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