[00:00:01]
800, $2,000 TO PUT ON TOP OF THAT.SO THE BALANCE WENT TO ABOUT 1.5 MILLION NEXT YEAR.
AS I WAS EXPLAINING, WE HAD A 50% INCREASE IN OUR CERTIFIED VALUES.
SO OUR REVENUE'S JUMPING FROM AROUND 800,000 TO $1.2 MILLION.
AND SO WE'RE ANTICIPATING WE'LL HAVE FUNDING CASH AVAILABLE FOR EXPENDITURES OF ABOUT $2.7 MILLION, 2.7 BY THE END OF F Y 24.
NOW, HOW DOES THAT 2.7 MILLION COMPARE TO THE, THE MASTER PLAN THAT'S BEEN APPROVED AS FAR AS HOW MUCH EXPENDITURE IS GONNA BE TAKEN OUT? I BELIEVE IT.
SO WE HAD SOME EXPENDITURES STARTING TO PROGRAM THIS YEAR AND UH, LIKE I SAID, WE DO NOT HAVE ANY PROGRAM AT THIS TIME, BUT I WANNA MAKE SURE EVERYONE KNOWS THAT, UH, THE BUDGET IS, IS IS SOMEWHAT OF A FLUID DOCUMENT.
JUST BECAUSE WE PASSED THIS IN SEPTEMBER DOESN'T MEAN WE CAN'T MAKE CHANGES ALONG THE WAY.
SO WE HAVE SOME IDEAS OF SOME THINGS THAT WE'LL BE BRINGING FORWARD IN THE FUTURE, BUT WE'RE STILL TRYING TO GET THOSE DOLLAR FIGURES FIGURED OUT.
AND THEN REALLY THAT PLAYS INTO THIS EXPANSION DISCUSSION THAT WE'LL TALK ABOUT NEXT.
BUT AS FAR AS HOW IT'S DOING COMPARED TO THE PLAN DOCUMENTS, IT'S AHEAD OF PACE AND IT'S MOSTLY 'CAUSE OF RIVER SET ALWAYS.
WE ARE VERY CONSERVATIVE WHEN WE LOOK AT TIFF NUMBERS BECAUSE THEY'RE PROJECTIONS OF 20 YEARS.
WE DON'T KNOW WHAT THE ECONOMY'S GONNA DO.
AND HONESTLY WE DON'T KNOW WHAT DEVELOPERS ARE GONNA DO.
THERE WAS A PHASE TWO COMPONENT TO RIVER SET.
WE HAD NO IDEA IF THEY WERE EVEN GONNA GET TO A PHASE TWO.
SO WE WERE VERY CONSERVATIVE IN OUR EXPECTATIONS FROM RIVERSIDE.
BUT THEY HAVE DONE AND EXCEEDED WHAT THEY SAID THEY WOULD DO.
I BELIEVE IN 2024, WE WERE THINKING WE WOULD BE AROUND SOMEWHERE $800,000 RANGE AND HAVE A BALANCE OF ROUGHLY 2 MILLION.
COULD NEVER HAVE PREDICTED A 50% JUMP IN ONE YEAR.
WE KNEW IT WOULD COME, BUT NOT THAT FAST.
THEY'RE, THEY'RE PUTTING THE HOUSES OUT THERE, THEY'RE SELLING THEM DOING A GREAT JOB.
THIS PRESENTATION THAT YOU PRESENTED TONIGHT WILL ISN'T ANY WAY WE CAN GET THAT LIKE YES YOU WILL.
ANYBODY ELSE? ALRIGHT, HOW ABOUT TIFF THREE EXPANSION.
ALRIGHT, THE FUN STUFF, AS I EXPLAINED, WHEN WE CREATE THE BEST WAY TO SET UP TIFFS, LET'S START WITH THAT, IS TO KNOW THAT YOU HAVE A DEVELOPMENT COMING.
'CAUSE THE WHOLE IDEA OF A TIF IS FOR THE DEVELOPMENTS TO KIND OF FEED OFF EACH OTHER.
YOU WANT ONE DEVELOPMENT TO CREATE REVENUE, TO MAKE ANOTHER DEVELOPMENT, TO CREATE ANOTHER DEVELOPMENT SO THAT THAT INCREMENT CONTINUES TO GROW SO WE CAN CONTINUE TO INVEST IN THIS COMMUNITY, IN THESE, ESPECIALLY IN THESE DEMOGRAPHIC STANDPOINT OF WHAT TIFF IS.
SO YOKO'S TEAM HAS BEEN HARD AT WORK AT UH, ACQUIRING LAND IN VERY KEY PARTS OF THE CITY OF GARLAND.
AND THIS ALL CAME FROM THE 2019 BOND PROGRAM.
UH, THE VOTERS APPROVED $46 MILLION FOR ECONOMIC DEVELOPMENT USE.
YAKO HAS DONE A GREAT JOB SPENDING THAT AND WE HAVE ACQUIRED SOME KEY PARCELS IN SOUTH GARLAND AND IN THE MEDICAL DISTRICT THAT IT'S, IT IS BECOMING THE TIME THAT WE NEED TO START MAKING MASSIVE INVESTMENTS IN THESE AREAS.
THE RIVER SET COMMUNITY HAS BEEN A NICE SEED MONEY FOR MEDICAL DISTRICT, BUT IT'S TIME TO START THINKING BIGGER AND TRYING TO GET ADDITIONAL MONEY TO MEDU LARGE SCALE PROJECTS.
YOU HEARD A YAKO TALK ABOUT A COMMUNITY HOSPITAL.
A COMMUNITY HOSPITAL CAN'T BE BUILT FOR A MILLION DOLLARS A YEAR IN TIF REVENUE.
