Dallas: The Thread

[Tnexster]

Dallas Stares Down a Texas-Sized Threat of Bankruptcy

http://www.nytimes.com/2016/11/21/busin ... pe=article

[tamtagon]

What a mess! Hard to think the state will help out, it's all on the city. Is this why we cant have nice things?

[Tnexster]

Dallas Mayor Mike Rawlings sues pension system to stop DROP withdrawals

http://www.dallasnews.com/news/dallas-c ... ithdrawals

[Tucy]

In related news, Museum Tower keeps plugging away. They sold two more condos in October. Zero sales in November. Four years and counting.

[homeworld1031tx]

Dallas Mayor Mike Rawlings sues pension system to stop DROP withdrawals

http://www.dallasnews.com/news/dallas-c ... ithdrawals

They were saying on KERA in the morning that this might have backfired. It apparently significantly raised awareness of the issue and something like 170 people applied to withdraw on the day that Rawlings did this.

[Tnexster]

At what point would the city be forced to file? Is that a near-term threat or something they can just keep kicking down the road for a while?

[Tnexster]

Dallas names new city manager

http://www.bizjournals.com/dallas/news/ ... adnax.html

Most recently, he has been the city manager of Tacoma, Washington since 2012 and was previously an assistant city manager for five years in San Antonio.

The mayor announced the news Friday as the city has been looking for a replacement for A.C. Gonzalez, who is set to retire in January. Gonzalez is the highest-paid city manager in North Texas and one of the highest paid in the nation with a salary of $400,000.

[tamtagon]

All the social media and the not-DMN mainstream media I follow have been saying the this search is simply to give the faintest appearance of due diligence: that the lone candidate with Dallas City Hall experience has been pre-chosen. Just like terrible ill-fitting AC Gonzales was selected. Just saying...

[Tnexster]

Dallas' pension woes are actually worse than you think

http://www.dallasnews.com/opinion/comme ... orse-think

After employees withdrew more than $500 million from the city's Deferred Retirement Option Program, which a savings account provided to police officers and firefighters when they reach retirement eligibility, the city's Police and Fire Pension System reportedly asked for a $1.1 billion lifeline to stay afloat. Here's the problem: The city's total pension debt, or the difference between its liabilities and assets, is probably closer to $13 billion.

[Tucy]

Criminal probe of pension fund:

http://www.wsj.com/articles/dallas-mayo ... 1483134121

[Tnexster]

If Dallas doesn't move ahead with bond package in May, it's apocalypse now

http://www.dallasnews.com/opinion/comme ... alypse-now

Way back in 2006 the Dallas City Council said our streets needed to be 87 percent satisfactory. I forget why or how they settled on a B-plus -- maybe it was because they couldn't count any higher.

Ever since then our streets have been on a long, slow slide toward a failing grade, like I have to tell you. But we were warned. Way back in April 2015, when assistant city manager Mark McDaniel told the council that if the city doesn't don't do something pronto, by the time the calendar hits 2017 only 69.8 percent of Dallas' thoroughfares will be considered "satisfactory." By which I think he meant "driveable."

[Tnexster]

When Dallas disappears down a pothole, go ahead and thank your City Council

http://www.dallasnews.com/opinion/comme ... ty-council

A little before 4 on Wednesday afternoon, I was hanging out behind the City Council's briefing room at City Hall, hoping to catch some council members as they beat a retreat to their offices downstairs. The council had just done the once unimaginable, straw-voting 9-5 to postpone a long-awaited, $800 million May bond package that we were promised would mostly go toward repairing Dallas' rotten streets. So I thought I'd ask them, ya know, What the what?

Most of the council ducked into the stairwell behind the briefing room. That included Mayor Mike Rawlings, who kicked off the bond briefing by giving five reasons why the council should punt the bond program to November. Among his reasons: The "supporters who write big checks" to push bond packages "said they will not be writing those checks" this time, which was a weird thing to say, because, well, so what? We, the little people, know what we, the little people, need. The big people can go stuff their checks in a pothole.

[dukemeredith]

Almost comically unbelievable.

Almost.

[Tnexster]

The trajectory Dallas is on these days.....I would believe anything.

[The_Overdog]

There is an upside: When everyone's personal cars are destroyed by potholes the citizens will support transit projects!

[Tucy]

Museum Tower sold another three units in December 2016. I think this brings them up to 75 sold, only 40 left. 65% sold 49 months after the building opened. They continue to plug along right at the 1.5 per month pace. IF they can continue this pace of sales, they would be sold out in a little more than 26 additional months.

FWIW, the penthouse is still available.

[Cabrio330]

Museum Tower sold another three units in December 2016. I think this brings them up to 75 sold, only 40 left. 65% sold 49 months after the building opened. They continue to plug along right at the 1.5 per month pace. IF they can continue this pace of sales, they would be sold out in a little more than 26 additional months.

FWIW, the penthouse is still available.

Geez, next time don't bury the lede. I am writing an offer tonight!

