[00:00:01]
RON TAYLOR.[Tax Increment Financing Reinvestment Zone No. 1 Board of Directors on March 5, 2026. ]
MEETING OF THE CITY OF RICHARDSON, TAX INCREMENT FINANCING REINVESTMENT.ZONE NUMBER ONE BOARD TO ORDER.
THE TIME IS 5:30 PM THE NEXT ITEM ON OUR AGENDA IS TO CALL ANY VISITORS TO SPEAK TO THE BOARD.
WE HAVE ANYONE WHO WOULD LIKE TO ADDRESS THE BOARD, SEEING NO VISITORS WHO WOULD LIKE TO SPEAK.
THE NEXT ITEM ON OUR AGENDA IS THE REVIEW AND APPROVAL OF THE MINUTES FROM OUR PREVIOUS MEETING ON NOVEMBER 13TH, 2025.
DO WE HAVE A MOTION OR AMENDMENT FOR APPROVAL OF THE MINUTES APPROVED.
DO WE HAVE A SECOND? I WASN'T THERE.
I GUESS I COULD MAKE THE SECOND AS CHAIR.
UM, SO WE HAVE A MOTION AND A SECOND.
ALL IN FAVOR, PLEASE RAISE YOUR HAND.
MOTION PASSES BY A VOTE OF 1, 2, 3, 4.
THE NEXT ITEM ON OUR AGENDA IS HOUSING NEEDS ASSESSMENT UPDATE.
SO FOR THE HOUSING NEEDS ASSESSMENT UPDATE, WE HAVE DANETTE GARCIA, OUR ASSISTANT CITY MANAGER, WHO'S GONNA PROVIDE AN UPDATE TO THE BOARD.
THANK YOU FOR, UM, ALLOWING ME TO GIVE YOU THIS PRESENTATION TONIGHT.
UM, SO WHAT WE'LL DO THIS EVENING IS I'LL TAKE YOU THROUGH THE, UM, HOUSING NEEDS ASSESSMENT THAT WE, UM, HAVE BEEN WORKING ON OVER SINCE 2024.
SO THE, UM, SO WHAT I'LL WALK YOU THROUGH TONIGHT IS THE BACKGROUND AND THE PURPOSE OF THIS STUDY, WHICH IS, UM, REALLY IMPORTANT BECAUSE WE'VE NEVER DONE SUCH A STUDY BEFORE IN THE CITY OF RICHARDSON.
AND THEN I'LL WALK YOU THROUGH THE DIFFERENT COMPONENTS OF THE STUDY AND WHAT THE PARTICULAR HOUSING NEEDS WERE IDENTIFIED, AND THEN, UM, HOW WE WENT THROUGH THE DIFFERENT STRATEGIES AND PRESENTED THOSE TO COUNCIL AND THE WAY THAT THE COUNCIL PRIORITIZE THOSE STRATEGIES.
'CAUSE THERE'S SO MUCH THAT, SO MANY THINGS YOU CAN DO, BUT WE HAVE LIMITED BUDGET, LIMITED RESOURCES.
UM, SO FIRST I'LL GET, GET INTO THE BACKGROUND AND STUDY.
SO WHAT WE STARTED WITH IS, UM, YOU KNOW, JUST THAT QUESTION RIGHT NOW.
UM, I'M SURE WE ALL HEAR ABOUT HOUSING AFFORDABILITY.
THAT CONVERSATION IS OCCURRING NOT JUST IN RICHARDSON, BUT IT'S OCCURRING NATIONALLY, REGIONALLY.
AND, UM, WE WANTED TO TAKE A LOOK AT WHAT THE SPECIFIC ISSUES WERE IN, IN RICHARDSON.
UM, BECAUSE HOUSING ENCOMPASSES MANY DIFFERENT THINGS.
SO THERE'S ECONOMIC DRIVERS, THERE ARE, UM, YOU KNOW, IT'S AN ECONOMIC DEVELOPMENT ISSUE BECAUSE BUSINESSES WANT TO RETAIN THEIR TALENT.
THEY, WHERE, YOU KNOW, WHEN BUSINESSES MOVE HERE, WHERE THERE PEOPLE THAT WORK FOR THEM GOING TO LIVE.
UM, IT'S A LOCAL HOUSING POLICY ISSUE FOR MOST CITIES.
AND EVERY JURISDICTION IS DIFFERENT.
SO WE CAN'T TREAT HOUSING THE SAME IN RICHARDSON AS WE WOULD IN ROANOKE, OR WE WOULD IN PLANO.
SO IT'S, UM, IT'S REALLY DIFFERENT AND WE HAVE DIFFERENT, UM, FACTORS THAT CONTRIBUTE TO OUR HOUSING ISSUES.
SO THIS STUDY AND THE HOUSING STRATEGY THAT CAME OUT OF IT AND THE PRIORITIES, UM, WHAT IT DOES ESSENTIALLY IS IT HELPS US BECOME MORE PROACTIVE INSTEAD OF JUST REACTING TO ISSUES THAT COME UP OR TO DEVELOPERS THAT APPROACH US ABOUT AFFORDABLE HOUSING.
AND, UM, ANOTHER THING IS, UM, SOME OF THE PROGRAMS FOR HOUSING AFFORDABILITY, THEY REQUIRE, UM, WHAT'S CALLED A MARKET VALUE ANALYSIS.
AND SO WE HAVE THAT AT OUR DISPOSAL ANYTIME SOMETHING COMES UP.
UM, SO TO TAKE YOU THROUGH THE BACKGROUND, SO BACK IN MAY OF 2024, UM, I ACTUALLY PRESENTED A HOUSING 1 0 1.
I DELIVERED A PRESENTATION TO COUNCIL SO THAT WE WOULD ALL HAVE THE SAME FRAMEWORK FOR WHAT ALL OF THE DIFFERENT TERMINOLOGY MEANS.
SO WE WENT THROUGH THINGS LIKE, UM, YOU KNOW, DETAILS ABOUT WHAT IS, UM, YOU KNOW, WHAT'S CONSIDERED LOW INCOME HOUSING, WHAT IS LOW INCOME HOUSING TAX CREDIT.
SO WE DID THAT SO THAT WE COULD ALL ESTABLISH THE SAME TERMINOLOGY AND GLOSSARY AND DEFINITIONS.
UM, SO WHEN WE HAD THAT, UM, COUNCIL GAVE US DIRECTION TO ENGAGE WITH A FIRM TO CONDUCT THE HOUSING NEEDS ASSESSMENT AND STRATEGY.
AND SO IN JUNE OF 2025, WE KICKED THAT OFF.
AND WHAT THAT ENTAILED WAS, UM, YOU KNOW, A PRETTY EXTENSIVE PROCESS.
SO WE IDENTIFIED A GROUP OF STAKEHOLDERS
[00:05:01]
THAT HELPED US, AND THEY SERVED AS OUR COMMITTEE, UM, YOU KNOW, TO LOOK AT THE DATA THAT WE WERE COLLECTING AND HELP US VALIDATE.SO THE FIRM THAT WE HIRED WAS GROW AMERICA AND THE REINVESTMENT FUND.
THEY, UM, ACTUALLY TRAVELED TO RICHARDSON AND THEY LOOKED AT, UM, ALL OF OUR COMPREHENSIVE PLANS, ALL OF OUR MASTER PLANS.
THEY ACTUALLY DROVE EVERY BLOCK IN THE CITY OF RICHARDSON.
SO THEY CAME HERE THREE TIMES, AND OUR DIRECTOR OF COMMUNITY SERVICES DROVE ALONG WITH US, AND WE HAD, UM, SOMEONE FROM DEVELOPMENT SERVICES AS WELL.
SO WHAT THEY WERE DOING IS THEY WERE VALIDATING.
SO ALL OF THE DATA THAT THEY WERE COLLECTING, WHAT WE DID WITH STAFF, AND I DROVE ALONG WITH THEM TOO.
WE LOOKED AT, UM, WHEN THEY, WHEN WE SEE THIS DATA, IT, YOU KNOW, IS IT, DOES IT RING TRUE OR IS THERE SOMETHING THAT, UM, YOU KNOW, BOOTS ON THE GROUND THAT WE CAN TELL THEM, NO, THIS DOESN'T MAKE, MAKE SENSE, YOU KNOW, WE NEED TO CHANGE SOMETHING.
UM, SO THEN WE, UM, THE COMPANY COMPILED ALL THAT DATA.
IN OCTOBER OF 2025, OUR CONSULTANTS DELIVERED THEIR FIRST PRESENTATION TO COUNCIL.
AND IN THAT PRESENTATION, THEY OUTLINED THE HOUSING NEEDS THAT WERE IDENTIFIED BY THE STUDY AND ASKED FOR COUNCIL FEEDBACK ON SOME OF THE PROPOSED STRATEGIES THAT WE'D COME UP WITH.
IN DECEMBER OF 25, WE HAD OUR SECOND BRIEFING.
AND, YOU KNOW, AS I SAID IN THE BEGINNING, THERE ARE SO MANY THINGS THAT WE COULD DO, UM, BUT WE HAD TO NARROW THE FOCUS DOWN.
AND SO THAT'S WHAT WE DID IS ON THAT, IN THAT DECEMBER MEETING, WE REALLY NARROWED THE FOCUS.
SO WHAT IS THE HOUSING STUDY COMPONENTS? SO THE FIRST IS THE HOUSING NEEDS ASSESSMENT.
AND SO THIS IS WHAT LOOKS AT THE, UM, YOU KNOW, ALL OF THE CITY PLANS THAT I DISCUSSED.
WE ALSO INTERVIEWED, UM, EMPLOYERS.
SO SOME OF OUR LARGEST EMPLOYERS, GEICO ASSOCIATE, UM, WE INTERVIEWED, UM, THE, UM, RTX AND, YOU KNOW, SEVERAL OTHER COMPANIES.
WE ALSO HAD MEETINGS WITH THE STAKEHOLDERS TO, YOU KNOW, AS WE WERE GATHERING THE DATA TO HELP, YOU KNOW, TO SHOW THEM THE DATA, TO SEE WHAT THEIR REACTIONS WERE, WAS IT VALID? WE ALSO CONDUCTED THE MARKET VALUE ANALYSIS.
THE HOUSING STRATEGY THEN IS TAKING ALL OF THAT DATA AND HELPING US, UM, LIST OUT OUR PRIORITIES AND DEVELOPING SOME PO SOME POTENTIAL POLICIES OR SOME POTENTIAL TOOLS THAT WE COULD USE.
SO THE, UM, THE, SO THE THREE AREAS, THE TOP THREE NEEDS THAT KEPT COMING OUT THROUGH THIS STUDY WAS THAT LOW, UM, OLDER LOW INCOME HOMEOWNERS NEED THE OPPORTUNITY TO SAFELY AGE IN PLACE.
SO AS THEY BECOME OLDER AND THEY'RE ON FIXED INCOMES, MAYBE THEY'VE HAD A HOUSE FOR 25 YEARS, 30 YEARS, 40 YEARS, 50 YEARS, UH, YEAH,
UM, BY THE TIME THAT THEY, UM, YOU KNOW, GET TO THAT POINT WHERE THEY'RE ON THAT FIXED INCOME, THEY MAY HAVE DIFFICULTY REPAIRING THEIR HOUSE.
