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0690ORDINANCE NO. ~RO AN ORDINANCE approving the Project and Finance Plan for Tax Increment Reinvestmen% Zone Number One, Ci5y of Sou~h!ake, Texas; and resolvingowner-' matters incident and related [here[o. WHEREAS, the City Council of the City of Sou~hlake, Texas (the "City"), passed Ordinance 682 creating a Reinvestment Zone as authorized by the Tax Increment Financing Act, V.T.C.A., Tax Code, Chapter 311 (the "Act"}on September 23, 1997; and WHEREAS, the City, after public hearing, passed Ordinance 682-A extending the life of the Zone and expanding the Zone boundaries on Decentber 2, 1997; and WHEREAS, the Reinvestment Zone Board approved the Project and Financing Plan on December 12 and has presented it for City Council's consideration; and WHEREAS, in accordance with Section 311.011 (d), the City must approve a final reinvestment zone project and financing plan 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 no 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 reinvestment zone project and financing plan being attached hereto as Exhibit A; and WHEREAS, the City Council finds the Project and Financing Plan feasible and conforms to the City's Master Plan; 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: If any section, paragraph, clause or provision of chis 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. $_~I_LQ_N___~: 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 4: This Ordinance shall take effect and be in force immediately from and after its passage on the date shown below. PASSED ON FIRST READING, December 2, 1997. PASSED ON SECOND READING AND ADOPTED, this 16th day of December, 1997. CITY OF SOUTHLAKE, TEXAS Mayor ATTEST: City Secretary APPROVED AS TO LEGALITY: City Attorne{ TAX INCREMENT REINVESTMENT ZONE #1 PROJECT AND FINANCING PLAN' December 2, 1997 CITY OF SOUTHLAKE TAX INCREMENT REINVESTMENT ZONE #1 PROJECT AND FINANCING PLAN December 2, 1997 CITY OF SOUTHLAKE TAX INCREMENT REINVESTMENT ZONE #1 PROJECT AND FINANCING PLAN TABLE OF CONTENTS Project Plan 1) Existing Uses and Conditions of Real Property and Proposed Improvements to and Uses of That Property 2) Proposed Changes of Zoning Ordinances, Master Plans, Building Codes and Other Municipal Ordinances 3) List of Estimated Nonproject Costs 4) Statement of a Method of Relocating Persons to be Displaced as a Result of Implementing the Plan Financing 1) 2) 3} 4) 5) 6) 7} 8) 9) Plan Proposed Public Works and Improvements in the Zone Estimated Project Cost of Zone, including administrative expenses Economic Feasibility Study Estimated amount of Bond Indebtedness Time When Related Costs Or Monetary Obligations Are To Be Incurred Description ol: Financing Methods Current Total Appraised Value of Taxable Real Property in the Zone Estimated Captured Appraised Value of the Zone during Each Year of its Existence The Duration of the Zone Exhibits A B C D E E Legal Description and Map of The Reinvestment Zone Tax Increment Reinvestment Zone Analysis Proposed Capital Improvements Listing of Properties and Appraised Taxable Real Value Resolution No. 97-43 Setting A Public Hearing On The Creation Of the Reinvestment Zone and Public Notice Of A Public Hearing on The Creation of A Reinvestment Zone Concept Plan Town Center - Phase I Town Center - Phase II Tax Increment Reinvestment Zone Number One Southlake, Texas The City oF Southlake proposes to establish a Tax Increment Reinvestment Zone for the purpose of dedicating the tax revenue generated within the zone to a comprehensive infrastructure and facility de'.elopment plan. The area consists of approximately 408 acres and is more fully described in the map and legal description presented in Exhibit A. The City is creating 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 ,,','ill develop fully at some point in the future, however active business/commercial development occurring to the west of the proposed zone may affect the zone's immediate development. With the creation ora Tax Increment Reinvestment Zone. property tax revenues in excess of the current appraised taxable '.alue ~ill be used to finance public improvements within the TIRZ Zone. The TIRZ will exist i:'or the next twent.,, .',ears or the date when all project costs are paid and the debt is retired, ~x hichcver comes first. As set lbrth in Section 311.0ll 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 ~bllo;ving elements: A map showing existing uses and conditions of real properS' in the zone and a map sho~ing proposed improvements to and proposed uses of the properD. The boundaries of the Tax Increment Reinvestment Zone are shown in Map 1. The majority of the TIRZ area is open and undeveloped. Approximately 139.94 acres, or 41.5%, receives an agriculture delCrral 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 Reinvestment Zone are C3-General Commercial. NR-PUD-Non-Residential Planned Unit Development, R-PUD - Residential Planned Unit DeYel0pment, AG - Agricultural, SF20A and SF20B- Single Family Residential. and CS- Comanunity Service. The current approved zoning districts are included on a map designated as Map 2. ]['he City of Southlake Land Use Plan adopted in June 1993 designates this area as Mixed Use, Medium Density Residential. Low Density Residential, and Industrial. Map 3 shows the Land Use Plan for the TIRZ area. 5,lap 4 sho~*s the current uses ~ithin 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 existing development including Southlake City Hall, Walmart, Kroger. Home Depot. Blockbuster Video. and se'.eral other retail commercial units. Business areas, such as Village Center. have the opportunit.', to include more tenants, and this development would be included in the incremental tax calculations. [he final map. Map 5, sho~s the phasing of the development within the TIRZ based on ~hat 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: Map 1 of 5 Map 2 of 5 Map '~ oi"5 Map 4 of 5 Map 5 of 5 Boundaries of the Reinvestment Zone TIRZ Zoning Land Use in the TIRZ Current Uses and Conditions of Real Property in the TIRZ Anticipated Phases of Development within the TIRZ Area Proposed changes of zoning ordinances, the master plan of the municipally', building codes and other municipal ordinances. No changes are anticipated to an,,, city 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 x~ithin the TIRZ zone are those development costs not paid for by the TIRZ. Fhese x~ ill include, but are not limited to, $360.5 million in improvement costs for the Southlake Fox, ne Square x~hich comprises 140 acres or nearly one third o~:'the total land area of the Tax Increment Reinxestment Zone. Fhe figures, pro'~ided by the de'.eloper, were approximations based on the intbrmation they had access to as of October 1. 