Heights - River Oaks - Montrose Edition | July 2024

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Heights River Oaks

Montrose Edition VOLUME 6, ISSUE 4 JULY 9AUG. 7, 2024

2024 Home Edition

Designed for connection

Uniti Montrose opened Houston’s rst coliving unit in June.

RENDERING COURTESY UNITI MONTROSE New communal housing options encourage community in Houston real estate market

facilities. In a November 2020 report by Cushman and Wakeeld, a global real estate company, ocials attributed the launch of coliving projects in Houston to an increased cost of living and lack of inventory.

cohousing development, will open in September in the east end. Communal living, according to the Cambridge Dictionary, is a housing arrangement where indi- viduals or families often share common spaces and

BY CASSANDRA JENKINS

Houston is beginning to see the opening of some of the rst communal living projects within the city. Uniti Montrose, a coliving multifamily complex, opened in Montrose in June. CoHousing Houston, a

CONTINUED ON 10

Also in this issue

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INSIDE

Impacts: Piano bar coming to North Montrose (Page 4)

Education: Houston ISD adopts budget for 202425 school year (Page 15)

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THE HEIGHTS

MEMORIAL

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HEIGHTS RIVER OAKS MONTROSE EDITION

W. 34TH ST.

Impacts

W. 25TH ST.

290

610

20TH ST.

• Opened June 3 • 1541 N. Shepherd Drive, Ste. 200, Houston • www.mainsqueezejuiceco.com

T. C. JESTER BLVD.

WHITE OAK BAYOU

4 Adam Lippes The global luxury lifestyle brand and fashion designer offers the latest in luxury knitwear, outerwear, dresses, classic women’s basics and accessories. • Opened in May • 4444 Westheimer Road, Ste. E110, Houston • www.adamlippes.com 5 Marine Layer The clothing brand sells sustainably and responsibly made clothes for men and women with designs inspired 6 Toca Madera The modern Mexican steakhouse on the ground floor of The Pavilion at The Allen features premium Australian and Japanese beef. Other items include the rose-shaped sashimi Mexicano with ahi tuna, and A5 wagyu tacos. • Opened June 18 • 1755 Allen Parkway, Ste. 101, Houston • www.tocamadera.com 7 ParkerJoe The store offers a curated selection of toys, games, apparel and books for boys as well as and Texas-themed stuffed animals. The shop caters to children from newborns to tweens. • Opened June 17 • 1965 W. Gray St., Houston • www.parkerjoe.com by coastal living. • Opened April 24 • 4088 Westheimer Road, Houston • www.marinelayer.com 8 Artechouse The 26,000-square-foot museum showcases over 18 installation pieces that range from cinematic experiences and laser performances to robotic and interactive artwork. • Opened June 21 • 600 W. 6th St., Houston • www.artechouse.com/location/houston

W. 11TH ST.

WHITE OAK DR.

W. 6TH ST.

WHITE OAK PARK

WASHINGTON AVE. BUFFALO PARK DR.

TAYLOR ST.

W. DALLAS ST.

MEMORIAL PARK

SAWYER ST.

W A S

BUFFALO BAYOU PARK

BUFFALO BAYOU

P K

610

W. GRAY ST.

10 POST OAK PKWY.

LOUISIANA ST.

4 16 5

527

WESTHEIMER RD. 1 2 KUESTER ST.

W. ALABAMA ST.

RICHMOND AVE.

288

dishes while specializing in creative takes on Thai cuisine. The venue also features Thai dessert options and a cocktail menu. • Opened June 20 • 1402 Westheimer Road, Houston • www.thaitail.com 3 Main Squeeze Juice Co. The smoothie and juice bar franchise offers fruit- and vegetable-based smoothies, cold-pressed juices, wellness shots, acai bowls, lattes, breakfast sandwiches, toast and wraps.

Now open

1 The Marigold Club The restaurant provides classic French-inspired cuisine through the lens of London dining clubs. • Opened June 25 • 2531 Kuester St., Houston • Instagram: @marigoldclubhtx 2 Thai Tail The fast-casual Thai concept offers rice and noodle

NOTICE OF A PUBLIC MEETING AND OPEN HOUSE North Canal High Flow Diversion Channel Project Legacy Room at Houston City Hall 900 Bagby Street, Houston, Texas 77002 Tuesday, August 6, 2024, from 6 to 8 p.m.

