HomeMy WebLinkAboutOrdinance 3617 ORDINANCE NO. 3617
AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF NORTH
RICHLAND HILLS, TEXAS, DESIGNATING A CONTIGUOUS
GEOGRAPHIC AREA WITHIN THE CITY AS A REINVESTMENT ZONE
PURSUANT TO CHAPTER 311 OF THE TEXAS TAX CODE, TO BE
• KNOWN AS REINVESTMENT ZONE NUMBER THREE, CITY OF NORTH
RICHLAND HILLS; DESCRIBING THE BOUNDARIES OF THE ZONE;
CREATING A BOARD OF DIRECTORS FOR THE ZONE;
ESTABLISHING A TAX INCREMENT FUND FOR THE ZONE;
CONTAINING FINDINGS RELATED TO THE CREATION OF THE ZONE;
PROVIDING A DATE FOR THE TERMINATION OF THE ZONE;
PROVIDING THAT THE ZONE TAKE EFFECT IMMEDIATELY UPON
PASSAGE OF THE ORDINANCE; PROVIDING A SEVERABILITY
CLAUSE; AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, the City of North Richland Hills, Texas (the "City"), pursuant to Chapter 311
of the Texas Tax Code, as amended (the "Act"), may designate a
geographic area within the City as a tax increment reinvestment zone if the
area satisfies the requirements of the Act; and
WHEREAS, the Act provides that the governing body of a municipality by ordinance may
designate a contiguous or noncontiguous geographic area that is in the City
limits of the municipality to be a reinvestment zone if the governing body
determines that development or redevelopment would not occur solely
through private investment in the reasonably foreseeable future; and
WHEREAS, the City Council of the City (the "City Council") desires for the City to
consider the creation of a tax increment reinvestment zone with the
boundaries described in the metes and bounds attached hereto as Exhibit
A and more generally depicted in Exhibit B attached hereto (the "Zone");
and
WHEREAS, pursuant to and as required by the Act, the City has prepared a Preliminary
Reinvestment Zone Project Plan and Financing Plan for Reinvestment
Zone Number Three, City of North Richland Hills, dated October 4, 2019,
attached as Exhibit C (hereinafter referred to as the "Preliminary Project
and Finance Plan") for a proposed tax increment reinvestment zone
containing the real property within the Zone; and
WHEREAS, notice of the public hearing on the creation of the proposed zone was
published in the official newspaper of the City on or before October 7, 2019,
which date is the seventh (7th) day before the public hearing held on
October 14, 2019; and
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Page 1 of 39
WHEREAS, on October 14, 2019, the City Council opened a public hearing in
accordance with Section 311.003(c) of the Act, and interested persons
were allowed to speak for or against the creation of the Zone, the
boundaries of the Zone, and the concept of tax increment financing, and
owners of property in the proposed Zone were given a reasonable
opportunity to protest the inclusion of their property in the Zone; and
WHEREAS, after all comments and evidence, both written and oral, were received by
the City Council, the public hearing was closed on October 14, 2019; and
WHEREAS, the public hearing was held in full accordance with Section 311.003(c) of
the Act; and
WHEREAS, the City has taken all actions required to create the Zone including, but not
limited to, all actions required by the home-rule Charter of the City, the Act,
the Texas Open Meetings Act (defined herein), and all other laws
applicable to the creation of the Zone; and
WHEREAS, the percentage of the property in the proposed zone, excluding property
that is public owned, that is used for residential purposes is less than thirty
percent; and
WHEREAS, a Preliminary Project and Finance plan has been prepared for the proposed
reinvestment zone;
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF
NORTH RICHLAND HILLS, TEXAS:
SECTION 1: RECITALS INCORPORATED
The facts and recitations contained in the preamble of this Ordinance are
hereby found and declared to be true and correct and are incorporated
and adopted as part of this Ordinance for all purposes.
SECTION 2: FINDINGS
That the City Council, after conducting the above described hearing and
having heard the evidence and testimony presented at the hearing, has
made the following findings and determined based on the evidence and
testimony presented to it:
(a) That the public hearing on the creation of the proposed reinvestment
zone has been properly called, held and conducted and that notice of such
hearing has been published as required by applicable law, including the
Act; and
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(b) That creation of the proposed reinvestment zone with boundaries as
described and depicted in Exhibits A and B will result in benefits to the
City, its residents and property owners, in general, and to the property,
residents and property owners in the reinvestment zone; and
(c) That the proposed reinvestment zone, as described and depicted in
Exhibits A and B, meets the criteria for the creation of a reinvestment zone
set forth in the Act in that:
1. It is a geographic area located wholly within the City limits; and
2. The area is predominately open, undeveloped or underdeveloped,
and the lack of necessary public improvements impairs sound growth
of the City; and
(d) That 30 percent or less of the property in the proposed reinvestment
zone, excluding property dedicated to public use, is currently used for
residential purposes; and
(e) That the total appraised value of taxable real property in the proposed
reinvestment zone according to the most recent appraisal rolls of the City,
together with the total appraised value of taxable real property in all other
existing reinvestment zones within the City, according to the most recent
appraisal rolls of the City, does not exceed 50 percent of the current total
appraised value of taxable real property in the City and in the industrial
districts created by the City, if any; and
(f) That the improvements in the proposed reinvestment zone will
significantly enhance the value of all taxable real property in the proposed
reinvestment zone and will be of general benefit to the City; and
(g) That the development or redevelopment of the Property in the
proposed reinvestment zone will not occur solely through private
investment in the reasonably foreseeable future; and
(h) The City has prepared the Preliminary Project and Finance Plan prior
to the execution of this Ordinance; and
(i) The City Council finds that the Preliminary Project and Finance Plan is
feasible.
SECTION 3: DESIGNATION AND NAME OF ZONE
Pursuant to the authority of, and in accordance with the requirements of
the Act, the City Council hereby designates the area described and
depicted in "Exhibits A and B" hereto as a tax increment reinvestment
Ordinance No.3617
Page 3 of 39
zone. The name assigned to the zone for identification is Reinvestment
Zone Number Three, City of North Richland Hills (hereinafter referred
to as the "Zone").
SECTION 4: BOARD OF DIRECTORS
(a) The City Council hereby creates a board of directors for the Zone
(hereinafter referred to as the "Board") consisting of nine (9) members,
with eight (8) members being appointed by the City Council and one (1)
member being appointed by Tarrant County. Council Members may serve
as Board members.
(b) The Board members appointed to the Board shall be eligible to serve
on the Board if that person is at least 18 years of age, and is a resident of
the county in which the Zone is located or a county adjacent to that county.
(c) The Board shall make recommendations to the City Council
concerning the administration, management, and operation of the Zone.
The Board shall prepare or cause to be prepared and adopt a project plan
and a reinvestment zone financing plan for the Zone (hereinafter referred
to as the "Project and Finance Plan") as required by the Act, and shall
submit the Project and Finance Plan to the City Council for approval. The
Board shall consider amendments to the Project and Finance Plan on its
own initiative or upon submission by the City Council, but amendments
considered by Board shall not take effect unless and until adopted by City
Council.
(d) Directors shall not receive any salary or other compensation for their
services as directors.
(e) Members of the Board shall be appointed for terms of two years. The
terms of the Board members may be staggered. The City Council may
remove and replace Board members at any time during a term.
(f) The initial Board shall be nine members and the following shall be
members:
1. City Councilmember, Place 1
2. City Councilmember, Place 2
3. City Councilmember, Place 3
4. City Councilmember, Place 4
5. City Councilmember, Place 5
6. City Councilmember, Place 6
7. City Councilmember, Place 7
8. City Councilmember, Place 8
9. Tarrant County, Place 9
Ordinance No.3617
Page 4 of 39
The City Council hereby appoints the Mayor of the City of North Richland
Hills to serve as chairman of the Board during the time the initial Board is
serving. Each year the City shall appoint one member of the Board to
serve as chairman for a term of one year that begins on January 1 of the
year. If City Council does not appoint a chairman during that period, the
Mayor is automatically appointed to serve as chairperson for the term that
begins on January 1 of the following year. The Board may elect a vice-
chairman to preside in the absence of the chairman or when there is a
vacancy in the office of chairman. The Board may elect other officers as
it considers appropriate.
SECTION 5: DURATION OF THE ZONE
That the Zone shall take effect immediately upon the passage and
approval of this Ordinance, consistent with Section 311.004(a)(3) of the
Act, and termination of the Zone shall occur upon any of the following: (i)
on December 31, 2039; or (ii) the cumulative amount of the City's
contribution of the Tax Increment into the Tax Increment Fund since the
effective date of the Zone equals $4,173,032 and the cumulative amount
of Tarrant County's contribution of the Tax Increment into the Tax
Increment Fund since the effective date of the Zone equals $1,707,150;
(iii) at such time, subsequent to the issuance of tax increment bonds, if
any, that all project costs, tax increment bonds, notes and other
obligations of the Zone, and the interest thereon, have been paid in full, in
accordance with Section 311.017 of the Act; (iv) at a time designated by
subsequent ordinance; or (v) at such time that the obligation, if any, to
support indebtedness of the City Point Public Improvement District has
been satisfied.
