HomeMy WebLinkAboutTax - 2016 - 05/02CITY OF ALLEN
' TAX INCREMENT FINANCING ZONE NO. 1
BOARD OF DIRECTORS
CALLED MEETING
MAY 2, 2016
Present
Peter Vargas, Chairman
Bo Bass, Vice -Chairman (absent)
Van Taylor, Director (absent)
Debbie Stout, Director
Chris Hill, Director (absent)
Eric Cannon, Director (absent)
Dan Bowman, Director
Connell Holmes, Director
Philip Williams, Director
City Staff:
' Shelley B. George, City Secretary
Chris Landrum, Budget Officer
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 8:10 a.m. on Monday, May 2,
2016, in the Third Floor Conference Room of Allen City Hall located at 305 Century Parkway, Allen, Texas.
Approval of Minutes of the May 7, 2015, Meeting.
MOTION: Upon a motion made by Director Stout and a second by Director Williams, the Board of
Directors voted five (5) for and none (0) opposed to approve the minutes from the May 7,
2015, meeting. The motion carried.
2. Consider a Recommendation to the Allen City Council to Approve Payments from the TIF
fund pursuant to the Second Supplemental Agreement to the Amended and Restated
Development Agreement Relating to the Tax Increment Financing Zone No. 1.
Mr. Landmm reviewed the current status of the TIF Fund with proposed deductions for City
administration costs and the proposed developer reimbursement to Watters Creek Owner, LLC.
' Director Holmes provided an update on the status of development at Watters Creek.
MOTION: Upon a motion made by Director Williams and a second by Director Stout, the Board of
Directors voted five (5) for and none (0) opposed to recommend to the City Council the
ALLEN TAX INCREMENT FINANCING ZONE NO. 1
BOARD OF DIRECTORS
CALLED MEETING
' MAY 2, 2016 PAGE 2
approval of a payment to Watters Creek Owner, LLC from the TIF Fund in the amount of
$657,994.74 from the City tax increment, $125,318.72 from the County tax increment, and a
payment to the City from the TIF Fund in the amount of $15,000.00 for administrative
support. The motion carried.
Chairman Vargas adjourned the Called Meeting of the Allen Tax Increment Financing Zone No. 1 Board of
Directors at 8:23 a.m. on Monday, May 2, 2016. The motion carried.
These minutes approved on the 25s' day of April 2017.
APPROV :
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Peter Vargas,
TTEST: (� p�
' Shelley B. Geo e, CITY SECRE' Y