[Public Facility Corporation Meeting on October 28, 2025.]
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THANK YOU VERY MUCH FOR COMING.
MY NAME IS KEITH MOFF, PRESIDENT OF DALLAS PUBLIC FACILITIES CORPORATION, BOARD OF DIRECTORS.
I'D LIKE TO CALL THIS OCTOBER 28TH, 2025 MEETING TO ORDER PRECISELY AT NOON ON SCHEDULE.
ROB PAUL, SAM, SCOTT, SEL, MS. SCOTT, STACY MARSHALL.
WE'RE GONNA BE 30 MINUTES LATE.
KEVIN WINTERS IS NOT GONNA BE IN TODAY.
CAN MESSAGE ME? LAUREL STONE PRESENT? KEITH OL PRESENT? COURTNEY ACY PRESENT? NONE.
WE'LL MOVE ON TO ITEM NUMBER THREE.
DO WE HAVE ANY PUBLIC TESTIMONY? PUBLIC COMMENTS ON ITEMS FOUR THROUGH 17.
AARON, HAVE WE HAD ANYBODY SIGN UP? SAM? NO, SIR.
ITEM NUMBER FOUR, DISCUSSION AND APPROVAL OF THE MINUTES OF SEPTEMBER 23RD, 2025.
DO WE HAVE ANY DISCUSSION IF EVERYONE HAD A CHANCE TO REVIEW THE MINUTES? DO WE HAVE A MOTION? MOVE TO APPROVE? MOVE TO APPROVE BY DIRECTOR MONTGOMERY.
SECOND TO APPROVE BY DIRECTOR TOLEDO.
FOR ALL IN FAVOR SIGNIFY BY SAYING AYE.
THE MINUTES OF THE SEPTEMBER 23RD, 2025 MEETING ARE APPROVED.
UM, THE CHAIR IS GONNA MOVE TO, UM, MOVE THE COMMUNITY ANNOUNCEMENTS TO ITEM NUMBER SIX AND, UH, BEGIN WITH THE DISCUSSION APPROVAL OF ITEM NUMBER SIX.
WE'RE GONNA ITEM NUMBER FIVE, ITEM NUMBER SIX.
AND I'M GOING TO, UH, ADDRESS THE BODY FROM THE LECTERN ON THIS ONE.
ITEM NUMBER SIX, DISCUSSION AND APPROVAL OF A SPECIAL RECOGNITION FOR ALLEN TALLIS, ELLA PUBLIC FACILITIES CORPORATION, BOARD MEMBER AND TREASURER.
I'LL NOW, UH, READ THE RESOLUTION INTO THE RECORD.
I'D LIKE TO RECOGNIZE IN THE AUDIENCE WE DO HAVE, UM, ALAN'S, UH, WIDOW, UH, SHIRLEY TALLIS.
AND WE HAVE, AND WE HAVE HIS SON AND, UH, SCOTT TALLIS AND HIS WIFE MEREDITH, THE DALLAS PUBLIC FACILITIES CORPORATION SPEC SPECIAL RECOGNITION IN MEMORIA OF ALAN TA ALAN LEWIS TALLIS.
WHEREAS THE DALLAS PUBLIC FACILITIES PREPARATION IS PRIVILEGED TO HONOR THE LIFE AND LEGACY OF MR. ALAN LEWIS TALLIS APRIL 16TH, 1946 TO OCTOBER 2ND, 2025.
A BELOVED AND RESPECTFUL LEADER IN DALLAS.
AND WHEREAS ALAN LEWIS TALLIS WAS BORN IN 1946 TO EMILY SABLE AND SAM TALLAS, AND IS SURVIVED BY HIS LOVING WIFE AND BEST FRIEND SHIRLEY ABRAHAM TALLAS AND HIS TWO LOVING SONS, BRIAN TALLAS AND SCOTT TALLAS AND WIFE MEREDITH MTES.
AND WHEREAS ALAN LEWIS TALLAS ATTENDED RAM EX PREPARATORY HIGH SCHOOL, GRADUATING WITH THE CLASS OF 1964 AND FURTHERED HIS EDUCATION BY EARNING A BACHELOR'S DEGREE FROM THE UNIVERSITY OF MIAMI IN CORAL GABLES, FLORIDA IN 1968.
A JURIS DOCTOR FROM THE UNIVERSITY OF MIAMI IN 1972 AND AN MBA FROM THE UNIVERSITY OF TEXAS AND AUSTIN IN 1983.
AND WHEREAS ALAN LEWIS THAIS CHAMPIONED A DISTINGUISHED COURT CAREER AS AN EXECUTIVE IN THE HOSPITALITY INDUSTRY, SERVING AS EXECUTIVE VICE PRESIDENT, EXECUTIVE VICE PRESIDENT OF REV ROOF, S PRESIDENT OF LAQUINTA FRANCHISING LLC,
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AND AN INDEPENDENT DIRECTOR OF ASHFORD HOSPITALITY TRUST.AND WHEREAS ALAN LEWIS TELLIS MADE A DIFFERENCE BY SERVING AS AN EXPERT WITNESS IN HOTEL NE NEGLIGENT CASES, SPECIFICALLY TARGETING AND HELPING VICTIMS OF KIDNAPPING AND SEX TRAFFICKING.
AND WHEREAS ALAN LEWIS TEIS WAS APPOINTED BY COUNCIL MEMBER JENNY SCHULTZ TO REPRESENT DISTRICT 11 ON THE DALLAS PUBLIC FACILITIES CORPORATION ON SEPTEMBER 9TH, 2021.
AND WHEREAS ALAN LEWIS TEIS BROUGHT HIS GUIDANCE, PASSION, INSIGHT, AND DEDICATION AND INTELLECT TO THE DALLAS PUBLIC FACILITIES CORPORATION BOARD OF DIRECTORS, AND WAS VOTED BY THE BOARD OF DIRECTORS TO SERVE AS ITS TREASURER.
AND WHEREAS ALLEN LEWIS TELL US SIGNIFICANTLY AND ACTIVELY CONTRIBUTED TO THE SUCCESS OF THE MISSION OF THE DALLAS PUBLIC FACILITIES CORPORATION, AND WHEREAS THE DALLAS PUBLIC FACILITIES CORPORATION EXTENDS ITS DEEPEST CONDOLENCES TO THE FAMILY, FRIENDS, AND LOVED ONES OF ALAN LEWIS DALLAS.
NOW THEREFORE, WE, THE BOARD OF DIRECTORS OF THE DALLAS PUBLIC FACILITIES CORPORATION DO HEREBY EXTEND SPECIAL RECOGNITION IN MEMO ALAN LEWIS TALL.
AND AT THIS TIME, I WOULD LIKE TO MAKE A MOTION FOR APPROVAL.
SO MOVED BY DIRECTOR MONTGOMERY, SECONDED BY SECRETARY STINSON.
WE'LL NOW OPEN THE FOUR TO DIRECTORS AND STAFF TO SEE A FEW WORDS.
AND I I'LL TAKE THE OPTION
BUT, UH, SO DON'T REMEMBER, UH, THE NAMES OF SUCH, UH, IN ORDER, UH, OKAY.
IF THE RECORD WOULD REFLECT TOO THAT, UH, DIRECTOR HANSEL IS JOINING THE MEETING.
UH, ALAN WAS REALLY A, HE WAS VERY, HE WAS ONE OF THE MOST HARDEST WORKING INTELLIGENT PEOPLE I'VE EVER MET.
AND IT WAS A DRIVING FORCE HERE AT THE PUBLIC FACILITIES CORPORATION.
I WOULD CALL HIM UP ON OCCASION.
AND, UH, SEEKING HIS WISDOM,
UH, AND I, I TELL YOU WHAT MANY THINGS THAT WE HAVE DONE HERE, MANY PROJECTS WOULD NOT HAVE BEEN APPROVED.
CERTAINLY THE SHARED SERVICES AGREEMENT WOULD NOT HAVE GONE THROUGH.
WE'RE NOT FOR, UH, FOR ALAN'S GIFT AND LEADERSHIP, UH, IF YOU'RE ON THIS BOARD.
AND, UM, IT'S REALLY WAS AN HONOR.
IT IS AN HONOR TO HAVE SERVED WITH HIM.
AND, UH, IF OTHER BOARD MEMBERS WOULD LIKE TO SAY ANYTHING, I, UM, PLEASE.
YES, DIRECTOR TOLEDO, JUST COMMENTS TO THE FAMILY.
THANK Y'ALL SO MUCH FOR BEING HERE.
GLAD WE HAD A CHANCE TO VISIT BEFOREHAND.
UM, YOU KNOW, WHEN I, WHEN I THINK OUT, ONE WORD THAT COMES TO MIND IS WISDOM.
YOU KNOW, THAT'S REALLY WHAT HE IMPARTED ON THIS BOARD.
AND HE HAD THAT SEASONING ABOUT HIM.
AND IT'S LIKE WHEN HE WOULD SAY SOMETHING LIKE, OKAY, YOU KNOW, LISTEN TO WHAT HE, LISTEN TO WHAT HE HAS TO SAY.
HE'S GOT THE BENEFIT OF EXPERIENCE, UM, YOU KNOW, SOUND DECISION MAKING.
AND IT'S A, YOU KNOW, A HORRIBLE LOSS FOR YOU GUYS, FOR US.
UM, WE'RE, WE'RE IN A BETTER PLACE BECAUSE OF THEM.
SO WE, FOR THAT, WE WANNA THANK YOU.
UM, WE REALLY APPRECIATE IT FOR THE CITY'S BETTER OFF, YOU KNOW, I'VE HAD CONVERSATIONS ABOUT THAT.
WHAT, WHAT, YOU KNOW, WHAT'S THIS ROLE MEAN TO YOU? AND HIT A REAL FAST.
HE'S LIKE, I WANNA MAKE SURE I WANT MY EFFORTS TO RESULT IN THE MORE AFFORDABLE HOUSING.
IT WAS REALLY, IT WAS REALLY JUST THAT SIMPLE HOW WE GET THERE.
WELL, I GUESS YOU'LL FIND OUT HERE IN, YOU KNOW, IN THE NEXT 20 MINUTES.
BUT HE, UH, HE WAS FANTASTIC AND REALLY DO, I'M REALLY INTERESTED.
I'M SURE Y'ALL ARE TOO, DR. MONTGOMERY.
UM, FRIENDSHIPS LIKE ALAN'S ARE UNEXPECTED, UM, SOMETIMES.
AND, UM, I STARTED THIS, AND PEOPLE ASK ME SOMETIMES, KEN, HOW'D YOU GET IN INVOLVED IN ALL THIS? THAT'S 'CAUSE MY WIFE TOLD ME, GET A HOBBY.
AND I NEVER IMAGINED THAT I WOULD MEET THE PEOPLE THAT I'VE GOTTEN TO MEET NOW WAS THE TOP THAT LIST.
UM, UH, I'M GONNA MISS WORKING WITH HIM TOO.
UM, AND, UH, HE WAS VERY PRACTICAL.
AND, UH, UH, SCOTT, UM, OR I'M SORRY, BRIAN BROTHER, UH, BRIAN TOLD A, A STORY OF THE, UH, AT THE REMEMBRANCE ABOUT HOW ALAN AND I, I WON'T REMEMBER THE DETAILS, SO I'M GONNA GET THESE WRONG.
UM, BUT THERE WAS A POINT AT THEIR HOUSE WHEN THERE WAS A BIG ANT PILE, AND ALAN WANTED TO TAKE CARE OF THE ANT PILE.
NOW, BEFORE I, I GET TO HOW HE DID THAT, UM, I WANNA SAY THAT BRIAN ENDED WITH, BUT IT WORKS.
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DID ACCORDING TO, TO BRIAN IS, UM, HE POURED GASOLINE ON THE, UH, ON THE, THE AMP PILE AND, UH, LIT IT.SO THEN HE DECIDED TO MOW OVER IT AND, UH, SCATTER THE, THE AMP PILE EVERYWHERE IN THE HANDS.
AND I RELATED TO THAT BECAUSE ALAN KIND OF DID THAT HERE, SOMETIMES
UM, I, I THINK BECAUSE OF HIS COURAGE, UM, WE GOT FURTHER.
UM, SO THANK YOU FOR SHARING ALAN WITH US, AND, UH, I'LL MISS HIM.
AND I'D LIKE TO ALSO LET THE RECORD REFLECT THAT, UH, DIRECTOR BROWN HAS JOINED US ONLINE, SO HE IS IN ATTENDANCE.
UH, MR. AARON QUINTO? YEAH, I MEAN, I'VE KNOWN ALAN FOR A WHILE NOW, AS LONG AS MAYBE SOME OF HE DOES.
BUT, UM, I ALSO CONSIDER HIM A, A PERSONAL FRIEND OUTSIDE OF ALL OF THIS.
YOU KNOW, HE WAS JUST A PLEASANT PERSON TO BE AROUND.
ALWAYS A, A GOOD CONVERSATION.
I, I LOOKED FORWARD TO, UH, WHEN MY PHONE RANG AND, AND IT WAS HIM.
SO HE'S ONE OF THOSE THAT I, I NEVER AVOIDED THE CALL.
UH, CAN'T SAY THE SAME FOR EVERYONE ELSE HERE, BUT
YOU KNOW, I WOULD, I WOULD CONCUR WITH EVERYTHING SAID, BUT I, I WOULD ADD, YOU JUST KNEW HOW TO GET THINGS DONE, YOU KNOW, AND ESPECIALLY AT THIS VENUE WHERE EVERYTHING IS SO FORMALIZED, AND THEN YOU HAVE A BOARD OF 15 DIFFERENT OPINIONS, UH, YOU COULD CUT THROUGH ALL OF THE, THE ANCILLARY THINGS AND THEN GET TO THE POINT OF THINGS AND, AND GET IT DONE.
SO, UH, I'LL REMEMBER LONG MR. THOMAS, AND, AND WE APPRECIATE THE TIME.
AND I, I'D JUST LIKE TO SAY THAT, UH, I'LL STAND COURSE.
SORT OF, UH, WHAT I SHARED A LITTLE EARLIER IN MEETING YOU, UH, ALAN REALLY WAS OUR, I'LL USE THE TERM FEISTY.
UH, I, I SORT OF SAW HIM AS WILLING TO TAKE ON ANY CHALLENGES, ANYBODY AT ANY TIME.
YOU KNOW, WE RAN INTO A COUPLE OF ROADBLOCKS.
IT WAS, LET'S SO 'EM, UH, LET'S GO GET IT, YOU KNOW, IF IT WENT AGAINST US.
UH, BUT, UH, I TRULY WOULD MISS, UH, HIS INSIGHT IN GETTING DIRECTLY TO, UH, THE ANSWERS OF A PARTICULAR PROBLEM, A CHALLENGE.
UH, HE, HE HELPED, UH, PUT OUR, UH, INSURANCE FOR ALL OF US TO BE PROTECTED HERE, UH, TOGETHER.
HE WAS OUR TREASURER, BUT HE ALWAYS DID, UH, YEOMAN'S JOB ON THAT.
AND THEN, UH, WE HAD OUR RETREAT WAS THAT IN MAY, WE HAD OUR RETREAT.
UH, HE CAME UP WITH THE, UH, LOCATION.
I DIDN'T THINK MUCH ABOUT IT, UH, BUT ONCE I GOT THERE UPSTAIRS, IT'S LIKE, WOW.
UM, ALAN WANTED TO SHOW ME, UH, THE CLOSETS AND EVERYTHING,
BUT, UH, THERE WAS A MOMENT WHERE, UH, ALAN AND I, AND I BELIEVE, UH, KEITH WAS WITH US, WE STOOD AT THIS LARGE WINDOW AND WE LOOKED OUT, UH, SOUTH TOWARD, UH, DOWNTOWN AND, UH, RIGHT ACROSS THE STREET.
I HAVE A REMARK, WELL DOWN BELOW US.
THEY WERE BUILDING SOMETHING, BUT HE KNEW ALL ABOUT IT, TALKED ABOUT IT, AND EVERYTHING ELSE, UH, GAVE ME A LOT OF HISTORY, AND SOMEHOW IT TURNED TO FAMILY.
AND, UH, THIS WAS JUST SOMETHING THAT STILL STICKS WITH ME.
UM, SHIRLEY, YOU WERE HIS BEST FRIEND, AND HE, AND THE WAY HE WAS BEAMING AND SMILING, I MEAN, WE WERE ALMOST NOSE, NOSE AND JUST THE LOVE THAT EACH SHOWED, UH, AND EXHIBITED.
I SAID, I HOPE I CAN HAVE IT LIKE THAT, YOU KNOW, UH, THAT MY MARRIAGE CAN LAST AS LONG AS YOURS, AND I WILL HAVE THAT SAME FEELING LIKE THAT.
AND HE REMARKED ABOUT, UH, HIS SONS, HE JUST SAID THAT THEY'RE GOOD BOYS,
AND I THOUGHT THAT WAS SO INNOCENT IN THE WAY THAT HE SAID, UH, AND, AND JUST THE WAY THAT HE WAS SO PROUD OF HIS FAMILY BECAUSE HE, HE, HIS CHEST COUNT, YOU KNOW, WAS REALLY OUT THERE.
UH, HE REALLY, REALLY LOVES HIS FAMILY.
AND I THOUGHT THAT WAS JUST SUCH A, A SINCERE MOMENT.
AND I JUST WANTED, UH, YOU TO NOTE THAT, UH, WE WERE ALL PROUD OF THEM TOO.
AND, UH, WE DEFINITELY LOVED HIM.
I, I, I HAD A LOT OF RESPECT FOR HIM, AND HE MADE SURE WE WERE FED WELL.
AND AFTER THE MEETING, HE WANTED TO MAKE SURE THAT WE
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FELT WELL, RIGHT?I SAID, NO, I'VE GOT TO GET CROSS DOWN AND I WANNA MAKE SURE I GET THERE,
UH, SO, UH, WE'RE GONNA MISS HIM.
GOD, CONTINUE TO BLESS YOUR FAMILY.
STINSON, ANY FURTHER COMMENTS? I, I CAN'T SAY A COUPLE OF THE MEMBERS ONLINE.
LOOKS LIKE IT SAYS THEY'RE NOT NON VERIFIED.
DIRECTOR BLANKENSHIP, I CAN'T SEE.
AND, UH, DIRECTOR STONE, I CAN'T SEE THEIR FACES.
I, I HAVE, I HAVE SOMETHING TO SAY.
UH, MR. CHAIRMAN, REAL QUICK, THIS IS JASON.
UM, ALAN, ALAN'S A SPECIAL GUY.
I KNOW I WAS, UH, KIND OF THE, THE LAST KID ON THE BLOCK, BUT, UM, HE WAS ONE OF THE FIRST FOLKS THAT REACHED OUT TO ME.
UM, WE WERE ABLE TO CHAT, AND I WAS IMPRESSED WITH HIM EVER SINCE DAY ONE, UM, AS I AM, YOU KNOW, GROWING IN MY CAREER AND, AND, AND FIGURING OUT DIFFERENT THINGS.
AND IT WAS JUST, IT WAS REFRESHING TO, TO SPEAK WITH ALAN ABOUT THINGS AND JUST HEARING HIS INSIGHT.
UM, AND, YOU KNOW, HIS LEGACY WILL LIVE ON, UH, THROUGH SOME OF MY EFFORTS THAT I'LL BE DOING THROUGHOUT, YOU KNOW, HOUSING DEVELOPMENT THROUGHOUT THE CITY.
SO, UH, THANK YOU TO THE FAMILY FOR, UH, YOU KNOW, ALLOWING HIM TO, TO, TO DEAL WITH US, YOU KNOW, MONTHLY, UM, AND, YOU KNOW, HIS WORK AND, AND, AND LEGACY AND, AND TENACITY WILL LIVE ON.
THANK YOU VERY MUCH, DIRECTOR BROWN.
ANY OTHER FURTHER COMMENTS? I'LL GO REAL QUICK.
YEAH, I WOULDN'T HAVE GOTTEN THROUGH LIKE, TOUGH DAYS WITHOUT ALAN'S, UH, JUST LIKE PLAYFUL NATURE AND LIKE HIS, I DON'T KNOW, WILLINGNESS TO BE A PART OF THE TEAM.
HE WENT ABOVE AND BEYOND ALL THE DAMN COOL
UM, AND JUST COINCIDENTALLY, UH, HE WORKED REALLY HARD TO GET THIS PROJECT THROUGH IN HIS DISTRICT.
