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Denison board approves $615,881.60 reimbursement to Denison Development Alliance for sewer work
Summary
The TIRZ No. 5 board approved reimbursing the Denison Development Alliance $615,881.60 for three bond payments tied to sewer-line upgrades and demolition work along Highway 75 under a January 18, 2022 project agreement.
At its May meeting, the Tax Increment Reinvestment Zone No. 5 voted to reimburse the Denison Development Alliance $615,881.60 for bond payments made to fund sewer-line upgrades and demolition along Highway 75 and Crawford Street.
Staff said the city and the Denison Development Alliance (DDA) executed a project agreement on Jan. 18, 2022, under which the DDA issued debt to advance demolition and sewer upgrades that the city could not fund at the time. The presenter said those payments were made so the sewer-line project would not be postponed and that the project falls within the TIRZ finance and project plan as a capital public improvement.
Orlando, a staff member, confirmed the reimbursement amount for the record as $615,881.60. During the presentation staff identified three payments that sum to the total: $204,481.60, $205,025.00 and $206,375.00.
Member Dolcey moved to approve the reimbursement; Member Thomas seconded the motion. The board approved the reimbursement by voice vote; the transcript records the motion as carried. The item did not include a roll-call tally in the meeting record.
The reimbursement will be paid from the TIRZ fund as described in the project agreement; staff did not state a payment schedule in the transcript.
