HomeMy WebLinkAboutTax Increment Finance (TIF)-Agenda Packets-7/1/2009~~~~~~~ City of Colleyville
t_ lv .,
~~I,~: ~ Agenda
~..:.,,
Tax Increment Financing District Board
of Directors
City Hall
100 Main Street
Colleyville, Texas 76034
817. 503.1000
www.colleyville.com
Wednesday, July 1, 2009
12:00 PM Executive Conference Room, 3rd floor
1. CALL TO ORDER
2. CONSENT: READING AND PUBLIC HEARING -Resolution R-09-01
2a Approval of the minutes of the Tax Increment Financing District Board of
Directors meeting of April 24, 2008
3. RESOLUTION(S):
READING AND PUBLIC HEARING
3a R-09-02 Appointing a Tax Increment Finance District Board of Directors Vice
Chairman
4. REPORTS:
4a Review and discuss the status of the Colleyville Tax Increment
Financing District
4b Presentation of the Annual Tax Increment Financing District Report
Update of revised Tax Increment Financing District asset repurchase
agreement with the Village at Colleyville
5. ADJOURNMENT
I certify that the above notice was posted on the bulletin boards at City Hall on Friday, June 19,
2009, by 5' p.m.
~~~
Cyn hia Singleton
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
accomodations, please advise the City Secretary at least 48 hours in advance at
817.503.1133, and reasonable accomodations will be made to assist you.
City of Colleyville Page 1 Printed on 6/19/2009
RESOLUTION R-09-01
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 24, 2008.
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 April 24, 2008, are hereby approved.
AND IT IS SO RESOLVED.
APPROVED BY A VOTE OF
ABSTENTIONS ON THIS THE
ATTEST:
AYES, NAYS AND
DAY OF 2009.
COLLEYVILLE TAX INCREMENT
FINANCING DISTRICT BOARD
David Kelly
Chairman
Cynthia Singleton
Secretary
~_ __`
"~`" City of Colleyville
'~ _` ~ Minutes -Draft
,,.~:,
Tax Increment Financing District
Board of Directors
City Hall
100 Main Street
Colleyville, Texas 76034
817. 503.1000
www.colleyville.com
Thursday, April 24, 2008
12:00 PM City Hall, Executive Conference Room
The Tax Increment Financing District Board of Directors meeting was
called to order by Chairman Rich Hendler at 12:10 p.m.
ROLL CALL: Directors David Kelly, Richard Newton, Larry Darlage,
Hank Johnson (representing John Eubanks) Lisa McMillan
(representing Carolyn Sims), Drenda Witt and Chairman Rich
Hendler were present.
City Manager Bill Lindley, Assistant City Manager Kelly Cooper,
Finance Director Terry Leake, Interim Economic Development
Manager Mike Johnston and City Secretary Cynthia Singleton were
also present.
Directors Tom Hart and Jon Ayers were absent.
2. READING AND PUBLIC HEARING -Resolution R-08-01
2a Approval of the minutes of the Tax Increment Financing District Board of
Directors' meeting of April 4, 2007
Chairman Rich Hendler read Resolution R-08-01 in its entirety.
Chairman 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-08-01.
Director Kelly seconded the motion.
The motion carried by the following vote:
Aye: 7 -Rich Hendler, David Kelly, Richard Newton, Larry Darlage,
Hank Johnson for John Eubanks, Lisa McMillan for Carolyn Sims,
Drenda Witt
Absent: 2 -Jon Ayers, Tom Hart
City of Colleyville Page 1 Printed on 6/19/2009
Tax Increment Financing District Minutes -Draft April 24, 2008
Board of Directors
3. REPORTS:
3a Review and discuss the status of the Colleyville Tax Increment Financing
District
Finance Director Terry Leake provided an update of the Fiscal Year
2008 status of the Colleyville Tax Increment Financing (TIF) District and
answered questions of the Board of Directors.
There was general discussion regarding the repurchase agreements with
the Town Center and Village at Colleyville and the payment process.
Director Newton requested the Tax Increment Plan and the Developer
Incentive Agreement Asset Repurchase Worksheet be provided to the
Board of Directors.
3b Update of the Colleyville Boulevard Development Activity
City Manager Bill Lindley provided an update of the Colleyville Boulevard
development activity.
There was general discussion regarding a commuter rail station, SH26
redevelopment timeline, trail connectivity and types of mixed-use
projects.
4. ADJOURNMENT
There being no further business before the Tax Increment Financing
District Board of Directors, Director Kelly moved to adjourn.
Director Darlage seconded the motion.