THEY MAY HAVE DIFFICULTY MOWING THE LAWN AND TAKING CARE OF A LARGE HOUSE.
SO WHERE DO THEY GO FROM THERE? UM, OR, YOU KNOW, YOU KNOW WHAT, HOW, HOW CAN WE HELP THEM STAY IN THEIR HOMES IF THEY NEED TO? THE NEXT NEED IS MORE REASONABLY PRICED FOR SALE HOUSING UNITS ARE NEEDED TO ACCOMMODATE FAMILIES WITH CHILDREN.
AND, UM, THAT'S, UM, YOU KNOW, I THINK YOU'LL SEE THAT IN RICHARDSON WHERE, UM, YOU KNOW, A LOT OF FAMILIES, THEY LIKE THE SCHOOLS OR THEY'VE, UM, YOU KNOW, THEY GREW UP HERE BUT THEN CAN'T AFFORD TO BUY A HOUSE HERE.
THE THIRD NEED IS MORE WELL MAINTAINED RENTAL HOUSING UNITS.
THEY'RE NEEDED, UM, FOR THE MORE AFFORDABLE LOWER WAGE WORKERS.
ON THE LAST ITEM WELL MAINTAINED RENTAL HOUSING.
WAS THIS MULTIFAMILY OR SINGLE FAMILY, OR DID THAT MATTER? YOU? WAS IT NO DISTINCTION? IT'S BOTH.
YEAH, IT'S, YEAH, IT'S ACTUALLY BOTH ALL, YOU KNOW, UM, YOU KNOW, BECAUSE SOME FAMILIES MIGHT WANT TO RENT A HOUSE.
AND I HAVE A QUESTION ON NEED NUMBER TWO, UHHUH
SO, UM, HOUSING COST BURDEN MEANS THAT IF YOU'RE PAYING MORE THAN 30% OF YOUR HOUSING, UM, OR YOUR INCOME ON HOUSING, YOUR HOUSING COST BURDEN.
SO IT'S DIFFERENT FOR DIFFERENT PEOPLE.
UM, SO WHAT, WHAT WE'LL DO, YOU KNOW, AS WE MOVE FORWARD IS TRY TO IDENTIFY WHO ARE WE TARGETING, YOU KNOW? 'CAUSE THAT COULD BE, UM, YOU KNOW, A LOT OF TIMES IT'S, UM, YOU KNOW, IT COULD BE A FIREFIGHTER, IT COULD BE, UM, YOU KNOW, WE'RE, WE'RE LOOKING AT THE INCOMES AND WHAT AND WHAT THAT NUMBER IS.
SO WE HAVEN'T, UM, THE, THE HOUSING PRICES RIGHT NOW IN RICHARDSON ARE FAIRLY HIGH.
UM, SO WHAT WE'LL DO IS LOOK AT THE INCOMES AND THEN, YOU KNOW, WHAT ARE WE TRYING TO TARGET? SO THE INCOMES WERE PART OF THE STUDY.
[00:10:01]
INCOMES WERE PART OF THE STUDY.AND WE HAVEN'T, UM, YOU KNOW, DOWN THE ROAD WE'LL TRY TO DIS YOU KNOW, WE'LL TRY TO DETERMINE WHAT, WHAT INCOMES WE'RE TARGETING.
UM, WE'RE NOT THAT FAR ALONG YET.
SO WITH THOSE IDENTIFIED, UM, HOUSING NEEDS, UM, THERE WERE A WHOLE LIST OF POTENTIAL STRATEGIES THAT WE COULD FOLLOW OR THAT WE COULD ADOPT.
UM, SO WITH CONVERSATIONS THROUGH COUNCIL, THESE ARE SOME OF THE, UM, YOU KNOW, I WOULD SAY SOME OF THE, UM, THE STRATEGIES THAT WE COULD DO RIGHT AWAY.
UM, AND WHEN I SAY RIGHT AWAY, I MEAN WITHIN THE, YOU KNOW, THE NEXT YEAR TO TWO YEARS.
SO THE FIRST ONE IS TO ACCEPT CDBG FUNDING.
AND I'LL GO THROUGH EXACTLY WHAT THAT IS AND TALK A LITTLE BIT MORE ABOUT ALL OF THESE IN DETAIL.
THE NEXT ONE IS TO SUBMIT APPLICATIONS FOR OPPORTUNITY ZONE DESIGNATION.
THE THIRD ONE IS TO ADDRESS MISSING MIDDLE HOUSING THROUGH ZONING AND ENTITLEMENTS.
AND THE FOURTH IS TO EXPLORE THE CREATION OF A HOUSING FINANCE CORPORATION AND PUBLIC FACILITY CORPORATION, OR BOTH.
SO, YOU KNOW, DANETTE, JUST BEFORE YOU GO ON, I THINK FROM A TECH BOARD STANDPOINT, I THINK THE TWO THAT MM-HMM
WE MIGHT COME INTO KIND OF CONTACT WITH MM-HMM
IF YOU WILL, IS PROBABLY THE OPPORTUNITY ZONES AND THE HOUSING, UH, FINANCE CORPORATION AND PUBLIC FACILITY CORPORATION.
SO JEANNETTE EXPLAINS THOSE MM-HMM
AND THOSE MIGHT BE ONES YOU MIGHT JUST KIND OF THINK A LITTLE BIT ABOUT IS HOW, HOW, HOW WOULD YOU BE IMPACTED AS A BOARD OR, YOU KNOW, WHAT WILL YOU, WHAT WILL YOU HAVE COME IN FRONT OF YOU MAYBE IN THE FUTURE? AND I JUST WANTED TO ADD, THE COUNTY HAS A COUNTYWIDE HOUSING FINANCE CORPORATION MM-HMM
UH, WHICH MAY IMPACT THE STATE.
SO THE FIRST ONE WE'LL TALK ABOUT IS THE COMMUNITY DEVELOPMENT BLOCK GRANT PROGRAM.
UM, SO THE COMMUNITY DEVELOPMENT BLOCK GRANT GRANT PROGRAM IS, UM, WELL THE NATIONAL, IT'S A FEDERAL PROGRAM, AND THE OBJECTIVES ARE TO BENEFIT LOW AND MODERATE INCOME PERSONS.
AND THE OTHER, UM, IS TO ELIMINATE SLUMS AND BLIGHT.
AND IT'S ALSO USED FOR URGENT NEED.
SO ELIGIBLE ACTIVITIES ARE HOUSING OTHER REAL PROPERTY ACTIVITIES, YOU KNOW, SO THAT COULD BE PURCHASING PROPERTY.
UM, AND, YOU KNOW, SO IT COULD BE THE, IN, YOU KNOW, WE AS A CITY PURCHASING A PROPERTY, IT COULD HELP US DO THAT.
UM, PUBLIC FACILITIES AND INFRASTRUCTURE.
UM, SO ONE THING TO NOTE IS THAT THESE, UM, THESE PROJECTS, SO IF WE WERE TO, FOR EXAMPLE, REPLACE SIDEWALKS, IT HAS TO BE IN AN ELIGIBLE CENSUS TRACK THAT IS ELIGIBLE.
SO WE HAVE TO HAVE LOWER INCOMES IN THAT AREA.
UM, IT'S CAN ALSO USED FOR ECONOMIC DEVELOPMENT AND OTHER PLANNING AND ADMINISTRATION.
UM, OTHER REAL PROPERTY ACTIVITIES, COULD THAT INVOLVE, UM, HELPING A RESIDENT REHAB THEIR PROPERTY? LIKE PROVIDING DOLLARS? YEAH, IT ABSOLUTELY COULD.
THAT WOULD BE HOME FUNDS UHHUH.
UM, IS THE CITY CONSIDERING EMERGENCY SOLUTION GRANT HOME AND CDBG AT THE SAME TIME? UM, RIGHT NOW JUST CDBG? UM, YEAH, WE'RE, YEAH.
WE'RE ONLY, YEAH, JUST TO START WITH BECAUSE, SO, YOU KNOW, JUST TO GIVE A LITTLE BIT MORE HISTORY AND BACKGROUND THAT, UM, THE CITY OF RICHARDSON HAS NOT ACCEPTED CDBG FUNDS, SO THIS WOULD BE SOMETHING NEW FOR US.
UM, SO WE DON'T HAVE, YOU KNOW, THE STAFFING SET UP, WE DON'T HAVE ANY, YOU KNOW, ANY OF THAT.
AND THERE IT IS, IT'S A TON OF COMPLIANCE, A LOT OF IT ADMINISTRATIVE BURDEN,
AND THAT'S BEEN REASONS WHY PRIOR COUNCIL, I THINK, HAVE NOT WANTED TO WEIGHED INTO CDBG 'CAUSE OF SOME OF THE ADMINISTRATIVE COSTS AND THE RED TAPES ASSOCIATED WITH IT.
BUT WE PROBABLY ARE ABOUT THE ONLY CITY IN THE STATE AT THIS POINT.
AND BASED ON THE SIZE OF RICHARDSON, DO YOU KNOW WHAT YOUR ALLOCATION MIGHT BE? I DO, YEAH.
SO ON THE NEXT SLIDE, UM, SO OUR, IT'S APPROXIMATELY ABOUT 780,000.
AND, UM, SO THAT WE WERE TALKING ABOUT THE ADMINISTRATION.
SO 20% OF THAT THERE IS A CAP, 20 PER UP TO 20% CAN BE USED FOR ADMINISTRATION.
I UNDERSTAND THESE NUMBERS DON'T ADD UP.
THIS IS JUST SAYING THAT, UM, YOU KNOW, OF ALL OF THE ACTIVITIES, ONLY 15% CAP CAN BE USED FOR PUBLIC SERVICES, OR 20% CAN BE USED FOR PROGRAM ADMINISTRATION.
SO ON THE PUBLIC SERVICES SIDE, THAT WOULD BE, YOU KNOW, PROVIDING, UM, COUNSELING, LIKE FINANCIAL COUNSELING, UM, PROVIDING HEALTHCARE.
SO MORE OF YOUR, YOU KNOW, PUBLIC SERVICES TYPES THINGS.
UM, SO THESE CAPS ARE FOR EACH CATEGORY, AND THEY CAN'T EXCEED THE INDIVIDUAL CAP FOR THE CATEGORY, UM, COLLECTIVELY.
SO 70% WOULD HAVE TO GO INTO THE PROGRAM ITSELF.
AND THEN THE OTHER, THE PROGRAM ADMINISTRATION COULD BE ANY KIND OF NO, NO, NO.
[00:15:01]
BECAUSE THE, THE 70% DOESN'T HAVE CAP NEXT TO IT, BUT THE OTHER TWO DO.SO THE 15 AND THE 20%, LIKE IS IT, CAN YOU JUST WORK WITH ALL THE NUMBERS AND THAT'S WITHIN THE CAP OF THOSE LAST TWO, OR IT'S ALL, ALL OF THEM.
YEAH, YOU CAN KIND OF, THAT'S, THAT'S MY UNDERSTANDING.
