[00:00:03]
[1. Call Meeting to Order and Announce that a Quorum is Present.]
OKAY.AND, UH, THE ABSENT TO COUNCIL ON NOVEMBER 7TH FOR THESE WORK SESSION MEETING.
AND WE HAVE, UH, A QUORUM PRESENT WITH THE ENTIRE COUNCIL PRESENT IN THE ROOM, AND WE'LL MOVE RIGHT TO THE PLEDGE TO BOTH OF OUR FLAGS, IF YOU PLEASE RISE.
I PLEDGE ALLEGIANCE TO THE FLAG OF THE UNITED STATES OF AMERICA, AND TO THE REPUBLIC FOR WHICH STANDS? ONE NATION UNDER GOD, INDIVISIBLE, WITH LIBERTY AND JUSTICE.
FOR HONOR, THE TEXAS FLAG,
ONE STATE, GOD, ONE, AND INDIVISIBLE.
WE HAVE A LITTLE, UH, SHUFFLE OF OUR AGENDA THIS EVENING.
WE'RE GOING TO COME BACK TO THE CLOSED MEETING, THE THREE A AND WE'LL GO INTO, UH, ITEM FOUR.
ITEM FOUR IS THE OLD OPEN MEETING.
[b. Present and discuss the proposed renaming and visual rebranding of the Addison Theatre Centre.]
SO WE'LL GO TO STRAIGHT TO ITEM FIVE B.WE'RE GONNA DO FIVE B, AND THEN WE'LL FINISH WITH, WE'LL FINISH WITH FIVE A THIS EVENING.
DISCUSS THE PROPOSED RENAMING AND VISUAL REBRANDING OF THE ADDISON THEATER CENTER.
MY NAME'S MARY ROSEN BLAKE, I'M THE DIRECTOR OF MARKETING AND TOURISM.
AND TONIGHT I'M HERE TO TALK TO YOU ABOUT THE VISUAL REBRANDING, UM, OF THE THEATER.
UH, ONE OF THE GOALS OF OUR RECENTLY COMPLETED STUDY, YET EMPHASIZE THE NEED FOR CLEAR BRAND IDENTITY FOR THE THEATER.
UM, DEVELOP A VISUAL IDENTITY THROUGH LOGO AND OTHER BRANDING STANDARDS TO REBRAND THE SPACE, REQUIRE THE USE OF THAT VISUAL IDENTITY AND CONTRACTING FOR ALL USERS, AND REPLACE PUBLIC WAY FINDING TO CARRY THE NEW VISUAL IDENTITY.
UM, STAFF RECOMMENDS, AND THIS IS ACTUALLY SOMETHING THAT THE, UM, CONSULTANT HAD USED THROUGHOUT HIS PROCESS, UM, RENAMING THE THEATER, THE ADDISON, UH, IT ALIGNS WITH THE TREND OF SIMPLIFYING THEATER IDENTITIES FOR GREATER CLARITY AND BRAND COHESION RETAINS A CONNECTION TO THE TOWN, WHILE CREATING A UNIQUE AND EASILY RECOGNIZABLE BRAND FOR THE SPACE.
EMPHASIZES SIMPLICITY, ENSURING THE IDENTITY IS FLEXIBLE ENOUGH TO BE USED ACROSS MEDIUMS LIKE SIGNAGE, DIGITAL PLATFORMS, AND MARKETING MATERIALS BY FOCUSING ON A NAME THAT'S BOTH DISTINCT AND ADAPTABLE.
UH, THE ADDISON POSITIONS ITSELF TO BE A LASTING, MEMORABLE BRAND THAT CAN EVOLVE WITH THE COMMUNITY'S NEEDS.
SO WE HAVE OUR AD AGENCY PUT TOGETHER SOME IDEAS FOR US FOR A LOGO DESIGN, AND HERE ARE A FEW, WE REALLY LEANED INTO THE BLACK BOX.
UM, WE WANTED TO KEEP THE COLOR BECAUSE THAT'S VERY ON BRAND FOR ADDISON.
UM, BUT WE WANTED TO ALSO EMPHASIZE THAT BLACK BOX.
SO THESE WERE SOME OF THE ONES THAT THEY GAVE US, BUT THE ONE THAT WE ARE RECOMMENDING TO YOU TONIGHT IS THE SIMPLE SQUARE.
IT'S BLACK BOX ICON WITH COMBINATION ADD AND BLUE.
WE THINK IT'LL REPRESENT THE SPACE WELL.
AND, UM, WE'D LOVE TO GET YOUR FEEDBACK ON THOUGHTS FOR THE NAME AND THE BRAND.
WHAT'S THE, WHAT'S THE BLACK BOX REPRESENT? DID YOU SAY THAT ALREADY? THE, THE BLACK BOX THEATER, THE, THE UNIQUE DESIGN OF THAT THEATER IS THAT IT'S, IT'S A BLACK BOX.
YOU CAN USE IT HOWEVER YOU WANT.
YOU CAN RECONFIGURE THE, THE SEATING.
YOU CAN, UM, REALLY PLAY WITH THE SPACE IN A WAY THAT YOU CAN'T IN A LOT OF THEATERS.
WITHOUT COMMENTS FROM ANYBODY.
I'LL GO STUDIED MARKETING IN COLLEGE.
UM, COUPLE QUESTIONS AND EVALUATE.
IS THE FONT THE SAME THAT WE USE THROUGHOUT TIME? UH, NO, THAT'S A SLIGHTLY DIFFERENT FONT.
MY ONLY INITIAL FEEDBACK WOULD BE USED THE FONT THAT WE HAVE WITHIN OUR TOWN.
AND THEN EITHER WOULD BE TO FLIP THE BOX, BLACKS ON THE OUTSIDE, AND BLUE DOT WOULD BE THE METAL ALMOST EMULATES OUR DOT WITHOUT MEANS.
WHAT, WHAT DID YOU SAY ABOUT THE FONT? USE OUR FONT INSTEAD OF A BLOCK FONT.
SO YOU GET THAT RECOGNITION EVERY TIME YOU SEE THE ADDISON BLUE.IN THAT FONT.
THE ADDISON SHOULD BE IN OUR POND VERSUS CREATING A NEW, WHAT IS THAT TYPE THAT CALLED? MARY? IS THAT THE NAME FOR THAT? I DON'T KNOW THE NAME OF IT.
THAT'S A, IT'S, THAT WAS MY, THAT'S ALL I THINK MARY.
AND THEN FLIP THE BOX BLACK ON THE OUTSIDE.
SO YOU PLAY UP THE BLACK BOX MORE.
MARY, DID YOU CREATE THE, THE FONT OR THIS, OUR AD AGENCY PUT THAT TOGETHER FOR US.
[00:05:01]
ALL, ALL OF THE OPTIONS, AND THIS WAS THE ONE THAT WE LIKED.I WONDER IF THEY USED THAT, THAT FONT TO MATCH UP WITH, UH, THE BOXES.
THEY JUST KIND OF, THE WAY, YOU KNOW, THE ADDISON AND THE BLOCK KIND OF MATCH UP A LITTLE BIT FONT WISE.
WHAT, WHAT ARE YOU SAYING, MARK? WELL, WHAT I'M SAYING IS IF YOU LOOK AT THE FONT FOR THE ADDISON, IT, IT SEEMS TO MIRROR THE, THE, THE BLACK, THE, THE BOX.
AND I I'M JUST GUESSING THAT THAT'S PROBABLY HOW THEY GOT TO THE, THE FONT MIGHT BE INTENTIONAL.
UM, JUST A GUESS ARE THE THOUGHTS ABOUT THE, THE BOX ITSELF AND THE NAME AND THE NAME ITSELF? THE NAME, I THINK THE NAME.
UM, I'M A RECOVERING IT GUY, SO YOU DON'T WANT ME CHOOSING GRAPHIC THINGS, BUT IT LOOKS GOOD TO ME.
I, I THINK THE SKINNY FONT WOULD LOOK A LITTLE ODD GIVEN THAT THE THICKNESS OF THE BOX.
BUT I, YOU, I, I COULD GO EITHER WAY.
AND, AND WHENEVER I'M, YOU KNOW, I'M LOOKING AT THESE GRAPHIC THINGS, I THINK ABOUT WHERE THEY KIND CAME FROM.
THEY CAME FROM PROFESSIONAL GRAPHIC LOGO PEOPLE.
SO THAT'S, I TAKE A LOT OF STOCK TOO.
AND I DO RESPECT YOU WITH MARKETING.
SO YEARS, COMPUTER, YEARS BACK, MAYBE I BLIND, CAN WE GO BACK ONE SLIDE? YEAH.
I, I, OH, THAT'S MY, THAT ONE.
I LIKE THE BOTTOM LEFT BETTER.
I LIKE THE, I MEAN, I, I AGREE WITH YOU, BUT WE SHOULD STICK WITH THE, THE ONLY THING THAT CAME TO MIND FOR ME, ISN'T THAT THE ARLINGTON LOGO? YEAH.
IT'S VERY SIMILAR TO THE ARLINGTON LOGO.
MM-HMM,
A PRETTY, PRETTY ACCURATELY CLOSE.
BUT, YOU KNOW, HAVING LIVED HERE FOR AS LONG AS I'VE LIVED HERE, WHEN I FIRST HEARD ABOUT CHANGING THE NAME, I WAS A LITTLE CONCERNED BECAUSE TO ME, REALLY, THIS, IT'S ALWAYS BEEN THE WATER TOWER THEATER.
I MEAN, IT'S ALWAYS BEEN THE ADDISON THEATER CENTER.
UM, SO IT TOOK ME A LITTLE WHILE TO GET TO THIS PLACE, BUT I'M OKAY WITH IT.
AND, UM, I, I, I LOVE THE SUGGESTED, UM, BRAND, IF YOU WANNA CALL IT THAT.
UM, AND I COULD PROBABLY GO EITHER WAY ON, ON THE FONTS.
I, UM, I SEE WHAT, WHAT YOU'RE SAYING ABOUT THE, THE, UM, SWITCHING THE BLUE AND THE BLACK BOX, BUT WITH THE WAY IT IS, THE ONE THING THAT I CAN SAY IT, IT ALSO REPRESENTS THE BLACK BOX THEATER.
YOU KNOW, THE BLACK BOX IS IN ADDISON, THE BLUE AROUND IT.
SO, I MEAN, THAT'S THE WAY I CAN LOOK AT IT.
I THINK THAT'S WHAT THE REASON FOR THE BLACK BOX, RIGHT? YEAH.
AND I DO LIKE, I LIKE THE ADDISON AND I LIKE PERFORMING ARTS CENTER TOO.
INSTEAD OF ADDISON THEATER CENTER, WE WANT IT TO BE SO MUCH MORE.
AND WE'VE ALREADY SECURED THE ADDISON ARTS AND THE ADDISON PERFORMING ARTS.COM.
ANYONE HAVE THE NAME, THE ADDISON REGISTER? THERE IS ACTUALLY A, WHEN YOU DO THE ADDISON.COM, THERE'S A RESTAURANT IN BOCA RATTON THAT'S NOT EVEN CALLED THE ADDISON, BUT, UM, THEY, THEY'VE GOT THE REGISTRATION.
AND IT, IT'S NOT THE NAME, BUT IT, IT MUST BE CLOSE ENOUGH BECAUSE IT REDIRECTS TO THEIR PAGE.
SO, BUT DID YOU GET THE ADDISON LIVE? THE ADDISON DO LIVE, I DON'T TOP LEVEL DOMAIN ALSO.
WE DIDN'T LOOK INTO THAT ONE, BUT WE CAN, OR SOMETHING THAT MAYBE THE S AND HEARTS OR SOMETHING LIKE THAT.
AND I, I, I, I LIKE IT THE WAY IT'S PRESENTED NOW.
'CAUSE I, BECAUSE I DO SEE THAT THE, THE, THE BLUE BLUE, THE BLUE BOX REALLY, IT, IT ISN'T, IT'S THE SAME AS THE FONT.
YOU KNOW, IT'S ALMOST THE SAME.
IT'S A LITTLE BIT THICKER, BUT IT'S, BUT TO ME, IT KIND, THEY KIND OF GO TOGETHER, KIND OF BALANCES IT.
KINDA LIKE NANCY'S THOUGHT ABOUT THAT.
THE BLACK BOX IS INSIDE THE ADDISON BLUE.
IF WE, IF WE'RE GONNA CONSIDER SOMETHING ELSE, I'D LOVE TO LIKE SEE THAT MM-HMM.
[00:10:02]
SEE WHAT THAT LOOKS LIKE.WHEN I WAS FIRST GOING THROUGH THIS AND I LOOKED AT THAT FIRST PAGE, MY FAVORITE WAS THAT FOURTH ONE.
BUT THEN I GOT, THEN I GOTTA TO THIS PAGE, WHICH WAS THE RECOMMENDATION? RECOMMENDATION, THEN I'D PREFER THIS ONE OVER THAT ONE.
DO YOU HAVE THE ABILITY TO DROP POWER FONT IN WHERE IT'S THICKER? I'M SITTING HERE LOOKING AT THAT, BEING THICKER.
IS THERE A WAY OF YOU DOING THAT ON YOUR OWN? OR DO YOU HAVE TO GO BACK TO THE AGENT? OH, NO, WE COULD PROBABLY DO THAT.
I WOULD JUST LOVE TO SEE THE EXACT LOGO AS IS.
