[I) Call Meeting to Order and Roll Call]
[00:00:10]
CALL THIS REGULAR TOURS THREE BOARD MEETING TO ORDER. CAN I GET A ROLL CALL, PLEASE? MCKINNEY HERE. FLORES HERE. TOBIAS. GOSA PRESENT. MEDINA HERE. ZAPATA HERE. HARRIS. HERE.
HAMMER. COHEN HERE. OKAY, WE HAVE A QUORUM. NEXT UP, WE HAVE CITIZENS COMMENTS. PERIOD. THE TOUR'S THREE BOARD WELCOMES COMMENTS FROM CITIZENS. THOSE WISHING TO SPEAK ARE ENCOURAGED TO SIGN IN BEFORE THE MEETING BEGINS. SPEAKERS MAY BE PROVIDED WITH AN OPPORTUNITY TO SPEAK DURING THIS TIME PERIOD ON ANY AGENDA, ITEM OR ANY MATTER CONCERNING TERSE THREE BOARD BUSINESS, AS THEY MUST OBSERVE THE THREE MINUTE TIME LIMIT. ALSO LIKE TO REMIND YOU THIS IS THE FIRST THREE. THIS IS NOT THE REGULAR COUNCIL MEETING. YOU'RE MORE THAN WELCOME TO SPEAK AT BOTH, BUT IF YOU'RE INTENDING TO SPEAK AT THE OTHER ONE, JUST HOLD ON. DO WE HAVE ANYBODY WHO WOULD LIKE TO SPEAK ON THE THREE BUSINESS? SEEING NONE, CITIZENS COMMENTS
[III.1) Consider nomination and selection of officers.]
IS CLOSED. NEXT UP, WE HAVE CONSIDERING POSSIBLE ACTION. CONSIDER NOMINATION SELECTION OF OFFICERS. ITEM. PRESENTER AMY ALCORN READ. GOOD EVENING, CHAIR AND BOARD MEMBERS AMY ALCORN READ CITY ATTORNEY FOR THE RECORD. WE'RE HERE TO DISCUSS THE APPOINTMENT OF A VICE CHAIR AND ANY OTHER OFFICERS THAT THE BOARD MAY WISH TO APPOINT UNDER TAX CODE 311, CHAPTER 311. THE CITY COUNCIL APPOINTS THE CHAIR. THE CITY COUNCIL DID APPOINT COUNCIL MEMBER MARK MCKINNEY AS THE CHAIR. SO IT HAS BEEN OUR CUSTOM TO APPOINT A VICE CHAIR.VICE CHAIR WOULD SERVE IN THE CHAIR'S ABSENCE. AND WE DO RECOMMEND APPOINTING A VICE CHAIR TODAY. ANY VOLUNTEERS, ANY VOLUNTEERS? COMMISSIONER COHEN, WOULD YOU BE. ALL RIGHT? I WOULD ABSOLUTELY SECOND THAT. ANYBODY ELSE? YES. WE HAVE A MOTION AND A SECOND ON THE TABLE FOR COMMISSIONER COHEN TO BE THE VICE CHAIR. I'D LIKE TO MAKE A MOTION. OH, DO WE HAVE ONE ON THERE? OKAY. I JUST TOOK THAT AS HER MOTION. AND SECOND. FAIR ENOUGH. JUST MOVING ALONG.
