Jun 28, 2022 TIRZ Meeting

[CALL TO ORDER]

[00:00:10]

MIC] FIRST WE HAVE COUNCIL SERVING ON THAT COMMITTEE AS WELL AS TWO PEOPLE WE'VE GOT TO WELCOME.

COUNTY APPOINTEE THERESA PARSONS, TARRANT COUNTY COMMUNITY OUTREACH COORDINATOR AND COLLEGE DISTRICT APPOINTEE SUSAN ALANIS, AND SHE'S THE CHIEF OPERATING OFFICER.

WE'RE GLAD TO HAVE YOU JOIN US HERE TONIGHT.

THANK YOU. PUBLIC COMMENTS.

ARE THERE ANY PUBLIC COMMENTS? NO, SIR.

OKAY. SO GETTING RIGHT ON TO NEW BUSINESS.

[1. Appointment of a Vice Chairman of the Board of Directors.]

DO WE HAVE ANY NOMINATIONS? I'D LIKE TO NOMINATE COUNCILMAN COGAN.

WE HAVE A MOTION, AND I'LL SECOND THAT.

AND LET'S GO FOR A VOTE.

WE'RE NOT USING THE VOTING SYSTEM.

I'M SORRY. RAISE YOUR LITTLE HANDS.

OKAY. OKAY.

[2. Review and consider approval of the City of Bedford Tax Increment Reinvestment Zone #1 (TIRZ #1) Final Project and Financing Plan.]

TIRZ NUMBER ONE, FINAL PROJECT AND FINANCING PLAN.

SO, DAVID PETTIT, YOU'RE UP.

THANK YOU ALL VERY MUCH.

I HOPE YOU ALL HAVE HAD A GREAT DAY.

I'VE BEEN GOING SINCE ABOUT 5:30 THIS MORNING.

I WAS JUST IN STEPHENVILLE TALKING ABOUT TIFS AND WAS FORTUNATE TO BE ABLE TO MAKE IT JUST IN TIME FOR THIS MEETING.

SO THANK YOU VERY MUCH.

I WON'T SPEND TOO MUCH TIME ON THIS, BUT I WANT TO REMIND THE TIF BOARD THAT THE TIF PROCESS IS REALLY A TWO STEP PROCESS.

ONE IS THE TIF CREATION ORDINANCE, WHICH THE COUNCIL TOOK THAT ACTION.

AND AS PART OF THAT, YOU HAVE THE BOUNDARY, THE TERM, THE CITY'S PARTICIPATION, THE TIF BOARD, WHICH AFFORDS APPOINTMENTS FOR THOSE THAT PARTICIPATE THROUGH AN INTERLOCAL LOCAL AND A PRELIMINARY PROJECT AND FINANCING PLAN THAT AFFORDED US THE OPPORTUNITY TO GO TALK WITH OUR PARTNERS AT TARRANT COUNTY TO SOLICIT THEIR PARTICIPATION, WHICH WE WERE SUCCESSFUL IN DOING, AND THEN ALSO GETTING PARTICIPATION FROM TARRANT COUNTY COLLEGE.

AND SO THAT BRINGS US TO TODAY, WHICH WE HAVE THE WAY THE STATE LAW READS IS IF YOU PARTICIPATE, YOU GET A SEAT ON THE BOARD.

SO WE'RE GLAD TO HAVE OUR PARTNERS HERE AT THE BOARD.

AND SO A FINAL PROJECT AND FINANCING PLAN, THIS IS NO DIFFERENT THAN REALLY THE PRELIMINARY THAT WAS ATTACHED TO THE CREATION ORDINANCE.

WE'VE UPDATED IT A LITTLE BIT BECAUSE WE HAD SOME TAX VALUES AND THERE'S BEEN A LITTLE BIT OF ADJUSTMENT.

AND AS LISA MCMILLAN WITH THE COUNTY CAN TELL YOU, THAT YOU HAVE SOME VARIATIONS FROM WHEN YOU YOUR FIRST YEAR.

IT TAKES ABOUT 2 TO 3 YEARS TO GET THOSE INCREMENTS KIND OF ESTABLISHED, BUT JUST A REVIEW OF THE PROJECT AND FINANCING PLAN.

AND WHAT WE'RE ASKING FOR IS YOUR RECOMMEND APPROVAL OF THE FINAL PROJECT AND FINANCING PLAN THAT DOES HAVE TO COME FROM THE TIF BOARD.

AND THEN IT GOES TO THE CITY COUNCIL FOR APPROVAL OF A FINAL PROJECT AND FINANCING PLAN ORDINANCE.

SO THERE'S TWO ORDINANCES.

THE CREATION ORDINANCE REQUIRES A PUBLIC HEARING AND THAT HAD THE PRELIMINARY PROJECT AND FINANCING PLAN.

AND SO WE'RE NOW GOING THROUGH STEP TWO.

SO IF YOU RECOMMEND APPROVAL OF THIS TONIGHT, THE CITY COUNCIL WILL CONSIDER WITHOUT A PUBLIC HEARING, IT DOESN'T REQUIRE A PUBLIC HEARING.

