Tax Increment Reinvestment Zone No. One
	Agenda Request
Agenda Of:	December 08, 2006	Agenda Request No:		I A
Initiated By:	Donna Vaughan, Records Manager	Responsible Department:		City Secretary
Presented By:	Glenda Gundermann, City Secretary	Department Head:		Glenda Gundermann, City Secretary
		Additional Department. Head (s):		N/A
Subject / Proceeding:	Minutes Tax Increment Reinvestment Zone No. One Meeting August 11, 2006 Approve Minutes
Exhibits:	Minutes August 11, 2006
Clearances			Approval
Legal:	N/A		Executive Director:	Joseph Esch, Business & Intergovernmental Relations
Recommended Action
Approve minutes of Tax Increment Reinvestment Zone No. One Board of Director meeting August 11, 2006.

STATE OF TEXAS	§
COUNTY OF FORT BEND	§
CITY OF SUGAR LAND	§

CITY OF SUGAR LAND

TAX INCREMENT REINVESTMENT ZONE NUMBER ONE

FRIDAY AUGUST 11, 2006

REGULAR MEETING

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

QUORUM PRESENT

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

CONVENE MEETING

Secretary DiCosimo convened the session, open to the public, to order at 8:10 A.M.

MINUTES

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.

FINANCIAL

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.

TOWN SQUARE PLAZA

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.

CITY STAFF REPORT

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.

ADJOURN

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)