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HomeMy WebLinkAboutTax Increment Financing District Board-Minutes-07/29/2020 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 Wednesday, July 29, 2020 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 29, 2020, at 12:17 p.m. ROLL CALL: Chairman Richard Newton, Vice Chair George Dodson, and Directors Kathy Wheat, and Tammy Nakamura PRESENT VIA WEBEX: Directors John Eubanks, Susan Alanis, and J.R. Labbe ABSENT: Directors Rebecca Barksdale and Bobby Lindamood ALSO PRESENT: City Manager Jerry Ducay, Assistant City Manager Mark Wood, Finance Director Kyle Lester, Accounting Manager Karen Hines, and Assistant to the City Secretary Keera Seiger 2. CONSENT: READING AND PUBLIC HEARING- RESOLUTION R-20-01 2a Approval of the July 31, 2019 Tax Increment Financing District Board Meeting Minutes 2b Approval of the January 22, 2020 Tax Increment Financing District Board Meeting Minutes Chairman Newton read Resolution R-20-01 in its entirety. Director Nakamura made a motion to approve Resolution R-20-01, and Director Dodson seconded the motion. The motion to approve carried by the following vote: Aye: 7 - Chairman Richard Newton, Vice Chair George Dodson, and Directors John Eubanks, Susan Alanis, Tammy Nakamura, J.R. Labbe, and Kathy Wheat Absent: 2 - Directors Rebecca Barksdale and Bobby Lindamood Tax Increment Finance District MINUTES July 29, 2020 City of Colleyville Page 2 3. PRESENTATION AND DISCUSSION 3a Review and discuss the status of the Colleyville Tax Increment Financing District Finance Director Kyle Lester presented this item and answered questions of the Board. Director Lester 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. This TIF’s last debt payment was made this year, meaning it is currently debt free. Director Lester reviewed the history of the TIF and stated the TIF will expire in 2030. He then presented an update on TIF taxable values, TIF participation, project plans, the 5-year plan, and TIF project highlights, including Cheek-Sparger Road construction, Northern Gateway land purchases, SH26 corridor beautification, Glade Road construction, and the Colleyville Business Center. There was general discussion regarding the 5-year plan, TIF funds, future project plans, and the plans for the TIF district in 2030. 4. ADJOURNMENT There being no further business before the Tax Increment Financing District Board, Chairman Newton adjourned the meeting without objection at 12:57 p.m. APPROVED ON THIS THE 28TH DAY OF SEPTEMBER 2021. Minutes taken and prepared by: Keera Seiger Assistant to the City Secretary