HomeMy WebLinkAboutTax - 2011 - 06/20CITY OF ALLEN
TAX INCREMENT FINANCING ZONE NO. 1
BOARD OF DIRECTORS
CALLED MEETING
NNE 20, 2011
Present
Peter Vargas, Chairman
Bo Bass, Vice -Chairman
Lissa Smith, Director
Ken Paxton, Director (absent)
Joe Jaynes, Director
Kevin Hammeke, Director
Robert Winningham, Director
Kerby Smith, Director (absent)
Philip Williams, Director
City Staff:
Shelley B. George, City Secretary
Peter G Smith, City Attorney
Guest
Cornell Holmes, Trademark Property
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. 1 Board of Directors was called to order by Chairman Vargas at It 04 a.m. on Monday, June 20,
2011, in the Third Floor Conference Room of Allen City Hall located at 305 Century Parkway, Allen, Texas.
1. Approval of Minutes of the April 12, 2010, Meeting.
MOTION: Upon a motion made by Director Jaynes and a second by Director Smith, the Board of
Directors voted seven (7) for and none (0) opposed to approve the minutes from the April 12,
2010, meeting. The motion carried.
2. 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 For Future Payments Being Contingent Upon Completion
of Certain Development Items Within the Agreement.
Chairman Vargas reviewed the status of development items that needed to be completed pursuant to
the Amended and Restated Development Agreement prior to future payments begin approved.
D
ALLEN TAX INCREMENT FINANCING ZONE NO. 1
BOARD OF DIRECTORS
CALLED MEETING
NNE 20, 2011
PAGE 2
Trademark has completed the right-of-way dedication and agreed to the City handling the design and
construction of the drainage improvement with a retainage of $35,000 being withheld from
Trademark's TIF payment for completion of the project. Trademark has not resolved the issue with
regards to the screening of the exposed cables on Garage P, located adjacent to the creek on the west
side of the property
Director Hammeke reviewed the current status of the TIF Fund with proposed deductions for City
administration costs, retainage for drainage improvements, and a payment to Trademark. He stated
that the proposed payment to Trademark will be appropriated between the City and County
participation. The County participation is initially restricted to the priority project which is the ramp
reversal. Therefore, the proposed $767,622.49 payment to Trademark would be allocated as
$138,626.47 towards the ramp reversals and $628,996.02 towards the parking spaces.
MOTION: Upon a motion made by Director Winningham and a second by Director Jaynes, the Board of
Directors voted seven (7) 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 $628,996.02 from
the City tax increment, $138,626.47 from the County tae increment, and a payment to the
City from the TIF Fund in the amount of $50,000 for administrative support and retainage
towards the drainage improvement project 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
Adjournment
MOTION: Upon a motion made by Director Williams and a second by Director Jaynes, the Board of
Directors voted seven (7) for and none (0) opposed to adjourn Called Meeting of the Allen
Tax Increment Financing Zone No. 1 Board of Directors at 11.16 a.m. on Monday, June 20,
2011. The motion carried.
These minutes approved on the 20th day of April, 2012
ATTEST:
Shelle� Y SECRE Y
APPROVED:
Peter Vat , CHAI AN