THE FINAL PROJECT AND FINANCING PLAN SO REQUIRED AS PART OF THE STATUTE OF THE TIF ACT.

YOU MUST APPROVE THE PROJECT AND FINANCING PLAN.

THE TIF ENCOMPASSES 57 AND 11 57.11 ACRES.

IT'S A 30 YEAR TERM, IT'S MADE UP OF TEN, AND THIS IS TOTALLY MADE UP AREA DEVELOPMENT ZONES ADZS.

WE'RE IN GOVERNMENT. SO WE WANTED TO COME UP WITH AN ACRONYM.

AND SO WE AND THE REASON FOR THIS IS THAT WE HAD A MAJOR AREA THAT WE WERE FOCUSING ON, BUT WE HAD OTHER AREAS AND I'LL SHOW YOU THAT IN JUST A MINUTE THAT NEEDED WE COULD CAPTURE THAT FUNDING AND CHANNEL IT IN SUCH A WAY THAT WE COULD LEVERAGE THE MOST PRIVATE INVESTMENT THAT WE COULD THE BASED UPON OUR PROJECTIONS.

AND ONCE AGAIN, THESE ARE JUST PROJECTIONS.

AND SO I RECOMMEND EVERY FIVE YEARS WE KIND OF REVISIT THESE JUST TO MAKE SURE THAT WE'RE ON TARGET.

BUT WE HAVE ESTIMATED VALUE AT $110 MILLION.

AND REALLY THIS PROVIDES A ROADMAP FOR DEVELOPMENT, INCLUDING FUNDING OF PUBLIC INFRASTRUCTURE AT $23.5 MILLION. SO FROM THE PRELIMINARY, AS I MENTIONED BEFORE, THERE'S NO SIGNIFICANT CHANGES TO THIS FINAL.

IF WE GO TO THE NEXT THIS IS THE 10 ADZS, YOU CAN SEE THAT THEY INCORPORATE A NUMBER OF DIFFERENT AREAS THAT ARE

[00:05:06]

AND THERE YOU'VE PROBABLY SEEN MAYBE SOME CONSTRUCTION THAT HAS OCCURRED IN A COUPLE OF THOSE AREAS.

AND I THINK IT WAS ACTUALLY AT THE COMMISSIONERS COURT, I WAS ASKED WHY SO MANY DIFFERENT AREAS AND IT'S THAT MAIN AREA WHICH IS THE CIVIC CENTER NEEDS THE SUPPORT OF THESE OTHER AREAS TO CAPTURE THAT INCREMENT AND HELP SEED THE DEVELOPMENT.

AND I KNOW ANDREA IS GOING TO TALK AND GIVE A BRIEFING TO THE TIF BOARD ABOUT WHAT'S GOING ON WITH THE MAIN BEDFORD COMMONS AREA.

BUT I THINK THAT'S A GOOD WAY TO DESCRIBE IT, IS THAT THE OTHER NINE ZONES ARE NEEDED TO HELP FUND THE PRIMARY ZONE.

THAT DOESN'T MEAN THAT WE MIGHT NOT HAVE SOMETHING.

I JUST DON'T THINK OF ANYTHING IMMINENT.

ANDREA, I DON'T THINK YOU SEE ANYTHING IMMINENT IN THESE OTHER NINE ZONES, BUT YOU NEVER KNOW.

AND SO WE LIKE TO BE PREPARED AND BE NIMBLE AND WE CAN GO TO THE NEXT SLIDE.

WE JUST KIND OF WENT IN A CLOCKWISE FASHION IS WE KIND OF NAME AREA DEVELOPMENT ZONE.

ONE OTHER CITY OWNED LAND ADZ 2 SOME POTENTIAL DEVELOPMENT THAT'S GOING ON IN ADZ THREE AND MADE OUR WAY AROUND.

IT WAS REALLY KIND OF EYE OPENING WHEN WE WERE WORKING WITH STAFF AND WE SAID, HEY, WE CAN DO NONCONTIGUOUS ZONES.

BUT THIS IS ALL IN THE GENERAL VICINITY.

AND ONCE AGAIN, THOSE OTHER NINE ZONES ARE HERE TO SUPPORT ADZ NUMBER ONE.

WITH REGARDS TO THAT AREA, ADZ ONE.

ONE OF THE CHARGES THAT WE HAD FROM THE CITY COUNCIL WAS OK.

WE'VE HAD A LOT OF PLANNING THAT'S GONE INTO THIS.

WE WANT SOMETHING THAT'S GOING TO TAKE IN CONSIDERATION OUR DIRECTION THAT WE'VE HEARD FROM THE CITIZENS.

AND THAT WAS PRIMARILY A SINGLE FAMILY DEVELOPMENT WITH SOME SOME COMMERCIAL DEVELOPMENT, NOTHING MULTIFAMILY, BECAUSE THAT WAS SOMETHING THAT HAD BEEN VETTED AND REJECTED MULTIPLE TIMES.

