HomeMy WebLinkAboutTax Increment Financing District Board-Minutes-01/31/2018
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
Wednesday, January 31, 2018
12:00 p.m.
Executive Conference Room
Third Floor, City Hall
The Tax Increment Financing District Board of Directors meeting was called to
order by Chairman Richard Newton on January 31, 2018, at 12:00 p.m.
ROLL CALL: Chairman Richard Newton, Vice Chairman Mike Taylor, Directors
Nancy Coplen, Bobby Lindamood, Tammy Nakamura, Mark McClendon, and John
Eubanks.
ABSENT: Directors Scott Rule and Rebecca Barksdale
ALSO PRESENT: Councilmember Kathy Wheat, City Manager Jerry Ducay,
Assistant City Manager Adrienne Lothery, Chief Financial Officer Shereen Gendy,
Accounting Manager Karen Hines, Intern Brittany Huff, and City Secretary
Christine Loven
2. PRESENTATION AND DISCUSSION
2a Overview of the TIF regulatory history
Assistant City Manager Adrienne Lothery introduced the City’s TIF consultant
David Pettit of Economic Development, who provided a foundational background
on the TIF, highlighted Chapter 311 of the Tax Code which outlines the two
procedures for creating and amending a TIF, and explained changes which have
occurred in legislation over the last decade.
Mr. Petit explained the length of the TIF, the caps which were put in place by
GCISD and TCC; amendments to the projects and financing plans, and boundary
amendments.
2b Presentation and discussion of the TIF revenues and expenditures
reconciliation
Strategic Services Manager Adrienne Lothery recognized the Finance Department
for their work in creating the reconciliation.
Manager Lothery reviewed the reconciliation, categories, and projects, and
answered questions of the board.
Vice Chairman Taylor asked if the reconciliation contained audited numbers.
Manager Lothery replied yes.
Tax Increment Financing District MINUTES January 31, 2018
City of Colleyville Page 2
Chairman Newton asked if there was a difference in the rate paid by GCISD
before the cap. Manager Lothery replied the M&O rate in 2005 was 1.47, today it
is 1.04.
There was general discussion regarding the layout of the reconciliation to avoid
confusion.
2c Presentation and discussion of the draft five-year plan
City Manager Jerry Ducay stated the five-year plan is preliminary and not
adopted by City Council with this budget, however, it will be adopted in the FY
2019 budget.
Manager Lothery presented the draft five-year plan and answered questions of
the Board.
Director Coplen asked if there were any plans for the TIF beyond 2022.
Chairman Newton stated this will be a rolling plan which if revisited and updated
annually with the projects as they become developed.
Vice Chair Taylor stated the columns within the report are confusing and need to
be clarified.
Director Eubanks asked if the five year plan is an indication of the intent to spend
funds. Chairman Newton stated it is a starting point for planning and the intent
will be to adopt the plan in July.
There was discussion of how to clarify the plan and segregate each entity to show
the contribution and improvements.
There was additional discussion regarding amendments to the TIF and
interpretation of the latitude allowed in the categories.
Vice Chairman Taylor stated on a personal note it has been a great blessing to
serve the City and he feels better about the TIF today because of the efforts of
the staff to provide the information for which they have asked for many years.
He thanked Mayor Newton and the staff.
Director Nakamura asked what happens to the TIF in 2030. Mr. Petit stated
there will be options to consider based on projects and legislation.
3. ADJOURNMENT
There being no further business before the Tax Increment Financing District
Board, Chairman Newton adjourned the meeting at 1:03 p.m.
Tax Increment Financing District MINUTES January 31, 2018
City of Colleyville Page 3
APPROVED BY A VOTE OF 7 AYES, 0 NAYS, AND 0 ABSTENTIONS, ON THIS THE
30TH DAY OF JULY 2018.
Minutes taken and prepared by:
Christine Loven, TRMC
City Secretary