* This transcript was created by voice-to-text technology. The transcript has not been edited for errors or omissions, it is for reference only and is not the official minutes of the meeting. [00:00:01] PLUG THIS IN AND GIVE THE CITY [Tax Increment Finance #3 Meeting on August 24, 2022.] A VIRUS REAL QUICK, SIR. APPRECIATE THAT. WE DO. WE DO NO YAWNING. PHILIP WATER BOTTLE. YEAH. YEAH. YOU GOT ADD A WATER. I'M GOOD. JODIE BUDDY. GOOD. BUT YOU CAN'T CLICK COMPLETE. YOU'RE GOING TO BE ABLE TO JUST FINISH THAT WATER. THAT'S A PRETTY, OH, I KNOW. YOU KNOW, I ACTUALLY RESTARTED ALREADY. WOW. HOW BIG IS THAT WITH ONE GALLON OR TWO? UM, SO MUCH FOR BRINGING IT. I APPRECIATE IT. I WOULD THINK I WOULD BE GETTING TIRED OF WATER, BUT I'M NOT. YEAH. I GET THOSE LITTLE FLAVORS, SQUEEZES, SUGAR FREE FLAVOR TO IT. WELL, THE, WE WANT TO DO A FORMAL INTRODUCTION OF BEING OUT OR DO YOU WANT TO JUST ROLL WITH IT SINCE WE WERE ALL HERE? OH, YOU CAN DO THAT WHEN YOU'RE READY. MR. CHAIR. ALL RIGHT. WELL, IT IS OFFICIALLY SIX O'CLOCK. SO I GUESS WE'LL CALL TAX INCREMENT FINANCE NUMBER THREE, BOARD MEETING FOR AUGUST 24TH TO ORDER. VERY GOOD. WE'LL START WITH THE AGENDA. FIRST ITEM IS APPROVAL OF MINUTES FROM THE LAST MEETING. THE MINUTES AS WE HAVE A MOTION TO ACCEPT AND ADOPT FROM MR. PERRY, I WOULD SECOND MR. DECK, WHERE SECONDS. OH, AND PAPER. ALL RIGHT. HI. NO OPPOSED MOTION CARRIES. SO LET'S GO OFF TOPIC A LITTLE. I BINA. WOULD YOU LIKE TO INTRODUCE YOURSELF TO EVERYBODY? OKAY. MY NAME IS PETER BARNEY AND I LIVE IN GARLAND AND I HAVE FINANCE BACKGROUND. WHAT ELSE DO I WANT IN HERE? DISTRICT ONE? JUST GOT APPOINTED TO THIS. WE CAN GO AROUND THE ROOM. PHILIP JOHNSON, THE DISTRICT FOR NOW BOB DUCKWORTH'S, UH, DISTRICT TWO. I LIVE IN EIGHT, BUT I'VE REPRESENTED DISTRICT TWO. I AM PATRICK ABEL AND I AM LIVING IN DISTRICT SIX, BUT I AM THE MAYORS AT LARGE. SO, UM, DAVID PERRY, DISTRICT THREE, UM, JOHN REX ASSISTANT CITY MANAGER. I LIVE IN DISTRICT ONE, BUT HE GETS TO COME. I ECHO SCHUSTER ECONOMIC DEVELOPMENT. NICE TO MEET YOU. SO NEXT ITEM IS GOING TO BE UP ITEMS. THAT'S GOING TO BE MR. X. YEAH. THANK YOU. UH, BOARD MEMBERS IS GOING TO BE WITH YOU AGAIN AND APPRECIATE YOU TAKING TIME WITH US TONIGHT. UH, SO IN TERMS OF, UH, FOLLOW-UP, UH, WE HAVE A NUMBER OF, OR THREE UPDATES FOR YOU TONIGHT. UH, ONE IS ON THE MEDICAL DISTRICTS. UH, THEN WE'LL TALK ABOUT RIVER SET AND JUST GIVE YOU A BRIEF UPDATE THERE AND THEN TALK ABOUT THE TIF NUMBER THREE BUDGET. UM, AS YOU KNOW, THE CITY COUNCIL IS GOING THROUGH THE