HomeMy WebLinkAboutTax Increment Financing District Board-Minutes-7/16/2013City of Colleyville Page 1
City of Colleyville
Tax Increment Financing
District Board
Agenda
City Hall
100 Main Street
Colleyville, Texas 76034
817. 503.1000
www.colleyville.com
Tuesday, July 16, 2013
4:00 p.m.
Executive Conference Room
Third Floor, City Hall
1. CALL TO ORDER
2. EXECUTIVE SESSION - In accordance with Texas Government Code
Chapter 551, Subchapter D
Section 551.071 - Legal - Consultation with attorney on legal issues raised by
public hearing or action items on the agenda
Section 551.087 – Economic Development - Discuss or deliberate regarding
commercial or financial information that the City has received from business
prospects that the City seeks to have locate, stay, or expand in the City and with
which the City is conducting economic development negotiations; deliberate the
offer of a financial or other incentive to a business prospect
RESUME REGULAR MEETING
3. EXECUTIVE SESSION: CONSIDER AND TAKE ANY ACTION(S) NECESSARY
RELATIVE TO ITEMS DISCUSSED IN EXECUTIVE SESSION - Resolution R-
13-01
4. CONSENT: READING AND PUBLIC HEARING - Resolution R-13-02
4a Approval of the minutes of the Tax Increment Financing District Board of
Directors meeting of November 20, 2012
5. PRESENTATION AND DISCUSSION
5a Presentation of the Annual Tax Increment Financing District Report
5b Review and discuss the status of the Colleyville Tax Increment Financing
District
6. ADJOURNMENT
I hereby certify this agenda was posted on City Hall bulletin boards Friday, July 12, 2013,
by 5:00 p.m.
Tax Increment Finance District Agenda July 16, 2013
City of Colleyville Page 2
Amy Shelley
City Secretary
Any matter on this agenda may, at the discretion of the governing body, be opened for
public comment and discussion.
If you plan to attend this public meeting and have a disability that requires special
accommodations, please advise the Executive Secretary at least 48 hours in advance at
817.503.1110, and reasonable accommodations will be made to assist you.
City of Colleyville
Tax Increment Financing
District Board
Minutes
City Hall
100 Main Street
Colleyville, Texas 76034
817. 503.1000
www.colleyville.com
Tuesday, July 16, 2013
4:00 p.m.
Executive Conference Room
Third Floor, City Hall
The Tax Increment Financing District Board of Directors meeting was called to
order by Chairman David Kelly on July 16, 2013, at 4:02 p.m.
ROLL CALL: Chairman David Kelly, Vice Chairman Mike Taylor, Directors Carol
Wollin, Stan Hall, Tom Hart, Mark McClendon, Carolyn Sims, and John Eubanks.
Absent: Director Scott Rule
City Manager Jennifer Fadden, Assistant City Manager and Chief Financial Officer
Terry Leake, Economic Development Director Marty Wieder, Strategic Services
Manager Adrienne Lothery, Finance Manager Karen Hines, City Attorney Matthew
Boyle, and City Secretary Amy Shelley.
2. EXECUTIVE SESSION - In accordance with Texas Government Code
Chapter 551, Subchapter D
Section 551.071 - Legal - Consultation with attorney on legal issues raised
by public hearing or action items on the agenda
Section 551.087 – Economic Development - Discuss or deliberate regarding
commercial or financial information that the City has received from
business prospects that the City seeks to have locate, stay, or expand in
the City and with which the City is conducting economic development
negotiations; deliberate the offer of a financial or other incentive to a
business prospect
Chairman Kelly explained the Executive Session had been called in accordance
with the Texas Government Code, Chapter 551, Subchapter D, Section 551.071,
Legal and Section 551.072, Economic Development. He further explained there
would be no decisions made or action taken during this time.
The Executive Session was adjourned at 4:58 p.m.
RESUME REGULAR MEETING
Chairman Kelly reconvened the regular meeting at 5:07 p.m.
City of Colleyville Page 1
Tax Increment Finance District Minutes July 16, 2013
3. EXECUTIVE SESSION: CONSIDER AND TAKE ANY ACTION(S)
NECESSARY RELATIVE TO ITEMS DISCUSSED IN EXECUTIVE
SESSION - Resolution R-13-01
Chairman Kelly read Resolution R-13-01 in its entirety.
Chairman Kelly opened the public hearing at 5:07 p.m.
