[1. CALL TO ORDER]
[00:00:13]
EVENING. WELCOME TO NORTH LAKE TOWN COUNCIL MEETING ON JANUARY 22ND. WE HAVE ALL COUNCILORS PRESENT AND ACCOUNTED FOR. TONIGHT WE WILL START WITH OUR INVOCATION WITH PASTOR. PLEASE COME UP. LET'S PRAY. LORD GOD, HEAVENLY FATHER, WE INVITE YOUR PRESENCE HERE NOW AS DECISIONS ARE MADE TO SERVE THIS COMMUNITY FAITHFULLY FOR THE BETTERMENT WITH PEACE AND PROSPERITY AND SAFETY. AND LORD, YOU'RE THE GOD OF OF CALMING STORMS AND WE KNOW WE HAVE ONE COMING. WE ASK YOU TO BE WITH OUR FIRST RESPONDERS AND HOW THEY SERVE THIS COMMUNITY, ESPECIALLY BE WITH THOSE THAT ARE MOST VULNERABLE THROUGH THIS. LORD, WE PRAY THAT IF THERE IS OUTAGES THAT IT WOULD BE QUICKLY BROUGHT BACK ONLINE AND THAT PEOPLE WOULD BE SAFE.
AND WE ASK YOUR BLESSING OVER OUR COMMUNITY AND THIS WHOLE NORTH TEXAS AREA AND BEYOND. IN JESUS NAME, AMEN. AMEN. THANK YOU VERY MUCH. PLEASE STAND FOR OUR PLEDGES. THANK YOU. PLEDGE ALLEGIANCE TO THE FLAG OF THE UNITED STATES OF AMERICA AND TO THE REPUBLIC FOR WHICH IT STANDS. ONE NATION UNDER GOD, INDIVISIBLE, WITH LIBERTY AND JUSTICE FOR ALL. HONOR THE TEXAS FLAG. I PLEDGE ALLEGIANCE TO THEE. TEXAS. ONE STATE UNDER GOD, ONE AND INDIVISIBLE. THANK
[2. A. Reports and Updates from the Mayor and Town Councilmembers Concerning Items of Community Interest (if necessary)]
YOU. MAY BE SEATED. WE HAVE A RATHER SHORT AGENDA TONIGHT, WHICH IS A PLEASANT CHANGE. AND FIRST WE'LL START WITH ANY REPORTS OR UPDATES FROM ANY COUNCIL MEMBERS. I HAVE ONE, PLEASE. I WANTED TO LET EVERYONE KNOW THAT OUR TOWN MANAGER TOOK A COUNCIL MEMBER, HOLMES AND MYSELF, OUT ON A TOUR OF THE TOWN, WHICH HE DOES QUITE FREQUENTLY, AND WE REALLY APPRECIATE IT. TO GET EYES ON ALL THE PROJECTS GOING ON IN ANY CONCERNS THAT ARE HAPPENING IN THE TOWN. WE HAD THE HONOR OF TOURING THE STAR CENTER OR NOT, THE STAR CENTER, THE DALLAS, THE DALLAS STAR CENTER THAT'S COMING IN THE IT'S AMAZING THE THE WORK THAT'S BEING DONE THERE, THE TO SEE IT GROW IN ALL THE DIFFERENT STAGES AND JUST THE PROFESSIONALISM THAT'S TAKING PLACE ON SITE THERE. IT WAS SUPER IMPRESSIVE TO SEE. SO WE'RE LOOKING FORWARD TO FINISHING THAT. SO DREW, THANK YOU SO MUCH FOR TAKING THE TIME TO DO THAT. WE REALLY APPRECIATE IT. AND ANY COUNCIL MEMBER WANTS ANOTHER REPEAT OF THE TOUR. I'M I'M MORE THAN GLAD TO DO THAT. AND JUST REAL QUICKLY WE WILL HAVE POLICE OFFICERS AND PUBLIC WORKERS STATIONED IN THE TOWN THROUGHOUT THE WEEKEND. WE'LL WE'RE COORDINATING WITH TXDOT AND THE COUNTY TO GET AREAS SANDED. WE'LL WE HAVE EVERYTHING WINTER PREPPED, BUT THE HOTEL CAMBRIA IS PUTTING UP A NUMBER OF OUR OFFICERS AND PUBLIC WORK THAT LIVE FAR AWAY SO THEY CAN BE HERE OVER THE WEEKEND. SO WE'RE TAKING EVERY PRECAUTION THAT