SO WE HAVE COME UP WITH THIS CONCEPT OF EXPANDING TIF THREE NORTH UP SHILOH, AND I HOPE Y'ALL CAN SEE THIS, UM, NORTH UP SHILOH TO CAPTURE KEY PARCELS IN NORTH PART OF GARLAND THAT HAVE DATA CENTER DEVELOPMENTS COMING.
WE HAVE THREE DATA CENTERS UP NORTH.
THERE'S A STREAM, THERE'S AN N T T AND THERE IS UM, DIGITAL REALTY BASED OFF OF PROJECTIONS IN THEIR EARLY, THEY'RE RIGHT NOW IN CONSTRUCTION WE'RE ANTICIPATING UP TO $2 BILLION OF VALUATION ON THE GROUND FOR THESE DATA CENTERS.
AND THAT IS COMING FROM NOT JUST THEIR PROPERTY BUT ALL OF THE SERVERS THAT ARE INSIDE THIS AS WE COLLECT TAXES ON BUSINESS, PERSONAL PROPERTY AS WELL.
SO THE IDEA IS TO TAKE THE TIFF AND EXPAND IT NORTH TO CAPTURE THOSE DATA CENTERS.
SO THINK WHAT WE DID WITH RIVER SET BUT AT A MUCH LARGER SCALE WE CAPTURE THE DATA CENTERS AND WE FOLLOW SHILOH ROAD DOWN SOUTH.
AND I'LL TALK A LITTLE BIT ABOUT DOWN SOUTH BECAUSE THIS IS WHERE Y'S BEEN HARD AT WORK AND WE CAPTURE SOUTH PART OF GARLAND DOWN TO DOWN ACROSS THE CENTERVILLE.
[00:05:01]
WE WANT TO DO THIS IS IN 2017 WE PASSED AN ENVISIONED GARLAND PLAN THAT SET UP NINE CATALYST AREAS, WHICH BASICALLY MEANT THESE ARE THE NINE AREAS THAT CITY COUNCIL FELT NEEDED INVESTMENT AND NEEDED IMPROVEMENTS.IF YOU LOOK AT THE VERY SMALL MAP AND I'M SORRY THAT YOU CAN'T SEE IT, WELL REMEMBER I'M A NUMBERS GUY, NOT A PITCHERS GUY.
YOU CAN SEE THAT ONE OF 'EM IS UP NORTH OFF OF GEORGE BUSH.
THE MEDICAL DISTRICT IS ONE, THERE'S ONE IN SOUTH GARLAND AND THERE'S ONE OFF CENTERVILLE.
THIS TIFF WILL NOW, IF APPROVED, WOULD NOT JUST SUPPORT MEDICAL DISTRICT, IT WILL SUPPORT THE NORTH SOUTH GARLAND AND CENTERVILLE FOR THE NINE CATALYST AREAS.
AND ALL OF IT IS COMING FROM SEED MONEY FROM THE DATA CENTERS UP NORTH.
SO THE IDEA REALLY IS TO CREATE A SYNERGY ALL THE WAY TO THE NORTH PART OF GARLAND DOWN SOUTH.
AND WITH THE DATA CENTERS BEING THE NEW SEED MONEY TO PUMP MONEY SOUTH DOWN, SHILOH MAKE IMPROVEMENTS IN SHILOH AND THEN PUMP MONEY AND BACK UP NORTH TO THE MEDICAL DISTRICT LARGE SCALE, REALLY INNOVATIVE IDEA.
UM, I GUESS I'LL STOP THERE WITH QUESTIONS.
SO IF I'M LOOKING AT THE MAP CORRECTLY, UM, THE MAJORITY OF THE BLUE AREA TO THE SOUTH WHERE WE'RE GOING ALONG 6 35, UM, THAT'S REMINGTON COLLEGE.
THAT'S ALL THOSE BUILDINGS THAT NOW WE'RE UNDER OR UNDEVELOPED, RIGHT? RIGHT.
THEY'RE JUST THERE, RIGHT? SO WE COULD BE LOOKING AT THE SAME RIVER SET TYPE EXPANSION BUT COMMERCIAL IN THAT AREA, RIGHT? SO IF WE CAPTURE THEM NOW AT A LOWER VALUE, SAME THING HAPPENS THERE, IT HAPPENS AND AGAIN NORTH SAME THING HAPPENS.
CORRECT? AND WHY WOULD YOU DO THIS? YOU MIGHT ASK, COULDN'T YOU JUST DO THIS ON YOUR OWN? IN 2019, SENATE BILL TWO WAS PASSED, WHICH CAPPED OUR PROPERTY TAX REVENUE ON OUR OPERATING AND MAINTENANCE.
SO OUR TAX RATE IS SPLIT BETWEEN OPERATING AND MAINTENANCE, WHICH FUNDS SALARIES FOR POLICEMEN FUNDS, ALL THE OPERATIONAL COSTS FOR US TO DO BUSINESS.
THERE'S A DEBT SERVICE TAX RATE AS WELL THAT COVERS ALL OF OUR CAPITAL IMPROVEMENTS.
AND SO WE ISSUE BONDS AND THIS DEBT SERVICE TAX RATE SUPPORTS THAT.
TYPICALLY WHEN WE ISSUE BONDS FOR LARGE SCALE PROJECTS, WE ARE ONLY USING THIS TAX RATE FOR THE DEBT SERVICE WITH A TIFF, WE'RE ABLE TO USE THAT ENTIRE TAX RATE TO MAKE IMPROVEMENTS WITHIN THE TIFF.
SO A $2 MILLION INVESTMENT ON A DEBT SERVICE TAX RATE ALONE, YOU'RE ABLE TO DOUBLE THAT IF YOU'RE ABLE TO USE THE ENTIRE TAX RATE.
SO IT GENERATES MORE MONEY AND THE MONEY IS PUT INTO KEY AREAS.
