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[Dallas Downtown Connection TIF District Board of Directors Meeting on February 9, 2026.]
THE CITY CENTER IN DOWNTOWN CONNECTION TIFF DISTRICTS.AND IT LOOKS LIKE WE DO HAVE A QUORUM.
SO I WILL CALL THIS MEETING TO ORDER.
UM, DO WE NEED A, A MOTION FOR ME TO PRESIDE OVER THIS MEETING? YES, PLEASE.
UH, I BELIEVE WE NEED A MOTION FOR ME TO PROVIDE OVER THIS MEETING SINCE CHAIR PITCHFORD IS ATTENDING VIRTUALLY.
DO WE HAVE A MOTION? SO MOVED.
UM, WHO MADE THE MOTION IN A SECOND? UH, NICK MADE THE MOTION AND, UH, THE, ALRIGHT.
I DON'T KNOW EVERYBODY'S NAME.
SO THE GENTLEMAN WHOSE MIKE WAS NOT WORKING.
ACTUALLY, I THINK FOR THIS TO, TO WORK, WE NEED SOMEONE WHO SERVES ON BOTH BOARDS TO SECOND, AND SO THAT WOULD BE EITHER I'LL SECOND.
CAN WE TAKE A SECOND AND INTRODUCE THE MEETING PARTICIPANTS? MAYBE WE'LL DO THE ROOM FIRST, TAMARA? SURE.
MY NAME IS TAMARA LEE AND I'M ASSISTANT DIRECTOR IN THE OFFICE OF ECONOMIC DEVELOPMENT.
MY NAME IS MATE ALEXANDER AND I'M ECONOMIC DEVELOPMENT HERE.
LET, LET'S START WITH, UM, JOSEPH.
MY NAME IS LUIS DE MAYO AND I AM THE DIRECTOR OF PLANNING AND DEVELOPMENT FOR DALLAS COUNTY.
AND AS SUCH, I SIT ON THE CITY OF DALLAS TIF BOARDS WITH WHICH WE HAVE A PARTICIPATION AGREEMENT.
I'M TRYING TO GET MY CAMERA TO WORK.
I'M THE EXECUTIVE VICE PRESIDENT OF OPERATIONS FOR CLYDE WARREN PARK.
AND FOR SOME REASON, THIS WEB LINK IS NOT ALLOWING IT TO ACCESS MY CAMERA.
DO WE NEED, DO WE NEED HIS OFFICIAL ATTENDANCE FOR FORM? NO, NO, HE'S NOT ON THE BOARD.
UH, TANISHA, BEFORE WE GO FORWARD, I'LL JUST SAY THAT, UH, TANISHA MARVELS, NATALIA JOHNSON AND ALANA RUIZ ARE, UM, ALL, UH, MEMBERS OF STAFF.
UM, TANISHA AND NATALIA ARE, ARE FROM THE FINANCE TEAM IN THE OFFICE OF ECONOMIC DEVELOPMENT, AND ALANA IS FROM THE CITY ATTORNEYS OFFICE.
IF THEY NEED TO JUMP IN, THEY WILL TURN ON THEIR CAMERAS AND EITHER POSE ANY QUESTIONS OR ANSWER ANY QUESTIONS.
UM, ORLANDO, HOW, HOW ABOUT NICK? YES, NICK SEAMAN.
HEY, JOHN PERRY AT DALLAS COURT.
YEAH, I DON'T KNOW HOW WE WANNA DO ORLANDO'S.
WE'RE WORKING, WE'RE LOOKING TO SEE IF IT'S ANYTHING ON OUR END, ORLANDO THAT'S KEEPING YOU FROM, IT'S YOURS.
UM, WE HAVE ONE OTHER PERSON ON THE LINE AND PEDIA FASO.
CHAIR, I BELIEVE, I THINK YOU HAVE ONE OF THEM.
FIRST ITEM, ITEM NUMBER FIVE FROM OUR AGENDA REVIEW AND CONSIDER THE MEETING RECORD OF THE JANUARY 16TH, 2025 SPECIAL MEETING.
UH, I BELIEVE THAT MEETING RECORD IS THE FIRST ITEM IN OUR PACKET.
UM, SO I'LL GIVE EVERYBODY A SECOND TO TAKE A LOOK AT THAT.
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AS Y'ALL ARE READY, IF WE CAN HAVE A MOTION TO APPROVE THE FIRST MEETING RECORD.ANY OPPOSED? APPROVED UNANIMOUSLY.
NEXT ITEM, ITEM NUMBER SIX, REVIEW AND CONSIDER THE MEETING RECORD OF THE SEPTEMBER 30TH, 2025 SPECIAL CALLED JOINT MEETING OF THE DOWNTOWN CONNECTION BOARD AND DOWNTOWN DALLAS DEVELOPMENT AUTHORITY BOARD OF DIRECTORS.
SO THAT'LL BE THE SECOND ITEM IN OUR PACKAGE, AND IT IS ACTUALLY THE SEPTEMBER 30TH, UH, AGENDA THIS TIME.
UH, SO GIVE EVERYBODY A SECOND.
AND AS SOON AS, UH, Y'ALL ARE READY, I'LL ACCEPT THE MOTION TO APPROVE THOSE MINUTES.
I'LL MAKE A MOTION TO APPROVE THE MINUTES OF THE SEPTEMBER 30TH MEETING.
FROM LUIS? UH, DO I HAVE A SECOND, JOHN? ALL IN FAVOR? AYE.
NEXT UP, ITEM NUMBER SEVEN, REVIEW AND REAFFIRM THE CITY CENTER, TIFF DISTRICT BOARD OF DIRECTORS APPROVAL ON JANUARY 16TH, 2025, AND OF AN EXTENSION OF ALL PROJECT DEADLINES FOR PHASE TWO EXPANSION OF CLOUD ONE PARK PROJECT KWP TWO PREVIOUSLY AUTHORIZED BY CITY COUNCIL.
RESOLUTION NUMBER 21 DASH 1 1 47 ON JUNE 23RD, 2021, AND PREVIOUSLY EXTENDED BY 12 MONTHS ON SEPTEMBER 26TH, 2022, PURSUANT TO SECTION SIX J OF THE RESOLUTION.
AND IN CONSIDERATION, AMEND SECTION SIX OF THE RESOLUTION TO DELETE IN ITS ENTIRETY, SECTION SIX I, AND ADD A NEW REQUIREMENT FOR THE WOODALL ROGERS PARK FOUNDATION TO INVEST A MINIMUM OF $22,500,000 IN THE DESIGN AND OR CONSTRUCTION OF CLYDE WARREN PARK.
AND AT THIS POINT, I'LL TURN IT OVER TO OUR PRESENTER, UH, TAMARA, TO DISCUSS ITEMS NUMBER SEVEN.
UM, BOARD MEMBERS WITHIN YOUR PACKET WAS A LETTER DATED JANUARY 21ST, 2026 FROM CLYDE WARREN PARK.
AND IT SPELLS OUT HOW THE ORIGINAL APPROVALS, UM, FROM 2025 STILL APPLY THE EXTENSION THAT THE BOARD APPROVED AT THAT POINT IN TIME.
AT THAT POINT IN TIME, STILL APPLY THE, UM, CAUSE FOR US HAVING THIS ITEM ON THE AGENDA IS, UM, WE NEEDED TO MAKE SURE THAT WE HAD APPROPRIATE CONSIDERATIONS FOR THE EXTENSION, THAT THE EXTENSION OF THE DEADLINES THAT WERE APPROVED BY THE 10TH BOARD IN 2025, AS WE PREPARED TO TAKE THIS EXTENSION BEFORE CITY COUNCIL, THE PREVIOUS APPROVAL, UM, HAD A CONSIDERATION OF INCREASING NW MWBE PARTICIPATION FOR THE PROJECT.
UM, THAT PROGRAM NO LONGER EXISTS WITH THE CITY OF DALLAS.
