Oct 11, 2022 TIRZ Meeting

[00:00:01]

IT'S 5:30. WE WANT TO WELCOME EVERYONE TO THE MEETING OF THE TAX INCREMENT AND REINVESTMENT ZONE NUMBER ONE BOARD OF DIRECTORS MEETING.

WE'RE HERE AT CITY OF BEDFORD.

[CALL TO ORDER ]

WE DO WE HAVE ANY PUBLIC COMMENTS, MR. WELLS. I'LL TAKE THAT AS A NO.

SO UNDER NEW BUSINESS ITEM ONE, WE'RE GOING TO CONSIDER APPROVAL OF THE MINUTES OF THE JUNE 28, 2022 TIRZ BOARD MEETING, AND I GIVE THAT TO MICHAEL WELLS.

DO YOU HAVE ANYTHING TO ADD TO THIS ITEM? OKAY. THANK YOU, ANDREA, BECAUSE HE HAD NOTHING TO SAY ON THAT.

[1. Consider approval of the minutes of the June 28, 2022 TIRZ Board Meeting.]

WE HAVE A FIRST APPROVE. WE HAVE A SECOND FROM DIRECTOR FARCO.

FIRST FROM DIRECTOR COGAN.

LET'S VOTE.

WE'RE GOING TO DO A PHYSICAL VOTE.

EVERYONE IN FAVOR.

RAISE YOUR HAND.

ANYONE OPPOSED? I'LL TAKE THAT AS YOUR HAND IS UP, SIR.

[INAUDIBLE] OH, OKAY.

WELL, I SEE HIM.

HE'S RIGHT HERE, SO.

OKAY, SO WE WILL COUNT THAT AS UNANIMOUS WITH THOSE WHO CAN VOTE.

YES. HE WOULD VOTE YES IF HE WAS ABLE TO.

ALL RIGHT. THANK YOU, FOLKS.

[2. Consider recommendation for the expansion of the boundaries of Tax Increment Reinvestment Zone Number One, City of Bedford, Texas; providing for the incorporation of premises; providing severability; and providing an effective date.]

AND ANDREA, YOU JUST WANT ME TO KICK IT TO MR. PETTIT. OKAY.

LET'S WELCOME TO THE DAIS.

DAVID PETTIT.

WELCOME BACK, SIR. I'VE HAD THE PLEASURE OF MEETING WITH EACH OF THE DALLAS COUNTY COMMISSIONERS THIS MORNING, SO I HAD 5 HOURS OF MEETINGS BACK TO BACK.

[INAUDIBLE] IT'S BEEN A LONG DAY, SO I KNOW WE HAVE ANOTHER ITEM BECAUSE THAT'S WHERE I SAW THE APPOINTMENT OF THE TCC REPRESENTATIVE.

SO IF YOU CAN JUST MOVE ME TO THE FRONT, THAT'D BE GREAT.

I'M JUST KIDDING. I KNOW THAT Y'ALL HAVE A PERFORMING ARTS CENTER.

ISN'T TONIGHT THE NIGHT WHERE WE GO TO LIKE, ONE IN THE MORNING? YEAH, WELL, I LOOK FORWARD TO THAT.

AS LONG AS YOU HAVE COFFEE, WE'RE GOING TO BE GREAT.

WE'RE GOING TO BE GREAT.

BUT I'M GOING TO MAKE THIS HOPEFULLY FAIRLY PAINLESS.

BUT I WANT TO TALK TO YOU ABOUT JUST THE TAX INCREMENT FINANCING OVERVIEW.

IT'S HARD TO BELIEVE THAT WE JUST MET IN JUNE AND APPROVED THE FINAL PROJECT AND FINANCING PLAN, BUT YOU ALL HAVE SOME GREAT OPPORTUNITIES THAT ARE COMING UP.

TALK ABOUT THE TIRZ CREATION PROCESS, THE TIRZ NUMBER ONE HISTORY, THE PROPOSED AMENDMENT.

I'M SORRY ABOUT THAT. THE NEXT STEPS AND THEN ANSWER ANY QUESTIONS.

SO I THANK YOU ALL ARE VERY AWARE OF WHAT A TIF IS.

IT'S A TOOL THAT INCENTIVIZES ECONOMIC DEVELOPMENT WITHIN A TAX INCREMENT REINVESTMENT ZONE.

