HomeMy WebLinkAboutOrdinance 3029ORDINANCE NO. 3029
AN ORDINANCE approving the first amendment to the project plan and
reinvestment zone financing plan for Reinvestment Zone Number 1, City
of North Richland Hills, and resolving other matters incident and relating
thereto, and providing an effective date.
WHEREAS, pursuant to the provisions of the Tax Increment Financing Act, V.T.C.A.,
Tax Code, Chapter 31I, as amended (the "Act"), and pursuant to Ordinance No. 2333, adopted
on September 14, 199$ by the City Council (the "Council") of the City of North Richland Hills
(the "City"), the City created a reinvestment zone known as Reinvestment Zone Number 1, City
of North Richland Hills (the "Zone"); and
WHEREAS, on October 20, 1998, the Board of Directors of the Zone (the "Board")
prepared and adopted a project plan (the "Project Plan") and a reinvestment zone financing plan
(the "Finance Plan" and, together with the Project Plan, the "Plans") for the Zone in accordance
with Section 311.011(a) of the Act and submitted such Plans to the Council for approval; and
WHEREAS, the Council approved the Finance Plan and the Project Plan on Octobex 26,
1998 and December 14, 1998, respectively, and
WHEREAS, the Board has prepared and adopted a fast amendment to the Project Plan
and a first amendment to the Finance Plan (jointly, the "First Amendments") for the Zone in
accordance with Section 311.011(e) of the Act, which First Amendments expand the boundaries
of the Zone by adding certain real property described in Exhibit A of this Ordinance (the
"Property"), and the Board has submitted such First Amendments to the Council for approval;
and
WHEREAS, on November 24, 2008, the Council held a public hearing regarding the
enlargement of the Zone and its benefits to the City and to property in the Zone and afforded a
reasonable opportunity fox all interested persons to speak for or against the addition of the
Property into the Zone; and
WHEREAS, notice of the public hearing was published in a newspaper of general
circulation in the City on November 14, 2008, which date was more than seven (7) days prior to
the date of that hearing; and
WHEREAS, prior to the public hearing the City provided written notice to all taxing
units levying real property taxes within the Zone of the City's intention to add the Property into
the Zone and of the public hearing; and
WHEREAS, the Council hereby finds and determines that the First Amendments for the
Zone are feasible and conform to the master plan of the City and should be approved; now,
therefore,
65216204.1/10611340
Ordinance No. 3029
Page 1 of 33
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF NORTH RICHLAND
HILLS, TEXAS:
SECTION 1: Plan Approval, The First Amendments prepared and adopted by the
Board, attached hereto as Exhibit B and Exhibit C and incorporated by reference as a part hereof
for all purposes, are hereby approved in all respects and such First Amendments are deemed to
be feasible and conform to the master plan of the City. The Council hereby ratifies, confirms
and approves all Council action in approving the Plans.
SECTION 2: Severability. If any provision of this Ordinance or the application thereof
to any circumstance shall be held to be invalid, the remainder of this Ordinance and the
application thereof to other circumstances shall nevertheless be valid, and the Council hereby
declares that this Ordinance would have been enacted without such invalid provision.
SECTION 3: Incorporation of Findings and Determinations. The findings and
determinations of the Council contained in the preamble hereof are hereby incorporated by
reference and made a part of this Ordinance for all purposes as if the same were restated in full in
this Section.
SECTION 4: Public Meeting. It is officially found, determined and declared that the
meeting at which this Ordinance is adopted was open to the public and public notice of the time,
place, and subject matter of the public business to be considered at such meeting, including this
Ordinance, was given, all as required by V.T.C.A., Government Code, Chapter 551, as amended.
SECTION 5: Effective Date. This Ordinance shall be in full force and effect from and
after its passage on the date shown below and it is so ordained.
(Remainder of page left blank intentionally)
65216204.1/10611340 2
Ordinance No. 3029
Page 2 of 33
PASSED AND ADOPTED, this November 24, 200$.
