[00:00:01]
GOT KEVIN AND SHALANDA ONLINE, AND THAT IS IT FOR NOW, BUT WE DO HAVE THE COURT.UM, IT IS, UH, TUESDAY THE 12TH, 2026.
TIME IS 12:01 PM GOING TO CALL THE, UH, REGULARLY SCHEDULE MEETING EVERYTHING.
CITY OF DALLAS HAS AN ADVANCE CORPORATION TO ORDER.
UM, MS. SCHRODER, WOULD YOU, UH, DO THE WORD WE CALL, PLEASE? YES.
DIRECTOR DEWAN RUDOLPH, NOT ONLINE.
PRESENT, UH, TREASURER JACK MARSHALL SEA.
PRESENT DIRECTOR LESLIE BRUIN.
PRESIDENT DAVID ELLIS IS GOING TO BE LATE.
DIRECTOR TONY PAGE, OR EXCUSE ME, SECRETARY TONY PAGE AND DIRECTOR SEAN ZADY.
SO ACTUALLY WE DO NOT HAVE A FORM.
SORRY, WE'VE GOT A PACKED HOUSE, BUT THE PACKED HOUSE THREW ME OFF.
UM, NOW MOVE ON TO AGENDA ITEM NUMBER THREE, PUBLIC COMMENTS ON ITEMS FOUR THROUGH 11, RIGHT? UH, NO PUBLIC COMMENTS.
UM, NOW MOVE TO ITEM NUMBER FOUR, WHICH IS APPROVAL.
THE MINUTES FOR THE APRIL 14TH, 2026, CITY OF DALLAS HOUSING FINANCE CORPORATION.
UM, SHOULD HAVE ALL RECEIVED A COPY OF MINUTES IN YOUR, UM, PACKET.
UM, WE HAD A CHANCE TO REVIEW THEM, SO, UM, I'LL INTERCHANGE THE MOTION.
UM, AND THEN IF THERE'S ANY COMMENTS ON 'EM, WE'LL, UH, I'LL TAKE THOSE AND THEN, THEN WE'LL HAVE
UM, THE MINUTES ARE APPROVED, UM, BEFORE MOVE TO NEXT, AND I'M JUST GONNA HAVE A, UH, UH, DIRECTOR ING HAS A, UM, UH, ANNOUNCEMENT.
SO I'M GONNA JUST, UH, LET YOU
UM, SO NO, NOT EVERYONE DOES NERDY AS ME.
UM, BUT ON FRIDAY, UM, JACKIE AND I ARE GONNA GO TO SMU.
THE, UH, RA, UM, THE HARVARD ECONOMIST IS GONNA BE SPEAKING FROM FIVE TO SIX 30.
SO IF ANYONE WANTS TO JOIN, I THOUGHT WITH ALL THE WORK THAT WE'RE GONNA BE DOING WITH TAMMY LEONARD, IT'S A GREAT OPPORTUNITY TO HEAR, TALK ABOUT E ECONOMIC MOBILITY AND THE WORK THAT WE'RE DOING.
UM, SO IF ANYONE WANTS TO GO, UM, JOIN US.
SOUNDS, SOUNDS PRETTY, UH, SOUNDS EXCITING.
UM, THEN I HAVE ONE ANNOUNCEMENT.
THE, UM, PRESENTATION OF FIRST STEP STONES HAS BEEN DEFERRED, SO WE WILL NOT BE, UM, WE WILL NOT BE DISCUSSING THAT TODAY.
SO IF ANYBODY'S HERE FOR AGENDA ITEM, UH, EIGHT.
UM, WE WILL NOT BE DISCUSSING THAT TODAY.
UH, WE'LL NOW MOVE TO AGENDA ITEM NUMBER FIVE.
UH, IT'S AN ACTION ITEM RESOLUTION FOR TORRINGTON FOREST AND MULTI-FAMILY RESIDENTIAL DEVELOPMENT TO BE LOCATED AT 7,100.
GREAT TRINITY FOREST WAY, DALLAS, UH, TEXAS 7 5 2.
SO, EXCUSE ME, WE HAVE
IF YOU JUST WANNA COME UP TO THE FRONT, SPEAK LOUDLY AND, UH, I THINK I CAN DO THAT'S, SO JUST AS A PREFACE TO THIS IS THE FINAL APPROVAL.
WE'VE ALREADY SEEN THE INDUCEMENT AT THE END, AND NOW THEY HAVE A BOND RESERVATION, AND THEY'RE SET TO CLOSE LATER THIS MONTH ON THE
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21ST.AND WE HAVE SOME MORE DETAILS ON THAT HERE BRIEFLY, SO JUST DEFINITELY WANT TO BRING YOU GUYS UP TO SPEED.
SO I WOULD NOTE SEAN ALLEN IS ONLINE.
WELL, GOOD AFTERNOON BOARD MEMBERS, STAFF, UH, ADVISORS.
THANK YOU AGAIN FOR TAKING THE TIME TO BE HERE TODAY.
I'M THE DIRECTOR OF AFFORDABLE HOUSING DEVELOPMENT WITH JPI.
TODAY WE'RE DISCUSSING THE TORRINGTON FOREST DEVELOPMENT, WHICH IS A 248 UNIT DEVELOPMENT LOCATED IN DISTRICT EIGHT OF SOUTH GREAT TRINITY FOREST WAY AND SOUTH JIM MILLER.
CAN YOU GO TO THE NEXT SLIDE? SORRY.
SO, JUST A, A BRIEF BACKGROUND ON JPI.
SO WE'VE BEEN WORKING ON THIS DEVELOPMENT FOR ABOUT TWO AND A HALF YEARS.
JP I'S A 37-YEAR-OLD MULTIFAMILY DEVELOPER HEADCOUNT RIGHT HERE IN DFW.
AND SO WE'VE BEEN WORKING ON THIS PROJECT.
I'VE WORKED CLOSELY WITH HOUSING STAFF EVERY STEP OF THE WAY, AND IT HAS ALL CULMINATED TO THIS POINT WHERE WE'VE RECEIVED OUR RESOLUTION OF NO OBJECTION, HAVE ALREADY GOTTEN APPROVAL ON ZONING.
EVERYTHING IS SUBMITTED FOR BUILDING PERMITS.
AND SO OUR INTENT IS TO CLOSE THIS DEVELOPMENT HERE LATER THIS MONTH.
UH, BUT THIS DEVELOPMENT IS COMPRISED OF 1, 2, 3, AND FOUR VETERAN UNITS.
AND SO, TO GIVE FURTHER CONTEXT ON JPI, WE ARE ONE OF THE LARGEST MARKET RATE DEVELOPERS THAT GOT INTO THE AFFORDABLE HOUSING SPACE ABOUT SEVEN YEARS AGO.
AND SINCE THEN, WE'VE CLOSED NOW 18 AFFORDABLE HOUSING COMMUNITIES.
AND SO ROUGHLY 3,200 AFFORDABLE HOUSING UNITS, UH, ACROSS THE METROPLEX AND THEN SOME NATIONWIDE.
SO, THE PURPOSE OF TODAY'S PRESENTATION IS TO, AS AARON MENTIONED, TO APPROVE THE FINAL DOCUMENTS.
SO THE DEAL IS BAKED AT THIS POINT.
YOU GUYS HAVE PREVIOUSLY VOTED ON THE INDUCEMENT RESOLUTION, HAVE REVIEWED SOME OF THE INCI ANCILIARY DOCUMENTS, VOTED ON THE MOU THAT OUTLINES THE DEAL ECONOMICS FOR THE HFC.
AND SO TODAY WE'RE JUST VOTING ON THE ULTIMATE APPROVAL OF THE FINAL CLOSING DOCUMENTS.
AND SO, SOME OF THE AMENITIES THAT WE'RE GOING TO BE PROVIDING IN THIS DEVELOPMENT, AGAIN, 248 UNIT DEVELOPMENT, OF WHICH, UH, 5% WILL BE FOR 50% AREA MEDIAN INCOME, 90% WILL BE AT 60% A MI AND 5% WILL BE AT 70% A MI.
AND SO WE'RE PROVIDING A NUMBER OF BEST IN CLASS AMENITIES COME FROM RESORT STYLE POOL, 24 HOUR FITNESS CENTER, ALL THE SAME LUXURY AMENITIES THAT WE PROVIDE IN OUR MARKET RATE DEVELOPMENTS.
WE CARRY THROUGH INTO OUR AFFORDABLE HOUSING, UH, PLATFORM AS WELL.
AND THEN, AS A PART OF THAT, AND AS PART OF OUR MOU, WE'VE AGREED TO A PRETTY ROBUST SCOPE OF SERVICES FOR SUPPORTIVE SERVICES FOR OUR RESIDENTS.
SO THIS IS JUST A BRIEF OVERVIEW OF KIND OF WHERE IT IS AND SOME OF THE UNDERLYING DEMOGRAPHICS.
AND SO IT HAS ALIGNED WITH THE CITY OF DALLAS'S HOUSING POLICY AND GOALS FOR UNDER 20% POVERTY.
UH, THAT WAS ONE OF THE THINGS THAT INITIALLY HELD UP THIS DEAL EARLY ON.
AND AS WE WORKED WITH THE HOUSING DEPARTMENT AND FAIR HOUSING DEPARTMENT, POVERTY ACTUALLY IMPROVED, WHICH ENABLED US TO MOVE FORWARD WITH THIS DEVELOPMENT.
AND SO THIS IS JUST A RENDERING OF WHAT THE DEVELOPMENT'S GONNA LOOK LIKE.
IT'S TWO FOUR STORY BUILDINGS, UH, THIS ONE L-SHAPED BUILDING, AND THEN ANOTHER KIND OF P LOOKING SHAPED BUILDING.
AND SO THE OVERALL DEVELOPMENT ITSELF IS 16 ACRES, BUT WE'RE ONLY BUILDING ON NINE OF THE ACRES.
AND SO WE'RE ACTUALLY RETAINING ALL OF THAT GREEN SPACES, OPEN AREA AND PRESERVE AREA FOR JUST THE RESIDENTS AND TO PRESERVE THE GREATER GREAT RINE FOREST AREA.
AND SO THE INTENT IS HERE WE ARE TODAY AT THE, UM, AT THE MAY 12TH BOARD MEETING.
OUR HOPE IS TO RECEIVE BUILDING FIRMS ON THE 14TH.
WE HAVE HIT SOME SNAGS JUST WITH COORDINATION ON CIVIL APPROVAL, UH, COORDINATING WITH PDOT IN THE CITY OF DALLAS.
SO WE ARE ACTIVELY WORKING THROUGH THAT.
SO THAT'S WHY OUR ESTIMATED CLOSING DATE OF 5 21 IS ASTERISK TIER.
UH, THE WAY IT WORKS IS BASICALLY WHEN WE GET OUR BUILDING PERMITS IN HAND, WE BASICALLY CAN'T RATE LOCK UNTIL WE HAVE THAT FOR THE COMFORT OF OUR EQUITY INVESTORS, OUR LENDERS, AND THEN OUR SUBORDINATE LENDER, WHICH WE'LL GET TO HERE IN A SECOND.
BUT SHOULD THAT BE ON PACE? THE ESTIMATED TIMELINE FOR THE OVERALL DEVELOPMENT IS THAT WE WOULD ISSUE AN NTP OR TO ACTUALLY MOBILIZE OUR CONSTRUCTION GROUP ON THE 27TH WITH FIRST UNITS BEING DELIVERED, UH, OF IN OCTOBER OF 2027, COMPLETION OF THE DEVELOPMENT, UM, IN MARCH OF 2027.
AND THEN, SORRY, THAT SHOULD BE 2028 AND THEN STABILIZATION IN SEPTEMBER OF 2028.
SO THESE ARE JUST SOME CONCEPTUAL RENDERINGS OF KIND OF THE FINISH IN THE FIELD OF WHAT WE DEVELOP.
AND SO THIS IS REALLY THE, THE SOURCE AND USE IS IN A LOT OF THE CONTENT OF WHAT YOU'RE GONNA BE REALLY VOTING ON AND REVIEWING AND IMPROVING TODAY.
WHAT I WANNA FOCUS MY TIME IN ON HERE IS ACTUALLY THE SOURCES OF THIS.
AND SO THE FIRST TRANCHE OF THAT IS THAT TAX CREDIT EQUITY, WHICH WE ARE SYNDICATING.
SO R FOUR IS GOING TO BE OUR BOTH DEBT AND EQUITY PROVIDER.
AND SO THEY'RE SYNDICATING THOSE CREDITS.
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PERMANENT LOAN OR THAT INITIAL TRANCHE OF TAX EXEMPT BONDS IS GONNA BE $35 MILLION, AGAIN, PLACED WITH R FOUR.AND THEN WE HAVE THIS TAX EXEMPT BLACKROCK NOTE.
AND SO THIS IS A SUBORDINATE TRA OF FINANCING TO HELP US CLOSE THE GAP AND FILL OUR SOURCES, UH, DEFERRED DEVELOPER FEE.
WE'RE ROUGHLY ABOUT 50% DEFERRED ON THAT WITH THE REST OF THE CAPITAL STAFF.
AND THEN BECAUSE THE BONDS ARE FULLY FUNDING, WE ARE ACTUALLY ABLE TO REINVEST THOSE BONDS.
SO OUR ESTIMATED BOND REINVESTMENT EARNINGS ARE ROUGHLY $950,000.
AND THEN PRIOR TO CONVERSION TO OUR STABILIZED FINANCING, WE WERE ALSO CAPTURING SOME OF THE NOI FROM LISA TO HELP WITH JUST THE COST OF OPERATIONS AND STARTUP.
SO THE OVERALL TOTAL SOURCES AND USES OF THE DEVELOPMENT IS ROUGHLY A $72 MILLION DEVELOPMENT.
AND SO THIS IS JUST A HIGHLIGHT OF THE DEAL TERMS WE HAD PREVIOUSLY AGREED UPON.
UM, SO AGAIN, $105,000 GROUND RENT THAT GROWS 3% ANNUALLY.
AND THEN THAT GROUND RENT ACTUALLY STEPS UP AFTER OUR INITIAL COMPLIANCE PERIOD TO 420,000.
THE HFC WILL GET 30% OF THE DEVELOPER FEE SPLIT AND ONGOING COMPLIANCE MONITORING FEE AND A PARTNERSHIP MANAGEMENT FEE.
AND THEN WE'LL GET A PERCENT AND A HALF OF THE GROSS PROCEEDS FROM SALE.
SO THAT'S THE BACKGROUND ON THE DEVELOPMENT.
UM, AND SO AGAIN, REALLY APPRECIATE YOUR TIME TODAY AND I'M HAPPY TO ANSWER ANY QUESTIONS YOU MAY HAVE ON THE PROJECT.
YEAH, SO, UM, SIMILAR MY QUESTIONS.
I, I'M
UM, SO YOU GO, GO BACK, IF YOU DON'T MIND.
CAN YOU GO BACK ONE, UH, SLIDE TO THE CAPITAL STACK? YES, SIR.
SO I UNDERSTAND THE CAPITAL STACK.
UH, I UNDERSTAND THE USE THIS, BUT ALL THE DOCUMENTS ARE REVIEWED HAVE NOTHING TO DO WITH THE CAPITAL STACK.
IT'S AN INTERIM STACK THAT'S NOT SHOWN HERE.
SO, UM, I GUESS I DON'T FULLY UNDERSTAND THE DOCUMENTATION THAT WE'RE BEING ASKED TO APPROVE TO THEM IN PARTICULAR.
UH, IT, IT'S, IT'S, I GUESS IT'S CONSTRUCTION FINANCING, YES.
SET UP, UH, IT, IT IT'S GOT DIFFERENT BONDS AND DIFFERENT YES, BONDS MAY BE SAYING IT'S SET A DIFFERENT STRUCTURE.
BUT MOST IMPORTANT TO ME THAT I WANT TO ASK IS, IT HAS DHFC BORROWING FROM A A IN, UM, A FUNDING LENDER AND LOANING FUNDS INTO THE BORROW, UH, AND PRESUMABLY IN REFERENCES, BUT IT'S NOT SHOWN THE DA STATE EHFC WILL WE SIGNING A PROMISSORY NOTE.
AND SO MY QUESTION IS, WHAT LIABILITY DOES DHFC HAVE IN THAT PROMISSORY NOTE? THIS DEAL GOT BUS? YOU WANT ME TO TURN? YOU WANNA GO? I THINK WHAT YOU'RE REFERRING TO IS THE FUNDING LOAN BEEN MADE BY OUR FOUR, THAT'S THE, THE TAX 35 MILLION.
AND SO THE WAY IT'S STRUCTURED IS A LOAN TO THE HFC, WHICH THEN LOANS TO OUR BORROWER.
THEN THERE'S ACTUALLY, WHAT'S KNOWN IS A GOVERNMENTAL NOTE.
THAT'S THE ISSUE IS IT'S SAME AS PRACTICALLY THE SAME AS THE BOND, BUT R FOUR IS TRYING TO TREAT THAT AS A LENDING TRANSACTION.
SO IT'S A, I DIDN'T SEE R FOUR NAME ANYWHERE.
R FOUR IS THE, IS GONNA BE
SO IF WE'RE SIGNING A NOTE, UH, IS, ARE THERE NON-RECOURSE PROVISIONS IN THAT NOTE? WHAT HAPPENS IF IN INSTRUCTION? THE WHOLE THING GOES BUS IT, IT'S A LIMITED OBLIGATION THAT'S PAYABLE SOLELY FROM THE AMOUNTS RECEIVED FROM THE BORROWER THAT OTHERWISE THE TRUST ESTATE, WHICH HAS THE BOND PROCEEDS HAVE A MORTGAGE ON THE PROPERTY.
I MEAN, I LOOK AT THAT AS A PRETTY ESSENTIAL DOCUMENT WAS NOT INCLUDED FOR THE PACKAGE.
I MEAN, THERE'S NO PROMISSORY NOTE, THERE'S NOTHING IN THERE.
NO, THERE'S THE GOVERNMENTAL NOTE.
THERE'S A FORM, THERE'S A FORM.
I WANT TO TAKE A LOOK AT THAT TO MAKE SURE I SEE APPROPRIATE NON LANGUAGE THAT THE DHFC DOES NOT HAVE LIABILITY IN THE EVENT THING EXPRESS.
UM, THERE'S REFERENCE TO SUBORDINATE, UH, BONDS.
HOW DOES THAT FIT IN THESE TRANSACTIONS? SO YES, UH, FUNCTIONALLY THE WAY IT HAS WORKED IS IT'S A WAY THAT WE CAN GET ADDITIONAL PROCEEDS.
AND SO WE BASICALLY FOUND ANOTHER INVESTOR THAT HAS ENABLED US TO, UH, SELL THOSE DIRECTLY TO BLACKROCK.
AND SO THAT HAS JUST BEEN A WAY TO BRING ADDITIONAL PROCEEDS
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THAT'S SUPPORTED BY THE UNDERLYING UNDERWRITING.AND HOW MUCH WOULD THE SUBORDINATE AMOUNT BE? UH, 3 MILLION.
THE NUMBERS WEREN'T PLUGGED IN EITHER, WHICH MADE IT DIFFICULT TO, TO APPROVE THAT WITHOUT THE ACTUAL ACTUAL LOADING CUT.
UM, SO THE SUBORDINATE NOTE, THIS, THE SUBORDINATE NOTE IN THIS PACKAGE BECOMES WHAT SHOWN HERE IS THE BLACKROCK B NOTE? YES, SIR.
UM, AND THEN THE, THE COMMENT, THIS IS NOT RELATED TO THIS DEAL, BUT JUST THE COMMENT IN GENERAL WAS SOMETHING WE, YOU KNOW, TALKED ABOUT IN OUR SUBCOMMITTEE DEAL SUBCOMMITTEE MEETING THE OTHER DAY.
THERE'S, UM, THIS WAS A PRETTY VOLUMINOUS SET OF DOCUMENTS.
IT'S NOT POSSIBLE TO REVIEW THESE.
HAVE YOU RECEIVED THEM ON FRIDAY AFTERNOON? UM, BUT HAD, HAD I, IF I WAS INVOLVED IN EARLIER STUFF, I MIGHT BE VOTING NO TODAY ONLY BECAUSE THAT'S NOT A FAIR ASK FOR THE BOARD TO APPROVE DOCUMENTS LIKE THIS FOR THAT TIME TO REVIEW IT.
AND I DON'T THINK THERE WAS SUFFICIENT TIME TO REVIEW, UH, DOCUMENTS OF THIS VOLUME, PARTICULARLY WHEN THERE'S TWO OTHER, UH, DEALS TO LOOK AT, UM, BEFORE THIS MEET.
I CAN TAKE THAT, BUT, YOU KNOW, I, THE POINT WELL MADE, UM, I THINK FOR THE MOST PART, I, I'M, I SAY YOURSELF AND SEVERAL OTHERS, I THINK A LOT OF THESE DOCUMENTS, I'M NOT SAYING THEY'RE NOT READING THEM TO THE POINT THAT YOU ARE USING TO BE MUCH MORE STEEL AND THEN DIVIDING THE DETAILS OF SOME OF THESE, WHICH WE'LL DEFINITELY INTO ACCOUNT FUTURE, FUTURE DEALS.
BUT I CAN ATTEST TO THE SCALE OF OUR PARTNERS, UH, BRACEWELL AND THAT CHAPMAN WHO HAVE DONE, I DON'T KNOW HOW MANY OF THESE FOUR US.
SO I MEAN, I'M NOT SAYING IT'S NOT GOOD TO REVIEW THESE STUFF.
BUT, UM, I THINK TRADITIONALLY I THINK WE HAVE TRUSTED OUR PARTNERS TO MAKE SURE THAT THAT LANGUAGE THAT YOU'RE LOOKING FOR ON THE INDEMNITIES AND, AND ON THE RISK THAT WE ARE EXPOSED TO THAT IS WHAT WE'RE PAYING THEM FOR, FOR SURE.
