HomeMy WebLinkAboutTax - 2013 - 05/01CITY OF ALLEN
TAX INCREMENT FINANCING ZONE NO. 1
L BOARD OF DIRECTORS
CALLED MEETING
MAY 1, 2013
present:
Peter Vargas, Chairman
Be Bass, Vice -Chairman
Sheacy Thompson, Director
Jeff Leach, Director (absent)
Chris Hill, Director
Kevin Hammeke, Director
Harry Whalen, Director
Cornell Holmes, Director
Philip Williams, Director
City Staff:
Shelley B. George, City Secretary
Joe Gorfida, Attorney
Call to Order and Announce a Quorum is Present.
With a quorum of the Board of Directors present, the Called Meeting of the Allen Tan Increment Financing
Zone No. 1 Board of Directors was called to order by Chairman Vargas at 8:37 a.m. on Wednesday, May 1,
2013, in the Third Floor Conference Room of Allen City Hall located at 305 Century Parkway, Allen, Texas.
Introduction of Members.
2. Approval of Minutes of the April 20, 2012, Meeting
MOTION: Upon a motion made by Director Williams and a second by Director Whalen, the Board of
Directors voted eight (8) for and none (0) opposed to approve the minutes from the April 20,
2012, meeting. The motion carried.
3. Approval of a Supplemental Agreement to the Amended and Restated Development Agreement
Relating to Tax Increment Financing Reinvestment Zone Number One.
Director Hammeke reviewed the proposed Supplemental Agreement. Trademark has requested an
extension to the deadline until October 1, 2017 In exchange for the completion deadline for Phase 11
being extended, the Supplemental Agreement includes a reduction in the maximum reimbursement
amount to Watters Creek Owner, LLC. Additional requirements include Watters Creek causing the
completion of construction of (i) an LED project sign in the project on or before December 31,
2013, and (ii) a children's play area, site lighting, shade structures, and public amenities within the
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ALLEN TAX INCREMENT FINANCING ZONE NO. I
BOARD OF DIRECTORS
CALLED MEETING
MAY 1, 2013
PAGE 2
project on or before December 31, 2014, with the costs incurred by Walters Creek not to exceed
$1,000,000. The square footage requirement for Phase II has been modified to 60,000 square feet of
mixed use development instead of a specific requirement for retail and office development.
MOTION: Upon a motion made by Director Whalen and a second by Director Bass, the Board of
Directors voted eight (8) for and none (0) opposed to approve the Supplemental Agreement
to the Amended and Restated Development Agreement Relating to Tax Increment Financing
Reinvestment Zone Number One. The motion carried.
4. Consider a Recommendation to City Council to Approve Payments from the TIF Fund
pursuant to the Supplement Agreement Relating to the Allen Tax Increment Financing Zone
No. 1.
Director Holmes provided an update on the status of development at Watters Creek.
Director Hammeke 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. The
City entered into a Supplemental Agreement to the Amended and Restated Development Agreement
with Watters Creek Owner, LLC successor to Trademark. In the Supplemental Agreement, the term
was extended by five years and the percentage of reimbursement will be decreased from 50% to 45%
for years 11-12 and then from 45% to 40% for years 13 through the end of the term for the sales tax
or property tax. The FY2013 proposed reimbursement is at 50% rate pursuant to the Supplemental
Agreement.
MOTION: Upon a motion made by Director Hill and a second by Director Williams, the Board of
Directors voted eight (8) 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
$664,971.22 from the City tax increment, $137,130.55 from the County tax increment, and a
payment to the City from the TIF Fund in the amount of $15,000 for administrative support.
The motion carried
MOTION: Upon a motion made by Director Williams and a second by Director Bass, the Board of
Directors voted eight (8) for and none (0) opposed to adjourn the Called Meeting of the
Allen Tax Increment Financing Zone No. 1 Board of Directors at 8:48 a.m. on Wednesday,
May 1, 2013. The motion carried.
These minutes approved on the 12's day of May, 2014.
ATTEST:
Shelley B. George, TY SECRETA�2—i'—�
APP D:
Peter Vargas HA