The motion carried by the following vote:
Aye: 7 -Rich Hendler, David Kelly, Richard Newton, Larry Darlage,
Hank Johnson for John Eubanks, Lisa McMillan for Carolyn Sims,
Drenda Witt
Absent: 2 -Jon Ayers, Tom Hart
Chairman Hendler adjourned the meeting at 1:15 p.m.
City of Colleyville Page 2 Printed on 6/19/2009
Tax Increment Financing District Minutes -Draft
Board of Directors
April 24, 2008
APPROVED BY A VOTE OF AYES, NAYS AND
ABSTENTIONS ON THIS THE DAY OF 2009.
Minutes taken and prepared by:
Cynthia Singleton
Secretary
City of Colleyville Page 3 Printed on 6/19/2009
'(~~>l~~
City of Colleyville
Agenda Briefing
City Hall
100 Main Street
Colleyville, Texas 76034
817. 503.1000
vwvw.colleyville.com
File Number: R-09-02
File Number: R-09-02
Version: 1
Requester: Office of the City
Secretary
File Type: Resolution
Agenda Date: 07/01/2009
Status: Resolution
Controlling Body: Tax Increment
Financing District
Board of Directors
Agenda No.: 3a
Final Action:
File Name: Appointing a Tax Increment Finance District Board of Directors Vice Chairman
Attachments: Tax Increment District Board of Directors roster.pdf Excerpt -Tax Increment Financing
District Board of Directors' Bylaws.pdf Resolution R-09-02.pdf
History of Legislative File
Version: Date: Acting Body: Action Text:
1 07/01/2009 Tax Increment Financing
District Board of
Directors
Title
Appointing a Tax Increment Finance District Board of Directors Vice Chairman
Explanation
Reading and Public Hearing
As per the Tax Increment Financing District Board Bylaws, Article III, the officers of the
Zone shall consist of a chairman, a vice chairman, a secretary, and such other officers as
the Board of Directors may from time to time elect or appoint, provided however, that the
City Council may on an annual basis, appoint the chairman whose term shall begin on
January 1. Terms of office for officers, other than the chairman, shall not exceed two years.
This item provides for the Tax Increment Financing District Board of Directors to appoint a
Vice Chairman.
Financial Impact
It has been determined that there is no financial impact.
Recommendation
Approval
City of Colleyville Page 1 Printed on 6N9/2009
Tax Increment Finance District Board
CHAIRMAN
David Kelly
905 Inwood Lane
Colleyville, TX 76034
W: 817.410.3715
H: 817.656.1862
F: 817.410.3716
kellyd(cDci.colleyville.tx.us
TERM: January 2009 -December 2010
DIRECTOR
Tom Hart
1717 Avondale
Colleyville, TX 76034
W: 817.975.3671
H: 817.540.1171
F: 817.835.0392
hartt(cDci.colleyville.tx.us
TERM: January 2009 -December 2010
VACANT
TERM: -December 2010
DIRECTOR
Jon Ayers
4808 Meandering Way
Colleyville, TX 76034
W: 817.267.9009
H: 817.267.1630
F: 817.318.0663
M: 972.571.6647
ayerslCc~ci.colleWille.tx.us
TERM: January 2009 -December 2010
DIRECTOR
Mike Taylor
5209 Coventry Place
Colleyville, TX 76034
W: 817.377.9966
H: 817.267.5407
F: 817.377.4405
M: 817.366.5557
taylorm(a~ci.colleyville.tx.us
TERM: January 2009 -December 2010
Grapevine-Colleyville ISD
John Eubanks
7009 Lismore Court
Colleyville, TX 76034
H: 817.481.3009
iohnteuban ks(cDtx. rr. co m
TERM: January 2009 -December 2010
Tarrant County College
Rudy Gonzales
828 Harwood Road
Hurst, TX 76054
W: 817.515.6670
TERM: January 2009 -December 2010
Tarrant County Hospital District
Drenda Witt
1500 South Main Street
Fort Worth, TX 76104
H: 817.927.1106
TERM: January 2009 -December 2010
Tarrant County
Carolyn Sims
645 Grapevine Highway, Suite 6
Hurst, Texas 76054
W: 817.581.3600
cssims tarrantcounty.com
TERM: January 2009 -December 2010
72eviced 06/08/2009
EXCERPT
Section 6. Conduct of Business. At the meetings of the Board of Directors, matters
pertaining to the purposes of the Zone shall be considered in such order as from time to
time the Board of Directors may determine.
At all meetings of the Board of Directors, the chairman shall preside and in the absence
of the chairman, the vice chairman shall exercise the power of the chairman.
The secretary of the Board of Directors shall act as secretary of all meetings of the
Board of Directors, but in the absence of the secretary, the presiding officer may appoint
any person to act as secretary of the meeting. City staff shall provide notice of
meetings and prepare meeting agendas.
