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[South Dallas Fair Park Opportunity Fund Special Called Meeting on September 21, 2026.]
RIGHT, EVERYBODY, WE HAVE A QUORUM, SO WE WILL GO AHEAD AND GET STARTED.UH, I'LL GO AHEAD AND CALL THIS MEETING OF THE SOUTH DALLAS FAIR PARK.
OPPORTUNITY TO JOIN THE ORDER.
IT IS MONDAY, SEPTEMBER 21ST, AND THE TIME IS 6:04 PM WE WILL BEGIN WITH A ROLL CALL.
MS. CC AND CARD PRESENT MS. DESTINY, KUMU.
MS. SHENAE WISE, MS. SHENAE WISE? MR. BILL DAWKINS PRESENT.
MS. AMY FREEMAN PRESENT? MR. TRENT HUGHE PRESENT? I SEE YOU THERE.
UH, MR. TRENT HUGHES PRESENT AND MR. CARL ENRIQUEZ.
THERE CONCLUDES OUR ROLL CALL, UH, AGENDA ITEM NUMBER THREE, APPROVAL OF MINUTES.
EVERYBODY SHOULD HAVE RECEIVED A COPY OF THE MINUTES AND THE BOARD PACKET THAT YOU RECEIVED, UH, LATE LAST WEEK.
UM, ARE THERE ANY QUESTIONS, CORRECTIONS, COMMENTS ON THAT? IF NOT, IS THERE A MOTION? SO MOVED.
IS THERE A SECOND? SECOND KIMBERLYS.
ANY DISCUSSION? ALL IN FAVOR? AYE.
NEXT AGENDA ITEM, AGENDA ITEM NUMBER FOUR, PUBLIC SPEAKERS.
MS. HEATHER, DO WE HAVE ANYBODY SIGNED UP TO SPEAK PUBLICLY RECEIVING? THERE ARE NO SPEAKERS FOR TODAY.
WE'LL MOVE ON TO NEXT AGENDA ITEM NUMBER FIVE, WHICH IS THE BRIEFING, UH, FROM OUR STAFF, UM, UH, WHICH INCLUDES SEVERAL ITEMS. UH, WE'VE GOT, UH, THREE, UH, DISTINCT ITEMS, A, B, AND C.
UH, AND PER THE USUAL, UH, WHAT WE'LL DO IS WE WILL, UH, I'LL TURN IT OVER TO HEATHER FOR UPDATES, AND THEN WE'LL HOLD QUESTIONS, UH, UNTIL THE END.
ACTUALLY, YOU KNOW WHAT, UH, WE'RE GONNA DO SOMETHING A LITTLE DIFFERENT TONIGHT.
UH, WE'VE GOT, THESE ARE PRETTY MEDIA UPDATES, SO WHAT WE'LL DO IS WE WILL PAUSE, I'LL PAUSE AFTER EVERY ITEM, SO AFTER A, B AND C, WE'LL PAUSE, UH, AND THEN, UH, WE'LL TAKE QUESTIONS, COMMENTS, OR FEEDBACK.
UM, I JUST DON'T, I DON'T WANT THE UPDATE TO BE ONE RUN ON SENTENCE.
SO, UH, WE'LL PAUSE AFTER EACH ITEM, UH, FOR ANY QUESTIONS, COMMENTS, OR FEEDBACK.
UH, FOR AGENDA ITEM NUMBER FIVE.
SO, UH, HEATHER, I WILL TURN IT OVER TO YOU TO START WITH, UH, FIVE A, UH, AND THEN WE'LL GO FROM THERE.
UM, SO AS WE DISCUSSED AT THE LAST MEETING, WE, UH, NICHOLAS IS NO LONGER WITH THE CITY OF DALLAS.
UM, WE'RE ON SLIDE THREE MIKALA, IF THAT HELPS.
UM, AND SO WE HAVE NEW STAFF PEOPLE TO ASSIST WITH THIS PROGRAM.
UM, SO MICHAELA JACKSON IS SITTING OFF CAMERA, UM, BUT SHE WILL BE THE DAY-TO-DAY LIAISON FOR THE COMMITTEE.
UM, AND SO SHE WILL BE HELPING WITH THE AGENDAS AND GETTING EVERYTHING READY FOR THE MEETINGS.
AND THEN LACEY SHERMAN, WHO IS ALSO SITTING BEHIND YOU, ALSO OFF CAMERA, UM, SHE WILL BE, SHE'S OUR COMMUNITY DEVELOPMENT MANAGER.
SHE'LL BE OVERSEEING THE ECONOMIC DEVELOPMENT PROGRAM SIDE OF THE OPPORTUNITY FUND.
UM, AND MCKAYLA WILL BE ASSISTING OR LEADING WITH THE NOTEBOOK.
UM, SO AS YOU KNOW, NICHOLAS LEFT EVERYTHING PRETTY MUCH READY TO GO.
UM, AND SO MCKAYLA AND I WILL GET THE NOPA OUT AND ALL THOSE MEETINGS AND SHE'LL BE THE LEADING THE, UM, THE FEEDBACK SESSIONS AND ALL THAT AS WE MOVE FORWARD WITH THE NEXT NEFA CYCLE.
ANY QUESTIONS, COMMENTS, OR FEEDBACK? I'D LIKE TO WELCOME THE NEW MEMBERS OF THE TEAM.
UH, GREAT TO HAVE YOU GUYS, UH, AND LOOK FORWARD TO WORKING WITH YOU ALL.
AND JUST ONE OTHER NOTEBOOK, THEIR EMAILS WERE ON THE LAST COMMUNICATION THAT WAS SENT OUT ON FRIDAY.
SO YOU SHOULD HAVE THEIR CONTACT INFORMATION.
AND YOU CAN ALWAYS REACH OUT TO ME IF YOU HAVE QUESTIONS TOO.
ARE THERE ANY QUESTIONS, COMMENTS, OR FEEDBACK ON THE STAFFING UPDATES? OKAY, I'M HEARING NONE.
UM, SO THE NEXT ITEM IS A UPDATE ON OUR ECONOMIC DEVELOPMENT APPLICATIONS.
AND THIS IS A SNAPSHOT OF EVERYTHING THAT WE HAVE RECEIVED IN THE LAST YEAR.
UM, AND SO NOT ALL OF THESE WERE ACTUAL APPLICATIONS, BUT ALL OF THESE FOLKS EXPRESSED INTEREST IN THE, UM, THE PROGRAM.
AND THEN WE'VE HAD, OR WE'RE IN THE PROCESS OF SCHEDULING AT LEAST ONE MEETING.
UM, SO YOU CAN SEE WE'RE IN INITIAL
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CONTACT DISCOVERY.SOMEBODY EMAILED ME ON THURSDAY, I THINK, OF LAST WEEK OR FRIDAY.
AND I THINK LACEY, YOU ALSO HAVE ONE THAT CAME IN THAT DIDN'T QUITE MAKE THIS CUTOFF.
SO WE HAVE TWO THAT ARE VERY MUCH IN THE INITIAL CONTACT DISCOVERY PHASE.
WE HAVE A COUPLE THAT ARE ONGOING DISCUSSIONS.
THESE ARE WITH ORGANIZATIONS THAT ARE FAIRLY WELL ESTABLISHED IN DALLAS, UM, AT THE TIMING JUST ISN'T RIGHT RIGHT NOW, BUT WE'LL CONTINUE TO CHAT WITH THEM AND, UM, TO SEE IF WE CAN GET TO AN APPLICATION.
