[A. CALL TO ORDER]
[00:00:03]
TODAY IS MONDAY, DECEMBER THE 8TH. THE TIME IS 5:12 P.M.
NOW. CALL TO ORDER. FIRST ON THE AGENDA IS TO ROLL CALL.
MR. JOHNSON. HERE. MS. TODD. HERE. MAYOR ESCOBAR.
HERE. MR. GERFERS. HERE. GERFERS. EXCUSE ME. MR. LONG. HERE. AND MS. GRAVES. DAVID-GRAVES, EXCUSE ME.
HERE. OKAY. FIRST ITEM IS THE CONSENT AGENDA.
[C. CONSENT AGENDA]
CONSENT AGENDA. CONSENT AGENDA. ITEMS LISTED ARE CONSIDERED TO BE DONE.BE ROUTINE BY THE TOURIST BOARD AND WILL BE ENACTED BY 1 MOTION.
THERE WILL BE NO SEPARATE DISCUSSION OF THESE ITEMS UNLESS THE BOARD MEMBER SO REQUESTS IN WHICH EVENT THE ITEM WILL BE REMOVED FROM THE CONSENT AGENDA AND CONSIDERED ITS NORMAL SEQUENCE. AGENDA ITEM C.1 2025-TR-004.
CONSIDER APPROVING THE BOARD MEETING MINUTES AND TAKE APPROPRIATE ACTION FROM MAY 12TH, 2025.
AND IF THERE'S NO DISCUSSION, I'LL ENTERTAIN A MOTION.
I'LL MAKE A MOTION TO APPROVE. ITEM C.1 2025-TR-004.
MOTION BEEN MADE. SECOND AND SECONDED. PLEASE VOTE.
MOTION CARRIED 7-0. REGULAR AGENDA D.1 2025-12-08-TR.
[D. REGULAR AGENDA]
CONSIDER APPROVE RESOLUTION 2025-12-08-TR OF THE BOARD OF DIRECTORS OF REINVESTMENT ZONE NUMBER 3, CITY OF PRINCETON, TEXAS, ADOPTING AMENDMENTS TO THE PROJECT PLAN AND FINANCING PLAN FOR TAX INCREMENT REINVESTMENT ZONE NUMBER 3.BUT HOWEVER, THOUGH WE HAVE COOPER ANDERSON IN PLACE.
GOOD AFTERNOON, BOARD MEMBERS. COOPER ANDERSON FROM THE LAW FIRM OF MCCALL, PARKHURST AND HORTON, THE CITY'S BOND COUNCIL FIRM. AND I'M PINCH HITTING FOR JEFF GULBAS THIS AFTERNOON.
GIVE ME A SECOND HERE. SO THESE THIS ITEM AND THE NEXT ITEM ARE BOTH IN CONNECTION WITH THE ISSUANCE AND SALE OF BONDS. WHICH SALE OCCURRED SORT OF THIS AFTERNOON AND WILL BE FINALIZED THIS EVENING AT THE CITY COUNCIL MEETING.
AND SO, IN CONNECTION WITH THE BOND SALES. THIS.
SORRY, I'M FORWARDING AHEAD HERE. SO WE ARE AMENDING THE PROJECT AND FINANCE PLANS FOR THE TAX INCREMENT REINVESTMENT ZONE NUMBER 3, CITY OF PRINCETON, TEXAS.
WITH RESPECT TO THE EAST RIDGE PID AND SO A TAX INCREMENT REINVESTMENT ZONE WAS CREATED TO OVERLAY THE DISTRICT IN ORDER TO KEEP THE ASSESSMENTS AS NEAR AS POSSIBLE TO COMPARABLE DEVELOPMENTS IN THE CITY AS THE TAX BASE VALUE IN THE DISTRICT AND THE TIRZ GROWS, THE INCREMENTAL VALUE GENERATES INCREMENTAL TAX REVENUE, WHICH IS USED TO PRODUCE THE DOLLAR AMOUNT OF ANNUAL ASSESSMENTS AND AMOUNT NOT TO EXCEED 45% OF THE TIRZ INCREMENT IS RESERVED FOR THAT USE, WITH THE REMAINING 55% TO BE USED BY THE CITY FOR ANY PROJECTS BENEFITING THE TIRZ.
