* This transcript was created by voice-to-text technology. The transcript has not been edited for errors or omissions, it is for reference only and is not the official minutes of the meeting. [00:00:02] OKAY, [Dallas Tax Increment Financing Reinvestment Zone Number Seven Board of Directors Meeting on June 10, 2025.] GO AHEAD AND CALL THE, UM, COD SHIFT BOARD MEETING TO ORDER ON JUNE 10TH, 2025 AT 9:01 AM AND I'LL GO AHEAD AND TURN THE MEETING OVER TO OUR VICE CHAIR. HEY, GOOD MORNING EVERYONE. UM, SO TODAY, UM, WE ARE GOING TO, UM, START WITH THE REVIEW AND THE CONSIDERATION OF THE JANUARY 28TH, TOD TIFF DISTRICT BOARD MEETING. UM, THESE, THIS WAS OUR LAST MEETING, THE MEETING RECORD. UH, DO I HAVE A MOTION HERE? I'LL MAKE A MOTION TO APPROVE THE MINUTES FROM THE LAST MEETING. I GUESS I SHOULD HAVE SAID MEETING MINUTES. THAT WOULD'VE BEEN EASIER TO UNDERSTAND. I WAS LOOKING AT MEETING RECORD. UH, WE GOT A MOTION TO APPROVE. I HAVE A SECOND. SECOND. THIS IS ALLISON. HEY ALLISON. UH, ALL RIGHT, MOTION AND SECOND. UM, ALL IN FAVOR? ANY OPPOSED? NOPE. ALRIGHT, SO MOTION CONFIDENCE. UM, SO WE'RE GONNA GO AND MOVE ON TO THE, UM, ITEMS FOUR. AND WE'RE GONNA DO THE PRESENTATION. AND THEN ONCE THE PRESENTATION HAS COMPLETED, UH, WE'RE GOING TO HEAR PUBLIC ITEMS. AND SO, UH, DO YOU WANT READ ITEM FOUR INTO THE APPROVED? OKAY. REVIEW AND CONSIDERATION OF AMENDMENTS TO RESOLUTION NUMBER 24 DASH 0 3 56, PREVIOUSLY APPROVED BY CITY COUNCIL ON FEBRUARY 28TH, 2024, AUTHORIZING A TAX IMMIGRANT FINANCING DEVELOPMENT AGREEMENT AND ALL OTHER NECESSARY DOCUMENTS WITH UCR DEVELOPMENT SERVICES, LLC AND OR ITS AFFILIATES IN AN AMOUNT NOT TO EXCEED 1,778,000 PAYABLE FROM CURRENT AND FUTURE TOD TRANSIT ORIENTED DEVELOPMENTS, TIP DISTRICT FUNDS IN CONSIDERATION OF THE LANCASTER CORNING RETAIL POURING ACCORDING, ACCORDING RETAIL DEVELOPMENT PROJECTS ON PROPERTY ADDRESS AS 3 0 1 1 THROUGH 3 0 3 9 SOUTH LANCASTER ROAD. UH, AND THEN THAT INCLUDES ITEMS 1, 2, 3, 4, 5, 6, 7, 8, 9, AND 10. THERE WE GO. DO YOU WANNA PULL UP PRESENT? YES. OKAY. PULL UP, PULL UP IN THE SITE PLAN. ELIANA, CAN YOU PULL UP THE MEMO PLEASE? AWESOME. YEAH, WE CAN PARK IT RIGHT THERE IN LEONNA. OKAY. THAT'S PERFECT. SO AGAIN, UM, THANK YOU ALL FOR AVAILING YOURSELVES IN SHORT NOTICE FOR THE SPECIAL CALLED, UM, TLB TIF BOARD MEETING. THIS PROJECT YOU'RE ACTUALLY FAMILIAR WITH, AS THE CHAIR INDICATED BEFORE THE TLB UH, TIF BODY WAS, WAS RE UH, REVIEWED THIS DEAL, UH, IN JANUARY OF 2024, MADE A SUBSEQUENT RECOMMENDATION FOR AUTHORIZATION BY CITY COUNCIL AND ULTIMATELY THE COUNCIL APPROVED IT IN FEBRUARY OF 2024. SO I WILL BRIEFLY RECAP ELEMENTS OF THE INITIAL CONCEPT OF THE PLAN, UM, FOR THE DEVELOPMENT, AND THEN OUTLINE THE RECOMMENDED CHANGES. AND, UM, ALSO, YOU ALL SHOULD KNOW, I DON'T KNOW IF YOU COULD SKIP, BUT OUR DEVELOPMENT TEAM IS HERE, THAT'S WITH, UH, OUR DEVELOPMENT AS WELL. UM, SO THEY CAN ANSWER ANY OF ANY HARD QUESTIONS TO TAKE. UM, BUT JUST A BRIEF RECAP. THIS DEAL OBVIOUSLY INVOLVED CITY ON PROPERTY THAT PREVIOUSLY OCCUPIED THE LANCASTER KEYS PUBLIC LIBRARY, UH, AT 3 0 1 1 LANCASTER ROAD IN THE LANCASTER CORRIDOR, SUBDISTRICT OF THE TLD TIF DISTRICT. UM, UCR WAS SELECTED