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THANK YOU. ALL RIGHT. GOOD AFTERNOON. TODAY IS MONDAY, MARCH 30TH. FIRST YEAR, 2025.
THIS IS THE REINVESTMENT ZONE NUMBER ONE MEETING IN COUNCIL CHAMBERS AT 401 EAST VIRGINIA STREET IN THE GREAT CITY OF MCKINNEY. AND IT IS 528. WHAT? DOES ANYONE HAVE THE TIME? 28.
528. IN THE AFTERNOON. FIRST ORDER OF BUSINESS. PUBLIC COMMENTS. I DO NOT SHOW THAT ANYONE HAS SIGNED UP TO SPEAK. WE'LL MOVE RIGHT TO THE AGENDA. ITEM 252605. MINUTES OF THE TAX INCREMENT REINVESTMENT ZONE NUMBER ONE BOARD MEETING DECEMBER 3RD, 2024. MR. MAYOR, I WAS JUST CURIOUS. AM I NOT NO LONGER THE CHAIRMAN OF THIS ILLUSTRIOUS BOARD? AND THE FIRST THE FIRST I'D LIKE TO DO IS PASS THIS ON TO THE APPROPRIATE CHAIR. I'M TRYING TO JUST PASS THIS DOWN, PLEASE. I'M TRYING TO CONVERT TAXIWAY CHAVEZ HERE. MY APOLOGIES, SIR. MY FIRST ORDER OF BUSINESS IS TO ADOPT EVERYTHING THAT THE MAYOR JUST SAID. AND WE'RE GOING TO LOOK AT
[Minutes of the Tax Increment Reinvestment Zone Number One (TIRZ1) Board Meeting of December 3, 2024]
ITEM NUMBER 25 260 FIVE MINUTES OF THE TAX INCREMENT REINVESTMENT ZONE. NUMBER ONE BOARD MEETING OF DECEMBER 3RD, 2024. THANK YOU, MR. CHAIR. I MOVE THAT WE APPROVE THE MINUTES AS PRESENTED. I'LL SECOND. THERE'S A MOTION BY PATRICK CLOUTIER AND A SECOND BY COUNCILMAN FRANKLIN. ALL IN FAVOR? AYE. ARE THERE ANY OPPOSED? THERE BEING NONE, THE[Presentation of the Fiscal Year 2023-2024 TIRZ 1 Annual Report]
MOTION PASSES UNANIMOUSLY. WE'LL MOVE ON TO ITEM NUMBER 25. DASH 2606, PRESENTATION OF THE FISCAL YEAR 2023 TO 2024. TERM ONE ANNUAL REPORT. THE FLOOR IS YOURS. LET'S GET IT SET UP.CONTROL. I'VE GOT CONTROL. PERFECT. GOOD EVENING. CHANCE MILLER, ASSISTANT FINANCE DIRECTOR. TODAY WE'LL BE GOING OVER THE TRES ONE ANNUAL REPORT. THIS IS FOR. THIS IS INFORMATION SHARING. THERE IS NOTHING TO ACT ON. WE ARE REQUIRED BY THE STATE TO FILE THIS WITH THE COMPTROLLER ONCE A YEAR. AND WHEN WE DO THAT, WE ALSO REPORT IT TO THE TRES ONE AND THEN TRES TWO REPORTS RESPECTIVELY. SO AS I GO THROUGH THIS, AS ALWAYS, AS I'M HAPPY TO ANSWER ANY QUESTIONS AS YOU HAVE ANY AS WE GO THROUGH THIS. THE FIRST 4 OR 5 PAGES ARE INFORMATION JUST TALKING ABOUT THE PURPOSE OF TRES AND WHAT IT IS, THE BOUNDARIES. BUT AS WE GET DOWN TO THE DOLLARS RETURN ONE, WE COLLECTED 5.7 MILLION AND PROPERTY TAX AND SALES TAX VALUE. WE ALSO COLLECTED $1.8 MILLION IN INTEREST INCOME, MOVING DOWN TO EXPENDITURES. IT WAS A PRETTY BUSY YEAR FOR THE TRES ONE FUND. WE HAD A G&A AND EXPENSE OF $38,000. WE ALSO HAD BOND, PRINCIPAL AND INTEREST PAYMENTS OF $981,000. WE DID THE CITY HALL TRANSFER FOR $11.5 MILLION, AND THEN WE HAD A LOT OF PART OF THE GRANT PROGRAM OF TRES ONE. WE DID RESTORATION PROJECTS, FACADE IMPROVEMENTS, FIRE SUPPRESSION, ENVIRONMENTAL REMEDIATION, STREET CRITICAL MAINTENANCE AND ROOF IMPROVEMENTS ALL OUT OF THE TRES ONE FUND THIS FISCAL YEAR.