AS EACH PHASE OF DEVELOPMENT BEGINS, THE TIRZ PROJECT AND FINANCING PLANS, WHICH ARE THE GUIDING DOCUMENTS FOR THE TIRZ ADMINISTRATION, ARE AMENDED AND UPDATED TO ESTABLISH A NEW SUBZONE OVER THE UPCOMING PHASE BEING CONSTRUCTED.
IN THIS PHASE OF DEVELOPMENT, SUBZONE 3-5 IS ESTABLISHED OVER EAST RIDGE IMPROVEMENT AREA NUMBER 5.
THE ATTACHED LEGALS APPROVED THE UPDATED PROJECT AND FINANCE PLAN FOR THE IMPROVEMENT AREA NUMBER 5 BOND ISSUANCE TO BE CONSIDERED THIS EVENING AT THE CITY COUNCIL MEETING TO COMPLY WITH CHAPTER 311 TEXAS GOVERNMENT CODE. THE TAX INCREMENT FINANCING ACT, PREVIOUSLY, NOTICE OF PUBLIC HEARING REGARDING THE PROPOSED AMENDMENTS WAS PUBLISHED.
AT LEAST 7 DAYS PRIOR TO THE SCHEDULED HEARING THIS EVENING, WHICH IS TRUE.
THE PLAN HAS BEEN PREPARED BY MUNICAP, THE CITY'S ADMINISTRATOR.
THE PLAN DESCRIBES THE EAST RIDGE DEVELOPMENT, THE TAX INCREMENT REVENUE, THE TAX INCREMENT GROWTH AND PLANNED APPLICATION OF INCREMENTAL REVENUE FOR THE TIRZ, AND PARTICULARLY ZONE 3-5 AND IMPROVEMENT AREA NUMBER 5 OF THE DISTRICT.
[00:05:01]
ARE THERE ANY QUESTIONS? IF THERE'S NO QUESTIONS OR COMMENTS, I'LL ENTERTAIN A MOTION. I DO HAVE A QUESTION. I HAVE A QUESTION FOR GRANT.GRANT? IS THIS A PART OF THEIR DEVELOPMENT AGREEMENT OR PLAN DEVELOPMENT? YES.
THIS IS ALL PART OF THE DEVELOPMENT AGREEMENT.
WHAT WOULD BE THE CONSEQUENCES? TO ISSUE THIS TIRZ.
SO THE TIRZ PLAN IS BEING AMENDED SO THAT THIS ZONE CAN BE ADDED AND THE IDEA IS TO TAKE A PORTION OF THE INCREMENT, THE 45% AND TO PAY DOWN THE PID ASSESSMENT. SO THAT ALLEVIATES A PORTION OF THE BURDEN THAT HOMEOWNERS PAY WHEN THEY'RE PAYING THEIR ASSESSMENT THAT SUPPORTS THE PID BONDS. SO HOMEOWNERS WOULD BE FACED TO COVER THAT GAP THAT WOULD BE LEFT.
YEAH. SO SO THIS ISN'T A PART OF THE ORIGINAL AGREEMENT.
WE'RE ADDING SOMETHING TO IT. WE'RE ADDING ANOTHER A NEW ZONE TO THIS AGREEMENT.
WE ARE WE ARE ADDING A NEW ZONE TO THIS AGREEMENT, WHICH COINCIDES WITH THE PORTION OF THE EAST RIDGE PID THAT WE'RE LEVYING ASSESSMENTS ON THIS EVENING AND ISSUING BONDS FOR, SO LEGALLY, WE'VE ALREADY MET THE REQUIREMENTS OF THE CONTRACT BECAUSE THERE IS A TIRZ AGREEMENT IN EXISTENCE.