AND OR I'D LIKE TO HAVE SEEN THAT IN A MEMO OR SOME SOMEWHERE, BUT IT WAS NOT REALLY, UH, DEALT.
WE'LL, WE'LL TAKE THAT INTO CONSIDERATION NEXT TIME.
WE, WE HAVE SOMETHING LIKE THIS, SO APOLOGIES YOURSELF AND, AND FOR ANYONE ELSE WHO HAS THOSE COMMENTS.
BUT, UH, WELL, I KNOW ERIN, YOU WERE AT DOWNTOWN AT CONFERENCE, SO YOU COULDN'T BE ON OUR, OUR DEAL COMMITTEE MEETING, BUT I THINK WHAT WE DISCUSSED IS, AT A MINIMUM GOING FORWARD ON THE WEDNESDAY AND BEFORE THE JUDGE HAVE TO BE DONE, DOCUMENT HAVE TO BE DONE.
IT'S NOT A LACK OF TRUST FROM THE, AND OUR, UH, OUR TURNING THEM AWAY IS CREATING A PROBLEM FOR THEM.
I, I WOULD JUST SAY PART OF IT IS THE ATTORNEYS, THEY ARE THE AGENT OF THIS BODY.
AND SO WHILE THEY'RE REACHING THESE, AGREE, IT'S GOING BE CLIFF AND I ARE AND READING WHAT THE, THE TERMS ARE.
BUT, UM, WE WOULDN'T BE DOING OUR JOBS IF WE DIDN'T ACTUALLY LOOK AT 'EM AND UNDERSTAND THAT WE'RE AGREEING TO ON BEHALF OF THE TAXPAYER.
I THINK WE'LL BE ABLE TO WORK, SHARE THE CONCERNS OF GETTING FRIDAY AFTERNOON AND BEING ABLE TO MEANINGFUL REVIEW THEM ANYTIME TO HAVE DISCUSSION AND APPROVAL TODAY.
AND FOR WHAT IT'S WORTH, I DO SEE THE HONOR COURSE LANGUAGE IN THE FORM OF NOTE THAT'S, THAT'S ON PAGE NOT 75 OF THE, UH, FUNDING AGREEMENT, WHICH WAS ONE OF 60 OR SO DOCUMENTS WE WERE PROVIDED AGAIN.
YEAH, I MEAN, WE COULDN'T PUT THESE TRANSACTIONS TOGETHER WITH EVERYBODY NOW, MOST OF ALL WITHOUT THE BOARD.
WE'LL DEFINITELY TAKE THAT INTO ACCOUNT REFORM THE PROCESS ACCORDINGLY FOR SURE.
AND MAYBE THERE'S A WAY FOR THESE KIND OF DEALS THROUGH YOUR COMMITTEE TO, YOU KNOW, GET SOME KIND OF MEMO THAT LAYS OUT SOME OF THE BIG POINTS THAT WE'RE ALL LOOKING FOR, THE RECOURSE OBLIGATION, THE BIG DEAL TERMS, KIND OF HOW, YOU KNOW, IF THERE'S COMPLICATED FUNDING AND FLOW OF FUNDS, YOU KNOW, UH, I THINK A MEMO COULD BE GOOD BECAUSE SOME OF US AREN'T NECESSARILY, UH, UP TO SNUFF ON OUR LEGAL SKILLS.
AND WE ACTUALLY, UH, TALKED ABOUT RIGHT NOW WE DO GET SOME DEAL MEMOS THAT ARE IN A LITTLE BIT TOO NARRATIVE FORM THAT AREN'T AS HELPFUL.
SO WHAT WE'D LIKE, THEY CAN FAIRLY SHORTEN AND HIGH LEVEL VERY HIGH.
SO WHAT WE'D LIKE TO DO IS HAVE A STANDARDIZED FORM THAT WHEN IT COMES FROM OUTSIDE COUNSEL PUTS THOSE KIND OF SALIENT DEAL POINTS, THE TOP.
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SAME FORM EVERY TIME.IT'LL HELP WHETHER YOU'RE A LAWYER OR NON LAWYER, UH, UNDERSTANDING YOU FEEL FROM A LITTLE QUICKER SPEED.
SO THAT'LL BE ABLE TO, BUT WATCH OUT NEXT MONTH.
KNOW THIS, THIS IS A NEW BOARD, SO YOU GUYS, YOU KNOW, YOU CAN RUN THIS HOWEVER YOU WANT.
AND SO WE'RE JUST HERE TO BE RESPONSIVE TO WHATEVER, UH, YOU'D LIKE TO SEE.
UM, WAS THIS THE DEAL? I, I JUST HAD TO BRING IT BACK TO WHY WE'RE HERE RIGHT NOW.
UM, WE TALKED ABOUT SUN DEAL AND I DIDN'T REMEMBER THAT TILL NOW THAT WE WERE, YOU HAD SOME QUESTIONS ABOUT CONNECTIVITY TO TRAIL AND FOR SOME REASON I WAS THINKING IT WAS THIS, 'CAUSE NOW I REMEMBER THIS IS BY THE, BY TRINITY FOREST AND THE TRINITY OR FOR
IS WHAT DID, WAS THAT THIS DEAL? I I'M SURE IT MIGHT'VE BEEN.
WELL, I, I WAS ACTUALLY, I KNOW WHAT YOU'RE TALKING ABOUT, WHICH IS A DIFFERENT DEAL.
I, I WANTED TO KNOW ABOUT HOW, HOW ARE WE GONNA PLUG INTO THOSE OTHER AMENITIES THAT ARE NEARBY FOR THE RESIDENT? YES.
AND IF YOU COULD GO BACK TO THE RENDERING OF IT THAT ALSO HAD THE TIMELINE, I THINK THIS HELPS BEST ILLUSTRATE.
AND SO THIS IS ONE OF THE THINGS OF FEEDBACK WE RECEIVED VERY EARLY ON FROM THE NEIGHBORHOOD.
AND RIGHT NOW NONE OF THIS IS PAVED HERE ON THE PERIMETER.
THERE'S A BUS STOP THAT'S KIND OF UNPAVED HERE, AND THERE'S NOT A TON OF WALKABILITY, NOR WAS THERE ACCESS TO GREEN SPACE.
THE TRINITY FOREST TRAIL CONNECTION IS ACTUALLY ABOUT A HALF A MILE TO A MILE FURTHER SOUTH FROM HERE.
AND SO OUR INTENT IS TO HAVE THIS WALKABLE TRAIL FOR OUR RESIDENTS, UH, THAT SNS ALONG THE CREEK, AND THEN ALSO TO PAVE UP TO THE BOUNDARY OF OUR PARCEL TO HELP WITH THAT FUTURE WALKABILITY.
AND THEN I'LL SPEAK A LITTLE BIT MORE ON THIS BECAUSE THIS AREA HAS BEEN OF INTEREST TO ME.
UH, UM, IT'S ON THE STREET DESIGN TASK FORCE AT CITY COUNCIL.
UM, YEARS AGO, THIS, UH, TRAINING FOR WAY HAD BEEN, HAS HISTORICALLY HAD VERY HIGH LEVEL OF, UH, UM, INJURIES AND, AND, UH, SERIOUS INJURIES AND, AND FATALITIES ON IT.
UH, DEPARTMENT TRANSPORTATION, PUBLIC WORKS HAS TARGETED THIS, UM, STREET FOR IMPROVEMENT STUFF YOU PULL UP.
YOU CAN SEE THERE'S A LOT OF NEW SIDEWALKS GOING, UH, ALL, ALL ALONG THIS, THIS ROAD.
AND SO YOU CAN, UM, AND I, I JUST CHECKED AGAIN THIS MORNING, THE VERY SAFE WAY TO GET FROM HERE TO THE 20, UH, FOUR SPINE TRAIL.
AND SO THAT GETS YOU INTO THE WHOLE CENTER, TO THE AUDUBON CENTER.
AND THERE'S A LOT OF, UH, UH, RETAIL DESTINATIONS ARE TO THE EAST.
SO THAT IT'S, I THINK UNLIKE THAT, SOME OF THE DEALS THAT WE'VE SEEN HERE OVER THE LAST COUPLE YEARS, WE'VE HAD, YOU KNOW, MORE CONCERNS ABOUT ON A RELATIVE BASIS, UNDERSTANDING THE CITY OF DALLAS, PARTICULARLY IN SOUTHERN DALLAS.
BILITIES WE DON'T LIKE WITH LEGACY CONDITIONS HAVE BEEN BAD.
BUT THERE IT'S, I ACTUALLY I THINK PRETTY, PRETTY GOOD HERE.
THE WALKABILITY THAT THE ACCESS TO, UH, RECREATIONAL ENTITIES AND, AND RETAIL STUFF, THIS IS, IT REALLY OUT AN INFILL, UM, PARCEL THERE.
UM, AND THAT INTERSECTION OF THE, THE VERY UPPER LEFT HAS BEEN IMPROVED WHERE YOU CAN SEE THERE THAT
UM, BUT THOSE, UM, PEDESTRIAN CROSSINGS IN THIS SIGNALS IN THEN, UM, THE CROSSING THERE HAVE ALL BEEN, THOSE HAVE ALL BEEN RECENT, RECENT IMPROVEMENTS.
THAT'S OTHER THING I ASK BECAUSE I KNOW LIKE THAT LIGHT WHERE YOU TURN TRAIN FOREST YEAH.
PEOPLE RUN THAT LIGHT GOING 50, 60 AN HOUR ALL THE TIME.
AND SO I GUESS MAYBE YOU COULD JUST SPEAK TO THAT, LIKE HOW ARE WE, WHAT, WHAT IS THE SIGNAL SITUATION THERE AND HOW ARE WE MAKING SURE OUR RESIDENTS WHO ARE TRYING TO WALK OR CROSS ARE, ARE SAFE? YEAH.
SO THIS IS A SIGNAL LIGHT HERE, SO IT'S HARD.
THIS RENDERING DOESN'T ACTUALLY CAPTURE THAT, BUT THERE ARE DEDICATED CROSSWALKS HERE AS WELL.
AND THEN AS FAR AS PEDESTRIAN ACCESS, UH, SO BASICALLY I BELIEVE THIS IS EXIT ONLY AND OUR PRIMARY FORM OF ENTRANCE IS HERE WHERE WE WILL HAVE DEDICATED DESAL LANE.
AND SO ALL OF OUR ACCESS IS COMING THROUGH HERE.
AND SO THE TRIP, THE ACCESS TO THOSE WALKABILITY WILL COME THROUGH THOSE TWO MAJOR, UH, JUNCTIONS.
I I THINK WE TALKED ABOUT THIS A LITTLE BIT LAST TIME WE DISCUSSED THIS, BUT IS THERE ANY, I GUESS OPERATIONALLY, HOW DO WE MAKE SURE THAT THE GREEN SPACE, WHICH IS THE GREAT AMENITY, STAYS THAT WAY, THAT IT, I ASSUME THERE'S NO CONTROL ACCESS TO IT, IT'S TWO PAPER AREA.
HOW DO, HOW DO YOU OPERATIONALLY MAKE SURE THIS DOESN'T BECOME A DETRIMENT OR A LIABILITY LEGALLY? SO, SO I, I THINK THE THING WE'VE TALKED ABOUT MOSTLY IS THE LANDSCAPE LIGHTING AND CAMERAS SECURITY WE'RE PROVIDING FOR THIS DEVELOPMENT.
AGAIN, YOU KNOW, THIS PARCEL ITSELF WILL ALL BE THAT, YOU KNOW, NINE, EIGHT-ISH ACRES THAT WILL BE RETAINED, THAT'S STILL GONNA BE OUR PARCEL IN OUR PROPERTY.
UH, SO THAT'S GONNA BE RETAINED BY THE DEVELOPMENT ITSELF.
AND SO IT'S GONNA BE INCUMBENT UPON US AND OUR PROPERTY MANAGEMENT TEAM TO ENSURE THAT IT DOESN'T BECOME A BLIGHT OR AN ISSUE.
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UH, BUT AS FAR AS JUST MONITORING IT OR SAFETY RISK IT, YES, SAFETY RISK AND, AND IT WILL BE GATED ALONG HERE TO WHERE, YOU KNOW, RESIDENTS DON'T JUST, YOU KNOW, CAN'T FALL OVER OR WHAT HAVE YOU.SO THERE ARE GONNA BE PROTECTIONS AND MITIGATIONS, BUT I THINK IT'S MOSTLY GONNA COME IN THE FORM OF PROPERTY MANAGEMENT, SECURITY LIGHTING TO BE SURE THAT IT'S BEING LEFT.
WHERE IS IT? SO THE, THE GATE IS GONNA ACTUALLY RUN ALONG HERE AND THEN IT'S GONNA STAY OUTSIDE THE PERIMETER OF THE PROPERTY.
ALTHOUGH THE GATE ACTUALLY CUTS ACROSS HERE.
'CAUSE THIS IS OUR CLUBHOUSE RIGHT THERE.
SO THE GREEN SPACE WON'T BE FUNCTIONAL RESIDENCE IN TERMS OF, AS FAR AS ACTUALLY GETTING INTO THE GREEN SPACE NET.
OH, IS IT GONNA BE GATED FROM THE SOUTH? SO I BELIEVE THE GATE GOES THROUGH HERE.
SO IF SOMEONE WANTED TO THEORETICALLY WALK THROUGH, YOU KNOW, THE FLOODPLAIN OFF OF OUR PARCEL LINE, THEY COULD FIND A WAY TO SNAKE BACK IN THERE.
BUT IT'S PRETTY DENSE IN TREES AND IT'S, UH, HAS A LOT OF TOPOGRAPHY AND STANDING WATER, SO IT'D BE VERY DIFFICULT TO ACTUALLY TRAVERSE DOWN IN THERE.
SO THERE'S ACTUALLY EXTENSIVE RETAINING WALLS ALL ALONG HERE AS WELL.
SO IS THIS JUST A RENDERING OR IS IT GONNA STAY AS DENSE AS IT'S RIGHT NOW? UH, I BELIEVE IT'S GONNA STAY AS DENSE AS IT IS.
THIS IS ALSO JUST A RENDERING.
UM, AND SO I WOULD HAVE TO DOUBLE CHECK OUR TREE SURVEY AS FAR AS WHAT'S RETAINED.
BUT THE INTENT IS THIS IS CURRENTLY FLOODPLAIN AND WETLANDS MM-HMM
AND SO WE'RE NOT EVEN ALLOWED TO BUILD IN IT.
UM, AND SO OUR MITIGATION HAS BEEN LET'S KEEP THAT SPACE PRETTY AND OPEN, NOT TOUCH THE NATURAL ENVIRONMENT, BUT KEEP IT AS AN AESTHETIC FOR A RESIDENCE ALONG THE WALKING TRAIL.
I GUESS I MISUNDERSTOOD THE WALKING TRAIL WENT INSIDE THE GREEN SPACE.
IT'S, IT'S JUST THIS, THIS PERIMETER HERE THAT, THAT SURROUNDS IT.
JUST CURIOUS, DO YOU KNOW, IS THAT WHAT THINK SOUTHEAST, THERE'S A DEVELOPMENT THAT ALSO HAS A SIMILAR CHUNK OF THE FOREST? IS THAT KIND OF TOPIC CREATED IS WHAT THEY I BELIEVE SO, AND THAT WAS HAD OF CITY OF DALLAS SKI THIS AS WELL IS WE BASICALLY DID A GIANT PRESERVATION EASEMENT THAT ACCOUNTED FOR ALL OF THIS GREEN SPACE.
AND SO THAT CAN NEVER BE DEVELOPED.
AND THAT WAS SOMETHING WE WORKED CLOSELY WITH, UH, CPC AND STATE COUNCIL MEMBER BLAIR, JUST TO HELP ENSURE THAT WE'RE PROTECTING THAT GREEN SPACE TO BE IN ALIGNMENT WITH THE GREATER GRADE TRINITY FORCE AREA.
UM, JUST TO EXPAND ON, SO THIS, THIS HAD TO GO TO CPC FOR ZONING? YES, SIR.
AND, AND SO THAT WENT THROUGH, OBVIOUSLY WENT THROUGH THAT SUCCESSFULLY.
IT WOULD BE HERE AND THEN IT WENT TO COUNCIL AND, UM, SO IT WAS PASSED BY COUNCIL, IT WAS COUNCIL MEMBER BLA SHE IN IN SUPPORT OF THIS? YES.
AND AND WE'VE BEEN WORKING ON THIS PROJECT FOR PROBABLY ABOUT TWO AND A HALF YEARS NOW, UHHUH
AND SO WE WERE WORKING WITH HER WHEN SHE WAS ORIGINALLY THE CPC COMMISSIONER AND CAME TO OUR, AN ORIGINAL NEIGHBORHOOD OUTREACH MEETING WHEN WE STARTED THIS PROCESS.
AND SO AS WE'VE WORKED AND BUILT OUT THIS PLAN, YOU KNOW, SOME OF THE THINGS SHE COMMUNICATED TO US AS A PRIORITY OR THE WALKING TRAIL, THE DOG PARKS, THE SECURITY.
AND SO ALL OF THOSE CONSIDERATIONS AS WE RECEIVE THAT FEEDBACK ULTIMATELY MADE IT INTO THIS FINAL DESIGN.
SO CPC THEN, AND, WELL YOU MENTIONED COMMUNITY OUTREACH.
I KNOW THERE'S A NOTICE REQUIREMENTS.
SO WITHIN 500 FEET, ALL THOSE PROPERTY WAS GET NOTES THEN.
SOUNDS LIKE YOU'RE DOING SOME ADDITIONAL YES.
AND AND OUR, OUR OUTREACH ACTUALLY WENT BEYOND THAT.
SO WE WENT TO BASICALLY ALL SURROUNDING PARCEL OWNERS.
I THINK IT WAS ROUGHLY A THOUSAND FEET IN ALL DIRECTIONS.
AND SO WE HAD A NEIGHBORHOOD MEETING AT THE FIRESIDE COMMUNITY CENTER JUST SOUTH OF HERE WHERE WE TALKED THROUGH THIS DEVELOPMENT AND, UH, THEY WERE BROADLY SUPPORTIVE OF THE DEVELOPMENT.
ANY OTHER, UH, QUESTIONS, COMMENTS? I HAVE A QUESTION.
IS THAT, UH, VICE PRESIDENT ALAN? THAT WOULD BE ME, YES, SIR.
IN, IN LOOKING AT THE SITE PLAN, OBVIOUSLY WE DON'T HAVE ANY COVERED PARKING.
IS THERE A POSSIBILITY, GIVEN THAT THE SITE IS HEAVILY TREE, IS THERE A POSSIBILITY TO INCORPORATE SOME TREES IN THE ACTUAL PARKING SUCH THAT THE CARS CAN HAVE SOME SEMBLANCE OF SHADE? YES.
AND I KNOW THIS RENDERING DIDN'T DO A PERFECT JOB PICKING THAT UP.
BUT AS A PART OF OUR, UH, SITE PLANTING MIDDLE TO THE CITY, WE DO HAVE A TREE PLANTING PLAN AS WELL.
AND SO THERE WILL BE TREES PLANTED BOTH ALONG THE PERIMETER, THAT FRONT, BOTH THOROUGHFARES, BUT THEN ALSO INTERIOR TO THE SIDE IN THOSE PARKING ISLANDS TO HELP PROVIDE THAT ADDITIONAL SHADE.
MR DOWN, DOES THAT ADDRESS YOUR QUESTION? DO YOU HAVE ANY OTHER QUESTIONS? NO OTHER PRESSING QUESTIONS RIGHT NOW? AND THAT ADDRESSES IT SOMEWHAT.
ANY OTHER, UH, QUESTIONS OR COMMENTS, UM, TAKE,
[00:30:01]
ENTERTAIN A MOTION TO APPROVE.UH, IS THERE A SECOND? SECOND, SECOND.
DON'T SEE DIRECTOR DEWAN RUDOLPH, UH, DIRECTOR SHALANDA OLA APPROVE TREASURER JACK MARSHALL, DIRECTOR PATTY COLLINS, APPROVE DIRECTOR KEVIN HINTON, APPROVED DIRECTOR LESLIE ROU.
UH, PRESIDENT DAVID ELLIS IS NOT JOINED US YET.
CLIFF FRIEDMAN, DIRECTOR OLIVER ROBINSON, APPROVE DIRECTOR RYAN MOORE, APPROVE.
AND DIRECTOR SEAN SADIE IS ONLINE.
ALL RIGHT, WITH THAT MOTION PASSES OR ITEM PASSES, THANK YOU ALL AGAIN FOR YOUR TIME.
REALLY APPRECIATE IT AND LOOKING FORWARD TO A GREAT PROJECT.
I, YOU DISCUSSION? AND WHAT WAS THE VOTE ON THAT? UH, THAT WAS 1, 2, 3, 4, 5, 8, 9 10 UNANIM.
AND I'LL MOVE ON TO ITEM NUMBER SIX.
SOME ACTION ITEM RESOLUTION FOR HUNTINGTON PLACE SENIOR LIVING DALLAS, THE SENIOR MULTI-FAMILY RESIDENTIAL BELL TO BE LOCATED AT 1431 WEST
CONSIDERING ADOPT, UH, I'LL, THIS ONE GETS READY.