UM, WE HAVE TWO THAT ARE PENDING COMPLETE APPLICATION RIGHT NOW.
THOSE APPLICATIONS ARE NOT READY, UM, TO MOVE FORWARD.
AND THEN WE HAVE A BUNCH IN THIS NOT VIABLE, NOT READY OR DECLINED CATEGORY.
UM, AND THEY WERE DECLINED FOR A VARIETY OF REASONS.
OR THEY, WITH LOOPER VARIETY OF REASONS, THAT DOESN'T MEAN THAT THEY CAN'T COME BACK AS AN ACTIVE APPLICATION, BUT RIGHT NOW THEY'RE NOT IN THAT ACTIVE APPLICATION.
UM, AND THEN WE HAVE ONE OFFER LETTER THAT'S IN PROGRESS THAT SHOULD BE BEING ISSUED LATER THIS WEEK.
AND THEN FINALLY WE HAVE ONE APPLICANT WHO WAS AN INITIAL CONTACT THROUGH SETH DALLAS FAIR PARK OPPORTUNITY FUND.
RIGHT NOW, THEY ARE, UM, AN AWARDEE UNDER OUR PRE-DEVELOPMENT LOAN FUND.
SO WHILE IT CAME IN THROUGH THIS PROGRAM, IT ENDED UP BEING THE PRE-DEVELOPMENT LOAN FUND WAS THE BETTER OPPORTUNITY FOR THEM.
SO THAT WAS ONE THAT CAME TO CITY INCENTIVE, JUST NOT THIS PROGRAM, BUT STILL SUCCESSFUL.
ANY QUESTIONS, COMMENTS OR FEEDBACK? UH, BASED ON THE CURRENT STATUS OF ECONOMIC DEVELOPMENT APPLICATIONS, UH, THAT HAVE COME IN OVER WHAT TIME PERIOD? THIS, UH, SO THIS IS ONE YEAR OVER THE LAST FOUR MONTHS? MM-HMM
ANY QUESTIONS, COMMENTS, OR FEEDBACK ON THAT? OKAY.
UM, HEATHER, CAN YOU SPEAK TO, UH, FOR THE, THE FOLKS THAT WERE NON-VIABLE OR, OR NOT READY? UH, WAS THERE A RECURRING THING THERE OR WAS IT JUST KIND OF, YOU KNOW, ALL OVER THE, ALL OVER THE MAP WITH FOLKS THAT, UM, WERE DECLINED? IT'S A LOT OF ALL OVER THE MAP.
I MEAN, I THINK IN A LOT OF CASES WE'RE PROBABLY THEIR FIRST CONTACT.
UM, AND SO THEY'RE JUST NOT READY TO LAUNCH A PROJECT, RIGHT? LIKE THEY'RE, THEY'RE, THEY'RE AWARE OF IT'S A FUNDING SOURCE, BUT IT WOULD BE, YOU KNOW, THEY PROBABLY NEED SOME BUSINESS READINESS.
THEY NEED SOME BANK FINANCING READINESS.
THEY'RE JUST NOT READY FOR OUR PROGRAM WOULD BE ALMOST CONSISTENTLY THE NUMBER ONE REASON, OR THEY HAVE AN IDEA, THEY DON'T HAVE A PLACE, YOU KNOW, IT'S A VARIETY OF THINGS, BUT A LOT OF IT IS JUST TOO EARLY STAGE.
UH, AND FOR THE FOLKS THAT ARE IN THE, FOR EXAMPLE, THE ONGOING DISCUSSION STAGE, UH, SEEMS LIKE THE INITIAL CONTACT WOULD, WOULD KIND OF FALL IN THAT CATEGORY, JUST KIND OF, YOU KNOW, REVETTING AND KIND OF GOING THROUGH THE PROCESS TO SEE, UH, WHAT THAT'S GONNA LOOK LIKE.
BUT FOR THE FOLKS THAT ARE IN THE ONGOING DISCUSSION, WOULD YOU SAY THAT THOSE ARE FURTHER ALONG AND THEY'VE, THEY'VE GONE, THEY'VE GOTTEN PAST LAYER ONE, SO TO SPEAK? UH, YEAH.
I MEAN, WE'VE HAD MULTIPLE MEETINGS WITH BOTH OF THOSE ORGANIZATIONS AND THEY ARE REAL PROJECTS.
IT'S JUST REALLY, YOU KNOW, WHAT THEY'RE DOING IS SOMEWHAT UNIQUE OR SOMEWHAT DIFFERENT FOR THEIR ORGANIZATION.
SO IT'S FIGURING OUT HOW IT WILL END UP WORKING WITH WHAT WE'RE DOING AND ONCE THEY'RE READY TO MOVE FORWARD WITH IT.
CAN YOU SPEAK TO THE, UH, THE INDUSTRY THAT THEY'RE IN OR, UH, OR IS THAT, UM, THEY'RE BOTH WELL-KNOWN COMMUNITY ORGANIZATIONS.
UH, AND IT LOOKS LIKE WE HAVE AN AWFUL LETTER IN PROGRESS.
UM, UM, CAN YOU SPEAK TO, TO THAT, UH, THAT INDUSTRY? IT'S ALSO A WELL-KNOWN COMMUNITY ORGANIZATION.
SO ACTUALLY ALL THREE OF THOSE ARE NONPROFITS.
WHO'S, WHO'S SPEAKING? AMY? UH, GO AHEAD, MS. FREE.
UH, SO HEATHER, AND, AND WE TALKED ABOUT THIS A LITTLE BIT OFFLINE AFTER THE LAST MEETING, BUT IS THERE A WAY WE CAN PREVENT, UM, WHAT HAPPENED WITH THE, UM, ORGANIZATION THAT CAME BACK OR CIRCLED BACK AND SAID THEY DIDN'T NEED THE MONEY THAT THEY ORIGINALLY REQUESTED, BUT WE HAD ALREADY NOT GIVEN SOME OF THE FUNDS TO THE OTHER PEOPLE, OTHER PARTICIPANTS BECAUSE WE WANTED TO SPREAD THE MONEY EVENLY AND THEN THAT, THAT MONEY KIND OF WENT TO WASTE.
SO IS THERE A WAY TO FIX THAT FOR THIS NEXT ROUND WHERE WE DON'T HAVE THAT PROBLEM? YEAH, SO I THINK WE CAN TALK ABOUT THAT A LITTLE BIT MORE ON THE HUMAN DEVELOPMENT, UM, QUESTIONS.
'CAUSE I, I HAVE SOME SLIDES GOING THROUGH THAT.
SO FOR ECONOMIC DEVELOPMENT PROJECTS, WE TAKE, UM, WE TAKE APPLICATIONS
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ON A ROLLING BASIS AND EVERY PROJECT THAT GOES THROUGH ECONOMIC DEVELOPMENT, UM, GOES THROUGH UNDERWRITING.SO WE, THERE'S A LOT OF, THERE'S PROBABLY, THERE'S A LOT OF RIGOR THAT GOES THROUGH TO MAKE SURE THAT THAT'S A VIABLE PROJECT FOR OUR FUNDING.
DID THAT ANSWER YOUR QUESTION, MS. FREEMAN? YEAH.
WHAT, WHAT YOU'RE THINKING ABOUT IS, IS THE NOFA, THE, THE, THE GRANT SIDE? UH, YEP.
I AM THIS FOR THE ECONOMIC DEVELOPMENT SIDE.
DID THAT ANSWER YOUR QUESTION? YES.
