HomeMy WebLinkAbout1996-01-24 CITY OF EULESS
TAX INCREMENT FINANCING
REINVESTMENT ZONE NUMBER ONE BOARD
MINUTES
JANUARY 24, 1996
The Tax Increment Financing Reinvestment Zone Number One Board met at 9:00 a.m.
on January 24, 1996, in the Conference Room, of Municipal Building A, 201 North Ector
Drive, Euless, Texas.
Members present included:
Mary Lib Saleh, Mayor, City of Euless
Bobby Baker, Mayor Pro Tem, City of Euless
Carolyn Park, State Representative, State of Texas
Lary Manire, President, Hurst-Euless-Bedford Independent School District Board
Ron Caloss, Superintendent, Hurst-Euless-Bedford Independent School District
Jane Sanford, Precinct Administrator, Tarrant County Commissioner
Bob Hampton's Office
Bruce Luckock, Executive Director, Bennett Consolidated
Members absent included:
Chris Harris, State Senator, State of Texas
Del Bennett, Bennett Consolidated
Others in attendance included:
Lisa McMillan, Tarrant County Economic Development Coordinator
Mark Briggs, Briggs and Associates
Karen Boyd, Regional Manager, Bennett Consolidated
Carlos Lopez, David Dean and Associates
Glenn Walker, Council Member, City of Euless
Tom Hart, City Manager, City of Euless
Bob McFarland, City Attorney, City of Euless
Susan Crim, City Secretary, City of Euless
Diana Ortiz, Director of Finance, City of Euless
Tom Cox, Director of Economic Development, City of Euless
January 24 1996 TIF REINVESTMENT ZONE BOARD Page 2
CALL TO ORDER
Mayor Saleh called the meeting to order at 9:10 a.m. and introductions were made
around the room.
REVIEW RESPONSIBILITIES OF THE BOARD
City Manager Tom Hart stated there were no matters on which to take action today. He
gave the background of the last 8 years' progress of the mall's development and
explained the makeup of the Tax Increment Financing Reinvestment Zone Number One
Board.
HEBISD Board President Larry Manire explained that the School District's participation
has been slow, because they need to be certain their taxpayers are not negatively
impacted by their participation in the Tax Increment Financing Zone. He stated they
were receiving additional information from Consultant Lynn Moak, and he felt they were
getting closer to seeing how the school district can participate in this project.
Mr. Hart pointed out that this will be the largest real estate project in the State of Texas in
several years. Phase I will be approximately one quarter billion dollars, and Phase II
will be approximately one half billion dollars.
Bruce Luckock explained that Bennett Consolidated was not a mall developer but an
investment company. He briefly described various projects in which they have been
involved. He stated that public financing, private investors and anchor tenants as well as
community involvement are all necessary for a project of this type to take place.
Mr. Hart described the financing requirements for the mall to become a reality and
explained how peripheral development will benefit not only the developer, but also the
community and all taxing entities. He said the two key issues to be decided involve (1)
the trade of two parcels of land between the DFW Airport and Bennett Consolidated and
(2) Nordstrom's decision to be involved.
REVIEW PROPOSED BYLAWS
City Attorney Bob McFarland explained that the Tax Increment Financing Reinvestment
Zone Number One Board is the facilitator of the project. Bylaws are required and a draft
of proposed bylaws was distributed. He asked the Board members to review them and
contact either himself or Carlos Lopez of David Dean and Associates if they have any
changes to request. He stated that a Financing and Project Plan will be presented for
adoption at the next meeting.
Mr. McFarland stated that Board members have governmental immunity that protects
them from any personal liability. He said that all actions by this Board are taken to the
City Council of Euless for ratification. The officers required by statute are chairman,
January 24, 1996 TIF REINVESTMENT ZONE BOARD Page 3
vice-chairman and secretary, with the Chairman being appointed by the governing body
of the municipality. The Euless City Council Members will appoint Mayor Mary Lib Saleh
Chairman of the Tax Increment Financing Reinvestment Zone Number One Board in their
regular meeting on February 13, 1996. Selection of the other officers will be made by
this Board at the next meeting.
Mr. Hart stated that construction will probably begin during the first quarter of 1997. No
public monies will be contributed until vertical construction begins—probably during the
second quarter of 1997. The first bond issuance will be at least twelve to fifteen months
away.
Mark Briggs of Briggs and Associates, explained the Financing Plan that is found in
Exhibit 3 of Ordinance No. 1163, approved by the Euless City Council on December 13,
1995. Mr. Hart stated that an update of the Financing Plan will be submitted to the Board
members prior to the next meeting.
HEBISD Board President Lary Manire asked about the progress of obtaining an Attorney
General's opinion on the possibility of a conflict in several bills passed by the Legislature
in 1995. Mr. McFarland stated that he was working with the State Comptroller's attorney
for a response.
HEBISD Superintendent Ron Caloss said there are some negotiations to be worked out
between the City of Euless and the HEBISD Board on the contract after the Attorney
General's opinion is received. Mr. Hart explained to the TIF Reinvestment Board why it
is vital that HEBISD participate in the TIF District or the project will not happen. He
stated he is ready to meet with the HEBISD officials regarding contract negotiations.
SCHEDULE NEXT MEETING
The next meeting was scheduled for Wednesday, February 21, 1996, from 10:00 a.m.
until 12:00 noon.
ADJOURN
The meeting was adjourned at 10:40 a.m.
Minutes submitted by:
Susan Crim, C' Secretary