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A Motion to approve the FY 2024-2025 Annual Report for TIRZ No. 1 was made by Mr. <br />Hayter and seconded by Ms. Hammond. Motion carried, 6 ayes — 0 nays. <br />Receive update on the removal of sub -zone 4 <br />Ms. Harris stated that City Council approved the removal of Sub -Zone 4 at its December <br />meeting and that she would need to file the change with the Comptroller's Office. Mr. Mathieu <br />requested clarification regarding the final year of revenue for the sub -zone. Ms. Harris responded <br />that the change would be effective December 2025, when City Council approved the removal, and <br />noted that the impact would not be significant because Sub -Zone 4 generated minimal revenue. <br />Mr. Mathieu stated that he would update the spreadsheet accordingly. <br />6. Receive update on the Financial Projection tool, including discussion about utilizing a <br />more accurate growth percentage and confirmation of the TIRZ fund account balance. <br />Mr. Mathieu stated that he has been working with Gene Anderson and Stephanie Lee to <br />obtain accurate figures. He believes the correct taxable value is approximately $40,000,000.00, <br />but noted that he is still working to confirm the exact amount and expects to have it finalized by <br />the next TIRZ meeting. Once finalized, he stated that all parties would be using the same version <br />of the tool. <br />Ms. Hammond requested to be included in the next meeting to review the numbers, noting that she <br />has her own financial projection tool. Chairman Head and Ms. Hammond thanked Mr. Mathieu <br />for his continued work on this item. <br />7. Receive update from City Manager and City Engineering Department Manager regarding <br />current and future projects. <br />City Manager Rose Beverly introduced City Engineer Department Manager Steve Hodges <br />to provide an update on the 1 st Street Project. Mr. Hodges stated that he spoke with the contractor <br />the previous day and that work was scheduled to resume on February 2nd. He noted that all utilities <br />have been removed and that the June completion deadline remains on track. Mr. Hodges also <br />referenced related projects, including the installation of bump -outs to help slow traffic. <br />Chairman Head asked whether there was a contingency plan in place should the deadline not be <br />met, to which Mr. Hodges responded in the affirmative. Ms. Beverly added that once a project has <br />begun, the CDBG program is generally very accommodating in working with the city. Chairman <br />Head requested that the Board be kept informed of the project's progress moving forward. Ms. <br />Beverly stated that staff would update the Board as information becomes available and encouraged <br />Board members to contact her with any questions. <br />8. Receive status update on the proposal from Chris Lambka and Associates. <br />Ms. Beverly stated that staff has been working through revisions to the contract language. <br />She also noted that TxDOT approached her regarding lighting improvements at the Bonham Street <br />entryway. TxDOT will be conducting a resurfacing project in that area, which presents an <br />opportunity to enhance the gateway into the City of Paris. Ms. Beverly stated that while staff is <br />still evaluating funding options, several ideas are being considered. <br />Page 2 of 3 <br />