ARE THERE ANY OTHER QUESTIONS, UH, COMMENTS OR FEEDBACK, UH, FOR THE CURRENT ECONOMIC DEVELOPMENT, UH, LOAN PIPELINE? OKAY.
I DON'T KNOW IF YOU CAN ACTUALLY READ THAT, BUT IT WAS ALSO IN YOUR PACKET.
SO I THOUGHT IT WOULD BE HELPFUL TO JUST SHOW, UM, A COUPLE STATUS CHECKS ON WHERE WE ARE WITH OUR HUMAN DEVELOPMENT AWARDEES.
SO THIS IS EVERYTHING THAT IS CURRENTLY CONSIDERED ACTIVE.
UM, SO THERE'S ONE FY 2024 THAT HASN'T CLOSED OUT.
AND THEN WE HAVE ALL OF THE 2025 ONES.
UM, AND THEN THE 2026, UM, AWARDEES AND YOU CAN SEE HOW MUCH, UM, MONEY THEY WERE AWARDED, HOW MUCH THEY HAVE REQUESTED TO DATE.
UM, I WILL NOTE AS, UM, WAS JUST MENTIONED, THE YOUNG WOMAN'S PREPARATORY NETWORK IS DOWN ON THIS SHEET FOR $30,000, BUT THEIR ACTUAL AWARD ENDED UP GOING DOWN TO $7,000.
UM, SO REALLY THIS IS JUST A SNAPSHOT OF WHAT GOT FUNDED, WHAT DIDN'T GET FUNDED.
I WILL, THE ONES WITHIN ASTERISK ARE ONES THAT WE ARE THERE IN THE PROCESS OF PAYING BACK FUNDING.
UM, SO BCL OF TEXAS IS GOING TO PAY BACK THAT SMALL AMOUNT THAT THEY WERE AWARDED.
AND THEN ICDC IS ALSO PAYING BACK THE SMALL AMOUNT THEY WERE AWARDED BECAUSE THEY WERE NOT ABLE TO COMPLETE THE PROJECT SCOPE AS WE ORIGINALLY HAD AGREED TO IT.
SO IF WE LOOK AT THE PORTFOLIO, UM, OF WHERE THESE ARE, WE HAVE THREE THAT HAVE BEEN CLOSED SUCCESSFULLY, FIVE OF THEM REQUIRED AMENDMENT OR TERMINATION.
UM, AND SO THIS IS, I THINK TO MS. FREEMAN'S QUESTION ABOUT, YOU KNOW, HOW CAN WE MAKE THIS A LITTLE BIT BETTER AND MORE EFFECTIVE? UM, I THINK THIS IS THE CATEGORY OF APPLICANTS THAT WE'RE TALKING ABOUT.
UH, WE HAVE THREE THAT ARE ACTIVE AND NOT YET DRAWN DOWN.
WE HAVE TWO THAT ONCE THEY UNDERSTOOD WHAT THEY WERE DOING, THEY ACTUALLY TURNED, TURNED BACK THE MONEY BEFORE THEY STARTED.
UM, AND THEN WE HAVE TWO WHERE THE CONTRACT IS PENDING, UM, AND TO ADDRESS THAT YELLOW BLOCK.
AND ONE OF THE THINGS THAT WE THINK WILL HELP IN THIS UPCOMING NOFA CYCLE IS REALLY DEFINING THE SCOPE OF WORK UPFRONT SO THAT THEY HAVE TO SUBMIT THE SCOPE OF WORK WITH THEIR APPLICATION.
AND WE HAVE A VERY CLEAR UNDERSTANDING, THEY HAVE A VERY CLEAR UNDERSTANDING OF WHAT THEY'RE BEING REQUIRED TO DO BECAUSE, AND I THINK THAT WE TALKED ABOUT THIS A LITTLE BIT AT THE LAST MEETING.
I THINK THERE'S A LOT OF ASPIRATIONAL GRANT WRITING.
UM, AND WHEN THEY ACTUALLY HAVE TO DO THE WORK AND THEY, YOU KNOW, THEY'RE ACTUALLY BEING MEASURED ON IT, THEY HAVE TO HIT THOSE NUMBERS BECAUSE THAT'S WHAT WE AGREED TO IN OUR SCOPE OF WORK.
AND WE DON'T HAVE FLEXIBILITY TO LIKE ADJUST IT AFTER THE FACT.
SO IF YOU SAY, IF YOU THINK YOU'RE GONNA SERVE 10, YOU HOPE TO SERVE 12 AND YOU WRITE YOU'RE GONNA SERVE 14, WE CAN, WE, WE HAVE TO GET TO THAT 14.
AND SO I WE'RE HOPEFUL THAT BY CREATING A FIRM SCOPE OF WORK WITH A MINIMUM NUMBER, SERVE PEOPLE UNDERSTAND WHAT THEY'RE DOING EXACTLY FOR THAT FUND UPFRONT.
AND THEN ONE MORE SLIDE, AND THEN I, YOU KNOW, I ASKED GABBY WHO OVERSEES ALL THE GRANTS, UM, KIND OF WHAT THE COMMON ISSUES THAT SHE'S SEEING.
UM, AND SO WE ARE HAVING SOME, YOU KNOW, IT'S A LITTLE BIT HARD FOR PEOPLE TO GET THEIR, THEIR REPORTING IN ON A QUARTERLY BASIS.
THE, THE DOCUMENTATION ISN'T NECESSARILY COMPLETE.
UH, THERE'S SOMETIMES SOME ISSUES WITH THE MATCHING FUNDS, AND THEN SOMETIMES THE GRANTEES, ESPECIALLY WHEN THEY'RE KIND OF GETTING OVERWHELMED, THEY STOP BEING RESPONSIVE.
UM, SO THESE ARE THINGS THAT WE ARE JUST KIND OF WORKING THROUGH.
YOU KNOW, GABBY CHECKS IN QUARTERLY, SHE CHECKS IN VIA EMAIL, SHE CALLS SHE AND NICHOLAS WENT OUT TO, BUT WE'VE DONE SITE VISITS.
SO IT'S NOT FOR LACK OF TRYING TO HELP THE ORGANIZATIONS.
UM, AND, AND I DO THINK SOMETIMES IT'S JUST A DISCONNECT BETWEEN WHAT THEY, YOU KNOW, WHAT THEY, WHAT THEY THINK THEY CAN DO AND WHAT THEY'RE ACTUALLY DOING.
AND SO WE JUST NEED TO MAKE SURE THAT WE SET EXPECTATIONS
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UPFRONT AND MAYBE WE LOWER THE EXPECTATION A LITTLE BIT, BUT WE GET BETTER RESULTS.UM, SO THAT'S WHAT WE'RE HOPING TO DO THROUGH THIS
DO WE HAVE ANY QUESTIONS, COMMENTS, OR FEEDBACK? CHAIRMAN SIMON? UM, IS THERE ANYTHING WE CAN DO IN OUR GRANT REVIEW, REVIEW PROCESS THAT CAN MAYBE HELP WEED OUT OR, OR FORESEE SOME OF THESE? I KNOW WHEN WE WERE VOTING LAST TIME, WE KIND OF WANTED TO GIVE EVERYBODY SOME MONEY AND, AND, UM, I DON'T KNOW IF THAT WAS THE BEST STRATEGY, UH, IN OUR LAST VOTE.
I DON'T KNOW IF THERE'S ANYTHING WE CAN DO ON OUR END.
UM, THAT WAS MY FIRST SESSION, SO I, I DON'T KNOW HOW THESE THINGS TYPICALLY GO, BUT, UM, MAYBE THERE'S SOMETHING WE CAN DO BETTER ON OUR END TO, TO WEED OUT OR TO, UH, MAKE SURE WE'RE AWARDING PEOPLE WHO CAN FOLLOW THROUGH.
