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ALL RIGHT, TIME IS NOW SIX O'CLOCK.
[CALL TO ORDER ]
I'LL GO AND CALL THIS MEETING OF THE, UH, TAX INCREMENT REFINANCE ZONE NUMBER ONE BOARD OF DIRECTORS TO ORDER.IT IS TUESDAY, FEBRUARY 10TH, 2026.
UH, I'D LIKE TO WELCOME EVERYONE IN THE AUDIENCE AND, UH, THOSE WHO MIGHT BE TUNING IN.
UH, FIRST THING UP ON OUR AGENDA IS PUBLIC COMMENTS.
DID ANYONE SIGN UP FOR PUBLIC COMMENTS FOR THIS? NOPE.
[1. Consider approval of the minutes of the October 11, 2022 Tax Increment Reinvestment Zone #1 Board Meeting.]
MOVE ON TO, UH, NEW BUSINESS.SO UNDER NEW BUSINESS, WE HAVE CONSIDER APPROVAL OF THE MINUTES OF THE OCTOBER 11TH, 2022, TAX INCREMENT, REINVESTMENT ZONE NUMBER ONE BOARD MEETING.
SO, UH, ANY QUESTIONS OVER THE MINUTES OR COMMENTS? NOPE.
MOTION TO APPROVE BY COUNCIL MEMBER FARCO.
DO I HEAR A SECOND? SECOND BY COUNCIL MEMBER GAR GAGLIARDI AHEAD AND VOTE.
OH, BUT THIS ONE WE DON'T, WE DON'T HAVE THE SYSTEMS FOR THIS, SO I SEE.
UH, SO LET'S GO AHEAD AND MARK THAT AS MOTION PASSED.
[2. Consider ratification of Tax Increment Reinvestment Zone #1 annual reports for 2022, 2023, and 2024.]
CONSIDER RATIFICATION OF THE TAX INCREMENT, UH, REINVESTMENT ZONE NUMBER ONE, ANNUAL PORTS FOR 20 22, 20 23, AND 2024.DO I HAVE ANYBODY COMING UP TO SPEAK ON THIS ITEM OR ARE WE JUST PLOWING THROUGH THIS MOTION TO APPROVE THE RATIFICATION? KAREN, DO YOU WANT TO COMMENT OR IS IT REALLY JUST QUESTIONS ONLY? I THINK FOR THE MOST PART QUESTIONS ONLY.
ALRIGHT, SO ANY QUESTIONS ON THESE, UM, FINANCIALS? YES.
COUNCILOR STEVES, THAT WAS ONE THAT SINCE THE DUE DATE FOR THESE, UH, REPORTS HAVE PASSED BY BY ABOUT FIVE YEARS.
SO WE, THAT'S, THIS IS JUST A RATIFICATION SO THAT WE CAN GET CURRENT WITH THE COMPTROLLER AND THEN THE NEXT ITEM IS THE MOST CURRENT YEAR.
SO THERE'S NO PENALTIES OR ANYTHING LIKE THAT.
SO WE, BUT WE'RE NOT IN COMPLIANCE RIGHT NOW, CORRECT? WE ARE NOT IN COMPLIANCE RIGHT NOW.
ANY ADDITION ADDITIONAL QUESTIONS? ALRIGHT, SEEING NONE, I WILL ENTERTAIN A MOTION ON THIS ONE.
I COUNCIL MAYOR FARCO IS SECOND BY MAY.
SORRY, I'M TRYING TO GO THROUGH THIS QUICKLY.
ALL IN FAVOR WITH THE VERBAL VOTE OF AYE.
[3. Consider approval of the Tax Increment Reinvestment Zone #1 annual report]
ON TO ITEM NUMBER THREE, CONSIDER APPROVAL OF THE TAX INCREMENT REINVESTMENT ZONE NUMBER ONE ANNUAL REPORT.NOW I GIVE YOU
SO THIS IS THE MOST CURRENT, AND SO THIS, WE WILL DO THIS ANNUALLY SO THAT WE WILL BE IN COMPLIANCE ON AN ANNUAL BASIS.
SO THIS IS REQUIRED BY THE, UM, CHAPTER THREE 11 OF THE TEXAS TAX CODE.
UM, AND SO THIS IS JUST AN ANNUAL REPORT.
THE FORMAT LOOKS PRETTY SIMILAR TO WHAT YOU'VE SEEN IN THE PAST, BUT IT'S REQUIRED BY, UM, THE CHAPTER THAT CREATES THE TURS.
