HomeMy WebLinkAboutTIF2 2000-03-16 MinutesMINUTES 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: Charles Scoma Mayor
Drenda Witt Tarrant County Hospital District
Frank Metts, Jr. Council Member
Russ Mitchell Council Member
Dr. Matt Milano Council Member
Dr. Larry Darlage Tarrant County College
Others Present: Jane Sanford Tarrant County
Laura First Southwest Company
Larry Cunningham City Manager
Larry Koonce Finance Director
Greg Vick Managing Director of Community
Services and Facilities
Phyl Baloga 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
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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 1/20th 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.