SO YOU, UM, SO LIKE FOR THE 70%, UM, SO 70% HAVE TO BENEFIT LOW AND MODERATE INCOME PERSONS.
SO SAY THAT WE DID, UM, AN INFRASTRUCTURE PROJECT OR SOMETHING, AT LEAST 70% OF THAT WOULD HAVE TO BENEFIT.
AND THEN THE OTHER CENSUS, OTHER WOULD BE THE OTHER
BUT WE, YEAH, THEY HAVE TO TOTAL 30%, BUT WE CAN, YOU KNOW, IF YOU ONLY DO 10% FOR PUBLIC SERVICES, YOU CAN USE THE 20 FOR YEAH.
I I THINK PART OF IT IS IN AN AREA, YOU KNOW, IF YOU'RE DOING IN THE LOW, IT, IT DEPENDS IF YOU'RE SERVING PEOPLE OR PLACES, RIGHT? YEAH.
SO IF YOU'RE SERVING PEOPLE, YOU HAVE TO SERVE A HUNDRED PERCENT.
YOU CAN'T SERVE HIGH INCOME PERSONS NO.
WITH THIS FUNDING, UNLESS YOU'RE SERVING AN AREA.
SO IF YOU'RE DOING A SIDEWALK, OH, NOT EVERYONE IN THE AREA MM-HMM
BUT AT LEAST 70% ARE, SO YEAH.
AND WE ARE, UM, SO WHAT WE'LL BE DOING WITH EACH OF THESE DIFFERENT STRATEGIES IS WE'LL BE GOING BACK TO COUNCIL AND HAVING OUR CONSULTANTS COME BACK IN AND DO A REALLY DEEP DIVE ON, YOU KNOW, HOW DO WE WANNA SPEND THIS MONEY? YOU KNOW, SO IF WE'RE ENTITLED TO THIS AND WE'RE, UM, YOU KNOW, SO WE'LL HAVE TO MAKE THOSE DECISIONS OR COUNCIL, WE'LL HAVE TO MAKE THOSE DECISIONS ON, YOU KNOW, HOW THEY WANT TO, HOW THEY WANT TO SPEND IT.
AND SO, YOU KNOW, AND OF COURSE OUR RECOMMENDATION WOULD THAT WE DO SPEND 20%, YOU KNOW, THAT CAP FOR ADMINISTRATION WELL, IN EACH YEAR.
CAN YOU CHANGE THE, HOW IT'S PORTIONED OUT? OR LIKE, DOES THIS, IS IT A 708,000 OH, I SEE PER YEAR THAT YOU GET ALLOCATED? THAT'S ANNUAL ANNUALLY.
UH, AND SO YOU CAN CHOOSE HOW YOU YEAR, YOU HAVE TO WRITE A FIVE YEAR PLAN.
YOU HAVE BEEN DOWN THIS ROAD A FEW TIMES? YES.
THIS IS WHAT, THAT'S THE ADMINISTRATIVE.
THIS, THIS IS WHAT I DO FOR THE COUNTY, COUNTY ONE, ONE OF THE HATS.
SO WE ADMINISTER FOR ALL THE CITIES THAT ARE NOT ELIGIBLE TO RECEIVE IT THEMSELVES FOR THE COUNTY.
SO IF YOU'RE UNDER 50,000 PEOPLE, YEAH.
UH, THE COUNTY RECEIVES IT AND THEN DOES THE ADMINISTRATION FOR YOU, UH, SEE, SO WE CAN'T DO THE ADMINISTRATION FOR RICHARDSON.
BUT YOU GET A HUNDRED AND CASEY $6,000 TO DO ADMINS.
SO OUTSIDE OF THE, I KNOW I AM, I'M WITH YOU,
SO IT'S JUST TAKING ON, UM, YOU KNOW, IT'S, THE REPORTING IS EXHAUSTIVE.
UM, THE, YOU KNOW, WRITING THE PLAN IS EXHAUSTIVE.
THE GOOD THING IS A LOT OF THE WORK WE'VE DONE, WE HAVE DONE IN THE HOUSING STUDY, UM, WE WILL BE ABLE TO USE FOR THAT PLAN.
SO WE'VE ALREADY GOT, YOU KNOW, WE'VE ALREADY GOT SOME OF THE WORK DONE.
BUT I THINK THAT'S BEEN THE RELUCTANCE IN THE PAST.
UM, BUT WITH, YOU KNOW, WE WOULD JUST, YOU KNOW, WE WOULD JUST HIRE STAFF FOR THAT.
UM, BUT IT'S, YOU KNOW, TO, TO ADD ANOTHER PROGRAM TO A CITY THAT, UH, YOU KNOW, WE ALREADY HAVE, UH, YOU KNOW, YOU KNOW, WE'RE LOOKING AT OUR BUDGET VERY CLOSELY.
AND SO THAT'S, YOU KNOW, ADDING ANOTHER PROGRAM.
SO IT'S A CONSIDERATION, ALTHOUGH THAT 20% WILL HELP.
I THINK THERE'S STILL A LOT TO KIND OF BE DETERMINED.
BECAUSE I THINK THERE'S MAYBE, AND LEAST YOU MAY BE ABLE TO EXPAND ON THIS, BUT THERE MIGHT BE WAYS TO USE THE BULK OF THIS ON INFRASTRUCTURE.
BUT WHEN WE DO THAT, THAT FREES UP OTHER MONEY TO DO SOME OF THESE.
THAT IS WHAT MOST OF OUR CITIES AND WHAT I'VE SEEN A LOT OF CITIES USE CDBG FOR OH, REALLY? IS INFRASTRUCTURE WORK, WHICH THEN THAT YEAH.
BECAUSE YOU DO A PROJECT IN AN AREA THAT'S ELIGIBLE YEAH.
YOU WERE GONNA DO THAT SIDEWALK ANYWAY, OR THAT STREET RECONSTRUCTION ANYWAY, THAT MONEY GOES TO SOMETHING ELSE.
OR YOU MIGHT BE ABLE TO LESSEN THE ADMINISTRATIVE BURDEN.
WE DO INFRASTRUCTURE PROJECTS ALL THE TIME VERSUS SOMETHING THAT'S A LITTLE MORE BURDENSOME FOR SERVICES ARE BURDEN BURDENSOME.
INFRASTRUCTURE, YOU'RE DOING IT ANYWAY.
WELL, AND ALSO DEPEND, IF YOU HAVE MORE PEOPLE, THEN YOU NEED MORE SERVICES THAT MM-HMM
BUT I MEAN, TO YOUR POINT, IT WOULD FREE UP MONEY FOR OTHER THINGS.
I THINK THERE'S ALSO KIND OF A WHOLE, WHAT'S WHAT'S NEEDED AS WELL.
SO YEAH, I, I DON'T, I MEAN, WE'RE JUST KINDA USING INFRASTRUCTURE AS AN EXAMPLE THAT'S, I THINK BE DETERMINED.
SO CAN ACROSS BOTH DEBT SERVICE AND
[00:20:01]
OPERATIONS.WELL, TYPICALLY WHAT THE PROJECTS ARE DONE FOR IS, UM, THE FUNDING FOR THE PROJECT.
SO LET'S SAY YOU BID OUT A ROAD RECONSTRUCTION, IT COVERS IT SOUP TO NUTS.
SO THAT TAKES SOME OF YOUR BOND MONEY.
WELL, IT'D BE, NO, IT WOULD NOT TAKE BOND MONEY.
IT'D BE CALLED WHAT WE SOMETIMES REFER TO AS PAID AS YOU GO.
WE WOULD USE THIS MONEY TO, TO PAY FOR THE INFRASTRUCTURE.
SO WE WOULD NOT BE USING BOND MONEY FOR A PROJECT LIKE THAT.
SO THAT'S A POSITIVE THEN IT IS.
YOU DON'T HAVE TO HAVE A BOND ELECTION RAISE THE MONEY.
I ASK FOR DOWNSIDES,
AND YOU CAN ALSO ON THE OTHER SIDE, I MEAN, GETTING EXTRA MONEY, I THINK.
SECTION 1 0 8 LOAN, YOU CAN BORROW AGAINST IT.
UM, SO THE OTHER STRATEGY TO EXPLORE IS OPPORTUNITY ZONES.
SO THIS ONE IS COMING UP PRETTY QUICKLY.
UM, SO THE OPPORTUNITY ZONES, WHAT IS THAT? IT'S A SPECIAL TYPE OF GEOGRAPHIC AREA, AND IT'S, UM, A FEDERAL GOVERNMENT PROGRAM.
AND IT'S WHAT IT'S USED TO ENCOURAGE PRIVATE INVESTMENT IN DISTRESSED AREAS OF THE CITY.
SO RIGHT NOW, THESE ARE THE TRACKS THAT, UM, HAVE BEEN IDENTIFIED.
UM, WE, WE DON'T KNOW THAT THESE WILL BE THE, UM, ACTUAL TRACKS, BUT, YOU KNOW, WE HAVE INDICATION THAT THEY PROBABLY WILL BE.
SO IT BRINGS INVESTMENT INTO, UM, YOU KNOW, INTO LOW INCOME AREAS.
THE MEDIUM FAMILY INCOME FOR THE CENSUS TRACK CANNOT EXCEED 70% OF THE, UM, MFI FOR THE METROPOLITAN AREA.
AND THE POVERTY RATE IN CENSUS TRACK IS 20% OR GREATER.
UM, SO THESE ARE ALL, UM, RIGHT NOW IN RICHARDSON, WHAT WE'RE DOING INTERNALLY IS WE'RE LOOKING AT PROJECTS THAT WOULD ACTUALLY BE VIABLE.
AND SO, SO FAR IT LOOKS LIKE THIS, UM, AREA DOWN HERE, THE 1 92 0.114, THAT'S, UM, WHERE WE, WE'VE IDENTIFIED SOME POTENTIAL PROJECTS THAT'S IN, THAT'S IN TIF NUMBER ONE, TWO, UHHUH,
UM, SO HOW THE NEXT SLIDE I'LL TALK ABOUT HOW DO INVESTORS BENEFIT FROM THIS? SO THEY CAN DEFER THEIR CAPITAL GAINS, UM, SO THAT IT'S, THEY CAN EITHER JUST REDUCE THEIR CAPITAL GAINS, DEFER THEM, OR, UM, FOR MOST PEOPLE, WHAT, FROM WHAT I UNDERSTAND IS IF YOU KEEP THAT INVESTMENT FOR 10 YEARS, YOU COMPLETELY ELIMINATE YOUR CAPITAL GAINS.
AND SO DOES IS IT'S ENCOURAGING, YOU KNOW, IT'S ENCOURAGING INVESTMENTS WHERE WE WANT INVESTMENTS.
UM, SO IT, IT, UM, BRINGS THAT CAPITAL INTO THESE UNDERSERVED AREAS AND IT HELPS US REDEVELOP THESE DISTRESSED AREAS.
UM, ANOTHER THING IS IT CAN BE A CATALYST FOR DEVELOPMENT IN THE SURROUNDING ADJACENT AREAS.