BUDGET PROCESS RIGHT NOW. AND, UM, WE'LL SHOW YOU WHAT'S PROPOSED IN TERMS OF REVENUE AND NO EXPENSES IN THE, IN THE TIF YET, BUT, UH, WE'LL AT LEAST LOOK AT WHAT THE PROPERTY VALUES ARE AND, UH, PROJECTED TO BE FOR NEXT YEAR AND WHAT THE REVENUE LOOKS LIKE. SO, UH, WITH THAT, IF IT'S OKAY, I'LL TURN IT OVER TO SCHUSTER AND LET HER TALK ABOUT THE MEDICAL DISTRICT. HEY, GOOD EVENING. SO LAST TIME I THINK I CAME HERE WITH A CLARA. I THINK IT WAS APRIL AND THEN THE LAST FOUR MONTH OR SO, WE WERE WORKING VERY HARD AND THEN WE HAVE A LOT, LOTS OF EXCITING THINGS HAPPENING. SO THIS IS FIVE 30, CLARA BARTON. UM, THERE'S A REMODELING REMODELING. THIS OFFICE SPACES IS COMPLETED. SO NOW WE GOT THAT 6 0 1. THEY ARE WORKING ON A 6 0 1 SIDE, BUT NOW THIS ONE, UH, SINCE APRIL, I THINK THEY HAVE A 14,000 SQUARE FEET, PRIMARY CARE SERVICE PROVIDER. THEY OCCUPIED THE BUILDING NOW. SO IT'S, IT'S REALLY NICE TO HAVE THIS PRIME CARE USER SO THAT THEY CAN HAVE A LOT OF PATIENT COME IN AND THEN THEY CAN, WE CAN RECRUIT MORE SPECIALIZED, UM, SERVICE IN THAT MEDICAL DISTRICT. YES. THAT PARTICULAR FACILITY THAT'S BEING RENOVATED. I'M JUST HOW MUCH, HOW MANY, UH, [00:05:01] MEDICAL PRACTICE PHYSICIANS, OFFICES ARE OCCUPYING THAT CURRENTLY? IS IT, IS IT 40 30? NO, YOU'RE GOING TO ASK. SO W I THAT'S, I WANT YOU TO CHECK WITH DEVELOPER BEFORE I CAME OVER THERE. HE DIDN'T RESPOND IT TO MY TEXTS, BUT SO WHEN THEY PURCHASED TWO YEARS AGO, PROBABLY PRE VARIAN PURCHASED AT THAT TIME, IT'S ONLY 40%, 40%. YES. AND THEN BY, I WOULD SAY RIGHT NOW IT'S A 60 TO 70% OCCUPIED AT THIS MOMENT. SO THERE THEY ARE REALLY HABIT. UH, JLL IS, UH, WORKING WITH THE, UH, DEVELOPER AND THEY, WE ARE KIND OF WORKING WITH THEM AND A LOT OF MARKETING STUFF. WE WERE WORKING WITH THEM TOO. SO THEN WE HAVE A TENANT INCENTIVE. IT'S A SIGNED AGREEMENT IS ALREADY EXECUTED. SO WE WERE WORKING WITH A DEVELOPER TO RECRUIT THE MORE SPECIALIZED DOCTORS. SO IT'S STILL DURING THIS TRANSITION PERIOD, WE THEN SEE A LOT OF, UH, PRACTICE PRIVATE PRACTICES MOVING OUT. DID WE ARE BASICALLY THE ONES WHO WERE THERE AND JUST BASICALLY KEPT, WE ALSO HAVE, UH, THOSE TENANT IMPROVEMENT IS ELIGIBLE TO THOSE EXISTING DOCTOR IF THEY WANTED TO EXTEND THE INCENTIVE, GOING TO BE APPLIED FOR THOSE FOLKS TO THANK YOU. I'M SORRY. I'M A MENTAL LOOKING AT THAT. LOOKING DOWN THE ROAD TO THE HOSPITAL, WHICH BUILDING IS THIS THE FIRST BUILDING ON THE RIGHT? BOTH THE BUILDING IS ALREADY IMPROVED. YES. AND THEN FIVE 30 IS THE ONE, UM, WHAT 14,000 SQUARE FEET. THOSE PROVIDER TOOK OVER