Frazier Revitalization Inc.

“Description of relationship: hoblitzelle foundation guarantees a portion of a note payable for fri. The president and ceo, and the treasurer of hoblitzelle foundation are both on frazier's board. The board loan was repaid in 2014.”

“The board meets periodically to review financial statements and to provide guidance and governance for fri.”

“Process used by management or governing body to review form 990: a draft of form 990 is emailed to all board members for their review. The final version will be provided to each board member prior to filing.”

“Description of process to monitor transaction for conflicts of interest: a questionnaire is provided to each board member to determine conflicts of interest. Each board member fills out and returns questionnaire. The officer will evaluate for potential or stated conflicts, and they are disclosed in the financial statement and form 990. If a conflict is found to exist, the person or persons to which the conflict applies are prohibited from voting on any matters to which conflict relates by the board.”

“Officers & positions fri annual budget is approved by the board. Part of the annual budget is the salary of the president/ceo.”

“Conflict of interst policy and financial statements to general public: fri porovides the conflict of interest policy, financial statements and governing documents upon request.”

“The organization continued to strategically assemble land in accordance with the comprehensive revitalization plan adopted by the city of dallas. Fri, continues to work toward a planned development at the corner of hatcher (now elsie faye heggins) and scyene to be the catalyst transit oriented development (tod) as prescribed in the comprehensive revitalization plan of the city and community, and tod study also adopted by the city. 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 $11.7 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, is a qualified active low-income community business. The organization also continues its community outreach as part of the overall comprehensive redevelopment plan. In 2014 the organization branded the initiative as partners in progress, and laid a platform for an out of school time network of provider organizations, to provide quality out of school time programming to youth in the frazier neighborhoods.”

“Other adjustments 308,632.”

“When the nmtc financing closed fri was repaid for items that were previously expensed, ie interest, taxes( basicaly cost of carrying the land prior to it being put in development).”