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RIGHT.[Dallas Housing Finance Corporation on October 14, 2025.]
I'M CALLING TO, UH, GETTING THE MEETING OF THE DALLAS HOUSING FINANCE REGULAR, UH, SESSION OF THE DALLAS HOUSING FINANCE CORPORATION.I'M DAVID ELLIS, PRESIDENT OF THE DALLAS HOUSING FINANCE CORPORATION.
I'M GONNA TAKE, UH, THE MEETING OR SEND MEETING OVER TO JACKIE, UH, FOR THE ROLL CALL.
UH, YES, PLEASE LET US KNOW IF YOU ARE PRESENT.
PRESENT, UM, DIRECTOR VIPIN NAAR.
PRESENT TREASURER JACK PRESENT DIRECTOR PATTY COLLINS
PATTY COLLINS, ARE YOU ON, ARE YOU MUTE? I SOMETHING.
PRESENT DIRECTOR OLIVER ROBINSON.
PAGE PRESENT AND DIRECTOR? SEAN SADIE PRESENT.
AND THEN PATTY, CAN YOU, UH, LET US KNOW IF YOU'RE PRESENT, IF WE NEED YOU TO SAY IT ON CAMERA OR SOMETHING? I DON'T SEE HER ON THE MEETING ANYMORE.
I'LL MAKE A NOTE WHEN SHE COMES BACK.
SO WE'RE GONNA MOVE ON TO ITEM THREE.
PUBLIC COMMENTS ON ITEMS FOUR THROUGH, IS THAT 15? 16? 16? NO, IT'S 15.
SO DO WE HAVE ANY PUBLIC COMMENTS AT THIS TIME? OKAY, WITH THAT I'M NOT HEARING ANY DESIRED PUBLIC COMMENTS.
SO NOW WE'RE GONNA MOVE ON TO ITEM FOUR, APPROVAL OF THE MINUTES OF THE, FOR THE SEPTEMBER 9TH, 2005, CITY HOUSING FINANCE CORPORATION.
UM, MEETING, I THINK WITH THAT.
ANYBODY? I HAD, JACKIE, I HAD THOSE FEW COMMENTS.
I EE JUST A FEW GRAMMAR ISSUES ON, YEAH.
ONE WORD YOU THINK WE JUST KIND OF CLICK IT UP? IT'S STILL IN THERE.
WELL, I WILL GET THAT UPDATED TO THE NEXT MEETING.
JUST GOTTA MAKE SURE THOSE OTHER ONES ARE IN THERE AS WELL.
DOES ANYONE HAVE ANY OTHER COMMENTS ON THE MINUTES? AYE, WITH THAT, DO I HEAR A, UH, MOTION WE APPROVE SECOND.
SO WE HAVE A MOTION APPROVED WITH RYAN, UH, DIRECTOR MOORE AND A SECOND SECRETARY PAGE.
ALL RIGHT, SO EVERYONE, KEEP IN MIND THESE ARE THE BOND INDUCEMENTS, UH, HEADING INTO THE LOTTERY.
THIS IS REALLY FOR THE RESERVATION, UH, THE TAXES AND BONDS, WHICH TAX CREDITS GET ALLOCATED TO 'EM.
AND ONCE THEY GET THE RESERVATION, I BELIEVE ALL THESE, UH, PROJECTS ARE GOING TO COME IN FOR A PROPERTY TO THAT PARTNERSHIP.
SO THEY'RE GONNA COME BACK AGAIN.
SO THEY'LL, IF YOU'RE ON THE FENCE, WHATEVER, YOU KNOW, THEY'RE, YOU'RE GONNA HAVE ANOTHER BITE OF THE APPLE IF YOU HAVE A ABSOLUTE OBJECTION TO THE DEAL.
UM, BUT ALSO THE STAFF IS ALSO ON THE CHAT AND WEBSITE HAD PRETTY GOOD PRESENTATIONS, LIKE GOOD GENERAL INFORMATION.
UM, THOSE ARE REALLY HELPFUL MAPS AND SO FORTH.
SO I REALLY COMMITT THE STAFF ARE DOING THIS, UM, DOING THAT PRESENTATION.
THAT'LL BE GOOD TO HAVE ABOVE.
SO I'M JUST GONNA READ THE MOTION.
CONSIDER AND ADOPT AN INDUCEMENT RESOLUTION, DECLARING INTENT TO USE BONDS IN AGGREGATE PRINCIPLE AMOUNT NOT TO EXCEED 25 MILLION FOR A LOAN TO HUNTINGTON PLACE.
SENIOR LIVING DALLAS LP PROVIDE FINANCING FOR MULTI-FAMILY RESIDENTIAL RENTAL DEVELOPMENT FOR PERSONS OF LOW AND MODERATE INCOME TO BE KNOWN AS HUNTINGTON PLACE, SENIOR LIVING DALLAS.
AND TO BE LOCATED AT THE SOUTH SIDE OF WEST CAMP WISDOM ROAD BETWEEN TIMBER ROAD AND CLARK RIDGE ROAD, DALLAS, TEXAS.
ZIP CODE 7 5 2 3 6 AUTHORIZING FILING OF AN APPLICATION FOR ALLOCATION OF PRIVATE ACTIVITY BOND, TEXAS BOND UNIFORM, AND CONTAINING OTHER RELATED PROVISIONS.
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OFF TO AARON TO DISCUSS THE DEALS OR PRESENT THE DEAL.UH, AND I WILL TURN HIM OFF TO MR. RYAN COMBS, WHO IS HERE TO PRESENT THIS DEAL.
IT'S, UH, ENOUGH TO COME DOWN AND PREPARE THIS GOODBYE.
DID YOU FEEL LIKE YEAH, THANK YOU AARON.
CAN YOU HEAR ME NOW? I AM I ON? OKAY, PERFECT.
I'M, I'M RYAN COMBS AND, AND AM I, CAN YOU HEAR ME? WE CAN HEAR YOU.
MICROPHONE IS MICROPHONE LINE.
CAN YOU HEAR ME? OKAY? CAN EVERYONE ON A LINE HEAR US? YEAH.
WELL, I, I, I CAN YELL AS LOUD AS I'M ONE IN THIS ROOM, BUT I NEED, BUT OBVIOUSLY MAKE SURE IT'S ON THERE.
UH, RYAN JONES, THANK YOU SO MUCH FOR ALLOWING ME A FEW YEARS.
BEEN WORKING, TALKING ABOUT THIS FOR A FEW MONTHS.
UH, I'M THE PRESIDENT OF CROSS RESIDENTIAL.
WE ARE DEVELOPING, UH, OR TRYING, I'M HOPING TO DEVELOP 144 UNITS OF INDEPENDENT SEA LIVING ON WEST CAMPUS ROAD.
AND THIS IS, UH, UH, I'VE BEEN IN THIS INDUSTRY FOR A NUMBER OF YEARS, HAVE DEVELOPED A OR LED DEVELOPMENT OF, OF, OF A NUMBER OF UNITS.
BUT ONE OF THE THINGS THAT HAS REALLY, UM, UH, THAT I'VE REALLY DECIDED TO FOCUS ON OVER THE PAST, I DON'T KNOW, FIVE, FIVE OR SIX YEARS, IS HOUSING FOR SENIORS.
AND THE REASON ONE OF THE UBER IS, UM, I GREW UP IN SMALL TOWN IN CENTRAL TEXAS.
MY, MY, UH, UH, MY MOTHER IS, IS, UH, A, A WIDOW LIVING ON HER OWN, A RETIRED ELEMENTARY SCHOOL TEACHER, LIVING ON A FIXED INCOME.
THE THINGS THAT I HAVE FOUND TO LEARN, UH, HERE IN TEXAS IS THAT, UH, UH, HOUSING FOR SENIORS IS, IS A MASSIVE SHORTAGE.
ESPECIALLY, ESPECIALLY GOOD, SAFE, DECENT HOUSING IS A, IS A, IS A REAL SHORTAGE.
AND THERE ARE A LOT OF SENIORS THAT ARE ADDRESSED AND, UH, AT RISK BECAUSE OF THAT.
AND SO WHAT WE HAVE BEEN FOCUSING SOME YEARS IS DEVELOPING HIGH QUALITY HOUSING THAT WE CAN HOLD LONG TERM THAT, THAT, THAT IS FORCING SENIORS TO SERVE THEM WELL.
AND SO WE TRY TO BUILD A, A, A, A PHYSICAL ENVIRONMENT THAT SUPPORTS THEM WELL.
AND THEN WRAP THAT WITH SOME, SOME PARTNERSHIPS THAT I'LL TALK ABOUT IN A MOMENT THAT SERVE THEM WELL AS WELL.
SO HERE'S JUST A BRIEF OVERVIEW.
ONE TWO BEDROOM UNITS NEED FOR THREE OR FOUR BEDROOM UNITS INSURANCE, SINCE WE'RE SERVING SENIORS.
BUT YOU CAN SEE OUR, OUR AMENITIES AS, AS WE WILL HAVE, UH, A, A CLUBHOUSE WITH A CLUB ROOM, A BUSINESS CENTER, FITNESS CENTER WITH SENIOR APPROPRIATE EQUIPMENT, UH, CRAFT ROOM, RESOURCE STYLE POOL, PET PARK SENIORS LOVE THEIR PETS.
I DON'T THINK I'VE EVER DONE A SENIOR COMMUNITY WITHOUT A PET PARK.
UH, BARBECUE GRILLS AND COMMUNITY LAUNDRY FACILITY INSIDE OF OUR UNIT, AMENITIES WOULD BE STAINLESS STEEL APPLIANCES, UH, HARDENED COUNTERTOPS, GRANTED OR QUARTS, WOOD PLANK BUY AND VINYL SURFACES.
WE DO THIS IS, UH, A LOT OF TIMES ONE OF THE THINGS THAT YOU CAN TELL FROM A MERCHANT BUILDER, A MERCHANT BUILDER BEING SOMEBODY WHO'S GONNA BUILD AND SELL, IS THEY'LL PUT CARPET THROUGHOUT IT'S SPRAY DAY ONE.
BUT IT WAS AWFUL AFTER SOMEBODY LIVES THERE.
THE FINAL DOWN, ABOUT THREE TIMES MORE EXPENSIVE TO PUT IT DOWN, UP FRONT, BUT IT'S GONNA LAST A DECADE.
IT LOOKS SPRAYED AND LOOKS LIKE WOOD FLOORS.
UH, WALK-IN CLOSETS, LAUNDRY HOOKUPS IN EVERY UNIT, USABLE BALCONIES, UH, IN EVERY UNIT.
AND THEN ONE OF THE THINGS THAT WE DO, UH, I WANNA TALK ABOUT THIS JUST JUST FOR A MOMENT, IS THERE IS AN ORGANIZATION.
WHEN I HAD FIGURED OUT BEFORE I GOT INTO THIS INDUSTRY, I WAS, I WORKED IN WICK BAPTIST CHURCH UP PLANO AND, AND, AND IN VOCATIONAL MINISTRY.
AND NOW I STILL CONSIDER THIS MINISTRY
WE'RE JUST DOING IT FROM A WAY WHERE IT'S, WHERE IT'S, WHERE IT'S COST SUPPORTIVE, IT SUPPORTS ITSELF.
UH, BUT ONE OF THE THINGS THAT I HAVE LEARNED IS THAT I, I, I CAN BUILD THE HOUSING, BUT IT'S BETTER IF I GO PARTNER WITH ORGANIZATIONS THAT SERVE PEOPLE REALLY WELL.
AND ONE OF THOSE ORGANIZATIONS THAT WE'VE PARTNERED WITH, UH, UH, A NUMBER OF TIMES AND I HAVE A DEEP RELATIONSHIP WITH IS A, IS A, UH, A FAITH-BASED ORGANIZATION CALLED APARTMENT LIFE.
WHAT WE'LL DO WITH APARTMENT LIFE IN OUR SENIOR COMMUNITIES IS WE WILL GO TO A LOCAL CHURCH IN THE AREA WITHIN A FEW MILES OF, OF OUR COMMUNITY, AND WE WILL RECRUIT A MARRIED SENIOR COUPLE THAT WILL COME LIVE IN OUR PROPERTY.
WE, WE CALL 'EM OUR CARES TEAM.
THEY'RE DO, BUT THEY ARE LIKE RESIDENT SUPPORTIVE, LIKE LIVING IN, IN THE COMMUNITY.
THEY, THEY DO WELCOME VISITS TO EVERYBODY.
THEY DO A NUMBER OF, UH, SOCIAL, UH, PARTIES.
THEY'LL DO GET TOGETHERS, THEY'LL DO WALKING CLUBS, UH, UH, UH, CARDS, CLUBS, UH, UH, POTLUCK GET TOGETHERS, ALL THESE TYPES OF THINGS.
AND THE WHOLE IDEA IS TO WHERE THE SENIOR PEOPLE DON'T LIKE THIS.
WHEN I THINK ABOUT MY MOTHER, I, MY BIGGEST FEAR FOR MY MOTHER AND, AND AS, AS A SENIOR
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BEING A WIDOW, IS THAT SHE'S GONNA SIT AT HOME AND BE LONELY, UH, AND, AND, AND NOT EVER LEAVE TO WHERE SHE LIVES.AND SO WE WANT THEM BUILDING FRIENDSHIPS.
SO IF, IF MRS. SMITH OR, OR MY MOTHER MRS. COMES, DOESN'T, DOESN'T SHOW UP FOR COFFEE, BUT SHE ALWAYS SHOWS UP FOR COFFEE.
SOMEBODY, SOMEBODY MISSES HER AND KNOWS WHO CHECK AND, AND MAYBE IF SOMEBODY'S SICK, THEY ORGANIZE MEALS TO SUPPORT THAT PERSON.
IT REALLY IS KIND OF CREATING THIS NEIGHBORHOOD IN THE SENSE OF COMMUNITY, UH, AND GETTING, GETTING THE OTHER SENIORS INVOLVED IN THAT.
SO THAT'S ONE OF THE SERVICES THAT, THAT WE ARE, UH, DEEPLY INVESTED IN.
FROM A MISSION STANDPOINT, UH, THIS IS THE LOCATION.
IT IS ON WEST CAM, UH, WISDOM ROAD.
UH, THE CENSUS TRACK HAS 3.1% POVERTY.
THERE'S NOT ANOTHER TAX CREDIT FUNDED DEVELOPMENT IN THIS BACK STOCK STAR MARKET ANALYST, THE CLOSEST TO AFFORDABLE SENIOR HOUSING COMMUNITIES IN PRAIRIE ON THE OTHER SIDE OF THE LAKE.
UH, AND IT'S FULL AND, AND DOING WELL AND DEVELOPER.
WHAT WE LIKE ABOUT THIS SITE IS ALSO WHAT MAKES IT PARK SEE THE LOTS OF TREES.
IT'S WRAPPED WITH A CONSERVATION EASEMENT, MEANING THAT THE GREEN SPACE AROUND IT IS ALWAYS GONNA BE GREEN SPACE, WHICH IS NICE.
AND SO IT CREATES KIND OF A PARK-LIKE SETTING.
AND THAT'S ALSO A CHALLENGE THAT WE'RE DEVELOPING.
WE'RE WORKING THROUGH THAT
BUT, BUT IT'S IN A, IT IS IN AN AREA THAT CITY WITHIN A MILE OF THE GROCERY STORE SURROUNDED BY THIS, UH, UH, THIS PARK-LIKE AREA AND ENGINE THAT'S GONNA CREATE A NICE SENSE OF ENVIRONMENT FOR OUR SENIORS.
THESE ARE CONCEPTS OF OUR ELEVATION.
UH, WHEN WE STARTED, WE THOUGHT WE WERE GONNA DO THREE STORY BUILDINGS, UH, 'CAUSE OF THE TOPOGRAPHY ON THE SITE.
THERE'S A LOT OF TOPOGRAPHY ON THE SITE.
WE'RE ACTUALLY MOVING TOWARDS FOUR STORY BUILDINGS NOW.
BUT THEY'LL LOOK VERY SIMILAR TO THIS.
ANYTIME WE DO A COMMUNITY, IF IT'S MORE THAN ONE STORY, WE HAVE TO HAVE ELEVATORS.
UH, WE'VE STARTED OUR PROCESS.
WE'VE MET WITH, UH, COUNCILMAN BRACING,
WE'VE ALSO HAD OUR
UH, THE HEIGHT IS, IS ALLOWED AS WELL.
THERE'S GOING THROUGH THE PROCESS OF, OF DOING PRE-DEVELOPMENT AND ALL OF OUR DUE DILIGENCE FOR THE CITY.
UH, KIND OF IN IN CONCURRENCE WITH THIS.
I KNOW WE HAVE A TIMELINE THAT'S RELATED TO BONDS APPLICATION, SO WE NEED TO GET THAT STARTED AT THE SAME TIME.
TWO BUILDINGS, UH, UH, A CLUBHOUSE THERE, TWO BUILDINGS.
UM, RIGHT NOW ON THIS SIDE PLAN, ONE OF THOSE BUILDINGS, KIND OF THE UPSIDE DOWN L IS FOUR STORY BUILDING, THREE STORY.
DON'T KNOW, BOTH OF THOSE MAY END UP BEING FOUR STORY.
WE'RE GONNA, WE'VE STILL GOT SOME MORE ENGINEERING TO DO, BUT, BUT PROBABLY TWO BUILDINGS.
ELEVATOR SERVED WITH A CLUBHOUSE.
UH, THIS IS OUR, OUR PROJECT COST RIGHT NOW.
YOU KNOW, NOTHING IS EASY THESE DAYS, REALLY IN, IN ANYTHING.
AND AFFORDABLE HOUSING IS, IS NEVER EASY ANYWAY.
BUT THE ECONOMY'S HARD THINGS ARE, THINGS ARE NOT EASY.
UH, UH, TAX CREDIT PRICING IS THE LOWEST I'VE SEEN IT.
I'VE BEEN IN THE INDUSTRY ABOUT 17, 18 YEARS.
TAX PRICING IS THE LOWEST I'VE EVER SEEN IT.
HOWEVER, THERE IS, THERE IS DEMAND FOR THIS AREA.
'CAUSE THERE'S JUST THE, THE THE NEED FOR HOUSING THAT IS GOOD.
IT IS, THE DEMAND FOR IT IS STILL VERY, VERY, VERY HIGH.
IN FACT, I DON'T KNOW THAT, UH, SO, UH, YOU, YOU CAN GET IT DONE.
I, I'VE GOT, THERE'S A, THERE'S A CERTAIN NUMBER OF INVESTORS I'VE WORKED WITH IN THE PAST.
R'S DONE THE PAST COUPLE OF MY SENIOR HOUSING DEALS, ONE IN GARLAND.
UM, AND, UH, UH, WE KNOW WE CAN GET IT DONE.
UH, WE ARE, WE'RE, WE'RE LOOKING FORWARD.
YOU KNOW, THERE'S A LONG ROAD, LIKE SAID, WE'RE AT THE BEGINNING OF THE CITY THROUGH THE PRE-DEVELOPMENT DEVELOPMENT PROCESS, YOU KNOW, NOW WITH COUNCILOR GRAY THAT WE'RE ON THE RIGHT TRACK WITH HIM.
AND I BELIEVE WE'RE ON THE RIGHT TRACK.
AND, AND THERE'S, THERE'S STILL LOTS OF QUESTIONS UNANSWERED, BUT AS, UH, UH, AS WAS MENTIONED A MOMENT AGO, THIS IS KIND OF THE BEGINNING OF THE PROCESS.
WE HAVE TO GO GET IN LINE WITH OUR BONDS AND START THAT PROCESS.
UH, THE GOOD NEWS IS, IS WE DON'T HAVE TO GO THROUGH ZONING.
UH, BUT WE'RE READY TO GO FROM THAT.
SO, UH, WHEN WE DO GET OUR BONDS, GET IN LINE AND WE DO GET OUR BONDS, OUR, OUR GOALS READY, WE GO FULL DESIGN, GET OUR BUILDING PERMITS AND, AND HOPE IT'D BE UNDER CONSTRUCTION SUMMER BETWEEN TWO SIX.
SO, UH, UH, AGAIN, HAPPY TO BE HERE.
HAPPY TO ANSWER ANY QUESTIONS.
UM, I'M SORRY, WHAT'S YOUR NAME AGAIN? BRIAN JOBS.
UM, THE SUPERMARKET IS, THAT IS A MILE AWAY.
IS THAT THE WALMART CENTER? OR WHICH, YES.
UM, AND THEN, AND I'M JUST, UM, I, I SAW IN YOUR, UH, SIDE PLAY, ARE YOU PLANNING TO BUILD A SIDEWALK IN FRONT OF? I'M ASKING.
'CAUSE I, I DIDN'T SEE ONE INDICATED UNLESS I'M LOOKING AT ARRESTED DEVELOPMENTS ON CAMPUS AND WHERE NONE OF THEM SEEM TO HAVE
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SIDEWALKS.IT, IT IS INTERESTING THAT YOU SAY THAT BECAUSE THAT CAME UP IN THE FREEDOM DEVELOPMENT MEETING WITH THE CITY OF DALLAS.
AND THEY ARE GOING TO REQUIRE SIDEWALK ON CAMPUS OR REMOTE.
BUT YOU'RE RIGHT, I DON'T SEE THEM IN FRONT OF OTHER COMMUNITIES THAT ARE OUT THERE.
