HomeMy WebLinkAboutTIF3 2019-10-28 Agendas k4Ft,
D HILLS
CITY OF NORTH RICHLAND HILLS
TAX INCREMENT REINVESTMENT ZONE NO. 3 AGENDA
4301 CITY POINT DRIVE
NORTH RICHLAND HILLS, TX 76180
MONDAY, OCTOBER 28, 2019
REGULAR MEETING: 6:45 PM
Held in the Council Chamber
A. CALL TO ORDER
B. PUBLIC COMMENTS
An opportunity for citizens to address the Tax Increment Reinvestment Zone
No. 3 on matters which are scheduled on this agenda for consideration by the
Tax Increment Reinvestment Zone No. 3, but not scheduled as a public
hearing. In order to address the Tax Increment Reinvestment Zone No. 3
during public comments, a Public Meeting Appearance Card must be
completed and presented to the City Secretary prior to the start of the Tax
Increment Reinvestment Zone No. 3 meeting.
C. ACTION ITEMS
C.1 Reinvestment Zone Number Three City of North
Richland ills, Texas (Tax Increment Reinvestment Zone).
C.2 Approve esolution No. T2019-001 of Reinvestment Zone Number
Three, Final Project and Finance Plan; making certain findings; and
providing for an immediate effective date.
D. ADJOURNMENT
Certification
Monday, October 28, 2019 Tax Increment Reinvestment Zone No. 3 Agenda
Page 1 of 2
I do hereby certify that the above notice of meeting of the North Richland Hills
Tax Increment Reinvestment Zone No. 3 was posted at City Hall, City of North
Richland Hills, Texas in compliance with Chapter 551, Texas Government
Code on Friday, October 25, 2019 by 3:00 PM.
City Secretary
This facility is wheelchair accessible and accessible parking spaces
are available. Requests for accommodations or interpretive services
must be made 48 hours prior to this meeting. Please contact the City
Secretary's office at 817-427-6060 for further information.
Monday, October 28, 2019 Tax Increment Reinvestment Zone No. 3 Agenda
Page 2 of 2
k4FItH
NORTH RICHLAND HILLS
REINVESTMENT ZONE NUMBER THREE
MEMORANDUM
FROM: The Office of the City Manager DATE: October 28, 2019
SUBJECT: Approve bylaws of Reinvestment Zone Number Three, City of North
Richland Hills.
PRESENTER: Craig Hulse, Director of Economic Development
SUMMARY:
The Reinvestment Zone Number Three Board is to consider and approve bylaws for the
Zone and the Board.
GENERAL DESCRIPTION:
On October 14, 2019, City Council approved Ordinance No. 3617 designating
Reinvestment Zone Number Three, City of North Richland Hills, Texas, which included
the creation of a Board of Directors.
A set of proposed bylaws has been provided that establishes the purpose and powers of
the Zone and the Board, as well as establishing the process for appointing members, as
stipulated by state law. Noteworthy aspects of the bylaws:
• The Board serves in an advisory capacity to City Council;
• The Board consists of nine members, eight of which shall be appointed by City
Council, one appointed by Tarrant County;
• Each member serves a term of two years;
• Five members of the Board shall constitute a quorum;
• The proposed bylaws are similar to the bylaws of Reinvestment Zone Number One
(TIF #1) and Reinvestment Zone Number Two (TIF #2).
If approved by the Board, the proposed bylaws will be submitted to the City Council for
final approval.
RECOMMENDATION:
Approval of proposed bylaws for Reinvestment Zone Number Three, City of North
Richland Hills.
BYLAWS OF
REINVESTMENT ZONE NUMBERTHREE
CITY OF NORTH RICHLAND HILLS, TEXAS
(TAX INCREMENT REINVESTMENT ZONE)
ARTICLE I
PURPOSE AND POWERS
Section 1. Development or Redevelooment in the Zone. In order to promote
the development and redevelopment of a certain area within its jurisdiction, the
City Of North Richland Hills, Texas (the "City") has authorized the creation of
Reinvestment Zone Number Three, City Of North Richland Hills, Texas, (the
"Zone") as set forth in ordinance No. 3617, dated October 14, 2019, and as
authorized by the Tax Increment Financing Act, Chapter 311, Texas Tax Code, as
amended (the "Act"). Pursuant to the Act, the City has likewise established a Board
of Directors ("Board") for the Zone.
