[00:00:01]
GOOD AFTERNOON. IT IS MAY 4TH. THE TIME IS 1:07.
AND WE'RE CALLING THE ECONOMIC DEVELOPMENT COMMITTEE MEETING TO ORDER.
FIRST ORDER OF BUSINESS IS APPROVAL OF THE MINUTES.
SECOND. THERE'S A MOTION FOR APPROVAL AND A SECOND. ANY CORRECTIONS? ANY EDITS? SEEING NONE. ALL IN FAVOR? AYE. ANY, ANYONE OPPOSED? SEEING NONE. MOTION CARRIES. FIRST BRIEFING ITEM IS OPPORTUNITY ZONES, ITEM A.
THANK YOU CHAIRMAN AND ECONOMIC DEVELOPMENT COMMITTEE.
I'M KEVIN SPATH, DIRECTOR OF THE OFFICE OF ECONOMIC DEVELOPMENT.
AND WITH ME TODAY IS DEPUTY DIRECTOR HEATHER LEPESKA.
SO YOU MAY RECALL THAT WE BRIEFED THE COMMITTEE LAST MONTH ABOUT OPPORTUNITY ZONES 2.0.
AND WE PROMISED TO COME BACK AT LEAST TWICE TO THIS BODY.
AND SO THIS WILL BE THE SECOND OF THREE VISITS TO THIS COMMITTEE.
I'LL TURN IT OVER TO HEATHER TO TALK ABOUT THE PROGRESS THAT'S BEEN MADE SINCE LAST MONTH.
SURE. THANK YOU. NEXT SLIDE. AND THEN NEXT SLIDE.
SO AS KEVIN MENTIONED TODAY IS OUR FOLLOW UP TO LAST MONTH'S OZ BRIEFING.
THE COMMENT PERIOD WAS OPEN THROUGH APRIL 24TH.
NEXT SLIDE. DURING THAT TIME, WE RECEIVED 29 UNIQUE COMMENTS WHICH ARE CAPTURED IN APPENDIX A BY WHO SUBMITTED THEM, AND THEY REFERENCED 27 DISTINCT CENSUS TRACTS.
WE PUBLICIZED OUR COMMENT FORM THROUGH A FRIDAY CITY COUNCIL MEMO, SOCIAL MEDIA WEBSITE PLACEMENT ON OUR ECONOMIC DEVELOPMENT WEBSITE, A NEWSLETTER BLAST FROM OUR DEPARTMENT, AND A CITY ISSUED MEDIA NEWS RELEASE.
SO PEOPLE WERE ACTUALLY LOOKING AT IT AND USING IT.
ON THIS MAP. THIS IS THE, THE 27 UNIQUE CENSUS TRACTS THAT PEOPLE SUBMITTED COMMENTS ON.
NEXT SLIDE. AND THEN JUST A QUICK SUMMARY OF THE FEEDBACK IN AGGREGATE.
YOU CAN SEE WE RECEIVED MULTIPLE RESPONSES FOR SOME CENSUS TRACTS, WHICH WAS LED BY CENSUS TRACT 204.02, WHICH IS THE SOUTHERN PART OF DOWNTOWN DALLAS.
AND THEN THE AGGREGATE PROPOSED PROJECT VALUE OF THE PROJECT SUBMITTED WAS $9.6 BILLION.
NEXT SLIDE. ALL RIGHT, THE NEXT NINE SLIDES ZOOM IN ON THE SPECIFIC CENSUS TRACTS THAT WERE SUBMITTED WITH THE COUNT OF THE NUMBER OF COMMENTS THAT WE GOT FOR EACH TRACT, THE COUNCIL DISTRICT OR DISTRICTS THAT THE CENSUS TRACT IS LOCATED IN, AND THE PROPOSED INVESTMENT AMOUNT AS SUBMITTED ON THE FORM.
SO THIS IS FOR CENSUS TRACTS. 122.10, 122.11, 123.02.
I'LL ALSO NOTE IN THIS TRACK, WHICH IS IN EAST DALLAS, WE RECEIVED FEEDBACK ON ANOTHER CENSUS TRACK, WHICH WAS 122.08. BUT THAT WAS MORE, MOST MORE THAN 50% OF THAT CENSUS TRACT WAS LOCATED IN A FLOODPLAIN.
SO NEXT SLIDE. NEXT SLIDE. NEXT SLIDE. AND THEN IF YOU WANT TO BACK UP ONE SLIDE, SO. ONE MORE.
I WANTED TO GO TO SLIDE 12. SO YOU CAN SEE ON THIS MAP THIS IS THE 204.02.
WHAT? OKAY. NEXT SLIDE. AND THEN NEXT SLIDE. AND THEN THERE'S ONE MORE.
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SO WE STARTED WITH 175 ELIGIBLE CENSUS TRACTS, WHICH ARE SHOWN ON SLIDE 29 IN THE APPENDIX.AND THEN WE REVIEWED THAT 175 AGAINST THE GOVERNOR'S SCORING CRITERIA.
AND WE REMOVED THE TRACKS THAT ARE MORE THAN 50% FLOOD ZONE, NOT WITHIN ECONOMIC DEVELOPMENT INCENTIVE AREAS, OR THAT ARE COMPRISED OF LESS THAN 25% COMMERCIAL PROPERTY.
AND THAT LEFT US WITH 133 TRACKS. SO THOSE 133 TRACKS ARE SHOWN ON THIS SLIDE.
NEXT SLIDE. AND THEN FROM THAT LIST WE DEVELOPED THIS WORKING MAP WHICH INCLUDES THE TRACKS WHERE WE HAVE RECEIVED PUBLIC FEEDBACK INDICATING SHOVEL READY PROJECTS AND ALSO WHERE STAFF BELIEVES THERE IS A HIGH OPPORTUNITY FOR SHORT TERM REDEVELOPMENT.
AND SO THIS MAP INCLUDES 74 CENSUS TRACTS. NEXT SLIDE.
AND THEN IN TERMS OF NEXT STEPS TODAY WE WELCOME COMMENTS ON THIS WORKING MAP.
WE WILL CAPTURE THAT TYPE OF COMMENT IN. ON JUNE 1ST, WE WILL BRING A MAP BACK TO THE ECONOMIC DEVELOPMENT COMMITTEE WITH STAFF'S FINAL RECOMMENDATION FOR OZ CENSUS TRACT NOMINATION TO THE GOVERNOR.
AND THEN JUNE 26TH IS OUR DEADLINE TO SUBMIT NOMINATIONS TO THE OFFICE OF THE GOVERNOR.
AND SO WE ARE WORKING WITH THE GOVERNOR'S OFFICE TO GET CLARIFICATION ON THAT.
AND WITH THAT, WE'LL OPEN IT UP FOR FEEDBACK.
THANK YOU ALL FOR THE PRESENTATION. OPPORTUNITY ZONES ARE A GREAT TOOL TO ENCOURAGE DEVELOPMENT AND JUST GIVE SOME INCENTIVES TO THOSE DEVELOPERS. I DO WANT TO MAKE SURE THAT THIS COMMITTEE KEEPS IN MIND THAT THESE ARE SOLELY RECOMMENDATIONS, BUT ALSO A LOT OF STAFF TIME GOES INTO THESE.
AND SO WE DO WANT TO LIMIT THE NUMBER OF OPPORTUNITY ZONES IN ORDER TO HAVE THE ABILITY TO FORWARD THOSE TO THE GOVERNOR'S OFFICE. COMMUNITY INPUT HAS BEEN TAKEN IN AND WE'LL LISTEN TO COUNCIL INPUT TODAY AROUND THE COMMITTEE AND THEN FORWARD THOSE ON TO THE NEXT STEPS. WITH THAT, WE'LL GO AHEAD AND GET STARTED WITH CHAIR WEST.
CHAIR, I'M GOING TO HOLD MY COMMENTS FOR NOW, IF THAT'S OKAY.
THANK YOU. COUNCIL MEMBER BLAIR. THANK YOU CHAIR.
WHEN YOU, OKAY, I UNDERSTAND, I SAW THE CENSUS TRACKS AND I UNDERSTAND THAT YOU HAVE TO READ THOSE PAGES BEHIND THEM TO FIND OUT WHAT DISTRICTS THEY ARE IN. SO WHAT PAGE WAS THAT? IN THE VERY FRONT IT SHOWS, THE CENSUS TRACKS ON PAGE FIVE.
IT SHOWS ALL THE CENSUS TRACKS. BUT IS IT POSSIBLE TO HAVE SOME TYPE OF MATRIX THAT SHOWS US ON THIS PAGE WHAT ARE THE DISTRICTS WE'RE TALKING ABOUT. SO WE DON'T BECAUSE SO WE DON'T HAVE TO FLIP THROUGH EACH ONE OF THE PAGES TO.
SO EACH, FOR EACH CENSUS, FOR EACH OPPORTUNITY ELIGIBLE.
YES. ZONE. WELL, FOR EACH ONE THAT'S ELIGIBLE.
AND IT WOULD BE EASY, IT WOULD BE NICE JUST TO HAVE THEM ALL, ALL ON ONE PAGE.
IS THAT POSSIBLE? FOR EVERY ELIGIBLE CENSUS TRACT IN THE CITY? NO, ON PAGE FIVE. ON PAGE FIVE, THE ONES THAT YOU HAVE, YOU HAVE IDENTIFIED ON PAGE FIVE.
PAGE. PAGE FIVE. IS THIS RIGHT? OH, YEAH. WE CAN, WE CAN, WE CAN WE CAN PULL THAT FOR YOU.
YES. THANK YOU. I THOUGHT YOU WERE TALKING ABOUT A MAP, AND I WAS CONFUSED.
I DON'T KNOW ALL THE CENSUS TRACTS AND WHERE THEY BELONG IN THE CITY.
YES, WE CAN DO THAT FOR YOU. AND THEN ON THE OPPORTUNITY ZONES THAT YOU GUYS ARE IDENTIFIED AS, THAT YOU HAVE IDENTIFIED, CAN YOU TELL US WHAT THEY ARE THAT YOU'RE THINKING IS A POSSIBLE DEVELOPMENT TYPE? I THINK THAT THAT'S ON PAGE 16. WELL, I WOULD TAKE YOU BACK TO SLIDE FIVE WHERE WE WERE JUST AT. ARE YOU, WHAT ARE YOU SAYING IS THE DEVELOPMENT, WHAT TYPE OF DEVELOPMENT ARE YOU SAYING IS WHAT YOU'RE MAKING THE RECOMMENDATION
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THAT WE HAVE? IS IT FOR A, IS IT FOR HFC, PFC, SINGLE FAMILY HOUSING, MIXED USE, MIXED. JUST GIVE US MORE GRANULAR. LOOK AT WHAT IT IS YOU'RE TRYING TO SAY IS, IS WHAT THE OPPORTUNITIES YOU'RE SAYING THAT WE POSSIBLY COULD LOOK AT IT. YEAH, SO THE OVERWHELMINGLY, THE FEEDBACK WE RECEIVED WAS FOCUSED ON REAL ESTATE AND PRIMARILY MULTI-FAMILY RESIDENTIAL REAL ESTATE DEVELOPMENT.OVERWHELMINGLY SO ON SLIDE FIVE, THE BLUE PART OF THE PIE CHART IS THAT TYPE OF PROJECT THAT STAKEHOLDERS WHO SUBMITTED FEEDBACK TO US BELIEVE THAT THEY HAVE A SHOVEL READY PROJECT THAT IS MULTI-FAMILY RESIDENTIAL REAL ESTATE DEVELOPMENT.
SO YOU'RE SAYING EVERYTHING THAT YOU'RE LOOKING AT ON PAGE 16 IS MULTI-FAMILY.
ARE THEY PFC, HFC MARKET RATE? SO I THINK THE IDEA BEHIND OZS IS THAT THAT WOULD BECOME A FUNDING SOURCE. AND SO YOU WOULDN'T NEED TO USE THE PFC OR THE HFC.
BUT WE WOULD ANTICIPATE THAT A LOT OF THIS WOULD BE HOUSING, EITHER DEVELOPMENT OR REDEVELOPMENT, JUST BECAUSE THAT'S HOW THE TOOL HAS BEEN USED, BUT IT'S NOT LIMITED TO THAT.
BUT BECAUSE THE, YOU KNOW, BASED ON WHERE, WHEN WE DID THE IDENTIFICATION, A LOT OF THIS WAS MULTI-FAMILY, BUT IT'S NOT EXCLUSIVELY MULTI-FAMILY, BUT IT WOULD BE SOME MIXED USE AS WELL.
WELL, CAN YOU SHARE THAT INFORMATION WITH US? BECAUSE IF YOU'RE LOOKING AT PAGE FIVE AND YOU'RE LOOKING AT REAL ESTATE RESIDENTIAL, THAT COULD BE ANYTHING, RIGHT? YES. YES, BUT THE OZ FUNDING REALLY ONLY WORKS FOR MULTI-FAMILY RESIDENTIAL.
IT'S NOT VERY, IT'S NOT A VERY GOOD TOOL FOR SINGLE FAMILY RESIDENTIAL.
OKAY, SO THEN WHAT YOU'RE SAYING THEN ON PAGE FIVE, RESIDENTIAL IS MULTI-FAMILY RESIDENTIAL THAT YOU'RE SAYING IS THE OPPORTUNITY THAT EXISTS IN THESE PARTICULAR AREAS.
ON PAGE FIVE, THIS IS THE FEEDBACK THAT WE RECEIVED FROM THE COMMUNITY.
WHO IS THE COMMUNITY? IS THAT DEVELOPERS OR. IT'S PRIMARILY DEVELOPERS, BUT NOT EXCLUSIVELY LIKE THERE IS A COUPLE SMALL BUSINESS OWNERS AND SOME OTHER TYPES OF SUBMITTERS, BUT THE VAST MAJORITY OF THE FEEDBACK WE RECEIVED WAS FROM MULTI-FAMILY HOUSING DEVELOPERS.
I'M JUST MAKING SURE THAT I'M READ, WHAT I'M READING, THE PICTURES THAT I'M READING IS THE INFORMATION THAT YOU'RE TRYING TO GIVE TO US TODAY, THAT IN YOUR SURVEY, YOUR PREDOMINANT AUDIENCE THAT GAVE YOU FEEDBACK WERE MULTI-FAMILY OR WERE DEVELOPERS WHO WERE, WHO HAVE PRIMARILY MULTI-FAMILY DEVELOPMENTS THAT THEY'RE SAYING THEY ARE SHOVEL READY TODAY IN THESE CENSUS TRACTS. AND SO THAT WE WOULD BE LOOKING AT MULTI-FAMILY PREDOMINANTLY IN THE. IF YOU GO TO PAGE 17, 16, 17 IN THE BLUE AREAS. SO THE BLUE AREAS ARE THE AREAS IDENTIFIED BY STAFF.
AND SO THAT'S A LITTLE BIT DIFFERENT. BUT FOR THE RED AREAS.
YES. EVERYTHING. OKAY, SO FOR THE RED AREAS THEN PAGE 5 AND PAGE 16 RED. GO AHEAD. YES. YES, MA'AM. AND THEN ON PAGE 16, 17 IT THOSE ARE AREAS THAT THE STAFF HAS IDENTIFIED AS OPPORTUNITY ZONES.
AND PAGE 16 AND 17? SO, I MEAN, I THINK IN GENERAL, THESE ARE AREAS WHERE STAFF BELIEVES THAT THERE IS OPPORTUNITY FOR ADDITIONAL EITHER REDEVELOPMENT OR NEW DEVELOPMENT.
SO HENSLEY FIELD IS AN AREA LIKE THE NORTHEAST CORRIDOR WHERE THERE'S A LOT OF AGING APARTMENTS.
THERE'S A IS A CORRIDOR. BUT IN OUR FINAL PRESENTATION NEXT MONTH, THERE WILL BE MORE DETAIL ABOUT WHAT SPECIFIC PROJECTS ARE IDENTIFIED FOR BOTH OF THOSE. SO WILL YOU HAVE A CONVERSATION WITH COUNCIL MEMBERS BEFORE YOU MAKE THAT PRESENTATION?
