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HomeMy WebLinkAboutTIF2 2000-07-24 Agendas ;f, t,. REINVESTMENT ZONE NUMBER 2, CITY OF NORTH RICHLAND HILLS BOARD OF DIRECTORS MEETING JULY 24,2000 - 5:45 P.M. ADMINISTRATIVE CONFERENCE ROOM - NRH CITY HALL 7301 NORTHEAST LOOP 820 NORTH RICHLAND HILLS, TEXAS AGENDA 1. Call to Order 2. ,Apþrova{of November 1 1999~Bpard Minutes 3. Approval of March 16, 2000 Board Minutes 4::· Take Action Approving the Amended Fil1al Project and Finance Plans for Tax Increment Investment Zone #2 . 5. Adjournment POSTED ~Grf(b DatI? _~~~_~~i () -Î M.J Time ~ . City Secretary !Jv<jÚ¿/ ~~ By REINVESTMENT ZONE NUMBER 2, CITY OF NORTH RICHLAND HILLS BOARD OF DIRECTORS MEETING November 1, 1999 CITY HALL PRE - COUNCIL ROOM 2:00 p.m. MINUTES Board Members Present: Chairman Charles Scoma, Mayor, City of North Richland Hills Frank Metts, Jr., Councilman, City of North Richland Hills Dr. Matt Milano, Councilman, City of North Richland Hills Russ Mitchell, Councilman, City of North Richland Hills Lyle E. Welch, Councilman, City of North Richland Hills JoAnn Johnson, Councilwoman, City of North Richland Hills Dr. Larry Darlage, President, Tarrant County College- Northeast Campus Commissioner Glen Whitley, Commissioner, Tarrant County Drenda Williams Witt, Dir. of Public Relations & Marketing, JPS Health Network Staff /Guests Present: Jane Sanford, Administrator, Tarrant County Larry Cunningham, City Manager, City of North Richland Hills Greg Vick, Managing Dir. of Community Services & Facilities, City of North Richland Hills Larry Koonce, Director of Finance, City of North Richland Hills Marty Wieder, Director of Economic Development, City of North Richland Hills Ashley Stathatos, Marketing & Research, City of North Richland Hills 1. Call TIF #2 Meeting to Order Chairman Scoma convened the first TIF #2 meeting at 2:05 p.m. With all the board members present, Mayor Scoma asked the Board Members to introduce themselves. 2. Adoption of By -Laws The second item on the agenda was to consider adoption of the Board Bylaws. Mr. Cunningham noted that the current Bylaws were similar to the Bylaws previously sent out. Ms. Witt made a motion to approve the Bylaws, Dr. Darlage seconded and the item was passed unanimously. 3. Approve Preliminary Project Plan Mr. Cunningham proceeded to ask Mr. Wieder to present the Preliminary Project Plan. Commissioner Whitley noted the County's support for the Reinvestment Zone Number 2 November 1, 1999 - -Page 2 Tarrant County College Performing Arts Center. He believes there is a great need for training areas, community meeting space i.e public health outpatient health, parenting classes etc. He, along with other Commissioners are in favor of the Performing Arts Center since this will promote County wide partnership for space outside of the downtown area. This new partnership could encourage the Southeast, Northwest and South College /County areas to incorporate the same working relationship for a much needed end result. Commissioner Whitley explained the developer reimbursement schedule for infrastructure and the plan to use the funds for the Library and Recreation Center. The new TCC facility would most likely be located in the Town Center core. Another option would be near the City Hall site off Grapevine Highway. Mayor Scoma asked if someone would entertain a motion to pass the Preliminary Project Plan. Commissioner Whitley made a motion, Dr. Darlage seconded and the item passed unanimously. 4. Approval Finance Plan The next item on the agenda was discussion of the Preliminary Finance Plan. Mr. Koonce directed everyone to page 9 of the Finance Plan. The total project cost would come to approximately $63.8 million. The City would participate at 100 %, College at 100 %, Hospital at 52% and the County also at 52 %. Overall, these figures reflect $52 million by the City for 20 years, $9.7 million from TCC, and the Hospital and County each at $9.2 million. Commissioner Whitley said he understands the need for a new library and recreation center due to the 820 - widening project. He would like to see the time frame moved up for the Performing Arts Center. Mr. Vick noted that all figures are based on 1999 dollars. These amounts could change and are subject to participation agreements. Numerous suggestions were placed on the table regarding building in a figure for inflation costs. Commissioner Whitley suggested a 3% inflation rate for the first 5 years. Ms. Johnson made a motion to approve the Preliminary Finance Plan and to use the 3% inflation rate over the first 5 years. Ms. Witt seconded that motion. Commissioner Whitley then Reinvestment Zone Number 2 November 1, 1999 - -Page 3 suggested a modified motion to include 3% annual inflation rate for construction costs. The amendment was accepted and the motion passed unanimously. A tentative meeting is set for Tuesday, November 30, 1999. 