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* This transcript was compiled from uncorrected Closed Captioning.
[CALL TO ORDER]
[00:00:07]
GOOD EVENING. I'D LIKE TO WELCOME EACH AND ALL OF YOU TO MEETING OF THE REINVESTMENT ZONE NUMBER ONE THE CITY OF MCKINNEY, WHERE 222 NORTH TENNESSEE STREET . IT IS 5:35 P.M. ON MAY 7TH OF
[PUBLIC COMMENTS ON AGENDA ITEMS (For Non-Public Hearing Items)]
2024. AT THIS POINT IN TIME, WE'LL TAKE PUBLIC COMMENTS ON ANY ITEMS ON OUR AGENDA. NOT SEE ANYONE SIGNED UP TO SPEAK, SO WE WILL MOVE TO ITEM NUMBER 24 102 ELECTION VICE CHAIR. AND I AM[Election of Vice Chair]
ASSUMING THAT WE WILL VOTE BY ACCLAMATION TO REELECT RICK FRANKLIN AS VICE CHAIR OF THIS HONORABLE BOARD. A SECOND HALF. ALL IN FAVOR. MOTION PASSES ANY OPPOSED. MOVE ON TO CONGRATULATIONS, MR RIGHT? WE'LL MOVE ON TO ITEM NUMBER 24-1513 MINUTES OF THE TAX INCREMENT[Minutes of the Tax Increment Reinvestment Zone Number One (TIRZ1) Board Meeting of January 16, 2024]
REINVESTMENT ZONE NUMBER ONE TURNS ONE BOARD MEETING OF JANUARY 16TH 2024. MAKE A MOTION . WE APPROVE THOSE MINUTES MOTION BY COUNCILMAN FRANKLIN SECOND BY COUNCILWOMAN FELTUS ALL IN FAVOR. AYE ANY OPPOSED THE MOTION PASSES? WE MOVE TO ITEM 24-1514 OF THE FISCAL YEAR[Presentation of the Fiscal Year 2022-23 TIRZ 1 Annual Report]
22 TO 23 TO 1 ANNUAL REPORT. MILLER F YOUR THANK YOU. GOOD EVENING. CHANCE MILLER COUNTY MANAGER. THIS IS OUR TJ ONE ANNUAL REPORT. WE WERE WE ARE REQUIRED TO DO THIS ANNUALLY AND WE REPORT IT TO THE COMPTROLLER AT THE REPORT OF THE COMPTROLLER . WE REPORTED TO YOU ALL. UM AND AS I'M GOING THROUGH THIS FEEL FREE TO STOP ME AT ANY TIME. IF YOU HAVE ANY QUESTIONS, AND I CAN GO INTO MORE DETAIL AS I'M GOING THROUGH IT. LET'S GET TO THE FIRST SECTION. JUST GETTING IN THE BROAD INFORMATION OF THE TERSE, UM THE HISTORY AND, UH, LOCATION AND ALL THAT STUFF AND GOING INTO THE FINANCIAL INFORMATION. THIS IS REFLECTIVE OF FISCAL YEAR 23. SO A LOT OF THESE NUMBERS ARE FOR THE TIME PERIOD OCTOBER 1ST 2022 THROUGH SEPTEMBER 30TH OF 2023. LOOKING AT HER REVENUE FOR FISCAL 23. WE COLLECTED $5.3 MILLION RELATED TO PROPERTY TAX VALUE AND SALES TAX VALUE. UM, AS A REFERENCE FOR FISCAL YEAR, 22. WE COLLECTED 4.65 MILLION, WHICH IS A 14% INCREASE OVER LAST YEAR. IN REGARDS TO INTEREST INCOME. WE COLLECTED $1.3 MILLION IN INTEREST INCOME. LAST YEAR. WE ONLY COLLECTED CLOSE TO $100,000 . THIS IS A RESULT OF US ISSUING THE BONDS, UM FOR THE CITY HALL PROJECT, WHICH WAS $16 MILLION. THOSE FUNDS WERE NOT SPENT AS OF THE END OF FISCAL YEAR. 23. SO THAT'S WHY YOU'RE SEEING THE INCREASE THERE. AND AS WE MOVE DOWN TO THE EXPENDITURES WE HAD SEVEN EXPENDITURES FOR FISCAL YEAR 23. WE HAD OUR GN, A GENERAL AND ADMINISTRATIVE EXPENSE OF 38,000. WE HAD THE BOND INTEREST PAYMENT OF 606 175,000. WE HAD FACADE IMPROVEMENTS OF 25,000, WHICH WAS AT THE LOCATION OF 415 