AS THE MOST ADVANTAGEOUS PROPOSAL. UM, THE KIND, THE, AND THIS IS VERY IMPORTANT. THE SITE CONCEPTS FROM THE BEGINNING WERE VERY SPECULATIVE. AS A MATTER OF FACT, THE DEVELOPMENT, UH, TEAM REMINDED US OVER AND OVER THAT THIS PROJECT WOULD BE TENANT DRIVEN FROM THE, FROM THE BEGINNING. UM, THE FIRST ITERATIONS OF THE PROJECT INCLUDED A THREE BUILDING CONCEPT FEATURING FROST BANK OF POTENT, UH, THE POTENTIAL FOR RETAIL, UH, IN ONE BUILDING AND THEN A RESTAURANT. NOW, WE WERE JUST TALKING ABOUT, UH, ECONOMIC DEVELOPMENT BEING A LONG GAME. AND INDEED IT IS. THE PRE-DEVELOPMENT PHASE HAS PROVEN TO BE SOMEWHAT CHALLENGING, INCLUDING, UH, MULTIPLE ITERATIONS OF THE SITE PLAN TO ACCOMMODATE RESPECTIVE TENANTS AND THE LOSS OF A NATIONAL TENANT. BUT OUR DEVELOPER HAS BEEN STEADFAST TO GET THIS, UH, TO THE FINISH LINE. THE COMMUNITY WANTS THIS PROJECT. UM, HE'S BEEN UNDETERRED AND HE'S RESTRUCTURED THE DEAL TO ALLOW US TO PIVOT, ALLOW, AND HAVE A DISCUSSION ON NECESSARY CHANGES SO THAT WE CAN BRING THE PROJECT OVER THE FINISH LINE. SO LET'S TALK ABOUT SOME OF THE PROPOSED CHANGES. UM, [00:05:02] WE ARE, WELL, THE, THE, AGAIN, IT'LL BE NEW AND GROUND UP CONSTRUCTION OF TWO FREE STOOD STANDING BUILDINGS. NOW, UM, BUILD TO SUIT IS KEY. UM, ONE BUILDING WILL BE 29, UH, 59 SQUARE FEET. UH, THAT'S A BUILD TO SUIT CORE AND SHELL ONLY FOR FROST BANK. THEY'RE COMMITTED, UH, IN ADDITION, A BUILD TO SUIT BUILDING FOR WINGFIELD WITH A DRIVE THROUGH, ACTUALLY. AND WINGFIELD IS A LOCAL ICONIC SMALL BUSINESS IN SOUTH DALLAS. UM, THE TOTAL PROJECT COSTS, UH, FOR THE RESTRUCTURED PROJECT IS AN ESTIMATED THAT 8.4, ROUGHLY 8.4 MILLION, AND THE PROPOSED AMENDMENT, UH, AND I'LL JUST, YOU ALL GOT THE MEMO, BUT I'LL GO OVER SOME OF, UM, THE HIGHLIGHTS. OBVIOUSLY THE MATERIAL DEADLINES NEEDED TO BE EXTENDED, BUT ALSO THE TIP SUBSIDY NEEDED TO BE INCREASED TO, TO BRING THIS TO FRUITION. SO IT'LL GO FROM ONE POINT, ROUGHLY 1.778 MILLION TO 2.59901. THAT FALLS WITHIN THE REALM OF, OF REASON FOR OUR UNDERWRITING. UH, I TALKED ABOUT THE BUILDING STRUCTURE. WE HAVE REDUCED THE DEVELOPER'S REQUIREMENT FOR MINIMUM INVESTMENT FOR FOUR, FROM 4 MILLION TO 27 TO 2.75, 2.7 MILLION. AND IN CONSIDERATION, UH, FOR ALL OF THAT, AND THIS IS NEW, WE'VE ASKED THE DEVELOPER TO INCREASE, UH, PARTICIPATION OF MI UH, WOMEN AND MINORITY BUSINESSES FOR ALL THE HARD CONSTRUCTION EXPENDITURES THAT WOULD GO FROM 40% ORIGINALLY TO 50%. UH, WE HAVE ASKED THE DEVELOPER TO MAKE A GOOD FAITH EFFORT, UH, GOAL OF 50%, UH, FOR HIRES, UH, OF, FOR THE HIRING OF DALLAS RESIDENTS, UH, FOR THE OPENING OF, UH, FROST BANK AND WINFIELD'S BREAKFAST IN BURGER. AND PROBABLY THE BIGGEST THING IS THE REQUIREMENT OF THE EXECUTION OF LEASES. SO A MINIMUM 10 YEAR LEASE, UH, THAT WILL BE SECURED FOR WINGFIELD AND FROST BANK AS TENANTS, UH, FOR THIS PROJECT. AND ACTUALLY FROST BANK WAS ON BOARD BEFORE, BUT THE ADDITION OF WINGFIELD, UH, COMING IN AS A TENANT. SO THAT'S PRETTY MUCH IT. I DIDN'T WANNA READ IT LINE FOR LINE BECAUSE WE, YOU KNOW, WE MADE THE, THE MEMO AVAILABLE. I DON'T KNOW, DID I MISS ANYTHING SUBSTANTIVE, SUE? BUT WE CAN OPEN IT UP FOR DISCUSSION AND QUESTIONS. AND THEN THE BILL, THERE ARE, THE