[Economic Development on October 6, 2025. ]
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GOOD MORNING, COLLEAGUES, AND WELCOME TO OUR FIRST ECONOMIC DEVELOPMENT COMMITTEE OF THE NEW TERM.
I'M EXCITED TO SERVE WITH YOU ALL ON THIS IMPORTANT COMMITTEE, AND I HOPE YOU'RE JUST AS EXCITED.
I WANT TO BEGIN BY REQUESTING, SHOULD YOU HAVE ANY ITEMS THAT YOU WOULD LIKE TO BE ADDED TO A FUTURE MEETING, PLEASE REACH OUT TO ME AND TO MY STAFF SO WE CAN ACCOMMODATE THOSE REQUESTS.
AS WE ENTER UNCERTAIN TIMES GLOBALLY AND A TURBULENT MARKET CONDITIONS, I SEE THIS AS AN OPPORTUNITY FOR THE CITY OF DALLAS TO ESTABLISH ITSELF AS A POWERHOUSE IN THE COUNTRY. FOR US TO BE THE NEXT Y'ALL STREET, WE HAVE TO BE AGGRESSIVE IN HOW WE APPROACH ECONOMIC DEVELOPMENT.
I EXPECT THAT WE WILL CLEARLY ESTABLISH OUR COMMITMENT IN THIS BODY TO OUR ORGANIZATIONS, LARGE AND SMALL, AND THE CORPORATIONS THAT WILL MAKE PROJECTS HAPPEN TO THE BEST OF OUR ABILITY.
I EXPECT THAT WE WILL WORK DILIGENTLY TO RETAIN ECONOMIC DRIVERS IN OUR CITY AND ENSURE THAT OUR INCENTIVE POLICIES ARE SUFFICIENT AND ADAPTIVE TO THE CHANGING NEEDS. HOWEVER, WE'RE NOT JUST ABOUT BUSINESSES, WE'RE ALSO ABOUT ENTERTAINMENT AND ARE COMMITTED TO BEING A SPORTS TOWN.
TO OUR STAFF, I APPRECIATE THE HARD WORK THAT YOU HAVE PUT INTO OUR CITY'S BUSINESS AND COMMUNITY, AND I'M EXCITED TO SEE WHAT NEW EXPECTATIONS YOU WILL EXCEED IN THE NEW ERA OF CITY GOVERNANCE.
WITH THAT, LET'S BEGIN WITH THIS TEAM. FIRST ORDER OF BUSINESS IS TO APPROVE OUR MINUTES.
IS THERE A MOTION? MOTION APPROVED. THERE'S A MOTION.
SECOND. ANY CHANGES OR CORRECTIONS? SEEING NONE.
ALL IN FAVOR, SAY AYE. MOTION MOVES FORWARD. OR ANY OPPOSED? SEEING NONE. MOTION CARRIES. FIRST BRIEFING ITEM IS BRIEFING ACTION ITEM 1.
AND THIS ITEM IS GOING TO HAVE TWO PARTS. AND SO STAFF WILL EXPLAIN THAT TO US.
GOOD AFTERNOON. I'M KEVIN SPATH, THE DIRECTOR OF THE CITY'S OFFICE OF ECONOMIC DEVELOPMENT.
AND JOINING ME TODAY IS TAMARA LEAK, THE INTERIM ASSISTANT DIRECTOR OF THE OFFICE OF ECONOMIC DEVELOPMENT OVER REAL ESTATE DEVELOPMENT INCENTIVE PROGRAMS. TODAY, WE'RE GOING TO WALK YOU THROUGH A VERY IMPORTANT PROJECT AND A PROCESS THAT'S NEEDED TO GET TO THIS PROJECT.
BUT I WANTED TO START WITH A FEW OPENING REMARKS.
SO IT'S BEEN MORE THAN 25 YEARS THAT THIS CITY HAS HAD SUCCESS IN DELIVERING APPROXIMATELY 40 ADAPTIVE REUSE PROJECTS IN THE CENTRAL BUSINESS DISTRICT THROUGH PUBLIC PRIVATE PARTNERSHIPS.
AND JUST AS WE WERE ABOUT TO CELEBRATE THOSE 40 PROJECTS, WE WERE HIT WITH COVID IN 2020.
AND NOW, FIVE YEARS LATER, WE'RE HAVING TO SHIFT GEARS A LITTLE BIT.
SO NOW WE'RE FOCUSED ON A COLLECTION OF BUILDINGS DOWNTOWN THAT ARE UNDERUTILIZED.
THESE ARE MOSTLY BUILDINGS CONSTRUCTED IN THE LATE 70S AND EARLY 80S.
THEY ARE NEWER BUILDINGS, RELATIVELY SPEAKING, TO THE REST OF THE BUILDING STOCK IN THE CBD.
THEY ARE LARGER AND IN SOME CASES SIGNIFICANTLY LARGER THAN MOST OTHER BUILDINGS DOWNTOWN.
THEY HAVE DEEPER FLOOR PLATES. THEY HAVE EXTREME DESIGN CHALLENGES.
THEY HAVE PARKING CHALLENGES. BUT MOST IMPORTANTLY, THEY'RE ALL BEING HIT WITH THE SAME.
PERFECT STORM OF MACROECONOMIC AND MARKET BASED HEADWINDS.
AND SO TODAY YOU'RE GOING TO HEAR ABOUT THE FIRST PROJECT.
AND MAYBE IT'S THE MOST IMPORTANT PROJECT DOWNTOWN THAT WE'VE SEEN IN A LONG TIME.
IT'S THE TALLEST BUILDING IN THE CITY. IT WILL, WHEN COMPLETED, REACTIVATE OR ACTIVATE FOR THE FIRST TIME. THE LAMAR CORRIDOR. WE'VE GOT EXCITING THINGS GOING ON IN THE WEST END DISTRICT, AND WE'VE GOT EXCITING THINGS GOING ON IN THE
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CONVENTION CENTER DISTRICT, AND THIS PROJECT IS RIGHT IN THE MIDDLE.IT WILL, IF PERFORMED SUCCESSFULLY, RETURN EXCESS OFFICE SPACE TO PRODUCTIVE USE.
IT WILL IMPROVE THE VIBRANCY OF THE LAMAR CORRIDOR AND REALLY DRIVE PLACEMAKING AT THE STREET LEVEL.
IT WILL HAVE A HOTEL COMPONENT THAT WILL HAVE A SIGNIFICANT IMPACT ON THE CITY'S PROJECT FINANCE ZONE AND THE CITY'S ABILITY TO FINANCE THE CONVENTION CENTER REDEVELOPMENT. AND SO LAST WEEK, THE DOWNTOWN CONNECTION TIF DISTRICT BOARD OF DIRECTORS DID REVIEW THESE TWO ITEMS, COMPANION ITEMS, AND RECOMMEND THAT THEY MOVE FORWARD FOR APPROVAL.
BUT, SO WE'RE BRINGING THIS TO YOU TODAY. IT'LL BE AN UPCOMING AGENDA ITEM ON WEDNESDAY THIS WEEK, TO CALL A PUBLIC HEARING, WHICH IS REQUIRED BY STATE LAW TO AMEND THE DISTRICT'S PROJECT PLAN.
AND THEN ON OCTOBER 22ND, THERE'LL BE TWO ITEMS, ONE FOR EACH, ONE FOR THE PLAN AMENDMENT OF THE DISTRICT'S PROJECT PLAN AND ONE FOR THE PROJECT SUBSIDY ITSELF. SO I'LL TURN IT OVER TO TAMARA, AND TAMARA WILL WALK YOU THROUGH THE THE BRIEFING.
AND SO I'LL GIVE YOU A BRIEF OVERVIEW OF THE BRIEFING THAT I WILL SHARE WITH YOU TODAY.
AND WE'LL WALK THROUGH BOTH THE PLAN AMENDMENT THAT WE ARE REQUESTING, AS WELL AS THE PROPOSED PROJECT AND TIF SUBSIDY THAT KEVIN SPATH ALLUDED TO. AND SO WE'LL COVER A BRIEF BACKGROUND ON THE DOWNTOWN TIF DISTRICT STAFF'S RECOMMENDATION FOR AMENDMENT OF THAT TIF DISTRICT.
WILL TALK A BIT ABOUT THE 901 MAIN STREET REDEVELOPMENT PROJECT, AND ALSO STAFF'S RECOMMENDATION FOR THAT PROJECT, AS WELL AS THE RECOMMENDATIONS FROM THE DOWNTOWN TIF DISTRICT BOARD OF DIRECTORS AND THE DOWNTOWN DALLAS DEVELOPMENT AUTHORITY, AND NEXT STEPS FOR BOTH ACTIONS. THE DOWNTOWN TIF DISTRICT WAS CREATED IN 2005 BY PETITION.
IT WAS CREATED TO PROVIDE A FUND FOR CAPITAL IMPROVEMENTS AND INVESTMENT IN THE CORE TO HELP WITH REDEVELOPMENT OF VACANT AND OR HISTORIC BUILDINGS, UNDERUTILIZED BUILDINGS AND SURFACE PARKING LOTS.
IT CREATED, IN AN EFFORT TO CREATE A DOWNTOWN NEIGHBORHOOD WITH MORE RESIDENTS, GREATER DENSITY AND MORE CRITICAL, AND A MORE CRITICAL MASS OF DEVELOPMENT. THE DOWNTOWN DALLAS DEVELOPMENT AUTHORITY WAS ALSO CREATED IN 2005, A LOCAL GOVERNMENT CORPORATION, TO SUPPORT THE IMPLEMENTATION OF THE TIF DISTRICTS PLAN.
THEY ALSO ISSUED TWO SERIES OF BONDS TO SUPPORT THE ORIGINAL CATALYST PROJECT FOR THE DOWNTOWN CONNECTION TIF, WHICH WAS INCLUDED THE MERCANTILE BLOCK, THE LONE STAR GAS LOFTS, AND THE CONTINENTAL BUILDING.
THE DISTRICT WILL EXPIRE IN DECEMBER OF 2035 OR WHEN THE TOTAL BUDGET IS COLLECTED, WHICH IS AN ESTIMATED 402.9 MILLION NET PRESENT VALUE. NEXT SLIDE PLEASE.
THE, WHICH HAS BEEN ABOUT SIX POINT 5,000,000FT² OF SPACE THAT HAS BEEN RENOVATED INTO VARIOUS USES, SUCH AS 1893 RESIDENTIAL UNITS, 1186 HOTEL ROOMS, 223,000FT² OF RETAIL SPACE, AND 562,000FT² OF OFFICE.
NEXT SLIDE PLEASE. SO IN JUNE OF 2022 CITY COUNCIL APPROVED AN AMENDMENT OF THE TIF DISTRICT THAT INCLUDED INCREASING ITS BOUNDARIES TO CREATE TWO NEW SUBDISTRICTS.
THE FIRST SUBDISTRICT WAS THE DOWNTOWN CONNECTION SUBDISTRICT, WHICH WAS JUST THE ORIGINAL BOUNDARY OF THE TIF DISTRICT, AND THEN THE SECOND SUBDISTRICT WAS THE NEW PARK SUBDISTRICT, WHICH WAS MEANT TO ENCAPTURE THE REDEVELOPMENT PROJECT NEWPARK. SUBSEQUENTLY, ONE NEWPARK, WHICH WOULD BE THE FIRST PHASE OF THE NEWPARK DEVELOPMENT, WAS APPROVED AS WELL. ANOTHER REASON FOR THE AMENDMENT, OR ANOTHER AMENDMENT OF THE TIF DISTRICT, WAS TO CREATE SEPARATE BUDGETS FOR BOTH OF THOSE TIF DISTRICTS, AND TO ESTABLISH A TERMINATION DATE FOR THE NEWPARK SUBDISTRICT.
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AND I'LL JUST ADD THAT THE BUDGET FOR THE DOWNTOWN TIF DISTRICT WAS ALSO INCREASED TO SUPPORT WHAT WE THOUGHT AT THE TIME WOULD BE DEVELOPMENT OF SURFACE PARKING LOTS PRIOR TO COVID. BUT AS KEVIN HAS MENTIONED, WE'VE HAD TO PIVOT A BIT TO WORK ON SOME OF OUR LARGER DOWNTOWN BUILDINGS THAT ARE NOW IN DISTRESS.WE ARE REQUESTING TO AMEND THE TIF DISTRICT BOUNDARY TO INCREASE ITS ACREAGE BY ADDING 901 MAIN STREET, WHICH IS CURRENTLY THE BANK OF AMERICA PLAZA, AND ALSO ADDING 1401 COMMERCE STREET, WHICH IS THE MAGNOLIA BUILDING COMPLEX. THE BOUNDARY AMENDMENT WILL ALLOW THE USE OF TIF FUNDING TO SUPPORT REDEVELOPMENT OF THESE PROJECTS.
