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[Dallas Grand Park South TIF District Board of Directors Special Called Meeting on June 5, 2025]
WELL, THANK YOU AGAIN.WELL, UH,
TECHNOLOGY WILL NEVER FAIL US.
MR. CHAIRMAN, I'M GONNA HAND IT OVER TO YOU.
IT LOOKS LIKE WE'VE CONVENED THE MEETINGS TO START AT 2 0 8.
WE GOT FIVE ITEMS ON THE AGENDA AFTER NUMBER THREE.
NUMBER THREE ON OUR AGENDA IS TO REVIEW AND CONSIDER THE MINUTES RECORDED FROM OUR DECEMBER 5TH THAT
AND IF YOU HAVE, UH, I NEED SOMEONE TO MAKE A MOTION TO APPROVE THEM.
AND SECOND, SO MOVE FOR THE MINUTES.
ITEM NUMBER THREE ON OUR AGENDA.
AND SECOND, EVERYBODY, THERE WERE NO CHANGES, SO I DUNNO IF THAT YEAH, JUST TO MAKE SURE.
WE JUST MAKE SURE WE'RE SEEING EVERYBODY JUST OKAY.
UM, WELL AGAIN, THANK YOU ALL FOR, UH, YOUR ATTENDANCE TODAY.
WE ARE, UH, TODAY'S MEETING IS MOSTLY INFORMATIONAL.
WE HAVE TWO ITEMS. THE FIRST ONE BEING, UM, AN OVERVIEW OF HISTORY OF THE GRAND PARK SOUTH DISTRICT.
SUE AND I WERE TALKING AND WE THOUGHT IT MIGHT BE GOOD TO HAVE A REFRESHER, IF YOU WILL, UM, FOR SOME OF 'EM, MORE OF THE JUNIOR MEMBERS, UM, THAT, UH, OUR FAMILY TO THE BOARD.
AND EVEN IF WE'VE HEARD THIS INFORMATION BEFORE, WE APOLOGIZE IF IT'S REMEDIAL, BUT IT MIGHT BE JUST, YOU KNOW, JUST IS ASKING IF WE DID LIKE, FULL MOTION ON THE MINUTES.
DO WE DO IT ALL IN FAVOR? OH, OKAY.
I THINK THEY, THEY MAYBE HAVE, THEY MIGHT BE HAVING TROUBLE HEARING THIS.
IT'S BEEN MOVED AND A SECOND THAT THE MINUTES BE APPROVED AS WRITTEN.
UH, AND SO WE HAVE APPROVED, UH, THE MINUTES IF THERE WERE NO CHANGES NOTED YET.
IS THERE ANYONE FROM THIS, DO I NEED TO SHARE? UM, SHE'S THIS, BUT UNLESS IT'S RECORDING, THIS IS SET UP OVER HERE.
PROBABLY HAVE TO TALK LOUDER BECAUSE I, THAT MICROPHONE IS NOT VERY OKAY.
WHERE ARE YOU SEEING THAT? IN THE CHAT SUIT? YEAH, IN THE CHAT.
LET ME SEE IF
YEAH, WE GOTTA TALK LOUDER, RIGHT? OKAY.
WE WANNA MAKE SURE THAT, UM, WE JUST WANNA SHORE UP THE TECHNOLOGY SIDE OF THINGS.
WE JUST TRY TO, OR IT'S, IT'S NOT ACTUALLY LOADING UP WITH HER.
SHE, SHE DON'T HAVE VISITATION ON HER COMPUTER.
LET ME SEE IF SHE, OH, SHE'S GONE.
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WELL, WELL, ELEVATOR BOOK.CAN EVERYBODY HEAR US NOW? YES, YOU CAN HEAR US NOW.
AND YOU CAN SEE THE PRESENTATION, RIGHT? YES.
I PROMISE TO FLY THROUGH THIS AND THEN I CAN ALWAYS FOLLOW UP WITH QUESTIONS LATER.
AGAIN, WE APPRECIATE YOUR TIME SO MUCH.
UM, ALRIGHT, SO THE, JUST, UM, THE PRESENTATION OVERVIEW IS REALLY, YOU KNOW, WHAT IS, WHAT IS TAX INCREMENT FINANCING? HOW DO WE USE IT AS AN ECONOMIC DEVELOPMENT INCENTIVE TOOL? UM, WE'RE GONNA TALK ABOUT ALL OF THE T TIF DISTRICTS, UH, THE 18TH ACTIVE TIF DISTRICTS, UH, WITH THE CITY OF DALLAS.
UM, SOME BACKGROUND INFORMATION ON THE TIF DISTRICT ITSELF, UM, THE PROJECTED, THE, THE DISTRICT BUDGET AT ITS INCEPTION.
AND THEN, UM, A, A CALIBRATION OF THOSE, WHAT THE PROJECTED, UH, INCREMENT REVENUES, UH, WOULD BE IF WE WERE MOVING IN, IN THE PACE THAT WE WANT TO, WHAT WE'RE ACTUALLY ESTIMATED TO COLLECT IN 2025.
AND THEN ON A POSITIVE NOTE, SOME DEVELOPMENT ACTIVITY.
UM, WE WANT TO MAKE, UH, YOU ALL AWARE OF HOW WE GO ABOUT, UM, GOING THROUGH THE INCENTIVE PROCESS WHEN A PROJECT COMES OUR WAY.
AND THIS JUST SOME CLOSING THINGS ON WHAT'S HAPPENING IN THE AREA, UH, AND CITYWIDE INITIATIVES AND HOW STAFF IS CONTINUES TO BE ENGAGED, UH, WITH STAKEHOLDERS IN THE DISTRICT.
SO ESSENTIALLY, UH, TAX IMPROVEMENT FINANCING, IT IS AN ECONOMIC DEVELOPMENT TOOL, UM, USED FOR TO FINANCE PUBLIC INVOLVEMENT.
UM, IMPROVED IT, EXCUSE ME, WITHIN DEFINED AREAS.
I'D LIKE TO SAY THAT IT IS A VALUE CAPTURE REVENUE TOOL OR, OR, YEAH, VALUE CAPTURE, UH, REVENUE TOOL WHERE YOU USE, UH, THE TAXES ON THE FUTURE GAINS IN REAL ESTATE TO PAY FOR, UH, UH, DEVELOPMENT, REDEVELOPMENT, PUBLIC INFRASTRUCTURE AND THINGS OF THAT NATURE.
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WITH THE BASE VALUE, A BASE TAX YEAR, UM, AND OF COURSE, UH, NEW DEVELOPMENT, UH, TRIGGERS, UH, THE ADVANCEMENT OF THOSE, OF THAT INCREMENT.AND THAT'S HOW IT'S CAPTURED, UM, UH, TO FUND, UH, AND TO FINANCE IMPROVEMENTS WITHIN THE DISTRICT.
AGAIN, VIA DEVELOPMENT, REDEVELOPMENT OR PUBLIC INFRASTRUCTURE.
OUR DEVELOPMENT AGREEMENTS ARE NEGOTIATED.
THEY TYPICALLY ARE PAID UPON PROJECT COMPLETION.
UM, AND THE FUNDS ARE REIMBURSED, UM, OUT OF THE, THE INCREMENT THAT IS COLLECTED.
AND OF COURSE, DEVELOPERS, WE ARE IN PARTNERSHIP WITH THEM, BUT THEY ASSUME THE RISK, UM, UH, WHEN THEY GET, WHEN THEY, WHEN WE, UH, APPROVE AN, AN INCENTIVE OR A, A SUBSIDY FOR THE PROJECT.