Submit questions or comments by emailing engage@houstontx.gov with “North Canal Project” and project number (M-43E101-0001-3) in the subject line, or via the online form at www.engagehouston.org/northcanal. Comments must be submitted by Thursday, Aug. 5, 2024, at 11:59 p.m. to be included in the meeting summary and environmental documentation.

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BY COMMUNITY IMPACT STAFF

9 Turner’s Cut The luxury steakhouse features rare cuts of meat from Japan and the Americas. • Opened June 28 • 811 Buffalo Park Drive, Ste. 160, Houston • www.turnerscut.com

that will feature restaurants, shops, and a luxury multifamily tower with boutique offices. • Opening in 2027 • Buffalo Speedway at Alabama Street, Houston • www.transwestern.com 13 Gala Design Studio The store offers a premier collection of European home and office brands. Products include high-end kitchen, closet and bathroom furnishings. • Opening in July • 2222 Westheimer Road, Houston • www.galadesign-studio.com 14 De Fortune The intimate cocktail bar will feature an international beverage menu and snack options. • Opening in late 2024 • 3515 W. Dallas St., Houston • www.regentsquare.com 15 The Kennedy The restaurant and piano bar will offer premium cuts of meat, hand-crafted cocktails and wines. • Opening in late summer • 3210 W. Dallas St., Houston • www.thekennedyhouston.com

Now open

Coming soon

10 Mack Allen’s The eatery—known for its fresh seafood, full oyster bar and prime steaks—is coming to the ground floor of the 5POP office building. • Opening in 2025 • 4400 Post Oak Parkway, Houston • www.cpgcre.com 11 Pok Pok Po The menu will be centered around fried chicken with inventive sides, and housemade condiments and sauces. • Opening in late summer • 3201 Louisiana St., Houston • www.pokpokpo.com 12 The RO Transwestern is developing a 17-acre, mixed-use project

16 Azumi The modern Japanese restaurant features an extensive nigiri, sashimi and maki roll selection, and larger plates such as wagyu short rib and yakisoba noodles. The beverage menu features signature cocktails, wines, over 60 sakes and 16 different bottles of Japanese whiskey. • Opened June 24 • 4444 Westheimer Road, Houston • www.azumirestaurant.com

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HEIGHTS - RIVER OAKS - MONTROSE EDITION

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Real estate

BY COLBY FARR & CARSON WEAVER

Home Edition

2024

Readers, welcome to your annual CI Home Edition! This guide features news ranging from key real estate trends in the Heights-River Oaks- Montrose area to the slowing down of property value growth in Harris County. All of the stories were written by our team of local journalists, and all of the advertisements are from nearby businesses who support our mission to provide free, useful news—show them your gratitude by supporting local businesses. Our cover story this month takes a look at the debut of coliving and cohousing concepts in Houston. Reporter Cassandra Jenkins breaks down what coliving is and how it’s dierent from traditional apartment design while speaking with experts about how the new concept ts into Houston’s existing real estate landscape.

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What's inside

Trends in the local home market (Page 8)

Property value growth slows in Harris County (Page 9)

Coliving concepts open in Houston (Page 10)

Multiple Listing Service rules changing

Stay tuned

After the policy changes take eect, a nal approval hearing for the settlement is scheduled for later in November. “Houston is going to be aected like everyone else because it’s a national settlement,” Mouton said. “We’re no dierent than any other state.”

A $418 million settlement with the National Association of Realtors in March may impact fees for buyers, sellers and real estate agents, starting in August. The settlement—brought on by class-action lawsuits alleging brokerages inated buyer- seller commissions—will force the NAR to make policy changes to Multiple Listing Services, online platforms where real estate agents list homes. According to the settlement, sellers will pay smaller commissions and buyers will decide how much their agents are paid, among other changes. “When an agent searches for a home for their client, [the MLS tells] you what the listing agent is actually oering for compensation,” said Thomas Mouton, chair of the Houston Association of Realtors. “Now, that will not be displayed anywhere on the site.”

Updated MLS policies The changes outlined by the NAR settlement in March that go into eect in August include:

Compensation disclosures to sellers, and prospective sellers and buyers, are required. MLS participants can’t lter or restrict listings to clients based on the level of compensation oered to the agent. Listing agents can no longer make compensation oers to buyer agents on the MLS.

