WEBVTT 00:00:00.000 --> 00:00:06.140 We've determined that a quorum has been met. 00:00:06.140 --> 00:00:10.320 The downtown Denton tax increment financing reinvestment zone number one board of the 00:00:10.320 --> 00:00:16.000 city of Denton, Texas will now convene an especially called meeting at 12 o'clock, 12 00:00:16.000 --> 00:00:20.360 p.m. this Friday, the fifth day of February 2021. 00:00:20.360 --> 00:00:24.200 Our first order of business is consider approval and our corrections of the meeting minutes 00:00:24.200 --> 00:00:30.320 from the October 21st 2020 downtown Denton TIF reinvestment zone number one board of 00:00:30.320 --> 00:00:31.640 the city of Denton, Texas. 00:00:31.640 --> 00:00:38.840 Are there any corrections to the minutes as distributed? 00:00:38.840 --> 00:00:40.640 Do we have a motion? 00:00:40.640 --> 00:00:41.640 Paul? 00:00:41.640 --> 00:00:47.760 Yes, since I was actually there, I'll move approval of the minutes and I did read them 00:00:47.760 --> 00:00:48.920 and they were well done. 00:00:48.920 --> 00:00:49.920 Thank you. 00:00:49.920 --> 00:00:52.920 Do we have a second? 00:00:52.920 --> 00:00:56.040 Ben? 00:00:56.040 --> 00:00:58.600 Can we go with his hand raise? 00:00:58.600 --> 00:01:01.440 Yes, then seconds. 00:01:01.440 --> 00:01:06.800 It is moved and seconded that we approve the minutes as presented, no additions or amendments 00:01:06.800 --> 00:01:07.800 needed. 00:01:07.800 --> 00:01:12.960 I will call your name once called, please state your name and your motion of adoption 00:01:12.960 --> 00:01:15.680 or opposition with a form of yes or no. 00:01:15.680 --> 00:01:18.880 Don't forget to unmute yourself. 00:01:18.880 --> 00:01:23.160 City Council Member Connie Baker? 00:01:23.160 --> 00:01:26.400 Yes. 00:01:26.400 --> 00:01:28.640 City Council Member Paul Meltzer? 00:01:28.640 --> 00:01:29.640 Aye. 00:01:29.640 --> 00:01:30.640 Alex. 00:01:30.640 --> 00:01:33.120 Alex isn't here yet. 00:01:33.120 --> 00:01:35.120 Melissa Lennonburg? 00:01:35.120 --> 00:01:36.360 Aye. 00:01:36.360 --> 00:01:38.360 Ben Easley? 00:01:38.360 --> 00:01:39.360 Aye. 00:01:39.360 --> 00:01:42.000 Eric Pruitt? 00:01:42.000 --> 00:01:45.000 Aye. 00:01:45.000 --> 00:01:48.000 The motion passes by unanimous vote. 00:01:48.000 --> 00:01:53.480 The next order of business is receive nominations and elect a vice chair and secretary for the 00:01:53.480 --> 00:01:57.080 downtown tax increment finance reinvestment zone number one. 00:01:57.080 --> 00:02:01.360 I would like to thank Alex, who's not here today, for his years of service as vice chair. 00:02:01.360 --> 00:02:06.480 At this time, I would like to accept nominations from the floor for vice chair. 00:02:06.480 --> 00:02:15.000 Question, is Alex interested in continuing despite his not being here today? 00:02:15.000 --> 00:02:20.720 We didn't get a chance to speak with Alex prior to the meeting, but he is joining right 00:02:20.720 --> 00:02:21.720 now. 00:02:21.720 --> 00:02:28.400 So if you want to move forward with the secretary discussion, first of all, we get Alex maybe 00:02:28.400 --> 00:02:33.840 settled into the meeting, and I will say I will happily continue to serve as report secretary 00:02:33.840 --> 00:02:40.000 since it is me who files all of the reports with the state, happy to continue that role. 00:02:40.000 --> 00:02:45.320 Yes, and definitely typically the committee has nominated someone from staff in this position. 00:02:45.320 --> 00:02:51.320 Currently Jessica does do a terrific job and super appreciated. 00:02:51.320 --> 00:02:58.880 Would we like to go ahead and do a nomination for secretary for our tourist board? 00:02:58.880 --> 00:03:01.200 Paul? 00:03:01.200 --> 00:03:07.160 Well, with strongly mixed feelings, I'll move for Jessica. 00:03:07.160 --> 00:03:10.040 I accept that. 00:03:10.040 --> 00:03:14.840 We have a motion to have Jessica continue as secretary. 00:03:14.840 --> 00:03:16.920 Do we have a second? 00:03:16.920 --> 00:03:17.920 Eric? 00:03:17.920 --> 00:03:18.920 Second. 00:03:18.920 --> 00:03:20.240 Eric seconds. 00:03:20.240 --> 00:03:23.800 It is move and seconded that we reelect Jessica Rogers as secretary. 