[00:00:03]
[A. CALL TO ORDER]
FEBRUARY 9TH, 2026 AT 8:48 P.M.. FIRST ORDER OF BUSINESS IS A ROLL CALL.I'M HERE. STEVEN DEFFIBAUGH. MR. JOHNSON. HERE.
MISS TODD. PRESENT. MR. WASHINGTON. HERE. MR. LONG. HERE. NEXT ITEM B THE CONSENT AGENDA. CONSENT AGENDA.
[C. CONSENT AGENDA]
ALL CONSENT AGENDA ITEMS LISTED ARE CONSIDERED TO BE ROUTINE BY THE BOARD AND WILL BE ENACTED BY ONE MOTION.THERE WILL BE NO SEPARATE DISCUSSION OF THESE ITEMS UNLESS A BOARD MEMBER.
SO REQUESTS IN WHICH EVENT THE ITEM WILL BE REMOVED FROM THE CONSENT AGENDA AND CONSIDERED ITS NORMAL SEQUENCE ON THE AGENDA AND UNDER CONSENT AGENDA. WE JUST HAVE ONE ITEM C.1 2026-TIRZ-007 .
YOUR HONOR, I'LL MAKE THAT MOTION TO APPROVE ITEM C.1.
SECOND. MOTION MADE IN SECOND. MOTION CARRIED 5-0.
REGULAR AGENDA ITEM D.1. 2026-001-TIRZ2. PRESENTATION.
[D. REGULAR AGENDA]
DISCUSSION CONSIDERED FOR APPROVAL OF THE ANNUAL FINANCIAL REPORT ON THE TAX INCREMENT REINVESTMENT ZONE NUMBER 2.FOR THE REPORTING PERIOD ENDING SEPTEMBER 30TH, 2025 WILL TAKE APPROPRIATE ACTION.
WE HAVE 6 OF THEM IN THE COMMUNITY. THESE ARE FINANCIAL REPORTS ENDING SEPTEMBER 30TH, 2025.
YOU PROBABLY HAVEN'T SEEN THIS BEFORE WHERE WE HAVE PRESENTED FINANCIAL REPORTS.
BUT TO BE MORE TRANSPARENT, BEST PRACTICE AS WELL AS COMPLYING WITH STATE LAW UNDER THE TEXAS CODE, WE ARE REQUIRED TO SUBMIT AN ANNUAL REPORT TO THE BOARD THAT LEVIES THESE TAXES.
TAXES IN THESE ZONES, AS WELL AS REQUIRED TO FILE THE REPORT WITH THE COMPTROLLER.
150 DAYS PAST THE SEPTEMBER 30TH. SO THAT'S FEBRUARY THE 27TH.
THESE WILL BE FILED WITH THE COMPTROLLER AS WELL.
SO I JUST WANT TO START OFF THAT WE'RE GOING TO BE LOOKING AT TASK NUMBER TWO, WHICH IS THE WHITEWING TRAILS PID NUMBER 2, PHASE 1. IT IS 95 ACRES. THAT'S IN THE DARK GRAY AREA HERE ON THE MAP.
JUST TO GIVE YOU A LITTLE MORE BACKGROUND AS WELL. THIS WAS CREATED IN AUGUST 2019, AND THE PROJECT AND FINANCE PLAN WAS APPROVED AS WELL IN AUGUST OF 2019. AND HERE IS WHAT THOSE COST OF THE PUBLIC INFRASTRUCTURE AND PROJECT COSTS ARE OUTLINED IN THAT FINANCE PLAN.
HERE'S ALSO JUST THE CURRENT STATUS OF THE WHITEWING PHASE 1 DEVELOPMENT.
THEY PLAN TO BUILD 366 HOMES TO DATE AS OF JANUARY 14TH.
WE SAW ON CAD THAT THEY HAVE 350 HOMES. THEY ARE ALSO GOING TO BE BUILDING MULTI-FAMILY.
THEY SAY THE PLANNED NUMBER OF UNITS OF 444. TO DATE 162.
SO FOR 2 YEARS 2, THE BASE RATE BASE THAT WAS DETERMINED BACK IN THE TAX YEAR 2019 WAS $1,065,912.