ATTEST:
City Secretary
APPROV D AS TO LEGALITY:
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City Attorney
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65216204.1/10611340 S-1
Ordinance No. 3029
Page 3 of 33
EXHIBIT A
METES AND BOUNDS DESCRIPTION
EXPANSION AREA
Approximately 297 acres
BEGINNING at a point being on the south Right of Way (ROW) line of Richland Plaza Dr, and
being on the north property line of a tract designated by the Tarrant Appraisal
District (TAD} as Tract A, A2 and A1, Richland Plaza Addition approximately 70
feet south and approximately 10 feet west of the southwest corner, of a tract
designated by TAD as Commercial Tract B out of the Richland Plaza Addition;
THENCE, in a northeasterly direction leaving said south ROW line and crossing Richland
Plaza Drive a distance of approximately 70 feet to the southwest corner of a tract
designated by TAD as Commercial Tract B out of the Richland Plaza Addition;
THENCE, in a northerly direction along the west boundary of said Commercial Tract B of the
Richland Plaza Addition approximately 130 feet to the northwest corner of said
tract;
THENCE, in an easterly direction along the north boundary of said Commercial Tract B of the
Richland Plaza Addition approximately 335 feet to the southeast corner of Lot 4,
Block 10, Richland Hills West Addition;
THENCE, in a northerly direction along the east boundary of said Lot 4, Block 10, Richland
Hills West Addition approximately 120 feet to the northeast corner of said lot and
also to a point in the south ROW line of Onyx Drive South;
THENCE, following said south ROW line in an easterly direction of approximately 177 feet to
a point in the said south ROW line and also being the northeast corner of Lot 6,
Block 10, Richland Hills West Addition;
THENCE, in a northeasterly direction leaving said south ROW line and said corner of Lot 6,
Block 10, Richland Hills addition crossing Bonzer St. a distance of approximately
110 feet to a point in the east ROW line of Bonzer St.;
THENCE, northeast along the east ROW line of Bonzer St. approximately 760 feet to a point
in the south ROW line of Jerreli St. and being the northwest corner of Lot 9A5,
Block 9, Richland Hills West Addition;
THENCE, in a northwesterly direction leaving said corner of Lot 9A5, Block 9, Richland Hills
West Addition a distance of approximately 60 feet to a point in the north ROW line
of Jerrell St. and also being in the south property line of Lot 27, Block 3, Richland
Hills West Addition;
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Ordinance No. 3029
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THENCE, easterly along the north ROW line of Derrell St. a distance of approximately 400 feet
to the southeast corner of Lot 33, Block 3, Richland Hills West Addition and being
a point in the west ROW line of Rufe Snow Dr.;
THENCE, northerly along said west ROW line of Rufe Snow Dr. a distance of approximately
1,014 feet to a point in the west ROW line of Rufe Snow Dr. and being the
northeast corner of Lot 1 A, Block 12, Richland Hills West addition;
THENCE, westerly along the north property lines of Lot lA through Lot 13, Block 10,
Richland Hills West Addition a distance of approximately 810 feet, approximately
15 feet east of the southwest corner of a tract designated by TAD as Tract 2L04, out
of the M. Lynch Survey, Abstract No. 953;
THENCE, northeasterly along a curve approximately 615 feet to a point in the centerline of
Harmonson Rd., perpendicular to the eastern property line of a tract designated by
TAD as Tract 2L04A, out of the M. Lynch Survey, Abstract No. 953;
THENCE, easterly along said centerline of Harmonson Rd. a distance of approximately 500
feet to a point in said centerline;
THENCE, in a northerly direction leaving said centerline of Harmonson Rd. a distance of 365
feet to a point on the southern property line of Lot 11R, Block 2, J.L. Autrey
Addition;
THENCE, in a westerly direction along the said southern property line a distance of
approximately 200 feet to the southwest corner of said Lot 11 R, Block 2, J.L.
Autrey Addition;
THENCE, in a northerly direction, initially following the western property line of said Lot
11R, Block 2, J.L. Autrey, and continuing north, departing from the said western
property line a total distance of approximately 240 feet to a point in the centerline
of Rita Beth St. that is perpendicular to the most northern property line of said Lot
11R, Block 2, J.L. Autry Addition;
THENCE, in an easterly direction along the most northern property line of Lot 11R, Block 2,
J.L. Autrey Addition a distance of approximately 200 feet to the southeast corner of
Lot 8, Block 3, J.L. Autrey Addition;
THENCE, in a northerly direction a distance of approximately 205 feet to the northeast corner
of Lot 6, Block 3, J.L. Autrey Addition;
THENCE, in a westerly direction along the north property line of said Lot 6, Block 3, J.L.
Autrey Addition a distance of approximately 75 feet to the southeast corner of Lot
D, Block 3, J.L. Autrey Addition;
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Ordinance No. 3029
Page 5 of 33
THENCE, in a northerly direction a distance of approximately 235 feet to the northeast corner
of Lot A, Block 3, J.L. Autrey Addition;
THENCE, in a westerly direction a distance of approximately 115 feet to a point on the
centerline of Rita Beth St. perpendicular to the north property line of said Lot A,
Block 3, J.L. Autrey Addition;
THENCE, in a northerly direction roughly along the centerline of Rita Beth St. a distance of
approximately 175 feet to a point in the centerline of Glenview Dr.;
THENCE, in a westerly direction along the centerline of Glenview Dr, a distance of
approximately 585 feet to a point on said centerline which is perpendicular to the
west property line of a tract designated by TAD as Tract 2B4A out of the John M.
Vandusen Survey, Abstract No. 1588;
THENCE, in a northerly direction leaving said centerline of Glenview Dr. following the west
property line of said Tract 2B4A out of the John M. Vandusen Survey, Abstract No.
1588 a distance of approximately 745 feet to the northwest corner of Lot 1, Block 1,
North Glenn Addition;
THENCE, in a easterly direction along the north property line of said Lot 1, Block 1, North
Glenn Addition a distance of approximately 830 feet to a point on the centerline of
Rufe Snow Dr.;
THENCE, in a southerly direction along said centerline of Rufe Snow Dr. a distance of
approximately 535 feet, to a point on said centerline that is perpendicular to the
south property line of Lot 14R, Block 6, Hillview Addition;
THENCE, in an easterly direction parallel to said south property line a distance of
approximately 320 feet to a point on the centerline of Carma Dr.;
THENCE, in a southerly direction along said centerline of Carma Dr. a distance of
approximately 197 feet to a point along said centerline of Carma Dr. that is
perpendicular to the north ROW of Glenview Dr.