00:03:23.800 --> 00:03:31.440 I will call your name again, please unmute, and please give your name with a motion of 00:03:31.440 --> 00:03:35.640 adoption or opposition with a form of yes or no. 00:03:35.640 --> 00:03:36.640 Connie? 00:03:36.640 --> 00:03:37.640 Connie Baker, yes. 00:03:37.640 --> 00:03:38.640 Paul? 00:03:38.640 --> 00:03:47.520 I'm going to be influenced by Connie and I will say yes rather than I. 00:03:47.520 --> 00:03:48.520 Alex? 00:03:48.520 --> 00:03:49.520 Yes. 00:03:49.520 --> 00:03:50.520 Melissa Lenneberg, yes. 00:03:50.520 --> 00:03:53.840 Oh, Alex, could you please state your name? 00:03:53.840 --> 00:03:56.840 Alex Payne, yes. 00:03:56.840 --> 00:03:58.560 Melissa Lenneberg, yes. 00:03:58.560 --> 00:03:59.560 Ben Easley? 00:03:59.560 --> 00:04:00.560 Ben Easley, yes. 00:04:00.560 --> 00:04:01.560 Eric? 00:04:01.560 --> 00:04:10.480 Eric Pruitt, yes. 00:04:10.480 --> 00:04:14.240 The motion passes by unanimous vote. 00:04:14.240 --> 00:04:20.520 Alex, we had a question a minute ago. 00:04:20.520 --> 00:04:25.520 Are you interested in being reelected to vice chair? 00:04:25.520 --> 00:04:28.400 Yes. 00:04:28.400 --> 00:04:36.920 So thank you so much for the service thus far, and I think we will open it up to a motion 00:04:36.920 --> 00:04:41.600 for any nominations for vice chair. 00:04:41.600 --> 00:04:43.080 Eric? 00:04:43.080 --> 00:04:51.040 I'm going to nominate Alex Payne as vice chair. 00:04:51.040 --> 00:04:55.560 Do we have a second? 00:04:55.560 --> 00:05:02.520 Uh oh. 00:05:02.520 --> 00:05:03.680 Do we need a discussion? 00:05:03.680 --> 00:05:04.680 Do we have a second? 00:05:04.680 --> 00:05:05.680 Second. 00:05:05.680 --> 00:05:06.680 Okay. 00:05:06.680 --> 00:05:13.680 We have Paul as a second for motion to continue with Alex Payne or to reelect Alex Payne as 00:05:13.680 --> 00:05:14.680 vice chair. 00:05:14.680 --> 00:05:17.520 I will call your name. 00:05:17.520 --> 00:05:22.560 Please state your full name and your motion of adoption or opposition with a form of yes 00:05:22.560 --> 00:05:23.560 or no. 00:05:23.560 --> 00:05:25.680 Please unmute yourself. 00:05:25.680 --> 00:05:26.680 Connie? 00:05:26.680 --> 00:05:30.280 Connie Berger, yes. 00:05:30.280 --> 00:05:31.280 Paul? 00:05:31.280 --> 00:05:34.920 Paul David Meltzer, yes. 00:05:34.920 --> 00:05:35.920 Alex? 00:05:35.920 --> 00:05:38.440 Alex Payne, yes. 00:05:38.440 --> 00:05:40.480 Melissa Lenneberg, yes. 00:05:40.480 --> 00:05:41.480 Ben? 00:05:41.480 --> 00:05:44.080 Ben Easley is a yes. 00:05:44.080 --> 00:05:45.080 Eric? 00:05:45.080 --> 00:05:47.320 Eric Pruitt, yes. 00:05:47.320 --> 00:05:50.040 The motion passes by unanimous vote. 00:05:50.040 --> 00:05:53.840 Well done, everyone. 00:05:53.840 --> 00:05:57.760 The next border, the next order of businesses receive a report and hold a discussion and 00:05:57.760 --> 00:06:04.080 make recommendations to the city council regarding the 2019-2020 downtown tax increment reinvestment 00:06:04.080 --> 00:06:05.920 zone number one report. 00:06:05.920 --> 00:06:08.480 The chair recognizes Christina Davis. 00:06:08.480 --> 00:06:14.200 All right, give us a second because I'm going to be clicking through for Christina. 00:06:14.200 --> 00:06:17.400 Let me get it situated. 00:06:17.400 --> 00:06:18.720 Should everyone mute at this point? 00:06:18.720 --> 00:06:22.880 Yes, if you could go ahead and mute. 00:06:22.880 --> 00:06:34.080 All right, everyone should see the presentation and we should be good to go, Christina. 00:06:34.080 --> 00:06:36.240 Hi, my name is Christina Davis. 00:06:36.240 --> 00:06:40.000 I'm your economic development specialist and today I'll be providing the annual report 00:06:40.000 --> 00:06:44.680 for the downtown tax increment reinvestment zone number one. 00:06:44.680 --> 00:06:51.480 Our objective today is to receive a report, hold a discussion, and make a recommendation 00:06:51.480 --> 00:06:58.440 to city council regarding the approval of the 2019-2020 downtown tax increment reinvestment 00:06:58.440 --> 00:07:01.520 zone number one annual report. 