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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 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 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.