YEAH, I MEAN, I, I DO THINK IT'S THE SAME AMOUNT OF WORK ON THE GRANTEE'S END AND ON THE CITY'S END FOR A GRANT OF $7,000 AND A GRANT OF A HUNDRED THOUSAND DOLLARS.
AND I THINK THE GRANTEES ARE MORE WILLING TO DO THE WORK IF THERE IS MORE REWARD AT THE END OF IT.
UM, AND SO I, I THINK THERE DOES, THERE, I THINK THE SCOPE AND WHAT THE BUDGET IS SHOULD BE SOMETHING THAT'S CONSIDERED, I, YOU KNOW, WE DON'T WANNA JUST FUND THE HIGHEST ASK, RIGHT? LIKE, THAT'S NOT INHERENTLY FAIR, BUT MM-HMM
BUT I DO THINK IT MIGHT MAKE SENSE TO FULLY FUND FEWER APPLICANTS THAN TRYING TO SPREAD THE PEANUT BUTTER THINNER.
UH, MR. DAWKINS, IT, IT SEEMS LIKE, YOU KNOW, THREE OF THE FOUR COMPLIANCE ISSUES AROUND REPORTING.
IS THERE SOMETHING WE CAN DO WITH REGARD TO THE APPLICATION PROCESS TO HEIGHTEN THEIR AWARENESS WITH REGARD TO THE DEMANDS OF REPORTING? YEAH, SO WE ARE PLANNING TO HAVE GABBY COME AND TALK ABOUT COMPLIANCE AT THE OUTSET AS PART OF THE INFO SESSION, UM, SO THAT PEOPLE REALLY UNDERSTAND WHAT THEY'RE GETTING INTO.
BECAUSE I DO THINK IT'S SITTING MONEY IS NOT EASY MONEY.
LIKE IT'S, IT'S JUST NOT BECAUSE IT'S TAXPAYER MONEY AND IT'S, THERE'S MORE STRINGS THAN WHAT THERE MIGHT BE FROM OTHER GRANTS.
AND SO ONE OF THE THINGS THAT SHE WANTED TO DO IS GO OUT IN THE NEXT SET OF INFO SESSION.
SO WE'RE ADDING SOME SLIDES ABOUT COMPLIANCE SO THAT PEOPLE FULLY UNDERSTAND WHAT THAT IS.
UM, IS THERE, IS THERE A PART OF THE APPLICATION THAT SPECIFICALLY ASKS FOR POINTS TO A PERSON THAT'LL BE RESPONSIBLE FOR REPORTING? BECAUSE I, I UNDERSTAND IT'S HARD TO RUN PROGRAMMING FOR AN ORGANIZATION AND REPORT.
RIGHT? I MEAN, THE PHONE IS ALWAYS RINGING AND YOU GOTTA FILL OUT THE SUPPORT.
UM, BUT DID WE, DID WE MAKE THAT A PRIORITY IN THE APPLICATION SYSTEM THAT HEY, DO WE, JOE SMITH WILL BE THE GUY DOING REPORTING? WE DO NOT ASK THEM TO DESIGNATE A PERSON WHO WOULD BE POINT FOR REPORT.
WE COULD ADD THAT IF YOU WOULD LIKE TO, IF YOU THINK THAT WOULD BE HELPFUL.
I MEAN, THREE OUTTA THE FOUR COMPLIANCE ISSUES AROUND REPORTING, WE DEFINITELY COULD DO THAT.
MRS. UM, YEAH, SORT OF ECHOING WHAT HE JUST MENTIONED, I THINK THAT'S WHERE MY QUESTION WAS IS SORT OF, IS THERE A WAY TO GIVE THEM FORM REPORTING DOCUMENTS THAT THEY CAN JUST FILL OUT AND TURN THEM DO? IS THAT ALREADY IN
UM, SO IT'S PRETTY STRAIGHTFORWARD AND IT'S THE SAME FORM FOUR TIMES.
AND THEN ALSO ONCE THEY'RE AWARDED, UM, FUNDING, GABBY SITS DOWN WITH THEM AND HAS A MEETING WITH THEM BEFORE THEY DO THE FIRST ROUND OF REPORTING SO THEY UNDERSTAND HOW TO SUBMIT THE FORMS. OKAY.
UM,
YEAH, I MEAN, LIKE, I THINK THEY HAVE TO BE BECAUSE THEY HAVE TO HIT THE MINIMUM.
LIKE, BECAUSE, SO WE, YOU KNOW, YOU CAN ALWAYS GO OVER NEVER SHORT.
ARE THERE ANY OTHER QUESTIONS, COMMENTS, OR FEEDBACK? I DO HAVE A QUESTION, UM, CHAIR, AND I THINK HEATHER MAY HAVE ANSWERED MY QUESTION, BUT, UM, WHAT ARE WE DOING AT CONTRACT SIGNING TO HELP PEOPLE UNDERSTAND ANY, UH, REPORTING, ANY REPORTING, UM, PROCESSES AS WELL AS, YOU KNOW, SOME OF THE MORE, UM, PUNITIVE THINGS IN, UH, THE
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CONTRACT THAT THEY SIGN THE CITY? I KNOW SOMETIMES, YOU KNOW, THE PEOPLE WILL SIGN THINGS AND NOT FULLY UNDERSTAND, SO ARE WE DOING ANYTHING AT CONTRACT SIGNING, UM, TO KIND OF GO THROUGH THAT, OTHER THAN JUST GETTING THEM TO SIGN THE DOCUMENTS? SO, I MEAN, I THINK ONE OF THE, THE BIG PRE-CONTRACT ISSUE THAT NICHOLAS HAD WORKED THROUGH WAS GETTING AN AGREEMENT ON THE SCOPE OF WORK.UM, SO THAT THERE WAS BACK AND FORTH SO THAT THERE WAS UNDERSTANDING OF WHAT THAT AGREEMENT WOULD BE.
ONCE THE AGREEMENT IS SIGNED, THAT'S WHEN GABBY HAS DONE THE COMPLIANCE REPORTING.
UM, YOU KNOW, FAILURE TO SUBMIT REPORTING ISN'T A REASON THAT WE HAVE, UH, HAD AN INCOMPLETE AWARD.
LIKE THAT'S, THAT'S NEVER BEEN A REASON THAT WE'VE CANCELED SOMETHING.
THE ONLY REASON THAT WE'VE CANCELED THINGS OR THE ONLY REASON THAT WE HAVE, YOU KNOW, SIGNIFICANT NEED TO WORK AROUND IS BECAUSE THEY'RE NOT HITTING THEIR PERFORMANCE METRICS.
SO, I MEAN, WE CAN CERTAINLY BRING UP COMPLIANCE EARLIER, AND I THINK WE'LL PLAN TO DO THAT IN THE INFO SESSION.
I THINK ASKING FOR A REPORTING CONTRACT IS A GOOD IDEA, BUT I THINK CLEARING UP THE SCOPE OF WORK AND MAKING SURE THAT BOTH PARTIES AGREE TO THE SCOPE OF WORK AHEAD OF TIME MORE CLEARLY WILL HELP THIS A LOT.
AND I THINK THAT'S, THAT'S THE BIGGEST DISCONNECT.
