HomeMy WebLinkAboutOrdinance 2495
ORDINANCE NO. 2495
AN ORDINANCE APPROVING THE PROJECT PLAN AND REINVESTMENT
ZONE FINANCING PLAN FOR REINVESTMENT ZONE NUMBER 2, NORTH
RICHLAND HILLS, TEXAS, AND RESOLVING OTHER MATTERS
INCIDENT AND RELATING THERETO, INCLUDING THE PREPARATION
AND EXECUTION OF PARTICIPATION AGREEMENTS WITH OVERLAPPING
TAXING JURISDICTIONS; AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, pursuant to the provisions the of the Tax Increment Financing Act, V.T.C.A.,
Tax Code, Chapter 311 (the "Act"), the City of North Richland Hills, Texas (the "City") has
created a reinvestment zone known as Reinvestment Zone Number 2, City of North Richland
Hills, Texas (the "Reinvestment Zone") consisting of a contiguous geographic area (699 acres of
land, more or less) within the City; and
WHEREAS, the Board of Directors of the Reinvestment Zone has prepared and adopted
a project plan and reinvestment zone financing plan (the "Plans") for the Reinvestment Zone in
accordance with Section 311.011 of the Act providing expenditures to be made and monetary
obligations to be incurred for public works and public improvements including (i) infrastructure
improvements for water, sanitary sewer, drainage, streets and public parking, and (ii) the
construction and equipping of a (a) municipal library, (b) a recreational center and (c) a
conference center, and submitted such plans to the Council for approval; and
WHEREAS, prior to the adoption of this ordinance, a public hearing was held on the
Plans providing an opportunity for the owners of property to protest the inclusion of the property
in the reinvestment zone after notice of such pubic hearing was duly published not later than the
seventh day before the date of such public hearing on the 16th day of July, 2000 in "The Fort
Worth Star Telegram" a newspaper of general circulation in the City, and
WHEREAS, the City Council hereby finds and determines the Plans for the
Reinvestment Zone are feasible and conforms to the master plan of the City and should be
approved; now, therefore,
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF NORTH RICHLAND
HILLS, TEXAS:
SECTION 1 Plan Approval. The project plan and reinvestment zone financing plan
prepared and adopted by the Board of Directors of Reinvestment Zone Number 2, City of North
Richland Hills, Texas, attached hereto as Exhibit A and incorporated by reference as a part
hereof for all purposes, are hereby approved in all respects and such plans are deemed to be
feasible and conform to the master plan of the City.
SECTION 2: TIF Aqreements. In accordance with Section 311.013(f) of the Tax
Increment Financing Act, the staff of the City are hereby authorized and directed to prepare and
submit on behalf of this Council to the overlapping taxing units agreements relating to each
taxing unit's participation in the Reinvestment Zone and the amount of tax increment from
property located in the Reinvestment Zone to be paid into the Tax Increment Fund and the City
Manager and City Secretary are hereby authorized to execute such agreements for and on
behalf of the City and as the act and deed of this Council.
SECTION 3: 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 City Council
hereby declares that this Ordinance would have been enacted without such invalid provision.
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.
PASSED AND ADOPTED, this 24th day of July 2000.
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Patricia Hutson, City Secretary
CITY OF NORTH RICHLAND HILLS, TEXAS
(-- / ¿, ~O .JL--'
Lyle ~ Mayor Pro Tem
APPROVED AS TO LEGALITY:
(City Seal)
CITY OF NORTH RICHLAND HILLS
TAX INCREMENT REINVESTMENT ZONE NO. 2
PROJECT PLAN
June 29, 2000
PREPARED BY THE CITY OF NORTH RICHLAND HILLS
ECONOMIC DEVELOPMENT DEPARTMENT
®,~ City Secretary Office
Official Record Copy
Project Plan
Page 2
As required by the Chapter 311, Title 3, Subtitle B of the Texas Property Tax Code, the
City of North Richland Hills and First Southwest Company submit the following Project
Plan for the creation of the Reinvestment Zone Number 2:
BACKGROUND
Dallas-based Arcadia Realty Corporation and the pension trust fund of Raytheon
Systems, Inc. began discussing development of a "Town Center" development on 330
acres immediately north of the NRH2O Family Water Park in June 1997.
In November 1997, the North Richland Hills City Council authorized the joint funding of
two consultant studies to determine 1) the market for such a Town Center development
and 2) the need for proposed public facilities to be constructed within the project.
Consultants delivered the resulting analysis in June 1998, which quantified the need for
a mixed-use "traditional neighborhood development" (TND)"-and likewise illustrated
market demand for a new library building and recreation center.