HERE'S THE MODEL ON HOW THE TAX INCREMENT FLOWS.
OBVIOUSLY WE START WITH THE BURGUNDY AREA.
THAT IS, THAT IS THE BASE, UM, THAT IS FROZEN.
AND OF COURSE, OVER TIME, YOU KNOW, THAT INCREASED REAL ESTATE VALUE, UM, IS WHERE WE CAPTURE THE INCREMENT FRONT LOADED, OBVIOUSLY TO THE TIFF DISTRICT ITSELF.
AND LATER ON, PROBABLY A LITTLE MORE FLOW TO THE GENERAL FUND.
BUT THAT'S ESSENTIALLY WHAT WE WANT, RIGHT? WE WANT THINGS TO, WE WANT DEVELOPMENT TO SPUR, WE WANT TO RAISE THE TAX BASE AND THEN TOWARDS THE END WITH CRUISING ON, AND HOPEFULLY WE CAN FIND CREATIVE WAYS TO GO ABOUT MORE DEVELOPMENT AND INVESTMENT IN OTHER THINGS.
IN, UH, OTHER PROJECTS, AS MENTIONED, WE HAVE 18 ACTIVE TIF DISTRICTS.
THREE OF THOSE, UH, HAVE SUNSET.
I ALWAYS SAY THE DALLAS IS, IS SOMEWHAT THE MODEL FOR TAX INCREMENT FINANCING.
AND AS YOU CAN SEE WITH THE SECOND BULLET, THE OVERALL VALUE THAT HAS GROWN FOR THOSE TIF TIF DISTRICTS COLLECTIVELY IS A 601% RETURN, UH, A AT 20, 24 $0.7 BILLION.
FIFTH DISTRICTS ARE DEFINITELY A CATALYST FOR IMPROVING REAL, THE REAL ESTATE MARKET.
UM, PARTICULARLY THOSE BLIGHTED AREAS WHERE WE WANT TO PROVIDE INVESTMENT.
UM, UH, THE GRAND PARK SOUTH DISTRICT, OBVIOUSLY THE EMPHASIS OF THAT WAS AROUND THE MLK DARK STATION, AND IT GOES RIGHT IN LINE WITH WHAT'S UH, SAID HERE ABOUT, UH, DARK STATIONS, UM, MIXED USE NEIGHBORHOODS AND THINGS OF THAT NATURE.
THE ELIGIBLE COST, UH, TYPICALLY INCLUDE PUBLIC INFRASTRUCTURE, OPEN SPACE, PUBLIC AMENITIES, ENVIRONMENTAL REMEDIATION, HISTORICAL FACADE, AND THINGS OF THAT NATURE.
WE ALWAYS MAKE IT A POINT WHEN WE'RE TALKING ABOUT OUR PROGRAMS TO, TO UNDERSCORE THAT BECAUSE THE PUBLIC GOOD IS REALLY, REALLY WHAT WE, WHAT WE ARE INTERESTED IN DOING.
NOT NECESSARILY, UH, ENRICHING THE DEVELOPER, BUT TAKING ON THOSE THINGS THAT THE DE DEVELOPER PROBABLY SHOULDN'T BE BURDENED WITH.
UM, AND THEN ANOTHER IMPORTANT NOTE IS THAT, YOU KNOW, IT'S, IT'S, UH, TYPICALLY, UH, A REQUIREMENT TO LAYER OTHER SOURCES OF FUNDS TO REALLY MAKE FOR, UM, A GOOD PROJECT TO MAKE IT FEASIBLE.
AND WE GET REAL, REAL CREATIVE WITH THAT, UM, TO MAKE, UH, PROJECTS GO FORWARD.
SO, SOME BACKGROUND ON THE GRAND PARK FIFTH DISTRICT, OBVIOUSLY CREATED IN 2005, I BELIEVE.
SOME FOLKS, UM, MR. REXDALE, LUIS, THEY WERE THERE WHEN WE FIRST, I'M NOT TALKING ABOUT YOUR AGE, BUT
YOU ALL ARE FAMILIAR WITH THE BOUNDARY.
UM, IT'S ABOUT 389 ACRES IN SIZE.
IT IS, UH, SCHEDULED TO EXPIRE IN 2035.
AND IF YOU REALLY THINK ABOUT THAT, THAT'S JUST 10 YEARS.
THAT TIME GOES REALLY, REALLY QUICKLY.
SO, UH, TOWARDS THE END, WE REALLY, REALLY WANNA TALK ABOUT, HOPEFULLY WE CAN, WE FEEL LIKE THINGS ARE FIRING UP AND, UM, WHAT WE CAN DO TO MAXIMIZE THE LAST 10 YEARS OF THIS DISTRICT.
UM, SO THE CERTIFIED TAXABLE VALUE FOR 2024 WAS, UH, ROUGHLY 188 MILLION.
UM, THAT REPRESENTS, UH, A HUNDRED, ROUGHLY 109 MILLION OVER THE BASE YEAR.
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UH, INCREASE OVER THE BASE YEAR.SO THE TIF DISTRICT BUDGET, AGAIN, AT ITS INCEPTION, THIS IS, UM, WAS SORT OF FROZEN IN TIME.
THIS IS WHERE WE THOUGHT THIS IS THE NET PRESENT VALUE OF THE PROJECT PLAN AT ITS AT ITS INCEPTION.
AND THEN, UH, YOU KNOW, FAST FORWARD, I THINK THE BEST WAY TO DESCRIBE THE PROJECT PLAN BUDGET, UH, IS TO LIKEN IT TO THE TIME VALUE OF MONEY.
YOU KNOW, THIS IS A HYPOTHETICAL.
HAVE THINGS BEEN MOVING LIKE WE WANTED THEM TO, UH, THIS IS A CALIBRATION OF ESSENTIALLY WHERE WE WOULD BE, UH, AT THIS POINT IN TIME.
SO THIS JUST PROVIDES A FRAMEWORK TO, TO ILLUSTRATE THE FINANCIAL CAPACITY.
AND INDEED THERE'S A LOT OF CAPACITY.
WE ARE WAITING FOR PROJECTS FOR THE GRAND CAN, CAN YOU EXPAND THAT AT ALL? SHE SAYS CAN EXPAND, YOU CAN MAKE CAN I EXPAND THAT? YEAH, IF YOU COULD MAKE THE WINDOW BIGGER.
IT'S DIFFICULT TO SEE OBJECTIONS.
AND AGAIN, THIS BUDGET IS BASED ON THE PROJECTIONS FOR THE LIFE OF THE DISTRICT OVER THE LIFE OF THE DISTRICT, ESTIMATED IN CURRENT DOLLARS, OBVIOUSLY.
SO FOR 2025, UM, THE ESTIMATED INCREMENT COLLECTION, UM, WILL BE, UM, $843,000 638 FOR SIX THIRD.
AND THIS IS HOW IT'S FACTORED.
THE BASE VALUE MINUS THE TAXABLE VALUE GIVES US OUR CAPTURED VALUE.
AND THEN THE CITY AND COUNTY INCREMENTS ARE BASED ON THEIR PARTICIPATION, EXCUSE ME, PARTICIPATION LEVELS, UH, TIMES TAX RATE.
UM, SOME MIGHT HAVE REMEMBERED WHEN THE MAYOR'S TASK FORCE, UH, DID A SAFE COMMUNITY HAD A SAFE COMMUNITIES TASK FORCE, AND IT WAS RECOMMENDED THAT, YOU KNOW, FOR CRIME REDUCTION AND THINGS OF THAT NATURE, THAT LIGHTING WAS BE A PRIORITY, NOT JUST TO THIS DISTRICT, BUT OTHERS.