THERE ARE NO ADDITIONAL PLAN AMENDMENTS BEING REQUESTED AT THIS TIME, JUST INCREASING THE BOUNDARY.
NEXT, WE'LL GO OVER THE 901 MAIN STREET REDEVELOPMENT PROJECT.
SORRY. NEXT SLIDE. SLIDE 8. SO BRIEF BACKGROUND ON THE PROJECT.
THE SECOND IS 900 MAIN STREET, WHICH IS A SURFACE PARKING LOT ACROSS THE STREET FROM THE TOWER AND PLAZA SITE, AND THEN 909 MAIN STREET, WHICH IS A SMALL SLIVER OF THAT SAME SURFACE PARKING LOT TOTALING APPROXIMATELY THREE ACRES.
NEXT SLIDE PLEASE. SO A FEW OF THE EXISTING CONDITIONS FOR THE THIS PARTICULAR PROJECT.
THE BUILDING OR THE TOWER IS ABOUT ONE POINT 8,000,000FT² OF OFFICE SPACE.
CURRENTLY IT'S APPROXIMATELY 70% OCCUPIED. IT'S 72 STORY TOWER, OFFICE TOWER, WHICH KEVIN SAYS IS THE TALLEST, OR WHICH IS THE TALLEST BUILDING IN DALLAS.
IF WE'LL GO TO THE NEXT SLIDE. A BRIEF SUMMARY ON THE PROJECT, 901 MAIN PAHG PARTNERS, LLC IS THE DEVELOPER FOR THIS PROJECT, WHICH IS A JOINT VENTURE FOR MIKE ABLON WITH PEGASUS ABLON, AND THEN MIKE HOQUE WITH HOQUE GLOBAL. THIS PROPOSED TRANSFORMATION OF THE BANK OF AMERICA TOWER WILL INCLUDE SHRINKING THE AMOUNT OF OFFICE SPACE FROM 1.8 MILLION TO 1.5 MILLION. THEY WILL CONVERT A PORTION OF THAT REDUCED OFFICE SPACE TO 280 NEW HOTEL ROOMS AND HOTEL AMENITY SPACE, APPROXIMATELY 330,000FT².
THEY WILL REPLACE THAT CURRENT SUNKEN CONCRETE GARDEN THAT IS ADJACENT TO THE TOWER, WITH A NEW STRUCTURE THAT WILL HOUSE THE HOTEL LOBBY AND WILL ALSO COVER THE HOTEL, BALLROOM AND MEETING ROOMS THAT WILL BE LOCATED ON THE CONCOURSE OF THE TOWER.
THERE WILL BE NEW GROUND UP CONSTRUCTION OF A 1,115 SPACE PARKING GARAGE.
AT THE STREET LEVEL, THERE WILL BE 15,000FT² FEET OF RETAIL SPACE OR RETAIL AND RESTAURANT SPACE.
THE TOTAL PROJECT COST IS $409,086,740. AND SO, AS WITH ALL OF OUR TIF PROJECTS, THIS PROJECT DID GO THROUGH THE URBAN DESIGN PEER REVIEW PROCESS.
THE DEVELOPMENT TEAM HAS SUCCESSFULLY COMPLETED THAT PROCESS, INCORPORATING THE RECOMMENDATIONS FROM THE URBAN DESIGN PEER REVIEW PANEL AND THE RENDERINGS YOU SEE IN THIS BRIEFING, AND THE RENDERINGS THAT WILL BE ATTACHED TO THE DEVELOPMENT AGREEMENT WILL REFLECT THOSE RECOMMENDATIONS.
ON SLIDE 13 WE HAVE RENDERINGS OF THE HOTEL AND THE HOTEL SUITE AND HOTEL LOBBY, AND IT SHOWS YOU HOW THESE STRUCTURES WILL ADDRESS THE. THE STREET WITH THE HOTEL ENTRANCE AND THE OFFICE ENTRANCE ON SLIDE 14.
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AND THE LAST RENDERING IS OF THE PARKING GARAGE THAT IS BEING PROPOSED.AS I MENTIONED, THE PROJECT IS $409,086,740. 43% OF THE SOURCES FOR THIS PROJECT IS IN PERMANENT DEBT FINANCING, 33% EQUITY.
AS PREVIOUSLY MENTIONED, MENTIONED STAFF IS RECOMMENDING $98 MILLION TO SUPPORT THIS PROJECT.
IT'S MADE UP OF A PORTION OF COSTS THAT WE ANTICIPATE TO DIRECTLY REIMBURSE, WHICH INCLUDES COSTS FOR ENVIRONMENTAL REMEDIATION AND INTERIOR AND EXTERIOR DEMOLITION, STREET AND UTILITY IMPROVEMENTS, STREETSCAPE IMPROVEMENTS AND THE BALANCE WILL BE IN THE FORM OF A GRANT.
THE TOTAL TIF SUBSIDY COULD BE LESS IF THE COST FOR ENVIRONMENTAL REMEDIATION, INTERIOR DEMOLITION, STREET AND UTILITY IMPROVEMENTS AND STREETSCAPE IMPROVEMENT IS LESS.
AND I BELIEVE KEVIN MENTIONED THAT AT OUR TIF BOARD, THE BOARD HAD AN ADDITIONAL CONDITION FOR THE PROJECT, AN ADDITIONAL RECOMMENDATION, AND I WILL DESCRIBE THAT IN GREATER DETAIL ON MY FINAL RECOMMENDATIONS FOR THE PROJECT.
AND SO QUICKLY I'LL GO THROUGH SOME OF THE AGREEMENT CONDITIONS.
BY SEPTEMBER 30TH OF 2026. THE DEVELOPER MUST PROVIDE EVIDENCE OF AN EXECUTED HOTEL FRANCHISE AGREEMENT FOR THE PROJECT, WITH THE FOUR STAR OR HIGHER RATED HOTEL BRAND.
BY SEPTEMBER 30TH, 2032, THE DEVELOPER SHALL INVEST $394,990,335 FOR THE PROJECT AND COMPLETE ALL OF THE REQUIRED PROJECT COMPONENTS. THE DEVELOPER MUST PULL AN OR OBTAIN A BUILDING PERMIT BY SEPTEMBER 30TH, 2029. WE'LL GO TO SLIDE 20. THE DEVELOPER SHALL COMPLETE THIS PROJECT BY SEPTEMBER 30TH OF 2032.
ALSO, WITH THIS PROPOSED SUBSIDY, WE HAVE MINIMUM OCCUPANCY REQUIREMENTS, AND SO WE ARE REQUIRING THAT A MINIMUM OF 5000FT² OF THE STREET LEVEL RETAIL RESTAURANT SPACE CREATED IN THE PARKING GARAGE BE OCCUPIED.
AND THE HOTEL PORTION OF THE PROJECT MUST BE OPEN AND OPERATIONAL.
WE ALSO HAVE ONGOING MINIMUM OCCUPANCY REQUIREMENTS THAT COULD TRIGGER A DEFAULT FOR THE PROJECT IF THEY ARE NOT CURED WITHIN THE ALLOTTED CURE PERIOD. WE ARE ALSO REQUIRING LOCAL HIRING FOR THIS PROJECT, AND SO THE DEVELOPER MUST MAKE REASONABLY COMMERCIALLY, REASONABLY EFFORT, COMMERCIALLY REASONABLE EFFORTS TO HIRE RESIDENTS FROM THE CITY OF DALLAS.
LAST IS OUR POST-CONSTRUCTION AUDIT AND POSSIBLE REDUCTION IN TIF SUBSIDY.
THE SUBSIDY WILL BE REDUCED BY 24,000 FOR EVERY REDUCTION IN PROJECT COSTS OF 100,000.
SO, THE NEXT SLIDE, PAGE 23, IS OUR TIF DISTRICT BOARD AND DDDA BOARD ACTION.
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INCLUDE THE 1401 COMMERCE STREET INTO THE TIF DISTRICT BOUNDARY.ALSO IN SEPTEMBER 30TH OF 2025, THE TIF BOARD RECOMMENDED EXPANDING THE BOUNDARY TO INCLUDE THE 900 MAIN STREET PROPERTY TO THE TIF DISTRICT, WHICH IS THE ONE CURRENTLY UNDER CONSIDERATION.
ALSO AT THE SEPTEMBER 30TH, 2025 MEETING, THEY CONSIDERED THE TIF SUBSIDY FOR THE PROJECT, AND THEY MADE AN ADDITIONAL RECOMMENDATION TO STAFF'S RECOMMENDATION.
THEY WANTED THE DEVELOPER AND REQUIRED THE DEVELOPER TO ENSURE THAT THE CONSTRUCTION AND DESIGN OF THE PARKING GARAGE WILL SUPPORT FUTURE VERTICAL DEVELOPMENT EQUIVALENT TO 200 HOTEL ROOMS, OR 200 RESIDENTIAL ROOMS. AND THEY ALSO INCREASED THE SUBSIDY BY 5 MILLION TO SUPPORT THE NEW CONDITION.
THEY WANTED TO ENSURE THAT ULTIMATELY AND IN THE FUTURE, THERE WILL BE SOME TYPE OF VERTICAL DEVELOPMENT ON TOP OF THE PARKING GARAGE AND TO SUPPORT THAT THAT THEY INCREASE THE TIF SUBSIDY.
AND SO IT IS STAFF'S RECOMMENDATION TO FOLLOW THE TIF BOARD'S ADDED RECOMMENDATION, IN ADDITION TO WHAT STAFF ORIGINALLY PROPOSED, AND TO AWARD THE SUBSIDY, AND A SUBSIDY IN AN AMOUNT NOT TO EXCEED $103 MILLION.
WE ALSO RECOMMEND THE APPROVAL OR THE RECOMMENDATION OF APPROVAL TO EXPAND THE BOUNDARIES OF THE TIF DISTRICT TO INCLUDE BOTH 901 MAIN STREET AND 1401 COMMERCE STREET. YEAH. OKAY. AND SO THESE ITEMS WILL APPEAR BEFORE CITY COUNCIL FIRST. OCTOBER 8TH IS TO CALL A PUBLIC HEARING BY COUNCIL.
AND THAT PUBLIC HEARING WILL BE SCHEDULED FOR OCTOBER 22ND.
ON OCTOBER 22ND, CITY COUNCIL WILL BE ASKED TO HOLD THE PUBLIC HEARING AND AT THE CLOSE OF THE PUBLIC HEARING, MAKE A RECOMMEND, OR MAKE AN APPROVAL OR DENIAL OF THE REQUESTED TIF SUBSIDY TO SUPPORT THE 901 MAIN STREET REDEVELOPMENT PROJECT.
AND THAT CONCLUDES MY PRESENTATION. I AM HERE TO ANSWER ANY QUESTIONS YOU MAY HAVE.
THANK YOU FOR THE PRESENTATION. IT WAS VERY DETAILED YET CONCISE, I APPRECIATE THAT.
WE'RE GOING TO START TO MY LEFT WITH VICE CHAIR RIDLEY.
THANK YOU, MR. CHAIR. AND THANK YOU FOR THE PRESENTATION.
TAMARA. I AM VERY PLEASED TO SEE THAT THE TIF BOARD HAS RECOMMENDED APPROVAL OF THIS SUBSIDY, AND PARTICULARLY THE ADDITIONAL 5 MILLION TO ADD TO THE STRUCTURE OF THE PARKING GARAGE TO PROVIDE FLEXIBILITY FOR FUTURE DEVELOPMENT OF THAT BUILDING.
AND I AM GREATLY IN FAVOR OF THIS PROJECT. I THINK IT'S A CRITICAL PROJECT TO REVITALIZE THIS AREA OF DOWNTOWN, TO ACTIVATE THE LAMAR CORRIDOR AND TO PROVIDE A BASE FOR FUTURE DEVELOPMENT ALONG THE LAMAR CORRIDOR.
HOPEFULLY AS A SYNERGISTIC EFFECT IN THAT WHOLE AREA OF DOWNTOWN.
I HAD A QUESTION. YOU MENTIONED THAT THE ITEM ALSO INCLUDES EXPANSION OF THE TIF DISTRICT BOUNDARIES AND, WELL, TO BE MORE PRECISE, TO ADD THIS PROPERTY TO THE EXISTING TIF BOUNDARIES.
IT ALSO INCLUDED THE PROPERTY AND COMMERCE STREET CURRENTLY OCCUPIED BY THE MAGNOLIA HOTEL.
BUT NONE OF YOUR PRESENTATION ADDRESSED THE MAGNOLIA.
COULD YOU PROVIDE US WITH A SUMMARY RATIONALE BEHIND THE EXPANSION OF THE TIF DISTRICT PROPERTIES TO INCLUDE THAT COMMERCE STREET HOTEL? SURE, BACK WHEN THE TIF BOARD CONSIDERED EXPANDING THE BOUNDARY TO INCLUDE 1401 COMMERCE.
