Tax - 2007 - 10/24CITY OF ALLEN
TAX INCREMENT FINANCING ZONE NO. 1
Present:
Peter H. Vargas, Chairman
David Hoover, Vice -Chairman
Lissa Smith, Director (absent)
Ken Paxton, Director (absent)
Kevin Hammeke, Director
Robert Winningham, Director
Joe Jaynes, Director (absent)
Tom Carter, Director
Steve Rodgers, Director
City Staff:
Shelley B. George, City Secretary
Pete Smith, City Attorney
Other Attendees:
Bill Dahlstrom, Attorney
Kerby Smith, Vice -President of Finance, Trademark Property Company
Call to Order and Announce a Ouorum is Present
With a quorum of the Board of Directors present, the Called Meeting of the Allen Tax Increment Financing
Zone No. 1 Board of Directors was called to order by Chairman Vargas at 11.18 a.m. on Wednesday, October
24, 2007, in the Third Floor Conference Room of the Allen City Hall, 305 Century Parkway, Allen, Texas.
1. Election of Vice Chairman.
Chairman Vargas called for nominations from the Board of Directors for the position of Vice -
Chairman.
Director Carter nominated Director Hoover with a second by Director Winningham.
MOTION: Upon a motion made by Chairman Vargas and a second by Director Carter, the Board of
Directors voted six (6) for and none (0) opposed to cease nominations and elect Director
Hoover as Vice -Chairman. The motion carried.
2. Consider Approval of the Amended and Restated Development Agreement Relating to the
Allen Tax Increment Financing Zone No. 1 and Recommendation of Approval by the Allen
City Council.
BOARD OF DIRECTORS
CALLED MEETING
OCTOBER 24, 2007
Present:
Peter H. Vargas, Chairman
David Hoover, Vice -Chairman
Lissa Smith, Director (absent)
Ken Paxton, Director (absent)
Kevin Hammeke, Director
Robert Winningham, Director
Joe Jaynes, Director (absent)
Tom Carter, Director
Steve Rodgers, Director
City Staff:
Shelley B. George, City Secretary
Pete Smith, City Attorney
Other Attendees:
Bill Dahlstrom, Attorney
Kerby Smith, Vice -President of Finance, Trademark Property Company
Call to Order and Announce a Ouorum is Present
With a quorum of the Board of Directors present, the Called Meeting of the Allen Tax Increment Financing
Zone No. 1 Board of Directors was called to order by Chairman Vargas at 11.18 a.m. on Wednesday, October
24, 2007, in the Third Floor Conference Room of the Allen City Hall, 305 Century Parkway, Allen, Texas.
1. Election of Vice Chairman.
Chairman Vargas called for nominations from the Board of Directors for the position of Vice -
Chairman.
Director Carter nominated Director Hoover with a second by Director Winningham.
MOTION: Upon a motion made by Chairman Vargas and a second by Director Carter, the Board of
Directors voted six (6) for and none (0) opposed to cease nominations and elect Director
Hoover as Vice -Chairman. The motion carried.
2. Consider Approval of the Amended and Restated Development Agreement Relating to the
Allen Tax Increment Financing Zone No. 1 and Recommendation of Approval by the Allen
City Council.
ALLEN TAX INCREMENT FINANCING ZONE NO. 1
BOARD OF DIRECTORS
CALLED MEETING
OCTOBER 24, 2007 PAGE 2
Mr. Kerby Smith provided a brief history of the TIF Agreement, stating that most of the
recommended changes are to incorporate Coventry 11 DDR/Trademark Montgomery Farm LT
(Trademark) into the TIF Agreement. A document relating to the assignment of the TIF Agreement
to Trademark will be submitted to the City of Allen for approval by the Community Development
Corporation and Economic Development Corporation.
Mr. Dahlstrom discussed the recommended modifications to the terms of the TIF Development
Agreement with specific emphasis on Developer and Phase Clarifications, Sales Tax, Parking
Structures, Reimbursement Payments and Parking Lease, Default, and County Agreement and Ramp
Reversal.
Mr. Kerby Smith briefly discussed the language in the contract to allow collateral assignment for
financing purposes.
After Board discussion, the following revisions were made to the redlined copy of the Agreement
dated Draft October 8, 2007,
Page 5, the definition of Garden District Parks shall remain as stated in the original Agreement
Page 7, the definition of Infrastructure Costs shall retain the statement of "not to exceed the
Maximum Reimbursement Amount' as stated in the original Agreement.
Page 6, the definition of Impositions shall remain as stated in the original Agreement except for
• the change of "Company" to "Developer."
Page 22, Section 5.4 Construction of the Garden District shall include a statement such as
"Completion of Construction of Phase III to occur on or before October I, 2013."
Chairman Vargas stated that the changes approved by the Board would be made to the TIF
Agreement and that any other necessary changes would be forwarded before consideration by the
Allen City Council.
MOTION: Upon a motion made by Director Winningham and a second by Vice -Chairman Hoover, the
Board of Directors voted six (6) for and none (0) opposed to approve the Amended and
Restated Development Agreement relating to the Allen Tax Increment Financing Zone No. 1
and recommend approval by the Allen City Council. The motion carried.
3. Consider Approval of the Project and Financing Plan for the Tax Increment Financing Zone
No. 1 Project and Recommendation of Approval by the Allen City Council.
Mr. Kerby Smith reviewed the proposed changed to the Project and Financing Plan.
MOTION: Upon a motion made by Vice -Chairman Hoover and a second by Director Hammeke, the
Board of Directors voted six (6) for and none (0) opposed to approve the Project and
Financing Plan for the Allen Tax Increment Financing Zone No. I and recommend approval
by the Allen City Council The motion carried.
P
ALLEN TAX IN MENT FINANCING ZONE NO. 1
BOARD( DIR.TORS
CALLED MEETING
�„. OCTOBER 24, 2007 PAGE 3
MOTION: Upon a motion made by Director Carter and a second by Director Winningham, the Board of
Directors voted six (6) for and none (0) opposed to adjourn the Called Meeting of the Allen
Tax Increment Financing Zone No. 1 Board of Directors at 1210 p.m. on Wednesday,
October 24, 2007 The motion carried.
These minutes approved on the 21" day of September, 2009
ATTEST:
Shelley B. Geor ITY SECARY
0
APPROVED:
Peter H. Vargas, N