[1. Call to order.]
[00:00:12]
GOING TO READ THE OPENING THING FOR JUST THIS FIRST MEETING, NOT FOR THE REST. AS AUTHORIZED BY SECTION 551.071 OF THE TEXAS GOVERNMENT CODE CONVENED IN CLOSED EXECUTIVE SESSION FOR LEGAL ADVICE FROM THE CITY ATTORNEY ON ANY AGENDA ITEM. THE CITY RESERVES A RIGHT TO RECONVENE, REASSESS OR REALIGN ORDER OF BUSINESS AT ANY TIME. DO WE HAVE ANY PUBLIC COMMENTS? SEEING NONE, WE WILL MOVE ON. SO, IT IS 6:01, I AM CALLING
[2. Approve minutes from the following meeting(s): January 7, 2025.]
THIS MEETING TO ORDER. THERE IS A QUORUM PRESENT. THE MEETING, THE MINUTES WERE PROVIDED IN YOUR PACKET. ARE THERE ANY QUESTIONS OR CHANGES TO BE MADE? ANY QUESTIONS OR CHANGES TO BE MADE TO THE MINUTES? I WILL ENTERTAIN A MOTION.WE HAVE A MOTION BY LISA, SECOND BY COUNCILMEMBER GIBBS, ALL IN FAVOR? OKAY. TAKE THE VOTE. THERE WE GO. AND THE VOTE IS UNANIMOUS.WE
[3. Discuss and consider approval of recommendation of TIRZ #2 Budget to City Council.]
WILL DISCUSS AND CONSIDER APPROVAL OF RECOMMENDATION NUMBER 2 BUDGET TO CITY COUNCIL AND I WILL TURN THIS OVER TO MICHAEL.>> GOOD AFTERNOON, BOARD. WE ARE HERE TO TALK ABOUT THE NUMBER TWO PROPOSED BUNLT. FOR THE MEMBERS WATCHING FOR THE BENEFIT, IT STANDS FOR TEX INCREMENT REINVESTMENT ZONE AND REPRESENTS A GEOGRAPHIC AREA WHEREBY THE CITY COUNCIL SET S ASIDE THE GROWTH IN PROPERTY VALUES.
>> CAN YOU USE YOUR MICROPHONE CLOSER?
>> IS THAT BETTER? DO YOU WANT TO RESTART?
>> GO AHEAD. GETTING INTO TERS NUMBER TWO, OVERVIEW, TERS NUMBER TWO, CREATED APRIL 7, 2015 SET TO TERMINATE APRIL 30TH, 2035. THE PROJECT SET ASIDE FOR THE TIRS INCREMENT INCLUDE STREET IMPROVEMENT, GRADING AND UTILITIES, ROAD AND COMMON UPGRADES, PARKS AND ADMINISTRATIVE EXPENSES. THE SLIDE REPRESENTS THE GEOGRAPHIC AREA ON THE LEFTHAND SIDE, BAYSIDE, ON THE RIGHT SHS SAPPHIRE BAY. SO, THIS WENT BEFORE COUNCIL ON JULY 12TH AT THE BUDGET WORK SESSION, WE HAVE THE PROPOSED BUDGET FOR THE BAYSIDE SECTION OF THE TIRS, ON THE REVENUE SIDE OF THE EQUATION, PROPERTY TAX INCREMENTAL PROPERTY TAXES AS WELL AS MODEST AMOUNT OF INTEREST EXPENSE ON THE EXPENSE SIDE, THIS IS FOR PAYMENT OF AN AGREEMENT, THERE IS A TIRS AGREEMENT WITH THE DEVELOPER FOR PAYMENT OF INFRASTRUCTURE AGREEMENTS THEY MADE ALONG WITH ADMINISTRATIVE PAYMENTS TO TIRS ADMINISTRATOR AS WELL AS TRANSFER OF THE CITY FOR ADMINISTRATIVE TIRS. NUMBER TWO, SAPPHIRE BAY, WE HAVE, LIKE BAYSIDE NORTH, INCREMENTAL TIRS REVENUE, LARGER BALANCE, NUMBER LOOKS LARGER ON INTEREST AND THEN WE HAVE, ON THE EXPENSE SIDE OF THE EQUATION, OUR TIRS ADMINISTRATOR FEES AS WELL AS TRANSFER OF THE CITY. ANY
QUESTIONS? >> SO, CAN YOU GO BACK TO SLIDE ONE? NEXT ONE. FORWARD. SORRY. KEEP GOING. ONE MORE. THAT ONE.
THE REMAINING BALANCE TO BE REIMBURSED IS $8.4 MILLION?
>> YES, MA'AM. >> DO WE HAVE THAT FOR SAPPHIRE
BAY AS WELL? >> NO, THAT IS EXCLUSIVE TO BAYSIDE NORTH. THERE IS A TIRS AGREEMENT SET ASIDE WITH A DEVELOPER FOR THAT SPECIFIC PORTION OF THE TIRS. SO, THE INCREMENTAL TAX REVENUES FOR THAT PORTION GOES TO PAY BACK THE DEVELOPER. FOR SAPPHIRE BAY, THOSE REVENUES ARE ACCRUING IN A FUND THAT COULD BE USED BASED ON THE BOARD'S RECOMMENDATION AND
RECOMMENDATION OF CITY COUNCIL. >> OKAY. THANK YOU.
[00:05:02]
>> DO WE HAVE ANY FURTHER QUESTIONS? COMMENTS? DISCUSSION? MICHAEL? OKAY. IF NOT, WE WILL ADJOURN. IT IS 6:05, AND THIS MEETING OF-- WELL, LET ME ADJOURN THE CURRENT TIRS THREE MEETING AT 6:22. WE WILL RECONVENE THE TIRS TWO MEETING AT 6:22 AND WE WILL GO AHEAD AND CONSIDER APPROVAL OF RECOMMENDATION OF TIRS NUMBER TWO. THERE WE GO.
I DISCUSS IT, WE DIDN'T DO THE VOTE. I ZIPPED THROUGH IT. I AM READING WORD FOR WORD HERE. SORRY, I WILL NEED A MOTION AND A SECOND TO ACCEPT THE APPROVAL OF RECOMMENDATION FOR THE TIRS NUMBER TWO BUDGET CITY COUNCIL.
>> I MAKE A MOTION THAT WE APPROVE AS RECOMMENDED FOR THE TIRS TWO BUDGET TO CITY COUNCIL.
>> I SECOND. >> WE HAVE A MOTION BY COUNCILMEMBER BOWERS AND SECOND BY COUNCILMEMBER BOWERS. IS THERE FURTHER DISCUSSION? THIS IS GOING TO GET WEIRD. WE WILL GO AHEAD AND VOTE. ARE WE LIVE HERE? THAT PASSES UNANIMOUSLY.
>>> I
* This transcript was compiled from uncorrected Closed Captioning.