>>> I WILL NOW ADJOURN THE TIRS NUMBER TWO MEETING, AND WE WILL 
          [1. Call to order]
          [00:00:06]
MOVE ON TO THE TIRS NUMBER FOUR MEETING. 
          >> I CALL TIRS NUMBER FOUR MEETING TO ORDER AT 6:23, DO WE 
          [2. Approve minutes from the following meeting(s): January 7, 2025.]
HAVE ANY INPUT FROM THE PUBLIC? SEEING NONE, WE WILL GO AHEAD AND ASK TO APPROVE THE MINUTES FROM JANUARY 7TH, 2025 FOR TIRS NUMBER FOUR. CAN I GET A MOTION AND A SECOND? 
          >> I MAKE A MOTION WE APPROVE THE MINUTES FOR TIRS THREE. 
          >> I SECOND. >> WE HAVE A MOTION FROM COUNCILMEMBER GIBBS, SECOND FROM COUNCILMEMBER BRITAIN. 
          >> JUST TO CONFIRM A MOTION FOR TIRS FOUR MINUTES. 
          >> YEAH. 
          >> THINK YOU JUST DID. OKAY. 
          >> CALL THE VOTE? WHERE ARE WE AT? NO. 
          >> YEAH, YOU ARE ON MINUTES. >> OKAY. YES, LETS GO AHEAD AND CALL THE VOTE. AND, YES, THAT WAS APPROVED UNANIMOUSLY. WE 
          [3. Discuss and consider approval of recommendation of TIRZ #4 Budget to City Council.]
WILL MOVE ON. WE WILL DISCUSS THE RECOMMENDATION OF THE TIRS NUMBER FOUR BUDGET CITY COUNCIL PRESENTED BY MICHAEL. 
          >>> TIRS BOARD NUMBER FOUR TODISCUSS THE PROPOSED BUDGET FOR TIRS FOUR TO CITY COUNCIL. AS OVERVIEW OF TIRS NUMBER FOUR, NORTHSHORE, CREATED NOVEMBER 15, 2022, SET TO TERMINATE DECEMBER 31, 2052, CONSIST OF TIER ONE AND TIER TWO PROJECT IN THE FINANCING PLAN, TIER ONE REIMBURSEMENT TO DEVELOPER, TIER TWO ARE PROJECT CITY CAN ELECT TO FUND. HERE IS A BOUNDARY OF TIRS NUMBER FOUR. WE HAVE AN OVERVIEW OF TIRS NUMBER FOUR, THE LAKEVIEW FUND HERE, SO THIS IS THE-- THERE ARE TWO DIFFERENT FUNDS FOR NORTHSHORE TIRS, ONE IS FOR DEVELOPER, ONE IS CITY FUND. THIS IS THE DEVELOPER FUND. YOU WILL SEE THERE IS A BEGINNING BALANCE BECAUSE THERE IS AN AGREEMENT FOR REIMBURSEMENT BEING ACTIVATED NOW, AND EXPECTED IN FISCAL YEAR 2026, WE HAVE AN EXISTING BALANCE, WE HAVE PROPERTY TAXES COMING IN AS A REVENUE SOURCE, AND THEN UNDER PURCHASE SERVICES WE HAVE TIRS ADMINISTRATION FEES, AS WELL AS REIMBURSEMENT OR TRANSFER TO THE CITY AND THEN REIMBURSEMENT TO THE DEVELOPER FOR PROJECTS AND BALANCE HERE IS PROJECTED ZERO WITH THAT REIMBURSEMENT FISCAL YEAR 2026. WE HAD THE CITY FUND ON THE REVENUE SIDE WE HAVE PROPERTY TAX REVENUES, AND INTEREST EARNINGS. WE DO NOT HAVE EXPENSES IN THE BUDGET. ANY 
          QUESTIONS? >> I HAVE SOME QUESTIONS. IF YOU COULD, YEAH, GO BACK, RIGHT THERE, THANK YOU. SO, THE TIER ONE FUNDS, ALL PROPERTY TAXES THAT WE COLLECT UNTIL WE HIT $$15.2 MILLION THAT GOES BACK TO THE DEVELOPER, CORRECT? 
          >> SO, OF THE LAKEVIEW PARCELS, 100% GO. 
          80% OF ALL OF THE OTHER PROPERTY WITHIN THE TIRS GOES INTO THAT FUND. THEN 20% OF THE NON-LAKEVIEW PROPERTIES GOES INTO THE CITY FUND. 80% OF THE 50%. 
          >> THAT IS UNTIL $15.2 MILLION PAID TO DEVELOPER AND THEN AT THAT POINT IS THAT ALL FUNDS GO BACK TO THE CITY UNTIL THE DAY 
          THE TERS IS OVER? >> YES. 