IT'S LIKE, YOU KNOW, WHEN YOU'RE WRITING A GRANT, IN A LOT OF CASES YOU'RE LIKE, OH, WE'RE GONNA DO GREAT AND WE'RE REALLY WANTING TO SELL OUR SERVICES AND SAY ALL THAT, BUT WE REALLY NEED THE BARE MINIMUM.
LIKE WE, WE NEED THE, THE ACTUAL, WE KNOW WE CAN DO THIS.
AND THEN IF THEY, AND WE HAVE WRITTEN SOME OF THESE AWARDS AS WE'RE GONNA HIT THIS, AND IF WE GO ABOVE, WE GET AN EXTRA $10,000, THIS PARTICULAR PROGRAM ISN'T REALLY SET UP TO DO THAT, SO WE REALLY NEED TO HIT THAT BOTTOM TO YOUR NUMBER, YOU KNOW, THE, THE MINIMUM NUMBER.
DID THAT ANSWER YOUR QUESTION, MS. SIMS? IT DID.
UH, ARE THERE ANY OTHER QUESTIONS, COMMENTS, OR FEEDBACK ON THIS SIDE? JUST ONE, ONE.
SO BASED ON WHAT I HEARD YOU SAY, HEATHER, UM, THERE, THERE'S A MINIMUM THERE.
THERE'S A MINIMUM FLOOR THAT THEY HAVE TO HIT, AND THAT NUMBER IS WHATEVER IT IS THEY PUT ON THE APPLICATION.
SO IF THEY SAY IT'S 14, THEN THEY, THEY HAVE TO BE ABLE TO HELP 14 PEOPLE.
IF TURNS OUT THEY CAN HELP 10, THAT'S OKAY.
BUT IF THEY HELP 12 PEOPLE WITH THIS PARTICULAR PROGRAM, THEN THERE ISN'T NECESSARILY THE FLEXIBILITY TO SO STRETCH YEAH, STRETCH IT UP TO ACCOMMODATE THE ADDITIONAL, UH, YOU KNOW, FOLKS THAT THEY SERVICE OBVIOUSLY CONTINGENT ON IF THERE'S A FUNDS LEFT OVER AFTER THE CYCLE.
UH, CAN YOU SPEAK TO THAT JUST, JUST FOR CLARIFICATION? YES.
I MEAN, IF THEY SAY THEY'RE GONNA HIT 14 AND THEY DON'T, AND THEY ONLY HIT 10, WE CAN DO AN AMENDMENT AND WE CAN REDUCE THE SCOPE AND WE CAN REDUCE THE PAYMENT AND WE HAVE TO GET SOME TYPE OF ADDITIONAL CONSIDERATION.
SO THEY WOULD THEN HAVE TO DO SOMETHING ELSE.
SO LIKE, LET'S SAY THEY SAID THEY WERE GOING TO TEACH, YOU KNOW, HAVE 14 KIDS GET GEDS, RIGHT? AND THEY WEREN'T ABLE TO DO THAT.
THEY WERE ONLY ABLE TO DO 10, BUT THEY ALSO PUT TWO CHILDREN THROUGH 'EM THROUGH JOB TRAINING.
WE COULD WORK THAT THROUGH AS A CONTRACT AMENDMENT, BUT WE WOULD ALSO HAVE TO REDUCE THE SCOPE OF HOW MUCH MONEY THEY GOT PAID FOR THAT KIND OF PROPORTIONALLY.
UM, SO YOU KNOW, THAT'S ONE SOLUTION, BUT IT'S A LOT OF WORK
SO IN GENERAL, YOU KNOW, WE'RE, WE'RE, WE'RE HAPPY TO DO THAT AND WE'VE AMENDED CONTRACTS BEFORE AND WE'VE CONTINUED TO AMEND CONTRACTS.
UM, BUT WHEN THEY SAY THEY'RE GOING TO HIT, YOU KNOW, 14 AND THEY'RE ONLY GONNA HIT TWO BECAUSE OF THAT'S HOW IT ENDED UP WORKING IN THAT CASE, WE REALLY CAN'T AMEND THE SCOPE BECAUSE IT'S, THEY'VE ALREADY EXECUTED THE AGREEMENT AND IT'S REALLY TOO HARD.
IT'S TOO MUCH OF A CHANGE TO REALLY DO THAT.
AND SO IN MOST CASES, THOSE APPLICANTS, WHEN THEY REALIZE THEY'RE NOT GONNA MEET THE GOAL WILL REPAY THE FUNDING AND THEN THEY CURE, AND THEN THEY'RE IN GOOD STANDING TO MOVE FORWARD ON A FUTURE OPPORTUNITY.
UM, BUT YOU KNOW, AT THE LAST MEETING WHEN THE YOUNG WOMEN'S PREPARATORY NETWORK REALIZED THEY WEREN'T GONNA MEET THE SCOPE, THEY ASKED US TO AMEND IT BEFORE THEY EXECUTED THE AGREEMENT.
LIKE, WE CAN DO THAT, AND THAT'S A GOOD SOLUTION FOR ALL PARTIES BECAUSE THEN THEY UNDERSTAND WHAT THEY'RE COMMITTED TO.
IN THEORY, THIS SYSTEM IS FREEMAN'S POINT TOO.
WE WOULD'VE LIKED TO KNOW THAT EARLIER, SO WE COULD HAVE REALLOCATED THOSE FUNDS SOMEWHERE ELSE.
UM, BUT IT'S, YOU KNOW, WE HAVE A GOOD OUTCOME BECAUSE THEY'RE IN THIS POSITION FOR SUCCESS NOW.
UM, AND THEN ONE LAST QUESTION AS IT RELATES TO, UM, WE'VE BEEN HAVING A LOT OF DISCUSSION ABOUT THE APPLICATION AND HOW TO STREAMLINE IT AND, AND THAT WHOLE THING,
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WHAT'S THE PROCESS BEHIND THAT? IS THAT SOMETHING THAT, UH, WE NEED TO HAVE SOMEBODY VOTE ON AFTER WE DETERMINE WHAT THAT LOOKS LIKE? IS THAT SOMETHING THAT WE NEED TO DETERMINE WHAT IT LOOKS LIKE OR WHAT, WHAT'S KIND OF THE, THE RATIFICATION PROCESS? YES, SO I MEAN, I THINK AT THE LAST MEETING WE DISCUSSED AND APPROVED THE NOPA AND WE DISCUSSED, WE WOULD ADD A SCOPE OF WORK TO IT, AND WE DISCUSSED THAT WE WOULD CHANGE KIND OF, THAT QUESTIONS HAD TO BE SUBMITTED DURING WRITING.I WOULD SUGGEST THAT MR. DAWKINS CHANGE IS NOT MATERIAL, AND SO WE CAN JUST DO THAT.
UM, AND BECAUSE IT'S JUST AN ADDITIONAL CONTACT, BASICALLY.
UM, SO I DON'T THINK WE NEED ANY ADDITIONAL APPROVAL.
SO NO, NO FURTHER ACTION THERE.
UH, ARE THERE ANY OTHER QUESTIONS, COMMENTS, OR FEEDBACK ON ITEM C FIVE C? OKAY, I'M HEARING NONE.
WE'LL MOVE ON TO THE NEXT AGENDA ITEM, AGENDA ITEM NUMBER SIX.
AND THIS IS THE REVIEW AND RECOMMENDATION ON A MODIFICATION TO AN EXISTING LOAN AGREEMENT.
UH, SOME OF YOU MAY HAVE, UH, UH, MAY RECALL, UH, MALCOLM'S POINT, UH, RETAIL, UH, MIXED USE PROJECT ON AL LIPSON'S WAY.
UH, AND SO, UH, FOR THOSE THAT ARE UNFAMILIAR, I'LL, I'LL TURN IT OVER TO HEATHER AND LET HER, UH, REACCLIMATE HER BACK TO THE PROJECT, UH, WHAT WAS IT INITIALLY, UM, APPROVED AND, UH, SUBMITTED AND, UH, WHAT MODIFICATIONS ARE, ARE BEING REQUESTED, UH, AT THIS TIME.
SO WE'LL HOLD ALL QUESTIONS TO THE END AND, UH, UH, WE'LL, THIS'LL BE A VOTING ITEM, BY THE WAY.
SO WE'RE, WE'RE ACTUALLY GONNA DEFER THIS WITH, OH, WE'RE, WE'RE THIS BECAUSE WE'RE NOT QUITE READY, UM, OKAY.
SO TO BE AN INFORMATIONAL ITEM, THIS IS, WELL, I, I WOULD JUST PROPOSE THAT WE JUST HOLD ALL CONVERSATION.
I, WE WERE
I, I THOUGHT WE WERE GONNA HAVE A RESOLUTION ON THIS.
WE WILL BRING IT TO THE NEXT MEETING.
UM, BUT THEY ARE RUNNING ON SCHEDULE, AND IT WILL BE OPEN BY THE END OF THIS YEAR.
AND THEY HAVE A RIBBON CUTTING SCHEDULED FOR OCTOBER 8TH.
UM, AND IF YOU MISS THE NEWS, THEY HAVE SHIPLEY'S DONUTS AS THEIR PRIMARY, PRIMARY TENANT.
SO WE'LL HAVE A FULL DISCUSSION ABOUT THIS ITEM AND A FULL PRESENTATION ON THIS ITEM, UH, IN OUR NEXT MEETING, UH, WHICH WILL BE AN ITEM THAT WE VOTE ON, UH, DURING THE NEXT MEETING.
SO, UH, JUST PLEASE BE AWARE OF THAT, AND OBVIOUSLY YOU'LL GET, UH, THE INFORMATION, UH, RELATED TO THAT AHEAD OF TIME IN YOUR, IN YOUR PACKETS.
SO, UH, WE'LL GO AHEAD AND, AND TABLE THAT ITEM AND DEFER THAT ITEM AND MOVE ON TO OUR LAST AGENDA ITEM, WHICH IS, UH, AGENDA ITEM NUMBER SEVEN, WHICH IS AN UPDATE FOR THE, FROM THE BUSINESS DEVELOPMENT SUBCOMMITTEE, UH, CHAIRED BY, UH, MR. SIGNS.
SO, UH, AT THIS TIME I'LL TURN IT OVER TO MS. UH, WELCOME.
UM, OUR SUBCOMMITTEE MET, WE HAD A GOOD MEETING.
UM, WE FOCUSED ON, WE HAD A CONVERSATION ABOUT FOUR DIFFERENT THINGS.
UM, AND I'LL START WITH THE ADVISORY COUNCIL CONVERSATION.
SO ESSENTIALLY THERE WAS A CONVERSATION ABOUT NEEDING A MECHANISM TO ADD AND INFORM VARIOUS STAKEHOLDERS IN THE COMMUNITY OF THE FUND, WHAT THE FUND IS DOING, WHAT THE FUND'S ALL ABOUT, IN AN EFFORT TO TRY TO GET MORE BUSINESS DEVELOPED.
UM, IT'S THE NAME OF THE SUBCOMMITTEE.
SO WE, WE WEREN'T TRYING TO DUPLICATE THE EFFORTS OF THE MARKETING COMMITTEE.
UM, THE MARKETING COMMITTEE IS SORT OF AN AN MILE WIDE INCH DEEP SORT OF GENERAL MARKETING OF WHAT THE FUND IS ALL ABOUT TO THE PUBLIC.
UM, WE'RE TRYING TO TREAT THIS SUBCOMMITTEE MORE OF A MILE DEEP, INCH WIDE FOCUS WHERE WE IDENTIFY THE STAKEHOLDERS, UM, AND, AND PARTNERS, WHATEVER WE WANT TO CALL THEM, THAT COULD ACTUALLY GET US A DEAL OR TWO IN THE NEXT 12 MONTHS THROUGH THE CITY OF DALLAS.
AND SO WHAT WE'VE LANDED ON IS WHAT WE'RE CALLING AN ADVISORY COUNCIL, BUT ESSENTIALLY IT'S GONNA BE AN EMAIL LISTERV, UM, MAYBE SOME COLLATERAL AT SOME POINT OF BANKS, UM, BUSINESS CONSULTANTS, DEVELOPERS, AND PEOPLE THAT COULD SEE ONE OF THESE DEALS AND ADD VALUE TO IT AND MAKE IT MORE WHAT WE CALL BANKABLE FOR THE CITY TO BE ABLE TO LOOK AT A DEAL THAT'S FURTHER ALONG.
SO, UM, I IDEALLY, IN A PERFECT WORLD, IT'D BE SOMETHING THAT I'D LOVE TO SEE THE CITY EVEN UTILIZE.
UM, MAYBE AS A WAY TO SEND PEOPLE WHO JUST AREN'T QUITE READY TO SUBMIT AN APPLICATION, BUT MAYBE THEY DID SUBMIT AN APPLICATION AND PUT 'EM IN A POSITION WHERE THEY'RE A STRONGER APPLICATION THAT EVENTUALLY GETS APPROVED.
UM, WE'VE MADE, UM, SO ONCE, NOW THAT WE'VE SORT OF DECIDED ON HAVING AN ADVISORY COUNCIL, THE NEXT STEP, THE NEXT GOAL IS TO IDENTIFY THOSE PARTNERS.
SO I'VE ALREADY, WE'VE SORT OF GONE THROUGH THE PROCESS AND
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IDENTIFIED EIGHT OR SO PARTNERS.UM, WE'RE GONNA HAVE A CONVERSATION WITH EACH ONE, INFORM THEM OF THIS PLAN TO HAVE AN ADVISORY COUNCIL, SEE, MAKE SURE THEY WANT TO BE ON THIS LIST.
AND THEN, UM, I OPEN IT UP TO YOU GUYS, IF THERE'S ANYONE ELSE THAT YOU THINK WOULD BE GOOD TO BE ON THIS COUNCIL, IF IT'S ESSENTIALLY JUST A WAY OF GETTING OUR NAMES OUT THERE.
UM, AND MY PLAN IS TO SEND ONE EMAIL MAYBE TWICE A YEAR THAT LITERALLY SAYS, HEY, THIS IS THE APPLICATION.
THIS IS SORT OF THE DEALS WE'RE LOOKING FOR.
UM, AND WE'D LOVE TO DIRECT THIS BUSINESS TO YOU.
AND IF WE RUN ACROSS, YOU KNOW, SOMEBODY THAT IS IN NEED OF A BUSINESS PLAN OR A BUDGET OR SOMETHING THAT ISN'T REALLY IN CITIES, UM, AREA OF EXPERTISE, MAYBE WE CAN POST IT TO THIS ADVISORY COUNCIL AND ONE OF THOSE STOCK STAKEHOLDERS OR PARTNERS CAN STEP UP AND SAY, HEY, I'M HAPPY TO HELP IN THIS SPACE.
OR WE, WE REALLY CAN'T DIRECTLY SORT OF SAY, GO WORK WITH THESE PEOPLE, BUT WE CAN, WE CAN HAVE A CONVERSATION OF WHAT WE DO, HOW WE DO IT, WHAT WE'RE LOOKING FOR, AND PUT ALL THESE PEOPLE IN AND SORT OF IN THE RIGHT ROOM, UH, VIA EMAIL.