THENCE, in an easterly direction along the north ROW line of Glenview Dr. a distance of
approximately 2,710 feet to a point on said ROW line and being the southeast
corner of Lot 6, Block 4, North Richland Hills Addition;
THENCE, in a northerly direction along the east property line of said Lot 6, Block 4, North
Richland Hills Addition a distance of approximately 115 feet to the northeast corner
of said lot; .
THENCE, in an easterly direction a distance of approximately 7 feet to the southeast corner of
Lot 5, Block 4, North Richland Hills Addition;
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Ordinance No. 3029
Page 6 of 33
THENCE, in a northerly direction along the east property lines of Lots 4 & 5, Block 4, North
Richland Hills Addition a distance of approximately 163 feet to the most southern
corner of Lot 3, Block 4, North Richland Hills Addition;
THENCE, in a northeasterly direction parallel to the southeast property line of Lots 1-3, Block
4, North Richland Hills Addition, and extending across Blaney Ave. to a total
distance of approximately 250 feet to a point on the eastern ROW line of Blaney
Ave.;
THENCE, in a northwesterly direction along the said east ROW line of Blaney Ave. a distance
of approximately 350 feet to a point on said ROW line and being the southwest
corner of Lot 1, Block 5, North Richland Hills Addition;
THENCE, in an easterly direction a distance of approximately 775 feet to the east corner of
Lot 14A, Block 5, North Richland Hills Addition;
THENCE, in a northeasterly direction a distance of approximately 1,078 feet to the east corner
of Block 5, Lot 11, North Richland Hills Addition;
THENCE, in a northerly direction a distance of approximately ?5 feet to the northwest corner
of Lot 2, North Edgley Addition;
THENCE, in an easterly direction parallel to the north property line of said Lot 2, North
Edgley Addition a total distance of approximately 75 feet to a point on the
centerline of Ken Michael Ct.;
THENCE, in a northerly direction along said centerline of Ken Michael Ct. a distance of
approximately 102 feet to a point on said centerline and being perpendicular to the
south property line of Lot 9, North Edgley Addition;
THENCE, in an easterly direction along the south property line of said Lot 9, Edgley Addition
a distance of approximately 145 feet to the southeast corner of said lot;
THENCE, in a northeasterly direction a distance of approximate 75 feet to a point on the west
property line of Lot 2R, Block 1, North Edgley Addition;
THENCE, in a northern direction along said west property line a distance of approximately
288 feet to the most west northwest corner of Lot 1R, Block 1, North Edgley
Addition;
THENCE, in an easterly direction following the property line of said Lot 1R, Block 1, North
Edgley Addition a distance of approximately 50 feet;
THENCE, in a northerly direction a distance of approximately 1,500 feet to a point on the west
ROW line of Road to the Mall Dr. and also being the northeast corner of Lot 24,
H.W. Kelley Estates Addition;
65216204.1/10611340 A-4
Ordinance No. 3029
Page 7 of 33
THENCE, in a northerly direction along the said west ROW line of Road to the Mall Dr. a
distance of approximately 534 feet to a point on said ROW line and being the east
corner of Lot 1R1, Richland Terrace Addition;
THENCE, in a northeasterly direction perpendicular to the ROW lines for NE LOOP 820 a
distance of approximately 350 feet to a point on the north ROW line of NE LOOP
820;
THENCE, in a easterly direction along said north ROW line of NE LOOP 820 a distance of
approximately 1000 feet to another point in said ROW line and also being the south
corner of Lot 2R1, Block 42CR, Richland Terrace Addition;
THENCE, in a southeasterly direction a distance of approximately 75 feet to a point on the
north ROW line of NE LOOP 820;
THENCE, in a easterly direction along the said north ROW line of NE LOOP 820 a distance of
1,920 feet to a point on said ROW line and being the most south southeast corner of
Lot 4, Kip's Big Boy Addition;
THENCE, in a southeasterly direction a distance of approximately 400 feet to a point on the
west ROW line of Booth Calloway Rd. and being the most east northeast corner of
Lot B 1, Calloway Park Addition;
THENCE, in a southerly direction roughly along the said west ROW line of Booth Calloway
Rd. a distance of approximately 675 feet to a point on the south ROW line of Roger
Line Dr. and being approximately 15 feet west of the northeast corner of Lot lA,
Block E, Calloway Farm Addition;
THENCE, in an westerly direction along the said south ROW line of Roger Line Dr. a distance
of approximately 1,430 feet to a point on said south ROW line and also being the
northwest corner of a tract designated by TAD as Tract 9W01 A of the William W.
Wallace Survey, Abstract No. 1606.