[III.2) Consider approval of a resolution of the Board of Directors for Reinvestment Zone Number Three, City of Kyle, Texas adopting the Final Project and Financing Plan for the Zone; approving and authorizing the chairman to execute a TIRZ Agreement in connection with the development of the Zone; and recommending approval of the Final Plan and TIRZ Agreement to the City Council of the City of Kyle, Texas. ]
ALL IN FAVOR, SAY AYE. AYE. OPPOSED? MOTION PASSES. THANK YOU. NEXT UP, CONSIDER APPROVAL OF THE RESOLUTION OF THE BOARD OF DIRECTORS FOR REINVESTMENT ZONE NUMBER THREE, CITY OF KYLE, TEXAS. ADOPTING THE FINAL PROJECT AND FINANCING PLAN. A LOT OF WORDS FOR THE ZONE.APPROVING AND AUTHORIZING THE CHAIRMAN TO EXECUTE A TERSE AGREEMENT IN CONNECTION WITH THE DEVELOPMENT OF THE ZONE AND RECOMMENDING APPROVAL OF THE FINAL PLAN AND AGREEMENT TO THE CITY COUNCIL. THE CITY OF KYLE, TEXAS ITEM PRESENTER STEPHANIE LEVY. GOOD AFTERNOON. MY NAME IS STEPHANIE LIBBY. I'M WITH NORTON ROSE FULBRIGHT. OUR FIRM SERVES AS BOND COUNSEL TO THE CITY. SIR'S NUMBER THREE WAS ORIGINALLY CREATED TO BE COTERMINOUS WITH SAVANNAH RANCH PUBLIC IMPROVEMENT DISTRICT. WE APPEARED BEFORE CITY COUNCIL AT THE LAST CITY COUNCIL MEETING AND HAD CITY COUNCIL APPROVE THE PRELIMINARY SERVICE AND ASSESSMENT PLAN. AND ALSO THE PRELIMINARY LIMITED OFFERING MEMORANDUM, WHICH AUTHORIZED THE UNDERWRITERS TO GO OUT INTO THE BOND MARKET TO MARKET THE BONDS. ONE OF THE ORIGINAL PURPOSES FOR CREATION OF THE TOURS WAS TO HELP SUPPLEMENT OR OFFSET PIT ASSESSMENTS THAT WOULD BE USED TO REPAY THOSE PIT BONDS FOR SAVANNAH RANCH AND THE. IN THE TOURS, HAYS COUNTY IS A PARTICIPATING ENTITY UNDER THE CITY'S INTERLOCAL AGREEMENT WITH THE COUNTY. FOR COUNTY REVENUES TO BE USED FOR TOURIST PURPOSES, WE DO HAVE TO HAVE BOTH COMMISSIONERS WHO SIT ON THE CHAIRS BOARD VOTE TO SUPPORT THE PROJECT AND FINANCE PLAN. SINCE WE HAVE ONE COMMISSIONER ABSENT FROM TODAY'S MEETING, THE OPTIONS WOULD BE TO EITHER BRING BACK THE PROJECT AND FINANCE PLAN AT A FUTURE TOURIST BOARD MEETING, JUST TO HAVE ITS ADOPTION REAFFIRMED, OR TO BRING IT DIRECTLY TO COMMISSIONERS COURT OF THE COUNTY AND HAVE THE ENTIRE COMMISSIONERS COURT APPROVE THE PLAN, WE ARE GOING TO MOVE FORWARD AND ASK THIS BOARD TO APPROVE THE PLAN TONIGHT AND RECOMMEND THAT CITY COUNCIL ALSO APPROVE THE PLAN, SINCE THOSE TOURS REVENUES ARE BEING USED AS AN OFFSET AGAINST THE PIT ASSESSMENTS. SO JUST A VERY KIND OF GENERAL OVERVIEW OF THE SAVANNAH RANCH PUBLIC IMPROVEMENT DISTRICT AND PRIOR CITY COUNCIL ACTIONS THAT WERE TAKEN IN CONJUNCTION WITH THAT DISTRICT. THE DISTRICT WAS CREATED ORIGINALLY IN MARCH OF 2022, AND THEN THIS TOURS WAS CREATED IN APRIL OF 2022.
[00:05:05]