UM, IT HAS, UM, THAT PROGRAM CEASED THAT A NEW PROGRAM WAS INITIATED CALLED DRIVE.
AND SO, UM, WE ARE JUST REPLACING THAT MWBE PARTICIPATION REQUIREMENT WITH THE REQUIREMENT OF AN INVESTMENT OF 22.5 MILLION IN THE PROJECT BY THE CLYDE WARREN PARK FOUNDATION.
UM, I HAVE TWO, UM, I HAVE MICHAEL GAFFNEY HERE JOINING US AS A REPRESENTATIVE FOR CLYDE WARREN PARK THAT CAN ANSWER ANY QUESTIONS, UM, YOU MAY HAVE AS A BOARD, AND THEN WE ALSO HAVE DOEY CLARK AS WELL TO PROVIDE ANY ASSISTANCE.
WELL, I'LL JUST START OFF BY, UH, THANKING MICHAEL AND DORSEY FOR, FOR BEING HERE AND, UH, JUST IN, IN GENERAL EXPRESSING OUR GRATITUDE FOR THE WORK YOU GUYS DO ON CLOUD PARK.
AND, UH, TAMARA, THANK YOU FOR, FOR COORDINATING THIS, THIS MODIFICATION.
AND, UH, I DON'T, I DON'T SEE ANY ISSUES WITH IT.
SO THANK YOU GUYS FOR, FOR BEING HERE.
IF ANY OF MY FELLOW BOARD MEMBERS HAVE, UH, HAVE QUESTIONS, JOSEPH? THANK YOU, MR. CHAIRMAN, I'D LIKE TO ASK MS. CLARK, UH, A QUESTION, UH, ABOUT THE INTERPLAY BETWEEN THIS, UH, TIFF FUNDING REQUEST AND THE
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FUNDS THAT ARE AVAILABLE TO THE PARK, UH, RELATIVE TO THE PARK'S, UH, EARLY RENEWAL OF THEIR PUBLIC IMPROVEMENT DISTRICT, UH, WHICH THEY ACHIEVED, UH, LAST YEAR.AND IF YOU COULD JUST EXPLAIN IN SIMPLE, UH, LAYMAN'S TERMS, THE INTERPLAY BETWEEN THE FUNDING AND HOW THE FUNDING WORKS TOGETHER TO ACHIEVE THE PROJECT.
CLARK? WELL, UNFORTUNATELY IT'S NOT REALLY SIMPLE BECAUSE THE CAPITAL STACK IS BUILT BETWEEN LOCAL PARTICIPATION AND FEDERAL PARTICIPATION.
SO WHAT JOSEPH WAS, UM,
AND IT IS SUPPORTED BY, BACKED BY, UM, 10 PROCEEDS.
THOSE FUNDS, THAT 21 $5 MILLION WILL GO THROUGH THE CITY AND ARRIVE AT TXDOT, UM, WITHIN THE NEXT, BY THE BEGINNING OF MARCH.
SO THAT IS DIRECT FUNDING TO OKAY.
FOR TDOT'S DEBT CONSTRUCTION, THE $3 MILLION IN T FUNDING IS A LITTLE DIFFERENT.
THAT MONEY IS GOING TO BE GOING STRAIGHT TO NORTH CENTRAL TEXAS COUNCIL OF GOVERNMENT TO REPAY A PORTION OF, THEY CALL IT A BRAND.
IT'S $44 MILLION NOW THAT COG IS PUTTING INTO THE PROJECT.
THEY'LL BE ADVANCING TO TEXDOT FOR THE DEBT CONSTRUCTION.
AND THE 3 MILLION GOES BACK ALONG WITH $7 MILLION FROM THE ONE WONDERS PARK FOUNDATION, BECAUSE WE TOLD COG, IF YOU GET A, THAT'S KINDA THE DEAL STRUCK, YOU KNOW, WE WILL GET NORTH THE, THE FEDERAL DOLLARS, BUT OVER TIME WE NEED TO PUT THIS 3 MILLION PLUS 7 MILLION TO REPAY IT.
IT'S NOT SIMPLE, BUT I HOPEFULLY GOT YOU THERE.
I I SHOULDN'T HAVE ASKED FOR IT TO BE SIMPLE BECAUSE I KNOW THERE'S NOT, UH, MR. MR. MAYO.
IF, IF YOU WOULDN'T, UH, WOULD YOU INDULGE A FOLLOW UP QUESTION, SIR, BEFORE? NO, ABSOLUTELY.
SO, AND THE, AND THE TERM, REMIND ME OF THE, OF THE AGENCY THAT'S PROVIDING THE, THE LOAN THAT IS PAID FOR BY PIT PROCEEDS AND, AND WHAT IS THE TERM OF THAT LOAN? SURE.
IT'S A STATE INFRASTRUCTURE BANK LOAN THROUGH T DOT.
SO, UM, HALF OF THE PIT PROCEEDS OVER 10 YEARS WILL GO TO SUPPORT THE LOAN AND THE INTEREST RATE IS 1.9300000000000002%.
SO THAT'S WHY WE SELL THIS PARTICULAR LOAN.
IT'S GREAT FOR PUBLIC INFRASTRUCTURE PROJECTS.
AND ECHO CHAIRMAN, UH, VICE CHAIRMAN PRUTZ, UH, THANKS FOR THE HARD WORK THAT, UH, THE CLA WARNER PARK, UH, BOARD AND FOUNDATION ARE DOING EVERY DAY.
I DID HAVE ONE QUICK QUESTION.
IN A SIMILAR VEIN ON THE FUNDING SOURCES, I NOTICED A DALLAS COUNTY SOURCE.
IS THIS DALLAS COUNTY SOURCE FROM WITHIN THE T UH, FROM WITHIN THE TIF OR IS THIS ANOTHER FUNDING SOURCE? UH, THIS IS LITERALLY COUNTY FUNDS.
UM, I CAN GIVE YOU THE, THE SIGNED AGREEMENT IF YOU DON'T HAVE IT ON HAND, BUT IT WAS JUST OVER $1.3 MILLION, UM, THAT WAS AGREED UPON.
THAT'LL ALSO GO TO TEXT TO HELP FIND THIS PROJECT.
AND I APOLOGIZE, I DON'T HAVE THE CONTRACT NAME OFF THE TOP OF MY HEAD, WHAT KIND OF IT WAS, BUT I CAN GET THAT TO YOU.
WE'LL FOLLOW UP AFTER THE MEETING, LUIS, AND SEND YOU THE INFORMATION.
ANY FURTHER DISCUSSION? BEING NONE.
CAN I HAVE A MOTION TO APPROVE ITEM SEVEN.
WE'LL NOW MOVE ON TO ITEM EIGHT.
OR, WELL, DORSEY, THANK YOU FOR THANK YOU BEING ATTENDANCE.
UM, ITEM EIGHT, REVIEW AND CONSIDER THE DOWNTOWN CONNECTION TO THE DISTRICT ANNUAL REPORT FOR FISCAL YEAR 2024.
UM, I, WHILE MATEO PULLS UP THE ANNUAL REPORT, UM, I'LL JUST GO THROUGH, UM,
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THE HIGHLIGHTS OF THIS REPORT.UM, WE'VE HAD IT FOR A WHILE NOW SINCE OUR OTHER MEETING DIDN'T QUITE MAKE.
AND, UM, AT THE END OF THAT, UM, IF YOU HAVE ANY QUESTIONS, I'LL BE HAPPY TO ANSWER THEM.
UM, LOOKING AT PAGE FOUR WITH DISTRICT COMPLIMENT ACCOMPLISHMENTS.
UM, DURING FISCAL YEAR 2025, THE TIF BOARD REVIEWED AND FORWARDED FAVORABLE RECOMMENDATIONS FOR TWO AMENDMENTS TO THE 10TH DISTRICT AND TWO PROJECTS.