CONSIDERING ADOPTABLE SOLUTIONS FAIR UNDERSTANDING WITH CROSS DEVELOPMENT INDIVIDUAL LLC DESIGN, AFFILIATE FOR ACQUISITIONS,
C CONSIDERING THE DOCK RESOLUTION OF APPROVING THE CREATION OF A LIMITED LIABILITY COMPANY WITH THE CORPORATIONS AND SOLE MEMBER OF TEXAS SECRETARY OF STATE BE NAMED HFC 1431 WEST CAMP WISDOM ROAD, CONTRACTORY, LLC, IMPROVING THE FORM SUBSTANCE OF LIMITED LIABILITY, THE COMPANY AGREEMENT AND EXECUTION THEREOF BE CONSIDERING ADOPT RESOLUTION, APPROVING AND CREATION OF A LIMITED LIABILITY COMPANY FOR FULL SOLE MEMBER OF TEXAS SECRETARY OF STATE BEING NAMED DHFC 1431 WEST CAMP WISDOM ROAD DEVELOPER LLC APPRO THE PERFORM SUBSTANCE OF LIMITED LIABILITY COMPANY AGREEMENT IN THE EXECUTION BE AND TO E CONSIDERING ADOPT RESOLUTION, APPROVING THE DURATION OF AN UNLIMITED LIABILITY COMPANY WITH THE CORPORATION AS A SOLE MEMBER WITH TEXAS SECRETARY SAFETY, NINE DHFC 1421 CAMP WISDOM ROAD, LANDOWNER, LLC AND APPROVING THE FORM AND SUBSTANCE OF A LIMITED LIABILITY COMPANY AGREEMENT IN THE EXECUTION THERE, UH, GENERAL MANAGER, DO YOU HAVE PRESENTATION? YES, SIR.
SO WE HAVE MR. UH, RYAN COLS HERE FROM CROSS DEVELOPMENT.
WAIT, WHAT'S HIS NAME? RYAN COMBS.
UM, WE'RE WORKING IN, SO BACK IN, I BELIEVE THE FALL WE INDUCED THIS WITH THE PRELIMINARY INDUCEMENT AND IT HAS GONE TO CITY COUNCIL AND BEEN
AND NOW WE BRING THIS DEAL BACK FOR A MEMORANDUM OF AN UNDERSTANDING, SO WE CAN START TO, UH, PUT OUR FINAL DOCUMENTATION, WHICH YOU GUYS WILL SEE MUCH EARLIER IF IT COMES TO THAT.
UH, BUT I ASKED MR. COMBS HERE TO COME AND, AND REVIEW THE DEAL AND, UH, PRESENT IT TO Y'ALL.
SO, ALRIGHT, MR. COMBS PRESENTATION.
RYAN COMBS, I WAS HERE, UH, I'M THE PRESIDENT,
I, UH, I LIKE THE, THE COMMUTE TO THIS OFFICE, MUCH CITY HALL.
BUT I WAS WITH YOU GUYS, UH, UH, JUST A FEW MONTHS AGO.
IT, YOU INDUCED OUR BONDS, LIKE WHAT AARON SAID, LATE BALL.
I THINK WE WERE IN FRONT OF THE BOARD IN, IN DECEMBER, WENT IN FRONT OF CITY COUNCIL, GOT SUPPORT SHORTLY AFTER THAT.
[00:35:01]
PROCESS.WE, UH, UH, WE ARE, THIS IS A, UH, JUST A, JUST TO REMIND YOU, GO TO THE NEXT, THERE WE GO.
SO THIS IS INDEPENDENT SENIOR LIVING, SO 55 AND ABOVE, ONE IN TWO BEDROOM UNITS.
AND THAT'S REALLY WHERE WE HAVE FOCUSED AND, UH, AND REALLY WHERE I'VE FOCUSED FOR A NUMBER OF YEARS NOW.
AND THE REASON IS BECAUSE THERE ARE, YOU KNOW, AFFORDABLE HOUSING IS OBVIOUSLY SOMETHING THAT'S NEAR AND DEAR TO EVERY PERSON IN RENTS HEART.
UM, I PARTICULARLY, UM, SENSITIVE TO SENIORS AND BECAUSE I KNOW THAT THERE ARE JUST A, A MASSIVE AMOUNT, A MASSIVE NUMBER.
I THINK PROBABLY MOST OF US HAVE A SENIOR IN OUR FAMILY, UH, UH, THAT IS LIVING ON A FIXED INCOME.
AND, AND I KNOW THAT THERE'S, THERE'S THAT ARE ALL, UH, UH, TROUBLED BY INFLATION AND HOUSING, HOUSING COSTS AND EVERYTHING THAT HAPPENS.
AND SO IF WE CAN PROVIDE HIGH QUALITY, UH, HOUSING FOR SENIORS, UH, THAT IS AFFORDABLE, THEN THAT, THAT'S A, THAT'S A MISSION THAT WE HAVE SIGNED ON TO DO.
AND SO WE FOUND THIS PROPERTY.
THIS IS A LIST OF OUR AMENITIES.
JUST TO REMIND YOU, UH, UH, IF YOU WOULD GO TO THE NEXT, NEXT SLIDE.
UH, ONE OF THE THINGS THAT WE DO WHEN WE GO DEVELOP OUR SENIOR COMMUNITIES, YOU KNOW, I TALK ABOUT MY MOTHER A LOT, BUT AS MY MOTHER IS THE PRIME, PRIME EXAMPLE OF, OF WHO IS A TARGET AUDIENCE FOR THESE COMMUNITIES.
MY MOTHER IS A WIDOW AND SHE IS A RETIRED TEXAS ELEMENTARY SCHOOL TEACHER, WHICH IS NOT NEARLY AS, UH, UH, UH, AFFLUENT AS YOU THINK IT WOULD BE.
AND SO SHE, UM, IS LIVING ON A VERY FIXED INCOME AND SHE'S BY HERSELF AND, UH, AS SHE HAS AGED OUT OF HER SINGLE FAMILY HOME.
YOU KNOW, I, THERE'S A COUPLE THINGS THAT I WANT AND, AND I THINK WE ALL WANT FOR OUR FAMILY MEMBER BECAUSE THEY AGES.
WE WANT THEM TO HAVE SOMETHING.
YOU KNOW, WE DON'T WANT THEM FALLING, LIVING IN A HOME THAT'S FALLING APART AROUND THEM.
SHE CAN'T, SHE CAN'T AFFORD, NOR CAN SHE PHYSICALLY TAKE CARE OF A SINGLE FAMILY HOME, UH, IN LONG TERM.
ALSO DON'T WANT HER TO BE LONELY.
I WANT HER TO BE AROUND OTHER SENIORS IN THE SAME SEASON OF LIFE.
AND THAT'S ONE OF THE, THAT'S ONE OF THE BENEFITS THAT WE GET TO DO IS WE GET TO, WE GET TO BE A PLACE WHERE SENIORS THAT ARE IN THIS SEASON OF LIFE, THEY GET TO BE AROUND OTHER SENIORS.
WHAT'S FUNNY ABOUT A COMMUNITY, A SENIOR COMMUNITY, I'VE DONE, I DON'T KNOW MORE THAN A DOZEN OF SENIOR COMMUNITIES NOW, IS THE PARKING LOT LOOKS A LOT.
IT'S, IT'S JUST ABOUT AS FULL IN THE MIDDLE OF THE DAY AS IT IS AT NIGHT, BECAUSE THERE ARE SOME THAT'LL WORK PART-TIME AND, UH, MAY STILL BE WORKING SOME, BUT A LOT OF THEM ARE THERE.
AND SO THEY'RE, THEY'RE PLAYING CARDS, THEY'RE DOING LOTS OF DIFFERENT THINGS.
AND SO ONE OF THE THINGS THAT WE FOCUS ON IN OUR SENIOR COMMUNITIES IS, IS REALLY CREATING A SENSE OF COMMUNITY.
THIS IS NOT JUST A PLACE WHERE YOU LAY YOUR HEAD AND SLEEP.
IT IS THAT, BUT IT'S A PLACE THAT, THAT IT, THAT BECOMES A, THAT BECOMES A HOME.
AND ONE OF THE TOOLS THAT WE USE TO DO THAT IS A, WE WORK WITH A FAITH-BASED NONPROFIT GROUP CALLED APARTMENT LIFE.
AND WHAT APARTMENT LIFE DOES IS WE, THEY WILL GO TO WITHIN, WITHIN A CERTAIN DISTANCE, USUALLY IT'S WITHIN A FEW MILES OF OUR PROPERTY, WE'LL GO TO THE
WE, WE USED TO CALL 'EM CARE TEAMS. NOW THEY'RE CALLED, UH, UH, UH, BRITTANY SAID YOU GOT A NEW NAME FOR IT, BUT I STILL CALL 'EM CARE TEAMS. UH, BUT WHAT THEY DO IS THEY, THEY KIND OF BECOME PROFESSIONAL, MAKE THEY MOVE INTO THE COMMUNITY.
AND THEIR JOB IS TO KIND OF BE RESIDENT COORDINATORS, BUT THEY'RE RESIDENTS, THEY'RE NOT STAFF, THEY'RE RESIDENTS.
AND SO THEY DO MOVE IN VISITS.
THEY GO KNOCK ON EVERYBODY'S DOOR THAT MOVES IN AND SAID, YOU KNOW, GETS TO KNOW 'EM.
OH, YOU'RE A RETIRED SCHOOL TEACHER.
WELL, MS. COMBS DOWN THE HALL IS ALSO A RETIRED ELEMENT SCHOOL TEACHER AND TRY TO MAKE CONNECTIONS.
THEY, THEY DO SOCIAL EVENTS TO HELP PEOPLE GET CONNECTED.
AND THEN ONE OF THE THINGS THAT I THINK IS, IS MOST IMPORTANT THAT THEY DO IS THEY DO WHAT I CALL PASTORAL CARE.
UM, WHEN, WHEN A SENIOR GETS SICK OR HAS A NEED OR SOMETHING HAPPENS, THEY'RE CONNECTED TO LOCAL CHURCHES, LOCAL SENIOR CENTERS, LOCAL RESOURCES THAT CAN COME AROUND TO SENIOR AND, AND HELP THEM.
YOU KNOW, ONE OF THE EASIEST THINGS TO DO IS WHEN SOMEBODY GETS SICK, OUR CARES TEAMS COORDINATE, UH, MEAL TRAIN, RIGHT? LET'S, LET'S CO YOU KNOW, THAT'S WHAT NEIGHBORHOODS DO.
THAT'S WHAT WE DO IN OUR NEIGHBORHOOD.
SOMEBODY, WHEN SOMETHING HAPPENS, IT'S JUST NEIGHBOR LOOKING OUT FOR EACH OTHER.
HEY, YOU KNOW, SHE DIDN'T SHOW UP FOR COFFEE.
SHE ALWAYS SHOWS UP FOR COFFEE.
SOMEBODY GOES, YOU KNOCK ON HER DOOR AND CHECK AND SEE HOW SHE'S DOING.
AND SO OUR CARES TEAMS ARE A BIG PART.
THAT'S NOT A PHYSICAL AMENITY.
IT'S NOT A POOL, IT'S NOT A STOCK PARK.
WE HAVE ALL THOSE THINGS, BUT THIS ISN'T MANY.
I ALWAYS TALK ABOUT THAT MAKE IT SO IMPORTANT WHEN WE'RE TALKING ABOUT SERVING OUR SENIORS, UH, IN OUR AFFORDABLE HOUSING.
CLARK ROAD AND WEST CAMP WISDOM ROAD, THIS IS THE SOUTHWEST SIDE OF THE CITY.
IN, IN, IN OUR CENSUS TRACT, WE FOUND OUR VERY LOW POVERTY, 11.76% POVERTY, LOTS OF GREEN SPACE IN THE AREA.
THERE'S NOT ANOTHER SENIOR COMMUNITY.
I THINK I PUT IT ON ANOTHER SLIDE.
THERE'S NOT ANOTHER, UH, NEW AFFORDABLE SENIOR COMMUNITY WITHIN TWO AND A, I THINK IT'S ABOUT TWO AND A HALF MILES IS THE CLOSEST ONE.
IT'S IN, IT'S JUST WEST OF US OVER IN GRAND PRAIRIE.
[00:40:01]
A, THIS IS A REALLY A A, A LOCATION THAT'S PRIMED FOR, YOU KNOW, WHERE IT, A PART OF TOWN WHERE THERE'S NOT BEEN A LOT OF NEW AFFORDABLE HOUSING DEVELOPED IN THIS AREA.AND IT'S A, A, A GREAT QUALITY OF LIFE.
WE'RE JUST ONE WHERE WEST CAMP WISDOM, ROME, JUST MAYBE, GOSH, NOT EVEN A QUARTER MILE IS, IS I, UH, 20.
AND SO WE'RE JUST SOUTH OF I 20, UH, FAR ENOUGH AWAY THAT THERE'S NO NOISE FROM IT, BUT, UH, BUT EASY ACCESS TO I 20 THERE.
WE ARE IN THE MIDDLE OF DESIGN RIGHT NOW, AND I'LL GO THROUGH TIMING IN A MINUTE.
BUT THIS IS REALLY KIND OF WHAT OUR, OUR EX WHAT OUR EXTERIORS LOOK LIKE, KIND OF OUR MODEL.
OUR, THIS WILL BE OURS WILL FOUR STORY.
I KNOW WE'RE THE RENDERING HERE.
IT'S A, IT'S A BIG RECTANGLE WITH A COURTYARD RIGHT IN THE MIDDLE.
I THINK I'VE GOT MY SIDE HERE.
AND SO I TALKED ABOUT THIS AND I CAN TALK ABOUT THIS AD NAUSEUM AND SO I'M GONNA NOT, UH, BORE YOU IF YOU HAVE QUESTIONS HAPPEN TO ANSWER.
BUT I, LIKE IN THE SENIOR COMMUNITY, WE DO THIS ON PURPOSE.
WE DON'T DO, I, I TRY NOT TO DO MULTIPLE BUILDINGS.
WE'VE GOT A COUPLE OF ELEVATORS IN HERE.
IT'S FOUR STORIES WITH A BIG COURTYARD IN THE MIDDLE.
AND THE REASON THAT THAT IS IMPORTANT TO ME IS I, AND ALL THE PARKING'S ON THE OUTSIDE.
'CAUSE I DON'T WANT SENIORS HAVING TO CROSS PARKING LOTS TO GET TO AMENITIES.
AND SO ALL OF THE AMENITIES ARE KIND OF IN HERE.
ONE EXCEPTION IS THAT WE HAVE A PET PARK THAT'S KIND OF OVER HERE, UH, ON, ON THE, THE RIGHT SIDE.
SO THAT'S THE ONE MINUTE YOU CROSS A PARKING LOT.
BUT OUR CLUBHOUSE IS INCORPORATED IN THE BUILDING SO THAT YOU CAN GO TO THE MAIL ROOM, YOU CAN GO TO THE GYM, YOU CAN GO TO ALL THE AMENITIES, THE, UH, TO CLUB ROOM, ALL THE DIFFERENT AMENITIES, UH, JUST BY AN INTERIOR CORRIDOR.
UH, AND IT'S ALL ACCESS CONTROLLED.
AND IT'S, AND, AND THEN THIS KIND OF BECOMES TOWN CENTER.
THIS IS WHERE SENIORS ARE OUT, YOU KNOW, WALKING AROUND, SEEING EACH OTHER, HANGING OUT, UH, UH, GETTING TO KNOW AND DOING LIVE.
AND, AND REALLY WHAT I'VE FOUND IN OUR SENIOR COMMUNITIES IS THE UNITS THAT FACE THE INTERIOR ARE THE, THOSE ARE THE ONES EVERYBODY WANTS BECAUSE THAT BECOMES, THAT BECOMES LIVE.
ANOTHER THING THAT WE DO THAT IS BECOMING LESS AND LESS COMMON, AND ONE OF THESE DAYS FINANCIALLY WE MAY, WE MAY NOT BE ABLE TO, BUT RIGHT NOW WE STILL CAN.
AND WE DO, WE PUT BALCONIES ON EVERY SINGLE UNIT.
AND THAT'S BECAUSE I HAVE FOUND THAT I BELIEVE THAT SENIORS VIEW THOSE BALCONIES AS AN EXTENSION OF THEIR LIVING SPACE.
THEY, THEY FOOT PLANTS AND CHAIRS AND IT BECOMES, IT BECOMES A LIVABLE PART OF THEIR PART OF THEIR HOME.
AND, AND AGAIN, THAT MAY BE SOMETHING WE'RE NOT ABLE TO DO, UH, IN THE FUTURE AS COSTS CONTINUE RISE ON, ON, ON CONSTRUCTION.
AND SO WE HAVE A BALCONY ON EVERY SINGLE, EVERY SINGLE UNIT IN THIS COMMUNITY.
THIS IS JUST, THIS IS JUST AN UPDATE FROM THE LAST TIME YOU SAW IT.
UH, $51 MILLION, UH, EQUITY IS COMING.
CREA, WE, WE'VE GOT EQUITY IS A REALLY HARD THING TO GET IN THIS CURRENT ENVIRONMENT.
THERE'S JUST NOT TAX CREDITS ARE, ARE, ARE, ARE HARD TO FIND, BUT WE'VE GOT IT LOCKED DOWN.
CREA IS PROVIDING OUR EQUITY, UH, OUR MORTGAGE LOAN, UH, OUR, WHICH IS OUR TAX EXEMPT LOANS IS 30 MILLION.
AND THEN WE HAVE A TAXABLE PIECE OF ABOUT 800,000 IN OUR DEFERRED FEE.
AND THAT CREATES ALL OF OUR SOURCES.
HERE'S ALL OF OUR USES, CONSTRUCTION COSTS AND, AND FINANCING COSTS AND ALL OF THE OTHER, ALL OF THE OTHER, UH, COSTS THAT ARE THERE.
AND THIS IS, THIS IS JUST KIND OF AN OVERVIEW OF THE DEAL TERMS WITH DALLAS HFC DEBT ARE IN THE MOU THAT YOU ALL HAVE, UH, 25% DEVELOPER FEE.
UH, THE LEASE IS $70,000 A YEAR GROWING AT 3% WHILE THERE IS A DEFERRED DEVELOPER FEE.
THEN AFTER THE DEFERRED DEVELOPER FEE IS PAID OFF, THAT BECOMES JUST 25% OF THE NET CASH FLOW.
UH, ISSUER FEE AT CLOSING, UH, UH, THERE'S AN ISSUER FEE AT CLOSING IS 200, AROUND 200,000.
THAT WILL BE NAILED DOWN ON WHEN, WHEN WE GIVE TOWARDS FINAL ISSUER ADMIN FEE.
UH, AND THAT'S JUST A FUNCTION OF HOW, YOU KNOW, THE SIZE OF THE BONDS.
THOSE ARE, THOSE ARE A PERCENTAGE PARTNERSHIP MANAGEMENT FEE, A COMPLIANCE MONITORING FEE, A CONTRACTOR FEE, UH, FOR SITTING IN THAT POSITION AND THE GP DISPOSITION FEE, UH, AT THE BACK END.
AND SO THOSE ARE, THOSE ARE JUST KIND OF THE, THE DEAL POINTS THAT WE WENT THROUGH THAT YOU'LL SEE INSIDE THE MOU.
UH, AND UH, AND THEN IF YOU WOULD GO TO THE VERY NEXT SLIDE, HERE'S OUR TIMELINE.
WE, UH, OUR BOND CLOCK IS ON RIGHT NOW, SO OUR BONDS EXPIRE SEPTEMBER 5TH, MEANING WE NEED TO CLOSE BEFORE SEPTEMBER 5TH IN ORDER TO KEEP OUR BONDS.
YOU BET YOU GUYS DUE THIS PAST FALL, UH, I BELIEVE IN DECEMBER.
SO WE ARE IN THE MIDDLE OF DESIGN RIGHT NOW.
WE'VE STARTED SUBMITTING PLANS TO THE CITY.
UH, OUR CIVIL PLANS GOT SUBMITTED TO THE CITY A FEW WEEKS AGO.
OUR BUILDING PLANS WILL BE SUBMITTED AT THE VERY BEGINNING OF JUNE TO THE CITY WE PLAN TO CLOSE, UH, IN, IN EARLY AUGUST.
AND SO THAT'S WHY WE ARE, WE'RE DOING THIS MOU RIGHT NOW.
WE, THIS WEEK ARE KICKING OFF ALL OF OUR, ALL OF OUR CLOSING CALLS WITH DEBT AND EQUITY AND, AND, UH, I KNOW D-H-D-H-F-C
[00:45:01]
WILL BE ON ALL OUR WEEKLY CLOSING CALLS AS WE GET THROUGH THAT PROCESS.UH, OUR BUILDING, UH, UH, CLOSING AND START CONSTRUCTION, LIKE I SAID IN IN AUGUST, UH, 24 MONTH CONSTRUCTION SCHEDULE.
WE, WE TYPICALLY START LEASING ABOUT NINE DAYS BEFORE CONSTRUCTION'S OVER.
AND SO AROUND APRIL OF, OF, UH, 2028 IS WHEN OUR FIRST UNITS WILL START BEING LEASED.
THIS IS AN INTERIOR OF A VERY, OF A SIMILAR SENIOR COMMUNITY HUNTING PLACE, SENIOR LIVING GARLAND, UH, THAT WE'RE OPENING RIGHT NOW.
AND THAT THAT IS THE ACTUAL INTERIOR OF, OF ONE OF THE UNITS.
AND SO IT'S SOMETHING WE'RE VERY PROUD OF.
IT'S SOMETHING THAT I WOULD BE PROUD, UH, UH, TO HAVE ANY, ANY SENIOR IN MY FAMILY THAT LIVE IN.
AND AND THAT'S KIND OF OUR GOAL IS, IS COULD I, COULD I SEE MYSELF PUTTING MY MY OWN FAMILY THERE? AND THAT'S THE THING THAT WE DO AND, AND A PARTNERSHIP WITH, WITH DALLAS HOUSING FINANCE CORPORATION IS WHAT MAKES THIS POSSIBLE.
WE COULD NOT BE DOING THIS, UH, WITHOUT VALUED PARTNERS LIKE YOURSELF.