IT'S GOVERNED BY TAX CODE CHAPTER 311 THERE HAVE BEEN HUNDREDS.

IT'S REALLY HARD THROUGH THE COMPTROLLER TO FIGURE OUT HOW MANY TIFS HAVE BEEN CREATED, BUT I WOULD SAY THAT JUST ABOUT EVERY CITY I KNOW A LOT OF Y'ALL WENT TO TEXAS MUNICIPAL LEAGUE, ALL OF THEM ARE EMPLOYING THIS TOOL, AND IT'S A VERY GOOD TOOL TO REINVEST IN AREAS THAT THAT NEED IT FOR PUBLIC INFRASTRUCTURE.

SO CITIES ALONE OR IN PARTNERSHIP WITH PARTNERS LIKE THE COUNTY AND TARRANT COUNTY COLLEGE CONTRIBUTE TO ATTRACT NEW DEVELOPMENT, FACILITATE INVESTMENT AND BRING EXCITEMENT AND ENERGY TO DESIGNATED AREA.

SO WHAT CAN A TIRZ BE USED FOR? IT CAN PAY FOR INFRASTRUCTURE, PUBLIC IMPROVEMENTS.

IN CITIES THEIR PORTION THAT'S CONTRIBUTED CAN ALSO BE USED FOR ECONOMIC DEVELOPMENT GRANTS.

SO THAT WAS A PROVISION THAT WAS PUT IN IN 2005 INTO THE OVERALL CHAPTER 311 AND HAS REALLY APPLIED A LOT OF FLEXIBILITY TO THE TIF.

SO HOW DO YOU AMEND WHICH IS WHAT WE'RE CONTEMPLATING TONIGHT, A TIRZ.

SO THE CHAPTER 311 OUTLINES THE VARIOUS PROCEDURES FOR CREATING AND AMENDING THE TIRZ.

THERE'S TWO MAIN DOCUMENTS, JUST AS THERE'S TWO MAIN DOCUMENTS WITH THE TIRZ.

THERE'S THE CREATION ORDINANCE.

SO WE'RE AMENDING THE CREATION ORDINANCE AND THERE'S AMENDED TIRZ PROJECT AND FINANCING PLAN.

SO THAT AMENDED CREATION ORDINANCE WILL HAVE THE BOUNDARY.

SO TONIGHT WE'RE TALKING ABOUT AMENDING THE BOUNDARY.

WE'RE GOING TO STICK WITH THE SAME TERM, THE SAME TIF BOARD.

THE PARTICIPATION STAYS THE SAME, BUT WE HAVE SOME NEW INPUTS FROM THE TWO NEW ZONES THAT WE'RE ADDING, AND THEN WE HAVE A PRELIMINARY PROJECT AND FINANCING PLAN THAT WILL NOT BE FINALIZED UNTIL WE HAVE.

THAT'S WHAT WE JUST FINALIZED IN JUNE, UNTIL WE HAVE OUR INTERLOCAL'S WORKED OUT, WHICH I WAS JUST TALKING WITH THE TARRANT COUNTY REPRESENTATIVE TERESA AND ALSO WITH TCC POTENTIALLY AMENDING THEIR INTERLOCAL AGREEMENTS TO POTENTIALLY PARTICIPATE IN THIS AMENDMENT.

SO ONCE THAT HAS BEEN DONE, A FINAL PLAN COMES TO THE TIRZ BOARD, YOU RECOMMEND THAT AND THEN THERE'S A FINAL ORDINANCE DOES NOT REQUIRE A

[00:05:01]

SO JUST A LITTLE BIT OF AN OVERVIEW.

THE TIRZ WAS CREATED AND IT'S HARD TO BELIEVE AS OCTOBER 27TH OF 2020.

30 YEAR TERM THE CITY IS PARTICIPATING AT 75% AND WE ARE FORTUNATE TO HAVE 50% COUNTY AND 50% TARRANT COUNTY COLLEGE PARTICIPATION ON THE REAL PROPERTY.

