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TIF #4 Board of Directors Minutes - 02/22/2011CITIZENS ADVISORY COMMITTEE - CAC/TIF #4 MINUTES FEBRUARY 22"d1 2011 Members: Co. Dorothy Roberts -Bums, District #2► Co. Michael Smith, District ##1 + Ben `Chip' Filer, Chairman Mark Chase John Dickinson Rick Graham Cynthia Laney Andy Lee Jeff Marion + Mike Rucker Debbie Schwartz Chuck White + Staff: Kevin Hugman, Assistant City Manager/Acting Com. Dev't Dir. Karen Gagne, Interim Planning Supervisor Pat Hoffman, Property Administrator Absent: Marcia Bernhardt Dennis Cannedy Kathy David Ralph Dunkelberg III Barry Mahler Matt Muehlberger Julie Ressell David White 1. Welcome & Introductions Ms. Gagne welcomed everyone to the kick-off meeting for the Citizens Advisory Committee (CAC) at the Wichita Falls Public Library and called the meeting to order at 3:40 p.m. Committee members were asked to introduce themselves and indicate their connection with downtown revitalization. Staff provided a packet of information including a committee roster and requested members indicate if there were any errors or omissions with their contact address, phone number or email. 2. Tax Increment Financing (TIF) — What 1s It and How Does It Function? Ms. Gagne provided an overview of tax increment financing via a power point presentation and provided members with slide handouts. She explained tax increment financing is an economic development and financing tool for local governments and is authorized in Texas through Chapter 311 — Tax Code. The creation of a TIF District is an incentive for development and redevelopment within specific areas in a community. Staff CITIZENS ADVISORY COMMITTEE --- CAC-TIF #4 FEB. 2212011 PAGE 1 of 4 further noted a TIF can be initiated either by petition of affected property owners or by the local governing body (City Council). Staff described how a TIF District generally functions, as illustrated b the y en closed graphic. The tax base of real property is frozen the year it's created which is Y called the base year assessed value (AV). Any development/ redevelopment to private property during the life .. rP P Y 9 of the TIF district (20-25 years New Post- increases the AV -- generally Project AV g Y there is a catalyst project to initiate creation of the TIF. a5 � 1 Incremental AV Total AV now Additional tax revenue(TIF 0 Gt� belongs to all �� Incremental rear property tax taxing increment) is generated from the Q belongs to TIF authority to pay districts in incremental AV being subtracted project costs project area g Base AV from the base AV. Staff noted AV belongs to all other taxing d1stricts in pro�ett Ire � when the TIF District ends the 5 10 15 total post project assessed ..a p p j value IV.4 �. 2v year 3'tF is higher than the base year Created Terminnted assessed value and the taxes are then shared with the former participatingtax entities. Discussion ensued as members interjected questions in order to better understand how both a TIF l functioned and use of the increment funds. Ms. Gagne explained once it's determined an identified are a meets the State criteria for consideration as a TIF District, a 10-step process begins: 1. Prepare Preliminary Project & Financial Plan 2. Provide a 60-day written notice of its intent to designate a rein vestment Investment zone to all other taxing entities that levy property taxes within the area. 3. The taxing entitles have 1 b-days to designate a representative . g to meet with the City to discuss the project plans. 4. The City must provide a formal presentation to the gover ning Wing body of each county and school district that levies real roe taxes within . property �Y n the proposed zone (Wichita Co. ). [Staff noted with changes in funding nding formulas for school districts WFISD tracts WFISD has not participated in the previous two TIF Districts. Based on this information staff will prepare a letter with a "Request for Waiver of I q merest" for WFISD. J 5. After formal presentations, the City must advertise & conduct' a public hearing on the creation of the reinvestment zone. 6. After public hearing, the City may b ordinance designate • Y Y g ate a contiguous area within the city as the reinvestment zone for a TIF and establish a Board of Directors for the zone. 7. After adoption, the Board must prepare a final Project &FinanciFinancial Plan consistent with the preliminary plans and require City Council approval by ordinance. 