HomeMy WebLinkAboutTax - 2015 - 05/07CITY OF ALLEN
TAX INCREMENT FINANCING ZONE NO. 1
BOARD OF DIRECTORS
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MAY 7, 2015
Present:
Peter Vargas, Chairman
Bo Bass, Vice -Chairman
Van Taylor, Director (absent)
Debbie Stout, Director
Chris Hill, Director (absent)
Kevin Hammeke, Director
Dan Bowman, Director (absent)
Cornell Holmes, Director
Philip Williams, Director (absent)
City Starr:
Shelley B. George, City Secretary
Chris Flanigan, Director of Engineering
Chris Landrum, Budget Officer
Tru Nguyen, Senior Accountant 11
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 8:10 a.m. on Thursday, May 7,
2015, in the Third Floor Conference Room of Allen City Hall located at 305 Century Parkway, Allen, Texas.
Approval of Minutes of the January 19, 2015, Meeting.
MOTION: Upon a motion made by Director Stout and a second by Vice -Chairman Bass, the Board of
Directors voted five (5) for and none (0) opposed to approve the minutes from the January
19, 2015, meeting. The motion carried.
Consider a Recommendation to the Allen City Council to Approve Payments from the TIF
fund pursuant to the Second Supplemental Agreement to the Amended and Restated
Development Agreement Relating to the Tax Increment Financing Zone No. t.
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 7, 2015 PAGE 2
MOTION: Upon a motion made by Vice -Chairman Bass and a second by Director Stout, the Board of
Directors voted five (5) 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
$648,968.10 from the City tax increment, $125,875.62 from the County tax increment, and a
payment to the City from the TIF Fund in the amount of $16,912.50 for administrative
support and legal expenses. The motion cartied.
MOTION: Upon a motion made by Director Stout and a second by Vice -Chairman Bass, the Board of
Directors voted five (5) for and none (0) opposed to adjourn the Called Meeting of the Allen
Tax Increment Financing Zone No. 1 Board of Directors at 8:26 a.m. on Thursday, May 7,
2015. The motion carried.
These minutes approved on the 2" day of May 2016.
APP
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Shelley B. Ge6rge, 01TYtEtRETARY
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