AND SO THE TWO AMENDMENTS TO THE TIF DISTRICTS WERE JUST AMENDMENTS TO THE TIF DISTRICT'S BOUNDARY TO PULL IN PROPERTIES THAT ARE A PART OF THE TWO PROJECTS THAT WERE APPROVED.
AND SO THE FIRST AMENDMENT WAS TO ADD, UM, A PARTICULAR PIECE OF PROPERTY THAT MAKES UP THE GROUP OF PROPERTIES FOR THE RELOCATION OF FIRE, FIRE STATION 18, UH, T PROJECT.
AND SO ACTUALLY IN THAT AMENDMENT ALSO ADDRESSED THE BUDGET AND IT INCREASED THE BUDGET SO THAT WE COULD SUPPORT THIS PARTICULAR PROJECT.
AND SO THE PROJECT INCLUDES, UM, RELOCATION OF FIRE STATION 18, CONSTRUCTION OF A BRAND NEW FACILITY.
UM, AND THEN AT THE END OF THE CONSTRUCTION OF THAT FACILITY, THE CITY ACCEPTING THE FACILITY ITSELF AND THE PROPERTY AND THEN FACILITATING A SWAP OF PROPERTIES BETWEEN THE PRIVATE PROPERTY OWNERS THAT WOULD'VE CONSTRUCTED THE FIRE STATION AND THE CITY OWNED FIRE STATION AS IT CURRENTLY SITS.
AND SO THAT WAS ONE OF THE AMENDMENTS AND ONE OF THE PROJECTS APPROVED.
THE NEXT AMENDMENT WAS TO ADD PARTICULAR PROPERTY THAT IS ASSOCIATED WITH THE REDEVELOPMENT OF 9 0 1 MAIN STREET REDEVELOPMENT PROJECT, WHICH IS THE BANK OF AMERICA PLAZA, UM, BUILDING AND PROPOSED IMPROVEMENTS.
UM, THERE ARE, UH, THERE WERE THREE PROPERTIES THAT MADE OF THE SITE OF THE PARKING GARAGE STRUCTURE THAT IS PROPOSED FOR THE PROJECT.
ONE OF THOSE PROPERTIES JUST HAPPENED TO NOT BE WITHIN THE TIF DISTRICT.
SO THE TIP BOARD DID, UM, AMEND THE TIF DISTRICT AT THAT TIME TO ADD THAT SINGULAR PROPERTY, AND I BELIEVE IT WAS 9 0 9 COMMERCE STREET.
AND SO THAT WILL FACILITATE THE REDEVELOPMENT OR THE REPOSITIONING AND CONVERSION OF THE EXISTING BANK OF AMERICA TOWER TO INCLUDE A HOTEL AND THE CONSTRUCTION OF A, UM, GLASS STRUCTURE NEXT TO THE EXISTING, UM, OFFICE TOWER AND THEN ACROSS THE STREET, THE CONSTRUCTION OF A PARKING GARAGE TO SUPPORT THE HOTEL USES AND, UM, OFFICE.
AND SO THE TOTAL INCENTIVE THAT WAS APPROVED FOR THE PROJECT WAS 103 MILLION.
AND THE TOTAL, UM, PROJECT COST FOR THE PROJECT IS OVER 409 MILLION.
SO IF WE GO TO PAGE EIGHT OF THE, UH, REPORT, UM, WE BEGIN TO LIST THE PROJECTS THAT HAVE RECEIVED TIF INCENTIVES OVER THE LIFE OF THE TIF THUS FAR.
AND SO, UM, WITH THE INFUSION OF 523 MILLION, UM, THE VALUES WITHIN THE TIF DISTRICT BOUNDARY HAVE GROWN TO JUST ABOUT 1.7 BILLION.
AND SO THAT'S A ALMOST THREE POINT, WELL, $3 AND 2220 4 CENT RETURN FOR EVERY DOLLAR INVESTED BY THE TIF ON TIF SUPPORTED PROJECTS.
UM, PAGE NINE AND 10 LISTS, UM, KIND OF MAJOR DEVELOPMENT THAT IS OCCURRED WITHIN THE TIF DISTRICT BUT DID NOT, UM, SEEK TIF INCENTIVES.
AND SO IF WE TOTAL EVERYTHING, ALL, ALL OF THE TOTAL AMOUNT OF INCENTIVES PROVIDED HAS LEVERAGED IN INCREASED VALUE TO 7.3 BILLION WITHIN THE TIF DISTRICT.
AND SO, UM, THE TIF DISTRICT IS SERVING ITS PURPOSE BY HELPING TO FACILITATE THE INCREASE IN PROPERTY VALUES WITHIN THE TIF WITHIN THE BOUNDARIES OF THE ZONE.
ONE OF THE REQUIREMENTS WITH, OR WITH ALL OF OUR TIF DISTRICTS IS MIXED MIXED INCOME HOUSING FOR THIS PARTICULAR TIF DISTRICT.
THE REQUIREMENT IS 20% OF ALL HOUSING UNITS, UM, BEING PROVIDED TO FAMILIES AT THE 80% A MI OR LOWER, UM, WITH REDUCED RENTAL RATES.
THERE'S ALSO A REQUIREMENT THAT IF RESIDENTIAL IS CONSTRUCTED ON LAND THAT WAS ONCE OWNED BY THE CITY, BUT SOLD TO A DEVELOPER OR PROVIDED TO A DEVELOPER, HOWEVER THAT TAKES PLACE, 30% OF THOSE RESIDENTIAL UNITS MUST BE PROVIDED TO FAMILIES AT 80% OR BELOW.
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TODAY IN THIS TIF DISTRICT, THE TOTAL OF 1,893 UNITS HAVE BEEN BUILT, UM, WHICH IS ABOUT EIGHT.YEAH, NO, THE TOTAL IS 101,893 OF THOSE 18% OR 342 UNITS HAVE BEEN SET ASIDE AS AFFORDABLE.
MEANING OUR REQUIREMENTS WITHIN THE, WELL, NOT NECESSARILY, BUT THERE'S A REASON FOR THAT
THERE ARE, UM, THERE WAS A TIME WHERE WE DIDN'T HAVE MIXED INCOME HOUSING REQUIREMENTS, AND SO A FEW PROJECTS MAY HAVE COMPLETED DURING THAT TIMEFRAME, AND THAT PUTS US JUST A LITTLE BIT BELOW THE, THE 20%.
BUT WE'VE SINCE THEN HAD PROJECTS, LOW INCOME HOUSING TAX CREDIT PROJECTS WHERE THE ENTIRE PROJECT WAS AFFORDABLE TO HELP INCREASE THE AMOUNT OF AFFORDABLE UNITS THAT ARE PROVIDED DOWNTOWN.
THE NEXT SECTION, UM, IS A VERY IMPORTANT SECTION FOR OUR TIF DISTRICT THAT SPEAKS TO THE VALUE IN INCREMENT REVENUE SUMMARY FOR THE TIF DISTRICT.
AND SO WE HAVE TWO DIFFERENT SUB-DISTRICTS WITHIN THIS TIF.
THE FIRST IS THE DOWNTOWN CONNECTION TIF DISTRICT.
AND WHEN THIS TIF DISTRICT WAS CREATED IN 2005, THE UM, TAXABLE VALUE FOR THE BASE YEAR WAS 564 MILLION, WHICH IS ABOUT 565 MILLION.
AND THE 2025 CERTIFIED TAXABLE VALUE IS 8.2 BILLION.
AND SO THIS REPRESENTS A 7.7 BILLION INCREASE FROM THE BASE YEAR VALUE IN 2025.
IT ALSO REPRESENTS A 5.7% INCREASE OVER 2020 FOURS FINAL TAXABLE VALUE FOR THE SUBDISTRICT.
AND AS A RESULT OF THIS INCREASE IN VALUE, THIS PARTICULAR SUBDISTRICT EXPECTS TO COLLECT $48,144,322 IN INCREMENT THIS YEAR IN THE SUMMER OF 2026.
UM, THE NEXT SUBDISTRICT IS THE NEW PARK SUBDISTRICT.
