[Tax Increment Finance #1 Meeting on November 29, 2023. ]
[00:00:04]
GO AHEAD AND FEEL FREE TO SIT AT THE, THE DAY IS UP HERE.
SCOTT, YOU'RE, YOU'RE PART OF WHAT MAKES OUR QUORUM
WELL, LET'S CALL THIS MEETING TO ORDER.
THIS IS TIFF, BOARD NUMBER ONE FOR DOWNTOWN IN FOREST JUPITER.
AND, UH, LET'S TAKE A MOMENT WITH, UH, OUR NEW MEMBER.
UH, GO AHEAD AND INTRODUCE OURSELVES AROUND.
I'M JOSEPH SCHROEDER AND I'M THE CHAIR OF THIS, THIS BOARD.
UH, MR. STAFFORD, WE'LL START WITH YOU AND GO AROUND.
I'M, I DON'T KNOW WHAT DISTRICT I AM.
I'M, UH, OVERSEE FACILITIES FOR DALLAS COLLEGE.
GO AHEAD AND INTRODUCE YOURSELVES, MATT.
SO WE MET VIA EMAIL, BUT MY NAME'S LETICIA MCMA WITH THE DOWNTOWN DEVELOPMENT OFFICE.
I'M THE BUDGET DIRECTOR FOR THE CITY.
AND RUNNING OUR SOUND AND EVERYTHING ELSE IN THE BACKGROUND.
WALKER BEND, DOWNTOWN DEVELOPMENT
UM, EVERYBODY, UH, TAKE A MOMENT TO REVIEW THE MINUTES OF LAST MEETING AND WE WILL, UH, MOVE TO APPROVAL.
UH, AND THEN AFTER A MOTION, UH, WE WILL HAVE, I GUESS TECHNICALLY WE NEED A SECOND AND THEN DISCUSSION AFTER THAT ON ANY DETAILS ABOUT THE MINUTES, I WOULD MOVE APPROVAL IN THE MINUTES.
ANY SECOND? SECOND BY TONY, DO WE HAVE ANY DISCUSSION? DO ALL RIGHT.
SEEING NO HANDS FOR DISCUSSION, THE MOTION FOR APPROVAL OF THE MINUTES FOR, UH, THE MEETING OF NOVEMBER 29TH.
UH, ALL IN FAVOR, PLEASE SAY AYE.
I'M GOING THROUGH THE MINUTES AS IF IT'S MY AGENDA.
LOOKS LIKE WE HAVE SLIDES TO GO THROUGH AND I'LL TURN THAT OVER TO LETICIA.
UM, I BELIEVE THAT NEXT YOU'LL WANT TO OPEN UP PUBLIC PUBLIC COMMENTS.
UH, DO WE HAVE ANY COMMENTS FROM OUR ATTENDEES? WHAT IS THIS MORNING,
AND THEN ITEM FOUR, INDIVIDUAL CONSIDERATION.
WELL, GOOD AFTERNOON AND THANK YOU ALL FOR JOINING US FOR THIS MEETING.
A BIT OFF OF OUR STANDARD SCHEDULE.
UM, I'M HAPPY TO SHARE THAT WE TOOK YOUR RECOMMENDED PROPOSAL FOR THE TIF ONE EXPANSION AND EXTENSION, UM, TO THE COUNCIL WORK SESSION EARLIER THIS MONTH AND GOT SOME GOOD FEEDBACK, WHICH IS WHAT BRINGS US ALL HERE TODAY.
AND BEFORE WE, WE'LL DIVE INTO THAT A BIT DEEPER HERE SHORTLY, BUT JUST KIND OF WANTED TO HAND IT OVER TO MATT, GIVEN THAT WE DO HAVE SOME NEWER MEMBERS ON THE BOARD TO GIVE US A, AN INTRODUCTION OR A RECAP RATHER ON TAX INCREMENT FINANCING.
SO I'M JUST GONNA GO OVER BRIEFLY WHAT A, WHAT A TIFF IS AND HOW IT'S STRUCTURED AND HOW IT WORKS IN PARTICULARLY THE DOWNTOWN FOREST JUPITER TIFF.
SO THIS TIFF WAS CREATED IN 2004, AND AT THAT TIME, IF YOU LOOK AT THIS GRAPH, THIS BASICALLY SHOWS HOW THE TIFF RECEIVES REVENUE.
SO THE BOTTOM LINE IS THE BASE REAL PROPERTY VALUE.
SO IN 2004, WHAT HAPPENED WAS IS THE CITY BASICALLY FROZE THE TAXES THAT GO INTO THE GENERAL FUND COFFERS AND TO OUR DEBT SERVICE FUND AT A HUNDRED PERCENT.
AND WHAT THAT MEANS IS, INSTEAD OF ALL THESE VALUES THAT ARE IN THE, IN THE BOUNDARIES OF THE DOWNTOWN FOREST, JUPITER TIFF, INSTEAD OF ALL OF THE INCREASED REVENUE THAT IS GENERATED FROM PROPERTY VALUE GROWTH, GOING TO PAY FOR FIRE STREETS AND ALL THE OTHER SERVICES THE CITY PROVIDES, IT GOES INTO THE TIF FUND TO BE UTILIZED FOR PROJECTS THAT ARE, HAVE TO BE UTILIZED IN THE BOUNDARIES OF THAT TIFF.
SO THAT'S WHAT THE BLUE, THE KIND OF BLUE TRIANGLE IS, IS DEPICTING THAT IS THE INCREMENTAL REVENUE DRAWING IN.