WE KNOW HOW TO. AND THE CHIEF HAS AND HAS BEEN IN CONTACT WITH THE EMERGENCY RESPONDERS, THE NEIGHBORING AREA AND REGIONAL. SO JUST WANTED TO LET COUNCIL KNOW.THANK YOU. THANK YOU FOR THAT UPDATE. AND TO GO WITH MAYOR PRO TEM STATEMENT THERE. WE'RE HOPING TO OPEN THAT FACILITY, HAVE A CEREMONY ON MAY 31ST, SO OR MARCH 31ST. I SHOULD SAY IT'S COMING ALONG RATHER QUICKLY AND THINGS ARE GOING WELL. SO I'M ASSUMING THAT YOU ACTUALLY CALLED RICKY AND TOLD HIM YOU'RE COMING INSTEAD OF SHOWING UP LIKE I ALWAYS DO, I GAVE I GAVE ABOUT AN HOUR NOTICE. YEAH, GREAT, GREAT. SO VERY GOOD. ANYONE ELSE WITH ANY UPDATES FOR TOWN? OKAY, I HAVE NONE TODAY EXCEPT FOR THAT. WE'VE BEEN COORDINATING WITH TEXT ON AND CONTINUE TALKS WITH TXDOT AND THINGS OUTSIDE OF OUR CONTROL, LIKE THE H-E-B AND RIBS AND RANCH, AND JUST TRYING TO SEE WHAT WE CAN DO, WHAT CAN BE HELPED. I KNOW A LOT OF RESIDENTS ARE CONCERNED ABOUT THE THE NEW TURN LANE ON ROPES AND RANCH OUTSIDE OF OUR JURISDICTION. AND LET'S SAY THE LIGHTS GOT AHEAD OF THE PAVEMENT IS HOW IT WAS PUT TO ME. SO WE'LL BE DEALING WITH THAT FOR A LITTLE BIT. BUT THEY ARE THEY ARE AWARE OF OUR DISPLEASURE AND OUR RESIDENTS DISPLEASURE, AND WE'RE TRYING TO SEE HOW THEY CAN ADDRESS THAT. ALL RIGHT. AND THERE'S A THERE'S A PUBLIC HEARING. IT'S IT'S TEXDOT IT'S ON THE 29TH AT THE FIRST BAPTIST CHURCH. AND JUSTIN. SO IF ANYBODY'S INTERESTED AND THEN IT'LL BE VIRTUAL. YOU CAN HAVE INPUT VIRTUALLY FOR TWO WEEKS AFTER THAT INITIAL PRESENTATION. AND
[3. PUBLIC INPUT ]
WE WE PUT THAT ON SOCIAL MEDIA AND ALSO INFORM THE COUNCIL. VERY GOOD. THANK YOU. DREW.ALRIGHT. FIRST ITEM TONIGHT THEN WILL BE PUBLIC INPUT. AND JOEL WE MISSED YOU LAST WEEK OR
[00:05:03]
LAST MEETING. YOU KNOW I'M ON HERE JOEL MCGREGOR 8921 EAST SANDY LANE. YEAH THE LAST COUNCIL MEETING I WAS STUCK IN MIAMI. MY FLIGHT WAS LATE AND MISSED THE CONNECTING FLIGHT AND I GOT TO SPEND THE NIGHT THERE. I'D MUCH RATHER BEEN HERE. SO I'M BACK THE. AND OF COURSE, YOU GUYS PROBABLY CAN GUESS WHAT I'M GOING TO TALK ABOUT THE TOURS. YEAH. THERE YOU GO. APPRECIATE THAT. YOU KNOW I DON'T LIKE TOURS SET UPS. I THINK IF IF WE CAN AFFORD TO DO THINGS CHEAP, YOU KNOW, IF WE CAN AFFORD TO ALLOCATE PART OF OUR TAX MONEY TO SOMETHING ELSE, THEN WE'RE CHARGING EVERYBODY ELSE TOO MUCH MONEY. YOU KNOW, IF IF YOU CAN ALLOCATE 33% OF YOUR TAXES TO THE TOURS, THEN EVERYBODY ELSE OUGHT TO BE ABLE TO GET AWAY WITH 66% OF THEIR TAXES, BECAUSE THAT'S WHAT YOU'RE SAYING. IT COSTS TO MAINTAIN EVERYTHING AND OTHER. OTHERWISE, I'D LOVE TO. LET'S JUST MAKE ME A TOURS DOWN WHERE I LIVE, I, I CAN SURE I CAN COME UP WITH SOME KIND OF COOL THING I WANT FOR MY AREA, YOU KNOW, THAT WE CAN PAY FOR WITH ALL THAT EXTRA TAX MONEY. SO I'D LIKE YOU TO TO THINK ABOUT THAT, AND I APPRECIATE IT. THANK YOU. WE WERE WORKING ON THE WATER TOWER AT HIS LOCATION. YEAH. ANYONE[4. CONSENT ITEMS ]
