2024-04-11T08:06:09-05:00 2023-09-30 221478099 COHNREZNICK LLP 500 EAST PRATT STREET 4TH FLOOR BALTIMORE MD 21202 990 2022-10-01 264342371 DALLAS DEVELOPMENT FUND DALL 2146701222 1500 MARILLA STREET 6DN DALLAS TX 752013618 HEATHER LEPESKA SECRETARY 2146701222 2024-04-10 1 HEATHER LEPESKA 756000508 1 PHILIP H CORNBLATT CPA P00252478 4107834900 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z X GILBERT GERST 1500 MARILLA STREET DALLAS TX 752013618 602871 0 X HTTP://WWW.DALLAS-ECODEV.ORG/ X 2009 TX AIDING, ASSISTING, & ACTING ON BEHALF OF THE CITY OF DALLAS, TEXAS IN THE PERFORMANCE OF ITS GOVERNMENTAL FUNCTIONS TO PROMOTE THE COMMON GOOD AND GENERAL WELFARE OF THE CITY. 6 6 0 0 0 0 0 0 381500 597846 5016 5025 43060 0 429576 602871 0 0 0 0 0 0 0 0 0 867494 569090 867494 569090 -437918 33781 5780682 5575362 1162688 923587 4617994 4651775 X THE DALLAS DEVELOPMENT FUND IS ORGANIZED FOR THE PURPOSE OF AIDING, ASSISTING, AND ACTING ON BEHALF OF THE CITY OF DALLAS, TEXAS IN THE THE PERFORMANCE OF ITS GOVERNMENTAL FUNCTIONS TO PROMOTE THE COMMON GOOD AND GENERAL WELFARE OF THE CITY, INCLUDING, WITHOUT LIMITIATION, FOR THE BENEFIT OF, AND TO ASSIST IN CARRYING OUT THE ECONOMIC DEVELOPMENT PROGRAM AND OBJECTIVES OF THE CITY BY GENERATING PRIVATE INVESTMENT CAPITAL THROUGH THE NEW MARKETS TAX CREDIT PROGRAM TO BE MADE AVAILABLE FOR INVESTMENT IN LOW-INCOME COMMUNITIES. 0 0 227845 597846 SEE SCHEDULE OTO ASSIST IN CARRYING OUT THE ECONOMIC DEVELOPMENT PROGRAM AND OBJECTIVES OF THE CITY OF DALLAS, TEXAS BY GENERATING PRIVATE INVESTMENT CAPITAL THROUGH THE NEW MARKETS TAX CREDIT PROGRAM TO BE MADE AVAILABLE FOR INVESTMENT IN LOW-INCOME COMMUNITIES. THE ORGANIZATION HAS RECEIVED $240 MILLION OF NEW MARKETS TAX CREDIT ALLOCATION TO DATE. THIS RESOURCE IS BEING USED TO PROVIDE CAPITAL TO JOB-GENERATING ECONOMIC DEVELOPMENT PROJECTS WITHIN THE ECONOMICALLY DISTRESSED AREAS OF DALLAS, PARTICULARLY IN SOUTHERN DALLAS. THESE STRATEGIES COMPLEMENT EXISTING CITY EFFORTS TO COMBAT UNEVEN DEVELOPMENT PATTERNS THAT HAVE HISTORICALLY CONCENTRATED NEW COMMERCIAL ACTIVITIY IN NORTH DALLAS, AND TO USE TRANSIT-ORIENTED DEVELOPMENT PRINCIPLES TO CREATE ACCESSIBLE URBAN VILLAGE CENTERS IN DISINVESTED NEIGHBORHOODS. DDF'S FINANCING PRODUCTS FEATURE SUCH ATTRIBUTES AS BELOW-MARKET INTEREST RATES, HIGHER THAN TYPICAL LOAN-TO-VALUE RATIOS, AND/OR PROVISION OF EQUITY. TO DATE, DDF HAS CLOSED $191 MILLION IN NMTC FINANCING AS OF 9/30/2023. 227845 1 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 X 6 6 0 0 0 0 0 1 0 1 0 0 0 1 1 1 1 0 0 0 0 0 X GILBERT GERST 2146701222 1500 MARILLA ST ROOM 6DN DALLAS TX 752013618 DREXELL OWUSU DIRECTOR AND TREASURER 0.50 X X 0 0 0 DORA ZAPATA DIRECTOR 0.50 X 0 0 0 EDWARD OKPA DIRECTOR 0.50 X 0 0 0 GILBERT GERST PRESIDENT AND DIRECTOR 1.00 X X 0 0 0 NADIA SALIBI DIRECTOR AND VICE PRESIDENT 0.50 X X 0 0 0 SHERIDAN NIXON DIRECTOR 0.50 X 0 0 0 HEATHER LEPESKA SECRETARY 16.00 