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Home My WebLink AboutSouth_Georgetown_TIRZ_Board_Agenda_7_19_2018_2631Notice of Meeting for the South Georgetown TIRZ Board of the City of Georgetown July 19, 2018 at 10:30 AM at City Council Chambers Conference Room located at 101 East 7th Street Georgetown, TX 78626 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 Review minutes fro m the May 9, 2017 So uth Geo rgeto wn Tax Inc rement Zone (TIRZ) Bo ard of Direc to rs Meeting - Danella Elliott, Exec utive As s is tant B Pres entatio n o f the annual financial rep ort for the S o uth Geo rgeto wn TIRZ – Leigh Wallace, Finance Directo 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 __________________, 2018, 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 11 City of Georgetown, Texas South Georgetown TIRZ Board July 19, 2018 SUBJECT: Review minutes from the May 9, 2017 So uth Georgetown Tax Increment Zo ne (T IRZ) Board o f Directors Meeting - Danella Ellio tt, Executive Assistant ITEM SUMMARY: Review minutes from the May 9, 2017 So uth Georgetown Tax Increment Zo ne (T IRZ) Board o f Directors Meeting FINANCIAL IMPACT: N/A SUBMITTED BY: Danella Ellio tt, Board Liaison ATTACHMENTS: Description Type 5.9.2017 S GT TIRZ Draft Minutes Backup Material Page 2 of 11 Minutes of the SOUTH GEORGETOWN TAX INCREMENT REINVESTMENT ZONE (TIRZ) BOARD City of Georgetown, Texas May 9, 2017 The SOUTH GEORGETOWN TAX INCREMENT REINVESTMENT ZONE (TIRZ) Board of Directors met on TUESDAY, MAY 9, 2017 at 3:00 P.M. in the CITY COUNCIL CHAMBERS, LOCATED AT 101 E. 7TH STREET, GEORGETOWN, TX. Board Members Present City Staff Present Dale Ross, Mayor, Chair Leigh Wallace, Finance Director Anna Eby, Councilmember District 1 Laurie Brewer, Assistant City Manager David Morgan, City Manager Wesley Wright, Systems Engineering Director Glenn Dishong, City Utility Director Sabrina Poldrack, Administrative Assistant Sofia Nelson, Planning Director Board Members Absent Bill Conner Bill Stump Others Present Terry Putnam Legislative Regular Agenda A Review minutes from the August 30, 2016 South Georgetown Tax Increment Zone (TIRZ) Board of Directors Meeting -- Danella Elliott, Executive Assistant Motion to approve the minutes by David Morgan; second by Sofia Nelson. Approved 5-0 B Financial Report and update on values, projects and revenues for the South Georgetown TIRZ – Laurie Brewer, Assistant City Manager and Wesley Wright, Systems Engineering Director Laurie explained that we usually have this meeting later in the year, but she wanted to give an update on the values, projects and revenues. She gave a presentation which included a TIRZ update, the background and review of the TIRZ. Laurie noted that the original assumptions were that there would be 37 properties and 594 acres with $21.3M as the value in the base year. Laurie gave an update and status on all of the projects in the Zone, and noted that they cannot exceed $50M. There is an expected private capital investment of $500M and that there is an estimated $35M of improvements needed. The value of the TIRZ at the end of life is expected to be $745M. Utility funds and GTEC will pay the up- front costs of the project, with the TIRZ reimbursing over time through the incremental value amounts. The projects currently included are: a lift station and Force Main, sewer interceptor, Rabbit Hill elevated storage, Oakmont/Mays/Rabbit Hill Road, electric extension, Blue Springs Road extension, and Westinghouse Road repairs and maintenance. She went over the revenue estimates and projections, and explained that the following agenda item will address a request to conduct a market analysis. The Board thanked Laurie and Leigh for the overview. C Consideration and possible action to approve an agreement with Capitol Market Research at a cost not to exceed $25,000 for a study to determine financial assumptions, land use assumptions, and perform a market analysis – Laurie Brewer, Assistant City Manager Page 3 of 11 Laurie explained that the purpose of this study is threefold: (1) to prepare a market