[tanzoak]

Museum Tower sold another three units in December 2016. I think this brings them up to 75 sold, only 40 left. 65% sold 49 months after the building opened. They continue to plug along right at the 1.5 per month pace. IF they can continue this pace of sales, they would be sold out in a little more than 26 additional months.

FWIW, the penthouse is still available.

What on earth is the deal here? If they can't sell units in this market, then the asking price is simply too high. They've probably lost more money with the waiting than they would have if they had just cut prices by 15% or whatever.

[f4shionablecha0s]

They've probably lost more money with the waiting than they would have if they had just cut prices by 15% or whatever.

I'd bet you a hundred bucks that they have hired consultants to perform that analysis and they disagree with you.

[tanzoak]

I'd bet you a hundred bucks that they have hired consultants to perform that analysis and they disagree with you.

Hopefully the people selling the properties don't need to hire consultants for that kind of analysis!

I don't work in real estate, but I have taken a couple of RE development classes to have at least a general idea of what's important. From both industry people and pro forma work, time to exit is essential to overall rates of return for condo development, worth substantial price cuts if the alternative is your money being tied up for years while you wait for prices to rebound (or in this case, continue to increase off all-time highs).

If they're having such difficulty selling in the 2016 market, I can't imagine what would've happened if the market had stayed at 2012 levels. jfc. Given the fiasco involved at every stage of this project, it wouldn't surprise me if they were bungling this too.

[Tucy]

Museum Tower update:

They sold zero units in January. I think they are at 75 sold and holding. Averaging exactly 1.5 sales per month in the 50 months since opening. IF they can continue that pace, they would sell out in April 2019.

[Tucy]

It looks like Museum Tower sold two more units in February!

77 sold. Only 38 left. At this pace, they may sell out in April 2019 (6 years, 4 months after opening).

[Tnexster]

State lawmakers in talks over retirement age in Dallas pension fix

http://www.bizjournals.com/dallas/news/ ... j=77606441

[Tnexster]

This is a fix for the Dallas police pension we should all get behind

http://www.dallasnews.com/opinion/edito ... get-behind

[Tnexster]

Dallas police and fire pension fix moves forward in Texas House

http://www.bizjournals.com/dallas/news/ ... rward.html

[Tucy]

March 2017 Museum Tower Sales Report:

Zero units sold.

They stand at 77 sold in 52 months. 38 remaining. Plugging away at the pace of 1.48 sales per month. Now heading toward May 2019 for a projected sell-out date (IF they can maintain that pace of sales).

[Tucy]

April 2017 Museum Tower Sales Report:

One unit sold.

They stand at 78 sold in 53 months. 37 remaining. Plugging away at the pace of 1.47 sales per month. If that pace of sales can be continued, we are heading toward a June 2019 sell-out date.

[Tnexster]

It's painful to watch these sales trickle in and now they have competition from Hall.

[tanzoak]

Well this is certainly good news: https://www.nytimes.com/2017/06/01/busi ... hone-share

I especially like the part where if the first round of fixes doesn't actually fix it, then further action is taken. It's actually attempting to solve it, not just another round of labor negotiations.

[Tucy]

May 2017 Museum Tower Sales Report:

THREE units sold!

They stand at 81 sold in 54 months. 34 remaining. That brings them back up to their long-term pace of 1.5 sales per month.

[Tnexster]

Good info, I believe we have a Museum Tower thread going now. BUT, since you are so good and getting sales info I would love to know what's going on over at Blue Ciel.

[Tucy]

Good info, I believe we have a Museum Tower thread going now. BUT, since you are so good and getting sales info I would love to know what's going on over at Blue Ciel.

Yeah, I saw the new MT thread, but decided since the monthly sales reports have been posted in this thread up til now, I would keep them together (and the slow sales are very much on topic for this thread).

I have no idea about sales at Bleu Ciel. AFAIK, they have never released any information. They won't have any "sales" until the building is open for occupancy. That's when I will be able to start tracking it.

[dukemeredith]

Thought I'd start this thread to get a conversation going. Still being relatively new, I'm interested to see how this process goes.

https://www.dallasnews.com/news/dallas- ... idea-spend

[tamtagon]

https://www.dallasnews.com/news/dallas- ... 1b-instead

City Manager T.C. Broadnax told council members they needed to give a clear direction "other than you don't like what we've presented."

I think most of the regular columnists around town have written favorably of actions from new city manager.

A quote like that^ is refreshing, and seems to indicate an actual shift in how the city manager will operate. Finally. I guess in Dallas only(!) 25 years is necessary to figure out how to staff appropriately, since court litigation established the 14-1 structure of municipal governance. While council members will always have a touch of public-private resume building and deal making, I'm calling this the first time Dallas since just before the turn of the century city hall has a majority of decision makers who are bound to improving the city.

[tamtagon]

Is it safe to say the shock & awe of bankruptcy is no longer a threat to the city of Dallas?

I only followed the headlines as State of Texas workers crafted legislation to make sure cities in Texas don't negotiate away the cost of basic services... and I don't know what all they figured out, just that the headlines stopped the bankruptcy red-alert.

