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HomeMy WebLinkAboutWilliams_Drive_TIRZ_Board_Agenda_7_16_2019_3107Notice of Meeting for the Williams Driv e T I RZ B oard of the City of Georgetown July 16, 2019 at 4:00 P M at 808 Martin Luther K ing Jr Street, Georgetown, T X 78626, Community Room T he C ity of G eorgetown is committed to compliance with the Americans with Disabilities Act (ADA). If you require as s is tance in partic ipating at a public meeting due to a disability, as defined under the ADA, reas onable as s is tance, adaptations , or ac commodations will be provided upon request. P leas e c ontact the C ity S ec retary's O ffic e, at leas t three (3) days prior to the sc heduled meeting date, at (512) 930-3652 or C ity Hall at 808 Martin Luther King Jr. S treet, G eorgetown, T X 78626 for additional information; T T Y users route through R elay Texas at 711. L egislativ e Regular Agenda A C all to O rder B R eview minutes from the July 18, 2018 Williams Drive T I R Z Board Meeting - Amy Mertink, Board Liaison C P resentation of the Annual F inanc ial R eport for the Williams Drive T I R Z - P aul Diaz, Budget Manager D P resentation and dis cus s ion of the Williams Drive S ubarea P lan and 2030 C omprehens ive P lan update – Nat Waggoner, AI C P, Long R ange P lanning Manager E July 2019 P rojec t Updates-Wes ley Wright, P.E., S ys tems Engineering Director Adjournment Ce rtificate of Posting I, R obyn Densmore, C ity S ecretary for the C ity of G eorgetown, Texas, do hereby c ertify that this Notic e of Meeting was posted at C ity Hall, 808 Martin Luther King Jr. S treet, G eorgetown, T X 78626, a plac e readily acc es s ible to the general public as required by law, on the _____ day of _________________, 2019, at __________, and remained s o posted for at leas t 72 c ontinuous hours prec eding the s cheduled time of said meeting. __________________________________ R obyn Dens more, C ity S ec retary Page 1 of 22 City of Georgetown, Texas Williams Drive T I RZ Board July 16, 2019 S UB J E C T: C all to O rder IT E M S UMMARY: F IN AN C IAL IMPAC T: N/A S UB MIT T E D B Y: Amy Mertink, Board Liais on Page 2 of 22 City of Georgetown, Texas Williams Drive T I RZ Board July 16, 2019 S UB J E C T: R eview minutes from the July 18, 2018 Williams Drive T I R Z Board Meeting - Amy Mertink, Board Liais on IT E M S UMMARY: F IN AN C IAL IMPAC T: N/A S UB MIT T E D B Y: Amy Mertink, Board Liais on AT TAC H ME N T S: Description Type 2018 Minutes Backup Material Page 3 of 22 MINUTES Williams Drive Gateway Tax Increment Reinvestment Zone (TIRZ) City of Georgetown, Texas July 18, 2018 at 10:00 A.M. The Williams Drive Gateway Tax Increment Reinvestment Zone (TIRZ) met on July 18, 2018 at 10:00 AM in the City Hall Main Floor Conference Room, located at 113 East 8th Street, Georgetown, Texas. Board Members Present City Staff Present Dale Ross, Chair Laurie Brewer, Assistant City Manager David Morgan Leigh Wallace, Finance Director Valerie Nicholson Paul Diaz, Budget Manager Brad Curlee Nathanial Waggoner Sofia Nelson Board Members Absent Guests Present Steve West Tim Haynie Legislative Regular Agenda Dale Ross, Chair, called the meeting to order at 10:30 a.m. A. Review minutes from the September 25, 2017 Williams Drive TIRZ Board Meeting – Danella Elliott Motion to approve the minutes from the September 25, 2017 Williams Drive TIRZ Board Meeting by Brad Curlee; second by Mayor Ross. Approved 3-0. Valerie Nicholson and Steve West absent for the vote. B. Presentation of the Annual Financial Report for the Williams Drive TIRZ – Leigh Wallace, Finance Director Leigh gave an overview of the 2018-19 Financial Report and explained that it is presented to the board annually to satisfy state reporting requirements. She noted that the base value was approximately $20M when this TIRZ was created in 2007, and as the area develops, the incremental value is used for projects. David Morgan explained when the TIRZ was created and how one operates. He said that the vision hasn’t changed, but the downturn in the economy several years ago slowed things down. We are in a holding pattern to decide what to do, working with the school and using the Market Study as a resource for possible proposals. The smart thing about the TIRZ is that commitment of infrastructure has been made. The board thanked Leigh and David for the report. C. Presentation and discussion of the Williams Drive Study – Nathaniel Waggoner, AICP, PMP, Long Range Planning Manager Nat Waggoner explained that the purpose of this presentation was to provide an overview of FY18 and FY19 implementation activities involving the TIRZ District. In 2017, staff