Sep 23, 2026 Economic Development Corporation Meeting

[00:00:03]

ALL RIGHT. WELCOME TO ECONOMIC DEVELOPMENT CORPORATION BOARD MEETING.

[A. Meeting Opening]

OUR FIRST ITEM OF BUSINESS, IF YOU WILL, PLEASE RISE.

AND I'LL LEAD US IN THE INVOCATION AND PLEDGE OF ALLEGIANCE. OUR DEAR FATHER IN HEAVEN, WE ARE GRATEFUL FOR THE OPPORTUNITY TO MEET HERE TODAY, TO MEET ON BEHALF OF THE CITY AND THE ECONOMIC DEVELOPMENT CORPORATION, AND PLEASE BLESS US AS WE MEET, THAT WE'LL HAVE THY GUIDANCE TO HELP US AND HELP THE CITY AND HELP THE CITIZENS HERE IN THE CITY TO CONTINUE TO ALLOW SACHSE TO THRIVE.

PLEASE WATCH OVER OUR FIRST RESPONDERS, OUR CITY EMPLOYEES, AND THE CITIZENS OF OUR CITY.

PLEASE BLESS EACH AND EVERY ONE OF US WITH PROSPERITY, AND HELP US TO WORK TOGETHER AND TO WORK COHESIVELY, TO GROW AND BUILD SACHSE TO BECOME EVEN BETTER THAN WHAT IT IS TODAY.

WE ARE GRATEFUL FOR THE MANY BLESSINGS THAT WE ENJOY FOR LIVING IN THIS COUNTRY AND ALL THAT WE HAVE, THE FREEDOMS THAT WE ENJOY, AND THESE THINGS WE GIVE THEE THANKS FOR AND ASK THEE FOR AND DO SO IN THE NAME OF JESUS CHRIST, AMEN. IF YOU'LL PLEASE JOIN THE PLEDGE OF ALLEGIANCE.

I PLEDGE ALLEGIANCE TO THE FLAG OF THE UNITED STATES OF AMERICA AND TO THE REPUBLIC FOR WHICH IT STANDS.

ONE NATION UNDER GOD, INDIVISIBLE, WITH LIBERTY AND JUSTICE FOR ALL.

HONOR THE TEXAS FLAG. I PLEDGE ALLEGIANCE TO THEE TEXAS.

ONE STATE UNDER GOD, ONE AND INDIVISIBLE. THANK YOU VERY MUCH. WE'LL MOVE ON TO ITEM B PUBLIC COMMENT.

THE PUBLIC IS INVITED TO ADDRESS THE BOARD REGARDING ANY TOPIC NOT ALREADY ON THE AGENDA FOR ACTION OR PUBLIC HEARING.

COMMENTS REGARDING THE CONSENT AGENDA OR ANY DISCUSSION ONLY ITEMS ON THE AGENDA SHALL BE ADDRESSED DURING THIS PUBLIC COMMENT SECTION.

THE TIME LIMIT IS THREE MINUTES PER SPEAKER. A PUBLIC COMMENT CARD SHALL BE PRESENTED TO THE ACTING SECRETARY PRIOR TO THE MEETING.

ACCORDING TO THE TEXAS OPEN MEETINGS ACT, THE BOARD IS PROHIBITED FROM DISCUSSING ANY ITEM NOT POSTED ON THE AGENDA, BUT WILL TAKE COMMENTS UNDER ADVISEMENT. SO IS THERE ANYBODY IN THE AUDIENCE WHO WOULD LIKE TO ADDRESS THE BOARD AT THIS TIME? OKAY. IF NOT, I DID RECEIVE A SPEAKER FORM WAS RECEIVED FROM MR. OAK, AND A COPY OF THAT FORM HAS BEEN PROVIDED TO THE BOARD MEMBERS AND STAFF IN YOUR IN YOUR PACKETS.

OKAY. WE'LL MOVE ON TO ITEM C, OUR CONSENT AGENDA.

[C. Consent Agenda]

THE BOARD WILL ACT UPON THESE ITEMS WITH ONE MOTION. THERE WILL BE NO SEPARATE DISCUSSION OF THESE ITEMS UNLESS A BOARD MEMBER REQUESTS THE ITEM BE REMOVED FROM THE CONSENT AGENDA.

IF YOU HAVE COMMENTS RELATED TO ITEMS ON THE CONSENT AGENDA, PLEASE ADDRESS THEM IN THE PUBLIC COMMENT SECTION OF THE MEETING. ITEM C.1 APPROVE THE AUGUST 20TH, 2026 REGULAR MEETING MINUTES, ITEM C.2 ACCEPT THE MONTHLY REVENUE EXPENDITURE REPORT FOR THE PERIOD ENDING JUNE 30TH, 2026. ITEM C.3 ACCEPT THE MONTHLY REVENUE AND EXPENDITURE REPORT FOR THE PERIOD ENDING JULY 31ST, 2026 AND ITEM C.4 ACCEPT THE QUARTERLY INVESTMENT REPORT FOR THE QUARTER ENDING JUNE 30TH, 2026. WOULD ANYONE ON THE BOARD LIKE TO REMOVE ANY OF THESE ITEMS FROM THE CONSENT AGENDA? IF NOT, I WILL ENTERTAIN A MOTION FROM THE BOARD.

I MOTION TO APPROVE THE CONSENT AGENDA ITEM ONE THROUGH FOUR AS IS.

OKAY. I HAVE A MOTION. I'LL SECOND. AND, AND A SECOND FROM KRISLEIGH.

AND IF YOU'LL ALL CAST YOUR VOTE.

AND THE CONSENT AGENDA PASSES UNANIMOUSLY. THANK YOU VERY MUCH.

WELL, NOW WE'RE ON ITEM D, OUR DISCUSSION ITEMS.

[1. Receive any reports and presentations by the Sachse Economic Development Corporation President, Board Members, Executive Director, and staff regarding items of community interest; special events; announcements and activities; office, industrial, commercial, or retail business retention; and marketing projects.]

MR. POTTS HAS INFORMED THERE IS NOTHING HERE IN THE STAFF REPORT FOR TODAY, SO THERE WON'T BE ANY ANY ITEMS IN THAT.

WE'LL MOVE ON TO ITEM D.2. ITEM D.2 IS RECEIVE A BRIEFING ON THE FIFTH STREET DISTRICT ACTIVATION AND ACTION PLAN.

[2. Receive a briefing on the 5th Street District Activation and Action Plan.]

[00:05:08]

I'M AN ADVISOR TO THE CITY OF SACHSE ON THE FIFTH STREET PROJECT.

THIS IS MY THIRD TIME IN FRONT OF THE BOARD AND APPRECIATE Y'ALL'S TIME THIS EVENING.

I'VE GOT ABOUT 20 SLIDES AND THERE ARE A LOT OF NUMBERS IN THEM AND ALSO A LOT OF PICTURES.

AND SO AS YOU FIND YOUR WAY INTO QUESTIONS, PLEASE INTERRUPT ME ALONG THE WAY.

BUT WE'RE HERE TONIGHT TO KIND OF COVER FOUR AREAS OF INTEREST.

THE FIRST TWO ARE KEY PARTS OF THE SCOPE OF WORK THAT WE HAVE BETWEEN FORD INSIGHT AND THE CITY OF SACHSE.

AND THE FIRST ONE IS AN INCENTIVE ANALYSIS. YOU ALL HAVE ASKED ME TO LOOK AT OTHER SIMILAR DEVELOPMENTS ACROSS DFW AND BENCHMARK THEM, AND SO THAT WE CAN HAVE A COMMON SET OF INFORMATION ABOUT WHAT IT TAKES TO GET THESE PROJECTS OUT OF THE GROUND FROM A PUBLIC INCENTIVE STANDPOINT.

SO WE'LL SPEND A FEW MINUTES DOING THAT. WE'LL ALSO GO OVER THREE DEVELOPMENT SCENARIOS, INCLUDING OUR PREFERRED APPROACH OF A DEVELOPING A TEXAS DOWNTOWN SCALE DEVELOPMENT ON THE FIFTH STREET PROPERTIES. THEN I'LL GIVE AN RFQ UPDATE AND LET YOU KNOW WHERE WE ARE AND WHAT THAT LOOKS LIKE FOR THE NEXT 30 DAYS.

WE HAVE A LOT OF ACTIVITIES PLANNED IN THAT 30 DAYS.

SO LET'S START WITH THE INCENTIVE ANALYSIS. WE TOOK A COMMON SET OF CRITERIA.

SO SIMILAR PROJECTS TO WHAT WE'VE ENVISIONED IN YOUR COMPREHENSIVE PLAN AND YOUR ECONOMIC DEVELOPMENT STRATEGIC PLAN FOR FIFTH STREET.

WE IDENTIFIED SIMILAR PROJECTS AROUND THE DALLAS FORT WORTH AREA THAT HAVE BEEN BUILT RECENTLY AND RECENTLY MEANS SINCE 2014, THEY'VE COME OUT OF THE GROUND OR BEEN RECENTLY PROPOSED IN DALLAS, FORT WORTH, AND WE READ EACH OF THE INCENTIVE AGREEMENTS FOR THOSE PROJECTS.

AND IN MANY CASES, THAT MEANS READING NOT JUST A CHAPTER 380 AGREEMENT MIGHT MEAN A TIRZ AGREEMENT AS WELL, OR A REAL ESTATE TRANSACTION AGREEMENT. AND SO IT'S A LOT OF VOLUME AND A LOT OF PAGES OF READING IN ORDER TO SUMMARIZE AND GIVE YOU A SENSE OF WHAT IT TAKES, AT LEAST IN THESE SITUATIONS TO GET THESE PROJECTS BUILT.

AND THE IDEA IS NOT THAT WE'RE GOING TO SAY TONIGHT HOW MUCH INCENTIVES ARE NEEDED FOR FIFTH STREET.

IT'S RATHER TO GIVE YOU A SENSE OF WHAT OTHER PROJECTS TOOK.

