HomeMy WebLinkAboutTax Increment Finance (TIF)-Agenda Packets-11/18/2004
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Texas
PUBLIC NOTICE
THE COLLEYVILLE TAX INCREMENT FINANCING DISTRICT BOARD WILL
BE MEETING ON THURSDAY, NOVEMBER 18, 2004, AT 7:00 P.M. IN THE
COUNCIL CHAMBERS AT THE COLLEYVILLE CITY HALL, 100 MAIN
STREET, FOR THE FOLLOWING PURPOSE:
1. Call to Order
2. READING AND PUBLIC HEARING - Resolution R-04-04 - Approval
of the Minutes of the Tax Increment Financing District Board of
Directors meeting held on July 28, 2004
3. Overview of the City of Colleyville Tax Increment Financing District
4. Presentation of Annual Tax Increment Financing District Report
5. READING AND PUBLIC HEARING - Resolution R-04-05 - Ratifying
Tax Increment Financing District Board of Directors agenda action for
the meeting of November 18, 2004
6. Adjournment
I certify that the above notice was posted on the Bulletin Board at City Hall on
~ 11, 2004, a\5:00 ~.~
Cynthia Singleton
City Secretary
100 MAIN STREETCOLLEYVILLE, TEXAS 76034 (817) 503-1000
RESOLUTION R-04-04
A RESOLUTION APPROVING MINUTES OF THE TAX INCREMENT FINANCING
DISTRICT BOARD OF DIRECTORS MEETING
WHEREAS,
the Colleyville Tax Increment Financing District Board held a
meeting on November 18, 2004.
NOW, THEREFORE, BE IT RESOLVED BY THE TAX INCREMENT FINANCING
DISTRICT BOARD OF DIRECTORS OF THE CITY OF COLLEYVILLE, TEXAS:
Sec. 1.
THAT the minutes of the Tax Increment Financing District Board
of Directors meeting held July 28,2004, are hereby approved.
AND IT IS SO RESOLVED.
APPROVED BY A VOTE OF
ABSTENTIONS ON THIS THE
AYES,
DAY OF
NAYS AND
2004.
COLLEYVILLE TAX INCREMENT
FINANCING DISTRICT
Brad Rice
Chairman
ATTEST:
Cynthia Singleton
Secretary
MINUTES OF THE
COLLEYVILLE TAX INCREMENT FINANCING DISTRICT
BOARD OF DIRECTORS
MEETING
JULY 28, 2004
The Tax Increment Financing District Board of Directors meeting was called to
order by Chairman Brad Rice on July 28, 2004, at 7:03 p.m.
ROLL CALL:
Directors Drenda Witt, Ret Stansberger, Jane Sanford, Larry
Darlage, Joe Hocutt, Rich Hendler and Chair Brad Rice were
present.
City Manager Bill Lindley, Deputy City Manager Dianne
McWethy, Finance Director Terry Leake and City Secretary
Cynthia Singleton were also present.
Directors Ginny Tigue and John Eubanks were absent.
1. READING AND PUBLIC HEARING - Resolution R-04-01 - Approval
of the Minutes of the Tax Increment Financing District Board of
Directors meeting held on April 1, 2003
Chairman Brad Rice opened the public hearing and read Resolution R-04-01 in
its entirety.
There was no one present wishing to speak concerning this item and Chairman
Rice closed the public hearing.
Director Sanford moved to approve Resolution R-04-01.
Director Darlage seconded the motion.
Ayes: Directors Witt, Stansberger, Sanford, Darlage, Rice, Hocutt and Hendler
Nays: None
Chairman Rice declared the motion carried.
TAX INCREMENT FINANCING DISTRICT MINUTES
JULY 28. 2004
2. READING AND PUBLIC HEARING - Resolution R-04-02 -
Appointment of a Tax Increment Financing District Board of Directors
Vice Chairman
Chairman Brad Rice opened the public hearing and read Resolution R-04-02 in
its entirety.
There was no one present wishing to speak concerning this item and Chairman
Rice closed the public hearing.
Chairman Rice opened the floor for nominations for Vice Chairman.
Director Darlage nominated Director Hocutt.
Director Stansberger seconded the nomination.
Director Hendler nominated Director Eubanks.
The nomination failed for lack of a second.
Chairman Rice called for the vote.
Ayes: Directors Witt, Stansberger, Sanford, Darlage, Rice, Hocutt and Hendler
Nays: None
Chairman Rice declared the motion carried.
3. Overview of the City of Colleyville Tax Increment Financing District
Finance Director Terry Leake provided an overview of the Tax Increment
Financing District.
Discussion ensued regarding the potential site for the fire station, the TIF
boundaries and reallocation of TIF funding.
There was general discussion related to notifying the Tax Increment Financing
District members of proposed amendments to the Tax Increment Financing
District in a timely manner.
2
TAX INCREMENT FINANCING DISTRICT MINUTES
JULY 28. 2004
4. READING AND PUBLIC HEARING - Resolution R-04-03 - Ratifying
Tax Increment Financing District Board of Directors agenda action for
the meeting of July 28, 2004
This Resolution was not needed.
5. Adjournment
There being no further business before the Tax Increment Financing District
Board of Directors, Chairman Rice adjourned the meeting at 7:32 p.m.
APPROVED THIS
AYES,
DAY OF
NAYS AND
2004, BY A VOTE OF
ABSTENTIONS.
