HomeMy WebLinkAboutTax Increment Financing District Board-Minutes-07/25/2016City 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
Monday, July 25, 2016
12:30 p.m.
Executive Conference Room
Third Floor, City Hall
1. CALL TO ORDER
2. CONSENT: READING AND PUBLIC HEARING Resolution R1601
2a Approval of the minutes of the Tax Increment Financing District Board of
Directors meeting of July 27, 2015
3. PRESENTATION AND DISCUSSION
3a Presentation of the Annual Tax Increment Financing District Report
3b Review and discuss the status of the Colleyville Tax Increment Financing
District
4. ADJOURNMENT
I hereby certify this agenda was posted on City Hall bulletin boards Thursday, July 21,
2016 by 5:00 p.m.
Amy Shelley, TRMC
City Secretary
A quorum of the Colleyville City Council and/or any other Colleyville Board, Commission, or
Committee may be in attendance at this meeting.
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 Page 1
City of Colleyville
Tax Increment
Financing District Board
MINUTES
City Hall
100 Main Street
Colleyville, Texas 76034
817. 503.1000
www.colleyville.com
Monday, July 25, 2016
12:30 p.m.
Executive Conference Room
Third Floor, City Hall
The Tax Increment Financing District Board of Directors meeting was called to
order by Chairman Richard Newton on July 25, 2016, at 12:30 p.m.
ROLL CALL: Chairman Richard Newton, Vice Chairman Mike Taylor, Directors
Bobby Lindamood, Jody Short, Tammy Nakamura, Mark McClendon, Scott Rule,
John Eubanks, and Rebecca Barksdale
City Manager Jennifer Fadden, Deputy City Manager Chris Fuller, Assistant City
Manager / Director of Public Safety Mike Holder, Public Works Director Jeremy
Hutt, Strategic Services Manager Adrienne Lothery, Chief Financial Officer Brian
Hogan, Accounting Manager Karen Hines, and City Secretary Amy Shelley
2. CONSENT: READING AND PUBLIC HEARING- Resolution R-16-01
2a Approval of the minutes of the Tax Increment Financing District
Board of Directors meeting of July 27, 2015
Chairman Newton read Resolution R-16-01 in its entirety.
Chairman Newton opened the public hearing at 12:34 p.m.
There was no one present wishing to speak and Chairman Newton closed the
public hearing at 12:34 p.m.
Vice Chairman Taylor moved to approve Resolution R-16-01. Director Short
seconded the motion.
The motion to approve carried by the following vote:
Aye: 9 - Chairman Richard Newton, Vice Chairman Mike Taylor, Directors Bobby
Lindamood, Jody Short, Tammy Nakamura, Mark McClendon, Scott Rule, John
Eubanks, and Rebecca Barksdale
3. PRESENTATION AND DISCUSSION
3a Presentation of the Annual Tax Increment Financing District Report
Strategic Services Manager Adrienne Lothery presented this item and briefed the
Board.
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City of Colleyville Page 2
Director Eubanks asked staff, with respect to revenue, how were the revenues
arrived at, given the rate of .3559 times the incremental value; however, the
GISD did not calculate out. Manager Lothery explained the calculations for the
GCISD payments, and the $1.9 million is the 74 percent received from GCISD,
and second payment of $820,000 is to make up the difference in the tax rate.
Director Eubanks asked staff how the $1,904,000 was calculated. Manager
Lothery explained that the total payment from GCISD is $2.5 million, and the
arrangement is that Colleyville returns about 26 percent of that payment being
$669,000 which means the TIF district nets the $1,904,000.
Director Eubanks asked Mr. McClendon about the college rate. Mr. McClendon
replied the rate used is .19500, which is the 2015-2016 rate.
Director Eubanks stated the packet indicates the 2016 rate. Manager Lothery
concurred, and stated the annual report shows what has already occurred for the
year ended September 2015. Mr. McClendon added the revenue is set based on
the prevailing rate, with the billing taking place in March with payments May 1.
Accounting Manager Karen Hines added the rate used to calculate the $387,780
was .1495.
3b Review and discuss the status of the Colleyville Tax Increment
Financing District
Strategic Services Manager Adrienne Lothery presented this item and briefed the
Board.
Chairman Newton asked staff if the annual report is mailed to everyone. Manager
Lothery replied yes.
Chairman Newton stated the board can meet whenever it is useful to the board.
Director Eubanks asked staff if the cash balances are restricted to certain
programs with no co-mingling. Manager Lothery replied ultimately yes, these
funds will need to have been spent in accordance the original amounts outlined in
the original project plan. She stated it is not to say that if one category has more
cash than the other, and it could be paid back on an annual basis. She stated the
actual category total authorization over the lifetime. City Manager Jennifer stated
the TIF grant category funds could be utilized for other projects as deemed
appropriate by City Council.
Director Eubanks asked about funding projects from the $2.6 million on a cash
basis. City Manager Jennifer Fadden replied currently the plan, for the
expenditure of these funds, is on a cash a basis. She added the board and the
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City Council could look at issuing debt, in the future, should they desire to do so,
and it would have to be in accordance with the structure of the TIF.
Director Eubanks asked Chairman Newton if Glade Road is currently around $20
million. Chairman Newton stated it is going to be revisited next month to discuss
the Glade Road project, all phases.
Director Eubanks asked staff about the length of time to complete the Glade
Road project, from start to finish. Public Works Director Jeremy Hutt replied the
project is currently four phases, with an anticipated completion by 2023.
Director Eubanks asked Chairman Newton about the funding for the project.
Mayor Newton replied currently it is to be completed on a pure cash basis, no
bonds.
Director Lindamood asked Chairman Newton if there are other projects that could
be completed with the TIF funds. Chairman Newton replied it has to be used
within the TIF geographic boundaries.
Director Lindamood asked Chairman Newton how those numbers could be
adjusted for other projects. Chairman Newton replied the board and City Council
would take action within the project list.
Director Eubanks asked Chairman Newton about the Village at Colleyville.
Chairman Newton replied it is done, with about $2.9 million being spent, but
there may be a remaining balance. City Manager Jennifer Fadden explained the
Village was entitled to $643,000 of the remaining $2.2 million in the assets that
they had submitted.
Director Eubanks asked Chairman Newton about Town Center and if it will likely
to be paid out. Chairman Newton replied it depends, as they would have to build
something else, and the agreement is still active, but nothing has happened.
Director Eubanks asked staff how much money will be taken in between now and
2030. Manager Lothery replied she did not have that number prepared, but it is
certainly enough to cover the category from the original project plan.
4. ADJOURNMENT
There being no further business before the Tax Increment Financing District
Board, Chairman Newton adjourned the meeting at 1:10 p.m.
APPROVED BY A VOTE OF 6 AYES, 0 NAYS, AND 0 ABSTENTIONS, ON THIS THE
24TH DAY OF JULY 2017.
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Minutes taken and prepared by:
Amy Shelley, TRMC
City Secretary