AND SO WHAT WE CAME UP WITH WAS REALLY A PUBLIC GATHERING PLACE THAT HAD SOME RETAIL KIND OF I LIKE TO THINK OF IN FORT WORTH WITH THE CLEAR FORK AND YOU THINK OF PRESS CAFE.

AND I KNOW THAT SEVERAL OF THE COUNCILMEMBERS TALKED ABOUT THAT AS KIND OF A CENTRAL GATHERING AREA.

AND THEN YOU HAVE THE COMMERCIAL DEVELOPMENT AND THE RESIDENTIAL DEVELOPMENT THAT KIND OF SPEWS OUT FROM THAT.

BUT THIS WAS KIND OF THE GUIDE POST, IF YOU WILL, AND THE MAP THAT BASICALLY AS WE GO OUT AND TALK TO DEVELOPERS, THIS IS WHAT THE COUNCIL WANTS TO SEE AND THIS IS WHAT THE COMMUNITY WANTS TO SEE AND IT'S BEEN VETTED.

SO DON'T COME TO US WITH A LARGE MULTIFAMILY PROJECT THAT, YOU KNOW, SIX STOREYS HIGH AND TEN STOREYS HIGH AND HAS DOESN'T MEET THE COMMUNITY'S DESIRE.

SO IF WE GO TO THE NEXT SLIDE, THESE ARE OUR PROJECTIONS.

AND AS I MENTIONED, THESE ARE JUST PROJECTIONS.

BUT WE HAVE YOU KNOW, I ALWAYS LIKE TO SAY THAT THIS IS AT THIS POINT, IT'S FOR HORSESHOES AND HAND GRENADES, PARTICULARLY ON AD Z ONE. AND ANDREA WILL TALK TO YOU ABOUT THE PROCESS THAT WE'RE GOING THROUGH TO ENGAGE THE DEVELOPER.

BUT THE OTHER AREAS, WE HAD SIGNIFICANT INTEL THAT WE KNEW DEVELOPMENT WAS IMMINENT AND ABOUT TO OCCUR.

AND SO THAT'S WHY WE WERE GOING TO BE ABLE TO CAPTURE IT BY PUTTING THE TIF IN PLACE WHEN WE DID.

AND SO, AS I MENTIONED, THAT'S ABOUT $110 MILLION WORTH OF DEVELOPMENT.

YOU CAN SEE SOME OF THESE.

THEY'RE NOT HUGE.

YOU KNOW, THEY'RE COMMERCIAL DEVELOPMENTS.

AND I LIKE TO TELL A LOT OF PEOPLE, IF YOU THINK OF, OH, THEY GO, OH, WELL, YOU KNOW, CHICK FIL A IS GOING IN THERE.

WELL, IF YOU LOOK AT THE AD VALOREM FOR A CHICK FIL A, THE MAX I CAN FIND COUNTY WIDE IS ABOUT $450,000.

THAT'S ABOUT ONE SINGLE FAMILY HOME.

SO WE CAN'T HOLD ALL OF OUR HOPES AND THAT WE CAN GET A CHICK FIL A.

I MEAN, WE HAVE TO DO THIS ON THE AGGREGATE AND THAT'S WHY WE INCLUDED ALL THESE DIFFERENT ZONES.

YOU CAN SEE THAT THEY RANGE ANYWHERE FROM COMMERCIAL OF 40,000, YOU KNOW, 30,000.

BASICALLY, OFFICE AND COMMERCIAL DEVELOPMENT MAKES UP MAJORITY OF THIS WITH THE COMMERCIAL, WHICH WAS ABOUT 18,000 SQUARE FEET IN ABOUT 180 TOWNHOMES.

AND WE'LL GET A LITTLE BIT OF AN UPDATE OF WHAT WE HAD AS FAR AS OUR VISION FROM.

AND I'LL ALSO SAY THAT WHEN OUR FIRM WAS HIRED, WE SAID WE'RE NOT PLANNERS.

WE DID STAY AT A HOLIDAY INN EXPRESS LAST NIGHT, BUT WE'RE NOT PLANNERS.

WE NEED TO BRING IN PROFESSIONALS HERE.

AND SO WE HIRED GOOD FULTON AND FERRELL TO HELP COME UP WITH THEIR PLANNING GROUP, AND I THINK THEY DID A GREAT JOB.

WE GO TO THE NEXT SLIDE.

SO WHEN WE PUT IN ALL THOSE INPUTS, WE GET AN OUTPUT OF $23 MILLION.

[00:10:04]

AND SO WE'RE AFFORDING THE TIF BOARD AND THE CITY COUNCIL, THE AUTHORITY TO ALLOCATE THOSE FUNDS.

AND I LIKE TO SAY THERE'S TWO MOTHER.

IF SOMEBODY WANTS SOMETHING FROM THE THE TIF, THEY'RE GOING TO HAVE TO COME TO THE TIF BOARD AND THEN THEY'RE GOING TO HAVE TO GO TO THE CITY COUNCIL.

