HomeMy WebLinkAboutTax Increment Finance (TIF)-Agenda Packets-4/4/2007
MEMORANDUM
Date:
March 26, 2007
Terry Leake, Finance Directo~\
Tax Increment District Board of Directors
From:
To:
Subject:
TIF Board Meeting Wednesday, April 4, 2007 at 12:00 p.m.
At the request of TIF Board Chairman, Rich Hendler, the TIF Board will be meeting on
Wednesday, April 4, 2007 at 12:00 p.m. in the Executive Conference Room on the third
floor of City Hall. The purpose of the meeting is to receive the annual update on the
current status of the TIF district (see attached agenda packet). Lunch will be served, and
please confirm your attendance with Chris Loven at (817) 503-1111 or via e-mail at
lovenc@ci.colleyville.tx.us by Monday, April 2nd at noon.
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City of Colleyville
Agenda
Tax Increment Financing District Board
of Directors
100 Main Street
Colleyville, Texas 76034
(817) 503-1000
WINW.colleyville.com
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Wednesday, April 4, 2007
12:00 PM
Executive Conference Room
1. CALL TO ORDER
2. READING AND PUBLIC HEARING - Resolution R-07-01
2a Approval of the minutes of the Tax Increment Financing District Board of
Directors' meeting of February 6, 2006
3. REPORTS:
3a Review and discuss the status of the Colleyville Tax Increment
Financing District
4. ADJOURNMENT
I hereby certify the above agenda was posted on the bulletin boards at City Hall on Friday,
March 30,2007 by 5:0
cyz~
Cynthia Singleton, TRMC, CMC
City Secretary
City of Colleyville
Page 1
Printed on 3/26/2007
RESOLUTION R-07 -01
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 April 4, 2007.
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 February 6,2006, are hereby approved.
AND IT IS SO RESOLVED.
APPROVED BY A VOTE OF
ABSTENTIONS ON THIS THE
AYES,
DAY OF
NAYS AND
2007.
COLLEYVILLE TAX INCREMENT
FINANCING DISTRICT BOARD
Rich Hendler
Chairman
ATTEST:
Cynthia Singleton
Secretary
MINUTES OF THE
COLLEYVILLE TAX INCREMENT FINANCING DISTRICT
BOARD OF DIRECTORS
MEETING
FEBRUARY 6, 2006
The Tax Increment Financing District Board of Directors meeting was called to
order by Chairman Rich Hendler on February 6, 2006, at 7:03 p.m.
ROLL CALL:
Directors Jon Ayers, Elaine Dolan, Tom Hart, Richard
Newton, Larry Darlage, John Eubanks, Jane Sanford,
Orenda Witt and Chairman Rich Hendler were present.
City Manager Bill Lindley, Assistant City Manager Paul
Frederiksen, Economic Development Director Scott
Welmaker, Finance Director Terry Leake, Community
Development Director Barry LeBaron, City Attorney Matthew
Boyle and City Secretary Cynthia Singleton were also
present.
2. READING AND PUBLIC HEARING - Resolution R-06-01 - Approval
of the Minutes of the Tax Increment Financing District Board of
Directors meeting held on November 18, 2004
Chairman Rich Hendler opened the public hearing.
There was no one present wishing to speak concerning this item and Chairman
Hendler closed the public hearing.
Director Newton moved to approve Resolution R-06-01.
Director Darlage seconded the motion.
Ayes: Directors Ayers, Dolan, Hart, Newton, Darlage, Eubanks, Sanford, Witt
and Chairman Hendler
Nays: None
TIF BOARD MINUTES
FEBRUARY 6, 2006
Chairman Hendler declared the motion carried.
3. Review and discuss staff update on the current status of the Colleyville
Tax Increment Financing District
Finance Director Terry Leake provided an overview of the Tax Increment
Financing District (TIF) and answered questions of the Board.
City Manager Bill Lindley provided an outline of the projects that are currently
under review or design and are components of the Colleyville TIF project plan
and answered questions of the Board.
Chairman Rich Hendler reviewed the Public Infrastructure Projects listed in the
original TIF agreement.
City Manager Bill Lindley provided information regarding the modifications of the
TIF schedule for the fire station.
Finance Director Terry Leake provided information regarding the school district
improvements.
It was requested that the current TIF agreement be provided to the TIF Board
members.
Discussion ensued regarding the schedule of growth of the Tax Increment
Financing District.
4. Review and discuss proposed zoning changes for the Village at
Colleyville
Community Development Director Barry LeBaron provided a history of the
development of the Village at Colleyville and an overview of the proposed zoning
for the development and answered questions of the Board.