BECAUSE ANY NEGOTIATION THAT COMES TO US LATER FOR SACHSE WILL HAVE TO MEET THE BUT-FOR TEST AND WILL BE BASED ON THE CRITERIA THAT THAT YOU SET FOR THE PROJECT. SO WE LOOKED AT PROJECTS IN WON'T SURPRISE YOU IN FRISCO, RICHARDSON, LEWISVILLE ALL OVER THE METRO, ALL THE WAY DOWN TO BURLESON AS WELL. AND I LIKE TO CONVEY KIND OF INFORMATION IN A CONTINUUM FOR THIS TYPE OF WORK, AND THE CONTINUUM WORKS LEFT TO RIGHT. ON THE LEFT SIDE ARE THE TOOLS THAT ARE LESS USED ON THE RIGHT SIDE, THE MORE OFTEN USED TOOLS IN THESE PROJECTS. IF YOU LOOK ACROSS THE 16 PROJECTS, LESS OFTEN USED ARE YOUR SALES TAX REIMBURSEMENTS, UPFRONT CASH GRANTS. AND AS WE MOVE OUR WAY TO THE RIGHT, YOU GET TO THE THINGS THAT ARE MORE OFTEN USED, INCLUDING PUBLIC LAND PROVIDED AT A REDUCED PRICE, OR EVEN IN SOME CASES IN THESE PROJECTS AT A PRICE OF FREE, UP TO AND INCLUDING FREE. BUT YOU'LL SEE A COUPLE OF A COUPLE OF THINGS THAT STOOD OUT TO ME, AND WE'LL GO OVER THOSE A LITTLE MORE DETAIL IS A LOT OF THESE PROJECTS HAVE CITY FACILITIES SITTING IN THEM OR AROUND THEM, AND THINK OF A FACILITY, IT COULD BE A LIBRARY, IT COULD BE A CITY HALL, OR IT COULD BE A PLAZA OR A PUBLIC SPACE, A PARK SPACE. THAT IS A PRETTY COMMON THING TO HAPPEN IN THESE MIXED USE DOWNTOWN PROJECTS.

AND OF COURSE, A LOT OF CIP SUPPORT FOR STREETSCAPE AND DRAINAGE AND CIVIC PLACES.

WERE ANY OF, YOU MAY NOT KNOW THIS FAR AHEAD.

WERE ANY OF THEM WHERE IT WAS PART OF THE DESIGN? WAS THEY WERE GOING TO BUILD A CITY FACILITY AS PART OF THIS, THEIR DEAL, OR IT HAPPENED TO ALREADY BE THERE? IS THAT OR IS THERE A MIXTURE OF THAT? YEAH. I MEAN, SEVERAL SORT OF, OF A PROJECT THAT HAD A CITY LIBRARY BUILT BY THE DEVELOPER WITHIN THE DEVELOPMENT AND THEN UNDER A VERY LOW PRICE LEASE BACK TO THE CITY FOR 20 YEARS, FOR EXAMPLE.

SO THAT WAS BUILT INTO THE PROJECT AS PART OF THE DEVELOPMENT AGREEMENT.

IN OTHER SITUATIONS LET'S SAY LIKE A, LIKE A BURLESON, BURLESON, EDC BUILT THE PLAZA NEXT DOOR TO THE PROJECT ON THEIR OWN, AND THEN THE PRIVATE DEVELOPER BUILT ADJACENT TO THAT WOULD BE SIMILAR IN LEWISVILLE.

MAYBE YOU ALL ARE FAMILIAR WITH THE, THEY'VE GOT A REALLY NICE PUBLIC PARK NEXT TO A MIXED USE DEVELOPMENT.

LEWISVILLE BUILT THE PARK AND THEN THE DEVELOPMENT HAPPENED RIGHT UP AGAINST IT IN CONJUNCTION WITH ONE ANOTHER.

BUT FROM A FUNDING STANDPOINT, THE CITY TOOK ON THE PARK AND THE DEVELOPER CAME UP RIGHT AGAINST IT.

SO IT CAN HAPPEN DEFINITELY BOTH WAYS. AND THERE IS PRECEDENT FOR THE DEVELOPER ACTUALLY BUILDING A PUBLIC SPACE AND THEN LEASING IT BACK TO THE CITY AS WELL.

[00:10:11]

SO ACROSS THE WHOLE DATA SET, THERE'S ABOUT $740 MILLION OF PRIVATE INVESTMENT.

THERE'S ABOUT $158 MILLION WORTH OF INCENTIVES ACROSS THE ENTIRE SET WHICH COMES TO A RATIO OF ABOUT 21%.

BUT WE LOOKED AT EACH ONE AND STARTED TO SEE SOME VARIABILITY, CERTAINLY.

SOME THAT ARE HIGHER, SOME THAT ARE SIGNIFICANTLY LOWER.

THE LOWEST ONES MAY BE A GOOD EXAMPLE. THEY ONLY HAD A 9% PARTICIPATION RATE.

AND THAT'S BECAUSE THEY BUILT THE PARK, THE CITY BUILT THE PARK NEXT DOOR AND IT'S NOT WITHIN THE DEAL.

SO THERE'S SOME VARIATIONS IN HERE THAT, YOU KNOW, THAT CAN DEFINITELY DRAW YOUR EYE BETWEEN 7 AND 35% ACROSS THE WHOLE DEAL SET. BUT AS WE LOOK AT IT, WE'RE TRYING TO PUT UP GOOD FENCES AND GOOD KNOWLEDGE AROUND THESE OTHER COMPARABLE PROJECTS, ABOUT 21% PUBLIC INCENTIVES TO PRIVATE INVESTMENT ACROSS THE WHOLE DATA SET.

SO BEFORE YOU GO, GO ON. THIS ONE DREW MY EYE AS I WAS AS I WAS LOOKING AT PREPARATION.

SO IF I'M IF I'M THINKING IT RIGHT, USING THAT 21%, IF WE DID $100 MILLION PROJECT, WE'RE LOOKING AT POTENTIALLY A $20 MILLION EXPENDITURE FROM THE CITY EDC URGING TO MAKE, IS WHERE ON AVERAGE, IT'S GOING TO LOOK LIKE.

YEAH. I THINK THAT USING ROUND NUMBERS, SOME OF THAT CAN BE GENERATED OFF THE SITE.

RIGHT. IF YOU HAVE $100 MILLION WORTH OF DEVELOPMENT. RIGHT.

A LARGE AMOUNT OF THE 20, LET'S SAY IS GOING TO BE SELF-GENERATING OFF THE PROPERTY TAX AND SALES TAX FROM THE SITE.

OKAY. IT'S NOT NECESSARILY DOLLARS THAT HAVE TO BE COMING FROM THE CITY BUDGET AS IT EXISTS TODAY.

IT COULD COME OUT OF THE DEAL. OKAY. BUT YEAH, IF YOU HAVE $100 MILLION PROJECT ROUND NUMBERS, YOUR INCENTIVE NUMBER BASED ON THIS DATA SET, $21 MILLION WOULD BE YOUR KIND OF YOUR NORMAL, NORMAL AMOUNT. ANY IDEA LIKE MANSFIELD, THERE'S A CITY THAT I'M FAMILIAR WITH THAT'S BOOMING AND GROWING, BUT YET THEY PUT 35% OF IT. WHAT DO YOU HAVE ANY INSIGHT AS TO WHAT THAT WOULD HELP US TO UNDERSTAND WHAT WE COULD BE LOOKING AT? BECAUSE, I MEAN. YEAH, THAT ONE HAS A PARKING GARAGE IN IT.

YEAH. ONE OF THE TAKEAWAYS I HAVE ON THE NEXT SLIDE. WE'LL, WE'LL SPEAK TO THE PARKING GARAGE IN PARTICULAR WHEN THERE IS A PARKING GARAGE INVOLVED, IT TENDS TO ESCALATE THE PUBLIC PARTICIPATION RATE.

OKAY. THAT'S JUST, YOU KNOW, IT'S 30 TO $40,000 A PARKING SPOT.

AND TYPICALLY THE DEVELOPER IS ASKING A PUBLIC ENTITY TO COVER MUCH OF THAT.

IN THE MANSFIELD EXAMPLE, THAT'S A, THAT'S ONE OF THE REASONS THAT ONE'S HIGHER.

RIGHT. AND I JUST WANT TO MAKE THE NOTE THAT WE'RE NOT BOUND TO 21%.

IT COULD SCALE DOWN OR SCALE UP DEPENDING ON KIND OF WHAT THE PROJECT COMES IN.

SO. ABSOLUTELY. YEAH. VERY GOOD POINT. LIKE WE'RE TRYING TO DO HERE IS JUST CREATE A COMMON SET OF INFORMATION.

AND THEN WE'LL, AS WE GET DEVELOPERS PROPOSING THEY'LL BE OBVIOUSLY ALL SORTS OF CONVERSATIONS ABOUT WHAT MAKES SENSE FOR SACHSE.

YEP. YEAH. THIS IS VERY HELPFUL. THANK YOU. THIS IS REALLY HELPFUL TO GIVE AN IDEA.

THANK YOU. APPRECIATE IT. YOU CAN THANK YOUR STAFF.

IT WAS IT WAS ONE OF THE ONE OF THE MAIN THINGS THEY WANTED TO GET OUT OF THIS PROJECT.

SO. IMPLICATIONS THOUGH IT IS A REALITY THAT IT'S TYPICALLY A STACK OF TOOLS AND YOU ALL ARE USED TO THIS IN THE WORK YOU DO, I RECOGNIZE. BUT IT TYPICALLY TAKES MORE THAN ONE OF THE TOOLS TO BE SUCCESSFUL.

AND IN FACT, IN EVERY ONE OF THE PROJECTS YOU LOOK AT, THEY'RE USING MULTIPLE TOOLS.

THEY'RE USING THEIR FEE WAIVERS, THEY'RE USING THEIR GRANTS, THEY'RE USING THEIR TIRZ.

THEY'RE ALMOST EVERY ONE OF THEM USE REDUCED LAND PRICE, ALMOST EVERY ONE OF THEM.

SO ONE TOOL RARELY CARRIES A PROJECT. BUT GOOD NEWS, Y'ALL, Y'ALL HAVE EXPERIENCE IN THESE TOOL SETS.

YOU'VE GOT AN EXISTING TIRZ, YOU'VE GOT PROPERTY YOU OWN, YOU'VE GOT CIP SUPPORT.

SO WE'RE NOT, THIS PROJECT'S NOT GOING TO HAVE TO CREATE NEW TOOL SETS.

IT DOESN'T APPEAR. ON THE THIRD POINT KIND OF STOLE MY THUNDER A MINUTE AGO, WHICH IS GOOD ON THE MANSFIELD DEAL.

THOSE OUTLIERS ARE TYPICALLY WHEN THE CITY CONTRIBUTED TO OR PARTICIPATED IN THE CONSTRUCTION OF A GARAGE, OR BUILT IT THEMSELVES, IT DRIVES THAT PERCENTAGE NUMBER SIGNIFICANTLY HIGHER.

IF YOU'VE GOT ANY ASPECT OF MULTIFAMILY IN A PROJECT ANY MORE FROM WHAT YOU'RE SEEING, IS IT ALMOST A GIVEN THAT, HEY, THEY'RE ASKING FOR CITY TO DO THEIR THE GARAGE FOR MULTIFAMILY?

