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HomeMy WebLinkAboutTIF1 2016-06-27 Minutes MINUTES CITY OF NORTH RICHLAND HILLS, TEXAS TAX INCREMENT REINVESTMENT ZONE NO. 1 BOARD OF DIRECTORS MEETING 4301 CITY POINT DRIVE—CITY COUNCIL WORKROOM NORTH RICHLAND HILLS, TX 76180 MONDAY, JUNE 27, 2016 - 5:15 P.M. Present: Oscar Trevino, Chairman Mayor Scott Turnage Council Member Tim Welch Council Member Dolores Webb Birdville I.S.D. Rebecca Barksdale Precinct Administrator for Commissioner Gary Fickes, Northeast Sub Courthouse, Precinct #3 Mark McClendon Tarrant County College Absent: Scott Rule Tarrant County Hospital District David Whitson Council Member Rita Wright Oujesky Council Member Other Staff Present: Mark Hindman City Manager Karen Bostic Assistant City Manager Paulette Hartman Assistant City Manager Jimmy Perdue Director of Public Safety Mike Curtis Managing Dir. of Dev. Services Cara White City Attorney Kent Austin Director of Finance Marrk Callier Management Assistant Craig Hulse Director of Economic Development Kristin James Assistant to City Manager 1. CALL TO ORDER Mayor Trevino called the meeting to order at 5.15 p.m. 2. APPROVE MINUTES OF THE NOVEMBER 9, 2015 TAX INCREMENT REINVESTMENT ZONE NO. 1 BOARD MEETING Council Member Scott Turnage moved to approve the minutes of the November 9, 2015 Board meeting. Dolores Webb seconded the motion. Motion to approve carried 5-0. 3. DISCUSS AND ACCEPT TAX INCREMENT REINVESTMENT ZONE NO. 1 AND 1A 2015 ANNUAL REPORT Kent Austin, Director of Finance, presented the 2015 TIF No. 1 and TIF No. 1A Annual Report. Total revenues from property taxes and investment income for fiscal year 2015 were $185,817. Total expenditures, which include only debt service, were $695,852. Outstanding principal and interest as of September 30, 2015 totaled $2,118,379. As in prior years, a summary of the incremental change in TIF1 and TIF 1A shows that the value of TIF1A has decreased, so there is nothing to be assessed to the participating entities. All revenue is derived from TIF No. 1. Kent Austin introduced Managing Director of Development Services Mike Curtis to provide an overview of construction activity in Zone 1A. Curtis explained that there were three projects involved. First was the drainage project in TIF 1, which was completed several years ago. TIF 1A includes two projects: an intersection project at Boulevard 26/Glenview and burial of overhead utilities along Boulevard 26. The intersection project is under construction; the drainage and sidewalks are largely installed. Landscaping remains to be done and may be deferred until the fall. Agreements are in place for overhead utility burials with AT&T and Oncor. The City's utility consultant is finalizing construction documents. Advertising and award of bid are expected to take two months. Burial of utilities will occur along Boulevard 26 from Glenview to Parchman Street. Mayor Trevino asked about the cost of the project. Curtis said the estimated cost is nearly $2,000,000. The Board had no further questions. Dolores Webb moved to accept the TIF No. 1 and TIF No. 1A 2015 Annual Report. Council member Turnage seconded the motion, which was approved 6-0. 4. ADJOURNMENT Mayor Trevino adjourned the meeting at 5.21 p.m.