EAST LOUISIANA STREET. WE HAD 500,000 FOR ENVIRONMENTAL REMEDIATION AT EAST VIRGINIA STREET AND ROOF IMPROVEMENTS OF CLOSE TO $10,000 AT 100 OR 112, NO TENNESSEE STREET THAT TOTALED $1.25 MILLION FOR FISCAL YEAR 23 ON EXPENDITURES. GOING INTO HOW MUCH DEBT? UM AT THE END OF HIS CAREER, 23. WE HAD $16.1 MILLION OUTSTANDING, UM, OF PRINCIPAL OUTSTANDING AND IN FISCAL YEAR, 24. WE PLAN ON, UM, PAYING THE $275,000 IN PRINCIPAL AND $704,000 IN INTEREST. MOVING TO THE PROPERTY VALUES FOR TOURS. ONE AND 2010. WE HAD CLOSE TO $210 MILLION WAS THE VALUE OF THE PROPERTY AND THE T ONE AREA AND THEN TAX YEAR 2022. WE'RE UP TO 697 MILLION THAT WAS AN INCREASE OF 20% OVER THE PRIOR TAX YEAR. OUR CITY AS A WHOLE WAS SEEING ABOUT A 17% INCREASE.SO WE SAW A LITTLE BIT MORE OF AN INCREASE IN THE TURZ ONE AREA. THE AMOUNT CAPTURED FOR TURNS. ONE RELATED TO THE CITY OF MCKINNEY WAS 487 MILLION IN COLLIN COUNTY WAS 470 MILLION.
AND WE'RE TALKING ABOUT HOW MUCH DOLLARS DID THAT TURN INTO, UM, DOWN TO NUMBER FIVE THAT RESULTED IN $2.2 MILLION BEING CAPTURED IN THE TURZ ONE FOR THE CITY OF MCKINNEY AND 350,000.
FOR COLLIN COUNTY. THAT WAS A 21% INCREASE OVER THE PRIOR YEAR AS WELL. MOVING ON TO SALES TAX.
WHEN WE STARTED IN 2010, THE TZU AREA HAD $1.4 MILLION IN REVENUE THAT WE'RE TALKING ABOUT, UH,
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FISCAL YEAR, 2023. WE HAD $4.1 MILLION IN REVENUE AND THAT'S A $2.7 MILLION INCREASE OR INCREASE WAS 5% FOR THAT TURZ ONE AREA, WHICH IS ABOUT EQUIVALENT OF WHAT IT WAS ACROSS THE CITY AS A WHOLE FOR PHYSICAL YEAR, 23. FINALLY WE'RE TALKING ABOUT THE T ONE F FUND BALANCE ON NUMBER SIX. WE STARTED THE YEAR AT $27 MILLION. WE HAD $6.6 MILLION IN REVENUE. $1.2 MILLION IN EXPENDITURES. WE NET INCOME OF 5.4 MILLION AND WE ENDED WITH $32.4 MILLION IN FUND BALANCE. I WILL NOTE 16 MILLION, UM, IS RESTRICTED FOR CITY HALL PROJECT. 1.7 MILLION IS RESTRICTED FOR CALLING COUNTY. UH IT HAS TO BE DEDICATED FOR TRANSPORTATION PROJECT. SO AFTER YOU FIND IT OR FACTOR OUT, THOSE TWO ARE UNRESTRICTED FUND BALANCE WAS $14.7 MILLION. AND I'LL BE HAPPY TO ANSWER ANY QUESTIONS ON TURNS ONE OR ANYTHING RELATED TO THE FINANCIALS. UM CHANCE. CAN YOU GIVE ME AN EXAMPLE? AND IF YOU IF YOU CAN'T THAT'S OK. WE'LL DO IT LATER. BUT BUT AN EXAMPLE OF WHAT A TRANSPORTATION PROJECT IS THE ELIGIBLE FOR THAT 1.7 MILLION. IT IS VERY BROAD IN OUR LOCAL AGREEMENT BACK IN 2010, BUT I THINK THE BOARD HAS TO DESIGNATE IT AS A TRANSPORTATION PROJECT. AND SO WHENEVER YOU'RE GOING THROUGHOUT, UM DEPENDING ON WHAT YOU'RE GONNA USE, THE FUNDS FOR YOU'D HAVE THE DEDICATED AS A AND MAR AND CLARIFY MORE ABOUT THINK THAT'S HOW WE WOULD BE ABLE TO DEDUCT FROM THAT K COUNTY PORTION. OK, SO IN ONE MORE QUESTION. WOULD THAT BE A NEW ROAD? WOULD THAT QUALIFY? WOULD THE ROAD IMPROVEMENT QUALIFY? EITHER. THANK YOU. ANY OTHER QUESTIONS FOR MR MILLER. MILLER. THANK YOU[Conduct a Public Hearing to Consider/Discuss/Act on a Resolution Approving a Chapter 380 Economic Development Agreement and Project Plan Implementation Agreement with Harbor Insurance and Financial Services, LLC, for the 115 W Virginia Street Façade Improvement Project]
