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0682
ORDINANCE NO. 682 AN ORDINANCE designating a contiguous geographic area in Southlake as Reinvestment Zone Number One, City of Southlake, Texas; creating a Board of Directors for such zone; making certain findings and determinations in relation to such reinvestment zone and resolving other matters incident and related thereto. WHEREAS, the City Council of the City of Southlake, Texas (the "City"), desires to promote the development or redevelopment of a certain contiguous geographic area (a 256 acre tract of land bounded by Kimball Avenue, State Highway 114, East Southlake Boulevard (FM 1709) and North Carroll Avenue) within the City by the creation of a reinvestment zone as authorized by the Tax Increment Financing Act, V.T.C.A., Tax Code, Chapter 311 (the "Act"); and WHEREAS, in compliance with the Act, a public hearing on the creation of the proposed reinvestment zone and its benefits to the City and the property in the proposed zone was ordered to be held on August 26, 1997, during the regular meeting of the Council scheduled to begin at 7:00 o'clock P.M. in the City Council Chambers of the City Hall, 667 North Carroll Avenue, Southlake, Texas; and WHEREAS. in accordance with the provisions of Section 311.003(e) of the Act, a written notice of the City's intention to establish such reinvestment zone was sent on the 25th day of June, 1997, to the governing body of each taxing unit that levies real property taxes in the proposed reinvestment zone, i.e., the Carroll Independent School District, Tarrant County, Tarrant County Hospital District and Tarrant County Junior College District; and WHEREAS, on the 22nd day of September , 1997, the City Council of Southlake made a formal presentation to the governing body of the Carroll Independent School District, and on the 23rd day of September , 1997, the City Council of Southlake made a formal presentation to the governing body of Tarrant County. Tarrant County Hospital District and Tarrant County Junior College District were informed of and invited to each of these 0444266 presentations and arrangements have been made to make formal presentations to each of their governing bodies. These presentations include a description of the proposed boundaries of the zone, the tentative plans for the development or redevelopment of the zone, and a estimate of the general impact of the proposed zone on property values and tax revenues; and WHEREAS, due to an error in publication of the legal notice for the August 26, 1997 public hearing, the public hearing was postponed and readvertised. Notice of the September 2. 1997 public hearing was duly published in the Fort Worth Star Telegram , a newspaper having general circulation in the City, in its issue dated August 23. 1997, the date of such publication being at least seven (7) days prior to the date of the public hearing; and WHEREAS, prior the public hearing on the creation of the reinvestment zone, a preliminary reinvestment zone financing plan was prepared containing information relating to the estimated project costs of the zone, the kind, number and location of all proposed public works or public improvements in the zone, an economic feasibility study, the estimated amount of bond indebtedness to be incurred, the methods of financing all estimated project costs and the expected sources of revenue to finance or pay project costs, including the percentage of tax increment to be derived from the property taxes of each taxing unit that levies taxes on real property in the district, and other data; a copy of such preliminary reinvestment zone financing plan being attached hereto as Exhibit A; and WHEREAS, on September 2, 1997, a public hearing on the creation of the reinvestment zone was held at the time and place noted in the aforesaid notice, and all interested persons, or their attorneys, were invited to speak for or against the creation of the reinvestment zone, the boundaries of the proposed reinvestment zone as described in Exhibit B attached hereto and depicted in the map attached hereto as Exhibit C, the concept of tax increment financing and the appointment of a board of directors for the proposed reinvestment zone; and WHEREAS, all owners of property located within the proposed reinvestment zone and all other taxing units and other interested persons were given the opportunity at such public hearing to 0444366 -2- protest the creation of the proposed reinvestment zone and/or the inclusion of their property in such reinvestment zone; and WHEREAS, the proponents of the reinvestment zone offered evidence, both oral and documentary, in favor of all of the foregoing matters relating to the creation of the reinvestment zone, and three (3) opponents of the reinvestment zone appeared to contest creation of the reinvestment zone; NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF SOUTHLAKE, TEXAS: SECTION 1: The facts and recitations contained in the preamble of this ordinance are hereby found and declared to be true and correct. SECTION 2: The City Council, after conducting such hearing and having heard such evidence and testimony, has made the following findings and determinations based on the evidence and testimony presented to it: (a) The public hearing on adoption of the reinvestment zone has been properly called, held and conducted and notice of such hearing has been published as required by law and delivered to all taxing units overlapping the territory inside the proposed reinvestment zone. (b) The creation of the proposed zone with boundaries as described in Exhibits "B" and "C" will result in benefits to the City, its residents and property owners, in general, and to the property, residents and property owners in the reinvestment zone. (c) The reinvestment zone, as defined in Exhibits "B" and "C", meets the criteria for the creation of a reinvestment zone as set forth in the Act in that: (1) It is a contiguous geographic area located wholly within the corporate limits of the City. 0444366 -3- (2) The area is predominately open and because of obsolete platting or deterioration of structures or site improvements, substantially impairs or arrests the sound growth of the City. (3) The area within the reinvestment zone substantially impairs or arrests the sound growth of the city; and has deterioration of site or other improvements. (d) Ten (10) percent or less of the property in the proposed reinvestment zone, excluding property dedicated to public use, is used for residential purposes, which is defined in the Act as any property occupied by a house which has less than five living units. (e) The total appraised value of all taxable real property in the proposed reinvestment zone according to the most recent appraisal rolls of the City, together with the total appraised value of taxable real property in all other existing reinvestment zones within the City, if any, according to the most recent appraisal rolls of the City, does not exceed fifteen (15) percent of the current total appraised value of taxable real property in the City and in the industrial districts created by the City, if any. (f) The proposed reinvestment zone does not contain more than fifteen (15) percent of the total appraised value of real property taxable by a county or school district. (g) The improvements in the reinvestment zone will significantly enhance the value of all the taxable real property in the reinvestment zone and will be of general benefit to the City. (h) The development or redevelopment of the property in the proposed reinvestment zone will not occur solely through private investment in the reasonably foreseeable future. 