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[Dallas Public Facility Corporation on April 28, 2026.]
MY NAME IS KEITH AKKO, PRESIDENT OF THE DALLAS PUBLIC FACILITIES CORPORATION BOARD OF DIRECTORS.I'D LIKE TO CALL THE APRIL 28TH, 2026 MEETING OF THE DALLAS PUBLIC FACILITIES CORPORATION BOARD OF DIRECTORS MEETING.
STACY MARSHALL, RONALD SIMPSON.
BRIAN BLANKENSHIP LINE NO, PRIME.
MARQUEZ CHRISTIAN, VICTOR TOLEDO PRESENT.
TIM WINTERS IS HAVING TROUBLE SIGNING ON.
WE'LL ACKNOWLEDGE HIM IN A BIT.
UH, LAUREL STONE PRESENT? YES.
YOU WANNA CHECK ON DIRECTOR WINNERS AGAIN? YEAH.
MOVING ON TO ITEM NUMBER THREE, PUBLIC TESTIMONY.
DO WE HAVE ANY PUBLIC COMMENTS ON ITEMS FOUR THROUGH SIX 13? SAM HAS, UH, MR. MCDANIEL, HAS ANYONE SIGNED HERE IN PERSON OR ONLINE TO SPEAK ON ITEMS 14 THROUGH 13TH? UH, WE HAVE THOR HERE TO DISCUSS.
NO, WE'LL TALK ABOUT IT ON THE ITEM.
OR HE, UM, ALSO, REAL QUICK BEFORE WE MOVE ON, SCOTT JUST WALKED IN.
I WANT TO ACKNOWLEDGE HIS ATTENDANCE.
DIRECTOR HANSEL IS NOTED AS BEING HERE.
ITEM NUMBER FOUR, DISCUSSION AND APPROVAL OF THE MINUTES OF THE MARCH 24TH, 2026 EPFC BOARD MEETING.
HAS EVERYONE HAD A CHANCE TO REVIEW THE MINUTES OF THE MARCH 24TH MEETING? MOTION TO APPROVE.
DONE ANY OBJECTION? ALL IN FAVOR, SAY GOODBYE BY SAYING AYE.
ANY OPPOSITION? SEEING ALL AYES AND NO OPPOSITION? THE MINUTES OF THE MARCH 24TH MEETING ARE APPROVED.
ITEM NUMBER FIVE, COMMUNITY ANNOUNCEMENTS.
HAVE ANY COMMUNITY ANNOUNCEMENTS HERE ON LINE? NONE.
WE'LL MOVE ON TO ITEM NUMBER SIX.
EPFC BOARD MEMBER SHOULD DISCLOSE ANY RELATIONSHIP TO A MEMBER MAY HAVE WITH 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 THAT THE EPFC BOARD IS CONSIDERING.
I HAVE A RELATION, I HAVE A ETHICS ISSUE ON ITEM SEVEN.
DIRECTOR MARQUEZ ARE TEASING THEMSELVES.
SO, YES, AND I THINK RECUSING OURSELVES ON
MI DON'T THINK YOU, WE CAN STILL VOTE BACK ON.
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NONETHELESS.THIS ITEM NUMBER SEVEN, DISCUSSION AND APPROVAL OF A RESOLUTION AUTHORIZING THE NEGOTIATION AND EXECUTION OF THE TERM SHEET FOR TRINITY WEST.
AN AFFORDABLE MULTI-FAMILY DEVELOPMENT PROJECT IN PARTNERSHIP WITH BUILDERS OF HOPE.
BE LOCATED AT 3, 4, 5, 7 AND 3 1 5 5.
NORMANDY BROOK ROAD, DALLAS, TEXAS 7 5 2 1 2.
UM, SO WE HAVE MR. HUNT, RO AND, AND CHRIS LEWIS HERE.
THEY CAME TO US, UH, MONTH OR TWO AGO TO PRESENT THIS PROJECT.
REQUESTED THAT THEY COME BACK WITH SEVERAL KEY ITEMS. ONE, AN OPINION FROM THE IG BECAUSE OF, UH, A POTENTIAL CONFLICT, ONE OF THE, THE WO EMPLOYEES OF
AND THEN THERE WAS ANOTHER REQUEST FOR A LETTER.
SO MY COMMENT, CHRIS, COME UP AND, AND EXPLAIN THE REP THOSE, THOSE REQUESTS.
DID I, UM, CAN I INTERJECT HERE REAL QUICK? SURE.
THE REQUEST WASN'T FOR AN IG ATTEND, IT WAS FOR AN ADVISOR.
SO JUST, JUST SO WE'RE ON THE SAME PAGE BECAUSE IG GOOD AFTERNOON.
CAN YOU HEAR ME OKAY? NO, SIR.
CHRISTOPHER LEWIS WITH BILLS OF HOPE, SERVE AS THE RESIDENT CEO OF THE COMPANY.
AGAIN, THIS, UH, CAME TO PRESENT MORE, MORE OF AN UPDATE.
THERE WAS THREE ITEMS THAT WERE ASKED OF BILLS OF HOPE, UH, TO HOPEFULLY MOVE FORWARD WITH THIS GREAT PROJECT.
UM, SO, UH, JUST KIND OF A RECAP HERE, OBVIOUSLY A LITTLE BIT ABOUT BILLS OF HOPE BUILDING.
HOPE HAS BEEN AROUND FOR ALMOST 30 YEARS.
OUR MISSION IS TO BUILD ABOUT OUR DALLAS AND MY INVESTMENT PEOPLE AND THE COMMUNITIES WHERE THEY LIVE.
YOU DO THAT A MULTITUDE OF WAYS HERE.
JUST HIGHLIGHT THE PRESENTATION.
UM, IT'S A RECAP HERE, HERE, UH, WHERE YOU SEE THE STAR, WHICH IS A FEW MILES WEST OF DOWNTOWN DALLAS.
IT'S PROJECTED SITE, UH, FOR WEST, UM, IS IT TWO BASED DEVELOPMENT AND
BUT, UH, WITHIN THE, UM, ACTUAL, UH,
UH, IN ADDITION TO THE RECAP, UH, THIS, THIS PARTICULAR AREA WAS THE HIGHEST CONCENTRATED, UH, TRACK FOR PROPERTY IN CITY OF DALLAS FOR SEVERAL DECADES.
UM, SINCE THEN, UH, BILLS POPE DID WORK WITH, UH, WEST DALLAS.
ONE, WHICH I I'LL TALK ABOUT HERE SHORTLY.
UM, TO REDEVELOP REZONE THIS AREA INTO RISK USE DEVELOPMENT, AND FROM A LOGISTIC STANDPOINT, YOU'LL SEE THE TWO BOTH SITES, ONE, UH, NORTH AND NOR BROOKS.
AND THE SECOND LARGER DEVELOPMENT ALONG SINGLETON, UH, ALONG THE FRONT THE SIDE OF NORMAN BROOKS.
OKAY, AGAIN, THIS, UH, IS THE 36TH UNIT ARCHITECTURAL RENDERINGS HERE BY RN STUDIO.
UH, THREE STORY, UH, WITH THE GROUND, UH, LEVEL ONE WITH STONE SECOND, UH, THIRD FLOOR WITH, UH, THAT THIS WILL BE THE SECOND PHASE OF DEVELOPMENT, WHICH IS, UH, SLIGHTLY OVER A HUNDRED UNITS, WHICH IS, UH, WE'LL CALL FOR NOW, LITTLE, WHICH IS A LITTLE BIT OVER A HUNDRED UNITS, UH, THREE STORY AS YOU CAN SEE HERE.
SO ONE THING I WANTED TO HIGHLIGHT ABOUT THE, UH, UNIX, UH, THERE WAS THREE THINGS THAT WAS ASKED FOR US.
ONE WAS TO CONSIDER THE AFFORDABILITY INCREASE.
SO WE ADDED MORE THREE BEDROOMS, UM, TO BE MORE AFFORDABLE.
AND ALSO WE INCREASED THE AFFORDABLE MIX OF OUR 10%.
THERE'S AN OVERVIEW OF THE BUDGET HAS CHANGED.
WE'RE STILL LOOKING AT THE TWO PHASE DEVELOPMENT, ABOUT $28 MILLION.
AND SO THE FIRST PART WAS IN REGARDS TO THE ASK WAS INCREASING THE AFFORDABILITY.
NEXT, WE'VE DONE THAT, UH, IN CONNECTION WITH WEST DALLAS ONE, UH, WHICH WAS A PART OF THE WEST STYLIST VISION PLAN.
SO WE, UH, ADDED THREE MORE, UH, THREE BEDROOMS AND ADDED A 10%, UH, INCREASE WITH AFFORDABILITY.
UH, THE SECOND PART, UH, OF WE ASKED WAS TO GET LETTER SUPPORT.
SO WE'VE FOUND THAT WE GOT A LOT OF SUPPORT FROM WEST HOUSE.
ONE RECAP THAT IS A COALITION OF ABOUT NINE NEIGHBORHOODS THAT WE PARTNER WITH FOR SEVERAL YEARS.
THE SECOND PART, UH, WE COLLECTED A HANDFUL OF, UH, LEFT SUPPORT FROM THE ACTUAL PRESIDENTIAL COMMUNITY THAT
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WE ACTUALLY, UH, BUILT IN TRINITY IN TRINITY WEST AS WELL.UM, SO WE, UH, WE HAD COLLECTED ALL THOSE.
AND THEN THE THIRD PART, UH, WHICH WE'RE GRATEFUL FOR, UH, MR. ERICKSON TO BE HERE TODAY TO TALK ABOUT THE LEGAL OPINION THAT WAS, UH, REQUESTED.
SO THANK FOR HIM FOR HIS TIME TO
WE JUST RECENTLY BEFORE THIS, TODAY'S DEADLINE, UH, TO GET ALL THE LETTERS REPORT.
SO THE NEXT THING RECORDING ERR TO SCHEDULE A MEETING WITH COUNCIL, BUT HER ASK WAS TO MAKE SURE YOU HAVE LOT SUPPORT THAT WE DO HAVE.
SO HOPEFULLY THAT'LL BE THE FINAL POINT OF FINAL CAVEAT OF MOVING FORWARD.
SO, JUST SO WE'RE CLEAR, AS WE HAVE THIS DISCUSSION, THERE WERE THREE ITEMS, LETTERS TO SUPPORT FROM THE NEIGHBORHOOD.
LET'S CONSIDER THAT THOSE AN ADVISORY OPINION AND A LETTER OF SUPPORT FROM COUNCILMAN
AND SO YOU DON'T HAVE EITHER OF THOSE, CORRECT? NO.
THE SUPPORT WE'RE WORKING ON WITH COUNCILMAN NORMALLY, YOU KNOW, WE JUST KIND RIGHT OUT OF TIME.
SO WE'RE MORE UPDATE SO WE CAN GET THAT.
SO YOU DON'T HAVE, DON'T HAVE IT, DON'T HAVE THAT PART.
SO WE'RE WORKING ON THAT WITH, UH, MR. QUIN.
SO HAS THE CONVERSATION BEEN HAD WITH THE COUNCIL FOREMAN? WELL, SINCE THE APPLICATION IS LIVE, FROM MY UNDERSTANDING, WE'RE KIND OF WORKING WITH MR. QUIN, THAT SCHEDULE.
UH, BUT WE DID HAVE A, YOU KNOW, WHEN WE DID SUBMIT OUR APPLICATION BEFORE SHE MADE THE APPLICATION, WE HAD A MEETING WITH THE COUNCILMAN.
SO SHE DID ASK FOR THE LETTERS OF SUPPORT.
WE JUST COULDN'T MEET UP WITH HER BEFORE WE COULD COME BEFORE YOU TODAY.
SO MORE OR LESS, WE WANTED TO PROVIDE AN UPDATE, BUT ALSO MORE IMPORTANTLY, UM, HAVE MR. UH, ERIC A COME, UH, PROVIDE INSIGHT ABOUT THE LEGAL OPINION.
JUST FROM MY UNDERSTANDING, I MAY HAVE MISSED THIS.
SO YOU HAVE THE LETTERS NOW FROM, UH, A COALITION OF WEST DALLAS NEIGHBORHOODS NEIGHBORHOOD, WHICH IS NEIGHBORHOOD ONE WEST DALLAS ONE.
I CAN INTERJECT A LITTLE BIT TOO.
SO I MET WITH COUNCIL MEMBER KADE LAST WEEK.
UH, SHE'S HAPPY FOR THE WEST HOUSE ONE.
SHE ALSO ASKED FOR ADDITIONAL SUPPORT FROM THE, I BELIEVE IT'S CALLED THE TRINITY WEST NEIGHBORHOOD.
THAT'S THE ACTUAL NEIGHBORHOOD WHERE THESE, UM, DEVELOPMENTS ARE GOING IN.
I THINK THAT'S, THEY'RE WORKING ON, SO THAT, IT'S A LITTLE TRICKY BECAUSE THE NEIGHBORHOOD ASSOCIATION IS STILL OWNED BY THE DEVELOPER.
SO I THINK I HAVE TO GO INDIVIDUALLY TO, UH, THE RESIDENTS, IF THAT'S WHAT, SO THAT'S A LITTLE LONGER THAN
ANY OTHER QUESTIONS OR COMMENTS? TH YES, SIR.
WOULD YOU LIKE TO EXPLAIN ABOUT THE, UM, HI THORAX IN DIRECTOR OFFICE OF HOUSING COMMUNITY EMPOWERMENT? UM, I CONFERRED WITH OUR INTERIM INSPECTOR GENERAL.
UM, THE INSPECTOR GENERAL'S OFFICE NO LONGER HAS THE AUTHORITY TO ISSUE, UH, OPINIONS ON MATTERS.
THAT'S AN OPINION, THAT'S A FUNCTION OF THE CITY ATTORNEY'S OFFICE.
I HAVE BEEN IN CONTACT WITH THE CITY ATTORNEY'S OFFICE TO, UH, REQUEST SOMETHING MORE FORMALLY.
UM, BUT THE FACTS ARE, UM, MR. ARMSTRONG, WHO'S THE FORMER EMPLOYEE, UM, HAS NO FORMAL RELATIONSHIP WITH THIS BOARD OF DIRECTORS.
THIS INITIAL APPROVAL OF THE PROJECT, UM, INTERNALLY IN THE OFFICE OF HOUSE OF COMMUNITY EMPOWERMENT, WE HAVE PROTOCOLS IN PLACE THAT BAR MR. ARMSTRONG FROM ON ANY PROJECT ASSOCIATED WITH ITS FORMER EMPLOYEE, EMPLOYER, INCLUDING, UM, LEAVING THE ROOM WHEN ITEMS ARE BEING DISCUSSED AT BOARD COMMITTEES, UH, OR CITY COUNCIL MEETINGS TO SHOW THAT THERE IS NO RELATIONSHIP INVOLVED IN, IN FURTHERING THE BENEFIT OF A FORMER, UH, EMPLOYER.
SO WE'LL WORK ON GETTING SOMETHING MORE FORMAL THROUGH THE CITY ATTORNEY'S OFFICE.
UM, EVERYTHING HAS BEEN SUBMITTED.
UH, ALL INDICATIONS OF CONVERSATIONS, UH, INDICATE THAT THERE IS NO CONFLICT OF INTEREST, JUST AS THERE WAS NO CONFLICT OF INTEREST FOR MR. ARMSTRONG TO JOIN OUR DEPARTMENT AND WORK IN CAPACITY AS DEPUTY DIRECTOR OF THE OFFICE OF HOUSING TRAINING.
WE HAVE ANY OTHER QUESTIONS OR COMMENTS? DO YOU HAVE ANY TIMELINE FOR OPINION? I DO NOT.
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THAT I'LL FOLLOW UP ON.YEAH, WELL, IT, IT SOUNDS LIKE THE, THAT YOU, YOU PUT IN PLACE THESE MEASURES AND THAT THE CITY ATTORNEY SEEING THOSE, UM, SHOULD HAVE NO, NO PROBLEM ISSUING AN ADVISORY OPINION THAT, UH, HE'S NOT CONFLICT THAT, OR THE BUILDERS NOT.
I, I WOULD, I WOULD NOT ENVISION IT GOING ANY OTHER WAY.