Representatives of Arcadia Realty Corporation brought renowned city planner Andres
Duany to Tarrant County College for an evening presentation in early September 1998.
The event allowed the City to introduce representatives of Blue Line Ice Complex, who
announced their plans to locate in the Town Center as its first anchor development.
Six weeks later in mid-October, Arcadia and the City co-produced a weeklong design
workshop-convening a team of architects, planners, engineers and specialists led by
Duany/Plater-Zyberk, Inc. The week of public and private meetings with adjacent
property owners, community leaders and interested citizens culminated in the
presentation of a detailed site plan fora 280-acre Town Center development-and
preliminary drawings featuring buildings with a "Texas Regional" architectural look.
Discussions then turned to Town Center zoning. After several weeks of
consideration-and joint talks with Arcadia officials-the North Richland Hills City
Council became the first known local governing body in the United States (and possibly
the world) to create and adopt a Town Center zoning classification (in January 1999).
At the same time, Council approved an amended Thoroughfare Plan for the
development.
Representatives of Carter & Burgess immediately began preparing the preliminary site plan
and civil engineering documents-and likewise started negotiating with the U.S. Corps of
Engineers concerning the Town Center lakes development. Preparation of the site plan
included periodic meetings with the City Departments involved in North Richland Hills'
Development Review Committee.
Project Plan
Page 3
While Carter & Burgess formally submitted the preliminary plat for review in the Summer
of 1999-and it was eventually approved by the Planning & Zoning Commission on August
26-City Councilmembers continued discussions on the Library and Recreation Center at
a Workshop on August 17. On August 23, Council unanimously passed Resolution 99-60
expressing intent to create Reinvestment Zone Number 2. On September 13, 1999 City
Council accepted the Preliminary Project Plan and Preliminary Financing Plan. On
October 25, 1999 the North Richland Hills City Council approved Ordinance No. 2420
establishing Reinvestment Zone Number 2, City of North Richland Hills. The Zone's Board
of Directors adopted the Board Bylaws and approved the Preliminary Project and Financing
Plan on November 1, 1999.
DETAILED DESCRIPTION AND COST OF PROJECTS
Throughout the Town Center discussions, Arcadia Realty Corporation representatives and
North Richland Hills City officials have discussed the idea of placing a library in the
eastern-most portion of the project, and a recreation center as shown on the included
Master Plan.
There have likewise been informal discussions among Arcadia representatives, Tarrant
County College (TCC) officials and City staff regarding a Conference Center to be operated
by TCC's Northeast Campus. Located at the eastern edge of Town Center (at or near
where "City Hall is shown on the Town Center plan), this facility will supplement the "Civic"
facility recommended by consultants during the October 1998 Design Workshop.
More recently, City and Arcadia Realty Corporation officials have also considered the
infrastructure improvements necessary to facilitate the Town Center's commercial
development.
Library The North Richland Hills Library Board has been working with a consultant for
several months to identify future needs-and have laid out plans fora 60,000 SF facility
costing $9,675,331. The TIRZ will reimburse the City any debt service incurred for the
project. Costs include:
Site acquisition $200,000
Parking 300,000
Construction of shell 4,500,000
Finish-out of 45,000 1,575,000
Furniture, Fixtures, Equipment 873,000
Fees (@ 10%) 724,800
Information Technology 450,000
Owners, Contingency, Inflation 1,497,516
Cost of Debt Issuance 95,795
Total Project Cost $10,216,111
Project Plan
Page 4
Regional Recreation Center Likewise, the NRH Park Board-in association with the Park
Facilities Development Corporation-has prepared plans fora 100,000 SF regional
recreation center. The TIRZ will reimburse the City any debt service incurred for the
project. This $21.9 million state-of--the-art facility is anticipated to include a number of
essential elements:
• Double Gymnasium
• Fitness Center
• Weight Room
• Classrooms
• Dance Rooms
• Aerobic Rooms
• Pre-school/Day Care Room
• Game Room
• Indoor Running and Walking Track
• Banquet/Meeting Room Space
• Indoor Pool (natatorium)/Leisure Pool
• Rock Climbing Walls
• Instruction Kitchen
• Concession Area
• Ceramic/Art Rooms with Kiln
• Lockers and Showers
• Administrative Offices
Such a recreation facility is expected to cost:
Land acquisition $0
Site improvements $715,673
(parking, utilities, etc.)