09-{4266 -4- SECTION 3: The City hereby creates a reinvestment zone over the area described by the metes and bounds in Exhibit "B" attached hereto and depicted in the map attached hereto as Exhibit "C" and such reinvestment zone shall hereafter be identified as Reinvestment Zone Number One, City of Southlake, Texas (the "Zone" or "Reinvestment Zone"). SECTION 4: There is hereby established a board of directors for the Zone which shall consist of no less than seven(7)and no greater than twelve (12) members. The board of directors of the Reinvestment Zone shall be appointed as follows: Eight (8) members shall be appointed by the City Council, and the governing bodies of each of the following taxing units which levies taxes on real property in the Zone (Carroll Independent School District, Tarrant County, Tarrant County Junior College District, Tarrant County Hospital District), shall each appoint one member to the board; provided, however, that if a taxing unit waives its right to appoint a member to the board, the City may appoint such board member, in its stead. The initial board of directors shall be appointed by resolution of the governing bodies of the City and the taxing units as provided herein within sixty (60) days of the passage of this Ordinance. All members appointed to the board shall meet eligibility requirements as set forth in the Act. The terms of the board members shall be for three year terms. The governing body of the City shall designate a member of the board to serve as chairman of the board of directors, and the board shall elect from its members a vice chairman and other officers as it sees fit. The board of directors shall make recommendations to the City concerning the administration of the Zone. It shall prepare and adopt a project plan and a reinvestment zone financing plan for the Zone and must submit such plans to the City Council for its approval. SECTION 5: The Zone shall take effect on January 1, 1998, and that the termination of the Zone shall occur on December 31, 2018, or at an earlier time designated by subsequent ordinance of the City Council in the event the City determines that the reinvestment 044-1266 -5- zone should be terminated due to insufficient private investment, accelerated private investment or other good cause, or at such time as all project costs and tax increment bonds, if any, and the interest thereon, have been paid in full. SECTION 6: The Tax Increment Base for the Zone, which is the total appraised value of all taxable real property located in the reinvestment zone, is to be determined as of January 1, 1997, the year in which the Zone was designated as a reinvestment zone. SECTION 7: There is hereby created and established a Tax Increment Fund for the Zone which may be divided into such subaccounts as may be authorized by subsequent resolution or ordinance, into which all Tax Increments, less any of the amounts not required to be paid into the Tax Increment Fund pursuant to the Act, are to be deposited. The Tax Increment Fund and any subaccounts are to be maintained in an account kept at a depository bank of the City, and money deposited to the credit of such Fund shall be secured in the manner prescribed by law for funds of Texas cities. In addition, all revenues from the sale of any tax increment bonds and notes hereafter issued by the City, revenues from the sale of any property acquired as part of the tax increment financing plan and other revenues to be dedicated to and used in the reinvestment zone shall be deposited into such fund or subaccount from which money will be disbursed to pay project costs for the Zone or to satisfy the claims of holders of tax increment bonds or notes issued for the Zone. SECTION 8: If any section, paragraph, clause or provision of this Ordinance shall for any reason be held to be invalid or unenforceable, the invalidity or unenforceability of such section, paragraph, clause or provision shall not affect any of the remaining provisions of this Ordinance. SECTION 9: It is officially found, determined, and declared that the meeting at which this ordinance is adopted was open to the public and public notice of the time, place, and subject matter of the public business to be considered at such meeting, including this Ordinance, was given, all as required by V.T.C.A., Government Code, Chapter 551, as amended. SECTION 10: This Ordinance shall take effect and be in force 0444266 -6- immediately from and after its passage on the date shown below. PASSED ON FIRST READING, August 5, 1997. PASSED ON SECOND READING AND ADOPTED, this 23rd day of September, 1997. CITY OF SOUTHLAKE, TEXAS C Wa/ z Mayor ATTEST: h4Z,A. ~ khaX--(~ City Secretary "0601jTNt APPROVED AS TO LEGALITY: ~-m= a O co ~~iunnu~►tt~ `J City Attorn 04,14266 - 7 - Exhibit 'B' Beginning at the intersection of the south right-of-way line of F.M. 1709 (Southlake Boulevard) and the projection of the west right-of-way line of Carroll Avenue (said right-of-way being either the existing or what becomes future right-of-way after future right-of-way acquisition). THENCE NORTH, along the west right-of-way of Carroll Avenue (said right-of-way being either the existing or what becomes future right-of-way after future right-of-way acquisition) to the intersection of the said west right-of-way line of Carroll Avenue and the south right-of-way of State Highway 114 (Northwest Parkway) (said right-of-way being either the existing or what becomes future right-of=way after future right-of-way acquisition); THENCE NORTH, along the west right-of-way of the intersection of State Highway 114 (Northwest Parkway) and Carroll Avenue (said right-of-way being the west right- of-way after right-of-way acquisition is complete for the construction of State Highway 114 improvements) to the intersection of the north right-of-way of State Highway 114 (said right-of-way being either the existing or what becomes future right-of-way after future right-of-way acquisition), and the west right-of-way of Carroll Avenue (said right-of-way being either the existing or what becomes future right-of-way after future right-of-way acquisition); THENCE EAST, along the north right-of-way of State Highway 114 (Northwest Parkway) (said right-of-way being either the existing or what becomes future right-of-way after future right-of-way acquisition) continuing to the intersection of the east right-of-way line of Kimball Avenue (said right-of-way being either the existing or what becomes future right-of-way after future right-of-way acquisition); THENCE SOUTH, along the east right-of-way of State Highway 114 (Northwest Parkway) (said right-of-way being the east right-of-way after right-of-way acquisition is complete for the construction of State Highway 114 improvements) to the intersection of the south right-of-way of State Highway 114 (said right-of-way being either the existing or what becomes future right-of-way after future right-of- way acquisition), and the east right-of-way of Kimball Avenue (said right-of-way being either the existing or what becomes future right-of-way after future right-of- way acquisition); TI IFNCE SOUTH, continuing along the cast right-of-way of Kimball Avenue (said right-of- way being either the existing or what becomes future right-of-way after future right-of-way acquisition) to the intersection of the south right-of-way of F.M. 1709 (Southlake Boulevard); and the said east right-of-way of Kimball Avenue; THENCE WEST, along the south right-of-way of F.M. 1709 (Southlake Boulevard) to the projection of the intersection of the west right-of-way of Carroll Avenue (said right-of-way being either the existing or what becomes future right-of-way after future right-of-way acquisition) and south right-of-way of F.M. 1709 (Southlake Boulevard) to the POINT OF BEGINNING, containing 256 acres, more or less. GAllasemaps\S1, KE\927-05 b.wpd September 16, 1997 EXHIBIT 'C' H. CHIVlERB Y 4 nr k J+fl x. v ' 1° o 2 i 4 al O4i'/- :i 79G 1 I+a, m n i J+CS ~ < m 0 i ' J 14 i+el TA J+G `'ql T C Ja k 29u ' (all aE >w • crtr I+q I 04 A, u i - I.M+ a ~~I\I K i 4-- L01 J K , TJ ;vii[ JACK U. a,+ 1. , •Q u, k 1+p suu . i . - J. JOHNSON 3W Sul _ al K a I 4 - a a li L~7 ii TL i I • I+1- I.w y 14R Jw . ° 2.2 1 1. ~<~~'j. . 