[00:15:02]

IT'S NOT NECESSARILY THE DEVELOPER ASKED TO TO BUY DOWN THE MULTIFAMILY SPOT.

IT'S RATHER THE CITY OR EDC WANTED TO RESERVE ADDITIONAL SPOTS IN THE GARAGE.

SO THE GARAGE MAY BE 350 SPACES AND THE DEVELOPER NEEDED 200 FOR THE MULTIFAMILY UNITS.

THE EDC CONTRIBUTION OR THE CITY CONTRIBUTION IS FOR THOSE THE NET 150 ABOVE SO THAT MAYBE THERE'S RESTAURANTS IN THE DISTRICT AND THE EMPLOYEES NEED A PLACE TO PARK.

OR MAYBE THE DISTRICT IS SHORT ON RIGHT OF WAY AND STREET PARKING, SO THE CUSTOMERS ARE ACTUALLY PARKING IN THOSE 150 SPACES.

BUT YES, ABSOLUTELY. THE MULTIFAMILY WHEN, ESPECIALLY IN A DENSE MULTIFAMILY, BECAUSE WE'RE GOING TO TALK A LITTLE BIT IN A MOMENT ABOUT THE DEVELOPMENT STRATEGY OR THE SCENARIOS. AND WE DO HAVE SOME SECOND AND THIRD FLOOR LIVING OPTIONS.

I WANT TO DRAW A PRETTY CLEAR DISTINCTION BETWEEN THE TYPE OF MULTIFAMILY I'M RESPONDING TO HERE IS LIKE THE REALLY DENSE 80 100 UNITS PER ACRE MULTIFAMILY.

WHAT YOU'RE GOING TO SEE ON THE SLIDES IN A MOMENT IS NOWHERE NEAR THAT. WE'RE OPERATING ON THE SCENARIOS IN A MOMENT, AT A AT A TEXAS DOWNTOWN SCALE, NOWHERE NEAR 80 TO 100 UNITS PER ACRE.

AND THAT'S BASED ON FEEDBACK, FRANKLY, THAT THAT WE'VE RECEIVED BOTH FROM YOUR EXISTING PLAN DOCUMENTS, BUT ALSO THROUGH CONVERSATIONS HERE AT THE BOARD.

SO THOSE ARE TWO DIFFERENT DENSITY LEVELS. AND I WANT TO LEAVE THE THE PUBLIC WITH THE IMPRESSION THAT WE'RE WE'RE HEADED TO A SUPER DENSE DEVELOPMENT TYPE.

OKAY. AND LAST POINT IS THEY'RE OFTEN CIVIC SPACE NEXT DOOR OR WITHIN THE PROJECT.

WE'VE TALKED ABOUT THIS MAYBE FROM THE OUTSET.

THESE TYPES OF PLACES TEND TO NEED A DRIVER, AN ACTIVITY DRIVER.

SO THAT YOU HAVE A REASON TO COME DOWN ON TUESDAY MIDDAY, JUST LIKE YOU HAVE A REASON TO COME DOWN ON SATURDAY EVENING.

AND GOOD FOOD WILL GET YOU PEOPLE THURSDAY NIGHT, FRIDAY NIGHT.

SATURDAY. NO DOUBT. GREAT PUBLIC SPACES WILL DRIVE ACTIVITIES IN THE OTHER TIMES OF THE WEEK.

AND GREAT PLACES ATTRACT GREAT PEOPLE. SO AND THAT IS A THEME THAT WE SEE IN MANY OF THESE PROJECTS.

OKAY. LET'S TALK DEVELOPMENT SCENARIOS FOR A MOMENT, AND THESE WILL FOLLOW A SIMILAR PATH EACH.

EACH OF THE THREE SCENARIOS WILL FOLLOW KIND OF THE SAME THREE CHARTS OR THE SAME THREE SLIDES.

I'LL HAVE AN INTRO SLIDE, WILL SHOW US A MAP, AND I'LL TALK FROM THE MAP, AND THEN WE'LL SHOW THE MONEY THAT IT GENERATES FOR THREE DIFFERENT SCENARIOS. SO THIS IS OUR FIRST ONE. THIS IS WHAT WE'RE CALLING OUR PREFERRED DEVELOPMENT SCENARIO.

IT'S A TEXAS DOWNTOWN SCENARIO. SO YOU'RE THINKING BUILDINGS THAT ARE AT A REASONABLE TEXAS DOWNTOWN SCALE BETWEEN 1 AND 3 STORIES, RIGHT? THE, THE PICTURE SHOWN HERE IS ELLISON STREET PROJECT.

IT'S IN BURLESON, TEXAS, BUILT IN LIKE 2021, 2022 WITH AN OLD TOWN ARCHITECTURAL THEME.

OBVIOUSLY, WE HAVE MADE SOME ASSUMPTIONS ON THIS PROJECT THAT IT WOULD TAKE THREE PHASES IN A SIX YEAR BUILD OUT.

PHASE ONE WOULD BE OBVIOUSLY A RESTAURANT CLUSTER IN PUBLIC PARK.

I'LL SHOW THAT ON THE MAP HERE IN A MOMENT. PHASE TWO WOULD BE TWO MIXED USE BUILDINGS, ABOUT 60,000 FEET WITH GROUND FLOOR RETAIL, RESTAURANT, OFFICE. AND THEN PHASE THREE WOULD BE ONE MIXED USE BUILDING 40,000 FEET.

AND WE'VE LANDED ON THAT AMOUNT OF SQUARE FOOTAGE BECAUSE IT'S CLOSE TO THE LIMIT OF WHAT CAN BE SURFACED PARKED BASED ON REASONABLE RATIOS OF PARKING, WITH THE EXISTING RIGHT OF WAY PARKING AND STREET PARKING THAT WE HAVE ANTICIPATE THIS WOULD COST ABOUT $40 MILLION IN PRIVATE INVESTMENT, GENERATE ABOUT 28 MILLION IN TAXABLE SALES. IT'S ALWAYS HELPFUL.

AND OVER THE 20 YEAR RUN, WE GENERATE TO ALL FUNDS AT THE CITY, ABOUT $15.4 MILLION CUMULATIVELY.

AND SO HERE'S THE MAP WITH SOME IMAGERY FOR EACH PHASE.

SO OBVIOUSLY I MENTIONED WE'RE STARTING PHASE ONE DOWN THE BOTTOM, WHERE THE, WHERE THE GREAT TREES ARE.

THAT WOULD BE KIND OF YOUR RESTAURANT CLUSTER.

THAT'S TRUE ON ALL THREE DEVELOPMENT SCENARIOS, BY THE WAY, THAT THAT FEELS LIKE THE RIGHT SPOT TO START AND THE RIGHT USE TYPE.

SO PHASE ONE IS THOSE KIND OF THREE RESTAURANT ENTERTAINMENT SITES WITH A CENTRAL PARK GREEN SPACE ACTIVATION CENTER, WITH EACH OF THE THREE RESTAURANTS POINTING ON TO IT.

PHASE TWO WOULD BE KIND OF SEE THE IMAGE HERE, THAT WOULD BE ABOUT 60,000FT² OF DEVELOPMENT IN TWO BUILDINGS.

[00:20:06]

THAT LOT WOULD BE FULLY DEVELOPED WITH NO PARKING ON IT.

SO WE'D BE RELYING ON PARKING, YOU KNOW, TO THE WEST OF SACHSE ON THAT PHASE FOUR LOT, AS WELL AS THE BACK SIDE OF PHASE THREE.

PHASE THREE WOULD BE ABOUT 40,000FT² OF A SINGLE BUILDING.

SIMILAR IN USE TYPE WITH GROUND FLOOR ACTIVATION AND UPSTAIRS COULD BE EITHER OFFICE OR LOFT, AND WE'D SAVE THE BACK HALF OF PHASE THREE FOR SURFACE PARKING.

AND ONE THING TO KEEP IN MIND WITH THESE PROJECTS IS THE PARKING.

YOU HAVE ONE BUILDING BUILT OR ONE PHASE BUILT, AND YOU'LL SURFACE PARK THE OTHER PHASES WHILE THEY'RE SITTING THERE.

YOU'LL GET A REAL GOOD SENSE PRETTY QUICKLY AFTER PHASE ONE AND PHASE TWO, HOW MUCH MORE PARKING YOU MIGHT NEED.

AND SO WE LEFT PHASE FOUR IN THIS SCENARIO, OPEN FOR FOR SURFACE PARKING INTENTIONALLY, IS THAT WITH RESTAURANTS, AND IF YOU END UP WITH A HEAVY RESTAURANT THEME, YOU'RE GOING TO HAVE A PARKING PINCH FOR SURE.

AND SO THIS IS, THIS PARTICULAR SCENARIO IS GIVING AS MUCH SQUARE FEET, FEET AS WE CAN WITH DOING SURFACE PARKING, NOT NEEDING A GARAGE. RIGHT. AND HOW THE DOLLARS FLOW.

PRETTY, PRETTY EASY CHART TO READ IN TERMS OF WHAT THE DIFFERENT BUCKETS AND COLUMNS.

AND YOU SEE YOUR START FOR EACH PHASE AND YOUR COMPLETION DATE FOR EACH PHASE, AND HOW EACH BUCKET OF MONEY BY YEAR ACCUMULATES OVER THE 20 YEAR HORIZON. SO ON THE TIRZ, YOU GET A SENSE $2.2 MILLION TO THE TO THE TOURIST DISTRICT, THE EDC FROM ITS SALES TAX STANDPOINT, 2.7 AND SO ON AND SO FORTH.

BUT ALL FUNDS BEING AT ABOUT 15. SCENARIO TWO QUESTION CAN WE GO BACK TO ONE? 1 OR 2? HERE. WITH THE OF COURSE THE CALCULATION ON FUNDS ON PHASE TWO AND THREE, THE RECOMMENDATION IS FOR UPSTAIRS LOFTS OR OFFICES.

THE LOFTS IS AT RENTAL LOFTS OR IS IT MORE OWN OR OWNER OCCUPIED.

SO IN THE TERMS OF THE DEVELOPMENT SCENARIO, I'VE.

I'VE NOT MADE A RECOMMENDATION EITHER WAY. OKAY.

I DO THINK AS WE TALK ABOUT RFP IN A MOMENT, I WOULD LOVE TO GET FEEDBACK FROM THE BOARD ON IF YOU HAVE A STRONG PREFERENCE, PARTICULARLY ON THE LOFTS, ON THE URBAN LIVING, OR HOWEVER YOU WANT TO PHRASE IT OWNED VERSUS RENTAL, BECAUSE IN THE RFQ, EXCUSE ME, WE'RE GOING TO BE WRITING SOME TEXT ABOUT THIS TOPIC.