Within five days following each Regular and Emergency Meeting, a copy of the minutes
of the meeting shall be submitted to the City Secretary of the City.
Section 7. Compensation of Directors. Directors as such shall not receive any
salary or compensation for their services, except that they shall be reimbursed for their
actual expenses incurred in the pertormance of their duties hereunder.
Section 8. Attendance. Board members shall make every effort to attend all Regular
and Special meetings of the Board and/or Committees. The City Council may replace a
City appointee of the Board or request replacement of an appointee from other taxing
jurisdictions for non-attendance.
ARTICLE III
OFFICERS
Section 1. Titles and Term of Office. The officers of the Zone shall consist of a
chairman, a vice chairman, a secretary, and such other officers as the Board of
Directors may from time to time elect or appoint; provided however that the City Council
may, on an annual basis, appoint the chairman whose term shall begin on January 1.
One person may hold more than one office, except that the chairman shall not hold the
office of secretary. Terms of office for officers, other than the chairman, shall not
exceed two years.
All officers, other than the chairman, shall be subject to removal from office, with or
without cause, at any time by a vote of a majority of the entire Board of Directors.
A vacancy in the office of any officer, other than the chairman, shall be filled by a vote of
a majority of directors.
Section 2. Powers and Duties of the Chairman. The chairman shall be the chief
executive officer of the Board of Directors and, subject to the approval of the City
Council, he/she shall be in general charge of the properties and affairs of the Zone and
shall preside at all meetings of the Board of Directors.
Section 3. Vice Chairman. The vice chairman shall be a member of the Board of
Directors, shall have such powers and duties as may be assigned to him by the Board
of Directors and shall exercise the powers and duties as may be assigned to him by the
EXHIBIT A
R-88-1
EXCERPT
Board of Directors and shall exercise the powers of chairman during that officers
absence or inability to act. Any action taken by the vice chairman in the performance of
the duties of the chairman shall be conclusive evidence of the absence or inability to act
of the chairman at the time such action was taken.
Section 4. Secretary. The secretary shall keep the minutes of all meetings of the
Board of Directors in books provided for the purpose, he/she shall have charge of such
books, records, documents and instruments as the Board of Directors may direct, all of
which shall at all reasonable times be open to inspection, and he/she shall in general
perform all duties incident to the office of secretary subject to the control of the City
Council and the Board of Directors. The function of secretary may be performed by City
Staff.
Section 5. Compensation. Officers as such shall not receive any salary or
compensation for their services, except that they shall be reimbursed for their actual
expenses incurred in the performance of their duties hereunder.
Section 6. Staff. Staff functions for the Board of Directors may be performed by the
City Manager and his designee.
ARTICLE IV
PROVIDISIONS REGARDING BYLAWS
Section 1. Effective Date. These Bylaws shall become effective only upon the
occurrence of the following events;
(1) the adoption of these Bylaws by the Board of Directors, and
(2) the approval of these Bylaws by the City Council
Section 2. Amendments to Bvlaws. These Bylaws may be amended by majority
vote of the Board of Directors, provided that the Board of Directors files with the City
Council a written application requesting that the City Council approve such amendment
to the Bylaws, specifying in such application the amendment or amendments proposed
to be made. If the City Council by appropriate resolution finds and determines that it is
advisable that the proposed amendment be made, authorizes the same to be made and
approves the form of the proposed amendment, the Board of Directors shall proceed to
amend the Bylaws.
After consultation with the Board of Directors, the Bylaws may also be amended at any
time by the City Council by adopting an amendment to the Bylaws resolution of the City
Council and delivering the Bylaws to the secretary of the Board of Directors.
Section 3. Interpretation of Bvlaws. These Bylaws and all the terms and provisions
hereof shall be liberally construed to effectuate the purposes set forth herein. If any
word, phrase, clause, sentence, paragraph, section or other part of these Bylaws, or the
application thereof to any person or circumstance, shall ever be held to be invalid or
unconstitutional by any court of competent jurisdiction, the remainder of these Bylaws
EXHIBIT A
R-98-1
RESOLUTION R-09-02
A RESOLUTION APPOINTING A TAX INCREMENT DISTRICT BOARD OF
DIRECTORS VICE CHAIRMAN
WHEREAS, in accordance with Tax Increment Financing District Bylaws,
Article III, the officers of the Zone shall consist of a chairman, a
vice chairman, a secretary, and such other officers as the Board
of Directors may from time to time elect or appoint; and,
WHEREAS, terms of office for officers, other than the chairman, shall not
exceed two years; and,
WHEREAS, there is a vacancy in the office of Vice Chairman.