24.00 X 0 143904 9505 0 143904 9505 0 0 0 0 SB FRIEDMAN & COMPANY 221 NORTH LASALLE STREET SUITE 820 CHICAGO IL 60601 CONSULTING 229958 1 MANAGEMENT FEE INCOME 523940 329948 329948 SUBALLOCATION FEE 525990 240000 240000 NMTC REIMBURSEMENT INC 525990 27160 27160 INCOME FROM INVESTMENT 525990 738 738 597846 5025 5025 602871 597846 0 5025 X 74230 74230 229958 229958 34083 34083 LOAN LOSS PROVISION 98876 98876 LOAN FORGIVENESS 68969 68969 CITY OF DALLAS SERVICES 60000 60000 BANK FEES 1622 1622 1352 1352 569090 227845 341245 0 3860111 4090805 533 533 24816 24385 1895222 1459639 5780682 5575362 45430 148203 37500 37500 1079758 737884 1162688 923587 X 4617994 4651775 4617994 4651775 5780682 5575362 33781 0 X X 1 X 1 X 1 0 X X 1 CITY OF DALLAS 756000508 6 1 0 0 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 ASSET MGMT FEE RECEIVABLE 221800 INVESTMENT IN LLCS 7712 NOTES RECEIVABLE 480127 EQUITY EQUIVALENT FINANCING 750000 1459639 UNEARNED REVENUE 54933 DUE TO AFFILIATE 657951 ALLOCATION AND RESERVE 25000 737884 X PART X, LINE 2: THE COMPANY IS EXEMPT FROM FEDERAL INCOME TAXES, EXCEPT FOR UNRELATED INCOME, IF ANY, UNDER THE PROVISIONS OF SECTION 501(C)(3) OF THE IRC. FOR THE YEARS ENDED SEPTEMBER 30, 2023 AND 2022, THE COMPANY DID NOT HAVE ANY UNRELATED BUSINESS INCOME. ACCORDINGLY, NO PROVISION FOR INCOME TAXES HAS BEEN INCLUDED IN THE ACCOMPANYING CONSOLIDATED FINANCIAL STATEMENTS. DALLAS DEVELOPMENT FUND MANAGEMENT LLC, DDF ECHO, LLC, DDF FOXTROT, LLC, DDF GOLF, LLC, DDF HOTEL, LLC, DDF INDIA, LLC, AND DDF JULIET, LLC HAVE ELECTED TO BE TREATED AS PASS-THROUGH ENTITIES FOR INCOME TAX PURPOSES AND, AS SUCH, ARE NOT SUBJECT TO INCOME TAXES. THEIR FEDERAL TAX STATUS AS PASS-THROUGH ENTITIES IS BASED ON THEIR LEGAL STATUS AS LIMITED LIABILITY COMPANIES. ACCORDINGLY, THESE SUBSIDIARIES ARE NOT REQUIRED TO TAKE ANY TAX POSITIONS IN ORDER TO QUALIFY AS PASSTHROUGH ENTITIES. AS WHOLLY-OWNED SUBSIDIARIES OF THE COMPANY, DALLAS DEVELOPMENT FUND MANAGEMENT LLC, DDF ECHO, LLC, DDF FOXTROT, LLC, DDF GOLF, LLC, DDF HOTEL, LLC, DDF INDIA, LLC, AND DDF JULIET, LLC ARE DISREGARDED FOR INCOME TAX PURPOSES. EFFECTIVE OCTOBER 1, 2013, DALLAS DEVELOPMENT FUND HOLDINGS, LLC ELECTED TO BE TREATED AS A C-CORPORATION FOR INCOME TAX PURPOSES AND THUS ACCOUNTS FOR INCOME TAXES IN ACCORDANCE WITH THE LIABILITY METHOD AS REQUIRED UNDER GUIDANCE FROM THE FASB ON ACCOUNTING FOR INCOME TAXES AS INTERPRETED BY CLARIFYING GUIDANCE ISSUED BY THE FASB. UNDER THE LIABILITY METHOD, TAX RATES ARE APPLIED TO CUMULATIVE TEMPORARY DIFFERENCES BASED ON HOW THEY ARE EXPECTED TO AFFECT THE TAX RETURN. DEFERRED TAX ASSETS AND LIABILITIES ARE ADJUSTED FOR TAX RATE CHANGES. UNDER THE GUIDANCE, INCOME TAX BENEFITS ARE RECOGNIZED AND MEASURED BASED UPON A TWO-STEP MODEL: 1) A TAX POSITION MUST BE MORE LIKELY THAN NOT TO BE SUSTAINED BASED SOLELY ON ITS TECHNICAL MERITS IN ORDER TO BE RECOGNIZED, AND 2) THE BENEFIT IS MEASURED AS