ELSE FOR PUBLIC INPUT THIS EVENING? ALRIGHT. VERY GOOD. WITH THAT, WE'LL MOVE TO CONSENT ITEMS. WE HAVE THE MINUTES. A COUPLE AGREEMENTS WITH FLOC GROUP. SURPLUS SALE OF EQUIPMENT, LEASING FOR POLICE VEHICLES AND CONSENT. CREATION OF MMD THREE AND THE PARTNERSHIP WITH JUSTIN AND EXPLORING A REGIONAL ANIMAL CONTROL FEASIBILITY STUDY. DOES ANYBODY NEED TO PULL ANYTHING OR I WILL TAKE MOTIONS. I'LL MAKE A MOTION TO APPROVE. I'LL SECOND. I WILL SAY TO. CHIEF CRAWFORD THAT THE RESIDENTS THAT ARE IN THE TOWN HALL 101.I GOT TO TALK TO A COUPLE OF THEM. AND YOU HAVE NEW CONVERT FANS OF THE FLOCK CAMERAS. THEY ALL THOUGHT THAT YOUR YOUR DEPARTMENT AND THOSE WERE REALLY COOL. SO. ALL RIGHT,
[5. TAX INCREMENT REINVESTMENT ZONE NUMBER TWO BOARD MEETING]
MOTION CARRIES UNANIMOUS. WE WILL NOW PAUSE THE MEETING AND ENTER A TAX INCREMENT REINVESTMENT ZONE NUMBER TWO BOARD MEETING AND RECESS THE REGULAR MEETING FOR TIME BEING AT 5:38 P.M. ONCE AGAIN, WE HAVE PUBLIC INPUT. IF ANYBODY WOULD LIKE TO SPEAK ON THIS SUBSET OF THE MEETING TONIGHT. SEEING NONE, WE WILL CONSIDER THE APPROVAL OF THE MEETING MINUTES FOR AUGUST 21ST AND OCTOBER 9TH FROM LAST YEAR. DO I HAVE A MOTION? A MOTION FOR MISS HOLMES, SECOND SECOND FROM MR. FOWLER.MOTION CARRIES UNANIMOUSLY. AND NEXT WE WILL CONSIDER APPROVAL. AMENDMENT TO FINAL PROJECTS AND FINANCING. PLAN FOR NUMBER TWO TOWN NORTH LAKE, PROVIDING THE APPROVAL OF TAX ABATEMENTS IN ZONE AND RECOMMENDING ADOPTION OF THE ORDINANCE TO APPROVE THE SAME.
I HAVE A MOTION. MOTION TO APPROVE MOTION BY MR. GANS. SECOND FOR MISS HOLMES. MOTION CARRIES UNANIMOUS. FIVE D CONSIDER APPROVAL OF TAX ABATEMENT AGREEMENT BETWEEN TOWN, NORTH LAKE AND TEXAS. HOME RULE MISS A TEXAS HOME RULE MUNICIPALITY LOCATED HERE IN DENTON COUNTY FOR THE TEN-X DEVELOPMENT, LLC. AND WE WILL JUMP TO THIS IN THE AGENDA AS WELL IF APPROVED. I MAKE A MOTION TO APPROVE. SECOND MOTION FOR MYSELF. SECOND FROM MISS HOLMES. MOTION CARRIES UNANIMOUS WITH NO FURTHER ITEMS CONSIDERED. THE ZONE NUMBER TWO
[00:10:05]
BOARD WILL ADJOURN THE MEETING. REGULAR TOWN COUNCIL MEETING WILL BE RECONVENED AT 5:40 P.M.[6. A. Consider adoption of an Ordinance of the Town of Northlake, Texas, amending the Final Project and Financing Plan (the "Plan") for Tax Increment Reinvestment Zone Number Two, Town of Northlake,Texas (the "Zone"); providing for approval of tax abatements in the zone; providing a severability clause; and providing an effective date]
