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Home My WebLink AboutWilliams_Drive_TIRZ_Board_Agenda_8_4_2022_4368Notice of Meeting for the Williams Driv e T I RZ B oard of the City of Georgetown August 4, 2022 at 11:00 AM at Georgetown City Hall Community Room, 808 Martin L uther K ing Jr. St. 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 ons ideration and p o s s ib le approval o f the minutes from the Dec ember 17, 2021 Williams Drive G ateway Tax Increment R einves tment Zone (T I R Z) Board Meeting – Mayor Jos h S chroeder, C hair B P resentation of the annual financial report for the G ateway Tax Increment R einves tment Zone –Nathan P arras, As s is tant F inance 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 _________________, 2022, 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 20 City of Georgetown, Texas Williams Drive T I RZ Board August 4, 2022 S UB J E C T: C onsideration and p o s s ib le ap p ro val of the minutes from the Dec emb er 17, 2021 Williams Drive G ateway Tax Inc rement R einvestment Zone (T I R Z) Board Meeting – Mayor Josh S c hroeder, 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: Description Type Minutes Backup Material Page 2 of 20 Williams Drive TIRZ Minutes December 17, 2021 MINUTES Williams Drive Tax Increment Investment Zone (TIRZ) Board of the City of Georgetown December 17, 2021 at 9:00 AM The Williams Drive TIRZ Meets annually, this is a draft of the minutes from the 2021 annual meeting. These minutes will be reviewed for approval at the next annual meeting. Page 3 of 20 Williams Drive TIRZ Minutes December 17, 2021 The Williams Drive Tax Increment Investment Zone (TIRZ) Board met on December 17, 2021 at 9:00 AM at City Hall, 808 Martin Luther King Jr Street, Georgetown, Texas Board Members Present City Staff Present Mayor Josh Schroeder, Board Chair Leigh Wallace, Finance Director Shawn Hood, Councilmember, District 2 Nathaniel Waggoner, Long Range Planning Manager David Morgan, City Manager Nathan Parr, Assistant Finance Director Sharon Parker, Board Liaison Board Members Absent Guests Present Brad Curlee, Business Owner Steve West, GISD Regular Agenda: Mayor Josh Schroeder Called the meeting to order at 9:03 a.m. A. Consideration and possible action to approve the minutes from the July 29, 2020 Williams Drive Gateway Tax Increment Reinvestment Zone (TIRZ) Meeting – Mayor Josh Schroeder, Chair. Motion to approve the minutes as presented by David Morgan, second by Josh Schroeder . Approved 3-0. B. Presentation and discussion of development activities related to the Williams Drive Study (2017) and Williams Drive Gateway Plan – Nat Waggoner, PMP, AICP, asst. Dir – Long Range Nat Waggoner provided an overview of activities completed in 2020 in support of the 2017 Williams Drive Study and the Williams Drive Gateway plan of the 2030 Comprehensive Plan. No action needed. C. Presentation of the annual financial report for the Wolf Lake Tax Increment Reinvestment Zone – Laurie Brewer, Assistant City Manager Nathan Parras, Assistant Finance Director provided an overview of the Board membership, as well as an overview of Tax Increment Financing/Tax Increment Reinvestment Zones, their purpose, how they are utilized, as well as the role of the Advisory Board. He also presented a map that outlined the TIRZ Boundary. No action needed. Page 4 of 20 Williams Drive TIRZ Minutes December 17, 2021 Motion from David to Adjourn Meeting, Meeting adjourned at 9:30 a.m. __________________________________ ____________ Mayor Josh Schroeder Date Board Chair ___ _______________________________ ____________ Sharon Parker Date Board Liaison Page 5 of 20 City of Georgetown, Texas Williams Drive T I RZ Board August 4, 2022 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 –Nathan P arras , Assistant F inanc e Direc tor 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 Y2023 budget in August 2022. 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: S haron P arker AT TAC H ME N T S: Description Type Pres entation Pres entation Page 6 of 20 Williams Drive Gateway Tax Increment Reinvestment Zone Fiscal Year 21 Year End Balances Fiscal Year 22 and 23 Budget Update Page 7 of 20 22 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 33 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 44 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 5 Project Plan Page 11 of 20 6 Page 12 of 20 77 FY2022 Projections •After the CAFR process, the FY2021 ending balance totaled $346,520. •FY2022 revenues are projected to finish the year in line with budget. •FY2022 expenses are projected to finish the year in line with budget. •$10,500 administrative expense includes fees for appraisal district, tax collection, accounting/finance, legal and city management Page 13 of 20 88 FY2023 Budget •FY2023 revenues total $104K which represents an increase of 119% over FY2022 projections. •Continue to see growth in assessed value in the TIRZ Page 14 of 20 9 Page 15 of 20 1010 TIRZ Value Year Total AV Base Value TIRZ Value Increment Tax Rate TIRZ Revenue FY2008 20,667,982 20,667,982 - - FY2009 20,209,721 20,667,982 (458,261) 0.356 (1,632) FY2010 19,716,803 20,667,982 (951,179) 0.356 (3,388) FY2011 22,518,020 20,667,982 1,850,038 0.356 6,590 FY2012 23,728,705 20,667,982 3,060,723 0.388 11,860 FY2013 24,993,971 20,667,982 4,325,989 0.410 17,737 FY2014 24,935,151 20,667,982 4,267,169 0.440 18,754 FY2015 26,911,855 20,667,982 6,243,873 0.434 27,098 FY2016 28,235,513 20,667,982 7,567,531 0.434 32,843 FY2017 29,360,809 20,667,982 8,692,827 0.424 36,858 FY2018 28,518,568 20,667,982 7,850,586 0.420 32,972 FY2019 29,851,397 20,667,982 9,183,415 0.420 38,570 FY2020 33,097,664 20,667,982 12,429,682 0.420 52,205 FY2021 32,059,030 20,667,982 11,391,048 0.418 47,615 FY2022 32,334,093 20,667,982 11,666,111 0.401 46,781 FY2023 48,414,698 20,667,982 27,746,716 0.374 103,773 Gateway TIRZ Page 16 of 20 1111 FY2023 Budget/Projects •There are no budgeted expenses for the Gateway TIRZ in FY2023 •Allocation study updated in FY2022 determined no significant administrative expense •Will be re-evaluated each year •Ending fund balance of $488K Page 17 of 20 Gateway TIRZ FY2021 Actuals Amended Budget Projected Base Budget Changes Proposed Budget Beginning Fund Balance 307,436 347,407 346,520 383,718 - 383,718 Revenue 40001:Property Taxes 48,075 46,898 46,898 103,773 - 103,773 42001:Interest Income 1,009 200 800 600 - 600 Revenue Total 49,084 47,098 47,698 104,373 - 104,373 Expense Operations 10,000 10,500 10,500 - - - Expense Total 10,000 10,500 10,500 - - - Ending Fund Balance 346,520 384,005 383,718 488,091 - 488,091 Reserves Contingency - - - - - - Reserves Total - - - - - - Available Fund Balance 346,520 384,005 383,718 488,091 - 488,091 FY2022 FY2023 Page 18 of 20 1313 Next Steps •Gateway landscaping •Roadway improvements associated with TxDot intersection improvements Page 19 of 20 1414 Questions Page 20 of 20