UH, IN THE GRAND PARK, SOUTH TIFF DISTRICT, THERE WAS, UM, AN INVESTMENT OF $500,000 FOR PUBLIC LIGHTING.
AND THE MAP ON THE RIGHT SHOWS YOU, UH, THE PLACEMENT, UM, THROUGH, UM, AFTER, YOU KNOW, THERE WAS COLLABORATION WITHIN CITY PAUL WITH VARIOUS DEPARTMENTS.
AND THEN, AND IDENTIFYING THE PRIORITY AREAS WITH THE MOST NEED FOR THE LIGHTING UPGRADES.
SO THAT WAS THE VERY FIRST, UH, FIFTH FUNDED, UH, PROJECT STARTED IN 21, COMPLETED IN 22.
WE ARE ALL VERY EXCITED ABOUT, UH, THIS PROJECT.
YOU HEARD, UH, I THINK AT OUR LAST, UH, TIF BOARD MEETING THAT WE HAD EX HAD DONE AN EXTENSION ON THE MATERIAL DEADLINES FOR THE LEGACY OF HOPE, UM, PROJECT, WHICH IS A REDEVELOPMENT OF A COMMERCIAL, UH, PROPERTY, FORMERLY A HOSPITAL.
AND THE ALLOCATION, UH, TO FUND ALLOCATION IS MORE THAN, UH, 2.3 MILLION.
AND THEN TALKING AGAIN ABOUT, YOU KNOW, LAYERING AND USING, YOU KNOW, THE COLLECTIVE OF MAKING AN AREA GREAT.
AND SOMETIMES THAT INVOLVES OTHER, UH, SOURCES OF FUNDS.
SO NON TIF FUNDED PROJECTS, UM, INCLUDE, UM, OUTLINES UP HERE, THE SOUTH DALLAS CLOUD KITCHEN, WHICH IS A COMMUNITY MARKET AND COMMERCIAL KITCHEN THAT IS COMPLETE.
UM, THE RETAIL BUILDING AT 1632 MLK, UH, WHICH INCLUDES RUTHIE'S FOR, UH, RESTAURANT RUTHIE'S FOR GOOD.
UM, ALSO WE RECEIVED RECENTLY NOTIFICATION THAT BAYLOR, IT HAS, UM, CONFIRMED, UH, AND ELISA'S BEEN EXECUTED.
SO THEY WILL HAVE A PRESENCE IN THAT DEVELOPMENT.
UM, THE MALCOLM'S POINT RETAIL IS, WILL BE GROUND UP CONSTRUCTION, AND THAT IS IN THE PRE-DEVELOPMENT PHASE.
AND OF COURSE THE FOREST THEATER IS JUST FANTASTIC.
UM, AND THAT IS UNDER CONSTRUCTION.
SO I THINK COLLECTIVELY, AGAIN, YOU KNOW, WE'RE SEEING SOME MOVEMENT AND WE'RE EXCITED ABOUT IT.
UM, CAN WE ASK, CAN WE ASK QUESTIONS AS YOU GO ALONG?
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UM, DO YOU WANT ME TO GET THROUGH IT AND, AND GET OKAY, THAT'S FINE.AS LONG AS WE CAN REMEMBER THE QUESTION.
UM, SO REAL QUICK ABOUT THE INCENTIVE APPLICATION PROCESS.
YOU KNOW, IT'S, IT'S PRETTY THOROUGH.
UH, TYPICALLY INFORMATION ABOUT THE APPLICANT, THE PROPERTY, THE PROJECT, FINANCIAL INFORMATION.
ALL OF OUR PROJECTS ARE SENT THROUGH, YOU KNOW, AFTER STAFF HAS REVIEWED IT, UH, AND POTENTIALLY, UH, FORWARDED IT FOR, UM, UNDERWRITING THAT GOES TO A THIRD PARTY.
UM, WE, AND I KIND OF JUMPED AHEAD, BUT WE DO A REALLY, REALLY GOOD JOB OF, UH, SITTING DOWN WITH THE APPLICANT AND IDENTIFYING, UM, ALIGNMENT THEM WITH THE, UH, URBAN DESIGN PEER REVIEW PANEL.
UM, IF THERE'S A NEED, A NEED FOR THEM TO MEET WITH, UM, THE MINORITY, UH, WOMEN BUSINESS ENTERPRISE OFFICE PROCUREMENT, OR WHATEVER UNIT IS TAKING CARE OF THAT, EVEN DEVELOPMENT SERVICES.
SO WE TRY TO TROUBLESHOOT AHEAD.
UM, AND THEN OF COURSE, UH, IF THERE IS A RECOMMENDATION BY US, WE BRING IT TO YOU ALL, UH, FOR CONSIDERATION BEFORE IT GOES TO THE CITY COUNCIL FOR FINAL APPROVAL.
UM, I SEE, UH, MS. RAGSDALE AND SOME OTHERS OUT IN THE COMMUNITY.
SUE AND I ARE, YOU KNOW, FREQUENTLY MEETING WITH STAKEHOLDERS, UH, THE POINT SOUTH REVITALIZATION COMMITTEE.
WE MAKE OURSELVES AVAILABLE FOR ANYBODY WHO HAS QUESTIONS.
UM, WE'RE OUT, UH, IN THE COMMUNITY AND WE WANT TO SUPPORT, UM, ANY POTENTIAL DEVELOPMENT, BE IT, YOU KNOW, IF THEY'RE GOING VERTICAL INFRASTRUCTURE, THINGS OF THAT NATURE.
WE'RE, YOU KNOW, TRYING TO GET TO BE VERY PRESENT, UH, FOR THE NEEDS OF SOUTH DALLAS.
UM, YOU'RE FAMILIAR WITH THE DEEP LM FIFTH DISTRICT, UH, FUNDING TRANSFER TO SUPPORT HOME REPAIR AND, UH, HOME BUYER ASSISTANCE.
AND I KNOW THIS PARTICULAR BOARD WANTED MOST OF THOSE FUNDS TO GO TOWARDS HOME REPAIR.
UM, AND THEN OF COURSE, THE RECENT APPROVAL OF THE PARKING REFORM, THE AMENDMENT TO THE PARKING REFORM AS WELL AS APPROVAL OF THE SOUTH DALLAS FAIR PARK AREA PLAN, I THINK GIVES US, YOU KNOW, ALONG WITH THE TIFF DISTRICT AND GROWING IT AND THE VARIOUS INCENTIVE TOOLS, I THINK MOMENTUM, UH, IS, IS IS THERE AND WE HAVE TOOLS TO MOVE THE GRANT PARK, UH, SOUTH TIP DISTRICT FORWARD.
UM, SO I'LL CLOSE BY SAYING, YOU KNOW, THIS IS, WE WANTED TO GIVE YOU A GENERAL OVERVIEW, BUT AS YOU CAN SEE, THE CAPACITY IS THERE.
WE ARE, WE ARE WAITING FOR PROJECTS AND WANTING INCENTIVE APPLICATIONS TO COME IN.
AND THAT'S WHERE I THINK, UH, THAT'S, I KNOW THAT'S WHERE OUR FOCUS IS.
SO, UM, HOPEFULLY YOU'RE THINKING THAT WAY AS WELL.
AND AS YOU'RE OUT IN THE COMMUNITY AND ENGAGING, UM, YOU'RE SHARING THE SAME WITH FOLKS TO KNOW THAT WE'RE WAITING AND WILLING TO HELP, SO.
LET ME CHECK TO SEE IF THOR HAS MADE IT ON.