Section 2. Powers. The property and affairs of the Zone shall be managed
and controlled by the City Council based on the recommendations of the Board,
subject to the restrictions imposed by law, the ordinance creating the Zone, and
these Bylaws. It is the intention of the City Council that the Board shall function
in an advisory capacity with respect to the Zone and shall exercise only those
powers that are either granted to the Board pursuant to the Act or delegated to
the Board by the City Council.
1
ARTICLE II
BOARD OF DIRECTORS
Section 1. Powers. Number and Term of Office. As set forth in the
ordinance creating the Zone, the Board shall consist of nine directors; eight of
whom shall be appointed by the City Council of the City; one of whom shall be
appointed by the governing body of Tarrant County, Texas ("County"); provided,
however, that if a taxing unit (other than the City) waives its right to appoint a
member to the Board, as evidenced by written resolution duly appointed by the
governing body of such taxing unit, the City may appoint such Board member in
its stead.
Each initial Board member shall serve two-year terms, as stipulated in the
Act, or until his or her successor is appointed. Subsequent directors shall be
appointed by the governing bodies of the City, and the County and shall serve two
year terms until their successors are appointed by the respective governing
bodies.
In the event of a vacancy caused by the resignation, death or removal, for
any reason, of a director, the governing body of the respective taxing unit (i.e.
City or County), which made such Board appointment shall be responsible for
filling the vacancy.
2
Section 2. Reaular Meetings. Meetings of the Board shall be held at such
times and the Board shall designate places as from time to time. All meetings of
the Board, or any Committees of the Board, shall be public and conducted in
accordance with the Texas Open Meetings Act, Chapter 551 of the Texas
Government Code. There shall be at least one Regular Meeting held each year in
the month of November.
Section 3. Emeraencv Meetinas. Emergency Meetings of the Board shall
be held whenever called by the Chairman, or by a majority of the directors then
in office or upon advice of or request by the City Council or the City Manager, in
compliance with the Emergency Meetings Section of the Texas Open Meetings
Act.
Section 4. Quorum. Five Members of the Board shall constitute a quorum
for the consideration of matters pertaining to the purposes of the Zone. The act
of the majority of the directors present at a meeting at which a quorum is in
attendance shall constitute the act of the Board, unless a greater number is
required by law.
Section 5. Conduct of Business. At the meetings of the Board of Directors,
matters pertaining to the purposes of the Zone shall be considered in such order
as from time to time the Board may determine.
3
At all meetings of the Board, the Chairman shall preside and in the
absence of the Chairman, the Vice-Chairman shall exercise the power of the
Chairman.
The Secretary of the Board shall act as Secretary of all meetings of the
Board, but in the absence of the Secretary, the presiding officer may appoint any
person to act as Secretary of the meeting. City staff shall provide notice of
meetings and prepare meeting agendas.
Within ten business days following each Regular and Emergency
meeting, a copy of the minutes of the meeting shall be submitted to the City
Secretary of the City.
Section 6. Comoensation of Directors. Directors shall not receive any salary
or compensation for their services, except that they shall be reimbursed for their
actual expenses incurred in the performance of their duties hereunder.
Section 7. Attendees. Board Members shall make every effort to attend all
Regular and Emergency Meetings of the Board and/or any Committees. The City
Council may replace a City appointee of the Board or request replacement of an
appointee from other taxing jurisdictions for non-attendance.
4
Section 8. Books and Records: Aaaroval of Proarams and Financial
Statements. The Board shall keep, correct and complete books and records of
accounts, and shall also keep minutes of its proceedings and the proceedings of
any committees having any of the authority of the Board. Any director or his agent
or attorney may inspect all books and records of the Zone for any proper purpose
at any reasonable time; and at all times the City Council, City Attorney, and the
City Auditor will have access to the books and records of the Zone. The City
Council must approve all programs and expenditures for the Zone and annually
review any financial statements of the Zone.