SO YOU'LL SEE VERY SPECIFIC REQUIREMENTS WHERE IT TALKS ABOUT THE VALUE, THE INCREASE IN VALUE, UM, AND WE DID AN EXPANSION A COUPLE OF YEARS AGO, WHICH IS WHY YOU SEE AT THE TOP OF THE ANNUAL REPORT YOU'LL SEE THAT FIRST PART AND THEN THAT SECOND PART.
AND THEN, UM, JUST THE PROPERTY TAX REVENUE THAT WE COLLECTED THIS PAST FISCAL YEAR.
THE ONE CAVEAT IS OBVIOUSLY WE HAVE NOT FINISHED OUR AUDIT THIS YEAR.
WE WON'T FINISH THAT UNTIL MARCH.
SO IN THE EVENT, IF THESE NUMBERS CHANGE, WE'LL BRING A, WE'LL BRING A RATIFICATION TO YOU THIS TIME NEXT YEAR.
IN THE EVENT THOSE NUMBERS CHANGE, I DON'T ANTICIPATE THOSE NUMBERS CHANGING, BUT JUST WANTED TO PUT THAT OUT THERE, SO, OKAY.
AND CURRENT ENDING BALANCE ON THIS? YES.
FOR ARTUR IS OUR ENDING FUND BALANCE FOR, UH, SEPTEMBER 30TH, 2025 IS $258,181.
ALRIGHT, COUNCIL, ADDITIONAL QUESTIONS.
SO WE HAVE A MOTION TO APPROVE FIRST BY COUNCIL MEMBER FARCO.
I HAVE A SECOND BY COUNCIL MEMBER GAGLIARDI.
UH, THOSE IN FAVOR EVERYONE WITH A VERBAL VOTE OF AYE.
AND THAT MOTION PASSES UNANIMOUSLY.
[4. Tax Increment Reinvestment Zone #1 general development progress update]
AND NUMBER FOUR, TAX AGREE, REINVESTMENT ZONE NUMBER ONE, GENERAL DEVELOPMENT PROGRESS UPDATE, EVE, ECONOMIC DEVELOPMENT DIRECTOR CHRISTIAN SMITH.SO, UM, A LOT OF THE UPDATES IN HERE WILL BE OLD NEWS FOR, UH, UH, MOST OF THE PEOPLE ON DATA TODAY.
SO I'M GONNA FLY THROUGH A FEW OF THESE, BUT IF THERE ARE QUESTIONS THAT COME UP, PLEASE STOP ME.
HAPPY TO ANSWER ANY QUESTIONS YOU MAY HAVE.
UM, SO THIS UPDATE WILL FOCUS ON A FEW KIND OF KEY AREAS OF DEVELOPMENT THAT HAVE HAPPENED WITHIN THE TOURIST DISTRICT, UM, SINCE THIS TOUR BOARD'S LAST MEETING.
UM, THAT'S MOSTLY GONNA FOCUS ON BEDFORD COMMONS MARKETED GATEWAY, UH, STONEGATE SHOPPING CENTER.
AND THEN WE HAVE HAD A LITTLE BIT OF NEW GREENFIELD DEVELOPMENT THAT HAPPENED WITHIN THE TOUR, SO I'LL COMMENT ON THAT AS WELL.
UM, AGAIN, COUNCIL'S VERY FAMILIAR WITH THE BOUNDARIES OF THE, UM, UH, BE COMMONS AREA.
UH, JUST A LITTLE BIT OF BACKGROUND, BACK IN
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APRIL, 2024, CITY ENTERED INTO AN MOU WITH MIDWAY DEVELOPMENT TO ADVANCE THE PROJECT A LITTLE BIT FURTHER, UM, AND TAKE IT TO THE NEXT STEP OF BECOMING REALITY.UM, CITY AND, UH, STAFF AND THE DEVELOPER WORK TO CREATE A CONCEPT PLAN WORK THROUGH, UH, NAVIGATING SOME PATHWAYS TO DEVELOPMENT.
UM, ULTIMATELY, UM, THE CURRENT ECONOMIC CONDITIONS PREVENTED THAT FROM GOING, UH, PAST THAT POINT.
AND SO THE CITY'S TRANSITION TO A CITY LED PHASE DEVELOPMENT STRATEGY THAT'S CURRENTLY IN PROGRESS.
UH, THIS WAS THE CONCEPT PLAN THAT MIDWAY PUT TOGETHER.