          >> I GUESS MY QUESTION WOULD BE ON THE TAX REVENUES, $618,000 FOR THIS YEAR, I AM ASSUMING THAT WILL ESCALATE QUICKLY ONCE THAT PROJECT IS COMPLETE. AM I THINKING THROUGH THAT CORRECTLY? WHEN THEY GET DONE CAN CORRECTION THERE, THE PROPERTY TAX VALUES WILL GO UP TREMENDOUSLY BECAUSE OF AVALUE 
          CREATED BY THE PROJECT. >> AS CONSTRUCTION IS COMPLETED. 
          >> AS COMPLETED. IT WILL BE SUBJECT TO APPRAISALS BY DALLAS 
          CAD. >> SURE. 
          >> BUT NONE THE LESS THIS IS BASICALLY, I MEAN, 2024 IS, I AM 
          [00:05:06]
ASSUMING DIRT, 2025 IS A LOT HIGHER, SO THERE IS SOME CONSTRUCTION THAT THEY ARE VALUING. ONCE THAT IS COMPLETE, THEN THAT VALUE, THAT PROPERTY VALUE SHOULD INCREASE THE AMOUNT OF TAX REVENUE. OKAY. AGAIN, I JUST WANT TO MAKE SURE I UNDERSTAND EXACTLY WHAT I AM LOOKING AT HERE. CAN YOU GO TO 
          THE NEXT PAGE? >> IS THERE A LIST LIKE ON THE DOWNTOWN WHERE THERE ARE PROJECTS-- THERE IT IS. THANK YOU. 
          >> CAN I ASK THIS QUESTIONS? WE HAVE PROJECTS TIERED ONE, TIER TWO. ARE THOSE TIERED BASED ON TIMELINES? 
          >> YOU COULD SAY SO, WITH TIER ONE BEING THE DEVELOPER, THOSE ARE BEING FUNDED OUT OF THIS LAKEVIEW FUND ACCOUNT AND IT RECEIVES MAJORITY OF THE REVENUES AND IS, THAT IS KIND OF THE FIRST LINE OF PROJECTS ANTICIPATED TO GET DONE. THAT WOULD BE ANTICIPATED TO GET DONE. AND BE FUNDED VIA THE 
          TIRS. >> I WANT TO BE SURE WE ARE CLEAR ON THE BUDGET FOR THE LAKEVIEW PIECE. SO, MR. REAVES ASKED THE QUESTION OF THE TAX REVENUES AND HOW THOSE WOULD ESCALATE HERE, BUT THESE TAX REVENUES ALREADY INCLUDE REVENUES FROM THE ENTIRE DISTRICT, NOT JUST THE JACKSON 
          SHAW PROJECT. >> 100% OF THE LAKEVIEW PARCELS 
          AND 80% OF ALL OTHER PARCELS. >> RIGHT. SO ANY HOMES THAT HAVE BEEN BUILT UP IN THE NORTHSHORE AREA, ANY OTHER DEVELOPMENT THAT HAPPENED FROM THE INCREMENT, BENCHMARKED INCREMENT. 
          >> ONE HALF OF THE VALUE OF THE HOME OF A HOME OWNER'S TAX PAYMENTS ABOVE AND BEYOND WERE THE VALUE WAS SET WHEN THE TIRS WAS CREATED WOULD GO TO THE TIRS FUND AND 80% WOULD GO TO THE LAKEVIEW FUND AND 20% WOULD GO TO THE CITY FUND AS AN EXAMPLE. 
          >> SO THAT INCREASE WE ARE SEEING ARE THERE, PART OF IT COULD BE THE RESULT OF JACKSON SHAW, BUT PART OF IT COULD ALSO BE OTHER FACTORS WITHIN THE NORTHSHORE AREA. AND WHEN WE LOOK AT THE PROJECT LIST, THE TIER ONE PROJECTS AND TIER TWO PROJECTS, IN MY MIND, THE TIER ONE PROJECTS ARE THE PROJECTS THAT ARE THE MOST EMERGENT, THE ONES THAT WILL HAPPEN RIGHT OF WAY AND TIER TWO PROJECTS ARE FURTHER DOWN THE ROAD. IS THAT 
          HOW YOU WOULD SAY? >> I BELIEVE THE AGREEMENT IS SET UP SUCH THAT TIER ONE PROJTECTS GET PAID OUT FIRST AS ECONOMIC DEVELOPMENT TO THE DEVELOPERS. THAT IS A FAIR WAY 
          TO LOOK AT IT. >> EXCELLENT. THANK YOU. 
          >> ON THE ADMINISTRATIVE CUTS THERE, $405,000, ONE-TIME ADMINISTRATIVE COST? OR ANNUAL? 
          >> ACCUMULATIVE, OVER THE LIFE OF THE TIRS. 
          >> THAT GOES TO THE CITY Y AM ASSUMING? 
