRADON KIND OF WALK US THROUGH THE, THE BACK END OF THIS, IF YOU DON'T MIND.
YEAH, THANKS, DIRECTOR MONTGOMERY.
UH, SO, AND, AND YES, THAT IS A LARGE DISPOSITION FEE BASED ON A 5% CAP RATE, UM, FOR THE, IT WAS THE, THE 11,000,313, I THINK YOU SAID 11,000, BUT IT, IT, IT'S THE 11,000,313.
AND WHAT I WAS, I WAS KIND OF RUNNING THE AM TO, TO A, TO A A 40 OR TO A 30 YEAR MYSELF, AND KIND OF ESTIMATING THE DEBT, UH, THAT WOULD BE OUTSTANDING AT, AT YEAR 15 AND TAKING THAT OUT.
UH, SINCE, SINCE WE HAVEN'T STARTED THE LPA PROCESS, I MEAN, IT'S, IT, IT IS KIND OF UNKNOWN AS TO WHERE THE, WE WOULD BE IN THE WATERFALL POSITION.
SO IT'S KINDA HARD TO ESTIMATE WHAT WOULD BE KIND OF PAID OUT TO EQUITY INTO, INTO WHEN AT, AT THIS POINT.
SO THIS IS A GENEROUS, WE'LL SAY, UH, ESTIMATE, WHICH IS TYPICALLY WHY I, I'M NOT A FAN OF LEAVING BACKEND PARTICIPATION IN THESE TRANSACTIONS WHEN WE'RE LOOKING AT PUBLIC BENEFITS.
BUT THAT HAS BEEN THE, THE DESIRE OF THE HS, OR SORRY, THE PFC MOVING FORWARD, IS TO LOOK AT THESE, WHICH IS, WE ALSO KIND OF GAVE A MORE CONSERVATIVE APPROACH LOOKING AT A, A 7% CAP RATE WITH CLOSER TO A FIVE POINT A HALF MILLION DOLLARS DISPOSITION AT AT YEAR 15.
BRAXTON, WHAT'S THE PUBLIC BENEFIT IF WE TAKE OUT THE DISPOSITION? DO YOU KNOW THAT, UH, WITHOUT THE DISPOSITION? IT IS RIGHT AT 78%.
SO STILL WELL OVER THRESHOLD FOR THE H FOR THE, FOR THE PNC.
SO, UM, YEAH, I, I JUST, I WANTED TO UNDERSTAND THAT I THINK WE PROBABLY AS A BOARD HAVE SOME WORK TO DO ON, ON DISPOSITION AND, AND MAKING SURE THOSE ARE, UH, ARE BUTTONED UP.
UH, INTERNATIONAL DISTRICT REPURPOSING A OUTDATED, UH, BUILDING.
I, UH, BY THE WAY, IS, UH, UM, CAN YOU MULTIFAMILY IN THAT PD OR DO YOU HAVE TO? UH, YEAH, IT'S, IT'S IN, UH, WM, UH, 20, I THINK IT'S P 8 8 7.
IT'S DESIGNED, IT'S WM U 20, UH, BILL BY WRIGHT EARLY PD 8 87.
WHICH ALSO AS, JUST TO NOTE TO THIS, MARK HUMP WAS ON THE BOARD FOR THE PD, UH, FOR THE, USED TO BE CALLED MIDTOWN DISTRICT.
NOW, OBVIOUSLY KNOWN AS THE INTERNATIONAL DISTRICT.
SO WE'VE BEEN INVOLVED IN THIS PROJECT FOR A LITTLE BIT OF, LITTLE BIT OF TIME.
THIS IS, UM, THIS IS GREAT FOR SPOT.
AND IF, IF I COULD ADD TO, I MEAN, JUST, JUST LOOKING AT THE PUBLIC BENEFIT, THE BIG DRIVER WAS THE RENTAL SUBSIDY IN THIS.
AND, UH, DR. MONTGOMERY, I BELIEVE YOU NOTED JUST THE, THE LOOKING AT THE MARKET RENTER PROVIDED IN THE PERFORMER.
THAT WAS SOMETHING THAT JUMPED OUT AS ME AS
[00:30:01]
WELL.SO WE DID PULL SEVERAL COMPS IN THE AREA OF LIKE VINTAGE, YOU KNOW, NEWER CONSTRUCTIONS, UH, FOR, FOR SIMILAR KIND OF SIZE.
AND IT, IT DID COMPORT THAT THE, THE MARKET KIND OF RENTS THAT THEY'RE SHOWING IS, IS PRETTY CLOSE TO WHAT OTHER ARE, ARE IN THE AREA FOR STUFF THAT'S BEING BEEN BUILT AFTER 20 20, 20 22.
IUSE MIDTOWN AROUND THE CORNER.
THAT'S WHAT, LIKE A 20, 22, 23 MINUTE, SOMETHING LIKE THAT.
UM, AND THEY'VE, THEY'VE, THEIR
ANY OTHER QUESTIONS OR COMMENTS? ITEM NUMBER EIGHT, DO NOT SEE ANY HANDS RAISED ONLINE.
DO WE HAVE A MOTION? SO MOVED.
MOTION FOR APPROVAL BY DIRECTOR CALLAS.
SECONDED BY DIRECTOR MONTGOMERY.
FOR ITEM NUMBER EIGHT, SCOTT HANSEL.
MARK HOLMES APPROVED A TELLIS APPROVE APPROVED.
LAUREL STONE IS PROBABLY STILL OUT.
I DON'T BELIEVE, DID YOU CALL, UH, DIRECTOR MARSHALL? YES.
IT'S GREAT TO SEE A, A NORTH DALLAS GALLERIA AREA DEVELOPMENT COMING FOR THE PFC.
WE APPRECIATE EVERYONE'S INPUT AND FEEDBACK.
MOVING ON ITEM NUMBER NINE, DISCUSSION AND APPROVAL OF THE DPFC ANNUAL REPORT, SAM.
ALRIGHT, UH, ITEM NINE, IT'S THE ANNUAL REPORT.
WE, UH, PUT THIS TOGETHER JUST BASED ON, UH, WHERE WERE AT.
UM, I THINK ABOUT TWO MONTHS AGO WE STARTED WORKING ON IT, UM, WORKED WITH KEITH, UH, TO, TO KIND OF CHECK ON ONE OR TWO THINGS AND DID THE, UH, THE PRESIDENT'S MEMO, BUT WE ARE HOPING YOU GUYS HAVE TIME TO REVIEW AND PROVE IT.
UM, IS THERE ANY QUESTIONS OR CONCERNS, COMMENTS ON, ON ANYTHING YOU'D LIKE TO CHANGE? UH, SAME, NOT NECESSARILY A CONCERN, COMMENT, BUT, UM, I JUST WANNA APPRECIATE THE WORKOUT PUT TO GET AHEAD OF THIS, IN KNOW, LAST YEAR IT KIND OF CAUGHT US BY SURPRISE LATER IN THE, IN THE SPRING, SO IT'S NICE TO HAVE THIS ALREADY READY TO GO AT DAY.
APPRECIATE LEARN FROM OUR MISTAKES.
ANY COMMENTS OR QUESTIONS? LINE MINE.
UH, ONLY WANTED TO MENTION THAT I, I ALSO SERVE ON THE GOVERNANCE COMMITTEE.
WE'LL MAKE THAT NOT REFLECTED.
HOPE TO BE IN PERSON NEXT MONTH.
ANY OTHER COMMENTS, CORRECTIONS OR SUGGESTIONS? DO WE HAVE A MOTION FOR APPROVAL? I MOVE, MOVE BY DIRECTOR TAAS SECOND.
