[1. CALL TO ORDER]
[00:00:06]
CITY DEVELOPMENT AUTHORITY MEETING IS HEREBY CALLED TO ORDER AT 5:15 P.M. DEPUTY CITY SECRETARY, DID YOU RECEIVE ANY PUBLIC COMMENTS? NO, MA'AM, WE DID NOT. OKAY. THANK YOU SO
[(a) Consideration and Possible Action - Authorize a reimbursement of $570,...]
MUCH, MAYOR. OKAY, SO ITEM NUMBER THREE ARE DISCUSSION AND POSSIBLE ACTION TO BE A CONSIDERATION AND POSSIBLE ACTION TO AUTHORIZE REIMBURSEMENT OF 570,778 TO AS AND 151 NWC FORT BEND COUNTY PARKWAY, HIGHWAY SIX LP, A TEXAS LIMITED PARTNERSHIP PURSUANT TO MISSOURI CITY TAX INCREMENT REINVESTMENT ZONE NUMBER TWO AGREEMENT FOR THE DEVELOPMENT OF FORT BEND TOWN CENTER TWO MARK. FINANCE. CORRECT. GOOD EVENING, AND THANK YOU, MR. MAYOR.COUNCIL MEMBERS, TONIGHT YOU'RE BEING ASKED TO AUTHORIZE A PAYMENT OF $570,778. AND I'M GOING TO SHORTEN IT TO FORT BEND TOWN CENTER TWO DEVELOPMENT FOR THE FIRST PAYMENT OF THE INCREMENTAL TAX INCREASE. THAT'S RESULTED FROM WHAT THEY'VE DONE. IT TOTALS FOR FISCAL 25, THE FIVE, 77, 78. I'LL BE GLAD TO STAND FOR ANY QUESTIONS ACCORDING TO THE AGREEMENT. I RECOGNIZE THE COUNCIL MEMBER. THANK YOU. MAYOR. HEY, JUST FIRST OF ALL, HOW ARE YOU DOING THIS EVENING? COUNCILMAN? JUST WANTED TO KNOW FROM THE CALCULATION STANDPOINT, HOW ARE WE CALCULATING THIS? BECAUSE I KNOW IT'S BASED OFF OF KIND OF AN EAT WHAT YOU KILL TYPE OF MODEL. WELL, I CAN GIVE YOU THE BACKGROUND AS I KNOW IT, HOW THE TAX INCREMENT REIMBURSEMENT WORKS. YES. THERE'S A VALUE OF THE PROPERTY BEFORE THE DEVELOPMENT. AND AS IT GROWS IN DEVELOPMENT AND THE PROPERTY TAX VALUES INCREASE, THEY'RE ENTITLED TO AN INCREMENT OF PAYMENT OF THAT INCREMENTAL INCREASE. AND TO DATE THAT TOTALS 577, 78 FOR THE LAST THREE YEARS THROUGH OUR FISCAL YEAR. AND THIS GOES UP TO IT'S UP TO $2 MILLION. OKAY, QUICK POINT OF CLARIFICATION. IT IS UP TO $4 MILLION, BUT THAT $4 MILLION INCLUDES SALES TAX REIMBURSEMENT AS WELL FOR THE PROPERTY. ALRIGHT. WE HAVE A MOTION BY COUNCIL MEMBER BONNIE OR RECOGNIZING COUNCILMEMBER EMERICH. IT'S OUT WHERE CINEMARK THEATER IS ON HIGHWAY SIX. THAT WHOLE DEVELOPMENT AROUND THE CINEMARK WOULD BE CONSIDERED FORT BEND TOWN CENTER TOO. OKAY.
WELL, IT'S. YOU BET. ALRIGHT. THANK YOU. RECOGNIZING MAYOR PRO TEM BROWN. THANK YOU MAYOR.
THANK YOU, MARK, FOR THE REPORT. CERTAINLY EARLIER YOU MENTIONED THE 2 MILLION AND YOU CAME BACK AND SAID THE 4 MILLION. SO WITH THE LATTER OF THE 2 MILLION BE TOWARDS MORE THE SALES TAX COMPONENT OF IT. SO THE WAY THE CONTRACT IS DRAFTED, IT'S 4 MILLION TOTAL. SO THE 2 MILLION IS ACTUALLY PROVIDED FOR UNDER A SEPARATE 380 AGREEMENT. SO IT'S REALLY HOWEVER THEY GET TO 4 MILLION. FIRST IF IT'S VIA PROPERTY TAXES THROUGH THE TOURS AGREEMENTS. AND IT IS AN INCREMENT THAT THEY HAVE INCREASED THE VALUE OF THAT PROPERTY. IT'S EITHER THAT OR THROUGH SALES TAXES MOST LIKELY, OF COURSE IT'LL BE PROPERTY TAXES THROUGH THE INCREMENT.
OKAY. THANK YOU VERY MUCH. THANK YOU. WE HAVE A MOTION BY COUNCIL MEMBER BONEY, SECONDED BY MAYOR PRO TEM BROWN. MARSHALL. SEEING NO ONE ELSE ON THE QUEUE, LET'S GO AHEAD AND VOTE. THIS MOTION WAS APPROVED UNANIMOUSLY. THANK YOU. THANK YOU. ITEM NUMBER FOUR CLOSED EXECUTIVE SESSION. CITY
[4. CLOSED EXECUTIVE SESSION]
ATTORNEY. WE HAVE NONE AT THIS. OKAY, SO THE TIME IS 519. NO FURTHER BUSINESS.* This transcript was compiled from uncorrected Closed Captioning.