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STATE OF TEXAS
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COUNTY OF FORT BEND
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CITY OF SUGAR LAND
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CITY OF SUGAR
LAND
TAX INCREMENT
REINVESTMENT ZONE NUMBER ONE
FRIDAY AUGUST 11, 2006
Tax Increment Reinvestment Zone Number One convened in
regular meeting open to the public, in Conference Room 161 of Sugar Land City
Hall on Friday, August 11, 2006 at 8 o'clock A.M. and the roll was called of
the members to wit:
Michael Siwierka, Chairman
Robert Treacy, Vice Chairman
Vincent DiCosimo, Secretary
Allen Bogard
Joan Damon
John Gamble
Louis Garvin
Jared Jameson
Greg Stirman
All of said members were present with the exception of
Director Treacy who arrived at 8:11 A.M., Director Siwierka who arrived at 8:18
A.M., and Director Damon and Director Gamble who were absent.
Also present were:
Joseph Esch, Executive Director Business and
Intergovernmental Relations
Jennifer Brown, Budget Manager
Donna Vaughan, Records Manager
A Number of Visitors
Secretary DiCosimo convened the session, open
to the public, to order at 8:10 A.M.
Secretary DiCosimo introduced the minutes of
Tax Increment Reinvestment Zone Number One meeting held May 12, 2006.
Following a full and complete discussion, Director
Stirman,
seconded by Director Jameson, made a motion to approve the minutes of the
Tax Increment Reinvestment Zone Number One meeting held May 12, 2006. The motion carried unanimously.
AMENDING FISCAL YEAR 2005-2006 BUDGET
Vice Chairman Treacy introduced consideration
on amending Tax Increment Reinvestment Zone Number One Fiscal Year 2005-2006
budget.
Ms. Jennifer Brown, Budget Manager, stated
property taxes totaled $642,457 and that projections based on payments totaled
$578,113. Interest rates increased
significantly over original projections of $1,250.00, for a total of $5,300.
Original budget operating expenditures were $237,650 and are
projected to be $236,008 representing a slight savings. Expenses include insurance, postage,
printing, legal expenses, marketing events, professional services, contractual
services and support services.
Ms. Brown noted that payments were made to Sugar Land
4B Corporation and Sugar Land Development Corporation with Sugar Land
Development Corporation having a larger debt service requirement. An ending fund balance projection of $38,415.00
will provide for additional expenditures should the need arise.
Following a full and complete discussion, Director
Stirman,
seconded by Director DiCosimo, made a motion to approve Tax Increment
Reinvestment Zone Number One Fiscal Year 2005-2006 budget amendment. The motion carried unanimously.
APPROVE FISCAL YEAR 2006-2007 BUDGET
Chairman Siwierka introduced consideration on
Tax Increment Reinvestment Zone Number One Fiscal Year 2006-2007 budget.
Ms. Jennifer Brown, Budget Manager, stated
that Fiscal Year 2006-2007 revenues are projected on a certified taxable value
of $84.2 million and projected tax rate.
Property taxes total $819,550; interest rates total $5,000; total
operating revenues are $824,550.
Operating expenditures include insurance, postage, printing,
legal expenses, marketing events, professional services, contractual services
and support services. Support services
have been increased from $8,000 to $9,000 for the budget year. Total operating expenditures total $233,650.
The ending fund balance is projected to be $17,877 for Fiscal Year 2006-2007
budget.
Following a full and complete discussion, Director
Stirman,
seconded by Director Garvin, made a motion to approve Tax Increment
Reinvestment Zone Number One Fiscal Year 2006-2007 budget. The motion carried unanimously.
Chairman Siwierka introduced discussion on
Sugar Land Town Square 2007 Plaza Events.
Mr. Joseph Esch, Executive Director Business and
Intergovernmental Relations, introduced Rita Sosebee with Sugar Land
Town Square Property Owners Association.
Ms. Sosebee presented an overview of the Plaza objectives:
·
Sugar
Land Town Square as an activity-filled community
gathering place
·
Generate traffic for retailers
·
Assist with economic development by enhancing
the destination business and retail climate
·
Enhance community events through increased
involvement from retailers
Ms. Sosebee reviewed the 2005-2006 events noting that the
Sugar Land Super Star was a very successful event and that Pumpkin Patch and
Snow and Shopping were not cost effective or as successful.
Discussion ensued regarding attendance numbers, cost per
person at different events, creating the appropriate image for Sugar Land,
school event(s) and policy, auto shows, fun filled activities, scheduling
issues, and retail sales. Directors
concurred the events bring additional business and exposure to retailers
including the Marriott and restaurants.
Sugar
Land film festival is
planned for October. A health fair,
chili cook off, block party are likewise in the planning stage. Directors recommended that events mesh with
Chamber of Commerce events to ensure no conflicts of events.
Ms. Sosebee confirmed the importance to make Sugar Land Town Square
events more successful. Directors noted
significant enhancements to the Plaza activities and agreed the Association is
going in the right direction.
Mr. Joseph Esch, Executive Director Business and
Intergovernmental Relations, reported the new office building is 70
percent leased, and that the condominium construction date is unknown. Expansion of the Marriott Hotel, a new hotel
at Lake Point, and the new Whole Foods store were discussed.
BOARD OF DIRECTORS REPORTS
There were no reports.
There, being no further business to come before Board, Director
Stirman, seconded by Director Garvin, moved that the
meeting adjourn. The motion carried
unanimously and the meeting adjourned, time at 9:20 A.M.
Michael Siwierka, Chairman of the Board
Vincent DiCosimo, Secretary
(SEAL)