THIS IS WE ARE NOT LEGALLY BOUND TO ADD A TIRZ ZONE.
OR ARE WE? I BELIEVE THAT THIS IS ALREADY WITHIN THE TIRZ.
AND SO THE IDEA IS TO. HOW IS IT WITHIN THE TIRZ IF IT'S NOT EXISTING? YOU'RE SAYING WE'RE CREATING A NEW TIRZ ZONE SO IT DOESN'T CURRENTLY EXIST.
SO EITHER IT'S PART OF THE ORIGINAL AGREEMENT AND WE'RE BOUND TO IT, OR IT'S A NEW ZONE THAT WE'RE ADDING AND IT'S NOT CURRENTLY BOUND TO THE AGREEMENT BECAUSE IT'S NOT IN THERE. I BELIEVE THIS THIS THIS DEVELOPMENT HAS 7 TIRZ ALREADY.
CORRECT? I'M NOT SURE IF IT'S 7, BUT THERE ARE A NUMBER OF TIRZ.
AND I WOULD SAY THAT. OR 7 ZONES. YEAH. THAT'S CORRECT.
WE CALL THEM ZONES, NOT THE TIRZ SO YEAH, WE'RE CREATING A NEW SORT OF ZONE WITHIN THE TIRZS.
SO THIS WOULD BE NUMBER 8. I'M NOT SURE IF IT'S WHAT NUMBER IT IS, BUT THERE ARE SEVERAL.
AND WHILE YOU'RE IT'S UP TO THE DISCRETION OF YOU ALL WHETHER OR NOT TO APPROVE THIS.
I BELIEVE THAT'S OUR QUESTION FOR GRANT. YEAH.
AND ALSO WHO'S ACTUALLY RECEIVING THE TIRZ MONEY WHEN THE TIRZ MONEY GOES OUT? WHO'S GETTING THAT CHECK SPECIFICALLY? SO THE CITY SHOULD BE RECEIVING THE CHECK AND AGREES TO REMIT A PORTION OF THAT TO HELP PAY DOWN THE ASSESSMENTS THAT ARE SUPPORTING THE BONDS.
AND THE CITY ALSO KEEPS 55% OF THAT TO FINANCE PUBLIC IMPROVEMENTS WITHIN THE TIRZ.
OKAY. GREAT. CAN WE HEAR FROM KELLY? OKAY. HEY, KELLY.
THANK YOU. KELLY WILSON, CFO, TO ANSWER YOUR QUESTION.
SO THE CITY DOES COLLECT THE PROPERTY TAXES WITHIN THE CITY AND WITHIN THIS ZONE.
WE DO EARMARK THAT IN A SPECIFIC FUND CALLED TIRZ 3 .
IT'S EARMARKED IN THAT FUND. AND THAT IS THEN SENT TO THE TRUSTEE, WHERE THEY WILL DISTRIBUTE THAT OUT AS WELL AGAINST THE PID ASSESSMENTS. WHO'S THE TRUSTEE. REGIONS BANK? OKAY. AND THEN IS THIS ONE OF THOSE DEALS WHERE IF THERE'S I GUESS LET'S JUST SAY THE PID IS DOWN, THERE'S PID GETS PAID DOWN, BUT YET THERE'S MONEY LEFT OVER IN THIS 30 YEAR TERM.
I'M NOT SURE IF THIS ONE IS 30 YEARS LIKE THE REST OF THEM.
DOES THAT LEFT OVER GO TOWARDS THE DEVELOPER OR THE THAT THE TIRZ STOP? YES, I CAN ANSWER THAT. SO THE CURRENT AGREEMENT THAT WE'RE OPERATING UNDER FROM YOU KNOW, 05, 6 YEARS AGO, IT PROVIDES IT AFTER THE PID ASSESSMENTS ARE PAID, ANY ADDITIONAL INCREMENT GOES TO COVER AUTHORIZED IMPROVEMENT COSTS, WHICH IS DEFINED AS ESSENTIALLY THINGS THAT ARE WITHIN THE DEVELOPMENT.