AND THEN R FONT, THE ADDISON AND R FONT.
AND I'M LOOKING AT THIS BECAUSE IT'S JUST, IT'S HARD TO PROJECT IT.
GO BACK UP THE PREVIOUS SLIDE, BECAUSE IT'S GOT A SKINNY FONT IN THE UPPER RIGHT.
NO, BUT IT'S A NARROWER, IT'S A THIN, I JUST THINK WE'VE INVESTED IF SOMEBODY PAID TO MAKE THIS HAPPEN.
SOMEBODY PAID TO MAKE THAT HAPPEN.
SO WHY AREN'T WE USING IT? IT'S JUST MY, WE USED.HERE AND HERE.
AND JUST THINK OUR FONT, OUR OUR, WE PAID FOR THAT FONT.
WELL, I, I CERTAINLY THINK WE COULD GIVE FEEDBACK OF COULD WE CHANGE, COULD WE AT LEAST SEE WHAT IT LOOKS LIKE WITH THAT FONT? AND THEN COULD THEY GET A DIFFERENT BOX AND TRY TO MATCH IT? THAT SHOULDN'T BE A PROBLEM.
THIS IS DETERMINED THAT WE WILL DEVELOP A STYLE, A STYLE GUIDE.
UM, THAT'LL HELP MAINTAIN CONSISTENCY, UM, ACROSS ALL THE TOUCH POINTS.
IT'LL INCLUDE THE COLOR SCHEME, THE TOPOGRAPHY, LOGO VARIATIONS, USE THIS GUIDE USAGE GUIDELINES.
WE HAVE ONE OF THESE FOR OUR LOGOS.
UM, WE'LL UPDATE THE EXISTING COLLATERAL MATERIAL, UM, REFRESH ALL THE BRANDING, SOCIAL MEDIA BANNERS.
UM, WE'VE STILL GOT THE FACEBOOK PAGE AND THINGS LIKE THAT, THAT WE'LL UPDATE ALL OF THAT.
UM, AND THEN CREATE A LAUNCH CAMPAIGN, UM, TO ANNOUNCE THE BRANDING.
WE ORIGINALLY TALKED ABOUT DOING THIS IN, UM, OCTOBER, BUT WE'RE GONNA PUSH IT OFF UNTIL JANUARY AFTER THE HOLIDAYS.
WE'LL HAVE AN OPEN HOUSE, WE'LL BRING IN THEATER GROUPS AND, UM, KIND OF OPEN UP THE SPACE AND, AND DO A BIG ANNOUNCEMENT OF THE NEW NAME AND THE NEW DIRECTION.
AND THEN, UM, WE'LL REVIEW, WE'LL REVISE USER CONTRACTS TO REQUIRE THE USE OF THE VISUAL IDENTITY.
SO IF THEY'RE GONNA DO ANY ADVERTISING OR BELTLINE ROAD BANNER, OR WE'LL HAVE SPECIFIC USAGE FOR THOSE TYPES OF THINGS.
SO THAT'LL HELP WITH, SO YOU MENTIONED, UM, THE ADDISON PARKS OR SOMETHING LIKE THAT.
UM, LIKE, LIKE A BRAND OR LOGO.
ALSO, ADDISON PARKS, THE TOWN OF ADDISON.
LIKE OUR, OUR LOGO, WE HAVE A USAGE GUIDE FOR, BUT YOU MENTIONED YOU'VE GOT THE DOMAIN, UH, THE ADDISON PARKS OR SOMETHING LIKE THAT.
ARTS AND THE ADDISON PERFORMING ARTS.COM.
ANY OTHER QUESTIONS? COMMENTS? QUESTIONS? THANK YOU.
DID YOU GET WHAT YOU NEED FROM US? I THINK SO.
WE'LL, WE'LL REVISE THAT LOGO.
DO YOU ALL WANT US TO BRING IT BACK TO YOU ALL TO MAKE A DECISION? YEAH, I, I THINK I, WE HAVE TWO OPTIONS YOU COULD DO ON THAT.
EITHER JUST SAY, HEY, WE WILL LOOK AT IT AND WE CAN MAKE A JUDGMENT CALL.
OTHERWISE WE HAVE A MEETING NEXT TUESDAY.
WE COULD THROW A WORK SESSION ON JUST TO LITERALLY SHOW TWO OPTIONS.
AS LONG AS WE CAN KEEP THAT WORK SESSION TO TWO MINUTES TOTAL
WE CAN JUST COME WITH A VERY QUICK WORK SESSION AND JUST GET A THUMBS UP, THUMBS DOWN.
I'M ASSUMING THEY CAN GET TURNAROUNDS.
WE CAN GET SOMETHING FOR YOU TUESDAY.
WE CAN FOUR MINUTES, WE CAN GET STARTED.
[3. Closed Meeting. The Addison City Council will enter a Closed Meeting pursuant to Texas Government Code Sections 551-071 through 090 to discuss the following item(s):]
OKAY.SO WE WILL GO INTO, BACK TO ITEM THREE.
UH, ADDISON CITY COUNCIL WILL ENTER CLOSED MEETING PURSUANT TO TEXAS GOVERNMENT CODE SECTIONS 5 5 1 DASH 0 7 1 THROUGH 0 9 0 TO DISCUSS THE FOLLOWING ITEM.
UH, ITEM THREE A IS SECTION 5 51 0.087, PARAGRAPH ONE AND TWO, DELIBERATION REGARDING ECONOMIC DEVELOPMENT NEGOTIATIONS TO DISCUSS OR DELIBERATE REGARDING COMMERCIAL OR FINANCIAL INFORMATION THAT THE CITY COUNCIL HAS RECEIVED FROM A BUSINESS PROSPECT OR BUSINESS PROSPECTS THAT THE CITY COUNCIL SEEKS TO HAVE, LOCATE, STAY, OR EXPAND IN OR NEAR THE TERRITORY OF THE TOWN OF ADDISON.
AND WITH WHICH CITY COUNCIL IS CONDUCTING ECONOMIC DEVELOPMENT NEGOTIATIONS AND OR TO DELIBERATE THE OFFER OF A FINANCIAL OR OTHER INCENTIVE TO SET BUSINESS PROSPECT OR BUSINESS PROSPECTS.
[00:15:01]
AND THE ITEM IS PROJECT RECALL.SO IF YOU HAVE ENOUGH THINGS TO PERTAINING TO THIS, YOU CAN, UH, LEAVE FOR A FEW MOMENTS.
[4. Open Meeting. In accordance with Texas Government Code Chapter 551, the Addison City Council will reconvene in an Open Meeting to consider action, if any, on the matters discussed in the Closed Meeting.]
AND WE'RE COMING BACK FROM CLOSED SESSION TO OPEN SESSION, AND THERE'S NO ACTION TO BE TAKEN FROM THE CLOSED SESSION.SO WE'LL MOVE ON TO ITEM NUMBER
[a. Present and discuss an update on Economic Development functions, strategies, and activities.]
FIVE A, WHICH IS PRESENT IN THE DISCUSSING UPDATE ON ECONOMIC DEVELOPMENT FUNCTIONS, STRATEGIES, AND ACTIVITIES.UH, MAYOR COUNCIL WAYNE EMERSON, DIRECTOR OF ECONOMIC DEVELOPMENT.
UH, I WANT TO INTRODUCE OUR NEW STAFF MEMBER, UH, WITH US TODAY, UH, ECONOMIC DEVELOPMENT MANAGER, DAVID CHAVEZ.
SO, WHY DON'T YOU, UH, COME UP, DAVID, AND INTRODUCE YOURSELF TO, HI, MY NAME IS DAVID CHAVEZ.
UH, I'VE LIVED IN
I AM ONE OF THOSE PEOPLE THAT SHOWED UP HERE IN MY EARLY YOUTH LIVED WORK PLAY, AND I PLAYED A LOT.
AND, UH, MET MY WIFE HERE, MET MY BEST MAN.
MY, MY, YOU KNOW, I'M AN, I'M AN LIFER.
UM, I CAN'T TELL YOU HOW MUCH I LOVE BEING HERE, AND IT'S AN HONOR AND A JOY TO BE HERE.
AND I'M SO EXCITED TO BE A PART OF THIS.
I DECIDED TO USE MY SUPERPOWERS OF, UH, OF WHAT I, AS A TELEVISION EXECUTIVE, TO QUIT ALL THAT, TAKE A MASSIVE PAY CUT AND COME HERE AND BE A PART OF THIS FAMILY.
AND SO I, THIS IS MY WAY OF CONTRIBUTING, GIVING BACK TO THE TOWN THAT RAISED MY DAUGHTER, HELPED ME RAISE MY FAMILY, AND I JUST LOVE BEING HERE.
SO, UH, I WANNA DIVE INTO OUR ECONOMIC DEVELOPMENT UPDATE THAT I'M GONNA GIVE YOU THIS EVENING.
UM, WE'RE GONNA GO THROUGH A COUPLE ITEMS HERE.
START OFF VERY BROAD WITH ECONOMIC DEVELOPMENT.
DESCRIBE SOME OF THOSE CORE FUNCTIONS, UH, THEN WHAT WE KIND OF CALL STRATEGIC DRIVERS, AND THEN INCENTIVE TOOLS, AND KIND OF LOOK AT SOME EXAMPLES OUT THERE IN THE MARKET AND HOW THEY'RE BEING USED.
AND THEN, UH, TAKE A QUICK LOOK AT HOW WE WOULD EVALUATE SOME PROJECTS.
SO ECONOMIC DEVELOPMENT IS THE PROCESS OF EXPANDING THE TAX BASE AND RETAINING JOBS, ENHANCING QUALITY OF LIFE.
UM, SO EXPANDING THE TAX BASE SIMPLY HOW DO WE, UH, CREATE MORE TAX REVENUE FROM OUR PROPERTY TAX AND SALES TAX, CREATING, RETAINING JOBS.
UM, THOSE ARE THE NEW JOBS WITH QUALITY WAGES.
AND THEN, UH, THE STABILITY AND RETAINING ARE, ARE THE JOBS THAT WE HAVE.
AND THEN LASTLY, UH, IS ENHANCING QUALITY OF LIFE.
OFTENTIMES IT'S REFERRED TO AS COMMUNITY DEVELOPMENT, SO IT MAY NOT NECESSARILY, UH, HAVE A FISCAL RETURN, BUT THERE'S A RETURN IN QUALITY OF LIFE.
AND, UH, A GOOD EXAMPLE IS A PROJECTS.
A LOT OF THE PROJECTS I WORKED ON WHEN I WAS IN DALLAS, WE WERE VERY FOCUSED ON COMMUNITY DEVELOPMENT.
AND I BROUGHT A HEALTHCARE CLINIC TO, UH, SOUTHERN DALLAS WHERE THERE WAS NONE, UH, BELOW THERE.
SO THAT'S JUST A REAL QUICK EXAMPLE OF WHAT THE COMMUNITY, UH, UH, DEVELOPMENT PROJECT MIGHT LOOK LIKE.
ECONOMIC DEVELOPMENT IS KEY HERE IN THE TOWN OF ADDISON.
SO ONLY ABOUT 10% OF OUR REVENUE TAX REVENUE COMES FROM RESIDENTIAL.
THE RES COMES FROM THE COMMERCIAL SECTOR.
SO WHAT ARE THE CORE FUNCTIONS? THE FOUR PIL, UH, FOUR PILLARS OF SUCCESSFUL ECONOMIC DEVELOPMENT.
THERE'S WORKFORCE DEVELOPMENT, WHICH IS REALLY KEY.
YOU NURTURE AND GROW THAT, THAT YOUNG WORKFORCE, WHICH THEN FEEDS INTO YOUR REAL ESTATE DEVELOPMENT.
UH, THE REAL ESTATE DEVELOPERS ARE ATTRACTED BY THAT WORKFORCE, BY THAT POPULATION, AND THAT CAUSES THEM TO CREATE REAL ESTATE.
AND THEN THAT REAL ESTATE THEN IN TURN, ATTRACTS BUSINESSES INTO THAT REAL ESTATE.
AND THEN ONCE THOSE BUSINESSES ARE HERE, WE WANT TO NURTURE THEM, AND WE WANNA RETAIN THOSE BUSINESSES THROUGH OUR BUSINESS.
UH, OUR BRE OF BUSINESS RETENTION EXPANSION EFFORTS.
ADDISON, OUR GREATEST ASSET THAT WE HAVE HERE IS OUR WORKFORCE.
SO, ANYTIME, UH, I GO OUT THERE AND I'M SPEAKING TO A BUSINESS OR TO A REAL ESTATE DEVELOPER, THIS IS WHAT WE'RE PUSHING.
SO, UH, OUTSIDE OF THE LIMITS OF ADDISON, WE HAVE ACCESS TO OVER 3 MILLION
[00:20:01]
WORKERS.BUT WITHIN ADDISON, WE ARE PARTICULARLY KNOWN FOR OUR VERY YOUNG WORKFORCE.
OVER 30% OF OUR POPULATION IS, UH, AGE 25 TO 35, THAT THOSE YOUNG, UH, YOUNG PROFESSIONALS.
AND THEN NOT ONLY THAT, OUR, UH, OUR WORKFORCE OR OUR, OUR POPULATION'S HIGHLY EDUCATED, UH, COMPARED COMPARATIVE TO DFW IN TEXAS.