THENCE, in a northwesterly direction along a curved line that follows a private road in the
North Hills Mall property, also known as Lot 1 R, Block A, Calloway Farm
Addition a distance of approximately 470 feet to the east corner of Lot 2, Block. J,
Calloway Farm Addition;
THENCE, in a southwesterly direction along the southeast property line of said lot a distance
of approximately 425 to the south corner of said Lot 2, Block J, Calloway Farm
Addition, and being the east corner of Lot 1, Block J, Calloway Farm Addition;
THENCE, in a southwesterly direction along the southeast property line of said Lot i, Block J,
Calloway Farm Addition, a distance of approximately 320 feet to the south corner
of said lot;
65216204.1/10611340 A_5
Ordinance No. 3029
Page 8 of 33
THENCE, in a southwesterly direction a distance of approximately 90 feet to the east corner of
Lot 1, Block E, Calloway Farm Addition;
THENCE, in a southwesterly direction along the southeast property line of said Lot 1, Block E,
Calloway Farm Addition a distance of approximately 450 feet to the south corner of
said lot;
THENCE, in a southwesterly direction along the curved property line of Lot 1 R, Block D,
Calloway Farm Addition a distance of approximately 400 feet to a point on said
property line;
THENCE, in a southwesterly direction departing from said property line a distance of
approximately 156 feet to the north corner of Lot 15R, Edgley Addition, and being
a point on the south ROW line of Highway 26;
THENCE, in a southwesterly direction along the said south ROW line of Highway 26 a
distance of approximately 395 feet to a point on said ROW line and being the
northwest corner of Lot 12, Edgley Addition, and being a point on the south City
Limit line of North Richland Hills;
THENCE, in a southwesterly direction along said south city limit line and roughly following
the south ROW line of Highway 26 a distance of approximately 7,625 feet to a
point on the said city limit line;
THENCE, in a northwesterly direction a distance of approximately 16S feet to the east corner
of Commercial Tract Al of the Richland Plaza Addition, a point being on the south
ROW line of Richland Plaza Dr.;
THENCE, in a northwesterly direction along the curve of the said south ROW line of Richland
Plaza Dr., a distance of approximately 270 feet to the POINT OF BEGINNING.
65216204.1/10611340 A-6
Ordinance No. 3029
Page 9 of 33
EXHIBIT B
AMENDED PROJECT PLAN
65216204.1/10611340
Ordinance No. 3029
Page 10 of 33
CITY OF
NORTH RICHLAND HILLS
EXPANSION OF REINVESTMENT ZONE NUMBER 1
PROJECT PLAN
November 6, 2008
PREPARED BY THE CITY OF NORTH RICHLAND HILLS
PLANNING AND DEVELOPMENT DEPARTMENT
Ordinance No. 3029
Page 11 of 33
CITY OF NORTH RICHLAND HILLS
EXPANSION OF REINVESTMENT ZONE NUMBER 1
PROJECT PLAN
As required by Chapter 311, Title 3, Subtitle B of the Texas Tax Code, the City of North
Richland Hills, Texas (the "City") submits the following Project Plan for the expansion of
Reinvestment Zone Number 1, City of North Richland Hills.
BACKGROUND AND HISTORY
Reinvestment Zone Number 1, City of North Richland Hills ("RZ Number 1 ") was
created in 1998 with a 20 year financing plan. RZ Number 1 was created as a result of
a joint effort by the City of North Richland Hills, Birdville Independent School District
("BISD"), Tarrant County, Tarrant County Hospital District, and Tarrant County College
District. The zone was created to improve drainage in the amount of $850,000 to allow
for private developer improvements to the old Richland Plaza Shopping Center, now
known as The Hills Business Center. The value of the property within the zone in 1998,
when the RZ Number 1 was created, was slightly more than $1 million. The existing RZ
Number 1 boundaries are approximately 95 acres, and nearly $9 million in new real
property improvements have been made to the 300,000 square foot center from 1999 to
2008 (10 years). An additional $7 million in personal property value, not RZ eligible,
has been added to the participating entities' tax rolls. Several tenants have located to
this center, which has about an 80% occupancy rate, and nearly 900 jobs have been
created as a result of this joint effort. A once blighted area, the RZ now contains a
thriving professional business development, and the RZ is the source of great
community pride.
At the October 2007, RZ Number 1 Board meeting, the Board gave City staff permission
to study the possibility of expanding the zone to include new boundaries along
Boulevard 26 which would pay for new public improvements within the expanded
district. It was noted that these public improvements could greatly assist in the
economic revitalization of the Boulevard 26 corridor. Since that time, City staff has
made preliminary presentations of the RZ Number 1 expansion plan to City Council and
officials of the other governing entities to obtain participation in the expansion. North
Richland Hills City Council, BISD, Tarrant County, Tarrant County Hospital District, and
Tarrant County College District have all expressed interest in expanding RZ Number 1.
Ordinance No. 3029
Page 12 of 33
EXPANSION PROJECT PLAN OVERVIEW
The boundaries of the expansion of RZ Number 1 include all commercial properties in
the Boulevard 26 corridor area (except North Hills Hospital and Calloway Creek
property) from the southern City limits to Loop 820 (see attached map). The metes and
bounds description of the expanded zone is included in the City Ordinance approving
the expansion. The expanded zone encompasses approximately 392 acres, with an
existing 2008 base value of real property of approximately $32.8 million. The actual
base value within the expanded area will be determined by Tarrant Appraisal District for
the purposes of calculating the incremental growth of real property upon which taxes will
be collected for the RZ Number 1 from 2009 through 2018. The incremental growth in
value of property within the expanded area is estimated to be $30 million over 10 years.
