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Farmers Branch TIF No. 3 board approves minutes, accepts 2024 financial report
Summary
The Tax Increment Reinvestment Zone No. 3 board met April 22, 2024, approved minutes from April 2 and accepted the annual 2024 financial report. Finance Director Leanne Huddleston said the report has been filed with the Comptroller of Texas; board approved both items by voice vote with no tallies recorded in the transcript.
Farmers Branch — The Tax Increment Reinvestment Zone No. 3 board approved minutes from its April 2, 2024, meeting and accepted the zone’s 2024 financial report during a brief meeting April 22.
Leanne Huddleston, the city’s finance director, presented the annually required financial report for the TIF, saying the report was prepared by a consultant under contract with the city and, "After your approval, it's already been filed with the Comptroller of Texas as required under the TIF requirements." She told the board the filing has been completed after the board’s approval.
Members then discussed a line item listing delinquent accounts. An unidentified board member asked whether the district could expect to collect the money owed. Huddleston said collection is likely over time and that if a property were ultimately foreclosed the money would come back to the district, but she added foreclosure is unlikely given current development patterns. She also said an outside legal firm handles collection work for the city.
The board voted to approve the minutes for the April 2 meeting and later voted to accept the 2024 financial report. The presiding official announced both motions passed; the transcript does not include a roll-call or numeric vote tally.
The board adjourned at 03:44 (time of day not specified in the transcript).