SO I THINK THAT'S SOMETHING WE WANT TO CONTINUE WORKING TO DO WITH THE CITY.
THE CITY REQUIRES US TO DO IT.
YEAH, MY, I MEAN, IT GOTTA STARTS SOMEWHERE IN MY HOPE GENERALLY IS THAT, YEAH, IT WOULDN'T 'CAUSE THE, THE DEVELOPMENTS THE EAST AND WEST DON'T HAVE 'EM, BUT IT GETS, IF SOMEBODY WANTS TO WALK, LIKE THEY, YOU KNOW, END UP MAKING FRIENDS AT SOME PLACE NEARBY, IF THEY HAVE THE ABILITY TO WALK, IT'D BE GREAT.
SO OTHER, THE OTHER THING, WE WE'RE WRAPPED BY A CONSERVATION EASEMENT THAT'S ON NEARBY, OR THE CITY IS A GRANTEE ON CONSERVATION EASEMENT.
CONSERVATION EASEMENT SAYS THAT IT'S THERE FOR THE PUBLIC TO BE ABLE TO HIKE AND WALK AND ALL THAT TYPE OF STUFF.
SO WE WANNA WORK, YOU KNOW, THIS IS MY DESIRE.
I'VE NOT, WE, WE'VE NOT GONE THROUGH THE PARTS DEPARTMENT TO TALK ABOUT THIS, BUT THAT'S THERE.
THAT'S IN A MINUTE WE WANNA BE ABLE, SO IS THERE, IS THERE A WAY TO CREATE AVENUES AND TO BE ABLE TO ABLE TO WALK AND UTILIZE THAT? AND THEN, UH, MY LAST QUESTION, UM, I KNOW DALLAS INTERNATIONAL UNIVERSITY, UM, TO THE WEST.
DO, DO THEY HAVE ANY KINDA SENIOR PROGRAMS OR ANYTHING THERE? OR IS THERE LIKE, NOT THAT I'M AWARE OF.
ANY OTHER QUESTIONS? JUST, I HAVE A QUESTION.
WHAT SCHOOL DISTRICT IS THIS? IS THIS DUNCANVILLE OR IS IT DISD DUNCAN? YEAH.
BEING A SENIOR COMMUNITY THOUGH, THAT'S NOT SOMETHING, THAT'S WHY I'M UNSURE BECAUSE I HAVEN'T, YEAH, PROBABLY TAX EXEMPTION AS WELL.
UM, YOU KNOW, THIS MAYBE A QUESTION, MAYBE AARON OR
YOU KNOW, IT'S FUNNY, THE, I'VE BEEN KIND OF LOOKING AT A LOT OF OUR, UH, LITECH PROJECTS ARE FOUR PERCENTS IN KIND THE SOUTHERN AREA OF DALLAS.
AND THEY'RE COMING IN USUALLY AROUND WHOLE DEVELOPMENT COSTS, LIKE 3 40, 3 50 PER UNIT.
IT'S KIND OF WHAT WE'RE SEEING THAT'S, THAT'S HIGH.
THAT'S WHAT I'VE SEEN A LOT OF, UH, PROJECTS MARK.
SO THE, THE, THE DEVELOPMENT THAT WE JUST CLOSED ON AND STARTED CONSTRUCTION SENIOR COMMUNITY LIKE THIS.
SO YOU FEEL LIKE THE PRICE PER UNIT THE NORMAL NORMAL? YEAH.
I, I BUILT SEVERAL OF THESE AND, AND, UH, I NOTE THIS PRODUCT PRETTY WELL.
WE'RE USING OUR HISTORICAL PRODUCT PROJECT.
I MEAN, I KNOW IT'S EARLY STAGES.
REALLY THE BIGGEST VARIABLE IS THEIR WORK AND, AND, AND PRICING.
THOSE ARE KIND OF THE BIGGEST AREAS THAT, AREAS THAT THE GOOD NEWS IN THE CONSTRUCTION INDUSTRY.
'CAUSE I KNOW, AND SOME OF THE OTHER DEVELOPERS MAY BE ABLE TO SPEAK TO IT AS WELL, BUT, UH, UH, FROM WHAT I CAN SEE IN THE CONSTRUCTION INDUSTRY IS CONSTRUCTION PRICES ARE NOT GOING UP RIGHT NOW.
THEY'RE NOT NECESSARILY GOING DOWN, UH, A LOT.
BUT THAT DOES GIVE US SOME PREDICTABILITY FOR VERTICAL CONSTRUCTION.
WE KNOW WHAT THE VERTICAL CONSTRUCTION COSTS FROM.
DIRT WORK IS ALWAYS UNIQUE TO, TO SCIENCE.
ALRIGHT, ANY OTHER QUESTIONS? CAN I ENTERTAIN A MOTION? MR. APPROVE? YEAH.
SO GOT SECRETARY PAGE AND TREASURER MARSHALL, SHE MARSHALL SEAT WITH E UH, SECOND.
ANY OTHER DISCUSSION? ANY OTHER ITEMS FOR THE GROUP? ALL RIGHT, HAVE TO ON THESE, DO WE JUST DO A VOICEOVER? PARDON? WAIT, NO, WE HAVE TO DO IT.
SO, SO JACKIE, TAKE BF TAKE THE VOTE PLAN.
UM, VICE PRESIDENT SEAN ALLEN.
IN FAVOR, DIRECTOR SHALONDA AGBOOLA DIRECTOR JACK MARSHALL SEAT.
I APPROVE DIRECTOR PATTY COLLINS.
UH, IN FAVOR, PRESIDENT DAVID ELLIS.
FAVOR, DIRECTOR OLIVER ROBINSON.
IN FAVOR, DIRECTOR RYAN MOORE.
IN FAVOR, SECRETARY TONY PAGE APPROVE AND DIRECTOR SEAN SADIE FAVOR MR. AYE.
CONSIDER AN ADOPT AN INDUCEMENT RESOLUTION, DECLARING INTENT TO ISSUE BONDS AND AGRI PRINCIPAL AMOUNT NOT TO EXCEED 50 MILLION FOR A LOAN TO SL UNIVERSITY HILLS PARTNERS.
LP PROVIDE FINANCING FOR A MULTIFAMILY RESIDENTIAL RENTAL DEVELOPMENT
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FOR PERSONS OF LOW AND MODERATE INCOME TO BE KNOWN AS UNIVERSITY HILLS.AND TO BE LOCATED NEAR THE NORTHWEST CORNER OF SOUTH LANCASTER ROAD AND EAST WHEATLAND ROAD, DALLAS, TEXAS 7 5 2 4 1 AUTHORIZING THE FILING OF AN APPLICATION FOR ALLOCATION OF PRIVATE ACTIVITY BONDS WITH THE TEXAS BOND REVIEW BOARD AND OBTAIN OTHER RELATED PROVISIONS.
WE INVITED, UH, MR. JOE P*****K HERE AND HE HAS A PRESENTATION.
OH, YOU HAVE IT UP? WE HAVE IT UP AND IT'S ALSO UP THERE.
THERE'S A, I'VE GOT IT PULLED UP RIGHT HERE.
THERE'S A SCREEN UP THERE AS WELL.
I WA I WASN'T SURE, SO I PRINTED OUT, OR ANYONE THAT WANTS, UH, ONE OF THESE HANDOUTS, I'D MORE THAN HAPPY TO.
I'M JOEL P*****K, MANAGING PARTNER STREAMLINED ADVISORY PARTNERS.
I'M HERE TO ASK, UH, FOR THIS, UH, BOARD TO THIS CORPORATION TO APPROVE A RESOLUTION TO RESPONSE FOR TAPESTRY AT UNIVERSITY HILLS, WHICH IS PLANNED TO BE A 360 UNIT, A HUNDRED PERCENT AFFORDABLE COMMUNITY, MEETING THE NEEDS OF THE COMMUNITY, MEETING THE NEEDS OF THE OVERALL COMMUNITY.
THIS PROPERTY IS LOCATED IN THE UNIVERSITY HILLS MASTER PLAN DEVELOPMENT THAT IS BEING DEVELOPED BY POPE GLOBAL.
AND WE ARE AT THE FRONT END OF THE PROPERTY.
IF ANY OF YOU GO OUT THERE, THERE'S MASS GRADING GOING ON.
IT'S OUR INTENT TO, UH, BE ABLE TO GET THIS, UH, STARTED AND BUILT, UH, BY THE SECOND, THIRD QUARTER OF NEXT YEAR.
UH, WITH, UH, UNITS COMING ONLINE SOMETIME IN MID 27, UH, WE'RE GONNA HAVE ONE, TWO, AND THREE BEDROOM UNITS, 126, ONES 162 TWOS, 72 3.
THE COMMUNITY WILL BE DILE ALL THREE STORY SURFACE PARK.
UH, TARGET INCOME WILL BE 60%.
UH, BE A CONTROLLED ACCESS COMMUNITY WITH, UH, ERNEST FITNESS CENTER, CHILDREN'S PLAYS, GATE RESORT STYLE POOL, UH, DOG PARK, UH, BARBECUE GRILLS AND PICNIC AREAS, A BUSINESS CENTER, FURNISHED COMMUNITY ROOM, UH, BICYCLE PARKING.
UH, WE PARTNER WITH, UH, HR COMMUNITY HOUSING RESOURCES AS OUR SOCIAL SERVICES PROVIDER.
THAT'S ONE OF THINGS THAT STREAMLINE MY COMPANY IS VERY, VERY PASSIONATE ABOUT, IS TO, UH, HELP THOSE, UH, KIDS, UH, THAT LIVE IN OUR COMMUNITIES, TO BE ABLE TO, UH, YOU KNOW, GET 'EM, UH, ACROSS THE FINISH LINE IN SCHOOL AND THEN HOPEFULLY GET 'EM TO, UH, GO TO HIGHER ONTO TO HIGHER EDUCATION.
UH, AS DAVID STATED, WE ARE ASKING FOR $50 MILLION.
UH, I WILL ECHO WHAT RYAN SAID.
CONSTRUCTION COSTS ARE COMING DOWN.
ACTUALLY, UH, WE JUST, UH, STARTED A PROJECT IN HOUSTON, UH, IN WHICH MY FULL COST ON THAT ONE WAS 363 UNIT IS COMING IN AT ABOUT $228,000 A STORE.
AND ACROSS THE BOARD, JUST TO LET YOU KNOW, THIS IS WHERE THIS WILL COME IN SOMEWHERE IN THE 2 25 TO TWO 30 RANGE.
AND THE UNKNOWN ALWAYS, I'LL LET ECHO WHAT RYAN SAID, HE'S RIGHT.
SITE WORK IS, IS, UH, THE ONE THING THAT, UH, WILL INCREASE COST.
WE DON'T ANTICIPATE, UH, THAT TO HAPPEN ON THIS SITE, THOUGH THERE IS SOME TOPOGRAPHY.
UH, BUT WE'RE REALLY EXCITED TO BE ABLE TO BRING THIS TO THE COMMUNITY.
UH, I HAVE MET WITH COUNCILWOMAN BLAIR.
UH, WE ARE HAVING A COMMUNITY MEETING, UH, IN THE NEXT 30 DAYS, UH, TO INTRODUCE NOT ONLY THE WHOLE GLOBAL PROJECT, UH, AND, AND DEVELOPMENT, BUT ALSO, UH, TAPESTRY.
UM, ANY QUESTIONS? I'M FREE TO ANSWER.
WHERE'S THIS SLOT IN ON THE CAMP WISDOM, UH, INTERSECTION WITH LANCASTER.
IS IT RIGHT THERE ON THAT SOUTH? IT'S, IT'S RIGHT ON LANCASTER FRONTS.
LANCASTER IN, IN FRONT OF THE WHOLE OR THE UNIVERSITY? WELL, YEAH, I MEAN, IT'S A BIG DEVELOPMENT, RIGHT? AND ON ONE SIDE YOU'VE GOT THE REC CENTER AND YOU'VE GOT THE, UH, TRANSIT STATION.
IS THERE A WAY TO GET TO THE TRANSIT? WELL, AS PART OF THE UNIVERSITY SIDEWALK RIGHT DEVELOPMENT, THERE'S GOING BE WALKING TRAILS, ACTIONS SHOULD BE WALKING TRAILS THAT WILL ULTIMATELY CONNECT TO THE UNIVERSITY.
AND THEN, THEN WE HAVE MET THE UNIVERSITY AS WELL.
AND I WAS TELLING DAVID THAT THEY'VE ACTUALLY INVITED ME TO KIND OF BE A, A AD HOC, UH, PROFESSOR.
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DO A CLASS ON, UH, AFFORDABLE HOUSING AND URBAN PLANNING.I'M NOT AN URBAN PLANNER, BUT I'M IN AFFORDABLE HOUSING DEVELOPER.
SO THAT, THAT'S KIND OF EXCITING.
THAT WILL HAPPEN IN THE NEXT MONTH.
ANY OTHER QUESTIONS, COMMENTS? YES, SIR.
UM, CAN YOU JUST TALK ABOUT YOUR LANDSCAPE PLAN FOR A MINUTE? I'M, I'M LOOKING AT RENDERING.
IT LOOKS A LITTLE SPARSE, BUT WE, WE SPENT A LOT OF MONEY ON LANDSCAPING.
IT CAME OUT TO MY OTHER PROPERTIES, UH, IN THE VARIOUS COMMUNITIES THAT WE BUILT.
AUSTIN TO SAN ANTONIO TO DALLAS, THE DENT.
WE, THIS WILL BE, THIS IS A, THIS IS A RENDERING, SO IT REALLY DOESN'T DEPICT WHAT THE OVERALL LANDSCAPING OF SCHEME IS GOING TO BE AND THE BUDGET, BUT I SPEND A LOT OF MONEY ON.
YEAH, MY PERSONAL, AND I DON'T SPEAK FOR THE WORD OBVIOUSLY TO SPEAK FOR MYSELF, BUT, UM, I LIKE TO SEE, I DON'T LIKE TO BE IN SITUATIONS WHERE WE FEEL LIKE WE, UH, YOU CAN TELL A, UH, LITECH PROJECT BECAUSE THE LANDSCAPE, IT SEEMS A LITTLE SPARSE.
SO YOU LIKE TO SEE A LANDSCAPE COMPARABLE TO LIKE THE, UH, MARKET RATE DEAL AGAIN, TO, TO ALLOW YOUR CONCERNS.
OUR COMMUNITIES ARE AS LANDSCAPED OR AS NICE AS ANY MARKET RATE, UH, OR EVEN SOME OF MY COMPETITORS OUT THERE.
WE, WE, WE BUILD, WE CONSIDER BEST IN CLASS WHOLE HOUSING.
AND, UH, UH, THE REASON FOR THAT IS WE'RE HOLDING THESE FOR 15 YEARS UPON AARON.
THIS IS DIRECTLY SOUTH OF RIDGE.
WHAT ELSE HAVE WE, I WAS LOOKING THAT WE HAVE, WE HAVE A TWO OR THREE WITHIN A MILE OR THREE MILES.
THAT'S MY, THERE'S A LITTLE BIT OF A, UH, CLOSER OF OUR PROJECTS.
I DON'T KNOW IF YOU GUYS LOOKED AT THE MAP WITH THE PIPELINE.
I, I LOOKED AT IT, BUT I DON'T HAVE IT.
YEAH, THAT'S, I HAVE THE SAME CONCERN.
YOU KNOW WHAT, WHAT ELSE IS COMING IN THERE? I MEAN, WE OBVIOUSLY HAVEN'T SEEN THE MASTER PLAN, BUT OH, IT'S DONE.
SOME PRETTY DRAMATIC RENDERINGS AND BANKS JUST TO BE ON THE SAME BLOCK.
REALIZED DAY, YOU KNOW, IS THERE SINGLE FAMILY COMING? IS THERE COMMERCIAL? HUNDREDS OF, WELL, I'M SO ADJACENT TO MY SITE, WE HAVE A FOUR ACRE COMMERCIAL SITE THAT WE ARE ACTUALLY GOING TO DEVELOP AS A HUB FOR, UH, RESIDENTS OR INDIVIDUALS WITHIN THE COMMUNITY THAT WANT TO START A BUSINESS.
UH, AND WE WILL HELP ACTIVATE THAT.
WE'VE TALKED TO COM, UH, COUNCIL BLAIR ABOUT THAT, SOMETHING SHE WANTS.
AND WE ARE GONNA WORK TO BE ABLE TO GET THAT.
HOPE IS LOOKING AT BRINGING IN A GROCERY STORE AS PART OF HIS UNIVERSITY HILLS DEVELOPMENT, UH, HASN'T BEEN DISCLOSED WHAT STORE THAT'S GONNA BE, BE A GROCER THAT'S GONNA SERVE THAT AREA.
ANY OTHER QUESTIONS? ARE THERE ANY SUPPORTIVE, UM, SERVICES THAT YOU ALL PLANNING ON OFFERING IN YOUR DEVELOPMENT? WELL, WE DO, UH, WE'LL HAVE AFTERSCHOOL TUTORING.
WE DO THAT IN ALL OUR COMMUNITIES.
UH, WE'LL DO, UH, SEMINARS ON HEALTH AND WELLNESS.
UH, YOU KNOW, OUR TYPICAL COMMUNITY HAS ABOUT A NINE TO 10,000 SQUARE FOOT COMMUNITY CENTER.
I THINK WE PROBABLY BUILD IN THE INDUSTRY THE LARGEST COMMUNITY CENTERS.
SO WE WANT THAT TO BE AN ACTIVE, UH, USE FOR THE RESIDENTS IN THE COMMUNITY.
SO AS PART OF THAT, YOU KNOW, WE HAVE A FAIRLY SIZABLE, UH, AFTERSCHOOL LEARNING CENTER, WHICH WILL BRING IN, UH, THROUGH OUR SOCIAL SERVICES PROVIDER, BRING IN, UH, STAFF TO BE ABLE TO SUPPORT THE, UH, CHILDREN THAT THE COMMUNITY.
HEY GUYS, THIS IS DIRECTOR HINTON.
UM, SO ARE THESE, UH, MAYBE YOU HAVE ALREADY ANSWERED THIS QUESTION.
THESE ARE JUST ESSENTIALLY WHAT, UH, APARTMENT UNITS? IS THAT WHAT YOU'RE SAYING? YEAH, THIS, UH, THESE ARE GONNA BE THREE STORY GARDEN MULTIFAMILY, UH, THREE STORY GARDEN MULTI COMMUNITY OF ONE, TWO, AND THREE BEDROOM MUCUS.
SO MY QUESTION IS, UM, DO YOU HAVE ANY PARTNERSHIPS OR HOW DOES THIS, ANY OF THIS LEAD TO, UM, LIKE INDIVIDUALS SEEKING,
[00:30:01]
LIKE HOME OWNERSHIP? THE REASON WHY I ASKED THAT QUESTION, BECAUSE I HAD A CONVERSATION WITH COUNCIL MEMBER BLAIR A FEW WEEKS AGO, AND SHE MENTIONED TO ME THAT SHE WOULD LIKE TO START SEEING, YOU KNOW, SOME OF THESE PROJECTS THAT ARE LEADING TO HOME OWNERSHIP AND NOT JUST APARTMENT RENTALS.SO DO YOU HAVE ANY OF THAT, UM, ANY PROGRAMS THAT, LIKE ANY PARTNERSHIPS OF ANY, YOU KNOW, UH, COMPANIES OR WHATEVER THAT YOU PARTNER WITH THAT, UM, COULD LEAD THE HOME OWNERSHIP, IF I'M SAYING THAT CORRECTLY? YEAH, NOT, NOT SPECIFICALLY.
UM, TYPICALLY WHAT WILL OCCUR IS THAT RESIDENTS THAT LIVE IN AFFORDABLE QUALITY HOUSING, AND THEY HAVE THAT ABILITY TO BE ABLE TO POTENTIALLY SAVE SOME, YOU KNOW, SAVE MONEY UP.
AND, YOU KNOW, THE, THE WHOLE, THE WHOLE IDEA HERE WITH ANY COMMUNITY, WITH ANY OF US DEVELOPING AFFORDABLE HOUSING IS, YOU KNOW, THAT WHOLE LINE, A RISING TIDE LIFTS OFF.
SO THE OBJECTIVE IS TO GET EVERYONE OUT OF, YOU KNOW, AN AFFORDABLE HOUSING UNIT OR HOME INTO FOR SALE.
BUT SPECIFICALLY, I DON'T HAVE A PROGRAM THAT'S SET UP LIKE THAT IN THAT, IN THAT VEIN.
ON THESE DEALS, IS THERE GONNA BE LIKE AN ALLOCATION FOR LIKE SOCIAL SERVICES, UH, KIND A BUDGET YES.
IN OUR SOCIAL SERVICE PROGRAMS THAT REALLY TEACH FINANCIAL LITERACY AS WELL FOR ITS TENANT, WHICH ACTUALLY IS KIND OF A WAY TO SORT OF PREPARE 'EM FROM RENT HOME OWNERSHIP.
ARE YOU OPEN TO KIND OF, YOU KNOW, USING THOSE TYPE OF, THAT BEING MADE THE MAIN OF SOCIAL SERVICES OF THE COUNCIL PERSON? YEAH, ABSOLUTELY.