WE HAD A PROJECT THAT WAS CURRENTLY UNDER CONSIDERATION AT THAT TIME.
AND SO, BECAUSE WE ALREADY HAVE THE TIFF BOARD'S RECOMMENDATION TO EXPAND THE BOUNDARIES, AND WE'RE GOING THROUGH THIS EXERCISE NOW WITH 901 MAIN STREET, IT MADE SENSE TO JUST COUPLE THE TWO. GREAT. THANK YOU.
COUNCIL MEMBER ZARIN GRACEY. THANK YOU, MR. MAYOR.
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I THINK THE ONLY QUESTION I HAD, I JUST, AND AGAIN, NEW TO THE, TO THIS COMMITTEE, BUT IN TERMS OF THE LOCAL HIRING PLAN WHO THEY TYPICALLY WRITE THEIR OWN HIRING PLAN AND THEN THEY SUBMIT IT TO.AND THEN HOW OFTEN IS AGAIN, I DON'T WANT TO GO INTO A WHOLE SEPARATE CONVERSATION ABOUT THIS, BUT AT SOME POINT I'LL BE SUBMITTING A MEMO JUST TO COME HAVE IT.
THE HIRING PLANS, HOW OFTEN ARE THEY REVIEWED AND HOW WELL ARE THEY DOING? AND ARE THEY ON AN ONGOING BASIS IN TERMS OF ENSURING NOT JUST THAT THEY HAVE THIS PLAN IN PLACE, BUT THEY CONTINUE TO EFFORTS TO KEEP DALLAS RESIDENTS EMPLOYED? SO THAT WILL BE SOMETHING I'LL BE BRINGING TO YOU. MR. CHAIR.
YEAH. GREAT QUESTION. IF I MAY. THE SIMPLE ANSWER IS AND I WOULD CLARIFY, ITS LOCAL HIRING FOR PERMANENT JOBS, NOT THE CONSTRUCTION JOBS, BUT YEAH. SO WE REQUIRE WE HAVE A TEMPLATE.
BUT WE REQUIRE THE, THE DEVELOPER TO SUBMIT A PROPOSED LOCAL HIRING PLAN.
AND WE HELP THEM IDENTIFY ALL THE BEST RESOURCES TO ADVERTISE.
THEY ALSO, YOU KNOW, SOME OF OUR DEALS YOU'LL SEE, WHERE THE DEVELOPER OR OWNER, WE REQUIRE THEM TO MAYBE A CAUSE THAT SPECIFIC TENANTS TO ALSO FOLLOW A LOCAL HIRING PLAN. AND IN THIS CASE, WE ARE REQUIRING THE HOTEL MANAGEMENT ENTITY TO FOLLOW LOCAL HIRING PLANS. SO THEY WILL PROPOSE HOW THEY PROPOSE TO HIRE.
AND THEN WE WILL, THROUGH OUR QUARTERLY REPORTING, MONITOR HOW THEY FOLLOW THEIR OWN HIRING PLAN.
THANK YOU. THANK YOU FOR THE PRESENTATION. AND I'M NEW TO THIS BOARD TOO.
SO THIS COMMISSION TOO. SO THIS IS AN EDUCATION FOR ME.
IT'S A HUGE PROJECT. SEEMS LIKE. AND TO GET THIS ON AN AGENDA IN TWO WEEKS SEEMS TO BE A LITTLE BIT AGGRESSIVE TO HAVE THIS BIG OF A PROJECT BEING PRESENTED TO US.
BUT AT ANY RATE, MY QUESTION IS, I DIDN'T UNDERSTAND.
YOU'RE DIVIDING THIS INTO TWO SUBDISTRICTS. WHAT'S THE RATIONALE OR WHAT'S THE IMPLICATIONS OF THAT? SO THE DISTRICT IS ALREADY INTO SUBDISTRICTS.
SOME SOMETIMES WHEN A DISTRICT IS CONTAINS PROPERTY THAT IS OWNED BY ALL, OWNED BY THE SAME ENTITY, IT MIGHT MAKE SENSE TO HAVE ITS OWN BUDGET SO THAT IT DOESN'T, YOU KNOW, SHED, SHARE TAX INCREMENT REVENUE ACROSS PROPERTIES THAT ARE OWNED BY THE SAME ENTITY. SO IN THIS CASE, THIS DISTRICT, THE COUNCIL APPROVED THE SUBDISTRICT FOR THE NEW PARK AREA, WHICH IS THE AREA HERE SOUTH OF CITY HALL IN 2022.
BUT IT'S ALL UNDER THE SAME UMBRELLA DISTRICT.
IT'S IN THE SAME TIF DISTRICT, BUT THEY DO NOT SHARE THE SAME BUDGET.
OKAY. SO THE AND WHEN YOU SAY THE SAME BUDGET, YOU'RE TALKING ABOUT THE INCREMENTAL INCREASE IN VALUES THAT ARE CREATED BY THE DEVELOPMENT IN THAT SUBDISTRICT ARE NOT GOING TO BE ATTRIBUTABLE TO THE OTHER SUBDIVISION OF THE OTHER DISTRICT.
CORRECT. OKAY. AND SO AND AGAIN, I DON'T I'M, I'M TOO NEW TO THIS TO UNDERSTAND THE IMPLICATIONS OF THOSE NUMBERS, WHICH COULD BE SIGNIFICANT AND SHOULD BE MAYBE THOUGHTFUL, THOUGHT ABOUT.
THE SECOND QUESTION I HAD IS TO MAKE SURE I UNDERSTAND IT.
$88 MILLION OF THE $98 MILLION GRANT OF TIF OR DEVELOPMENT MONIES IS GOING TO ECONOMIC DEVELOPMENT GRANTS. WHAT IS THAT? WHAT DOES THAT MEAN? WHAT IS AN ECONOMIC DEVELOPMENT GRANT? THEY CAN USE IT FOR ANYTHING.
SO THOSE ARE THE THINGS IN THE CHART. ENVIRONMENTAL REMEDIATION, STREET AND UTILITY IMPROVEMENTS, STREETSCAPE IMPROVEMENTS. BUT PART OF OUR SUBSIDY CAN ALSO BE DEPLOYED AS A GRANT.
SO THE GRANT MEANS IT'S PAYABLE UPON PERFORMANCE.
WHEN THEY DO EVERYTHING THEY ARE REQUIRED TO DO, THEY BECOME ELIGIBLE TO RECEIVE THE GRANT.
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THAT'S THE DIFFERENCE. BUT IT'S NOT REIMBURSABLE TO US THROUGH THROUGH THE TIF OR THROUGH ANY OTHER.AND IS THERE, WHEN DOES THE HOTEL FLAG HAVE TO BE DESIGNATED? WHAT DATE WAS THAT? I BELIEVE IT'S SLIDE 18, THE SECOND UNDERLINED SECTION, AND IT'S BY SEPTEMBER 30TH, 2026.
I'M SORRY, WHAT? SEPTEMBER 30TH, 2026. 20. SO? SO SO NEXT SEPTEMBER? YES. OKAY. AND ON THE.
DO I HAVE TIME? IS THERE A TIME LIMITS ON THIS? SO WE DON'T HAVE TIME LIMITS. AND I'M NOT GOING TO HIJACK THE MEETING.
I'LL LET YOU KNOW WHEN WE'RE GOING TO GO TO OUR OTHER COLLEAGUES.
BUT WE'LL DEFINITELY LEAVE IT OPEN FOR, FOR SECOND ROUND, ESPECIALLY ON A PROJECT AS BIG AS THIS.
WE WANT TO MAKE SURE YOUR QUESTIONS ARE ADDRESSED.
THANK YOU. ON THE THE 13 IS A 1301 COMMERCE OR 1401 1401 AND THAT'S THE MAGNOLIA BUILDING.
YES. AND HAS THAT PROJECT ALREADY BEEN APPROVED AND FOR SUBSIDIES AND FOR ALL THE THINGS.
IT'S. AND WHO'S DEVELOPING THAT PROJECT?. I'M TRYING TO THINK OF THE ENTITY NAME.
SYCAMORE? YEAH. THAT PROJECT'S ALREADY BEEN TO COUNCIL FOR A RESOLUTION OF SUPPORT THROUGH A LATECH APPLICATION AS WELL. SO IT'S ALREADY BEEN PUBLICIZED THROUGH THAT PROCESS.
COULD I HAVE AN ANSWER TO MY QUESTION? WHO IS THE DEVELOPER? I'M SORRY, I THOUGHT. WHO WAS THE. SYCAMORE. WHO WAS THE DEVELOPER? SYCAMORE? SYCAMORE STRATEGIES, YES. OKAY. AND IS THERE A REASON WHY THIS SHOULD BE IN THIS PARTICULAR PACKAGE AT THIS TIME? SINCE THAT PROJECT HASN'T BEEN FULLY VETTED, IT HASN'T BEEN FULLY APPROVED, AND IT COULD BE A PROJECT THAT MAY OR MAY NOT BE COME TO COMPLETION.
YES. THE PROJECT, WE ANTICIPATE THIS BUILDING WILL BE REDEVELOPED AT SOME POINT IN THE FUTURE.
WE'VE ALREADY HAD ONE APPLICATION THAT WENT THROUGH IT, BUT FOR ISSUES ON THE DEVELOPER SIDE DID NOT MAKE, WE VERY QUICKLY HAD ANOTHER APPLICATION SUBMITTED FOR REDEVELOPMENT OF THIS PARTICULAR PROJECT, OF THIS PARTICULAR BUILDING. AND SO WE DO BELIEVE THAT IT WILL ULTIMATELY BE DEVELOPED.
AND SINCE THE TIF BOARD ORIGINALLY RECOMMENDED APPROVAL AND THEY CONFIRMED THEIR APPROVAL WITH THIS LAST TIF BOARD MEETING, IT MADE SENSE TO DO, TO RUN THE TWO TOGETHER.
ADDITIONALLY, GIVEN THE FACT THAT THERE ARE ONLY TWO MEETINGS BETWEEN NOVEMBER AND DECEMBER, NOT THE NORMAL FOUR, IT MAKES SENSE TO GO THROUGH THIS PROCESS NOW WHERE WE HAVE THE OPPORTUNITY TO DO THE TWO STEP PROCESS WITH CITY COUNCIL.
IS THERE A SENSITIVITY TO TIME ON THIS THING THAT IT HAS TO BE DONE IN TWO WEEKS OR THREE WEEKS? AND I'M TRYING TO UNDERSTAND WHAT THE RUSH IS TO EVALUATE A PROJECT OF THIS SIZE AND THIS COMPLEXITY.
ON THIS PROJECT, SIR? BOTH PROJECTS THE MAGNOLIA AND THE BANK OF AMERICA.
YEAH. AND THE TIF SUBDIVISION. I WOULD SAY THE.
WE'VE BEEN WORKING THIS PROJECT FOR ABOUT 15 MONTHS.
SO THE FACT THAT IT COMES, BECOMES A PUBLIC PROJECT AND IT APPEARS TO BE A TWO WEEK PROCESS.
THAT'S THE NATURE OF THE PUBLIC PROCESS. BUT WE'VE BEEN WORKING ON THIS FOR A VERY LONG TIME.
I, YOU KNOW, THE DEVELOPMENT TEAM IS HERE, AND IF YOU HAVE SPECIFIC QUESTIONS ABOUT THE URGENCY OF THEIR CONTRACT TO CLOSE ON THIS PROPERTY OR ANY OTHER RELATED DEADLINES THAT ARE SPECIFIC TO THEM, I THINK THEY'D BE HAPPY TO ANSWER THOSE QUESTIONS.
QUITE FRANKLY, CHAIRMAN, I'M NOT PREPARED BECAUSE I DON'T HAVE THE, THE DETAILED INFORMATION, BUT THANK YOU. AND I MAY HAVE SOME OTHER QUESTIONS.
PERFECT. THANK YOU. COUNCILWOMAN BLAIR. I HAVE A MAYBE A REAL SIMPLE QUESTION.
IS THIS TIF HEALTHY ENOUGH TO SUPPORT THIS PROJECT?
[00:35:04]
YES, MA'AM, IT IS. AS I MENTIONED, IN JUNE OF 2022, THE BUDGET WAS INCREASED TO ALLOW FOR ADDITIONAL COLLECTION, AND THERE IS ENOUGH CAPACITY WITHIN THE TIF DISTRICT TO SUPPORT THIS PROJECT.SO SO THE MAGNOLIA PROJECT THAT'S COMING UP AS WELL.