SECONDED BY DIRECTOR MARSHALL.
UH, SAM I'LL ROLL CALL BOTH PLEASE.
[00:35:01]
OR STONE, JUST IN CASE YOU CAME BACK ON NOW, UH, KEITH PALM CALL APPROVED.MOVING ON TO ITEM NUMBER 10, THE PFC BOARD OFFICER ELECTIONS DISCUSSION AND APPROVAL.
UM, THIS ITEM WAS DELAYED FOR A COUPLE OF MONTHS, UH, BECAUSE OF OUR PENDING BYLAWS OR BYLAW CHANGES THAT COULD COME TO EFFECT.
UM, I'VE BEEN ADVISED THAT WE SHOULD GO AHEAD AND HAVE ELECTIONS BECAUSE WE'RE NOT SURE WHEN THE BYLAW CHANGES WILL BE COMPLETE.
UM, A FEW CAVEATS IS THAT, UH, I DO HOPE THAT NEXT FEW MONTHS WE HAVE MORE PEOPLE, UH, YOU KNOW, STEPPING UP BECAUSE THERE WILL BE, AT LEAST BY NEXT SEPTEMBER, UH, SEVERAL TERMS EXPIRING.
UH, BECAUSE WE WERE APPOINTED TO A, A SIX YEAR TERM, BELIEVE IT OR NOT, BECAUSE WE WERE STILL GOING UNDER, UH, UH, CITY COUNCIL GUIDELINES OF THE PFC RULES.
AND SO SEVERAL TERMS WILL, UM, EXPIRE, UH, SEPTEMBER 30TH OF, OF THIS YEAR.
SO JUST TO KEEP THAT IN MIND, UH, THERE ARE ALSO THE CITY OF COUNCIL ELECTIONS COMING UP, AND I BELIEVE THREE INCUMBENTS AREN'T RUNNING FOR REELECTION, SO THERE COULD BE NEW BOARD MEMBERS APPOINTED FROM THAT AS WELL.
AND SO, ALL THAT BEING SAID, THERE'S GONNA BE MANY OPPORTUNITIES FOR A, A, A LEADERSHIP ROLE IN THE FUTURE IN THIS FINE ORGANIZATION.
SO, UH, I HOPE THAT, UH, WE DO OUR BEST IN THE NEXT SEVERAL MONTHS TO, UH, BUILD A GOOD BENCH, NOT KNOWING REALLY WHAT THAT BENCH MAY OR MAY NOT BE GIVEN THE ELECTIONS AND, UH, OTHER THINGS COMING UP.
UH, GIVEN THAT I'D LIKE TO START OFF, UH, UH, WITH THE SECRETARY'S OFFICE AND, UM, SEEK NOMINATIONS AND HAVE A, HAVE A VOTE, AND THEN A TREASURER, THEN VICE PRESIDENT, AND THEN PRESIDENT.
UM, GIVEN THE CIRCUM CURRENT CIRCUMSTANCES, I, I, I DID AGREE TO IF, IF Y'ALL ARE SO INCLINED TO, UH, RUN FOR THE BALANCE OF MY APPOINTED TERM.
UM, SO AT THAT POINT, I'LL TURN IT OVER FOR THE PRESIDENT'S ELECTION TO, UH, KIM MONTGOMERY FOR THAT ONE.
GIVEN THAT AT THIS TIME I'D LIKE TO TAKE, UH, NOMINATIONS FOR THE OFFICE OF SECRETARY.
I'D LIKE TO NOMINATE RON STINSON.
WAS HE ALREADY ON THE BOARD
I'D LIKE TO NOMINATE HIM AGAIN.
I'LL SECOND HOLMES SECOND BY DIRECTOR CALLAS.
ANY OTHER NOMINATIONS FOR SECRETARY? I SEEING NONE.
UH, I GUESS WE COULD MOVE, BUT, UH, SHOULD WE TAKE A ROLL CALL? YEP.
LAUREL STONE, ASSUMING SHE'S STILL OUT, UH,
CONGRATULATIONS, SECRETARY STENSON.
I'D JUST LIKE TO SAY I I DON'T DO ANYTHING, UH, SPECIAL.
IT REALLY BELONGS TO THE CITY STAFF.
UH, DEFINITELY MISS, UH, WEST, WHO SOMETIMES SENT TO THE, UH, THOROUGH DOCUMENTS MULTITUDE THAT, UH, EITHER I ASSIGN HIS PERSON OR, UH, ONLINE, SO TO SPEAK.
UH, SO WE TAKE CARE OF THAT BUSINESS, BUT I APPRECIATE CITY STAFF AND HER AND OTHERS WHO, UH, SAM,
[00:40:01]
UM, MS. GOMEZ ALSO.SO I'M, I'M JUST ABLE TO STICK MY CHEST OUT THE PUZZLE.
THE FLOOR IS NOW OPEN FOR NOMINATIONS FOR TREASURER.
ANY NOMINATIONS I'LL, UH, NOMINATE? IS HE STILL AN OFFICER OF THE POOL? ALAN
AND WE HAVE A HAND UP FROM DIRECTOR HOLMES.
I WILL NOW, UH, LIKE TO SECOND THAT NOMINATION AS VICE CHAIR OF FINANCE COMMITTEE.
I HEARTLY SUPPORT ALAN IF HE WOULD BE SO WILLING TO.
MAY HAVE ANY FURTHER NOMINATIONS FOR THE OFFICE OF TREASURER.
SAM, CAN YOU MOVE OR ROLL CALL, VOTE OR FREE VOTE FOR, UH, DIRECTOR CALLUS TREASURER.
APPROVED AND CONGRATULATIONS,
THE FLOOR IS NOW OPEN FOR NOMINATIONS FOR THE OFFICE OF VICE PRESIDENT NOMINATED KIM MONTGOMERY.
DID THAT TELL US WHO'S SERVING THEN? THEN OPEN IT UP.
ANY OTHER NOMINATIONS? SAM, CAN YOU PLEASE, UH, SAY NO FURTHER NOMINATION? UH, CAN YOU PLEASE DO A ROLL CALL? VOTE FOR THE NOMINATION OF, UH, DIRECTOR MONTGOMERY FOR VICE PRESIDENT.
SO ABSENT, KEEP PO CALL APPROVED.
CONGRATULATIONS, VICE PRESIDENT.
I'LL RELEASE THE FLOOR FOR THE, THE VICE PRESIDENT TO CONDUCT NOMINATIONS FOR THE OFFICE OF PRESIDENT.
AND THANK YOU, UH, MR. PRESIDENT.
SO NOW WE'LL TAKE NOMINATIONS FOR PRESIDENT DALLAS PUBLIC POLICE CORPORATION.
SO, UM, A TALLIS WITH THE MOTION SHIPMENT.
SECOND, ARE THERE ANY OTHER NOMINATIONS FOR PRESIDENT OF THE PFC BOARD OF P? HEARING NONE.
KEVIN WINTERS APPROVE AND KEITH PUBLIC CALL.
CONGRATULATIONS, PRESIDENT PAUL CALL AND THE TURN FORWARD, BACK OVER TO YOU.
I WOULD LIKE TO SAY THAT THE, THE LAST COUPLE OF WEEKS TAKEN PRESIDENTIAL PREROGATIVE.
UM, IT HAS BEEN VERY CHALLENGING.
I KNOW Y'ALL RECEIVED A LOT OF EMAIL, UM, AND I APPRECIATE, UH, EVERYONE'S, UH, RESPONSE, UH, TO THEM AND THEIR PATIENTS AND GOING THROUGH THIS, UH, SOMEWHAT SURPRISING, BUT VERY INTERESTING TIME IN THE PFC HISTORY.