[00:10:02]
SO SO THEY STILL CONTINUE TO RECEIVE THE MONEY REGARDLESS IF THE PID IS PAID FOR OR NOT.I MEAN, I GUESS ONCE THE PID IS PAID FOR, THEY STILL RECEIVE THAT MONEY UNTIL THE TERM OF THE AGREEMENT, WHICH IS 30 YEARS. 30 YEARS. YEP. MY NEXT QUESTION IS, DO YOU WANT TO GO FIRST? SAY WE GIVE THEM THIS PID MONEY RIGHT NOW AND THE TIRZ MONEY AND ALL THIS.
WHAT HAPPENS IF WE GO BACK AND INSPECT AND FIND THAT THE STUFF THAT THE PID MONEY IS SUPPOSED TO COVER ISN'T OF QUALITY? AND NEEDS REPAIRED, REPLACED, ETC..
AND WE'VE ALREADY GIVEN THEM THE PID MONEY. ARE WE ABLE TO GO BACK TO THEM AND HAVE THEM FIX IT, OR TAKE BACK THE MONEY SO WE CAN FIX IT? YEAH, I MEAN, WE CAN CERTAINLY.
IT DEPENDS. I HATE TO GIVE YOU THE LAWYER ANSWER, BUT IT DEPENDS.
IT DEPENDS ON WHEN THOSE IMPROVEMENTS WERE BUILT CONSTRUCTED AND CONVEYED THERE ARE, YOU KNOW, MAINTENANCE BOND REQUIREMENTS THAT COVER ALL THE, ALL THE INFRASTRUCTURE. SO WE HAVE TO LOOK AT IT ON A CASE BY CASE BASIS AND SEE ANSWER SOME OF THOSE QUESTIONS. SO THE QUESTION I WILL HAVE HERE IS IF, IF THIS WERE HYPOTHETICALLY VOTED DOWN TODAY, WOULD THAT IT WOULDN'T DELAY OR REMOVE THE PID ASSESSMENT.
WOULD THAT I GUESS MAKE IT, MAKE IT SO THAT IT WOULD COME BACK AS A REVISED AMENDMENT OR OR HOW WOULD THAT WORK? SO I BELIEVE RIGHT NOW THIS WOULD JUST PAY DOWN HOMEOWNERS ASSESSMENTS IN THE FUTURE.
SO YOU'RE BASICALLY YOU'D MAKE HOME LIKE FUTURE HOMEOWNERS PAY MORE IN THE FUTURE IF YOU DON'T APPROVE THIS IN THAT WITHIN THAT ZONE. YEAH. I MEAN WITHIN WITHIN. YEAH. AND I WILL I MEAN THEY WOULD WHEN THEY BUY A HOUSE, THEY WOULD AGREE TO WHATEVER THAT COST IS AT THAT TIME.
THESE AREN'T CURRENT HOMEOWNERS. THESE ARE FUTURE HOMEOWNERS. THAT'S RIGHT. THAT'S RIGHT. AND THE IDEA IS TO BRING THEIR HELP, BRING THEIR SORT OF EQUIVALENT TAX RATE DOWN TO SORT OF AN EVEN LEVEL WITHIN THE CITY.
THOSE ARE PUBLIC INFRASTRUCTURE. AND I WOULD SAY PRETTY MUCH EVERY SINGLE ONE THAT I'VE DRIVEN THROUGH IS FILLED WITH SILT, WHICH IS A VIOLATION OF NOT ONLY OUR ORDINANCES, BUT OF STATE LAW.
SO THEY'RE NOT ACTUALLY HAVING THE EROSION CONTROL THAT IS REQUIRED TO MAINTAIN THAT PUBLIC INFRASTRUCTURE, WHICH A PID IS IN FACT PAYING FOR. SO IF THE PUBLIC INFRASTRUCTURE ISN'T FUNCTIONING PROPERLY, IT IS GETTING FILLED WITH EROSION AND SILT. HOW CAN WE JUSTIFY GIVING THEM MONEY FOR THIS? IT'S NOT FUNCTIONING. GO THROUGH THEIR DEVELOPMENTS.