SO WE CAN'T GO OUTSIDE OF THESE BOUNDARIES, THESE BOUNDARIES, HOWEVER WE SET THEM, THE MONEY STAYS IN THESE BOUNDARIES AND WE HAVE TO MAKE INVESTMENTS HERE.
SO WE'VE TRIED TO BE STRATEGIC IN PICKING UP PARCELS, JUST LIKE YOU WERE MENTIONING, THAT ARE VACANT PROPERTIES AND OPPORTUNITIES FOR FUTURE IMPROVEMENT.
AND YOU'LL NOTICE THAT IT'S JUST FALLING THE ROAD UP.
WE'RE NOT PICKING UP ANY RESIDENTIAL, ANYTHING THAT HAS SOMETHING THAT IS ALREADY CON CONTRIBUTING, YOU KNOW, PROPERTY TAX REVENUE TO THE CITY.
WE'RE STRICTLY LOOKING AT PICKING UP VACANT LAND AND FILTERING IT BETWEEN THESE THREE AREAS.
SO YOU'RE LOOKING NORTH GARLAND MEDICAL DISTRICT AS THE MIDDLE AND SOUTH GARLAND.
SO HOW DO YOU DETERMINE THE DISTRIBUTION OF UH, OF THESE THREE AREAS THAT YOU JUST SPOKE ABOUT? SURE.
I'LL MOVE TO THE NEXT, WELL I'LL MOVE TO THIS SLIDE.
OUR INTENT RIGHT NOW, THESE ARE PROJECTIONS AND ONE THING WE WANT TO MAKE NOTE OF IS WE'RE CONSIDERING OR PROPOSING TO EXPAND THIS TIFF FOR 30 YEARS.
AND THE REASON WHY WE WANT TO DO THAT IS THERE'S GOING TO BE VERY, WE'RE ANTICIPATING VERY LARGE SCALE C I P PROJECTS AND WE TYPICALLY ISSUE 20 YEAR DEBT BASED, YOU KNOW, LIKE YOUR MORTGAGE, PAY IT OFF IN 20 YEARS WE WILL BE CONSIDERING ISSUING 30 YEAR DEBT BECAUSE SOME OF THESE ASSETS HAVE A USEFUL LIFE OF MUCH LONGER THAN 20 YEARS LIKE A HOSPITAL.
AND ALSO THEY ARE EXTENSIVE COST.
SO WE'RE TRYING TO SMOOTH OUT THAT COST AND PLUS IT'S GOING TO TAKE 30 YEARS TO TRULY DEVELOP THESE AREAS HOW THEY NEED TO BE.
SO OUR INTENT AND OUR RECOMMENDATION TO THE BOARD IS TO EXTEND THIS TIF 30 YEARS.
AND WHAT WE WANT TO DO IS THE MEDICAL DISTRICT AND WHAT YOU SEE HERE IS CITY OF GARLAND RIGHT NOW IS THE ONLY CONTRIBUTOR TO THE TIF.
WE WANNA HOLD ALL THE MEDICAL DISTRICT MONEY, THE RIVER SET MONEY FOR MEDICAL DISTRICT BECAUSE WE HAVE TO DO A LOT OF, UM, INFRASTRUCTURE
[00:10:01]
IMPROVEMENTS.THERE'S A LOT OF NEGOTIATIONS WITH PARIAN WAS MENTIONED IN OTHER DEVELOPERS IN THIS AREA.
SO WE WANT TO ALMOST TREAT IT AS IF IT WAS A STANDALONE TIFF BUT HAS THESE ARMS ON IT THAT PASS THROUGH IT.
SO WE'RE GONNA TREAT ALL THIS MONEY, THIS $37 MILLION AS JUST FOR MEDICAL DISTRICT BY EXPANDING NORTH AND SOUTH.
YOU CAN SEE HOW MUCH ADDITIONAL REVENUE THIS GENERATES.
SO THE INITIAL PLAN IS TO CAPTURE THOSE DATA CENTERS UP NORTH THAT ARE VACANT PROPERTY RIGHT NOW, FUNNEL THAT MONEY DOWN BACK SOUTH THROUGH THE MEDICAL DISTRICT AND THAT'S ABOUT 147 MILLION.
AND YOU'LL NOTICE THAT I'VE PUT DALLAS COUNTY AND PARKLAND ON HERE.
SO THIS IS THE NEXT BIG, BIG, BIG INITIATIVE THAT WE NEED TO DO.
ALL TAXING ENTITIES, WITH THE EXCEPTION OF SCHOOL DISTRICTS CAN PARTICIPATE IN A TIF.
WHEN YOU LOOK AT TIF ONE, WHICH IS OUR DOWNTOWN, BOTH RICHLAND COLLEGE AND THE COUNTY PARTICIPATE IN THAT AT 55%.
THE COUNTY PARTICIPATES IN OUR I 30 TIFF AS WELL.
IT'S NOW THE TIME TO APPROACH THE COUNTY AND POSSIBLY PARKLAND ON PARTICIPATING IN THESE TIFFS.
THE WAY THE COUNTY DOES IT IS THEY ALWAYS WANNA WAIT THREE YEARS TO SEE HOW A TIFF IS WORKING BEFORE THEY PARTICIPATE.
THIS TIFF WAS CREATED IN 2018, IT'S NOW TIME TO START APPROACHING THE COUNTY.
YES, WE WANT TO EXPAND IT, SHOW 'EM WHAT WE WANT TO DO.
AND I THINK THAT THEY WOULD DEFINITELY BE ON BOARD BECAUSE THE TIFF IS DOING BETTER THAN ANTICIPATED.
WE HAVE A GREAT PLAN IN MY OPINION.
SO THAT'S WHAT YOU'RE SEEING THERE.
SO IF WE WERE ABLE TO GET DALLAS COUNTY, YOU'RE TALKING ABOUT ANOTHER 28 MILLION AND I, I WANT TO NOTE THAT THIS IS IN TODAY'S DOLLARS.