1997. This provides a conser,.ative projection of assessed value grox~th 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 non-de',eloped propert.,, or t¥om the value of expanding uses currently within the TIRZ Zone. Project and Financing Plan Tax Increment Zone #1 Southlake. TX Page 2 December 2. 1997 A statement of a method of relocating persons to be displaced as a result of implementing the plan. In the process of developing Southlake Tax Increment Reinvestment Zone Number One it may be necessau' to relocate individuals and businesses. In the event that this is required, the City' **ill follow the procedures that would be used in the development or construction of other public improvements outside the zone. Project and Financing Plan Tax lncrervo, nt Zone #1 Southlake, TX Page 3 December 2, 1997 FINANCING PLAN 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) development agreements between the primary developers and the City; (3) financial analysis of the ;_mpact 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 entirety 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: · relocation costs: Project and Financing Plan Tax Increment Zone #1 Southlake, TX Page 4 December 2, 1997 organizational 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 #1, Southlake are included as Exhibit C. 2. Estimated Project Cost of Zone, including administrative expenses. Project costs are estimated at approximately $116.9 million. Specific cost estimates are included in Exhibit C. 3. Economic Feasibility Study. [he 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 $116.9 million. 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 require. Please refer to Exhibit C for the details regarding the phasing and type Project and Financing Plan Tax Increment Zone #1 Southlake, TX Page 5 December 2, 1997 of improvements. Exhibit B provides an estimated timeline for issuance of debt. 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 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 $33.898,395. The taxable value of those same properties is $24,148,930, after deducting $7.502,299 for agricultural deferrals and 2,247,166 tax exempt properties. A listing of properties is included in Exhibit D. The total taxable value of all properties on Southlake is $1.573 billion based on 1997 prelLminary Tarrant Appraisal District Values. o 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 5% in assessed values in Southlake since 1992. Project and Financing Plan Tax Increment Zone #1 Southlake. TX Page 6 December 2. 1997 Incremental Fiscal Year Taxable Assessed Fiscal Year Valuation Incremental Taxable Assessed Valuation 1998 0 2009 299.019,300 1999 5,000,000 2010 331.967,379 2000 33,000,000 20I 1 365,903,901 2001 61.690,000 2012 376,881,018 2002 92,643,200 2013 388,187,448 2003 119.974,996 2014 399,833,072 2004 148. 126,746 2015 411,828,063 2005 176,548,048 2016 424, 182. 905 2006 205,821,990 2017 436,908,392 2007 235,974,149 2018 450,015,645 2008 267,030,874 The duration of the zone. The zone is proposed for creation in September 1997. with an effective date of January 1, i998. 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. Project and Financing Plan Tax Increment Zone #I Southlake, TX Page 7 December 2, 1997 II City of Southlake Tax Increment Financing District No Scale Public Works - GIS City of Southlake Tax Increment Financing District Zoning No Scale Legend CS RPUD MAP 2 Public Works - GIS City of Southlake Tax Increment Financing District Land Use P~an No Scale Legend MIXED USE MEDUIUM DENSITY RESIDENTIAL INDUSTRIAL LOW DENSITY RESIDENTIAL MAP 3 Public Works - GIS City of Southlake Tax Increment Financing District Current Uses & Conditions of Real Property No Scale Legend Non-Developed Commercial City Hall MAP 4 Public Works - GIS City of Southlake Tax Increment Financing District Proposed Phases No Scale Legend Phase 1 '___4' Phase 2 Phase 3 Phase 4 Public Works - GIS Exhibit A Exhibit A Beginning at the intersection of the south fighbof-way line of F.M. 1709 (Southlake Boulevard) and the projection of the west right-of-way line of Carroll Avenue (said fight-of-way being either the existing or what becomes future right-of-way after future fight-of-way acquisition). THENCE NORTH, along the west fight-of-way of Carroll Avenue (said right-of-way being either the existing or what becomes future fight-of-way after future right-of-way acquisition) to the intersection of the said west fight-of-way line of Carroll Avenue and the south right-of-way of State Highway t 14 (Northwest Parkway) (said right-of-way being either the existing or what becomes future fight-of-way after future fight-of-way acquisition); THENCE NORTH, along the west fight-of-way of the intersection of State Highway 114 (Northwest Paxkway) and Carroll Avenue (said fighbof-way being the west fight- of-way after fight-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 fight-of-way being either the existing or what becomes future fight-of-way after future right-of-way acquisition), and the west right-of-way of Carroll Avenue (said righbof-way being either the existing or what becomes future right-of-way after future fight-of-way acquisition); THENCE EAST, along the north right-of-way of State Highway 114 (Northwest Parkway) (said fight-of-way being either the existing or what becomes future right-of-way after future fight-of-way acquisition) continuing to the intersection of the east fight-of-way line of Kimball Avenue (said fight-of-way being either the existing or what becomes future fight-of-way after future right-of-way acquisition); THENCE THENCE 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 fight-of-way of State Highway 114 (said right-of-way being either the existing or what becomes future fight-of-way after future right-of- way acquisition), and the east fight-of-way of Kimball Avenue (said fighbof-way being either the existing or what becomes future fight-of-way after future right-of- way acquisition); SOUTH, continuing along the east right-of-way of Kimball Avenue (said fight-of- ;','ay being either the existing or ,.','hat becomes future right-of-way after future fight-of-way acquisition) to the intersection of the south fight-of-way of Crooked Lane and the said east fight-of-way of Kimball Avenue; continuing in a