UM, THIS TIF DIS OR THIS SUBDISTRICT WAS CREATED IN 2022 TO SUPPORT THE NEW PARK DEVELOPMENT.
ITS VALUE AT THAT TIME, OR ITS BASE YEAR VALUE WAS 22.2 MILLION.
TAXABLE VALUE IS 25, JUST BARELY OVER 25 MILLION, WHICH REPRESENTS AN INCREASE OF 2.7 MILLION OR 12.3% OVER THE BASE YEAR VALUE.
BUT A DECREASE OVER THE ANNUAL VALUE, A DECREASE OF ABOUT 4.4%.
UM, AS A RESULT OF THE INCREASE IN VALUES, WE ANTICIPATE TO COLLECT ABOUT $17,000 FOR THIS PARTICULAR SUBDISTRICT.
SO WHEN THE TIF DISTRICT WAS CREATED, THERE WERE A SET OF GOALS AND OBJECTIVES THAT WERE APPROVED AS PART OF THE PROJECT PLAN AND FINANCING PLAN FOR THE TIF DISTRICT.
AND I'LL JUST HIGHLIGHT WITH YOU TO, UM, GIVE YOU A SNAPSHOT OF WHERE WE ARE AND HOW THE TIF DISTRICT IS PROGRESSING TOWARDS MEETING THOSE GOALS AND OBJECTIVES.
AND SO ONE OF THEM IS TO SUPPORT REDEVELOPMENT OF EXISTING BUILDING SUPPLY AND SURFACE PARKING LOTS.
ON PAGE 13 AND DURING THE FISCAL YEAR, THERE WERE TWO REDEVELOPMENT PROJECTS THAT WERE APPROVED FIRST BY THE 10TH BOARD AND THEN CITY COUNCIL TO, UM, REDEVELOP EXISTING SERVICE PARKING LOTS AND THEN ALSO TO, UM, SUPPORT THE CONVERSION OF EXISTING OFFICE BUILDING SUPPLY.
AND THOSE TWO PROJECTS WERE, OF COURSE THE THE FIRE STATION RELOCATION PROJECT IN THE BANK OF AMERICA TOWER PROJECT.
SO ON PAGE 17, WE HAVE OUR YEAR END SUMMARY OF MEETINGS.
UM, WE MET A FEW MORE TIMES, UM, THIS YEAR THAN WE HAVE IN, IN THE PAST FEW YEARS.
AND SO THERE WERE THREE MEETINGS, ALL OF THEM WELL ATTENDED.
UM, ACTUALLY NO ONE MISSED ANY OF THOSE MEETINGS, WHICH IS REALLY GOOD.
WE DO STILL HAVE, UM, ONE CITY APPOINTEE VACANCY ON THIS TIP BOARD AND THEN ALSO THE STATE SENATOR'S OFFICE AND STATE REPRESENTATIVES APPOINTEES ARE STILL VACANT AT THIS TIME, BUT WE DO HAVE THE MINIMUM FIVE APPOINTED BOARD MEMBERS, WHICH IS ALLOWS US TO CONTINUE TO CONDUCT BUSINESS.
THE NEXT SECTION IN, IN THIS REPORT IS QUITE LENGTHY, BUT I FEEL THAT, I THINK IT WOULD BE HELPFUL FOR THE BOARD TO KNOW, UM, WHAT CITY COUNCIL ITEMS HAVE BEEN APPROVED THROUGHOUT THE FISCAL YEAR THAT MAY DIRECTLY OR INDIRECTLY, UM, BE ASSOCIATED
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TO THE TIF DISTRICT.SO YOU'LL SEE A LOT OF THESE ITEMS ARE RELATED TO THE HEY BABY HU STATE CONVENTION CENTER PROJECT.
AND SO THERE'S, UM, INFORMATION ABOUT WHEN, UM, CONTRACTS WERE AWARDED, UM, WHO WON THE BIDS FOR THE CONTRACTS.
THERE'S ALSO AN ITEM THAT WENT TO CITY COUNCIL REGARDING HIGH SPEED RAIL AND, UM, BRINGING ON BOSTON CONSULTING GROUPS TO REVIEW THE HIGH SPEED RAIL RAIL AND, UM, PROVIDE, UM, INFORMATION ABOUT THE ECONOMIC IMPACTS OF THE VARIOUS OPTIONS FOR THE RAIL, UM, ALIGNMENT ALSO IN THERE IS CITY COUNCIL ITEM, THE APPROVAL OF LAST FISCAL YEAR CITY COUNCIL, I MEAN LAST FISCAL YEAR'S ANNUAL REPORT.
AND SO, UM, IF YOU'RE INTERESTED IN SEEING ANY MORE OF THE BACKUP, THE DATES ARE LISTED HERE AS WELL AS THE COUNCIL RESOLUTIONS IF YOU WANTED TO DO SOME RESEARCH ON YOUR OWN.
IF NOT, YOU CAN SHOOT ME AN EMAIL AND I CAN SEND YOU SOME THE INFORMATION AS WELL.
PAGE 29 IS OUR, UM, BUDGET AND SPENDING STATUS.
AND SO THIS BUDGET PROVIDES US A SNAPSHOT OF THE CAPACITY OF THE TIF DISTRICT, NOT NECESSARILY FUNDS ON HAND, BUT THE CAPACITY FOR THE TIF DISTRICTS TO SUPPORT PROJECTS OVER THE REMAINING LIFE OF THE TIF.
AND SO CURRENTLY OUR ESTIMATED TOTAL DOLLARS THAT WILL BE COLLECTED BY THE END OF THE TIF IS JUST OVER, UM, OR A LITTLE BIT UNDER 1.1 BILLION TO DATE.
WE HAVE ALLOCATED 655 MILLION TO VARIOUS PROJECTS AND INITIATIVES WITHIN THE TIF DISTRICT, AND THAT'S GOING TO LEAVE US WITH THE CAPACITY TO SUPPORT UP TO 429,445,368 AND TIP, UM, SUBSIDY FOR PROJECTS SHOULD THEY APPLY.
AND SO THIS IS VERY HELPFUL TO UNDERSTAND KIND OF THE, THE ABILITY OF THE TIFF DISTRICT TO PARTICIPATE IN FUTURE PROJECTS SEEKING INCENTIVES.
TIP INCENTIVES, YOU GO TO PAGE 30.
UM, YOU HAVE THE NEW PARK SUBDISTRICT BUDGET AT THE BOTTOM.
AND SO THEY HAVE A TOTAL ESTIMATED TOTAL DOLLAR BUDGET.
AND THIS WOULD BE THROUGH COLLECTIONS IN 20 20 32 AND NO, 2042, SORRY, YES.
TO DATE, 92 MILLION HAS BEEN ALLOCATED TOWARDS, UM, NEW PARK, THE FIRST PHASE OF NEW PARK.
AND SO THAT LEADS THE CAPACITY OF NEARLY 99 MILLION TO SUPPORT ADDITIONAL PROJECTS WITHIN THAT SUB-DISTRICT.
ON PAGE 31, UM, WE GET INTO THE SECOND CHART, WHICH IS THE STATUS OF THE DOWNTOWN DALLAS DEVELOPMENT AUTHORITY BONDS.
BONDS WERE SOLD FOR THIS PARTICULAR TIF DISTRICT, UM, AT THE INCEPTION OF THE TIF DISTRICT.
AND SO WE HAVE DEBT SERVICE COMMITMENTS THAT WE PAY ANNUALLY.
THIS CHART SHOWS YOU WHERE WE ARE WITH THE REPAYMENT OF THOSE, UM, TIF BONDS.
AND THEY ARE SCHEDULED TO BE RETIRED WITH THE, UM, END OF THE 10TH DISTRICT IN 2035.
ON PAGE 32, WE GET INTO OUR MWBE PARTICIPATION, AS I MENTIONED WITH OUR CLIENT WARREN PARK ITEM.