UM, AND THAT GUY CALLED ME YESTERDAY AND, OR LAST MONDAY RATHER.
AND I, I LET HIM KNOW WHAT HAPPENED.
AND, UH, HE SAID THAT HE WAS GOING TO WORK WITH US, WORKING WITH YOU GUYS TO DO SOMETHING SPECIAL FOR ALAN AT HIS, UH, PROPERTY AS WELL.
HE WANTS TO, I DON'T KNOW, HONOR THE DOG, YOU KNOW, PUT, PUT HIS NAME ON, ON A DOG PARK OR THE WORKSPACE OR COMMUNITY AREA, YOU KNOW, LIKE ON THE BENCHES OR SOMETHING ALONG THOSE LINES.
SO JUST, JUST KNOW WE'LL BE CONTINUING TO BOTHER YOU.
UH,
DO WE HAVE ANY OTHER QUESTIONS OR COMMENTS? ANY FURTHER DISCUSSION? ANY DISCUSSION ONLINE? SAM? I CAN'T, I CAN'T SEE ALL, I CAN'T SEE ANY HANDS UP AT THIS POINT IN TIME.
DO WE HAVE A MOTION? WE HAVE THE MOTION AND A SECOND.
ALL THOSE IN FAVOR OF ITEM NUMBER SIX, SIGNIFY BY SAYING AYE.
ANY OPPOSITION? SEEING NONE, ITEM NUMBER SIX HAS PASSED.
AND NOW I'M GOING TO, UH, COME OVER TO THE FRONT.
BUT THE STAFF AND BOARD PUT TOGETHER, WE'LL HAVE, UH, THIS RESOLUTION SIGNED AND, UH, SENT TO THE CITY SECRETARY AND FRAMED AND, UH, SENT, SENT TO YOU, UH, IN ABOUT A WEEK TO YOUR, SO, SO YOU'LL HAVE THAT AS A MEMENTO.
AND THEN WE ALSO HAVE SOMETHING HERE, AND I'LL COME OUT TO THE FRONT AND END IT TO YOU ON BEHALF OF THE BOARD.
THIS READS, UH, PRESENTED TO ALAN TALLIS, THROUGH YOUR SERVICE, YOU HAVE BUILT MORE THAN HOUSING.
YOU HAVE BUILT DIGNITY, STABILITY, AND COMMUNITY.
YOUR KINDNESS AND INTEGRITY WILL FOREVER BE A PART A PART OF DALLAS.
AND THAT'S TO YOU THE ENTIRE BOARD.
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SO MUCH.I CERTAINLY, WE CERTAINLY APPRECIATE THE SERVICE OF EVERYONE ON THE BOARD.
AND, UH, WE'LL MOVE ON TO ITEM NUMBER FIVE, COMMUNITY ANNOUNCEMENTS.
AT THIS TIME, UM, I WOULD LIKE TO INTRODUCE, UH, TWO NEW BOARD MEMBERS AND, UH, ASK THEM TO SEE IF THEY'D LIKE TO SAY A LITTLE BIT ABOUT THEMSELVES.
BUT WE HAVE, UH, DISTRICT 15, COURTNEY LIC, ANN FROM DISTRICT 11, MARK LOMBARDI.
AND SO, UH, I GUESS WE'LL GO IN NUMERICAL ORDER.
MARK, IF YOU'D LIKE TO TELL US A LITTLE BIT ABOUT YOURSELF AND, UM, MOVE WALKING INTO THE BOARD.
UH, MARK LOMBARDI, UM, I
I CURRENTLY LIVE IN DISTRICT TWO, SO JUST DOWN THE STREET FARMER'S MARKET NOW.
UH, BUT YEAH, I'M AN ATTORNEY BY TRADE.
I'VE BEEN WORKING AS A EMPLOYER FOR NINE YEARS.
UM, ALL TRANSACTIONAL RELATED TO PRIVATE FUNDS, SOME REAL ESTATE FUNDS, SUBMITTABLE EXPOSURE TO PFCS TO HAVE KIND OF AN IDEA OF WHAT'S GOING ON.
MET WITH AARON AND SAM YESTERDAY.
GOT A GOOD RUNDOWN OF WHAT WE DO HERE.
SO, YEAH, I'M VERY EXCITED TO JOIN FORWARD, HELP OUT HOW I CAN, AND, UH, ASSISTANT INITIATIVE.
THANK YOU VERY MUCH, MR. DIRECTOR LOMBARDI, THEY'RE NOT GONNA SING THE, THE
SO I, UH, I LIVE IN DISTRICT NINE, UM, BUT I JUST COMPLETED EIGHT YEARS ON THE LANDMARK COMMISSION ON BEHALF OF DISTRICT EIGHT.
UH, WORKED ON THE COMMUNITY BOND TASK FORCE.
SO I'M A MUNICIPAL GOVERNMENT NERD, AND, UM, REALLY ENJOY THIS TYPE OF WORK.
AND, UM, I THINK JUST MEETING SAM AND ERIN, UH, WE IMMEDIATELY JUST STARTED GOSSIPING ABOUT CITY HALL, BUT I, UM,
WE LOOK FORWARD TO, UH, BOTH OF Y'ALL SERVING, UH, THE CITY OF DALLAS, AS WE ALL DO HERE.
ANY OTHER COMMUNITY ANNOUNCEMENTS FROM, UH, DEVELOPMENTS AND SUCH OTHER THAN, I GUESS YOU MENTIONED ABOUT THE ONE DEVELOPMENT IS THINKING ABOUT DOING SOMETHING IN HONOR OF A YEAH, FORMER DIRECTOR CALL THE HUMPHREYS PROJECT.
YEAH, THEY'RE GONNA DO SOMETHING.
THEY'RE GONNA WORK WITH US, UH, AND THEY'RE KIND OF PUTTING QUICK THOUGHT, LIKE THE WORKSPACE USUALLY.
AND, UH, HE WAS LIKE, WELL, IT SOUNDS LIKE HE LOOKS, YOU KNOW, COMMUTING, UH, YOU KNOW, WITH OTHER FOLKS, WITH KIDS.
SO MAYBE THE COMMUNITY AREA SOUNDS LIKE A HARD WORKER, SO MAYBE MAKE THE WORKS IN THE WORK STATION, YOU KNOW, COWORKING STATION OR, UH, HE ALSO LOVES DOGS, UH, A LOT.
UM, SPENT A LOT OF TIME WITH THEM, AND SO THEY THOUGHT MAYBE THE DOG BARK.
UM, BUT HE WAS GONNA GET BACK TO ME WITH SOME OTHER IDEAS.
UM, AND WE'LL COMMUNICATE THROUGH YOU, AARON, UH, AND GET IN TOUCH WITH THEM, SEE WHAT THEY THINK IS BEST.
BUT HE KIND OF SAID THAT EVEN TO US, YOU KNOW, AFTER GOING NOTEBOOK, SOME IDEAS TO MAKE A DECISION.
ANY OTHER COMMUNITY ANNOUNCEMENTS? COMMUNITY ANNOUNCEMENTS.
AND, AND IN THIS SECTION, WE ALLOW, UM, UH, LIKE IF ONE OF OUR PROJECT DEVELOPERS OR, OR SOMETHING IS HAVING SOMETHING GOING ON IN THEIR COMMUNITY, WE ALLOW THEM TO COME UP AND, UH, HAVE A PUBLIC FORUM TO TELL US ABOUT IT OR KEEP UPDATED ON HAPPENING OUT IN THE COMMUNITY.
ALRIGHT, SEEING NONE, NO OTHER COMMUNITY ANNOUNCEMENTS.
MOVING ON, OTHER NUMBER SEVEN, ETHICS DISCLOSURES.
THE DPFC BOARD MEMBERS SHOULD DISCLOSE ANY RELATIONSHIP A MEMBER MAY HAVE THAT THE PROJECTS TO BE CONSIDERED ON THIS AGENDA OR WITH ANY DEVELOPER, PARTICIPANT, OR FINANCIAL BENEFICIARY OF THE PROJECTS TO BE CONSIDERED ON THIS AGENDA, EVEN IF THAT RELATIONSHIP DOES NOT RELATE TO A SPECIFIC PROJECT, THE DPFC BOARD IS CONSIDERING.
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EIGHT, DISCUSSION AND APPROVAL OF A RESOLUTION AUTHORIZING THE NEGOTIATION AND EXECUTION OF A TERM SHEET FOR HALL STREET, AN AFFORDABLE MULTI-FAMILY DEVELOPMENT PROJECT IN PARTNERSHIP WITH FAIRFIELD RESIDENTIAL TO BE LOCATED AT 1823 NORTH HALL STREET, DALLAS, TEXAS, 7 5 2 1 4 IN DISTRICT 14.AARON, LET'S SEE, WE HAVE LISTED HERE.
UH, AARON ATO, UH, DANIEL STEWART FROM FAIRFIELD.
SUMMER GREATHOUSE, BRACEWELL TON PARTNERS FROM HILLTOP.
SO, UH, AARON, IF YOU, THANK YOU CHRIS OF
SO WE'VE INVITED, UH, MR. DANIEL STEWART HERE.
UH, I'VE KNOWN HIM FOR QUITE SOME YEARS.
HE WORKS WITH FAIRFIELD RESIDENTIAL, AND HE HAS A PRESENTATION HERE THAT'S, UH, UNDER CONSIDERATION FOR, FOR YOU GUYS IN, AND WE'RE JUST GONNA TURN THE TIME OVER TO HIM TO, UH, LET HIM SPEAK, HOPEFULLY ANSWER SOME QUESTIONS AFTER THAT.
MY NAME IS DANIEL STEWART, DEVELOPER OF FAIRFIELD RESIDENTIAL.
AGAIN, TO TURN ON THE MIND, I'M SORRY.
I, I JUST NEED TO BEND DOWN A LITTLE BIT.
I THINK BOARD MEMBERS, THANK YOU FOR POSTING ME TODAY.
MY NAME'S DANIEL STEWART, I'M A DEVELOPER WITH FAIRFIELD RESIDENTIAL.
UH, I'M PRESENTING A PROPOSED APARTMENT COMPLEX AT, UH, 1823 NORTH HALL STREET.
UH, I THINK I'LL START TALKING A LITTLE BIT ABOUT FAIRFIELD, UH, OUR HISTORY, OUR COMPANY, UH, THE INVOLVED TEAM MEMBERS, UH, FOR THIS PROJECT, OUR RELEVANT EXPERIENCE, AND THEN I'LL MOVE, MOVE INTO DISCUSSION OF THE PROJECT ITSELF.
UH, SO JUST A LITTLE BIT ABOUT FAIRFIELD AND THERE, THERE'S A LOT OF FLUFF IN HERE, SO I'LL KIND OF FLIP THROUGH THIS.
AND IF YOU, IF YOU HAVE ANY QUESTIONS ABOUT THE COMPANY, FEEL FREE TO STOP ME AT ANY POINT.
UH, WE ARE FOUNDED IN, UH, IN 8 19 84.
UH, IN OUR HISTORY, WE'VE DEVELOPED 393 APARTMENT COMPLEXES NATIONWIDE, HEADQUARTERED OUT OF SAN DIEGO, CALIFORNIA, OWNED BY, UH, THE CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM.
UH, WE'RE A FULLY VERTICALLY INTEGRATED FIRM.
WE HAVE A, AN ACQUISITIONS TEAM, AN AFFORDABLE TEAM, UH, DEVELOPMENT, OF COURSE, UH, PROPERTY MANAGEMENT, IN-HOUSE, ASSET MANAGEMENT, DISPOSITIONS, UH, PRE-DEVELOPMENT ENTITLEMENTS, UH, AND, UH, AND CONSTRUCTION.
WE SELL GC ALL OF OUR PROJECTS.
UH, SO WE ARE, UH, START TO FINISH.
WE, UH, HANDLE EVERY ASPECT, UH, OF EVERY PROJECT.
AND THIS JUST SHOWS OUR, UH, OUR COVERAGE HERE.
BUT, UH, WE'RE HEADQUARTERED IN SAN DIEGO, BUT TEXAS HAS LONG BEEN OUR LARGEST REGIONAL OFFICE WITH ABOUT 50 TO 60, UH, FULL-TIME EMPLOYEES, UH, OUT OF OUR CORPORATE OFFICE HERE.
AND I'LL JUST FLIP THROUGH SOME, SOME OF THIS FLUFF.
SO, UH, THESE ARE OUR TEAM MEMBERS.
WELL, AND YOU'RE, YOU'RE NOT GONNA BE ABLE TO READ THIS FROM, FROM HERE.
BUT, UH, THIS, THIS LIST MYSELF AS THE DEVELOPER FOR, FOR TEXAS.
UH, LARRY LEE IS MY, UH, IS MY PRE-DEVELOPMENT MANAGER.
UH, HE'S, HE'S VERY EXPERIENCED WITH 20 PLUS YEARS, UH, WITH FAIRFIELD, UM, HANDLING PRE-DEVELOPMENT ENTITLEMENTS, AND HE STAYS VERY INVOLVED THROUGH THE CONSTRUCTION PROCESS AS WELL.
UM, WE ALSO HANDLE, UH, PROJECT DESIGN OUT OF OUR DALLAS OFFICE.
AND, UH, AND I LISTED HERE, TODD FARADAY, WHO'S OUR SENIOR DIRECTION DIRECTOR OF CONSTRUCTION, UH, FOR THE TEXAS MARKETS.
UH, ALSO WORTH MENTIONING IS GINA MEDSKER.
SHE'S OUR, UH, SENIOR VICE PRESIDENT OF AFFORDABLE HOUSING.
SHE HAS A LOT OF EXPERIENCE WITH, UH, PFC DEALS, PRIMARILY, UH, ACQUISITIONS PROJECTS.
BUT, UH, WE HAVE DEVELOPED ONE, UH, GROUND UP PFC DEAL, UH, IN PARTNERSHIP WITH THE DHA, UH, OVER ON MEADOW AND 75, A 475 UNIT PROJECT.
UH, AND WE'VE, WE'VE DONE, ON THE ACQUISITION SIDE, WE'VE HANDLED SEVERAL PFCS, UH, CONVERSIONS, AND, UH, PROUD TO SAY ZERO TRAVELING PFCS.
UH, THIS IS, THIS IS THE PROJECT I WAS JUST REFERENCING ON, UH, VANDERBILT LANE, THE SEVENS AS IT'S CALLED, A 475 UNIT PFC DEAL, UH, VERY SIMILAR TO PAUL STREET, AND IT, NOT NECESSARILY IN BUILDING LAYOUT, BUT IT'S, UH, THE SAME CONSTRUCTION TYPE.
IT'S A TYPE FIVE, A FOUR STORY WRAP WITH A POP-UP MARKETING STRUCTURE.
SO, UH, THIS WOULD BE, IF YOU WERE CURIOUS TO WHAT OUR, UH, PRODUCT LOOKS LIKE, UH, THIS WOULD BE A GOOD, A GOOD ONE TO GO SCOPE OUT.
I THINK HALL STREET WILL BE SLIGHTLY MORE UPSCALE, GIVEN THE LOCATION AND THE MARKET ANSWER WE'RE EXPECTING THERE.
[00:30:01]
IS A GOOD, UH, INDICATION OF FAIR BUILT STANDARD PRODUCT.AND THEN, YOU KNOW, I, I WON'T SPEND TOO MUCH TIME GOING THROUGH EACH OF THESE PROJECTS, BUT THERE IN THE PRESENTATION, IF YOU WANNA LOOK AT 'EM AND WITH STATION WAS A CONVERSION, UH, AFTER STABILIZATION AS, AND CONVERSION TO PFC WITH DHA 5, 5 5.
ROSS IS A, A PROJECT IN THE WEST END THAT WE BUILT, UH, AS PART OF A TIP DISTRICT, UH, WITH AN AFFORDABLE COMPONENT.
AND THEN JUST, UH, THE LAST TWO, I'LL MENTION THE, THE WAYLAND, THE TWO PROJECTS THAT WE HAVE UNDER CONSTRUCTION RIGHT NOW.
AND THE METROPLEX, UH, THE WAYLAND IS IN, IN LEASE UP RIGHT NOW.
IT'S A COMBINATION OF THREE STORY BUILDINGS AND TOWN HOMES.
AND THEN THE MARGON MIDWAY IS LOCATED, IS A FIVE STORY WRAP LOCATED JUST NORTH OF THE BEST FIVE ON MIDWAY, JUST NORTH OF 6 35.
UM, WE ARE DONE FRAMING THERE.
UH, WE'VE GOT DRYWALL GOING IN, AND, UH, CONSTRUCTION'S GONE QUITE WELL, KNOCK ON WOOD.
SO WE ARE, UH, PLANNING TO DELIVER FIRST UNITS THERE IN MAY OF NEXT YEAR.
SO, UH, WELL, THIS IS THE UNDERWRITING, BUT LET'S, LET'S TALK ABOUT THE, UH, LOCATION A LITTLE BIT QUICKLY.
THIS IS, UH, SO YOU CAN SEE THE STAR THERE, SHOW.
SO HERE'S OUR SUBJECT PROPERTY.
I'M GONNA ZOOM DOWN TO THE REGIONAL AERIAL.
WE'RE CURRENTLY UNDER CONTRACT, UH, DUE DILIGENCE AND THIS FRIDAY, AND WE MOVE INTO OUR APPROVALS PERIOD.
OUR OUTSIDE CLOSING DATE RIGHT NOW IS IN, UH, JULY OF NEXT YEAR.
UH, JUST A LITTLE HISTORY ON THE SITE.
SO, UM, INTRINSIC OFFICE FROM D-H-A-D-H-A OWNED IT, UH, AND WAS PLANNING TO DEVELOP IT WITH HUD.
HUD PULLED, UH, SO DHA SOLD THE SITE, TORIN RESIDENTIAL, UH, IRIN BROUGHT IN KROGER, UH, TO SERVE AS A TWO STORY GROCER, AND ON THE BOTTOM FLOOR OF FOUR LEVELS OF MOLD FAMILY.
ON TOP OF THAT, UH, THE PROJECT DIDN'T MOVE FORWARD, AND KROGER BOUGHT OUT TRANSIT'S INTEREST IN 2020.
UM, KROGER THEN BROUGHT IN SOUTHEASTERN DEVELOPMENT OUT OF ATLANTA TO HANDLE THE MULTI-FAMILY PORTION.
AND THEN, UH, YOU KNOW, A COMBINATION OF THE, UH, KROGER, UH, ALBERTSON'S MERGER, UH, GETTING HELD UP IN COURT, UM, SOME DENSITY ISSUES.
AND I THINK, UH, KROGER'S NEW HEAD OF REAL ESTATE, UH, REALIZING THAT THAT JUST WASN'T A GOOD LOCATION FOR, UH, KROGER GIVEN, YOU KNOW, THE, YOU KNOW, THE NATURE OF PAUL STREET BEING A SINGLE LANE EACH WAY, IT WOULD'VE BEEN A TRAFFIC NIGHTMARE.
UM, SO THEY, THE, THE SITE WAS BROUGHT DIRECTLY TO US, UH, THROUGH DAVIDSON VILLE.
UM, YOU KNOW, I THINK AS SOON AS I UNDERWROTE IT, IT MADE SENSE AS A PFC, GIVEN THE LOCATION, I THINK IT'S A GREAT OPPORTUNITY TO PROVIDE, UH, A AFFORDABLE HOUSING IN A HIGH INCOME AREA.
UM, SO OUR PLAN WITH THIS SITE, AND HERE'S, HERE'S A GOOD, UH, GOOD VIEW OF THE SITE, AND YOU CAN SEE WHAT KIND OF VIEWS YOU'RE GONNA HAVE OF DOWNTOWN AND UPTOWN.
WELL TAKE MY WORK FOR INFUSE,
WHATEVER REASON I CAN SHARE FROM MY COMPUTER SO EVERYONE ELSE CAN.
OKAY, YEAH, I THINK SHARE FROM YOURS.
WELL, I'LL JUST GO AHEAD AND TALK WHILE AARON'S PULLING THAT UP.
I CAN TALK A LITTLE BIT ABOUT THE BUILDING DESIGN.
UH, SO GIVEN THE SIZE OF THE SITE, UH, SOMETHING'S HAPPENING.
WHICH SLIDE? IS THAT YOURS, AARON? YEAH, THIS IS MINE.
UM, LET'S GO DOWN TO, UH, THE SITE.
[00:35:09]
YEAH, MAYBE ONE, ONE MORE.SO THIS WILL GIVE YOU JUST A, A, A PICTURE OF WHAT THE VIEWS WILL LOOK LIKE.
