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HomeMy WebLinkAboutOrdinance 3619 ORDINANCE NO. 3619 AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF NORTH RICHLAND HILLS, TEXAS, APPROVING REINVESTMENT ZONE NUMBER THREE, CITY OF NORTH RICHLAND HILLS FINAL PROJECT AND FINANCE PLAN; MAKING CERTAIN FINDINGS; PROVIDING A SEVERABILITY CLAUSE; AND PROVIDING FOR AN IMMEDIATE EFFECTIVE DATE. WHEREAS, on October 14, 2019, the City of North Richland Hills, Texas (the "City") City Council (the "City Council"), by the adoption of Ordinance No. 3617, created Reinvestment Zone Number Three, City of North Richland Hills (the "Zone"); and WHEREAS, Section 311.011(d), Texas Tax Code, provides that the City Council must approve a project plan and reinvestment zone financing plan after its adoption by the board of the Zone (the "Board"); and WHEREAS, on October 28, 2019, the Board approved the Final Project and Finance Plan for Reinvestment Zone Number Three, City of North Richland Hills (the "Final Project and Finance Plan"), a copy of which is attached hereto as Exhibit A; and WHEREAS, pursuant to Section 311.011(d), Texas Tax Code, the City Council finds that the Final Project and Finance Plan is feasible; NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF NORTH RICHLAND HILLS, TEXAS: SECTION 1: The recitals, findings, and determinations contained in the preamble to this Ordinance are incorporated into the body of this Ordinance as if fully set forth in this Section and are hereby found and declared to be true and correct legislative findings and are adopted as part of this Ordinance for all purposes. SECTION 2: The City Council does hereby approve the Final Project and Finance Plan, a copy of which is attached hereto as Exhibit A and incorporated herein for all purposes. SECTION 3: It is hereby declared to be the intention of the City Council that the phrases, clauses, sentences, paragraphs and sections of this ordinance are severable, and if any phrase, clause, sentence, paragraph or section of this ordinance shall be declared unconstitutional by the valid judgment or decree of any court of competent jurisdiction, such unconstitutionality shall not affect any of the remaining phrases, clauses, sentences, paragraphs and sections of this ordinance, since the same would have Ordinance No.3619 Page 1 of 27 been enacted by the City Council without the incorporation in this ordinance of any such unconstitutional phrase, clause, sentence, paragraph or section. It being the intent of the City Council in adopting this Ordinance that no provision of this Ordinance shall become inoperative because of the invalidity of another provision; and, therefore, all provisions of this Ordinance are declared severable for that purpose. SECTION 4: This Ordinance shall take effect immediately upon its passage as provided by law. AND IT IS SO ORDAINED. PASSED AND APPROVED on this 28th day of October, 2019. CITY OF TH RI H AN ILLS By: Oscar revino, yor ropes ,'; ATTEST: hti Alicia Richardson, CityjS€creta' `p, APPROVED AS TO