UM, WE NO LONGER HAVE THE BUSINESS INCLUSION AND DEVELOPMENT POLICY, UM, AS PART OF THE CITY.
WHAT HAS REPLACED THAT IS THE DRIVE PROGRAM AND IT IS DEVELOPING REGIONAL AND INCLUSIVE VENDOR ENTERPRISES POLICY.
AND IT'S VERY SIMILAR IN THAT, UM, WE WILL BE LOOKING AT GOOD FAITH EFFORTS TO INCLUDE, UM, VENDORS THAT ARE PART OF THIS DRIVE PROGRAM.
THE MAJOR CHANGE IS THAT IT IS, THE CRITERIA WILL NOT BE BASED UPON RACE OR GENDER.
IT'S GONNA BE BASED ON SMALL BUSINESS METRICS.
AND SO THIS DRIVE PROGRAM HAS, UM, METRICS THAT THEY USE TO DETERMINE A SMALL BUSINESS.
AND IF YOU MEET THOSE METRICS, YOU ARE NOW PART OF THE PROGRAM OR YOU CAN APPLY TO BE A PART OF THE PROGRAM, AND THEN YOU WILL BE A PART OF THE LIST THAT WE SEND DEVELOPERS WHEN THEY REACH OUT FOR INCENTIVES AND THEY ARE TOLD THEY HAVE TO INCLUDE OR MAKE A GOOD FAITH EFFORT TO INCLUDE SMALL BUSINESSES THROUGH OUR DRIVE PROGRAM.
ALL OF THOSE VENDORS WOULD BE ON THAT LIST BASED UPON THE SCOPES THAT
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THE DEVELOPER NEEDS.AND SO, UM, GOING FORWARD, UM, I DON'T BELIEVE THE PERCENTAGES HAVE CHANGED.
BUT THIS IS WHAT WE WILL BE INCORPORATING IN ALL OF OUR DEALS GOING FORWARD IS A GOOD FAITH EFFORT TO COMPLY WITH THE DRIVE PROGRAM.
PAGE 33 IS OUR 2025 WORK PROGRAM OR MY 2025 WORK PROGRAM.
THE VERY FIRST THING IS TO GET THIS ADOPTED BY CITY COUNCIL ON FEBRUARY 25TH.
UM, ALL ANNUAL REPORTS FOR THE TIP DISTRICT WILL BE ON THE FEBRUARY 25TH CITY COUNCIL AGENDA FOR REVIEW AND APPROVAL.
CONTINUE TO SUPPORT CITY'S OFFICE AND BUSINESS RETENTION EFFORTS IN THE DOWNTOWN CORE.
UM, NOW MORE THAN EVER IDENTIFY AND PROMOTE REDEVELOPMENT OF KEY PROPERTIES GONNA DROP DOWN TO CONTINUE TO WORK WITH RELEVANT CITY DEPARTMENTS, UM, DOWNTOWN IN UPTOWN, UH, STAKEHOLDER GROUPS AND TECH STOCK ON KEY TRANSPORTATION PROJECTS THAT ARE OCCURRING RIGHT NOW LIKE THE I 30 CANYON, UM, REDESIGN THE I 3 45, UM, DEPRESSION AND DECKING, HIGH SPEED RAIL, AS WELL AS THE STREET CAR ALIGNMENTS, WHICH WE'RE UNDERTAKING.
AND ADDITIONALLY, I WILL BE WORKING AND SERVING ON COMMITTEES REGARDING THE RE-IMAGINING DOWNTOWN STUDY THAT'S BEING FUNDED THROUGH A HUD GRANT.
AND THAT'S WHERE THIS STUDY IS KIND OF TRYING TO PUT EVERYTHING IN A NICE NEAT BOW.
IT'S LOOKING AT ALL OF THE TRANSPORTATION AND INFRASTRUCTURE IMPROVEMENTS THAT WILL OCCUR WITH THE PROJECTS I JUST MENTIONED.
IT'S ALSO TAKING A LOOK AT THE STREET CAR ALIGNMENTS, HOW TO BEST PLAN FOR INFRASTRUCTURE IMPROVEMENTS, GIVING ALL OF THESE HUGE CATALYTIC PROJECTS THAT ARE HAPPENING DOWNTOWN, INCLUDING THE K BAILEY HUTCHINSON, UM, CONVENTION CENTER REDESIGN.
AND SO THAT'S GONNA BE A BIG PART OF WHAT WE DO HERE IN THE OFFICE, UM, GOING FORWARD.
AND THEN LASTLY, UM, WE HAVE BEEN ASKED TO TAKE A LOOK AT A DOWNTOWN ACTIVATION PROGRAM.
UM, A LOT OF OUR, OR SOME OF OUR KEY AREAS HAVE GROUND FLOORS THAT ARE NOT ACTIVATED.
AND SO, UM, OUR OFFICE, ALONG WITH OUR SMALL BUSINESS OFFICE IS WORKING TO COME UP WITH A PROGRAM WHERE WE CAN PROVIDE ASSISTANCE TO MAKE, UM, GROUND FLOOR SPACE READY FOR TENANT IMPROVEMENTS.
AND AT THE SAME TOKEN ASSIST SMALL BUSINESSES.
THAT WOULD BE THE TENANTS THAT NEED ASSISTANCE ON TENANT IMPROVEMENTS AS WELL.
AND SO ONCE WE HAVE A DRAFT OF THE PROGRAM, WE WILL DEFINITELY BRING IT BEFORE THE TIF BOARD FOR REVIEW AND HOPEFULLY DEDICATION OF FUNDS TO SUPPORT THE PROGRAM.
BUT THAT WILL BE A FEW MONTHS IN THE MAKING.
SO PAGES 34, 35, 36, ALL FINANCIALS, AND 37 AND 38 AND 39 ARE THE FINANCIAL PART OF THE, UM, REPORT.
THIS, THIS IS THE PART OF THE REPORT THAT IS ACTUALLY REQUIRED BY CITY COUNCIL.
ALL THAT OTHER STUFF IS WHAT WE PREPARE FOR OUR ANNUAL, OF COURSE, JUST MAKE IT COMPREHENSIVE AND A DOCUMENT THAT'S USEFUL FOR THE PUBLIC, BUT REALLY 34 THROUGH 39 OR 40 IS WHAT STATE, UM, THE STATE IS LOOKING FOR.
AND SO THAT'S WHY WE HAVE OUR FINANCIAL GROUP ON THE LINE IF YOU HAVE ANY QUESTIONS FOR THAT SECTION.
AND THEN LASTLY, WE DON'T HAVE MUCH BY WAY OF OBLIGATIONS WITHIN THE DOWNTOWN CONNECTION TIP DISTRICT AT THIS POINT.
UM, PROJECTS DO NOT BE CONSIDERED, ARE NOT CONSIDERED IN OUR REIMBURSEMENT QUEUE UNTIL THEY MEET CERTAIN METRICS.
AND SO WHILE WE'VE HAD A COUPLE PROJECTS THAT HAVE BEEN APPROVED, THEY'RE NOT AT THE POINT OR THEY WILL BE CONSIDERED, UM, POTENTIALLY ELIGIBLE FOR THE SUBSIDY.
AND SO YOU WON'T SEE THAT HERE.
AND THEN ALSO WITH ONE NEW PARK, UM, THE DEVELOPMENT AGREEMENT FOR THAT HAS NOT BEEN EXECUTED AND CONSTRUCTION HAS NOT STARTED.
AND SO WE'LL BE REEVALUATED THAT PROJECT THIS, UM, FISCAL YEARS.
WELL, CAN I, CAN I ASK A QUESTION? SURE.
DO YOU KNOW, IS, IS CITY HALL, IS THIS PROPERTY IN, I KNOW IT'S IN THE TIFF BOUNDARY.
IS IT IN THE NEW PARK SUBDISTRICT OR THE NO, IT'S NOT DOWNTOWN SUBDISTRICT.
I I'M NOT SURE THAT IT IS IN ANY TIF DISTRICT.