UM, WE'RE REALLY KIND OF OFF THE CHARTS IN OUR, OUR, UM, EDUCATION, WORKFORCE DEVELOPMENT.
SO HOW DO WE DO THIS? WE, WE REALLY KIND OF INVEST IN THAT PLACE, MAKING THOSE HIGHLY AMENITIZED PLACES THAT, UH, YOUNG FOLKS ARE ATTRACTED TO WALKABILITY.
WHEN WE'RE OUT THERE TALKING TO OUR BUSINESSES AND WE SAY, HEY, WHAT, WHAT'S ATTRACTED YOU TO ADDISON? THEY THAT WE ALWAYS HEAR WALKABILITY.
WHAT ARE THINGS THAT WE CAN DO BETTER? MAKE IT EVEN MORE WALKABLE? UM, THE THINGS THAT ARE HAPPENING HERE AT ADDISON CIRCLE, I THINK YOU'LL BE PRESENTED ON THIS VERY SOON, THIS ADDISON CIRCLE VISION PLAN.
BUT THESE ARE THE TYPES OF INVESTMENTS THAT'S REALLY GONNA ATTRACT TOMORROW'S WORKFORCE.
AND THEN OF COURSE, UM, THIS WALKABILITY HERE, WE ACTUALLY MET WITH A COMPANY OVER IN SPECTRUM CENTER, AND HE SAID HE'D BEEN THERE FOR 20 YEARS, RIGHT? AND WE, AND HE ACTUALLY SAID, YOU KNOW, I'VE NEVER ACTUALLY WALKED OVER TO VILLAGE ON THE PARKWAY, BECAUSE IT SEEMED A LITTLE TOO DANGEROUS FOR ME.
SO I REALLY KIND OF STICK OVER TO ADDISON WALK.
SO I THINK THESE TYPES OF INVESTMENTS RIGHT HERE ARE GONNA BE REALLY KEY INTO FURTHER ATTRACTING, UH, THAT WORKFORCE.
AND THEN OUR PARTNERS, IF YOU REMEMBER AT THE ECONOMIC DEVELOPMENT, UH, UH, CONFERENCE WE HAD WITH THE METROCREST CHAMBER, THERE WAS A TEXAS WORKFORCE, UH, COM COMMISSION, UH, DIRECTOR THERE, AND TALKED ABOUT THAT.
THEY REALLY WORK ON THE WORKFORCE SIDE, AND THEY REALLY PARTNER THROUGH OUR PARTNERS AT THE DALLAS COLLEGE AND MAKING SURE OUR, OUR WORKFORCE IS MAINTAINING THEIR SKILLS, REAL ESTATE DEVELOPMENT.
SO THE WORK THAT WE'RE DOING OVER AT THE TOD TO, TO REMAIN COMPETITIVE, BACK TO THAT AMENITIES, ARMS RACE THAT WE'VE, WE'VE TALKED ABOUT BEFORE.
WE REALLY NEED NEW HIGHLY AMENITIZED CLASS, A OFFICE SPACE TO TRULY COMPETE WITH EVERYTHING THAT'S GOING OUT IN THE MARKET.
SO YOU, WITHIN THIS DEVELOPMENT, YOU HAVE THE RETAIL COMPONENT, THE WALKABILITY TO THAT, AND THEN THE WALKABILITY TO, UH, TO, TO A PLACE TO LIVE.
SO THE HIGH END RESIDENTIAL THERE.
AND THEN THE ONE THING THAT SETS US APART, AND THE COMPETITIVE ADVANTAGE HERE IS THAT IT IS A TOD.
THERE'S A TRANSIT STATION, THAT REGIONAL CONNECTIVITY, AND THEN THE FRONT YARD BEING ADDISON CIRCLE PARK.
SO THIS IS THE TYPE OF WORK WHEN THIS DEVELOPMENT COMES IN, WE'LL BE HIGHLY COMPETITIVE IN ATTRACTING BUSINESSES TO ADDISON.
UM, FURTHER WORK THAT WE CAN CONTINUE TO DO IS WE CAN EXPLORE THE ESTABLISHMENT OF TAX INCREMENT REINVESTMENT ZONES TO DEDICATE MORE REVENUE INTO THOSE REAL ESTATE ASSETS.
SO, UH, WE, WE'VE BROUGHT A CONSULTANT IN TO SPEAK TO YOU.
WE'RE EXPLORING, UM, USING A TOURS AROUND ADDISON CIRCLE TO KIND OF HELP, UH, INCENTIVIZE AND PAY FOR THAT, THAT TRANSIT ORIENTED DEVELOPMENT.
WE'RE ALSO WANT TO LOOK AT THE INWOOD CORRIDOR.
IT'S AN AREA THAT'S LONG STRUGGLE.
AND THE IDEA BEHIND THIS, UH, THIS TUR THERE IS THAT WE'RE GONNA ATTRACT EQUITY BY, BY LETTING KNOW ANY DEVELOPERS THAT COME IN THERE, THEIR INVESTMENT, THEIR TAX REVENUES, ARE GONNA GO RIGHT BACK INTO THE PROPERTY, UM, OFFICE AND BUILDING TENNIS SPACES, LOOKING AT DOING CAPITAL IMPROVEMENT GRANTS AND UPGRADING SOME OF THOSE AMENITIES.
FOR THOSE OF YOU WHO MADE IT OUT TO THE SPECTRUM CENTER, THAT IS OUR MODEL.
THAT'S, WE COULD REPLICATE THAT ALL OVER THE CITY.
THAT IS OUR MODEL FOR IT TO REMAINING COMPETITIVE.
UM, AND WE LOOK TO DO MORE, UH, TYPES OF THOSE DEALS AND ASSISTING, ASSISTING IN THAT, UH, REGARD.
AND THEN OF COURSE, ALSO MAINTAINING OUR, OUR, ONE OF OUR GREATEST STRENGTHS IS OUR RESTAURANTS AND OUR RETAIL, BUT UPGRADING AND, AND PROVIDING GRANTS TO MAKE SURE THAT THOSE FACILITIES ARE MODERNIZED, UH, CORE FUNCTIONS, BUSINESS DEVELOPMENT, AND AT TRACTION.
UH, THESE ARE THE CURRENT INDUSTRY MIX WE HAVE HERE IN ADDISON.
OUR LARGEST FUNCTION IS BUSINESS MANAGEMENT CONSULTING.
AND THEN, UM, AS FAR AS FINANCE, IT, THIS IS A VERY STRONG, UH, COMPETITIVE ADVANTAGE FOR US.
THAT'S VERY HIGH SHARE COMPARED TO MOST, UH, MARKETS IN DFW.
UM, SO WAYS THAT WE'RE GONNA DO THAT IS FOCUS ON THOSE HIGH GROWTH SECTORS SUCH AS IT, AI, UH, THE FINANCIAL SERVICES, FINTECH, UH, AND THEN REALLY HAVING STRATEGIC PARTNERS.
SO PARTNERING WITH THOSE PROPERTY, UH, OWNERS, PROPERTY WITH THOSE PROPERTY REPS, UH, REALLY LEVERAGING THOSE RELATIONSHIPS.
AND THEN DIRECT OUTREACH ON THE OTHER SIDE TO TENANT BROKERS WHO ARE GONNA BRING US THOSE DEALS.
SO DOING THAT DIRECT OUTREACH, LETTING THEM KNOW THE PROGRAMS WE OFFER.
[00:25:01]
KNOW, A COUPLE OF TENANT BROKERS OR PROPERTY REPS SAID, YOU KNOW, WHEN YOU'RE SELLING THIS BUILDING, HOW DO YOU SPEAK ABOUT ADDISON? AND THEY KIND OF SAID, OH, YOU DON'T REALLY THINK ABOUT ADDISON.I SAID, WELL, ALLOW US TO DO THAT FOR YOU.
WE GAVE THEM SOME, SOME OF OUR NEW MARKETING MATERIALS THAT WE HAD, WHICH THEY SAID WE'RE GREAT, AND SAID, HEY, BRING US IN.
WE'D, WE'D LOVE, IF YOU'VE GOT A TENANT THAT COMES IN, WE'D LOVE TO ROLL OUT THE RED CARPET.
AND WE, WE CAN DO THAT FOR YOU.
WE'LL, WE'LL TEACH YOU, BUT WE'LL ALSO ASSIST IN PARTNERING WITH YOU IN, IN DOING THAT.
AND THEN, UM, ALSO CUSTOMIZING THOSE INCENTIVES.
WE, WE'VE KIND OF TALKED ABOUT THAT.
TRADITIONALLY, WE'VE DONE, UH, JOB SPACE GRANTS, BUT THE MARKET IS SO DIFFERENT RIGHT NOW.
THE MARKET IS IN THIS AMENITIES ARMS RACE.
SO LOOKING AT MORE INCENTIVES THAT, THAT GO INTO THAT.
AND THEN LASTLY, JUST OUR MARKET POSITIONING, THAT THAT LEVERAGES ADDISON CENTRAL LOCATION.
SO ONCE WE'VE BROUGHT THOSE BUSINESSES HERE, IT'S VERY IMPORTANT THAT WE NURTURE THEM AND WE, WE MAINTAIN THOSE STRONG RELATIONSHIPS.
SO RIGHT NOW, UH, EACH FISCAL YEAR, WHAT WE DO IS WE TAKE OUR TOP FIVE ADDISON EMPLOYERS AND, OR I'M SORRY, TOP 50.
AND WE ARRANGE THOSE BY TAX BASE, SO WHO ARE OUR HIGHEST TAXPAYERS, AND THEN ALSO BY NUMBER OF EMPLOYEES AND BY SQUARE FOOTAGE.
SO BETWEEN THOSE THREE DIFFERENT VARIABLES, WE, WE KIND OF IDENTIFY OUR TOP 50.
AND OUR GOAL IS TO TOUCH THOSE TOP 50 EVERY FISCAL YEAR.
UM, IN ADDITION, YOU KNOW, WE HAVE SOME, SOME OTHER COMPANIES OUTSIDE THAT WE'RE STILL VISITING THERE, BUT WE WANT TO GET A HUNDRED PERCENT COVERAGE ON THAT 50.
UM, AND THEN ADDITION, YOU KNOW, PARTNERING WITH OUR CHAMBERS, PARTNERING WITH, UH, DALLAS COLLEGE, SEEING WHAT, UH, SERVICES THOSE OFFER AND COMMUNICATING THAT TO OUR, OUR BUSINESSES.
AND THEN LASTLY, TRYING TO PARTNER WITH THEM, GIVING THEM TESTIMONIALS.
LIKE THE BEST, YOU KNOW, THERE WAS A COMPANY, UM, YOU KNOW, THAT I WISH I HAD, COULD GET THE, I HAD A RECORDING AND GET A, GET A CAMERA, BUT THEY SAID, WE ASKED 'EM, HEY, YOU KNOW, WHY DID YOU CHOOSE ADDISON? AND THEY SAID, WELL, WE USED TO BE IN FRISCO, UH, BUT WE FELT LIKE WE WERE TOO FAR AWAY FROM EVERYTHING.
AND THIS IS A NAME BRAND COMPANY THAT ANYONE WOULD RECOGNIZE.
AND HE SAID, WE JUST FELT LIKE WE WERE OUT OF THE ACTION AND BEING IN ADDISON WAS THE BEST PLACE FOR US.
SO NEXT TIME WE WANNA GET THAT ON CAMERA.
AND WE'RE, WE WANNA SHOW THAT TO EVERYONE.
SO THESE ARE THE ACTIVITIES THAT WE'RE DOING WITHIN THOSE CORE FUNCTIONS TO REALLY MAXIMIZE AND, AND, AND LEVERAGE, LEVERAGE THOSE EFFORTS.
UM, THE FIRST BEING RESEARCH, GETTING OUT THERE AND UNDER BEING, MAKING DATA BASED DECISIONS.
SO THAT'S ONE OF THE, THE ONE OF THE HALLMARKS OF WHEN I CAME IN IS I REALLY WANTED TO MAKE SURE THAT ALL OF OUR EFFORTS WERE, WERE BEING BASED ON DATA.
UH, SO ONE OF THE FIRST THINGS I DID IS I LOOKED AT OUR, OUR REVENUES AND LOOKING AT THE COMPETITIVE ENVIRONMENT.
AND YOU CAN SEE HERE THAT THE AMOUNT OF REVENUES WE HAVE TO OUR DIRECT COMPETITORS IS, IS AT THE BOTTOM.
AND SO, AT LEAST KNOWING THAT IS HALF THE BATTLE.
AND SO ONCE WE KNOW THAT WE CAN MAKE THOSE ADJUSTMENTS.
SO TOTAL, EDO, ANNUAL EDO, WHAT DOES THAT MEAN? OH, ECONOMIC DEVELOPMENT ORGANIZATION.
SO, UH, ECONOMIC DEVELOPMENT CORPORATION, ECONOMIC DEVELOPMENT DEPARTMENT.
SO AN EDO IS, IT WOULD BE REVENUE.
SO FRISCO HAS 110 MILLION IN REVENUE.
SO THEY HAVE THAT IN THEIR BUDGET TO USE FOR ECONOMIC DEVELOPMENT ACTIVITIES ANNUALLY.
AND SO, I'LL, I'LL DO A CAVEAT.
IT'S A LITTLE DIFFICULT TO DO EVERYTHING APPLES TO APPLES.
