HomeMy WebLinkAbout2015-11-30 TIRZ #3 Meeting Minutes TAX INCREMENT REINVESTMENT ZONE #3 — GLADE PARKS
BOARD OF DIRECTORS
MINUTES
November 30, 2015
The Board of Directors of the Tax Increment Reinvestment Zone #3 — Glade Parks met on
Monday, November 30, 2015, in the Precouncil Conference Room of City Hall in the
Municipal Complex, 201 North Ector Drive, Euless Texas.
The following persons were in attendance:
Mayor Linda Martin, Chair
Mayor Pro Tem Tim Stinneford, Place 1
Council Member Eddie Price, Place 3
Council Member Linda Eilenfeldt, Place 4
Precinct 3 Administrator Rebecca Barksdale Tarrant County
Vice Chancellor for Finance Mark McClendon Tarrant County College District
City Manager Loretta Getchell, President
Assistant City Manager Chris Barker
City Secretary Kim Sutter
City Attorney Wayne Olson
Planning and Economic Development Director Mike Collins
Finance Director Janina Jewell, Treasurer
The following Director was not in attendance:
Vice President, Chief of Staff Scott Rule Tarrant County Hospital
Visitor
Council Member Harry Zimmer, Place 5
ITEM 1. CALL TO ORDER
Chair Linda Martin called the meeting to order at 6:00 p.m.
ITEM 2. APPROVED MINUTES OF JULY 30, 2015, MEETING
Upon motion by Director Stinneford and second by Vice-Chair Eilenfeldt, the minutes of the
July 30, 2015, meeting were approved by unanimous vote.
ITEM 3. APPROVED RESOLUTION NO. 2015-03 TIRZ#3
City Manager Loretta Getchell advised that approval of the Resolution authorizes the
execution of two separate agreements related to the Glade Parks development. She
stated that the Development and 380 agreement sets out the terms and conditions under
which Glade Lifestyle will construct a parking garage (two or three story, minimum of 290
parking spaces) and construct a park, including amenities to include landscaping,
fountains, walkways and other architectural features in the Glade Park development.
She added that the improvement must be completed no later than September 2017, and
TIRZ#3 Minutes Page 2 of 2 November 30, 2015
Glade Lifestyle is required to convey a perpetual public access easement to the park and
parking garage and assume responsibility for any on-going maintenance. The city will
issue Certificates of Obligations equal to 50 percent of the total cost in an amount not to
exceed $3,189,180. The city would loan the proceeds to the TIRZ#3 Board to provide
funding for the reimbursement and the TIRZ Board agrees to commit the TIRZ revenues
for the payment of the City's annual debt service related to the issuance of the bonds.
Upon motion by Director Stinneford and second by Director Price, Resolution No. 2015-
03 TIRZ#3, approving a development agreement and a 380 loan agreement by and
between the City of Euless and Glade Lifestyle, LLC and the Board of Directors of the
Tax Increment Reinvestment Zone Number Three, was approved by unanimous vote.
ITEM 4. EXECUTIVE SESSION
No executive session was held.
A. Seek the advice of its attorneys concerning legal issues associated with any
posted agenda item and that are exempt from public disclosure under Article
X, Section 9 of the Texas State Bar Rules, as authorized by Section 551.071
of the Texas Government Code.
B. Deliberate concerning economic development negotiations as authorized by
Section 551.087 of the Texas Government Code.
ITEM 5. ADJOURNED
There being no further business, the meeting was adjourned at 6:06 p.m.
APPROVED:
L: Martin
Mayor
ATTEST:
Kim, utter, TRMC
City Secretary