THE LARGEST DOLLAR AMOUNT OF THAT POSITION THAT IS MORE LIKELY THAN NOT TO BE SUSTAINED UPON SETTLEMENT. THE DIFFERENCE BETWEEN THE BENEFIT RECOGNIZED FOR A POSITION IN ACCORDANCE WITH THIS MODEL FOR FINANCIAL STATEMENTS AND THE TAX BENEFIT CLAIMED ON A TAX RETURN IS REFERRED TO AS AN UNRECOGNIZED TAX BENEFIT. DALLAS DEVELOPMENT FUND HOLDINGS, LLC ACCRUES INCOME TAX-RELATED INTEREST AND PENALTIES, IF APPLICABLE, WITHIN PROVISION FOR INCOME TAXES. NO DEFERRED TAX ASSETS, INCLUDING NET OPERATING LOSS CARRYFORWARDS, OR LIABILITIES HAVE BEEN RECOGNIZED AS DALLAS DEVELOPMENT FUND HOLDINGS, LLC DOES NOT HAVE FUTURE TAX CONSEQUENCES ATTRIBUTABLE TO DIFFERENCES BETWEEN THE FINANCIAL STATEMENT CARRYING AMOUNT OF EXISTING ASSETS AND LIABILITIES AND THEIR RESPECTIVE TAX BASES. NO PROVISION FOR INCOME TAXES HAS BEEN RECOGNIZED FOR THE YEARS ENDED SEPTEMBER 30, 2023 AND 2022, AS DALLAS DEVELOPMENT FUND HOLDINGS, LLC DOES NOT HAVE ANY ACTIVITY. DALLAS DEVELOPMENT FUND HOLDINGS, LLC HAS NOT TAKEN ANY TAX POSITIONS THAT WOULD CREATE UNRECOGNIZED TAX BENEFITS. FOR INCOME TAX PURPOSES, THE COMPANY AND SUBSIDIARIES REPORT ON A SEPTEMBER 30TH FISCAL YEAREND BASIS. INCOME TAX RETURNS FILED BY THE COMPANY AND SUBSIDIARIES ARE SUBJECT TO EXAMINATION BY THE INTERNAL REVENUE SERVICE FOR A PERIOD OF THREE YEARS. WHILE NO INCOME TAX RETURNS ARE CURRENTLY BEING EXAMINED BY THE INTERNAL REVENUE SERVICE, TAX YEARS SINCE 2020 REMAIN OPEN. FORM 990, PART VI, SECTION A, LINE 7A THE CITY MANAGER FOR THE CITY OF DALLAS HAS THE AUTHORITY TO APPOINT THE CLASS I MEMBERS OF THE GOVERNING BOARD AND CITY COUNCIL MUST CONFIRM THE MEMBERS. CLASS II MEMBERS ARE ELECTED BY THE BOARD. FORM 990, PART VI, SECTION A, LINE 8B NOT APPLICABLE FORM 990, PART VI, SECTION B, LINE 11B SB FRIEDMAN, CONSULTANTS TO DDF, WILL REVIEW FORM 990 AFTER IT IS PREPARED BY COHNREZNICK. THEN, HEATHER LEPESKA AT THE CITY OF DALLAS WILL REVIEW THE FORM 990 BEFORE FILING. FINALLY, THE FORM WILL BE PROVIDED TO DDF'S PRESIDENT, GILBERT GERST, FOR HIS REIVEW AND FINAL APPROVAL BEFORE EXECUTION AND FILING. FORM 990, PART VI, SECTION B, LINE 12C THE ORGANIZATION'S GOVERNING BOARD REVIEWS THE CONFLICT OF INTEREST POLICY ANNUAL WITH ATTORNEYS FROM THE CITY OF DALLAS. BOARD MEMBERS MAKE A CONCERTED EFFORT TO REVIEW PIPELINE PROJECTS PRIOR TO MEETINGS TO AVOID POTENTIAL CONFLICTS OR APPEARANCES OF IMPROPRIETY. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATIONS DOCUMENTS ARE AVAILABLE TO THE PUBLIC DURING REGULAR BUSINESS HOURS. FORM 990, PART IX, LINE 11G REAL ESTATE & DEVELOP CONSULT: PROGRAM SERVICE EXPENSES 0. MANAGEMENT AND GENERAL EXPENSES 229,958. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 229,958. FORM 990, PART XII LINE 2A SAME AS PREVIOUS YEAR FORM 990, PART XII LINE 2C THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR. DALLAS DEVELOPMENT FUND MANAGEMENT LLC 1500 MARILLA ST RM 5CS DALLAS TX 752013618 271813725 MANAGEMENT TX 310287 3558136 DDF DDF WILLIAM LLC 1500 MARILLA ST RM 5CS DALLAS TX 752013618 842933513 INACTIVE TX DDF DDF XRAY LLC 1500 MARILLA ST RM 5CS DALLAS TX 752013618 842952550 INACTIVE TX DDF DDF YANKEE LLC 1500 MARILLA ST RM 5CS DALLAS TX 752013618 842968887 INACTIVE TX DDF DDF ECHO LLC 1500 MARILLA ST RM 5CS DALLAS TX 752013618 271816846 ECONOMIC DEVELOP TX DDF CITY OF DALLAS 1500 MARILLA ST DALLAS TX 752013618 756000508 GOVERNMENT TX 501(C)(3) LINE 6 N/A 0 DDF MIKE LLC 1500 MARILLA ST RM 5CS DALLAS TX 752013618 364832553 ECONOMIC DEVELOP TX DDF RELATED 2 2343 0 1 0.00010 DDF NOVEMBER LLC 1500 MARILLA ST RM 5CS DALLAS TX 752013618 320489568 ECONOMIC DEVELOP TX DDF RELATED 5 4298 0 1 0.00010 DDF OSCAR LLC 1500 MARILLA ST RM 5CS DALLAS TX 752013618 371816571 ECONOMIC DEVELOP TX DDF RELATED 3 693 0 1 0.00010 DDF QUEBEC LLC 1500 MARILLA ST RM 5CS DALLAS TX 752013618 831614413 ECONOMIC DEVELOP TX DDF RELATED 2 545 0 1 0.00010 DDF ROMEO LLC 1500 MARILLA ST RM 5CS DALLAS TX 752013618 831630942 ECONOMIC DEVELOP TX DDF RELATED 1 349 0 1 0.00010 DDF PAPA LLC 1500 MARILLA ST RM 5CS DALLAS TX 752013618 831598396 ECONOMIC DEVELOP TX DDF RELATED 3 994 0 1 0.00010 DDF SIERRA LLC 1500 MARILLA ST RM 5CS DALLAS TX 752013618 831649687 ECONOMIC DEVELOP TX DDF RELATED 8 18497 0 1 0.00010 DDF TANGO LLC 1500 MARILLA ST RM 5CS DALLAS TX 752013618 831657742 ECONOMIC DEVELOP TX DDF RELATED 2 696 0 1 0.00010 DDF INDIA LLC 1500 MARILLA ST RM 5CS DALLAS TX 752013618 800952877 ECONOMIC DEVELOP TX DDF RELATED 1 3120 0 1 0.00010 DDF JULIET LLC 1500 MARILLA ST RM 5CS DALLAS TX 752013618 800954688 ECONOMIC DEVELOP TX DDF RELATED 3 2535 0 1 0.00010 DDF KILO LLC 1500 MARILLA ST RM 5CS DALLAS TX 752013618 811548014 ECONOMIC DEVELOP TX DDF RELATED 2 595 0 1 0.00010 DDF LIMA LLC 1500 MARILLA ST RM 5CS DALLAS TX 752013618 322556870 ECONOMIC DEVELOP TX DDF RELATED 3 690 0 1 0.00010 DDF GOLF LLC 1500 MARILLA ST RM 5CS DALLAS TX 752013618 901022326 ECONOMIC DEVELOP TX DDF RELATED 671 0 1 0.00010 DDF HOTEL LLC 1500 MARILLA ST RM 5CS DALLAS TX 752013618 800956090 ECONOMIC DEVELOP TX DDF RELATED 5 4487 0 1 0.00010 DDF UNIFORM LLC 1500 MARILLA ST RM 5CS DALLAS TX 752013618 842894352 ECONOMIC DEVELOP TX DDF RELATED 3 848 0 1 0.00010 DDF VICTOR LLC 1500 MARILLA ST RM 5CS DALLAS TX 752013618 842900493 ECONOMIC DEVELOP TX DDF RELATED 0 1 0.00010 DALLAS DEVELOPMENT FUND HOLDINGS LLC 1500 MARILLA ST RM 5CS DALLAS TX 752013618 271815600 HOLDING COMPANY TX DDF C 1.00000 0 0 1 0 0 0 0 0 0 0 0 0 1 0 1 1 0 0 0 1 DDF HOTEL LLC L 33206 CASH DDF INDIA LLC L 20300 CASH DDF JULIET LLC L 17442 CASH DDF KILO LLC L 21000 CASH DDF LIMA LLC L 24500 CASH DDF MIKE LLC L 21000 CASH DDF NOVEMBER LLC L 38500 CASH DDF OSCAR LLC L 24500 CASH DDF PAPA LLC L 35000 CASH DDF QUEBEC LLC L 19250 CASH DDF ROMEO LLC L 12250 CASH DDF SIERRA LLC L 8750 CASH DDF TANGO LLC L 24500 CASH DDF UNIFORM L 29750 CASH ALL SUBALLOCATEES S 37 MM DISTRIBUTIONS INCOME PAID TO M