Aug 03, 2026 Economic Development

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ALL RIGHT, GOOD AFTERNOON, EVERYBODY. IT IS MONDAY, AUGUST 3RD, THE TIME IS 1:05, AND I AM CALLING THE ECONOMIC DEVELOPMENT COMMITTEE MEETING TO ORDER. FIRST ORDER OF BUSINESS IS APPROVAL OF THE MINUTES. IS THERE A MOTION? THERE IS A MOTION AND A SECOND. ANY CORRECTIONS, ADDITIONS, OR EDITS? SEEING NONE, ALL IN FAVOR? AYE. ANY OPPOSED? MOTION CARRIES. NEXT ITEM IS BRIEFING ITEM A, WHICH IS THE DALLAS ECONOMIC DEVELOPMENT CORPORATION UPDATE, AND WE HAVE LINDA JOINING US THIS MORNING. YOU CAN TAKE IT AWAY. THANK YOU VERY MUCH.

GOOD AFTERNOON, MR. CHAIRMAN AND MEMBERS OF THE CITY COUNCIL. I'M LINDA MCMAHON, CEO OF THE DALLAS ECONOMIC DEVELOPMENT CORPORATION, AND NEBIAT WODERE IS OUR CHIEF ADMINISTRATION OFFICER, WHO'S ALSO JOINED ME. WE'RE PLEASED TO PRESENT TO YOU TODAY A RECAP OF OUR ACTIVITIES IN 2026 AND PROVIDE AN UPDATE FROM OUR LAST BRIEFING OF LAST SUMMER. NEXT SLIDE, PLEASE. THE DALLAS EDC'S MISSION IS TO PROMOTE DALLAS AS A GLOBALLY COMPETITIVE BUSINESS DESTINATION THAT FOSTERS ECONOMIC OPPORTUNITIES FOR ALL MEMBERS OF THE CITY.

WE WERE CREATED BY THE CITY COUNCIL IN 2022, AT WHICH TIME THE COUNCIL COMMITTED $7 MILLION OF SEED CAPITAL TO LAUNCH THE EDC, ALONG WITH THE INTERLOCAL AGREEMENT FOR OPERATIONS. NEXT SLIDE, PLEASE. HERE'S A LIST OF OUR CURRENT BOARD MEMBERS WE HAVE TWO OPEN POSITIONS ON THE BOARD YOU WILL BE SEEING NOMINATIONS LATER THIS MONTH TO FILL THESE SEATS THE NOMINATIONS COMMITTEE JUST TO REMIND YOU CONSISTS OF THE MAYOR, THE CITY MANAGER, THE CHAIR OF THE ECONOMIC DEVELOPMENT COMMITTEE AND TWO MEMBERS OF THE EDC BOARD WHICH ARE GILBERT GERST OUR CHAIR AND ALAN WALNE WHO SERVES AS THE CHAIR OF OUR GOVERNANCE COMMITTEE. ADDITIONALLY, THE CITY MANAGER AND THE DIRECTOR OF THE OFFICE OF ECONOMIC DEVELOPMENT ARE ALSO EX-OFFICIO MEMBERS OF THE BOARD AND SO THE NOMINATIONS COMMITTEE PROCESS IS THAT THE NOMINATIONS COMMITTEE MAKES THE NOMINATIONS AND RECOMMENDS THEM TO COUNCIL FOR THEIR APPROVAL AND SO HOPEFULLY YOU'LL BE SEEING THOSE LATER THIS MONTH. NEXT SLIDE PLEASE. THE BOARD WAS CREATED IN 2022 AND I WAS HIRED AS A CEO ON JULY 1ST OF 2024 AND SINCE THAT TIME WE HAVE BUILT A CAPABLE TEAM OF PROFESSIONALS WHO ARE COMMITTED TO THE GOALS OF MARKETING DALLAS SO YOU CAN SEE EVERYBODY'S NAMES HERE EMILY AND JACOB ARE THE NEWEST MEMBERS, GOOD AFTERNOON, OF OUR TEAM THEY'VE BEEN HERE ABOUT 90 DAYS BUT WE ALSO HAVE OTHERS THAT ARE HERE SOME OF THAT ARE HERE IN THE OFFICE TRICIA ROARK IS OUR HEAD OF INVESTOR RELATIONS YOU'VE MET BE OUT PAUL VON WUPPERFELD WHO'S OUT OF TOWN BUT HE IS OUR COMMUNICATIONS DIRECTOR. MARIA LEADS BASICALLY EVERYTHING IN OUR OFFICE AND WANWAN YUE. DR. YUE IS OUR DATA ANALYST FOR OUR TEAM.

NEXT SLIDE. WHEN THIS, WHEN THE EDC WAS CREATED THE BOARD OF DIRECTORS APPROVED THESE GOALS FROM OUR STRATEGIC PLAN WHICH WAS APPROVED IN 2024. THESE GOALS ALIGN WITH THE INTERLOCAL AGREEMENT WHICH IS ALSO ALIGNED WITH THE CITY OF DALLAS ECONOMIC DEVELOPMENT POLICY.

GOAL ONE IS TO ACT AS THE CHIEF MARKETING ARM OF THE CITY OF DALLAS TO COMPANIES BOTH DOMESTICALLY AND INTERNATIONALLY. GOAL TWO IS TO LAUNCH A BUSINESS RETENTION STRATEGY, WHICH WILL NOT ONLY FOCUS ON KEEPING BUSINESSES HERE, BUT ALSO TO ENSURE THOSE BUSINESSES HAVE AN OPPORTUNITY TO GROW AND SCALE HERE.

THIS WORK IS INTENTIONAL AND HAS JUST LAUNCHED IN THE LAST TWO MONTHS WITH THE HIRING OF ADDITIONAL BUSINESS DEVELOPMENT AND RETENTION STAFF. PART OF THAT ENGAGEMENT REQUIRES THAT WE WORK CLOSELY WITH VARIOUS DEPARTMENTS IN THE CITY IN THE EVENT A COMPANY NEEDS ASSISTANCE AND TO PROVIDE A RAPID RESPONSE TO THEIR CHALLENGES THAT WILL EITHER SLOW THEIR GROWTH OR IMPEDE THEIR ABILITY TO BE SUCCESSFUL. GOAL THREE IS TWOFOLD. FIRST, WE SERVE AS AN INFORMATION HUB FOR REAL ESTATE INFORMATION FOR SITE SELECTORS AND BUSINESSES TO THAT END WE ARE DEVELOPING A REAL ESTATE DATABASE FOR AVAILABLE PROPERTIES AND WORKING WITH BROKERS AND OWNERS ON IDENTIFYING PROPERTIES THAT ARE SUITABLE FOR DEVELOPMENT FOR ANY PARTICULAR INDUSTRY.

THE SECOND PART OF THIS GOAL IS BASED ON THE ILA IS TO BE THE PUBLIC DEVELOPER OF CITY OF DALLAS REAL ESTATE ASSETS. THAT IS NOT MATERIALIZED AS WE HAD HOPED BUT IT COULD BE A WAY TO DEVELOP A SUSTAINABLE FUNDING SOURCE FOR ALL THE ECONOMIC DEVELOPMENT CORPORATION ACTIVITIES IN THE FUTURE. IT IS UNDER THIS GOAL THAT WE'VE BEEN ASKED TO DO TWO PROJECTS FOR THE CITY ONE TO LEAD AN ASSESSMENT OF THE STEMENS BUILDING AND TWO TO LEAD THE ASSESSMENT OF THE CITY HALL BUILDING. BOTH PROJECTS HAVE BEEN COMPLETED AND WE DO NOT HAVE ANY OTHER PROJECTS ASSIGNED TO US AT THIS TIME. NEXT SLIDE PLEASE.

THIS SLIDE RECOUNTS OUR HISTORY AS HAS ALREADY BEEN DESCRIBED.

THIS YEAR HAS BEEN A TRANSFORMATIONAL YEAR IN MANY WAYS. FIRST, WE LAUNCHED OUR PRIVATE FUNDRAISING EFFORT LATE LAST YEAR AND WE RECEIVED A MAJOR FUNDING COMMITMENT FROM THE COMMUNITY'S FOUNDATION OF 1.5 MILLION DOLLARS. WE ALSO HAVE RECEIVED COMMITMENTS FROM OTHER BUSINESSES THAT BELIEVE IN THE MISSION OF THE EDC. WE HAVE HIRED TWO BUSINESS DEVELOPMENT PROFESSIONALS WHO ARE MANAGING THE DAY-TO-DAY FUNCTIONS OF RESPONDING TO REQUEST FOR INFORMATION FROM THE STATE AND THE

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UNDER GROWTH AND INVESTMENT, WE HAVE BEEN ACTIVELY MARKETING THE CITY AS MENTIONED EARLIER.

THIS INCLUDES CREATING MARKETING MATERIALS THAT ARE SPECIFIC TO INDUSTRY REQUIREMENTS, PUTTING TOGETHER PITCH BOOKS AND PRESENTATIONS FOR BUSINESSES WHO ARE LOOKING AT DALLAS FOR RELOCATION OR EXPANSION, AND WE ARE NOW LAUNCHING OUR BUSINESS RETENTION EFFORTS, WHICH KEPT KICKED OFF WITH A SURVEY IN JULY THAT WILL LEAD TO AN INTENTIONAL CALLING PROGRAM. OUR TEAM WILL BE MEETING WITH THE COMPANIES IN PERSON TO COMMUNICATE TO HELP PREVENT THESE COMPANIES FROM CONTEMPLATING LEAVING THE CITY. CATALYTIC INNOVATION, WE CREATED A STRATEGY AFTER SIX MONTHS OF RESEARCH EVALUATING WHERE DALLAS STANDS AS A CITY THAT FOSTERS INNOVATION AND TECHNOLOGY. THAT STRATEGY IS HELPING US BUILD A PROGRAM IN PARTNERSHIP WITH HIGHER EDUCATION INSTITUTIONS ON SUPPORTING THE ECONOMY OF TOMORROW FOR DALLAS. DALLAS HAS SIGNIFICANT ASSETS THAT ESTABLISH US AS A HUB OF INNOVATION AND WE HAVE MORE TECH WORKERS IN DALLAS THAN AUSTIN AND THAT'S BASED ON THE STUDY RESULTS THAT WE HAVE. WE NEED TO CONTINUOUSLY PROMOTE THAT AND MARKET THAT BROADLY. WE ALSO NEED TO DEVELOP THE TOOLS THAT ATTRACT EARLY STAGE COMPANIES TO DALLAS WITH INCLUSIVE OPPORTUNITY IT IS ESSENTIAL THAT ALL THE RESIDENTS OF DALLAS BENEFIT FROM OUR INCREDIBLE GROWTH THAT MEANS WE NEED TO PROVIDE WORK OPPORTUNITIES AT EVERY LEVEL WE ALSO NEED TO ENSURE THAT WORKFORCE WE ARE CREATING ALSO HAS THE ABILITY TO TRANSITION AS INDUSTRY RAPIDLY EVOLVES WITH TECHNOLOGICAL CHANGES IN THE FUTURE PARTNERSHIPS AND COLLABORATIONS ARE KEY COMPONENTS OF THIS PILLAR. AND LASTLY, ORGANIZATIONAL EXCELLENCE WE'VE COMPLETED TWO AUDITS WE HAVE BEEN AND BOTH HAVE BEEN CLEAN. WE HAVE NO ISSUES REFLECTS OUR VERY STRONG INTERNAL CONTROLS. WE'VE BUILT THE BENCH OF DATA ANALYTICS WITH OUR DATA ANALYST WHO HAS A PHD IN ECONOMICS AND IS PROVIDING US WITH DATA BUSINESSES NEED TO DECIDE TO CHOOSE DALLAS. NEXT SLIDE PLEASE. WE ARE THE FACE OF DALLAS WHEN IT COMES TO PROVIDING THE DATA REQUIRED BY COMPANIES TO MAKE AN INFORMED DECISION. WE ARE USING DATA TO TELL THE STORY BUT ALSO USING ALTERNATIVE METHODS TO HAVE OTHERS TELL OUR STORY.

WE HAD RECENTLY HAD A PITCH FOR MULTINATIONAL COMPANY LOOKING AT DALLAS AND THEY WANTED DATA ON WHERE GEN Z LIVE AND WORK, WHAT THE POPULATION IS, AND HOW DALLAS MEETS THE NEEDS OF THIS AGE GROUP. IT CHALLENGED US A LITTLE BIT, BUT WE HAD TO GET INTO THE GEN Z MODE, AND WE NOT ONLY PROVIDED THEM WITH THE DATA THROUGH A PRESENTATION. WE ALSO CREATED A ONE-MINUTE VIDEO WITH GEN Z SLANG SHOWCASING ALL OF THE NEIGHBORHOODS IN DALLAS THAT GEN ZS LIVE, WORK, AND ENJOY LIFE. THE VIDEO WAS A HIT WITH THE PROSPECT. WE WILL BE RECONNECTING WITH THEM LATER THIS SUMMER BASED ON THE COMMENTS FROM THE SITE SELECTOR. WE CUSTOMIZED THESE PRESENTATIONS TO THE COMPANIES THAT ARE COMING IN AND THEIR BUSINESSES AND THEIR CULTURE AND THEIR GOALS. NEXT SLIDE. WE ARE OUT OF THE OFFICE MAKING PRESENTATIONS TALKING ABOUT THE STRENGTHS AND BENEFITS OF DALLAS, SHOWCASING OUR DIVERSE ECONOMY. THIS HAS BEEN ONGOING SINCE JULY OF 24, AND THESE ARE JUST THE STATS FROM THE FIRST SIX MONTHS OF 26. NEXT SLIDE. WE HAVE INVESTED OUR VALUABLE LIMITED RESOURCES ON INFORMATION. OUR PUBLIC SCHOOLS IN DALLAS ARE EXCEPTIONAL AND A NATIONAL MODEL FOR AN URBAN SCHOOL DISTRICT.

WHEN PSYCH SELECTORS COME TO THIS AREA, EVERY SUBURB TALKS ABOUT THEIR SCHOOLS.

NOW WE HAVE THE DATA TO SHOW OUR EXCEPTIONAL PERFORMANCE.

IN PARTNERSHIP WITH THE UNIVERSITY OF TEXAS AT DALLAS, WE'VE DONE TWO CAPSTONE PROJECTS WITH OUR STUDENTS, AND WE CREATED A DALLAS ISD DASHBOARD. IT IS AN INTERACTIVE MAP WITH A LOT OF DATA THAT WILL BE HOUSED ON OUR WEBSITE AND I GAVE YOU GAVE YOU A LITTLE GIFT A LITTLE CARRY BAG BUT WE ALSO HAVE THESE REPORTS IN YOUR, AND SO IN YOUR PACKAGE IS THE STATIC PAGES FROM THE DISD DASHBOARD WHICH I'M SUPER IMPRESSED WITH THAT THE STUDENTS DID UNDER OUR LEADERSHIP AND OUR GUIDANCE BUT IT REALLY DOES SHOWCASE DALLAS AND IF YOU GO TO A PRESENTATION ABOUT DALLAS FROM ANY OF THE CHAMBERS THEY'RE GOING TO BE TALKING ABOUT THEIR SCHOOLS. WE HAVE A GREAT STORY TO TELL ABOUT DISD AND SO WE HAVE THE TALENT AGENT WE HAVE AN INTERACTIVE MAP YOU CAN ZERO IN TO EACH INDIVIDUAL SCHOOL NO MATTER WHERE IT IS IN THE CITY YOU CAN LOOK AT THE FACILITIES YOU CAN LEARN ABOUT THIS AT THE STATISTICS OF THOSE SCHOOLS YOU CAN LEARN ABOUT WHO THEIR CORPORATE PARTNERS ARE IF THEY'RE A STEM SCHOOL IF THERE ARE SPECIAL EDUCATION PROGRAMS SO I'M REALLY, REALLY PROUD OF THIS WORK THAT WE DID IN PARTNERSHIP WITH UTD AND SO THIS IS THE KIND OF DATA THAT WE HAVE TO DO BECAUSE WHEN I HAD A CONVERSATION EARLY WITH ITS SITE SELECTOR WHEN I FIRST TOOK THIS JOB THEY SAID WE DON'T LIKE DALLAS BECAUSE WE DON'T THINK YOUR SCHOOLS ARE VERY GOOD

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WE'RE GOING TO CONTINUE THIS EFFORT WITH ANOTHER CAPSTONE PROJECT WITH UTD IN THE FALL, DELVING INTO HIGHER EDUCATION AND ENSURING THAT WE ARE CREATING THE WORKFORCE PIPELINE THAT BUSINESSES NEED, WHICH IS ANOTHER PROOF POINT DALLAS IS DEVELOPING THE WORKFORCE OF THE FUTURE FROM ELEMENTARY SCHOOL TO HIGH SCHOOL AND HIGHER EDUCATION.

ANOTHER PROJECT WE ACTUALLY ENGAGED IN WAS AN ECONOMIC IMPACT ANALYSIS FOR DALLAS, AND WE USED UTD ECONOMICS PROFESSORS THAT CREATED THE ANALYSIS. THIS IS ALSO IN YOUR PACKAGE. SO, WE FELT IT WAS REALLY IMPORTANT. WE'RE ASKING THE PUBLIC, PRIVATE COMPANIES TO SUPPORT US. WE'RE ALSO ASKING YOU TO SUPPORT US. AND SO, WE HAVE TO HAVE THE DATA TO SHOW THAT WHAT THAT WE'RE WHAT WE'RE DOING IS WORKING. NOW 100% OF THIS IS NOT GOING TO BE JUST WHAT THE EDC DOES OBVIOUSLY, BUT WE CREATED THIS DASHBOARD.

WE HAVE 2023 AS OUR AS OUR BASELINE. SO, WE AND YOUR PACKAGE IS THE REPORT A SUMMARIZED REPORT. WE HAVE A LOT MORE DETAIL SUMMARIZED REPORT OF WHERE WE ARE RELATIVE TO LABOR. WHERE WE ARE IN JOBS AND EARNINGS AND WHAT'S HAPPENING IN THE CITY OF DALLAS. THIS IS UPDATED TO 24 AND BECAUSE WE HAVE OUR OWN DATA ANALYST, WE CAN UPDATE THIS EVERY SINGLE YEAR INTERNALLY TO REALLY SHOW YOU WHERE WE ARE WITH EDUCATIONAL ATTAINMENT, AS WELL AS FINANCIAL PERFORMANCE IN THE LABOR MARKET. THIS REPORT WILL ENABLE US TO SEE WHERE WE ARE EXCEEDING, BUT ALSO TO SEE WHERE WE AS A CITY ARE CHALLENGED. AND THAT SHOULD INFORM US HOW WE RESPOND. SINCE WE DO THIS DATA ANALYSIS INTERNALLY, IT CAN BE AN EARLY WARNING SYSTEM FOR THE CITY AND FOR THE EDC TO ALIGN RESOURCES TO ADDRESS THE ECONOMIC ISSUE. WE ALSO SPENT SIX MONTHS DOING A TECHNOLOGY AND INNOVATION ASSESSMENT OF DALLAS, AS I MENTIONED PREVIOUSLY, ALSO IN YOUR PACKAGE. A SUMMARY, AN EXECUTIVE SUMMARY. THIS IS A 600-PAGE REPORT THAT WAS PUT TOGETHER BY A TECHNOLOGY PERSON WHO LED THE TECHNOLOGY COUNCIL IN AUSTIN. THIS INFORMATION HAS BEEN A GAME CHANGER FOR US.

THE TYPE OF DATA HAS BEEN REALLY WELL RECEIVED BY INDUSTRY IN LEARNING EXACTLY WHAT OUR STRENGTHS ARE RELATIVE TO TECHNOLOGY, BUT ALSO INNOVATION. THIS INFORMS OUR STRATEGY AND HOW A BUSINESS OPERATES AND WE AND THEY APPRECIATE THAT OUR APPROACH IS NOT ONLY IDENTIFYING OPPORTUNITIES FOR BUSINESS DEVELOPMENT BUT ALSO OPPORTUNITIES FOR SCALING GROWTH COMPANIES IN DALLAS. THE DATA SHOWS THAT WE'RE NOT GOOD AT ENCOURAGING EARLY-STAGE COMPANIES BUT WE HAVE A PLAN ON HOW TO ADDRESS THAT AND ARE HAPPY TO DISCUSS IT LATER WHENEVER YOU'D LIKE BUT THE EXECUTIVE SUMMARY IS IN YOUR FOLDER. I WILL SAY WE DID FIND OUT THE ONE THING THAT WE'RE REALLY SUCCESSFUL AT IS ONCE A COMPANY IS ESTABLISHED, THAT COMPANY CAN GO PUBLIC.

PUBLIC OR CAN CAPITALIZE IN ANOTHER WAY WE ARE NUMBER ONE IN THE COUNTRY FOR SUCCESSFUL EXITS OF BUSINESS AND THAT IS ONLY GOING TO GET STRONGER AND STRONGER BECAUSE OF THE CAPITAL MARKETS THAT ARE BEING ESTABLISHED HERE SO WE HAVE TO BUILD UPON THAT STRENGTH. AND LASTLY, THE LAST STUDY WE DID WAS A SOUTHERN DALLAS REAL ESTATE ASSESSMENT THAT WAS DONE BY HR & A, THERE ARE NO SURPRISES IN THE INFORMATION THAT YOU'LL SEE HERE ONE OF THE BIGGEST OPPORTUNITIES IS THE AREA THAT IS TOTALLY WITHIN THE CONTROL OF THE CITY AND THAT IS THE DEVELOPMENT OF THE CITY ON LAND AROUND DALLAS EXECUTIVE AIRPORT. THE NON-AVIATION LAND IS PERFECT FOR ADVANCED MANUFACTURING AND WE WOULD LOVE TO HAVE A PART IN ACTIVATING THAT LAND IN PARTNERSHIP WITH THE CITY'S AVIATION DEPARTMENT. WE'VE HAD SEVERAL DIFFERENT COMPANIES ARE INTERESTED IN THE PROPERTY BUT AT THIS PARTICULAR TIME IT'S NOT BEEN AVAILABLE BUT THE INVESTMENT THAT WE HAVE MADE IN THESE STUDIES SETS THE STAGE FOR OUR ACTIONS SINCE IT'S ALL BASED ON DATA.

NEXT SLIDE PLEASE. WE'VE BUILT THE ENGINE WITH OUR TEAM TO PROVIDE THE CRITICAL COMPONENTS FOR BUSINESS DEVELOPMENT.

THESE THINGS ARE WHAT COMPANIES SEEK WHEN THEY'RE TALKING ABOUT THEIR FUTURE HOME FOR GROWTH OR FOR EXISTING COMPANIES WHO WANT TO GROW. REAL ESTATE AND SITE INTELLIGENCE IS JUST ONE THING.

THAT COMPANIES ARE SEEKING.

WORKFORCE INTELLIGENCE IS THE PRIMARY THING THEY ARE LOOKING FOR AND WE HAVE THE DATA AND THE TOOLS TO PROVIDE THIS INFORMATION AND WE DO IT EVERY SINGLE DAY. A LOT OF ECONOMIC DEVELOPMENT ORGANIZATIONS DO NOT HAVE ACCESS TO THE DATA THAT WE HAVE. THAT HAS NOT BEEN THEIR PRIORITY.

THE REGIONAL CHAMBER DOES PROVIDE ALL THIS DATA, BUT IT'S ON THE REGIONAL BASIS. ALL OF THE DATA THAT WE HAVE IS SPECIFIC BASED ON DALLAS. WE HAVE CARVED OUT THE CITY OF DALLAS OUT OF THAT REGIONAL INFORMATION, AND WE HAVE THE INFORMATION IN OUR STUDIES IS VERY SPECIFIC TO DALLAS. SO, IT'S ESSENTIAL TO THE NEXT BULLET, WHICH IS VERY IMPORTANT, AND THAT'S STORYTELLING. IN YOUR FOLDER ARE A FEW EXAMPLES OF OUR MARKETING FLYERS, WHICH YOU'LL SEE SEVERAL. JUST A GENERIC ONE, THEN WE ALSO DID ONE FOR A BIO CONFERENCE IN SAN

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THAT MEANS THAT THERE'S A LOT OF LAND, AND NOT MANY CITIES AROUND THE COUNTRY HAVE THIS MUCH LAND IN THE CENTER OF THE CITY FOR DEVELOPMENT.

SO, WE ACTUALLY WENT TO ALL THE DEVELOPERS WHO OWN THOSE LAND, WE GOT THEIR MARKETING MATERIALS, AND WE SENT THAT INFORMATION OUT TO SITE SELECTORS SPECIFICALLY.

