HomeMy WebLinkAboutTax Increment Financing District Board-Minutes-07/31/2019
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, July 31, 2019
12 P.M.
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 31, 2019, at 12:03 p.m.
ROLL CALL: Chairman Richard Newton and Directors George Dodson, Kathy
Wheat, Bobby Lindamood, Tammy Nakamura, John Eubanks, and Carol Bracken.
ABSENT: Directors Scott Rule and Rebecca Barksdale
ALSO PRESENT: Assistant City Manager Adrienne Lothery, Assistant City Manager
Mark Wood, Accounting Manager Karen Hines, and City Secretary Christine Loven.
2. CONSENT: READING AND PUBLIC HEARING- RESOLUTION R-19-01
2a Approval of the July 30, 2018 Tax Increment Financing District Board
Meeting Minutes
2b Approval of the January 24, 2019 Tax Increment Financing District Board
Meeting Minutes
Chairman Newton read Resolution R-19-01 in its entirety.
Chairman Newton opened the public hearing at 12:05 p.m. There was no one present
wishing to speak and Mayor Newton closed the public hearing at 12:05.
Director Dodson made a motion to approve Resolution R-19-01, and 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 Carol Bracken.
Absent: 2 - Directors Scott Rule and Rebecca Barksdale
Tax Increment Finance District MINUTES July 31, 2019
City of Colleyville Page 2
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 annual TIF values, stating the TIF continues to exceed
projections and is nearing payoff of all TIF debt.
Manager Lothery reviewed all the project plans and highlighted SH26 and Glade Road
projects, John McCain Trails, and economic development grants before reviewing the
5 year plan.
There was general discussion regarding the project plans and estimates for the project
and what can occur at the end of the TIF in 2030.
4. ADJOURNMENT
There being no further business before the Tax Increment Financing District Board,
Chairman Newton adjourned the meeting without objection at 12:46 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
City Secretary