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Home My WebLink AboutRivery_Park_TIRZ_Board_Agenda_7_31_2020_3525Notice of Meeting for the Riv ery P ark T I RZ B oard of the City of Georgetown July 31, 2020 at 1:30 P M at Virtual T he C ity o f G eorgetown is c o mmitted to c ompliance with the Americans with Dis ab ilities Ac t (ADA). If yo u req uire as s is tanc e in participating at a p ublic meeting d ue to a disability, as d efined und er the ADA, reasonable as s is tance, ad ap tatio ns , or acc o mmo d ations will b e provid ed up o n req uest. P leas e contac t the C ity S ecretary's O ffic e, at leas t three (3) d ays p rio r to the s cheduled meeting date, at (512) 930-3652 or C ity Hall at 808 Martin Luther King Jr. S treet, G eo rgeto wn, T X 78626 for ad d itional info rmation; T T Y us ers route thro ugh R elay Texas at 711. C onsiste nt wi th Gove rnor Gre g A bbott’s suspension of vari ous pr ovisions of the O pe n M e eti ngs A c t, effe ctive A ugust 1, 2020 and until further notice , to r educ e the c hanc e of C O V I D -19 tr ansmi ssion, all C i ty of Geor getown A dvisor y B oard me etings will be hel d vir tually. P ubl ic c omme nt will be allowed via te le confe re nc e; no one wil l be allowed to appe ar i n per son. To par tic ipate , ple ase copy and paste the fol lowing we bl ink i nto your br owse r: We bl ink: J oi n M i cr osoft Teams M e e ting +1 512-672-8405 (Toll) Confe r e nce I D : 328 101 742# Citi ze n c omments ar e ac c e pte d in thr ee differ ent for mats: 1 . S ubmi t wr itte n c omments to shi rl ey.rinn@ge or ge town.org by noon on the date of the me eting and the R e cor ding S ec re tary will r ead your c omme nts into the re cor ding duri ng the item that is be ing di sc usse d. 2 . L og onto the mee ting at the link above and “r ai se your hand” dur i ng the i tem 3. U se your home/mobile phone to call the toll -fr e e number To join a Te ams me eting, c lic k on the li nk pr ovi de d and join as an atte nde e . You wil l be aske d to e nte r your name and e mail addr e ss (thi s is so we c an ide ntify you when you are cal le d upon). To spe ak on an ite m, c lick on the “Raise your H and” option at the bottom of the Teams mee ting we bpage onc e that ite m has opened. Whe n you ar e c alle d upon by the R ec ording S ec re tar y, your devic e will be r emotely un-mute d by the A dministr ator and you may spe ak for thr ee minute s. P le ase state your name cle ar l y, and whe n your time is over, your devic e will be mute d again. U se of pr ofani ty, thr eate ni ng language , sl ande r ous r emarks or thr eats of Page 1 of 22 harm ar e not allowe d and wi ll r e sul t in you bei ng imme di atel y r e move d fr om the mee ti ng. L egislativ e Regular Agenda A Disc ussio n o n how this virtual conferenc e will b e c o nducted , to inc lude optio ns fo r pub lic comments and ho w the p ublic may address the C ommis s io n – Mayor Dale R oss, C hair B R eview the minutes fro m the July 19, 2019 R ivery P ark Tax Increment R einves tment zone (T I R Z) Board Meeting – Mayo r Dale R o s s , C hair C P resentation of the annual financ ial report fo r the R ivery Tax Increment R einves tment Zone – Laurie Brewer, As s is tant C ity Manager Adjournment Ce rtificate of Posting I, R obyn Dens mo re, C ity S ec retary for the C ity of G eorgetown, Texas, do hereb y certify that this Notice of Meeting was p o s ted at C ity Hall, 808 Martin Luther King Jr. S treet, G eorgeto wn, T X 78626, a p lace readily acc es s ib le to the general p ublic as req uired by law, on the _____ day of _________________, 2020, at __________, and remained so p o s ted fo r at leas t 72 c o ntinuo us hours prec eding the sc heduled time of s aid meeting. __________________________________ R o b yn Dens more, C ity S ecretary Page 2 of 22 City of Georgetown, Texas Rivery Park T I RZ Board July 31, 2020 S UB J E C T: Dis cus s io n on ho w this virtual c o nference will be cond uc ted, to includ e op tions for p ublic c o mments and how the p ublic may ad d res s the C o mmis s ion – Mayo r Dale R o s s , C hair IT E M S UMMARY: F IN AN C IAL IMPAC T: . S UB MIT T E D B Y: Danella Elliott Page 3 of 22 City of Georgetown, Texas Rivery Park T I RZ Board July 31, 2020 S UB J E C T: R eview the