SO, WHEN SOMEONE SAYS WE DON'T HAVE LAND FOR HQS, THEY SHOULD BE GOING TO PLANO OR FRISCO, WE'VE GOT ANOTHER STORY TO BE ABLE TO TELL THEM. WE ALSO SENT OUT A WORLD CUP NEWSLETTER TO ALL THE CONSULATES WITH TEAMS THAT WERE PLAYING IN THE WORLD CUP IN DALLAS, AND WE SENT THAT ON A CONTINUOUS BASIS. AND WE ACTUALLY ASKED THEM IF THERE WAS ANYTHING WE COULD DO TO SUPPORT THEM WHILE THEY WERE IN TOWN. ONE CONSUL GENERAL REACHED OUT TO US, ARGENTINA, AND ASKED US TO HELP THEM ORCHESTRATE AN EVENT. AND THEN THEY HAD A LOT OF OTHER THINGS HAPPENING, SO THAT DIDN'T HAPPEN, BUT AT LEAST THEY DID COME BACK.

AT LEAST THEY DID RESPOND, WHICH IS ALWAYS GOOD. WHEN YOU SEND A NEWSLETTER OUT, YOU NEVER KNOW WHAT YOU'RE GOING TO GET BACK. AND THEN IF YOU HAVE BEEN PAYING ATTENTION TO OUR SOCIAL MEDIA PRESENCE WE'VE REALLY TAKEN OFF IN LINKEDIN AND FACEBOOK I GET A LOT OF COMMENTS FROM BUSINESSES ABOUT THE CONTENT WE'RE PUTTING OUT ON SOCIAL MEDIA SO WE HAVE A LOT OF WAYS TO GO ON THE SOCIAL MEDIA SPACE BUT WE ALSO FEEL LIKE WE'VE MADE A LOT OF PROGRESS. AND LASTLY, WE ARE WORKING ON A DALLAS GUIDE I MENTIONED THIS LAST YEAR THE REGIONAL CHAMBER HAS AN ECONOMIC DEVELOPMENT GUIDES A BIG MAGAZINE WE HAVE BEEN WORKING ON THIS FOR THE LAST YEAR IT'S GOING TO BE A PRINTED PUBLICATION SPECIFICALLY PROVIDING ALL THIS DATA ON DALLAS THAT WILL BE DISTRIBUTED TO SITE SELECTORS, WILL BE DISTRIBUTED TO YOU ALL, CEOS AND COMPANIES AROUND THE COUNTRY. IT WILL BE THE KEY COMPONENT THAT WE WILL PROVIDE DATA TO OUR COMPANIES THAT ARE COMING IN HERE, HERE AND ALSO COMPANIES FROM ABROAD. WE'VE ASKED D CUSTOM TO BE PUTTING THAT TOGETHER FOR US SO IT'S A PROFESSIONALLY PUT TOGETHER PIECE OF MARKETING MATERIALS AND AGAIN WE ARE CREATING THIS ONE FOR DALLAS WE HOPE TO HAVE IT DONE BY BEGINNING OF OCTOBER. WE'VE ALREADY COMPLETED ALL THE DATA THAT GOES IN IT NOW.

WE'RE JUST IN THE PROCESS OF PUTTING TOGETHER THE PRETTY PICTURES AND WHAT YOU WANT TO SEE IN TERMS OF SLICK PUBLICATION. NEXT SLIDE PLEASE.

ALL OF THIS WORK IS FINALLY YIELDING RESULTS. BEGINNING IN APRIL, THE EDC HAS BEEN RECEIVING LEADS FROM THE STATE AND THE DRC, AND WE ARE RESPONDING TO THOSE LEADS IN COORDINATION WITH THE OFFICE OF ECONOMIC DEVELOPMENT. SO, WE HAVE RECEIVED, SINCE APRIL 1, 121 LEADS. WE HAVE ENGAGED ON 80 OF THEM AND THEN ALMOST HALF OF THOSE LEADS, 60 OF THOSE LEADS, WERE ONES THAT CAME TO US DIRECTLY OR ONES THAT CAME AS A RESULT OF OUR MARKETING EFFORTS, WHICH IS REALLY PRETTY EXCITING.

WE HAVE, SOME OF THE LEADS WE'VE RECEIVED ARE JUST NOT APPROPRIATE FOR DALLAS. IF IT'S A HEAVY INDUSTRIAL OPPORTUNITY, PROBABLY NOT A PLACE IN DALLAS FOR US TO HAVE THAT. IF IT'S LOOKING FOR HUNDREDS OF ACRES, WE DON'T KNOW WHERE THOSE HUNDREDS OF ACRES ARE TO BE ABLE TO DO A BIG MANUFACTURING FACILITY.

BUT MOST OF THOSE LEADS ARE COMING IN, ARE ADVANCED MANUFACTURING.

SO, IF YOU SEE THE CHART THAT'S ON THE SCREEN, 33% OF THE LEADS WE'VE BEEN RECEIVING ARE FOR ADVANCED MANUFACTURING OR INDUSTRIAL RELATED APPROPRIATE FOR OUR MARKET. 12% HAVE BEEN BANKING AND FINANCE, 9% ARE BIO AND MED TECH. WE DO AN AWFUL LOT OF WORK WITH PEGASUS PARK. 8% ON TECHNOLOGY AND 6.5% ON ENTERTAINMENT AND TOURISM.

SO, WE HAVE SEEN ACROSS THE SPECTRUM A VARIETY OF DIFFERENT BUSINESSES. SO, WE'RE REALLY EXCITED ABOUT THAT. AND AS WE ARE VERY PLEASED THAT THE CITY HAS RESPONDED BECAUSE THE CITY HAS GRANTED AN INCENTIVE TO AN EARLY STAGE COMPANY FINTECH COMPANY THAT WE'VE BEEN WORKING WITH SINCE THEY CONTACTED US DIRECTLY AND SO THE OFFICE OF ECONOMIC DEVELOPMENT WAS VERY CREATIVE IN TRYING TO ADDRESS THE TYPE OF FUNDING NEEDED FOR THIS PARTICULAR COMPANY AND WE WERE IN COMPETITION WITH A COUPLE OF SUBURBAN NEIGHBORS SO I'M HAPPY THAT WE'RE ABLE TO KEEP THAT COMPANY HERE AND THAT THIS IS A VERY SUCCESSFUL ENTREPRENEUR THAT'S DONE THIS MANY TIMES BUT AS OF TODAY OF THE OF THE LEADS THAT WE'VE BEEN WORKING WE HAVE SUBMITTED EIGHT COMPANIES TO THE CITY TO START INCENTIVE CONVERSATIONS WITH A FEW ALREADY ALONG IN THE PROCESS AND WE'LL BE ALSO INTRODUCING ANOTHER MAJOR MANUFACTURING OPPORTUNITY TO THE CITY IN THE COMING WEEKS AND THAT'S COME THROUGH A DIRECT ENGAGEMENT WITH A SITE SELECTOR. AS YOU CAN SEE THE DIVERSITY OF THE PIPE LINE IS

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NEXT SLIDE PLEASE. BUSINESS RETENTION AND GROWTH ARE CRITICAL WE HAVE LET COMPANIES KNOW THAT WE WANT THEM HERE AND WE WANT THEM TO HELP WE WANT TO HELP THEM GROW AND THRIVE HERE THIS IS AN IMPORTANT COMPONENT OF OUR WORK ALMOST 80 PERCENT OF ALL ECONOMIC GROWTH IN A CITY IS FROM COMPANIES THAT ARE ALREADY HERE SO WE HAVE LAUNCHED SEVERAL DIFFERENT INITIATIVES AND AGAIN WE'VE HIRED THE PEOPLE TO ACTUALLY HELP CARRY OUT THAT MISSION. NEXT SLIDE PLEASE. WE LAUNCHED THE BUSINESS CLIMATE SURVEY. IT'S OUR FIRST EFFORT.

IT WAS LAUNCHED A COUPLE OF WEEKS AGO. A COPY OF THAT IS ALSO IN YOUR FOLDER. GRANTED, IT'S THE MIDDLE OF JULY. WE HAVE RECEIVED SOME RESPONSES, BUT WE ARE GOING TO BE SENDING IT OUT MULTIPLE TIMES OVER THE COURSE OF THE NEXT MONTH SO HOPEFULLY IT WILL LAND BUT WE WILL START REACHING OUT TO EACH OF THOSE COMPANIES WE SEND IT OUT TO 150 OF THE BIGGEST COMPANIES IN THE CITY OF DALLAS AND THEN WE'RE ACTUALLY THE NEXT PHASE OF DOING SURVEYING WE'LL PROBABLY OPEN IT UP TO JUST ABOUT ANY COMPANY BUT WE'LL BE REACHING OUT TO THOSE COMPANIES DIRECTLY TO START MEETING WITH THEM STARTING IN SEPTEMBER AND WE WANT TO LEARN MORE ABOUT WHAT WE CAN DO TO ENSURE THEIR SATISFACTION WITH THE CITY AND TO CREATE AN EARLY WARNING SYSTEM IF THINGS ARE NOT GOING WELL. ONE OF THE BIGGEST INDICATORS IS A LEASE EXPIRATION BUT ANOTHER ONE IS WHEN AS THERE'S A CHANGE IN THE C-SUITE SO WE'RE ACTUALLY PAYING ATTENTION TO THE NEWS IF THERE'S A SWEET C-SUITE CHANGE WE KNOW THAT'S A COMPANY WE NEED TO START TALKING TO. BUT WE'RE TRACKING THOSE THINGS.

WE ARE ENGAGING WITH BROKERS DIRECTLY TO GAIN INTELLIGENCE FROM THEM. AND ONCE THE SURVEY RESULTS ARE AVAILABLE, WE WILL BE PUBLISHING THEM FOR YOU TO BE ABLE TO SEE.

NEXT SLIDE, PLEASE. SO HERE ARE INITIATIVES THAT WE'RE JUST NOW LAUNCHING. I'M VERY EXCITED ABOUT ALL OF THIS. ENGAGEMENT WITH DALLAS COLLEGE AND OTHER HIGHER EDUCATION INSTITUTIONS IS OUR TOP PRIORITY. WE'LL ALSO BE ENGAGING COMPANIES THROUGH OUR ENTERPRISE AI COUNCIL, WHICH WE WILL LAUNCH IN THE FALL. AND WE ARE WORKING ON A CREATION OF AN INNOVATION DISTRICT IN DALLAS, WHICH IS A CRITICAL COMPONENT OF MARKETING. YOU'LL SEE A LOT OF OTHER COMPANIES HAVE ALREADY STAKED THEIR CLAIM ON HAVING INNOVATION AND TECHNOLOGY AS THEIR HEADLINE.

WE HAVE A LOT MORE TO TALK ABOUT IN THAT SPACE THAN ANY OTHER CITY IN THE REGION. SO, WE'RE STAKING OUR CLAIM, WE'RE GOING TO START MARKETING IT, AND WE'RE GOING TO CREATE A GEOGRAPHIC LOCATION, AND WE'RE WORKING THROUGH THAT PLAN WITH PROPERTY OWNERS RIGHT NOW, ALSO IN PARTNERSHIP WITH THE CITY, BUT NEEDLESS TO SAY, IT'S GOING TO BE ANCHORED TO PEGASUS PARK, WHICH HAS BEEN AN AMAZING ENGINE FOR DALLAS. NEXT SLIDE, PLEASE. WE ARE SEEKING AN ADDITIONAL INVESTMENT FROM THE CITY OF DALLAS AND EARLY THIS YEAR WHEN WE SUBMITTED OUR BUDGET TO THE CITY, WE REQUESTED $4 MILLION TO CONTINUE OUR WORK THAT WE ARE DOING AND PROVIDE THE ECONOMIC STABILITY FOR THE EDC TO CONTINUE THIS WORK ON BEHALF OF THE CITY, UNDERSTANDING THE BUDGETARY PRESSURES. BUT I THINK THAT WE CAN PROVE THAT THE INVESTMENT OF MONEY WILL YIELD FUTURE RESULTS IN TERMS OF REVENUE FOR THE CITY. NEXT SLIDE. OUR GOAL IN FIVE YEARS IS TO BE FUNDED PRIMARILY THROUGH PRIVATE SOURCES WITH 70% PRIVATELY FUNDED AND 30% PUBLIC FUNDED AND WE HAVE SEEN SOME SUCCESS OVER THE PAST YEAR IN FUNDRAISING BUT THIS IS WHERE WE STAND TODAY. WE HAVE RAISED $3 MILLION OVER THE COURSE OF THE NEXT THREE YEARS. THESE ARE MULTI-YEAR COMMITMENTS FROM CORPORATIONS THAT HAVE AGREED THAT THIS IS SOMETHING THAT THEY WANT TO DO. AND WE'VE JUST BEGUN THIS PROCESS. EVERY SINGLE DAY WE GET A NEW COMMITMENT BUT WE NEED TO GET TO THE POINT WHERE WE HAVE A STABILIZED BUDGET OF FIVE MILLION DOLLARS A YEAR AND 70% OF THAT WE WERE REALLY COMMITTED TO RAISING THAT PRIVATELY OR COMING UP WITH A MECHANISM FOR SELF-FUNDING IF WE CAN COME UP WITH AN IDEA AROUND THAT BUT THEN ALSO WE FEEL IT'S VERY IMPORTANT. WE ARE WORKING FOR THE CITY OF DALLAS OR IN OUR LOCAL AGREEMENT A CONTRACT AND SO THE CITY HAS A STAKE IN THIS TOO, AND IT'S VERY IMPORTANT THAT YOU ALL ALSO SUPPORT US. NEXT SLIDE. NEBIAT'S HERE JUST IN CASE YOU HAVE FURTHER QUESTIONS ABOUT A FINANCIAL POSITION, BUT WE JUST WANTED TO SHOW YOU WHERE WE STAND TODAY. AS OF JUNE 30, $3.8 MILLION IS WHAT WE HAVE IN TOTAL ASSETS, WHICH IS PARTIALLY WHAT IS LEFT FROM THE CITY'S INITIAL INVESTMENT OF FOUR YEARS AGO AND AS WELL AS THE MONEY THAT WE RECEIVED PRIVATELY IF WE HAVE NOT RECEIVED IT IT'S NOT IN OUR BALANCE SHEET WE ARE ACCOUNTING FOR THOSE DOLLARS WHEN THEY COME IN WE HAVE COMMITMENTS AND WE HAVE CONTRACTS BUT UNLESS IT'S BEEN RECEIVED WE HAVE NOT PUT IT ON OUR BALANCE SHEET.

NEXT SLIDE, PLEASE. AND WE'RE VERY EXCITED TO ANNOUNCE THAT WE WILL BE MOVING INTO OUR OWN OFFICES IN THE COMING MONTHS JUST A FEW BLOCKS AWAY FROM HERE THIS WILL PROVIDE US WITH THE LOCATION TO SUPPORT

[00:25:02]

DALLAS STANDS AS THE EPICENTER OF MODERN BUSINESS GROWTH, WHERE A POWERFUL DIVERSE ECONOMY MEETS UNPARALLELED TALENT AND CONNECTIVITY.

FROM FINANCE AND TECHNOLOGY TO LIFE SCIENCES AND LOGISTICS, DALLAS IS WHERE BUSINESS MEETS OPPORTUNITY. THE BUSINESS OF DALLAS IS DALLAS. WE SEE BUSINESS AS THE ANCHOR, PART OF THE HEARTBEAT OF EVERYTHING WE DO. WHEN I STARTED MY CAREER, WE HAD 3 MILLION PEOPLE IN TOWN. NOW WE'VE GOT 8.3 MILLION. 5.3 MILLION PEOPLE SHOWED UP. ONE OF THE FASTEST GROWING REGIONS IN THE COUNTRY. AND THERE'S A REASON FOR THAT. PEOPLE LOVE IT FOR THE BUSINESS, BUT THEY REALLY LOVE IT FOR THEIR FAMILY. THANK YOU.

THAT LOOKS GOOD. DALLAS STANDS AS THE EPICENTER OF MODERN BUSINESS GROWTH, WHERE A POWERFUL, DIVERSE ECONOMY MEETS UNPARALLELED TALENT AND CONNECTIVITY, FROM FINANCE AND TECHNOLOGY TO LIFE SCIENCES AND LIVING LOGISTICS. DALLAS IS WHERE BUSINESS MEETS OPPORTUNITY. THE BUSINESS OF DALLAS IS DALLAS. WE SEE BUSINESS AS THE ANCHOR, PART OF THE HEARTBEAT OF EVERYTHING WE DO. WHEN I STARTED MY CAREER, WE HAD THREE MILLION PEOPLE IN TOWN. NOW WE'VE GOT 8.3 MILLION. YOU KNOW, 5.3 MILLION PEOPLE SHOWED UP. ONE OF THE FASTEST GROWING REGIONS IN THE COUNTRY. AND THERE'S A REASON FOR THAT. PEOPLE LOVE IT FOR THE BUSINESS, BUT THEY REALLY LOVE IT FOR THEIR FAMILY. THE BUSINESS COMMUNITY HERE IS INCREDIBLE.

THE STANDARD OF LIVING IS EXTRAORDINARY.

THE QUALITY OF LIFE IS OFF THE CHARTS. ANY COMPANY COMING FROM ACROSS THE COUNTRY OR THE GLOBE THAT'S LOOKING FOR WHERE DO I WANT TO PLACE MY BUSINESS NEEDS TO SAY, WHERE IS THERE A CITY OF TOMORROW. WHERE IS THEIR MOMENTUM? WHERE IS THE RIGHT GOVERNANCE? WHERE IS THEIR PRO-BUSINESS ATTITUDE? WHERE IS THE TALENT COMING FROM? ARE JOBS COMING IN? ARE THERE GREAT ACADEMIC INSTITUTIONS? A GREAT CULTURAL CENTER? IF THEY'RE LOOKING FOR ALL OF THAT, THEY'RE LOOKING AT DALLAS. YOU KNOW, DALLAS IS A BIG CITY WITH A SMALL BUSINESS COMMUNITY.

IT'S VERY CLOSE-KNIT. PEOPLE WORK WITH EACH OTHER, ENGAGE WITH ONE ANOTHER, HELP ONE ANOTHER. IT'S LIKE NO OTHER CITY I'VE EVER SEEN IN MY 30 YEARS AT GOLDMAN SACHS. I WOULD DESCRIBE THE DALLAS ADC'S ROLE AS THE CONNECTOR. THE CONVENER. WE WANT TO BE THAT RESOURCE FOR THEM. WE WANT TO BE THEIR BACK OFFICE, DIRECTING THEM AND CONNECTING THEM WITH THE RIGHT PEOPLE. WE ARE THE LARGEST, MOST DYNAMIC ECONOMIC REGION IN NORTH AMERICA NOT ON A NAVIGABLE BODY OF WATER.

WE BUILT OUR OCEAN IN DFW AIRPORT. TO EITHER COAST IN TWO AND A HALF HOURS ANYWHERE IN THE COUNTRY BEING CENTRALLY LOCATED IS AN EXTRAORDINARY STRATEGIC ADVANTAGE. I TALKED TO ALL THESE COMPANIES MOVING IN, ALL THESE FAMILIES MOVING IN, AND THEY'RE STUNNED ABOUT HOW EASY IT IS TO MOVE, HOW AFFORDABLE IT IS. AND I HAD ONE MAN FROM NEW YORK TELL ME, HE SAYS, I CAN'T BELIEVE HOW EASY LIFE CAN BE. YOU KNOW, OUR MAGIC IS PRETTY SIMPLE.

THIS IS AN INCREDIBLE PLACE TO RAISE YOUR FAMILY, MAKE A HELL OF A LOT OF MONEY. AND WE LOOK FOR WAYS TO MAKE IT EASIER FOR YOU TO DO WHAT YOU DO. THIS CITY, WE WANT EACH OTHER TO SUCCEED. WE WANT OUR

[00:30:01]

DALLAS-FORT WORTH HAS NO BARRIER TO GROWTH. WE CAN GROW IN 360 DEGREES. BY 2050, WE'LL BE WELL OVER 12 MILLION. THE OPPORTUNITIES ARE ABSOLUTELY MIND-BOGGLING. THE DALLAS EDC IS BUILDING THE CITY'S ECONOMIC FUTURE. JOIN US IN SHAPING TOMORROW, WHERE AMBITION MEETS OPPORTUNITY AND GROWTH KNOWS NO BOUNDS. THANK YOU VERY MUCH. THIS CONCLUDES OUR PRESENTATION, AND I'M HAPPY TO ANSWER ANY QUESTIONS YOU MAY HAVE, AND I APPRECIATE THE OPPORTUNITY TO GIVE YOU THIS REPORT. THANK YOU, LINDA. I APPRECIATE YOU AND YOUR TEAM FOR BEING HERE TODAY. THIS IS AN UPDATE THAT I ASKED FOR. I WANT TO MAKE SURE THAT THE COMMITTEE MEMBERS AND THE COUNCIL KNOW WHAT'S GOING ON AND THAT WE ARE KEEPING YOU GUYS ACCOUNTABLE AS WE'RE LOOKING AT THE POLICY PRIORITIES FROM OUR MAYOR SOME OF THOSE THINGS ARE SUPPORTING FINANCIAL SECTORS STRENGTHENING OUR EXISTING BUSINESSES IN THE CITY OF DALLAS AND ATTRACTING OUTSIDE BUSINESSES AS WELL AND SO I'M GLAD TO SEE OVER AND OVER IN THE PRESENTATION HEADLINES ON RETENTION AND GROWTH I THINK THAT MEANS THAT WE ARE WE'RE COMMUNICATING WITH ONE ANOTHER. AND SOMETHING THAT WE'RE NOT DOING RIGHT NOW AS A CITY IS HIGHLIGHTING OUR WINS AND TELLING OUR STORY.

AND SO, I KNOW THAT PART OF THIS PRESENTATION IS DEMONSTRATING THAT, BUT ALSO THAT SURVEY IS GOING TO HELP US IDENTIFY AREAS OF WEAKNESSES.

BUT WHAT WE DO KNOW IS THAT DALLAS IS POSITIONED WELL. YOU MENTIONED THE EDUCATION SYSTEMS THAT WE HAVE IN PLACE. OUR GROWING COMMUNITY COLLEGE THAT'S HAPPENING HERE IN DOWNTOWN DALLAS. YOU'RE TALKING ABOUT THE FINANCING OPPORTUNITIES FOR THOSE BUSINESSES TO EITHER RELOCATE OR TO GROW. YOU'RE TALKING ABOUT THE LAND THAT'S AVAILABLE AND AN AREA THAT I THINK WE CAN IMPROVE ON INTERNALLY IS THROUGH OUR POLICIES AND MAKING SURE WE'RE DOING THOSE CHANGES AND ALSO OUR ROAD NETWORK THE OUR SUPPLY OF WATER OUR SUPPLY OF ENERGY THOSE ARE ALL THINGS THAT COMPANIES ARE LOOKING WHEN THEY'RE CONSIDERING EITHER A RELOCATION OR AN EXPANSION. SO I JUST WANT TO THANK YOU AND YOUR TEAM FOR BRINGING THIS BEFORE US TODAY. AND WITH THAT, I'M GOING TO OPEN IT UP WITH CHAIR GRACEY. THANK YOU, MR. CHAIR.

AND LINDA, THANK YOU FOR THIS PRESENTATION. YOU KNOW, THIS KIND OF STUFF EXCITES ME. YOU'VE HAD AN OPPORTUNITY TO RIDE AROUND MY DISTRICT WITH ME AND JUST KIND OF ENVISION, YOU KNOW, SOME OF THOSE OPPORTUNITIES, INCLUDING SOME OF THE INDUSTRIAL OPPORTUNITIES THAT ARE THERE FROM THERE. SO, THANK YOU FOR THIS. I DO HAVE A COUPLE OF QUESTIONS OR REALLY COMMENTS I THINK TO CAN YOU TALK A LITTLE BIT MORE I DON'T THEY DIDN'T HAVE SLIDE NUMBERS BUT IT WAS THE INVESTING IN DATA TOOLS ON THERE I THINK IT WAS THE DASHBOARD THE SCHOOL DASHBOARD AND AGAIN GOING BACK TO TELLING THE STORIES ABOUT WHAT'S HAPPENING AND WHAT'S GOING ON IN THE CITY OF DALLAS AGAIN ONE THAT'S ONE OF THE THINGS THE DISTRICT THREE WE JUST RECENTLY DID VIDEO ABOUT PARKS BECAUSE WE'RE MARKETING INTO AGAIN TELLING THAT STORY ABOUT BEING THE OUTDOOR DESTINATION. IS THERE ANYTHING IN THE PIPELINE TO TALK ABOUT THE HOUSING OPTIONS THAT ARE AVAILABLE AND YES, WHILE DALLAS HAS A HOUSING SHORTAGE, AS IT RELATES TO RELOCATIONS AND THINGS LIKE THAT, A LOT OF OPPORTUNITY I THINK IS MISSED ARE THE HOUSING OPPORTUNITIES THAT EXIST SPECIFICALLY WITHIN SOUTHERN DALLAS, WHETHER THAT'S LAND TO BUILD A NEW ONE OR TO MOVE INTO A NEW COMMUNITY OR AN OLDER COMMUNITY THAT HAS THE CHARACTER AND ALL THOSE THINGS THAT WE'RE LOOKING FOR. IS THAT ANYWHERE IN THIS PIPELINE, TOO? BECAUSE WHILE WE'RE WORKING TO RELOCATE CORPORATIONS TO DALLAS, I DON'T WANT TO OVERLOOK THE HOUSING OPPORTUNITIES THAT CAN EXIST AND DO EXIST ALREADY SPECIFICALLY IN SOUTHERN DALLAS. SO, ARE THERE ANY OPPORTUNITIES TO KIND OF HIGHLIGHT THAT AS WELL? THAT'S ALREADY PART OF OUR PITCH PRESENTATIONS. WE DIDN'T GET INTO THAT LEVEL OF DETAIL, BUT I CAN TELL YOU THE WORKFORCE IS NUMBER ONE.

