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[Reinvestment Zone (RZ18) Eighteen Board (Maple/Mockingbird) on April 28, 2026.]
REMOTELY THAT WE ARE REQUIRED BY TOMORROW.YOU HAVE TO HAVE YOUR CAMERA ON AND YOUR FACE ON CAMERA THE ENTIRE TIME DURING THE MEETING.
AND MAKE SURE THAT YOU'RE ON MUTE UNLESS YOU'RE SPEAKING FOR US.
UM, WITH THAT, I'D LIKE TO CALL THE MAPLE MOCKINGBIRD TIFF, DISTRICT BOARD OF DIRECTORS SPECIAL MEETING TO ORDER ON TUESDAY, APRIL 28TH.
UH, AND LET'S GO AROUND THE ROOM AND QUICKLY INTRODUCE OURSELVES.
I AM THE DIRECTOR OF PLANNING AND DEVELOPMENT FOR DALLAS COUNTY, AND I HAVE THE HONOR OF SITTING ON ALL OUR REPORTS.
I'M HERE WITH THE, UH, MOCK TEAM, LARGE SPUR SMORE CONSULTING.
AND MY NAME IS MATT ALEXANDER.
I'M WITH THE OFFICE ACADEMIC DEVELOP.
UH, MATT, SHERRY WITH MOSS FEMALE OFFICE.
HI, HARLEY
UH, CONSULTANT FOR CLARKSBURG.
WELCOME BLAKE, MANAGER OF ECONOMIC DEVELOPMENT, IO C3 T.
WADE, UH, WORKS DEVELOPER AT BURG.
UM, PRESTON, ER, I ALSO BURG, GO JPB.
I AM ON, UM, A REPRESENTATIVE ON THE, UH, REINVESTMENT ZONE.
I'M, I'M REPRESENTATIVE ON THE MOCKINGBIRD INVESTMENT BOARD.
UM, I'M BETSY, OR I'M ALSO ON THE BOARD AND CLAUDIA NAVIGATE HER
HI, IS IT I AM ECONOMIC DEVELOPMENT COORDINATOR WITH DALLAS COUNTY PLANNING AND DEVELOPMENT, THE CAMERA.
I'M STARTING MY VIDEO
UH, I AM GREER CHRISTIAN, ACTUALLY A FORMER BOARD MEMBER OF THE TIF DISTRICT FOR THE PAST FIVE YEARS.
WE, WE'LL MOVE TO ITEM THREE AFTER THE INTRODUCTION, WHICH IS, UH, OUR PUBLIC COMMENT SECTION PERTAINING TO AGENDA ITEMS. THERE'S ANYONE FROM THE PUBLIC, UH, WHO WOULD LIKE TO SPEAK ON ANY OF THE ITEMS ON THE AGENDA TODAY.
WE'LL MOVE ON TO AGENDA ITEM FOUR, UH, WHICH IS CONSIDERATION OF THE TIF BOARD MEETING FROM JANUARY 15TH, 2026.
UH, SPECIAL CALL MEETING OF THE MAPLE MOBERG TIFF DISTRICT BOARD OF DIRECTORS.
IS THERE ANY DISCUSSION ON THOSE MINUTES? OKAY, IF NOT, UH, I WILL TAKE A MOTION TO APPROVE THE AGENDA, UH, TO, TO APPROVE THE MINUTES, UH, AS PRESENTED.
DO I HAVE A MOTION? MOTION? THANK YOU.
ANY OPPOSED? LOOKS LIKE THE I SUBMIT.
UH, THAT TAKES US TO AGENDA ITEM FIVE, WHICH IS REVIEW AND CONSIDER AN AMENDMENT TO THE PROJECT PLAN AND REINVESTMENT ZONE FINANCING PLAN THE PLAN, UH, FOR TAX INCREMENT REINVESTMENT ZONE NUMBER 18, THE MAPLE WALKING WOOD TAX INCREMENT FINANCING TIFF DISTRICT ZONE TO NUMBER ONE, INCREASE THE GEOGRAPHIC AREA OF THE ZONE BY APPROXIMATELY NINE THREE ACRES TO ADD THE PROPERTY CURRENTLY ADDRESSED AS 1545 WEST WALKING WOOD LANE.
THE TWO MAKE CORRESPONDING MODIFICATIONS TO THE ZONES BOUND AND TO PLAN.
AND THREE, INCLUDE FINDINGS THAT A VACANT AND UNDERUTILIZED PROPERTY IN THE PROPOSED EXPANSION AREA SUBSTANTIALLY ARRESTS OR IMPAIRS THE GROWTH OF THE CITY.
THE DEVELOPMENT OR REDEVELOPMENT IN THE PROPOSED EXPANSION AREA WILL LIKELY NOT OCCUR SOLELY THROUGH PRIVATE INVESTMENT IN THE FORESEEABLE FUTURE.
AND SEE INCLUSION OF THE PROPOSED EXPANSION AREA
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WILL HAVE AN OVERALL BENEFIT TOO.AND THEREFORE, AND FURTHER THE PURPOSES OF THE ZONE.
AND AT THIS TIME, I'LL TURN IT OVER TO STAFF.
ALL RIGHT, I CAN GET THAT PULLED UP.
UM, BOARD, I SENT THE, THE PACKET.
WE'RE GONNA GO TO THE OTHER ONE, MATEO, THE ONE THAT HAS THE AGENDA AND THE, THE, UH, POWERPOINT, UM, BOARD.
I SENT THE, THIS PACKET OUT TO YOU ON FRIDAY.
HOPEFULLY YOU'VE HAD A CHANCE TO TAKE A LOOK AT IT.
UM, IT'S A LOT OF MATERIAL TO COVER AND SO I'M NOT GONNA REALLY DEEP DIVE ON EACH SLIDE, BUT CERTAINLY TAKE QUESTIONS AT THE END.
UM, SO WE'LL GO AHEAD AND GO TO THE SECOND PAGE OF THE SLIDE.
SLIDE DECK AND KEEP GOING DOWN, GOING DOWN.
UM, LET'S STOP HERE FOR A SECOND.
GENERALLY WHAT WE'RE DOING THAT THIS MORNING IS I'M INTRODUCING A PROPOSED BOUNDARY AMENDMENT.
WE'RE LOOKING FOR TWO ACTIONS AT THE END OF THE MEETING.