YOU'LL SEE HERE IN THE FISCAL YEAR 25, THE CAPTURED APPRAISED VALUE OF $128,489,294. SO WITH THAT, YOU CAN SEE HERE AS WELL THE LAST SEVERAL YEARS, BUT FOR REPORTING PURPOSES, 2025 THE INCREMENTAL REVENUE RECEIVED INTO THIS TERM IS $27,473.
HERE IS THEN A SNAPSHOT OF THE FINANCIALS AS OF 9/30/2025.
WE STARTED WITH THE FUND BALANCE OF $52,000, AGAIN SHOWING THE REVENUE AS WELL AS THE EXPENSE GOING OUT OF THAT TERM, WHICH IS TO HELP OFFSET THE PID ASSESSMENTS FOR THOSE RESIDENTS IN THAT AREA.
AND WITH THAT, I'LL ANSWER ANY QUESTIONS AND ALSO RECOMMEND A MOTION ACCEPTING THE FINANCIALS.
IF THERE'S NO QUESTIONS, I'LL ENTERTAIN A MOTION.
MAKE A MOTION TO ACCEPT I'M SORRY TO APPROVE.
[00:05:02]
ITEM D.1.2026-001. I'LL SECOND THAT. MOTION HAS BEEN MADE.SECOND. MOTION CARRIED 5-0. ITEM D.2.
2026-002-TIRZ5. CONSIDER APPROVAL OF THE ANNUAL FINANCIAL REPORT FOR TAX INCREMENT REINVESTMENT ZONE NUMBER 5, FOR THE REPORTING PERIOD ENDING SEPTEMBER 30TH, 2025.
SO AGAIN TOURS. NUMBER 5 IS WHITEWING TRAILS.
AND NUMBER 2 PHASE 2 IS 730 ACRES. BACKGROUND AS WELL.
HERE'S JUST THE CURRENT STATUS OF THE DEVELOPMENT, WHERE THEY HAVE PLANNED TO BUILD OUT 2163 HOMES.
THIS IS ONE OF THE LARGEST DEVELOPMENTS IN THE CITY OF PRINCETON COMPLETED TO DATE.
506 HOMES THAT IS RECOGNIZED AS OF JANUARY 2026.
THE BASE WAS DETERMINED BACK IN THE TAX YEAR 2022 OF 1,062,514.
SO WE ARE SEEING IN THE TAX YEAR 24 FOR FISCAL YEAR 25.
I'D LIKE TO REITERATE THAT WE ARE SEEING A TAX INCREMENT CAPTURED APPRAISED VALUE OF $102,694,471.
HERE'S THE REVENUES, THE PAST REVENUE, AS WELL AS THE REPORTING PERIOD REVENUE OF $21,774.
AGAIN, THIS CONTRIBUTES 4.866. AND HERE IS A SNAPSHOT OF THE FINANCIALS AS OF SEPTEMBER 30TH.
I'LL MAKE THAT MOTION TO APPROVE ITEM D.2. I'LL SECOND.
MOTION MADE IN SECOND. MOTION CARRIED 5-0. ITEM D.3 2026-003-TIRZ4. CONSIDER APPROVAL OF THE ANNUAL FINANCIAL REPORT FOR TAX INCREMENT REINVESTMENT ZONE NUMBER 4, FOR THE REPORTING PERIOD ENDING SEPTEMBER 30TH, 2025 WILL TAKE APPROPRIATE ACTION.
THANK YOU. SO ZONE NUMBER 4 IS THE SICILY PID.
IT IS 502 ACRES AGAIN CREATED IN AUGUST OF 2023.
AND THE PROJECT AND FINANCE PLAN WAS ALSO ADOPTED IN 2023.
THE DEVELOPMENT HAS THAT THEY ARE TO BUILD 303 HUNDRED, 3375 HOMES IN THE VARIOUS LOT SIZES, AS WELL AS MULTIFAMILY TO DATE, BASED ON THE RECORDS THAT WE WERE ABLE TO GET FROM THE DEVELOPER.