AND THEN EVENTUALLY A TIFF WILL
[00:05:01]
EXPIRE WITH THE TERMINATION DATE AND ALL THAT MONEY GOES BACK INTO THE CITY'S COFFERS.SO THE INTENT IS TRY TO SPARK DEVELOPMENT WITHIN A CERTAIN AREA SO THAT WE CAN INCREASE PROPERTY VALUE GROWTHS.
AND THEN AT SOME POINT THAT GOES ALL BACK TO THE CITY.
THE ORIGINAL EXPIRATION DATE FOR THIS TIFF WAS DECEMBER OF 2024.
SO THE LAST TIME WE TALKED, WE TALKED ABOUT EXPANDING THIS FOR ANOTHER 20 YEARS.
AND, AND THE REASON WHY WE WANT TO DO THAT IS FOR ALL THE THINGS WE TALKED ABOUT LAST TIME, WE HAVE A, A LOT OF ADDITIONAL IMPROVEMENTS THAT CAN BE MADE IN THE AREA WHERE WE'RE, WE'VE EXPANDED THE BOUNDARIES TO, TO TAKE INTO ACCOUNT NOT JUST DOWNTOWN CENTER, BUT LOOKING AT, UH, SOME ANCILLARY OUTSIDE AREAS TO TRY TO SPARK GROWTH IN THAT.
AND ALSO WE HAVE A LOT OF PROGRAMS, WHICH ISN'T TYPICAL OF A TIP, BUT WE HAVE A LOT OF PROGRAMS THAT ARE BEING UTILIZED TO DRIVE ENHANCEMENTS TO THE SQUARE THAT WE'VE TALKED ABOUT, ARTWORK, LETICIA HERSELF AND HER OFFICE.
SO ALL THOSE THINGS WE WANT TO CONTINUE AND HAVE, YOU KNOW, FOR THE NEXT 20 YEARS.
SO WHAT, MOVING FORWARD, WHAT WE'RE MORE THAN LIKELY WHAT'S GONNA HAPPEN? WE KNOW THE COUNTY WON'T PARTICIPATE AS WE MOVE FORWARD 'CAUSE THEY DO NOT PARTICIPATE IN 20 YEARS.
THE DALLAS COLLEGE IS PARTICIPATING.
NOW, THAT'S SOMETHING WE'LL HAVE TO APPROACH THE DALLAS COUNTY, DALLAS COLLEGE GROUP ON IF THEY WILL PARTICIPATE IN THE EXPANSION.
BUT RIGHT NOW, THIS IS KIND OF A CITY OF GARLAND ON OUR OWN, EXPANDING THE TIFF FOR ANOTHER 20 YEARS.
AND KIND OF JUST TO REITERATE A FEW THINGS THAT MATT POINTED OUT, UM, THIS SLIDE REPRESENTS THE CURRENT BOUNDARIES OF THE TIFF.
SO THIS IS AS IS APPROVED IN OUR CURRENT PLAN TODAY.
UM, AND YOU'LL SEE WE HAVE NOTED THE, THE MOST RECENT EXPANSION THAT WE DID BACK IN 2020, UM, EXTENDED THE BOUNDARIES TOWARDS THE FOREST JUPITER END OF THE TIF TO INCLUDE MONTGOMERY PARK AND, UM, YOU KNOW, ENABLE SOME, SOME PROJECT IMPROVEMENTS THERE INTO AN EXISTING PLAYGROUND EXPANSION AND JUST OVERALL PARK ENHANCEMENT.
THIS SLIDE REPRESENTS THE CURRENT PROPOSED EXPANSION.
SO THESE REPRESENT, OR THESE, UH, IMAGES REPRESENT WHAT THE TIF BOARD RECOMMENDED TO COUNCIL.
UM, AS FAR AS WHAT WE TOOK FORWARD AT THE NOVEMBER WORK SESSION EARLIER THIS MONTH.
SO THE FEEDBACK THAT WE RECEIVED FROM COUNCIL, UM, WAS, YOU KNOW, QUITE RECEPTIVE TO EXTENDING THE TIMELINE OF THE TIF FOR ANOTHER 20 YEARS.
BUT IN REGARDING THE, UM, GEOGRAPHICAL FOOTPRINT, THEY, UH, REQUESTED THE BOARD CONSIDER LOOKING INTO SOME ADDITIONAL OPPORTUNITIES ON THE WEST END OF THE, THE DISTRICT FOR THE FOREST JUPITER END.
AND WE HAVE, UM, A VISUAL REPRESENTING THAT HERE SHORTLY.
BUT JUST A REMINDER OF WHERE WE LEFT OFF WHEN WE MET, UM, IN OCTOBER.
AND THEN THE PRESENTATION THAT WE TOOK TO COUNCIL, THE ESTIMATED TOTAL RESOURCES WITH THE CURRENT PROPOSED EXPANSION CAME IN AT 50.9 MILLION TO BE PROGRAMMED OUT OVER THE NEXT 20 YEARS INTO, UM, 2044.
SO JUST A REMINDER OF WHERE WE WERE WHEN WE LAST MET ALL IN PERSON.
AND THEN CONSIDERING THE FEEDBACK FROM COUNCIL, UM, THIS SLIDE REPRESENTS THE REVISED PROPOSED EXPANSION.
SO A COUPLE OF NOTES, UM, COUNCIL DID POINT OUT, UM, SOME MISSING PROPERTIES WITHIN OUR LAST PROPOSAL WITH THE INTENTION TO FULLY CAPTURE, UM, THE DRAPER PROJECT IN THE DOWNTOWN PORTION OF THE TIF.