MOVING ON TO NUMBER THREE, WE ARE REQUIRED TO REPORT THE OUTSTANDING BALANCE ON THE DEBT TO THE COMPTROLLER. WE HAD 15.87 MILLION OUTSTANDING AT THE END OF FISCAL YEAR 24, AND FISCAL YEAR 25 WILL BE PAYING $285,000 IN PRINCIPAL, AND WILL ALSO BE PAYING $690,000 IN INTEREST.
MOVING ON TO NUMBER FOUR, YOU CAN SEE THE VALUES. WE ACTUALLY HAD A REALLY BIG INCREASE IN THE ASSESSED VALUES FOR TRES ONE. YOU CAN SEE THE BASE VALUE WAS $209 MILLION. THAT HAS NOT CHANGED SINCE 2010, BUT WE HAD A NET TAXABLE VALUE OF $792.8 MILLION FOR THE CITY OF MCKINNEY. THAT RESULTS IN A CAPTURED VALUE OF $582 MILLION. AND IF WE COMPARE THAT TO LAST YEAR IT WAS 487 MILLION. SO THAT'S AN INCREASE OF $100 MILLION IN JUST ONE YEAR, WHICH IS A REALLY STRONG GROWTH IN THE TRES ONE AREA. IT WAS ALSO SIMILAR FOR THE COLLIN COUNTY.
YOU CAN SEE THE CAPTURED VALUE WAS 562 MILLION LAST YEAR. THAT WAS 471 MILLION. SO IT WAS CLOSE TO 100 MILLION. BUT NOT ALL THE WAY THERE. MOVING DOWN TO THE BOTTOM, YOU CAN SEE HOW THAT CORRELATES TO ACTUAL DOLLARS. YOU FACTOR IN OUR TAX RATE. WE COLLECTED CLOSE TO $2.5 MILLION FROM THE CITY OF MCKINNEY. AND THAT COMPARED TO LAST YEAR WAS 2.23 MILLION. SO IT'S ABOUT $300,000 INCREASE. THAT WAS MOVED TO THE TRES ONE FUND. COLLIN COUNTY CONTRIBUTED $419,000 THIS YEAR. LAST YEAR THAT WAS 360,000. THAT WAS CLOSE TO A $60,000 INCREASE FOR FISCAL OR FROM FISCAL YEAR 23 TO 24. AS WE MOVE ON TO THE LAST PAGE, SALES TAX FOR DOWNTOWN OR THE TRES ONE BOUNDARIES IN 2010, THAT WAS CLOSE TO 1.4 MILLION, WE OR WE? THIS YEAR IT WAS
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APPRAISED AT $4.2 MILLION, AND WE CAPTURED $2.8 MILLION COMING INTO THE TRES ONE FUND LAST YEAR. THAT WAS $2.72 MILLION, WHICH IS ONLY A 2%, A LITTLE LESS THAN A 2% INCREASE IN SALES TAX. WHEN WE LOOK AT THE CITY AS A WHOLE, WE HAD A 7.2% INCREASE. SO THE TRES ONE BOUNDARIES DID NOT HAVE THE SAME YEAR TO YEAR OVER INCREASE AS THE WHOLE CITY DID. THE LAST PART IS THE FUND BALANCE HISTORY. YOU CAN SEE HOW THE FUND BALANCE HAS TRENDED. WE END THIS YEAR AT $26.7 MILLION.I WILL NOTE THAT 2.1 MILLION OF THAT IS RESTRICTED FOR TRANSPORTATION PURPOSES. THE COLLIN COUNTY FUNDS CAN ONLY BE USED FOR TRANSPORTATION PROJECTS, AND I'LL BE HAPPY TO STAND FOR ANY QUESTIONS ON TRES ONE. MR. MILLER, DO YOU HAPPEN TO