IN FACT, I MEAN, THE CITY ATTORNEY'S OFFICE HELPED US WITH OUR PROTOCOLS IN ESTABLISHING THAT FOR WHEN MR. ARMSTRONG JOINED OUR TEAM.
SO HAVING EVERYTHING IN PLACE TO REMAIN CONFLICT OF INTEREST, UH, IS OF IMPORTANCE TO US.
AND IT'S SOMETHING THAT WE PRACTICE REGULARLY.
AND SO I ENCOURAGE YOU ALL NOT TO EMAIL JAMES ARMSTRONG WITH ANYTHING RELATED TO THIS PROJECT OR BUILDERS OF HOPE, UH, AS WE ASK EVERYBODY ELSE, UH, TO DO SO.
AND BEFORE I INTERJECT, BEFORE THIS GETS TO THE COUNCIL LEVEL AND SUCH STAFF, ALL OF BOTH OF OUR STAFFS WILL MAKE SURE THAT THESE, THESE ITEMS ARE TAKEN CARE OF? THAT IS CORRECT.
SO WE HAVE OTHER EXECUTIVE LEADERSHIP, UH, AND THE OFFICE THAT WILL, UM, ENSURE THAT ITEMS GET BASED ON APPROPRIATE HOUSING COMMITTEE AGENDAS AND OUR CITY COUNCIL ITEMS. UH, THAT HAS NOTHING TO DO WITH MR. ARMSTRONG'S REVIEW.
UH, OR I MEAN, YOU'LL OBVIOUSLY BE AWARE OF WHEN IT GETS POSTED, BUT WE'LL HAVE NO ROLE IN FORMING THE AGENDA ITEMS OR THROUGH THE CITY COUNCIL PROCESS.
AND, UH, ON, ON THAT POINT, PERSONALLY, I, I CAN'T SUPPORT IT UNTIL WE HAVE THAT ADVISORY OPINION.
I WANNA SEND SOMETHING
UH, AND, AND THAT WAS ONE OF THE THREE THINGS THAT THE CONDITIONAL ON US, UH, UH, MOVING FORWARD.
UH, WE ALSO, THIS BOARD IS VERY, UH, COGNIZANT OF WANTING THE COUNCIL PERSON'S APPROVAL.
IT DOESN'T SOUND LIKE WE'RE QUITE THERE YET, ALTHOUGH IT DOESN'T SOUND LIKE ANYTHING SHOULD STAND IN THE WAY.
IT SOUNDS LIKE THE PROCESS IS A LITTLE MORE LABORIOUS THAN MAYBE WE ENVISIONED WITH HAVING TO GO DOOR TO DOOR.
BUT, UH, YOU KNOW, WE DEFINITELY DON'T WANNA SEND IT TO COUNCIL WITHOUT THE COUNCIL PERSONS, YOU KNOW, PARTY.
AND STILL BE IN, UH, UH, STILL BE IN A VIOLATION OF, UH, 12 A AS AS AS WE, AS I UNDERSTAND IT ANYWAY.
UM, SO THAT ADVISOR COMMITTEE DON'T BE HELPFUL.
MR. LEWIS, MAY I ASK YOU A QUESTION? UM, IF THIS ITEM WERE DEFERRED TO OUR MAY MEETING TO GIVE YOU TIME TO, UH, GET THOSE TWO OTHER ITEMS, WOULD THAT, HOW WOULD THAT WORK WITH YOUR, UH, DEVELOPMENT TIMELINE? UH, YEAH, IF WE CAN MOVE IT TO THE NEXT MEETING IN MAY, THAT SHOULDN'T AFFECT MY TIMELINE TOO MUCH.
UMALTHOUGH SHORT CONSTRUCTION FALL.
SO THOSE TWO ITEMS WE'RE BE, UH, TAKEN CARE OF BEFORE OUR MAY MEETING.
IF WE WERE TO VOTE ON IT, CONSIDER IT AT THAT TIME, THAT WOULD'VE PUT YOUR DEVELOPMENT, UH, AT RISK.
UH, KNOWING HOW GOVERNMENT BUREAUCRACY WORKS, WHAT ABOUT THE NEXT 60 DAYS? ESSENTIALLY? UH, BUT WE'RE MORE THAN, MORE THAN CLOSE TO THE FINISH POINT.
SO I WOULD SEE SUPPLY 60, WELL, JUST GOVERNMENT BUREAUCRACY.
I DEFINITELY UNDERSTAND THAT FOR SURE.
YOU DO
AND WE'RE STILL IN THE SAME POSITION.
SO I DON'T NECESSARILY TRUST 30 DAYS, BUT HOPEFULLY SOMEBODY CAN, YOU KNOW, HIT THE GROUND RUNNING AND GET WHAT WE NEED SO WE CAN GO AHEAD AND TAKE CARE OF BUSINESS.
WHAT I CAN DO, UM, LET'S BE GETTING HALFWAY TO THAT DEADLINE.
I'LL MAKE SURE THAT
ANY OTHER QUESTIONS OR COMMENTS HERE? OR DO WE HAVE A MOTION OR WOULD WE LIKE TO GO FOR, I'M GONNA MAKE A MOTION THAT WE, UH, TABLE THIS ITEM TO THE, UH, MAY MEETING MOTION'S BEEN MADE BY DIRECTOR HOLMES TODAY.
WHAT DATE IS IT? JUST WANNA FINAL DATE? THAT WOULD BE, UH, MAY 26TH.
I TO ACCEPT THE DATE MOVEMENT FROM THE DIRECTOR.
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WE HAVE A SECOND? SECOND.THIS ITEM, UH, THIS QUESTION WILL MOVE TO A VOTE.
THE MOTION HAS BEEN MADE AND SECONDED AT THE TABLE.
ITEM NUMBER SEVEN TO THE MAY MEETING.
JASON BROWN OUT IN MONTGOMERY? YES.
ITEM NUMBER SEVEN HAS BEEN, UH, TABLED UNTIL OUR MAY 26TH MEETING.
UH, THANK YOU VERY MUCH MR. LEWIS FOR ALL YOU'RE DOING, UM, ON THIS PROJECT.
ALRIGHT, THANK YOU, DIRECTOR FOR YOUR TIME.
THE AGENDA IS ITEM NUMBER EIGHT, DISCUSSION AND APPROVAL OF A RESOLUTION AUTHORIZING THE NEGOTIATION AND EXECUTION OF A TERM SHEET FOR 30 21 AND AFFORDABLE MULTI-FAMILY DEVELOPMENT PROJECT IN PARTNERSHIP WITH THE PHOENICIAN TO BE LOCATED AT 3 0 2 1.
MARTIN LUTHER KING BOULEVARD, DALLAS, TEXAS 7 5 2 1 5.
UH, LET'S GET OUR, UH, BEFORE YOU START.
WELL, IT'S ONE OF THEIR DISTRICT.
ONE MOMENT WHILE THEY DIRECTORS COME BACK IN.
THE MEETING STARTED 20 MINUTES AGO.
OKAY, WE'RE ON ITEM NUMBER SEVEN, EIGHT, I'M SORRY.
UH, SINCE YOU JUST ENTERED THE ROOM, I'M GONNA PRE-READ IT.
ITEM NUMBER EIGHT, DISCUSSION, APPROVAL OF A RESOLUTION AUTHORIZING THE NEGOTIATION AND EXECUTION OF A TERM SHEET FOR 30 21.
AN AFFORDABLE MULTI-FAMILY DEVELOPMENT PROJECT IN PARTNERSHIP WITH VENETIAN.
LOCATED AT 30 21 MARTIN LUTHER KING, JR.
BOULEVARD, DALLAS, TEXAS 7 5 2 1 5 IN DISTRICT SEVEN.
SO, UH, WE'RE GONNA CALL UP MR. SCOTTY SMITH THERE TO THE PODIUM.
IT'S BEEN, UH, NICE ENOUGH TO BE WORKING WITH SAM AND I OVER THE LAST, UH, MONTH OR TWO.
WE ARE TO HAVE THIS APPLICATION.
I THINK IT HAS, UM, VERY STRONG SUPPORT COUNCIL MEMBER.
AND, UH, HOPEFULLY THIS CAN BE A PROJECT THAT IS, UH, SOMEWHAT TRANSFORMATIONAL TO THIS NEIGHBORHOOD.
SO, WITH THAT, SCOTT, IF YOU CAN, UH, GO THROUGH YOUR PRESENTATION AND THANK YOU.
UH, I AM ECSTATIC TO BE AT THIS POSITION.
UH, I, I'D LIKE TO FIRST, BEFORE WE GET STARTED, INTRODUCE MY PARTNER, UH, COURTNEY HELEY.
UM, FOR THE PAST SIX YEARS, UH, WE HAVE WORKED DILIGENTLY IN THE SOUTH DALLAS COMMUNITY SPECIFICALLY TO HELP REBUILD AND BREED MORE LIFE INTO THE AREA.
AND AS IT RELATES TO DEVELOPMENT IN DALLAS, IAN DEVELOPMENT GROUP ALMOST EXCLUSIVELY WORKS AND OPERATES IN SOUTH DALLAS THROUGH, UH, A FAMILY OF COMPANIES AND AFFILIATE ORGANIZATIONS.
WE HAVE INVESTED TENS OF MILLIONS OF DOLLARS IN THIS AREA.
UH, ONE OF THE THINGS THAT WE'RE EXTREMELY PROUD ABOUT IS, UH, DURING OUR WORK, WE, WE ENDED UP BECOMING THE CHAIR OF THE SOUTH DALLAS AREA PLAN, TASK FORCE.
AND THAT TASK FORCE WAS, WAS ULTIMATELY CALLED TO HELP CREATE A PLAN
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THAT WOULD HELP GUIDE DEVELOPMENT IN SOUTH DALLAS FOR THE NEXT 30 YEARS.AND OVER 200 MEETINGS, UH, FROM FRONT PORCHES TO COMMUNITY CENTERS, TO CHURCHES, UH, AND THE LIKES, UH, WE WERE ABLE TO PUT TOGETHER THIS, THIS AREA PLAN.
AND WITH THAT, UH, CAME THE 30 21 DEVELOPMENT, WHICH IS, IS AN ENVISION OF MYSELF AND COURTNEY, OUR, OUR DESIGN TEAM, WHICH IS HERE, WHICH IS, UH, LED BY JAKE.
BUT THIS PROPERTY IS AN OLD GROCERY STORE THAT WE PURCHASED A FEW YEARS AGO WITH THE HOPE OF ORIGINALLY BRINGING THE GROCERY STORE TO THE AREA.
UM, BUT AFTER DISCUSSION, UH, WITH OUR COUNCIL PERSON, UH, OVER A FEW YEARS AND AFTER WE FINISHED AND, AND TIDIED UP THE AREA PLAN, THE NEED FOR THE WANT FOR, UH, DENSITY ON THE BOULEVARD, UH, WAS EXPRESSED TO US.
AND THIS IS HOW WE CAME UP WITH THE CONCEPT OF 30 21.
UH, AND SO IT'S, UH, IT'S A PROPOSED 86 UNIT CLASS, A MULTIFAMILY DEVELOPMENT LOCATED ALONG THE MLK BOULEVARD IN SOUTH DALLAS.
AND, UH, IT'S A MIX OF, UH, STUDIOS, ONES, TWOS, AND THREE BEDROOM UNITS, UH, ALL WITH VIEWS AND JUST OUTLOOK ON BOTH THE BOULEVARD AND, UH, OVERSEE AND DOWNTOWN DALLAS.
UH, THE LOCATION IS JUST A QUARTER OF A MILE AWAY FROM TRANSIT ORIENTED DEVELOPMENT, OR EXCUSE ME, FROM THE DARN STATION NATION, A TRANSIT ORIENTED DEVELOPMENT.
AND IT'S RIGHT ACROSS THE STREET FROM MADISON HIGH SCHOOL, B RATED SCHOOL THAT JUST WON STATE AND BASKETBALL.
THIS YEAR, UH, IT'S, UH, A WALKING DISTANCE AWAY FROM IMA RAIN GALE, ONE OF THE TOP, UH, SCHOOLS IN THE NATION.
AND JUST AROUND THE CORNER FROM, UH, DAY MIDDLE SCHOOL, WHICH IS ALSO A B RATED SCHOOL.
WE'RE CLOSE TO, UH, WE'RE CLOSE TO FAIR PARTS.
WE'RE, WE'RE CLOSE TO, UH, UH, A GROCERY STORE.
WE'RE CLOSE TO EVERYTHING THAT A FAMILY WOULD NEED TO THRIVE.
AND OUR GOAL HERE IS TO BRING SOMETHING THAT CHANGES THE TRAJECTORY OF WHAT MLK LOOKS LIKE IN ACCORDANCE WITH WHAT WE DICTATED AND WHAT WE LAID OUT FROM THE COMMUNITY, UH, WITH THE, WITH THE SPECIFIC AREA PLAN THAT WAS PASSED LAST YEAR.
AND SO, UM, COURTNEY AND I, LIKE I SAID, HAVE SPENT A NUMBER OF YEARS IN SOUTH DALLAS.
SO WE HAD, WE, WE BUILT OUR BENCH.
UM, WE BROUGHT IN SYCAMORE DEVELOPMENT AS OUR CONSULTANT.
WE ALSO BROUGHT IN, UH,
AND SO OUR GOAL WAS TO DO THIS, RIGHT? BECAUSE SOUTH DALLAS HAS BEEN MADE PROMISES, UH, FOR DECADES.
AND WE JUST WANTED TO MAKE CERTAIN THAT THE PROMISE THAT WE MADE, UH, GETS EXECUTED.
AND SO WE WANTED TO BUILD OUR BENCH WITH PEOPLE WHO KNEW HOW TO WORK WITH PFCS HFCS WITH THE CITY OF DALLAS, AND WHO UNDERSTOOD THE IMPORTANCE OF THIS WORK THAT WE HAVE HERE IN SOUTH DALLAS.
AND SO, CONCEPT WISE, YOU CAN SEE THAT, UH, IT'S, WE, WE HAVE THIS BEAUTIFUL CORRIDOR, UH, IN THE CENTER OF IT.
AND SO WHAT, WHAT OUR GOAL WITH THIS IS NOT TO MAKE, NOT TO MAKE A, A A JUST A BRICK BUILDING ON MLK, BUT TO BE ABLE TO GIVE SOME OF THE RESIDENTS, UM, YOU KNOW, A PLACE TO SIT, A PLACE TO BRING THEIR DOG, A PLACE TO ENJOY.
AND SO, OFTENTIMES WE GET DEVELOPMENT IN SOUTH DALLAS THAT ISN'T TAKEN, UH, WITH, WITH REAL DESIGN EFFORT, UH, WITH THE THOUGHT OF FAMILIES LIVING HERE LONG TERM.
SO WHAT WE'VE CREATED THROUGH OUR AMAZING DESIGN TEAM IS SOMETHING THAT DOES JUST THAT.
IN ADDITION, WE HAVE A, A GROUND FLOOR AMENITY CENTER AND COMMUNITY CENTER WHERE WE'RE WORKING TO CREATE, UH, A TECHNOLOGY HUB.
UM, SOME OF THE THINGS THAT WE SEE IN SOUTH DALLAS THAT, THAT PEOPLE DO SO CONSISTENTLY IS TRADE SCHOOLS, FINANCIAL LITERACY CENTERS.
WE HAVE HUNDREDS OF THOSE IN SOUTH DALLAS.
AND SO WE WANTED TO MAKE CERTAIN THAT WE WERE OFFERING SOMETHING TO THE COMMUNITY, NOT JUST IN HOUSING, BUT IN RESOURCES.
AND WITH THIS TECHNOLOGY CENTER, OUR GOAL IS TO HELP CREATE, UH, AND, AND, AND MOLD THE NEXT GENERATION OF, UH, TECHNOLOGY DRIVEN, UH, STUDENTS.
AND SO THAT'S WHAT WE HAVE WITH THIS.
UM, I'M GOING A WRONG WAY, SORRY ABOUT THAT.
UH, SO YOU CAN SEE HERE IN THE SITE RENDERING, IT'S HAVE A, A GYM, THE, THE MIDDLE CORRIDOR, THE FIFTH FLOOR OVERLOOK THAT OVERLOOKS DOWNTOWN IN SOUTH DALLAS.
UH, IT, IT IS JUST AN OPPORTUNITY.
