* This transcript was created by voice-to-text technology. The transcript has not been edited for errors or omissions, it is for reference only and is not the official minutes of the meeting. YES [00:00:01] SIR. WE ON? YES SIR. ALRIGHT. [1. Discussion, review, and possible action on the adoption of the Amended & Restated Tax Increment Reinvestment Zone (TIRZ) No. 2 Project (Riverwood Ranch) and the Financing Plan.] IT IS FIVE 13. WE'LL GO AHEAD AND CALL THIS CITY OF ANGLETON TAX INCREMENT REINVESTMENT ZONE NUMBER TWO TO ORDER. WE DO HAVE A QUORUM STARTING WITH ITEM NUMBER ONE ON THE AGENDA, DISCUSSION REVIEW AND POSSIBLE ACTION ON THE ADOPTION OF THE AMENDED AND RESTATED TAX INCREMENT REINVESTMENT ZONE TERRA NUMBER TWO PROJECT UNDER RIVERWOOD RANCH AND THE FINANCING PLAN. WE WANNA START. UM, THANK YOU, UH, MAYOR AND UMTS BOARD NUMBER TWO, UM, THIS EVENING. UM, YOU'LL BE ENTERTAINING, UM, ACTION ON THE AMENDED AND RESTATED, UM, INCREMENT TAX INCREMENT REINVESTMENT ZONE NUMBER TWO, UM, PROJECT, WHICH IS RIVERWOOD RANCH AND THE FINANCE PLAN. THERE IS AN ATTACHED ORDINANCE IN WHICH COUNCIL WILL MAKE THE FINAL ACTION ON, BUT WE'RE ASKING FOR YOUR NUMBER ONE REVIEW OF THAT PROJECT FINANCE PLAN. THIS IS THE FINAL PLAN. AND UM, ALSO ANDREA, UM, WILL, WOULD LIKE TO APPROACH THE, UM, BOARD TO BASICALLY OUTLINE THE FINANCE AND THE CONTENTS THEREOF. UM, AND ALSO THE ADMINISTRATIVE COSTS, UM, AS WELL AS THE PROJECT COSTS AND THE PLAN ITSELF. OKAY. DO YOU WANNA GO AHEAD AND SPEAK NOW? SURE. THANK YOU MR. CHAIR AND BOARD MEMBERS. UM, AS OTIS SAID, THIS IS THE, UM, AMENDED AND RESTATED PROJECT AND FINANCE PLAN FORT NUMBER TWO. SO THERE'S UM, TWO MAIN PURPOSES FOR THE AMENDED AND RESTATED PLAN BEFORE YOU THIS EVENING. ONE IS TO AMEND AND RESTATE SO THAT YOU CAN INCLUDE RIVERWOOD RANCH NORTH, UM, AND THE PROPERTIES WITHIN THAT PARTICULAR PIT, AS WELL AS THE PROJECT COST ASSOCIATED WITH IT AND AMEND THE BUDGET FOR THE RIVERWOOD RANCH PROJECT. UM, BECAUSE AS YOU KNOW, THAT PARTICULAR PIT WENT FROM A BONDED PIT TO A CASH PIT. AND BECAUSE IT DID THE COST, THE PROJECT COST ASSOCIATED WITH THAT PROJECT REDUCED, UM, BECAUSE YOU NO LONGER HAVE THOSE BOND ISSUANCE COST. UM, AND SO THAT'S, THAT'S THE REASON FOR THE AMENDMENT TO THE PLAN. THE ORIGINAL PLAN WAS APPROVED IN JULY OF 2020, UM, JUST SO THAT THE CITY IS AWARE, BUT FOR THE CREATION OF THIS ZONE, UM, YOU WOULD NOT HAVE BEEN ABLE TO GENERATE, UM, $15.3 MILLION IN PROJECTED REVENUES OVER THE LIFE OF THIS PARTICULAR ZONE. AND YOU ARE, UM, OR YOU HAVE AGREED TO, UM, PROVIDE 27% OF THAT 15.3 MILLION AS A BUYDOWN OF THE PIT ASSESSMENT FOR THE HOMEOWNERS IN RIVERWOOD RANCH AND RIVERWOOD RANCH NORTH. UM, AND THAT BUYDOWN TOTALS, UH, 4.1 MILLION, WHICH MEANS THAT THE CITY AND ITS GENERAL FUNDED DEBT SERVICE FUNDS WILL GET JUST OVER 11 MILLION ADDED, UM, AS A RESULT OF THE DEVELOPMENT OCCURRING IN RIVERWOOD RANCH, IN RIVERWOOD RANCH NORTH. AND MR. MAYOR CHAIR, I'LL BE HAPPY TO ANSWER ANY SPECIFIC QUESTIONS THE BOARD MIGHT HAVE, BUT THOSE ARE THE MAIN HIGHLIGHTS. AND AS OTIS SAID, UM, STATE LAW DOES REQUIRE THIS BOARD TO REVIEW THAT PROJECT PLAN WHENEVER IT IS AMENDED AND RESTATED. IT'S ALSO REQUIRED THAT WE PROVIDE LEGAL NOTICE THAT HAS BEEN DONE, UM, BOTH IN THE NEWSPAPER, UM, AND