ONE, UM, IS APPROVAL OF A PROPOSED A AMENDMENT TO THE, UH, MOCKINGBIRD DISTRICT BOUNDARY.
AND THE SECOND IS APPROVAL OF THE PRESENTATION OR THE PROPERTY, THE, UH, DEAL THAT I'M GONNA BE PRESENTING TO YOU.
THAT IS THE WHOLE REASON WE'RE DOING THE BOUNDARY AMENDMENT.
SO THAT'S WHAT WE'RE GONNA BE GO COVERING IN THIS PRESENTATION.
OKAY, SO WE'LL STOP HERE FIRST, EV ANNUALLY WE DO THE ANNUAL REPORT.
AND SO THIS IS JUST KIND OF BACKGROUND ON WHAT THE NAVAL WALKING DISTRICT IS ABOUT.
I THINK WE ALL KNOW THE HISTORY.
UH, IT EXPIRES IN SIX YEARS AND THE, THE MAP U SEE THERE IS THE CURRENT BOUNDARY OF THE TIF DISTRICT, WHICH HAS PRETTY MUCH BEEN LIKE THAT SINCE THE, SINCE INCEPTION.
THE DISTRICT IS PRIMARILY, UH, WITH THE, THE FUNDING THAT WE'VE DONE HAS BEEN, UM, EXCLUSIVELY FOR RESIDENTIAL PRODUCT AND HOTEL ROOMS. WE'VE SUPPORTED 333 MULTIFAMILY RESIDENTIAL UNITS, INCLUSIVE OF 134 AFFORDABLE UNITS AND 232 HOTEL ROOMS. OVERALL, SINCE THE CREATION OF THE DISTRICT, THERE'S BEEN ROUGHLY 3,500 RESIDENTIAL UNITS INCLUDED THAT DID NOT REQUEST TO FUNDING.
SO WE THINK THAT OUR, UH, UH, OUR, OUR, UM, FUNDING OF THESE PROJECTS COULD BE CATALYTIC IN HELPING THOSE UNITS DEVELOP OR THOSE PROJECTS DEVELOP.
SO, UM, THIS IS THE MAP OF THE PROPOSED BOUNDARY AMENDMENT.
YOU'LL, CAN, YOU SEE IT MAINTAINS THE SAME BOUNDARY THAT WE CURRENTLY HAVE, EXCEPT THAT WE CAPTURED THIS ONE LITTLE RED PARCEL DOWN ON MOCKINGBIRD LANE.
UM, THERE'S THE PARCEL OF 9.3 ACRES IN, UM, IN TOTAL, UH, THE PROJECT WILL NOT HAPPEN UNLESS THERE'S FUNDING AVAILABLE TO MAKE IT HAPPEN, AND THAT'S WHY THEY APPROACHED THE TIF DISTRICT TO INCLUDE THE, THIS PROJECT IN ITS BOUNDARY.
THERE ARE NO ADDITIONAL PLAN AMENDMENTS PROPOSED.
IT'S JUST CAPTURING THIS ONE PARCEL OR ADDING THIS ONE PARCEL.
THE, YOU SCROLL JUST A LITTLE BIT.
THE PLAN WOULD INCREASE THE DISTRICT'S GEOGRAPHIC SIZE BY LESS THAN 2%, AND THE PARCEL THAT WE'RE INCLUDING WOULD ADD TO THE TAX ROLL, 7,320,000.
THAT'S THE VALUE OF PROPERTY AS IS UNIMPROVED.
SO THAT'S THE LONG SHORT OF THE PRESENTATION ON OUR REQUEST TO AMEND THE BOUNDARY.
SO NOW I'M EXPLAIN TO YOU WHY, WHAT THAT PARCEL'S ALL ABOUT AND, AND WHAT WE'RE TRYING TO ACCOMPLISH BY INCLUDING IT.
SO TAKING A LOOK AT THE PROJECT LOCATION, UM, THIS IS, THE ACTUAL ADDRESS IS 1545 WEST MOCKINGBIRD.
IT'S ABOUT A HALF MILE WEST OF HARRY HINES.
AS YOU SAW ON THE MAP, THE ENTIRE SITE IS 9.3 ACRES, IS A PLANNED PHASED PROJECT.
WE'RE ONLY CONSIDERING PHASE ONE WE SEE OUTLINED IN BLACK THERE.
UM, AND THAT PHASE ONE IS 5.9 ACRES OF THE, OUT OF THE TOTAL 9.3 ACRE SITE THAT THE AREA TO THE RIGHT OF THE BLACK WOULD BE THE, THE PROPOSED PHASE TWO AND THE DEVELOPERS CONSIDERING A TY HOME PRODUCT.
BUT THAT HAS NOT BEEN FINALIZED.
AND AGAIN, IT'S NOT A PART OF THIS PARTICULAR PROJECT THAT WE'RE REVIEWING.
AND OBVIOUSLY IT'S NOT LOCATED IN THE MAPLE MUCKLE, ITS BOUNDARY AT THIS POINT.
THIS IS A LOOK OF, UH, AT WHAT IT LOOKS LIKE RIGHT NOW.
UM, IT'S UNIMPROVED, IT'S, UM, IN CITY COUNCIL DISTRICT TWO, IT'S MIXED USE ZONED, AND AGAIN, IT'S ABOUT A HALF A MILE FROM THE EXISTING BOUNDARY.
UM, THE, SO AS FAR AS THE, THE PROJECT ITSELF, UH, THE DEVELOPER IS A MOCKINGBIRD OWNER, LP OR LA LARKSBURG CAPITAL.
THE GROUP THAT WE SEE ASSEMBLED HERE TODAY WILL BE FUNDING AND CONSTRUCTING THE OAK PARK PROJECT.
IT IS NEW GRAPHIC CONSTRUCTION OF A 373,000 SQUARE FOOT MULTIFAMILY RESIDENTIAL BUILDING WITH APPROXIMATELY 360 MULTIFAMILY RESIDENTIAL UNITS.
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UM, 72%, I'M SORRY, 70, 72 UNITS, UH, OF THE, UM, OF THE TOTAL ARE AT 80, AT OR BELOW 80% OF A MFI.AND I'LL EXPLAIN TO YOU WHAT A MFI IS AND HOW THAT WORKS ON THE LITTLE PROJECT UNIT, MIX CHART AT THE END OF THIS SLIDE.