southeasterly direction in a curve to the left along the east right-of- v, ay of Kimball Avenue (said right-of-way being either the existing or what becomes future fight-of-way after future right-of-way acquisition) to the intersection of the east fight of way cf Kimball Avenue and the west property line o f Tract 1 of the C.B. McDonald Survey (Abstract 1013); THENCE NORTH, along the west property line of said Tract 1 to the intersection of the west line of Tract I and the southeast corner of Tract 3 of the C.B. McDonald Survey (Abstract 1013); THENCE WEST, along the south propeay line of said Tract 3 to the southwest comer of said Tract3; THENCE NORTH, along the west property line of said Tract 3 to the southeast corner of said Tract 3B3; THENCE THENCE THENCE THENCE THENCE WEST, along the sou h property line of said Tract 3 B3 to the southwest comer of said Tract 3B3; NORTH, along the west property t ne of sa'd Trac 3B3 to the northwest comer of said Tract 3B3; EAST, along the north property line of said Tract 3B3 to the northwest comer of said Tract 3; EAST, along the north property line of said Tract 3 to the northwest comer of said Tract 1; EAST, along the north, property line of said Tract ! to re northeast comer of said Tract 1, said point being in the cty limit I ne of he City of Southlake; THENCE THENCE THENCE THENCE THENCE THENCE THENCE THENCE THENCE THENCE THENCE THENCE THENCE THENCE THENCE THENCE THENCE THENCE SOUTH, along the said east property line of Tract I to a point being in the city limit line of the City of Southlake and being in the north right-of-way line of South Kimball Avenue (said right-of-way being either the existing or what becomes future fight-of-way after future right-of-way acquisition); continuing in a southeasterly direction in a curve to the fight along the north fight- of-way o£South Kimball Avenue (said right-of-way being either the existing or x,,hat becomes future right-of-way after future right-of-way acquisition) to the intersection of :he east right-of-way of South Kimball Avenue and the south property line of Heritage Industrial Park, said point also being in the city limit line of the City of Southlake; SOUTH, along the south property line of.said Heritage Industrial Park to the intersection of the south line of Heritage Industrial Park and the south fight-of- way line of South Kimball Avenue; continuing in a northwesterly direction in a curve to the left along the west fight- of-way of Kimball Avenue (said right-of-way being either the existing or what becomes future fight-of-way aRer future fight-of-way acquisition) to a point in the east property line of Tract I of the C.B. McDonald Survey (Abstract 1013); SOUTH, along the said east property line of Tract I to the southeast comer of said Tract I, said point being in the city limit line of the City of Southlake; continuing in a southwesterly direction along the south line of said Tract I to the southeast comer of Tract 1, said point being in the city limit line of the City of Southlake; NORTH, along the said west property line of Tract I to a point in the east property line of Green Meadow Addition and the south fight-of-way line of South Kimball Avenue (said fight-of-way being either the existing or what becomes future right-of-way after future right-of-way acquisition); continuing in a northwesterly direction in a curve to the left along the fight-of- ',,,'ay of Kimball Avenue (said fight-of-way being either the existing or what becomes future fight-of-way after future fight-of-way acquisition) to the intersection of the west fight-of-way of Kimball Avenue and the south fight-of- way of Crooked Lane and the said east right-of-way of Kimball Avenue; NORTH, along thc west fight-of-way of Kimball Avenue to the southeast comer of Tract 3A of the John A. Freeman Survey (Abstract 529); WEST, along the south property line of said Tract 3A to the southwest comer of said Tract 3A; NORTH, along the said west property line of Tract 3A to the southwest comer of Tract I of the John A. Freeman Survey (Abstract 529); NORTH, along the said west property line of Tract 1 to the southwest comer of Tract lB of the John A. Freeman Survey (Abstract 529); NORTH, along the said west property line of Tract I B to the south,vest comer of Tract lC of the John A. Freeman Survey (Abstract 529); NORTH, along the said west property line of Tract IC to the northwest corner of Tract lC of the John A. Freeman Survey (Abstract 529); EAST, along the said north property line of Tract lC to the northeast comer of Tract 1C of the John A. Freeman Survey (Abstract 529), said point being in the west fight-of-way of South Kimball Avenue; NORTH, along the said west right-of-way line of South Kimball Avenue to the intersection of the west fight-of-way of South Kimball Avenue and the south fight-of-way of F.M. 1709 (Southlake Boulevard); WEST, along the south right-of-way of F.M. 1709 (Southlake Boulevard) to the projection o£ the intersection of the west right-of-way of Carroll Avenue (said right-of-way being either the existing or what becomes future fight-of-way after future fight-of-way acquisition) and south fight.of-way of F.M. 1709 (Southlake Boulevard); SOUTH, along the east right-of:way of South Carroll Avenue to the intersection of the east fight-of-way of Carroll Avenue (said fight-of-way being either the THENCE THENCE THENCE existing or what becomes future fight-of-way ar%r future right-of-way acquisition) and the north fight-of-way of East Continental Boulevard: SOUTH, across East Continental Boulevard to the intersection of the south fight- of-way line of East Continental Boulvard and the east fight-of-way of Bmmlow Avenue; SOUTH, along the east right-of-way line of Bmmlow Avenue to the intersection of the east right-of-way line of Brumlow Avenue and the south line of the Brumlow Industrial Addition, said point also being in the city limit line of the City of Southlake; SOUTH, along the south property line of said Brumlow Industrial Addition to the intersection of the south line of said Bmmlow Industrial Addition and the west fight-of-way line of B~gnlow Avenue; THENCE THENCE THENCE THENCE NORTH, along the west fight-of-way line Bmmlow Avenue to the intersection of the west fight-of-way line of Bmmlow Avenue and the south fight-of-way line of East Continental Avenue; W. EST, along the south line of East Continental Avenue to the intersection of the west fight-of-way line of South Carroll Avenue and the south fight-of-way line of East Continental Avenue; NORTH, along the west fight-of-way line South Carroll Avenue to the intersection of the west fight-of-way line of South Carroll Avenue and the south fight-of-way of F.M. 1709 (Southlake Boulevard); WEST, along the south right-of-way of F.M. 1709 (Southlake Boulevard) to the projection of the intersection of the west fight-of-way of Carroll Avenue (said fight-of-way being either the existing or what becomes future fight-of-way after future fight-of-way acquisition) and south fight-of-way of F.M. 1709 (Southlake Boulevard) to the POINT OF BEGINNING, containing 408 acres, more or less. C1 N 1'1 .