HomeMy WebLinkAboutTax Increment Finance (TIF)-Agenda Packets-6/24/2010. City of Colleyville 100 Mlain Street
~ ~ Colleyville, Texas 76034
~'~~~~ ~~ Agenda 817.503.1000
,,,,-- ~ www.colleyville.com
Tax Increment Financing District Board
of Directors
Thursday, June 24, 2010 12:00 PM Executive Conference Room
1. CALL TO ORDER
2. CONSENT: READING AND PUBLIC HEARING -Resolution R-10-01
2a Approval of the minutes of the Tax Increment Financing District Board of
Directors meeting of July 1, 2009
3. REPORT(S):
3a Review and discuss the status of the Colleyville Tax Increment
Financing District
3b Presentation of the Annual Tax Increment Financing District Report
4. ADJOURNMENT
I hereby certify the above agenda was posted on the bulletin boards at City Hall on Friday,
June 11, 2010, by 5:00
Cynthia Singleton, TRMC, CMC
City 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
accommodations, please advise the City Secretary at least 48 hours in advance at
817.503.1133, and reasonable accommodations will be made to assist you.
City of Colleyville Page 1 Printed on 6/10/2010
RESOLUTION R-10-01
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 July 1, 2009.
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 1, 2009, are hereby approved.
AND IT IS SO RESOLVED.
APPROVED BY A VOTE OF AYES, NAYS AND
ABSTENTIONS ON THIS THE DAY OF 2010.
COLLEYVILLE TAX INCREMENT
FINANCING DISTRICT BOARD
David Kelly
Chairman
ATTEST:
Cynthia Singleton, TRMC, CMC
City Secretary
`"~"` City of Colleyville
'`~'~. ~~ Minutes -Draft
r,•.t.
CONSENT: READING AND PUBLIC HEARING -Resolution R-09-01
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
The Tax Increment Financing District Board of Directors meeting was
called to order by Chairman David Kelly at 12:00 p.m.
ROLL CALL: Directors Mike Taylor, Carol Wollin, John Eubanks,
Tom Hart and Drenda Witt were present. Chairman David Kelly, City
Manager Jennifer Fadden, Assistant City Manager Kelly Cooper,
Finance Director Terry Leake and City Secretary Cynthia Singleton
were also present.
Directors Carolyn Sims, Rudy Gonzales and Jon Ayers were absent.
2.
2a
3
3a
Appointing a Tax Increment Finance District Board of Directors Vice
Chairman
Tax Increment Financing District
Board of Directors
Approval of the minutes of the Tax Increment Financing District Board of
Directors meeting of April 24, 2008
Chairman Kelly read Resolution R-09-01 in its entirety.
Chairman Kelly opened the public hearing.
There was no one present wishing to speak and Chairman Kelly closed
the public hearing.
Director Hart moved to approve Resolution R-09-01.
Chairman Taylor seconded the motion.
The motion carried by the following vote:
Aye: 6 -Tom Hart, David Kelly, Carol Wollin, Mike Taylor, John
Eubanks, Drenda Witt
Absent: 3 -Jon Ayers, Rudy Gonzales, Carolyn Sims
RESOLUTION(S):
READING AND PUBLIC HEARING
City of Colleyville Page 1 Printed on 6/10/2010
Tax Increment Financing District Minutes -Draft
Board of Directors.
July 1, 2009
Chairman David Kelly read Resolution R-09-02 in its entirety.
Chairman Kelly opened the public hearing.
There was no one present wishig to speak concerning this item and
Chairman Kelly closed the public hearing.
Director Hart nominated Director Mike Taylor as Vice-Chairman for a
term of two years.
Director Witt seconded the motion.
The motion carried by the following vote:
Aye: 6 -Tom Hart, David Kelly, Carol Wollin, Mike Taylor, John
Eubanks, Drenda Witt
Absent: 3 -Jon Ayers, Rudy Gonzales, Carolyn Sims
4. REPORTS:
4a Review and discuss the status of the Colleyville Tax Increment Financing
District
Finance Director Terry Leake provided an update of the FY 2009
Colleyville Tax Increment Financing (TIF) District including the purpose
and history; the entity contributions; TIF commitments; TIF value; the
asset repurchase agreements and the TIF Project Plan status and
answered questions of the Board of Directors.
4b Presentation of the Annual Tax Increment Financing District Report
Finance Director Terry Leake presented the annual Tax Increment
Financing District Report and answered questions of the Board of
Directors.
4c Update of revised Tax Increment Financing District asset repurchase
agreement with the Village at Colleyville
City Manager Jennifer Fadden provided an update of the revised Tax
Increment Financing (TIF) District asset repurchase agreement with The
Village at Colleyville and stated the City settled litigation with The Village
at Colleyville.