ACT III
OFFICERS
Section 1. Titles and Terms of Office. The officers of the Zone shall consist
of a Chairman, a Vice-Chairman, a Secretary, and such other officers as the Board
of Directors may from time to time elect or appoint; provided, however, that the
City Council shall appoint the chairman in accordance with the Act. One person
may hold more than one office, except that the Chairman shall not hold the office
of Secretary. Terms of office for officers, other than the Chairman, shall not exceed
two years.
5
All officers, other than the Chairman, shall be subject to removal from
office, with or without cause, at any time by a vote of a majority of the entire
Board.
A vacancy in the office of any officer, other than the Chairman, shall be
filled by a vote of a majority of the directors.
Section 2. Powers and Duties of the Chairman. The Chairman shall
serve as the Chairman of the Board and shall preside at all meetings of the
Board. He/She shall be in general charge of the properties and affairs of the
Zone, shall execute all service contracts, conveyances, franchises, bonds,
deeds, assignments, notes and other instruments in the name of the Zone
and subject to the Rules and Procedures of the City.
Section 3. Vice-Chairman. The Vice-Chairman shall be a member of the
Board, shall have such powers and duties as may be assigned to him by the
Board, shall exercise those powers and duties, and shall exercise the powers of
the Chairman during that officer's absence or inability to act. Any action taken by
the Vice-Chairman in the performance of the duties of the Chairman shall be
conclusive evidence of the absence or inability to act of the Chairman at the time
such action was taken.
6
Section 4. Secretary. The Secretary shall keep the minutes of all meetings
of the Board in books provided for the purpose, he/she shall have charge of such
books, records, documents and instruments as the Board may direct, all of which
shall at all reasonable time be open to inspection, and he/she shall in general
perform all duties incident to the office of Secretary subject to the control of the
City Council and the Board.
Section 5. Staff. Staff functions for the Board may be performed by the
City Manager or his designee.
Section 6. Comoensation. Officers who are members of the Board shall
not receive any salary or compensation for their services, except that they shall
be reimbursed for their actual expenses incurred in the performance of their
official duties as officers.
7
ARTICLE IV
PROVISIONS REGARDING BYLAWS
Section 1. Effective Date. These Bylaws shall become effective upon
adoption by the Board and approval by the City Council.
Section 2. Amendments to Bylaws. These Bylaws may be amended by
majority vote of the Board, provided that the Board files a written application to
the City Council requesting approval of such amendment, specifying in such
application the amendment or amendments proposed. If the City Council, by
appropriate resolution, finds and approves the form of the proposed
amendment(s), the Board shall proceed to amend the Bylaws.
After consultation with the Board, the Bylaws may also be amended at any
time by the City Council by adopting an amendment to the Bylaws by resolution of
the City Council and delivering the Bylaws to the Secretary of the Board.
Section 3. Interoretation of Bylaws. These Bylaws and all the terms and
provisions hereof shall be liberally construed to the purposes set forth herein. If any
word, phrase, clause, sentence, paragraph, section or other part of these Bylaws,
or the application thereof to any person or circumstance, shall ever be held to be
invalid or unconstitutional by any court of competent jurisdiction, the remainder of
8
these Bylaws and the application of such word, phrase, clause, sentence,
paragraph, section or other part of these Bylaws to any other person or
circumstance shall not be affected thereby.
ARTICLE V
GENERAL PROVISIONS
Section 1. Resianations. Any director or officer may resign at any time.
Such resignation shall be made in writing and shall take effect at the time
specified therein, or, if at no time specified, at the time of its receipt by the City
Council.
Section 2. Aaaroval or Deleaation of Power by the City Council. To the
extent that these Bylaws refer to any approval by the City or refer to advice and
consent by the Council, such approval, delegation, advice and/or consent shall
be evidenced by official action of the City Council through an ordinance,
resolution, or motion.
Approved TIF No. 3 Board:
Date: Chairman
Approved City Council:
Date: Mayor
9
k4FItH
NORTH RICHLAND HILLS
REINVESTMENT ZONE NUMBER THREE
MEMORANDUM
FROM: The Office of the City Manager DATE: October 28, 2019
SUBJECT: Approve Resolution No. T2019-001 of Reinvestment Zone Number
Three, Project and Finance Plan; making certain findings; and
providing for an immediate effective date.