1 LLJJ ] _ 1 iw PjRik • m J+W t u pii"' 2° f.. Nt 4 THE auk - I - 1 i~ y tt - + • c,sr ..wa4o Srar I+u l+u . . 24 7 ii nil 2~'-. a.. •,rrlt4i~'r r 1: c J - • I c u to x 1 a L ❑ N 14 ~ J Y ~ xl ` 21, an k . - - 9..14 SN 701 ~ 1 . a -i Y. HALL 3. . RICA W® EA®S Sri" I r a a x Y , ' i i ~ 54 do THOMAS-fr IIAW n. lee Ills? 191 J a _ _ I ' 1 1 IBI a ]af 191 295 io x x a 29 ITY 1x Ip i; • • 1 ° • I HALL i..i\ - - - _ - a lD a 29 F 3. -A ' 40 2A - - as 22+- L a u e u l NORTHW x x1 EST PKWY E ST ,~A.1+ ni' x a f.. , 19.29 SK w ! i 1.162 k + I ~M' _ ^ I tea, L 192 '4+ar 9Wrlar9 avp x s w n a " i i • W _ /!991. I .J , • _ I I x N 4 3m M1 _ - a 6 k ~ - I+lf.i. r•, o • - - „ 292 D1 n 4/i i - - 2 2+ w i+i+ Iw 17.14 J N 11 ,l . x! 1 1 I I I I ! 1 1 1 1 1 - aN 2U+ ~ + ' 1 1 1 1 1 1 1 1 1 1 Qp4 29 ,:x.', !E~; !+!.~W A~6•' n.~._. Ems--. IT J us 4 ' i' 1 • i' 1' i • :.,,,till a 10 Exhibit 'B' Beginning at the intersection of the south right-of-way line of F.M. 1709 (Southlake Boulevard) and the projection of the west right-of-way line of Carroll Avenue (said right-of-way being either the existing or what becomes future right-of-way after future right-of-way acquisition). THENCE NORTH, along the west right-of-way of Carroll Avenue (said right-of-way being either the existing or what becomes future right-of-way after future right-of-way acquisition) to the intersection of the said west right-of-way line of Carroll Avenue and the south right-of-way of State Highway 114 (Northwest Parkway) (said right-of-way being either the existing or what becomes future right-of-way after future right-of-way acquisition); THENCE NORTH, along the west right-of-way of the intersection of State Highway 114 (Northwest Parkway) and Carroll Avenue (said right-of-way being the west right- of-way after right-of-way acquisition is complete for the construction of State Highway 114 improvements) to the intersection of the north right-of-way of State Highway 114 (said right-of-way being either the existing or what becomes future right-of-way after future right-of-way acquisition), and the west right-of-way of Carroll Avenue (said right-of-way being either the existing or what becomes future right-of-way after future right-of-way acquisition); THENCE EAST, along the north right-of-way of State Highway 114 (Northwest Parkway) (said right-of-way being either the existing or what becomes future right-of-way after future right-of-way acquisition) continuing to the intersection of the east right-of-way line of Kimball Avenue (said right-of-way being either the existing or what becomes future right-of-way after future right-of-way acquisition); THENCE SOUTH, along the east right-of-way of State Highway 114 (Northwest Parkway) (said right-of-way being the east right-of-way after right-of-way acquisition is complete for the construction of State Highway 114 improvements) to the intersection of the south right-of-way of State Highway 114 (said right-of-way being either the existing or what becomes future right-of-way after future right-of- way acquisition), and the east right-of-way of Kimball Avenue (said right-of-way being either the existing or what becomes future right-of-way after future right-of- way acquisition); THENCE SOUTH, continuing along the east right-of-way of Kimball Avenue (said right-of- way being either the existing or what becomes future right-of-way after future right-of-way acquisition) to the intersection of the south right-of-way of F.M. 1709 (Southlake Boulevard); and the said east right-of-way of Kimball Avenue; THENCE WEST, along the south right-of-way of F.M. 1709 (Southlake Boulevard) to the projection of the intersection of the west right-of-way of Carroll Avenue (said right-of-way being either the existing or what becomes future right-of-way after future right-of-way acquisition) and south right-of-way of F.M. 1709 (Southlake Boulevard) to the POINT OF BEGINNING, containing 256 acres, more or less. G:\Basemaps\SLKE\927-05 b.wpd September 16, 1997 EXHIBIT 'C' H. CHIVERS Y K 1N{ V _ 6 w 6.98 K SAit 6 2 1.~• A-20 Um "I ty A[ 311 6K SACI \ 3A[1 62 J'\ J. A IN 7AC5 7 ID .(,.:k a' i / i 3.21 K SA[3 IEE2 :4. i 11 i f, 7AIW JAS i UK ` i 311t 3A63 y ' J` J - - ' Q~ ® x u ❑ i_. //A~® r\' NF \ :\)a j I r'J:7• .S(.!.,. _ 71I L. I .l. A~ k't u i i _.y.~ 'r.-. 6.Si Ac / yl ' 11 SOUTHLAM 1. -q- 1 3012 CITY uw 'jAc SA9QA 3jA~YT k/ JACK O. 0.17AC 7A9SIil OH'ISON - - ; J - SAN SA9n _ V K lE Ii.LI~J\1ly Z\ - r..~l.~ O \ SAW .------U K It1 2A5 r 6.91 K T14 A411~' { f r , CAST WMENO STA[[r , • 2M ii J 5 i i C C L f [ 8 I K u 20 x '4 LPN a 2 502 e 62 D2A 2A'\ f 0.75 K sm A2 0.75 AC 503 / I 10.1 AC SA2 SD1 ti•-~ ) 10 1. HALE vEr A-693 i r Ar81 , C SA3AI J j + J I f j sT ~.1 ~ SC 311 . If THOMAS -N HAN 211 2B 2B8 2e7 291 o , i ~ l~ ~ / uuvtr A-a, ~ it >a1e AJ i s J/ 5 • i • , 28 A l-' 282 2B 183 288 2B5 2D x x 2L 2B MR U I SCID s` I .\1 317 w J!~•,Ir . CITY x j1 25 ' HALL 2u }•~-Jar-+~0. L r i - 1 _.J 3820 .JI_I _•L.i. _ • • A 5828 582, _ .Y.. •y ~r.+' ~ » B ' tat C % NORTHWEST pKWy x xI EST ( `o 3 K 2Y 1 / 2 381 a 1 7.[63 K { ...1 1• CM•'- .M A.^srr ; ~r+f ; 3DI 391A JD' J. 2A2 '[AST fO,TKArAf iv0. ~ 1 r•-. 3P4 Poo '1 aw// I •1[IJ rn [ I I k 3B 10 W 7A • ; 1 2 >a 62A 62 6 SBI L._. 2 ry.1 1. a• , 1 ete x .6t K 5.36 K . 1 - 'g 6 K ■ u ; Ares :ind K ! JM ~ x e Ar, Mid' 1 ~ ;~•;,;ia ' 3Dt 15 At/ I 2 . `2A 2A3 MA 2Au j , 5 22.n Ac 302 2A l 1 I , i/~~ i• !iiiii i t i i i i i J a i a i - ~ 1 2ASA '4 QM Ag 1 \ ; y r 1 3A Lik R A, IT 0.0 20 K / 1 t 1r 1 / I ! 1 I ! / 1 ! 1 \A J H / I 1 _ . _ T-~ CITY OF SOUTHLAKE PROPOSED TAX INCREMENT REINVESTMENT ZONE #1 PRELIMINARY PROJECT AND FINANCING PLAN June ?4, 1997 revised September ? 3, ]997 CITY OF SOUTHLAKE PROPOSED TAX INCREMENT REINVESTMENT ZONE #1 PRELIMINARY PROJECT AND FINANCING PLAN TABLE OF CONTENTS Project Plan 1) Existing L-ses and Conditions of Real Property Proposed Improvements to and Proposed Lases of That Property 3) Proposed Changes of Zoning Ordinances. Master Plans. Building Codes 4) List of Estimated Nonproject Costs 5) Statement of a Method of Relocating Persons to be Displaced as a Result of Implementing the Plan Financing Plan 1) Proposed Public Works and Improvements in the Zone Estimated Project Cost of Zone. including administrative expenses 3) Economic Feasibility Study 4) Estimated amount of Bond Indebtedness Time When Related Costs Or I'vIonetarv Obligations Are To Be Incurred 6) Description of Financing Methods 7) Current Total Appraised Value of Taxable Real Property in the Zone 8) Estimated Captured Appraised Value of the Zone during Each Year of its Existence 9) The Duration of the Zone Exhibits A Legal Description and Map of The Reinvestment Zone B Tax Increment Reinvestment Zone Analysis C Proposed Capital Improvements D Listing of Properties and Appraised Taxable Real Value E Resolution No. 97-43 Setting A Public Hearing On The Creation Of the Reinvestment Zone and Public Notice Of A Public Hearin- on The Creation of A Reinvestment Zone F Concept Plan Town Center - Phase I Town Center - Phase 11 PROJECT PLAN Tax Increment Reinvestment Zone `umber One Southlake, Texas The Cit% of Southlake