HomeMy WebLinkAboutFW_ TIF Report Questions2From: Kyle Lester <KLester@colleyville.com>
Sent: Wednesday, January 22, 2020 1:39 PM
To: Richard Newton <RNewton@colleyville.com>; George Dodson <GDodson@colleyville.com>; Bobby Lindamood <BLindamood@colleyville.com>; Tammy Nakamura <TNakamura@colleyville.com>; Kathy
Wheat <KWheat@colleyville.com>; susan.alanis@tccd.edu; rbarksdale@tarrantcounty.com; johnteubanks@verizon.net; jlabbe@jpshealth.org
Cc: Kyle Lester <KLester@colleyville.com>; Karen Hines <khines@colleyville.com>; Christine Johnson <CJohnson@colleyville.com>; Jerry Ducay <JDucay@colleyville.com>; Mark Wood
<MWood@colleyville.com>; Adrienne Lothery <alothery@colleyville.com>; Keera Seiger <KSeiger@colleyville.com>
Subject: TIF Report Questions
Good afternoon, Board Members!
We had two outstanding questions today regarding the TIF annual report that I’d like to go ahead and clear up.
1. The first was in regards to Tarrant County College District’s participation in the amended agreement (TIF #1A). Evidently, the District’s participation in TIF #1A was mistakenly added to the original
agreement (TIF #1), so the total was correct but the allocation wasn’t. Below is a chart that hopefully clears this up ($16,341 moves from TIF 1 to TIF 1A). I’ve attached a revised report for your
records.
Tax Increment Revenues TIF #1 -Initial Report Revised Difference
CITY OF COLLEYVILLE (0.003208 x TIF#1 incremental value)1,265,513 1,265,513 -
TARRANT COUNTY COLLEGE DISTRICT (0.0013607 x TIF#1 incremental value)555,043 538,702 (16,341)
GRAPEVINE COLLEYVILLE ISD -TOTAL PAYMENT*(0.01 x TIF#1 incremental value)3,912,310 3,912,310 -
GRAPEVINE COLLEYVILLE ISD **(0.26 x TIF#1 incremental value/100)(1,017,201) (1,017,201) -
GRAPEVINE COLLEYVILLE ISD ***(0.74 x payment difference from 2018 M&O tax rate vs.
2005 M&O rate)
1,247,792 1,247,792 -
TARRANT COUNTY #CAPPED - - -
TARRANT COUNTY HOSPITAL DISTRICT #CAPPED - - -
TOTAL TIF 1 5,963,457 5,947,116 (16,341)
Tax Increment Revenues TIF #1A -
CITY OF COLLEYVILLE (0.003208 x TIF#1A incremental value)38,575 38,575 -
TARRANT COUNTY COLLEGE DISTRICT (0.0013607 x TIF#1A incremental value)-16,341 16,341
TOTAL TIF 1A 38,575 54,917 16,341
GRAND TOTAL (TIF 1 & TIF 1A) 6,002,032 6,002,032 -
2. The second was to confirm our debt service payments. The debt in question was issued in 2016 as a refunding obligation. This basically was to restructure several outstanding debt issues into one to
save on interest, of which the previous TIF-funded issue was a part. The portion of the 2016 issue that the TIF is responsible for does expire after this year. So while the rest of the debt goes out
further, the TIF only has to pay its portion through February of 2020.
I hope this clears up those questions.
Thank you and have a great week!
Kyle Lester, CGFO
Finance Director
Colleyville, TX
817.503.1014