00:07:01.520 --> 00:07:07.360 Before we get started in reviewing the report, I just want to provide a quick overview of 00:07:07.360 --> 00:07:09.400 what ATTERS is. 00:07:09.400 --> 00:07:15.160 ATTERS is a tax reinvestment zone and it's a tool used to fund public improvements, stimulate 00:07:15.160 --> 00:07:20.240 development or redevelopment, and enhance infrastructure within a defined area. 00:07:20.240 --> 00:07:25.920 ATTERS operates by capturing an increase in tax revenue from the defined area and using 00:07:25.920 --> 00:07:29.200 the revenue on projects within that same area. 00:07:29.200 --> 00:07:34.680 When ATTERS is created, a base taxable value of the property within the zone is established. 00:07:34.680 --> 00:07:39.560 In years following the increment of the increase in valuation between the base year and the 00:07:39.560 --> 00:07:44.080 following years goes into the ATTERS fund for use and development of the district. 00:07:44.080 --> 00:07:48.640 The length of time ATTERS generally exists varies, but typically they last for a period 00:07:48.640 --> 00:07:53.320 of 20 to 30 years. 00:07:53.320 --> 00:07:55.040 Excellent. 00:07:55.040 --> 00:07:58.160 Each district does have statutory requirements. 00:07:58.160 --> 00:08:04.160 Texas Code Chapter 311 requires an action for each ATTERS district, so once a district 00:08:04.160 --> 00:08:10.320 is established, a board is appointed to manage the ATTERS and to advise the governing body. 00:08:10.320 --> 00:08:13.800 In our instance, the governing body is the city council. 00:08:13.800 --> 00:08:18.560 The board adopts and recommends adoption of the finance in the project plans and then 00:08:18.560 --> 00:08:23.280 an annual report about the district's activity is submitted to the state. 00:08:23.280 --> 00:08:28.840 Any use of the ATTERS funds must be approved by the governing body and follow the approved 00:08:28.840 --> 00:08:30.560 project plan. 00:08:30.560 --> 00:08:39.360 The mission of the downtown tax equipment reinvestment zone number one, or ATTERS number 00:08:39.360 --> 00:08:44.320 one, is to provide a source of funding for public infrastructure improvements to encourage 00:08:44.320 --> 00:08:49.320 and accelerate necessary development and redevelopment within the district. 00:08:49.320 --> 00:08:58.280 The ATTERS took effect on January 1, 2011 and will terminate on December 31, 2041, or 00:08:58.280 --> 00:09:02.960 when the budget of $24.8 million has been collected. 00:09:02.960 --> 00:09:07.240 And currently, we're entering into the 10th year of the ATTERS, but the report covers 00:09:07.240 --> 00:09:13.940 year nine. 00:09:13.940 --> 00:09:19.080 The City of Denton is the sole participating jurisdiction of this ATTERS and commends a 00:09:19.080 --> 00:09:25.380 percentage of the tax revenue from the incremental increase in value over time. 00:09:25.380 --> 00:09:32.480 The city's participation or the percent of incremental tax revenue declines over time. 00:09:32.480 --> 00:09:37.600 So in years one through five, you have 100%, six through 10, 95, and then it decreases 00:09:37.600 --> 00:09:41.000 down to 85% in the last years. 00:09:41.000 --> 00:09:42.000 Next slide. 00:09:42.000 --> 00:09:46.860 I just wanted to show you the outline area of the ATTERS. 00:09:46.860 --> 00:09:49.660 So on the west, its boundary is generally Carroll. 00:09:49.660 --> 00:09:52.960 On the north, you're looking at Parkway and McKinney. 00:09:52.960 --> 00:09:58.600 On the east is Bradshaw, and on the south is Prairie and Sycamore. 00:09:58.600 --> 00:10:02.080 Inside the area are multiple property descriptions. 00:10:02.080 --> 00:10:06.640 And if anyone would like a better view of the map, I'm happy to send that to you. 00:10:06.640 --> 00:10:08.840 Next slide. 00:10:08.840 --> 00:10:12.940 And the project plan covers projects within the area. 00:10:12.940 --> 00:10:17.080 So when they adopt the project plan, it outlines the types of projects that can be used throughout 00:10:17.080 --> 00:10:18.080 the ATTERS. 00:10:18.080 --> 00:10:25.280 The ATTERS is expected to produce $24.8 million over its 30-year life, and the ATTERS funding 00:10:25.280 --> 00:10:30.820 estimates adopted into the project plan were allocated to the project categories. 