PRESENTER: Craig Hulse, Director of Economic Development
SUMMARY:
The Reinvestment Zone Number Three Board is to consider a resolution approving the
Final Project and Finance Plan of Reinvestment Zone Number Three.
GENERAL DESCRIPTION:
On October 14, 20197 City Council approved Ordinance No. 3617 designating
Reinvestment Zone Number Three, City of North Richland Hills, Texas. This ordinance
not only created of a Board of Directors, but also approved a Preliminary Project and
Finance Plan. Although not final, the preliminary plan demonstrates redevelopment
would not occur solely through private investment in the foreseeable future if not for the
creation of Reinvestment Zone Number Three.
A Final Project and Finance Plan is provided for Board review that does not contain any
substantial changes from the Preliminary Plan previously approved by City Council.
Before the Board is Resolution T2019-001 stating that the terms and conditions found
within the Final Preliminary Project and Finance Plan are in the best interests of the city.
Pending approval by the Board, City Council will then have the opportunity to consider an
Ordinance that approves the Final Project and Finance Plan.
RECOMMENDATION:
Approve Resolution No. T2019-001 of Reinvestment Zone Number Three, Project and
Finance Plan; making certain findings; and providing for an immediate effective date.
RESOLUTION NO. T2019-001
A RESOLUTION OF REINVESTMENT ZONE NUMBER THREE,
CITY OF NORTH RICHLAND HILLS BOARD OF DIRECTORS
APPROVING THE REINVESTMENT ZONE NUMBER THREE, CITY
OF NORTH RICHLAND HILLS FINAL PROJECT AND FINANCE
PLAN; MAKING CERTAIN FINDINGS; AND PROVIDING FOR AN
IMMEDIATE EFFECTIVE DATE.
WHEREAS, the Reinvestment Zone Number Three, City of North Richland Hills Board
of Directors (the "Board") has been duly appointed in accordance with State
law;
WHEREAS, the City of North Richland Hills, Texas (the "C�it i") City Council (the "City
Council") previously approved the creation of the Reinvestment Zone
Number Three, City of North Richland Hills (the "Zone") via City Council
Ordinance No. 3617 on October 14, 2019 (the "Creation Ordinance')7 and
WHEREAS, the City Council previously approved the Reinvestment Zone Number
Three, City of North Richland Hills Preliminary Project and Finance Plan via
the Creation Ordinance; and
WHEREAS, the Reinvestment Zone Number Three, City of North Richland Hills Final
Project and Finance Plan (the "Final Project and Finance Plan") has been
prepared for the Zone; and
WHEREAS, upon full review and consideration of the Final Project and Finance Plan
and all matters attendant and related thereto, the Board finds that the terms
and conditions thereof are in the best interests of the City and its citizens
and should be approved; and
WHEREAS, all constitutional, statutory and legal prerequisites for the passage of this
Resolution have been met, including but not limited to the Open Meetings
Act.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
NORTH RICHLAND HILLS, TEXAS, THAT:
SECTION 1. The recitals set forth in the WHEREAS clauses of this Resolution are true
and correct and are incorporated as part of this Resolution.
SECTION 2. The Board approves the Final Project and Finance Plan, attached hereto
as Exhibit A.
SECTION 3. This Resolution shall become effective from and after its date of passage in
accordance with law.
PASSED AND APPROVED on this 28th day of October, 2019.