AND WE WORK WITH CHR ALL THE TIME TO COME UP WITH PROGRAMS THAT WILL, UH, EDUCATE AND HELP RESIDENTS WITH THOSE FINANCIAL SERVICES AND THAT FINANCIAL KNOWLEDGE TO BE ABLE TO GET 'EM TO MOVE ON TO, YOU KNOW, POTENTIAL HOME OWNERSHIP.
AND IT ALL STARTS WITH REALLY CREDIT DISCIPLINE AND BEING ABLE TO, YOU KNOW, HAVE ENOUGH MONEY TO BE ABLE TO LOOK TO THE FUTURE OF HOME OWNERSHIP.
IT'S, I THINK EVERYONE IN THIS ROOM THAT IS AN AFFORDABLE HOUSING DEVELOPER, IT'S OUR GOAL FOR THOSE RESIDENTS OR OUR RESIDENTS TO BE ABLE TO BUY A HOME AND, YOU KNOW, EXPERIENCE HOME OWNERSHIP.
AND AS EVERYONE KNOWS TODAY, INTEREST RATES, LAND COSTS, DEVELOPMENT COSTS ARE SO HIGH THAT IT'S REALLY PUTTING HOME OWNERSHIP, YOU KNOW, OUT OF THE GRASP OF MANY POTENTIAL FIRST TIME HOME BUYERS.
SO THE ONLY WAY TO GET THAT ACCOMPLISHED IS YES, WORK WITH DEVELOPERS.
YOU KNOW, THE, THE, THE HORTONS, THE KB HOMES, THE, YOU KNOW, THE, THE, THE BUILDERS AND DEVELOPERS OUT THERE.
THEY HAVE DOWN PAYMENT ASSISTANCE.
AND THOSE ARE SOME OF THE THINGS THAT WE CAN EDUCATE OUR RESIDENTS ON AND DIRECT THEM TO GO TALK TO THESE DIFFERENT HOME BUILDERS THAT HAVE THESE PROGRAMS. I WOULD SAY JOEL, ALSO, THIS IS ZONED BY, RIGHT? CORRECT.
IT'S OWNED BY RIGHT ZONED, I MEAN, IN TERMS OF HOME OWNERSHIP, THIS SITE WILL NEVER BE A SINGLE FAMILY HOME SITE.
THE CITY HAS ZONED IT FOR MULTI-FAMILY APARTMENTS.
SO, BUT TO COMMENT ON KEVIN'S COMMENT, I, I WAS LOOKING AT THE UNIVERSITY HILLS PROJECTIONS, AND THEY DO SAY THERE'LL BE OVER 600 SINGLE FAMILY HOMES IN THAT IMMEDIATE VICINITY ON THE 278 SITE POINT, UH, WHICH IS ENCOURAGING TO ME.
UH, SORRY, I, I DIDN'T MEAN TO BE DISPARAGING.
LIKE ONE OF MY CONCERNS IS THIS, THAT WE HAD OTHER DEVELOPMENTS IN THE SITE, BUT THE REALITY IS WE ONLY HAVE ONE T LANCASTER, WHICH WAS BUILT ACTUALLY BEING BUILT, JUST BEING BUILT.
UH, SO THERE ARE NO OTHER PROJECTS EXCEPT THE ONES THAT ARE IN THE PIPELINE.
SO I RETRACTED MY EARLIER COMMENT ABOUT THEIR BEING YEAH, I JUST WANNA ANSWER THAT.
SO UNIVERSITY HILLS IS GOING TO HAVE A DIVERSE MIX OF DIFFERENT HOME TYPES.
THAT'S FROM SINGLE FAMILY ENTRY LEVEL TO TOWN HOMES TO SOME LARGER HOMES.
SO IT'S JUST NOT KIND OF A ONE TRICK PONY DEVELOPMENT, IT'S A DIVERSE MIX OF HOUSING, AND THIS COMMUNITY WILL BE INTEGRAL TO THE REST OF THE COMMUNITY AND VICE VERSA.
WE'RE EXCITED THAT THEY CHOSE US TO BE A DEVELOPMENT PARTNER WITHIN THE UNIVERSITY HILLS DEVELOPMENT.
I'M EXCITED TO WORK WITH UNT, UH, TO BE ABLE TO POTENTIALLY HAVE HOUSING EVEN FOR, YOU KNOW, FIRST TIME PROFESSORS, THE AREA THAT AREN'T THAT INCOME LEVEL THAT THEY CAN AFFORD A HOME, BUT THAT'S THEIR NEXT STEP.
SO ARE YOU INTEGRATED INTO, UH, MASTER PLAN SO THAT, YOU KNOW, YOU HAVE COHESIVE PATHWAYS AND CONNECTIONS TO THERE WILL BE.
THAT'S PART OF THE SCIENCE, THAT'S PART OF THE DESIGN.
SO THE SINGLE FAMILY HOME DEVELOPMENT STARTS RIGHT BEHIND US.
[00:35:01]
OUR SITE MAYBE, AND MAYBE ON THE POINT WHEN YOU WILL GET TO THE POINT OF PARTNERSHIP IN MOU AND THAT PRESENTATION, MAYBE A LITTLE BIT MORE DETAIL ON THE MASTER PLAN DEVELOPMENT OR THE WHOLE, UH, DEVELOPMENT.YEAH, WHEN I COME BACK, WE WILL HAVE FAR MORE DETAILED PLANS OF THE NEXT STEP FOR ME IS, IS I'VE BUILT THESE PLANS IN OTHER COMMUNITIES.
WE'RE GOING TO CHANGE IT UP A TINY BIT, BUT MY ARCHITECT IS HEBK HERE IN DALLAS.
SO I'M GOING TO CUT IN BLUES TO START, UH, DESIGN OF THE SITE.
HEY, CAN I, THIS IS, UH, THIS IS OLIVER ROBINSON.
LET, LEMME JUST ASK A QUESTION.
AS I LOOK AT THE BUDGET, UH, I LOOKED AT YOUR SITE PLAN THAT YOU INCLUDED, I APPRECIATE THAT.
AND IT CALLED OUT THE MULTIFAMILY SITE AREA OF 14.8 ACRES, AND THEN YOU'VE GOT THE RETAIL SIDE OF 3.1.
UH, DOES THAT MEAN, I GUESS THAT THE ENTIRE SITE IS 17 NINE? OR IS THE MULTIFAMILY SITE 14.8 MINUS TO 3.1? NO, THE MULTIFAMILY SITE IS 18 ACRES.
THE COMMERCIAL SITE IS AROUND THREE ACRES.
IS THERE, I I'M TRYING TO, AND, AND AGAIN, I, I KNOW I'M GETTING INTO THE WEEDS HERE, BUT AS I LOOK AT KIND OF THE, YOU KNOW, THE, THE PRICE PER ACRE FOR LAND IN THIS AREA, AND I'M NO EXPERT IN THE LAND HERE, BUT YOU KNOW, THE LAST DEAL WE JUST LOOKED AT, YOU KNOW, IT WAS ABOUT 160,000 AN ACRE.
AND YOU KNOW, BASED ON, BASED ON WHAT YOU JUST SAID, WE'RE, YOU KNOW, YOU'RE ABOUT 320,000 AN ACRE.
I, IS THERE A NO, THAT'S NOT THAT EXCUSE.
F*****G, YEAH, THAT'S NOT, THAT'S NOT CORRECT.
I WAS USING YOUR ACQUISITION COST, BUT MAYBE YOU HAD A LOT MORE BAKED INTO THAT ACQUISITION COST IN YOUR BUDGET THAN JUST THE LAND.
MY LAND COST IS, IS, UH, YOU KNOW, JUST OVER, I THINK, UH, FOUR A SQUARE FOOT, WHICH IS ABOUT 160,000 AN ACRE.
YEAH, I THINK THE LAST QUESTION I SAW WAS 7,000, EVEN THIS IS 13.
WE'RE ALSO ON A MIXED USE DEVELOPMENT THAT'S GONNA HAVE A HUGE COMPLIMENT, UH, DEVELOPMENTS NEXT TO IT AS WELL.
SO IT'S NOT YEAH, AND IT SITES OKAY.
ALL, NOT ALL SITES ARE EQUAL, RIGHT? YEAH.
YET THE OTHER THING TOO IS I HAVE TO TOTALLY UNDERSTOOD THE SITE ALREADY, SO I'M NOT, I I'M NOT GONNA HAVE TO RUN UTILITIES TO THE SITE.
SO THAT, THAT IS A VARIABLE THAT YOU HAVE TAKE INTO ACCOUNT.
MS. PRESIDENT, ARE YOU STILL ON THE, AGAIN, I WAS JUST LOOKING AT THE WHOLE WEBSITE AND IT SAID THAT THEY'RE TOLD THAT I THINK THAT THEY'RE GONNA BE A LIMIT OR THEY CAP OF APPROXIMATELY 1500 MULTIFAMILY USERS.
IS THAT STILL YOUR UNDERSTANDING? I DON'T THINK, I THINK THAT'S CHANGED.
AND GIVEN WHAT YOU HEARD RECENTLY, THAT'S GONNA BE A HIGHER NUMBER.
IT'S GONNA BE LOW, LOWER THAT I, SO NOW HOPE IS GOING TO BE BUILDING SOME MULTI-FAMILY THEMSELVES, RIGHT.
BUT WHICH WE INCLUDED AND I DON'T KNOW
YEAH, NO, IT'S MY UNDERSTANDING IT'S GONNA BE LESS THAN 1500 UNITS.
AND ARE YOU AWARE OF WHO ELSE THEY'RE TALKING TO BEYOND WHAT THEY'RE GONNA DEVELOP, SELL, WHAT OTHER FOLKS SPECIFICALLY? NO, SIR.
DO YOU KNOW WHAT THE GAP IS BETWEEN THE MARKET RATE, THE, UH, INCOME STRICKEN RATES? I MEAN, I'M JUST WONDERING BECAUSE IF WE ANOTHER 1200 UNITS ON TOP, IS IT GONNA BE IN DIRECT COMPETITION? YEAH, I MEAN, RIGHT NOW WHERE THE AMIS ARE IN DALLAS, WHICH THEY ARE GOING UP TO 121,000, IT'S GOT THE ADVANCE LEASE ON WHAT THOSE AMIS ARE.
SO THE GAP BETWEEN WHERE MARKET RATE IS AND WHERE OUR AFFORDABLE 60% RENTS ARE, ARE PROBABLY IN THE 200 TO MAXIMUM 300.
UM, AND I MEAN, I WILL SAY IF THEY DO BUILD OUT THAT ENTIRE DEVELOPMENT, MARKET RATES WILL PROBABLY GREEN.
RIGHT? IF THEY BUILD A 270 ACRE MASTER DEVELOPMENT, PROBABLY BE MORE ATTRACTIVE INSTEAD.
AND THAT'S PROBABLY HOW'S BE RIGHT? SAY COMPLETELY HONEST MARKET RATE DEVELOPMENTS THAT DON'T HAVE AN EASY TIME ON VERTICAL ON THESE LOCATION, THEY USUALLY NEED, LIKE I TECH YEAH.
COULD BE SEEING THOSE DEALS AS WELL.
I MEAN, WRITING DOWN THE MARKET RATE MARKET IS ALL DORMANT.
[00:40:01]
PRIVATE EQUITY OUT THERE AND YEAH, WELL, I MEAN THAT IT'S REALLY, IT'S ONE OF THE TWO THINGS, RIGHT? IT'S EITHER A HOPE BETS THAT HE CAN RAISE THE RATES BECAUSE HE BUILDS HIS FANCY DEVELOPMENT, OR THEY'RE GONNA BE OTHER LITECH DEALS THAT GO THROUGH SOME SORT OF PORTABLE STRETCH.UH, THAT'S, AGAIN, THAT'S ALWAYS THE POTENTIAL SURE.
UH, I THINK HOPE'S BET IS BUILDING A MIXED USE DEVELOPMENT THAT'S GOING TO BE A CATALYST AND AN ACTIVATOR FOR THAT ENTIRE UNIT.
BECAUSE IN THE MANY CONVERSATIONS I'VE HAD WITH VARIOUS STAKEHOLDERS AND COMMUNITY IN THE COMMUNITY IS THAT NOTHING'S HAPPENED IN 20 YEARS THERE.
AND THERE'S ALWAYS BEEN THIS TALK ABOUT, WELL, THIS IS WHAT WE WANT, THIS IS WHAT WE NEED.
BUT IN ORDER TO GIVE THE BELONGS AND THE NEEDS, ESPECIALLY WHEN YOU'RE TALKING ABOUT RETAIL OR COMMERCIAL, YOU HAVE TO HAVE ROOFTOPS.
AND IN ORDER TO BE ABLE TO GET THAT COMMERCIAL IN THERE, YOU NEED PEOPLE IN THE AREA THAT HAVE, HAVE THE ABILITY TO GO SPEND MONEY.
YOU KNOW, THE ACTIVATOR FOR THERE HAS BEEN UNIVERSITY HILL, I MEAN, UH, U WENT TO DALLAS.
I MEAN, THAT'S A BIG ACTIVATOR AND THEY HAVE SOME REAL INTERESTING THINGS THAT ARE GONNA HAPPEN.
UH, BUT, YOU KNOW, PUBLIC SCHOOLS AND UNIVERSITIES THAT EVOLVES, THAT TAKES A WHILE TO START GETTING INVOLVED.
SO, YOU KNOW, I, I THINK THE DIRECTION THAT HOPE'S TAKING IT'S THE RIGHT DIRECTION.
I THINK IT'S DOING A GOOD JOB NOW THAT HE'S COMMITTED TO GETTING THIS DONE.
I MEAN, THEY ARE JUST PUSHING DIRT LIKE CRAZY OUT THERE.
SO, YOU KNOW, WITHIN A YEAR FROM NOW, UH, YOU KNOW, ESPECIALLY WHERE WE'RE LOCATED ON LANCASTER, WE'LL BE ABLE TO BREAK GROUND AND NOT BE, UH, COMPETED BY HOPES DEVELOP AT ALL.
I MEAN, I THINK THAT, I DON'T WANNA SPEAK TO THE ENTIRE BOARD, BUT OUR CONCERN IS THAT WE DON'T WANT TO JUST BECOME ONE AFFORDABLE DEVELOPMENT IN THE SEA OF AFFORDABLE DEVELOPMENT.
RIGHT? AND THAT'S, YOU DON'T WANNA CONCENTRATE POVERTY, YOU WANNA BE HIGH AREAS.
IT'S NOT A GOOD INVESTMENT FOR US IF THERE'S NO LONG-TERM DISPARITY BETWEEN THE MARKET RATES AND RESTRICTED RATES.
THERE'S JUST A LOSS TEXTURE OF NANCY.
RIGHT? SO WHAT WHAT WE'RE TRYING TO UNDERSTAND IS YOU, IT'S A VERY AMBITIOUS PROJECT AND IT ENDS UP BEING A FANTASTIC PROJECT, AND THIS BECOMES THE AFFORDABLE COMPONENT OF AN OTHERWISE MARKET RATE AND SINGLE FAMILY DEAL.
UM, BUT FOR ME, I THINK THERE'S ENOUGH HERE TO, TO JUSTIFY ON RANGES.
UH, THIS, HEY, THIS IS, UH, DIRECT TO HIM.
I DIDN'T CATCH YOUR NAME AT THE BEGINNING.
I'M MANAGING PARTNER STREAMLINED ADVISORY PARTNERS BASED IN SAN ANTONIO.
FOR STATEWIDE, UH, AFFORDABLE HOUSING DEVELOPERS.
AND HAVE YOU, HAVE YOU ALREADY MET, MAYBE YOU ANSWERED THIS QUESTION.
HAVE YOU ALREADY MET WITH COUNCIL MEMBER BLAIR? ARE YOU GOING TO MEET WITH HER TO DISCUSS? NO, I MET WITH HER ALREADY.
AND SHE AND SHE GIVE YOUR FULL SUPPORT? UH, SHE'S ON BOARD.
THERE'S SOME THINGS THAT WE HAVE TO DO TO, UH, YOU KNOW, FOR ALL INTENTS AND PURPOSES, PURPOSES TO GET, YOU KNOW, HER 100% BUYING.
BUT I THINK, UH, WE'RE THERE WITH US BEING PART OF THE UNIVERSITY HEALTH DEVELOPMENT GLOBAL, UH, I THINK AT THE END OF THE DAY, YOU KNOW, SHE WILL BE THERE.
WE'RE HAVING A COMMUNITY MEETING OUR FIRST OF, I THINK A COUPLE IN ABOUT THREE OR FOUR WEEKS.
CAN, CAN YOU SHARE WHAT THOSE THINGS ARE THAT SHE'S ASKED YOU TO DO? WELL, ONE OF THE THINGS IS, IS LIKE THE, IS THE COMMERCIAL AND ACTIVATING THE AREA WITH SOME SERVICES THAT THE COMMUNITY CAN BENEFIT FROM, ACTIVATE THE AREA OR YOUR DEVELOPMENT THE WHOLE AREA.
I MEAN, YOU KNOW, AND THAT'S ONE OF THE THINGS THAT, YOU KNOW, MIKE HOKE IS COMMITTED TO, IS THAT, YOU KNOW, DEVELOPING SOME COMMERCIAL INFRASTRUCTURE THAT WILL SUPPORT THE COMMUNITY, BUT IT'S NOT ONLY SUPPORTING THE COMMUNITY AND IT'S NOT FOR ME AS AN AFFORDABLE DEVELOPER TO BE THAT, TO CARRY THAT.
I'M, BUT I CONSIDER IS A CRITICAL PIECE OF THIS OVERALL DEVELOPMENT.
UH, AND AS I STATED EARLY ON, THIS IS PART OF, YOU KNOW, KIND OF AN ECOSYSTEM OF DIFFERENT PRODUCT TYPE AND DIFFERENT TYPE OF HOUSING THAT WILL BE MEANINGFUL TO THE ENTIRE COMMUNITY AT LARGE.
UH, ANY MORE QUESTIONS ON THIS ONE? COMMENTS FOR THE CLASS?
[00:45:02]
ALRIGHT, THANK YOU.ON THIS ONE, DO I, CAN I ENTERTAIN A MOTION? OKAY.
SO, TREASURER MARSHALL C MAKES A MOTION.
UH, JACKIE, CAN YOU DO THE, UH, SURE.
VICE PRESIDENT SEAN ALLEN IN FAVOR, GER SHALANDA.
OLA APPROVE TREASURER JACK MARCY APPROVE.
UM, I DON'T THINK PATTY JOINED US.
UH, ABSTAIN PRESIDENT DAVID ELLIS, APPROVE DIRECTOR OLIVER ROBINSON.
JUST TONY'S ON A CALL, BUT ARE WE SPLIT? OKAY.
YEAH, BUT WE HAVE AN JUST ABSENT, ABSENT EIGHTH AND ABSENT.
SO NOW WE ARE ON ITEM OF SEVEN.
CONSIDER AND ADOPT AN INDUCEMENT RESOLUTION, DECLARING INTENT TO ISSUE BONDS AND AGGREGATE PRINCIPLE AMOUNT NOT TO EXCEED 42 MILLION FOR A LOAN TO SHE ROCK ROAD PARTNERS LP TO PROVIDE FINANCING FOR A MULTIFAMILY RESIDENTIAL RENTAL DEVELOPMENT FOR A PERSONS OF LOW AND MODERATE INCOME, KNOWN TO BE KNOWN AS APEX TOWNS AT, UH, MOUNTAIN CREEK, AND TO BE LOCATED AT 6 7 1 1.
SHE ROCK ROAD, DALLAS, TEXAS 7 5 2 3 6 AUTHORIZING THE FILING OF AN APPLICATION FOR ALLOCATION OF PRIVATE ACTIVITY BONDS WITH THE TEXAS BOND REVIEW BOARD AND CONTAINING OTHER RELATED PROVISIONS.
UH, WE HAVE MR. LOGAN S HERE FROM BLUE RIDGE AND THEY HAVE THEIR PRESENTATION READY.
UH, LOGAN HAMPTON HERE WITH BLUE RIDGE.
UH, WE'RE PROPOSING ELECTRIC DEVELOPMENT AT 67 11 SHARED ROAD OVER BY MOUNTAIN CREEK.
UM, WE'RE DIVE INTO THE PROJECT.
JUST WANTED TO PROVIDE A BRIEF SYNOPSIS OF OUR COMPANY PROFILE AND TRACK RECORD.
UM, SO AS YOU GUYS CAN SEE HERE, WE ARE A NATIONAL AFFORDABLE HOUSING DEVELOPMENT GROUP.
UH, WE'RE HEADQUARTERED IN WILMINGTON, NORTH CAROLINA.
WE GOT OFFICES HERE IN DALLAS, TEXAS, ATLANTA, GEORGIA, AND BELLEVUE, WASHINGTON.
UM, MORE THAN A HUNDRED COMPLETE PROJECTS, MORE THAN 8,000 UNITS, UH, OVER A BILLION DOLLARS OF TOTAL DEVELOPMENT, UH, COMPLETED AND NOW MORE THAN 20 EMPLOYEES.
UM, THIS IS THE TEAM THAT WILL BE WORKING THIS PROJECT, UH, WHICH IS MYSELF AS THE DIRECTOR OF DEVELOPMENT.
AND THEN CHRIS ZIMMER IS THE PRESIDENT.
UH, KATIE MCCLURE IS THE DEVELOPMENT OPERATIONS MANAGER.
