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Staff outlines Reinvestment Zone No. 1 finances and recommends $1.01M reimbursement to developer
Summary
At a Reinvestment Zone No. 1 Board meeting, staff reported a roughly 45% increase in assessed value since the zone’s creation, detailed how M&O and county rates feed the TIF, and recommended the board reimburse developer TPJ $1,010,320.71 and the city $209.48; no formal vote is recorded in the transcript.
A staff member gave the Reinvestment Zone No. 1 Board of Directors a financial briefing and recommended the board approve $1,010,320.71 in reimbursements to developer TPJ and $209.48 to the city.
The staff member said the zone receives deposits from both the city and county. "For the city, the M and O rate is used...for tax year 2025, the M and O rate was about 68¢ per $100. So 40% of that went into the TERS, so about 27¢ per $100 went in," the staff member said. The presenter added the county uses its general fund rate, about 24¢–25¢ per $100, and approximately half of that share goes to the TIF fund (about 12¢ per $100).
Staff reported assessed values for tax year 2025 at $269,483,280 and described this as "an increase of about 45% since the creation of the zone." The staff member said the increment for 2025 was $262,270,833 and offered a growth projection: assuming roughly 5% annual growth beginning in 2026, the zone could reach about $588 million in assessed value.
On deposits and history, staff said collections have grown substantially over time. The transcript gives a 2025 deposits figure expressed in the briefing as roughly $1.0 million and an end-of-zone estimate of about $2.2 million. Staff also summarized cumulative receipts since fiscal 2015 as approximately $3.1 million from the city and $1.5 million from the county.
Turning to developer accounting, the staff member said TPJ submitted invoices totaling $1,010,320.71 for work performed January–June 2021 across Reserve phases 1–3 and Gateway Village. "We, as staff, have reviewed and verified these invoices, and they do line up to what's defined in the public improvements," the staff member said, and recommended that the board approve payment. The presenter stated the city is requesting $209.48 for administrative time tied to zone maintenance.
Staff noted it did not release the full reimbursement amount immediately, retaining roughly $4,000 in reserve because "we're gonna have to send [the next item] to legal to get it added into the finance and project plan" and to cover upcoming expenses. The staff recommendation was for the board to approve the two payments to the city and to TPJ; the transcript does not record any board vote or final action on that recommendation.
The staff member also described a developer request to add Phase 5 to the project plan for Saddle Creek Subdivision (described as additional installation and public infrastructure work adjacent to earlier phases). Staff recommended approval of that project-plan amendment and said legal review would be required to incorporate the change into the finance and project plan.
A board member moved to approve the minutes of the board meeting held June 23, 2025; the motion appears in the transcript but there is no recorded vote or outcome in the provided excerpt.
Next steps noted in the briefing were legal review to add the project-plan amendment to the finance and project plan and follow-up on the reimbursement paperwork. The transcript ends without a recorded vote on the staff recommendations.