AND SO, UH, HAPPY TO ANSWER ANY QUESTIONS YOU HAVE AND, AND, UH, AS WE GET, KEEP MOVING TO, UM, I'VE GOT A QUESTION.
SO IT LOOKS LIKE FROM THE AERIAL, THIS SITE IS, UH, CURRENTLY RAW LAND.
AND HAS IT BEEN LIKE THAT FOR VERY LONG TIME? IT IS.
I WISH I ACTUALLY HAD INCLUDED IT.
YES, I DO HAVE AN AERIAL PHOTO OF, OF THE SITE.
CAN WE GO BACK? IT WAS ONE OF THE FIRST SLIDES.
SO IT IS, YOU KNOW, AN INFILL PARTIAL, IT, IT'S THERE, THERE'S NOTHING THERE.
UM, THIS IS ALL, UH, ESCARPMENT, WHICH IS, WHICH IS PROTECTED GREEN AREA.
THE REASON THIS HAS NEVER BEEN DEVELOPED IS THERE'S ABOUT 40 FEET FROM BALL, SO WITH THE BIG HILL RIGHT NOW.
AND SO ONE OF THE ENGINEERING CHALLENGES THAT WE HAVE, I MEAN, ONE OF THE THINGS THAT WE HAVE FOUND AND, AND, AND YOU GUYS, YOU ALL WILL SEE OVER AND OVER IN DOING AFFORDABLE HOUSING.
YOU KNOW, THE BIG MARKET RATE GUYS ARE GOING TO DO IT.
SO WHAT WE HAVE TO DO IS WE HAVE TO BE PROBLEM SOLVERS.
WE HAVE TO FIGURE OUT HOW ARE WE GONNA DO WITH WHAT OTHERS NOT BEEN ABLE TO DO.
SO WHAT WE HAVE TO DO IS WE HAVE TO BRING IN, WE HAVE TO CUT PART OF THE SITE UP HERE AND THEN WE HAVE TO BRING IN A LOT OF FIELD DIRT.
AND SO THAT'S PART OF THE REASON WHY OUR CONSTRUCTION SCHEDULE IS 24 MONTHS.
SO WE'VE GOT A VERY SIMILAR DEVELOPMENT THAT WE'RE IN CONSTRUCTION RIGHT NOW, RIGHT ABOUT THE SAME SIZE IN LITTLE EL IT'S CONSTRUCTION SCHEDULES 20 MONTHS.
WE ADDED ABOUT FOUR MONTHS BECAUSE WE'RE GONNA HAVE TO TRUCK IN SOME DIRT TO LEVEL UP THIS SITE AND, AND TAKE THAT TIME TO DO THAT.
THE, THE REASON I WAS ASKING ABOUT IS I KNOW, KNOW SOMETIMES THERE'S CONCERNS ABOUT, UM, PROPERTIES GOING OFF OF THE, UH, TAX BILLS AND, AND, UM, THE CITY LOSING MONEY.
SO I LOOKED UP THIS PROPERTY JUST WHILE WE'RE SITTING HERE AND UM, THE CURRENT TAX LEVI IS $5,500, 5,005, 30, 50 CENTS FOR ALL DISTRICTS.
UM, AND SO THE CITY OF DALLAS S SPLIT MAYBE A COUPLE THOUSAND BUCKS A YEAR.
AND THIS PROPERTY HAS BEEN SITTING VACANT FOR YEARS.
SO I, YOU KNOW, JUST TO ME THIS DOES IT SEEMS LIKE HAVE NON-ISSUE IN THIS, IN THIS CASE, I HAVE MET WITH COUNCILMAN ZA GRACIE, UH, MULTIPLE TIMES.
HE'S SUPPORTED AT WHAT WE'RE DOING, GET THE RESOLUTION FROM CITY COUNCIL, UH, EARLY THIS YEAR.
AND, AND I KEEP, SO WE'VE ALREADY WITH THE COUNCIL ON THIS, WE HAVE, YES.
WE HAVE A RESOLUTION OF NO OBJECTION.
THAT EFFORT HEARINGS THAT DID COME UP I THINK ON JUNE 24TH.
BUT THAT'S ALL WE HAVE TO GET.
WE ALREADY HAVE AO THAT'S WHAT I'M SAYING.
ALL WE HAD, THAT'S ALL WE NEEDED.
UM, WERE THERE ANY ISSUES THAT CAME UP WITH COUNSEL THAT, UM, NO, I, IN FACT, I DON'T, I DON'T THINK THERE WAS REALLY ANY DISCUSSION ON IT EITHER.
I THINK, I THINK YOU HAD THE, UH, I'M TRYING TO REMEMBER.
YOU HAD THE PORTION TO BE PAIRED ON THE DAY WHERE THERE WAS LIKE A QUITE CONTROVERSIAL PFC PROJECT.
A LITTLE BIT OF SINGLE FAMILY.
THERE IS A, THERE, THERE'S A FOUR RENT.
THESE ARE, THESE ARE ACTUALLY DUPLEXES TO THE EAST OF I, AND LIKE I SAID, I NOTICED GRACIE MULTIPLE TIMES THE EAST, UH, WORKING, LOOKING CLOSER TO HIM, WE'RE, WE'RE ACTUALLY COMMITTED TO FARM SOME SINGLE FAMILY JUST TO THE YEAH.
WELL, SENIORS ALSO TENDS TO BE SOME OF THE LAST FALL.
PEOPLE THAT DON'T, YEAH, THEY, I MEAN REALLY SENIOR, WELL IN SENIOR LIVING.
I MEAN IT'S, IT'S ABOUT THE LEAST IMPACTFUL TO A NEIGHBORHOOD AS IT COULD BE.
IMPACT, I THINK IT'S NOT HAVE ANY OF THE, ANY OF THE NEGATIVE STEREOTYPES THAT PEOPLE MIGHT BE AFRAID OF THAT MAY, MAY COME ALONG.
I THINK IT'S ALL FROM THE BLUEPRINT.
ARE YOU, UH, SIGNING ON CONNECTING PEDESTRIAN INFRASTRUCTURE? I KNOW THERE'S, WELL YES, THE CITY WILL HAVE US CONNECT SIDEWALKS, UH, FOR SURE IN THAT AREA.
I'M JUST WONDERING, HAVE YOU SPOKEN TO DARK? THERE'S A BUS STATION RIGHT THERE.
IT'S ONE OF THOSE KIND OF, WELL THERE'S A BUS STOP.
THERE'S A BUS STOP RIGHT THERE.
THAT'S A GAS STATION ACROSS THE STREET, BUT THERE'S NOT A
[00:50:01]
BUS STATION RIGHT THERE.I THINK THERE'S JUST A BENCH RIGHT NOW.
UM, USUALLY HAVE TO WORK WITH THEM, BUT I'D LIKE TO SEE WHAT COVERING THERE FOR, YOU KNOW, SHADE AND YEAH, I THINK IT'S A BENEFIT THAT THE STATION IS RIGHT THERE.
WE'RE WORKING THROUGH THE CITY WITH THE, WITH THAT DUDE.
ALL THOSE PROCESSES RIGHT NOW.
SORRY, KATIE WAS LATE, SO NO, THAT'S OKAY.
HAVE YOU BEEN TO THE MARKET? SO I'M, SO, SO, SO KOREA IS OUR INVESTOR AND WE HAVE A SON.
WE HAVE KNOWN WHOLE LOT OF IT DOWN.
UH, AND AETNA IS THEIR DIRECT INVESTOR THROUGH CREAT.
WE ARE AT 83 AND A HALF CENTS, WHICH HONESTLY, I MEAN THAT'S PRETTY GOOD ACTUALLY.
IT'S, IT'S, IT'S REALLY SAD TO SAY THAT.
KOREA HAS BEEN A PARTNER, THIS IS MY FOURTH OR FIFTH TIME TO WORK WITH THEM AND THEY'VE BEEN REALLY CONSISTENT PARTNERS.
ANY BENEFIT TO BEING SENIORS OR JUST DOESN'T MATTER?
'CAUSE THEY'RE BUYING A TAX CREDIT.
THE REAL ESTATE KIND OF COMES ALONG WITH THEY WERE INITIALLY I CAN, I CAN TELL YOU THAT THE VERY FIRST SENIOR DEAL THAT I WORKED ON WITH KOREA, THEY WERE CONCERNED ABOUT IT BECAUSE, UM, UH, UH, BECAUSE IT'S SMALLER.
I MEAN WE'RE AT 210 UNITS, MOST 4% TAX CREDIT DEALS ARE LIKE WHAT YOU SAW BEFORE, TWO 50 AND ABOVE.
IT'S A LITTLE BIT SMALLER, UH, A LITTLE.
AND, AND, BUT, BUT WE DID ONE WITH THEM.
THEY FELL IN LOVE WITH IT AND NOW THEY'VE SAID, PLEASE KEEP BRINGING SENIOR DEALS TO US.
AND SO THAT SEEMS TO BE THE THING THAT I HAVE.
LIKE I SAID, I HAVE, I HAVE A, I I I WANT TO DO HOUSING FOR SENIORS.
'CAUSE I THINK THERE'S A GREAT NEED FOR THAT.
THE OTHER THING IS THIS, THE OTHER THING IS THAT BECAUSE IT DOESN'T COME WITH QUITE THE SOCIAL CONCERNS THAT MADE WITH OTHER HOUSING, I CAN GO TO BETTER LOCATIONS.
I CAN GO TO PLACES WHERE MAY NOT BE ABLE TO GET APPROVAL.
UM, WHERE, WHERE AND, AND IN, IN PLACES THAT I'M GONNA WANT, I MEAN, WE'RE GONNA BE OWNERS IN THIS FOR 15 PLUS YEARS.
AND SO I, I WANT MAKE SURE THAT I'M GOING TO A SPOT WHERE I GO, OKAY, I'M, I'M GONNA BE HAPPY AND PROUD TO OWN THAT FOR 15 PLUS YEARS.
OR WAS SENIORS EVER BUT GENERATION OR SOMETHING LIKE, I THINK THAT'S LIKE A VULNERABLE POPULATION.
IT IT CLEARLY ASSUME IT'S ONE OF, UM, IN THE CITY OF DALLAS IS COHORT FOR SENIORS IS ONE OF OUR, UH, SET TO GROW SUBSTANTIALLY OVER THE NEXT FEW YEARS.
SO HOW WE ADDRESS, UM, SENIOR HOUSING, ESPECIALLY AS SENIOR HOMEOWNERS AND STAY IN THEIR HOMES LONGER.
AND WHEN THEY DO TRANSFER TO A RENTAL UNIT, WE DON'T HAVE ENOUGH.
AND SO THIS POPULATION IS ONE THAT I BELIEVE MOST PEOPLE SUPPORT THROUGHOUT THE CITY AND SERVING OUR SENIOR POPULATIONS WITH DIGNITY AND HAVING, UM, YOU KNOW, NEW MODERN BUILDINGS.
SO IT TYPICALLY IS SUPPORTED WHEN YOU'RE FOCUSING ON THIS POPULATION.
AND THAT'S, AND THAT'S WHAT I'M SEEING IN SENIOR HOUSING.
DO WE HAVE 'EM SEPARATE? ME? YOU KNOW, WE HAVE METRICS AROUND AFFORDABILITY AND HOW MANY UNITS WERE SHORT, BUT IS THERE ANY FOR SUBSECTION, LIKE JUST THE SENIOR POPULATION? SO THERE, IT'S THE SAME POPULATION.
SO YOU'LL FIND THAT OUR SENIORS ARE THE ONES MOSTLY ON FIXED INCOME.
A GOOD MAJORITY ARE THOSE THAT FALL BELOW THE 50% MI.
AND SO WHEN WE THINK ABOUT HOUSING UNITS AND THEN, AND THE AREA MEDIA INCOME OF THE HOUSEHOLD INCOME, IT'S NOT JUST NEW FORMATIONS, NOT YOUNG PEOPLE, IT'S THE ENTIRE POPULATION AND INCOMES THAT PEOPLE EARN.
SO THE UNIT SHORTAGE IS INCLUSIVE OF THE ENTIRE POPULATION OF THE CITY AND NOT FOCUSED JUST ON YOUNGER PEOPLE FORMING NEW HOUSEHOLDS.
IN FACT, IT'S MAJORITY DRIVEN BY BOTH ENDS.
UH, PEOPLE NOT EARNING ENOUGH INCOME AS THEY'RE FORMING NEW HOUSEHOLDS AND OUR SENIOR POPULATION AS THEY'RE LOOKING TO THEIR NEXT, UH, LIVING, UH, LOCATION.
AND I TO, TO ADD TO THAT, I MEAN ONE OF THE THINGS THAT UM, THAT I SEE A LOT OF, I MEAN ABOUT ABOUT HALF OF OUR SENIORS ARE TYPICALLY SAY THAT THIS IS, THIS IS A BLANKET STATEMENT, BUT ABOUT HALF OF OUR SENIORS TYPICALLY ARE SENIORS THAT ARE LIVING IN ERTA AND THEY'RE AGING OTHER SINGLE BUILDING HOMES SO MANY TIMES, UH, THERE ARE SENIORS THAT ARE, THEY'VE LIVED IN THEIR HOME FOREVER AND UM, AS THEY AGE, YOU KNOW, MARKET RATE, SENIOR HOUSING IS DOUBLE MORE THAN DOUBLE THE, THE RENTS THAT WE'RE CHARGING.
AND MOST SENIORS CAN'T AFFORD IT.
AND SO WHAT HAPPENS WHEN THEY CAN'T AFFORD TO MOVE IS THEY JUST STAY IN PLACE AND THEIR HOUSE KIND OF STARTS FALLING, YOU KNOW, INTO DISREPAIR AROUND THEM.
AND SO WHAT THIS DOES IS IT ALLOWS SENIORS TO MOVE INTO A MORE SUSTAINABLE LIVING ENVIRONMENT AND LET'S LET'S THAT HOUSE KIND OF CONTINUE TO STAY IN THE MARKET AND BE RECYCLED TO THE NEXT PERSON THAT'S GONNA FIX IT UP OR DO WHATEVER WITH IT.
THERE'S THAT AND THEN THERE'S THE OTHER SENIORS THAT ARE JUST MOVING AND BE CLOSE TO THE GRANDKIDS, GONNA BE CLOSE TO FAMILY.
'CAUSE THAT HAPPENS A LOT AS WELL.
WHAT'S YOUR AVERAGE
SO MOST OF MOST PEOPLE THAT ARE MOVING INTO OUR SENIOR HOUSING, THEY'RE GOING TO BE SENIORS THAT ARE EXITING OR HAVE EXITED THE WORKFORCE.
[00:55:01]
ARE, THERE WILL BE A FEW THAT ARE STILL WORKING PART-TIME OR MAYBE MAYBE EVEN A FEW THAT ARE STILL WORKING, WORKING, BUT THE MAJORITY WILL BE PEOPLE THAT WORK THAT, THAT HAVE EXITED THE WORKFORCE AND ARE, AND ARE KIND OF MOVING INTO THAT STATE LOT.UM, WHEN, SO WE'RE LEASING UP AT A SENIOR COMMUNITY, JUST EXACT SAME THING, 204 UNITS AT GARLAND, HUNTINGTON PLACE, SENIOR LIVING IN DARWIN.
IT'S TAKING US, WHEN WE ARE MEETING WITH SENIORS, WE'RE MEETING WITH THEM FOUR OR FIVE TIMES FOR THEM TO SIGN A LEASE BECAUSE THEY'RE COMING IN, THEY'RE LOOKING AT IT, THEY'RE BRINGING SON OR DAUGHTER WITH THEM TO LOOK AT IT TO GET IN.
EVERYBODY'S GETTING COMFORTABLE 'CAUSE MOM'S LEAVING THE HOUSE.
AND, AND, AND SO EVERYBODY'S GOTTA GET COMFORTABLE.
AND THAT'S A PROCESS WHEN PEOPLE MOVE INTO THIS KIND OF HOUSING BECAUSE THE, THE STANDARD OF LIVING IS, IS SO MUCH DIFFERENT THAN WHAT THE SAME PRICE WOULD BE IN MARKET RATE.
UM, PEOPLE TYPICALLY DON'T LEAVE UNTIL THEY'RE LEAVING TO THE TRANSITION IS TYPICALLY ASSISTED LIVING OR PASS LIFE.
SO WELLNESS CHECKS AND ALL THOSE THINGS.
ARE I PRETTY, AS YOU GET SENIOR POPULATIONS, I'M JUST KIND CURIOUS WHAT THAT AVERAGE IS, IS YOU DON'T KNOW
I IMAGINE YOUR TURNOVER'S PRETTY LOW, VERY LOW.
ONCE THEY'RE IN, YEAH, THE TURNOVER'S VERY, ONCE THEY'RE, ONCE IT'S STABLE, IT'S STABLE.
THE CHALLENGE IS, IT'S A LITTLE BIT LONGER AS WELL, AT LEAST ON TIME BECAUSE YOU'RE MEETING WITH A SENIOR FOUR OR FIVE TIMES.
I MEAN, YOU, YOU MAY TAKE WEEKS TO KINDA GET US IN AND THEN THEY'VE GOTTA GET THROUGH ALL OF THE COMPLIANCE PAPERWORK AND OH, WELL, YOU KNOW, WHAT'S YOUR INCOME? OH, WELL, MY, MY SON-IN-LAW HAS THE PASSWORD TO MY BANK ACCOUNT.
YOU KNOW, IT'S ALL OF THOSE TYPES OF, ALL OF THOSE TYPES OF THINGS.
SO, UM, THAT'S THE, THAT'S THE FRONT END.
THE LEASE UP TIME, THE LEASE UP PROCESS TAKES A LITTLE BIT LONGER AND IT'S A LITTLE MORE, UH, LABORIOUS.
BUT ONCE IT'S SAVED, IT'S STATED IT'LL STAY FOR THE, UM, WHERE'S THE CITY LIMIT IT? WHERE'S THE DUNCANVILLE? UH, THIS IS DUNCANVILLE, SOUTH SIDE OF WEST, WEST CAMP.
WAS IT ALSO ON THE WEST SIDE OR JUST THE I THAT I YES, IT IS.
I KNOW THIS IS DALLAS, THIS IS DA, ALL OF THIS IS DALLAS.
THE REASON I ASK THIS IS I'M, YOU KNOW, I WAS PULLING IT UP ONLINE AND LOOKING AT THE TRAFFIC SIGNALS THERE, AND THEY ALL HAVE A DUNCANVILLE LOGO ON 'EM, DO THEY? YEAH.
ON, BUT DUNCANVILLE HIGH SCHOOL IS RIGHT DOWN HERE, AND I DON'T KNOW, THIS IS, THIS IS DALLAS, WHERE ONCE YOU GO THE, WE, THERE'S SOME GREEN SPACE OVER HERE.
UHHUH, ONCE YOU GO EAST OF THAT GREEN SPACE, I DON'T KNOW IF THAT'S DUNCANVILLE ON THE NORTH SIDE OR NOT.
IT'S GOT A GREEN TO THAT WHOLE INTERSECTION.
AND THIS INTERSECTION HERE, IT'S NOT, I MEAN, IT'S NOT
THE, THE PEDESTRIAN PROCESSINGS GOING ACROSS, GOING INTO THE WEST WHERE THERE'S THAT NEW GAS STATION, I GUESS A LITTLE STRIP CENTER BEING BUILT IS, THAT'S 90 FEET CURVE TO CURVE.
AND THE, THE MEDIAN DOESN'T COME OUT TO THE, UH, CROSSWALK.
AND THEN YOU HAVE THE SAME CONDITION GOING SOUTH WHERE THAT
SO HAVE YOU STARTED, UH, DIALING WITH TRANSPORTATION YET ON THIS DEAL OR? SO WE HAVE STARTED STUDYING TRAFFIC TO SEE IF WE'RE GONNA NEED TO DO A DESAL LANE.
AND SO WE'RE STUDYING THAT RIGHT NOW TO SEE IF, SEE WHAT OUR TRAFFIC COUNTS ARE GONNA BE AND HOW THAT WORKS.
WE KNOW THAT WE WILL PUT SIDEWALKS AROUND IT.
THIS, AS YOU SAID, THIS INTERSECTION IS, IS THERE AND HAS BEEN THERE FOR, FOR A WHILE WITH, WITH TRAFFIC SIGNALS.
UM, THERE'S NOT DIRECT, YOU KNOW, THERE, THIS IS GREEN SPACE HERE.
THERE'S A BIG, THERE'S A BIG PARK DOWN HERE, BUT THERE'S NOT NECESSARILY, THERE'S NOT NECESSARILY TRAILS UNLESS YOU GET IN YOUR CAR AND DRIVE OVER HERE.
WELL, I'M JUST, WHERE I'M GOING WITH THIS IS LIKE ON THOSE TWO SPECIFIC, EXPECT THE WHOLE, YOU KNOW, STREET TO BEING REBUILT, BUT THERE'S, THERE'S VERY LOW COST INTERVENTIONS THAT, WHETHER IT'S DUNCANVILLE OR CITY OF DALLAS COULD DO, WHERE THEY COULD EX EXTEND THE NOSE OF THE MEDIUM OUT A LITTLE BIT, AND SO THAT THE CROSSWALK GOES THROUGH THE MIDDLE OF THAT THING.
SO YOU DON'T HAVE A 120 FOOT STRAIGHT RUN ACROSS.
YEAH, SEVERAL LANES OF TRAFFIC.
IT'S HARD TO, YOU CAN BARELY SEE IT RIGHT HERE, BUT THERE IS A MEDIAN IN THE MIDDLE OF THE ROAD, SO, RIGHT.
SO THE PROBLEM WITH THE MEDIAN IS IT STOPS BEFORE THE CROSS.
OH, IT STOP BEFORE THE CROSSWALK.
THE CROSSWALK IS BASICALLY, SO WHAT YOU CAN DO IS YOU CAN BRING THAT MEDIAN AND EXTENDED OUT.
