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HomeMy WebLinkAboutWilliams_Drive_TIRZ_Board_Agenda_8_10_2021_3905Notice of Meeting for the Williams Driv e T I RZ B oard of the City of Georgetown August 10, 2021 at 10:00 AM at Georgetown City Hall Community Room, 808 Martin L uther K ing Jr. St. 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. The Wi ll iams D r ive TI R Z B oar d i s now mee ting in-pe r son wi th a quor um pre se nt and publ ic is we lc ome to atte nd. If spe cial ac c ommodati ons are nee de d due to C O V I D -19 and atte ndi ng vir tually is ne c e ssary, pl ease r eac h out to the Staff L iai son, S har on P arker at sharon.par ke r @geor getown.or g or 512-930-6534 for assistance Regular Session (T his R egular S es s ion may, at any time, be rec es s ed to c o nvene an Exec utive S es s ion for any purp o s e authorized b y the O pen Meetings Ac t, Texas G o vernment C ode 551.) A R eview the minutes fro m the July 29, 2020 Williams Drive G ateway Tax Increment R einves tment zo ne (T I R Z) Bo ard Meeting – Mayor Jo s h S c hroeder , C hair B P resentation of the annual financ ial report fo r the G ateway Tax Increment R einvestment 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 _________________, 2021, 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 1 of 20 City of Georgetown, Texas Williams Drive T I RZ Board August 10, 2021 S UB J E C T: R eview the minutes fro m the July 29, 2020 Williams Drive G ateway Tax Inc rement R einvestment zone (T I R Z) Bo ard Meeting – Mayo r Josh S c hro ed er , C hair IT E M S UMMARY: F IN AN C IAL IMPAC T: N/A S UB MIT T E D B Y: S haron P arker AT TAC H ME N T S: D escription Type Minutes Backup Material Page 2 of 20 Williams Drive TIRZ Minutes July 29, 2020 Page 1 of 4 MINUTES Williams Drive Tax Increment Investment Zone (TIRZ) Board of the City of Georgetown July 29, 2020 at 3:15 PM at Telecommuting The Williams Drive Tax Increment Investment Zone (TIRZ) Board met virtually on July 29, 2020 at 3:15 p.m. Consistent with Governor Greg Abbott’s suspension of various provisions of the Open Meetings Act, effective August 1, 2020 and until further notice, to reduce the chance of COVID-19 transmission, all City of Georgetown Advisory Board meetings will be held virtually. Public comment will be allowed via teleconference; no one will be allowed to appear in person. Board Members Present City Staff Present Mayor Dale Ross, Board Chair Laurie Brewer, Assistant City Manager Rachael Jonrowe, Councilmember, District 6 Nathaniel Waggoner, Long Range Planning Manager David Morgan, City Manager Mayra Cantu, Management Analyst Shirley Rinn, Executive Assistant to the City Manager Sabrina Poldrack, Contract Administrator Board Members Absent Guests Present Brad Curlee, Business Owner Steve West, GISD Mayor Ross called meeting to order at 3:15 p.m. When the roll call was initially done it was determined that a quorum of the members were present via videoconferencing (Mayor Ross, Jonrowe, Morgan) Regular Session A Discussion on how this virtual conference will be conducted, to include options for public comments and how the public may address the Commission – Mayor Dale Ross, Chair Mayor Ross provided an overview of the virtual meeting logistics. There were no guests present. Legislative Regular Agenda B Review the minutes from the July 18, 2019 Williams Drive Gateway Tax Increment Reinvestment zone (TIRZ) Board Meeting – Mayor Dale Ross, Chair Motion by Mayor Ross to approve the minutes from the July 18, 2019 Williams Drive Gateway Tax Increment Reinvestment zone (TIRZ) Board Meeting, second by Jonrowe. (Approved 3-0) (Curlee and West Absent) Page 3 of 20 Williams Drive TIRZ Minutes July 29, 2020 Page 1 of 4 C Presentation of the annual financial report for the Gateway Tax Increment Reinvestment Zone – Laurie Brewer, Assistant City Manager Brewer told the advisory board that she would be providing an overview and update of the TIRZ’s FY19 balances, the current fiscal year, which is FY20, and a FY21 update. Laurie Brewer provided a presentation to the Board, which is required by state law as well as the City’s Ordinance as to relates to this Board. She provided an overview of Tax Increment Reinvestment Zones, their purpose, how they are utilized, and the role of the advisory board. Brewer presented a map that outline the TIRZ Boundaries and also told the Board that the Williams Drive TIRZ was created to support mixed use development that was consistent with the Williams Drive Redevelopment Plan. The lifespan of the TIRZ is 25 years with original project plan estimating $25 Million in expected infrastructure. She also provided a list of allowed projects that could be approved by the Advisory Board and City Council. She also indicated that other projects could be added to the plan as well. There was some discussion whether or not project list included in the presentation was for the Downtown TIRZ. It was verified that the Project list referenced in the presentation is correct and is included in the Preliminary Project Plan for the Williams Drive TIRZ (Ordinance 2006-104). Brewer told the advisory Board that after the audit and the Comprehensive Annual Financial Report process the FY 2019 ending balance totaled $254,965. She also indicated that the FY20 property tax revenues were anticipated to finish the year slightly higher than the budget and that the there were no expenses budgeted for F 2020. She went on to provide an overview of the FY 2021 revenues and expenses. The revenues were relatively flat, but that they should increase dramatically after the McCoy site