HomeMy WebLinkAbout2010-03-29 AGENDA
CITY OF GRAPEVINE, TEXAS
TAX INCREMENT FINANCING DISTRICT
REINVESTMENT ZONE NUMBER ONE
BOARD OF DIRECTORS MEETING
MONDAY, MARCH 29, 2010 AT 5:00 P.M.
CITY COUNCIL CHAMBERS
SECOND FLOOR
200 SOUTH MAIN STREET
GRAPEVINE, TEXAS 76051
CALL TO ORDER
NEW BUSINESS
1. Consider draft interlocal agreement with participating jurisdictions for reimbursement
for annual tax payments excluding Grapevine-Colleyville Independent School
District and take any necessary action.
2. Consider authorizing a $1.0 million Economic Development and Incentive
Agreement to Grapevine Mills LP and take any necessary action.
3. Consider the minutes of the September 8 and October 27, 2009 Board of Directors
meetings and take any necessary action.
ADJOURNMENT
If you plan to attend this public meeting and you have a disability that requires special
arrangements at the meeting, please contact the City Secretary's Office at(817)410-3182
at least 24 hours in advance of the meeting. Reasonable accommodations will be made to
assist your needs.
In accordance with Texas Government Code, Chapter 551.001 et seq, Acts of the 1993
Texas Legislature, the Tax Increment Financing District Reinvestment Zone Number One
Board of Directors Meeting Agenda was prepared and posted on this the 26th day of
March, 2010 at 5:00 p.m.
J di C. Brown
A istant City Secretary
STATE OF TEXAS
COUNTY OF TARRANT
CITY OF GRAPEVINE
The Tax Increment Financing District Reinvestment Zone Number One (TIF#1) Board of
Directors of the City of Grapevine, Texas met on this the 29th day of March, 2010 at 5:00
p.m. in the City Council Chambers, Second Floor, 200 South Main Street,with the following
members present to-wit:
William D. Tate Chairman
C. Shane Wilbanks Board Member
Roy Stewart Board Member
Mike Lease Board Member
Chris Coy Board Member
Carolyn Sims Board Member Tarrant County
Drenda Witt Board Member Tarrant County
Hospital District
Dr. Jane Harper Board Member Tarrant County
Community College
Leon Leal Board Member Grapevine-Colleyville
Independent School District
constituting a quorum, with the following members of the City Staff:
Bruno Rumbelow City Manager
Jennifer Hibbs Assistant City Manager
Matthew Boyle Assistant City Attorney
Linda Huff City Secretary
CALL TO ORDER
Chairman Tate called the joint meeting to order at 5:00 p.m.
ITEM 1. INTERLOCAL AGREEMENT, PARTICIPATING JURISDICTIONS,
REIMBURSEMENT FOR ANNUAL TAX PAYMENTS
City Manager Bruno Rumbelow recommended that the Tax Increment Financing District
Reinvestment Zone (TI F#1) No. 1 Board of Directors approve an interlocal agreement for
reimbursement of annual tax payments with Tarrant County, Tarrant County Community
College District and Tarrant County Hospital District and excluding the Grapevine-
Colleyville Independent School District. He stated that as of March 2010,the fund will have
a sufficient balance to pay the debt service and interest payment due befinreen now and the
expiration of TIF#1 in 2016. The interlocal agreement will be specific to each entity and will
allow for the reimbursement to the participating jurisdictions, except the Grapevine-
Colleyville Independent School District, beginning in 2010.
03/29/10
Board Member Witt offered a motion to approve the recommendation. Board Member
Harper offered a second to the motion which prevailed by the following vote:
Ayes: Tate, Wilbanks, Stewart, Lease, Coy, Sims, Witt, Harper & Leal
Nays: None
ITEM 2. ECONOMIC DEVELOPMENT AND INCENTIVE AGREEMENT
GRAPEVINE MILLS LTD PARTNERSHIP
City Manager Rumbelow recommended approval of an Economic Development and
Incentive Agreement with Grapevine Mills LTD Partnership in an amount not to exceed
$1.0 million to assure that the Grapevine Mills Mall is upgraded and maintained to a very
high standard. In order to continue to partner with the Mills to bring high quality retail
entertainment and hospitality tenants to the Mall, the Grapevine City Council approved a
$1.0 million incentive to the Mall with a 7-0 vote on March 16, 2010. The inventive will give
the Mi�ls Corporation the ability to make non-specified improvements to renovate and
continue to upgrade the mall. The term of the agreement would be for either the date of
the maximum payment or ten years.
Board Member Harper offered a motion to approve the recommendation. Board Member
Coy offered a second to the motion which prevailed by the following vote:
Ayes: Tate, Wilbanks, Stewart, Lease, Coy, Sims, Witt, Harper & Leal
Nays: None
ITEM 3. CONSIDERATION OF MINUTES
City Secretary recommended approval of the minutes of the September 5 and October 27,
2009 TIF#1 Board of Directors meetings as published.
Board Member Stewart, seconded by Board Member Lease, offered a motion to approve
the minutes as recommended. The motion prevailed by the following vote:
Ayes: Tate, Wilbanks, Stewart, Lease, Coy, Sims, Witt, Harper & Leal
Nays: None
ADJOURNMENT
Board Member Wilbanks, seconded by Board Member Coy, offered a motion to adjourn
the Board of Directors meeting at 5:09 p.m. The motion prevailed by the following vote:
Ayes: Tate, Wilbanks, Stewart, Lease, Coy, Sims, Witt, Harper & Leal
Nays: None
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03/29/10
PASSED AND APPROVED BY THE TAX INCREMENT FINANCING DISTRICT
REINVESTMENT ZONE NUMBER ONE BOARD OF THE CITY OF GRAPEVINE,TEXAS
on this the 19th day of June, 2012.
APPROVED:
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William D. Tate
Chairman
ATTEST:
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Jo i . Brown
Cit Secretary
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