Tax - 2009 - 09/21CITY OF ALLEN
�,r TAX INCREMENT FINANCING ZONE NO. 1
�II BOARD OF DIRECTORS
CALLED MEETING
SEPTEMBER 21, 2009
Present:
Peter Vargas, Chairman
Bo Bass, Vice -Chairman
Lissa Smith, Director (absent)
Ken Paxton, Director
Joe Jaynes, Director
Kevin IIammcke, Director
Robert Winningham, Director
Kerby Smith, Director
Philip Williams, Director
City Staff:
Shelley B George, City Secretary
Joe Gorfida, Attorney
Wes Pierson, Assistant to the City Manager
Call to Order and Announce a Quorum is Present.
With a quorum of the Board of Directors present, the Called Meeting of the Allen Tax Increment Financing
Zone No. I Board of Directors was called to order by Chairman Vargas at 10:10 a.m. on Monday, September
21, 2009, in the Third Floor Conference Room of Allen City Hall located at 305 Century Parkway, Allen,
Texas.
Approval of Minutes of the October 24, 2007, Meeting.
MOTION: Upon a motion made by Director Hammeke and a second by Director Winningham, the
Board of Directors voted six (6) for and none (0) opposed to approve the minutes from the
October 24, 2007, meeting The motion carried.
Director Paxton and Director Jaynes arrived and took their seats with the Board of Directors.
2. Election of Vice Chairman.
Chairman Vargas called nominations from the Board of Directors for the position of Vice Chairman.
Director Winningham nominated Director Bass for the position of Viae Chairman.
With no other nominations offered, Chairman Vargas closed the call for nominations. Director Bass
was elected to the position of Vice Chairman with a vote of eight (8) for and none (0) opposed
ALLEN TAX INCREMENT FINANCING ZONE NO. 1
BOARD OF DIRECTORS
CALLED MEETING
SEPTEMBER 21, 2009 PAGE 2
3. Consider a Recommendation to City Council to Authorize Payments from the TIF Fund
pursuant to the Amended and Restated Development Agreement Relating to the Allen Tax
Increment Financing Zone No. 1 and Consideration of Future Payments to Trademark Being
Contingent Upon Completion of Certain Development Items Within the Agreement.
Director Hammeke provided an update on Trademark's development of the eastern portion of the TIF
designated area and their request for a payment pursuant to the Agreement. Trademark has met the
requirements for property valuation amounts, square footage, insurance requirements, and TIF Fund
limitations; however, there are a few items related to the construction of the parking garages and the
dedication of Right of Way that still need to be met.
He reviewed the current status of the TIF Fund with proposed deductions for City administration
costs, legal expenses, and a payment to Trademark. The proposed payment to Trademark is being
appropriated between the City and County participation. The County participation is initially
restricted to the priority projects such as the ramp reversal. Therefore, the proposed $516,714
payment to Trademark would be allocated as $97,421 towards the ramp reversals and $419,293
towards the parking spaces. A payment to the City in the amount of $53,050 represents
administrative costs of $15,000 for FY08, administrative costs of $15,000 for FY09, and past legal
expenses of $23,050.
Chairman Vargas staled that the City recognizes the impact of the recession and the City can work
with Trademark to revise the signage requirements on the parking structures to add more artistic
signage and reduce some of the brick requirements.
MOTION: Upon a motion made by Director Hammeke and a second by Director Williams, the Board of
Directors voted eight (8) for and none (0) opposed to recommend to the City Council the
approval of a payment to Trademark from the TIF Fund in the amount of $516,714 and a
payment to the City from the TIF Fund in the amount of $53,050 for administration and legal
expenses and to inform Trademark that future payments shall be contingent upon Trademark
completing the development items pursuant to the Amended and Restated Development
Agreement The motion carried.
Director Williams commended Trademark on their accomplishments in the development of Watters Creek.
Adjournment
MOTION: Upon a motion made by Director Paxton and a second by Director Jaynes, the Board of
Directors voted eight (8) for and none (0) opposed to adjourn Called Meeting of the Allen
Tax Increment Financing Zone No. I Board of Directors at 10:35 a.m. on Monday,
September 21, 2009 The motion carried.
ALLEN TAX INCREMENT FINANCING ZONE NO. 1
BOARD OF DIRECTORS
CALLED MEETING
SEPTEMBER 21, 2009 PAGE 3
These minutes approved on the 12" day of April, 2010.
APPROVED:
Pc[cr Vargas, A MAN
ATTEST:
Shelley B. George, SECRETAR
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