UM, IT ALSO INCLUDES A, UH, 99,000 SQUARE FOOT PARKING GARAGE WITH APPROXIMATELY 510 PARKING SPACES, THREE COMMERCIAL RETAIL BUILDINGS.
UM, A GREEN SPACE AC ANCHORED BY A SMALL COMMERCIAL, UM, UH, RETAIL RESTAURANT.
UH, CONCEPT 38 PARKING SPACES, THE TYPICAL ONSITE IMPROVEMENTS.
AND THEN RESIDENTIAL AMENITIES, FIRST CLASS RESIDENTIAL AMENITIES.
YOU CAN SEE CLUBHOUSE, COFFEE LOUNGE, INDOOR OUTDOOR GATHERING SPACES, FITNESS AND WELLNESS CENTER, CO COWORKING STORAGE, RESORT STYLE POOL, PET SPA, AND DOG PARK.
SO THIS IS A, A UPSKILL NICE, UM, MULTIFAMILY PROJECT AND AN UNDERSERVED AREA THAT'S REALLY GONNA LIFT THIS, THIS WHOLE, UH, CORRIDOR.
THE ESTIMATED TOTAL PROJECT COST IS ABOUT 111 MILLION.
THE PROPOSED CONSTRUCTION STOCK DATE IS JUNE 30, 20, 28, ABOUT TWO YEARS FROM NOW, WITH AN ANTICIPATED CONSTRUCTION COMPLETION DATE OF ABOUT FOUR YEARS FROM NOW IN JUNE OF 2030.
UM, SO I'M GONNA LET THE EXPERTS IN THE ROOM WALK YOU THROUGH THE ACTUAL PLAN AND THESE RENDERINGS AND DAZZLE YOU WITH WHAT THEY'RE PLANNING THEY'RE PROPOSING.
YEAH, SO WHAT WE'RE LOOKING AT IS PLAN VIEW OF THE SITE.
SO AS LESLIE MENTIONED ON THE EAST SIDE, THE FUTURE PHASE IS NOT PART OF THE REQUEST.
SO THE WEST SIDE, WHICH IS THE BULK OF THE 9.3 ACRES AS PART OF THE REQUEST, UH, THIS IS THE 360 UNIT MULTIFAMILY PROJECT.
WE HAVE A PRECAST GARAGE THAT'S FULLY WRAPPED, SO IT WON'T BE EXPOSED TO, UH, TO THE PUBLIC.
THE RETAIL AND FRONTAGE IS SOMETHING WE THINK WILL REALLY HELP ACTIVATE THE CORRIDOR.
SO IT'S ABOUT 10,000 FEET OF RETAIL AND RESTAURANT USES, UH, PARKING'S RIGHT THERE, SUPER EASY.
WE REALLY THINK THAT THIS PROJECT WILL HELP SERVE THE GROWING MEDICAL DISTRICTS, ALL THE HOSPITAL AND MEDICAL ASSETS THAT ARE BETTER CONSTRUCTION AND EXPANDING OVER THERE AND GO, THAT'S REALLY IT ON THIS PLAN IF WE KEEP GOING.
SO THIS IS A CLOSEUP OF THE, THE RETAIL USES AND THIS CIRCLE DRIVE WE WE'RE MAINTAINING.
THERE'S A LOT OF GREAT TREES ON THE SITE, AND THAT'S WHERE THE NAME COMES FROM THE PARK.
AND WE'RE, WE'RE MAINTAINING A SNIP NUMBER OF THOSE TREES WE'VE DESIGNED AROUND THEM.
SO THEY'RE, THEY'RE SUPER MATURE TREES.
THEY'VE BEEN THERE A LONG TIME.
SO WE'RE, WE'RE, WE'RE ABLE TO WORK AROUND THAT, WHICH IS GREAT.
SO YOU CAN SEE THAT THE DESIGN, WE'RE TRYING TO BUILD SOMETHING THAT'S DIFFERENTIATED FROM A, YOUR TYPICAL KIND OF STUCCO BOX.
AND SO WE THINK THIS IS, UH, ARCHITECTURALLY PRETTY INTERESTING.
WE HAVE A, A GREAT ARCHITECT ON BOARD WITH CORGAN.
SO THEY'RE, THEY, THEY'RE PRETTY FOCUSED ON DESIGN, NOT JUST THE MATH, BIND THESE PROJECTS.
SO I THINK WE HAVE A REALLY INTERESTING USE OF STAINING SEA METAL, BRICK AND MAINSTREAM COMPONENTS.
THESE ARE JUST TWO MORE PERSPECTIVES FROM, UH, FROM MOCKINGBIRD LANE.
ONE ON THE LEFT IS FROM THE EAST AND THE ON THE RIGHT'S FROM THE WEST OUTDOOR VANITY AREA.
UH, OR SORRY, THIS IS THE, ON THE LEFT.
THIS IS THE COMMERCIAL AREA, THE RETAIL, THE, THE THREE RETAIL BUILDINGS.
THEN ON THE RIGHT, THOSE ARE WALKUP, UH, TOWN HOME STYLE UNITS ON FACING CREDENTIAL, WHICH IS THE NORTH SIDE OF THE SIDE.
SO WE TRY NOT TO, AND ANY OF OUR PRODUCTS, WHICH WE TRY NOT TO HAVE LIKE A TRUE BACK OF HOUSE WHERE IT'S ALL JUST TRASH, ELECTRICAL AND ALL THAT.
SO THIS REALLY, EVEN THE BACK OF THIS IS THIS GOOD LOOKING AND WILL BE GREAT FOR THE NEIGHBORHOOD.
UM, SO THE, THE CITY OF DALLAS REQUIRES THAT, UM, ANY OF OUR PROJECTS GO BEFORE, UH, THE URBAN DESIGN PEER REVIEW PANEL.
AND THIS IS A PANEL OF EXPERTS APPOINTED BY THE CITY MANAGER, AND THEY ARE PRESENT, UM, ARCHITECTS, ENGINEERS, UM, URBAN DESIGN SPECIALISTS.
AND SO EACH PROJECT HAS TO PRESENT THEIR PLAN TO THIS PANEL.
