Loading...
MIN 12.19.2003 CC-SThe meeting was called to order by Mayor Gary Nelon. Council Present: Doug Smith, Mayor Pro Tem, Jack Noble, Patty Eason, Farley Snell, John Kirby, and Gabe Sansing. Regular Session — Called to Order at 5:00 p.m. I A. Second Reading of an ordinance designating a contiguous geographic area within the City of Georgetown generally located at the southwest corner of IH 35 and SH 29 West as a reinvestment zone for tax increment financing purposes pursuant to Chapter 311 of the Texas Tax Code and creating a Board of Directors for such zone -- Tom Yantis, Assistant City Manager for Utility Operations Yantis read the caption of the ordinance on second reading and explained the item to council. Yantis clarified that the property tax collected would be reinvested solely in the zone if the City chooses to utilize this funding mechanism to refinance the $15 million to purchase the public improvements in the zone. Nelon went on to explain that the City needed to have a funding mechanism in place in order for the City to have an overall lienable position if for some reason the sales tax did not prove up, and also for the City to have a funding source in order to do the financing to save the 10%. Yantis explained that it was critical for the City to establish the zone in 2003 so that the City would be able to use this year's property tax values as a base. He also clarified that the only projects included in the project plan are the projects defined in the Wolf Ranch Development Agreement not to exceed $15 million. He also said that he did not anticipate the City using this mechanism until after the three year prove up period and only if the Council then chooses to refinance the $15 million. There was a clarification that the City would have the option of using sales tax stream and/or the property tax increment. Yantis also told the Council that the TIF Board would have very little discretion and that any expenditure would have to be approved by the City Council. B. Consideration and possible action to approve a resolution appointing the members of the board of directors of the Wolf Ranch Tax Increment Reinvestment Zone - Tom Yantis, Assistant City Manager for Utility Operations. City Council Meeting Minutes/December 19, 2003 Page 1 of 2 Yantis explained the item and the process by which he came up with the Board recommendations. He told council that the City has a three year prove up period before it can do anything and that the initial board will probably only approve the initial project plan. Yantis read the resolution caption. Motion by Smith, second by Sansing to approve a resolution appointing the members of the board of directors of the Wolf Ranch Tax Increment Reinvestment Zone. Approved ®1 (Kirby opposed) Motion by Sansing, Second by Kirby to adjourn. Meeting was adjourned at 5:10 p.m. Approved: Gary Nel`n',' Mayo City Council Meeting Minutes/December 19, 2003 Page 2 of 2 Attest: St-�irl&y--J-.�inn, DeptyOity Secretary I �