00:10:30.820 --> 00:10:36.120 So for our ATTERS, we determined that parking or transportation with an investment of $8 00:10:36.120 --> 00:10:43.580 million completes treats for 7.9, supportive downtown projects, 4.9, utility and drainage 00:10:43.580 --> 00:10:45.960 improvements of 4 million. 00:10:45.960 --> 00:10:50.020 So that brings us to our total of $24.8 million. 00:10:50.020 --> 00:10:53.000 Next slide. 00:10:53.000 --> 00:11:00.800 This annual report represents activity from October 1, 2019 through September 30, 2020. 00:11:00.800 --> 00:11:09.360 During that time, $730,000 -- I'm sorry, let me start over -- $730,000 -- why can't 00:11:09.360 --> 00:11:10.360 I speak today? 00:11:10.360 --> 00:11:11.360 I'm so sorry. 00:11:11.360 --> 00:11:21.640 $730,722 was collected at the end of the supplemental period, and an additional $16,930 of interest 00:11:21.640 --> 00:11:34.520 brings a total contribution for the fiscal year of 2019-20 to a total of $747,652. 00:11:34.520 --> 00:11:38.740 Under our district accomplishments in the report, you'll see that we have a final payment 00:11:38.740 --> 00:11:44.400 of $76,000 to really our partners that was distributed over a five-year total. 00:11:44.400 --> 00:11:51.920 So this was their final payment for a total amount of $380,000. 00:11:51.920 --> 00:11:57.040 The city was approached by multiple developers with interest in projects within the district 00:11:57.040 --> 00:12:02.920 with public and private components, and some of those discussions are still ongoing. 00:12:02.920 --> 00:12:08.840 Staff engaged a TURS consultant named TXP, Inc. to assist with the financial analysis 00:12:08.840 --> 00:12:12.960 of proposed projects and to review the TURS overall. 00:12:12.960 --> 00:12:18.960 The city approved a number of downtown reinvestment grants, and the downtown reinvestment grant 00:12:18.960 --> 00:12:25.000 program was amended to include ADA improvements as eligible expenses. 00:12:25.000 --> 00:12:26.880 Next slide. 00:12:26.880 --> 00:12:32.920 Annual figures provided by Denton Central Appraisal District show for the fiscal year 2019-20, 00:12:32.920 --> 00:12:40.120 total appraised value of taxable real property was $209.6 million, which is an increase of 00:12:40.120 --> 00:12:43.360 $38.9 million over the previous year. 00:12:43.360 --> 00:12:48.040 The annual TURS fund contribution of property tax and interest income for the fiscal year 00:12:48.040 --> 00:12:54.000 was $747,652. 00:12:54.000 --> 00:13:00.640 Since its inception, the final value of supplements for the TURS number one has increased an estimated 00:13:00.640 --> 00:13:13.200 $130.3 million, and that represents a 164.3% increase in valuation. 00:13:13.200 --> 00:13:18.120 This is a spreadsheet showing the certified and supplemental summary. 00:13:18.120 --> 00:13:27.960 So if you look at 2019, which is the last line, the total tax value is $209.6 million. 00:13:27.960 --> 00:13:35.400 And if you take that from the base year, it has a -- I'm sorry, it captures a supplemental 00:13:35.400 --> 00:13:48.000 value of $130.6 -- I'm sorry, $130,000 -- sorry, I'm just really having issues today. 00:13:48.000 --> 00:13:50.680 $130,269,397. 00:13:50.680 --> 00:14:00.120 So maybe it would be easier if I said $130.2 million. 00:14:00.120 --> 00:14:07.960 So that brings a supplemental contribution to the TURS, $730,722, for a total contribution 00:14:07.960 --> 00:14:23.400 of $3.3 million, and then your interest for this last year for 2019 is $16,930, for a 00:14:23.400 --> 00:14:27.880 total interest calculation of $56,744. 00:14:27.880 --> 00:14:30.760 Really sorry about the issues I'm having with numbers today. 00:14:30.760 --> 00:14:36.800 If we can go to the next slide. 00:14:36.800 --> 00:14:42.520 The action of the board and the annual report, we did have four TURS board meetings last 00:14:42.520 --> 00:14:43.520 year. 00:14:43.520 --> 00:14:50.960 And we recommended approval of the 2018-19 TURS annual report to the Denton City Council. 00:14:50.960 --> 00:14:56.640 We approved an update to the downtown reinvestment grant policy, a program policy. 00:14:56.640 --> 00:15:02.640 We recommended to the City Council approval of six downtown reinvestment grants. 00:15:02.640 --> 00:15:10.360 We moved forward with a study and analysis by TXP, Inc. on the TURS number one. 00:15:10.360 --> 00:15:17.040 And we approved the fiscal year 2021 TURS budget. 