IT'S WHERE PEOPLE LIVE IS NUMBER TWO. AND SO, YOU KNOW, I'VE SAID OFTENTIMES LET ME PUT YOU IN A LITTLE SPRINTER VAN AND WE'LL DRIVE AROUND ALLISON YOU CAN SEE ALL THESE DIFFERENT NEIGHBORHOODS ALL OVER THE CITY THAT ARE REALLY GREAT PLACES TO LIVE THE INTERNATIONAL COMPANIES THAT COME IN ALWAYS ASK HOW LONG DOES IT TAKE YOU TO GET TO WORK, 15 MINUTES. YOU CAN BE PRETTY MUCH ANYWHERE IN THE CITY FOR 20 AND 20 MINUTES AND WE HAVE THAT AS AN ADVANTAGE AND WE PLAY THAT UP SO WHEN WE WERE DOING THE GEN Z TOUR WE ACTUALLY DROVE THEM AROUND DALLAS BUT WE ALSO SHOWED THEM ALL THE DIFFERENT NEIGHBORHOODS THAT NOT ONLY ARE JUST THE ONES IN UPTOWN OR NORTH THERE ARE ALL OVER THE CITY. WE ALSO HAVE RECOMMENDED PROPERTIES FOR DEVELOPMENT IN THE HIGHLAND HILLS DEVELOPMENT.

SO, THE COMMERCIAL PROPERTIES IN HIGHLAND HILLS WAS PART OF A PITCH THAT WE MADE TO ANOTHER COMPANY LOOKING

[00:35:01]

SO HOUSING IS ALWAYS NUMBER ONE. I ACTUALLY, WE WERE TALKING TO THIS COMPANY THAT WAS HERE LAST WEEK. WE HAVE USUALLY A COUPLE COMPANIES A WEEK COMING IN TALKING TO US. AND, YOU KNOW, I SAID WITHIN 10 MINUTES OF HERE, $350,000 HOMES IN THE FAIR PARK AREA. SO, WE'RE ALWAYS TALKING ABOUT THAT. AND THE DIVERSITY OF HOUSING THAT WE HAVE IS REALLY, REALLY IMPORTANT. AND I'VE HAD SEVERAL COMPANIES SAY TO ME, YOU KNOW, CAME FROM CHICAGO.

WHAT SUBURB SHOULD I LIVE IN? I SAID, YOU DON'T HAVE TO LIVE IN A SUBURB. YOU CAN LIVE IN DALLAS AND HAVE ALL THESE DIFFERENT NEIGHBORHOODS THAT HAVE THEIR OWN CULTURE AND THEIR OWN COMMUNITY. AND THAT IS A BIG HIGHLIGHT. AND I WILL TELL YOU THAT IS A BIG HIGHLIGHT. IT'S ALSO A BIG CONVERSATION. SO, OUR DALLAS GUIDE WILL BE FEATURING SOME OF THAT NEIGHBORHOOD INFORMATION, AFFORDABILITY HOUSING, THE AVERAGE HOUSING PRICE IN DALLAS IS $349,000. THAT IS A REALLY GREAT STARTING POINT FOR A LOT OF CONVERSATIONS ABOUT THE DIVERSITY OF HOUSING OPPORTUNITIES IN DALLAS. SO, I AGREE WITH YOU 100%.

IT JUST DIDN'T MAKE IT TO OUR SLIDES. NO WORRIES. YOU SPEAK IN MY LANGUAGE. AGAIN, FOR ME, ALL OF THIS IS NOT JUST ABOUT MARKETING TO THESE COMPANIES THAT ARE INTERESTED IN MOVING HERE. IT'S REALLY ABOUT TELLING THE STORY TO THE BANKS AS WELL WHO ARE STILL ON THE 1980S MATH THAT THEY'RE DOING IN TERMS OF HOW THEY'RE EVALUATING SOME OF THE PROPERTIES. AND ALL THE THINGS THAT HAVE BEEN DONE TO BUILD WHAT EXISTS TODAY IS A RESULT OF SOME OF THOSE THINGS. WE DON'T HAVE TO GO INTO ALL OF THAT.

BUT AGAIN, SHIFTING THE MINDSET FROM A BANKING PERSPECTIVE AND SHIFTING THE MINDSET FROM A DEVELOPER'S PERSPECTIVE TOO.

OFTENTIMES WE SEE SOME OF THESE SAME DEVELOPERS AND THEY ONLY SEE ONE WAY TO DEVELOP. AND THAT IS, IF I CAN'T BUILD A PLANO, THEN IT CAN'T FIT OR SOMETHING LIKE THAT. SO AGAIN, LOOKING FOR MORE URBAN DEVELOPERS THAT CAN SEE AND MARKET. SO, IT'S NOT JUST MARKETING THE COMPANIES, BUT IT'S MARKETING THE ENTIRE AREA TO DEVELOPERS THAT SEE THE VISION AND THE OPPORTUNITIES THERE. SO AGAIN, I WANT TO THANK YOU. YOU KNOW MY PASSION ABOUT THIS. AND THANK YOU FOR, AGAIN, RIDING AROUND.

I'M LOOKING FORWARD TO SOME OF THE CONVERSATIONS WE'LL HAVE CENTERED AROUND EXECUTIVE AIRPORT. THANK YOU. THANK YOU.

MR. CHAIR. COUNCILMEMBER BLAIR.

THANK YOU, MR. CHAIR. THANK YOU, MISS LINDA. YOU SAID SOMETHING THAT I NEED SOME CLARIFICATION ON ABOUT THE DALLAS EXECUTIVE AIRPORT HAVING ADVANCED INDUSTRIAL. WHAT IS THAT? SO, A MANUFACTURING FACILITY THAT ACTUALLY HAS HIGHER WAGE WORKERS THAT'S NOT JUST A PROCESSING FACILITY. SO USUALLY, COMPANIES BASED IN ENGINEERING OF SOME KIND, AND THERE'S A VARIETY OF DIFFERENT ONES. ALSO, FOOD MANUFACTURING COMPANIES CAN QUALIFY IN THOSE CATEGORIES.

SO, A VARIETY OF DIFFERENT MANUFACTURING COMPANIES THAT ARE USING HIGHER TECHNOLOGY, HIGHER WAGE JOBS, AND SO THAT'S REALLY THE JOB GROWTH OF THE FUTURE. SO, THERE'S A VARIETY OF DIFFERENT COMPANIES THAT FIT UNDER THAT CATEGORY. SO, WHEN YOU'RE TALKING ABOUT HIGHER WAGE OR FOOD MANUFACTURING, IS IT SOMETHING THAT IS A TYPICAL INDUSTRIAL OR IS IT SOMETHING I'M TRYING TO ENVISION WHAT THIS LOOKS LIKE? SURE. WELL, WE ACTUALLY HAD BEEN WORKING WITH A FOOD MANUFACTURING, CUSTOMIZED FOOD MANUFACTURING COMPANY, I'LL GIVE YOU AS AN EXAMPLE.

AND THEIR WAGE LEVEL WAS AROUND $48,000. THEY WANTED TO ALSO NOT ONLY RECEIVE CITY FUNDING, BUT ALSO STATE FUNDING. WELL, FOR US TO BE ABLE TO ATTRACT STATE FUNDING INTO A MANUFACTURING FACILITY, THE WORKERS HAVE TO MAKE, ON AVERAGE, $68,000 A YEAR.

SO, THE WAGE ISSUE IS A BIG ONE. WE DID HAVE A REFERRAL OF A FOOD MANUFACTURING COMPANY THAT CAME TO US FROM A BANK, AND THEIR WAGES WERE IN THE LOW 20S. AND SO, THERE'S NO WAY THAT WE'RE, AND THE CITY DOES NOT WANT TO INCENT THOSE BUSINESSES.

WE'RE LOOKING FOR THOSE OPPORTUNITIES WHERE THOSE WAGES ARE MUCH HIGHER. OKAY, THANK YOU. YOU ALSO SAID THAT YOU WERE LOOKING FOR THE CENTER OF THE CITY FOR DEVELOPMENT AND THAT WE HAD A LOT OF LAND WITHIN THE CITY. WHAT WERE YOU LOOKING, WHAT, HOW DO I ASK THIS? WHEN I LOOK AT THIS DOWNTOWN OR THE CENTER OF THE CITY, I SEE IT VERY WELL BUILT OUT.

TELL ME WHAT YOU SEE. SO, I'VE HAD LEADERS THAT I DON'T WANT TO MENTION, WHO SAY IF THERE'S A CORPORATE HEADQUARTERS THAT'S COMING TO LOOK IN NORTH TEXAS, THEY'RE GOING TO REFER THEM TO PLANO OR FRISCO. I BASICALLY SAID, WELL, I KNOW THAT WE HAVE RIGHT IN DOWNTOWN AREAS TO BUILD OUT CORPORATE HEADQUARTERS, THE REUNION SITE. I THOUGHT YOU WERE MEANING BUILT FROM GROUND UP. YES, THEY ARE.

I AM. THERE'S VACANT LAND. SO, THE REUNION SITE IS A BIG ONE.

THE PROPERTY THAT MIKE HOKE OWNS

[00:40:02]

THERE'S STILL LAND RIGHT NEXT DOOR TO GOLDMAN SACHS THAT'S AVAILABLE FOR DEVELOPMENT.

THE PEROT FAMILY HAS LAND IN DOWNTOWN DALLAS FOR A BUILDING FOR A HIGH-RISE THAT HOPEFULLY SOMEDAY IT WILL START. BILLINGSLEY HAS PROPERTY ALL THESE VACANT ALL THESE PARKING LOTS WE HAVE THROUGHOUT THE CITY ALL RIPE FOR OPPORTUNITIES FOR DEVELOPMENT SO WE ACTUALLY WENT THE ONES THAT ACTUALLY HAVE DEVELOPMENT PLANS THEY HAVE DESIGNS AND DRAWINGS LIKE HOKE LIKED THE HUNT PROPERTIES LIKE BILLINGSLEY AND PEROT WE ACTUALLY SET GATHERED THAT INFORMATION AND SENT THAT OUT INTO THIS NEWSLETTER TO SHOW THEM EXACTLY WHAT WAS AVAILABLE.

I APPRECIATE THAT. DO YOU LOOK, ARE YOU, YOU SAID THAT YOU ARE ACTIVE, YOU ARE OUT 60 ACTIVE ENGAGED BUSINESS DEVELOPMENTS.

DO YOU, ARE THEY, DO YOU HAVE A TIMELINE THAT YOU THINK THAT WE COULD POSSIBLY SEE SOME MOVEMENT IN TOWARDS DOWN, IN TOWARDS THE CITY? EVERY SINGLE SEARCH HAS A DIFFERENT TIMELINE AND IT JUST DEPENDS SO THE ONES WE HAVE ONE THAT WE'VE REFERRED TO THE CITY FOR INCENTIVE INITIALS INCENTIVE CONVERSATIONS THEY WOULD LIKE TO AND THEY JUST CAME TO US IT'S AN INTERNATIONAL COMPANY THEY WOULD THEY WE MET WITH THEM TWO WEEKS AGO THREE WEEKS AGO THEY WANT TO THEY WANT TO BASICALLY IDENTIFY THEIR PROPERTY THIS YEAR AND THEY WANT TO START CONSTRUCTION EARLY NEXT YEAR. THAT'S A FAST TRACK AND THEY ALSO ARE GOING TO BE SEEKING INCENTIVES AT THE STATE LEVEL AS WELL.

THAT'S A REALLY FAST TRACK.

USUALLY, THESE DEALS TAKE A YEAR OR TWO. WE ACTUALLY HAD A COMPANY, ANOTHER INTERNATIONAL COMPANY, THAT ACTUALLY WE HAVE BEEN TRACKING THAT WE HAVE GONE AFTER, A MAJOR INTERNATIONAL COMPANY, AND I CAN'T SAY TOO MUCH ABOUT IT. AND THIS MORNING I GOT A TEXT FROM A PROPERTY OWNER SAYING, I THINK THERE'S A REAL OPPORTUNITY HERE THAT'S A 2027 ANNOUNCEMENT IF WE'RE TALKING ABOUT IT SO IN MOST CASES ON THE BIGGER OPPORTUNITIES THERE THEY TAKE A YEAR AND SOME OF IT HAS TO DO WITH HOW FAST CAN YOU GET POWER YOU KNOW WE WORK VERY CLOSELY WITH ENCORE DALLAS WATER UTILITIES ATMOS SO WE HAVE TO BE ABLE TO PROVIDE THE POWER TO THE SITES AND MAKE SURE THAT THERE'S POWER AVAILABILITY WORKING ON ONE OTHER PROSPECT RIGHT NOW THAT THE CITY IS ALSO ENGAGED IN AND SO RIGHT NOW, WE'RE IN THE CONVERSATION ABOUT HOW LONG WILL IT TAKE FOR ENCORE TO BE ABLE TO BUILD UP THE POWER FACILITIES THAT THEY NEED FOR THEIR BUSINESS.

AND THAT TAKES MONTHS. BUT IT'S NOT A QUICK TURNAROUND. THE SMALLER COMPANIES, SOMETIMES YOU CAN DO A LITTLE BIT MORE.

IF IT'S AN OFFICE DEVELOPMENT, THAT'S A LOT EASIER THAN BUILDING SOMETHING FROM THE GROUND UP. IF IT'S INDUSTRIAL OR IF IT'S INTO A LOGISTICS AREA WHERE IT REQUIRES MORE POWER OR THEY MAY NEED TO RETROFIT A BUILDING THAT ALSO TAKES TIME.

NEXT QUESTION IS GOING TO BE FROM A HOUSING PERSPECTIVE. WHEN YOU'RE SAYING THAT THEY'RE ASKING WHAT AREAS OF THE SUBURBS THAT THEIR RESIDENTS SHOULD GO AND YOU SAID SOMETHING ABOUT AFFORDABILITY BEING AT 350K. HOW DO WE AS A CITY, WHAT IS YOUR PERSPECTIVE AS A CITY TO GET IT KNOWN THAT WE ACTUALLY ARE AFFORDABLE BUT YOU CAN HAVE ANY TYPE OF HOUSING YOU WANT WITHIN THE CITY WHETHER IT'S BRAND NEW DEVELOPMENT OR SOMETHING THAT'S ALREADY EXISTING. HOW DO YOU USE CS BEING ABLE TO TELL THAT STORY? WELL, IT IS AGAIN PART OF WHAT WE TALK ABOUT AND WE TALK ABOUT, YOU KNOW, WHEN YOU'RE TALKING TO A COMPANY, YOU HAVE TO REALLY DIG INTO ASKING THEM WHAT THEY'RE LOOKING FOR. SO, THIS INTERNATIONAL COMPANY THAT WE TOURED WITH LAST WEEK, THEY REALLY WANT THEIR GEN ZS TO RENT BECAUSE THEY WANT TO BE ABLE TO PUT THEM IN AN INTERNATIONAL TRAINING PROGRAM SO THEY ARE NOT TIED DOWN TO HOMEOWNERSHIP. EVERY COMPANY IS A DIFFERENT DESIRE. SO, WE ARE JUST IN THE VERY BEGINNING STAGES OF PUTTING TOGETHER MARKETING MATERIALS AND I CAN ENVISION AT SOME POINT IN THE FUTURE THAT WE'LL BE ABLE TO PUT TOGETHER A HOUSING GUIDE AS WELL THAT HAS ALL THE VARIETIES OF DIFFERENT TYPES OF PRODUCTS AVAILABLE WHETHER IT'S SINGLE FAMILY OR A TOWNHOME DUPLEX MULTI-FAMILY WHATEVER PEOPLE MAY WANT BECAUSE PEOPLE IT'S A VERY INDIVIDUAL SITUATION AND WHEN I'M TALKING TO THESE COMPANIES THAT ARE COMING

[00:45:02]

SO, IT'S JUST REALLY KIND OF A ONE BY ONE CUSTOMIZED CONVERSATION. WHEN YOU'RE SAYING THAT THEY'RE LOOKING FOR DIFFERENT THINGS CAN YOU LET US KNOW WHAT THOSE THINGS ARE SO ESPECIALLY THOSE OF US WHO HAVE BETTER IN THE MIDST OF BUILDING HOUSING IN OUR COMMUNITIES. CAN YOU TELL US WHAT THEY'RE LOOKING FOR SO WHEN DEVELOPERS COME, WE CAN KIND OF STEER THEM IN THAT PARTICULAR DIRECTION. I WILL MAKE A NOTE OF THAT AND MAYBE WE CAN COME UP AND SURVEY YOU AND THEN YOU CAN TELL US WHAT YOU HAVE AND THEN WE CAN MAKE SURE THAT IT'S ON OUR LIST OF OPPORTUNITIES.

OKAY, WELL, WE KNOW THAT WE WANT YOU TO WE WANT YOU TO DEVELOP THAT LAND. OKAY WE GOT A WHOLE BUNCH OF HOUSING REBUILDING TOO. THANK YOU. YOU'RE WELCOME, MA'AM. THANK YOU. COUNCILMEMBER CADENA. WELL, LINDA I JUST WANT TO THANK YOU BECAUSE AS SOON AS I GOT ELECTED YOU CAME IN MET WITH ME AND ASKED ME WHAT MY ECONOMIC PRIORITIES WERE FROM MY DISTRICT AND I THINK WE BOTH HAD A PASSION FOR PEGASUS AND, YOU KNOW, AND I ALSO MENTIONED KOREATOWN AND STEMMINS AND DESIGN DISTRICT AND SO I JUST APPRECIATE THE TIME THAT YOU TOOK TO LEARN MORE ABOUT MY DISTRICT. I DO HAVE SOME QUESTIONS THOUGH SO WHEN Y'ALL WORK WITH A COMPANY THEN DO Y'ALL REFER OVER TO THE CITY OF DALLAS ECONOMIC DEVELOPMENT FOR INCENTIVES OR HOW DOES THAT WORK IF THE COMPANY'S LOOKING FOR THAT TYPE OF HELP? WHENEVER A COMPANY STARTS TALKING ABOUT THEY'RE READY TO TALK ABOUT INCENTIVES WE IMMEDIATELY CALL THE OFFICE OF ECONOMIC DEVELOPMENT AND WE INTRODUCE THEM AND SO THEY TAKE IT FROM THERE WE HAVE NO ROLE IN NEGOTIATING INCENTIVES NOW WE DO PROVIDE THEM INFORMATION AND WE ACTUALLY HAVE A VERY, VERY LARGE INFORMATION PACKET THAT WE ASK THEM TO BE PREPARED TO PROVIDE THE CITY OR TO ANY AND ANY ENTITY THAT MAY BE PROVIDING INCENTIVES TO THEM WHETHER THAT'S THE COUNTY OR THE STATE, SO THAT THEY ACTUALLY KNOW EXACTLY WHAT KIND OF INFORMATION IS GOING TO BE REQUIRED WHEN THEY ACTUALLY GO TO THE CITY AND ASK FOR MONEY. BECAUSE THEY HAVE TO HAVE THEIR BUSINESS PLAN.

THEY HAVE TO HAVE ALL OF THEIR INFORMATION TOGETHER FOR THE CITY TO MAKE AN INFORMED DECISION.

SO, WE ARE ENGAGED AT THE VERY FRONT END, AND WE ACTUALLY EXPLAIN OPPORTUNITIES.

BUT ONCE IT GETS TO, WE'RE READY TO TALK INCENTIVES, AND THOSE ARE THE EIGHT CONVERSATIONS THAT WE HAVE INTRODUCED TO THE CITY. AND I CAN IMAGINE THAT WOULD BE HELPFUL BECAUSE YOU'RE RIGHT. IT'S QUITE A BIG PACKET OF MATERIAL THAT AND I'VE HEARD SOME COMPANIES HAVE HAD DIFFICULTY IN COMPLETING THAT SOMETIMES RIGHT BECAUSE IT'S SO MUCH INFORMATION. YEAH, YEAH.

MY OTHER QUESTION IS JUST LIKE AT WHAT POINT IN THE PROCESS OF YOU KNOW ATTRACTING NEW BUSINESS IS A COUNCIL MEMBER FOR THE AREA I GUESS INFORMED OR WHEN DOES THAT DISCUSSION HAPPEN ALSO? THAT HAS NOT OCCURRED THAT MUCH BECAUSE MOST OF THE COMPANIES WE'RE TALKING TO ARE VERY, VERY EARLY STAGE OR THEY'RE STILL CONFIDENTIAL I THINK ONCE THE I THINK I AND THIS IS A CONVERSATION WE PROBABLY NEED TO HAVE A LARGER CONVERSATION WITH THE OFFICE OF ECONOMIC DEVELOPMENT BECAUSE ONCE THEY GET INTO THE INCENTIVE CONVERSATIONS THAT KIND OF IS A BRIGHT LINE YOU CAN'T ENGAGE IN CONVERSATIONS. IF THERE'S A COMPANY THAT COMES IN AND SAYS WE'RE IN INTERESTED IN DOING DEVELOPMENT IN A CERTAIN DISTRICT AND THEY'RE STILL VERY UNSURE ABOUT WHAT THEY'RE GOING TO DO I THINK IT MAKES SENSE TO INTRODUCE THEM AT THAT PARTICULAR POINT BUT IN MOST CASES WHAT WE HAVE BEEN SEEING ARE COMPANIES THAT ARE COMING IN TO EITHER BE AN EXISTING REAL ESTATE THAT'S ALREADY HERE AND IT'S REALLY NOT A LOT OF NEW DEVELOPMENT THAT WE'VE SEEN DIRECTLY. YEAH, I ASKED THAT QUESTION JUST BECAUSE I KNOW THAT YOU KNOW THERE IS THAT CERTAIN POINT WHERE WE'RE NOT ABLE TO SPEAK WITH THEM RIGHT AND THEN ESPECIALLY I KNOW YOU DO THE INDUSTRIAL AND MANUFACTURING AND SO MUCH OF WEST DALLAS IS STILL HAS A HODGEPODGE OF ZONING AND SOME OTHER PARTS OF MY DISTRICT. AND SO, SOMETIMES THERE ARE CONCERNS IF CERTAIN TYPES OF INDUSTRIES, MAYBE THEY USED TO NOT BE RIGHT NEAR RESIDENTIAL, BUT NOW THEY ARE. AND SO THOSE CONVERSATIONS COULD BE IMPORTANT. SO, I THINK THEY'RE VERY IMPORTANT. I WILL TELL YOU THIS, NOT REALLY A DEAL THAT CAME TO FRUITION, BUT I WAS VERY INVOLVED IN THE FORWARD DALLAS PLANNING PROCESS. AND I KNOW WHAT THE LAND USE PLANS ARE FOR THE CITY IN TERMS OF THE FUTURE LAND REUSE NOT INVOLVED IN ZONING AT ALL BUT IF A COMPANY COMES IN AND THEY BASICALLY SAY WOULD THIS BE SUPPORTED TO CHANGE ZONING WE'VE GONE BACK TO THE FORWARD DALLAS PLAN AND SAID NO IT'S PROBABLY NOT GOING TO WORK OUT SO YOU MIGHT NOT WANT TO PURSUE THAT BUT IF IT GETS TO THE POINT WHERE THERE IS A ZONING REQUEST I DEFINITELY THINK IF IT LOOKS LIKE THAT'S WHAT THE DIRECTION THEY WANT TO GO IN BUT WE HAVEN'T BEEN INVOLVED IN MANY JUST ANY DISCUSSIONS REALLY SERIOUSLY ABOUT THAT.