WE HAD, UM, LEFT OUT PHASE THREE.
SO IF YOU SEE HERE TO THE BOTTOM RIGHT, UM, WE, WE'VE ZOOMED IN TO SHOW YOU THOSE ADDITIONAL PARCELS THAT WOULD, WOULD BE ADDED TO CAPTURE THAT.
AND THEN MOST IMPORTANTLY, UM, AS, AS COUNCIL HAS REGARD, WE HAVE REFERENCED A FOREST JUPITER REDEVELOPMENT PLAN FROM 2013 AND IDENTIFIED SOME POTENTIAL OPPORTUNITIES THERE TOWARDS THE WESTERN END OF THE TIF TO CAPTURE, UM, REDEVELOPMENT PROPERTY TAX REVENUE, UM, IN THE FUTURE WITH THE JUPITER WALNUT RETAIL TARGETED INVESTMENT AREA.
SO THAT, UH, VISUAL IS REPRESENTED IN THE, UM, THE BOTTOM LEFT, IF YOU WILL.
AND THEN IF YOU LOOK TO THE TOP LEFT OF THE SLIDE, YOU'LL SEE THE AREA ALSO REFERENCED DIRECTLY FROM THAT PLAN.
SO WITH THIS EXPANDED FOOTPRINT, UM, STILL MAINTAINING THAT 20 YEAR MODEL, THE ESTIMATED TOTAL RESOURCES COME TO 52 MILLION.
SO THIS SLIDE SIMPLY BREAKS DOWN THE CURRENT PROPOSAL THAT WE HAD TAKEN TO THE BOARD AND THEN THE REVISED PROPOSAL AND COMPARES THE TWO.
SO YOU'LL SEE THAT AGAIN, YOUR ESTIMATED TOTAL RESOURCES WITH YOUR CURRENT PROPOSAL WAS JUST OVER
[00:10:01]
OR ALMOST 51 MILLION.AND WITH THE REVISED PROPOSAL, THE RESOURCES COME IN JUST OVER 52 MILLION, TAKING THE FEEDBACK FROM COUNCIL, UM, AND THE INTENTION TO CAPTURE THOSE OPPORTUNITIES NEAR THE WEST END OF THE TIF.
UM, THERE WAS ALSO STRONG SENTIMENT AROUND, UH, INCREASING THE REVITALIZATION PROGRAM AND SMALL BUSINESS DEVELOPMENT PROGRAM PROPOSED TO EXTEND BEYOND THE DOWNTOWN BAND BOUNDARIES AND LOOK TO INCORPORATE THAT PARTNERSHIP IN PRIVATE AND PUBLIC PROPERTY REDEVELOPMENT TOWARDS THE WESTERN END OF THE DISTRICT.
SO AS YOU SEE WITH THIS PROPOSAL, THERE IS THE OPPORTUNITY, UM, WITH THAT ADDITIONAL REVENUE TO INCREASE THAT PROGRAM BY JUST OVER A MILLION DOLLARS TO BE PROGRAMMED THROUGHOUT THE 20 YEAR EXTENSION.
AND I'D LIKE TO RUN THROUGH THE PROPOSED PROJECT AREAS.
AGAIN, YOU'RE ALL QUITE FAMILIAR WITH THEM.
THESE ARE STANDING UPDATES, UM, ON OUR QUARTERLY BASIS WITH OUR MEETINGS.
UM, BUT JUST KEEP IN MIND THAT THESE PROJECT AREAS REALLY JUST ESTABLISH A CHANNEL FOR, FOR FINANCE, FINANCIAL INVESTMENT, IF YOU WILL.
SO BY KEEPING THE CATEGORY SOMEWHAT BROAD AND MAINTAINING FLEXIBILITY, WE'RE JUST ESTABLISHING, UM, THE OPPORTUNITY TO INVEST IN THE PROJECTS AS THEY AS THEY ARISE.
SO MANAGED DISTRICT SERVICES, THIS IS OUR STAFF AND OPERATIONS, UM, THE UNIFIED DISTRICT IDENTITY AND COORDINATED PLACEMAKING EFFORTS, ENTREPRENEURIAL DEVELOPMENT AND MARKET ASSESSMENTS AND OTHER MARKET PROFILE STUDIES.
TIFF IMPROVEMENTS IN REDEVELOPMENT, IF YOU'LL RECALL.
UH, THIS IS TAKING WHAT WAS PREVIOUSLY SORTED AS THE FOREST JUPITER IMPROVEMENTS AND THE DOWNTOWN AREA IMPROVEMENTS AND COLLAPSING THEM INTO ONE CATEGORY AND ENSURING THAT WE ARE, UM, TESTING THE CA THE CAPACITY OF THE DISTRICT AND WITH FEASIBILITY STUDIES AND INFRASTRUCTURE ASSESSMENTS, INFRASTRUCTURE IMPROVEMENTS, LAND ACQUISITION AND PROPERTY REDEVELOPMENT.
THE REVITALIZATION PROGRAM AND SMALL BUSINESS DEVELOPMENT, WHICH WE SPOKE TO JUST A MOMENT AGO, IS THAT OPPORTUNITY FOR PRIVATE PROPERTY INVESTMENT AND REALLY SUSTAINING THE LONGEVITY OF OUR PHYSICAL ASSETS WITHIN THE DISTRICT.
SMALL BUSINESS ECONOMIC GROWTH AND LONG-TERM PLANNING ENHANCED SQUARE PROGRAMMING.