-1 OO O O VD .O 00 O O. 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MAI O V) L_ (y 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 (TIRZ # 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 1998-A and 1998-B issue funded bF' capitalized interest. N a N i o o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 CC d o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 �, z o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 o 0 0 0 .� 'n 'ri o 'r'. •n •ri o 0 0 o o •r; 'r; C' o 'r'. 0 'n 'n o h C' n cos '0 0. ,0 n — 0 N 'n r1 h O, ON O, h 'O 'O 'e9 L V) 'n •n a 00 rn "1 N '0 00 Y 'n r1 O c_'. '4 `I°. 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C OI - -� N N N N rl rl rl N N r1 N rl N N N N N N N W r1 IMMIII C a - r M Y In .,; h 00 a C - N fr1 •-r In .,: h z a r.:',.., -»•. a X �. - � -. -- - -_ - -. - -- -. -- -_ -_ _- -• C E�.. 'j v - - —- - — - 73 E U U 6. U. r - rl M Y In .0 h OC C. _ — N M Y In .,^ h 00 "' I`1 C I- L Li. -ype of Allowable Project Costs ~ublic Bu/Idinc~s and Facilities Joint City/County/ClSD Facility 3choot Facilities ~arking Facilities ~ublic Parks _and Acquisition Special Structures _andscaping Trails Exhibit C-1 Reinvestment Zone #1, Southlake Proposed Capital Improvement Program Phase One Phase Two Phase ThreeI Phase Four~ $ 7,895,16000 $ 1,134,154.00 $ 1,572,46500 2eneral Infrastructure Nater Utilities $ 548,38000 $ 881,68200 Sewer Utilities S 216,14800 S 350,234.00 Storm Water $ 399r669 00 S 1,010,522 00 -3treets and Curbs $ 1,329.97200 S 1,925,90500 Control S 1,000,00000 aiks/Streetscape $ 3,484,73900 $ 4,907.623 00 ~_ .olition & Excavation EarthworkJGrading $ 302.540 00 $ 488,585.00 Engineering/Contingency TotaiDevelopmentlnfrastructure $ 7.281,44800 S 9.564,551.00 :.0% of Developer Infrastructure $ 2,912,57920 S 3,825,82040 $ 5,000,00000 $ 54,500,000.00 900,000.00 600,000.00 $2,500,000.00 S 7,125,000.00 Ol~erationa! and Maintenance ~apital Maintenance 3peration Costs Other Incremental Costs :rofessional Services TOTAL COSTS $ 200,000.00 $12,141,89320 S 1,000,000.00 S 6.398.28540 $ 7.500,000 00 $ 27,760,000.00 $ 90,885,00000 $ 116,925,178.60 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 Detail for these projects is included in Exhibit C-3. All projects in this phase are to be funded with CISD and City of Southlake contributions only Exhibit C-2 Reinvestment Zone #1, Southlake Proposed Capital Improvement Program Phases One and Two (Rialto) Phase One Phases To Build Out (Approx 40 Acres) (Approx.88 Acres) Water Utilities Sewer Utilities Storm Water Streets and Curbs Street #1 Street #2 Street #3 Street fl-4. Street #5 Street #A Street #B Street #C Street #D Common Access FM1709 Modifications Subtotal Markup" Total Streets &Curbs 548,380.00 $ 881,682.00 216,148.00 $ 350,234.00 399,669.00 $ 1,010,522.00 $ 401,743.OO S 74,72700 56,007 00 304,67800 $ 77,437.00 56,0O7OO $ 217,70000 138,81800 $ 132,222.00 223,60000 $ 123,316.00 279221 O0 $ 162,10500 $ 341,48600 6,00000 $ 10,500.00 ,064,331 O0 $ 1,541,236 O0 265,641.00 $ 384,669.00 ,329,972.00 $ 1,925,90500 Sidewalks/Streetscape Type A Streetscape ~ 2 Edges Type B/C Streetscape - 2 Edges Type D Streetscape - 2 Edges D~strict Edge - SH1709 D~strictEdge SHl14 District Edge- ADJ C3 District Edge - Carroll Subtotal Markup* Total Streetscapes Parks 1,263,783 00 1,175,474.00 $ 2,837,19600 S 402,98600 129 64000 S 100,00800 $ 237,125.00 $ 61,03200 112,52800 $ 137,95500 2,681,42500 $ 3,776,302.00 803,314.00 $ 1,131,321.00 3,484,739.00 $ 4,907,623.00 Common Open Spaces Area A3-1 $ Area B3-1 $ Area A6-1 Area H3-1 (Triangular Park) 442.11850 442,11850 $ 838,525 00 $ 733,94O.OO Special Structures (ampitheatre) $ Total Parks $ 249,91700 1,134,154.00 $ 1,572,465.00 Demolition & Excavation Earthwork/Grading $ Miscellaneous ~. Engineering/Contingency(20%) TOTALS $ 3O2,540.00 7,415,602.00 $ 488,585.00 $ 11,137,01600 Total $ 1,430,062.00 $ 566,382.00 $ 1,410,19100 $ 2,605,567.00 $ 650,310.00 $ 3,255,877.00 $ 8,392,361 00 $ 2,706,619.00 $ 791,125.00 $ 18,552,618.00 Exhibit C-3 Reinvestment Zone #1, Southlake Proposed Capital Improvement Program Phase Four To be funded with CISD and City of Southlake Contributions Only Water Utilities Sewer Utilities Streel;s and Curbs South Carroll (1709 to Continental) Brumlow (Continental to State Highway 26) South Kimball (FM 1709 to State Highway 26) Subtotal Infrastructure $ 900,00000 $ 600,00000 $ 2,125,00000 $ 1,875,00000 $ 3,125,00000 $ 8,625,000 00 Buildings and Facilities Middle School Intermediate School Transportation Facility Stadium ODeratino Costs Middle School Intermediate School Transportation Facility Stadium Subtotal Ruildinog nnd Fsci!itie$ Annual Operating Costs Cost for 20 years 20,000,00000 13,000,000 00 1,500,000 00 20,000,000 00 54,500,000 00 $ 400,000 00 $ '225,000 00 $ 163,000 00 $ 600,000O0 $ 1,388,000 00 $ 27,760,00000 TOTAL $ 90,885,000.00 - f �' f v " 2 ^ — �.�, • x ^.. = =fj .) - .,J- — •-- •- I _ %: — lc) - y - >l — ._ — — y ..) .) •— •— ^ _) v L 1�1 •• 1.... , . . 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J .. r r 1 - ¢ �� V �� r 11 I C� rFS; 11 r I it � Y ill J Cr : jrJJr-owl 1i ^11 — O Y. cC ..d I - r E_ .J f l 1 J —7-4 N . 1 _ — %1 i i. ) tO • y NI. U 'Z.. » :J ti= r• _ _ C O ('1 Lr <r d n '/: N — r J I'— .r _ v. — 9. X :/ — r — T J — 1...m..... — 0- U. -C :J in Z — IAs ;% I r- ': — I J - J a 4 l EXHIBIT E RESOLUTION SETTING A PUBLIC HEARING ON THE C'REATION OF ~ TAX INCREa, IENT REINVESTa, IENT ZON~E RESOLUTION NO 97-43 A RESOLUTION b.,, the City Council of the City of Southlake, Texas setting a ?ubI:c hearing ,an the creation of reinvestment zone: directing notice of such pub[:c b. earm~ be gi'.ea and resolving other matters incident and related thereto. WHEREAS. the CiD' Council of the City of Southlake. Texas has determined a certain contiguous geographic area in the City should be designated a reinvestment zone to promote de',elopmenr or redevelopmenr within the area pursuant to and in accordance with the provisions ot the Tax Increment Financing Act (V.T.C.A., Tax Code, Chapter 3II. as amended), hereinafter referred to as the "Act"; and VVHERE.4S. a description of the proposed boundaries of the reinvestment zone. together with Ienta[i',e plans for the development or redevelopment of the proposed rein,,es[ment zone and an estimate of the general impact of the proposed reinvestment zone e,". 