Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Tax Increment Financing topic
No spam. Unsubscribe anytime.
Denison board recommends extending TIRZ No. 2 term and updates Preston Harbor financing plan
Summary
The Reinvestment Zone No. 2 Board voted July 6 to recommend extending the Tax Increment Reinvestment Zone (TIRZ) No. 2 term to Dec. 31, 2073 and to approve amendments to the Preston Harbor project and financing plan; a resident urged separate review, citing rising project costs.
The Reinvestment Zone No. 2 Board of Directors in Denison on July 6 voted to recommend extending the term of Tax Increment Reinvestment Zone (TIRZ) No. 2 by 10 years to Dec. 31, 2073 and to approve an amended and restated project and financing plan for the Preston Harbor development. The motion was made by board member Pressman and seconded by County Commissioner Matt Hardenberg; the board approved it by voice vote.
Julie Ford, the presenter for the Preston Harbor item, told the board the TIRZ was originally created in 2013 and that the 3,100-plus-acre property had been purchased by Craig International Group, which subsequently sold over 500 acres to Centurion American. "We are here today related to the Preston Harbor project," Ford said, summarizing that the proposed amendments add updated project costs, allow a portion of TIRZ revenue to be used to reduce Public Improvement District (PID) assessments over some residential development, and extend the zone's termination date. Ford said the updated plan was drafted by the TIRZ administrator, P3 Works, and that the item was expected on the Denison City Council agenda on July 13 with PID hearings and bond/assessment action anticipated Aug. 3.
During public comment, Kurt Chkowsky, a Denison resident, urged the board to consider the fiscal implications and to treat the matter as a standalone hearing rather than a consent item. Chkowsky cited public-record figures saying "project 1 is gonna have an increase in cost of 2,069,000 and project 2 is gonna be 3,683,000 for a total of 5,753,000," and warned that extending the TIRZ could divert an estimated "8 to $12,000,000 per year" away from the general fund over future decades. "I am just wondering if a bill according to the public record of 5,700,000 is worth 8 to 12,000,000 per year for another 10 years," he said, and requested the council address the item separately.
The chair closed the public hearing after comments and a motion to adopt the resolution and update the plan. Board member Pressman moved to extend the zone and recommend approval of the amended and restated project and financing plan; County Commissioner Matt Hardenberg seconded. The motion carried on a voice vote; the transcript records only the ayes and does not record a roll-call tally. The board adjourned at 11:13 a.m.
Theresa Adams was sworn in at the start of the meeting; the board also approved minutes from the Sept. 16, 2022 meeting earlier in the session. The council is expected to consider the TIRZ amendments and related PID matters at its July 13 meeting and, if moved forward, to consider bonds and PID assessments on Aug. 3, according to Ford.