Minutes taken and prepared by:
Cynthia Singleton, TRMC
City Secretary
3
TIF BOARD CCe'" AGENDA BRIEFING
Tl~X,,$
REPORT
MEETING DATE: 11/18/04 CITY MANAGER i
ITEM # : 3 DEPARTMENT HEAD i
DEPARTMENT: FINANCE
SUBJECT : Overview of the City of Colleyville Tax Increment
Financing District
FINANCE REVIEW! N/A
Previous Action: None
Background
Terry Leake, City of Colleyville Finance Director and Jim Sabonis, will give a brief overview of
the City of Colleyville Tax Increment Financing District.
Attachments
· TIF Project Rollforward Schedule
· 2004 Tax Year /2005 Fiscal Year TIF Account Summary Listing
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TIF BOARD CC~e-:yn'1J
rl~xn$
AGENDA BRIEFING
MEETING DATE: 11/18/04 CITY MANAGER ! ~
ITEM#: 4 DEPARTMENT HEAD ~{,
REPORT FINANCE REVIEW I N)A
Previous Action: None
DEPARTMENT: FINANCE
SUBJECT : Presentation of Annual Tax Increment Financing
District Report
Background
Attached is the 2004 Annual Tax Increment Financing District Report.
Attachments
. 2004 Annual TIF Report
TIF REPORT
FISCAL YEAR ENDED SEPTEMBER 30, 2004
REVENUES:
TAX INCREMENT REVENUES
CITY OF COLLEYVILLE
GRAPEVINE COLLEYVILLE ISO
TARRANT COUNTY
TARRANT COUNTY COLLEGE DISTRICT
TARRANT COUNTY HOSPITAL DISTRICT
$258,716
$802,374
$201,872
$104,060
$175,762
TOTAL
$1,542,784
EXPENDITURES:
SERIES 2000 BOND PAYMENT
SERIES 2001 BOND PAYMENT
SERIES 2002 BOND PAYMENT
TIF AGREEMENT PAYMENT VILLAGE AT COLLEYVILLE
TIF AGREEMENT PAYMENT TOWN CENTER LIFETIME FITNESS
$800,670
$340,176
$56,363
$94,329
$202,975
TOTAL
$1,494,513
DEBT SERVICE SCHEDULE
SERIES 2000 TAX NOTES
FISCAL PRINCIPAL INTEREST TOTAL
YEAR
2005 $705,000 $96,286 $801,286
2006 $740,000 $59,523 $799,523
2007 $780,000 $20,280 $800,280
TOTAL $2,225,000 $176,089 $2,401,089
SERIES 2001 CERTIFICATES OF OBLIGATION
FISCAL PRINCIPAL INTEREST TOTAL
YEAR
2005 $0 $340,175 $340,175
2006 $350,000 $332,650 $682,650
2007 $365,000 $317,278 $682,278
2008 $380,000 $300,880 $680,880
2009 $395,000 $283,443 $678,443
2010 $415,000 $265,736 $680,736
2011 $435,000 $247,456 $682,456
2012 $450,000 $227,870 $677,870
2013 $475,000 $207,057 $682,057
2014 $495,000 $184,985 $679,985
2015 $520,000 $161,380 $681,380
2016 $545,000 $136,080 $681,080
2017 $570,000 $108,750 $678,750
2018 $600,000 $79,500 $679,500
2019 $630,000 $48,750 $678,750
2020 $660,000 $16,500 $676,500
TOTAL $7,285,000 $3,258,490 $10,543,490
SERIES 2002 CERTIFICATES OF OBLIGATION
FISCAL PRINCIPAL INTEREST TOTAL
YEAR
2005 $25,000 $30,363 $55,363
2006 $30,000 $29,263 $59,263
2007 $30,000 $28,063 $58,063
2008 $30,000 $26,780 $56,780
2009 $35,000 $25,222 $60,222
2010 $35,000 $23,473 $58,473
2011 $35,000 $21,723 $56,723
2012 $40,000 $19,848 $59,848
2013 $40,000 $17,922 $57,922
2014 $45,000 $15,956 $60,956
2015 $45,000 $13,876 $58,876
2016 $50,000 $11,647 $61,647
2017 $50,000 $9,272 $59,272
2018 $50,000 $6,860 $56,860
2019 $55,000 $4,288 $59,288
2020 $60,000 $1,470 $61,470
TOTAL $655,000 $286,026 $941,026
RESOLUTION R-04-05
A RESOLUTION RATIFYING TAX INCREMENT FINANCING DISTRICT BOARD OF
DIRECTORS AGENDA ACTION FOR THE MEETING OF NOVEMBER 18, 2004
WHEREAS, the Colleyville Tax Increment Financing District Board has taken action on
certain items on the agenda.
NOW, THEREFORE, BE IT RESOLVED BY THE TAX INCREMENT FINANCING
DISTRICT BOARD OF DIRECTORS OF THE CITY OF COLLEYVILLE, TEXAS:
Sec. 1.
THAT the agenda decisions approved by the Tax Increment Financing
District Board of Directors action under Business this date and not
otherwise adopted by Resolution, as follows are hereby adopted:
a. THAT
AND IT IS SO RESOLVED.
APPROVED BY A VOTE OF
ABSTENTIONS ON THIS THE
AYES,
DAY OF
NAYS AND
2004.
COLLEYVILLE TAX INCREMENT
FINANCING DISTRICT
Brad Rice
Chairman
ATTEST:
Cynthia Singleton
Secretary