HAVE ON YOUR PRESENTATION A MAP OF TRES ONE? OH, I DO. IT WAS THE LAST PAGE. PAGE EIGHT. IT'S THE LAST PAGE. I WON'T LET ME. OH, IT SAYS A MAP ON YOUR REPORT. YES, I KNOW IT'S ON. OH, IT. YEAH, IT USUALLY COMES WITH THE REPORT. SO IF IT'S NOT ON THERE, THEN SOMETHING HAPPENED. WITH IT GETTING TRANSLATED OUT TO SEND THAT OUT. I SOLELY WANTED IT FOR ILLUSTRATIVE PURPOSES FOR THE COMMUNITY AT LARGE, NOT NECESSARILY FOR THE COUNCIL, BECAUSE I KNOW THAT THE COUNCIL UNDERSTANDS THE BOUNDARIES OF TRES ONE VERSUS TRES TWO, WHICH WE'RE ABOUT TO HAVE AN EXCITING MEETING ON THAT ONE AS WELL. GOTCHA. YES, IT IS PART OF THE ANNUAL REPORT WE SEND THE COMPTROLLER, SO WE'LL HAVE TO CORRECT WHATEVER HAPPENED IN THE REPORT GETTING SENT TO HERE. THANK YOU VERY MUCH. THAT ARE AVAILABLE. YES. CHANCE. DID YOU WANT TO PRESENT THE PROJECTIONS FOR 2025? I DO HAVE THE BUDGETED NUMBERS FOR 2025. IF WE WANTED TO DISCUSS THAT FOR PROPERTY TAX FOR THE CITY OF MCKINNEY PORTION, WE'RE PROJECTING TWO POINT. 2.945 MILLION. FOR COLLIN COUNTY.
WE'RE PROJECTING SLIGHTLY OVER 500,000 IN PROPERTY TAX. SALES TAX. WE'RE PROJECTING TO BE SLIGHTLY OVER $3 MILLION. AND THEN INVESTMENT INCOME OR INTEREST INCOME WERE ABOUT $1.4 MILLION FOR THAT IS VERY DEPENDING ON THE ACTIVITY OF THE TERS AND HOW MUCH CASH WE HAVE IN THE TERS AT THE TIME. AND THEN EXPENDITURES. THERE'S NO THE LAST THING WE HAVE IS WE STILL GOT 4 MILLION TO SPEND ON THE BOND THAT WE ISSUED. THAT IS ACTUALLY FOR THE STREETS OUT HERE. SO ONCE THAT'S COMPLETED, WE'LL BE SPENDING THAT $4 MILLION ON THAT. AND BESIDES THAT, WE STILL PROJECT WE STILL BUDGET ABOUT 600,000 FOR DOWNTOWN PROJECTS, AS YOU ALL APPROVE. BUT THAT ALL HAS TO BE APPROVED BY Y'ALL BEFORE WE PAY ANY OF THAT OUT. AND BESIDES THAT, I'M HAPPY TO ANSWER ANY QUESTIONS. ARE THERE ANY FURTHER QUESTIONS OR ANY DISCUSSION? THANK YOU, MR. MILLER. THANK YOU FOR ALL THE GOOD WORK YOU DO FOR US. I WOULD ACCEPT A MOTION, MOVE TO ADJOURN. SECOND INFORMATIONAL ONLY. RIGHT? YES. THANK YOU. VERY GOOD. THERE'S A MOTION AND A SECOND ON THE MOVEMENT TO ADJOURN. THAT WAS MADE BY MEMBER STEVE LEBO, SECONDED BY MAYOR PRO TEM FELTUS. ALL IN FAVOR? AYE. OPPOSED? THERE BEING NONE. WE ARE HEREBY ADJOURNED, AND I WILL ASK THE CITY SECRETARY
* This transcript was compiled from uncorrected Closed Captioning.