BUT WHAT THIS REPRESENTS IS WE WENT, WE LOOKED AT ALL OF THEIR ECONOMIC DEVELOPMENT PROGRAMS, WHICH, WE'LL, WE'LL TALK ABOUT THESE HERE IN A SECOND.
TEXT TOUR DISTRICTS, I CAN TELL YOU ABOUT 60% OF THAT IN FRISCO COMES FROM THEIR TOURIST DISTRICT.
THAT'S WHERE A LOT OF THEIR MONEY COMES FROM, UM, TAX ABATEMENTS.
SO IF THERE'S A DEAL THAT CAME IN AND THEY GAVE THEM A TAX ABATEMENT, THAT IS INCLUDED.
AND THEN IF THEY HAVE AN ECONOMIC DEVELOPMENT FUND, IT, IT KIND OF COMES FROM THOSE THREE PLACES.
AND THEN ALSO IN THE ONLINE, I MEAN, IN SOME CASES TOO, THERE COULD BE A THREE 80 WHERE IT'S BEING FUNDED FROM THE GENERAL FUND.
WE, WE COUNTED THAT AS REVENUE INTO THE ECONOMIC DEVELOPMENT ORGANIZATION AS WELL.
UM, IF THEY'RE NOT ON THIS GRID FOR DATA CARROLLTON FARMERS BRANCH, THAT CAUGHT MY MIND.
BUT WE CAN CERTAINLY DO THE RESEARCH ON THAT AND FIND OUT MEANING.
SO DOES CARTON HAVE AS MUCH CLASS A OFFICE? THEY DON'T HAVE HARDLY.
WE WOULD COMPETE WITH THEM IN THE INDUSTRIAL SIDE OF THINGS.
MORE APPLE STAFF AS FAR AS COUNCIL, WE COMPETE WITH THE KIND OF BUSINESS THAT WE HAVE
[00:30:01]
AND THE KIND OF PEOPLE THAT ARE, THAT ARE HERE.YEAH, THAT'S WHAT I WAS ASKING.
CARROLLTON IS NOT INTERESTED IN FOREST FARMERS BRANCH, ET CETERA.
FARMERS BRANCH SEEMS TO BE A LOT MORE OF A COMPETITOR FOR OFFICE BASED THAN CARROLLTON.
BUT YEAH, DALLAS WAS JUST AN ENTIRELY, YEAH, TOTALLY DIFFERENT ANIMAL AS FAR AS TRYING TO ESTIMATE HOW MUCH REVENUE THEY ACTUALLY HAVE GOING AT ECONOMIC DEVELOPMENT.
UM, THE OTHER THING THAT, UH, WE ARE, WE JUST STARTED PUBLISHING IS THE BUSINESS PULSE.
THIS IS A, UM, A NEWSLETTER THAT'S GONNA HAVE SOME, UH, REAL ESTATE RESEARCH, ECONOMIC DATA, AND JUST OVERALL NEWS AND INFORMATION THAT WE'RE PUTTING OUT TO THE BUSINESS COMMUNITY.
UM, AND THEN THE LAST THING THAT WE'D LIKE TO TAKE A LOOK HERE IS UPDATING THE ECONOMIC DEVELOPMENT STRATEGIC PLAN.
THAT PLAN WAS COMPLETED IN 2019.
UM, A LOT'S CHANGED SINCE THEN.
AND THEN I THINK EVEN WITHIN THAT PLAN, THERE WERE A FEW ITEMS THAT WE COULD IMPROVE UPON JUST, JUST, JUST FROM THE START OF THAT PLAN.
BUT WE REALLY NEED, THE WORLD HAS CHANGED SO MUCH THAT I THINK IT'S VERY VALUABLE THAT WE GO BACK AND WE LOOK AT THAT ECONOMIC DEVELOPMENT STRATEGIC PLAN AND REALLY BUILD OUT THAT, THAT BLUEPRINT MOVING FORWARD.
THOUGHT I ASKED ABOUT THAT PLAN.
I, I DIDN'T SEE, DID WE GET THAT BACK IN EMAIL AFTER, UH, THIS MEETING STARTED? OR IN MY QUESTION? UM, IT'S, IT'S ON THE WEBSITE.
SO IT'S A NEW WEBSITE, BUT WE, THERE'S A LITTLE BUTTON THAT SAYS PLANS AND, YEAH, PLANS AND YEAH.
BUT IT'S, IT'S, IF YOU, BUT I'LL BE HAPPY.
IS THAT LITTLE THIN RED LINE ABOVE ADDISON, IS THAT THE TWO AND A HALF MILLION SITTING ON OUR FUND, OR WHAT IS THAT? THAT'S, THAT'S ONE AND A HALF.
SO THE TWO AND A HALF IS A FUND BALANCE.
WE HAVE ABOUT ONE AND A HALF ANNUAL REVENUES.
MAKE US VERY COMPETITIVE, WAYNE, ON THE UPDATE, UH, THE ECONOMIC DEVELOPMENT STRATEGIC PLAN, IS THAT, ARE YOU TALKING ABOUT A NEW, A NEW PLAN PLAN OR JUST TO REFRESH A LITTLE UPDATE? NO, I THINK A, A NEW PLAN.
SO GOING BACK TO THE ECONOMIC DEVELOPMENT REVENUES, UH, THAT GOES BACK TO MY QUESTION ON THE ED, ECONOMIC DEVELOPMENT REVENUE.
SO THAT IS MONEY COMING IN EVERY YEAR TO ECONOMIC DEVELOPMENT? CORRECT.
SO COVID OBVIOUSLY KILLED EVERYBODY, BUT IN OUR SMALL LITTLE TOWN, I'LL BE DAMAGED OUR VIABILITY SURE.
UM, HONESTLY, I THINK WE'RE DOING PRETTY WELL RELATIVE.
UM, ONE OF, YOU'RE SEEING A LOT OF CANNIBALIZATION UP IN THE PLANOS AND THE FRISCO'S, AND THAT GOES BACK TO THAT AVAILABLE OFFICE SPACE THAT THEY HAD A LOT OF THINGS IN THE PIPELINE, AND YOU'RE KIND OF, YOU KNOW, YOU'RE, YOU'RE SEEING THAT HAPPEN.
UM, SO THE NEED TO UPDATE THE PLAN IS A NECESSITY COMING OUT OF COMPANY.
I THINK ESPECIALLY TOO, THE PLAN JUST DOES NOT ADDRESS REAL ESTATE.
AND I THINK THE COMPREHENSIVE PLAN THAT WE'RE DOING RIGHT NOW IS A, IS FANTASTIC.
IT TAKES A, A GOOD, HARD LOOK AT THAT.
SO I THINK BUILDING UPON THE COMPREHENSIVE PLAN AND JUST REALLY KIND OF DOING A BIT MORE FOCUS ON ECONOMIC DEVELOPMENT WOULD BE THE IDEA, BECAUSE THAT, THAT'S A, THAT BEEN A PART OF THAT PROCESS.
AND I REALLY LIKE THE WAY THAT THEY DID THE ANALYSIS AND, AND LOOKED AT OUR, OUR ASSETS, HOW WE'RE UTILIZING OUR LAND AND HOW WE CAN BETTER UTILIZE OUR, OUR REAL ESTATE ASSETS BECAUSE WE DON'T HAVE THE ROOM FOR FURTHER DEVELOPMENT.
RIGHT? WE CAN'T, WE, WE'VE GOTTA, WE REALLY LOOK AT THAT.
SO THIS PAST, UH, INTO THE QUARTER, WE LAUNCHED AN AWARENESS AND CONSIDERATION CAMPAIGN.
UH, WE REBRANDED TO THE ADDRESS FOR SUCCESS, UM, AND WHICH WE WENT OUT, WE TARGETED REAL ESTATE PROFESSIONALS ACROSS, UH, VARIOUS DIGITAL CHANNELS.
WE DID A DIRECT MARKETING CAMPAIGN WITH THIS, THIS NEW BRAND ADDRESSED FOR SUCCESS.
AND THEN IN ADDITION, WE HAD SOME ENHANCED CO COLLATERAL PRODUCTION.
SO ONE OF THE THINGS THAT KIND OF LOOK AT, WE JUST DIDN'T HAVE SOME, YOU KNOW, TOOLS.
WHEN WE MET WITH SOMEONE, WE COULD KIND OF SPEAK TO OUR STRENGTHS, BUT NOW WE HAVE THE TOOLS THAT WE CAN KIND OF LEAVE THEM, LET THEM UNDERSTAND, UH, WHO ADDISON IS IN THE MARKET.
UM, WE CREATED SOME TEASER VIDEOS,
[00:35:01]
SO JUST KIND OF PUTTING THAT OUT.WE, WE WANNA CONTINUE TO DOUBLE DOWN ON THESE VIDEOS AND KIND OF GET MORE SPECIFIC, HAVE MORE REAL ESTATE FOCUSED VIDEOS, HAVE MORE BUSINESS, YOU KNOW, TESTIMONIAL TYPE ASSETS.
BUT THOSE, THOSE ARE THE TYPES OF ASSETS THAT WE'RE LOOKING TO EXPAND INTO.
AND THEN JUST KIND OF REALLY BUILD ON, ON WHAT WE'VE DONE AND, AND, AND DO A LITTLE BIT MORE TARGETED OUTREACH AS OPPOSED TO AN AWARENESS AND CONSIDERATION CAMPAIGN.
SO THE PURPOSE OF THESE TOOLS ARE, YOU KNOW, TO ATTRACT.
AND ULTIMATELY WHAT YOU'RE TRYING TO DO IS ATTRACT INVESTMENT AND TOOLS FOR ALL THE, THERE ARE A MULTITUDE OF TOOLS.
I'VE, I'VE PICKED THE MOST RELEVANT ONES IN DFW AND THE MOST RELEVANT ONES FOR ADDISON.
THERE ARE TONS OF TOOLS OUT THERE AT THE STATE, FEDERAL, UH, EVEN PRIVATE SECTOR HAS THESE TYPES OF TOOLS, BUT ULTIMATELY, THEY REALLY ONLY DO THREE THINGS.
AND IT'S ALL ABOUT RE REDUCING COST.
SO YOU CAN REDUCE THE COST OF CAPITAL.
SO THAT CAN BE THE, IN THE FORM OF A GRANT OR A LOAN, AND ALMOST LITERALLY PARTICIPATING IN THAT FINANCING TO LOWER THE COST OF CAPITAL.
THAT'LL HELP GET A, PUSH A PROJECT OVER THE FINISH LINE.
UM, YOU CAN REDUCE THE COST OF IMPROVEMENTS.
THE MOST COMMON, UH, EXAMPLE YOU SEE, THIS IS WHEN THE PUBLIC SECTOR PARTICIPATES IN INFRASTRUCTURE TO GET THESE LARGE MIXED USE, UH, DEVELOPMENTS DONE.
UM, OR YOU DO IT ON THE OPERATING SIDE, YOU REDUCE OPERATING COSTS.
AND THAT'S KIND OF WHEN YOU SEE THE BUSINESSES COME IN.
AND WE'RE, WE'RE PROVIDING THOSE BUSINESS INCENTIVES THAT'S REDUCING THE OPERATING COSTS FOR THEM.
SO THIS IS KIND OF A QUICK OVERVIEW OF THOSE TOOLS.
UH, YOU HAVE, UH, I'LL, I'LL GO THROUGH THESE AND I'LL BE HAPPY TO COME BACK TO THIS AS WE GO THROUGH HERE IF YOU HAVE QUESTIONS.
BUT YOU GOT TYPE A CORPORATION, TYPE B CORPORATION, CHAPTER THREE 80, WHICH IS OUR, OUR TOOL THAT WE, UH, HAVE USED HERE IN ADDISON, THE TIF, WHICH WE'VE BEEN TALKING ABOUT, AND THEN TAX ABATEMENTS.
SO WITH A TYPE A CORPORATION, THESE ARE FUNDED THROUGH SALES TAX AND THEIR MAIN FOCUS ARE PRIMARY JOBS.
SO, UH, COME WITH PRETTY STRICT REQUIREMENT THAT THOSE INCENTIVES HAVE TO BE USED FOR THAT.
SO A PRIMARY JOB IS A JOB WHERE MOST OF, UH, THE COMPANY EXPORTS ITS PRODUCTS OR SERVICE TO OUT OF THE REGION.
REGION'S NOT, UH, TOTALLY DEFINED, BUT YOU KNOW, PRETTY MUCH IF YOU THINK ABOUT AN OFFICE BUILDING OR A MANUFACTURING FACILITY, THOSE PRODUCTS ARE GOING OUTSIDE OF THE TOWNHOUSE AND, UH, OUTSIDE OF DFW COMPARED TO, UH, A RESTAURANT WHICH WOULD NOT BE CONSIDERED A PRIMARY JOB BECAUSE THOSE, THE PRIMARILY JUST SERVICING THOSE SERVICES ARE WITHIN THE REGION.
OR YOU THINK OF A NAIL SALON, A HAIR SALON, SOMETHING LIKE THAT.
UH, THESE TYPE A CORPORATIONS, UH, REQUIRE A BOARD OF DIRECTORS.
AND SO OFTENTIMES YOU'LL HAVE THE EDC BOARDS AND IT GIVES 'EM A LITTLE BIT, UH, MORE ABILITY TO GO KIND OF SPEED AND, AND GETTING DEALS DONE.