YEAH, WELL, THANK YOU SO MUCH.

[00:50:02]

COUNCILMEMBER CADENA WOULD YOU LIKE ECO-DEV STAFF TO COME UP AND ADDRESS THAT YOUR QUESTION ON WHEN IT'S APPROPRIATE FOR THOSE COMPANIES TO SPEAK WITH COUNCIL MEMBERS WHEN THERE'S A PROJECT IN THEIR DISTRICT. WELL, I AM AWARE OF ONCE IT GOES TO ECONOMIC DEVELOPMENT I WAS JUST BECAUSE THIS IS KIND OF NOW AN ADDED LAYER AND I KNOW WE HAVE A SIMILAR THING WITH THE HOUSING DEVELOPMENT CORPORATION AS WELL AS WHEN THERE'S A HANDOFF LIKE WHEN WE HAVE THOSE CONVERSATIONS SO I'M GOOD. WELL YOU KNOW, I THINK IT'S CRITICAL THOUGH I KNOW THAT AS WE HAVE THE ECO-DEV WE HAVE THE EDC AND WE HAVE THE REGIONAL THE CHAMBER A LOT OF MOVING PARTS THAT SOMETIMES COUNCIL MEMBERS ARE LEFT AT THE VERY LAST MINUTE WITH A PROJECT OR PROPOSAL THAT'S COMING FORWARD AND I KNOW THAT'S SOMETHING THAT I'VE ASKED A CITY MANAGER TO DO A BETTER JOB ON IS ENGAGING COUNCIL MEMBERS AS PROJECTS ARE IN THE PIPELINE BEFORE WE'RE NOT ALLOWED TO SPEAK WITH THEM AND SO I THINK THAT'S A SHORTCOMING THAT WE HAVE CURRENTLY THAT WE CAN ADDRESS AND JUST HAVE A BETTER TWO-WAY COMMUNICATION ON WHEN THOSE PROJECTS ARE IN THE PIPELINES NOT JUST THROUGH THE EDC BUT THROUGH THE ECO-DEV DEPARTMENT AS WELL. VICE CHAIR RIDLEY. THANK YOU MR. CHAIR. LINDA, THANK YOU FOR THE UPDATE THAT YOU HAVE PROVIDED.

IT'S IMPORTANT FOR THIS COMMITTEE IN PARTICULAR TO UNDERSTAND THE PROGRESS THAT YOU HAVE MADE AND THE DIRECTION THAT YOU'RE HEADING. ON SLIDE 35, YOU CHRONICLE THE REAL BUSINESS ACTIVITY IN TERMS OF LEADS AND I'M CURIOUS ABOUT THE LAST NUMBER THERE ONE OF THE CATEGORY INCENTIVE COMMITMENT FROM DEDC LEAGUE.

WHAT DOES THAT MEAN EXACTLY? THAT IS A COMPANY THAT WE REFER TO THE OFFICE OF ECONOMIC DEVELOPMENT, THE FINTECH FIRM THAT I MENTIONED, THAT WE REFER TO THEM FOR AN INCENTIVE, AND THE CITY HAS APPROVED THAT INCENTIVE.

IT WAS A SMALL INCENTIVE, BUT IT WAS THROUGH ADMINISTRATIVE ACTION.

IT SEEMS LIKE THAT'S LITTLE RETURN ON THE NUMBER OF LEADS, 121 THAT HAVE BEEN RECEIVED.

IS THAT WHAT YOUR EXPECTATION IS IN TERMS OF THE OF THE PERCENTAGE THAT TURN INTO ACTUAL DEALS OR IS IT TOO EARLY TO MAKE THAT ASSESSMENT? I THINK IT'S REALLY TOO EARLY FOR ME TO MAKE THAT ASSESSMENT SIR, BECAUSE WE I MEAN WE'VE ONLY BEEN DOING THIS SINCE REALLY SINCE THE BEGINNING OF APRIL BUT WE ARE TRACKING EVERYTHING AND WE'VE GOT ALL THE STATISTICS WE'RE HAPPY TO SHARE WITH YOU BUT AT THIS POINT I CAN'T REALLY TELL YOU THIS. A 10% RETURN, I THINK YOU KNOW WHAT I'VE BEEN SURPRISED BY IS THE ACTIVITY. THERE'S A LOT OF ACTIVITY COMING IN FROM THE STATE, AND MOST OF THAT IS MANUFACTURING AS OPPOSED TO TYPICAL OFFICE RELATED BUSINESS, BUT I'M NOT REALLY SURE YET WHERE WE'RE GOING TO BE STANDING IN TERMS OF INCENTIVES. AND SO, WE'VE REFERRED EIGHT COMPANIES TO THE CITY. SOME OF THEM ARE A LITTLE BIT FURTHER ALONG IN THEIR PROCESS. BUT I'M NOT EVEN SURE THAT ALL EIGHT OF THEM WILL BE GRANTED INCENTIVES. NOW, AT THE BOTTOM OF THAT SLIDE, YOU IDENTIFY THE PIPELINE BY INDUSTRY, THE LARGEST BEING INDUSTRIAL AND MANUFACTURING, WHICH WAS SOMEWHAT SURPRISING BECAUSE I DON'T THINK OF DALLAS AS BEING A HEAVY MANUFACTURING CENTER.

WHAT TYPES OF BUSINESSES ARE GENERATING LEADS IN THAT SECTOR? WE'VE HAD EVERYTHING FROM TRYING TO THINK, WELL, DEFINITELY FOOD HAS BEEN SOMETHING THAT'S BEEN COMING IN. I'M TRYING TO REMEMBER. JACOB, CAN YOU HELP ME OUT? YEAH, JACOB'S BEEN HANDLING A LOT OF THE RFIS, SO I'M GOING TO ASK HIM BECAUSE HE SEES THEM AND HE CAN TELL YOU. AND ALSO HAS A MANUFACTURING BACKGROUND, WHICH IS WHY HE WAS ATTRACTIVE FOR THIS ROLE. HERE YOU GO.

YEAH, HI, JACOB VANWORKUM.

WE'VE SEEN ANYWHERE FROM HEAVY INDUSTRIAL SUCH AS LIKE COPPER SMELTING TO AEROSPACE ADVANCED AEROSPACE TO I JUST RECEIVED ONE THIS MORNING ABOUT MAKING LAB-GROWN DIAMONDS SO THAT THE INDUSTRIAL PART OF IT IS VAST AS FAR AS THE ARRAY OF CHOICE. AND WHERE DO DATA CENTERS FALL INTO AN INDUSTRY LISTED HERE.

WE HAVE NOT HAD ANY DATA CENTER INQUIRIES. WE HAD A FEW LOOKING AT DALLAS, BUT THEY WERE COMING FROM OTHER STATES. AND CANDIDLY, WE ARE NOT SEEKING THAT BUSINESS OR ENCOURAGING THAT BUSINESS. THE WAIT

[00:55:03]

THERE'S A LOT OF OPPORTUNITIES THERE, OTHER PLACES, BUT THAT'S NOT AN INDUSTRY THAT WE ACTUALLY HAVE TRACKED AT ALL. THAT WE HAVE ANYTHING IN OUR PIPELINE ON.

SO, YOU'RE NOT ACTIVELY MARKETING FOR DATA SOURCE? WE ARE NOT. THANK YOU. YOU MENTIONED IN YOUR PRESENTATION, LINDA, THE AVAILABILITY OF DOWNTOWN LAND FOR HEADQUARTERS BUILDINGS.

AND I NOTICED PROMINENTLY BY ITS ABSENCE IN YOUR LIST.

THE 30 ACRES THAT WILL BE LIBERATED BY THE DEMOLITION OF THE CONVENTION CENTER AND I WAS CURIOUS WHY THAT WASN'T MENTIONED AND IF THAT'S NOT IN YOUR MARKETING PLANS WE'VE NOT BEEN GIVEN THE ASSIGNMENT TO DO ANYTHING RELATIVE TO THAT LAND SO UNTIL THE CITY ECONOMIC DEVELOPMENT DEPARTMENT OR THE CITY MANAGER INSTRUCTS US TO ENGAGE WE HAVE NOT GOTTEN INVOLVED IN THAT WE HAVEN'T WE HAVE HAD, IF IT'S A COMPANY THAT'S INTERESTED IN THAT SPACE, I IMMEDIATELY REFER TO THE OFFICE OF ECONOMIC DEVELOPMENT OR THE ASSISTANT CITY MANAGER. WE'VE NOT ENGAGED IN THOSE CONVERSATIONS AT ALL. AND WE HAVE NOT BEEN ASKED TO. WELL, I THINK THAT'S UNFORTUNATE, AND I THINK THAT'S A SHORTCOMING IF THAT'S WHAT'S GOING ON. AND I WOULD CALL UPON THE ECONOMIC DEVELOPMENT DEPARTMENT TO HAVE SOME PLANS FOR MARKETING THAT SPACE. I HAVE NOT HEARD WORD ONE ABOUT ANYONE HAVING ANY INTEREST IN DEVELOPING THAT PROPERTY OR ANY EFFORTS TO MARKET THAT PROPERTY. AND WE'RE LOOKING AT FOUR YEARS OR LESS WHEN THAT LAND WILL BECOME AVAILABLE. IT'S A HUGE TRACK OF LAND IN DOWNTOWN. MISS BENTLEY, DO YOU WANT TO ADDRESS THAT ISSUE? YES, LOVE TO. GOOD AFTERNOON, ROBIN BENTLEY WITH THE CITY MANAGER'S OFFICE SO THE SURPLUS LAND THAT WILL BE CREATED WHEN HALLS A B AND C ARE TORN DOWN ARE ONE OF THE COMPONENTS OF THE MASTER PLAN AT THIS POINT WE HAVEN'T DONE ANYTHING TO ADVANCE THE REDEVELOPMENT OF THAT SITE BECAUSE UNTIL ABOUT A WEEK AGO THAT WAS A FUNCTIONING SPACE FOR THE FIFA INTERNATIONAL BROADCAST CENTER AND WE STILL HAVE EVENTS PROGRAMMED IN THAT SPACE FOR SOME TIME TO COME SO UNTIL THAT PROPERTY IS DEMOLISHED AND IS ACTUALLY AVAILABLE, WE'RE NOT ENGAGING WITH DEVELOPMENT PARTNERS ON ANY PROPOSAL FOR COUNCIL, BUT WE ARE TAKING MEETINGS, TALKING WITH A LOT OF PEOPLE WHO ARE INTERESTED IN THAT SITE, BUT WE'RE JUST NOT AT A POSITION YET. IT'S NOT AVAILABLE. COUNCIL HASN'T MADE IT AVAILABLE FOR REDEVELOPMENT, AND SO THERE'S NOTHING REALLY TO BE DONE AT THIS POINT EXCEPT TO GAUGE INTEREST, AND THEN WE WOULD BRING A PROPOSAL TO YOU ALL WHEN WE'RE READY TO MOVE FORWARD WITH AN ACTUAL REDEVELOPMENT PLAN. WELL, I THINK THAT IS A HUGE POTENTIAL ASSET TO ATTRACT BUSINESS TO THE DOWNTOWN CORE GIVEN ITS PROXIMITY TO THE NEW CONVENTION CENTER FOR ENTERTAINMENT HOSPITALITY RELATED BUSINESSES. WHEN DO YOU ANTICIPATE THAT THAT LAND WILL BE FREED UP FROM ITS CURRENT FUNCTION AND AVAILABLE FOR MARKETING? I WOULD IMAGINE NEXT YEAR WHEN DEMOLITION WHEN WE END OUR PROGRAMMING AND START DEMOLITION THAT'D BE A MORE PRIME TIME TO START TALKING ABOUT THE REDEVELOPMENT POTENTIAL AND THEN IF I COULD SHARE JUST TO JUMP BACK TO YOUR EARLIER QUESTION ON DATA CENTERS I DON'T KNOW IF YOU'VE ALL SEEN THIS BUT ABOUT 30 MINUTES AGO OUR GOVERNOR IMPOSED A MORATORIUM ON DATA CENTERS IN TEXAS AND SO THAT TAKES THAT OFF THE LIST OF POTENTIAL USES. SO, DID YOU SAY 2027 WOULD BE THE FRAME FOR BEGINNING MARKETING OF THE CONVENTION CENTER SITE? CORRECT. OKAY, THANK YOU.

THANK YOU, VICE CHAIR. AND TO THAT, I WAS GOING TO MAKE AN ANNOUNCEMENT TOWARDS THE END OF THIS COMMITTEE MEETING. WE WERE PLANNING A SEPTEMBER BRIEFING ON DATA CENTERS. SO, WE'LL HAVE TO DISCUSS IF WE'RE GOING TO KEEP THAT ON THE AGENDA OR NOT. BUT WITH THIS NEWS, THAT MIGHT BE CHANGING.

BUT WE JUST WANTED EVERYONE ON THE COMMITTEE TO KNOW THAT WE WERE LOOKING AT HAVING A BRIEFING ON ALL THINGS DATA CENTERS.

COUNCILMEMBER ROTH. THANK YOU.

THANK YOU FOR YOUR PRESENTATION. I REALLY DELIBERATELY AND SERIOUSLY THINK THAT YOU ALL ARE A VERY, VERY IMPORTANT PART OF OUR ECONOMIC SUCCESS IN THIS AREA AND I REALLY AM ENCOURAGED AND I'M PLEASED TO HEAR ABOUT WHAT YOU ALL ARE DOING AND I REALLY WANT TO HELP YOU DO MORE OF IT THIS IS YOU ALL ARE A REAL OPPORTUNITY ENGINE FOR US. I'D LIKE TO KNOW WHAT RESOURCES DO YOU NEED FROM US WHAT OTHER THINGS CAN WE GIVE YOU AS A CITY AS A STAFFING AS A SUPPORT

[01:00:02]

BUT WE WANT YOU TO TELL US WHAT WE CAN DO TO MAKE SURE THAT WE'RE TALKING TO YOUR CONSTITUENTS AND PROVIDING A SERVICE BUT ANY TIME, IF YOU HEAR A RUMOR, BECAUSE THIS BIG COMPANY THAT WE'RE TRACKING NOW WAS A RUMOR THAT I HEARD THERE'S PROBABLY SOMETHING BEHIND A RUMOR SO ANYTIME I CALLED THE WHISPERS WHEN SOMEONE'S WHISPERING IN YOUR EAR SAYING I'M THINKING ABOUT THIS OR WHATEVER IF YOU'RE A COCKTAIL CONVERSATION PLEASE CALL ME BECAUSE WE'LL TRACK IT DOWN. THAT'S WHAT WE NEED, WE NEED YOUR EARS AND EYES TO BE OPEN FOR US. THANK YOU.

MORE SPECIFICALLY, DO YOU ALL NEED MONEY? DO YOU NEED EXTRA STAFF HELP? DO YOU NEED DATA THAT WE HAVE THE ABILITY TO CREATE AND PROVIDE DATA THROUGH SOME OF OUR DEPARTMENTS HERE THAT WOULD BE ADDITIONAL RESOURCES THAT WOULD BE ABLE TO HELP YOU MARKET AND RETAIN AND EXPAND EXISTING BUSINESSES? REALLY UNDERSTANDING WHAT'S HAPPENING AT THE CITY IS SOMETHING THAT'S REALLY, REALLY IMPORTANT FOR US. SO, ANY DATA FROM THE CITY, WE'RE ALWAYS WELCOME. WE READ ALL OF THE PUBLIC BRIEFINGS ON INCENTIVES SO THAT WE UNDERSTAND WHAT'S BEEN APPROVED AND WHAT'S YOUR INTEREST ARE AND SO UNDERSTANDING WHAT THAT WHAT THE NEEDS ARE FROM WHAT THE CITY IS WILLING TO DO RELATIVE TO INCENTIVES IS VERY, VERY HELPFUL FOR US NOT THAT WE'RE IN THAT CONVERSATION BUT TO UNDERSTAND WHAT WE SHOULD BE LOOKING FOR.

MONEY OBVIOUSLY IS GOING TO HELP US GROW WE HAVE DONE A PROJECTION FOR THE NEXT THREE YEARS WE KNOW EXACTLY HOW MANY PEOPLE WANT TO HIRE BUT YOU KNOW IF YOU GIVEN AN OPPORTUNITY FOR US TO TAKE ON A NEW PROJECT WE MAY NEED MORE PEOPLE AND THAT AT THIS POINT, POINT WE I FEEL LIKE WE'RE RIGHT SIZE, BUT CANDIDLY, WE HAVE BEEN SHOCKED BY HOW MUCH ACTIVITY THERE IS, AND PARTICULARLY THE ONES THAT ARE COMING TO US DIRECTLY.

SO, IF YOU'LL BE OPEN-MINDED ABOUT THAT, I WILL DEFINITELY BE COMING BACK AND ASKING FOR MORE HELP. IT'S NOT A LOADED QUESTION. IT'S A LEGITIMATE QUESTION. I REALLY AM TRYING TO UNDERSTAND WHAT CAN WE DO BETTER TO BRAND THE CITY TO HELP YOU.

IN OTHER WORDS, IS THERE SPECIFIC ISSUES OR OPINIONS OF OUTSIDERS OF HOW WE OPERATE OF A CITY. I WANT US TO BE PERCEIVED AS A PRO-BUSINESS ENVIRONMENT, AS A BUSINESS-FRIENDLY CITY, AS A UNIFIED, THOUGHTFUL, PROGRESSIVE IN TERMS OF ECONOMIC DEVELOPMENT AND ADVANCEMENT. I WANT US TO BE ON THE PATH OF A WORLD-CLASS CITY. HOW CAN WE DO THAT BETTER? ARE THERE CHALLENGES IN SOME OF THOSE AREAS THAT YOU FEEL LIKE WE SHOULD ADDRESS? THAT'S A REAL DIFFICULT QUESTION. AND AGAIN, I'M NOT LOOKING, I'M NOT TRYING TO MAKE A POLITICAL POINT. I REALLY, I WANT THE FEEDBACK. AND WE DON'T HAVE TO DISCUSS IT HERE, BUT IF THERE'S THINGS THAT WOULD BE ADVANTAGEOUS TO US TO HELP MARKET OUR CITY FOR YOU ALL, OUR ECONOMIC OUR OFFICE OF ECONOMIC DEVELOPMENT ALSO AND FOR US GENERALLY AS A BOARD AS A COUNCIL BODY

[01:05:03]

AND SO THANKING PEOPLE THAT HAVE THEIR COMPANY HERE, NO MATTER HOW BIG OR SMALL, IS REALLY, REALLY IMPORTANT. AND WE'RE GOING OUT AND TALKING TO THESE COMPANIES, BUT THEY WANT TO HEAR FROM YOU TOO AND YOU KNOW I'LL GIVE YOU AN EXAMPLE EARLY ON IN MY TENURE I TALKED WITH SOMEONE AT TEXAS INSTRUMENTS AND THEY SAID WE REALLY DON'T HAVE A RELATIONSHIP WITH THE CITY SO THE CITY MANAGER AND I CALLED ON THEM BUT THEN THE COUNCIL MEMBER WAS ALREADY ON TOP OF THAT RELATIONSHIP IT JUST WASN'T TALKING TO THE RIGHT PERSON SO THAT OUTREACH THAT YOU HAVE WITHIN YOUR DISTRICT OF COMPANIES IS REALLY, REALLY A BIG THING AND THEY WANT TO KNOW THEY I MEAN I'VE ACTUALLY HAD COMPANIES SAY WE WANT TO KNOW THAT THE CITY WANTS US HERE AND HAVING THAT OPEN DIALOGUE IS REALLY, REALLY IMPORTANT SO THE MORE YOU CAN THANK COMPANIES THAT ARE HERE THE BETTER OFF WE WILL ALL BE BECAUSE THEY REALLY DO WANT TO KNOW THAT YOU WANT THEM TO BE HERE AND BE AND BE SUCCESSFUL. TO WHAT EXTENT SHOULD WE BE TAKING MORE ACTIVE LEGISLATIVE OR STATEWIDE ENGAGEMENT TO ASSIST IN PARTICULAR OUR THE CITY OR IS THAT A LITTLE BIT OF A CONFLICT IN TERMS OF THE OF THE ABILITY TO ATTRACT PEOPLE TO OUR CITY AS OPPOSED TO THE STATE GENERALLY? WELL, THE STATE HAS DEFINITELY SET THE BAR HIGH FOR COMPANIES THAT WANT TO BE HERE, CANDIDLY. ALL THE THINGS THAT HAVE HAPPENED IN RECENT YEARS WITH THE BUSINESS COURTS AND EVERYTHING ELSE HAS REALLY SET THE STAGE.

I HAVE NOT TRACKED THIS LEGISLATIVE AGENDA FOR NEXT YEAR, BUT IF THERE ARE THINGS THAT ARE GOING TO BE IMPACTING BUSINESSES THRIVING HERE, THEN THOSE ARE THE THINGS THAT YOU ALL SHOULD BE ACTIVE ON. I ACTUALLY WORK REALLY CLOSELY WITH NORTH TEXAS COMMISSION ON REALLY UNDERSTANDING WHAT'S HAPPENING FROM AN ECONOMIC PERSPECTIVE, ECONOMIC DEVELOPMENT PERSPECTIVE. SO, I WILL DEFINITELY BRING THOSE ISSUES TO YOUR ATTENTION BECAUSE THAT'S NOT A ROLE THAT WE'RE PLAYING IN TERMS OF LOBBYING.

BUT THERE ARE THINGS THAT ARE GOING TO POP UP IN THE LEGISLATIVE SESSION THAT WILL BE DETRIMENTAL TO NOT ONLY THE CITY BUT ALSO DETRIMENTAL TO BUSINESS. AND WE HAVE TO WE NEED YOUR SUPPORT IN MAKING SURE THAT THOSE GET TO THE TOP OF THE AGENDA.

MY LAST LITTLE COMMENT IS THAT IN IN TANGENTIALLY AND SORT OF ANECDOTALLY IT SEEMS LIKE I'M RUNNING INTO A LOT OF FOREIGN OPPORTUNITIES FOREIGN COUNTRIES FOREIGN BUSINESSES PEOPLE THAT ARE IDENTIFYING DALLAS AS A POTENTIAL INTERNATIONAL OPPORTUNITY BECAUSE OF THE NATURE OF THE INDUSTRIES THE NATURE OF THE TECHNOLOGY THE NATURE OF OUR WORKFORCE THE ECONOMICS OF LIVING HERE AND I'M PLEASED TO HEAR THAT THAT'S A FOCUS.

INTERNATIONAL IS A FOCUS BECAUSE I THINK THERE'S A LOT OF COLLABORATIONS THAT COULD BE ACHIEVED THERE, AND I APPLAUD YOU FOR PROMOTING THAT TOO. THANK YOU. THANK YOU. 18 OF THE LEADS THAT WE HAVE THAT WE'RE WORKING WITH ARE FROM INTERNATIONAL COMPANIES.

THANK YOU, COUNCILMEMBER ROTH.

TO THAT, OBVIOUSLY, WORDS MATTER. BELIEVE IT OR NOT, THOSE PEOPLE LOOKING TO RELOCATE ARE WATCHING OUR COUNCIL MEETINGS. THEY'RE WATCHING OUR BRIEFINGS, THEY'RE WATCHING OUR COMMITTEES, THEY'RE WATCHING OUR FULL COUNCIL, AND SO IT'S INCREDIBLY IMPORTANT THAT THEY KNOW THAT WE ARE WELCOMING AND THAT WE ARE OPEN FOR BUSINESS.

WITH THAT, CHAIR WEST. THANK YOU. VERY WELL SAID, CHAIRMAN. AND I ALSO APPRECIATE THE COMMENT YOU MADE EARLIER ABOUT HOW IT SEEMS LIKE WE CONSTANTLY JUST HEAR ABOUT THE PROBLEMS IN DALLAS, AND THERE ARE ALSO SO MANY OPPORTUNITIES, WHICH IS WHY WE HAVE SO MANY CORPORATE LEADERS.

RELOCATIONS COMING HERE AND THE EDC IS A BIG PART OF THAT I REMEMBER WHEN CHAIRMAN ATKINS AND CHAIRMAN NARVAEZ AND I SIGNED ON TO INITIATE THIS ENTITY WE HAD NO IDEA WHAT AND THEN COUNCIL OF COURSE SIGNED OFF ON IT AND IT'S EXCITING TO SEE IT GO FROM JUST A PIECE OF PAPER TO WHAT YOUR TEAM HAS TAKEN IT TO TODAY. OKAY, SOME POINTS AND SOME QUESTIONS.

