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PFC: Closing of CDBG loan will trigger reimbursement for fencing and security at 9999 Technology Blvd.
Summary
Dallas PFC discussed the near‑term closing of the CDBG loan portion for the 9999 Technology Boulevard project and that, once final documents are executed, the PFC will be reimbursed for fencing, no‑trespassing signage and security expenses.
The Dallas Public Facilities Corporation on May 27 heard an update that the CDBG loan portion for the 9999 Technology Boulevard project was expected to close imminently and that the PFC would be reimbursed for security and fencing expenses after final documents are executed.
A representative identified as Mr. McDaniel told the board the CDBG portion was expected to close either that day or the following day and that the team aimed to fully execute all project documents by June. "After that, we will get reimbursed for the security and fencing and all those fences related to the project," he said.
Board members asked for a specific closing date; staff and the developer said the closing schedule depends on final reviews by debt and equity partners and on when lender and investor comments are resolved. The CDBG loan document updates reflect changes such as the current unit count, staff said.
The developer said no weekly closing calls had been held but acknowledged that regular closing calls can help move a transaction along. Summer, a staff member, proposed that staff ask the development team to begin at least periodic update calls so the PFC remains apprised of progress.
Timeline and reimbursement According to statements in the meeting, the CDBG portion is closing first. Construction financing and other loans are expected to follow; the developer described the CDBG closing as "happening today" in the excerpt and said construction loan and other financing would close later. The PFC will be reimbursed for expenses when final documentation is executed, which staff estimated would occur in mid to late June once the construction loan and other financing are complete.
No formal vote on this item was recorded in the provided transcript excerpt.