[00:15:02]
WE ARE HAPPY TO DO THAT. OKAY, WHAT IT IS THAT YOU FEEL IS THE OPPORTUNITY IN THEIR AREAS, WHETHER IT'S NEW DEVELOPMENT, REDEVELOPMENT, AGING.AND WILL YOU ALSO PROVIDE US WITH, WITH A MATRIX THAT SAYS THIS IS A, THESE ARE THE NUMBER OF AGING DEVELOPMENTS IN YOUR DISTRICT THAT WE SEE AS OPPORTUNITY FOR REDEVELOPMENT.
AND THESE ARE THE AREAS THAT ARE FOR BRAND NEW DEVELOPMENT.
COUNCIL MEMBER, THAT'S A GREAT COMMENT. BUT I THINK IT'S GOING TO BE BEYOND THE CAPACITY OF OUR STAFF TO DO THAT LEVEL OF DETAIL OF ANALYSIS BEFORE NEXT MONTH. WHAT WE'RE GOING TO BE BRINGING BACK TO THE COMMITTEE IN THREE WEEKS IS WE'RE GOING TO EVALUATE ALL OF THE FEEDBACK THAT YOU SEE IN APPENDIX A, WHICH IS A LIST, A DETAILED LIST OF EVERYTHING SUBMITTED BY EVERY ENTITY THUS FAR. AND THE LIST HAS GOTTEN BIGGER, QUITE FRANKLY, SINCE THE WINDOW OF INPUT CLOSED.
BUT WE'RE GOING TO WE HAVEN'T DONE ANY ANALYSIS OF THAT LIST.
SO BEFORE WE COME BACK NEXT TIME, WE WILL DO SOME LEVEL OF ANALYSIS ABOUT THIS KIND OF FEEDBACK BASED ON OUR KNOWLEDGE OF ALL OF THESE CENSUS TRACTS. AND THERE'S, FRANKLY, PARTS OF THE CITY THAT WE DON'T HAVE MUCH KNOWLEDGE OF LIKE, YOU KNOW, WE THIS IS A BIG CITY, RIGHT? SO TO SMUSH ALL TOGETHER THE FEEDBACK WE RECEIVED, PLUS EVERYTHING THAT WE KNOW WE WORK ON AND WHAT WE KNOW IS A PRIORITY OF THE CITY OFFICIALLY THROUGH POLICIES AND ADOPTED AREA PLANS.
THAT'S WHAT WE'RE GOING TO ATTEMPT TO RECONCILE, IS WHAT WE KNOW ABOUT THE GOALS AND PRIORITIES OF THE CITY, AGAINST WHAT ARE THE GOALS AND PRIORITIES OF THESE SPECIFIC STAKEHOLDERS WHO SUBMITTED THIS FEEDBACK? OKAY, SO YOU WILL GIVE ME A LITTLE MORE GRANULARITY THAN WHAT I HAVE TODAY, BUT NOT QUITE THE GRANULARITY THAT I'M ASKING FOR. WITHIN THE NEXT THREE WEEKS.
YES, MA'AM. OKAY. BUT WE CAN, WE CAN WORK TOWARDS.
YEAH. WE CAN WORK WITH YOU AND. YES. THAT'S CORRECT.
CAN WE ASK VISTA BANK TO COME BACK WITH MORE DETAIL THAN THIS.
YEAH. SO THAT'S DEFINITELY PART OF THE NEXT STEPS.
IT'S I MEAN, AGAIN, WE WERE JUST REPORTING ON EVERYTHING WE RECEIVED.
THE NEXT STEPS. AND EVERYBODY SUBMITTED THEIR CONTACT INFORMATION, SO WE'LL DEFINITELY GO BACK AND TRY TO GET MORE DETAIL FLESHED OUT FOR EVERYTHING THAT WAS SUBMITTED. OKAY, I'LL STOP RIGHT HERE. THANK YOU VERY MUCH CHAIR.
CHAIR RIDLEY. SO WHAT ARE THE IMPLICATIONS FOR THE GOVERNOR'S DESIGNATION OF CENSUS TRACTS AS OPPORTUNITY ZONES? WHAT DOES THAT ENTITLE THAT ZONE TO.
SO YEAH, I MEAN, IF YOU GO INTO THE APPENDIX B, BASICALLY ONCE AN OPPORTUNITY ZONE IS DESIGNATED AND THEY'RE DESIGNATED BY TREASURY, THE GOVERNOR IS GOING TO MAKE THE RECOMMENDATION TO TREASURY. LAST TIME TREASURY ACCEPTED THE GOVERNOR'S OFFER THE GOVERNOR'S RECOMMENDATIONS WITHOUT ANY CHANGES. SO WE FEEL LIKE THE HURDLE IS TO THE GOVERNOR'S OFFICE AND NOT TO TREASURY.
BUT ONCE THE CENSUS TRACT IS DESIGNATED, THE OPPORTUNITY ZONE DESIGNATION PROVIDES CAPITAL GAINS BENEFITS TO THE INVESTORS WHO MAKE AN INVESTMENT THROUGH A QUALIFIED OPPORTUNITY FUND. OKAY. OKAY. THIS IS THE PROGRAM BY WHICH PRIVATE INVESTORS CAN INVEST.
IN A MANNER THAT AVOIDS CAPITAL GAINS TAX ON GAINS THEY HAVE REALIZED FROM THEIR INVESTMENTS.
CORRECT. SO THERE IS SOME AMENDMENT 27 BASIS AND THEN THERE'S SOME DEFERRAL OF APPRECIATION.
OKAY, AND IN THE PAGES, 6 THROUGH 15 OR WHATEVER, IDENTIFYING THE OPPORTUNITY ZONES FOR WHICH YOU GOT FEEDBACK WHERE IT LISTS PROJECTED INVESTMENT.
THAT'S NOT THE COST OF ANY PARTICULAR PROJECT.
THAT'S JUST THE AMOUNT OF MONEY THAT RESIDENTS OR NOT NECESSARILY RESIDENTS.
[00:20:01]
I GUESS ANYONE WHO IS INTERESTED IN TAKING ADVANTAGE OF THIS CAPITAL GAINS BENEFIT HAS IDENTIFIED THEY'RE WILLING TO INVEST IN THAT CENSUS TRACT. THAT'S CORRECT. SO WE ASKED FOR AN IDENTIFIED PROJECT, AND THAT'S WHAT THEY INDICATED THAT PROJECT WOULD COST THEM.OH, SO THAT IS THE PROJECT COST. YES. OKAY. BUT THOSE BUT IT'S SELF-IDENTIFIED.
WE HAVEN'T DONE ANY VALIDATION ON THAT, RIGHT.
AND THEY PROBABLY HAVEN'T DONE ANY DESIGN YET.
SO THAT'S JUST A ROUGH APPROXIMATION. CORRECT.
YES, IT'S AN ESTIMATION. THANK YOU, MR. CHAIR.
YES, SIR. COUNCIL MEMBER CADENA. I THINK THIS ONE'S MINE.
SO KEVIN OR HEATHER, HAS THE DEADLINE ALREADY PASSED TO SUBMIT ANY ADDITIONAL PROJECTS? SO THE FORMAL DEADLINE HAS PASSED. WE CONTINUE TO RECEIVE FEEDBACK AND WE ARE OPEN TO RECEIVING FEEDBACK.
OKAY, GREAT. AND THEN I KNOW IN THE PAST DISTRICT SIX HAD ONE CENSUS TRACK THAT WAS A PART OF THE OPPORTUNITY ZONES, AND I THINK IT, YOU KNOW, PROVIDED SOME BENEFIT.
SO I'M ASSUMING THAT WE DIDN'T RECEIVE AN APPLICATION FROM ANYONE IN THAT PARTICULAR TRACK.
AND THEN LIKE, DO WE NOTIFY THEM THAT SINCE IT'S NOT OUR PROGRAM, I'M JUST WONDERING, LIKE, DID THEY HAVE AN OPPORTUNITY OR WERE THEY NOTIFIED THAT IT, I GUESS IF THERE'S THIS POTENTIALLY ENDING? CORRECT. WE DIDN'T GO OUT TO BUSINESSES IN EACH CENSUS TRACT TO KNOW, TO ASK THEM THERE TO NOTIFY THEM THAT THAT COULD CHANGE.
AND THEN I SEE THAT WE MET WITH TREC AND THE APARTMENT ASSOCIATION.
DID WE MEET WITH ANY OTHER GROUPS AS WELL? AND THEN MAYBE WHY WERE THESE PARTICULAR ONES CHOSEN? WE ACTUALLY RECEIVED WRITTEN FEEDBACK FROM THOSE TWO ORGANIZATIONS.
SO WE'LL INCORPORATE THAT. OKAY, GREAT. AND THEN I NOTICED ON PAGE 21, UNDER GOLDENROD COMPANIES IT HAD LISTED PARKS.
IS THAT, IS THAT, DOES THAT FALL UNDER THE CRITERIA? BECAUSE I DIDN'T REALLY SEE ANYTHING. AND I'M NOT, I KNOW I'M NOT AWARE OF A PARK MAYBE IN THAT AREA, MAYBE ONE IN LA BAJADA. THAT'S THIS ONE RIGHT HERE.
I THINK THE. PUBLIC PARKS OR. AGAIN, THERE WAS NO, THIS IS SELF SELECTION SELF SUBMITTAL, SO WE DIDN'T FILTER ANY OF THIS. SO THE ENTITY SUBMITTING THAT PUT JUST CHOSE TO PUT IN THEIR NOTES THAT THEY WOULD HAVE PARKS IN THIS $5.5 MILLION PROJECT. SO TAKE THAT FOR WHAT IT'S WORTH.
YEAH. OKAY. GOT IT. AND THEN ON 25, JUST TO KIND OF REITERATE ON ABOUT VISTA BANK, BECAUSE I HAD, I THINK ONE PROJECT. SO WE WILL GET ADDITIONAL INFORMATION THEN I GUESS WHEN WHENEVER WE MOVE TO THE NEXT STEP.
YEAH, WE WILL REACH OUT TO VISTA TO GET ADDITIONAL INFORMATION, YES.
OKAY, PERFECT. THAT'S ALL. THANK YOU. COUNCIL MEMBER ROTH.
THANK YOU. THE, HOW MANY OPPORTUNITY ZONES ARE YOU SUGGESTING THAT WE'RE GOING TO BE RECOMMENDING? I THINK WE PUT IN THE LAST BRIEFING TO THIS BODY.
IF YOU ASK ME, IT'S PROBABLY NO MORE THAN 50.
YEAH. SO 50 IS A LOT AND WE THINK MORE THAN 50 IS PROBABLY TOO MUCH.
AND BY JUST TO REMIND THE COMMITTEE IN 2017, WE, THE CITY RECOMMENDED 64 TO THE GOVERNOR'S OFFICE AND THE GOVERNOR PICKED 15. OKAY, I WOULD LIKE TO MAKE SURE THAT MY DISTRICT HAS BOTH OF THOSE IDENTIFIABLE PROPERTIES IN THE SUBMITTAL. AND I WANT TO KNOW, WHAT DO I NEED TO DO TO MAKE SURE THAT WE'RE GETTING THAT WE'RE PRESENTING THAT TO THE GOVERNOR'S OFFICE, BECAUSE EVEN THOUGH WE DIDN'T GET ANY REQUESTS ON,
[00:25:07]
ON YOUR OUT OF THE 29 THINGS, I WANT TO MAKE SURE THAT WE'RE IN THE HUNT ON THOSE TWO PROPERTY AREAS IN THOSE, IN THAT 192.08 CENSUS TRACK. BECAUSE I THINK THIS IS A REALLY A NEAT THING THAT WOULD HELP ENERGIZE SOME, SOME SORT OF ROUGH AREA RETAIL AND OFFICE AND, AND OTHER AREAS THAT WOULD BENEFIT BY THIS.AND I WANT TO UNDERSTAND WHAT WE CAN DO AND WHAT I CAN DO TO MAKE SURE THAT WE GET YOU THE INFORMATION THAT YOU NEED TO MAKE SURE THAT I HAVE AN APPLICATION THAT'S GETTING SOME, SOME EYES AND SOME EYEBALLS ON IT.
AND THE OTHER THING IS, IF WE NEED TO BUILD TO ASK PEOPLE TO COME AND IDENTIFY TRACKS, IDENTIFY POTENTIAL PROJECTS, IF THAT'S PART OF THE SUBMITTAL, IF THAT'S PART OF THE PACKAGE THAT NEEDS TO BE PROMOTED TO THE GOVERNOR'S OFFICE, I WANT TO MAKE SURE THAT OUR PACKAGE HAS THE RESOURCES IN IT.
SO, AND IN 29 RESPONSES IN THE CITY, IN THIS BIG OF A CITY DOESN'T REALLY SEEM TO BE I MEAN, WE SHOULD BE ABLE TO GET STUFF IF WE'RE IDENTIFYING AND TARGETING PEOPLE TO LOOK AT PROJECTS HERE.
SO PLEASE LET ME HELP YOU DO THAT. I WANT TO MAKE SURE THAT OUR PROJECT IS IDENTIFIED.
I MEAN, OUR CENSUS TRACT IS ABSOLUTELY IDENTIFIED UNDER THIS SITUATION.
IS THERE ANY OTHER THINGS THAT YOU COULD ADVISE ANY OF US AS TO HOW WE CAN PROMOTE OUR DISTRICTS OR HELP OUR DISTRICTS GET SOME OF THIS STUFF? OR, OR IS THERE SOMETHING THAT THAT WE SHOULD BE DOING TO HELP YOU ALL ON THAT? YEAH, THAT'S A GREAT QUESTION. I THINK OUR INTENT TODAY WAS TO GIVE YOU EVERY.
AND IF YOU KNOW OF SHOVEL READY PROJECTS IN YOUR DISTRICT THAT ARE NOT YET SHOWN HERE, OR YOU'RE NOT CERTAIN WHETHER IT'S SHOWN HERE, IT'S JUST AS DIFFICULT TO SEE, THEN WE CAN JUST MEET WITH YOU AND TALK THROUGH IT.
IT IS THAT JUNE 26TH DEADLINE A HARD DATE? YES.
YES, SIR. OKAY. SO REALLY, WHAT'S YOUR SORT OF YOUR TIMING ON GETTING THINGS REALLY PACKAGED AND STUFF? IT'S THE NEXT THREE WEEKS. OKAY. SO BY THE FIRST OF, BY THE 1ST OF JUNE, YOU GOT TO HAVE ALL YOUR STUFF TOGETHER.
YES, SIR. OKAY. THAT'S THE TARGET THAT WE HAVE TO WORK ON.
AT THAT POINT, THE COMMITTEE CAN STILL REFINE IT, RIGHT? CAN DO WHAT? CAN STILL OFFER REFINEMENTS AND SUGGESTIONS AND CHANGES, RIGHT.
BUT THE JUNE 26TH IS A HARD DEADLINE TO THE GOVERNOR'S OFFICE.
AND WHAT'S THE ACTION FROM THIS GROUP? ARE WE RECOMMENDING TO WHERE DOES IT, DOES, WHAT'S THE.
AND I'M. WHAT IS OUR PATH? DO WE RECOMMEND CERTAIN THINGS OR DO YOU ALL RECOMMEND? IT'S NOT OUR INTENTION THAT THIS BODY FORWARD OR ADVANCE A RECOMMENDATION TO THE FULL CITY COUNCIL.
WE. WE ARE PROPOSING THAT THIS BODY BE THE FINAL STOP.
OKAY, GREAT. THANK YOU. COUNCIL MEMBER GRACEY.
CHAIR GRACEY. THANK YOU, CHAIR, AND THANK YOU ALL FOR THIS PRESENTATION.
I THINK I GOT MOST OF MY QUESTIONS ANSWERED, BUT I DO WANT TO ASK SPECIFICALLY ABOUT, AGAIN, AS I'M SURE VICE CHAIR BLAIR. AND I'M SURE CHAIR MAXIE WILL, CHAIR JOHNSON WILL PROBABLY ALLUDE TO AS WELL.
BUT THIS CONCERN TO MAKE SURE WHEN THESE OPPORTUNITY ZONES ARE SELECTED, ARE THERE POLICIES OR THINGS IN PLACE THAT PROHIBIT OR DISCOURAGE THEM STACKING MORE LIGHT ON TOP OF THESE PROPOSED PROJECTS? SO THE OPPORTUNITY ZONE BENEFIT IS SOLELY THE CAPITAL GAINS BENEFIT THROUGH THE QUALIFIED OPPORTUNITY FUND.