AND THE PANELISTS, UM, KIND OF PICK APART AND SAY, WELL, WE WOULD LIKE MORE HERE, AND LET'S HERE, HAVE YOU THOUGHT ABOUT THIS? HAVE YOU THOUGHT ABOUT THAT? SO THE, UM, THIS PROJECT WENT TO URBAN DESIGN ABOUT A YEAR AGO, APRIL 18TH, 2025.
AND THERE'S A VARIETY OF DIFFERENT OBSERVATIONS AND SUGGESTIONS THAT THEY MADE AT THIS POINT.
THIS IS A, A, UM, WHAT THE, THE PANEL HAS SUGGESTED, UM, WHAT THE PROCESS IS, IS THAT THE, THE DEVELOPER COMES BACK AND, AND SAYS, OKAY, SURE.
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THOSE, OR, UM, CAN'T REALLY DO THESE, OR THAT WILL COME IN A LATER PHASE.AND KIND OF, THERE'S KIND OF A BIT OF A NEGOTIATION THAT GOES ON.
BUT AT THE END OF THE DAY, ONCE, UH, WE WRITE THE DEVELOPMENT AGREEMENT, THESE, UM, FINALIZED REQUIREMENTS ARE, ARE JUST THAT REQUIREMENT.
AND SO IT GUARANTEES THAT THE PROJECT THAT IS ACTUALLY DEVELOPED IS WHAT IS PRESENTED AND REFINED BY U-D-P-R-P.
SO IT BECOMES AN OBLIGATION OF THE DEVELOPMENT AGREEMENT.
AND RIGHT NOW, WE, WE HAVE, UH, THE DEVELOP DEVELOPER HAS SENT THEIR, THEIR COMMENTS BACK TO U-D-P-R-P, UM, RESPONDING TO THESE, AND WE'LL SEE WHAT THE, THE FINAL OUTCOME IS, AND IT'LL BE ATTACHED TO THE FINAL DEVELOPMENT AGREEMENT.
YOU CAN GO AHEAD AND DROP DOWN A COUPLE OF SLIDES.
THIS IS WHERE THEIR, THE MONEY TO BUILD THE PROJECTS COMING FROM AND WHAT IT'S GOING INTO.
UM, AT 110.8 MILLION, THEY'RE DOING A CONSTRUCTION LOAN OF, FOR THE MAJORITY OF THE FUNDING, UM, BRINGING EQUITY AT 15% AND THEN REQUESTING FIFTH DISTRICT FUNDING AT 26% OR 29 MILLION TOTAL.
AND THEN THE LINE SHARE OF THE EXPENSE, OF COURSE, IS INVOLVED IN HARD COSTS OF THE ACTUAL CONSTRUCTION.
COST ACQUISITION IS, IS A HIGH COST CONSTRUCTION LOAN INTEREST, UM, SOFT COSTS, THAT'S A AND E AND MARKETING AND TAXES AND FEES AND THAT KIND OF THING.
WE, THE TIFF, UM, DOES NOT REIMBURSE FOR, FOR ALL OF THOSE CATEGORIES.
WE ARE, ARE LIMITED TO WHAT KIND OF CATEGORIES WE CAN ACTUALLY HELP FUND.
AND THAT'S GONNA, I'LL SHOW YOU THAT ON THE NEXT SLIDE.
UM, SO BEFORE I GET INTO THIS, UM, THE, THE FIRST BULLET SAYS, STAFF RECOMMENDS AUTHORIZATION OF A DEVELOPMENT AGREEMENT WITH THE DEVELOPER FOR 29 MILLION.
BUT I, I DON'T THINK ANYBODY ON OUR BOARD, WITH THE EXCEPTION OF LUIS, HAS DONE A TIF DEAL FROM START TO FINISH.
SO I WANT TO TAKE A MINUTE AND GIVE YOU AN IDEA OF WHAT HAS BEEN DONE BEFORE, BEFORE TODAY ON THIS PROJECT.
THE WAY THAT OUR DEALS HAPPEN IS A DEVELOPER WILL SUBMIT AN APPLICATION THAT COMES TO ME OR TO SOMEBODY WITHIN OUR GROUP.
UM, I REVIEW IT ALONG WITH TAMARA AND OUR DIRECTOR AND DECIDE IF IT'S FEASIBLE AND IF IT'S SOMETHING YOU WANNA TAKE ON.
AND IF IT IS, THEN WE SEND IT TO UNDERWRITING AND WE HAVE AN UNDERWRITER, THIRD PARTY UNDERWRITER WHO'RE USING FOR YEARS.
AND THEY DO A, AN EXTENSIVE DEEP DIVE ON ALL THE FINANCIALS.
THEY DO ALL THE, THE VETTING TO MAKE SURE THAT THIS PROJECT IS LEGITIMATE, THAT THE NUMBERS BEING REQUESTED ARE TRULY, UM, UH, NECESSARY.
WE, IF THEY SAY THAT THERE WAS A GAP AND THEY NEED, UM, THE, THE DEVELOPER CAME WITH REQUEST OF 33 MILLION FOR THIS PROJECT.
AND SO THE UNDERWRITER TAKES THAT AND THEN GOES THROUGH AND VERIFIES AND SAYS, YES, THERE REALLY IS A GAP IN THIS PROJECT.
UM, AND WE BELIEVE THAT IT, IT IS 33 MILLION, UM, AND THEY WOULDN'T BE ABLE TO DO THE PROJECT, BUT FOR THE CITY OF DALLAS, PROVIDING THAT GAP FUNDING.
UM, AND THEN THEY CAN SAY, AND 33 IS LEGITIMATE, OR THEY CAN SAY, BUT WE, OUR NUMBERS WHERE WE'RE GOING TO SAY IT NEEDS TO BE A LITTLE BIT LOWER.
UM, AND IN ORDER TO NOT UNDULY ENRICH THE DEVELOPER IS THE, THE LANGUAGE THAT'S USED.
SO, UM, ONCE THAT HAPPENS, THEN WE COME BACK AND, UH, AS A TEAM AND REVIEW AND SEE IF WE AGREE WITH THAT NUMBER.
AND IF SO, WE PUT TOGETHER A LETTER OF INTENT AND SEND IT TO THE DEVELOPER.
THERE'S NEGOTIATION BACK AND FORTH.
AND THEN ONCE THAT'S FINALIZED, WE START PLANNING OUR MEETINGS.
