[00:00:02]
GOOD EVENING. WE'LL GO AHEAD AND GET STARTED WITH THE TIRZ MEETING SO.
[CALL TO ORDER]
OPEN UP [INAUDIBLE].OKAY. THE TAX, I DON'T KNOW WHY I'M HAVING SUCH A HARD TIME, INCREMENT AND REINVESTMENT ZONE BOARD MEETING AND AGENDA FOR THE CITY OF PRINCETON, MONDAY, OCTOBER 23RD, 2023 AT 6:01 P.M..
FIRST ORDER OF BUSINESS IS GOING TO BE ROLL CALL.
AND I'LL GET THAT RIGHT ONE OF THESE DAYS.
[CONSENT AGENDA]
FIRST ITEM IS CONSENT AGENDA.THERE WILL BE NO SEPARATE DISCUSSION OF THESE ITEMS UNLESS THE COUNCIL MEMBERS SO REQUEST IN WHICH EVENT THE ITEM WILL BE REMOVED FROM THE CONSENT AGENDA AND CONSIDERED IN ITS NORMAL SEQUENCE ON THE AGENDA.
WELL, THE ONLY ITEM ON THERE IS MINUTES.
DISCUSSION POSSIBLE ACTION REGARDING THE MINUTES OF THE SEPTEMBER 11TH, 2023 BOARD MEETING.
DO I HAVE A MOTION? I MAKE A MOTION TO ACCEPT THE CONSENT AGENDA ITEM.
MOTION MADE BY MR. OBERA. I'LL SECOND THAT.
I VOTE YES, MR. OBERA. YES, MR. WASHINGTON. YES, MR. GERFERS. YES.
AND THEN OUR NEXT ITEM IS REGULAR REGULAR AGENDA 2023 TIRZ 004 RESOLUTION NUMBER 2023 -10-23-R01.
[REGULAR AGENDA]
TIRZ SIX SOUTH RIDGE DISCUSSION POSSIBLE ACTION ON A RESOLUTION OF THE BOARD OF DIRECTORS OF THE REINVESTMENT ZONE, NUMBER SIX, CITY OF PRINCETON, TEXAS.ADOPTING A PROJECT PLAN AND FINANCING PLAN FOR TAX INCREMENT REINVESTMENT ZONE NUMBER SIX, CITY OF PRINCETON, TEXAS, AND PROVIDING AN EFFECTIVE DATE. MR. CHAIRMAN AND COUNCIL MEMBERS WE HAVE MR. JIM SABONIS HERE WITH HILLTOP SECURITIES.
AND HE'S GOING TO TELL YOU A LITTLE BIT ABOUT THE AGENDA ITEM.
GOOD EVENING JIM SABONIS WITH HILLTOP SECURITIES.
CITY'S FINANCIAL ADVISOR TIRZ NUMBER SIX REPRESENTS THE SOUTH RIDGE DEVELOPMENT.
SOUTH RIDGE DEVELOPMENT WAS LAND THAT WAS LOCATED IN THE ETJ.
THIS IS A LITTLE BIT UNUSUAL IN THAT THE BONDS HAVE BEEN SOLD FOR THIS PROJECT.
ON PHASE ONE OF 223 LOTS, IT WAS SUCCESSFULLY SOLD AT THE LAST COUNCIL MEETING, AND USUALLY WE TRY TO HAVE THE TIRZ BOARD AND THE COUNCIL COME TOGETHER ON THE SAME NIGHT AND EVERYTHING CAN BE EXECUTED.
BUT DURING THE PROCESS THAT WAS TAKING PLACE, THERE WAS ONE NIGHT WHEN THERE WAS NOT A COUNCIL QUORUM AND THE NOTICE TO CALL THE PUBLIC HEARING COULDN'T BE CALLED.
AND WE RECONVENED TO DISCUSS THE SCHEDULE.
AND AT THAT TIME, BASED ON THE THOUGHT THAT INTEREST RATES WERE RISING AND THAT THIS WAS BE AN ORDERLY, NORMAL PROCESS, THAT WE WOULD GO AHEAD WITH THE PROCESS OF THE SALE OF THE BONDS.
AND WE WOULD ACTUALLY HAVE THE FINAL TIRZ BOARD AT THE NEXT AVAILABLE MEETING, WHICH IS TODAY.
SO AGAIN, 223 HOMES IN PHASE ONE, A TOTAL OF 880 HOMES THAT WOULD HAVE BEEN A MUNICIPAL UTILITY DISTRICT IN THE ETJ. THE AVERAGE VALUE OF THE HOMES WILL COME IN AT ABOUT $383,000.
YOU KNOW, THIS FIRST PHASE WILL GENERATE JUST UNDER $500,000 A YEAR IN AD VALOREM TAXES.
SO A SUCCESSFUL NEGOTIATION TO BRING LAND INTO THE CITY VERSUS BEING THE UTILITY DISTRICT.
THANK YOU. ANY BOARD MEMBERS HAVE ANY QUESTIONS? IF NOT, I'LL ENTERTAIN A MOTION.
SECOND BY MR. OBERA. WE'LL HAVE A ROLL CALL.
[00:05:02]
YES. MOTION CARRIED.NEXT ITEM IS ADJOURN, DO I HAVE A MOTION TO ADJOURN? I'LL MAKE THAT MOTION TO ADJOURN.
WE ARE ADJOURNED.
* This transcript was compiled from uncorrected Closed Captioning.