I, I'VE BEEN ADVISED FROM COUNCIL AND OTHERS, THIS IS SOMETHING THEY HAD NOT SEEN IN ANY OTHER STATES.
UH, THE THINGS THAT WE'RE, WE HAVE SEEN AT THE CITY HALL HERE.
UM, BUT WE'RE WORKING ON ONE TEAM.
[00:45:01]
WE LOOK FORWARD TO WORKING WITH THE CITY COUNCIL AND CITY STAFF AND FELLOW DIRECTORS, AND, UM, LOOKING FORWARD TO PREPARING WHATEVER THE, THE FUTURE HOLDS.AND I THINK IT'LL BE A GOOD FUTURE FOR AFFORDABLE HOUSING, UH, HERE IN THE CITY OF DALLAS.
AND I THINK ALL OF Y'ALL WE'RE ALL VOLUNTEERS HERE.
AND THAT'S ONE THING I'M REMINDED, UM, SOME THE LAST FEW DAYS, YOU KNOW, US, SOME SPEND US, YOU KNOW, SEVERAL HOURS A WEEK, UH, SOME LESS, SOME MORE.
UH, BUT WE'RE ALL VOLUNTEERS WHO ARE DOING WHAT WE CAN IN OUR OWN WAY, UH, TO HELP HOUSING HERE IN DALLAS.
AND, UH, FOR THAT, I CONGRATULATE EACH AND EVERY ONE OF YOU FOR TAKING THE TIME TO SERVE ON THIS BOARD.
AND, UH, I BELIEVE THIS WILL BE A GOOD YEAR.
WE'LL GET THE, UH, ISSUES BEHIND US AND, UH, MOVE FORWARD.
UH, NOW KEEP IN MIND, ESPECIALLY FOR THE NEW ONES ON THE BOARD, LIKE I SAID, THERE WERE, UH, I DON'T PLAN TO RUN AGAIN.
I DON'T KNOW IF I REALLY COULD.
UM, SO THERE ARE A LOT OF TERM LIMITS AND SUCH COMING UP, SO WE'RE GONNA NEED A LOT OF PEOPLE TO STEP UP IN THE NEXT YEAR FOR LEADERSHIP POSITIONS.
UM, HOPEFULLY WE'LL HAVE THE BYLAWS AND EVERYTHING SQUARED AWAY AND OUR POLICIES BEFORE SUMMER SO WE CAN HAVE A, UM, RETREAT THEN AND GET TO KNOW EVERYBODY MORE.
AND A PLAN FOR THE FUTURE FOR WHEN SOME OF US, UH, TURN OFF OF THIS, THIS BOARD SO THAT WE CAN, UM, DO WHAT IS BEST FOR THE CITY BECAUSE IT'S NOT REALLY ABOUT ANY ONE OF US.
IT'S ABOUT THE CITY AND, UH, ABOUT HOUSING FOR THE CITIZENS OF DALLAS.
SO THANK YOU ALL FOR YOUR SERVICE.
I'D JUST LIKE TO SAY THAT, UH, THIS HAS REALLY BEEN, UH, PROBABLY ONE OF THE BEST AVOIDS OF COMMISSIONS THAT I'VE BEEN ON.
AND DURING MY SERVICE WITH THE, UH, CITY OF DALLAS, I GO BACK TO THE, THE INDICTIVE, GO BACK TO THE EIGHTIES.
UH, WHAT WAS THE FIRST POLICE REVIEW BOARD HERE? UM, BUT I HAVE LEARNED A LOT FROM THE, UH, CONSISTENT PROFESSIONALS THAT HAVE BEEN WITH THIS PARTICULAR BOARD.
BUT YOU GUYS HAVE, UH, REINFORCED TO ME THAT THERE REALLY ARE SOME GOOD PEOPLE ALL AROUND DALLAS.
I DON'T WANNA SIT ON THE OTHER SIDE,
AND, AND, UH, I HAVE LOVED WORKING WITH YOU GUYS AND I CONTINUE TO LOOK FORWARD TO LEARNING MORE.
I GET A LOT FROM, UH, NOT ONLY OUR CHAIR, BUT UH, KEN AND BROTHER TALLIS.
THEY SENT ME TO THE KEEP ME IN THE LIBRARY ABOUT AN EXTRA HOUR TRYING TO DECIPHER SOME OF THESE, UH, FINANCIAL DATA.
AND, UH, MR. TOLEDO, HE, UH, KEEPS ME HOPPING WITH A LOT OF DIFFERENT TERMS AS I TRY TO BREAK DOWN SOME THESE, UH, REAL ESTATE, UH, TRANSACTIONS AND THINGS.
SO, LEARNED A LOT FROM ALL OF YOU ALL.
WE HAVE, UM, WE HAVE ACTUALLY SEEN THIS GROWTH.
I'D SAY WE INCUBATED IT FROM AN EGG WALKING IN HERE.
WE DIDN'T REALLY KNOW WHAT THIS WAS.
UH, AND NOW WE'VE SEEN IT, UH, OPEN UP AND GROW THIS WALKING.
UH, I THINK I CAME IN IN FEBRUARY OF, UH, 21 AND I DIDN'T EXPECT TO BE HERE THAT LONG, BUT ONLY BECAUSE OF THE GOODNESS OF THE PEOPLE AROUND ME.
I EXPECTED A LOT OF INFIGHTING.
WE HAVE ACTUALLY HELPED KEEP EACH OTHER AFLOAT AND KEEP EACH OTHER RUNNING.
SO I, I JUST LIKE, I'M JUST GIVING KUDOS TO, TO YOU GUYS AND ONCE AGAIN, JUST TO STAFF MEMBERS HERE WITH THE CITY WHO CONTINUE TO HELP US IN AND, UH, LOOKING FORWARD TO HELPING TO DEVELOP THIS BETTER FOR THE CITY OF DALLAS, ESPECIALLY AS WE TRY TO ADDRESS THE, UH, PORTABILITY CRISIS THAT, UH, WE KNOW WE'RE DEALING WITH HERE.
AND THANK YOU ALL SO MUCH JUST FOR BEING ON YOUR, THANK YOU ALL.
ITEM NUMBER 11, MONTHLY REPORT TO THE DPFC STAFF POWERING COMMITTEE DIRECTOR TOLEDO.
WELL, WE DIDN'T MEET SINCE THE LAST MEETING AND PRIMARY REASON WAS THE CHANGES, UPCOMING CHANGES THE MEETING THIS MORNING.
UH, I'D LIKE TO HEAR MORE ABOUT THAT MEETING THIS MORNING.
I WOULDN'T BE ABLE TO WATCH IT AND, UH, IF THERE'S ANY INSIGHT, BUT APPRECIATE ALL THE WORK YOU DO BEHIND THE SCENES.
[00:50:01]
SEE, THERE'S THREE DIFFERENT MEETINGS HE'S BEEN TO.THERE'S CONVERSATIONS JUST COUNTLESS HOURS AND HOURS AND HOURS GO ON.
THAT BEING SAID, PROBABLY TIME TO MOVE AHEAD ON THAT.
I THINK I'D RATHER HAVE THE CONVERSATION MAYBE IN CLOSED SESSION.
I'M NOT SURE I'M READY TO DO IT TODAY.
MAYBE NEXT, MAYBE NEXT MORE CLOSED SESSION MIGHT BE MOST APPROPRIATE.
UM, THIS SORT OF SEGUES TO THE FINANCE COMMITTEE MEETING AND WHAT WE DISCUSSED THERE.