NEXT, WE'LL CONSIDER ADOPTION OF TOWN NORTH LAKE, AMENDING FINAL PROJECT AND FINANCING PLAN FOR NUMBER TWO. AND WE WILL HOLD A PUBLIC HEARING. DO WE HAVE ANY PRESENTATION ITEMS ON THIS BEFORE THE PUBLIC HEARING? YEAH, LET'S GO THROUGH THAT REAL QUICK. SO PUBLIC KNOWS WHAT WE'RE TALKING ABOUT. ALL RIGHT. LET ME GO BACK IN TIME AND FIND THOSE SLIDES. WE HAD THEM PREPARED UNDER THE FIRST ITEM, BUT IT'LL BE EXACTLY THE SAME THING YOU'RE DOING A LITTLE TWO STEP HERE. YOU ALREADY APPROVED AS A TERM. AND NOW YOU'LL BE ACTING ON AS TOWN COUNCIL. BUT THIS IS RELATED TO THE TAX INCREMENT REINVESTMENT ZONE NUMBER TWO, WHICH WAS ORIGINALLY CREATED BACK IN 2024 WITH ALMOST 900 ACRES TO BE DEVELOPED BY HILLWOOD FOR INDUSTRIAL USES, SET A TERM OF 25 YEARS, AND ESTABLISHED TOWN COUNCIL AS THE BOARD OF DIRECTORS. THAT WAS AMENDED LAST OCTOBER AND TO EXPAND THE BOUNDARIES, ADDED ANOTHER 156 ACRES. AND SO BEFORE YOU TODAY IS THE IS A SECOND AMENDMENT TO THIS TOURS.AND THE PURPOSE OF THIS AMENDMENT IS TO ALLOW FOR A TAX ABATEMENT. SO WE RECEIVED A REQUEST FOR A TAX ABATEMENT FOR APPROXIMATELY 120 ACRES WITHIN THE TOURS. THE CURRENT PROJECT AND FINANCING PLAN ADOPTED WITH THE TOURS DOES NOT INCLUDE TAX ABATEMENT AS AN AUTHORIZED INCENTIVE, SO THE THAT PLAN NEEDS TO BE AMENDED TO ALLOW FOR IT. THE AMENDMENT TO THE PLAN PROPOSES TO IMPLEMENT A TAX ABATEMENT WITHIN THE TOURS, LIMITED TO THIS 120 ACRE PROPERTY FOR A PERIOD OF TEN YEARS AND BEGINNING IN TAX YEAR 2031, AND THE TOURS BOARD ALREADY ADOPTED IT. SO NOW IT'S IT'S BEFORE YOU AS THE TOWN COUNCIL AND. REAL QUICK, ALONG WITH THE PROJECT AND FINANCING PLAN, THERE'S A FEASIBILITY STUDY DONE. THE ORIGINAL PLAN PROJECTED THAT THERE WOULD BE 981 MILLION OF ADDED TAXABLE VALUE WITHIN THE DISTRICT, AND ULTIMATELY THE $27 MILLION WOULD GO TO THE TOURS FUND THROUGH THE DURATION OF THE TOURS. WITH THIS AMENDED PLAN, EVEN INCLUDING THE THE TEN YEAR ABATEMENT, IT'S FOR A PROJECT WITH SUCH A LARGE VALUE THAT THE TAXABLE VALUE IS ANTICIPATED TO GO UP TO 2.15 BILLION ULTIMATELY, AND IT'S TO GENERATE 49 MILLION IN TOURIST FUND REVENUES OVER THE LIFE OF THE TERM. NATHAN. IS THAT 49 MILLION? IS THAT ALSO TO THE GENERAL FUND? YES. AN EQUAL AMOUNT WOULD GO TO THE 49 MILLION TO THE TOURS AND 49 MILLION TO THE GENERAL FUND OVER THE TERM, OF THE TERM, OVER THE TERM OF THE TOURS. AND THIS IS PROPERTY THAT IS UNDEVELOPED AND HAS VERY LITTLE VALUE AT THE MOMENT. YEAH. SO A PUBLIC SAW ANNOUNCEMENTS ON MP MATERIALS LOOKING TO COME INTO THE TOWN, NORTH LAKE, AND THEY WERE HUNTING ACROSS THE NATION.
THEY APPRECIATE OUR LOW TAX RATE. THEY SAW OUR LOW TAX RATE. BUT TO GET THEM INTO THE TOWN WHERE IT DOESN'T COST THE SCHOOL DISTRICTS MONEY, IT DOESN'T REALLY COST THE POLICE ANY MONEY OR FUNDING. THIS WAS A ACTION THAT COUNCIL PUT INTO MOTION TO TRY TO GET THEM HERE.