I HAVE PICTURES FROM JUST LIKE THANKSGIVING WEEK.
THE SILT AND THE EROSION IS THERE. IT WAS THERE WHEN I ASKED THEM TO CLEAR IT OUT IN MAY.
IT'S THERE TODAY. I WENT TO THE SAME ONES I SAW, THEN WENT TO THEM AGAIN.
SAME PROBLEM, BUT WORSE. SO HOW ARE WE LOOKING AT APPROVING AND SAYING THAT THIS IS PUBLIC INFRASTRUCTURE THAT WE'RE GOOD WITH? AND I GUESS, GRANT, I GUESS WHAT HASN'T BEEN EXPLICITLY STATED IS IF THIS IF THIS GETS VOTED DOWN TODAY. DOES THIS VIOLATE ANY AGREEMENTS THAT WE HAVE AS FAR AS IN DEVELOPMENT AGREEMENTS OR ANYTHING? BECAUSE I'M LOOKING AT THIS, THIS IS AN AMENDMENT TO AN AGREEMENT.
SO WE NEVER AGREED TO THIS AND TO BEGIN WITH.
SO SOME OF THE ANSWERS TO THAT QUESTION, I WOULD PREFER TO NOT GIVE PUBLICLY FOR CERTAIN REASONS.
I WILL SAY THAT THE DEVELOPMENT AGREEMENT CALLS FOR CREATING TOURS FOR EACH PHASE OF THE PROJECT, WHICH IS WHAT THIS IS A NEW PHASE. SO THAT'S WHAT YOU KNOW, LIKE I SAID, THE OLD 2021 OR 2020 AGREEMENT CALLS FOR SO IT IS IN. WHICH PHASE IS THIS? THIS WOULD BE PHASE.
PHASE 5. SORRY. YEAH. OUT OF HOW MANY PHASES? I DON'T I'M NOT SURE IF THEY HAVE A CAP ON THE NUMBER OF PHASES.
OH, WOW. YEAH. I'M HEARING UP TO 7 PHASES IN EAST RIDGE.
OKAY. I WOULD LIKE TO KNOW MORE INFORMATION BEFORE I FEEL COMFORTABLE. ONLY BECAUSE I'M WITH THE CONDITION THAT THE CITY IS IN NOW, AND WE DEPEND HEAVILY ON TAX ON ON OUR TAX BASE AND THE HOMEOWNERS.
WE HAVE A NUMBER OF PROPERTIES THAT WE HAVEN'T COLLECTED FOR OR WE'RE GIVING TAXES BACK FOR.
[00:15:06]
THAT PUTS US IN A VERY HARD PLACE. SO BEFORE I MAKE A DECISION TO GIVE THIS, THAT DOESN'T BENEFIT THE WHOLE CITY AND WE'RE GIVING MONEY AWAY, THAT DOES THAT WOULD BENEFIT THE WHOLE CITY.I WANT TO MAKE SURE THAT THIS IS GOOD FOR THE CITY, BUT I ALSO DON'T WANT TO HAVE ANY ADVERSE EFFECTS TO THE CITY WHERE IF I VOTE A CERTAIN WAY AND IT GOES THAT WAY, THAT WE ARE NOT LIABLE IN OTHER WAYS.
SO I'M NOT SURE HOW WE GET THAT ANSWER NOW. WELL, I WOULD AGREE BECAUSE 45% IS BEING SORRY.
SO 2020, THE DEVELOPER CAME WITH A PROPOSED DEVELOPMENT AGREEMENT BASED ON A NUMBER OF PHASES OVER A COURSE OF A NUMBER OF YEARS, BECAUSE THEY CAN'T BUILD ALL 10,000 HOMES AT ONCE, THEY GOT TO DO IT IN PHASES.