provided the TIRZ Board an overview of the Williams Drive Study, including details on the adopted Implementation Plan. Since then, Page 4 of 22 MINUTES Williams Drive Gateway Tax Increment Reinvestment Zone (TIRZ) City of Georgetown, Texas July 18, 2018 at 10:00 A.M. the City applied to CAMPO for Federal funding to support construction and engineering for several intersections along Williams Drive, as well as improvements to the sidewalk network. Approximately $125,000 of Williams Drive TIRZ Funding will be leveraged to secure 1.38M grant award from CAMPO. The City has begun work to incorporate the land use findings from the Centers Ara of Williams Drive Study as part of the update to the City’s Comprehensive Plan update. Policy recommendations and public outreach related to land use within the TIRZ will begin in the spring of 2019. Work will commence this summer on the Rivery Boulevard extension project and expected to be completed by mid -2019, followed by construction of the Northwest Blvd Bridge, providing a parallel route to Williams Drive from Austin Avenue to Lakeway Drive. Discussion followed, and Mayor said that traffic will not get better, it is really about managing traffic/growth. The board thanked Nat for his presentation. Adjournment Motion to adjourn by Val Nicholson; second Mayor Ross. Approved 4-0. Steve West absent. The meeting adjourned at 10:50 a.m. __________________________________ ____________ Dale Ross, Chair Date Board Chair __________________________________ ____________ Amy Mertink Date Board Liaison Page 5 of 22 City of Georgetown, Texas Williams Drive T I RZ Board July 16, 2019 S UB J E C T: P res entation of the Annual F inancial R eport for the Williams Drive T I R Z - P aul Diaz, Budget Manager IT E M S UMMARY: Annual F inancial R eport for the Williams Drive T I R Z F IN AN C IAL IMPAC T: N/A S UB MIT T E D B Y: P aul Diaz, Budget Manager AT TAC H ME N T S: Description Type Pres entation Exhibit Williams TIRZ map Backup Material Value Charts Backup Material Fund Schedule Backup Material Revenues Backup Material Expenses Backup Material Page 6 of 22 FY2020 Annual Budget Williams Gateway TIRZ Page 7 of 22 FY2020 Annual Budget FY2019 Projections •After the audit and CAFR process, the FY2018  ending balance totaled $208,213. •FY2019 property tax revenues are projected to  finish the year at budget.  •FY2019 expenses are projected to finish at  zero.  Page 8 of 22 FY2020 Annual Budget FY2020 Budget •FY2020 revenues total $49042, which  represents an increase of 22.3% over FY2019  projections. –Continue to see growth in assessed value in the  TIRZ. Page 9 of 22 FY2020 Annual Budget TIRZ Value and Revenue Year Total AV Tax Rate TIRZ Value TIRZ Revenue FY2008 20,667,982                       ‐                                      ‐                                      FY2009 20,209,721                       0.35622 (458,261)                            (1,632)                                FY2010 19,716,803                       0.35622 (951,179)                            (3,388)                                FY2011 22,518,020                       0.35622 1,850,038                          6,590                                  FY2012 23,728,705                       0.3875 3,060,723                          11,860                                FY2013 24,993,971                       0.41 4,325,989                          17,737                                FY2014 24,935,151                       0.4395 4,267,169                          18,754                                FY2015 26,911,855                       0.434 6,243,873                          27,098                                FY2016 28,235,513                       0.434 7,567,531                          32,843                                FY2017 29,360,809                       0.424 8,692,827                          36,858                                FY2018 28,518,568                       0.42 7,850,586                          32,972                                FY2019 29,851,397                       0.42 9,183,415                          38,570                                FY2020 31,987,406                       0.42 11,319,427                       47,542                                Page 10 of 22 FY2020 Annual Budget TIRZ Value Page 11 of 22 FY2020 Annual Budget FY2020 Budget •FY2020 expenses total $0. –There are no expenses budgeted in the fund at this  time.  