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HomeMy WebLinkAboutTIF2 2016-06-27 Minutes MINUTES CITY OF NORTH RICHLAND HILLS, TEXAS TAX INCREMENT REINVESTMENT ZONE NO. 2 BOARD OF DIRECTORS MEETING 4301 CITY POINT DRIVE—CITY COUNCIL WORKROOM NORTH RICHLAND HILLS, TX 76180 MONDAY, JUNE 27, 2016 - 5:30 P.M. Present: Oscar Trevino, Chairman Mayor Scott Turnage Council Member Tim Welch Council Member Tito Rodriguez Council Member 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 Others Present: Mark Hindman City Manager Karen Bostic Assistant City Manager Paulette Hartman Assistant City Manager Mike Curtis Managing Dir. of Dev. Services Jimmy Perdue Director of Public Safety 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 5.30 p.m. 2. APPROVE MINUTES OF THE NOVEMBER 9, 2015 TAX INCREMENT REINVESTMENT ZONE NO. 2 BOARD MEETING Council Member Rodriguez moved to approve the minutes. Council Member Turnage seconded the motion. The motion to approve carried 6-0. 3. DISCUSS AND ACCEPT TAX INCREMENT REINVESTMENT ZONE NO. 2 2015 ANNUAL REPORT Kent Austin, Director of Finance, presented the 2015 TIF No. 2 Annual Report. Revenues for fiscal year 2015 totaled $3.1 million. Fund expenditures, which included debt service principal, interest, and related charges, amounted to $2.5 million. Outstanding debt as of September 30, 2015 was $24.085 million. The report revealed that the Zone has a captured value ranging from $232,351,965 to $254,940,187, compared to its 1999 base year value of$56,904,694. In response to a question from the last Board meeting, Austin said that the County and Hospital District participation is capped at specific dollars amounts. Tarrant County's cap of $10,449,734 is projected to be reached in FY 2021, and the Hospital District's cap of$9,235,788 is projected to be reached in FY 2022. Council Member Welch moved to accept the TIF No. 2 2015 Annual Report. Council Member Rodriguez seconded the motion. The motion to approve carried 6-0. 4. ADJOURNMENT Mayor Trevino adjourned the meeting at 5.33 p.m.