Texas
North Texas suburb will stay in region’s largest public transit system for now
Leaders in a North Texas suburb have decided to call off the election to potentially withdraw from Dallas Area Rapid Transit — the region’s largest public transit system — after reaching a deal with the agency.
On Monday, the Plano City Council voted unanimously to cancel the May 2 election that would have let voters decide to stay in or leave DART.
Plano Deputy Mayor Pro Tem Rick Horne reminded residents at the meeting that the city’s effort was about improving the agency.
“What we have is good, it’s not perfect, but it’s a starting point,” Horne said.
The council also voted to repeal an earlier resolution supporting capping DART’s tax revenue collections.
The decision follows months of negotiations between DART and several member cities that have pushed for changes in DART’s funding and governance. Plano is one of six cities that called withdrawal elections that would end bus and train service within their city limits.
As part of the new deal, DART will give $360 million back to all of its member cities over six years. It also plans to restructure its board of directors so each city has a representative, expanding the board and reducing voting power for the city of Dallas. Plano City Council members passed a resolution Monday expressing support for the reform and “requesting state legislative action to implement a new governance structure.”
DART CEO Nadine Lee has told KERA the agency will need to finding other revenue streams to keep operations running. The Regional Transportation Council earlier this month approves a plan to help DART pay another $75 million to cities.
“There’s nobody who wants to improve services more than more than DART and we will endeavor to do that,” Lee said. “If we can do that in partnership with the cities and if the cities are working with us in good faith we think that can be accomplished.”
As part of the deal, Plano leaders agreed to cease legislative efforts to defund DART. The city will receive more than $61 million over the next several years.
“I understand we’re not getting everything we want, I understand our riders want additional things, but one step at a time,” said Mayor Pro Tem Maria Tu.
Several Plano residents and transit advocates showed up to the meeting in support of DART. Embher Chaffin, who founded the advocacy group Keep DART in Plano, told the council that she’s thankful DART and Plano reached a deal, but hopes the city will appoint a representative on the board who knows the system.
“The board at DART should include someone who rides regularly,” Chaffin said. “With Plano being one of the most diverse cities in Texas, we should utilize that strength.”
Not all DART riders agreed with the new plan. Some say it lacks transparency and could negatively impact the passenger experience.
“There’s one member of this compromise that is still missing and that’s us, the riders,” Alex Flores told council members. “The [deal] does give you guys an additional responsibility… the funds you receive can be used for transit related projects.”
The council also approved an alternative micro-transit service that it had already allocated money for called “Plano Rides.” The service will be run by Via, a rideshare company that operates in other North Texas cities such as Arlington and Irving.
Some residents say they opposed the new service, calling it “duplicative.”
At least three other cities are considering calling off DART withdrawal elections. Addison and Farmers Branch will review the new DART deal tomorrow. Irving plans to address it on Thursday.
Pablo Arauz Peña is KERA’s growth and infrastructure reporter. Got a tip? Email Pablo at parauzpena@kera.org.
Texas
SCHEELS CEDAR PARK
Texas
Phoenix Merchant Partners and Texas Capital Alternative Asset Management Form Strategic Relationship
Phoenix Merchant Partners, an independent alternative asset manager, and Texas Capital Alternative Asset Management (TCAAM), a wholly owned subsidiary of Texas Capital Bancshares, formed a strategic relationship to provide customized capital solutions and direct lending to the core middle market across a diverse range of industries.
The relationship integrates the corporate and investment banking coverage network of Texas Capital with the structuring, underwriting and multi-cycle portfolio management expertise of Phoenix. Capitalizing on this powerful combination, Phoenix will launch its first vehicle, Spurstone Credit, in Q3/26. Structured as a perpetual-life, non-traded closed-end credit fund, Spurstone will be headquartered in Dallas, Texas.
Spurstone has already attracted interest from a group of anchor institutional investors. The vehicle’s investment mandate will focus primarily on delivering senior secured financing solutions to core middle-market businesses with annual revenues between $100 million and $1 billion that are currently underserved in private credit.
“As the only full-service financial services firm headquartered in Texas, we continuously look for ways to serve the needs of companies and their owners, both in Texas and in our industries of focus across the country. Working with Phoenix expands and accelerates our ability to offer proprietary private credit financing solutions to deserving clients. The Phoenix team shares our disciplined approach to asset structuring, capital preservation and portfolio management, as well as our passion for providing exceptional client service and delivering comprehensive solutions,” Daniel Hoverman, head of corporate and investment banking at Texas Capital and president of TCAAM, said.
The vehicle’s strategy is designed to address a critical structural liquidity gap for non-sponsored, family-owned and founder-led mid-market enterprises requiring flexible, non-dilutive senior capital to fund organic growth, strategic acquisitions and balance sheet optimizations.
“Proprietary origination remains the single biggest differentiator in the private credit landscape,” Art Mbanefo, founder and CEO of Phoenix, said. “Working with TCAAM unlocks unparalleled access to high-quality, founder-owned businesses across Texas and other economic centers like California, New York and Illinois. Together, we are bridging the liquidity gap for exceptional middle-market companies.”
Spurstone will be advised by a newly formed, Phoenix-sponsored registered investment adviser, Ryestone Advisors, which is currently applying for registration with the U.S. Securities and Exchange Commission. TCAAM will be a minority economic investor in Spurstone’s investment adviser.
Texas
Texas man admits embezzling $3.2 million to pay student loans, fuel online gambling, prosecutors say
A Texas man who siphoned off millions from his employer to wipe out tens of thousands in student loan debt and bankroll extensive online gambling has pleaded guilty to federal embezzlement charges, prosecutors said.
Mitchell David Slentz, 34, of Kyle, pleaded guilty in federal court to embezzling more than $3.2 million from Austin Freight Systems, according to the U.S. Attorney’s Office for the Western District of Texas.
Financial oversight role detailed
Prosecutors said Slentz held broad responsibility for Austin Freight Systems’ finances, managing accounting operations, overseeing financial reports and internal controls, and handling vendor payment requests submitted to JPMorgan Chase.
Between October 2023 and March 2025, Slentz executed 147 fraudulent payments, diverting $3,277,937.35 into his personal accounts via interstate wire transfers. He used part of the stolen money to make two student loan payments — $25,000 and $33,887. He also gambled heavily on an online platform, depositing and winning more than $1 million, the U.S. Attorney’s Office said.
Charges and court proceedings
Slentz was charged on May 14, appeared on June 8, and pleaded guilty Monday to wire fraud and engaging in monetary transactions with criminally derived proceeds.
A federal judge will determine Slentz’s sentence based on U.S. Sentencing Guidelines and statutory factors.
Investigation led by the FBI task force
The FBI Austin White Collar Crime Task Force handled the investigation.
CBS News Texas will provide updates as more information becomes available.
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