AND SO IF THERE'S A PREFERENCE TOWARDS ONE OR THE OTHER, IT'S A GREAT TIME TO HAVE THAT.

WE CAN HAVE THAT DISCUSSION NOW AS WELL. BUT I DO WANT TO LEAVE TONIGHT WITH A, WITH A CONSENSUS ON THAT TOPIC.

SO THEN CURRENTLY THE ASSUMPTION WOULD BE FOR THE INTENDED REVENUE ON THAT SCENARIO LOFT POSSIBLE PROPERTY TAXES WERE NOT ACCOUNTED FOR OR WAS IT ACCOUNTED FOR? IT'S ACCOUNTED FOR AT A, AT A PER SQUARE FOOT BASIS.

BUT IF YOU HAD LIKE OWNED OCCUPIED UNITS. IT'S GOING TO BEAT THE NUMBER THAT'S IN THE PROFORMA FOR SURE, BECAUSE YOU CAN END UP HAVING PEOPLE SPEND FINISH OUT AT A VERY MUCH HIGHER LEVEL THAN, SAY, IF IT WAS A RENTAL OCCUPIED UNIT. OKAY. THANK YOU.

GOOD QUESTION. ALTERNATIVE TO, WE WE DID NOTE, AND WE'VE HAD THIS DISCUSSION MAYBE AT OUR PRIOR BOARD MEETING THAT YOUR, I THINK IT'S A COMPREHENSIVE PLAN SPOKE TO A DESIRE TO INCORPORATE SOME MISSING MIDDLE HOUSING COMPONENTS INTO ECONOMIC DEVELOPMENT PROJECTS. SO WE DID DO A DEVELOPMENT SCENARIO THAT BRINGS IN USING ONE AND A HALF BLOCKS OF THE PROPERTY FOR LIKE A, A ROW HOUSE OR TOWNHOME. WELL, THE IMAGE YOU'RE SEEING HERE WITH, WITH SOME MISSING MIDDLE TYPE HOUSING OPPORTUNITIES.

AND SO WE PHASE ONE IS STILL THE SAME RESTAURANT CLUSTER THAT YOU SAW IN THE FIRST SCENARIO.

PHASE TWO IS ONE MIXED USE BUILDING ABOUT 40,000 FEET.

PHASE THREE IS ANOTHER MIXED USE BUILDING, SMALLER 25,000 FEET AND THEN 8 TO 10 TOWNHOMES ON THE BACKSIDE OF THE LOT.

AND THEN WE ACTUALLY USE THE PHASE FOUR LOT IN THIS SCENARIO FOR 18 UNITS OF MISSING MIDDLE HOUSING.

IT GENERATES ABOUT $40 MILLION OF PRIVATE INVESTMENT AS WELL, A LITTLE LESS ON THE TAXABLE SALES BECAUSE WE HAVE A LITTLE LESS RETAIL.

AND ABOUT 14.9 ON YOUR 20 YEAR REVENUE ESTIMATE.

[00:25:01]

PHASE FOUR IS NO LONGER A SURFACE LOT. IT WOULD ACTUALLY BE DEVELOPED SIMILAR TO THIS IMAGE THAT YOU'RE SEEING HERE WHICH IS A DENSE MISSING MIDDLE KIND OF COTTAGE DEVELOPMENT. THOSE ARE TENDED TO BE SINGLE FAMILY HOMES OR TOWNHOME UNITS.

YOU CAN DO ABOUT 18 ON THE PHASE FOUR PROPERTY THAT YOU CURRENTLY HAVE GIVEN THE, THERE'S SOME DRAINAGE ISSUES IN THAT SITE.

IS THERE ANY. SO GO AHEAD. NO. GO AHEAD. GO AHEAD.

KEEP GOING. GO. ALL RIGHT. WELL THE EXPECTED REVENUE IF I'M GETTING MORE TOWNHOMES ON MY SECOND OPTION. WHY IS MY EXPECTED REVENUE MUCH LOWER WITH LESS SQUARE FOOTAGE? THE LIKE ON PHASE THREE. IN SCENARIO ONE, YOU HAD 60,000 FEET.

AND THIS ONE, YOU HAVE 25,000FT². SO YOU HAVE FEWER SQUARE FEET ON THE PARTICULARLY ON THE PHASE THREE.

BUT THEN THE 60,000 SQUARE FOOT IS JUST THE OFFICE BUILDING.

WHAT ABOUT THE SINGLE FAMILY LIVING TOWNHOMES? SHOULDN'T THAT BRING IN POSSIBLY MORE TAX REVENUE? IT IT BRINGS IN PRETTY CLOSE TO THE SAME ACTUALLY.

GO BACK TO THE THE MAP THERE FOR A SECOND. AND JUST THE THOUGHT THAT CAME TO ME LOOKING AT THE CORNER OF ALEXANDER STREET AND FIFTH.

IS THERE ANY WAY THAT WE CAN FIND A WAY TO GET THAT LAND TO WHERE THAT BECOMES PARKING? AND PHASE FOUR DOESN'T IN ANY OF THE SCENARIOS, IS THAT SOMETHING THAT WHERE ARE WE? ARE YOU ON THIS SIDE OR THERE NEXT TO THE WATER TOWER? YEAH. IS THAT SOMETHING? I DON'T KNOW IF WE'VE EVEN CONSIDERED.

I IT HIT ME EARLIER TODAY. IT'S LIKE HMM, IS THAT SOMETHING THAT WE CAN EVEN LOOK AT OR, CONSIDER IN TERMS OF EXPAND? I KNOW IT'S, THERE'S A COST TO IT. SURE, SURE.

YOU KNOW, ONE OF THE ELEMENTS OF THE SCOPE OF WORK THAT YOU ALL HAVE BEEN ENGAGED UNDER INCLUDES EVALUATING PROPERTIES ADJACENT AND POSSIBLE USES FOR THOSE. CERTAINLY AN OFF SITE PARKING FACILITY MAKES A LOT OF SENSE ON THE SITE THAT YOU'RE TALKING ABOUT.

BUT WE WANT TO BE THOUGHTFUL AND RESPECTFUL OF THAT PRIVATE PROPERTY OWNER AND HAVING THOSE CONVERSATIONS.

BUT CERTAINLY IF YOU'RE JUST LOOKING AT THE MAP AND SAYING, WHERE WOULD YOU PUT SURFACE PARKING? IT'D BE A GREAT SPOT. OKAY. YEAH. PARTICULARLY FOR EMPLOYEES OF THOSE RESTAURANTS.

BECAUSE BELIEVE IT OR NOT, THAT'S, THAT'S GOING TO BE A MAJOR DRIVER. HAVING THOSE THREE INITIAL, WHEN YOU'RE IN A FULLY DEVELOPED CONDITION, THE EMPLOYEE LOAD ON, ON THOSE RESTAURANTS IS GOING TO BE SIGNIFICANT.

YEAH. YEAH. AND THEY TEND TO STAY LONG TIME. THEY STAY FOR THE ENTIRE SHIFT.

RIGHT. SO THEY SIT. THEY'RE NOT LIKE A CUSTOMER LIKE YOU OR ME THAT SPENDS TWO HOURS, THEY'RE GOING TO SPEND THEIR ENTIRE SHIFT.

SO. BUT YEAH, I DO. I KNOW THAT JARED AND I HAVE HAD A COUPLE DISCUSSIONS ABOUT PROPERTY THAT IS NOT PUBLICLY OWNED CURRENTLY, THAT THAT MAKES SENSE TO BRING INTO THE PROJECT, WHETHER THAT'S PUBLICLY OWNED OR NOT.

IT MAKES SENSE TO BE ENGAGING WITH THESE PROPERTY OWNERS ON THE EDGES. A, SO THEY KNOW WHAT'S COMING AND WHAT WE'RE TALKING ABOUT BEING GOOD NEIGHBORS, BUT ALSO BEING ABLE TO EVALUATE, ARE THEY A CANDIDATE FOR A PARKING LEASE OR A TRANSACTION FOR A PARKING LOT.

BUT THAT'S NOT SOMETHING THAT'S GOING TO BE PART OF THIS RFQ JUST BECAUSE IT'S STILL IT'S THERE'S SOMETHING WE WORK ON.

YEAH. SIMULTANEOUSLY, IF THAT'S SOMETHING THAT THAT WOULD MAKE SENSE.

CORRECT. ALL RIGHT. FOR THE TERM FOR THE RFQ, WE'RE RFQ GOT TO LEAVE THAT.

WE'VE GOT WE'VE GOT OUR ACREAGE. WE'RE WE'RE IDENTIFYING THESE LOTS.

AND THAT'S WHAT PEOPLE ARE, ARE SUBMITTING ON IS THE ACREAGE WE ALREADY HAVE UNDER CONTROL.

THANK YOU. YEAH. GOOD QUESTION. AND THEN ALTERNATIVE THREE WITH JARED AND I WERE TALKING ABOUT DOING ONE DEVELOPMENT SCENARIO THAT GETS US CLOSER TO THE ZONING LIMITS, WHAT CAN BE BUILT BY ZONING.

AND SO SCENARIO THREE THAT YOU'RE SEEING NOW IS, IS ONE THAT PARTICULARLY ON THE, THE, THE LOT CLOSEST TO HIGHWAY 78 IS BUILT AT KIND OF THE LIMITS OF THE ZONING.

SO AGAIN, YOU'LL SEE PHASE ONE, A VERY SIMILAR PROPOSAL, RESTAURANT CLUSTER PUBLIC PARK.

PHASE TWO IS TWO MIXED USE BUILDINGS WITH A PODIUM CONSTRUCTION, WHICH MEANS THERE'S ONE LAYER OF CONCRETE CONSTRUCTION THAT YOU CAN PARK,

[00:30:04]

REALLY WELL DONE IN TERMS OF STREETSCAPE. SO YOU DON'T SEE PARKING, YOU SEE A SHALLOW BAY RETAIL SPOT.

AND SO THAT'S A PODIUM CONSTRUCTION CONCRETE ON THE GROUND FLOOR, ONE FLOOR CONCRETE.

AND THEN STICK CONSTRUCTION ABOVE. AND THAT JUST GIVES YOU A LITTLE MORE SQUARE FOOTAGE, BUT IT BUILDS TO THE LIMITS OF YOUR EXISTING ZONING.

ON THIS SCENARIO WE HAVE PROPOSED, WOULD LOVE TO SEE IF THERE'S ANY ROTTEN FRUIT YOU WANT TO THROW AT ME OR NOT.