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 Cit.',' must hold a public hearing on the creation of the reinvestment zone and its benefits to the City and :o pr,~pert.,,' :n the prok'osed remvestmcnt zone: now. therefore. BE IT RESOLVED Bk' '['HE CITY COUNCIL OF THE CITY OF SOUTHL.MKE, FEXAS: SECTION l; A public hearing shall be held on the 26th day of August, 1997, during the regular meeting of the City Council of the City to begin at 7:00 P.M., on the creation of rein,,estment zone within the area and boundaries described in Exhibit A attached hereto and ~aco~orated herein b.', reference as a part of this Resolution for ali purposes and its benefits the Cit,., and to the property in the proposed reinvestment zone. SECI'[ON 2: The CiD .Manager. Director of Finance and City Secretary are hereby authorized and directed to notify, not later than the 60th day before the date of said public hearing, the governing body of each taxing unit that levies real property taxes in the proposed rein~estment zone that the Git? intends to establish such reinvestment zone. Such notice to said go',ern:ng bodies shall be m writing and contain substantially the information appearing m Exhibit A a~tacP, ed hereto, including a description of the proposed boundaries of the rein.estment zone the tentative plans for the development or redevelopment of the area ,.vithL". E-1 the reinvestrnent zone and an estimate of the general impact of the proposed reinvestment zone on proper[,', '.alues and tax rever~ues .~.ddi~ionat(., such Cit? or't%ials shall cause to be prepared on behalf of the City a prei;:';',mar', re:,n',e~:.m, e,".t zone ,,,ancln= plan in accordar, ce ~ith the requirements of V T C A. Tax Code, Section 3ii 003ih) and make the eecessary arrangements for the City Coup, oil to gqake a format presentation to the governing bodies of tbe county and the school dismct tha~ levies real proper? taxes in the proposed reinvestment zone. as well as members 0f ~c governing bodies of ~2e o~2er taxing units ~ha~ levy real property taxes in the proposed zone ~*~o may elect to attend such presentation; ail in accordance wi~h the provisions of V TC A.TaxCede. Section311.003(O. ~ The City Secretary is hereby further directed to cause a notice of the punic hearing 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 ia the City not later than the seventh (rth) day before the date of the public hearing. SECTION 4: It is officially found, determined, and declared that the meeting at which this Resolution is adopted ,.,,'as 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 Resolutton, '.'.as gt',em all as required by V.T.C.A.. Go,,ernment Code, Chapter 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. ATTEST: Mayor, City of Southlake, Texas Ct? Secretar?. City of Southlake Texas (City Seal) E-2 EXHIBIT E PLBLIC 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 Gte 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 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 estirna:e of thc gep, eral impact of the proposed reinvestment zone may be obtained from the office of City Secretary. All interested persons are invited to attend said public hearing and speak on the creation of the reinvestment zone. its boundaries or the concept of tax increment financhng. Sandra LeGrand City Secretary'. City of Southlake, Texas E-3 -I BLVD. (:(FM..1709) !' - O~..~H,.AKE TOWH CEHTER =~.\~? I S7~. FL)..tl F-I EAST SOUTHLA~:E BLVD. Tax Increment Financing Act State of Texas Tax Code Chapter 311 Table of Contents Definitions ................................................................................ 2 Procedures for Creating a Reinvestment Zone .................................................. 3 Enterprise Zone ............................................................................ 4 Contents of Reinvestment Zone Ordinance ..................................................... 4 Criteria for Reinvestment Zone ............................................................... 5 Restrictions on Composition of Reinvestment Zone .............................................. 6 Changing Boundaries of Existing Zone ........................................................ 6 Powers of Municipality ...................................................................... 7 Composition of Board of Directors ............................................................ 8 Powers and Duties of Board of Directors ....................................................... 9 Participation of Disadvantaged Businesses ..................................................... 9 Project and Financing Plans ................................................................ 10 Determinatiun of A~noun~. of Tax increment ................................................... ll Collection and Deposit of Tax Increments ..................................................... 12 Tax Increment Fund ....................................................................... 13 Tax Increment Bonds and Notes ............................................................. 13 Annual Report ............................................................................ 15 Termination of Reinvestment Zone ........................................................... 16 TIF Law - Page 1 G-I SUBTITLE B. SPECIAL PROPERTY TAX PROVISIONS CHAPTER 311. TAX INCREMENT FINANCING ACT Sec. 3II0()l Short Title. This chapter ma.', be cited as the Tax Increment Financing Act Added by Acts 1987. 