THIS IS NOT SOMETHING WE COULD FIND ON CAD IS 241 HOMES.
THAT'S AS OF SEPTEMBER 30TH. THIS ALSO HAS ASSOCIATED COMMERCIAL AND THE LAGOON IN THIS DEVELOPMENT.
SO THEREFORE THERE IS NO INCREMENTAL CAPTURED APPRAISED VALUE ON THIS BASE YEAR WAS AGAIN 2023.
SO IT WAS LOWER BY $5,384. SO THERE'S NOTHING TO RECOGNIZE IN THIS VERSE.
THEREFORE, NO REVENUE IS ASSOCIATED WITH THAT.
BUT I DO WANT TO BE TRANSPARENT AS WELL, AND SHOW YOU THAT THE INCREMENTAL RATES WOULD BE 55% ON SINGLE FAMILY AND 80% ON COMMERCIAL AND MULTIFAMILY PARCELS. THAT IS HOW THAT IS APPROVED AS AND FINANCIALS.
NOTHING TO REPORT ON THE FINANCIALS. WE WILL BE SUBMITTING THIS, OF COURSE, THOUGH, TO THE COMPTROLLER AS JUST A WANT TO CLARIFY THAT WE'RE JUST DOING THE INITIAL FILING WITH THE COMPTROLLER. SO THERE'S NO FINANCIAL REPORT.
THEY WILL SEE THAT NEXT YEAR. JUST THE INITIAL FILING.
IT WAS NOT FILED LAST YEAR LIKE IT SHOULD HAVE BEEN.
IF THERE'S NO FURTHER QUESTIONS ON ITEM D.3. I'LL ENTERTAIN A MOTION.
ARE THERE PENALTIES FOR US NOT FILING PREVIOUSLY? NO, THERE SHOULD NOT BE ANY PENALTIES. IS THAT CORRECT?
[00:10:05]
WITH THAT, I'LL MAKE A MOTION TO APPROVE ITEM D.3.I'LL SECOND THAT MOTION. MOTION MADE IN SECOND.
MOTION CARRIED 5-0. ITEM D.4 2026-004-TIRZ3.
CONSIDER APPROVAL OF THE ANNUAL FINANCIAL REPORT FOR TAX INCREMENT REINVESTMENT ZONE NUMBER THREE, FOR THE REPORTING PERIOD ENDING SEPTEMBER 30TH, 2025.
TAKE APPROPRIATE ACTION. THE TIRZ 3 IS YOUR EAST RIDGE PID.
THIS IS 547 ACRES APPROVED, AND WE CREATED THE TIRZ.
JUNE OF 2022. AND HERE IS A SNAPSHOT OF THE PUBLIC INFRASTRUCTURE AND PROJECT COST.
WE DID HAVE A 4TH AMENDMENT ON THE PROJECT AND FINANCE PLAN THAT WAS APPROVED BY THE BOARD AND COUNCIL IN 2025, DECEMBER OF 2025. SO HERE'S THE CURRENT STATUS.
WE HAVE 2344 PLANNED LOTS IN VARIOUS SIZES AND COMPLETED TO DATE.
1120. THIS IS AS OF RECORDS SHOWN IN THE CAD IN JANUARY.
SO THE CAPTURED APPRAISED VALUE TAX YEAR 2022 THE BASE WAS $4,920,145.
SO WE ARE SEEING A CAPTURED RECOGNIZED INCREMENTAL VALUE OF $183,836,694.
THAT EQUATES TO REVENUE OF $428 606. THIS IS 45% OF THAT TAX INCREMENTAL PROPERTY VALUE.
NO FUND BALANCE TO BEGIN WITH. WE REFLECT THE REVENUE AS PRESENTED AND THE PAYMENT THAT WENT, OF COURSE, FOR THE CREDIT FOR THOSE PID RESIDENTS.
I'M HERE TO ANSWER ANY QUESTIONS. IF THERE'S NO FURTHER QUESTIONS, COMMENT.
I'LL ENTERTAIN A MOTION FOR ITEM D.4. YEAH, I'LL MAKE THAT MOTION TO APPROVE ITEM D.4.
