Uh noon, ladies and gentlemen.

Thank you for being here.

It is 5 p.m.

and I'm gonna call to order the tax increment reinvestment zone number one meeting at this time and uh let the record reflect that we do have a quorum present, but that member Randy Bacchus could not be with us this evening.

So if you'd have the minutes reflect that.

Item two is approval of the minutes to A is considered approval of the minutes of the tax increment reinvestment zone number one board meeting held December 16th, 2025.

Any questions or corrections on that item?

Thank you for the motion, Patty Wilder on approval of those items.

Luke Williams provided a second any conversation or discussion on those before we call for a vote.

Let's vote on please indicate yay or nay on your touch screens, please.

And the minutes pass item three on the agenda is excuse me.

Item three is regular agenda items three A, consider recommendation of resolution R2026 02 authorizing the creation of the Weatherford Local Government Corporation number one.

Welcome, Ashley Siler.

Welcome.

Mayor and Council, Ashley Siler, Director of Economic Development.

Tonight, staff recommends the creation of the Weatherford in our local government corporation number one.

The LGC for short is proposed as a financing and development tool to support the city's economic development objectives within the TURS number one.

An LGC is a nonprofit entity created by the city under state law.

It is wholly controlled by the city, governed by a board appointed by the council, and must operate in alignment with council approved objectives.

I want to be very clear.

An LGC does not remove council authority.

It does not bypass transparency requirements, and it does not obligate the city to any project or expenditure.

Any future use would still require council approval.

One of the primary reasons that the city is proposing this LGC is to help Weatherford continue its longstanding commitment to adopting a no new revenue tax rate.

The city has maintained this approach for the last five out of six years, with the only exception being a one cent increase dedicated to police and fire services.

An LGC gives the city an additional tool to fund infrastructure and development projects using the tax increment revenues and project specific financing rather than relying on increases to the general property tax rate.

This allows the city to support growth while continuing to be fiscally responsible to our residents.

What this is not, again, I want to state that an LGC does not remove council authority.

It is not a private entity.

Any future use does still require council approval and direction.

The LGC will be governed by this council, and the board would consist of the mayor, the four council members, the city manager would serve as president.

All major decisions remain at council.

With that, I'm happy to answer any questions that you might have.

Thank you for the information on that.

Council staff recommending the item for approval.

Um this time is there any questions, deliberations for us?

Conversation.

Recommend uh I will entertain a motion if that's your pleasure.

Mayor, I'll make a motion.

Motion by Luke Williams for approval.

Second provided by Zach Smith, but you still have an opportunity to provide feedback or questions on the item at your pleasure.

I do have one question on Ashley.

Um we we form this creation.

Is there a termination uh clause within this creation contract?

Yes, it is within the next um agenda item, and it can be removed at any time.

Terminated at any point.

You comfortable with that.

Yeah.

Okay.

Any other questions?

I'm glad you asked that one.

Here you go.

The questions we'll call for a vote on the matter at this time.

Now is your opportunity to vote on item three A.

Dicate yay or nay when the opportunity presents itself.

I'd sure appreciate it.

That item passes.

We'll shift down to item three B if everybody's okay with that.

Consider recommendation of interlocal cooperation agreement between the city of Weatherford, the board of directors of the tax increment reinvestment zone number one and the Weatherford Local Government Corporation number one.

Ms.