TIF #4 Board of Directors Minutes - 01/31/2019TAX INCREMENT FINANCING #4 (TIF) BOARD
MINUTES
January 31, 2019
Members:
John Dickinson
*Vice -Chairperson
Ben 'Chip' Filer
*Chairperson
Cynthia Laney
*Member
Michael Smith
*Member
Jeff Watts, Wichita County Commissioner
*Member
Co. DeAndra Chenault, District #2 *Council liaison
Staff:
Kinley Hegglund, City Attorney *Staff
Paul Menzies, Assistant City Manager
James McKechnie, Deputy City Attorney •
Dana Schoening, Director Community Development
Karen Montgomery -Gagne, Planning Administrator
Pat Hoffman, Property Management Administrator •
Absent:
Tony Fidelie *Member
Jeff Marion *Member
Call to Order & Introductions
Chairperson Filer opened the TIF #4 Board meeting at 3:31 pm. Mr. Filer introduced members and
staff. Guests, Travis Haggard and Adrene Wike from Chamber of Commerce were also present.
II. Review & Approval of Minutes from October 30, 2018
Mr. Jeff Watts made a motion to adopt the October 30, 2018 minutes. Mr. Michael Smith seconded
the motion. The motion was passed unanimously.
III. Action Item: Proposal to Allocate TIF#4 Increment for Focused Street
Improvement Project Downtown — 8rh Street Between Ohio and Scott Street
Ms. Gagne explained staff reviewed a series of priorities and goals for the TIF#4 zone. Key goals
were outlined, noting that four sub -elements of the plan within the zone related directly to staff's
proposal asking the board to consider allocating a major portion of the increment for a focused
streetscapes and infrastructure improvement project downtown. Those sub -elements being
economic revitalization, downtown image, pedestrian — bicycle friendly and then also our urban
design infrastructure would be greatly improved. Staff referenced the meeting materials noting the
proposed project was in the heart of downtown. Universal goals consisting of four key elements staff
felt could be addressed with this project would help to further the improvement of TIF#4. A power
point presentation with renderings for a complete street design helped illustrate how 81h Street can
be further enhanced as a focal point to showcase what is in our downtown core and make it more
attractive for further investment.
TIF #4 Board January 31, 2019 page 12
Ms. Gagne stated when presenting the TIF#4 projections there was an initial 4% growth the first year
of the zone's existence which was only a partial year. When looking at the difference between fiscal
year 2016 and 2017 there was a significant increase in valuationfincrement and potential trend for
improvement with an estimated value for fiscal year 2018 being $122,000. A conservative 3% was
considered for annual growth, with an expectation for an estimated increment of just over $3 million
by 2035. If we had $130,000 per year set aside of the increment allocated through close of the
zone, it is anticipated to generate $2.2 million towards the potential streetscape infrastructure
project. Staff recommended the streetscapes improvement project as something that could be very
beneficial to the TIF#4 zone and downtown.
Staff outlined Wichita Falls City Council endorsed the recommendations from the Downtown
Development Steering Committee (DDSC), one of the key items being focused streetscape
improvements, particularly on 81h Street from Indiana to Scott and that is what this project would
include. The 8in Street corridor if a priority particularly because there's been so much investment
both publicly and privately already. Ms. Gagne stated the four items she wanted to highlight that this
project would accomplish included:
1) infrastructure improvements,
2) sidewalk enhancements,
3) streetscape elements combined with that, and
4) addressing the issue of trees in the sidewalk areas.
The expense for the 8sh Street project was expected to be just over $3 million. TIF funds would be
able to offset a large portion of this cost. Mr. Watts asked if a property on 81h Street had damages to
their sidewalk who was the responsible party for paying for the repair. Staff advised the property
owner would be the responsible financial party. Mr. Schoening stated it has been observed that it is
the particular type/species of tree planted that has caused so much damage in the downtown area
and a solution of implementing other options instead of the trees is now being reviewed.
Ms. Gagne advised the Focused Street Project for 81h Street is estimated to cost $3.2 million.
Among funding from the TIF Board it is suggested additional funding by bond and/or debt service
loan could be considered. Questions and discussion continued among board members and staff
related to funding mechanisms.
Chairman Filer introduced a motion that the TIF#4 Board recommend allocating the increment for
funding be focused on the Streetscapes Infrastructure Project 811 Street between Ohio and Scott
Streets (from the Railroad Museum, LaSalle Alley west to Scott Street) at an annual increment level
of $130,000 beginning with FY 2019 through the end of the zone, seconded by Michael Smith.
Motion passed unanimously.
IV. Other Business:
a) Roster —Updated 2019
Mr. Tony Fideiie was re -appointed by Wichita County through 2020.
b) Next Meeting Date
Chairman Filer talked with Karen about the date of the next meeting. Ms. Gagne stated she would
take care of contacting all parties that needed to attend to obtain consensus on a date; left to be
determined.
Meeting adjo ned at m.
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Mr. a Filer
Chairperson
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