70th Leg . ch 19I, Sec. l.eff. Sept. l. I987 Sec. 311.002. Definitions. In this chapter: (1) "Project costs" means the expenditures made or estimated to be made and monetary, obligations incurred or estimated to be incurred by the municipality establishing a reinvestment zone that are listed in the project plan as costs of public works or public improvements in the zone, plus other costs incidental to those expenditures and obligations. "Project costs" include: iA) capital costs, including the actual costs of the acquisition and construction of public works, public impro;ements, ne'*' buildings, structures, and fixtures: the actual costs of the acquisition, demolition. alteration, remodeIing, repair, or reconstruction of existing buildings, structures, and fixtures: and the actual costs or' the acquisition of land and equipment and the clearing and grading of land: IB~ financing costs, including all interest paid to holders of evidences of indebtedness or other obligations issued to pa.,.' for project costs and an.', premium paid over the principal amount of the obligations because of the redemption of the obligations before maturity: {C) real property assembly costs: (D) professional service costs, including those incurred for architectural, planning, engineering, and legal advice and scrxices: (E) imputed administrative costs, including reasonable charges for the time spent by employees of the municipality in connection with the implementation of a project plan; (F) relocation costs; (G) organizational 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 , H) interest before and during construction and for one .,,ear after completion of construction, whether or not capitalized: [I) thc cost o/' operating the reinvestment zone and project facilities: ~J) the amount of any contributions made by the municipality from general revenue for the implementa- tion of the project plan: and ~K/ payments made at thc discretion of he governing body of the municipality that thc municipalit5 finds T[F Law - Page 2 G-2 necessaD' or con,,enient to the creation of the zone or to the implementation of the project plans for thc zone "Project plan" means the project plan for thedc,~elopmentorredevelopmentofa reinvestmentzone approved under this chapter, including all amendments ot the plan approved as provided by this chapter (3) 'Reinvestmcm zone financing plan" means the financing plan for a reinvestment zone described by this chapter (4~ "Taxing unit" has the meaning assigned by Section 1.04 Addedb? Acts 19ST. 70thLeg.ch. 191. Sec l.eff. Sept 1.1987. Sec. 311.003 Procedure for Creating Rein~estment Zone. (a) The governing body of a municipality by ordinance may designate a contiguous geographic area in the jurisdiction of the municipality to be a reinvestmem zone to promote development or redevelopment of the area if the go,.eming body dele,amines that de;'elopmcnt or redevelopment would not occur solely through private investment in the reasonably foreseeable future. (b) Before adopting an ordinance proxiding for a rein'.estment zone. the governing body of the municipalit? must prepare a preliminar? rcinvestmem zone financing plan. As soon as the plan is completed, a copy of the plan mu~t be sent to the governing hod.,, of each taxing unit that levies taxes on real property in the proposed zone ~c) Before adopttng an ordinance proxiding for a rein;estment zone. the municipality must hold a public hem-lng on the creation of the zone and its benefits to the municipality and to property in the proposed zone At the hearing an interested person may speak for or against the creation of the zone, its boundaries. or the concept ol tax increment financing. Not later than the seventh day before the date of the hearing. not~ce of the hearing must be published in a newspaper having general circulation in the municipality A municipald> must prox idca reasonable opportumt3 for the owner of propert.,, to protest the inclusion of the propert) in a proposed rcin,.cstmcnt zone (c) Not later than the 60th da.', before the date of the public heating required by Subsection (c), the goxerning body of the municipality must notify in v, riting the go',erning body of each taxing unit that levies real pruperty taxes in the proposed reinvestment zone that it intends to establish the zone. The notice must contain a description of the proposed boundaries of the zone, the tentative plans for the development or redevelopment of the zone, and an estimate of the general impact of the proposed zone on property values and tax revenues. The notice may be given later than the 60th day before the date of the public hearing if the governing body of each count.', and school district that levies real property taxes in the proposed zone agrees to v, aive thc requirement A taxing unit may request additional information from the governing body of themunicipalits. The governing body of the municipality shall provide the information requested to the extent practicable In addition to the notice required by Subsection (e). the governing body of the municipality shall make a formal presentation l0 the governing body of each count5' or school district that levies real property taxes in the proposed reinvestment zone The presentation must include a description of the proposed boundaries of the zone, the tentative plans for the development or redevelopment of the zone. and an estimate of the general impact of the proposed zone on property values and tax revenues The governing hod? of the municipalily shall notify each taxing unit that levies real properLY taxes in the proposed zone of each presentation t~ bc nxade to a count? or school district under this subsection. Members of the TIY Law - Page 3 G-3 governing body of each taxing unit that [e'des real property taxes in the proposed zone may attend a presentat~,.)n under this bubsection. If a?eed to b5 the county or school districts involved, the governing hod5 of thc munic~palit'2 ma5 make a single presentation to more than one county or school district Not later than the 15th day after the date on v. hich the notice required by Subsection (e) is given, each taxing unit that le'des real property taxes in the proposed reinvestment zone shall designate a representati',e to meet with the governing body of the municipalit.', to discuss the project plan and the reinvestment zone financing plan and shall notify the governing body of the municipality of its designation At any time after the 15th day after the date on which the notice required by Subsection (e) has been gi,.en to e,.e~' taxing unit. the governing body of the municipality may call a meeting of the representatives of the taxing units Tine go,,erning body of the municipality may call as many meetings as it considers necessaD. Each representati',e shall be notified of each meeting in advance. At the meetings the governing body of the municipality and the representatives of the other taxing units may discuss the boundaries of the zone, development in the zone, the tax increment that each taxing unit will contribute to the tax increment fund, the retention by a taxing unit of a pmtion of its tax increment as permitted by Section 311.013. the exclusion of particular parcels of property from the zone, the board of directors for the zone. and tax collection for thc zone. On the motion of the governing body of the municipality calling the meeting, any other matter relevant to the proposed reinvestment zone may be discussed If a rem', estment zone ~s designated under Section 311.005(a1(5) or enlarged under Section 311.007ib), the governing body of thc municipality in the ordinance designating the zone or in an amendment to that ordinance ma~. permit the board of directors of the reinvestment zone to exercise any of the municipality's po'4er ,.