Good evening, ladies and gentlemen.

It is 5 p.m.

And at this time, I'd lock the cool call the order announced.

We have a quorum present for the tax increment reinvestment zone number one meeting.

All council members are here or board members here with the exception of uh board member TISCIS.

Item number two on the agendas is approval of the minutes to A is considered approval of the minutes of the TERS number one board held May 14th, 2019.

And in Randy Bobbins.

I stand corrected.

Also, uh Randy Bacchus is not available this evening either.

So Tiscus and Bacchus are not able to attend.

Thank you for that clarification.

Honey Walder provide the motion for approval of the minutes.

Is there a second on the item?

Luke Wheels provides a second.

Thank you for that.

Any discussion or conversation on the minutes before we call for a vote?

Let's vote on the minutes.

Please indicate the Air Narrow touch screens.

And the minutes pass.

Do have one recusal by Mayor Pro Tim Smith.

Item three on the agenda is regular agenda items three A, consider recommendation of ordinance O2025-5.

One amending the boundaries of the reinvestment zone number one, City of Weatherford, amending the project cost of reinvestment zone number one, City of Weatherford, Texas, and approving an amended and restated final project and finance plan for reinvestment zone number one, City of Weatford.

Melcome, welcome.

Matt Leplett.

Good afternoon, Mayor, members of council.

The proposed amendment before you is an adjustment to our reinvestment zone number one, City of Weatherford, better known as TERS One.

This amendment proposes a change to our project and financing plan as long as well as a boundary adjustment.

So we have tonight our consultant, Jordan Sawyer with uh P3 works.

He's going to give you a little background and what's proposed in this change.

Thank you.

Welcome, Jordan.

Thank you all so much.

Mayor Council, thank you all so much for having me.

Uh Jordan Sawyer, I'm the regional director for P3 Works out in uh we are in North Orchid Hills, but we represent the whole North Texas area here.

So really tonight, what we're talking through, uh, as Matt mentioned, is just the amendment uh to TERS number one's boundaries as well as to the project and finance plan to add in some additional projects.

Uh so we're gonna go through here.

I know we're gonna have a very captive audience for both this and the next meeting.

So these two slides are in both TERS One and TURS Two.

So I'm gonna cover these broadly because they're really just a summary of how a TERS works.

Uh so just kind of refresher.

Uh the TERS is really a tool that a subdivision can use to indicate where they want to use specific funds.

So it really is a geographic line on a map that says within this area, the taxes that are collected will be used to specifically benefit properties in this area.

No new taxes are levied, no new assessments are levied, nothing new is happening in that area except for an identification of the uses of certain funds.

Uh so really it allows to focus growth, it allows to drive growth, which is ultimately, and I know we've talked with Chad, we've talked about Matt, a lot of the ideas driving growth in a specific area for the benefit of the city as a whole.

Uh is is kind of where we see TURS is really successful, uh stay successful there.

Um, so how a TURS works when a TURS is created or a TURS is amended, like we're looking at tonight, the base value of that property is set in stone.

And so we say basically here's the value of the property, and any growth that's generated over that property is going to be called increment.

That increment is in dictated how we use that fund based on what's in the plan.

So a portion of those dollars go used specifically for the TURS, a portion of those dollars go back to the general fund.

And an important note once the TURS expires, either by its term or because it's it's fulfilled all of its obligations, all of those dollars now go back to the general fund.

So again, just really a geographic identification in this area, tax dollars that were already collected will be used for specific purposes.

And one one important thing that I'll insert into there is the TERS increment does not go into the no new revenue calculation.

So that comes off the books to start with, so that helps with that calculation.

That's that's at that's absolutely correct.

That the captured value within a TERS is is a very specific treated very specifically under the SB2 calculations.

Uh that's actually something we look at very closely too.

Uh so that's a that's a great point.

Um, so 2024 amendments uh to the boundaries.

This was adopted very end of 2024.

Uh, this was the boundary uh that that we started this process with, and you'll see here we've added circles to two updates uh really in the the southern area and then the northern area.