2024

March 15: Settlement agreement signed

April 24: Preliminary approval of settlement review granted by the court Aug. 17: Practice changes take eect; earliest day for lawsuit notications to be issued to those impacted

MLS users must enter an agreement with buyers before home tours.

Nov. 26: Final approval hearing for the settlement

SOURCE: NATIONAL ASSOCIATION OF REALTORSCOMMUNITY IMPACT

SOURCE: NATIONAL ASSOCIATION OF REALTORS COMMUNITY IMPACT

HEIGHTS RIVER OAKS MONTROSE EDITION

Real estate

Four of five local ZIP codes saw lower median home sale prices in May 2024 when compared to May 2023. The 77019 ZIP code was the only one to see a rise in median price. Residential market data

Number of homes sold

May 2023

May 2024

+16.67%

-18.28%

-19.09%

+96.3%

-23.53%

77006

77007

77008

77019

77098

610

77008

Median home sales price

77007

May

2023

2024

77019

$682,000 $569,000 $637,037 $715,000 $1,374,989

$598,000 $544,850 $615,000 $767,000 $975,000

77006

77098

77007

288

77008

MARKET DATA PROVIDED BY VICTORIA HAWES JAMESTOWN ESTATE HOMES 832-296-1663 VH@JAMESTOWNESTATEHOMES.COM WWW.JAMESTOWNESTATEHOMES.COM

77019

77098

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Real estate

BY MELISSA ENAJE

Property value growth slows

Harris County trends

Total single-family homes sold

Median price of homes sold

Months’ supply of homes

95,302

$338,000 $330,000

1.3

2022 2023

Jan. 2022 Jan. 2023 Jan. 2024

2.6

83,854

3.3

More Harris County homeowners saw drops or smaller increases in property values compared to the past two years, according to values determined by the Harris Central Appraisal District as of Jan. 1, 2024. HCAD officials attributed the trend to increasing home inventories and fewer home sales. HCAD Chief Appraiser Roland Altinger said in a news release the Harris County housing market took a “breather this year” after several years in a row of rapid appreciation. Sales slowed in 2023, and prices rose slightly because of higher interest rates and mortgage rates, which Altinger said allowed home inventory to inch upward. “This year we are seeing a return to the usual increases and decreases in property values instead of the extraordinary growth of the past two years,” Altinger said. Residential properties have gone up an average of about 2.5% in value countywide when comparing values from Jan. 1, 2024, with those from Jan. 1, 2023, Altinger said. In submarkets covering the the Heights-River Oaks-Montrose area, values rose between 2% and 8% on average.

SOURCES: HARRIS CENTRAL APPRAISAL DISTRICT, HOUSTON ASSOCIATION OF REALTORS/COMMUNITY IMPACT

Average home market value on Jan. 1

3%-5%

More than 5%

0%-2.9%

2 Lazybrook, Timbergrove, Shady Acres, Washington Corridor 1 River Oaks, Glencove, Crestwood 2023: $3,429,622.38 2024: $3,709,512.10 +8.2%

610

290

2023: $522,462.17 2024: $550,949.69

+5.5%

3 Heights, Studemont, Brooksmith, Norhill 2023: $751,278.26 2024: $781,123.63 +4%

5 Mandell, University of St. Thomas, Montrose, Old Fourth Ward 4 Afton Oaks, Highland Village, Weslayan, Greenway 2023: $1,063,435.21 2024: $1,106,257.98 +4%

610

288

2023: $641,165.21 2024: $654,063.10

+2%

SOURCE: HARRIS COUNTY APPRAISAL DISTRICT/COMMUNITY IMPACT

Zooming in

What residents should know

What’s next

In addition to the slowdown in property value increases, one 2023 change in state law also lowered property tax rates for school districts. The changes came after Texas vot- ers approved Proposition 4 in the November 2023 election. Proposition 4 was placed on ballots fol- lowing the passage of Senate Bill 2, authored by State Sen. Paul Bettencourt, R-Houston, during the 2023 Texas Legislature. The changes went into effect retroactively for 2023 tax bills, and Bettencourt’s office estimated the average Texan homeowner’s tax bill was lowered by $1,260 that year. Following the passage of Proposition 4: The state of Texas set aside $12.7B for school districts to allow them to lower tax rates by 10.7 cents per $100 of valuation. $5.6B went toward increasing the statewide homestead exemption from $40,000 to $100,000.

