HomeMy Public PortalAboutTIRZ#1 Minutes 2022-07-25 Richland Hills Tax Increment Reinvestment Zone #1, Baker Boulevard
Board of Directors Meeting
Minutes
Monday, July 25, 2022
5:30 P.M.
Richland Hills City Hall
3200 Diana Drive
Board Members Present:
Edward Lopez
Travis Malone
Douglas Knowlton
Curtis Bergthold
Javier Alvarez
G.W. Estep
Rebecca Barksdale
Staff
Candice Edmondson, City Manager
Lindsay Wells, City Secretary
1. CALL TO ORDER
Mayor Lopez called to order at 5:33 p.m.
2. EXECUTIVE SESSION
A. Executive Session: Pursuant to the Open Meetings Act, Chapter 551, Texas
Government Code, Section 551.071. Executive Session may be held, under
these exceptions, at any time during the meeting that a need arises for the
Tax Increment Reinvestment Zone #1 to seek advice from the City Attorney
as to the posted subject matter of this Tax Increment Reinvestment Zone
#1 meeting.
Motion: Motion was made by Board Member Bergthold and seconded by Board
Member Knowlton to convene into Executive Session. Time: 5:34 p.m.
Motion carried by a vote of 6-0.
B. Reconvene: Action necessary on items discussed in Executive Session.
Mayor Lopez reconvened from Executive Session at 5:46 p.m.
3. PUBLIC COMMENTS
This is the public's opportunity to address the Tax Increment Reinvestment Zone #1
Board on any matter not posted on the agenda. Citizen comments emailed to Lindsay
Wells (lwells(a�richlandhills.com) on an item either listed on this agenda or not listed on
this agenda will be heard at this time.
None.
REGULAR AGENDA
4. Approve minutes from the April 11, 2022 Tax Increment Reinvestment Zone #1
meeting
Motion: Motion was made by Board Member Bergthold and seconded by Board
Member Knowlton to approve the April 11, 2022 TIRZ #1 meeting minutes.
Motion carried by a vote of 6-0.
5. Approved Development Agreement for the property described as Block L Lots
7 and 8A Richland Hills Addition, otherwise known as 7145 Baker Boulevard,
Richland Hills, Texas 76118 and Block L Lot 6 Richland Hills Addition,
otherwise known as 7151 Baker Boulevard, Richland Hills, Texas 76118
City Manager Candice Edmondson presented the Development Agreement and
advised that MetroCom Properties represented by Robert Maxey has applied for a
Planned Development on the property at 7145 and 7151 Baker Boulevard. The
proposed Planned Development will have a base zoning of MF-2 Multiple Family
Residential Medium Density and the developer is proposing to build 51 single-family
townhomes on the property to be known as Richland Crossing.
A Planned Development for 24 single-family garden style homes and 24 townhomes
called Richland Villas was previously approved for the property in November 2018. The
developer for the project completed the platting process but ultimately decided not to
move forward with development. MetroCom Properties is interested in creating a new
Planned Development with a similar site plan as what was previously approved.
As part of the proposal, MetroCom Properties is requesting financial participation for
the project from the Baker Boulevard Tax Increment Reinvestment Zone (TIRZ). They
are seeking $400,000 in reimbursements for public infrastructure improvements to be
paid after completion and City acceptance of the public improvements.
MetroCom Properties is also requesting an annual reimbursement equal to 35 percent
of the ad valorem tax contributions the development is expected bring to the Baker
Boulevard TIRZ each year up to a maximum contribution amount of $324,619. Based
on the financial pro forma provided by MetroCom Properties, the Richland Crossing
development is anticipated to contribute an estimated $927,482 (using current City and
County tax rates) to the Baker Boulevard TIRZ by 2030. If the maximum contribution
amount of $324,619 was paid to the developer, a balance of $602,863 would remain in
the TIF Fund for other projects in the TIRZ district.
The total reimbursement request by MetroCom Properties equals a maximum of
$724,619.
At the end of FY 2022, the TIF Fund is projected to have an ending fund balance of
$1,057,000. Should the $400,000 reimbursement request be approved, $657,000 would
remain in the TIF fund balance for future projects.
All revenues and expenditures related to the Baker Boulevard TIRZ are contained in the
City's Tax Increment Financing (TIF) Fund. Revenue accrued by the TIRZ district can
only be used for those projects listed on the approved Baker Boulevard TIRZ Project
Plan until the expiration of the TIRZ in 2029.
Discussion ensued regarding the approximate amount of funds received annually.
Ms. Edmondson advised that the TIRZ fund receives approximately $150,000 in
revenue annually that can solely and exclusively be used for improvements within the
reinvestment zone along Baker Boulevard. Additionally, she clarified that no funding
can come from the City's General Fund.
Motion: Motion was made by Board Member Bergthold and seconded by Board
Member Malone to approve a Development Agreement for the property
described as Block L Lots 7 and 8A Richland Hills Addition, otherwise
known as 7145 Baker Boulevard, Richland Hills, Texas 76118 and Block L
Lot 6 Richland Hills Addition, otherwise known as 7151 Baker Boulevard,
Richland Hills, Texas 76118.
Motion carried by a vote of 6-0.
6. ADJOURNMENT
There being no further business to come before the Board, Mayor Lopez declared the
meeting adjourned at 6:04 p.m.
ATTEST: APPROVED:
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Lindsay Rawlin on, City SecCeta lwII,,,, GW Estep, Mayor ro Tern