SECTION 6: TAX INCREMENT BASE AND TAX INCREMENT
Pursuant to Section 311.012(c) of the Act, the tax increment base of the
City, or any other taxing unit participating in the Zone, is the total taxable
value, as of January 1, 2019, of all real property taxable by the City or
other taxing unit participating in the Zone, and located in the Zone for the
year in which the Zone was designated as a reinvestment zone (the "Tax
Increment Base"). That consistent with Section 311.012(a) of the Act, the
amount of the tax increment for ayear is forty-five 45% of the
percent ( )
maintenance and operation portion of the real property taxes levied,
assessed, and collected by the City and all or a portion of property taxes
of other taxing units participating in the Zone and located in the Zone (as
set forth in an agreement to participate in the Zone) for that year on the
Captured Appraised Value (defined below) of real property taxable by City
or other taxing unit participating in the Zone and located in the Zone (the
"Tax Increment"). Consistent with Section 311.012(b) of the Texas Tax
Ordinance No.3617
Page 5 of 39
Code, as amended, the Captured Appraised Value of real property taxable
by the City or other taxing unit participating in the Zone for a year is the
total appraised value of all real property taxable by the unit and located in
the Zone for that year less the Tax Increment Base (the "Captured
Appraised Value").
SECTION 7: TAX INCREMENT FUND
There is hereby created and established a "Tax Increment Fund" for the
Zone that may be divided into subaccounts as authorized by subsequent
ordinances, into which the Tax Increment of the City, as such increments
are described in the Project and Finance Plan and includes administration
costs, less any of the amounts not required to be paid into the Tax
Increment Fund pursuant to the Act, are to be deposited. The Tax
Increment Fund and any subaccounts shall be maintained at the affiliated
depository bank of the City and shall be secured in the manner prescribed
by law for funds of Texas cities. In addition, all revenues to be dedicated
to and used in the Zone shall be deposited into the Tax Increment Fund
from which money will be disbursed to pay project costs, plus interest, for
the Zone, however excess funds may be transferred to the City's general
fund as determined by the City, in accordance with applicable law.
SECTION 8: SEVERABILITY CLAUSE
Should any provision, section, subsection, sentence, clause or phrase of
this Ordinance be declared unconstitutional or invalid by a court of
competent jurisdiction, it is expressly provided that any and all remaining
portions of this Ordinance shall remain in full force and effect. The City of
North Richland Hills hereby declares that it would have passed this
Ordinance, and each provision, section, subsection, sentence, clause or
phrase thereof irrespective of the fact that any one or more provisions,
sections, subsections, sentences, clauses and phrases be declared
unconstitutional or invalid.
SECTION 9: OPEN MEETINGS
It is hereby found, determined, and declared that sufficient written notice
of the date, hour, place and subject of the meeting of the City Council at
which this Ordinance was adopted was posted at a place convenient and
readily accessible at all times to the general public at the City Hall of the
City for the time required by law preceding its meeting, as required by the
Texas Open Meetings Act, Chapter 551 of the Texas Government Code,
and that this meeting has been open to the public as required by law at all
times during which this Ordinance and the subject matter hereof has been
discussed, considered and formally acted upon. The City Council further
Ordinance No.3617
Page 6 of 39
ratifies, approves and confirms such written notice and the contents and
posting thereof.
SECTION 10: EFFECTIVE DATE
This Ordinance shall take effect immediately upon its adoption and
publication in accordance with and as provided by law and the City
Charter.
AND IT IS SO ORDAINED.
PASSED AND APPROVED on this 14th day of October, 2019.
CITY OF NORTH RICHLAND HILLS, TEXAS:
By:
Rita right Ouje y, or Pro Tern
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Alicia Richardson, Citj :0 retaiiii <7
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APPROVED AS TO FORM AND LEGALITY:
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Valeshia B. McGinnis, City Attorney
APP'OV; toil fr CONTENT:
At
Craig Hul-e, D`j ector of Economic Development
Ordinance No.3617
Page 7 of 39
EXHIBIT A
METES AND BOUNDS DESCRIPTION
TRACT 1:
BEING all of Lot 1, Block 3, CITY POINT ADDITION, an addition to the City of North Richland Hills, Tarrant
County, Texas, according to the plat recorded in County Clerk's File No. D214125258, of the Official Public
Records of Tarrant County, Texas.
TRACT 2
BEING 16.881 acres of land situated in the WILLIAM W. WALLACE SURVEY, Abstract No. 1606, North
Richland Hills, Tarrant County, Texas, and being a portion of Lot 1, Block 2, CITY POINT ADDITION, an
addition to the City of North Richland Hills, Tarrant County, Texas, according to the plat recorded in County
Clerk's File No. D214125258, of the Official Public Records of Tarrant County, Texas, and being a portion
of the tracts of land identified as Tract I, and Parcels ONE and TWO, in the deed to La Verne Butterfield,
L.P., recorded in County Clerk's File No. D213022633, of the Official Public Records of Tarrant County,
Texas, and also being a portion of the tract of land conveyed to La Verne Butterfield, L.P., by the deed
recorded in County Clerk's File No. D214005869, of the Official Public Records of Tarrant County, Texas.
Said 16.881 acres of land being more particularly described by metes and bounds as follows:
BEGINNING at a concrete Texas Electric Service Company monument found at the most Westerly
Northwest corner of said Lot 1, Block 2, said point being the Northeast corner of Lot 16, Block 1, Edgley
Addition,to the City of North Richland Hills,Tarrant County,Texas,according to the plat recorded in Volume
388-140, Page 11, of the Plat Records of Tarrant County, Texas, and said POINT OF BEGINNING lying in
the Southeast right-of-way line of State Highway No. 26 (a variable width public right-of-way);
THENCE along the Northwest boundary line of said Lot 1, Block 2, and the Southeast right-of-way line of
said State Highway No. 26, as follows:
1. N 47° 39' 42" E 413.12 feet, to a Y2" iron rod marked "Brittain &Crawford" set at the beginning of a
curve to the right;
2. NORTHEASTERLY 33.48 feet, along said curve to the right, having a radius of 250.00 feet, a
central angle of 07° 40' 29", and a chord bearing N 51° 29' 56" E 33.46 feet, to a %2" iron rod
marked "Brittain &Crawford set at the end of said curve;
THENCE along the North boundary line of said Lot 1, Block 2, and the South boundary lines of Lot 1, Block
E, Calloway Farm Addition, to the City of North Richland Hills, Tarrant County, Texas, according to the plat
recorded in Cabinet "A", Slide 21590, of the Plat Records of Tarrant County, Texas, and Lot 2, Block 2,
Calloway Farm Addition, to the City of North Richland Hills, Tarrant County, Texas, according to the plat
recorded in County Clerk's File No. D214125258, of the Official Public Records of Tarrant County, Texas,
as follows:
1. S 42° 51' 35" E 41.46 feet, to an "X" cut in concrete set at the most Westerly Southwest corner of
said Lot 1, Block E, and said point lying in the curve to the right;
2. NORTHEASTERLY 11.22 feet, along said curve to the right, having a radius of 200.50 feet, a
central angle of 03° 12' 25", and a chord bearing N 74° 41' 28" E 11.22 feet, to an "X" cut in
concrete set at the end of said curve;
3. N 76° 15' 24" E 261.04 feet, to an "X" cut in concrete set at the beginning of a curve to the left;
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Page 8 of 39
1. NORTHEASTERLY 99.70 feet, along said curve to the left, having a radius of 199.50 feet, a central
angle of 28° 37' 59", and a chord bearing N 61° 57' 18" E 98.66 feet, to an "X"cut in concrete set
at the end of said curve;
2. N 48° 20' 24" E 53.72 feet, to a"MAG" nail set at the beginning of a curve to the left;
3. NORTHEASTERLY 8.23 feet, along said curve to the left, having a radius of 20.00 feet, a central
angle of 23° 34' 41", and a chord bearing N 35°48' 53" E 8.17 feet, to an "X" cut in concrete set
at the North corner of said Lot 1, Block 2, and said point lying in the Southwest right-of-way line of
City Point Drive (a 110 foot wide public right-of-way);
THENCE along the Northeast boundary line of said Lot 1, Block 2, and the Southwest right-of-way line of
said City Point Drive, as follows:
1. S 42°23' 46" E 573.15 feet, to an "X" cut in concrete found;
2. S 06° 53' 30" E 105.89 feet, to a 1/2" iron rod marked "TOPOGRAPHIC" found lying at the
intersection of the Southwest right-of-way line of said City Point Drive with the West right-of-way
line of City Point West(a 40 foot wide public right-of-way);
THENCE continuing along the Northeast boundary line of said Lot 1, Block 2, and the West right-of-way
line of City Point West, as follows:
1. S 12° 35' 44"W 47.65 feet, to an "X" cut in concrete set at the beginning of a curve to the left;
2. SOUTHEASTERLY 125.38 feet, along said curve to the left, having a radius of 271.00 feet, a
central angle of 26° 30' 30", and a chord bearing S 00° 39' 31" E 124.27 feet, to a point lying at
the end of said curve;
3. S 13° 54' 47" E 36.64 feet, to an "X" cut in concrete set at the beginning of a curve to the right;
4. SOUTHEASTERLY 29.57 feet, along said curve to the right, having a radius of 281.00 feet, a
central angle of 06° 01' 47", and a chord bearing S 10° 53' 53" E 29.56 feet, to an "X" cut in
concrete set at the Northeast corner of a proposed 10.00 acres tract of land;
THENCE severing said Lot 1, Block 2, as follows:
1. S 89° 37' 12"W 628.11 feet, to a '/2' iron rod marked"Brittain &Crawford"set;
2. S 00°27' 51" E 246.59 feet, to a l/2" iron rod found at the Northeast corner of Ruth Road (a 50 foot
wide public right-of-way);
THENCE S 89° 35' 09"W 49.95 feet, along the North right-of-way line of said Ruth Road, to a 1/2' iron rod
found at the Northwest corner of said Ruth Road;
THENCE again severing said Lot 1, Block 2, as follows:
1. N 00° 27' 51"W 122.78 feet, to a '/" iron rod marked "Brittain &Crawford"set;
2. S 89°35'50"W 480.59 feet,to a'/2' iron rod marked"Brittain &Crawford"set in the West boundary
line of said Lot 1, Block 2, and the East boundary line of a tract of land conveyed to ONCOR Electric
Delivery Company, LLC, by the deed recorded in Volume 1947, Page 169, of the Deed Records of
Tarrant County, Texas;
THENCE N 00° 22' 36" W 473.10 feet, along the West boundary line of said Lot 1, Block 2, and the East
boundary line of said ONCOR Electric Delivery Company Tract and the aforesaid Lot 16, Block 1, Edgley
Addition, to the POINT OF BEGINNING containing 16.881 acres (735,331 square feet) of land.