It is estimated that the incremental real property values will support the principal and
interest payments of debt issued for projects totaling $3.5 million included in the Project
Plan.
Based on an Attorney General's opinion, the timeframe of a reinvestment zone cannot
be extended beyond its original length. Therefore, the expanded RZ Number 1 will be
limited to 2018 (ten years). All taxing entities, except BISD, will participate in the
expansion. BISD will participate in the Project Plan and Financing Plan (pay taxes into
the zone) only to the extent of the boundaries of RZ Number 1 prior to any expansion.
Details of all governing bodies' participation and responsibilities will be included in
agreements between the City and each entity, which must be approved by their
respective governing bodies.
DETAIL DESCRIPTION AND COST OF PROJECTS
RZ Number 1 expansion projects include public infrastructure improvements in the
amount of $3.5 million along Boulevard 26 within the expanded zone boundaries. These
improvements can be separated into two major projects which possibly will be
undertaken simultaneously. The projects within the expansion include the following:
Burying above ground utilities approximately 1.25 miles NRH side of Blvd. 26
This project includes the burying of existing above ground utility lines on the North
Richland Hills side of Boulevard 26 between Glenview and Rufe Snow. The Project
Map indicates the identified area which includes the following estimated costs:
5,800 linear feet of bore @$250/foot
9 switchgears
20 transformers
@$30, 000 each
@$15,000 each
Required easements for switchgears and transformers
$1,450,000
$ 270,000
$ 300, 000
$ 25,000
Ordinance No. 3029
Page 13 of 33
Relocating above ground cable and phone lines
and conversion of light poles to underground $ 955,000
TOTAL PROJECT COST $3,000,000
Boulevard 26 Intersection Improvements at Rufe Snow Drive and Glenview Drive
This project will consist of constructing street and related landscape and streetscape
improvements at the intersections of Rufe Snow Drive and Boulevard 26, and Glenview
Drive and Boulevard 26 as indicated on the project map. The estimated cost of these
two intersections for the City of North Richland Hills is $500,000, allocated in the
following manner:
Engineering and Design of Landscape and streetscape Improvements $175,000
Construction of Intersection Improvements
TOTAL PROJECT COST
325 000
$500,000
EXPANSION OF REINVESTMENT ZONE NUMBER 1 PROJECT SUMMARY
RZ Expenses
Burying above ground utilities approximately 1.25 miles
(NRH side Blvd. 26 -approximately $454 per linear foot) $3,000,000
RZ Expenses
Design and Construction of Boulevard 26 Intersection
Improvements at Rufe Snow Drive and Glenview Drive $ 500,000
GRAND TOTAL PLAN COST $3,500,000
MAP
Attached is a map showing the location of the proposed public improvements along
Boulevard 26 as described in the expansion project plan.
Ordinance No. 3029
Page 14 of 33
NO PROPOSED CHANGES TO ZONING ORDINANCE, MASTER PLAN, BUILDING
CODES OR OTHER MUNICIPAL ORDINANCES
The City of North Richland Hills is proposing no additional changes to its master plan,
zoning ordinance, building codes or any other municipal ordinances to help facilitate this
project.
LIST OF NON-PROJECT COSTS
There are no specific planned non-project costs in connection with the RZ Number 1
expansion project plan. It is anticipated that general commercial development within the
expanded zone boundaries will generate the estimated captured valuation necessary to
pay for the public improvements.
METHOD OF RELOCATION
The City of North Richland Hills does not anticipate needing to relocate any existing
property owners or tenants as a result of implementing the plan.
Ordinance No. 3029
Page 15 of 33
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EXHIBIT C
AMENDED FINANCE PLAN
65216204.1/]0611340
Ordinance No. 3029
Page 17 of 33
CITY OF
NORTH RICHLAND HILLS
EXPANSION OF REINVESTMENT ZONE NUMBER 1
FINANCE PLAN
November 6, 2008
PREPARED BY THE CITY OF NORTH RICHLAND HILLS
FINANCE DEPARTMENT
Ordinance No. 3029
Page 18 of 33
CITY OF NORTH RICHLAND HILLS
EXPANSION OF REINVESTMENT ZONE NUMBER 1
FINANCING OPTIONS
Ordinance No. 3029
Page 19 of 33
CITY OF NORTH RICHLAND HILLS
EXPANSION OF REINVESTMENT ZONE NUMBER 1
GENERAL PROVISIONS
^ The City means the City of North Richland Hills, Texas.
^ RZ means the Reinvestment Zone Number 1, City of North Richland Hills.
^ The Base Value is the total appraised value of all real property taxable by the City
and located in the RZ for the year in which the RZ was designated and for that real
property subsequently added to the RZ for the year in which the expansion was
designated.
^ The Captured Assessed Valuation is the total appraised value of the real property
which is added to the tax base after the RZ was designated or expanded, as
applicable. The Captured Assessed Valuation does not include personal
property.
^ The RZ has no taxing powers; however, participating overlapping political
subdivisions' tax revenues generated on the Captured Assessed Valuation are
diverted to the Tax Increment Fund.