SO THIS IS THE CATEGORY THAT IS DEDICATED TO THE DOWNTOWN DISTRICT, UM, FOR DISTRICT-WIDE ACTIVATION, ENCOURAGING FOOT TRAFFIC AND COMMERCE AND INTERDEPARTMENTAL COLLABORATION, AS WELL AS THIRD PARTY EVENT ENHANCEMENTS, PUBLIC ART, SO CREATING A SENSE OF PLACE THROUGH MURALS, SCULPTURES, TRAVELING, ART EXHIBITS.
UM, WE FORESEE THIS OPPORTUNITY AS SOMETHING THAT WOULD BE, UM, SPREAD THROUGHOUT THE TIF DISTRICT AND NOT LIMITED ONLY TO DOWNTOWN.
SO THIS PRETTY MUCH SUMMARIES OUR UPDATE, BUT JUST REALLY WANTED TO HONE IN ON THE, UM, THE FLEXIBILITY THAT THESE PROJECT AREAS CREATE AS WE WILL ON AN ANNUAL BASIS, COME BACK TO BOTH THE BOARD AND TO COUNCIL THROUGH THE OPERATING BUDGET PROCESS.
WHEN WE TAKE THE NUMBERS FROM THE FORECAST THAT'S PROJECTED IN THE 20 YEAR PLAN AND ACTUALLY, UM, PRESENT OUR PLAN TO EXECUTE THEM.
AND WITH THAT WE'LL HAND IT BACK TO THE BOARD FOR DISCUSSION.
SO WHAT WE'RE LOOKING FOR TODAY IS FORMAL CONSIDERATION FROM THE BOARD FOR, UM, ESSENTIALLY REVISING THE, UH, PROPOSED EXPANSION THAT WAS PRESENTED TO COUNSEL AT THE WORK SESSION EARLIER THIS MONTH.
AND I WILL HAND IT BACK TO YOU.
DO WE HAVE ANY QUESTIONS FOR CITY STAFF? YES SIR.
DID YOU MEAN THAT THE REVITALIZATION PROGRAM WITH THE PUBLIC PRIVATE PARTNERSHIP WOULD EXPAND TO THE FOREST JUPITER AREA AS WELL? THAT THAT IS THE SENTIMENT AT THIS TIME? YES.
IS IT A SEPARATE BUCKET SO TO SPEAK OR IS IT JUST KIND OF ALL ONE? IT'S JUST GONNA BE ALL ONE.
UM, UM, WHAT WE, WHAT WE'RE DOING WITH THIS PLAN, LET ME BACK UP SOME IS, SO THE, THIS BOARD'S PRIMARY JOB IS TO MAKE RECOMMENDATIONS TO CITY COUNCIL AND THEY DO THAT THROUGH THIS PROJECT AND FINANCE PLAN AND BASED OFF STATE LAW CHAPTER THREE 11 OF THE TAX CODE, THERE'S CERTAIN COMPONENTS THAT HAVE TO BE IN THIS TAX, IN, IN THIS DOCUMENT.
AND ONE OF THOSE IS THE LIST OF THE PROJECTS THAT YOU HAVE WANT TO COMPLETE.
AND SO WHAT WE'RE WE'RE, WE'VE TRIED TO DO IN THOSE, IN WHAT LETICIA SHOWED BEFORE IN THESE BUCKETS IS THESE ARE OUR PROJECTS AND THESE ARE THE IDENTIFIED MONEY.
AND WHY, WHY WE DID THAT IS TO HAVE FLEXIBILITY SO THAT AS OPPORTUNITIES PRESENT THEMSELVES, WE CAN ACT ON THOSE OPPORTUNITIES.
[00:15:01]
PROGRAM, IT'S, IT'S ACTUALLY FITTING INTO THE TIFF IMPROVEMENTS AND REDEVELOPMENT.SO IT'S A HUGE BUCKET OF MONEY AND WE'VE SEGREGATED OUT A PORTION OF THAT UNDER THAT BUCKET FOR THE REVITALIZATION PROGRAM IN DOWNTOWN.
BUT WHAT WE WOULD BE LOOKING TO DO IS, AS OPPORTUNITIES SHOW UP IN THE FOREST JUPITER AREA, WE WON'T NECESSARILY BE LOOKING TO ROB FROM THAT.
WE WILL BE LOOKING IN THAT BIG BUCKET TO MAKE THOSE OPPORTUNITIES HAPPEN.
CAN, CAN YOU GO TO THE SLIDE OF THE JUPITER MAP EXPANSION? SO I CAN SPEAK FOR THE ASIAN COMMUNITY, THAT AREA REALLY, REALLY NEED TO UPGRADE AND I'M VERY, VERY HAPPY TO BE A PART OF THIS AND THANK YOU FOR EXPANDING TO ALL THE WAY UP THERE BY, UH, WALNUT STREET, JUPITER, THE EAST NORTHEAST, AND THEN THE NORTHWEST AND ALL AROUND UP THERE, THE VIETNAMESE COMMUNITY, THE CHINESE COMMUNITY, MOSTLY ASIAN AND SOME LATINO COMMUNITY.
SO THAT'S AREA WHEN WE EXPANDING AND WE MAKE SURE, YOU KNOW, ALL THE ARTS WORK LITTLE HERE, LITTLE THERE IS BRING THE CITY UP NORTH.
I JUST WANNA SHARE THAT FROM, UH, THE ASIAN COMMUNITY STANDPOINT.