IT IS 57.11 ACRES MADE UP OF TEN NONCONTIGUOUS AND WE CALLED THEM AREA DEVELOPMENT ZONES, WHOLLY LOCATED WITHIN THE CITY LIMITS OF THE CITY OF BEDFORD. AND THE AREA FOCUSES OR FOCUSES ON AREAS WELL POSITIONED FOR REDEVELOPMENT OR VACANT LAND THAT IS WELL POSITIONED FOR NEW DEVELOPMENT. THIS ALSO INCLUDES BEDFORD COMMONS, WHICH IS LOCATED IN ADZ #1, AS WELL AS VARIOUS PUBLIC BUILDINGS, INCLUDING THE CITY OF BEDFORD MUNICIPAL COMPLEX.

YOU ALL REMEMBER THIS MAP? SO I THINK IT WAS A GAME CHANGER WHEN WE WERE TALKING ABOUT EARLY ON THAT WE COULD DO NONCONTIGUOUS TIFS BECAUSE THERE WAS QUITE A FEW AREAS THAT WE TALKED ABOUT, HEY, WE COULD POTENTIALLY PUT IN THERE.

AND I THINK I WAS THE ONE ADVISOR SAID, WAIT A MINUTE, WE'RE IN COVID.

THERE'S THOSE ARE INCOME PRODUCING PROPERTIES.

THEY HAVE THE POTENTIAL TO LOSE VALUE.

AND I THINK ANDREA CAN ATTEST TO THIS, THAT WE DID LOSE VALUE ON A COUPLE OF PROPERTIES DUE TO COVID, BUT WE'RE NOW IN THE BLACK BECAUSE TIF TYPICALLY TAKES 3 TO 5 YEARS FOR A TIF TO GET ITS FEET UP UNDERNEATH ITSELF.

AND SO WE HAVE THOSE TEN AREA DEVELOPMENT ZONES THAT EACH HAD DEVELOPMENT POTENTIAL.

AND WHAT WE'RE TALKING ABOUT TODAY IS A PROPOSED EXPANSION.

THE PROPOSED EXPANSION IS OF ADZ #11 AND ADZ #12.

BOTH CITY OWNED PROPERTY.

ONE INCLUDES IT IS ON LOCATED FORGIVE ME AT BEDFORD ROAD AND BUILDER DRIVE.

YES, CORRECT. SO IT'S THE FIRE DEPARTMENT PROPERTY CITY OWNED AND THEN ALSO PROPERTY LOCATED AT 183 AND NORTH INDUSTRIAL BOULEVARD ADZ #12, WHICH IS ALSO CITY OWNED PROPERTY WHICH THE CITY JUST RECENTLY PURCHASED.

BOTH OF THOSE, ANDREA, I THINK IT'S CORRECT TO SAY THAT WE HAVE DEVELOPMENT PLANS FOR ADZ #12, ADZ #11.

WE WOULD JUST WANT TO INCLUDE IT BECAUSE WE HAVE POTENTIAL FUTURE PLANS.

WE JUST DON'T KNOW WHAT THOSE ARE.

SO WE ARE NOT CHANGING THE DEVELOPMENT ASSUMPTIONS THAT WE HAD THROUGH ADZS 1-10.

NO DEVELOPMENT PROJECTED FOR THE OLD FIRE STATION OR THE FIRE PROPERTY, BUT WITHIN NEW AD Z #12.

THERE'S A PRELIMINARY CONCEPT SITE PLAN THAT INCLUDES A MIX OF USES THAT INCLUDE TOWNHOME, COMMERCIAL, PRETTY SIGNIFICANT, ABOUT $37 MILLION, AND ALSO GENERATING ABOUT $18.4 MILLION WORTH OF SALES TAX.

SO ALL OF THOSE DOLLARS WOULD BE COMING INTO THE TIF.

SO IT WAS MENTIONED BEFORE, YOU HAVE NO CHANGE TO THE TERM.

THE CITY OF BEDFORD'S PARTICIPATION STAYS THE SAME AT 75%.

WE ARE PROPOSING THE COUNTY PARTICIPATE IN THIS EXPANDED AREA AT 50%, SUBJECT TO AN AMENDMENT TO THEIR INTERLOCAL.

IN 50% OF THE COUNTY FOR AN AMENDMENT TO THEIR INTERLOCAL.

AND I CAN TELL YOU THAT TAX RATES DID GO DOWN.

SO WE HAVE A NUMBER OF DIFFERENT VARIABLES THAT GO INTO DEVELOPMENT ASSUMPTIONS AND YOUR TAX RATE AND TIME.