^ Tax increment revenues can only be used for the benefit of the property within the
RZ, including paying for capital improvements and paying debt service on bonds
issued for authorized improvements.
^ An RZ has a defined period of existence which may be related to the term of debt.
Once the RZ is abolished, the tax revenues are no longer diverted to the Tax
Increment Fund.
^ The City expands the RZ and is the issuer of debt and is therefore responsible for
the payment of the debt. Other participating political subdivisions allow their tax
revenues to be diverted to the Tax Increment Fund and have representation on the
RZ Board.
Ordinance No. 3029
Page 20 of 33
CITY OF NORTH RICHLAND HILLS
EXPANSION OF REINVESTMENT ZONE NUMBER 1
FLOW-OF-FUNDS
Investment Earnings on
Construction Fund ~2~
Tax Increment Revenues
Tax Increment Fund
Debt Service Fund
Bond Holders
(1) If necessary.
(2) Investment earnings on construction fund during construction
period only.
City of North Richland
Hills Ad Valorem
Property
Ordinance No. 3029
Page 21 of 33
CITY OF NORTH RICHLAND HILLS
EXPANSION OF REINVESTMENT ZONE NO. 1
FINANCE PLAN
DETAIL DESCRIPTION AND COST OF PROJECTS
Ordinance No. 3029
Page 22 of 33
CITY OF NORTH RICHLAND HILLS
EXPANSION OF REINVESTMENT ZONE NUMBER 1
DESCRIPTION AND COST OF PROJECTS
BACKGROUND AND HISTORY
Reinvestment Zone Number 1, City of North Richland Hills ("RZ Number 1 ") was
created in 1998 with a 20 year financing plan. RZ Number 1 was created as a result of
a joint effort by the City of North Richland Hills, Birdville Independent School District
("BISD"), Tarrant County, Tarrant County Hospital District, and Tarrant County College
District. The zone was created to improve drainage in the amount of $850,000 to allow
for private developer improvements to the old Richland Plaza Shopping Center, now
known as The Hills Business Center. The value of the property within the zone in 1998,
when the RZ Number 1 was created, was slightly more than $1 million. The existing RZ
Number 1 boundaries are approximately 95 acres, and nearly $9 million in new real
property improvements have been made to the 300,000 square foot center from 1999 to
2008 (10 years). An additional $7 million in personal property value, not RZ eligible,
has been added to the participating entities' tax rolls. Several tenants have located to
this center, which has about an 80% occupancy rate, and nearly 900 jobs have been
created as a result of this joint effort. A once blighted area, the RZ now contains a
thriving professional business development, and the RZ is the source of great
community pride.
At the October 2007, RZ Number 1 Board meeting, the Board gave City staff permission
to study the possibility of expanding the zone to include new boundaries along
Boulevard 26 which would pay for new public improvements within the expanded
district. It was noted that these public improvements could greatly assist in the
economic revitalization of the Boulevard 26 corridor. Since that time, City staff has
made preliminary presentations of the RZ Number 1 expansion plan to City Council and
officials of the other governing entities to obtain participation in the expansion. North
Richland Hills City Council, BISD, Tarrant County, Tarrant County Hospital District, and
Tarrant County College District have all expressed interest in expanding RZ Number 1.
EXPANSION PROJECT PLAN OVERVIEW
The boundaries of the expansion of RZ Number 1 include all commercial properties in
the Boulevard 26 corridor area (except North Hills Hospital and Calloway Creek
property) from the southern City limits to Loop 820 (see attached map). The metes and
bounds description of the expanded zone is included in the City Ordinance approving
the expansion. The expanded zone encompasses approximately 392 acres, with an
existing 2008 base value of real property of approximately $32.8 million. The actual
Ordinance No. 3029
Page 23 of 33
base value within the expanded area will be determined by Tarrant Appraisal District for
the purposes of calculating the incremental growth of real property upon which taxes will
be collected for the RZ Number 1 from 2009 through 2018. The incremental growth in
value of property within the expanded area is estimated to be $30 million over 10 years.
It is estimated that the incremental real property values will support the principal and
interest payments of debt issued for projects totaling $3.5 million included in the Project
Plan.
Based on an Attorney General's opinion, the timeframe of a reinvestment zone cannot
be extended beyond its original length. Therefore, the expanded RZ Number 1 will be
limited to 2018 (ten years). All taxing entities, except BISD, will participate in the
expansion. BISD will participate in the Project Plan and Financing Plan (pay taxes into
the zone) only to the extent of the boundaries of RZ Number 1 prior to any expansion.
Details of all governing bodies' participation and responsibilities will be included in
agreements between the City and each entity, which must be approved by their
respective governing bodies.