JANUARY 2024. THE DEVELOPER FOR SAVANNAH RANCH STARTED TO INCUR SOME EXPENSES ASSOCIATED WITH THE PUBLIC IMPROVEMENT DISTRICT WITH THE PROJECTS THAT WERE BEING CONSTRUCTED. AND SO CITY COUNCIL AUTHORIZED A REIMBURSEMENT AGREEMENT IN JANUARY 24TH. AND THEN, AS I JUST STATED, MARCH OF 2026, CITY COUNCIL ADOPTED THE PRELIMINARY SERVICE AND ASSESSMENT PLAN AND THE LIMITED OFFERING MEMORANDUM. AND THEN ON TONIGHT'S CITY COUNCIL AGENDA, WE HAVE ADOPTION OF THE ASSESSMENT ORDINANCE, ADOPTION OF THE BOND ORDINANCE, AND THEN APPROVAL OF THE SAME PROJECT AND FINANCING PLAN FOR THE TOURS BELOW. THIS IS A MAP THAT JUST SHOWS A GENERAL DEPICTION OF SAVANNAH RANCH, THE MAP OF IMPROVEMENT AREA ONE, WHICH IS THE AREA CURRENTLY UNDER DEVELOPMENT, AND THAT AREA IS SHOWN IN BLUE ON THIS MAP. I JUST WALKED THROUGH CURRENT STEPS, INCLUDING THE ADOPTION OF THE ASSESSMENT ORDINANCE, THE BOND ORDINANCE AND THE TOURS ORDINANCE AT TONIGHT'S CITY COUNCIL MEETING. AND THEN THIS WILL JUST GIVE YOU ALL AN IDEA. THIS IS PULLED FROM THE PRELIMINARY SERVICE AND ASSESSMENT PLAN. THESE AMOUNTS WERE UPDATED SLIGHTLY TODAY WHEN THE BONDS WERE PRICED, BUT OVERALL THE NUMBERS STAYED FAIRLY CONSISTENT. AND SO THAT'LL GIVE YOU AN IDEA OF THE ASSESSMENT THAT'S LEVIED ON EACH LOT WITHIN THE DISTRICT. WHAT THEIR AVERAGE ANNUAL INSTALLMENT IS, AND THE AMOUNT OF TOURIST REVENUES THAT CAN BE USED FOR THE FOR THE OFFSET. SO NEXT STEPS IN THE PROCESS, IF COUNCIL ADOPTS THE BOND ORDINANCE, THE ASSESSMENT ORDINANCE AND ORDINANCE TONIGHT, THEN WE'LL MOVE TO THE TRANSACTION FORWARD AND HAVE THE BOND CLOSING ON APRIL 30TH. THE RECOMMENDATION FOR TODAY'S MEETING IS THAT THE BOARD ADOPT THE RESOLUTION TO APPROVE THE FINAL PLAN, AND I'M HAPPY TO ANSWER ANY QUESTIONS THAT YOU ALL MAY HAVE. DOES ANYBODY HAVE ANY QUESTIONS? I HAVE A QUESTION. YOU STATED THAT THE TOURS ASSESSMENTS ARE BEING USED FOR FOR THE. YEAH. FOR ASSESSMENTS. YES. SO BUT THERE'S NO HOUSES BUILT CURRENTLY, IS THERE? THERE ARE. I THINK THERE ARE SOME HOUSES UNDER CONSTRUCTION. THERE ARE NO CURRENT HOUSES I GUESS OCCUPIED WITHIN THE DISTRICT.OKAY. SO RIGHT NOW NO PERSON IS BEING FINANCIALLY AFFECTED BY THE ASSESSMENTS RIGHT NOW. NO PERSON IS BEING IMPACTED BY THE PIT ASSESSMENTS OF THE TWO OWNERS WITHIN THE LAND OR TWO HOME BUILDERS. TWO HOME BUILDERS CURRENTLY OWN ALL OF THE LOTS WITHIN THE DISTRICT.
OKAY. ALL RIGHT. I JUST WANTED TO MAKE SURE I'M IN FAVOR OF POSTPONING THIS UNTIL WE HAVE COMMISSIONER HAMMER WITH US. SO AS I STATED BEFORE, I WAS NOT ASKING THAT THIS TO BE POSTPONED. I WOULD LIKE FOR IT TO BE APPROVED BY THE BOARD SINCE IT IS PROVIDING SUPPORT FOR THE BOND ISSUANCE, AND WE ARE SLATED FOR CITY COUNCIL TO ADOPT THE BOND ORDINANCE TONIGHT. OKAY. BUT IT'S SUPPOSED TO HAVE TWO OF THE COMMISSIONERS APPROVALS. WELL, COUNTY FOR COUNTY REVENUES TO BE USED FOR THE TOURS OFFSET, WE WOULD NEED BOTH COMMISSIONERS TO VOTE IN FAVOR OF THE PLAN, OR WE'D HAVE TO BRING THE PLAN TO COMMISSIONERS COURT TO HAVE COMMISSIONERS COURT APPROVE THE PLAN AS WELL. SO THE TOURIST REVENUES THEMSELVES ARE NOT GOING TO BE COLLECTED UNTIL PROPERTY TAXES ARE COLLECTED. JANUARY 2027. SO WE HAVE NOW UNTIL JANUARY 2027 TO BRING THE PLAN BACK, EITHER BEFORE THIS BOARD OR BEFORE THE COUNTY TO HAVE IT ITS ADOPTION REAFFIRMED. OKAY, PERFECT. THANK YOU. DID THAT SATISFY YOUR CONCERN? OKAY. DO YOU HAVE ANY MOTIONS? MOVE APPROVAL. SECOND, WE HAVE A MOTION TO APPROVE BY DOCTOR HARRIS. SECOND BY COUNCIL MEMBER ZAPATA. ALL IN FAVOR, I ALL OPPOSED MOTION PASSES. THANK YOU. THAT IS THE END OF OUR TOURS.
* This transcript was compiled from uncorrected Closed Captioning.