HomeMy WebLinkAboutTIF1 2014-04-28 Minutes MINUTES OF THE TIF BOARD MEETING FOR REINVESTMENT ZONE #1 OF THE
CITY OF NORTH RICHLAND HILLS, TEXAS BOARD OF DIRECTORS MEETING —
COUNCIL WORKROOM AT CITY HALL
MONDAY, APRIL 28, 2014 - 6:00 P.M.
Present:
Oscar Trevino, Chairman Mayor
Rita Wright Oujesky Council Member
David Whitson Council Member
Scott Turnage Council Member
Tim Welch Council Member
Dolores Webb Birdville I.S.D.
Carolyn Sims Precinct Administrator for Commissioner
Gary Fickes, Northeast SubCourthouse,
Precinct #3
Absent:
Scott Rule Tarrant County Hospital District
Dr. Larry Darlage Tarrant County College
Other Staff Present:
Mark Hindman City Manager
Karen Bostic Assistant City Manager
Jimmy Perdue Director of Public Safety
George Staples City Attorney
Mike Curtis Managing Director
Larry Koonce Director of Finance
John Pitstick Director of Planning & Development
Craig Hulse Director of Economic Development
Kristin James Assistant to City Manager
1.
CALL TO ORDER
Mayor Trevino called the meeting to order at 6:00 p.m.
2.
APPROVAL OF APRIL 22, 2013 BOARD MINUTES
Councilwoman Wright Oujesky moved to approve the minutes. Dolores Webb
seconded the motion.
Motion to approve carried 7 -0.
3.
DISCUSS AND APPROVE TIF NO. 1 AND TIF NO. 1A 2013 ANNUAL REPORTS
Larry Koonce, Director of Finance, provided an overview of the TIF No. 1 and TIF No.
1A Annual Report. The original public improvement for the TIF was in the amount of
$1.3 million in pubic drainage improvements. Total value of $3 to $4 million in
improvements was originally anticipated on the property. Through 2012 there have been
$13 million in improvements with minimal debt service on the $850,000 in Certificates of
Obligation sold. In 2014 a decline of about $4.7 million was seen because of the
closure of ATI. The TIF currently has $8 million in incremental value.
Since 2010 $3 million in Certificates of Obligation have been issued toward the
expansion projects. It is anticipated at this time unless there are increases in values
along the expansion corridor or the business center there will be a shortfall in revenues
of approximately $280,000 in the TIF. This will be the City's obligation to pay in 2018 at
the time the TIF will legally expire.
Councilman Turnage moved to approve TIF No. 1 and TIF No. 1A 2012 Annual Report.
Councilman Whitson seconded the motion.
Motion to approve carried 7 -0.
4.
Update on TIF No. 1 Expansion Projects
Director of Planning & Development, John Pitstick updated the Board on the projects.
Although the expanded TIF was started as the economy began going down, the original
projects are moving forward. Mr. Pitstick informed the Board of the $3 million in
available funding approximately $500,000 is available for the Boulevard 26 and
Glenview intersection. TXDOT has approximately 95 percent of the construction plans
completed and it is anticipated the formal bid process and construction should be
started in the next quarter of 2014 and completed in early 2015. The remaining $2.5
million in funding is for the design phase, construction of burying of utilities between
Glenview and Rufe Snow on Boulevard 26 and replacement of light poles. The City is
still working with land right of way acquisition and with businesses in relocating utilities
connected in the front to relocate the utilities to connect in the back. The bid process
should be started in third quarter 2014 with the completion in third quarter 2015.
Item for informational purposes only.
5s
ADJOURNMENT
Mayor Trevino adjourned the meeting at 6:12 p.m.