THE 6 0 1 CLARA BARTON. THIS IS WEST SIDE OF THE BUILDING. SO JASON TO THE SHOPPING CENTER, I THINK THE LAST TIME WE SPOKE AND WE ENGAGED THE REALLY FAMOUS ARTISTS AT THE DALLAS BASE, BUT THEY GOING TO BE DOING THIS CORNER, A WALL MURAL, THIS GOING TO BE, UH, THE WORKSHOP AND, UM, DESIGN PHASES RIGHT NOW, THEY'RE WORKING ON IT, BUT THEY'RE GOING TO BE PUTTING ON THIS ART IN OCTOBER AND THEN BETTER BLOCK. I THINK THE LAST TIME WE CAME, UM, WE APPRECIATE YOUR INPUT ON A SURVEY. WE WENT OUT TO THOSE RESIDENTIAL FOLKS AND THEY WERE KIND OF TALKING TO FOLKS AND WHAT'S THEIR, UM, ASKING THEIR INPUT. THEIR SURVEY IS DONE AND WHAT WE ARE DOING SO BETTER BLOCK IS MORE COMMUNITY ENGAGEMENT NON-PROFIT ORGANIZATION. THEY, UH, THEY'RE GOING TO HAVE A REALLY BIG, UM, OCTOBER 7TH AND EIGHT, THEY'RE GOING TO HAVE A COMMUNITY ENGAGEMENT EVENT AT THE MEDICAL DISTRICT. SO WHAT'S GOING TO, THEY GONNA DO IS THOSE OCTOBERS AND SEVENTH AND EIGHTH, UM, THEY GONNA BE BLOCKING FOR THIS CAN SIX WEEKS, UM, ACTIVATION, BUT THE DOES THE RED AREA, IT'S A CLARA BARTON'S WEST SIDE. THEY GONNA SET UP THESE. YEAH. SO THERE'S, UM, CONTAINERS, AND THEN THEY'RE GONNA, WE'RE GONNA HAVE A VENDORS, UH, PARKS DEPARTMENT. THEY'RE GONNA HAVE A LITTLE STAGE. ARE WE GOING TO HAVE A CONCERT? AND THEN THE BETTER BLOCK WE'RE GOING HAVE, UM, SOME OUTDOOR SEATING SEATING AREA. AND WE'RE GOING TO HAVE A BIG EVENTS OVER THERE FOR THAT WEEKEND, SATURDAY AND SUNDAY. SO WE WERE PLANNING ON THAT AND THEN JUST STAY TUNED THAT YOU'RE GOING TO GET EVERYBODY'S INVITED. AND, UH, YOU HAVE A MORE THAT DETAIL'S COMING TO YOUR WAY. I'M SORRY, WHAT DATE? OCTOBER 7TH AND EIGHTH IS SATURDAY AND SUNDAY. YES. STUDIO OUTSIDE. THIS IS, UM, WE CITY ENGAGED WITH THEM FOR THE MASTER LANDSCAPING PLAN AND THEIR KICKOFF GONNA BE SEPTEMBER THE SEVENTH. BUT WHAT THEY GOING TO DO IS RIGHT NOW, IT'S A CERTAIN, UH, OFFICIAL ENGINEERING SURVEY IS, UM, IN TAKING PLACE ON OCTOBER, SOMETIMES OCTOBER, THEY'RE GOING TO COME BACK WITH THE, WITH THE, UH, DOSE, UH, INPUT. UM, THEY WILL BE PUTTING A BIGGER SIDEWALK AND A BEAUTIFUL LANDSCAPING. AND ALSO, UM, FOR THE RETAIL ON THE WALNUT, THEY'RE GOING TO HAVE SOME CONCEPT AND FOR THE DRAWING. SO THAT WITH THAT WE CAN GO BACK, GO TO THOSE RETAIL RESTAURANTS AND THE FACADE IMPROVEMENT PROGRAM. THAT'S SOMETHING WE CAN WORK WITH THEM. ARE WE HAVING GOOD LUCK TALKING TO THE LANDLORDS AND TENANTS OF THAT WITH POSSIBLE RENOVATIONS? AND I WOULDN'T SAY GOOD LUCK, BUT WE ARE TALKING TO THEM. OKAY. YES, DEFINITELY. WE ARE TALKING ABOUT