TIF #1 Board of Directors Minutes - 07/25/2001 Tax Increment Financing Board
MINUTES RECEIVED IN
CITY CLERK'S OFFICE
July 25, 2001 -� _ \ a
Date ,f
By
Members:
Ben Filer, Chairman •
David White •
Debbie White •
Al Flack •
James Welburn •
David A. Clark, Director of Community Development •
Shirley Craft, Visions •
1. Approval of Minutes
Ms. White made a motion to approve the minutes of February 22, 2001 meeting. Mr. Flack
seconded the motion. The minutes were passed with a unanimous vote.
II. Report on the Status of the TIF Projects.
Mr. Clark reported that the TIF fund currently generates just under $200,000 annually. The
current balance of the account is $405,911.65. There is an annual obligation, to be deducted,
to the Coliseum of $105,000. This will begin in March, 2002 and thereafter made in two
payments annually, $52,500 each. The funding for unfinished projects, already deducted from
this current balance, includes $50,000 to Visions; $250,000 to the Coliseum; $34,000 for 907
Travis; and $4,485 for the Marvin Groves building.
III. Funding Request for $6,000 for a Feasibility Study for the Adaptive Reuse of the
Holt Hotel at 600 Eighth Street.
Mr. Clark gave a brief review of the proposed sources for the rehabilitation of the Holt, which
include support from the community at different sector levels along with a subsidy from the
federal government. Some feasibility studies prepared in the past can be utilized but more
current information is required by potential funding sources. The study will determine the
market, level of housing, cost of housing, definition of the potential customer base and
likelihood for success.
TAX INCREMENT FINANCING BOARD ,JULY 25,2001 PAGE 1 OF 1
Mr. Flack made a motion to honor this request of$6,000 for the feasibility study of the building
formerly known as the Holt Hotel on Ohio Street in Wichita Falls, Texas. Mr. Welburn
seconded the motion. The request passed with a unanimous vote in favor.
IV. Initial report from North Texas Visions of Wichita Falls and Introduction of the
Coordinator.
Mr. Clark introduced Ms. Shirley Craft, Executive Director of the Downtown Revitalization for
North Texas Visions of Wichita Falls, Inc. Support from the TIF fund to Visions helped create
her position. There will be financial and project reviews provided by Ms. Craft on a quarterly
basis to this Board.
V. Adjournment
The Board adjourned at 3:40 p.m.
BEN FILER, CHAIRMAN DATE
TAX INCREMENT FINANCING BOARD ,JULY 25,2001 PAGE 2 OF 1