AND THEN JERRY SAPPINGTON IS OUR DIRECTOR OF CONSTRUCTION.
AGAIN, WE'RE ON, I'M PRONOUNCING IT SHARON ROAD, UH, BUT FORMERLY KNOWN AS GREEDY NILO.
UM, IT'S CURRENTLY ZONED AGRICULTURAL, WHICH, UH, QUALIFIES FOR SB EIGHT 40 BUYRIGHT MULTIFAMILY ZONING.
UH, WE'VE ALREADY GONE THROUGH THAT PROCESS WITH THE PLANNING DEPARTMENT.
UM, SO WE'RE NO CONCERNS THERE.
UM, AS FAR AS THE ACREAGE OF THE SITE, IT IS 30 ACRES GROSS.
UH, BUT WE BACK INTO THE CITY OF DALLAS CARPET ZONE, WHICH, UH, IS, UH, PROHIBITS DEVELOPMENT.
SO WE ONLY HAVE ABOUT 13 NET USABLE.
UM, ANOTHER INTERESTING THING ON THIS PROJECT, WE'RE, WE'RE REALLY ANGLING FOR, UH, A MISSING MIDDLE, UH, TOWN HOME DENSITY.
UM, SO WE'RE GONNA TRY TO CREATE, YOU KNOW, MORE OF A, A, A PRODUCT THAT ISN'T, UH, AS COMMODITIZED, UH, LIKE YOU SEE OFTEN IN, WITH LIKE THREE STORY GARDEN DEPARTMENTS IN THE, IN THE LIVE TECH INDUSTRY.
UM, SO AT, WITH THAT TYPE OF, UH, PRODUCT TYPE, WE'RE AT 234 UNITS, 18 UNITS AN ACRE.
UM, ANOTHER THING WE'RE TRYING TO DO HERE IS PUSH FOR THREE AND FOUR BETTER UNITS.
SO YOU'LL SEE IN OUR UNIT MIX HERE, UH, WE'RE A BIT HEAVIER THERE.
UM, PART OF THAT, YOU KNOW, I I THINK THE DEMAND IS THERE AND THE, THE SUPPLY JUST HASN'T, UH, MET THE MARKET.
[00:50:02]
ONE REASON BEING THAT THE PARKING REQUIREMENTS HISTORICALLY HAVE BEEN ON A A PER BEDROOM.AND OBVIOUSLY, UH, THIS YEAR DALLAS, UH, AMENDED THE PARKING CODE TO BE PER UNIT.
UH, SO IT'S LESS PROHIBITIVE FROM A SPACE AND COST STANDPOINT TO BUILD THESE BIGGER UNITS, UH, YOU KNOW, FOR THESE OR COURSE FAMILIES.
UM, OUR AFFORDABILITY IS A HUNDRED PERCENT 60, AND AGAIN, ON THE AMENITIES, UH, WITH THIS PRODUCT TYPE, REALLY TRYING TO DELIVER A HORIZONTAL COMMUNITY, UH, THAT HAS BENEFITS THAT A LOT OF LIVE TECH COMMUNITIES DON'T HAVE, LIKE PRIVATE YARDS, NO UPSTAIRS NEIGHBOR, UH, THINGS LIKE THAT.
AND THEN, UM, YOU KNOW, WE HAVE THE TRADITIONAL COMMON AREA AMENITIES LIKE A POOL, PLAYGROUND, DOG PARK, CLUBHOUSE.
THIS IS JUST A 30,000 FOOT VIEW OF WHERE OUR SITE'S LOCATED, UM, OFF OF FOURWAYS SPUR FOR ADJACENT USES.
UH, NORTH OF US IS OUR OWN PARCEL.
THAT'S JUST UNDEVELOPED THE CITY DALLAS CARPET ZONE.
UM, AND THEN NORTH OF THAT WE HAVE THE UME, UH, PREP ACADEMY, WHICH IS A PUBLIC CHARTER SCHOOL.
UM, THAT'S K THROUGH 12, UH, SOUTH OF US WE HAVE, UH, SHARED ROAD, AND THEN THAT'S FOLLOWED BY A SINGLE FAMILY RESIDENTIAL COMMUNITY.
AND THEN WEST OF THE CHURCH IS PATRIOT RIDGE APARTMENTS, WHICH IS A MARKET GRADE THREE STORY GARDEN COMMUNITY.
UH, IT WAS BUILT IN 2012 EAST OF US.
WE HAVE A CAMP AND RETREAT CENTER.
UM, SO THEY'VE GOT A WHOLE BUNCH OF, UH, YOU KNOW, OUTDOOR KIND OF ACTIVITIES, UH, FOR, FOR CHILDREN AND ADULTS ALIKE.
UM, HORSEBACK RIDING, UM, ARCHERY, GOT, UH, SAND VOLLEYBALL COURTS, UH, SOCCER, UH, SOCCER FIELDS, UM, CABINS, BONFIRES, UH, YOU NAME IT.
EVERYTHING YOU IMAGINE, UH, ON A, ON A CAMPGROUND.
UM, PREVIOUS USES, UH, THIS SITE IS UNDEVELOPED, UH, POVERTY RATE.
OUR NEAREST, NEAREST LITE PROPERTY IS LANDINGS AT BUFFER RIDGE APARTMENTS.
THAT'S A 2003 VINTAGE PRODUCTS, UM, STRONG OCCUPANCY AT 98%.
AS I JUST MENTIONED PREVIOUSLY, BEACH ROOF DEPARTMENTS IS DIRECTLY, NOT DIRECTLY, BUT, UH, JUST JUST WEST OF US.
UM, AND THAT ONE IS ABOUT 90% OCCUPIED.
AND THEN, UH, THE NEAREST, IT'S ACTUALLY DPFC PROJECT, NOT DHFC.
UM, BUT ASCENT AT MOUNTAIN CREEK WAS AN NRP DEAL THAT THE DALLAS PUBLIC FACILITY CORPORATION DID.
UM, THAT'S 1.5 MILES SOUTHWEST OF OUR PROPERTY.
UH, THAT WAS BUILT 20 24, 324 UNITS, THREE STORY GUARD STYLE.
AND, UH, ACCORDING TO THE LEASING MANAGER LAST WEEK, THEY WERE AT 92% OCCUPANCY, WHICH, YOU KNOW, I THINK IS IMPRESSIVE GIVEN THAT UNIT COUNT AND THE FACT THAT THEY JUST OPENED, UH, ABOUT A YEAR AGO.
SO, UH, GOOD DATA POINT FOR THE DEMAND POCKET.
UM, AND THEN ON THAT NOTE ABOUT SUPPLY AND DEMAND, UM, WE DID REACH OUT TO A MARKET ANALYST TO PROVIDE A CAPTURE RATE ANALYSIS, UM, AND DEFINE OUR, OUR PRIMARY MARKET AREA AS REQUIRED BY T-D-H-D-A.
AND SO, UM, REALLY JUST WANTED TO HIGHLIGHT HERE THAT OUR OVERALL CAPTURE RATE IS ONLY 3%.
UM, THE TDHA THRESHOLD FOR FEASIBILITY IS 15%.
UM, AND THEN THE FE THE FEASIBILITY THRESHOLD FOR T DHA IS, UH, 65% FOR EACH UNIT TYPE.
UM, AND YOU CAN SEE HERE OUR HIGHEST IS ONLY 11.64% ON THE FOUR BEDROOM UNITS.
UM, SO IN BOTH CASES, WE'RE AT A FRACTION OF, UH, YOU KNOW, THE FEASIBILITY THRESHOLD.
AND THEN HERE IS OUR SITE PLAN.
SO YOU CAN KIND OF GET A VISUAL OF, YOU KNOW, OUR VISION FOR THIS SITE.
UM, YOU CAN SEE THE ESCARPMENT ON THE NORTHERN PORTION, UM, AND YOU CAN SEE THAT IT'S PRIMARILY, UH, TOWN HOME PRODUCTS.
WE ARE, UH, PROPOSING, UM, A VERY, A VERY LARGE CLUBHOUSE HERE, ABOUT 20,000 SQUARE FEET.
UM, AND SO WE ENVISION THAT REALLY HAVING A LOT OF THE AMENITIES, UM, FOR THE RESIDENTS.
AND THEN YOU CAN ALSO SEE ON, ON THIS, UH, VIEW HERE, THE CHURCH DIRECTLY WEST OF US AND PATRIOT BRIDGE APARTMENTS.
UH, WEST OF THAT, THIS IS A PLUG PLANE IN TOBO MAP, JUST KIND OF HIGHLIGHTING, UH, YOU CAN SEE ALL THE ORANGE SQUIGGLY LINES ON THE NORTH, UH, HOW THE TOBO DROPS OFF, UM, TO THE NORTH SIDE.
AND THEN HERE YOU CAN KIND OF SEE THE NET USABLE.
UM, JUST ANOTHER VIEW, UH, IN, IN YELLOW AS THE ASCAR ZONE.
[00:55:01]
SILVER AREAS IN BLACK.UM, INTERESTING, UH, KIND OF PIECE OF THIS SITE IS THAT THE MASTER THOROUGH PLAN, UM, SHOWS THE, THE EXTENSION OF KIWANIS ROAD ON THE EASTERN BOUNDARY JUST SHOWN IN PINK RIGHT THERE.
UM, AND THEN THE MASTER THOROUGH PLAN ALSO SHOWS THE EXTENSION OF WEST LEDBETTER, WHICH WOULD RUN ALONG THE NORTHERN BOUNDARY OF OUR PARCEL.
UM, SO THAT IS, UM, SOMETHING WE ARE EXPLORING.
UM, THIS IS AN EXAMPLE BUILDING PRODUCTS, UH, PROVIDED BY OUR ARCHITECTS, YOU KNOW, KIND OF AS A, UH, PRECEDENT IMAGES, THIS IS A DEAL, OUR PROJECT IN ATLANTA.
UH, BUT JUST TO KIND OF VISUALIZE, YOU KNOW, THIS IS MORE OF A TIME HOME PRODUCT THAN WHAT YOU TYPICALLY SEE, UH, WITH FLIGHT ACT, UH, DIRECT PROJECTS.
THIS HERE IS A PROJECT, UH, BLUE RIDGE RECENTLY COMPLETED.
UM, JUST TO HIGHLIGHT, YOU KNOW, THE UNIT FINISHES THAT WE ANGLE FOR, WE REALLY TRY TO MAKE THESE COMMUNITIES APPLES TO APPLES WITH MARGARIE COMMUNITIES.
UM, SO, YOU KNOW, WE'LL HAVE STAINLESS STEEL APPLIANCES, QUARTS COUNTERTOPS, UM, 4,200 PER CABINETS.
UM, THOSE KIND OF FINISHES THAT, THAT REALLY MAKE THE, THE, UH, UNITS STEEL NICE.
UM, THIS IS OUR SOURCE OF USE HERE, UH, PRETTY MIDDLE OF THE FAIRWAY, UM, VANILLA CAPITAL STACK.
UH, YOU KNOW, WE, WE CURRENTLY DON'T CONTEMPLATE ANY, UH, SOFT FINANCING OR GAP FUNDS NEEDED, UH, OTHER THAN DEFERRED DEVELOPER FEE.
SO, UM, YOU KNOW, PRETTY STRAIGHTFORWARD FROM, FROM A FINANCING STANDPOINT.
UM, WITH THAT SAID THERE, ANY QUESTIONS? SO THIS IS NOT, I'M LOOKING AT THE SCRIBBLE MAP, JACKIE, HERE.
THIS IS NOT, I'VE SEEN APEG DOWN HOME ON THE SCRIBBLED MAP, EAST 35.
SO IT'S NOT THAT CLOSE TO THE DEAL WE JUST APPROVED? NO, NO, IT'S ON.
IT'S THE NORTHEAST OF PARK 20.
HAVE Y'ALL HAD A PRELIMINARY DISCUSSIONS WITH COUNCILMAN GRACIE ABOUT THIS DEVELOPMENT? YEAH, JUST MET WITH HIM.
UM, WE'RE GONNA HAVE TO WORK THROUGH SOME REVISIONS TO GET HIM ON BOARD.
UH, BUT I THINK THERE, YOU KNOW, THERE'S A PATH FORWARD AND THAT'S WHAT WE'RE EXPLORING.
UM, SO ACTUALLY JUST NOT WITHIN, UH, THIS WEEK.
SO I'VE HAD MUCH TIME TO, UM, YOU KNOW, INCORPORATE HIS FEEDBACK.
BUT, YOU KNOW, WE'RE, WE'RE WORKING TOWARDS, UH, PROPOSAL THAT WE'LL GET HIM ON BOARD.
WHAT WAS SOME OF THE EARLY FEEDBACK? HE, HE, UH, SIMILAR TO CUSTOMER BLAIR, HE, HE'S FOCUSED ON HOME OWNERSHIP, RIGHT? SO WE'RE EXPLORING OPTIONS TO, YOU KNOW, WE'RE GONNA SEE WHAT WE CAN DO.
UM, WE, WE, UH, ARE GONNA PROVIDE ALL THE RESIDENT SERVICES WE CAN, YOU KNOW, SO ALL THE TIMES WE'LL PROVIDE FINANCIAL LITERACY CLASSES.
WE'RE GONNA KIND OF BOLSTER THAT AND CENTER THE, THE SERVICES AROUND HOME OWNERSHIP.
AND SO THAT WILL BE LIKE CREDIT BUILDING AND MONITORING PROGRAM.
THAT'LL BE, UH, YOU KNOW, FIRST TIME HOME BUYER WORKSHOPS.
UM, AND THEN, YOU KNOW, WE CAN EVEN EXPLORE, UH, PARTNERSHIPS WITH LOCAL HOME BUILDERS, UM, YOU KNOW, THAT HAVE, UH, DOWN PAYMENT ASSISTANCE AND THINGS LIKE THAT.
UM, SO THAT THAT'S, UH, NOT FULLY BAKED.
AND DEFINITELY, UH, DISCUSSIONS WE'RE HAVING AND AND EXPLORING CURRENTLY.
YEAH, I THINK BEFORE WE HAVE ANY MOUS ON THESE, WE'LL DEFINITELY HAVE SIGN OFF, BUT COUNCIL MEMBERS, I CAN'T TELL.
UH, WHAT, WHAT'S, WHAT'S THE NEAREST ELEMENTARY SCHOOL SP VALLEY? UH, NEAREST ELEMENTARY.
YEAH, THERE'S ALSO UME PREP, WHICH IS GATEWAY INVOLVED JUST NORTH OF THE SITE.
YOU SAID IT'S, I'M LOOKING AT THE FLOOD PLAIN EXHIBIT.
SORRY, I'M NOT SO IT'S IN A FLOOD PLAIN, OR IS NO, SO YOU CAN SEE, UM, I THINK IT'S IN PINK, MAYBE THAT THERE'S FLOOD PLAIN, LIKE NORTH BAR PARCEL, BUT NONE OF IT, UM, OVERLAPS WITH OUR, OUR BILLABLE AREA.
SO NO, NO FLOOD PLAIN THAT SCREWED UP.
YOU COULDN'T GET THAT FLOOD BUILDING INSURED ANYWAY, SIGNATURE.
YEAH, IF YOU TRY TO BUILD A FLOOD PLAN, YOU CAN'T SHOW THE BILL.
RIGHT? I WAS JUST SAYING IT'S KIND OF CLOSE.
[01:00:03]
OKAY, SO THIS IS THREE 50 A DOOR, BUT IT'S TOWN ON PRODUCT, RIGHT? EXACTLY.SITE WORK IS, IT'S, UH, MORE EXPENSIVE.
DOES ANYBODY, UH, ANYTHING FOR ANYBODY ONLINE? ANY QUESTIONS OTHER, OKAY, SO WE GOT MOVE SECOND ONE.
OKAY, JACKIE TO TAKE THE VOTE, UH, VICE PRESIDENT SEAN ALLEN FAVOR, DIRECTOR SHAWANDA OLA APPROVE JUDGE JACK MARSHALL SEED APPROVE DIRECTOR KEVIN HENSON.
IN FAVOR, PRESIDENT DAVID APPROVE, DIRECTOR OLIVER ROBINSON.
APPROVE DIRECTOR RYAN MOORE FAVOR, TREASURER TONY PAGE.
UM, AND DIRECTOR SEAN SADIE APPROVE.
ALL RIGHT, ONE MORE DISMAN, ALMOST THERE.
ITEM EIGHT, CONSIDER AND ADOPT AN IN DISABLE RESOLUTION, DECLARING INTENT TO ISSUE BONDS IN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED 35 MILLION FOR A LOAN TO HENLEY APARTMENTS.
LLC, TO PROVIDE FINANCING FOR MULTIFAMILY RESIDENTIAL RENTAL DEVELOPMENT FOR PERSONS OF LOW AND MODERATE INCOME TO BE KNOWN AS THE HANDLING.
AND TO BE LOCATED AT 7 5 3 5 UNIVERSITY OF HILLS BOULEVARD, DALLAS, TEXAS 7 5 2 4 1 AUTHORIZING THE FILING OF AN APPLICATION FOR ALLOCATION OF PRIVATE ACTIVITY OF BONDS WITH THE TEXAS BOND REVIEW BOARD AND CONTAINING, CONTAINING OTHER RELATED PROVISIONS.
UM, I'D LIKE TO WELCOME MR. JACK RAGGER HERE.
HE HAS A PRESENTATION FOR APPRECIATE IT.
UM, SO WE ARE, UH, WE'RE PROPOSING AT, UH, THE PROPERTY ADDRESS 75 35 UNIVERSITY HILLS BOULEVARD.
IT'S RIGHT ACROSS FROM UNT, UH, SOUTH CAMPUS, UM, A DEVELOPMENT CALLED HELEY APARTMENTS, 228 UNITS ON 7.8 DANGERS.
I GOING TELL YOU A LITTLE BIT ABOUT, UH, KRA.
SO, K KRA IS A, A GROUP BASED IN, UH, KANSAS CITY, MIRIAM, KANSAS, BASICALLY.
BUT, UH, I'M BASED HERE IN DALLAS.
WE'VE, UH, HAD HAD THAT THINK 82,000 UNITS.
WE'VE MANAGED OVER A PERIOD OF TIME.
WE'VE BEEN AROUND ABOUT 50 YEARS.
UH, MY POSITION WITH THE COMPANY IS I DEVELOPMENT DIRECTOR OF THE NORTH TEXAS REGION.
WE BASICALLY RUN, WA GO UP TO, UH, OKLAHOMA.
UH, WE, WE PICKED THIS AT, UH, WE HAVE, WE HAVE A BUNCH OF DIFFERENT FOLKS THAT WORK WITH US, UH, FROM THE FINANCE GROUP, WHICH, UH, OUR FINANCE DIRECTOR IS, IS, UH, USED TO BE WORKING WITH A GROUP CALLED BELLWETHER, WHICH IS A NATIONAL HOUSING, UH, GROUP OR, UH, MORTGAGE COMPANY, PHIL MELTON.
HE'S, UH, VERY WELL QUALIFIED FROM A, UH, UH, COMMAND STANDPOINT.
AND AGAIN, WE, WE, UH, HAVE A MANAGEMENT COMPANY.
WE DON'T HAVE COME CONSTRUCTION COMPANY TO DO THE CONSTRUCTION, BUT WE WOULD THIRD PARTY THAT OUT TO SOMEBODY ELSE.
SO, UM, AGAIN, THIS IS GONNA BE A 228 UNIT, UH, DEVELOPMENT.
IT'S GONNA BE WRAP STRUCTURE, UH, SURFACE PARK, UM, 7.8 ACRES.
WHAT WE'RE PLANNING ON DOING RIGHT NOW IS HAVING A, A BENCH DOG PARK PACKAGE, LOCKERS A COMMUNITY ROOM, UH, ROOM, UH, BARBECUE AREA, WASHER DRYER HOOKUPS IN EACH ONE OF THE UNITS.
ENERGY EFFICIENT APPLIANCES, LEV LIGHTING, UM, UH, FITNESS CENTER FROM A SECURITY STANDPOINT, WHICH MY UNDERSTANDING IS THE CITY OF DALLAS IS VERY CONCERNED ABOUT, UH, SECURITY.
WE'RE GONNA HAVE GATED ENTRANCES TO THE SITE, BROAD IRON FENCE GOING AROUND THE PERIMETER, ALTHOUGH THAT'S STILL UP THE DISCUSSION, ALTHOUGH I THINK THAT THAT'S, THAT'S, UH, SOMETHING THAT WE DO LIKE TO HAVE, WE LIKE TO HAVE A, THE, UH, LASER CONTROLLED ACCESS TO THE BUILDING, UH, CONCIERGE TRASH, UH, WITH COMPACT FROM THE BACKSIDE OF THE PROPERTY CARDBOARDS, UM, AND, AND A FULLY EQUIPPED CLUBHOUSE WITH COMMUNITY AREA, SOME OF THE RECREATIONAL, UH, AMENITIES OR PLANNING ON PUTTING IN PLACE OR MAYBE A PICKLEBALL COURT, ALTHOUGH PICKLEBALL COURT COULD BE A LITTLE BIT LOUD AND IT MAY BE TRENDY, BUT, UH, SOME LOOKS LIKE IT AT THIS POINT IN TIME.
BUT WE'VE ALSO THOUGHT ABOUT HAVING A PUTTING TEAM ON OUR SITE.
