HomeMy WebLinkAboutMinutes_Wolf Lakes TIRZ_07.31.2020MINUTES
Wolf Lakes Tax Increment Investment Zone (TIRZ) Board
of the City of Georgetown
July 31. 2020 at 2:15 PM at Telecommutins
The Wolf Lakes Tax Increment Investment Zone (TIRZ) Board met virtually on July 31, 2020 at 2:15 p.m.
Consistent with Governor Greg Abbott's suspension of various provisions of the Open Meetings Act,
effective August 1, 2020 and until further notice, to reduce the chance of COVID-19 transmission, all City
of Georgetown Advisory Board meetings will be held virtually. Public comment will be allowed via
teleconference; no one will be allowed to appear in person.
Board Members Present
Mayor Dale Ross, Board Chair
Sofia Nelson, Planning Director
Steve Bohenkamp, GEDCO Board
David Morgan, City Manager
Val Covey, Williamson County, Pct. 3 Comm
David Morgan, City Manager
Board Members Absent
Shawn Hood, Business Owner
Williamson County Rep #2
City Staff Present
Laurie Brewer, Assistant City Manager
Michaela Dollar, Economic Development Director
Leigh Wallace, Finance Director
Mayra Cantu, Management Analyst
Shirley Rinn, Executive Assistant to the City Manager
Sabrina Poldrack, Contract Administrator
Robyn Densmore, City Secretary
Wayne Reed, Assistant City Manager
Guests Present
Mayor Ross called meeting to order at 1:30 p.m. When the roll call was initially done it was determined
that a quorum of the members were present via videoconferencing: (Mayor Ross, Nelson, Bohenkamp,
Covey) David Morgan joined the meeting after the roll call. Williamson County has 2 representatives, but
only Val Covey was present.
(This Regular Session may, at any time, be recessed to convene an Executive Session for any purpose
authorized by the Open Meetings Act, Texas Government Code 551.)
Legislative Regular Agenda
A Discussion on how this virtual conference will be conducted, to include options for public comments
and how the public may address the Commission — Dale Ross, Chair
Mayor Ross provided an overview of the virtual meeting logistics.
Approval of the December 16, 2019 Wolf Lakes TIRZ Board Meeting minutes - Mayor Dale Ross, Chair
Motion by Mayor Ross, second by Bohenkamp to approve the minutes from the December 16, 2019
Wolf Lakes TIRZ Board Meeting. (Approved 6-0) (Hood and Wilco #2 Absent)
Wolf Lakes TIRZ Minutes
July 31, 2020
Page 1 of 3
C Presentation of the annual financial report for the Wolf Lakes Tax Increment Reinvestment Zone —
Laurie Brewer, Assistant City Manager
Leigh Wallace, Finance Director provided an overview of the Board membership, as well as an
overview of Tax Increment Financing/Tax Increment Reinvestment Zones, their purpose, how
they are utilized, as well as the role of the Advisory Board. She also presented a slide that was
not included with the posted agenda outlining the base value of the Rivery TIRZ compared to
the incremental increase in value over time in order to demonstrate visually how a TIRZ value
grows over time. (attached as Exhibit "A" to these minutes)
Wallace presented a map that outline the TIRZ Boundary, which includes the NW corner of
IH 35 and its intersection with University Avenue(SH 29), bounded by Wolf Ranch Parkway to
the west and the River hills subdivision to the north.
Wallace also provided an overview of the guiding documents of the TIRZ, which include a
Planned United Development, the City TIRZ Ordinance, which includes the Project and
Financing Plan, a Williamson County TIF Agreement, and a Developer Reimbursement
Agreement, which at the time of this meeting had not yet been developed. She also provided
an overview of the reasons the City supported the creation of the Wolf Lakes TIRZ.
A summary of reimbursable infrastructure projects was presented to the board, which totaled
$102 million in possible projects that could be completed in the TIRZ. The City's portion of
the TIF is estimated at $91 million over 30 years, Williamson County's portion is estimated to
be $19 million over 20 years, with the County's portion capped at $30 million for road and
drainage projects only. The total TIF reimbursement is estimated at $130 million. The 2018
Base Year Value for the Wolf Lake TIRZ is $4.6 million. Wallace reiterated that the developer
is not eligible for reimbursement until there are 150,000 of commercial improvements in the
zone and that if residential units increase above 2,500 additional County approval would be
required. She also told the Advisory Board that the Developer Reimbursement Agreement
would be forthcoming once the phasing plan is updated.
Wallace also provided a summary chart outlining the project Assessed Values of the Wolf
Lakes TIRZ through 2049. She also discussed the anticipated budget for FY21, which included
revenues of $6,583, but emphasized that these revenues were based off of the base values
and that significant increases are expected as the property develops. She also told the
Advisory Board that the anticipated expenses included a $5,000 Administrative Fee to
reimburse the City for overhead expenses, which includes fees for appraisal district, tax
collection, accounting/finance, legal and city management. Wallace also presented the Fund
Schedule for the Wolf Lake TIRZ, which only includes FY21, and indicates a fund balance of
$1,583 after reimbursing the administrative fees to the City.
Wallace opened the floor to questions.
Wolf Lakes TIRZ Minutes
July 31, 2020
Page 1 of 3
Commissioner Covey requested a verification that the City and County would be potentially
contributing $130 million to the eligible projects. She also inquired if it was known yet if TXDOT's plan
for the intersection at Hwy 29 and the connections to the access road would impact the TIRZ and the
roles and responsibilities of the City, County, and Developer related to who would pay for those
project improvements. She also inquired whether or not it was known if the TIRZ would have the
capacity to reimburse those entities over time for those infrastructure improvements. Morgan
indicated that the TIRZ project plan was programmed to include the connections to the access roads
as responsibility of Wolf Lake and would be reimbursable, as well as a Traffic Impact Study related to
those road improvements. He went on to say that all of the anticipated responsibilities of each of the
parties would be outlined in the Development Agreement once it is developed. He also indicated that
there was a possibility that the road improvements could be done before the development occurred
and in that case we would have to front the costs and be reimbursed at a later time once the
development occurred. The City and the Developer will also continue to work with TXDOT in the
development of this infrastructure as it pertains to the TIRZ.
Bohenkamp inquired about timing of projects and whether or not multi -family was also still included
in the Project Plan. Morgan confirmed that there are 2 multi -family projects planned off of Wolf
Ranch Parkway. He also indicated that Ascension would probably be multi -phased and could
potentially include medical offices and maybe a hospital. He also indicated that Iva Wolf mentioned
that they are also pursing some other commercial options closer to the Hwy 29 corridor. Morgan
anticipates a Development Agreement within the year.
Nelson confirmed that Planning had received some plats for multi -family along Wolf Ranch Parkway
that are in the application phase.
General discussion regarding the magnitude of this project and how quickly it can take off.
Adjournment
Motion by Mayor Ross, second by Bohenkamp to Adjourn.
Meeting was�(cVourned at 2:39
Date: -a_
Mayor
Board
Attest:
Date
Sharon Parker
Board Liaison
Wolf Lakes TIRZ Minutes
July31, 2020
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