UM, SO THE, SO THE GOAL FOR THE ONE DECISION WE ALSO MADE IS TO START MEETING QUARTERLY AS A SUBCOMMITTEE.
AND SO THE GOAL FOR THE NEXT QUARTERLY MEETING IS TO HAVE ESSENTIALLY THE FIRST ADVISORY COUNCIL EMAIL SENT OUT TO THE FIRST, YOU KNOW, BEGINNING GROUP OF THIS ADVISORY COUNCIL.
UM, AND HOPEFULLY I, I'D LOVE TO SEE FROM A MET, YOU KNOW, TO GET TO THE FOURTH POINT HERE, THE METRICS.
I WOULD LOVE TO SEE 20 PEOPLE ON THIS EMAIL LIST, UM, THAT ARE EITHER A MIX OF BANKS OR ADVISORS OR ACCOUNTANT CPAS, ANYBODY THAT MAY RUN BY SOMEBODY THAT OWNS REAL ESTATE, THAT WANTS TO DEVELOP THEIR REAL ESTATE, UM, AND WOULD LOVE TO IDENTIFY ONE OR TWO DEALS.
AND BY THE END OF THE YEAR THAT, YOU KNOW, BY THE END OF NEXT YEAR, IN THE NEXT 12 MONTHS OR SO, THEY COULD ACTUALLY GET THROUGH AND GET APPROVED AND GET FUNDING.
SO THOSE ARE OUR GOALS, UM, AND THAT WAS SOMETHING THAT WE NEEDED.
ARE THERE ANY QUESTIONS, COMMENTS, OR FEEDBACK, UM, EITHER FROM THE BOARD OR ANYONE OF THE SUBCOMMITTEE, UH, WHO'D LIKE TO CHIME IN, UH, REGARDING, UH, SOME OF THE EFFORTS, UM, RELATED TO THE BUSINESS DEVELOPMENT SUBCOMMITTEE, HEARING, HEARING NONE.
UH, CHAIRMAN SZ, CAN YOU SPEAK TO THE FOLKS THAT ARE CURRENTLY, THAT YOU, THAT YOU'VE IDENTIFIED NOW? SO THE, ON THE CURRENT ADVISORY LIST, I KNOW YOU MENTIONED YOU WANTED TO HAVE 20, IDEALLY YOU HAVE ROUGHLY EIGHT.
UH, IS THERE SPECIFIC FOLKS THAT YOU'RE LOOKING FOR SO THAT YOU HAVE A PROPORTION OF MIX OR KIND OF HOW YOU POWER GAPS? SURE, YEAH.
SO THERE'S, UM, I WON'T MENTION NAMES UNTIL I CONFIRM THAT THEY WANNA BE ON THIS LIST.
UM, BUT THERE, THERE'S ONE NONPROFIT THAT HELPS WITH BASICALLY BUSINESS PLANS, UH, FUNDING SOURCES, IDENTIFYING WAYS FOR THEM TO GET FUNDING AND GET THEIR PROJECTS DONE.
UM, THERE ARE TWO BUSINESS CONSULTANTS WHO ESSENTIALLY GET HIRED TO DO THE SAME THING, BUT THEY'RE NOT A NONPROFIT.
AND THEN THERE'S FIVE OR SIX BANKS THAT I'VE SPOKEN WITH, AND THEY'RE COMMUNITY LENDERS, SMALL BUSINESS LENDERS THAT WOULD LOOK AT A DEAL LIKE THIS.
I STARTED BY FOCUSING ON THE ONES THAT ACTUALLY HAVE A BANK PRESENCE HERE IN SOUTH DALLAS.
UM, BUT THEN I REALIZED MAYBE A BANKER IN FRISCO MIGHT SEE A DEAL THAT, UM, THE PROPERTY HAPPENS TO BE IN SOUTH DALLAS, SO WE'RE SORT OF OPEN TO ANYBODY THAT IF MIGHT COME ACROSS THEIR DESK.
AND WHAT I'M FINDING IS LARGELY THEY, THEY'VE EITHER HEARD OF US OR NEVER HEARD OF US, AND THE ONES THAT HEARD OF US, UM, THE, THE NARRATIVE IS THAT IT'S REALLY TOUGH DOLLARS TO GET.
AND SO WHAT I'M TRYING TO DO IS EDUCATE THEM AND SAY, HEY, YOU KNOW WHAT, THIS WORKS A LOT LIKE YOUR REGULAR CONSTRUCTION DRAW FORMAT.
THEY'RE VERY FLEXIBLE TERMS. IT'S BELOW MARKET RATE.
YOU'RE NOT FIGHTING THE CITY OVER DEPOSITS.
I MEAN, SO THERE'S SOME REALLY GOOD BENEFITS TO BANKS TO BE ABLE TO DO A PROGRAM LIKE THIS, AND IT COULD MAKE A DEAL HAPPEN THAT WOULDN'T HAPPEN OTHERWISE.
SO THAT'S, THAT'S SORT OF THE, THE PITCH OF, HEY, YOU KNOW, LOOK AT US AS A RESOURCE TO MAYBE GET SOMETHING DONE THAT WOULDN'T GET ANOTHER BOOK.
SO, SO IT'S FAR, UH, EDUCATING THE, THE BANKS AND FINANCIAL INSTITUTIONS AS TO WHAT FUNDED, HOW IT COULD, HOW IT COULD WORK, AND HOW IT, IT'S NOT YEAH, YEAH.
LIKE UN UNLIKE THE GRAND SIDE, FOR EXAMPLE.
LIKE THEY DON'T NEED TO PAY EVERYTHING UP FRONT AND THEN GET REIMBURSED ON THE BACK END.
AND THAT'S, I SPOKE WITH THE BANKER THAT THOUGHT THAT WAS HOW IT WORKED.
IT WAS LIKE, HOW AM I EVER GONNA GET A CONSTRUCTION PROJECT DONE IF WE HAVE TO PUT UP A HUNDRED PERCENT OF THE MONEY AND GET REIMBURSED? AND THAT'S NOT HOW IT WORKS ON THE LOAN SIDE.
SO IT'S SMALL CONVERSATIONS LIKE THAT THAT JUST INFORMS THEM OF, YOU KNOW, THE, THE, THE CITY WILL PUT IN ONCE IT'S APPROVED, ONCE THERE IS A A, AN AGREEMENT, THE CITY, MY UNDERSTANDING IS WE'LL PUT THE FUNDS
[00:35:01]
INTO THE BANK AND THE BANK WILL DISPERSE THEM FROM A BANK'S PERSPECTIVE.THAT'S ADDITIONAL DIS DEPOSITS ON THEIR BOOKS.
SO THEY'RE HAPPY TO SEE THAT, AND THEY DIDN'T KNOW IF THAT'S HOW THE PROCESS WORKED.
SO IT'S LITTLE THINGS LIKE THAT THAT MAKES THE BANK MORE LIKELY TO SEE THIS AS SOMETHING IN THEIR TOOLKIT, YOU KNOW.