Facility construction costs $16,000,000
Contingency, Fixtures & Furniture,
Inflation $2,336,649
Soft costs (design, materials $2,640,000
testing, miscellaneous
professional expenses)
Cost of Debt Issuance 210 000
Total Project Cost $21,902,322
Conference Center For several years, Tarrant County College officials have been
planning amulti-purpose facility designed to not only meet the needs of students in the fine
arts, sciences and management-but likewise to use and make available to outside groups
for short-term conferences and seminars.
The Conference Center will include the following:
• Auditorium
• Exhibit Hall
• Training Rooms
• Tiered Meeting Room
• Computer Demonstration Room
• Planetarium
• Conference Rooms
• Catering Service Area
• Administrative Office
• Utility/Storage Areas
• Parking
• Marquee
• Landscaping/Garden
Project Plan
Page 5
In addition to hosting "Fine Arts Performances and concerts, Town hall meetings and
conference general sessions", TCC officials also foresee this facility serving as an
"InfoMart West'=with computer hardware and software vendors renting space for display
and use of their products and as a workforce development, teaching and training facility.
The participation agreement calls for the college to build and operate the Conference
Center. The TIRZ will reimburse the College District debt service for the project. The plan
estimates the start of the project in fiscal year 2005. The reimbursement is projected over
twenty years beginning in fiscal year 2006.
Such a facility is expected to cost:
Site improvements $1,800,000
(parking, signage, landscaping)
Facility construction costs 6,333,279
Contingency, Fixtures & Furniture,
Inflation
Cost of Debt Issuance 80,000
Total Project Cost $8,213,279
Infrastructure The Town Center's commercial infrastructure includes water, sanitary
sewer, drainage, streets and public parking improvements-as well as internal spine roads
and necessary traffic signals. These facilities will be located in rights of way, easements
and other locations appropriate for their use.
Such improvements will be scheduled in the phases or stages:
Stage 1:
Stage 2:
Stage 3:
Stage 4:
Stage 5:
Stage 6:
Stage 7:
Stage 8:
Stage 9:
Contingencies, Inflation
$2,612,907 (September 2000 completion)
1,999,000 (September 2000 completion)
9,018,444 (March 2002 completion)
1,131,000 (September 2002 completion)
2,151,674 (March 2004 completion)
2,801,573 (September 2004 completion)
1,399,892 (March 2006 completion)
1,399,892 (March 2006 completion)
947,187 (March 2010 completion)
1,412,536
Total Project Cost: $24,874,105
Project Plan
Page 6
MAP
Attached is an aerial map showing the existing conditions and uses of the 280-acre Town
Center location and a site plan and artist rendering illustrating the proposed mixed-use
development.
PROPOSED CHANGES TO ZONING ORDINANCE, MASTER PLAN, BUILDING CODES
AND/OR OTHER MUNICIPAL ORDINANCES
The existing zoning (TC) will provide for all uses intended by owner/developer Arcadia
Realty Corporation.
The City of North Richland Hills is not proposing any 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
The City of North Richland Hills expects that Arcadia Realty Corporation (in partnership
with Raytheon Systems, Inc.) its tenants and/or other future builders and/or investors
will spend a minimum of $386 million in developing the infrastructure, building shells,
constructing tenant finish out, landscaping and signing projects within the Town Center.
The non-project costs are expected to include anything necessary to develop:
160,000 SF of Retail Space
600,000 SF of Class A & B and Owner-Occupied Corporate Office Space
1,400 residential housing units
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.
Project Plan
Page 7
EXHIBIT 1
Proposed Tax Increment Reinvestment Zone
Project Plan
Library at Town Center
Estimated Cost of Project Plan:
TIF Expenses
Design & Construction of Library
(Includes Cost of Issuance)
Recreation Center at Town Center
Estimated Cost of Project Plan:
TIF Expenses:
Design & Construction of Recreation Center
(Includes Cost of Issuance)
TCC Northeast Conference Center
Estimated Cost of Project Plan:
TIF Expenses:
Design & Construction of Center
(Includes Cost of Issuance)
Town Center Infrastructure (excluding residential development)
Estimated Cost of Project Plan:
TIF Expenses:
Design & Construction of Infrastructure
GRAND TOTAL: PLAN COST
$10,216,111
21, 902, 322
$ 8,213,279
$24,874,105
$65.205,817
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CITY OF
NORTH RICHLAND HILLS
TAX INCREMENT REINVESTMENT ZONE NO. 2
FINANCE PLAN
June 29, 2000
PREPARED BY THE CITY OF NORTH RICHLAND HILLS
FINANCE DEPARTMENT
City Secrefiary Office
=~4 Official Record C
opy
CITY OF NORTH RICHLAND HILLS
TAX INCREMENT REINVESTMENT ZONE NO.2
FINANCING OPTIONS FOR
TAX INCREMENT SUPPORTED DEBT
CITY OF NORTH RICHLAND HILLS
TAX INCREMENT REINVESTMENT ZONE NO. 2
DEFINITION OF TERMS
^ The City creates the Tax Increment Reinvestment Zone (TIRZ).