I MEAN, IT'S LIKE VERY LITTLE MONEY.
AND SO THEN THAT CROSSWALK MIDDLE AND HELPS SLOW IT, IT, IT DOES A LOT TO IMPROVE SAFETY THERE.
I'M JUST THINKING IF I'M LIKE A SENIOR THERE, I SAW THERE'S LIKE LITTLE DONUT PLACE THERE, IT'D BE LIKE, YOU KNOW, YEAH, I'M GONNA GO AND GET A, YOU KNOW, CUP COFFEE AND A DONUT HANG OUT STUFF.
SO I DON'T KNOW IF THAT'S CITY OF DALLAS OR VILLE, BUT
[01:00:01]
GONNA SAY ANYTHING.BUT I WAS ALSO THINKING ABOUT THE TIMING, BECAUSE I KNOW IT TAKES ABOUT A YEAR AND CHASE, IF YOU ACTUALLY DO THE TESTING, IT DOES, AND I DON'T KNOW IF IT'S TEX DO OR THE CITY.
I DON'T, I DON'T KNOW WHO KIND OF CONTROLS THIS ROAD.
UH, BUT I MEAN, THE FACT THAT WE'RE GOING TO BE OWNERS AND PARTNERS OF THE SAME FOR 15 YEARS MEANS THAT, YOU KNOW, WE'RE, WE'RE GONNA DO WHAT WE NEED TO DO TO GET ALL THE RIGHTS AND THE, AND, AND THE CONNECTIVITY ON SIDEWALKS AND ALL THOSE THINGS THAT OUR SHOP.
BUT LONG TERM, I MEAN, THOSE ARE ALL THINGS THAT WE'LL CONTINUE LOOKING AT.
AND YOU KNOW, EVEN, EVEN IF WE DON'T GET THE RIGHT TO DO SOMETHING RIGHT AWAY, IF IT ADDS VALUE DOWN THE ROAD, WE, WE THINK WE WILL FOR SURE.
WELL, I THINK THE GREAT TIME TO DO IT IS WHEN YOU'RE DOING A, DOING A PROJECT, BECAUSE IF YOU'RE JUST WAITING ON THE CITY, DO IT.
TRANSPORTATION THING'S GOT SO MUCH GOING ON AND SO MANY NEEDS THAT, YOU KNOW, IF IT'S, IF YOU DON'T KIND OF GET IT DONE AT THE, YOU KNOW, IS PART OF IT, YOU KNOW, IS HARD TO GET YOUR DEAL DONE IF YOU COULD BE, YOU KNOW, 15 YEARS BEFORE ANYTHING HAPPENS THERE, YOU KNOW, IF, IF YOU'RE WAITING FOR THE CITY TO THERE OWN, THEY SAYS ON A DECAL LANE, I WOULDN'T, I I DON'T THINK THAT'D BE A GREAT IDEA THERE.
WHAT YOU, IT, UM, AND THIS CITY IS, I DON'T, I THINK IN THEIR, IN THE STREET DESIGN MANUAL, THEY'RE REALLY RUN BACK DOWN ON THOSE THINGS BECAUSE THOSE ARE NOT, THESE ARE NOT GREAT FOR PEDESTRIAN SAFETY.
IT JUST ENCOURAGES HIGHER SPEEDS.
SO, BECAUSE THAT, BUT I LIKE SPEAK, I THINK THIS IS GREAT PROJECT.
SO THANK YOU DIRECTOR
SO THIS ISN'T REALLY ABOUT PROJECT SPECIFICALLY, BUT SINCE THIS IS THE FIRST SENIOR DEAL THAT I'VE BEEN INVOLVED IN, DOES THIS GO THROUGH THE NORM? AND THIS MAY BE A QUESTION FOR YOU OR COUNCIL, BUT THIS GO THROUGH JUST LIKE THE NORMAL Y TECH AND WE JUST ADD ON AND IS THERE ADDITIONAL DEED RESTRICTIONS THAT, LIKE HOW DOES THAT PROCESS THIS OTHER LAYER OF SENIOR WORK AND AND WHAT, WHAT OBJECTIONS DO WE HAVE IN PLACE ON THAT? YEAH, I MEAN, UH, WE DON'T HAVE BOND DOCUMENTS, BUT TYPICALLY THERE'S A COVENANT IN THE BOND DOCUMENTS.
UM, UH, IT'S REALLY A STATE LAW REQUIREMENT.
IT'S NOT A FEDERAL TAX LAW REQUIREMENT.
SO THERE'S NOTHING PER SE WITH RESPECT TO THE TAX CREDITS OR SECTION 42 THAT REQUIRES THE OR, OR T-D-H-C-A WILL MODERATE.
TDH LU, WHICH IS OUR KEY RESTRICTION.
AND THEN, I MEAN THIS, I KNOW THESE DEALS HAPPEN ALL THE TIME, IT'S A GREAT DEAL, BUT FROM LIKE A FAIR HOUSING COMPONENT, IS THERE ANYTHING ELSE THAT THIS BOARD NEEDS TO THINK ABOUT? I MEAN, I ASSUME NOT, BUT I JUST, I, I DON'T, HAVING NOT DONE A DEAL, SO I'LL LET RYAN GO IN.
IS IS THERE SOMETHING FROM YOUR DEPARTMENT WE THINK ABOUT THAT DOES FAIR COME THROUGH THAT? THAT'S CORRECT.
I MEAN, WE'VE ALREADY DONE OUR FAIR HOUSING ASSESSMENT ON THIS PROJECT.
IT WAS PART OF THE RUN APPLICATION, AND SO IT MET ALL BASE CRITERIA, UM, TO BE SUPPORTED BY BOTH STAFF AND WE BROUGHT IT FORWARD SUPPORT FROM THIS ANGLE.
I MEAN, IT'S, UM, IT'S MET ALL OF THE THRESHOLDS TO BE AT THIS, THIS PLACE.
I JUST LIKE TO, I DON'T, I DIDN'T KNOW IT GOES THROUGH THAT PROCESS, SO THAT'S HELPFUL WE TO UNDERSTAND HOW THOSE WORK TOGETHER.
JUST TALKING TO MY STAFF, JUST REAL QUICK, I WAS HOPING TO MAYBE BRING A FUTURE ITEM TO THE BOARD ABOUT THE PROCEDURES, THE PROCESS, ALL OF THAT, JUST SO THAT IT WITH THE NEW BOARD MEMBERS AND WE COULD JUST SORT OF CLARIFY A HOW THE THINGS WORK AND THEN THAT JUST, YEAH.
UM, DID YOU, AND MAYBE I, I MAY STAND CORRECT.
DID YOU MENTION SOMETHING ABOUT YOU HAVE A CARES TEAM, CORRECT? YES.
CAN YOU, CAN YOU, CAN YOU KIND OF GO TALK, GO, GO THROUGH THAT AGAIN.
SO I MAY HAVE A QUESTION AND GO AHEAD.
WE, WE, WE WORKED WITH A, A FAITH-BASED NONPROFIT CALLED APARTMENT LIFE.
AN APARTMENT THAT THE PROGRAM IS CALLED THE CARES TEAM.
SO WHAT WE WILL DO WITH APARTMENT LIFE, THEY, THEY, THEY ARE THE ORGANIZATION THAT KIND OF RUNS THIS PROGRAM.
SO IT'S NOT STAFF, IT'S A, IT'S A DIFFERENT, UH, ORGANIZATION.
WHAT THEY DO IS THEY WILL GO TO CHURCHES AND A SENIOR, THE SENIOR CENTERS AND, AND THINGS THAT ARE WITHIN A FEW MILES OF OUR PROPERTY, RECRUIT A SENIOR COUPLE.
THAT SENIOR COUPLE WILL COME IN AND LIVE IN OUR COMMUNITY.
AND THEN THEIR JOB IS TO BE PROFESSIONAL NEIGHBORS.
THEIR JOB, THEY'RE CALLED OUR CARES TEAM, BUT THEY'LL DO NEW MOVEMENT VISITS, THEY'LL DO A NUMBER OF EVENTS.
THEIR JOB IS TO MAKE SURE EVERY SENIOR IN THE COMMUNITY IS KNOWN.
THE REASON WHY I ASK, I, I WANTED TO SEE, AND THIS MAY BE UH, KINDA OFF, OFF, UH, OFF TAIL, BUT IT, DO YOU, IS THERE, WOULD THERE BE A POSSIBILITY FOR SOMETHING TO BE EMBEDDED WITHIN THAT CARES TEAM? LIKE, THE REASON WHY I ASK, BECAUSE, YOU KNOW, THERE'S A, THERE'S A RISE AND IT CONTINUES TO BE A RISE OF, UM, FINANCIAL EXPLOITATION WITH A LOT OF, YOU KNOW, SENIORS AND ELDERS.
SO IS THERE ANYTHING THAT WOULD BE,
[01:05:01]
THAT COULD BE INCLUDED, LET'S SAY FOR EXAMPLE, IF, UM, SOMEONE WERE TRYING TO TAKE ADVANTAGE OF SOME, UH, A SENIOR IN TRYING TO GET INFORMATION FROM THEM, LIKE THEIR SOCIAL, TRYING TO GET, YOU KNOW, UH, UH, TAKE A LOAN OUTTA THEIR NAME OR SOMETHING LIKE THAT.ANY PROTECTION? I THINK THAT'S A GREAT THOUGHT.
I MEAN, GOSH, THAT'S A SUPER SCARY THING WHEN I THINK ABOUT, WELL, PARENTS AND PROBABLY NONPROFIT ACTUALLY, YOU KNOW, UH, FINANCIAL LITERACY IS A SORT OF REALLY, THAT'S CORNERSTONE.
WELL,
BUT FRANKLY, THE IDEA OF DOING THAT PROCEDURES, YEAH, THAT'S HUGE.
SO OUR CARES TEAMS, YES, THEY CAN, WE DON'T SPECIFICALLY HAVE A PROGRAM TO DO THAT, BUT I AGREE THAT WOULD BE AN INCREDIBLE, THAT'S THE TYPE OF THINGS THAT OUR CARES TEAMS WILL DO.
'CAUSE THEY WILL WORK WITH, YOU KNOW, A SENIOR CENTER WILL COME IN AND DO, YOU KNOW, A CLASS ON, ON HEALTH AND WELLNESS OR, OR WE'LL HAVE A HEALTH CLINIC COME IN AND DO THINGS OR, BUT HAVING, YOU KNOW, LIKE YOUR ORGANIZATION OR ORGANIZATION LIKE IT SOMEBODY, BUT IDENTIFYING ORGANIZATIONS OR CREATING SOMETHING THAT CAN DO, UH, UH, YOU KNOW, SENIORS THAT ARE TARGETED TOWARDS FRAUD OR DIFFERENT THINGS.
IT COULD BE A GREAT THING TO DO.
WELL, I, I MEAN, THE SENIOR SOURCE, SO I'VE BEEN WORKING WITH MY NONPROFIT.
WE'RE DEVELOPING A PROGRAM FOR SOMETHING WE'RE DOING IN FORT WORTH, BUT I REACHED OUT TO THEM BECAUSE THEY HAVE A COMPUTER LITERACY PROGRAM, AND ONE OF THE COMPONENTS THEY OFFER IS, UM, TO GUARD.
AND THEY, THEY ARE TARGETED FOR SENIORS, BUT TO GUARD AGAINST INTERNET BASED FRAUD.
UM, AND SO THE SENIOR SOURCE ALREADY HAS A GREAT PROGRAM AND I, I DON'T KNOW HOW THEIR NONPROFIT WORKS, UH, OTHER THAN THEY'VE BEEN OFFERING FREE ADVICE TO US, SOMETHING WE'RE DEVELOPING MY SOURCE.
UM, THE OFFICE OF HOUSING COMMUNITY EMPOWERMENT, WE'RE ALSO THE LIAISONS FOR THE SENIOR AFFAIRS COMMISSION OF THE CITY OF DALLAS.
SO ONE OF THE THINGS I WANTED TO DO IS WHEN WE HAVE SENIOR PROJECTS CLOSER TO LISA, IS BRING THIS ITEM TO THE SENIOR AFFAIRS.
THOSE CONNECTIONS, CONNECTION TO SENIOR SOURCE, CONNECTION TO SENIOR RESOURCES, AND THEN HELP GROW THOSE NETWORKS SO THAT THOSE COMMISSIONERS CAN HELP, UH, BE KNOWLEDGEABLE ABOUT THOSE OPPORTUNITIES.
AND SO LOOK FORWARD TO US, LIKE, YOU KNOW, JUST CONNECTING ON THAT AND FUTURE PROJECTS WHERE WE CAN BRING IT TO OUR DIFFERENT COMMISSIONS.
WE OVERSEE THE DISABILITY COMMISSION, THE HOMELESSNESS COMMISSION, UM, THE YOUTH COMMISSION.
AND SO THERE'S A VARIETY OF WAYS TO BRING OUR DEVELOPMENTS CLOSER TO THESE COMMISSIONERS AND THE POPULATIONS OF WHICH THEY OVERSEE THE COUNCIL AS WELL.
OH, I WAS JUST GONNA SECOND, I THINK, OR KEVIN, THE SENIOR SOURCE HAS THE FINANCIAL, SAY, ELDER FINANCIAL DATA CENTER.
THEY'VE DONE A LOT OF, AND MAYBE GOOD I DID.
JUST WHEN WE GET TO THE BOND DOCUMENTS AND CLOSING DOCUMENTS, MAYBE JUST RUN SOME TRAPS ON THAT AND JUST SEE WHAT WELL, AND THAT'S WHAT I WAS GONNA SAY.
NO COMMITMENTS, BUT LOOK, JUST, HEY, THIS IS WHAT WE COULD POSSIBLY I WOULD, I WOULD LOVE TO, AND, AND JUST WHAT, WHAT HE WAS TALKING ABOUT, AS WE GET READY TO LEASE UP, OBVIOUSLY WE'RE GONNA BE A 24 MONTH CONSTRUCTION SCHEDULE.
SO IF WE CLOSE THIS SUMMER, WE'RE STILL, YOU KNOW, TWO AND A HALF YEARS RIGHT.
OR TWO YEARS IN A FEW MONTHS FROM STARTING TO LEASE.
BUT I, SOME WAY WE NEED TO MAKE SURE THAT WE KEEP THAT ON OUR RADAR.
'CAUSE I DO WANNA CONNECT WITH WHAT YOU'RE TALKING ABOUT.
AND AARON, I'M NOT SURE THE BEST WAY TO DO THAT, JACQUELINE, I KNOW YOU'RE, YOU'RE, YOU DO A LOT OF, UH, LET'S CONNECT BECAUSE I WANNA MAKE SURE THAT WE, WE'LL MAKE SURE WE CONNECT.
UH, MR. COMBS, THIS IS DIRECTOR ALLEN.
IN ANY OF YOUR OTHER PROJECTS, HAVE YOU ALL EVER DONE ANY COMMUNITY GARDEN FOR ANY OF THE, UH, SENIOR DEVELOPMENTS? DO 'EM IN ALL OF 'EM.
AND THIS, THIS SITE PLAN DOESN'T SHOW IT, BUT YES, I DO.
IN FACT, GOSH, I WISH I COULD SHOW YOU PICTURES OF IT.
UH, UH, AND I DON'T HAVE IT WITH ME.
I'LL GET 'EM TO YOU LATER IF YOU LIKE 'EM.
BUT YES, WE DO COMMUNITY GARDENS.
SO THAT SEEMS DON'T HAVE TO BEND OVER AND PUT 'EM ON THE GROUND.
THEY'RE, THEY'RE KIND OF AT COUNTERTOP HEIGHT.
UH, SENIORS LIKE TO GROW HERBS, AND EVEN IF THEY DON'T, WE'LL, WE'LL, THERE'S USUALLY A FEW SENIORS THAT WILL TAKE THAT OVER AND ALMOST KIND OF CREATE A CLUB AND, YOU KNOW, GROW DIFFERENT THINGS, SPICES, HERBS, DIFFERENT, DIFFERENT THINGS THAT PEOPLE LIKE TO HAVE.
AND IT'S A NEAT THING TO SEE TOO.
AND SO YOU DO PROVIDE THE INFRASTRUCTURE, THE WATER AND WHATNOT FOR THAT TYPE OF EFFORT? WE DO.
WE BUILD, WE BUILD THE RACE PLANTER BEDS, AND THEN WE KIND OF, WE DON'T CHARGE PEOPLE TO USE 'EM.
WE KIND OF, WE HAVE TO HAVE IT WAY TO KIND OF BOX IT OFF AND SAY, YOU GET THIS SECTION, YOU GET THAT SECTION.
IT'S KIND OF FIRST COME, FIRST SERVE.
UH, BUT YES, WE DO BUILD THOSE.
ANYBODY, UM, JUST WHAT, BEFORE THIS COMES BACK NEXT TIME, I'D LIKE YOU TO, YOU KNOW, IF YOU COULD REACH OUT TO EITHER DR.
BILL OR CITY OF DALLAS, WHOEVER CONTROL THIS INTERSECTION AND SEE ABOUT SOME, YOU KNOW, JUST SOME MODEST TO, TO THE, TO THE, UM, CROSSWALK GOING TO THE WEST TO THE SURE.
THIS ISN'T ABOUT THE PROJECT AT ALL.
IT'S A TECHNICAL QUESTION ON THE
[01:10:01]
RESOLUTION.I DON'T KNOW IF NOWS TIME TO BRING THAT UP OR, YEAH, GO AHEAD.
AND THAT IS THE, THE RESOLUTION THAT REFERENCES THE MOU JUST SAYS EIGHT MOU, THEN REFERENCE THE ONE THAT WE'VE BEEN GIVEN.
IS THAT MOU FINAL? IS THAT PRETTY MUCH IT? IT'S A NEGOTIATED MOU, RIGHT? YEAH.
SO I'M JUST WONDERING IF THE RESOLUTION CAN HAVE US PROVE THAT THE MOU YOU SO WE CHANGE A TO LEAD YEAH.
IT IS ATTACHED EXHIBIT A OR BEFORE, OR HAVE WHATEVER LANGUAGE WE LIKE.
YEAH, WE CAN, WE CAN CERTAINLY MAKE THAT TWEAK.
I MEAN, THE ACTION IS, YOU KNOW, IT IS MEMORIALIZING THE ACTION YOU'RE TAKING TODAY, WHICH IS APPROVING THAT MOU, WHICH HAS BEEN PRESENTED.
BUT WE CAN CHANGE THE WORDING IF THAT'S WHAT YOU WANT.
THE RES THE ACTUAL LANGUAGE OF RESOLUTION DIDN'T SEEM TO TIE IT TO WHAT WAS PRESENTED.
SO I, I'LL MAKE I WHAT IT SAYS DOES, WELL, I, I DOWNLOAD AT THE REPORT, SO SOMETIMES MAYBE THEY GET, AM I LOOKING AT THE WRONG THING? ONE, ONE COMMENT.
FEEL FREE TO FEEL FREE TO TELL ME NO.
UH, WHEN, WHEN YOU ATTACH THE MO YOU TO, SO WE'VE TURNED IN OUR TAX CREDIT APPLICATION TO TD.
AND THAT TAX CREDIT APPLICATION MEETS THEIR UNDERWRITING REQUIREMENTS, WHICH IS, WHICH IS KIND OF A, A, A POINT IN TIME.
THIS MOU IS DIFFERENT IF, IF WE, I'VE GOTTA GIVE THIS RESOLUTION TO T-D-H-C-A.
IF THE MO U'S ATTACHED TO IT, THEY THEN ANYTHING IN THE STATE OF TEXAS GETS, THEY'VE GOTTA GO UNDERWRITE AND REVIEW.
AND SO THAT COULD ADD COMPLICATION TO T-D-H-C-A.
SO I WOULD NOT ATTACH THIS MOU TO ANYTHING IN THE STATE.
I WAS LOOKING AT THE WRONG PAGE.
OR IF IT'S NOT IN THE RESOLUTION, IS THERE SOME UNDERSTANDING THAT THAT IS WHAT WE'VE APPROVED AS OPPOSED TO AUTHORIZING THE NEGOTIATIONS? YEAH, WE CAN, WE CAN, WE CAN TWEAK THE LANGUAGE TO, UM, CLARIFY THAT AS THE ONE THAT WAS YEAH.
PRESENTED TO THE BOARD, EXECUTED AND DATED THE NEXT DATE OR SOMETHING, OR JUST THE FORM IT KNOW YOU PRESENTED.
ANYONE, ANYONE WANNA MAKE A MOTION FOR THAT QUESTION? SO DOES THAT PRESENT COMPLICATIONS OR IS IT NO, THAT'S FINE.
SO WE HAVE TO HAVE, WE HAVE TO HAVE THE T-D-H-C-A NEEDS A RESOLUTION SAYING THAT WE KNOW YOU'RE PART OF THIS 'CAUSE WE REPRESENTED THE STATE, BUT WE DO NOT NEED TO SEND, SEND THEM BMO HERE.
IF WE'RE READY, I'LL, I'LL MOVE.
WE APPROVE ALL THIS, UH, WITH A MOD MODIFICATION TO THE, TO THE ACADEMY.
ONE IS FORM NUMBER ONE RESOLUTION.
WE HAVE A MOTION TO SECOND, SECOND FOR, UH, TREASURER MARSHALL JACKIE, OR YEP.
CALL VICE PRESIDENT SEAN ALLEN, APPROVED DIRECTOR SHALANDA EBOLA APPROVED TREASURER JACK MARSHALL C APPROVED DIRECTOR PATTY COLLINS APPROVED DR. KEVIN HINTON, APPROVED DIRECTOR LESLIE BRUIN, PRESIDENT DAVID ELLIS, APPROVED DIRECTOR CLIFF FRIEDMAN APPROVED DR. OLIVER ROBINSON APPROVE.
