[A. CALL TO ORDER-MAYOR PRO TEMPORE STEVEN DEFFIBAUGH]
          [00:00:03]
          GOOD EVENING. I'D LIKE TO CALL TO ORDER THE TAX INCREMENT REINVESTMENT ZONE BOARD MEETING
FOR THE CITY OF PRINCETON. 
          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. 
          SO REQUESTS IN WHICH EVENT THE ITEM WILL BE REMOVED FROM THE CONSENT AGENDA AND
CONSIDERED IN ITS NORMAL SEQUENCE ON THE AGENDA. 
          CONSENT AGENDA CONSIST OF ITEM B1 2024. 
          CONSIDER APPROVING THE TIRZ BOARD MEETINGS MINUTES FROM SEPTEMBER 16TH, I'LL MAKE A
MOTION TO APPROVE. 
          MOTION MADE BY MAYOR CHACON. 
          I'LL SECOND. SECONDED BY MR. WASHINGTON. DO A ROLL CALL VOTE. 
          MOTION CARRIED. 
          I VOTE YES, TOO. 
          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. 
          CITY OF PRINCETON, TEXAS. 
          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. 
          THE PURPOSE OF THIS ZONE IS TO BRING DOWN THE LEVEL OF ASSESSMENTS TO BE COMMENSURATE
WITH SIMILAR PROJECTS. 
          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 IT'S IMPORTANT TO UNDERSTAND THAT TIRZ DO COMMIT TAX REVENUES THAT OTHERWISE WOULD BE
GOING INTO THE GENERAL FUND. 
          SO IN YOUR AGENDA PACKET, WE HAVE WE DID SELL BONDS TONIGHT. 
          THE PLANS FOR THIS DID NOT CHANGE, AND SO EVERYTHING YOU SEE BEFORE YOU ON THE SCREEN IS,
IN FACT, THE WAY EVERYTHING SIZED OUT. 
          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. 
          I DON'T HAVE ANY QUESTIONS. 
          I JUST DO WANT TO MAKE A CLARIFICATION JUST FOR ANYONE AT HOME WATCHING OR ANYONE HERE
THAT THIS DOES NOT THIS DOESN'T AFFECT OUR MORATORIUM. 
          [00:05:05]
THE MORATORIUM IS SEPARATE FROM THIS. 
          THIS WAS APPROVED IN, WHAT, OCTOBER OF 2023? YES, MA'AM, OCTOBER AND SEPTEMBER 2023. 
          OKAY, SO JUST AS A REMINDER, ANYTHING THAT HAD ALREADY BEEN APPROVED PUSHED FORWARD,
PLANNED IN THAT REGARD WILL STILL CONTINUE. 
          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. 
          MOTION HAS BEEN MADE. 
          I'LL SECOND AND SECONDED. 
          ROLL CALL VOTE. 
          MOTION CARRIES SEVEN ZERO. 
          NOW, I'LL ENTERTAIN A MOTION TO ADJOURN. 
          I'LL MAKE THAT MOTION. MOTION BEEN MADE TO ADJOURN. 
          I'LL SECOND. SECONDED. 
          ALL THOSE IN FAVOR SAY AYE. 
          AYE. MOTION CARRIES. 
          WE ARE ADJOURNED. THANK YOU.
* This transcript was compiled from uncorrected Closed Captioning.