AND NOW WE'RE A FINALIST AMONGST ONE OTHER CITY TO GET THIS. SO WE'RE PUTTING ALL THIS IN PLACE SO THAT WE CAN HOPEFULLY ADD OVER 20 SOME MILLION DOLLARS INTO OUR TAXABLE REVENUES WITH NO REAL IMPACT TO SERVICES. AND THAT'S SOMETHING THAT WE'RE VERY KEEN ON HERE. INSTEAD OF HAVING AN AVERAGE DEVELOPMENT WITH AVERAGE TAXABLE REVENUE, THIS IS A $1.2 BILLION VALUE BUILDING COMING IN WITH BUSINESS TAX, BUSINESS PROPERTY TAX AND THINGS LIKE THAT. SO IT WAS A LANDMARK DECISION FOR FOR US HERE IN NORTH LAKE, IF WE CAN WIN THIS AND A GREAT BOON TO OUR TAX BASE, HELP PROTECT THAT, THAT LOW TAX RATE WE'VE HAD FOR SO LONG, IT WILL HELP US PROTECT THAT FOR DECADES TO COME. SO THANK YOU, COUNCIL, FOR ALL YOUR HARD WORK ON THIS. AND IF WE GET THIS, WE SHOULD BE EXTREMELY PROUD. AND I CAN ROLL RIGHT INTO THE PRESENTATION ON THE TAX ABATEMENT THAT'S RELATED. SO THE AMENDMENT WAS TO SET UP THE ABILITY TO APPROVE A TAX ABATEMENT. SO NOW I'LL GET INTO
[00:15:05]
THE DETAILS ON THE TAX ABATEMENT. IT WAS A TEN X DEVELOPMENT IS A MANUFACTURE OF RARE EARTH MATERIALS AND MAGNETS. SO PART OF THE MP MATERIALS COMPANY, THEY'RE CONSIDERING SITES FOR A NEW MANUFACTURING FACILITY. AND NORTH LAKE IS A FINALIST FOR THAT. BUT WE ARE COMPETING WITH ANOTHER SITE IN OHIO, AND THE STATE OF OHIO HAS OFFERED SIGNIFICANT INCENTIVES FOR THAT. SO IT'S A IT'S A COMPETITIVE PROJECT. WE BELIEVE WE'RE IN GOOD SHAPE, BUT INCENTIVES ARE NECESSARY TO BE ABLE TO TO COMPETE. THE SITE THEY'RE LOOKING AT IS 120 ACRES NEAR HARMANSON ROAD. AND 156, AND I'LL SHOW YOU ON THIS EXHIBIT.THIS IS THE ACTUAL SITE. WHEN WE FIRST STARTED WORKING WITH THEM, THEY WERE LOOKING AT ABOUT 70 ACRES. WITHIN A FEW MONTHS, THEY'VE KIND OF GROWN THAT FOOTPRINT FEEL LIKE THEY NEEDED MORE. SO IT'S UP TO 120 ACRES. THE THE COMPANY DID SUBMIT AN APPLICATION SEEKING INCENTIVES FOR THE PROJECT. AND BECAUSE THE PROJECT IS GOING TO INCLUDE A THEY'VE COMMITTED TO THIS A TOTAL CAPITAL INVESTMENT OF OVER $1 BILLION, WITH ABOUT 300 MILLION IN REAL PROPERTY IMPROVEMENTS AND ALMOST 900 MILLION IN TANGIBLE PERSONAL PROPERTY. SOME HIGH VALUE EQUIPMENT AND MACHINERY. THEY'LL ALSO HAVE COMMITTED TO A MINIMUM OF 1000 FULL TIME EQUIVALENT JOBS, WITH AN AVERAGE ANNUAL WAGE OF AT LEAST 74,000, AND THEY HAVE A TARGET OF ALMOST 1600 FULL TIME EQUIVALENT JOBS. SO THE PROPOSED TAX ABATEMENT IS A 50% ABATEMENT OF REAL AND TANGIBLE PERSONAL PROPERTY FOR A PERIOD OF TEN YEARS. AND TO MEET THAT, THE COMPANY WOULD HAVE TO MEET THOSE MINIMUM CAPITAL INVESTMENT AND JOBS BENCHMARKS.
