HomeMy WebLinkAbout08-04-04 La Porte Redevelopment Authority Meeting minutes
La Porte Redevelopment Authority
City of La Porte, Texas
Minutes of the Board Meeting
Held August 4, 2004
1. CALL TO ORDER AJ'ID DETERMINATION OF A QUORUM
The Board of Directors of the La Porte Redevelopment Authority, City of La Porte, Texas, held a
meeting, open to the public, on the 4th day of August 2004, 6:30 p.m. in Council Chambers at the City
Hall, 604 West Fairmont Parkway, La Porte, Texas 77572-1115 and the roll was called of the duly
appointed members of the Board, to wit:
Peggy Antone
Paul Larson
Alton Porter
Horace Leopard
Norman S. Cook
Lindsey Pfeiffer
Molly Helmlinger
Chester Pool
11 Meza
Position I
Position 2
Position 3 - Chairman
Position 4
Position 5
Position 6
Position 7
Position 8
Position 9
and all of the above were present except Director Antone and Director Pfeiffer, thus constituting a quorum.
Also present at the meeting were John Joerns, David Hawes, and Scott Bean. A quorum having been
established, Chairman Porter called the meeting to order at 6:40 p.m.
2. CONSIDER APPROVAL OF THE MINUTES OF THE MAY 5,2004 BOARD OF DIRECTORS MEETING
Upon a motion duly made by Director Helmlinger and being seconded by Director Leopard, the board
voted unanimously to approve the minutes of the May 5, 2004 board of directors meeting.
3. REVIEW AND APPROVE RENEWAL OF SERVICE AGREEMENT BY AND BETWEEN THE CITY OF LA
PORTE, TEXAS, TAX INCREMENT REINVESTMENT ZONE NUMBER ONE, LA PORTE, TEXAS AJ'ID THE LA
PORTE REDEVELOPMENT AUTHORITY, LA PORTE, TEXAS
John Joerns briefed the board on this item. Director Helmlinger inquired as to how much is spent
annually on the administration of the Zone and Redevelopment Authority. Mr. Joerns noted that it is a
modest amount, with approximately $6,000 being spent last year. Upon a motion duly made by Director
Helmlinger and being seconded by Director Pool, the board voted unanimously to approve the agreement.
4. RECEIVE AJ'ID TAKE APPROPRIATE ACTION ON DEVELOPMENT AGREEMENT BY AND BETWEEN THE
CITY OF LA PORTE, TEXAS, TAX INCREMENT REINVESTMENT ZONE NUMBER ONE, LA PORTE, TEXAS
AND THE LA PORTE REDEVELOPMENT AUTHORITY, LA PORTE, TEXAS AND ARETE REAL ESTATE AND
DEVELOPMENT
David Hawes briefed the board on this item. Mr. Hawes reviewed TIRZ policies for other cities and
referenced the analysis that contained different levels of reimbursement that typically occur in MUDs and
TIRZs. Mr. Hawes noted that staff was recommending 100% reimbursement for all off-site improvements
and oversizing of utilities, and 35% reimbursement for internal utilities. Director Pool inquired as to how
the La Porte policy compares to other TIRZs with regard to reimbursement. Mr. Hawes responded that the
La Porte policy is more restrictive in general. Chairman Porter and John Joerns led a discussion on
previous TIRZ proposals that contributed to La Porte's conservative policy. Mr. Joerns provided a brief
history of the property and project that is the subject of the development agreement before the board. There
was general discussion on the matter.
~~.
David Hawes provided an update on the development agreement noting that two (2) exhibits needed to
be completed, and that the attorney had reviewed and corrected the document. Mr. Hawes noted that
developer interest had been limited to five (5) years and that there would be a 1.25 debt coverage ratio and
at a minimum $1.5M in proceeds before bonds could be issued. Mr. Hawes recommended approval of the
agreement in form subject to City Council review and attachment of the final exhibits. Chairman Porter
asked that Mr. Hawes update Council on August 9th. Director Larson asked about the timeline for the
development. Mr. Hawes responded that the developer was ready to start, but that the agreement needed to
be taken to the developer's bank. John Joerns stated that the project would probably start in November.
There was general discussion on the matter.