SO WHEN THEY AGREED TO THIS TIRZ BACK THEN, THEY AGREED TO FOLLOW THE PROCESS OF A PHASE DEVELOPMENT AND AMEND THE CON OR AMEND THE AGREEMENT WITH EACH PHASE, WITH EACH NEW ZONE.
SO THE TIR ZONE IS BASICALLY WHATEVER PHASE THEY'RE IN AND WHATEVER PHASE THEY'RE READY TO START.
IS THAT A CORRECT? SO THE TIRZ HAS THE BOUNDARIES OF EAST RIDGE ALL TOGETHER.
SO THE BOUNDARIES HAVE ALREADY BEEN ESTABLISHED WITHIN THAT TOURS OF EAST RIDGE.
SO IT WOULD BE CORRECT TO SAY THAT WHEN THEY AGREED TO THIS DEVELOPMENT AGREEMENT YEARS AGO, THEY AGREED TO FOLLOW THIS PROCESS OF AMENDING THE AGREEMENT WITH EACH PHASE AND ZONE.
THAT IS WHAT WE'RE COMPLYING WITH TODAY. AND DO WE HAVE THE EXACT WORDING OF THAT AGREEMENT, GRANT. OF THE DEVELOPMENT AGREEMENT THAT IT'S THAT IT'S IN PHASES. YEAH. JUST JUST WHATEVER THE WORDS SAY.
I WILL SAY, JUST FOR MAYBE THE AVOIDANCE OF CONFUSION, WE'RE NOT AMENDING THE DEVELOPMENT AGREEMENT TONIGHT. WE'RE AMENDING THE PROJECT AND FINANCING PLAN TO ADD FOR NEW ZONES. SO WE'RE NOT AMENDING THE DA.
AT LEAST NOT NOT ON THESE ITEMS BEFORE YOU. I, I HAVE A QUESTION FOR KELLY.
SO. THE TAX RATE IS WHAT, $0.44 PER HUNDRED? THAT'S CORRECT.
WHAT'S OUR DEBT? 18. WHAT. $0.18, A LITTLE OVER $0.18.
SO WE'RE ALMOST AT 50% OF OUR TAX MONEY GOES TO DEBT, AND 45% OF WHAT WE'RE COLLECTING FROM THEM IS GOING BACK INTO A TIRZ. SO IT'S A WASH. WE'RE GIVING THE TIRZ MONEY, PAYING DEBT.
WE HAVE $0 FROM THIS. AND FROM LOOKING AT THE MAP, I WOULD SAY LIKE I THINK IT WAS LIKE 25, GETTING CLOSER TO 50% LIKE OF OUR CITY IS A TIR ZONE BECAUSE OF HOW BIG THESE DEVELOPMENTS ARE.
SO. WE SIT HERE AND WE SAY, SORRY, WE CAN'T GET MORE POLICE OFFICERS FOR THE PUBLIC SAFETY.
AND AT THE SAME TIME, WE'RE ISSUING THESE TIRZ AND PIDS OUT LEFT AND RIGHT, KNOWING THAT WE ONLY GET TO KEEP 50% AND THAT 50% HAS TO GO INTO OUR DEBT NOW, WE CANNOT PROVIDE FOR OUR RESIDENTS THE BASIC SAFETY NEEDS THAT THEY HAVE.
THIS IS NOT A GOOD SITUATION FOR US TO BE IN RIGHT NOW.
AND I DEFINITELY KNOW THAT WE TALKED ABOUT THIS EVEN DURING THE JULY OR JUNE BUDGET WORKSHOP ITEM.
YES. AND LET'S JUST SAY WE DIDN'T. I GUESS YOU HAVE A ALREADY A FINANCE PLAN ON THESE TIRZ. LET'S JUST SAY WE DIDN'T APPROVE THE AMENDMENT.
WE'RE STILL WE CAN STILL ABIDE BY THE AGREEMENT IN OTHER WAYS.
IS THAT CORRECT, GRANT? SO I'LL HAVE BOND COUNSEL ADDRESS THAT AS WELL.