Page 12 of 22 FY2020 Annual Budget Fund Schedule    FY2018  Actuals  FY2019  Budget  FY2019  Projected  FY2020 Base  Budget  FY2020  Changes  FY2020  Budget Beginning Fund Balance 168,414             182,426             208,213             248,283             ‐                      248,283             Revenues  FY2018  Actuals  FY2019  Budget  FY2019  Projected  FY2020 Base  Budget  FY2020  Changes  FY2020  Budget Tax Revenue 37,412               38,570               38,570               47,542               ‐                      47,542               Interest 2,387                 1,500                 1,500                 1,500                 ‐                      1,500                 Grand Total 39,799               40,070               40,070               49,042               ‐                      49,042               Expenses  FY2018  Actuals  FY2019  Budget  FY2019  Projected  FY2020 Base  Budget  FY2020  Changes  FY2020  Budget Capital Improvements ‐                      120,000             ‐                      ‐                      ‐                      ‐                      Grand Total ‐                      120,000             ‐                      ‐                      ‐                      ‐                         FY2018  Actuals  FY2019  Budget  FY2019  Projected  FY2020 Base  Budget  FY2020  Changes  FY2020  Budget Available Fund Balance 208,213             102,496             248,283             297,325             ‐                      297,325             CAFR Adjustment ‐                      ‐                      ‐                      ‐                      ‐                      ‐                      Ending Fund Balance 208,213             102,496             248,283             297,325             ‐                      297,325             Page 13 of 22 FY2020 Annual Budget Questions Page 14 of 22 ± 0 2,0001,000 Feet TIRZ Map for Williams Drive Georgetown Williams Drive TIRZ Outline Page 15 of 22 FY2020 Budget Workshop WILLIAMS GATEWAY TIRZ Year Total AV Tax Rate TIRZ Value TIRZ Revenue FY2008 20,667,982 - - FY2009 20,209,721 0.35622 (458,261) (1,632) FY2010 19,716,803 0.35622 (951,179) (3,388) FY2011 22,518,020 0.35622 1,850,038 6,590 FY2012 23,728,705 0.3875 3,060,723 11,860 FY2013 24,993,971 0.41 4,325,989 17,737 FY2014 24,935,151 0.4395 4,267,169 18,754 FY2015 26,911,855 0.434 6,243,873 27,098 FY2016 28,235,513 0.434 7,567,531 32,843 FY2017 29,360,809 0.424 8,692,827 36,858 FY2018 28,518,568 0.42 7,850,586 32,972 FY2019 29,851,397 0.42 9,183,415 38,570 FY2020 31,987,406 0.42 11,319,427 47,542 Page 16 of 22 Thursday, July 11, 2019 4:33:18 PM FY2018 Actuals FY2019 Budget FY2019 Projected FY2020 Base Budget FY2020 Changes FY2020 Budget Beginning Fund Balance 168,414 182,426 208,213 248,283 - 248,283 Revenues FY2018 Actuals FY2019 Budget FY2019 Projected FY2020 Base Budget FY2020 Changes FY2020 Budget Tax Revenue 37,412 38,570 38,570 47,542 - 47,542 Interest 2,387 1,500 1,500 1,500 - 1,500 Grand Total 39,799 40,070 40,070 49,042 - 49,042 Expenses FY2018 Actuals FY2019 Budget FY2019 Projected FY2020 Base Budget FY2020 Changes FY2020 Budget Capital Improvements - 120,000 - - - - Grand Total - 120,000 - - - - FY2018 Actuals FY2019 Budget FY2019 Projected FY2020 Base Budget FY2020 Changes FY2020 Budget Available Fund Balance 208,213 102,496 248,283 297,325 - 297,325 CAFR Adjustment - - - - - - Ending Fund Balance 208,213 102,496 248,283 297,325 - 297,325 Gateway TIRZ - 295 Page 17 of 22 Revenues Row Labels GL Mapping FY2018 Actuals FY2019 Budget FY2019 YTD FY2019 Projected FY2020 Base Budget FY2020 Changes FY2020 Budget 295-4-0001-40-100 AD VALOREM TAX Tax Revenue 37,412 38,570 38,570 47,542 - 47,542 295-4-0001-42-100 ALLOCATED INTEREST Interest 2,387 1,500 1,500 1,500 - 1,500 39,799 40,070 - 40,070 49,042 - 49,042 Page 18 of 22 Expenses Row Labels GL Mapping FY2018 Actuals FY2019 Budget FY2019 Projected FY2020 Base Budget FY2020 Changes FY2020 Budget 295-9-0602-90-001 CAPITAL IMPROVEMENTS Capital Improvements - 120,000 - - - - - 120,000 Page 19 of 22 City of Georgetown, Texas Williams Drive T I RZ Board July 16, 2019 S UB J E C T: P res entation and disc ussion of the Williams Drive S ubarea P lan and 2030 C omprehensive P lan update – Nat Waggoner, AI C P, Long R ange P lanning Manager IT E M S UMMARY: F IN AN C IAL IMPAC T: N/A S UB MIT T E D B Y: Nat Waggoner, AI C P, Long R ange P lanning Manager Page 20 of 22 City of Georgetown, Texas Williams Drive T I RZ Board July 16, 2019 S UB J E C T: July 2019 P roject Updates -Wesley Wright, P.E., S ystems Engineering Direc tor IT E M S UMMARY: F IN AN C IAL IMPAC T: N/A S UB MIT T E D B Y: Wesley Wright, P.E., S ystems Engineering Direc tor Page 21 of 22 City of Georgetown, Texas Williams Drive T I RZ Board July 16, 2019 S UB J E C T: IT E M S UMMARY: F IN AN C IAL IMPAC T: N/A S UB MIT T E D B Y: Amy Mertink, Board Liais on Page 22 of 22