SO, UM, SHALL WE, UH, WITHHOLD THE COMMENTS UNTIL THE FINANCE COMMITTEE REPORT, BECAUSE IT'S LEAST IT WOULD BE REPETITIVE.
CERTAIN
HANNAH, LISA, WE CAN CHANGE THE ORDER OF, OF THESE, OF WHAT AGENDA ITEMS, LIKE GO OUT OF ORDER.
IF YOU GUYS WANTED TO JUMP STRAIGHT INTO THAT JUST TO CONTINUE THAT CONVERSATION, WE COULD.
VERY WELL LONG AS WE'RE ALL THINKING ABOUT HIRING AND, UM, BUDGET CONSIDERATIONS.
UM, WE HAD A FINANCE COMMITTEE MEETING EARLIER THIS WEEK, OR LA LAST WEEK, AND THE PURPOSE OF THE MEETING WAS TO, UH, START REVIEWING A PRELIMINARY BUDGET FOR THIS CURRENT CALENDAR YEAR.
ALSO TALK ABOUT, UM, IDEAS FOR THE UTILIZATION OF APPROXIMATELY $4 MILLION IN CASH THAT WE HAVE ACCUMULATED.
UH, WE DISCUSSED THE, UH, LIMITS THAT WE HAVE OF OUR D AND O POLICY AND, UH, REVIEWED WITH SAM, UH, THE INVESTMENT OF GPFC FUNDS AS IT RELATES TO THE BUDGET.
UM, WE CAN'T REALLY FINALIZE IT UNTIL WE HAVE MORE DEFINITIVE, UM, DECISIONS AS IT RELATES TO SEPARATING OURSELVES TOTALLY AND COMPLETELY FROM THE CITY OF DALLAS.
SO HOPEFULLY THE DIVORCE PROCEEDINGS HAVE BEEN AT LEAST INITIATED AND, UH, BY MID-YEAR WE WILL BE TRULY INDEPENDENT.
UM, WHAT WE'RE LOOKING AT RIGHT NOW ARE REVENUES THAT WILL PROBABLY EXCEED $3 MILLION.
AND THEN OF COURSE, I CAN'T REALLY SPEAK TO THE COST YET BECAUSE WE DON'T KNOW WHETHER WE'RE GONNA BE PAYING RENT, HOW MUCH RENT WE'RE GONNA BE PAYING, NOR DO WE KNOW WHAT, UM, OUR STAFFING REQUIREMENTS ARE GONNA BE AND, UM, UM, THE EXPENSES ASSOCIATED WITH IT.
BUT SUFFICE IT TO SAY THAT, YOU KNOW, IF WE'RE TAKING $3 MILLION, WE SHOULD AT LEAST HAVE A 50% MARGIN IN TERMS OF NET REVENUE, UH, TO, TO THE PNC.
UM, I'M HOPEFUL THAT BY OUR NEXT MEETING WE'LL BE ABLE TO CIRCULATE, UM, A BUDGET FOR APPROVAL.
IT MAY STILL BE PRELIMINARY BY VIRTUE OF THE UNCERTAINTY OF ALL THESE CHANGES THAT ARE GONNA TAKE PLACE, BUT AT LEAST IT'LL GIVE, UH, EVERYONE AN OPPORTUNITY OF, YOU KNOW, WHAT WE'RE SHOOTING FOR, UH, IN TERMS OF, OF OF BUSINESS, UM, AS IT RELATES TO, UH, UTILIZATION OF OUR FUNDS.
SAM, DID YOU THINK YOU HAVE SOMETHING UP, UH, ON THERE? ITEM 14? THERE ARE A LOT OF INTERESTING THOUGHTS AND WE APPRECIATE THE FEEDBACK THAT WE GOT FROM, YOU KNOW, MOST OF OUR BOARD MEMBERS.
UM, AND WE, WE BELIEVE THAT THAT SHOULD BE A DISCUSSION WITHIN THE BOARD.
UM, WE UNDERSTAND THAT WHATEVER WE COME UP WITH IS A RECOMMENDATION THAT WILL BE MADE TO THE CITY COUNCIL, WHICH THEY COULD EITHER ACCEPT OR INJECT, BUT AT LEAST IT'S INCUMBENT ON US BECAUSE OUR, IT'S OUR MONEY TO AT LEAST SEND THE CITY COUNCIL.
THIS IS WHAT WE THINK WOULD BE APPROPRIATE IN TERMS OF TAKING OUR EXCESS CASH AND USING IT FOR THE FURTHER BENEFIT OF THE CITY.
SO WITH THAT, UM, MAYBE WE'LL STOP AT THIS POINT AND HAVE THE DISCUSSION AS RELATES TO I FOR, FOR YEAH.
I DID WANNA, UH, INTERJECT, UH, THAT IN THE, AT LEAST A, A PRELIMINARY DRAFT, WE WERE THINKING THAT WE DO GO INDEPENDENT, THAT WE MIGHT NEED LIKE THREE EMPLOYEES, RIGHT? BUT THAT STILL HAS TO BE STUDIED AND THAT PERHAPS ONCE WE HIRE
[00:55:01]
A GENERAL MANAGER, THEN HE OR SHE COULD HIRE SURE.TWO PEOPLE TO WORK WITH HERE OR HER.
AND SO THE, THE FIRST, I GUESS THE FIRST THING THAT MAYBE THE HIRING COMMITTEE MIGHT WANT TO DO IS FOLLOW THE LINE OF THE HFC AND PUT TOGETHER A, A JOB DESCRIPTION TO HELP WITH STAFF.
YEAH, NO, NOW A DATE OF HIRE, I DON'T THINK WE CAN REALLY SAY JUST YET.
UM, WE WILL NEED TO TALK TO A COUNCIL AND THE, EVEN THE CITY ATTORNEY'S OFFICE, I GUESS, AND THE CITY COUNCIL.
I, I'M NOT, WE NEED TO FLESH THAT OUT ON WHEN, WHEN THAT COULD TAKE PLACE.
JACKIE, DO YOU HAVE ANY INSIGHT ONTO THAT? INTO THE HIRING PROCESS? DID WAS CITY COUNCIL INVOLVED WITH, WITH AARON GETTING HIRED WAS THE CITY ATTORNEY'S OFFICE? NO, UH, THE, THEY HAVE THEIR OWN OUTSIDE WHO, UM, HELPED REPAIR THE, UM, IT WORKED FOR THAT AND THE HIRING.
I WOULD GUESS THAT'S WHAT WE WOULD DO IS, UH, SINCE WE HAVE THE, SINCE WE WERE LUCKY TO HAVE THE HFC AS SORT OF DO THIS FIRST AND WE WOULD JUST FOLLOW WHATEVER PERHAPS, UH, THEY CAN SHARE WITH US THEIR GUIDELINES.
SAM, PERHAPS ONE OF Y'ALL CAN GET WITH AARON AND, UH, HAVE HIM SHARE WITH, UH, WHATEVER GUIDELINES THEY USED AND WE CAN REVIEW THEM.
AND SEND IT TO THE HIRING COMMITTEE.
WE'LL TOUCH BASE WITH AARON AND SEE WHAT HE'S GOT.
AND, UH, WE'LL GO WORKING ON, UH, PUTTING TOGETHER A JOB DESCRIPTION DRAFT FOR YOU GUYS TO FINALIZE.
AND JACKIE, DO YOU REMEMBER HOW LONG, JUST SO THEY KNOW HOW LONG, UH, THE JOB HAD TO BE POSTED FOR AARON? I DON'T HAVE DETAILS FOR THAT.