SO THERE'S ONE MOTHER, MAY I? AND THEN THERE'S ANOTHER MOTHER, MAY I? BUT THIS AFFORDS THE ABILITY, BECAUSE A LOT OF TIMES WHEN WE DID TIFS, PARTICULARLY IN THE LATE NINETIES, WE'D GET PUBLIC WORKS AND ENGINEERS THAT COME UP WITH ALL THESE COSTS AND MAYBE THE STATE CAME IN AND FUNDED SOMETHING OR ANOTHER ENTITY CAME IN.

WE WOULD HAVE TO AMEND THAT PLAN EVERY TIME.

THIS GIVES YOU THE ABILITY TO BE FLEXIBLE AND NOT HAVE TO AMEND IT EVERY TIME THERE'S A CHANGE IN CATEGORIES.

SO BASICALLY WE'RE AFFORDING EVERYTHING THAT'S ALLOWED UNDER THE STATUTE WITHIN HERE.

THERE'S NOT MUCH THAT I DON'T THINK THAT WE COULD NOT FUND, AND WE ALSO INCLUDED ECONOMIC DEVELOPMENT GRANTS.

I WILL MENTION THAT ECONOMIC DEVELOPMENT GRANTS WERE ADDED IN 2005, AND THAT'S UNDER THAT'S CONSISTENT WITH LOCAL GOVERNMENT CODE CHAPTER 380 THAT BASICALLY SAYS ANYTHING THAT INCREASES THE BUSINESS AND COMMERCIAL ACTIVITY WITHIN A ZONE.

YOU CAN DO PUBLIC INCENTIVES AND BUT THAT IS LIMITED TO JUST THE CITY'S PARTICIPATION.

THE TARRANT COUNTY COLLEGE AND THE COUNTY CANNOT PARTICIPATE IN THAT.

BUT THAT GIVES YOU FLEXIBILITY.

AND I THINK LISA KNOWS THIS IN 1998, WE WERE TRYING TO DO THE ASHTON HOTEL AND IF WE WOULD HAVE THAT STATUTE, BUT WE ENDED UP DOING A HISTORIC FACADE LEASE FOR TEN YEARS BECAUSE THERE IS NO WAY WE COULD FUND THE PROJECT.

SO WE GOT AN APPRAISAL SAID THIS IS WORTH $1,000,000 AND WE GAVE THEM 100,000 A YEAR FOR TEN YEARS.

IF I HAD THIS 380 PROVISION, I COULD HAVE JUST GIVEN THEM A GRANT INSTEAD OF GOING THROUGH ALL THE HEADACHE.

AND IT LITERALLY WAS A LOT OF HEADACHE.

SO THE 380 GRANT MAKES A LOT OF SENSE.

IF WE GO TO THE NEXT SLIDE, WE'RE FORTUNATE TO HAVE THE OTHER TAXING JURISDICTIONS PARTICIPATE WITH THE CITY OF BEDFORD, PUTTING IN 75% IN TARRANT COUNTY, PUTTING IN 50% IN TARRANT COUNTY COLLEGE, PUTTING IN 50% INTO THE TIRZ.

AND SO THIS IS TRULY A COLLABORATIVE PROJECT.

IF WE GO TO THE NEXT SLIDE.

AND SO, AS I MENTIONED BEFORE, THIS IS WE'RE SEEKING YOUR YOUR INPUT AND WE HAVE THREE OPTIONS TO TO APPROVE IT, TO GO FORWARD FOR APPROVAL TONIGHT.

AND THAT KIND OF SETS THE ROADMAP SO WE CAN START DOING ACTIVITY WITHIN THE TERMS. AND I'D BE HAPPY TO ANSWER ANY QUESTIONS IF YOU ALL HAVE ANY.

I HAVE A QUESTION WHICH YEAR WOULD BE THE BASE YEAR WOULD BE 2020 OR 2022.

IT WOULD BE 2020. IT'D BE 2020.

SO WHENEVER YOU DO A TIRZ, LET'S SAY YOU DO IT IN DECEMBER OF 2020, IT ALWAYS GOES BACK TO JANUARY ONE OF 2020.

SO IT'S THE YEAR IN WHICH THE TIF IS CREATED.

SO WE GET REALLY BUSY RIGHT AROUND BETWEEN CHRISTMAS AND NEW YEAR'S, AND IN MY OFFICE THERE'S JUST TWO OF US, SO WE HAVE TO DRIVE ALL AROUND.

AND LISA KNOWS THIS AS WELL BECAUSE EVERYBODY IS TRYING TO MEET THAT DEADLINE OF CREATING THAT BASE.

AND AS FAR AS FINANCIAL TRANSPARENCY, WOULD THIS BE UP ON THE WEBSITE? DO YOU DO AN ANNUAL REPORT OR HOW DOES A TAXPAYER SEE WHERE THE FUNDS ARE BEING? SO PER STATE LAW, THE COMPTROLLER REQUIRES US AND PER STATE STATUTE TO PROVIDE AN ANNUAL REPORT.