Upon a motion duly made by Director Pool and being seconded by Director Meza, the board voted
unanimously to approve the agreement in substantial form subject to Council review and attachment of the
proper exhibits.
5. STAFF UPDATES
. Resignation of Lindsay Pfeiffer. John Joerns updated the board on this item.
. Update on other development within the TIRZ. John Joerns updated the board on a matter
involving a lawsuit regarding the Texas Import/Export Park project. There was general
discussion on the matter.
6. BOARD MEMBER COMMENTS
Chairman Porter inquired as to the status of the sound barrier wall for the Arete project. John Joerns
addressed this question. Chairman Porter gave a brief update on board appointments. Director Helmlinger
stated that it was good to finally be moving forward on implementing the TIRZ project plan. There was
general discussion on the matter.
-
7. ADJOURNMENT
The meeting was adjourned at 7:30 p.m.
SIGNED:
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AGENDA ITEM 4:
REVIEW AND CONSIDER APPRO V AL OF FISCAL YEAR 2004-2005 BUDGET
. Tax Increment Reinvestment Zone Number One (039) Fund Summary and Statement of
Revenues.
City of La Porte
Tax Increment Reinvestment Zone One (039) Fund Summary
Working Capital 9/30/03 148,440
Plus Estimated 03-04 Revenues .~." ~.,' 503,884
~. ."
Less 03-04 Expenditures and Commitments
Developmental Assistance, Drainage Study, Audit 75,292
Sylvan Beach Shoreline Erosion Project* 486,435
561,727
Equals Estimated Working Capital 9/30/04 90,597
Plus 04-05 Revenues:
Property Taxes 15,000
Interest Income 2,030
Total Revenues 17,030
Equals Total Resources 107,627
Less 04-05 Expenditures and Commitments
Miscellaneous Consulting Fees 11,500
Operations 5,500
Miscellaneous Supplies, Materials 5,500
Educational Fund 10,500
Total Expenditures 33,000
Equals Estimated Working Capital 9/30/05 74,627
Estimated Projected.
2003-04 2004-05
Revenues 503,884 17,030
Expenditures & Commitments 561,727 33,000
Estimated Fund Balance Usage (57,843) (15,970)
*Project to be reimbursedfromfuturefunds.
City of La Porte
Tax Increment Reinvestment Zone One Fund (039)
Statement of Revenues
Actual Budget Revised Projected
Object Description 2002-03 2003-04 2003-04 2004-05
General Property Taxes:
401.01-00 Current Property Taxes 20,218 14,000 15,764 15,000
General Property Tax.es Subtotal 20,218 14,000 15,764 15,000
In terest:
483.01-00 Interest Income 2,159 2,090 1,685 2,030
Interest Subtotal 2,159 2,090 1,685 2,030
Total TIRZ One Fund Revenues 22,377 16,090 17,449 17,030
AGENDA ITEM 5:
REVIEW AND DISCUSS THE REQUEST OF A PUBLIC IMPROVEMENT DISTRICT
(PID) BY ARETE REAL ESTATE DEVELOPMENT
Section D-5 of the Zone Guidelines provides that the City Council by ordinance may authorize
the Board to provide for the management and administration of a Public Improvement District
created within the Zone, as provided in such district's service plan required by law. The Tri-
Party Agreement also provides for the management of a PID by the Redevelopment Authority.
The Tri-Party Agreement defines a PID as a Public Improvement District(s) established by the
City within the Zone and for which the City and Zone contract with the Authority to provide the
assistance described in this Agreement. Essentially, the TIRZ/Redevelopment Authority could
recommend the creation of a PID within boundaries of the TIRZ. The Authority would collect a
special levy (in addition to taxes) from property owners within the PID.
Mr. Fogarty is requesting an assessment that would equate to the difference between his initial
request for (TIRZ) reimbursement and the Authority's approved reimbursement level (for
internal water, sewer and drainage). That amount is estimated to be $3,331,728, which is 65% of
internal water, sewer and drainage. (The Authority has approved a 35% reimbursement for these
items ).
The PID assessment for infrastructure is dependent on the choic~js-depe-rrdenton_thecheTce of a
15,20, 25, etc. year payout. The projected annual cost per home is $1,124 for 15 years, $843 for
20 years, and $674 for 25 years.