UH, SO THIS IS LOOKING BASICALLY DUE SOUTH, UH, SOUTHWEST A LITTLE BIT.
UM, SO YOU CAN SEE THERE'S A, UH, SMALL TOWN HOME DEVELOPMENT JUST TO OUR SOUTH.
UH, THOSE ARE TWO STORY TOWN HOMES.
SO, UH, ABOVE THOSE ARE THIRD AND FOURTH STORY UNITS.
A LOT OF UNABATED VIEWS OF DOWNTOWN AND UPTOWN.
AND THEN, UM, CLOSER TO THE HIGHWAY, IT, THERE'S NOTHING REALLY OBSTRUCTING ANYONE'S VIEWS FROM DOWNTOWN AND UPTOWN.
SO ONCE YOU GET ABOVE THE FIRST FLOOR, THEN YOUR NEXT THREE FLOORS ARE GONNA HAVE, UH, UNOBSTRUCTED VIEWS OF DOWNTOWN AND UPTOWN.
SO ONE OF THE AMENITIES WE'VE CONSIDERED AND, AND ARE PLANNING TO PUT IN AS A SKY DECK, JUST TO MAKE SURE THAT ALL RESIDENTS THROUGHOUT THE BUILDING WILL HAVE ACCESS TO A SPACE THAT, UH, TAKES ADVANTAGE OF THESE, UM, REALLY PRETTY IMPRESSIVE VIEWS.
AND, AND ERIN, IF YOU WANNA GO TO THE NEXT SLIDE THAT'LL SHOW OUR SITE PLAN.
ACTUALLY, LET'S GO TO TWO SLIDES THAT'LL ZOOM IN A LITTLE BIT.
AND THIS ISN'T FINAL, UH, YOU KNOW, WE'RE STILL FINALIZING OUR CONCEPT PLAN.
UM, BUT WHAT WE'VE CONTEMPLATED IN THIS DESIGN IS, UM, TRYING TO MAXIMIZE THE NUMBER OF UNITS THAT CAN TAKE ADVANTAGE OF THOSE VIEWS.
UH, SO WE'LL HAVE A MIX OF STUDIOS, ONES, TWOS, AND IN THREE BEDROOMS. UH, IN THIS PROJECT, UH, ONE THING WE'VE, UH, TRIED TO TAKE INTO CONSIDERATION IS, UH, IS AN, AN APPROPRIATE SPREAD AND RENT BETWEEN OUR, UH, MARKET RATE AND OF OUR AFFORDABLE UNITS.
UH, SO THE WAY WE'VE CALCULATED IT IN OUR PRO FORMA IS, UM, THE, THE RENTS OF THE SMALLER UNITS WILL BE AT LEAST 10% LOWER THAN, UH, UH, THE EIGHT OF THE 80% UNITS WILL BE AT LEAST 10% LOWER THAN OUR MARKET RATE UNITS TO TRY AND MAINTAIN, UH, AN APPROPRIATE SPREAD.
AND THEN WE CAN FLIP A COUPLE SLIDES, UH, AND JUST TALK ABOUT, SO I THINK THAT'S THE SUPPLY MAP.
SO I THINK, UH, ONE OF THE, ONE OF THE THINGS THAT APPEALS TO US ABOUT THIS SITE IS THE LIMITED AMOUNT OF INFO SUPPLY IN DALLAS, OF COURSE, IS TOP OF THE NATION AND SUPPLY, UH, YEAH, FOR THE LAST SEVERAL YEARS.
UH, THE BULK OF THAT SUPPLY IS IN THE NORTHERN SUBURBS, FRISCO, MCKINNEY, ALLEN.
UH, AND WE ANTICIPATE THAT WILL CONTINUE TO BE THE CASE.
UH, THESE INFILL SITES ARE A LITTLE TOUGHER, UH, TO COME ACROSS.
UH, MOST OF THEM ARE EITHER ASSEMBLAGES OR THEY'RE HIGH-RISES, OR YOU NEED TO MOVE A LITTLE FURTHER EAST WHERE YOU SEE SOME OF THOSE BLUE DOTS.
UM, BUT TO HAVE A HIGH PROFILE SITE LIKE THIS, THAT'S A SINGLE PARCEL THAT YOU CAN BUILD TYPE FIVE ON, IS, UH, RELATIVELY UNIQUE.
AND THAT WAS SOMETHING THAT WAS VERY PAYMENT TO US.
UH, I THINK GO ANOTHER SLIDE OR TWO AND LOOK AT RANK COMPS AND, AND THEN, YOU KNOW, OPEN IT UP TO QUESTIONS, UH, GO, GO BACK UP ONE, JUST TO LOOK AT THE SPREAD, AND THEN WE CAN, I DON'T THINK WE'RE GONNA BE ABLE TO SEE, UH, JUST, SO FOR RANK COMPS, WE SELECTED, UH, WE, WE SELECTED A SMATTERING OF COMPS.
WHAT, WHAT I WOULD CONSIDER OUR TOP COMP TO BE IS JEFFERSON IN NOVA, OR I GUESS IT'S JUST CALLED IN NOVA NOW.
UM, IT'S A, THAT WAS IN, YOU KNOW, A TRAVELING HFC CONVERSION AT THE END OF LAST YEAR.
BUT SIMILAR PRODUCT TYPE, UH, SIMILAR LOCATION, SIMILAR, YOU KNOW, WILL BE NEWER, BUT SOMEWHAT SIMILAR VINTAGE.
SO THEY REALLY ARE, I THINK, WHAT WE CONSIDER TO BE OUR, UM, TOP COMP.
WE ALSO INCLUDED MMA CATHEDRAL ARTS, WHICH, UM, YOU KNOW, I THINK IT'S ON THE LOWER END OF THE RENT COMP SCALE, AND THEN A COUPLE OF, UH, BUILDINGS, YOU KNOW, ON THE UPTOWN SIDE OF THE HIGHWAY.
AND THAT'S HOW WE REACHED OUR RENT CONCLUSION.
I THINK THAT'S A GENERAL SUMMARY OF THE DEAL, SO I'M HAPPY TO OPEN IT UP TO QUESTIONS.
AND, UM, AS IT'S A DISTRICT 14 ITEM AND ON THE DISTRICT 14 REF, UM, I'LL GO AHEAD AND START OUT WITH THE COMMENTS.
AND I THINK ONE THING YOU DIDN'T MENTION, WHICH I THINK MIGHT BE ONE OF THE BIGGEST, UH, ONE OF NICEST ISSUES ABOUT THIS SITE, AND SO FAR AS HOW IT FITS THE PFC, IS THAT, UH, THE DE RESTRICTION THAT'S ON IT.
[00:40:01]
AND IF, AND IF YOU COULD, UH, TALK ABOUT THAT.UH, AND I ALSO LIKE TO SAY THAT, UH, YOU HAVE SPOKEN TO COUNCIL MEMBER RIDLEY, AND HE IS IN SUPPORT OF THIS AS, AS I AM.
UH, I THINK IT'S, IT'S A GREAT SITE FOR SOMETHING LIKE THIS, BUT WHAT MAKES IT SO SUITABLE FOR THE PFC IS THIS STEEP RESTRICTION.
AND THAT IS WHY YOU HAVE THIS PARTIAL LAND THAT'S BEEN OPEN FOR 10 YEARS.
MAYBE THAT'S WHY NO ONE ELSE IS BUILDING ON IT.
UH, THAT'S MY PROGRAM HAD A PROBLEM, HARD TIME BUILDING ON IT, BECAUSE THERE'S A DEEP RESTRICTION TO PUT IN 20%, 60, SO AFFORDABLE HOUSING, AND IT'S AT 60% A MI.
SO BASICALLY, THAT ALMOST TELLS ANY DEVELOPER THEY HAVE, THEY WOULD ALMOST MAKE IT PENCIL, THEY'D ALMOST HAVE TO COME TO A-A-P-F-C OR A HFC OR, OR SOMETHING LIKE THAT TO FILL IT.
SO, UM, WHEN YOU LOOK AT THAT PERSPECTIVE, IT'S ALMOST NOT, IT'S ALMOST AS IF THE, THE DHA KNEW THAT, UH, THAT THIS WAS GOING TO BE TAKEN OFF THE TAX ROLLS BECAUSE, YOU KNOW, PUTTING IN A RESTRICTION LIKE THAT, UH, WHO ELSE IS GONNA DEVELOP IT? AND I THINK IT'S SITTING VACANT AND ONE OF, ONE OF THE, UH,
AND THE, YES, SO DHA PUT THAT DE RESTRICTION ON IN 2015, UH, AND WHAT RIN WAS ATTEMPTING TO ESTABLISH A NEIGHBORHOOD EMPOWERMENT ZONE.
UH, AND SO THEY WERE GOING THROUGH ECONOMIC DEVELOPMENT TO RECEIVE A CITY TAX ABATEMENT.
UH, AND, YOU KNOW, WE, WE EXPLORED THAT OPTION, BUT BASED ON OUR, GIVEN THAT WE'RE EXPERIENCED WITH PFCS, UH, TO ME, UH, PFC SEEMED LIKE THE MOST LOGICAL ROUTE FROM THE VERY BEGINNING.
AND, UM, I WOULD LIKE SUMMER TO WEIGH IN.
UM, THE NICE THING ABOUT THE REAL ESTATE COMMITTEE THAT WE STARTED IS THAT IF YOU HAVE A, UM, DEVELOPMENT COMING IN YOUR DISTRICT, UM, NOW WE'RE VETTING THAT, NOT VETTING IT, BUT WE'RE LETTING, UH, THE DISTRICT REP AND THE REAL ESTATE COMMITTEE GET A DEEPER DIVE INTO IT, UH, BEFORE IT COMES TO US.
YOU KNOW, WE WANNA MAKE SURE THAT IT WENT TO THE CITY COUNCIL MEMBER AND THEY, BECAUSE WE WANTED, WE DIDN'T WANT THEM TO COME HERE AND SAY, YOU KNOW WHAT? YOU DIDN'T EVEN TALK TO A CITY COUNCIL REP, AND NOW YOU'RE COMING BEFORE US.
AND SO THIS GIVES US A CHANCE TO LET DEVELOPERS KNOW THAT'S IMPORTANT,
AND PLUS IT GIVES US, IF WE'RE THAT DISTRICT REPRESENTATIVE CHANCE TO, UM, YOU KNOW, LOOK AT WHAT IS PROPOSED IN OUR DISTRICT.
SO I, I THINK THAT WORKS VERY WELL FOR BOTH TEAMS, FOR EVERYBODY.
UM, I WOULD LIKE SUMMER TO WEIGH IN ON THIS DEEP RESTRICTION, AND IF YOU COULD TELL US, UH, JUST CONFIRM WITH US, UH, AS COUNSEL THAT, UH, YOU DID CHECK INTO IT AND THAT THIS DEEP RESTRICTION IS IN PERPETUITY.
AND, AND ADDITIONALLY, UM, THE, THE DEED RESTRICTION THAT YOU ALL, UH, PUT ON THE PROPERTY WILL REQUIRE THE SAME LEVEL OF AFFORDABILITY.
SO THERE WILL BE 20% OF THE UNITS AT 60% AM I, THAT WILL BE, UM, A REQUIREMENT OF THE PFC TO ENTER INTO THIS PARTNERSHIP.
AND I JUST WANT EVERYONE TO KNOW THAT IT HAS BEEN CONFIRMED THAT THE, THESE RESTRICTION IS IN PERPETUITY.
UM, SO IF THAT THE PROPERTY SOLD BY YOUR COMPANY, THE, THESE RESTRICTION REMAINS ALL, IT TOOK UP SO MUCH TIME THAT, ANY COMMENTS FOR JUST DR. MONTGOMERY? ONE QUESTION OUT CURIOSITY? UM, SO THIS SIDE, OF COURSE IS BASICALLY ACROSS ALL FROM ROSELAND, ONE OF THE ORIGINAL, UM, DHA PROPERTIES.
I KNOW YOU GUYS WORKED, UH, QUITE A BIT.
UM, WHY US? UM, I DON'T MEAN THAT FROM A, IT'S NOT A GOTCHA QUESTION.
I'M JUST CURIOUS, UH, WHY THIS KIND OF LINED UP IN A WAY THAT WORKING WITH THE HOUSING WORKING BOARD? NO, UH, VERY FAIR QUESTION.
AND WE, WE DID, UH, TALK TO DEBBIE OVER AT DHA, UH, THE LAST DEVELOP, THE LAST ROUNDUP DEVELOPMENT DEAL WITH DHA DID WAS OUR VANDERBILT LANE DEAL, UH, IN 2021.
UM, YOU KNOW, WITH THEM RETIRING, I THINK THEY'RE, UH, THEY'RE JUST, THEY WERE OPEN TO THE IDEA OF, UH, OF, UH, PARTNERING WITH US ON THIS SITE.
UH, BUT I THINK IT WAS A LOT FOR THEM TO TAKE ON, UH, JUST FROM A, A PERSONNEL INFRASTRUCTURE SIDE OF THINGS.
UM, BUT THAT, THAT DISCUSSION WAS HAD, AND I CONTINUED TO HAVE A GOOD RELATIONSHIP WITH DEBBIE.
WE STILL COMMUNICATE REGULARLY ON VANDERBILT,
[00:45:01]
AND SHE'S VERY EXCITED THAT THIS SITE WILL BE DEVELOPED.SHE'S WANTED AFFORDABLE HOUSING ON IT FOR A LONG TIME.
YEAH, I THINK THEY'RE PLANNING ON REBUILDING THE POST ON SITE.
UH, THEY'RE TO THE TUNE END UP, I THINK $50,000 A UNIT.
UH, SO THEY'RE GONNA PUT A LOT OF MONEY INTO THE UNITS AND, UH, SOME OF THE COMMON AREAS AS WELL.
SO I THINK THAT'LL BENEFIT THE AREA.
AND, UH, YOU, THE BROKERS, UH, THE BROKERS THAT BROUGHT ME THIS SITE, UH, YOU KNOW, ALSO ARE, UH, WORKING WITH GREENWAY INVESTMENTS ON THAT, ON, ON THAT VACANT RETAIL LAND AND ON THE OTHER SIDE OF HALL STREET IN BETWEEN ROSELAND AND, AND US.
AND I THINK THEY'RE, UH, THEY'RE WAITING ON THIS PROJECT TO GET BUILT AND THE MONEY TO GET PUT INTO ROSELAND.
AND, UH, HOPEFULLY WE'LL SEE THAT RETAIL GET DEVELOPED AS WELL.
'CAUSE IT'S BEEN SITTING VACANT FOR A LONG TIME.
UH, MR. STEWART, UM, IN LOOKING AT YOUR POPULATION STATISTICS IN THE AREA, UM, SINCE YOU HAVE TWO HUNDRED AND FIFTY EIGHT ONE BEDROOMS, WHAT ARE YOU GUYS, UH, TARGETING? NOT NECESSARILY FAMILIES? NO, I THINK WE WANT, YOU KNOW, WE WANT TO ALLOW FOR, UH, SOME FAMILIES, WHICH IS WHY WE, YOU KNOW, WE TYPICALLY, IN AN INFILL LOCATION LIKE THIS, WE WOULD NOT INCLUDE THREE BEDROOMS. UH, SO WE MADE AN EFFORT TO INCLUDE SOME THREE BEDROOMS HERE.
UM, JUST TYPICALLY WHAT WE SEE IN THESE INFILL TYPE LOCATIONS IS ONE, BEDROOMS TEND TO PERFORM BETTER.
SO IT'LL BE, YOU KNOW, YOUNG PROFESSIONALS.
I THINK WE'LL BE TARGETING, YOU KNOW, BAYLOR, UH, BAYLOR EMPLOYEES, UM, YOU KNOW, DOWNTOWN WORKERS UPTOWN.
UH, SO YES, FEWER, FEWER FAMILIES IN THIS LOCATION THAN IF IT WERE IN A MORE SUBURBAN TYPE LOCATION.
I WANNA LET LET THE RECORD REFLECT THAT, UH, DIRECTOR HOLMES HAS JOINED US, UH, EARLIER IN THIS CONVERSATION.
THANK YOU, MR. PRESIDENT, AND MY APOLOGIES FOR BEING, UH, LATE TO THE MEETING.
ANY OTHER QUESTIONS OR COMMENTS? YEAH, JUST, UH, REAL QUICK.
SO I, UM, UH, I SERVE ON THE, THE REAL ESTATE COMMITTEE, UH, DIRECTOR MARQUEZ, THE, THE VICE CHAIR.
I DON'T THINK DIRECTOR BLANKENSHIP IS ON, BUT HE CHAIR.
UM, SO I JUST WANT TO TAKE A SECOND TO REITERATE WHAT, UH, UH, WHAT DIRECTOR PALM MCCALL, UH, WAS TALKING ABOUT IN THAT.
UM, THIS IS A, THAT'S A FORUM FOR US TO KIND OF SURFACE SOME OF THE QUESTIONS THAT WE HAVE.
AND ONE OF THE THINGS THAT SURFACED WAS THAT DE RESTRICTIONS.
SO WE WE'RE ABLE TO GET LITTLE MORE INFORMATION, UH, UH, AND SO I JUST WANT EVERYONE TO BE AWARE OF THAT, UM, OF THAT REAL ESTATE COMMITTEE AND, UM, USE IT WHEN ONE OF, UH, WHEN A PARTNERSHIP OR A PROSPECTIVE PARTNERSHIP IS IN YOUR, UM, IN YOUR DISTRICT.
UH, SO BECAUSE IT DOES SURFACE SOME OF THESE THINGS, UH, WE, WE NEVER VOTE ON IT.
I THINK I'VE SAID THAT BEFORE.
UM, AND, BUT IT'S A, A WAY TO START THE DISCUSSION.
SO WITH THAT IN MIND, I JUST WANTED TO MAKE SURE THAT, UM, WE RECOGNIZE PRIME AND CHRISTIAN, IF THEY HAD ANYTHING TO, TO ADD THIS.
'CAUSE THEY PROBABLY TAKEN US CLOSER LOOK AS ANYBODY HEARD.
UM, WE DO MEET TWO WEEKS BEFORE OUR MEETING ON FRIDAY, SO YOU GUYS WANNA JOIN NEW COMMISSION? YOU'RE DEFINITELY INVITED.
UM, NO, WE, WE ENJOYED THE DEAL.
I THINK PRIME WAS THE ONE THAT KIND OF BROUGHT UP THE LEADERSHIP CONCERN, BUT WE WERE EXCITED JUST 'CAUSE IT WAS JUST TOO HARD TO BELIEVE THAT IN THIS PRIMARY PATIENT, THAT'S WHY IT WAS STILL SITTING.
AND SO WE'RE JUST CURIOUS ABOUT THAT.
SO YOU GUYS ARE FIGURING THAT OUT IF, TO SEE YOU GUYS AT OUR NEXT, AS LONG AS WE DON'T HAVE YEAH.
AND IS DIRECTOR BLANKETSHIP ON, I, I DON'T SEE HIM.
HE WAS ON, BUT IT LOOKS LIKE HE'S HOP DOWN, BUT I JUST, I JUST PAINT'S GOING ON.
I DON'T WANNA PUT HIM ON THE SPOT.
I WAS JUST, UH, I JUST WANNA MAKE THE POINT THAT THE REAL ESTATE COMMITTEE FOLKS ARE IN THE ROOM.
I JUST WANTED TO CHIME IN AND SAY, I, I AM VERY FAMILIAR WITH THIS SITE.
I LIVED IN THE BRYAN PLACE NEIGHBORHOOD, WHICH IS AT THE END OF, UM, OF THAT THOROUGHFARE RIGHT THERE, UM, FOR OVER 10 YEARS.
AND THIS SITE HAS DESPERATELY NEEDED DEVELOPMENT.
SO, UM, IT'S, I'VE ALWAYS WONDERED WHAT THE HICCUP WAS AND WHY IT HADN'T BEEN DEVELOPED.
SO NOW I'VE LEARNED THAT IN THIS MEETING.
AND I THINK THIS IS A GREAT UTILIZATION OF THAT PROPERTY, ESPECIALLY GIVEN THE DHA HOUSING, UM, DEVELOPMENT THAT'S RIGHT THERE ADJACENT, WHICH I THINK GOES UP TO LIKE FIVE BEDROOMS AND HAS A LOT OF FAMILY AMENITIES.