SO ONCE YOU START DEVELOP, REDEVELOPING AND, YOU KNOW, SPENDING MONEY IN AN AREA, THEN GUESS WHAT HAPPENS? OTHER DEVELOPERS COME IN AND THEY START DOING THE SAME THING.
UM, AND THEN FOR US AS A CITY, YOU KNOW, EXPANDS OUR LOCAL TAX BASE OVER TIME, I THINK WHAT YOU'D PROBABLY SEE IS IF THERE WAS A PROJECT THAT WAS GONNA BE FUNDED BY AN OPPORTUNITY FUND MM-HMM
WHERE THESE INVESTORS THAT PUT THEIR CAPITAL GAINS IN THAT PROJECT PROBABLY IS GOING TO ALSO NEED SOME SORT OF KIND OF GAP FILLING AND PROBABLY COME TO THE CITY FOR SOME OTHER TYPE OF INCENTIVE.
SO AGAIN, THAT'S KIND OF WHERE MAYBE THE TIP COULD COME IN ON SOME OF THESE TYPES OF PROJECTS.
IS THIS WATERVIEW AND THIS ONE WEATHER IT? DO YOU KNOW THE STREETS? I DON'T.
SO THERE'S THIS, I, I I THINK YOU'RE PROBABLY RIGHT.
I'M PRETTY SURE THAT THAT'S A GOOD SIZE.
WHAT ARE THE OTHER FOUR ON TOP? ARE THOSE OTHER ZONES? YEAH, SO, UM, THE 3 1, 8 0.13, THAT'S, UM, THE UUTD AREA.
SO WE ARE, UM, WE DON'T OWN, YEAH.
WE DON'T SEE ANY POTENTIAL THERE.
BECAUSE THEY HAVE ALL, THEY HAVE ALL OF THAT PLANNED.
UM, AND THEN, YOU KNOW, FOR VARIOUS REASONS, WE'RE NOT, WE'RE NOT SEEING ANY POTENTIAL IN ANY OF THE OTHER AREAS.
SO IT'S JUST THAT, SO IT'S MM-HMM
SO, SO THAT'S SPRING VALLEY ON US.
I'M CURIOUS TO SEE WHAT THE OTHER ONES, THE OTHER IDEAS LOOK LIKE.
'CAUSE I'M LIKE OVER WHERE, YOU KNOW, THOSE APARTMENTS ARE BEING DEVELOPED.
I THINK IT'S IN TIF TWO, UH, DOWN, KIND OF NEAR FOSSIL.
I'LL BE CURIOUS TO SEE, YOU KNOW, IF ANYTHING'S OVER
[00:25:01]
THERE.SO THOSE, THOSE ARE TIP ONE STILL, ISN'T IT? MAYBE IT IS TIP ONE.
I, I THINK SOME OF THE CHALLENGES WITH THESE OTHER AREAS IS, AND I CAN'T READ THE NUMBER, BUT THE BIG ONE IN KIND OF THE MIDDLE, THAT'S PRIMARILY ALL RESIDENTIAL PROPERTY.
THERE'S NOT A LOT OF AREAS THERE FOR PROBABLY KIND OF A DEVELOPER TO COME IN AND TAKE ADVANTAGE.
AND THEN, SO THAT'S KIND OF THE CHALLENGE WE HAVE WITH SOME OF THE OTHER AREAS.
I THINK THAT THE SPRING VALLEY COT, AND AGAIN, THE GOVERNOR CAN ONLY APPROVE SO MANY OF THESE.
SO THESE ARE CENSUS TRACKS YEAH.
THAT HAVE BEEN DETERMINED KIND OF BY THE FEDERAL GOVERNMENT TO BE ELIGIBLE.
WE HAVE TO SUBMIT APPLICATIONS.
SO I THINK WE'RE TRYING TO FIND WHAT DO WE THINK IS GONNA, HAS THE BEST CHANCE MM-HMM
GETTING APPROVED BY THE GOVERNOR.
'CAUSE HE, HE WOULD MOST LIKELY NOT APPROVE ALL THESE FOR US.
THAT'S WHY WE WANNA FOCUS ON THAT ONE, BECAUSE HE CAN ONLY APPROVE 25% YEAH.
SO, AND YOU SAID SOMETHING ABOUT TIMING EARLIER.
SO, UM, ON THE NEXT SLIDE, WE'LL, UM, GO THROUGH.
SO THE NEW PROGRAM, SO, UM, TAKES EFFECT ON JANUARY 1ST, 2027.
AND AS I WAS SAYING, THE GOVERNOR WOULD NOMINATE 5% OF THE TRACKS.
SO THE NOMINATIONS START JULY 1ST, 2026.
SO WE ARE WORKING ON OUR A, UH, APPLICATION RIGHT NOW.
AND, UH, YOU KNOW, WE'VE BEEN WORKING ON THIS PROBABLY FOR THE PAST MONTH OR SO, AND WE'LL KNOW, UM, IN THE SPRING, YOU KNOW, AT THE END OF THE SPRING, WHAT, WHAT THOSE ELIGIBLE TRACKS ARE.
AND, UM, THESE, UM, FOUR CRITERIA THAT WILL HELP US IS STATUTORY COMPLIANCE, LOCAL SUPPORT, PROJECT VIABILITY, AND GEOGRAPHIC BALANCE.
SO THAT'S WHAT THE, WHAT THE GOVERNMENT WILL BE LOOKING AT.
SO WE THINK WE, YOU KNOW, WE THINK WE'RE DOING PRETTY WELL IN ALL FOUR OF THOSE.
UM, THE NEXT OPPORTUNITY IS ZONING TO ADDRESS MISSING MIDDLE HOUSING.
UM, SO MISSING MIDDLE HOUSING IS MODERATE DENSITY HOUSING.
THAT'S, UM, OH, OH, I'LL GO AHEAD AND KEEP TALKING FOR YOU.
WHAT WAS THE BENEFIT OF THE OZ? LIKE, HOW MUCH DID THEY GET? DID WE GET, IF THEY APPROVE IT, WE DON'T GET ANY, YOU DON'T GET ANY.
WE, YEAH, THAT'S WHAT, SO WHAT'S GREAT THOUGHT IS IT DOESN'T COST US ANY.
IT DOESN'T COST US ANY MONEY, BUT WE GET THE, THE BENEFIT IS WE HAVE SOME OF THE HOUSING MM-HMM
UM, YOU KNOW, WE GET SOME OF THE, OR WE GET THE, BE, YOU KNOW, ALL THOSE BENEFITS I TALKED ABOUT.
I THINK THERE WAS A FIRST ROUND OF THIS THAT I THINK WAS IN 2017.
THERE WERE NO TRACKS IN RICHARDSON AT THE TIME FOR US TO PARTICIPATE, BUT THIS 2.0 VERSION IS WHAT THEY ROLLED OUT.
AND THE WAY IT KIND OF WORKS IS, MY UNDERSTANDING IS I THINK IT'S TYPICALLY KIND OF HIGH WEALTH INDIVIDUALS THAT HAVE HAD CAPITAL GAINS ON INVESTMENTS.
THEY CAN ROLL THEIR, INVEST THOSE CAPITAL GAINS INTO THIS OPPORTUNITY ZONE FUND.
THAT'S MANAGED BY SOME FUND MANAGEMENT COMPANY HERE.
BUT THEY CAN PUT THEIR, THEIR MONEY IN THIS FUND, AND THEN THAT FUND INVESTS IN THESE PROJECTS.
SO JUST AGAIN, AND THIS, YEAH.
SOMETHING THAT COULD COME TO PLAY IS IF THERE'S SOME VACANT LAND, MAYBE A MULTI-FAMILY DEVELOPER COMES IN AND SAYS, WE WANNA PUT MULTI-FAMILY, UH, DEVELOPMENT HERE THAT BENEFITS LOW TO MODERATE INCOME FAMILIES.
NOW THEY MIGHT COME TO THE CITY FOR ANOTHER ASK TO SAY, HEY, WE CAN DO THIS PROJECT, WE'RE SHORT, YOU KNOW, AND WE NEED, YOU KNOW, $1.5 MILLION OR SOMETHING MM-HMM
AND SO THEY WOULD, YOU KNOW, THERE COULD BE SOME TIFF SUPPORT FOR A PROJECT LIKE THAT, BUT THAT'S GENERALLY HOW IT WORKS, IS MM-HMM
THE FUND WILL KIND OF INVEST IN THESE PROJECTS.
DOESN'T HAVE TO BE MULTI-FAMILY HOUSING, IT CAN BE OTHER TYPES OF PROJECTS.
SO GOING BACK TO THAT TRACK, THAT WAS THE ONE THAT YOU IDENTIFIED MM-HMM
SO ISN'T THAT A LOT OF APARTMENTS THERE? YEAH.
AND SO THAT'S WHAT, SO WHAT, THAT'S WHAT THE MONEY COULD BE USED FOR IS TO, YOU KNOW, TO LIKE REFURBISH THOSE APARTMENTS, YOU KNOW, GET THEM IN, YOU KNOW, UPGRADE THEM IN CERTAIN WAYS.
SO IT'S NOT LIKE WE'VE GOT VACANT AND LAND THERE THAT WE, WE DON'T DEVELOP NOW THERE'S PUBLIC IT WOULD BE DEVELOPMENT.
IT WOULD BE MOSTLY FOCUSED ON REDEVELOPMENT.
AND THERE'S A SPRING VALLEY, THERE'S A STRIP OF APARTMENTS, BUT TO THE NORTH OF THAT THERE'S HOUSES.
I'M JUST THINKING, I'VE DONE SOME RIDE ALONGS OVER THERE,
SO THE NEXT OPPORTUNITY IS, UM, ZONING AND ENTITLEMENTS FOR MISSING MIDDLE HOUSING.
UM, SO THIS WAS SOMETHING THAT WAS TALKED ABOUT QUITE A BIT DURING THE ENVISION RICHARDSON COMPREHENSIVE PLAN UPDATE.
UM, SO MISSING MIDDLE HOUSING, IT'S, UM, YOU KNOW, BRIDGING THAT GAP BETWEEN YOUR LARGE MULTIFAMILY APARTMENTS AND YOUR SINGLE FAMILY HOMES.
SO THOSE HOUSING TYPES ARE GONNA BE TOWN HOMES, DUPLEXES, FOURPLEXES, AND THE SMALLER APARTMENT COMPLEXES.
UM, AND, AND THE REASON FOR THAT IS JUST TO, WHAT CAME OUT IN THE STUDY IS TO DIVERSIFY OUR HOUSING.
SO, YOU KNOW, REMEMBER WE'RE TALKING ABOUT WHAT DO WE, YOU KNOW, FOR SENIORS, UM, YOU KNOW, THEY MAY WANT TO STAY IN RICHARDSON, BUT, YOU KNOW, WHAT COULD WE DO TO
[00:30:01]
MAKE THOSE HOUSING TYPES AFFORDABLE? SO IS IT GARDEN LEVEL APARTMENTS THAT, YOU KNOW, ARE SMALLER, UH, YOU KNOW, SMALLER UNITS AND HAVE A SMALLER FOOTPRINT? WELL, FOR DEVELOPERS, THAT'S NOT VERY ENTICING BECAUSE DEVELOPERS WANT DENSITY, YOU KNOW, TO MAKE A PENCIL OUT FOR THEM AND TO MAKE THE DEAL A GOOD DEAL.UM, SO, YOU KNOW, SO THIS WOULD BE PART OF, YOU KNOW, THAT GOAL OF HOW DO WE USE HFCS AND PFCS AND ALL OF THESE DIFFERENT TOOLS TO DEVELOP SOME OF THIS MISSING MIDDLE HOUSING.