AND THE BOARD JUST APPROVED THIS, AND THEN THE TOWN COUNCIL WILL HAVE TO TAKE ACTION ON IT AS WELL. AND I WANT TO POINT OUT THAT THIS IS A IT'S A TEAM GOING AFTER THIS PROJECT. SO THERE ARE ADDITIONAL INCENTIVES IN PLAY AND THAT ARE NECESSARY TO TO MAKE THIS HAPPEN. THE EDC AND CDC. WITH TOWN COUNCIL RATIFICATION ON THIS SAME AGENDA, THEY HAVE APPROVED CONSTRUCTION SALES TAX GRANT. SO A REBATE OF ANY OF THE CONSTRUCTION SALES TAX GENERATED FROM THIS PROJECT AND PAID TO THE EDC AND CDC WOULD GO BACK TO THE COMPANY AND A JOBS GRANT OF $1,000 PER JOB TO A MAXIMUM OF $1 MILLION. THE COUNTY IS ALSO PLANNING TO DO A 50% TAX ABATEMENT, AND THAT IS CONTINGENT ON NORTH LAKES ABATEMENT APPROVAL. AND THE STATE OF TEXAS IS ALSO CONSIDERING INCENTIVES FROM THEIR ENTERPRISE FUND AND SEMICONDUCTOR INNOVATION FUND. ACTUALLY, THE MP MATERIALS TEAM IS DOWN IN AUSTIN TODAY FOR A MEETING. THOSE STATE INCENTIVES. SO THEY'RE NOT ABLE TO BE HERE TONIGHT. BUT AND AS A FINAL REMINDER, THE LOCAL AND STATE INCENTIVE APPROVALS ARE MUTUALLY CONTINGENT. SO ALL OF THESE GO TOGETHER AS ONE BIG PACKAGE AS AS A PART OF THAT TEXAS ENTERPRISE FUND APPLICATION, THE TOWN HAS TO REVIEW THAT AND MAKE SURE EVERYTHING THEY'VE SUBMITTED THEIR MATCHES UP WITH WHAT THEY'RE PROVIDING US. AND AND IT DID. AND AS PART OF THAT, THEY HAVE TO THEY ASK, HOW MUCH INCENTIVES ARE YOU GETTING FROM FROM THE TOWN IN ADDITION TO AN ABATEMENT. SO IT'S IMPORTANT THAT THE THE EDC AND CDC STEPPED UP AND PROVIDED THAT ADDITIONAL INCENTIVE AS WELL. AND ANOTHER THING TO POINT OUT, IT'S NOT JUST THE TOWN COUNTY AND THE STATE FEDERAL GOVERNMENT IS INVOLVED. THE DEPARTMENT OF WAR IS A PARTNER IN THIS PROJECT. AND AND IT'S A BIG PART OF THE REASON THEY'RE MOVING SO FAST TO TO GET THESE APPROVAL AND START START MOVING DIRT AS QUICKLY AS POSSIBLE. ALL RIGHT, NATHAN, THANK YOU FOR THAT. YEAH. IF, IF YOU DIDN'T CATCH IT JUST THAT THIS IS THE NATIONAL ATTENTION SPOTLIGHT TYPE THING HERE. IT WILL IT'S A IT'S A BIG DEAL. AND PROBABLY THE BIGGEST, BIGGEST TAX TAXABLE EVENT EVER HAPPENED IN OUR TOWN. AND A GREAT PARTNER. AND THEY WERE SO COMMITTED THEY WERE UP FOR A 30 YEAR LEASE. THEY WERE TALKING CORRECT. WE GOT A CHANCE TO GO
[00:20:03]
SEE THE SITE THAT WE'RE TALKING ABOUT. AND ONE OF THE WELL, I HOPE THAT ESPECIALLY SINCE THEY COULDN'T BE HERE, I HOPE THAT THEY SEE THAT IN ADDITION TO THE INCENTIVES THAT ALL THESE ENTITIES HAVE PUT TOGETHER, THAT AS A COUNCIL, WE'VE BEEN PRETTY EXCITED ABOUT THE OPPORTUNITY. SO THAT WILL BE SUPPORTIVE AND EAGER TO WORK WITH THEM HOWEVER WE CAN. BUT THE SITE MAKES SO MUCH SENSE BECAUSE ONE, I COULDN'T THINK OF A TON OF OTHER STUFF THAT COULD MAKE THIS KIND OF TAX IMPACT THAT YOU COULD PUT THERE. AND THEN IT'S ALSO OUT OF THE WAY. IT'S NOT GOING TO CHANGE HOW IT LOOKS OVER THERE, BUT THAT IT'S SUPER EASILY ACCESSIBLE FOR THE PEOPLE THAT ARE WORKING THERE TO GET TO 114 AND GET TO 35 AND GET IN AND OUT, AND THAT I JUST THINK IT'S SUCH AN EXCITING OPPORTUNITY THAT WE GET TO HAVE, AND I HOPE IT WORKS OUT. I HOPE THEY CHOOSE TO GO TO THE DANCE WITH US. YEAH, VERY QUESTION ON THE THE TOURIST PART OF IT. SO IS IT TOURS CONTINGENT ON THIS PROJECT SPECIFICALLY OR SO