TIRZ #1/Power Center Board Meeting

AGENDA TIRZ #1/Power Center Board Meeting 8:30 AM - Wednesday, August 4, 2021 City Council Chambers, 201 E. Nash Street, Terrell, TX Board Members Juan Salazar, Chairman Terry Barber, Vice-Chairman Mike Hunt, Board Member Andreia Reese, Board Member Charles Whitaker, Board Member City Manager Mike Sims NOTICE IS HEREBY GIVEN that the TIRZ #1/Power Center Board will conduct a meeting at 8:30 a.m. on Wednesday, August 4, 2021, at Terrell City Hall located at 201 East Nash Street. The meeting is open to the public with limited seating in the Council Chambers. Recommendations of the CDC regarding social distancing will be practiced during the course of the public meeting to slow the spread of the Coronavirus (COVID-19). Page 1. CALL TO ORDER 2. INVOCATION 3. ADOPTION OF MINUTES 3.1. Discuss and Consider approval of the minutes of the TIRZ No. 1/Power 3 - 4 Center Board meeting on July 28, 2021. TIRZ #1/Power Center Board Meeting - Jul 28 2021 - Minutes - Pdf 4. NEW BUSINESS 4.1. Discuss and Consider Resolution No. 2021-4, A Resolution Of The Board 5 - 9 Of Directors Of The Tax Increment Reinvestment Zone Number One Page 1 of 9  (TIRZ #1) And Power Center Authorizing The Expenditure Of TIRZ #1 And Power Center Funds For The Renovation Of The Muckleroy Building, Downtown Parking Improvements And Contingency Projects; Authorizing The Transfer Of TIRZ #1 And Power Center Funds To The City Of Terrell Interest And Sinking Fund; Establishing An Effective Date TIRZ Resolution 2021-4 5. ADJOURN INTO EXECUTIVE SESSION IN ACCORDANCE WITH SECTION 551 OF THE TEXAS GOVERNMENT CODE TO DISCUSS THE FOLLOWING: 5.1. Section 551.087 Deliberations Regarding Economic Development Negotiations. 6. RECONVENE INTO REGULAR SESSION AND CONSIDER ACTION, IF ANY, ITEMS DISCUSSED IN EXECUTIVE SESSION. 7. ADJOURN. I, the undersigned authority, do hereby certify that the above NOTICE OF MEETING of the TIRZ #1/Power Center Board is a true and correct copy of said NOTICE, which has been posted on the front OUTDOOR BULLETIN BOARD CABINET FOR AGENDAS of the Terrell City Hall, Terrell, Texas, a place convenient and readily accessible to the General Public and on the website at cityofterrell.org, and which has been continuously posted for a period of seventy- two (72) hours prior to the date and time said meeting was convened. Posted Friday, July 30, 2021 –5:00 p.m. _______________________________________ Dawn Steil, City Secretary This facility is wheelchair accessible and accessible parking spaces are available. Requests for accommodations or interpretive services must be made 48 hours prior to this meeting. Please contact the City Secretary’s office at 972-551-6600 for further information. Braille is not available. TIRZ #1/Power Center Board Reserves the Right to Adjourn into Executive Session to Seek Legal Counsel on a Matter Which the Canon of Legal Ethics Demands to Preserve the Attorney- Client Privilege Pursuant to Section 551.071(2) of the Texas Government Code. Page 2 of 9 ITEM 3.1. Draft MINUTES TIRZ #1/Power Center Board Meeting Meeting 8:30 AM - Wednesday, July 28, 2021 City Council Chambers, 201 E. Nash Street, Terrell, TX The City of Terrell Council met in TIRZ #1/Power Center Board Meeting on Wednesday, July 28, 2021 at 8:30 AM in the City Council Chambers, 201 E. Nash Street, Terrell, TX. MEMBERS Chairman Juan Salazar PRESENT: Board Member Charles Whitaker Board Member Andreia Reese MEMBERS Vice-Chairman Terry Barber ABSENT: Board Member Mike Hunt STAFF PRESENT: City Manager Mike Sims City Secretary Dawn Steil 1 CALL TO ORDER Juan Salazar called the meeting to order. 2 INVOCATION City Manager Mike Sims gave the invocation. 3 ADOPTION OF MINUTES a) Discuss and Consider approval of minutes from the Tax Increment Reinvestment Zone No. 1 and Power Center meeting on June 23, 2021. Charles Whitaker moved to approve the minutes from the Tax Increment Reinvestment Zone No. 1 and Power Center meeting on June 23, 2021, with Andreia Reese seconding the motion. Carried by the following votes: Ayes: Juan Salazar, Charles Whitaker, and Andreia Reese 4 NEW BUSINESS a) Discuss Preliminary FY22 Financial Analysis. City Manager Mike Sims presented this item to the Board for discussion. b) Discuss British Museum Project. Municipal Development Director Charles Fenner presented this item to the Board for discussion. c) Discuss South Alley Project and Downtown Parking. TIRZ #1/Power Center Board Meeting Meeting July 28, 2021 Page 1 3 of 2 9 ITEM 3.1. Draft Municipal Development Director Charles Fenner presented this item to the Board for discussion. d) Discuss Resolution No. 2021-04. City Manager Mike Sims presented this item to the Board for discussion. 