SO EVERY YEAR WE WILL PROVIDE YOU WITH A REPORT THAT BASICALLY AND YOU'LL HAVE A TIF BOARD THAT WILL APPROVE THAT REPORT, I BELIEVE ANDREA, THAT'S HOW YOU PLAN ON DOING IT.

SOME CITIES DO IT A LITTLE BIT DIFFERENT, BUT WHAT WE RECOMMEND IS YOU PREPARE THAT ANNUAL REPORT, YOU GET THE INFORMATION FROM THE TARRANT APPRAISAL DISTRICT AND THEN IT SAYS THIS IS HOW MUCH WAS THE BASE.

HERE'S THE INCREMENT, HERE'S WHAT WENT INTO THE FUNDS.

SO THAT'S THE REVENUE SIDE AND HERE'S THE EXPENSE SIDE AND THAT'S ALWAYS AVAILABLE TYPICALLY ON ONLINE.

AND SO YOU WOULD HAVE NOT ONLY THE PROJECT AND FINANCING PLAN ONLINE FOR REFERENCE, BUT ALSO THE ANNUAL REPORT.

SO WHEN I'M ASKED TO DO PROJECTS IN CITIES, I DON'T KNOW.

I IMMEDIATELY GO TO A CITY'S WEBSITE TO PULL UP THEIR ANNUAL REPORTS BECAUSE THAT GIVES ME A SNAPSHOT OF WHERE THEY ARE.

AND THIS IS A PAY AS YOU GO.

WE WOULDN'T BE DOING BONDS OF ANY SORT, RIGHT? THIS IS RIGHT NOW I THINK IT'S CONTEMPLATED AS A PAY AS YOU GO.

I WILL TELL YOU, THE DIFFICULTY WITH ANY TIRZ IS, AS I MENTIONED, THE REVENUE SIDE, THEY ARE PROJECTIONS, NO FINANCIAL ADVISOR COULD UNDERWRITE THESE ASSUMPTIONS.

SO NOT UNTIL NOT UNTIL THE REVENUE IS ON THE GROUND AND HAS BEEN ESTABLISHED FOR MULTIPLE YEARS.

DO YOU HAVE THAT OPTION? SO I'M NOT GOING TO SAY NEVER.

IT MIGHT BEHOOVE YOU IF YOU HAVE A REIMBURSEMENT AGREEMENT TO WHERE THE DEVELOPER BORROWED THE MONEY.

[00:15:02]

AND AFTER YOU HAVE 3 TO 5 YEARS WORTH OF ESTABLISHED REVENUE, IT MIGHT BEHOOVE YOU TO LOOK AT POTENTIALLY ISSUING BONDS.

BUT AT THIS TIME, WE DO NOT ANTICIPATE THAT.

I NOTICED YOU HAD IN THE PROJECTIONS.

YOU HAD INFLATION AT 2%.

YES, SIR. YOU KNOW, THAT'S ALREADY.

BUT MAYBE IN THE LONG RUN, 30 YEARS, WHO KNOWS? BUT. IF THE ECONOMY TANKS, YOU KNOW, THIS IS A PAY AS YOU GO.

AND THE PROPERTY VALUES, WHAT SET EVERYTHING ABOVE THE 2020 YEAR GOES INTO THIS, RIGHT? CORRECT. AND SO THIS IS BASED ON THE ASSUMPTION THAT PROPERTY VALUES WILL KEEP GOING UP.

SO, YOU KNOW, IN 2008, THERE WAS A LITTLE BIT OF A BLIP THAT PEOPLE ALWAYS THOUGHT THE REAL ESTATE VALUES WOULD ALWAYS GO UP BUT NEVER GO DOWN.

THEY ACTUALLY WENT DOWN.

WE WERE VERY INTENTIONAL HERE ON THESE TEN ZONES TO LOOK AT NEW CONSTRUCTION.

AND THERE WAS ALSO, I THINK, A DISCUSSION AMONGST COUNCIL TO INCLUDE SOME OTHER AREAS, BUT THEIR INCOME PRODUCING, AS YOU KNOW, THERE'S THREE APPROACHES TO REAL ESTATE APPRAISAL. THERE'S THE COST APPROACH, COMPARABLE APPROACH AND INCOME APPROACH.

IF YOU HAVE IN COVID AND WE WERE DOING THIS DURING COVID, THERE WAS A LOT OF VACANCIES IN DEFERMENT OF RENT.

SO YOU COULD ARGUE THAT THOSE WERE GOING TO BE DEPRESSED.

AND SO WE THINK THAT THIS IS VERY CONSERVATIVE, BUT ONCE AGAIN, IT'S AN EAT WHICH YOU KILL IF IT'S PRODUCES.

AND I WILL TELL YOU ONE THING ABOUT SINGLE FAMILY OR TOWNHOMES.

ONCE YOU BUILD IT, THEY TYPICALLY DECREASE IN VALUE SIGNIFICANTLY FROM WHAT THEY ARE SOLD.

HISTORICALLY, WE DID HAVE THAT BLIP IN 2008.

