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HomeMy WebLinkAboutTIF2 2008-11-06 Minutes 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, NOVEMBER 6, 2008 - 5:00 P.M. Present: Oscar Trevino, Chairman Mayor Suzy Compton Mayor Pro Tem Scott Turnage Council Member John Lewis Council Member Drenda Witt Tarrant County Hospital District Dr. Larry Darlage Tarrant County College Others Present: Larry J. Cunningham City Manager Jared Miller Assistant City Manager Jimmy Perdue Assistant City Manager Karen Bostic Assistant City Manager Larry Koonce Director of Finance John Pitstick Director of Planning & Development Chris Amarante Construction Manager Vickie Loftice Director of Parks and Recreation Elizabeth Reining Assistant to the City Manager Craig Hulse Director of Economic Development Mary Peters Public Information Officer Lisa McMillan Tarrant County Commissioner’s Court Scott Herndon Tarrant County Hospital District David Medanich First Southwest Company Absent: Tim Welch Council Member David Whitson Council Member Carolyn Sims Precinct Administrator for Commissioner Gary Fickes, Northeast SubCourthouse, Precinct #3 1. CALL TO ORDER Mayor Trevino called the meeting to order at 5:00 p.m. 2. APPROVAL OF OCTOBER 2, 2007 BOARD MINUTES Councilman Lewis moved to approve the minutes. Drenda Witt seconded the motion. Motion to approve carried 5-0. 3. DISCUSS 2008 ANNUAL REPORT Finance Director, Larry Koonce provided an overview of TIF No. 1 Executive Summary. Actual property tax revenues in fiscal year 2008 were $2,065,381 compared to the original plan estimate of $3,548,682. Taxes collected since inception total $8,316,010. Cash balances including tax collections, interest earnings and certificate of obligation proceeds as of September 30, 2008 are approximately $9.8 million. The captured appraised value was $184,519,875 for the Tarrant County entities for fiscal year 2008. The library project has been completed for $10.2 million with the exception of a few small items. Certificates of deposit in the amount of $2,000,000 were issued for the design of the recreation center project which is the second project in this plan. $1,100,000 of 4b sales tax has been dedicated toward the recreation center project and the next project which will be the TCC conference center to be started in the next three to five years. Mr. Koonce brought to the attention of the Board some of the reasons property tax collections have come slower and have affected the growth of the TIF. Mayor Trevino asked Mr. Koonce to discuss the delay in the design and construction of the library, and the delay of the design and construction of the recreation center. Mr. Koonce said that both the library and recreation center were anticipated to be completed within the first five years of the plan but were postponed until there were tax revenues to support the debt service. The reasons for the delay are outlined in the Executive Summary. Councilman Lewis moved to accept the 2008 Annual Report. Drenda Witt seconded the motion. Motion to approve carried 5-0. 4. OVERVIEW/STATUS REPORT OF THE TIF NO. 2 RECREATION CENTER PROJECT Vickie Loftice, Director of Parks and Recreation presented the overview/status report of the TIF No. 2 Recreation Center project. She stated that the RFQ was issued for the engineering and design and approximately 15 responses were received from firms interested in the project. Proposals were reviewed by a committee and Brinkley Sargent Architect, a world class firm in Dallas, Texas, was chosen. Over the past few months the City has been working with the developer to resolve some parking and infrastructure issues that exist. It is important that there will be ample parking and it is convenient to the patrons because of the maintenance and operational costs. The need for a recreation center was first identified in the 1991 Park System Master Plan and was expressed again in 2000 and 2007 by our citizens. The center will be approximately 100,000 square feet with a budget for the development and construction cost of $21,900,000. Of that amount, $1,100,000 will be funded out of the Parks ½ Sales Tax and the remaining amount funded from the TIF. Once the project is started after some of the situations are resolved it is expected to take 2½ to 3 years for public input, engineering and design, construction documents, and then construction. Dr. Darlage arrived before adjournment. 5. ADJOURNMENT Drenda Witt moved to adjourn the TIF No. 2 Board meeting and Councilman Turnage seconded the motion. Mayor Trevino adjourned the meeting at 5:09 p.m.