~.~th respec~ to the administration, management, and operation of the zone or the implementation of the project plan and reinvestment zone financing plan. other than the power to issue bonds, levy taxes. or give final approval to the project plan. Added b.,. Acts I987.70th Leg, ch 191. Sec 1.elf. Sept. 1. 1987. Amended by Acts 1989.7I~'Leg..ch. [I37. Sec. 16. elf Sept 1.1989 Sec 311 )031 Enterprise Zone. Dest~znatit>n of an area as an cntc,,-prise zone under Chapter 2303, Government Code constitutes designation of the area xs a reinvestmem zone under this chapter without further hearing or other procedural requirements other than tho>e provided b5 Chapter 2303. Government Code. Added by Acts 1989.7tst Leg., ch. 1106, Sec 26, elf. Aug. 28, 1989. Amended by Acts 1995, 74th Leg.. ch. 76. Sec. 5.95(22). eff. Sept. 1, 1995 Sec 31 I 004 Contents of Reinvestmem Zone Ordinance The ordinance designating an area as a rein'.estment zone must: describe the boundaries of the zone with sufficient definiteness to identify with ordinary and reasonable certainty the territory included in the zone; , zl create a board of directors for the zone and specif,~ the number of directors of the board as provided by Section 311009: ,3; pro,.ide that thc zone take effect on January 1 of the ~car follo:,,ing thc .,,ear in ,,~hich the ordinance Law' - Page 4 G-4 or other factors, substantiall? impmr or an'est the sound ~owth of the municipality; or (3 ! be in a/cdcrall5 assisted nc'~'~ communit? located in the municipality or in an area immediately adjacent m a Icderal]) assisted ncx~ community: Deleted b) ,Acts 1989. 71st Leg., ch 1106. Scc 27: or (5~ be an area deacribed in a petition requesting that the area be designated as a reinvestment zone. if the petition is submitted to the governing hod> of the municipality by the owners of property constituting at least 50 percent of the appraised value of the property in the area according to the most recent certified appraisal roll for the count) in which the area is located. In this section, "federally assisted new community" means a federally assisted area that h~s receixed or will receive mssistance in the form of loan guarantees under Title X of the National Housing Act. if a portion of the federally assisted area has received grants under Section 107(a)(1) of the Housing and Community Development Act of 1974. Added by Acts 1987.70~h Ieg ch 191. Sec I, eff Sept l~ 1987 Amended by Acts 1989, 7 l't Leg.. ch. 2, Sec. 14.05ia), eft' Aug. 28, 1989: Acts 1989, 7ist Leg.. ch. 1106, Sec. 27. eff. Aug. 28, 1989: Acts 1989.71st Leg, ch, 1137. Sec. 18. eft. Sept. 1. 1989. Sec g11006. Restrictions on CompositionofReinxestmemZone (a) A mumc~paldy ma.,, nol create a remx estment zone if: more than 10 percent of the propcrt> in the proposed zone, excluding property that is publicly owned, is used for residential purposes: or (2) the total appraised value of taxable real property in the proposed zone and in existing reinvestment zones exceeds t 5 percent of the total appraised ,. aluc of taxable real property in the municipalit.,, and m the industrial districts created b.,. the municipality A municipality may not change thc boundaries of an exisung reinxcatment zone to include propert? more than 10 percent ol which, excluding property dedicated to public use. is used for residential purposes or to include more than 15 percent of the total appraised value of taxable real property in the municipality and in the industrial districts created b) the municipality. (c) A municipality may not create a reinvestment zone or change the boundaries of an existing reinvestmem zone if the proposed zone or proposed boundaries of the zone contain more than 15 percent of the total appraised value of real property taxable by a county or school district. For purposes of this section, propert> ~s used for residential purposes if it is occupied by a house haxing fe~er than five living units and thc appraised value is determined according to the most recent appraisal rolls of the municipabt.~ Subsection (a)(l) does not apply to a rcin~cstmcnt zone designated under Section 311.005(a)(5). Added by Acts 1987.701h Leg.. ch. 19I. Sec l.eff Sept. 1. 1987 Amended by Acts 1989,71 '~Leg..ch, 1137. Sec 19. eff Sept. 1 1989 Sec. 311 007 Changing Boundaries of Existing Zonc TIE Law - Page 6 G-6 (al Subject to the lirmtations prm ided by Sect on 311006. the boundaries of an existing reinvestment zone ma.', be reduced or enlarged b.,. ordinance or resolution of the governing bod? of the municipality that :rented the zone. Phe go;'ernmg body of the nmnicipalit.,, may enlarge an existing reinveslment zone to include an area described in a petition requesting that the area be included in the zone if the petition is submitted to the governing body of the municipality b> the owners of property constituting at least 50 percent of the appraised value of the property in the area according to the most recent certified appraisal roll for the county in v.,hich the area is located· The composition of the board of directors of the zone continues to be governed by Section 311.009(a) or (b). whichever applied to the zone immediately before the enlargement of the zone. except that the membership of the board must conform to the requirements of the applicable subsection of Section 311009 as applied to the zone after its enlargement. The provision of Section 31 I 006~b) relating to the amount ot property used for residential purposes that may be included in the zone does not apply to the enlargement of a zone under this subsection. Added by Acts 1987, 70th Leg.. ch. 191, Sec. 1. elf. Sept. 1, 1987. Amended by Acts 1989, 71" Leg., ch. 1137, Sec. 20, elf. Sept. 1, 1989. Sec. 311 008 Powers of Municipality. A munic~paiit.,, ma> exercise any po~er neccssar.,, and conxenient to can:> out this chapter, including the cause project plans to be prepared, approve and implement the plans, and otherwise achieve the purposes of the plan: (2) acquire