[00:30:02]
THE CITY DOESN'T HAVE ANY SAY IN WHAT HAPPENS IN AN OZ UNLESS THERE IS A PROJECT THAT'S COMING IN FOR FUNDING THROUGH ADDITIONAL, A DIFFERENT SIDE OF THROUGH HOUSING OR THROUGH THE PFC OR THROUGH HFC.CERTAINLY, WE CAN MAKE THE AWARENESS THAT IT IS IN AN OPPORTUNITY ZONE.
AND THAT CAN BE, YOU KNOW, INFORMATION YOU HAVE AS YOU MAKE YOUR DECISION ON THE, THE DEAL.
OKAY. OKAY. AND THEN GOING BACK TO, TO THAT JUST SO I CAN GET AN UNDERSTANDING, I THINK YOU HAVE IT SIMILAR TO THE, I THINK IT'S THE TABLE, THE SUMMARY OF PUBLIC FEEDBACK CAN.
AND I THINK WHERE CHAIR LORIE WAS ASKING, IS THERE SOMETHING I WOULD LIKE TO HAVE A TABLE THAT KIND OF SIMILAR TO THAT ONE THAT SAYS, THESE ARE THE LIST OF THE ONES IN RED VERSUS THE ONES IN BLUE IN YOUR DISTRICT.
I DON'T NECESSARILY NEED A MAP, BUT JUST KNOWING WELL, AT LEAST WHERE THEY ARE OR IF THERE'S, YOU KNOW, SHOVEL READY PROJECTS THAT ARE ALREADY IN THAT, YOU KNOW, THEY'RE AT LEAST HAVING AN IDEA OF WHERE THEY ARE.
SO I CAN GET AN UNDERSTANDING. WHICH BRINGS ME TO KIND OF ONE OF MY LAST QUESTIONS IS.
YOU ALL WILL BE SUBMITTING. YOU SAID THERE'S RIGHT NOW OVER 100 OF THEM, YOU'LL BE SUBMITTING AT LEAST 50 WITH THE UNDERSTANDING THAT THE GOVERNOR WILL LAST YEAR, ACCORDING TO THAT WILL ONLY, YOU KNOW AWARD APPROVE ABOUT 15 OF THEM OR SO.
HOW, DO YOU ALL HAVE SORT OF A RECOMMENDATION OR RANKING PROCESS TO HELP US REVIEW THE LIST SPECIFICALLY FOR OUR DISTRICTS, OR IS THAT NOT EVEN PART OF THE PROCESS? HOW DO, IF, HOW ARE THE ONES THE PROJECTS AND OR THE OPPORTUNITY ZONES POTENTIAL PROPOSED DISTRICTS, HOW DO THEY END UP IN THE FINAL LIST OF THE 50, I GUESS? WHAT IS THAT RANKING CRITERIA AND PROCESS LOOK LIKE? SO I THINK THE BIGGEST DIFFERENCE BETWEEN OPPORTUNITY ZONE 2.0 AND 1.0 IS THAT THE GOVERNOR'S OFFICE NOW HAS A VERY STRUCTURED SCORING PROCESS. THAT DIDN'T HAPPEN IN THE FIRST ROUND.
AND SO THAT'S WHY WE INDICATED WHICH CENSUS TRACTS ALIGNS WITH OUR CITY INCENTIVE AREAS.
THAT'S WHY WE, YOU KNOW, DID THE CALL FOR PROJECTS TO DETERMINE PROJECT VIABILITY.
AND THAT'S WHY WE'LL WORK WITH ALL OF YOU TO MAKE SURE WE'RE NOT MISSING ANY PROJECTS THAT ARE IDENTIFIED IN YOUR COUNCIL DISTRICTS THAT ARE VIABLE, BECAUSE WE DO NEED TO. LET ME, NOT TO INTERRUPT YOU, HEATHER, I'M SORRY, BUT YOU JUST SAID SOMETHING.
YOU SAID WHICH ONES THAT ALIGN WITH OUR CITY INCENTIVE AREAS AND THINGS LIKE THAT.
WHICH BRINGS ME BACK TO THE ORIGINAL QUESTION OF, YOU KNOW, DO WE HAVE OR ARE THERE ANYTHING IN OUR POLICY THAT SAYS IF THEY ARE ALIGNED WITHIN CERTAIN INCENTIVE AREAS, THAT WE CAN DISCOURAGE ADDITIONAL HIGH TECH OR SOMETHING LIKE THAT? THAT'S WHAT I'M ASKING. THE CITY'S INCENTIVE POLICY FROM AN ECONOMIC DEVELOPMENT PERSPECTIVE IS SILENT ABOUT LIFE TECH, COUNCIL MEMBER GRACEY. THE HOUSING POLICIES DO SPEAK TO LIFE TECH, BUT FOR ECONOMIC DEVELOPMENT PURPOSES, THEY DO NOT. OKAY. ALL RIGHT. I'M SORRY I INTERRUPTED YOU, HEATHER.
KEEP GOING. NO. SO THE ONLY. I'LL JUST WRAP UP BY SAYING THAT WE'RE REALLY TRYING TO.
WE'RE ONLY GOING TO SCORE A MAXIMUM OF NINE POINTS OUT OF THE TEN POINTS THAT THE GOVERNOR OFFICE AWARDS, BECAUSE WE'RE NOT GOING TO HIT THAT ONE RURAL POINT.
BUT OUR GOAL AND OUR SUBMISSION PACKET IS TO ENSURE THAT EVERY CENSUS TRACT THAT WE'RE SUBMITTING IS SCORES AS MANY POINTS AS WE THINK IT CAN SO THAT WE'RE COMPETITIVE AT THE STATE LEVEL. OKAY. AND THEN LASTLY, YOU ALL WE'LL HAVE AN OPPORTUNITY, I GUESS I WANT TO SCHEDULE SOME TIME FOR US TO, TO SIT DOWN SO I CAN REALLY GET A BETTER UNDERSTANDING OF THE ONES LISTED IN MY DISTRICT.
AND AGAIN, JUST KIND OF TALK A LITTLE BIT DEEPER ABOUT THESE QUESTIONS.
YEAH. HAPPY TO MEET UP, MEET UP WITH YOU. ALL RIGHT.
THANK YOU. CHAIR. THANK YOU, MR. CHAIR. CHAIR JOHNSON.
THANK YOU, MAYOR. WHERE IS THE OPPORTUNITY ZONE? UNFORTUNATELY, THE INTERNET JUST WENT OFF FOR ME HERE.
IT'S FREEZING IN HERE. AND THEN WE HAVE NO INTERNET. WHERE IS THE OPPORTUNITY ZONE IN DISTRICT FOUR? THE CURRENT OR. CURRENT. CURRENT. I WILL HAVE TO PULL UP THE MAP, BUT WE CAN GET YOU THAT INFORMATION.
[00:35:01]
YEAH, I'M SORRY. I WAS TRYING TO LOOK AT SOMETHING, BUT HOPEFULLY I CAN GET BACK ONLINE.THAT HAPPENS OFTEN. YOU HAVE IT. WE'RE GOING TO TRY AND PULL UP THE SLIDE THAT HAS THE.
THAT'S NOT EXACTLY YOUR QUESTION, BECAUSE REMEMBER, THERE IS A CENSUS.
THERE'S A OPPORTUNITY ZONE PROGRAM FROM 2017 THAT'S COMING TO THE END.
YEAH. YEAH. SO DO YOU HAVE. WE DON'T HAVE THAT ONE IN FRONT OF US.
BUT YOU HAVE THE NEW ONE. WE HAVE THE PROPOSED OR THE ELIGIBLE CENSUS TRACTS ACROSS ALL COUNCIL.
SO WHICH ONE, CAN YOU GET THAT FOR ME? THE NEW PROPOSED ONE.
SLIDE 17. I'M GOING TO GET BACK ONLINE HERE IN A FEW MINUTES.
YEAH, SO THIS HAS THE WHOLE CITY AND WE HAVE THE COUNCIL DISTRICTS CALLED OUT.
THAT'LL WORK. THANK YOU SO MUCH. THANK YOU, MAYOR. I THINK WE'RE GOING TO HAVE A ROUND TWO HERE, BUT I JUST WANT TO HIGHLIGHT SOME ADDITIONAL WORK HERE IS FIRST, I WANT TO THANK STAFF FOR THIS PROCESS.
THE PREVIOUS PROCESS WAS DONE EXCLUSIVELY THROUGH THROUGH THE MAYOR'S THE FORMER MAYOR'S OFFICE, WHERE THEY SUBMITTED ALL THE THE FEEDBACK ON OPPORTUNITY ZONES.
HOW LONG WAS THE CALL FOR PROPOSALS FOR OPPORTUNITY ZONES OPEN? FROM APRIL 7TH TO APRIL 24TH. AND HOW DID WE LET PEOPLE KNOW ABOUT THAT? DID WE SEND OUT, WAS IT ON SOCIAL MEDIA? WAS IT ON EMAIL? HELP ME UNDERSTAND HOW THE PUBLIC WOULD HAVE PERCEIVED THIS INFORMATION.
WE USED OUR OFFICE OF ECONOMIC DEVELOPMENT LINKEDIN PAGE.
WE HAVE IT ON THE FRONT PAGE OF THE OFFICE OF ECONOMIC DEVELOPMENT WEBSITE.
WE SENT IT OUT VIA OUR NEWSLETTER, WHICH HAS ABOUT 5000 SUBSCRIBERS.
AND THEN WE ALSO DID A CITY ISSUED PRESS RELEASE.
ALSO, I THINK 50 PROPOSALS IS IT'S PROBABLY TOO MANY FOR THE AMOUNT OF STAFF TIME THAT IT'S GOING TO TAKE TO PUSH THESE PROJECTS FORWARD. I WOULD TRY TO NARROW IT DOWN AND REALLY LOOK AT THE SCORING METRICS AND ENSURE THAT, YOU KNOW, ANY PROJECT THAT WE'RE MOVING FORWARD IS GETTING AS MANY POINTS AS POSSIBLE.
BECAUSE WE'RE GOING TO BE COMPETING WITH CITIES, COUNTIES AROUND THE STATE OF TEXAS.
THEY'LL STILL BE WORK DONE THERE ON DEVELOPERS REACHING OUT DIRECTLY, COMMUNITY MEMBERS REACHING OUT DIRECTLY TO THE GOVERNOR'S OFFICE TO TRY TO GET THESE PUSHED THROUGH OR POSSIBLY EVEN IDENTIFY NEW CENSUS TRACKS FOR OPPORTUNITY ZONES.
BUT WITH THAT, I WILL START WITH COUNCIL MEMBER ROTH FOR A SECOND ROUND.
AND SO DO WE COORDINATE WITH DWU BECAUSE I KNOW SOME OF THE.
AND THE REASON WHY I ASK IS SOME OF THE AREAS, ESPECIALLY LIKE ALONG LA BAJADA, LOS ALTOS AREA, THERE IS, I, THEY RECEIVE A LETTER THAT IT'S THAT THERE'S SOME FLOODING ISSUES OR THEY HAVE TO GET ADDITIONAL INSURANCE BECAUSE OF FLOODING.
OKAY. THAT'S ALL. I WOULD ADD THOUGH. YOU KNOW, THERE ARE DEVELOPABLE AREAS.
AND SO BY DOING THIS AS AN AUTOMATED FILTER, WE MAY BE MISSING SOME SMALLER GEOGRAPHIES THAT ARE DEVELOPABLE THAT ARE HIGH AND DRY CURRENTLY OUT OF THE FLOODPLAIN. SO THAT IS PART OF THE FEEDBACK WE'RE SEEKING IS IF YOU CAN HELP US IDENTIFY MISSED OPPORTUNITIES BY THROUGH THIS PROCESS. YEAH. I MEAN, WHAT I RECALL IS I THINK THERE'S SOME RESIDENTS THAT ARE NEAR THE LEVEES THAT RECEIVE LETTERS.
WE'RE STILL WAITING FOR A SECOND PUMP STATION.
THAT HAS NOT BEEN BUILT IN OVER IN WEST DALLAS.
SO I KNOW THAT THERE, WE DO HAVE SOME FLOODING ISSUES OVER IN THAT AREA THAT NEED TO BE ADDRESSED.
THANKS. CHAIR RIDLEY. ANYONE ELSE ON THE SECOND ROUND?
[00:40:03]
CHAIRMAN GRACEY. ALL RIGHT. SEEING NONE. THANK YOU FOR THE PRESENTATION.WE WILL NOW MOVE TO ITEM B. THANK YOU, CHAIR.
ITEM B IS AN UPCOMING AGENDA ITEM. WE'RE EXCITED TO FINALLY BRING THIS FORWARD FOR CONSIDERATION.
IT'S BEEN UPWARDS OF A YEAR THAT WE'VE BEEN WORKING ON THIS.
SO IT'S A TWO PARTER. SO THE FIRST PART IS THE PROPOSED AMENDMENT OF THE MAPLE/MOCKINGBIRD TIF DISTRICT PROJECT PLAN AND FINANCING PLAN BY ADDING APPROXIMATELY 9.3 ACRES. AND THE SECOND PART OF THE ITEM IS CONSIDERATION OF A TAX INCREMENT FINANCING DEVELOPMENT AGREEMENT TO FACILITATE A PROJECT KNOWN AS OAK PARK MIXED-USE AND MIXED-INCOME DEVELOPMENT PROJECT.
I CAN QUICKLY ROLL THROUGH SOME OF THESE SLIDES AT A HIGH LEVEL.
MAYBE WE START WITH SLIDE THREE. I'LL TRY TO KEEP THIS UNDER FIVE MINUTES.
OKAY. WELL SHE THERE SHE GOES. GOT IT UP. SLIDE THREE PLEASE.
SO MAPLE/MOCKINGBIRD TIF DISTRICT HAS BEEN AROUND SINCE 2008.
SO IT'S ENTIRELY LOCATED EAST OF HARRY HINES BOULEVARD CURRENTLY.
AND SO NEXT SLIDE, SLIDE FOUR. SO THE PROJECT PLAN AND REINVESTMENT ZONE FINANCING PLAN WAS APPROVED BY THE BOARD AND BY COUNCIL IN 2009. IT'S HAD A PRETTY SUCCESSFUL RUN THUS FAR.
PROPERTY VALUES ARE INCREASING BY 551% OVER THE BASE YEAR.
THE CITY HAS DIRECTLY SUPPORTED THREE PROJECTS IN THE DISTRICT TWO OF WHICH WERE MULTIFAMILY RESIDENTIAL, AND ONE WAS THE ALOFT HOTEL LOVE FIELD. SLIDE FIVE.
SO AS PART OF THIS PROJECT OR PART OF THIS PROCESS, WE'RE RECOMMENDING, YOU CAN SEE THE ORANGE, THAT'S THE 9.3 ACRES THAT IS NOT CURRENTLY LOCATED IN THE TIF DISTRICT.
WE'RE PROPOSING TO LASSO THAT PROPERTY AND EXPAND THE BOUNDARY OF THE DISTRICT IN ORDER TO FACILITATE THE FUNDING NECESSARY TO HELP THAT PROPERTY DEVELOP AS PROPOSED.
CURRENTLY, THIS, THAT PROPERTY THAT'S ORANGE IS VACANT LAND WITH A TAXABLE VALUE OF 7.3 MILLION.
SO THAT AREA WEST OF HARRY HINES BETWEEN HARRY HINES AND I-35 IS REALLY RIPENING FOR REDEVELOPMENT.
THE PROPERTY IS CURRENTLY ADDRESSED AS 1545 WEST MOCKINGBIRD.
SO THE FIRST PHASE PROJECT WOULD BE ON FIVE POINTS, 5.9 ACRES OUT OF THE TOTAL 9.3 ACRE SITE.
YOU CAN SEE THE SITE THERE IS OUTLINED IN GREEN.
NEXT SLIDE IS SLIDE EIGHT. SOME IMAGES OF THE SITE.