THIS IS A GREAT STEPPING STONE BETWEEN THAT AND THE MARKET REHOUSING THAT'S ALSO BEEN DEVELOPED THERE.
SO I REALLY APPRECIATE THIS PROJECT.
[00:50:01]
SURE.UM, APPRECIATE THE, APPRECIATE THE PRESENTATION.
I'M, I'M CERTAINLY GONNA BE, UH, SUPPORTIVE OF IT.
UM, OBVIOUSLY YOUR, YOUR COMPANY'S GOT CREDENTIALS, THEY KNOW WHAT YOU'RE DOING.
MY QUESTIONS AND CONCERNS ARE GONNA REALLY RELATE TO THE CITY OF DALLAS, UH, ENGINEERING WISE.
HAVE YOU, HAVE YOU RUN THIS? HAS THIS BEEN VETTED BY DAVID NERA? UH, SO WE'RE ACTUALLY, UH, IF, I THINK, I THINK WE'VE GOT A MEETING WITH HIM COMING UP HERE IN ABOUT AN HOUR.
SO, SO, UH, YEAH, AND I SHOULD ACTUALLY, IF, IF I, STOP ME IF I'M OVER TIME, BUT O OTHERWISE I'LL JUST TALK A LITTLE BIT ABOUT THE ZONING, JUST SO YOU GUYS ARE, YOU KNOW, UP TO SPEED ON WHERE WE'RE OUT THAT END IN ENGINEERING.
UM, WELL, UH, YOU KNOW, THE FACT YOU'VE VETTED WITH, WITH, WITH COUNCILMAN RIDLEY TELLS ME A LOT AND THAT, THAT ANSWERS A LOT OF QUESTIONS I WOULD NORMALLY HAVE ABOUT COMMUNITY ENGAGEMENT, ET CETERA.
SO, YOU KNOW, I I AM SURE IT'S, YOU KNOW, ALL THOSE BOXES IN CHECK.
I'M, I'M, I'M A LITTLE MORE CONCERNED ABOUT ON INFILL SITES.
WHAT ELSE IS OUT THERE? WHAT ELSE WAS THERE 40 YEARS AGO THAT YOU DON'T KNOW ABOUT NOW? IS HALL STREET CAN THEN HANDLE, YOU KNOW, HAVE YOU, HAVE YOU DONE THE TIA YET? YES, IT'S, AND THAT'S WHAT WE'RE MEETING WITH, UH, WITH NAVAR ABOUT, UH, LATER TODAY.
UH, BECAUSE, BECAUSE RIGHT NOW, WELL, SO A GROCERY STORE WAS ZONED, YOU KNOW, THIS IS PD 4 66, UH, HALL STREET, SUBDISTRICT C UH, THIS WAS ZONED FOR A GROCERY STORE USER.
UH, SO CURRENTLY WITHIN THE ZONING, UH, WHAT WE'LL BE REQUESTING A TEXT AMENDMENT TO THE ZONING, BECAUSE CURRENTLY IT SAYS, UH, IT REQUIRES A LEFT-HAND TURN LANE, WHICH WE CAN'T ACCOMMODATE.
IT'S JUST, IT'S UNNECESSARY WITH OUR TRAFFIC VOLUMES, 400 APARTMENT UNITS VERSUS A GROCERY STORE AND 375 APARTMENT UNITS, YOU KNOW, WE'RE ABOUT HALF THE, THE, UM, PEAK HOUR TRAFFIC.
SO WE'RE GONNA PROPOSE PUTTING A TURN SIGNAL INSTEAD, IF IT'S DENIED, WE CAN ACCOMMODATE THE TURN LANE.
IT WON'T AFFECT OUR SITE YIELD.
UH, WE JUST DON'T THINK IT MAKES QUITE AS MUCH SENSE, ESPECIALLY BECAUSE HALL STREET WAS JUST COMPLETELY REPAVED LAST YEAR, AND IT WAS, IT WAS, IT WAS UNUSABLE, UH, FOR, FOR LIKE ABOUT HALF THE YEAR.
UH, AND THEY JUST, AND, AND SO SPEAKING TO THE ENGINEERING, SO, YOU KNOW, WE DON'T WANT TO TEAR THAT UP.
WE ALSO DON'T WANT TO GET RID OF, UH, THE APARTMENT COMPLEX ACROSS THE STREET, THE WHOLE STREET, FLAT STEEL.
WE DON'T WANNA GET RID OF THEIR STREET PARKING, WHICH WOULD HAVE TO HAPPEN IF WE ADDED TURN LANES.
UM, AND POTENTIALLY EAT INTO SOME OF THAT RETAIL, UM, SITE AS WELL.
SO WE'LL BE PROPOSING A TRAFFIC SIGNAL, UH, AND WE WILL BUILD LEFT-HAND TURN LANE.
WE'VE GOT MONEY ALLOCATED FOR IT.
UM, ENGINEERING WISE, UH, THE GOOD NEWS, BECAUSE THE CITY WAS ANTICIPATING A KROGER TO, YOU KNOW, BE ON THIS SITE ALONG WITH THE MULTIFAMILY UNITS, IS THEY UPSIZED, ALL OF YOU KNOW, THEY UPSIZED ALL OF THEIR WATER AND, AND SEWER AND STUBBED IT TO THE SITE.
SO THEY'RE ARE, THEY'RE VIRTUALLY THE ONLY THING WE WERE WORRIED ABOUT WAS DOWNSTREAM SEWER CAPACITY.
BUT DW DWU CONFIRMED, UH, DOWNSTREAM ZERO CAPACITY FOR OUR PROPOSED PROJECT.
UM, AND SO WE REALLY HAVE NO OFFSITES, UM, ON THIS SITE.
UM, THE ONE UNKNOWN THAT WE HAVE YOU IS THERE HAVE BEEN STRUCTURES ON THIS SITE SINCE THE 18 HUNDREDS GAS STATE, UH, YOU KNOW, A LOT OF, A LOT OF RED FLAGS FOR A LENDER OR A, AN ENVIRONMENTAL CONSULTANT.
GAS STATIONS, AUTO SHOPS, DRY CLEANERS, THAT'S, THAT'S A CURSE WORD.
AND, UH, AMONG OUR, UH, TITLE GROUP, UM, WE, UH, KROGER HAD PREVIOUSLY DONE A PHASE TWO IN, UH, 2015.
WE CONDUCTED OUR PHASE ONE, OUR ENVIRONMENTAL CONSULTANT BROUGHT IN.
OUR TECH, UH, DETERMINED THAT THEIR PHASE TWO WAS INSUFFICIENT.
AND SO WE WENT IN AND PUT IN ADDITIONAL MONITORING WELL, AND ALL THE, UH, LOCATIONS OF CONCERN AND DETERMINED THAT THERE WERE NO CONCERNING LEVELS OF, UM, OF GROUNDWATER OR SOIL VAPOR.
WE DID FIND A, A SMALL AMOUNT OF LEAD AND ARSENIC, BUT, AND WE TESTED ALL THE AREAS AROUND IT AND DETERMINED IT WAS ISOLATED, AND IT WAS LIKELY JUST SOME BUILDING MATERIALS THAT WERE, YOU KNOW, AS PART OF THE FILL, UM, EQUIVALENT TO ABOUT TWO DRUG LOADS WORTH ALMOST NOT EVEN WORTH, UM, YOU KNOW, ALLOCATING ADDITIONAL DOLLARS FOR, IT'LL JUST BE PART OF OUR SITE WORK.
UH, SO IT'S A REALLY, A RELATIVELY CLEAN SITE, UM, BASED ON ITS, UH, YOU KNOW, LONG HISTORY AND THE NUMBER OF STRUCTURES THAT HAVE BEEN ON IT.
UM, SO I ACTUALLY, YOU KNOW, FROM A, AN OFFSITE STANDPOINT, REALLY SURPRISINGLY, UM, EASY, WELL, LET'S SEE WHAT HAPPENS BETWEEN NOW AND GROUNDBREAKING
WE, WE'VE GOT YEAH, ABOUT A YEAR.
ANY OTHER FURTHER? ANY COMMENT? FURTHER COMMENTS? ANY COMMENTS ONLINE? I CAN'T SEE EVERYONE'S HAND
[00:55:01]
SEE.WE HAVE A MOTION ON THE FLOOR TO VOTE ON I MOTION.
MOTION IS MADE BY DIRECTOR MARQUEZ TO APPROVE.
WILL NOW MOVE FORWARD TO ROLL CALL VOTE SAM.
PRIME HAD TO SIGN OFF TEMPORARILY.
CAN I ABSTAIN? THIS IS MY FIRST DAY.
SO JUST, YEAH, ABSTAIN IS FINE.
UH, THEN LAUREL STONE APPROVE.
UH, THE MOTION ITEM NUMBER EIGHT PASSES.
MOVING ON TO ITEM NUMBER NINE, DISCUSSION AND APPROVAL OF A RESOLUTION AUTHORIZING THE NEGOTIATION AND THE EXECUTION OF THE TERM SHEET FOR ALEX
THIS ONE, ONE, THIS ONE GOT PULLED.
AND THEN WE'RE, WE'RE JUST GOING TO TRINITY BASIS.
YEAH, IT, IT WAS POSTED AND, AND GOT PULLED AFTER.
SO ITEM NUMBER NINE IS PULLED AND WE'LL BE ON NEXT MONTH.
SO IS ITEM NUMBER 10 NOW? ITEM NUMBER NINE? YES, SIR.
I, I DON'T THINK YOU HAVE TO, YOU CAN JUST SAY, WE WE'RE NOT GONNA DO THIS TODAY.
WE'LL JUST, UH, YOU WANNA TAKE A VOTE ON DEFERRAL JUST IN CASE? YEAH.
MOTION MADE BY DIRECTOR MONTGOMERY DEFER.
ITEM NUMBER NINE, SECONDED BY DIRECTOR HANSEL.
MOVING ON TO ITEM NUMBER 10, DISCUSSION AND APPROVAL OF A RESOLUTION AUTHORIZING THE NEGOTIATION AND EXECUTION OF A TERM SHEET FOR TRINITY BASIN.
AN AFFORDABLE MULTIFAMILY DEVELOPMENT PROJECT AND PARTNERSHIP WITH SAVOY EQUITY PARTNERS.
WE LOCATED AT 3 0 1 AND 8 0 8 NORTH EWING AVENUE, DALLAS, TEXAS 7 5 2 0 3.
UH, WE HAVE, UH, IN LINE, UH, AARON QUINTO, BARRETT, LINDBERG FROM VO, SUMMER, GREATHOUSE, PRACTIC, AND PARSONS.
GUYS DONE WELL FROM ALL OF THE, UH, MORE PROJECTS'.
ONE MORE PROPOSAL FOR YOU ALL.
AND I BELIEVE SO SOPHIA IS LOADING UP HIS PRESENTATION RIGHT NOW.
YEAH, WE MIGHT HAVE TO HAVE YOU PULL THAT ONE UP TOO, BECAUSE IT'S NOT, UH, UH, SYNCING FOR SOME REASON.
SYNCING MUST SEE THIS IS IN DISTRICT ONE.
I'LL, I'LL GET THERE RIGHT NOW.
THANK YOU ALL FOR, UH, ALLOWING US TO PRESENT AGAIN.
THANK YOU ALL FOR ALLOWING US TO PRESENT AGAIN.
THANK YOU ALL FOR ALLOWING US TO PRESENT AGAIN.
UH, I'M BARRETT LINDBERG, ONE OF THE CO-FOUNDERS OF SEVO EQUITY PARTNERS.
UM, WE ARE, UH, A TEXAS APARTMENT GROUP.
UM, WE HAVE RENOVATED AND OPERATE AND MANAGE A LOT OF APARTMENTS IN DALLAS, AND WE'VE ALSO DEVELOPED GROUND UP.
UM, SO WE HAVE THREE COMPANIES.
WE HAVE AN INVESTMENT DEVELOPMENT GROUP, WE HAVE A CONSTRUCTION GROUP, UH, AND WE HAVE A PROPERTY MANAGEMENT GROUP.
WE EMPLOY 150 PEOPLE HERE IN, IN DALLAS.
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WE'VE BEEN IN BUSINESS, UH, IN THE APARTMENT BUSINESS FOR ALMOST 20 YEARS AND BEEN, UH, SPECIFICALLY OWNING AND OPERATING APARTMENTS FOR 15, UH, FOR THE PAST FIVE YEARS WE'VE BEEN WORKING IN THE OPPORTUNITY ZONE SPACE, SO IN LOW INCOME CENSUS TRACKS SPECIFICALLY.UM, AND WE'VE BEEN DOING PFC PROJECTS, UM, SINCE JUST AFTER THE 2003 LEGISLATION CHANGE.
UM, WE'VE DONE PFC PROJECTS IN SAN ANTONIO, UH, WITH THE SAN ANTONIO HOUSING TRUST IN AUSTIN WITH TRAVIS COUNTY COMMISSIONERS AND, AND THE MOST OF OUR PROJECTS WITH, WITH DALLAS, WITH THIS GROUP.
UM, SO REALLY APPRECIATE YOUR CONTINUED PARTNERSHIP WITH US.
UM, I'M, I'M NOT GONNA ACTUALLY PRESENT OUR PROJECT TODAY, BRADLEY OLMSTEAD IS, BUT JUST WANTED TO PRESENT OUR FIRM AND, UH, AGAIN, REITERATE OUR, OUR, OUR PARTNERSHIP WITH YOU.
MOST OF OUR PROJECTS HAVE BEEN IN NORTH OAKLY, UH, IN AN AREA THAT WE CALL BISHOP BRIDGE.
UM, BEFORE, UH, COMING HERE TODAY, WE TALKED WITH, UH, COUNCIL MEMBER CHAD WEST, UM, ABOUT CONTINUING OUR WORK IN DISTRICT ONE AND TALKED WITH IFF, UH, NEIGHBORHOOD ASSOCIATION PRESIDENT JENNIFER DORN ABOUT CONTINUING OUR WORK, UH, IN THE LAKE CLIFF NEIGHBORHOOD, UM, AND GOT THEIR PERMISSION TO, TO CONTINUE TO PRESENT PROJECTS THERE.
UM, I WANTED TO TALK ABOUT A COUPLE OF THINGS THAT WE'VE SEEN IN THE PROJECTS THAT WE'VE DONE IN THIS AREA AS WE LEASE THEM UP, WHICH I THOUGHT YOU GUYS WOULD SEE AS INTERESTING DATA POINTS.
SO AS WE'VE BEEN LEASING THESE BUILDINGS, WE'VE BEEN LOOKING AT WHO MOVES IN.
AND I KNOW THAT IT'S BEEN A HOT BUTTON ISSUE AROUND CITY HALL.
HEY, THESE PFC DEALS, UH, WHAT'S THE PUBLIC BENEFIT, RIGHT? IS THE PUBLIC BENEFIT JUST THAT WE'RE OFFERING AFFORDABLE HOUSING? AND WHEN WE LOOK AT THESE, WE LOOK AT OTHER DATA POINTS.
UM, ONE OF THIS, ONE OF THESE DATA POINTS IS WHO'S MOVING IN? AND WHAT WE'RE SEEING IS OVER 50% OF THE TENANTS THAT ARE MOVING INTO THESE PFC BUILDINGS ARE, ARE MOVING FROM ADDRESSES THAT WERE OUTSIDE OF THE CITY OF DALLAS.
SO WHAT WE KNOW IS THE PFC BUILDINGS THAT WE'RE DEVELOPING ARE CREATING HOUSING FOR PEOPLE WHO DIDN'T PREVIOUSLY LIVE HERE.
UM, SO WE'RE ACTUALLY INCREASING THE POPULATION BASE BECAUSE WE'RE, WE'RE PROVIDING MORE HOUSING.
UM, NUMBER TWO, IN THE AREA WHERE WE'RE BUILDING A LOT OF THE LAND HAS BEEN VACANT FOR DECADES.
UM, AND WE'RE CREATING MORE STUFF.
AND THAT'S NOT GROWING THE TAX BASE BECAUSE WE HAVE A TAX ABATEMENT.
BUT WE'RE ALSO SURROUNDED BY LAND THAT'S BEEN VACANT FOR DECADES.
AND WHAT WE'VE SEEN IS HUNDREDS OF NOW FOR SALE TOWN HOMES ARE BEING BUILT, WHICH ARE ON THE
UH, NONE OF THAT IS BEING CONSIDERED BY HILLTOP OR BY OTHER PEOPLE WHEN THEY'RE TALKING ABOUT THE PUBLIC BENEFIT.
BUT I CAN TELL YOU THAT PEOPLE ARE MOVING IN THAT DIDN'T PREVIOUSLY LIVE IN DALLAS.
AND THOSE ARE EMPLOYEES OF DALLAS COMPANIES.
THOSE ARE PEOPLE SPENDING MONEY IN DALLAS GROWING THE SALES TAX BASE.
AND NOW THERE'S DEVELOPMENT THAT IS GOING ON TO THE PROPERTY TAX ROLL THAT IS TAXABLE.
AND ALL OF THAT IS, UH, GOING TO THE PUBLIC BENEFIT OF, OF PEOPLE WHO ARE, UH, GIVING US THIS PROPERTY TAX FAVOR.
SO JUST WANTED TO REITERATE THAT AS YOU CONSIDER THIS, THIS PROJECT, AS WELL AS ALL THE OTHER GOOD PROJECTS THAT YOU DO, I KNOW I'M PROBABLY PREACHING A BIT CHOIR HERE TODAY, BUT, UH, JUST GIVING YOU GUYS THAT INFORMATION FROM THE FRONT LINES.
SO WITHOUT FURTHER ADO, BRADLEY'S GONNA TALK ABOUT OUR NEXT PROJECT.
AND THANK YOU GUYS SO MUCH FOR EVERYTHING YOU DO.
I THINK AARON AARON'S IN CONTROL.
IT MUST BE SAM'S COMPUTER 'CAUSE IT POPPED UP WITHOUT MINE, BUT A BUNCH, IT WON'T LET YOU SEE.
SO AS BARRETT MENTIONED, UH, SEVO HAS MADE SIGNIFICANT INVESTMENT IN THE BISHOP BRITISH NEIGHBORHOOD.
UH, THE MAP ON THIS SLIDE SHOWS MULTIPLE PARTS OF THAT LINE IN A ENGLISH
THAT'S THAT, THOSE ARE OUR INVESTMENTS TO DATE, UH, 25 PROPERTIES, APPROXIMATELY 1500 UNITS.
SO, AS BEAR MENTIONED, CLEARLY, UH, INVESTED IN THIS, IN THE SUCCESS OF THIS NEIGHBORHOOD.
UH, THE TWO PROPERTIES WHO ARE WANTING TO TALK WITH YOU GUYS ABOUT TODAY ARE SHOWN IN GREEN.
UM, AND THEY ARE WHAT WE CALL FRONT DOOR PROPERTIES TO THE NEIGHBORHOOD.
THE FIRST 1, 8 0 8 NORTH EWING IS AT THE NORTH END, UH, AT THE COLORADO AND JEFFERSON INTERSECTION.
THE SECOND 1, 3 0 1 NORTH EWING AT THE SOUTH END ON EIGHTH STREET AND EWING INTERSECTION.
UH, SO PRIME FRONTAGE IS FOR THIS NEIGHBORHOOD.
AND, UH, BOTH SITES ARE CURRENTLY VACANT.
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WE HAVE THEM UNDER CONTRACT.THE SELLER IS A NONPROFIT ATTORNEY BASED IN PREPARATORY SCHOOL.
UM, AND SO THERE'S NO CURRENT TAX BENEFIT TO THE CITY ON THESE PARCELS.
UM, AND WE'RE LOOKING FORWARD TO GETTING APPROVAL TODAY.
UH, IF YOU DON'T, THERE'S A GOOD CHANCE THIS, UH, THESE DEALS FALL OUTTA CONTRACT.
SO, JUST TO GO A LITTLE BIT DEEPER INTO OUR HISTORY IN THIS NEIGHBORHOOD.
SO AS BEAR MENTIONED, WE STARTED INVESTING ABOUT FIVE YEARS AGO AND THE NEIGHBORHOOD WAS LARGELY MARKED BY, UH, HIGHER VACANCIES, MISMANAGEMENT, UH, HIGHER PRIME RATES AND JUST NOT, UH, GOOD HOUSING OPPORTUNITIES.
