HomeMy WebLinkAboutResolution No. 2025-149CITY OF THE COLONY, TEXAS
RESOLUTION NO. 2025-
A
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF THE
COLONY, TEXAS, AMENDING RESOLUTION 2025-139 AUTHORIZING
AND APPROVING CERTAIN PAYMENTS BY THE COLONY LOCAL
DEVELOPMENT CORPORATION, THE COLONY ECONOMIC
DEVELOPMENT CORPORATION, AND THE COLONY COMMUNITY
DEVELOPMENT CORPORATION FOR COSTS RELATED TO THE
CONSTRUCTION OF PROJECTS WITHIN TAX INCREMENT
REINVESTMENT ZONE NO. 1, CITY OF THE COLONY, TEXAS FOR
GRANDSCAPE; PROVIDING FOR AN EFFECTIVE DATE; AND
RESOLVING OTHER MATTERS RELATED THERETO.
WHEREAS, on December 2, 2025, the City Council approved Resolution No 2025-139
approving and authorizing: (1) certain payments relating to the Grandscape project from the Tax
Increment Fund for Tax Increment Reinvestment Zone No. 1, City of the Colony, Texas (the
"Zone"), as authorized by the board of directors of the Zone (the "Zone Board") and The Colony
Local Development Corporation (the "LDC"), and (2) certain payments relating to the Grandscape
project by The Colony Economic Development Corporation (the "TypeA Corporation") and The
Colony Community Development Corporation (the "Type B Corporation"); and,
WHEREAS, the payments authorized by the Type A Corporation and the Type B
Corporation, as approved by the City Council in Resolution 2025-139, have been processed and
completed as described in Resolution 2025-139; and
WHEREAS, the Zone Board and the LDC have found and determined, and the City
Council found and determined in Resolution 2025-139, that NFM Advances and payments to LMG
and TXFM for Private Funding Obligations (as defined in the LDC Funding Agreement)
authorized to be paid hereunder are "project costs" as that term is defined in Section 311.002 of
the Texas Tax Code and are TIF Project Costs provided for in the Final Project and Finance Plan;
and
WHEREAS, the Zone Board and the LDC have found and determined, and the City
Council found and determined in Resolution 2025-139, that it is necessary for the implementation
of the Final Project and Finance Plan to direct the LDC to: (1) maintain a debt service reserve fund
(the "City Tax Increment Subaccount - Debt Service Reserve Fund") within the City Tax
Increment Subaccount of the Tax Increment Fund that shall contain $90,000 at all times as
described in Section 3.4 of the First Supplement; (2) fund an annual capital project reserve fund
within the City Tax Increment Subaccount of the Tax Increment Fund (the "City Tax Increment
Subaccount — Capital Project Annual Reserve Fund") to provide for the maintenance and repair
of TIF Projects within the Zone as described in Section 3.4 of the First Supplement; (3) make
payments from the City Tax Increment Subaccount and County Tax Increment Subaccount of the
Tax Increment Fund related to TIF Project Costs, including but not limited to certain reimbursable
NFM Advances and payments to LMG and TXFM for a portion of outstanding Private Funding
Obligations; and (4) authorize the City Manager of the City, or the City Manager's designee, to
approve payments of such TIF Project Costs as described below; and
1775.015\1072663.1
WHEREAS, following the City Council's approval of Resolution 2025-139 on
December 2, 2025, the City discovered an error related to the payment to be made from the City
Tax Increment Subaccount and County Tax Increment Subaccount of the Tax Increment Fund
related to TIF Project Costs, including but not limited to certain reimbursable NFM Advances and
payments to LMG and TXFM for a portion of outstanding Private Funding Obligations; and
WHEREAS, the Zone Board and the LDC have submitted corrected authorizations
reflecting the correct amount to be paid from the City Tax Increment Subaccount and County Tax
Increment Subaccount of the Tax Increment Fund related to TIF Project Costs, including but not
limited to certain reimbursable NFM Advances and payments to LMG and TXFM for a portion of
outstanding Private Funding Obligations; and
WHEREAS, the City Council wishes to amend Resolution No. 2025-139 by replacing
Exhibit B-1 and Exhibit B-2 in their entirety to reflect the corrected amounts to be paid from the
City Tax Increment Subaccount and County Tax Increment Subaccount of the Tax Increment Fund
as authorized by the Zone Board and the LDC.
NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF THE COLONY, TEXAS, THAT:
SECTION 1. The findings set forth above and the exhibits attached hereto are incorporated
into the body of this Resolution as if fully set forth herein.
SECTION 2. Capitalized terms not otherwise defined in this Resolution shall the
meanings assigned to them in Resolution 2025-139 approved by the City Council on
December 2, 2025.
SECTION 3. The Zone Board and the LDC have approved the respective forms attached
as Exhibit B-1 and Exhibit B-2 (such exhibits are referred to collectively as the "Annual
Authorization Forms") and have approved, subject to the approval of the City Council, the
payments shown on such forms from the Tax Increment Fund.
SECTION 4. The City Council hereby authorizes and approves the amendment of
Resolution 2025-139 to replace Exhibit B-1 and Exhibit B-2 in their entirety and authorizes the
payments from the Tax Increment Fund as shown on the Annual Authorization Forms.
SECTION 5. The City Council hereby authorizes, approves, and ratifies all prior actions
taken under Resolution 2025-139 and each and every section of Resolution 2025-139, including
the Exhibits thereto other than Exhibit B-1 and Exhibit B-2 which are hereby replaced in their
entirety.
SECTION 6. For so long as obligations remain unpaid and outstanding, the Zone Board,
the LDC, the EDC and the CDC shall submit forms similar to the Annual Authorization Forms
that have been approved by the Zone Board, the LDC, the EDC, and the CDC to the City Council.
Following the receipt of such forms, the City Council shall review and consider approval of the
payments set forth in such forms without further action required from the Zone Board, the LDC,
the EDC or the CDC.
SECTION 7. This Resolution shall become effective immediately upon passage.
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1775.015\1072663.1
PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF
THE COLONY, TEXAS, THIS THE 16TH DAY OF DECEMBER 2025.
ATTEST:
G
Tina Stewart, TRMC, CMC, City Secretary
APPROVED AS TO FORM:
THE CITY OF THE COLONY, TEXAS
Richard Boyer, Mayor'-
City
ayorCity of The Colony, Texas
1775.015\1072663 1
Exhibit B-1
Zone Board Authorization Form
1775.015\1072663.1
AUTHORIZATION OF ANNUAL PAYMENT FROM THE
CITY TAX INCREMENT SUBACCOUNT AND
COUNTY TAX INCREMENT SUBACCOUNT OF THE TAX INCREMENT FUND
FOR TAX INCREMENT REINVESTMENT ZONE NO. 1
CITY OF THE COLONY, TEXAS
1. As of September 30, 2025, the amount on deposit in the City Tax Increment Subaccount of the
Tax Increment Fund was $2,280,838.31 and the amount on deposit in the County Tax Increment
Subaccount of the Tax Increment Fund was $470,217.07.