PROJECT STILL INCLUDES SITE IMPROVEMENTS, SO WIDER SIDEWALKS, UM, AROUND THE SITE. UM, THOSE ELEMENTS ARE STILL THERE AS WELL. LANDSCAPING, LANDSCAPING IMPROVEMENTS. YES. TO THE GRAPHICS RECORDING. WELL BEFORE. DO YOU WANNA JUMP TO, UM, PUBLIC COMMENTS NOW? SURE. OKAY. BEFORE WE JUMP OVER TO, UM, THE BOARD'S COMMENTS, UM, I'M GONNA OPEN IT UP TO, UH, WE HAVE ONE PUBLIC SPEAKER THIS MORNING. UH, WE'RE GONNA HAVE THIS FOR THREE MINUTES. MS. AND STAFF AND BOARD MEMBER MICHAEL CAME, UH, VERY EXCITED. THEY FIRST SEE ALL THIS WITH RETAIL COMING IN. STEAK I FROM SITTING AROUND RETAIL, GOT CHICKEN PLAYERS ACROSS THE STREET AND I, WE ACROSS THE STREET AND AS FAR AS ACROSS BANK, JUST WORKED ACROSS BANK BACK THEN. THE BANK WAS CUT ACROSS BANK BACK AT BRYAN TOWER. BRYAN STREET OFF COMMERCIAL, TELL, TELL BACK THEN, UH, WE COULDN'T FIND ANOTHER GIFT CAN COME INTO THE, MAYBE COULD BE INVESTMENT CENTER, SOMETHING LIKE THAT. BECAUSE I KNOW BROAD BANK STILL HIGH IN BLANK, KIND OF COME THAT VERSUS DRIVE HAMBURGER THING. SITTING ON THAT BUILDING THE CHICKEN NEXT DOOR TO IT, YOU GOT FIESTA FOOD GROCERY STORES HAD INSIDE FOOD AND THEY GOT BACK DOWN EVERYTHING . SO I JUST UNDERSTAND THE CONCEPT KIND OF. THEN UP AT THE INCREASE, IF YOU REDUCING SQUARE FOOD FROM 11,004, NINE, AT LEAST 600, I GUESS I'M TRYING TO FIGURE WHY WE NEED TO INCREASE THE ITSELF WE DO. IF IT BEING DECREASED, IF THE FLOOD BEING DECREASED, I JUST KIND GOT SOME CONCERNS. I DEVELOP THAT TOWARDS ANOTHER RETAIL, I DON'T KNOW WHY. TRY TO SECRET RETAIL TYPE RETAIL SEEKING. BUT I THINK DO BETTER IN EATING I AT THAT LOCATION. SO I UP TO THE BOARD MAKE DECISION, [00:10:01] I WOULD IN THE MIDDLE THIS, TRY GET SOMETHING OUT. WE GOT, WE HAVE A LOT OF ISSUES IN THE COMMUNITY, SO LIKE ROAD. SO WE NEED TO TRY TO SOME THINGS AND TRY TO DO MORE. RIGHT. RETAIL, SELF DEVELOPER, ALL KIND OF OPEN. WHAT TYPE OF RETAIL YOU LOOKING FOR TO OCCUPY SPACE? THE RETAIL SPACE OVER THAT LOCATION? YEAH, I THINK SOME QUESTIONS TO, TO, IT'S BEEN A LONG HAUL. WE WHILE WAS PUT ON THE, UM, THE THAT RP UH, WITH BAG, UM, FINDING TENANTS DIFFICULT. I'M CURIOUS IF YOU COULD SHARE, YOU, YOU MENTIONED SOME OF THE ISSUES. WHAT ARE THE ISSUES? I'M VERY FAMILIAR WITH CF COURSE AND NICE TO MEET YOU, UM, ON THERE. UM, TELL ME WHAT, WHAT, WHAT ARE THE ISSUES THAT YOU SEEN IN THE COMMUNITY THAT YOU WERE REFERRING TO? WE SUPPOSED RETAIL, I MEAN L ROAD'S OUR MAIN CORRIDOR DOWN L ROAD BETWEEN CORINNE STREET ALL THE WAY DOWN TO 12. THAT'S OUR MAIN CORE. YEAH, WE, ON BOTH SIDES, THERE WAS A, ON THE THINK THE HOSPITAL THAT ACROSS THE STREET, THE YEAH, THAT I SAID I, I EMPLOY BIG HOSPITAL, 50, 60 YEARS. BUT I JUST, I JUST DRIVE THROUGH ALL THE, JUST JUST MORE THINGS. I DON'T RETAIL. I GOT FOOD ON THERE AND CAN SAID WE GOT ENOUGH FOOD TO EAT. IT IS OUT THERE, BUT LIKE SOMETHING LIKE A FROST BANK, I COULD COLOR BACK IN THE DAY. IT, BACK THEN INVESTMENT CENTER, TRYING LAST KEY ACROSS THE STREET OVER THERE. JUST FOUND OUT THAT KEY BRIDGE WAS THE CITY, BUT THE CITY'S GOT THAT PROPERTY LAST YEAR. SO NOW THE CITY RESPONSIBLE FOR THE BLACK KEY BRIDGE. NOW. I TALKED SHOP SUNDAY OUTTA AUSTIN. THEY SENT ME ALL THE PAPERWORK THEY GOT, I THEY GET THE