Title
Approving the selection of a project auditor for Reinvestment Zone No. 1 (Falcon Pointe TIRZ).
Summary
This item is included on the agenda to finalize the selection of a project auditor for Reinvestment Zone No. 1. Staff solicited multiple proposals from firms with experience in various special purpose districts, including TIRZs. Three firms responded with proposals. The attached contract is to engage Belt Harris Pechacek, LLLP which is located in Houston. The TIRZ board acted to select this firm on October 22, 2014. Mr. Charlie Zeck, TIRZ attorney, and Mr. George Hyde have reviewed the agreement.
Status
No bonds have been issued in the TIRZ, but a clean audit of project related expenses is a prerequisite for the parties to receive reimbursements. Based on projections, bonds may be sold in 2015, if adequate revenue (ad valorem taxes resulting from the increment) is available to service the debt.
Deadline for City Council Action
None.
Fiscal Impact
The cost is not to exceed $6500 without additional authorization, but there is no fiscal impact to the City of Pflugerville. Upon approval of this expenditure by the TIRZ board, there are adequate funds in the TIRZ to pay for the project audit.
Staff Recommendation
Approval.
Drafter
Trey Fletcher, AICP
Assistant City Manager