^ The Base Value is the value that is on the ground when the TIRZ is Created.
^ The Captured Assessed Valuation is the real property which is added to the tax base
after TIRZ is created. The Captured Assessed Valuation does not include
personal property.
^ The TIRZ 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
TIRZ, including paying for capital improvements and paying debt service on bonds
issued for improvements.
^ A TIRZ has a defined period of existence which may be related to the term of debt.
Once the TIRZ is abolished, the tax revenues are no longer diverted to the Tax
Increment Fund.
^ The City creates the TIRZ 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
TIRZ Board.
3
CITY OF NORTH RICHLAND HILLS
TAX INCREMENT REINVESTMENT ZONE NO. 2
FINANCING OPTIONS FOR TAX INCREMENT SUPPORTED DEBT
Combination Tax and TIRZ Revenue Certificates of Obligation
^ Same rating as general obligation bonds;
^ Requires a pledge of tax increment revenues and ad valorem property taxes;
^ Are subject to vote if petitioned by 5% of the registered voters;
^ Most cost effective debt option;
^ Sold on a more timely basis.
TIRZ Revenue Bonds
^ Supported solely by the revenues generated by the TIRZ zone;
^ Cannot generally be marketed until improvements are on the ground;
^ Generally, these are sold at a lower rating than certificates of obligation;
^ They require the use of a Reserve Fund and restrictive additional issuance
covenants;
^ Higher borrowing costs.
4
CITY OF NORTH RICHLAND HILLS
TAX INCREMENT REINVESTMENT ZONE NO. 2
FLOW-OF-FUNDS
Interest Earnings on
Construction Fund cz~
Tax Increment Revenues
Tax Increment Fund
Debt Service Fund
Bond Holders
(1) If necessary.
(2) During construction period only.
City of North Richland
Hills Ad Valorem Property
Tax Revenues~'~
5
CITY OF NORTH RICHLAND HILLS
TAX INCREMENT REINVESTMENT ZONE N0.2
FINANCE PLAN
DETAIL DESCRIPTION AND COST OF PROJECTS
CITY OF NORTH RICHLAND HILLS
TAX INCREMENT REINVESTMENT ZONE NO. 2
DESCRIPTION AND COST OF PROJECTS
BACKGROUND
Dallas-based Arcadia Realty Corporation and the pension trust fund of Raytheon
Systems, Inc. began discussing development of a "Town Center" development on 330
acres immediately north of the NRH2O Family Water Park in June 1997.
In November 1997, the North Richland Hills City Council authorized the joint funding of
two consultant studies to determine 1) the market for such a Town Center development
and 2) the need for proposed public facilities to be constructed within the project.
Consultants delivered the resulting analysis in June 1998, which quantified the need for
a mixed-use "traditional neighborhood development" (TND)"-and likewise illustrated
market demand for a new library building and recreation center.
Representatives of Arcadia Realty Corporation brought renowned city planner Andres
Duany to Tarrant County College for an evening presentation in early September 1998.
The event allowed the City to introduce representatives of Blue Line Ice Complex, who
announced their plans to locate in the Town Center as its first anchor development.
Six weeks later in mid-October, Arcadia and the City co-produced a weeklong design
workshop-convening a team of architects, planners, engineers and specialists led by
Duany/Plater-Zyberk, Inc. The week of public and private meetings with adjacent
property owners, community leaders and interested citizens culminated in the
presentation of a detailed site plan fora 280-acre Town Center development-and
preliminary drawings featuring buildings with a "Texas Regional" architectural look.
Discussions then turned to Town Center zoning. After several weeks of consideration-
and joint talks with Arcadia officials-the North Richland Hills City Council became the
first known local governing body in the United States (and possibly the world) to create
and adopt a Town Center zoning classification (in January 1999). At the same time,
Council approved an amended Thoroughfare Plan for the development.
Representatives of Carter & Burgess immediately began preparing the preliminary site
plan and civil engineering documents-and likewise started negotiating with the U.S.