UM, SO IT, IT'S REALLY REPRESENTING THAT SHIFT AND HELPING, YOU KNOW, YOU KNOW, HELP GET, GIVING A PLACE FOR, UM, YOU KNOW, PEOPLE WHO DON'T WANT A SINGLE FAMILY HOME OR AN APARTMENT IN A LARGE APARTMENT COMPLEX.
UM, SO AS I MENTIONED, IT WAS DISCUSSED, UH, EXTENSIVELY IN ENVISION RICHARDSON.
UM, SO RIGHT NOW OUR FUTURE LAND USE MAP AND PLACE TYPE CONCEPTS, UM, THERE, UM, APPROPRIATE AREAS, BUT OUR CURRENT ZONING DOES NOT ACCOMMODATE THESE.
UM, SO THAT'S WHAT WE WOULD BE LOOKING AT IS HOW, YOU KNOW, HOW CAN WE CHANGE OUR ZONING TO ACCOMMODATE THESE.
UM, SO THE PLAN INCLUDES ACTION ITEMS TO REVIEW AND UPDATE ZONING AND DEVELOPMENT STANDARDS RELATING TO MISSING MIDDLE HOUSING.
SO THIS IS ANOTHER AREA THAT WE'LL BE STUDYING.
UM, BUT, YOU KNOW, AN AREA THAT COUNCIL PRIORITIZED.
SO WE'LL, UH, WE'LL BE DOING SOME PRETTY DEEP DIVES WITH COUNCIL ON, UM, YOU KNOW, ON WHAT THAT LOOKS LIKE AND WHAT WE WOULD NEED TO DO AND WHAT CHANGES WE WOULD NEED TO ACTIVATE TO ZONING, ZONING CODE AMENDMENTS, OR AUTHORIZED HEARINGS.
WE DON'T, YEAH, WE'RE GONNA HAVE ALL OF THOSE CONVERSATIONS WITH COUNCIL.
SO WE'LL START DOING THOSE IN, I THINK IN THE SUMMER.
SO NEXT, UM, UM, SO THIS ONE IS, UM, HOUSING FINANCE CORPORATIONS, HFCS AND PUBLIC FACILITY CORPORATIONS.
UM, THESE ARE, UM, YOU KNOW, SOMETHING I THINK THAT, YOU KNOW, TO KEN'S POINT WOULD INVOLVE YOUR, THIS BOARD MORE SO.
UM, SO THEIR PUBLIC NONPROFIT FINANCING ENTITIES USED TO SUPPORT REAL ESTATE DEVELOPMENT FOR AFFORDABLE HOUSING AND OTHER PUBLIC FACILITIES.
SO THEY'RE AUTHORIZED UNDER THE TEXAS LOCAL GOVERNMENT CODE.
UM, ONE THING I REALLY WANNA REITERATE, THESE ARE VERY COMPLEX ENTITIES.
THEY'RE, UM, COMPLEX PARTNERSHIPS WITH, UM, THEY'RE TYPICALLY USED FOR HOUSING PROJECTS.
AND, YOU KNOW, LIKE I SAID, IN SOME PLACE, IN SOME CASES OTHER PUBLIC FACILITIES, UM, FOR THIS STUDY, WE IDENTIFIED IT MO MOSTLY FOR HOUSING.
UM, SO I THINK WE'LL PROBABLY END UP HAVING THAT MORE NARROW FOCUS GOAL.
UM, BUT THEY EN ENABLE TAX EXEMPT BOND FINANCING AND PROPERTY TAX ADVANTAGES.
AND WHAT ARE THE OTHER TYPES OF, YOU SAID THIS WILL BE MORE FOR HOUSING, BUT WHAT ARE THE OTHER TYPES OF FACILITIES? THEY, UM, WE'VE SEEN, UM, LIKE EVENT CENTERS, UM, HOTEL LIKE, UM, HO HOTELS FOR EVENT CENTERS.
UM, AND SO THEN THAT HELPS WITH HOTEL OCCUPANCY TAX.
CAN, CAN YOU REMEMBER SOME OF THE OTHER EXAMPLES? YEAH, THAT, THAT'S PROBABLY A GOOD EXAMPLE.
I THINK, I THINK OUR APPROACH IS PROBABLY GONNA BE MORE FOR HOW HOUSING TYPE RELATED.
UM, BUT IT COULD BE USED FOR, LIKE NETTE SAID, REALLY ANY PUBLIC FACILITY.
THAT'S THE PFC, NOT THE H HFC IS JUST HOUSING.
AND I THINK YOU HAVE A CHART HERE THAT'LL SHOW THAT OR A LITTLE BETTER A LITTLE BIT.
DEFINE IT A LITTLE BIT BETTER.
AND SO THERE TYPICALLY LONG-TERM FINANCIAL ARRANGEMENTS, UM, WITH, YOU KNOW, THE, UM, KEY BEING PROPERTY TAX EXEMPTIONS, SALES TAX EXEMPTIONS FOR CONSTRUCTION MATERIALS, AND THEN OTHER ECONOMIC DEVELOPMENT CONSIDERATIONS AND INCENTIVES.
SO WHEN WE TALK ABOUT THE PROPERTY TAX EXEMPTIONS, WE, WE HAVE BEEN APPROACHED, AND I THINK THE CITY COUNCIL IN THE PAST HAS WANTED TO KIND OF TAKE A WAIT AND SEE UNTIL WE GOT THROUGH THIS HOUSING ASSESSMENT.
BUT THE AGREEMENTS THAT HAVE COME TO US IN THE PAST HAVE BEEN UP TO 99 YEAR, YOU KNOW, PROPERTY TAX EXEMPTION, I MEAN, EXTREMELY LONG MM-HMM
UM, FOR A FULL 100% PROPERTY TAX EXEMPTION.
IT'S NOT ONLY OUR TAXES THAT GET EXEMPTED, IT'S EVERY OTHER, SO IT'D BE DALLAS COUNTY, IT WOULD BE THE SCHOOL DISTRICT, UM, WHEN THESE THINGS ARE APPROVED AND THE CITY HAS THE ABILITY TO APPROVE THESE WITHOUT INPUT FROM THESE OTHER TAXING ENTITIES MM-HMM
SO, YOU KNOW, THAT'S BEEN A CONCERN IN THE PAST WHEN WE WERE APPROACHED.
AND AGAIN, A LITTLE BIT OF OUR WAIT AND SEE.
DO YOU HAVE ANY HOUSING FINANCE CORPORATION PROJECTS IN RICHARDSON RIGHT NOW? WE DO NOT.
WE HAVE HAD TWO THAT UNBEKNOWNST TO US, UH, ONE FROM, UH, CAMERON COUNTY, WHICH IS DOWN ON THE, UH, US MEXICO BORDER AND THE GARLAND HOUSING FINANCE, UH, HOUSING CORPORATION HAVE BOTH TRIED TO COME IN AND, AND MAKE EXISTING PROPERTIES HERE IN RICHARDSON TAX EXEMPT.
UM, SO THERE ARE NONE IN THE CITY OF RICHARDSON YET? THERE ARE NONE YET.
UM, THEY DID THAT AFTER THE, THE TAX LAWS WERE CHANGED, BUT THEY WERE TRYING TO GRANDFATHER THEM IN.
[00:35:01]
THEY HAVE NOT BEEN SUCCESSFUL DOING THAT.I DON'T THINK THEY COME BACK TO THE APPRAISAL DISTRICTS.
WELL, THEY WON'T ON A GO FORWARD BASIS, BUT THEY'VE ARGUED THAT THEY STILL HAVE A COUPLE YEARS, UH, THE WAY THE LAW WAS PUT INTO PLACE.
BUT ANYWAYS, YOU KNOW, LONG STORY SHORT, WE DO NOT HAVE ANY TO THIS, THIS AT THIS POINT.
AND THAT'S ONE OF THE, UM, YOU KNOW, THAT'S ONE OF THE REASONS, UH, YOU KNOW, IF CONSIDERING, UM, DEVELOPING THESE OURSELVES SO THAT WE HAVE MORE CONTROL OVER, YOU KNOW, THE TAXING IMPLICATIONS AND SO.
SO, UM, IF YOU GO TO THE NEXT SLIDE, THIS IS A VERY BUSY CHART, BUT I'LL, YOU KNOW, TRY TO WALK YOU THROUGH.
SO THERE, WHILE THERE ARE MANY SIMILARITIES BETWEEN HFCS AND PFCS, SOME OF THE NOTABLE DIFFERENCE DIFFERENCES ARE THAT, UM, THE, UM, THE HFCS MUNICIPALITIES AND COUNTIES ARE THE ONLY ONES THAT CAN, UM, YOU KNOW, THAT CAN DEVELOP THESE H HFCS.
WHEREAS, YOU KNOW, YOU COULD HAVE A SCHOOL DISTRICT, UM, A SCHOOL DISTRICT OR ANY OF THE HOSPITAL DISTRICT OR JUNIOR COLLEGE DISTRICT.
SO THERE'S JUST A LOT MORE ENTITIES THAT CAN DEVELOP THOSE.
UM, ANOTHER, UM, DISTINCTION IS THE PURPOSE.
SO HS H HFCS ARE AUTHORIZED TO DEVELOP RESIDENTIAL PROPERTIES WHERE PFCS CAN FINANCE OR DEVELOP A BROADER RANGE OF PUBLIC FACILITIES, LIKE WE'VE DISCUSSED.
UM, THE THIRD MAJOR DISTINCTION IS RELATED TO BOND FINANCING.
SO BOTH HFCS AND PFCS CAN SERVE AS TAX EXEMPT BOND ISSUERS FOR HOUSING PROJECT, UM, THE HFC OR PFC CAN ISSUE PRIVATE ACTIVITY BONDS.
I POINT TO THAT BOTH OF THEM ISSUE TAX EXEMPT DEBT THROUGH HOW THEY'RE STRUCTURED.
UM, OH, ONE THING BACK TO THE BOARD, UM, THE BOARD OF DIRECTORS.
SO WE, UM, THE BOARD OF DIRECTORS, THAT COULD BE OUR COUNCIL, SOME OF OUR COUNCIL MEMBERS SERVING AS THE BOARD.
UM, SO IT DOESN'T NECESSARILY HAVE TO BE A NEW BOARD.
THE OTHER THING I, I GUESS, TOO, ON THE BOND, UH, THE TAX EXEMPT DEBT, THAT DOES NOT COUNT AGAINST THE CITY'S BONDING CAPACITY.
UM, IT, THESE ARE SEPARATE ENTITIES THAT WOULD BE SET UP.
SO, UM, YOU KNOW, I GUESS THAT'S A BENEFIT IN SOME WAYS IF YOU'RE DOING THIS.