Discussion ensued regarding the number of Village at Colleyville residential units
in the original zoning and the number of residential units in the proposed zoning,
overall impact of the TIF project, total incremental value of the TIF District, the
ability of the Village at Colleyville development to meet projections, the site plan
and existing zoning and the site plan and proposed zoning, the advantages and
disadvantages of the proposed zoning to the TIF District, the assignability of the
rights and obligations of the Developer and the current number of parking spaces
in the proposed zoning.
2
TIF BOARD MINUTES
FEBRUARY 6, 2006
It was requested that the current and proposed number of public parking spaces
in the Village at Colleyville be provided to the TIF Board.
City Manager Bill Lindley provided information related to the development of
retail space in Buildings "A" and "B".
5. Review and discuss the Village at Colleyville Tax Increment Financing
District Agreement
Finance Director Terry Leake provided an overview of the process for calculating
the TIF payments to The Village at Colleyville.
Discussion ensued regarding the projected Village at Colleyville TIF value versus
the current value.
Director Newton stated, "the development has the largest TIF agreement in the
City of Colleyville at 7.5 million dollars and it was put in place to incentify the
development to develop rapidly and to develop commercial and residential, it was
specifically zoned to insure residential was contained and limited and the
developer has requested that it be changed. I recommend that the City Council
ask the developer to be willing to renegotiate how the TIF is structured to put it
back in consistency with the original base line. I am taking the original zoning
and original TIF agreement as the base line that was the agreement; that is fair,
and if you want to change parameters on one side, you should adjust the other
side to retain the original intent of incenting. I would like for the Board to agree to
request that the Council, if they choose, to move forward with the zoning and
before they approve any zoning, they ask the developer to agree to renegotiate
around those parameters and pull in the timeframe for development."
There was general consensus among the Board to agree with the
recommendation.
Discussion ensued regarding the advantages and disadvantages of renegotiating
the proposed zoning request and structure of the TIF agreement.
Director Ayers requested that the City Attorney provide information regarding the
relationship of renegotiating the proposed zoning and contract zoning.
City Attorney Matthew Boyle stated the provision in the agreement that was
previously read, notes that the agreement can only be amended upon mutual
agreement of the parties. He further stated that the City cannot under any
circumstances unilaterally amend the TIF agreement. At the same time, the City
cannot make any condition of zoning directly tied to any consideration up, down
3
TIF BOARD MINUTES
FEBRUARY 6, 2006
or indifferent in respect to the TIF agreement. And so, if you anticipated a
hypothetical dialogue between the City and the developer, such as, we would like
to hold up your zoning pending a discussion of your agreement, you end up with
a cart versus the horse discussion here of why in the world would the developer
agree to amend his agreement in a matter that is unfavorable to him if he doesn't
have a corresponding assurance on the other side. It is this corresponding
assurance on the other side from the zoning standpoint, which would be illegal
contract zoning. And as such, the City could not provide that kind of assurance.
6. Presentation of Annual Tax Increment Financing District Report
Finance Director Terry Leake presented the Annual Tax Increment Financing
District report.
Director Newton requested that staff provide a comparison of the original Village
at Colleyville TIF agreement projection and the proposed TIF projection summary
table.
7. READING AND PUBLIC HEARING - Resolution R-06-02 - Ratifying
Tax Increment Financing District Board of Directors agenda action for
the meeting of February 6, 2006
This resolution was not needed.
8. Adjournment
There being no further business before the Tax Increment Financing District
Board of Directors, Chairman Hendler adjourned the meeting at 9:12 p.m.
APPROVED BY A VOTE OF
ABSTENTIONS, THIS THE
AYES,
DAY OF
NAYS AND
2007.
Minutes taken and prepared by:
Cynthia Singleton, TRMC, CMC
City Secretary
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City of Colleyville
Agenda Briefing
100 Main Street
Colleyville. Texas 76034
(817) 503-1000
WINW.colleyville.com
File Number:
Version: 1
File Type: Report
Agenda Date: 04/04/2007
Status: Reports
Controlling Body: Tax Increment
Financing District
Board of Directors
Requester: Finance Department Agenda No.: 3a Final Action:
File Name: Review and discuss the status of the Colleyville Tax Increment Financing District
Attachments: FY 2007 TIF District update.pdf
History of Legislative File
Version: Date:
Acting Body:
Action Text:
04/04/2007 Tax Increment Financing
District Board of
Directors
Title
Review and discuss the status of the Colleyville Tax Increment Financing District
Explanation
Terry Leake, City of Colleyville Finance Director, will provide an update of the FY 2007
status of the Colleyville Tax Increment Financing (TIF) District.
Scott Welmaker, City of Colleyville Economic Development Director, will present information
regarding economic development efforts in the TIF district.
City of Colleyville
Page 1
Printed on 3/26/2007
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