AND WE, UH, EMBARKED ON SIGNIFICANT, UH, RENOVATION ON MULTIPLE PROJECTS, TAKING PROJECTS DOWN TO STUDS, INSTALLING NEW BUILDING SYSTEMS, UH, QUALITY LANDSCAPE, QUALITY INTERIOR FINISHES, AND, UH, JUST CREATED A PLACE THAT WE WANTED TO LIVE.
AND WHAT WE SAW WAS A REVITALIZATION, PEOPLE WANTING TO MOVE IN.
PEOPLE, AS BEAR MENTIONED, NEW PEOPLE COMING TO DALLAS, UH, LIKING THE NEIGHBORHOOD AND WANTING TO LIVE THERE.
AND THAT SUCCESS LED TO MORE INVESTMENT AND ULTIMATELY HAS LED TO NOW MULTIPLE GROUND UP, UH, DEVELOPMENT PROJECTS.
SO WE JUST DELIVERED OUR FOURTH GROUND UP DEVELOPMENT PROJECT IN THE NEIGHBORHOOD, UH, THE BOWIE.
AND, UM, CLEARLY, UH, EXCITED ABOUT DOING MORE IN PARTNERSHIP WITH THIS GROUP HERE.
AND, UH, JUST WANNA TALK ABOUT, UH, THE, UH, THE PERCENTAGE OF DEAL AFFORDABLE DEALS IN THIS AREA.
THE LAST 10 YEARS, THERE'S BEEN ROUGHLY 20,000 UNITS TO THE SOUTH AND SOUTHWEST DALLAS.
UM, TOTAL AND ONLY, UH, 3.6% OF THOSE HAVE BEEN, UH, THROUGH THE PSC THROUGH, YOU KNOW, AFFORDABLE, UH, INCOME RESTRICTED UNITS.
AND SO, UM, WE, WE CLEARLY BELIEVE THERE'S A DEMAND FOR THIS, AND WE'RE EXCITED TO, TO HELP PROVIDE THAT TO THE CITY.
SO JUST AT A HIGH LEVEL, UH, WHAT WE THINK THESE, THESE TWO PROJECTS WILL BRING, UH, AGAIN, FILL GAPS ON FRONT DOOR LOCATIONS THAT ARE VACANT AND UNDERDEVELOPED.
UM, WE'LL DELIVER ANOTHER 290 UNITS FOR THE NEIGHBORHOOD WITH HALF OF THOSE 145 BEING RENT CONTROLLED UNITS.
UM, SINCE THERE'S NO CURRENT TAX BENEFIT TO THE CITY, UH, THIS, THE PSC OF REMOTE WILL CREATE NEW REVENUE TO THE CITY.
AND, UH, IT JUST PROMOTES DEVELOPMENT IN AN UNDERDEVELOPED NEIGHBORHOOD, AND IT HELPS BUILD LONG-TERM AFFORDABILITY, WHICH WE ALL WANT.
SO, AT A HIGH LEVEL, BOTH OF THESE PROJECTS ARE GONNA PROVIDE, UH, A MIX OF STUDIOS, ONE BEDROOMS AND TWO BEDROOMS. UM, 8 0 8 WILL HAVE 190 UNITS, UH, WITH A HUNDRED WITH, UH, $47 MILLION PROJECT COST.
AND THEN THE, UH, SMALLER SIDE 3 0 1 WILL HAVE A HUNDRED UNITS WITH $24 MILLION PROJECT COST.
UH, SIMILAR UNIT MIX STUDIOS, ONE BEDROOMS AND TWO BEDROOMS. AND SO COMBINED, IT'S A 290 UNIT TWO PROPERTY PORTFOLIO FOR $71 MILLION.
UH, LOOKING AHEAD AT OUR TIMELINE, SO WE HAVE ABOUT NINE MONTHS OF
AND THEN FOR THE TWO PROPERTIES, UM, ANYWHERE FROM 16 TO 20 MONTHS IN CONSTRUCTION WITH FIRST UNITS IN LATE 2028.
WE'RE NOW OPEN FOR QUESTIONS AND COMMENTS.
UM, SO FIRST AND FOREMOST, UM, BARRETT, UH, I JUST WANT, I WANNA THANK YOU AND, AND THE SAVOY FOLKS FOR THE, THE PARTNERSHIPS, UM, AS I, UH, AS I LOOK AT THE, UM, OUR PIPELINE, AND GRANTED, THESE AREN'T, UH, NECESSARILY ALL 300 UNIT, UM, BRACK PRODUCT, BUT WE'VE GOT, UH, FIVE OF THE, UM, 11, UH, PROJECTS THAT ARE CURRENTLY LEASING.
UM, AND YOU ALSO HAVE SIX OF THE 10 THAT ARE CURRENTLY UNDER CONSTRUCTION.
SO THERE IS NO DOUBT, UM, THAT YOU ARE A VALUABLE PART OF WHAT WE'RE DOING HERE.
UM, I, I THINK IT'S REALLY VALUABLE TO HAVE SMALLER PROPERTIES, UM, AND LIKE, LIKE WE DO ON, ON THOSE THAT I MENTIONED, UM, AGGREGATE THOSE.
UH, AND SO E EVERY DEAL WE'VE DONE MAKES A A TON OF SENSE.
I'M, I'M A HUGE FAN OF, UM, AT ONE OF THE CEDARS, UH, WHERE YOU'RE REDEVELOPING THE, THE DALLAS POWER AND LIGHT, UM, BUILDING.
UH, IT'S A COOL BUILDING I'VE BEEN IN SEVERAL TIMES, UM, OVER THE YEARS, AND I, I JUST, I, I LOVE EVERYTHING
[01:10:01]
ABOUT WHAT YOU'RE DOING.I DON'T THINK THAT WE HAVE ALLOWED THE BISHOP BRIDGE AREA, UM, AN OPPORTUNITY TO, UM, DEVELOP IN WITH THAT ECONOMIC DEVELOPMENT, UH, KIND OF BRAIN.
AND I THINK YOU'RE A HUNDRED PERCENT RIGHT, BARRETT, THAT, YOU KNOW, ONE OF THE THINGS WE, WE DON'T TALK ABOUT ENOUGH IS A LOT OF THIS GETS DEVELOPED ON, UM, VACANT PROPERTIES.
AND SO THE IMPACT TO TAX IS MINIMAL.
AND, AND A LOT OF TIMES YOU HAVE TO DO, UM, ASSEMBLAGES.
AND, UH, IT CREATES VALUE, FRANKLY, FOR THE CITY, UM, TO AGGREGATE THESE THINGS.
SO I, I, I GET ALL OF THOSE ARGUMENTS AND I AGREE WHOLEHEARTEDLY WITH 'EM.
UM, YOU KNOW, ANYTIME YOU HAVE A TOOL LIKE THIS, I THINK IT'S REALLY IMPORTANT TO, UM, MEASURE THE IMPACTS.
AND I, I DON'T THINK WE HAVE YET MEASURED THE IMPACTS OF NOT JUST YOUR PROPERTIES, BUT, UM, OAK HOUSE ONE AND TWO, UH, WHICH ARE RIGHT THERE.
UH, SO THERE, THERE ARE A LOT OF QUESTIONS, UM, NOT ABOUT QUALITY, NOT ABOUT THE PARTNERSHIP, NOT ABOUT ANY OF THAT EXCEPT THESE ACTUAL PARCELS.
AND IS IT, IS IT RIGHT TO ADD TO THE PFC PORTFOLIO IN SUCH A, A SMALL AREA, UM, 'CAUSE OF, OF THOSE THAT ARE REELED OFF? YOU KNOW, I'M LOOKING AT, YOU KNOW, 600 BLOCK OF LANCASTER, UM, 500 BLOCK OF EWING, UM, UH, LET'S SEE, THERE'S, UH, 400 BLOCK OF, OF EWING, UM, DEEP JEFFERSON, 1300 BLOCK OF, UH, OF JEFFERSON.
SO THEY'RE ALL IN THAT SAME AREA.
UM, AND, AND I, I THINK THAT, UM, I, I'M, I'M, YEAH, I, I, I THINK THAT AS A, AS A PARTNER, AS DEVELOPER, YOU HAVE MY FULL-FLEDGED SUPPORT FOR THIS PARTICULAR PROJECT.
YOU DO NOT, I, I THINK WE NEED TO QUANTIFY, UM, WITH THE ACTUAL DATA, THE THINGS THAT YOU WERE TALKING ABOUT, I THINK THE, THOSE ARE ALL RIGHT AND WE CAN DO IT TOO.
AND WILL, UM, IF YOU WANT, UH, STAY IN THERE WITH US, BUT I, I KNOW YOU'RE UNDER THE CLOCK.
UM, BUT THIS IS JUST SOMETHING THAT IN ORDER TO BE A, UH, A THOUGHTFUL, SMART, UM, UH, BOARD MEMBER, I, I THINK PERSONALLY, I'VE GOTTA LOOK AT THIS A A LOT MORE AND UNDERSTAND THE IMPACT, UH, AND ARE WE DOING WHAT WE NEED TO DO? AND IF WE'RE NOT, CAN WE ADD MORE UNITS AND WILL THAT HELP US? AND IF THE ANSWER TO THAT IS YES, THEN YEAH, LET'S, LET'S COME BACK AND, AND REVISIT IT FROM MY PERSPECTIVE ANYWAY.
UM, BUT THAT, THAT'S THE, THAT'S THE REAL CHALLENGE.
YOU KNOW, WE DON'T WANNA CONCENTRATE THESE THINGS IN, IN ONE, UM, IN ONE AREA.
UM, I'VE GOT ALL THE RIGHT QUESTIONS, I DON'T KNOW IF I HAVE THE RIGHT ANSWERS.
AND SO WHAT WE LOOKED AT EARLIER ON THAT SLIDE, RIGHT, THERE'S BEEN 15 TO 20,010 YEARS DEVELOPED KIND OF ON THIS, IN THIS SUB-MARKET.
AND A VERY SMALL AMOUNT OF THOSE HAVE BEEN AFFORDABLE.
SO WHERE IS THEIR DEVELOPABLE VACANT LAND AVAILABLE, BUT HAPPENS TO BE IN THIS AREA? SO DO YOU CONCENTRATE THEM A BIT? SURE YOU DO, BUT THIS AREA MAKES SENSE TO HAVE MIXED INCOME HOUSING.
THE FIRST ANSWER WHEN I TALKED WITH COUNCIL MEMBER WEST WAS YOURS.
HE SAID, NO, DIDN'T, WE HAD A LONGER TALK, I THINK WE TALKED FOR ALMOST AN HOUR.
AND WHEN I EXPLAINED TO HIM THAT NUMBER ONE, THESE SITES ARE KIND OF THE FRONT DOOR TO 25 PROPERTIES THAT WE OWN, FOUR OF WHICH ARE CURRENTLY PFC DEALS, AND THAT THESE SITES WOULD REMAIN VACANT AS, UH, SCHOOLS WHERE THE SCHOOL HAS LEFT FOR ANOTHER CAMPUS.
UM, AND WE TALKED ABOUT HOW THEY'RE NOT CURRENTLY ON THE TAX ROLL AND, YOU KNOW, SO THE PSC INCOME WOULD ACTUALLY BE MORE INCOME THAN THEY'RE CREATING TODAY.
UM, AND THEY, THEY WOULD BE NEW BUILDINGS THAT WOULD CREATE HOUSING BOTH MARKET RATE AND NOT, AND PROBABLY BRING MORE PEOPLE TO THE CITY OF DALLAS.
AND AGAIN, IT WAS AN HOUR LONG CONVERSATION, SO THERE WAS A LOT OF NUANCE TO IT, BUT THAT BROUGHT HIM FROM A NO TO A YES.
UM, SO, SO I CERTAINLY APPRECIATE WHERE YOU'RE COMING FROM BECAUSE HIS FIRST ANSWER WAS A NO AS WELL.
UM, BUT WE'RE ABLE TO GET HIM TO A YES, PLEASE SUBMIT THIS DEAL.
SO UNDERSTAND WHERE YOU'RE GOING.
AND YOU KNOW, THE SCHOOL, I, I, UM, YOU KNOW, YOU NEVER KNOW DOWN THERE, UM, SOMETIMES YOU RUN ACROSS A HISTORICAL BUILDING AND YOU'RE LIKE, OH, WAIT, HANG ON.
UM, AND OTHER TIMES NOT SO MUCH.
AND SO THAT, THAT SCHOOL, I MEAN, THAT SCHOOL'S GONNA GET SCRAPED ANYWAY.
UM, AND I THINK THAT'S A LOT DIFFERENT.
THAT'S ONE OF THE REASONS I MENTIONED THE, THE DP AND L SITE.
'CAUSE THAT'S A, THAT'S A COMPLETELY DIFFERENT, UM, DEAL.
AND IF IT WAS SOMETHING LIKE THAT, YEAH, YOU, I, I'D HAVE TO REALLY KIND OF DIG IN AND RECONSIDER.
UM, BUT WHEN YOU'RE TALKING ABOUT INFILL SITES LIKE THIS, UM, I, I JUST, I,
[01:15:02]
I GET IT.I, I UNDERSTAND THAT YOU'RE UNDER CONTRACTS.
UM, I DON'T THINK THAT TRINITY MASON PREP SCHOOL'S BEEN SIT THERE VERY LONG.
UM, AND THAT OTHER ONE'S TWO AND A HALF ACRES, SO THAT'S VACANT.
I, I JUST, I DON'T FEEL LIKE, UM, AND I'M NOT COUNCILMAN WEST'S APPOINTEE THAT'S, UH, DIRECTOR OF COUNCIL, SO I'LL LET HIM SPEAK TO THAT.
UM, BUT IT'S JUST, UM, I NEED DATA.
'CAUSE IT DOESN'T FEEL, THE URGENCY FOR US IS THAT THIS DEAL DOES NOT PENCIL BUS TO THE PFC TODAY.
AND SO IT WILL BE A VACANT SCHOOL FOR, UNTIL THERE IS A CHANGE IN THE CYCLE.
SO THAT COULD BE, COULD SIX MONTHS, IT COULD BE SEVERAL YEARS.
AND WE OWN NOW OVER A THOUSAND UNITS IN THIS NEIGHBORHOOD.
AND THIS DEAL WILL BE A BEAUTIFUL DEAL IF WE'RE ABLE TO DEVELOP IT.
AND IT WILL BE A GREAT MIXED INCOME DEAL, WHICH IS WHAT WE'RE HERE TO TALK ABOUT TODAY.
UH, SO WE BELIEVE IT MAKES SENSE AS A PFC.
UM, AGAIN, NEW HERE, BUT THE ASSEMBLAGE IS INTERESTING TO ME.
AND YOU MENTIONED, UM, THAT YOU TOOK A STUDY OF YOUR EXISTING PFCS AND SAW WHERE THE TENANTS WERE COMING FROM.
DO YOU GUYS HAVE A SIMILAR SITUATED NON PFC PORTFOLIO? UH, CURRENTLY, UH, ALL OF OUR NEW DEVELOPMENT, UH, NOT ALL OF IT.
UM, WE HAVE A 47 UNIT PROPERTY IN THIS NEIGHBORHOOD, WHICH IS AT 5 0 1 NORTH VIEWING.
I'VE NOT LOOKED AT THE TENANT BASE THERE TO SEE WHERE THEY'RE COMING FROM.
AND IT'S MAYBE NOT SIMILARLY SITUATED TO WHAT YOU'RE DOING WITH THE PFCS, BUT IT'D BE INTERESTING TO KNOW, IS THIS THE SAME ACROSS, DOESN'T MATTER PFC, NOT PFCC, JUST TO THE EMBL POINT OF WHAT ARE WE ACTUALLY GAINING ON A HOLISTIC BASIS? ABSOLUTELY.
AND SECOND QUESTION, IF I CAN REAL QUICK.
UM, I'M JUST CURIOUS ABOUT THE TIMING PRESSURE.
YOU, YOU NEED TO BE UNDER CONTRACT.
YOU NEED TO SIGN THE TERM SHEET NOW, YOU EXPLAIN AND BRIEF.
UM, WE HAVE THE ABILITY TO TERMINATE THE CONTRACT NOW IF WE DON'T GET AN APPROVAL TODAY.
BUT IF WE DO NOT GET AN APPROVAL TODAY, WE WILL TERMINATE THE CONTRACTS TO PROTECT OUR
UH, DIRECTOR LOMBARDI, DO YOU HAVE ANY QUESTIONS? I, UH, YES, DIRECTOR, I CAN SEE YOU HAD ANY QUESTIONS.
I MEAN, UM, I GUESS I, I JUST, I DO FEEL A LOT OF WHAT, UH, DIRECTOR SAID AS FAR AS IF WE, YOU KNOW, IS THERE A STANDARD FOR WHAT OVER CONCENTRATION IS? THERE'S NOT.
I SORT OF SUBMIT THAT IT, IT, IT REALLY IS A LOOK, FEEL KIND OF THING.
UM, I, I'VE DRIVEN BY THE SITES A LITTLE BIT MORE, UM, RECENTLY KNOWING WHAT WAS COMING DOWN THE PIPE HERE.
UM, AND IT, IT'S, IT'S STILL TO ME, YOU KNOW, NOT KNOWING OF YOU OWN A A, A DIVERSITY OF PROPERTIES AT THIS POINT FULLY COMPLETED.
AND THEN I SEE A HOUSE, I SEE REALLY, REALLY OLD APARTMENTS AND, AND I DON'T KNOW WHICH ONES PER SE YOU OWN.
SO IT, IT, IT'S SO INTERESTING WHEN COMPARING, YOU KNOW, WE TALKED ABOUT THIS ONE OFF INTEL SITE 10 MINUTES AGO, AND, AND YOU GUYS HAVE QUITE THE, YOU KNOW, THE SAGE AND DOING MANY DIFFERENT THINGS ALL AT THE SAME TIME WITH THIS SORT OF, YOU KNOW, LONG LIST OF PROPERTIES WITHIN THIS VERY TIGHT AREA BETWEEN MAR DAVIS, JEFFERSON, COLORADO.
SO IT, SO WHEN I TALK ABOUT WHAT I'M SORT OF FEELING WHEN I'M IN THE INDUSTRY, IT, IT, IT IS A VERY INTERESTING MOMENT AT THE TIME.
AND YOU DRIVE DOWN EWING, THAT STRIP OF EWING, IT'S A REALLY TIGHT FIT.
UM, THE, THE, THE STREETS ARE A LITTLE BIT NARROW.
UM, I SEE A LOT OF PEOPLE AROUND AND, AND, WHICH IS ALL THOSE ARE GOOD THINGS.
I MEAN, IT'S ALMOST A GOOD PROBLEM TO HAVE.
BUT, BUT I FEEL LIKE SOMETIMES THIS IS SORT OF PUSHING THE, FOR THE, FOR THE FIRST TIME IN MY OPINION, THE IDEA THAT, WELL, MAYBE NOT EVERY UNIT IS ALWAYS A GOOD UNIT.
AND I THINK THE FORMULA THAT WE HAVE IS, IS REALLY ALMOST BIASED TOWARDS IT.
YOU KNOW, IF YOU FIT INTO THE DEAL TERMS THAT WE STANDARD OFF, THEN, THEN WE'RE GONNA, WE'RE GONNA DO THAT.
UH, BUT THIS IS, THE SITUATION IS SO UNIQUE, NOT 'CAUSE WHAT YOU, WHAT YOU HAVE DONE, WHAT YOU HAVE BUILT, BUT YOU'VE ALSO GOT ALL THESE OTHER THINGS.
AND I'M VERY CURIOUS MORE FROM A GREATER PLANNING CONCERN, KIND OF WHAT'S GONNA HAPPEN.
NOT JUST WITH THESE SITES, WHICH YOU CALL GATEWAY, BUT ALL THE OTHER SITES, THE PROPERTIES AS WELL.
AND WHAT, AND, AND YOU KNOW, AT SOME POINT THERE IS SORT OF A GREATER PLANNING CONCERN.
AND LET ME JUST, LEMME GIVE ONE EXAMPLE.
AT THE NORTH END, VIEWING BECOMES A ONE-WAY STREET RIGHT BEHIND THE SCHOOL.
WHAT'S GONNA HAPPEN WITH THAT? LET ME, LET ME, SUCH A SIMPLE QUESTION LIKE THAT.
WHAT'S GONNA HAPPEN WITH THAT? IS THAT GOING TO, IS THAT GONNA CHANGE IT? WELL, I BELIEVE THAT THAT WAS ORIGINALLY DONE BECAUSE OF THE SCHOOL PICKUP, RIGHT? UM, AND NOW WITH THE SCHOOL GOING AWAY, WE WOULD WANT THAT TO BE A TWO-WAY STREET.