AND, AND THOSE BOARD OF DIRECTORS ARE ONLY FOCUSED ON ECONOMIC DEVELOPMENT IDEAS.
UH, SO A GOOD EXAMPLE THAT'S KIND OF CREATIVE OUT THERE IN THE MARKET IS MCKINNEY, THEY USE, UH, THEIR TYPE A DOLLARS TO GO OUT AND, UH, THEY HAVE THIS INNOVATION FUND, UM, WITHIN, THEY, THEY, THEY'RE GIVING UP TO $500,000 GRANTS TO STARTUPS, UH, RECRUITING STARTUPS TO COME TO MCKINNEY AS LITTLE AS 15 EMPLOYEES.
AND, AND THEN THEY ACTUALLY HAVE A, A CAP THAT YOU CAN'T, YOU'RE NOT EVEN ELIGIBLE AT AT 50 BECAUSE IT'S TRULY AT THE STARTUPS AND NOT MATURE COMPANIES.
TYPE B UH, THESE ARE ALSO KNOWN AS, UH, CORP, UH, COMMUNITY DEVELOPMENT CORPORATIONS.
THE CDC, THEY CAN BASICALLY DO AND FUND ALL THE TYPE OF PROJECTS THAT A TYPE A CAN DO, EXCEPT THEY CAN ALSO DO WHAT ARE CALLED QUALITY OF LIFE IMPROVEMENTS.
SO OFTENTIMES THESE STADIUMS THAT YOU'RE SEEING, LIKE IN FRISCO OR, UM, THE MUSIC VENUES THAT MCKINNEY'S ALSO DOING THOSE WOULD BE TYPE TYPE B DEALS.
UM, AND SO SOME GOOD EXAMPLES OF THIS, UH, THESE ARE PROJECTS THAT I WORKED ON WHEN I WAS IN, UH, OR I ACTUALLY WORKED ON THIS ONE, THE HUB, UH, AND ADDISON.
BUT THESE ARE THE TYPES OF DEALS THAT THEY'RE DOING TO KIND OF BE LIKE A VILLAGE ON THE PARKWAY, SOMETHING THAT, THAT WE HAVE.
AND THEY'RE, THEY'RE MAKING BIG INVESTMENTS INTO THOSE ENTERTAINMENT, ENTERTAINMENT TYPE, UH, PROJECTS.
SO THREE 80, THE, THE GREAT THING ABOUT A THREE 80 IS SUPER FLEXIBLE.
WE CAN CREATE ANY PROGRAM THAT WE WANT.
WE'RE, WE'RE NOT TIED TO SPECIFIC THINGS.
REALLY WHAT YOU JUST NEED TO DO IS NEED TO PROMOTE THE LOCAL OR BUSINESS ENVIRONMENT, AND IT NEEDS TO HAVE A, A PUBLIC GOOD.
UM, THE DISADVANTAGE OF THAT IS THAT THERE'S NOT A DIRECT REVENUE SOURCE,
[00:40:01]
LIKE A TYPE A OR A B OR AN ABATEMENT THAT KIND OF FUNDS ITSELF.SO YOU GOT, YOU CAN, YOU CAN CREATE A GREAT PROGRAM, BUT YOU GOTTA FIGURE OUT HOW YOU'RE GONNA FUND IT.
UM, SO GOOD EXAMPLE IS, UH, THOSE ARE ON THE PARKWAY.
THIS WAS OUR, UM, I DON'T KNOW IF IT WAS OUR FIRST ECONOMIC DEVELOPMENT DEAL, BUT IT'S CERTAINLY THE OLDEST ACTIVE ONE THAT WE HAVE RIGHT NOW.
UM, AND WITHIN THIS DEAL, THE WAY THAT WE FUNDED THIS WAS, UM, THE DEVELOPER PUT IN $44 MILLION IN CAPITAL INVESTMENT AND WE'RE REATING BACK 75% OF THE INCREMENTAL TAX REVENUE.
SO THAT'S KIND OF HOW IT, IT, IT FUNDS ITSELF IN THAT WAY.
AND THEN WE'RE, WE'RE GETTING THE ADDITIONAL 25% OVER THAT, UH, CHAPTER THREE 11, ALSO KNOWN AS TIFF OR TS.
WE, WE'VE BEEN SPEAKING ABOUT THIS LATELY, THE, THE IDEA, BUT TIME THAT TIFF IS THAT IT'S VERY FOCUSED.
AND SO THAT ANY AND, AND, UH, INCENTIVE INVESTMENT AND PRIVATE INVESTMENT STAYS WITHIN A PARTICULAR TARGETED AREA, THE IDEA IS THAT IT, IT ATTRACTS MORE CAPITAL AND MORE INVESTMENT INTO THAT AREA BECAUSE IT, IT IS NOT GOING TO GO BACK OUT INTO OTHER PARTS OF THE MUNICIPALITY.
UM, AND THEN, YOU KNOW, CITIES CAN DETERMINE HOW MUCH THEY WANT TO PARTICIPATE IN THERE, HOW MUCH STAYS WITHIN THE TIFF, HOW MUCH, UH, GOES INTO THE GENERAL FUND.
AND THE KEY THING ABOUT THIS AS WELL IS THAT TIF FUNDS CAN BE USED AS A FUNDING SOURCE FOR CHAPTER THREE 80.
TYPICALLY A TIF, UH, IS ONLY FOR, UH, PUBLIC INFRASTRUCTURE, BUT BECAUSE OF THE, THEY, WHEN THEY CHANGED THE LAW HERE, YOU CAN NOW USE TIF REVENUES FOR THREE 80.
UH, SO WITHIN JUST THE LAST SIX MONTHS, UH, FRISCO HAS HAD SOME MAJOR ANNOUNCEMENTS WITH THEIR TIP DISTRICT.
SO FIELDS WEST, THEY HAD A $95 MILLION DEAL IN THEIR FIELDS.
WEST, UH, DEVELOPMENT, UH, YOU HAVE THE MIX, OTHERWISE, THE, THE BIG HOLE ON, ON THE TOLLWAY, THEY FINALLY GOT THAT FIGURED OUT.
AND THEN ALSO THE BIG ONE WITH THE HUNT FAMILY, UH, $182 MILLION IN IMPROVEMENTS, NOT JUST TO THE STADIUM, BUT THERE'S SOME DEVELOPMENT THAT'S, THAT'S GOING ON AROUND THAT STADIUM.
AND THEY'RE USING, UH, THEY'RE USING A COMBINATION OF, OF ALL OF THEIR DOLLARS, BUT PRIMARILY IT'S THROUGH, THROUGH, UH, TIFF.
SO BACK ON THAT PREVIOUS SLIDE, THIS ONE, NEXT ONE, THAT ONE.
THIS IS A, YOU KNOW, A BILLION OR PROBABLY A $2 BILLION.
THE TYPICALLY, YOU SEE THESE FOR MID, LARGE MIXED USE DEVELOPMENTS IS WHAT, WHAT YOU SEE.
AND THE, THESE ARE SELF-FUNDED FROM THOSE INVESTMENTS.
SO A LOT OF IT WILL BE REIMBURSEMENT, OR IN THIS CASE, WHAT THEY'RE DOING IS THEY'RE ACTUALLY ISSUING THE DEBT AND THEN THEY'RE USING THE REVENUE TO PAY DOWN THAT DEBT.
UM, THERE AT THE TOYOTA STADIUM.
UH, SO THE GOOD THING ABOUT A TAX ABATEMENT IS YOU CAN REALLY SCALE THAT.
SO IF YOU'VE GOT A LARGE CAPITAL INVESTMENT, IT'S, IT'S SELF FUNDS, RIGHT? SO BASICALLY YOU'RE JUST GONNA NEGOTIATE, UH, A 50%, A 75% ABATEMENT.
UM, MAYBE THE, DEPENDING ON HOW YOU LOOK AT IT, WHETHER IT'S A DISADVANTAGE, IT'S, IT CAN ONLY GO OUT FOR 10 YEARS.
UM, BUT IT'S ALSO REALLY EASY TO ADMINISTRATE.
UM, IT'S JUST A STRAIGHT PERCENTAGE.
SO THERE'S AN ADVANTAGE TO THAT.
UH, SO GOOD EXAMPLE OF THAT WAS, UM, THE, THIS IS WHAT PLANO USED TO ATTRACT TOYOTA.
SO THEY DON'T HAVE THE EDC DOLLARS.
AND, UH, IF, IF YOU, IF YOU LOOK AT THE HEADLINES, IT WAS A $6 MILLION GRANT, BUT ACTUALLY IT WAS A $23 MILLION GRANT IN TOTAL TAX ABATEMENT.
SO WHEN WE LOOKING AND WE'RE GONNA BE BRINGING PROJECTS TO YOU, THERE'S REALLY KIND OF FIVE THINGS THAT WE DO.
THE FIRST THING WE TRY TO DO IS LOOK AT A GAP ANALYSIS, UM, ESPECIALLY ON A REAL ESTATE DEAL.
WHAT'S THE NEED FOR THIS INCENTIVE? HOW ARE WE TRYING TO FILL THAT FINANCIAL GAP? IS THERE SOME SORT OF MARKET DISADVANTAGE THAT WE'RE TRYING TO FILL, UH, BY DOING THIS INCENTIVE? THEN WE LOOK AT THE FISCAL IMPACT.
WHAT'S THE ROI TO THE TOWN BASED ON PROJECTED TAX REVENUE, UH, MINUS THAT COST OF THE INCENTIVE.
AND THEN WE LOOK AT THE TOTAL CAPITAL INVESTMENT, THE LEVERAGE RATIO, HOW MUCH PUBLIC DOLLARS ARE GOING IN VERSUS HOW MUCH PRIVATE INVESTMENT'S GOING IN.
AND THEN WE'D ALSO LIKE TO LOOK AT JOB CREATION AND THOSE WAGES, MAKE SURE THAT WE'RE, WE'RE CREATING QUALITY JOBS AND WE'RE, UH, IMPROVING QUALITY, YOU KNOW, QUALITY JOBS FOR FOLKS.
AND THEN LASTLY, THAT COMMUNITY IMPACT THOSE.
WHAT THE, WHAT ARE NEW AMENITIES? WHAT NEW PUBLIC SPACES?
[00:45:01]
WHAT, WHAT ARE WE DOING TO BRING WALKABILITY ACCESSIBILITY? AND THEN, UM, ANOTHER WAY THAT I CAN TELL YOU THAT ALAN AND FRISCO AND MCKINNEY REALLY USED TO THEIR ADVANTAGE THAT MAKES 'EM SUPER COMPETITIVE IS WHEN THEY EVALUATE A PROJECT, THEY DON'T JUST LOOK AT THE CITY'S REVENUES, THEY LOOK AT THE SCHOOL DISTRICT'S REVENUES BECAUSE THEY ARE VERY CO-INVESTED WITH THEM.THAT'S SAYING, HEY, THIS PROJECT IS GONNA BRING REVENUES TO OUR SCHOOLS AND TO MAKE OUR SCHOOLS STRONGER.
AND IF OUR SCHOOLS ARE STRONGER, THAT'S GONNA MAKE US STRONGER AS A CITY.
AND SO THEY, THAT'S, THAT IS ANOTHER REASON WHY THEY CAN BE SUPER COMPETITIVE, BECAUSE THEY'RE LEVERAGING NOT JUST THEIR OWN INVESTMENT, BUT THEIR SCHOOL DISTRICT, UM, INVESTMENT AS WELL.
AND THEN THIS CHART RIGHT HERE, THIS IS, UH, AN ANALYSIS THAT WE'VE DONE THAT JUST KIND OF SHOWN, UH, THE COMPETITIVE ENVIRONMENT WITH DATA THAT'S BEEN READILY AVAILABLE TO US WITH IRVING, PLANO AND RICHARDSON.
THE, THE TOP BEING THAT LEVERAGE RATIO, UH, 10% IS KIND OF INDUSTRY STANDARD.
IT'S A BENCHMARK THAT A LOT OF, UH, COMMUNITIES AND MISS MUNICIPALITIES WILL LOOK AT.
DOESN'T MEAN YOU CAN'T GO MORE THAN 10%, BUT IT'S JUST ALWAYS KIND OF A, A GOOD BAROMETER AND THEN ALWAYS LOOKING AT IT IN AN INCENTIVE, UH, PER JOB.
SO WITH THAT, I KNOW IT WAS A LOT.
TAKE SOME QUESTIONS, QUESTIONS.
UM, SO I'M REALLY HAPPY WE'RE HAVING THESE CONVERSATIONS BECAUSE I REALLY THINK THIS IS THE MOST IMPORTANT THING THAT WE CAN BE DOING.
UM, SO I, I WANNA START OFF WITH, I, I DON'T REALLY KNOW ANYTHING ABOUT YOUR STAFF.
SO BESIDES DAVID, WHAT, HOW, WHAT, WHAT'S YOUR STAFF LOOK LIKE? SO I HAVE, I HAVE DAVID, WHO'S OUR ECONOMIC DEVELOPMENT MANAGER.
HE'S OUR, OUR TIP OF THE SPEAR OUT THERE, UH, CONTACTING OUR BUSINESSES, UH, YOU KNOW, GETTING, GETTING THOSE MEETINGS, UH, HELPING US OUT THERE.