AND SO RIGHT NOW WE HAVE JUST AN OLD GROCERY STORE THAT'S ABOUT 13,000 SQUARE FEET.
UH, SO WE'RE GONNA GRAZE THAT, UH, AND JUST START,
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START ANEW.UM, AND SO, UH, IT IS BASED ON HILLTOP'S REVIEW.
THE RENTS ARE IN LINE WITH THE AREA.
UH, AND SO WE WANNA MAKE CERTAIN THAT WE'RE STAYING IN LINE WITH THE AREA.
UH, ULTIMATELY OUR TIMELINE IS TO, TO BEGIN CONSTRUCTION IN Q4 THIS YEAR.
UM, AND OUR HOPE IS TO REALLY SHOW THAT ONCE THE COMMUNITY COMES TOGETHER AND PUTS A PLAN TOGETHER AND, AND HAS THEIR VOICES HEARD, THAT THE DEVELOPERS ON THE GROUND ACTUALLY LISTEN TO AND HELP BRING WHAT IT IS THAT THEY WANT TO THE COMMUNITY.
AND SO THAT'S BEEN OUR ENTIRE GOAL.
THAT'S BEEN OUR ENTIRE THESIS ABOUT THIS WHOLE PROJECT.
AND I'M REALLY, REALLY EXCITED THAT WE'RE AT THIS POINT.
WE'VE BEEN TALKING ABOUT THIS AGAIN FOR THREE OR FOUR YEARS.
AND SO, UH, ISHA DEVELOPMENT GROUP IS PLEASED DEVELOPER, UH, COURTNEY WITH HER GROUP, EMPIRE DEVELOPMENT IS CO-DEVELOPER.
AS YOU CAN SEE, WE HAVE A, A PRETTY STRONG TEAM TO HELP DELIVER THIS THING TO THE FINISH LINE.
AND I WANT THIS TO BE ONE OF THE FIRST PROJECTS, NOT THE ONLY PROJECTS, BUT ONE OF THE FIRST PROJECTS ON MLK PARTNERSHIP WITH THE PFC THAT IS SUCCESSFUL AND BRINGS LIFE INTO THE AREA.
SO, UH, THANK YOU GUYS FOR THE TIME.
UH, I'M WILLING TO ANSWER ANY AND ALL QUESTIONS THAT YOU MAY HAVE.
UH, OPEN UP THE FLOOR, OPEN UP THE, UH, TABLE FOR QUESTIONS.
UH, DIRECTOR MONTGOMERY, VICE PRESIDENT.
UM, SO SCOTTIE, FIRST OF ALL, UM, UH, THANK YOU FOR, UH, TAKING A RISK ON THIS SITE.
I MEAN, YOU, UH, YOU DIDN'T HAVE THIS FULLY FAITH WHEN YOU, UH, TOOK IT DOWN AND, UH, SO, BUT I APPRECIATE YOUR COMMITMENT TO, TO THAT CORRIDOR.
UM, SO, UH, SO I, WE PREVIEW THIS DEAL ON THE, THE REAL ESTATE COMMITTEE.
UM, AND, AND I'M, I'M, UH, ALL ABOUT IT.
I THINK TERMS ARE, ARE REASONABLE, ALL THAT GOOD STUFF.
UM, TELL ME ABOUT THE INFRASTRUCTURE ON THE SITE.
UM, WHAT HAVE YOU LEARNED? WHAT ARE YOU GONNA HAVE TO DO? LIKE, WHAT DOES THAT LOOK LIKE? UM, SO HAVE A GUY HERE,
SO IT'S ALL, WE HAVE EXISTING INFRASTRUCTURE IN MLK AND BUYERS.
UH, WE PLAN TO TAP INTO BOTH SIDES BY INFRASTRUCTURE.
WE KEEPING THE EXISTING ACCESS FOR THE, UH, TRASH PICKUP COMING OFF OF MYERS.
AS FAR AS RETENTION, UH, WE DON'T THINK IT'S GOING TO BE AN ISSUE.
UH, OUR CIVIL, UH, WITH SUTHERLAND KING IS ON THE PRELIMINARY INFRASTRUCTURE RIGHT NOW AND READY TO HAVE THE PRE DEAL WITH THE CITY, UH, PRETTY MUCH TWO WEEKS AFTER THIS MEETING.
UM, AS OF NOW, WE HAVEN'T SEEN ANY ISSUES AS FAR AS INFRASTRUCTURE DONE PHASE ONE AS WELL.
WE SEE NO CONCERNS THERE AS FAR AS REMEDIATION.
SO FOR, FOR NOW TO PASS ALL OF OUR ACCOUNT CHECKS.
YEAH, I'M TRYING TO GET A HANDLE ON THAT.
UM, OVERALL, UM, SO THAT'S HELPFUL.
UH, AND THEN THE, THE OTHER QUESTION I HAD IS, YOU KNOW, I I VIEW THIS MORE AS ECONOMIC DEVELOPMENT, UH, THAN PURE AFFORDABLE HOUSING.
AND PART OF THE REASON IS BECAUSE THE DELTA BETWEEN MARKET AND 80% IS GONNA BE LOST, IF ANY.
UM, AND I'M, I'M COMFORTABLE WITH THAT, BY THE WAY.
UH, I, I THINK WE, YOU KNOW, WE HAVE A CHARGE MULTIPLE WAYS AND, UH, YOU KNOW, EVEN THE STATUTE SAYS, BUT FOR, UM, THIS INVESTMENT, UH, IT WOULDN'T HAPPEN.
BUT HAVE YOU HAD ANY CONVERSATIONS ABOUT THAT LACK OF A, A DELTA BETWEEN MARKET NEEDS? YOU TALKED TO COUNCIL
YEAH, SO, UM, THE REALITY IS IT'S NOT GONNA ALWAYS BE LIKE THAT.
AND THAT'S THE REASON WHY PFC STRUCTURE IS SO IMPORTANT.
UM, SOME OF THE THINGS THAT I KNOW IS COMING TO THE CORRIDOR, UH, WHEN YOU THINK ABOUT THE STREETCAR THAT'S GONNA BE COMING DOWN ELK, AND, AND WITH SV EIGHT 40, UH, COMING INTO EFFECT, A LOT OF THE DEVELOPMENT THAT'S COMING, COMING AROUND HERE, AND A LOT OF DEVELOPERS THAT ARE KIND OF, YOU KNOW, CHOP A VENT FOR A LITTLE BIT, UM, THINGS ARE ABOUT TO CHANGE.
SO THE HOPE IS TO DO, YOU KNOW, A FEW OF THESE DOWN THE CORRIDOR.
SO AS THE AREA CONTINUES TO INCREASE, UH, AND AS PRICING CONTINUES TO INCREASE AS IT HAS BEEN FOR THE PAST DECADE, WE WANNA STILL BE ABLE TO PRESERVE THE AFFORDABILITY COMPONENT IN THERE, BUT ALSO JUST PIGEON AFFORDABILITY TO THE AREA, RIGHT? YEAH.
[00:35:01]
EXCITING, BUT I DON'T THINK IT'S GONNA ALWAYS BE LIKE THAT.SO I'M THINKING IN THE NEXT FIVE YEARS THAT DELTA'S GONNA BE DRASTIC.
AND, AND THE LAST QUESTION, UNLESS YOU MOVE, UH, THEY SAY UP, UH, BUT JUST TO DEMONSTRATE YOUR COMMITMENT TO THE, THE COMMUNITY AND TO THAT CORRIDOR, UM, HOW FAR AWAY DO YOU LIVE FROM THE SIDE? UH, I STAY A BLOCK SOUTH FROM THE SIDE, SO, UM, I, I'M A FRIENDLY NEIGHBORHOOD, SO
DIRECTOR MONTGOMERY, WE'LL MOVE TO, UH, UH, DIRECTOR PEL ONLINE.
UM, IT'S NOT IN THE, EXCUSE ME, BRIEFING MATERIALS, BUT CAN WE GO BACK TO THE, UH, SITE PLAN THAT WAS SHOWN? WE SAW IT IN THE REAL ESTATE COMMITTEE, AND MY ONLY, UM, UH, YEAH, THAT, SO MY ONLY QUESTION, UH, WAS I WAS UNCERTAIN AS A PART OF THE PROCESS WHEN YOU MIGHT GO BEFORE THE CITY DESIGN REVIEW, UM, AND SEE IF THEY HAD GIVEN YOU ANY FEEDBACK.
UM, ONLY FROM THE AREA OF WHEN WE ARE TALKING ABOUT ECONOMIC DEVELOPMENT, I THINK, UM, SOME OF THOSE THOUGHTS ON THE RETAIL AROUND, I KNOW MY UNDERSTANDING THIS WAS THE PROJECT WHERE THERE A DRIVE THROUGH WAS ELIMINATED.
IS, IS THAT CORRECT? THERE WAS DISCUSSIONS, BUT IT'S NOT A PART OF THE PLAN.
UH, SO I'LL SPEAK TO, YOU WANT STAND UP? OKAY.
HELLO, DIRECTOR
UM, BUT LOOKING AT THE MIX OF HOW IT WAS GET DONE, WE REMOVED THAT RETAIL SITE GOT REDESIGNED TO REMOVE THAT DRIVE THROUGH PORTION.
SO YOU DON'T SEE THAT ON THIS UPDATED PLAN THOUGH? UM, WELL, I, SO I, I, THAT WILL, YOU KNOW, I THINK PROBABLY HELP WITH, UM, YOU KNOW, APPROVAL OF THE PROJECT PROJECT LONG TERM OR PERHAPS IN THE, UH, COMMUNITY.
I WAS WONDERING IF YOU HAD ANY FEEDBACK, UM, UH, THAT YOU'D RECEIVED IN REGARDS TO THE DESIGN AS AN ECONOMIC OPPORTUNITY.
IT SEEMS VERY FOCUSED ON THE INTERIOR, AND I THINK SOME OF THE, UM, UH, RENDERINGS THAT WERE SHOWN ON EITHER SIDE OF THIS, THAT KIND OF FOCUSES A LITTLE BIT MORE.
UM, I THINK IT SHOWS THAT ACTIVATION ON THE INTERIOR OR, OR WHAT I'M INTERPRETING AS THE INTERIOR.
AND SO I JUST WANTED TO KNOW IF YOU HAD ANY THOUGHTS ABOUT HOW, YOU KNOW, THE, UM, EFFORT WON'T BE CONTAINED AS AN, AS AN EXCITING AREA TO, YOU KNOW, LIVE, WORK, PLAY AND WHATNOT, BUT WE'LL ACTUALLY EXPAND, YOU KNOW, WITHOUT OR BEYOND.
SO YES, WE HAVE ALMOST A 35 FOOT BUFFER FROM THAT BUILDING FACE TO THAT STREET THAT WE WOULD LANDSCAPE TO ENGAGE.
SO IT WOULDN'T JUST BE A SIMPLE SIDEWALK, BUT TO PULL PEOPLE INTO NOT ONLY THAT COMMUNITY SPACE, THAT LOBBY, UM, OR ANY KIND OF EVENTS THAT WE DO HAVE THERE.
AND THAT BUFFER SPACE WRAPS AROUND THAT BUILDING, UH, SO THAT WE BACK THAT BUILDING UP TO THE FARTHEST NORTHWEST CORNER, UH, TO PROVIDE THAT BUFFER SO THAT AS YOU ENGAGE THAT BUILDING AT THE GROUND LEVEL, IT IS SOMEWHAT PLEASING AND NOT JUST STRAIGHT, UH, BRICK, BRICK BUILDING OR JUST PURE RESIDENTIAL SINCE YOU REMOVE THAT RETAIL COMPONENT.
DIRECTOR LACEY? YES, DIRECTOR TOLEDO AFTERNOON.
UM, I WANNA ECHO A LOT WHAT KEN SAID, THE APPRECIATION OF BEING WILLING TO INVEST IN THIS COMMUNITY, UH, SCRUTINY ON THE RENTS AND, AND THE DIFFERENCE BETWEEN MARKET AND 80%.
YOU KNOW, WE, WE UNDERSTAND THAT, AND IN THIS MARKETPLACE, I'M, I'M CERTAINLY COMFORTABLE THAT WITH HAVING THE 80% RENTALS ON SMALLER UNITS, SOME TO THE PORTAL, WE JUST NEED ACTIVITY AS YOU, AS YOU, YOU KNOW, VERY, VERY WELL KNOW.
MY ONLY CONCERN, I WON'T SAY THIS AS A CONCERN, JUST I, I WOULD ENCOURAGE YOU TO SEEK OTHER PIECES OF YOUR CAPITAL.
YOU KNOW, THERE'S PHILANTHROPY BY INVESTING IN THIS, IN THIS COMMUNITY.
THERE'S OTHER PHILANTHROPY, AS YOU WELL KNOW, PHILANTHROPY, PHILANTHROPY.
THERE'S P THERE'S, YOU KNOW, DIFFERENT THINGS.
AND I'D LIKE TO JUST AS A COMFORT LEVEL, LIKE TO, YOU KNOW, I CERTAINLY ENCOURAGE YOU TO SEEK THOSE THINGS AND HOPEFULLY HAVING THE PFC APPROVAL MAKE IT EASIER TO, YES, WE PRESENT TO THIS BOARD,
[00:40:01]
YOU KNOW, THIS, THIS ONE PART OF THIS STEP.OTHER THAN THAT, I APPLAUD YOU GUYS FOR, YOU KNOW, INVESTING THIS IN THIS, IN THIS AREA.
UM, WE TALKED ABOUT THE RETAIL IN OUR, IN OUR, IN OUR PREVIOUS MEETINGS.
I'M GLAD THAT'S KIND OF OFF THE TABLE EXAMPLES ALL OVER THE CITY OF GROUND FLOOR RETAIL, NOT REALLY WORKING MULTIFAMILY.
SO I THINK HAVING THE FOCUS ON, ON HOUSING CIRCUIT, IT'S GREAT HAVING THOSE PARTNERS.
YOU KNOW, YOU MENTIONED SOME BOY, THEY, THEY OBVIOUSLY KNOW THIS, UH, THIS PROCESS.
ONE LITTLE HESITATION I HAD WAS BETWEEN PROJECTS ON THE OTHER SIDE OF FAIR PARK AND THE PROJECTS COMING DOWN, UH, CEDAR CRAFT OR COR, YOU'RE HAVE A LOT OF COMP, YOU'RE HAVE A LOT OF COMPETITION, UH, FOR THE SAME, UH, YOU KNOW, THE SAME POTENTIAL RENTER.
BUT, YOU KNOW, WE'RE 40,000 EVEN SHORT AND THERE'S ENOUGH FOR EVERYBODY.
BUT, UH, DID SAVO HAVE ANY COMMENT ABOUT THAT? DID THEY TALK ABOUT THE OTHER PFC TYPE DEALS IN THE AREA? UM, SAVO, FIRST OFF, SAVO SPOKE VERY HIGHLY OF THE PARTNERSHIP THEY HAVE WITH BFC.
THAT'S REALLY, REALLY IMPORTANT TO ME.
UM, SIMPLY BECAUSE WE CAN'T FAIL HERE.
UH, AND SO PARTNERSHIPS AND ALIGNMENT, UM, IS IMPORTANT.
SO THEY DID SPEAK HIGHLY OF YOU GUYS THERE.
UH, THEY EXPRESSED TO US THE IMPORTANCE OF HAVING, UM, A GENERAL CONTRACTOR THAT KNEW WHAT THEY WERE DOING.
AND THAT'S WHY I ASKED THE QUESTION, HEY, CAN Y'ALL DO IT
SO THEY DIDN'T MENTION ANYTHING ABOUT ANY CONFLICT OR ANYTHING LIKE THAT, BUT, UM, I DID HAVE A CHANCE TO SPEAK WITH SPEED HANEN YEAH.
AND, UH, YOU KNOW, WHAT THEY WERE DOING OVER.
AND, AND, AND FOR HIS, HIS PROJECT KIND RAN INTO THAT SAME PROBLEM.
YOU KNOW, KATIE'S PROJECT ON 35 IS KIND OF IN A CUTOFF POSITION, BUT, YOU KNOW, HOPEFULLY THE MARKET EVEN UP.
ANYWAY, I APPLAUD YOU GUYS, MAN.
