HomeMy WebLinkAboutTax - 2014 - 05/12CITY OF ALLEN
TAX INCREMENT FINANCING ZONE NO. 1
BOARD OF DIRECTORS
CALLED MEETING
MAY 12, 2014
Present
Peter Vargas, Chairman
Bo Bass, Vice -Chairman
Sheacy Thompson, Director (absent)
Debbie Stout, Director
Chris Hill, Director (absent)
Kevin Hammeke, Director
Dan Bowman, Director
Cornell Holmes, Director
Philip Williams, Director
City Staff:
Shelley B. George, City Secretary
Peter G. Smith, City Attorney
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. I Board of Directors was called to order by Chairman Vargas at 8:37 a.m. on Monday, May 12,
2014, 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 May 1, 2013, Meeting.
MOTION: Upon a motion made by Director Williams and a second by Director Holmes, the Board of
Directors voted seven (7) for and none (0) opposed to approve the minutes from the May I,
2013, meeting. The motion carried.
3. 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 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.
Director Holmes provided an update on the status of development at Watters Creek.
ALLEN TAX INCREMENT FINANCING ZONE NO. 1
BOARD OF DIRECTORS
CALLED MEETING
MAY 12, 2014 PAGE 2
MOTION: Upon a motion made by Director Williams and a second by Director Stout, the Board of
Directors voted seven (7) 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
$648,277.41 from the City tax increment, $126,770.50 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.
4. Discussion of the Proposed Bridge at the Extension of Montgomery Drive at the US 75
Frontage Road.
Chair Vargas briefed the Board on the status of the proposed bridge at the extension of Montgomery
and the development agreement terms on construction costs.
Vice Chair Bass reviewed the proposed concept plan for the Montgomery Family development and
proposed design of Montgomery Drive.
Adiournment
MOTION: Upon a motion made by Director Williams and a second by Director Stout, the Board of
Directors voted seven (7) for and none (0) opposed to adjourn the Called Meeting of the
Allen Tax Increment Financing Zone No. 1 Board of Directors at 8:57 a.m. on Monday, May
12, 2014. The motion carried.
These minutes approved on the 19ih day of January 2015.
APPR VED:
Peter Vargas H IRMAN
TEST: r
She ey B. G e, CITY SECRtTARY
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