LET'S SEE HERE. I REALLY LIKE IT ON THE RETENTION ISSUE THAT YOU ARE, I FEEL LIKE, THE ONLY ONES PAYING ATTENTION TO THE C-SUITE CHANGES AND POSSIBLE RED FLAGS THAT MIGHT COME UP WITH SOME OF OUR CORPORATE PARTNERS WHO MIGHT LEAVE US. I DON'T THINK, OUR STAFF IS VERY CAPABLE HERE, BUT I DON'T THINK WE'RE REALLY SET UP FOR THAT IN THE CITY.

AND SO HAVING AN ARM TO DO THAT IS SO IMPORTANT, YOU KNOW, ANY OTHER PRIVATE ENTITY WOULD CERTAINLY BE. YOU KNOW, GROOMING

[01:10:02]

SO, I'M VERY GLAD TO SEE THAT. PLEASE KEEP DOING THAT. YOU MADE THE COMMENT A COUPLE OF TIMES, LINDA, THAT HOUSING IS ALWAYS THE NUMBER ONE QUESTION THAT COMES UP WITH YOUR PROSPECTS TO RELOCATE HERE. HOW IMPORTANT IS IT THAT WE CONTINUE TO KEEP OUR HOUSING COSTS IN CHECK, BOTH FROM RENTALS AND FROM HOME OWNERSHIP? IT'S CRITICAL. I MEAN, IT'S A BIG ADVANTAGE THAT WE HAVE OVER NEW YORK AND CALIFORNIA. BUT AS WE ALL KNOW, COSTS OF DEVELOPMENT IS EXTREMELY HIGH.

SO PERFECT EXAMPLE, THIS USED TO BE MY SPACE, SO YOU GAVE ME AN OPEN DOOR, I'M GONNA TAKE IT. 30% OF THE COST OF A HOUSE IS A REGULATORY COST. IT'S A COST FOR HOW LONG IT TAKES TO GET PERMITS, IT'S A COST FOR WHAT IT TAKES TO REALLY GET THROUGH A SYSTEM. SO, WHATEVER YOU CAN DO TO REDUCE THAT REGULATORY BURDEN ON A DEVELOPER IS REALLY, REALLY IMPORTANT. SO, 30% OF THE COST, ANOTHER 30% OF THE COST OF A DEVELOPMENT.

FOR HOUSES LAND SO TO THE EXTENT YOU CAN ACTIVATE CITY-OWNED LAND THAT DISD AND DALLAS COLLEGE AND OTHER YOU KNOW GOVERNMENT ENTITIES CAN ACTIVATE LAND IT'S VERY, VERY IMPORTANT I'M NOT TALKING ABOUT LAND THAT'S GOT ENVIRONMENTAL ISSUES I'M TALKING ABOUT LAND THAT ACTUALLY SOMEONE CAN BUILD ON SO IT IS A CRITICAL COMPONENT AND YOU KNOW COST FOR HOUSING IS NOT CHEAPER IF YOU'RE GOING NORTH OR GOING SOUTH. IT'S JUST NOT THE CASE ANYMORE. YOU'RE NOT GOING TO GET A CHEAPER HOUSE IN PLANO OR FRISCO THAN YOU'RE GOING TO GET IN DALLAS. THE HOUSING COSTS HAVE BEEN GOING UP EVERYWHERE. AND I DON'T KNOW, THE LATEST NEWS OUT OF THE GOVERNOR'S OFFICE HAD TO DO WITH LOOKING AT THOSE SUBURBS THAT ARE NOT ACCEPTING THE FACT THAT NEW LEGISLATION THAT WAS PASSED IN THE LAST SESSION HAS REALLY ALLOWED MORE COMMERCIAL PROPERTIES TO BE DEVELOPED INTO HOUSING.

THAT'S A VERY IMPORTANT THING.

AND THAT ACTUALLY IS SOMETHING THAT WE TALKED ABOUT LIKE THE REGULATORY CONSTRAINTS AROUND DEVELOPING OF HOUSING IS A QUESTION THAT POPS UP NOT AS FREQUENTLY AS WORKFORCE BUT IT DOES POP UP BECAUSE IF YOU'RE THINKING ABOUT MOVING YOUR COMPANY HERE, YOU'RE NOT THINKING ABOUT WHAT YOU'VE GOT TODAY YOU'RE THINKING ABOUT WHAT IT'S GOING TO BE LIKE AS YOU GROW AND SO THAT MEANS CONTROLLING HOUSING COSTS IS REALLY IMPORTANT AS WELL AS HAVING THE WORKFORCE OF THE FUTURE. WHEN YOU'RE, I WANT TO COME BACK TO THE REAL ESTATE COMMENT IN A SECOND. BUT ALONG THOSE LINES, WHEN YOU'RE DOING THIS GEN Z ANALYSIS AND DISCUSSION, ARE YOU HEARING THAT THE TYPES OF HOUSING THAT GEN Z ARE INTERESTED IN ARE DIFFERENT? OR IS THAT EVERYBODY PRETTY MUCH WANTS YOU KNOW WHAT WE CURRENTLY HAVE IN TERMS OF. YOU KNOW IT'S REALLY HARD FOR ME TO HAVE TO KIND OF COME UP WITH A PITCH FOR SOMEONE WHO'S 15 I MEAN THE GEN Z POPULATION I THINK STARTS AT 14 UP TO 22 OR SOMETHING LIKE THAT. WELL, WHAT ARE THEY LOOKING AT? WHAT'S IMPORTANT TO GEN Z? I MEAN, YOU KNOW, THEY'RE LOOKING FOR COMMUNITY. AND SO MORE THAN LIKELY IT'S NOT A SINGLE-FAMILY HOUSE. OR IT COULD BE, YOU KNOW, A MULTIFAMILY LIKE TOWNHOUSE OR DUPLEX OR WHATEVER.

BUT WHAT THEY'RE LOOKING FOR IS COMMUNITY. AND THEY'RE LOOKING FOR ACTIVITY. AND SO MORE THAN LIKELY THEY'RE NOT LOOKING TO BE IN A BIG SUBDIVISION SOMEPLACE.

THEY'RE WANTING TO BE SOMEPLACE WHERE THERE'S ACTUALLY LIVE-WORK-PLAY ASPECT. I MEAN, CYPRUS WATER'S IS A PERFECT EXAMPLE, WHERE YOU CAN WORK THERE AND THEY HAVE ACTIVITIES AROUND. SO, WHAT THEY'RE LOOKING FOR IS COMMUNITY AND ACTIVITY, AND IT REALLY HAS LESS TO DO WITH HOW BIG THE HOUSE IS OR WHAT KIND OF HOUSE IT IS. YOU GAVE A GREAT EXAMPLE WITH EXECUTIVE AIRPORT OF AN OPPORTUNITY THAT THE CITY HAS TO USE LAND THAT WE ALREADY OWN TO ACTIVATE IT AND TURN IT INTO SOMETHING THAT COULD BE AN ECONOMIC GENERATOR AND PROBABLY JOBS AS WELL. SIGNIFICANT. TAX REVENUE. AND THAT IS ONE OPPORTUNITY THAT YOU WOULD LIKE TO HAVE TO DO A POTENTIAL DEVELOPMENT, RIGHT? ABSOLUTELY.

AS WE MOVE FORWARD WITH OUR REAL ESTATE MASTER PLAN WHICH HAS KIND OF IN AT LEAST IN MY MIND GOTTEN PUSHED TO THE BACK BURNER BECAUSE OF THE CITY HALL DISCUSSION. HOW SHOULD WE FRAME THAT REAL ESTATE MASTER PLAN TO MAKE SURE YOU'RE AT THE TABLE? I THINK IT'S REALLY IMPORTANT THAT THE EDC IS REPRESENTED IN ANYTHING RELATING TO THE CITY'S OWN REAL ESTATE IT'S PART OF OUR IT'S PART OF WHAT WE WERE CREATED FOR. WE HAVE NOT STAFFED FOR THAT BECAUSE IT WAS IT'S NOT AN IMMEDIATE NEED AND THOSE RESOURCES ARE EXPENSIVE BUT GIVEN OUR EXPERIENCE I THINK WE'RE PERFECTLY SUITED TO UNDERSTAND WHAT THE MARKET NEEDS AND WHAT THE MARKET'S LOOKING FOR AND ADDITIONALLY WE UNDERSTAND HOW IT WORKS. WE'VE GOT COLLEAGUES, WE'VE GOT REVENUE PROBLEMS. WE HAVE 50,000

[01:15:01]

MY GRANDSON'S STARTING AT ROSEMONT NEXT MONDAY. OH GOSH, HE'S THAT OLD NOW. AND THEN I'VE GOT ONE IN LAKEWOOD TOO. TWO IN LAKEWOOD. THAT'S GREAT, YEAH.

AND LASTLY, MR. RIDLEY'S COMMENTS ABOUT THE CONVENTION CENTER ARE WELL TAKEN TOO AND WE HAVE 30 ROUGHLY 30 ACRES I'M GONNA ASK THIS QUESTION TO ROBIN OR SOMEONE ON THE TEAM WHEN ARE WE GONNA START GETTING PLANNERS AT THE TABLE WHO ARE GOING TO START COMING UP WITH A MASTER PLAN FOR THE AREA AROUND THE CONVENTION CENTER AND THEN START SEEKING OUT WHAT'S GOING TO GO THERE LIKE WHETHER IT'S A HOTEL CORPORATION HOUSING. GREAT QUESTION. SO LIKE I SAID STILL OPERATING AT THIS POINT WHEN WE GET CLOSER TO A REDEVELOPMENT OPPORTUNITY THEN YES WE WILL HAVE PLANNERS AT THE TABLE WE WILL ASK FOR WHAT WE WANT TO BE DEVELOPED THERE ARE ALREADY PLANS ON HOW MANY HOTEL ROOMS WE NEED FOR EXAMPLE I DON'T KNOW HOW PRESCRIPTIVE WE WANT TO BE BECAUSE I THINK WHEN WE PUT THIS OUT FOR REDEVELOPMENT WE WOULD WANT TO BE FAIRLY OPEN TO WHAT THE MARKET WOULD BRING BUT WE WILL HAVE WHATEVER THE COUNCIL HAS AS THEIR HIGHEST PRIORITIES AS PART OF OUR PROCUREMENT SO THAT WE YOU KNOW UNDERSTAND HOW TO BEST SUPPORT THE MASTER PLAN AND BUILD USES THAT ARE SUPPORTIVE OF THAT VISION. THE PLANNERS HAVE BEEN AT THE TABLE THE WHOLE TIME FOR CLARITY. THIS IS VERY CROSS-DEPARTMENTAL, AND SO, YES, WE WILL MAKE SURE TO COME BACK TO YOU FOR GUIDANCE BEFORE WE MOVE FORWARD WITH THAT. DO WE HAVE A TIMELINE? 2027. 2027, OKAY.

AND THEN THIS IS A QUESTION FOR FOLLOW-UP AND I'LL JUST LEAVE IT HERE. MR. ROTH HAD ASKED SOME GOOD QUESTIONS ABOUT WAYS WE CAN MAKE YOUR LIFE EVEN MORE SUCCESSFUL AND I WILL JUST SAY, UNLESS YOU'RE READY TO ANSWER IT NOW, LIKE THE TWO THINGS, BEST THINGS WE HAVE GOING FOR US AS A CITY AND THE TWO BIGGEST CHALLENGES THAT COUNCIL OR THE CITY MANAGEMENT CAN ACTUALLY ADDRESS TO HELP YOU SUCCEED. DO YOU FEEL COMFORTABLE ANSWERING THAT NOW? WHAT WERE THE TWO THINGS AGAIN? TWO BEST THINGS WE HAVE GOING FOR US RIGHT NOW AS COMPARED TO OUR COMPETITORS, OTHER CITIES. YOU KNOW, IF ANYBODY NEEDS TO BE PUMPED UP ABOUT THE CITY OF DALLAS, ALL THEY NEED TO DO IS CALL ME. I MEAN, WHAT WE HAVE TO OFFER ANY COMPANY ANYWHERE IN THE WORLD IS EXCEPTIONAL.

AND SO, I, YOU KNOW, I'M HONORED TO BE ABLE TO DO THIS JOB BECAUSE THE CITY OF DALLAS HAS BEEN MY HOME FOR MOST OF MY LIFE. AND WHAT WE HAVE TO OFFER HERE IS REALLY INCREDIBLE. WE'VE GOT THE TALENT. WE'VE GOT THE PEOPLE.

WE'VE GOT THE COMMUNITY. WE'VE GOT THE BUSINESS COMMUNITY. I THINK WE HAVE THE RIGHT GOVERNANCE STRUCTURE.

BUT WE JUST NEED TO, I THINK WE NEED TO BE THE BIGGEST CHEERLEADERS AND CHAMPIONS. AND I DON'T THINK WE TALK ENOUGH ABOUT HOW GREAT WE ARE. AND THAT'S WHAT MY JOB IS. AND THAT'S WHAT OUR JOB IS TEAM IS TO TALK ABOUT HOW GREAT WE ARE. WE'RE MAKING A PRESENTATION TOMORROW TO A BIG REAL ESTATE FIRM AND WE'RE PUTTING THAT TOGETHER.

I'M LIKE MOST BUSINESS PEOPLE DO NOT KNOW HOW GREAT DALLAS IS IN TERMS OF OUR WORKFORCE. WE ARE NUMBER ONE IN TERMS OF THE DIFFERENT INDUSTRIES OF ANY CITY IN THE STATE OF TEXAS OVER AUSTIN, OVER HOUSTON, OVER SAN ANTONIO, IN PROFESSIONAL SERVICES, IN MANUFACTURING, IN ALL THESE DIFFERENT DISCIPLINES. WE HAVE ALL OF THE THINGS THAT WE NEED TO BE TALKING ABOUT AND THAT'S WHAT WE ALL NEED TO BE TALKING ABOUT.

SO, I GET WE YOUR JOB IS TO DEAL WITH THE PROBLEMS AND THAT'S REALLY IMPORTANT BUT IT'S ALSO IMPORTANT THAT WE, WE ASK EVERY CEO OF THIS KIND OF THE CITY TO BE A BIG AMBASSADOR A BIG CHAMPION AND THAT WE STARTED A CEO COUNCIL AND HAVE ASKED NOT ONLY FOR THEM TO FINANCIALLY SUPPORT US BUT FOR THEM TO LEND THEIR NAME AND WE'VE GOT ALMOST 10 CEOS OR SENIOR LEADERS OF COMPANIES WHO SAID YES I'M IN FOR THAT. SO WE HAD A COMPANY CAME IN A COUPLE WEEKS AGO FROM GEORGIA. THEY WERE INTERESTED IN ESTABLISHING A SIGNIFICANT OFFICE HERE. WE HAD THE CEO OF A COMPANY SITTING AT THE TABLE TELLING THEM WHY THEY SHOULD BE HERE. THAT IS UNBELIEVABLE. SO, GET YOUR CEOS, GET YOUR COMPANY LEADERS OUT THERE AND BE CHAMPIONS AND CHEERLEADERS BECAUSE THAT'S WHAT WE NEED. GREAT. AND IF YOU

[01:20:01]

THANK YOU ALL FOR THE PRESENTATION. YOU KNOW, AS WE TALK ABOUT OUR STRENGTHS, I ALSO WANT TO SHARE THOSE TWO WIDELY BECAUSE WE ARE IN A COMPETITIVE STAGE, RIGHT? BUT I THINK THE TWO WHERE WE COULD PROBABLY IMPROVE ON, I THINK YOU'RE GOING TO HAVE SOME BETTER FINDINGS WHEN THOSE SURVEYS COME IN AND THOSE EVALUATIONS ARE CONDUCTED. I KNOW THAT WE WILL HOPEFULLY HAVE A LOT OF EXCITING NEWS ON PROJECTS HERE RELATIVELY SOON ON THE WORK THAT WE'RE DOING. SO, AS I MENTIONED EARLIER, WE HAVE THE DIFFERENT CHAMBERS. WE HAVE DIFFERENT CITIZENS GROUPS. WHY DO WE NEED THE EDC WHEN WE HAVE ALL THESE OTHER GROUPS? AND I'LL JUST SAY THE ONE FOR ME IS YOU GUYS ARE FOCUSING ON DALLAS AND DALLAS ALONE, WHILE THESE OTHER GROUPS ARE FOCUSING ON THE REGION.

BUT ASIDE FROM THAT, HOW DO YOU GUYS STAND OUT? HOW ARE WE ENSURING THAT WE'RE GETTING THAT RETURN, WHICH I BELIEVE WE ARE, BUT JUST GIVING YOU THAT OPPORTUNITY TO LET US KNOW. I THINK IT'S A LOT EASIER WHEN YOU HAVE A FRONT DOOR, AND THERE'S A LOT OF FRONT DOORS TO THE CITY OF DALLAS, AND NOBODY REALLY KNOWS WHICH ONE IS THE DOOR NUMBER ONE. SO, THE FACT THAT WE CAN CREATE THAT FRONT DOOR, THAT THEY CAN COME INTO OUR OFFICE OR CONTACT US AND WE CAN BE THE, THE ORGANIZATION THAT PUTS THEM IN THE RIGHT PLACE BECAUSE WE'RE NOT GOING TO BE ABLE TO SOLVE ALL THEIR PROBLEMS OR BE ABLE TO ANSWER EVERY QUESTION, BUT WE WILL KNOW WHO TO CONTACT. SO THAT'S ONE THING. THE OTHER THING THAT'S REALLY, REALLY IMPORTANT IS THE COLLABORATION ASPECT. WE NEED TO BRING ALL THOSE CHAMBERS, ALL THESE EDUCATION INSTITUTIONS TO THE TABLE BECAUSE EVERYONE, AND YOU'RE SEEING THIS NOW, WHICH IS WE'RE AT A VERY EXCITING TIME IN TERMS OF HIGHER EDUCATION.

SMU HAS HIRED A CEO FOR DALLAS. THEY'VE GOT A HUNDRED DIFFERENT PROGRAMS PROGRAMS AT SMU THAT ARE AVAILABLE FOR COMPANIES OR FOR INDIVIDUALS THAT ACCESS THE UNIVERSITY BUT THERE'S NOT ONE FRONT DOOR. UTD ALSO HAS DONE THE SAME THING. I MET WITH PRESIDENT BOGEY LAST WEEK.

SO, THERE'S A LOT OF RESOURCES HERE BUT THERE'S A LOT OF DOORS AND NOBODY KNOWS WHERE TO GO AND SO HAVING THAT FRONT DOOR, HAVING THAT POINT OF COLLABORATION, I THINK IS REALLY, REALLY AN IMPORTANT KEY TO SUCCESS. WE'RE A BIG CITY.

WE'RE ACTING LIKE IT BUT WE'RE ALSO COMPLICATED AND SO THE MORE WE CAN SIMPLIFY PEOPLE'S ACCESS TO GOVERNMENT, TO RESOURCES, TO COLLABORATIONS, TO CONNECTIONS, IT'S REALLY, REALLY IMPORTANT. THAT'S WHAT WE FEEL LIKE OUR ROLE IS.

THANK YOU. AND I'LL JUST CLOSE WITH THIS IS PLEASE LEAN ON US. SAME THING FOR THE ECODEV DEPARTMENT. WE ARE A LARGE CITY. THIS COUNCIL HAS A NUMBER OF YOUNG FAMILIES. AND I THINK ALMOST EVERY COUNCIL MEMBER THAT HAS A SCHOOL-AGED KID IS ENROLLED IN DISD.

THAT'S A STORY THAT SOMETIMES OUR STAFF DOESN'T KNOW ABOUT.

BUT WE, AS COUNCIL MEMBERS, CAN DELIVER THAT MESSAGE TO THESE DECISION MAKERS. WE CAN TALK TO THEM ABOUT OUR COMMITMENT TO PUBLIC SAFETY. YEAH, TALK TO THEM ABOUT OUR COMMITMENT TO THE CITY IN ADDRESSING THOSE QUALITY-OF-LIFE ISSUES WHERE THERE'S CONCERNS AND SO PLEASE ENGAGE US BECAUSE WE CAN HELP TELL THAT STORY THANK YOU MUCH.

APPRECIATE IT. THANK YOU. ALL RIGHT, WE WILL GO AHEAD AND MOVE ON TO BRIEFING ITEM B. KEPT IT WARM FOR ME. OH, IT IS VERY WARM. GOOD AFTERNOON. CHAIRMAN AND MEMBERS OF THE ECONOMIC DEVELOPMENT COMMITTEE, I'M KEVIN SPATH, THE DIRECTOR OF THE CITY'S OFFICE OF ECONOMIC DEVELOPMENT, AND WITH ME TODAY TO MY LEFT IS CAITLIN HOLLAND, VICE PRESIDENT OF REAL ESTATE AND ECONOMIC DEVELOPMENT FOR DART. SO, YOU HEARD ONE MAJOR PARTNER OF OUR OFFICE.

YOU'RE ABOUT TO HEAR A VERY EXCITING INITIATIVE FROM ANOTHER IMPORTANT PARTNER OF THE CITY'S AND SO FOR CLARITY ON THIS PRESENTATION, TAX INCREMENT REINVESTMENT ZONES OR TIRSS ARE THE EXACT SAME THING AS TAX INCREMENT FINANCE OR TIF DISTRICTS. SO, APOLOGIES IN ADVANCE IF WE USE THEM INTERCHANGEABLY BUT THEY ARE THE SAME THING AND SO I JUST WANTED TO PUT THAT OUT THERE.

SO, THIS IS AN INITIATIVE THAT HAS BEEN PERCOLATING AND PROGRESSING MORE THAN 18 MONTHS AND THE DART BOARD APPROVED A

[01:25:02]

I'M HERE TO TALK ABOUT THE TAX INCREMENT REINVESTMENT ZONE, TIRS, OR TIF DISTRICT, IN OUR LOCAL AGREEMENT WHICH PROVIDES OPPORTUNITY FOR DART'S AUTOMATIC FINANCIAL CONTRIBUTION TO THE CITY OF DALLAS' TIF DISTRICTS. SO, OKAY, NEXT SLIDE. THIS CAN BE A SOMEWHAT COMPLICATED TOPIC IN ILA, SO I'M GOING TO TRY AND WALK THROUGH IT SLOWLY SO IT MAKES SENSE. A TIRS JUST AS AN OVERVIEW IS A FINANCING TOOL THAT CITIES USE, THAT YOU USE, THAT PROMOTES ECONOMIC DEVELOPMENT IN GEOGRAPHICALLY DEFINED AREAS.

IT'S AUTHORIZED UNDER CHAPTER 311 OF THE TEXAS TAX CODE. AND EITHER CITY OR COUNTY CAN CREATE A TIRS, AND ANY TAXING UNIT CAN ELECT OR DECLINE TO PARTICIPATE. AND IT DOES OBLIGATE FUTURE TAX REVENUES FROM THE PARTICIPATING TAXING UNIT. IT MAY BE FUNDED BY EITHER PROPERTY TAX OR SALES TAX OR A COMBINATION. ALL THE CITY OF DALLAS' TIF DISTRICTS ARE FUNDED BY PROPERTY TAX, WHICH IS NORMAL. IT'S A MUCH MORE STABLE FORM OF TAX, BUT SALES TAX IS AVAILABLE UNDER CHAPTER 311. SO, UNDER THE TYPICAL PROCESS, IF IT'S A SALES TAX TIRS, BUSINESSES COLLECT THE SALES TAX, THAT GOES TO THE COMPTROLLER, THE COMPTROLLER DISTRIBUTES THOSE TO THE MUNICIPALITY THAT CREATED THE SALES TAX TIRS, AND THEN THE CITY CALCULATES THE PORTION THAT'S DUE TO THAT TIRS AND TRANSFERS IT OVER. SLIDE.

SO, THIS GRAPHIC SHOWS HOW A TIRS OR TIF DISTRICT WORKS. I'M JUST GOING TO KEEP USING TIRS, THAT'S HOW I'M PROGRAMMED, SO PLEASE. I HOPE I DON'T CAUSE ANY CONFUSION BY THAT. SO, YOU HAVE YOUR BASE VALUE THAT'S CALCULATED, AND THAT'S THE AMOUNT OF TAX VALUE AT THE BEGINNING OF THE TIRS. AND THEN MOVING FORWARD INTO THE TERM OF THE TIRS, ANYTHING ABOVE THAT BASE VALUE, A PORTION OF THAT IS THEN CONTRIBUTED TO THE TIRS. SO, YOU HAVE AN INCREMENT OF THE CAPTURED FUNDS CONTRIBUTED TO THE TIRS. AND THEN AT THE EXPIRATION OF THE TIRS, ALL OF THE FUNDS THAT HAVE BEEN YOU COLLECTED THROUGH THAT ARE THEN RETAINED BY THE TAXING UNIT OR THE CITY.