AGAIN, WE APPRECIATE THE OPPORTUNITY.
THANKS STAFF FOR, YOU KNOW, VETTING THIS THROUGH.
I KNOW THESE DEALS AREN'T EASY.
THANK YOU DIRECTOR, UH, DIRECTOR STINSON, UH, GOOD AFTERNOON.
AND I, I TOO PLEASED TO SEE, UH, SOME EFFORT FOR THIS TYPE OF A QUALITY PROJECT, UH, THERE IN SOUTH DALLAS.
UH, MY HERITAGE COMES FROM SOUTH DALLAS, GREAT.
GRANDPARENTS, GRANDPARENTS, MOTHER AND FATHER.
SO STILL GOT FAMILY THERE, SO HAD PLENTY OF TIME GROWING UP.
SHERRY, UH, WHAT IS THE, UH, CURRENT ZONING ON THE SITE RIGHT NOW? UH, RIGHT NOW IT IS ZONED, UH, COMMERCIAL COMMUNITY, COMMERCIAL, UH, COMMERCIAL.
AND SO WITHIN P 5 9 5, THAT AREA IS GONNA GET CHANGED TO, UH, MAKE MATTER OF FACT, WE HAVE AUTHORIZED HEARING THE LAST MPROMISE HEARING COMMUNITY TONIGHT, UH, WHERE P FIVE WE'RE GONNA BE SHOWING THE NEW CHANGE TO P 5 9 5.
SO M CORRIDOR, UH, IS ABOUT TO GET A REZO, UH, ISSUES.
SO OBVIOUSLY, LIKE I MENTIONED, IT UH, SAYS EIGHT 40, UH, PLUS THE NEW ZONING THAT'S COMING DOWN, THERE'S APPROXIMATELY A LOT OF STUFF.
SO THAT'S PART OF THE, UH, SOUTH DALLAS PLAN, RIGHT? YES, YES.
AND YOU GUYS HAVE SPOKEN TO THE, UH, PLAN COMMISSIONER? YES.
I, I SPEAK TO COMMISSIONER WHEELER ALMOST DAY.
UH, MATTER OF FACT, WHEN WE WERE FIRST STARTING THIS, YOU KNOW, I GAVE HER A CALL AND SAID, BECAUSE WE NEEDED, WE NEED TO DO A FULL REONE.
UH, AND THIS WAS PRIOR TO SENATE BILL EIGHT 40, AND I ASKED HER WHAT WAS SOME RECOMMENDATION ON ZONING CONSULTANT SAID, SHE ASKED ME WHY.
I SAID, WELL, WE'RE TRYING TO DO THIS SITE.
UH, HERE'S WHAT WE THINK IS, IS THIS SOMETHING THAT YOU BELIEVE? AND SHE GAVE US THUMBS UP.
SO THIS SPEAKS TO A FEW FOLKS, AND WE, WE DID JUST THAT.
SO THE, UH, BUSINESSES THAT ARE RIGHT DIRECTLY, WHAT IS THAT? THAT'D PROBABLY BE WEST OF THIS PARTICULAR SITE, PRETTY MUCH ALMOST RIGHT THERE.
WILLIAMS CHICKEN HAS ABOUT, THEY
[00:45:01]
SAID ABOUT SEVEN YEARS LEFT ON THEIR LEASE.UH, AND CAPTAIN GILS, WHICH IS ON THE CORNER, THEY REALLY WANT TO DO A, A REDEVELOPMENT PLAN.
UH, SO THEY'LL BE HERE AT LEAST FOR THE NEXT SEVEN YEARS.
UM, YOU MENTIONED THAT THIS MIGHT BE FIVE STORIES.
WHAT, UH, WHAT INFORMATION OR WHAT CONCEPT DID YOU GUYS LOOK AT, UH, THAT, UH, HATE TO USE THE WORD WARRANTED, BUT THAT YOU, UH, EVALUATED IN THE END THAT BROUGHT IT TO FIVE SCOPE VERSUS THREE TO FOUR? INITIALLY WE WERE PLANNING TO DO SEVEN STORES, UM, ON THE SITE AND BRING MORE RESIDENTIAL.
WE'RE GONNA TRY TO USE THAT, THAT GROUND FLOOR, UH, AS A WAY TO KIND OF COORDIN A BROCHURE.
UH, WE HAD SOME CONVERSATIONS WITH THE BROCHURE ABOUT, UH, OKLAHOMA, UH, CALLED, UH, OASIS FRESH MARKET, AND THEY WERE REALLY, REALLY INTERESTED IN IT.
UM, BUT, YOU KNOW, SOMETIMES DOESN'T DO, AND WE HAD TO, TO BACK BACK OUT IT.
UM, AND REALLY THE, THE LEAST PATH, THE RESISTANCE, UH, WHEN WE'RE DOING SOMETHING THAT IS NEW TO THE COMMUNITY AND NEW TO THE AREA, WE DIDN'T WANNA COME OUT THE GATE IN STORES, YOU KNOW WHAT I MEAN? BUT WE WANTED TO PUSH THE NEEDLE A LITTLE BIT AND SAY, HEY, THIS AREA CAN HANDLE MORE THAN JUST THREE SHIELDS.
AND SO, UM, THAT'S REALLY HOW WE LANDED ON THAT.
AND, UH, LET'S TALK ABOUT YOUR INGRESS AND EGRESS, UH, HERE.
UH, YOUR ARCHITECT OR ENGINEER, I'M SORRY, I DIDN'T GET YOUR TITLE.
UH, WHAT'S THE, UH, INGRESS AND EGRESS? SO WE HAVE EGRESS OFF MLK AND, AND EGRESS ON, UH, MYERS AS WELL.
UH, COMING FROM THE PARKING OR JUST GENERAL ACCESS POINTS, VEHICLES.
AND HOW MUCH PARKING DO YOU HAVE THERE? UH, SO WE HAVE ALL SURFACE PARKING, SOME THAT'S COVERED, SOME THAT'S UNCOVERED AROUND THE SURROUNDING SITES.
I WANNA SAY THE LAST COUNT WE HAD, WE WERE AT 96 WITH THE SURROUNDING SITES, UH, INSIDE THE TOWER.
I WANNA SAY WE WERE RIGHT AT 35, UH, ON THAT SURFACE LEVEL, ON THE FIRST LEVEL.
BUT TO MAKE SURE THAT NOT ONLY THAT WE MEET AND THE REQUIREMENTS WE ARE LOOKING AT, UH, HAVING ADDITIONAL PARKING RIGHT, UH, ON THE SURROUNDING SITES.
YOU, UH, MENTIONED ALSO ABOUT THE, THE BUFFERING.
UH, SO BEHIND THIS, DIRECTLY BEHIND YOU PRETTY MUCH TO YOU IS, UH, MORE, UH, APARTMENT BUILDINGS ON THE NEXT STREET THAT YOU BACK UP TO.
UH, HOW WILL YOU, UH, UH, DO, WHAT DOES YOUR SCREENING LOOK LIKE? FENCING? SO IT'S, IT'S, IT'S CENTRAL ONE IS WE ACTUALLY, I THINK, ENGAGE WITH THE ACTUAL PROPERTY OWNERS ALL ALONG SOUTH BOULEVARD.
UM, ONE OF THAT MULTI-FAMILY IS ACTUALLY NOT IN OCCUPANCY RIGHT NOW.
UM, AND SO NOT ONLY ARE WE LOOKING AT TAKING OVER THAT ALLEYWAY AND THAT EASEMENT, BUT HAVING A TWO STAGE BUFFER, ONE WITH LANDSCAPE AND ONE WITH THE FENCE AS WELL TO HAVE PROTECTED ACCESS FROM THOSE PARKING BLOCKS TO OUR SITE WITH LIGHTING.
AND AS FAR AS ANY KIND OF CASTING OF ANY KIND OF SHADOWS OR THINGS LIKE THAT, THERE IS NO RESIDENTIAL, UH, UNITS THAT ON THAT SOUTH OF THE BAR, DIRECTLY NORTH TO THE SITE, THERE'S ONE BUSINESS THAT VACANT LOT.
SO THERE BE LIGHTING AROUND THAT PORTION, SO TO SPEAK.
AND THIS IS NOT ANY TYPE OF GATED PARKING, RIGHT? FOR THE INSIDE, UH, THERE, THERE'S UNG GATED VISITOR PARKING.
WE HAVE A GATED PORTION FOR, UH, ON ONE OF THOSE SURFACE LOTS JUST TO MAKE SURE THERE'S ALWAYS PARKING AVAILABLE FOR THE RESIDENTS.
BUT THERE ARE SURFACE PARKING THAT'S LY DISPLAY.
AND THEN JUST PER THE LAST QUESTION HOPEFULLY, BUT JUST, UH, PER THE CONCEPTUALS, BECAUSE I HADN'T, I HADN'T SEEN THE CONCEPTUAL, I DIDN'T KNOW THAT, UH, REAL ESTATE COMMUNITY HAD ALREADY, UH, TAKEN CARE OF THAT BUSINESS.
BUT, UM, YOU'LL HAVE, UH, BUSHES TREES THERE TO THE FRONT AND WILL THERE BE ANY TYPE OF, SAY WR IRON FENCE? I'M JUST, I'M JUST REALLY LOOKING AT ONE SCHOOL TURNS OUT AND PEOPLE GET THE MILLING AROUND CROSSING THE STREET KIDS.
UH, WHAT IS THE, UH, SECURITY, IF YOU WILL? SO FROM THE CURVE OF MLK, YOU WOULD HAVE A FIVE FOOT BUFFER OF GRASS, THEN YOU WOULD HAVE A FIVE FOOT, I THINK IT'S AN EIGHT FOOT SIDEWALK.
THEN YOU HAVE, ON OUR PROPERTY, YOU HAVE ADDITIONAL ROUGHLY 20 TO 30 FEET OF GREEN BUFFER.
[00:50:01]
AND THEN THAT BACKS UP TO A FOUR FOOT ROD IRON BALCONY FROM THE AFRICAN RESIDENCE.AND SO THERE'S PLENTY OF STEPS AND STAGES WHERE IT WOULD SEPARATE ANYBODY THAT'S WALKING BY TOUCH RESIDENCE KIND OF VEHICLE TRAFFIC.
SO YOU HAVE SET THAT? YES, SIR.
MY ONLY ONLY QUESTION WILL BE IS I KNOW YOU GUYS TALKED ABOUT KIND OF HOW YOU GUYS BUILT THAT.
AGAIN, HERE I'M SEEING FIVE OR SIX FLOORS.
ANY FEEDBACK FROM THE COMMUNITY AND KIND OF, I KNOW YOU GUYS WANT TO CHALLENGE IT AND SAY, HEY, SOUTH DALLAS, BUT DO YOU GUYS HAVE ANY COMMUNITY MEETINGS AND KIND OF DISCUSS THAT WITH COMMUNITY, KIND OF WHAT THEIR FEEDBACK WAS AND KIND OF WHY YOU GUYS WANNA CHALLENGE THE STATUS QUO AND KIND OF BE THE, THE, YOU KNOW, THE CHANGE THAT NEEDED IN THE COMMUNITY? YEAH.
UM, SO IN, IN THE PACKAGE, WE PUT COMMUNITY SUPPORT LETTER, UH, WITH 19 OR 20 OF THE ASSOCIATION LEADERS, BUSINESSES, BUSINESS OWNERS, RESIDENTS, UM, SHOWED 'EM THIS AND, AND REALLY JUST TASKED THEM WITH SHARING WITH THEIR NEIGHBORHOOD ASSOCIATION, UM, IN COMBINATION WITH WHAT WE'D ALREADY HEARD TIME TO TIME AGAIN AT THE AREA PLAN.
UH, AND SO, LIKE I SAID, WE HAD RIGHT AT 200 MEETINGS OVER FOUR AND A HALF YEARS, UH, AND WE HEARD THE SAME THING OVER AND OVER AGAIN.
COMMISSIONER WHEELER ACTUALLY POSED A REALLY GOOD QUESTION, UM, AT ONE OF OUR MEETINGS, WHICH WAS, WHAT DO YOU GUYS LEAVE THE COMMUNITY FOR ON SATURDAY MORNING? UH, AND THAT WAS A GOOD QUESTION.
IT WAS, HEY, WHAT? IT IS A DIFFERENT WAY OF SAYING WHAT DO YOU WANT AND WHAT DO YOU MEAN IN YOUR COMMUNITY? UM, AND SO IT OPENED UP THE DISCUSSION ABOUT HOW WE CAN PUSH THE NEEDLE ON MLK.
AND SO DOING IT HERE, UH, DOING IT DOWN THE STREET WITH MY OFFICE BUILDING, UH, BRINGING A, A, A RESTAURANT, YOU KNOW, CAN GO HAVE BRUSH LUNCH AND DINNER.
UM, AND SO YEAH, JUST HEARING FROM THE SAME THINGS OVER AND OVER AGAIN, UH, WE JUST FIGURED IT, IT, IT'S, IT'S EASY BECAUSE THEY SAID IT UP THERE, YOU KNOW WHAT I MEAN? AND SO WE, WE KIND OF GOT, OUR ROADMAP WAS ALREADY LAID OUT TO US FROM THE COMMUNITY.
AND SO I THINK THAT'S WHAT MAKES SUCCESSFUL DEVELOPMENT HAPPEN SPECIFICALLY IN THIS AREA, IS JUST LOOK AT THE PLAN THAT HAVE BEEN FOR THE PAST 30 YEARS.
SO YOU, THEY DON'T WANNA MAKE OUR LIVES ANY MORE DIFFICULT THAN IT HAS TO BE REAL ESTATE DEVELOPMENT ALREADY DIFFICULT.
SO WHY NOT JUST LISTEN TO WHAT THEY'VE ALREADY SAID BEFORE? THANK YOU.
UM, I'M VERY EXCITED TO SEE THIS, UH, SUBMITTED.
UH, WE'VE BEEN THIS ROOM A LONG TIME AGO WHEN I WAS VICE CHAIR OF THE BOARD OF ADJUSTMENT, AND WE HAD A COUPLE CASES ON MLK THAT MADE A BIG IMPRESSION ON ME, AND GLAD TO SEE THAT THINGS SOMETHING GREAT HERE.
I, IT'S A REALLY SMALL QUESTION I HAVE, IT'S SORT OF A FOOTNOTE, BUT I THINK LOGISTICALLY, I, I WANNA TALK ABOUT THIS NOW, AND YOU MAY JUST KIND OF DEAL WITH MORE LATER.
THERE'S A REFERENCE TO THE P AND MY UNDERSTANDING IS THERE'S NOT A P CURRENTLY IN PLACE.
THERE'S NOT A P CURRENTLY IN PLACE.
UH, HOWEVER, THERE ARE EFFORTS THAT EXIST RIGHT NOW.
UH, SOME OF THE STEERING COMMITTEE IS ACTUALLY HERE TODAY.
UM, ALONG WITH MYSELF, I SHARED THAT THOUGHT THERE WAS, WE CAN'T START A P OR CANNOT CONTRIBUTE TO IT.
I MEAN, THEY, TO MEAN, WHEN I READ IT IN THE, IN THEIR REPORT, IT MADE IT SOUND LIKE THE PIT WAS SORT THE DONE DEAL.
AND SO THIS SORT OF, THE MINUTIA OF THE SITUATION IS ONCE THIS PROJECT, ONCE IT GETS APPROVED, THEN YOU KNOW, THE PF C'S THE OWNER, AND THEN IT'S NOT ON PATCH ROLLS.
AND SO YOU CAN'T COLLECT PIT THAT WAY.
SO NOT KNOWING FOR SURE THAT IT, THE, IT'S ACTUALLY GOING TO HAPPEN.
AND THEN IF THIS PROJECT DOES HAPPEN, IT TECHNICALLY WOULDN'T BE CONTRIBUTING TO PIT.
ARE YOU PLANNING TO CONTRIBUTE IN A DIFFERENT WAY OR, 'CAUSE THIS, I I THINK THIS MIGHT IMPACT THE DOCUMENTS THAT ULTIMATELY ADOPTED, SO THAT'S WHY I'M ASKING.
I I DON'T THINK IT'S A MAJOR ISSUE.
I JUST, CAN YOU GIMME ANY MORE LIGHT ON TO WHAT WOULD HAPPEN WITH THE PIT OR HOW YOU THIS PROJECT WOULD BE RELATED? YEAH, ABSOLUTELY.