There was no one present wishing to speak and Chairman Kelly closed the public
hearing at 5:08 p.m.
Director Hall moved to approve Resolution R-13-01.
Director Hart seconded the motion.
The motion carried by the following vote:
Aye: 8 – Chairman David Kelly, Vice Chairman Mike Taylor, Directors Carol
Wollin, Stan Hall, Tom Hart, Mark McClendon, Carolyn Sims and John
Eubanks
Absent: 1 – Director Scott Rule
4. CONSENT: READING AND PUBLIC HEARING - Resolution R-13-02
4a Approval of the minutes of the Tax Increment Financing District Board of
Directors meeting of November 20, 2012
Chairman Kelly read Resolution R-13-02 in its entirety.
Chairman Kelly opened the public hearing at 4:03 p.m.
There was no one present wishing to speak and Chairman Kelly closed the public
hearing at 4:03 p.m.
Director Wollin moved to approve Resolution R-13-02.
Vice Chairman Mike Taylor seconded the motion.
The motion carried by the following vote:
Aye: Chairman David Kelly, Vice Chairman Mike Taylor, Directors Carol
Wollin, Stan Hall, Tom Hart, Mark McClendon, Carolyn Sims, and John
Eubanks
Absent: 1 – Director Scott Rule
City of Colleyville Page 2
Tax Increment Finance District Minutes July 16, 2013
5. PRESENTATION AND DISCUSSION
5a Presentation of the Annual Tax Increment Financing District Report
Assistant City Manager/Chief Financial Officer Terry Leake presented the Annual
Tax Increment Financing District Report.
Vice Chairman Taylor stated he would like to see the interest rate on the bond
information. Assistant City Manager/Chief Financial Officer Terry Leake replied the
interest rate on the bond can be reflected moving forward.
5b Review and discuss the status of the Colleyville Tax Increment Financing
District
Assistant City Manager/Chief Financial Officer Terry Leake presented the status of
the Colleyville Tax Increment Financing District.
Director Mark McClendon questioned staff regarding the forecast value at the end
of the period. Assistant City Manager/Chief Financial Officer Terry Leake replied
the value is estimated to cover the project cost, which ends in 2030, to be a little
over the $44 million.
Vice Chairman Taylor questioned staff regarding the changes. Assistant City
Manager/Chief Financial Officer Terry Leake replied the update includes the
changes where the project plan stands today.
Director Hall questioned staff regarding the $4.7 million outstanding bond issue,
what does that include? Assistant City Manager/Chief Financial Officer Terry Leake
replied those are for the City Hall and Library complex and the John McCain road
project. She added the City has not had to issue debt for other projects included
in the project plan.
Chairman Kelly questioned staff regarding the available cash as of today.
Assistant City Manager/Chief Financial Officer Terry Leake replied it is over $11
million, and in the amount of uncommitted funds is over $8 million.
Vice Chairman Taylor questioned staff regarding the Village Park portion of the TIF
before and after the improvements. Economic Development Director Marty Wieder
replied not having that dollar amount for this meeting, but that it can be provided,
however it is not TIF specific.
Vice Chairman Taylor questioned staff regarding if the name of the Village Park
addition will now be called Colleyville Downs? Director Wieder replied yes.
City Manager Jennifer Fadden questioned Vice Chairman Taylor, for clarification, if
he is questioning the ad valorem taxes paid or the value? Vice Chairman Taylor
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Tax Increment Finance District Minutes July 16, 2013
stated today, versus what is being brought in for projections. City Manager
Jennifer Fadden explained staff has the actual ad valorem taxes paid, and from
that staff can extrapolate the projected value of the shopping center.
Director McClendon explained there are multipliers in place.
Director Hall questioned staff regarding the 2011 bond payment. Assistant City
Manager/Chief Financial Officer Terry Leake replied those bonds were actually
refunded at that time. She stated the average debt service is $687,000 annually.
She added the 2002 bond was totally refunded.
Chairman Kelly recessed the regular meeting at 4:40 p.m. to move into Executive
Session.
6. ADJOURNMENT
There being no further business before the Tax Increment Financing District Board,
Chairman Kelly adjourned the meeting at 5:09 p.m.
APPROVED BY A VOTE OF 8 AYES, 0 NAYS, AND 0 ABSTENTIONS, ON THIS THE
17TH DAY OF SEPTEMBER, 2014.
Minutes taken and prepared by:
Amy Shelley
City Secretary
City of Colleyville Page 4