UM, SO THE INCOME TARGETING, SO BOTH OF THEM HAVE TO INCLUDE AFFORDABLE UNITS.
AND THE KEY DISTINCTION BETWEEN THE TWO IS THAT AN HFC PROJECT HAS TO OFFER HIGHER PERCENTAGE OF AFFORDABLE UNITS, AT LEAST 90%.
UM, SO THEREFORE MOST HFC PROJECTS NEED TO SEEK HOUSING TAX, CREDIT FINANCING, OR SOME KIND OF OTHER FEDERAL HOME PARTNERSHIP PROGRAM FINANCING.
UM, SO THE, UM, SO JUST TO KIND OF BRING IT ALL BACK TOGETHER, SO PFCS CAN DEVELOP NON-RESIDENTIAL PROJECTS.
UM, REGARDING PROJECTS, HFCS CAN PARTNER WITH THE STATE TO ISSUE MORTGAGE REVENUE BONDS.
HFCS AND PFCS COMPETE UNDER DIFFERENT SUBS CEILINGS.
UM, SO FOR THE AUTHORITY TO ISSUE BONDS, SO DEPENDING ON THE ACTIVITY LEVEL OR OTHER HFCS AND PFCS IN THE STATE, THERE MAY BE SOME YEARS WHERE IT'S EASIER TO ISSUE AN HFC BOND FOR AN HFC TO ISSUE BONDS.
SO ONE OF THE BENEFITS OF HAVING BOTH ENTITIES IS WE BASICALLY HAVE TWO DIFFERENT, UM, TOOLS OR INSTRUMENTS TO BE ABLE TO, UM, DO THE PROJECT DEALS THAT THE DEALS THAT WE WANNA, WE WANNA DO.
UH, SO I HAVE A QUESTION FOR KENT.
YOU SAID THAT THE CITY COULD ISSUE TAX EXEMPTIONS, NOT THE CITY.
THESE WOULD BE SEPARATE CORPORATIONS AND THEY'LL ISSUE THEIR, THE, THE DEBT GETS ISSUED SEPARATELY BY THESE CORPORATIONS UNDER THEIR AUTHORITY BY THE STATUTE, SO TO SPEAK.
THE, THE, THIS WOULD NOT BE CITY BONDED DEBT, I GUESS WHAT I WAS TRYING TO SAY.
NO, YOU DON'T HAVE TO REPAY IT.
AND IN TERMS OF THE TAX EXEMPTION, ONCE IT'S OWNED BY THE CORPORATION YEAH.
NOT ON SALES TAXES FOR THE MATERIALS THAT THEY BUY TO DO THE PROJECT OR PROPERTY TAXES, COUNTY SCHOOL CITY.
BUT THE SCHOOL AND THE CITY HAVE VISIBILITY THAT THIS IS COMING.
THEY DON'T, IT JUST KIND OF GETS WIPED OUT WITHOUT THEM KNOWING.
WELL, WELL, WELL, IT, I MEAN, IN THE PAST THAT HAS BEEN THE CASE.
UM, WE'VE HAD SOME THAT, LIKE I MENTIONED, TRIED TO COME IN HERE AND THEY DIDN'T NOTIFY THE CITY IN THE PAST UNDER THE OLD STATUTES.
THEY DIDN'T HAVE TO, THE CITY COUNCIL HAD NO CONTROL UNDER THE PFC STATUTE WAS CHANGED, I THINK, IN 2023 AND THE HFC IN 25 SESSION.
AND BOTH OF THEM NOW REQUIRE THAT A
[00:40:01]
CITY COUNCIL, IF, IF THEY'RE GONNA DO IT WITHIN, SAY, THE CITY OF RICHARDSON JURISDICTION, THEN OUR CITY COUNCIL HAS TO AUTHORIZE THAT.THOSE ARE TWO LEGISLATIVE CHANGES.
THERE'S SOMETHING IN THE AREA ABOUT THAT.
ANOTHER, THERE'S BEEN A LOT OF LIKE IRVING OR YEAH.
IT'S NOT JUST THE CITY THOUGH.
IT'S RISD WOULD'VE TO BE NO, NO, NO, NO.
I WILL TELL YOU, IF THE CITY DECIDED TO DO THIS, THEN IT'S, EVERYBODY'S TAXES ARES AN EXEMPTION FOR ALL THE OTHER TAXES ENTITIES.
THAT'S STILL EXISTS UNDER THE CURRENT STATUTE.
SO THAT'S A MI AND LMI ON THERE.
UM, AREA MEDIAN, UM, INCOME AREA, MEDIAN, AND THEN UHHUH LOW TO MODERATE.
GO GO BACK TO THE SLIDES BEFORE THIS.
'CAUSE I THINK WE MISSED ONE, MAYBE A LITTLE BIT OF AN IMPORTANT ONE MORE BEFORE THIS, RIGHT THERE.
THE, THE ONE THING I THINK THAT'S ALSO WORTH MENTIONING IS WE ARE NOT THESE, THESE ARE DANETTE MENTIONED.
THESE ARE EXTREMELY COMPLEX ORGANIZATIONS.
THERE'S PARTNERSHIPS, MULTIPLE PARTNERSHIP STRUCTURES THAT GET SET UP BETWEEN DEVELOPERS, HFC AND SO FORTH.
WE WOULD NOT GO AT THIS ALONE.
SO, UM, THERE WOULD BE A GENERAL PARTNER COUNSEL THAT'LL BE PART OF THIS, OF OFTENTIMES, LIKE WHEN WE ISSUE DEBT, WE HAVE A SPECIALIZED BOND ATTORNEY.
THERE WOULD BE ONE INVOLVED FOR THE HFC.
UH, THEY'LL, WE WILL BRING IN A FINANCIAL ADVISOR TO HELP, UM, KIND OF STRUCTURE THIS AND, AND HELP GUIDE US THROUGH THIS.
AND THEN THERE'S A SPECIALIZED ACCOUNTING FIRM THAT GETS, YOU KNOW, OUR ACCOUNTANTS DON'T DO TAX ACCOUNTING AND, UM, THE, THE, YOU KNOW, THIS ACCOUNTING FIRM SPECIALIZES.
SO THERE WOULD BE MULTIPLE KIND OF OTHER ENTITIES THAT WOULD BE HELPING.
AS THESE PEOPLE AS WELL AS THE ACCOUNT CITY COUNCIL.
AND ANYBODY ELSE IN, NOW NOW THEY WOULD WORK ESSENTIALLY, I BELIEVE, FOR THE HOUSING FINANCE CORPORATION OF PFC, BUT THEY WILL BE INVOLVED IN THIS PROCESS AS WELL.
AND WE STILL HAVE A LOT TO LEARN ON THIS, BY THE WAY.
UM, SO THE OPPORTUNITY ZONES COUNCIL BRIEFING, WE ARE PLANNING THAT FOR SPRING OR SUMMER OF THIS YEAR.
AND THEN WE'LL DO, SO ALL OF THESE WILL BE, UM, GIVE COUNCIL MORE INFORMATION AND, YOU KNOW, GIVE THEM DECISION POINTS ON, YOU KNOW, ON SPECIFICALLY WHAT WE'LL DO.
THEN THE MISSING, MISSING MISSING MIDDLE HOUSING CONVERSATION WILL OCCUR THE SPRING AND SUMMER OF 26.
AND THEN CDBG FUNDING BRIEFING THE SUMMER OR FALL OF 26.
AND THEN PFC AND HFC, UM, WILL GIVE THAT TO COUNSEL IN THE SUMMER AND FALL OF 2026.
AND, AND YOU LET US KNOW WHEN YOU'RE DOING YEAH.
OH, AND, AND WE CAN COME BACK WITH, UH, I THINK UPDATES.
THOSE GOOD UPDATES COMING OFF SOME, YOU KNOW, THE ONE THING I'VE NEED TO MISS, IF I DIDN'T SAY THE PFC AND HFCS ARE EXTREMELY COMPLICATED.
UH, AMY HERE, AMY FERGUSON CAME OUT THIS PAST YEAR OR SO, NEW ASSISTANT DIRECTOR OF FINANCE.
AND ANNA HAS WHAT? WE HAD AN FOC PROJECT OUT THE SCHOOL OF SENIOR HOUSING
AND THEN WE ACTUALLY HAD SIX PFC PROJECTS, UM, THROUGHOUT THE, THROUGHOUT THE CITY.
THEY WERE ALL BRAND NEW APARTMENT, UM, HOMES AND DIFFERENT THINGS.
AND, AND THE HFC, THEY WENT THROUGH COLLIN COUNTY TO, TO DO THAT TAX EXEMPT BONDING DEBT.
AND THEN THE OTHER PROJECTS WENT THROUGH PRIVATE PARTNERSHIPS WITH THE DIFFERENT, UM, THE DIFFERENT DEVELOPERS.
AND SO WHEN ONCE THOSE PROJECTS WERE SOLD, THEN ALL OF THAT FINANCING AND ALL OF THE DIFFERENT COMPONENTS OF IT COME TO THE CITY.
AND THEN WE, WE HAD TO TAKE CARE OF IT FROM THERE.
SO WE'VE BEEN FORTUNATE, KINDA WITH AMY, FOR US TO START ASKING HER SOME QUESTIONS.
AND SHE'S BEEN THROUGH SOME OF THIS BEFORE TOO, SO, YEAH.
THAT WAS, THERE'S SOME REALLY FORWARD THINKING STUFF IN HERE, SO THANK YOU.
I HOPE WE DIDN'T BEAT YOU UP TOO MUCH.
THE NEXT ITEM ON OUR AGENDA IS TO REVIEW THE TAX INCREMENT FINANCING REINVESTMENT ZONE NUMBER ONE ANNUAL REPORT FOR FISCAL YEAR ENDING SEPTEMBER 30TH, 2025.
MR. GASTRO, IF YOU'RE ON, THANK YOU, MR. TAYLOR.
UM, BOARD MEMBERS APPRECIATE YOUR TIME THIS EVENING.
SO, UH, EVERY YEAR WE PROVIDE AN UPDATE ON OUR MOST RECENTLY COMPLETED FISCAL YEAR, UH, ANNUAL REPORT FOR EACH OF OUR, UH, TIF DISTRICT.
SO FOR TIF NUMBER ONE, THIS WILL BE THROUGH FY 25 THROUGH SEPTEMBER 30TH, 2025.
UH, WE'VE, WE'VE FILED A REPORT WITH THE STATE AS REQUIRED.
UM, AND WE WILL HAVE, UH, THE REPORTS
[00:45:01]
ONLINE NEXT WEEK.UM, WE JUST, WE WAIT UNTIL WE GET OUR CITYWIDE AUDIT COMPLETED, WHICH WILL BE PRESENTED TO THE COUNCIL ON MONDAY EVENING.
AND THEN ONCE THAT'S DONE, UM, EARLY NEXT WEEK, WE'LL HAVE THAT ONLINE AND AVAILABLE.
BUT THE INFORMATION CONTAINED WITHIN IT, YOU'RE GONNA SEE A LOT OF THAT TONIGHT, UH, THROUGH THIS PRESENTATION.