IS THERE ANY AREAS THAT WE WOULD BE, UM, NEEDING TO INCLUDE OR WOULD BE WORTH LOOKING INTO? ADDING INTO THIS? OR IS THIS NO, NO, NO.
SO I'M VERY GLAD THAT WE EXPANDED THAT AND UNDER OUR TIP BOARD, UH, RESPONSIBILITY AND, UH, DECISION MAKING.
QUESTION THE LAST TIME WE WERE HERE, AND KERRY, I THINK YOU MENTIONED THIS, THERE WAS SOME CONCERN THAT THE INVESTMENT IN SMALL BUSINESS, UH, REDEVELOPMENT WAS COMING VERY LATE IN THE, IN THE YEARS OF THE TIFF AND IT WAS STILL RELATIVELY SMALL.
SO I, I DON'T DON'T KNOW IF THE EXPANDED AMOUNT OF MONEY GOING INTO THAT AREA WILL HELP MOVE THAT TIMELINE UP BECAUSE WE HAVE BUILDINGS THAT ARE IN REAL NEED OF A RENOVATION AND PARTICULARLY AS, AS EVERYBODY DISCOVERS GARLAND AGAIN, WHICH I THINK THEY'RE DOING, THEY'RE PARKING ON MY STREET NOW.
UM, IT'S, IT'S THAT SAME SENSIBILITY AND IT'S MUCH LIKE WHAT TONY'S TALKING ABOUT.
IT'S, IT'S AN UNDISCOVERED ALMOST NEED THAT.
AND I DIDN'T KNOW IF THE ADDITIONAL FUNDING MIGHT HAVE SOMETHING TO DO WITH THAT TIMELINE.
UM, SO IF, IF YOU'RE REFERRING TO WHEN THE FUNDS WOULD ACTUALLY BE AVAILABLE YES.
SO WHAT WE'VE SHARED IN THE PAST, UM, IS MORE SO A FORECAST AND PLEASE STEP IN IF I'M NOT COMMUNICATING CLEARLY.
BUT, UM, AS FAR AS I SEE THE FORECAST IS CHANGING A LITTLE WELL, BUT AS FAR AS THE, THE TIMING AND THE AVAILABILITY OF THE FUNDING, WE'LL ADDRESS THAT ON AN ANNUAL BASIS.
AND IF I COULD ALSO SPEAK TO THE REVITALIZATION PROGRAM IN THE DOWNTOWN AREA, IT TOOK US A WHILE TO GET THE MOMENTUM GOING.
UM, AND I DON'T MEAN TO SAY THAT THAT'S NECESSARILY THE ABSOLUTE CASE IN THE FOREST JUPITER INN, BUT WE WILL BE, UM, BUILDING SOME RELATIONSHIPS DOWN THERE AND, AND CONNECTING WITH PROPERTY OWNERS AND WALKING THEM THROUGH THE PROCESS.
SO, UM, I I WOULD FORESEE IT BEING SOMEWHAT SIMILAR IN THAT THE FUNDS WILL POTENTIALLY ROLL OVER FROM YEAR TO YEAR.
WE'LL WORK WITH OUR BUDGET TEAM TO ENSURE THAT WHAT IS NEEDED IS AVAILABLE AT THE RIGHT TIME.
OR THAT PARTICULAR AREA, IF YOU NEED HELP IN TERM OF TALK TO THE BUSINESS OWNER, PROPERTY OWNERS SO THEY CAN CHIP IN A LITTLE BIT WITH US, I'D BE MORE THAN HAPPY TO DO SO BECAUSE WHAT I PRESENTING FROM THE BOARD, FROM THE PURCHASE WE HAVE, I CAN TALK PEOPLE, HEY, THIS IS HOW MUCH WE HAVE.
IF WE WANT TO DO THIS, YOU NEED CHIP IN ON THIS.
SO I THINK THAT'S WIN-WIN SITUATION FOR THEM.
AND, AND I'M ALL, I'M ALL IN FOR PRODUCT AND THEN I CAN TALK TO THANK YOU LETICIA, WILL YOUR OFFICE HANDLE THAT AREA TOO? I KNOW PART OF THE APPLICATION IS TO PUT IN WELL THE APPLICATION TO YOUR OFFICE.
SO, SO THAT'S SOMETHING WE'LL HAVE TO LOOK AT ADMINISTRATIVELY.
WE HAVEN'T QUITE WORKED THROUGH THAT YET.
IT'S, YOU'RE FAMILIAR WITH THE PROGRAM RIGHT NOW AS IT IS DRAFTED EVEN BY ORDINANCE.
IT'S VERY SPECIFIC TO THE DOWNTOWN HISTORIC SUBDISTRICT.
UM, BUT WE WILL, ONCE WE ARE TO A POINT WHERE WE CAN TRULY MOVE FORWARD WITH THESE PROJECTIONS, UM, ADDRESS THAT RIGHT AWAY.
IT'LL TAKE SOME TIME, UM, 2025 AT LEAST TO GET OFF THE GROUND.
AND THERE IS SOME TALK TOO ABOUT HAVING A CITYWIDE, YOU KNOW, IMPROVEMENT PROGRAM FOR SHOPPING CENTERS AT SOME POINT.
AND SO THIS MIGHT ACTUALLY JUST FLOW INTO THAT AND, BUT THIS IS JUST THE FUNDING MECHANISM FOR IT.
SO THERE'S A LOT OF TALK THAT WE STILL HAVE TO GO THROUGH WITH THE COUNCIL TO, TO NAIL ALL THAT OUT.