UH, WE HAVEN'T YET DISCUSSED THAT WITH THE CITY OF DALLAS, BUT THAT, THAT WOULD
[01:20:01]
BE A GOAL OF OUR, BECAUSE THAT WOULD BE A TWO.WOULD YOU AGREE THAT, THAT EWING IS A PRETTY TIGHT STREET? IT'S HARD FOR 2, 2, 2 PARKING AND THEN SOMEBODY TO DRIVE.
YOU KNOW, IT, IT'S HARD TO HAVE TWO, TWO WAY TRAFFIC ON EWING OVERALL.
IT CAN BE, BUT IT'S NOT MEANT TO BE A THOROUGHFARE, RIGHT? WELL, RIGHT.
THERE'S A LIGHT THAT DAY THIS AND NEWING.
UM, HOPEFULLY PEOPLE DRIVE SLOWLY DOWN THERE AND IF, IF THEY'RE STREET PARKING, THEN PEOPLE DON'T DRIVE SLOWLY.
UM, I, I THINK A BIG PART OF WHAT, AND THIS GETS TO WHAT YOU WERE TALKING ABOUT, RIGHT, IS A MIX OF, OF PEOPLE LIVING IN THAT AREA.
SO WE'RE NOW RENTING UNITS, UH, IN OUR PSC BUILDINGS, AND I THINK YOU WALKED THROUGH SOME OF 'EM.
UM, RENTING SOME OF OUR UNITS FOR, FOR $2,600.
UM, AND THEN IN THAT SAME BUILDING, WE'RE RENTING UNITS FOR I THINK $1,100, UM, THAT ARE RENT RESTRICTED.
SO IT TRULY IS BECOMING A MIXED INCOME NEIGHBORHOOD, AND WE'RE VERY PROUD OF THAT.
UM, AND BELIEVE THAT WE JUST WANNA CREATE MORE OF THAT TO WHERE IN OUR RENOVATED BUILDINGS, WE DON'T OWN ANY HOUSES.
UM, SO WHEN YOU'RE SEEING THOSE, THOSE AREN'T OURS.
BUT WE DO HAVE A 10 UNIT APARTMENT BUILDING THAT WE RENOVATED ON UP TO.
UM, TODAY OUR BIGGEST BUILDING IS 86 UNITS AND WORKING ON 127 UNITS.
UM, YOU KNOW, SO THAT MIX, WHEN SOMEBODY WALKS IN, IN THE RENOVATED BUILDINGS, WE HAVE UNITS AVAILABLE FOR $895 TODAY.
SO ON UP TO $2,600 FOR OUR, OUR TWO BEDROOMS WITH VIEWS IN THE OFFICE AND ROOFTOP DECKS AND THAT MIXED INCOME NEIGHBORHOOD IS REALLY WHAT WE WANT TO BE DOING.
AND BELIEVE THAT AS WE CREATE MORE DENSITY, THEN THE CAR LOTS ON JEFFERSON START GETTING SCRAPED FOR RETAIL AND RESTAURANTS AND, AND ALL THAT TYPE AND, AND OAK HOUSE, UH, MAKES THAT HAPPEN AS WELL.
RIGHT? THE MORE DENSITY THAT'S CREATED, THEN THE MORE, MORE RETAIL AND RESTAURANTS START TO FOLLOW.
YEAH, I I, I CERTAINLY WANNA APPLAUD EVERYTHING YOU'VE DONE.
I CAN'T SAY ANY LOUDER THAN WHAT CAN SAID.
UM, AND UH, I HAD SPOKEN WITH CHAD IN THE LAST COUPLE WEEKS.
UM, I GUESS I JUST FEEL LIKE THAT, YOU KNOW, I STILL EVEN DECIDED IN MY OWN MIND.
BUT, UM, IT'S WEIRD THAT THAT, THAT WE KIND OF COME TO THIS POINT NOW WHERE LOOKING AT PLANNING CONCERNS FOR SORT OF THIS NEIGHBORHOOD AS A WHOLE.
I THINK IT'S ALSO AN ECONOMIC CONCERNS.
'CAUSE YOU'RE RIGHT, THERE ARE TOWN HOMES, THEY'RE COMING.
I, I MEAN I'VE SEEN I DRIVING AROUND, I I'VE SEEN IT AND I SAY THAT IN THE SENSE THAT, WELL, THOSE, THAT PRODUCT IT, SHOULD IT EVER COME INTO THIS SORT OF SQUARE THAT WOULD PROVIDE BENEFITS WITH TAX RETURNS, UM, INSTEAD OF THIS.
SO, BUT THEN YOU MIGHT BE THE SELLER FOR THOSE, FOR THOSE SAME TRACKS TOO OR SOMETHING LIKE THAT.
SO I, I'M SURE, UH, THE IDEA THEN THAT YOUR VISION FOR THE REST OF YOUR PROPERTIES, UH, IS, IS SOMETHING I THINK CERTAINLY TO CONSIDER GOING FORWARD.
UM, AND THERE WILL BE LIKE THE GENERAL GREATER PLANNING CONCERNS, ECONOMIC DEVELOPMENT ISSUES WITH ANY OF THAT.
SO THESE TWO TRACKS, AGAIN, I AGREE THAT THEY'RE SORT OF AT THE ENTRY POINTS AND THEY DO PRESENT, AND I THINK ONE OF THE BEST THINGS ABOUT THEM IS THEY ARE NOW ATTACK PRODUCING POINT AT THIS POINT IN TIME.
AND, AND THEY'RE SORT OF NOT THE, THEY'RE NOT NICE SQUARE.
IT'S EITHER THEY'RE, THEY'RE ONES, DAVIS IS KIND, THE SMALL COLORADO IS A SLIVER.
UM, YOU KNOW, IT'S RIGHT ACROSS THE STREET FROM OAK HOUSE, WHICH, WHICH I'M SURE THE CHARTER SCHOOL WAS, WAS HAPPY TO SEE THAT HAPPEN.
UM, SO I GUESS THAT'S SORT OF A LOT OF WHERE I'M COMING FROM.
UM, YOU KNOW, I KNOW THAT IN OTHER DEVELOPMENT CONTEXTS, THE QUESTIONS THAT I'M RAISING OFTEN COME OUT, WHETHER IT'S A ZONING THING, WHETHER IF YOU RUN A TIF DISTRICT, WHETHER OTHER KINDS OF ECONOMIC DEVELOPMENT PROGRAMS, SOME OF THE QUESTIONS THAT I'M KIND OF RAISING KIND OF BECOME FRONT AND CENTER.
UM, HERE, IT'S, WELL, THIS IS JUST DAY ONE OF YOUR APPROVAL PROCESS.
AND SO THAT MAY BE ONE REASON, UH, AND I DON'T THINK LIKE BEING PUT UNDER THE GUN EITHER.
UH, BUT AT THE SAME TIME, UM, YOU KNOW, YOU GUYS DO HAVE, HAVE DONE A LOT OF GREAT WORK AND
UM, BUT, BUT LIKE I SAID, IT, IT'S, IT'S A, IT BECOMES COMPLICATED GIVEN THE SCOPE OF, OF EVERYTHING THAT'S GOING ON HERE.
I MIGHT HAVE ADDITIONAL COMMENTS, BUT I DO LIKE TO HEAR BROTHERS MIGHT HAVE TO SAY THANK YOU, DIRECTOR, COUNCIL, UH, YES, DIRECTOR MARK, THANK PRESIDENT.
CAN YOU DISCUSS WHY IS THAT WE'RE SEEING 50% OF PEOPLE OUTSIDE OF DALLAS COMING? JUST BECAUSE I ACTUALLY LIVED IN A COMPLEX WHERE GOT DEVELOPED RIGHT ON YOU.
AND SO ME AND MY DALLAS SITES WOULD BE CONCERNED THAT WE'RE SEEING AN INFLUX OF OUT AND NOT IN BECAUSE OF AFFORDABLE BEING A BIG ISSUE, RIGHT? HOUSING IS A BIG ISSUE AND THIS, THIS IS FOR RENT, NOT FOR HOPE.
SO CAN YOU TALK ABOUT MAYBE THE MARKETING AND WHY IS THAT BEING DONE? BECAUSE I LOVE THAT, RIGHT? I'M, I'M A BANKER, SO I LOVE SEEING ECONOMIC DEVELOPMENT COME, BUT THAT'S CONCERNING IF WE'RE SUBSIDIZING IT.
AND THEN IT'S NOT COMING TO OUR RESIDENTS THAT ALREADY ALREADY TALKING ABOUT THE G WORD AND CLIFF, RIGHT? SPECIFICALLY BISHOP ARTS, UM, WEST
[01:25:01]
DALLAS AREAS THAT ARE CONCENTRATED IN THAT AREA.AND SO I'M CONCERNED ABOUT THAT.
AND SO SEEING THIS, HEARING THIS NUMBER IS, IS NOT MAKING ME MOVE TOWARDS SHIFT, BUT NOT TOWARDS, NO.
SO CAN YOU TALK ABOUT THAT A LITTLE BIT? YEAH.
SO'S THE QUESTION A DIFFERENT WAY, JUST SO I, I FULLY UNDERSTAND IT.
WHY ARE WE SEEING MORE RESIDENTS IN THE APARTMENT COMP OR THE WORK, THE FACILITIES YOU GUYS OWN COMING OUTSIDE OF DALLAS AND NOT BEING WITHIN DALLAS TE TENANTS? SURE.
AND I CAN'T ANSWER THAT QUESTION FULLY, RIGHT? I CAN JUST, JUST MARKET THE UNITS FOR RENT AND, UM, THEN SEE WHO SHOWS UP TO RENT THEM, RIGHT? UM, AND SO THAT'S WHAT WE DO.
AND NOW SHARE THE DATA WITH YOU.
UM, WHICH, WHICH HONESTLY TO US AT, AND I'M A LIFELONG, YOU KNOW, RESIDENT OF DALLAS.
ONE OF MY BIGGEST CONCERNS WHEN I LOOK AT THE CITY OF DALLAS STATISTICS IS THAT THE CITY OF DALLAS POPULATION HASN'T GROWN OVER THE LAST FIVE YEARS.
IT'S STAYED ALMOST FLAT, RIGHT? AND SO IT'S THE SAME PEOPLE CHASING THE SAME HOUSING.
UM, SO WHEN YOU PROVIDE MORE HOUSING, WHAT'S NATURALLY GONNA HAPPEN IS THAT IT ALLOWS FOR MORE PEOPLE TO MOVE IN.
SO IN THIS NEIGHBORHOOD SPECIFICALLY, WE STARTED BY RENOVATING 16 OLD BUILDINGS.
SO A LOT OF 'EM WERE DILAPIDATED AND LIKE 25 TO 40% OCCUPIED WHEN WE TOOK THEM OVER.
AND SO THEN WE RENOVATED 'EM, MADE 'EM HABITABLE, AND NOW MORE PEOPLE LIVE THERE.
SO WE CREATED MORE HOUSING THAT WAY.
AND THEN WE TOOK A LOT OF VACANT LAND.
UM, WE TORE DOWN A FEW BUILDINGS AND HOUSES, BUT A LOT OF IT WAS VACANT LAND AND CREATED MORE HOUSING WHERE THERE WASN'T ANY TO BEGIN WITH.
UM, SO THERE WASN'T A LOT OF GENTRIFICATION INVOLVED BECAUSE WE CREATED MORE HOUSING INSTEAD OF GOT RID OF A BUNCH OF OLD HOUSING.
UM, SO THAT 50% OF PEOPLE THAT MOVED IN WAS INTO HOUSING THAT DIDN'T EXIST BEFOREHAND.
ANY COMMENTS, UH, FROM ONLINE OR HERE ON BOARD? ANY FURTHER COMMENTS? CLOSING REMARKS, COMMENTS? KIM? I DO WANNA STATE THAT, YES, SIR.
SAM MENTIONED IT ON OUR REAL ESTATE COUNCIL COMMITTEE, THAT THERE, THIS WAS A SECOND HIGHEST AREA THAT HAD, UM, DEVELOPMENT GOING ON.
IS THAT CORRECT? IS THAT RIGHT? BECAUSE IT WAS DISTRICT, WHICH THAT'S MY DISTRICT, DISTRICT SIX, AND THEN DISTRICT ONE.
I JUST WANNA MAKE SURE EVERYONE'S AWARE ABOUT THAT AS WELL.
YEAH, WE HAVE THE MOST PROJECTS IN DISTRICT SIX.
THIS MIGHT BE FOR SAM AND AARON OR MAYBE, MAYBE SUMMER.
UM, YOU KNOW, IF YOU GET HUD MONEY, YOU HAVE TO GO THROUGH A FAIR HOUSING ANALYSIS AND A CONCENTRATION OF POVERTY.
UH,
SO IS THERE A SIMILAR ANALYSIS SINCE THAT'S KIND OF AN ISSUE THAT'S, THAT'S COME UP? IS THERE A SIMILAR ANALYSIS ON PFC DEALS THERE? YEAH, SO WHEN WE TAKE IT TO THE CITY, SO, YOU KNOW, THIS IS ONE ELEMENT OF THE APPROVAL, RIGHT AFTER YOU GUYS GET THE, THE PRELIMINARY THUMBS UP, WE'LL PREP IT TO GO TO CITY COUNCIL AND WORK WITH CITY STAFF TO GET THAT ALL READY.
PART OF THAT PREP IS A FAIR HOUSING REVIEW THAT DOESN'T SUPPLY SOME INFORMATION, BUT WE JUST DON'T HAVE IT YET 'CAUSE UH, HASN'T BE SAID.
SO IT'S, IT IS PART OF THE PROCESS, SO VERY GOOD.
ANY FURTHER COMMENTS? SAY NONE.
DO WE HAVE, UH, A MOTION ON THE FLOOR? NO, I WAS JUST GONNA ASK ONE MORE QUESTION.
SO, YEAH, I JUST, SO I, I'M, I WAS HEARING FROM DIRECT MONTGOMERY THAT WE WE'RE NEEDING MORE TIME AND MORE INFORMATION, AND I, MAYBE I MISSED IT IN THE, IN THE PRESENTATION, BUT AM I UNDERSTANDING CORRECTLY THAT THIS WAS, THIS WAS PREVIOUSLY AT LIKE A, A MARKET RATE DEAL AND THAT'S WHY IT'S COMING TO PFC WITH SO LITTLE NOTICE AND, AND IT, THE DEAL FALLS APART IF WE DON'T APPROVE TODAY? OR I GUESS I'M TRYING TO UNDERSTAND WHY WE'RE AT A TIMELINE PINCH POINT, AND MAYBE I JUST MISSED THAT IN THE EXPLANATION.
SO ONE OF THESE IS, IS VACANT LAND, THE OTHER ONE IS A VACANT SCHOOL.
UM, SO THERE'S NO TIMELINE, THERE'S NO, UM, IT, IT IS NOT ANY EXISTING MULTIFAMILY OR ANYTHING LIKE THAT.
THIS IS ESSENTIALLY A LAND ACQUISITION.
UM, BUT THERE ARE CONS, CONTRACTUAL ISSUES.
SO THE SELLER OF THIS LAND, UM, THAT WE'RE UNDER CONTRACT WITH, UM, BASICALLY WILL MAKE US PUT UP A LOT OF MONEY TO EXTEND THE CONTRACT.
AND WE DON'T WANT TO BE AT RISK, UH, BECAUSE THE DEAL DOES NOT WORK WITHOUT, UH, THE PFC APPROVAL FINANCIALLY.
[01:30:01]
AND THEN, AND THEN FOR MY KNOWLEDGE, IF, IF WE APPROVE THE TERM SHEET TODAY, THERE'S NO, THAT'S, THAT'S NOT THE FINAL APPROVAL, CORRECT? IT'S THE, IT'S THE INITIAL TERM SHEET APPROVAL.SO WE WILL, ONCE WE GET THIS TERM SHEET APPROVED, DRAG SOME, WE'LL DO KIND OF A DUAL TRACK WHERE WE, WE START DRAFTING FINAL DOCUMENTS.
BUT FIRST WE REALLY HAVE TO GET IT APPROVED THROUGH CITY COUNCIL AS WELL.
UH, AND WHO KNOWS IF THAT'S A YES OR NO, YOU KNOW, YOU CAN'T PREDICT WHAT THEY'RE GONNA APPROVE, BUT, UH, THAT'S SORT OF THE PROCESS.
AND WE STRUCTURED THE CONTRACT TO, TO ALLOW THE TIME TO TAKE IT THROUGH FIRST HHS AND THEN CITY COUNCIL.
SO, BUT IF WE DON'T CLEAR THE FIRST HURDLE, THEN WE KNOW THAT WE DON'T HAVE TIME TO THROUGH THE NEXT TWO.
THANK YOU FOR THAT EXPLANATION.
DIRECTOR STOMP, I THINK I HAVE THE QUESTION.
SO SAY YOU GUYS DO PASS THIS TODAY.
I GUESS EITHER WAY, YOU'RE, YOU'RE, YOU'RE OBLIGATED TO THAT EARNEST MONEY IF YOU WANT TO TAKE IT THROUGH CITY COUNCIL, RIGHT? LIKE, SAY YOU PASS TODAY.
BUT IF CITY COUNCIL SAYS NO, YOU'RE STILL, THERE'S A CONT CONT WE STRUCTURE OUR CONTRACT SO THAT OUR EARNEST MONEY GOES NON-REFUNDABLE AT, AT A DATE IN THE FUTURE.
UM, SO ESSENTIALLY THAT DATE IS AFTER THE DECEMBER CITY COUNCIL MEETING.
UM, BUT IF WE DON'T PASS TODAY, WE KNOW THAT WE'RE NOT GONNA GET ON THE DECEMBER CITY COUNCIL AGENDA, SO WE MIGHT AS WELL GIVE UP TOMORROW.
SAM, HAVE WE, 'CAUSE WE CAN TALK ABOUT MY UPDATES.
ANY OTHER COMMENTS? ALWAYS LIKE TO MAKE SURE EVERYONE HAS A CHANCE TO COMMENT.
EVERYONE'S VOICE IS HEARD SAYING NONE.
DO WE HAVE A MOTION ON THE FLOOR? DO WE HAVE A MOTION TO DENY? MOTION MADE TO DENY BY DIRECTOR MONTGOMERY? DO WE HAVE A SECOND TO HIS MOTION? I SECOND.
SAM, UM, YOU A WROTE CALL UP PLEASE.
SO THIS IS, UM, GOING SORT OF OPPOSITE
SO I, I WOULD MAKE IT CLEAR I JUST SPOKE HERE IS A DENIAL OF THE PROJECT.
CAN WE, CAN WE HAVE A DISCUSSION ON THAT? YEAH.
UM, YES, I'VE BEEN, LIKE I SAID, I, THE LAST TWO DAYS I'VE BEEN FOCUSED ON THIS.
UM, A LOT OF ME SAYS NO, BUT I THINK THE LITTLE, THE ONE SAVING GRACE IS THE LOCATION OF THESE TWO PARCELS.
UM, IF IT HAD BEEN IN THE HEART OF THE, OF THE, OF THE NEIGHBORHOOD, I THINK IT WOULD'VE BEEN A LOT MORE DIFFICULT FOR ME TO VOTE FOR IT.
THERE'S A LOT OF ISSUES TO COME.
UM, I THINK THAT'S WHY I'D BE OKAY WITH YEAH, BUT VERY CLOSE CASE.
UM, THIS IS ONLY THE BEGINNING OF THE PROCESS.
IT HAPPENED AND I CERTAINLY RESPECT THE NO VOTE HERE.
UH, BUT AS PART OF IT IS BEING THAT I THINK ALL THE GOOD WORK DONE, I DON'T THINK IT'S GONNA REALLY HAVE SOME OF THE WORST EFFECTS IN MY MIND.
THAT'LL HAPPEN GIVEN THE LOCATION OF THESE TWO SITES WHERE THEY ARE IN THE OVERALL.
UM,
UM, I'D LIKE TO WITHDRAW MY AS AS I, THE MOTION DENY HAS BEEN WITHDRAWN.
YEAH, WE MAKE THE MOTION APPROVE.
MOTION TO APPROVE BY DIRECTOR S DO WE HAVE A SECOND? I SECOND.
[01:35:01]
APPROVE.AB STATE LAUREL STONE APPROVE.