SLIDE. SO WHY A DART DALLAS TIRS ILA? SO, DART CANNOT PARTICIPATE UNDER CHAPTER 311 AS A TAXING UNIT, ALTHOUGH WE DO OBTAIN A PORTION OF THE CITY'S SALES TAX. ONE CENT OF YOUR SALES TAX COMES TO DART TO FUND THE TRANSIT SYSTEM. WE ARE NOT AUTHORIZED UNDER CHAPTER 311 TO PARTICIPATE LIKE OTHER TAXING UNITS ARE INTO A TIF DISTRICT OR A TIRS.

SO, THIS ILA WAS THE IDEA OF HOW COULD WE PARTICIPATE FINANCIALLY AND FACILITATE ECONOMIC DEVELOPMENT WITHOUT GOING AND TRYING TO CHANGE THE LEGISLATION ITSELF.

AND SO, THE IDEA OF AN ILA WAS FORMED. SO, THIS ILA IS FOR AUTOMATIC CONTRIBUTION.

SO, IF A TAX INCREMENT REINVESTMENT ZONE QUALIFIES UNDER THE PARAMETERS SET OUT IN THE AGREEMENT, THEN IT'S AUTOMATICALLY APPROVED FOR A DART'S CONTRIBUTION WITHOUT ADDITIONAL DART BOARD ACTION. THE IDEA BEING BEHIND THAT, THAT IT WOULDN'T HAVE TO GO, YOU WOULDN'T HAVE THE DELAY OF ADDITIONAL BOARD ACTION OR ANY, THAT THEY WOULD HAVE THE CONFIDENCE, PARTICULARLY WHEN SPEAKING TO INVESTORS AND DEVELOPERS THAT YOU WOULD HAVE DART'S FINANCIAL CONTRIBUTION INTO THAT ZONE.

THERE IS, HOWEVER, OUTSIDE OF THIS FRAMEWORK, THE OPTION FOR A STANDALONE ILA SPECIFIC TO A ZONE. SO, WE WANT TO KEEP IT FLEXIBLE THAT IF THERE'S A PARTICULAR ZONE THAT DOESN'T FIT THE PARAMETERS OF THIS ILA BUT WOULD BE WORTHY OF DART'S CONTRIBUTION, THAT WE COULD NEGOTIATE WITH THE CITY A STANDALONE TERMS AGREEMENT THAT WOULD REFLECT DIFFERENT TERMS THAN WHAT YOU WOULD SEE IN THIS ILA FOR AUTOMATIC CONTRIBUTION.

AND SO, WHAT WE'RE REALLY TRYING TO ACHIEVE WITH THIS PROGRAM IS ECONOMIC DEVELOPMENT PARTNERSHIP BETWEEN DART AND THE CITY OF DALLAS, A MORE STREAMLINED PROCESS FOR ALLOWING OUR CONTRIBUTION AND REALLY ALLOWING GROWTH IN THESE AREAS THAT HAVE TRANSIT WITHIN THEM. SALES AND PROPERTY TAX GROWTH, OF COURSE AN INCREASE IN TRANSIT-ORIENTED DEVELOPMENT

[01:30:01]

SLIDE. SO, THIS SLIDE SHOWS THE TIMELINE. KEVIN MENTIONED THIS BRIEFLY, BUT THIS IDEA FIRST CAME ABOUT BACK IN THE FALL OF 2024. WE FORMED AN ECONOMIC DEVELOPMENT CITY MANAGER WORKING GROUP. THE CITY OF DALLAS WAS REPRESENTED ON THAT, AND OTHER PARTICIPANTS WERE RICHARDSON, IRVING, CARROLLTON, RELLA, AND GLEN HEIGHTS. AND SO, WE BEGAN MEETING AND FORMING AND NEGOTIATING, HONESTLY, THE DEAL POINTS FOR THIS ILA.

WE FINALIZED A FRAMEWORK THAT WAS PRESENTED TO THE DART BOARD OF DIRECTORS IN MAY.

THEY APPROVED THAT, AND THEN WE MOVED FORWARD WITH FRAMING THE ACTUAL TEMPLATE ILA. THAT WENT THROUGH MANY ROUNDS OF REVIEW AND REVISIONS TO REFLECT THE GOALS OF THAT FRAMEWORK AND THE WORKING GROUP. IT WAS EVENTUALLY FINALIZED AND IT HAD INPUT FROM THE CITY OF DALLAS STAFF AND IT WAS APPROVED BY LEGAL COUNSEL FOR THE OTHER WORKING GROUP MEMBERS. SO, THE FINAL FORM OF THE TIRS ILA WAS PROVIDED TO ALL THE CITY MANAGERS FOR THEIR REVIEW AND EXECUTION IN NOVEMBER OF LAST YEAR. WE HAVE HAD RICHARDSON, CARROLLTON, AND IRVING AS PART OF THE WORKING GROUP EXECUTE THAT AT THIS POINT. SLIDE.

SO, WHAT QUALIFIES FOR DART CONTRIBUTIONS? THE TAX INCREMENT REINVESTMENT ZONE MUST HAVE BEEN CREATED BY THE CITY. IT MUST HAVE ALREADY BEEN CREATED OR THEY CAN YOU CAN CREATE IT AFTER WE EXECUTE THIS ILA SO IT COULD BE A NEWLY CREATED TIF DISTRICT AND IT HAS TO CONTAIN WHAT WE'RE CALLING A TRANSIT ANCHOR.

SO THAT IS STATIONS, STREETCAR STATIONS WOULD QUALIFY, BUS TRANSIT CENTERS, PARK AND RIDES OF COURSE AND EVEN GO LINK RALLY POINTS. SO IT DOES HAVE TO BE LOCATED ON DART OWNED PROPERTY SO THAT COULD EITHER BE FEE SIMPLE OWNERSHIP OR AN EASEMENT INTEREST AND IT HAS TO BE SERVED BY DART OPERATED OR CONTRACTED TRANSIT SERVICES AND THAT LANGUAGE IS IMPORTANT BECAUSE FOR EXAMPLE THE DALLAS STREETCAR IS DART OPERATED ALTHOUGH NOT DART OWNED BUT IT WOULD STILL QUALIFY ALSO CONTRACTOR TRANSIT SERVICES FOR EXAMPLE OUR SILVER LINE DART DOESN'T OPERATE IT DIRECTLY BUT WE DO CONTRACT THE SERVICES WITH HERZOG AS I MENTIONED THE TRANSIT ANCHOR LIKE THE TIF DISTRICT DOESN'T NECESSARILY HAVE TO EXIST AT THE TIME WE EXECUTE THIS ILA, BUT IT WOULD HAVE TO BE CREATED WITHIN FIVE YEARS OF WHAT THE CONCURRENCE LETTER AND I'LL EXPLAIN THAT A LITTLE BIT MORE LATER AND THEN IT MAY IF THE TRANS ANCHOR FOR SOME REASON THE CITY DECIDED TO STOP SERVICE THERE YOU COULD SUBSTITUTE ANOTHER TRANSIT ANCHOR. SO FOR WHATEVER REASON IF ONE STATION FOR EXAMPLE WAS DECOMMISSIONED AS LONG AS THERE WAS ANOTHER STATION OR ANOTHER TRANSIT ANCHOR WITHIN THAT, THAT TIF DISTRICT AND IT WOULD CONTINUE TO QUALIFY FOR DARTS CONTRIBUTION. SLIDE. SO HOW MUCH WOULD DART CONTRIBUTE TO THE ZONE? SO, WE'RE AUTHORIZING ANYWHERE FROM 20 TO 50 PERCENT OF OUR INCREMENT. SO, IF YOU CAN RECALL THE VISUAL OF YOU HAVE THE BASE VALUE AND THEN YOU HAVE THE INCREMENT OVER THAT, IT WOULD BE 20 TO 50 PERCENT OF THAT INCREMENT.

AND IT'S THE CITY'S ELECTION HOW MUCH OF THAT PERCENTAGE THEY WOULD LIKE DART TO CONTRIBUTE. SO THAT IS A DECISION BY THE CITY, NOT BY DART THAT WOULD BE A CONSIDERATION WHEN DETERMINING THE 20 OR 50, 20 TO 50 PERCENT WOULD BE THAT THE CITY DOES HAVE TO MATCH DARTS CONTRIBUTION SO IF DART IS CONTRIBUTING 50% AND THAT EQUATES TO ONE MILLION DOLLARS IN THE CITY OF DALLAS WOULD ALSO NEED TO CONTRIBUTE AT LEAST ONE MILLION DOLLARS INTO THE TOURIST DISTRICT AND THE IDEA BEING BEHIND THAT THAT WE'RE EQUALLY COMMITTED TO REDEVELOPING A PARTICULAR ZONE BOTH FOR ALL OF THE REASONS ALREADY MENTIONED THAT COULD BRING BENEFITS TO BOTH DART AND THE CITY.

THERE ARE OPPORTUNITIES FOR ADDITIONAL CONTRIBUTION.

WE HAD ANOTHER 5% IF THE TIRS INCLUDES DART PROPERTY SUBJECT TO ITS TRANSIT-ORIENTED DEVELOPMENT IN OUR LOCAL AGREEMENT. SO, AN EXAMPLE OF THAT WOULD BE OUR RECENT BUCKNER STATION. ANYTHING THAT HAS DART PROPERTY THAT'S INVOLVED IN A TRANSIT-ORIENTED DEVELOPMENT PROJECT, THEN YOU WOULD GET THAT 5% BUMP. THEN ANOTHER 5% BUMP IF THAT PROPERTY IS FTA FUNDED. MANY OF OUR PROPERTIES WERE ORIGINALLY PURCHASED WITH FEDERAL TRANSPORTATION AUTHORITY FUNDS, WHICH MAKES IT MORE DIFFICULT TO DEVELOP THOSE BECAUSE OF THE ADDITIONAL RESTRICTIONS RELATED TO THAT INTEREST IN THE PROPERTY. AND SO, THIS IS ACKNOWLEDGING THAT IT IS MORE DIFFICULT TO DEVELOP THOSE KINDS OF PROPERTIES, AND SO WE'RE GOING TO MAKE AN ADDITIONAL CONTRIBUTION IN RECOGNITION OF THAT. THEN THERE'S ONE FINAL BUMP OF 5%, SO A 65% TOTAL OPPORTUNITY FOR CONTRIBUTION IF THAT ZONE NOT ONLY HAS A JOINT DEVELOPMENT PROJECT, SO A TOD PROJECT UNDERWAY, IT'S THE FTA FUNDED AND THERE'S AN AFFORDABLE

[01:35:01]

WE WILL NEED TO CONDUCT AN ANNUAL REVIEW TO ENSURE THAT THE FUNDS THAT DART IS CONTRIBUTING ARE COMPLIANT WITH 452. BECAUSE WE ARE RESTRICTED ON HOW DART FUNDS CAN BE USED UNDER CHAPTER 452 OF THE TEXAS TRANSPORTATION CODE, WHEN OUR FUNDS ARE CONTRIBUTED TO THAT TAX INCREMENT REINVESTMENT ZONE, THEY STILL HAVE TO BE USED FOR TRANSPORTATION-RELATED SERVICES. THAT'S FAIRLY BROADLY DEFINED. SO OF COURSE, ANYTHING DIRECTLY RELATED TO TRANSIT, SUCH AS PUTTING IN NEW SHELTERS OR STREETLIGHT OPTIMIZATIONS, ANYTHING LIKE THAT, AND THERE'S A WHOLE HOST OF OPPORTUNITIES FOR THE USE OF 452 THAT ARE 452 COMPLIANT.

ANYTHING RELATED TO TOD, INCLUDING IF THERE'S A GROUND LEASE FOR TOD, WOULD ALSO QUALIFY. SO, IT'S A FAIRLY BROAD ALLOWANCE OF USES THAT CAN BE USED, THAT DART FUNDS CAN BE USED FOR.

AND THE NICE BENEFIT ABOUT THE DART FUNDS AS WELL AND THIS KIND OF FAUX APPROACH TO A TAX INCREMENT REINVESTMENT ZONE IS THAT UNLIKE YOUR TYPICAL TIF DISTRICT FUNDS THAT ARE LIMITED TO CAPITAL COSTS AND PROJECT COSTS, DART FUNDS CAN BE USED FOR OPERATING PURPOSES, SO YOU HAVE A LITTLE MORE FLEXIBILITY IN THAT RESPECT. DART WILL NOT, UNDER THIS ILA, HAVE ANY LIABILITY FOR DEBT ISSUED BY THE TIRS.

THAT'S ONE POINT. SLIDE. THIS SOMEWHAT CONFUSING GRAPHIC JUST WALKS YOU THROUGH HOW WE BEGIN THE CONTRIBUTION. SO, WE WOULD EXECUTE THIS ILA UPON COUNCIL AUTHORIZATION OF COURSE AND THEN THE CITY HAS FIVE YEARS, ROUGHLY FIVE YEARS UNTIL 2031 TO IDENTIFY ANY TIF DISTRICT THAT IT WOULD LIKE TO CONTRIBUTE THAT THAT QUALIFIES BASED ON THE PARAMETERS SET OUT IN THE ILA. SO, AT THAT POINT WHEN THAT DISTRICT OR SEVERAL DISTRICTS HOWEVER MANY ARE SELECTED THE CITY WOULD THEN SUBMIT DOCUMENTATION TO DART FOR REVIEW. THIS DOCUMENTATION WOULD BE THE GEOGRAPHIC AREA OF THE ZONE, THE PROJECT AND FINANCING PLAN, WHICH WOULD HAVE ALREADY BEEN PREPARED FOR ORIGINAL AUTHORIZATION OF THE ZONE. THEN YOU WOULD ALSO INDICATE WHETHER THE CITY WOULD LIKE DART TO IMMEDIATELY BEGIN CONTRIBUTIONS OR BEGIN CONTRIBUTIONS WITH 30-DAY NOTICE. AND THAT'S JUST ANOTHER ELEMENT OF FLEXIBILITY. SO EVEN IF DART APPROVES AND THIS IS EXECUTED AND READY TO GO. THE CITY COULD SAY BASED ON X, Y, OR Z FACTOR. WE WOULD LIKE TO DELAY DART ACTUALLY BEGINNING ITS 10-YEAR CONTRIBUTION UNTIL SOME PERIOD IN THE FUTURE. THE DOCUMENTATION WOULD ALSO INDICATE WHO WOULD BE PERFORMING THE ADMINISTRATIVE WORK OF FIGURING OUT HOW MUCH SALES TAX IS DUE.

BECAUSE SALES TAX IS A LITTLE MORE DIFFICULT TO ASCERTAIN, THAN SAY PROPERTY TAX, THERE IS A BIT OF LEGWORK INVOLVED IN THAT AND SO THE ILA PROVIDES FLEXIBILITY THAT THAT LEGWORK CAN BE DONE WITH BY DART IN COORDINATION WITH THE COMPTROLLER'S OFFICE OR BY CITY STAFF AND WHICHEVER PARTY IS PERFORMING THAT ADMINISTRATIVE WORK WHETHER IT'S DART OR CITY OF DALLAS THOSE ADMINISTRATIVE COSTS WOULD BE REIMBURSED THROUGH THE FUNDS GENERATED BY THE TAX INCREMENT REINVESTMENT ZONE. THE DOCUMENTATION WOULD ALSO NEED TO IDENTIFY THE TRANSIT ANCHOR. SO, STATION TRANSIT CENTER WHAT HAVE YOU THAT WOULD THAT HAS THAT TRANSIT INTEREST WITHIN THAT ZONE AND THEN THE BASE VALUE OF THE ZONE AND I WILL IN THE NEXT SLIDE TALK ABOUT HOW WE FIGURE OUT THE BASE VALUE OF THAT ZONE AND THEN THE DOCUMENTATION WOULD ALSO INDICATE WHAT PERCENTAGE OF THE INCREMENT THAT THE CITY WOULD LIKE DART TO CONTRIBUTE ANYWHERE FROM 20 TO 50 PERCENT OR HIGHER IF IT QUALIFIES UP TO THAT 65% CONTRIBUTION. DART WOULD REVIEW THAT DOCUMENTATION AND THERE ARE SET TIMELINES FOR DART TO REVIEW AND RESPOND. IT'S A SHORT 10 BUSINESS DAYS FOR US TO REVIEW AND APPROVE. IF FOR SOME REASON WE NEED MORE INFORMATION, AGAIN, THAT 10 BUSINESS DAY TIMELINE APPLIES FOR US TO SAY, NO, WE NEED SOME CLARIFICATION.

CAN YOU PROVIDE X, Y, Z? AND SO, AS WE GO THROUGH THAT PROCESS AND WHEN DART FINALLY MAKES A DECISION THAT, YES, IT FITS ALL OF THE PARAMETERS THAT IT QUALIFIES, THEN THE PARTIES WOULD EXECUTE WHAT WE'RE CALLING A CONCURRENCE LETTER. AND THIS SETUP IS VERY SIMILAR TO HOW DART AND CITY OF DALLAS' CURRENT MASTER ILA IS SET UP. SO, YOU HAVE THE MASTER ILA AND THEN

[01:40:01]

THAT 10-YEAR PERIOD WOULD EXTEND PAST THE TERMINATION OF THIS ILA. SO AS THE ILA IS SET UP RIGHT NOW IT TERMINATES JANUARY 1ST OF 2031 BUT IF FOR EXAMPLE THE CITY COMES TO US SAY JUST NOVEMBER OF 2030 WITH FIVE REQUESTS WE GO THROUGH THE PROCESS APPROVE ALL OF THEM THAT 10-YEAR PERIOD WOULD START THEN SO YOU'RE SO IT EXTENDS BEYOND THE TERM OF THE ILA. OUR CONTRIBUTIONS DO END HOWEVER WITH THE TERMINATION OF THE ZONE. SO, WHICHEVER COMES FIRST IF THE ZONE FOR EXAMPLE ENDS IN 2040 BUT WE WOULD UNDER THE 10-YEAR PERIOD HAVE MAYBE FIVE MORE YEARS WE WOULD END WHEN THE ZONE ENDS. SLIDE. THIS SLIDE GOES OVER HOW WE WOULD CALCULATE THAT BASE VALUE. SO AS A TWO-YEAR LOOK-BACK PERIOD, WE WOULD LOOK BACK AT THE TWO FISCAL YEARS BEFORE THE CITY OF DALLAS CAME TO US WITH A REQUEST FOR CONTRIBUTION AND WHICHEVER FISCAL YEAR HAD THE HIGHEST AMOUNT OF SALES TAX FOR THAT ZONE, WE WOULD USE THAT AMOUNT. AND THEN FROM THERE, MOVING FORWARD, WE HAVE THE TEN-YEAR TERM OF THE TIRS AS YOU SEE, AND THIS IS JUST AN EXAMPLE USING VERY LARGE ROUND NUMBERS THAT IF WE HAD A 50-YEAR CONTRIBUTION, THEN WE WOULD CONTRIBUTE ANYTHING THAT 50% INCREMENT, ANYTHING OVER THAT $2 MILLION BASE VALUE. SLIDE.

SO, THIS SLIDE WALKS THROUGH THAT FIRST FIVE-YEAR CONTRIBUTION. SO AGAIN, WE WOULD BEGIN CONTRIBUTIONS, FIGURE OUT HOW MUCH IS DUE TO THE ZONE. EITHER THE CITY WOULD BE DETERMINING THAT OR DART. THE IMPORTANT THINGS TO TAKE AWAY FROM THIS IS AN ANNUAL REVIEW EVERY YEAR TO MAKE SURE THAT THE DART FUNDS ARE BEING USED IN COMPLIANCE WITH CHAPTER 452. WE WOULD HAVE A DART REPRESENTATIVE SITTING WITH THE TAX INCREMENT REINVESTMENT ZONE BOARD JUST AS AN OBSERVER. THEY'RE NOT ACTUALLY ON THE BOARD, BUT TO MAKE SURE THAT THAT PARTNERSHIP CONTINUES. DART WILL BE MAKING ANNUAL PROGRESS REPORTS TO OUR BOARD ABOUT THE PROJECTS GOING ON WITHIN THE ZONE AND HOW ESSENTIALLY OUR CONTRIBUTIONS ARE BEING MAXIMIZED. NOW AT THE YEAR FIVE MARK, THAT IS WHEN THE FIRST CITY MATCH IS DUE OF COURSE THE CITY CAN MATCH US ALONG THE WAY THAT'S FINE BUT AT THE FIVE-YEAR MARK THE, THE FULL MATCH HAS TO BE SATISFIED SO HOWEVER MUCH DART HAS CONTRIBUTED TO THE FUND BY THAT POINT INCLUDING ANY INTEREST THE CITY WOULD NEED TO IDENTIFY THAT IT HAS MATCHED OUR FUNDS AT THAT POINT. SLIDE.

THIS SLIDE SHOWS THE LAST HALF OF THE CONTRIBUTION PERIOD, SO THAT YEARS 5 THROUGH 10. WE CONTINUE TO CONTRIBUTE, CONTINUE TO HAVE OUR ANNUAL REVIEWS.

THE TIRS ILA WOULD EXPIRE JANUARY 1ST OF 2031, AS I MENTIONED. OUR CONTRIBUTIONS WOULD CONTINUE SO LONG AS THE ZONE IS STILL ACTIVE. THEN AT THE END OF THAT, EITHER THE ZONE EXPIRES OR THE CONTRIBUTION EXPIRES THEN ANY, FOR ONE, ANY FUNDS THAT HAVE NOT BEEN MATCHED WOULD BE RETURNED. AND IF AT THE END OF THE ZONE ANY OF OUR FUNDS HAVE NOT BEEN USED, THEN THOSE WOULD ALSO BE RETURNED TO DART.

SLIDE. SO, THERE ARE SOME CONSEQUENCES. AND THESE FOR FAILURE TO COMPLY WITH THE ILA, THESE ARE REALLY FOCUSED ON RISK TO DART, PRIMARILY PULLOUT ELECTIONS THAT WE WERE UNDER THREAT FROM RECENTLY, PARTICULARLY WHEN THIS WAS BEING NEGOTIATED, IF THE CITY FAILS TO MATCH FOR SOME REASON, AND REALLY ENSURING THAT THAT TRANSIT COMPONENT TO THE ZONE REMAINS IN PLACE WHILE WE'RE CONTRIBUTING TO THE ZONE. SO THAT'S WHAT THESE VARIOUS

[01:45:02]

SO JUST SOME NEXT STEPS. SO, AFTER THIS COMMITTEE'S CONSIDERATION, THIS WILL MOVE FORWARD FOR A CITY COUNCIL CONSIDERATION AND APPROVAL IN SEPTEMBER. AND THEN WE WOULD, ASSUMING COUNCIL APPROVES, WE WOULD EXECUTE THE TIRS ILA.

CITY STAFF, WHEN READY, WOULD SUBMIT THEIR REQUESTS FOR DART'S CONTRIBUTION FOR A NEW OR EXISTING ZONE OR MULTIPLE ZONES. AND THEN THE DART CEO AND CITY MANAGER WOULD SIGN THE CONCURRENCE LETTER THAT I SPOKE ABOUT. AND THEN WE WOULD BEGIN CONTRIBUTING A PORTION OF OUR SALES TAX TO THE ZONE IN ACCORDANCE WITH THAT CONCURRENCE LETTER.

HAPPY TO ANSWER ANY QUESTIONS.

THANK YOU FOR THAT PRESENTATION.

IT WAS VERY THOROUGH. I APPRECIATE IT. VICE CHAIR RIDLEY. WELL, THANK YOU FOR THE PRESENTATION. IT'S A THOUGHT-PROVOKING IDEA. I TAKE IT FROM ONE OF THE SLIDES THAT EITHER THE CITY OR DART COULD INITIATE A CONCURRENCE AGREE A LETTER AGREEMENT. IT WOULD REALLY BE THE CITY THAT WOULD COME TO DART WITH THAT REQUEST.

OKAY. SO, THE CITY WOULD ALSO HAVE TO IDENTIFY A NEW TIF DISTRICT COULDN'T BE USED FOR EXISTING TIF DISTRICTS, CORRECT? YOU COULD USE EXISTING NEW OR EXISTING SO ANY OF YOUR 18 DISTRICTS THAT IT CURRENTLY EXISTS WHICH ALL I BELIEVE HAVE STATIONS WITHIN THEM WOULD ALL QUALIFY. OH, VERY GOOD.