DR. RYAN MOORE, SECRETARY TONY PAGE APPROVED.
SEAN ZADY, APPROVE ITEM PASSES.
HOPEFULLY WE'LL SEE YOU IN A FEW MONTHS.
UH, WE'RE GONNA GO TO THE
LOCATED, LOCATED AT 1 8 2 3 HALL STREET, DALLAS, TEXAS 7 5 2 0 4.
CONSIDER ADOPT A RESOLUTION APPROVING A ME, A MEMORANDUM OF UNDERSTANDING WITH FRH REAL TLLC IN FAIRFIELD AFFORDABLE HOUSING FUND, TRANCE 15 LLC, OR A DESIGNATED AFFILIATE FOR THE ACQUISITION FINANCING, DEVELOPMENT AND OPERATION OF HALL STREET APARTMENTS, A MULTIFAMILY RESIDENTIAL DEVELOPMENT.
CONSIDER AND ADOPT A RESOLUTION APPROVING THE CREATION OF A LIMITED LIABILITY COMPANY WITH THE CORPORATION AS THE SOLE MEMBER WITH THE TEXAS SECRETARY OF STATE TO BE NAMED DHFC, HALL STREET, GLLC, IN APPROVING THE FORM AND SUBSTANCE OF A LIMITED LIABILITY, UH, COMPANY AGREEMENT AND THE EXECUTION THEREOF.
CONSIDER TO ADOPT A RESOLUTION APPROVING CREATION OF A LIMITED LIABILITY COMPANY WITH A CORPORATION AS THE SOLE MEMBER WITH THE TEXAS SECRETARY OF STATE TO BE NAMED THE HFC HALL STREET CONTRACTOR, LLC,
[01:15:02]
AND APPROVING THE FORM AND SUBSTANCE OF A LIMITED LIABILITY COMPANY AGREEMENT AND THE EXECUTION THEREOF.D CONSIDER AND ADOPT A RESOLUTION APPROVING THE CREATION OF A LIMITED LIABILITY COMPANY WITH A CORPORATION AS THE SOLE MEMBER WITH THE TEXAS SECRETARY OF STATE TO ME, NAMED DHFC, HALL STREET DEVELOPER, LLC, AND APPROVING THE FORM AND SUBSTANCE OF A LIMITED LIABILITY AGREEMENT AND EXECUTION THEREOF.
AND CONSIDER E CONSIDER AND ADOPT A RESOLUTION OF PROVING THE CREATION OF A LIMITED LIABILITY COMPANY WITH CORPORATIONS AS A SOLE MEMBER WITH THE TEXAS SECRETARY OF STATE TO BE NAMED DHSC, HALL STREET LANDOWNER, LLC, APPROVING A FORM AND SUBSTANCE OF THE LIMITED LIABILITY COMPANY AGREEMENT AND EXECUTION THEREOF.
MAYBE THE LONGEST DISCUSSION FOR LAST, MAYBE NOT.
UH, WE'VE ALSO SEEN THIS AT AN INDUCEMENT.
IT HAS NOT ON THE COUNCIL YET, UH, THAT IT'S ON THE SKIN THE SUMMER, BUT THEY'RE VERY POOR
AND, UH, IT'S DENNIS STEWART AND STEVEN TO FROM
BEFORE YOU START, MAYBE JUST, IS THIS NORTH HALL STREET OR SOUTH WALL STREET? NORTH HALL STREET.
SO NORTH HALL STREET, CONTINUE.
UH, MY NAME'S DANIEL STEWART, VICE PRESIDENT OF DEVELOPMENT OF FAIRFIELD RESIDENTIAL COVERING IN TEXAS MARKETS WITH ME AND STEVE TORAH, VICE PRESIDENT OF AFFORDABLE HOUSING.
UH, I WILL GO THROUGH THE DEAL, THE DEAL SUMMARY, UH, A LITTLE BIT OF THE HISTORY, A LITTLE BIT ABOUT FAIRFIELD, AND THEN I'LL KICK IT OVER TO STEVEN TO THE RESOURCE USES OF THE, UH, MOU TERMS. UH, AND WE ARE, UH, WE ARE SEEKING APPROVAL FOR, UH, ALL THE THINGS THAT THE PRESIDENT PREVIOUSLY STATED.
I WON'T REGURGITATE ALL OF THAT SMOKE.
UM, SO WITH JUST A LITTLE HISTORY ON FAIRFIELD, UH, WE WERE FOUNDED IN 1984.
UH, WE'RE A FULLY INTEGRATED DEVELOPER, OWNER OPERATOR.
UH, WE'VE BUILT OVER 300 PROJECTS IN OUR COMPANY'S HISTORY, MANY OF WHICH IN TEXAS, UH, CURRENTLY WE HAVE AROUND 45,000 UNITS UNDER MANAGEMENT.
UM, SO WE HAVE IN-HOUSE DEVELOPMENT, DESIGN, CONSTRUCTION, UH, AFFORDABLE COMPLIANCE, PROPERTY MANAGEMENT, UH, SO FORTH.
SO ALL OF THAT IS HANDLED IN HOUSE WITH, WITH A VERY EXPERIENCED TEAM.
UM, WE DON'T NEED, THESE ARE JUST RELEVANT, UH, RELEVANT PERSONALITY.
JAMES, WELL, HE WAS A YEAR BEFORE ME.
I KNEW HIS BROTHER, WHO'S MY YEAR AS WELL.
TODD RUNS CONSTRUCTION FOR, UH, ALL OF TEXAS FOR US.
WE'RE DOING BUSINESS HERE TODAY.
THESE, THESE ARE JUST SOME OF OUR CONSULTANTS.
WE'RE USING HLR AS A VERY EXPERIENCED ARCHETYPE FOR THIS PRODUCT TYPE.
UM, WE'RE, WE'RE EXCITED TO BE WORKING WITH THEM.
D G'S DONE A LOT OF GREAT WORK FOR US IN TOWN.
SO, UM, JUST A FEW OF THE CONSULTANTS WE'RE WORKING WITH, IF WE CAN JUMP AHEAD.
UH, SO THESE ARE ALL 60% A MI UNITS.
SO THIS IS A FOUR STORY WRAP PRODUCT WITH A SIX STORY PARKING GARAGE, TYPE FIVE CONSTRUCTION, UH, LOCATED AT THE SOUTHEAST CORNER OF HALL STREET AND 75.
UM, JUST A LITTLE HISTORY ON THE SITE.
SO GOING BACK ABOUT 10 YEARS, DHA ON THE SITE AND PLAN TO DEVELOP IT WITH HUD, UM, THEY WERE NOT ABLE TO PROCEED.
SOLD A SITE TO TRANSIT RESIDENTIAL, UH, WHO CONTEMPLATED A, UH, SIX STORY RESIDENTIAL BUILDING WITH A GROCERY STORE COMPONENT.
UH, I SHOULD ALSO, SORRY, BACKING UP, I SHOULD POINT OUT.
DHA, UH, PLACED A DEED RESTRICTION ON THE SITE REQUIRING 20% OF THE UNITS AT 60% A MI.
UH, SO WHEN THEY SOLD THE SITE, TORIN RIN, UH, WAS SEEKING A NEIGHBORHOOD EMPOWERMENT ZONE TO ESTABLISH A NEIGHBORHOOD EMPOWERMENT ZONE, UM, FOR A TAX ABATEMENT IN RETURN FOR THE AFFORDABILITY.
UM, SO THEY BROUGHT IN KROGER, THEY WEREN'T ABLE TO PROCEED.
AND IN 2020, KROGER BOUGHT OUT.
RIN BROUGHT IN SOUTHEASTERN DEVELOPMENT OUT OF ATLANTA TO HANDLE THE MULTI-FAMILY PORTION.
AND, UH, KROGER OPTED TO NOT PROCEED.
[01:20:01]
BROUGHT DIRECTLY TO US IN 2024, AT WHICH POINT WE PLACED IT UNDER CONTRACT.UH, AND INITIALLY WE CONTEMPLATED THIS AS A PFC, AND, YOU KNOW, ARE CURRENTLY LOOKING TO DEVELOP THIS AS LITECH.
UH, OUR CURRENT TIMELINE SHOWS US CLOSING THE LAND IN DECEMBER OF THIS YEAR WITH A LIKELY CONSTRUCTION START IN EARLY Q1.
UH, I'LL, I'LL TALK THROUGH SOME OF THE AMENITIES THAT WHEN WE GET TO THE CONCEPT PLAN SO WE CAN JUMP AHEAD.
SO WE LOOK AT THIS AS A PRETTY UNIQUE OPPORTUNITY TO BUILD A 60%, UH, LITECH PROJECT AND A TRULY INFILL MARKET RATE LOCATION, UH, WITH, YOU KNOW, DIRECT ACCESS TO INTOWN DALLAS, UPTOWN, DOWNTOWN, UH, FLORIDA, GREENVILLE, DEEP
UH, SO WE, WE LOVE THIS LOCATION, UH, AND THINK IT REALLY, UH, IS A UNIQUE OPPORTUNITY TO PROVIDE HIGH QUALITY, AFFORDABLE HOUSING AND, AND A REALLY AN IRREPLACEABLE LOCATION.
THIS IS JUST THE CONCEPT PLAN SUPERIMPOSED.
UH, HERE'S OUR CENSUS TRACK SHOWING FAMILIES BELOW POVERTY AT 11.32%.
UM, NEARBY, UH, LITECH, WE'VE GOT ROSELAND, THE DHA OWNED PROPERTIES ACROSS THE STREET, UH, CURRENTLY UNDERGOING A PRETTY SUBSTANTIAL CAPITAL IMPROVEMENT PROJECT.
OTHER QUESTION? NO, UM, THIS IS JUST SHOWING SOME OF THE MARKET RATE COMPS.
UM, AND WE CAN GO TO THE NEXT SLIDE JUST TO KIND OF DEMONSTRATE THE DISCOUNT TO MARKET THAT WE'RE PROPOSING.
SO, UM, YOU KNOW, THESE COMPS AVERAGE AROUND TWO 60 A FOOT, 2174.
SO, YOU KNOW, FOR COMPARABLE FLOOR PLANS AND FOR COMPARABLE PRODUCT TYPE, UH, WE'RE LOOKING AT LIKE A 700 PLUS OR MINUS DOLLAR DISCOUNT.
UM, SO WE CAN GO TO THE NEXT SLIDE.
ISN'T THERE MARKET, LIKE RIGHT ADJACENT TO IT, BUT IT'S NOT ON THERE? OR AM I MISSING, SORRY, THE ICON OR ISN'T THAT IT'S LIKE RIGHT NEXT TO YOU GUYS? IT'S, IT'S A, IT'S A, IT'S A 15-YEAR-OLD DEAL.
AND SO TYPICALLY WE WOULDN'T CONSIDER, UM, AN OLDER VINTAGE PRODUCT TO BE COMPARABLE, BUT, UM, POINT TAKEN, UH, IT, WE WOULD STILL BE THREE TO $400 BELOW ICON FOR BRAND NEW PRODUCT, BETTER AMENITIES, SO FORTH.
UH, AND THIS JUST SHOWS, YOU KNOW, BUS STOP, PROXIMITY TO TRANSIT PARKS, UM, YOUR GROCERY STORES AND, AND OF COURSE ALL THE JOBS AND, AND THEN JUST YOUR VEHICLE TRAFFIC.
I THINK THE DRIVE DRIVEWAY IS GONNA BE PRETTY PHENOMENAL.
UH, HERE'S OUR PROPOSED CONCEPT PLAN.
SO I'LL JUST TALK THROUGH A FEW OF OUR AMENITIES.
SO AGAIN, THIS IS A RELATIVELY, I THINK, UNIQUE FOR A A 60% LITECH PRODUCT, UH, TO BE ABLE TO BE BUILT AS A TYPE FIVE CONSTRUCTION WITH A CONNECTED PARKING GARAGE.
SO HERE'S HALL STREET, THIS WILL BE OUR PRIMARY ENTRANCE.
UH, WE'RE ALSO GONNA HAVE A SECONDARY ENTRANCE OFF HERE.
THIS STREET DOES NOT EXIST RIGHT NOW.
WE'RE PLANNING TO CONSTRUCT A PRIVATE DRIVE, UH, TO PROVIDE JUST BETTER CIRCULATION FOR OUR RESIDENTS, JUST GIVEN KIND OF THE SUGGESTION THAT YOU CAN FIND ON WALL STREET RIGHT THERE.
UM, THIS WILL BE OUR LEASING OFFICE, OUR FIT, OUR FITNESS CENTER, BUSINESS CENTER, MAIL ROOM.
UM, YOU KNOW, A PASSIVE COURTYARD HERE.
PLAYGROUND WILL BE IN THIS ENCLOSED COURTYARD HERE AGAINST THIS SINGLE LOADED CORRIDOR.
AND I THINK WHAT WE'RE MOST EX ANOTHER PASSIVE COURTYARD OVER HERE.
I THINK WHAT WE'RE MOST EXCITED ABOUT, UH, IS OUR SKY LOUNGE.
UM, WE, I DON'T THINK, I CAN'T THINK OF MANY OTHER AFFORDABLE PROJECTS THAT, UH, WOULD PROVIDE AN AMENITY LIKE THAT, UH, ON THE FOURTH FLOOR.
AND, AND AS WE GO TO THE, UH, COUPLE SLIDES DOWN, YOU'LL BE ABLE TO SEE THE VIEWS THAT THEY'LL BE ABLE TO HAVE FROM THERE.
UM, THIS IS GONNA BE, THEY'LL, THERE WILL BE LIKE A FLEX KIND OF EVENT SPACE, UH, CLASSROOM SPACE, AS WELL AS A MAKER, UH, CREATIVE SPACE.
UH, SO THIS, THESE ARE OUR, WE'RE THROUGH, UM, SD RIGHT NOW.
SO WE ARE, WE ARE IN THE DESIGN DEVELOPMENT, UM, CURRENTLY TARGETING TO WRAP THAT UP IN ROUGHLY JULY.
UM, WE'VE GOT ABOUT A 200 YARD STRETCH OF BUILDING ALONG HALL STREET.
SO, YOU KNOW, WE'VE, WE'VE WORKED CLOSELY WITH OUR ARCHITECT TO ENSURE THAT THIS BUILDING IS BROKEN UP AND DOESN'T JUST LOOK LIKE, YOU KNOW, ONE BIG LONG, BORING BUILDING.
AND A COUPLE OF THE OTHER ELEVATIONS.
[01:25:01]
YOU KNOW, UH, HERE'S OUR BUILDING.UH, THE, THE FOURTH FLOOR, UH, SKY DECK WILL BE RIGHT HERE.
SO THEY'LL HAVE UNABATED VIEWS OF DOWNTOWN AND UPTOWN IN PERPETUITY, GIVEN THAT, UH, NO ONE'S BUILDING ON 75.
JUST ANOTHER VIEW OF WHAT OUR BUILDING IS GONNA LOOK LIKE.
UM, AND THEN, YOU KNOW, WE DON'T NEED TO SPEND MUCH TIME ON THESE, BUT JUST SOME SIMILAR PRODUCTS THAT WE'VE BUILT IN DALLAS THAT HAVE ALSO HAD, UH, AN AFFORDABLE COMPONENT.
BUT THEN I'LL KICK IT OVER TO STEVEN.
YEAH, HAPPY TO JUMP INTO THE CAPITAL STACK HERE.
UM, SO SIMILAR TO THE PRIORITY PROJECTS, LOW INCOME HOUSING TAX.
$60 MILLION FIRST MORTGAGE HERE.
UH, AND THEN KIND OF THE UNIQUE ITEM HERE, UH, IS THE GENERAL PARTNER LOAN.
SO FAIRFIELD'S MAJORITY OWNED BY THE CALIFORNIA STATE TEACHER'S RETIREMENT SYSTEM.
THEY'VE GIVEN US, UH, EQUITY TO INVEST IN THESE DEALS.
WE DO IT GIVEN THE TAX CREDIT STRUCTURE IN THE FORM OF A LOAN, BUT WE'RE JUST A BIT UNDER $10 MILLION WE'RE PLANNING TO CONTRIBUTE TO THIS PROJECT.
AND THEN DEFERRED DEVELOPERS AS WELL.
SOMEBODY ASKED ABOUT TAX CREDIT PRICING EARLIER.
WE HAVE OURS TAGGED HERE IN THE MODEL AT 84 CENTS.
UM, WHICH WE FEEL LIKE IS IN LINE WITH THE MARKET COST OVER HERE ON THE RIGHT.
UM, SUBSTANTIALLY HIGHER PER UNIT COST THAN OTHER PROJECTS.
PROBABLY MOST NOTABLY BECAUSE OF THE STRUCTURED PARKING.
IS IT WORKING 'CAUSE OF SCALE? 'CAUSE IT'S JUST SO BIG AND JUST NOT SEEING THAT PRICE POINT ON OUR HUGE, THAT'S MASSIVE.
DOES THAT MEAN, IS IT BECAUSE WE HAVE SO MANY UNITS THAT THEY CAN OKAY.
THE COST ACROSS ALL THE UNITS.
IS THERE ANY DEAL OUT THERE THAT'S $150 MILLION? THIS IS ONE OF THE FEW.
YEAH, BUT WESTERN ILLINOIS, THAT WAS NO, I MEAN, JUST IN GENERAL, TEXAS.
IT'S ONE OF THE LARGER ONES THAT I'VE SEEN.
SO THIS KIND OF ENCOMPASSES THE CAPITAL STACK.
UH, IF WE MOVE DOWN TO THE NEXT SLIDE, I THINK IT'S TWO SLIDES ARE THE TERMS FROM THE MOU.
THESE ARE IN LINE WITH KIND OF OTHER THINGS YOU'VE SEEN TODAY THAT IT'S A BLEND, UH, REALLY OF KINDA SEVEN OR EIGHT ITEMS. SO A SHARE, UM, OF THE PAID DEVELOPER FEE AS WELL AS THE DEFERRED DEVELOPER FEE AT 20%.
UH, A GROUND LEASE PAYMENT THAT STARTS AT 115,000 AND JUMPS UP IN YEAR 15 TO 400,000.
UH, AND THEN A 1.5, UH, GROSS SALES PROCEEDS ON HERE AS WELL.
THE, IS WHAT'S THE ISSUANCE FEE? UH, THE UPFRONT 4 35.
UH, IS 10 BASIS ISSUANCE THE SAME THING.
I DON'T SEE THE ISSUANCE FEE LABELED THAT.
IS THAT USUALLY 50 BASIS POINTS? IT IS 50 BASIS POINTS.
SO I MEAN, RIGHT NOW WE'RE LOOKING AROUND $70 MILLION, SO IT SHOULD BE AROUND THREE 50.
SO I THINK THAT'S THIS, THAT MIGHT BE IN THE ADVISORY, CORRECT? YEAH.
SO HAPPY TO ANSWER ANY QUESTIONS.
UH, BETWEEN ON THE CLEAR GROUND LEASE PAYMENTS? YES.
WHERE IS THAT? THAT'S RIGHT HERE.
UM, ON THE, UH, ADMINISTRATIVE FEE.
UM, PRE AND POST IS HOW WE'VE LABELED THAT HERE.
AND WHERE IS THAT THE, IT'S BEFORE FIXED GROUNDING PAYMENTS.
WHERE DOES THAT COME IN ORDER? UH, IS IT, IT'S BELOW LONG, CORRECT.
BUT IT'S BEFORE ANY CASH FLOW SPLITS TO CORRECT, CORRECT INVESTORS? YEP.
I MEAN, WE'RE STILL KIND OF EARLY.
WE HAVEN'T REALLY GOTTEN, OBVIOUSLY THAT IS THE INTENT TO HAVE.
HOW MANY UNITS AGAIN DID YOU SAY IT WAS? 354.
AND WHAT'S THE AND THE, UH, PORTABILITY OF IT? A HUNDRED PERCENT.
THIS IS, UH, I MEAN, BRINGING THIS MANY UNITS INTO THIS AREA IS FANTASTIC.
I, I, THIS DISTRICT ORAIN MY DISTRICT, UM, I MEAN IT, THIS IT IS LOCATION.
YOU'RE RIGHT BY BRIDGE PARK AND YOU'RE LIKE, YEAH, NO, IT'S, I
OBVIOUSLY YOU'VE SPOKEN TO 'EM AND WE'RE ALL, SO I SPOKE, I MET WITH COUNCIL MEMBER RIDLEY PRIOR TO SUBMITTING, UH, THIS PROJECT AS A PFC.
UM, AND THEN WHEN WE, WHEN WE CHANGED COURSE, UH, TO A FULLY AFFORDABLE DEAL, I, I NOTIFIED HIM AND ASKED IF HE POINTED ME AND SEND, WE SUBMITTED IT.
SO I, I COULDN'T REACH OUT TO HIM AGAIN.
BUT I MEAN, HE'S, HE WAS VERY SUPPORTIVE.
YEAH, HE'S GENERALLY, HE'S BEEN SUPPORTIVE SINCE, UH, ESTABLISHED.
WHEN ARE YOU GUYS FROM ME COUNCIL? JUNE.
UM, YEAH, WHEN, WHEN RIDLEY WAS FIRST ELECTED, THIS IS BACK WHEN KLU WAS STILL INVOLVED.
[01:30:01]
HE WAS VERY ACTIVE ABOUT TRYING TO GET THE SITE DEVELOPED.I MEAN, I KNOW IT'S BEEN, YOU, YOU KNOW, FOR PEOPLE PERRY BROTHER TRYING TO GET THE SITE DEVELOPED BEEN, YEAH, HE WAS, HE WAS VERY SUPPORTIVE OF THE OKAWA.
WHAT'S THAT? HE WAS EXCITED ABOUT THE OKAWA.
YEAH, HE, HE'S, HE'S, HE'S SUPPORTIVE.