Resolution No. T2019-001
Page 1 of 27
By:
Oscar Trevino, Board Chairman
ATTEST:
Alicia Richardson, City Secretary
APPROVED AS TO FORM AND LEGALITY:
Maleshia B. McGinnis, City Attorney
APPROVED AS TO CONTENT:
Craig Hulse, Economic Development
Director
Resolution No. T2019-001
Page 2 of 27
EXHIBIT A
I K S
REIN EST MENT ZONE NUMBER THREE,
CITY OF NORTH RICHLAND HILLS, TEXAS
PROJECT AND FINANCING PLAN
OCTOBER 28, 2019
RUN
0
Resolution No. T2019-001
Page 3 of 27
Tableof Contents..........................................................................................................................................1
Section1: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.......................................................................................................4
Section 6:Proposed Public Improvements...................................................................................................5
Section 7:Estimated Project Costs...............................................................................................................5
Section 8:Economic Feasibility.....................................................................................................................6
Section 9:Estimated Bonded Indebtedness.................................................................................................7
Section10:Appraised Value.........................................................................................................................7
Section 11:Method of Financing..................................................................................................................7
Section 12:Duration of the Zone,Termination............................................................................................8
Listof Exhibits...............................................................................................................................................9
AppendixA—Legal Description..................................................................................................................10
AppendixB—Property Map........................................................................................................................16
Appendix C—List of Non-Project Costs.......................................................................................................17
Appendix D—List of Project Costs..............................................................................................................18
Appendix E—Location of Public Improvements.........................................................................................19
Appendix F—Estimated Timeline of Incurred Costs...................................................................................23
AppendixG—Feasibility Study....................................................................................................................24
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REINVESTMENT ZONE NO.3,CITY OF NORTH RICHLAND FALLS 1
PROJECT AND FINANCE PLAN
Resolution No. T2019-001
Page 4 of 27
1.1 Authority and Purpose
The City of North Richland Hills, Texas, a Texas home-rule municipality (the "City") 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 in the zone. The purpose of the zone 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 The Zone
The City Council created a 20-year tax increment reinvestment zone 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. If the public improvements, and other
projects are financed as contemplated by this Final 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').
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REINVESTMENT ZONE NO.3,CITY OF NORTH RICHLAND FALLS Z
PROJECT AND FINANCE PLAN
Resolution No. T2019-001
Page 5 of 27
1.4 Preliminary Plan and Hearing
Before the City Council adopted the ordinance designating the Zone,the City Council prepared a
preliminary reinvestment zone financing plan in accordance with the Act and held a public
hearing on the creation of the Zone and its benefits to the City and to the Property, at which
public hearing interested persons were given the opportunity to speak for and against the
creation of the Zone,the boundaries of the Zone and the concept of tax increment financing. At
the hearing, the owners of the Property were given a reasonable opportunity to protest the
inclusion of their Property in the Zone. The preliminary reinvestment zone financing plan
described, in general terms,the public improvements that will be undertaken and financed by
the Zone.
1.5 Creation of the Zone
Upon the closing of the above referenced public hearing,the City Council adopted an ordinance
in accordance with the Act creating the Zone (1) upon findings by the City Council that
development or redevelopment of the 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 appointed a Board of Directors for the Zone(the"Board").
1.6 Board Recommendations
After the creation of the Zone,the Board has prepared and adopted and recommends 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.
1.7 Council Action
The City Council will take into consideration the recommendations of the Board and will consider
approval of this 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.
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REINVESTMENT ZONE NO.3,CITY OF NORTH RICHLAND HILLS 3
PROJECT AND FINANCE PLAN
Resolution No. T2019-001
Page 6 of 27
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 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 space pursuant to the forthcoming Development Agreement
between the City and Centurion American Development Group(the"Developer")dated October
25,2019 (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.
No persons will be displaced and in need of relocation due to the creation of the Zone or
implementation of this Final Plan.
,,,`,,,.,,,,,,,,,,,,,,,,,,,`,,,.,,.,.,,.,.,,.,.,,,,`,,,`,,,`,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,„SECTION
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$147,500,910.
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REINVESTMENT ZONE NO.3,CITY OF NORTH RICHLAND FALLS 4
PROJECT AND FINANCE PLAN
Resolution No. T2019-001
Page 7 of 27
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
City. At the City's option, the Public Improvements may be expanded to include any other
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 this
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$12,141,008
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$11,898,034 as shown on Appendix D.
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
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REINVESTMENT ZONE NO.3,CITY OF NORTH RICHLAND HILLS 5
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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.
mmm mmm mmm mmm mmm mmm mmm mmm mmm mmm mmm mm,�
8.1 Feasibility Study
For purposes of this Final 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 TIF Agreement, until the term expires or is otherwise 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
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REINVESTMENT ZONE NO.3,CITY OF NORTH RICHLAND FALLS 6
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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.