UM, THIS IS A, IT IS CURRENTLY ZONED FOR, FOR RESIDENTIAL.
IT'S, IT'S CURRENTLY ZONED AT OUR DASH 7.5 A.
WE'RE GOING THROUGH A REGIONAL PROCESS AT THIS POINT OF TIME, MOVING IT INTO A MIXED USE, UH, WHERE WE WOULD HAVE ABOUT 5,500 SQUARE FEET OF, OF, UH, RETAIL ON THE, UH, ON THE SITE.
[01:05:01]
IT WOULD BE A, UH, IT WOULD BE A, AGAIN, A RAMP STRUCTURE.BUT WE WOULD HAVE A NEIGHBORHOOD COMMERCIAL ON THE FRONT END OF THE SITE FACING UNIVERSITY HILLS WITH 5,500 SQUARE FEET.
WE WOULD HAVE, UH, CERTAIN PERSONAL SERVICES.
THEY HAVEN'T BEEN COMMERCIAL IN THAT AREA, MAYBE LIKE A, A ICE CREAM SHOP, A COFFEE SHOP, A UH, SAY A BARBER SERVICE.
UM, YOU KNOW, BUT PERSONAL SURFACE, NOTHING ON A RESTAURANT STANDPOINT LIKE A, UH, THAT WOULD REQUIRE ANY KIND OF A, UH, UH, GREASE STRAP OR ANYTHING.
A LITTLE BIT MORE ENVIRONMENTALLY, UM, NOT, NOT AS FLEXIBLE.
UH, MAYBE A COWORKING BUSINESS CENTER, KINDA A LIGHT SNACK SHOP.
UM, RIGHT NOW, THE THINGS THAT WE'VE IDENTIFIED RIGHT NOW FROM A RESIDENT SERVICES STANDPOINT ARE, UH, UH, ASSISTANCE WITH TAX RETURN, ANNUAL HEALTH FAIR BOOTH PANTRY, NOTARY SERVICES.
AND I HAVE IN HERE RESIDENTIAL SERVICE COORDINATION THROUGH A LOCAL PROVIDER.
AND I WOULD LIKE TO THANK RYAN, UH, WHO I TALKED TO HIM ABOUT THREE OR FOUR YEARS AGO, AND HE, UH, WHICH I, I DON'T THINK HE REMEMBER, BUT HE RECOMMENDED THE DEPARTMENT OF LIFE.
AND I'VE REACHED OUT TO THEM AND THEY REALLY, UH, SEEM TO BE A VERY GOOD GROUP.
UH, MY UNDERSTANDING IS THEY HELP RETENTION.
THEY'RE VERY GOOD WITH THE RESIDENTS, NOT, AND THEY'RE ALSO GOOD AT THE PROPERTY MANAGEMENT COMPANY IN THE SENSE THAT THEY GIVE US FEEDBACK AS FAR AS, YOU KNOW, WHAT WE'RE DOING RIGHT, WHAT WE'RE DOING, EXCUSE ME, WHAT WE'RE DOING INVESTMENTS, UH, ON A GO FORWARD BASIS.
UM, I HAVE IN HERE THE, UH, PROJECT DETAILS, THE RENT UNIT ANALYSIS.
AND, AND ONE OF THE QUESTIONS THAT CAME UP PREVIOUSLY IS, YOU KNOW, HOW DO OUR RENTS COMPARE TO MARKET? I ALSO HAVE IN HERE HOW, HOW DO OUR SQUARE FOOTAGES ARE CURRENT SQUARE FOOTAGE IS MADE.
LOOKING AT OUR SQUARE FOOTAGE IS FROM THE ONE, TWOS AND THREES WE'RE, WE'RE EITHER BETWEEN 112 OR 104, 106% ABOVE WHATEVER THE, THE MARKET IS FOR THIS PARTICULAR AREA FROM A RENT STANDPOINT.
UM, WE ARE, WE'RE, YOU KNOW, FROM $100 TO $200 BELOW AND WHAT THE MARKET IS AT THIS POINT IN TIME.
NEXT SLIDE IS THE, UH, THE UNIT MIX WE HAVE.
UM, THERE'S NOT ANYTHING ELSE PROPERTY.
UM, 228 UNITS, 31% WOULD BE ONE BEDROOM, 54, SO TWOS AND 15 ON THREES.
MY UNDERSTANDING IS THAT THIS AREA, FROM A, FROM A, UH, UNIX STANDPOINT, THEY LIKE, LIKE THE, UH, MORE HEAVILY, UH, FAMILY ORIENTED UNITS WHERE WE HAVE ABOUT 15%, UH, THREE BETTERED UNITS.
UH, ONE OF THE THINGS THAT, THAT IS NOT ON THE SLIDE, BUT IS IMPORTANT TO KNOW THAT, UH, YOU KNOW, THIS WOULD BE, WE'RE LOOKING AT ABOUT A 15, UH, 15% MARKET, 85% LIVE, UH, PROPERTY.
AND THAT CAME OUT A DISCUSSION, MY UNDERSTANDING THAT, UH, COUNCILMAN BLAIR, SHE WANTED TO SEE A FEW MARKET RATE PROPERTIES, MARKET RATE UNITS IN THERE, JUST TO SENSE THAT SHE DIDN'T WANNA HAVE A HUNDRED PERCENT AT THE LITECH.
SO, YOU KNOW, TALK TO HER ABOUT HAVING A MIXED INCOME APPROACH TO THIS, WHERE, AGAIN, WE WOULD HAVE SOME OF THESE BEING MARKET RATE UNITS, PROBABLY 15, MAYBE 20%, BUT I CAN'T SEE, YOU CAN ONLY GO OVER 20% FOR MARKET RATE RECIPE BY, OR, OR RATES, UH, ON THE PROPERTIES, ALL AT 60% BRANDS, UM, FROM THE SITE, UH, SITE DETAILS, UH, YOU READ, READ HERE, THERE WAS REBRAND REBRANDED AS UNIVERSITY HILLS IN 2010.
UH, THERE'S BEEN A FOCUS ON THIS, UH, ON THIS PARTICULAR AREA AT THIS POINT IN TIME WITH FORWARD DALLAS 2.0 PLAN THAT THE CITY OF DALLAS IS IMPLEMENTING.
UM, IT'S GOING, IT'S GONNA TRANSITION FROM THE LOW DENSITY RESIDENTIAL TO MORE URBAN WALKABLE MIXED USE DEVELOPMENT, GREEN, FOUR DOORS, PARKS, UH, OPEN SPACE, SOME PEDESTRIAN CONNECTIVITY.
UH, IT WOULD'VE RETAIL NODES, CAFES, NEIGHBORHOOD SERVICES, WHICH WE'RE PLANNING ON PUTTING WITH THAT, UH, NEIGHBORHOOD SERVICES ON THE, ON THE FRONT END OF OUR PROPERTY.
UH, A FRESHS ARCHITECTURAL PALETTE, WHICH I LIKE THE MODERN BOOK.
I LIKE THAT WRAP STRUCTURE IN THE SENSE THAT IT'S A, I THINK IT'S A, A, A GOOD LOOK.
IT'S AN URBAN LOOK, WHICH I THINK WOULD BREED BE VERY, VERY WELCOME IN THIS COMMUNITY.
UM, AND, UH, WE WOULD JUST, IT WOULD JUST REALLY REIMAGINE THE SOUTHERN DALLAS ON SEVEN POINT.
SO 7.2, BUT IT'S ACTUALLY 7.8 ACRES.
UH, THE, IT'S INTERESTING TO NOTE THAT THE TRACT POVERTY RATE WENT FROM, ACCORDING TO HCA, WENT FROM 26% DOWN TO 14% THIS PAST YEAR.
SO THERE IS SOME MOVEMENT GOING INTO A LESS POVERTY IN THIS PARTICULAR AREA, WHICH I THINK ACTUALLY SUPPORTS GOING MORE TOWARDS HAVING THAT MARKET RATE, UH, FACTOR OR A PORTION OF OUR, OF OUR DEVELOPMENT.
UH, AND THEN AGAIN, THE FUTURE LAND USE ON THIS IS AN EXCUSE AS FAR AS SITE DETAILS.
THERE'S, I, I'VE LISTED OUT SOME GROCERY STORES IN THE AREA, SOME MEDICAL AND SAFETY THAT ARE, THAT ARE IN THE VICINITY.
SOME, UH, RECREATIONS, UM, RECREATIONAL FACILITIES ARE IN THAT ARE IN THIS AREA.
UH, THERE AND SOME RETAIL, A COUPLE TRACKS TO THE NORTH OF US, THERE'S 12,000 SQUARE FEET OF GENERAL RETAIL THAT'S BEING PROPOSED.
UH, WE WOULD HAVE FIVE THOU MORE THAN 5,000 SQUARE FEET OF, UH, NEIGHBORHOOD COMMERCIAL.
AND THEN OF COURSE YOU HAVE THE REDBIRD MALL, WHICH IS ABOUT MILES AWAY FROM
[01:10:01]
THE TRANSPORTATION STANDPOINT.VERY CLOSE TO THE RAIL SYSTEM, 1500 FEET AWAY FROM THE RAIL SYSTEM.
UM, WHICH IS, WHICH IS GOOD AND BAD.
UM, I, I LIKE THE, I LIKE THAT, BUT IT ALSO GIVES US BASICALLY ZERO VISIT OUR REQUIREMENT FOR BILITIES, UM, CHILDCARE, UM, WHICH WE'RE NOT GONNA HAVE ZERO, BUT, UM, CHILDCARE.
THERE ARE SOME LICENSED CHILDCARE FACILITIES IN THE AREA FOR THE FAMILIES THAT EITHER WE DID COMMISSION MARKET STUDY, AND, UH, THAT'S WHERE THE NUMBERS CAME FROM PREVIOUSLY ON WHAT THE MARKET RENTAL WOULD BE.
AND, UH, THEY'VE LISTED OUT IN, IN THE MARKET THAT WE GOT SOME MARKET RATE PROPERTIES IN THE AREA.
YOU CAN SEE THAT A LOT OF THESE ARE, ARE A SIGNIFICANT, UH, DISTANCE WAY 5.7, 4.52, 5.9, AND 4.5 MILES AWAY, WHICH REALLY IS A LITTLE BIT OF A DISTANCE, UH, COMPARED TO WHERE WE ARE AT THIS POINT IN TIME.
SO I THINK THIS IS GONNA BE WELCOME IN OUR, IN OUR AREA.
IT IS INTERESTING TO NOTE THIS, UH, SINCE 2020, THERE'S ONLY BEEN TWO MAJOR PROJECTS BUILT AND OCCUPIED IN THE PMA.
ON THIS NEXT SCREEN, I'VE GIVEN YOU A LITTLE BIT OF A CONSENSUS OF WHAT THE CURRENT ZONING IS IN OUR AREA, UH, FOR OUR PROPERTY AND FOR THE SURROUNDING PROPERTIES, AS WELL AS THE, UH, WHAT THE VISION IS FOR THE FUTURE.
SO YOU CAN SEE WHAT IT IS, UH, WHAT IT IS AND WHAT THE VISION IS FOR THE FUTURE.
UM, THERE IS GONNA BE, AGAIN, MIXED USE GOING UP AND DOWN UNIVERSITY HILLS.
UH, THE NEXT SLIDE GIVE YOU A PICTURE OF WHERE OUR SITE IS COMPARED TO WHERE THE T-D-H-C-A, WHERE THE OTHER PORTABLE PROPERTIES ARE.
IT'S INTERESTING TO NOTE THAT THERE'S ONE PROPERTY WITHIN THE TWO MILE RADIUS THAT'S BEEN BUILT SINCE, UH, 2020, AND THAT IS THE RIGID LANCASTER 1.6 MILES AWAY.
EVERYTHING ELSE IS OUTSIDE THAT, UH, TWO MILE RADIUS, UH, FROM A DEVELOPMENT STANDPOINT ON THE OTHER SIDE OF, UH, ON THE OTHER SIDE OF THE HIGHWAY.
THIS NEXT SLIDE GIVES YOU AN IDEA OF WHERE OUR PROPERTY IS, AND YOU CAN SEE THAT OUR PROPERTY DOESN'T TAKE THE WHOLE TRACK.
THE SELLER WANTS TO MAINTAIN A COUPLE ACRES IN THE BACK JUST SO THAT THEY GO BACK THERE AND KIND OF ENJOY THEIR, THEY'RE LONGTIME LANDOWNERS.
THEY WANNA, UM, THEY WANNA JUST OWN THAT LAND.
WE, UM, DESIGNED A SEPARATE ACCESS FOR THEM, SEPARATE SEWER LINE FOR THEM.
ALTHOUGH THIS, THIS IS PRELIMINARY AT THIS POINT IN TIME.
UM, SHOWING YOU A LITTLE BIT OF, AGAIN, WHAT THE, WHAT THE SITE PLAN LOOKS LIKE.
WE HAVE WATER AND, AND, UH, WASTEWATER GOING TO THE SITE.
WHAT I LIKE ABOUT THIS, IF YOU LOOK AT THESE, THESE, UH, PICTURES ARE RENDERINGS OF WHAT THIS WOULD LOOK LIKE.
IT'S A, IT IS AN URBAN STRUCTURE.
YOU CAN SEE WHAT THAT NEIGHBORHOOD MARSH LOOKS LIKE, THE, UH, PALLET, THEY COLOR PALLETS THAT WE'RE, WE'RE, UH, USING ON THIS AND WHAT THIS, UH, WHAT THIS WOULD LOOK LIKE.
I THINK IT'S A VERY HIP, SORT OF URBAN LOOK.
YOU CAN SEE WHAT IT WOULD LOOK LIKE AT NIGHT.
WE'D HAVE A WELL LIT FROM A SAFETY STANDPOINT, AND WE WOULD'VE A, YOU KNOW, A CORRIDOR RUNNING THROUGH THE, UH, THROUGH THE MIDDLE OF THE SITE, WHICH WOULD GIVE A LITTLE BIT OF A COMMUNITY FEEL TO THE, UH, TO THE RESIDENTS.
FOUR STORIES WHICH, UH, WHICH WE LIKE AGAINST US.
OUR, UM, UH, THE DENSITY THAT WE NEED ACTUALLY WENT OVER THAT WITH COUNCIL MEMBER BLAIR.
SHE'D LIKE THE IDEA OF THE FOUR STORIES, WHICH WAS ENCOURAGING TO MAKE.
AND THEN WE HAVE AN AREA, MORE OF AN AERIAL OF WHAT THIS WOULD LOOK LIKE ON THE, UH, I DON'T LIKE THE HIGHEST HIGH PITCH ROOF.
THIS WOULD BE A MORE LOW PITCH ROOF.
BUT AGAIN, IT WOULD BE A, UH, IT WOULD GIVE US QUITE A BIT OF DISTANCE BETWEEN US AND THE, AND THE PEOPLE IN THE BACK AND THE RESIDENCE ON THE BACK.
AND IT WOULD ALSO US UTILIZE THE, THE PROPERTY.
AS YOU CAN SEE, WE HAVE A LITTLE AREA IN THE MIDDLE OF OUR, UH, SITE, WHICH, WHICH IS PARKING OVER THERE.
UM, YOU KNOW, WE, WE, THAT'S UP FOR DISCUSSION.
I DON'T WANNA HAVE ALL THE PARKING IN BACK JUST 'CAUSE THE REST STACK WALK ALL THE WAY UP TO THE FRONT.
UM, BUT THAT, THAT'S STILL INFLUX AT THIS POINT IN TIME.
AND THEN I'VE PUT TOGETHER THE, UH, SOURCES AND USES FOR THE SITE.
UH, WE'RE AT 2 66, WHICH IS ABOUT 2 66 DOOR.
UM, MY UNDERSTANDING IS THAT THE LABOR IS GONNA BE COMING DOWN A LITTLE BIT.
I THINK THE, THE MATERIALS ARE FULL AND STEADY AS WE TALKED ABOUT PREVIOUSLY, THAT IT'S, UM, YOU KNOW, IT'S NOT, IT'S NOT PULLING UP TO 45 DEGREE ANKLES.
IT HASN'T THE PAST, BUT IT'S BEEN A LITTLE BIT MORE, MORE STAGNANT.
WE'VE GOT BITS FROM TWO DIFFERENT GROUPS JUST ON A VERY, VERY INITIAL BASIS BASED ON THE SITE PLAN AND UNIT, UNIT AMENITIES.
NOW, ONE OF THE THINGS THAT I HAVE TALKED TO CUSTOMER BLAIR ABOUT THIS, JUST BECAUSE I WANTED, YOU KNOW, I WANNA GET HER BUYIN.
UM, SHE'S BEEN OPEN TO THE, OPEN TO WHAT WE PROPOSED
INSTEAD OF THAT A VERY NICE IDEA, WHICH IS GOOD.
SHE, UH, HAS A VERY INTERESTING DISCUSSION IN THE SENSE THAT I WASN'T SURE IF WE WANT TO HAVE THE WR IRON PANEL FENCES ALL THE WAY AROUND.
SHE SAID, YES, KEEP THE FENCE THERE.
SHE, SHE HAD SOME IDEAS AS FAR AS WHAT THE LIST, WHAT THE, UH, NEIGHBORHOOD COMMERCIAL WOULD LOOK LIKE.
SHE WAS THINKING MAYBE PARTNER UP WITH UNC HAVE MAYBE A, A SUBSTATION THERE.
[01:15:01]
I DIDN'T KNOW IF THAT WOULD WORK, BUT I WE'RE THINKING ABOUT DOING THAT AT THIS POINT IN TIME.UH, SHE DID, SHE GOT INTO THE DETAILS AS FAR AS WHAT CARPORT, CARPORTS WANTED TO HAVE THE CARPORTS OR TO HAVE THAT PARKING IN THE MIDDLE THAT I JUST DESCRIBED, THAT SHE WAS VERY MUCH INTO THE DETAILS OF THE, UH, OF THE SITE OVERALL.
IT WAS A VERY GOOD CONVERSATION THAT I HAD WITH HER.
AND, AND, UM, SO OBVIOUSLY WE'D HAVE TO GO BACK TO BUR FROM A, UH, GETTING APPROVAL TAX RISK STANDPOINT.
BUT I FEEL GOOD FROM NOT A CONVERSATION.
ANY QUESTIONS? YEAH, I HAD A QUESTION OR TWO, IF I'M NOT MISTAKEN.
I THINK THE TOTAL, SO YOUR PARCEL AS WELL AS THAT, THAT THE OWNER'S RETAINING, I THINK IT WAS ABOUT 11 ACRES TOTAL.
AND SO IT'S FOUR ACRES IN THE BACK THAT THEY WANT RETAIN.
WHAT, WHAT IS THERE, YOU KNOW, WE'VE, WE'VE ASKED THAT OF 'EM, AND, AND THEY JUST OWNED THE PROPERTY FOR AN EXTENDED PERIOD OF TIME.
I DON'T QUITE UNDERSTAND IT, BUT IT'S THEIR PREFERENCE AS FAR AS WHAT THEY, I MEAN, THEY WANT TO, THEY WANNA MAINTAIN THAT.
THEY WANT TO HAVE SOMEPLACE THAT THEY COULD BASICALLY GO.
AND I THINK THEY'RE THINKING ABOUT DEVELOPING SOMETHING MORE ON A, JUST A SINGLE FAMILY BACK THERE, YOU KNOW, SOMEPLACE.
THEY COULD GO BACK THERE, THERE AND, AND HANG OUT.
IT WAS, IT WAS, IT, IT, MY STANDPOINT, I'M NOT SURE I'D WANT THAT, BUT THAT'S SOMETHING THAT THEY WANTED AND THEY, THEY REITERATED THAT TO BE, BECAUSE AT ONE POINT I THINK I WAS BEING ABLE TO SAY ALL 11 ACRES OR WHATEVER, IT'S TO BE SALE AT SOME POINT TIME.
SO TO HEAR THAT THEY WANNA RETAIN THIS LITTLE, LITTLE INTERESTING.
YOU MENTIONED BASED ON RENDERINGS, UM, THAT THE PARKING WASN'T IDEAL IN YOUR EARLY RENDERINGS.
YOU WANT ME TO EXPAND ON THAT? I SURE DO.
'CAUSE I, YOU KNOW, I WAS LOOKING AT IT, IT IS CERTAINLY NOT IDEAL.
SO YOU CAN, YOU CAN SEE ON THE, UH, TOP LEFT SCREEN, THIS IS ONE OF THE DETAILS THAT I WENT OVER.
ALSO, MCLARE, YOU CAN SEE ON THE TOP LEFT, UH, UM, SCREEN, YOU HAVE THAT MIDDLE SECTION, WHICH HAS THE, UH, HAS SOME PARKING THERE, HAS A FEW TREES THERE, OR COUNCIL MEMBER ACTUALLY WANTED US TO HAVE NO PARKING IN THERE, BUT SHE WANTED TO HAVE MORE PARKING IN THE BACK, UM, JUST BECAUSE SHE WANTED TO HAVE THAT A LITTLE BIT MORE GREEN SPACE.
BUT MY THINKING IS, AND THIS IS SO WELL, SOMETHING THAT WE NEED TO DISCUSS IS I DON'T WANNA NECESSARILY HAVE ALL THAT PARKING IN THE BACK OF THE RESIDENCE ARE GONNA HAVE WALK ALL THE WAY UP FRONT, RIGHT? UM, SO THAT'S A DISCUSSION.
