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Meeting Agenda
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1. President calls meeting to order
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2. Public Comment
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3. Deliberation and action to amend Board Policy CCG (LOCAL) concerning tax limitation agreements
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4. Consideration and action to hire the Underwood Law Firm to provide legal counsel to the District concerning a limited assessed valuation agreement
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5. Deliberation and action to accept for consideration an Application for a Limited Assessed Valuation Agreement for Qualified Property under the Texas Economic Development Act, Texas Tax Code, Chapter 313
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6. Consult with school counsel about the contract and scope of work for a project manager
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7. Adjourn
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Agenda Item Details
Reload Your Meeting
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| Meeting: | July 30, 2013 at 6:00 PM - Regular Meeting | |
| Subject: |
1. President calls meeting to order
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| Subject: |
2. Public Comment
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| Subject: |
3. Deliberation and action to amend Board Policy CCG (LOCAL) concerning tax limitation agreements
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| Subject: |
4. Consideration and action to hire the Underwood Law Firm to provide legal counsel to the District concerning a limited assessed valuation agreement
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Description:
Fred Stormer with Underwood Law firm will be at the meeting
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| Subject: |
5. Deliberation and action to accept for consideration an Application for a Limited Assessed Valuation Agreement for Qualified Property under the Texas Economic Development Act, Texas Tax Code, Chapter 313
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Description:
Invenergy is the wind company requesting the District to consider an application for a 313 agreement. They have to move fast on the project to be able to use federal tax credits that will expire at the end of this year. So what typically is done over more time is being pushed through quickly. Fred is confident even though the process is on the fast track that everything will be taking care of accordingly. I have a meeting to speak with Judge Cook on Monday about the county's intention to enter into a tax abatement with Invenergy.
The benefits for the school are: we will receive $100 per ADA each year of the agreement which comes out to $300,000 over 10 years; full taxable valuable on the I&S side; 300 temporary jobs with 12- 14 being permanent; 80 turbines in MISD; $128 million capital project. The downside is the district will not receive full taxable value of the project in years 2-11 of the agreement. The project will have a tax value limitation. So if the project is valued at $128 million the limitation may be set at $10 million for taxation during years 2-11 (if I have understood everything!!) Fred will explain this much better and in more detail on Tuesday night. Here is a link from the state comptrollers office about 313 agreements. http://www.window.state.tx.us/taxinfo/proptax/hb1200/ |
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6. Consult with school counsel about the contract and scope of work for a project manager
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Description:
Fred contacted me about the role TASB and Sledge Engineering was playing for the District. I told him what they would do and sent him their contracts that the Board approved in the last meeting. Fred was made aware of the arrangement by one of the architects that was interviewed. This architect questioned Fred how TASB and Sledge Engineering was able to get around not having to go through the RFQ process as the architects did since they were providing professional services. Fred has spoken to Mike Brooks about his concerns and Mike is going to send Fred/us a RFQ for their services that we will publish as we did for architects. I have asked Fred to discuss this topic with the board since he was already going to be at the meeting.
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7. Adjourn
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