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HomeMy WebLinkAboutDowntown_TIRZ_Board_Agenda_8_10_2021_3904Notice of Meeting for the Downtown T I RZ B oard of the City of Georgetown August 10, 2021 at 9:00 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. The Downtown Tir z B oard is now me eting in-per son with a quor um pr esent and public is welcome to atte nd. If spe cial ac commodations ar e nee de d due to C O V I D-19 and atte nding virtually is ne ce ssary, please r eac h out to the S taff L iaison, S har on P ar ke r at shar on.parker @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 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 R eview the minutes fro m the July 29, 2020 Do wntown G eorgetown Tax Inc rement R einves tment zone (T I R Z) Board Meeting – S haron P arker, Board Liaison B P resentation of the annual financial report for the Downtown Tax Inc rement R einvestment Zone – Laurie Brewer, Assistant C ity Manager C P resentation on Downtown P ublic S pac es - Laurie Brewer, As s is tant 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 _________________, 2021, 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 28 City of Georgetown, Texas Downtown T I RZ Board August 10, 2021 S UB J E C T: R eview the minutes from the July 29, 2020 Do wntown G eo rgeto wn Tax Inc rement R einvestment zone (T I R Z) Board Meeting – S haron P arker, Board Liais on IT E M S UMMARY: F IN AN C IAL IMPAC T: . 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 28 Downtown Georgetown TIRZ Minutes July 29, 2020 Page 1 of 3 The Downtown Georgetown Tax Increment Investment Zone (TIRZ) Board met virtually on July 29, 2020 at 2:00 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 David Morgan, City Manager Rachael Jonrowe, Councilmember, District 6 Laurie Brewer, Assistant City Manager Rusty Winkstern, Downtown Business Owner Wayne Reed, Assistant City Manager Aaron Adams, Chair, Main Street Advisory Board Kim Mcauliffe, Economic Development Program Manager Karen Soeffker, Downtown Business Owner Michaela Dollar, Economic Development Director Leigh Wallace, Finance Director Eric Johnson, Facilities Director Ray Miller, Public Works Director Britin Bostik, Historic Planner Cari Miller, Tourism, CVB Manager Nathaniel Waggoner, Long Range Planning Manager Travis Baird, Real Estate Services Manager Trish Long, Facilities Supervisor Mayra Cantu, Management Analyst Shirley Rinn, Executive Assistant to the City Manager Sabrina Poldrack, Contract Administrator Board Members Absent Guests Present Mayor Ross called meeting to order at 2:01 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, and Adams) Regular Session (This Regular Session may, at any time, be recessed to convene an Executive Session for any purpose authorized by the Open Meetings Act, Texas Government Code 551.) MINUTES Downtown Georgetown Tax Increment Investment Zone (TIRZ) Board of the City of Georgetown July 29, 2020 at 2:00 PM at Virtual Page 3 of 28 Downtown Georgetown TIRZ Minutes July 29, 2020 Page 1 of 3 A Discussion on how this virtual conference will be conducted, to include options for public comments and how the public may address the Commission – Dale Ross, Chair Mayor Ross provided an overview of the virtual meeting logistics. Brewer provided the staff introductions to the Advisory Board. No guests were present at the meeting. Legislative Regular Agenda B Review the minutes from the August 1, 2019 Downtown Georgetown Tax Increment Reinvestment zone (TIRZ) Board Meeting –Mayor Dale Ross, Chair Motion by Mayor Ross, second by Jonrowe to Review the minutes from the August 1, 2019 Downtown Georgetown Tax Increment Reinvestment zone (TIRZ) Board Meeting. Approved 3-0 (Winkstern and Soeffker absent) C Presentation of the annual financial report for the Downtown Tax Increment Reinvestment Zone – Laurie Brewer, Assistant City Manager Brewer provided a presentation to provide an overview and update of the TIRZ’s FY20 Year End balance and a Budget update for FY21. She told the Board that update is required by state law as well as city ordinance. Soeffker arrived at 2:13 p.m. and during her introduction, Winkstern let Mayor Ross know that he had been in the meeting since it started, but his mute button had been on. Brewer also provided a brief overview of the proposed projects for FY21 and would provide more detail later in the