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Home My WebLink AboutRivery_Park_TIRZ_Board_Agenda_8_21_2017_2258Notice of Meeting for the Riv ery Park TIRZ Board of the City of Georgetown August 21, 2017 at 2:30 PM at HLWW Large Conference Room - 406 West 8th Street - Georgetown, TX The City o f G eo rgeto wn is committed to comp lianc e with the Americans with Dis abilities 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, reas onab le 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 c o ntact the City Sec retary's Office, at leas t three (3) days prior to the sc hed uled meeting d ate, at (512) 930-3652 o r City Hall at 113 Eas t 8th Street fo r add itional info rmation; TTY us ers ro ute through Relay Texas at 711. Legislativ e Regular Agenda A Pres entatio n o f the Rivery Park Tax Inc rement Reinvestment Zo ne (TIR Z) Bo ard minutes from September 7, 2016 - Danella Elliott, Board Liaison B Overview o f the 2017/18 Financ ial Rep ort - Leigh Wallace, F inance Direc to r CERTIFICATE OF POSTING I, Shelley No wling, C ity S ecretary fo r the C ity of Geo rgeto wn, Texas , d o hereby c ertify that this Notice of Meeting was p o s ted at City Hall, 113 E. 8th Street, a p lace read ily acc es s ible to the general p ublic at all times , on the ______ d ay o f __________________, 2017, at __________, and remained so p o s ted fo r at leas t 72 c o ntinuo us ho urs p receding the sc heduled time o f s aid meeting. ____________________________________ S helley No wling, City Sec retary Page 1 of 9 City of Georgetown, Texas Rivery Park TIRZ Board August 21, 2017 SUBJECT: Presentatio n of the R ivery P ark Tax Increment R einves tment Zone (TIRZ) Board minutes fro m Sep tember 7, 2016 - Danella Ellio tt, Bo ard Liais o n ITEM SUMMARY: Review minutes from the Rivery P ark Tax Inc rement Reinves tment Zone (T IRZ) Board minutes fro m Septemb er 7, 2016 FINANCIAL IMPACT: N/A SUBMITTED BY: Danella Ellio tt, Exec utive As s is tant ATTACHMENTS: Description Type 9.7.2016 Minutes Backup Material Page 2 of 9 Minutes of the RIVERY PARK TAX INCREMENT REINVESTMENT ZONE (TIRZ) BOARD City of Georgetown, Texas September 7, 2016 The RIVERY PARK TAX INCREMENT REINVESTMENT ZONE (TIRZ) Board of Directors met on SEPTEMBER 7, 2016 at 4:00 P.M. in the HISTORIC LIGHT AND WATER WORKS BUILDING LARGE CONFERENCE ROOM, LOCATED AT 406 WEST 8TH STREET GEORGETOWN, TX Board Members Present Others Present: Mayor Dale Ross Paul Diaz Leigh Wallace, Finance Director David Morgan Jeff Novak Kara McSwiggin Ronald Swain Valerie Covey Amy Hurst (for Charles Schwertner) Board Members Absent Keith Brainard, Chair Laurie Brewer, Assistant City Manager Marsha Farney Legislative Regular Agenda A Presentation of the minutes from September 2, 2015 Motion to approve the minutes by Covey; second by Novak. Approved 6-0. Brainard, Brewer and Farney absent. B Overview of the Financial Report, Leigh Wallace, Finance Director and Paul Diaz, Budget Manager Paul Diaz explained that the TIRZ Board is required to meet once per year and receive the financial report to satisfy state reporting requirements. He presented the 2016/17 Financial Report and reported that the growth over the last 8 years has gone from approximately $4.97M to $63M, and noted that the incremental value can be used for improvements. Jeff Novak said that allowable expenses are for infrastructure and the parking garage, and answered that the Project Plan can be modified if ever needed. David Morgan said that a major milestone is the opening of the Sheraton Hotel, which is amazing, and we will continue to work on enhancing this area. Jeff said that some highlights of this area will be the Woodhouse Spa, a bake shop out of Boston, coffee shop and a 91 foot tall tower. All of the Brownstones have been sold to date, and 70 more are scheduled to be built. 