IT'S CURRENTLY VACANT. IT IS AN ECONOMIC DEVELOPMENT TARGET AREA IN TERMS OF OUR POLICIES.
SO THAT'S SLIDE NINE. SLIDE TEN IS A QUICK SUMMARY OF THE PROPOSED PROJECT. SO THE PROJECT DEVELOPER IS AN ENTITY, A PARTNERSHIP ENTITY CONTROLLED BY LARKSPUR.
LARKSPUR IS A OBVIOUSLY AN ACTIVE DEVELOPER IN THE DALLAS AREA AND IN THE NORTH TEXAS AREA.
SO THE PROJECT WOULD BE NEW GROUND UP CONSTRUCTION OF 370,000 SQUARE FOOT MULTI MULTIFAMILY RESIDENTIAL BUILDING WITH 360 UNITS. SO 72 UNITS OR 20% OF THOSE HOUSEHOLDS AT OR BELOW 80% AMFI.
[00:45:04]
AND THAT BREAKDOWN IS AS FOLLOWS. SO THIS PROJECT IS REALLY UNIQUE.THEY'RE DEVELOPERS PROPOSING 5% OF THE UNITS OR 18 UNITS TOTAL TO BE RESERVED FOR HOUSEHOLDS AT OR BELOW 30% AMFI AND 15% AT OR BELOW 80% AMFI. AND ALSO THEY'RE ADDING ANOTHER 5% AT OR BELOW 100% AMFI. THERE'LL ALSO BE AN INTEGRATED PARKING GARAGE, ABOUT A 500-SPACE PARKING GARAGE.
AND THREE COMMERCIAL BUILDINGS APPROXIMATING ABOUT 10,000FT².
SO THE TOTAL PROJECT COST IS ESTIMATED AT 110 MILLION.
NEXT SLIDE IS A QUICK CONCEPTUAL SITE PLAN. YOU CAN SEE THE RESIDENTIAL BUILDINGS TOWARDS THE BACK WRAPPING THE PARKING GARAGE AND THE RETAIL BUILDINGS PROPOSED OUT FRONT ALONG MOCKINGBIRD. SLIDE 12 IS A CLOSE UP OF THE RETAIL AREA ALONG MOCKINGBIRD. SLIDE 13 IS A RENDERING SORT OF A BIRD'S EYE VIEW OF THE PROJECT.
SLIDE 14 IS ALSO MORE RENDERINGS. SLIDE 15. THIS PROJECT DID GO TO URBAN DESIGN PEER REVIEW PANEL ON APRIL 18TH, 2025. AND THE DEVELOPER IS CURRENTLY WORKING THROUGH DESIGN CHANGES TO ACCOMMODATE THOSE RECOMMENDATIONS BY THE PANEL.
SLIDE 17 IS A SOURCES AND USES CHART. SO AGAIN TOTAL PROJECT COST ESTIMATED 110.7 MILLION.
THE TIF DISTRICT FUNDING THAT WE WOULD BE PROPOSING IS 29 MILLION.
EFFECTIVELY 26% OF THE OF THE SOURCES NEEDED TO MAKE THIS PROJECT HAPPEN.
SO SLIDE 18 IS A QUICK SUMMARY OF OUR RECOMMENDATION.
SO ASSUMING THAT THE COUNCIL APPROVES THE PLAN AMENDMENT FOR THE DISTRICT, WE'D BE RECOMMENDING AUTHORIZATION OF A DEVELOPMENT AGREEMENT WITH THE DEVELOPER FOR A TIF SUBSIDY, AN AMOUNT NOT TO EXCEED 29 MILLION AS GAP FUNDING TO MAKE THE PROJECT POSSIBLE.
AND THEN SLIDES 19 THROUGH 28. 9. SLIDES 19 THROUGH 29 ARE ALL OF THE SPECIFIC PROJECT CONDITIONS OF THE PROPOSED AGREEMENT.
I WON'T GO THROUGH THOSE. SLIDE 30 IS A QUICK SUMMARY OF THE TIF DISTRICTS BOARD AND HOW THEY ACTED.
SO THE COUNCIL WILL BE ASKED TO CALL A PUBLIC HEARING EFFECTIVELY JUST SCHEDULE IT.
AND ASSUMING THAT THE COUNCIL AFFIRMATIVELY APPROVES THE PLAN AMENDMENT, THEN THE NEXT ITEM ON THE AGENDA THAT DAY WOULD BE CONSIDERATION OF THE DEVELOPMENT AGREEMENT FOR THE PROJECT.
SO WITH THAT, I'LL STOP AND TAKE ANY QUESTIONS. THANK YOU FOR THE PRESENTATION.
SO THIS AREA IS IN DISTRICT TWO. THE AREA IS CURRENTLY IN DISTRESS.
IT DOES NEED SOME REDEVELOPMENT. SOME QUESTIONS ON THE PROPERTY.
I KNOW THAT IT'S BEEN VACANT RECENTLY, BUT WHAT WAS THERE PRIOR TO THE BUILDING BEING CONDEMNED? HONESTLY, I DON'T HAVE THAT IN FRONT OF ME. BUT I CAN GET BACK WITH THAT INFORMATION.
OKAY. AND THEN IS THE DEVELOPER AWARE ABOUT THE DATA CENTER THAT'S GOING ACROSS THE STREET? HE'S SHAKING HIS HEAD. YES. OKAY. AND SO WHEN THE NUMBERS ON THE PROJECT MIX.
I DON'T REALLY HAVE TOO MANY QUESTIONS THERE.
I AM A LITTLE DISAPPOINTED ON THE LACK OF RETAIL SPACE.
[00:50:04]
AND SO I WOULD LIKE TO SEE SOME ADDITIONAL RETAIL.AND THEN WHEN IT COMES DOWN TO THE URBAN PLAN DESIGN IS THIS THE RENDERING THAT HAS TO BE MOVED FORWARD? I SEE SOME, SOME BRICK IN THE RENDERINGS. ARE WE, IS THAT WHAT WE'RE GETTING? THE AMOUNT OF TREES THAT ARE BEING SAVED. HELP ME UNDERSTAND THE SCHEMATIC THAT WE'RE LOOKING IN FRONT OF US.
HOW MUCH WILL IT BE FOLLOWED TO THE T THAT'S BEING PRESENTED VERSUS, YOU KNOW, WE WE APPROVE THIS PROJECT AND THEN THE DEVELOPER CAN BUILD, YOU KNOW, WHATEVER THEY WANT. THAT'S A GREAT QUESTION. FIRST, MAYBE TAKE A SECOND TO ADDRESS THE COMMENTARY ABOUT THE RETAIL.
I WOULD ADD THAT, YOU KNOW, AS PART OF OUR APPLICATION PROCESS, THE DEVELOPERS REQUIRED TO COMMISSION A THIRD PARTY MARKET STUDY TO, AND THAT MARKET STUDY HELPS THE DEVELOPER PROPOSE A, YOU KNOW, A CONFIGURATION OF USES IN THE PROJECT THAT ARE RIGHT SIZED FOR WHAT THE MARKET CAN BEAR. AND SO THE SIZING OF THE, THE AMOUNT OF COMMERCIAL THAT'S PROPOSED IN THE PROJECT IN THIS CASE IS RIGHT SIZED TO THE, WHAT A THIRD PARTY INDEPENDENTLY HAS SAID CAN BE, YOU KNOW, ABSORBED FOR RETAIL PURPOSES ALONG MOCKINGBIRD.
SO I JUST WANTED TO, TO ADD THAT. SO I GUESS IS THE DEVELOPER WILLING TO INCREASE THE RETAIL COMPONENT? I MEAN, 10,000FT² GETS YOU MAYBE 1 OR 2 YOU TENANTS INTO RETAIL MIX.
YOU'RE CERTAINLY WELCOME TO BRING THE DEVELOPER DOWN TO ANSWER THAT QUESTION. AND IF YOU WANT TO DO THAT WHILE I'M, I CAN ADDRESS THE PEER REVIEW QUESTION. SO I DON'T KNOW, AGAIN, MY DEPUTY DIRECTOR IS, HAS BEEN OUT FOR A FEW DAYS AND SHE WOULD NORMALLY BE GIVING THIS BRIEFING.
SO WHAT HAPPENS TYPICALLY IS THE DEVELOPER WILL WORK THROUGH DESIGN CHANGES BETWEEN THE TIME THEY WENT TO PEER REVIEW AND THE TIME THAT THE AGREEMENT GETS EXECUTED AND WE LOCK THOSE IMAGES IN PLACE. THAT IS THE PROJECT THAT WILL BE DEVELOPED AND THEN WE HOLD THEM TO THAT.
OKAY. WE'LL HAVE THE DEVELOPER. YEAH, JUST.
GOOD AFTERNOON. THANKS FOR HAVING US AND CONSIDERING OUR REQUEST.
SO GO BACK REAL QUICK ON YOUR FIRST QUESTION ABOUT WHAT THIS WAS PRIOR.
THIS WAS AN OFFICE BUILDING. IT WAS PROBABLY 12 STORIES, HAD GROUND LEVEL RETAIL.
AND I'VE ACTUALLY BEEN TRACKING IT SINCE TOURING THIS CORRIDOR.
THE OFFICE BUILDING BECAME REALLY DILAPIDATED.
THE CITY ULTIMATELY SUED THEM TO FORCE A DEMOLITION.
AND SO THAT FORCED THE DEVELOPER TO DO A MAJOR ASBESTOS ABATEMENT PROJECT DEMO.
AND THEN ULTIMATELY, WE JUST KEPT WATCHING AND IT WENT TO FORECLOSURE, AND WE BOUGHT THE, PROPERTY OUT OF FORECLOSURE JUST WHEN WE WERE PROBABLY 18 MONTHS AGO.
AND THEN AS FOR THE DESIGN, I THINK, YOU KNOW, WE HAVE A REALLY GOOD TRACK RECORD, INCLUDING DISTRICT TWO OF FOLLOWING THROUGH ON WHAT OUR RENDERINGS ACTUALLY SHOW, WHICH I KNOW, YOU KNOW, A LOT OF GROUPS DON'T, IT TURNS INTO A YOU KNOW, STUCCO BOX OR SOMETHING. BUT LIKE THE PROJECT WE'RE DELIVERING RIGHT NOW ON COMMERCE.
IT'S ALL MASONRY. SO THE RENDERINGS ARE WHAT YOU'LL GET.
THIS WILL BE A LONG TERM HOLD FOR US. SO WE ALSO WANT THERE TO BE A BIG MASONRY ELEMENT, SOMETHING THAT, YOU KNOW, MATERIALS THAT STAND THE TEST OF TIME. AND THEN AS FAR AS THE RETAIL, THERE'S, YOU KNOW, NO THERE'S SOME RETAIL IN THE STREET, BUT IT'S NOT GREAT.
AND SO WE REALLY WANT TO DEVELOP RETAIL AND HELP ACTIVATE THE STREET.
SO WE, I DON'T I MEAN, I THINK IT'S A GREAT POINT QUESTION I DON'T DISAGREE WITH I THINK, YOU KNOW, THINKING THROUGH IT SOME MORE WE JUST THINK THAT THAT'S PROBABLY THE SAFE AMOUNT OF RETAIL WITHOUT OVERDOING IT.
IN YOUR OPINION, HOW MANY TENANTS CAN YOU GET INTO A 10,000 SQUARE FOOT PIECE OF PROPERTY?
[00:55:01]
SO WE, WE THINK PROBABLY FIVE DEPENDING, WE THINK THESE ARE SMALLER SPACES, MAYBE A SMALL RESTAURANT, COFFEE SHOP AND A COUPLE PERSONAL SERVICE USES.SO LIKE AROUND 2000, 2500FT EACH. SO NOT FULL SCALE.
YOU'RE NOT TALKING FULL SCALE RESTAURANT. IF WE CAN GET IT, I MEAN, WE'LL TAKE IT OUT TO THE MARKET AND TRY TO GET, YOU KNOW, THE BEST EXECUTION WE CAN. BUT MY WHOLE POINT THERE IS THAT A FULL SCALE RESTAURANT, YOU'RE GOING TO BE LOOKING AT A MINIMUM OF 5000 SQUARE FOOT, PROBABLY CLOSER TO 10,000.
AND THEN JUST KUDOS ON THE TREES. THANK YOU ALL FOR, FOR DOING THAT PART.
I'LL START WITH COUNCILMEMBER ROTH. THANK YOU.
IT LOOKS LIKE IT SOUNDS LIKE AN INTERESTING PROJECT.
AND IT SOUNDS LIKE AN INTERESTING AREA TO TRY TO DEVELOP SOME NEW STUFF IN.
WHEN YOU'RE TALKING ABOUT YOUR THE DEMOGRAPHICS ON YOUR APARTMENT CENSUS, WHEN YOU'RE TALKING ABOUT AMFI, THAT'S A FAMILY INCOME. AREA MEDIAN FAMILY INCOME.
FAMILY INCOME AS OPPOSED TO JUST GENERALLY. AND SO WHERE ARE YOU GETTING YOUR EQUITY FROM? ARE YOU DOING TAX CREDITS? ARE YOU DOING SOME ARE YOU PUTTING IN.
NO WE'RE NOT. IT'S PRIVATE CAPITAL. OKAY. AND SO THE AMOUNT THAT WE'RE, THAT WE'RE GIVING FROM THE TIF IS $29 MILLION. HOW MUCH MONEY IS IN THAT TIF BUCKET? IT HAS A HEALTHY CASH BALANCE. IS WHAT? A HEALTHY CASH BALANCE.
THIS, THIS DISTRICT HAS NOT DONE A PROJECT IN GREAT BIT OF TIME.
SO IT'S GOT 20 SOMETHING MILLION IN CASH. SO ARE WE GOING TO BE, WHAT I'M TRYING TO FIGURE OUT IS ARE WE USING UP ALL THE MONEY THAT'S THERE? OR BASICALLY A LOT OF IT IS. SOUNDS LIKE. WELL, 29 MILLION OF IT, RIGHT.
OKAY. SO WE'RE. AND THAT'S OKAY. IT'S OKAY THAT WE'RE USING UP THE MONEY.
I JUST WANT TO KNOW IF WE'RE USING IT UP. AND SO AND THAT TIF IS EXPIRING IN 2030.
2033. OR 33. SO OKAY. SO THAT'S GOING TO BE THE YEAH, THERE'S THE.
AND AGAIN, I DON'T KNOW HOW THIS WORKS EXACTLY, BUT IS THERE AN OPPORTUNITY, DOES THE TIF HAVE TO PROVIDE THIS ONLY AS A GRANT, OR IS THERE ANY OPPORTUNITY FOR THE TIF TO PARTICIPATE IN SOME KIND OF A OF A WATERFALL DOWN THE ROAD, OR INTO A PROFITS PARTICIPATION OR INTO SOME KIND OF A LOAN SO THAT THAT TIF COULD BE REPLENISHED TO SOME EXTENT BY FUTURE YOU KNOW, SUCCESS OF THAT PARTICULAR PROJECT? I KNOW YOU'VE ENCOURAGED US TO. RIGHT. TRY TO MOVE CLOSER TO THAT.
WE'VE NOT HAD THE TIME TO EXPLORE IT. AND THIS PROJECT WAS ALREADY UNDER NEGOTIATION.
WELL BEFORE, BEFORE WE'VE STARTED TO HAVE THAT CONVERSATION.
AND WE, YOU KNOW, TYPICALLY WE AVOID LOANS BECAUSE THEY'RE RISKY TO THE CITY.
AND SO THIS PROJECT WAS STRUCTURED AS A PAYABLE UPON COMPLETION.
IT LOOKS LIKE THERE'S AN ADDITIONAL PIECE OF PROPERTY ADJOINING TO THIS THAT IS NOT BEING DEVELOPED.
WHAT IS YOUR PLAN ON THAT PIECE? SO WE DON'T HAVE A PLAN TODAY THAT'S SET.
WHAT WE'D LIKE TO DO IS PROVIDE SOME LARGER FORMAT HOUSING.
SOME TOWNHOMES, BECAUSE WHAT WE'RE BUILDING HERE IS MORE OF YOUR CONVENTIONAL UNIT MIX.
