05242004 Regular Meeting - Laserfiche WebLink

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Regular Meeting May 24, 2004 208 . Page 7 inquired what the City currently receives. Mr. O'Leary stated the City currently receives $2,800.00 for their portion of the taxes. He stated the City would receive more affordable housing for seniors and no liability for the project. He also stated the mission of the Housing Authority is to find affordable housing. On roll call the following vote was recorded: AYE: Diaz, Guerrero, Mihalkanin, Narvaiz and Bose. NAY: Thomaides and Taylor. ABSTAIN: None. Mayor Narvaiz introduced a discussion regarding distribution of the FY 2003 Comprehensive Annual Financial Report. Mr. O'Leary presented the Council with the FY2003 Comprehensive Annual Financial Report which was audited by Patillo, Brown and Hill. He stated this was the second year that no deficiencies were noted. Mayor Narvaiz introduced a discussion regarding tax increment financing. Mr. O'Leary provided the Council with a power point presentation regarding tax increment financing. Dan Wegmiller, First Southwest Company, stated areas where you can set up zones are much smaller. He stated the City can lend the City's credit to get a lower rate of credit on projects. He stated the TIRZ Board may administer, manage the zone and project plan. He also stated the Council retains authority to issue bonds, impose taxes or fees, exercise eminent domain and give final approval of the project plan for the zone. He also stated the City could issue CO Bonds instead of Tax Incentive Financing. Mayor Narvaiz introduced the City Council's Report. 1) Mr. Thomaides stated he would like for the Council to hold a Workshop to discuss agenda procedures, meeting times, and Council responsibilities in Executive Session. 2) Mr. Mihalkanin suggested the Workshop be held on Monday, June 14, 2004 at 5:30 p.m. before the Regular Meeting. Mayor Narvaiz introduced an Executive Session pursuant to the Government Code, Section 551.071, to seek the City Attorney's advice regarding pending litigation, contemplated litigation or other matters (McCarty Lane/Centerpoint Road Improvements); and Section 551.086, to discuss commercial or financial information the City has received from a business prospect with which the City is conducting economic development negotiations, or to deliberate the offer of a financial or other incentive to such a business prospect (Post Road/Yarrington Road area; Aquarena Springs Drive/Post Road area; Airport area). Mr. Mihalkanin moved the Council adjourn into Executive Session at 9:51 p.m. and Mr. Diaz seconded the motion, which passed unanimously.