IT CALLED FOR 30,000 SQUARE FEET OF RESTAURANTS AND RETAIL, NEW PARKING AND ADDITIONAL RETAIL DEVELOPMENT.
UM, AS WE PROCEEDED, UM, THE CITY PLANS TO MOVE FORWARD WITH THE RESIDENTIAL PORTION, UM, OF DEVELOPMENT HERE FIRST, THAT'S WHAT THE MARKET'S KIND OF MORE PRIMED FOR.
THAT'S EASIER TO, TO INITIATE.
UM, YOU CAN SEE A LITTLE BIT OF MOVEMENT ON THE BOTTOM SIDE OF THE, OF THE MAP THERE.
UM, THE COMPOSITION AND, UM, AMOUNT OF SPACE THAT RETAIL, OR EXCUSE ME, THAT RESIDENTIAL DEVELOPMENT COULD TAKE, UH, COULD CONSUME MAY SHIFT JUST DEPENDING ON HOW, HOW THE PROJECT TAKE, UH, TAKES SHAPE.
BUT STAFF IS IN ACTIVE DISCUSSIONS WITH RESIDENTIAL DEVELOPERS WHO ARE INTERESTED IN THE PROPERTY, AND WE'RE CONTINUING TO, TO LOOK AT THOSE OPTIONS.
UM, AND ONE THING THAT IS IMPORTANT THAT WOULD JUST REITERATE IS ON THE COMMERCIAL SIDE OF THINGS, YOU KNOW, THE MOST, UM, UH, THE, THE PIECE OF THE RES OF THE COMMERCIAL COMPONENT THAT WOULD BE MOST PRIMED, UH, TO HAVE AN ACTIVE USER WOULD BE THAT THAT EXISTING FIRE STATION SPACE, ONCE IT'S, UM, VACANT AND AVAILABLE.
UM, ONE OF THE THINGS THAT WE DID HERE IN SOME OF THE CONVERSATIONS WE HAD WITH MIDWAY IS THAT, YOU KNOW, THERE'S KIND OF A, UM, THAT THAT SPECULATIVE RISK, FOR LACK OF A BETTER WORD, WAS MORE OF A CHALLENGE THAN SOMETHING THAT'S ALREADY EXISTING.
SO THE FACT THAT THERE COULD BE A BUILDING THAT'S READY FOR A NEW TENANT TO GO IN AND DO SOMETHING THERE TO KICK OFF THE COMMERCIAL PIECE, UM, CERTAINLY SMOOTHS OUT THAT THAT RISK CURVE A LITTLE BIT AND MAKES IT A LITTLE BIT MORE, UM, EASIER TO SECURE A TENANT.
UM, MOVING ON TO THE MARKET OF GATEWAY DEVELOPMENT, UM, ABOUT 17 ACRES AT INDUSTRIAL AND 180 3.
SO SPROUT FARMERS MARKETS GOING IN THERE, THEY'RE GONNA, UM, UH, CONSTRUCT 25,000 SQUARE FEET OF GROCERY RETAIL, AND THEN THERE'LL BE TWO ADDITIONAL BUILDINGS AT 10,000 SQUARE FEET EACH.
UM, RECENT ANNOUNCEMENTS, NOTHING BUNK CAKES HAS ANNOUNCED A PRE-LEASE FOR THAT SITE.
AND, UH, MORE LEASES WILL BE SECURED AS THAT RE RETAIL SPACE GOES VERTICAL.
UM, I'VE HAD CONVERSATIONS WITH THE RETAIL BROKER FOR THAT SITE, AND THEY'RE VERY CLOSE ON WORKING THROUGH SOME ADDITIONAL POTENTIAL PRE LEASES.
BUT THE BIG VOLUME OF THAT, OF THAT, UH, NEW, UH, OCCUPANCY WILL COME REALLY ONCE THE BUILDINGS THEMSELVES ARE GOING VERTICAL.
THAT'S TYPICALLY WHEN THOSE LEASES GET SIGNED.
UM, TARGET DATES, SPROUTS LOOKING TO OPEN IN OCTOBER, UM, BARRING ANY, YOU KNOW, ANY UNFORESEEN CHALLENGES AT THE SITE.
BUT THAT'S STILL ON TRACK AND THERE'S 106 TOWN HOMES FOR SALE ON THE SITE AS WELL.