proposes to establish a Tax Increment Reinvestment Zone for the purpose of dedicatirn; the tax revenue generated within the zone to a comprehensive infrastructure and facility development plan. The TIRZ is specifically defined by metes and bounds in Exhibit A- L The area consists of approximately 256 acres in an area bounded by State Highwav 114. North Kimball Avenue. East Southlake Boulevard (F. M. 1709) and North Carroll Avenue. The Cite is creatina this zone to encourage quality commercial development along the Highway 114 corridor. The area is primarily undeveloped and the City intends to capture the anticipated incremental tax revenue increase to apply to targeted public improvement projects that benefit all the overlapping taxing jurisdictions. This TIRZ zone represents an area that will develop folly at some point in the future. however active business/commercial development occurring to the west of the proposed zone may affect the zones immediate development. With the creation of a Tax Increment Reinvestment Zone. property tax revenues in excess of the current appraised taxable value will be used to finance public improvements %vithin the TIRZ Zone. The TIRZ will exist for the nett t,,venty years or the date when all project costs are paid and the debt is retired. whichever comes first. As set forth in Section 311.011 in the Tax Increment Financing Act of the Tax Code. the Project Plan for the Tax Increment Reinvestment Zone Number 1. Southlake Texas must include the following elements: 1. A map showing existing uses and conditions of real property- in the zone and a map showing proposed improvements to and proposed uses of the property. The boundaries of the Tax Increment Reinvestment Zone are shown in Map 1. The majority of the TIRZ area is open and undeveloped. Approximately 123.85 acres, or 48.4%. receives an agriculture deferral designation by Tarrant County Appraisal District. The far southeast corner of the area is in the 75 'LDN' noise contour of Dallas/Fort Worth International Airport. while the remainder is within the 65 `LDN' noise contour. 'LDN' is the abbreviation for the average day/night sound level calculation methodology used by airport operators to determine noise levels. The current zoning districts approved in the TIRZ are C3-General Commercial. NR-PUD- Non-Residential Planned Unit Development, and CS-Community Service. The current approved zoning districts are included on a map designated as Map 2. The City of Southlake Land Use Plan adopted in June 1993 designates all of this area as Mired Use. :Mixed Use includes office buildings. hotels. and commercial and retail centers that serve local and regional needs. Nuisance-free. wholly enclosed light manufacturing and assembly ` J uses that have no outdoor storaLre are permitted if designed to be compatible with adjacent uses. Other suitable activities within the :Aired Use land use category are Public Parks:'Open Space. Public 'Semi-Public. Low Density and Medium Density Residential land use designations. Nlap 3 shows the Land Use Plan for the TIRZ area. Map 4 shows the current uses within the TIRZ area. This is not an exhaustive display. but is intended to pro%ide a feeling of the current area and the possibility of expansion. The TIRZ has some existir._ development including, Southlake Cite Hall. Walmart. Kroger. Home Depot. Blockbuster Video. and several other retail commercial units. Business areas. such as Village _ Center. have the opportunity to include more tenants. and this development would be included in the incremental tax calculations. The final map. Map 5, shows the phasing of the development within the TIRZ based on what is anticipated to occur. It emphasizes the stages of the Southlake Towne Square development, and is more indicative of the projected revenue streams from the order of development. It is not intended to be a definitive statement of all projects and developments which may occur on the TIRZ area. The contents of the maps are as follows: .,lap 1 of Boundaries of the Reinvestment Zone \,Iap 2 of 5 TIRZ Zoning Nlap 3 of 5 Land Use in the TIRZ Map 4 of 5 Current Uses and Conditions of Real Propem- in the TIRZ Nlap 5 of 5 anticipated Phases of Development within the TIRZ Area 2. Proposed changes of zoning ordinances, the master plan of the municipalih, building codes and other municipal ordinances. No changes are anticipated to any cite codes or ordinances by the creation of the Tax Increment Finance Zone. This does not preclude. however. the possibility of planning and zoning changes subject to the standard planning and zoning process and procedures. 3. A list of estimated non-project costs. Non-project costs within the TIRZ zone are those development costs not paid for by the TIRZ. These will include. but are not limited to. $261.5 million for the Southlake Towne Square which comprises 140 acres or slightl\ more than one hall of the total land area of the Tax Increment Reim estment Zone. The figures. provided by the de\ eloper. were approximations based on the information they had access to as of September 16. 1997. This provides a conservative projection of assessed value growth and the potential funds available for public improvements. No information is available at this time on the potential value of projects arising from the other nun-developed property or from the value of expanding uses currently %%']thin the TIRZ Zone. 4. A statement of a method of relocating persons to be displaced as a result of Prehminarn Project and Financing Plan Tax Increment Zone #1 Southlake. TX Page 2 923/97 A. i implementing the plan. In the process of developing the TIRZ '1 it may be necessary to relocate individuals and businesses. In the event that this is required. the City will f~)llo%v the procedures that would be used in the development or construction of other public improvements outside the zone. Preliminar- Project and Financing Plan Tax Increment Zone #1 Southlake, TX Paoe 3 9!"_'3'97 FINANCING PLAY Tax Increment Reinvestment Zone Number One Southlake, Texas The Financing Plan provides information on the projected monetary impact that the formation of the TIRZ could have on the property described in Exhibit A. It will also describe how that impact can be utilized to enhance the area and region through leveraging the resources of each entity who participate in the project. Subject to approval of the final project plan and financing plan additional contractual information will be incorporated into this plan. These items include (1) the interlocal agreement between the overlapping taxing entities and the City; (2) Redevelopment agreements between the primary developers and the City; (3) Financial Analysis of the impact on the Carroll ISD if they choose to participate, plus other items as necessary to develop the final Financing Plan. The Tax Increment Reinvestment Zone Analysis, prepared by First Southwest Company, is included in its entiretv in Exhibit B. Below is an abbreviated summary of the Financing Plan items required by law. 1. The proposed public improvements in the zone are as follows: • acquisition and construction of public works, public improvements, new buildings, structures, and fixtures: the actual costs of the acquisition, demolition, alteration. remodeling, repair, or reconstruction of existing buildings, structures. and fixtures: and the actual costs of the acquisition of land and equipment and the clearing and grading of land: • financing costs, including all interest paid to holders of evidences of indebtedness or other obligations issued to pay for project costs and any premium paid over the principal amount of the obligations because of the redemption