redevelopment. She also told the Board there would be a new expense in FY21 to reimburse the City for Administrative overhead expenses, which includes fees for appraisal district, tax collection, accounting/finance, legal and city management. She clarified that the basis for the administrative fee is 2% of the WCAD and Williamson County Contracts. She also clarified that all of the City’s TIRZs represents about 2% of the overall value across the City. This administrative expense is a flat fee that will be charged to each of the boards and not in proportion to the value of each TIRZ. She indicated that the administrative expenses would be there regardless of the value of the TIRZ. She also told the Board that the City Staff would be proposing to do a cost allocation study with an independent consulting firm on overhead allocations and that the cost allocations for the TIRZ Boards could also be included in that study. She also said that the anticipated that there will be an ending balance of $346K in the Williams Drive TIRZ Fund. Brewer then provided a comprehensive overview of the current TIRZ Fund Schedule. She indicated that the only expense at this time was the administrative expense, but also mentioned that a couple of years ago this Fund did pay for some engineering studies around Williams Drive Page 4 of 20 Williams Drive TIRZ Minutes July 29, 2020 Page 1 of 4 and the improvements in that area. She told the Board that Nat Waggoner, the city’s long-range planning manager was available should they have any questions regarding projects on Williams Drive. Brewer indicated that the next step of the City Council to review and adopt the budget, as well as to continue to analyze the long term plan for the Williams Drive TIRZ, which includes Gateway landscaping and roadway improvements associated with TXDOT intersection improvements. She told the Board that the new fiscal year begins October 1, 2021. Brewer opened the meeting up for questions. There were not any questions, but Morgan indicated that Brewer did a good job with the presentation and that we were in a holding pattern until projects and other opportunities come along in the future. Adjournment Motion by Mayor Ross, second by Morgan to Adjourn. Meeting was adjourned at 3:27 p.m. Date: Mayor Josh Schroeder Board Chair Attest: Date Sharon Parker Board Liaison Page 5 of 20 City of Georgetown, Texas Williams Drive T I RZ Board August 10, 2021 S UB J E C T: P res entation o f the annual financial rep o rt for the G ateway 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 Y2022 bud get in Augus t 2021. 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: S haron P arker AT TAC H ME N T S: D escription Type Pres entation Pres entation Page 6 of 20 FY2022 Annual Budget Williams Drive Gateway TIRZ Fiscal Year 20 Year End Balances Fiscal Year 21 and 22 Budget Update Page 7 of 20 FY2022 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 8 of 20 FY2022 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 20 FY2022 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 10 of 20 FY2022 Annual Budget Project Plan Page 11 of 20 FY2022 Annual Budget City of GeorgetownPage 12 of 20 FY2022 Annual Budget FY2021 Projections •After the audit and CAFR process, the FY2020 ending balance totaled $307,436 •FY2021 property tax revenues are projected to finish the year at budget •Only administrative expenses budgeted in FY2021 Page 13 of 20 FY2022 Annual Budget TIRZ Value and Revenue -History Year Total AV Tax Rate TIRZ Value TIRZ Revenue Base FY2008 20,667,982 - - 20,667,982 FY2009 20,209,721 0.35622 (458,261) (1,632) 20,667,982 FY2010 19,716,803 0.35622 (951,179) (3,388) 20,667,982 FY2011 22,518,020 0.35622 1,850,038 6,590 20,667,982 FY2012 23,728,705 0.3875 3,060,723 11,860 20,667,982 FY2013 24,993,971 0.41 4,325,989 17,737 20,667,982 FY2014 24,935,151 0.4395 4,267,169 18,754 20,667,982 FY2015 26,911,855 0.434 6,243,873 27,098 20,667,982 FY2016 28,235,513 0.434 7,567,531 32,843 20,667,982 FY2017 29,360,809 0.424 8,692,827 36,858 20,667,982 FY2018 28,518,568 0.42 7,850,586 32,972 20,667,982 FY2019 29,851,397 0.42 9,183,415 38,570 20,667,982 FY2020 33,097,664 0.42 12,429,682 52,205 20,667,982 FY2021 32,059,030 0.418 11,391,048 47,615 20,667,982 FY2022 32,334,093 0.402 11,666,111 46,898 20,667,982 Page 14 of 20 FY2022 Annual Budget TIRZ Value Page 15 of 20 FY2022 Annual Budget FY2022 Budget •FY2022 revenues total $47,098 –Relatively flat value –Increase may become more dramatic after McCoy site redevelopment •FY2022 Administrative Expense •Expense totals $10,500 •Includes fees for appraisal district, tax collection, accounting/finance, legal and city management •Ending Balance of $384K Page 16 of 20 FY2022 Annual Budget Fund Schedule Gateway TIRZ FY2020 Actuals Amended Budget Projected Base Budget Changes Proposed Budget Beginning Fund Balance 254,965 307,436 307,436 347,407 - 347,407 Revenue 40001:Property Taxes 48,742 49,111 49,111 46,898 - 46,898 42001:Interest Income 3,730 1,000 860 200 - 200 Revenue Total 52,471 50,111 49,971 47,098 - 47,098 Expense Operations - 10,000 10,000 10,500 - 10,500 Expense Total - 10,000 10,000 10,500 - 10,500 Ending Fund Balance 307,436 347,547 347,407 384,005 - 384,005 Reserves Contingency - - - - - - Reserves Total - - - - - - Available Fund Balance 307,436 347,547 347,407 384,005 - 384,005 FY2021 FY2022 Page 17 of 20 FY2022 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 18 of 20 FY2022 Annual Budget Questions Page 19 of 20 City of Georgetown, Texas Williams Drive T I RZ Board August 10, 2021 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 20 of 20