Just makes me think the time is near when State Workers cannot shift and duck financial responsibility much longer. That particular gang of task holders have become adept at sloughing-off state level duties onto cities and counties, under the rally of fighting for property right, fighting against Californication, fighting against sexual immorality and fighting for school choice... etc. whatever anyway

The pension fund for Police and Firemen, that's okay now, right?

[tamtagon]

I've been thinking about merging all the city hall threads....

this one about the city manager,
there's one about Dallas bankruptcy threat,
one about the 2017 bond election....
all different topics, but maybe the should be in one thread? probably others appropriate to this line of thinking, is that good bad or whatever?

[Tnexster]

Yes, collapse them all into one. The bankruptcy issue has been fixed, at least for the time being.

[tamtagon]

merged
now, how to change the title...?

[Tnexster]

merged
now, how to change the title...?

I did it, can rename it again if needed.

[Tivo_Kenevil]

City Commission Votes No to a So-Called 'Midnight Curfew' for Bars, Retail


http://www.dallasobserver.com/restauran ... ts-9922996

By far the most business un-friendly idea thats been proposed in a long time by this city.Glad to see this die.

[itsjrd1964]

How Dallas got its name? Still a mystery....

https://www.dallasnews.com/news/dallas/ ... y-actually

[lakewoodhobo]

https://www.dallasnews.com/news/crime/2 ... adquarters

The tragic shooting of Botham Shem Jean by a DPD officer who thought she was entering her own apartment is incomprehensible. One thing I can't stop thinking about is that this took place at the South Side Flats apartments.

Rents there start at about $1300/mo, so I'm not sure how a DPD officer making around $60,000 - but likely less - can afford to live there. Of course, she could be in a dual-income household.

Is the building still owned by the Police and Fire Pension system? I wonder if they give discounted rent to first responders and if the victim's family can then hold the owner responsible. This will be a very costly lawsuit regardless.

[tamtagon]

^This story was broadcast at noon on the Atlanta News Station I watch. Weird

[muncien]

Typically, DPD gets a pretty good discount at these downtown apartments. I knew many officers living in the Dallas Power & Light building way back when I lived there, and I want to say it was close to 30%. More than a few times, having them in the building was EXTREMELY helpful. I remember once in particular when a car tried to run down someone crossing Commerce, and then had the nerve to jump out and attack that person just for slowing them down... Luckily, we had an off duty officer that was able to 'dissuade' the attack and get them arrested.

But this event at South Side is almost unfathomable... I have accidentally grabbed the door handle of a neighbor by accident before, and I know other who have... but to take it as far as shooting someone without being 99.9% sure is beyond comprehension.

[Tivo_Kenevil]

This is ridiculous. How do you mistake someone else's apartment for your own?

Sure the units may look similar.. but the probability you have the same decor, the same furniture etc is so unlikely..that it doesn't even make sense..

Damn turn on the lights when walking in or look at the apartment number on the DOOR!... Geezus

What's even more ridiculous is that it was 10 pm. This guy was probably just chilling minding his own business in his own apartment ready to go to bed...

Most cops are good people. But there are incompetent ones..this is exhibit A.

She will likely get convicted for this.

[lakewoodhobo]

It sounds like she didn't walk into the apartment. She kept trying to use her key and when the victim opened the door, she shot him in the hallway.

The fact that her key or fob or whatever wasn't working should've been her first clue that she was trying the wrong door, which apparently was in a different floor altogether. Which brings up another issue because a lot of these newer buildings have controlled access with a fob that'll only let you into your level. So many unanswered questions.

EDIT: Now it looks like she did enter the apartment because it was unlocked.

[Tivo_Kenevil]

^
That takes a lot of effort to get lost like that...

Edit:I just read elsewhere theyre testing for Drugs and Alcohol in the shooter... What a Shame if the results are positive.

[lakewoodhobo]

With more facts coming to light in this case, it looks like the door to the apartment was unlocked and anyone could've entered Mr. Jean's apartment that night. However, this building has several controlled access points, enough that a resident had to walk the first responders through a couple of gates with their fob.

If I lived in one of these buildings I would demand that the owner program the fobs so that residents can only access their assigned floor whether from the elevator or the garage. This would've prevented the officer from gaining access to the wrong floor and Mr. Jean would still be alive today.

[Hannibal Lecter]

^ The "door was unlocked" narrative seems somewhat fishy, as multiple neighbors report hearing banging and someone yelling "open up".

[Tivo_Kenevil]

^ The "door was unlocked" narrative seems somewhat fishy, as multiple neighbors report hearing banging and someone yelling "open up".

Yeah I read that as well. Doesn't make sense.

Even if the door was unlocked... How dumb do you have to be to not recognizee that the apartment you're in isn't yours.. What was her reasoning ...the robbers broke in, took my stuff and refurnished it?

I'm glad they took blood samples from her. I wouldn't be surprised if she was under the influence. She ended up on the wrong floor and wrong apartment.