I KNOW MY OWN HOME VALUE WENT DOWN ABOUT 20%, BUT I HAVE WELL EXCEEDED THAT SINCE 2000 AND THAT WAS A LONG RECESSION, I THINK 2012 WHEN WE FINALLY GOT OUT.

BUT YES, I THINK THE MARKET'S STRONG ON SINGLE FAMILY COMMERCIAL.

AS LONG AS YOU HAVE GOOD TENANTS OFFICE THEY ARE STABILIZED.

BUT ONCE AGAIN, WE'VE ESTABLISHED THAT BASE.

WE DON'T ANTICIPATE ANY CHANGES IN THAT BASE BECAUSE A LOT OF THAT'S VACANT LAND, IT'S CITY OWNED LAND.

SO $1 OF NEW VALUE IS GOING TO BE NEW INCREMENT.

SO I THINK WE HAVE THE BELTS AND SUSPENDERS ON IT.

ALL RIGHT. THANK YOU. YOU'RE WELCOME.

ANY OTHER QUESTIONS? ALL RIGHT.

THANK YOU. REVIEW AND CONSIDER APPROVAL OF THE CITY OF BEDFORD TAX INCREMENTAL.

THAT'S WHAT WE ORDERED IN BEDFORD COMMONS DEVELOPMENT PROGRESS UPDATE SO THIS IS WHERE ANDREA STEPS UP AND TELLS US WHAT'S GOING ON THERE.

YES. DO WE NEED TO VOTE? I NEED YOU TO GO AND TAKE A VOTE ON THAT ONE FIRST.

YES. SO I NEED TO CALL FOR A MOTION.

AND SECOND, FOR THE NOMINATION TO APPROVE THE CITY OF BEDFORD TAX INCREMENTAL REINVESTMENT ZONE. I'LL MOTION TO APPROVE.

MR. COGAN MADE THE MOTION DO I HAVE A SECOND.

MR. STEVENS MADE THE SECOND.

AND LET'S VOTE.

HANDS UP, WE FORGET.

YES, IT'S UNANIMOUS.

THANK YOU VERY MUCH. AND NOW WE GET A REVIEW FROM ANDREA ROY, ECONOMIC DEVELOPMENT DIRECTOR.

[3. Bedford Commons development progress update.]

OH, YEAH, YEAH, YEAH, YEAH.

ASSISTANT CITY MANAGER.

I ANSWER TO ANY OF THOSE.

I'VE BEEN CALLED MUCH WORSE.

OKAY. MOVING FORWARD, JUST TO KIND OF WE THOUGHT WE WOULD TAKE THE OPPORTUNITY SINCE WE HAVE YOU ALL HERE FOR THE FIRST TIME IN THE ROOM TOGETHER TO GO AHEAD AND GIVE YOU A LITTLE UPDATE AS TO WHERE THINGS ARE REGARDING THE CORE OF BEDFORD COMMON.

SO AS DAVID POINTED OUT, YOUR ZONES THAT REALLY ARE SUPPORTING THE PROJECT THAT WE'RE INTENDING TO DO HERE IS THAT THE CENTRAL AREA OF BEDFORD COMMONS.

OKAY. I DON'T HAVE THAT MANY.

HERE WE GO. OKAY.

SO SINCE OUR COUNTY AND [INAUDIBLE] HAVE JOINED US AND PARTICIPATED IN THE TIRZ AS WELL, WE HAVE SINCE AT THE CITY LEVEL WE HAVE IDENTIFIED AND ENTERED INTO AN AGREEMENT WITH A MASTER DEVELOPER CALLED OLD TOWN DEVELOPMENT TO ASSIST US WITH THE DEVELOPMENT OF BEDFORD COMMONS HERE IN THIS CENTRAL AREA. SO RIGHT NOW WHAT WE ARE DOING IS WE'RE WORKING WITH THEM AND THEY ARE REALLY PURSUING.

[00:20:02]

SO WE ARE REALLY IN THE KIND OF BEHIND THE SCENES, THE NOT SO EXCITING PART OF THIS RIGHT NOW.

BUT WE'RE DIVING INTO THOSE DETAILS TO SEE WHAT IS DEVELOPABLE, WHAT IS NOT DEVELOPABLE AND THINGS ALONG THOSE LINES.

SO OLD TOWN DEVELOPMENT HAS BEEN VERY BUSY SINCE YOU LAST SAW THEM.

THEY HAVE BEEN OUT MEETING WITH A VARIETY OF RESTAURANTS, RESTAURATEURS, ALSO ENTERTAINMENT VENUES THAT ARE INTERESTED IN COMING HERE AND THOSE THAT THEY THINK ARE REALLY THE BEST FIT.

SO THEY'RE KIND OF DOING WHAT THEY DO BEST RIGHT NOW AS THEY'RE TALKING TO FOLKS AND SEEING WHO COMPLEMENTS ONE ANOTHER AND REALLY WHAT'S GOING TO BE A GOOD FIT HERE.

SO WE HAVE A UPDATE WITH THEM NEXT WEEK.