SO I HAVE THINK THIS, I WANTED TO PUT THIS IN TERMS OF WHAT YOU'RE, WHAT DOLLARS LOOK LIKE RIGHT NOW.
THIS IS OVER 30 YEARS, SO THIS IS REALLY A LOT MORE MONEY, BUT I WANTED TO PUT IT IN TODAY'S DOLLARS SO IT MAKES SENSE TO TO Y'ALL AS Y'ALL ARE SITTING HERE TODAY WITH YOUR CHECKBOOKS.
SO ALL THIS DATA WE COLLECTED FROM OUR, YOU KNOW, EXTERNAL CONSULTANTS, WE'VE GOT INFORMATION FROM THE DATA CENTERS AND UH, WE'VE ALSO SEEN THE ACTUAL EXPERIENCE, WHICH WE JUST TALKED ABOUT AT RIVERSIDE ON THE DATA CENTERS TRYING TO REACH FAR BACK IN MY BRAIN.
I THINK WE DID A ECONOMIC DEVELOPMENT AGREEMENT WITH THEM.
YES, THEY HAVE THREE BUILDINGS BUILT NOW.
THEY HAVE TWO YAGO, TWO BUILT, ONE TWO UNDER, TWO UNDER CONSTRUCTION.
WHAT DOES THAT DO AS FAR AS TAX REVENUE ON THAT? I I THINK WE GAVE THEM SOME TAX ABATEMENT, CORRECT? THEY'LL, RIGHT NOW WE'RE IN NEGOTIATIONS, BUT IN, IN IT'S SOMEWHERE BETWEEN 40%.
BUT THAT'S BEEN TAKEN TO ACCOUNT.
SO THERE, THERE ARE REBATES THAT ARE GOING TO THE DATA CENTERS TO GET THEM TO COME HERE, BUT THAT'S BEEN TAKEN INTO ACCOUNT.
THEY, THAT IS NOT IN THESE NUMBERS.
WE KNOW THAT THAT'S GONNA HAPPEN.
REALLY OUR FOCUS NOW IS TO MAKE SURE THAT THEY CAN CONTINUE TO BUILD THOSE FACILITIES, MAKE SURE THAT THEY HAVE TENANTS.
WE KNOW THAT THEY'RE BUILDING THEIR SECOND BUILDING.
NOW WE KNOW THAT WELLS FARGO IS COMING INTO THAT BUILDING.
SO REALLY OUR, OUR, THE EXTENT OF OUR INVOLVEMENT WITH THEM NOW IS JUST TO TRY TO ENSURE THAT THEY CAN BUILD OUT ALL FIVE PHASES.
ARE THEY, ARE YOU TALKING ABOUT N NT T THOUGH, RIGHT? YEAH, THERE'S THREE HERE.
DIGITAL, I'M TALKING DIGITAL BUT THERE'S N T T AS WELL WHO, WHO USED TO BE RAGING WIRE A DIFFERENT THAN THE FIVE THAT WERE IN THE ECONOMIC DEVELOPMENT.
SO DIGITAL REALTY IS THE FIVE PHASE.
N T T, YOU PROBABLY KNOW RAGING WIRE.
RAGING WIRE WAS WHO NOW IS NOW N T T.
AND WE'RE WORKING WITH CLOSELY WITH THEM AS WELL.
AND THEN THERE'S A THIRD ONE STREAM WHO HAS ALREADY BUILT OR THEY BUILT, THEY'VE BUILT ONE FACILITY.
CORRECT? THEY ALREADY COMPLETE, THEY'RE COMPLETE TWO AND THEN WE DON'T HAVE A
DON'T NEED ANYTHING, WHICH IS GREAT.
WHERE ARE THEY ON THEIR PLAN? BECAUSE IF I REMEMBER THAT REBATE PLAN HAD STEPS, DIGITAL REALTY, RIGHT NOW DIGITAL, WE ARE, UH, RENEGOTIATING ALL THE TERMS. OKAY.
BUT WE ARE, YOU KNOW, LIKE MATT SAID, UH, MATT AND ALLISON IS PART OF THE CONVERSATION.
WE WANT TO MAKE SURE WE ARE CONSERVATIVE AND EVERYTHING IS IN THAT NUMBER IS CONSIDERED IN THAT WERE THEY BEHIND FROM THEIR, WHEN THEY ORIGINALLY CAME TO US OR ALREADY, THEY CANNOT CAPTURE ANYTHING FROM THAT.
SO THEY TERMINATED, WE TERMINATED THAT AGREEMENT.
SO YEAH, WE ARE RENEGOTIATING THE ENTIRE SITE.
[00:15:03]
AND JUST TO ADD A LITTLE MORE ON DATA CENTERS, DATA CENTERS ARE POPPING UP EVERYWHERE.AND, AND THE REASON IS, IS ARTIFICIAL INTELLIGENCE IS GOING TO BE EXTREMELY BIG.
I MENTIONED WELLS FARGO, AMAZONS OF THE WORLD, ALL THESE INDIVIDUALS, IT'S, IT'S ALMOST SOMEWHAT RECESSION PROOF.
I'M GONNA EAT MY WORDS WITH THAT ONE DAY
AND SO THE GROWTH RATE OF THESE DATA CENTERS HAS JUMPED MASSIVELY OVER THE LAST FEW YEARS.
SO LIKE I SAID, NOW OUR NEGOTIATIONS WITH THEM IS WE DO NOT WANT YOU TO GO TO LOUISVILLE.
WE DO NOT WANT YOU TO GO TO DALLAS WITH YOUR DATA CENTERS 'CAUSE THEY'RE POPPING UP.
AND WE HAVE ONE KEY THING THAT OTHER CITIES DO NOT HAVE.
