HomeMy WebLinkAboutTax Increment Financing District Board-Minutes-7/20/2011.~~~ ~~ City of Colleyville
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Tax Increment Financing District Board
of Directors
City Hall
100 Main Street
Colleyville, Texas 76034
817. 503.1000
www.colleyville.com
Wednesday, July 20, 2011 11:00 AM Executive Conference Room, 3rd floor
1. CALL TO ORDER
2. CONSENT: READING AND PUBLIC HEARING - Resolution R-11-01
2a R-11-01 Approval of the minutes of the Tax Increment Financing District Board of
Directors meeting of June 24, 2010
3. RESOLUTION(S)
READING AND PUBLIC HEARING
3a R-11-02 Appointing a Tax Increment Finance District Board of Directors Vice
Chairman
4. REPORT
4a
Presentation of the Annual Tax Increment Financing District Report
5. PRESENTATION
5a
Review and discuss the status of the Colleyville Tax Increment
Financing District
6. ADJOURNMENT
I hereby certify the above agenda was posted on the bulletin boards at City Hall on Thursday,
July 14, 2011, by 5: ..
~ ~ ~~~
ynthia 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.
City of Colleyville Page 1 Printed on 7/13/2011
Tax Increment Financing District Agenda July 20, 2011
Board of Directors
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 2 Printed on 7/13/2011
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Tax Increment Financing District
Board of Directors
City Hall
100 Main Street
Colleyville, Texas 76034
817. 503.1000
www.colleyville.com
Wednesday, July 20, 2011
11:00 AM Executive Conference Room, 3rd floor
Chairman David Kelly called the Tax Increment Financing District Board of
Directors meeting of July 20, 2011, to order at 11:05 a.m.
Chairman Kelly welcomed and introduced Gavin Cator, Chief Executive
Officer, Wodonga City Council, Victoria, Australia.
ROLL CALL: Directors Carol Wollin, Mike Taylor, Michael Muhm,
John Eubanks, Truitt Leake, Drenda Witt and Lisa McMillan attended
for Carolyn Sims were present. Chairman David Kelly, City Manager
Jennifer Fadden, Assistant City Manager and Chief Financial OfFicer
Terry Leake, Economic Development Director Marty Wieder, Finance
Manager Karen Hines and City Secretary Cynthia Singleton were also
present.
Director Tom Hart was absent.
2.
CONSENT: READING AND PUBLIC HEARING - Resolution R-11-01
2a R-11-01 Approval of the minutes of the Tax Increment Financing District Board of
Directors meeting of June 24, 2010
Chairman Kelly read Resolution R-11-01 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 Wollin moved to approve Resolution R-11-01.
Vice Chairman Taylor seconded the motion.
City of Colleyville Page 1 Printed on 6/29/2012
Tax Increment Financing District Minutes July 20, 2011
Board of Directors
The motion carried by the following vote:
Aye: 8- Michael Muhm, David Kelly, Carol Wollin, Mike Taylor, Truitt
Leake, John Eubanks, Lisa McMillan, Drenda Witt
Absent: 1 - Tom Hart
3. RESOLUTION(S)
READING AND PUBLIC HEARING
3a R-11-02 Appointing a Tax Increment Finance District Board of Directors Vice
Chairman
Chairman Kelly read Resolution R-11-02 in its entirety.
Chairman Kelly opened the public hearing.
There was no one present wishing to speak and Chairman Kelly closed the
public hearing.
Chairman Kelly opened the floor for nominations.
Chairman Kelly nominated Director Mike Taylor as Vice Chairman for a term
of two years and made a motion to approve Resolution R-11-02.
Director Witt seconded the motion.
There were no other nominations.
The motion carried by the following vote:
Aye: 8- Michael Muhm, David Kelly, Carol Wollin, Mike Taylor, Truitt
Leake, John Eubanks, Lisa McMillan, Drenda Witt
Absent: 1 - Tom Hart
4. REPORT
4a Presentation of the Annual Tax Increment Financing District Report
Assistant City Manager and Chief Financial Officer Terry Leake presented
the Annual Tax Increment Financing (TIF) District Report and answered
questions of the Board of Directors.
City of Colleyville Page 2 Printed on 6/29/2012
Tax Increment Financing District Minutes July 20, 2011
Board of Directors
Assistant City Manager and Chief Financial Officer Terry Leake reviewed
expenditures and revenues and reported the Grapevine-Colleyville
Independent School District (GCISD) made a one-time true-up payment for
the tax years 2005 through 2008, due to a change in school funding tax
laws.
Discussion ensued regarding the legislation, which allowed the one-time
payment from GCISD, current and projected tax contributions and
incremental values of each entity and cash balance of the TIF.
5. PRESENTATION
5a Review and discuss the status of the Colleyville Tax Increment Financing
District
Assistant City Manager and Chief Financial Officer Terry Leake reviewed
the status of the Colleyville Tax Increment Financing District and answered
questions of the Board of Directors.
Assistant City Manager and Chief Financial Officer Terry Leake stated the
Colleyville TIF was created in 1998 to accelerate commercial development
in an underdeveloped area along SH26 and the TIF provides for debt
issuance for infrastructure improvements.
Assistant City Manager and Chief Financial Officer Terry Leake reviewed
the contributed tax rate by entity, taxable values, outstanding bond issues,
incentified developer asset repurchase agreements for The Village and
Town Center, the developer asset repurchase agreement payment process
and the adopted project plan.
Discussion ensued regarding the overall tax rate collected, timeline of
collections, percentage of commercial and residential properties under
appeals and method of taxes collected. Ms. Leake stated approximately
98.25% of the tax has been collected and noted taxes are collected by the
Grapevine-Colleyville Independent School District. Ms. Leake further
reported the GCISD tax office does an excellent job of collecting taxes and
is very customer service oriented.
Discussion continued regarding the value of the original TIF agreement and
payments.
Assistant City Manager and Chief Financial Officer Terry Leake explained
payments under the developer asset repurchase agreement are only made
if the developer builds the specified asset as listed in the agreement and
stated the annual payment is based on the taxes received from the increase
in the taxable assessed value from the date of the agreement.
General discussion continued regarding project termination dates, caps and
cash values and the ratification process for project plan changes.
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Tax Increment Financing District Minutes July 20, 2011
Board of Directors
The Board of Directors requested a status update outlining financials,
outstanding debt, and cash balance on hand be forwarded to the Directors
and included in the annual presentation.
6• ADJOURNMENT
There being no further business before the Tax Increment Financing District
Board of Directors, Chairman Kelly adjourned the meeting at 12:10 p.m.
APPROVED BY A VOTE OF AYES, NAYS AND
ABSTENTIONS ON THIS THE DAY OF 2012.
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Minutes,~aken aryd p~fepared by:
~
~/nthia Singleton, TRMC, CMC
ity Secretary
City of Colleyville Page 4 . Printed on 6/29/2012