AND SO WHEN YOUR TAX RATES WENT DOWN, ACTUALLY YOUR INCREMENT GOES DOWN A LITTLE BIT MORE FROM WHAT YOU'RE PROJECTING.

IT'S JUST THE NATURE OF TAX RATES.

THERE'S NOT A WHOLE LOT OF CITIES THAT ARE ADOPTING THE NO NEW TAX REVENUE BECAUSE HOW DO YOU PAY FOR NEW SERVICES, YOU KNOW, UNLESS YOU'RE JUST WORKING OFF OF NEW CONSTRUCTION.

BUT WITH REGARDS TO THE NEW PLAN, IF WE ARE SUCCESSFUL IN AMENDING THE TARRANT COUNTY AND TCC, IT WOULD BE $28.9 MILLION OVER THAT TIME PERIOD.

WITH THE ADDITION OF THIS 11, WHICH THERE'S NO INCREMENT COMING FROM THAT.

AND 12 I CAN TELL YOU BEFORE I ACTUALLY WROTE IT ON A LITTLE STICKY, THE PREVIOUS PLAN THAT WAS APPROVED IN THE MINUTES WAS $23,541,092. THE COUNTY IS CAPPED AT $4.6 CURRENTLY AND TCC IS CAPPED

[00:10:03]

SO THE NEW CAP, SO IT'D BE 30 YEARS OR $28.9 MILLION, WHICHEVER OCCURS FIRST.

SO WITH THAT, I'M HAPPY TO ANSWER ANY QUESTIONS.

WHAT WE PROPOSE IS WE HAVE A RECOMMENDATION.

TYPICALLY THE WAY WE WORK THESE IS THAT WE HAVE A PRESENTATION TO THE TIRZ BOARD RECOMMENDED TO CITY COUNCIL TONIGHT.

WE'D LIKE TO HAVE A PUBLIC HEARING AND AMEND THE ORDINANCE WHICH YOU HAVE IN YOUR PACKETS.

AND THEN THIS DOESN'T HAVE TO HAPPEN THIS YEAR, BUT LATE 2022 EARLY 2023.

I'VE ALREADY TALKED WITH THERESA ABOUT THIS, REACHING OUT TO THE COUNTY AND ALSO WITH SUSAN AND ELISE GETTING ON THE COURT'S AGENDA AND THE TRUSTEE'S AGENDA TO POTENTIALLY AMEND THOSE INTERLOCAL AGREEMENTS.

SO HAPPY TO ANSWER ANY QUESTIONS.

ALL RIGHT, VERY GOOD. THANK YOU. DAVID SO LONG STORY SHORT, BY AMENDING THE TIRZ AGREEMENT AND ADDING THESE TWO ZONES, WE'RE TALKING ABOUT BEING ABLE TO GENERATE MORE MONEY TO CONTRIBUTE TOWARDS THE DEVELOPMENT, CORRECT? SO ESSENTIALLY YOU'RE GOING FROM THAT $23.4 MILLION TO $28.

AND SO THESE ARE ALL ASSUMPTIONS THAT KIND OF GO IN THERE.

IF WE CONTINUE TO LOWER RATES, YOU KNOW, WE'RE GOING TO HAVE TO HAVE MORE CONSTRUCTION OR HIGHER APPRECIATION.

AND I THINK THERE WAS A QUESTION THAT WAS BROUGHT UP ABOUT INFLATION.

RIGHT NOW, TONIGHT'S ACTION IS ABOUT AMENDING THE BOUNDARY.

THIS IS A PRELIMINARY PLAN.

AND SO I'M OPEN TO LOOKING AT SOMETHING DIFFERENT THAN A 2% ESCALATOR, BECAUSE WHAT I DID WAS I DID 2%, WHICH IS STANDARD IN PRO FORMA MODELING [INAUDIBLE]. CORRECT. AND NOT AT EIGHT AND ONE HALF PERCENT INFLATION.

BUT I THINK HISTORICALLY WE HAVE FOUND THAT INFLATION HAS BEEN ABOUT 4%.

SO I'D BE OPEN TO LOOKING AT THAT.

THAT COULD INCREASE THAT NUMBER A LITTLE BIT MORE.

BUT REALLY THE ACTION TODAY IS TO EXPAND THAT BOUNDARY AND ADOPT THAT PRELIMINARY PROJECT FINANCING PLAN.