Corps of Engineers concerning the Town Center lakes development. Preparation of the
site plan included periodic meetings with the City Departments involved in North
Richland Hills' Development Review Committee.
7
BACKGROUND cont.
While Carter & Burgess formally submitted the preliminary plat for review in the Summer
of 1999-and it was eventually approved by the Planning & Zoning Commission on
August 26-City Council members continued discussions on the Library and Recreation
Center at a Workshop on August 17. On August 23, Council unanimously passed
Resolution 99-60 expressing intent to create Reinvestment Zone Number 2. On
September 13, 1999 City Council accepted the Preliminary Project Plan and Preliminary
Financing Plan. On October 25, 1999 the North Richland Hills City Council approved
Ordinance No. 2420 establishing Reinvestment Zone Number 2, City of North Richland
Hills. The Zone's Board of Directors adopted the Board Bylaws and approved the
Preliminary Project and Financing Plan on November 1, 1999.
DETAIL DESCRIPTION AND COST OF PROJECTS
Throughout the Town Center discussions, Arcadia Realty Corporation representatives
and North Richland Hills City officials have discussed the idea of placing a library in the
eastern-most portion of the project, and a recreation center as shown on the included
Master Plan.
There have likewise been informal discussions among Arcadia representatives, Tarrant
County College (TCC) officials and City staff regarding a Conference Center to be
operated by TCC's Northeast Campus. Located at the eastern edge of Town Center (at
or near where "City Hall is shown on the Town Center plan), this facility will supplement
the "Civic" facility recommended by consultants during the October 1998 Design
Workshop.
More recently, City and Arcadia Realty Corporation officials have also considered the
infrastructure improvements necessary to facilitate the Town Center's commercial
development.
Library The North Richland Hills Library Board has been working with a consultant for
several months to identify future needs-and have laid out plans fora 60,000 SF facility
costing $9,675,331. The TIRZ will reimburse the City any debt service incurred for the
project. Costs include:
Site acquisition $200,000
Parking 300,000
Construction of shell 4,500,000
Finish-out of 45,000 1,575,000
Furniture, Fixtures, Equipment 873,000
Fees (@ 10%) 724,800
Information Technology 450,000
Owners, Contingency, Inflation 1,497,516
Cost of Debt Issuance 95,795
Total Project Cost $10,216,111
8
DETAIL DESCRIPTION AND COST OF PROJECTS cont.
Regional Recreation Center Likewise, the NRH Park Board-in association with the
Park Facilities Development Corporation-has prepared plans fora 100,000 SF
regional recreation center. The TIRZ will reimburse the City any debt service incurred
for the project. This $21.9 million state-of--the-art facility is anticipated to include a
number of essential elements:
• Double Gymnasium
• Fitness Center
• Weight Room
• Classrooms
• Dance Rooms
• Aerobic Rooms
• Pre-school/Day Care Room
• Game Room
• Indoor Running and Walking Track
• Banquet/Meeting Room Space
• Indoor Pool (natatorium)/Leisure
Pool
• Rock Climbing Walls
• Instruction Kitchen
• Concession Area
• Ceramic/Art Rooms with Kiln
• Lockers and Showers
• Administrative Offices
Such a recreation facility is expected to cost:
Land acquisition $0
Site improvements $715,673
(parking, utilities, etc.)
Facility construction costs $16,000,000
Contingency, Fixtures & Furniture,
Inflation $2,336,649
Soft costs $2,640,000
(design, materials testing,
miscellaneous professional
expenses)
Cost of Debt Issuance 210 000
Total Project Cost $21,902,322
Conference Center For several years, Tarrant County College officials have been
planning amulti-purpose facility designed to not only meet the needs of students in the
fine arts, sciences and management-but likewise to use and make available to outside
groups for short-term conferences and seminars.
The Conference Center will include the following:
• Auditorium
• Exhibit Hall
• Training Rooms
• Tiered Meeting Room
• Computer Demonstration Room
• Planetarium
• Conference Rooms
• Catering Service Area
• Administrative Office
• Utility/Storage Areas
• Parking
• Marquee
• Landscaping/Garden
9
DETAIL DESCRIPTION AND COST OF PROJECTS cont.
In addition to hosting "Fine Arts Performances and concerts, Town hall meetings and
conference general sessions", TCC officials also foresee this facility serving as an
"InfoMart West"-with computer hardware and software vendors renting space for
display and use of their products and as a workforce development, teaching and training
facility. The participation agreement calls for the college to build and operate the
Conference Center. The TIRZ will reimburse the College District debt service for the
project. The plan estimates the start of the project in fiscal year 2005. The
reimbursement is projected over twenty years beginning in fiscal year 2006.
