HomeMy WebLinkAboutTIF2 2014-04-28 Agendas REINVESTMENT ZONE NUMBER 2, CITY OF NORTH RICHLAND HILLS
BOARD OF DIRECTORS MEETING
NORTH RICHLAND HILLS CITY COUNCIL WORKROOM
7301 NORTHEAST LOOP 820
NORTH RICHLAND HILLS, TX 76180
MONDAY, APRIL 28, 2014
6:15 P.M.
AGENDA
1. Call to Order
2. Approval of April 22, 2013 Board Minutes
3. Discuss and approve TIF No. 2 2013 Annual Report
4. Adjournment
MINUTES OF THE TIF BOARD MEETING FOR REINVESTMENT ZONE #2 OF THE
CITY OF NORTH RICHLAND HILLS, TEXAS BOARD OF DIRECTORS MEETING -
COUNCIL WORK ROOM AT CITY HALL
MONDAY, APRIL 22, 2013 - 4:15 P.M.
Present:
Oscar Trevino, Chairman Mayor
Tito Rodriguez Council Member
Rita Wright Oujesky Council Member
David Whitson Council Member
Scott Turnage Council Member
Tim Welch Council Member
Carolyn Sims Precinct Administrator for Commissioner
Gary Fickes, Northeast SubCourthouse,
Precinct #3
Absent: Dr. Larry Darlage Tarrant County College
Scott Rule Tarrant County Hospital District
Others Present:
Mark Hindman City Manager
Karen Bostic Assistant City Manager
Jared Miller Assistant City Manager
Jimmy Perdue Director of Public Safety
Mike Curtis Managing Director
Vickie Loftice Managing Director
Larry Koonce Director of Finance
John Pitstick Director of Planning & Development
Craig Hulse Director of Economic Development
Kristin James Assistant to City Manager
1.
CALL TO ORDER
Mayor Trevino called the meeting to order at 4:21 p.m.
2.
APPROVAL OF OCTOBER 13, 2009 BOARD MINUTES
Council member Welch moved to approve the minutes. Council member Rodriguez
seconded the motion.
Motion to approve carried 7 -0.
3.
APPOINTMENT OF VICE -CHAIR AND SECRETARY
Council member Turnage nominated Rita Wright Oujesky to serve as Vice Chairman.
Council member Whitson seconded the motion.
Motion to approve carried 7 -0.
Council member Turnage nominated Tim Welch to serve as Secretary. Council
member Wright Oujesky seconded the motion.
4 Motion to approve carried 7 -0.
4.
DISCUSS AND APPROVE TIF NO. 2 2012 ANNUAL REPORT
Larry Koonce, Director of Finance, provided an overview of TIF No. 2 Annual Report.
The TIF was created in 1999 with three projects: a $10.2 million library, a $21.9 million
recreation center and an $8.2 Tarrant County College conference center and fine arts
center. Since that time the values have grown over $200 million. In the past year the
values increased by $12.5 million or about six percent. This is producing about $2.6
million in tax revenue per year which was sufficient to cover all of the debt service and
expenditures for fiscal year 2012. The year ended with approximately $12 million in
cash. Cash is on hand for the TCC project. The other two projects have been
completed. The drainage project for the Library is still in progress.
Mayor Trevino asked City Manager, Mark Hindman, to address the plans of the TCC
Board and the upcoming function of the City. Mr. Hindman informed the members on
May 10, 2013 representatives for Tarrant County, County Hospital District, TCC, and
Birdville I.S.D. have been invited to a reception at 6:00 p.m. and to the Sounds of Spring
Concert starting at 7:00 p.m. This is an opportunity to show the members what is
happening within the District. Interest has been shown in the placement of the TCC
facility and the development in the area.
Council member Wright Oujesky moved to approve the 2012 Annual Report. Council
member Rodriquez seconded the motion.
Motion to approve carried 7 -0.
5.
DISCUSS AND APPROVE AMENDING THE BYLAWS OF REINVESTMENT ZONE
NUMBER 2, CHANGING THE MONTH OF ANNUAL MEETINGS FROM NOVEMBER
TO APRIL. RESOLUTION 2013 -001
Larry Koonce, Director of Finance, presented the item. Members are being asked to
consider a resolution to authorize changing the month of annual meetings from
November to April. North Richland Hills City Council approved the item on March 25,
2013.
