HomeMy WebLinkAboutMinutes_Rivery Park TIRZ_08.05.2021
Minutes
Rivery Park Tax Increment Investment Zone (TIRZ) Board
City of Georgetown, Texas
August 5, 2021 at 24:30 PM
The River Park TIRZ Meets annually, this is a
draft of the minutes from the 2021 annual
meeting. These minutes will be reviewed for
approval at the next annual meeting.
Minutes
Rivery Park Tax Increment Investment Zone (TIRZ) Board
City of Georgetown, Texas
August 5, 2021 at 24:30 PM
The Rivery Park Tax Increment Investment Zone (TIRZ) Board met on August 5, 2021 at 2:30 PM at City Hall, 808
Martin Luther King Jr Street, Georgetown, Texas
Board Members Present: Board Members Absent:
Mayor Josh Schroeder, Chair Ronald Swain, SW University
Laurie Brewer, ACM Jeff Novak, Developer
Leigh Wallace, Finance Director Terry Wilson, Rep House 20
Val Covey, Commissioner Prescient 3
Leak Clark, Senator District 5
Shawn Hood, City Council District 2
City Staff Present:
David Morgan, City Manager
Nathan Parras, Assistant Finance Director
Elaine Wilson, Assistant Finance Director
Erika Young, Senior Budget Analyst
Sharon Parker, Board Liaison
Others present:
Regular Agenda:
Mayor Josh Schroeder Called the meeting to order at 2:30 p.m.
A. Consideration and possible action to approve the minutes from the July 31, 2020 Rivery Park Tax
Increment Reinvestment Zone (TIRZ) Meeting – Mayor Josh Schroeder, Chair.
Motion to approve the minutes as presented by Val Covey, second by Shawn Hood . Approved
6-0, Ronald Swain, Jeff Novak & Terry Wilson absent.
B. Presentation of the annual financial report for the Rivery Tax Increment Reinvestment Zone – Laurie
Brewer, ACM
Nathan Parras, Assistant 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. Parras also presented a map that outlined the
Rivery Park TIRZ Boundary. Nathan presented the annual financial report.
Discussion: Are the expenses listed only TIRZ expenses? The City paid for the Garage, we issued debt
as a part of that as well as part of the other infrastructure around the garage and some administrative
Minutes
Rivery Park Tax Increment Investment Zone (TIRZ) Board
City of Georgetown, Texas
August 5, 2021 at 24:30 PM
cost to pay the appraisal district. This is not reimbursing the developer? Not at this point. The
developer paid for the garage then we issued bonds to pay the developer. The city owns the garage.
If there were local participation on a project and we sold debt, we could pull that debt service out of
the TIRZ? Yes, but this is property taxed backed so if this TIRZ is not performing we would still have
the debt service obligation. Can the county do this as well? Yes but they usually don’t. The city usually
does not either. It is usually a reimbursement to the developer. This is a unique TIRZ, the county got
involved because of the event center. The city got involved because of the parking garage. Update
on the new building, is the parking going to be just for the residents or will there be public parking
too? It will have both. Is there anything else in that TIRZ that can be built? Yes, not much. All the
brownstones have been built. Is it what we thought it would be as far as value? Yes, it is now but it
took longer to get there.
No Action Needed
Motion from Laurie to Adjourn Meeting, Meeting adjourned at 2:50 pm.
__________________________________ ____________
Mayor Josh Schroeder Date
Board Chair
___ _______________________________ ____________
Sharon Parker Date
Board Liaison