Reinvestment Zone No. 3 - Downtown

Council Chambers

Agenda — 18 items

1. 1 Public Notice: Persons with disabilities who plan to attend this meeting and who may need auxiliary aids or services are requested to contact the City Secretary’s office (at 361-826-3105) at least 48 hours in advance so that appropriate arrangements can be made. This meeting may be held via videoconference call pursuant to Texas Government Code § 551.127. If this meeting is held via videoconference call or other remote method of meeting, then a member of this governmental body presiding over this meeting will be physically present at the location of this meeting unless this meeting is held pursuant to Texas Government Code § 551.125 due to an emergency or other public necessity pursuant to Texas Government Code § 551.045.
2. A. Chairman Mike Pusley to call the meeting to order. ▶ jump to 5:00
3. B. Assistant City Secretary Stephanie Box to call roll of the Corporation Directors. ▶ jump to 5:08
4. C. PUBLIC COMMENT: ▶ jump to 5:53
5. 5 PLEASE BE ADVISED THAT THE OPEN MEETINGS ACT PROHIBITS THE BOARD OF DIRECTORS FROM RESPONDING AND DISCUSSING YOUR COMMENTS AT LENGTH. THE LAW ONLY AUTHORIZES THEM TO DO THE FOLLOWING: 1. MAKE A STATEMENT OF FACTUAL INFORMATION. 2. RECITE AN EXISTING POLICY IN RESPONSE TO THE INQUIRY. 3. ADVISE THE CITIZEN THAT THIS SUBJECT WILL BE PLACED ON AN AGENDA AT A LATER DATE.
6. D. MINUTES: ▶ jump to 6:00
7. E. FINANCIAL REPORT: ▶ jump to 6:25
8. 2. TIRZ #3 Financial Reports as of March 31, 2024 24-0759 presented ▶ jump to 6:24
9. F. EXECUTIVE SESSION ITEMS: (NONE)
10. G. AGENDA ITEMS: ▶ jump to 11:25
11. 3. Motion to approve a Downtown Development Agreement with 416 N Chaparral St, LLC for improvements to the property located at 416 N Chaparral Street for a total incentive amount not to exceed $3,060,000, effective upon signature by the City Manager or designee. 24-0719 approved Pass ▶ jump to 11:26
12. 4. Motion to approve a Downtown Development Agreement with YC Texas Hotel, LLC for improvements to the property located at 601 N Water Street for a total incentive amount not to exceed $2,158,500, effective upon signature by the City Manager or designee. 24-0720 approved Pass ▶ jump to 41:04
13. 5. Motion to approve a 1st amendment to the TIRZ #3 Downtown Development Reimbursement Agreement with 611 Commerce Venue Hall for the property located at 605 Mesquite Street, which provides the developer with an extension for the completion date from June 30, 2024 to June 30, 2025, effective upon signature by the City Manager or designee. 24-0721 approved Pass ▶ jump to 54:44
14. 6. Motion to approve a 1st amendment to the TIRZ #3 Downtown Development Reimbursement Agreement with Lucas Boyd for the property located at 317 Peoples Street which provides the developer with an extension for the completion date from May 31, 2024 to November 30, 2024, effective upon signature by the City Manager or designee. 24-0722 approved Pass ▶ jump to 57:17
15. H. PRESENTATION ITEMS: ▶ jump to 58:20
16. 7. DMD Updates 24-0723 presented ▶ jump to 58:22
17. I. ADJOURNMENT ▶ jump to 68:07
18. 19 * Regardless of the agenda heading under which any item is listed, any word or phrase of any item listed on this agenda shall be considered a subject for consideration for purposes of the Texas Open Meetings Act and other relevant laws, and the Board of Directors may deliberate and vote upon any such subject and resolutions related thereto. Any descriptions of property or amounts stated in this agenda are descriptive and not restrictive, and property and amounts may be changed in the motions, actions or documents. In addition to other items listed in this agenda, policies and procedures of this corporation, legal analysis of any items, policies or procedures, and any items that are currently receiving funding from this corporation may be discussed and deliberated and these matters are added as subjects of discussion to this meeting. This agenda has been reviewed and approved by the attorney for the governing body, and the presence of any subject or description in the Executive Session portion of this agenda constitutes a written interpretation of Chapter 551 of the Texas Local Government Code by the attorney for this corporation indicating that said subject or description thereof may be legally discussed in a closed meeting.