Council member Whitson moved to approve Resolution No. 2013 -001. Council member
Turnage seconded the motion.
Motion to approve carried 7 -0.
6.
ADJOURNMENT
Mayor Trevino adjourned the meeting.
TIF No. 2
Subject: Discuss and Approve TIF No. 2 2013 Annual Report Board Meeting Date: 4/28/2014
Agenda Number: 2014 -01
Larry Koonce, Director of Finance City of North Richland Hills will present the attached
executive summary and annual report for fiscal year ended September 30, 2013. The
annual report has been submitted to the State Comptroller as required.
After the presentation of financial status of TIF No. 2, we recommend the Board take
action as to the acceptance of the report.
NitH
CITY OF NORTH RICHLAND HILLS
MEMO
TO: Mayor and City Council
FROM: Larry Koonce, Director of Finance
SUBJECT: Tax Increment Reinvestment Zone No. 2
Executive Summary for Fiscal Year Ended September 30, 2013
DATE: February 26, 2014
Attached for your information is the Annual Report of Tax Increment Reinvestment Zone No. 2, for the
Year Ended September 30, 2013. TIF 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 Home Town NRH development. Total public improvements are estimated at $65.2
million including developer infrastructure. 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
Tarrant County College 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 approximately a fifteen -year period based on estimated property values.
At the time the District was created the main developer, E- Systems, estimated that Home Town 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 were estimated to generate approximately $82.2 million in total tax revenues to fund
the planned public improvements.
The captured appraised value in 2012 (fiscal year 2013) was $221,657,159 for the City of NRH, and
$241,447 for Tarrant County. The District billed $2,806,246 to taxing jurisdictions in March 2013.
The library project was completed and the new library opened in the spring of 2008. The project was
completed within the original TIF 2 finance plan budget of $10.2 million.
In 2010 the City issued $18.8 million dollars for the construction and completion of the recreation center
to be paid with TIF 2 revenues. The total cost of the project funded with TIF tax dollars was $21.9
million in accordance with the original project plan. Opening of the recreation center occurred in the
spring of 2012. It is located within the TIF 2 boundaries, adjacent to the library. The fiscal year 2013
report (see attached) includes TIF 2 revenues and expenditures for the year, and outstanding principal
and interest as of September 30, 2013. Revenues projected over the life of the TIF will pay for the
outstanding principal and interest and all other original project plan costs.
Larry Koo ce
Director of Finance
Attachment: TIRZ No. 2 Annual Report FY 2013
City of North Richland Hills
Tax Increment Reinvestment Zone No. 2
Annual Report
Year Ended September 30, 2013
Amount & Source of Revenue in the Tax Increment Fund FY 2013:
Property Tax Revenues Collected $ 2,775,443
Investment Income $ 22,961
Total Revenues in Fiscal Year 2013 $ 2,798,404
Amount and Purpose of Expenditures of the Fund FY 2013:
Principal, Interest, Issuance & Paying Agent
Payments on Certificate Indebtedness $ 2,948,567
Recreation Center Project Expenditures $ 507,491
Total Fund Expenditures in Fiscal Year 2013 $ 3,456,058
Principal & Interest due on outstanding indebtedness as of September 30, 2013:
Principal Outstanding $ 23,310,307
Interest Outstanding $ 6,078,046
Total Principal & Interest Outstanding 9 -30 -2013 $ 29,388,353
Tax Increment Base & Current Captured Appraised Value Retained by the Zone:
Appraised Value shared by the Municipality Captured pp y P Y & Other Taxing Entities and
total amount of tax increments received :
Captured Tax
1999 Base Year Taxable Value Appraised Rate /$100 Property Tax
Taxing Unit Appraised Value 2012 Value 2012 FY 2013 Revenue FY 2013
City of North Richland Hills $40,577,462 $261,677,347 $221,099,885 $0.570000 $1,260,269
Tarrant County $40,577,462 $281,802,968 $241,225,506 $0.264000 $636,835
Tarrant County Hospital ital District $40,577,462 $281,802,968 $241,225,506 $0.227897 $549,746
Tarrant County College e $40,577,462 $281,830,968 $241,253,506 $0.148970 $359,395
$2,806,246
Total billings outstanding $ (30,803)
Taxes Collected FY 2013 $2,775,443
This report submitted by :
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Larry Koonce`
Director of Finance
City of North Richland Hills, Texas
K:acct \tifs \TIF2 Annual Report 2013