5. Adjourn Having no further business, the meeting was adjourned at 2:55 p.m. 1 MINUTES OF THE TIF BOARD MEETING FOR REINVESTMENT ZONE #2 OF THE CITY OF NORTH RICHLAND HILLS, TEXAS BOARD OF DIRECTORS MEETING - PRE - COUNCIL ROOM AT CITY HALL THURSDAY, MARCH 16, 2000 - 4:30PM Present: Others Present: Charles Scoma Drenda Witt Frank Metts, Jr. Russ Mitchell Dr. Matt Milano Dr. Larry Darlage Jane Sanford Laura Larry Cunningham Larry Koonce Greg Vick Phyl Baloga Mayor Tarrant County Hospital District Council Member Council Member Council Member Tarrant County College Tarrant County First Southwest Company City Manager Finance Director Managing Director of Community Services and Facilities Economic Development Secretary 1. CALL TO ORDER Mayor Charles Scoma called the meeting to order at 4:30pm. 2. APPROVAL OF FINAL PROJECT PLAN Mayor Scoma called on Greg Vick to review the final project plan. Mr. Vick reviewed the four different projects and their costs. The four projects were the Library, Recreation Center Natorium, the infrastructure, and the Conference Performing Arts Center. Mr. Vick also reviewed the flow of funds as it related to the infrastructure reimbursement to the City. The Mayor called for a motion on the final project plan. Councilman Metts moved to approve the plan and Councilman Milano seconded the motion and the motion was unanimously approved. 3. APPROVAL OF FINAL FINANCE PLAN Mayor Scoma called on Larry Koonce to review the finance plan. Mr. Koonce reviewed the cash flow of the plan. He also advised the board that the project cost had been increased by 3% inflation for the first five years as directed by the Board at its previous meeting. The Board also discussed clarifying the relationship with the TIF and the College District. The board asked staff to 2 amend the finance plan to show that the College District was being reimbursed from 2006 — 2026 and also to show that it was 20 level payments each payment being 1120th of the $10,713,279 project cost. Mr. Mitchell asked for clarification as to the Developer's participation. Mr. Koonce indicated the Developer's contribution initially goes to an escrow account until the fund transfer is complete. Mr. Koonce also noted that a total of $1.1 million participation from the Parks Development Corporation sales tax is planned for 2001 and 2003. The Board discussed financing options and Ms. Alexander of First Southwest explained the advantages of using Certificates of Obligation. After further discussion on the flow of funds with the TIF and the relationship with the College and the fact that the College would be issuing its own debt for the Conference Performing Arts Center, Mayor Scoma called for a motion. Councilman Milano moved to approve the finance plan, with the modification to clarify the way the College's District would receive the funds from the Reinvestment Zone. Councilman Mett's, seconded the motion. The vote was unanimous in favor of the motion. 4. ADJOURNMENT Councilman Mitchell motioned to adjourn the meeting at 5:08pm and Councilman Milano seconded the motion. The vote was unanimous in favor of the motion. TAX INCREMENT FINANCE DISTRICT # 2 Department: City Manager TIF #2 Meeting Date: 7/24/2000 Subject: Take Action Approving the Amended Final Project and Finance Plans for Tax Increment Investment Zone #2 Background: The City of North Richland Hills City Council created Tax Increment Reinvestment Zone #2 on October 25, 1999. The purpose of this action is to capture the incremental tax revenue increase from the area of the zone and use it to pay for the public projects planned for that zone. Those projects are the library, recreation center /natatorium, conference center (TCC debt financing), and the utility infrastructure (developer reimbursement). The Board approved these final plans March 16, 2000. gfr Tarrant County College District approved participating in a revised plan, $2.5 million Tess for the Conference Center, and some other conditions, on June 29, 2000. The Hospital and County had previously approved the Final Plans and Participation Agreement. The Hospital District is scheduled to approve the amendments later this month and the County the first part of August. The City Council is scheduled to take action on the plans and participation agreements at a meeting after your meeting. The overall TIF projects have decreased from $67,705,817 to $65,205,817. Over the life of the TIF, each entity saves some money as a result of the change. With this action and the amendment approval of the City, County, and Hospital, the zone will have all of its action items complete. Recommendation: Approve the amended Final Project and Finance Plans. Source of Funds: Bonds (GO /Rev.) Operating Budget Other Depart ead Signature Account Number Sufficient Funds Available Finance Director Budget Director 4111Mci IA, r''y Ma /erMrgnature Page 1 of