8 are going up now, and 6 of those have sold already. The hotel was full over the past weekend, and said that the calendar is really strong for 2017. Valerie Covey reported that she met with the auditors, and the County has paid everything owed to date. Motion by Swain, second by Traub to accept the Financial Report. Approved 6-0. Brainard, Brewer and Farney absent. Page 3 of 9 Certificate of Posting I, Shelley Nowling, City Secretary for the City of Georgetown, Texas, do hereby certify that this Notice of Meeting was posted at City Hall, 113 E. 8th Street, a place readily accessible to the general public at all times, on the _____ day of ____________, 2015, at _________, and remained so posted for at least 72 hours preceding the scheduled time of said meeting. _____________________________________ Shelley Nowling, City Secretary Motion to adjourn the meeting at 4:20 p.m. Approved 6-0. Brainard, Brewer and Farney absent. __________________________________ ____________ Dale Ross, Mayor Date Board Chair __________________________________ ____________ Danella Elliott Date Board Liaison Page 4 of 9 City of Georgetown, Texas Rivery Park TIRZ Board August 21, 2017 SUBJECT: Overview o f the 2017/18 F inancial Report - Leigh Wallac e, Financ e Director ITEM SUMMARY: Overview o f the 2017/18 F inancial Report. FINANCIAL IMPACT: N/A SUBMITTED BY: Leigh Wallace, Financ e Directo r ATTACHMENTS: Description Type 2017/18 Financial Report Backup Material Financial Report Pres entation Pres entation Page 5 of 9 294 - Rivery TIRZ FY2016 Actual FY2017 Budget FY2017 Projected FY2018 Base FY2018 Changes FY2018 Budget Beginning Fund Balance 94,870 83,250 83,441 218,602 - 218,602 Revenues FY2016 Actual FY2017 Budget FY2017 Projected FY2018 Base FY2018 Changes FY2018 Budget Other 166,005 226,698 226,698 257,530 - 257,530 Tax Revenue 88,204 249,517 249,517 291,582 - 291,582 Interest 189 - 220 225 - 225 Grand Total 254,398 476,215 476,435 549,337 - 549,337 Expenses FY2016 Actual FY2017 Budget FY2017 Projected FY2018 Base FY2018 Changes FY2018 Budget Capital Improvement - - - - Other - - - - Transfer 265,828 341,274 341,274 588,068 - 588,068 Grand Total 265,828 341,274 341,274 588,068 - 588,068 FY2016 Actual FY2017 Budget FY2017 Projected FY2018 Base FY2018 Changes FY2018 Budget Ending Fund Balance 83,441 218,191 218,602 179,871 - 179,871 CAFR Adjustment - - - - - - Available Fund Balance 83,441 218,191 218,602 179,871 - 179,871 Page 6 of 9 8/18/2017 1 FY2018 Annual Budget Rivery TIRZ Fund Highlights Board Meeting 8‐18‐17 FY2018 Annual Budget How it works Page 7 of 9 8/18/2017 2 FY2018 Annual Budget City Property Tax Revenue •Current Assessed Value –Starting Value = TIRZ Value X Tax Rate = Property Tax Revenue $290K •From 2010 to 2017 the Rivery TIRZ AV increased from $5M to $73M FY2018 Annual Budget County Property Tax Revenue •80% of County’s incremental value remitted to City •Estimated $250K •Note –City will remit a portion of sales tax in TIRZ back to County; estimate pending identification of sales tax IDs Page 8 of 9 8/18/2017 3 FY2018 Annual Budget Expenses •Rivery TIRZ Fund repays –2016 cash and bonds City issued on behalf of TIRZ for park and public improvements –2016 cash and bonds City issued on behalf of GEDCO for parking garage –GTEC cash for public improvements –FY2018 debt payment $588K –Cash repayment pending procedure –Recommend contingency reserve since revenues are estimates Page 9 of 9