SO WE THINK THERE'S GOING TO BE INCREASED DEMAND, YOU KNOW, LARGELY FROM ALL THE MEDICAL DISTRICT PROPERTIES THAT ARE BEING BUILT NOW, THE HOSPITAL EXPANSIONS. SO THAT'S WHAT WE'D LIKE TO DO, BUT NOTHING'S SET.
IS THE PROPERTY ALREADY ZONED FOR WHAT YOU WANT TO DO, OR ARE YOU GOING TO HAVE TO GET NEW ZONING OR IMPROVE ZONING? IT'S ZONED, IT'S ZONED MU-3. AND THAT'S, IT'LL ALLOW WHAT WE'RE PROPOSING BY RIGHT IS ZONING.
[01:00:03]
DISCUSSION WITHOUT ANY OBLIGATION. I'M NOT TRYING TO GIVE YOU A PRESSURE, BUT I'M SAYING, WOULD THERE BE AN OPPORTUNITY TO TALK TO THE CITY ABOUT ALLOWING US TO PARTICIPATE IN A FUTURE OPPORTUNITY TO REPLENISH PART OF OUR TIF MONEY DOWN THE ROAD, ON THAT PORTION OR ON THE OTHER PORTION ON THE CURRENT DEAL, IF THAT'S POSSIBLE.I THINK, YOU KNOW, WE WANT TO REMAIN FLEXIBLE AND BE A GOOD PARTNER ON THE FIRST PHASE.
THE SECOND PHASE, I THINK WE'RE OPEN TO DISCUSSION AND WE'VE TALKED ABOUT IT.
YOU KNOW, IT'S INCLUDED IN THE NEW BOUNDARY THAT IS BEING PROPOSED.
AND SO IT'S ELIGIBLE FOR SOME KIND OF TIF INCLUSION, BUT I.
AND I APPRECIATE THAT. I MEAN, THAT THAT WILLINGNESS AND FLEXIBILITY IS, IS SOMETHING THAT, FIRST OF ALL, I ADMIRE. I THINK THAT THAT'S A RESPECTFUL RESPONSE TO BECOMING PUBLIC PRIVATE PARTNERSHIPS.
I THINK THAT HELPS US AS A CITY AND AS A DEVELOPMENT PARTNER TO ENCOURAGE OTHER PEOPLE IN THE COMMUNITY TO DO SIMILAR PROJECTS. AND I THINK THIS IS THE RIGHT ATTITUDE AND THE RIGHT DIRECTION TO TAKE.
SO THANK YOU FOR ALLOWING ME TO SORT OF APPROACH YOU ON THAT WITHOUT YOUR BEING EXPECTING IT.
OF COURSE, THANK YOU. WHEN YOU'RE TALKING ABOUT 100% AMFI, WHAT EXACTLY DOES THAT MEAN? AND I, AND I'M NOT TRYING TO BAIT YOU. I REALLY AM GETTING CONFUSED AS TO WHEN SOMETHING IS 30% AMI, 60%, 80%, 100%. WHAT DOES THAT MEAN? DOES THAT MEAN THAT EVERYBODY THAT IS A POTENTIAL RENTER HAS TO HAVE A 100% OR LESS? OR IS IT 100% OR MORE? I'LL HAVE THOR COME UP AND GIVE YOU A MORE DETAILED RESPONSE.
BUT AMFI SETS, IT'S SET BY HUD AND IT SETS A MAX IN TERMS OF INCOME AND RENT FOR WHAT A PERSON AND WHAT A HOUSEHOLD CAN PAY AT CERTAIN INCOME BANDS. THAT'S RIGHT.
AND SO EVERY PROGRAM HAS A DIFFERENT SET ASIDE.
RIGHT NOW, A FAMILY OF FOUR AT 80% IS RIGHT AROUND THAT $90,000 MARK.
WE EXPECT NEW RENT CHARTS TO COME OUT FROM HUD ANY DAY NOW.
SO IF IT'S 90%, IF IT'S $90,000 AND YOU'RE SAYING YOU'RE GOING TO HAVE IT SAYS 100% OR LESS, DOES THAT MEAN THAT YOU COULD POPULATE THOSE APARTMENTS WITH ANYBODY AT $90,000 FAMILY INCOME OR LESS? YEAH. YEAH, BETWEEN 81 AND 100. SO THEY WOULD FALL BETWEEN THOSE BANDS.
SO THERE'LL BE CERTAIN UNITS SET ASIDE FOR A BAND FOR LIKE 30 TO 50% OR 80 TO 100 OR 100 TO 120%.
AND SO THERE WILL BE UNITS DEDICATED FOR HOUSEHOLDS THAT MAKE INCOME IN THAT RANGE.
IS THAT SOMETHING THAT WE'RE, WE'RE IN, WE'RE TELLING THE DEVELOPER THAT WE WANT YOU TO HAVE THESE, THESE BANDS OF POPULATION, OF ECONOMIC DEMOGRAPHICS.
YES. SO THE, OUR, THE CITY'S POLICIES REQUIRE AT LEAST 20% OF THE UNITS TO BE RESERVED FOR HOUSEHOLDS AT OR BELOW 80% AMI. SO THAT'S THE ECONOMIC DEVELOPMENT POLICY THAT REQUIRES THAT.
SO THIS PROJECT IS PROPOSING MORE AFFORDABILITY THAN IS REQUIRED BY THE POLICY.
AND WHEN YOU SAY MORE AFFORDABILITY IT'S THAT WE'RE HAVING LOWER INCOME.
DEEPER AFFORDABILITY, RIGHT. SO THE UNITS THAT ARE AT OR BELOW 30% ARE NOT REQUIRED BY THE POLICY.
OKAY. AND THAT'S SOMETHING THAT THAT THE CITY IS DICTATING.
IT'S NOT HAS NOTHING TO DO WITH THE TIF OR WITH.
THANK YOU. COUNCIL MEMBER CADENA. WELL, THIS SEEMS LIKE A GOOD PROJECT.
THE ONE THING I WOULD SAY BECAUSE IT'S NOT TOO FAR FROM LOVE FIELD AIRPORT, WHICH I REPRESENT.
[01:05:05]
AND THEN I USED TO WORK IN THE MEDICAL DISTRICT.AND I KNOW WHEN I WORKED IN THE MEDICAL DISTRICT, WE GOT LIKE 30 MINUTES TO AN HOUR FOR LUNCH.
AND, YOU KNOW, THERE WAS NOT A LOT OF PLACES OR, YOU KNOW, OPTIONS TO GO EAT AT.
SO I COULD DEFINITELY SEE WHERE THAT MIGHT BE A POTENTIAL FOR Y'ALL.
IF YOU WERE TO MAYBE ASK THE MEDICAL DISTRICT EVEN THE AIRPORT TO SEE WHAT, YOU KNOW, SOME SERVICES THEY MIGHT WANT TO OFFER OR THEY MIGHT WANT TO LOOK FOR IN THAT AREA. SO BUT OTHERWISE, THANK YOU SO MUCH FOR INCLUDING TREES AND SOME GREEN SPACE IN THIS PROJECT.
BUT I WOULD AGREE WITH YOU ABOUT POTENTIALLY MORE RETAIL.
I KNOW I DO HAVE AN AREA OF MY DISTRICT WHERE THE RETAIL IS EMPTY AND I CAN HEAR THAT AS A CONCERN WHEN YOU'RE DEVELOPING SOMETHING NEW, BUT THIS AREA IS A PRETTY HIGH TRAFFIC AREA. SO THANKS SO MUCH.
CHAIR RIDLEY. LET'S SEE. CHAIR WEST. COUNCIL MEMBER BLAIR.
COUNCIL MEMBER GRACEY. CHAIR GRACEY. THANK YOU.
AND I'LL JUST KIND OF AGAIN ECHO WHAT BOTH CHAIR MORENO AND VICE CHAIR CADENA JUST MENTIONED IN TERMS OF THE RETAIL. WE GET REALLY EXCITED ABOUT THESE PROJECTS AND I THINK WE SHOULD, IN TERMS OF WHAT THEY'LL DO FROM AN ECONOMIC DEVELOPMENT, PARTICULARLY WITH THE HOUSING. BUT AGAIN, I JUST WANT TO ENCOURAGE, AS WE'RE GOING ABOUT ADDRESSING THE HOUSING SHORTAGES AND THINGS LIKE THAT, WE DON'T GET LOST IN JUST ADDRESSING THE HOUSING SHORTAGE AND MISS THE OPPORTUNITY FOR WHAT RETAIL AND ADDITIONAL RETAIL CAN ALSO DO FOR THE AREA. AND I'M NOT SAYING THIS ABOUT THESE GENTLEMEN AND THEIR DEVELOPMENT, BUT SOMETIMES IT FEELS LIKE A DEVELOPER WILL SAY, WELL, YES, WE'RE GOING TO BE ABLE TO DO THIS AND IT'LL SPARK RETAIL GROWTH, BUT THIS ISN'T THE PROJECT THAT'S GOING TO SPARK THE RETAIL GROWTH.
THEY'RE WAITING FOR OTHER PROJECTS TO COME AROUND TO DO THAT.
AND I WANT TO BE ABLE TO SAY AS PROJECTS COME, WHETHER THEY'RE IN, YOU KNOW, THIS DISTRICT OR MY DISTRICT, I WANT A NICE MIX OF RETAIL TO SPARK IT. SO IT'S ALL HAPPENING AT THE SAME TIME AND NOT JUST FALLING SHORT OR JUST ADDRESSING ONE THING WHILE LEAVING ANOTHER ONE UNTOUCHED, OR WAITING FOR THE NEXT DEVELOPMENT TO ADDRESS IT.
SO AGAIN CHAIR MORENO, THANK YOU FOR BRINGING THAT UP.
THANK YOU, JUST A QUESTION ON THE SOURCES AND USES THE TIF FUNDING IS THE ONLY DOLLARS THAT I SEE HERE THAT ARE COMING FROM THE CITY.
DO WE EXPECT ANY OTHER DOLLARS COMING FROM ANY OTHER PROJECTS OR ANY ABATEMENTS THAT WILL BE APPLIED FOR? I'M NOT AWARE OF ANY, NO. OKAY. IS THERE ANYTHING THAT RESTRICTS THE APPLICANT FROM FOR GOING AFTER ADDITIONAL DOLLARS, SUCH AS YOU KNOW HFC OR A LIFE TECH PROJECT OR ANYTHING LIKE THAT? I KNOW IT WOULD BE PRETTY LATE IN THE GAME FOR LIFE TECH, BUT I'M JUST LOOKING TO SEE IF THERE'S ANY ADDITIONAL PUBLIC DOLLARS THAT WOULD COME INTO PLAY. SO THE APPLICATION PROCESS IS THAT THEY HAVE TO GO TO HFC OR PFC BEFORE THEY COME THROUGH OUR PROCESS.
AND SO THEY HAVE NOT THEY CAME TO OUR THROUGH OUR PROCESS WITH NO HFC OR PFC PARTNERSHIP PROPOSED.
SO WE HAVEN'T EXPLICITLY LIMITED THAT POSSIBILITY.
BUT I THINK THEY WOULD BE OKAY IF THAT YOU WANTED THAT TO BE ADDED.
AGAIN, JUST ENCOURAGING WALKABILITY AND HAVING A PLACE FOR THE RESIDENTS LIVING IN THESE UNITS TO BE ABLE TO WALK DOWN AND TAKE ADVANTAGE OF RETAIL SPACE. AND AGAIN, DO WE HAVE A TRAFFIC COUNT ON THE NUMBER OF CARS THAT GO DOWN MOCKINGBIRD? I DO NOT, BUT THEY WILL BE REQUIRED TO CONFORM WITH ALL THE CITY'S DEVELOPMENT REGULATIONS AND A TIA THROUGH THE PERMITTING PROCESS.
AND NOT IN A NEGATIVE WAY, BUT ACTUALLY IN A POSITIVE WAY TO REALLY KIND OF SHOW HOW MANY VEHICLES ACTUALLY DO GO UP AND DOWN MOCKINGBIRD TO CATCH THE FREEWAY THERE JUST A FEW EXITS AWAY.
SO WITH THAT, IF THERE'S NO OTHER QUESTIONS, WE'LL GO AHEAD AND MOVE TO THE NEXT ITEM, ITEM C.
[01:10:05]
ALL RIGHT. WE'LL KEEP MOVING ON. WE'RE DOING OKAY ON TIME.ITEM C IS EXCITING FOR US. IT'S A LITTLE BIT DIFFERENT THAN WHAT? THAN. THAN THE SANDBOX WE TYPICALLY PLAY IN. I'M SORRY.
ONE SECOND. YEP. CHAIR STEWART. I JUST SAW YOU OVER THERE.
OKAY. SORRY ABOUT THAT. OKAY. BACK ON ITEM C.
MAYBE IF WE COULD BRING UP SOME OF THE SLIDESHOW AND WE'LL GO THROUGH JUST A HANDFUL OF THEM.
OKAY, LET'S START ON SLIDE THREE. SO WITHOUT GOING INTO TOO MUCH DETAIL AND DERAILING WHAT I HOPE TO BE A POSITIVE CONVERSATION IS THE SITE THAT'S THE TOPIC OF THIS PROJECT IS 7.33 ACRES THAT THE CITY OWNS ITS CURRENTLY VACANT AND IT HAS BEEN VACANT FOR MORE THAN A DECADE.
THE CITY TOOK POSSESSION AND TITLE TO THIS PROPERTY IN 2015.
THERE'S A COMPLICATED HISTORY TO HOW THAT OCCURRED, BUT IT STARTS WAY BACK IN 2009.
SO THIS SITE IS WHAT MOST PEOPLE KNOW AS PATRIOTS CROSSING.
SO THE CITY'S HOUSING DEPARTMENT, YOU KNOW, WAY BACK IN 2009 AUTHORIZED THROUGH THE CITY COUNCIL A FORGIVABLE LOAN TO HELP A DEVELOPER START TO ASSEMBLE AND ACQUIRE PROPERTIES ALONG THIS BLOCK TO MAKE IT READY TO DELIVER A DEVELOPMENT PROJECT.
AND IN EXCHANGE FOR THAT FORGIVABLE LOAN, THE CITY HAD A FIRST LIEN DEED OF TRUST.
AND AFTER ORIGINALLY, WHAT WAS A FIVE YEAR PROCESS THAT BECAME A SEVEN YEAR PROCESS.
THAT DEVELOPER NEVER ACTUALLY PULLED THE TRIGGER AND DEVELOPED THE PROJECT THAT WAS ENVISIONED, WHICH WAS SOMETHING THAT WOULD PROVIDE BENEFITS TO THE VETERANS WHO USE THE VA MEDICAL CENTER ACROSS THE STREET.
AND SO IN 2015, THE CITY THROUGH SOME FORECLOSURE PROCEEDINGS, WERE ABLE TO ACQUIRE THE PROPERTY BACK FROM THAT DEVELOPER. AND SINCE THAT TIME, AS YOU CAN SEE WHERE THIS PROPERTY IS, IT'S LITERALLY ACROSS THE STREET FROM THE VA ON SOUTH LANCASTER ROAD AND COUNCIL DISTRICT FOUR. IT IS LITERALLY ACROSS THE STREET FROM THE DARTS.
THE DART VA MEDICAL CENTER STATION. IN THE LAST TEN YEARS, THE CITY'S ATTEMPTED SEVERAL REQUESTS FOR PROPOSALS PROCESS. SO IF YOU GO TO SLIDE FOUR THERE'S, THERE WAS 1 IN 2016.
THERE WAS 1 IN 2019. THERE WAS 1 IN 2021. IN ORDER TO TRY TO SOLICIT PRIVATE DEVELOPMENT PROPOSALS FOR THIS SITE, NONE OF THOSE RFPS RESULTED IN ANY EXECUTION OF ANY DEVELOPMENT AGREEMENT OR THE DELIVERY OF ANY PROJECT.
AND IN THE PAST SIX MONTHS, WE'VE BEEN WORKING WITH COUNCIL MEMBER JOHNSON TO EXPLORE THE POSSIBILITY OF A NEW PROJECT THAT IS VETERANS FOCUSED, TO BE DELIVERED BY A NONPROFIT FOR TRANSITIONAL HOUSING.
