|
STATE OF TEXAS
|
§
|
|
COUNTY OF FORT BEND
|
§
|
|
CITY OF SUGAR LAND
|
§
|
CITY OF SUGAR LAND
TAX INCREMENT
REINVESTMENT ZONE NUMBER ONE
FRIDAY AUGUST 3, 2007
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 3, 2007 at 8:04 a.m. and the roll was called of the
members; to wit:
Greg Stirman, Chairman
Robert Treacy, Vice Chairman
Vincent DiCosimo, Secretary
Allen Bogard
Joan Damon
John Gamble
Louis Garvin
Jared Jameson
Frederick Fogarty
All of said members were present except Director Jameson and
Director Garvin. Director Treacy arrived
at 8:04 a.m. and Director Damon arrived at 8:09 a.m.
Also present were:
Joseph Esch, Executive Director Business and Intergovernmental
Relations
Jennifer Brown, Assistant Financial Services Director
Donna
Vaughan, Records Manager, and
A Number of Visitors
Chairman Stirman convened the session, open to
the public, to order at 8:04 a.m.
Chairman Stirman introduced consideration of
the minutes of the Tax Increment Reinvestment Zone Number One meeting held
April 5, 2007.
Following a full and complete discussion, Director
DiCosimo,
seconded by Director Fogarty, made a motion to approve the minutes of the
Tax Increment Reinvestment Zone Number One meeting held April 5, 2007. The motion carried unanimously.
Chairman Stirman introduced consideration on
Tax Increment Reinvestment Zone Number One Fiscal Year 2007-2008 Budget.
Jennifer Brown, Assistant Financial Services Director, stated
that last years tax roll in the amount of $84 million in certified taxable
value did not include abatement and exemptions in effect in the reinvestment
zone, resulting in $119,000 less than expected in the budget.
Property tax Fiscal Year 2006-2007 of $819,550 plus interest
income of $5,000 provided a total budget of $824,550. Projections total $700,417 property taxes, $5,000
interest, payments for underground conduits in Town Square for a total of $706,197.
An overview of savings in operating expenses was discussed
including legal expenses, insurance and postage.
Tax Increment Reinvestment Zone (TIRZ) assigns revenue to
Sugar Land 4B Corporation and remaining funds are assigned to Sugar Land Development
Corporation for reimbursement of debt issued on behalf of the TIRZ. Sugar Land
4B had an assignment of $308,438 which represents their portion of the debt
service on bonds; the remaining balance to Sugar Land Development Corporation which
was estimated at $303,000 but reduced to an estimated $200,442 with the decline
in taxes in the reinvestment zone.
The City is proposing a 30 cent tax rate for 2007-2008. Fort Bend County and Levy Improvement
District has not updated 2007 tax rates as of this date; estimates are based on
2006 rates. Operating revenues include $793,401
property tax, interest income of $5,000 for a total of $798,401. Operating expenses total $218,650. Non
operating expenditures total $608,838 and include the assignment to Sugar Land
4B Corporation for reimbursement on parking garage debt, $298,838 is debt
service payment; $310,000 is available to Sugar Land Development Corporation. Net loss is a negative $29,086 with an
estimated ending fund balance of $14,371.
Continuing growth in sales taxes, Hyatt Place Hotel, future
construction of office building, revenue forecast, condominium versus hotel tax
revenue, and additional retail were discussed.
Staff will make available an updated report regarding development.
Following a full and complete discussion, Director
Damon,
seconded by Director Fogarty, made
a motion to approve the Tax Increment Reinvestment Zone Number One Fiscal Year
2007-2008 Budget. The motion carried
unanimously.
Chairman Stirman introduced discussion on
Sugar Land Town Square 2008 Plaza Events.
Mr. Joseph Esch, Executive Director Business and Intergovernmental
Relations, stated that the Sugar Land Town Square Property Owners
Association is manager of the Plaza and the events held in the Plaza. Mr. Esch introduced Ms. Wende Lewis-Buckley
and Ms. Rita Sosebee with Sugar Land Town Square Management Company, LLC.
Ms. Sosebee stated that event objectives are to:
- make
Town Square an activity filled community gathering place with variety in
the events for all ages, having fun in safe environment
- generate
traffic for retailers
- assist
with economic development
- increase
awareness of events in surrounding areas, become a destination for dining,
shopping and entertainment
- enhance
community events through increased involvement with retailers
A review of 2006-2007 included the Concert Series which has
been a great success. Volume was
discussed and it was recommended that staff be aware of volume. Feedback is received from tenants on a
regular basis to monitor sound levels.
The types of events and bringing people to Town Square are important objectives
and benefit retailers.
Tree lighting festivities will be enhanced and extended from
Thanksgiving through New Years. Staff
noted that the tree lighting is a City of Sugar Land event and that the Parks
and Recreation Department is actively involved in the event.
Some unsuccessful events that do not fit the goals of the
Sugar Land Town Square POA or benefit retailers have been discontinued, for
example the Pumpkin Patch. Some successful
events have been modified such as Santa Visits, which could include
entertainment. Holiday Station is a
success and could be modified to include canned food, sculpting contest, and non
perishable food donations.
A total of $56,000 was budgeted for print/media promotions,
administrative cost totals $97,000, there are 19 events remaining for the
year. A breakdown of event costs is as
follows:
- total
budget is $452,464
- total
attendees 62,620
- average
amount per person $6.23
Ms. Cindy Marion, Sugar Land Town Square Management Company,
briefed directors on an advertising campaign featuring people from the
community. Posters were viewed by
Directors; the campaign is primarily focused on television media, featuring
local people, and will run through the end of the year.
The 2006-2007 budget is on target, attendance for events was
down from 80,000 to 72,000 due to unfavorable weather. Unsuccessful events such
as the Make over Challenge will be discontinued and replaced with others. Events are now classified under four
categories:
- Event
Series-Jazz on the Square etc.
- Landmark
Events-Sugar Land Superstar, etc.
- Community
Events-Fort Bend Theatre, etc.
- Seasonal
Events-Christmas Tree Lighting, etc.
For the upcoming program year approximately 102 events are
scheduled with an estimated 80,000 attendees. Program enhancements total
$85,812 for 28 additional events. Staff
noted that that program development is moving in the right direction with the
volume and quality of events, noting especially the Sugar Land Super Star on
August 25, 2007.
Mr. Joseph Esch, Executive Director reported that the Visioning
Task Force will present the plan to City Council on recommendations for development
of 1,000 acres. The Task Force toured
facilities in Grand Prairie, Dallas, Plano and Frisco, to gather ideas to
prepare plans for the future. Increasing
the quality of life, increasing employment opportunities, making Sugar Land a
destination not just a suburb are important aspects that affect the community. Mr. Esch reported that an unnamed business
prospect could be announcing relocation from Houston to Sugar Land in the near
future.
Other discussion included The Hyatt Place Hotel, benefits of
dual utilization of the Conference Center, additional retail and/or office,
another full service hotel, performing arts theatre, recreational ball field,
and sports medicine project.
BOARD OF DIRECTORS REPORTS
There were no
reports.
There, being no further business to come before Board, Director
Bogard,
seconded by Director Stirman, moved that the meeting adjourn. The motion carried unanimously and the
meeting adjourned, time at 9:20 a.m.
Greg Stirman, Chairman
Vincent DiCosimo, Secretary
(SEAL)