Such a facility is expected to cost:
Site improvements $1,800,000
(parking, signage, landscaping)
Facility construction costs 6,333,279
Contingency, Fixtures & Furniture,
Inflation
Cost of Debt Issuance 80,000
Total Project Cost $8,213,279
Infrastructure The Town Center's commercial infrastructure includes water, sanitary
sewer, drainage, streets and public parking improvements-as well as internal spine
roads and necessary traffic signals. These facilities will be located in rights of way,
easements and other locations appropriate for their use.
Such improvements will be scheduled in the phases or stages:
Stage 1: $2,612,907 (September 2000 completion)
Stage 2: 1,999,000 (September 2000 completion)
Stage 3: 9,018,444 (March 2002 completion)
Stage 4: 1,131,000 (September 2002 completion)
Stage 5: 2,151,674 (March 2004 completion)
Stage 6: 2,801,573 (September 2004 completion)
Stage 7: 1,399,892 (March 2006 completion)
Stage 8: 1,399,892 (March 2006 completion)
Stage 9: 947,187 (March 2010 completion)
Contingencies, Inflation 1,412,536
Total Project Cost: $24,874,105
10
Proposed Tax Increment Reinvestment Zone No. 2
Project Summary
Library at Town Center
Estimated Cost of Project Plan:
TIF Expenses
Design & Construction of Library $10,216,111
(Includes Cost of Issuance)
Recreation Center at Town Center
Estimated Cost of Project Plan:
TIF Expenses:
Design & Construction of Recreation Center 21,902,322
(Includes Cost of Issuance)
TCC Northeast Conference Center
Estimated Cost of Project Plan:
TIF Expenses:
Design & Construction of Center $ 8,213,279
(Includes Cost of Issuance)
Town Center Infrastructure (excluding residential development)
Estimated Cost of Project Plan:
TIF Expenses:
Design & Construction of Infrastructure $24.874.105
GRAND TOTAL: PLAN COST $65.205,817
11
CITY OF NORTH RICHLAND HILLS
TAX INCREMENT REINVESTMENT ZONE N0.2
SOURCES OF TAX INCREMENT FUND REVENUES
12
CITY OF NORTH RICHLAND HILLS
Tax Increment Reinvestment Zone No. 2
Sources of Funds
Sources of Funds
Certificates of Obligation
Developer Contributions
Other Sources
Total Sources of Funds
Amount
$ 43,034,248
$ 22,171,569
$ -
$ 65,205,817
13
CITY OF NORTH RICHLAND HILLS
TAX INCREMENT REINVESTMENT ZONE N0.2
FINANCE PLAN
(ECONOMIC FEASIBILITY STUDY)
PROJECTED TAX INCREMENT FUND CASH FLOWS
14
CITY OF NORTH RICHLAND HILLS
Tax Increme nt Reinvestment Zone No. 2
Estimated Tax Revenues
Participation
100% 100% 51% 51%
Total City of Total
Fiscal Captured NRH TCC TC Hospital(2) Tarrant Co.(2) Property Tax
Year Valuation (1) $ 0.5700 $ 0.1064 $ 0.2341 $ 0.2648 Revenues
2001 $ 12,620,987 $ 71,940 $ 13,430 $ 29,542 $ 33,425 $ 148,336
2002 $ 62,888,445 $ 358,464 $ 66,920 $ 147,203 $ 166,551 $ 739,138
2003 $ 93,808,805 $ 534,710 $ 99,822 $ 219,578 $ 248,439 $ 1,102,550
2004 $ 133,670,655 $ 761,923 $ 142,239 $ 312,883 $ 354,008 $ 1,571,053
2005 $ 179,985,905 $ 1,025,920 $ 191,523 $ 421,293 $ 476,667 $ 2,115,403
2006 $ 216,384,090 $ 1,233,389 $ 230,254 $ 506,490 $ 573,063 $ 2,543,197
2007 $ 258,666,185 $ 1,474,397 $ 275,247 $ 605,460 $ 685,041 $ 3,040,145