8. Prepare contract agreements with the other participating taxi ' P p g taxing entities. 9. The TIF Board makes recommendations to CityCouncil until for implementing the projects outlined in the Plan and the management of the Zone. 10. The City submits an annual report to the County, y, Attorney General and Comptroller. CITIZENS ADVISORY COMMITTEE —CAC-TIF #4 FEB. 22, 2011 PAGE 2 of 4 3. Revitalization -- Threats & Opportunities to Downtown Ms. Gagne opened the meeting for discussion among committee members regarding potential barriers to revitalization and opportunities to enhance devel opment downtown along with key items for consideration. The discussion focused on three areas as noted below: a} Key Items for Consideration with TIF #4: Be inclusive with land parcels Consider having the boundary abut the edge of TIF #3 -- avoid d gaps Consider the area north of Wichita River b Scotland Park . Y along I-44 Kell Grain elevators — historic component of community St) Would like to see majority of increment o to non -governmental ' 9 g mental protects b} Threats/Barriers to Revitalization: Dilapidated buildings No carve outs to the boundary (eg. leaving some areas out) Absentee property owners Aesthetics Safety/hazardous structures Attebury grain elevators Sidewalk problems Increased number of institutional (non -tax paying) propertie s in downtown Size boundaries -- large vs small district Lacking convention scale hotel facility c} Opportunities for Revitalization -- Areas to Focus: Sears building - Lamar Maskat Temple building - Lamar Creamery building -- Indiana Gibson's building Big `C' Appliance building -- 8t'/Ohio St Former Imperial Hotel (300 blk Scott St --- new WF B ' ... } us Transit Hub Utilities Street projects (intersections 8t' St Wichita River area/corridor Wichita General {former hospital building ) Design guidelines for downtown development Downtown Park — 8to /Scott St Museum District development Be inclusive -- include both institutional and taxable b e properties 4. New Business a} Selection of Chairperson/Vice-Chairperson: Ms. Gagne explained the need for a Chairperson _ • p on and Vice Chairperson for the committee noting they will work close! with City Planning . Y ty g staff during the process leading up to potential creation of a TIF District down town. She asked if any member wanted to volunteer for the roles — no one volunteered- ,staff opened the floor for nominations. Mr. Chuck White nominated Mr. Ben 'Chip' File r er for Chairperson and Mr. Andy Lee seconded the nomination. There beingno ' other nominations, members CITIZENS ADVISORY COMMITTEE -- CAC-TIF #4 FEB. 221201 PAGE 3 of 4 unanimously approved Mr. Filer as CAC-TIF#4 Chairperson. Chairperson Filer indicated he would appoint a Vice -Chairperson at the next committee meeting. g b) Next Meeting: Staff requested feedback regarding members' preferred meeting date/time. Members indicated a preference for Tuesdays/Thursdays and late afternoon. The next meeting was tentatively arranged for March 24th at 3.30pm -- pending availability of the Library meeting room. Mr. Mark Chase and Mr. White asked staff if the displayed aerial ma could be sent to iP members n advance of the next meeting with the former TIF #1 bounds outlined to see what was previously included. Staff indicated they would revise the map P layers to Y include both the former TIF #1 and also the current TIF #3 District as active reinvestment zones can not overlap. Chairperson Filer requested staff also look into taxable vs. non-taxable properties and if there is a way to incorporate this information. Staff noted they would discuss the option with the Department GIS Technician and try to incorporate a layer for non-taxable properties. Staff indicated the will email a df . Y p map of the greater downtown area with the new data layers prior to the next meeting. g 5. Adjourn Mr. Filer adjourned the meeting 5:06 pm. s Mr.,en filer Chairperson 1Z1 Date CITIZENS ADVISORY COMMITTEE --- CAC-TIF 44 FEB. 229 2011 PAGE 4 of 4