of the obligations before maturity: • real property assembly costs: • professional service costs, including those incurred for architectural. planning. engineering. and legal advise and services: • imputed administrative costs, including reasonable charges for the time spent by employees of the municipality in connection with the implementation of the project plan: Prelimtnan- Project and Financing Plan Tax Increment Zone #1 Southlake. TX Page 4 9/23:97 • relocation costs: • orQanizat?onal costs, including the costs of conducting environmental impact studies or other studies. the cost of publicizing the creation of the zone. and the cost of implementing the project plan for the zone: • interest before and during construction and for one year after completion of construction, whether or not capitalized. • the cost of operating the reinvestment zone and project facilities: • the amount of any contributions made by the municipality from general revenue for the implementation of the project plan: and • payments made at the discretion of the governing body of the municipality that the municipality finds necessary or convenient to the creation of the zone or to the implementation of the project plans for the zone. The specific capital improvement projects anticipated to be undertaken in the TIRZ #l. Southlake are included as Exhibit C. 2. Estimated Project Cost of Zone, including administrative expenses. Project costs are estimated at approximately 26 million dollars. Specific cost estimates are included in Exhibit C. 3. Economic Feasibilitv Study. The fiscal impact of phased development is outlined in the Tax Increment Reinvestment Zone Analysis (Exhibit B). Not reflected in this analysis is the anticipated sales tax and personal property tax revenue which would be in addition to the real property tax. These revenue streams would not be designated to be used specifically in the zone. 4. The estimated amount of bonded indebtedness to be incurred. The total principal amount to be issued for project costs is estimated at S26 million. 5. The time when related costs or monetary obligations are to be incurred. It is anticipated that debt will be issued in phases to fund a portion of the public works improvements that the corresponding real property development will Preliminan• Project and Financing Plan Tax Increment Zone #1 Southlake, TX Page 5 9123/97 require. Please refer to Exhibit C for the details regarding the phasing and type of improvements. 6. A description of the methods of financing all estimated project costs and the expected sources of revenue to finance or pay project costs, including the percentage of tax increment to be derived from the property taxes of each taxing unit on real property in the zone. Project costs will be financed through the issuance of debt instruments or through use of tax increment funds received. The revenue source will be the real property taxes captured by the TIRZ District, which will account for 100% of revenues used to retire the debt. For the Preliminary Financial Plan, the City of Southlake, Tarrant County, Carroll Independent School District, Tarrant County Junior College District and Tarrant County Hospital District are illustrated as participating at 100% in the TIRZ. 7. The current total appraised value of taxable real property in the zone. The current total appraised value of the taxable real property in the zone using the 1997 preliminary values provided by the Tarrant Appraisal District is $33,355,286. The taxable value of those same properties is $26.415,878. after deducting $6.939.408 for agricultural deferrals granted by the Appraisal District.~A listing of properties is included in Exhibit D. The total taxable value of all properties on Southlake is 51.573 billion based on 1997 preliminary Tarrant Appraisal District Values. 8. The estimated captured appraised value of the zone during each year of its existence. The estimated appraised value of the improvements in the zone per year is listed in the following table. The estimated value of the zone assumes an annual growth in the appraised value of 3%. This is less than the historic average annual growth of 6 % in assessed values in Southlake since 1992. Prelimnnar% Project and Financing Plan Tax Increment Zone #I Southlake, TX Page 6 9,_3/97 Ah. Incremental Incremental Fiscal Year Taxable Assessed Fiscal Year Taxable Assessed Valuation Valuation 1998 0 2009 274,421,823 1999 0 2010 306,631,977 2000 23.000,000 2011 339,808,437 2001 46,690,000 2012 350,002,690 2002 72,643,200 2013 360,502,771 2003 99,374,996 2014 371,317,854 2004 126,908,746 2015 382,457,389 2005 154,693,508 2016 393,931,111 2006 183,311,814 2017 405,749,044 2007 212,788,668 2018 417,921,516 2008 243,149,828 9. The duration of the zone. The zone is proposed for creation in September 1997, with an effective date of January 1, 1998. It is proposed that the zone exist for 20 years with the termination of the zone set as either September 30, 2018 or the date when all project costs are paid and all debt is retired, whichever comes first. Preliminan Project and Financing Plan Tax Increment Zone 111 Southlake, TX Page 7 9123.97 E`JEBIT A Begianinq at the intersection of the south right-of-wa\• line of F.M. 1 X09 (Southl~ e Boulevard) l~ a;:-~ :..e pCO;eC'[IOn Of i.^a' \\'eji C1.ht-o -\tay line of Carroll A'Venlle l;u r'0rh[-Oi-'.\2\• Celn`~ t'lii z: Lle exiStinL,_ Or %%rat becOnieJ turlue -igh-L-o-L-way after future ri`Th[-Oi-\\?\ al''1L115;:lo ii). Tn I C E NORTH. along the e,;i ri2 [-of-\\':1of Carr o i1 .A\e:.... rof-`•\ I gel^' ei:* er:F•e .xistin` L,. \\ha: cecomes future ri_r i-L acquisition) to the intersection of the said xesi right-of=\va'. line of Carroll .Avenue and the south right-of-v,av of State Highway 11-1 (\orth\\est Park\\a\•) (said rig?ht-of-\vav being either the existing or \vhat becomes CL;illre right-of=\vav after future right-of-way acquisition). THENCE NORTH. alon`, the vies[ right-of-wav of the intersection of State Hi_hwav I IY ('North\\est Parkwav) and Carroll Avenue (said riLht-of=\vav bein._~ the \veS: riPub- of-\\a; miht-ol-way acquisition is complete for the constr ezion ofS[.2te 1-11,'h\va.: 1 lY improvements) to the intersection of the r.orih rizht-of-wav of State High\vay 114 (said right-of-\vav being, zither the existing or what becomes future ridt-of-wav after future right-of-way acquisition), and the west right-of-way of Carroll Avenue (said right-of-way being either the existing or what becomes future ri~_ht-of-wav after future right-of-way acquisition): THENCE EAST. along the north right-of-way of State Highway 1 14 (Northwest Park\vav) (Said rig=ht-ot-\\,t\' bein, either the existing, or %%-hat becomes future lht-o av al":~r future r:-hi-oC-\\'a\• acquisition) continuing to the ;r-ersect'on OF --s: riL,_hi-of-w•av line of Kimball Avenue (said right-of-wav being either the existing or what becomes future right-of-wag after future right-or=way acquisition): FHENCE SOUTH. along the east rigghi-of-wav of State Highway 112 (Northwesi Park`•vav) (said night-of-w'av being the east right-of-wav after right-of-wav acquisitioni is coir.plete for the construction of State Highw'av 114 improvements) to the intersection ofthe SOLIth right-of-\vav of State Hiehw•av 114 (said r1ehi-of-`X2- be; eiiher e existi^3 or `.ghat becomes future right-of :\a\ aer future ri-of- a "u:s;..-);i). and [ eas[ r1Lh[-of-w'a' of Kimball - . e ilie (j.1i a r'?n[-C -\\'a'• bci::_ either . e existing or hat becomes future ri~_ht-o.