AND THEN WE CAN TALK THROUGH WITH THE OTHER TAXING AREAS.

SO WITHOUT A DEEPER DIVE INTO THE NUMBERS, THE INITIAL ESTIMATE YOU'RE SAYING TODAY IS $29 MILLION TO PUT IN THE INFRASTRUCTURE.

CORRECT. BUT BY BY UTILIZING THESE POTENTIAL 12 ZONES THAT WILL BE A PART OF THIS TIRZ WE'RE TALKING ABOUT, IT WILL GENERATE OVER $150 MILLION IN REVENUE FOR THE CITY? CORRECT. CORRECT.

THAT'S PROPERTY AND SALES? WELL IT'S $150 MILLION FOR ALL THE TAX JURISDICTIONS.

SO JUST FOR THE CITY IT'S 26, YEAR END AT 75%.

BUT SO FOR A $29 MILLION INVESTMENT, WE'RE GOING TO GET $150 MILLION PLUS.

YES, ABSOLUTELY.

ABSOLUTELY. THAT'S THAT'S THE BOTTOM LINE TO LOOK AT IT.

THIS DOES NOT INCLUDE THE SALES TAX.

YOU CAN SEE THAT WE'VE INCLUDED THE SALES TAX IN A SEPARATE LINE ITEMS THAT ARE ON THERE.

SO THAT $26 MILLION FROM THE CITY OF BEDFORD, YOU'RE CONTRIBUTING 75% THAT SALES TAX.

ONCE AGAIN, SALES TAX FLUCTUATES ON AN ANNUAL BASIS, BUT THAT WILL BE ADDITIONAL MONEY.

SO YOU'RE EXACTLY RIGHT FOR $28.9 MILLION INFRASTRUCTURE INVESTMENT THROUGH CHAPTER 311, YOU'RE GOING TO GET [INAUDIBLE] CORRECT. THAT'S NOT TOO BAD.

THAT'S NOT TOO BAD. SO, DIRECTOR, IS ANY QUESTIONS OR COMMENTS? DIRECTOR STEVES.

WHAT WAS THE BENEFIT AGAIN FOR PUTTING THE MAIN FIRE STATION IN THIS? SO I THINK WITH THE AMOUNT OF MONEY THAT WE HAVE, ONE OF THE THINGS THE TIF ALLOWS AND THE IS THAT YOU CAN DO A DIRECT SALE OF PUBLIC PROPERTY WITHOUT GOING THROUGH THE PUBLIC BID PROCESS.

IF YOU FOUND A DEVELOPER FOR IT OR YOU CAN USE MONEY FROM THE OTHER ADZS TO IMPROVE THAT AREA.

SO THAT'S ALL BOARD DECISION THAT MAKES RECOMMENDATIONS TO THE CITY COUNCIL.

SO TWO THINGS. NUMBER ONE, IT AFFORDS THAT IF YOU WANTED TO SPEND MONEY ON THAT ZONE, THAT ADZ #11, YOU COULD OR IF YOU WANTED TO SELL IT, YOU COULD DO IT WITHOUT GOING THROUGH THE COMPETITIVE BID PROCESS WHERE YOU HAVE TO GO OUT THROUGH PUBLIC BID.

THE TIRZ AFFORDS THAT YOU DO A DIRECT SALE.

THERE'S SEVEN EXCEPTIONS TO THE CHAPTER 272 PUBLIC BIDDING REQUIREMENTS, AND BEING A TIRZ IS ONE OF THEM.

SO IF YOU HAD A DEVELOPER THAT YOU HAD NEGOTIATED A DEVELOPMENT AGREEMENT WITH, YOU COULD HAVE A DIRECT SALE FOR THAT PROPERTY INSTEAD OF HAVING TO GO TO THE HIGHEST BIDDER.

AND THEY MIGHT NOT HAVE THE PLAN THAT YOU ENJOY.

SO IT GIVES YOU TWO BENEFITS.

ONE, YOU CAN SPEND MONEY ON IT.

NUMBER TWO IS YOU CAN SELL IT TO WHO YOU WANT TO SELL IT TO.

THAT WAS JUST CONCERNED. WE DON'T HAVE A LOT OF FIRE STATIONS.

I MEAN, PROPERTY FOR FIRE STATION HERE AS LONG AS I CAN REMEMBER.

