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Home My WebLink AboutWilliams_Drive_TIRZ_Board_Agenda_7_29_2020_3526Notice of Meeting for the Williams Driv e T I RZ B oard of the City of Georgetown July 29, 2020 at 3:15 P M at Telecommuting 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. Consiste nt with Gover nor Gr eg A bbott’s suspension of var ious provisions of the O pen M ee tings A ct, e ffec tive A ugust 1, 2020 and until fur the r notic e, to r educ e the c hance of C O V I D-19 tr ansmission, all C ity of Ge orge town Advisor y B oar d mee tings will be held vir tually. P ublic c omment will be allowed via telec onfer ence ; no one will be allowed to appear in pe rson. To parti ci pate , please copy and paste the foll owi ng weblink i nto your br owser : Weblink: J oin M ic rosoft Te ams M ee ting +1 512-672-8405 Unite d State s, A ustin (Toll) Confe re nc e I D: 465 975 057# Citizen comme nts are acc epted in thr ee differ ent for mats: 1 . Submit wri tten c omments to shir le y.r inn@ge orge town.org by 1:00 p.m. on the date of the me e ti ng and the R ec ording S e c r e tar y wi ll r ead your c omments into the r ec ording during the item that is being discussed. 2 . L og onto the me e ting at the l ink above and “r aise your hand” dur ing the item 3. Use your home /mobile phone to call the toll-fre e numbe r To join a Te ams me e ting, clic k on the li nk pr ovide d and joi n as an attende e. You wil l be asked to e nte r your name and e mail addr ess (this is so we c an ide ntify you whe n you are c all e d upon). To spe ak on an ite m, c li ck on the “Raise your H and” opti on at the bottom of the Te ams mee ting webpage onc e that i tem has opened. Whe n you ar e cal le d upon by the R e cor di ng Se cr etar y, your de vi ce wil l be re mote ly un-mute d by the Administr ator and you may spe ak for thre e minute s. P l e ase state your name c le arl y, and whe n your time is over, your de vice will be muted again. Use of pr ofanity, thr eate ning language, slande rous r emarks or thr eats of Page 1 of 22 harm are not allowed and wil l re sult i n you be ing imme di atel y r emove d fr om the mee ting. Regular Session (T his R egular S es s ion may, at any time, be rec es s ed to c onvene an Exec utive S es s ion for any purpose authorized by the O pen Meetings Act, Texas G overnment C ode 551.) A Disc ussion on how this virtual c onference will be c onducted, to inc lude options for public c omments and how the public may addres s the C ommis s ion – Mayor Dale R oss, C hair L egislativ e Regular Agenda B R eview the minutes from the July 18, 2019 Williams Drive G ateway Tax Increment R einves tment zone (T I R Z) Board Meeting – Mayor Dale R os s , C hair C P resentation of the annual financial report for the G ateway Tax Increment R einves tment Zone – Laurie Brewer, Assistant C ity Manager 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 _________________, 2020, 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 2 of 22 City of Georgetown, Texas Williams Drive T I RZ Board July 29, 2020 S UB J E C T: Dis cus s ion on how this virtual conferenc e will be conduc ted, to include options for public comments and how the public may address the C ommission – Mayor Dale R os 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 Williams Drive T I RZ Board July 29, 2020 S UB J E C T: R eview the minutes fro m the July 18, 2019 Williams Drive G ateway Tax Inc rement R einves tment zone (T I R Z) Board 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: Description Type Williams Drive Gateway TIRZ Minutes 7.18.19 Backup Material Page 4 of 22 MINUTES Williams Drive Gateway Tax Increment Reinvestment Zone (TIRZ) City of Georgetown, Texas July 16, 2019 at 4:00 P.M. The Williams Drive Gateway Tax Increment Reinvestment Zone (TIRZ) met on July 16, 2019 at 4:00 PM in the City Hall Community