HomeMy WebLinkAboutTax - 2015 - 01/19CITY OF ALLEN
TAX INCREMENT FINANCING ZONE NO. 1
BOARD OF DIRECTORS
CALLED MEETING
JANUARY 19, 2015
Present:
Peter Vargas, Chairman
Be Bass, Vice -Chairman
Van Taylor, Director (absent)
Debbie Stout, Director
Chris Hill, Director
Kevin Hammeke, Director
Dan Bowman, Director
Cornell Holmes, Director
Philip Williams, Director (absent)
City Staff:
Eric Ellwanger, Assistant City Manager
Shelley B. George, City Secretary
Peter G. Smith, City Attorney
Chris Flanigan, Director of Engineering
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. l Board of Directors was called to order by Chairman Vargas at 8:34 a.m. on Monday, January 19,
2015, in the Third Floor Conference Room of Allen City Hall located at 305 Century Parkway, Allen, Texas.
Approval of Minutes of the May 12, 2014, Meeting.
MOTION: Upon a motion made by Director Stout and a second by Director Bowman, the Board of
Directors voted seven (7) for and none (0) opposed to approve the Minutes of the May 12,
2014, Meeting The motion carried.
2. Consider approval of Second Supplemental Agreement to Amended and Restated Development
Agreement between the City of Allen, Texas, the Board of Directors of the City of Allen Tax
Increment Financing Zone No. I, and Watters Creek Owner, LLC, a Delaware limited liability
company.
Mr. Flanigan reviewed the proposed changes included in the Second Supplemental Agreement to the
Amended and Restated Development Agreement with Watters Creek Owner, LLC, as follows:
ALLEN TAX INCREMENT FINANCING ZONE NO. 1
BOARD OF DIRECTORS
CALLED MEETING
MAY 12, 2014 PAGE 2
1. The project scope includes a bridge spanning Watters Branch Creek, roadway connection to
US75, and a deceleration lane from US75 onto Montgomery Boulevard. WCO is responsible
for all expenses, less half of all costs associated with the bridge. As an aside, Wretched Land
(Montgomery Family) has already paid $500,000 in fulfillment of their obligation to
contribute toward the bridge cost.
2. Payments will be made by WCO in annual installments, timed with their TIF payments from
the City of Allen:
a. 1st installment ($600,000) in 2015,
b. 2nd installment ($700,000) in 2016, and
c. a final installment if necessary (for the balance unreimbursed) in 2017.
3. WCO is currently expanding the existing retail space with an approximately 128,000 square
foot, five story building (Building V is being constructed at this time). Consequently, the TIF
reimbursement rate will be adjusted back up to 50% upon occupancy of that building.
4. WCO will dedicate approximately 30'of right-of-way along US 75 south of Montgomery
Boulevard. WCO will be responsible to install sidewalks along Montgomery Boulevard and
US 75 service road and the trail along Watters Branch Creek, with each subsequent
development adjacent to the roadway and creek.
5. WCO will execute FEMA forms related to floodplain changes that may come about as a
result of the bridge design and construction.
MOTION: Upon a motion made by Director Stout and a second by Director Hill, the Board of Directors
voted seven (7) for and none (0) opposed to recommend to the City Council to approve the
Second Supplemental Agreement to Amended and Restated Development Agreement
relating to Tax Increment Financing Reinvestment Zone Number One and authorize the City
Manager to negotiate and execute the Agreement as substantially in form before the Board.
The motion carried.
MOTION: Upon a motion made by Director Hill 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. I Board of Directors at 8:48 a.m. on Monday, January 19,
2015. The motion carried.
These minutes approved on the 7' day of May 2015.
APPROVED:
Peter Vargas, H HIMAN
,j TTEST:
Shelley B. Ge e, CITY SE ETARY