BUT WE HAVE PROPOSED THAT WE COULD CONSIDER CLOSING BOONE STREET AND CREATING A LITTLE LONGER BLOCK.

GIVE THE DEVELOPER A LITTLE MORE FLEXIBILITY IN THE BUILDING SIZES.

I'LL SHOW THAT ON THE MAP HERE IN A MOMENT. SO FOR INSTANCE, THIS THIS BUILDING FROM CHARLESTON WOULD NOT FIT ON YOUR BLOCK SIZES.

IT WOULD THOUGH, IF YOU CLOSED BOONE AND ABANDONED IT, IT WOULD FIT ON THAT BLOCK TWO AND THREE.

AND SO A LITTLE MORE ON THE REVENUE SIDE. FOR CLARIFICATION, YOU JUST MEAN CLOSING BOONE BETWEEN FIFTH STREET AND SACHSE ROAD, THAT ONE LITTLE CHUNK OF THE BLOCK, NOT LIKE.

THANK YOU. COUNCIL MEMBER. GOOD CLARIFICATION.

YOU MIGHT HAVE SOME FOLKS CALLING YOU LATER. THANK YOU.

THAT IS CORRECT. SO A LITTLE BIT MORE ON THE ESTIMATED REVENUE SIDE 17 MILLION.

AND WE SO WE DO GET A LITTLE MORE SQUARE FOOTAGE IN THAT ARRANGEMENT.

AND WOULD, COULD BE, YOU KNOW, I THINK THE BLOCK SIZES REALLY DO MATTER TO, TO URBAN DEVELOPMENT AND ACTIVITIES. SO IT WOULD BE REALLY IMPORTANT WE GET THE STREETSCAPE RIGHT IF WE DO THAT BECAUSE WE WANT TO HAVE THOSE BLOCKS REALLY WELL DESIGNED SO THAT PEOPLE DON'T FEEL LIKE THERE'S NOTHING INTERESTING HAPPENING ON THE WALK FROM BILLINGSLEY DOWN TO THE RESTAURANT CLUSTER, FOR INSTANCE. RIGHT? YEAH. WHAT DO THESE ASSUMPTIONS.

AS IT RELATES TO SACHSE ROAD, WHAT ARE WE. HOW DOES THAT PLAY INTO THE THE RFQ STUFF THAT I DON'T KNOW.

IS THAT COMPLETELY SEPARATE DISCUSSION AS WELL? KIND OF LIKE THE PRIVATE LAND.

WELL, WE'VE, THE STAFF IS, DO YOU WANT TO TAKE THIS ON OR DO YOU WANT ME TO.

WE'LL TALK ABOUT IT ONE WAY. YEAH. CLEAN IT UP IF YOU SO THE STAFF HAS KIND OF MADE ME AWARE OF, I MEAN, OBVIOUSLY GO OUT AND SEE IT. IT'S IN AN UNIMPROVED CONDITION, RIGHT.

DRAINAGE WISE AND CURB AND GUTTER WISE. AND SO THERE IS DISCUSSION ABOUT MAKING SACHSE ONE WAY AND DOING ANGLED PARKING ALONG THAT ROADWAY. WHICH IS GOING TO BE A, I HAVE NO DOUBT AS WE ENTER INTO FORMAL NEGOTIATIONS WITH THE DEVELOPER, GOING TO BE A REQUEST THAT THEY MAKE. ONE OF THE THINGS RELATIVE TO THIS PROJECT AREA IS, AS YOU ALL KNOW, AND AS YOU ASTUTELY POINTED OUT, BRINGING UP ADDITIONAL PROPERTY IS WE'RE LIMITED IN OUR IN OUR LAND.

AND SO ONE MECHANISM TO AND THIS WAS SOMETHING WE LOOKED AT AS PART OF THE ECONOMIC DEVELOPMENT STRATEGIC PLAN WAS ONE MECHANISM TO UTILIZE THAT WIDE RIGHT OF WAY AS AN ASSET IS TO IS TO PARK CARS THERE THAT OTHERWISE IN A IN A CONTRAFLOW SCENARIO, I DON'T KNOW THAT THE ENGINEERS WOULD BE COMFORTABLE WITH TRYING TO HAVE, YOU KNOW, ANGLED PARKING. BUT IF YOU GO TO A ONE WAY SCENARIO LIKELY IF YOU WERE TO, YOU KNOW, BREAK RIGHT ON 78 SACHSE ROAD TO THE ROUNDABOUT, KIND OF TRAVELING IN A SOUTHERN DIRECTION IS KIND OF HOW WE'VE CONTEMPLATED IT.

YOU CAN'T AT THAT INTERSECTION, YOU CAN'T MAKE A RIGHT OR EXCUSE ME, YOU CAN'T MAKE A LEFT TURN ONTO 78 ANYWAY, YOU CAN GET TO THE 78 ROAD. BUT THAT'S SOMETHING THAT WE'VE, WE HAVE THOUGHT ABOUT IT AND WE DON'T HAVE LIKE A, YOU KNOW, A TIMELINE FOR THAT AT THIS POINT. BUT YEAH, CERTAINLY, AS BRADLEY SAID, SOMETHING WE PROBABLY WANT TO DISCUSS.

BUT THEN AGAIN, IT'S SOMETHING THAT'S IF YOU WILL SEPARATE FROM THE RFQ FROM THAT.

BUT WE KNOW THAT'S A QUESTION DEVELOPERS COME BECAUSE IT'S ALL PART OF IF YOU BUILD IT, THEY WILL COME TYPE OF THING.

WITH ALL THE INFRASTRUCTURE WORK THAT'S ALREADY BEEN DONE ON THE SITE.

WE MAY NOT BE COMPLETE. WELL, I KNOW WE'RE NOT COMPLETELY DONE WITH INFRASTRUCTURE ON THAT SITE, BUT THAT'S MORE THAT MAY COME FROM DEVELOPERS AS WE GO THROUGH THIS, BUT IT'S NOT PART OF THE RFQ PER SE. OKAY. YEAH.

WHERE THAT'S GOING TO COME UP IS THEY'RE GOING TO START LOOKING AT HOW THEY WANT TO DEVELOP PHASE ONE, TWO, THREE, FOUR, AND THEY'RE GOING TO START GOING THROUGH THE SAME PROCESS THAT YOU'VE HAD ME GOING THROUGH ON PARKING.

[00:35:04]

THEY'RE VERY EXPENSIVE FOR EVERYBODY, SO THEY'RE GOING TO LOOK AT RIGHT AWAY PARKING OPPORTUNITIES.

IT'LL BE EARLY IN THE CONVERSATION, I HAVE NO DOUBT.

WE HAVE PUT A LITTLE BIT OF MONEY ASIDE TO STUDY THAT.

WE HAVE. YES WE HAVE. YES, SIR. YEAH. ALL RIGHT.

AND THIS THIS IS JUST A QUICK VIEW OF EACH OF THE THREE SCENARIOS ON ONE SLIDE.

SO YOU CAN GET A SENSE OF THE SUMMARY LEVEL SQUARE FOOTAGE AND REVENUES.

BUT HEADING INTO THE RFQ DISCUSSION, I'M GOING TO START KIND OF SEGUE INTO THAT PORTION OF, OF THE SLIDE DECK. YOU KNOW, I'D LOVE TO KIND OF COME BACK AROUND TO THE QUESTION COMMENT YOU RAISED THIS TIME AND AT PRIOR MEETINGS TOO, IF I REMEMBER RIGHT ABOUT OWNED VERSUS RENTED URBAN LIVING UNITS.

AND IS THERE A PARTICULAR DIRECTION? NO. IT'S OKAY.

I WOULD SAY BROADLY, I MEAN, THIS IS A BETTER PRESENTATION THAN THE LAST MEETING, SO I'LL GIVE THAT TO YOU [LAUGHS].

NOW EVERYBODY'S GOING TO WATCH THE LAST ONE. IT'S BETTER OPTIONS.

SO YEAH, KEEP GOING. OKAY. FAIR ENOUGH. LOVE IT.

SO LET'S TALK RFQ FOR A MINUTE. REQUEST FOR QUALIFICATIONS.

THAT'S WHAT THAT ACRONYM MEANS. AND WHAT WE'RE SEEKING IS A MASTER DEVELOPER OR DEVELOPERS FOR THE PUBLICLY OWNED LAND IN THE FIFTH STREET DISTRICT.

AND I HAVE A PLURAL THERE FOR INTENTIONALLY. THE WAY THAT WE INTEND TO WRITE THIS IS THAT A DEVELOPER COULD PROPOSE ON ONE PHASE OR ALL PHASES. THERE MIGHT BE SOMEBODY THAT'S JUST REALLY INTO THE RESTAURANT SCENE THAT WANTS TO PROPOSE JUST ON PHASE ONE.

OR THERE MIGHT BE, HOPEFULLY WE GET A NUMBER OF PROPOSALS AND YOU LIKE INGREDIENT A FROM OVER HERE, TEAM A OVER HERE AND TEAM B OVER HERE. WE MIGHT WANT TO DO A LITTLE MARRIAGE BETWEEN THE TWO.

AND DOING THE RFQ IN THIS MANNER GIVES US OPTIONALITY THAT WE CAN EXPLORE POST THE RFQ DEADLINE.

SO JUST PROVIDING FLEXIBILITY BOTH ON THE RESPONDENT SIDE, BUT ALSO DOWN THE ROAD FOR THE GOVERNING BODIES, BOTH EDC AND COUNCIL, AS THEY WANT TO CONSIDER, THEY MAY WANT TO CONSIDER A MARRIAGE BETWEEN TWO PROPOSALS.

PROGRAM WISE, THE WAY WE'VE GOT IT WRITTEN RIGHT NOW IS WE WANT QUALITY, UNIQUE RESTAURANTS, LIFESTYLE COMMERCIAL IN A TEXAS DOWNTOWN STYLE.

WE CALL IT LOFT RESIDENTIAL. WE'RE NOT CURRENTLY SLATED TO GIVE A STRONG, GOTTA BE OWNERSHIP, GOTTA BE RENTAL. WE'RE GOING TO LISTEN TO THE MARKET IS HOW WE HAVE IT DRAFTED CURRENTLY.

BUT OBVIOUSLY A BIG PART OF TONIGHT IS TO MAKE SURE WE'RE HEADING IN THE RIGHT DIRECTION.

