TIF #1 Board of Directors Minutes - 05/02/2002 no k
Tax Increment Financing Board
MINUTES
May 2, 2002
Members: RECEIVED IN
CITY CLERK'S OFFICE
Ben Filer, Chairman I •
David White Date (0 — j— 02___ 1 •
Debbie •
Al Flack White Time ! ±b0 1
i •
James Welburn •
David A. Clark, Director of Community Development •
Bill Altman, Mayor Pro Tern
Shirley Craft, Visions
Wayne Hansen, Visions
Andi Holland, Visions •
I. Report on the Status of the TIF Projects.
Mr. Clark distributed fund status information, specifically noting that the Danter report was
completed under budget and that the Marvin Groves project would not be completed. The
projected fund balance began at $488,306 and the authorized expenditures would then bring
the balance to $196,806.00. Projecting additional revenue of $175,000 in early 2003 and an
annual coliseum debt of $105,000, withdrawal of an additional $200,000 for the Holt would
leave a balance of $66,806.00. If a $50,000 award were made to Visions (July '02 through
June '03), funds would be available, but not for much of anything else.
Mr. Clark also reported that the staff would be looking at a TIF bond to cover part of the Holt
project, which could salvage the fund balance. Such action could also serve to extend the life
of the TIF program.
In response to a question by Mr. Flack, Mr. Clark gave a brief report on the status of the Holt
noting that no funds had yet been expended.
II. Report from North Texas Visions of Wichita Falls and Funding Request
Ms. Shirley Craft, Executive Director of the Downtown Revitalization for North Texas Visions of
Wichita Falls, Inc. distributed a report on the activities of the Visions organization. She noted
completion of a web site (now showing 3200 hits), communication with the Texas visitor's
center, and the formation of a property owners sub-group with a goal of economic
TAX INCREMENT FINANCING BOARD ,JULY 25,2001 PAGE 1 OF 1
development. Discussion ensued about the financial status of Visions, its effectiveness and
its funding from other sources. Mrs. White offered that MSU and RSVP might be sources of
additional staffing assistance. Ms. Craft reported that an intern has been obtained from MSU.
The Board discussed their desire to see more about the financial reports for the organization,
prior to a recommendation. Mr. Flack moved to table action on the request, pending the
receipt of financial reports. This was seconded by Mr.Filer and passed unanimously.
III. Status of Projects
The Board discussed the ramifications of the fire at Richmond Condominiums and wondered
about collection of funds spent and any collection from insurance proceeds. Mr. Clark noted
that there was no contract covering a project default. The Board requested that he follow-up
with the City Attorney's office to determine any potential response.
TIF funds were acknowledged as intended to be invested in future tax base increases. The
desire was expressed to continue the TIF program, if that can be accomplished through the
issuance of a bond.
IV. Next Meeting
Consensus was achieved that the next meeting of the Board should be scheduled for May 29,
2002 at 4:00PM, to complete additional review of the Vision's organization request.
V. Adjournment
The Board adjourned at 4:10 PM.
BEN FILER, CHAIRMAN DATE
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