CITY OF DALLAS NOW. I WAS SHOCKED. I YOU I THOUGHT CITY, THE CITY ALL. AND I THINK THEY OWN PROBLEM. WELL BECAUSE THAT IS PART OF THE SHOP, IT IS PART OF THE INFRASTRUCTURE. I DID TALK TO TRANSPORTATION DEPARTMENT, STAFF DIRECTOR, WE THAT, AND I THINK, I THINK, I THINK CITY GOT SHOP. I THINK BECAUSE IT IS MADE INTO PART IS NOT A STANDALONE GRID MADE TOO. ITS ALL MADE PART OF INFRASTRUCTURE. RIGHT, OKAY. DOES WELL YOU STILL OUT UNDERGROUND ON THE EVENING INFRASTRUCTURE AND STUFF. MIGHT HAVE SOME ISSUES WITH THAT. I CAN, WE UH, WE STARTED OUT THIS PROJECT MUCH WATER PROJECT. WE, UM, DID A NATIONAL SEARCH, SO TO SPEAK FOR, UM, FINDING INTEREST FROM, UM, WELLKNOWN LOCAL, UH, ELECTRONIC COMPANY, UH, LOCAL WORLD COMMUNICATION STUFF COMPANY, UM, . AND WE PUT IT IN FRONT OF, UM, WE, WE TRYING TO TALK, UM, TENANTS TO, TO LOCATE, WONDERING WHAT KIND CHALLENGES WE'RE REFERRING TO BECAUSE I CHALLENGES YOU MAKE, UM, SALES BEING ONE OF EM CHALLENGING. IT'S A, THE INCOME DOWN THERE BOARD ARE LOWER THAN WHERE A LOT OF THESE TENANTS ARE GOING. SO IS A TOUGH ASSET TO, TO TAKE THAT KIND OF RISK MEAN. BUT IN THE ENVIRONMENT THAT WE'RE OPERATING IN ECONOMICALLY HAS, HAS BEEN, YOU KNOW, QUITE A CHALLENGE. UM, I WOULD SAY PROBABLY ONE OF THE LARGEST CHALLENGES WE'VE HAD IS THE COST, UM, FROM WHEN WE STARTED TO WHERE WE ARE, UM, HAVE GONE UP BETWEEN 30 AND 50%, WHICH I'VE NEVER SEEN THAT IN MY ABILITY TO MOVE THAT FAST THAT MUCH. SO TO ANSWER YOUR QUESTION ABOUT WHY MORE MONEY VERSUS [00:15:01] WITH WITH LESS, UH, GROSS FEASIBLE AREA IS LESS DENSITY. NOW WE'RE SPREADING THE SAME COSTS TO BUY THE LAND THE SAME, NEARLY THE SAME COST TO BUILD THE GROUND INFRASTRUCTURE OF THE PARKING LOT, THE LIGHTING, THE LANDSCAPING, THE UTILITIES. THOSE ALL STAY BUILT. NOW. WE HAVE LESS BUILDING. IF WE WERE, UH, ABLE TO FIND TENANTS THAT COULD OCCUPY MORE SPACE OVER THE LAST THREE YEARS THAT WE'VE BEEN AT THIS, UH, WE WOULD CERTAINLY GO MORE. 'CAUSE THAT'S ONE OUR INSTINCT IS TO, IS TO GO MORE AND DRIVE MORE. WE GOT SATISFIED WITH , UM, AND REALLY THINK IT'S EXCITING WHAT THEY'RE GUYS FOR 40 YEARS GOING. THE GROUP THAT THAT HAS PURCHASED IT, UM, OVER THE LAST FEW YEARS, THAT BIGGER PLAN. I THINK THAT'S ALWAYS NEAT FROM AN ENTREPRENEUR STANDPOINT, COMMUNITY STANDPOINT. I LOVE THAT THEY'VE BEEN IN THE COMMUNITY, COMMUNITY. THEY'RE NOT TAKING TAKEN, WHERE'S THE, SO THEY'RE QUESTION BACK OVER TO THE BOARD NOW TO SEE IF THAT PROBABLY, HOPEFULLY THAT'S, BUT WE HAVE TRIED TO ENGAGE. UH, IT LOOKS, I'M GONNA OPEN THIS UP TO OUR VIRTUAL BOARD MEMBERS IF Y'ALL HAVE ANY QUESTIONS. UH, JONATHAN, I SAW YOUR LITTLE VIRTUAL HAND FIRST. YEAH, UH, THANKS. UM, SO IT, THE, THE MIC IN THE ROOM IS A LITTLE HARD TO UNDERSTAND. SO CAN I JUST HAVE SOME CLARIFICATION? IS THE, UH, PUBLIC COMMENTS, WERE THEY FOR THE DEVELOPMENT CHANGES OR, OR AGAINST, HE WAS ASKING IF THEY WERE FOR, THE COMMENTS WERE FOR THE PROPOSED DEVELOPMENT. UH, MY TAKE ON IT WAS THAT THEY WERE NEUTRAL IN TERMS OF NOT FOR OR AGAINST, BUT THAT THERE ARE CHALLENGES IN THE AREA AND HE WANTED TO SEE SOME MORE, UM, YOU KNOW, MORE INVESTMENT IN THE, YOU KNOW, IN THIS AREA OVERALL. UM, AND THEN I THINK DON WAS RESPONDING TO, UM, YOU