WILL THIS TIF BE ABLE TO SUPPORT BOTH OF THEM AT THE SAME TIME, OR WILL THERE BE A LAG IN IN THE FUNDING SOURCE FROM THE TIF? RIGHT, SO WHEN WE INCREASE THE BUDGET, THEY GAVE US AN ADDITIONAL CAPACITY OF ABOUT 500 MILLION TO SUPPORT PROJECTS WITHIN THE DOWNTOWN CONNECTION SUBDISTRICT.
AND SO WE'LL HAVE THE ABILITY TO SUPPORT BOTH PROJECTS WHEN THEY RECEIVE PAYMENT IS MORE A FUNCTION OF WHEN THEY START AND COMPLETE THE PROJECT, AND WHEN THE CITY DETERMINES THAT THEY ARE ELIGIBLE FOR PAYMENT.
THANK YOU. NO PROBLEM. CHAD WEST. THANK YOU CHAIR.
GREAT JOB ON THE PRESENTATION. THANK YOU. I DON'T HAVE ANY QUESTIONS.
JUST A COUPLE OF COMMENTS. YOU KNOW, FIRST OF ALL, I CAN TELL YOU WORKED REALLY HARD ON THIS FOR A LONG TIME AND THAT YOU PUT A LOT OF THOUGHT INTO IT. SECONDLY, I JUST WANT TO SAY THAT, YOU KNOW, THERE'S A LOT GOING ON IN DOWNTOWN RIGHT NOW, AND OUR DOWNTOWN IS THE HEART OF OUR CITY, AND WE'VE GOT TO DO WHAT IT TAKES TO MAKE SURE IT STAYS THAT WAY.
AND I SEE THIS AS A NECESSARY STEP AND A STEP THAT WE CAN TAKE AS COUNCIL TO SHOW WE'RE COMMITTED TO DOWNTOWN AND TO ENSURING IT STAYS THE JEWEL THAT WE KNOW IT TO BE. SO WITH THAT BEING SAID, I FULLY SUPPORT THE THE STAFF'S RECOMMENDATION.
THANK YOU. COUNCILWOMAN CADENA. THANKS SO MUCH FOR YOUR WORK ON THIS.
I DO KNOW THAT THIS TAKES A LOT OF WORK. YOU KNOW, AS YOU ALL PREPARE THESE PRESENTATIONS.
I DO HAVE A COUPLE OF QUESTIONS. DID YOU MENTION THE DEVELOPERS ARE ABLON AND HOQUE? YES. AND THEN NEWPARK WAS CREATED FOR HOQUE, IF I REMEMBER CORRECTLY, YOU ALL MENTIONED THAT.
WHAT IS THE STATUS ON THOSE PROJECTS? WE CURRENTLY HAVE A REQUEST FOR A DEADLINE EXTENSION FOR THE PROJECT THAT THE TIF BOARD WILL CONSIDER HERE SHORTLY. AND IF YOU WANT A LITTLE MORE INFORMATION, WE DO HAVE THE DEVELOPER IN THE AUDIENCE THAT CAN COME AND SPEAK TO YOUR QUESTION.
I DON'T THINK I NEED ONE AT THIS POINT. SO IF THIS PROJECT NEEDS AN EXTENSION, WHAT WOULD BE THE PROCESS FOR THAT? IT HAS TO GO TO THE TIF BOARD FOR REVIEW AND RECOMMENDATION OF APPROVAL TO THE DIRECTOR.
AND SO IN ALL OF OUR TIF PROJECTS, WE DO BUILD IN MAYBE A MAXIMUM 12 MONTH ADMINISTRATIVE EXTENSION THAT IS ALLOWED FOR ALL PROJECTS, GIVEN THE FACT THAT WITH CONSTRUCTION PROJECTS, THEY CAN BE DELAYED FOR WHATEVER REASON THAT MAY COME UP.
ANYTHING AFTER THAT WILL GO TO THE TIF BOARD AND CITY COUNCIL.
OKAY. AND OF COURSE, DOWNTOWN DALLAS IS SUPER IMPORTANT FOR OUR CITY.
I DO HAVE A QUESTION. IS 1717 MAIN THE SECOND TALLEST BUILDING IN DOWNTOWN DALLAS AS PART OF THE TIF? THAT'S POSSIBLE. AND THE REASON WHY I ASK IS COMERICA JUST PURCHASE, ANNOUNCED THIS MORNING THE PURCHASE OF THE 5TH WARD, AND THEY EXPECT TO MAKE $850 MILLION IN CUTS.
AND SO I'M HOPING THAT DOESN'T AFFECT DOWNTOWN DALLAS.
BUT DEFINITELY IS SOMETHING I THINK TO CONSIDER AS WE MAKE THIS DECISION.
AS WELL. AND SO THAT LEADS ME TO MY NEXT QUESTION IS WHAT WOULD BE LEFT IN THE TIF AFTER THIS DEAL, WE WOULD ROUGHLY HAVE ABOUT 350 MILLION IN CAPACITY.
OKAY. AND THEN DID YOU SAY THAT THE DEVELOPERS ARE RESPONSIBLE FOR THE UPGRADES TO THE INFRASTRUCTURE? YES, TO SUPPORT THEIR PROJECT. AND THAT INCLUDES LIKE WASTEWATER, SANITATION.
EVERYTHING, EVERYTHING TO PROVIDE FOR THE PROJECT.
SO THAT'S WATER, WASTEWATER, SEWER. OKAY. I THINK THAT'S ALL MY QUESTIONS.
THIS IS CRITICAL. IT'S A DALLAS ICONIC LANDMARK.
IT'S A PREMIER BUILDING THAT PEOPLE AROUND THE WORLD KNOW DALLAS FOR.
AND WE GOT TO MAKE SURE THAT WE REITERATE OUR COMMITMENT TO THE CBD.
[00:40:04]
OUR DOWNTOWN IS THE HEARTBEAT TO TO THE NOT ONLY DALLAS, BUT TO OUR ENTIRE REGION.AND SO I'M FULLY COMMITTED TO MAKING SURE THAT THIS BECOMES A CATALYST PROJECT.
THE REALITY IS THAT DOWNTOWN WAS OVERBUILT FROM THE LATE 80S, AND WE'VE NEVER REALLY BEEN ABLE TO RECOVER FROM THE AMOUNT OF SQUARE FOOTAGE THAT CAME INTO THE OFFICE SPACE WITH CHANGES IN AFTER COVID, WITH CHANGES WORKING FROM HOME.
WE HAVE TO ADAPT AND WE HAVE TO REUSE. AND SO I'M REALLY EXCITED ABOUT THESE OPPORTUNITIES.
A COUPLE QUESTIONS IS, WHEN DID THIS PROJECT OR WHEN WAS THE APPLICATION SUBMITTED? AND CAN Y'ALL WALK US THROUGH A VERY GENERAL TIMELINE OF HOW THE PROCESS WORKS FROM THE MINUTE THAT YOU GUYS GET AN APPLICATION? I'M GOING TO TRY AND DO THIS FROM MEMORY. BUT THANK YOU FOR THE QUESTION.
I THINK OFFICIALLY THE APPLICATION WAS SUBMITTED LATE MAY, MAYBE EARLY JUNE, BUT TYPICALLY A PROJECT LIKE THIS WE'RE HAVING CONVERSATIONS WITH POTENTIAL DEVELOPERS, WELL IN ADVANCE OF THAT, AND AS I RECALL, WE DID HAVE SEVERAL MEETINGS WITH THIS GROUP BEFORE THEY EVEN PUT ANYTHING UNDER CONTRACT, WHICH IS TYPICAL. SO LIKE I SAID, IT'S PROBABLY, I DON'T KNOW, A MONTH, I MEAN, A, A YEAR FROM NOW, WHEN WE FIRST HAD OUR INITIAL MEETING WITH THIS GROUP WHEN THE APPLICATION COMES IN FORMALLY, WE CHECK FOR COMPLETENESS. IT'S A VERY ROBUST APPLICATION.
WE CHECK FOR COMPLETENESS. IF IT'S, IF THE APPLICATION IS NOT COMPLETE, THEN THERE'S USUALLY SOME BACK AND FORTH WITH THE APPLICANT TO TRY AND GET THINGS THAT ARE MISSING OR INCOMPLETE. ONCE WE'VE.
AND THAT MAY TAKE A DAY. IT MAY TAKE A WEEK, IT MAY TAKE A MONTH, IT MAY TAKE A YEAR.
IT'S REALLY IN THE COURT OF THE APPLICANT. ONCE WE HAVE A COMPLETED APPLICATION, WE BEGIN OUR OWN INTERNAL PROCESS OF EVALUATING THE PROJECT TO SEE HOW IT ALIGNS WITH THE CITY'S POLICIES.
IF IT'S IN A TIF DISTRICT, WE SEE HOW IT ALIGNS WITH THE PROJECT PLAN FOR THE DISTRICT.
WE ALSO EVALUATE THE PROJECT FROM A TAX INCREMENT STANDPOINT.
SO WE MAKE PROJECTIONS AND WE CHECK COMP COMPARABLE PROJECTS AND PROPERTIES.
AND THEN WE ALSO SEND THE PROJECT OUT FOR INDEPENDENT OUTSIDE UNDERWRITING.
SO THERE'S A THIRD PARTY THAT WILL LOOK AT THE APPLICATION AND UNDERWRITE THE PROJECT.
THEY VERIFY THAT THAT DEBT IS GOING TO BE MAXIMIZED AND THAT EQUITY RETURNS DO NOT PROVIDE UNDUE ENRICHMENT TO THE INVESTORS. AND THEY MAKE A RECOMMENDATION FOR THE SUBSIDY THAT ULTIMATELY WE OFFER BY, WE PREPARE A TERM SHEET OR A LETTER OF INTENT, TYPICALLY VERY, VERY MUCH LIKE THE CONDITIONS THAT YOU SEE IN THE BRIEFING.
SO IT'S 15 OR 20 PAGES OF TERM SHEET REQUIREMENTS.
AND ONCE WE HAVE A, AN EXECUTED TERM SHEET, THEN THEN IS WHEN WE START TO PREPARE THE, THE PUBLIC PART OF THE PROCESS, GOING THROUGH THE, THE PUBLIC MEETINGS, IN THIS CASE, THE TIF DISTRICT BOARD OF DIRECTORS AND THE DOWNTOWN DALLAS DEVELOPMENT AUTHORITY BOARD OF DIRECTORS MEETINGS. AND THEN TO THIS BODY AS A SUBSET OF THE CITY COUNCIL AND THEN TO THE FULL CITY COUNCIL.
SO I APPRECIATE MY COLLEAGUES LINE OF QUESTIONING AND DETAILS ON THIS VERY BIG, BIG ITEM.
BUT I JUST WANT TO MAKE SURE THAT THE PUBLIC UNDERSTANDS THE LEVEL OF THRESHOLDS THAT THIS ITEM HAS TO GO THROUGH IN ORDER TO GET TO TODAY. AND SO LET'S TALK A LITTLE BIT ABOUT VACANCY.
IF YOU HAVE A NUMBER FOR DOWNTOWN DALLAS ON VACANCY, I THINK IT'S ABOUT 27%.
CAN YOU TALK ABOUT VACANCY FOR THIS PARTICULAR BUILDING? AND THEN ONCE THE MAIN TENANT IS NO LONGER AT THE TOWER? YEAH. I THINK THIS ONE'S CURRENTLY ABOUT 70% OCCUPIED, BUT BANK OF AMERICA IS THE MAJOR ANCHOR TENANT,
[00:45:03]
I THINK. HOW MANY? 462,000FT² WILL BE VACATED BY BANK OF AMERICA IN LATE 2027. SO THEY'LL BE MOVING INTO THE NEW PARKSIDE BUILDING.AND SO THIS THE VACANCY OF THIS BUILDING WILL GO WAY DOWN AT THAT POINT.
NOW, THE DEVELOPMENT TEAM HAS, YOU KNOW, PUT TOGETHER A PROJECT TO ACCOUNT FOR, PARTIAL LOSS OF THIS TENANT AND THE THE OCCUPANCY OF THIS TENANT, BUT ALSO THIS PROJECT WILL REPOSITION THE BUILDING.
IT WILL NOT ONLY REDUCE THE AMOUNT OF OFFICE SPACE IN THE BUILDING, IT WILL MAKE IT MORE ATTRACTIVE TO KEEP THE TENANTS THAT IT CURRENTLY HAS THAT ARE ON LONGER LEASES THAN BANK OF AMERICA, BUT ALSO IT WILL HELP THEM ATTRACT NEW OFFICE TENANTS AS WELL.
AND SO THESE INCENTIVES OBVIOUSLY ARE HELPING THE DEVELOPER.
BUT CAN YOU TALK A LITTLE BIT ABOUT THE, IT BEING A CATALYST PROJECT AND HELPING US WITH OTHER BUILDINGS IN THE IN THE AREA? GO AHEAD AND PRINT IT OUT. I THINK I UNDERSTAND YOUR QUESTION IS IS YOUR QUESTION IS.
