The URL can be used to link to this page

Home My WebLink AboutTIF3 2022-11-14 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, NOVEMBER 14, 2022 REGULAR MEETING: 5:00 PM Held in the Community Room A. CALL TO ORDER B.2 PUBLIC COMMENTS An opportunity for citizens to address the Tax Increment Reinvestment Zone No. 3 Board on matters which are scheduled on this agenda for consideration by the Board, but not scheduled as a public hearing. In order to address the Tax Increment Reinvestment Zone No. 3 Board during public comments, a Public Meeting Appearance Card must be completed and presented to the recording secretary prior to the start of the meeting. C. ACTION ITEMS C.1 Approve minutes of the January 24, 2022 Tax Increment Reinvestment Zone Number 3 Board meeting. C.2 Discuss and accept the North Richland Hills Tax Increment Reinvestment Zone Number 3 Annual Report for 2022. D. ADJOURNMENT Certification 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, November 11, 2022 by 3:00 PM. Monday, November 14, 2022 Tax Increment Reinvestment Zone No. 3 Agenda Page 1 of 2 Traci Henderson Assistant 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, November 14, 2022 Tax Increment Reinvestment Zone No. 3 Agenda Page 2 of 2 IrLp NOKTH KICHLAN HILLS TAX INCREMENT REINVESTMENT ZONE NUMBER 3 MEMORANDUM FROM: The Office of the City Manager DATE: November 14, 2022 SUBJECT: Approve minutes of the January 24, 2022 Tax Increment Reinvestment Zone Number 3 Board Meeting PRESENTER: Mark C. Mills, Director of Finance SUMMARY: The minutes are approved by majority vote of the Board of Directors at the North Richland Hills Tax Increment Reinvestment Zone Number 3 ("TIF 3") Board meetings. GENERAL DESCRIPTION: Minutes are prepared for each Board meeting. The minutes for the previous meeting are placed on the agenda for review and approval by the Board of Directors. Upon approval of the minutes, an electronic copy will be uploaded to the City's website. RECOMMENDATION: Approve minutes of the January 24, 2022 North Richland Hills Tax Increment Reinvestment Zone Number 3 Board Meeting. MINUTES CITY OF NORTH RICHLAND HILLS, TEXAS TAX INCREMENT REINVESTMENT ZONE NO. 3 BOARD OF DIRECTORS MEETING 4301 CITY POINT DRIVE — COMMUNITY ROOM NORTH RICHLAND HILLS, TX 76180 MONDAY, JANUARY 24, 2022 5:30 P.M. Present: • Oscar Trevino, Chair Mayor, North Richland Hills • Mason Orr Councilmember, North Richland Hills • Suzy Compton, Vice-Chair Councilmember, North Richland Hills • Rita Wright Oujesky, Secretary Councilmember, North Richland Hills • Scott Turnage Councilmember, North Richland Hills • Kelvin Deupree Councilmember, North Richland Hills • Mason Orr Councilmember, North Richland Hills • Tito Rodriguez Councilmember, North Richland Hills • Rebecca Barksdale Precinct Administrator for Commission Gary Fickes, Northeast Sub Courthouse, Precinct #3 Others Present: • Mark Hindman City Manager • Paulette Hartman Deputy City Manager • Karen Manila Assistant City Manager • Maleshia McGinnis City Attorney • Mark Mills Director of Finance • Glenn Mizell Assistant Director of Finance • Craig Hulse Director of Economic Development • Jimmy Perdue Director of Public Safety A. CALL TO ORDER Chairman Oscar Trevino called the meeting to order at 5.30 p.m. B.1 CITZEN PRESENTATION No Citizen Presentations were made at this time. B.2 PUBLIC COMMENTS No Citizen Comments were made at this time. CA APPROVE MINUTES OF THE OCTOBER 28, 2019 TAX INCREMENT REINVESTMENT ZONE NO. 2 BOARD MEETING Tito Rodriguez moved to approve the minutes. Rebecca Barksdale seconded the motion. The motion to approve carried 9-0. C.2 CONSIDER THE APPOINTMENT OF A VICE-CHAR AND SECRETARY FOR TAX INCREMENT REINVESTMENT ZONE NO. 3 Director of Finance Mark Mills made a brief presentation on the composition and duties of each TIF Board Officer. The chair is appointed by the North Richland Hills City Council for a one-year term. Mayor Trevino was appointed as Chair at the December 13, 2021 City Council meeting. The TIF Board appoints the Vice-Chair