KNOW, SOME OF THOSE CONCERNS WITH THE BACKGROUND OF HIS SEARCH, UM, OR THEIR SEARCH OR THE THIRD TENANT, UM, THE RETAIL PARTNER THAT, UM, YOU KNOW, IS NOT IN THIS PARTICULAR DEAL. SO, UM, YOU HEARD ABOUT THE PART WHERE HE EXPLAINED THAT THEY DID A NATIONAL SEARCH, BUT IT'S JUST VERY CHALLENGING TO FIND TENANTS. BUT THEY LANDED WITH NOT JUST FROST, BUT WHEATFIELDS, WHICH IS A, A LOCALLY BASED YEAH. LONGSTANDING COMMUNITY BUSINESS. OKAY. UM, I GUESS REALLY, I, I DON'T REALLY HAVE ANY SECOND QUESTION. I HAVE, I HAVE JUST A, A COMMENT. UM, TO ME THIS IS, THIS IS AUTO AUTOCENTRIC DEVELOPMENT AND I'M NOT GONNA VOTE ON THAT. UM, I UNDERSTAND THAT, THAT THE REALITIES ARE, AND ESPECIALLY IN TRANSIT RIGHT NOW, THAT FREQUENCY PUSHES DENSITY AND WE DON'T HAVE IT. UM, WE DON'T HAVE IT THROUGHOUT THE ENTIRE SYSTEM, BUT I WOULD ENCOURAGE YOUR RETAILERS TO CONSIDER MAYBE A DIFFERENT DESIGN. I UNDERSTAND THAT THAT CARS ARE VERY DEPENDENT, UM, ALL OVER OUR, OUR CITY. BUT THIS IS TRANSIT ORIENTED DEVELOPMENT WITHIN A TRANSIT ORIENTED DEVELOPMENT, UH, DISTRICT. UM, I, I THINK IT'S GREAT THAT THERE'S A LOCAL, UH, OAK CLIFF, UH, BASED, UH, UH, BUSINESS THAT'S, THAT WANTS TO GET IN HERE. I THINK I'M HIGHLY SUPPORTIVE OF THAT. FROST BANK, UH, IS A GREAT, UH, UH, COMPANY, YOU KNOW, AND, UH, BUT I'D JUST SAY THAT THE, NOW WE HAVE TWO DRIVE-INS, UM, AND WE HAVE A BREAK, UM, UH, WITHIN ON LANCASTER, UH, FOR, FOR A, A, A DRIVEWAY. UM, SO TRY TO MAKE IT LESS AUTO AUTO FOCUSED AND MORE FOCUSED ON TRANSIT, UH, WHICH IS A BLOCK AWAY. UM, THAT'S, THAT'S ALL I, THAT'S ALL I'LL SAY. THANKS. THANK YOU, JONATHAN. UH, LUIS, I THINK YOU, I HAD A COUPLE OF QUESTIONS REGARDING THE DEAL POINTS. IS THIS A PROPERTY, SO THERE'S NOW TWO TENANTS INSTEAD OF THREE. UM, IS THE SPACE THAT THEY'RE OCCUPYING STILL THE SAME, OR IS IT A REDUCED LOT? THE LAND AREA IS THE SAME, BUT THERE ARE JUST TWO BUILDINGS. SO OVERALL THE SQUARE FOOTAGE IS LESS, BUT WE HAVE, IT'S STILL WITHIN THE REALM OF WHAT OUR UNDERWRITER THOUGHT WAS A REASONABLE NEED FOR A SUBSIDY. SO IF THERE'S STILL, IF THERE'S LESS BUILDING FOOTPRINT, STILL THE SAME LOT, [00:20:01] WHAT ARE WE DOING WITH THE ADDITIONAL, I GUESS, NON BUILDING SQUARE FOOTAGE? IS IT PARKING, IS IT LANDSCAPING? WHAT'S GOING ON THERE? IT'S KIND OF A CO IT'S KIND OF A COMBINATION. I THINK THE DEVELOPMENT TEAM CAN ANSWER BETTER, BUT IT'S A COMBINATION OF BOTH TENANTS WANNA DRIVE THROUGHS. AH, AND THERE'S ALSO LANDSCAPING AREA. SA THIS IS A REALLY, OH, SORRY. THIS IS A REALLY DIFFICULT SITE TO PLAN. I, I THINK WHAT'S MISSING FROM THE CONVERSATION IS THE CONSTRAINTS FROM, FROM THE, UM, FUNCTIONALITY OF THE BUILDINGS. UM, THERE'S AN OVERLAY DISTRICT THAT, THAT URBAN DESIGN STANDARDS DICTATE THAT THE BUILDINGS BE PUSHED UP TO THE FRONT. THAT'S NOT IDEAL FOR, UM, FOR, FOR KIND OF STANDARD RETAILING. YOU SEE IT AND, AND IT, AND IT OCCURS, BUT IT'S, IT, IT IS, UM, IT BECOMES A LOT TOUGHER TO PLAN. BUT REALLY THE BIGGEST CONSTRAINT IS THAT IT'S A LONG NARROW STRIP. IF YOU, IF WE WERE TO GET OUR OPTIMAL SITE, UM, WE, WE WOULD GET A SITE THAT'S PROBABLY ANOTHER 25 FEET DEEP. UM, AND THERE'S, THERE'S, I WON'T GO INTO THE DETAIL AS TO, TO WHY THAT