THOR IS NOT HERE YET, SO UNFORTUNATELY.
BUT WITH THAT, I WILL, UM, CLOSE AND OPEN IT UP FOR QUESTIONS.
UH, GOING BACK TO, UM, THE OTHER OFFICE OF ECONOMIC DEVELOPMENT INCENTIVES, UM, I DON'T KNOW WHAT PAGE THAT WAS, MAYBE ABOUT TWO OR THREE PAGES.
WAS THAT THE NON TIP FUNDED PRO PROJECTS? UH, HERE? YEAH.
SO WE SAY NON TIER FUNDED PROJECTS, UH, OTHER OED, DO YOU KNOW WHAT THOSE OTHER OED, UH, INCENTIVES WERE OR ARE, OR WERE? I'M THINK THEY'RE PROBABLY, UH, THERE'S A, THE, THE FIRST CHAPTER, THREE 80 GRANTS, UM, SO THE, THE FIRST TWO WERE SOURCED FROM BOND FUNDS.
UM, I DUNNO ABOUT SO WHAT BOND FUNDS? YEAH, THEY WERE SOURCED FROM ECONOMIC DEVELOPMENT BOND FUNDS.
I DON'T KNOW ABOUT MALCOLM'S POINT.
UM, FOREST THEATER I THINK WAS A COMBINATION.
BUT I CAN, I CAN, I CAN FOLLOW UP WITH YOU ON THAT.
WELL, YEAH, YEAH, THAT'D BE FINE.
THAT'S WHAT I WAS ABOUT TO SAY.
IF YOU COULD JUST FOLLOW UP SO WE COULD BE, WE CAN BE, UH, QUITE CLEAR ABOUT WHAT THAT WAS, UM, TO THE, UM, HOW MUCH MONEY DID YOU SAY THAT, THAT WE CAN ANTICIPATE FOR 2025? HOW MUCH MONEY IS THERE NOW AGAIN, AND HOW MUCH MONEY CAN WE ANTICIPATE IN 2025? THE COLLECTION
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FOR 2025 IS 843,630.SO THIS MIGHT BE A GOOD TIME TO JUST MAKE A CLARIFICATION BETWEEN ACTUAL CASH AND THE BUDGET.
SO ACTUAL PLAN CASH IS MUCH LESS BECAUSE THERE HASN'T BEEN A LOT OF DEVELOPMENT IN THE DISTRICT.
SO THE BUDGET THAT ANGELA WENT THROUGH, BOTH OF THOSE, BOTH THE, THE PLAN BUDGET AND NET PRESENT VALUE AND THE TOTAL DOLLAR BUDGET ARE BOTH ESTIMATES IF A CERTAIN AMOUNT OF DEVELOPMENT WERE TO OCCUR.
BUT WE'RE, IT'S NOWHERE NEAR THE CASH THAT WE ACTUALLY HAVE.
AND REALISTICALLY, BASED ON THE TRENDS THAT WE'VE HAD, IT'S VERY UNLIKELY THAT WE WOULD EVER REACH THAT CAPACITY DURING THE LIFE OF THE DISTRICT.
BUT WE DO HAVE PLENTY OF CAPACITY, AT LEAST.
AND THOSE BUDGET CATEGORIES DO COVER ALL THE ELIGIBLE ITEMS THAT WE COULD INCENTIVIZE.
AND SO, UM, WE AT LEAST HAVE A FRAMEWORK.
WHAT WE REALLY JUST NEED OUR PROJECTS IN DEVELOPMENT TO REALLY ACHIEVE THE GOALS OF THE, THE TIP DISTRICT.
ONCE AGAIN, THE ANTICIPATED COLLECTION IS 843,000, BUT YES, THAT'S WHAT WE WOULD ANTICIPATE COLLECTING THIS SUMMER.
AND THEN 2024, I BEG YOUR PARDON? AND THAT, THAT'S FOR THE TAX HERE.
I ALWAYS SAY YOU, UH, YEAH, BACK AND THEN, UH, AND SO, AND, AND WHAT'S IT, WHAT DO WE, UH, WHAT, WHAT, WHAT IS IN THE FUND NOW? IS THAT THE A HUNDRED AND, UM, I SEE THE TAX VALUE, THE BASE VALUE, WHAT, WHAT, WHAT, WHAT CASH IS THERE NOW? I'M SORRY.
SO OUR ACTUAL CASH BALANCE RIGHT NOW, AGAIN, UM, THIS IS WITH THE ALLOCATION TO LEGACY OF POL.
AFTER WE, WE FUNDED THAT PROJECT AT 2.3, IT LEAVES, UH, A CASH BALANCE OF 1 76, 3 72, I'M SORRY, 3 92.
SO 176,000 3 92 APPROXIMATELY.
AND THAT OBVIOUSLY WOULD BE THE, THE 8 43 FROM 24 WOULD BE ADDED TO THAT.
SO WE'RE LOOKING AT ROUGHLY A LITTLE UNDER A MILLION DOLLARS.
BUT ONE, ONE IS ANTICIPATED, BUT, BUT, BUT THAT WHICH WE HAVE RIGHT NOW IS 1 76 3 92.
THAT, THAT'S WHAT, AND I HAVE ONE OR TWO OTHER QUESTIONS, BUT I YIELD THE POOR RIGHT NOW.
AND YOU, SO WHAT DO YOU THINK IS THE, OH, I'M SORRY.
WHAT DO YOU THINK IS THE HESITANCY OR THE GREATEST BARRIER TO SOME BRINGING SOME MORE COMMERCIAL PROJECTS TO THIS DISTRICT? OR WHAT ARE THE ROADBLOCKS Y'ALL SEEING? YOU KNOW, WE, WE'VE BEEN MEETING WITH, UH, LANDOWNERS IN SOUTH DALLAS FOR A WHILE, FOR
SO WE'VE HAD SOME, UM, WE'VE SEEN SOME PRELIMINARY, WE'VE HAD SOME PRELIMINARY DISCUSSIONS ON PROJECTS.
BUT WE NEED FOR THEM TO SEND THEM THE INCENTIVE APPLICATIONS SO THAT WE CAN GET THOSE PROJECTS GOING.
UM, AGAIN, YOU KNOW, THESE ARE THE MAJOR LANDOWNERS.
UM, WE'VE GIVEN IDEAS, WE'VE, I I WILL GO AHEAD AND EVEN SAY, 'CAUSE I HEAR KEVIN SAY THIS ALL THE TIME, YOU KNOW, DON'T BE, UM, DISMAYED ABOUT THE MONIES IN THE TIF DISTRICT.
LET US FIGURE OUT HOW TO FILL THE GAP.
WE WANNA LOOK AT GOOD PROJECTS.
SO, YOU KNOW, EVEN IF THE, THE GRAND PARK SOUTH TIF DISTRICT DOESN'T HAVE THE BUDGET, WE STILL WANNA TALK TO YOU.
UM, SO, YOU KNOW, MR. ATKINS, I, I REALLY, I THINK IT'S JUST A MATTER OF MOVEMENT.
UM, WE'RE TALKING ABOUT THE INFRASTRUCTURE NEEDS TOO AND HOW TO RESOLVE THOSE.