NOW, THEREFORE, BE IT RESOLVED BY THE TAX INCREMENT FINANCING
DISTRICT BOARD OF DIRECTORS OF THE CITY OF COLLEYVILLE, TEXAS:
Sec. 1. THAT Director is hereby appointed to serve as
Vice Chairman of the Tax Increment Financing District Board of
Directors with a term expiring
AND IT IS SO RESOLVED.
APPROVED BY A VOTE OF
ABSTENTIONS ON THIS THE
AYES, NAYS AND
DAY O F
2009.
ATTEST:
COLLEYVILLE TAX INCREMENT
FINANCING DISTRICT BOARD
David Kelly
Chairman
Cynthia Singleton
Secretary
~:'_..,,~, City Hall
_ City of Colleyville 100 Main Street
Colleyville, Texas 76034
~~~~ Agenda Briefing 817.503.1000
www.colleyville.com
File Number: File Type: Report Status: Reports
Version: 1 Agenda Date: 07/01/2009 Controlling Body: Tax Increment
Financing District
Board of Directors
Requester: Finance Department Agenda No.: 4a Final Action:
File Name: Review and discuss the status of the Colleyville Tax Increment Financing District
Attachments: Tax Increment Financing (TIF) District FY 2009 Update.pdf
History of Legislative File
Version: Date: Acting Body: Action Text:
1 07/01/2009 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 2009
status of the Colleyville Tax Increment Financing (TIF) District.
City of Colleyville Page 1 Printed on 6/18/2009
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City ~f Co~~eyvi~~e City Hall
100 Main Street
~ Colleyville, Texas 76034
~~~~~~~ Agenda Briefing 87.503.,000
www.colleyvitle.com
File Number: File Type: Report Status: Reports
Version: 1 Agenda Date: 07/01/2009 Controlling Body: Tax Increment
Financing District
Board of Directors
Requester: Finance Department Agenda No.: 4b Final Action:
File Name: Presentation of the Annual Tax Increment Financing District Report
Attachments: TIF Annual Report-Fiscal Year 2008.pdf
History of Legislative File
Version: Date: Acting Body: Action Text:
1 07/01/2009 Tax Increment Financing
District Board of
Directors
Title
Presentation of the Annual Tax Increment Financing District Report
Explanation
Terry Leake, City of Colleyville Finance Director, will present the Annual Tax Increment
Financing District Report.
City of Colleyville Page 1 Printed on 6/18/2009
TIF REPORT
FISCAL YEAR ENDED SEPTEMBER 30, 2008
REVENUES:
TAX INCREMENT REVENUES
CITY OF COLLEYVILLE $740,798
GRAPEVINE COLLEYVILLE ISD $1,532,872
TARRANT COUNTY $434,630
TARRANT COUNTY COLLEGE DISTRICT $229,507
TARRANT COUNTY HOSPITAL DISTRICT $374,062
TOTAL $3,311,870
EXPENDITURES:
SERIES 2001 BOND PAYMENT $680,880
SERIES 2002 BOND PAYMENT $56,780
TIF AGREEMENT PAYMENT TOWN CENTER $740,238
TIF AGREEMENT PAYMENT VILLAGE AT COLLEYVILLE $165,929
PROJECT PLAN EXPENSES - BOGART STREET $600,000
PROJECT PLAN EXPENSES -CHURCH STREET $878,421
TOTAL $3,122,247
DEBT SERVICE SCHEDULE
SERIES 2001 CERTIFICATES OF OBLIGATION
FISCAL PRINCIPAL INTEREST TOTAL
YEAR
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 $6,190,000 $1,967,507 $8,157,507
SERIES 2002 CERTIFICATES OF OBLIGATION
FISCAL PRINCIPAL INTEREST TOTAL
YEAR
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 $540,000 $171,557 $711,557
. '' ,~, City Hall
~~~~ ~ City of Colleyville 100 Main Street
~~ Colleyville, Texas 76034
~~~~~~ Agenda Briefing 817.503.1000
www.colleyville.com
File Number: File Type: Report Status: Reports
Version: 1 Agenda Date: 07/01/2009 Controlling Body: Tax Increment
Financing District
Board of Directors
Requester: Office of the City Agenda No.: 4c Final Action:
Manager
File Name: Update of revised Tax Increment Financing District asset repurchase agreement with the Village
at Colleyville
Attachments:
History of Legislative File
Version: Date: Acting Body: Action Text:
1 07/01/2009 Tax Increment Financing
District Board of
Directors
Title
Update of revised Tax Increment Financing District asset repurchase agreement with the
Village at Colleyville
Explanation
Jennifer Fadden, City of Colleyville City Manager, will provide an update of the recently
revised Tax Increment Financing District asset repurchase agreement with the Village at
Colleyville.
City of Colleyville Page 1 Printed on 6/18/2009