IF IT'S A STRONG OPINION ON OUR PREFERENCE ON ONE OR THE OTHER IT'S STILL IT'S NOT TOO LATE TO INCORPORATE THAT CHARACTER WISE WE WANT HEART OF SACHSE, RIGHT? WE WANT AUTHENTICITY. WE WANT RESPONDENTS ON TIMELINE TO BE ABLE TO DOCUMENT, WELL, THEIR ABILITY TO MOVE FORWARD IN 2027. WE, WE DON'T WANT TO GET IN A RELATIONSHIP THAT TAKES TWO YEARS TO FIGURE OUT THEY DID NOT HAVE THEIR FINANCING OR THEY DIDN'T HAVE A CERTAIN KEY TEAMMATE ON, OR THEY DIDN'T HAVE INTENTIONS TO BUILD UNTIL 2028 2029.

THAT DOESN'T FEEL LIKE WHAT Y'ALL ENGAGED ME FOR, OR YOUR HOPES AND ASPIRATIONS ON THIS PROJECT.

HOPES AND ASPIRATION IS TO GET OUT OF THE GROUND AND SO WE'RE GOING TO BE ASKING FOR THINGS FROM THEM THAT DOCUMENT, THAT ABILITY TO MOVE AHEAD. I DID HAVE A PORTION ON ADJACENT PROPERTIES WHERE, YOU KNOW, OBVIOUSLY PEOPLE ARE GOING TO LOOK AT THE MAP AND SAY, I WONDER WHAT WE COULD DO WITH THE WATER TOWER SITE OR OVER HERE ON THESE OTHER SINGLE FAMILY SITES WHERE WE DON'T CONTROL THOSE.

AND SO WE'RE, WE'RE RFQING JUST THE PROPERTIES THAT ARE UNDER PUBLIC CONTROL.

WE DO WANT TO HAVE ALIGNMENT WITH, OBVIOUSLY, YOUR CITY PLANS AND VISION.

I'VE BEEN REALLY THOUGHTFUL ABOUT YOUR STRATEGIC PLAN AND YOUR COMPREHENSIVE PLAN, YOUR ZONING. WE'RE GOING TO MAKE SURE PEOPLE UNDERSTAND THAT.

SO WE'RE GOING TO GIVE THOSE TO THEM. WE'RE ALSO GOING TO ASK THEM TO TELL US WHAT THEY UNDERSTOOD ABOUT THEM.

AND WHAT WE'RE DOING THERE IS TRYING TO SEE, DO WE HAVE GOOD, GOOD LISTENERS? AND CAN WE CAN WE HAVE SOMEBODY READ A DOCUMENT AND UNDERSTAND HERE'S WHAT THEY'RE GOING FOR. WE'RE GOING TO IDENTIFY OPTIONS ON PROPERTY CONVEYANCE, BUT NOT BE NOT REQUIRE A CERTAIN PROPERTY CONVEYANCE STRATEGY.

THERE ARE CERTAIN PROJECTS. ONE OF THE ONES THAT WAS ON YOUR BENCHMARK EARLIER FROM ARLINGTON, WHERE THE CITY LEASED THE PROPERTY TO THE DEVELOPER FOR AN 80 YEAR PRIMARY TERM INSTEAD OF DOING A TRADITIONAL SALE AGREEMENT.

[00:40:03]

WE'RE ALSO NOT PROVIDING ANY PRICING IN THE RFQ DOCUMENT.

RIGHT. WE'RE GOING TO DEAL WITH THAT AFTER SELECTION OF THE QUALIFIED DEVELOPER.

FROM A SCORING STANDPOINT WE'RE GOING TO WAIT PROPOSALS OR QUALIFICATIONS FROM EACH ENTITY BASED ON THESE CRITERIA.

TOP ONE OR TOP COUPLE OBVIOUSLY COMPARABLE EXPERIENCE.

WE WOULD WE WANT TO BE DEALING WITH SOMEONE THAT'S DONE THIS TYPE OF WORK BEFORE.

THEY'VE DONE A SIMILAR WALKABLE MIXED USE PROJECT AND IT'S ACTUALLY COME OUT OF THE GROUND.

OFTENTIMES, ESPECIALLY IN A CITY LIKE SACHSE DEVELOPER MAY THAT HAS BUILT A RESIDENTIAL DEVELOPMENT OR A SMALL OFFICE COMPLEX MAY WANT TO TRY OUT MIXED USE DEVELOPMENT.

AND THAT, THAT DOES SOMETIMES WORK, BUT WHAT WE'RE LOOKING FOR IN THIS MOMENT IS SOMEBODY THAT HAS DONE THIS BEFORE.

THAT HAS LEARNED THE LESSONS IN OTHER SPOTS SO WE DON'T LEARN THEM IN SACHSE.

IT'S PART OF THEIR PORTFOLIO. WE ALSO ARE HEAVILY WEIGHTING TOWARDS THEIR UNDERSTANDING OF WHAT WE'RE TALKING ABOUT IN OUR WORDS AND OUR PLAN DOCUMENTS.

IT'S 20% OF THE SCORE IS CAN YOU CAN YOU SEE WHERE WE'RE HEADED AS SACHSE? AND, AND TELL US WHAT YOU HEARD AND HOW YOU WOULD APPROACH THE PROJECT AND THAT OTHER MAIN WEIGHTING COMPONENT, FINANCIAL CAPACITY, WANT TO HEAR FROM THEM. DO THEY HAVE THE CAPABILITY TO PULL THIS OFF? WHO ARE THEIR EQUITY PARTNERS? ARE THEY IDENTIFIED ALREADY? DO YOU HAVE TO GO FIND ONE? THAT'S TYPICALLY IF YOU DON'T HAVE THAT LINED UP, WE'RE NOT GOING TO LAND ON CONSTRUCTION IN 2027 IF YOU DON'T HAVE THAT READY TO GO.

IT ALSO, WE'LL MAKE SURE THAT THEY AREN'T OVERLY RELIANT UPON PUBLIC FUNDS TO GET THE DEAL DONE.

WE'LL ALSO BE ASKING FOR THEM TO COMMUNICATE HOW THEY'D APPROACH THE PUBLIC REALM, THE STREETS AROUND THE SITE, AND THEN A, IN THIS, PARTICULARLY IN THE RESTAURANT CLUSTER, HOW WOULD THEY APPROACH A PUBLIC SPACE WHERE THE RESTAURANT'S FRONT ON? THEY UNDERSTAND WHAT IT TAKES TO PROGRAM A SPACE LIKE THAT.

HOW WOULD THEY PROGRAM IT? HOW WOULD THEY THINK ABOUT THAT? AND THEN ALSO, WE'LL SEE WHO THEIR TEAM IS.

SO WHEN WE GET FOLKS RESPONDING, THEY'RE NOT JUST GOING TO BE DEVELOPER ONLY.

IT'S GOING TO SAY WHO IS THEIR LANDSCAPE ARCHITECT AND WHO IS THEIR CIVIL ENGINEER.

WHO ARE THE COMPONENT PIECES THAT WE'RE GOING TO BE WORKING WITH? AND WHAT THAT DOES IS FOR THE STAFF AND ULTIMATELY FOR THE GOVERNING BODIES, YOU GET A REAL SENSE OF, DO WE HAVE A WHOLE TEAM THAT'S WORKED ON SIMILAR THINGS? DO THEY HAVE A HAVE THEY WORKED TOGETHER BEFORE SUCCESSFULLY AS A TEAM? THOSE THINGS ARE HELPFUL TO ENSURE SUCCESS ON A PROJECT LIKE THIS.

AND THEN LASTLY, WE'LL BE LISTENING TO THEM FOR EARLY LOOKS AT HOW THEY WANT TO APPROACH THE DEAL.

SO WHERE ARE WE ON TIME? YOU KNOW, WE'RE WE HAVE AN RFQ DRAFTED.

WE'RE JARED AND I WE'RE GOING TO TAKE ANY INPUT WE GET TONIGHT AND REVISE AS NEEDED WITH THE GOAL OF HAVING THIS OUT LATE THIS WEEK OR EARLY MONDAY NEXT WEEK. AND REMEMBER, ONE OF THE THINGS WE'RE TRYING TO LAND ON HERE IS TO NOT GET TOO IN CONFLICT WITH THE HOLIDAY SCHEDULE FOR THE REST OF THIS YEAR.

AND SO WE GET OUT NEXT WEEK. THEY COME BACK IN AROUND HALLOWEEN, GIVES THE STAFF THE ABILITY TO SCORE AND EVALUATE IN EARLY NOVEMBER.

AND THEN WE'LL SHORT LIST AND BRING PEOPLE IN RIGHT BEFORE, IN THE WEEK TO TWO WEEKS BEFORE THANKSGIVING WITH THE IDEA THAT WE'RE COMING BACK FOR RECOMMENDATIONS IN BETWEEN THANKSGIVING AND CHRISTMAS.

AND THEN WE'D MOVE FORWARD INTO A MASTER DEVELOPMENT AGREEMENT NEGOTIATIONS.

WE DO HAVE A COUPLE OF CHECKPOINTS THAT WE WERE GOING TO HAVE IN THE RFQ BEFORE A RESPONSE IS DEEMED COMPLETE.

THERE'S PRE-SUBMITTED MEETING. THEY NEED TO COME SAY HI TO US.

COME TO A SITE TOUR. COME SIT DOWN WITH JARED AND MYSELF AND A COUPLE OTHER STAFFERS.

SO WE GET TO KNOW, HAVE START CONVERSATIONS EVEN BEFORE THEY'RE SUBMITTING THEIR RESPONSE.

THOSE I'VE FOUND TO BE REALLY HELPFUL FOR BOTH SIDES SO THAT THEY CAN GET THEIR QUESTIONS ANSWERED.

BUT ALSO WE'RE GETTING AN EARLY LOOK AT THE TEAM AND CAN ASK THEM QUESTIONS AS WELL.

SO A COMPETITIVE RESPONSE, IF THERE'S FOLKS WATCHING THE DEVELOPERS WATCHING.

WE KIND OF HAVE A A CHEAT SHEET HERE FOR YOU.

COMPARABLE PROJECTS WITH REFERENCES FROM YOUR PUBLIC PARTNERS.

RIGHT. AN ABILITY TO PRIORITIZE THIS PROJECT AND ADVANCE QUICKLY.

[00:45:02]

WE WANT THAT COMPETITIVE RESPONSE TO SHOW YOUR CAPITAL STACK AND FINANCIALS AND KEY ALIGNMENT TO COMMUNITY PLANS AND FEEDBACK.

AND THEN WE WANT THE DEVELOPER TO HAVE AN EQUIVALENT INVESTMENT AND COMMITMENT TO WHAT YOU'VE WRITTEN IN YOUR DOCUMENTS, WHICH IS WE WANT TO MAKE THIS A NO REGRETS INVESTMENT FOR FIFTH STREET. WE WANT THE DEVELOPER TO HOLD THAT VALUE AS WELL.