AND THAT DEVELOPMENT ENTITY IS CALLED VETERANS COMMUNITY PROJECT, OR VCP FOR SHORT.
SO WITH THAT SORT OF QUICK BACKGROUND IN HISTORY, I'LL TURN IT OVER TO HEATHER LEPESKA TO TALK A LITTLE BIT ABOUT WHAT THE PROJECT WOULD ENTAIL. SO, HEATHER. SURE. NEXT SLIDE. SO JUST A LITTLE MORE BACKGROUND ON VCP.
THEY'RE A NATIONAL 501 (C) (3) THAT ARE THAT IS BASED OUT OF KANSAS CITY.
BUT WHAT DIFFERENTIATES THEM FROM OTHER PROVIDERS IS THAT THEY PROVIDE COMPREHENSIVE CASE MANAGEMENT SERVICES TO HELP VETERANS TRANSITION FROM HOMELESSNESS TO PERMANENT SUPPORTIVE LONG-TERM HOUSING. AND WE DO HAVE THE CEO ON, OF VCP ON THE WEBEX WITH US. BRYAN. I KNOW. BRYAN MEYER IS HIS NAME.
HE'S NOT ON THE SCREEN, BUT HE IS THERE IF THERE ARE ANY QUESTIONS FOR HIM TO ANSWER.
AND THEN THEY ARE CURRENTLY OPERATING FOR COMMUNITIES RIGHT NOW.
THEY'RE, THEY HAVE PLANS IN TWO OTHERS, AND THEY'RE IN MULTIPLE STATES ACROSS THE COUNTRY.
NEXT SLIDE. THE ORGANIZATION WAS FOUNDED BY VETERANS.
[01:15:03]
SO THEIR MISSION STATEMENT IS VETERANS HOUSING VETERANS ARMED WITH STRENGTH AND SUPPORT OF THE COMMUNITY.AND THEY OFFER TRANSITION TRANSITIONAL HOUSING TO ANYONE WHO TOOK THE OATH TO SERVE, REGARDLESS OF THEIR DISCHARGE STATUS, THEIR TYPE OF SERVICE OR LENGTH OF SERVICE. NEXT SLIDE.
AND SO ONE OF THE BIG DIFFERENTIATORS IN WHAT THEY DO IS THEIR WRAPAROUND SERVICES, WHICH IS CUSTOMIZED TO EACH VETERAN BASED ON THEIR ASSESSMENT ON THE HOLMES INDEX. AND THAT STANDS FOR THE HEALTH AND WELL-BEING, THE OPPORTUNITY FOR EDUCATION AND TRAINING, MONEY MANAGEMENT, EARNINGS AND INCOME STABILITY, AND THE VETERAN SUPPORT NETWORK.
AND SO WHAT THEY HAVE FOUND IS THE AVERAGE STAY IN THESE TINY HOMES IS 322 DAYS.
IN 2025, ALMOST 1700 VETERANS RECEIVED ASSISTANCE THROUGH VCP AND 60 NEW VETERANS RECEIVED HOUSING.
AND THEN SINCE INCEPTION, VETERANS HAVE SPENT 99,042 NIGHTS IN THEIR OWN VCP TINY HOUSE.
NEXT SLIDE. THIS IS JUST A LITTLE BIT MORE ON THE HOMES INDEX.
NEXT SLIDE. SO FOR THE ACTUAL PROJECT, THE CITY WOULD CONVEY THE PROPERTY TO VCP AT NO COST.
AND SO VCP WILL DELIVER NEW GROUND UP CONSTRUCTION OF A MINIMUM OF 50 STANDALONE RESIDENTIAL UNITS WITH THE APPEARANCE OF A SMALL HOUSE ON A PERMANENT FOUNDATION. THANK YOU. A 600 ZERO SQUARE FOOT COMMUNITY CENTER AND SITE AMENITIES, SO EACH HOUSE WILL HAVE A FULL BATHROOM, A DEDICATED SLEEPING SPACE AND EFFICIENCY KITCHEN, AND A COVERED PORCH. THEY HAVE TWO TYPES OF HOUSING IN THEIR VILLAGE.
THE PRELIMINARY ESTIMATED TOTAL PROJECT COST IS 15 MILLION.
AND THAT INCLUDES THE PRE-DEVELOPMENT ACTIVITY, SOFT COST, HARD CONSTRUCTION, AND THE FF&E.
NEXT SLIDE. HERE IS A PRELIMINARY SITE PLAN RENDERING.
YOU CAN SEE IT TAKES THE ENTIRE 7.3 ACRES. THE COMMUNITY CENTER IS IN THE LANCASTER FACING CORRIDOR.
AND THEY'RE ALL INDIVIDUAL. NEXT SLIDE. I DON'T KNOW WHERE NORTH IS.
NORTH IS TO THE LEFT. RIGHT. THE VA IS ACROSS THE STREET.
BUT IF YOU TURN THE IMAGE AROUND, NORTH IS TO THE LEFT.
AND YOU CAN SEE THAT THEY'RE ALL INDIVIDUALLY PLATTED WITH THE COVERED PORCH.
AND YOU CAN SEE THE INSIDES ARE, THERE'S A NICE, IT'S A VERY NICE PRODUCT.
NEXT SLIDE. DO YOU WANT TO GO? YEAH. THANKS, HEATHER.
SO OUR RECOMMENDATION FOR THIS ONE IS A LITTLE BIT DIFFERENT THAN YOU WOULD EXPECT TO SEE.
SO THE CITY OF DALLAS IN 2024 THERE WAS A, AN AMENDMENT TO THE CITY'S INCENTIVE POLICY THAT THE COUNCIL AUTHORIZED. AND THAT WAS TO EFFECTUATE A NEW CHANGE IN STATE LAW THAT WAS THAT THE LEGISLATIVE 2023 LEGISLATIVE SESSION MADE. AND WHAT THAT DOES IS ALLOWS US TO RECOMMEND CONVEYANCE OF THIS PROPERTY IN FEE SIMPLE ESTATE TO VCP NOT FOR MONEY, BUT FOR CONSIDERATION IN THE FORM OF A CHAPTER 380 ECONOMIC DEVELOPMENT AGREEMENT THAT REQUIRES AND CONTROLS THE USE OF THE PROPERTY TO PROMOTE THE PUBLIC PURPOSE.
AND SO THE PUBLIC PURPOSE IS THE PROJECT THAT WE'VE JUST DESCRIBED.
THERE ARE TWO IMPORTANT CONDITIONS TO THE CITY'S EXECUTION OF THAT AGREEMENT.
AND THEY'RE SHOWN ON SLIDE 13. AND THE FIRST ONE IS THE VCP WILL SHOW US THAT THEY HAVE AT LEAST $4 MILLION SECURED THROUGH CHARITABLE DONATIONS, PHILANTHROPIC CONTRIBUTIONS, AND OTHER NON CITY SOURCES.
AND THEY WILL ALSO SHOW US A PRO FORMA BUSINESS PLAN DEMONSTRATING FINANCIAL FEASIBILITY OF THE PROJECT'S OPERATIONS OVER THE COMPLIANCE PERIOD, WITHOUT THE NEED OF ANY FINANCIAL SUPPORT FROM THE CITY.
[01:20:02]
AND I WOULD ADD THAT THAT DOESN'T ACTUALLY PROHIBIT THEM FROM SEEKING OR ACCEPTING GRANTS, CONTRACTS, OR OTHER FINANCIAL SUPPORT FROM THE CITY, BUT WE'RE NOT OBLIGATED TO PROVIDE THAT.WE CAN CHOOSE TO IN THE FUTURE IF THE CITY DESIRES TO.
THE BUSINESS PLAN THAT THEY HAVE TO SHOW US WOULD NEED TO INCLUDE AN OPERATIONAL RESERVE TO SUPPORT OPERATIONS AND MAINTENANCE OF THE BUILDINGS OF AT LEAST 100,000 IN YEAR ONE AND INCREASE THAT 3% ANNUALLY. AND THE BUSINESS PLAN WOULD ALSO HAVE TO INCLUDE A REPLACEMENT RESERVE OF $50,000 IN YEAR ONE AND INCREASING 3% ANNUALLY.
SO AGAIN, WE'RE PROPOSING A TRANSACTION THAT DOES NOT INCLUDE SELLING THE PROPERTY TO THIS ENTITY.
WE ARE PROPOSING TO CONVEY IT TO THEM BASED ON CERTAIN CONDITIONS OUTLINED IN A CHAPTER 3, ECONOMIC DEVELOPMENT AGREEMENT. THE COMPLIANCE PERIOD, AND HEATHER CAN WALK YOU THROUGH ANY DETAILS OR WERE YOU PLANNING ON DOING THAT? OKAY. OKAY. BUT THIS IS A 20. 20-YEAR? 20-YEAR AGREEMENT.
SO WE'LL STOP THERE. I WOULD ALSO MENTION THAT IF WE ASSUME THE DEVELOPER DOES THOSE TWO THINGS ON SLIDE 13, AND WE SELL THE PROPERTY TO THE DEVELOPER IN AN AS IS CONDITION WE WILL HAVE A RIGHT OF REVERTER AND WE CAN TAKE THE PROPERTY BACK UNDER A NUMBER OF CONDITIONS THAT THE DEVELOPER DOES NOT PERFORM ACCORDING TO THE AGREEMENT.
SO WITH THAT, I'LL STOP AND TAKE QUESTIONS. OKAY.
I DO SEE CHAIR JOHNSON WITH US. WE'LL GO TO HIM AS SOON AS WE GO THROUGH OUR COMMITTEE MEMBERS.
COUNCIL MEMBER BLAIR? NO, NOT AT THIS TIME. CHAIR RIDLEY.
COUNCIL MEMBER. ON THE RIGHT OF REVERTER, IT'S REALLY A RIGHT OF REVERSION DOCUMENT.
IT'S CALLED A REVERTER. BUT IT INDICATES THAT THE RIGHT OF REVERSION SHALL REMAIN IN PLACE FOR THE DURATION OF THE COMPLIANCE PERIOD, WHICH WILL BE DEFINED HEREIN, BUT I DON'T SEE WHERE IT'S DEFINED IN THIS PRESENTATION.
WHAT IS THE COMPLIANCE PERIOD? SLIDE 21 PLEASE.
UNDER FORCE MAJEURE. OH WE ADDED A SLIDE. SO IT'S THE ONE THAT SAYS SECURITY AND COMPLIANCE PERIOD.
I APOLOGIZE FOR THAT. WE ADDED SOME IMAGERY THAT WE DIDN'T HAVE ON FRIDAY AFTERNOON.
SO YEAH, SO THIS IS THE. COMPLIANCE IS 20 YEARS.
OKAY. I'M FINE WITH THAT. COUNCIL MEMBER CADENA.
COUNCIL MEMBER ROTH. IT REALLY SOUNDS LIKE A NEAT IDEA.
THE I AGAIN WITHOUT REALLY DIGGING INTO THE DETAILS OF THE AGREEMENT, I WOULD HOPE THAT WE WOULD CERTAINLY HOPE THAT IT WOULD BE SUCCESSFUL, THAT IT WOULD BE ECONOMICALLY PROSPEROUS FOR THE FOLKS THAT ARE, THAT ARE DEALING WITH IT AND PROVIDING THE SERVICES.
BUT IF FOR SOME REASON THE PROJECT DOESN'T PROCEED OR FAILS DURING THE COURSE OF THAT PROCESS IS THE RIGHT OF REVERTER IS REALLY THE ABILITY FOR THE CITY TO GET BACK THE LAND.
IF, GOD FORBID, THE PROJECT IS NOT ABLE TO SUCCEED OR THE.
THE ORGANIZATION THAT'S RUNNING IT IN THE 20-YEAR PERIOD IS UNABLE TO COMPLY.
YES. AND THE $4 MILLION THAT THEY'RE PUTTING IN IT'S A $15 MILLION PROJECT.
DO WE NEED TO, AND I'M ASKING FROM A BUSINESS STANDPOINT, YOUR ADVICE ON IT.
DO WE NEED TO VERIFY THAT THEY HAVE THE ABILITY TO RAISE THE OTHER $11 MILLION THAT THEY HAVE THE ABILITY TO GET THE OTHER DELTA FOR THE 50 MILLION PROJECT. IT'S A GREAT QUESTION.
AND SO I WOULD ACTUALLY, IF YOU DON'T MIND, DEFER THAT QUESTION TO MR.
[01:25:04]
MEYER, THE CEO, AND HE CAN EXPLAIN IT IN GREAT DETAIL ABOUT THE THINKING OF THE 4 MILLION VERSUS HOW THEY WOULD RAISE THE FUNDS FOR THE ADDITIONAL TO GET TO THE, YOU KNOW, TO THE GOAL LINE ON THE PROJECT.MR. MEYER, ARE YOU THERE? THERE HE IS. YEAH. THANK YOU.
CAN YOU HEAR ME? WE CAN. OKAY. THANK YOU SO MUCH FOR THE OPPORTUNITY TO BE HERE AND SPEAK VERY QUICKLY IN REGARDS TO, YOU KNOW, A ABILITY TO EXECUTE ON THE PERFORMANCE OF FUNDRAISING AND THINGS LIKE THAT.
KEVIN HAD A VERY SPECIFIC QUESTION THAT I'M GOING TO HIT.
BUT JUST OVERALL, I WOULD ALSO KIND OF REFER TO OUR PAST PERFORMANCE WITH OTHER VILLAGES OTHER TEN, $12 MILLION CAPITAL CAMPAIGNS THAT WE'VE BEEN PRETTY SUCCESSFUL IN PRIVATELY FUNDRAISING FOR.
LAST YEAR OUR REVENUES WERE AROUND 22 MILLION FOR THE ORGANIZATION AS A WHOLE.
AND THAT'S DIVIDED UP ACROSS THE PROJECTS. TO WHAT KEVIN WAS SPEAKING TO, ONE OF THE THINGS THAT WE KIND OF LEARNED IN THIS PROCESS OF EXPANDING THE ORGANIZATION WAS THAT IF WE WENT TO THE COMMUNITY BECAUSE WE ARE COMPLETELY PRIVATELY FUNDED, YOU KNOW, WE COMPLETELY PRIVATELY FUNDRAISE FOR EVERYTHING INDIVIDUALS, FOUNDATIONS, CORPORATIONS THAT IF WE WAIT TOO LONG TO DEMONSTRATE PROGRESS, LIKE, SAY, WAIT UNTIL WE HIT 10 OF A $15 MILLION CAMPAIGN, THE COMMUNITY, THE INVESTORS, THE STAKEHOLDERS TEND TO GET A LITTLE BIT ANXIOUS AND IT CAN ACTUALLY HAVE A OVERALL NEGATIVE IMPACT ON FUNDRAISING.
SO THE WAY THAT WE'VE DIVIDED UP THE PROJECT IS ONCE WE HIT ABOUT THE FOUR, THE $4 MILLION MARK WE'RE NOT GOING TO WAIT TO GET TO 15 MILLION TO START SERVING VETERANS. WE WANT TO DO THAT AS QUICKLY AS POSSIBLE.
AND THAT'S REALLY JUST THE INFRASTRUCTURE, THE UNDERGROUND, THE COMMERCIAL.
AT THE SAME TIME, ONCE WE HIT THE NEXT BENCHMARK, PROBABLY IN THE $7 MILLION RANGE, WE'RE GOING TO BUILD THE FIRST HOUSES AND START MOVING VETERANS IN TO SHOW THE COMMUNITY EXACTLY WHAT WE'RE DOING TO HELP BUILD MOMENTUM AND THINGS LIKE THAT.
SO EVEN BY THE TIME WE RAISED THE ENTIRE 15 MILLION, WE'LL HAVE ALREADY BEEN HOUSING VETERANS AND SERVING VETERANS AND GETTING VETERANS OFF THE STREET FOR, YOU KNOW, A YEAR TO TWO YEARS PRIOR TO FULL PROJECT COMPLETION.
SO THAT'S KIND OF WHY WE HAVE IT DIVIDED UP. AND I HOPE THAT MADE SENSE.
I PROBABLY ROLLED THROUGH IT A LITTLE QUICKLY.