00:15:17.040 --> 00:15:22.760 Wanted to share with you some of the projects that have been completed over the last fiscal 00:15:22.760 --> 00:15:24.560 year. 00:15:24.560 --> 00:15:28.960 The first project completed is the 380 agreement with railyard partners. 00:15:28.960 --> 00:15:32.200 It was the first project in the district. 00:15:32.200 --> 00:15:36.240 They received $380,000 over five years. 00:15:36.240 --> 00:15:39.200 The project is a transit oriented catalyst project. 00:15:39.200 --> 00:15:44.060 It focused on office, retail, restaurant, and multifamily housing. 00:15:44.060 --> 00:15:50.760 And it renovated an existing building that was, I believe it was more business forms. 00:15:50.760 --> 00:15:53.220 And they were able to expand that building. 00:15:53.220 --> 00:15:59.160 So it's turned out to be a really great project and it has pushed some other improvements 00:15:59.160 --> 00:16:00.160 in that area. 00:16:00.160 --> 00:16:02.320 We go to the next slide. 00:16:02.320 --> 00:16:07.640 One of our downtown grants that was completed was by Scott Brown commercial. 00:16:07.640 --> 00:16:10.680 It was part of the downtown reinvestment grant program. 00:16:10.680 --> 00:16:16.440 The property address, you might know it, it's right there in the corner of 216 West Oak 00:16:16.440 --> 00:16:17.440 and Cedar Street. 00:16:17.440 --> 00:16:27.040 The estimated project cost was $206,300 and they did receive a grant of $25,000. 00:16:27.040 --> 00:16:32.480 Also along with that same project, this project was a companion project, also owned by Scott 00:16:32.480 --> 00:16:33.480 Brown commercial. 00:16:33.480 --> 00:16:41.280 The estimated cost on that project was $115,000 and they received a grant of $25,000. 00:16:41.280 --> 00:16:48.680 The final grant that was completed in the fiscal year was a signed grant for the H2OAK 00:16:48.680 --> 00:16:49.680 property. 00:16:49.680 --> 00:17:03.920 The original cost was $14,625,000 and they received a grant for 50%, which is $7,313. 00:17:03.920 --> 00:17:12.800 At this time, staff would like to make a recommendation that the downtown TURS board recommend approval 00:17:12.800 --> 00:17:18.960 the resolution of the 2019-20 downtown tax increment reinvestment zone number one annual 00:17:18.960 --> 00:17:22.040 report and declare an effective date. 00:17:22.040 --> 00:17:25.760 Do you have any questions for me? 00:17:25.760 --> 00:17:26.760 Yes. 00:17:26.760 --> 00:17:27.760 Paul? 00:17:27.760 --> 00:17:31.760 I don't know if you would know this offhand. 00:17:31.760 --> 00:17:35.840 The question didn't occur to me until just now. 00:17:35.840 --> 00:17:41.200 So sorry, not to give you the heads up, but of the increase in value, do we have any sense 00:17:41.200 --> 00:17:48.320 of how much of that was due to improvements and new construction versus just increase 00:17:48.320 --> 00:17:51.920 in appraised value of existing structures? 00:17:51.920 --> 00:17:59.300 So, actually, Councilmember, I intended to grab that exact piece of information this 00:17:59.300 --> 00:18:02.040 morning and I got distracted on something else. 00:18:02.040 --> 00:18:06.840 So let me finish reaching out to our finance department and get that number and I'll send 00:18:06.840 --> 00:18:09.040 it out to the whole group after this. 00:18:09.040 --> 00:18:14.360 We did report on it back when we adopted the budget, but that didn't include all of the 00:18:14.360 --> 00:18:18.880 supplementals that came through after the certified, so let me get that updated number 00:18:18.880 --> 00:18:20.860 and I'll send it out. 00:18:20.860 --> 00:18:21.860 Thanks. 00:18:21.860 --> 00:18:32.200 Definitely, now the report is open for discussion. 00:18:32.200 --> 00:18:40.360 Following discussion, we will ask for recommendation, a motion, and then a vote. 00:18:40.360 --> 00:18:44.380 Any discussion? 00:18:44.380 --> 00:18:49.520 The report is now open for recommendation to the City Council. 00:18:49.520 --> 00:18:52.520 Do we have a motion? 00:18:52.520 --> 00:18:54.560 Ben? 00:18:54.560 --> 00:18:59.640 Unmute, Ben? 00:18:59.640 --> 00:19:10.600 And easily moves for recommendation. 