Frazier Revitalization Inc

ECONOMIC, CULTURAL DEVELOPMENT, AND REVITALIZATION OF THE SOUTH DALLAS FAIR PARK AREA.

FRAZIER REVITALIZATION (THE ORGANIZATION) CONTINUES TO WORK WITHIN THE FRAMEWORK AND IN ACCORDANCE WITH THE COMPREHENSIVE REVITALIZATION PLAN ADOPTED BY THE CITY OF DALLAS. THE ORGANIZATION CONTINUES TO WORK TOWARD A PLANNED DEVELOPMENT AT THE CORNER OF ELSIE FAYE HEGGINS (FORMERLY HATCHER) AND SCYENE TO BE THE CATALYST TRANSIT-ORIENTED DEVELOPMENT (TOD) AS PRESCRIBED IN THE COMPREHENSIVE REVITALIZATION PLAN OF THE CITY, COMMUNITY AND THE TOD STUDY (ALSO ADOPTED BY THE CITY OF DALLAS). A 44,378 SQUARE FOOT CLINIC WAS COMPLETED AND LEASED TO PARKLAND HEALTH, OPENING IN 2015 AS A COMMUNITY ORIENTED PRIMARY CARE CLINIC. THE PROJECT WAS FINANCED UTILIZING THE NEW MARKETS TAX CREDIT PROGRAM. PHASE 2 OF THE DEVELOPMENT INCLUDES A 4,340 SQUARE FOOT CLINIC THAT WAS CONSTRUCTED BY A WHOLLY OWNED SUBSIDIARY OF THE ORGANIZATION, AND ONCE IT WAS COMPLETED IT WAS DONATED TO TEXAS A&M UNIVERSITY SYSTEM IN 2021, SPECIFICALLY THE SCHOOL OF DENTISTRY, FOR THEIR USE AS A DENTAL CLINIC. THE 8 CHAIR STATE OF THE ART CLINIC WAS COMPLETED IN THE FALL OF 2020, DONATED TO TEXAS A&M UNIVERSITY SYSTEM IN MARCH 2021 AND OPENED IN APRIL 2021.IN 2021, FRAZIER REVITALIZATION LAUNCHED A HOME IMPROVEMENT PROGRAM TO ADDRESS THE DETERIORATING HOUSING STOCK IN THE NEIGHBORHOOD. THE PILOT PROGRAM WILL ADDRESS UP TO 10 OWNER OCCUPIED RESIDENCES, SECURING AND/OR SPURRING WEALTH CREATION, IN ADDITION TO ADDRESSING THE RESIDENTS' PRIORITIES. FRAZIER REVITALIZATION FUNCTIONS AS A QUARTERBACK ORGANIZATION BRIDGING THE NEIGHBORHOOD RESIDENTS AND INSTITUTIONAL AND CITY-WIDE ORGANIZATIONS WITH A TRAUMA INFORMED APPROACH. THIS APPROACH WORKS EXCEPTIONALLY WELL WITH THE OUT OF SCHOOL TIME PROVIDER ORGANIZATIONS IN THE NEIGHBORHOOD PREPARING THEM TO OFFER MORE QUALITY PROGRAMMING, AND WITH THE MEDICAL PROVIDERS IN THE NEIGHBORHOOD BETTER CONNECTING THEM WITH THE MICRO NEIGHBORHOODS WITHIN THE FRAZIER AREA.IN AUGUST 2014, THE DALLAS DEVELOPMENT FUND (DDF) AWARDED A $15,000,000 NEW MARKETS TAX CREDIT (NMTC) ALLOCATION TO THE ORGANIZATION FOR THE CONSTRUCTION OF AN APPROXIMATELY 44,000 SQUARE FOOT MEDICAL FACILITY IN THE FRAZIER AREA. THE TRANSACTION CLOSED IN AUGUST 2014, WITH THE DDF AND JPMORGAN CHASE, N.A. (CHASE). AS THE NMTC EQUITY INVESTOR, CHASE PROVIDED APPROXIMATELY $4.89 MILLION IN NMTC EQUITY. CHASE PROVIDED A $11.7MM TERM LOAN (SENIOR LOAN) TO THE ORGANIZATION, PART OF WHICH WAS USED TO FUND A $10.45 MILLION "LEVERAGE LOAN" FROM THE ORGANIZATION TO CHASE INVESTMENT FUND (CIF), A SPECIAL PURPOSE INVESTMENT FUND ENTITY. CHASE IS RESPONSIBLE