THANK YOU SO MUCH FOR YOUR ANSWER. AND ALSO I WANT TO COMPLIMENT YOU AND LODGE YOU FOR PROVIDING A TERRIFIC SERVICE TO THE VETERAN COMMUNITY AND, AND SORT OF SOLVING A, A PARTICULAR NEED. HOW DO YOU ALL GENERATE INCOME ON THIS PROJECT IS, ARE YOU FUNDING? ARE YOU RECEIVING GRANTS? ARE YOU RECEIVING RENT? ARE YOU, ARE YOU PARTNERING UP WITH OTHER. HOW DO YOU PAY THE BILLS, SO TO SPEAK? YEAH, IF YOU, IF IT, IF IT'S AN APPROPRIATE QUESTION.
IT'S 100% APPROPRIATE QUESTION. AND WE'RE A PUBLIC 501 (C) (3).
SO I'M A, I'M AN OPEN BOOK HERE. AS I MENTIONED, WE DO PRIVATELY FUNDRAISE FOR EVERYTHING.
SO WE DO TRADITIONAL GRANT MAKING. WE HAVE REALLY GOOD LUCK WITH CORPORATE PHILANTHROPIC PARTNERS.
THAT'S A BIG CATEGORY FOR US. AS WELL AS, YOU KNOW INDIVIDUAL GIVERS.
YOU SAID SOMETHING VERY IMPORTANT THAT GIVES ME A CHANCE TO HIGHLIGHT SOMETHING.
WE DON'T COLLECT ANY RENT OFF THE INDIVIDUALS THAT STAY THERE.
WHEN THEY STAY THERE, THEY'RE, THEY DON'T PAY RENT.
THEY DON'T PAY FOR UTILITIES. THEY DON'T PAY FOR CASE MANAGEMENT.
THEIR PAYMENT, IF YOU WILL, IS PARTICIPATION IN THE CASE MANAGEMENT PROGRAM.
BUT GENERALLY SPEAKING, WE FUNDRAISE LIKE, YOU KNOW SO MANY OTHER NONPROFIT ORGANIZATIONS OUT THERE.
THE ONLY DIFFERENCE BEING A LOT OF NON-PROFITS IN THE HOUSING AREA EXCEPT HUD FUNDING.
AND THAT'S NOT SOMETHING THAT, THAT WE ACCEPT.
KEVIN AND HEATHER DOES, DOES THE CITY, ARE THEY, ARE WE GOING TO BE INCURRING ANY KIND OF DEVELOPMENT ISSUES WITH REGARD TO INFRASTRUCTURE OR BRINGING ANY OTHER AMENITIES TO THAT SITE FOR THIS DEVELOPMENT, OR IS THIS PURELY A LAND TRANSACTION WHERE WE'RE WHAT THEY THEY'RE GETTING THEIR WE'RE TRANSFERRING WHAT THEY HAVE, WHAT WE HAVE IN AS IS SITUATION TO THEM.
IT'S A GREAT QUESTION. AND TO THE BEST OF OUR ABILITY YOU KNOW, MR. MEYER HASN'T HAD A CHANCE TO GO THROUGH A FULL, YOU KNOW, PRE-DEVELOPMENT DUE DILIGENCE PROCESS, BUT WE'RE NOT AWARE OF ANY MAJOR INFRASTRUCTURE ISSUES THAT, YOU KNOW, BUT THERE'S ALWAYS THE CHANCE THAT SOMETHING POPS UP.
[01:30:02]
AS YOU GET THROUGH PERMITTING. BUT I, I'M NOT AWARE OF ANY, AND I DON'T ANTICIPATE ANY, BUT THAT'S, I CAN'T GUARANTEE THERE WOULDN'T BE SOMETHING.THANK YOU. APPRECIATE IT. AND THANK YOU ALSO FOR BEING ON THE CALL AND FOR ANSWERING THE QUESTIONS AND BEING PART OF THIS THIS SITUATION. IT SEEMS LIKE A REALLY NEAT PROJECT.
AND I COMPLIMENT OUR, MY COLLEAGUE COUNCILMAN MEMBER JOHNSON FOR PROMOTING THIS IN THAT DISTRICT.
COUNCIL MEMBER GRACEY. THANK YOU. I JUST WANTED TO COMMEND CHAIR JOHNSON FOR HOW THIS PROPERTY IS BEING CONVERTED TO TELL SUCH AN AMAZING STORY. KANSAS CITY IS MY HOME.
CHAIR JOHNSON, GREAT JOB FOR THIS. THIS IS A GREAT STORY.
CHAIR WEST. THANK YOU. I'M REALLY EXCITED ABOUT THIS PROJECT.
I WANT TO START BY COMMENDING STAFF BECAUSE I KNOW THIS WAS A LOT OF WORK GETTING HERE.
THIS HAS BEEN GOING ON SINCE VACANT SINCE 2009, RIGHT? SO A LONG TIME. AND JUST SITTING THERE WITH THE CITY, HAVING TO MAINTAIN IT AND MOW IT AND PAY FOR IT RIGHT NEXT TO A DART STOP.
AND LITERALLY, LIKE LITERALLY YOU COULD THROW A BALL AND HIT IT.
AND ACROSS THE STREET FROM THE VA HOSPITAL. SO THIS IS REALLY, REALLY FANTASTIC.
AND IT'S ALWAYS GREAT TO HAVE ANOTHER PARTNER HELPING US HOUSE OUR MOST VULNERABLE POPULATION.
I HAVE A QUESTION ON THE, THIS IS FOR THE APPLICANT IS THE, ON THE RESIDENT SELECTION PROCESS.
WILL THERE BE ANY DISQUALIFYING CIRCUMSTANCES THAT WOULD PREVENT SOMEONE FROM BEING HOUSED THERE? THANK YOU COUNCILMAN. GREAT QUESTION. THANK YOU TO EVERYONE. SO THE THINGS I'LL SAY IS VETERANS COMMUNITY PROJECT.
WE'RE NOT A MENTAL HEALTH FACILITY AND WE'RE NOT A SUBSTANCE ABUSE FACILITY.
SO OFTENTIMES WHAT HAPPENS IS IF WE HAVE A VETERAN COME TO US AND THEY HAVE OUTSTANDING SUBSTANCE ABUSE OR MENTAL HEALTH ISSUES, BUT WE WANT TO DO IS FIND THEM THE RIGHT COMMUNITY PARTNER THAT'S ALREADY DOING THAT GREAT WORK, RIGHT? WE DON'T NEED TO DUPLICATE SERVICES THERE.
SO WHAT YOU SEE IN THE SUBSTANCE ABUSE SIDE IS OFTEN WE ASK PEOPLE IF WE IDENTIFY THE ISSUE TO GO ATTEND YOU KNOW, AN IN TREATMENT PROGRAM, SOMETIMES 60, 90 DAYS.
AND THEN UPON GRADUATION, WE MOVE THEM DIRECTLY INTO A HOME.
SO IT'S TRYING TO INCENTIVIZE THAT PROCESS. AGAIN, WE'RE NOT MENTAL HEALTH PROFESSIONALS, SO WE HAVE TO SCREEN FOR THAT. BUT ONE OF THE THINGS THAT MAKES US SO UNIQUE IS THERE ARE SO FEW DISQUALIFYING FACTORS.
WE, THE VETERAN DOESN'T HAVE TO BE VA ELIGIBLE.
THE VETERAN DOESN'T HAVE TO BE LITERALLY STREET HOMELESS, IF THEY ARE IN A SLUMLORD SITUATION, COUCH SURFING, SOMETHING LIKE THAT, WE CAN GET THEM BEFORE THEY HIT THE STREET.
SO, AGAIN, OUR NETS A LITTLE BROADER AND WE'RE ABLE TO WORK WITH A LARGER POPULATION THAN IS TRADITIONALLY CAPABLE IF IT'S STRICTLY VA STANDARDS OR HUD STANDARDS, IF THAT MAKES SENSE.
IT TOTALLY DOES. AND I APPRECIATE THE APPRECIATE THE RESPONSE.
I'LL BE REAL EXCITED TO WATCH THIS PROJECT COME TO LIFE.
AND JUST AS A VETERAN, AND I THINK IT'S SAFE TO SAY ON BEHALF OF VETERANS, THANK YOU, CHAIRMAN JOHNSON, AND THANK YOU FOR BRINGING THIS OPPORTUNITY TO DALLAS.
CHAIR STEWART. ALL RIGHT I'LL SAY SOME WORDS AND THEN I'LL LET CHAIR MAXI JOHNSON GO AFTER THAT.
SOUNDS LIKE A VERY EXCITING PROJECT. JUST A COUPLE QUESTIONS.
THE FOUNDATION. DO WE KNOW WHAT THE FOUNDATION LOOKS LIKE? IS THIS A POUR IN PLACE, IS IT? HOW IS IT AFFIXED TO WHERE I'M LEADING WITH THIS IS.
I KNOW WE'VE HAD CONCERNS ON TINY HOMES BEFORE ON WHEN IT COMES TO OUR CITY ORDINANCES, ON HOW THAT'S AFFIXED TO THE FOUNDATION. YEAH, THEY'RE PERMANENT FOUNDATIONS.
YEAH, THANK YOU. AS I STATED THERE, THERE'S SLAB ON GRADE THERE, STICK BUILT.
[01:35:09]
WE DID A PROJECT IN A DIFFERENT CITY AND THEY OFFERED TO WAIVE SOME OF THOSE BUILDING CODES, AND WE FLATLY REFUSED.SO WE WANT TO BUILD TO THE SAME QUALITY ANY NEW CONSTRUCTION HAS TO MEET.
THANK YOU. AND IS THIS GOING TO BE A PHASED IN APPROACH AS YOU'RE WORKING ALONG FUNDRAISING.
SORRY, ARE YOU STARTING WITH A COUPLE HOMES OR ARE YOU STARTING WITH THE UTILITIES? HELP ME UNDERSTAND THE MODEL ON HOW YOU PLAN TO DELIVER THE HOMES.
YEAH, SO WE WILL, AGAIN CHUNK IT OUT IN PHASES.
THE FIRST PHASE WOULD BE THE SITE WORK IN THE UNDERGROUND.
AGAIN, WE'RE GOING TO CONNECT INTO CITY UTILITIES ALL THOSE THINGS.
THEN WE'RE GOING TO BUILD ONE HALF OF THE LARGER COMMERCIAL BUILDING.
WE'LL BUILD ONE HALF OF THE BUILDING, HIRE LOCAL STAFF, TRAIN THEM, AT THE SAME TIME THE FIRST ROUND OF HOMES WILL BE GOING UP SOMEWHERE BETWEEN 20 AND 25. AS SOON AS THOSE HOMES ARE ARE READY TO GO, THEN WE HAVE THE ON SITE STAFF READY TO GO.
WE GET THE FIRST ROUND OF VETERANS IN. THEN WE MOVE TO EXPANDING THE COMMERCIAL FACILITY TO ACCOMMODATE MORE STAFF FOR MORE VETERANS, AND THEN FINISH OUT BUILDING THE HOMES ONCE WE GET THE COMMERCIAL BUILDING FULLY BUILT.
OKAY, AND THEN I MIGHT HAVE MISSED THIS, BUT COUNCIL MEMBER ROTH ASKED A QUESTION ABOUT RENT.
WHAT WILL THE VETERANS BE REQUIRED TO PAY RENT OR IS THERE A STIPEND? HOW DOES THAT WORK? NO, WHEN VETERANS STAY WITH US, THEY DON'T PAY RENT.
THEY DON'T PAY FOR UTILITIES. THEY DON'T PAY FOR THE CASE MANAGEMENT.
WE TELL THEM THAT THEIR PAYMENT IS PARTICIPATION IN THE CASE MANAGEMENT, WHICH INCLUDES BUDGETING.
AND WE ALL WANT YOU TO GET TO YEAR 21. WHAT IS YEAR 21 LOOK LIKE? DO WE REVISIT THE AGREEMENT? IS IT FREE AND CLEAR? CAN THE PROPERTIES BE SOLD AFTER YEAR 20? WHAT HAPPENS MOVING FORWARD? SO WE DON'T HAVE THE SECURITY ON IT AFTER THAT.
AND WE'RE HOPING THERE'S STILL OPERATIONS AND IT CONTINUES IN PERPETUITY.
BUT THE CITY IS RIGHT TO TAKE IT BACK, GOES AWAY.
AND SO WE AGAIN, WE ALL WANT THIS TO HAPPEN. BUT IF WE DON'T REACH YEAR 20 AND THE PROPERTIES COME BACK TO THE CITY, IS THERE ANY AND, YOU KNOW, THE PROPERTIES WEREN'T UPKEPT.
IS THERE A COST THAT, LET'S SAY WE HAD TO GO INTO A DEMO OR WE HAD TO, YOU KNOW, DO WORST CASE SCENARIO, HOW DOES THE CITY COME BACK IN AND BRING THIS FACILITY BACK TO GOOD STANDING.
WELL, WE HOPE THAT WE KEEP UP WITH IT. YOU KNOW, THROUGH THE AGREEMENT PROCESS, WE'RE GOING TO BE, THERE'S GOING TO BE AN ANNUAL VERIFICATION THAT THEY'RE KEEPING THE PROPERTY AND MAINTAINED THAT THEY'RE CONTINUING TO OPERATE AS THEY'RE REQUIRED TO DO, SO ON AN ANNUAL BASIS WE'LL BE MONITORING THAT.
THANK YOU. CHAIR JOHNSON. THANK YOU MAYOR. FIRST OF ALL, I WANT TO THANK THE CITY MANAGER AND HER STAFF, KEVIN, MATT, HEATHER EVERYONE THAT CAME TO THE OFFICE BACK IN WHAT, JUNE? JULY AND GO ON. I DIDN'T TAKE RECESS AND START WORKING ON THIS PROJECT.
IT WAS VERY. EXCITING TO HEAR, BUT I WANTED TO MAKE SURE THAT WE GET THROUGH THE REQUIREMENTS AND PROCEDURES AND POLICIES, EVERYTHING. AND SO I APPRECIATE ALL THE HARD WORK.
MANY MEETINGS THAT WE'VE HAD ABOUT THIS. I ALSO WANT TO SHOUT OUT AND GIVE A SPECIAL THANKS TO JUDE, WHO'S SITTING IN THE AUDIENCE THIS EVENING. I MET JUDE AT CONCORD BAPTIST CHURCH AND, AND I SAID, HEY, I'M TRYING TO DO SOMETHING FOR VETERANS.
AND I TOLD HIM THE COMPANY AND HE KNEW THEM AND HE WENT TO WORK AND CONNECTED ALL OF US TOGETHER.
[01:40:05]
AND HE'S A BIG PART OF THIS PROJECT. SO THANK YOU SO MUCH, JUDE, FOR YOUR PROFESSIONALISM AND THE RELATIONSHIPS THAT YOU'VE YOU HAVE TO HELP MAKE THIS HAPPEN IN DISTRICT FOUR. I WANT TO THANK MR. MEYER AND THE VCP TEAM FOR THEIR HARD WORK. I DON'T THINK IT'S KIND OF EASY AT TIMES.HAVING MEETINGS WITH ME BECAUSE I'M VERY DIRECT AND I'M VERY, VERY CANDID CONCERNING THE EXCELLENCE.
I BELIEVE EXCELLENCE CANNOT BE SUGGESTED, IT HAS TO BE DEMANDED.
AND SO TO BRING THIS LEVEL OF DEVELOPMENT, AS KEVIN SPATH SAID YEARS OF BROKEN PROMISES IN AN AREA THAT I BELIEVE NEEDS THIS LEVEL OF DEVELOPMENT THAT'S GOING TO BE A.
SHARON JACKSON, ED TURNER AND MR. BATTY, WE CALL HIM BIG MAN.
THIS IS A PART OF MAYOR JOHNSON. I MEAN, I'M NOT MAYOR JOHNSON.
MAYOR. THIS IS PART OF OUR BLOCK-BY-BLOCK CAMPAIGN.
MAYOR MORENO. AND WE HAVE WE WORE OUR SHIRTS TODAY.
SO YOU GUYS CAN SEE IT REAL QUICKLY. SO OUR WHOLE STAFF HAVE OUR SHIRTS ON AND WHAT WE'RE DOING IS WE'RE BUILDING DISTRICT FOUR. WHEN WE SAY BUILDING THE COMMUNITY WITH THE COMMUNITY, WE'RE DOING THIS BLOCK, BLOCK BY BLOCK.