and Secretary, each for a two-year term. A motion was made by Chairman Trevino to appoint Scott Turnage as Vice-Chair and Mason Orr as Secretary. Board Member Tito Rodriguez seconded the motion. The motion to approve carried 9-0. C.3 DISCUSS AND ACCPET THE TAX INCREMENT REINVESTMENT ZONE NUMBER 3 ANNUAL REPORT FOR 2021. Director of Finance Mark Mills made a brief presentation on the Annual Report of the TIF # 3 for 2021. Each Tax Increment Reinvestment Zone is required to submit an annual report, to its Board and to the State, detailing its financial activities for the year. The financial report for the year is shown below: Revenues Property Tax Increment Revenue Collected $ 13,103.88 Total $ 13,103.88 Expenditures Principal, Interest, Issuaance & Paying Agent $ - Total $ - Mason Orr moved to accept the Annual Report for Tax Increment Reinvestment Zone Number 3 for the period ending September 30, 2021. Kelvin Deupree seconded the motion, which was approved 9-0. D. ADJOURNMENT Chair Oscar Trevino adjourned the meeting at 5.37 p.m. IrLp NOKTH KICHLAN HILLS TAX INCREMENT REINVESTMENT ZONE NUMBER 3 MEMORANDUM FROM: The Office of the City Manager DATE: November 14, 2022 SUBJECT: Discuss and accept the North Richland Hills Tax Increment Reinvestment Zone Number 3 Annual Report for 2022. PRESENTER: Mark C. Mills, Director of Finance SUMMARY: Each Tax Increment Reinvestment Zone is required to submit an annual report detailing its financial activities for the year. GENERAL DESCRIPTION: Each Tax Increment Reinvestment Zone is required to submit an annual report detailing its financial activities for the year. A copy of the 2022 Tax Increment Reinvestment Zone Number 3 Annual Report has been attached for the Board's review. Following the presentation, staff will request that the Board vote to accept the annual report. RECOMMENDATION: Accept the North Richland Hills Tax Increment Reinvestment Zone Number 3 Annual Report for 2022. North Richland Hills Tax Increment Reinvestment Zone No. 3 Annual Report for the Period Ending September 30, 2022 0 �r ar r 1 dro+fluHil Pity V r We 7711 ri ri •X I J � a r; F, City of North Richland Hills Telephone: 817.427.6166 4301 City Point Drive Email: mmills@nrhtx.com North Richland Hills, TX 76180 Website: www.nrhtx.com Iq Rj'h' Table of Contents ExecutiveSummary................................................................................................................3 Annual Report for the Period Ending September 30, 2022.....................................................5 Tax Increment Revenue Contribution By Year By Entity ........................................................6 PID Contributions and TIF Expenses By Year........................................................................7 Captured Appraised Value By Year........................................................................................8 TIF Expenses Detail By Year..................................................................................................9 TIF Expense Invoices—Current Year................................................................................... 10 Page 2 14#41tH CITY OF NORTH RICHLAND HILLS MEMO TO: Mayor and City Council Board of Directors — Tax Increment Reinvestment Zone Number 3 FROM: Mark C. Mills, Director of Finance SUBJECT: North Richland Hills Tax Increment Reinvestment Zone Number 3 Executive Summary for Fiscal Year Ended September 30, 2022 DATE: November 14, 2022 The Annual Report of Tax Increment Reinvestment Zone No. 3 for the Year Ended September 30, 2022 is provided for your review and consideration. Description of TIF 3 North Richland Hills Tax Increment Reinvestment Zone Number 3 ("TIF 3" or the "Zone") was created by the city of North Richland Hills (the "City") in 2019 through the passage of Ordinance 3617, under the authority of Chapter 311, Texas Tax Code, Tax Increment Financing Act, as amended (the "Act"). TIF 3 includes approximately 52.85 acres of land and expires September 30, 2039. When TIF 3 was created, the property was zoned Non-Residential Planned Development (mixed use). At that time, the property was undeveloped and due to its size, location, and physical characteristics, development would require extensive public infrastructure that: (1) the City could not provide, and (2) would not be provided solely through private investment in the foreseeable future. The intent of TIF 3 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 are authorized by the Act. 