SO, UH, IT, THIS PROJECT, UH, IS IN THE PI BOUNDARY FOR THE PROPOSED PI.
[00:55:01]
I'M LEADING THE EFFORTS TO START WITH P SURE.UH, I JUST, I, I, I WOULD, I WOULD BE, IT'D BE CRAZY IF TRYING TO CREATE THIS P AND THEN ALL OF A SUDDEN THE DEVELOPMENT THAT I'M DOING THAT OFF THE TAX ROAD AND THAT AS CRAZY.
UM, AND SO THE EFFORT, AND YOU KNOW, THE SUGGESTION WHERE I WROTE IN, HEY, LISTEN, LET'S GO AHEAD AND AGREE TO AN AMOUNT THAT WE WILL CONTRIBUTE TO THE BID ANNUALLY.
UH, IF IT GETS PASSED, THEN THAT'S THE AMOUNT THAT WE'RE GOING TO CONTRIBUTE.
CONTRACTUALLY THEN YOUR PROJECT OR HOW ENTITY THAT YOU'LL FORM WILL MAKE THAT AGREEMENT WITH THE PIT THAT'S RIGHT.
AND I DON'T PERSONALLY EVER ISSUE THAT.
I, I DO THINK SUMMER, HOW WE KIND OF CREATE OUR DOCUMENTS AND DEVELOPMENT AGREEMENT, HOW THAT FACTORS IN GOING FORWARD, I THINK WE NEED TO KIND OF IRON THAT OUT.
AGAIN, NOT THAT'S THE PROBLEM, JUST BECAUSE IT IS A UNIQUE SITUATION AND I DON'T THINK WE WOULD ALWAYS, I CERTAINLY DON'T WANNA THINK EVERY, EVERY PROJECT'S IN A PIT, THEY'RE GONNA DO THE EXACT SAME THING EVERY SINGLE TIME FORWARD.
BUT HERE IT DOES MIX A LOT MORE.
SO I'M JUST FLAGGING THIS REALLY FOR LATER, UH, BASED ON AS THE SITUATION.
DO YOU WANNA RESPOND TO THAT OR
I SAID IT'S, IT'S PART OF THE, THE TERM SHEET.
OH, THERE WE, I WAS TALKING AARON, BUT THE, THE TERM SHEET DOES MENTION THE PIT, AND IT DOES, IT DOES GET INTO A PILOT PAYMENT THAT'S GOING THROUGH, YOU KNOW, THE, THE PARTNERSHIP OR MORE PREFERABLY THROUGH THE DEVELOPER.
SEE, I THINK IT WAS 10,000 TOTAL OF $10,000 INCREASING 3% ANNUALLY.
SO THAT, THAT'S, THAT'S THE KIND OF TRADE OFF THAT, THAT SCOTTY WAS TALKING ABOUT, ENSURING THAT THERE IS SOME TYPE OF PAYMENT GOING TO THE PIT THAT, THAT THEY'RE TALKING TO CREATE.
REALLY, WHEN WE WERE RUNNING THROUGH OUR, OUR REPORT REPORT, ALL I HAD TO GO ON WAS THE TERM SHEET THAT STATING THERE IS A P.
SO I, I ALSO ASSUMED IT WAS ALREADY ACTIVE.
SO WHEN IT, SO THIS, SORRY, SUMMER'S HERE.
I, I JUST WANTED TO NOTE IF, IF YOU'LL NOTE IN THE TERM SHEET, THE AMOUNT OF THE RENT THAT'S PAID TO THE PFC HAS BEEN REDUCED BY $5,000 A YEAR TO, BECAUSE WHAT WAS ORIGINALLY, UM, PROPOSED BY THE DEVELOPER WAS $10,000 A YEAR, PAYABLE HALF BY THE PFC AND HALF BY THE DEVELOPER.
AND WHAT WE DID WAS WE PUT ALL OF IT ON THE DEVELOPER AND WE JUST REDUCED THE AMOUNT.
SO IT'S 65 STARTING AT $65,000 A YEAR, GROWING AT 3% ANNUALLY, IS WHAT YOU'RE GOING TO RECEIVE.
THAT NUMBER WOULD HAVE BEEN 70.
BUT WE ALREADY KIND OF TOOK THIS INTO ACCOUNT JUST TO SIMPLIFY EVERYTHING AND MAKE SURE THAT THE AMOUNT THAT YOU GUYS HAVE TO PAY IS, UM, YOU DON'T HAVE TO PAY ANYTHING.
SO, UM, IF YOU DO GET THE TERM SHEET, YOU'LL SEE THAT IN THERE.
THANK YOU FOR BRINGING THAT TO OUR ATTENTION.
YES, MR. MONTGOMERY, UM, SUMMARY.
I JUST WANT TO ADD, AND BRAXTON, I JUST WANNA ADD ONE THING, UH, WITH THIS KIND OF CONTEXT ZONE OF THE PIT IS AN ESTABLISHED THAT, UM, THAT SCOTTY AND THE DEVELOPERS, UH, PAY THAT 10,000, BUT IF THE PIT DOESN'T GET ESTABLISHED THAT WE HAVE AN OUT AND THAT GOES BACK INTO TO THE LEASE PAYMENT.
I, I WAS GOING TO ASK THAT QUESTION BECAUSE I THINK THAT THAT WAS NOT CLEAR THAT THE P WAS NOT ALREADY IN PLACE.
AND SO WHAT, WHAT WE WOULD DO THEN, SCOTTY, IS FOR CLOSING, IF THE P'S NOT IN PLACE BY THEN, THERE WOULD BE, THERE'LL BE LANGUAGE IN THE AGREEMENT, UM, THAT IT JUST BUMPS THE LEASE BACK UP TO WHATEVER IT IS, 70 OR WHATEVER.
BUT, UM, THAT, THOSE ARE TECHNICALITY.
I, I APPLAUD YOU FOR BEING, UM, OUT IN FRONT OF IT.
UM, AND WE'LL GET IT FIGURED OUT INTERNALLY.
WE'RE TRYING TO MAKE IT SIMPLE.
ANY OTHER QUESTIONS? OR KYLE? YES, IT'S ONLINE.
I GUESS I THOUGHT THAT, IS THIS PROPERTY NOT INCLUDED IN THE GRAND PARK SOUTH? UM, OH, WE WERE TALKING ABOUT A PIT AND I, I HAD A TIFF, UM, ON THE MINE.
SO IT, THE GRAND PARK SOUTH TIFF DISTRICT IS WHAT I WAS ACTUALLY THINKING OF.
ANY OTHER QUESTIONS OR COMMENTS? YES.
CAN YOU TALK ABOUT THE INNOVATION, UH, ROOM OR LAB? I KNOW YOU KIND OF SKIMM IT A LITTLE BIT, BUT CURIOUS TO KNOW MORE ABOUT THAT AND KIND OF HOW YOU GUYS WILL HANDLE THAT AND MANAGE IT OVER TIME.
SO IT'S A, UH, COMPUTER TECH LAB.
IT IS A KIND OF A THREE-PRONGED TECH ON HOW TO INTEGRATE THESE EMERGING TECHNOLOGIES LIKE
[01:00:01]
AI TO BASE OF AUDIENCE.ONE BEING THE KIDS AND TEENAGERS, PARTICULARLY ACROSS THE STREET AT THE SCHOOL TO TRY TO GIVE THEM THE TOOLS.
SO AI IS GONNA BE A PART OF LIFE.
THESE TECHNOLOGIES DON'T JUST LET IT PASS BY, THEY HAVE THE END OF IT AS WELL AS LOOKING INTO THE MORNINGS AND THE EVENINGS FOR ANY KIND OF BUSINESS USERS OR COMMUNITY MEMBERS.
HEY, HOW DO YOU USE TECHNOLOGY NOT ONLY TO PROTECT YOUR PRIVACY? HOW DO YOU USING YOUR BUSINESS TO HELP INCREASE YOUR REVENUE? AND SO ALL THIS TECH HUB IS TO TRY TO WORK WITH DIFFERENT ASPECTS OF THE COMMUNITY WITH TECHNOLOGY THAT IT'S GOING TO BE VERY PREVALENT IN THE FUTURE.
UM, AND SO THAT WAS THE IDEA BEHIND THIS COMMUNITY SPACE THAT YOU REALLY WANTED TO INCLUDE SIMON.
UM, DIRECTOR TOLEDO, ONE LAST QUESTION AND I MEANT TO COVER, UH, HAVE YOU HAD CONVERSATIONS WITH FAIR HOUSING CONCENTRATION OF POVERTY? YOU KNOW, WE KNOW WHAT DARRYL BAKER'S GONNA SAY.
I'M JUST SAYING, WHAT OTHER CONVERSATIONS HAVE YOU HAD OR ANY CONCERNS? I I DON'T WANT YOU TO GET, GO DOWN THE ROAD AND THEN ALL OF A SUDDEN OH, CAN'T DO IT.
SO IT'S NEVER HAPPENED BEFORE, RIGHT? YEAH, RIGHT.
SO WITH, WITH OUR PROJECT AND WITH OUR WORK THAT WE DO IN SOUTH DALLAS, WE TAKE A VERY CAUTIOUS APPROACH AND A VERY COMMUNITY FOCUSED APPROACH TO EVERYTHING THAT WE DO.
IT'S ALMOST INTEGRATED IN OUR BUSINESS MODEL.
AND SO EVERYONE KNOWS ABOUT THE PROJECT.
UM, THE COUNCIL PERSON HAS TOLD A NUMBER OF PEOPLE, AND I'VE ASKED COUNCILMAN
UH, AND HE BROUGHT SOME TRAPS.
HE'S BEEN A HUGE SUPPORTER OF THE PROJECT, AND SO I JUST, I JUST PROVIDE ON HIM SPECIFICALLY IN THAT ARENA.
BUT I DON'T THINK THAT, UH, I DON'T THINK THAT WE'RE GONNA HAVE ANY ISSUES.
I I'M, YOU GOTTA KEEP IT OFF
I'M GLAD THAT AT LEAST WE'RE TRANSPARENT ABOUT IT.
AT LEAST WE'RE, YOU KNOW, TALK ABOUT IT.
CAN I CLARIFY SOMETHING REAL QUICK? YES, SIR.
WELL, VICTOR AND KEN BOTH WRITE THIS, DEFINITELY AN ECONOMIC DEVELOPMENT PLAY.
UM, ON OUR ONE, TWO, AND THREE BEDROOM UNITS, WE ARE ABOVE 10% DISCOUNTED MARKET ON THOSE, ON THOSE ONES.
SO OUR, OUR PUBLIC BENEFITS ACTUALLY NOT PRETTY GOOD ON THOSE PROJECTS, UM, FOR AN ECONOMIC DEVELOPMENT PLAY.
I JUST WANTED TO POINT THAT OUT, PAUL, THAT YOU GUYS ARE CORRECT.
WE'RE STILL SEEING PROVABLE MARKET RENTS THAT ARE IN THE AREA.
UH, CONSTRUCTIVE EXTRACTION, PRETTY DECENT, UM, OF THOSE RENTS TAKING THE
UH, SORRY YOU'RE SEEING NO OTHER, ANY, DO WE HAVE ANY OTHER COMMENTS OR DISCUSSION? SEEING NONE BEING THAT THIS ITEM IS IN DISTRICT SEVEN.
MOTION TO APPROVE, UH, DISTRICT SEVEN REPRESENT DIRECTOR TOLEDO HAS MADE A MOTION TO APPROVE.
JOHN SIMPSON USE MR. MARQUEZ PRESENT IN MONTGOMERY.
LET THE RECORD REFLECT THAT THE MOTION TO APPROVE WAS PASSED UNANIMOUSLY.
CONGRATULATIONS AND LOOKING FORWARD TO SEEING THE PRIVATE COUNTRY.
[01:05:01]
SO MUCH.NEXT ITEM UP IS ITEM NINE, DISCUSSION AND APPROVAL OF A RESOLUTION AUTHORIZING THE NEGOTIATION AND EXECUTION OF A TERM SHEET FOR, FOR ERS, AN AFFORDABLE MULTI-FAMILY DEVELOPMENT PROJECT PARTNERSHIP WITH SLATE PROPERTIES TO BE LOCATED AT 39 10 SAN JACINTO STREET, DALLAS, TEXAS 7 5 2 0 4 IN THE GREAT DISTRICT.
SO I'M PLEASED TO, UH, INTRODUCE MR. REID LER.
UH, HE WORKED FOR SLATE PROPERTIES.
WE'VE BEEN WORKING OFF ON THIS DEAL FOR A LITTLE WHILE NOW, AND I SPOKE TO COUNCIL MEMBER RIDLEY ABOUT THE SUPPORT, UH, LOT MORE AFFORDABLE HOUSING IN THIS PARTICULAR AREA OF THE CITY.
I'M SURE YOU HAVE A LOT MORE ELOQUENT THINGS TO SAY ABOUT THIS PROPERTY THAN I DO, BUT THANK YOU FOR COMING.
THANK YOU BOARD MEMBERS FOR HAVING US TODAY.
UH, THE
UM, WE, UH, HAVE BEEN, PARDON ME, UM, IT IS MORE OR LESS AT THE CORNER OF ROSS'S AND HASELL AREA.
UM, AND WE HAVE, UH, ASSEMBLED A DALLAS CENTRIC, UH, DESIGN AND CONSTRUCTION TEAM, UH, TO BASICALLY BE A PART OF THE PROJECT.
UM, IT, UH, UH, OUR ARCHITECT WILL BE, UH, CORGAN, UH, GENERAL CONTRACT WILL BE SPRING VALLEY, UH, CONSTRUCTION.
UH, AND WE HAVE A LONG TRACK RECORD DOING PROJECTS WITH BOTH THEM.
UH, THIS IS IN THE LOWER GREENVILLE, UH, HENDERSON AVENUE LIFESTYLE DISTRICTS, AND, UH, HAS CONVENIENT ACCESS TO DOWNTOWN BAY HOSPITAL DISTRICT, UH, AS WELL AS, UH, UH, MANY OTHER, UH, JOB NOTES,
UM, OUR EXPERIENCE AS A DEVELOPER, UH, IS, UH, VERY EXTENSIVE.
UM, WE'VE, UH, DEVELOPED OVER 5,000, UH, MULTIFAMILY UNITS, UH, TOTALING MORE THAN $800 MILLION WORTH OF DEVELOPMENT IN OUR CAREERS.
UH, AND IT'S BEEN A MIX OF PROPERTY, UH, INSTITUTIONAL, UH, MULTIFAMILY DEVELOPMENTS, BOUTIQUE MULTIFAMILY DEVELOPMENTS AND TOWN HOMES, UH, SOME OF WHICH ARE FOR RENT AND SOME OF WHICH ARE FOR SALE.
UM, HERE'S A QUICK KIND OF TRACK RECORD ON SOME OF OUR DEALS.
UM, YOU KNOW, WE, WE ARE A DALLAS BASED DEVELOPER AS WELL.
UH, AND EVERYTHING THAT WE HAVE RIGHT NOW IS DFW BASED AND, UH,
[01:26:41]
SHARE.[01:26:47]
HI.[01:26:47]
HI.[01:26:47]
THIS IS KEITH.WE'RE, WE HAVE A WORKAROUND WE'RE TRYING TO WORK ON, SO HOPEFULLY WE'LL BE BACK ONLINE HERE SHORTLY.
I THINK WE'LL BE READY TO LOOK BACK IN SHORTLY.
WE HAVE THE DON'T SORRY, EVERYONE, WE'RE GETTING GOING AGAIN.
JUST TO CONFIRM, SINCE WE'RE BACK ON HERE AND THE CAMERA'S SHOWING ALL OF US, YOU DON'T HAVE TO BE IN OUR INDIVIDUAL PUMP JUST LIKE IT WAS BEFORE.
THAT, THAT HAS MICROPHONE QUESTION.
PROCEED KEISHA, WHEN YOU'RE ON YOUR MARK, SIR.
I GUESS DIRECTORS AT THE TABLE CAN JUST SILENCE THEIR, HE'S WORKING IT.
[01:30:01]
THE OTHER DIRECTORS? I GOT IT.TELL THAT WE'RE BACK ONLINE, SIR.