WOULD MAKE IT MORE USER FRIENDLY TO, TO PLAN, BUT THAT IS, UH, A SIGNIFICANT STRAIN TO CONSTRAINT FROM A SITE PLANNING. WE WERE FORCING THINGS LIKE THE DETAILS THAT EVERYBODY OVERLOOKS IN, UH, BUT WE DON'T, 'CAUSE WE LIVE IT AND BREATHE IT AS SHOPPING CENTER DEVELOPERS. AND THAT IS, YOU KNOW, SIMPLE THINGS LIKE TRASH AND TRASH DUMPSTERS AND WHAT YOU CAN AND CAN'T DO NEXT TO RESIDENTIAL ADJACENCY, DRIVE-THROUGHS. I MEAN, THIS IS, THERE'S A PAYBACK, UM, TO THE CITY. AND THE WAY TO GET THE PAYBACK TO THE CITY IS TO INCREASE SALES. THIS IS A UNIQUE OPPORTUNITY FOR WHEATFIELDS TO OPERATE A DRIVE-THROUGH. I I HEAR YOU LOUD AND CLEAR ON ENT ORIENTED. UM, BUT I ALSO SAY THAT, THAT THIS IS, THIS IS, YOU KNOW, UNIQUE TO THE AREA BECAUSE WHEN YOU GO DOWN THERE AND, AND, AND FIND A PLACE TO EAT, THERE AREN'T MANY PLACES TO GO SIT DOWN. I COULDN'T EVEN, YOU KNOW, FIND A PLACE TO GO MEET WITH A CITY COUNSELOR OR HAVE A BUSINESS MEETING DOWN THERE BECAUSE THERE JUST AREN'T ANY DINING ROOM. WELL, NOW WE'RE GONNA HAVE A DINING ROOM. WE'RE ALSO GONNA HAVE A RESTAURANT THAT'S OPEN FOR THREE MEALS, 20, 21 MEALS A WEEK. UM, NOW THERE'S HARDLY ANYTHING DOWN THERE WHERE YOU CAN GET A GOOD QUALITY BREAKFAST. I MEAN, YOU, I GO PLAY THE GOLF COURSE AND YOU ASK THE GUYS, THEY'RE SUPER FRIENDLY AT THE GOLF COURSE WHERE TO GO EAT, THEY PUNCH BACK TO THE CHICKEN PLACE ACROSS. THAT'S ALL THERE IS DOWN FOOD THAT, TO YOUR POINT. AND SO WHEN YOU DON'T WANT, THEY CLOSE PLACES, YOU KNOW, IT SHUTS DOWN. SO ANYWAY, THOSE I THINK ARE, ARE ALL CHALLENGES. AND REALLY, TO ANSWER YOUR CORRECT QUESTION DIRECTLY, AND NOT TO JUST, WE'VE BEEN AT THIS FOR A WHILE. WE ADDED A LOT OF LANDSCAPING, A LOT OF GREEN SPACE. AND I'LL TELL YOU, WE'RE IN THE, WE'RE IN THE EARLY STAGES OF THIS, BUT THIS IS A VERY IMPORTANT STEP. THIS DEAL'S EITHER GONNA MAKE IT AND, AND WE'RE GONNA GO THROUGH AND DO THIS, OR IT'S GONNA DIVE FOR, FOR PROBABLY A, A, A PRETTY GOOD. GOOD, GOOD. WHILE, SO HOPEFULLY THAT ANSWERS YOUR QUESTION. WE, WE WENT MULTIPLE ROUNDS WITH URBAN DESIGN STAFF, YOU KNOW, LOOKING AT THIS, HOW COULD WE IMPROVE IT GIVEN THE FACT THAT A LOT OF THIS WAS TENANT DRIVEN. SO THAT'S, THIS IS WHAT WE ARRIVED AT. AND OUR URBAN DESIGN STAFF, YOU KNOW, WE'RE SATISFIED WITH THE EFFORT MADE UNDER THE CONSTRAINTS. I DID HAVE A SECOND QUESTION. THIS IS FOR STAFF. I'M TRYING UNDERSTAND THE NEW ECONOMICS OF IT. UM, THIS JUST BY BACK OF THE ENVELOPE MATH JUST UNDER 40% TIF SUBSIDY FOR THE WHOLE ENTIRE PROJECT. IS THAT CORRECT? THE TOTAL PROJECT COST IS ABOUT 25% BECAUSE IT'S THE TOTAL PROJECT COST, INCLUDING, UM, TENANT IMPROVEMENTS FOR FURNITURE FIXTURE EQUIPMENT TECHNOLOGY IS EIGHT POINT ALMOST 8.4. OKAY. SO THIS IS ABOUT A 20% TIFF SUBSIDY THEN. RIGHT. AND THAT CHANGED FROM WHAT PERCENTAGE? APPROXIMATELY? UH, IT'S ANOTHER 800, 1.7. SO ANOTHER 4% OR FOUR. YEAH. PART OF THAT WAS A LITTLE DIFFICULT TO ANSWER BECAUSE WE DIDN'T HAVE ALL OF THE TENANTS LINED UP INITIALLY. IT WAS JUST LOST. SO NOW WE'RE FACTORING IN TENANT IMPROVEMENTS. NOW THAT WE KNOW SPECIFICALLY WHO THE OTHER TENANT IS, I GUESS WHERE I'M GETTING AT IS WHAT IS THE CITY AND THE COUNTY GETTING FOR THE ADDITIONAL SUBSIDY? WELL, IT