AND THAT'S GARLAND POWER AND LIGHT AND SUBSTATION ACCESS, WHICH BASICALLY MEANS WE CAN PROVIDE YOU POWER, UH, THROUGH OUR SUBSTATIONS FAIRLY QUICKLY.
SO THAT'S A CARROT THERE AS WELL.
SO WE'RE, WE'RE FAIRLY CONFIDENT AS AS CONFIDENT AS WE WERE WITH RIVER SET THAT THESE DATA CENTERS ARE COMING.
THAT'S WHY WE'RE HERE AND WHY WE'RE PROPOSING THIS EXPANSION.
AND I PUT ON THERE CONSERVATIVE ESTIMATES.
LORI PROBABLY KNOWS THIS, BUT ALWAYS EXTREMELY CONSERVATIVE.
SO THESE, MY, MY APPROACH TO TIFFS HAS ALWAYS BEEN YOU SCRUB IT DOWN TO THE BARE MINIMUM WHAT YOU KNOW IS GOING TO HAPPEN.
AND THEN OVER TIME AS EXPERIENCE HAPPENS, YOU MAKE ADJUSTMENTS TO THAT NUMBER.
SO THESE ARE OUR BARE BONE ESTIMATES.
AND I GUESS MY THING AT THIS POINT IS IF WE DO SAY THAT, YOU KNOW, WE WANNA MAKE A MOTION AND PASS THIS FOR THEM TO CONSIDER AND A DATA CENTER DOES NOT COME, WE MAY STILL GET SOMETHING BETTER ECONOMIC DEVELOPMENT THERE TO GO.
YOU'RE TALKING ABOUT PRIME LAND OFF OF GEORGE BUSH.
THERE'S THERE, THERE'S 6 35 EXPANSION.
I MEAN THERE'S THE GEORGE BUSH EXPANSION.
THAT WILL HAVE TO HAPPEN BECAUSE THAT'S THE NEXT RING FOR THEM TO DEVELOP.
SO, WELL WHAT WE DO KNOW BACK TO DIGITAL REALTIES THAT REALITY REALTY IS THAT THEY ARE BUILDING THE SECOND PHASE.
SO THAT'S WHAT WE'RE BANKING ON.
THEY HAVE A TENANT, THERE'S AGREEMENTS.
SO, SO I GUESS MATT LOOKING, LOOKING FORWARD, UH, OF THIS, UH, GUESS GUESSED AT 180 $400, A HUNDRED MILLION REVENUE FROM THIS 30 YEAR PLAN.
AM I CORRECT IN THAT NUMBER? CORRECT.
IN 30 YEARS, HOW MUCH DO WE ENVISION THAT GOING INTO THE MEDICAL DISTRICT OUT OF THAT 184 MILLION? WELL THAT'S A HARD ONE.
UH, UNFORTUNATELY I DON'T HAVE A CRYSTAL BALL ON THAT BECAUSE WE NEED, WE NEED TO KNOW WHAT ONE, CAN A COMMUNITY HOSPITAL BE SUPPORTED THERE? WHAT OTHER, IF NOT, WHAT OTHER AMENITIES NEED TO GO THERE? BUT WHAT WE'RE SAYING IS, IS WE'RE EARMARKING 37 MILLION NOW WE SET UP RIVER SET TO SUPPORT THE MEDICAL DISTRICT.
WE'RE NOT GONNA DEVIATE FROM THAT ANY OTHER REVENUE RIGHT NOW WE HAVE SOME OPPORTUNITIES IN SOUTH GARLAND.
WE WANT THIS EXPANSION TO, TO HAVE THAT DEVELOP, WHATEVER THAT COMES FROM, WE'LL PUMP BACK UP INTO THE MEDICAL DISTRICT.
BUT THE, THE IDEA IS TO CREATE A SYNERGY FROM ALL THE WAY FROM NORTH SOUTH AND PICK UP ALL FOUR OF THOSE CATALYST AREAS AND JUST DRIVE MONEY.
I UNFORTUNATELY CAN'T ANSWER THAT QUESTION 'CAUSE I DON'T KNOW ENOUGH INFORMATION ON WHAT EXACTLY WILL BE GOING IN THE MEDICAL DISTRICT.
I DON'T KNOW IF WE'RE GONNA JUST MAKE INFRASTRUCTURE INVESTMENTS.
YOU KNOW, I DON'T KNOW IF WE'RE GOING TO BE BUILDING, YOU KNOW, A PUBLIC PLAZA, A PARKING GARAGE WAS MENTIONED OR A HOSP, I DON'T KNOW WHAT THAT IS.
BUT WE WANT TO HAVE THE FUND FUNDING MECHANISMS AVAILABLE SO WE CAN ACT FAST AND BRING THAT FORWARD BACK TO THE BOARD AND TO THE COUNCIL SO THAT WE CAN MAKE THAT HAPPEN.
I GUESS I'M THINKING HAVING TEENY BIT OF MEMORY ON THE, ON THE BASS PRO AREA DOWN THERE AND IN IN THE TIP ONE DOWNTOWN AREA, WHICH HAS BEEN, BASED ON MY UNDERSTANDING, YOU'VE BEEN VERY SUCCESSFUL, UH, WILL BE RUNNING OUT IN ANOTHER ONE YEAR OR TWO.
AND SO, UH, FROM THE COMMUNITY STANDPOINT, I KNOW THE QUESTION WILL COME FROM THESE OTHER AREAS OF THE CITY IS WHAT ARE WE GONNA, HOW ARE WE GONNA BENEFIT FROM THAT? AND I GUESS IF I TIE THAT BACK INTO A COMMUNITY NEED, WE'VE HAD A, WE'VE HAD A A REALLY HEARTFELT, WE NEED A COMMUNITY HOSPITAL AND I THINK THE ENTIRE CITY WOULD, COMOR WOULD SUPPORT AN IDEA LIKE THIS IN ORDER TO, TO OBTAIN THAT UH, GOAL.
