HomeMy WebLinkAboutTax Increment Financing District Board-Minutes-07/30/2018
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
Monday, July 30, 2018
12 Noon
Executive Conference Room
Third Floor, City Hall
1. CALL TO ORDER
The Tax Increment Financing District Board of Directors meeting was called to order
by Chairman Richard Newton on July 30, 2018, at 12:00 p.m.
ROLL CALL: Chairman Richard Newton and Directors George Dodson, Kathy
Wheat, Bobby Lindamood, Tammy Nakamura, John Eubanks, and Mark McClendon.
ABSENT: Directors Scott Rule and Rebecca Barksdale
ALSO PRESENT: Assistant City Manager Adrienne Lothery, Assistant City Manager
Mark Wood, Chief Financial Officer Shereen Gendy, and City Secretary Christine
Loven.
2. CONSENT: READING AND PUBLIC HEARING- RESOLUTION R-18-01
2a Approval of the July 24, 2017 Tax Increment Financing District Board
Meeting Minutes
2b Approval of the January 31, 2018 Tax Increment Financing District Board
Meeting Minutes
Chairman Newton read Resolution R-18-01 in its entirety.
Mayor Newton opened the public hearing at 12:01 p.m. There was no one present
wishing to speak and Mayor Newton closed the public hearing at 12:02.
Director Dodson made a motion to approve Resolution R-18-01, Director
Nakamura seconded the motion.
The motion to approve carried by the following vote:
Aye: 7 - Chairman Richard Newton and Directors George Dodson, Kathy Wheat,
Bobby Lindamood, Tammy Nakamura, John Eubanks, and Mark McClendon.
Absent: 2 - Directors Scott Rule and Rebecca Barksdale
Tax Increment Finance District MINUTES July 30, 2018
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Assistant City Manager Adrienne Lothery had begun the review of the TIF when
Chairman Newton was advised audio and video was lost. There was a pause in the
meeting until 12:15 p.m. At 12:15 p.m. the meeting was resumed, and Chairman
Newton recapped the roll call, vote on Consent Resolution R-18-01, and asked
Assistant City Manager Lothery to resume.
3. PRESENTATION AND DISCUSSION
3a Review and discuss the status of the Colleyville Tax Increment Financing
District
Assistant City Manager Adrienne Lothery presented this item and answered questions
of the Board. Manager Lothery stated the TIF was created by Chapter 311 of the
Texas Tax Code, to accelerate commercial development in an underdeveloped area, or
to renovate existing blighted development in an area, in a specific geographic zone.
The TIF entities contribute ad valorem taxes received from the incremental value
increase on property within the zone, which provides for debt issuance for
infrastructure improvements within the zone.
Manager Lothery reviewed the history of the TIF and stated the TIF will expire in
2030. She then reviewed the taxable values, noted though there are five partners in
the TIF, only the City of Colleyville, GCISD, and Tarrant County College are
contributing, as Tarrant County and Tarrant County Hospital District reached their
committed participation levels in fiscal year 2012.
Manager Lothery gave highlights of the FY2018 timeline, FY2017 Revenues, project
plans, and the Five Year Plan. She further reiterated to the Board the 2011 TIF
refunding bonds were refunded in 2016, resulting in a savings of $95,000, and the
2016 bonds did not extend the debt, which will allow the TIF
debt to be paid off in 2020.
Manager Lothery made reference to the 5-year plan working draft which was shared
at the January 2018 meeting and noted with input from the entities, she expects to
update the plan each year, through the TIF expiration in 2030.
There was general discussion of the TIF grants, the City’s beautification efforts,
construction projects, and the possibility of an Entrepreneur Center.
The Board thanked Manager Lothery for the update.
4. ADJOURNMENT
There being no further business before the Tax Increment Financing District Board,
Chairman Newton adjourned the meeting at 1:02 p.m.
Tax Increment Finance District MINUTES July 30, 2018
City of Colleyville Page 3
APPROVED BY A VOTE OF 5 AYES, 0 NAYS, AND 0 ABSTENTIONS, ON THIS THE
31ST DAY OF JULY 2019.
Minutes taken and prepared by:
Christine Loven, TRMC
City Secretary