SECOND. MOTION MADE IN SECOND. MOTION CARRIED 5-0.
ITEM D.5. 2026-005-TIRZ6 CONSIDER APPROVAL OF THE ANNUAL FINANCIAL REPORT FOR TAX INCREMENT REINVESTMENT ZONE NUMBER 6 FOR THE REPORTING PERIOD ENDING SEPTEMBER 30TH, 2025 AND TAKE APPROPRIATE ACTION.
SO OUR TIRZ 6 IS GOING TO BE THE SOUTH RIDGE PID, WHICH IS 227 ACRES.
THE CURRENT STATUS OF THIS DEVELOPMENT SHOWS THAT THE DEVELOPMENT WILL HAVE 879 LOTS.
TO DATE, WE HAVE 479 LOTS. AND THE BASE WAS DETERMINED ON THE TAX YEAR 2023, WHICH IS $8,726,927. SO YOU ARE SEEING A CAPTURED APPRAISED VALUE OF $28,327,371 FOR THE FISCAL YEAR 2025. THIS BRINGS IN REVENUE OF $55,609.
AGAIN, THIS IS AT A 45%. SO HERE'S THE SNAPSHOT OF THE FINANCIALS, THE REVENUE AND THE EXPENDITURES.
THAT IS TO OFFSET THE PID ASSESSMENTS FOR THOSE RESIDENTS HERE TO ANSWER ANY QUESTIONS.
JUST TO CLARIFY. SO THE CITY'S BUDGET LIKE WE'RE GETTING TO OUR GENERAL FUNDS, THE $55,000 OUT OF THE WHAT, $28,337,371 IS THAT.
NOW WE SPLIT THAT IF 8, LET'S SAY 20% GOES IN THE DEBT SERVICE AND 80% GOES INTO THE GENERAL FUND, THEY SHARE EQUALLY. AND I PUT THAT INTO THE TIRZ.
SO IT STAYS IN THE DEDICATED TIRZ FUND. SO THE CITY DOES SHOW THAT REDUCTION IN THE GENERAL FUND AND THE DEBT SERVICE FUND FOR THAT $55,609 FOR OUR COMMITMENT TO THE TIRZ. OKAY.
[00:15:03]
THANK YOU. IF THERE'S NO OTHER QUESTIONS OR COMMENTS, I'LL ENTERTAIN A MOTION FOR ITEM D.5.I'LL MAKE THAT MOTION TO APPROVE ITEM D.5. AND I'LL SECOND.
MOTION MADE AND SECONDED. MOTION CARRIED 5-0.
THIS IS OUR LAST TIRZ WHICH REPRESENTS THE WEST RIDGE PID 252 ACRES.
THIS WAS JUST ESTABLISHED AND CREATED IN MARCH OF 2025.
HERE'S A SNAPSHOT OF THE PROJECT AND FINANCE PLAN THAT WAS APPROVED APPROVED APRIL OF 2025.
THE DEVELOPMENT PLANS TO BRING IN 101,103 LOTS OF VARIOUS SIZES AND THE BASE YEAR DOES REFLECT BASED ON THE TAX YEAR 2025. SO THEIR BASE YEAR IS GOING TO BE 16 MILLION, A LITTLE OVER 16 MILLION.
THIS YEAR'S CONTRIBUTION IS JUST LIKE THE OTHER ONES WHERE IT'S 45%.
JUST WANT TO GIVE A LITTLE BIT MORE INFORMATION ON THIS TIRZ SINCE WE DON'T HAVE A FINANCIAL REPORT, BUT IT DOES SHOW THE DURATION OF THIS ZONE TO 2055.
NO QUESTIONS OR COMMENTS. THIS WILL COMPLETE THAT.
AND THANK YOU, MISS WILSON. AND I'LL ASK FOR A MOTION TO ADJOURN.
YOUR HONOR, I'LL MAKE THAT MOTION TO ADJOURN.
SECOND, ALL THOSE IN FAVOR SAY AYE. AYE. WE ARE ADJOURNED.
THANK YOU.
* This transcript was compiled from uncorrected Closed Captioning.