OH, THERE WOULDN'T BE ANY REASON TO HAVE IT IN A TIF DISTRICT SINCE
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IT, THE CITY DOESN'T PAY TAXES.AND THEN, UM, LAST ITEM, A LOT OF OUR TIF DISTRICTS HAVE A SET ASIDE FUNDS.
AND YOU KNOW WHAT, I NEED TO UPDATE THIS.
THE TIP BOARD DID APPROVE TO SET ASIDE 30 MILLION FOR THE FIRE STATION NUMBER 18.
AND SO I WILL INCLUDE THAT INFORMATION IN HERE.
WHILE IT'S NOT A, UM, AN OFFICIAL SET ASIDE, WE DID DECIDE TO GO AHEAD AND FULLY FUND THE FIRE STATION PRIOR TO ITS COMPLETION SO THAT ONCE IT IS COMPLETED, WE CAN JUST PAY THE DEVELOPER AND MOVE ON DOWN THE ROAD.
SO THO THAT'S MY RECAP OF THIS REPORT.
IF YOU HAVE ANY QUESTIONS, I AM DEFINITELY HERE TO ANSWER THEM.
WHAT HAPPENS TO THE 92 MILLION FINAL ALLOCATED IN THE, UH, NEW PART SUB DISTRICT NOW THAT THAT DEVELOPMENT HAS? WELL, IT JUST STAYS WITHIN THE SUBDISTRICT.
UM, WE HAVE NOT OFFICIALLY, UM, TERMINATED THE AGREEMENT.
DO WE NEED TO TAKE ACTION TO ALLOCATE THE NO.
NO, IF THERE'S NOT A TIFF, IF THE PROJECT GOES AWAY, THE BUNCH JUST MOVES BACK INTO THE, THE UNALLOCATED.
HAD, BUT AT THIS POINT, THEIR RIGHT TO PERFORM UNDER THE DEVELOPMENT AGREEMENT IS EFFECTIVELY ELAPSED.
AND SO THEY'VE SUBMITTED A REQUEST FOR A DEADLINE EXTENSION, BUT WE'RE WORKING THROUGH THAT.
AND THEY SUBMITTED THE REQUEST FOR A DEADLINE EXTENSION PRIOR TO THE EXTENSION OF THE DEADLINE.
AND SO AS WE CONTINUE TO WORK WITH THE DEVELOPER ON THAT, EITHER IT'LL COME BEFORE YOU WITH SOME MODIFICATIONS OR IF IT DOESN'T COME BEFORE YOU, WE WOULD JUST MAKE THE BOARD AWARE THAT THE PROJECT HAS OBJECTION.
UH, MR. CHAIRMAN, MS. LEE, I DO HAVE A QUESTION BACK ON PAGE 33, THE 20 25, 20 26 WORK PROGRAM.
AND I, I APPRECIATE THAT THERE, THERE WERE A COUPLE OF, UH, ADJUSTMENTS MADE TO THIS FOLLOW THE, THE DRAFT VERSION THAT WE SAW LAST TIME.
UM, I WANNA MAKE SURE MS. I UNDERSTOOD YOU PROPERLY THAT THE ANALYSIS OF THE POTENTIAL EXPANSION OF THE STREETCAR, DOES THAT BELONG INTO THE THIRD FROM THE LAST BULLET POINT? IT DOES.
BUT, BUT IS IS IT, IS YOUR SENSE, IT DOESN'T NEED TO HAVE ITS OWN SUB-BULLET BECAUSE IT'S KNOWN TO BE PART OF ONE OF THE OTHER BULLETS OR MEANING THAT IT WAS AT, AT ONE POINT THERE, THE CONSIDERATION AND TALK WAS AROUND THE HIGH SPEED RAIL AND FILLING IN THE GAPS WITH THE STREET CAR, BUT IT DOES DESERVE ITS OWN BULLET.
UM, AND THEN WITH RESPECT, SO THAT IS, UH, I'M, I'M, UH, UNFORTUNATELY SHEEPISH ABOUT MY IGNORANCE REGARDING THE DOWNTOWN ACTIVATION PROGRAM.
AND I'LL, I'LL PROMISE TO GET UP TO SPEED THAT DOES NOT IN INVOLVE, EXCUSE ME, THE REIMAGINING DOWNTOWN STUDY, NOT THE ACTIVATION PROGRAM.
THE REIMAGINING DOWNTOWN STUDY DOES NOT SPECIFICALLY INVOLVE THE STREETCAR EXPANSION OR DOES IT? IT IT DOES.
IT, IT, SO A PART OF THAT IS TO LOOK AT VARIOUS ALIGNMENTS AND THEN ALSO THE ECONOMIC IMPACT AND VIABILITY AS WELL AS WHAT COULD POTENTIALLY BE FUNDING MECHANISMS FOR THE STREET CAR IS A PART OF THE STUDY.
ANY OTHER QUESTIONS, COMMENTS? AND, AND I JUST ASK WHEN A MOTION IS MADE, UM, THAT THE MOTION ALSO INCLUDE, UM, GRANTING STAFF THE ABILITY TO MAKE MINOR EDITS TO THE REPORT AS, UM, WE CONTINUED THROUGH THE REVIEW PROCESS WITH THE CITY ATTORNEY'S OFFICE AND TO CITY COUNCIL.
UH, YOU MADE THE NEWMARK SUBDISTRICT COMMENTS ABOUT, UH, WHEN YOU'RE READING THROUGH IT MM-HMM
I'M NOT SURE THAT THAT'S THERE, THERE MAY BE SOME WORDING THAT NEEDS TO BE ADDRESSED THERE, BUT IT WOULD BE COVERED UNDER THAT, THAT KIND OF A CONCEPT.
WHERE I THINK THE LAST TIME IT SAID DEBRIEF, IT SHOULD HAVE BEEN INCREASED, BUT THAT SHOULD HAVE BEEN CAUGHT IN.
TODAY, WHAT WAS SENT OUT IN YOUR PACKET? CAUGHT BACK.
SO HEARING NO FURTHER DISCUSSION, CAN I HAVE A MOTION TO APPROVE THE ANNUAL REPORT OF THE DOWNTOWN CONNECTION DIFF DISTRICT AND AUTHORIZED STAFF TO MAKE MINISTERIAL CHANGES AND UPDATES AS
[00:40:01]
THEY CONTINUE TO WORK TO FINALIZE THE REPORT WITH THE CITY ATTORNEY'S OFFICE? SO MOVED.IS THAT NICK? YES, THAT'S NICK.
NEXT ITEM IS REVIEW AND CONSIDER THE CITY SENATE DISTRICT ANNUAL REPORT FOR 2024 2025.
SO THIS TIF DISTRICT WAS CREATED IN 1996.
THE TERMINATION DATE OF THE DISTRICT WAS EXTENDED IN 2012 TO DECEMBER 31ST, 2022.
AND THEN IT WAS ULTIMATELY DECEMBER 31ST, 2022.
FOR THE ORIGINAL PORTION OF THE TIF DISTRICT.
THERE WAS ALSO A LAMAR OROR PORTION THAT WAS CREATED IN 2012, AND IT HAS A TERM OF 2032.
AND SO THAT'S THE ONLY PORTION OR 2037, AND THAT'S THE ONLY PORTION THAT YOU RECEIVE A REPORT, A REPORT ON.
SINCE DECEMBER OF 2022, THE CITY CENTER PORTION WENT AWAY.
AND SO WHAT THIS DOCUMENT CAPTURES ARE, UM, UPDATES, INCREASES AS IT RELATES TO THE LAMAR CORRIDOR, UM, SUBDISTRICT THAT REMAINS AND SO ON.
AS IT RELATES TO THE LAMAR CORRIDOR SUBDISTRICT ON DECEMBER 30, ON DECEMBER 11TH, 2026, CITY COUNCIL APPROVED THE DEVELOPMENT AGREEMENT FOR THE WEST END LS PROJECT THAT THE TIP BOARD REVIEWED ON NOVEMBER 19TH, 2020 FOURTH DURING THE FISCAL YEAR.