The deadline for homeowners to apply for property tax exemptions passed April 30. Meanwhile, the deadline to file a protest against a home value was May 15, or within 30 days of receiving a property value notice being mailed. However, county officials said property owners should take note of several other upcoming dates related to when tax rates are set and when bills will be mailed out.

Data by price range Harris County homes in the lower price ranges were more likely to see value decreases when comparing Jan. 1 data to the previous year. 57.5% decreased in value 28.8% increased in value 13.6% saw minimal change in value For homes valued between $200,000-$299,999: 34.1% decreased in value 58.1% increased in value 7.8% saw minimal change in value For homes valued between $450,000-$749,999: 52.7% decreased in value 37.4% increased in value 9.9% saw minimal change in value For homes valued between $300,000-$449,999:

August-October: Local jurisdictions adopt tax rates October/November: Tax bills are mailed Dec. 31: Last day to pay to use a deduction for the same year’s federal income tax

21.1% decreased in value 73.4% increased in value 5.5% saw minimal change in value For homes valued at $750,000 and over:

SOURCES: HARRIS COUNTY TAX-ASSESSOR COLLECTOR, HARRIS COUNTY VOTER REGISTRAR OFFICE/COMMUNITY IMPACT

SOURCE: HARRIS CENTRAL APPRAISAL DISTRICT/COMMUNITY IMPACT

SOURCE: SENATE BILL 2/COMMUNITY IMPACT

HEIGHTS - RIVER OAKS - MONTROSE EDITION

From the cover

Designed for connection

The overview

Uniti Montrose features Fully furnished Utilities included

Private space Bedrooms, bathrooms, closets Shared space Kitchen Living/ dining area Washer/ dryer area Balcony

The first two coliving concepts broke ground in Houston in 2022 two months apart. Ground broke in September 2022 on the 374-bed, nine-story Uniti Montrose, and pre-leasing began in June. Residents can rent a private room, which includes a bed, nightstand, desk and private bathroom, in a three- or four- bedroom apartment, project officials said. Roommates share the fully-furnished living room and kitchen. The property also offers traditional studio, one- and two- bedroom units along with a variety of amenities. Meanwhile, ground broke in October 2022 on a Museum District project by the Chicago-based developer X Company. The 646-bed, 33-story building was anticipated to open in late 2024, but progress halted in October, according to Hoar Construction, the general contractor. Officials did not provide a reason for the delay. Houston will also see its first cohousing community this year. Cohousing, according to the Cohousing Association of the United States, provides self- contained private units and individual home ownership. CoHousing Houston, located at 114 Delmar St., will offer a mix of one- to four-bedroom homes that will face inward toward a 4,000-square-foot common house with guest rooms and a community dining space, as well as two flex rooms, a pool, playground and garden.

Necessities stocked Library, meeting rooms, etc.

527

RICHMOND AVE.

NOTE: SITE PLAN NOT TO SCALE

CoHousing Houston features Common house with guest rooms Community dining space On-site compositing Shared internet service

Private space Individual one- to four-bedroom homes

Shared space Garages and parking lots Green spaces Common house

NOTE: SITE PLAN NOT TO SCALE

SOURCES: UNITI MONTROSE, COHOUSING HOUSTON//COMMUNITY IMPACT

Who’s it for

roommates that you may or may not previously know, and the operations of the building itself also has a big emphasis on community. You are encouraged to go out and work and live in other parts of the building. That generates even more community.” The National Institutes of Health found in a 2020 study that cohousing decreases isolation in seniors, positively impacts residents’ quality of life and has both physical and mental health benefits. Soika, who lived in a cohousing unit in Col- orado before moving to Houston, said another benefit of cohousing is sustainability. “Our homes are intentionally smaller, and because we spend more time together, we use our resources more wisely,” she said. Homes in CoHousing Houston are equipped with solar panels and geothermal heat exchange. There is also an on-site composting facility and garden, and residents will share internet access.