analysis, which will result in an absorption forecast for the commercial and residential uses proposed for the subject 594.92 acres, (2) to provide assistance in confirming the mix of uses that have been proposed for the TIRZ and (3) to provide a report that can be used by the City of Georgetown to establish the potential revenues that will be available to fund existing and future infrastructure improvements in the TIRZ. We will assume that market demand will result in land sales and development, and that appropriate subdivision and zoning approvals will be implemented by the City to coincide with the demonstrated demand. The study will determine the absorption potential for multi-family residential, residential condominiums, office and retail space at the subject location. Discussion followed. Laurie explained that the analysis would allow us to update the build out and financing analysis and determine the impact of changing zoning/land uses. Laurie explained that this firm, Capitol Market Research, is familiar with and has done work with this area. The selection team consisted of City staff, which included Sofia Nelson (Planning Director), Wayne Reed (ACM), Paul Diaz (Budget Manager) and Laurie Brewer (ACM). They unanimously recommend this firm. Motion by Anna Eby; second by Sofia Nelson to approve an agreement with Capitol Market Research at a cost not to exceed $25,000 for a study to determine financial assumptions, land use assumptions, and perform a market analysis. Approved 5-0 Adjournment Motion to adjourn at 3:22 p.m. by David Morgan; second by Anna Eby. Approved 5-0 __________________________________ ____________ Mayor Dale Ross Date Board Chair __________________________________ ____________ Danella Elliott Date Board Liaison Page 4 of 11 City of Georgetown, Texas South Georgetown TIRZ Board July 19, 2018 SUBJECT: Presentatio n of the annual financ ial report for the South Georgetown TIRZ – Leigh Wallac e, Financ e Direc tor ITEM SUMMARY: Presentatio n of the annual financ ial report for the South Georgetown TIRZ FINANCIAL IMPACT: N/a SUBMITTED BY: Leigh Wallace, Financ e Directo r ATTACHMENTS: Description Type Fund Schedule Backup Material Revenue Backup Material Expens e Backup Material His tory Graph Backup Material Page 5 of 11 296 ‐ South Georgetown TIRZ 7/13/2018 8:11:12 AM FY2017 Actual FY2018 Budget FY2018 Projected FY2019 Base FY2019 Changes FY2019 Budget Beginning Fund Balance 71,712 124,410 129,516 236,177 ‐ 236,177 Revenue FY2017 Actual FY2018 Budget FY2018 Projected FY2019 Base FY2019 Changes FY2019 Budget Property Tax 127,190 141,494 158,361 309,418 309,418 Interest 384 200 1,500 1,500 1,500 Grand Total 127,574 141,694 159,861 310,918 310,918 Expenditures FY2017 Actual FY2018 Budget FY2018 Projected FY2019 Base FY2019 Changes FY2019 Budget Transfers 44,770 53,201 53,201 ‐ ‐ Contracts 25,000 ‐ Grand Total 69,770 53,201 53,201 ‐ ‐ FY2017 Actual FY2018 Budget FY2018 Projected FY2019 Base FY2019 Changes FY2019 Budget Ending Fund Balance 129,516 212,903 236,177 547,094 ‐ 547,094 CAFR Adjustment ‐ ‐ ‐ ‐ ‐ ‐ Maintenance Contingency 25,000 25,000 25,000 25,000 ‐ 25,000 Available Fund Balance 104,516 187,903 211,177 522,094 ‐ 522,094 Page 6 of 11 Revenue GL Mapping FY2017 Actual FY2018 Adopted B FY2018 Projec FY2019 Base Budg FY2019 Change FY2019 Budget 296‐4‐0001‐40‐100 AD VALOREM TAX Property Tax 127,190 141,494 158,361 309,418 309,418 296‐4‐0001‐42‐100 ALLOCATED INTEREST Interest 384 200 1,500 1,500 1,500 127,574 141,694 159,861 310,918 ‐ 310,918 Page 7 of 11 t Page 8 of 11 Expenditures GL Mapping FY2017 Actual FY2018 Adopted B FY2018 Projec FY2019 Base Budg FY2019 Change FY2019 Budget 296‐5‐0000‐51‐400 TRANSFER OUT, GTEC Transfers 44,770 53,201 53,201 ‐ ‐ 296‐5‐0602‐51‐330 SPECIAL SERVICES Transfers ‐ 296‐5‐0602‐51‐340 CONTRACTS ‐ OTHER Contracts 25,000 ‐ 69,770 53,201 53,201 ‐ ‐ ‐ Page 9 of 11 t Page 10 of 11 - 10,000,000 20,000,000 30,000,000 40,000,000 50,000,000 60,000,000 70,000,000 80,000,000 90,000,000 100,000,000 FY2015 FY2016 FY2017 FY2018 FY2019 South Georgetown TIRZ Base TIRZ Value Page 11 of 11