AND WE'LL GIVE, LET'S GIVE IT A COUPLE MORE MINUTES FOR OTHER PEOPLE TO JOIN BACK IN.
AND WHO'S
I THOUGHT IT WAS, UH, GOOD MORNING.
OKAY, WE'RE GONNA GIVE IT A COUPLE MORE MINUTES HERE FOR THE OTHER DIRECTORS TO LOG BACK IN, AND THEN WE'LL CONTINUE ON WITH ITEM NUMBER NINE.
WE'VE GOT LAUREL DIRECTOR, STONE ONLINE DIRECTORS.
THAT'S, YEAH, HE HAD DROP THOUGH.
I THINK SOMEBODY MIC, MAYBE AUDIO COMING OUT AS WELL.
THANK YOU ALL FOR YOUR PATIENCE.
YOU HAD A TECHNICAL DIFFICULTY HERE.
WE JUST LOST THE PRESENTATION.
NO, HE, HE JUST STOPPED SHARING FOR A SECOND.
SO THANK YOU ALL FOR YOUR PATIENCE.
DO WE STILL HAVE AN ECHO? IT MIGHT BE ON THE SCREEN UNTIL THE PRESENTATION IS OVER, AND THEN ONCE THE PRESENTATION IS OVER, COOL.
BUT I'M OKAY WITH A LITTLE ECHO IF THAT MEANS WE CAN CONTINUE.
UH, WE'RE ON ITEM NUMBER NINE HAPPENED BEFORE HOT.
UM, UH, THE, UH, NO HENDERSON CORRIDOR, UH, ET CETERA.
SO, UH, INFILL, UM, MULTIFAMILY DEVELOPMENT IN NEAR EAST HOUSE.
UM, THIS IS THE, UH, CURRENT SITE CONDITION.
UM, SO, UH, THE, UM, LARGER PORTION OF THE SITE WITH 1.4 ACRES, WHICH WE PURCHASED BACK IN 2022.
UH, IT WAS FORMALLY THE CITYWIDE MECHANICAL, UH, UH, FACILITY AND HAS BEEN VACANT SINCE 2018.
UM, WE, UH, THEN BASICALLY ASSEMBLED BASICALLY A FORMER AT AT&T STORAGE YARD NEXT DOOR, UH, WHICH COMPLETED THE, UH, UH, THE, THE SITE AT 2.1
[01:35:01]
ACRES.UM, SO AS YOU CAN SEE, IT'S A, UH, HEAVILY UNDERUTILIZED, UH, INFILL PROPERTY IN DALLAS.
UM, THIS PROJECT IS IN DISTRICT 14, AND AS WE UNDERSTAND IT, THIS WOULD BE THE FIRST PFC PROJECT IN INDUSTRY 14.
UM, YOU KNOW, WE'RE PROJECTING THAT THE ANNUAL RENT SAVINGS BASED ON OUR CONSERVATIVE MARKET RENT CALCULATIONS, UH, WILL BE IN EXCESS OF $450,000 A YEAR, UM, UH, BASED ON THAT.
AND WE ANTICIPATE THAT THAT WILL GROW OVER THE NEXT TWO YEARS, UH, AS THE MARKET CONTINUES TO RECOVER, UM, AND, UH, UH, THAT OVER THE FUTURE LIFE, THIS PROJECT WILL, UH, EXPAND CONSIDERABLY.
UM, AS I MENTIONED, UH, IT'S 2.1 ACRES ABOUT A 240,000 GROSS SQUARE FOOT BUILDING.
UH, WE LET THIS NUMBER OFF, BUT THE RENTABLE SQUARE FEET IS ABOUT 185,000.
THIS BE A FIVE STORY WRAP CONSTRUCTION.
UM, OUR AVERAGE MARKET RENTS ARE, UH, PAY AT $2,100 A MONTH, UH, UM, AND, UH, A RANGE FROM, I BELIEVE, $1,500 A MONTH UP TO, UM, HERE'S A SITE PLAN FOR THE PROJECT.
UM, AS WE MENTIONED, UH, WE HAVE A FIVE STORY PARKING GARAGE WITH FIVE STORIES OF WOOD FRAME UNITS AROUND IT.
UH, THERE ARE TWO COURTYARDS, ONE OF WHICH WILL BE OUR COURT, OUR OUR POOL COURTYARD.
UH, THE OTHER WILL BE, UM, A ZEN COURTYARD, UM, FOR, UH, TENANTS TO BASICALLY RECHARGE UP, UH, IN, UH, IN, IN LIFE.
UH, WE HAVE A RESIDENT LOUNGE.
WE'LL HAVE PROPERTY WIDE WIFI.
WE HAVE COWORKING SPACE PLANNED.
WE HAVE A GYM AND YOGA STUDIO.
UH, WE'LL HAVE EV CHARGING SPACES, OUTDOOR DINING.
WE'LL HAVE A ROOFTOP SKY LOUNGE WITH VIEWS TOWARDS DOWNTOWN.
WE'LL HAVE PACKAGE LOCKERS, STORAGE UNITS, UH, SMART BUILDING ACCESS SYSTEMS, UH, COFFEE BAR, UH, DOG WASH SLASH PET SPA
UH, HERE'S A DEVELOPMENT TIMELINE OF WHERE, WHERE WE ARE ON THE PROJECT.
LET THE SCREEN SCREEN JUST CAUGHT UP.
UM, WE, UH, WE ANTICIPATE BASICALLY SUBMITTING FOR PERMIT, UH, IN THE THIRD QUARTER OF THIS YEAR, IF NOT BEFORE.
UM, AND PLAN TO BASICALLY BREAK GROUND BY THE END OF 2026.
UM, AND WE ANTICIPATE THE INITIAL UNITS WILL BE DELIVERED IN ABOUT 20 MONTHS FROM THAT, UH, WITH, UH, FULL PROJECT COMPLETION IN 24 MONTHS.
SO PUTTING THIS ON THE MARKET IN LATE 2028, UH, HERE IS A COMP MAP OF SOME OF THE, UH, MORE RECENT BASICALLY PROJECTS IN THE AREA, UH, WHICH ARE ALL CLASS A MULTIFAMILY DEVELOPMENTS.
UH, NEXT SLIDE IS, THIS IS A, UH, UH, JUST SHOWING BASICALLY ALL OF THE PROJECTS THAT WE HAVE DONE IN EAST DALLAS, UH, OVER THE LAST 10 YEARS.
UH, AND IT'S A MIX OF BOUTIQUE MULTIFAMILY, UH, INSTITUTIONAL, MULTIFAMILY AND TOWN HOMES, BOTH FOR OUR OWN ACCOUNT AS WELL AS FEE DEVELOPMENTS FOR, UH, ONE OF OUR PARTNERS.
AND THEN ATTACHED IS A MIX OF SOME OF THE PROJECTS THAT WE'VE DONE IN OUR PATH.
THAT'LL OPEN IT UP TO QUESTIONS.
UM, I'LL JUST START OUT AS THE REPRESENTATIVE FOR DISTRICT 14.
AND, UH, VERY HAPPY TO SEE THIS PROJECT, UH, COMING THROUGH, UH, LIKE THE LAST PROJECT.
IT'S GREAT WHEN YOU HAVE THE SUPPORT OF BOTH THE BOARD MEMBER HERE AND, UH, ALSO THE COUNCIL MEMBER ALREADY, UM, ALREADY UNDER THE RADAR, I SHOULD SAY, AND ALREADY, ALREADY BOX CHECKED.
I DID SEE THE PRESENTATION AT THE REAL ESTATE COMMITTEE AND, UH, PERSONALLY LIKE, LIKE WHAT I SEE.
SO WE'LL CONTINUE TO OPEN UP THE FLOOR FOR, UH, QUESTIONS AND COMMENTS, OBJECTIONS OR COMMENTS FROM THE YES.
THANKS FOR THE, THE PRESENTATION.
I WANNA TALK A LITTLE BIT ABOUT THE TAXES, UM, SIMPLY BECAUSE I THINK SOMETIMES WE, UH, COLLECTIVELY LOSE, UM, SIDE OF THE PORCH WITH TREES.
[01:40:01]
SO THE, THE 39 10 SAN JACINTO, IT'S GOT, UH, IT'S GOT THREE BUILDINGS ON IT CURRENTLY.UM, AND, UH, THOSE WERE BUILT IN 1966.
UM, THE MOST RECENT ONE, OFFICE BUILDING, 1971.
SO YOU, YOU ALL CLOSED ON IT MAY LAST YEAR OR SOMETHING LIKE THAT.
UM, CAN, CAN YOU TELL ME ABOUT THE HISTORY OF THAT SITE? UM, IF THERE WAS, UH, IF THERE WAS A PATH FORWARD FOR IT TO CONTINUE AS ITS CURRENT USE, UM, AND, UH, KIND OF WHAT THE VALUE OF THE SITE IS IN ITS EXISTING USE THAT COLLECTS ABOUT 13,000 A YEAR IN PROPERTY TAXES VERSUS WHAT YOU'RE PROPOSING HERE? I, I JUST, I WANNA RECONCILE THAT BECAUSE I, MY, MY, WELL, I JUST WANNA RECONCILE THAT.
SO THE, UH, AS I MENTIONED EARLIER, SO THERE ARE, THERE ARE THREE OR FOUR ADDRESSES BASICALLY ASSOCIATED WITH THE SITE.
IT'S 1431 APPLE STREET, AND THEN I BELIEVE IT'S 14, 24 AND 1500 CATTLE STREETS.
UM, THE, UH, 1431 APPLE AND THE TWO CATTLE ADDRESSES WERE PREVIOUSLY OWNED BY CITYWIDE MECHANICAL AND WERE, UH, THEY'RE A, UH, UH, HVAC UH, UH, OPERATOR.
UM, AND THEY USED IT AS THEIR MORE OR LESS SERVICING, UM, LOCATION WHERE THEY WOULD SEND TRUCKS OUT TO THE FIELD TO, UH, UH, SUPPORT MICHIGAN PROJECTS THAT THEY HAD INSTALLED, UH, EQUIP IN.
UM, THEY VACANT, VACATED THE PROPERTY SOMEWHERE AROUND 2019.
UM, AND IT SAT VACANT FOR ABOUT THREE YEARS BEFORE WE PURCHASED IT.
AND DURING THAT TIMELINE, UM, HOMELESS AND OTHERS BASICALLY BROKE INTO THE BUILDING AND STRIPPED IT OF PRETTY MUCH ALL OF THE COPPER, ALL THE ELECTRIC WIRING, UM, ET CETERA.
SO IN ORDER TO TRY TO RETROFIT THAT BUILDING TO MAKE IT, UH, USABLE, UM, AGAIN, WOULD BE A SIGNIFICANT INVESTMENT.
UM, AND REALLY MORE IT, IT WOULD BE UNDER UTILIZING THAT SITE, THE SITE IS ZONE PD 2 98, SUBDISTRICT EIGHT, UM, WHICH ALLOWS FOR OUR, UH, OUR TYPE OF USE OF, UH, IN THAT PROPERTY ALONG WITH, YOU KNOW, OTHER, OTHER TYPES OF USES.
UM, IT ALLOWS SIGNIFICANT DENSITY.
AND SO, UM, AS IT STANDS, UH, YOU KNOW, THE, THE SITE AND OUR OPINION IS SIGNIFICANTLY UNDERUTILIZED FOR WHAT IT IS IN BETWEEN ALL THE PROPERTIES.
I BELIEVE THE PROPERTY TAXES FOR 2025 WERE IN THE $75,000 RANGE, IF I'M CORRECT.
THAT'S FOR ALL JURISDICTION? THAT'S FOR ALL OF 'EM, CORRECT.
UM, SO, UM, YOU KNOW, WE FEEL LIKE THIS PROJECT IS BASICALLY BRINGING LIFE BACK TO, UH, WHAT HAS BEEN A VACANT SITE FOR QUITE SOME TIME NOW.
UM, YOU KNOW, WE'VE CONTINUALLY HAD ISSUES WITH HOMELESS, UH, BREAKING INTO THE PROPERTY AND HAVE HAD TO SPEND SIGNIFICANT RESOURCES TO, UM, UH, CONTINUE TO BASICALLY, UH, KEEP THEM OUT.
UH, AND SO BY REDEVELOPING THIS AREA, WE FEEL IT WILL BE A BENEFIT TO THE NEIGHBORS, WHICH IS A MIX OF TOWN HOMES AND OTHER NEWLY DEVELOPED, UH, USES IN THE, UH, IMMEDIATE DINNER.
SO, UM, SO YOU STARTED, UM, YOUR, UH, YOUR AGGREGATION IN 19? NO, WE, WE STARTED GETTING AGGREGATION IN 2022.
SO IT STILL, WE WERE TALKING FOUR YEARS LATER.
UM, AND SO I, I KNOW IT'S A, YOU KNOW, LAST WEEK WE, UM, WE HAD AN ITEM, UH, AROUND OUR PROGRAM STATEMENT, UH, FRONT TO COUNSEL ON ONE OF THE THINGS THAT, THAT I HEARD FROM A COUPLE COUNCIL MEMBERS, UM, WAS THE, UH, JUST SCRUTINIZING THAT TAX EXEMPTION, BUT ALSO, UM, DEFERRING TO PROFESSIONALS AND, UH, AND THE, THE CHAIR OF THE HOUSING COMMITTEE MADE THAT, THAT POINT CLEAR.
SO AS THE PROFESSIONAL HERE, UM, IN DEVELOPMENT, DO YOU, IT IS THE ABATEMENT AND DEVELOPING, 'CAUSE WE WOULDN'T, AS A CITY, WE WOULDN'T RECEIVE ANY, UM, ADDITIONAL, UH, UM, TAX REVENUES OFF OF IT IF AS DEVELOP CORRECT.
SO, IN, IN YOUR PROFESSIONAL OPINION, DOES IT TAKE A A AN INCENTIVE LIKE THIS TO DEVELOP ON THAT SIDE? IT, IT DOES.
UM, YOU KNOW, IN THE STATE OF THE MARKET RIGHT NOW, I MEAN, OBVIOUSLY MULTIFAMILY HAS BEEN
[01:45:01]
CHALLENGED THE LAST FEW YEARS DUE TO THE OVER, UH, SUPPLY THAT WE HAD, UH, IN ORDER TO BASICALLY MAKE PROJECTS LIKE THIS WORK, UH, TODAY, UM, IT REALLY IS BASICALLY TAKING INCENTIVES LIKE THIS WITH THE CITY.UH, THAT'S ONE OF THE BIG REASONS THAT, UH, THERE IS A LACK OF SUPPLY COMING, UH, IF IT HASN'T ALREADY HIT RIGHT NOW.
UM, AND SO AS, AS YOU Y'ALL KNOW, WE'VE OWNED THE SITE FOR FOUR YEARS NOW, WE HAVE NOT BEEN ABLE TO BASICALLY GET IT DONE, UH, AND CAPITALIZE WITHOUT, UH, A PROJECT LIKE THIS COMING THROUGH.
THE OTHER PIECE WAS ASSEMBLING THE ADJOINING PIECE OF THE PROPERTY, WHICH MADE IT A MUCH MORE EFFICIENT DESIGN.
UM, AT THE SAME TIME, UH, ALLOWED US TO, UH, BASICALLY GET IT TO WHERE WE HAVE ENOUGH UNITS ON THIS PROJECT THAT NOW WITH AN ABATEMENT LIKE THIS, THAT WE CAN MAKE THE ECONOMICS ON THE TRIP.
THAT, THAT'S, THAT'S WHAT I WANTED TO KNOW, IS I, I THINK, YOU KNOW, ONE OF THE THINGS THAT, THAT WE HAVE TO DO, AND ONE OF THE THINGS WE'RE CHARGED WITH THE SUPPORT IS, IS USING THAT ABATEMENT, UH, UH, UH, VERY WISELY.
UM, IT'S REALLY CLEAR TO ME THOUGH, IN THIS ENVIRONMENT THAT, UM, IF IT WASN'T FOR THIS TYPE OF ABATEMENT, THESE PROJECTS AREN'T GETTING DONE.