00:19:10.600 --> 00:19:11.600 To present as? 00:19:11.600 --> 00:19:12.600 To present it to Council. 00:19:12.600 --> 00:19:13.600 Yes. 00:19:13.600 --> 00:19:14.600 Okay. 00:19:14.600 --> 00:19:40.080 It is moved and seconded that we present the report as presented. 00:19:40.080 --> 00:19:41.280 I'll call your name. 00:19:41.280 --> 00:19:45.920 Please give a motion of adoption or opposition with a yes or no. 00:19:45.920 --> 00:19:47.600 Don't forget to unmute yourself. 00:19:47.600 --> 00:19:52.320 Let's see my list. 00:19:52.320 --> 00:19:54.840 Connie? 00:19:54.840 --> 00:19:57.480 Yes. 00:19:57.480 --> 00:19:58.960 Connie Baker says yes. 00:19:58.960 --> 00:19:59.960 Paul? 00:19:59.960 --> 00:20:00.960 Yes. 00:20:00.960 --> 00:20:03.040 Paul Meltzer says yes. 00:20:03.040 --> 00:20:04.040 Alex? 00:20:04.040 --> 00:20:06.960 Alex Payne, yes. 00:20:06.960 --> 00:20:09.080 Melissa Lenneberg, yes. 00:20:09.080 --> 00:20:10.080 Ben? 00:20:10.080 --> 00:20:12.680 Ben Easley, is a yes. 00:20:12.680 --> 00:20:13.680 Eric? 00:20:13.680 --> 00:20:15.280 Eric Perutt, yes. 00:20:15.280 --> 00:20:16.280 Terrific. 00:20:16.280 --> 00:20:18.800 The motion passes by unanimous vote. 00:20:18.800 --> 00:20:19.800 Yay! 00:20:19.800 --> 00:20:23.760 And thank you to Christina. 00:20:23.760 --> 00:20:27.480 That was her first time presenting the annual report, so great job. 00:20:27.480 --> 00:20:28.480 Good job. 00:20:28.480 --> 00:20:29.480 Well done. 00:20:29.480 --> 00:20:30.480 Thank you, Christina. 00:20:30.480 --> 00:20:31.480 And remotely. 00:20:31.480 --> 00:20:32.480 Thank you. 00:20:32.480 --> 00:20:33.480 And remotely. 00:20:33.480 --> 00:20:34.480 And remotely, yeah. 00:20:34.480 --> 00:20:38.320 There's a little more comfort in being at home, I don't know what it is. 00:20:38.320 --> 00:20:39.320 It's good. 00:20:39.320 --> 00:20:40.320 It's a fair met, probably. 00:20:40.320 --> 00:20:41.320 Yes. 00:20:41.320 --> 00:20:44.720 So the next order of business is 1D, receive staff activity report. 00:20:44.720 --> 00:20:47.600 The chair, again, recognizes Christina Davis. 00:20:47.600 --> 00:20:48.600 Hello. 00:20:48.600 --> 00:20:55.280 So generally, we go through openings, closings, and coming soon, and then I also report on 00:20:55.280 --> 00:21:01.280 the activity of the active grants for the Downtown Reinvestment Grant Program. 00:21:01.280 --> 00:21:03.400 I have everything listed out. 00:21:03.400 --> 00:21:07.280 If you like, I can read through and give you a little information about each one, or if 00:21:07.280 --> 00:21:12.000 you just would like to -- if you have any questions about any of the new businesses 00:21:12.000 --> 00:21:15.160 or closings, I'd be happy to answer those as well. 00:21:15.160 --> 00:21:20.240 It's whatever the board prefers. 00:21:20.240 --> 00:21:21.240 Any preference? 00:21:21.240 --> 00:21:26.480 Come on, you new people, you got to speak up. 00:21:26.480 --> 00:21:34.320 Why don't you quickly go over the openings and closings, and we'll see if there's questions. 00:21:34.320 --> 00:21:35.320 We'll see if there's questions. 00:21:35.320 --> 00:21:36.320 Okay. 00:21:36.320 --> 00:21:39.200 And under your openings, we have more fun toys. 00:21:39.200 --> 00:21:44.520 They went into the previous Mad World Records location that -- if you remember, Mad World 00:21:44.520 --> 00:21:49.640 Records went to online sales last year. 00:21:49.640 --> 00:21:56.600 We have a hair salon, and unfortunately, I do not have the name of them right now. 00:21:56.600 --> 00:21:59.800 They opened at 110 West Oak Street. 00:21:59.800 --> 00:22:01.440 We also have Mashup Market. 00:22:01.440 --> 00:22:05.200 They've moved in as a new little market on East Hickory Street. 00:22:05.200 --> 00:22:10.840 Three Wishes Market, these ladies started out just having little booths or kiosks in 00:22:10.840 --> 00:22:16.680 another business, and they came together and opened up a new business themselves on West 00:22:16.680 --> 00:22:17.680 Oak. 00:22:17.680 --> 00:22:18.680 Oh, here we go. 00:22:18.680 --> 00:22:24.560 It looks like I have a -- Try to Intrude Salon is the hair salon that opened at 110 West 00:22:24.560 --> 00:22:25.560 Oak. 00:22:25.560 --> 00:22:34.720 UNT CoLab, it used to be UNT on the Square with some new management and some new programming. 