IS CURRENTLY NOT ON THE TAX ROLL BECAUSE IT'S CITY OWNED PROPERTY. SURE. DO REAL ESTATE. WELL, I MEANT FROM THE PREVIOUS DEAL TO THIS DEAL. OKAY. [00:25:01] WHAT, WHAT, WHAT ARE WE GETTING IN FOR THE ADDITIONAL SUBSIDY? SURE. WELL, WE, UM, WE INCREASED THE MINORITY WOMEN OWNED BUSINESS PARTICIPATION FROM 40% TO 50%. OKAY. UM, IT WAS A REQUIREMENT FOR, UM, HIRING, UH, DALLAS RESIDENTS, 50% OF DALLAS RESIDENTS FOR THE OPENING OF FROST BANK AND WINGFIELD. AND THEN PREVIOUSLY WE DIDN'T HAVE, UH, WINGFIELD IN THE DEAL. OBVIOUSLY WE CONSIDER THAT A BONUS, BUT WE HAVE A MINIMUM 10 YEAR LEASE, UH, THAT HAS TO BE SECURED WITH WINGFIELD, UH, AS WELL. OKAY. SO THE INCREASED MWBB PARTICIPATION AND THE LENGTHENING OF THE LEASE, AND ALSO THE LO LOCAL HIRE AND THE LOCAL HIRE AND THE LOCAL HIRE. OKAY. THANK YOU. LUIS. ANY, UH, AUSTIN? ALLISON, DO Y'ALL HAVE ANYTHING ELSE RIGHT NOW? OKAY, I HAVE ONE, ONE MORE QUESTION. YEAH. I WAS WAITING TO COME BACK AROUND TO YOU FOR, YOU KNOW, SECOND ROUND. OH, OKAY. I'M SORRY. BOARD MEMBER. OH, OKAY. PERFECT. OKAY. ALL RIGHT, JONATHAN. NOW, UH, WELL I'LL JUST HAD A COUPLE QUICK QUESTIONS BEFORE WE'LL GO TO OUR ROUND TWO WITH JONATHAN. UM, I THINK KIND OF TO FOLLOW UP WITH WHAT LUIS WAS SAYING IS THIS, SO YOU'RE SAYING THAT WITH THIS NEW DEAL, YOU KNOW, WITH THIS NEW AGREEMENT THAT'S COMING BEFORE US TODAY, YOU CAN GUARANTEE THIS IS NOW GOING TO HAPPEN. LIKE WITH THIS, IF THIS WERE TO BE APPROVED, Y'ALL WILL MOVE FORWARD WITH THE DEVELOPMENT AND YOU'LL HAVE THESE TWO TESTS HERE. YES, YES. OKAY. UM, AND THEN THE SECOND QUESTION I HAD WAS RELATED TO THE PARKING. DOES THIS PROJECT IS, IS THAT IMPACTING THE NEED FOR PARKING THAT YOU HAVE WITH THESE TWO TENANTS, OR WE CALL IT RIGHT AWAY? , UH, I, I WOULD CHARACTERIZE THIS ON THE, UH, EVEN THIS RENDITION IS ON THE, THE LIGHTER SIDE OF PARKING. UM, I, I DON'T, I I THINK IT'S APPROPRIATELY PARKED. UM, YOU KNOW, I WOULD HATE TO HAVE A SPEND LIKE THIS, UH, FOR A PROJECT LIKE THIS AND FRUSTRATE THE POTENTIAL TENANTS TO THE POINT WHERE, UM, THE DEVELOPMENT GETS A X MARK BECAUSE THEY CAN'T PARK THERE. YEAH. UM, WE, WE'VE HAD SEVERAL OF THOSE. UM, SO, BUT TO ANSWER YOUR QUESTION DIRECTLY, I, THIS IS NOW APPROPRIATELY IT DIDN'T IMPACT US. SO ARE YOU AT, ARE YOU ABOVE REQUIREMENTS? SO LIKE, THERE'S A REQUIRED PARKING SPACE? I, I THINK THOUGH THAT ONE OF THE THINGS THAT, THAT, YOU KNOW, KIND OF JONATHAN HITS ON WITH THE TRANSIT PIECE OF IT IS THAT, UM, YOU KNOW, I, I WORK A LOT IN, TYPICALLY AT DART STATIONS THAT ARE UNDER PARKS ALL THE TIME. SO THEY HAVE A TON OF INVESTMENT ON THIS CONCRETE THAT IS UTILIZED, RIGHT? THEY'RE GOING THROUGH A MAJOR EFFORT TO REVITALIZE THOSE STATIONS, BECAUSE TURNS OUT PEOPLE DIDN'T USE THE PARKING LOTS IN A WAY THEY ORIGINALLY INTENDED THEM. AND SO, YOU KNOW, I DON'T WANNA SEE INVESTMENT GOING INTO CONCRETE THAT ENDS UP NOT BEING UTILIZED. AND SO THAT'S WHY I WAS WONDERING IF THERE'S A WAY TO GET THIS DOWN TO THE BARE MINIMUM THAT IS REQUIRED. BUT IF YOU'RE RIGHT AT, I DON'T SAY THAT BECAUSE PARKING REFORM, THERE'S PROBABLY NOT TIME TO REALLY PROCESS THAT THIS STAGE. AND I WOULD SAY THAT IN THE FUTURE YOU DISCOVER THAT THIS PARTS THAT THIS IS