CAN'T TAKE OVER THE WHOLE THING, BUT WE'RE DOING IT LITTLE PIECE AT A TIME.
AND SO TODAY, WITH OUR BLOCK-BY-BLOCK SHIRT THIS IS GOING TO BE SMALL GARDEN HOMES.
I BELIEVE THAT IF THEY'RE, THEY GIVE THEIR LIFE FOR OUR COMMUNITY, FOR OUR NATION, AND THEY'RE ON THE FRONT LINE MAKING SURE THAT WE ENJOY THE FREEDOM THAT I THINK SOMETIMES WE TAKE FOR GRANTED. AND SO TO BE ABLE TO BE A BLESSING TO OUR VETERAN COMMUNITY, I WANT TO THANK NOT ONLY CHAIR WEST, BUT COUNCIL MEMBER JAIME RESENDEZ, I BELIEVE IS ALSO A VETERAN.
MY, MY WIFE IS A VETERAN. AND SO THANK YOU GUYS FOR YOUR SERVICE.
AND THIS IS SOMETHING THAT I'M VERY, VERY EXCITED ABOUT.
I'VE ONLY BEEN IN THIS SEAT FOR EIGHT MONTHS, A LITTLE OVER EIGHT MONTHS.
AND TO BRING THIS LEVEL OF ECONOMIC DEVELOPMENT INTO OUR COMMUNITY, WORKING WITH OUR STAFF AND THE CITY MANAGER AND EVERYONE TO HELP GET THIS TO WHERE IT IS NOW. IT'S JUST BEEN A JOY AND A PLEASURE. AND SO I'M EXCITED TO SEE HOW THIS IS GOING TO COME AND WHEN IT'S GOING TO COME AND WE'RE GOING TO DO GREAT THINGS IN OUR COMMUNITY. SO THANK YOU TO MY COLLEAGUES FOR YOUR SUPPORT.
AGAIN, THIS HAS BEEN A, I'M JUST EXCITED ABOUT THIS.
THAT WAS, OUT, YOU KNOW. SO THIS IS GOING TO BE GREAT FOR OUR COMMUNITY.
THANK YOU SO MUCH. THANK YOU. CHAIR, MAY I JUST SAY A CONGRATULATIONS.
EIGHT MONTHS AND YOU HAVE THIS BIG WIN. I MEAN THAT'S AMAZING.
SO CONGRATULATIONS FOR YOUR HARD WORK, FOR YOUR VISION.
AND I'M, I MIGHT STEAL YOUR BLOCK-BY-BLOCK. IT'S A GOOD APPROACH.
THANK YOU SO MUCH, CHAIR. THANK YOU. YES, CHAIR JOHNSON, CONGRATULATIONS.
TO THE STAFF. YOU HEARD A LOT OF SUPPORT AROUND THIS THIS PROJECT.
SO AGAIN, CONGRATULATIONS. AND WITH THAT, WE'LL GO TO ITEM D.
SO CHAIR D, E, F, AND G ARE ALL JUST MEMOS, INFORMATIONAL MEMOS.
AND SO THERE'S NO BRIEFING OR ACTION REQUIRED.
BUT WE'RE HAPPY TO TAKE QUESTIONS. OKAY. ANY COMMENTS ON ITEM D? SEEING. COUNCIL MEMBER BLAIR. AND OF COURSE MISS BENTLEY YOU KNEW YOU KNEW I WOULD HAVE A COMMENT ON THIS ONE.
THIS ITEM IMPACTS DISTRICT EIGHT WHOLEHEARTEDLY.
DISTRICT EIGHT HAS THE MOST UNDEVELOPED LAND.
THAT'S FIVE ACRES OR MORE THAT HAS NEVER BEEN PLATTED.
AND THE GOAL HERE IS TO TAKE WHAT WAS GIVEN TO US IN SB 15 AND MAKE IT SOMETHING THAT IS PALATABLE. AND THE DESIGN STANDARDS THAT I HAD PROPOSED, I HAD WORKED WITH STAFF AND WE CAME UP WITH SOMETHING THAT WOULD STILL HONOR SB 15, YET
[01:45:08]
IT WOULD ALSO PUT SOME STANDARDS AROUND THE DEVELOPMENT THAT WOULD NOT JUST LET IT BE HODGEPODGE DEVELOPMENT ALL OVER THE CITY, BUT IF IT APPLIES THAT IT WOULD HAVE SOME, IT WOULD HAVE WALKABILITY, IT WOULD HAVE COMMUNITY, AND IT WOULD HAVE THE OPPORTUNITY FOR THE DEVELOPMENT, THE DEVELOPER AND THE COMMUNITY TO RECEIVE A BLESSING.SO THAT'S ALL THAT I HAVE TO SAY. THANKS. ANY OTHER COMMENTS? CHAIR WEST. THANK YOU CHAIR. I JUST WANT TO COMMEND MY COLLEAGUE FOR PUTTING THIS TOGETHER AND BEING PROACTIVE BEFORE ALL THIS DEVELOPMENT STARTS TO TAKE PLACE, TO TRY TO TAKE A LITTLE MORE CONTROL OF THE SITUATION.
AND I'M VERY SENSITIVE TO YOUR SITUATION DOWN THERE AND SUPPORTIVE.
THANK YOU. DO WE NEED A MOTION FOR THIS ITEM? YES. OKAY. MOVE THAT WE FORWARDED ON TO THE FULL COUNCIL.
THERE'S A MOTION. WITH RECOMMENDATION OF APPROVAL.
SECOND. ANY CORRECTIONS? ANY DISCUSSION? SEEING NONE.
ALL IN FAVOR, SAY AYE. AYE. MOTION CARRIES. ALL RIGHT, ANY QUESTIONS ON ITEM E? ITEM. COUNCIL MEMBER ROTH. JUST A QUICK QUESTION IS IT SAYS THAT WHAT IS THE PLAN FOR VETTING THESE THINGS? IS THERE SOME KIND OF PROCESS? THAT'S, I KNOW THERE'S BEEN A LOT OF PUBLIC DISCUSSION ABOUT, BUT UNFORTUNATELY, I JUST HADN'T I DON'T UNDERSTAND IS THERE A PROCESS IN EVALUATING THESE DIFFERENT PLANS AND, AND PRESENTING THEM, OR IS THIS STILL IN THE WORKS? IT'S STILL IN THE WORKS, BUT I'LL GO TO CITY MANAGER'S OFFICE.
SURE. SORRY, IT WAS VERY HARD TO HEAR. I THINK YOU WERE ASKING WHAT HAPPENS NEXT, BASICALLY.
SO WE RECEIVED A BUNCH OF OPEN RECORDS REQUESTS FOR THESE.
WE KNOW THE PUBLIC IS VERY ANXIOUS TO SEE WHAT WAS SUBMITTED.
AND SO DAISY FAST AND THE COMP STAFF WERE THE ONES WHO RECEIVED.
THEY'RE GOING THROUGH AS QUICKLY AS POSSIBLE TO REDACT WHAT'S LEGALLY REQUIRED, PEOPLE'S PERSONAL CONTACT INFORMATION, FOR EXAMPLE. AND AS SOON AS THAT IS DONE, THEY'LL BE POSTING EVERYTHING THAT WAS SUBMITTED ON THE CALL FOR CONCEPTS WEBSITE.
ONCE WE SEE WHAT IT IS AND KIND OF GET OUR ARMS AROUND IT, IF THERE ARE ANY ACTUAL PROPOSALS, I HAVE A FEELING A LOT OF THEM ARE JUST FEEDBACK, BUT IF THERE ARE PROPOSALS, THEN THE ECHO DEV TEAM AND I WILL BE WORKING THROUGH THOSE TRYING TO FIGURE OUT EXACTLY WHAT THE THINGS THIS COMMITTEE ASKED FOR, WHAT'S THE ECONOMIC IMPACT, WHAT'S THE COMMUNITY IMPACT? AND IF THERE ARE THINGS WE NEED TO BRING BACK, WE CERTAINLY WILL.
BUT I JUST CLOSED YESTERDAY AT TWO. SO IT'S HARD TO HARD TO SAY AT THIS POINT.
ANY OTHER DISCUSSION? COUNCIL MEMBER CADENA. I JUST HAVE A QUESTION.
SO WHAT KIND OF INFORMATION DID WE ASK FOR WHEN PEOPLE SUBMITTED INFORMATION OR THE PROPOSAL.
YES. SO IT WAS THE THINGS IN THE PRESENTATION FROM I KNOW IT'S BEEN A FEW MONTHS, BUT ESSENTIALLY, ARE YOU PROPOSING TO DO AN ADAPTIVE REUSE OF THE BUILDING OR TO REDEVELOP THE LARGER SITE? WHAT'S THE PROPOSED ECONOMIC IMPACT? WHAT'S THE COMMUNITY IMPACT? WHAT'S THE IMPACT ON TRANSPORTATION? I'M SURE THERE WERE A FEW MORE, BUT THAT THAT KIND OF TIMELINE, WOULD YOU REQUIRE CITY INCENTIVES? THOSE SORTS OF QUESTIONS ARE WHAT WE'RE IN.
BUT IS THERE A WAY THAT WE COULD HAVE THAT SENT WITH US JUST BECAUSE IT HAS BEEN A MINUTE, I THINK, SINCE WE'VE RECEIVED THAT, SO THAT WE KIND OF. THE BRIEFING, THE ORIGINAL BRIEFING OR.
BUT WHAT WE ASKED FOR. YEAH, WHAT YOU ASKED FOR.
I'LL SEND THAT AROUND TO EVERYBODY. AND I THINK THAT CAME FROM OUT OF COMMITTEE.
OKAY. OKAY. ANYONE ON ITEM F? COUNCIL MEMBER ROTH.
KEVIN. ON ITEM F. I KNOW THAT WE, WE'VE THIS, THE INCENTIVES PACKAGE WAS REVISED RECENTLY AND IT WAS PRETTY EXTENSIVE, BUT COULD YOU ON THE, AS OF RIGHT TAX ABATEMENTS, IS THERE SOME KIND OF CRITERIA OF, OF HOW THE STAFF EVALUATES THAT OR WHAT'S THE LEVEL OF AUTHORITY TO ALLOW FOR THE STAFF TO, TO GRANT THE TAX ABATEMENTS? AND AGAIN, I'M JUST WANT TO MAKE SURE THAT I UNDERSTAND IF THERE'S AMOUNTS.
IS THERE A LIMITATION ON AMOUNTS. IS THERE ANY GUARDRAILS ON WHAT Y'ALL CAN DO.
[01:50:07]
SURE. HEATHER'S GOING TO HELP ME, BUT I DON'T HAVE ALL THIS MEMORIZED.THE COUNCIL APPROVED AMENDMENTS TO THE POLICY IN 2024.
YES. BUT. IN 2025. BUT AS IT RELATES TO THESE SO THERE ARE LOTS OF DETAILS IN THE POLICY ABOUT HOW AND WHEN WE CAN OFFER AS OF RIGHT TAX ABATEMENTS. THEY CAN ONLY BE OFFERED IN TARGET AREAS AND CERTAIN PROJECT SIZES.
YES, SO THERE'S CRITERIA THAT GUIDE WHAT WE'RE DOING IN, IN THE POLICY.
AND DO YOU HAVE ANY WANT TO ADD ANY SPECIFICS? YEAH, SO IN ADDITION TO IT NEEDING TO BE IN A TARGET AREA, IT HAS TO THE MINIMUM PROJECT SIZE IS 2 MILLION AND THE MAXIMUM PROJECT SIZE IS 25 MILLION. AND SO FOR THE REAL ESTATE PROJECTS, IT HAS TO FIT WITHIN THAT SWEET SPOT.
THEY CAN ALSO CREATE TEN OR MORE JOBS ON THE BPP SIDE.
AND SO THERE'S, THERE'S TWO TYPES OF ABATEMENTS.
ONE WOULD BE THE REAL PROPERTY. OR THEY COULD ALSO ASK FOR A BPP BUT THEY CAN'T HAVE BOTH.
SO IT'S ONE OR THE OTHER. AND THE RP IS A TEN YEAR 90% ABATEMENT.
AND THE BPP IS A FIVE YEAR 90% ABATEMENT. AND WHAT ARE THE TARGETED AREAS? HOW IS THAT EVALUATED? SO THOSE ARE BLOCK GROUPS THAT ALIGN WITH THE STATE'S ENTERPRISE ZONES.
AND SO IT'S WHERE THE POVERTY RATE IS 20% OR GREATER.
AND YOU ALL SOLICIT PEOPLE FOR THOSE, THOSE ARE, THESE ARE JUST, THESE ARE JUST OPEN.
IT'S JUST SORT OF AVAILABLE. IF PEOPLE ARE AWARE OF IT, THEY CAN APPLY FOR IT.
YEAH. I MEAN, I WOULD SAY IT'S KIND OF OUR FIRST LINE OF INCENTIVE POLICY.
SO WE START THERE. IF FOR SOME REASON THE AS OF RIGHT PROGRAM DOESN'T WORK FOR THEIR PROJECT, THEN WE CAN MOVE THEM INTO THE NEGOTIATED INCENTIVE BUCKET.
BUT YOU KNOW, WE RECOMMEND THAT THEY START THERE.
SO WHILE WE HAVEN'T HAD ANY IN THE LAST QUARTER, WE ANTICIPATE HAVING SOME OF THE UPCOMING QUARTER.
AND THESE BENEFITS AREN'T EXCLUSIVE. THEY CAN BE JOINED UP WITH OTHER INCENTIVES AND OTHER INCENTIVE ECONOMIC DEVELOPMENT OPPORTUNITIES TOO? SO IF THEY WERE TO DO THAT, THEN IT WOULD BECOME A NEGOTIATED INCENTIVE.
SO FOR THE AS OF RIGHT PROGRAM, IT'S A STANDALONE.
OKAY. RIGHT. AND I WOULD ADD THAT THE, THE WHOLE POINT OF THIS IS TO PROVIDE A MORE STREAMLINED, MORE PREDICTABILITY, LESS BUREAUCRACY. WE DON'T UNDERWRITE THESE, YOU KNOW, THERE'S NOT AN APPLICATION FEE.
THAT'S THE CONCEPT TO MAKE IT MUCH EASIER FOR SMALL BUSINESSES.
AND BUT THEY'RE ONE OFF. THEY'RE ONE TRACK DEALS.
AND IF THERE'S SOMETHING MORE THAT WOULD REQUIRE MORE, THEN IT WOULD COME TO US FOR A LARGER.
THAT'S CORRECT. AND TO BE ABLE TO SORT OF EVALUATE THE WHOLE PACKAGE.
THANK YOU. ALL RIGHT, NEXT ITEM IS G. THIS IS ANOTHER GREAT ITEM.
I THINK IT'S WORTH HIGHLIGHTING AND VOCALIZING.
SO MAYBE WE CAN JUST QUICKLY GIVE AN UPDATE ON THE DBJ AWARDS.
YEAH. HAPPY TO. SO LAST WEEK THE CHAIRMAN JOINED ASSISTANT CITY MANAGER ROBIN BENTLEY AND THE CITY MANAGER AND HEATHER AND I AT THE DALLAS BUSINESS JOURNAL 2026 BEST REAL ESTATE DEALS AWARDS PROGRAM.
AND WE WERE FORTUNATE TO WIN THREE AWARDS IN THREE CATEGORIES.
SO THE SCOTIABANK OFFICE DEAL WON FOR BEST URBAN OFFICE USER.
THE FOREST THEATER REDEVELOPMENT PROJECT WON FOR BEST REHAB OR RENOVATION.
THANK YOU FOR THAT. ANY COMMENTS? FEEDBACK? BUT WITH THAT, I THINK IT SHOWS YOU THAT THE HARD WORK THAT OUR TEAM AND DEV IS DOING AND THAT DALLAS IS OPEN FOR BUSINESS AND WE LOOK FORWARD TO MANY MORE PROJECTS COMING DOWN THE PIPELINE.
WITH THAT, THE TIME IS 3:01 AND WE ARE ADJOURNED.
* This transcript was compiled from uncorrected Closed Captioning.