YOU'RE BUILDING RELATIONSHIPS, BUSINESS RETENTION, MAKING SURE THAT THESE BUSINESSES KNOW THAT WE'RE PAYING ATTENTION TO THEM.
WE DO HAVE AN ADVANTAGE HERE THAT WE ARE SMALL ENOUGH THAT WE CAN TARGET ALL THOSE BUSINESSES.
SO, UM, JUST SO YOU KNOW, I WILL BE DRAGGING A LOT OF YOU OUT WITH ME WHEN YOU'RE USED TO, BECAUSE ALL OF YOU CAN HELP ME.
THERE'S BANKING, INFORMATION, SALES, KNOWING REAL ESTATE PEOPLE, BUSINESS OWNERS, UM, THERE'S GONNA BE A LOT, WE'RE GONNA BE A LOT MORE AGGRESSIVE THAN WE USED TO BE.
WE'RE GONNA BE INCREDIBLY, OUR GOAL IS TO BE COMPETITIVE.
AND SO WHAT WAYNE IS SHOWING YOU RIGHT HERE IS WE'RE GONNA COMPETE.
AND WAYNE HIRED ME AND SAID, I'M READY TO COMPETE.
SO WE'RE READY TO GO ON THE OFFENSE THAT WE'RE READY TO PROTECT OUR BUSINESSES, AND WE'RE GONNA NEED YOU GUYS.
AND AS YOU SAW THE PRESENTATION EARLIER, WE'RE ACTUALLY GONNA INVOLVE YOU IN THE PROCESS MORE THAN YOU USED TO, BUT THAT'S SO YOU UNDERSTAND WHAT WE'RE RIGHT.
AND THEN, UM, WE ALSO HAVE AN ANALYST, EMILIO.
SO I ACTUALLY RE KIND OF ORGED, UH, WHEN I CAME IN, THAT WAS A COORDINATOR POSITION, WHICH WAS A LOT OF ADMINISTRATIVE WORK.
SO WHEN I KIND OF WENT IN, UM, YOU KNOW, I, WHEN I GOT INTO ECONOMIC DEVELOPMENT, I WAS AN ANALYST, SO I REALLY KIND OF NEEDED SOMEONE WHEN I HAD THE RESEARCH, WHEN I NEEDED A PROBLEM TO THINK ABOUT, TO KIND OF MAKE THE RIGHT DATABASE DECISION.
I CAN GO TO EMILIO AND SAY, HEY, CAN YOU, THIS IS WHAT I'M LOOKING FOR.
CAN YOU PUNCH THIS UP SO I CAN, I CAN LOOK AT THE DATA AND MAKE THOSE DECISIONS.
HE'S ALSO, UH, TAKING ON A LOT OF THAT ADMIN ROLE AS WELL.
SO HE'S HELPING WITH PROCESSING PAYMENTS, HELPING SETTING UP SOME AGREEMENTS.
BUT WE'RE, WE'RE RUNNING PRETTY LEAN, UH, STAFF OF THREE, SO, WELL, DO YOU WANNA LET THEM KNOW WHAT NORMAL ECONOMIC DEVELOPMENT STAFF ARE? SORRY.
WELL, I MEAN, IT'S HARD TO SAY, BUT LIKE FRISCO HAS, I THINK 15 FOLKS ON STAFF.
AND ALAN, WE HAVE, WE, WE HAD, I'M SORRY, WE HAD SEVEN, UH, MCKENNEY, THEY'RE, THEY'RE GOING THROUGH AN AGGRESSIVE, UH, HIRING PHASE RIGHT NOW.
UH, THEY'RE, I THINK THEY'RE AT 10 RIGHT NOW.
HE'S GONNA JUST BE IN THE BATH.
CAN SOMEONE GO CHECK ON HER AND THE BATH? I'M RUNNING THE BATH, BUT I MIGHT GET, HAVE TO TALK.
CLAIRE, CAN YOU HEAR MUTE? THAT WHAT? HE'S TALKING TO HIS DOG.
UM, AND THEN DAVID STARTED ON LIKE, ANOTHER ONE OF MY QUESTIONS IS, YOU KNOW, WE USED TO HAVE THE ADDISON BUSINESS ASSOCIATION, UM, AND I THOUGHT THAT WAS A GREAT WAY OF TRYING TO SOMEHOW BRING IN ALL OF OUR BUSINESS OWNERS, WHETHER IT WAS MONTHLY OR QUARTERLY.
I MEAN, I, I'M NOT SURE YOU KNOW, HOW SUCCESSFUL THAT WAS AND ATTENDED, BUT LIKE, WHAT, WHAT ARE WE DOING JUST TO
[00:50:02]
GET TO ALL THOSE BUSINESS OWNERS AND ADDISON AND, AND REACH OUT TO THEM? SO ONE THING WE'RE TRYING TO PARTNER WITH METROCREST CHAMBER.UM, ONE OF THE THINGS WHEN WE'RE OUT VISITING WITH OUR MANUFACTURERS IS, AND THIS IS AN IDEA THAT METROCREST BROUGHT TO US, AND WE FEEL LIKE THERE COULD BE A NEED AS A MANUFACTURING AND, UH, DISTRIBUTORS ASSOCIATION, THEY WOULD, THE IDEA IS TO KIND OF MODEL IT OFF.
UH, GARLAND HAS, I THINK THEY CALL IT THE DALLAS COUNTY MANUFACTURERS ASSOCIATION.
AND SO WE'RE PARTNERING NOT ONLY WITH METROCREST, BUT WE'RE, WE'VE REACHED OUT TO CARROLLTON FARMER'S BRANCH, THEY'RE, I KNOW CARROLLTON IS SUPER EXCITED ABOUT THIS IDEA.
FARMER'S BRANCH WANTS, WANTS TO PARTICIPATE.
SO WE'RE OUT THERE, WE'RE TRYING TO BUILD SOME GRASSROOTS, UM, INTEREST IN GETTING THAT GOING BECAUSE WE DO HEAR THAT FROM A LOT OF 'EM.
LIKE, HEY, WE, YOU KNOW, WE WANNA KNOW.
WE DIDN'T KNOW THAT THIS OTHER BUSINESS WAS OUT HERE TRYING TO MAKE THOSE B2B CONNECTIONS, BUT ALSO SO THEY CAN JUST KIND OF LEARN FROM EACH OTHER AND, AND HEAR WHAT'S HAPPENING.
SO THAT'S, UH, ONE THING THAT WE'RE, WE'RE DOING.
I WOULD, I WOULD ALSO, AND WAYNE MENTIONED IN THE PRESENTATION, UH, WE, OVER THE PAST TWO MONTHS, WE REALLY, UH, PICKED UP OUR BRE VISITS WHERE WE'RE GOING OUT AND HAVING THOSE CONVERSATIONS WITH THE BUSINESSES.
YOU KNOW, WE AMBITIOUS GOAL AND SAY, LET'S TOP 50, WE'RE GONNA MEET EVERY YEAR, AND IT'S NOT JUST THE TOP 50, WE'RE GONNA GO OUT AND BE A NUMBER OF 'EM.
SO WE'RE KEEPING THE CALENDAR VERY BUSY WITH THOSE MEETINGS WHERE WE'RE GOING OUT AND MEETING THEM.
AND I THINK, I MEAN, CERTAINLY THE MAYOR AND UM, UH, CAN SPEAK TO IT.
I THINK WHEN WE'RE HAVING THOSE CONVERSATIONS, A LOT OF THAT'S HAPPENING ORGANICALLY AS WELL.
WE'RE ABLE TO TOUCH POINTS AND SAY, HEY, WE JUST MET ACTUALLY LAST WEEK WITH SOMEBODY WHO CAN BE A BENEFIT TO YOU.
SO I THINK THAT'S BEEN A BIG HELP.
SO WE MAY NOT HAVE THE, THE HISTORY RIGHT HERE IN THE ROOM, UH, AS SOME BUSINESS ASSOCIATION.
WHAT WAS THE TOWN'S INVOLVEMENT? THE PAGE IN THAT? I'M, I CAN SPEAK TO THAT.
BECAUSE IT WAS PRETTY ACTIVE WHEN, WHEN CHRIS AND I FIRST GOT ON THE COUNCIL 14 YEARS AGO.
UH, BUT IT WAS, IT WAS AN, OR AN ORGANIZATION THAT WAS FORMED FOR THE PURPOSE OF CONNECTING THE ADDISON BUSINESSES WITH THE ADDISON GOVERNMENT.
AND SO IT WAS A MEMBERSHIP DRIVEN THING THAT, YOU KNOW, WE HAD A MONTHLY LUNCHEON AND THE BUSINESSES WOULD COME THAT WERE MEMBERS AND YOU HAVE A, YOU KNOW, QUITE A FEW ACCOUNT STAFF.
MOST OF THE COUNCIL WOULD, WOULD SHOW UP FOR THOSE.
AND IT WAS A, IT WAS A CHANCE TO, TO, UH, TO BUILD THOSE RELATIONSHIPS.
AND IT WAS REALLY PRETTY SUCCESSFUL FOR QUITE SOME TIME.
AND THEN, I DON'T KNOW WHAT HAPPENED, BUT IT STARTED TO DIE OFF AND, AND THEN IT ENDED, ENDED UP JUST, IT WENT AWAY.
AND I DON'T KNOW IF IT WAS PANDEMIC, BUT THAT WAS FINALLY THE DEATH NAIL ON THAT.
BUT, UM, BUT IT WAS REALLY A PRETTY GOOD, UH, ORGANIZATION.
AND IT'S, AND I'M GLAD YOU BROUGHT IT UP, CHRIS, BECAUSE I STILL HAVE, THERE'S SOMETHING THAT'S HAPPEN THAT WOULD LOVE TO SEE THAT COME BACK IN ANOTHER ITERATION BECAUSE, YOU KNOW, WE TALK ABOUT MAKING THESE CONNECTIONS WITH THE BUSINESSES WHERE, WHERE WE WANT THEM TO KNOW, THEY DON'T EVEN KNOW THE, THE OTHERS EXIST, RIGHT? SO CAN WE CREATE SOMETHING THAT WE CAN, THEY MAYBE A MEMBERSHIP DRIVEN THING AND, BUT THEY SHOW UP AT SOMETHING.
MAYBE IT GETS HOSTED BY ONE RESTAURANT AFTER ANOTHER.
WE MOVE 'EM AROUND TOWN AND GIVE THEM AN OPPORTUNITY FOR THE SAME THING AND, AND GET, GET ALL OF US INVOLVED WITH STAFF INVOLVED.
BECAUSE I THINK WE COULD CREATE THIS, SOMETHING THAT, UM, AND, AND WE CAN BRING, YOU KNOW, EDUCATIONAL PROGRAMS, THINGS LIKE THAT, ALL THESE DIFFERENT THINGS WE COULD DO WITH THAT.
BUT CREATE SOMETHING THAT, AGAIN, THE BIGGER CITY IS REALLY GONNA HAVE A HARDER TIME TO DO, BUT WITH OUR SMALL SIZE, YOU KNOW, WE CAN WRAP OUR ARMS AROUND IT AND, AND GET THAT DONE.
SO I'M, I'M REALLY INTERESTED IN THAT.
I DON'T KNOW IF ANYBODY ELSE IS, BUT THAT'S, THAT'S SOMETHING THAT'S STILL BEEN IN THE BACK OF MY MIND FOR, FOR A WHILE.
I MEAN, THAT'S WHY I BROUGHT IT UP.
I MEAN, I, I, I, I JUST, IT, I I, I LOVE THAT YOU'RE TRYING TO REACH OUT TO THEM AND WE'RE TRYING TO VISIT THEM, BUT IF YOU COULD MAKE IT THIS SORT OF, YOU KNOW, JUST A GROUP THAT ACTIVELY MEETS AND, AND TO YOUR POINT ABOUT, YOU KNOW, MAYBE A MANUFACTURER MIGHT MEET, YOU KNOW, ANOTHER MANUFACTURER AND THEY'VE GOT THINGS COMMON.
AND I MEAN, I ALSO THINK THAT'S THE KIND OF THING THAT KEEPS PEOPLE HERE THAT NECESSARILY DOESN'T COST AS MUCH.
SO I WOULD LOVE TO PURSUE THAT.
AND BUSINESS ASSOCIATION, UM, IT, IT KIND OF DIED OUT 'CAUSE LEADERSHIP.
SO THEIR INTERNAL LEADERSHIP GOT DISINTERESTED AND MOVED ON AND THEN JUST DIED OUT AND IT FOLDED INTO THE METRO PRESS CHAMBER.
AND BECAUSE THEY WERE KIND OF OVERLAPPING ORGANIZATIONS, I, I THINK THE CHAMBER SHOULD DRIVE SOMETHING LIKE THAT ALONG WITH US.
WE CAN USE THEM AS THE WORKFORCE, AS THE CONVENER TO HAVE A BUSINESS ASSOCIATION, TO HAVE A RESTAURANT ASSOCIATION, TO HAVE ANOTHER TYPES OF ASSOCIATION AND CHAMBER COMMUNITY UMBRELLA GROUP.