UM, BUT HONESTLY, THE EASIEST WAY, AND WE'VE BEEN VERY OPEN AND HONEST ABOUT THAT, EVEN, UH, YOU KNOW, WITH, WITH, UM, POTENTIAL PROJECTS, UH, TAKING CARE OF THE, THE INFRASTRUCTURE NEEDS IS TYPICALLY EASIER IF IT'S ATTACHED TO A PROJECT RATHER THAN THE CITY TAKING ON, UH, A PROJECT ITSELF, A STANDALONE PROJECT AND, AND GOING IN BECAUSE WE KIND OF HAVE TO KNOW WHAT THE NEED IS ANYWAY, YOU KNOW, WHAT THE NEEDS ARE BASED ON THE TYPE OF DEVELOPMENT THAT'S GOING ON.
AND, UM, SO, YOU KNOW, IT'S TYPICALLY EASIER FOR US TO INCENTIVIZE THE DEVELOPER TO GO AHEAD AND PUT IN, PUT IN, UH, THE INFRASTRUCTURE.
UM, BECAUSE THAT'S ESSENTIALLY WHAT THE TIFF, YOU KNOW, THAT'S, YOU KNOW, PROBABLY NUMBER ONE ON THE LIST OF ELIGIBLE, UH, EXP EXPENDITURES FOR, UH, TIF FUNDS IS THE INFRASTRUCTURE PIECE.
SO, YOU KNOW, I, I, I THINK IT'S A MULTITUDE
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OF THINGS.I THINK, YOU KNOW, IT'S JUST, YOU KNOW, MAYBE PEOPLE ARE RETICENT BECAUSE OF, YOU KNOW, THEY WERE WAITING FOR THE ELECTION TO TAKE PLACE.
BUT JUST KNOW THAT THE OED STAFF IS, IS POISED AND READY TO HELP.
UH, I THINK OUR POLICY SUPPORTS DEVELOPMENT AS WELL, AND IN TARGETED AREAS.
AND GRAND PARK SOUTH IS ONE OF THOSE.
ANY MORE QUESTIONS? UM, WHAT'S THE STATUS OF THE HOME REPAIR MONEY? WELL, YOU KNOW WHAT, UH, MS. ROCKDALE, SADLY, UNFORTUNATELY, THOR IS ON THE AGENDA TO GIVE AN UPDATE.
AND AFTER WE SCHEDULED THE MEETING, HE HAD A MANDATORY MEETING PUT ON THIS, HIS SCHEDULE THAT'S ACTUALLY OUTSIDE OF THE BUILDING.
UM, AND HE WAS SUPPOSED TO CALL IN, AND I'M LOOKING FOR HIM, BUT I THINK WE MAY HAVE TO HAVE HIM.
BUT ARE, DO YOU HAVE ANY SPECIFIC QUESTIONS? WELL, YES.
HOW MANY HOMES? I MEAN, DO WE HAVE ANY MONEY LEFT OVER? UH, WELL, I, I, I'LL TELL YOU SOMETHING.
I, I MEAN, HOW MANY HOMES? I MEAN, HE CAN JUST GIVE A REPORT.
I MEAN, HE CAN SUBMIT A, A WRITTEN REPORT.
UM, I'LL GIVE YOU THE CLIFF NOTES.
I DO KNOW THAT THE, THE S ARE THERE FOR SURE.
UM, BUT THAT THE DEPARTMENT OF HOUSING HAS TO PRIORITIZE SPENDING, UH, FEDERAL FUNDS FOR PROJECTS, UM, UH, FOR APPLICANTS.
AND IN ADDITION, I BELIEVE THEY'RE ALSO HIRING, UM, A, A THIRD PARTY TO FACILITATE THAT BECAUSE THEY MAY BE, YOU KNOW, A A LITTLE LIMITED WITH STAFF, BUT THOSE FUNDS WILL BE DEPLOYED, UM, FOR HOMEOWNER REPAIR AND, UH, HOME BUYER ASSISTANCE.
I WAS JUST, I WAS JUST TRYING TO DETERMINE, UH, UH, WHERE WE WERE WITH THAT.
I MEAN, AND SO I, I STILL WOULD LIKE TO HAVE A REPORT.
I MEAN, HOW MANY, UH, UH, UH, BECAUSE WE'RE TALKING ABOUT LOCAL DOLLARS, WE'RE NOT TALKING ABOUT FEDERAL DOLLARS.
NO, NO, NO, WE'RE DEFINITELY TALKING ABOUT TIP DOLLARS.
BUT AGAIN, THEY, THEY WERE ACTUALLY, WITH EVERYTHING THAT'S GOING ON, UM, HAVING TO PRIORITIZE GETTING THOSE, THOSE, OKAY, I UNDERSTAND THAT.
I THINK THEY'LL BE REALLY, REALLY READY.
THEY'LL HAVE A, YOU KNOW, A STRATEGY FOR HOW THE NUMBER OF APPLICANTS AND HE'LL BE ABLE TO GIVE YOU SOME, UH, A SUBSTANTIVE UPDATE ON THE PROGRAM.
AND, AND, AND, AND LEMME JUST SAY THIS, UM, A, A A AS ONE OF THOSE, MATTER OF FACT, UH, TWO OR THREE OF THE INDIVIDUALS WHO ARE ON THIS CALL WORK PRETTY, UH, DEEPLY IN SOUTH DALLAS PROPER.
SO WE KNOW THAT, THAT THERE'S A SIGNIFICANT NEED FOR HOME REPAIR.
THAT'S WHY, THAT'S WHY WE SU UH, VOTED ON SUCH LAST TIME.
UM, AND, AND, UH, AND REALLY, AND, AND REALLY WHAT I THOUGHT WAS REALLY THE HOME REPAIR, NOT NECESSARILY THE, THE, UH, THE, UH, UH, THE FIRST TIME HOME BUYER.
IT WAS NOT THE FIRST TIME HOME BUYER.
IT WAS NOT THE PRINCIPLE BUYDOWN, IT WAS REALLY FOCUSING THIS MONEY ON HOME REPAIR.
I DON'T REMEMBER THE PRINCIPAL BUYDOWN IN THE, IN, IN THE, UH, IN THE BOAT.
AND I, AND THOR HAS, HAS INDICATED I, WE'VE REITERATED THAT TO HIM, AND I BELIEVE THAT THAT'S DEFINITELY THE PRIORITY, THE HOME REPAIR, RIGHT.
UH, BE BE BECAUSE THE PRINCIPAL BY DAD COULD GO UP TO, LIKE, IN THIS AREA OR IN SOUTH DALLAS PROPERTY IN THE 10TH AREA CAN GO UP TO $50,000.
AND SO, UH, SO ANYWAY, SO, SO, SO WE REALLY DID NOT, UH, WE, WE DID NOT CONSIDER OR INCLUDE THE, THE, THE PRINCIPAL BUYDOWN PROGRAM, UH, WHAT YOU CALL THE HOME OWNERSHIP ASSISTANCE, THAT WAS NOT INCLUDED AT ALL.
AND SO, UH, THAT THAT'S WHAT WAS A PART OF THE MOTION.
THE, THE OTHER, THE OTHER THING THOUGH WAS, UH, WAS THAT, THAT WE ARE JUST TRYING TO, UM, UH, UH, I, I JUST WOULD LIKE TO KNOW ALONG THE WAY, YOU KNOW, HOW, HOW THE MONIES, UH, HOW THE MONIES ARE BEING UTILIZED OR IMPLEMENTED, ET CETERA.
I, I KNOW THE PURPOSE, BUT, BUT JUST HOW WE ARE GOING ALONG.
AND I, AND I RECOGNIZE THAT THE FEDERAL DOLLARS HAPPEN TO BE PRIORITY, UH, GETTING THOSE OUT THE DOOR.
BUT, BUT I, BUT, BUT I JUST THINK THAT WE NEED TO BE MORE INVOLVED IN THE, UH, UH, UH, WITH RESPECT TO THE ACTUAL HOME REPAIR DOLLARS.