YES, YES. UM, SO THAT, SO IN THE, IN THIS PLAN, IT'S GOING TO BE A WELLNESS PARK WITH THE VA ON, THAT'S GOING TO BE CONCEPT PLANNING, GOING TO BE COMING OUT FROM THIS, UM, VIDEO OUTSIDE DESIGN. SO WITH THAT, IS THAT YOURS? RIGHT. OKAY. ANY QUESTIONS? THANK YOU. OH, THE BETTER. I WANT TO ASK THE BETTER BLOCK. UM, ARE WE GOING TO BE GIVING THEM THE WEST SIDE OF CLARA BARTON FULL TIME? SO WE'RE GOING TO HAVE TWO-WAY TRAFFIC ON THE EASTBOUND SIDE AND RIGHT. OKAY. [00:10:01] SO OUR LONG-TERM VISION, WHICH WE ALREADY, OF COURSE, TALKING TO TRANSPORTATION FOLKS, BUT THIS, OBVIOUSLY THIS STREET RIGHT NOW, TWO LANE EACH, WHICH THEY, EVERYBODY WAS SAYING IN THAT, UH, CARS DRIVING TOO FAST. SO WHAT WE LIKE TO DO IS A BIGGER SIDEWALK. SO THE MORE, THE PEOPLE THAT WERE FRIENDLY TO THE WALKING WITH THE KIDS. AND SO THAT'S SOMETHING WE ARE VISIONING. SO THAT'S KIND OF PRACTICING, IT'S A ONE WAY STREET AND THEN KIND OF SLOW DOWN. THAT'S SOMETHING WE WANTED TO DO. YEAH. THE STREETS REALLY OVERBUILT IT IS NEED THAT, THAT MUCH, IT DOESN'T NEED THAT MUCH, ESPECIALLY SINCE EMS AND OTHER SERVICES DON'T ENTER THERE ANYWAY. SO, YEP. OKAY. THANK YOU. THANK YOU. UM, MY, I PUT IN HERE, THE MEDICAL DISTRICT PLAN, JUST AS A REMINDER, THIS IS KIND OF WHAT OUR VISION IS OR THE DISTRICTS. UM, AND SO NOT MUCH TO TALK ABOUT HERE. JUST WANTED TO ALWAYS KIND OF KEEP THAT IN MIND, AS WE LOOK FORWARD TO DEVELOPING THE MEDICAL DISTRICT FURTHER, UH, I ACO MENTIONED THE, UH, THE WELLNESS PARK. SO THIS, THIS GREEN AREA IN THE PLAN, UH, THAT'S DOWN THERE IN FOLLOWING DUCK CREEK BEHIND THE VA HOSPITAL IS, IS WHAT WE ENVISIONED FOR THAT WELLNESS PARK. PROBABLY NOT GOING TO DEVELOP ALL OF IT BECAUSE IT'S IN FLOOD PLAIN, IT'S, UH, HEAVILY WOODED, BUT, UH, WE ENVISIONED SOME KIND OF OPEN SPACE TRAIL SYSTEM GOING THROUGH THERE AND, UH, BEING DEVELOPED AS PART OF THE MEDICAL DISTRICT. UH, SO I'LL, I'LL JUMP OVER TO RIVER SET. NOW, IF THAT'S ALL RIGHT. UM, AND JUST GIVE YOU A QUICK UPDATE ON WHAT'S HAPPENING THERE. PHASE ONE IS PRETTY MUCH BUILT OUT THERE STILL. I THINK, THREE HOMES UNDER CONSTRUCTION THERE. UM, EVERYTHING ELSE IS BUILT OUT, MOVED IN AND, UH, AND MOVING FORWARD. UM, ABOUT A THIRD OF THE LOTS IN PHASE TWO HAVE, HAVE PULLED PERMITS FOR NEW HOMES ON IT, WHICH IS INCREDIBLY FAST. THEY JUST, I THINK WE JUST ACCEPTED THE INFRASTRUCTURE IN PHASE TWO, MAYBE FOUR MONTHS AGO, FOUR OR FIVE MONTHS AGO. SO THE BUILDERS ARE VERY ACTIVE AND WANTING TO GET THESE UP AS SOON AS POSSIBLE. UM, SO LIKE I SAID, ABOUT A HUNDRED OR ABOUT 30% OR