AND SO THAT'S WHERE WE FIND OURSELVES TODAY.
SO I WANT YOU TO KNOW THAT THIS ISN'T JUST AN APPLICATION THAT'S BEEN SUBMITTED AND THAT WE'VE, WE THINK IT LOOKS GOOD AND WE'RE BRINGING IT TO YOU FOR, FOR YOUR THOUGHTS.
THIS HAS BEEN THOROUGHLY, EXTENSIVELY, DEEPLY VETTED, AND WE BELIEVE THAT IT'S A, A, A GREAT PROJECT FOR THE MAPLE MOCKINGBIRD TIFF, BUT YOU'RE NOT A RUBBER STAMP.
AND WE WANT YOU TO, TO ASK ANY QUESTIONS THAT YOU HAVE ABOUT THIS AGREEMENT.
BUT BEFORE WE DO THAT, I'M GONNA WALK YOU THROUGH THE ELEMENTS OF THE LOI.
SO THE MAPLE MOCKINGBIRD, UM, TIF DISTRICT HAS THESE EXACT SAME BUDGET CATEGORIES, O OVERALL FOR, FOR HOW, UM, DOLLARS CAN BE, UH, DEPLOYED.
SO, UH, WE WOULD BE FUNDING A PORTION OF THE DESIGN AND ENGINEERING COSTS, UTILITY IMPROVEMENT, RELOCATION AND BURIAL.
THEY HAVE TO BURIAL ALL THEIR OVERHEAD LINES AND THEN, UM, MOVE, UH, WATER AND WASTEWATER LINE, UM, OUT TO THE STREET, THE STREETSCAPE IMPROVEMENTS, ENVIRONMENTAL REMEDIATION AND DEMOLITION.
AND THEN AFFORDABLE HOUSING IS A GENERAL CATEGORY THAT WE CAN FUND AS WELL AS RETAIL HIGH DENSITY.
SO WITH THAT, WE CAME TO 29 MILLION.
AND THAT LAST BULLET SAYS THAT IF THE PROJECT COSTS ARE LESS THAN WHAT THEY ORIGINALLY ESTIMATED, THEN THE, THE SUBSIDY WOULD BE REDUCED ACCORDINGLY.
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ARE, THIS, THIS IS LIFTED DIRECTLY FROM THE LOI.UM, AND I'M, I'M GONNA, I'M NOT GONNA READ IT ALL TO YOU, I'M GONNA JUST HIT THE HIGHLIGHTS.
UM, PROJECT FI FINANCING WOULD REQUIRE THAT DEVELOPERS HAVE CLOSED ON THEIR CONSTRUCTION LOAN BEFORE WE SIGN A DEVELOPMENT AGREEMENT WITH THEM.
BUILDING PERMIT DEADLINE, UM, IS ESTABLISHED JUNE 30, 20, 28.
THAT'S BASICALLY START OF CONSTRUCTION MINIMUM INVESTMENT.
WE, THEY MUST SPEND AT LEAST 91.8 MILLION ON THIS PROJECT.
YOU WOULD BE ELIGIBLE FOR ANY OF THE, OF THE PAYMENT.
AND THAT'S REQUIRED, UM, BY JUNE 30TH, 2029.
AND IT'S DIRECTLY RELATED TO THE REQUIRED PROJECT COMPONENTS.
AND THAT'S WHAT WE TALKED ABOUT EARLIER, THE, THE ACTUAL, UM, MULTIFAMILY BUILDINGS, THE PARKING GARAGE, THE COMMERCIAL BUILDINGS.
WE CAN KEEP GOING DOWN THE, ALL OF THE AMENITIES, THE GREEN SPACE WITH THE LITTLE RESTAURANT, ALL THE SITE WORK AND, UM, PUBLIC INFRASTRUCTURE IMPROVEMENTS.
SO WHEN EVERYTHING IS FINISHED, THEY SUBMIT A HUGE PACKET OF INFORMATION TO US AND WE PUT IT THROUGH AN AUDIT.
AND WE HAVE THE CITY OF DALLAS CONFIRM ALL OF THESE THINGS SPECIFICALLY, UM, HAPPENED AND, UH, ARE PERMITTED AND SIGNED OFF ON.
AND THEN WE'RE ABLE TO, TO MAKE PAYMENT ON THE PROJECT.
SO PAY, IT'S IMPORTANT TO NOTE PAYMENT COMES IN ARREARS.
WE DO NOT SUPPLY MONEY UP FRONT FOR COSTS.
THE PROJECT HAS TO BE SUBSTANTIALLY COMPLETE.
UM, AT THAT POINT, THE SUBSTANTIAL COMPLETION DEADLINE IS DECEMBER, OR SORRY, UM, JUNE 30TH, 2030.
AND THEN THE LETTER OF ACCEPTANCE FOR THE PUBLIC INFRASTRUCTURE IMPROVEMENTS IS, UH, AT THE END OF THAT SAME YEAR.
UH, THE AFFORDABILITY REQUIREMENT, I SKIPPED OVER THIS, THE, THE PROJECT MIX, YOU SAW THAT, UM, IN A PREVIOUS SLIDE.
ALL OF THE PROJECTS FOR THE CITY OF DALLAS THAT TIF FUNDS, UM, THAT ARE HAVE, HAVE A RESIDENTIAL COMPONENT, MUST HAVE AN AFFORDABILITY REQUIREMENT ON IT.
20% OF THE TOTAL UNITS HAVE TO BE AT OR BELOW 80% OF A MFI.
UM, A MFI IS AREA MEDIAN FAMILY INCOME, AND THAT'S THE MIDPOINT WITH, UH, HALF THE FAMILIES MAKE MORE THAN THAT, AND HALF THE FAMILIES MAKE LESS THAN THAT.
AND FOR THE CITY OF DALLAS, THE 2025 BREAK, UH, OR A MFI IS 117,300.
SO, UM, 80% OF THAT WOULD BE 94,000.
SO A FAMILY COULD NOT BE MAKING MORE THAN 94,000 IN ORDER TO QUALIFY, UM, AS, UH, 80% OF A MFI.
SO THE DEVELOPER HAS, YOU HAVE TO DO AT LEAST 20%.
THE DEVELOPER HAS DONE, UM, 25 IF YOU BREAK APART THE 100% A MFI AND THE MARKET RATE.