I WOULD SUGGEST IF YOU HAVE ANY SPARE TIME, LISTENING TO MONDAY MONDAY'S WORK SESSION WHERE THERE'S AN ITEM ON THE AGENDA TO DISCUSS A FUTURE BOND PROGRAM AND WHAT
[00:20:01]
YOU JUST SAID IS THE COMPLETE INTENT OF THAT.WE KNOW THIS TIFF IS ONLY ONE AREA OF THE TOWN.
WE'RE TALKING ABOUT MAYBE EXPANDING THE DOWNTOWN TIFF, BUT THERE ARE OTHER PARTS OF THE AREA MENTIONED FOUR OF THE NINE CATALYST AREAS.
THERE'S HARBOR POINT WHERE BASS PRO IS, UH, WE WE'RE GOING TO START EXPLORING AND EVALUATING A BOND PACKAGE THAT DOES EXACTLY WHAT YOU SAID CITYWIDE.
UM, THAT GIVES US THE LATITUDE TO ISSUE THOSE BONDS.
YES, THERE'S A RISK GOING TO THE VOTERS, BUT THE VOTERS ARE THE ONES THAT NEED TO TELL US WHAT THEY WANT GARLAND TO BE.
AND YOU KNOW, WE MENTIONED COMMUNITY HOSPITAL, THERE'LL BE SOME SORT OF MEDICAL DISTRICT COMPONENT TO THAT AND THERE'LL BE OTHER HARBOR POINT I MENTIONED DOWNTOWN.
BUT WE'RE LOOKING, WE'RE LOOKING TO MAKE TARGETED INVESTMENTS IN THESE AREAS TO BRING AMENITIES THAT WILL GROW REVENUE TO GARLAND AND ALSO PROVIDE A BETTER QUALITY OF LIFE FOR OUR RESIDENTS.
AND THAT'S THE COMPLETE INTENT OF THAT BOND PACKAGE.
THIS IS A COMPONENT OF THAT, BUT WHAT THIS DOES IS TAKE CARE OF ONE PART OF THE GARLAND, BUT WE NEED TO TAKE CARE OF ALL OF THE GARLAND.
ANYTHING I, I REMEMBER IN, IN THE SCHOOL BOND PROGRAM, THE CITIZENS SEEMED VERY, UH, OPEN TO A FUTURE BOND PROGRAM.
NOT 10 YEARS, BUT WITHIN THE NEXT FEW YEARS SO THAT WE DON'T GET FURTHER AND FURTHER BEHIND.
AND I THINK THAT'S WHAT OUR CITY LEADERS ARE FEELING.
AND AND WE'RE, WE'RE IN A PRIME TIME THAN WHEN WE CAN MAYBE DO SOME CATCH UP, UH, WITHOUT PUTTING A STRAIN ON OUR CITIZENS.
WE'LL, WE'LL SUPPORT THAT DEBT.
LIKE I SAID, WE, YEAH, WE HAVE THE 2019 BOND PROGRAM.
IT'S SCHEDULED TO BE ABOUT 90% COMPLETE BASED OFF OF OUR C I P DOGGING BY 2025.
SO THE INTENT OF THIS NEW BOND PROGRAM IS JUST TO BUILD UPON THAT, TO CONTINUE TO MAKE INVESTMENT IN THE CITY.
SO, UH, THE, WE'RE GOING TO BE LOOKING AT PUTTING TOGETHER HOPEFULLY A BOND STUDY COMMITTEE.
WE'LL NEED TO, WE'LL TALK THROUGH THAT WITH COUNCIL, BUT THAT'S ON THE AGENDA FOR MONDAY TO MAKE THOSE DECISIONS.
THIS, THIS COMMUNITY HOSPITAL THAT THIS, THAT'S GONNA BE DISCUSSED THIS COMING MONDAY OR WHAT TYPE? WELL, THE HOSPITAL ITSELF WON'T BE DISCUSSED.
A A BOND BOND STUDY, WHICH YOU WERE A MEMBER OF THE 2019.
SO THAT'S WHERE WE'RE LOOKING IS TO DEVELOP A BOND STUDY COMMITTEE TO EVALUATE PROJECTS.
UH, THE, THE COMMUNITY HOSPITAL IS SOMETHING THAT, UH, I'M TRYING TO GET A WAY OF SAYING A COMMUNITY HOSPITAL'S COMING BECAUSE I DO NOT KNOW, NO ONE KNOWS IF A COMMUNITY HOSPITAL'S COMING, BUT INVESTMENT FOR OUR RESIDENTS TO GET A COMMUNITY HOSPITAL IS DEFINITELY ON THE TABLE.
BUT THAT WON'T BE SPECIFICALLY DISCUSSED MONDAY.
YEAH, I'M, I'VE HAD A DISCUSSION WITH MY COUNSELOR.
WE GOT 250,000 POPULATED CITY, 250 A QUARTER OF A MILLION PEOPLE.
WE, WE, WE, WE WE'RE DEALING WITH THE VA HOSPITAL.
250,000 PEOPLE HAVE TO GO OUTSIDE THEIR CITY LIMITS TO GET MEDICAL CARE.
THAT DOESN'T, THAT DOESN'T MAKE SENSE.
SO IF, UM, IF, IF, IF WE ARE NOT HAVING A FULL COURT PRESS AND ADDRESSING THIS FOR A CITY THAT'S HAS OVER A QUARTER OF A MILLION PEOPLE TO HAVE A HOSPITAL WITHIN THE CITY, CITY LIMITS, UM, I THINK
I JUST, TRUST ME, WE'RE ON FULL COURT PRESS.
SO I'M JUST DON'T WANT, I DON'T, I DON'T LIKE TO SAY THINGS ARE GONNA HAPPEN TILL WE KNOW THEY'RE HAPPENING.