IF WE APPROVE IT AND IT DOESN'T COME THROUGH AS WE HOPE DOES THAT YOU KNOW, WHAT DOES THAT DO? DOES THE TOURS STILL THERE ON THAT PROPERTY OR DOES IT THEN PULL BACK? THE TOURS WILL CONTINUE TO EXIST. WE STILL HAVE THAT UNDERLYING AGREEMENT WITH THE DEVELOPER TO BUILD ALL THAT PUBLIC INFRASTRUCTURE, THE WATER LINES, THE ROADS, ALL THE STUFF THAT THE TOWN WOULD NORMALLY BUILD. THEY'RE GOING TO BUILD IT AND WE'RE USE PART OF THAT TOUR. SO THERE'S THERE'S THE ORIGINAL TOURS AND THEN WE'RE DOING A SUBSET OF THAT 800 ACRES, 120 ACRES. SO IT'LL CONTINUE TO EXIST. IS THAT THE QUESTION? I GUESS THIS, THIS SUBSET THEN OF THIS THAT WE'RE USING BECAUSE OF THIS PROJECT, ARE YOU ASKING IF THEY DON'T COME HERE, DOES THIS SPECIAL APPROVAL ROLL BACK? RIGHT. BECAUSE I MEAN, SO I MEAN, THAT'S THAT'S IMPORTANT TO KNOW BECAUSE THEN YOU'RE APPROVING THIS ON A PROJECT THAT, THAT, YOU KNOW, WITH THAT IN MIND, THEN THAT PROJECT GOES AWAY. YEAH. THEN, YEAH. TO ANSWER YOUR QUESTION, YES, WE'VE, WE'VE DRAFTED THE THE AMENDMENT TO THE PROJECT AND FINANCING PLAN SPECIFICALLY FOR THIS PROJECT. SO IT WOULD IT WOULD GO THE TAX ABATEMENT, THE TAX ABATEMENT. BUT THIS TERRORIST PART, THE TOURISM WOULD NOT. THAT'S RIGHT. WELL, THAT'S BECAUSE WE'RE AMENDING THE TOURS TO ALLOW FOR ABATEMENTS. YES. YEAH. SO WE ALREADY CREATED THE TOURISM.YEAH. YEAH. YES. LET ME. AND THIS IS THIS GRAPH SHOWS JUST THAT 120 ACRES HOW THE ABATEMENT AND THE TOURS WORK TOGETHER. SO THE ABATEMENT WON'T START TILL 2031. THERE'LL BE SOME A COUPLE INITIAL SMALLER AND RELATIVE NUMBER PHASES THAT WILL ADD VALUE TO THE THE TOURS ON THIS PROPERTY AND THEN A VERY LARGE 1 IN 2031 WHEN THE ABATEMENT WILL KICK IN.
BUT THE ABATEMENT TAKES AWAY 50% OF THAT VALUE. AND THEN THE REMAINDER OF THAT IS SPLIT BETWEEN THE THE TOURS AND THE TOWN. AND THEN ONCE THAT GOES AWAY, THEN ALL OF THAT IS SPLIT BETWEEN THE TOURS AND THE TOWN. DO WE DO A SEPARATE PUBLIC HEARING IN THE COUNCIL PART OF IT, OR SINCE WE ALREADY APPROVED IT IN TOURS, DO WE DO IT? WE. WE'RE STILL WAITING FOR THE TOWN PUBLIC HEARING. YES. OKAY. YEAH. ALL RIGHT. SO SO IN SUMMARY ON THE TOURS, IF THIS PROJECT DOESN'T HAPPEN, IT BASICALLY JUST REVERTS TO THE OLD TOURIST PLAN THAT WE WON'T GET AS MUCH VALUE AS FAST, AT LEAST BASED ON OUR CONSERVATIVE ESTIMATES. BUT HOPEFULLY THIS PROJECT HAPPENS. OR IF IT DOESN'T, ANOTHER ONE WITH WITH A LOT OF VALUE WILL HAPPEN. SO I JUST I'M PRETTY EXCITED ABOUT THIS PROJECT, BUT I THINK WE NEED TO DO WHATEVER WE CAN TO PUT OUR BEST FOOT FORWARD ON THIS AND AND MOVE US WHATEVER WE NEED TO DO. SO WE DON'T HAVE THAT OPTION OF REVERTING BACK TO THE OLD TOURS. FROM ALL WE'VE HEARD, WE'VE WE'VE DONE A STRONG OFFER. WE CAME COUNCIL UP THE THE INITIAL OFFER FROM FROM ALL OUR UNDERSTANDING IT'S IT'S SUFFICIENT AND MORE THAN SUFFICIENT. IT'S THEY WANTED US THERE TODAY BUT WE SAID WE'RE WE'RE GIVING ALL THE INCENTIVES TONIGHT. AND THEY SAID NO STAY STAY IN THOSE. SO SO WE WE FEEL GOOD BUT WE DON'T KNOW WHAT WE, WE DON'T HAVE A BIG ENOUGH CHECKBOOK TO IF OHIO DECIDES TO JUST GIVE EVERYTHING WE REALLY NEED THE STATE OF TEXAS TO TO COME UP WITH THE REST. I FEEL LIKE WE PUT OUR BEST FOOT FORWARD OR YOU HAVE PUT YOUR BEST FOOT FORWARD. YEAH, WE'RE VERY SMALL PIECE OF THIS PIE HERE. YEAH. DO THEY KNOW ABOUT TEXAS BARBECUE? HAVE WE MADE