UM, IS THERE ANYTHING THAT YOU THINK THAT ANY RESOURCES THAT WE COULD PROVIDE FROM AN EDUCATIONAL STANDPOINT TO HELP THEM ALONG THAT, YOU KNOW, WOULD, WOULDN'T HELP IT MAKE SENSE WITHOUT THEM HAVING TO GO DIG FOR THE INFORMATION THEMSELVES, FOR EXAMPLE? OR HAVE YOU
SO THE, MY UNDERSTANDING IS THAT THE TERMS, THE ACTUAL STRUCTURE IS PRETTY FLEXIBLE, AND SO IT'S KIND OF HARD TO PUT SOMETHING TOGETHER THAT TALKS RATE AMORTIZATION, TERM LATERAL COVERAGE, LOAN TO COST, LOAN TO VALUE ALL OF THE, THE THINGS THAT BANKS ARE LOOKING FOR.
UM, SO THE CONVERSATION REALLY IS LIKE, HEY, IT'S REALLY, REALLY FLEXIBLE.
IF YOU HAVE A DEAL THAT DOESN'T PENCIL, BUT IT'S CLOSE, YOU KNOW, CONSIDER US.
AND, AND I THINK THE, WHAT I'VE, MY UNDERSTANDING IS IT IS BELOW MARKET RATE.
THE TERMS ARE FLEXIBLE, THE CITY DOES HAVE TO GET REPAID.
SO THAT'S AN IMPORTANT PIECE TO CONSIDER THAT IT'S NOT JUST LIKE FREE MONEY, UM, BUT AT, AT THE END OF THE DAY, IT CAN MAKE DEALS WORK THAT WOULDN'T WORK OTHERWISE.
AND, AND THERE'S A LOT OF FLEXIBILITY THERE.
SO IT'S, YES, I THINK IT'D BE GREAT TO PUT SOMETHING TOGETHER.
I THINK IT WOULD BE HARD TO PUT SOMETHING TOGETHER OTHER THAN, YOU KNOW, FIND A DEAL THAT YOU WILL ALMOST APPROVE
ARE THERE ANY OTHER QUESTIONS COME? I THINK IT'S, I THINK IT'S GREAT.
I MEAN, IT, AGAIN, IT INCENTIVIZES, FOR EXAMPLE, BANKS, OBVIOUSLY THEY WANT MORE DEPOSITS, UH, AND THE LIKE.
SO, UM, JUST TO CIRCLE BACK AROUND TO, TO THE FIRST QUESTION.
UM, WHO ELSE WOULD YOU LIKE TO SEE? I KNOW YOU, THERE'S SOME NONPROFITS, SOME BANKS.
ARE THERE ANY SPECIFIC INDUSTRIES THAT, THAT YOU'RE LOOKING FOR OR SPECIFIC PARTNERS OR WE LOOKING FOR ANYBODY WHO'S WILLING TO PARTICIPATE THAT THAT CAN HELP US WITH ANY PART OF, OF WHAT AN APPLICANT NEEDS TO BE ABLE TO, TO DO? YEAH, THAT, THAT'S ANOTHER GOOD QUESTION.
SO WHAT, WHAT I DON'T WANT TO BE IS A FUNNEL TO A BAD RESOURCE.
SO I THINK FIRST OF ALL, THE MORE RESOURCES WE HAVE, THE BETTER.
SO IF THERE'S, YOU KNOW, IF THEY'RE MISSING A CPA BECAUSE THEIR BOOKS AREN'T IN ORDER, I'D LOVE TO SEE THREE OR FOUR CPAS, BOOKKEEPERS, ATTORNEYS, UM, BUSINESS ADVISORS, BROKERS, BANKS, ANYTHING THAT'S PART OF THIS DEAL.
YOU KNOW, A COUPLE INSURANCE AGENTS, I'M SURE THE CITY HAS INSURANCE REQUIREMENTS, YOU KNOW, SO THERE'S, IT'D BE NICE TO HAVE THREE OR FOUR OF EACH AT SOME POINT AND GROW THIS TO A NUMBER WHERE THEY, YOU KNOW, THEY COULD, THEY COULD LOOK INTO WHO THESE MEMBERS ARE, REACH OUT AT THEIR LEISURE, YOU KNOW, WORK WITH THE PEOPLE THAT THEY WANNA WORK WITH OR MAYBE ARE IN THEIR COMMUNITY OR NEAR THEIR HOUSE OR NEAR THE, THE COMPANY OR WHATEVER.
SO I THINK THE MORE THE MERRIER, AS LONG AS YOU KNOW THEIR GOOD BUSINESSES THAT UNDERSTAND THE, AND AND ADD SOME VALUE.
IF YOU THINK THEY ADD VALUE, THEY MIGHT, AND WE CAN HAVE A COMMENT.
ARE THERE ANY OTHER QUESTIONS, COMMENTS, FEEDBACK FOR, UH, CHAIRMANS ON THIS UPDATE? OKAY, I'M HEARING NONE.
SO IF THERE IS NO OTHER BUSINESS, UM, WE'LL MOVE ON TO THE LAST AGENDA ITEM, WHICH IS, UH, ADJOURNMENT.
SO THERE'S NOTHING ELSE, UH, THAT WE NEED TO ADD OR ADDRESS.
UH, IS THERE A MOTION TO ADJOURN? SO MOVED BY MR. DAWKIN.
IS THERE A SECOND? SECOND? WAS THAT, UH, MS. FREEMAN? THAT MS. FREEMAN? NO, UH, THERE WAS, UH, MS. KUMU.
UH, ONE QUICK THING RIGHT BEFORE MARK, BEFORE WE ADJOURN.
UH, THE FIRST INFO SESSION IS COMING UP ON OCTOBER 22ND THURSDAY, OCTOBER 22ND, UH, FROM TWO 30 TO THREE 30.
HAVE WE DETERMINED THE LOCATION ON THAT YET? UM, YES.
UM, IT'S EITHER THE SOUTH DALLAS CALLED ROSE CENTER OR THE MLK LIBRARY.
I DON'T KNOW OFF THE TOP OF MY HEAD, BUT IT'S ONE OF THOSE TWO.
IF THERE'S NOTHING ELSE, UM, THIS MEETING'S ADJOURN.
UH, MR. HUGHES, I SEE YOUR HAND, UH, ONCE THAT LOCATION IS CONFIRMED, WOULD SOMEBODY MIND SENDING THAT OUT TO THE BOARD? I'D LOVE TO ATTEND.
IT'S THE SOUTH DALLAS CULTURAL CENTER.
UH, UH, MS. NICHOLAS DID USED TO SEND OUT A, OH, I'M SORRY.
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I, I'LL COME RIGHT BACK TO YOU, MS. FREEMAN.UH, MS. WISE, I SEE YOU, LET ME GO AHEAD AND GET YOU COUNTED, UH, AND ACKNOWLEDGE YOUR, ACKNOWLEDGE YOUR PRESENCE HERE.
UH, SO WHEN I CALL YOUR NAME, JUST UH, PLEASE CONFIRM YOUR ATTENDANCE AND THEN YOU CAN LEAD RIGHT INTO YOUR QUESTION AND THEN WE WILL MOVE MS. FREEMAN, SHANA WISE, PRESENT.
DID YOU HAVE A COMMENT? I DON'T.
JUST MAKING SURE I WAS COUNTED.
UH, MS. FREEMAN, I WAS JUST GONNA SAY NICHOLAS USED TO SEND OUT AND POST THE INFO SESSIONS THAT ALLOWED US TO REPOST ON LINKEDIN AND, AND HELP SHARE THE INFORMATION.
ARE WE STILL DOING THAT OR IS SOMEONE STILL DOING THAT? YES, WE WILL.
ANY OTHER QUESTIONS, COMMENTS, FEEDBACK? OKAY, I'M HEARING NONE.
IT IS 6:44 PM UH, WE WILL SEE EVERYBODY IN OCTOBER.