AND SO THIS PROJECT ENTAILS, UM, THREE PROPERTIES ADDRESS AS 8 0 5 ELM STREET, SEVEN 11 ELM STREET, AND TWO 11 NORTH OFF THE STREET.
THAT WILL BE REHABILITATED AND REDEVELOPED INTO A MIXED USE, MIXED INCOME, UM, PROJECT.
AND SO, UM, ULTIMATELY THIS PROJECT WILL CREATE A GROUND UP CONSTRUCTION OF A SIX STORY BUILDING THAT WILL ADD ADDITIONAL UNITS.
AND SO THE TOTAL OF UNITS ASSOCIATED WITH THIS PROJECT WILL BE 154 RESIDENTIAL UNITS.
63 OF THOSE, OR 41% WILL BE INCOME RESTRICTED FOR FAMILIES EARNING BETWEEN 30% AND 80% OF A MI.
THE PROJECT ALSO INCLUDES THE REHABILITATION OF THE GARAGE OF SEVEN 11 ELM STREET TO PROVIDE 140 PARKING SPACES FOR THE RESIDENTIAL, UM, UNITS.
AND THEN ALSO THERE WILL BE AROUND 25,000 SQUARE FEET OF PUBLICLY ACCESSIBLE PLAZA AND PROMINENCE SPACE THAT'S ON AUSTIN STREET.
AND THEN LASTLY, THERE WILL BE GROUND FLOOR ACTIVATION FOR THIS PROJECT.
WE ANTICIPATE THAT THE, UH, PROJECT WILL BE COMPLETE BY THE END OF 2027 OR EARLY 2028.
UH, PAGE SIX, VERY SIMILAR TO THE DOWNTOWN CONNECTION TIP DISTRICT.
UM, WE HAVE A LIST OF PROJECTS THAT HAVE BEEN COMPLETED WITHIN THIS DISTRICT, BOTH PROJECTS THAT HAVE RECEIVED TIP INCENTIVES AND THOSE PROJECTS THAT HAVE OCCURRED WITHOUT ANY INCENTIVE.
AND SO, UM, FROM THE INCEPTION OF THE CITY CENTER TIP DISTRICT TO NOW 130.5 MILLION IN TIF FUNDS HAVE BEEN PROVIDED FOR PROJECTS THAT HAVE INCREASED THE VALUE OF THE SUBDISTRICT BY 911 MILLION.
ADDITIONALLY, UM, ANOTHER 700 MILLION IN PROPERTY VALUE ENHANCEMENT HAS OCCURRED THROUGHOUT THE TIF DISTRICT WITHOUT ANY TIF INCENTIVES.
SO IN TOTAL OUR 130 MILLION LEVERAGED INCREASED VALUE OF 1.6 BILLION, WHICH IS PRETTY GOOD.
UH, I HAVE THE CALCULATION AS $12,339 FOR EVERY ONE TIP INCENTIVE, $1 IN TIP INCENTIVE.
UM, OUR MIXED INCOME HOUSING SUMMARY, VERY SIMILAR TO THE DOWNTOWN CONNECTION.
WE HAVE THE 20, THE 10% REQUIREMENT FOR REDEVELOPMENT OF EXISTING BUILDINGS, 20% REQUIREMENT FOR NEW
[00:45:01]
CONSTRUCTION, AND THEN 30% REQUIREMENT FOR RESIDENTIAL DEVELOPMENT ON FORMALLY OWNED CITY PROPERTY.AND SO AS OF TODAY, THERE ARE CURRENTLY 93 AFFORDABLE UNITS AVAILABLE OR WILL BE AVAILABLE WITHIN THE TIF DISTRICT.
AND THAT 93 DOES INCLUDE THE 63 UNITS PROPOSED FOR THE WEST END LOSS PROJECT.
AGAIN, LIKE DOWNTOWN CONNECTION, MOST OF THE RESIDENTIAL THAT OCCURRED WITHIN THIS TIF DISTRICT OCCURRED PRIOR TO THE MIXED INCOME HOUSING REQUIREMENT FOR ALL TIF DISTRICTS.
AND SO THAT'S WHY YOU SEE THAT WE, WE DON'T MEET OUR METRICS AT THIS POINT, BUT THE BULK OF ALL OF THE RESIDENTIAL HAD ALREADY BEEN DEVELOPING BEFORE THE REQUIREMENT CAME INTO PLAY.
YOU GO UP TO PAGE 11 AND LOOK AT THE VALUE AT INCREMENT REVENUE SUMMARY.
UM, SO THE LAMAR CORRIDOR BASE YEAR VALUE IN 2012 WAS 97 MILLION.
THE 2025 CERTIFIED VALUE IS 295.8 MILLION, WHICH IS A 204.7% INCREASE OVER THE 2012 BASE YEAR VALUE.
BUT THERE IS A DECLINE IN THE YEAR OVER YEAR VALUE FOR THE TIFF DISTRICT.
JUST ABOUT 35 MILLION, WHICH IS A 10.7% DECREASE.
AND, UM, WE TRY TO DIG IN TO SEE WHEN THINGS DECREASE.
THE REASON FOR IT, AND IT JUST LOOKS LIKE PROPERTY VALUE PROTESTS, UM, HAVE OCCURRED THROUGHOUT THIS PARTICULAR SUBDISTRICT AND HAS DROPPED THE VALUE FOR THE TIF DISTRICT FOR THAT SUBJECT.
UM, WHEN THIS TIF DISTRICT WAS ORIGINALLY PUT TOGETHER, THERE WERE OBJECTIVES AND PROGRAMS, UM, AND SUCCESS INDICATORS FOR THIS TIF DISTRICT.
UM, I'M GOING TO GO TO THE LAMAR CORRIDOR, WEST SUBDISTRICT FROM PAGE 17 SINCE THOSE ARE THE SUCCESS INDICATORS THAT ARE STILL ACTIVE AT THIS TIME.
AND SO ONE OF THE, UM, GOALS AND OBJECTIVES WAS TO ADD TWO 2,500 RESIDENTIAL UNITS WITHIN THE SUBDISTRICT PAGE 17.
AND, UM, TO DATE, 421 APARTMENTS HAVE BEEN ADDED TO THE AREA, WHICH IS 17% OF THE SUBDISTRICT GOAL.
ALSO, THERE WAS A, UM, REQUIREMENT FOR A GOAL TO ACTIVATE 500,000 SQUARE FEET OF VACANT GROUND FLOOR SPACE AND OR RETAIL SPACE IN THIS SUBDISTRICT.
AND WE ARE AT 10 12% OF THAT GOAL WITH APPROXIMATELY 26,462 SQUARE OF SPACE PROPOSED TO BE ACTIVATED AS PART OF THE WEST END LOSS, UH, PROJECT.
IT'LL SKIP DOWN TO, UH, PAGE 18, THE YEAR END SUMMARY OF MEETINGS.
SO THE CITY CENTER TIP BOARD MEANT TWICE DURING THE YEAR.
SV BECAUSE IS PAGE RETURN ON THAT JUNE 17.
SO AS I WAS SAYING, THERE WERE TWO MEETINGS VERY WELL ATTENDED, UM, BOTH MEETINGS, WHICH IS AWESOME.
UM, VERY SIMILAR TO DOWNTOWN CONNECTION.
THERE ARE, UM, COUNCIL ITEMS INCLUDED IN THIS PACKET THAT MAY DIRECTLY OR INDIRECTLY AFFECT THE LAMAR CORRIDOR WEST END SUBDISTRICT, AND THAT CAN BE FOUND ON PAGE 20 THROUGH 22.
ON PAGE 23 IS OUR BUDGET AND SPENDING STATUS.