-'•\av after future r -of- acquisition): - THENCE SOUTH. continuing along the east right-of-wav of Kimball Avenue (said right-of- w.av being either the existine or what becomes future ri<_hi-of-,.vav after future m -,hi-of-way acquisition) to the intersection of the south right-of-\\a\- of F. I. 1709 (SOUthlake Boulevard). and the said east right-of-% ay of Kimball .Avenue: THECE V•cST. along : e south ri_Pub-of-wav of F.M. 1709 (Sou:-!_-k1- Bo::le•:arc~ intersection, of the west rlght-of-\va\ of Carroli A en'ue rlgn[-of-w"a\ being either the existlnJ or what becomes fi;:ure riah[-of-\va•: a:-Ler future right-o7 way acquisition) and south right-of-way o F. I. 1709 (Sou-.'-lake Boulevard) to the POINT OF BEGINNING, containing ?56 acres, more or less. G 3asrm3ps SLKE 9' pi Sc;,[when 15. !-W7 ) A-1 (ki•e — c ''—:—....•••• • : _____.---.\ / �JY' yc '"`['• a w t o !•111 �/ A115 ' a � g • �'' imyr. Ury user, v . • r _ � i -' - -- ' � ..__ I S. .0 , ]t �- J..J: J•. '- i' \ / Yfi,i `•- .n I J 4. '' - CY.0 _> • TES- . .. t :.:= 1 ,-, • • • :�?V I I P I : ii 1 n + 1 � _.(2Sc;. '.A i i �.ti (1 ,- ' 'I •I t� � _ _ _��- _ _-'.tom! C�' h-,..„,5,:-.A Fi i - \ '© :c ut , : `I-.� . AA ./■ Sir Y:' \ 1 L UK __ j ri 1. riXJ X ) / 4�N L ' ' r- 3-. 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A` 1 .` CITY OF SOUTHLAKE TAX INCREMENT REINVESTMENT ZONE ANALYSIS PREPARED BY: FIRST SOUTHWEST COMPANY September, 1997 B - I CITY OF SOUTHLAKE TAX INCREMENT REINVESTMENT ZONE ANALYSIS TABLE OF CONTEN'T'S FINANCING OPTIONS FOR TAX INCREMENT SUPPORTED DEBT SECTION A SOURCES OF TAX INCREMENT FUND REVENUES SECTION B PROJECTED TAx INCREMENT FUND CASH F LOws SECTION C B-2 CITY OF SOUTHLAKE TAX INCREMENT REINVESTMENT ZONE ANALYSIS FINANCING OPTIONS FOR TAX INCREMENT SUPPORTED DEBT B-3 CITY OF SOUTHLAKE TAX INCREMENT REINVESTMENT ZONE ANALYSIS TAX INCREMENT REVENUE CALCULATIONS The City creates the Tax Increment Reinvestment Zone. The Base Value is the value that is on the ground when the Tax Increment Reinvestment Zone (the "Zone") is Created. The Captured Assessed Valuation is the real property which is added to the tax base after Zone is created. The Captured Assessed Valuation does not include personal property. The Tax Increment Reinvestment Zone has no taxing powers; however, participating political subdivisions' tax revenues generated on the Captured Assessed Valuation are diverted to the Tax Increment Fund. Tax increment revenues can only be used for the benefit of the property within the Zone, including paying for capital improvements and paying debt service on bonds issued for improvements. A Tax Increment Reinvestment Zone has a defined period of existence which is generally related to the term of debt. Once the Zone is abolished, the tax revenues are no longer diverted to the Tax Increment Fund. The City creates the Zone and is the issuer of debt. Other participating political subdivisions allow their tax revenues to be diverted to the Tax Increment Fund and have representation on the TIRZ Board. B-4 CITY OF SOUTHLA E TAX INCREMENT REINVESTMENT ZONE ANALYSIS FINANCING OPTIONS FOR TAX INCREMENT SUPPORTED DEBT Certificates of Obligation ♦ Generally, the same rating as general obligation bonds; ♦ Require a pledge of tax increment revenues and ad valorem property taxes; ♦ Are subject to vote if petitioned by 5% of the registered voters; ♦ Most cost effective debt option; ♦ Sold on a more timely basis. Revenue Bonds ♦ Supported solely by the revenues generated by the tax increment reinvestment zone; ♦ Cannot generally be marketed until improvements are on the ground; ♦ Generally, these are sold at a lower rating than certificates of obligation; ♦ They require the use of a Reserve Fund and restrictive additional issuance covenants; ♦ Higher borrowing costs. B-5 CITY OF SOUTBLAKE TAX INCREMENT REINVESTMENT ZONE ANALYSIS FLOW-OF-FUNDS B-6 CITY OF SOUTHLAKE Flow-of-Funds Tax Increment Reinvestment Zone, Certificates of Obligation Tax Increment Revenues CitN Ad Valorem Property Tax Revenues" V Capitalized Interest Tax Increment Fund Fund l - - - - ► Debt Service Fund - - - - - - - V Bond Holders - - - - - --a Reserve. Fund j ~ - It necessan. - Durine coactruction period nntc. B-7 CITY OF SOUTHLAKE TAX INCREMENT REINVESTMENT ZONE ANALYSIS SOURCES OF TAX INCREMENT FUND REVENUES B-8 p C O I-C ~c 00 C o0 00 M r r O ^ 'll C, - \C V O N C, r v'1 OC AC 00 00 C, Q VC r 00 M c v^. 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M M ~O M - C ~0 00 C Vl M C O, t- Cl . E ` ~ h S N O N D` r: C M N M C ~0 O0 0- N M h~ d h C n 0` N N N N M M M M M M M C C C 00 r L ~ GQ c ~ E. E > o c V ~ ~ II O C ~p N N O ■OWN c w.+ O E r.^.r L. rwr~ pt c ~ ca, O- N M C V1 ~o 00 ^ O- N M Q v1 ~o 00 3 3 L' ce L E C` O O C c c c O C-- p Ir N CC ^ V _ a 0 o c c o 0 0 0 0 0 0 0 0 0 0 0 M M M M r"', M M M M f^. M M M M M M M M M < a.i \J c v o o c c c a a c ^1, c o, ON o, (31, Q, C, a, as O v E- L r c N C - u v w O cn cn ti < 0 00 O, O - N C V) 'o h 00 O, O - N M C V1 ~o t~ O O O O C O O O O C O\--\-`\` m - U L z O- N M C r o0 O O R.'7 CITY OF SOUI'HLAIE TAX INCREMENT REINVESTMENT ZONE ANALYSIS .PROJECTED TAX INCREMENT FUND CASH FLOWS B-13 CITY OF SOUTHLAKE TAX INCREMENT REINVESTMENT ZONE ANALYSIS SUMMARY OF ASSUMPTIONS ♦ Incremental Taxable Assessed Value ("TAV") projections based on construction cost information provided by Developers of property within Tax Increment Reinvestment Zone # 1). ♦ TAV projected to be impacted by annual inflation rate of projected at 3.0%. ♦ Project tax rates are based on the current 1996 / 1997 tax rates of the overlapping participating taxing jurisdictions. ♦ All bond issues amortized at 6.5% rate of interest. ♦ 1998 and 1999 debt service requirements for Series 1997 issue funded by capitalized interest. ♦ The timing and size of issues subsequent to the Series 1997 issue contingent upon incremental TAV figures which allow for a 1.05 times debt service coverage based on the assumption that Carroll ISD can not participate in the TIF fund. 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U v, x x C r c x IC a x r,4 h C t~ M, Q - OC M r M rn N r L 7 i, i i N tr, ^ rn rn Cn rr. - _ N r r v-. x II vi P C - v, r, C C o x rn ^ C r v I: r x x 'r- M M, - C C, C~ ^ M, V^^r N c x h '7 (V Or 1~ Vr 'S M N v1 M I~ emu, bo~ N M, ,Zr , r r oc a a C, - V ~ V ~ 0' R C a T N N. ^~C r x 01% to _ C N N N N N N N N N N N N N N N N N N N r = C > = u r x _ N r~~.^, r OC ^ N rr. C rte, vi r C t - - - - _ - - - - _ - - - _ r. O LL C - i La. V r - N C x V Exhibit C Reinvestment Zone #1, Southlake Proposed Capital Improvement Program Type of Allowable Project Costs Phase One Phase Two Phase Three' Total Public Buildings and Facilities Joint City/County/CISD Facility $ 7,895,160.00 $ 7,895,160.00 Parking Facilities $ 5,000,000.00 $ 5,000,000.00 Public Parks $ 1,134,154.00 $ 1,572,465.00 $ 2,706,619.00 Land Acquisition Special Structures Landscaping Trails General Infrastructure Water Utilities $ 548,380.00 S 881,682.00 $ 2,311,744.00 Sewer Utilities $ 216,148.00 S 350,234.00 $ 916,616.00 Storm Water $ 399,669.00 S 1,010,522.00 $ 2,420,713.00 Streets and Curbs S 1.329.972.00 S 1,925,905.00 $ 2.500,000.00 S 5.755,877.00 Traffic Control S 1,000,000.00 $ 1,000,000.00 Sidewalks/Streetscape S 3.484.739.00 S 4,907.623.00 S 8,392,362.00 Demolition & Excavation Earthwork/Grading S 302.540.00 S 488,585.00 S 1.279,710.00 Engineering/Contingency Total Development Infrastructure S 7.281.448.00 S 9,564,551.00 S 16.845.999.00 40% of Developer Infrastructure $ 2,912,579.20 $ 3,825,820.40 S 6,738.399.60 Operational and Maintenance Capital Maintenance $ 1,000,000.00 S 1,000.000 00 Other Incremental Costs Professional Services $ 200.000.00 S 200.000 00 TOTAL COSTS S 12,141,89120 S 6.398.285.40 $ 7.500.000 00 $ 26,040,178.60 ' These street costs include road improvements to Carroll Ave and Kimball Ave. They are either on the periphery of or exterior to the Rialto Development and thus the costs are covered 100% by TIRZ revenues C-l Reinvestment Zone #1, Southlake Proposed Capital Improvement Program Rialto (Phase I and II) Phase One Phases To Build Out Total (Approx. 