[00:20:03]
FINANCING IS STRUCTURED. WE NEED TO AMEND THE FINANCING PLAN.IF YOU'RE ISSUING NEW BONDS TO GO SIDE BY SIDE.
THAT'S CORRECT. I'M GUESSING, OR THEY WOULD HAVE TO PULL THE WHOLE BOND FOR THE WHOLE DEVELOPMENT IF WITHOUT THE AMENDMENTS? OR IS DO WE AGREE IN THAT DEVELOPMENT AGREEMENT TO PROVIDE AMENDMENTS? CAN YOU RESTATE THAT 1 MORE TIME? SORRY, I SAID DO WE DO WE APPROVE AMENDMENTS IN THE DEVELOPMENT AGREEMENT? OR LET'S JUST SAY WE DIDN'T AMEND THIS, THEY WOULD HAVE TO PULL THE WHOLE BOND FOR THE WHOLE DEVELOPMENT FOR ALL SEVEN PHASES. LET'S JUST SAY NO. NO, IT WOULDN'T BE. YOU WOULD STILL HAVE THE FORMER PID BONDS THAT ARE STILL IN EXISTENCE.
YEAH. YEAH. SO IT SOUNDS LIKE APPROVING THIS TODAY IS, YOU KNOW, WOULD BE A BENEFIT TO THE FUTURE HOMEOWNERS OF THAT OF AN AGREEMENT THAT ALREADY EXISTS. SO ALL THEY'RE DOING IS TO AMEND IT, REVISE IT A BIT SO THAT IT IS A LITTLE BIT MORE PALATABLE I GUESS OBTAINABLE FOR THE HOMEOWNERS FOR THIS.
IT KIND OF HELPS WITH THAT FEE. IT WILL HELP THEM SELL HOUSES FASTER VERSUS HELPING THE HOMEOWNERS.
AND IT'S A AND I FEEL LIKE THAT THIS AFFECTS A CITY MORE THAN IT HELPS.
WHILE YOU MIGHT HELP 400 HOMEOWNERS, YOU AFFECT 40,000 RESIDENTS WITH PUBLIC SAFETY.
AND THAT'S AND THAT'S THE CONCERN VERSUS MAKING IT EASIER FOR THE DEVELOPER TO SELL THEIR HOMES.
I DON'T HAVE ANY FURTHER QUESTIONS. ANY OTHER QUESTIONS? LET ME TRY AND ADDRESS THIS REAL GOOD. SO ACTUALLY WHAT WE'RE DOING, WE'RE APPROVING A ZONE THAT'S ALREADY WITHIN THIS WHOLE DISTRICT.
YEAH. SO THE TIRZ IT IS CREATED, THE BOUNDARIES ARE SET.
AND WE ARE SORT OF DRAWING AN IMAGINARY ZONE LINE AROUND AN EQUIVALENT OF THE PID PHASE THAT'S BEING FINANCED TODAY. THAT'S WHAT THIS THAT'S WHAT THIS AMENDMENT.
THAT'S CORRECT. WE'RE TO AMEND IT TO ALLOW THEM TO DO THIS IS LIKE ALL THE REST OF IT.
IT MAKES NO SENSE, BUT. OKAY. DO I HAVE A MOTION? I'LL MAKE A MOTION TO APPROVE. ITEM D.1 2025-12-08-TR.
MOTION MADE. A SECOND. AND SECONDED. PLEASE VOTE.
MOTION PASSES 5-3. ITEM D.2 2025-12-08-TR-01.
CONSIDER AND APPROVE A RESOLUTION OF THE BOARD OF DIRECTORS OF REINVESTMENT ZONE NUMBER 6, CITY OF PRINCETON, TEXAS, ADOPTED AMENDMENTS TO THE PROJECT PLAN AND FINANCING PLAN FOR TAX INCREMENT REINVESTMENT ZONE NUMBER 6.