00:22:34.720 --> 00:22:41.000 They've moved into the previous Cowboy Furniture location that was on Elm Street. 00:22:41.000 --> 00:22:45.760 Bank of Bond Vintage Denton is a new vintage clothing store. 00:22:45.760 --> 00:22:52.160 They're at 314 East Hickory, which is the previous Denton Record Chronicle building 00:22:52.160 --> 00:22:55.160 where NCTC is located. 00:22:55.160 --> 00:22:59.320 And then also Vintage Lizard opened on 318 East Oak. 00:22:59.320 --> 00:23:05.680 They're in the same small little shopping center as Mashup Market. 00:23:05.680 --> 00:23:10.920 So you have about eight or nine businesses there in a little location. 00:23:10.920 --> 00:23:15.160 Closing, Circus 77 did finally close. 00:23:15.160 --> 00:23:19.360 They tried to rebrand and come back, but they didn't quite make it. 00:23:19.360 --> 00:23:23.360 But Shells on the Square also closed, as did Vintage Blue. 00:23:23.360 --> 00:23:28.560 Vintage Blue has gone back to online sales and doing special markets. 00:23:28.560 --> 00:23:33.160 Soon we still have H2Oak, no news on how soon they'll be opening. 00:23:33.160 --> 00:23:37.000 They're waiting for things to change with COVID, of course. 00:23:37.000 --> 00:23:41.120 Caskeys at 311 North Elm, really excited about them because they're right in front of our 00:23:41.120 --> 00:23:44.400 new location, where we'll be moving to. 00:23:44.400 --> 00:23:49.280 And they've run into a few bumps along the way, but they're getting closer. 00:23:49.280 --> 00:23:55.680 And then Lemuse Vintage is moving from their current location at 121 Elm Street, right 00:23:55.680 --> 00:23:59.640 down the corner of Elm and Cedar. 00:23:59.640 --> 00:24:03.640 And they're moving into, that's wrong, I have it backwards, I'm sorry, they're moving from 00:24:03.640 --> 00:24:05.240 their Hickory location to Elm. 00:24:05.240 --> 00:24:13.580 So they're moving into the previously vacated spot from the Shells on the Square. 00:24:13.580 --> 00:24:18.760 The Downtown Reinvestment Grant that is still active, that was approved last year before, 00:24:18.760 --> 00:24:26.080 but has not yet been expended, is at 104 West McKinney Street. 00:24:26.080 --> 00:24:31.940 And each time I reach out to Mr. Dow, he says they're still working and they're making improvements 00:24:31.940 --> 00:24:33.640 and changes as they go along. 00:24:33.640 --> 00:24:37.080 They still plan to have it as a hamburger restaurant. 00:24:37.080 --> 00:24:39.920 So we're still waiting to hear from them. 00:24:39.920 --> 00:24:45.800 I think Jessica has the status update for the study. 00:24:45.800 --> 00:24:50.880 Yes, so I know that, oh, Council Member Melter? 00:24:50.880 --> 00:24:54.080 Yeah, sorry if I missed it. 00:24:54.080 --> 00:25:04.760 Did you comment on the ever coming gelato place on Oak? 00:25:04.760 --> 00:25:11.160 I've heard different things about that, but we cannot confirm that they're coming. 00:25:11.160 --> 00:25:15.400 So I heard a rumor that someone else has taken over that lease, but we haven't been able 00:25:15.400 --> 00:25:17.080 to confirm that yet. 00:25:17.080 --> 00:25:19.400 So if I hear something, I'll be glad to let you know. 00:25:19.400 --> 00:25:20.400 I'd love to know. 00:25:20.400 --> 00:25:21.400 I'm just curious. 00:25:21.400 --> 00:25:26.720 It seems to be redefining the meaning of the word soon, incoming soon. 00:25:26.720 --> 00:25:32.320 Okay, thanks. 00:25:32.320 --> 00:25:36.600 So in terms of the downtown terse, I'm sorry, Eric, did you have a... 00:25:36.600 --> 00:25:43.200 Yeah, just a question on the 121 Elm that Les Muses Vintage is moving into, is that 00:25:43.200 --> 00:25:45.880 North Elm or South Elm? 00:25:45.880 --> 00:25:48.640 It's right on the face of the square. 00:25:48.640 --> 00:25:51.360 Oh, okay, okay. 00:25:51.360 --> 00:25:52.360 Got it. 00:25:52.360 --> 00:25:53.360 Thank you. 00:25:53.360 --> 00:25:59.680 All right, so I will give a very quick update on the terse study. 