I, I THINK THAT'S, YEAH, AND I'M NOT, I'M NOT, I'M NOT SURE ABOUT THAT BECAUSE WHEN YOU TALK TO PEOPLE ABOUT CHAMBERS, PEOPLE THAT HAVE HAD EXPERIENCE IN IN A CHAMBER, THEY EITHER LIKE IT,
[00:55:01]
MOST OF THEM DON'T.I DON'T, I DON'T FEEL LIKE THAT THEY HAVE GREAT EXPERIENCE BECAUSE YOU SEE A LOT OF 'EM JOIN UP AND THEN THEY'RE INTERESTED FOR A LITTLE BIT.
WELL, THAT'S WHAT WE HAVE TO DO IS TO, TO HELP BE MORE OF A CATALYST.
BUT, BUT, BUT, BUT, BUT, BUT THEN IF IT'S PART OF THE CHAMBER, THEN IT'S CHAMBER DRIVEN.
WELL THIS IS SOMETHING THAT WE DO ECONOMIC AND WE MAKE IT OUR THING.
I LOVE METRO FIRST CHAMBER, NORTH DALLAS CHAMBER.
YOU'RE TALKING ABOUT SOMETHING INCLUSIVE FOR ANY BUSINESS TO MAKE IT SOMETHING THAT, HOW CAN NECESSARILY BE A CHAMBER MEMBER.
NO, THAT'S, IT HAS NOTHING TO DO WITH THE CHAMBER, BUT TO ME IT CREATES IT A AN OPPORTUNITY FOR SOME, FOR US TO SHOW BUSINESSES THAT HAVING YOU, HAVING YOUR BUSINESS IN ADDISON IS DIFFERENT AND THERE'S SOMETHING SPECIAL ABOUT IT.
SO WE JUST ATTENDED THE ECONOMIC DEVELOPMENT SUMMIT, RIGHT? SPECTRUM.
WELL THAT WAS, THAT WAS THE STATE OF OFFICE, STATE OF, STATE OF OFFICE.
SO WE'RE THERE, AND A FEW OF THE BUSINESS FOLKS THAT WERE THERE THAT I TALKED TO, I I BROUGHT THIS UP BEFORE WE HOST THESE KILLER TOWN EVENTS.
TASTE OF ADDISON, KABOOM TOWN IN OCTOBER FEST.
NOW WE'RE GONNA ADD A FOURTH WITH THE HOLIDAY LIGHTING.
HAVE WE EVER THOUGHT OF CONSIDERING AN INVITATION FOR SOME OF THESE BUSINESSES? 'CAUSE THE ONES THAT I WAS TALKING TO, OH YEAH, WE JUST SHUT OUR DOOR, WE LOCK AND WE HAVE EMPLOYEE PARKING.
WE GO UP ON THE ROOF TO WATCH CABO TOWN AND WE DO A GRILL BRING.
SO WHY WOULDN'T WE TAKE CONSIDERATION TO INVITE SOME OF THESE FOLKS IN OUR TOWN TOP 50 TO ONE OF OUR BIG EVENTS AS A MEAN GREET PRIOR TO IT KICKING OFF? ACTUALLY, ACTUALLY, LET ME, LET ME JUST JUMP IN FOR A SECOND.
AS SOMEONE WHO'S ACTUALLY KNOCKING ON THE DOORS, PLEASE GO STAND UP THERE.
SHOULD MAKE YOU, LEMME MAKE A, I I WANNA, I WANNA ADDRESS THIS REAL FAST.
'CAUSE THIS IS SOMETHING WE, WE ACTUALLY DISCUSSED THIS TOO.
'CAUSE ONE OF OUR PRIORITIES IS TO GET THEM ALL TOGETHER.
YOU KNOW, FOR EXAMPLE, WE VISITED WITH CONFIDENT AND CONFIDENT, WHAT DO THEY DO? THEY'RE LIKE THE LEADING INDUSTRY AND BUILDING, UH, UH, AMENITIES FOR BUSINESSES, RIGHT? AND WHAT DID WE LEARN AT THE, AT THE MEETING? 'CAUSE THOSE AMENITIES ARE WHAT'S GONNA DRIVE A PLUS BUILDINGS TO RETAIN PEOPLE TO COME THERE OR TO WORK MORE THAN THREE DAYS A WEEK.
SO WHY AM I SAYING THIS? I'M SAYING THIS BECAUSE WE'RE WHAT, UH, WE DON'T HAVE A CLOSE ENOUGH RELATIONSHIP WITH THESE PEOPLE YET.
IT'S, I MEAN, WHEN I SAY TOP 50, THAT WAS JUST WHAT I'M GONNA DRAG YOU ALL OUT THERE, BUT LITERALLY I'M GONNA BE DOING THREE MEETINGS A WEEK, THREE MEETINGS A WEEK.
AND HE'S LIKE, OKAY, CAN YOU HANDLE IT? ABSOLUTELY.
UNTIL WE BUILD A PERSONAL RELATIONSHIP WITH THESE PEOPLE.
AND I'M LITERALLY KNOCKING ON PEOPLE'S DOORS GOING, UH, TOWN OF WHAT, UH, IS THAT WHERE I WORK? LITERALLY GUYS, I'M SITTING IN IES AND TALKING TO THE LITTLE OLD LADIES, RECEPTIONIST, GIVING 'EM LITTLE GIFTS GOING, HEY, SO WHO DO I TALK TO HERE? 'CAUSE WE'RE GONNA DO LITTLE EVENTS.
GUYS, I THINK YOUR IDEA IS FANTASTIC.
I THINK IT'S THE RIGHT THING, BUT IT'S GONNA TAKE US A COUPLE, A YEAR OR TWO TO RAMP UP JUST SO I CAN KNOW WHO THESE PEOPLE ARE.
I MEAN, HONESTLY, YOU KNOW, WE, WAYNE HAS SPENT AN ENTIRE YEAR JUST BUILDING A DATABASE OF WHO'S ACTUALLY HERE.
DAN WAYNE'S BEEN DOING SO MUCH WORK FOR US THAT HE'S BRINGING ME IN, GOING, OKAY, NOW WE KNOW SORT OF WHO THESE PEOPLE ARE.
SO WHEN YOU SAY MR. MAYOR, YOU SAY, HEY, LET'S BUILD THAT ADDISON BUSINESS ASSOCIATION.
I MEAN, RIGHT NOW I JUST, I'VE BEEN HERE FIVE MINUTES.
I CAN MAKE ABOUT 10 PHONE CALLS AND PROBABLY GET ABOUT 10 PEOPLE TO JOIN.
BECAUSE THEY'RE THE ONES I'VE REACHED OUT TO AND TALKED TO.
SO THESE IDEAS ARE GREAT, BUT LITERALLY WE NEED TO GO KNOCK ON DOORS, SHAKE HANDS KISS BABIES, YOU KNOW, BRING THEM LITTLE GIFTS.
AND LITERALLY WE'LL GET TO THE POINT, AND MY GOAL IS MAYBE A YEAR, EIGHT, TWO YEARS THAT WE'LL GET TO THE POINT WHERE WE HAVE OUR RELATIONSHIPS WITH, AND WE SAY TOP 50.
THAT WAS WHEN WE FIRST BUILT THIS PRESENTATION, IT'S MORE LIKE 150.
BUT WHAT WE'RE DOING IS WE NEED TO BUILD THESE PERSONAL RELATIONSHIPS SO THEY SHOW UP.
OTHERWISE WE CAN MAKE A HUNDRED PHONE CALLS AND THEY'RE GONNA IGNORE US.
SO TO YOUR POINT, I THINK THOSE EVENTS WOULD ABSOLUTELY.
WE DON'T EVEN KNOW THEY'RE EXACTLY.
WE EVEN TALKED, WE EVEN TALKED ABOUT TRYING TO, TO AT SOME POINT SEND, UH, OCTOBER FEST MUGS TO KEY BUSINESSES AND SAY, HEY, WE GOT A TABLE FOR YOU.
COME SIT WITH US, BRING NEW STAFF.
WE'RE GONNA HAVE A LOT OF FUN.
I MEAN, WE'RE, WE'RE, WE'RE WAY AHEAD OF YOU, BUT I YOU ARE ABSOLUTELY CORRECT.
WE SHOULD, IT MULTIPLIES THE ED TEAM TEAM AND IT'S THE VOLUNTEER TEAM, AND ALL OF A SUDDEN YOU'RE AN ARMY OF 30 OR 40 COMPARED TO OUT SEVEN TO 10 OR WHATEVER WAY AHEAD SAYING, WE'RE NEVER LEVERAGING OUR ACCOUNT'S EVENTS NEARLY ENOUGH.
SO CAN I, I JUST WANNA MAKE COMMENT ON THAT.
SO I, I GET YOUR POINT THAT YOU'RE KNOCKING ON DOORS AND DOING ALL THAT LEGWORK AND THAT'S GREAT.
I, I DON'T THINK, I DON'T THINK WE HAVE TO WAIT UNTIL YOU ESTABLISHED ALL THOSE RELATIONSHIPS BEFORE WE DO SOMETHING.
SO I, I THINK YOU START BY, AND WE, WE FIGURE OUT WHAT'S OUR FIRST EVENT WE'RE GONNA DO AND WE START IT'S A MAILER.
WE DON'T, WE DON'T, THEY DON'T HAVE TO LOVE US YET.
[01:00:01]
WE'LL KEEP INVITING 'EM, BUT JUST KNOW IT'S GONNA TAKE A WHILE TO GET, COULD SHOW UP.
BUT IT COULD BE SOMETHING JUST LIKE THE TREE LIGHTING AND WE SAY, HEY, AS A VALUE YEAH.
ADDISON BUSINESS, WE'D LOVE TO HAVE YOU COME OUT.
WE SEE WHAT KIND OF RESPONSE WE GET AND THOSE ARE PROBABLY THE ONES WE TARGET FIRST.
IT, IT DOESN'T HAVE TO BE PERFECT FROM, FROM THE OUT THE GATE, YOU KNOW, I THINK DOING SOMETHING, INSTEAD OF WAITING UNTIL EVERYTHING I AGREE.
I THINK I'M JUST TELLING YOU, IT'S GONNA BE A SLOW RAMP UP.
IT'S NOT GONNA BE, WE CAN MAKE A HUNDRED EMAILS, MAYBE WE GET THREE, BUT WE'LL, WE'LL BUILD ON THAT.
WHAT I'VE ALREADY HEARD A COUPLE TIMES IS WE'RE SO SMALL WE CAN REACH OUT.
WE CAN PUT SOMETHING TOGETHER.
AND I REALLY DO THINK THAT MAKES A DIFFERENCE.
YOU KNOW, AM I GONNA, YOU KNOW, PLANT MY BUSINESS IN, IN ALLEN OR MCKINNEY OR ADDISON? I MEAN, YES, THERE'S DECISIONS THAT GO INTO, YOU KNOW, SPACE AND WHAT ARE THE BUILDINGS LOOK LIKE, WHERE ARE THE AMENITIES? BUT ALSO I FEEL LIKE IF YOU COULD SOMEHOW GROW YOUR BRAND TO SAY, HEY, ADDISON'S REALLY BUSINESS FRIENDLY, I THINK THAT REALLY, YOU KNOW, DOES SOMETHING A HUNDRED PERCENT.
THAT'S ONE OF THE REASONS WHY I LIKED WHEN WE HAD THE, UM, BUSINESS INCUBATOR.
I'M NOT QUITE SURE IT WORKED EXACTLY THE WAY WE WANTED IT TO, BUT, UM, I, I FEEL LIKE THAT WOULD GIVE YOU GUYS A TOOL TO POINT AND SAY, HEY, YOU NEED AN SBA LOAN, OR YOU NEED THAT, YOU KNOW, TO LOWER YOUR COST OF CAPITAL, OR, YOU KNOW, YOU, YOU NEED, YOU NEED INFORMATION ON WHATEVER.
IT WOULD'VE BEEN NICE TO POINT THEM THERE.
SO I HOPE SOMEHOW WE CAN GROW SOME SORT OF TOOLBOX AND WHETHER THAT'S RELATIONSHIPS WITH BANKERS, INSURANCE GUYS, UM, REAL ESTATE BROKERS.
THAT CONCEPT WAS REALLY GOOD WITH INCUBATOR, I THOUGHT.
AND THROUGH, UH, THROUGH THE, THROUGH THE, WHAT WAS IT CALLED? TREE AS AND TREE ADDISON TREEHOUSE.
JUST LIKE, IT GIVES YOU THE OPPORTUNITY TO LIKE, YOU KNOW, YOU'RE, YOU'RE BRINGING SOMEONE IN TO LOOK AT 50,000 SQUARE FEET AND YOU SAY, HEY, LIKE WE HAVE A BUSINESS INCUBATOR BECAUSE WE'RE SO BUSINESS FRIENDLY.
I, I THINK IT REALLY SAID A LOT.
WELL, I'M CURIOUS ON THE BACKGROUND ON THE, ON THE DECK.
SO THAT'S CLEARLY WHERE ADDISON TREEHOUSE IS.
IS THERE MORE BACKGROUND ON WHAT HAPPENED WITH, WITH THAT INITIATIVE? I KNOW THERE WAS A, A SUBSTANTIAL AMOUNT OF, UM, BUDGET TO PAYING RENT ON THAT FACILITY.
I'M, I'M JUST CURIOUS IF WE KIND OF KNOW.
YEAH, I DON'T HAVE THE DETAIL ON THAT.
I'M SURE WE HAVE SOMEBODY AROUND HERE STAFF WISE THAT HAS THAT, 'CAUSE IT WAS GOING WHEN I WAS ON THE COUNCIL, THAT WAS GOING PRETTY WELL.