WHAT, WHAT YEAR IS THIS GOING INTO? THIS? IS THIS YEAR'S 26TH? IT'S 26? MM-HMM
HOW FAR ARE WE, HOW FAR ARE WE FROM ROSALYN? ROSELAND? SORRY? ROSELAND.
ROSELAND IS IS ON THE NORTH SIDE OF, WELL, A HOLE.
IT'S ON THREE WHERE THEY'RE GOING IN FOR A 4% AG REHAB.
IS THAT CORRECT? THAT'S OUR UNDERSTANDING.
IS IT THE SAME YEAR? WE KNOW THEIR REVENUE WAS JUST APPROVED LAST MONTH, BUT THEIR BOND ISSUANCE, DO WE KNOW WHAT THAT'S, I DON'T KNOW.
RIGHT? BUT IT'S RENOVATION VERSUS CONSTRUCTION.
DOES THAT MATTER ON THE WHOLE TEST ONE YEAR? THREE, THE WHOLE ONE MILE, THREE YEAR TEST? WELL, IT HASN'T RECEIVED IT.
LIKE IT'S STILL AN APPLICATION, BUT IF IT DOES, IF WE ALL GET THE ALL CLOSED AT THE SAME TIME, WEIDE AGAINST EACH OTHER, I DON'T KNOW.
I'VE NEVER HAD, WE'VE NEVER THAT PROBLEM.
YOU HAVEN SEEN THAT I ONE YEAR THROUGH, ISN'T THERE A ONE MILE THREE YEAR RULE? THERE IS.
I MEAN, THEY, THEY DO, THEY DO PROBABLY WAIVERS FOR THAT IF, IF YOU TALK TO T-D-H-C-A AND GET THAT THROUGH AND THEY, THEY'VE DONE THAT BEFORE.
BUT I DON'T KNOW THE PROCESS AND WHAT IT, SO THERE'S AN ABILITY TRIGGERS FROM ACQUISITION? I GUESS THE QUESTION BECAUSE WE'RE NOT THE, I THINK A GENERAL PROPERTY, UH, THAT IT'S ATION, WE HAVE TO FIGURE OUT WHEN THAT WAIVER WILL BE REQUIRED.
LIKE IF IT'S ON BONDS ISSUED IN THE PREVIOUS YEAR, DOES THAT START THE CLOCK? LIKE, WE FINE AT THE SAME TIME?
I MEAN, I JUST SAW THE, DO THEY HAVE A GENERAL CONTRACTOR? LIKE DO THEY HAVE EVERYTHING SIGNED THERE? I JUST, I DON'T KNOW.
I'M JUST MARK, THEY'RE, THEY'RE DOING IT.
UM, I JUST THINK IT'S JUST, HEY, WHAT HURDLES 'CAUSE YEAH, BUT IF IT TAKES THEM TWO OR THREE YEARS TO GET, THEY'RE ACTUALLY DOING WELL, I THINK IT'S ABOUT WHEN YOU CLOSE OR IT'S NOT PLACED IN SERVICE, IT'S WHEN YOU CLOSE, RIGHT? YEAH.
THEN IT'S WHEN YOU CLOSE ON THE CREDITS, UH, THEORETICALLY CLOSE AT THE SAME TIME THAT WE REALLY GOTTA MAKE SURE WE'RE ON TOP OF THAT.
IS THAT WE, WE'LL FIGURE THAT OUT.
I SHOULD, YOU SAID YOU'RE ADDING, UH, LEG OF ROAD BETWEEN LOCK-INS AND COCHRAN, IS THAT RIGHT? YEAH.
UH, IS THERE UH, AN ACCESS ROAD OR A FROM THE HIGHWAY? THE DEVELOPMENT BELOW HAS ROAD RIGHT NEXT TO IT.
THE SAND ALL THE WAY THE DEVELOPMENT BELOW IT.
SO LIKE A ROAD THEN IT LOOKS LIKE IT'S PAVED, BUT I DON'T KNOW IF IT'S IN NEWS.
SO CAN WE GO BACK TO THE MAP? ARE YOU, ARE YOU TOUCHING SOMEBODY ELSE? FRANK, RIGHT? YOU WAS TALKING ABOUT THAT KINS ROAD.
SO I THINK WHAT YOU'RE, THAT CUTS ACROSS OUR SITE.
IS THAT THE ONE YOU'RE REFERRING TO? NO, IF THERE'S A MAP, BECAUSE THERE WAS A ROAD THAT CUT THROUGH OUR SITE.
IT'S AN ABANDONED ALLEYWAY ON NORTH CENTRAL EXPRESSWAY, RIGHT ABOVE ROCK ROSE DRIVE.
IT APPEARS TO THE RIGHT AND THEY HAVE LIKE A SOUND RETENTION WALL AND THEN THAT STOPS.
UM, SO BASICALLY IF IT'S THAT GRADE THAT CAN ACCESS 75, WHETHER OR NOT THAT RETENTION WALL IS OR ACTIVITY SOUNDPROOFING WALL, UM, IT'S GONNA EXTEND NORTH ALL THE WAY.
THE, YEAH, LIKE WE WON'T HAVE ANY ACCESS HERE LIKE THIS.
THIS WILL JUST CONNECT TO COCHRANE AND THEN YOU CAN GO HERE, TAKE HALL STREET TO 75.
UH, BUT WE WON'T HAVE ANY DIRECT ACCESS.
WHO? WE'LL, THE WALL BE CONSTRUCTED.
IS THE WALL CURRENTLY EXISTS? WE WON'T BE MESSING WITH THE SOUND WALL.
I, I'M NOT SURE IF WE'RE OPEN.
SAME THING, I GUESS IS THE QUESTION.
YOU'RE WORRIED ABOUT THE SOUND THAT'S GONNA HIT TOO? WELL, IT IS.
THERE'S SAFETY ISSUE OF, BY THE TIME YOU GET TO THIS
AND THEN ON THE SOUTH SIDE, I DON'T KNOW IF THE WALL'S EVEN CONSTRUCTED ALL THE WAY.
SO IT ACTUALLY HAS AN ACCESS TO 75.
ARE YOU, SO YOU'RE SAYING, YOU'RE TALKING ABOUT HERE.
SO HERE IT'S AT ABOUT 30 FEET AND
[01:35:01]
YEAH.AND BY THE TIME IT GETS TO HERE, IT'S, YOU KNOW, LIKE FIVE OR 10 FEET.
BUT, AND I'M MORE CONCERNED ABOUT THE SOUTH SIDE, SOUTH, SOUTH SIDE HERE.
THIS IS, THIS IS SOUTH AND HERE, THESE ARE TOWN HOMES RIGHT HERE.
SO SOUTHWEST SIDE IS THE, SO IS THE, IF YOU GO TO TWO SLIDES DOWN, MAYBE SEE, YOU SEE THE AIR CAN TELL ONE MORE.
IS THIS WHAT YOU'RE KIND OF LOOKING AT THIS, SEE HERE ON THIS THING, RIGHT? SO SEE THE RAMP RIGHT THERE? YEAH.
SO RIGHT UP THE TURN THE RAMP ON THE LOWER END, THERE'S A ROAD THAT HERE TO THE RIGHT AND IT LOOKS LIKE IT SHUT OFF, BUT THERE'S JUST A GATE.
SO THERE'S OPEN ACCESS TO THE HIGHWAY.
WELL, OUR SITE WON'T BE CONNECTED TO THAT.
SO WE DON'T HAVE ANYTHING SOUTH OF THAT ROAD, RIGHT? LIKE THIS IS, THIS IS OUR PROPERTY OR NO, THIS IS OUR PROPERTY LINE RIGHT HERE.
IT SEPARATES THAT THERE'S A LITTLE ROAD.
THIS IS COCHRAN AND DEAD ENDS RIGHT HERE.
SO WE'RE PROPOSING CONSTRUCTING PRIVATE DRIVE.
SO THEY'RE GONNA CONNECT THIS EDGE ALL THE WAY THAT'S RIGHT.
SO ANYTHING THAT EXISTS CONNECTING OFF OF WATKINS AND COCHRAN, RIGHT? LIKE THAT'LL, LIKE NOTHING WILL CHANGE THERE, BUT WE'RE JUST ADDING THIS PRIVATE DRIVE THAT WE'LL JUST ADD CIRCULATION.
IT DOES A HERE'S THE ENTRANCE.
YEAH, THAT'S ON THE OTHER SIDE.
IS YOUR CONCERN THAT IT'S CONNECTED TO 75 RIGHT THERE? CAN YOU GET A ROOF TRAPP CUT THROUGH OR WHAT WAS YOUR CONCERN ABOUT THAT? UH, I MEAN JUST SAFETY AND CONTINUITY OF IF IT WAS CONNECTED, I, I SEE THERE'S THE DOWNTOWN POLICY SEAT THAT'S IN THE MIDDLE, BUT MAINTAINING THAT CONTINUITY BECAUSE IT COMMUNICATES PEOPLE FROM COMING INTO THE PROPERTY AS WELL.
BUT WAIT, SAID THAT'S OUTSIDE OF, IT'S ON THE SOUTH SIDE OF THE, IT IS A LITTLE WEIRD STUFF.
I DON'T EVEN KNOW WHAT THAT IS.
WELL IT LOOKS LIKE IT MIGHT HAVE BEEN AN ACCESSIBLE ROAD AT ONE POINT 'CAUSE IT DOES CONNECT BACK THE SURFACE ROAD NORTH, BUT IT LOOKS LIKE IT'S ALL LOCKED OFF.
MAPS, BUT IT STILL TAKE THAT TURN, RIGHT? THE PART IS CONNECTED TO THE FIRE DEPARTMENT.
YEAH, I THAT IS FIRE DEPARTMENT, BUT THEY FOUND
I JUST GO, WE'LL PUT, THERE'S A CONNECTION THAT'S HERE.
HEY, CAN YOU GO BACK TO THE UM, DEAL TERMS SCHEDULE? UM, WHAT, WHAT'S THE DEAL WITH ROSE? CAN YOU GO BACK TO ROSEN FOR A MINUTE? LIKE HOW MANY UNITS ARE BEING RE IN THERE? IT'S THE WHOLE, HOW MANY, HOW MANY UNITS ARE IN THERE? I DON'T KNOW.
UM, THERE, I THINK THE GARDENS HAS WHAT, LIKE I THINK THEY'RE THREE 50 AND THEN THE TOWN HOMES THERE'S LIKE 120 MAYBE.
I'M SORRY I DON'T HAVE THOSE EXACT NUMBERS HEAD, BUT AROUND END, I KNOW THEY'RE PUTTING LIKE 50 GRAND A UNIT INTO THE MARKET.
HOW MUCH, HOW MUCH PER UNIT? 50 GRAND END OF THE MARKET RATE UNITS.
I, I THINK THEY HAD DEFERRED MAINTENANCE ON A LOT OF THE AFFORDABLE UNITS MM-HMM.
AND JUST SO Y'ALL KNOW, ROSALYN, THAT I OWNED BY DHA, UH, THERE'S BEEN ISSUES OF CRIME ON TIES THAT, YOU KNOW, GOT.
[01:40:01]
MENT WITH DHA AS WELL.AND SO WHAT THEY'RE DOING IS THEY'RE TAKING FOR A 4% REHAB, WHICH IS JUST GONNA BE A LOT OF CAPITAL INVESTMENT DOLLARS FOR TO THE PROJECT AS WELL.
I DO ANTICIPATE TO, YOU KNOW, SOLVE FOR THE PROBLEMS THAT THEY HAD IN PROPERTY.
BUT MY CONCERN WAS JUST DOES THAT GONNA CAUSE COMPLICATIONS BUILDING OUR PROPERTY, WHICH WE DON'T WANT TO HAVE HAPPEN.
SO IS THAT THE UNDER SIDE OF HOL STREET? YEAH, NORTH SIDE STREET.
I DROVE IT JUST RECENTLY AND IT DOES CAPITAL OF DOLLARS.
IT'S JUST CRIME HAS BEEN BIG ISSUE.
I'M SAYING WE'VE ALSO TAKEN THAT INTO CONSIDERATION WITH OUR BUILDING SECURITY, LIKE WITH HIGH SPEED ROLL UPDATES AND WE'LL HAVE COMPREHENSIVE CAMERA COVERAGE THROUGHOUT THE BILLING.
THE 400 YOU, IT'S GONNA CLEARLY DEN NICE CLOSE, SECURE.
AND HOPEFULLY IT'LL, HOPEFULLY IT'LL SPUR THE OWNERS THAT RETAIL, UM, ON THE NORTH SIDE OF HALL STREET TO REDEVELOP THAT.
SO QUESTIONS SINCE PAID DEVELOPER FEE IS 20% IN THE VERBIAGE, YOU LOOK AT THE CHART, THAT'S 15.
WHAT THE CHART HERE YOU'RE SEEING 15 UP, UP, UP, UP, UP.
20% IS GOING DC YEAH, SO IT'S POORLY LABELED HERE, BUT IT'S TOTAL DEVELOPMENT COST.
OH, THE OVERALL FEE OVERALL DEVELOP TDHA LIMITS THAT TO THE, OKAY.
BUT THE 20% OF THE COST IS WHAT WE'RE THAT'S THAT'S WHAT'S THE OVERALL DEVELOPER FEE? UM, 15 MILLION.
AND JUST SO YOU KNOW, OUR TYPICAL PUT OF THE FEE TYPICALLY IS AROUND 25, 30% JUST NOW THIS ONE I THINK GIVEN THIS IS IN A VERY HIGH OPPORTUNITY AREA LOCATION AND THE FACT THIS VERY, YEAH, IT IS NEGOTIATED POINT, BUT I THINK WE JUST NEED TO MAKE SURE THE DEVELOPER'S COMING IN, HEY, DON'T EXPECT 20, YOU KNOW, THAT'S NOT OUR STANDARD.
SO YEAH, I JUST TO REITERATE, WE HAVE NEVER HAD A SITE LIKE THIS.
AND OBVIOUSLY IT'S BEEN VERY DIFFICULT TRYING TO GET IT TO WORK WHERE JUST THE LAND ALONE IS 50,000 A YEAR.
THE LAND ALONE USUALLY WOULD KILL ANY OTHER AFFORDABLE DEAL.
NOW WE'RE FENDING A LITTLE MORE THAN WE NORMALLY WOULD TO TRY TO GET THIS SITE UNDER CONTROL.
SO, WELL I THINK THAT IS AN IMPORTANT POINT THAT AS THIS MOVES THROUGH THE PROCESS, I WANNA MAKE SURE PEOPLE ARE AWARE OF THAT THIS DEAL WOULD NOT HAPPEN IF WE WERE NOT WILLING TO RIGHT.
GIVE MORE THAN YOU NORMALLY WOULD.
UM, AND I KNOW WE'RE GETTING PUSHED A LOT TO DO THESE DEALS IN HIGH OPPORTUNITY AREAS.
AND I THINK GIVEN THAT MANDATE, I THINK, UM, YOU KNOW, I'M COMFORTABLE MOVING FORWARD, BUT I WANNA MAKE SURE EVERYONE KNOWS, YOU KNOW, THERE'S A LOT OF GIVE ON THIS, THESE PART IN ORDER TO MAKE THIS DEAL HAPPEN.
WE'RE NOT ABLE TO JUST SAY, OKAY, YOU WANT SOMETHING IN A HIGH OPPORTUNITY AREA, GREAT, HERE YOU GO.
THAT'S REDUCE WHAT THE CITY IS GONNA GET BACK FINANCIALLY.
IT'S, IT'S A LITTLE INTERESTING TOO.
IT'S A BIT OF A UNICORN BECAUSE DHA HAD OWNED IT AND THEY PUT THAT 20% RESTRICTION.
SO THAT'S WHY AS A MARKET RATE DEVELOPER, IT'S HARD TO PAY FOR THIS LAND AND SAY, OKAY, HOW AM I GONNA PAY FOR IT WAS 20 AND 60.
SO IT'S LIKE, IT'S BEEN MARKED FOR AFFORDABILITY, RIGHT.
BUT CAN YOU MAKE IT WORK IS THE REAL QUESTION VERSUS HOW MUCH ARE THEY SELLING IT FOR? AND OBVIOUSLY THEY BROUGHT US A PRETTY GOOD PROPOSAL.
IN FACT, YOU GUYS CAN MAKE IT WORK IS
'CAUSE TYPICALLY IN, IN A LOCATION LIKE THAT, THAT IS GONNA BE YOUR BIGGEST ISSUE AND GETTING ONE OF THESE DONE RIGHT OF OUR, OF THE CONTINGENCIES AND OUR PSA, UM, WE DON'T GO HARD UNTIL WE HAVE A BOND ALLOCATION.
AND SO TYPICALLY LIKE YOU'RE GONNA HAVE A MARKET RATE BUYER WHO'S GONNA OFFER, THEY MIGHT EVEN OFFER, YOU KNOW, THEY COULD OFFER A MILLION DOLLARS LESS, BUT THEY CAN GET HARD, THE SELLER CAN GET HARD MONEY AFTER 90 DAYS OR 120 DAYS, UM, WITHOUT THESE RISK FACTORS.
UM, SO TYPICALLY THEY WOULD OFFER FOR A MARKET MERCURY BUYER, BUT WE FORTUNATELY HAVE A VERY PATIENT SELLER WHO HAS WORKED WITH US FOR A COUPLE YEARS NOW AND, AND IS MORE INTERESTED IN SURETY OF CLOSING.
UH, SO IT'S JUST NOT A TYPICAL LAND SALE SCENARIO.
I'M TICKLED TO DEATH YOUR TALKS, THE PFC DIDN'T WORK OUT.
SO I THINK IT, I JUST HOPE THAT WHEN YOU GUYS ARE GOING TO COUNCIL, WE'RE MAKING SURE THAT WE'RE REITERATING ALL THE WAIT REASONS THAT THIS DEAL CAN HAPPEN.
AND THINK, YOU KNOW, THAT SAME, YOU KNOW, THIS IS ONCE AGAIN, JUST LIKE THE FIRST TWO DEALS WE SAW, I DIDN'T GET A CHANCE TO FOLLOW UP WITH THE THING HAS BEEN PAYING ACCIDENT, BUT IT'S PROBABLY VIRTUALLY DONE AND IT'S BEEN SITTING NEAR VACANT FOR DECADES.
UM, SO THIS IS NO MATTER HOW YOU SLICE IT GONNA BE, I THINK, YOU KNOW, A REAL ECONOMIC, YOU KNOW, SINCE I, THE HOUSING IMPACT IS GONNA BE, YOU KNOW, BRINGING THIS MANY AFFORDABLE UNITS, THIS AREA WOULD BE FANTASTIC AND UM, BUT
[01:45:01]
THE ECONOMIC IMPACT IN THIS THING, IT IS GONNA BE SIGNATORY POSITIVE FROM HAPPENING THAT MANY UNITS.THEY THE ECONOMIC ACTIVITY BASED OFF THOSE
SO I WOULD SAY WITH DHA OWNED IT, IT PROBABLY WASN'T PAYING ANY SENTENCE.
SO, SO WHO'S GONNA LOOK AT THE ISSUE ON FINDING THIS WE CAN CONTROL? IS THAT OUR YEAH, WE'VE GOT, I MEAN IT, IT'S, IT'S ULTIMATELY THE DEVELOPER DOES THE INTERFACE WITH T-D-H-C-A AND THEY MANAGE THAT PROCESS AND WE JUST, IS YOUR COUNSEL OUR HELPFUL OH, UM, TOMMY VAN.
IS THAT WHO OR TOMMY MAN'S OUR LANGUAGE.
OH, YOU SEE TITLE WINTHROP IS OUR RIGHT.
BUT YEAH, I WOULD ASK THAT, YOU KNOW, YOU GUYS KIND OF VISIT WITH UH, WINTHROP, UH, ON, ON THAT AND LET US KNOW.
UM, YEAH, I MEAN, YOU KNOW, CERTAINLY AWARE OF THE RULE.
UH, IT IT, IN ALL OF THE HFC DEALS WE'VE DONE, I THINK COLLECTIVELY IT'S NEVER COME UP.
SO IT MAY JUST BE A-T-D-H-C-A BOND ISSUER RULE.
RIGHT? I REMEMBER COMING UP WHEN I WAS AT THE BOND REVIEW BOARD DOING WRITE UPS FOR T-D-H-C-A DEALS.
SO IT COULD POSSIBLY BE JUST FOR A-T-D-H-C, A BOND ISSUANCES HAVE TO FOLLOW, HAVE TO FOLLOW THE ONE YEAR OR ONE MILE THREE YEAR RULE.
SO IT IS ONE MILE THREE YEARS.
IT IS ONE MILE, IT'S FOR BOND ISSU.
AND IT'S A HUNDRED PERCENT, I KNOW IT'S FOR 9%.
SO THAT'S FACT 4% FOR BOND ISSUANCES, ANYTHING COUNCIL.
AND THERE IS A MECHANISM, RIGHT? YEAH.
CITY COUNCIL CAN WAIVE IT, CAN CAN WAIVE THAT.
SO WE NEED TO HAVE SOME RESOLUTION ON THIS FAIRLY QUICKLY.
UM, HOPEFULLY BY END OF WEEK, IF WE'RE GONNA NEED TO SEEK A WAIVER, THEN THE ITEM THAT'S GONNA BE PRESENTED TO HOUSING COMMITTEE ON THE 26TH AND THE RESOLUTION NEEDS TO HAVE THAT LANGUAGE IN IT.
OTHERWISE YOU WON'T GET IT RIGHT BECAUSE YOU'LL BE ASKING FOR A RESOLUTION OF NO OBJECTION AND COUNSEL NEEDS TO KNOW THAT THEY'RE ALSO VOTING ON THE ONE YEAR THREE MILE WAIVER IF APPLICABLE GIVEN YOUR CONVERSATIONS WITH TDHC FOR, FOR THIS APPLICATION.
