Dec 04, 2023 Tax Increment Finance Reinvestment Zone #2 (TIRZ #2) Board

[00:00:02]

I'D LIKE TO CALL THIS MEETING OF THE TAX INCREMENT FINANCE REINVESTMENT ZONE NUMBER TWO BOARD MEETING TO ORDER.

[1. Call to Order: The Tax Increment Finance Reinvestment Zone #2 (TIRZ #2) Board of the City of Sachse will hold a Regular Meeting on Monday, December 4, 2023, at 6:15 p.m. to consider the following items of business:]

THE TIME IS 6:15. WE ARE CALLED TO ORDER.

NEXT ITEM ON THE AGENDA IS ITEM TWO.

[2. The public is invited to address the Board regarding any topic not already on the agenda. The time limit is 3 minutes per speaker. A Public Comment Card should be presented to the City Secretary prior to the meeting. According to the Texas Open Meetings Act, the Board is prohibited from discussing any item not posted on the agenda but will take comments under advisement.]

THE TIME LIMIT IS THREE MINUTES PER SPEAKER.

A PUBLIC COMMENT CARD SHOULD BE PRESENTED TO THE CITY SECRETARY PRIOR TO THE MEETING.

ACCORDING TO THE TEXAS OPEN MEETINGS ACT, THE BOARD IS PROHIBITED FROM DISCUSSING ANY ITEM NOT POSTED ON THE AGENDA, BUT WILL TAKE COMMENTS UNDER ADVISEMENT.

IS THERE ANYONE WOULD LIKE TO ADDRESS THE BOARD ON AN ITEM NOT ON THE AGENDA? SEEING NONE WE'LL MOVE ON.

ITEM THREE CONSIDER RECOMMENDING APPROVAL OF AND AUTHORIZING THE CITY MANAGER TO EXECUTE A TIF ZONE NUMBER TWO ECONOMIC DEVELOPMENT INCENTIVE AND INFRASTRUCTURE REIMBURSEMENT

[3. Consider recommending approval of and authorizing the City Manager to execute a TIF Zone Number Two Economic Development Incentive and Infrastructure Reimbursement Agreement among the City of Sachse, the TIRZ #2 Board, and the PMB Station Developer, LLC.; and any amendments or instruments related thereto.]

I APOLOGIZE THE THE AGREEMENT WITH THE DEVELOPER, THE AMENDED AND RESTATED AGREEMENT.

AS YOU KNOW, YOU MADE THOSE AMENDMENTS BASICALLY OVER A YEAR AGO.

AND NOW THE FINAL PIECE OF THAT IS TO DO A REIMBURSEMENT AGREEMENT.

AND SO YOU WILL BE PARTICIPATING IN THIS PORTION OF THE MEETING TONIGHT RELATIVE TO THE TIRZ RECOMMENDATION ACTION, AND WE'LL BE DISCUSSING THIS EXACT SAME ITEM DURING YOUR REGULAR CITY COUNCIL MEETING AT 6:30.

SO WITH THAT MAYOR, I'D LIKE TO TURN IT OVER TO ASSISTANT CITY MANAGER LAUREN ROSE TO GO THROUGH A VERY BRIEF PRESENTATION.

AND JUST FOR CLARIFICATION, BEFORE YOU DO THAT, WE ARE NOT THE CITY COUNCIL RIGHT NOW.

HARD TO BELIEVE WE ARE THE TIRZ NUMBER TWO BOARD.

SO WITH THAT MISS ROSE.

GOOD EVENING TIRZ TWO BOARD LAUREN ROSE.

AS MISS NASH ALLUDED, I'M HERE TONIGHT TO GIVE YOU A BRIEF OVERVIEW OF THIS REIMBURSEMENT AGREEMENT.

THIS HAS BEEN IN THE WORKS FOR A LONG TIME, AND WE'RE HAPPY TO BE ABLE TO BRING IT FORWARD TO YOU TONIGHT FOR CONSIDERATION.

QUICK REMINDER ABOUT THE STATION DEVELOPMENT.

WE'RE ALL FAMILIAR WITH IT. IT'S 100 PLUS ACRES OF $100 MILLION MIXED USE DEVELOPMENT INCLUDING RESIDENTIAL, RETAIL, RESTAURANTS, EMPLOYMENT CENTERS AND RECREATIONAL AREAS. THIS AREA HAS A PID TIRZ OVERLAY FOR ECONOMIC DEVELOPMENT, ALLOWING US TO RECAPTURE THE VALUE THAT'S GENERATED FROM THE DEVELOPMENT IN THE AREA.