Room, located at 808 Martin Luther King Jr Street, Georgetown, Texas. Board Members Present City Staff Present Mayor Dale Ross, Chair Laurie Brewer, Assistant City Manager David Morgan, City Manager Leigh Wallace, Finance Director Brad Curlee Paul Diaz, Budget Manager Nathanial Waggoner, Long Range Planning Manager Wes Wright, Systems Engineering Director Ray Miller, Transportation Planning Coordinator Laci Grobler, Sr Accountant Amy Mertink, Finance Admin Board Members Absent Guests Present Steve West Valerie Nicholson, Councilmember Legislative Regular Agenda A. Call to Order Dale Ross, Chair, called the meeting to order at 4:02 PM B. Review minutes from the July 18, 2018 Williams Drive TIRZ Board Meeting - Amy Mertink, Board Liaison David Morgan motioned to approve the minutes, 2nd by Brad Curlee, approved 3-0. C. Presentation of the Annual Financial Report for the Williams Drive TIRZ - Paul Diaz, Budget Manager Paul Diaz reviewed the FY2019 projections and the FY2020 proposed budget, including details on revenues and expenses. He then showed the board detailed revenue and TIRZ value trends. Mayor Ross asked about financial commitments with the TIRZ and David Morgan confirmed there are no commitments. Brad Curlee asked about the NW Blvd extension project and it was clarified that the project is physically within the TIRZ boundaries but it is not financially in the TIRZ. D. Presentation and discussion of the Williams Drive Subarea Plan and 2030 Comprehensive Plan update –Nat Waggoner, AICP, Long Range Planning Manager Nat Waggoner presented on the 2030 comp plan in relation to the Williams Drive area. A steering committee has been formed since last year. A public survey has also been completed to access the importance of various improvements that could be done in the Williams Drive area. Next steps are to bring the results to council for further direction on possible improvement projects to move forward with. E. July 2019 Project Updates-Wesley Wright, P.E., Systems Engineering Director Wesley Wright gave a project update and reviewed timelines for the Rivery Blvd, Williams Dr bridge at IH Page 5 of 22 MINUTES Williams Drive Gateway Tax Increment Reinvestment Zone (TIRZ) City of Georgetown, Texas July 16, 2019 at 4:00 P.M. 35, and the NW Blvd Bridge/971 road improvements. He explained that the projects are physically within the TIRZ but are not financially within the TIRZ. Questions from the Mayor came up regarding how far the 4 lanes will extend on 971 as there is a school in the area. Wes explained that it will not go as far as the school. Mayor Ross also asked about the 2008 road bond and discussion followed between Laurie Brewer, David Morgan, and the mayor. Exact details on the bond will be provided to the mayor as soon as possible. Adjournment Motion to adjourn at 4:43 by David Morgan; 2nd by Brad Curlee. Approved 3-0 __________________________________ ____________ Dale Ross, Chair Date Board Chair __________________________________ ____________ Amy Mertink Date Board Liaison Page 6 of 22 City of Georgetown, Texas Williams Drive T I RZ Board July 29, 2020 S UB J E C T: P res entation of the annual financ ial report for the G ateway Tax Inc rement R einvestment Zone – Laurie Brewer, As s is tant C ity Manager IT E M S UMMARY: An annual meeting of the T I R Z b o ard is req uired b y the by-laws. T his is traditio nally c o mp leted in late S ummer, so that the b o ard c an review the previo us year ’s financial ac tivity, as well as have a p review o f the upc oming budget proposal for the T I R Z. S P E C IAL C O N S ID E R AT ION S : C ouncil is sc heduled to ac t on all c omponents of the F Y2021 budget in August 2020. AT TAC HME N T S : P res entation, inc luding fund sc hedule, history, zone map, history 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: Description Type Williams Drive Gateway TIRZ Presentation and Financial Report Pres entation Page 7 of 22 FY2021 Annual Budget Williams Drive Gateway TIRZ Fiscal Year 19 Year End Balances Fiscal Year 20 and 21 Budget Update Page 8 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 –Property would not develop otherwise •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 9 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 10 of 22 FY2021 Annual Budget Background •Created to support pedestrian, mixed use development •Consistent with Williams Drive Gateway Redevelopment Plan •2008 is the base year •25 years •$25 million expected in infrastructure for project plan Page 11 of 22 FY2021 Annual Budget Project Plan Page 12 of 22 FY2021 Annual Budget City of GeorgetownPage 13 of 22 FY2021 Annual Budget FY2020 Projections •After the audit and CAFR process, the FY2019 ending balance totaled $254,965 •FY2020 property tax revenues are projected to finish the year slightly higher than budget •No expenses budgeted for FY2020 Page 14 of 22 FY2021 Annual Budget TIRZ Value and Revenue -History Year Total AV Tax Rate TIRZ Value TIRZ Revenue Base TIRZ Value2 FY2008 20,667,982 - - 20,667,982 - FY2009 20,209,721 0.35622 (458,261) (1,632) 20,667,982 (458,261) FY2010 19,716,803 0.35622 (951,179) (3,388) 20,667,982 (951,179) FY2011 22,518,020 0.35622 1,850,038 6,590 20,667,982 1,850,038 FY2012 23,728,705 0.3875 3,060,723 11,860 20,667,982 3,060,723 FY2013 24,993,971 0.41 4,325,989 17,737 20,667,982 4,325,989 FY2014 24,935,151 0.4395 4,267,169 18,754 20,667,982 4,267,169 FY2015 26,911,855 0.434 6,243,873 27,098 20,667,982 6,243,873 FY2016 28,235,513 0.434 7,567,531 32,843 20,667,982 7,567,531 FY2017 29,360,809 0.424 8,692,827 36,858 20,667,982 8,692,827 FY2018 28,518,568 0.42 7,850,586 32,972 20,667,982 7,850,586 FY2019 29,851,397 0.42 9,183,415 38,570 20,667,982 9,183,415 FY2020 33,097,664 0.42 12,429,682 52,205 20,667,982 12,429,682 FY2021 31,521,989 0.42 10,854,007 45,587 20,667,982 10,854,007 Page 15 of 22 FY2021 Annual Budget TIRZ Value Page 16 of 22 FY2021 Annual Budget FY2021 Budget •FY2021 revenues total $50,111 –Relatively flat value –Increase will become more dramatic after McCoy site redevelopment –FY2021 Administrative Expense •Includes fees for appraisal district, tax collection, accounting/finance, legal and city management –Ending Balance of $346K Page 17 of 22 FY2021 Annual Budget Fund Schedule FY2019 Actuals FY2020 Budget FY2020 Projected FY2021 Base Budget FY2021 Changes FY2021 Budget Beginning Fund Balance 208,213 248,283 254,965 306,206 - 306,206 Revenue FY2019 Actual FY2020 Budget FY2020 Projected FY2021 Base Budget FY2021 Changes FY2021 Budget Allocated Interest 4,236 1,500 2,500 1,000 1,000 Property Taxes 42,515 47,542 48,742 49,111 49,111 Grand Total 46,751 49,042 51,242 50,111 50,111 Expense FY2019 Actual FY2020 Budget FY2020 Projected FY2021 Base Budget FY2021 Changes FY2021 Budget Administative Allocation - - - 10,000 - 10,000 Construction - - - - - - Grand Total - - - 10,000 - 10,000 FY2019 Actuals FY2020 Budget FY2020 Projected FY2021 Base Budget FY2021 Changes FY2021 Budget Ending Fund Balance 254,964 297,325 306,206 346,317 - 346,317 CAFR Adjustment 1 - - - - - Contingency - - - - - - Reserved for Capital - - - - - - Available Fund Balance 254,965 297,325 306,206 346,317 - 346,317 Page 18 of 22 FY2021 Annual Budget Next Steps •Council reviews and adopts budget –August/September •Continue to analyze long term plan for this TIRZ –Gateway landscaping –Roadway improvements associated with TxDot intersection improvements •New fiscal year begins October 1 Page 19 of 22 FY2021 Annual Budget Questions Page 20 of 22 City of Georgetown, Texas Williams Drive T I RZ Board July 29, 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 21 of 22 City of Georgetown, Texas Williams Drive T I RZ Board July 29, 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