meeting. There were questions regarding the $150,000 budget for maintenance expenses as well as how the $10,000 Administrative Fee was calculated. Brewer explained that that this maintenance allocation was utilized for expenses related to downtown benches, trash cans, electrical work, tree replacement, enhanced landscaping, art, etc. She also explained that there was not a specific formula for the administrative fee calculation, but that it was based on a percentage of the fees that are charged by the Williamson Central Appraisal District and Williamson County to the City for collections of the taxes as well as on the estimated amount of staff time that is utilized to administer TIRZ projects and to do administrative work for the TIRZ. She indicated that in the past that these fees have not been collected, but that we are now going back to all the TIRZ Boards with an administrative fee included in the budget. D Discussion, presentation and possible action to recommend projects – Laurie Brewer, Assistant City Manager Brewer provided a more detailed listing of the proposed projects for FY 21. She provided an overview of the plans, policies, and studies that have been implemented over the years to guide the work and how the City works in conjunction with Downtown stakeholders and partners on projects that take place downtown. Page 4 of 28 Downtown Georgetown TIRZ Minutes July 29, 2020 Page 1 of 3 She told the Board that there are 32 types of projects that are eligible for TIRZ funding in the downtown area. She indicated that while the revenue has gone up, the city continues to focus on smaller projects or portions of larger scale projects that can be done in coordination with other departments, such as Public Works or Systems Engineering. She went over, in detail, the projects that have been completed or worked on this past fiscal year, as well as provided a detailed overview of the projects that are planned for the future. She also mentioned that while the Downtown Parking Garage Project is on hold for now, the important thing that came out of that project was the process related to the collaboration that took place with the City’s Downtown stakeholders and partners to gain feedback on the project. Brewer told the Board that the next step will be for the City Council to consider approval of the proposed FY21 Downtown Georgetown TIRZ Budget. The Board Members indicated that they thought the presentation was well done and the projects were great and there were also positive comments about accessibility improvements downtown and the efforts to enhance the outdoor spaces. Brewer clarified that the 32 eligible types of projects are not listed in any particular order of importance as priorities always shift , so it is just a comprehensive list of eligible types of projects that the TIRZ funds can be used for. Adjournment Motion by Mayor Ross, second by Jonrowe to Adjourn. Meeting was adjourned at 2:43 p.m. Date: Mayor Josh Schroeder Board Chair Attest: Date Sharon Parker Board Liaison Page 5 of 28 City of Georgetown, Texas Downtown T I RZ Board August 10, 2021 S UB J E C T: P res entation of the annual financ ial report for the Downtown Tax Increment R einves tment 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 Y2022 budget in August 2021. 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 Financial Report Pres entation Page 6 of 28 FY2022 Annual Budget Downtown Tax Increment Reinvestment Zone Fiscal Year 20 Year End Balances Fiscal Year 21 and 22 Budget Update Page 7 of 28 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 28 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 28 FY2022 Annual Budget Background •Created to support the infrastructure for the Downtown Master Plan –Updated 2014 •TIRZ began 2003 –Expanded in 2014 –End Date 2044 •100% of City tax increment Page 10 of 28 FY2022 Annual Budget Project Plan Page 11 of 28 FY2022 Annual Budget Expanded Boundaries of TIRZ in 2014 Page 12 of 28 FY2022 Annual Budget FY2021 Projections •After the CAFR process, the FY2020 ending balance totaled $754,162. •FY2021 revenues are projected to finish the year at budget •FY2021 expenses are projected to finish the year at $680k, or 9.9% less than budget. –Timing of maintenance. Page 13 of 28 FY2022 Annual Budget FY2022 Budget •FY2022 revenues total $415,497, which represents an increase of 20% over FY2021 projections. –Continue