SO DO YOU HAVE ANY, UH, THOUGHTS, UH, INSIGHT INTO THAT RATHER? NOT AT THIS TIME? WE'LL FIGURE THAT YEAH, YEAH.
OF THE POSTING OF THEIR POSTING.
AND I'VE, I'VE ASKED MARCY FOR, FOR THIS INFORMATION.
IT WAS, I I THINK THE TELL WAS, THERE WASN'T REALLY MUCH RESPONSE.
IT WAS LIKE THEY HIRED AARON AND GOT IT DONE AND EVERYTHING'S FINE, WHICH IS NOT, I'M NOT BEING CRITICAL.
I'M JUST SAYING THAT'S JUST KIND OF MY, YOU START OVER.
IDEALLY THEY HAD AARON TARGETED ON THE FRONT END.
SO HE HE'D BEEN DOING ALL THE WORK.
IT WAS JUST COURSE LEGALLY DID DO THEY HAVE TO POST IT? THE JOB POSTING, SINCE IT'S A PUBLIC ENTITY, I DON'T KNOW THAT, THAT THE PUBLIC ENTITY SIDE OF THAT NECESSARILY WOULD REQUIRE POSTING, BUT I, FROM AN EMPLOYMENT SIDE, IT, IT PROBABLY WOULD BE BEST PRACTICES.
I DON'T SEE ANY REASON NOT TO POST SOMETHING.
IT'S A MINIMAL COST AND YOU KNOW, BECAUSE IF, IF YOU, IF YOU HAD TO GO CRITICISM LATER ON, WELL, YOU DIDN'T POST IT WELL ACTUALLY, RIGHT.
WELL, SO NOW WE HAVE AN AGENDA FOR THE HIRING COMMITTEE.
WE, WE'LL GET, UH, WE'LL GO WITH AARON, WE'LL KIND OF PUT TOGETHER A BRIEFING AND, AND THEN ALSO GET A JOB DESCRIPTION DRAFT.
I, I WOULDN'T MIND ASKING FOR AUTHORITY TO GO AND POST IT FOR THE NEXT MEETING.
JUST HAVE THE POSTING MATERIAL HERE IT IS.
I DON'T WANNA NOT HAVE, I DON'T WANNA NOT DO ANYTHING FOR A MONTH.
OTHER THAN GATHER INFORMATION, RATHER TO GATHER INFORMATION.
LET'S TAKE THE NEXT CONCRETE STUFF.
IS THERE ANY REASON THAT IT COULD BE POSTED? I, NOT THAT I KNOW OF.
YEAH, IF THERE'S NOT, THERE'S NOTHING THAT'S GONNA HURT POSTED, THEN POST IT.
I THINK YOU, YOU CAN JUST AUTHORIZE IT TODAY.
I, I THINK WE ALREADY, UH, ALREADY AUTHORIZED IT TO THE I COMMITTEE AND YOU'RE THE CHAIR OF THAT COMMITTEE, SO YOU GOTTA LOVE YOU DOWN.
YOU'RE GONNA LOVE MY BROTHER-IN-LAW.
HE'S GONNA BE A GREAT
[01:00:03]
OKAY.UM,
UH, UM, SAM, CAN WE, CAN WE CIRCULATE THIS LIST? I GUESS IT'LL BE IN THE MORE NOTES.
WELL, WHAT I CAN DO IS I CAN, THESE WERE JUST SOME OF THE RECURRING THEMES.
UH, THEY WERE THE, UH, YOU KNOW, THE, THE MOST TALKED ABOUT IN, IN DIFFERENT WAYS, UH, UH, PROPOSED USES.
I CAN, I CAN SEND THIS SLIDE, BUT WHAT I CAN ALSO DO IS I CAN SEND, UH, THE, UH, POWER, OR SORRY, THE SPREADSHEET WITH EVERYONE SUGGESTIONS IF THEY WOULD LIKE, UM, AROUND TO KIND OF SEE WHAT OTHER PEOPLE WERE THINKING.
THERE'S, THERE'S SOME STUFF THAT'S, YOU KNOW, DISTRICT OR PROJECT SPECIFIC, BUT THESE WERE THE COMMON THEMES THAT, THAT WERE COMING UP.
UM, I, I WOULD LIKE TO, UH, TO HONE IN ON ONE IN PARTICULAR INVEST IN HOUSING OPPORTUNITY FUND.
UM, SO, UH, FOR WHOEVER, UH, OFFERED UP THAT, IF, IF YOU WOULDN'T MIND SHARING A LITTLE BIT ABOUT THAT AND KIND OF YOUR THOUGHT PROCESS AND WHAT YOU THINK THAT COULD DO.
WELL, A COUPLE PEOPLE HAD, UH, INVESTING WITH THE CITY, UM, I CAN'T REMEMBER OFF THE TOP OF MY HEAD WHO CAN GET TO IT.
UH, MENTIONED THE HOUSING OPPORTUNITY FUND.
ANYONE WANNA CONFESS THAT? WELL, THAT, THAT WAS ONE OF MY COMMENTS.
YEAH, IT WAS, IT WAS BRIEFED IN JAN.
IT WAS, I THINK IT WAS BRIEFED IN EARLY JANUARY AT HOMELESS HOUSING AND HOMELESS COMMITTEE AND ON, ON THEIR CHART, THE HOUSING OPPORTUNITY FUND, LIKE POTENTIAL ACTIONS.
SO, YOU KNOW, THINGS WE CAN DO AND PARTNERING WITH POC AND HC WAS ON THAT LIST BASE, WHICH I'VE VIEW AS FOLLOW THE MONEY HFC SITTING ON $20 MILLION PLUS, I THINK.
YEAH, I, I'M CONCERNED ABOUT THAT BOND.
UM, JUST BECAUSE THEY HAVEN'T RAISED MUCH MONEY.
UM, YOU KNOW, AND THEIR SLIDE, THEY SHOWED 40 ODD MILLION DOLLARS, BUT THAT'S ALL DEBT.
THEY, THEY'VE GOT ONE EQUITY INVESTOR FOR ABOUT TWO AND A HALF, $3 MILLION.
AND UH, YOU KNOW, THEY, THEY WERE SEATED WITH 6 MILLION AND UH, I JUST, I'M, I'M CONCERNED ABOUT THEIR PHILOSOPHY.
PHILOSOPHY OF THE DEPLOYMENT OF THE CAPITAL THEY DO HAVE AS WELL AS THEIR ABILITY TO, TO RAISE CAPITAL, WHICH IS ACTUALLY ILL, UH, SO THAT, THAT'S WHY I ASKED.
I'M JUST TRYING TO KIND OF SORT THROUGH THE HOUSING OPPORTUNITY FUND AND, AND FIGURE OUT IF THERE'S A SOLUTION THERE.
SO WHY CAN'T WE TAKE OUR MONEY? AND IF WE WANNA PUT IT BACK INTO HOUSING JOINT VENTURE WITH A DEVELOPER, YOU PROVIDE THEM SEED MILK, THEY DON'T WIND DOWN AFFORDABILITY.
IF WE DON'T WANNA GET CAUGHT IN THE BUREAUCRACY OF OTHER AREAS OF, OF THE CITY, YOU'RE KIND OF HIT ON SOMETHING THAT IS AN OVERALL SORT OF AHA AS WE STARTED TO TALK THROUGH THIS PROCESS.
WHATEVER WE DO HAS TO BE SIMPLE.
UM, I, I THINK PART OF THE REASON CAPITAL DOESN'T GET DEPLOYED IS BECAUSE IT'S SO COMPLICATED.