Ordinance No.3617
Page 9 of 39
TRACT 3:
BEING all of Lot 2, Block 1, CITY POINT ADDITION, an addition to the City of North Richland Hills, Tarrant
County, Texas, according to the plat recorded`in County Clerk's File No. D214125258, of the Official Public
Records of Tarrant County, Texas.
TRACT 4:
BEING 0.759 acre of land situated in the WILLIAM W. WALLACE SURVEY, Abstract No. 1606, North
Richland Hills, Tarrant County, Texas, and being a portion of the tract of land identified as Tract VII, in the
deed to La Verne Butterfield, L.P., by the deed recorded in County Clerk's File No. D205028589, of the
Official Public Records of Tarrant County, Texas. Said 0.759 acre of land being more particularly described
by metes and bounds as follows:
BEGINNING at a 5/8" iron rod found at the Southwest corner of said La Verne Butterfield Tract, and the
Northwest corner of Lot 9, Block A, Calloway Farm Addition, to the City of North Richland Hills, Tarrant
County, Texas, according to the plat recorded in Cabinet "A", Slide 299, of the Plat Records of Tarrant
County, Texas, said point also being the Southeast corner of a tract of land identified as Tract I, and the
Southerly portion of Tract II, in the aforesaid deed to La Verne Butterfield, L.P.;
THENCE N 00° 08' 55"W 50.08 feet, along the West boundary line of said Tract VII and the East boundary
line of the aforesaid Tract of land identified as Tract I and the Southerly portion of the Tract II, to a 1/2 iron
rod found at the Northwest corner of said Tract VII, and the Southwest corner of a tract of land identified as
Tract II, in the deed to Columbia North Hills Hospital Subsidiary, L.P., recorded in Volume 14448, Page 33,
of the Deed Records of Tarrant County, Texas;
THENCE N 89° 40' 25" E 660.60 feet, along the North boundary line of said Tract VII and the South
boundary line of said Columbia North Hills Hospital Subsidiary Tract,to a%2" iron rod found at the Northeast
corner of said Tract VII and the Southeast corner of said Columbia North Hills Hospital Subsidiary Tract,
and said point lying in the West right-of-way line of Booth Calloway Road (a 60 foot wide public right-of-
way);
THENCE S 00° 32' 11" E 49.98 feet, along the East boundary line of said Tract VII and the West right-of-
way line of Booth Calloway Road, to a %2" iron rod found at the Southeast corner of said Tract VII and the
Northeast corner of a tract of land identified as Tract I, in the aforesaid deed to Columbia North Hills Hospital
Subsidiary, L.P.;
THENCE S 89° 39' 54" W 660.93 feet, along the South boundary line of said Tract VII and the North
boundary line of said Tract I, and the aforesaid Lot 9, Block A, to the POINT OF BEGINNING containing
0.759 acre (33,059 square feet) of land.
TRACT 5:
BEING 0.169 acre of land situated in the WILLIAM W. WALLACE SURVEY, Abstract No. 1606, North
Richland Hills, Tarrant County, Texas, and being a portion of the tract of land identified as "Tract I and the
Southerly portion of Tract II", in the deed to La Verne Butterfield, L.P., by the deed recorded in County
Clerk's File No. D205028590, of the Official Public Records of Tarrant County, Texas. Said 0.169 acre of
land being more particularly described by metes and bounds as follows:
BEGINNING at a %" iron rod found with aluminum cap marked "4873" at the Southwest corner of Lot 1,
Block M, Calloway Farm Addition, to the City of North Richland Hills, Tarrant County, Texas, according to
Ordinance No.3617
Page 10 of 39
the plat recorded in Cabinet"A", Slide 11807, of the Plat Records of Tarrant County, Texas, said point lying
in the Northeast right-of-way line of City Point Drive (a variable width public right-of-way);
THENCE S 89° 59' 16" E 51.30 feet, along the South boundary line of said Lot 1, Block M, and severing
said La Verne Butterfield Tract, to a %2" iron rod marked "Brittain & Crawford" set at the Southeast corner
of said Lot 1, Block M, and said point lying in the West boundary line of a tract of land identified as Tract II,
in the deed to Columbia North Hills Hospital Subsidiary, L.P., recorded in Volume 14448, Page 33, of the
Deed Records of Tarrant County, Texas;
THENCE S 00° 26' 57" E 305.54 feet, along the West boundary line of said Columbia North Hills Hospital
Subsidiary Tract and the East boundary line of said La Verne Butterfield Tract, to a%2" iron rod found at the
Southwest corner of said Columbia North Hills Hospital Subsidiary Tract, and the Northwest corner of a
tract of land identified as Tract VII, in the aforesaid deed to La Verne Butterfield;
THENCE S 00°08' 55" E 50.08 feet, along the West boundary line of said Tract VII, to a 5/8" iron rod found
at the Southwest corner of said Tract VII and the Northwest corner of Lot 9, Block A, Calloway Farm
Addition,to the City of North Richland Hills,Tarrant County,Texas, according to the plat recorded in Cabinet
"A", Slide 299, of the Plat Records of Tarrant County, Texas, and said point lying in the East right-of-way
line of the aforesaid City Point Drive;
THENCE along the Northeast right-of-way line of said City Point Drive and the West boundary line of the
aforesaid Tract of land identified as Tract I and the Southerly portion of Tract II, as follows:
1. N 88° 42' 11"W 10.05 feet, to an "X"cut in concrete found;
2. N 00° 24'47"W 80.00 feet, to an "X"cut in concrete found at the beginning of a curve to the left;
3. NORTHWESTERLY 279.79 feet, along said curve to the left, having a radius of 942.77 feet, a
central angle of 17° 00' 15", and a chord bearing N 08° 54' 54"W 278.77 feet, to the POINT OF
BEGINNING containing 0.169 acre (7,366 square feet) of land.
TRACT 6:
BEING 0.681 acre of land situated in the WILLIAM W. WALLACE SURVEY, Abstract No. 1606, North
Richland Hills, Tarrant County, Texas, and being the same tract of land identified as the "Northerly portion
of Tract II", in the deed to La Verne Butterfield, L.P., by the deed recorded in County Clerk's File No.
D205028590, of the Official Public Records of Tarrant County, Texas. Said 0.681 acre of land being more
particularly described by metes and bounds as follows:
BEGINNING at a '/" iron rod marked "SPOONER" found at the South corner of Lot 1, Block H, Calloway
Farm Addition, to the City of North Richland Hills, Tarrant County, Texas, according to the plat recorded in
County Clerk's File No. D194246388, of the Official Public Records of Tarrant County,Texas, and the West
corner of the aforesaid La Verne Butterfield Tract, and said point lying in the Northeast right-of-way line of
Rodger Line Drive (a 70 foot wide public right-of-way);
THENCE along the Southeast boundary line of said Lot 1, Block H, and the Northwest boundary line of said
La Verne Butterfield Tract, as follows:
1. N 35° 00' 51" E 100.00 feet, to a 1/" iron rod with aluminum cap stamped "RPLS 4873"found;
2. N 53°58' 52" E 143.09 feet, to a 1/" iron rod with aluminum cap stamped"RPLS 4873"found at the
East corner of said Lot 1, Block H, and the North corner of the aforesaid La Verne Butterfield Tract,
and said point lying in the West boundary line of a tract of land conveyed to the City of North
Richland Hills, by the deed recorded in Volume 10616, Page 1491, of the Deed Records of Tarrant
County, Texas
Ordinance No.3617
Page 11 of 39
THENCE along the Southwest boundary line of said La Verne Butterfield Tract and the Northeast right-of-
way line of said Rodger Line Drive, as follows:
1. NORTHWESTERLY 45.05 feet, along a curve to the right, having a radius of 265.00 feet, a central
angle of 09° 44' 24", and a chord bearing N 59° 51' 29" W 44.99 feet, to a 1/2" iron rod marked
"Brittain &Crawford" set at the end of said curve;
2. N 54° 59' 09"W 169.48 feet, to the POINT OF BEGINNING containing 0.681 acre(29,645 square
feet) of land.
