TIF/TIRZ board considers draft plan

During its regular Nov. 01, 2018 meeting, the Forney TIF/TIRZ Board met and:

• Held an executive session
  
• Tabled action on Meadow Ridge Farm, LP Developer Reimbursement Agreement Term Sheet.
  
• Received and approved Draft Project Plan and Reinvestment Zone Finance Plan, reducing participation rate.
      Mr. Hawes said when they were hired, found an issue from 10 years ago with procedure, where a plan was not approved by the board or council. He is presenting a plan that has everything required, plus updates over the 10 years. A feasibility study is also provided, which notes surrounding and proposed land uses. It is desired to have the TIF increase value for itself and nearby property. Estimated non-project costs are $9 million - these are costs that are not reimbursed. Estimated project costs: $48 million. Interest rate is not part of the plan, it is in the development agreement.
      Economic Feasibility study is provided. They worked with developer to create the projected assessed valuation, pulled back on commercial evaluation. They recommend city reduce participation rate from 100% to 85%. Total revenue expected: $70 million over full term. Estimated total appraised value: $794 million. He said it would be fair to all citizens for this zone to provide city revenue for services. Chair. Phillips and city attorney Thatcher stepped out briefly. Mr. Hawes said the board was free to change any recommendations. After brief discussion, item was approved.