Lynn Morstead and Kelli Soika, creators of the CoHousing Houston model, said bringing the con- cept of cohousing to the city was about building relationships and creating a shared community. “It’s designed for connection,” Morstead said. “It is designed to increase your chances of run- ning into other community members. Here, we want you to get to know your neighbors. We are kind of counterculture in the real estate market that way.” According to the World Economic Forum, a nonprofit international advocacy group, the No. 1 benefit to communal living is the ability to socialize. Jorge Adler, director of investments for Civitas Capital Group, a developer of Uniti Montrose, said coliving, like cohousing, is also designed to create community connections. “People really enjoy living in coliving commu- nities because they are able to meet other peo- ple,” he said. “By default you are getting to meet

Pros and cons of communal living

Pros: • More affordable • Comes with a built-in community • Creates more socialization • More sustainable • Proven to improve mental health • Full-service amenities

Cons: • Less privacy

• Potential conflict with roommates • The togetherness can be too much • More restrictive property rights

SOURCE: WORLD ECONOMIC FORUM/COMMON/ COMMUNITY IMPACT

COMMUNITYIMPACT.COM

BY CASSANDRA JENKINS

Looking ahead

The cost

According to The Shelter Companies, a private real estate company focused on multifamily housing, coliving units provide approximately 20%-30% savings in nominal rent compared to traditional multifamily. Rent at Uniti Montrose starts at $1,200 for a private bedroom, which includes all utilities, main- tenance and the daily cleaning of common areas, including living rooms and kitchens. According to MRI ApartmentData, a real estate data software company, the average cost of rent in the Montrose/ Museum/Midtown submarket in May was $1,966. According to the Bureau of Labor Statistics, the average annual median wage for all occupations in the Houston region was $63,510 in May. Experian, a credit reporting company, adivses residents to keep rent within 30% of income, meaning $1,587 per month for the average Houstonian. Bruce Mcclenny, president of MRI Apartment- Data, said he believes the reason coliving has been slow to reach Houston is because of its affordability.

Mark Drumm, managing partner at The Shelter Companies, said despite Houston’s more affordable cost of living, people still need a cost-effective housing option in the city, especially in more expensive submarkets such as the Heights, River Oaks and Montrose.

Comparing rental rates Financial experts recommend spending no more than 30% of one’s income on rent. Uniti Montrose $1,200* Someone earning the median wage in Houston should

He said he anticipates coliving will continue to grow in the region and the state.

aim to spend no more than $1,587 per month on rent.

Average rent in Montrose $1,966

“Coliving will expand across the country,” Drumm said. “There is high demand in urban locations within major metropolitan areas; it will become a larger and larger part of the multifamily rental spectrum over time.” The Shelter Companies and Civitas Capital Group is anticipated to open another coliving project in the Bishop Arts District in Dallas later this year.

SOURCES: APARTMENTDATA.COM, UNITI MONTROSE, KINDER INSTITUTE OF URBAN RESEARCH/COMMUNITY IMPACT *NOTE: PRIVATE BEDROOM STARTING PRICE, RENTS VARY BASED ON UNIT SIZE

“Some of the elements that cause people to gravi- tate toward [coliving] is cost,” he said. “Houston, for a big city, is incredibly affordable.” According to the 2023 C2ER Cost of Living Index, Houston is 28% below the average cost of living among the most populous U.S. metros.

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HEIGHTS - RIVER OAKS - MONTROSE EDITION

Transportation

Government

BY SHAWN ARRAJJ

BY MELISSA ENAJE & CASSANDRA JENKINS

Freedmen’s Town street plan advances

Harris County revives nonviolent 911 program Harris County commissioners voted 4-1 on June 4, with Precinct 3 Commissioner Tom Ram- sey dissenting on all three votes, to continue and expand a countywide program that aims to use hospital-based interventions for nonemergency 911 calls instead of law enforcement. The details The Holistic Assistance Response Team pro- gram, referred to as HART, was created in March 2022 to improve community health and safety by providing responses to residents experiencing homelessness, behavioral health issues, or none- mergency health or social welfare concerns. HART dispatches 911 calls to interdisciplinary, unarmed rst responder teams trained in behav- ioral health and on-scene medical assistance. The program was paused in May after commis- sioners failed to reach an agreement on whether

Houston adopts budget, approves settlement

HART engages underserved residents by linking them to needed services. People served by HART since 2022