TRACT 7:
Being 5.951 acres of land situated in the William W. Wallace Survey, Abstract No. 1606, North Richland
Hills, Tarrant County, Texas, and being a portion of Lot 1, Block 2, CITY POINT ADDITION, an addition to
the City of North Richland Hills, Tarrant County, Texas, according to the plat recorded in County Clerk's
File No. D214125258, of the Official Public Records of Tarrant County, Texas, and being all of the tract of
land identified as Tract V in the deed to La Verne Butterfield, L.P. by the deed recorded in County Clerk's
File No. D205028589, of the Official Public Records Records of Tarrant County,Texas, and a portion of the
tracts of land identified as Parcels One and Two, in the deed to LaVerne Butterfield, L.P., recorded in
County Clerk's File No. D213022633, of the Official Public Records of Tarrant County, Texas. Said 5.951
acres of land being more particularly described by metes and bounds as follows:
BEGINNING at a 1/2" iron rod found at the most Westerly Southwest corner of said Lot 1, Block 2, and the
Northwest corner of a tract of land conveyed to Richland Hills Methodist Church, by the deed recorded in
Volume 2650, Page 247, of the Deed Records of Tarrant County, Texas, and said point lying in the East
boundary line of a tract of land conveyed to ONCOR Electric Delivery Company, LLC, by deed recorded in
Volume 1947, Page 169 of the Deed Records of Tarrant County, Texas;
THENCE along the West boundary line of said Lot 1, Block 2„ and the East boundary line of said ONCOR
Electric Delivery Company Tract, as follows:
1. N 00°37'34"W, 482.31 feet to a 1/2" iron rod found;
2. 2. N 00°22'36"W 57.70 feet, to a 1/2" iron rod marked "Brittain &Crawford" set;
THENCE severing said Lot 1, Block 2, as follows:
1. N 89°35'50" E 480.59 feet, to a 1/2" iron rod marked"Brittain &Crawford"set;
2. S 00°27'51" E at 122.78 feet, passing a 1/2" iron rod found at the Northwest corner of Ruth Road
(a 50 foot wide public right-of-way) and continuing in all 540.00 feet, to a point lying at the most
Westerly Southeast corner of said Lot 1, Block 2, and the Northeast corner of said aforesaid tract
of land conveyed to Richland Hills Methodist Church;
THENCE S 89°35'50"W 479.32 feet along the South boundary line of said Lot 1, Block 2, and the North
boundary line of said Richland Hills Methodist Church Tract, to the Point of Beginning containing 5.951
acres (2569,235 square feet) of land
Ordinance No.3617
Page 12 of 39
EXHIBIT B
ZONE DEPICTION
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Ordinance No.3617
Page 13 of 39
EXHIBIT C
PRELIMINARY REINVESTMENT ZONE PROJECT PLAN AND FINANCING PLAN
FOR REINVESTMENT ZONE NUMBER THREE
KS
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REINESTMENT ZONE NUMBER THREE,
CITY OF NORTH RICHLAND HILLS, TEXAS
PRELIMINARY PROJECT AND FINANCING PLAN
OCTOBER 14, 2019
U
Ordinance No. 3617
Page 14 of 39
TABLE OF CONTENTS
Table of Contents 1
Section 1:Introduction 2
Section 2: Description and Maps 4
Section 3:Proposed Changes to Ordinances,Plans,Codes,Rules,and Regulations 4
Section 4:Relocation of Displaced Persons 4
Section 5:Estimated Non-Project Costs 5
Section 6:Proposed Public Improvements 5
Section 7:Estimated Project Costs 5
Section 8:Economic Feasibility 6
Section 9:Estimated Bonded Indebtedness 7
Section 10:Appraised Value 7
Section 11:Method of Financing 8
Section 12:Duration of the Zone,Termination 8
List of Exhibits 10
Appendix A—Legal Description 11
Appendix B—Property Map 17
Appendix C—List of Non-Project Costs 18
Appendix D—List of Project Costs 19
Appendix E—Location of Public Improvements 20
Appendix F—Estimated Timeline of Incurred Costs 24
Appendix G—Feasibility Study 25
MOM
REINVESTMENT ZONE NO.3,CITY OF NORTH RICHLAND HILLS 1
PRELIMINARY PROJECT AND FINANCE PLAN
Ordinance No.3617
Page 15 of 39
SECTION 1: INTRODUCTION
1.1 Authority and Purpose
The City of North Richland Hills, Texas, a Texas home-rule municipality (the "C ") has the
authority under Chapter 311, Texas Tax Code,Tax Increment Financing Act,as amended (the
"Act")to designate a contiguous or noncontiguous geographic area within the corporate limits
of the City as a tax increment reinvestment zone to promote development,or redevelopment of
the area because the governing body of the City (the "City Council") has determined that
development or redevelopment would not occur solely through private investment in the
reasonably foreseeable future,that the zone is feasible,and that creation of the zone is in the
best interest of the City and the property ro erty in the zone. The purpose of the zone I
is
to facilitate
such development or redevelopment by financing the costs of public works, public
improvements,programs,and other projects.benefiting the zone,plus other costs incidental to
those expenditures,all of which costs are authorized by the Act.
1.2 Eligibility Requirements
In accordance with Section 311.005 of the Act,an area is eligible under the Act to be designated
as a tax increment reinvestment zone if the area substantially arrests or impairs the sound growth
of the municipality or county designating the zone, the area is predominantly open or
undeveloped,because of obsolete platting,deterioration of structures or site improvements,or
other factors.The City desires to promote the development or redevelopment of the property
described in the Development Agreement(hereinafter defined).
1.3 Proposed Zone
The City Council intends to create a 20-year tax increment reinvestment zone to be known as
"Reinvestment Zone Number Three,City of North Richland Hills,Texas"(the"Zone")that includes
approximately 52.85 acres of land as described on by metes and bounds on Appendix A and
depicted on Appendix B (the "Property"). The Property is currently zoned Non-residential
Planned Development(mixed use). The Property is undeveloped, and due to its size, location,
and physical characteristics,development will not occur solely through private investment in the
foreseeable future. The City desires to provide economic incentives to attract development to
the Zone for the purpose of providing long-term economic benefits including,but not limited to,
increased real property tax base for all taxing units in.the Zone. lithe public improvements,and
other projects are financed as contemplated by this Preliminary Plan(hereinafter defined),the
City envisions that the Property will be developed to take full advantage of the opportunity to
bring a quality master planned development to the City and Tarrant County,Texas(the"County").
REINVESTMENT ZONE NO.3,CITY OF NORTH RICHLAND HILLS 2
PRELIMINARY PROJECT AND FINANCE PLAN
Ordinance No. 3617
Page 16 of 39
1.4 Preliminary Plan and Hearing
Before the City Council adopts the ordinance designating the Zone,the City Council must prepare
a preliminary reinvestment zone financing plan in accordance with the Act and hold a public
hearing on the creation of the proposed Zone and its benefits to the City and to the Property,at
which public hearing interested persons are given the opportunity to speak for and against the
creation of the proposed Zone,the boundaries of the proposed Zone and the concept of tax
increment financing. At the hearing,the owners of the Property will be given a reasonable
opportunity to protest the inclusion of their Property in the proposed Zone. The requirement of
the Act for a preliminary reinvestment zone financing plan is satisfied by this Preliminary Plan
dated October 14,2019(the"Preliminary Plan"),the purpose of which is to describe,in general
terms,the public improvements that will be undertaken and financed by the Zone. A description
of how such public improvements and projects will be undertaken and financed will be
determined by the Final Plan and by the TlF Agreement(both hereinafter defined),which require
approval by the Board(hereinafter defined)and by the City Council.
1.5 Creation of the Zone
Upon the closing ofthe above referenced public hearing,the City Council may adopt an ordinance
in accordance with the Act creating the Zone if(1)the City Council finds that development or
redevelopment of th-e Property would not occur solely through private investment in the
reasonably foreseeable future, (2)that the Zone is feasible, and (3)that improvements in the
Zone will significantly enhance the value of all the taxable real property in the Zone and will be
of general benefit to the City. Among other provisions required by the Act,the ordinance creating
the Zone will appoint a Board of Directors for the Zone(the"Board").
1.6 Board Recommendations
After the creation of the Zone,the Board will review the Preliminary Plan and approve and
recommend to the City Council,(1)a "Reinvestment Zone Number Three,City of North Richland
Hills, Texas, Final Project and Financing Plan"(the"Final Plan"),(2)an agreement between the
Owner,Board,and City(the"TIF Agreement")pursuant to which the City will contribute a portion
of its ad valorem tax increment attributable to new development in the Zone (the "Tax
Increment")into a tax increment fund created by the City and segregated from all other funds of
the City(the"TIF Fund")to pay to the Owner or its assigns,in accordance with the TIF Agreement,
the costs of public improvements and other projects benefiting the.Zone, and (3) a "County
Participation Agreement" between the City and County pursuant to which the County will
contribute a portion of its ad valorem tax increment attributable to new development in the Zone
(the"County Tax Increment")into the TIF fund.
REINVESTMENT ZONE NO.3,CITY OF NORTH RICHLAND HILLS 3
PRELIMINARY PROJECT AND FINANCE PLAN
Ordinance No.3617
Page 17 of 39
1.7 Council Action
The City Council will take into consideration the recommendations of the Board and will consider
approval of the Final Plan,the TIF Agreement,and the County Participation Agreement. If the
TIF Agreement is approved,the City Council will authorize and direct its execution.
SECTION 2: DESCRIPTION AND MAPS
2.1 Existing Uses and Conditions
The Property is currently located in the County and within the corporate limits of the City and is
zoned Non-residential Planned Development (mixed use). The Property is undeveloped, and
there is no public infrastructure to support development. Development will require extensive
public infrastructure that:(1)the City cannot provide,and(2)will not be provided solely through
private investment in the foreseeable future. A map of the Property and the proposed Zone is
shown on Appendix B.
2.2 Existing Uses and Conditions
The proposed use of the Property is a mixed-use community expected to contain 364 single
family homes(zero lot line and town homes),between 300 and 600 multifamily units,and up to
160,000 square feet of commercial pursuant to the forthcoming Development Agreement
between the City and Centurion American Development Group (the "Developer") dated
2019 (the"Development Agreement"),as amended.