2. Subject to the approval of the City Council of the City, the Board of Directors of Tax Increment
Reinvestment Zone No. I hereby approves the following payments from the City Tax Increment
Subaccount and County Tax Increment Subaccount of the Tax Increment Fund in the following
order of priority:
(a) FIRST, the amount of NINETY THOUSAD AND 00/100 DOLLARS
($90,000.00) to the "City Tax Increment Subaccount - Debt Service Reserve
Fund" such that no less than $90,000.00 shall be retained in such City Tax
Increment - Subaccount Debt Service Reserve Fund of the City Tax Increment
Subaccount of the Tax Increment Fund at all times in accordance with Section 3.4
of that certain First Supplement to Final Project and Reinvestment Zone Financing
Plan for Tax Increment Reinvestment Zone Number One, City of Th Colony, Texas,
dated November 5, 2025 (the "First Supplement"); and
(b) SECOND, the amount of FIVE HUNDRED THOUSAND AND 00/100
DOLLARS ($500,000.00) to the "City Tax Increment Subaccount - Capital
Project Annual Reserve Fund" in accordance with Section 3.4 of the First
Supplement; and
(c) THIRD, the amount of TWO MILLION ONE HUNDRED SIXTY-ONE
THOUSAND FIFTY-FIVE AND 38/100 DOLLARS ($2,161,055.38) to NFM
Services, LLC, a Texas limited liability company ("NFM Services") for
reimbursement of TIF Project Costs consisting of outstanding "NFMAdvances" as
defined in, and in accordance with, that certain Amended and Restated Construction
Management Agreement, effective as of November 20, 2012, between the City of
The Colony, Texas, The Colony Local Development Corporation, and NFM
Services.
EXECUTED THIS 8TH DAY OF DECEMBER, 2025.
TAX INCREMENT REINVESTMENT ZONE NO. 1,
CITY OF T COLONY, TEXAS
Tim Miller, Assistant City Manager as the
City Manager's Designee
1775.015\1068013,2
Exhibit B-2
LDC Authorization Form
1775.015\1072663.1
AUTHORIZATION OF ANNUAL PAYMENT FROM THE
CITY TAX INCREMENT SUBACCOUNT AND
COUNTY TAX INCREMENT SUBACCOUNT OF THE TAX INCREMENT FUND
FOR TAX INCREMENT REINVESTMENT ZONE NO.1
CITY OF THE COLONY, TEXAS
1. As of September 30, 2025, the amount on deposit in the City Tax Increment Subaccount of the
Tax Increment Fund was $2,280,838.31 and the amount on deposit in the County Tax Increment
Subaccount of the Tax Increment Fund was $470,217.07.
2. Subject to the approval of the City Council of the City, The Colony Local Development
Corporation ("LDC') hereby approves the following payments from the City Tax Increment
Subaccount and County Tax Increment Subaccount of the Tax Increment Fund in the following
order of priority:
(a) FIRST, the amount of NINETY THOUSAD AND 00/100 DOLLARS
($90,000.00) to the "City Tax Increment Subaccount - Debt Service Reserve
Fund' such that no less than $90,000.00 shall be retained in such City Tax
Increment - Subaccount Debt Service Reserve Fund of the City Tax Increment
Subaccount of the Tax Increment Fund at all times in accordance with Section 3.4
of that certain First Supplement to Final Project and Reinvestment Zone Financing
Plan for Tax Increment Reinvestment Zone Number One, City of Th Colony, Texas,
dated November 5, 2025 (the "First Supplement"); and
(b) SECOND, the amount of FIVE HUNDRED THOUSAND AND 00/100
DOLLARS ($500,000.00) to the "City Tax Increment Subaccount - Capital
Project Annual Reserve Fund" in accordance with Section 3.4 of the First
Supplement; and
(c) THIRD, the amount of TWO MILLION ONE HUNDRED SIXTY-ONE
THOUSAND FIFTY-FIVE AND 38/100 DOLLARS ($2,161,055.38) to NFM
Services, LLC, a Texas limited liability company ("NFM Services") for
reimbursement of TIF Project Costs consisting of outstanding "NFMAdvances" as
defined in, and in accordance with, that certain Amended and Restated Construction
Management Agreement, effective as of November 20, 2012, between the City of
The Colony, Texas, The Colony Local Development Corporation, and NFM
Services.
EXECUTED THIS 8TH DAY OF DECEMBER, 2025.
THE COLONY LOCAL DEVELOPMENT CORPORATION
Tim Miller, Assistant City Manager as the
City Manager's Designee
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