A THIRD, UM, UPHOLD PERMITS ALREADY. UM, THAT'S KIND OF IT ON RIVERSIDE. IT'S PRETTY, PRETTY STRAIGHT FORWARD. WE'RE SEEING DIRT MOVE UP ON BUCKINGHAM ON THE NORTH SIDE NOW. YEAH. THAT'S FOR THE, I SHOULD INCLUDE THAT. THAT'S REALLY WHAT THEY'RE CALLING PHASE THREE. NOW THE FORMER COMMERCIAL PROPERTY THAT, UM, IS, I THINK IT'S GOING TO BE MAYBE A DOZEN SINGLE FAMILY, LOTS. UM, THEY, THEY FOUND THAT REALLY WASN'T VIABLE FOR COMMERCIAL DEVELOPMENT. SO THEY, THEY BROUGHT, UH, BROUGHT IT BACK AS A RESIDENTIAL SINGLE FAMILY, LOTS. THERE ARE YOU, OR Y'ALL ARE, IS SOMEONE KEEPING DEMOGRAPHICS? I REMEMBER WHEN THIS WAS ORIGINALLY TALKED ABOUT, IT WAS A HOPE TO, TO ATTRACT MEDICAL PROFESSIONALS INTO THE AREA TO START THE SERVICING THAT AREA. AND I'M WONDERING, ARE WE, ARE WE ATTRACTING THOSE PEOPLE INTO THIS DEVELOPMENT, LIKE WE ORIGINALLY DREAMED OR DO WE KNOW? WE DON'T KNOW. UM, I THINK THE VA HAS THE SAME, UM, REQUIREMENTS FOR LIVING AS CLOSE TO THE HOSPITAL FOR MOST OF THEIR STAFF AS LIKE A PRIVATE BAYLOR OR METHODIST OR ONE OF THOSE UT SOUTHWESTERN WOULD HAVE, THEY PRETTY MUCH TAKE ANYBODY FROM EVERYWHERE BECAUSE THE MAJORITY OF THE PEOPLE THERE ARE GOING TO BE VETERANS SERVICE MEMBERS. SO THE ORIGINAL ENVISIONMENT OF THAT AREA, WHENEVER BAYLOR SCOTT AND WHITE WAS THERE WAS FOR THAT. RIGHT. UM, BUT I MEAN, IT'S ATTRACTING PEOPLE FROM ALL OVER AND ALL WORKS. THERE'S BLUE COLLAR, WHITE COLLAR THERE'S BRICK LAYERS. IT'S, IT'S AN AMAZING LOOKING LITTLE COMMUNITY, IF YOU HAVEN'T BEEN THROUGH IT. IT'S, IT'S REALLY NICE. YEAH. IT'S UM, JACKSON MIDDLE SCHOOL BEAVER TECHNOLOGY CENTER RIGHT IN THAT AREA ARE SEEING A LOT OF PEOPLE COMING IN FROM IT AND KNOW THERE'S, THERE'S A GREAT INFLUX TO THE AREA OF ALL WALKS, SO GREAT. YUP. UH, I'LL MOVE ON TO THE BUDGET NOW, IF THAT'S OKAY. AND KIND OF GIVE YOU A GLIMPSE AS TO WHAT'S HAPPENING WITH OUR, WITH OUR PROPERTY VALUES. SO, UM, LOOKING BACK AT THE CURRENT FISCAL YEAR 20 21 22, UM, BASED ON THE PROPERTY VALUES, THE TAX ROLE, UH, WE SAW AN INCREMENTAL TAX BASE OF JUST OVER $66 MILLION. [00:15:01] SO THAT MEANS THAT, UH, WHEN THE TIF WAS CREATED SEVERAL YEARS AGO, THAT WAS THE BASE PROPERTY WE'VE INCREASED $66 MILLION IN VALUE SINCE THEN. SO THAT'S, UH, WE'RE ACTUALLY A LITTLE BIT AHEAD OF WHAT OUR PROJECTIONS WERE AT THE TIME. UH, PART OF THAT IS THEY'RE SELLING HOUSES IS BUILDING AND SELLING HOUSES MORE QUICKLY AND FOR MORE, UH, HIGHER VALUES THAN WE PROJECTED AS WELL. SO, UM, THAT'S, THAT'S A GOOD THING OVERALL. UH, THE, UH, LOOKING FOR THE NEXT FISCAL