SO THEY'VE GONE A LITTLE BIT OVER WHAT'S REQUIRED, AND THEY'VE GONE A LITTLE BIT DEEPER.
THE, THE 30%, UM, THAT FIRST BULLET, THEY'RE OFFERING 5% OF THEIR UNITS AT 30% A MFI, WHICH IS A, A CONSIDERABLE DISCOUNT.
UM, SO THAT, THAT EXPLAINS WHAT THE A MFI AND THE AFFORDABLE, UH, COMPONENT OF THIS IS.
IT'S SOMETHING THAT THEY ARE, UM, COMMITTED TO FOR A 15 YEAR PERIOD, AND IT IS, UM, MEMORIALIZED INTO THE AGREEMENT THROUGH DEED RESTRICTIONS.
SO THIS IS ATTACHED TO THIS PROJECT FOR 15 YEARS.
WE HAVE A COMPLIANCE TEAM HERE.
THIS IS WHAT THEY DO EVERY DAY, IS GO OUT AND, AND CHECK, UM, RENT ROLLS AND UM, AND PAYCHECK STUBS AND ALL OF THAT TO CONFIRM THAT THIS REALLY IS HAPPENING.
UM, AFFIRMATIVE, AFFIRMATIVE BEAR HOUSING MARKETING PLAN, UH, THIS IS SOMETHING THAT CITY OF DALLAS REQUIRES.
AND THIS BASICALLY JUST SAYS THAT YOU, YOU HAVE A PLAN IN PLACE OF HOW YOU ARE GOING TO REACH OUT AND PUBLICIZE THAT THIS PROJECT IS AFFORDABLE TO UNDERSERVED POPULATIONS.
AND THEY'RE, THEY'RE REQUIRED TO DO THAT.
UM, VOUCHERS MAKE BEST EFFORTS TO, TO LEASE UP TO 10% OF THE PROJECT, TO VOUCHER HOLDERS A VOUCHER HOLDER, IT HAS TO HAVE AT LEAST, UM, OR MAXIMUM 50% A MFI.
AND THEY'RE TYPICALLY EVEN LOWER THAN THAT.
UM, ALSO REQUIRED THROUGH THE DE DE RESTRICTIONS PROPERTY MANAGEMENT, THE DEVELOPER HAS GOT TO, TO SUBMIT THE PROPERTY MANAGEMENT COMPANY THAT THEY ARE, UM, PROPOSING MANAGE THE COMPANY FOR OUR DIRECTOR'S REVIEW TO MAKE SURE THAT IT'S GONNA BE MANAGED TO OUR STANDARDS.
UM, PUBLIC ACCESS TO INFRASTRUCTURE IS JUST SAYING THAT IF THERE'S ANY, UM, UH, ANYTHING THAT NEEDS ACCESS FROM THE CITY, THAT THEY'LL GIVE US AN EASEMENT TO, TO ACCESS THAT OPERATING A MAINTENANCE AGREEMENT.
IF THEY DO ANYTHING NON-STANDARD WITHIN THE RIGHT OF WAY.
FOR INSTANCE, WITH, UM, SPECIALTY LIGHTING, THEY WANNA DO SOME UNIQUE LIGHTING FIXTURE THAT'S OUT OF THE CITY OF, UH, DALLAS'S STANDARD,
[00:25:01]
UM, UH, ACCESSORIES.THEY WOULD BE RESPONSIBLE FOR MAINTAINING IT, AND THAT WE WOULD PUT THE, UH, THE OPERATING MAINTENANCE AGREEMENT ON THAT FOR A PERIOD OF 20 YEARS.
QUARTERLY REPORTING IS JUST WHAT IT SAYS.
IT'S A WAY THAT WE KEEP, UM, IN TOUCH AND MAKE SURE THINGS ARE GOING ALONG AS WE HAD HOPED.
IT JUST GIVES US A CHANCE TO, TO CHECK IN AND SEE IF THINGS ARE SLOWING DOWN, OR MAYBE THEY'RE SPEEDING UP BECAUSE THERE ARE VERY FINITE DATES WITHIN THE DEVELOPMENT AGREEMENTS THEY HAVE TO MEET.
SO WE TAKE THOSE REPORT QUARTERLY REPORTS SERIOUSLY.
WE ALREADY TALKED ABOUT THIS SO WE CAN GO MOVE ON THROUGH THERE.
LOCAL HIRING, THE DEVELOPERS REQUIRED TO PUT TOGETHER A PLAN THAT SAYS HOW THEY'RE GOING TO REACH OUT FOR THEIR EMPLOYMENT OPPORTUNITIES TO DALLAS RESIDENTS.
IT DOESN'T MANDATE THAT THEY HAVE TO HIRE DALLAS RESIDENTS, BUT THAT, THAT THEY'RE MAKING BEST EFFORTS TO ADVERTISE THE JOBS AVAILABLE ON THE PROJECT TO DALLAS RESIDENTS.
AND THEN AT THE END, WHENEVER WE DO THE AUDIT, THEY HAVE TO SHOW THE, THE, UM, WHAT THEY DID AND WHAT THE RESULTS WERE.
AND THIS IS NOT ONLY FOR THE MULTI-FAMILY STAFFING, UM, OF THE RUNNING, THE MULTI-FAMILY, UM, BUILDING, BUT IT ALSO, UM, IS INCUMBENT UPON THE TENANTS THAT THEY ALSO TRY TO HIRE DALLAS RESIDENTS FOR THE DIFFERENT COMMERCIAL AND RETAIL PROPERTIES.
MINOR MODS, ANYTHING THAT ANYBODY WANTS TO DO, UM, THAT'S GOING TO CHANGE THE, THE DEAL.
WE'VE GOT TO GET, UM, APPROVAL BY OUR DIRECTOR, MINIMUM OCCUPANCY REQUIREMENT.
UM, THE RESIDENTIAL PORTION BEFORE WE MAKE OUR FIRST PAYMENT, THE RESIDENTIAL PORTION OF THE PROJECT, THE MULTIFAMILY BUILDING HAS GOT TO BE OPEN AND OPERATIONAL AND A MINIMUM OF 5,000 SQUARE FEET OF THE COMMERCIAL SPACE LEASED AND OCCUPIED.