AND THEN, IF THE TIF DISTRICT INCREMENT IS CALCULATED BASED UPON AN INCREMENTAL INCREASE IN PROPERTY TAX, DOES DART THEN MATCH 50% OR WHATEVER THE PERCENTAGE IS OF THAT INCREASE IN PROPERTY TAX REVENUE OR DOES IT HAVE TO BE CALCULATED BASED ON SALES TAX INCREMENT? SALES TAX ONLY. SO, ALTHOUGH ALL OF YOUR ZONES ARE PROPERTY TAX BASED BECAUSE THIS IS REALLY A KIND OF A FAUX APPROACH TO A ZONE SO THAT WOULD BE PART OF THE ORIGINAL PLAN AND FINANCING PLAN IS TO FIGURE OUT OKAY HOW MUCH SALES TAX AS OPPOSED TO PROPERTY TAX HAVE BEEN HAS BEEN CONTRIBUTING TO THE ZONE TO DETERMINE THAT BASE VALUE AND THEN THE CONTRIBUTIONS FROM DART MOVING FORWARD WOULD BE BASED ON THE SALES TAX REVENUE.

NOW, THE CITY MATCH COULD COME FROM THE PROPERTY TAX REVENUE.

THE CITY MATCH, YES.

YES, YES. BUT NOT THE DART MATCH BECAUSE IT DOESN'T COLLECT PROPERTY TAX.

CORRECT. SO, I'M SURE THAT THERE ARE SOME TIF DISTRICTS THAT DON'T GENERATE ANY SALES TAX. THEY WOULD AUTOMATICALLY NOT QUALIFY FOR THIS PROGRAM.

THEY WOULD QUALIFY, BUT IT WOULD PROBABLY BE A BAD IDEA FROM YOUR CITY STAFF TO MOVE FORWARD BECAUSE IT WOULD BE A WASTE OF TIME. SURE. OKAY, AND MR. SPATH, DOES THE CITY HAVE THE ABILITY TO LOOK BACK AND GENERATE A FIGURE AS THE BASE LEVEL FOR SALES TAX REVENUE, PERHAPS FOR AN EXISTING TIF DISTRICT 10 OR 20 YEARS AGO, AND DETERMINE WHAT THE INCREMENT IN SALES TAX REVENUE HAS BEEN SINCE THEN? DO THOSE RECORDS EVEN EXIST? WELL I THINK I HEARD ACTUALLY TWO DIFFERENT QUESTIONS I MEAN FOR, FOR PURPOSES OF OUR REQUEST TO DART FOR ANY EXISTING TIF DISTRICT OR A NEW ONE THAT WE WOULD PROPOSE THERE'S GOING TO BE A TWO-YEAR LOOK BACK ANYWAY BECAUSE THAT HAS TO BE DONE TO ESTABLISH THE BASE YEAR CONTRIBUTION BASE YEAR GENERATION IN THE IN THAT ZONE SO THAT'S SOMETHING THAT DART CAN HELP US WITH. THEY HAVE A, YOU KNOW, ALL OF THAT DATA COMES TO THE STATE COMPTROLLER'S OFFICE.

NOW, IF THE QUESTION IS, HAVE WE OR COULD WE DO A SAMPLE EXERCISE FOR STATE THOMAS DISTRICT THAT, YOU KNOW, THAT SUNSETTED 13 YEARS AGO? IT'S PROBABLY STALE DATA THAT WE WOULD HAVE A HARD TIME GETTING OUT OF THE STATE, YOU KNOW SO WE ARE AT THE BEHEST OF THE STATE COMPTROLLER THEY ARE THE KEEPERS OF SALES TAX DATA AND SO I DON'T KNOW WHAT WE CAN GET AND HOW FAR BACK WE CAN GET IT BUT WE ARE VERY CONFIDENT THAT FOR THE TWO-YEAR LOOK BACK FOR THIS THAT THAT'S AN EASY TEST. SO THE BASE LEVEL IS NOT THE ORIGINAL BASE LEVEL FOR THAT EXISTING TIF DISTRICT IF IT'S OLDER THAN TWO YEARS. IT'S A LOOK BACK OF ONLY TWO YEARS TO ESTABLISH THE BASE LEVEL FOR THIS PROGRAM. CORRECT. FOR THAT DISTRICT SALES TAX GENERATION. RIGHT. WELL, IT SOUNDS LIKE A GREAT IDEA. IT ALSO, I THINK,

[01:50:02]

MOST OF OUR TIF DISTRICTS PERFORM WELL ENOUGH THAT WE'RE PRETTY CONFIDENT THAT WE CAN COVER A LOCAL MATCH FROM DART FAIRLY EASILY. BUT WE WOULDN'T EVEN MAKE THAT ASK IF WE DIDN'T THINK THAT. DOES THAT MAKE SENSE? WELL, SO OBVIOUSLY, IF DART IS MATCHING OR PUTTING UP A PERCENTAGE OF THE INCREMENT IN SALES TAX REVENUE FOR A TIF, THEN THAT AUTOMATICALLY MEANS THAT THAT TIF IS GENERATING ENOUGH INCREMENT TO PAY THE CITY'S MATCH, DOESN'T IT? CAN I JUMP IN HERE? SURE. YOUR FIRST QUESTION WAS CORRECT. THE MATCH WOULD COME FROM THE TIF ITSELF, SO THERE WOULD BE NO BUDGETARY IMPACT.

OKAY, SO IT DOESN'T COME FROM THE GENERAL FUND. TIF-FUNDED PROJECTS USING THE DART FUNDING, HALF OF THE FUNDING WOULD BE THE DART INCREMENT, AND HALF OF THE FUNDING WOULD BE OUR TIF PARTICIPATION. SO, IT WOULD JUST BE USING TIF FUNDING. OKAY, OKAY. WELL, THAT'S SIMPLE. OKAY, I THINK THAT'S ALL THE QUESTIONS I HAVE AT THIS TIME. COUNCILMEMBER ROTH. THANK YOU FOR THE PRESENTATION. THIS IS VERY COMPLICATED TO ME. AND I DON'T UNDERSTAND WHY WE WOULD WANT TO DO THIS. I REALLY DON'T AND I'M GOING TO ASK A QUESTION TO ANSWER, BUT IT SEEMS LIKE TO ME THAT WE'RE GOING TO BE CONTRIBUTING MONEY. HOW MUCH IS THE ONE CENT SALES TAX THAT DALLAS PAYS? WHAT'S THE TOTAL AMOUNT, ROUGHLY, THAT WE ARE PAYING DART RIGHT NOW OUT OF THE ONE CENTS? MR. ROTH TO BE CLEAR I JUDGING BY WHERE I THINK YOUR QUESTION IS GOING CAITLIN REPRESENTS DART I REPRESENT THE CITY. DART IS OFFERING TO CONTRIBUTE TO TIFF DISTRICTS THEY DO NOT CURRENTLY CONTRIBUTE TO TIF DISTRICTS WHATSOEVER SO THAT THERE IS NO ADDITIONAL ASK OF THE CITY OR OF THE TIF DISTRICTS BEYOND WHAT WE'RE ALREADY DOING IN OUR OWN TIF DISTRICT. DOES THAT MAKE SENSE? SO, IF YOU'RE ASKING, IF YOU'RE DIRECTING YOUR QUESTION TO HER, WHY WOULD DART WANT TO DO THAT? SHE CAN CERTAINLY ANSWER THAT QUESTION. SO, MR. SPATH'S, RIGHT, THIS IS DART GIVING THE CITY MORE MONEY.

IT'S GIVING. REALLY, IT'S A PROGRAM FOR DART TO GIVE THE CITY MORE MONEY.

GIVE THE TIF DISTRICTS ADDITIONAL FUNDING. SO, BECAUSE WE WANT TO SEE THE AREAS AROUND OUR TRANSIT FACILITIES BE A FOCUS OF REDEVELOPMENT TO REALLY GROW RIDERSHIP, AND WE WANT TO PARTICIPATE IN THAT TRANSIT-ORIENTED DEVELOPMENT, WE ARE FUNNELING OUR SALES TAX BACK INTO THOSE DISTRICTS. SO, ALTHOUGH THE CITY GIVES US ONE CENT, THIS IS ANOTHER METHOD SIMILAR TO THE GENERAL MOBILITY PROGRAM THAT Y'ALL JUST APPROVED FOR US TO INVEST BACK INTO THESE ZONES. RIGHT, AND SO IF I MAY, COUNCILMEMBER ROTH, WHEN OTHER CITIES WERE LOOKING AT POSSIBLY WITHDRAWING FROM DART, THIS WAS A LEVERAGE, AN OPPORTUNITY FOR OTHER CITIES TO RECEIVE SOME OF THOSE DOLLARS BACK TO THEIR MUNICIPALITIES. AND SO, THIS IS A WAY THAT THE CITY WILL BE ABLE TO OBTAIN THOSE DOLLARS THROUGH THIS PROGRAM THAT WE'RE OFFERING.

BUT I'LL LET STAFF ADD TO ANY OF THAT. NO, THAT'S EXACTLY RIGHT. THIS IS PRETTY AMAZING AND A FANTASTIC THING FOR THE CITY OF DALLAS. I DON'T KNOW HOW ELSE TO SAY IT. THIS IS FUNDING THAT WE DON'T CURRENTLY HAVE ACCESS OR CONTROL OF. AND I APPRECIATE YOUR LETTING, AND MAYBE OFFLINE I NEED TO SIT DOWN WITH YOU ALL AND YOU CAN EXPLAIN IT TO ME.

BUT IT SEEMS LIKE TO ME THE ONE CENT THAT WE'RE GIVING TO DART ALREADY, YOU'RE NOW GIVING IT BACK TO US. THROUGH THAT, SOME OF IT. SOME OF IT. AND THEN WE

[01:55:02]

BUT THE CITY HAS ALREADY CREATED THE 18 TIF DISTRICTS AND WE ARE ALREADY CONTRIBUTING PROPERTY TAX INCREMENTAL GROWTH INTO THOSE DISTRICTS SO THERE'S ALREADY A FUNDING SOURCE FOR THE MATCH IT'S NO NEW DOLLARS SO THIS WOULD BE YOU KNOW FOR EXAMPLE IF ONE OF OUR EXISTING TIF DISTRICTS HAD DART PARTICIPATE THEY PUT IN A MILLION DOLLARS AND THE TIF DISTRICT ALREADY HAS FUNDING FOR PROJECTS WE COULD PUT IN A MILLION DOLLAR MATCH AND BUILD A SIDEWALK OR WHATEVER WOULD BE AN ELIGIBLE USE UNDER THE TRANSPORTATION CODE SO THERE'S ALREADY CITY FUNDING AVAILABLE TO BE THE MATCH I KNOW THIS IS TIPS ARE COMPLICATED GENERALLY BUT THERE IS NO BUDGET IMPLICATION HERE THIS IS JUST FREE MONEY BACK TO THE CITY TO DO TRANSPORTATION PROJECTS. AND THE CALCULATION IS BASED ON SALES TAX. AND IF WE HAVE A REDUCTION IN SALES TAX, AND AGAIN, I'M NOT TRYING TO KILL THE DEAL, I'M TRYING TO UNDERSTAND IT. AND SO, IF OUR SALES TAX IN A PARTICULAR AREA TO TRY TO UNDERSTAND THE SALES TAX IMPLICATIONS, THAT'S A CALCULATION THAT COULD BE DIFFICULT TO ESTABLISH. IT COULD BE A DIFFICULT THING TO FIGURE OUT WHAT'S REALLY HAPPENING IN AN AREA. I CAN UNDERSTAND IT AND I'M TRYING TO UNDERSTAND WHAT ARE WE GETTING FOR THAT? IF WE'RE ASKING YOU ALL TO PUT IN LIGHTS OR STREET OR A NEW TRANSIT CENTER, I GET IT.

BUT WE'RE THEN, ALREADY YOU'RE SAYING WE ALREADY GOT THE MONEY IN THE POT ANYWAY. WE'RE SUPPOSED TO USE THAT MONEY FOR OTHER THINGS. TO ME, LOOK, I'M SORRY, I'M CONFUSED AND MAYBE I'M THE ONLY ONE THAT'S CONFUSED. I DON'T UNDERSTAND THAT THIS IS A PLUS FOR US.

WE'RE THE BIGGEST CONTRIBUTOR OF SALES TAX TO DART. WE ARE THE BIGGEST POT OF MONEY THAT YOU ALREADY HAVE.

WHY ARE YOU GIVING US BACK OUR MONEY? AND WHY DO WE HAVE TO PUT IN MORE MONEY? I'M SORRY THAT I DON'T UNDERSTAND IT, AND WE CAN TALK ABOUT IT OFFLINE. THANK YOU.

CHAIR WEST. COUNCIL MEMBER CADENA. MY QUESTION IS I SO I HAVE A COUPLE OF TESTS ONE OF THEM WILL BE EXPIRING NEXT YEAR ANOTHER ONE I THINK JUST GOT EXPANDED BUT I'M NOT CERTAIN THERE'S NOT A DART LINE ON THERE WHAT DO THOSE TIFS LOOK LIKE WITH THIS? IS YOUR QUESTION HOW DOES THIS APPLY TO DISTRICTS THAT MAY SUNSET IN THE NEXT THREE TO FIVE YEARS? YEAH, OR DON'T HAVE A DART RAIL LINE WHERE I DON'T EVEN KNOW IF THERE'S A I WAS LOOKING THROUGH THE LIST I'M NOT SURE IF WE HAVE ANY OF THOSE. YEAH, SO THE CITY HAS 18 ACTIVE TIF DISTRICTS, AND 10 OF THOSE DISTRICTS HAVE WHAT IS DEFINED IN HERE AS A TRANSIT ANCHOR.

SO THAT'S A LIGHT RAIL STATION, A STREETCAR STATION, A BUS SHELTER. SO, 10 OUT OF OUR 18 DISTRICTS HAVE FACILITIES THAT WOULD BE ELIGIBLE UNDER THIS ILA.

DISTRICTS, OUR TIF DISTRICTS THAT MAY BE SCHEDULED TO EXPIRE IN THE NEXT THREE TO FIVE YEARS. WELL WE HAVE UNTIL 2031 TO MAKE A REQUEST TO DART FOR THEIR PARTICIPATION IN THOSE SO WE WOULD ASSUME THAT BETWEEN NOW AND THEN THE DECISION WOULD COULD BE MADE TO ASK THEM TO PARTICIPATE ON IT FOR THE REST OF THE TERM THREE FOUR OR FIVE YEARS AND LET THAT BE WHAT IT IS OR WE MAKE A PROPOSAL TO THE COUNCIL THAT THAT DISTRICT BE EXTENDED FOR ANOTHER TEN YEARS IN ORDER TO TAKE ADVANTAGE OF THE DARTS PARTICIPATION SO THERE'S A NUMBER OF WAYS THAT COULD PLAY OUT FOR SOME OF THOSE DISTRICTS THAT ARE SCHEDULED TO EXPIRE SOON. THANK YOU. COUNCILMEMBER BLAIR. SORRY, GRACEY. SO THIS IS EXCITING, AND THE WAY I UNDERSTAND IT IS, BASICALLY, WE HAVE THESE TIF DOLLARS EXISTING CURRENTLY, AND BY ADDING THIS FEATURE WHERE THERE ARE DART SYSTEMS, TRANSIT SYSTEMS, I BELIEVE INSTEAD OF USING A MILLION DOLLARS OF TIF DOLLARS, WE NOW HAVE THE ABILITY TO USE $500,000 OF TIF AND $500,000 OF DART REVENUE. IS THAT KIND OF JUST IN SIMPLE.

THAT'S CORRECT. IT STRETCHES THE TIF DOLLAR. IT DOES. AND TO BE CLEAR, THE DART FUNDS, ALTHOUGH THEY MAY HAVE BEEN CONTRIBUTED BY DART SALE BY CITY OF DALLAS FUNDS THOSE

[02:00:02]

WHAT WOULD THIS LOOK LIKE OR HOW WOULD THIS CONVERSATION LOOK LIKE IF I WANTED THAT TO HAVE A TIF, NUMBER ONE, BUT THEN GOING BACK TO THAT WHOLE SALES TAX THING, I WANT TO MAKE SURE I WASN'T CONFUSED.

IS IT CONDITIONAL UPON HOW MUCH SALES TAX IS CONTRIBUTED? THAT'S WHERE I WAS, I WASN'T SURE. IF AN EXISTING TIF DOESN'T EXIST, HOW THEN DO YOU DETERMINE WHAT THE? SO, THE CITY WOULD FOLLOW ITS NORMAL PROCESS TO SET UP A TIF DISTRICT. AND YOU PROBABLY, WITH WESTMORELAND, BECAUSE THERE'S NOT A LOT OF RETAIL IN THE AREA, YOU WOULD PROBABLY GO AHEAD AND SET IT UP AS A PROPERTY TAX TIF DISTRICT BECAUSE THAT IS THE MORE, AGAIN, THE MORE STABLE FORM OF TAX. NOW, THEN THE CITY WOULD COME TO DART AND SAY, HEY, WE HAVE THIS TIF DISTRICT WE HAVE NOW CREATED. THERE'S A MUNICIPAL ORDINANCE IN PLACE.

THERE'S, YOU KNOW, THE WHOLE PROCESS YOU GO THROUGH TO CREATE A ZONE. THEY WOULD COME TO US AND SAY, OKAY, WE WOULD LIKE YOU TO CONTRIBUTE. WE WOULD THEN, AT THAT POINT, DO A TWO-YEAR LOOK BACK TO SAY, OKAY, WELL, HERE'S THE ZONE, THIS AREA. PUTTING ASIDE THAT THE ZONE ITSELF IS BASED ON PROPERTY TAX, WE'RE GOING TO DO A TWO-YEAR LOOK BACK ON SALES TAX JUST FOR DART'S CONTRIBUTION. AND WE'RE GOING TO SAY, OKAY, SO THE HIGHEST AMOUNT OF ONE OF THOSE TWO YEARS IS OUR BASE VALUE OF SALES TAX. NOW, MOVING FORWARD, DART'S GOING TO CONTRIBUTE ABOVE THAT BASE VALUE 50% OF ITS INCREMENT OF SALES TAX.

DART WOULD THEN PAY THAT AMOUNT TO THE TIF DISTRICT. THE CITY AT THE SAME TIME IS GENERATING PROPERTY TAX REVENUE THAT'S GOING INTO THAT TIF DISTRICT AND THE CITY WOULD THEN SAY, OKAY, WE'VE GOT THIS BALANCE IN THE TIF DISTRICT THAT'S ALREADY COMING IN THROUGH PROPERTY TAX REVENUE.

AND HEY, IT'S THE SAME AMOUNT OF SALES TAX THAT DART VOLUNTARILY PAID IN. WE'RE GOOD. AND WE'RE USING ALL OF THAT MONEY FORWARD TO MAKE SIDEWALKS, TO DEVELOP OUR WESTMORELAND STATION PROPERTY THAT RIGHT NOW IS JUST SURFACE PARKING LOT.

ALL THE GOOD THINGS THAT WE CAN DO TO PROMOTE THE TRANSIT SYSTEM AND GROW RIDERSHIP AND ALSO REDEVELOP THAT AREA INTO A REALLY THRIVING PART OF THE CITY. OKAY. AND THEN THE LAST QUESTION I HAVE, KEVIN, IS THERE A CIRCUMSTANCE, I THINK THIS IS A GOOD ONE, BUT IS THERE A CIRCUMSTANCE WHERE, YOU KNOW WHAT, COUNCILMEMBER, THIS IS NOT GOING TO BE A GOOD PLACE TO ACTUALLY HAVE A TIF BECAUSE THERE'S NOTHING, THAT'S A REALISTIC SCENARIO TWO.

THAT'S ABSOLUTELY TRUE. THAT WAS GOING TO BE MY RESPONSE OR YES, I THINK IT DOESN'T. IT DOESN'T MAKE SENSE TO CREATE A TIF DISTRICT EVERYWHERE. THE CITY ALSO HAS OTHER POLICIES THAT LIMIT THE AMOUNT OF THIS OF THE TAX BASE THAT CAN BE IN TIF DISTRICTS ANYWAY. SO, WE HAVE TO BE VERY STRATEGIC AND WE ARE EVERY DAY. WE MANAGE THIS PROGRAM. WE ARE VERY STRATEGIC ABOUT WHERE, WHERE TIF DISTRICTS MAKE THE MOST SENSE AND ADDING THIS LAYER OF ADMINISTRATIVE, THERE IS A HUGE UPSIDE TO TAKING THE PAIN OF DOING THIS ADMINISTRATIVELY, BUT IT DOESN'T MAKE SENSE EVERYWHERE, LIKE SHE SAID. ALL RIGHT THANK YOU MR. CHAIR.

THANK YOU. MR. CHAIR IF I MAY TACK ON IT MAY NOT MAKE SENSE TO DO THIS EVERYWHERE IN THE FIRST YEAR SO IF THERE'S A DISTRICT WHERE THERE'S VERY LITTLE SALES TAX BUT WE'RE WORKING ON GETTING A GROCERY STORE OR SOMETHING MAYBE WE WAIT UNTIL BECAUSE THIS IS ONLY 10 YEARS DARK PARTICIPATES WE MAY WANT TO WAIT UNTIL WE HAVE A DEAL LOCKED UP THAT WOULD START GENERATING SALES TAX TO, TO TRIGGER THE DART PARTICIPATION SO THERE'S THERE'LL BE SOME STRATEGY INVOLVED HERE. THANK YOU. OF THE 13 MEMBER CITIES THAT ARE IN DART HOW MANY WILL BE GETTING A PROPOSAL SIMILAR TO THIS AND IF SO, HAVE ANY OF THEM ALREADY APPROVED OR ARE THEY IN THE PROCESS? SO ALL 12 OF OUR CITIES HAVE RECEIVED THE EXACT SAME ILA. THEY ARE IDENTICAL. SO, THERE'S NO PREFERENTIAL TREATMENT.

EVERYONE'S GETTING THE SAME DEAL FOR THIS AUTOMATIC PARTICIPATION. OF THOSE CITIES THAT HAVE RECEIVED IT, THREE HAVE EXECUTED, RICHARDSON, CARROLLTON, AND IRVING. PLANO IS IN THE WORKS FOR IT. NOW THIS IS KIND OF THE AUTOMATIC PROGRAM THAT HAS VERY SET PARAMETERS FOR QUALIFICATION. NOW WE CAN ALWAYS NEGOTIATE A STANDALONE ILA THAT ADDRESSES DART'S CONTRIBUTION TO A ZONE UNDER DIFFERENT TERMS FOR ZONE SPECIFIC. SO, WE WANT TO BE FLEXIBLE THAT THIS MAY NOT WORK FOR ALL OF THE SITES. SO, THERE IS AN OPPORTUNITY FOR THE CITY AND DART TO NEGOTIATE A DIFFERENT DEAL FOR A DIFFERENT ZONE THAT

[02:05:01]

THANK Y'ALL FOR THE PRESENTATION WE'LL GO AHEAD AND GO TO BRIEFING MEMOS DO WE HAVE ANY QUESTIONS ON BRIEFING MEMO C? COUNCILMEMBER ROTH. ARE THERE QUESTIONS ON C? YES, THERE IS, COUNCILMEMBER ROTH.

I'M THINKING ABOUT IT.

I WOULD SAY, I WOULD PREFACE YOUR QUESTION WITH EVERY AUGUST, YOU'VE BEEN YOU'VE BEEN THROUGH THIS ONCE WITH US, EVERY AUGUST WE HAVE A HUGE LAUNDRY LIST OF AGENDA ITEMS FOR PIDS.

THESE ARE STANDARD AGENDA ITEMS AND SO THAT'S THIS MEMO DESCRIBES THE TWO-STEP PROCESS THAT THE COUNCIL CAN EXPECT TO SEE AT THE TWO MEETINGS COMING UP IN AUGUST. AND EVERY YEAR WE THIS IS BASICALLY JUST AND I'M ASKING THE QUESTION THIS IS TO INFORM US THAT THE PIDS ARE GOING TO BE GIVEN US THEIR BUDGETS SO THAT WE CAN REVIEW TO SEE IF IT WOULD APPROVE THEIR REQUESTED BUDGET SO THAT AND THEN ALLOCATE THE AMOUNTS OF MONEY THAT ARE GOING TO BE THE EXTRA TAX THAT THOSE PROPERTY OWNERS ARE GOING TO BE PAYING IS THAT CORRECT, ROUGHLY? CORRECT. OKAY. DOES THE ONE THING THAT'S DIFFERENT HERE IS THAT IS THERE'S A INDICATION HERE ABOUT THE DOWNTOWN IMPROVEMENT DISTRICT. IS THIS AN ADDITIONAL REQUEST THAT CITY- OWNED PROPERTIES OR SOMETHING THAT'S RELATED TO THE CITY WOULD BE CONTRIBUTING TO THE PIDS FOR THE DOWNTOWN DISTRICT SPECIFICALLY? IS THIS A CHANGE IN THE PID STRUCTURE FOR ANY OF THE AREAS? NO, AND I'LL INTRODUCE MYSELF. MARIA SMITH, ASSISTANT DIRECTOR, OFFICE OF ECONOMIC DEVELOPMENT. SO, CURRENTLY, THE DOWNTOWN IMPROVEMENT DISTRICT IS THE ONLY PID THAT THE CITY PARTICIPATES IN. AND SO, THIS IS JUST LETTING THE CITY COUNCIL KNOW THAT FOR ALL THE OTHER PIDS, THERE'S NO COST CONSIDERATION TO THE CITY. BUT FOR THE DOWNTOWN IMPROVEMENT DISTRICT, WHAT OUR ESTIMATED PARTICIPATION WILL BE BASED ON ESTIMATED PROPERTY VALUES.