SO THE QUESTION IS THAT THIS INVESTMENT THAT WE ARE COMMITTING TO, IS IT SOLELY FOR THE BENEFIT OF ONE TOWER? OR DO WE SEE THE INVESTMENT THAT IS GOING TO SPUR ADDITIONAL ECONOMIC DEVELOPMENT TO THE SURROUNDING AREA? YEAH, IT'S THE SECOND. THIS PROJECT IS, LIKE I SAID IN MY OPENING REMARKS, IS VERY IMPORTANT FOR DOWNTOWN, BUT IT'S MORE IMPORTANT FOR A PORTION OF THE CBD THAT HAS QUITE FRANKLY, BEEN NEGLECTED.
HASN'T BEEN THE CENTER OF ATTENTION FOR MOST OF THE LAST 40 YEARS.
BUT BECAUSE OF WHAT THE INVESTMENT WE'RE MAKING IN THE CONVENTION CENTER REDEVELOPMENT, THE, AND THE COMMITMENT WE'VE ALREADY MADE AND ARE CONTINUING TO MAKE IN WEST END, THIS PROJECT IS RIGHT IN BETWEEN.
IT'S EQUIDISTANT TO BOTH THE WEST END AND THE CONVENTION CENTER.
AND THE LAMAR CORRIDOR IS WILL BENEFIT FROM THIS PROJECT.
THANK YOU. SO I DO HAVE A QUESTION ON THE CLOSING DATE AND THE COMPLETION DATE.
THOSE SEEM PRETTY FAR OUT, SO HELP ME UNDERSTAND WHY THOSE AREN'T BROUGHT IN A LITTLE BIT CLOSER.
AND SO I'M JUST CURIOUS AS TO WHY GIVING THEM TILL SEPTEMBER.
SORRY. OCTOBER OF NO. SEPTEMBER, I BELIEVE, OF 2026 TO CLOSE ON THE PROPERTY.
SURE. SO WITH ALL OF OUR PROJECTS, WE TRY TO PROVIDE AN OUTSIDE DATE TO ENSURE THAT THE DEVELOPER IS ABLE TO ADDRESS UNFORESEEN DELAYS WITHIN THE PROJECT. AND SO THAT'S ONE REASON WHY WE HAVE OUTSIDE DATES, IN ADDITION TO, WITH WORKING WITH THE DEVELOPER AND NEGOTIATING BACK AND FORTH, THEY ALSO WANT TO BUILD IN A BIT OF CUSHION AS WELL.
AND SO IT'S TO ENSURE THAT THE DEVELOPER IS NOT PENALIZED AS IT RELATES TO DATES, DEADLINE COMPLETION DATES, START DATES BY UNFORESEEN DELAYS THAT ARE OUT OF THEIR CONTROL.
AND I WOULD ADD THAT THIS PROJECT IS HIGHLY COMPLEX, AND THE DEVELOPMENT TEAM HAS REQUESTED A LITTLE BIT MORE CUSHION THAN WE WOULD NORMALLY BE COMFORTABLE WITH. WE'VE GOTTEN THIS FAR AND IF THE COUNCIL APPROVES THIS, WE DON'T WANT IT TO FALL APART BECAUSE OF AN OUTSIDE DATE.
SO THAT'S WHY THE DATES ARE A LITTLE BIT FURTHER OUT.
OKAY. AND THEN THIS IS SOMETHING THAT I'VE JUST HEARD IN GENERAL.
NOT PARTICULARLY TO THIS PROJECT, BUT THE UNDERWRITING PROCESS AND THE DELAYS AND UNDERWRITING.
AND I KNOW WE'RE MAKING SOME CHANGES THERE AND BRINGING ON SOME MORE HELP FOR UNDERWRITING, BUT I JUST WANT TO MAKE SURE THAT WE'RE EMPHASIZING THE IMPORTANCE OF MAKING SURE THAT WE'RE DOING EVERYTHING THAT WE CAN TO GO THROUGH UNDERWRITING, STILL MAKING SURE THAT THOSE PROJECTS ARE VETTED.
AND THAT'S THE BEAUTY OF IT, IS THAT WE HAVE ALL THESE DIFFERENT BODIES THAT ONCE IT COMES TO US, IT'S GONE THROUGH A LOT OF VETTING. IS THERE A FLAGSHIP FOR THE HOTEL AT THIS POINT?
[00:50:05]
THEY ARE CURRENTLY IN NEGOTIATIONS, BUT WE DO NOT.THERE IS NOT A FLAG TO ANNOUNCE TODAY. OKAY. ALL RIGHT, I WANT TO BEFORE I GO TO A SECOND ROUND AGAIN, JUST THANK YOU GUYS FOR YOUR WORK ON THIS PROJECT.
BEFORE THAT MOTION IS MADE VICE CHAIR RIDLEY, DO YOU HAVE ANY OTHER COMMENT? MAY I JUST ADD TO YOUR PREVIOUS QUESTION, WERE YOU INQUIRING ABOUT THE BENEFITS OF THIS PROJECT? THERE'S AN ADDITIONAL BENEFIT, AND IT'S THE FACT THAT IT IS GOING TO SUPPORT THE REDEVELOPMENT OF OUR KAY BAILEY HUTCHISON CONVENTION CENTER.
THIS IS ABOUT A FIVE MINUTE WALK FROM THE NEW LOCATION OF THE CONVENTION CENTER.
AND THOSE PEOPLE VISITING THE CONVENTION CENTER WILL BE ABLE TO WALK TO THE NEW RETAIL AND RESTAURANTS THAT WILL BE PROVIDED BY THIS PROJECT, IN ADDITION TO THE NEW HIGH TAXES THAT WILL BE GENERATED BY THE HOTEL IN THIS BUILDING THAT DO NOT CURRENTLY EXIST, THAT WILL HELP TO SUPPORT THE CONVENTION CENTER AS WELL.
THANK YOU. COUNCIL MEMBER ROTH. THANK YOU. I DIDN'T WANT TO.
I DO WANT TO TELL YOU, I REALLY DO SUPPORT THE REDEVELOPMENT OF THE BANK OF AMERICA BUILDING.
I THINK IT'S IT'S A TREMENDOUS ICONIC BUILDING.
IT NEEDS TO BE A DYNAMIC AND ATTRACTIVE BUILDING FOR ATTRACTION OF NEW BUSINESSES, ETC.
IT NEEDS TO BE THERE. IT NEEDS TO BE REDEVELOPED.
I LIKE THIS PROJECT. I LIKE WHAT WHAT THE IDEA IS I DON'T.
THE NUMBERS ARE IMMENSE AND THE DETAILS ARE NOT REALLY CLEAR TO ME AS TO THE BENEFIT, THE ECONOMIC BENEFIT IN THE REIMBURSEMENT PART OF IT FOR THE MONEY THAT WE'RE SPENDING.
I DON'T THINK THAT THAT THAT PROJECT HAS BEEN VETTED PROPERLY TO US.
I DON'T KNOW THAT IT'S HAS AS MUCH DETAIL AND AS MUCH TRACTION AS THIS ONE DOES, AND I THINK WE NEED TO HAVE MORE INFORMATION BEFORE WE WOULD ALLOW THAT PROPERTY TO TAKE ADVANTAGE OF THE TIF OPPORTUNITY.
AGAIN, THIS IS JUST PROBABLY LACK OF INFORMATION AS MUCH AS A LACK OF TIME TO EVALUATE IT.
BUT I DON'T UNDERSTAND WHY WE HAVE TO INCLUDE BOTH.
AND I ALSO DON'T UNDERSTAND WHY WE HAVEN'T HAD A, A BUNCH OF DETAILS ON IT.
IT'S SORT OF SURPRISING TO ME THAT THAT'S A $200 MILLION PLUS PROJECT, ISN'T IT? THE MAGNOLIA. I'M ASKING YOU, IS IT? I'M NOT SURE.
200 MILLION. I BELIEVE IT'S A MORE 100, 150 MILLION PROJECT.
IT'S A BIG PROJECT. MY POINT, IT'S A BIG PROJECT, AND I AND IT'S.
AND SO I THINK THAT IT'S SOMETHING THAT NEEDS TO BE VETTED SEPARATELY.
IT WILL BE. WHAT WAS THAT? IT WILL BE. WE WILL BRING THAT PROJECT FORWARD.
SURE. AND I WOULD SAY AT THAT POINT, WE COULD DECIDE IF IT NEEDS TO BE IN THE.
COUNCIL MEMBER ROTH. JUST SO I CAN ADD SOME SOME CLARITY.
WE'RE NOT APPROVING ANY FUNDING FROM THE TIF FOR MAGNOLIA.
WE'RE JUST ALLOWING IT TO BE IN THE SAME DISTRICT.
CORRECT. AND WE WOULD BRING A SIMILAR PRESENTATION FORWARD TO THE ECONOMIC DEVELOPMENT COMMITTEE, TIFF BOARD, AND THROUGH CITY COUNCIL FOR THAT PROJECT WHEN IT IS READY.
THANK YOU FOR THE CLARIFICATION. I APPRECIATE IT, AND I DO UNDERSTAND THAT THERE'S TWO DIFFERENT ISSUES HERE, I STILL WOULD SUGGEST THAT EVEN THE INCLUSION OF THAT PROJECT IN THE TIF DISTRICT SHOULD BE DELAYED UNTIL SUCH TIME AS WE HAVE MORE INFORMATION. ANYWAY, I'M IN FAVOR OF THE PROJECT GENERALLY, BUT WITH THE CAVEAT.
THANK YOU. COUNCILWOMAN BLAIR. ONE QUESTION. IF I'M, I DON'T KNOW IF I REMEMBER HEARING CORRECTLY.
I UNDERSTAND THE PARKING LOT AT 909, 901 IS ALREADY IN THE TIF, AND IT'S GOING TO BE A VERTICAL PARKING LOT WITH, WITH SOMETHING MORE ON TOP.
DO WE KNOW WHEN THAT'S GOING TO HAPPEN AND IS IT PART OF.
SO IT'S JUST A FUTURISTIC CONCEPT AND IDEA. IT IS.
[00:55:06]
BUT WE WANTED TO ENSURE THAT WE DON'T PRECLUDE THE ABILITY FOR FUTURE DEVELOPMENT ON TOP OF THE PARKING GARAGE.THANK YOU. CHAIR WEST. COUNCILWOMAN CADENA. I DIDN'T EVEN MENTION THE MAGNOLIA IN MY PREVIOUS STATEMENTS, BUT DEFINITELY THAT'S SOMETHING THAT I WOULD SUPPORT.
SO I THINK WHATEVER WE CAN DO TO ASSIST THAT BUILDING IS MUCH NEEDED.
THANK YOU. BEFORE I GO TO VICE CHAIR FOR HIS MOTION I WANT TO THANK COUNCIL MEMBER BLAIR FOR THE QUESTIONS SHE ASKED ABOUT THE HEALTH OF THE TIFF. WE KNOW THAT WE'RE GOING TO HAVE OTHER APPLICATIONS THAT COME IN.
BUT WITH THAT VICE CHAIR, GO AHEAD. THANK YOU, MR. CHAIR. I MOVE THAT WE FOLLOW THE STAFF'S RECOMMENDATION AND ADVANCE THIS ITEM TO THE FULL COUNCIL WITH A RECOMMENDATION OF APPROVAL.
SECOND MOTION HAS BEEN MADE AND A SECOND. ANY DISCUSSION IF, PARDON ME, IF I MAY.
JUST TO BE CLEAR, OUR RECOMMENDATION DOES INCORPORATE NOW THE RECOMMENDATION OF THE TIF BOARD.
SO THAT'S THE ADDITIONAL 5 MILLION WITH THE REQUIREMENTS TO HAVE THE GARAGE BE DESIGNED AND CONSTRUCTED TO COVER THE LOAD OF 200 RESIDENTIAL UNITS AND 200 HOTEL ROOMS. SO EVERYONE UNDERSTAND THAT.
PERFECT. OKAY SEEING NO FURTHER DISCUSSION. ALL IN FAVOR, SAY AYE.
AYE. ANY OPPOSED? OKAY. ONE. TWO. THREE. FOUR.
FIVE. WITH 6 VOTING IN FAVOR AND 1 AGAINST. THE MOTION CARRIES.
ALL RIGHT. WE'LL NOW MOVE ON TO ITEM 2.
GOOD AFTERNOON EVERYONE. MY NAME IS EMILY LIU, DIRECTOR OF PLANNING AND DEVELOPMENT.
SITTING WITH ME TODAY IS DEPUTY DIRECTOR SAM ISKANDER.
HE IS ALSO THE CHIEF BUILDING OFFICIAL AND HE WILL MAKE THE PRESENTATION TODAY.