FORM AND LEGALITY: aleshia B. McGinnis, City Attorney APP TO CONTENT: Craig H s Director of Economic Development Ordinance No.3619 Page 2 of 27 EXHIBIT A 61'S 54, 6<�i REINESTMENT ZONE NUMBER THREE, CITY OF NORTH RICHLAND HILLS, TEXAS PROJECT AND FINANCING PLAN OCTOBER 28,2019 Ordinance No.3619 Page 3 of 27 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 4 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 7 Section 12:Duration of the Zone,Termination 8 List of Exhibits 9 Appendix A—Legal Description 10 Appendix B—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 Appendix G—Feasibility Study 24 r REINVESTMENT ZONE NO.3,CITY OF NORTH RICHLAND HILLS 1 PROJECT AND FINANCE PLAN Ordinance No.3619 Page 4 of 27 SECTION 1: INTRODUCTION 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"). REINVESTMENT ZONE NO.3,CITY OF NORTH RICHLAND HILLS Z PROJECT AND FINANCE PLAN Ordinance No. 3619 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. REINVESTMENT ZONE NO.3,CITY OF NORTH RICHLAND HILLS. 3 PROJECT AND FINANCE PLAN Ordinance No.3619 Page 6 of 27 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 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. 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 this Final Plan. 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$147,500,910. REINVESTMENT ZONE NO.3,CITY OF NORTH RICHLAND HILLS 4 PROJECT AND FINANCE PLAN Ordinance No.3619 Page 7 of 27 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 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 ., .. .. J REINVESTMENT ZONE NO.3,CITY OF NORTH RICHLAND HILLS 5 PROJECT AND FINANCE PLAN Ordinance No.3619 Page 8 of 27 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 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 REINVESTMENT ZONE NO.3,CITY OF NORTH RICHLAND HILLS 6 PROJECT AND FINANCE PLAN Ordinance No.3619 Page 9 of 27 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 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. 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. 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 REINVESTMENT ZONE NO.3,CITY OF NORTH RICHLAND HILLS 7 PROJECT AND FINANCE PLAN Ordinance No.3619 Page 10 of 27 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. 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 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. REINVESTMENT ZONE NO.3,CITY OF NORTH RICHLAND HILLS 8 PROJECT AND FINANCE PLAN Ordinance No.3619 Page 11 of 27 LIST OF EXHIBITS The following exhibits are attached to and made a part of this Final 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 9 PROJECT AND FINANCE PLAN Ordinance No.3619 Page 12 of 27 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,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''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'34"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 10 PROJECT AND FINANCE PLAN Ordinance No. 3619 Page 13 of 27 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'/z"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'IA"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 