TO THE INDIVIDUALS THAT, UM, OWN PROPERTY WITHIN THAT PARTICULAR BOUNDARY, UM, OF THE PID. UM, 'CAUSE WE HAVE ON THE AGENDA LATER TONIGHT FOR THE CITY COUNCIL, THE, UM, THE ASSOCIATED, UM, PI DOCUMENTS RELATED TO THIS PROJECT. OKAY. WHAT, SO CAN YOU WALK ME THROUGH THE PROCESS NOW TO THE HOMEOWNER IN THAT AREA? WHAT THEY'RE GONNA SEE? SO BY RESTATING THIS AND ONE YEAR RDM, WHAT HAPPENS TO THOSE FUNDS THAT ARE UM, THAT HAS, HAS BEEN CHANGED? I GUESS DOES, DID THEY GET A REBATE? SO YOU'RE REFERRING TO THE PIT ASSESSMENT, I'M ASSUMING? RIGHT. OKAY. SO THAT WHEN WE WORK ON THE ANNUAL SAP UPDATE MM-HMM, , MR. MAYOR, THE, UM, THE PROJECT COST AND THE ASSESSMENT WILL BE AMENDED AND RESTATED IN THAT PARTICULAR PLAN. AND I WILL WORK WITH JUDITH AND BOND COUNSEL TO DETERMINE EXACTLY HOW THAT, HOW THAT WILL WORK. MOST LIKELY WHAT WE WILL DO IS JUST REDUCE THE ASSESSMENT FROM THIS CURRENT YEAR COMING FORWARD ALL THE WAY DOWN THROUGH THE REMAINDER OF THE PI. UM, SO THEY, THEY WOULD SEE THAT INCREMENTALLY OVER THE REMAINING YEARS OF THAT PI. DOESN'T, DOESN'T THE TURS AND THE PI KIND OF GO HAND IN HAND. THIS CASE, THEY DO WORK TOGETHER. UM, RIGHT. AND, AND SO, BUT THAT, BUT IT WON'T AFFECT THET CREDIT AMOUNT. IT WON'T, IT SHOULD NOT AFFECT THE TS CREDIT AMOUNT. UM, BUT I WON'T KNOW 100% CERTAIN UNTIL I RECALCULATE THE PIT ASSESSMENTS. OKAY. UM, BUT THERE IS A MAXIMUM TS CREDIT, LIKE [00:05:01] YOU AND I HAVE DISCUSSED A NUMBER OF TIMES IN THE CITY COUNCIL. SO JUST BECAUSE THERE'S THAT MAXIMUM S CREDIT DOESN'T MEAN THAT THEY'RE ENTITLED TO THAT FULL AMOUNT. IT'S BASED ON WHAT THEY ACTUALLY PAID IN. SO THEY CAN'T GET BACK IN A CREDIT MORE THAN WHAT THEY ACTUALLY PAID IN. SURE. AS YOU KNOW. UM, AND, AND SO THERE COULD BE SOME SLIGHT FLUCTUATION THERE FROM YEAR TO YEAR FOR THE PROPERTY OWNERS WITHIN THAT PARTICULAR, UM, DEVELOPMENT. BUT THOSE ALL GET RECALCULATED EVERY YEAR. AND WE COME BEFORE P THREE WORKS, COMES BEFORE THE CITY COUNCIL TO PRESENT THOSE, UM, UPDATED SERVICE AND ASSESSMENT PLANS. OKAY. THANK YOU. AND IT DOES SHOW ON, ON IN THAT UPDATE, MR. MAYOR. IT DOES SHOW EVERY PROPERTY THAT'S BEING, UM, LEVIED THE ASSESSMENT AND WHAT THE ASSESSMENT AMOUNT IS AND WHAT THE TURS CREDIT IS THAT THEY'RE RECEIVING FOR THAT YEAR. SO IT BREAKS IT OUT BY PARCEL. SOUNDS GOOD. DOES THE BOARD HAVE ANY QUESTIONS, COMMENTS? DO I HAVE A MOTION? I THINK I SAW IT SOMEWHERE. UH, I'M GET TO IT, SIR. UM, MAKE SURE WE HONOR. LET'S SEE. UH, SO, UH, MAYOR, I MAKE A MOTION THAT WE APPROVE THE TERMS NUMBER TWO BOARD, UH, AND REVIEW, UH, THE, UH, APPROVAL OF ADOPTING OF THE RIVERWOOD AMENDED AND RESTATED TERMS. NUMBER TWO, PROJECT AND FINANCING PLAN. UM, AND FORWARD TO THE CITY COUNCIL FOR FINAL CONSIDERATION AND ACTION. SECOND, I HAVE A MOTION BY BOARD MEMBER PEREZ, SECOND BY BOARD MEMBER BOOTH. ANY FURTHER DISCUSSION? CALL FOR THE VOTE. ALL THOSE IN FAVOR SIGNIFY BY SAYING AYE. AYE. ALL THOSE OPPOSED? SAME SIGN. MOTION CARRIES. WELL, THIS WAS A LONG AGENDA, SO THE NEXT THING IS ADJOURNMENT AND WE WILL ADJOURN AT FIVE 20 AND 42 SECONDS. THANK YOU. * This transcript was created by voice-to-text technology. The transcript has not been edited for errors or omissions, it is for reference only and is not the official minutes of the meeting.