THE INFRASTRUCTURE IS CURRENTLY UNDER CONSTRUCTION AND BUILDINGS ARE EXPECTED TO GO VERTICAL IN THE SPRING.
UH, AND THIS IS JUST A VISUAL OF, OF WHAT I JUST DISCUSSED.
SO YOU CAN SEE THE COMMERCIAL FOOTPRINT AND THEN WHERE THE REST OF THE RESIDENTIAL PIECE WILL GO IN STONEGATE SHOPPING CENTER.
SO, UM, A FEW MONTHS AGO, COUNCIL HAD APPROVED, UM, AUTHORIZATION FOR THE CITY MANAGER TO NEGOTIATE AND EXECUTE AN ECONOMIC DEVELOPMENT AGREEMENT, UH, WITH, UH, CENTER POINT COMMERCIAL.
WHO'S THE NEW OWNERSHIP, UM, OF THAT COMMERCIAL SPACE? UM, I'M, I CAN REPORT TO, TO YOU ALL TODAY THAT THAT AGREEMENT HAS NOW FULLY EXECUTED AND HAS BEEN SIGNED BY BOTH PARTIES AND SO WE'RE, WE'RE GOOD TO GO THERE.
UM, AND I UNDERSTAND THAT, UM, THE NEW OWNERSHIP'S WORKING THROUGH THE DEVELOPMENT PROCESS TO INITIATE THE IMPROVEMENTS THAT THE AGREEMENT, UH, CALLS FOR.
SO AGAIN, CURRENT CONDITION OF THE SITE, UH, WHAT WE'RE EXPECTING THEM TO COMPLETE WHEN IT'S DONE, UM, AND WE'RE, WE'RE EXCITED TO SEE THAT MOVE FORWARD.
UM, AND THEN LITTLE PIECE ON THE GREENFIELD.
SO AT 1400 HOSPITAL PARKWAY, UM, WE HAVE HAD SOME NEW MEDICAL OFFICE DEVELOPMENT THERE.
IT HAPPENED A FEW YEARS AGO, BUT, UH, NOT WHEN THIS BOARD LAST MET.
UM, AND SO YOU CAN SEE, UM, THERE'S SOME ADDITIONAL CLASS, A MEDICAL OFFICE SPACE THAT WAS CONSTRUCTED WITHIN THE CUR, WITHIN THE TURS.
UM, THIS IS JUST A STREET VIEW OF WHAT THAT LOOKS LIKE.
AND THEN ON THE RIGHT SIDE OF THE SCREEN, YOU CAN JUST SEE WHAT THE IMPROVEMENT VALUE ON THAT SITE WAS, PRE-DEVELOPMENT AND POST.
AND SO THAT'S ADDED ABOUT $5.7 MILLION TO THE TAX BASE.
UM, AND THAT'S, UH, CURRENTLY CONTRIBUTING TO THE TURS AS WELL.
SO A GOOD EXAMPLE OF KIND OF, UM, SOME MARKET DRIVEN DEVELOPMENT THAT'S EVENTUALLY GONNA INCREASE OUR CAPACITY TO UTILIZE THOSE TERMS FOR, UM, THE KIND OF DEVELOPMENT THAT, UM, THAT COUNCIL AND THIS BOARD DIRECTS.
UH, VERY QUICK, UH, OVERVIEW OF, UH, KIND OF OUR ECONOMIC DEVELOPMENT AND SITUATION WITHIN THE CITY.
UH, SOME AMAZING THINGS GOING FORWARD.
UH, REALLY EXCITED TO SEE, SEE HOW THINGS PROGRESS AND, UH, AND WITH THIS TOURS, I KNOW THAT, UH, WE'RE STILL IN, ALMOST IN ITS INFANCY.
AND SO, UM, WITH THAT PHASED APPROACH WITH, UH, BEDFORD COMMONS, THIS WILL ALLOW FOR THAT, THIS TOURS TO GROW A LITTLE BIT MORE.
SO WE CAN TAKE ON A LITTLE BIT MORE, UM, DEBT CAPACITY IN THE FUTURE.
UM, ADDITIONAL QUESTIONS HERE FOR CHRISTIAN? NOPE.
ALRIGHT, AND WE ARE AT THE END OF, UH, OUR, UH, AGENDA HERE.
SO I'D LIKE TO MAKE MOTION TO ADJOURN.
SECOND BY COUNCIL MEMBER JOY DONOVAN.
BRANDON, ALL IN FAVOR OF THE VERBAL VOTE OF AYE.