UH, WE, WE HAVE, YOU KNOW, JASON BROWN, REVEREND, UH,
[00:35:01]
REVEREND DR. TODD AND I ARE, ARE ACTIVELY INVOLVED IN, IN A NEIGHBORHOOD THAT, THAT THAT'S IN NEED OF HOME REPAIR IN A SIGNIFICANT WAY.AND SO I'M JUST TRYING TO, TO MAKE SURE THAT WE ARE INVOLVED IN THAT.
I DON'T KNOW WHAT, AND THAT'S WHY WE, WE DO NEED TO TALK TO THRY.
WE MIGHT JUST NEED TO HAVE A MEETING FOR THAT.
UH, BECAUSE WE, BECAUSE IT SOUNDS LIKE MORE AND MORE WE HAVE TO GET OUR PEOPLE READY, MEANING, MEANING, BECAUSE IT'S SO DIFFICULT TO EVEN APPLY CHALLENGES, THE CHALLENGES ARE DIFFICULT TO, TO, TO GET ONES TO GET THE, UH, HOMEOWNERS PREPARED FOR, FOR THE HOME REPAIR.
SO ANYWAY, I'M JUST, WE, WE JUST
AND THAT WAS KIND OF TABLED, AND HE WAS GOING TO GET BACK WITH US ON THAT.
AND I'M JUST, I THINK WE ARE ADDRESSING YOU.
BUT I THINK THOSE ARE SOME OF THE QUESTIONS WE WERE LOOKING TO FOLLOW UP ON.
I BELIEVE THAT'S ONE OF THE THINGS THAT WE BROUGHT BEFORE HE IS, UH, A LOT OF THE PEOPLE DIDN'T HAVE TRANSPORTATION DOWN TO FILL OUT THE APPLICATION.
AND SO THAT WAS ONE OF THE THINGS THAT THEY WERE SUPPOSED TO DO, IS TO FIGURE OUT HOW TO GET IT TO THEM FOR WHERE THEY CAN GET IN THAT PROCESS EARLIER THAN LATER.
AND SO, I, I DO BELIEVE THAT DORY IS ONE THAT HAS TO ANSWER THAT.
AND BASED ON WHAT ANDREW SUE SAID, I BELIEVE THAT THEY'RE UNDERSTAFFED.
AND, UH, SO ONCE THEY GET TO A, A, A BETTER STAFFING, AND THEY'LL BE ABLE TO ANSWER THAT QUESTION, RIGHT.
AND BRING ON THE THIRD PARTY MAY HELP THEM TO BE ABLE TO GET THOSE THAT REALLY NEED HOME, UH, REPAIR NOW.
AND SO, UH, HOPEFULLY IN ADDITION TO THAT, MR. CHAIRMAN, WHAT WHAT WE ARE SAYING IS TO HELP PEOPLE, UH, TO DEVELOP THE NECESSARY PAPERWORK TO HELP THEM WALK THROUGH THAT SYSTEM.
I MEAN, AND SO THAT'S WHAT THE REVEREND WAS SAYING TO, TO IN ESSENCE, RETAIN INDIVIDUALS, NOT JUST TO GET THEM TO THE MARTIN LUTHER KING LIBRARY, BUT IN ESSENCE TO HELP THEM PACKAGE THEIR, UH, PACKAGE REALLY, UH, A LOAN APPLICATION.
I MEAN, YOU KNOW, AT, YOU KNOW, AT AT A BANK, YOU KNOW, MANY, MANY, MANY OF OUR BUSINESSES HAVE HAVE SOME HELP TO PACKAGE A LOAN APPLICATION.
AND SO WHAT, AND SO WHAT WE ARE SAYING IS TRYING TO GET SOMEONE TO HELP US HELP TO HELP OUR HOMEOWNERS TO PACKAGE THEIR LOAN APPLICATION, BECAUSE THAT'S REALLY WHAT THIS IS.
SO WE NEED INDIVIDUALS RETAINED TO DO THAT, EVEN IF IT'S JUST ONE PERSON.
WELL, I WILL DEFINITELY RELAY YOUR COMMENTS TO THOR, UM, AND, AND MAKE SURE THAT WE GET AN UPDATE HIM SOON.
SO IT'S ALL, AND WE NEED TO TALK TO HIM.
I THINK WE'VE BEEN KIND OF WAITING ON THAT.
BUT I THINK THE FUNDING STARTED LATER THAN WHAT WE ANTICIPATED.
ANGELA SAID THEY HAVE TO DEAL WITH, UH, THE FEDERAL, UH, PORTION OF EFFORTS.
SO I GUESS WE'RE IN A GOOD POSITION TO WHERE WE SHOULD BE HEARING SOME NUMBERS.
SO THIS MAY BE JUST A POINT OF CLARIFICATION.
SO THE ANTICIPATED TIME AT WHICH THESE FUNDS FOR HOME REPAIR WILL GO OUT IS WHEN, OR THE, THE BEGINNING.
WELL, LEMME JUST SAY THAT, THAT WHAT WE'VE BEEN TOLD IS THAT THEY'RE BRINGING ON A THIRD PARTY TO HELP GET THINGS MOVING QUICKER, AND THAT THIRD PARTY IS GOING THROUGH A PROCUREMENT PROCESS.
SO MY UNDERSTANDING IS IT PROBABLY WILL BE THE FALL WHEN THAT THIRD PARTY VENDOR SELECTED TO HELP THEM WITH THEIR CAPACITY.
AND SO REALISTICALLY, YOU KNOW, THE FUNDS ARE THERE, BUT REALISTICALLY IT PROBABLY WON'T BE TILL LATER IN THE YEAR THAT THEY WOULD START DEPLOYING THE TIF FUNDS.
SO MORE THAN LIKELY, I THINK IT WON'T BE TILL OUR ANNUAL REPORT MEETING THAT WILL HAVE ANYTHING OF SUBSTANCE IN TERMS OF HOW THEY'VE BEEN USED, BECAUSE RIGHT NOW THEY'RE AT A HOLDING PATTERN BETWEEN FEDERAL FUNDS BEING PRIORITIZED AND THEN WAITING TO BRING ON THAT THIRD PARTY VENDOR SO THEY HAVE MORE CAPACITY TO MOVE APPLICATIONS.
CAN YOU GIVE AN UPDATE ON WHAT'S HAPPENING WITH THE, WAS IT THE HOUSE OF HOPE, THE FORMER HOSPITAL? OH, UH, LEGACY AND PUBLIC LEGACY POWER? YES.
WE, UM, ACTUALLY THEY'RE STILL IN THE
[00:40:01]
FREE DEVELOPMENT PROCESS.UM, WE MEET WITH, WE DO A CHECK-IN PROBABLY EVERY, AT LEAST ONCE A MONTH, IF NOT, IF NOT MORE FREQUENTLY.
AND SO WE'RE JUST, UH, HELPING HER ALONG.
UH, SHE'S, YOU KNOW, SHORING UP, UH, SENIOR LENDING, THINGS OF THAT NATURE.
UM, BUT SHE'S WELL AWARE, UH, SHE AND HER TEAM ARE WELL AWARE OF, OF THE, THE YEAH.
THE TIMELINE AND THE MATERIAL DEADLINES THAT NEED TO BE MET.
SO WHAT ARE THOUGH, UH, UM, BECAUSE I KNOW LAST TIME WE KIND OF MET UP VERY CLOSE TO THAT DEADLINE.