5 ADJOURN INTO EXECUTIVE SESSION IN ACCORDANCE WITH SECTION 551 OF THE TEXAS GOVERNMENT CODE TO DISCUSS THE FOLLOWING: a) Section 551.072 Deliberations Regarding Real Property. Passed. 6 RECONVENE INTO REGULAR SESSION AND CONSIDER ACTION, IF ANY, ITEMS DISCUSSED IN EXECUTIVE SESSION. Passed. 7 ADJOURN. E. Rick Carmona, Mayor Attest: Dawn Steil, City Secretary TIRZ #1/Power Center Board Meeting Meeting July 28, 2021 Page 2 4 of 2 9 ITEM 4.1. RESOLUTION NO. 2021-4 A RESOLUTION OF THE BOARD OF DIRECTORS OF THE TAX INCREMENT REINVESTMENT ZONE NUMBER ONE (TIRZ #1) AND POWER CENTER AUTHORIZING THE EXPENDITURE OF TIRZ #1 AND POWER CENTER FUNDS FOR THE RENOVATION OF THE MUCKLEROY BUILDING, DOWNTOWN PARKING IMPROVEMENTS AND CONTINGENCY PROJECTS; AUTHORIZING THE TRANSFER OF TIRZ #1 AND POWER CENTER FUNDS TO THE CITY OF TERRELL INTEREST AND SINKING FUND; ESTABLISHING AN EFFECTIVE DATE WHEREAS, the City of Terrell, Texas, (the “City”), promotes the development of a certain geographic area within its jurisdiction as authorized by the Tax Increment Financing Act, Chapter 311 of the Texas Tax Code, Vernon’s Texas Codes Annotated (the “Act”); and WHEREAS, the City Council of the City of Terrell on November 20, 2007, approved Ordinance No. 2355 creating Tax Increment Reinvestment Zone Number One, establishing a Board of Directors for such Reinvestment Zone (TIRZ #1), and including the Project Plan and the Finance Plan; and WHEREAS, the County TIRZ #1 contribution includes 50% of the County Maintenance and Operations rate only, while the City TIRZ #1 contribution includes 75% of the City Maintenance and Operations Fund tax rate and 75% of the City Interest and Sinking Fund tax rate; and WHEREAS, the Second Amendment of the Project Plan and Finance Plan approved by the City of Terrell and Kaufman County in 2020 includes $16 million for Downtown Revitalization Projects; and WHEREAS, by virtue of Resolution 2019-3, the Board supports a partnership between the City of Terrell, the City of Terrell Hotel Occupancy Tax Fund, the British Flying Training School (BFTS) Museum and the TIRZ #1 Board to relocate the BFTS Museum’s primary public exhibition and event space to downtown Terrell; and WHEREAS, a preliminary plan for the renovation of the City-owned historic Muckleroy Building on Lot 3B, Block 82, Terrell Original Addition, Terrell, Texas, and located at 113 West Moore Avenue, Terrell, Texas, has been established; and WHEREAS, in preparation for financial TIRZ #1 support of the British Flying Training School Museum relocation, the City Council approved Resolution No. 1044 providing Public Notice of the intent to borrow funds; and WHEREAS, the TIRZ #1 Board wishes to recommend approval of the transfer of funds to the City of Terrell to facilitate the professional fees, water and sewer utility access, franchise utility Page 5 of 9 ITEM 4.1. relocation, land acquisition, site preparation, parking facilities, and building construction necessary for relocation of the British Flying Training School Museum. NOW THEREFORE BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE TAX INCREMENT REINVESTMENT ZONE NO. 1 THAT: Section 1: That the findings and declarations contained in the preamble of this Resolution are incorporated herein as part of this Resolution. Section 2: Projects included in the attached Resolution No. 1044 shall be approved TIRZ #1. Downtown Improvement Projects eligible for TIRZ #1 funding. Section 3: That the Board of Directors of the Tax Increment Reinvestment Zone No. 1 recommends that the City Council approve the expenditure of TIRZ #1 and Power Center Funds for a base total of $7,000,000 plus associated finance costs for professional fees, water and sewer utility access, franchise utility relocation, land acquisition, site preparation, parking facilities, and building construction necessary for relocation of the British Flying Training School Museum in an amount currently estimated at $375,000 annually. Section 4: That the Board of Directors of the TIRZ #1 and Power Center hereby approve the Downtown Improvements referenced above and authorize the transfer of the TIRZ #1 and Power Center Funds to the City of Terrell Interest And Sinking Fund in an amount as necessary to cover the related debt issuance. PASSED AND APPROVED this ___ day of July, 2021. TAX INCREMENT REINVESTMENT ZONE #1 AND POWER CENTER By:_____________________________________ Juan Salazar, President Attest: __________________________________ Dawn Steil, City Secretary Page 6 of 9 ITEM 4.1. Page 7 of 9 ITEM 4.1. Page 8 of 9 ITEM 4.1. Page 9 of 9