to see growth in assessed value in the TIRZ Page 14 of 28 FY2022 Annual Budget TIRZ Value Year Total AV Tax Rate TIRZ Value TIRZ Revenue Base FY2005 37,072,593 - - 37,072,593 FY2006 42,204,899 0.34626 5,132,306 17,771 37,072,593 FY2007 44,379,115 0.36728 7,306,522 26,835 37,072,593 FY2008 53,224,063 0.35659 16,151,470 57,595 37,072,593 FY2009 59,527,603 0.35622 22,455,010 79,989 37,072,593 FY2010 60,167,707 0.35622 23,095,114 82,269 37,072,593 FY2011 64,999,295 0.35622 27,926,702 99,480 37,072,593 FY2012 67,517,398 0.3875 30,444,805 117,974 37,072,593 FY2013 70,344,431 0.41 33,271,838 136,415 37,072,593 FY2014 74,097,357 0.4395 37,024,764 162,724 37,072,593 FY2015 78,658,889 0.434 41,586,296 180,485 37,072,593 FY2016 88,381,374 0.434 51,308,781 222,680 37,072,593 FY2017 88,039,461 0.424 50,966,868 216,100 37,072,593 FY2018 93,022,411 0.42 55,949,818 234,989 37,072,593 FY2019 99,287,162 0.42 62,214,569 261,301 37,072,593 FY2020 108,716,972 0.42 71,644,379 300,906 37,072,593 FY2021 118,577,519 0.418 81,504,926 340,691 37,072,593 FY2022 140,429,992 0.402 103,357,399 415,497 37,072,593 Page 15 of 28 FY2022 Annual Budget Page 16 of 28 FY2022 Annual Budget FY2022 Budget •FY2022 expenses total $765,500 –Maintenance $150,000 –Administration -$10,500 •Includes fees for appraisal district, tax collection, accounting/finance, legal and city management –$15,000 Art –$262,500 Founders Park Expansion –$262,500 City Center Improvements –$65k Transfer to General Fund Environmental Services for Downtown Concierge Program Page 17 of 28 FY2022 Annual Budget Fund Schedule FY2020 Actuals Amended Budget Projected Base Budget Changes Proposed Budget Beginning Fund Balance 497,346 754,162 754,162 424,033 - 424,033 Revenue 40001:Property Taxes 300,127 345,580 345,580 415,497 - 415,497 42001:Interest Income 7,172 1,000 5,000 5,000 - 5,000 Revenue Total 307,300 346,580 350,580 420,497 - 420,497 Expense Operations Total 40,372 215,760 165,760 160,500 - 160,500 Operating Capital 1,218 365,000 315,000 15,000 - 15,000 Capital Total 8,893 (24,950) - - - - Transfers - 199,950 199,950 590,000 - 590,000 Expense Total 50,484 755,760 680,710 765,500 - 765,500 Ending Fund Balance 754,162 344,982 424,033 79,030 - 79,030 Reserves Contingency - - - - - - Capital Reserve - - - - - - Reserves Total - - - - - - Available Fund Balance 754,162 344,982 424,033 79,030 - 79,030 Downtown TIRZ FY2021 FY2022 Page 18 of 28 FY2022 Annual Budget Questions Page 19 of 28 City of Georgetown, Texas Downtown T I RZ Board August 10, 2021 S UB J E C T: P res entation on Downtown P ublic S paces - Laurie Brewer, Assistant C ity Manager IT E M S UMMARY: F IN AN C IAL IMPAC T: . 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 20 of 28 Downtown Public Spaces Arts District Located near Founders Park & Grace Heritage City Center Located near 9th & Martin Luther King Jr. Street Page 21 of 28 Downtown Public Spaces Placemaking Engagement 175 approximate number of citizens in attendance at the event Page 22 of 28 DREAM WITH US public spaces feedback Key takeaways: •900+ public surveys received •90K approximate number of citizens reached digitally •71% of citizens support or highly support Page 23 of 28 Page 24 of 28 Conceptual: Arts District near Grace Plaza & Founders Park Feedback: •Surrounding businesses and property owners support this improvement project •Concept 2 was preferred because of the more organic look and feel •City Council approved an application to TCA for Cultural District grant request to fund 50% of improvements, with matching funds of $190,000 from TIRZ fund. Estimate project costs are $380,000 •TIRZ budget for this project is $262,500 Page 25 of 28 Conceptual: City Center Feedback: •Love the addition of greenspace •Suggestions include more shade and public restrooms •Concerned about parking •Suggested events and programs include live music, yoga, cultural events, and farmer's market •Currently working on smaller-scale, phased approach to start and grow over time •TIRZ budget for this project is $262,500 Page 26 of 28 Conceptual: The Shotgun House at City Center Feedback: •Incorporate the shotgun house with City Center, the enhancements add to the area creating a historic attraction that’s inclusive to our city •Love the kiosk concept •Would like to see traditional seating options, in lieu of limestone blocks Page 27 of 28 Feedback & Questions Page 28 of 28