Details are emerging on a project seeking to improve street surfaces and underground infra- structure along two streets in Freedmen’s Town, with ocials emphasizing the preservation of the town’s historic brick streets. Ocials with the Houston Public Works Depart- ment and TEI Planning + Design—the engineering rm brought on to lead the development of a design concept report—gave updates on the project at an April 23 community meeting. Goals include: • Upgrading underground utilities, some of which are more than 100 years old and contribute to street ooding issues • Improving walkability • Designating street car tracks in a way that recog- nizes their historical signicance Freedmen’s Town was founded by freed African Americans shortly after the emancipation of slavery in Texas in 1865, with early founders

laying brick streets by hand. The process of preserving the historic streets has involved a visual assessment almost by the square foot, said Geo Carleton, a senior principal with TEI. The city of Houston has committed to bringing a cultural monitor on board to oversee the process. Other design options are being considered with an eye toward highlighting the community’s history, including blue tile street names, ways to designate the historic street car track and other street scape elements. Ocials are also looking to make use of a triangular section of city-owned land at West Dallas and Wilson streets that could function as a gateway to the community. Project ocials said work on a design concept report is nearing completion, at which point a cost estimate will be released. Procuring a design consul- tant could take 8-12 months, and design work could take another year. Construction could take 18-24 months depending on the direction of the project.

Mental health/substance use

172

Housing/shelter

118

Houston City Council approved a $6.7 billion balanced budget for scal year 2024- 25 that will focus primarily on public safety infrastructure and drainage. Breaking it down The city’s general fund totals $3.3 bil- lion, an increase of $74.3 million from FY 2023-24. The budget funds a 10% base pay increase for reghters, a 3.5% pay raise for police, and six police cadet classes and ve re cadet classes. Houston City Council members also voted June 12 on the issuance of a $650 million refunding bond related to a settlement to end a pay parity dispute with the Houston Professional Fire Fighters Association.

Food assistance

Other

The historic brick streets of Freedmen’s Town were laid by freed African Americans shortly after emancipation.

SOURCE: HARRIS COUNTY PUBLIC HEALTHCOMMUNITY IMPACT

to pay Disaster Emergency Medical Assistance Consulting and Management, the vendor oversee- ing it. At the June meeting, commissioners also voted 4-1 to pay the vendor’s $200,000 invoice and improve the contract’s language to avoid further discrepancies. They also voted 4-1 on a seven-part plan to create an internal county system to oversee the HART program instead of contracting with an outside vendor.

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Education

BY WESLEY GARDNER

Houston ISD board managers approved a $2.1 billion budget for fiscal year 2024-25 during a June 13 board meeting. Board managers voted 5-4 to approve the budget, the board’s closest vote since they and Superintendent Mike Miles were appointed to lead the district by the Texas Education Agency in June 2023. While board managers Cassandra Auzenne Bandy, Michelle Cruz Arnold, Rolando Martinez and Adam Rivon voted against the budget, they did not openly talk about their decision to cast dissenting votes. Despite dealing with a nearly $528 million budget gap largely attributed to a declining student population, average teacher salaries will increase from $68,250 in FY 2023-24 to $77,300 in FY 2024-25. HISD approves $2.1B budget

Budget cuts by department

A closer look

Percent change

2024-25

Human resources $110M $13M -88.18% 2023-24

During a June 10 workshop, Miles said the FY 2024-25 budget will reduce operational spending by about $500 million compared to the FY 2023-24 budget. Cuts include roughly 1,500 layoffs in the district’s central office, including in the human resources, operations and academics offices. The district is allocating about $684 million toward the funding of 130 “New Education Sys- tem” or “NES” campuses. NES campuses, which include centralized schedules with longer school days as well as district-approved classroom instruction and lessons, have been a cornerstone of Miles’ overhaul of the district. Eighty-five of HISD’s 274 campuses operated within the NES model in the 2023-24 school year, and an additional 45 schools will be under that umbrella in the fall. Although NES campuses are projected to have around 23,000 fewer students than non-NES campuses next year, the FY 2024-25 budget allocates about $27 million more to NES campuses,

Operations

$224M

$123M

-45.09%

Information technology $117M $49M -58.12%

Academics office

$186M

$117M

-37.1%

SOURCE: HOUSTON ISD/COMMUNITY IMPACT

or roughly $2,500 more per student. Miles said the extra money pays for added staff members, new curriculum and higher teacher salaries. During FY 2024-25, average salaries at NES campuses will increase to $84,400, com- pared to $77,300 at non-NES schools. Miles said around $131 million was drawn from reserves to help balance the budget, leaving $801 million in reserves.

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