          >> COMBINATION OF THE TIRS ADMINISTRATOR FEES AND THE CITY'S ADMINISTRATIVE, THERE IS AN ADMINISTRATIVE TRANSFER 
          $5,000 APPROXIMATELY ANNUALLY. >> OKAY. 
          >> I HAD A QUESTION, SO, THE TIER TWO PROJECTS, THE CONNECTOR, $25 MILLION, I THOUGHT WE WERE PRETTY MUCH, WE HAD THAT FUNDED. SO, THAT IS JUST THERE BECAUSE IT WAS NOT COMPLETED? OR IT HADN'T BEEN FUNDED AS WELL IN 2022? 
          >> SO, I WANT TO TRY TO ANSWER ACCURATELY. IT IS THERE BECAUSE IT HAS TO BE THERE IN ORDER TO RECEIVE ANY OF THESE FUNDS. 
          >> YEAH. >> IT IS NOT $25 MILLION THAT WE 
          STILL HAVE TO-- >> WELL, IT IS $25 MILLION THAT YOU COULD SPEND FROM THIS FUND TOWARDS THAT PROJECT. THAT IS ALL THESE INDICATE. THE PROJECT COULD BE $60 MILLION OR $100 MILLION. IT DOESN'T REFLECT A PROJECT BALANCE. 
          >> OKAY. >> IF THE CITY WERE TO FRONT THE ENTIRE COST COULD THE TIRS REIMBURSE THE CITY FOR THE COST SOMETIME IN THE FUTURE IF IT IS IN THE PLAN? 
          >> YES. >> SO THAT WOULD INCLUDE, OBVIOUSLY, INCLUDES THE TRAFFIC SIGNALS AS WELL. 
          >> BUT ONLY AFTER TIER ONE PROJECTS WERE FUNDED. 
          [00:10:02]
          >> RIGHT. GOTCHA. >> TO ME THIS, EVEN THE NORTHSHORE, THE CITY FUND, THE SECOND SLIDE THAT WE LOOKED AT, SO WE HAVE THE LAKEVIEW FUND AND CITY FUND, THAT CITY FUND, TO ME, NEEDS TO BE A POOL OF CASH, SO TO SPEAK, FOR FUTURE DEVELOPMENT, UP IN THE NORTHSHORE AREA, IF YOU LOOK AT THE PROJECTS ASSOCIATED WITH THE TIER TWO PROJECTS IN PARTICULAR, MANY OF THOSE THINGS ARE NOT IMMEDIATE NEEDS, I THINK YOU COULD ARGUE A TRAFFIC SIGNAL AT CASTLE AND MERIT IS NOT AN IMMEDIATE NEED. AT SOME POINT IT WILL BE. TODAY IT IS NOT. YOU COULD SAY THAT ABOUT THE OTHER INTERSECTIONS, THESE DIFFERENT UPGRADES AND THINGS LIKE THAT. BUT A LOT OF THIS, ESPECIALLY THE NORTHSHORE BACKAGE ROAD, FOR THOSE THAT HAVEN'T SEEN A NORTHSHORE MAP, IT KIND OF HAS AN ADDITIONAL ROAD THAT GOES KIND OF TOWARD BUSH AND THEN CURVES BACK IN AND CONNECTS TO MERIT ON BOTH EDENDS, PROVIDE ADDITIONL CONNECTIVITY IN THE NORTHSHORE AREA. THAT IS A LARGE THE FUTURE AS THE NORTHSHORE BUILDS OUT WILL BECOME NECESSARY BUT IT IS NOT TODAY. A LOT OF THIS, FOR WHAT WE ARE LOOKING AT IN TIRS FOUR, IS FUTURE STUFF, WHEREAS I THINK WHEN WE LOOK AT THE DOWNTOWN TIRS WE MIGHT HAVE A DIFFERENT PERSPECTIVE ABOUT THE MORE IMMEDIATE NEED OF SOME 
          OF THOSE FUNDS. >> ALL RIGHT. DO WE HAVE ALL DISCUSSION? EVERYBODY HAVE THEIR QUESTIONS ANSWERED? I WILL ENTERTAIN A MOTION FOR APPROVAL OF RECOMMENDATION OF TIRS NUMBER 
          FOUR BUDGET TO CITY COUNCIL. >> I MAKE A MOTION TO APPROVE THE BUDGET OF TIRS FOUR. SEND IT TO THE CITY COUNCIL. 
          >> I WILL SECOND. >> OKAY. SO ZEE A MOTION BY COUNCILMEMBER REAVES, SECOND BY MAYOR-- JEFF, HAVING A MOMENT HERE. IS THERE ANY FURTHER DISCUSSION? THERE IS NONE, WE WILL GO AHEAD AND CALL THE VOTE. 
          >> THAT PASSES UNANIMOUSLY. AND IF THERE IS NOTHING
* This transcript was compiled from uncorrected Closed Captioning.