IS THERE GONNA BE A QUIZ? NO,
SO, AS Y'ALL KNOW HERE, HERE'S A, HERE'S AN OVERVIEW OF KIND OF THE MAP OF OUR AREAS WITHIN TIF.
NUMBER ONE, UM, MANY OF YOU'RE AWARE IT STARTED BACK IN 2006, UH, RUNS THROUGH 2031.
UH, WE DID EXPAND ITS FOOTPRINT, UH, A FEW TIMES ALONG THE WAY.
IT'S CURRENTLY, UH, OVER 1700, UH, ACRES.
AND WE DO HAVE SEVERAL SUB ZONES WITHIN THE TIFF.
HERE'S A LOOK AT THE APPRAISED VALUES.
I DO WANT TO EXPLAIN A LITTLE BIT ON THIS SLIDE 'CAUSE THERE'S A LOT HAPPENING.
SO THE RED LINE GOING THROUGH AT 429 MILLION, THAT'S THE BASE YOUR TAX VALUE BEFORE THE DIFFERENT EXPANSIONS ALONG THE WAY, WHEN YOU CONSIDER THE EXPANSIONS THAT OCCURRED IN 20 15, 20 21 ARE BASE VALUES, UH, AT JUST OVER A BILLION.
WELL, TODAY YOU CAN SEE, UH, WITH THAT EXPANDED ACREAGE, UH, THE TAX VALUES ARE PRAISED AT 2.72 BILLION.
SO, UM, WE'RE SEEING SIGNIFICANT GROWTH WITHIN THE TIFF.
HERE'S A LOOK AT THE REVENUE BREAKDOWN FROM HOW WE COME FINISHED LAST FISCAL YEAR, AS WELL AS WHAT WAS BUDGETED.
UM, LAST SUMMER WHEN WE CAME TO THE BOARD AND, AND THEN FINISHED OUT OUR BUDGET PROCESS ONCE WE GOT CERTIFIED VALUES.
UH, THERE'S A LOOK AT WHAT WE WERE BUDGETING AT THAT POINT IN TIME THROUGHOUT THE YEAR AS SUPPLEMENTAL VALUES CHANGE, AS, UH, VALUES INCREASE OR DECREASE ON THE ROLE, WHAT ACTUALLY IS GONNA END THIS YEAR FOR THE TAXES, FOR EXAMPLE, AS WELL AS THE INTEREST REVENUE.
'CAUSE THAT'S BASED ON PROJECTIONS, THAT'S GONNA CHANGE.
BUT AT THIS POINT IN TIME, THAT'S WHAT IT LOOKED LIKE.
SO YOU CAN SEE, UH, WE HAD OVER 10.7 MILLION IN REVENUES LAST YEAR, AND WE WERE BUDGETING AT 12.3 MILLION, UH, FOR THE CURRENT FISCAL YEAR THAT WE'RE IN.
NOW, HERE'S A LOOK AT A FINANCIAL STATEMENT, AGAIN, THOSE REVENUE NUMBERS IN THERE.
AND THEN WHAT OUR EXPENDITURES, WE WERE PROJECTING TO, TO HAVE, WHAT WE FINISHED THE YEAR, WE HAD 14.2 UH, MILLION IN EXPENDITURES, 7.7 MILLION OF THAT WAS ON CAPITAL.
UM, AND I WILL GO INTO THE DETAIL IN FUTURE SLIDES SO YOU CAN SEE WHAT MAKES THAT UP.
BUT AT THE BOTTOM, YOU CAN SEE WHAT OUR FUND BALANCE.
WE ENDED THE YEAR AT 15 MILLION IN FUND BALANCE.
AND BASED ON WHERE WE WERE PROJECTING THE BUDGET TO BE AND WHAT WE WOULD BRING IN REVENUES AND SPEND THIS YEAR, UH, WE WERE PROJECTING TO END AT JUST SHY OF 10 MILLION, UH, FOR THE CURRENT YEAR FOR MAKING UP THOSE 14.2 MILLION IN EXPENSES.
UH, WE HAVE, UH, ACTIVE DEVELOPER AGREEMENTS, CAPITAL IMPROVEMENTS, OPERATING EXPENSES, SOME STUDIES, AND THEN SOME GENERAL ADMINISTRATIVE CHARGES.
UH, AGAIN, I'LL GO INTO THE DETAIL IN THE FUTURE SLIDES FOR THE ACTIVE DEVELOPER AGREEMENTS.
SO IF YOU THINK ABOUT SOME OF THOSE PARTICULAR DISTRICTS THAT WE HAVE, UH, SET UP, SO BRICK ROW, E SIDE, PHASE TWO, AND THEN BELT AND MAIN, UM, YOU CAN SEE WE, WE PAID OUT FOUR POINTS, A LITTLE OVER 4.7 MILLION THIS PAST YEAR, UM, THROUGH, UH, THIS PAST YEAR.
WE'VE PAID 22 MILLION, UH, TO DEV THOSE DEVELOPMENTS.
AND THEN WE ARE PROJECTING 4.6 MILLION, UH, FOR THE CURRENT YEAR FOR THE CAPITAL IMPROVEMENTS.
SO MAKING UP THAT LOW, OVER 7.7 MILLION THAT WAS SPENT, UH, WAS, UH, WE MADE SIGNIFICANT HEADWAY ON GLENVILLE DRIVE.
WE'RE ANTICIPATING HAVING THAT WRAPPED UP THIS CURRENT FISCAL YEAR.
THAT WAS A PARKING, UH, PARKING IMPROVEMENTS, UH, OVER THERE IN THE LOCKWOOD AREA.
UH, WE HAD ADDITIONAL EXPENSES RELATED TO, UH, THE ARAPAHO 75 STUDY.
AND THEN MAIN STREET, PHASE TWO HAD SOME EXPENSES FOR THE CURRENT YEAR THAT WE'RE IN.
WHAT WE WERE BUDGETING WAS THE FINISH OUT OF GLENVILLE DRIVE, THE REMAINING 1.3 MILLION, THAT AT THAT POINT IN TIME WE WERE ESTIMATING TO WRAP UP THAT PROJECT.
UH, THAT WAS THE PART SUPPORTED BY THE TIFF.
AND THEN, UH, TO START PHASE ONE OF COLLINS BRIDGE.
UH, AND THAT IS A, A MULTI-YEAR PROJECT.
SO THE FIRST, THE FIRST HALF OF THOSE EXPENSES WOULD BE PROJECTED TO HAPPEN IN THE CURRENT FISCAL YEAR, OPERATING EXPENSES.
SO WE HAVE ANNUAL MAINTENANCE, UM, AND WHEN YOU THINK OF ANNUAL MAINTENANCE THAT INCLUDE LANDSCAPING, TRASH SERVICE, ALL OCCURRING WITHIN THE DISTRICT, SO IT'S NOT FOR OTHER PARTS OF THE CITY.
UM, SIGNAGE, UH, MAINTENANCE OF OUR IQ HQ, UH, FACILITY THAT WE'VE HAD BOARD MEETINGS AT AS WELL.
UM, MAIN STREET PARKING LEASE, THAT'S FOR ESSENTIALLY
[00:50:01]
PAYING THE, THE TAXES ON, UH, FOR USE OF A, A LEASE, UH, DOWN IN THE MAIN STREET AREA, UH, FOR PARKING.UH, WE FUND TWO HALF POSITIONS OUT OF THIS FOR OUR ECONOMIC DEVELOPMENT DEPARTMENT.
AND THEN, UH, ALSO WHAT MAKES UP THAT 282,000 THAT WE SPENT WAS, UH, EVENT PROGRAMMING, UH, WITHIN TIF ONE.
SO IF YOU THINK ABOUT THINGS LIKE CULTURE IN THE CORE, THINGS LIKE THAT PROGRAM ASSOCIATED WITH THOSE TYPES OF EVENTS OCCURRING WITHIN THE TIF DISTRICT, UM, IS IS FUNDED HERE AS AN OPERATING EXPENSE.
AND THEN WE, UH, HAVE WRAPPED UP, UH, INSPECTIONS FOR BELT AND MAINE LOOKING AT THE NEXT YEAR.
AGAIN, IT'S, IT'S BUILDING IN THAT ANNUAL MAINTENANCE, THE ED DEPARTMENT EXPENSES AND EVENT PROGRAMMING.
UH, AS WELL, WE HAD, WE HAD PROJECTED CONSULTING SERVICES THAT WOULD BE, IF WE'RE GONNA BE DOING ANY SORT OF CHANGES TO OUR PLAN, I WOULD ANTICIPATE FUTURE YEARS, WE'RE PROBABLY GONNA NOT NEED TO PROGRAM THAT IN SINCE WE'RE NOW AT THE POINT WHERE WE'RE ONLY, UH, ABOUT FIVE YEARS AWAY FROM THE END OF THE TIF.
UH, IT'S UNLIKELY WE WOULD NEED TO DO THAT.
BUT THAT WAS PROGRAMMED IN LAST SUMMER WHEN WE ADOPTED THE BUDGET, LOOKING AT STUDIES AND ONE-TIME INCENTIVES.
I KNOW THERE'S A LOT ON THIS SLIDE.
SO, UM, ON, IF YOU START WITH THE ACTUALS FOR, FOR LAST YEAR, YOU CAN SEE THE LOCKWOOD SHERMAN.
UM, SO THERE WAS A, A GRANT ASSOCIATED WITH THE, UH, EXPANSION OF THE DISTILLERY OPERATIONS BY LEASING, UM, ADDITIONAL SPACE TO GROW THEIR BOTTLING AND STORAGE OPERATIONS.
UH, ALAMO DRAFTHOUSE RENOVATION, UH, ZI MOSS, WHICH IS GONNA BE VERY CLOSE TO THE, THE HOME OF CITY HALL ONCE IT'S FINISHED BEING BUILT.
JUST CATTYCORNER ACROSS THE HIGHWAY THERE.
SO THAT'S A DIGITAL ORTHODONTICS SOLUTIONS COMPANY.
AND THEY WERE EXPANDING, UH, RETAINING JOBS AND CREATE PLANNING TO CREATE, UH, ABOUT 127 MORE JOBS OVER THE NEXT FIVE YEARS.
SO THEY'RE LIKE MANUFACTURER? UH, YES.
THEY, AND THAT WAS FOR OFFICE AS WELL AS LAB SPACE FOR THEIR EXPANSION.
AND THAT'S WHAT THAT INCENTIVE WAS A PART OF.
THEY LOOK, THEY'RE AT 1703 PLANO ROAD.
THAT WAS A PART OF, UM, A RAMP GRANT, WHICH IS RESEARCH AWARD MATCH PROGRAM.
UH, AND THAT'S, UH, A GRANT THAT, UH, THEY SPECIALIZE IN ADVANCED MATERIALS RESEARCH, UH, NANOTECHNOLOGY AND SURFACE SCIENCE.
UM, SO PRETTY HIGH TECH STUFF.
AND THERE WAS A, A TWO YEAR PART, UH, TO THAT GRANT WHERE WE WERE PROVIDING $25,000 OF TIF SUPPORT, UH, THIS PAST YEAR AND THEN $25,000 IN THE, THE CURRENT YEAR THAT WE'RE IN NOW.