SO NEXT 30 DAYS, WE'RE OBVIOUSLY FOCUSED ON RELEASING RFQ WILL BE FIELDING, I'M SURE, LOTS OF QUESTIONS.

AGAIN, TARGET POSTINGS LATER THIS WEEK, FRIDAY OR EARLY NEXT WEEK, MONDAY.

THE OFFICIAL DATES, IF DEVELOPERS WATCHING WILL BE ON THE COVER OF THAT DOCUMENT.

AND FOR TONIGHT, I'M JUST, I'M LOOKING FOR FEEDBACK TO MAKE SURE WE'RE HEADING IN THE RIGHT DIRECTION. SO TAKE ANY QUESTIONS YOU HAVE OR GUIDANCE YOU HAVE AT THIS POINT.

APPRECIATE YOUR TIME. THERE YOU GO. QUESTIONS OR THOUGHTS FROM PEOPLE? I MEAN, THOUGHTS BETWEEN THE THREE OPTIONS, OF COURSE THE PREFERRED DEVELOPMENT SCENARIO IS DEFINITELY ONE OF MY TOPS.

AND THEN ALTERNATIVE THREE IS STILL ONE OF MY TOPS.

I. STILL DON'T KNOW HOW I FEEL ABOUT MORE SINGLE FAMILY LIVING WITH TWO. SO YEAH, IT'S PROBABLY NOT ONE OF MY FAVORITE OPTIONS.

SO I LIKE THE CLUSTER. I LIKE THE USAGE OF THE SPACE BETWEEN EITHER 1 OR 2.

THE SMALL AMOUNT OF BOONE STREET BEING CLOSED DOWN.

IT'S JUST A RIGHT OF WAY STREET AT THIS POINT.

AND WITH. AND IT'S AN UNIMPROVED STREET SO IF THIS GOES THROUGH, THAT PROBABLY ADDS $2.5 MILLION OF STREET WORK FOR THAT BLOCK OF BOONE.

FOR BOONE ITSELF. WELL, I'M ASSUMING IF IT WERE SIMILARLY PRICED THE ALEXANDER CHUNK, OKAY.

TO DO IT WITH LIKE A LIKE AN URBAN STREETSCAPE SECTION.

YEAH, YEAH. SO DON'T REALLY EVEN IF OPTION ONE BECOMES OPTION THREE, NOT NOT A PROBLEM FOR ME.

OR STILL CLOSING IT WITH OPTION ONE. NOT A PROBLEM FOR ME.

SO YEAH, I'M, I'M PRETTY EXCITED. I WANT TO SEE WHAT WE'LL RECEIVE BACK.

YOU KNOW, ONCE WE ACTUALLY START SEEING THE NUMBERS.

I MEAN, THIS, THIS, THIS LOOKS REALLY GOOD, RIGHT? BUT THEN WHAT WOULD THE DEVELOPERS ASK ONCE THEY START COMING IN SO.

OTHER COMMENTS. SO I I'M KIND OF FOLLOWING CHINELO ON THIS.

SO ONE IS STILL MY FAVORITE. THREE IS DEFINITELY SECOND ON IT.

I LIKE, I LIKE THE BUILD OUT KIND OF, OF BOTH OF THEM.

I THINK WE'RE GOING TO BE ABLE TO GET PEOPLE INTO THE AREA.

I THINK IT'S GOING TO BE KIND OF THE BEST FIT ALSO FOR LIKE THE COMMUNITY THAT'S AROUND IT, RIGHT. WHICH IS SUPER IMPORTANT, BUT BUT I'M, I'M KIND OF LEANING TOWARDS THOSE TWO, BUT I MEAN, LIKE CHINELO SAID, I'M ALSO EXCITED THAT WE'RE KIND OF MAKING SOME HEADWAY HERE.

AND I KNOW SO MUCH OF IT IS INFRASTRUCTURE AND STUFF THAT YOU CAN'T SEE.

AND THEN WHEN YOU START SEEING BUILDINGS GOING UP, IT GETS REALLY EXCITING. RIGHT? SO SO IT'S KIND OF LIKE NIGHT BEFORE CHRISTMAS ALMOST.

YEAH, YEAH. WELL SAID. YEAH. SO. I THINK YOU'VE HIT IT JUST RIGHT WITH ALL OF THIS CONVERSATION WE'VE HAD.

IT GIVES OPTIONS, IT GIVES DEVELOPERS TO SEE KIND OF WHAT WE'RE LOOKING AT.

AND WE'RE GOING TO FIND OUT HOW TRULY INTERESTED THEY ARE.

I THINK THERE'S A LOT OF CITIZENS THAT STILL QUESTION, WHY HAS IT TAKEN SO LONG TO DO THIS? AND WHAT, WE HAVEN'T DONE ANYTHING FOREVER. AND ALL THIS MONEY HAS GONE INTO THIS AND WHAT HASN'T HAPPENED.

AND I, I GUESS MY COMMENT, IF IT WAS EASY, IT WOULDN'T HAVE TAKEN THIS LONG.

YEAH, THE EASY ANSWER WOULD HAVE BEEN SELL THE PROPERTY, LET THEM PUT A FIVE STORY APARTMENT COMPLEX ON IT.

YOU'D HAVE PROBABLY GOTTEN JUST ABOUT AS MUCH TAX REVENUE OUT OF IT, BUT YOU'D HAD A FIVE STORY APARTMENT COMPLEX.

WELL, IT'S PRETTY OBVIOUS NONE OF US WANT THAT.

AND SO I THINK THIS OPTION FITS A WHOLE LOT BETTER WITH PROVIDING ENTERTAINMENT A WALKABLE AREA AND OPTIONS THERE. SO I, YES, I'M INTERESTED TO SEE WHAT THE DEVELOPERS COME BACK WITH AND, BUT I THINK WHAT WE'VE, WHAT YOU'VE PUT HERE AND WHAT'S DESCRIBED, I THINK IS A VERY GOOD OPTION THAT PROVIDES REAL, MEANINGFUL REVENUE TO THE CITY AND A DEVELOPMENT THAT CAN LAST.

OBVIOUSLY, WE'RE RIGHT AT THE VERY BEGINNING START OF IT, BUT I.

[00:50:03]

I DON'T, I. WELL, IT'S NOT NECESSARILY THE OWNED, IT'S JUST THE CLUSTER OF TOWNHOMES.

AND KNOWING THE FACT THAT THERE'S ONE RIGHT ACROSS FROM IT THAT HASN'T SOLD AND THERE'S ONE BEING BUILT RIGHT NEXT TO THAT ONE.

THAT'S MY, I DO KIND OF HAVE AN UPDATE JUST ON THAT SPECIFIC POINT JUST ONCE.

SO IT WAS BROUGHT UP AT THE LAST MEETING ABOUT THE TOWNHOMES ACROSS HIGHWAY 78.

AND MY UNDERSTANDING IS THAT THOSE AREN'T ACTUALLY ALL COMPLETED YET, SO THAT EACH INDIVIDUALLY HAVE TO BE KIND OF PERMITTED AND APPROVED AND FINAL.

THERE'S 24 TOWNHOMES IN THAT PARTICULAR CASE.

YEAH. AND SO THE STRUCTURES ARE THERE. AND SO YOU DRIVING BY, YOU MIGHT BE LIKE, THERE'S NOT THAT MANY CARS PARKED OUT HERE.

BUT THAT'S PARTICULARLY WITH THAT EXAMPLE, THEY'RE NOT ALL COMPLETE.

CORRECT. WITH FURTHER NORTH, A LOT OF INFRASTRUCTURE GOING IN OFF OF DEWITT.

SO THOSE TOWNHOMES, YOU KNOW, YOU'RE LOOKING AT 100 PLUS TOWNHOMES IN THAT CASE, AND THEY HAVE TO GET ALL THEIR INFRASTRUCTURE IN PRIOR TO GOING VERTICAL.

AND SO YOU KNOW, THEY'RE STILL IN THAT PROCESS.

AND BE ABLE TO SELL IT TO. YEAH, EXACTLY. YEAH.

WHICH IS SO YEAH, IDEALLY, I, I THINK, I THINK THERE NEEDS TO BE SOME RESIDENT, I CALL IT RESIDENTIAL, FOR LACK OF A BETTER TERM THERE BECAUSE YOU'VE GOT, YOU'VE GOT A LOT OF ACTIVITY. YEAH. LOFTS AND I'M, I'M OKAY WITH THAT BECAUSE YOU'VE GOT, YOU'VE GOT TO HAVE YOU WANT TO CREATE MORE ACTIVITY AROUND ESPECIALLY THAT BRINGS IT THERE. SO I'M, YOU KNOW, A LOT OF IT JUST COMES DOWN TO, OKAY, WHAT DO THEY THINK THEY CAN DO? I THINK WE'VE GIVEN WITH THIS, THERE'S ENOUGH FLEXIBILITY TO DEVELOPERS DOESN'T COME IN AND SAY, WAIT A MINUTE. YOU WANT ME TO FIX THIS FIT THIS ONE BOX? THAT'S RIGHT. AND THAT PUSHES PEOPLE AWAY BECAUSE I CAN'T DO THAT ONE BOX.

BUT I CAN DO THIS RECTANGLE. YEAH, THAT'S. OH GO AHEAD.

NO. YEAH. NO I AGREE, I AGREE. YEAH. AND THERE ARE A COUPLE OF THE PROJECTS IN THE INCENTIVE ANALYSIS.

SO LIKE THERE'S ONE IN SALINA, THERE'S ONE IN MANSFIELD WHERE THEY DID THE URBAN LIVING IN THE FORM THAT WE LIKE, WHICH IS A 2 OR 3 STORY BUILDING. TEXAS DOWNTOWN LOOK.

SO THERE ARE DEVELOPERS DOING THAT PRODUCT. SO WE ARE GOING TO ELIMINATE SOME FOLKS THAT WANT TO DO SUPER DENSE MULTIFAMILY.

THAT IS A, THAT IS DEFINITELY HAPPENING HERE, BUT THERE STILL ARE PEOPLE THAT WILL DO IT IN ALIGNMENT WITH WHAT WE'RE TALKING ABOUT.

THERE ARE PEOPLE DOING THAT IN SALINA AND MANSFIELD CURRENTLY.

SO IT WILL IT WILL REDUCE OUR POOL. BUT WE'VE BEEN HONEST ABOUT THAT ALONG THE WAY.