WELL, ARE THERE ANY DEADLINES APPROACHING FOR THAT PROJECT THAT WE NEED TO BE AWARE OF? WELL, A BUILDING PERMIT HAS TO BE PULLED BY DECEMBER 30TH, 2025.
SO, UM, AND THEN I DON'T HAVE THAT PROJECT COMPLETION.
SO SHE HAD BE ABLE TO PULL THE BUILDING PERMIT BY, BASICALLY BY THE END OF THE YEAR MM-HMM
AND THEN TWO YEARS TO GET IT REDEVELOPED.
AND WE THINK SHE HAS WHAT SHE NEEDS TO GET TO MEET THAT DEADLINE.
UM, WE'RE WORKING WITH HER FOR SURE.
UM, YOU KNOW, THE ONUS IS ON HER TO SHOW OF UP THE SENIORITY.
WE PUT HER IN TOUCH WITH, UH, POTENTIAL LENDERS THAT CAN DO, YOU KNOW, BRIDGE LOANS AND THINGS OF THAT NATURE.
UM, AND EVEN, UH, COUNSEL FROM OTHER DEVELOPERS THAT, THAT HAVE DONE IT BEFORE AND CAN GIVE HER SOME BEST PRACTICES ON HOW TO GET IT DONE.
SO I LIKE, THERE'S STILL SOME CHALLENGES.
IT'S DEFINITELY ONE THAT WE WANT TO SEE, WE WANT TO SEE TO GET IT OFF THE FINISH LINE FOR SURE.
ALL RIGHT, WELL THANK YOU ALL AGAIN FOR YOUR PATIENCE,
UM, WE, IT STARTED OUT, UH, WELL ACTUALLY WE'RE NOT DOING TOO BAD.
CAN YOU SEND THE, CAN YOU SEND THE POWERPOINT YOU? OH, ABSOLUTELY.
AND THEN FOR MY OWN EDUCATION, I KNOW YOU WENT OVER THAT ONCE, BUT I WANNA MAKE SURE I'M CLEAR.
CAN YOU TALK ABOUT THE, UH, DIFFERENCE, I KNOW THIS MAY BE JUST DEFINITIONS, UH, BASED VALUE, TAXABLE VALUE, AND THEN THE CAPTURED VALUE.
CAN YOU EXPLAIN HOW THOSE NUMBERS ARE CALCULATED FOR ME? SURE, SURE.
SO THE BASE VALUE, ACTUALLY THIS BASE VALUE WAS UPON, UPON, UH, INCEPTION.
AND WHEN THIS NUMBER IS UPON INCEPTION AND WHEN THE TIP DISTRICT WAS EXPANDED IN 2020, ADJUSTED YEAH.
THE ADJUSTED BASE VALUE, UM, THIS IS THE TAXABLE VALUE.
UM, SO WE WOULD HAVE TO, YOU KNOW, YOU TAKE THE, THE, THIS IS THE 2024 TAXABLE VALUE.
SO YOU, WHEN YOU, UH, SUBTRACT THAT, THAT GIVES US OUR CAPTURED VALUE.
SO THAT'S THE VALUE OF THE T TIF DISTRICT THAT WE'RE ABLE TO CAPTURE.
AND THEN, YOU KNOW, BASED ON, UH, THE PARTICIPATION LEVEL FROM THE CITY AND THE COUNTY, BECAUSE THEY BOTH PARTICIPATE, WE GET, UH, A PERCENTAGE OF EVERY HUNDRED, UH, A HUNDRED THOUSAND, DON'T THINK HALF THROUGH VALUE.
I'M NOT DOING VERY GOOD WITH THIS TIMES THE TAX RATE, IF THAT MAKES ANY SENSE.
SO THIS, THIS 1 0 8 DIVIDED BY A HUNDRED TIMES THE TAX RATE.
AND THEN OF COURSE WE GET 90% OF THAT GIVES US THE 6 89.
ON WHAT THE INCREMENT THAT WE ARE ABLE TO CAPTURE FOR YEAR 2024.
SIMILARLY WITH THE COUNTY, AGAIN, THIS CAPTURED VALUE NUMBER DIVIDED BY A HUNDRED TIMES THE TAX RATE, 60%, UH, PARTICIPATION GIVES US THE 1 53 AND THESE TWO TOGETHER GIVE, GIVE US WHAT IT IS THAT WE CAN COLLECT.
AND, YOU KNOW, WITH THE VALUE, IT'S, IT IS A VARIANCE ANYWAY.
YOU KNOW, UH, IT'LL BE DIFFERENT NEXT YEAR BASED ON VALUE.
UH, THE FACT, THE CERTIFIED VALUE BY DCA, THAT'S, YOU KNOW, AFTER PEOPLE PETITION AND SAY, HEY, MY PROPERTY SHOULDN'T BE THIS MUCH, IT SHOULD BE THIS MUCH.
SO IT GOES UP AND DOWN, UH, ALL THE TIME.
UM, BUT THAT'S ESSENTIALLY IT.
I HOPE I DID SOME JUSTICE AND, AND
[00:45:03]
OKAY, GOOD.I, YOU KNOW, AGAIN, I ALWAYS SAY IT IS THE, JUST OVERALL IT IS A VALUE CAPTURE TOOL THAT USES TAXES ON FUTURE GAINS OF REAL ESTATE VALUE.
YOU KNOW, AND, AND THAT, THAT VARIES.
SO AGAIN, THANK YOU FOR YOUR PATIENCE AGAIN, MR. CHAIRMAN.
I'M GONNA TURN IT BACK TO YOU TO GET ANY REMAINING QUESTIONS AND CLOSE IT OUT.
ANY OTHER QUESTIONS? DO WE HAVE A, DO WE KNOW, UH, WHEN WE HEAR BACK FROM THOR, IS THERE GONNA BE ANOTHER SCHEDULED MEETING WITH US? I, I KNOW IT'S A LONG TIME BETWEEN OUR BOARD MEETINGS, SO I DON'T WANT ANYTHING TO GET LOST, OBVIOUSLY WITH, WITH THE HIRING OF A THIRD PARTY.
UM, AND WE ALWAYS SAY ECONOMIC DEVELOPMENT IS A LONG GAME.
UM, WITH THE HIRING OF A THIRD PARTY PERSON.
I DON'T REALLY HONESTLY BELIEVE THERE WILL BE ANYTHING SUBSTANTIVE TO REPORT UNTIL TOWARDS THE END OF THE YEAR.
UM, MS. RACKS, OH, AND, AND MR. ATKINS, I CAN LET HIM KNOW THAT YOU HAVE A LOT OF QUESTIONS AND MAYBE HE WOULD BE WILLING TO, TO, TO TALK TO YOU DIRECTLY.
UM, NO, I, I, I WANNA, I PREFER TO, UH, HAVE A, A, A MEETING WITH PEOPLE WHO, WHO, WHO WANT TO TALK TO HIM IN GENERAL.
'CAUSE WE ALL NEED TO, UH, NOT NECESSARILY ALL, BUT, BUT, BUT, UH, BUT A NUMBER OF US NEED TO BE, UH, UH, NEED TO HAVE A MEETING WITH HIM JUST TO DISCUSS, UH, NOT NOT ONLY THE TIMING, BUT REALLY THE, THE EVEN AFTER THEY RECEIVE, EVEN AFTER THIS PERSON COMES ON BOARD, YOU KNOW, WHAT, WHAT WILL BE THE, UH, THE PROCESS, UH, OF, UH, FOR US, I MEAN FOR, FOR THIS GIVEN AREA.
