[A. CALL TO ORDER-MAYOR PRO TEMPORE STEVEN DEFFIBAUGH]
[00:00:03]
MONDAY, OCTOBER 28TH AT 6:04 P.M..
FIRST ORDER OF BUSINESS IS A ROLL CALL.
FIRST ORDER OF BUSINESS IS THE CONSENT OR SECOND ORDER CONSENT AGENDA.
[B. CONSENT AGENDA]
CONSENT AGENDA. ALL CONSENT AGENDA ITEMS LISTED ARE CONSIDERED TO BE ROUTINE BY THE CITY COUNCIL BEING REENACTED.EXCUSE ME, AND WILL BE ENACTED BY ONE MOTION.
THERE WILL BE NO SEPARATE DISCUSSION OF THESE ITEMS UNLESS A COUNCIL MEMBER.
CONSENT AGENDA CONSIST OF ITEM B1 2024.
I'LL SECOND. SECONDED BY MR. WASHINGTON. DO A ROLL CALL VOTE.
SO THAT'S SEVEN ZERO, OKAY IF MY MATH IS RIGHT.
OKAY. THAT BRINGS US TO REGULAR AGENDA 2024-10-28-R02 SOUTHRIDGE.
[C. REGULAR AGENDA]
CONSIDER APPROVING A RESOLUTION OF THE BOARD OF DIRECTORS OF REINVESTMENT ZONE NUMBER SIX, CITY OF PRINCETON, TEXAS, ADOPTING AMENDMENTS TO THE PROJECT PLAN AND FINANCING PLAN FOR TAX INCREMENT AND REINVESTMENT ZONE NUMBER SIX.GOOD EVENING, MEMBERS OF THE TIRZ SIX BOARD.
MY NAME IS JEFF GULBAS WITH MCCALL PARKHURST.
I'M HERE TO PRESENT TO YOU ON THIS ITEM.
OH. AMBER, DO I HAVE THE KEY? YES I DO. THANK YOU. ITEM BEFORE YOU IS APPROVAL OF THE FINAL PLANS FOR TIRZ NUMBER SIX.
TIRZ NUMBER SIX RELATES TO SOUTHRIDGE PUBLIC IMPROVEMENT DISTRICT DEALING PARTICULARLY WITH IMPROVEMENT AREA PHASE NUMBER TWO.
AS A DISCLAIMER, ALL OF THESE FACTS AND FIGURES COME FROM THE DEVELOPMENT TEAM.
I AM SIMPLY WALKING YOU ALL THROUGH THIS.
WE DID SELL BONDS TODAY FOR IMPROVEMENT AREA TWO RELATED TO SOUTH RIDGE CITY COUNCIL.
WE'LL HEAR A LOT OF PRESENTATIONS ON THAT ITEM.
AS A REMINDER, SOUTH RIDGE WAS CREATED IN 2023.
IT'S A 227 ACRE RESIDENTIAL PUBLIC IMPROVEMENT DISTRICT.
BONDS WERE SOLD LAST YEAR FOR IMPROVEMENT AREA NUMBER ONE.
THE COUNCIL WILL CONSIDER TONIGHT BONDS FOR IMPROVEMENT AREA NUMBER TWO.
SIMILARLY WITH OTHER INCREMENT ZONES IN THE CITY.
45% OF THE INCREMENT IS WHAT IS GOING TO BE USED TO BUY DOWN THE ASSESSMENTS WITHIN THE DISTRICT.
THE REMAINING 55% GOES INTO THE CITY'S GENERAL FUND.
SO IN YOUR AGENDA PACKET, WE HAVE WE DID SELL BONDS TONIGHT.
MOST IMPORTANTLY, IS THE ESTIMATED FINISHED VALUE OF THIS PARTICULAR SUB ZONE, AND AGAIN, THIS IS ESTIMATED A TOTAL OF FINISH OUT TO BE AT ABOUT $95 MILLION TO THE CITY'S TAX BASE.
LIKE I SAID, THIS IS REALLY USED TO BUY DOWN THE ASSESSMENTS.
SO IMPORTANTLY IS WHAT THOSE CREDITS ARE GOING TO BE TO THE HOMEOWNERS, AND AGAIN, IN THE PRELIMINARY PLANS THAT WERE CONSIDERED A FEW WEEKS AGO AND INCLUDING THESE FINAL PLANS THAT CREDIT IS $723 PER YEAR FOR 50 FOOT LOTS, $614 FOR 40 FOOT LOTS.
I'VE ALSO GIVEN THE LOT COUNT NUMBER YOU SEE THERE THAT'S BEEN PROVIDED BY THE DEVELOPMENT TEAM.
THAT IS REALLY THE CRUX OF IT.
HAPPY TO ANSWER ANY QUESTIONS IF YOU ALL HAVE ANY.
[00:05:05]
THE MORATORIUM IS SEPARATE FROM THIS.THIS WAS APPROVED IN, WHAT, OCTOBER OF 2023? YES, MA'AM, OCTOBER AND SEPTEMBER 2023.
SO THIS IS NOT PART OF THE MORATORIUM.
ANYBODY ELSE HAVE ANY QUESTIONS? I'LL ASK THAT ALSO. DOES ANYONE ELSE HAVE ANY QUESTIONS? SORRY I FORGOT. THAT'S OKAY.
TAKE IT AWAY. [CHUCKLING] YOU WERE ON A ROLL.
THANK YOU FOR THAT. THANK YOU FOR THAT COMMENT, THOUGH, FOR THE PUBLIC THAT'S OUT THERE LISTENING.
IF THERE'S NO OTHER QUESTIONS, I'LL ENTERTAIN A MOTION.
I'LL GO AHEAD AND MAKE THAT MOTION.
[COUGHS] EXCUSE ME. TO APPROVE AGENDA ITEM 2024-10-28-R02.
NOW, I'LL ENTERTAIN A MOTION TO ADJOURN.
I'LL MAKE THAT MOTION. MOTION BEEN MADE TO ADJOURN.
WE ARE ADJOURNED. THANK YOU.
* This transcript was compiled from uncorrected Closed Captioning.