GOOD MORNING OR GOOD AFTERNOON. SO TODAY WE ARE GOING TO TALK ABOUT THE AMENDMENT TO THE CHAPTER 52 "ADMINISTRATIVE PROCEDURES FOR CONSTRUCTION CODES", TO REQUIRE OFF-STREET PARKING FOR CERTAIN CONSTRUCTION PROJECTS.
SPEAK A LITTLE CLOSER INTO THE MIC. SORRY. OKAY.
TODAY WE'RE GOING TO BE TALKING ABOUT THE PROPOSED AMENDMENTS TO CHAPTER 52 "ADMINISTRATIVE PROCEDURES FOR CONSTRUCTION CODES", TO REQUIRE OFF-STREET PARKING FOR CERTAIN CONSTRUCTION PROJECTS, AND PD 193.
SO WE'RE GOING TO COVER TODAY THE ORIGIN OF THE REQUEST, THE, A LITTLE BIT OF BACKGROUND, SOME KEY ORDINANCE PROVISIONS AND POINTS FOR CONSIDERATION.
NEXT SLIDE PLEASE. SO BASICALLY COUNCIL HAS RECEIVED REPEATED COMPLAINTS ABOUT CONSTRUCTION WORKERS TAKING UP STREET PARKING AND SOME METERED PARKING IN PD 193 AND PARKING ENFORCEMENT DIVISION OF TRANSPORTATION AND PUBLIC WORKS WAS SEEN AS A LITTLE LIMITED TO ADDRESSING THE ISSUE, AND THE COUNCIL OFFICE REQUESTED A CODE AMENDMENT TO CHAPTER 52 REQUIRING APPLICABLE CONSTRUCTION PROJECTS TO SUBMIT AN OFF STREET PARKING PLAN TO BE REVIEWED AND APPROVED AS PART OF THE PERMITTING PROCESS. NEXT SLIDE PLEASE.
FEEDBACK WAS RECEIVED FROM THE DEVELOPMENT COMMUNITY AND INDUSTRY STAKEHOLDERS AND HIGHLIGHTED THE FEASIBILITY AND ENFORCEMENT CHALLENGES. STAFF REVISED THE ORDINANCE IN 2025 TO NARROW THE TRIGGERS, ADJUST REQUIREMENTS, AND MAKE ENFORCEMENT MORE PRACTICAL. NEXT SLIDE.
AND THEN SOME OF THE KEY ORDINANCE PROVISIONS.
[01:00:03]
CONTINUE FOR MORE THAN ONE YEAR, AND THE PROJECT IS OVER 200,000FT² OF FLOOR AREA, AND ALL THREE OF THESE CONDITIONS MUST BE MET. THE PLAN THAT'S SUBMITTED MUST INCLUDE A SITE PLAN OF PARKING FOR WORKERS AND VISITORS.THE NUMBER OF ANTICIPATED WORKERS VERSUS THE NUMBER OF PARKING SPACES.
THE LIST OF APPROVED PARKING LOTS COULD BE ON SITE AND COULD BE OFF SITE.
THE RESPONSIBLE PARTY CONTACT INFORMATION AND TRANSIT OPTIONS AND COMPLIANCE STATEMENTS.
NEXT SLIDE PLEASE. SO SOME OF THE POINTS FOR CONSIDERATION.
PROVIDES A FORMAL FRAMEWORK FOR ACCOUNTABILITY.
WHEREAS THE CONS HERE THE ENFORCEMENT IS DIFFICULT.
CONTRACTORS MAY STILL PARK IN THE STREET REGARDLESS OF THE PLAN.
SO IN SUMMARY HERE, STAFF IS SEEKING THE COMMITTEE'S DIRECTION SHOULD THE AMENDMENT MOVE FORWARD TO COUNCIL OR FOR FULL CONSIDERATION, OR SHOULD IT BE FURTHER REFINED OR POSSIBLY EVEN TABLED? AND THAT CONCLUDES THE PRESENTATION. WE'RE AVAILABLE IF YOU HAVE ANY QUESTIONS.
THANK YOU. BEFORE WE GET STARTED ON QUESTIONS, CAN YOU GO OVER FOR THOSE THAT MIGHT NOT BE FAMILIAR WHERE PD 193 IS AND THEN HOW THE ORIGINAL REQUEST CAME ABOUT? BASICALLY PD 183 PD IS A PLANNED DEVELOPMENT DISTRICT JUST NORTH OF DOWNTOWN. COVERS MOSTLY UPTOWN AND OAK LAWN AREA.
IS A LARGE AREA. LIKE ALL THE RECENT PROJECTS YOU HEARD ABOUT BANK OF AMERICA, GOLDMAN SACHS, ALL THOSE BUILDINGS ARE LOCATED IN THIS PD 193.
AND THE ORIGIN OF REQUEST? THE ORIGIN OF THE REQUEST WAS DUE TO MULTIPLE COMPLAINTS OF CONSTRUCTION PROJECTS WITHIN THE PD 193 AREA.
THESE AREAS TEND TO HAVE, I GUESS, SMALLER OR LESSER SETBACKS, AND THEY TAKE UP MORE AREA OF CONSTRUCTION AND THERE IS NO PLACE FOR CONTRACTORS TO PARK ON SITE, SO THEY TEND TO PARK IN THE STREETS.
THERE'S NO PLACE FOR THEM TO BE PARKING IN THE STREET, BECAUSE ALL OF THE CONTRACTORS ARE TAKING UP ALL THE STREET PARKING AND EVEN THE METERED PARKING SPACES. THANK YOU. I'M GOING TO START TO MY RIGHT THIS TIME WITH COUNCILMEMBER BLAIR.
THANK YOU FOR BEING HERE TODAY. ISN'T THIS, PD 193 CONSIDERED THE CEDARS? THE PD FOR THE CEDARS? IT'S NORTH OF DOWNTOWN.
JUST NORTH. NOT YET. CEDAR ON THE SOUTH. YEAH, NORTH OF DOWNTOWN, INCLUDING UPTOWN, OAKLAND.
THAT GENERAL AREA. ISN'T THIS ONE OF THE OLDEST AND LARGEST PD? YEAH, I THINK SO. AND IT HAS LIKE HUNDREDS OF SUB AREA AS WELL.
OH MY GOSH. YES. AND ONE OF THE OLDEST AREAS WITHIN THE CITY.
SO IT, THE PARKING IS BY DEFINITION OF HOW THIS AREA IS DEVELOPED.
IT IS ONE OF THE HARDEST PLACES TO PARK WHEN YOU'RE HAVING CONSTRUCTION, BECAUSE IT DOESN'T HAVE THE PARKING AMENITIES THAT THAT A NEWER CONSTRUCTION AREAS OR NEWER, NEWER AREAS IN THE CITY HAS.
IS THAT NOT CORRECT? I WOULD SAY FOR THIS AREA, LET ME ANSWER DIFFERENTLY.
WE JUST PASSED THE PARKING REFORM RATE. IT ACTUALLY DOES NOT APPLY HERE.
PRETTY, PRETTY EXTENSIVE. LIKE STILL HAVE ONE PARKING SPOT PER 100FT² FOR RESTAURANT, FOR EXAMPLE.
AND SO IT'S MIXTURE. AND THIS AREA DOES HAVE A LOT OF ON STREET PARKING AS WELL, BUT SOME ON STREET PARKING DO NOT HAVE SPECIFIC METERS OR RESIDENTS ONLY PERMIT AND THINGS LIKE THAT.
[01:05:07]
WE DO HAVE SOME PROGRAM AVAILABLE THAT POTENTIALLY CAN BE UTILIZED IN THIS AREA THAT CAN HELP THE LOCAL BUSINESSES AND RESIDENTS TO HANDLE THE PARKING SITUATION. IT'S A VERY HIGH DEMAND AREA.EVERYBODY WANT TO GO THERE FOR, YOU KNOW, RESTAURANTS.
AND THERE'S A LOT OF OFFICES IN THIS AREA. IT'S IT'S A HIGH DEMAND AREA FOR SURE.
OKAY. THANK YOU, COUNCILMEMBER WEST. THANK YOU.
CHAIR. AND APPRECIATE THE EFFICIENT UPDATE THERE.
THAT WAS QUICK AND EASY. I JUST I KNOW WE'VE GOT REPRESENTATIVES HERE FROM TREK AND DALLAS BUILDERS ASSOCIATION, AND I JUST I MEAN, I'M SENSITIVE TO THESE ISSUES.
I'M IN PD 193 ALL THE TIME, BUT I DO WANT TO HEAR THE.
IF YOU GUYS HAVE ANY THOUGHTS ON THIS, IF I CAN USE MY TIME, SURE.
THERE WE GO. ALL RIGHT. THANK YOU. CHAIRMAN WEST AND ALSO MAYOR PRO TEM MORENO FOR THE OPPORTUNITY.
WE SUBMITTED SOME INFORMATION IN AN EMAIL TO YOU ALL LAST WEEK.
AT THE END OF THE WEEK WITH SOME OF OUR JUST THOUGHTS, GENERAL THOUGHTS AND SPECIFIC CONCERNS, REALLY, ABOUT IMPLEMENTING THE ACTUAL CHANGE IN CODE AND LOOKING AT THE DETAILS OF THAT.
WE DON'T HAVE ANY PROBLEMS WITH THE CONCEPT AND WHAT'S BEING PRESENTED TODAY NECESSARILY.
HOW WOULD YOU SUBMIT THE PARKING PLANS AND KIND OF THE TIMELINE FOR THAT? AND THEN REALLY LOOKING INTO THINGS LIKE CLARIFICATION ON TOPICS LIKE VENDOR CONTRACTS THAT ARE SUBMITTED, WOULD THEY BE THEN SUBJECT TO OPEN RECORDS, THOSE CONTRACTS FOR PARKING.
DO LOTS? MAYBE THERE'S A AS YOU KNOW, PARKING IS TRICKY ANYWAYS, IN UPTOWN, BUT IF THEY FIND A VACANT LOT OR A VACANT PIECE OF PROPERTY TO USE FOR PARKING, DOES IT HAVE TO BE BROUGHT UP TO CODE IN ORDER FOR THEM TO USE IT FOR CONSTRUCTION PARKING? SO THERE'S JUST A LOT OF QUESTIONS STILL LINGERING.
WE'VE BEEN WORKING SO HARD ON THE PERMITTING TIMELINE AND TRYING TO GET THINGS MOVING FORWARD, AND WE WANT TO MAKE SURE THIS ISN'T SOMETHING THAT WOULD DELAY IT EVEN FURTHER. ANY QUESTIONS? I SAW ONE OF YOUR QUESTIONS WAS, YOU KNOW, HOW YOU DIFFERENTIATE BETWEEN LIKE, EMPLOYEES THAT ARE JUST PARKING FROM NEIGHBORING BUSINESSES VERSUS THE WORKERS IS, HOW DO WE CHECK THAT? AND I DON'T KNOW IF STAFF HAS AN IDEA ON HOW THAT WOULD BE ENFORCED.
IF IT'S LEGALLY PARKED ON THE STREET, I GUESS THAT'S, YOU KNOW, EVERYBODY HAS A.
RIGHT. BUT IF IT'S LEGAL, PARK ON THE STREET, EITHER EXTEND EXCEED THE METER HOURS OR NOT ALLOWED TO PARK THERE, AND THEN THAT'S PUBLIC WORKS SUPPOSED TO ENFORCE THAT PORTION JUST LIKE ANYWHERE ELSE.
OKAY. THANK YOU. I MEAN, I'M, I MEAN, I'M VERY MUCH OPEN TO COMING UP WITH A SOLUTION HERE.
JUST I WANT TO MAKE SURE THIS IS ALL IRONED OUT BEFORE WE GET THERE.
CHAIRMAN. MEMBERS OF THE COMMITTEE. DAVID LEDHE, DALLAS BUILDERS ASSOCIATION.
OUR CONCERNS ARE SIMILAR TO THAT OF THE REAL ESTATE COUNCIL, OBVIOUSLY, BECAUSE OF THE MEMBERS THAT WE SHARE IN THAT DIVISION OF THE HOUSING SECTOR WOULD BE MULTIFAMILY. WE THINK THIS WOULD, YOU KNOW, OUR MID TO HIGH LEVEL RISE BUILDINGS, BUT ALSO EVEN THE LOWER ONES, DEPENDING ON, ON THE JUST THE JOB SITE.