WE'VE BEEN UPDATED PROBABLY ABOUT EVERY OTHER WEEK WITH THEM GOING SINCE WE DID FIRST APPROVE THEM AS OUR MASTER DEVELOPER.

SO THEY'RE DOING ALL THAT BEHIND THE SCENES WORK.

AND THEN ONCE WE KIND OF START TO TO HAVE THINGS GEL A LITTLE BIT MORE, WE'RE CERTAINLY BRINGING THAT FORWARD AND UPDATE EVERYBODY.

AND THEN ALSO IN ADDITION TO THAT, PRIOR TO ENLISTING THE SERVICES OF OLD TOWN, WE HAD MET WITH SEVERAL DEVELOPERS AND ALSO SEVERAL RESIDENTIAL DEVELOPERS.

ALSO, WE HAVE CONTINUED TO MEET WITH THOSE FOLKS AND WE ARE NOW KIND OF STEPPING BACK AND LETTING THEM CONNECT WITH OLD TOWN TO SEE WHERE THEY FIT WITHIN THIS PROJECT.

SO I HAVE TO SAY, WE'RE VERY BLESSED.

WE'VE GOT A LOT OF WONDERFUL INTEREST FROM REALLY HIGH QUALITY RESIDENTIAL DEVELOPERS.

I THINK WE WOULD BE HAPPY WITH ANY ONE OF THE FOLKS THAT WE'VE TALKED TO.

SO WE'RE IN A GREAT POSITION WHERE WE'LL BE ABLE TO REALLY LINE UP WITH WHO WE THINK FITS OUR NEEDS BEST AND WORK WITH OLD TOWN ON THAT PROJECT.

SO THINGS ARE MOVING.

I'LL HAVE MORE UPDATES, BUT THAT'S THAT'S KIND OF WHAT'S HAPPENING.

WE'RE IN THAT BORING BEHIND THE SCENES PHASE RIGHT NOW OF DIGGING INTO THE DETAILS.

ANDREA, WILL THE DEVELOPER OLD TOWN WHEN IT COMES DOWN TO PICKING THE RESIDENTIAL GROUP THAT WORKS WITH THEM, WILL IT SLICE ITSELF UP ALL BY ITSELF OR WILL WE HAVE ANYTHING TO DO WITH THAT? WILL THEY HAVE TO GO THROUGH OLD TOWN AND OLD TOWN, BLESS THEM? OR DO WE HAVE SOMETHING? WE ARE ALL COMING TOGETHER ON THAT ONE.

YEAH, WE WILL BE HAND IN HAND WITH THEM ON THAT ONE.

ABSOLUTELY. SO WE'RE NOT TURNING THAT OVER TO THEM.

IT IS GOING TO BE REALLY KIND OF A MARRIAGE OF ALL OF US.

THANK YOU. ANY OTHER QUESTIONS COUNCIL.

THAT'S OKAY. AND JUST AGAIN, I THINK THAT I HAD SHOWN SOME OF THIS TO COUNCIL, BUT THIS IS AN EXAMPLE OF SOME OF OLD TOWNS WORK THAT THEY'VE DONE RECENTLY.

AND AGAIN.

AND THEY THEY ALSO PARTNERED WITH GFF AND ONE OF THEIR ARCHITECTS TO LAY THINGS OUT ALSO.

SO DAVID, WHEN WE LAID THE TIRZ OUT INITIALLY GFF WAS THE ONE THAT DID IT AND WE'RE CONTINUING THAT RELATIONSHIP WITH THAT GROUP.

SO THAT WILL REALLY MAKE THINGS EVEN MORE SEAMLESS.

AND SO WHAT HAS HAPPENED SO FAR AND THIS IS A COUNCIL HAS SEEN THIS SO REALLY FOR FOR THERESA AND SUSAN, THIS IS THE CURRENT PROPOSED PLAN THAT OLD TOWN HAS SHOWN US.

IT'S STARTING TO TAKE THAT TIRZ CONCEPT PLAN AND START TO PUT SOME DETAIL INTO IT.

AND THEN AGAIN, WE'VE STARTED LOOKING AT POTENTIAL PHASES OF THAT CORE AREA WHERE WE WOULD TACKLE KIND OF THE CENTRAL AREA FIRST AND THEN EXPAND OUT BASED ON MARKET DEMAND.

AND THAT'S ALL I HAVE FOR YOU.

THERE'S ABSOLUTELY NO ACTION NEEDED ON YOUR PART TONIGHT.

WE JUST WANTED TO TAKE ADVANTAGE AND UPDATE YOU WHERE THINGS ARE MOVING.

OKAY. THANK YOU, ANDREA.

COUNCIL, DO YOU HAVE ANY QUESTIONS FOR ANDREA? SO THAT'S IT, I GUESS SO.

DO WE JUST ADJOURN?

[4. Discussion regarding potential expansion of Tax Increment Reinvestment Zone #1.]

OKAY. OKAY.

OKAY. SO THIS IS WANTED TO BRING THIS TO YOUR ATTENTION.