WE'RE GONNA HAVE TO HAVE HER, YOU KNOW, HER THOUGHT WAS, WELL, YOU CAN HAVE, IF IT'S 228 UNITS, YOU CAN HAVE MAYBE 75% OF 0.75 TO ONE PARKING JUST BECAUSE YOU'RE CLOSE TO THE, UH, TO THE, UH, DART STATION CONVENTION.
UM, I'D RATHER HAVE LIKE A 1.3, 1.4 SOMEWHERE IN THERE.
SO I'M, THAT'S STILL A, A DISCUSSION JUST BECAUSE, YOU KNOW, WANNA BE ABLE TO, I MEAN, THEY WANNA BE ABLE TO UTILIZE THAT.
BUT TO, I, IN MY OPINION, I THINK THERE'S A NEED FOR A CAR TRANSPORTATION IN THAT AREA.
SO I WOULD ANYONE IN THE VISITORS BE ABLE TO COME NOT HAVING A CAR OFF SITE? SO, UH, THAT'S A, THAT'S A DISCUSSION MATTER THAT, THAT, UH, PROBABLY NEEDS TO BE FOLLOWED UP WITH.
BUT WE'RE IN THE PROCESS OF LEAD ZONE, SO I CAN'T NECESSARILY HAVE A CONVERSATION WITH HER.
UNDERSTAND, AND THE DRIVE ON THE SOUTH SIDE OF THE BUILDING, THAT THAT'S THE DRIVE THAT'S GONNA PROVIDE ACCESS TO THE OWNERS.
SO THEY'RE GONNA HAVE DRIVE, BUT THEY'RE ALSO GONNA HAVE THEIR OWN, UH, UTILITY.
UH, HE'S GOING ALONG THERE AS WELL.
SO THEY'LL HAVE THEIR OWN UTILITIES GOING BACK TO THEIR, UH, AND, AND, UH, EASEMENT GOING BACK TO THEIR SITE.
DID YOU ALL GONNA PUT IN? YES.
AND, YOU KNOW, BEING IN THE LIFE TECH, WE'RE GONNA BE THERE FOR AN EXTENDED PERIOD OF TIME.
WE'RE GONNA BE THERE AT LEAST 15 YEARS.
UH, GOTTA BE A GOOD NEIGHBOR AND, AND, UH, WE WANNA MAKE SURE THAT, UH, WE'RE WORKING WITH THEM.
THEY'RE GONNA BE THERE, WE'RE GONNA BE THERE.
SO, UH, WE'VE ALSO TALKED ABOUT MAYBE THEM UTILIZE OR THE, UH, MAYBE THE DOG PARK AND THE PICKLEBALL COURTS.
UM, MOST MEMBER WAS THINKING THAT, WELL, MAYBE IT'S NOT A GOOD IDEA AT OPEN THAT UP PUBLIC, JUST IN THE SENSE THEY WANT TO KEEP A LITTLE BIT MORE SECURED AREA, UM, OVER THERE.
SO WE, WE KEEP THAT LONG ON CERTAINLY GIVE THE AM AMBIGUITY WHAT THEY'RE GONNA DO WITH CERTAINLY GIVEN THE AMBIGUITY OF WHAT THEY'RE GONNA DO WITH THEIR FOUR ACRES, YOU PROBABLY DON'T WANT JUST, I SAY, YOU KNOW, WHAT'S IT TIL R SEVEN, THAT FIVE EIGHT, DOESN'T IT? THAT, THAT'S JUST NOT, NOT MY PREFERENCE, BUT, UH, IT LOOKS LIKE ALL OF IT'S RESIDENTIAL DOWN THAT WHOLE, IT'S, AND IN MY UNDER, THERE'S A TRACK HOLD A COUPLE OF, UH, TRACKS, BUS TWO, TWO TRACKS, ONE BUS, WHICH JUST WENT THROUGH A REZONE, RIGHT? THEY'RE SWITCHING ALL OVER TO MULTIFAMILY, UM, AS WELL.
NOW, ONE OF THE THINGS THAT DID COME OUT OF THE CONVERSATION THAT I HAD WITH, UM, UM, AND THE REASON I THINK IT'S GOOD, UM, HAD A CONVERSATION WITH THE COUNCIL MEMBER AND, AND SHE WAS SAYING, OKAY, WE'RE GONNA HAVE A PD UP HERE.
SO SHE'S GONNA HAVE A LITTLE BIT MORE CONTROL OF THE SITUATION, BUT IT WOULD BE LIKE PD WOULD, WOULD, UH, HAVE A, UH, THAT'D
[01:20:01]
BE, NOT CONTROLLING PD, BUT SORT OF THE START.AND WE WOULD ADD OUR AMENDMENTS ON TO BE CONSISTENT WITH WHAT'S GOING UP AND DOWN.
SO WE WOULD HAVE A CONSISTENCY FACTOR GOING UP AND DOWN UNIVERSITY HILLS, WHICH I CAN SEE THAT, AND I CERTAINLY UNDERSTAND THAT WE WANT TO HAVE IT WALKABLE.
WE WANNA HAVE WELL LIT AT NIGHT.
UM, SO IT'S A, IT'S A, IT'S A NEIGHBORHOOD THAT WE CREATE.
I DON'T KNOW IF TRANSPORTATION'S PART THE DISCUSSION, BUT IS THERE A PLAN FOR A TRAFFIC SIGNAL OR, YOU KNOW, WE HAVE, WE HAD A TRAFFIC STUDY DONE, AND THERE'S, THERE'S NOT A NEED THAT ONE AT THIS POINT IN TIME, ALTHOUGH I THINK LONG WE GET IT WITH YOU DON'T THINK THERE IS.
OUR TRACK RIGHT NOW IS ALONG THE, UH, SOUTH RIGHT HERE, BUT THERE'S NOT A, THERE'S NOT A, UH, LIGHT THAT'S WIRE.
UH, JACK, WHEN ZONING MAKE THE HEARING SCHEDULED, UM, IT IS, LET'S SEE, I HAVE TO LOOK BECAUSE WE, WE SUBMITTED ON, I BELIEVE SEPTEMBER 20TH.
UH, SO IT'S BEING REVIEWED AT THIS POINT IN TIME.
AND WE DO HAVE, AND, AND, UH, WHICH KIND OF REMINDS ME WE HAVE A COMMUNITY MEETING.
UM, I'VE REACHED OR, UH, BEEN IN CONTACT WITH GREGORY ACADEMY.
HE'S HELPED ME SET UP MY MEETING.
WE HAVE MEETING, SO
ANY OTHER QUESTIONS, CONCERNS, COMMENTS ONLINE? NO.
DO I HEAR A MOTION? ALL MOTION? OKAY.
VICE PRESIDENT SEAN ALLEN, A DIRECTOR.
JACK MARSHALL, SEAT APPROVED DIRECTOR KEVIN HINTON, ABSTAIN.
PRESIDENT DAVID ELLI, PROOF DIRECTOR OLIVER ROBINSON.
DESPITE THE ABSTAINS AND ABSENCE, WE HAVE VOTE.
SO CONGRATULATIONS AND GOOD LUCK.
I MEAN, THE RATIO PIECE IN DISTANCE, WHAT, 30 40? YEAH.
YOU KNOW, IT'S STUFF BECAUSE THEN THEY GOTTA GO TO THE LOTTERY.
DOESN'T, ALL RIGHT, LET'S GO ON TO ITEM NINE.
YOU IN DISCUSSION OF THE GATEWAY ATTORNEY FORCE MULTIFAMILY RESIDENTIAL DEVELOPMENT TO BE LOCATED AT 2200 DOWDY PERRY ROAD IN DALLAS, TEXAS.
DALLAS COUNTY, TEXAS 7 5 2 1 7.
UH, I ASSUME WE'RE JUST GETTING JAKE UP HERE, RIGHT? YES, SIR.
UH, SO I'VE GOT THE PRESENTATION.
I THINK, I DON'T KNOW IF AARON WANTS TO GIVE A BRIEFING.
I KNOW MOST OF YOU GUYS WERE HERE, BUT THIS IS THE GATEWAY ATTORNEY FOREST PROJECT AND THAT REPRESENT YOU GUYS BACK IN JULY.
SO I THINK AT THE TIME THERE WAS SOME CONCERNS ABOUT, UH, KIND OF SOME OF THE PERCEIVED ILLEGAL DUMPING ACTIVITIES THAT WERE GOING ON THE PROPERTY TO THE NORTH OF US.
SO, UM, THE WAY THE DUST KIND OF S SETTLED ON ALL THAT IS THAT THERE WAS ULTIMATELY KIND OF A CLAUSE PUT INTO THE, TO THE MOU THAT STIPULATED I OR LDG WOULD COME BACK AND KIND OF GIVE A BRIEFING ON THAT.
SO, UM, WE CAN DO THIS ONE OR TWO WAYS BECAUSE I CAN JUST JUMP INTO THE BRIEFING ANSWER QUESTIONS.
I CAN GIVE YOU THE PRESENTATION JUST TO KINDA REFAMILIARIZE
[01:25:01]
REFAMILIARIZE AGAIN WITH THE DEAL, IF THAT'S HELPFUL.UM, JUST WHATEVER YOU, YEAH, WHY DON'T YOU JUST GIVE US THE UPDATE.
WE JUST THOUGHT, I KNOW YOU GUYS FOR AN HOUR AND A HALF, SO GET TO THE MEAT OF IT, PLEASE.
SO LONG STORY SHORT, CONCERNS ABOUT ILLEGAL DUMPING.
UM, SO, UH, KINDA WENT BACK THROUGH SOME OF THE HISTORY OF THE SITE.
AND SO FOR THOSE OF YOU GUYS THAT DON'T KNOW, IT WAS PREVIOUSLY LIKE A CONCRETE MIXING FACILITY.
SO THEY WOULD MIX UP CONCRETE, HAUL IT OFF THE JOB SITES.
AND SO, UM, SEVERAL YEARS BACK THEY WENT OUT OF BUSINESS.
THEY FOUND SOME FINANCIAL HARD TIMES.
IT'S MORE OR LESS WENT BANKRUPT, PROPERTY TRADED HANDS.
AND SO AS A RESULT, I WAS KIND OF INVITED TO VACANT PROPERTY FOR SOME ILLEGAL DUMPING ACTIVITIES TO TAKE PLACE.
AND, UH, YOU KNOW, PREVIOUSLY THERE WAS NO KIND OF SECURITY OF ANY KIND ON THE PROPERTY.
THEY'VE PUT UP A PRETTY, PRETTY HEFTY GATE AT THIS POINT.
UM, AND THEN THEY'VE ADDED SOME SECURITY CAMERAS.
I, I'VE VISITED A SITE PROBABLY HAVE A DOZEN TIMES SINCE OUR MEETING IN JULY, INCLUDING AS RECENTLY AS FIRST THING THIS MORNING.
UM, IT, IT IS PRETTY OBVIOUS TO THE NAKED EYE THAT THERE'S NOT BEEN ANY KIND OF ADDITIONAL ACTIVITY THAT STATE PULSE ON SITE.
SO, UM, YOU KNOW, IF YOU DRIVE BY IT, YOU'RE GONNA SEE SOME TRASH OR SOME JUNK ON THE SITE.
AND JUST FROM SOME, FROM PREVIOUS DUMPING AND OTHER ACTIVITIES THAT WERE SITE SECURE, IS IT LIKE FENCED OFF? IT'S FENCED OFF.
THERE'S A GATE THAT'S GOT LIKE A METAL GATE WITH, UM, WHAT I'LL CALL LIKE CORRUGATED METAL ACROSS THE FRONT OF IT.
SO YOU CAN'T EVEN, SO IF YOU'RE COMING UP FROM I 28 TO YOUR SITE AND THEIR SIDE'S RIGHT ON.
IMMEDIATELY NORTH WE SHARE A PROPERTY LINE WITH IT.
SO THE FENCE, OR IT'S JUST THE FRONT GATE OR THE, THERE, THERE'S A GATE AND DEFENSE GATE.
SO THERE'S A DRIVEWAY, A CURB CUT THAT YOU WOULD DRIVE.
LIKE IF YOU TURN RIGHT ON DOWTY FER, YOU PULL THAT UP, YOU CAN PULL THE CAR IN THERE, THE TRUCK IN THERE, AND THEN YOU'LL BE AT THE, THE METAL GATE AND THERE'S A FENCE DOWN EACH, LIKE SURROUNDING PROPERTY LINE.
UH, AND THEN THERE'S SIGNS OBVIOUSLY FOR NO TRESPASSING OR SIGNS, NOT ANYBODY.
SO, UH, BUT PART OF SECURITY AND CAMERAS AND ALL THAT GOOD STUFF, YES.
SO MATERIALS THAT CONCERN ABOUT THE DUMPING IS, OR CONCRETE IS, UH, LIKE WHAT IS WHAT, WHAT'S THE I DON'T, I DON'T KNOW.
NEARLY, I'M NOT SURE WHAT THE CONCERN IS WAY, THE WAY THAT I UNDERSTOOD IT WAS THAT THERE WAS CONCERNS ABOUT WHAT THE ILLEGAL DUMPING WAS, WHAT WE WERE GONNA DO TO STOP IT, YOU KNOW, WAS THERE POTENTIAL FOR CONTAMINATION ON OUR SIDE? THIS IS WHAT I PERCEIVED THE CONCERN.
BUT WE DID, WE DID ENGAGE WITH PHASE ONE LENDER.
WE DID ENGAGE WITH PHASE LENDER.
THE PROPOSAL LENDERS LOOKED AT IT, CORRECT? CORRECT.
SO NO, NO CONCERNS ABOUT ENVIRONMENTAL CON CONTAMINATION, NO CONCERNS ABOUT, YOU KNOW, ANY KIND OF NEFARIOUS ACTIVITY OF ANY KIND AT THIS POINT, QUITE FRANKLY.
AND I, I THINK TOO, THE OTHER THING, YOU KNOW, IT'S LIKE ONCE WE GET OUT THERE IN A REALLY TURN DIRT AND START CONSTRUCTION AND WE REALLY KINDA START PEELING BACK THE LAYERS OF OUR SIDE AS FAR AS THE VEGETATION GO, AND IT JUST GIVES EVEN LESS OF AN OPPORTUNITY FOR PEOPLE TO HIDE OUT THERE.
SO I'M NOT SAYING THAT'S A CURE ALL FOR IT BY ANY STRETCH OF THE IMAGINATION, BUT I DO THINK, YOU KNOW, THINKING LIKE A CRIMINAL, YOU KNOW, IF I, IF THERE'S NO WAY FOR ME TO HIDE OUT THERE AND PEOPLE ARE RIPPING UP DIRT AND, YOU KNOW, LOOKING OVER MY SHOULDER, YOU KNOW, IT'S REALLY PROBABLY NOT THE SMARTEST QUESTION DOING THAT KIND STUFF, WHETHER IT'S DUMPING OR WHATEVER ELSE, JUST, JUST MY 2 CENTS I THINK.
IN IN, IN ADDITION TO THAT, THINK SOME CONCERN WAS, IT'S JUST THE NO ASSOCIATED IS IF YOU'VE SEEN THE SITE, IT'S QUESTIONABLE.
AND OF COURSE WE'RE GOING TO BUILD THE DEVELOP, I THINK WE'RE GONNA PUT OUR RESIDENCE AND IT'S STILL QUESTION, HAVE YOU SPOKEN TO THE OWNERS OF SET SITE? I HAVE NOT, NO.
CERTAINLY NOT FOR A LACK OF EFFORT.
SO I, LORI, I MEAN, HAVE YOU TALKED TO LORI BLAIR ABOUT I HAVE, YEAH, IT'S PROBABLY BEEN A FEW MONTHS NOW, BUT IT WAS ONE OF THOSE THINGS, AND THIS IS KIND OF PIECING TOGETHER FROM MY CONVERSATIONS WITH HER AND GOING BACK THROUGH PROPERTY RECORDS WHERE, YOU KNOW, THEY WENT OUT THE TOP CAP READY MIX, I BELIEVE IS THE NAME OF IT.
THEY WENT OUTTA BUSINESS THREE OR FOUR YEARS AGO AND THEN, YOU KNOW, I THINK THE BANK TOOK OVER IT, THEY SOLD IT TO SOMEBODY ELSE, THAT PERSON BOUGHT IT, THEY FLIPPED IT TO SOMEBODY ELSE AND IT CHANGED THE OWNERSHIP THROUGH THREE TIMES.
AND SO, YOU KNOW, IT'S, IT'S HARD.
I MEAN, YOU COULD CERTAIN PROPERTY RECORDS OBVIOUSLY AND FIGURE OUT WHO OWNS IT PRETTY QUICK, BUT AS FAR AS PIN THEM DOWN, CONTRACT INFORMATION, WELL, I, I THINK YOU MENTIONED THAT LORI HAD SOME PLANS FOR THE AREA, RIGHT? I MEAN, OUR OTHER CONCERN BEYOND JUST THE FACT THAT THERE'S AN INDUSTRIAL SITE DIRECTLY TO THE NORTH, WHICH YOU CAN BUILD THAT RIGHT MULTIFAMILY ON ANY INDUSTRIAL SITE NOW, BUT, UM, IT IS JUST, WE DON'T WANT AN APARTMENT SITTING NEXT TO A SITE THAT'S JUST GONNA BE ABANDONED LONG TERM BECAUSE NOW YOU'VE GOT A HUNDRED, 200 LOW INCOME PEOPLE OR MEDIUM INCOME PEOPLE NEXT TO AN INDUSTRIAL SITE.
WELL, IF THE CONCERN IS SPECIFICALLY ABOUT ZONING, I DON'T KNOW THAT THERE'S ANYTHING I CAN DO.
WHILE THAT CONCERN TODAY, I MEAN, I, I CAN TELL YOU THAT,
[01:30:01]
YOU KNOW, THE SITE WAS ZONED R SEVEN FIVE OR FRANKLY ANYTHING OTHER THAN INDUSTRIAL.I, I FEEL CONFIDENT SPEAKING FOR NOW, COUNCIL MEMBER BLAIR, THAT SHE WOULDN'T APPROVE ANY OTHER INDUSTRIAL.
SO, AND, AND A GREAT EXAMPLE IS THIS SITE, YOU KNOW, IT WAS ORIGINALLY ZONED R SEVEN FIVE AND THE PROPERTY OWNERS TOOK THROUGH ZONING CHANGE 'CAUSE THEY HAD PEOPLE BANGING ON THE DOOR, UH, TRYING TO BUY IT AS AN INDUSTRIAL SITE THAT WOULDN'T ZONE INDUSTRIAL AND, AND SAID, COUNCILOR BLAIR JUST WOULDN'T APPROVE THAT.
NOW I RECOGNIZE THAT THAT SITE ABOVE US IS ZONED FOR INDUSTRIAL.
SO, YOU KNOW, THEORETICALLY IF SOMEBODY WANTED TO COME IN AND DEVELOP INDUSTRIAL, THEY HAVE EVERY RIGHT BY SOMEONE TO DO THAT.
I, I WILL TELL YOU THAT JUST BASED ON THE SIZE OF THE SIDE AND THE LOCATION, I DON'T, I DON'T KNOW HOW FEASIBLE THAT IS AND THAT ANYTHING'S POSSIBLE.
BUT, UM, I THINK IT'S UNLIKELY THAT A SIDE OF THAT SIZE IS JUST ALL OF A SUDDEN GONNA SPRING UP AN INDUSTRIAL DEVELOPMENT AT ANY POINT.
WELL, I MEAN, I THINK OUR OTHER CONCERN, AND BRAD, I DON'T SPEAK TO THE ENTIRE GROUP, IS THAT THERE'S JUST A WHOLE LOT OF NOTHING GOING RIGHT DOWN.
I MEAN, YOU'VE BEEN THERE, RIGHT? YEAH.
SO, YOU KNOW, FOR US TO MAKE THIS INVESTMENT, WE WANNA KNOW THAT THERE'S GONNA BE SOMETHING THERE.
WELL, I CAN'T, I MEAN, I CAN'T NO, AND YOU, YOU CAN'T GIVE US THAT.
BUT, BUT IF YOU'VE HAD THOSE DISCUSSIONS AND YOU KNOW THAT, WELL, HERE'S WHAT I WILL TELL YOU IS THAT I, I THINK THAT COMMISSIONER BLAIR NO LONGER COMMISSIONER BLAIR, COUNCIL MEMBER BLAIR, I THINK SHE SEES THAT WHOLE DOWNEY FERRY CORRIDOR OR NORTH AND SOUTH OF 20 AS KIND OF A, ONE OF THE NEXT OPPORTUNITIES FOR DEVELOPMENT.
AND SO, YOU KNOW, SHE IS CERTAINLY NOT GONNA BE ONE OUT OF HER WAY TO REZONE PROPERTY TO INDUSTRIAL OR ANYTHING LIKE THAT.
I MEAN, I, I'VE KNOWN COUNCIL MEMBER BLAIR SINCE 2019, AND HER BIGGEST THING IS HOUSING.