2008 $ 301,934,275 $ 1,721,025 $ 321,288 $ 706,738 $ 799,631 $ 3,548,682
2009 $ 343,951,625 $ 1,960,524 $ 365,999 $ 805,088 $ 910,908 $ 4,042,518
2010 $ 371,342,145 $ 2,116,650 $ 395,145 $ 869,201 $ 983,448 $ 4,364,444
2011 $ 386,293,400 $ 2,201,872 $ 411,055 $ 904,197 $ 1,023,044 $ 4,540,168
2012 $ 390,156,334 $ 2,223,891 $ 415,165 $ 913,239 $ 1,033,274 $ 4,585,570
2013 $ 394,057,897 $ 2,246,130 $ 419,317 $ 922,371 $ 1,043,607 $ 4,631,426
2014 $ 397,998,476 $ 2,268,591 $ 423,510 $ 931,595 $ 1,054,043 $ 4,677,740
2015 $ 401,978,461 $ 2,291,277 $ 427,745 $ 940,911 $ 1,064,584 $ 4,724,517
2016 $ 405,998,246 $ 2,314,190 $ 432,023 $ - $ - $ 2,746,213
._017 $ 410,058,228 $ 2,337,332 $ 436,343 $ - $ - $ 2,773,675
2018 $ 414,158,810 $ 2,360,705 $ 440,706 $ - $ - $ 2,801,412
2019 $ 418,300,399 $ 2,384,312 $ 445,113 $ - $ - $ 2,829,426
2020 $ 422,483,403 $ 2,408,155 $ 449,565 $ - $ - $ 2,857,720
2021 $ 426,708,237 $ 2,432,237 $ 454,060 $ - $ - $ 2,886,297
2022 $ 430,975,319 $ 2,456,559 $ 458,601 $ - $ - $ 2,915,160
2023 $ 435,285,072 $ 2,481,125 $ 463,187 $ - $ - $ 2,944,312
2024 $ 439,637,923 $ 2,505,936 $ 467,819 $ - $ - $ 2,973,755
2025 $ 444,034,302 $ 2,530,996 $ 472,497 $ - $ - $ 3,003,492
2026 $ 448,474,645 $ 2,556,305 $ 477,222 $ - $ - $ 3,033,527
2027 $ 452,959,392 $ 2,581,869 $ 481,994 $ - $ - $ 3,063,863
Totals $ 51,840,426 $ 9,677,789 $ 9,235,788 $ 10,449,734 $ 81,203,738
(1) Source ZimmermanNolk Associates and The Crossing for Years 2002 through 2011. 2001 reflects preliminary increment values from TAD as of
May 15, 2000. Assumes 1% growth 2012 through 2027. The base value of real property within the Zone as of January 1, 1999 , wa s $40,363.058 as
appraised by Tarrant Appraisal Dis trict.
P roject Description Estimated Cost Pct of Total
Infrastructure
Improvements $ 24,874,105 38%
Conference Center $ 8,213,279 13%
Library $ 10,216,111 16%
Recreation
CenterlNatatorium $ 21,902,322 33%
Total Project Costs $ 65,205,817 100%
(2) Tarrant County and the Hospital District will participate to the extent of infrastructure Improvements and the construction of the Conference
Center. These two projects constitute approximately 51 % of the project plan. The plan calls for these entities parBcipaGon to be 100% of ad valorem
taxes generated until their proportion of these project costs is collected. It is anticipated that it will take approximately fifteen years.
15
CITY OF NORTH RICHLAND HILLS
Tax Increment Reinvestment Zone No. 2
Tax Increment Fund -Estimated Coverage Calculations
Estimated Estimated
Pledged Interest
Estimated Estimated Estimated
Property Developer! Earnings on Total Projects Cert. Interest Surplus Cumulative
Fiscal Tax NRH Construc. Estimated Debt Projects Cover. Ea rnings on Certificate Surplus
Year Revenues(!) Contribution(2) Funds(3) Revenues Service (4) Cash(4) Ratio Surplus(3) Coverage Coverage
2000 $ 4,658,026 $ 4,658,026 $ 1,000,000 4.66 $ 3,658,026 $ 3,658,026
2001 $ 148,336 $ 500,000 $ 125,384 $ 773,721 $ 528,338 $ 3,605,000 0.19 $ 164,611 $ (3,195,007) $ 463,019
2002 $ 739,138 $ 10,865,995 $ 189,524 $ 11,794,657 $ 1,292,932 $ 8,480,000 1.21 $ 20,836 $ 2,042,561 $ 2,505,580