[00:20:01]
WORKED WELL FOR HOMES I KNOW, CORRECT.UM, SO IF I'M HEARING CORRECTLY, THIS IS KIND OF PHASE TWO OR A PART TWO AND THERE WAS A ONE WHICH WAS 20 YEARS.
SO THAT WAS 2003 2004, IS THAT CORRECT? CORRECT.
2004 WITH THE SET EXPIRATION THROUGH TWO.
OH, AND WHAT WAS THE INVESTMENT THEN? IF I, I DIDN'T, I I DIDN'T SEE THAT PART.
UM, I DON'T KNOW IF I HAVE THE NUMBERS.
ALLISON, DO YOU KNOW HOW MUCH WE'VE INVESTED? YES SIR.
I HAVE THAT SOMEWHERE IN MY STACK OF PAPERS.
IF YOU GIVE ME A MINUTE SOMEWHERE IN THERE THIS PAGE
SO YOU INVESTED THE MONEY THEN, IF I HEARD YOU CORRECTLY, THE, THE HOPE IS TO INVEST MONEY THAT COMES BACK EVENTUALLY VIA TAXES BECAUSE OF INCREASED GROWTH, ET CETERA.
SO I'M JUST WONDERING DID IT WORK, YOU KNOW, IN THE FIRST ROUND THIS HAS, THAT THIS HAS BEEN IN AN EXTREMELY SUCCESSFUL TO HAVE.
CAN YOU SHOW A DELTA OR WHAT FROM THE FIRST 20 YEARS? CAN YOU, SO IF YOU HAVE THE INITIAL INVESTMENT, CAN YOU TELL WHAT CAME BACK AND WHAT THAT, WHAT THE DELTA WAS? YES, WE CAN, BUT WE JUST DON'T HAVE THAT UNLESS YOU HAVE THE YEAH, YEAH.
THE INITIAL UH, INVESTMENT IN THE ZONE WAS 12.6 MILLION.
AND BASED ON THE GROWTH AND PROPERTY VALUES FROM THE TIFF AND PROJECTING OUT, WE'RE PROJECTING AT THE END OF THE TOTAL OF THE 40 YEAR LIFE THAT THE TOTAL INVESTMENT IN THE ZONE WILL BE 63.4 MILLION.
SO FOR A LARGE PART OF THE INITIAL TERM OF THE TIFF WITH THE CITY AND THE COUNTRY WENT THROUGH A RECESSION, THERE WAS A LOT LACK OF ACT ACTIVITY FOR A WHILE.
IN THESE RECENT YEARS WITH THE ACTIVATION AT THE SQUARE, THE ACTIVATION OF THE DOWNTOWN DEVELOPMENT OFFICE, WE REALLY STARTED TO SEE THAT INVESTMENT, UM, TAKE OFF.
AND THAT WILL BE, UH, A BIG PART OF, UM, WHY WE'RE EXTENDING AND THE VALUE THAT IS GEN THAT HAS BEEN GENERATED TO DATE AND WILL BE CARRIED FORWARD INTO THE NEXT 20 YEARS, UH, WILL ALLOW US TO FUND, UH, A LOT MORE ACTIVITIES.
SO IF MY MATH IN MY HEAD IS CORRECT, THAT WOULD BE A 51 MILLION DIFFERENCE.
AND THAT WAS ALL IN CAPTURED TAXES.
THERE WASN'T ANY ADDITIONAL INVESTMENT, IS THAT CORRECT? THAT WOULD BE THE ADDIT, THAT WOULD BE THE INCREMENTAL GROWTH, YEAH.
THAT HAS OCCURRED SINCE THAT TIME.
TAKE THAT THE INITIAL, UM, CAPTURED VALUE FOR THIS TIFF WAS 103 MILLION AND TO THIS DATE, UM, THE 2023 CERTIFIED VALUES FOR THIS EXISTING TIF ZONE IS 324 MILLION.
I WISH MY 5 0 1 C3 HAD GONE
WHICH, AND, AND WHY I SAY THAT'S EXTREMELY SUCCESSFUL IS A LOT OF THAT, REMEMBER THAT THIS TIFF WAS CREATED IN OH FOUR AND IN 2008 WE WENT THROUGH THE, THE GREAT RECESSION, WHICH FOR PROPERTY VALUES LASTED REALLY THROUGH LIKE 2014.
SO THIS TIFF OVER THE LAST FIVE YEARS REALLY WITH WHAT'S GOING ON WITH THE SQUARE, WHAT'S GONE ON AROUND WITH THE APARTMENTS AROUND IT OVER THE LAST FIVE YEARS HAS JUST TAKEN OFF.
SO THAT'S ALSO WHY WE'RE LOOKING TO EXPAND IT FURTHER IS BECAUSE WE LOST A BIG PORTION OF THAT DUE TO THE RECESSION.
SO, UM, IN DISCUSSION JUST BEFORE, UH, THE BOARD'S, UH, MOVING TO ACCEPT THE PROPOSAL, UH, THE DRAPER PROJECT, UM, I WAS FAMILIAR WITH A LOT OF THE ACTUAL PHYSICAL WORK BEING DONE AND I WASN'T AWARE OF A LOT OF THE, UH, I'M GONNA CALL IT NICKNAME OF PROJECTS, THAT SORT OF STUFF.
UH, THEN THAT'S MY BAD FOR NOT STUDYING INTO IT, BUT THE DRAPER PROJECT AND INCLUDING THAT THIRD PHASE THAT WE WERE TALKING ABOUT, UH, FROM WHAT I'M SEEING ON THE MAP THAT'S AROUND GARLAND ROAD.
