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HomeMy WebLinkAboutTax - 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