THERE, THERE ARE JUST, THERE ARE TOO MANY, UM, THERE'S TOO MANY LAYERS AND IT'S, IT'S JUST HARD TO COMPLY WITH ALL OF THAT, UH, AND GET SOMETHING DONE.
SO I THINK SOMETHING THAT'S REALLY SIMPLE THAT WE CAN EXPLAIN TO A 5-YEAR-OLD
LIKE A, A MATRIX WHERE IT, WHERE IT SPREADS OUT FOR EACH OF THESE ITEMS, LIKE HOW EASY IT IS TO GET UP AND RUNNING, HOW MUCH RED TAPE THERE IS INVOLVES, UM, EVEN JUST THE COST, LIKE TEMPORARILY WHEN WE CAN KIND OF SET HOW MUCH OF A BUDGET WE REALLY WANNA SET IT ON, $10 TO 10,000.
UH, SOME OF THE OTHER ONES HAVE MUCH HIGHER, YOU KNOW, STICKER PRICES ON THE FRONT END.
SAM, CAN YOU COME UP WITH A MODEL? YEAH, ABSOLUTELY.
SO WE AT LEAST ADDRESS UTILIZATION OF OUR FUNDS TO HELP BUY DOWN AFFORDABILITY.
IN WORKING WITH LOCAL DEVELOPERS.
'CAUSE IF, IF OUR MISSION, I'M JUST, I'M TALKING OUT LOUD, THAT'S JUST ME SPEAKING, BUT IF OUR MISSION IS TO CREATE AFFORDABLE HOUSING, THEN WE'RE BASICALLY SAYING
[01:05:02]
THE TAX DOLLARS THAT ARE BEING DEFERRED OR COMING TO US THROUGH RENTAL PAYMENTS AND OTHER PAYMENTS AND HOW CAN WE USE THOSE MONIES TO FURTHER OUR MISSION.NOT GETTING INVOLVED IN A WHOLE LOT OF BUREAUCRATIC NONSENSE.
WANT THAT OUT, KIND OF, UH, SEE WHAT IT GET SOME, SOME DEEPER AFFORDABILITY, WHETHER THAT'S, UH, AND, AND WE CAN EVEN HAVE TWO DIFFERENT WAYS TO GO ABOUT AT LEAST REDUCTION OR CAPITAL INJECTIONS.
WORK WITH, UH, SUMMER BRAXTON FISH BASE.
IT'D BE NICE THOUGH IF WE'RE GONNA INVEST THIS MONEY, MAYBE THERE'S A WAY WE COULD INVEST THIS MONEY THAT'S TO THE BENEFIT OF THE COMMUNITY, BUT GET A RETURN ON THAT INVESTMENT SO WE CAN REINVEST IT THAT ME, IT'S A WHOLE MORE INVESTMENTS.
I THINK THAT'S, UH, VERY GOOD.
I WOULD LIKE TO KEEP THIS ITEM ON THE AGENDA FOR NEXT MONTH WITH SAM SO YOU CAN COME BACK AND REPORT.
I FEEL THIS WILL BE A, A CRITICAL ITEM GOING FORWARD, ESPECIALLY AS WE HAVE FURTHER CONVERSATIONS WITH, UM, UH, COUNCIL AND STAFF ABOUT, UH, ABOUT OUR FUTURE AND WHAT WE DO WITH OUR FUNDS.
AND SO WE NEED TO KEEP THIS ON A, ON A FRONT BURNER SO WE CAN ANSWER THOSE INQUIRIES AND BE A STEP AHEAD OF IT.
I CAN, I CAN LOOK INTO, YOU KNOW, WHAT IT WOULD COST TO GET THESE THINGS KIND OF UP AND RUNNING.
UM, AND I'LL DEFINITELY MODEL OUT, UH, YOU KNOW, GOT SOME AFFORDABILITY AS WELL.
WE'LL CONTINUE THESE CONVERSATIONS.
ADDITIONALLY, IF ANYONE ELSE HASN'T SENT THEIR, UH, THEIR RECOMMENDATIONS I USE OF ACCESS MONTHS, IT'S NOT TOO LATE.
THIS CONVERSATION'S STILL GOING.
FEEL FREE TO SHOOT THAT OVER TO ME.
DO WE HAVE ANY, THIS WAS A DISCUSSION ITEM.
WE DID DISCUSS THE CURRENT LIMITS OF OUR DNO POLICY AND THE COMMITTEE FELT THAT GIVEN WHERE WE ARE, UM, WE'RE GOOD FOR, FOR RENEWAL THIS YEAR WITHOUT AN INCREASE IN, AS WE BECOME MORE PROFITABLE AND BUSIER, THEN WE'LL LOOK AT INCREASING IN.
SO THAT CONCLUDES THE DISCUSSION OF ITEMS 11, 13 AND 14.
WE WILL NOW MOVE BACK TO ITEM NUMBER 12, DPFC OWNED PROPERTY ANNUAL REPORTING, SAM.
ALRIGHT, SO, UH, PROPERTIES THAT ARE, UH, CURRENTLY LEASING ARE GOING TO BE RESPONSIBLE FOR PROVIDING US AN ANNUAL REPORT FOR OUR, UM, IF ANYTHING CLOSED AFTER THE MOST RECENT LEGISLATION.
UH, IT'S ALSO, UH, REQUIRED TO DO AN ANNUAL REPORT TO TD T-D-H-C-A, IF I'M NOT MISTAKEN.
UM, AND THEY GET A COPY OF THAT AS WELL.
I JUST WANT, YOU KNOW, SOME, SOME GUIDANCE ON WHAT WE SHOULD BE ASKING FOR.
UH, BECAUSE THERE'S, AS OF RIGHT NOW, THERE'S NOTHING.
IF I NEED TO PUT TOGETHER A DRAFT OF, UH, WHAT, WHAT WE NEED TO DO, UH, OR WHAT WE NEED TO BE ASKING FOR BASED UPON THE LEGISLATION CHANGES, LIKE PRE LEGISLATION CHANGES VERSUS, UH, POST LEGISLATION CHANGES, WE CAN DO THAT.
OR WE COULD PROBABLY JUST KEEP IT SIMPLE AND, AND GO WITH THE T-D-H-C-A, UH, APPROVED AUDITOR.
SO ALL OF YOUR DEALS ARE SUBJECT TO AUDIT.
THAT WAS WHAT CAME OUT IN NOVEMBER.
SO EVEN YOUR DEALS THAT WERE PRE JUNE OF 2023, THEY'RE ALL SUBJECT TO AUDIT NOW.
SO ALL OF YOUR DEVELOPERS SHOULD BE SUBMITTING THAT TO T-D-H-C-A FOR THOSE OF YOU ONLINE.
UH, UH, UH, SOME ARE GREAT GREATHOUSE SPEAKING.
AND, AND THAT'S ONLY FOR LEASING PROPERTIES, CORRECT? OR IS THAT FOR ALL PROPERTIES UP? ALL MULTIFAMILY RESIDENTIAL PROJECTS OWNED BY A PFC THAT I MEANT OPERATIONAL THOUGH.
LIKE THEY HAVE THEIR CO THEY HAVE PEOPLE LIVING IN IT, CORRECT? CORRECT.
[01:10:02]
AND SUMMER, WHEN DOES THAT REPORT DO? IS THERE A DUE DATE? JUNE 1ST OF EVERY YEAR.THEY SHOULD HAVE ALREADY SUBMITTED THEIR REPORTS FOR LAST YEAR.