00:25:59.680 --> 00:26:05.240 So we have been going back and running a lot of different scenarios, financial scenarios 00:26:05.240 --> 00:26:10.020 based on the direction we received from the terse board so that we could have a really 00:26:10.020 --> 00:26:16.040 robust discussion with council as they're kind of making policy decisions with projects 00:26:16.040 --> 00:26:19.680 that are proposed for the terse to fund. 00:26:19.680 --> 00:26:22.200 That presentation will be February 9th. 00:26:22.200 --> 00:26:27.000 I'm happy to say that council agenda item, it's in the can, it's ready to go. 00:26:27.000 --> 00:26:31.120 So it'll be published this afternoon with the agenda. 00:26:31.120 --> 00:26:36.000 And really at that point, we'll see what direction we get from city council. 00:26:36.000 --> 00:26:40.160 The intent would be to, whatever direction we get from them, we can bring it back to 00:26:40.160 --> 00:26:41.160 the board. 00:26:41.160 --> 00:26:47.400 We have a regular meeting in March and kind of have further discussions at that point. 00:26:47.400 --> 00:26:53.140 But this board provided us your recommendation and we are taking that forward with a little 00:26:53.140 --> 00:26:54.640 bit of additional analysis. 00:26:54.640 --> 00:27:00.160 And I'm happy to share the backup materials that we prepared for city council with this 00:27:00.160 --> 00:27:01.160 board. 00:27:01.160 --> 00:27:07.680 It'll be published this afternoon, so. 00:27:07.680 --> 00:27:10.840 I think that's it for today. 00:27:10.840 --> 00:27:15.320 Next thing is our next meeting date is scheduled for March 4th. 00:27:15.320 --> 00:27:16.680 And that would be our regular meeting. 00:27:16.680 --> 00:27:19.600 This meeting today is a special meeting. 00:27:19.600 --> 00:27:25.040 So it kind of puts us out of our every other month usual meetings. 00:27:25.040 --> 00:27:32.460 So I don't know if you want to keep the March 4th meeting or how would you like to proceed? 00:27:32.460 --> 00:27:35.320 So I think now too, we're open for further discussion. 00:27:35.320 --> 00:27:43.840 This agenda item doesn't have a vote or recommendation, but I will also comment that the March 4th 00:27:43.840 --> 00:27:48.880 date does come directly after the presentation. 00:27:48.880 --> 00:27:50.440 That's actually the incorrect date. 00:27:50.440 --> 00:27:51.440 It's March 24th. 00:27:51.440 --> 00:27:52.440 Okay. 00:27:52.440 --> 00:27:58.920 Sorry, we meet on the fourth Wednesday of the month at noon. 00:27:58.920 --> 00:28:01.960 It should be March 24th. 00:28:01.960 --> 00:28:10.320 But it still will be our first meeting following the presentation of the study, right? 00:28:10.320 --> 00:28:12.080 Yes. 00:28:12.080 --> 00:28:14.520 But we're now open for discussion. 00:28:14.520 --> 00:28:17.320 Just raise your hand and unmute yourself. 00:28:17.320 --> 00:28:19.320 Ben? 00:28:19.320 --> 00:28:31.840 I'm absolutely fine with the fourth if we want to do it then. 00:28:31.840 --> 00:28:37.840 Is everyone available for the 24th, which is the regularly scheduled one though? 00:28:37.840 --> 00:28:39.000 Just raise your hand. 00:28:39.000 --> 00:28:40.000 Yes. 00:28:40.000 --> 00:28:41.000 Yeah. 00:28:41.000 --> 00:28:42.000 Yeah. 00:28:42.000 --> 00:28:46.600 And also now, thank you, Coven, we do all send out the calendar appointment and check 00:28:46.600 --> 00:28:51.600 with everyone in advance and if we have a lot of that date doesn't work, I know they're 00:28:51.600 --> 00:28:57.600 in March, spring break sometimes can get a little difficult, but we'll adjust as needed. 00:28:57.600 --> 00:29:01.800 We're as flexible as we need to be. 00:29:01.800 --> 00:29:04.600 Any further discussion? 00:29:04.600 --> 00:29:06.760 Okay. 00:29:06.760 --> 00:29:13.400 The final order of business is item two, concluding items, is there any other business to discuss? 00:29:13.400 --> 00:29:18.320 Raise your hand and I'll call on you. 00:29:18.320 --> 00:29:21.280 No additional items to discuss there. 00:29:21.280 --> 00:29:22.560 We get to adjourn. 00:29:22.560 --> 00:29:29.280 The adjourn minutes is 1230 PM. 00:29:29.280 --> 00:29:30.280 That's it. 00:29:30.280 --> 00:29:31.280 Thank you so much. 00:29:31.280 --> 00:29:32.280 Thank you. 00:29:32.280 --> 00:29:33.280 Thank you all for your support. 00:29:33.280 --> 00:29:34.280 Bye everyone. 00:29:34.280 --> 00:29:34.280 Bye.