UNDERUTILIZED, YOU COULD POTENTIALLY CONVERT SOME STUFF TO PATIO SPACE. BUT RIGHT NOW THERE'S JUST TOO MANY UNKNOWNS, I WOULD SAY. AND IF WE ARE OVER PARKED, IT'S NOT BY MUCH, I MEAN, IT'S LIKE FOUR OR FIVE SPACES. LIKE WHEN YOU LOOK AT IT, THE PARKING RIGHT AT THE MAIN ENTRANCE, YOU KNOW, THAT'S PRETTY FAR AWAY FROM THE FRONT DOOR THAT WOULD BE SERVICED. THAT THAT'S WHERE YOU WOULD, YOU KNOW, EMPLOYEE PARK. OKAY. YEAH. JONATHAN. YEAH, I MEAN, YOU, YOU ASKED THE QUESTION I WANTED TO ASK. UM, I, I GET, I GET IT. I, I DON'T, I DON'T REALLY KNOW WHAT, HOW ELSE TO, UH, TO, I GUESS, YOU KNOW, BALANCE THIS IN MY HEAD HERE WITH, WITH THE, WITH THE CURRENT MARKET, UM, NEED AND ALSO THE DESIRE FOR, UM, MORE FOCUS ON, ON, UH, TRANSIT. UM, YOU KNOW, I, I DON'T HAVE ANY OTHER QUESTIONS, SO THANKS. I I HAVE A QUESTION AND I WAS TRYING TO FIND, I CAN'T, I CAN'T FIND THE PLANS. UH, BUT WITH, SO YOU HAVE THE TWO TENANTS LOCKED IN, [00:30:01] UM, AND WE REMIND ME, ARE THERE OTHER SPACES, JULIANA, CAN YOU PULL UP THE SITE PLAN? YEAH. I CAN'T REMEMBER IF THERE ARE OTHER POTENTIAL SPACES FOR SMALL TENANTS LIKE, YOU KNOW, A DRY CLEANER OR LIKE, YOU KNOW, OTHER SMALL TENANTS THAT COULD POTENTIALLY JOIN WITH THESE TWO AS THE ANCHOR. I, I JUST CAN'T REMEMBER HOW IT LOOKS. YEAH. THERE, SPACES IN THE TWO BUILDINGS. IS THERE SPACE FOR OTHER BUSINESSES OR IS IT JUST GONNA BE THE SHOPPING CENTER HAS THESE TWO BUSINESSES AND THAT'S IT? NO, IT'S JUST THESE TWO BUSINESSES. OKAY. THAT'S THE ONLY SPACE WE, OKAY. I THINK ONE OF THE THINGS ABOUT WING BUILD THAT WASN'T MENTIONED ALSO IS THAT THERE'S AN OPPORTUNITY FOR AN OUTDOOR SPACE THAT KIND OF FALLS RIGHT ALONG THE, UH, SIDEWALK TRAIL SYSTEM, UH, ALONG THE LANCASTER. SO, UH, EASY IN AND OUT FROM, FROM A PEDESTRIAN STANDPOINT ON THAT FRONT. AND THEN ALSO WE'VE PROVIDED ACCESS OFF OF THE, OFF OF THE SIDEWALK SYSTEM, UH, TO FROST AS WELL. SO KIND OF CIRCULATE USING THE SIDEWALK SYSTEM THROUGHOUT THIS PROJECT. ALL RIGHT. DO WE HAVE ANY FINAL COMMENTS? SO I'LL DISCLOSE THE, THE COMMENTS BY SAYING, UM, I, I AGREE WITH JONATHAN THAT THIS IS AUTOCENTRIC. UM, BUT I ALSO DON'T THINK THAT THERE ARE A LOT OF ALTERNATIVES, UM, YOU KNOW, ESPECIALLY IN THIS AREA AND THAT, YOU KNOW, I WOULD RATHER SEE TWO TENANTS THAN NOTHING AT ALL. UM, AND SO I'LL BE SUPPORTING THIS AND, YOU KNOW, HOPE THAT THIS COULD BE THE FOOTPRINT FOR A FUTURE, YOU KNOW, MORE DENSE AREA, BUT THAT'S JUST NOT THE REALITY ON THE GROUND RIGHT NOW. SO, UM, I'M GONNA BE, UH, MAKING THE MOTION TO APPROVE, UH, STAFF RECOMMENDATION. DO I HAVE A SECOND? I SECOND IT. ALL RIGHT. ALL IN FAVOR, PLEASE RAISE YOUR HANDS OR SAY A AYE. RELUCTANTLY. OKAY. AND THEN A HOST, I'M GONNA ABSTAIN IF THAT'S ALLOWED. SURE. UH, MOTION PASSES. SO, ALL RIGHT. UH, I, BY THIS IN JORDAN'S. WELL, UH, THANK Y'ALL FOR, UH, THE QUICK TURNAROUND ON BEING AT, YOU KNOW, HAVING THIS SPECIAL CALL MEETING. AND, UH, APPRECIATE THE CONVERSATION AND, UH, WE ARE A JOURNALIST. THANKS EVERYBODY. THANK YOU. BYE. * This transcript was created by voice-to-text technology. The transcript has not been edited for errors or omissions, it is for reference only and is not the official minutes of the meeting.