IT'S MY UNDERSTANDING TIF THREE WILL BE, OR IS CURRENTLY RUNNING UP AND DOWN GARLAND ROAD TOWARDS 6 35 SHILOH ROAD.
UM, I WANTED TO MAKE SURE BECAUSE MY BRAIN WAS SWITCHING THOSE TWO MAJOR THOROUGHFARES MM-HMM.
THAT WE WEREN'T GOING TO BE OVERLAPPING POTENTIAL
[00:25:01]
DISTRICTS WITH ANYTHING.'CAUSE THE DRAPER PROJECTS DOES MAKE MORE SENSE FOR OUR, OUR TIFF, BUT AGAIN, I DON'T WANNA BE TERRITORIAL
UH, SO THE, THE OWNERS OF DRAPER IT AND WHAT WE'RE TALKING ABOUT IS THE CHASE BANK BUILDING AND THE, AND THE DEVELOPMENT THAT'S ON THE GROUND GOING UP NOW.
SO THE NEXT PHASE WILL BE THE CHASE BUILDING AND THEY'VE ALSO ACQUIRED THE LAND BEHIND IT NOW.
SO WE JUST NEED TO GO AHEAD AND THEY'VE GOT PLANS FOR THIS PHASE THREE BEHIND IT.
AND THAT'S KIND OF A NEWER, NEWER, UH, THING THAT'S KIND OF POPPED UP AND, YOU KNOW, WE MOVE SLOW IN THE GETTING OUR MAPS UPDATED.
IS THERE ANYTHING IN THE DRAPER PROJECT THEY'RE ASKING FOR THE TIPS PARTICIPATION? NOT AT THIS TIME.
THEY, THEY HAVE ASKED FOR SOME INCENTIVES, BUT WE HAVE NOT PLUGGED ANY OF THAT IN.
FOR TIP PARTICIPATION, UH, SINCE THE COUNCIL WANTS US TO FOCUS MORE ON FOREST, JUPITER IS THERE, I WANNA TRY AND WORD THIS CAREFULLY WITHOUT SEEMING PEDANTIC, UM, TO, TO EITHER SIDE.
'CAUSE THE, THE POINT OF THE TIFF IS TO HELP AS MANY OPPORTUNITIES IN THE, THE AREAS AS WE CAN, BUT, UH, IT'S, IT'S GOING TO BE IMPORTANT THAT WE NOT LOSE FOCUS, UH, FOR ENHANCING THE DISTRICT AND THAT WE DO GIVE FOR JUPITER THEIR DUE.
UM, SO I'M BASICALLY ASKING FOR A FORECAST OF WHAT THE DRER PROJECT MIGHT NEED AND THEY DON'T EVEN KNOW YET.
SO
UM, THAT, THAT'S KIND OF A QUICK WIN OUT OF THE, UH, MASTER PLAN THAT WAS DONE IN 2013.
UH, MOST OF THE PROJECTS IN THAT AREA, WHEN YOU TALK ABOUT FOREST, JUPITER OUTSIDE OF THAT SHOPPING CENTER IS DART CONTROLLED.
AND, AND SO IT WOULD HAVE TO BE A PARTNERSHIP WITH DART TO DO ANY REAL LARGE IMPROVEMENTS OVER THERE.
WE DO HAVE THE FOREST JUPITER TRAIL THAT, UH, IS GOING TO BE COMPLETE.
IT'S ALREADY COMMITTED AND READY TO GO WITHIN THE NEXT FIVE YEARS THAT WILL CROSS OVER FROM THAT FOREST JUPITER DART STATION GOING ALL THE WAY UP TO THE MEDICAL DISTRICT SO THAT THAT PROJECT'S THERE.
AND THEN REALLY IT JUST COMES DOWN TO KNOCKING ON DOORS AND GETTING INTEREST IN A FACADE PROGRAM.
AND THEN WE ALSO HAVE FUNDING FOR ART.
WE HAVE FUNDING FOR OTHER ITEMS THAT ARE KIND OF SMALLER.
WE NEED TO FIND THOSE QUICK WINS IN THAT AREA FOR THE NEXT FIVE YEARS BECAUSE MOST OF THE OTHER PIECES, WHEN YOU LOOK AT THE LANDSCAPE OF THE AREA HERE, IT WE'RE TALKING SIGNIFICANT DOLLARS FOR IMPROVEMENT AND PARTNERSHIPS WITH OTHER TAXING ENTITIES LIKE DART.
UM, I'M TRYING TO ALSO DISCERN THE DIFFERENT TYPES OF LAND AREA THAT ARE BEING INCLUDED.
THIS ALSO INCLUDES A LOT OF THE MULTI-FAMILY APARTMENT COMPLEXES AND AND STUFF IN THE AREA.
IS THAT CORRECT? THAT IS CORRECT.
DO WE HAVE ANY UM, UM, HIGH CAPACITY RESIDENTIAL DEVELOPERS THAT WE'RE TALKING WITH IN ANY PART OF CURRENT OWNERSHIP OR POTENTIAL OWNERSHIP? I'M NOT AWARE OF US TALKING WITH ANY DEVELOPERS TO COME IN AND PURCHASE THOSE.
I KNOW THERE'S BEEN SOME IMPROVEMENTS TO SOME OF THOSE FACILITIES THAT ARE OUT THERE.