CITY OF PRINCETON, TEXAS AND PROVIDING FOR AN EFFECTIVE DATE AND TAKE APPROPRIATE ACTION.
PRESENTED BY COOPER ANDERSON. THANK YOU. AND I WILL JUST FORWARD TO THIS ITEM. SO THIS IS THE SAME SITUATION EXCEPT FOR THE SOUTHRIDGE PUBLIC IMPROVEMENT DISTRICT AREA NUMBER 4 PROJECT. SO THE BONDS WERE IN THE MARKET TODAY, AND THE BOND ORDINANCE IS ON TONIGHT'S CITY COUNCIL AGENDA. AND SO THIS RESOLUTION THAT YOU HAVE BEFORE YOU WOULD DO THE SAME THING AS THE EAST RIDGE, 01, IT WOULD CARVE OUT WITHIN REINVESTMENT ZONE NUMBER 6, THE EQUIVALENT PROJECT ZONE FOR THE BONDS THAT ARE BEING ON THE AGENDA FOR TONIGHT'S CITY COUNCIL MEETING.
AND I'M JUST GONNA SAY ONE THING BEFORE WE GO TO THE VOTE, BUT THIS IS THE SAME DEVELOPMENT THAT I RECEIVED, EMAILS ABOUT CRIME AND THINGS LIKE THAT. HAPPENING.
THAT'S ONE OF OUR FURTHEST DEVELOPMENTS FROM OUR PD THAT THEY SAID THE RESIDENTS ARE REALLY STRUGGLING WITH THINGS LIKE THAT, AND WE CAN'T PROVIDE ANY EXTRA SERVICES BECAUSE OF THINGS LIKE THE TIRZ AND THAT WE'RE GIVING BACK.
[00:25:01]
SO ONCE AGAIN, I JUST I DON'T AGREE WITH IT. I THINK THAT THIS IS PUTTING US IN ANOTHER SITUATION WHERE WE DON'T HAVE A SOLUTION FOR IT, BUT. WELL, EASTRIDGE IS ALSO THE 1 WITH THE GIANT DETENTION POND AREA THAT THEY FEEL HOUSES ON 3 SIDES AND TREES ON 1 SIDE IS GOING TO STOP CHILDREN FROM GOING THERE. AND IT HAD THAT.IT'S WHEN YOU WALK WITH HAS A BIG OPEN AREA. YEAH, WITH ABOUT A 20 FOOT DROP OR 15 FOOT DROP.
WITH NO FENCING. IT WAS SOMETHING THAT WAS BROUGHT UP IN MAY.
AND THE SAFETY CONCERN OF THAT. SO. WE'RE WE'RE GOING TO APPROVE PID MONEY FOR AN AREA THAT'S AGAIN INFRASTRUCTURE IS A QUESTION.
WILL THE DEVELOPMENT AGREEMENTS WERE ALREADY IN PLACE AND THAT I THINK PROBABLY IN THE FUTURE.
THE DEVELOPMENT AGREEMENT SAYS THAT THEY'RE GOING TO MEET OUR STANDARDS.
BECAUSE OF OF THE WAY THAT THESE AGREEMENTS WERE LAID OUT.
ANY OTHER QUESTIONS OR COMMENTS? IF NOT, I'LL ENTERTAIN A MOTION.
ENTERTAIN A MOTION TO DENY. ITEM D.2. MOTION MADE TO DENY.
ENTERTAIN A MOTION TO APPROVE. I'LL MAKE THAT MOTION TO APPROVE.
AGENDA ITEM D.2. I SECOND. MOTION MADE AND SECONDED.
MOTION CARRIED 5-3. THIS TIME I'LL CALL FOR AN ADJOURNMENT.
I'LL MAKE A MOTION TO ADJOURN. SECOND. MOTION MADE TO ADJOURN.
SECONDED. WAS IT SECONDED? YES. OKAY. ALL THOSE IN FAVOR SAY AYE.
AYE. AND WE ARE ADJOURNED.
* This transcript was compiled from uncorrected Closed Captioning.