AND THEN, UH, THERE WERE SOME ADDITIONAL IQ HQ COSTS THAT FINISHED OUT, UH, LAST FISCAL YEAR.
FIRST FOUR, THAT'S REALLY RANDOM TO ME.
SO THEY OPERATE OUT OF OUR IQ HQ BUILDING.
IT'S LIKE THE INTERNATIONAL ARM FOR THE KIDS OR SOMETHING.
SO THEY'RE LIKE, OUR INTERNATIONAL ARM, UM, IS THE INDIA.
LOOKING AT THE YEAR WE'RE NOW IN, SO FINISHING OUT JP ANALYTICAL, BUT THEN YOU SEE SOME, SOME, UM, MORE SIGNIFICANT, UH, PROJECTED EXPENSES FOR PROJECT JOURNEY AND PROJECT NOVA, WHICH WERE TWO PROJECTS THAT WE HAD BROUGHT TO THE TIF BOARD LAST MARCH.
UM, AND RECEIVED INPUT AND ACTION FROM THE BOARD ON THAT.
SO THAT'S GONNA BE THE HIGH STREET AREA.
UM, THAT'S GONNA BE, UM, RECEIVING THREE AND A HALF MILLION IN THE CURRENT YEAR, AND THEN THERE'S FUTURE YEARS AS WELL.
UM, THEY'RE RECEIVING, UH, A TOTAL OF 10.6 MILLION, UH, FROM TIFF FUNDED SUPPORT O OVER A THREE YEAR PERIOD FOR THAT.
AND THEN PROJECT NOVA, SO THAT'S LEGACY PARTNERS.
AND, AND FOR THAT ONE, THAT IS, UH, SO THINK OF THAT, UM, NEAR THE, UH, ARAPAHO STATION AREA.
SO, UH, JUST SOUTH OF ARAPAHO, NEAR THE GYMNASTICS CENTER, UH, THERE'S A PROPERTY PROJECT JOURNEY.
I DON'T REMEMBER WHAT, TELL YOU WHAT, NEXT PAGE.
SO JOURNEY GREENVILLE POLK, IT'S, SO, IT'S A DOWNTOWN DEVELOPMENT.
IT'S GONNA BE 275 UNIT MULTIFAMILY SHOP WAS OH, YEAH, YEAH, YEAH.
MEMPHIS PO POLK, POLK, POLK STREET.
I'LL COME BACK TO THIS SLIDE AND JUST KIND OF WRAP UP THIS ONE.
THEY WENT BY THERE A COUPLE WEEKS AGO AND THEY'RE REALLY, THEY'RE REALLY DOING A LOT AND BUILDING THERE.
SO THAT'S A MULTIFAMILY DEVELOPMENT AS WELL.
MICRON, UM, WAS A BIG, UH, ANNOUNCEMENT OF THEM EXPANDING AND, AND A LOT OF CAPITAL INVESTMENT IN, IN THE CITY.
AND SO THEY'RE RECEIVING SOME SUPPORT FROM THE TIFF AND THEN FUTURE PROJECTS.
SO AT THE TIME WE ADOPTED THE BUDGET, WE HAD SEVERAL PROJECTS IN THE PIPELINE, UM, THAT, UH,
[00:55:01]
WE WANTED TO BUILD IN AND PLAN FOR CASH FLOW PURPOSES THAT WE DIDN'T WANNA ONLY BUILD IN THE STUFF THAT WE HAD INKED, INKED DEALS ON.WE WANTED TO PLAN OUT, UH, THOSE ADDITIONAL EXPENSES.
SO RETURNING BACK TO PROJECT JOURNEY AND PROJECT NOVA, UH, SO AGAIN, I MENTIONED THE 10.6 MILLION, UH, IN SUPPORT THROUGH THE TIF FOR PROJECT JOURNEY.
UH, THERE'S ALSO A DONATION OF LAND, AND THEN WE DO HAVE SOME PUBLIC REALM IMPROVEMENTS.
SO THE $9.9 MILLION FOR, UH, THE DOWNTOWN AREA THAT'S FUNDED THROUGH, UM, COS THAT ARE GONNA BE ISSUED THE SPRING.
UM, AND THAT IS FOR PUBLIC INFRASTRUCTURE.
UH, SO IF YOU LOOK HERE, SO, UH, YOU CAN'T SEE MY CURSOR.
WELL, I HAVE THE RED OUTLINE THERE.
AND JUST TO THE EAST OF THAT, YOU'VE GOT LIKE THE C UH, THE GYMNASTICS CENTER JUST NORTH OF THAT.
YOU SEE THE ARAPAHO STATION YEAH.
IT'S THAT OLD WILLIS TOWERS WANTS WTW BUILDING.
DON'T KNOW THE ANSWER TO THAT.
AND SO THAT'S ANOTHER MULTIFAMILY DEVELOPMENT, UM, THAT'S BEING, UH, FUNDED WITH TIF SUPPORT, UH, SIX AND A HALF MILLION, UH, THROUGH A GRANT, UH, OVER MULTIPLE YEARS.
UH, AS WELL AS A, UH, PROPERTY TAX REBATE.
I MENTIONED ONE 11 WEST SPRING VALLEY, SO SHERMAN LOFT.
SO, UH, THIS WAS APPROVED BY THE BOARD BACK IN MAY OF 2022.
UH, THERE'S, THERE'S SOME GOOD MOVEMENT ON THAT, A LOT OF CONSTRUCTION HAPPENING.
AND, UM, WE'RE EXPECTING THAT TO BE COMPLETED BY 2027.
AND THERE'S TWO AND A HALF MILLION IN SUPPORT FROM THE TIFF, UH, FOR THE INFRASTRUCTURE AND PARKING GARAGE.
SOME ADDITIONAL DEVELOPMENT UPDATES.
SO, UH, I MENTIONED PREVIOUSLY ABOUT LOCKWOOD, SO THERE WAS 400,000 IN TIF SUPPORT THEM EXPANDING THEIR OPERATIONS, AND THEN MICRON, UH, WITH THEM RELOCATING THEIR NORTH TEXAS OFFICE, UH, LEASING SPACE AND BRINGING, UH, ABOUT 250 JOBS AS WELL AS A LOT OF INVESTMENT, UH, IS RECEIVING SUPPORT.
I WAS BUDGETING OUT 200,000 IN THE CURRENT YEAR, THAT WAS PREDICATED ON THINKING THE FIRST A HUNDRED THOUSAND TO MAKE UP 300 TOTAL WOULD'VE BEEN SPENT LAST YEAR.
WE'RE GONNA, WE ANTICIPATE THE FULL 300,000 WILL BE SPENT THIS YEAR TO ROUND THAT OUT.
JUST IN CASE YOU CAUGHT THE DISTINCTION BETWEEN THE 200 ON THE PREVIOUS SLIDE, WHICH AT THE TIME WE PROVED THE BUDGET WAS WHAT WE WERE PROJECTING.
KL OWEN ORTHODONTICS, WHICH I MENTIONED IS RECEIVING A HUNDRED THOUSAND IN SUPPORT.
AND THEN JP ANALYTICAL I MENTIONED AS WELL, RECEIVING 50,000 SUPPORT, 25,000 LAST YEAR, AND 25,000 IN THE, IN THE CURRENT YEAR.
WITH THAT, I WANTED TO PUT ON THE, PUT ON YOUR RADAR SOME FUTURE MEETING DATES.
UM, OBVIOUSLY WE WILL COME TO YOU IF WE HAVE A NEED FOR, AS WE'VE DONE IN THE PAST.
IF THERE'S A PROJECT THAT NECESSITATES BOARD, UH, INPUT OR ACTION, UH, WE MAY BE SAYING, HEY, WE NEED TO MEET IN THE NEXT TWO WEEKS.
BUT OUTSIDE OF THAT, UM, WHAT WE CURRENTLY HAVE PLANNED IS, UH, BEFORE WE GET CERTIFIED, UH, VALUES IN LATE JULY, THE PLAN WOULD BE EITHER THAT WEDNESDAY OR THURSDAY IMMEDIATELY PRIOR TO MEET AND DISCUSS THE BUDGET WITH THE BOARD TO HELP FORMULATE OUR BUDGET AS WE GO THROUGH THE, UH, THE PROCESS WITH THE, WITH THE CITY COUNCIL.
SO I WILL BE COMING TO YOU, UH, SEEKING INPUT ON THOSE, ON THOSE DATES.
AND I CAN TELL YOU RIGHT NOW, AS A SIT HERE, I'LL BE IN COLORADO THE 22ND AND 23RD.
SO WE WILL CONSIDER OTHER DATES
THEN, AND THEN OBVIOUSLY IN THE FALL AS NEEDED, YOU KNOW, SOMETIMES WE'VE DONE TOURS OF, UH, LOCATIONS WITHIN THE TIF THAT HAVE RECEIVED TIF SUPPORT.
OR AGAIN, IF THERE'S OTHER PROJECTS THAT REQUIRE TIFF, UM, BOARD APPROVAL OR INPUT, WE WOULD, WE WOULD BRING THOSE TO YOU AS WELL.
IT'S A WEEK BEFORE THAT LOOK LIKE WHEN THAT INVOLVES A FERRIS WHEEL.
WE AGAIN, SIGNED WAIVERS BEFORE THE NEXT TOUR.
HEY TODD, WHAT DO YOU, WE MIGHT JUST CHECK WHAT DOES THE WEEK BEFORE KIND OF THE 22ND LOOK LIKE FOR EVERYBODY? THE WEEK BEFORE THE WEEK OF THE 13TH, THEN 13TH WEEK OF THE 13TH.
YEAH, SO EITHER THE 15TH OR 16TH OF JULY.
16TH MAYBE 16TH IS EITHER ONE.
WHY DON'T WE GO AHEAD AND GET THAT.
WE GO OVER THE BUDGET WITH YOU BEFORE WE HAVE OUR BUDGET KIND OF WORKSHOPS WITH COUNCIL AND SO FORTH.
TALK WE PENCIL IN BOTH DATES OR, OR WHICH
[01:00:01]
ONE? OKAY.I THINK WE'RE SHOOTING FOR THE 16TH.
I WILL SEND OUT SOMETHING, UM, IF NOT TOMORROW, THEN NEXT WEEK TO GET THAT ON THE CALENDARS AND WE WILL PLAN ON THAT.
AND WITH THAT, ANY QUESTIONS FROM THE BOARD ON THE TIF ONE REPORT? OKAY.
SO ARE THERE ANY BOARD MEMBERS WHO WOULD LIKE TO MAKE ANY FURTHER COMMENTS PERSPECTIVE TO THIS AGENDA WE JUST COVERED? DO A MOTION TO RECOMMEND THIS TO COUNCIL.
THAT CONCLUDES, THAT CONCLUDES THE ITEMS ON THE AGENDA FOR THIS EVENING WITH NO FURTHER ITEMS TO DISCUSS.
THIS MEETING IS ADJOURNED AT SIX 30.
HEY, WITHOUT A MOTION, MOTION TO RECOMMEND.