AND I'VE HAD THIS, UH, WITH ED, I'VE HAD THIS CONVERSATION WITH HIM.
IT'S, I, IF, IF GOD FORBID IF ONE OF US GOT SICK AND WE HAVE TO GO OUTSIDE THE CITY LIMITS, THE TRAFFIC CONDITIONS IN DALLAS IS, AND AROUND THIS AREA IS HORRENDOUS TRYING TO GET MEDICAL CARE, YOU HAVE TO GO 14, 15 MILES.
SO WE, THIS HAS TO BE ADDRESSED IMMEDIATELY.
SO I, I APOLOGIZE FOR, I DIGRESS.
BUT THAT'S, UH, THAT'S SOMETHING THAT'S VERY SENSITIVE TO ME.
AND TRUST ME, WE'RE THERE IS A FULL COURT PRESS HAPPENING NOW.
YOKO'S TEAM IS WORKING HARD AT TRYING TO EVALUATE THIS HOSPITAL AND WHERE IT CAN GO WITH THE, IF WE CAN GET THE RIGHT PERSON IN, YOU KNOW, THE ISSUE WITH BAYLOR WAS THE PAYER PAYER MIX AND THE DEMOGRAPHICS.
BUT WE HAVE TO FIND, SO WE HAVE TO FIND A WAY TO GET AROUND THAT.
AND YOU SEE ON THIS SCREEN, ONE PARKLAND IS ON THE SCREEN OPTION, YOU KNOW, PRIVATE HOSPITAL OPTION.
WE JUST GOTTA EVALUATE THOSE AND MAKE SURE THAT WE GET SOMEBODY THAT'S SUSTAINABLE.
[00:25:01]
OF, OF BAYLOR.AND WE JUST DON'T WANT THAT TO HAPPEN.
I MEAN YOU CAN, WE, WE CAN'T, WE CANNOT PUT IN ANOTHER FACILITY LIKE THAT AND EXPECT IT TO.
IT'S A VERY COMPLICATED ISSUE.
WE'RE, WE'RE WORKING HARD AT IT.
SO WHAT I'M HEARING FROM YOU IS WE NEED TO, YEAH, THE UH, UH, WHAT I WOULD LIKE TODAY IS, SO THERE HAS TO BE SOME FORMAL DOCUMENTS PUT TOGETHER BASED OFF STATE LAW AND I JUST HONESTLY DIDN'T HAVE THE TIME TO GET THOSE DONE.
AND PLUS WANTED TO GIVE Y'ALL A BRIEFING FIRST OF THIS TO SEE IF Y'ALL ARE, ARE OKAY WITH MOVING FORWARD.
SO I GUESS WHAT I'M ASKING FOR NOW IS TO CONTINUE MOVING FORWARD WITH DEVELOPING THOSE DOCUMENTS.
SO, UH, THE TIF BOARD IS GOVERNED BY A PROJECT PLAN.
SO WHATEVER'S IN THIS PROJECT PLAN IS PRETTY MUCH WHAT WE'RE GONNA DO.
THOSE ARE THE BOUNDARIES THAT WE'RE GONNA INVEST IN AND IT'S UP TO THIS BOARD TO MAKE THAT RECOMMENDATION TO CITY COUNCIL.
SO WHAT I WOULD LIKE TO DO IS GET THE OKAY FROM Y'ALL TO MOVE FORWARD WITH DEVELOPING ALL THESE DOCUMENTS.
AND IN OCTOBER, I BELIEVE WE'RE MEETING QUARTERLY, IS THAT CORRECT? YAKO? IN OCTOBER, UH, WE NEED TO NEED TO FIND A DATE WHERE EVERYONE CAN BE HERE 'CAUSE WE'LL NEED A QUORUM AND WE WILL PRESENT IN MORE DETAIL THIS FORMAL PLAN AND HOPEFULLY EITHER GET THE YES OR NO OR ADJUSTMENTS THAT NEED TO BE MADE.
AND FROM THERE, UH, REALLY MY DROP DEAD DATE IS I GOTTA GET THIS DONE BEFORE THE END OF THE YEAR.
AND WHY IS BECAUSE THE NEW TAX YEAR STARTS, I'VE GOTTA CAPTURE THESE DATA CENTERS FOR THIS TO WORK.
SO, UH, IN OCTOBER I'LL COME BACK IF Y'ALL ARE OKAY WITH THOSE FORMAL DOCUMENTS.
THEN FROM THERE WE'LL DISCUSS NEXT STEPS ON HOW WE GET THAT PRESENTED TO CITY COUNCIL AT HOPEFULLY A LATER OCTOBER MEETING OR POSSIBLY NOVEMBER.
TRYING TO, I KNOW THAT'S A FAST TIMELINE, BUT I'M TRYING TO FORCE IT IN BEFORE THE HOLIDAYS SO THAT I'M NOT BUMPED UP AGAINST Y'ALL'S HOLIDAY PLANS.
BUT WHATEVER DATES WORK FOR Y'ALL.
JUST ONE THING I ASK IS BEFORE JANUARY 1ST.
SO THOSE ARE THE NEXT STEPS, LORI.
I'LL SAY IF THERE'S NO DISCUSSION BASED ON WHAT OUR STATE LEGISLATURES HAVE DONE TO US AND THE AMAZING WORK Y'ALL HAVE DONE PUTTING TOGETHER WHERE WE CAN MAKE THOSE INVESTMENTS, I WOULD MAKE A MOTION THAT WE MOVE FORWARD WITH THE EXPANSION.
ANYBODY OPPOSED? THERE YOU GO.
SO WOULD WOULD IT BE IN ORDER FOR US TO HAVE A WORK, A WORK SESSION BEFORE THE FORMAL MEETING? OR WOULD YOU NEED THAT KIND OF INPUT FROM US? OR MAYBE A NON QUORUM GROUP? YOU APPOINT A NON QUORUM GROUP TO UH, WE DON'T HAVE ANYONE FROM LEGAL HERE.