SO, YOU KNOW, FOR THOSE PROPERTIES, THAT KIND OF FRONT DOWTY FERRY, NO, EVEN FURTHER NORTH OF US THAT ARE, YOU KNOW, ALL OUR DISTRICTS, OUR 10 R SEVEN FIVE, R FIVE, WHATEVER IT MAY BE, AND SHE'S NOT GONNA, SHE'S NOT GONNA GO OUT A FIRM WAY AND OWN THAT STUFF TO BE INDUSTRIAL.
SHE, I, I THINK SHE REALLY TRULY SEES THAT AS A HOUSE.
NOW IF, CAN SHE JUST WAVE A WAND AND CHANGE THE ZONING FOR THE PROPERTY MORE FOR US FOR AN INDUSTRIAL
I FEEL REALLY CONFIDENT SAYING SHE'D BE GOING OUT OF HER WAY TO CHAMPION THAT.
WHERE ARE WE? THE CITY COUNCIL? I THINK GONE BEFORE YET.
YEAH, IT, IT WINS THE CITY COUNCIL BACK Q1 OF THIS YEAR.
IT WAS EITHER MARCH OR APRIL OR FEBRUARY OR MARCH.
UH, SITE WAS ALREADY ZONED, MAKES USE, UM, SO ALLOWS FOR MULTIFAMILY BY RIGHT.
UM, SO THERE'S NO ZONING CHANGE, BUT THE RESOLUTION OF NO OBJECTION HAS ALREADY BEEN APPROVED.
UH, AND THEN WE'RE, YOU KNOW, HOPEFULLY MARCHING DOWN THE PATH OF CLOSING.
BUT THAT'S WHAT YOUR DEADLINE BELOW, UH, FEBRUARY 11TH, FEBRUARY 10TH, I BELIEVE IS WHEN THE BOND RESERVATION EXPIRES.
UH, YEAH, I MEAN WE, WE'VE TAKEN A CERTAIN AMOUNT OF LEGAL FAITH HERE AS FAR AS, YOU KNOW, MOVING FORWARD WITH IT.
BUT, UM, YOU KNOW, WE'RE, WE'RE PROJECTING ANTICIPATING TO BE IN A POSITION TO CLOSE MID SUB, SO AVIATION IN TERMS OF THAT INDUSTRIAL PROPERTY.
AM I RIGHT THAT IF SOMEONE DID COME IN AND WANTED TO DO SOMETHING LIKE CONCRETE CRUSHING OR, UH, THE OTHER, UH, BATCHING, UH, THEY WOULD HAVE TO GET A SPECIAL USE PERMIT? THAT'S EXACTLY RIGHT.
SO IT MIGHT NOT BE REDEVELOPED, BUT IT WON'T BE.
AND EVEN IF THEY GOT THAT PERMIT, WHICH I WOULD SAY IS PROBABLY UNLIKELY, SHE GRANT AND I, AND TO BE CLEAR, I'M NOT SPEAKING, I'M JUST, I KNOW IT PRETTY WELL, REALLY WELL, BUT THIS IS, DON'T TAKE THIS AS GOSPEL, BUT YEAH, I MEAN, AND EVEN IF THEY GOT THE SPECIAL USE PERMIT, THERE'S NO GUARANTEE THAT IT WOULD GIVE RENEW.
THERE'S NO GUARANTEE ON, OR I DON'T THINK THERE'S ANY GUARANTEE ON WHAT THE DURATION OF AN SUV, UM, I'M NOT EXACTLY SURE WHAT THIRD, SO REVIEW AND DISCUSSION.
RACHEL, HOW IS THIS RESOLUTION, BUT TOGETHER, DO I NEED TO APPROVE IT OR IT WAS JUST A DISCUSSION.
THE MOU WAS CONDITIONALLY APPROVED.
UM, SO THE MOU HAS BUILT IN THE ABILITY, UM, FOR THE BOARD TO TERMINATE IT IF THEY'RE NOT SATISFIED.
BUT I THINK, AS JAKE MENTIONED, UH, IT'S CURRENTLY TRACKING FOR DECEMBER CLOSING.
SO I THINK THE INTENTION IS TO COME BACK FOR FINAL APPROVAL IN NOVEMBER, UH, WITH THE DOCUMENTS.
SO NO APPROVAL NEEDED, BUT THE MOU WAS CONDITIONAL
HE HAD TO DO THIS PRESENTATION.
SO, I MEAN, DOES ANYONE HAVE ANY SUMMARY THOUGHTS THAT THEY WANNA SAY? I, I THINK I'M PERFECTLY NOT SAYING.
I THINK LEG HAS BEEN A GREAT PARTNER AND, UM, WE ARE
[01:35:01]
EXCITED TO CONTINUE TO PARTNER WITH YOU, I THINK SITE AND EVEN SINCE JULY, THERE'S STILL SO MUCH AMBIGUITY UNKNOWN, IT'S JUST NOT AN IDEAL SITE.I DON'T, IT'S IN THE BEST INTEREST OF THE CITY OF DALLAS TO PUT, I DON'T THINK WE SHOULD.
IT'S PROBABLY NOT WHAT YOU WANT TO HEAR HAPPEN.
SO I GUESS, YOU KNOW, YOU KNOW, I, I THINK THE OTHER THING TOO IS, I MEAN, IF WE'RE GONNA, WE'RE GONNA COME BACK FOR FINAL APPROVAL THEORETICALLY NEXT MONTH.
THAT'S THE WAY THE TIMING OF STEEL WORKS TO THE VARIOUS FOUR MEETINGS.
I DON'T, I CAN'T IN GOOD FAITH KEEP DEAL MOVING FORWARD, UH, AND, AND TAKE THE RISK AT THIS POINT.
I MEAN, IT'S ALREADY A HECK RISK FOR US TO TAKE.
AND I, I RECOGNIZE THAT'S MY MADE IT, THAT'S FINE.
BUT I MEAN, I CAN'T, I CANNOT IN GOOD FAITH THAT, YOU KNOW, RACHEL AND THE CHAPMAN TEAM AND LENDER AND INVESTOR AND THEIR COUNCIL TO KEEP THE BALL MOVING, YOU KNOW, DOWN THE FIELD I'M, AND THEN COME BACK INTO NOVEMBER.
SO I THINK THERE HOW YOU WANT EVERYONE NEEDS SORT OF SAY AT A PIECE, KIND OF WHERE THEY'RE AT, UH, VERY APPRECIATIVE OF THAT.
AND I, I UNDERSTAND FULLY, UM, LOOK, WE'VE LOOKED AT THIS SITE QUITE A FEW TIMES IT SINCE, YOU KNOW, IT'S BEEN APPROVED, UM, THE SITE ITSELF HAS A STANDALONE, IT HAS COME UP A RE GREATER CONCERN WHEN IT COMES TO THESE SITUATIONS, THE ENVIRONMENT, YOU KNOW, IS THERE CONTAMINATION, IS THERE ISSUES WHEN IT COMES TO BEING NEAR AN INDUSTRIAL SITE? WE DO A LOT TECH DEVELOPMENTS.
WE DO 'EM IN SOUTH DALLAS, A LOT SOUTH DALLAS OR SOUTHERN SECTOR.
THERE'S GONNA BE IMPERFECT SITES.
UM, THIS TYPE OF STUFF IS GONNA HAPPEN.
AND I JUST DON'T THINK, FOR ME, IT'S A REASON TO PASS ON THESE TYPE OF DEALS.
IT'S JUST NEVER GONNA BE PERFECT.
UM, USUALLY WE LIKE TO SEE THIS, MAKE THESE DISCOVERIES EARLIER, BUT I THINK WE'VE BEEN DOWN THE PATHWAY, BEEN THROUGH COUNCIL, IT'S BEEN THROUGH OUR BOARD A FEW TIMES, WE MOVE FORWARD.
I MEAN, IT WOULD BE NICE, UH, WHETHER DIRECTOR HEAD, UH, HAS INSIGHT INTO COUNSEL'S VISION FOR EVERYTHING AND BE THAT WE'RE NOT JUST OUR SPAGHETTI ON THE WALL FITTING INTO A BIGGER PLAN.
BUT I MEAN, WHILE THAT INDUSTRIAL AREA MIGHT NOT BE ATTRACTIVE AT THE MOMENT, I KNOW HOW DIFFICULT IT IS.
I MEAN, NORTHWEST DALLAS, I, I WOULD LOVE ANYONE TO HAVE ANY INTEREST IN BUILDING TO TRY AND CONNECT ALL THOSE DOTS.
AND I THINK THEY'LL BE THE DOT CONNECTOR AND, YOU KNOW, THE LG G WILLING TO KEEP PUSHING FORWARD ING THESE NEIGHBORHOODS THAT ALREADY DO EXIST, AND CONNECTING THOSE GREEN SPACES, THAT LITTLE BLEND, I THINK IS SOMETHING THAT I, WE SHOULD MOVE TOWARD.
I I SHARE MANY OF VICE PT ALLEN'S CONCERN, BUT I'M NOT NECESSARILY, I KNOW I'M NOT, GIVE US THE HAMMER TO VOTE.
LIKE, YOU KNOW, YOU SAID YOU SPOKE TO LORI A FEW MONTHS AGO, I NEED TO KNOW WHEN YOU COME IN NOVEMBER, DECEMBER THAT YOU SPOKE TO LORI AND YOU'VE GOT THIS THING BUTTONED UP.
BUT YES, YOU HAVE YOUR RESPONSIBILITY TO THIS DEVELOPMENT, THIS DEVELOPMENT ALONE, BUT FOR US, WE HAVE A GREATER RESPONSIBILITY.
AND SO YOU CAN DO THAT JOB FOR US THEN I, THEN I'LL VOTE.
SO I GUESS THEN WHAT, WHAT SPECIFICALLY I NEED TO KNOW THAT LORI HAS HER EYEBALLS ON NOT JUST THIS SITE, THIS NEIGHBORHOOD, THAT THERE'S A PLAN FOR SOME SORT OF SINGLE FAMILY HOUSING OR SOME SORT OF AMENITIES OR SOMETHING, RIGHT? BECAUSE WE'RE LOOKING AT A CORRIDOR UP AND DOWN NORTH AND SOUTH OF 20, THAT IS PRETTY BARRANT.
I MEAN, YOU'RE DIRECTLY TO THE EAST OF THE, THE LANDFILL.
UM, AND, YOU KNOW, WHERE'S THE PUBLIC TRANSPORTATION? WHERE'S THE SCHOOLS? I MEAN, SOME OF THAT IS IN THE PRESENTATION, BUT JUST COME TO US WITH A VERY COMPELLING THAT YOU'VE DONE THE WORK THAT, YOU KNOW, YOU DO GREAT DEVELOPMENTS, YOU'VE BEEN A PARTNER.
LIKE WE DON'T HAVE A REASON TO SAY NO, BUT GIVE US A REASON TO SAY YES.
SIR, SIR, TELL ME YOUR NAME AGAIN.
WHAT'S YOUR NAME AGAIN? SLDG DEVELOPMENT.
UM, AND YOU SAY YOU SPOKE WITH, UH, COUNCIL MEMBER BLAIR? YES, SIR.
SO CAN YOU TELL US EXACTLY LIKE WHAT THE CONVERSATION, LIKE, I DON'T, I'M NOT SAYING YOU HAVE TO GIVE US VERBATIM, BUT KIND OF GIVE ME A GENERAL FEEL OF WHAT SHE LIKE HER, HER, HER ENERGY TOWARDS THIS PROJECT.
EXACTLY WHAT DID YOU ALL LIKE HER WORDS TOWARDS YOU ABOUT THE PROJECT? YEAH.
[01:40:01]
SO I, I THINK TOO, JUST TO KINDA GIVE SOME MORE BACKGROUND ON THIS SIDE, LIKE I MENTIONED EARLIER, YOU KNOW, IT WAS ORIGINALLY ZONED, UH, SINGLE FAMILY.AND SO, UH, WHEN COMMISSION COUNCIL MEMBER BLAIR WAS ON THE CITY PLAN COMMISSION, AND SHE WAS FORMERLY COMMISSIONER BLAIR, UM, THE PROPERTY OWNER TOOK IT THROUGH A ZONING CHANGE, UH, THAT LORI WAS OBVIOUSLY VERY, VERY MUCH INVOLVED IN.
AND, UH, ULTIMATELY SHE WAS THE ONE I THINK THAT REALLY KINDA CHAMPIONED IT, UH, ON BEHALF OF COUNCIL ATKINS OR MAYOR PROTON ATKINS AT THE TIME THAT MM-HMM
IS NOT SOMETHING THAT MADE SENSE FOR IT TO BE AN INDUSTRIAL SONY AND NOT SOMETHING SHE COULD SUPPORT.
AND AS A RESULT, NOT SOMETHING COUNCILMAN ATKINS.
SO WHERE THEY ULTIMATELY LANDED WAS ON A COMPROMISE OF AUSE DISTRICT FOR THIS ENTIRE SITE.
UM, THE ENTIRE SITE'S PROBABLY 50 OR 60 ACRES IN TOTAL.
UH, AND THEY ULTIMATELY APPROVED AT CITY PLAN COMMISSION.
AND THEN AT CITY COUNCIL IS ZONING CHANGE FOR THE ENTIRE SITE INTO
SO, UM, IT WAS ABOUT THAT TIME THAT I HAD GOTTEN INVOLVED WITH THE SITE.
UH, I, I KNEW THE PROPERTY OWNER FROM SOME PREVIOUS, UM, DEALS THAT WE HAD WORKED ON, AND THEN ALSO THE BROKER FOR SOME PREVIOUS DEALS THAT WE HAD WORKED ON.
UM, AND SO I'VE MET WITH THE COUNCILMAN ATKINS AND THEN ALSO, UM, AT THE TIME COMMISSIONER BLAIR, JUST TO KINDA GET SOME MORE BACKGROUND ON THE STORY AND BETTER UNDERSTAND THE ZONING CHANGE PROCESS.
AND SO, UH, I MET WITH HER BOTH AS A CITY PLAN COMMISSIONER WHEN IT WAS ON THE OTHER SIDE OF THE ZONING CHANGE PROCESS.
AND THEN A AFTERWARDS, ONCE SHE WAS ELECTED THE CITY COUNCIL AS A COUNCIL MEMBER, UH, OKAY.
BOTH OF THOSE MEETINGS IN PARTICULAR, SHE WAS VERY SUPPORTIVE OF WHAT WE WERE PLANNING TO DO.
UM, SHE RECOGNIZED THE LEGWORK THAT HAD ALREADY BEEN DONE, THAT PROCEEDED ME.
AND THEN ALSO THE LEGWORK THAT WE HAD DONE ON THE LDG SIDE AS FAR AS, UM, COMING TO THE BOARD, DHSC BOARD FOR APPROVAL, TOUC RESOLUTION, GOING TO CITY COUNCIL FOR APPROVAL OF THE RESOLUTION OF THAT OBJECTION.
AND SO, YOU KNOW, I, ONE OF THE VERY FIRST, OR THE FIRST, UH, MULTI-FAMILY DEAL THAT I WORKED ON AT THE CITY OF DALLAS WAS THE VERY FIRST ZONING CHANGE THAT COMMISSION THEN COMMISSIONER BLAIR HAD WORKED ON WHEN SHE WAS ON CITY PLANNING COMMISSION BACK IN FORTH.
SO I'VE KNOWN HER FOR SIX YEARS.
I'VE KNOWN HER WHEN SHE REALLY JUST STARTED GETTING INTO POLITICS.
UM, YOU KNOW, I THINK I, SHE WOULD PROBABLY AGREE.
I KNOW HER AS WELL AS SHE KNOWS ME.
WE JUST HAVE A REALLY GOOD WORKING RELATIONSHIP.
UM, AND SO SHE'S VERY FAMILIAR WITH ME AND VERY FAMILIAR WITH OUR WORK AND WHAT WE DO.
UM, AND SO FROM THE JUMP, SHE WAS INCREDIBLY SUPPORT.
UH, AND SO THAT, I DON'T KNOW IF THAT ANSWERS YOUR QUESTION OR NOT, AND IF IT DOES, SO PLEASE LET ME KNOW, BUT HOPEFULLY THAT AT LEAST PROVIDES SOME MORE BACKGROUND, UH, AND THEN ALSO A LITTLE BIT MORE DETAIL IN THE CONVERSATIONS THAT I HAVE.
SO LET, SO LET ME ASK YOU THIS.
SO IN YOUR CONVERSATION, LIKE I MENTIONED EARLIER TO ANOTHER GENTLEMAN, UH, WHEN I SPOKE WITH COUNCIL MEMBER BLAIR A FEW WEEKS AGO, ONE OF HER BIGGEST PROPONENTS FOR DISTRICT EIGHT IS SHE WANTS TO SEE MORE HOME OWNERSHIP.
UM, AND SO IN YOUR CONVERSATION WITH HER, I'M ASSUMING SHE HAD A, UM, YOU TALKED ABOUT HOME OWNERSHIP IN THIS PARTICULAR AREA, LIKE THIS COULD LEAD TO HOME OWNERSHIP OR DEVELOPMENT, OR SOME PURPOSE OF THAT MATTER.
WELL, JUST TO MAKE SURE I UNDERSTAND YOUR QUESTION CORRECTLY, I'M UNDERSTANDING WHAT YOU'RE SAYING.
I MEAN, THERE, THERE WAS CONVERSATIONS ABOUT HOME OWNERSHIP.
YES, BUT NOT SPECIFICALLY AT OUR, YOU KNOW, OURS IS OKAY, IS A POOR RENTAL.
NOW, I WILL TELL YOU THAT, YOU KNOW, PART OF THAT CONVERSATION SURROUNDING HOME HOME OWNERSHIP WITH HER, NOT NECESSARILY JUST SPECIFIC TO THIS AREA, BUT DISTRICT EIGHT AND THE CITY OF DALLAS AS A WHOLE IS OUR, I MEAN, OUR HOUSING, IT IS INTENDED TO ALMOST ACT AS A FORM OF TRANSITIONAL HOUSING.
WHEN PEOPLE GET THE OPPORTUNITY TO LEASE ON UNITS, YOU KNOW, THE GOAL IS TRULY FOR THEM AND FOR US TO GET THEM IN A POSITION WHERE, YOU KNOW, THEY HAVE A QUALITY PLACE TO LIVE OR ABLE TO SAVE ENOUGH MONEY AND ULTIMATELY TRANSITION INTO THE PHASE OF THEIR LIFE AND INVOLVES HOME OWNERSHIP.
SO WHILE WE'RE NOT ACT, WE'RE NOT ACTUALLY OFFERING UNITS THAT ARE FOR SALE OR SINGLE FAMILY UNITS THAT ARE AVAILABLE FOR PURCHASE.
UM, YOU KNOW, WE'RE TRYING TO PLAY OUR ROLE AND JUST KIND OF BE A BRIDGE AND A STEP IN THAT DIRECTION.
SHE'S, SHE'S VERY WELL AWARE OF THAT, CERTAINLY ON, OKAY.
UM, FOR ME, I WOULD JUST SAY, UH, SOMEBODY'S GOTTA BE THE FIRST, UM, TALK ABOUT, UH, I KNOW THE PHRASE, IF YOU FEEL THEY'LL COME, SOMEBODY'S GOTTA BE THE ANCHOR TO GO OUT FOR THE FIRST TO START BUILDING, AND IT MAYBE THAT'S WHEN ALL THE OTHER PIECES WILL COME TOGETHER AND, BUT EVERYBODY PLAYS THEIR OWN PART.
SO THE, THE DEVELOPER THAT'S BUILDING AFFORDABLE HOUSING THAT'S IN THEIR RENT.
SO HOPEFULLY THE OTHER PIECES WILL COME TOGETHER, BUT SOMEBODY'S GOTTA STOP STUFF, YOU KNOW? AND FOR WHATEVER IT'S WORTH TOO, I MEAN, I, WE WOULDN'T EVEN BE, I WOULDN'T
[01:45:01]
EVEN STAND UP HERE.I WOULDN'T EVEN GONE FOR LEG WORK TO GET TO THIS POINT.
LIKE, IF IT WAS SOMETHING THAT I WAS EVEN REMOTELY CONCERNED WITH ABOUT THE POSSIBILITY OF, YOU KNOW, SOME TYPE OF USE COMING IN NEXT DOOR, THREATENING OUR ABILITY TO LEASE UNITS OR CONSTRUCT THE PROJECT, I WOULDN'T HAVE, WE WOULDN'T HAVE PUT ALL THIS TIME OUT FOR OUR MONEY.
AND I RECOGNIZE LIKE THAT'S, WE'RE ON ONE SIDE OF IT, AND YOU GUYS HAVE YOUR OWN SET OF RISK TOO, WITH IT.
THAT'S NOT LOST ON ME, BUT, UH, I JUST, I FEEL LIKE IT'S WORTH MENTIONING, LIKE WE'RE, I, I'M NOT PERSONALLY GONNA LET SOMETHING GET TO THE STAGE THAT IS GONNA FIT.
I MEAN, IT'S A BIT OF AN ODD TIME ON S**T I PROBABLY SHOT BROUGHT THROUGH BECAUSE THERE'S NO REAL NEED FOR VOTE.
BUT JAKE DOES NEED
SO WE REALLY NEED TO GIVE SOME INDICATION, LIKE IF WE MOVE FORWARD THAT THERE'S A YES VOTE.
IF WE'VE KIND OF PULLED IT TOGETHER, I DON'T KNOW WHAT KIND OF BOAT THAT REALLY MEANS.