ON THE MOTION WE HAVE SEVEN TO APPROVE, ONCE DENIED TO ABSTENTIONS.
MOVING ON TO ITEM NUMBER 11, DISCUSSION REGARDING THE STATUS OF THE COST SHARING PROPOSAL WITH THE DALLAS HOUSING FINANCE CORPORATION FOR MANAGEMENT, ADMINISTRATIVE, OPERATIONAL, AND OR OTHER SERVICES.
MR. QUINTO, UM, JUST LIKE TO REPORT THAT THE AGREEMENT THAT YOU ALL, UH, VERIFIED WAS APPROVED ALSO AT THE AGENCY MEETING.
SO SEE, IT'S NOW WHAT IN FULL EFFECT THE SHARED SERVICE AGREEMENT IS IN FULL EFFECT BETWEEN THE TWO ENTITIES.
AGAIN, MY
UH, ANY COMMENTS OR QUESTIONS ABOUT ITEM NUMBER 11? FURTHER DISCUSSION.
IT WAS JUST A DISCUSSION ITEM.
MOVING ON TO ITEM NUMBER 12, EXECUTIVE SESSION.
PURSUANT TO TEXAS GOVERNMENT CODE 5 5 1 0 7 4 PERSONNEL MATTERS TO DELIBERATE, DELIBERATE THE EMPLOYMENT DUTIES OF THE GENERAL MANAGER WITH RESPECT TO COMPENSATION OH, AT THIS TIME.
SO, UM, TEAMS MEETING IT IS, UM, 1 37.
I'M GONNA SAY 13:37 PM ON OCTOBER 28TH, 2025, THE DALLAS PUBLIC FACILITIES CORPORATION WILL NOW GO INTO CLOSED SESSION UNDER SECTION 5 5 1 0 7 4 OF THE TEXAS OPEN MEETINGS ACT ON THE FOLLOWING MATTER DESCRIBED TODAY'S AGENDA DELIBERATE THE EMPLOYMENT AND DUTIES OF THE GENERAL MANAGER WITH RESPECT TO COMPENSATION.
IF THE MEMBERS, UH, ONLINE, I BELIEVE Y'ALL WERE GIVEN A SECOND LINK.
DOES EVERYONE HAVE IT? AND KEEP THE FIRST LINK 'CAUSE WE'D BE SIGNING BACK ONTO THIS ONE.
JASON LAUREL, I JUST MAKING SURE THEY ALL HAVE IT.
PARDON? I JUST WANNA MAKE SURE WE GOT A THUMBS UP.
I'M NOW MOVING TO EXECUTIVE SESSION.
JUST SO YOU GOT TO TALK ABOUT ME.
THE, THE COMING TO ORDER HERE, THE DALLAS PUBLIC FACILITY CORPORATION HAS COMPLETED ITS CLOSED SESSION UNDER SECTION 5 5 1 0 7 4, THE TEXAS OAKLAND MEETINGS ACT, AND AT 2:04 PM ON OCTOBER 28TH, 2025, WE HAVE RETURNED TO OPEN SESSION AND SEEING WE HAVE ATTENDANCE BACK ONLINE.
SO WE'RE MOVING ON TO ITEM NUMBER 13.
THE PFC BOARD MAY RECONVENE AN OPEN SESSION AND ACT ON ANY ITEM LISTED ON THE EXECUTIVE SESSION AGENDA IN ACCORDANCE WITH CHAPTER 5 5 1 TEXAS GOVERNMENT CODE.
AND THIS IS WHEN I WILL MAKE A MOTION.
A MOTION IS MADE TO RATIFY THE ANNUAL SALARY OF THE DPFC GENERAL MANAGER AS DESIGNATED BY THE DALLAS HOUSING FINANCE CORPORATION DHFC, TO BE AFFECTED NOVEMBER 1ST, 2025, AS WELL AS REIMBURSED THE DHFC RETROACTIVE AUGUST 1ST, 2025.
UH, YOU NEED A MOTION? I MOTION TO APPROVE MOTION MADE BY MARQUEZ MARQUEZ TO APPROVE WHAT I JUST READ.
SECOND BY DIRECTOR MONTGOMERY.
DO WE HAVE ANY DISCUSSION ON THIS? UH, SAM, LET'S MOVE TO ROLL CALL.
RONALD STINSON SIGNED BLANKENSHIP NOT ON, UH, C MARQUEZ.
[01:40:01]
APPROVED.WE HAVE LAURA APPROVE APPROVE.
WE HAVE, UH, 11 TO APPROVE AND NONE IN OPPOSITION.
MOVING ON TO ITEM NUMBER 14, DISCUSSION REGARDING UPDATES.
THE DALLAS HOUSING RESOURCE CATALOG AS PRESENTED TO THE HHS COMMITTEE ON 10 21 25.
UH, THIS IS A RECAP OF THE MEETING, JUST, UH, TO INFORM THE, UM, OUR BOARD HERE OF WHAT HAPPENED.
AND, UM, I'D LIKE FOR, UH, UH, KEN, IF YOU COULD START OUT WITH THE, A DISCUSSION ON A ONE, UH, ON SOMETHING THAT, UH, WE ARE PUTTING TOGETHER AND WE'LL FOLLOW UP WITH AARON.
SO THE, UM, UH, THE DISCUSSION WAS AROUND WHAT, UH, IS NOW THE PROGRAM STATEMENT.
SO AT THIS POINT, UM, WHAT WE ARE, UM, ACTIVELY IN DISCUSSIONS BETWEEN CITY STAFF, UM, THE HOUSING AND HOMELESSNESS SOLUTIONS COMMITTEE AND GENERAL CITY COUNCIL IS, UM, OUR PROGRAM STATEMENT.
UM, THE PROGRAM STATEMENT IS ESSENTIALLY A, AND I'M JUST KIND OF TAKING A STEP BACK HERE.
UM, IT'S ESSENTIALLY A VISION STATEMENT SAYS, THIS IS WHAT WE'RE GONNA DO, UM, THIS IS HOW WE'RE GONNA WORK, AND, UH, THESE ARE THE, THE TYPES OF, UM, UH, PARTNERSHIPS THAT WE WANT TO ENCOURAGE.
UM, SO WITH, WITH THAT IN MIND, WE, UH, I THOUGHT, UM, THE HOUSING COMMITTEE HAD A, A, A VERY EFFECTIVE, UH, DISCUSSION AROUND SOME OF THOSE ITEMS. UM, I I THINK IT, IT'S, UH, UM, CERTAINLY WARRANTED TO CONSIDER THE IMPACTS, UM, OBVIOUSLY OF THE, OF ANY TAX ABATEMENT.
UM, IN MO ON MOST DAYS, WE'RE TALKING ABOUT VACANT LAND, WHICH IS WHY ASSEMBLAGES ARE, ARE SO IMPORTANT TO ME.
YOU WERE LOOKING AT, AT VACANT LAND AND BUILDING ON THAT, THAT'S A GOOD THING, LIKE ERIC WAS, WAS TALKING ABOUT.
UM, BUT NONETHELESS, WE, WE STILL HAVE TO CONSIDER THE, THE ABATEMENT AND I THINK THAT'S WHERE A LOT OF THE, THE DISCUSSION AT THE COUNCIL LEVEL HAS COME FROM.
SO, UM, WITH THAT IN MIND, UH, WE PROVIDED COUNSEL WITH A, A NUMBER OF DIFFERENT ITEMS IN SUPPORT, UM, THAT WOULD INCLUDE THE PROGRAM STATEMENT THAT THIS BODY APPROVED, UM, FOR THE, THE PFC.
UM, IT WOULD INCLUDE THE BYLAW CHANGES, UM, THAT WE APPROVED ABOUT A YEAR AGO.
UM, AND THEN, UH, WE DID A, A RED LINE OR, UH, AN ANNOTATION OF, UH, THE, UH, PROGRAM STATEMENT THAT WAS BEING SUBMITTED BY STAFF TO, UM, THE HOUSING COMMITTEES.
UH, AND SO THAT'S KIND OF, THAT'S WHERE WE, WE STOPPED.
AND AT THE HOUSING COMMITTEE, I DON'T KNOW IF ANYONE, UH, IF, IF YOU HAVE AN OPPORTUNITY TO WATCH OR, UH, BUT ESSENTIALLY WE CAME TO, WE NEED TO KEEP THIS CONVERSATION.
UM, AND SO IN THAT EFFORT, I'VE ASKED, UM, AARON AND SAM TO, TO HELP ME PULL THIS TOGETHER, BUT WE'RE ESSENTIALLY GONNA PULL TOGETHER A PACKAGE FOR, UM, COUNCIL MEMBERS.
AND I'VE, I'VE MET WITH MY COUNCIL MEMBER SINCE THEN AND, AND SHE SAID, JUST BREAK IT DOWN FOR ME.
JUST, JUST GIMME THE BASICS AND THAT, AND THAT'S KIND OF WHAT WE REALLY NEED TO DO.
SO, UM, THE, THE IDEA IS TO PUT TOGETHER, UM, ABOUT A ONE AND A HALF, TWO PAGE SUMMARY THAT HAS EVERYTHING.
SO YOU LOOK THAT PAGE, PAGE AND A HALF, AND IT'S ALL THERE, YOU KNOW, UM, AS A COUNCIL MEMBER, WHAT I'M, WHAT I'M BEING ASKED TO MAKE A DECISION.
AND THEN FROM THERE WE'LL INCLUDE, UM, UH, OTHER SUPPORTING DOCUMENTS.
SO IF YOU WANNA GO DEEP AS A COUNCIL MEMBER AND LOOK AT AND LOOK AT BYLAWS AND LOOK AT THE PROGRAM STATEMENT AND GO THROUGH AN APPLICATION, ALL THAT STUFF, WE'LL, WE'LL HAVE IT AVAILABLE.
THE IDEA IS TO SIMPLY, UM, DESCRIBE IT AND CONTINUE THAT CONVERSATION BECAUSE I, I, I THINK, UM, MORE SPEAKING FOR MYSELF HERE, BUT MORE THAN ANY CONVERSATION I'VE HEARD AROUND, UM, THE PFC THAT INCLUDES STAFF AND, UM, THE HOUSING COMMITTEE, I, I THINK THE, THE DISCUSSION WE HAD THE LAST TIME AROUND, UM, WAS GOOD AND, AND HEALTHY.
AS, AS I'VE HEARD THERE WERE GOOD QUESTIONS.
UM, I, AND I, I KNOW WE HAVE GOOD ANSWERS FOR THOSE AND WE'RE GONNA START TO PULL THAT TOGETHER.
[01:45:01]
UM, AND THAT'S KIND OF, THAT'S MY, MY SUMMARY OF THAT COMMITTEE.HI, AARON, WOULD YOU LIKE TO FOLLOW UP? YEAH, I MEAN, I CAN GO THE LITTLE, LIKE, THERE'S, THERE'S MOSTLY AGREEMENT WITH HOW TO TACKLE AFFORDABLE HOUSING EXCEPT FOR SEVERAL KEY ISSUES THAT THE BOARD, I THINK IS A DISAGREEMENT WITH SUIT STAFF.
SO THAT'S, WE'RE TRYING TO WORK ON HOW TO, UH, COME TO SOME SORT OF DEGREE, FOR LACK OF A BETTER WORD HERE, BUT, UM, NAMELY THE THING THAT WILL AFFECT YOU GUYS THE MOST AND HOW WE TOOK PROJECTS IS THE GEOGRAPHIC RESTRICTIONS ON PROJECTS.
SO IT'S PROPOSED IN THAT STATEMENT THAT ALL OF THE PFC PROJECTS BE RESTRICTED TO AREAS, UH, 20% ARE MORE POVERTY, UH,
I, THOSE THREE ISSUES ON PAGE 16 ON, HMM.
BUT VERY STRONGLY ABOUT OPERATION.
SO, SORRY, I THINK, I DON'T WANNA SPEAK FOR THE
I THINK GENERALLY YOU GUYS SEE THE VALUE IN THE PROJECTS, YOU KNOW, WE LOCATED IN THE HIGHER OPPORTUNITY AREAS BECAUSE IT'S JUST, IT'S, IT'S HARD TO MAKE A PFC PROJECT WORK IN A VERY LOW INCOME AREA, UH, NEED THE SUPPORT OF THOSE MARKET RATE RENT TO MOVE UP THE RESTRICTED RATES.
UM, AND SO THERE'S, THERE'S A LITTLE DISAGREEMENT BETWEEN CITY STAFF THAT PUT ON THIS, BUT I THINK WE'LL BE ABLE TO WORK IT OUT.
AND, UH, I JUST, LORD, BASICALLY THIS MORNING, UH, HE ASKED ME LAST FRIDAY TO GET SOME SLIDES TOGETHER FOR MONDAY TO, TO GO TO A BRIEFING NEXT WEEK.
SO LUCKILY HE WAS ABLE TO GET, I GUESS ANOTHER MEETING CALLED ON THE 14TH.
SO THAT'S, THIS IS ALL VERY NEW.
SO THEY'RE GONNA HAVE A SPECIAL CALL MEETING, UM, TO THREE 50.
I GUESS THE, THE COMMITTEE, MAYBE THE WHOLE COUNCIL AS WELL.
SO I DON'T, I DON'T KNOW WHO'S GONNA HEAD THAT, THAT'S BE A OFFICIAL COMMITTEE.
I KNOW WE'VE ALSO TALKED ABOUT DOING OUR OWN TRAINING, DEFINING THE COUNCIL AND PACKET OF MATERIALS.
SO THERE'S OBVIOUSLY GONNA BE SOME OVERLAP.
HOPEFULLY WE CAN, WE CAN GET THAT IN FRONT OF THEM AS MANY TIMES AS POSSIBLE.
I THINK, 'CAUSE I CAN PERSONALLY TESTIFY OVER THE LAST TWO YEARS I'VE SAT INDIVIDUALLY WITH COUNCIL MEMBERS FOR, YOU KNOW, HALF AN HOUR, AN HOUR.
IT'S JUST NOT ENOUGH FOR THEM TO UNDERSTAND EVERYTHING WE'RE DOING.
AND I DON'T BLAME 'EM WITH EVERYTHING ELSE.
THEY HAVE TO WORRY ABOUT ALL THE OTHER ISSUES.
YOU KNOW, THIS MAYBE NEVER BEEN ON THEIR LIST FOR THAT DAY.
YOU KNOW, WHEN WE GET INTO THE WEEDS OF HOW OUR PROGRAM WORKS AND T SEE
SO, UM, LIKE I SAID, THE MORE WE CAN GET IN FRONT OF THEM AND THE MORE WE CAN, WE CAN WORK ON THIS EDUCATIONAL ASPECT, I THINK THEY EQUIPS THEM TO MAKE THEIR DECISIONS AROUND THAT ONE SHEET.
WANNA FOLLOW UP? SO TO CLARIFY, SO AT THE HHS COMMITTEE MEETING, NO, DIDN'T, UM, WAS IT COUNCIL MEMBER, UH, AS DOULA, DIDN'T HE, DIDN'T SOMEONE MAKE A MOTION AND IT PASSED NOT TO VOTE ON WHAT, RIGHT.
YOU THIS, EXPLAIN THE WORDING, PLEASE.
WE MADE A MOTION NOT NOT ADVANCE THESE PROGRAM STATEMENTS TO COUNCIL.
AND SO THAT WAS APPROVED UNTIL A CERTAIN DAY, UNTIL WE HAD MORE INFORMATION OR MORE AND MORE KNOWLEDGE.
WE BASICALLY, I THINK IT WAS STILL THE HOW MEETS AGAIN ON IT.
RIGHT? SO HOUSING COMMITTEE'S GONNA MEET AGAIN NEXT WEEK, BUT THEN THEY'RE GONNA HAVE THIS SPECIAL CALL MEETING, UH, YOU KNOW, WHAT THEY'RE GONNA EVENT.
BUT I WOULD HOPE THAT THEY GIVE SOME CONTENT TO WORK OUT THAT DIFFERENCES TO THE STAFF.
SO YOU'RE SAYING NOVEMBER 14TH? NOVEMBER 14TH IS WHAT SOMEBODY JUST TOLD ME? UH, YES.
YOU'RE GONNA HAVE ANOTHER, THE HOUSING.
HHS IS HAVING ANOTHER MEETING.
AND WILL THAT BE, WILL THERE BE ACTION ITEMS ON THAT AGENDA? I, UM, I DON'T KNOW.
I DON'T, THE THE MAIN PUSH ON THAT IS TO HAVE A BRIEFING TO EDUCATE THE ENTIRE COUNCIL ABOUT THE PFC PROGRAM THAT WORKS.
AND, AND ALL OF THIS ARE THE OFFICERS OF THE AND STAFF OF THE PFC AND HFC INVITED THIS, THIS IS ALL VERY NEW.
I I DIDN'T OUT HALLWAY THERAPY, SO MORE
IT'S PRETTY THAT WAY WE COULD, UH,
[01:50:01]
YOU KNOW, RALLY THE TROOPS AND EVERYTHING AND, UH, YOU KNOW, ASSIST IN THE PRESENTATION IF WE NEED TO.YEAH, I THINK, UH, HOPEFULLY WE WILL, WE'LL GET SOME MORE INFORMATION AND WE'LL, WE'LL KEEP YOU ALL IN THAT.
SO EVEN IN THE EDUCATION PROCESS OF THE COUNCIL, THERE SHOULD BE AN EDUCATION PROCESS OF THE HHS COMMITTEE BECAUSE ALL OF THOSE PEOPLE ARE NOW NEW, RIGHT? IS THAT FULLY STAFFED NOW? I MEAN, WITH ALL APPOINTEES? YES.
THE HHS COMMITTEE IS FULLY NAMED.
UM, BUT THERE ARE SEVERAL NEW MEMBERS.
I WOULD, THERE'S A NEW CHAIR, CHAIR
UM, I KNOW VICE CHAIR BLAIR VICE, I THINK THE HOLDOVERS A BIG MORENO BENON AND GRACIE LEWIS WILL IS ALSO ON THAT AS WELL.
SO, SO THESE PROGRAM STATEMENTS, THESE ARE STILL YET TO BE WORKED OUT? THEY'RE YET TO BE WORKED OUT.
SO THE PROGRAM STATEMENTS ARE BASICALLY THE, IT'S, IT'S THE HOUSING DEPARTMENTS, HOUSING POLICY, HOW THEY WANT THESE PROGRAMS TO OPERATE WITHIN THE BOX OF OKAY.
SO THAT'S WHAT'S KIND OF UP FOR DEBATE AT THAT BECAUSE I'M, I'M LOOKING OF COURSE AT, I'M ON PAGE EIGHT LOOKING AT, UH, POLICIES AND PROCEDURES THERE.
SO THAT, THAT IS A BIG, UH, BIG DOT IF YOU WILL.
UH, THAT SECOND DOT, THAT IS A BIG DOT THAT WE HAVE, UH, DISCUSSED OVER AND OVER AND OVER, UH, THAT WE DIDN'T WANT IT TO HAPPEN ANYWAY.
SO THESE ARE STILL UP FOR NEGOTIATIONS OR DISCUSSION.
NOTHING SAID IS SPELLED AT THIS POINT.
THIS IS THE PROPOSAL PREMISE COUNCIL STAFF.
AT THE SAME TIME CHAIR ASKED FOR INSIGHT OR RULING.
WELL, UM, THE, I'M, IT'S MY UNDERSTANDING THAT THE CHAIR OF THE HFC, AND THAT'S THE CITY ATTORNEY'S OFFICE FOR, UH, A LEGAL OPINION ON THE, UM, EX OFFICIO MEMBER.
SO I DON'T, I DON'T KNOW OF ANY RESPONSE YET, AN OFFICIAL RESPONSE TO THAT.
WE HAVE, WE HAVE NOT MADE ANY REQUEST YET, BUT, UM, COULD DO SO OFFLINE, BUT THAT'S NOT AN ACTION ITEM FOR US HERE TODAY.
BUT, UH, THAT WAS, THAT WAS MADE, AND I'M NOT, THERE'S QUESTION AS TO WHETHER OR NOT, AND IT'S BEEN PART OF THE DISCUSSION FOR QUITE A FEW MONTHS,
AND ACTUALLY THAT WAS ONE ITEM THAT, UH, OUR, OUR LATE DIRECTOR, TELLIS WAS A VERY COMMITTED TO AS AN ATTORNEY, UH, GOING TO BAT AND THE PFC GO TO BAT BOARD.
SO, IN OTHER WORDS, NOTHING, NOTHING IS NOTHING SET STONE, NOTHING IS SET IN STONE.