Additionally, a PID may be a successful way of addressing future maintenance issues for the
detention basins, perimeter fencing, landscaping, etc. Staff has been in discussions with Mr.
Fogarty regarding these items. The collection of a PID assessment levied by the City would be
easier and preferable than relying on a Homeowners' Association to undertake this kind of
maintenance activity. As a starting point for discussion, a PID assessment for maintenance of
$300lhouse would add about $0.12 to the tax burden for each property (in addition to the PID
assessment for infrastructure).
Lanclos. Melisa
"'om:
~nt:
To:
Subject:
Joerns, John
Wednesday, September 15, 2004 4:08 PM
Lanclos, Melisa
FW: Lakes At Fairmont Greens Proposed PID
........~
00", I
.~
La Porte PID Prelim
Schedule 9...
-----Original Message-----
From: Scott Bean [mailto:sbean@hhcllp.com]
Sent: Tuesday, September 07,2004 11 :20 AM
To: Joerns, John
Subject: Lakes At Fairmont Greens Proposed PIO
John:
Here is a little more refilled information on the PIO. It we added, for instance, a $300 per house
annual payment for maintenance services, it would effectively add about $0.12 to the tax burden for
each property (on top of the infrastructure costs detailed in the attached schedules).
ease review and let me know what you think.
Thanks.
Scott Bean
Hawes Hill Calderon, LLP
(713) 541-0447
sbean@hhcllp.com
1
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(1)
La Porte PI D Costs 15 Year 20 Year 25 Year
Total Project Costs $3,331,728 $3,331,728 $3,331,728
Total Financing Costs $266,538 $266,538 $266,538
Total Interest $3,331,728 $3,331,728 $3,331,728
TOTAL COSTS $6,929,994 $6,929,994 $6,929,994
Residential Total $6,929,994 $6,929,994 $6,929,994
Residential Reimbursement
Effective Tax Rate
City Net Taxable (HS)
Annual Cost per Home
Total r Cost per Home
Total rs at 411 Homes
Project Costs
Financing Costs
Interest
$0.450 per $100
$250,000
$1,124
$16,861
$6,929,994
$3,331,728
$266,538
$3,331,728
City of La Porte
Harris County & Related Entities
La Porte I.S.D.
San Jacinto College
PIO
TOTAL
2003 Tax Rate
0.7100
0.6463
1.6800
0.1319
0.4496
3.6179
$0.337 per $100
$250,000
$843
$16,861
$6,929,994
$3,331,728
$266,538
$3,331,728
2003 Tax Rate
0.7100
0.6463
1 .6800
0.1319
0.3372
3.5055
$0.270 per $100
$250,000
$674
$16,861
$6,929,994
$3,331,728
$266,538
$3,331,728
2003 Tax Rate
0.7100
0.6463
1.6800
0.1319
0.2698
3.4380
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I-
PID ANNUAL INCOME
Year PID - 15 PID - 20 PID - 25
2005 $16,861 $12,646 $10,117
2006 $128,820 $96,615 $77,292
2007 $240,779 $180,585 $144,468
2008 $352,738 $264,554 $211,643
2009 $462,000 $346,500 $277,200
2010 $462,000 $346,500 $277,200
2011 $462,000 $346,500 $277,200
2012 $462,000 $346,500 $277,200
2013 $462,000 $346,500 $277,200
2014 $462,000 $346,500 $277,200
2015 $462,000 $346,500 $277,200
2016 $462,000 $346,500 $277,200
2017 $462,000 $346,500 $277,200
2018 $462,000 $346,500 $277,200
2019 $462,000 $346,500 $277,200
2020 $445,138 $346,500 $277,200
2021 $333,179 $346,500 $277,200
2022 $221,220 $346,500 $277,200
2023 $109,261 $346,500 $277,200
2024 $346,500 $277,200
2025 $333,854 $277,200
2026 $249,884 $277,200
2027 $165,915 $277,200
2028 $81,946 $277,200
2029 $277,200
2030 $267,083
2031 $199,908
2032 $132,732
2033 $65,557
Funding Total $6,929,994 $6,929,994 $6,929,994