Loading...
TIF #3 Board of Directors Minutes - 09/03/2025 MINUTES Tax Increment Financing #3 Board September 3, 2025 PRESENT: Kenneth Haney, Chairperson •Member Councilman Tom Taylor •Member Councilman Robert Brooks •Member Sandra Gross •Member Mark Beauchamp •Member Ray Dixon •Member Barry Mahler •Member Paul Menzies, Assistant City Manager •City Staff. Kinley Hegglund, City Attorney •Legal Dept Monica Aguon, Deputy City Attorney •Legal Dept. Stephen Calvert, CFO •City Staff Tyson Traw, Deputy Director Public Works •City Staff Terry Floyd, Development Services Director •Staff Liaison Robin Marshall, Admin Assistant •City Staff ABSENT: N/A GUESTS: Prior to the meeting being called to order, Christal Cates(City Planner II) swore in the new members: Councilman Robert Brooks, Ms. Sandra Gross and Mr. Ray Dixon, Jr. I. CALL TO ORDER The meeting was called to order by Chairperson Mr. Kenneth Haney at 3:33 p.m. II. APPROVAL OF MINUTES Chairman Haney asked if there was anyone from the public that would like to ask any questions, or had any comments. Councilman Tom Taylor noted on page 9 (of their book) was a reference to a"Ms. Karen". Upon research that was to be listed as Ms. Karen Montgomery-Gagne. Mr. Mark Beauchamp made a motion to adopt the May 6, 2025, minutes. Councilman Tom Taylor seconded the motion. Chairman Haney asked if anyone had any comments, and no additional comments were made. The motion was approved unanimously 7-0. III. UPDATE ON FINANCIAL STATUS. Tax Increment Financing#3 Board Meeting PAGE 2 September 3,2025 Mr. Terry Floyd updated the Commission, stating that currently $1.57 million of TIF #3 funds are available for projects/programs. With about another million, over the lifetime of the TIF with its investments, is what's being projected. To date, there have been no expenditures from the TIF #3 funds. In the event that the TIF is extended another five years, an additional$1 million is anticipated to be generated by the end of 2035. Mr. Floyd stated that the TIF is performing well, and is performing above projections. Mr. Mark Beauchamp asked how the interest rates are projected. Mr. Stephen Calvert stated that the funds are invested in a local government investment pool that is very conservative. It is estimated that interest rates will be lower than what they are today. He added that the funds could be invested in Treasury Notes, which would give us more certainty about interest over the long term, but in the current environment the investment pool is probably our best option for this level of funds. IV. DISCUSSION REGARDING PUBLIC INFRASTRUCTURE PROJECT PLAN PRIORITIES AND FUNDING CONSIDERATIONS. Mr. Floyd stated that the 2009 TIF#3 Adopted Project Plan identified a number of public infrastructure projects that could be conducted in the TIF #3 zone. He reiterated that the TIF #3 funds must be used for projects within the boundaries of the district. Anything outside of the district will have to pursue different funding sources. The item we get most questions for is flood plain mitigation. The cost to do anything for most of that would largely outpace what the TIF is capable of funding. About 11% of properties in the TIF#3 zone are in the flood plain, none of it is in the floodway. Those properties in the flood plain have some opportunities to be developed, (by elevation of the land or other things)that the board could potentially put together some type of project that could help mitigate those for some specific parcels for redevelopment. Mr. Floyd spoke about the Rosewood Drainage project, and stated that when it was originally planned the estimated costs were expected to be around $250,000, but now the costs would be about $500,000. This proposal would improve stormwater drainage for some of the land in the area, and would improve visual aesthetics and safety for the area. This is a project that could be brought to the board after vetting and getting bids on the project. Mr. Mark Beauchamp raised questions if this project would spur economic development, and stated he didn't feel like this is a good fit for the TIF#3 funds to be used on. The possibility of presenting a project for dead-end water mains and valve replacements within the district was discussed. Mr. Floyd pointed out an estimate of approximately $300,000(that was included in the staff report). He stated a package could be presented to the board that would allow for the maintenance of water lines that would improve water quality for the area. There was some discussion for some particular projects, that if the TIF#3 board approved funding for, and was asked if there was a way that the city could match funds. Mr. Floyd said maybe, potentially, or to possibly have other matching prospects. If they(the board)are looking at whether a project is on a developable lot,they will have to discuss what it will take to make it happen. At the next meeting, when they discuss the business development plan, they can discuss whether there is a matching fund,a forgivable loan or something else that will allow for that development to take place. He noted that in our tax abatement zone (that has proven effective) is that we are able to talk about these incentives at the pre-development level. Another proposed project that the city might bring before the TIF#3 board is for Street Rehab and sidewalks. Staff would do some work to identify some existing gaps, and high foot traffic areas if it is to be presented to the board. Tax Increment Financing#3 Board Meeting PAGE 3 September 3,2025 Board members brought up the need for curbing (to help channel high waters down away from properties) and the need for bus stops. Mr. Floyd said there is a potential for TIF#3 funds to be used for projects like these, but said there would need to be a detailed review on the project plan. The original amount of money suggested to allocate to infrastructure was $750,000, but Mr. Floyd asked the board if they would give input on the amount that they would like allocated to infrastructure in the TIF#3 area. There was continued discussion on beautification of the area, economic development and infrastructure in the zone. Mr. Floyd said the greatest growth for economic development in the area will come from private investors that will develop in that area and start businesses there. Ms. Sandra Gross stated that she is conflicted on if they should help already established businesses in the TIF#3 zone and enhance them, or use the funds to help create new business Mr. Beauchamp suggested a train depot off of MLK, because Amtrak has discussed coming to our area. He said that it would be a great spark for our area. It was stated that the timeline for the development that Amtrak has discussed is unknown right now. Chairperson Haney said the board needs to have the plan in place for the allocation for the funds within the year. There was continued discussion on businesses and growth in the area, and what can be done to start, and continue, growth in the TIF#3 zone. Also discussed was looking at development options, the flood plain (bringing in fill dirt), mitigating the flooding, and what could be brought to the area to improve quality of life for the residents. It is important to get the developers interested in investing in the area, and to maybe offer available funding to assist in developing in the TIF#3 zone. It was stated that the$750,000 Rosewood project is not a priority to the board at this time. Board and staff members will be reaching out to local realtors (and also the Chamber of Commerce) to find out find if any properties in that area are available for development, if they have investors that might be interested in investing/developing in our zone, and what type of programs might help them in redevelopment. V. OTHER BUSINESS a) Next Meeting Date—Mr. Terry Floyd asked if the Board could meet again on September 24, 2024. The Board agreed to this date. VI. ADJOURN Chairman Haney asked if anyone had any other comments. With no more comments being made, Chairman Haney adjourned the meeting. The meeting adjourned at 4:39 p.m. / / ie , Oa- / ao as` Kenneth Haney, Chairperson Date