NOW, ONCE AGAIN, I CONTINUE TO EMPHASIZE THE NEED TO HAVE AN INDIVIDUAL, IF YOU WILL, TO PACKAGE TO HELP THEM PACKAGE THEIR LOAN.
AND SO AND SO, UH, AND I THINK THAT MIGHT BE, UH, A, A MEETING, A, A SEPARATE MEETING AS IT RELATES TO THE PROCESSES AND THE PROCEDURES, UH, UH, WITH RESPECT TO THE PROGRAM.
AND I MUST SAY, AND I DUNNO IF THEY COULD BE DIFFERENT OR WHAT, YOU KNOW, WHEN FEDERAL, LOCAL, WHEN, I'M SORRY, WHEN WE RECEIVE THE FUNDS AND IS THERE A DEADLINE? HOLD ON, DR.
OKAY, SO OUR NEXT MEETING WAS SCHEDULED SOMEWHERE AROUND SEPTEMBER.
UH, SO, UH, DIANE
AND, UH, I THEN I DON'T KNOW IF THEY'LL BE STARTING BECAUSE OF THIS THIRD PARTY, BUT YES.
AND, AND, AND, AND I CAN, I I CAN CERTAINLY CALL HIM AND, AND RIGHT.
AND GET SOME OF THOSE QUESTIONS TO ANSWER.
AND THEN I THINK THAT'LL LET HIM KNOW THE URGENCY.
ASKED AND, AND RICK AND TODD AND I WORK ON A, WORK ON A COALITION TOGETHER, AND, AND, AND, AND WE OFTEN TALK ABOUT THE NEED FOR HOME REPAIRS.
SO, SO CERTAINLY THERE, IT, IT, IT WOULD BE MORE THAN, UH, YOU KNOW, MORE THAN ME.
I'LL BE MORE THAN HAPPY TO BE ON THAT CALL.
I, WE DID NOT HEAR WHAT YOU SAID, SO I'D LIKE TO BE INCLUDED ON THAT CALL.
AND MY QUESTION WAS, UM, WHEN DID WE RECEIVE THE FUNDING AND IS THERE A DEADLINE FOR DISBURSEMENT? OKAY.
I THINK WE SHOULD BE ABLE TO, TO GET THAT INFORMATION AND GET IT DISPERSED OUT TO, UH, ALL OF THE BOARD MEMBERS.
AND, AND IF IT LOOKS LIKE THIS A GOOD REPORT AND IF YOU CAN JUST EMAIL THAT BEFORE OUR NEW MEETING.
MR. CHAIRMAN, YOU, ARE YOU ASKING ME TO SET A MEETING UP? IS THAT WHAT I'M HEARING? MAY, MAY I JUMP IN REALLY QUICKLY? GOOD AFTERNOON, EVERYONE.
MY NAME IS TAMARA LEE AND I'M ASSISTANT DIRECTOR FOR THE OFFICE OF ECONOMIC DEVELOPMENT INTERIM.
AND, UM, MAY I SUGGEST, BECAUSE I HAVE A FEAR THAT WE MAY CREATE A SITUATION WHERE WE HAVE A QUORUM IF MORE THAN, UM, IF TOO MANY OF OUR BOARD MEMBERS MEET WITH DORA AT THE SAME TIME.
AND SO WHAT WE CAN DO AS STAFF
[00:50:01]
IS TO COORDINATE THAT MEETING.WE CAN INVITE A COUPLE OF THE BOARD MEMBERS AND THEN STAFF WILL REPORT OUT TO THE REST OF THE, THE TIF BOARD THE INFORMATION THAT WAS DISCUSSED FROM THAT MEETING.
I THINK THAT WILL ENSURE THAT EVERYONE WHO IS INTERESTED IN HEARING HOW THE CONVERSATION GOES, GETS THAT REPORT.
AND WE DON'T HAVE TOO MANY BOARD MEMBERS MEETING AT THE SAME TIME WITHOUT AN OFFICIAL POSTING OF A PUBLIC MEETING AND ALL THOSE TYPES OF THINGS.
SAY, WHAT IS A QUORUM? A QUORUM? IT DEPENDS ON THE, THE QUORUM IS THE MAJORITY OF THE BOARD.
AND SO, UH, DEPENDING UPON HOW MANY PEOPLE ARE APPOINTED TO THIS ACTUAL TIFF BOARD, SAY IF THERE ARE FIVE PEOPLE THAT ARE APPOINTED YES MA'AM.
I'M JUST TRYING TO FIGURE WHAT IS OUR QUORUM, BECAUSE WE DO HAVE AN APPOINTED BOARD NOW.
SO, SO, SO IT APPEARS AS IF THREE PEOPLE HAVE EXPRESSED INTEREST AS DR. FLOWERS, DR. TODD, AND ME.
SO I, I BELIEVE WHATEVER WE DO, WE NEEDS TO BE COORDINATED THROUGH, UH, TAM LEE.
SO LET HER, IT'LL BE COORDINATED, COORDINATED THROUGH ANGELA, BUT I WILL ENSURE THAT, UM, WE ARE ABLE TO SIT DOWN WITH THOR AND WORK THROUGH YOU GUYS' CONCERNS AND QUESTIONS.
ARE THERE ANY OTHER QUESTIONS BEFORE WE AJOUR? ONE OTHER QUESTION.
DOES THE, UH, THE FUNDING FOR THE MLK CORRIDOR FACTOR INTO THIS AT ALL? DOES IT AFFECT ANY OF THESE NUMBERS? AGENDA? UM, UH, DR. FLOWERS, UNFORTUNATELY IT'S NOT GERMANE AND IT'S NOT ON THE AGENDA.
SO ARE ARE YOU, ARE YOU, WELL, LET ME ASK YOU.
WHAT, WHAT ARE YOU ASKING SPEC SPECIFICALLY? YEAH.
ON ONE OF THE SLIDES YOU MADE REFERENCE TO, UH, PROJECTS THAT WERE, THAT RECEIVE INDIRECT FUNDING FROM THAT DID NOT RECEIVE FUNDING FROM THE TIFF.
OH, SO YOU'RE TALKING ABOUT THIS ONE, CORRECT.
UH, SO THERE'S BEEN YOU TALKING ABOUT THE CORRIDOR HERE? YES.
UM, YOU, YOU'RE PROBABLY TALKING ABOUT THE FEDERAL PROGRAM.
SO MY QUESTION IS, IS DOES ANY OF THAT HAVE AN IMPACT ON THE TIFF? NO.
HELPS THE AREA THOUGH, FOR SURE.
GOING BACK TO MR. KIN'S QUESTION.
YEAH, I MEAN THE MORE INFRASTRUCTURE AND THINGS OF THAT AS THE VERY POSITIVE THING, BUT NO DIRECT EFFECT ON, ON THE TIF DISTRICT.
UM, I THINK EVERYTHING'S BEEN DO AND NOTED AS TO WHAT, UH, ANGELA'S GONNA HELP US WITH.
AND THEN, UM, HOPEFULLY WE'LL GET A REPORT FROM BOARD ABOUT THE, UH, PROJECTED OR WHEN THE PROJECT IS GOING TO START.
WE SHOULD HAVE THAT INFORMATION.
SO IF THERE'S NO OTHER QUESTIONS WE ARE GONNA MOVE TOWARDS TO, I'M GONNA ASK FOR A MOTION, UH, AND A SECOND MOTION TO ADJOURN.
WHO WAS THAT? THE SECOND DIANE.
WELL, THANK YOU GUYS AND, UH, REALLY APPRECIATE YOUR PARTICIPATION AND YOUR PREFERENCE.
I CAN'T BELIEVE WE DID THAT IN HOURS.