HomeMy WebLinkAboutTax Increment Financing District Board-Minutes-01/22/2020
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
Thursday, January 22, 2020
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 22, 2020, at 12:00 p.m.
ROLL CALL: Chairman Richard Newton and Directors George Dodson, Kathy
Wheat, Bobby Lindamood, Tammy Nakamura, John Eubanks, Susan Alanis, and J.
R. Labbe.
ABSENT: Director Rebecca Barksdale
ALSO PRESENT: Finance Director Kyle Lester, City Manager Jerry Ducay,
Assistant City Manager Adrienne Lothery, Assistant City Manager Mark Wood,
Accounting Manager Karen Hines, and Secretary Christine Loven.
Chairman Newton welcomed Susan Alanis, Tarrant County College; and J. R.
Labbe, Tarrant County Hospital District, and gave a high level overview of the
development of the TIF.
2. PRESENTATION AND DISCUSSION
2a Fiscal Year 2019 year end update
Finance Director Kyle Lester presented Item 2a, which included a review of the
original and amended project plans, expenditures to-date, a Five-Year Working
Plan, and answered questions of the Board.
Director Lester stated all cost projections in the project plans are estimates and
are not a limitation, and noted revenue from GCISD participation may not be
used on any project category added by the 2012 amendment. He further noted
only revenue from City participation can be used in the TIF Grants category.
Director Lester stated an updated Five-Year Working Plan will be brought before
the Board at the July meeting, per the TIF Bylaws, but he wanted to review the
plan through 2019. During the review, Assistant City Manager Adrienne Lothery
discussed the SH26 medians, TIF Grants, and placeholders for the City land
purchases. Assistant City Manager Mark Wood discussed the Glade Road project,
the current City land purchase at the Northern Gateway, and the Colleyville
Business Center.
Director Nakamura asked staff if the bonds were paid off in 2020. Director Lester
stated the debt issued in 2016 as a refunding obligation was to restructure
Tax Increment Financing District MINUTES January 22, 2020
City of Colleyville Page 2
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 the TIF is
responsible for does expire after this year. The remaining debt goes out further,
however, the TIF only has to pay its portion through February of 2020.
Director Labbe asked City staff to explain the Senior Center Improvements.
Chairman Newton stated the Senior Center is a renovated Church on 10 acres,
owned by the City. The City is currently in the process of deciding what, if any,
changes need to occur at the Center and noted four options were presented to
the public in a recent Citizen Survey. City Manager Jerry Ducay stated it has
become apparent, if the Senior Center is redesigned or constructed to be a
Recreation Center, this will become a City Capital Plan conversation as costs
would exceed TIF funding.
Director Alanis questioned the use of TIF funds for City Capital Maintenance
items. Manager Lothery advised the restrictive funds are being used from the
original project scope.
Director Alanis stated it appears there is a miscalculation for Tarrant County
College District’s participation in the TIF #1A. Director Lester advised he will
review this item and advise the Board if a correction is necessary.
3. ADJOURNMENT
There being no further business before the Tax Increment Financing District
Board, Chairman Newton adjourned the meeting at 12:40 p.m.
APPROVED BY A VOTE OF 7 AYES, 0 NAYS, AND 0 ABSTENTIONS, ON THIS THE
29TH DAY OF JULY 2020.
Minutes taken and prepared by:
Christine Loven, TRMC
Secretary