40 Acres) (Approx.88 Acres) Water Utilities $ 548,380.00 $ 881,682.00 $ 1,430,062.00 Sewer Utilities $ 216.148.00 $ 350,234.00 $ 566,382.00 Storm Water $ 399,669.00 $ 1,010,522.00 $ 1,410,191.00 Streets and Curbs Street #1 $ 401,743.00 Street #2 $ 74,727.00 Street #3 $ 56.007.00 Street #4 $ 304,678.00 $ 77,437.00 Street #5 $ 56, 007.00 Street #A $ 217,700.00 Street #B $ 138,818.00 $ 132,222.00 Street #C $ 221600.00 $ 123,316.00 Street #D $ 279.221.00 $ 162,105.00 Common Access $ 341,486.00 FM1709 Modifications $ 6.000.00 $ 10,500.00 Subtotal $ 1.064.331.00 $ 1,541,236.00 $ 2,605,567.00 Markup' $ 265.641.00 $ 384,669.00 $ 650,310.00 Total Streets &Curbs $ 1.329,972.00 $ 1,925,905.00 $ 3,255,877.00 Sidewalks/Streetscape Type A Streetscape - 2 Edges $ 1.263.783.00 Type B/C Streetscape - 2 Edges $ 1.175.474.00 $ 2,837,196.00 Type D Streetscape - 2 Edges S 402,986.00 District Edge - SH1709 $ 129 640.00 S 100,008.00 District Edge - SH114 $ 237,125.00 District Edge - ADJ. C3 $ 61,032.00 District Edge - Carroll $ 112.528.00 $ 137,955.00 Subtotal $ 2.681.425.00 $ 3,776,302.00 Markup' $ 803.314 00 $ 1,131,321.00 Total Streetscapes $ 3.484,739.00 $ 4,907,623.00 $ 8,392,361.00 Parks Common Open Spaces Area A3-1 S 442 118.50 Area B3-1 S 442 118.50 Area A6-1 S 838.525.00 Area 1-13-1 (Triangular Park) S 733,940.00 Special Structures (ampitheatre) $ 249.917 00 Total Parks $ 1.134.154.00 $ 1,572.465.00 $ 2,706,619.00 Demolition & Excavation 7arthwork/Grading $ 302.540.00 $ 488,585.00 $ 791,125.00 liscellaneous Engineering/Contingency(20%) TOTALS $ 7 415 602 00 $ 11.137.016.00 $ 18.552.618.00 C-- t4 x Y ~ ~ ~ O n ~ J N _ r ~ ~ i I r T ~ T N c~ ` Y` Y~ Y Y 0 o r a o o T o N T o T c h Y ~ ~t N N x ~ N n ^'f Yf J Y r Y1 Vt 'G x r1 J ^1 N ~ c .r..', at n ~ ~ ~ n n N ~ N .JGr 1 M N Y T T T i Y i Y of O ~ a. ,r P P G _ W. C r N < T ' cn: -q Z r r Y _ Y ~V :r ~ r g J v. 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O ti Nw!7 `O ~S _ r M H H O , C r y v 0 M w_e3 N , J C c H c s T o ~ a r , v v f G r v J v n~~ f7 L rte. .~.r G1 ~ p s O y ? r. C _ C ~`J - H OG a r > eoK H z T ~ n 7 J J r` a c ~ ~ c EXHIBIT E RESOLUTION SETTING A PUBLIC HEARING ON THE CREATION OF A TAX INCREMENT REINVESTMENT ZO~-E RESOLUTION NO. 97-4Y ; A RESOLUTION by 1h e City Council of the City of Southlake, Texas seuinJ a public h~!r nT on [he _-tatiO of re;nve-•.,,,.m- c zone: di ins rotice of sUc111 public hearinv be given and resolving other matters incident and related ihereto. WHEREAS. the City Council of the City of Southlake. Texas has determined a certain contiguous geographic area in the City should be desienated a reinvestment zone to promote developrnertt of rede'velopiTiem within the area pursuarit to and in accordance with the provisions or the Tax Increment Financing Act (`'.T.C.A., Tax Code, Chapter 311. as amended). hereinafter referred to as the "Act"; and WHEREAS. a description of the proposed boundaries of the reinvestment zone. -i2e:her with tentative plans for the development or redevelopment of the proposed reinvestment zone and an estimate of the ;eneral impact of the proposed reinvestment zone on property values and tax revenues, is attached hereto as Exhibit A and incorporated herein by reference as a part hereof for all purposes; and WHEREAS. before designating such area to be a reinvestment zone, the Cii'v crust hold a public hearing on the creation of the reinvestment zone and its benefits to the Ci:y and to pr:)perty in the proposed reinvestment zone: novv. therefore. BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY" OF SOC;THL.-":{E, TEXAS: SECTION 1: A public hearing shall be held on the 26th day of August, 1997, during the regular meeting of the Citv Council of the Citv to begin at 7:00 RIM., on the creation of a reinvestment zone within the area and boundaries described in Exhibit A attached hereto and mcomorated herein by reterence as a part of this Resolution for all purposes and its bene its io the Cit. and to the property in the proposed reinvestment zone. SECTION The Cite: Manager. Director of Finance and City Secretary are hereby aurhorized and directed to notify, not later than the 60th day before the date of said public hearing, the Qoverning body of each taxing unit that levies real property taxes in the proposed rein~'estment zone that the City intends to establish such reinvestment zone. Such notice to said Joverning bodies shall be in writing and contain substapiially the information appearing in I Exhibit A attached hereto, including a description of the proposed boundaries of the .i;.'•°s.ment zone. the tentative plans for the development or redevelopment of the area within E-1 [he reinvestment zone and an estimate of the general impact of the proposed reinvestment zone on property values and lax revenues. ?.ddicionaliv, such City oft:cials shall cause to be prepared on behalf of [he Cit}. a ^reliminarv reinvestmenc zone financing plan in accordance with the requirements of V.T.C.A.. Tax Code. Section 311.003(b) and make the necessary arrange Rents for the City Council to make a formal presentation to the governing bodies of the county and the school district that levies real property tars in the proposed reinvestment zone, as well as members of [he governing bodies of the other taxing units that levy real proper-IN, taxes in the proposed zone who may elect to attend such presentation; all in accordance with the provisions of .T.C.A.. Tax Code. Section 311.003(f). SECTION 3: The City Secretary is hereby further directed to cause a notice of the public hearinLy on the creation of the reinvestment zone, in substantially the form and content of Exhibit B hereto attached, to be published at least once in a newspaper having general circulation in the City not later than the seventh (7th) day before t1 he date of the public hearing. SECTION 4: It is officially found, determined, and declared that the meeting at which this Resolution is adopted was open to the public and public notice of the time, place, and subject matter of the public business to be considered at such meeting. including this Resolution. was given. all as required by ly".T.C.A., Government Cede. Chaplet 551, as amended. SECTION 5: This Resolution shall take effect and be in full force immediately from and after its date of adoption shown below. PASSED AND ADOPTED. this June 24, 1997. Nfavor, City of Southla:{e. Texas ATTEST: Cite Secretary. City of Southla?ce. Texas (City Seal) E-2 EXHIBIT E PL-BLIC NOTICE NOTICE OF A PUBLIC HEARING ON THE CREATION OF A REINVESTMENT ZONE The City Council of the City of Southlake, Texas on the 26th day of August, 1997, during the Council's regular meeting to be held at 7:00 P.M. at the City Hall, 667 North Carroll Avenue, Southlake, Texas, will conduct a public hearing on creation of a reinvestment zone to promote development or redevelopment of the area consisting of approximately 646 acres of {ar,d generally located within the area bounded by East Highland Street, North Kimball Avenue, East Southlake Boulevard (F-M. 1709) and North Carroll Avenue in the City of Southlake. Texas. A more complete description of the proposed boundaries of the reinvestment zone, together with the tentative plans for the development of the reinvestment zone and an estimate of the general impact of the proposed reinvestment zone may be obtained from the office of me City Secretary. All interested persons are invited to attend said public hearing and speak on t the creation of the reinvestment zone, its boundaries or the concept of tax increment firanci-~a. Sandra LeGrand City Secretary. Citv of Southlake, Texas 9 E-3 r.9o a . • !R.. , • •~Y ' • aJ ►'Ti~ ',i i ' / a••aa••ssas•asasat ((y~_ ~ if t ~ ~ oil • • • 47 as • • Ji f • , 01, a • J ) t a, 16 A ♦ y ,4 r ~ • A is • • • • - .04 ' ' f•sa•s• eta s.1 C f S•222• •2;f i ♦ssatat»♦•s I ~•g r• 1ow ( •s •»♦afss • • *I vs vo v"9 ov v, r • S14 r • 3 • • I~ f 06 o's • • • ♦ ~M . _ • • . . r~., •.I • ) . . . . . . . EAST SOUTHLACE BLVD. (F.M. 1709) - - - - - TOWN CENTER F-1 C3a • ,7' ~ a A • w t ~l'~ ♦ * ? + T a • aannaa~.sass.