YEAR, UM, FROM WHAT THE D CAD VALUES ARE, UM, 110, 110 MILLION IS THE PROJECTED VALUE WITHIN THE DISTRICT, UH, FOR NEXT YEAR. SO AGAIN, LOTS, LOTS OF GOOD GROWTH AND OTHER 66% GROWTH. UM, AND THAT, UH, DID WANT TO POINT OUT THE TAX RATE. YOU'LL NOTICE THE TAX RATE IN GARLAND IS GOING TO GO DOWN, UH, THAT'S DUE IN PART TO, UH, SENATE BILL THREE OR SENATE BILL TWO, SORRY, THAT KEPT, UH, THE GROWTH OF EXISTING PROPERTIES TO THREE AND A HALF PERCENT, UH, OR REVENUE ON EXISTING PROPERTY AT THREE AND A HALF PERCENT. UM, SO, UH, THAT'S, THAT'S KIND OF FACTORED IN HERE. UH, WHAT WE'RE PROJECTING REVENUE WISE FOR NEXT YEAR IS 780,000. UM, THAT'S VERY GOOD. AGAIN, IT'S IT'S AHEAD OF PROJECTIONS. UM, I DID WANT TO POINT OUT THAT, UH, MOST OF THAT'S COMING FROM RIVERSIDE, BUT DUE TO THE RENOVATIONS IN THE DISTRICT AND JUST THE INCREASED VALUE OF THE PROPERTIES IN THE MEDICAL DISTRICT, WE ACTUALLY ADDED 9.3 MILLION IN NEW VALUE IN THE MEDICAL DISTRICT ITSELF, UM, BASED ON THOSE MEDICAL OFFICES. SO THAT'S, THAT'S REALLY GOOD. THAT MEANS THE VALUE OF THAT OFFICE SPACE HAS GONE UP AND, AND THAT'S, THAT'S GOOD. SO WE DIDN'T, WE DIDN'T DO ANY TAX DEALS ON THOSE PROPERTIES WHEN THEY SOLD THEM. RIGHT NOW GET A HUNDRED PERCENT OF THE TAX. YEP. UH, YEAH, SO KIND OF LOOKING AT, UM, THIS, UH, THIS IS THE FULL 20 YEARS OF THE TIF, UH, LOOKING AT WHAT WE IN THE PROJECT PLAN, WHAT WE PROJECTED AS FAR AS THE VALUE, THE INCREMENTAL VALUE EACH YEAR, UH, AND THEN THIS DOTTED LINE IS THE NEW PROJECTION FOR THAT VALUE. SO, UH, WE'RE LOOKING AT ABOUT 3 MILLION, UH, $3 MILLION OVER THAT 20 YEARS IN ADDITIONAL REVENUE BASED ON, UH, THE VALUES GOING UP, UH, QUICKER THAN EXPECTED. SO THAT IN THE END, THAT'S, AGAIN, A VERY POSITIVE THING AND, UM, MOVING US IN A GOOD DIRECTION. UH, THIS IS, UH, THIS IS A CLIP FROM THE PROPOSED BUDGET, AGAIN, JUST SHOWING THE PROJECTED REVENUE, UH, IN THE TIF. UH, OF COURSE WE HAVE NO EXPENDITURES YET. WE'RE REALLY JUST BANKING MONEY AT THIS POINT. UH, I, I THINK SOMETIME OVER THE NEXT YEAR, WE CAN START TALKING ABOUT, UM, REVISING THE PLAN, LOOKING AT SOME PROJECTS. UM, ALL THIS STUFF THAT I ACO TALKED ABOUT IN THE MEDICAL DISTRICT IS CURRENTLY BEING FUNDED THROUGH EXISTING CIP DOLLARS THAT WERE ALLOCATED PRIOR TO THE TIF. UH, SO WE'RE, WE'RE GOING TO SPEND THAT IN A, IN A HURRY OVER THE NEXT COUPLE OF YEARS. AND THEN, UH, AT SOME POINT WE'RE GOING TO NEED TO DIP INTO THE TIF TO START, UH, TO START DOING SOME OTHER PROJECTS. SO, YOU KNOW, I THINK PROBABLY SOMETIME IN THE NEXT YEAR OR TWO