FOR THE MANAGEMENT OF CIF. THE NMTC EQUITY AND LEVERAGE LOAN WAS COMBINED TO CAPITALIZE THE CIF, WHICH IN TURN MADE A QUALIFIED EQUITY INVESTMENT (QEI) OF $15 MILLION INTO A SUBSIDIARY OF DDF (SUB-CDE). DDF, THROUGH THE AFOREMENTIONED SUB-CDE, MADE TWO QUALIFIED LOW INCOME COMMUNITY INVESTMENT (QLICI) LOANS TO AN AFFILIATE OF THE ORGANIZATION. THE AFFILIATE OF THE ORGANIZATION, HATCHER AT SCYENE TITLE HOLDING COMPANY (HSTHC), IS A QUALIFIED ACTIVE LOW INCOME COMMUNITY BUSINESS. CONSTRUCTION OF THE FACILITY WAS COMPLETED IN APRIL 2015 AND OPENED IN MAY 2015.IN AUGUST 2021, IN ACCORDANCE WITH NMTC REGULATIONS, THE COMPLIANCE PERIOD FOR THE INVESTMENT MADE BY THE SUB-CDE TO HSTHC ENDED. THE NMTC TRANSACTIONS WERE TERMINATED, AND INTERESTS WERE REALIGNED AS FOLLOWS: CIF TRANSFERRED 100% OF ITS MEMBER INTEREST TO CHASE NMTC HATCHER STATION INVESTMENT FUND, LLC, OWNED BY THE ORGANIZATION; DDF ASSIGNED THE QLICI LOANS TO CHASE MNTC HATCHER STATION INVESTMENT FUND, LLC IN CONSIDERATION OF ITS MEMBER INTEREST IN DDF; BEING THE ONLY OWNER, THE ORGANIZATION DISSOLVED THE CHASE NMTC HATCHER STATION INVESTMENT FUND, LLC.IN ACCORDANCE WITH A PROVISION IN THE SUB-LEASE BETWEEN PARKLAND HEALTH AND THE ORGANIZATION, THE TENANT, PARKLAND HEALTH, EXERCISED THEIR RIGHT TO PURCHASE THE FACILITY AFTER THE END OF THE SEVEN YEAR NMTC TAX COMPLIANCE PERIOD. IN OCTOBER 2021, HSTHC SOLD THE MEDICAL FACILITY TO PARKLAND HEALTH FOR $22.8 MILLION, TERMINATED THE SUB-LEASE, AND THE ORGANIZATION TERMINATED THE PRIMARY LEASE WITH HSTHC; HSTHC REPAID QLICI LOAN A TO THE ORGANIZATION; THE ORGANIZATION FORGAVE QLICI LOAN B, AND REPAID THE CHASE SENIOR LOAN. THE TRANSACTION RESULTED IN A GAIN OF APPROXIMATELY $8.2 MILLION FOR HSTHC.FROM AN ANONYMOUS GRANT IN 2019, THE ORGANIZATION CONSTRUCTED A 4,320 SQUARE FOOT DENTAL CLINIC USED BY THE TEXAS A&M SYSTEM, SPECIFICALLY THE SCHOOL OF DENTISTRY. FRI HS GP, LLC, A WHOLLY OWNED SUBSIDIARY OF THE ORGANIZATION PURCHASED THE LAND FROM THE ORGANIZATION FOR THE SITE, CONSTRUCTION BEGAN IN 2020 AND WAS COMPLETED IN THE FALL OF 2020. THE LAND AND FACILITY WAS DEEDED TO TEXAS A&M SYSTEM IN 2021, AND THE CLINIC WAS OPENED IN APRIL 2021.THE ORGANIZATION ALSO CONTINUES ITS COMMUNITY OUTREACH AS PART OF THE OVERALL COMPREHENSIVE REDEVELOPMENT PLAN. THE ORGANIZATION HAS A PLATFORM FOR AN OUT OF SCHOOL TIME NETWORK OF PROVIDER ORGANIZATIONS, TO OFFER QUALITY OUT OF SCHOOL TIME PROGRAMMING TO YOUTH IN THE FRAZIER NEIGHBORHOODS. THE ORGANIZATION'S AFTERSCHOOL PROGRAM HAS AN ENROLLMENT OF 50 STUDENTS YEAR ROUND SERVING GRADES K-8, WITH A PARTICULAR FOCUS ON PROGRAM BASED LEARNING AND SOCIAL AND EMOTIONAL LEARNING.