11 PROJECT AND FINANCE PLAN Ordinance No.3619 Page 14 of 27 1. N 00°27'51"W 122.78 feet,to a'A"iron rod marked"Brittain&Crawford"set; 2. S 89°35'50"W 480.59 feet,to a''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 Lot9,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'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'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 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. r REINVESTMENT ZONE NO.3,CITY OF NORTH RICHLAND HILLS 12 PROJECT AND FINANCE PLAN Ordinance No.3619 Page 15 of 27 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 ata'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); REINVESTMENT ZONE NO.3,CITY OF NORTH RICHLAND HILLS 13 PROJECT AND FINANCE PLAN Ordinance No. 3619 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',4"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 TractV 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 REINVESTMENT ZONE NO.3,CITY OF NORTH RICHLAND HILLS 14 PROJECT AND FINANCE PLAN Ordinance No.3619 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 REINVESTMENT ZONE NO.3,CITY OF NORTH RICHLAND HILLS 15 PROJ ECr AND FINANCE PLAN Ordinance No.3619 Page 18 of 27 APPENDIX B—PROPERTY MAP mo♦ 4.1 I- •� i i V. 1 I / .. / \; \\ _M1T 0 — — - `�, 1`,`` _ = __ -rJ IrU—' I V L 11. 1 Lwwxe4Nia14 -' E i i ill 1 I REINVESTMENT ZONE NO.3,CITY OF NORTH RICHLAND HILLS 16 VD PROJECT AND FINANCE PLAN CO O r- Z (NI w a) O = a) Ia — c aJ a Ft) 0d APPENDIX C-LIST OF NON-PROJECT COSTS 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 $25,000 $125,000 $1,143,450 $5,000,000 $25,000,000 $20,000,000 MultiFamily 2 200 3.50 $7.50 $25,030 $125,000 $1,143,450 $5,000,000 $25,000,000 $20,000,000 Single-Family 364 25.00 $7.50 $68,000 $299,200 $8,167,500 $24,752,000 $108,908,802 $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 52.85 513,182,345 $40,207,800 $187,708,800 $147,500,910 Notes: Values are in 2019dollars as provided by the Developer. Values and prices are as provided by the Developer;subject to change. REINVESTMENT ZONE NO.3,CITY OF NORTH RICHLAND HILLS PROJECT AND FINANCE PLAN 17 CO O r- Z N U O C �p N C 4) 00_ APPENDIX D—LIST OF PROJECT COSTS 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 Reserve2 $ 62,725 1 Capitalized Interest' $ 565,431 1 Debt Service Reserve Fund2 $ 992,035 1 Cost of Issuance' $ 689,975 1 Underwriter Discount2 $ 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. REINVESTMENT ZONE NO.3,CITY OF NORTH RICHLAND HILLS 18 PROJECT AND FINANCE PLAN Ordinance No.3619 Page 21 of 27 APPENDIX s—LOCATION op PUBLIC IMPROVEMENTSCity Point Proposed Roads *ODGER LINE DR 'A, Proposed Roads xomVEmw,NT ZONE NO.3,CITY OF NORTH mmmwuHILLS m m mwuz mmn��m� CD dr zcw 0 04 Aia4w 6$o.,b .rd. ,1 City Point Proposed Sewer es' �,° _ � �, RED - LIN t = ���,- �1,A_, Legend `• Y Pro posed Sewer Lnes ' 4A9... `, 3' d : Exwtrng Sewer Mann0ies A • , *y # �,,, M!ti's; Ab rng Se Sewer 1i x. s w e ,O'� 11-., � ��° � i. � -r4LF en ss r, ,�, s c ? - ' �' m 5ax AN ,-; r •. � � ,. ' 219/ LP 9 ii 4 r J �9 'l x'° ,.t^r..