WELL, AND TO BE HONEST WITH YOU, I MEAN PEOPLE ARE GONNA REMEMBER ROSELAND AND SOME COUNCILPEOPLE MAY SEE HEY, THEY'RE LIKE CLOSE TO EACH OTHER.
SO YOU ABSOLUTELY WANT TO HAVE AN ANSWER TO RESOLUTION TO THIS.
SO I I DO THINK IT'S CRITICAL.
SO WE'RE IN LIKE FINALIZING DOCS DAYS, SO LIKE REALLY DO NEED TO HAVE A CLEAR, CLEAR, YOU KNOW, ANSWER ON THAT NO LATER THAN FRIDAY SO I CAN MAKE SURE EVERYTHING WAS UPDATED.
WE CAN, WE CAN GET YOU SOME LANGUAGE THAT Y'ALL CAN THROW IN THAT AND IF WE NEED, WE'LL CONFIRM.
AND IF, I MEAN, 'CAUSE IF WE DON'T MEET THIS FRIDAY, THEN IT DOES GET PUSHED.
DO YOU HAVE YOUR RESERVATION? NO.
YEAH, I KNOW THERE'S PROBABLY NOT
YOU DON'T HAVE TO WAIT FOR THE FLATS OR ANYWHERE LIKE THAT.
YEAH, THERE'S PLENTY OF SPACE APPLICATION.
THERE'S HARD, IT'S HARD TO GET DEALS DONE ISSUE.
SO IT'S JUST A LOT ABOUT FEDERAL CAPITAL.
THIS FOR TECHNICAL QUESTION, NOTHING TO DO WITH REALLY PROJECT WE CALLING AND ADMINISTRATIVE FEE BECAUSE THOSE FORM GROUND RENT CALLING THE GP ADMINISTRATIVE FEE WHERE THEY'RE REALLY TECHNICALLY THE DIFFERENT ENTITIES.
BUT GP ENTITY WITH GROUNDLESS.
IS THERE ANY REASON WE'RE USING THIS KIND OF KNOWN C IT IT COMES UP, UM, YOU KNOW, WE STARTED BUILDING IN GROUND LEASE PAYMENTS AS OPPOSED TO A CASH FLOW SPLIT SEVERAL YEARS AGO AND JUST TO KIND OF PROVIDE MORE CERTAINTY AS TO THE AMOUNT THAT WOULD BE PAID BACK TO THE HFC.
UM, SOME, AND THIS GOES TO, UH, THE TAX CREDIT INVESTOR AND WHO THEIR COUNCIL IS AND DEPENDING ON THE TAX TREATMENT OF THE PARTNERSHIP, SOME HAVE AN ISSUE WITH A GROUND LEASE PAYMENT THAT'S NOT A TRUE FAIR MARKET VALUE, UH, PAYMENT FOR THAT, UH, YOU KNOW, TERM OF THE GROUND LEASE.
I MEAN IT'S JUST A NUMBER WE BACK INTO TO UH, GET THE REQUIRED RETURN BACK TO THE HFC.
SO, UH, IN THOSE INSTANCES WE GET STRUCTURE AS A GP, PUT IT IN THE LPAI SUPPOSE GROUND LEASE AND PUT IT IN THE UH, IN THE LPA.
SO THE FINAL DOCS WOULD HAVE NO GROUND RENT PAYMENT.
THEY'D HAVE THE FEE OVER HERE IF THAT'S WHERE WE YEAH, IT'LL BE THE SAME FEE CALLED THE DIFFERENT THINGS.
IN PRINCIPLE IT NOT, IT'S NEVER ACTUALLY GROUND LEASE.
REALLY LOOK AT THE VALUE OF THE YEAH, OUR GROUND LEASE PAYMENTS ARE, ARE NEVER A FAIR MARKET AS GOOD DEFAULT COMPUTER RIGHTS AS A GROUND LEASE WOULD NORMALLY HAVE.
40% OF IT, 40% OF THE SALES TAX A SMALL AMOUNT NUMBER.
THIS SITUATION OF THE DHA PUTTING THESE RESTRICTIONS
[01:50:01]
ON HERE IS OBVIOUSLY IS HELPING TO DEAL FROM NAIL STANDPOINT.HOW COMMON IS THAT? IS THAT THEY DON'T REALLY SELL ALL THAT MUCH.
SO I, YEAH, IT'S JUST KIND OF A ONE-OFF SITUATION.
THEY, THIS LAND THEY JUST WANTED TO INSURE.
I KNOW A LOT OF NERS THAT WANT THEIR LANE.
OH YEAH, THEY'RE NOT GOING TO THAT DEAL.
KRISTEN WAS, THEY WOULD HAD IT THE GROCERY STORE AND THEN COUPLE BLOCKS SOUTH OF THIS, THEY GO THAT FROM DUMP I THINK WOULD KILL THE MARKET FOR ANOTHER GROCERY STORE BECAUSE THEY STIPEND SO THAT, YOU KNOW, IT JUST KILLED THAT THAT WELL THEY ALSO HAD EXISTING GROCERY STORE JUST A COUPLE POPS.
WE GOT THE TARGET THAT, SO I MEAN THEORETICALLY MAKES SENSE.
WALMART,
SHALL WE ENTERTAIN A MOTION? I WOULD MOVE TO APPROVE.
SECRETARY PAGE HAS GOT A SECOND FROM THE DIRECTOR'S 80, RIGHT JACKIE? UH, VICE PRESIDENT SEAN ALLEN, APPROVE DIRECTOR SHALANDA EBOLA APPROVE TREASURER.
JACK MARSHALL C APPROVE DIRECTOR PATTY COLLINS.
UH, DIRECTOR KEVIN HINTON, APPROVED DIRECTOR LESLIE RUBIN.
PRESIDENT DAVID ELLIS APPROVED.
DIRECTOR CLIFF FRIEDMAN, APPROVED DIRECTOR OLIVER ROBINSON.
FREE DIRECTOR RYAN MOORE, APPROVED SECRETARY TONY PAGE APPROVE.
AND DIRECTOR SEAN ZADY APPROVE ITEM PASSES.
SO I'M FROM EIGHT, UH, LESSON LEARNED.
UH, WE ARE NOT NAP IN SAN ANTONIO.
UH, HAVING A LOT OF DRINKS, UH, TRACK DATA, SOMETHING ON THE AGENDA WITH MAYOR AND SARAH.
DOD, I GOT A LITTLE BIT OF MISCOMMUNICATION.
THE PRESENTATION WON'T BE, THIS MONTH WILL BE IN JUNE, SO, UH, MY BAD EVERYBODY WE'RE GONNA PUSH THAT ONE.
UH, ITEM NINE, UH, REVIEW AND DISCUSSION WITH D HSES TREASURERS REPORT, BUT THREE MONTH PERIOD ENDING MARCH 31ST, NOVEMBER 26TH.
SHE HAD A BIT OF AN EMERGENCY, BUT IF THERE'S ANY QUESTIONS, PLEASE REACH OUT TO ME.
I CAN, I CAN GET YOUR QUESTIONS BACK THERE.
DID ANYONE REVIEW THE JUDGMENT REPORT AND HAVE ANY QUESTIONS OR I REVIEWED THE QUESTIONS?
UH, REVIEW AND DISCUSSION OF ITEMS. HIT REVIEW AND DISCUSSION OF THE AGENCY'S INVESTMENT REPORT QUARTER ENDING ON MARCH 31ST, 2026.
THIS IS ALSO MR.
IT JUST A QUARTERLY REPORT OF INTEREST.
NOTHING ASKED TO, ANY QUESTIONS? UH, HOW MUCH, HOW MUCH INTEREST DID WE ROUGHLY? HUNDRED 90? YEAH, I THINK HUNDRED 90,000.
SO PRIOR TO YOUR VENUS OVERTAKING, WE WE WEREN'T MAKING ANY, WE WERE ALWAYS SITTING THE NON-INTEREST BEARING ACCOUNT.
WE WERE, WE HAD IT IN MONEY MARKET ACCOUNT WELL BEFORE YEAH, YEAH, BEFORE THAT WENT BACK TO, YEAH, WE WERE JUST, IT JUST, YEAH.
OBVIOUSLY, YOU KNOW, OUR HOLDINGS HAVE INCREASED A LOT ON THE LAST TWO THIRD YEARS, SO, UH, YOU AS WE DEPLOY THIS, AT LEAST IT WILL WORK FOR US IN THE BACKGROUND.
AND ONE THING I JUST KNOW, NOT MEAN IT'S TANGENTIAL TO THIS, BUT AT ALPHA I WAS SURPRISED THAT SO MANY OF THE SESSIONS WERE TALKING ABOUT THINGS THAT I KNOW AARON AND OUR BOARD PRESIDENT ARE LOOKING AT WITH THE MOUNT CAPITAL, IF WE HAVE, UH, CREDIT ENHANCEMENT BOND RATINGS AND THINGS LIKE THAT.
BUT REALLY WE'RE GONNA TRY TO GET SOME OF THESE MORE UNIQUE FIELDS AND MORE UNIQUE OPPORTUNITIES DONE LIKE AROUND THE COUNTRY.
THAT'S WHAT A LOT OF HFCS ARE DOING.
AND SO I WAS GLAD TO HEAR THAT OUR LEADERS ARE ON TOP OF IT AND ALREADY LOOKING AT THAT FOR US.
I CREDIT WHAT TO DO WITH OUR CASH BALANCE, WHETHER LEAVE, IT ALLOWS US TO GET A RATING, IF THAT'S POSSIBLE, ANSWER BONDS AND, YOU KNOW, DEALS WITH THAT, A HIGHER OPPORTUNITY AREAS OR DEPLOYING IN OTHER WAYS.
[01:55:01]
AND IT'S JUST A COMPLICATED QUESTION, BUT YEAH, WE'RE TRYING TO CONSIDER ALL, I'LL, I'LL TELL YOU, IT'S, IT'S GETTING HARDER TO MAKE EVERY DEAL BURDEN.SO WE HAVE A LITTLE BIT OF MONEY.
I MEAN OBVIOUSLY SEEMS LIKE A LOT, BUT IN REAL ESTATE TERMS IT'S NOT REALLY DONE MUCH.
YOU KNOW, WE CAN DO MAYBE TWO OR THREE DEALS IF WE REALLY HAD TO OUTWELL ALL THAT, ALL THAT CASH.
UM, FIGURING OUT HOW TO LEVERAGE WHAT WE HAVE TO BREACH THE MAXIMUM EFFECTIVENESS WITH, WITH WHAT WE DO HAVE, AND THEN CONTINUE THAT ON IN THE FUTURE, RIGHT? DO WE GET A BOND RATE? CAN WE LEND MONEY ON THAT? CAN, CAN WE ACCESS
IT'S JUST LIKE, IT'S A VERY STRATEGIC QUESTION THAT, YOU KNOW, WE'RE BALANCING AROUND, SO IT'S A GOOD PROBLEM TO HAVE.
BUT YOU KNOW, THERE'S, THERE'S A LOT OF, LOT OF THINGS.
I LIKE THE WAY YOU'RE TALKING ABOUT, AND YOU SAID LEVERAGE AND I THINK YOU, IT'S IMPORTANT TO TRY TO, YOU KNOW, BE VERY DISCIPLINED ABOUT HOW WE USE THAT CAPITAL AND YOU KNOW, BEING FOCUSED ABOUT IF WE'RE LOOKING AT DEALS WHERE WE COULD BE THE, THE SMALLEST AMOUNT OF CAPITAL WE CAN PUT IN TO BE THE DIFFERENCE MAKE BETWEEN A DEAL HAPPENING AND NOT, RIGHT.
AND, YOU KNOW, TREAT OUR CAPITAL AS PRECIOUS AND, AND TRYING TO MAXIMIZE ITS, YOU KNOW, THROUGH THE IMPACT ON, AS OPPOSED TO, YOU KNOW, DUMPING A BIG AMOUNT INTO A SINGLE DEAL WHERE WE MAKE RIGHT.
YOU KNOW, WELL, THAT'S THE THING.
IT COULD BE A VERY EXPENSIVE DEAL.
WE SPEND 500,000 A UNIT, BUT IS THAT WISE? PROBABLY NOT, YOU KNOW.
PROBABLY SPREAD IT AROUND A LITTLE MORE AND LEVERAGE THAT UP AND, AND GET A GREATER, UH, RETURN ON THAT.
UM, YOU KNOW, AND THEN ALSO JUST AN ORGANIZATIONAL STANDPOINT.
WE, WE HAVE A LARGE PORTFOLIO, YOU KNOW, AND I THINK IN THE NEXT SEVERAL YEARS WE'LL HAVE OVER 50 PROPERTIES.
THAT'S A, THAT'S A LOT OF RISK THAT WE JUST HAVE OH.
UH, IN REAL ESTATE, RIGHT? SO IF SOMETHING WERE TO GO WRONG, IF SOMEONE WERE TO SUE US AND, AND WE HAD TO PAY OUT SOME KIND OF SETTLEMENT, OR A SPONSOR GOES BANKRUPT AND WE HAVE DEALS IN MID CONSTRUCTION, RIGHT? WHAT DO WE DO THAT'S LIKE, WE ARE A REAL ESTATE COMPANY.
THERE'S A LEVEL OF CONTINGENCY WE GOTTA HAVE ON.
THERE'S A MYRIAD OF THINGS, YOU KNOW, OBVIOUSLY WE HAVE DAVID ON RIGHT NOW, WE'RE GETTING A HOLD OF OUR, OUR PORTFOLIO REPORTING, WHICH IS LOWERING MY ANXIETY A LITTLE MORE.
UH, YOU KNOW, WE'LL PROBABLY HAVE TO DO A LITTLE MORE IN THAT, IN THAT REGARD.
BUT AS WE MOVE, OBVIOUSLY FROM A, A PERIOD OF BUILD, BUILD, BUILD, AND THEN LEASE UP INTO MORE OF AN OPERATING PERIOD THAT THERE'S DIFFERENT PROBLEMS THAT, THAT WE'RE GONNA HAVE TO
AND JUST ON THE RATE, JUST SO I DON'T WANNA BE TOO OFF SCHEDULE, IT'S GONNA BE A LITTLE BIT HARD FOR AN HSC TO GET THAT RATING.
UH, HOUSING AUTHORITIES CAN'T GET IT, BUT THEY'VE GOT HUD BAIL, THEY'RE LIKE AN EXTENSION OF HUDS TO SOME EXTENT.
AND SO THAT ACCESS TO FEDERAL FUNDS ALLOWS THEM TO GET THESE A RATINGS.
NOW I THINK WE CAN DO IT, BUT IT'S GONNA TAKE GETTING OUR PORTFOLIO STABILIZED, CASH FLOWING, AND THEN MONEY STAYING IN THE BANK IN ORDER TO DO THAT.
SO THAT'S JUST GONNA BE A LITTLE BIT OF A LONGER SLOG FOR US.
BUT THAT'S SOMETHING WE ARE PURSUING.
BUT IT'S SORT OF IN ITS INFANCY, YOU KNOW? SO I, WE'RE GETTING THAT WE'RE, WE'RE TAKING A LOT OF STEPS TO GET THE ACTION, SO I PHRASE THAT RIGHT.
YEAH, NO, I MEAN, I WAS ON ONE OF THOSE NAPA PANELS A COUPLE YEARS AGO, UH, OUT IN LAS VEGAS TALKING ABOUT THE EXACT THING.
I ALWAYS QUESTION, I THINK IT WAS ONE, UH, A HOUSING AUTHORITY FROM COLUMBUS, OHIO ABOUT WHAT EXACTLY WENT INTO THAT PROCESS.
I MEAN, IT IS THE FEDERAL FUNDING THAT THEY GET.
AND IT WAS, YOU KNOW, BASICALLY LIKE A, YOU KNOW, NINE FIGURE, UH,
WE'RE WE'RE TALKING ABOUT ALL ITEM.
SO I HAVE 11 REVIEW DISCUSSION OF THE CORPORATIONS PIPELINE REPORT AS OF EIGHT 12 2006 EMPLOY COURSE.
UM, WE HAVE A COUPLE L VT TRINITY.
IS THAT BOTH? WE'LL SEE, UH, IT'S KIND OF ON HOLD FOR RIGHT NOW.
UM, CB D YEAH, I GUESS, YOU KNOW, DEALS GOING IN AND OUT OF DISABILITY EVERY, UH, I HAVE A QUESTION LOCATION ON THE SCRIBBLE.
AND THERE USED TO BE, OR AT LEAST BRIEFED ON THE BUILDERS OF HOPE PROJECT THAT WAS RIGHT THERE AT CLARK ROAD CAMP WISDOM.
IS THAT STILL IN THE WORKS OR IT'S STILL IN THE WORKS THAT JUST, THEY MOVE VERY SLOWLY.
SO, UM, AND WE GOT OUR CONSULTANT HIRED FOR THE DI CORRECT? YES.
SO YOU GOT LOOKING INTO ALL THE RESERVES AND YOU SORT OF, AND ALL THAT THAT'S HAPPENING.
CAN I COME BEFORE JUNE? GO AHEAD.
UM, IT'S ONLY TWO O FROM AN ALPHA CONFERENCE.
[02:00:01]
THIS, THIS SPEAKS TO AARON, JACKIE, ANDI, I SAW A NUMBER OF PEOPLE PRESENT, UH, DIFFERENT GROUPS AND ONE THING I CAME AWAY WITH IS HOW MUCH WE'RE DOING WITH A LEAN AND EFFICIENT STAFF.
AND, AND I REALLY, WE'VE GOTTA HAVE THE MOST STAFF EFFICIENT, UH, GROUP IN THE COUNTRY.
UH, I WOULD SAY THERE ARE SOME HC THAT LITERALLY HAVE 12 EMPLOYEES.
I'VE TALKED TO ONE OF 'EM AT THE RECEPTION.
I THINK HOWEVER, WE'RE PROBABLY ONE OF THE MOST ACTIVE, NOT THE MOST ACTIVE, YOU KNOW, STATE OF TEXAS, LIKE
SO I THINK, UH, YOU KNOW, GETTING STEPPED UP A LITTLE BIT MORE.
WE DON'T HAVE TO QUITE LIKE OUR SUMMER.
I JUST WANNA CONGRATULATE YEAH.
PROFESSIONALS ON WHAT THEY DO NOW ON THIS BOARD SINCE 2020.
YOU SEE WHERE WENT FROM LIKE A COUPLE THOUSAND, MAYBE A COUPLE THOUSAND UNITS TO 10,000 IN FIVE TO SIX YEAR PERIODS BEEN BROUGHT, TAKEN.
SO THEY, AARON
I WOULD BE REMI LIKE OUR PARTNERS, OUR CONSULTANTS, GEORGE, RYAN, BRAXTON, EILEEN HEAVILY ON THEM.
I, YOU KNOW, I KNOW I WASN'T TRYING TO BE FLIPPANT, LIKE THIS IS WHAT WE PAYING FOR, LIKE LITERALLY WITHOUT THEM WE'RE DEAD IN THE WATER.
SO THEY ARE VERY WELL RESPECTED.
UM, SO IF THEY EVER FOUND ME, I'LL FIRE THEM IMMEDIATELY.
PLEASE LET, UM, YEAH, I WANNA SAY I HEARD WHAT YOU WERE SAYING.
MY EXPERIENCE BEEN, I'VE BEEN ON THE BOARD NOW ABOUT FIVE, SIX YEARS, IS THE STAFF IS GIVEN PERSONALITIES, THE BOARD CHANGE FROM TIME, TIME PEOPLE GO ON AND ROLL OFF.
BUT WHAT I'VE ALWAYS FOUND CONSISTENTLY IS THAT IF THE STAFF KNOWS, OKAY, THIS IS SOMETHING THAT, YOU KNOW, BOARD ONCE IT'S, YOU KNOW, I WANT SIT MARY HEAD TIME, I'VE GOT IT, YOU KNOW, I'M, I'M VERY INTERESTED IN THIS.
IF THEY DO A VERY GOOD JOB OF, OF RESPOND, BEING VERY RESPONSIVE THAT LIKE, I'VE BEEN ON HERE FOR A WHILE, LIKE VERY, UM, ALL THIS WALKABILITY STUFF IS A BIG HOT BUTTON FOR ME AND CONNECTIVITY TO FAR SPREAD STUFF.
PEOPLE TALKING, YOU KNOW, SO I THINK IN WHATEVER YOU HAVE YOU, YEAH, AND JUST, AND JUST WE CLOSE OFF THIS WITH AN ALPHA, YOU KNOW, FOR A LOT OF DIFFERENT REASONS, CONFLICT AT DIFFERENT AGENDAS FROM WAY BACK WHEN
BUT I THINK I'VE BEEN VERY CLEAR THAT, YOU KNOW, BECAUSE OF OUR SUCCESS, CITY COUNCIL HAS REALLY PUT A LOT MORE THOUGHT TO, UH, BOARD MEMBERS THAN WHO SERVES ON THIS BOARD.
UM, I THINK, AND IT'S CLEAR BASED ON LOOKING AT PAST ROSTERS, THAT'S WHAT'S HAPPENED.
SO I THINK IT'S A CREDIT TO YOU ALL AND YOU KNOW, THEY SEE US VERY CRITICAL AND VERY IMPORTANT BOARD.
AND I'M JUST NOT SURE THAT WAS THE CASE SEVEN YEARS AGO AS WELL.
SO, UH, JUST VERY HONORED TO BE WORKING WITH YOU ALL AND SERVING ON THE BOARD WITH YOU.
SO KIND OF BECAME CLEAR ME NOW.
SO ANY OTHER ITEMS? RIGHT? WELL IT IS AU 2 0 4, WHICH I THINK IS PRETTY GOOD.
YOU KNOW, WE'RE ENDING AT ONE OF OUR MEETINGS.
UH, I AM NOW CLOSING THE MEETING.