SO WE KNOW THAT OUR PAYMENT IS FUNDING A BUSINESS THAT HAS ACTUALLY MADE AND IS SERVING THE PUBLIC, AND THAT THERE ARE, UM, TENANTS THAT ARE OCCUPYING THE BUILDINGS AND CONDUCTING BUSINESS THE ONGOING MINIMUM OCCUPANCY REQUIREMENT.
IT'S JUST SAYING THAT IF AT ANY POINT THESE, UM, NUMBERS DROP THE BUILDING CLOSES OR LESS THAN, YOU KNOW, THE, THE, A RETAIL, UM, STARTS TO BOARD UP THAT THEY ARE AWARE OF, THAT THEY'RE MAKING EFFORTS TO CURE IT.
AND SO WE HAVE THAT, THIS POLICY IN PLACE FOR THAT SMALL BUSINESS INCLUSION AND CONSTRUCTION.
THIS IS A REPLACE, OR THIS IS THE NEW, UM, PROGRAM THAT IS, UH, ASKING THE DEVELOPMENT DEVELOPER TO MAKE A GOOD FAITH EFFORT THAT 33, 30 3% OF ALL HARD CONSTRUCTION EXPENDITURES THAT THEY, UH, WORK WITH THE SMALL BUSINESS ENTERPRISES TO, UM, TAKE A SHOT AT DOING THAT CONTRACT WORK.
AND THAT'S ALL WORKED OR ARE ALL MANAGED THROUGH THE OFFICE OF PROCUREMENT SERVICES.
WE DON'T, WE'RE NOT REALLY INVOLVED IN THAT, BUT THAT IS SOMETHING THAT WE SEE ON OUR QUARTERLY REPORTS ON HOW THEY'RE DOING THE OFF THE CONSTRUCTION PERIOD.
SO NEXT STEPS, UM, SAY, WE'LL, IF YOU, YOUR VERDICT TODAY, AND, UM, HOPEFULLY YOU'LL RECOMMEND THAT WE TAKE THIS ON THROUGH THE, THE CHAIN.
OUR NEXT STOP WILL BE ON MONDAY WITH THE ECONOMIC DEVELOPMENT COMMITTEE, AND WE'LL BE PRESENTING THIS EXACT SAME, UM, PRESENTATION, A COUPLE OF TWEAKS HERE AND THERE.
UM, THEN THE PUBLIC HEARING HAS TO TAKE PLACE FOR ANY BOUNDARY AMENDMENT.
SO WE WILL DO A CALL FOR A PUBLIC HEARING ON MAY 13TH, AND THEN THE ACTUAL PUBLIC HEARING WILL HAVE ON MAY 27TH.
AND THEN ON THAT SAME DATE, COUNCIL, LATER IN THE AGENDA, THE COUNCIL WILL REVIEW THE BOUNDARY AMENDMENT AND THE PROPOSED PROJECT GO.
ALL RIGHT, SO THAT'S, THAT'S BASICALLY WHAT WE'RE DOING HERE.
UM, UH, WE'RE HAPPY TO ANSWER ANY QUESTIONS.
THE DEVELOPMENT TEAM OR MYSELF THAT THE BOARD HAS.
CAMERON, DID YOU HAVE SOMETHING THAT YOU WANTED TO ADD? YES, UM, UH, A COUPLE THINGS.
FIRST, UM, BEFORE THE BOARD BEGINS TO DELIBERATE ON THE PROJECT, THE CHAIR WILL NEED TO READ ITEM NUMBER SIX INTO THE RECORD.
AND SO I WOULD SUGGEST DOING THAT BEFORE THERE ARE ANY QUESTIONS OR ANY COMMENTS REGARDING WHAT LES HAS PRESENTED.
SECONDLY, UM, I WANTED TO ALSO MAKE THE BOARD AWARE OF A COUPLE OF DISCREPANCIES WITHIN THE BRIEFING.
THE FIRST IS THE MINIMUM INVESTMENT DATE.
IT NEEDS TO BE BY JUNE 30TH, 2030, NOT JUNE 30TH, 2029.
WE THINK IT'LL TAKE MORE THAN A YEAR TO CONSTRUCT THIS PROJECT.
AND SO IT SHOULD BE JUNE 30TH, 2030.
AND I BELIEVE ALSO ON THE, UM, THE, THE TIMEFRAME FOR ONGOING, UM, MINIMUM ONGOING OCCUPANCY, THAT DATE, I BELIEVE SHOULD BE 20 DECEMBER 31ST, 2033.
[00:30:01]
YOUR MOTION, PLEASE INCLUDE THE UPDATES TO THOSE DATES TO MATCH THE ACTUAL AGREEMENT BETWEEN, UH, THE CITY OF DALLAS AND THE DEVELOPER.YOU SAID THAT THE, UM, THE FIRST DATE WAS JUNE 30TH, 2029.
THE SECOND WAS DECEMBER, 2030.
IT'S 2029 AND THE BRIEFING 2030 AND DECEMBER 31ST, 2033.
NEITHER OF THOSE ARE IN THE MOTION.
SO I'LL GO AHEAD AND READ ITEM NUMBER SIX SO WE CAN DISCUSS THIS ITEM.
UM, THE ITEM NUMBER SIX IS REVIEW AND CONSIDER A TAX INCREMENT FINANCE DEVELOPMENT AGREEMENT WITH MOCKINGBIRD OWNER LP.
IT TAKES A LIMITED PARTNERSHIP AND FOR ITS AFFILIATES IN AN AMOUNT NOT TO EXCEED $29 MILLION PAYABLE FOR EXISTING AND FUTURE MAPLE MOCKINGBIRD DISTRICT FUNDS.
IN CONSIDERATION OF THE OAK PARK MIXED USE AND MIXED INCOME PROJECT ON APPROXIMATELY 5.9 ACRES, CURRENTLY ADDRESSED AS 45 WEST BURG LANE.
UH, THAT WAS THE PRESENTATION.
WE RECEIVED THE PRESENTATION FOR THE ITEM.
AND NOW DON'T THINK YOU HAVE ANY QUESTIONS BEFORE WE ENTER THE MOTION, MR. CHAIR? CAN I ADD ONE THING FROM THE DEVELOPMENT TEAM'S, UH, PRESENTATION? SURE.