SE CTIO N 9: ESTIMATED BONDED INDEBTEDNESS
No bonded indebtedness issued by the City or the Zone pursuant to the Act is contemplated.
SECTION 10:APPRAISED VALUE ll
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 of the 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
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 this Final Plan.
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. This 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
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REINVESTMENT ZONE NO.3,CITY OF NORTH RICHLAND FALLS 7
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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. This 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 this Final Plan in compliance with the TIF Agreement,including
but not limited to what is considered a Project Cost.
.,,......................................................................S..E CTI O.N.....1.2....DURATION..O.F..THE
..ZONE,
......T..E..R.M.I NATLO..N.......................................................................
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 this
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.
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The following exhibits are attached to and made a part of this Final Plan for all purposes:
AppendixA 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
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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,said point being the Northeast corner of Lot 16,Block 1,Edgley Addition,to the City of North
Richland Hills,Tarrant County,Texas,accordingto 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%"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%"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;
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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. S 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'/"iron rod marked"Brittain&Crawford"set;
2. S 00'27'51"E 246.59 feet,to 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%"iron rod found at
the Northwest corner of said Ruth Road;
THENCE again severing said Lot 1,Block 2,as follows:
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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%"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,
Te xa s;
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,ofthe 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%"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 890 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.
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TRACTS:
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 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 890 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 000 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 ata%"iron rod marked"SPOONER"found atthe 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);
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REINVESTMENT ZONE NO.3,CITY OF NORTH RICHLAND HILLS 13
PROJECT AND FINANCE PLAN
Resolution No. T2O19-001
Page 16 of 27
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%"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%"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 La Verne
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°3734"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
1111414!Y8i�101Y�lAY�IAY�IAY�IAY�IAY�IAY�IAY�IAY�IAY�IAY�IAY�IAY�IAY�IAY�IAY�IAY�IAY�IAY�IAY�IAY�IAY�IAY�IAY�IAY�IAY�IAY�IAY�IAY�IAY�IAY�IAY�IAY�IAY�IAY�IAY�IAY�IAY�IAY�IAY�IAY�IAY�IAY�IAY�IAY�IAY�IAY�IAY�IAY�IAY�IAY�IAY�IAY�IAY�IAY�IAY�IAY�IAY�IAY�IAY�IAY�IAY�IAY�IAY�IAY�IAY�IAY�IAY�IAY�IAY�IAY�IAY�IAY�IAY�IAY�IAY�IAY�IAY�IAY�IAY�IAY�IAY�IAY�IAY�IAY�@YII
REINVESTMENT ZONE NO.3,CITY OF NORTH RICHLAND HILLS 14
PROJECT AND FINANCE PLAN
Resolution No. T2O19-001
Page 17 of 27
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
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REINVESTMENT ZONE No.3,CITY of NORTH RICHLAND FALLS 15
PROJECT AND FINANCE PLAN
Resolution No. T2019-001
Page 18 of 27
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Page 20 of 27
Reinvestment Zone Number Three
City of North Richland Hills,TX
PUBLIC IMPROVEMENT COSTS
PUBLIC IMPROVEMENTS Amount Year
Earthwork' $ 242,900 1
Engineering' $ 650,000 1
Construction Staking' $ 218,400 1
Maint.Bond' $ 112,374 1
District Formation Costs' $ 500,000 1
Prefunding of Prepayment Reservez $ 62,725 1
Capitalized Interestz $ 565,431 1
Debt Service Reserve Fund $ 992,035 1
Cost of Issuancez $ 689,975 1
Underwriter Discountz $ 376,350 1
Water' $ 947,369 2
Sanitary Sewer' $ 869,245 2
Storm Drain' $ 919,229 2
Paving' $ 3,758,302 2
Public Park Improvements' $ 320,000 2
Contingency' $ 673,700 2
TOTAL COSTS $ 11,898,034
1)Source:Ion Design Group Opinion of Probable Cost dated August 7,2019.
2)Preliminary estimates,to be finalized upon bond pricing.
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REINVESTMENT ZONE NO.3,CITY OF NORTH RICHLAND FALLS 18
PROJECT AND FINANCE PLAN
Resolution No. T2019-001
Page 21 of 27
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Page 27 of 27