AS YOU CAN IMAGINE, THAT AREA HAS DONE QUITE WELL OVER THE YEARS.

THIS REIMBURSEMENT AGREEMENT WAS CONTEMPLATED AS PART OF THE ORIGINAL DEVELOPMENT AGREEMENT WITH THE DEVELOPER BACK IN 2018, AND THE IDEA IS THAT THE USE OF TIRZ TWO FUNDS WOULD BE GENERATED IN THE DEVELOPMENT TO REIMBURSE THE DEVELOPER FOR COSTS THAT WERE NOT ELIGIBLE TO BE COVERED BY THE PID.

THERE'S A NUMBER OF THINGS THAT THE TIRZ DOES.

THIS IS JUST ONE OF THEM, AND THIS IS NOT THE FIRST PRIORITY.

SO THE FIRST PRIORITY, AS YOU ALL WILL RECALL, IS THE PID TIRZ BUYDOWN OF THAT TAX STACK.

AND THEN THAT OPENS UP THE TIRZ FUNDS FOR OTHER ITEMS THAT WERE NEGOTIATED AS PART OF THE DEVELOPMENT AGREEMENT.

THE LIST OF ITEMS ELIGIBLE FOR REIMBURSEMENT IS AUTHORIZED BY THE AGREEMENT THAT'S LISTED IN THE EXHIBIT THERE IN CHAPTER 311 OF THE TAX CODE.

NOW THAT CERTAIN ITEMS HAVE BEEN CONSTRUCTED OUT THERE, WE'VE ALL BEEN OUT TO THE STATION.

IT'S NECESSARY TO FINALIZE THIS REIMBURSEMENT AGREEMENT.

SO STAFF RECOMMENDS THAT THE TIRZ TWO BOARD AS A RECOMMENDING BOARD RECOMMENDS APPROVAL OF THE AGREEMENT.

IF APPROVED, THIS ITEM WILL BE TAKEN TO THE CITY COUNCIL FOR CONSIDERATION.

AND IF APPROVED FROM THERE, THEN WE'LL WORK WITH THE CITY ATTORNEY'S OFFICE FOR EXECUTION.

AND WITH THAT, I'D BE HAPPY TO ANSWER ANY QUESTIONS.

I WILL SAY THAT WE HAVE KIRK MCDANIEL WITH P3 WORKS, THE CITY'S PID AND TIRZ ADMINISTRATOR HERE TO ANSWER ANY SPECIFIC QUESTIONS IF YOU HAVE THOSE AS WELL.

SO AGAIN, THANK YOU, MISS ROSE.

SO JUST FOR CLARIFICATION, AGAIN, AS OUR ROLE AS THE TIRZ NUMBER TWO BOARD, WE'RE JUST GOING TO RECOMMEND THIS ITEM.

THEN WHEN WE PUT OUR COUNCIL HATS ON AND A COUPLE OF MINUTES, WE'LL ACTUALLY BE ABLE TO ACT ON IT IF WE SO CHOOSE.

YES SIR. THE TIRZ TWO BOARD IS THE RECOMMENDING BOARD AND THE CITY COUNCIL HAS THE LEGISLATIVE ACTION.

GOTCHA. OKAY. THANK YOU.

ANYONE ON COUNCIL HAVE QUESTIONS FOR MISS ROSE? THANK YOU, MISS ROSE. ANYONE IN THE AUDIENCE WOULD LIKE TO ADDRESS THIS ITEM? SEEING NONE.

QUESTIONS, COMMENTS AND MOTIONS FROM.

EXCUSE ME? FROM THE TIRZ NUMBER TWO? MISS HOWARTH, I'LL MAKE A MOTION THAT WE APPROVE ITEM A3 AS PRESENTED.

I HAVE A MOTION BY MS. HOWARTH TO APPROVE ITEM A3 AS PRESENTED.

DO I HAVE A SECOND? MS. BUHLER? SECOND. I'VE A SECOND BY MS. BUHLER. ANY FURTHER DISCUSSION? PLEASE CAST YOUR BALLOT.

[00:05:06]

ITEM FOUR ADJOURNMENT. THE TIME MS. GRANGER? 6:20 P.M..

TIME IS 6:20 P.M..

AS THE TIRZ NUMBER TWO BOARD, WE ARE ADJOURNED.

* This transcript was compiled from uncorrected Closed Captioning.