HomeMy WebLinkAboutTax - 2012 - 04/20CITY OF ALLEN
TAX INCREMENT FINANCING ZONE NO. I
BOARD OF DIRECTORS
CALLED MEETING
APRIL 20, 2012
Present:
Peter Vargas, Chairman
Bo Bass, Vice -Chairman
Lissa Smith, Director (absent)
Ken Paxton, Director (absent)
Joe Jaynes, Director
Kevin Hammeke, Director
Kerby Smith, Director
Philip Williams, Director
City Starr:
Shellev B George, City Secretary
Peter G Smith, City Attorney
Harry Whalen, Executive Director, Allen Economic Development
Corporation
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 8:08 a.m. on Friday, April 20,
2012, in the Third Floor Conference Room of Allen City Hall located at 305 Century Parkway, Allen, Texas.
Approval of Minutes of the June 20, 2011, Meeting.
MOTION: Upon a motion made by Director Williams and a second by Director Jaynes, the Board of
Directors voted six (6) for and none (0) opposed to approve the minutes from the June 20,
2011, 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. I and Consideration of Future Payments to Trademark being
Contingent upon Completion of Certain Development Items Within the Agreement.
Director Smith provided an update on the status of development at Watters Creek.
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.
Trademark has completed the right-of-way dedication prior to the lune 2011 TIF Board meeting and
ALLEN TAX INCREMENT FINANCING ZONE NO. 1
BOARD OF DIRECTORS
CALLED MEETING
APRIL 20, 2012 PAGE 2
the City agreed to delay the requirement related to the parking garage until a later date. The drainage
issues on the west side of the Trademark property were addressed with the $35,000 retainage for the
Watters Creek Drainage Improvement project that the City managed and completed in 2011. After
completion of the project, $6,679 remained unspent in the drainage project and was transferred back
to the TIF Fund.
Director Hammeke reviewed the current status of the TIF Fund with proposed deductions for City
administration costs and the proposed developer reimbursement to Trademark.
MOTION: Upon a motion made by Director Williams and a second by Director Hammeke, the Board of
Directors voted six (6) 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 $621,436.30 from
the City tax increment, $154,782.59 from the County tax increment, and a payment to the
City from the TIF Fund to the amount of $15,000 for administrative support 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.
Adiournment
MOTION: Upon a motion made by Director Williams and a second by Director Kirby Smith, 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. I Board of Directors at 8:27 a.m. on Friday, April
20, 2012 The motion carried.
These minutes approved on the 1" day of May, 2013.
ATTEST:
Shelley B. GVorge, CITY SECRETARY
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