AND IF, AND IF YOU DO FIND OUT, I JUST GO AHEAD AND, YOU KNOW, COPY THE WHOLE BOARD AND LET US KNOW, UH, LET THE WHOLE BOARD KNOW WHAT THE STATUS IS OF THAT MEETING.
AND, UH, IF THEY'RE ALLOWING, IF THEY WANT TO HEAR FROM PFC, UH, ON BOARD MEMBERS AND SUCH, IT CERTAINLY WILL AFFECT THE FUTURE OF THIS ORGANIZATION.
YEAH, I MEAN, THAT'S, WE'RE, WE'RE MONITORING IT VERY CLOSELY, RIGHT.
I, I JUST WISH WE COULD JUST DO DEALS, YOU KNOW, BUT, UH, THIS IS A NECESSARY PART.
YOU KNOW, WE NEED TO KNOW HOW BIG IS OUR SANDBOX.
SO, UH, AS SOON AS WE GET THAT FIGURED OUT, WE'LL BE OFF AND RUNNING AGAIN.
WELL, MY HOPE WOULD PERSONALLY WOULD BE THAT, UH, GIVEN WE HAVE, WE HAVE NEW MEMBERS AND THE HHS HAS NEW MEMBERS, MY SUGGESTION, UH, PRIVATELY HAS BEEN PUBLICLY TOO, THAT LOOK, GIVEN THE, THE CHANGES THAT WE'RE GOING THROUGH, UH, EVERYONE NEEDS TO BE EDUCATED ON IT.
AND IF A COUPLE OF CITY COUNCIL MEMBERS, INCLUDING COUNCIL MEMBER BLAIR, EXPLICITLY ASKED TO BE EDUCATED ON IT, AND, UH, BRUSHING SOMETHING THROUGH IN TWO WEEKS DOESN'T SEEM TO BE, UH, PRUDENT.
AND THAT, UH, I, YOU KNOW, UH, WE ALL CAN, UM, CONTACT THE ROME CITY COUNCIL MEMBERS AND EXPRESS OUR, OUR OPINION ON THAT.
[01:55:01]
THAT'S, YOU KNOW, THAT'S WHAT I WOULD, I'VE BEEN STRESSING THROUGHOUT THIS FOR THE LAST ABOUT TWO YEARS, YOU KNOW, UM, AS YOUR COUNCIL POINTERS ARE GOING THROUGH, THEY'RE THE ONES WHO ARE OPEN.SO YOU CAN STAY IN CONTACT WITH THAT BECAUSE I STRESS TO SAY, STAFF, WHAT YOU ALL ARE DOING IS YOU'RE THE ARM OF YOUR COUNCIL MEMBER, RIGHT? WE DON'T WANNA DO ANYTHING THAT'S AGAINST THE COUNCIL.
UH, BUT I JUST, I WOULD'VE TO DISCUSS, DO GREAT JOB WITH THAT.
SO I THINK IF WE HAVEN'T DONE IT YET, UM, I ENCOURAGE YOU TO SET UP REGULAR MEETINGS MAYBE ONCE A MONTH IF THE COUNCIL MEMBER JUST GIVE A QUICK UPDATE ON WHAT WE TALK ABOUT, OUR MEETING, WHAT'S GOING ON.
IF THERE'S ANYTHING IN YOUR DISTRICT, JUST KEEP THAT LINE OF COMMUNICATION OPEN.
I, I WANT THEM TO TRUST YOU GUYS AS MUCH AS THEY TRUST COUNCIL ON THESE ISSUES.
UH, BUT AT THE TIME YOU UNDERSTAND ANYTHING, UH, APPRECIATE THAT.
AND, AND THAT'S A, I I JUST WANNA PUT AN EXCLAMATION POINT ON THAT, THAT COMMENT.
UM, ONE OF THE COMMENTS THAT, THAT CONCERNED ME, ALTHOUGH OVERALL I FELT LIKE COMMITTEE WAS A, A, A GOOD POSITIVE DISCUSSION, UM, WAS THE, THE CHAIR DID SAY AT ONE POINT, UM, SOMETIMES IT'S SOMETHING TO THE EFFECT OF, UM, THE BOARDS AREN'T REFLECTING THE WILL OF COUNCIL.
AND, UM, AND THERE WAS, UH, SO COUNCILMAN MORENO AGREED WITH THAT.
UM, COINCIDENTALLY, DISTRICT TWO DOES NOT HAVE AN APPOINTEE TO THIS BOARD, WHICH I THINK IS REALLY IMPORTANT.
UH, BUT IT IS IMPORTANT TO STAY IN TOUCH WITH COUNCIL MEMBERS, UM, AND, UH, JUST KEEP 'EM IN THE, THE LOOP ON, UH, YOU KNOW, JUST WHAT'S HAPPENING, UM, HOW WE'RE BEING EFFECTIVE, UM, HOW THAT'S IMPACTING HOUSING AND IN YOUR DISTRICTS AND, UH, GENERALLY CONTINUING TO, TO HAVE THEIR SUPPORT.
'CAUSE EVERY, EVERY, EVERY PARTNERSHIP THAT HAS GONE TO COUNCIL, UM, HAS GOTTEN EITHER 13 OR 14 VOTES.
UM, SO IT HAS STRONG SUPPORT AND UH, I THINK COMMUNICATION IS A BIG PART OF THAT.
SO I JUST, UH, THANKS FOR LETTING ME PIG BACK ON THAT HERE.
ANY FURTHER COMMENTS FROM AROUND OUR LITTLE HORSESHOE OR ONLINE? VERY GOOD.
WE'LL MOVE ON TO, UH, ITEM NUMBER 15, DISCUSSION AND APPROVAL OF THE 25 20 25, 20 26 DPSC BOARD MEETING DATES, SAM.
OKAY, SO I'M GONNA HAND IT OVER TO AARON HERE IN A SECOND.
BUT WE HAVE A LIST OF OUR BOARD DATE, UH, THAT WE CLOSING.
UM, THE NOVEMBER DATE IS STILL SOMEWHAT UP IN THE AIR, BUT UH, THE REST ARE WHAT WE'RE PROPOSING, UH, BASED UPON ALL THE SCHEDULES AND WHATNOT.
UM, BUT THERE'S A CONFLICT FOR NOVEMBER.
SO YOU'RE GONNA TURN IT OVER TO AARON, UH, TO, TO DISCUSS FURTHER.
YEAH, SO I MEAN, WE'RE SCHEDULED FOR THE 25TH OF NOVEMBER.
THAT'S OUR REGULAR MEETING DATE.
I MEAN, YOU GUYS ALL KNOW OUR REGULAR MEETING DATE IS FOUR
SO, YOU KNOW, IT'S BEEN PROPOSED.
TALKED A LITTLE BIT ABOUT WHAT TO DO.
UM, WE CAN MOVE IT UP A WEEK TO THE 18TH OF NOVEMBER, BUT THAT'S, THE AGENCY HAS SCHEDULED THEIR MEETING.
SO THAT CONFLICT IN THIS ROOM, UNLESS WE WANTED TO MOVE IT LATER IN THAT DAY TO DO LIKE AN EVENING SESSION, WE KIND OF CATER DINNER IF WE NEEDED.
UM, OR THE OTHER OPTION THAT I'VE DISCUSSED WITH, UH,
AND THEN YOU WOULDN'T HAVE TO WORRY ABOUT RESCHEDULING DECEMBER EITHER BECAUSE DONE THAT AS WELL.
SO, UH, AGAIN, YOU DON'T HAVE TO MAKE DECISION TODAY.
WE'LL KIND OF PUT OUT A POLL 'CAUSE EVERYBODY PROBABLY NEED TO CHECK YOUR SCHEDULE IF YOU'RE TRAVELING AND THEY'RE AVAILABLE THAT DAY.
I JUST WANNA PUT THAT OUT THROUGH ALL THOUGHTS.
YEAH, MY, UH, SUGGESTION WAS TO PUT OUT A, BECAUSE WE HAVE RUN INTO THIS ISSUE, AND OF COURSE THEN YOU RUN AN ISSUE OF HAVING FORUM AND EVERYTHING.
YOU HAVE A MEETING ON THANKSGIVING WEEK AND EVERYONE'S TRAVELING, BUT WE CAN GO ONLINE.
UM, AND ALSO DEPENDS ON THE, THE BUSINESS NEEDS OF, UH, YOU KNOW, STAFF AND ALSO THE, UH, IF, IF THERE ARE TIME SENSITIVE MATTERS COMING UP FROM THE DEVELOPMENTS.
[02:00:01]
ASKED, UH, AARON TO SEND OUT AN EMAIL TO EVERYONE AND SEE IF, UH, SOUNDS LIKE LOGISTICALLY, UH, COMBINING THE NOVEMBER, DECEMBER MEETINGS IN THE ONE MEETING ON EITHER DECEMBER 2ND OR NINTH WOULD WORK OUT THE BEST AS OPPOSED TO HAVING IT ONE PREVIOUSLY SCHEDULED ON DECEMBER 23RD, UH, THE DAY BEFORE CHRISTMAS EVE AND, UM, THANKSGIVING WEEK.BUT, UH, THAT'S NOT AN ACTION ITEM FOR TODAY.
BUT, UH, IF WE COULD TAKE, UH, AARON WILL SEND OUT AN EMAIL AND DO A LITTLE CALL.
SO I BELIEVE THAT IS IT FOR THE MEETING DATE, UNLESS THERE'S, YOU DON'T HAVE ANY COMMENTS.
ITEM NUMBER 16, REVIEW AND DISCUSSION OF THE DPFC TREASURER REPORT.
ALRIGHT, UM, WE HAVE BEEN ONLINE BEHALF.
YES, I'LL KEEP IT BRIEF UNLESS Y'ALL WANT MORE DETAILS.
BUT BASICALLY SEP THIS IS SEPTEMBER, UH, THAT WE'RE TALKING ABOUT TODAY.
NINE MONTHS INTO SEPTEMBER 30TH, UH, THERE WAS A TOTAL NET CHANGE IN FINANCIAL POSITION OF 1,000,100 HUNDRED $16,000, UH, ROUGHLY.
AND, UH, THIS WAS A BIG CLOSE MONTH WITH PARK AT NORTH POINT WITH, UH, RIGHT OVER $854,000 COMING IN, 250,000 FOR STRUCTURING FEES, PREPAID GENERAL CONTRACTOR FEES OF 344,000.
AND THEN OF COURSE, AS Y'ALL ARE WELL AWARE, YOU GOT REIMBURSEMENT, UM, OF OVER $260,000 FOR THE SECURITY SERVICE EXPENSE THAT Y'ALL COVERED, UM, OVER THE LAST YEAR AND A HALF.
SO THAT WAS A BIG PLUS UP IN YOUR CASH TO RAISE IT TO 5.3 MILLION AT THE END OF SEPTEMBER 30TH.
UH, YOUR MONEY MARKET ACCOUNT, UH, MAKES UP, UH, 5,261,000 OF THAT AND YOUR EARNING INTEREST AS OF SEPTEMBER 30TH OF 3.52%, WHICH WAS UP JUST A TAD FROM THE MONTH BEFORE.
UM, EXPENSES WERE ALL IN LINE AND REALLY NOTHING UNUSUAL QUESTIONS.
QUESTIONS, SEEING NO QUESTIONS.
MOVING ON TO ITEM NUMBER 17, DPFC PIPELINE REPORT BRIEFING AND DISCUSSION.
UM, WE'VE GOT A LOT OF UPDATES THIS MONTH.
WE, WE DO HAVE ANOTHER, UH, WE'VE GOTTEN ONE NEW APPLICATION IN.
UM, AND WE'RE GONNA BE TRYING TO GET THAT ON, UH, ONE OF OUR NEXT MEETINGS.
UM, ADDITIONALLY, UH, THE PROJECT THAT WE WERE UNABLE TO GET ON TODAY, UH, HAMMERING OUT DETAILS ON, YOU KNOW, OUR, OUR TERMS AND WHATNOT TOOK A LITTLE BIT LONGER, UH, THAN WE WERE HOPING SO THAT WE DO HAVE TWO NEW PROJECTS, THE PIPELINE THAT THAT SHOULD BE COMING IN, IN THE NEXT MONTH OR SO.
UM, AS FAR AS, UH, SO SAM, JUST REAL QUICK, 'CAUSE THIS WILL AFFECT THE, WHAT WE'RE TALKING ABOUT WITH THE DATES.
SO WE'VE GOT ALEXA, WALNUT HILL, AND THEN POTENTIALLY WE'VE GOT A NEW APPLICATION THAT MIGHT, UH, BE READY AT SOME POINT FOR THE NEXT THREE, FIVE DAYS.
UH, BUT THERE'S NOTHING ELSE THAT'S COMING IN OR NOTHING, NOTHING ELSE THAT'S, UH, FOR SURE AT THIS POINT IN TIME.
UM, AND THEN, UH, ANY OTHER QUESTIONS ABOUT GOOGLE HEARING, UH, OR FOR OKAY, MOVING ON.
UH, NOTHING, NO MAJOR UPDATES, UH, ON ANY OF OUR PROJECTS UNDER CONSTRUCTION.
UM, BUT IN THE FULL APPROVAL CATEGORY, WE ARE LOOKING TO HOPEFULLY MOVE, UH, FORWARD ON LARGE FOR FAIR PARK AS APPROVED A WHILE AGO.
UM, ABOUT, YEAH, JUST OVER TWO YEARS AGO NOW.
THAT'S A PROJECT IN, IN, UH, THE FAIR PARK NEIGHBORHOOD WITH PARKS SPUR.
UH, WE'RE WORKING THROUGH FINANCING STUFF WITH THEM NOW.
UH, THEY'RE TRYING BALL ROLLING ON THAT ONE.
UH, WHAT CALLED ANOTHER ONE? NO ONE UP FIRST? NO, THEY, WELL, IT, IT MAY BE A DIFFERENT MARKS FOR PROJECT, BUT NEITHER OF OUR PFC
[02:05:01]
PROJECTS, UH, HAVE STARTED MOVING.VERTICAL ON ONE OF THEIR PROJECTS.
YEAH, IT, THEY, THEY VERY WELL COULD BE, BUT IT'S, IT'S NEITHER THE TWO, UH, THAT WE HAVE.
UH, BUT WE'RE, WE'RE WORKING WITH THEM ON TRYING TO GET, UH, THAT GOING.
UH, ADDITIONALLY THE, UH, CEDARS POWER AND LIGHT PROJECT IS, WAS PREDICTED TO CLOSE IN NOVEMBER, BUT NOW IT'LL BE MORE LIKE, UH, DECEMBER, UM,
UM, THAT'S WHERE WE'RE AT ON, UH, THE FULL APPROVAL, UM, STUFF.
UH, AND AS FAR AS PRELIMINARY APPROVAL, UH, THE JPI GUYS HAVE KIND OF BROUGHT UP CONVERSATIONS AGAIN ABOUT THE PROJECT.
THEY GOT ADDITIONAL APPROVAL ON IN DISTRICT EIGHT AND, UH, HAVE STARTED WORKING WITH, UH, ECO DEV, START TRYING TO GET A GAP THAT THERE ON THAT FRONT.
SO THAT PROJECT LOOKS LIKE IT'S STARTING TO HAVE SOME LEGS OF AGAIN.
UM, BUT YEAH, THAT'S, THAT'S WHAT WE GOT, UH, THUS FAR.
UM, GOOD KNOWLEDGE WE'LL BE GOING ON THE NEXT HHS.
IT WAS SUPPOSED TO BE ON THE LAST ONE, BUT THE COMMITTEE RAN OUTTA TIME.
UM, AARON, ARE YOU GONNA DO THAT ONE? WHICH ONE? THE, THE GOOD HOPS? YEAH, HE'S GONNA BE THERE.
THAT'S ALL ABOUT AFFORDABILITY.
UM, SO YEAH, THAT'S, THAT'S WHAT WE GOT AS FAR AS THE PIPELINE, BUT ANY SPECIFIC QUESTIONS ABOUT, UH, ANY OF THE PROJECTS? WE HAVE PIPELINE AT THIS POINT THAT, DO YOU KNOW WHEN LDG IS GOING VERTICAL? I DO NOT.
I KNOW THEY, LAST TIME I WENT OUT THERE, THEY HAD STARTED, UH, MOVING SOME, UH, SAVINGS EQUIPMENT.
UH, SO IT LOOKS LIKE THEY'RE GONNA GET START, YOU KNOW, MOVING.
I KNOW THEIR FIRST DRAW IS, UH, MID-NOVEMBER, SO I WOULD ASSUME THAT'S WHEN THEY'RE, HE'S GONNA START DOING, YOU KNOW, THE HEAVY, UH, HEAVY DIRT WORK AND, AND YOU KNOW, CIVIL STUFF.
THE LAST ONE, AND THIS IS A, UH, STUFF PFC GUY QUESTION.
DO YOU HAPPEN TO KNOW WHEN THE HEAT MISS LEASE? WE GOTTA START, LISA? NO, THAT, THAT ONE DIDN'T CLOSE.
THAT ONE DIDN'T CLOSE UNTIL, UH, YOU KNOW, ABOUT SIX, I THINK I WANNA SAY SIX MONTHS AGO.
OKAY, I'LL, I'LL GET THAT INFORMATION AND BACK.
AND UH, LIKE WE WERE SAYING IN CONVERSATION WITH OUR CITY COUNCIL MEMBERS, IF YOU WANT SOMETHING THAT'S REALLY SORT OF A HANDY DANDY EASY REPORT THAT NOT EVERYONE KNEW ABOUT AT THE HS MEETING, UM, WE DO HAVE THIS PIPELINE REPORT THAT YOU COULD FORWARD, YOU KNOW, TO YOUR, UH, COUNCIL MEMBER.
AND, UH, IT DOES SHOW, YOU KNOW, HOW MANY UNITS WE'VE DONE AND HOW OUR SWEET SPOT REALLY IS THE 80, 60%, UH, FOR ALMOST ALL OF OUR DEVELOPMENTS, UM, AND SHOWS THE UNITS AND WE HAVE A MAP.
ANYWAYS, IT'S A NICE TOOL TO GIVE AND TO FORWARD ON TO YOUR CITY COUNCIL MEMBER.
I JUST WANNA DIVE BACK IN AND, UH, TO ANSWER YOUR QUESTION, EARLY, UH, 2026, I, I JUST, UH, GOD, I MADE A NOTE IN THAT EARLY 2026, LIKELY Q2, UH, THE LATEST, YES.
TOLEDO WOULDN'T MAKE ANY SENSE FOR US TO BE THE BAD GUYS AND, AND REQUIRE OUR STAFF TO SUBMIT THIS PIPELINE REPORT THREE DAYS BEFORE JUST MEETING.
'CAUSE IT COMES UP EVERY DAY AND THEY, THEY COMPLAIN THAT BEFORE ALL THESE DEALS, IT'S ALL
WHY DON'T, WHAT IF WE DIRECT Y'ALL TO SEND THE PIPELINE REPORT TO COUNCIL WITHIN A WEEK OF THE I I'M NOT TRYING TO CREATE WORK, I PROMISE YOU.
I, I WOULD, I WAS GONNA SAY AFTER OUR MEETINGS, I THINK THAT WOULD BE A GOOD CONVERSATION.
SO I JUST MAKE A HABIT OF SENDING OUR PIPELINE TO YOUR COUNCIL MEMBERS.
SAY, HEY, HERE'S OUR CURRENT PIPELINE AS OF, YOU KNOW, OCTOBER 28TH, WHAT? SIXTH? 28TH, RIGHT.
YEAH, I, UH, THIS IS MARK CALLS FROM DISTRICT 10.
UH, THAT'S THE PROCESS I CURRENTLY USE.
AS SOON AS WE, UH, CONCLUDE THE MEETING, I USUALLY EXTRACT THE PIPELINE REPORT AND FORWARD IT ON TO MY, UH, COUNCILMAN.
COULD IT HAPPEN TO GET INTO ANY OTHER COMMENTS? SEEING NONE.
I GUESS WE CAN MOVE TO ITEM NUMBER 18.
[02:10:01]
ALL IN FAVOR SIGNIFY BY SAYING AYE A.THE UH, OCTOBER 28TH, 2025 PFC MEETING IS HEREBY ADJOURNED AT, UH, 2:37 PM THANK Y'ALL VERY MUCH FOR ALL YOU DOING FOR HOUSING IN THE CITY OF DALLAS.