DETAIL DESCRIPTION AND COST OF PROJECTS
RZ Number 1 expansion projects include public infrastructure improvements in the
amount of $3.5 million along Boulevard 26 within the expanded zone boundaries. These
improvements can be separated into two major projects which possibly will be
undertaken simultaneously. The projects within the expansion include the following:
Burying above ground utilities approximately 1.25 miles NRH side of Blvd. 26
This project includes the burying of existing above ground utility lines on the North
Richland Hills side of Boulevard 26 between Glenview and Rufe Snow. The Project
Map indicates the identified area which includes the following estimated costs:
5,800 linear feet of bore @$250/foot $1,450,000
9 switchgears @$30,000 each $ 270,000
20 transformers @$15,000 each $ 300,000
Required easements for switchgears and transformers $ 25,000
Relocating above ground cable and phone lines
and conversion of light poles to underground 955 000
TOTAL PROJECT COST $3,000,000
Ordinance No. 3029
Page 24 of 33
Boulevard 26 Intersection Improvements at Rufe Snow Drive and Glenview Drive
This project will consist of constructing street and related landscape and streetscape
improvements at the intersections of Rufe Snow Drive and Boulevard 26, and Glenview
Drive and Boulevard 26 as indicated on the project map. The estimated cost of these
two intersections for the City of North Richland Hills is $500,000, allocated in the
following manner:
Engineering and Design of Landscape and streetscape Improvements $175,000
Construction of Intersection Improvements
TOTAL PROJECT COST
325 000
$500,000
EXPANSION OF REINVESTMENT ZONE NUMBER 1 PROJECT SUMMARY
RZ Expenses
Burying above ground utilities approximately 1.25 miles
(NRH side Blvd. 26 -approximately $454 per linear foot)
RZ Expenses
Design and Construction of Boulevard 26 Intersection
Improvements at Rufe Snow Drive and Glenview Drive
GRAND TOTAL PLAN COST
$3, 000, 000
$ 500,000
$3,500,000
Ordinance No. 3029
Page 25 of 33
City of North Richland Hills
EXPANSION OF REINVESTMENT ZONE NUMBER 1
Sources of Funds for Projects
Sources of Funds
Certificates of Obligation
Amount
$ 3, 500, 000
Ordinance No. 3029
Page 26 of 33
CITY OF NORTH RICHLAND HILLS
EXPANSION OF REINVESTMENT ZONE NUMBER 1
FINANCE PLAN
(ECONOMIC FEASIBILITY STUDY)
PROJECTED TAX INCREMENT FUND CASH FLOWS
Ordinance No. 3029
Page 27 of 33
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Ordinance No. 3029
Page 29 of 33
City of North Richland Hills
EXPANSION OF RZ NUMBER 1
Estimated Debt Calculations
Debt Structure Level Principal Payments
Flscai Year Issued 2009
Principal Amount $ 3,500,000
Ma~tu~rity 9 years
Interest Ra#e 5.00%
Fiscal Year Principal Balance Principal Payment Interest Payment Total Payment
2009 $ 3,500;000
2010 $ 3,110,000 $ 390,000 $ 225,556 $ 615,556
2011 $ 2,720,000 $ 390,000 $ 155,500 $ 545,500
2012 $ 2,330,000 $ 390,000 $ 136,000 $ 526,000
2013 $ 1,940,000 $ 390,000 $ 116,500 $ 506,500
2014 $ 1,550,000 $ 390,000 $ ~ 97,000 $ 487,004
2015 $ 1,160,000 $ 390,000 $ 77,500 $ 467,500
2016 $ 770,000 $ 390,000 $ 58,000 $ 448,000
2017 $ 385,000 $ 385,000 $ 38,500 $ 423,500
2018 $ - $ 385,000 $ 19,250 $ 404,250
Totals $ 3,500,000 $ 923,80fi $ 4,423,806
Ordinance No. 3029
Page 30 of 33
City of North Richland Nills
EXPAN510N QF RZ NUMBER 1
Estimated Investment Earnings on Construction Funds
Issue C.O.s
4/15/2009 In the
amount of : Return on Investments : 2.0%
Construction Construction Fund Earnings on
$ 3,500,000 Drawdown Amount Balance investments
----
Drawdown June $ 291,667 $ 3,208,333 $ 5,347
Drawdown July $ 291,667 $ 2,916,667 $ 4,861
Drawdown August $ 291,667 $ 2,625,000 $ 4,375
Drawdown September $ 291,667 $ 2,333,333 $ 3,889
Total FY 2009 $ 1,166,667 $ 18,472
Drawdown October $ 291,667 $ 2,041,667 $ 3,403
Drawdown November $ 291,667 $ 1,750,000. $ 2,917
Drawdown December $ 291,667 $ 1,458,333 $ 2,431
Drawdown January $ 291,667 $ 1,166,667 $ 1,944
Drawdown February $ 291,667 $ 875,000 $ 1,458
Drawdown March $ 291,667 $ 583,333 $ 972
Drawdown April $ 291,667 $ 291,667 $ 486
Drawdown May $ 291,667 $ - 0
Total FY 2010 $ 2,333,333 $ 50,556
Ordinance No. 3029
Page 31 of 33
RESOLUTION N0.2008-02
A RESOLUTION of the Board of Directors of Reinvestment Zone Number 1,
City of North Richland Hills adopting certain amendments to the project
plan and financing plan for Reinvestment Zone Number 1, City of North
Richland Hills, and authorizing and approving other matters incidental and
related thereto.