SO YEAH, WE HAVE, UH, ACTUALLY, YOU KNOW WHAT, DANON MAY HAVE SUBMITTED ONE, BUT, AND THAT WOULD PROBABLY BE THE ONLY ONE THAT WOULD BE SUBJECT TO IT.
UM, IS IT FOR A FULL, FULL YEAR OF OPERATIONS OR IF THEY HAD ONE MONTH OF OPERATIONS AND THEN TIMEFRAME, THEY THEN YOU JUST SUBMIT AN AUDIT.
THE LANGUAGE IS A LITTLE UNCLEAR.
WHAT WE RECOMMENDED IS, IS THAT IF YOU HAD UNITS THAT YEAR, SO IF IT WAS MARCH, THEY WOULD NEED TO GO AHEAD AND START SUBMITTING IT IN JUNE.
THERE'S AN ARGUMENT THAT IT WOULDN'T BE DUE UNTIL THE NEXT YEAR.
BUT I THINK WE DON'T WANNA, WE DON'T WANNA POTENTIALLY HAVE AN ISSUE WITH T-D-H-C-A.
IT STARTED BASED, I THINK, I MEAN WHAT WE'RE TALKING ABOUT.
SPAIN BEING STANDARD OF ROYAL.
SO SAM ROYAL, I DON'T KNOW, HAVE THEY MEETING OKAY.
SO I'LL KEEP, LET'S KEEP THIS AS AN AGENDA ITEM FOR NEXT MONTH.
UM, IF WE HAVE TO HAVE THE REPORT TURNED IN BY JUNE 1ST, BUT IT'S NOT, IT'S NOT YOUR RESPONSIBILITY TO DEVELOP CORRECT.
RESPONSIBILITY THE LAW, BUT WE WANNA MAKE SURE THAT THEY'RE IN COMPLIANCE.
UM, SO I WOULD SUGGEST, UH, REQUESTING OKAY.
WE CAN REQUEST IT OR IS THAT'S PUBLIC INFORMATION.
IF THEY FILED IT, I THINK IT'S ON, MAYBE ON THE TDCA WEBSITE.
UM, I WILL TAKE A LOOK, BUT I THINK WE CAN, WE CAN CHECK AND SEE IF OUR PROPERTIES HAD FILED IT DIRECTLY WITH THE T-D-H-C-A.
AND, UH, KEITH, MAYBE THAT'S AN AGENDA ITEM FOR NEXT TIME, AN UPDATE FROM SAM AND SUMMER RETITLE THAT, UH, ANNUAL OR T-D-H-C-A ANNUAL REPORTING FOR NEXT MONTH.
YEAH, AND I THINK THAT IN SUMMER, IF YOU COULD, UH, KIND OF TELL EVERYBODY HOW THE T-D-H-C-A, UH, PROCESS WORKS, WHAT THEY NEED.
BECAUSE I THINK THE ONE THING WE'D WANNA BE ABLE TO DO IS IF A COUNCIL MEMBER ASK US ABOUT IT, GO YEP.
WE CONFIRM THAT ALL OF OUR PROPERTIES ALL COMPLY.
UM, AND JUST HAVE, BE ABLE TO ARTICULATE THAT.
AND THE FOR THE FORMS ARE, ARE ON THE T-D-H-C-A WEBSITE.
I CAN, I'LL SEND THAT TO YOU SO THAT YOU HAVE THAT.
PERHAPS IT'LL BE EASY JUST TO ADD IT AS A COLUMN ON OUR PIPELINE OR SOMETHING, YOU KNOW.
C-D-H-C-A REPORT 2024 FILE OR SOMETHING LIKE THAT, AND HAVE A CHECK BOX TO TAKE IT A STEP FURTHER.
THAT WOULD BE A GOOD REPORT TO PUT IN WITH OUR EMAIL.
PORTABLE WALL, THE PROPERTIES FILE THE TCA FOR.
WE'LL SEE IF WE HAVE ANY THAT ARE, UH, AVAILABLE.
MAYBE WE CAN ADD THOSE TO THE END OF THAT REPORT.
AND I'LL, I'LL LOOK INTO THAT, UM, AND SEE IF WHEN THE TWO DAY DAYS ON THIS, UH, IF WE CAN GET ALL THOSE IN TIME FOR THAT.
ANY OTHER QUESTIONS OR COMMENTS ABOUT ITEM NUMBER 12? SAME.
MOVING ON TO ITEM NUMBER 15, UH, DPFC ON PROPERTY MONITORING PROCEDURES, BRIEFING AND DISCUSSION, SAM.
AND WE HAD DISCUSSED THIS, THE, UH, AT THE, UM, FINANCE COMMITTEE MEETING, UH, AND, AND DECIDED WE'RE GONNA HAVE TO RFP THIS OUT, UH, FOR BOTH, UM, UM, LIKE A CONSTRUCTION MONITORING PERIOD AND THEN A COMPLIANCE MONITORING ONCE THE PROPERTY'S UP AND OPERATIONAL.
UH, I'VE GOT A FORM FOR A, UH, RFP AND A STARTED ON THE CONSTRUCTION MONITORING MONITORING ONE, BUT THE NEXT TIME THE, THE FINANCE COMMITTEE MEETS, OR I COULD JUST SEND THESE REPORTS OUT TO THEM, UM, SINCE THE STAFF WAS DESIGNATED TO YOU GUYS.
UM, AND THEN WE CAN KIND OF GO OFF THE LISTS, UH, THAT THE CITY OF DALLAS HOUSING APARTMENT HAS, OR, UH, SEND OUT TO SOME, SOME FOLKS THAT YOU GUYS KNOW AS WELL, UM, TO GET THE CONSTRUCTION MONITORING AND COMPLIANCE MONITORING FOR OPERATIONAL MONITOR.
DON'T YOU JUST CIRCULATE IT? YEAH.
[01:15:01]
COOL.SO I'LL, UM, HOW LONG DO YOU THINK IT WOULD TAKE TO, UH, HAVE A RES JUST SOLICIT A RESPONSE? HOW LONG DO YOU KEEP A, A DOOR OPEN FOR AN RFP TWO TO FOUR WEEKS? IS THAT WE DON'T, WE DON'T, UM, HAVE THE SAME GUIDELINES AS THE CITY, BUT NO, I DON'T KNOW.
IT'S KIND OF UP TO US SO LONG.
WE WANNA, WELL THIS THE CITY'S GUIDELINE.
YEAH, IF IT'S TOUGH TO ANSWER BASED ON THE CONTRACT.
GOT A LOT OF PROPERTIES UNDER, UH, CONSTRUCTION RIGHT NOW.
IT'S UP TO YOU GUYS ON TIMEFRAME, BUT THERE'S, YOU KNOW, SOME RISK INVOLVED.
UM, I, I'LL FIND OUT WHAT THE MINIMUM IS.
TWO OR THREE WEEKS IS, YEAH, TWO OR THREE WEEKS IS PROBABLY LIKE INDUSTRY STANDARD FOR AN RRP, SAY, UH, BASED ON WHAT I'VE HAD SOME EXPERIENCE DEALING WITH RFPS, CONTRACT GENERATIONS, BUT USUALLY ANYWHERE FROM THREE TO SIX WEEKS.
DEPENDS UPON WHAT YOU ARE ASKING, SEE.
AND THIS ISN'T TECHNIC TECHNICAL.
YOU WANNA GIVE PEOPLE TIME TO PREPARE AND RESEARCH AND GET THEIR PARTICULAR DATA, UH, TOGETHER AND THEN BE ABLE TO APPLY THE PROCESS.
SO I SAID NOTHING DEPENDING UPON WHAT WE'RE ASKING FOR.
