TIF #1 Board of Directors Minutes - 05/29/2002 Tax Increment Financing Boar RECEIVED IN I
MINUTES CITY CLERK'S OFFICE •
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May 29, 2002 BY _ 11- Time &Yo
Members:
Ben Filer, Chairman •
Debbie White •
James Welburn •
Bill Altman, Mayor
David A. Clark, Director of Community Development
Shirley Craft, Visions
Jim Newsom, Visions
Andy Lee, Visions
I. Minutes
Mr. Welburn moved to accept the minutes from the meetings of December 19, 2001, and May
2, 2002, as amended. This motion was seconded by Mrs. White and passed unanimously.
II. North Texas Visions of Wichita Falls Second Year Funding Request
Ms. Craft generally reviewed the additional information provided to the Board about Visions'
operations and budget . She explained the action to clarify the membership roster, the grant
writing plans, and the anticipated activities of the economic development committee. She also
noted a current look at an Urban Design Assistance Team program through the American
Institute of Architects. Mrs. White responded that the information supplied answered many of
her questions. Mr. Filer acknowledged satisfaction with reasons provided concerning unspent
funds in Visions overall budget.
Mr. Filer reiterated the purpose of TIF funds to provide seed money for the ultimate goal of
encouraging development and increasing the tax base. He advocated that if a third year
request is submitted, the Board would look at what was brought into the area. Mrs. White
asked whether Visions could get by with a $40,000 amount. Ms. Craft replied that they could.
Mrs. White made a motion to recommend award $40,000 in TIF funds for the operation of
Visions, seconded by Mr. Welburn. Discussion on the motion included how Visions might
handle the lesser amount. Mr. Filer noted it would be a move towards self sufficiency. After a
review of the consequences to the TIF fund, the motion passed unanimously.
Mr. Lee further acknowledged improvements in the downtown area. He noted that a group of
offices, with which he was familiar, had a 7% increase in occupancy during the last year.
TAX INCREMENT FINANCING BOARD ,JULY 25,2001 PAGE 1 OF 1
III. Status of the TIF Projects.
Mr. Clark reported that the City Attorney had confirmed that since there was no contract, there
was no avenue to require the repayment of TIF funds provided to Richmond Condominiums.
He stated that a letter had been sent to the owner requesting the remaining gate motor to use
at the Holt Hotel reuse project. Mr. Clark also reported that the Travis St. apartment project, to
which TIF funds were provided, is leasing up prior to completion.
The Board reiterated its interest in the potential for issuing a bond for Holt Hotel funds, as
achievable, in order to maintain a workable balance in the TIF fund account.
V. Adjournment
The Board adjourned at 4:35 PM.
BEN FILER, CHAIRMAN DATE
TAX INCREMENT FINANCING BOARD ,JULY 25,2001 PAGE 2 OF 1