VERY MUCH. THANK YOU. GOOD WORK. WE MOVE ON TO ITEM 24-1515 CONDUCT PUBLIC HEARING TO CONSIDER DISCUSS ACT ON A RESOLUTION IMPROVING A CHAPTER OF 380 ECONOMIC DEVELOPMENT AGREEMENT AND PROJECT PLAN IMPLEMENTATION AGREEMENT WITH HARBOR INSURANCE AND FINANCIAL SERVICES LLC FOR THE 1 115 WEST VIRGINIA STREET FACADE IMPROVEMENT PROJECT. THANK YOU, MISTER. CHAIR JENNIFER ARNOLD, DIRECTOR OF PLANNING AS YOU'LL NOTE. I AM NOT PAULA NASTA. UM AS MANY OF YOU HAVE PROBABLY ALREADY HEARD SHE HAS LEFT THE CITY TO STEP BACK AND SPEND MORE TIME WITH HER FAMILY. SO DURING THIS INTERIM TIME, I WILL BE TAKING POINT ON ANY ITEMS THAT NEED TO BE PRESENTED TO THE TOURIST BOARD COMING OUT OF THE PLANNING DEPARTMENT. SO, AS YOU READ, THIS IS A TOURIST. UH GRANT REQUEST, UH, FOR A FACADE IMPROVEMENT AT 115 WEST VIRGINIA STREET. UM, THIS IS THE, UH, NATIONWIDE. UM INSURANCE BUILDING AND THEY ARE REQUESTING TO, UH, REPLACE THE FACADE. UH, YOU MIGHT NOTICE FROM THAT PICTURE THAT IT DOES HAVE A STUCCO ON IT. THAT'S SORT OF A STAMPED TO LOOK LIKE A BRICK. IT IS STARTING TO DETERIORATE, ESPECIALLY UP ALONG THE ROOF LINE, AND, UH, THE OWNER WOULD LIKE TO REPLACE THAT A STUCCO WITH SOME NEW STUCCO, UM, AND HAS, UH, SEEKING OUT SOME TOURIST FUNDING TO HELP SUPPORT IN THAT EFFORT. UM, THE HISTORY OF THE BUILDING AT A COUPLE OF OLD PHOTOS HERE TO SHOW WHAT SOME OF THE FACADES LOOKED LIKE, OVER THE YEARS. UM WITH THE, UH UH, FACADE IMPROVEMENT REQUESTED , UH, TONIGHT FOR FUNDING. THEY ARE LOOKING TO RESTORE THE FACADE TO MORE OF ITS HISTORIC VIEW FRONT. SO UH UM UM, ADDING TRANSOM WINDOWS AND UPGRADING THE, UH, DOORS AS WELL AS ADDING A NEW AWNING ACROSS THE FRONT. UM, AND, OF COURSE, REPLACING THAT STUCCO WITH A NEW AND YOU'RE FINISHED ON THE FRONT. SO THE APPLICANT IS ACTUALLY, UM, EXPECTING TO SPEND SOMEWHERE BETWEEN 50 $60,000 ON THIS FACADE IMPROVEMENT AND THEY ARE SEEKING THE $25,000 GRANT FROM THE TOURIST BOARD STAFFS RECOMMENDING APPROVAL AND I'M HAPPY TO ANSWER ANY QUESTIONS THAT YOU HAVE. ANY QUESTIONS FOR MS NONE THIS IS A PUBLIC HEARING ON IF THERE IS ANYONE HERE WHO WISHES TO SPEAK TO THIS, SO PLEASE COME FORWARD. SAYING NONE . I MR MAYOR, WE CLOSE THE PUBLIC HEARING AND APPROVE THIS ITEM. SO BY COUNCILMAN CLAUDIA AND SECOND BY COUNCILOR FELTS ALL IN FAVOR. I ANY OPPOSED THE MOTION PASSES. THERE ARE NO ITEMS LISTED ON OUR EXECUTIVE SESSION, SO I WILL ENTERTAIN A MOTION TO ADJOURN. SECOND MOTION BY MAYOR FULLER, SECONDED BY COUNCILMAN CLOUDIER ALL IN FAVOR , THEREBY ADJOURN. THANK YOU* This transcript was compiled from uncorrected Closed Captioning.