•.•a~ ~e'j,' .T t +s• ♦♦w^♦e ~ a err , ^ ice= ° t , A Ras. .F ' • • • w , , y .s 4.0 r , "t • , .40 4.4 • EAST SOUTHLAKE BLVD. (F. M. 1709) 1i i F-2 C*Ity of Southlake Tax Increment Financing District EAST DOVE ST M w WEST IiGML" ST EASr HOUND ST f No Scale 'VE aM ~"~~I Y Na 1!4 EAST SOUTFLAM 8LW r 3 corrrrMAL eiw • Public Works - GIS City of Southlake Tax Increment Financing District Zoning Legend ~ CS ~ C3 ~ NRPUD No ~ map ~2 Public wow -cis City of Southlake Tax Increment Financing District Land Use Plan Legend MIXED USE No Scak Public Works - GIS ~aP 3 FFF City of Southlake Tax Increment Financing District Current Uses & Conditions of Real Property HwY 114 Legend Non-Developed Commercial City Hall No Sak y Public wow. cis map City of Southlake Tax Increment Financing District Proposed Phases Legend Phase 1 Phase 2 No Scale Public works-Cls Star-Telegram FED. ID. NO. 22-3148254 AD ORDER NO. 11773289 400 W.SEVENTH STREET•FORT WORTH,TEXAS 76102 ACCOUNT NO. C I T 57 STATE OF TEXAS my of Tarrant Before me, a Notary Public in and for said County and State, this day personally appeared TAMMIE BRYANT Billing Specialist for the Star-Telegram, published by the Star-Telegram Inc. at Fort Worth, in Tarrant County, Texas; and who, after being duly sworn, did depose and say that the following clipping of an advertisement was published in the above named paper on the following dates: 1 DATE AD ORDER NO. DESCRIPTION AD SIZE TOTAL INCH/LINE RATE AMOUNT 9/E8ME 1177328 ORDINANCE NO . 68 I358 1x 27L 27 1 . 30 35 . 10 ORDINANCE NO.682 0 9/2 d-__G+9✓-2 8 AN ORDINANCE designating a - --- --- contg�uous geographic area in Southlake as Reinvest- ment Zone Number One, City of Southlake,Texas;cre- --- ---- ----..---- - -- - ---- ating a Board of Directors for such zone: making cer- tain findings and determina- tions in relation to such rein- vestment zone and resolving II ___.__....._.-_._._._.....—.�__... _.... _ _.... Other matters incident and related thereto. PASSED AND APPROVED ON 2ND READING THIS THE , 23RD DAY OF SEPTEMBER, --------- 1997, DURING THE REGU- LAR CITY COUNCIL MEET- ING CONTINUED FROM SEP- TEMBER 16,1997.MAYOR RICK STACY TEST: DRA L.LEGRAND, SECRETARY ROVED AS TO FORM: S I -_-. ALLEN TAYLOR JR., ,'ATTORNEY SUBSCRIBED AND THIS THE 30th DAY OF SEPTEMBER 19 7 err '=tea RHONDA R. GOKE `.)� „ COMMISSION EXPIRES Notary Public kAmkk..b__ V. sue. �`•,1 SEPTEMBER 8, 1999 �M�R,1, TARRANT COUNTY,TEXAS PLEASE PAY THIS ORIGINAL INVOICE AND RECONCILE WITH MONTHLY STATEMENT. THANK YOU! I----TEAR ALONG THIS PERFORATION AND RETURN THE LOWER PORTION WITH YOUR PAYMENT----A Star-'FelegraniV REMIT TO: , 400 W.SEVENTH ST. •FORT WORTH,TEXAS 76102 11773289 NUMBERACCOT CIT57 AMOUNT 35 . 10 PAGE 1 IF ANY QUESTIONS, PLEASE CALL(817)390-7885 SCITY OF SOUTHLAKE 667 N CARROLL AVE PLEASE PAY SOUTHLAKE , TX 76092-9595 THIS AMOUNT 35 . 10 1 PLEASE WRITE IN AMOUNT ENCLOSED Star-Telegram FED I D. NO. 22 3148254 AD ORDER NO. 11567458 400 W.SEVENTH STREET•FORT WORTH,TEXAS 76102 ACCOUNT NO. C I T 5 7 *STATE OF TEXAS ty of Tarrant Before me, a Notary Public in and for said County and State, this day personally appeared TAMMIE BRYANT Billing Specialist for the Star-Telegram, published by the Star-Telegram Inc. at Fort Worth, in Tarrant County, Texas; and who, after being duly sworn, did depose and say that the following clipping of an advertisement was published in the above named paper on the following dates: 1 DATE AD ORDER NO. DESCRIPTION AD SIZE TOTAL INCH/LINE RATE AMOUNT 8/23ME 11567458 NOTICE OF PUBLIC I358 1x 33L 33 . 79 26 . 07 NOTICE OF — _.- PUBLIC HEARING -'-- -" Notice is hereby given to all interested persons that the City Council of the City of Southlake, Texas, will be _- _... _.... ._.. _.. -_... holding a public hearing dur- ing the Regular City Council meeting to be held on Sep- tember 2, .1997 at 7:00 ---- p.m. in th City Council Chambers of City Hall 667 North Carroll Avenue,South- : lake,Texas. Purpose of the hearing is to consider the second reading of the following ordinance: ORDINANCE NO.682 -,kN ORDINANCE DESIGNAT- INGA CONTINGUOUS GEO- GRAPHIC AREA IN SOUTH- • LAKE AS REINVESTMENT NE NUMBER ONE CITY SOUTHLAOA TEXAS; SIG =ATING A BOARD OF DI- TORS FOR SUCH REIN- STMENT ZONE AND RE- SOLVING OTHER MATTERS INCIDENT AND RELATED S THERETO. WORN TO BEFORE ME, THIS THE 28th DAY OF AUGUST 1997 Sandra L.Le Grand City Secretary Cityof Southlake,Texas na--ct,•4,a.-4.-,-,zi..t.Wqr~/ P�-hRHONDA R. G Notary Public UyL Ci�. .r2 COMMISSION EXPI ,r......:'�+ SEPTEMBER 8, 1999 TARRANT COUNTY,TEXAS PLEASE PAY THIS ORIGINAL INVOICE AND RECONCILE WITH MONTHLY STATEMENT. THANK YOU! L----TEAR ALONG THIS PERFORATION AND RETURN THE LOWER PORTION WITH YOUR PAYMENT---A Star-"I'elegrain REMIT TO: Or. 400 W.SEVENTH ST. •FORT WORTH,TEXAS 76102 11567458 NUM NUMBER CIT57 ADUENT 26 . 07 PAGE 1 0$ IF ANY QUESTIONS, PLEASE CALL(817)390-7885 SCITY OF SOUTHLAKE 667 N CARROLL AVE PLEASE PAY SOUTHLAKE , TX 76092-9595 THIS AMOUNT 26 . 07 PLEASE WRITE IN AMOUNT ENCLOSED Star-Telegram FED. ID. NO. 22-3148254 AD ORDER NO. 11483604 400 W.SEVENTH STREET•FORT WORTH,TEXAS 76102 ACCOUNT NO. CIT57 *STATE OF TEXAS ty of Tarrant Before me, a Notary Public in and for said County and State, this day personally appeared TAMMIE BRYANT Billing Specialist for the Star-Telegram, published by the Star-Telegram Inc. at Fort Worth, in Tarrant County, Texas; and who, after being duly sworn, did depose and say that the following clipping of an advertisement was published in the above named paper on the following dates: DATE AD ORDER NO. DESCRIPTION AD SIZE TOTAL INCH/LINE RATE ' AMOUNT 8/08ME 11483604 NOTICE OF PUBLIC I357 I lx 35L 35 . 79 27 . 65 — PUBLIC ,. 08/08—min NOTICE OF HEARING Notice is hereby given to all ' interested persons that the _.� City Council of the City of Southlake, will be holding a ublic hearing during the Regular City Council meetingg to be held on August 19, 1997 at 6:00 p.m., in the City Council Chambers of City Hall, 667 North Carroll Avenue,Southlake,Texas. Purpose of the heearing is to consider the seconde reading of ORDINANCE NO.682 I RING A CONTIGUOUSIGGEO- LAKE HIASARREINVESTMENT ZONE NUMBER ONE CITY FSOUTHLAKE, .EATIOU A BOF, TEXAS; CTORS FOR SUCH ZONE- NG KING CERTAIN FINDING SIG D DETERMINATIONS IN CATION TO SUCH REIN- AUGUST 1997 VESTMENT ZONE AND RE- St INCID NTOAND RE ATE8 ;WORN TO BEFORE ME, THIS THE 21s AY OF , THERETO.e ..,,. .��1 /Sandra L ✓.LeGrand, s-' City Secretary City of Southlake „!.: • 0A R. GOKE Notary Public -0 '-\\t't A__----Q e- tr', 1 h COMMISSION EXPIRES � = SEPTEMBER 8, 1999 TARRANT COUNTY,TEXAS PLEASE PAY THIS ORIGINAL INVOICE AND RECONCILE WITH MONTHLY STATEMENT. THANK YOU! L�TEAR ALONG THIS PERFORATION AND RETURN THE LOWER PORTION WITH YOUR PAYMENT —. Star-'l"elegraiii REMIT TO: 400 W.SEVENTH ST. •FORT WORTH,TEXAS 76102 11483604 NUMBERACCT AMOUNT CITS? DUE 27 . 65 PAGE 1 01 IF ANY QUESTIONS, PLEASE CALL(817)390-7885 V • CITY OF SOUTHLAKE 667 N CARROLL AVE PLEASE PAY SOUTHLAKE, TX 76092-9595 THIS AMOUNT 27 . 65 1 PLEASE WRITE IN AMOUNT ENCLOSED