2003 $ 1,102,550 $ 600,000 $ 34,976 $ 1,737,526 $ 2,337,982 $ 900,000 0.54 $ 112,751 $ (1,387,706) $ 1,117,875
2004 $ 1,571,053 $ 5,603,113 $ 373 $ 7,174,539 $ 2,337,982 $ 3,550,000 1.22 $ 50,304 $ 1,336,861 $ 2,454,735
2005 $ 2,115,403 $ - $ 136,555 $ 2,251,958 $ 2,826,487 $ - 0.80 $ 110,463 $ (464,066) $ 1,990,670
2006 $ 2,543,197 $ 2,799,784 $ 202,366 $ 5,545,347 $ 3,751,922 $ 2,799,784 0.85 $ 89,580 $ (916,779) $ 1,073,891
2007 $ 3,040,145 $ 2,198 $ 3,042,343 $ 3,751,922 $ 200,000 0.77 $ 48,325 $ (861,254) $ 212,637
2008 $ 3,548,682 $ - $ 3,548,682 $ 3,751,922 $ - 0.95 $ 9,569 $ (193,671) $ 18,965
2009 $ 4,042,518 $ - $ - $ 4,042,518 $ 3,751,922 $ 275,000 1.00 $ 853 $ 16,450 $ 35,415
2010 $ 4,364,444 $ 947,187 $ - $ 5,311,631 $ 3,751,922 $ 1,361,785 1.04 $ 1,594 $ 199,517 $ 234,932
2011 $ 4,540,168 $ - $ - $ 4,540,168 $ 3,751,922 1.21 $ 10,572 $ 798,818 $ 1,033,750
2012 $ 4,585,570 $ - $ - $ 4,585,570 $ 3,751,922 1.22 $ 46,519 $ 880,167 $ 1,913,917
2013 $ 4,631,426 $ - $ - $ 4,631,426 S 3,751,922 1.23 $ 86,126 $ 965,630 $ 2,879,547
2014 $ 4,677,740 $ - $ - $ 4,677,740 $ 3,751,922 1.25 $ 129,580 $ 1,055,397 $ 3,934,944
2015 $ 4,724,517 $ - $ - $ 4,724,517 $ 3,751,922 1.26 $ 177,072 $ 1,149,668 $ 5,084,612
'~16 $ 2,746,213 $ - $ - $ 2,746,213 $ 3,751,922 0.73 $ 228,808 $ (776,902) $ 4,307,710
.17 $ 2,773,675 $ - $ - $ 2,773,675 $ 3,751,922 0.74 $ 193,847 $ (784,400) $ 3,523,310
2018 $ 2,801,412 $ - $ - $ 2,801,412 $ 3,751,922 0.75 $ 158,549 $ (791,961) $ 2,731,349
2019 $ 2,829,426 $ - $ - $ 2,829,426 $ 3,751,922 0.75 $ 122,911 $ (799,586) $ 1,931,763
2020 $ 2,857,720 $ - $ - $ 2,857,720 $ 3,751,922 0.76 $ 86,929 $ (807,273) $ 1,124,491
2021 $ 2,886,297 $ - $ 2,886,297 $ 3,223,584 0.90 $ 50,602 $ (286,684) $ 837,806
2022 $ 2,915,160 $ - $ 2,915,160 $ 2,458,990 1.19 $ 37,701 $ 493,871 $ 1,331,678
2023 $ 2,944,312 $ - $ 2,944,312 $ 1,413,940 2.08 $ 59,925 $ 1,590,298 $ 2,921,975
2024 $ 2,973,755 $ - $ 2,973,755 $ 1,413,940 2.10 $ 131,489 $ 1,691,304 $ 4,613,279
2025 $ 3,003,492 $ - $ 3,003,492 $ 925,435 3.25 $ 207,598 $ 2,285,655 $ 6,898,935
2026 $ 3,033,527 $ - $ 3,033,527 $ - NA $ 310,452 $ 3,343,979 $ 10,242,914
2027 $ 3,063,863 $ - $ 3,063,863 $ - NA $ 460,931 $ 3,524,794 $ 13,767,708
Totals $81,203,738 $ 25,974,105 $ 691,376 $107,869,219 575,038,439 $22,171,569 $ 3,108,498 $ 13,767,708
(1) Source ZimmermanNolk Associates and The Crossing for Years 2001 through 2011. Assumes 1% growth 2012 through 2027. The base value for real
property in the Zone was $40,363,058 on January 1, 1999, as appraised by Tarrant Appraisal District.
(2) The City of North Richland Hilts anticipates making a contribution from Parks Development sales tax of $500,000 in FY 2001 and $600,000 in FY2003.
Developer contributions are based on anticipated completion of eligible infrastructure improvements.
(3) Assumed 18 months straight-line construction of facilities. Interest earned on all cash balances assumed at 4.5%.
(4) See Project Funding Worksheet page 17.
16
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