ONE OF THE CHIEF CONCERNS IS JUST THE PRACTICALITY OF IT AS IT COMES TO THE SEQUENCING OF THE PERMITTING AND SUBMITTING THE PLAN, THE PARKING PLAN, AND HOW THAT WOULD COINCIDE WITH TRYING TO CONTRACT THE PARKING LOCATION,
[01:10:02]
WHATEVER VENDOR WE USE FOR THAT. THEY'RE GOING TO WANT A DATE SPECIFIC TIMELINE.OBVIOUSLY, WE'RE WAITING TO SUBMIT A PLAN. AND AND JUST, YOU KNOW, IF IT'S UP IN THE AIR, DOES THAT BECOME A PROBLEM? HOW DOES THAT AFFECT COST? THE OTHER PART WOULD JUST BE, AGAIN, THE ISSUE OF ENFORCEMENT AND HOW THAT WOULD BE SEEN.
AND WE WANT TO DO OUR PART, BUT THOSE ARE THE CHIEF CONCERNS ABOUT IT, IS THE AFFORDABILITY.
AND WHAT RABBIT TRAIL DO WE GET OURSELVES IN ON THAT ONE? THAT'S KIND OF THE MAIN CONCERN. THERE'S ALWAYS ALSO THE CONCERN OF THE INDEPENDENT CONTRACTOR CLAUSE.
BUT I THINK WE'RE CLEAR HERE. BUT I CAN ALWAYS CHECK WITH MY GUYS TO MAKE SURE WE, WE ALWAYS HAVE TO BE CAREFUL WHEN A GENERAL CONTRACTOR GIVES INSTRUCTIONS TO A SUBCONTRACTOR, JUST DUE TO CERTAIN FEDERAL LAWS.
THANK YOU. HAVE WE, THIS FOR STAFF AGAIN. HAVE WE LOOKED AT OTHER CITIES WHERE THEY'VE DONE THIS.
THEY'VE HAD THESE PARKING CHALLENGES? YES WE DID.
FOR EXAMPLE, CHICAGO AND AUSTIN. LET ME SAY A LITTLE BIT ABOUT AUSTIN.
AUSTIN DOES NOT HAVE A PROGRAM YET. THEY HAVE A PILOT PROJECT AROUND DOWNTOWN.
WE CAN PARKING PLAN TO GIVE TO THE APPLICANT AND ALSO OFFER 30 TO 40 CITY OWNED PARKING SPACES TO A PROJECT IN DOWNTOWN. SO THEY ONLY APPLY TO DOWNTOWN AREA.
CHICAGO HAS A SIMILAR PROGRAM IN A LIMITED AREA LIKE DALLAS IS NOT LIKE APPLY CITYWIDE.
IT'S A CERTAIN AREA THEY WILL REQUIRE TO SUBMIT A PLAN TO SEE WHERE THE OFF STREET PARKING ARE LOCATED TO SUPPORT THE EVENT. THEY DID NOT SPECIFY HOW MANY PARKING YOU NEED, BUT JUST SAY SUBMIT A PLAN.
BUT AUSTIN IS A PILOT PROJECT PROGRAM. THANK YOU.
THANK YOU CHAIR. COUNCILWOMAN CADENA. COUNCIL MEMBER ROTH.
THANK YOU FOR YOUR FOR YOUR COMMENTS FROM TRACK I.
IT'S THE DETAILS OF HOW IT'S REALLY GOING TO BE OPERATED.
AND WHERE DO YOU PUT PEOPLE AND HOW DO YOU ACCOMMODATE PEOPLE IN THESE TEMPORARY SITUATIONS.
AND I THINK THAT CREATING AN ORDINANCE THAT'S NOT REALLY VETTED AND THOUGHTFUL AND, AND IN THE DETAIL OF THE WEEDS THAT WE REALLY NEED TO KNOW ABOUT ON THIS STUFF, I THINK IS POTENTIALLY FRAUGHT WITH A LOT OF DIFFICULTIES.
AND I WOULD STRONGLY RECOMMEND THAT WE LOOK AT THIS IN A LITTLE BIT MORE.
IT'S AN ABSOLUTE PROBLEM THAT NEEDS TO BE HANDLED TO THE BENEFIT OF THE PROPERTY OWNERS IN THE AREA.
BUT WE ALSO DON'T WANT TO MAKE A PROCESS AN, AN ORDINANCE THAT'S NOT ABLE TO BE ENFORCED.
AND IT'S NOT GOING TO BE ABLE TO BE PRACTICALLY DEALT WITH.
THANK YOU. CHAIR GRACEY. THANK YOU. AND I GUESS I'M TRYING TO UNDERSTAND.
I'M LOOKING AT THE BACKGROUND. IT SAYS THIS WAS FIRST BRIEFED IN NOVEMBER OF 2024.
WHAT ACTUALLY TOOK PLACE IN 2025, AND WHAT ARE WE NOW DISCUSSING TODAY? IS IT AN ADDITIONAL REVISION OR IS IT THE APPROVAL? I'M TRYING TO GET CAUGHT UP TO SPEED. DO YOU WANT.
GO AHEAD. SO WE PRESENTED THE FIRST DRAFT IN NOVEMBER AND THEN IN MAY OF THIS YEAR.
THERE ARE SOME REVISIONS. THERE'S SOME OF THE THINGS IT'S VERY DIFFICULT TO ENFORCE.
SO THAT WAS TAKEN OUT. SOME OF THE LANGUAGE WAS TAKEN OUT.
[01:15:04]
BUT BASICALLY A REVISION. SO THIS IS THE VERSION THAT WAS KIND OF PRODUCED IN, IN MAY OF 2025, BASED ON SOME OF THE COMMENTS AND SOME COMPROMISE.SOME OF THE THINGS HAS NOT BEEN CHANGED. LIKE, I GUESS WE NEED SOME LEGAL COUNSEL ABOUT WHETHER THE CONTRACT FOR OFF STREET PARKING, WHETHER THAT'S OPEN, RIGHT. THAT WAS A CONCERN THAT WAS BROUGHT UP, BUT THAT WAS NOT INCLUDED IN THE REVISION.
SO IT DOES REVISED THE FIRST DRAFT BASED ON SOME OF THE COMMENTS.
SO YEAH, I DON'T EVEN. YEAH, I THINK THERE JUST NEEDS TO BE SOME MORE DISCUSSION BASED ON THE COMMENTS FROM THEM AND LISTENING TO STAFF AND SOME OF MY COLLEAGUES HERE. SOUNDS LIKE THERE NEED TO BE SOME MORE DISCUSSIONS ON THIS. THANK YOU.
ALL RIGHT. VICE CHAIR RIDLEY. GO AHEAD. THANK YOU, MR. CHAIR. I HAVE BEEN A PROPONENT OF THIS LEGISLATION FOR OVER A YEAR NOW, BECAUSE PD 193 IS PRIMARILY IN MY DISTRICT.
THIS IS AN ISSUE THAT AROSE AS A RESULT OF MULTIPLE COMPLAINTS BY MY CONSTITUENTS THAT OCCUPY A RESIDENCES AND RUN BUSINESSES IN PD 193 WHO FOUND THAT BECAUSE OF THE SIGNIFICANT AMOUNT OF CONSTRUCTION PROJECTS IN THE PD THAT THEY WERE NOT ABLE TO PARK ON THE STREET, BECAUSE CONSTRUCTION WORKERS GOT THERE EARLY IN THE MORNING AND STAYED ALL DAY.
THIS WAS A SIGNIFICANT IMPEDIMENT TO BUSINESSES, WHO FOUND THAT THEIR CUSTOMERS AND THEIR CLIENTS COULD NOT GET TO THEIR BUSINESSES BECAUSE PARKING WAS UNAVAILABLE ON THE STREET. AND SO I LOOKED AT OPPORTUNITIES FOR ADDRESSING THIS CONCERN AND WORKED WITH STAFF AND THE STAKEHOLDERS FOR OVER A YEAR TO DEVELOP THE ORDINANCE THAT IS NOW UNDER CONSIDERATION.
NOW, I WOULD STATE AT THE OUTCOME THAT FOR CLARIFICATION, THIS ORDINANCE HAS NOTHING WHATSOEVER TO DO WITH THE LAND USE PARKING RATIOS THAT WE RECENTLY LEGISLATED OVER.
THIS IS ONLY FOR TEMPORARY CONSTRUCTION PROJECTS IN PD 193 IS BOUNDARIES THAT ARE IN EXCESS OF 200,000FT². SO IN OTHER WORDS, IT'S LARGE PROJECTS THAT ARE EXPECTED TO LAST FOR OVER ONE YEAR.
NOW, THE ORDINANCE THAT HAS NOW BEEN DISTILLED DOWN TO WHAT WE ARE DISCUSSING TODAY HAS UNDERGONE SIGNIFICANT REVISIONS SINCE THE ORIGINAL DRAFT.
AND THERE WAS A CONSENSUS AT THAT TIME THAT WE HAD REACHED A PRACTICAL SOLUTION TO THIS PROBLEM.
NOW, THE ISSUES THAT HAVE BEEN TALKED ABOUT TODAY ARE LARGELY OPERATIONAL QUESTIONS.
FOR EXAMPLE MISS JOLLEY HAS STATED THAT SHE HAS NO PROBLEM WITH THE CONCEPT.
EXCEPT. AND THERE WAS A QUESTION ABOUT HOW DO THEY SUBMIT THESE PARKING PLANS.
WELL, IT'S VERY SIMPLE. THE PARKING PLAN GETS SUBMITTED WITH THE APPLICATION FOR A BUILDING PERMIT.
THEN THERE'S NO REAL TIME FRAME INVOLVED, TIMELINE INVOLVED.
IT JUST GETS SUBMITTED AT THE SAME TIME AS THE BUILDING PERMIT APPLICATION.
WITH REGARD TO BEING UP TO CODE, THE QUESTION WAS RAISED, DO THE DEVELOPERS HAVE TO COMPLY WITH ALL PARKING LOT CODES? THAT WAS AN ISSUE THAT WE RESOLVED IN MAY WITH SECTION 605.2.4, WHICH SAYS PARKING PROVIDED IN ACCORDANCE WITH THIS SECTION IS NOT REQUIRED TO COMPLY WITH THE LOT SURFACE AND LIGHTING REQUIREMENTS OF SECTION 51A-4.301.
THE CONCEPT WAS THAT SINCE THESE WERE GOING TO BE TEMPORARY LOTS AND THEY WERE FOR CONSTRUCTION WORKERS, MANY OF WHOM DRIVE TRUCKS OF VARIOUS TYPES THAT THE NORMAL LOT SURFACE PAVING AND LIGHTING REQUIREMENTS.
SINCE THIS IS ONLY DAYTIME USAGE WOULD NOT BE NECESSARY WITH REGARD TO THE PRACTICALITY.
ALL WE HEARD WAS VAGUE QUESTIONS ABOUT, WELL, HOW PRACTICAL IS THIS? WELL, LET ME OUTLINE EXACTLY WHAT THIS ORDINANCE WOULD DO.
[01:20:05]
FOR THEIR WORKERS AND VISITORS. AND IT REQUIRES THEM TO KEEP THAT UPDATED AS NEEDS CHANGE, OR AS THEY'RE THE AVAILABILITY OF THE PARKING CHANGES.AND SO THIS ORDINANCE DOES NOT PREVENT CONSTRUCTION WORKERS FROM PARKING ON THE STREET.
IT MERELY REQUIRES THAT PROVISION BE MADE OFF STREET FOR THEM TO BE ACCOMMODATED, SO THAT THEY ARE NOT THROWING THAT EXCESS PARKING LOAD ONTO OUR PUBLIC STREETS. NOW, I ALSO WANT TO POINT OUT THAT THIS STRATEGY IS PART OF THE OVERALL PLAN, AND IT WILL BE COUPLED WITH ADDITIONAL INSTALLATIONS OF PARKING METERS IN AREAS THAT ARE EXPERIENCING HEAVY CONSTRUCTION TRAFFIC. THOSE PARKING METERS WOULD PROVIDE FOR LIMITED ONE HOUR PARKING, SO THAT THEY ARE SUFFICIENT TO SATISFY THE NEED FOR OTHER BUSINESSES WHO NEED TO HAVE PARKING AVAILABLE FOR THEIR CUSTOMERS, BUT WOULD DISCOURAGE ALL DAY PARKING BY THE TEMPORARY CONSTRUCTION WORKERS IN THE AREA.
AND OUR TRANSPORTATION PUBLIC WORKS DIRECTOR HAS BEEN ACTIVE IN IDENTIFYING AN INVENTORY OF PARKING METERS AND A PLAN TO START DEPLOYING THOSE IN AREAS THAT ARE EXPERIENCING HIGH CONSTRUCTION PARKING LOADS.
AND SO THAT WOULD BE THE STREET ENFORCEMENT MECHANISM OF HAVING THESE PARKING METERS IN PLACE.
WE WOULD EXPECT THAT THERE WILL BE SUBSTANTIAL VOLUNTARY COMPLIANCE ONCE THEY ARE REQUIRED TO SUBMIT THE PARKING PLAN AND PROVIDE FOR THAT OFF STREET PARKING THAT MANY DEVELOPERS WILL COMPLY.
