The URL can be used to link to this page

Home My WebLink AboutTIF2 2005-06-21 AgendasREINVESTMENT ZONE NUMBER 2, CITY OF NORTH RICHLAND HILLS BOARD OF DIRECTORS MEETING TUESDAY, JUNE 21, 2005 CITY HALL PRE-COUNCIL ROOM 4:15 P.M. AGENDA 1. Call to Order 2. Approval of April 8, 2003 Board Minutes 3. Discuss 2004 Annual Report 4. Dan Quinto, Executive Manager, Home Town, NRH will give a report regarding the current and future development of Home Town, NRH. 5. Richard Torres, Assistant City Manager, City of North Richland Hills, will give a report on the status of the TIF No. 2 library project. 6. Adjournment YUS'TEU r _ ~..._ _~c ~ -jute ~ s0 ._ p.-wn~ .~.,._~......~. ..~. _...._. 'l'ime Communications Uept. y-~.--~---- MINUTES OF THE TIF BOARD MEETING FOR REINVESTMENT Zone #2 OF THE CITY OF NORTH RICHLAND HILLS, TEXAS BOARD OF DIRECTORS MEETING -PRE-COUNCIL ROOM, CITY HALL MONDAY, APRIL 8, 2003 - 4:45 PM Members Present - Oscar Trevino Mayor Drenda Witt Tarrant County Hospital District Glen Whitley Tarrant County Commissioners Court Dr. Larry Darlage Tarrant County College Scott Turnage Council Member Joe Tolbert Council Member David Whitson Council Member Others Present - Larry J. Cunningham City Manager Greg Vick, Assistant City Manager Lyle Welch Council Member Larry Koonce Director of Finance Karen Bostic Managing Director Lisa McMillan Tarrant County Commissioners Court Dr. Quentin Burnett Birdville ISD 1. CALL TO ORDER Mayor Oscar Trevino called the meeting to order at 4:45pm. 2. APPROVAL OF MINUTES - July 24, 2000 BOARD MEETING Drenda Witt motioned to approve minutes from the July 24, 2000 meeting, with the change that her name is correctly spelled as Witt instead of Whitt. Motion was seconded by Commissioner Whitley. The vote was unanimous in favor of the motion. 3. D{SCUSS 2002 ANNUAL REPORT Larry Koonce, Finance Director, presented the 2002 Annual Report. The Board discussed several facets of the report, including valuation and how far behind the TIF might be. There was also some discussion introduced about the possibility of an elementary school being built near the library. Finance Director Koonce also made the Board aware that debt was being issued for the land acquisition and the architectural design work for the library. Commissioner Whitley motioned to accept the report and Councilman David Whitson seconded the motion. The vote was unanimous in favor of the motion. 4. ADJOURNMENT Mayor Trevino adjourned the meeting at 5:06 pm. INFORMAL REPORT TO MAYOR AND CITY COUNCIL No. 2005-006 Date: December 31, 2004 i Subject: Tax Increment Reinvestment Zone No. 2 Executive Summary for Fiscal Year Ended September 30, 2004 Attached for your information is "Tax Increment Reinvestment Zone No. 2, Annual Report, For the Year Ended September 30, 2004". TIRZ No.2 was created by the City of North Richland Hills in 1999. The District was created to provide public improvements that would benefit the City of North Richland Hills, Tarrant County College, Tarrant County and Tarrant County Hospital District. Planned public improvements include a conference center, a recreation center, a library and infrastructure improvements in the Hometown NRH development. Total public improvements are estimated at $65.2 million. The District was created for twenty-eight years to provide for the retirement of planned debt issuance for financing of the improvements. The City of NRH and TCC agreed to contribute 100% for the full twenty-eight years. The County and Hospital District agreed to participate up to a fixed dollar amount that was anticipated to accumulate over afifteen-year period based on estimated property values. At the time the District was created the main developer, E-Systems, estimated that Hometown NRH would be comprised of approximately 70% residential and 30% commercial and retail development. The District's boundaries also include other developments such as the Crossing (Kohl's) Center, Home Depot, Blue Line Ice and the Barnett property. The plan (based on a study done by Zimmerman/ Volk) estimated that property values would increase by over $370 million in ten years. Over the life of the District, the values are estimated to generate approximately $82.2 million in total tax revenues to fund the planned public improvements. The captured appraised value in 2003 (fiscal year 2004) was $80,423,374 for the City of NRH and $83,275,391 for Tarrant County. The differences are the exemptions granted by the taxing jurisdictions. The District received $1,013,513 