Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Tif Financing topic
No spam. Unsubscribe anytime.
Everman council approves $2.34 million TIF note to fund animal shelter and City Hall improvements
Summary
At a May 26 special meeting, the Everman City Council approved Ordinance No. 852 authorizing up to $2,340,250 in tax-increment notes to fund a relocated/expanded animal shelter and a remodel/expansion of Everman City Hall; the debt is to be paid from TIF revenues, not the general fund.
The Everman City Council on May 26 approved Ordinance No. 852, authorizing the issuance of Tax Increment Note Series 2026 in an amount not to exceed $2,340,250 to finance improvements tied to Tax Increment Reinvestment Zone No. 1.
City staff told the council the financing would fund two projects: remodeling and expanding Everman City Hall and constructing a new municipal animal shelter. Staff estimated the animal shelter work at about $600,000 and the City Hall project at about $1.2 million, and said rehabbing existing buildings would be far cheaper than new construction.
"We are saving truly millions of dollars by instead of going out, just acquiring land and building new facilities by upgrading what we have already got," City staff said during the presentation. Staff said the City Hall expansion would include a new council chamber, an executive session room for the mayor and council, archival space for the city secretary, a larger lobby and an outdoor reception area for public events.
On the animal shelter, staff said the current facility holds 19 kennels, roughly 13 of which are usable on a given day, and that the planned shelter would include 42 general holding kennels plus quarantine and separate cat-holding areas to improve flow and increase adoptions.
Staff emphasized the note is payable from TIF revenues and "is not a general fund obligation whatsoever." The presentation included a payment schedule showing an annual debt service of $296,471.01, with the first payment due May 26, 2027. Staff said first-year interest on that schedule is about $106,000 and that principal would make up the remainder of the first payment; staff also noted an early-payoff option could be exercised after year four.
After a brief question-and-answer period about payoff timing and the disposition of the old shelter site, a councilmember moved to approve the ordinance. The council recorded a roll-call-style tally and carried the motion.
City staff said contracts have been awarded and, with funding approved, the city expects to break ground on the animal shelter likely toward the end of June and hopes to complete both facilities by the end of the fall construction season.
Because the ordinance authorizes the note and approves related purchase-and-investment documentation, it enables the city to proceed with awarded contracts and begin construction on the schedule reported to council.