AND I'D BE HARD PRESSED TO COME UP AND I LIVE UP THERE, AND I'D BE HARD PRESSED TO COME UP WITH AN OLD EAST DALLAS DEVELOPMENT THE LAST SEVERAL YEARS, THREE OR FOUR YEARS, UM, MARKET, UH, KNOW SOMETHING COME ONLINE, BUT I'M TALKING, I'M TALKING ABOUT STARS.
UH, I THINK, I THINK YOU'RE CORRECT, AND I THINK IF YOU LOOK ACROSS THE CITY, I'LL, UH, UH, I'LL GIVE A LOT OF, UH, I GUESS APPRECIATION TO THE PFC BOARD.
A LOT OF THE PROJECTS THAT HAVE ACTUALLY GOTTEN STARTED IN DALLAS IN THE LAST THREE YEARS HAVE BEEN PFC PROJECTS.
AND WITHOUT THAT PROGRAM, THERE WOULD BE, UH, AN EVEN, EVEN GREATER LACK OF SUPPLY.
UH, SO KUDOS TO Y'ALL FOR WHAT Y'ALL DONE TO HELP THE CITY OUT WITH PROVIDING
THANK YOU VERY MUCH, DIRECTOR.
I'M, UH, FULLY SUPPORTIVE OF THIS.
THINK IT'S, UH, TERRIFIC FOR ALL THE REASONS WE, WE TALKED ABOUT.
I THINK IT'S REAL TELLING, YOU KNOW, THE SITE SAT VACANT FOR SIX YEARS, ONE OF THE HOTTEST AREAS, YOU KNOW, IN THE CITY.
IT'S GOT COMMUNITIES EVERYWHERE AND BARS, RESTAURANTS, BLAH, BLAH, BLAH, JOBS.
AND, AND HERE IT, YOU KNOW, SITS VACANT.
SO I THINK IT'S A REAL, REAL TELLING THAT'S, LET'S, LET'S ACTIVATE THE PROPERTY, LET'S PUT IT TO USE ON IT.
UM, MY, MY QUESTION'S GONNA BE A LITTLE BIT DIFFERENT.
UM, SINCE YOU, SINCE YOU HAVE THE EXPERIENCE THAT YOU DO, WHICH IS, WHICH IS CERTAINLY WELCOME BY THE PFC, HAVE YOU HAD IN, IN ANY CONVERSATIONS, HAVE ANY OF YOUR LENDERS OR EQUITY PARTNERS EXPRESS CONCERN ABOUT THE PFC STRUCTURE IN ABOUT THE STATE HAVE HAVING THE ABILITY TO RETROACTIVELY CHANGE THAT THEY REALLY HAVE NOT.
UH, SO WE'RE ACTUALLY LOOKING AT GOING THE HUD ROB ON THIS PROJECT.
UM, YOU KNOW, HUD HAS, UH, SOME, I THINK HUD LIKES THESE TYPES OF PROJECTS.
SO TWO 20 1D, TWO 20 1D FOUR PROJECT.
UM, AS FAR AS OTHER, UH, UH, LENDERS BASICALLY HAVING ISSUES WITH IT, I DON'T THINK ANY OF THE LENDERS HAVE AN ISSUE WITH A LOCAL JURISDICTION, PFC, I THINK THEY'RE ALL MORE SCARED OF THE OLD TRAVELING HFC STRUCTURE THAT, UH, WAS, SEEMED LIKE IT WAS ABUSED BY MANY PEOPLE.
WE HAVE ANY, CAN YOU HELP ME SEE IF WE HAVE ANY COMMENTS ONLINE? I DON'T SEE ANY COMMENTS OR HANDS UP ONLINE.
ANY COMMENTS FROM THE BOARD HERE IN THE BUILDING AND THE SAFETY OF OUR TORNADO SHELTER HERE?
DO WE HAVE A, A MOTION ITEM NUMBER NINE.
I DIRECTOR HOLMES, SECONDED BY DIRECTOR MONTGOMERY MOTION FOR APPROVAL.
UM, MR. MCDANIEL, IF YOU COULD DO A
ON ITEM NUMBER NINE, COUNCIL A, STACEY MARSHALL AYE.
JASON, UM, KEN MONTGOMERY APPROVE.
[01:50:02]
LAUREL STONE APPROVE.LET THE RECORD REFLECT THAT ITEM NUMBER NINE.
APPROVED BY ALL THOSE UNANIMOUSLY HERE, 11 TO NOTHING.
WE'RE LOOKING FORWARD TO THIS PROJECT IN DISTRICT 14.
NEXT ITEM UP IS ITEM 10, DISCUSSION AND APPROVAL OF A RESOLUTION AUTHORIZING THE NEGOTIATION AND EXECUTION OF A TERM SHEET FOR UNIVERSITY HILLS AND AFFORDABLE MULTI-FAMILY DEVELOPMENT PROJECT AND THE PARTNERSHIP WITH FOLK GLOBAL TO BE LOCATED AT 79 15 SOUTH LANE CASTOR ROAD, DALLAS, TEXAS 7 5 2 WALL JUAN AND DISTRICT A, UM, MR. QUINTO, IS IT, I HEARD THAT THIS ITEM STAFF IS DEFERRING THIS ITEM AND DEVELOPER TO THE MAIN BOARD MEETING.
WE ARE REQUESTING DE PRO HIS, THE NEGOTIATIONS EVERY LAST WEEK AND, UH, JUST CAN'T MAKE YET.
SO TO AVOID A
SO THEY'RE, THEY WILL COME BACK NEXT MONTH.
SO NO NEED FOR A, A VOTE ON THIS DEFERRAL.
WELL, WE'LL SEE THEM NEXT MONTH, BUT OUR AGENDA THEN QUICK QUESTION.
CONVERSATIONS WITH DISTRICT A, UM, WITH THE PC BOARD MEMBER AND THE COUNCIL MEMBER, WHAT DO THOSE STAND IN THAT PROJECT? BECAUSE I THINK THAT'S GONNA BE REALLY IMPORTANT.
SO COUNCIL MEMBER BLA ACTUALLY ISSUED A FORMAL LETTER OF SUPPORT FOR THIS.
SO, UM, IN THAT REGARD, THE CORRECT ITEM, VERY GOOD.
ITEM NUMBER 11, DISCUSSION REGARDING UPDATES FROM THE DALLAS HOUSING RESOURCE CATALOG IS PRESENTED TO THE CITY COUNCIL ON APRIL 22ND, 2026.
AND I'LL START OUT WITH A COMMENT ON THIS ITEM.
UH, I WOULD LIKE TO START OFF BY SAYING THAT, UH, THE ITEM DID PASS THE CITY COUNCIL AT THE, UH, MEETING LAST WEEK.
IT WAS, UH, 11 HOURS OR SO THERE,
I THINK BARBARA AND I BOTH HAVE A, I HAD TO DISTRACT AND EVERYTHING AFTER THAT LONG MEETING TO HELP OUR BACKS.
UM, I WANTED TO START OFF BY, UH, I THINK A LOT OF THIS CAME TO FRUITION, UH, BECAUSE OF THE HARD WORK OF CITY STAFF AND LIKE THANK DIRECTOR ERICKSON FOR REALLY, UH, WORKING WITH US.
AND AFTER A YEAR AND A HALF, WE ALL KNOW EVERYONE HERE ON THE BOARD OF ER ABOUT THE WHOLE TIME WE'VE BEEN TRYING TO GET A PRORATED STATEMENT PASSED.
AND, UM, IT HAD, WE HAVE, WE HAVE IT PASSED AND WE HAVE IT PASSED.
THERE WERE TWO ITEMS OF CONTROVERSY.
UM, THE LAST TWO AREAS THAT REMAINED IN LIGHTLY CONVERSATION AT THE MEETING LAST WEEK WERE THE CITY STAFF, EX OFFICIO BOARD MEMBER AND THE TWO THIRD COUNCIL APPROVAL OF PROJECTS.
AND AFTER MUCH DEBATE AND, AND SUGGESTED AMENDMENTS, THE COUNCIL APPROVE THE POLICY STATEMENT WITHOUT THOSE TWO ITEMS ADDED.
SO IF WE STILL HAVE OUR LIAISON, UM, WITH STAFF, AND SO THAT'S, THAT'S GREAT.
AND, UM, I THINK, UH, WE'RE AT THE STEP NOW WE'RE WE CAN MOVE ON.
AND SO I'M INTERESTED TO HEAR ANY OTHER COMMENTS ABOUT THE PROCESS OR, UM, NO.
YES, MR. PRESIDENT VERY MUCH, UM, NO, I, I, AGAIN, I'LL ECHO YOUR COMMENTS THAT, UH, IT, UH, WAS A LONG PROCESS, UH, PERIODS OF ADVERSITY, PERIOD OF COLLABORATION.
BUT, UH, CERTAINLY GLAD TO SEE, UM, THE, UH, RESOURCE CATALOG, UH, YOU KNOW, RECEIVE COUNCIL APPROVAL.
ULTIMATELY, THAT'S WHO WE SERVE, THE COUNCIL AND THEIR CONSTITUENTS.
SO GLAD TO SEE THAT WE COULD, UH, GET THIS, UH, ACROSS THE FINISH LINE FOREVER LONG AND, UH, LOOK FORWARD TO, UH, CONTINUING FORWARD ON OUR MISSION TO, TO BRING, UH, YOU KNOW, WORKFORCE HOUSING TO THE CITY.
I LIKE TO CHAIR AND, UH, VICE CHAIR FOR THE LEADERSHIP OF, THERE HAVE BEEN A NUMBER OF MEETINGS AND, UH, DISCUSSIONS THAT YOU GUYS HAVE HAD TO UNDERTAKE OVER THE LAST COUPLE OF YEARS HERE.
SO, UH, I'M, UH, JUST DELIGHTED KNOW YOU GUYS HAVE SHOWN THAT FACT JUST FOR THE INTEGRITY, IF ANYTHING, THAT I SAIL
[01:55:01]
AT TIMES WAY I TOOK IT PERSONALLY.BUT, UH, I'M GRATEFUL TO HAVE WORKED WITH, TO BE WORKING WITH SUCH A STANDUP, UH, PROFESSIONALS SUCH AS YOU ALL.
AND, UH, GLAD THAT YOU GUYS SHOWED THAT EACH TIME THAT, UH, I SAW YOU IN DISCUSSION HEARING FOR EITHER COUNCIL OR IS THAT THE HOMELESS, UH, SOLUTIONS COMMITTEE, WHATEVER.
SO JUST YOU GUYS AND, AND OF COURSE, THE REST OF THE BOARD.
SO, UH, FIRST OF ALL, TH THANK YOU, UM, THOR, OF COURSE, UH, LED DISCHARGE.
UM, AND IT'S REALLY IMPORTANT TO RECONCILE, UH, THE GOALS OF, OF THE CITY VIA CITY COUNCIL AND, UH, AND WHAT WE DO.
WE ALWAYS WANNA BE SUPPORTIVE OF THAT WORK.
UM, AND I, I THINK WE GOT TO A SPOT THAT, UM, WE MADE SURE WE MOVE FORWARD, BUT, BUT I'LL, I'LL CAUTION ALL OF US THAT THERE WERE REALLY GOOD QUESTIONS TO ASK AND, AND I THINK, UM, I THINK, UH, BO AND HIS STAFF, UM, HAD GOOD QUESTIONS.
I THINK CITY COUNCIL HAS GOOD QUESTIONS AND, AND WE HAVE, STILL HAVE SOME WORK TO DO.
UM, YOU KNOW, THIS IS A GOOD, UM, A GOOD FIRST STEP, BUT, UM, WE'LL TALK MORE ABOUT THE, THE INITIATIVE TO COLLECT DATA AND GET REPORTS ON THE HOUSING THAT, THAT HFC IS, UM, IS KIND OF SPEARHEADING AT THIS POINT.
UM, I, THAT'S GONNA BE REALLY IMPORTANT.
UM, THE, UH, YOU KNOW, WE'LL CONTINUE, THIS IS A FIRST STEP, I THINK, ON OUR POLICIES AND PROCEDURES AND, AND WE'LL CONTINUE TO BUILD THOSE OUT SO THAT, UM, YOU KNOW, WE'RE BETWEEN THE APPLICATION, THE PROGRAM STATEMENT, WE KIND OF TAKE THE NEXT STEP, UM, ON, UH, SOME OF THE, THE, UH, ROTE PIECES OF OUR, OUR PROCESS THAT WE KIND OF TAKE FOR GRANTED.
UH, SO I THINK IT WAS, YOU KNOW, IT WAS PAINFUL AT TIMES.
UM, BUT THIS PROCESS REALLY SURFACED SOME, SOME GOOD QUESTIONS AND WORK FOR US TO, TO DO AS IMPORTANT AND AS A COURT.
UM, AND I LOOK FORWARD TO THAT.
I LOOK FORWARD TO, UM, CONTINUING TO IMPROVE ON WHAT WE DO.
UH, AND, UH, MR. PRESIDENT, I, UH, I, UH, DIRECTOR ERICSON MIGHT HAVE SOME, SOME FEEDBACK TOO ON THE, THE FULL PROCESS.
UH, BUT YEAH, THAT, IT WAS GREAT.
AND, UH, I'M GLAD WE'RE HERE TO YOUR BOARD FIRST.
ANY OTHER QUESTIONS OR COMMENTS ON THE BOARD BYLAWS NEXT? RIGHT.
SO THANK YOU ALL, UH, 17 MONTHS OF, UH, OF DIFFERENT DISCUSSIONS.
I THINK WE STARTED OUT WITH SOME 21 QUESTIONS FROM COUNCIL TO WORK THROUGH, UH, THE PIVOTAL MOMENT WAS WHEN STAFF, UH, BECAME STAFF AT THE CORPORATIONS AND NO LONGER HAVE DONE FOR C AND EVEN THEN THERE WAS QUESTIONS ABOUT CONFLICT OF INTEREST TO RELATIONSHIPS TO, TO THE WORK.
AND SO HOW THAT BOTH CORPORATIONS HAVE STAFF, UH, AND THERE'S BEEN SOME CONTINUITY THERE, RIGHT? THE PROGRAM STATEMENTS ARE ABOUT COMPLIANCE OR ABOUT WRITING DOWN THE PROCEDURES OF HOW THE WORK IS OPERATING.
THEN THEY CONTINUE TO SEE GUIDANCE FROM COUNCIL AS TO QUESTIONS EVOLVE AND CHANGE GIVEN THE DIFFERENT NEEDS AT AN AFFORDABLE HOUSING CRISIS.
WE HAVE, UM, UM, A BUDGET CRISIS.
WE HAVE A PROPERTY TAX AND SALES TAX CRISIS, SO ALL OF THAT INTERLINKS.
BUT WHAT I'M LOOKING FORWARD TO IS MEETING WITH AARON THIS WEEK, STARTING THOSE CONVERSATIONS ABOUT NEXT STEPS, HELPING PROVIDE GUIDANCE, UH, WHEREVER RELEVANT, UH, TO AARON AS WE DRAFT THE POLICIES AND PROCEDURES AND SOME OF THE OTHER CORE FUNCTIONS.
AND THEN HELPING SHEPHERD THROUGH THE BYLAW AMENDMENT PROCESS.
UM, WELL, I DON'T ANTICIPATE THAT BEING TOO DIFFERENT, UM, FROM WHAT WAS PROPOSED.
SOME OF THOSE SAME QUESTIONS MAY STILL COME UP, AND SO WE HAVE TO MAKE SURE THAT WE'RE, UM, CONTINUE TO BE UNIFORM IN OUR APPROACH AND GET THAT DONE AS QUICKLY AS POSSIBLE.
UH, SO THAT WE'RE, SHOULD YOU CONTINUE.
SO THANK YOU ALL FOR YOUR SUPPORT.
I LOOK FORWARD TO OUR MEETINGS AND HELPING MOVE THIS FORWARD.
OF COURSE, THIS, I KNOW THIS IS ROUND OF THANK YOUS, BUT, UH, I, I SAID THIS AT, AT FRONT OF THE CITY COUNCIL, BUT I ALSO WANTED TO SAY THANK YOU TO OUR STAFF, YOU KNOW, SOPHIA, SAM AND AARON, YOU KNOW, UH, WE'RE ALL PART OF A BIG TEAM HERE.
AND, UM, ONE OF THE THINGS THAT SAID IN FRONT OF COUNCIL IS THAT, YOU KNOW, WE HAVE A REALLY DIVERSE, REALLY GOOD BOARD HERE.