CAN I RESPOND BACK IN ANY YEAH, THAT'S THE QUESTION.
CAN CHAIRMAN? YEAH, IF YOU'RE OKAY WITH THAT, THAT'S FINE.
IF, IF YOU WANNA GET BACK TO US, WE CAN DO THAT.
YEAH, I I I WOULDN'T SEE A PROBLEM IF WE HAD JUST A MEET, LIKE A THANK YOU.
ENJOY YOUR MEETING, A MEETING PRIOR TO THE REAL MEETING AND WE JUST TALK ABOUT IT.
BUT, UH, LET ME VERIFY IF THAT'S BENEFICIAL FOR YOU.
I MEAN IT, IT, I THINK IT MAY BE BENEFICIAL FOR Y'ALL 'CAUSE I FELT LIKE I KIND OF THREW AT Y'ALL A LOT OF STUFF.
BIG NUMBERS AND UH, IF Y'ALL WOULD LIKE THAT, DEFINITELY OPEN TO DOING IT.
THAT'S WHAT, IF I'M JUST THINKING ABOUT THE, UM, THE OPEN MEETING ZACH
AND UH, WHAT WHERE I'M STRUGGLING IS IF THERE, THERE'S SOME THINGS THAT MAY HAVE TO BE LIKE AN EXECUTIVE SESSION, MEANING CONFIDENTIAL INFORMATION.
I NEED TO TALK TO THE CITY ATTORNEYS ABOUT THAT.
DEFINITELY NEED TO POST THE MEETING.
'CAUSE IF WE HAVE A QUORUM, YEAH, WE'VE DONE THAT BEFORE WHERE WE HAVE AN OPEN MEETING, BUT THEN WE GO MEET EXECUTIVE AND THAT'S WHERE ALL THE WORK.
SO LET ME, I'LL, I'LL EMAIL BACK AT, I'LL EMAIL YAKA WITH WHAT I HEAR FROM THE CITY ATTORNEY.
I JUST WANNA MAKE SURE I HAVEN'T READ THAT PART OF THE CODE AND I OPEN THAT JUST IF IT'S BENEFICIAL FOR YOUR COMING, COME WITH A STRONG AND I'D HAVE TO COME BACK AGAIN AFTER A, A FORMAL MEETING.
YEAH, I WOULD DEFINITELY WOULD LIKE, I WOULD DEFINITELY LIKE FOR THE NEXT MEETING TO BE THE, HOPEFULLY THE FINAL, FINAL MEETING OF THIS AND MOVE FORWARD 'CAUSE OF THE MY TIGHT TIMEFRAME, WHICH I APOLOGIZE FOR.
BUT THIS IS KIND OF ALL WE'RE MOVING QUICKLY, SIR.
ALL RIGHT, SO EVERYBODY SEES OUR FUTURE MEETING DATE.
DOES ANYBODY HAVE ANY AUTOMATIC CONFLICTS THEN? WHAT DATE IS IT? OCTOBER 25TH.
[00:30:03]
MATT, DO YOU THINK YOU WOULD NEED THIS THE MEETING EARLIER THAN THAT? MAN, YOU'RE REALLY PRESSING MENO, I'M TRYING TO LEAVE IT OPEN SO WE CAN YEAH.
UH, HOW EARLIER IF WE NEED TO OR THIS EXECUTIVE, I MEAN IF WE
THAT'S WHAT I WAS TRYING TO THINK THROUGH MY HEAD.
I'M HOPING Y'ALL CAN GET, I DON'T KNOW, DO YOU KNOW IF ANY ARE ON THE AGENDA, COURTNEY? THEY'LL ALL BE ON THE SECOND AGENDA IN AUGUST.
SO I MEAN IF WE WENT TO SEPTEMBER, I KNOW I HAVE SOMETHING THE LAST WEEK, BUT IF WE DID THE REALLY IT'S UP TO Y'ALL.
I MEAN, DON'T I KNOW YOU'RE ASKING ME, BOB, BUT WHATEVER Y'ALL NEED.
'CAUSE I KNOW THE INFORMATION.
I NEED Y'ALL TO KNOW THE INFORMATION, BE COMFORTABLE WITH IT.
WE LEAVE IT OPEN IF YOU, IF YOU HAVE, IF YOU'RE READY FOR US AND WE CAN GET A QUORUM TO DO IT RATHER THAN, I THINK WE'D ALL BE OKAY WITH THAT IF IT CAME UP FLUID SURE.
WELL, I, WE CAN DO, IF THE BOARD WOULD LIKE THAT, I COULD, UH, EMAIL A YAKA WHEN I AM SAY 99% DONE AND, UH, THROW OUT SOME DATES TO Y'ALL IN EARLY OCTOBER TO HAVE THAT WORK SESSION TYPE MEETING.
AND THEN WE COULD HAVE A FORMAL, FORMAL MEETING IN THE APPROVAL OF THIS ON THE 25TH.
SO I SAY WE HOLD THE 25TH AS OUR MEETING DATE AND IF WE NEED TO HAVE EARLY OCTOBER, LET'S GO WITH THAT.
IT'S EXCITING HAVING BEEN ON THE ORIGINAL TIF BOARD FROM ITS BEGINNING.
IT'S, IT'S EXCITING TO SEE ONCE YOU WE'RE GONNA GET Y'ALL BUSY
I, I, I LIKE WHERE THIS ONE'S GOING.
THIS, THIS IS, THIS IS A LOT DIFFERENT THAN PASS PRO.
ALL RIGHT, WELL IF NOBODY HAS ANYTHING ELSE THEN I GUESS WE'LL CALL US ADJOURNED AT SIX FIFTY TWO.