HomeMy WebLinkAboutMinutes_Rivery Park TIRZ_07.31.2020MINUTES
Rivery Park Tax Increment Investment Zone (TIRZ) Board
of the City of Georgetown
July 31. 2020. at 1:30 PM at Virtual
The Rivery Park Tax Increment Investment Zone (TIRZ) Board met virtually on July 29, 2020 at 1:30 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
Laurie Brewer, Assistant City Manager
Leigh Wallace, Finance Director
Ron Swain, Southwestern University
Val Covey, Williamson County
Leah Clark, Charles Schwertner, Texas Senator, District 5
Board Members Absent
Jeff Novak
Terry Wilson, Texas House Representative, District 20
City Councilmember, District 2, vacant
Legislative Regular Agenda
City Staff Present
David Morgan, City Manager
Mayra Cantu, Management Analyst
Shirley Rinn, Executive Assistant to the City Manager
Sabrina Poldrack, Contract Administrator
Guests Present
Bob Daigh, Williamson County
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 was present via videoconferencing: (Mayor Ross, Wallace, Brewer, Covey,
Swain)
(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.)
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.
Legislative Regular Agenda
(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.)
Rivery Park TIRZ Minutes
July 31, 2020
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B. Review the minutes from the July 19, 2019, Rivery Park Tax Increment Reinvestment zone
(TIRZ) Board Meeting —Mayor Dale Ross, Chair
Motion by Mayor Ross, second by Brewer to approve the minutes from the July 19, 2019,
Rivery Park Tax Increment Reinvestment zone (TIRZ) Board Meeting (Approved 5-0) (Novak
Wilson, Schwertner absent)
C. Presentation of the annual financial report for the Rivery 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. Wallace also presented a map that
outline the Rivery Park TIRZ Boundary.
Wallace also provided an overview of the Rivery Park TIRZ, which was created in 2007 and
amended several times (2008,2009,2013, and 2014). It expires in 2041 or after debt and other
obligations of the zone have been met. The zone includes 66 acres, of which 32 were
undeveloped and the remainder was city park land. The base year value of the zone was $4.9
million. She also provided an overview of the tax increment contributions from the City and
Williamson County. She also indicted that it is anticipated that the TIRZ will contribute $25
million to eligible projects in the zone with a private capital investment of over $135 million.
Wallace indicated that the zone was created to facilitate mixed use development which also
included a hotel and conference center. There are multiple development agreements
pertaining to the Rivery Park TIRZ, include a Master Development Agreement, Joint Use
Agreement, County TIF Agreement, as well as agreements with the Georgetown Economic
Development Corporation (GEDCO) and the Georgetown Transportation Enhancement
Corporation (GTEC).
Wallace indicated that the FY2019 ending balance was $318,096 and that it is anticipated that
the FY 2020 property tax revenues will finish the year 11% higher than budget and the FY2020
expenses projected to finish at budget. She indicated that the primary expense was the debt
payment for the TIRZ's portion for the parking garage, which was $605,268. She told the
Advisory Board that a one-year reserve should also be in place that is dedicated to the debt
service in case of an emergency.
Wallace also provided a historical overview of the Rivery Park TIRZ's value and revenues. She
also outlined the base value of the TIRZ compared to the incremental increase in value over
time in order to demonstrate visually how the TIRZ value has grown over time.
The revenues coming in for FY 2021 are just shy of $800,00, which represents an increase of
10.3% over the FY2020 projects. She said that the assessed value in the TIRZ continues to
grow. The anticipated expenses for FY2021 include the debt service payment of $613,368, a
$10,000 Administrative Fee to reimburse the City for overhead expenses, which includes fees
Rivery Park TIRZ Minutes
July 31, 2020
Page 1 of 3
for appraisal district, tax collection, accounting/finance, legal and city management, as well
as funding to build the debt service reserve, which is consistent with the city's fiscal and
budgetary policy. She also indicated that the reserve should be fully funded by FY2022. An
overview of the Fund Schedule for the Rivery Park TIRZ was provided, and it was clarified that
the miscellaneous revenue included Williamson County's portion of the TIRZ revenue.
She then let the Advisory Board know that the City Council will review and adopt the budget
in August/September and that the city would continue to analyze the long-term plan for the
TIRZ. This would include reimbursement to GTEC and GEDCO, additional park development
and additional developer reimbursements. The new fiscal year will begin on October 1.
Wallace opened the floor to questions.
Covey indicated that she was glad to see that there is a reserve in place given the uncertainty
of property values and low interest rates. Swain indicated that the plan seems to be realistic
in terms of the current conditions based on comments from the city staff and county
representatives. Daigh indicated that the presentation was very well put together.
It was verified that Leah Clark, representing Senator Schwertner, was also in attendance at
the meeting. (Joined at 1:32 p.m.)
Adjournment
Motion by Mayor Ross, second by Covey to adjourn.
Meeting was a
Mayor( osh
Board Chair
Attest:
Sharon Parker
Board Liaison
Rivery Park TIRZ Minutes
July 31, 2020
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ed at 1:44 p.m.
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