SECTION 3: PROPOSED CHANGES TO ORDINANCES, PLANS,CODES, RULES,AND
REGULATIONS
The Property is wholly located in the corporate limits of the City and is subject to the City's zoning
regulation. The City has exclusive jurisdiction over the subdivision and platting of the property
within the Property and the design,construction, installation,and inspection of water,sewer,
drainage, roadway, and other public infrastructure. The City approved a zoning change to
accommodate the new development on August 12, 2019. No proposed changes to the
comprehensive plan, building codes, subdivision rules, or other municipal ordinances are
planned.
SECTION 4: RELOCATION OF DISPLACED PERSONS
No persons will be displaced and in need of relocation due to the creation of the Zone or
implementation of the Final Plan.
REINVESTMENT ZONE NO.3,CITY OF NORTH RICHLAND HILLS 4
PRELIMINARY PROJECT AND FINANCE PLAN
Ordinance No.3617
Page 18 of 39
SECTION 5: ESTIMATED NON-PROJECT COSTS
Non-project costs are private developer funds that will be spent to develop in the Zone but will
not be financed by the Zone. The list of non-project costs is shown on Appendix C. The total
non-project costs are estimated to be approximately$152,693,310.
SECTION 6: PROPOSED PUBLIC IMPROVEMENTS
6.1 Categories of Public Improvements
The proposed public improvements to be funded by the Zone include street, water, sanitary
sewer, storm drainage, and soft costs, as further described in Appendix D (the "Public
Improvements").All Public Improvements shall be designed and constructed in accordance with
all applicable City standards and shall otherwise be inspected,approved,and accepted by the
Public Improvements maybe expanded to include anyother
City. At the City's option, the p p
category of improvements authorized by the Act.
6.2 Locations of Public Improvements
The estimated locations of the proposed Public Improvements are shown in Appendix E. These
locations may be revised,with the approval of the City,from time to time without amending the
Final Plan.
SECTION 7:.ESTIMATED PROJECT COSTS
7.1 Project Costs
The total costs for projects in the Zone include the costs of the Public Improvements and the
Administrative Costs(hereinafter defined)(the"Project Costs"),are estimated to be$12,848,471
shown on Appendix F. A City Point Public Improvement District("PID")is concurrently being
established pursuant to Chapter 372 of the Texas Local Government Code to pay for Authorized
Improvements, as defined in the Service and Assessment Plan dated November 12, 2019 (the
"Service and Assessment Plan"), to benefit the Property. The cost for the Authorized
Improvements in the PID is a Project Cost of the Zone.
7.2 Estimated Costs of Public Improvements
The estimated costs of the Public Improvements (the "Public Improvement Costs")within the
Zone are$12,605,498 as shown on Appendix D.
REINVESTMENT ZONE NO.3,CITY OF NORTH RICHLAND HILLS 5
PRELIMINARY PROJECT AND FINANCE PLAN
Ordinance No.3617
Page 19 of 39
7.3 Estimated Administrative Costs
The estimated costs for administration of the Zone shall be the actual, direct costs paid or
incurred by or on behalf of the City to administer the Zone (the "Administrative Costs"). The
Administrative Costs include the costs of professional services, including those for planning,
engineering,and legal services paid by or on behalf of the City. The Administrative Costs also
include organizational costs, the cost of publicizing the creation of the Zone, and the cost of
implementing the project plan for the Zone paid by or on behalf of the City that are directly
related to the administration of the Zone. The Administrative Costs shall be paid each year from
the TIF Fund before any other Project Costs are paid. The Administrative Costs are estimated to
be$10,000 per year beginning 2019 and escalating at two percent(2%)thereafter.
7.4 Estimated Timeline of Incurred Costs
The Administrative Costs will be incurred annually beginning at the time the Zone is created and
through the duration of the Zone.It is estimated the Project Costs will be incurred during calendar
years 2019 through 2021,as shown on Appendix F.
SECTION 8: ECONOMIC FEASIBILITY
8.1 Feasibility Study
For purposes of this Preliminary Plan,economic feasibility has been evaluated over the term of
the Zone, as shown on Appendix G (the "Feasibility Study"). This evaluation focuses on only
direct financial benefits (i.e. ad valorem tax revenues from the development of Public
Improvements in the Zone). Based on the Feasibility Study, during the term of the Zone, new
development (which would not have occurred but for the Zone) will generate approximately
$16,692,130 in total new City real property tax revenue. The City,as a participant,will benefit
from the new development within the Zone and will retain approximately$12,519,097 in net
additional real property tax revenue. The remaining additional revenue will be deposited in the
TIF Fund to pay Project Costs. The Zone will generate approximately$6,828,598 in total new
County real property tax revenue. The County, as a participant, will benefit from the new
development within the Zone and will retain approximately$5,121,449 in net additional real
property tax revenue.The remaining additional revenue will be deposited in the TIF Fund to pay
toward the Project Costs.
The Feasibility Study shows that a portion of the new real property tax revenue generated by the
Zone will be retained by the City and County. The remainder of the new real property tax revenue
generated within the Zone will be available to pay Project Costs,up to the maximum contribution
which is estimated at$5,880,182 as shown in Exhibit G (the "Maximum Contribution")to be
further defined in the Final Plan and TIF Agreement, until the term expires or is otherwise
REINVESTMENT ZONE NO.3,CITY OF NORTH RICHLAND HILLS 6
PRELIMINARY PROJECT AND FINANCE PLAN
Ordinance No.3617
Page 20 of 39
terminated. It is anticipated that a portion of the Maximum Contribution will be used to fund
Authorized Improvements, as defined in the Service and Assessment Plan, not to exceed the
Maximum Contribution or the term of the Zone,whichever occurs first. One hundred percent
(100%)of all taxing revenues generated for other taxing entities by the new development within
the Zone will be retained by the respective taxing entities.
During the term of the Zone,the City will deposit into the TIF Fund each year an amount equal to
approximately forty three percent (43%)of the M&O portion of the City's real property taxes
levied and collected that constitutes the City M&O Tax Increment for that year(currently$0.143
per$100 valuation of the Captured Appraised Value(defined below)levied and collected for that
year).
During the term of the Zone,the County will deposit into the TIF Fund each year an amount equal
to twenty five percent (25%) of the County's real property taxes levied and collected that
constitute the County Tax Increment for that year(currently$0.0585 per$100 valuation of the
Captured Appraised Value(defined below)levied and collected for that year).
Upon expiration or termination of the Zone, one hundred percent (100%) of all tax revenue
generated within the Zone will be retained by the respective taxing entities. Based on the
foregoing,the feasibility of the Zone has been demonstrated.
SECTION 9:ESTIMATED BONDED INDEBTEDNESS
No bonded indebtedness issued by the City or the Zone pursuant to the Act is contemplated.
SECTION 10:APPRAISED VALUE
10.1 Current Appraised Value
The current total appraised value of taxable real property in the Zone is $6,348,296, which
represents the Tax Increment Base,(the"Tax Increment Base")of the Property and is determined
by the Tarrant Central Appraisal District in accordance with Section 311.012(c)of the Act.
10.2 Estimated Captured Appraised Value
The amount ofthe Tax Increment for a year during the term of the Zone is the amount of property
taxes levied and collected by the City for that year on the captured appraised value of the
Property less the Tax Increment Base of the Property,(the"Captured Appraised Value"). The Tax
Increment Base of the Property is the total taxable value of the Property for the year in which
the Zone was designated,as described in Section 10.1 above. It is estimated that upon expiration
of the term of the Zone,the total Captured Appraised Value of taxable real property in the Zone
will be$187,708,800,as shown on Appendix F. The actual Captured Appraised Value,as certified
REINVESTMENT ZONE NO.3,CITY OF NORTH RICHLAND HILLS 7
PRELIMINARY PROJECT AND FINANCE PLAN
Ordinance No.3617
Page 21 of 39
by the Tarrant Central Appraisal District will,for each year,be used to calculate annual payment
by the City and County into the TIF Fund pursuant to the Final Plan.
SECTION 11:METHOD OF FINANCING
Pursuant to the Development Agreement,the Owner has paid,and will in the future pay,those
Project Costs attributable to the Public Improvements and will construct or cause to be
constructed the Public Improvements. The Final Plan shall obligate the City to deposit into the
TIF Fund each year for the duration of the Zone an amount equal to approximately forty three
percent(43%)of the M&O portion of the City ad valorem tax rate(currently$0.143 per$100 of
Captured Appraised Value)in the Zone levied and collected that constitutes the Tax Increment
for that year. The 2019 City tax rate is currently$0.572 per$100 of assessed value;therefore,
the contribution rate is twenty five percent(25%)of the total ad valorem rate. The Final Plan
shall obligate the County to deposit into the TIF Fund each year for the duration of the Zone an
amount equal,to twenty five percent(25%)of the ad valorem rate(currently$0.0585 per$100
of Captured Appraised Value)in the Zone levied and collected that constitutes the Tax Increment
for that year.The 2019 County tax rate is currently$0.234 per$100 of assessed value.
Funds captured from the 20-year Zone will be allocated to offset the single-family and
commercial Project Costs issued by the PID up to the Maximum Contribution to be further
defined in the Final Plan and TIF Agreement,until the term expires or is otherwise terminated.
Funds deposited into the TIF Fund shall always first be applied to pay the Administrative Costs.
After the Administrative Costs have been paid, funds in the TIF Fund shall next be used as
described above. All payments of Project Costs shall be made solely from the TIF Fund and from
no other funds of the City unless otherwise approved by the governing body,and the TIF Fund
shall only be used to pay the Project Costs in accordance with the Final Plan and the TIF
Agreement. The City may amend the Final Plan in compliance with the TIF Agreement,including
but not limited to what is considered a Project Cost.
