TIF #1 Board of Directors Minutes - 02/22/2001 RECEIVED IN
CITY CLERK'S omc
Tax Increment Financing Boa Date O-6(4-b
MINUTES
By 'PCTime ola-Saml
February 22, 2001
Members:
Ben Filer, Chairman * Members
Al Flack *
Debbie White *
James Welburn *
David White *
Staff:
David A. Clark, Director of Community Development * Staff
Jim Berzina, City Manager *
Guests:
Marvin Groves II
Rick Graham
I. Introduction
Mr. Filer called the meeting to order at 3:00 p.m.
II. Approval of December 12, 2000 Minutes
Mr. Welburn moved to approve the December 12, 2000 minutes. Mrs. White seconded.
The minutes passed with a unanimous vote in favor.
III. Report on Fund Status
Mr. Clark reported that the current balance in the TIF fund is $319,356. Anticipated
additional fund revenue by Sept. 2001 is $215,000. Two commitments are pending -
one for $50,000 to Visions, the other for $105,000 for the first payment on the MPEC
bonds. This projection would then leave a balance of$379,356.
IV. Request for Funding Assistance - 506 Seventh St.
Mr. Clark provided a brief explanation of the request for the amount of $4,485 for
lighting of the parking/service area to the west of the building at 506 7th St. Marvin
Groves II provided additional information about the need for security and the potential
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for the development of the second floor of this property. An estimated $80,000 may be
spent on the development of part of the second floor. Mr. White questioned the amount
of mark up on work to be done by the owner/contractor. Mr. Flack expanded on this
question about paying profit and overhead costs to a contractor/owner.
After additional discussion, Mr. White made a motion to recommend the award of an
amount not to exceed $4,485.00 (second by Mr. Flack) for the installation of exterior
lighting fixtures at 506 7th St. Payment would be made "at cost" after substantial
construction progress has been made to the second floor improvements. The motion
passed by a unanimous vote.
Mr. Clark noted that the fixtures would require review by the Landmarks Commission
prior to installation.
V. Request for Funding Assistance — 701 Ohio St.
After a brief review by Mr. Clark, Mr. Groves provided an explanation of the exterior
lighting installed at 701 Ohio. Mrs. White brought up the question of approving financial
assistance after work had already been completed. Based upon this concern, Mr. Filer
made a motion to deny the request, seconded by Mrs. White, which passed
unanimously.
VI. Request for Funding Assistance - 907 Travis
Rick Graham explained the development at 907 Travis. This long vacant property will
be converted into market rate housing with an anticipated expenditure of $339,664.00.
Included in the project will be grading, parking lot, landscaping, lighting, irrigation, and
fencing to be completed. Mrs. White made a motion, which was seconded by Mr. Filer,
to recommend the award of an amount not to exceed $34,000 for site work, fencing,
landscaping, exterior lighting, irrigation, and parking development. Such commitment
would be effective for billing by December 31, 2001. The motion passed unanimously.
VII. Update on Previously Awarded TIF Projects
Mr. Clark reported that all of the authorized TIF projects (excepting Visions and MPEC)
have been completed.
VIII. Adjournment
The meeting adjourned at 4:10 p.m.
Ben Filer, Chairman Date
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