[00:25:01]
SURE THEY HAVE CONSIDERED THAT WITH THAT? IF 5:55 P.M. LET ME START THE PUBLIC HEARING. IS THERE ANYBODY LIKE TO SPEAK ON THIS TOPIC TONIGHT? BEST FOOT. JOEL. JOEL MCGREGOR 89, 21 LANE, SINCE WE'RE GIVING EVERYBODY MONEY AND DOING DOING INFRASTRUCTURE PROJECTS WITH IT AND VARIOUS OTHER THINGS, I THINK A GREAT THING FOR TOURS DOWN BY MY HOUSE WOULD BE A NICE SOUND WALL, YOU KNOW, BECAUSE DALE EARNHARDT WAS NOT THERE WHEN I MOVED IN, AND NOW I HAVE CONSTANT TRAFFIC RUNNING BY MY HOUSE, YOU KNOW, MAKING ALL KINDS OF RACKET AND LOT.AND, YOU KNOW, EVERYBODY'S ALWAYS TALKING AND SHOWING US HOW ALL THE TOWNS AROUND US DO THAT. YOU GUYS ALL KNOW THAT TOWNS ALL AROUND US MAKE BUILD THOSE WALLS. WHEN A MAJOR ROAD IS NEXT TO A RESIDENCE, THEY DO IT ALL THE TIME. YOU SEE THEM EVERYWHERE. THANKS. THANK YOU.
JOEL. ANYONE ELSE THIS EVENING? SEEING NONE? IT'S 556. I WILL CLOSE THE PUBLIC HEARING
[6. A VOTE]
COUNCIL ANY FURTHER DISCUSSION OR I'LL TAKE MOTIONS. I'LL MAKE A MOTION TO APPROVE. MOTION APPROVED FOR MAYOR PRO TEM LAWRENCE. I'LL SECOND MR. FOWLER CAN HAVE A SECOND.THAT'S OKAY. MOTION CARRIES UNANIMOUSLY. NEXT, WE WILL CONSIDER APPROVAL OF TOWN
[6. B. Consider approval of a Resolution of the Town of Northlake, Texas, approving a Tax Abatement Agreement (“Agreement”) by and between the Town of Northlake, a Texas home rule municipality located in Denton County, Texas (the “Town”); the Board of Directors of Tax Increment Reinvestment Zone Number Two, Town of Northlake, Texas (the “Board”), and MP 10X Development, LLC, a Texas limited liability company (the “Company”) ]
RESOLUTION. TOWN NORTH LAKE APPROVING THE TAX ABATEMENT AGREEMENT BETWEEN TOWN NORTH[6. B VOTE]
LAKE AND THE TOURS NUMBER TWO AND MMP TEN MATERIALS. MOTION TO APPROVE A MOTION TO APPROVE FROM MISS HOLMES. I'LL SECOND A SECOND FROM MAYOR PRO TEM LAWRENCE. I WISH I COULD. I'LL GET YOU TO JUMP THAT QUICK ON OTHER TOPICS. NO EXCITED TONIGHT. BRING US THAT AMOUNT[6. C. Consider approval of a Resolution of the Town of Northlake, Texas, authorizing the Town Manager to negotiate and execute a Chapter 380 Economic Development Agreement between the Town of Northlake, Northlake Economic Development Corporation, Northlake Community Development Corporation, and MP 10X Development, LLC ]
OF TAXABLE VALUE AND WE WILL. VERY GOOD. MOTION CARRIES UNANIMOUS. AND FINALLY, ON OUR REGULAR AGENDA TONIGHT EXECUTED CHAPTER THREE ECONOMIC DEVELOPMENT AGREEMENT BETWEEN[6. C VOTE]
TOWN NORTH LAKE AND MP TEN DEVELOPMENT LLC. I'LL MAKE A MOTION TO APPROVE. THANK YOU.SHE SAID. SHE SAID SHE DID. YOU GOT THE BACKGROUND? YES, I HAVE A SECOND FROM MISS MISS HOLMES.
[7. EXECUTIVE SESSION]
ANYTHING GOT EXCITED THERE, DIDN'T YOU? MOTION CARRIES. UNANIMOUS. ALRIGHT, NEXT WE'LL BE HEADED INTO EXECUTIVE SESSION. I DON'T SEE ANY POTENTIAL ACTIONS TONIGHT. IS THERE ANY. NO, NO. ALL RIGHT. WE WILL NOT BE COMING BACK WITH ANY ACTION. SO I WILL ENTER INTO EXECUTIVE SESSION AT 5:58 P.M. FOR SECTION 551071. GOOD. ,* This transcript was compiled from uncorrected Closed Captioning.