SECTION 12:DURATION OF THE ZONE,TERMINATION
12.1 Duration
The stated term of the Zone shall commence on the creation of the Zone,and shall continue for
twenty(20)years,with the last payment being received by September 30,2039 unless otherwise
terminated in accordance with the Zone Creation Ordinance.
12.2 Termination
The Zone will terminate prior to the expiration of its stated term if the Maximum Contribution of
Zone revenues has been collected into the TIF Fund and has been distributed according to the
REINVESTMENT ZONE NO.3,CITY OF NORTH RICHLAND HILLS
PRELIMINARY PROJECT AND FINANCE PLAN
Ordinance No.3617
Page 22 of 39
Final Plan. If upon expiration of the stated term of the Zone,the Maximum Contribution of Zone
revenues,has not been collected into the TIF Fund,the City and County shall have no obligation
to pay the shortfall and the term shall not be extended. The provisions of this section shall be
included in the TIF Agreement. Nothing in this section is intended to prevent the City from
extending the term of the Zone in accordance with the Act.
REINVESTMENT ZONE NO.3,CITY OF NORTH RICHLAND HILLS 9
PRELIMINARY PROJECT AND FINANCE PLAN
Ordinance No.3617
Page 23 of 39
LIST OF EXHIBITS
The following exhibits are attached to and made a part of this Preliminary Plan for all purposes:
Appendix A Legal Description
Appendix B Property Map
Appendix C List of Non-Project Costs
Appendix D List of Project Costs
Appendix E Location of Public Improvements
Appendix F Estimated Timeline of Incurred Costs
Appendix G Feasibility Study
REINVESTMENT ZONE NO.3,CITY OF NORTH RICHLAND HILLS 10
PRELIMINARY PROJECT AND FINANCE PLAN
Ordinance No.3617
Page 24 of 39
APPENDIX A—LEGAL DESCRIPTION
Metes and Bounds
52.873 ACRES
TRACT 1:
BEING all of Lot 1,Block 3,CITY POINT ADDITION,an addition to the City of North Richland Hills,Tarrant County,
Texas,according to the plat recorded in County Clerk's File No.D214125258,of the Official Public Records of Tarrant
County,Texas.
TRACT 2
BEING 16.881 acres of land situated in the WILLIAM W.WALLACE SURVEY,Abstract No.1606,North Richland Hills,
Tarrant County,Texas,and being a portion of Lot 1,Block 2,CITY POINT ADDITION,an addition to the City of North
Richland Hills,Tarrant County,Texas,according to the plat recorded in County Clerk's File No.D214125258,of the
Official Public Records of Tarrant County,Texas,and being a portion of the tracts of land identified as Tract I,and
Parcels ONE and TWO,in the deed to La Verne Butterfield,L.P.,recorded in County Clerk's File No.D213022633,of
the Official Public Records of Tarrant County,Texas,and also being a portion of the tract of land conveyed to La
Verne Butterfield,L.P.,by the deed recorded in County Clerk's File No.D214005869,of the Official Public Records of
Tarrant County,Texas.Said 16.881 acres of land being more particularly described by metes and bounds as follows:
BEGINNING at a concrete Texas Electric Service Company monument found at the most Westerly Northwest corner
of said Lot 1,Block 2,saidpoint beingthe Northeast corner of Lot 16,Block 1,Edgley Addition,to the City of North
Richland Hills,Tarrant County,Texas,according to the plat recorded in Volume 388-140,Page 11,of the Plat Records
of Tarrant County,Texas,and said POINT OF BEGINNING lying in the Southeast right-of-way line of State Highway
No.26(a variable width public right-of-way);
THENCE along the Northwest boundary line of said Lot 1,Block 2,and the Southeast right-of-way line of said State
Highway No.26,as follows:
1. N 47°39'42"E 413.12 feet,to a'/d'iron rod marked"Brittain&Crawford"set at the beginning of a curve
to the right;
2. NORTHEASTERLY 33.48 feet,along said curve to the right,having a radius of 250.00 feet,a central angle of
07°40'29",and a chord bearing N 51°29'56"E 33.46 feet,to a'r4"iron rod marked"Brittain&Crawford"
set at the end of said curve;
THENCE along the North boundary line of said Lot 1,Block 2,and the South boundary lines of Lot 1,Block E,Calloway
Farm Addition,to the City of North Richland Hills,Tarrant County,Texas,according to the plat recorded in Cabinet
"A",Slide 21590,of the Plat Records of Tarrant County,Texas,and Lot 2,Block 2,Calloway Farm Addition,to the City
of North Richland Hills,Tarrant County,Texas,according to the plat recorded in County Clerk's File No.D214125258,
of the Official Public Records of Tarrant County,Texas,as follows:
1. S 42'51'35"E 41.46 feet,to an"X"cut in concrete set at the most Westerly Southwest corner of said Lot
1,Block E,and said point lying in the curve to the right;
REINVESTMENT ZONE NO.3,CITY OF NORTH RICHLAND HILLS 11
PRELIMINARY PROJECT AND FINANCE PLAN
Ordinance No.3617
Page 25 of 39
2. NORTHEASTERLY 11.22 feet,along said curve to the right,having a radius of 200.50 feet,a central angle of
03°12'25",and a chord bearing N 74°41'28"E 11.22 feet,to an"X"cut in concrete set at the end of said
curve;
3. N 76°15'24"E 261.04 feet,to an"X"cut in concrete set at the beginning of a curve to the left;
1. NORTHEASTERLY 99.70 feet,along said curve to the left,having a radius of 199.50 feet,a central angle of
28°37'59",and a chord bearing N 61°57'18"E 98.66 feet,to an"X"cut in concrete set at the end of said
curve;
2. N 48°20'24"E 53.72 feet,to a"MAG"nail set at the beginning of a curve to the left;
3. NORTHEASTERLY 8.23 feet,along said curve to the left,having a radius of 20.00 feet,a central angle of 23°
34'41",and a chord bearing N 35°48'53"E 8.17 feet,to an"X"cut in concrete set at the North corner of
said Lot 1,Block 2,and said point lying in the Southwest right-of-way line of City Point Drive(a 110 foot
wide public right-of-way);
THENCE along the Northeast boundary line of said Lot 1,Block 2,and the Southwest right-of-way line of said City
Point Drive,as follows:
1. S 42°23'46"E 573.15 feet,to an"X"cut in concrete found;
2. 5 06°53'30"E 105.89 feet,to a'/:"iron rod marked"TOPOGRAPHIC"found lying at the intersection of the
Southwest right-of-way line of said City Point Drive with the West right-of-way line of City Point West(a 40
foot wide public right-of-way);
THENCE continuing along the Northeast boundary line of said Lot 1,Block 2,and the West right-of-way line of City
Point West,as follows:
1. S 12°35'44"W 47.65 feet,to an"X"cut in concrete set at the beginning of a curve to the left;
2. SOUTHEASTERLY 125.38 feet,along said curve to the left,having a radius of 271.00 feet,a central angle of
26°30'30",and a chord bearing S 00°39'31"E 124.27 feet,to a point lying at the end of said curve;
3. S 13°54'47"E 36.64 feet,to an"X"cut in concrete set at the beginning of a curve to the right;
4. SOUTHEASTERLY 29.57 feet,along said curve to the right,having a radius of 281.00 feet,a central angle of
06°01'47",and a chord bearing S 10°53'53"E 29.56 feet,to an"X"cut in concrete set at the Northeast
corner of a proposed 10.00 acres tract of land;
THENCE severing said Lot 1,Block 2,as follows:
1. S 89°37'12"W 628.11 feet,to a'A"iron rod marked"Brittain&Crawford"set;
2. S 00°27'51"E 246.59 feet,to a'A"iron rod found at the Northeast corner of Ruth Road(a 50 foot wide
public right-of-way);
THENCE S 89°35'09"W 49.95 feet,along the North right-of-way line of said Ruth Road,to a''A"iron rod found at
the Northwest corner of said Ruth Road;
THENCE again severing said Lot 1,Block 2,as follows:
REINVESTMENT ZONE NO.3,CITY OF NORTH RICHLAND HILLS 12
PRELIMINARY PROJECT AND FINANCE PLAN
Ordinance No.3617
Page 26 of 39
1. N 00°27'51"W 122.78 feet,to a Y2"iron rod marked"Brittain&Crawford"set;
2. S 89°35'50"W 480.59 feet,to a' "iron rod marked"Brittain&Crawford"set in the West boundary line
of said Lot 1,Block 2,and the East boundary line of a tract of land conveyed to ONCOR Electric Delivery
Company,LLC,by the deed recorded in Volume 1947,Page 169,of the Deed Records of Tarrant County,
Texas;
THENCE N 00°22'36"W 473.10 feet,along the West boundary line of said Lot 1,Block 2,and the East boundary line
of said ONCOR Electric Delivery Company Tract and the aforesaid Lot 16,Block 1,Edgley Addition,to the POINT OF
BEGINNING containing 16.881 acres(735,331 square feet)of land.
TRACT 3:
BEING all of Lot 2,Block 1,CITY POINT ADDITION,an addition to the City of North Richland Hills,Tarrant County,
Texas,according to the plat recorded in County Clerk's File No.D214125258,of the Official Public Records of Tarrant
County,Texas.