I MEAN, ANDREA, DO YOU WANT TO ELABORATE ON WHY IT WAS INCLUDED? YOU'RE ALSO TALKING ABOUT THE POTENTIAL VALUE OF THAT PROPERTY ONCE THIS DEVELOPMENT GETS GOING, THAT PROPERTY BECOMES MORE VALUABLE GOING FORWARD THAN IT IS RIGHT NOW.

CORRECT. CORRECT. OBVIOUSLY, IT'S TAX EXEMPT PROPERTY NOW BEING UNDER OUR CONTROL.

IF WE LOOK AT THINGS, WE INCLUDED IT FOR THE ULTIMATE FLEXIBILITY OF HAVING IT IN THERE.

SO ESSENTIALLY, IF WE END UP BASED ON STUDY RESULTS, WE DECIDE THAT THIS ISN'T THE ULTIMATE LOCATION FOR CENTRAL FIRE.

[00:15:03]

ULTIMATELY, IF WE DECIDE THAT CENTRAL STATION CENTRAL FIRE NEEDS TO STAY WHERE IT IS AND UNDERGO RENOVATIONS, WE HAVE THE ABILITY TO USE TIRZ FUNDS TO HELP TO HELP PAY FOR THOSE RENOVATIONS AS WELL.

SO IT'S AN ABSOLUTE WIN WIN AND IT'S TAX EXEMPT RIGHT NOW.

SO IT'S NOT LIKE WE'RE LOSING ANYTHING.

IT REALLY CAN ONLY GIVE US MORE OPTIONS WHEN WE COME TO EITHER RELOCATING OR KEEPING AND RENOVATING THE FIRE STATION.

I'M JUST CONCERNED THAT WE DON'T MOVE THE FIRE STATION WHERE IT'S NEEDED, YOU KNOW, BECAUSE OF THE PROJECT.

I MEAN, IT'S A CENTRAL FIRE STATION IN CENTRAL BEDFORD.

IT'S SIMPLY A TOOL.

WHILE WE WERE DOING THIS, LET'S GRAB IT.

AND IT CANNOT HURT IF WE ULTIMATELY LEAVE IT WHERE IT IS AND IT'S CONDITION, THAT'S FINE TOO, NO HARM.

YEAH, I LIKE TO ADD TO THAT.

WE'RE DOING 12 TIFS RIGHT NOW, SO IT'S TIF SEASON, KIND OF LIKE DOVE SEASON.

SO A LOT OF MONDAY TUESDAYS AND EVEN WEDNESDAY AND THURSDAY NIGHT MEETINGS.

BUT WE'RE DOING A TIRZ RIGHT NOW THAT HAS ABOUT 40% IS PUBLICLY OWNED LAND.

THE CITY DOESN'T KNOW WHAT IT WANTS TO DO, BUT IT DOES KNOW THAT IT WANTS TO HAVE THE BENEFIT OF BEING IN THE TIRZ SO THEY CAN SPEND TIRZ MONEY ON THAT AREA.

SO I THINK THAT ANDREW IS EXACTLY RIGHT.

IT'S A WIN WIN BECAUSE IF YOU DON'T DO ANYTHING, THAT'S ABSOLUTELY FINE.

IF YOU DECIDE TO SPEND PART OF THAT $28 MILLION ON THE FIRE STATION, YOU'RE ALLOWED TO NOW, OR IF YOU WANTED TO SELL IT, YOU HAVE THE OPTION TO SELL IT.

SO IT'S ABSOLUTELY OPTIONS THAT ARE BEING UP IN FRONT OF YOU.

SO IT'S A WIN WIN.

SO YOU DON'T WANT TO MAKE A MOTION TO SELL THE CENTRAL FIRE STATION? NO.

DIRECTORS, ANY OTHER QUESTIONS OR COMMENTS? SO WHAT IS YOUR PLEASURE? I'LL MOVE APPROVAL. OKAY, I'LL MOVE ALL FIRST FROM DIRECTOR COGAN.

A SECOND FROM DIRECTOR GAGLIARDI.

LET'S VOTE. EVERYONE IN FAVOR.

HANDS UP. WE STILL HAVE A SITTING BUT NON RECOGNIZED DIRECTOR.

A GENERAL APPROVAL.

SO I WILL SAY THATS UNANIMOUS.

EIGHT ZERO. THANK YOU, DAVID.