WE ARE NOT ACTUALLY ASKING FOR ANY ACTION THIS EVENING.

THE CITY PURCHASED 18 AND A HALF ACRES LAST DECEMBER HERE AT THE CORNER OF INDUSTRIAL BOULEVARD, ALSO KNOWN AS 157, AN AIRPORT FREEWAY, WHICH IS ALSO KNOWN AS 183 FRONTAGE ROAD.

SO WE WERE WE WERE IN A POSITION TO TAKE OWNERSHIP OF THE PROPERTY.

AND SO WE WANTED TO KIND OF SHARE THAT WITH YOU ALL THIS EVENING.

AS YOU CAN SEE, THE YELLOW AREA IS WHAT WE HAVE PURCHASED.

THE RED PORTION IS SOMETHING THAT WE DO HAVE A GROUP WORKING ON.

WE THINK THAT'S REALLY KIND OF THE ENTRYWAY TO THIS PROPERTY.

AND SO THE GROUP THAT WE'RE WORKING WITH IS TALKING TO THE OWNERSHIP TO ACQUIRE THAT AS WELL.

SO WE BRING THIS FORWARD TO KIND OF SHOW YOU THIS EVENING AS WE ARE THINKING THAT THIS MIGHT BE AN OPPORTUNITY TO POTENTIALLY EXPAND THE TIRZ TO INCLUDE THIS PROPERTY.

AS WE LOOK AT IT, THERE ARE SOME PUBLIC IMPROVEMENTS THAT COULD BE NEEDED.

OBVIOUSLY, AS FAR AS A TAX GROWTH OPPORTUNITY, IT'S VERY RIPE.

THE PROPERTY HAS BEEN IN THE OWNERSHIP OF FIRST BAPTIST CHURCH OF EULESS FOR MANY, MANY YEARS NOW.

AND THEN OBVIOUSLY IN OUR OWNERSHIP WITH THE TWO TENANTS THAT REMAIN, THEY ARE IN A VERY LOOSE LEASE WITH US, BUT REALLY NO RENT IS BEING PAID.

[00:25:04]

SO THE PROPERTY IS CURRENTLY NOT ON THE TAX ROLLS AT ALL.

SO WE THINK THIS IS A GREAT OPPORTUNITY TO GO AHEAD AND POTENTIALLY PULL THIS INTO OUR EXISTING TIRZ, WHICH WOULD ALLOW US AGAIN TO PULL SOME OF THAT REVENUE TO TAKE CARE OF SOME OF THE ANTICIPATED PUBLIC INFRASTRUCTURE THAT MAY HAPPEN HERE.

AND THIS, AGAIN, IS A AS WE'RE WORKING WITH A DEVELOPER ON THIS SITE, THIS IS A CONCEPT PLAN THAT THEY HAVE SHOWN US.

AND SO REALLY JUST KIND OF WANTED TO SHOW YOU THIS.

THINGS ARE STILL MOVING. SO THIS MAY NOT BE WHERE EVERYTHING LANDS, BUT JUST TO KIND OF SHOW YOU THE MIXED USE CONCEPT WE'RE LOOKING AT, THE YELLOW AREAS ARE OBVIOUSLY SOME ADDITIONAL PUBLIC ROADS THAT WOULD HAVE TO BE CONSTRUCTED.

THERE IS ALSO CURRENTLY A WATER LINE THAT WOULD SIT RIGHT UNDER THE BUILDINGS.

THEY ARE KIND OF ON THE MIDDLE OF THE SITE, SO THAT WOULD HAVE TO BE RELOCATED AS WELL.

AND THEN ALSO WE WOULD LOVE TO DO SOME ENHANCED OPEN SPACE KIND OF COMMUNITY SPACE IN THAT AREA THAT COULD REQUIRE SOME CONTRIBUTION FROM THE CITY IN ORDER TO MAKE THAT FEASIBLE FOR A DEVELOPER TO DO.

SO JUST KIND OF THROW THAT OUT THERE, LET YOU KNOW THAT THIS IS SOMETHING WE ARE LOOKING INTO AND WE WILL PROBABLY CONTINUE TO WORK WITH MR. PETTIT ON THAT AND BRINGING THIS FORWARD AT SOME TIME IN THE FUTURE.

AND I'M HERE FOR ANY QUESTIONS THAT YOU ALL MAY HAVE.

I GUESS YOU'RE FREE. YOU CAN GO NOW.

ANDREA, WE'RE DONE. OKAY, NOW ADJOURN.

NOW WE CAN ADJOURN.

COUNCIL, ANY QUESTIONS? ANYTHING, LADIES? ANYTHING. OKAY, I GUESS WE'RE DONE.

AND WE DID IT IN RECORD TIME.

IT'S 5:27 AND MAY I HAVE A MOTION TO ADJOURN.

MR. COGAN.

MAY I HAVE A SECOND? MR. [INAUDIBLE]. AND IT'S UNANIMOUS, I ASSUME.

THANK YOU SO MUCH.

* This transcript was compiled from uncorrected Closed Captioning.