TRACT 4:
BEING 0.759 acre of land situated in the WILLIAM W.WALLACE SURVEY,Abstract No.1606,North Richland Hills,
Tarrant County,Texas,and being a portion of the tract of land identified as Tract VII,in the deed to La Verne
Butterfield,L.P.,by the deed recorded in County Clerk's File No.D205028589,of the Official Public Records of Tarrant
County,Texas.Said 0.759 acre of land being more particularly described by metes and bounds as follows:
BEGINNING at a 5/8"iron rod found at the Southwest corner of said La Verne Butterfield Tract,and the Northwest
corner of Lot 9,Block A,Calloway Farm Addition,to the City of North Richland Hills,Tarrant County,Texas,according
to the plat recorded in Cabinet"A",Slide 299,of the Plat Records of Tarrant County,Texas,said point also being the
Southeast corner of a tract of land identified as Tract I,and the Southerly portion of Tract II,in the aforesaid deed to
La Verne Butterfield,L.P.;
THENCE N 00°08'-55"W 50.08 feet,along the West boundary line of said Tract VII and the East boundary line of the
aforesaid Tract of land identified as Tract I and the Southerly portion of the Tract II,to a%iron rod found at the
Northwest corner of said Tract VII,and the Southwest corner of a tract of land identified as Tract II,in the deed to
Columbia North Hills Hospital Subsidiary,L.P.,recorded in Volume 14448,Page 33,of the Deed Records of Tarrant
County,Texas;
THENCE N 89°40'25"E 660.60 feet,along the North boundary line of said Tract VII and the South boundary line of
said Columbia North Hills Hospital Subsidiary Tract,to a W iron rod found at the Northeast corner of said Tract VII
and the Southeast corner of said Columbia North Hills Hospital Subsidiary Tract,and said point lying in the West
right-of-way line of Booth Calloway Road(a 60 foot wide public right-of-way);
THENCE S 00°32'11"E 49.98 feet,along the East boundary line of said Tract VII and the West right-of-way line of
Booth Calloway Road,to a'%"iron rod found at the Southeast corner of said Tract VII and the Northeast corner of a
tract of land identified as Tract I,in the aforesaid deed to Columbia North Hills Hospital Subsidiary,L.P.;
THENCE S 89°39'54"W 660.93 feet,along the South boundary line of said Tract VII and the North boundary line of
said Tract I,and the aforesaid Lot 9,Block A,to the POINT OF BEGINNING containing 0.759 acre(33,059 square feet)
of land.
REINVESTMENT ZONE NO.3,CITY OF NORTH RICHLAND HILLS 13
PRELIMINARY PROJECT AND FINANCE PLAN
Ordinance No.3617
Page 27 of 39
TRACT 5:
BEING 0.169 acre of land situated in the WILLIAM W.WALLACE SURVEY,Abstract No. 1606,North Richland Hills,
Tarrant County,Texas,and being a portion of the tract of land identified as"Tract I and the Southerly portion of
Tract II",in the deed to La Verne Butterfield,L.P.,by the deed recorded in County Clerk's File No.D205028590,of
the Official Public Records.of Tarrant County,Texas.Said 0.169 acre of land being more particularly described by
metes and bounds as follows:
BEGINNING at a''A"iron rod found with aluminum cap marked"4873"at the Southwest corner of Lot 1,Block M,
Calloway Farm Addition,to the City of North Richland Hills,Tarrant County,Texas,according to the plat recorded in
Cabinet"A",Slide 11807,of the Plat Records of Tarrant County,Texas,said point lying in the Northeast right-of-way
line of City Point Drive(a variable width public right-of-way);
THENCE S 89°59'16"E 51.30 feet,along the South boundary line of said Lot 1,Block M,and severing said La Verne
Butterfield Tract,to a'/"iron rod marked"Brittain&Crawford"set at the Southeast corner of said Lot 1,Block M,
and said point lying in the West boundary line of a tract of land identified as Tract II,in the deed to Columbia North
Hills Hospital Subsidiary,L.P.,recorded in Volume 14448,Page 33,of the Deed Records of Tarrant County,Texas;
THENCE S 00°26'57"E 305.54 feet,along the West boundary line of said Columbia North Hills Hospital Subsidiary
Tract and the East boundary line of said La Verne Butterfield Tract,to a'/"iron rod found at the Southwest corner
of said Columbia North Hills Hospital Subsidiary Tract,and the Northwest corner of a tract of land identified as Tract
VII,in the aforesaid deed to La Verne Butterfield;
THENCE S 00°08'55"E 50.08 feet,along the West boundary line of said Tract VII,to a 5/8"iron rod found at the
Southwest corner of said Tract VII and the Northwest corner of Lot 9,Block A,Calloway Farm Addition,to the City of
North Richland Hills,Tarrant County,Texas,according to the.plat recorded in Cabinet"A",Slide 299,of the Plat
Records of Tarrant County,Texas,and said point lying in the East right-of-way line of the aforesaid City Point Drive;
THENCE along the Northeast right-of-way line of said City Point Drive and the West boundary line of the aforesaid
Tract of land identified as Tract I and the Southerly portion of Tract II,as follows:
1. N 88°42'11"W 10.05 feet,to an"X"cut in concrete found;
2. N 00°24'47"W 80.00 feet,to an"X"cut in concrete found at the beginning of a curve to the left;
3. NORTHWESTERLY 279.79 feet,along said curve to the left,having a radius of 942.77 feet,a central angle of
17°00'15",and a chord bearing N 08°54'54"W 278.77 feet,to the POINT OF BEGINNING containing
0.169 acre(7,366 square feet)of land.
TRACT 6:
BEING 0.681 acre of land situated in the WILLIAM W.WALLACE SURVEY,Abstract No.1606,North Richland Hills,
Tarrant County,Texas,and being the same tract of land identified as the"Northerly portion of Tract II",in the deed
to La Verne Butterfield,L.P., by the deed recorded in County Clerk's File No. D205028590,of the Official Public
Records of Tarrant County,Texas:Said 0.681 acre of land being more particularly described by metes and bounds as
follows:
BEGINNING at a'r4"iron rod marked"SPOONER"found at the South corner of Lot 1,Block H,Calloway Farm Addition,
to the City of North Richland Hills,Tarrant County,Texas,according to the plat recorded in County Clerk's File No.
D194246388,of the Official Public Records of Tarrant County,Texas,and the West corner of the aforesaid La Verne
Butterfield Tract,and said point lying in the Northeast right-of-way line of Rodger Line Drive(a 70 foot wide public
right-of-way);
REINVESTMENT ZONE NO.3,CITY OF NORTH RICHLAND HILLS 14
PREUMINARY PROJECT AND FINANCE PLAN
Ordinance No.3617
Page 28 of 39
THENCE along the Southeast boundary line of said Lot 1,Block H,and the Northwest boundary line of said La Verne
Butterfield Tract,as follows:
1. N 35°00'51"E 100.00 feet,to a'/:"iron rod with aluminum cap stamped"RPLS 4873"found;
2. N 53°58'52"E 143.09 feet,to a h"iron rod with aluminum cap stamped"RPLS 4873"found at the East
corner of said Lot 1,Block H,and the North corner of the aforesaid La Verne Butterfield Tract,and said point
lying in the West boundary line of a tract of land conveyed to the City of North Richland Hills,by the deed
recorded in Volume 10616,Page 1491,of the Deed Records of Tarrant County,Texas
THENCE along the Southwest boundary line of said La Verne Butterfield Tract and the Northeast right-of-way line of
said Rodger Line Drive,as follows:
1. NORTHWESTERLY 45.05 feet,along a curve to the right,having a radius of 265.00 feet,a central angle of
09°44'24",and a chord bearing N 59°51'29"W 44.99 feet,to a'IS"iron rod marked"Brittain&Crawford"
set at the end of said curve;
2. N 54°59'09"W 169.48 feet,to the POINT OF BEGINNING containing 0.681 acre(29,645 square feet)of
land.