THAT'S NOT THAT'S NOT WHO WE ARE. AND THAT'S NOT WHERE WE WANT TO GO.

AND THE MARKETS, AS WE TALKED ABOUT IN PRIOR MEETINGS, THERE'S BEEN A WHOLE LOT OF MULTIFAMILY BUILT NOT JUST IN SACHSE, BUT IN EACH OF THE COMMUNITIES AROUND US OVER THE LAST FEW YEARS.

AND ALL THAT CAPACITY HAS GOT TO GET SOAKED UP TO THE BOARD MEMBERS POINT EARLIER ABOUT THE TOWNHOMES, WHEN YOU HAVE THAT MANY UNITS BEING ADDED, IT TAKES LONGER TO GET THEM FILLED UP.

AND SO I DO THINK I DO. I KNOW WE WILL LOSE A COUPLE BECAUSE WE'RE NOT DOING FIVE STORY TEXAS WRAP MULTIFAMILY.

BUT THERE ARE STILL PEOPLE THAT WANT TO DO IT THE WAY THAT WE'RE LINED UP TO DO IT.

SO I APPRECIATE HEARING THE COMMENTS, CHAIR, AND THAT WE'RE ON THE RIGHT TRACK.

I THINK. SO I THINK IT PAYS TO BE PATIENT. WE'VE GOT AN ASSET THERE.

WE WANT WE WANT TO MAKE IT WORK EVEN MORE FOR US.

BUT IT'S NOT IT'S NOT A HOLE IN THE GROUND THAT CAN NEVER BE DEVELOPED.

IT'S AN ASSET. AND SO I'M, I'M TOTALLY FINE WITH BEING PATIENT AS WE DO IT.

RIGHT? SO I THINK THIS GIVES US THE BEST OPTION AND OPPORTUNITY TO DO IT RIGHT.

VERY GOOD. AND I'M ASSUMING LIKE, FOR INSTANCE, LET'S SAY WE GET A DEVELOPER THAT SAYS, WELL I LIKE PHASE ONE.

I LIKE WHAT YOU WANT THERE. I LIKE PHASE THREE FROM LIKE ALTERNATIVE THREE. BUT I WANT THE PHASE TWO AND ALTERNATIVE TWO TYPE SITUATION.

WE CAN MIX AND MATCH AND MAKE IT. I JUST DON'T WANT A DEVELOPER THAT WILL TELL ME THEY'RE GOING TO BUILD EITHER 50/50, 50% RESIDENTIAL, 50% THIS, OR EVEN 70/30 MORE RESIDENTIAL THAN.

THEY'LL HAVE THE ABILITY TO SAY ANYTHING. EXACTLY.

BUT THEN OF COURSE, OUR GOVERNING BODIES HERE AND ULTIMATELY THE CITY COUNCIL WILL HAVE THE ABILITY TO ENSURE THAT WE'RE ON THE RIGHT TRACK WITH WHAT WE'VE SAID IN OUR PLANS AND OUR ZONING AND EVEN IN THE RFQ. SO THERE'S THE, THOSE WILL ALL BE ATTENTION FOR SURE.

OKAY. CAN I SAY SOMETHING? I JUST WANTED TO POINT OUT THAT I HAVE A.

I WOULD HAVE A PREFERENCE FOR A PLAN, I REALLY LIKE ONE.

I KIND OF AGREE THAT THREE IS PROBABLY SECOND PLACE AND THEN TWO IN LAST PLACE.

[00:55:01]

WE HAVE ALMOST NONE, SO I WOULD GIVE SOME PREFERENCE TO THAT.

AND HAVING GROWN UP IN A SMALL TOWN WITH A SMALL, AN OLDER STYLE DOWNTOWN THAT HAD PREDOMINANTLY LIVE WORK SPACES WHERE THERE WAS A BUSINESS DOWNSTAIRS AND THE OWNER OF THAT BUSINESS LIVED UPSTAIRS BECAUSE THAT'S HOW THEY WERE BUILT.

THAT IS AN EXTREMELY FRIENDLY FOR SMALL BUSINESS AND, AND INTERESTING SMALL BUSINESS, BECAUSE YOU CAN OFFSET SOME OF YOUR OVERHEAD FOR YOUR BUSINESS BECAUSE YOU ALSO LIVE THERE.

AND I WOULD HAVE A, A, I'D GIVE A WARM FUZZY TO A PLAN THAT HAD LIVE WORK SPACES AND A PREFERENCE TOWARDS OFFICE SPACE BECAUSE I, WHAT I IN MY DREAM, THERE'S LIKE A SOURDOUGH BAKERY, RIGHT? OR SOMETHING OR SOMETHING, SOMETHING INTERESTING.

NO, SHE HAS NOT BEEN THINKING ABOUT THIS AT ALL, HAS SHE? I MEAN, OR CHOCOLATE, I DON'T CARE LIKE LIKE I'M NOT GOING TO PICK THE THING, BUT LIKE THAT. IT'S AN INTERESTING THING THAT BECAUSE WE'VE BUILT SOME FLEXIBILITY INTO THE PROPERTY, THAT THOSE ARE EVEN OPTIONS THAT A STRIP MALL DOES NOT OFFER TO OR THEY DO OFFER BUT IT'S VERY DIFFICULT FOR THE NUMBERS TO WORK.

ABSOLUTELY. OKAY. THAT'S HELPFUL FEEDBACK. ANY OTHER COMMENTS? ALL RIGHT. YEAH. YOUR YOUR RFQ PROCESS, YOUR SLIDE 19.

I SEE A LOT OF MENTIONS OF STAFF, BUT I'M UNCLEAR ON WHERE WE INTERSECT.

SO WILL YOU SIT AND LOOK GOOD? WHAT ARE YOU TALKING ABOUT? [LAUGHS] I MEAN, THAT'S THAT'S DONE. WHAT'S NEXT? YEAH. SO I WOULD SUSPECT THAT AS WE'RE MOVING THROUGH THIS PROCESS, WE'RE CONTINUALLY BRIEFING YOU.

SO LIKE WHEN WE HAVE OUR RESPONDENT AS PEOPLE PROPOSE, YOU'RE GOING TO KNOW WHO THEY ARE RIGHT AT INTERIM STEPS, BUT IT WON'T BE EARLY 27 BEFORE WE ENGAGE AGAIN.

RIGHT. SO WE'LL BE BUILDING YOUR CONFIDENCE LEVEL OF WHO'S RESPONDED.

WHERE DO WE WHERE ARE WE AT IN THE PROCESS? AND WE'LL NEED TO OBVIOUSLY BE DOING THAT WITH THE COUNCIL AS WELL.

BUT ULTIMATELY, YOU'RE ULTIMATELY PEOPLE HAVE TO PEOPLE AT THIS DAIS HAVE TO RAISE THEIR HAND AT SOME POINT.

SO WE WANT TO BUILD THAT CONFIDENCE AND KEEP YOU IN THE LOOP ALONG THE WAY.

RIGHT. SO I THINK THAT THE SPEED TO MARKET, GIVEN KIND OF WHERE WE'RE AT IN THE CALENDAR AND UNDERSTANDING PEOPLE TAKE BREAKS AND VACATIONS. AND SO I THINK PART OF WHAT WE WERE LOOKING TO GET TONIGHT WAS LIKE BRADLEY MENTIONED THE THE DIRECTION AND THE FEEDBACK TO BE ABLE TO KIND OF TURN THIS AROUND FAIRLY QUICKLY SO THAT PEOPLE AREN'T SEEING A DUE DATE THAT'S IN, YOU KNOW, THE END OF DECEMBER.

AND THEY'RE LIKE, I'M NOT EVEN GOING TO BOTHER WITH THAT BECAUSE THAT'S I'LL BE IN VAIL OR WHATEVER IT MIGHT BE.

SO WITH THIS REALLY HELPFUL FEEDBACK, I THINK WE HAVE WHAT WE NEED TO PROCEED.

AND KIND OF WHAT I'M HEARING IS TO GO AHEAD AND GET THE RFQ POSTED.

LET'S DO IT SOONER THAN LATER. AND SO THAT'S, YOU KNOW, WE WILL BE WORKING ON THAT.

OF COURSE, BRADLEY'S GOT A DRAFT AND STAFF WILL BE WORKING TO GET, YOU KNOW, THE CORRECT YOU KNOW, BACK END WEBSITE ITEMS ALL SQUARED AWAY. AND SO, YOU KNOW, WE'RE, WE'RE REALLY EXCITED.

THANK YOU ALL FOR THE FEEDBACK, BRADLEY. THANK YOU VERY MUCH.

WE APPRECIATE IT. THAT'S GREAT. THANK YOU. ALL RIGHT.

WE'RE GONNA MOVE ON TO ITEM E. OUR EXECUTIVE SESSION SACHSE ECONOMIC DEVELOPMENT CORPORATION SHALL CONVENE INTO EXECUTIVE SESSION PURSUANT TO TEXAS GOVERNMENT CODE SECTION

[E. Executive Session]

WE WILL ADJOURN TO OUR EXECUTIVE SESSION AT 7:01 P.M..

[F. Action Resulting from Executive Session]

AND MAKE SURE YOU GET MY STUFF TOGETHER. HERE WE GO.

SO. GOING TO ITEM F ACTION RESULTING FROM EXECUTIVE SESSION ITEMS RESULTING FROM EXECUTIVE SESSION ARE FOR CONSIDERATION FOR ACTION.

ARE THERE ANY COMMENTS. I GUESS THIS IS COMMENTS FROM THE, FROM THE FROM THE PUBLIC ARE ARE ABLE TO COMMENT IF THERE ARE ANY.

AND SEEING WHO'S IN THE PUBLIC, I THINK I THINK WE'RE WE'RE GOOD.

SO IF NOT, I'LL ENTERTAIN A MOTION FROM THE BOARD.

I MOVE THAT THE EXECUTIVE DIRECTOR BE AUTHORIZED TO NEGOTIATE AND SIGN AN ECONOMIC DEVELOPMENT INCENTIVE AGREEMENT WITH THE DEVELOPER OF PROJECT CRIMSON,

[01:00:05]

I HAVE A MOTION. DO I HAVE A SECOND? I SECOND.

I HAVE A SECOND FROM CHINELO. ANY OTHER DISCUSSION? ALL RIGHT. CAST YOUR VOTES, PLEASE.

AND THAT PASSES UNANIMOUSLY. AND WE'LL GO ON TO ITEM G.

WE WILL ADJOURN THE MEETING AT 8:02 P.M.. THERE YOU GO.

HOW TO USE THE GAVEL, SEE?

* This transcript was compiled from uncorrected Closed Captioning.