There was general discussion of potential uses of TIF funds, the future
development of The Village at Colleyville and the redevelopment of
SH26.
City of Colleyville Page 2 Printed on 6/10/2010
Tax Increment Financing District Minutes -Draft
Board of Directors
July 1, 2009
5. ADJOURNMENT
There being no further business before the Tax Increment Financing
District Board of Directors, Director Taylor moved to adjourn.
Director Witt seconded the motion.
The motion carried by the following vote:
Aye: 6 -Tom Hart, David Kelly, Carol Wollin, Mike Taylor, John
Eubanks, Drenda Witt
Absent: 3 -Jon Ayers, Rudy Gonzales, Carolyn Sims
Chairman Kelly adjourned the meeting at 12:52 p.m.
APPROVED BY A VOTE OF AYES,
ABSTENTIONS ON THIS THE DAY OF
Minutes taken and prepared by:
Cynthia Singleton, TRMC, CMC
City Secretary
NAYS AND
2010.
City of Colleyville Page 3 Printed on 6/10/2010
,:~,~,
.,
~~ City of Colleyville 100 Mltain Street
Colleyville, Texas 76034
r,. Agenda Briefing 817.503.1000
www.colleyville.com
File Number: File Type: Report Status: Reports
Version: 1 Agenda Date: 06/24/2010 Controlling Body: Tax Increment
Financing District
Board of Directors
Requester: Office of the City Agenda No.: 3a Final Action:
Manager
File Name: Review and discuss the status of the Colleyville Tax Increment Financing District
Attachments: City of Colleyville Tax Increment Financing District -Fiscal Year 2010 Presentation.pdf
History of Legislative File
Version: Date: Acting Body: Action Text:
1 06/24/2010 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 Assistant City Manager /Chief Financial Officer, will provide
an update of the Fiscal Year 2010 status of the Colleyville Tax Increment Financing (TIF)
District.
City of Colleyville Page 1 Printed on 6/10/2010
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,~-'-~-' City Hall
~'@ •~ ~ City of Colleyville 100 Main Street
t~,~s Colleyville, Texas 76034
r.~. Agenda Briefing 817.503.1000
www.colleyville.com
File Number: File Type: Report Status: Reports
Version: 1 Agenda Date: 06/24/2010 Controlling Body: Tax Increment
Financing District
Board of Directors
Requester: Office of the City Agenda No.: 3b Final Action:
Manager
File Name: Presentation of the Annual Tax Increment Financing District Report
Attachments: TIF Annual Report-Fiscal Year 2009.pdf
History of Legislative File
Version: Date: Acting Body: Action Text:
1 06/24/2010 Tax Increment Financing
District Board of
Directors
Title
Presentation of the Annual Tax Increment Financing District Report
Explanation
Terry Leake, City of Colleyville Assistant City Manager /Chief Financial Officer, will present
the Annual Tax Increment Financing District Report.
City of Colleyville Page 1 Printed on 6/10/2010
TIF REPORT -CITY OF COLLEYVILLE
FISCAL YEAR ENDED SEPTEMBER 30, 2009
REVENUES:
TAX INCREMENT REVENUES
CITY OF COLLEYVILLE $854,722
GRAPEVINE COLLEYVILLE ISD $1,765,439
TARRANT COUNTY $611,425
TARRANT COUNTY COLLEGE DISTRICT $332,025
TARRANT COUNTY HOSPITAL DISTRICT $499,345
TOTAL $4,062,956
EXPENDITURES:
SERIES 2001 BOND PAYMENT $678,443
SERIES 2002 BOND PAYMENT $60,223
TIF AGREEMENT PAYMENT TOWN CENTER $57,073
TIF AGREEMENT PAYMENT VILLAGE AT COLLEYVILLE $487,659
TOTAL $1,283,398
DEBT SERVICE SCHEDULE
SERIES 2001 CERTIFICATES OF OBLIGATION
FISCAL PRINCIPAL INTEREST TOTAL
YEAR
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 $5,795,000 $1,684,064 $7,479,064
SERIES 2002 CERTIFICATES OF OBLIGATION
FISCAL
YEAR
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
TOTAL
PRINCIPAL INTEREST TOTAL
$35,000 $23,473 $58,473
$35,000 $21,723 $56,723
$40,000 $19,848 $59,848
$40,000 $17,922 $57,922
$45,000 $15,956 $60,956
$45,000 $13,876 $58,876
$50,000 $11,647 $61,647
$50,000 $9,272 $59,272
$50,000 $6,860 $56,860
$55,000 $4,288 $59,288
$60,000 $1,470 $61,470
$505,000 $146,335 $651,335