THANK YOU. DIRECTORS.

[3. TIRZ #1 general development progress update]

ANDREA ROY.

THANK YOU. MAYOR OR BOARD CHAIR I GUESS IN THIS CASE, RIGHT.

I JUST WHILE WE HAD THE OPPORTUNITY, WE HAD EVERYBODY HERE, WE WERE IN TIRZ MODE.

I THOUGHT I WOULD TAKE ADVANTAGE OF THAT AND GO AHEAD AND JUST SHARE SOME OF THE UPDATES WITH YOU ALL AND KIND OF IN PUBLIC GENERAL WHERE WE ARE ON THESE TWO PROJECTS.

SO OBVIOUSLY WE'RE EXPANDING THE TIRZ TO INCLUDE THESE ADDITIONAL PROPERTIES.

AND AS DAVID MENTIONED, THE AREA DEVELOPMENT ZONE NUMBER 12, WHICH WE ALL KNOW IS THE RECENT PURCHASE THE CITY MADE OF CAMPUS WEST.

WE DO NOT YET OWN THAT SOUTHERN PIECE, WHICH I THINK IS NO LONGER QUITE A SECRET THAT THERE'S AN INTEREST THERE AND IT REALLY IS NOT A SECRET.

SO WE'RE NOT WE'RE NOT LETTING THE CAT OUT OF THE BAG THERE.

BUT ESSENTIALLY WE ARE AGAIN, CURRENTLY IN TALKS WITH THE OWNER OF POTENTIALLY ACQUIRING THAT PROPERTY.

SO THAT SITE RIGHT THERE KNOWN AS CAMPUS WEST, I JUST KIND OF WANTED TO LET EVERYBODY KNOW WE WE DO HAVE A DEVELOPER THAT WE ARE TALKING TO AND ARE INTERESTED IN CONTINUING THAT RELATIONSHIP IN A MORE FORMAL MANNER.

SO THEY HAVE GONE QUITE FAR IN THEIR DESIGN PROCESS.

THERE WAS A CONCEPT PLAN IN PLACE.

WE ARE TALKING ABOUT POTENTIAL TIRZ PARTICIPATION OR OTHER WAYS WHERE WE CAN GET SOME OF THE PUBLIC INFRASTRUCTURE DONE AS PART OF THIS PROJECT.

SO ULTIMATELY WHAT WE WOULD DO IS THE CITY WOULD PARTICIPATE TO MOVE FORWARD WITH THE DEMOLITION OF WHAT'S THERE NOW IN ORDER TO DELIVER A CLEAN SITE TO THE DEVELOPER.

THEY WOULD THEN COME IN AND START WITH CONSTRUCTION.

BUT PART OF THAT THERE ARE SOME PUBLIC INFRASTRUCTURE NEEDS, WHICH IS REALLY ONE OF THE REASONS WE WANTED TO GO AHEAD AND EXPAND THE TIRZ TO INCLUDE THIS.

THERE ARE PUBLIC ROADS THAT WILL NEED TO BE BUILT.

THERE ARE ALSO SOME ENHANCED PUBLIC SPACES.

WE WOULD LOVE TO SEE THERE THAT A STANDARD DEVELOPER MAY NOT DO WITHOUT SOME TIRZ ASSISTANCE.

AND THERE WAS ALSO A WATER LINE THAT IS RELOCATED RIGHT UNDER WHERE THE BUILDING NEEDS TO GO.

AND SO WE WILL DEFINITELY LOOK TO THE TIRZ AND OR OTHER FINANCING MECHANISMS TO HELP OFFSET THIS.

THERE IS ALSO A WATER LINE IN THE AREA THAT IS UNDERSIZED.

SO AGAIN, BEING IN THAT ZONE, IT GIVES US THE FLEXIBILITY WHETHER WE CHOOSE TO DO TIRZ FUNDING ON SOME OF THAT OR OTHER MECHANISMS, THE OPTION IS THERE FOR US.

SO THAT IS MOVING FORWARD AND WE'LL TALK ABOUT THAT A LITTLE MORE IN DETAIL TONIGHT AS WE TALK ABOUT SOME OF THE INCENTIVE NEGOTIATIONS WITH THAT DEVELOPER.

AND THEN ALSO, JUST TO GIVE YOU A QUICK UPDATE ON THE BEDFORD COMMONS PROJECT, OBVIOUSLY THAT'S JUST A SMALL ADDITIONAL AREA.