from all taxing jurisdictions in fiscal year 2004. In April 2003, the City of North Richland Hills issued Certificates of Obligation in the amount of $1,450,000 for land acquisition, building program planning and architectural design services for the Hometown library, the first public improvement project scheduled in the TIF2 Project Plan. The City of North Richland Hills also acquired .221 acres within the TIF in October of 2002 for approximately $95,000 with TIF property tax revenues. This represents a portion of the land that will ultimately be acquired for the Hometown Library. The City of North Richland Hills plans to hire an architect for design services for the Hometown Library in 2005. Also attached to this executive summary is a "Comparison of Original Plan to Actual Development". The report shows that actual property tax collections as compared to the original plan are lagging. Actual property tax revenues in fiscal year 2004 were $1,013,513 compared to the original plan estimate of $1,571,053. Taxes collected since inception total $1,984,273 compared to $3,561,077 estimated in the original plan. Cash and receivable balance including tax collections, interest earnings and certificate of obligation proceeds as of September 30, 2004 was $3,260,463. Tax revenues expected from participating jurisdictions in May of 2005 are $1,221,022 based on 2004 incremental value. The original plan estimated that $2,115,403 would be collected in 2005. ISSUED BY THE CITY MANAGER NORTH RICHLAND HILLS, TEXAS ti The Annual Report is filed with the Attorney General's Office as required by state law. This executive summary and attachments are provided to all the participating taxing jurisdictions. If you have any questions regarding this information please contact Larry Koonce, Director of Finance, City of NRH, at 817-427-6167 or a-mail Ikoonce(c~nrhtx.com. Respectfully submitted, Larry Ko~ ce Director of Finance Attachments: TIRZ No. 2 Annual Report FY 2004 Comparison of Original TIF No. 2 Plan to Actual Development ` City of North Richland Hills Tax Increment Reinvestment Zone No. 2 Annual Report For the Year Ended September 30, 2004 (unaudited) The following are the items required by the Section 311.016 of the Texas Property Tax Code to be reported to the Office of the Attorney General: Amount & Source of Revenue in the Tax Increment Fund FY 2004: Property Tax Revenues $ 1,013,513 Interest Income $ 25,081 Total Revenues in Fiscal Year 2004 $ 1,038,594 Amount and Purpose of Expenditures of the Fund FY 2004: Principal, Interest, Issuance & Paying Agent Payments on Certificate Indebtedness $ 95,096 Total Fund Expenditures in Fiscal Year 2004 $ 95,096 Principal & Interest due on outstanding indebtedness as of September 30, 2004: Principal Outstanding Interest Outstanding $ 1,425,000 $ 658,493 Total Principal & Interest Outstanding 9-30-2004 $ 2,083,493 Captured Appraised Value shared by the Municipality & Other Taxing Entities and total amount of tax increments received Captured Tax Property Tax 1999 Base Year Taxable Value Appraised Rate/$100 Revenue FY Taxing Unit Appraised Value 2003 Value 2003 FY 2004 2004 City of North Richland Hills $40,577,462 $121,000,836 $80,423,374 $0.570000 $458,413 Tarrant County $40,577,462 $123,852,853 $83,275,391 $0.272500 $226,925 Tarrant County Hospital District $40,577,462 $123,859,853 $83,282,391 $0.235397 $196,044 Tarrant County College $40,577,462 $123,852,853 $83,275,391 $0.139380 $104,252 $985,635 Total adjustments to billings $ (93,123) Payments from Blue Line Ice Settlement $ 121,001 Taxes Collected FY 2004 $1,013,513 This report submitted by Larry Koonce Director of Finance City of North Richland Hills, Texas K:acct\tifs\TIF2 Annual Report 2005.x1s City of North Richland Hills Tax Increment Reinvestment Zone No. 2 Comparison of Original Plan to Actual Development FY 2004 Original Financing Plan (First Five Years) June 29, 2000 Fiscal Year Captured Valuation Property Tax Revenues 2000 $ - $ - 2001 $ 12,620,987 $ 148,336 2002 $ 62,888,445 $ 739,138 2003 $ 93,808,805 $ 1,102,550 2004 $ 133,670,655 $ 1,571,053 2005 $ 179,985,905 $ 2,115,403 Total Planned Property Tax Revenues $ 5,676,480 Actual Development (First Five Years) Fiscal Property Tax Year Captured Valuation Revenues 2000 $ - $ - 2001 $3,523,615 $ 44,830 2002 $ 31,512,080 $ 288,774 2003 $ 58,118,922 $ 637,156 2004 $ 83,275,391 $ 1,013,513 2005 $ 96,371,726 $ 1,142,872 Total Property Tax Revenues $ 3,127,145 K:acct/tifs/TIF2 Annual Report 20050rig Plan vs actual