LOOKING FOR AT LEAST THREE, BUT, UH, THREE TO FOUR WEEKS.
THAT SPACE MATTER ONCE WE GET TO OUR PIECE AND DATES ON IT, UH, WITH THE FINANCE COMMITTEE.
AND WE'LL, UH, REVISIT THIS AN UPDATED REPORT NEXT MONTH.
MOVING ON TO ITEM NUMBER 16 DPSC WEBSITE BRIEFING AND DISCUSSION.
UM, WE'VE GOT A FEW THINGS TO WORK THROUGH, UH, THAT THERE WAS A SPEED BUMP, UH, WITH OUR WEBSITE DEVELOPER AND
UH, YOU BUY
UM, BUT THE WEBSITE IS, IS PRETTY CLOSE TO BEING DONE.
UM, WE'RE PROCESS OF TRYING TO PLAN A COMMUNITY OUTREACH MEETING WITH, WITH, UH,
UH, AND JUST TO REVIEW THE SKELETON, UH, THAT'S FILLED IN A LITTLE BIT MORE.
UM, AND THEN, CORRECT ME IF I'M WRONG, KEVIN, YOU WERE GONNA BRING SOMETHING ELSE UP ABOUT, UH, YOU KNOW, JUST KIND OF TESTING IT? YEAH, SO I, I WAS LOOKING THROUGH THE FRAMES YESTERDAY AND ALL LOOKS REALLY GOOD.
THERE'S, THERE'S VERY FEW SPACES WHERE WE CONTENT TO BE PUT IN, AND MOST OF THAT'S VERY GENERIC, UH, STUFF AS IT IS.
UM, BUT YEAH, I WOULD LIKE TO, LIKE, ONCE IT IS UP AND RUNNING LIKE THAT, WE HAVE AT LEAST JUST KIND OF A, UH, LIKE A BENCHMARK, ALMOST A FOCUS GROUP JUST TO LET SURE MAKE SURE THAT ALL OUR INTENDED USERS, DIFFERENT GROUPS FROM CITY HALL AND MEMBERS TO, UH, DEVELOPERS AS WELL AS PEOPLE SEEKING RENT, UH, UNITS, UH, MAKE SURE EVERYONE CAN GET IN AND USE IT AND, AND HAVE THEIR REQUESTS ANSWERED AS AS NEEDED.
SO, UH, LIKE I SAID, ONCE WE GET THAT UP AND RUNNING, I THINK WE'LL BE IN A REALLY GOOD SPOT TO DO THAT.
I DON'T THINK IT NEEDS TO BE BEFORE WE GO LIVE.
I JUST WANNA MAKE SURE THAT WE HAVE A I SAID THAT, THAT BENCHMARK.
SO, UM, DO YOU HAVE A TIMEFRAME OR YEAH, WE, WHAT ARE WE LOOKING AT IT LIKE THREE OR FOUR WEEKS? LIKE THREE WEEKS? YEAH.
SO PERHAPS BEFORE THE, THE NEXT MEETING WE MIGHT GET A, UH, YEAH, EVERYONE SHOULD BE ABLE TO GO IN AND PUT AROUND PRETTY SOON AND YOU'LL SEND US A LINK.
YEAH, JUST SEND THE LINK TO THE FULL BOARD AND, UH, THANK Y'ALL VERY MUCH.
THAT'S SOMETHING THAT WE'VE BEEN NEEDING SINCE, SINCE OUR INCEPTION.
WE'LL BE REALLY HAPPY WITH IT.
UH, I GOTTA GIVE A SHOUT TO SOPHIA.
SHE WAS RUNNING POINT ON MOST OF THAT, SO, UH, SINCE I'M JUST NOT THE DESIGN GUY
UM, IT'S KIND OF POPPING IN AS NECESSARY AND ALSO, UH, YOU KNOW, GREAT DIRECTION FROM THE COMMUNITY ENGAGEMENT.
AND, UH, YEAH, WHENEVER WE GO LIVE, WE CAN SEND IT OUT TO, UH, YES SIR, ALL OF OUR STAKEHOLDERS AND, UH, COMMUNITY ACTIVISTS AND EVERYONE SO THAT THEY CAN GET MORE INFORMATION ON THE DPSC AND, UH, AT THEIR FINGERTIPS, SO TO SPEAK.
[01:20:01]
QUESTIONS OR COMMENTS ABOUT ITEM NUMBER 16? ITEM NUMBER 17, DPFC PIPELINE REPORT, BRIEFING AND DISCUSSION, SAM? UM, YES, WE'LL START WITH TWO APPLICATIONS.WE JUST PROVED ONE OF THE THREE THAT I MENTIONED AS OUR PLATFORM MEETING.
THERE WAS THOUGHT GOING TO BE A SECOND ONE ON HERE, BUT WE'RE TRYING TO HAMMER OUT SOME TERM AND IT SHOULD BE ON TO THE NEXT ONE, UH, BOARD MEETING IF I'M NOT MISTAKEN.
UM, AND IF A GROUP THAT SUMMER INTRODUCED US TO THANK YOU SUMMER GETS, UH, THEIR APPLICATION IN KIND HAVE PRETTY COOL DEEPER REPORTABILITY PROJECT, UM, THAT'S A LITTLE DIFFERENT THAN WHAT WE TYPICALLY DO, BUT I THINK
UM, AND SINCE IT WILL BE POSSIBLY A LITTLE BIT DIFFERENT, I'M GONNA MAKE SURE I SEND THE APPLICATION OUT TO THE FULL BOARD AS SOON AS I GET IT JUST SO EVERYONE CAN HAVE TIME TO REVIEW.
UM, IT'S, IT'S A HOTEL DIVERSION, SO, UH, EXTENDED STAY HOTELS, UH, THAT'S, YOU KNOW, NOT TOO, TOO OLD, BUT PRETTY OKAY LOCATION AND THERE'S ROOM FOR PEOPLE AFFORDABILITY ON IT, UM, WHICH KEN HAS HELPED US NEGOTIATE.
UM, AND THAT'S, UH, OUR NEW STUFF FOR RIGHT NOW.
UM, EVERYTHING'S RUNNING PRETTY, PRETTY SMOOTH.
UH, MAPLE HIGHLINE SHOULD BE GETTING THEIR SIX MONTH NOTIFICATION, UH, TO START PAYING LEASE EITHER THIS MONTH OR NEXT IF WE GET, UH, IF IT GOES SLOW, BUT THEY'RE, UH, THEY'RE MOVING ALONG.
UM, AND OKAY, THERE'S GONNA NEED TO BE A LITTLE BIT OF ORGANIZATION STUFF, I GUESS SOME ARE.
AND, AND KEITH AND I HAVE TALKED ABOUT WITH OUR, UH, PROPERTIES, UH, THAT WE CURRENTLY OWN, BUT SHOULDN'T BE TOO MUCH OF A SHAKE UP ON AN OPERATIONS, I DON'T THINK AT ALL.
ALRIGHT, THAT'S, THAT'S WHAT I GOT FROM EACH STEP AND I THINK EXISTING.
IS THERE ANY QUESTIONS ABOUT ANY OF THE PROFITS THAT WE DO HAVE GOING? ANY QUESTIONS OR COMMENTS ABOUT ITEM NUMBER 17, THE PIPELINE FOR SAM? NO.
IT'S BEEN A LONG COUPLE OF WEEKS, BUT
DO WE HAVE A MOTION TO ADJOURN? MOTION MADE BY DIRECTOR ALI ED BY DIRECTOR OF BLANKETSHIP.
ALL IN FAVOR SIGNIFY BY SAYING AYE.