SO WE CONTINUE TO HAVE CONVERSATIONS AND WORKING WITH OLD TOWN DEVELOPMENT AS THEY'RE MOVING FORWARD WITH THINGS, THEY ARE VERY BUSY.

[00:20:05]

AND I KNOW I'VE SAID THIS BEFORE, BUT THEY'RE REALLY IN THAT BEHIND THE SCENES STAGE RIGHT NOW WHERE THEY ARE TAKING THAT CONCEPT PLAN THAT HAS MORPHED A LITTLE BIT SINCE IT WAS ORIGINALLY SHOWN TO YOU ALL AS THEY'RE KIND OF STARTING TO FINE TUNE THINGS, BUT THEY TAKE THEY'RE TAKING THAT PLAN AND MEETING WITH SOME REALLY GREAT GROUPS, UNIQUE RESTAURATEURS, RESTAURANT AND RETAIL BROKERS THAT SPECIALIZE IN UNIQUE TYPE OF OF RESTAURANTS AND RETAIL TO LOCATE HERE.

SO THEY ARE REALLY WORKING BEHIND THE SCENES AND THEY'RE KIND OF AT THE POINT WHERE THEY'RE THEY'RE AT THE POINT AS FAR AS THEY CAN GO UNTIL WE TAKE CARE OF SOME OF THAT ENGINEERING, WHICH IS ANOTHER ITEM ON COUNCIL'S AGENDA FOR TONIGHT.

SO WE ARE LOOKING INTO DOING PRELIMINARY ENGINEERING FOR THE SITE IN ORDER TO KIND OF GET THINGS KICKSTARTED, WHICH WILL THEN ALLOW THINGS TO STOP MOVING AROUND AND WE CAN REALLY DETERMINE WHAT'S GOING ON WITH THAT FLOODPLAIN THROUGH THERE SO THAT YOU'VE GOT A RESIDENTIAL DEVELOPER THAT CAN COME IN AND KNOW HOW MUCH SPACE THEY HAVE.

THAT FLOODPLAIN LINE IS A BIG QUESTION MARK THAT WE REALLY HAVE TO HONE IN ON THAT'S GOING TO DECIDE HOW MUCH LAND WE'RE ABLE TO MOVE OVER INTO THE RESIDENTIAL SIDE.

SO PROGRESS CONTINUES.

THEY'RE BUSY TALKING TO GREAT FOLKS.

EVERY TIME I HEAR A NAME, IT'S ONE THAT I'M FAMILIAR WITH THAT THEY'VE TALKED WITH THAT IS VERY WELL KNOWN IN THE IN THEIR INDUSTRY.

SO THEY ARE DOING WHAT THEY SHOULD BE DOING.

AND WE'RE WE'RE WALKING ALONGSIDE AND KIND OF PROVIDING THAT SUPPORT.

SO AGAIN, NOTHING DRAMATICALLY HAS CHANGED.

CONCEPT PLAN IS STILL THERE, MIXED USE RETAIL RESTAURANT AND THEN PROBABLY A ZERO LOT LINE SINGLE FAMILY OWNERSHIP RESIDENTIAL COMPONENT AS WELL. SO WE'LL CONTINUE TO KEEP YOU UPDATED ON THAT.

I ANTICIPATE OLD TOWN DEVELOPMENT COMING FORWARD TO THE COUNCIL IN THE NEXT COUPLE OF MONTHS TO GIVE YOU A LITTLE MORE OF A FORMAL UPDATE DIRECTLY FROM THEM.

AND THAT'S ALL I'VE GOT.

VERY GOOD. THANK YOU ANDREA.

OKAY WITH THAT DIRECTOR GAGLIARDI, WHAT WOULD YOU LIKE TO DO NEXT? OH, I'M SORRY.

I'LL TAKE THAT AS A FIRST TO ADJOURN.

DO WE HAVE A SECOND TO ADJOURN? A SECOND TO ADJOURN FROM DIRECTOR DAWKINS.

EVERYONE FAVOR AYE. ALL RIGHT.

THANK YOU, FOLKS, SO MUCH.

APPRECIATE YOU COMING. WE'RE GOING TO ADJOURN AT 5:53.

* This transcript was compiled from uncorrected Closed Captioning.