WHEREAS, the City of North Richland Hills, Texas (the "City") has created
Reinvestment Zone Number 1, City of North Richland Hills (the "Zone"); and
WHEREAS, in connection with the Zone there has been adopted a project plan and
reinvestment zone financing plan {each a "Plan", and jointly, the "Plans") that contain, among
other items, a map showing existing uses and conditions of real property in the zone and a map
showing proposed improvements to and proposed uses of that property; and
WHEREAS, the Board of Directors of the Zone (the "Board") desires to amend the Plans
to expand the boundaries of the Zone to include additional property in the Zone; and
WHEREAS, the Board has prepared a first amendment to the project plan and a first
amendment to the reinvestment zone financing plan (jointly, the "First Amendments"), each of
which details the amendments to be made to the respective Plan, and the Board desires to adopt
such First Amendments; now, therefore,
BE IT RESOLVED BY THE BOARD OF DIRECTORS OF REINVESTMENT ZONE
NUMBER 1, CITY OF NORTH RICHLAND HILLS:
SECTION 1. The First Amendments, attached hereto as Exhibit A and Exhibit B and
incorporated herein by reference, are hereby approved and adopted pursuant to V.T.C.A., Tax
Code, Section 311.011(e), as amended.
SECTION 2. The Board hereby authorizes and directs that a copy of this Resolution be
forwarded to the City Council of the City as a recommendation of the Board for the approval by
the City Council of the First Amendments.
SECTION 3. This Resolution shall take effect upon its adoption.
PASSED, APPROVED AND ADOPTED this the 6~' day of November, 2008.
BOARD OF DIRECTORS,
REINVESTMENT Z NE NUMBER 1,
CITY O ORTH I HLAND HILLS
By:
Chairman
ATTEST:
ecretary
65216019.1/10611340
Ordinance No. 3029
Page 32 of 33
Economic Development Capital Projects
TIF 7 Expansion
FD06~9
PROJECT DESCRIPTION & JUSTIFICATION
This project consists of improving two intersections and burying approximately 1.25 miles of above ground utilities along Boulevard 26.
The two intersections are Boulevard 26 at Rufe Snow Drive and Glenview Drive. Infrastructure improvements including landscaping and
streetscaping approved bythe Richland Hills and North Richland Hills Oversight Committee are planned at the intersections. TIF 1
includes participation from BISD, Tarrant Hospital District, Tarrant County Cdlege and the City of NRH.
These intersection improvements as well as burying of approximately 1.25 miles of above ground utilities are recommended as part of the
South Grapevine Corridor Highway Study and Expansion of Reinvestment Zone Number 1 to stimulate private development within and
expansion of this corridor. The intersection improvements are a jant venture between the City's of North Richland Hills and Richland Hills.
Richland Hills will pay $450,000 toward the cost of intersection improvements. The City's portion is proposed to be funded by issuance of
Certificates of Obligation in 2009 to be paid back from TIF 1 property taxes. The TIF 1 amended project plan and finance plan have been
approved by TIF Board Resolution and City Counal Ordinance 3029.
Note: The "Other" dates listed in the Project Schedule includes time for TxDOT approval.
PROJECT STATUS Original 2008109 Original 2008!09
Start Date Revision End Date Revision
EngineeringlDesign 0512006 0312009 11!2009
Construction 02/2009 01!2010 0712009 01!2011
Other 04!2007 1.2!2008 0612009
REVISION EXPLANATION
Revise the FY08l09 Capital Projects budget to: 1) change this project title from Boulevard 26 Intersection Improvements to "TIF 1 Expansion"
and 2) increase the costs for intersection improvements from. $450,000 to $.500,000 as well as include $3 million for burial of existing above
ground utility lines located on the North Richland Hills' side of Boulevard 26 between. the intersections of Glenview Dr. and Rufe Snow Dr. The
source of funds will be 2009 certificates of obligation. The certificates of obligation principal and interest will be paid from property taxes
contributed from the City of NRH, BISD, Tarrant County, Tarrant County Hospital District, and Tarrant County College District. The costs for
design, surveying, and easement acquisition for burying the existing above ground utilities are estimated at $400,000 and have been included
in the Engineering phase.
FINANCIAL DATA
2QQ8/2009 2008J2009 Total
Funding Source Amount to 2008/2009 Pre~aased: Revised Remaining Project
Date Adopted Recision '' Budget Balance Cost
Prior Funding Allocations:
Sales Tax $150,000 $300,000 ($40,000) $0 $0 $0
0
Proposed Funding Allocations:
2009 Certificates of Obligation 0 0 3,500,000.: 3,500,000. 0 3,500,000
Total $150,000 _ $300,000 $3,050,Og0 (, $3,500,000 $0 $3,500,000
Project Expenditures _
_
Engineering $150,000 $0 $425,000` $575,000 $0 $575,000
(includes burial of utility lines)
Construction 0 300,OOD 2,625,000> 2,925,000 0 2,925,000
(includes burial of utility lines)
Other 0 _ 0 Q 0 0 D
Total $150,000 $300,000 _
_
$3,050,0(]0 ~ _
$3,500,000 _
$0 $3,500,000.
IMPACT ON OPERATING BUDGET
No operating impact is anticipated.
Annual Operating Impact 2009!201.0 _ 20010!2011 _ 2011/2012 _ 2012/2013 2013!2014 Total
Projected $0 $0 $0 $0 $0 $0
Ordinance No. 3029
Page 33 of 33