AND AGAIN, OUR FOCUS WOULD BE ON PROVIDING THEM AN OPPORTUNITY TO TALK TO US ABOUT, YOU KNOW, INCREASING THE VALUE OF THEIR PROPERTY BY THE FACADE IMPROVEMENTS.
UM, WHEN YOU'RE TALKING NEW DEVELOPERS COMING IN, YOU'RE, YOU'RE GETTING INTO THINGS OF DISPLACING PEOPLE AND, AND RIGHT NOW THAT WOULD, THAT AND THE TAX CODE THAT WOULD REQUIRE A TOTALLY DIFFERENT VOTE AND A TOTALLY DIFFERENT THING.
SO THAT'S JUST SOMETHING IN THE FUTURE I CAN'T FORECAST IF THAT WILL ACTUALLY COME IN PLAY, BUT JUST KNOW THAT DOING SOMETHING BIG SCALE IN THAT AREA, THERE'S GONNA BE DISPLACEMENT OF PEOPLE AND THERE'S GONNA BE A WHOLE OTHER PROCESS, WHOLE OTHER POLITICAL PROCESS THAT WE HAVE TO GO THROUGH TO DO THAT.
AND IT WOULD COST A LOT MORE THAN WHAT WE'VE GOT IN OUR TIFF.
[00:30:01]
THE AREA HAS ALWAYS BEEN IS FINDING AN OPPORTUNITY FOR THIS AREA, BUT BY EXPANDING IT TO AT LEAST INCLUDE THE WHOLE TARGET INVESTMENT AREA.WE HAVE OUR, WE HAVE, WE HAVE THE, THE MECHANISM, SO TO SPEAK, PUT IN PLACE.
IT'S JUST FINDING THAT OPPORTUNITY AND TO KIND OF REITERATE THAT, SO THE, THE AREA CAPTURES, UM, RETAIL MULTIFAMILY AND WHAT IS NOT INCLUDED SURROUNDING IT IS, UH, SINGLE FAMILY HOMES.
SO WE'VE CAPTURED AND CREATED THAT PLATFORM SHOULD OPPORTUNITIES PRESENT THEMSELVES.
AND WE TYPICALLY DON'T LOOK FOR RESIDENTIAL ONE BECAUSE THE, WE'RE THE TIFFS AREN'T NECESSARILY DESIGNED TO IMPROVE.
RESIDENTIAL IS DESIGNED TO IMPROVE THE COMMERCIAL SPACES AROUND IT.
AND TWO, IT BACK TO THE DISPLACING OF PEOPLE USUALLY JUST DON'T WANT TO, TO PUT IN A LARGE BLOCK OF RESIDENTIAL WHEN YOUR THOUGHT IS TO DEMOLISH EVERYTHING THERE.
THAT THERE'S OTHER METHODS TO DO THAT.
BUT, UH, THAT'S WHY WE DON'T DO RESIDENTIAL, THE MEDICAL DISTRICT.
WE DO HAVE A RESIDENTIAL COMPONENT, BUT IT WAS A BLANK PIECE OF LAND WHERE RESIDENTIAL WAS GOING TO COME IN.
SO TYPICALLY WHEN YOU LOOK AT A TIFF, WE FOLLOW ROADWAYS TO OTHER COMMERCIAL AREAS AND STICK WITH THAT.
ANY OTHER QUESTIONS FROM BOARD MEMBERS? I THINK IT'S A GOOD DECISION TO EXPAND AND DEFINITELY I'M HAPPY.
UH, TONY'S HAPPY
SO FOR FORMAL CONSIDERATION HERE, UH, WE HAVE, EXCUSE ME, OUR, UH, EXTENDED BOUNDARIES, OR EXCUSE ME, EXPANDED BOUNDARIES, UH, SOUTH AND WEST FOR THE DOWNTOWN AREA.
WE HAVE THE WESTERN, UH, EXTENSION, UH, FOR THE, UM, I'M SORRY, EXPANDING NORTH AND THE, THE WEST END, WHICH IS FOR JUPITER.
UH, WE HAVE THE EXTENDED, UH, TERMINATION DATE FROM 24 TO 44 AND THE UPDATED REVENUE PROJECTS, ESTIMATED CAPTURE APPRAISAL VALUES, UPDATED TIF PROJECT NUMBER ONE, LIST DESCRIPTIONS AND COSTS, WHICH WE FAIRLY WELL COVERED IN OUR, OUR QUESTIONS HERE TO THE CITY STAFF.
UM, DO WE HAVE A MOTION TO ACCEPT THIS? AND IF, IF WE ACCEPT THIS, THEN IT WILL BE PRESENTED BY ME AND CITY STAFF.
ANYBODY ELSE WHO WOULD LIKE TO COME MORE THAN WELCOME TO, TO COME, UH, TO THAT SESSION.
DECEMBER 4TH IS WHAT WE'RE LOOKING TO PRESENT TO CITY COUNCIL.
UM, THERE WILL BE PUBLIC HEARINGS AND THE PLANNED ADOPTION ON DECEMBER 12TH.
ARE THERE ANY QUESTIONS? AND DO WE HAVE, UH, A MOTION FOR ADOPTION FROM THE BOARD? I WOULD MOVE ADOPTION.
THE CONSIDERATION IS ACCEPTED.
WE APPRECIATE YOUR, YOUR TIME, LETICIA AND GETTING THIS ALL TOGETHER AND, AND YOUR OFFICE.
DO WE HAVE ANYTHING FURTHER? I'VE LOST MY AGENDA.
THANK YOU ALL FOR COMING AND FOR THE, THE SHORT NOTICE OF A SECONDARY.