TIF #2 Board of Directors Minutes - 08/11/20060
MINUTES
REINVESTMENT ZONE #2
TAX INCREMENT FINANCING COMMITTEE
MINUTES
August 11, 2006
Members:
Ben Filer, Chairman •
Ann Bishop •
Al Flack, Jr. •
James Welburn •
Staff:
David A. Clark, Director of Community Development •
Members Absent:
Jim Chandler
Call to Order
Chairman Filer called the meeting to order at 3:05 p.m.
•
II. Approval of Minutes
Mr. Flack introduced a motion to approve the minutes from the March 3, 2006
meeting; Mr. Welburn seconded. The minutes were approved unanimously.
III. Update on Progress and Financial Structure
Mr. Clark gave an update on the progress of the TIF #2 program, noting that the
proposed construction was on track. Construction plans are now under review for the
Academy Sports store as a major part of the Quail Creek Crossing shopping center.
Mr. Clark further explained that action was pending for an agreement between the City
and County for the TIF #2 fund set up, as already conceived. The City Council would
be considering (August 15th) the award of the construction contract for the first phase
that is the north two lanes of Maplewood from Lawrence to the rear (east) of the Quail
Creek Crossing property. This right -of -way has already been dedicated by the platting
process. There would also be a resolution to determine the necessity to purchase any
other property needed for the extension of Maplewood on eastward to Kemp.
Mr. Clark also noted that a commitment has been established to use 4B funds to
support bonds for the project, so that funds would be more immediately available. TIF
#2 funds would pay back 4B as the increment becomes available.
TAX INCREMENT FINANCING DISTRICT #2 COMMITTEE August 11, 2006 Page 1
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A neighborhood meeting has been scheduled for Monday, August 14th at the Hope
Chapel on Arthur Street. Approximately 150 invitations were sent to area owners
about this open meeting. The intent is to explain the pending Maplewood construction
and plans for the changes to TESCO Park.
IV. Adjournment
Mr. Flack motioned to adjourn. Mr. Welburn seconded the motion and the vote was
unanimous. The meeting adjourned at 3:35 p.m.
Filer, Ch
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Date
TAX INCREMENT FINANCING DISTRICT #2 COMMITTEE August 11, 2006 Page 2