AND THEN WE HAD THE PANDEMIC THING THAT CAME UP, BUT KIND OF, HE GOT, HE GOT A LITTLE QUIET BEFORE THE PANDEMIC AND THE PANDEMIC BECAUSE IT'S, I DON'T KNOW IF SOMETHING THAT DIDN'T DIDN'T, RIGHT.
I THINK THE DECK PULLED OUT OR SOMETHING.
I'M NOT GONNA TRY TO MAKE IT UP.
SO I, I'VE GOT A COMMENT AND, UH, AND THEN A QUESTION.
UM, I, I THINK IT'S AMAZING THAT YOU ALL HAVE A THREE PERSON TEAM, UH, DOING WHAT YOU'RE DOING.
I KNOW YOU'RE GETTING HELP FROM THE CHAMBER.
UM, I CAN, I CAN FEEL THE DIFFERENCE, RIGHT? WE'VE GOT, UH, THINGS ON THE COUNCIL CALENDAR.
UM, SOME OF US HAVE ALREADY VISITED, UH, SOME MADISON COMPANIES.
UM, IT JUST, YOU KNOW, I'M JUST LIKE, WOW, THIS IS INTERESTING.
'CAUSE WE'RE GETTING INVITES TO, TO GO MEET WITH, UH, WITH A DECENT, UM, OFFICE OWNER RIGHT.
SO ANYWAY, I CAN START TO, I CAN SEE THAT IN MY COUNCIL CALENDAR AND SEE THAT I CAN FEEL THAT AND, AND THAT'S GREAT.
AND SO, UH, UH, I CAN KIND OF FEEL THE MOMENTUM BUILDING.
UM, AND THEN THAT'S MY COMMENT.
THE QUESTION IS, IS, UM, ON THE, ON THIS, UH, FACADE PROGRAM, WE HAVE SOMETHING THAT POSSIBLY MIGHT BE COMING, WHICH, WHICH PROGRAM FOR THE, UH, THE FACADE? OH, YEAH.
WE, WE'VE TALKED TO A COUPLE OF GROUPS.
UM, SAME SITUATION THAT WE'RE KIND OF SEEING IS CAPITAL MARKETS ARE LOCKED UP.
YOU KNOW, INVESTMENT IS NOT HAPPENING.
BUT I THINK THE REAL STRATEGY PLAY IN HERE IS WHEN WE KIND OF LOOK AT SOME OF THESE, UH, RETAIL CENTERS, IS THAT THERE'S A REASON A LOT OF THESE, UH, RETAIL CENTERS HAVE GONE INTO DISREPAIR.
AND IT'S BECAUSE THE OWNERSHIP HAS EFFECTIVELY DOESN'T WANT TO INVEST IN THEM.
UM, AND SO I THINK THE REAL PLAY IS, WE CERTAINLY WILL CONTINUE AGGRESSIVE REACH OUT TO THEM, BUT PUTTING TOGETHER A PACKAGE AND KIND OF MARKETING THE PROGRAM, HAVING TARGET AREAS AND GOING OUT INTO THE MARKET AND BRINGING THOSE FOLKS IN TO, TO MAYBE JUST COME IN WHO WANNA MAKE AN INVESTMENT.
AND ONCE AGAIN, USING THAT LEVERAGE RATIO BECAUSE WE DON'T HAVE EVEN, YOU KNOW, ECONOMIC DEVELOPMENT FUND ASIDE, CITY FUND ASIDE.
WE DON'T, WE'RE NEVER GONNA BE ABLE TO, TO DO EVERYONE'S INVESTMENT FOR THEM.
[01:05:01]
THE IDEA IS WE NEED TO GET OUT THERE, WE NEED TO LEVERAGE THE, THE PRIVATE SECTOR AND, AND INVESTORS WHO BELIEVE IN ADDISON AND, AND GET OUT THERE AND DO THAT.SO I THINK THAT'S THE PLAY THERE.
I JUST, WE HADN'T HEARD ANYTHING ABOUT THAT LATELY AND I KNOW YOU ALL HAVE BEEN FOCUSED ON A COUPLE PARTICULAR ONES.
SO IF YOU HAD FIVE THINGS THAT, UH, THE TOWN SHOULD PROVIDE, INCLUDING STAFF AND OTHER BUDGET AND, AND THE TOOLS AND STUFF, AND YOU BROUGHT THOSE, UH, AND HAD US BE ABLE TO, UH, CONSIDER THOSE IN STRATEGIC PLANNING, I'D LIKE TO SEE THAT YEAH, WE CAN DEFINITELY DO MAKE A, MAKE A LIST OF FIVE AND WHAT THE RESULTS WILL BE.
YEAH, WE'RE, NO, I'M JUST SUGGESTING, AND I'M NOT SAYING WE CAN CERTAINLY, WE CAN CERTAINLY, UH, WE'LL, WE'LL, WE'LL BRING THOSE TO YOU, SIR.
I, I, YOU KNOW, I THINK THAT'S GREAT.
WE, WE CAN GET A LIST AND WE CAN, AND I THINK THAT'S A GREAT, AND ESPECIALLY AS WE'RE DIGGING INTO HERE ARE THE TOOLS.
I DON'T THINK THE BEGINNING OF THE PRESENTATION IS IMPORTANT TOO.
AS WE'RE GOING THROUGH THE COMPREHENSIVE PLAN PROCESS AND ALL THESE OTHER PROJECTS AS THE CIRCLE PART.
I MEAN, THOSE ARE, THOSE ARE THINGS WE HAVE TO LEVERAGE.
AND AS WE'RE, THOSE ARE ALL ECONOMIC DEVELOPMENT TOO, AND ALL THE PUBLIC COMMITTEES WE CAN DO MM-HMM.
AND SO EVEN WHEN WE LOOK AT THOSE CHARTS, THOSE CHARTS ARE RELEVANT AND THEY ARE, THEY'RE DRASTIC.
WHEN WE SEE THE OTHER, EVEN JUST THE OTHER DARK CITIES, RIGHT? WE SEE OUR, BUT OUR, OUR LACK OF, UH, OR, OR THE, THE GAP THAT WE HAVE GETTING THERE, BUT IF WE COULD HAVE THE PUBLIC AMENITIES THAT ATTRACT FAULTS, THAT IS A HUGE COMPONENT OF GETTING PEOPLE HERE AS WELL.
IT MAY BE SOMETHING FOR MARKETING OR SOMETHING LIKE THAT, THAT THAT'S REALLY A BIG DIFFERENT OR BIG
I JUST THINK THAT FROM A MARKETING PERSPECTIVE, IN MY OWN MAILBOX, I GET SO MANY MAILERS ABOUT TOWN EVENTS THAT COME IN THE MAIL.
SO IF WE COULD FOCUS ON THE ADDRESSES AND THE POTENTIAL MANAGERS OR BROKERS OR OWNERS OF THESE BUSINESSES AND DO SOMETHING AGAIN SURROUNDING A MAILER, BECAUSE WE DON'T, WE CAN'T, YOU CAN'T QUADRUPLE, YOU CAN'T, YOU CAN'T TAKE ON THREE MEETINGS A DAY WEEK.
MY POINT IS USING THE MAIL SERVICE TO POP SOMETHING AS AN INVITATION TO COME TO OUR TREE LINING WOULD BE REALLY NICE.
IT'S ALWAYS NICE TO BE INVITED TO SOMETHING.
ARE YOU GUYS TO THE POINT WHERE YOU CAN GO PROPERTY TO PROPERTY AND SAY, ALRIGHT, YOU KNOW, HERE'S WHAT WE MIGHT NEED TO GET THIS FULLY LEASED, OR YOU KNOW, HERE'S FIVE USERS WE MIGHT BE ABLE TO INTRODUCE TO THIS BROKER THAT REPRESENTS THIS BUILDING TO GET IT OCCUPIED.
DO WE, ARE WE SAYING WE HAVE FIVE USERS THAT WE COULD GO TO THE BROKER OR WHAT? UM, YEAH, LIKE I, YOU KNOW, LIKE, I GUESS LIKE WHAT I'M SAYING IS W WITH A STAFF OF THREE, YOU KNOW, DO YOU GUYS HAVE THE, THE BANDWIDTH TO SAY LIKE, I, LIKE I, I WROTE A FEW THINGS DOWN, LIKE, LIKE THE AREA, UM, LIKE BILLY MITCHELL DRIVE AND LINDBERGH, YOU KNOW, IF YOU GO UP ME, UH, MIDWAY NORTH, YOU KNOW, THERE'S JUST A TON OF INDUSTRIAL STUFF THERE, FOR EXAMPLE.
YOU KNOW, LIKE HOW WELL DO WE KNOW THAT AREA? YOU KNOW, UH, BECAUSE LIKE, JUST AS AN EXAMPLE, SOMETHING THAT CAME TO MIND IS, YOU KNOW, THERE'S THAT INFLATION REDUCTION ACT AND THEN THERE'S GRANTS FOR, YOU KNOW, BRINGING IN, UM, FIBER.
THERE'S GRANTS FOR BRINGING IN, YOU KNOW, ELECTRICITY.
I'VE GOT CUSTOMERS THAT DO CERTAIN THINGS THAT UM, UM, THEY OPERATE PIECES OF EQUIPMENT THAT REQUIRE, AND I DON'T KNOW THE NUMBERS TWO 40 VERSUS ONE SOMETHING 40.
BUT ARE YOU TALKING ABOUT POWER REQUIREMENTS? YEAH.
WE ACTUALLY HEARD, HEARD THAT TODAY THAT THAT WAS A HUGE, HUGE COST.
AND YOU KNOW, IS THERE A WAY TO KEY ON LIKE TRENDS? LIKE YOU HEAR DATA CENTERS, YOU KNOW, IS THERE A WAY YOU CAN JUST SAY, HEY, LET'S FIND SOME GRANTS AND SOME OF THOSE BUILDINGS, LET'S GO, YOU KNOW, TARGET 'EM, TALK TO THE OWNERS AND SAY, HEY, WE MIGHT BE ABLE TO GET, YOU KNOW, ENCORE TO BRING OUT MORE POWER.
OR WE MIGHT BE ABLE TO GET, YOU KNOW, GOOGLE OR AT T TO BRING OUT FIBER TO MAKE IT MORE MARKETABLE.
I MEAN, ARE, ARE WE AT THAT POINT OR IS THAT JUST WAY TOO MUCH TO ASK RIGHT NOW? YEAH, I WOULD SAY AT THIS POINT, NO, BUT CERTAINLY BUILD THAT OUT, TALKING MORE ABOUT THAT STRATEGIC PLAN AS THAT WE CAN KIND OF SEE WHICH PIECES NEED TO FALL IN PLACE AND KIND OF REALLY, YOU KNOW, PIECE, YOU KNOW, GETTING THAT PROJECT PLAN, UNDERSTANDING THAT I KNOW PARTICULARLY THE PROBLEM WITH INDUSTRIAL, ALL OF THAT, IT'S, I MEAN, IT'S A GOOD PROBLEM TO HAVE IS PRACTICALLY FULLY LEASED UP.
AND WE WENT TO, SO WE ACTUALLY JUST, BUT TWO DAYS AGO WE WENT TO THE INDUSTRIAL VERSION OF THE OFFICE EVENT THAT WE JUST WENT TO.
UM, AND EVERYTHING THAT THEY WERE TALKING ABOUT WAS THAT
[01:10:01]
THE SMALL BAY INDUSTRIAL IS IN SUCH HIGH DEMAND RIGHT NOW BECAUSE THEY'RE JUST NOT BUILDING IT.THEY'RE BUILDING THESE LARGE, UM, YOU KNOW, LARGE, MASSIVE FACILITIES AND THE TYPE OF PRODUCT THAT WE HAVE HERE IN ADDISON AND FARMER'S BRANCH AND CARROLLTON TO SOME DEGREE IS IN HUGE DEMAND BY USERS AND THEY, THEY JUST CAN'T FIND THAT TYPE OF PRODUCT.
SO I THINK IT'S A LITTLE DIFFICULT WHEN WE START LOOKING AT HOW CAN WE REDEVELOP THAT AREA, BECAUSE I THINK FROM THE TOWN'S PERSPECTIVE, WE'D LIKE TO SEE SOME OF THOSE FACILITIES KIND OF UPGRADED, BUT IT'S KIND OF REALLY HARD WHEN YOU'VE GOT A PRODUCT THAT'S GENERATING SO MUCH REVENUE.
AND, UM, BUT, BUT THOSE OTHER THINGS, LIKE THE INFRASTRUCTURE UP PIECES, THERE'S A TENANT THAT'S GONNA COME UP.
WE COULD LOOK AT THAT BECAUSE THEN WHAT WE COULD REALLY KIND OF STRATEGIZE ON, THOSE TENANTS THAT COME IN THERE IS FILTERING UP INTO, YOU KNOW, MORE, UM, LESS DISTRIBUTION, MORE HIGH TECH MANUFACTURING AND THEN OTHER AREAS THAT WE'RE STARTING TO LOOK AT LIKE WHOLESALE TRADES THAT ARE REAL BIG WINNERS FOR US.
AND I BELIEVE THAT'S ALL WE HAVE THIS EVENING.
ALRIGHT, WELL IT IS 7 51 AND WE ARE ADJOURNED FOR THANKS EVERYBODY.