AT THE TIME OF THIS MEMO, WE DIDN'T HAVE THE CERTIFIED VALUES FOR 2026 YET. SO, WE ESTIMATED TO BE ROUGHLY A MILLION DOLLARS IN AND NOW WE HAVE THAT THAT FINAL NUMBER AND IT'S PRETTY CLOSE TO THAT MILLION DOLLARS. AND COUNCILMEMBER ROTH, UNRELATED TO TODAY'S ITEM ON WEDNESDAY, MARIA AND KEVIN WILL BE BRIEFING THE CITY COUNCIL ON THE POLICY DECISION OF WHETHER WE SHOULD PARTICIPATE IN OTHER TIFS OR JUST REMAIN IN THE DOWNTOWN TIF.

BUT THAT HAS NOTHING TO DO WITH THE COMMITTEE ITEM. THIS IS JUST THE NORMAL ANNUAL SERVICE PLAN. THAT'S WHAT WAS CONFUSING ME BECAUSE I SAW THAT THERE WAS SOMETHING ON THE WEDNESDAY AGENDA THAT HAS TO DO WITH CHANGING THIS. IT'S A HOT PID WEEK THIS WEEK. LOTS OF ITEMS, BUT THEY'RE UNRELATED. THANK YOU. ANY OTHER QUESTIONS ON ITEM C? CHAIR GRACEY? WHEN DO WE GET, AND I GUESS I'M JUST TRYING TO GET AN UNDERSTANDING ON THIS BECAUSE, YOU KNOW, OBVIOUSLY WE HAVE THAT REDBIRD PID THAT'S FAIRLY NEW. WHEN DO WE GET THE PERFORMANCE UPDATES ON THOSE? IS THAT WHAT'S COMING? I'M SORRY. ARE YOU ASKING WHEN DO WE GET THE CERTIFIED VALUES FOR, OR CAN YOU REPHRASE YOUR QUESTION? DO WE GET? I GUESS I'M TRYING TO, HOW DO WE KNOW CREATING THIS PID WAS A GOOD DECISION? IS THAT, OBVIOUSLY WE CAN DRIVE AROUND AND SEE, AND I'M NOT TRYING TO BE CRITICAL OR ANYTHING. I'M JUST, DO WE GET ANYTHING FROM A CITY'S PERSPECTIVE OTHER THAN, YOU KNOW, WE'RE RENEWING? WHAT DO THEY DO? YEAH. YEAH. SO, WE HAVE QUARTERLY COMPLIANCE REPORT, PROGRESS REPORTS, AND FINANCIAL REPORTS THAT EACH PID MANAGEMENT SUBMITS TO THE CITY WE ALSO HAVE AN ANNUAL SITE VISIT THAT WE DO WE'LL RECEIVE A COPY OF THEIR ANNUAL AUDIT NEXT YEAR AND NEXT ON FRIDAY, AUGUST 21ST WE'LL ALSO HAVE A MEMO TO CITY COUNCIL THAT KIND OF HIGHLIGHTS WHAT SOME OF THE ACHIEVEMENTS FOR THE LAST YEAR HAS BEEN FROM EACH PID AND SO WE'LL SHARE THAT WITH CITY COUNCIL. OKAY.

ALL RIGHT, PERFECT. THANK YOU.

ALL RIGHT, LET'S MOVE RIGHT ALONG ITEM D. VICE CHAIR

[02:10:01]

SO LET ME UNDERSTAND THIS.

THIS ITEM WOULD AUTHORIZE A TIF DEVELOPMENT AGREEMENT WITH FAIR PARK FIRST TO PROVIDE THREE MILLION DOLLARS TO THE COMMUNITY PARK FINANCING STACK AND THAT MONEY WOULD COME FROM THE DEEP ELLUM TIF DISTRICT FUND BUT FAIR PARK IS NOT IN THE DEEP ELLUM TIF DISTRICT CORRECT? CORRECT. SO, ON WHAT BASIS CAN THE DEEP ELLUM TIF DISTRICT PROVIDE FUNDING OUTSIDE OF THEIR BOUNDARIES? GREAT QUESTION. SO, THE UNDERSTATE TIF LAW TIF FUNDS CAN BE SPENT ON PLACES OF PUBLIC ASSEMBLY OR PUBLIC INFRASTRUCTURE OUTSIDE OF THE ZONE. AND ON THAT, THE DEEP ELLUM TIF DISTRICT BOARD OF DIRECTORS AND THE CITY COUNCIL IN LATE 2023 AND EARLY 2024 APPROVED A SERIES OF PLAN AMENDMENTS.

FOR THE DEEP ELLUM TIF DISTRICT FOR THEIR PROJECT PLAN AND FINANCING PLAN AND WHAT THEY DID WAS SAY THAT DEEP ELLUM IS AS A DISTRICT IS HEALTHY AND GENERATING NICE TAX INCREMENT AND FOR THE LAST SIX YEARS OF THE TERM THEY AGREED TO HAVE 40 PERCENT OF WHAT THEY'RE GENERATING BE SPENT OUTSIDE OF THEIR ZONE TO THE BENEFIT OF THE AREA OUTSIDE OF THE ZONE, KNOWING THAT IF THEY MAKE THOSE INVESTMENTS OUTSIDE OF THEIR ZONE, IT WILL INDIRECTLY BENEFIT THE DEEP ELLUM TIF DISTRICT. AND SO, 20% OF WHAT IS GENERATED BY THE DEEP ELLUM TIF DISTRICT IS ANNUALLY SPENT IN THE HOUSING, HOMEBUYER ASSISTANCE, HOME REPAIR PROGRAMS FOR THE AREA AROUND FAIR PARK.

AND 20 PERCENT GOES INTO A SET-ASIDE THAT IS TO BE USED FOR INFRASTRUCTURE AND PLACES OF PUBLIC ASSEMBLY OR PARKS THAT ARE IN THE FAIR PARK AREA BECAUSE OF THE IMMEDIATE PROXIMITY OF THE FAIR PARK AREA TO DEEP ELLUM. SO, THERE'S ALREADY A CONNECTION BETWEEN THIS PUBLIC IMPROVEMENT DISTRICT OR THIS TIF RATHER AND THE FAIR PARK NEIGHBORHOOD. CORRECT. SO THIS IS JUST AUGMENTING THAT.

CORRECT. AND SO, THE, SO THE, IN JUNE, THE, THERE WAS A JOINT MEETING OF THE BOARDS OF DIRECTORS FOR DEEP ELLUM TIF DISTRICT AND GRAND PARK SOUTH TIF DISTRICT. AND THEY REVIEWED THIS PROPOSAL AND DEEP ELLUM TIF DISTRICT WAS THE ACTING BODY. SO, THEY UNANIMOUSLY APPROVED THE USE OF THEIR FUNDS, THEIR DISTRICT'S FUNDS TO BE USED FOR THIS PURPOSE OUTSIDE OF THEIR DISTRICT BUT TO THE INDIRECT BENEFIT OF THEIR DISTRICT. OKAY, AND DOES THIS THREE MILLION CLOSE THE FUNDING GAP FOR THE COMMUNITY PARK? IT DOESN'T COMPLETELY BUT HEATHER STEVENS REPRESENTING FAIR PARK FIRST IS HERE. AND I THINK SHE WOULD LOVE THE OPPORTUNITY TO EXPLAIN HOW CRITICAL THIS FUNDING IS TO HELPING THEM GET OVER THE GOAL LINE ON THAT ON THAT GAP IF YOU'D LIKE TO HEAR FROM HER. SURE.

HI, GOOD MORNING, GUYS, OR GOOD AFTERNOON. IT'S BEEN A LONG TIME SITTING HERE. GOOD PLACE TO SPEND MY BIRTHDAY. I WAS INTERESTED, GOT TO HEAR ABOUT THE DART AND ECODEV DOING A GREAT JOB. SO RIGHT NOW, THAT WOULD DROP WHAT WE HAVE TO RAISE TO ABOUT 3 MILLION LEFT TO RAISE. AND SO, OUR GOAL IS THAT WE'RE ABLE TO SHOW THE PHILANTHROPIC COMMUNITY THAT THERE IS SOME FUNDING COMING FROM THE CITY IN THIS WAY, FROM THE TIF. AND WE'LL USE IT AS A KIND OF AN ACCELERATING MATCH TO CLOSE OUT. SO, YOU MEAN THAT YOU'RE FAIRLY CONFIDENT THAT YOU CAN, THROUGH YOUR OWN FUNDRAISING ACTIVITIES, RAISE THE REMAINING $3 MILLION? VERY CONFIDENT, YES. OKAY, THANK YOU. WELL, LET'S SEE. I GUESS WE'RE GOING THIS DIRECTION. MR. GRACEY, DID YOU HAVE ANY QUESTIONS OR COMMENTS? YES, GO AHEAD. YOU DIDN'T KNOW YOU WERE IN THE SEAT, DID YOU? I HAVE A QUESTION.

WHAT SAFEGUARDS ARE IN PLACE TO VERIFY THAT FAIR PARK FIRST HAS FULLY SECURED THE REMAINING $33.1 MILLION IN NON-CITY FUNDING BEFORE RELEASING THE INITIAL HALF MILLION TIF INSTALLMENT? I'M SORRY, COULD YOU REPEAT THAT QUESTION?

[02:15:02]

SO, OUR TIF FUNDS HAVE TWO INSTALLMENTS ONE WOULD BE 500,000 PAYABLE UPON THE COMPLETION OF THE CONSTRUCTION DOCUMENTS AND SO THE CONSTRUCTION DOCUMENTS ARE ALREADY GOING TO BE APPROVED BY THE PARKS DIRECTOR, RIGHT? SO, THERE THERE'S A NUMBER OF THINGS THAT THEY HAVE TO DO TO GET TO THAT POINT IF THAT'S LIKE. YEAH, KIND OF I JUST WANTED TO MY QUESTION BASICALLY WAS BEFORE THEY GET MONEY OUT OF OUT OF THE TIF OUT OF A TIF INSTALLMENT. WHAT IS BAKED IN OR WHAT CAN WE ASSURE BE ASSURED THAT THEY HAVE DONE THEIR FINANCIAL OBLIGATIONS BEFORE WE DO. YEAH, SO IT WOULDN'T IT WILL NEVER GO TO CONSTRUCTION UNTIL THEY HAVE ALL FUNDING IN PLACE AND THAT'S ALREADY BAKED INTO THE AGREEMENT THAT THE CITY HAS WITH THEM WITH THEIR PARK FIRST. OKAY, THAT'S GREAT THEN AND THEIR TARGETED COMPLETION DATE IS DECEMBER 31ST, 2028, CORRECT? YES, I BELIEVE SO. IS IT, IT IS THERE PROTECTION SO THAT THERE ARE NO THERE ARE DELAY RISKS DUE IS THERE THAT DATE BAKED IN STONE IT MUST BE COMPLETED BY DECEMBER 31ST 2028 OR CAN THERE BE DELAYS? OR WHAT IS THE POTENTIAL RISK OF DELAYS? AND HOW IS IT GOING TO IMPACT THE PROCESS? SO THE AGREEMENT, WHICH IS [INAUDIBLE] AND THE PARKS DEPARTMENT HAVE A TEAM THAT'S WORKING WITH FAIR PARK FIRST EACH MONTH TO MAKE SURE EVERYTHING'S ON TARGET BUT THE AGREEMENT ITSELF ONLY HAS TWO CAVEATS IN THERE AND I THINK IT'S REGARDING PERMITTING DEPARTMENT BUT OTHER THAN THAT THERE'S REALLY NO CONTINUED DELAY THAT COULD HAPPEN AND IT DOES SAY DECEMBER 2028 IN THERE BUT ANTICIPATED COMPLETION WILL BE PROBABLY EARLIER THAT YEAR BASED ON THE CURRENT CONSTRUCTION TIMELINE. AND CAN WE GET UPDATES TO MAKE SURE THAT WE'RE STILL GONNA BE ON TARGET FOR EVERYTHING THAT THEY'RE SUPPOSED TO DO IT FROM THE ECONOMIC DEVELOPMENT PERSPECTIVE BEFORE WE HAVE TO DO OUR DUE DILIGENCE, OR I SHOULD SAY BEFORE WE HAVE TO MAKE ANY PAYMENTS. WELL THE FIRST PAYMENT WOULD BE UPON COMPLETION OF CONSTRUCTION DOCUMENTS BECAUSE WE'LL GO INTO CONSTRUCTION AND WE HAVE TO HAVE A CERTAIN AMOUNT OF CASH TO START THAT AND THEN THE FINAL PAYMENT DOESN'T COME UNTIL AFTER THE PROJECT IS FULLY COMPLETED AND IT GOES THROUGH A REVIEW PROCESS. OKAY, THANKS. ABSOLUTELY. AND COUNCILWOMAN, I'LL JUST ADD THAT WE WOULDN'T MAKE OUR FIRST INSTALLMENT UNTIL THE DIRECTOR OF THE PARK DEPARTMENT TELLS US THAT THEY HAVE DONE AND PROVIDED THE CONSTRUCTION DOCUMENTS AND THEY HAVE BEEN APPROVED BY THE CITY. COUNCIL MEMBER ROTH. THANK YOU. IT MAY BE THAT I'M NOT REMEMBERING THIS CORRECTLY. DID WE APPROVE AS A CITY SOME KIND OF A CONTRIBUTION TOWARDS THIS COMMUNITY PARK LIKE SIX MILLION DOLLARS THAT WE HAD TO ALLOCATE BEFORE? NO SIR.

CURRENTLY, NO FUNDING HAS BEEN PUT INTO THIS PARK FROM ANY CITY FUNDING MECHANISM THE FUNDING IS SECURED THROUGH STATE AND FEDERAL GRANTS AS WELL AS PHILANTHROPIC SO THIS WOULD BE THE CITY'S ONLY CONTRIBUTION. OKAY, AND SO IF YOU, IF YOU ONLY, IF YOU, IF WE ONLY MAKE 30 YOU ONLY RAISE 33 MILLION WHICH YOU'VE ALREADY GOT CAN YOU STILL PROCEED WITH THE PARK? THE PARK COULD PROCEED BUT THERE WOULD BE SIGNIFICANT REDUCTION IN AMENITIES THAT HAVE BEEN PROMISED TO THE COMMUNITY AND SO THE 100% DESIGN DEVELOPMENT IS DONE, THE PROJECT IS IN CONSTRUCTION DOCUMENTS IT WOULD ALSO CREATE MATERIAL EXPENSES FOR DESIGN AND A BUNCH OF OTHER THINGS SO GIVEN THE SMALL GAP THAT'S REMAINING I THINK WE'RE GOING TO CLOSE THE GAP THIS WILL BE ONE OF THE ONLY PARK PROJECTS THAT I'M AWARE OF GOING TO CONSTRUCTION

[02:20:01]

3 MILLION DOLLARS IS A LOT OF MONEY TO ME, AND IT'S COMING FROM A DIFFERENT TIF DISTRICT AND I UNDERSTAND THAT THERE'S BEEN AGREEMENT AND THAT IT'S ALLOWED TO DO THAT BUT IT SEEMS LIKE TO ME WE JUST TALKED ABOUT DOING SOME DARK FUNDING AND WORKING WITH TIF MONEY TO SUBSIDIZE POTENTIALLY SOME DARK STUFF THERE'S A BIG DART STATION RIGHT THERE AT FAIR PARK TOO WHICH MAY OR MAY NOT BE IN THAT TIF I DON'T UNDERSTAND WHY WE'RE GIVING MONEY TO DO ANOTHER PROJECT WHEN WE'VE GOT A FACILITY AND AN OPPORTUNITY TO RAISE THE MONEY, WE ONLY GOT, IF THERE'S ONLY A $3 MILLION GAP OUT OF A $37 MILLION PROJECT. SO, YOU BUILD $37 MILLION WORTH OF A PARK INSTEAD OF 40.

BUT WHY IS THE CITY HAVING TO MOVE MONEY AROUND TO DO THIS? I DON'T UNDERSTAND THE ECONOMICS. I DON'T UNDERSTAND THE BENEFIT. I DON'T UNDERSTAND WHY WE'RE DOING THIS.

BUT AGAIN, IT MAY BE MY MISUNDERSTANDING OF THE OVERALL PROJECT I DON'T SEE THAT IT'S APPROPRIATE TO BE MOVING TIF MONEY INTO AREAS THAT THAT WEREN'T DEVELOPED FOR THAT BUT AGAIN I'M OBVIOUSLY MISSING SOMETHING.

COUNCILMEMBER CADENA. OKAY, SO A LOT OF GREAT QUESTIONS I UNDERSTAND HOW WE GOT TO WHERE WE ARE TODAY MOVING TIF DOLLARS TO BENEFIT A JOINING NEIGHBORHOOD THAT BENEFITS DEEP ELLUM TIF IS HEALTHY WHAT I DO HAVE A QUESTION ON THOUGH IS AT ONE POINT WE TALKED ABOUT THE COMMUNITY PARK NOT RECEIVING CITY DOLLARS AND THIS WILL BE THE FIRST TAXPAYER DOLLARS TIF DOLLARS GOING TO THE PROJECT AND SO WHAT'S ALLOWING THAT TO HAPPEN BECAUSE AS I RECALL THERE WAS A TIME WHERE WE SAID CITY DOLLARS WOULD NOT BE UTILIZED FOR THIS PROJECT. IT'S IN THE MEMO THE FAIR PARK DEVELOPMENT AND FUNDRAISING AGREEMENT THAT THE COUNCIL APPROVED ON FEBRUARY 25TH OF THIS YEAR IT ACTUALLY SPECIFIED THAT FAIR PARK FIRST WAS REQUIRED TO ONLY USE THE PHILANTHROPIC FUNDS AND NON-CITY FUNDING SOURCES BUT IT DID SPECIFY FEDERAL STATE AND ELIGIBLE TAX INCREMENT FINANCING SO IT WAS EXPLICITLY INCLUDED IN WHAT THE COUNCIL APPROVED IN FEBRUARY THAT ONLY TIF FUNDS COULD BE CONTRIBUTED BUT NOT GENERAL FUNDS NOT BOND FUNDS. AND THEN THESE DOLLARS WHAT ARE THEIR ELIGIBLE USES FOR THE PART OF THE PROJECT CAN IT GO TO DESIGN CAN IT GO TO CONSTRUCTION CAN IT GO TO. YES, SO 500,000 WOULD BE PAYABLE UPON THEIR COMPLETION OF CONSTRUCTION DOCUMENTS AND THAT APPROVAL BY THE DIRECTOR OF THE PARK AND REC DEPARTMENT AND THEN THE 2.5 MILLION WOULD BE PAYABLE UPON THEIR COMPLETION OF THE PROJECT TO DELIVER AND OPEN THE PARK ITSELF. OKAY, AND SO THESE DOLLARS COME IN BEFORE THE PROJECT IS COMPLETED OR AFTER? 500,000 COMES IN AFTER THEY PRODUCE CONSTRUCTION DOCUMENTS 2.5 MILLION COMES IN AFTER THEY DELIVER CONSTRUCTION OF THE ACTUAL PARK. OKAY, AND SO FOR THAT 500,000 IS THAT SOMETHING THAT'S TYPICAL OR I'M JUST TRYING TO GO BACK TO MY RECOLLECTION AND TYPICALLY WE IT'S A REIMBURSEMENT OF FUNDS ONCE A PROJECT IS COMPLETE.

WELL, MOST OF THE TIME WE TRY TO STRUCTURE PAYMENTS THAT WAY.

IN THIS CASE, BECAUSE OF THE WAY THEIR OTHER SOURCES OF FUNDING ARE IN, AND THEY'RE CONDITIONED AND THEY OVERLAP AND THEY HAVE RELATIONSHIPS.

FAIR PARK FIRST REQUESTED $500,000 OF IT TO BE DEPLOYED AFTER THEY DELIVER CONSTRUCTION DOCUMENTS. ALL RIGHT. ANY OTHER QUESTIONS, CHAIR WEST? ALL RIGHT. SEEING NONE. WE WILL GO ON TO THE NEXT ITEM LET'S SEE.

YES, ITEM E. ANY QUESTIONS ON ITEM E? SEEING NONE. ITEM F SHOULD ACTUALLY NOT BE ON THE AGENDA WE'LL MOVE THAT TO THE NEXT AUGUST, SEPTEMBER EXCUSE ME, SO THE FINAL ITEM IS G, ITEM G. ANY QUESTIONS ON ITEM G? COUNCILMEMBER ROTH.

I UNDERSTAND THAT THAT Y'ALL ARE STILL STUDYING THE EV CHARGING

[02:25:04]

ISN'T THAT CORRECT, ROBIN? THAT'S CORRECT. SO RIGHT NOW, UNDER THE CITY CODE, WE ARE REQUIRING EV-READY AND EV-CAPABLE SPACES BASED ON PARKING RATIOS AND BASED ON THE CITY CODE ON COMMENTS FROM THIS COMMITTEE AND CONCERNS FROM STAFF WE'RE TRYING TO LOOK AT WHAT OTHER CITIES HAVE DONE TO MAKE IT A BETTER BALANCE BETWEEN OUR ENVIRONMENTAL GOALS AND BEING A BUSINESS PRETTY FRIENDLY CITY AND ACTUALLY THIS WAS PARTLY MOTIVATED BY PUSHBACK FROM LARGE PROPERTY OWNERS WHO HAD PLANS FOR LARGE PARKING LOTS AND DIDN'T WANT TO HAVE TO INSTALL THE CURRENTLY REQUIRED LEVEL OF EV EQUIPMENT BECAUSE THEY ANTICIPATED THAT THE USAGE WOULD NOT BE THERE TO JUSTIFY IT. ISN'T THAT CORRECT? THAT'S CORRECT. AND COUNCIL, BEFORE THE RECESS, ALREADY APPROVED ONE MINOR TWEAK, WHICH IS THE CAP. A 20% OPEN-ENDED OBLIGATION DOWN TO, I THINK YOU PUT A MAXIMUM OF SIX. DON'T QUOTE ME ON THAT. BUT, YES, WE'VE MADE ONE SMALL TWEAK, AND THIS IS TO LOOK AT ARE THERE OTHER WAYS THAT WE COULD MAKE SIMILAR COMMON-SENSE CHANGES. AND WE REQUESTED THAT STAFF GO BACK AT THAT MEETING TO GO BACK AND STUDY THIS FURTHER BY LOOKING AT WHAT OTHER CITIES ARE DOING TO HAVE LAND-USE-BASED REQUIREMENTS FOR EV EQUIPMENT AND THAT'S WHAT THIS IS THE FIRST INSTALLMENT OF, CORRECT? CORRECT. OKAY, WELL I WANT TO THANK STAFF FOR DOING THIS RESEARCH THEY TOLD US IT WOULD TAKE A COUPLE OF MONTHS OVER THE RECESS THEY'VE DONE THAT THEY'VE COME BACK TOLD US WHAT THEY'VE DONE AND THEY HAVE PLEDGED TO FURTHER REFINE REGULATIONS BASED ON STAKEHOLDER FEEDBACK WHICH MEANS PROPERTY OWNERS SO I THINK THAT'S ONLY APPROPRIATE AND I'LL LOOK FOR FORWARD TO THE NEXT INSTALLMENT OF YOUR RESEARCH. THANK YOU. ANY OTHER COMMENTS? COUNCILMEMBER BLAIR.

SEE KIND OF ECHO CHAIR RIDLEY WHEN IT COMES DOWN TO EV CHARGING WHAT WE DID WE DID WE DO IN MY OPINION A MAJOR RELAX BECAUSE BEFORE IT HAD TO BE A PERCENTAGE OF SPACES REQUIRED A PERCENTAGE OR A SPECIFIC NUMBER

[02:30:02]

BUT YOU CAN'T CHARGE YOUR CAR UP IN THE SAME DISTRICT. THANK YOU. ANY OTHER QUESTIONS, THOUGHTS? ALL RIGHT, THE TIME IS AT 3:37 AND WE ARE ADJOURNED.

THANK YOU.

* This transcript was compiled from uncorrected Closed Captioning.