minutes fro m the July 19, 2019 R ivery P ark Tax Inc rement R einves tment zo ne (T I R Z) Bo ard Meeting – Mayor Dale R oss, C hair IT E M S UMMARY: F IN AN C IAL IMPAC T: N/A S UB MIT T E D B Y: Danella Elliott AT TAC H ME N T S: D escription Type Rivery Park Minutes 7.19.19 Backup Material Page 4 of 22 Minutes of the RIVERY PARK TAX INCREMENT REINVESTMENT ZONE (TIRZ) BOARD City of Georgetown, Texas July 19, 2019 The RIVERY PARK TAX INCREMENT REINVESTMENT ZONE (TIRZ) Board met on July 19, 2019 at 9:00 A.M. in the City Hall Community Room, located at 808 Martin Luther King Jr Street, Georgetown, TX Board Members Present City Staff Present: Mayor Dale Ross, Chair Paul Diaz, Budget Manager Commissioner Valerie Covey David Morgan, City Manager Jeff Novak Amy Mertink, Finance Admin Valerie Nicholson, Councilmember Laci Grobler, Sr. Accountant Ronald Swain Board Members Absent Others Present Representative Terry Wilson Leigh Wallace, Finance Director Laurie Brewer, Assistant City Manager Senator Charles Schwertner Legislative Regular Agenda A Call to Order Mayor Ross called the meeting to order at 9:00 a.m. B Review minutes from the July 19, 2018 Rivery Park TIRZ Board Meeting - Amy Mertink, Board Liaison Motion to approve the minutes by Valerie Nicholson, 2nd by Valerie Covey, approved 5-0. C Presentation of the Annual Financial Report for the Rivery Park TIRZ - Paul Diaz, Budget Manager Paul Diaz reviewed the FY2019 projections and explained the fee that will be in the year end amendment. He also reviewed the FY2020 proposed budget, including details on revenues and expenses, and then showed the board detailed revenue and TIRZ value trends. Paul showed the strong growth within the TIRZ over the last few years. Valerie Covey asked if the TIRZ growth is where it was projected to be for 2019 and Paul confirmed it is. General discussion of various Novak projects followed. Adjournment Motion to adjourn at 9:24am by Valerie Nicholson; 2nd by Ron Swain, approved 5-0 __________________________________ ____________ Dale Ross, Mayor Date Board Chair __________________________________ ____________ Amy Mertink Date Board Liaison Page 5 of 22 City of Georgetown, Texas Rivery Park T I RZ Board July 31, 2020 S UB J E C T: P res entation o f the annual financial rep o rt for the R ivery Tax Inc rement R einves tment Zo ne – Laurie Brewer, As s is tant C ity Manager IT E M S UMMARY: An annual meeting of the T I R Z board is required b y the by-laws . T his is traditio nally c o mp leted in late S ummer, s o that the b o ard c an review the previous year ’s financ ial ac tivity, as well as have a p review of the upc o ming budget p ro p o s al for the T I R Z. S P E C IAL C O N S ID E R AT IO N S: C o uncil is sc hed uled to act on all components o f the F Y2021 bud get in Augus t 2020. AT TAC HME N T S : P res entation, inc lud ing fund s ched ule, his tory, zo ne map , histo ry F IN AN C IAL IMPAC T: N/A S UB MIT T E D B Y: Danella Elliott AT TAC H ME N T S: D escription Type Rivery Park Pres entation and Financial Report Pres entation Page 6 of 22 FY2021 Annual Budget Rivery TIRZ Fiscal Year 19 Year End Balances Fiscal Year 20 and 21 Budget Update Page 7 of 22 FY2021 Annual Budget Tax Increment Reinvestment Zones •Also called TIF –Tax Increment Financing •Geographical area where property tax revenues are dedicated from incremental increase in assessed values towards improvements in the zone •Sets aside additional revenue accrued due to valuation increases after establishment of TIRZ –Improvement plan is approved –Revenues to be utilized towards improvements in the district •Authorized by Texas Constitution and Chapter 311 of Tax Code Page 8 of 22 FY2021 Annual Budget Role of Board •Advisory to the Council –Council is final decision point for TIRZ activity •Board approves/recommends the project and funding plans •Annual meetings required to review financial activity Page 9 of 22 FY2021 Annual Budget Zone Map –South GT TIRZ City of GeorgetownPage 10 of 22 FY2021 Annual Budget Rivery Tax Increment Reinvestment Zone -Background •Created in 2007 •Amended in 2008, 2012, 2013 and in 2014 •Expires in 2041 or after debt and other obligations of zone have been met •Zone – –66 acres –32 were undeveloped, remainder was city park –Base year