I MEAN, DO WE DO A STRAW POLL? SAY STRAW POLL, JUST SAY, HEY, YES OR NO, THIS, IS THAT SOMETHING WE CAN DO? NO, THIS DISCUSS, IF IT'S NOT NOTICED ON THE AGENDA AS A VOTING ITEM, THEN THERE CAN'T BE A VOTE.
AND THAT IT'S GENERALLY ALLOW STRAW VOTES EITHER.
IF IT'S NOT YOU CAN, HE, HE CAN ASK, ARE YOU INCLINED TO VOTE? CAN I ASK, CAN I JUST ASK EACH INDIVIDUAL PERSON, HEY, WHAT DO YOU THINK? IT'S NOT VOTE, NOT A VOTE TELLS THE LINE, BUT, UM, I'M ABOUT TOTAL LINE.
I MEAN, I WOULD, I'M INCLINED, I THINK SEAN MADE A GOOD POINT.
I KNOW YOU'VE BEEN WORKING HARD AND CANDIDLY, THIS BOARD IS TO GIVE YOU THE WHAT I MEAN, WE TRUST YOU.
RIGHT? THAT'S HALF THE REASON WHAT YOU SAID, THE RESONATES.
YOU WOULDN'T BE PUT IN HARD WORK IF YOU DIDN'T HAVE A BIT OF FAITH IN YOUR OWN.
SO YES, I APPRECIATE THAT DIRECTOR.
THAT WAS COMMENTS TO RESONATE YOU.
SO, AND I'LL OFFER THIS UP, I APPRECIATE THE NON VOTING MODE.
MAKES ME FEEL BETTER, BUT I'LL OFFER THIS UP, NOT A MO HANNAH, NOT, NOT A VOTE, BUT WHEN WE COME BACK FOR FINAL APPROVAL RULE, YOU KNOW, IT SOUNDS LIKE, IF I'M UNDERSTANDING CORRECTLY, REALLY WHAT YOU GUYS WANT TO KNOW, AND I'M PARAPHRASING WHAT YOU SAID A MOMENT AGO, IS JUST KIND OF WHAT'S, WHAT'S THE PLAN? OBVIOUSLY THERE'S NO GUARANTEES IT CAN NECESSARILY BE PROVIDED AS FAR AS WHAT'S HAPPENING WITH ZONING AND THE ECONOMY AND EVERYTHING.
BUT YOU KNOW, WHAT'S, WHAT'S THE PLAN? WHAT ARE WE LOOKING FOR HERE? SO THAT WAY YOU GUYS AT LEAST HAVE SOME INCLINATION THAT THERE IS A PLAN, WHAT'S GONNA HAPPEN HERE, WHAT MAY OR MAY NOT TRANSPIRE GUIDELINES.
IF NOTHING ELSE FOR ME TO ION WILL, I, I CAN COMMIT TO YOU TO HAVE IT AT THE NEXT BOARD MEETING.
UH, UH, DIRECTOR HINTON, HOW DO YOU FEEL ABOUT THIS FIELD ON MOMENT? UM, I MEAN, BASED ON, I CAN ONLY GO OFF HIS WORD BASED ON HIM SAYING THAT HE HAS, YOU KNOW, A, UM, A CONNECTED RELATIONSHIP WITH, YOU KNOW, COUNCIL MEMBER BLAIR, AND HE SPOKE WITH, UH, HE SPOKE WITH HER ABOUT THIS PROJECT AND, AND CORRECT ME I'M WRONG, YOU SAID THAT SHE'S IN, YOU KNOW, SHE'S IN SUPPORT OF THIS.
AND YOU ALSO MENTIONED, UM, WHEN SHE WAS COMMISSIONER AND THEN WHEN THEN COUNCIL MEMBER ATKINS, YOU HAD ALSO WORKED WITH HIM.
I ALSO WORKED WITH HIM PRIOR TO WORKING WITH, UH, COUNCIL MEMBER BLAIR.
SO, I MEAN, UM, THAT, THAT'S ALL CORRECT.
WELL, OLIVER IS, OH YEAH, OLIVER, SORRY, MY APOLOGIES, DIRECTOR.
UH, I, I'M, I'M HONESTLY ON THE FENCE.
I MEAN, FOR ME, THE BIGGEST ISSUE IS LOCATION.
IT FEELS LIKE IT'S A BIT BARREN AND, YOU KNOW, I, I LOOK AT THIS AS, YOU KNOW, THE KIND OF THE, BUT FOR, IF IT WEREN'T FOR A, YOU KNOW, THE, THE LITECH, UH, YOU KNOW, WOULD THIS BE A PLACE I WOULD WANT TO INVEST MONEY, YOU KNOW, CALL IT, YOU KNOW, PUBLIC MONEY, CITY MONEY, PRIVATE MONEY, WHATEVER.
AND, YOU KNOW, IT, IT FEELS, YEAH, IT FEELS LIKE A PLACE WHERE THE RESIDENTS ARE GONNA BE SOMEWHAT ISOLATED, AREN'T A LOT OF AMENITIES.
YOU'VE GOT THE INDUSTRIAL ISSUE THAT WE'VE, WE'VE TALKED ABOUT THAT MAYBE CAN'T, YOU KNOW, CAN'T BE CONTROLLED.
BUT, UM, UH, I'D SAY I'M ON THE FENCE.
IS, IS KIND OF WHERE I'M THINKING.
[01:50:01]
YEAH, I ON THE FENCE.SO I PROBABLY SHOULD JUST STOP TALKING AND SIT DOWN, BUT I DO, I WANNA MAKE SURE THAT YOU GUYS HAVE ALL THE INFORMATION TOO.
YOU, I THINK, YOU KNOW, WE'RE ONLY TAKING UP ABOUT 20 TO 30 ACRES, BILLABLE 30 TOTAL, OR PLUS 10 IN THE FLOOD PLATE OF THE ENTIRE SITE.
AND SO THE REMAINING PROPERTY, UH, IS BEING DEVELOPED WITH, THERE'S GONNA BE A QUICK TRIP ON THE HARD CORNER.
UM, THERE'S HOTEL COMMERCIAL OF RETAIL USERS.
THIS IS ALL NEW CONSTRUCTION DEVELOPMENT THAT'S GONNA BE OCCURRING WITHIN, UM, THE ENTIRE PAGE, WHICH WE'RE ONLY RESPONSIBLE OBVIOUSLY FOR THE MULTIFAMILY PORTION.
BUT, UM, THOSE COMMENTS A MINUTE AGO JUST KINDA JOG MY MEMORY.
I THINK IT'S IMPORTANT TO UNDERSCORE THAT, THAT, YOU KNOW, RIGHT NOW, YES, I AGREE IT IS ON A LITTLE BIT OF TIME, NOT A WHOLE LOT GOING ON RIGHT THERE, BUT, UM, WITH ALL THE PLAN DEVELOPMENT, JUST IN THAT IMMEDIATE TRACK, UH, IT'S GONNA LOOK A WHOLE LOT DIFFERENT.
WE REALLY NEED TO GET TO THE SHARED SERVICES AGREEMENT.
LET ME JUST KIND OF READ THE, UH, THANK YOU.
CONSIDER IMPROVE A SHARED SERVICES AGREEMENT BETWEEN THE CORPORATION AND THE DALLAS PUBLIC FACILITY CORPORATION FOR MANAGEMENT, ADMINISTRATIVE, OPERATIONAL, AND OR OTHER SERVICES.
UM, WE'VE ALTERED BETWEEN US AND THE PSC, WE'VE ALTERED, UH, THE AGREEMENT BASED ON WHAT YOU SAW AT THE LAST MEETING.
SO I THINK THE SPIRIT OF THE LAST MEETING WAS PFC.
WE WERE GOING TO PRETTY MUCH EMPLOY ALL EMPLOYEES OF THE HSC AND PFC.
THE PFC EMPLOYEES WOULD BE DEDICATED PFC EMPLOYEES, BUT THEY'D STILL TECHNICALLY BE EMPLOYED BY THE HFC IN A SENSE.
THEY WOULD COMPLETELY OUTSOURCE, UM, THEIR STAFF TO US, AND WE WOULD BE THE ONES HANDLING EMPLOYMENT, ADMINISTRATIVE, ADMINISTRATIVE, UH, YOU KNOW, THE ALLOCATION OF IT WAS GONNA GET A LITTLE COMPLICATED.
UH, I THINK THAT WAS PART OF THE DISCUSSION, UH, THAT WE HAD.
SO WITH THAT, THERE WAS KIND OF FURTHER DISCUSSION.
YOU KNOW, SOME OF US HAD TALKS WITH RYAN OWEN OR COUNSEL.
I THINK WE DECIDED TO STEP BACK A LITTLE BIT.
WE WERE DOING A LITTLE BIT OF A SWAMP DIVE INTO THE SHARED SERVICE AGREEMENT.
AND I THINK MAYBE THERE NEEDS TO BE A LITTLE MORE TIPPING OF A TOE IN THE WATER, UH, DOING IT.
SO I THINK WE FELT LIKE THERE'S GONNA BE SOME LEVEL OF, JUST CASE IN POINT, IF A PFC DEDICATED EMPLOYEE THAT WE EMPLOY, MAYBE THERE'S BAD INTERACTION BETWEEN A BOARD MEMBER OF THE PFC AND THAT EMPLOYEE IF THERE WERE ISSUES, KIND OF HR ISSUES THAT WERE STICKY, EVEN THOUGH THERE'S IDENTIFICATION, WE'RE STILL INVOLVED, YOU KNOW, WE'RE STILL INTERTWINED WITH THAT.
AND I THINK WE WEREN'T QUITE UP FOR THAT LEVEL OF ENTANGLEMENT ON THE SHARED SERVICE DEGREE.
THAT'S KIND OF TALKED A LOT OF PEOPLE OFFLINE ABOUT THIS.
AND SO THE AGREEMENT WILL BE REALLY AT THIS POINT, JUST AT THIS TIME, UH, THE GENERAL MANAGER POSITION WHO WE WILL, YOU KNOW, WE WILL BE AN EMPLOYEE, WE WILL EMPLOY THE HSC, THE GENERAL MANAGER POSITION, WE'LL SPLIT THAT 50 50, THAT'LL BE THE BASE AND THE BONUS.
AND THEN WE WILL SPLIT 50 50 ADMINISTRATIVE COSTS ONCE WE GET TO THE POINT OF HAVING OUR OWN OFFICES.
IT'S NOT, HERE'S NOT WORKING OUT THE HOME AND ALL THAT, THAT'S GONNA BE 50 50.
THE PFC OR DEDICATED PFC EMPLOYEES, IT WAS, THEY WILL STILL BE EMPLOY EMPLOYED DIRECTLY BY THE PFC.
SO I HAD SOME DISCUSSIONS AND YOU KNOW, THERE'S GONNA BE SOME MORE PUSHBACK.
I ACTUALLY HAD A ONE-ON-ONE WITH
HE HAS UNFORTUNATELY PASSED AWAY, UH, SINCE WE MADE OUR, UH, LAST AGREEMENT WITH HIM.
BUT I HAVE HAD FURTHER DISCUSSION WITH KEITH AL AND KI MONTGOMERY OF THE PFC AS WELL.
AND I THINK THEY'RE, WE'RE IN AGREEMENT.
MAYBE THIS THE FIRST WAY TO, YOU KNOW, STEP FORWARD.
IT CAN BE AMENDED IF WE FEEL LIKE WE NEED TO, YOU KNOW, CHANGE IT, IT, IT SERVES OUR INTEREST THAT WE EMPLOY EVERYONE AND JUST DO IT.
BUT AT LEAST WE'RE STARTING OUT THIS WAY, WHICH I THINK IS A MORE CAUTIOUS WAY TO DO IT.
SO I
YEAH, WE, AND LOOK, WE FELT, I MEAN, I HAD ENOUGH SIDE CONVERSATIONS.
I FELT COMFORTABLE TELLING THE GOOD FOLK OF THE PFC GO TO YOUR BOARD, UH, YOU KNOW, MAKE THE VOTE.
THEY DID VOTE TO APPROVE IT, SO THEY'RE GOOD TO GO.
UM, JUST KINDA WANT TO THROW IT TO THE GROUP AT LARGE.
BUT WE DO HAVE, THIS IS A VOTE.
WE DO HAVE TO VOTE TO RATIFY, UH, SHARED SERVICE AGREEMENT AT THIS MEETING.
ANY THOUGHTS HAVING BEEN IN, IN THE WEEDS ON THIS THING AT THE BEGINNING AND KIND OF PASSED ON TO, UH, TO, UH, PRESIDENT POLICY? I, I, I'M FULLY SUPPORTIVE.
I UNDERSTAND, UM, WHY, WHY THINK THIS KIND OF ENFORCE DIRECTION? I THINK IT'S THE RIGHT RIGHT THING TO DO.
[01:55:02]
APPROVE.WELL, WELL, I CAN CAN MOTION MOVE DISCUSSION.
WE, YOU STILL HAVE A DISCUSSION? WE CAN SUB DISCUSSION A SEE I'M THANKING YES, PLEASE.
LAST TIME WE WERE TALKING ABOUT MAYBE SEEING IT, SO I'M ASSUMING THE PAEC BOARD, I GUESS LOOKED AT IT, REVIEWED IT ACTUAL THAT WE HAVE.
IS THAT BEEN, WAS THAT AGREEMENT POSTED ON THE, UH, CHAT? IT'S ON, IT'S ON THE WEBSITE.
I DON'T KNOW, UH, DIRECTOR ROBINSON HINTON.
ANY BAD OR GOOD THOUGHTS ABOUT THIS? UH, NO.
I GROUNDBREAKING THOUGHTS? NOPE.
I HAVE A QUESTION ABOUT THE, HOW WE SPLIT THE SALARIES, BUT I HAVE FEELING IT'S GONNA DIP IN TO THE SALARIES AND WE'RE GONNA PAY IT.
WE'RE GONNA PAY THE FULL SALARY.
THEY'RE GONNA REIMBURSE US FOR 50%.
SAME WITH BOTH HIS COMPENSATION.
HIS COPY IS FULL COMPENSATION.
THERE'S NO WAY TO TALK ABOUT, THERE'S TOPIC ABOUT GOING TO 11.
UH, YEAH, IT IS RIGHT NOW THIS VOTE IS WITH AARON'S EMPLOYMENT AGREEMENT AS IT IS.
IF WE CHANGE THE EMPLOYMENT AGREEMENT, THAT'S A DIFFERENT TOPIC.
WHICH WILL BE DISCUSSED AT A DIFFERENT RESOLUTION.
YOU GUYS ARE NOT VOTING ON MY SALARY.
NO, THAT'S NOT WHAT WE'RE VOTING.
IT IS JUST STRICTLY THE ARRANGEMENT WITH THE PFC.
NOT OUR ARRANGEMENT WITH AARON OR THE GENERAL MANAGER POSITION.
I THINK IT WAS JUST POSTED TODAY.
SO I HAVE, UM, BUT THOSE ARE BASICALLY, THOSE ARE THE BA THOSE ARE THE BASICS.
IF YOU DO READ IT AND YOU HAVE CONCERNS, WE CAN OBVIOUSLY ADDRESS IT.
SO, BUT I I, I DO BELIEVE THAT'S A FAIR AND ACCURATE REPRESENTATION OF WHAT THE, THAT THAT'S THE DIFFERENCE BETWEEN WHAT YOU PROBABLY SAW LAST MEETING RIGHT.
SO HOPEFULLY IN SPIRIT YOU'RE OKAY.
SORRY FOR THE LATE, HEY, HERE IT IS.
BUT I, AS YOU, UH, EXPLAINED, THE PART OF BEING CONCERNED ABOUT BEING RESPONSIBLE ANOTHER IN ACTION WITH ANOTHER BOARD AND WHAT THEY DO WITH THEIR EMPLOYEE.
SO IT'S I SUB FABRICATING THE INTERCEPT.
IT'S LIKE, LOOK, THEY HAVE 15 DIFFERENT BOARD MEMBERS OVER THERE.
THEY'RE INTERACTING WITH GIVING DIRECTION, DOING WHAT IT, YOU KNOW, IT'S, IT'S A LOT TO BE RESPONSIBLE FOR.
AND I THINK WHEN WE KIND OF TOOK A STEP BACK, WE WERE UP, IT'S FOR NOW, AS OPPOSED TO A BEING LIKE A EMPLOYMENT CONTRACT AND ALL THE PURVIEW THAT COMES INTO EMPLOYMENT LAW.
AND THAT KIND OF CONTRACT, WE CUT ALL OF THAT OUT AND THE PURVIEW WAS STRICTLY HERE'S THE GENERAL MANAGER, HERE'S HIS DUTIES AND HERE'S HOW, HOW THE SPLIT HAPPENS.
JOE REP SOME WARRANTIES AROUND IT.
ALL THAT KIND OF STUFF THAT CAN PLAY SO OUT OF OUR REALM THAT THE MANAGEMENT OF THE CORPORATIONS, ALL OF THE POWER PFC BORDER, ALL OF YOUR GUYS'S POWERS FOR SAME GEAR, BUT EVERYTHING.
SO IT'S REALLY JUST CERTAIN COSTS.
AND AGAIN, THIS IS NOT WHAT WE'RE PUTTING ON NOW, WE'RE JUST BELIEVE DISCUSSING, BUT LIKE GET YOUR PAY INCREASES.
THIS IS DOES HAVE TO BE A MUTUAL AGREEMENT BETWEEN THE HSC AND PUBLIC.
SO I MEAN IT'S ALL GOTTA BE SIGNED.
AND THEN OFFICE SUPPLY RENT IN PAPER STAPLES 50.
SO WE HAVE A YOU HAVE A MOTION IN A SECOND? YOU THE MOTION? NO.
SEAN ALLEN, APPROVED DIRECTOR.
JACK MARSHALL, SEAT APPROVED DIRECTOR KEVIN HINTON APPROVED.
WAS IT DAVID ELLIS? PROOF DIRECTOR? OLIVER ROBINSON.
[02:00:01]
OH, SHOOT.UM, I THINK WE HAVE TIME TO DO EXECUTIVE SESSION.
I THINK AN EXECUTIVE SESSION WILL DECIDE IF WE HAVE THE TIME TO VOTE ON THE NEXT ITEM.
THAT'S JUST MY, UH, UH, READ ON THE SITUATION RIGHT NOW.
SO THE TIME IS 12:14 PM ON OCTOBER 14TH, 2000.
THE DALLAS HOUSING FINANCE CORPORATION WILL NOW GO WITH THE CLOSED SESSION UNDER SECTION 5 5 1 0 7 4 AND 5 5 1 0 7.
ONE OF THE TEXAS OPEN MEETINGS ACT ON THE FOLLOWING MATTER DESCRIBING TODAY'S AGENDA, DELIBERATE THE APPOINTMENT AND DUTIES OF A GENERAL MANAGER WITH RESPECT TO COMPENSATION AND TO SEEK ADVICE OF THE CORPORATION'S ATTORNEY ABOUT A MATTER ON WHICH THE DUTY OF THE ATTORNEY TO THE CORPORATION UNDER TEXAS DISCIPLINARY RULES PROFESSIONAL CONDUCT OF THE STATE OF BAR OR TEXAS CLEARLY CONFLICT WITH THE TEXAS OPEN MEETING SET.
AND, UH, OLIVER, OR DIRECTOR ROBINSON.
I DID SEE IT WENT OUT LATE FOR THE EXECUTIVE SESSION.
PLEASE CLOSE OUT OF THE REGULAR SESSION AND COME INTO THE EXECUTIVE SESSION.
THE DALLAS HOUSING FINANCE CORPORATION HAS COMPLETED ITS CLOSED SESSION UNDER SECTIONS 5 5 1 0 7 4 AND 5 5 1 0 7, 1 OF THE TEXAS OPEN MEETINGS ACT.
AND AT 2:42 PM ON OCTOBER 14TH, 2005, 25, WE HAVE RETURNED TO OPEN SESSION.
SO WE'RE GOING TO QUICKLY GO TO THE NEXT ACTION ITEM, WHICH IS 12.
CONSIDER AND TAKE ACTION TO APPROVE AN ADDENDUM TO THE APPOINTMENT AGREEMENT OF THE GENERAL MANAGER WITH RESPECT TO THE COMPENSATION DUTIES OF THE GENERAL MANAGER.
DO BOTH YOU MOTION SECOND? YES.
JACKIE, VICE PRESIDENT SHA, DIRECTOR SHALANDA A APPROVE MOTION.
YOUR JACK MARSHALL C APPROVED.
DR. KEVIN HINTON APPROVED, OR, UH, PRESIDENT DAVID ELLIS APPROVED DR. OLIVER ROBINSON APPROVED.
SO IT UNANIMOUSLY, SO DO WE NEED A VOTE OR CAN I JUST NEED A LIVE, LIKE TABLE THE ITEMS, HOW THIS WORK? YOU THOSE ON ACTION ITEMS. YOU JUST SAY YOU CAN DO THAT TABLE.
I, UH, WILL TABLE ACTION ITEMS 13 THROUGH 15TH.
I THINK TABLE, JUST SAY WE GONNA, WE GO THE DISCUSSION BECAUSE TABLE TOGETHER.
WE'RE GONNA FORWARD THE DISCUSSION OF, UH, BEFORE THE DISCUSSIONS ITEMS 13 THROUGH 15.