TIF #1 Board of Directors Minutes - 04/13/2000 RECEIVE I� ° w
CITY CLERK'S OFFICE
Date `05- )U O
By '19,c__ Time &!Cp
Tax Increment Financing Board
MINUTES
April 13, 2000
Members:
Ben Filer, Chairman * Members
Debbie White *
James Welburn *
David White
Staff:
David A. Clark, Director of Community Development * Staff
Guests:
Kay Yeager, Chairperson of MPEC Board
Bud Beaty, Councilor
Jim Berzina, City Manager
Andi Holland, Wichita Co. Heritage Society
Colin Knight, Radisson Hotel
Mitzie Buss
Absent:
Ruth Terry * Member
I. Introduction
Mr. Filer called the meeting to order at 3:00 p.m.
II. Approval of October 7, 1999 Minutes
Mrs. White moved to approve the October 7, 1999 minutes. Mr. Welburn seconded.
The minutes passed with a unanimous vote in favor.
III. Request for Funding Assistance
Mr. Clark reported that the current balance in the TIF fund is $535,973.17 and noted
that the fund currently accumulates with an additional amount of approximately
$130,000 per year.
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Mr. Clark reported on the status of the Railway Museum gate project that the Board had
approved for funding, explaining that the gates have been refurbished but installation
delayed because the Museum has a lead on a major facility that they would hope to
move on to their property before the gates are up. Not all of their award money has
been spent.
It was concluded that the nature of the financial requests suggests consideration of all .
three projects together.
A. Multi-Purpose Events Center Coliseum
Mrs. Yeager provided a review of the status of the proposed coliseum, explaining the
efforts to secure firm prices including several alternates. MPEC is requesting an annual
amount over$100,000 for bonding purposes and as much from the cash balance as the
TIF Board might consider. It was noted that the issuance of bonds will extend the life of
the TIF funding for the period of the bonds.
Mr. Berzina provided general information on the history of the TIF program. The TIF
bond would be a twenty year commitment.
Mr. Clark gave a further analysis of the previously funded TIF projects. He noted that
all of the requests presented at this meeting are considered to be eligible under State
law and the Project Plan for the Wichita Falls Reinvestment Zone #1. In fact, these
various forms of assistance to such projects are specifically mentioned.
B. Kemp Kell Depot Parking Lot Development
Mr. Clark gave a brief background of the development of the Kemp Kell Depot and the
over $300,000 expenditure consisting of private (through Heritage Society), City, and
ISTEA Enhancement (TxDOT) funds. The Wichita County Heritage Society is
requesting $31,344 for this project.
C. Radisson Hotel Site Work
Colin Knight, manager of the Radisson, gave an explanation of their request. They
have just completed an $8,400,000 total upgrade of the facility and are seeking
$181,200 for exterior lighting and landscaping to enhance the project. Details of the
project were reviewed.
Aspects of the three projects were discussed and Ms. Holland provided additional
explanation about the Heritage Society proposal.
In response to questions about landscaping prospects in view of current drought
conditions and broader financial considerations, Mr. Berzina stated that the MPEC
coliseum project would not be pursued if the City did not have the confidence and the
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means to deal with that problem. To answer a question from Mr. White, Mr. Clark gave
a general overview of other upcoming projects that might be on the horizon to
potentially utilize TIF sources. There was some discussion about future TIF revenues
and the anticipation of their expansion; the Radisson project itself is likely to be a
positive factor.
Mr. Filer provided a scenario for the potential utilization of available funds. Mr. White
added additional thoughts. Mr. Welburn made a motion to recommend to the City
Council that::
a. $250,000 be allocated to the coliseum project from the current cash
balance;
b. $105,000 be allocated annually for bonding purposes for the coliseum;
c. $30,000 be allocated to the Heritage Society for their project; and
d. $125,000 be allocated to the Radisson Hotel for lighting and landscaping.
Mrs. White seconded the motion and it passed unanimously.
The understanding is that the Radisson and the Heritage Society will have some
decisions about other funding of their projects or reduction of the scope. While it was
not part of the motion, it was noted that time limitations should be placed for utilization
of the funds.
IV. Adjourn
The meeting adjourned at 4:10 p.m.
Ben Filer, Chairman Date
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