of zone value -$4.9M •100% of City’s Tax Increment contributed to the Zone •80% of the County’s Tax increment contributed to the Zone –City shares sales tax with County (50% of General 1%) within zone •Projects expected to be paid from zone $25M –Expected private capital investment of over $135M in plan Page 11 of 22 FY2021 Annual Budget Rivery Tax Increment Reinvestment Zone -Background •Created to facilitate mixed use development including a hotel and conference center –Site improvements, parking garage, park improvements •Multiple development agreements – –Master Development Agreement –Joint Use Access and Lease –County TIF agreement –Georgetown Economic Development Corp –Georgetown Transportation Enhancement Corp Page 12 of 22 FY2021 Annual Budget Original Project Plan Page 13 of 22 FY2021 Annual Budget FY2020 Projections •After the audit and CAFR process, the FY2019 ending balance totaled $318,096 •FY2021 property tax revenues are projected to finish the year 11% higher than budget •FY2021 expenses are projected to finish at budget. –$605,268 transferred for debt service •Building fund balance for debt service reserve Page 14 of 22 FY2021 Annual Budget TIRZ Value and Revenue -History Year Total AV Tax Rate TIRZ Value TIRZ Revenue Base TIRZ Value2 FY2010 4,974,292 0.35622 - - 4,974,292 - FY2011 8,235,124 0.35622 3,260,832 11,616 4,974,292 3,260,832 FY2012 6,982,076 0.3875 2,007,784 7,780 4,974,292 2,007,784 FY2013 6,981,032 0.41 2,006,740 8,228 4,974,292 2,006,740 FY2014 6,591,719 0.4395 1,617,427 7,109 4,974,292 1,617,427 FY2015 14,105,097 0.434 9,130,805 39,628 4,974,292 9,130,805 FY2016 29,809,712 0.434 24,835,420 107,786 4,974,292 24,835,420 FY2017 63,822,668 0.424 58,848,376 249,517 4,974,292 58,848,376 FY2018 73,743,730 0.42 68,769,438 288,832 4,974,292 68,769,438 FY2019 94,493,464 0.42 89,519,172 375,981 4,974,292 89,519,172 FY2020 101,946,996 0.42 96,972,704 407,285 4,974,292 96,972,704 FY2021 109,283,472 0.42 104,309,180 438,099 4,974,292 104,309,180 Page 15 of 22 FY2021 Annual Budget TIRZ Value Page 16 of 22 FY2021 Annual Budget FY2021 Budget •FY2021 revenues total $794,742 which represents an increase of 10.3% over FY2020 projections –Continue to see growth in assessed value in the TIRZ. Page 17 of 22 FY2021 Annual Budget FY2021 Budget •FY2021 expenses total $623,368 –$613,368 for Debt Service –$10,000 for administrative costs •Fees for appraisal district, tax collection, accounting/finance, legal and city management •Building debt service reserve –Consistent with fiscal and budgetary policy for funds with debt –next year of debt service –Began building reserve in FY20, should have reserve established by FY22 Page 18 of 22 FY2021 Annual Budget Fund Schedule FY2019 Actuals FY2020 Budget FY2020 Projected FY2021 Base Budget FY2021 Changes FY2021 Budget Beginning Fund Balance 214,825 274,539 318,096 433,375 - 433,375 Revenue FY2019 Actual FY2020 Budget FY2020 Projected FY2021 Base Budget FY2021 Changes FY2021 Budget Allocated Interest 3,669 1,500 2,700 375 375 Misc Revenue 322,197 275,000 319,043 353,052 353,052 Property Taxes 369,989 372,173 398,804 441,315 441,315 Grand Total 695,856 648,673 720,547 794,742 794,742 Expense FY2019 Actual FY2020 Budget FY2020 Projected FY2021 Base Budget FY2021 Changes FY2021 Budget Bond Issuance Cost - 1,000 - - - - Administrative - - - 10,000 10,000 Transfer Out - Debt Service 592,585 605,268 605,268 613,368 - 613,368 Grand Total 592,585 606,268 605,268 623,368 - 623,368 FY2019 Actuals FY2020 Budget FY2020 Projected FY2021 Base Budget FY2021 Changes FY2021 Budget Ending Fund Balance 318,096 316,944 433,375 604,749 - 604,749 CAFR Adjustment - - - - - - Available Fund Balance 318,096 316,944 (179,993) (6,071) - (6,071) Reserve for Debt Service - - 613,368 610,820 - 610,820 Page 19 of 22 FY2021 Annual Budget Next Steps •Council reviews and adopts budget –August/September •Continue to analyze long term plan for this TIRZ –GTEC and GEDCO to be repaid –Additional park development –Additional developer reimbursements •New fiscal year begins October 1 Page 20 of 22 FY2021 Annual Budget Questions Page 21 of 22 City of Georgetown, Texas Rivery Park T I RZ Board July 31, 2020 S UB J E C T: IT E M S UMMARY: F IN AN C IAL IMPAC T: . S UB MIT T E D B Y: Danella Elliott Page 22 of 22