UH, UH, SERVED ON A FEW BOARDS AND STUFF, AND THIS WAS A, THIS IS A REALLY
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GOOD BOARD NOT TO GIVE US OUR OWN, GIVE OURSELVES OUR OWN HAND, BUT WE'RE, UH, I WISHWE WORK PRETTY WELL TOGETHER, I THINK.
AND, UH, I THINK IT'S, IT'S REALLY GOOD.
THE COUNCIL DID A GOOD JOB, I THINK, IN, UH, POINTING ALL OF Y'ALL HERE BECAUSE WE DO HAVE A, A NICE DISPOSITION TO WORK TOGETHER, AND THAT'S VERY MUCH APPRECIATED.
IN YOUR COMMENTS ABOUT ITEM NUMBER 11, IF NOT, THEN AFTER A YEAR AND A HALF, I THINK WE CAN, UH, MARK ITEM NUMBER 11 OFF THE AGENDA.
ITEM NUMBER 12, REVIEW AND DISCUSSION OF THE DPFC TREASURER'S REPORT, MR. MCDANIEL.
ALRIGHT, UH, I BELIEVE WE STILL HAVE SHANNON ON.
SHANNON, DO WE STILL HAVE YOU THROUGH ALL THAT WACKY YES.
ECOLOGY ISSUE? ALRIGHT, I'M GONNA HAND IT OVER TO SHANNON FOR THIS.
I KNOW Y'ALL, Y'ALL HAVE BEEN HERE QUITE A WHILE, SO REALLY, UM, YOU KNOW, WE'RE, WE'RE THREE MONTHS IN HERE.
YOUR CASH AND EQUIVALENCE BALANCE IS JUST RIGHT AT 6,175,000 FOR THESE, YOU KNOW, AT MARCH 31ST, UH, YOUR CHANGE, A POSITIVE CHANGE IN FINANCIAL POSITION FOR THESE THREE MONTHS TOTALS $73,316.
SO KIND OF A, A QUIET MONTH, UH, WHICH SOUNDS LIKE THAT MAY BE A VERY GOOD THING CONSIDERING, UH, UM, YOU KNOW, WHAT EL ELSE Y'ALL HAVE HAD COMING IN.
BUT, UH, THINGS CONTINUE TO DO WELL FINANCIALLY HERE.
DIRECTOR TENON, WHAT IS, WHAT IS THE, UH, PERIOD ON OUR MONEY MARKET FOR INTEREST EARNING? IS THAT A COUPLE OF YEARS OR WHAT IS THAT BEFORE THE RATE CHANGES? IT IS, IT, IT JUST, IT WILL FLUCTUATE.
SO Y'ALL HAVE A MONEY MARKET AND A CASH SWEEP.
YOUR MONEY MARKET'S USUALLY AROUND 3%.
YOUR CASH SWEEP HAS BEEN AROUND 3.55, VARYING VERY SMALL, COMING DOWN JUST A LITTLE BIT HERE IN THIS LAST QUARTER, UM, INTO LATE FALL.
UH, BUT REALLY HAS MAIN REMAINED PRETTY CONSISTENT THROUGHOUT THIS PERIOD.
AT THAT POINT, YOU'LL, THOSE AREN'T CONSIDERED INVESTMENTS.
THEY'RE CONSIDERED TO BE CASH EQUIVALENTS BECAUSE YOU HAVE, JUST BECAUSE OF THE NATURE OF THEM FOR FINANCIAL STATEMENT PURPOSES.
SO THAT'S NOT TIED TO ANY TYPE OF, UM, STRUCTURED PERIODS, SO TO SPEAK, UH, YEARLY.
THE INTEREST RATE SUGGESTED I THINK, ON MONTHLY BASIS BASED ON HOW THE MARKET FLUCTUATES.
ANY OTHER QUESTIONS OR COMMENTS FROM HERE OR ONLINE ABOUT THE TREASURER'S REPORT? SEEING NONE, MOVE ON.
ITEM 13, DTFC PIPELINE REPORT, BRIEFING AND DISCUSSION.
THANK, I'M GONNA DO THIS QUICK HERE.
UM, AS FAR AS THE APPLICATION OF 4% OF OUR PIPELINE, WE HAVE THREE PROJECTS THAT ARE GONNA BE COMING BACK.
UM, TWO THAT, TWO THAT ARE COMING BACK.
UM, ONE NEW ONE AND THEN ANOTHER THAT, UH, WE HAVE JUST RECENTLY STARTED DISCUSSIONS FOR.
SO IN THE NEXT THREE, FOUR MONTHS, WE'LL BE LOOKING AT, UH, FOUR, FOUR PROJECTS.
ONE BEING THE TRINITY WEST AND, UH, THE OTHER BEING, UH, THE UNIVERSITY HILLS BOAT OF COURSE MUST BE ON TODAY.
UM, BUT LOOKING PRETTY BUSY STILL OVER THE NEXT COUPLE MONTHS, UH, IN THE PRELIMINARY APPROVAL STAGE.
WE HAVE THE
UM, WE WE'RE STARTING TO TRY TO GET READY FOR THAT.
UH, AND, AND THAT WAS APPROVED A WHILE BACK, BUT THERE WAS SOME FUNDING ISSUES RELATING TO BIG MIXED USE, UH, PROJECT GETS A PART OF.
UM, LBJ UH, 5 5 5 0 LBJ, UH, WE'RE IN THE PROCESS OF TRYING TO FINALIZE OUR DOCUMENTS, AIMING TO TRY TO GET IT IN FRONT OF YOU GUYS NEXT MONTH FOR FINAL APPROVAL.
UM, FULL APPROVAL SECTION HERE.
UH, THE ONLY THING THAT WE'RE REALLY KIND OF WORKING ON RIGHT NOW IS THE HUMPHREYS, UM, AND THEY
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HAVE A HUD LOAN AND WE'RE TRYING TO MOVE THAT FORWARD.UH, BUT, YOU KNOW, A COUPLE LITTLE BUMPS IN THE ROAD, BUT NOT THAT WE CAN'T HANDLE.
SO WE'LL KIND OF KEEP THINGS MOVING ON THAT FRONT.
UM, OUR CONSTRUCTION, UH, STUFF, EVERYTHING THERE IS IS STILL PLUGGING ALONG.
UH, NOT SURE IF YOU GUYS HAVE DRIVEN PAST ANY OF THOSE RECENTLY, BUT BOTH THE CAROLINE AND LOMA ARE MOVING VERY FAST.
UM, AND, AND EVERYTHING'S GOING WELL AND ALL FIVE FOR THOSE PROJECTS.
EVERYTHING'S, EVERYTHING'S SEEMS TO BE GOING GOOD.
WE'RE, UH, WE'RE GONNA START WORKING ON SOME REPORTING STUFF HERE SHORTLY.
UH, WE HAVE A MEETING, GONNA SCHEDULE A MEETING WITH MARTHA TO FIGURE THAT OUT, UM, WITH THE INCOME VACATION COMPLIANCE STUFF.
UH, BUT OTHERWISE EVERYTHING'S LOOKING PRETTY SHARP.
NOTHING WE CAN'T HANDLE ANY QUESTION.
DIRECTOR STENSON WITH THE PIPELINE REPORT, IS IT POSSIBLE TO BREAK THAT OUT ONLINE? YOU KNOW, IS IT THERE ONLINE? IT'S THE FULL PIPELINE REPORT.
IT'S, IT'S ONLINE IN, IN THE SENSE THAT IT'S, UH, IT GETS POSTED OR NO, IT DOESN'T GET POSTED, BUT WE CAN, I CAN, YEAH.
IF I WANT, WELL, IF I WANTED TO SEND IT TO SOME, WE CAN SEND YOU A SHARE FRIENDLY, WE CAN SEND, WE HAVE A SHARE FRIENDLY VERSION, GET INTO THE WES AND WE COULD ABSOLUTELY SHARE THAT WITH YOU.
AND THEN IS JUST, IS THIS UPDATED, UH, EACH'S ONLINE? YES, SIR.
WHAT WE GET IS THERE, YES SIR.
WE RUN THROUGH IT EVERY, EVERY MONTH BEFORE WE PUT TOGETHER THIS BOARD PACKET.
AND IT'S A SHARE FRIENDLY VERSION THAT LOOKS BETTER ONLINE THAN IT DOES WHEN YOU TRY TO P IT INTO, UH, INTO PUT INTO A BOARD PACKET.
I LIKE, I LIKE TO BE ABLE TO SHARE FROM WHERE PEOPLE ASK QUESTIONS ABOUT, UH, CERTAIN PROJECTS OR HOW MUCH WE'VE DONE AND, YOU KNOW, ALL OF THAT.
USUALLY TELL THEM, HEY, IT'S ALL THERE, BUT JUST TO BE ABLE TO SKIP SOME OF THOSE EXTRA STEPS, PEOPLE NOT BEING ABLE TO GET TO IT OR HAVING THEIR EXCUSES, I CAN JUST SHIP IT TO THEM.
WE CAN GET YOU, WE CAN GET YOU THAT AND KEEP YOU UPDATED WITH IT.
JUST, YOU, YOU WEREN'T WRONG IN SAYING THAT.
WE, WE DO HAVE EVERYTHING THAT WE OWN ONLINE.
YOU CAN CLICK THROUGH, UH, ALL THE WEBSITES OF OUR, OF OUR LEASING PROPERTIES.
THEN WE HAVE AN UPCOMING PROPERTIES SECTION AS WELL ON OUR WEBSITE, UH, WHERE THEY CAN LOOK AT A MAP AND SEE THE LOCATIONS OF ALL OF OUR PROPERTIES.
UH, IT'S OUR PIPELINE REPORT ON OUR WEBSITE.
PIPELINE REPORT IS NOT BUT, BUT IS WHAT I'M ASKING.
IT WAS THERE BECAUSE NOBODY COULD FIND OH YEAH, WE, IT'S JUST, JUST THE MAP ONLINE SO WE CAN KEEP YOU UPDATED WITH THAT AND, AND WORK WITH THE BOARD AND POSSIBLY PUTTING, YOU KNOW, A PIPELINE ONLINE OR SOMETHING ALONG THOSE LINES OF, THAT COULD BE A BOLD DECISION.
BUT WE CAN ABSOLUTELY SHARE, UH, THE SHARE FRIENDLY VERSION WITH YOU,
SO THAT WOULD BE A LONG REQUEST.
I'LL SEND IT TO YOU IN A SECOND.
WELL, YOU DON'T HAVE TO SEND IT TO ME THIS AFTERNOON.
EXCUSE ME, I ALREADY HAVE THIS.
BUT, UH, THIS SAYING, YOU KNOW, UH, IN THE FUTURE MONTH BY MONTH IT, IT WAS POSTED AND IT'S MORE EASILY ACCESSIBLE, NOT JUST JUST FOR ME, BUT FOR ANYBODY ELSE THAT WANTED TO KNOW, UH, WHERE WE AT, WHAT WE'VE DONE, HOW MANY, UH, PROPERTIES WE HAVE, UNITS,
NO, I, I THINK JUST ADDING, YOU KNOW, A DIFFERENT COLOR FOR UNDER CONSTRUCTION, THE WEBSITE, JUST A DIFFERENT COLOR DOT.
UM, THE FULL APPROVAL'S A LITTLE TRICKIER 'CAUSE YOU NEVER KNOW IF THEY'RE COMPONENTS OR NOT.
UH, BUT I THINK AT LEAST, YOU KNOW, FOR THE ONES THAT ARE UNDER CONSTRUCTION WEBSITE, THAT MAKES IT A LOT EASIER.
UM, WHEN YOU DO GET QUESTIONS, BECAUSE I PEOPLE ASK EVERY ONCE IN A WHILE FOR, YOU KNOW, THIS WHOLE LIST.
I'LL JUST GO THROUGH IT, PUT IT UP, YEAH.
UM, SO YEAH, IT WOULD BE HELPFUL FOR THAT TO BE ALSO.
BUT ANYWAY, UM, SO MY, MY QUESTIONS PARTICULAR TO ONE PROJECT, WHICH IS BLOCKHOUSE SANTA FE.
UM, I, I KNOW THEY, I, I TALKED TO THOSE GUYS A FEW MONTHS AGO AND THEY WERE HAVING TROUBLE CLOSING AND, UH, AND I RECENTLY WAS FILED ON SANTA FE TRAIL AND, UM, KIND OF RENEWED MY INTEREST AGAIN.
UM, ANY, ANY UPDATE THERE TO GETTING COPY WITH HIM IN THE NEXT WEEK OR SO? I CAN DOUBLE BACK WITH YOU SPECIFIC.
I'LL HAVE A, I'LL HAVE A, AN UPDATE FOR YOU.
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KNOW.I MEAN, IT'S JUST, IT'S A, IT'S, THEY, THEY DIDN'T ASSEMBLE IT JOHN PARCELS THAT REALLY BE ACTIVATED.
UM, I THINK IT REALLY HELPED THAT PART OF, OF THE, THE PAPER.
UM, AND UH, SO, UH, BUT I, I KNOW IT'S NOT, IT'S NOT SIMPLE, IT'S NOT EASY, UM, ON A FINANCING PIECE OF IT.
I MEAN, THAT'S, IT'S NOT A SHOT OF THAT THEY HAVE CLOSED.
IT'S HARD TO FIND EQUITY CAPITAL, WHICH IS WHY SOME OF THESE FOLKS WERE HERE TODAY.
ANYTHING YOU CAN FIND OUT, I'D LOVE TO KNOW IF THERE'S SOMETHING WE CAN DO TO HELP THEM, FRANKLY.
UM, BECAUSE I, I, YOU KNOW, NONE OF US JUST WANNA APPROVE DEALS THEN KIND GO OH, GOES, OKAY.
IF THERE'S SOMETHING WE CAN DO TO HELP, I WANNA HELP.
I'LL, I'LL BRING THAT UP AT, AT, AT OUR MEETING, BUT I'LL MAKE SURE I HAVE ENOUGH DATA FOR YOU ON THAT.
I MEAN, THERE ARE LOT OF THINGS I LIKE ABOUT THAT, THAT PROJECT.
THERE'S, CAN YOU JUST TALK, TELL ME MORE ABOUT THAT.
ON THIS LIST, THAT NUMBER 30, WE YEAH, THAT WAS, THAT'S AN APPLICATION THAT WE RECEIVED THAT WE WERE TOLD TO RUN REAL FAST ON.
AND AS SOON AS WE WERE ABOUT TO PUT IT ON THE BOARD, WE TOLD TO SLAM THE BRAKES.
AND THAT CAME THROUGH ABOUT SIX MONTHS AGO.
WAS UM, ONE OF THOSE ONES WHERE WE DID ALL THE HOMEWORK AND THEN, AND HIT THE BREAKS.
BUT IS THAT DISTRICT ONE THAT IS, THAT IS IN YOUR DISTRICT IS IT WAS RIGHT, RIGHT BEFORE WE STARTED THE REAL ESTATE COMMITTEE.
AND THAT COULD TOLD US THE BREAKS.
WE GOT SOME STUFF, UM, IF YOU'D LIKE TO SEE IT EVEN BEFORE THEY GAVE US THE GO AHEAD AGAIN.
BE HAPPY TO SHARE THAT WITH YOU.
AND, UH, JUST A QUICK REMINDER, OUR NEXT MEETING IS, UH, TUESDAY.
TUESDAY, RIGHT AFTER MEMORIAL DAY.
SO, UH, PEOPLE LIKE ME, WE NEVER TAKE VACATIONS, YOU KNOW, WE JUST WORK AND VOLUNTEER, SO I'M SURE EVERYONE ELSE IS IN THE SAME BOAT,
ANYWAY, WE LOOK FORWARD TO SEEING YOU ALL THEN.
SO WE'LL MOVE ON TO ITEM NUMBER 14.
DO WE HAVE A MOTION TO ADJOURN? AYE, DIRECTED BY DIRECTOR MARQUEZ, SECTIONED BY DIRECTOR TOLEDO AS THE VOICE VOTE.
ALL IN FAVOR OF ADJOURNMENT, PLEASE SAY AYE.
ANY OPPOSITION? HEARING NO OPPOSITION.
THE APRIL 28TH MEETING IS HEREBY ADJOURNED AT.