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 and provide long-term economic benefits including, but not limited to, increased real property tax base for all taxing units. TIF 3 Proiects The proposed public improvements to be funded by the Zone include street, water, sanitary sewer, storm drainage, as well as associated soft costs. Design and construction of these improvements will be done in accordance with all applicable City standards and shall be inspected, approved, and accepted by the City. North Richland Hills Tax Increment Reinvestment Zone Number 3 Annual Report for the Period Ending September 30,2022 Page 3 Participating Entities, Planned Contributions, and Assessed Values Two entities contribute to TIF 3: the City and Tarrant County (the "County"). The City has pledged 45% of its annual maintenance and operations ("M&O") tax rate, in an amount not to exceed $4,173,032 over the life of the Zone. The County has pledged 25% of its annual total tax rate, not to exceed $1,707,150. There is no bonded indebtedness issued by the City or the Zone pursuant to the Act contemplated at this time. On an annual basis and consistent with the PID's Service and Assessment Plan ("SAP"), TIF 3 revenue generated by the Improvement Zone A Assessed Property for the previous Tax Year shall be applied pro rata, based on the outstanding assessment of each lot, to reduce the principal and interest required for the Improvement Zone A Annual Installment, due January 31. The annual credit amount is updated each year in the Annual Service Plan Update as TIF 3 revenue is generated. a Mark C. Mills Director of Finance North Richland Hills Tax Increment Reinvestment Zone Number 3 Annual Report for the Period Ending September 30,2022 Page 4 CITY OF NORTH RICHLAND HILLS TAX INCREMENT REINVESTMENT ZONE NUMBER 3 ANNUAL REPORT FOR THE PERIOD ENDING SEPTEMBER 30, 2022 Amount&Source of Revenue in the Tax Increment Fund FY 2022: Property Tax Increment Revenue Collected $14,250.53 Total Revenues in Fiscal Year 2022 $ 14,250.53 Amount and Purpose of Expenditures of the Fund FY 2022: TIF 3 Annual Contribution to City Point PID $ 12,817.27 TIF 3 Expenses $ 286.60 Total Fund Expenditures in Fiscal Year 2022 $ 13,103.87 Captured Appraised Value shared by the Municipality&Other Taxing Entities and total amount of tax increments received ax increment Revenue Received Q Based on 1 Collections Difference City of North Richland Hills(') $6,348,296 $13,000,000 $6,651,704 $0.156989 $10,442.43 $10,442.43 $0.00 Tarrant County(2) $6,348,296 $13,000,000 $6,651,704 $0.057250 $3,808.10 $3,808.10 $0.00 $14,250.53 $14,250.53 $0.00 This report submitted by Mark C.Mills Director of Finance City of North Richland Hills,Texas Notes: FY:Fiscal Year TY:Tax Year NRH Tax Rate for TIF#3 is 45%of its M&O Tax Rate for the year Tarrant County Tax Rate for TIF#3 is 25%of its Total Tax Rate for the year Page 5 North Richland Hills Tax Increment Reinvestment Zone Number 3 Annual Report for the Period Ending September 30,2022 TAX INCREMENT REINVESTMENT ZONE NUMBER 3 Tax Increment Revenue Contribution By Year By Entity For the Perioding Ending September 30, 2022 2019 2020 $0.00 $0.00 $0.00 2020 2021 $9,507.04 $3,596.84 $13,103.88 2021 2022 $10,442.43 $3,808.10 $14,250.53 2022 2023 $0.00 2023 2024 $0.00 2024 2025 $0.00 2025 2026 $0.00 2026 2027 $0.00 2027 2028 $0.00 2028 2029 $0.00 2029 2030 $0.00 2030 2031 $0.00 2031 2032 $0.00 2032 2033 $0.00 2033 2034 $0.00 2034 2035 $0.00 2035 2036 $0.00 2036 2037 $0.00 2037 2038 $0.00 2038 2039 $0.00 Contribution To Date: $19,949.47 $7,404.94 $27,354.41 Maximum Contribution: $4,173,032.00 $1,707,150.00 $5,880,182.00 Contribution Remaining: $4,153,082.53 $1,699,745.06 $5,852,827.59 North Richland Hills Tax Increment Reinvestment Zone Number 3 Page 6 Annual Report for the Period Ending September 30, 2022 TAX INCREMENT REINVESTMENT ZONE NUMBER 3 PID Contribution &TIF Expenses By Year For the Perioding Ending September 30, 2022 ill® ® 1116111, 2019 2020 $0.00 $0.00 $0.00 2020 2021 $0.00 $0.00 $0.00 (1) 2021 2022 $12,817.27 $286.60 $13,103.87 2022 2023 $0.00 2023 2024 $0.00 2024 2025 $0.00 2025 2026 $0.00 2026 2027 $0.00 2027 2028 $0.00 2028 2029 $0.00 2029 2030 $0.00 2030 2031 $0.00 2031 2032 $0.00 2032 2033 $0.00 2033 2034 $0.00 2034 2035 $0.00 2035 2036 $0.00 2036 2037 $0.00 2037 2038 $0.00 2038 2039 $0.00 To Date: $12,817.27 $286.60 $13,103.87 Notes: ('): FY21 PID Contribution ($12,817.27)and TIF Expenses ($286.40) made after September 30, 2021 will be reflected on the FY22 Annual Report. North Richland Hills Tax Increment Reinvestment Zone Number 3 Page 7 Annual Report for the Period Ending September 30, 2022 TAX INCREMENT REINVESTMENT ZONE NUMBER 3 Captured Value By Year For the Perioding Ending September 30, 2022 2019 Base Value: $6,348,296 2020 2021 $12,496,744 $6,148,448 2021 2022 $13,000,000 $6,651,704 2022 2023 2023 2024 2024 2025 2025 2026 2026 2027 2027 2028 2028 2029 2029 2030 2030 2031 2031 2032 2032 2033 2033 2034 2034 2035 2035 2036 2036 2037 2037 2038 2038 2039 * Annual TIF Account Summary Listing(February) North Richland Hills Tax Increment Reinvestment Zone Number 3 Page 8 Annual Report for the Period Ending September 30, 2022 TAX INCREMENT REINVESTMENT ZONE NUMBER 3 TIF Expenses Detail By Year For the Perioding Ending September 30, 2022 ... 1 2022 P3 Works 1679 2/1/2020 $231.25 2 2022 P3 Works 1999 5/1/2020 $55.35 3 4 5 6 7 8 9 10 Total $286.60 North Richland Hills Tax Increment Reinvestment Zone Number 3 Page 9 Annual Report for the Period Ending September 30, 2022 IOkRNNAMOM� ��I I��f� � P3Works, LLC 9284 Huntington Square Ste 100 �� nuauuomumo9r�N�ftN��q �� North Richland Hills, Texas 76182 United States R ININII�P i I Billed 1_o 1:::)ate of IIssue Invoice INuryibeir Airyiouint Il:::)ue (USII:::�� Craig Hulse 02/01/2020 0001679 $0. 00 City of North Richland Hills 4301 City Point Drive 1:::)ue II:::)ate North Richland Hills, TX 03/02/2020 76180 1:::)esciriilp ioin f!�Iate Qty 1....liine "btall Consulting $185.00 0.75 $138.75 [NRH CityPt TIRZ 01/23/20] Drafting TIRZ Form 50-807 and sending to City for execution. Consulting $185.00 0.5 $92.50 [NRH CityPt TIRZ 01/27/20] Preparing final 50-807 packet for State Comptroller. Subtotal 231.25 Tax 0.00 Total 231.25 Amount Paid 231.25 Airyiouint II:::)ue (USII $0.00 1..eiriais Due upon receipt; billed in arrears. Please note our new mailing address effective February 3rd, 2020. If mailing payment, please remit to: P3Works, LLC 9284 Huntington Square Suite 100 North Richland Hills, TX 76182 Page 10 I kRNMAIMM� ��I I��f� � P3Works, LLC 9284 Huntington Square Ste 100 �� nuauuomumo9r�N�ftN��q �� North Richland Hills, Texas 76182 United States P ININII�P i I Billed 1_o 1:::)ate of IIssue Invoice INuryiber Airyiouint Il:::)ue (USII:::�� Craig Hulse 05/01/2020 0001999 $0. 00 City of North Richland Hills 4301 City Point Drive 1:::)ue II:::)ate North Richland Hills, TX 05/31/2020 76180 1:::)escriilp ioin f!�Iate Qty 1....liine "btall Call/Email/Meetings $135.00 0.33 $44.55 [NRH CityPt TIRZ 04/06/20]Correspondence w/TAD re: creating TIRZ in TAD's system. Dist Formation/TIRZ Prep $135.00 0.08 $10.80 [NRH CityPt TIRZ 04/16/20]Correspondence w/Appraisal District re: TIRZ Certified values. Subtotal 55.35 Tax 0.00 Total 55.35 Amount Paid 55.35 Airyiouint II:::)ue (USII $0.00 Notes Please pay from TIRZ Admin not from PI Admin. I..eiriais Due upon receipt; billed in arrears. For Wire and ACH Payments: Page 11 The National Bank of Texas 2535 NE 28th Street Fort Worth, Texas 76106 Routing Number: 111900549 Customer Name: P3Works LLC Customer Acct No.: 124222 Page 12