HomeMy WebLinkAboutTax - 2017 - 04/25CITY OF ALLEN
TAX INCREMENT FINANCING ZONE NO. 1
BOARD OF DIRECTORS
CALLED MEETING
APRIL 25, 2017
Present:
Peter Vargas, Chairman
Bo Bass, Vice -Chairman
Van Taylor, Director (absent)
Debbie Stout, Director
Chris Hill, Director (absent)
Eric Cannon, Director
Dan Bowman, Director
Connell Holmes, Director
City Staff:
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 8:12 a.m. on Tuesday, April 25,
2017, in the Third Floor Conference Room of Allen City Hall located at 305 Century Parkway, Allen, Texas.
1. Approval of Minutes of the May 2, 2016, Meeting.
MOTION: Upon a motion made by Director Stout and a second by Director Cannon, the Board of
Directors voted six (6) for and none (0) opposed to approve the minutes from the May 2, 2016,
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 Cannon and a second by Director Bass, the Board of Directors
voted six (6) for and none (0) opposed to recommend to the City Council the approval of a
payment to Watters Creek Owner, LLC from the TIF Fund in the amount of $665,709.27 from
Shelley B. George, City Secretary
Peter G. Smith, City Attorney
'
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 8:12 a.m. on Tuesday, April 25,
2017, in the Third Floor Conference Room of Allen City Hall located at 305 Century Parkway, Allen, Texas.
1. Approval of Minutes of the May 2, 2016, Meeting.
MOTION: Upon a motion made by Director Stout and a second by Director Cannon, the Board of
Directors voted six (6) for and none (0) opposed to approve the minutes from the May 2, 2016,
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 Cannon and a second by Director Bass, the Board of Directors
voted six (6) for and none (0) opposed to recommend to the City Council the approval of a
payment to Watters Creek Owner, LLC from the TIF Fund in the amount of $665,709.27 from
ALLEN TAX INCREMENT FINANCING ZONE NO. 1
BOARD OF DIRECTORS
CALLED MEETING
' APRIL 25, 2017 PAGE 2
the City tax increment, $127,911.97 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.
Adjournment
MOTION: Upon a motion made by Director Stout and a second by Director Bowman, 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 8:17 a.m. on Tuesday, April 25,
2017. The motion carried.
These minutes approved on the 1" day of May 2018.
APPROVED:
Eric EBwange IR
ATTEST:
Shelley .George, SECRETA