THIS TIP DISTRICT, UM, TOTAL BUDGET THAT IT ANTICIPATES TO COLLECT, INCLUDING ALL THE WAY THROUGH THE END OF THE LAMAR CORRIDOR WEST END SUBDISTRICT IS $151,968,546.
TO DATE, A HUNDRED AND JUST ABOUT 140 MILLION HAS BEEN ALLOCATED OR EXPENDED TO VARIOUS PROJECTS.
AND SO THAT LEAVES A BALANCE OF JUST OVER 12 MILLION FOR THE LAMAR CORRIDOR, SUB LAMAR CORRIDOR WEST END SUBDISTRICT TO SUPPORT FUTURE PROJECTS.
I WILL NOTE THAT THE WEST END L UM, INCENTIVE THAT WAS APPROVED BY CITY COUNCIL IS IN THE ALLOCATED AND EXPENDED COLUMN.
THIS 10TH DISTRICT HAD A TON OF SET ASIDES ORIGINALLY, MOST OF THEM HAVE EXPIRED, UM,
[00:50:01]
BUT THERE IS ONE SET ASIDE OR TWO SET ASIDES THAT REMAIN.THE FIRST IS THE AFFORDABLE HOUSING SET ASIDE, AND THESE FUNDS ARE USED TO SUPPORT THE CREATION OF AFFORDABLE UNITS IN THE LAMAR CORRIDOR WEST END SUB-DISTRICT.
AND AS OF SEPTEMBER 30TH, 2025 OR THE END OF THE FISCAL YEAR, THERE IS $99,796 LEFT IN THAT SET ASIDE.
THE NEXT SET ASIDE IS DISTRICT WIDE IMPROVEMENTS AND THESE IMPROVEMENTS SUPPORT THE ENTIRE DISTRICT.
SO IT'S IMPROVEMENTS THAT ARE NOT NECESSARILY TIED TO ANY ONE, UH, DEVELOPMENT PROJECT, BUT THERE ARE IMPROVEMENTS THAT BENEFIT THE ENTIRE SUBDISTRICT OR AN AREA OF THE SUBDISTRICT.
AND AS OF SEPTEMBER 30TH, 2025, THIS SET ASIDE HAS $460,000, UM, AVAILABLE TO SUPPORT, UM, NEW DISTRICTWIDE IMPROVEMENT PROJECTS.
THE INFORMATION IS THE SAME ON THE MWBE PARTICIPATION SECTION.
UM, FUTURE ANNUAL REPORTS, YOU'LL SEE SOMETHING REFERENCING OUR NEW DRIVE OF POLICY ON PAGE 25 IS THE FISCAL YEAR 20 25, 20 26 WORK PROGRAM.
IT'S NOT UNLIKE THE DOWNTOWN CONNECTION TIP DISTRICT.
AND SO THE, UM, CHANGES THAT I HAVE PROPOSED FOR THE DOWNTOWN CONNECTION SECTION, WHICH WOULD BE TO ADD A BULLET 0.4 STREETCAR UNDER THE FIFTH BULLET.
UM, I WOULD MAKE THAT CHANGE HERE AS WELL.
THE FINANCIALS FOR THIS TIP DISTRICT ON PAGE ARE ON PAGES 26 THROUGH 28 ON PAGE 29.
IT IS JUST MORE BACKGROUND INFORMATION ON ALL OF THE MIXED INCOME HOUSING THAT HAS OCCURRED WITHIN THIS TIF DISTRICT OVER THE LIFE OF THE TIF DISTRICT.
AND IT GIVES YOU A LITTLE BIT MORE BACKGROUND TO HOW, UM, WE'VE GOT, UH, ARRIVED AT OUR NUMBERS THAT YOU SEE IN THE CHART WITHIN THE BODY OF THE REPORT.
AND THEN LASTLY, THIS TIP DISTRICT, UM, HAS NO DEVELOPMENT AGREEMENT PAYMENTS PENDING.
WE DO HAVE OBLIGATIONS, ONE BEING THE CLIENT WARREN PARK EXPANSION THAT WE SPOKE ABOUT EARLIER IN THE AGENDA, THE 3 MILLION THAT WAS APPROVED FOR THAT PROJECT.
AND THEN FOR THE WEST END MOSS PROJECT, THE 28,275,676 TIP SUBSIDY THAT WAS APPROVED FOR THE PROJECT.
UM, NONE OF THESE ARE ELIGIBLE FOR PAYMENT UNTIL THE PROJECT IS COMPLETE.
AND SO THAT'S WHY IT IS NOT SHOWN AS AN OBLIGATION OR, UM, ESTIMATED PAYOFF AT THIS TIME.
THAT COMPLETES MY REVIEW OF THE ANNUAL REPORT AND I'M HAPPY TO ANSWER ANY QUESTIONS THE BOARD MAY HAVE.
I CAN'T SEE IF ANYBODY'S RAISING THEIR HANDS.
YEAH, IF YOU WANNA X OUT NOW, WE'RE, WE'RE DONE.
IF YOU'VE GOT A QUESTION, FEEL FREE TO TO SPEAK UP.
HEARING NONE, CAN I, UH, HAVE A MOTION TO APPROVE THE DOWNTOWN CONNECTION TIFF DISTRICT CENTER, I'M SORRY, THE CITY CENTER TIFF DISTRICT ANNUAL REPORT FOR 2024 AND 2025, UM, INCLUDING ADDING THE STREET CAR TO THE, UH, WORK PLAN AND ANY MINISTERIAL, UH, EDITS THAT ARE NECESSARY AS STAFF CONTINUES TO WORK TOWARDS FINAL APPROVAL OF THE CITY ATTORNEY'S OFFICE.
ORLANDO, YOU CAN SECOND THIS ONE.
NEXT ITEM UP FOR CONSIDERATION IS ITEM NUMBER 10.
REVIEW AND CONSIDER A QUARTERLY JOINT MEETING SCHEDULE FOR THE CITY CENTER.
TIFF DISTRICT BOARD OF DIRECTORS DOWNTOWN CONNECTION, TIFF, DISTRICT BOARD OF DIRECTORS, AND THE DOWNTOWN DALLAS DEVELOPMENT AUTHORITY BOARD OF DIRECTORS FOR CALENDAR YEAR 2026.
ACTING CHAIR PRESIDING OFFICER.
SO, UM, WE, WE DO THIS EVERY YEAR.
WE ARE ASKED TO PROVIDE A MEETING CALENDAR FOR THE CITY SECRETARY'S OFFICE.
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HAVE CHOSEN TO ADOPT THE SCHEDULE, THE PRIOR FISCAL YEAR SCHEDULE.AND SO I'LL SHARE THAT WITH YOU.
AND IT WAS FOR THE SECOND THURSDAY OF THE FIRST MONTH OF EACH QUARTER.
AND, UM, I WILL ADD THAT MORE THAN LIKELY WE WON'T MAKE THESE DATES WHAT WE'VE BEEN MEETING.
UM, WE'VE BEEN MEETING THROUGHOUT THE YEAR THROUGH SPECIAL CALL MEETINGS AND I DON'T ANTICIPATE THAT THAT WILL CHANGE, BUT WE DO JUST NEED TO SET UP A, A, A REGULAR SCHEDULE.
ANY THOUGHTS ON JUST KEEPING WITH LAST FISCAL YEAR'S SCHEDULE? I THINK THAT WOULD BE GREAT AND I WOULD, UH, WELCOME A MOTION TO DO SO.
THE SECOND THURSDAY OF THE FIRST WEEK OF EACH CALENDAR.
THE FIRST MONTH OF EACH QUARTER.
AT 1:00 PM AT 1:00 PM ALRIGHT.
WE, WE HAVE A, A MOTION FROM ROLANDO SECOND.
CAN WE, CAN WE SWAP SWAP POSITIONS HERE? NICK, CAN YOU MOTION AND ORLANDO SECOND.
ARE THERE ANY OTHER THINGS, UH, THAT WE NEED TO DISCUSS? HEARING NOTHING, UH, THIS MEETING IS ADJOURNED.