TRACT 7:
Being 5.951 acres of land situated in the William W.Wallace Survey,Abstract No.1606,North Richland Hills,Tarrant
County,Texas,and being a portion of Lot 1,Block 2,CITY POINT ADDITION,an addition to the City of North Richland
Hills,Tarrant County,Texas,according to the plat recorded in County Clerk's File No.D214125258,of the Official
Public Records of Tarrant County,Texas,and being all of the tract of land identified as Tract V in the deed to La Verne
Butterfield,L.P.by the deed recorded in County Clerk's File No.D205028589,of the Official Public Records Records
of Tarrant County,Texas,and a portion of the tracts of land identified as Parcels One and Two,in the deed to LaVerne
Butterfield,L.P.,recorded in County Clerk's File No.D213022633,of the Official Public Records of Tarrant County,
Texas. Said 5.951 acres of land being more particularly described by metes and bounds as follows:
BEGINNING at a 1/2"iron rod found at the most Westerly Southwest corner of said Lot 1,Block 2,and the Northwest
corner of a tract of land conveyed to Richland Hills Methodist Church,by the deed recorded in Volume 2650,Page
247,of the Deed Records of Tarrant County,Texas,and said point lying in the East boundary line of a tract of land
conveyed to ONCOR Electric Delivery Company,LLC, by deed recorded in Volume 1947,Page 169 of the Deed
Records of Tarrant County,Texas;
THENCE along the West boundary line of said Lot 1,Block 2„and the East boundary line of said ONCOR Electric
Delivery Company Tract,as follows:
1. N 00°37'34"W,482.31 feet to a 1/2"iron rod found;
2. 2.N 00°22'36"W 57.70 feet,to a 1/2"iron rod marked"Brittain&Crawford"set;
THENCE severing said Lot 1,Block 2,as follows:
1. N 89°35'50"E 480.59 feet,to a 1/2"iron rod marked"Brittain&Crawford"set;
2. S 00°27'51"Eat 122.78 feet,passing a 1/2"iron rod found at the Northwest corner of Ruth Road(a 50 foot
wide public right-of-way)and continuing in all 540.00 feet,to a point lying at the most Westerly Southeast
REINVESTMENT ZONE NO.3,CITY OF NORTH RICHLAND HILLS 15
PRELIMINARY PROJECT AND FINANCE PLAN
Ordinance No.3617
Page 29 of 39
corner of said Lot 1,Block 2,and the Northeast corner of said aforesaid tract of land conveyed to Richland
Hills Methodist Church;
THENCE S 89°35'50"W 479.32 feet along the South boundary line of said Lot 1,Block 2,and the North boundary line
of said Richland Hills Methodist Church Tract,to the Point of Beginning containing 5.951 acres(2569,235 square
feet)of land
REINVESTMENT ZONE NO.3,CITY OF NORTH RICHLAND HILLS 16
PRELIMINARY PROJECT AND FINANCE PLAN
Ordinance No.3617
Page 30 of 39
APPENDIX B—PROPERTY MAP
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Reinvestment Zone Number Three
City of North Richland Hills,TX
DEVELOPMENT ASSUMPTIONS
Land Finished Build Out Total
PROJECT TOTAL TOTAL TOTAL Value Lot Value Value Total Finished Build Out Non-Project
COMPONENTS UNITS/LOTS Sq.Ft. ACRES per Sq.Ft. per UnIt/Sq.Ft. per Unit/Sq.Ft. Land Value Lot Value Value Costs
MultiFamily 1 200 3.50 $7.50 $12,019 $125,000 $1,143,450 $2,403,800 $25,000,000 $22,596,200
MultiFamily 2 200 3.50 $7.50 $12,019 $125,000 $1,143,450 $2,403,800 $25,000,000 $22,596,200
Single-Family 364 25.00 $7.50 $68,000 $299,200 $8,167,500 $24,752,000 $108,908,800 $84,156,800
Commercial 70,000 5.65 $7.50 $15.00 $180.00 $1,845,855 $3,691,710 $12,600,000 $8,908,290
Hotel 90,000 2.70 $7.50 $15.00 $180.00 $882,090 $1,764,180 $16,200,000 $14,435,820
Right-of-Way 12.50
Total 764 160,000 52.85 $13,182,345 $35,015,490 $187,708,800 $152,693,310
Notes:
Values are in 2019 dollars as provided by the Developer.
Values and prices are as provided bythe Developer;subject to change.
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APPENDIX D—LIST OF PROJECT COSTS
Reinvestment Zone Number Three
City of North Richland Hills,TX
PUBLIC IMPROVEMENT COSTS
PUBLIC IMPROVEMENTS Amount Year
Earthwork' $ 323,134 1
Engineering' $ 550,000 1
Construction Staking' $ 149,231 1
Maint.Bond' $ 132,057 1
District Formation Costs' $ 505,000 1
Prefunding of Prepayment Reserve2 $ 62,725 1
Capitalized Interest $ 565,431 1
Debt Service Reserve Fund2 $ 992,035 1
Cost of Issuance2 $ 689,975 1
Underwriter Discount $ 376,350 1
Water' $ 1,109,450 2
Sanitary Sewer' $ 820,450 2
Storm Drain' $ 1,242,250 2
Paving' $ 4,373,950 2
Public Park Improvements' $ 320,000 2
Contingency' $ 393,460 2
TOTAL COSTS $ 12,605,498
1)Source:Ion Design Group Opinion of Probable Cost dated August 7,2019.
2)Source:Hilltop Securities Preliminary Financial Plan dated September 12,2019.
Subject to change.
REINVESTMENT ZONE NO.3,CITY OF NORTH RICHLAND HILLS 19
PRELIMINARY PROJECT AND FINANCE PLAN
Ordinance No. 3617
Page 33 of 39
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Page 38 of 39
APPENDIX G-FEASIBILITY STUDY
Reinvestment Zone Number Three,City of North Richland Hilts,Texas
FEASIBILITY ANALYSIS
PID Ass./ T812 Contribution .,. . SF Commeroal MI
Year 11R2 Credit Value% City Annual City&County City&County -a'--.,. -s AND Balance after Series A PID Balance After Series A PID Ending
No. Applied 1/31 Inc./Yr.' IM&O Only) County Annual Annual Cumulative .';;:Ass. Buydown Comm. Ass. Buydown SF Ass. Buydown Balance
Base 2020 ---_-__--
1 2021 0% $ 9,889 $ 4,046 $ 13,935 $ 13,935 5 13,935 $ 612,568 $ 13,935 5 - 5 186,371 S - S 5 269,631 $ $ -
2 2022 0% 5 9,889 S 4,046 $ 13,935 5 27,870 5 13,935 5 613,424 5 13,935 S - $ 188,769 $ - $ - 5 268,988 $ - $
3 2023 0% 5 53,480 $ 21,060 5 72,540 S 100,411 $ 72,540 $ 612,447 $ 72,540 $ - $ 185,298 $ - S - 5 270,073 S - $
4 2024 0% $ 112,854 $ 46,168 $ 159,022 5 259,433 $ 159,022 5 615,557 S 137,131 $ 21,891 5 187,340 5 21,891 $ - $ 270,919 $ - S -
$ 2025 0% 5 169,963 $ 69,530 $ 239,494 5 498,927 $ 239,494 5 614,1308 $ 137,131 S 102,363 S 189,022 $ 102,363 $ - S 269,678 $ - 5 -
6 2026 0% 5 201,012 S 82,232 $ 283,244 $ 782,171 $ 263,244 $ 614,472 $ 137,131 S 146,113 5 187,588 $ 146,113 $ - 5 270,165 $ - $ -
7 2027 0% $ 246,451 $ 100,821 5 347,273 $ 1,129,443 5 347,273 S 612,673 $ 137,131 $ 210,141 $ 188,730 $ 187,538 $ 22.604 $ 268,567 $ - 5 22,604
8 2028 0% 5 259,346 $ 106,096 5 365,441 5 1,494,885 5 388,045 $ 613,535 S 137,131 5 250,914 5 189,514 S 187,538 $ 63,376 $ 268,698 5 • 5 63,376
9 2029 0% $ 259,346 $ 106,096 $ 365,441 5 1,860,326 $ 428,818 $ 613,694 $ 137,131 $ 291,686 $ 189,936 $ 187,538 $ 104,149 $ 268,589 $ - 5 104,149
10 2030 0% S 259,346 5 106.096 5 365,441 5 2,225,768 $ 469,590 5 616,304 S 137,131 $ 332,459 $ 189,999 $ 187,538 $ 144.921 5 270,087 $ - 5 144,921
11 2031 0% $ 259,346 $ 106,096 $ 365,441 $ 2,591,209 5 510,362 $ 612,605 5 137,131 5 373,231 S 186,948 $ 186,948 $ 186,283 $ 269,378 $ - $ 186,283
12 2032 0% 5 259,346 $ 106,096 $ 365,441 $ 2,956,651 $ 551,725 5 613,752 S 137,131 $ 414.593 5 136,473 $ 186,473 $ 228.120 $ 270,276 $ • $ 228,120
13 2033 0% S 259,346 $ 106,096 $ 365,441 5 3,322,092 5 593,561 $ 613,989 S 137,131 $ 456,430 S 185,639 $ 185,639 $ 270,791 $ 270,813 5 - $ 270,791
14 2034 0% $ 259,346 $ 106,096 5 365,441 $ 3,687,533 $ 636,232 $ 614,654 $ 137,131 5 499,101 S 189,954 5 187,538 $ 311563 $ 269,143 5 - $ 311,563
15 2035 0% $ 259,346 $ 106,096 $ 365,441 5 4,052,975 $ 677,005 $ 612,983 $ 137,131 $ 539,874 5 188,037 $ 187,538 $ 352.336 $ 269,080 $ • $ 352,336
16 2036 0% 5 259,346 $ 106,096 5 365,441 5 4,418,416 S 717,777 5 612,650 $ 137,131 5 580,646 $ 188,515 5 187,538 S 393,108 5 268,657 $ - $ 393,108
17 2037 0% $ 259,346 5 106,096 $ 365,441 5 4,783,858 5 758,550 S 609,014 $ 137,131 5 621,419 S 185,698 $ 185,698 $ 435,721 $ 267,873 $ - $ 435,721
18 2038 0% 5 259,346 $ 106,096 $ 365,441 5 5,149.299 $ 801,162 5 615,269 S 137,131 $ 664,031 S 188,030 $ 187,538 $ 476.493 $ 270,421 $ - 5 476,493
19 2039 0% 5 259,346 $ 106.096 5 365,441 $ 5,514,740 $ 841,935 $ 611,349 5 137,131 $ 704,804 5 186,885 $ 186,885 $ 517,919 $ 268,673 $ - $ 517,919
20 2040 0% S 259,346 $ 106,096 $ 365.441 5 5,880,182 5 883,360 5 471,960 $ 137,131 $ 746,229 5 12,618 5 12,618 5 733,611 5 270,257 5 - $ 733,611
$ 4,173,032 S 1,707,150 $ 5,880,182 $ 2,431,640 $ 2,714,932 $ -
Assumptions
City Tax Rate. 5 0.572000
City M&O Tax Rate: $ 0.334938
County Tax Rate: 5 0.234000
City M&O TIRZ Contribution:' 42.69%
..• County TIRZ Contribution: 25.00%
�.., A Base Value: 5 6,348,296
1)Values/lot counts provided by Developer.
2)Value increase assumes no growth for a conservative feasibility analysis.
3)Approximately 43%City M&O TIRZ Contribution equates to 25%of total City Tax Rate.
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