WE JUST WANT THAT TO BE A BROADER SPECTRUM THROUGH THIS ORDINANCE.
AND FINALLY WITH REGARD TO THE PRECEDENT, THERE ARE PRECEDENTS IN OTHER CITIES THAT HAVE DONE THIS THAT ARE SUBJECT TO THE SAME SITUATION THAT WE ARE IN. AND WE HAVE WORKED OUT THE DETAILS.
THANK YOU. I SHARE SOME OF THE SENTIMENTS AND CONCERNS THAT VICE CHAIR RIDLEY HAS BROUGHT UP.
BUT I DO HEAR A LOT OF THE CONCERNS FROM MY COLLEAGUES.
I HAVE HAD AN OPPORTUNITY TO LOOK AT THE ORDINANCE.
WAS THAT ORDINANCE DISTRIBUTED TO THIS BODY FOR THEM TO HAVE AN OPPORTUNITY TO LOOK AT THE DETAILS.
DO WE KNOW? I. WE MEANT TO ATTEST THIS TO THIS, BUT BEFORE THE MEETING, I CHECKED. IT'S NOT THERE.
SO I APOLOGIZE. I THINK IT WAS MEANT. YEAH. THAT'S CRITICAL FOR BEFORE THIS BODY MAKES A DECISION ON, THAT WE HAVE AN OPPORTUNITY TO LOOK AT THAT. SO I DO HAVE A QUESTION ABOUT THE PROCESS.
IF THIS PROJECT OR THIS ITEM WERE TO BE EITHER APPROVED OR DENIED OR HELD, OR LET'S SAY APPROVED OR DENIED EITHER OF THOSE, DOES IT MOVE IT FORWARD TO FULL COUNCIL OR DOES A DENIAL STOP IT FROM MOVING FORWARD? AND DOES IT GIVE US ANOTHER OPPORTUNITY TO CONTINUE MAKING, TRYING TO MEET WITH THE STAKEHOLDERS TO COME UP WITH A CONSENSUS? DO YOU WANT TO? I THINK I WOULD LIKE TO HAVE SOME DIRECTIONS. BASICALLY, YOU KNOW, IF WE WANT TO MEET WITH STAKEHOLDERS MORE, WHAT'S THE EXPECTATION OF US? YEAH. AND SO GENERALLY, I GET A REAL SENSE FROM STAFF ON
[01:25:09]
DIRECTION ON ITEMS. I DON'T REALLY SEE ANY DIRECTION HERE.MORE OF POINTS OF CONSIDERATION, PROS AND CONS.
DOES STAFF HAVE AN AFFIRMATIVE RECOMMENDATION? I THINK WE WANT TO LAY OUT THOSE PROS AND CONS AS OBVIOUSLY THERE'S TWO SIDES.
EITHER WAY, I MEAN, I WAS HOPING YOU AS A POLICY MAKER WILL GIVE US A LITTLE DIRECTION.
THIS IS NOT SOMETHING WE FEEL STRONGLY ABOUT ONE WAY OR THE OTHER.
BUT WE'RE HERE TO SUPPORT YOU ALL. LIKE, IF YOU NEED ADDITIONAL RESEARCH, YOU WANT US TO TALK TO THE STAKEHOLDER A LITTLE BIT MORE? WE CAN DO THAT DEFINITELY. NEXT TIME, I'LL MAKE SURE THE ORDINANCE IS ATTACHED TO THE AGENDA, AND I APOLOGIZE FOR THAT. NO WORRIES. WITH THAT, WE'LL DO A SECOND ROUND.
COUNCILMEMBER BLAIR. NO, I DON'T HAVE. WELL, I JUST WANT A COPY.
I WOULD LIKE TO HAVE A COPY OF THE ORDINANCE IN ORDER TO UNDERSTAND WHAT IS BEING PROPOSED, AS OPPOSED TO WHAT WE HAVE. THANK YOU. CHAIR WEST.
I'M OKAY. THANK YOU. COUNCILWOMAN CADENA. I AGREE WITH COUNCIL MEMBER BLAIR.
COUNCILMEMBER ROTH. I REALLY DO UNDERSTAND THE NEED FOR AN ORDINANCE.
I THINK COUNCILMAN RIDLEY IS GENEROUSLY EXPLAINED THAT THIS IS REALLY BEEN VETTED.
THERE'S BEEN A LOT OF DETAILS IN IT. UNFORTUNATELY, WE DIDN'T HAVE A CHANCE TO REALLY LOOK AT IT.
BUT I WOULD BASICALLY AM IN FAVOR OF, OF, OF PROVIDING THE RELIEF THAT THE NEIGHBORHOOD NEEDS IN A DOCUMENT THAT WOULD BE BASED ON ON THE INFORMATION YOU HAVE THAT WOULD BE ENFORCEABLE AND WOULD BE EASY TO IMPLEMENT.
SO I THINK IT'S A IT'S A GOOD OPPORTUNITY FOR US.
COUNCIL MEMBER GRACEY. I'D LIKE TO BRING IT BACK.
AND IN THE MEANTIME, WHATEVER STAFF AND STAKEHOLDERS DECIDE TO DO IN BETWEEN, THAT IS UP TO THEM.
PERHAPS, MAYBE REVIEW IT AND SEE IF WE CAN COME TO SOME MORE CONSENSUS.
THEY LISTED OUT A COUPLE OF STILL CONCERNS THAT WERE REMAINING.
SOME OF THEM, I THINK WAS ONE OF THE WORDS WAS UNREALISTIC OR SOMETHING LIKE, I DON'T REMEMBER WHAT IT WAS. I DON'T PUT WORDS IN YOUR MOUTH, BUT I THINK SOME OF THAT STILL NEEDS TO BE WORKED OUT AND GIVEN US AN OPPORTUNITY TO COME BACK AND REVIEW IT, TOO.
THANK YOU. I THOUGHT I WAS THE ONLY ONE. THANK YOU, MR. CHAIR. VICE CHAIR. RIDLEY. WELL GIVEN THE SENTIMENTS OF MY COLLEAGUES ON THE COMMITTEE, I WOULD MOVE THAT WE HOLD THIS UNTIL OUR NOVEMBER MEETING AND BRING IT BACK AT THAT TIME.
AFTER IT IS, THE ORDINANCE HAS BEEN DISTRIBUTED TO THE COMMITTEE MEMBERS.
IS THAT A MOTION? YES. OKAY. IT'S BEEN MOVED AND SECONDED.
THE ONLY THING I'LL ADD TO THAT IS I DO SEE GUS HERE.
I WANT TO MAKE SURE WE HAVE SOMEONE FROM THE PARKING ENFORCEMENT DIVISION.
AT THAT FOLLOW UP MEETING. ANY OTHER DISCUSSION? SEEING NONE. ALL IN FAVOR, SAY AYE. ANY OPPOSED? MOTION IS TO BRING THIS BACK. OKAY. WE'LL NOW GO TO MEMOS.
KEVIN SPATH, DIRECTOR OF THE OFFICE OF ECONOMIC DEVELOPMENT.
THE NEXT THREE MEMOS WERE HERE FOR QUESTIONS, IF YOU HAVE ANY.
ANY DISCUSSION ON THE MEMO? SEEING NONE. THANK YOU GUYS FOR.
ON. YES. NOT NECESSARILY A QUESTION. I DID WANT TO JUST THANK ECONOMIC DEVELOPMENT.
[01:30:01]
WE'VE BEEN TALKING ABOUT THIS FOREVER. AND AGAIN, I JUST WANT TO REMIND, WE STARTED WITH TRYING TO HAVE IT IN THAT INDEPENDENCE TRIANGLE, AND IT GREW INTO THE ENTIRE KIND OF RED BIRD AREA.SO THANK YOU ALL FOR YOUR WORK, AND WE'RE EXCITED FOR THE CHANGE THAT'S GOING TO HAVE OVER IN THE RED BIRD AREA. AND SO GUYS THIS IS, WE'RE TAKING ALL THREE AND SIX TOGETHER. SO IF YOU HAVE ANY QUESTIONS ON ANY OF THOSE FEEL FREE TO CHIME IN.
I DO WANT TO SAY ONE THING ON THE QUARTERLY UPDATES.
SO WE'LL TRY TO KEEP THAT LIST AS PRECISE AS WE LEGALLY CAN.
WITH THAT, WE DO HAVE ONE MORE ITEM. GO AHEAD.
GO AHEAD. THIS IS, THIS PROVIDES FOR A $200,000 MANAGEMENT CONTRACT, WHICH I THINK IS WHAT WE'RE REALLY TALKING ABOUT ON THIS. IS THAT CORRECT? THIS IS NUMBER 4? ON NUMBER 4, YES.
LET ME INTRODUCE QUICKLY, MARIA SMITH. SHE'S THE ASSISTANT DIRECTOR IN OUR OFFICE OVER ALL THINGS BUDGET, COMPLIANCE AND PUBLIC IMPROVEMENT DISTRICT PROGRAM MANAGEMENT.
YEAH. SO, AS COUNCIL MEMBER GRACEY, YOU TALK A LITTLE LOUDER.
YEAH. AS COUNCIL MEMBER GRACEY MENTIONED, THIS PROVIDES SEED FUNDING FOR THE DISTRICT.
SO THE ARPA FUNDS, THE DISCRETIONARY REPROGRAM COUNCIL DISTRICT 3, ARPA FUNDS ARE GOING TO ALLOW THE MANAGEMENT ENTITY TO DO A LOT MORE WITH THAT MONEY. SO THEY'RE GOING TO INSTALL SURVEILLANCE CAMERAS ACROSS THE DISTRICT, ESTABLISH A COMMAND CENTER, DEVELOP A SECURITY PLAN, DESIGN AND FABRICATE WAYFINDING SIGNAGE, COMMISSION ART, DEVELOP A BEAUTIFICATION PLAN, DEVELOP A MARKETING AND A MARKETING AND COMMUNICATIONS PLAN INCLUSIVE OF A WEBSITE, LOGO AND COLLATERAL MATERIAL.
AND ALSO DEVELOP A STRATEGIC PLANNING, A STRATEGIC PLAN.
SO AGAIN, THE PID DOLLARS ARE LIMITED. THAT ONLY PROVIDES FUNDING FOR PATROL.
AND SO THIS $200,000 IS GOING TO ALLOW THE PID TO DO A LOT MORE IN ITS FIRST YEAR.
AND SO, THIS IS JUST A ONE SHOT ARPA FUNDS ALLOCATION FOR THOSE SPECIFIC DEALS.
BUT DOES THAT CREATE A MANAGEMENT CONTRACT THAT WILL BE ONGOING OR.
AND THAT IS FUNDED THROUGH THE PID DOLLARS. THIS AGREEMENT IS A ONE TIME, IT'S A 13 MONTH AGREEMENT THAT WILL LAPSE DECEMBER 31ST, 2026, AND IT'S ONLY FUNDED WITH THE DISCRETIONARY ARPA FUNDS.
AND IT'S FOR THESE SPECIFIC DELIVERABLES THAT I MENTIONED.
ANY OTHER QUESTIONS? SEEING NONE, WE'RE, WE NOW HAVE AN EXECUTIVE SESSION ITEM.
IT IS 2:35. EXCUSE ME. ON OCTOBER 6TH, 2025, THE ECONOMIC DEVELOPMENT COMMITTEE WILL NOW GO INTO CLOSED SESSION UNDER SECTIONS 551.087 OF THE TEXAS OPEN MEETINGS ACT ON THE FOLLOWING MATTER DESCRIBED ON TODAY'S AGENDA RELATING TO DISCUSS OR DELIBERATE COMMERCIAL OR FINANCIAL INFORMATION THAT THE CITY HAS RECEIVED FROM A BUSINESS PROSPECT THAT THE CITY SEEKS TO HAVE LOCATE, STAY OR EXPAND IN OR NEAR THE CITY OF DALLAS AND WITH WHICH THE CITY IS CONDUCTING ECONOMIC DEVELOPMENT NEGOTIATIONS ("PROJECT X"), AND/OR DELIBERATE THE OFFER OF A FINANCIAL OR OTHER INCENTIVE TO A BUSINESS PROSPECT IN CONNECTION WITH PROJECT X.
ALL RIGHT. THE ECONOMIC DEVELOPMENT COMMITTEE HAS COMPLETED ITS CLOSED SESSION UNDER SECTIONS 551.087 OF THE TEXAS OPEN MEETINGS ACT, AND AT 3:09 P.M. ON OCTOBER 6TH, WE HAVE RETURNED TO OPEN SESSION.
THE THAT BRINGS US TO THE CONCLUSION OF OUR AGENDA.
THE TIME IS NOW 3:10 AND WE ARE ADJOURNED. THANK YOU.
* This transcript was compiled from uncorrected Closed Captioning.