WE'LL, WE'LL START LOOKING AT THAT AS, AS THE NEED AND OPPORTUNITY COMES UP TO INCENTIVIZE FUTURE DEVELOPMENT, PAY FOR INFRASTRUCTURE. UH, ANY OF THOSE TYPE OF EXPENSES WOULD, WOULD BE QUALIFIED, UH, WITHIN THE TIF, UH, FOR NOW WE'RE JUST GOING TO BANK IT. SO THE END OF THIS UPCOMING FISCAL YEAR, WHICH SHOULD BE SEPTEMBER 30TH, 2023, UH, WE PROJECT THE TIF FUND WILL HAVE ABOUT $1.5 MILLION IN IT. UH, AGAIN, THAT'S A REALLY GOOD JUMPSTART TO WHAT'S GOING ON. AND, UM, YEAH, ASSUMING RIVER SET GETS BUILT OUT BY THE END OF NEXT YEAR, WHICH REALLY IS NOT MAY HAPPEN. UH, THAT NUMBER MAY MAY CHANGE OR 2024, BUDGET'S GOING TO LOOK VERY HEALTHY. UH, THEY WERE ORIGINALLY SAYING WHAT 20, 25, THEY WOULD BE DONE WITH THOSE, OR, YEAH, I WAS LOOKING BACK THROUGH THE PLAN, ACTUALLY IT WAS 20, 26. MAYBE I WOULD SAY IT WAS THERE. THEY'RE WAY AHEAD. YEAH. THE MARKET HAS BEEN HEALTHY FOR THAT. I HAD THAT HERE. I LOOKED AT THAT IT'S AFTERNOON. IT'S REALLY ODD IN THE REAL ESTATE WORLD RIGHT NOW, BECAUSE WE'RE TALKING ABOUT, YOU KNOW, MY HOUSE HAS BEEN ON THE MARKET FOR TWO WEEKS. WHAT AM I DOING WRONG? AND IT'S LIKE, NO, YOU'RE NOT DOING ANYTHING WRONG. WE'RE JUST GETTING BACK TO A HEALTHY MARKET. YEAH, IT WAS 20, 26. OKAY. I KNEW IT WAS ONE SUBJECTED THEM TO BUILD OUT KIND OF EVENLY FROM 2019 TO 2026. BUT I THINK [00:20:01] ON AN ACTUAL REASON, I WOULDN'T BE FINISHED OR EARLY 24 AT THE LATEST BRO. YEAH. YEAH. I GUESS THINGS COULD DRASTICALLY CHANGE IN THE ECONOMY, BUT ANYWAYS, THE FUND IS DOING WELL. UM, BASED ON THE CURRENT LEVEL TAX RATE, MAXED OUT, WHAT IS THE, IS IT GOING TO BE PER YEAR? IS THAT OVER A MILLION DOLLARS A YEAR COMING INTO THAT FUND? IT WOULD PROBABLY BE MORE THAN THAT. I CAN, BASED ON JUST USING TODAY'S NUMBERS. I MEAN, NEXT YEAR, IT'S GOING TO BE WHAT ALMOST 700,000 OR SO. YEAH. TOTAL REVENUE KIND OF BASED ON THIS IS FROM THE PREVIOUS TAX RATE, 1.2 MILLION, 1.3 MILLION A YEAR, AND YOU HAVE TO FIGURE THE VALUES OF THOSE HOUSES. WON'T GO DOWN THOUGH, IF THEY DO ANYTHING THEY'LL LEVEL OFF, BUT AS YOU ADD MORE HOUSES TO IT YEAH. AND OVER, YOU KNOW, THE NICE THING ABOUT A TIF LONGTERM IS THAT WE NOT ONLY CAPTURE THE UPFRONT BOOST FROM ZERO TO WHATEVER, UH, FROM THE BASE VALUE, BUT ANY GROWTH THAT HAPPENS ON THOSE SINGLE FAMILY HOMES, THE TOWN HOMES, ANYTHING ELSE, ANYTHING ABOVE THAT BASE BASE VALUE WE GET TO CAPTURE. SO, YOU KNOW, YOU'RE GOING TO SEE SOME PRETTY SIGNIFICANT INCREASES OVER A 20 YEAR PERIOD AND GRAND. YOU MENTIONED WHILE AGO. I MEAN THAT'S OR 9 MILLION. YEAH. YUP. AS DICK HAD