�,..'i '—' ae K ,„s a ^J "exit �n N 'A ' �, s„� 6 _ � `;' ^ '." 5� r.. i t 1 1g..up C �� "' p M +.. „m t,aA Rkr'fl'9 iR* X t VI p +. b� m"a'.��. 443 LF 8 n SS q as IICC �� - � 1 ,rNCEn rpreaams.Kx NVESTMENT O ,CITY OF NORTH RICHLAND HILLS PRREIOJECT AND FINANCEZ NE PLANNO.3 20 co coo I'- Z N CD o o U co(V C 0 L- N 0Cl- \ir City Point Proposed Water , � ' '" :: ;ER LINE DR j eq d ,: A{/ d ::‘,14,,,..„, ' _L .w /, " „ p ,,,•:,'4,.., :':- :,...,,l1,,,,*:,'• 1.,,,, 4,4_1;,,1. „, , , i.7____\\ \ --,.„. *--1L...: ` "aR ,fit t �Y 1 A a g t • f, 1 Y`..4 , - L fLlCbl rfr j • Y G .w^ a x , t r c ..:..ems vt _,. A`` Yes+ .4.._... &. k� yx�3�' � it• "`s q .�+'� _I 0) REINVESTMENT ZONE NO.3,CITY OF NORTH RICHLAND HILLS (0 PROTECT AND FINANCE PLAN 21 O N Z N o C N (0 C N oa mac. City Point Proposed Stormfr .r ' e ' a .` Ip: s Ri r+or� az� .d�"'' n. ` � ���" Legend •s '_ �""a .�mme ana ow a u< s +; . *;° a:���iyffif a Proposae Storm Dram �aed ror ons�ruaan ~"' ✓R�, " ^,.'`, s �,�A `I` �`u'- �•Proposee Sturm,,Dr `N,: Qg� N .. �`a * � '.44 �_ Exls. Stain Dram Lures ac �,n p, F b S' "' —A6atiGom�9brtn ram gyp, ' t ,y � " ' • +, "° r °t 24 'a 11T ','7Si, ,.....11.!.....„11M.?A.,' ;,1,,7 . '‘,,t- '. ,i)..,, t..4,..„,,,„.; OM ,,term 47 \ , " ,„ .i,,, Y "a -:^ - 4 .'. ,y`�f1 sea i ,. "� ,�.. ti� ,y ;! j{q t r,x„, y ram,jj :*Y'', +-r-" ry 1" % .... , t; j; "�n-..! sit`" !' �.i __._._ . F - ,5 0) co oo REINVESTMENT ZONE NO.3,CITY OF NORTH RICH LAND HILLS 22 PROJECT AND FINANCE PLAN O N Z U c N C Q7 ,_ N O IZ �n GawNGo'O a.iaun M a u.N..a � V 0ppopppppppopp0pop�+.,Si o 88888888888888888888gE o n b o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 8 g o o a a 's§§ §§§ §§i3a§ §g000f Y q 1111��11//��Y1/��Ny1 yy��yy��yy�� y�yN�y1 y�{�y1 y1 y1 t�1 QOOQQ QOQ pO QO QOp$p O OQpO pO $y$y� NyN i555t iQS tQ5 iQQ5 {2Q�5 pQ Q2Q51QQS2QQ52Q5y2Q'�SPQQ LpS 2QQ52Q5 iQQ5 GQQ �2Q PA 2 §§§ C252525i5 75 25 25 25 25 6 25 25§§§ x^ b 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 $N n b i 0 0 0 0 0 0 0 0 0 0 0 0 o e p g$ o o.°� m Z O ghs § g§§§§ §§§§§§§§8§§ o a c PPPPPPPPPPPPPPPPP p+p m R F 3 88888888888888888888a, o Z A a 0 nN '� oppo 0op00pppppNf^!^!^ PPre 88888888888888�NN8881a 2 m §§§ §§§§§§§§§ggs;sts2tg' Z-- ooM3 ,4 o @ r g A§g§§§§§g§§g§§goo§§§ N N n a a>'"C W W"GwGr.i'rGo?" 0000 al N n n a Mg. ag WGiii-E`iG t�gg, F.EaSg25� � N V V V a 0 0 0 Ordinance No. 3619 Page 26 of 27 APPENDIX G-FEASIBILITY STUDY Reinvestment Zone Number Three,Oty of North Richland Hies,Texas FEASIBILITY ANALYSIS PID Ass./ TIRZ Contribution } SF Commercial MF Year TIRZ Credit Value% City Annual City&County City&County Beginning ..A PID Balance after Senn A PIP Balance.After Series A PID I Ending No. Applied1/31 Inc./Yr.' )M&O Only) County Annual Annual Cumulative BalanceAss. Buydown Comm Ass. Duydown Ass. I BuydoW -,Balance Base 2020 1 2021 0% $ 9,889 S 4,046 $ 13,935 $ 13,935 $ 13,935 $ 612,568 $ 13,935 $ - 5 186,371 $ - $ - $ 269,631 $ - $ - 2 2022 0% $ 9,889 $ 4,046 5 13,935 $ 27,870 $ 13.935 $ 613,424 5 13,935 5 - $ 188,769 S - $ - $ 268,988 $ - $ - 3 2023 0% 5 51,480 $ 21,060 $ 72540 $ 100,411 $ 72,540 $ 612,447 $ 72,540 $ - $ 185,298 $ - $ - $ 270,073 5 - $ - 4 2024 0% S 112,854 5 46,168 $ 159,022 $ 259,433 $ 159,022 $ 615,557 $ 137,131 S 21.891 $ 187,340 $ 21,891 $ • $ 270,919 $ • $ - 5 2025 0% $ 169,963 $ 69,530 $ 239,494 $ 498,927 S 239,494 $ 614,808 S 137,131 S 102.363 S 189.022 $ 102,363 S • S 269.678 $ • S - 6 2026 0% 5 201,012 $ 82,232 $ 283,244 $ 782,171 $ 283244 S 614,472 S 137,131 S 146,113 5 187,588 5 146.113 $ - S 270.165 $ - 5 - 7 2027 0% $ 246,451 $ 100,821 $ 347,273 5 1,129,443 $ 347,273 5 612,673 $ 137,131 $ 210,141 $ 188,730 $ 187,538 $ 22,604 $ 268,567 $ - 5 22,604 8 2028 0% $ 259,346 $ 106,096 $ 365A41 $ 1,494,885 5 388,045 $ 613,535 $ 137,131 $ 250,914 $ 189,514 $ 187,538 $ 63,376 $ 268,698 $ - $ 63,376 9 2029 0% 5 259,346 $ 106,096 $ 365,441 $ 1.860,326 $ 428,818 $ 613,694 $ 137,131 S 291,686 S 189,936 $ 187,538 $ 104,149 $ 268,589 $ - $ 104,149 10 2030 0% 5 259,346 $ 106.096 $ 365A41 $ 2,225,768 $ 969590 $ 616,304 $ 137,131 $ 332,459 $ 189,99,3 $ 187,538 $ 144,921 $ 270,087 $ - S 144,921 11 2031 0% $ 259,346 $ 106,096 $ 365,441 $ 2591,209 S 510,362 $ 612,605 $ 137,131 $ 373,231 5 186,948 $ 186,948 $ 186,283 $ 269,378 $ - 5 186,283 12 2032 0% $ 259,346 $ 106,096 $ 365,441 $ 2,956,651 $ 551,725 S 613,752 $ 137,131 $ 414,593 $ 186,473 $ 186,473 $ 228,120 $ 270,276 $ - $ 228,120 13 2033 0% $ 259,346 5 106,096 5 365,441 $ 3,322,092 S 593561 5 613,989 5 137,131 5 456,430 5 185,639 S 185,639 $ 270,791 5 270,813 $ - $ 270,791 14 2034 0% 5 259,346 $ 106,096 $ 365,441 5 3,687,533 5 636,232 5 614,654 5 137,131 S 499,101 S 189,954 S 187,5313 $ 311,563 $ 269.143 5 - $ 311,563 15 2035 0% 5 259,346 5 106,096 $ 365,441 $ 4,052,975 5 677,005 $ 612,983 $ 137,131 $ 539,874 $ 188,037 $ 187,538 5 352,336 5 269,080 $ - $ 352,336 16 2036 0% $ 259,346 $ 106,096 $ 365,441 5 4A18,416 5 717,777 $ 612,650 $ 137,131 5 580,646 5 188,515 S 187,538 5 393,108 $ 268,657 5 • $ 393,108 17 2037 0% $ 259,346 $ 106,096 $ 365,441 $ 4.783,858 $ 758,550 5 609,014 $ 137,131 $ 621,419 5 185.698 5 185,698 5 435,721 5 267,873 5 - $ 435,721 18 2038 0% $ 259,346 $ 106,096 $ 365,441 S 5,149,299 S 801,162 S 615,269 $ 137,131 $ 664.031 5 188,030 $ 187,538 $ 476,493 $ 270,421 S - 5 476,493 19 2039 0% $ 259,346 $ 106,096 $ 365A41 5 5,514,790 $ 841,935 S 611,349 $ 137,131 $ 704,804 $ 186,885 $ 186,885 $ 517,919 $ 268,673 5 - 5 517,919 20 2040 0% $ 259,346 $ 106,096 $ 365,441 $ 5,880,182 5 883,360 $ 471,960 $ 137,131 $ 746,229 S 12,618 $ 12,618 5 733,611 $ 270,257 5 - $ 733,611 $ 4,173,032 $ 1,707,150 $ 5,880,182 $2,931,640 $ 2,714,932 $ - A,,,um prior: City Tax Rate, $ 0.572000 City M&O Tax Rate, 5 0.334938 County Tax Rate, $ 0.234000 City M&O TIRZ Contribution' 42.69% p1 County TIRZ Contribution: 25.00% ■_ . Rase Valuer 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. CS) REINVESTMENT ZONE NO.3.CITY OF NORTH RICHIANO HILLS 24 PROTECT AND FINANCE PLAN CO I O I's- Z N 0 O N- co CV C O -6 CiS C3 0a.