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HomeMy WebLinkAboutTIF2 2005-06-21 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 TUESDAY, JUNE 21, 2005 - 4:15 P.M. Present: Oscar Trevino, Chairman Suzy Compton JoAnn Johnson David Whitson John Lewis Tim Welch Dr. Larry Darlage Glen Whitley Drenda Witt Mayor Council Member Council Member Council Member Council Member Council Member Tarrant County College Tarrant County Commissioners Court Tarrant County Hospital District Others Present: Larry J. Cunningham Richard Torres Bo Bass Karen Bostic Alicia Richardson Larry Koonce Nancy Bielik Lisa McMillan Steve Brown Drew Corn Jane Sanford City Manager Assistant City Manager Assistant City Manager Managing Director of Administrative /Fiscal Services Assistant City Secretary Director of Finance Council Member Tarrant County Commissioners Court Library Director Budget Director Administrator, Northeast SubCourthouse, Precinct #3 1. CALL TO ORDER Mayor Trevino called the meeting to order at 4:15 p.m. 2. APPROVAL OF APRIL 8, 2003 BOARD MINUTES Commissioner Whitley moved to approve the minutes. Dr. Darlage seconded the motion. Motion to approve carried 7 -0. CONTINUATION OF MINUTES 3. DISCUSS 2004 ANNUAL REPORT APPROVED Councilwoman Compton present at 4:21 p.m. Director of Finance Larry Koonce provided an overview of the 2004 Annual Report. Mr. Koonce advised the TIF had five years of average growth around 20 million dollars per year and is approximately $96 million in terms of incremental value. Mr. Koonce advised the board the library, which is the first project for the TIF is underway. Mr. Koonce advised tax dollars from the TIF were available to completely finance the library should the board decide. In 2003 the City of North Richland Hills issued Certificates of Obligation in the amount of $1,450,000 for land acquisition and design of the library. Councilman Lewis asked if there was enough money to finance the library or qualify for the debt. Mr. Koonce confirmed the TIF was able to qualify for the debt payments for a total of $10.2 million dollars. Mayor Trevino advised the board instead of getting an approval on the Annual Report, the board would hear presentations by Dan Quinto and Richard Torres and include the presentations as part of the Annual Report. Action on Annual Report taken later in the meeting. 4. REPORT FROM HOME TOWN EXECUTIVE MANAGER DAN QUINTO REGARDING THE CURRENT AND FUTURE DEVELOPMENT APPROVED Mr. Dan Quinto advised the board there were a total of 547 residential lots that have been final platted and approved by the City and of those lots 340 have been sold to builders and 236 are now occupied. Mr. Quinto advised Arcadia is currently working on Phase 4 lots and anticipates approximately 200 lots. The homes on the west side of the development are predominately single - family detached with a small contingent of townhomes. He expects a higher density on the east side as they get closer to the downtown area. Mr. Quinto advised the total residential value through Phase 4 using the average home price of $245,000 (single - family) and $150,000 (townhome) is about 164 million dollars. Mr. Quinto advised the commercial development is approximately 230,000 square feet, Franklin Park is the independent living facility along Mid Cities Boulevard (180,000 square feet), and small retail development along Davis Boulevard. Mr. Quinto advised the board 25 acres were devoted to the lakes and parks, 124 acres are for the first three phases of development that includes the infrastructure and rights- CONTINUATION OF MINUTES of -way, with Phase 4 at 37 acres. Mr. Quinto provided a rendering of the planned mixed -use development. 5. REPORT FROM ASSISTANT CITY MANAGER RICHARD TORRES ON STATUS OF TIF NO. 2 LIBRARY PROJECT Mr. Richard Torres presented a power point presentation outlining the status of the TIF No. 2 library project. ❑ June 2005 - BRW Architects hired to design project ❑ Spring 2006 - Bid for construction ❑ Summer 2006 - Construction to begin o Architect has advised construction for library would take 12 -14 months. ❑ Fall 2007 - Library completed and ready for move in Councilwoman Johnson left the meeting at 4:34 p.m. Mr. Torres advised the present library occupies about 31,000 square feet and the city anticipates construction of a minimum of 45,000 square feet and perhaps as large as 60,000 square feet. In 2003, Certificates of Obligation in the amount of $1.45 million were issued to begin the process of acquiring land and design of the library. Staff expects to issue the remaining Certificates of Obligation in the amount of $8.7 million in the spring of 2006 for a total cost of $10.2 million for the library project. Mr. Torres advised the board staff is working on the site acquisition. The original development agreement with Arcadia called for the City to only acquire the footprint of the building which is approximately 53,000 square foot. The remaining land for parking would be dedicated to the City as an easement. Mr. Torres advised of a new agreement with Arcadia to purchase the entire piece of property, which would net out to approximately 3.5 acres. Mr. Torres advised staff anticipates Council to approve purchase of the remaining land July 11, 2005. The City will plat and dedicate right -of -way for the realignment of Simmons. Staff anticipates the construction of Simmons to be in the Spring or Summer of 2006. The construction of Simmons will be complete about the same time as the construction beings for the library. Mr. Torres advised there is a possibility that the library would be able to connect to Tarrant County College's future Conference Center via a breezeway across Highway 26 at some point in the future. Councilwoman Johnson returned to the meeting at 4:41 p.m. Councilman Lewis moved to accept the 2004 Annual Report to include both reports presented to the board. Mayor Pro Tem Welch seconded the motion. CONTINUATION OF MINUTES Motion to approve carried 8 -0. Mayor Trevino thanked on behalf of the City of North Richland Hills the Hospital District, Tarrant County College and Tarrant County for participating in both TIF's and BISD for participating in TIF No. 1. 6. ADJOURNMENT Mayor Trevino adjourned the meeting at 4:44 p.m.