ACTUALLY CERTIFIED VALUES YET LAST I HEARD THEY WERE STILL, I DON'T THINK THEY HAVE. I THINK THEY'RE STILL DOING DISABILITY. THEY HAVE TO GIVE US CERTIFIED VALUES, BUT THERE'S STILL SOME PROTESTS OUTSTANDING. SO THAT'S THAT NOT ALWAYS HAPPENS. UM, WE USUALLY KIND OF BE CONSERVATIVE WITH OUR ESTIMATES BASED ON WHAT WE SEE, BUT, AND THIS YEAR THERE WAS DEFINITELY RECORD PROTESTS. UM, EVERYBODY PROTESTED THE VALUE. UM, A LOT OF THOSE GOT RESOLVED PRETTY QUICK, BUT A LOT OF THEM ARE STILL THE BIGGER ONES HANGING OUT THERE. I DOUBT THERE'S MANY IN HERE THAT ARE STILL HANGING OUT THERE. YEAH. I DON'T, UM, I HELPED A COUPLE OF PEOPLE IN THERE, BUT THERE WASN'T MUCH DISPUTING. YEAH. SORRY. HARD TO, HARD TO WIN THE MARKET. YOUR NEIGHBOR SOLD FOR $480,000 AND YOU HAVE A BIGGER HOUSE. SORRY. I CAN'T HELP YOU. YEAH. SO THAT'S ALL, WE'VE GOT TO HAVE ANY QUESTIONS ON THAT. GREAT, GREAT NEWS. YEAH. YEAH, FOR SURE. NICE. HAVING LIVED THROUGH THE TIF ONE BOARD WHEN WE WERE DOING THE STUFF DOWN HERE, I MEAN, IT'S, IT'S NEAT TO SEE HOW THIS PROGRESS IS IN THE BENEFITS FROM IT. I MEAN THIS BEAUTIFUL CITY HALL AS A RESULT OF THE TIFF ONE, AND WHILE THE DEVELOPMENTS GOING ON THERE IN THE SQUARES, I'M EXCITED ABOUT THIS ONE. CAUSE I WAS ON BASS PRO. THAT'S EXCITING. THAT'S STILL A LEARNING PROCESS. IT'S STILL A LEARNING THAT, THAT ONE IS. YEP. GOOD. ANYBODY ELSE HAVE ANY QUESTIONS ON ANY OF THOSE THINGS HE THINK WE CAN DO AS A COMMITTEE TO WE DO NOT RIGHT NOW. NO, NO ACTION NEEDED. UM, JUST WANT TO KEEP YOU GUYS APPRAISED OF WHAT'S GOING ON IN THE, IN THE DISTRICT. AND UM, SO WE'LL KIND OF KEEP OUR QUARTERLY MEETINGS IF Y'ALL ARE GOOD WITH THAT. HMM. IT'S FUNNY YOU SAY THAT. CAUSE THE NEXT AGENDA ITEM IS FUTURE MEETING DATES. UM, KEEPING IN THE SAME QUARTERLY FASHION, OCTOBER 26TH WOULD BE OUR NORMAL WEDNESDAY. I KNOW THAT'S A LONG WAYS AWAY, BUT DOES ANYBODY HAVE ANY UP-FRONT PROBLEMS WITH THAT ONE? I DON'T. WE SAY LORD WILLING LORD WILLING. WE'RE STILL HERE. AND THE CREEKS DON'T RISE. UM, THEN OBVIOUSLY THE JANUARY 25TH DATE THAT ONE'S JUST PRELIMINARY. WE WON'T EVEN TALK ABOUT THAT ONE YET. UM, I GUESS AT THAT POINT, SOMEBODY LIKED TO MOVE TO A JOURNALIST FOR THE EVENING. I DON'T WANNA STAY HERE. WE ADJOURNED MISTY. WE HAVE A MOTION. DO WE HAVE A SECOND? WE HAVE A SECOND ANYBODY OPPOSED? BUT THAT AT 6 23, WHERE A JURY. * This transcript was created by voice-to-text technology. The transcript has not been edited for errors or omissions, it is for reference only and is not the official minutes of the meeting.