2000-12-05 OFFICIAL MINUTES
APPROVED BY THE BOARD OF DIRECTORS FOR TAX INCREMENT REINVESTMENT
ZONE NUMBER ONE, CITY OF SOUTHLAKE, TEXAS
1 TAX INCREMENT REINVESTMENT ZONE NUMBER ONE
2 CITY OF SOUTHLAKE, TEXAS
3 BOARD OF DIRECTORS
4
5 MINUTES
6
7 December 5, 2000
8
9 Members Present: Gary Fawks, Chair; Rex Potter; Ronnie Kendall; Patsy DuPre; Ted
10 Gillum; Larry Darlage; Jane Sanford.
11
12 Members Absent: Rick Stacy, Keith Shankland, Greg Standerfer, Drenda Witt, Rob
13 Glover.
14
15 Staff Present: Billy Campbell, City Manager — City of Southlake; Sharen Elam,
16 Director of Finance — City of Southlake; Lisa McMillan, Economic
17 Development Coordinator — Tarrant County; John Eaglen, Assistant to
18 the City Manager — City of Southlake.
19
20 Agenda Item No. 1, Call to Order — As a quorum was present, TIRZ Chair Gary Fawks called the
21 meeting to order at 4:50 p.m.
22
23 Agenda Item No. 2, Approval of the 2000 Annual Report for the Tax Increment Reinvestment
24 Zone Number One — Stating that the purpose of this agenda item was for the Board of Directors
25 approval, City of Southlake Director of Finance Sharen Elam presented the 2000 TIRZ Number
26 One Annual Report. The report contained the following components:
27
28 • Page One — Reflects the financial condition of the TIRZ Number One as of September 30,
29 2000. One item that is noteworthy here is that the bond total is $15.5 million, which doesn't
30 reflect the $3.5 and $3.6 million dollar bond issuances on the City Council meeting agenda
31 tonight.
32 • Page Two — Reflects the revenues generated through September 30, 2000. Total
33 expenditures section reflects to the items associated with Town Hall. The $200,000 transfer
34 reflected reflects the debt service payment due. Director Kendall asked Director Potter if the
35 Town Hall project was over or under budget, and Director Potter replied that for the most
36 part things were on target, and that he believed there were enough resources to complete the
37 projects.
38 • Page Three — Summary of TIRZ Number One creation, based on fund accounting method.
39 • Page Four — Breaks down the difference between cash and investments.
40 • Page Five — Reflects annual debt service and the life of the bonds. Director DuPre asked if
41 in the 2006 thereafter section if the $25 million was a cumulative total of years 2006 though
42 2018. Director DuPre asked why the City's taxable values are $25,000 less than the other
43 entities. Ms. Elam replied that to the best of her knowledge this is due to Southlake being
44 within two (2) counties, and at this time there has been no clear explanation from the Tarrant
45 Appraisal District (TAD) as to this situation. Ms. McMillan added that Tarrant County has
Minutes, TIRZ Board of Directors Meeting — December 5, 2000 Page 1 of 3
OFFICIAL MINUTES
APPROVED BY THE BOARD OF DIRECTORS FOR TAX INCREMENT REINVESTMENT
ZONE NUMBER ONE, CITY OF SOUTHLAKE, TEXAS
1 run across the two (2) counties situation previously in Grapevine and Fort Worth, but that in
2 this case it shouldn't be an issue because the TIF boundaries are all within Tarrant County.
3 Chair Fawks asked if the over 65 exemption was the only relief that is provided on the
4 Assessed Value, and does CISD get frozen? Dr. Gillum confirmed that that is the case.
5 Chair Fawks asked Ms. Elam to press TAD for a response to the taxable values question, and
6 Ms. Elam confirmed she would press the issue with TAD.
7
8 Chair Fawks asked if the 2000 appraised values were less than planned. Ms. Elam replied
9 that the August 10, 1999 Financing Plan was bumped up, however she would have to have
10 the 1997 original financing plan to get an accurate number. Director Kendall asked if things
11 were on track to pay the debt service? Ms. Elam replied that with the current debt and
12 including the debt scheduled for the 2 °a Reading at City Council this evening, we plan to
13 cover the debt service. Director Kendall asked if the TIRZ can meet the $18 million debt,
14 and Ms. Elam replied that we could, as the maximum debt level was identified in the
15 planning phases of the project plan.
16
17 Referring to Page Two, Director Kendall asked about the $96,000 in the fund balance, and asked
18 if that amount could go towards debt service. Ms. Elam replied that the funding was planned to
19 be allocated to debt service payments in the future. Director Potter asked if the staff could
20 develop a project expenditure summary similar to the one utilized by SPDC so that the directors
21 could keep on top of financing, and Ms. Elam stated that there is one in place and would share
22 that with the Board.
23
24 Director DuPre asked if maintenance and operations were to be financed through the TIRZ
25 funding, and Ms. Elam replied that as of now all revenues are allocated to debt service.
26
27 Director Potter said that since the Town Hall project cost had risen, would the County be open to
28 looking at increasing the level of their participation caps in the agreement. Director Sanford
29 replied that the County would need to meet with the Hospital District and Tarrant County
30 College District in advance of discussions with the City on this issue. Director Sanford
31 mentioned that the County would need the current numbers from Ms. Elam prior to these internal
32 meetings. Ms. McMillion said that the other districts would look first to see what the County
33 was doing prior to their making a decision on the participation levels.
34
35 Director Potter asked if CISD was about to hit Robin Hood. Director Gillum responded that
36 right now the threshold is $295,000 in valuation per student and this fiscal year CISD was at
37 $293,000 per student. Even if the legislature acts on a proposal to raise the threshold to
38 $320,000 in valuation per student, next year CISD will be in Robin Hood and will start
39 contributing to the TIRZ. Chair Fawks mentioned that the TIRZ should help CISD, and Director
40 Gillum agreed it would be helpful.
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Minutes, TIRZ Board of Directors Meeting — December 5, 2000 Page 2 of 3
OFFICIAL MINUTES
APPROVED BY THE BOARD OF DIRECTORS FOR TAX INCREMENT REINVESTMENT
ZONE NUMBER ONE, CITY OF SOUTHLAKE, TEXAS
1
2 Motion to approve the 2000 Annual Report for the Tax Increment Reinvestment Zone
3 Number One.
4
5 Motion: DuPre
6 Second: Potter
7
8 The motion was unanimously approved.
9
10 Ms. Elam mentioned that the City Council needed to appoint a Chair for the 2001 Calendar Year,
11 and that the resolution making this appointment was on the first January meeting agenda. The
12 Board discussed the appointment and agreed to appoint Gary Fawks as chair for 2001.
13
14 Agenda Item No. 3, Adjournment — Being no further business or discussion, Chair Fawks
15 adjourned the meeting at 5:25 p.m.
16
17 . ° ° OVTH'L9
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19 ATTEST:
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24 Rick tacy, Temporary air K Bush, Acting City Secretary
Minutes, TIRZ Board of Directors Meeting — December 5, 2000 Page 3 of 3