UM, I WOULDN'T, THE STAFF PRESENTATION WAS COMPREHENSIVE AND VERY GOOD, SO I WOULDN'T ADD ANYTHING EXCEPT JUST TELL THE BOARD WHAT'S A LITTLE DIFFERENT ABOUT THIS PROJECT.
UM, I DON'T THINK IN YOUR OTHER DELIBERATIONS FOR OTHER PROJECTS THAT INCLUDE MULTI-FAMILY HOUSING, THAT YOU'RE GOING TO SEE THE LEVEL OF AFFORDABILITY THAT IS OFFERED IN THIS ONE 30% UNITS ARE EXTREMELY INEXPENSIVE AND THEY'RE INTENDED FOR PEOPLE WITH VERY LOW INCOME.
UH, AND SO THE, THE REASON WE THINK WE CAN DO THAT, IT'S PARTLY BECAUSE SYCAMORE STRATEGIES IS INVOLVED AND HAS DONE MORE DEEPLY AFFORDABLE HOUSING IN THE CITY OF DALLAS THAN ANY OTHER BUILDER IN THE LAST 10 YEARS, PROBABLY.
UM, SO I THINK THAT'S ONE THING YOU'RE GETTING THE BENEFIT OF.
THE OTHER THING IS WHEN YOU LOOK AT THE VERY HELPFUL BREAKDOWN WHERE THE MONEY WILL BE PLACED WITHIN THE ALLOWABLE EXPENDITURES FOR THE TIFF POLICY, THE BIG DOLLAR ITEMS ON THOSE ARE FOR THE, UH, PUBLIC REALM STUFF.
UM, BURYING UTILITIES, MAKING THE PLACE LOOK NICE, THAT'S A BENEFIT TO THE PUBLIC THAT OUTLASTS THE PROJECT.
SO IT'S A VERY LEGITIMATE TIP EXPENDITURE.
THEN THE AFFORDABLE HOUSING, WHICH IS, IS FRANKLY FOR THE FOUR POINT WHATEVER MILLION DOLLARS, UH, KIND OF A BARGAIN FOR THE AMOUNT OF AFFORDABLE HOUSING THAT'S BEING PROVIDED.
OBVIOUSLY THERE'S UNDERWRITING THAT BACKS ALL THAT UP.
AND THEN THE RETAIL, WHICH IF YOU'VE DRIVEN THE SITE, YOU KNOW THAT THIS AREA NEEDS SOME STREET SCAPE, UH, INTERACTION THAT IT IS NOT RECEIVING CURRENTLY.
UM, AND IT, YOU KNOW, MS. BLAKE HIT ON THIS A COUPLE OF TIMES, BUT IT BEARS, UH, SAYING AGAIN THAT THE PROJECT FROM OUR PERSPECTIVE AND WE'VE RESEARCHED IT AND, AND UH, IS, YOU KNOW, MAIN PRO PERFORMANCE WITH ALL FINANCING SOURCES, WE CAN FIND THE PROJECT IS IN FACT UN BUILDABLE WITHOUT TIFF HELP.
I JUST WANNA ADD THAT MR. AT THIS POINT, ARE THERE ANY OTHER QUESTIONS OR LIMITATIONS FROM THE DEVELOPERS, UH, OR QUESTIONS FOR THE DEVELOPERS OR QUESTIONS ON THIS PROJECT? OKAY.
UM, I HAVE A MOTION TO APPROVE AGENDA ITEM SIX AS PRESENTED WITH A RECOMMENDATION FOR APPROVAL TO CITY COUNCIL.
UH, BY, BY, DO I HAVE A MOTION ONE THING CHAIR BEFORE WE DO THAT? YES, WE DO HAVE TO DISPOSE OF ITEM FIVE.
AND SO, OH, IN ORDER TO APPROVE SIX, WE HAVE TO HAVE A, A, A RECORD APPROVAL OF ITEM FIVE, WHICH IS THE AMENDMENT OF THE PLAN, THE EXPANSION OF THE ZONING, OKAY.
DID WE ALREADY READ IN ITEM FIVE? YES, YOU DID.
AND WE DO WE HAVE A MOTION ON ITEM FIVE? SO MOVED.
AND IS THERE A SECOND FOR ITEM FIVE? THIS IS THE SECOND.
UH, WITH THAT, UH, TAKE A VOTE ON ITEM FIVE.
ALL THOSE IN APPROVAL SAY AYE.
ANYONE AGAINST PASSES UNANIMOUSLY.
ANY MORE DISCUSSION ON ITEM SIX BEFORE WE MOVE TO A VOTE? I WILL TAKE A MOTION, UH, MOTION ON ITEM SIX.
THIS IS CONSIDERATION OF THE DEVELOPMENT AGREEMENT.
[00:35:01]
YOU.UH, ALL IN FAVOR OF ITEM NUMBER SIX.
WE, UH, CHAIRMAN, THIS IS NOTHING READ INTO THE RECORD THAT WITH THE CAVEAT OF THE DATE CHANGE.
SO WE WILL, UH, MAKE AN AMENDMENT, UH, AND THEN I'LL ASK FOR YOUR, UH, SECOND AGAIN, WITHOUT AMENDMENT, WHICH IS THE DATE CHANGE FROM JUNE 29TH TO JUNE 30TH FOR THE, UH, INVESTMENT.
AND THEN JUNE, JUNE, JUNE, 2029 INTO JUNE 23RD.
JUNE, SORRY, JUNE 29TH TO JUNE.
JUNE, 2020 NINTH TO JUNE, 2030 FOR THE INVESTMENT.
AND THEN THE SECOND WAS, IF, HELP ME RECALL, IT'S DECEMBER, UM, THE MINIMUM OCCUPANCY REQUIREMENT, UM, TO CHANGE TO DECEMBER 31ST, 2033.
AND THE REQUIREMENT TO DECEMBER, 2033, UM, WITHOUT AMENDMENT.
DO WE HAVE A MOTION? DOES THAT MOTION STAND? WE'LL NEED ANOTHER, WE'LL NEED ANOTHER MOTION.
AND THE SECOND, I'LL DO A SECOND.
UH, ALL THOSE IN FAVOR, PLEASE SAY AYE.
UH, WE CAN MOVE ON TO ITEM SEVEN IF THERE'S NO FURTHER BUSINESS PLACE.
I DECLARE THE MEETING ADJOURNED AT 11, UH, 41.