real property by purchase, condemnation, or other means to implement project plans and sell that property' on the terms and conditions and in the manner it considers advisable; enter into agreements, including a~eements ~tith bondholders, determined by the goxeming hod.', of the mumcipality to be necessary or convenient to implement project plans and achieve their purposes. which agreements ma> include conditions, restrictions· or coxenants that run with the land or that b> other means regulate or re~trict the use of land: and 14) consistent v, ith the project plan for the zone: acquire blighted, deteriorated, deteriorating, undeveloped, or inappropl-iateiy developed real property or other property in a blighted area or in a federally assisted new community in the zone for the preservation or restoration of historic sites, beautification or conservation, the provision of public works or public facilities, or other public purposes: or (B~ acquire, construct, reconstruct, or install public works, facilities, or sites or other public ~mpro~ ements, including utilities, streets, street lights ,a atcr and se~er facilities, pedestrian malls and walk~ays, parks, flood and drainage facilities, educational facilities, or parking facilities The powers authorized b>, Subsection fa)(2) pres ail over any lay, or municipal charter to the contrary. A municipality may make available to the public on request financial information regarding the acquisition by' the rnunicipalit> of land in the zone ,* h~,. the ,,,~nl~Ipal,t., a~.~u~r~, the land. .Added b> .Acts1987, 70th Leg . ch. 191 Sec 1.elf Sept. l.1987..Amended by Acts 1987.70,"Leg..2nd Tlr Law - Page 7 . G-7 CS., ch 44. Sec 2. elf Oct 20. 1987. Sec 311009. Composmonol Board of Directors E:;ccFt as ?:5', idcd h': Subsection !b ;. thc board of director> of a rein,,ustment zone consists of at least five and not more than 15 members, unless more than 15 members are required to satisfy the requirements of this subsection Each taxing unit other than a municipality that levies taxes on real property in the zone may appoint one member of the board. A unit may waive its right to appoint a director. The governing body of the municipality that created thc zone may appoint not more than 10 directors to the board: except that if there are fe~.~.er than fi,,e directors appointed by taxing units other than the municipality, the go,.erning body of the municipality ma,',' appoint more than 10 members aa long as the total membership of the board does not exceed 15 (b) If the zone was designated under Section 311.005(a)(5), the board of directors of the zone consists of nine members. Each school district or county that levies taxes on real property in the zone may appoint one member of the board if the school district or county has approved the pa,,,wnent of all or p,'u't of the tax increment produced by the unit. The member of the state senate in whose district the zone is located is a member of the board, and the member of the state house of representatives in whose district the zone is located is a member of the board, except that either may designate another individual to serve in the member's place at the pleasure of the member. If the zone is located in more than one senate or house district, this subsection applies on!> to the senator or representati,,e in v, hose district a larger portion of the zone is located than any olher senate or house district, as applicable. The remaining members of the board are appointed b? the go,.crning body of the municipality that created the zone. Members of the board are appointed for terms of two years unless longer terms are provided under Article XL Section 11. of the Texas Constitution. Terms of members ma>' be staggered. A vacancy on thc board is filled for the unexpired term by appointment of the go,,erning body of the taxing unit that appointed thc director who served in the ,,acant position Tobe eligible Ior appo~nunentto thc bom'd b> thc go,.erning bod> of the municipality, an individual must: ti) if the board is covered by Subsection (a): (A) De a qualified voter ot the mumctpahty: or (B) be at least 18 years of age and own real property in the zone, whether or not the individual resides in the municipality: or (2) il the board is covered by Subsection (b): (A) be at least 18 years of age: and (BI own real pr0peny in the zone or be an employee or agent of a person that or, ns real property in the zone Each .',ear thc governing bod> of the municipa}iu shall appoint one member of thc board to scrv¢ as chairman lot a term o] one .,,ear that begins on January I ol the follov, ing .','car. The board of directors T[F Law - Page 8 G-8 may elect a vice-chairman to preside in the absence of the chairman or when there is a vacancy in the office of chairman The board ma.,. elect other officers as it considers appropriate. Addcd by Act:, !987. 70th Leg. ch I91 Sec I.eff Sept [. 1987. Amended by .Acts 1989. 71'~Leg..ch 1137. Sec. 21.eff Sept 1.1989 Sec 31 t .010. Powers and Duties of Board of Directors. The board of directors of a rein;'estment zone shall make recommendations to the go,.erning body of the municipalit.,, that created the zone concerning the administration of this chapter in the zone. In addition to the powers ~anted to the board under this chapter, the governing body of the municipality by ordinance may delega[e to the board an.', powers and duties relating to the implementation of the project plan for the zone that the go,.erning bod.', considers advisable. (b) The board of directors of a reinvestment zone may enter into agreements as the board considers necessary, or convenient to implement the project plan and reinvestment zone financing plan and achieve their purposes. An agreement may provide for the regulation or restwiction of the use of land hy imposing conditions, restrictions, or covenants that run with the land. An agreement may dedicate revenue from the tax increment fund to pay the costs of replacing housing or areas of public assembly in or out of the zone. An a~eement may dedicate revenue from the tax increment fund to pay a neighborhood enterprise association for pro;iding serx ices or cart5 lng out projects authorized under Subchapters E and G. Chapter 2303. Go;eminent Code. in the zone The term oI an agreement with a neighborhood enterprise mssocmuon may not exceed l0 years Subject to the approval of the governing body of the municipality that created the zone. the board of a zone designated under Section 311.005(a)~51 may exercise the power granted by Chapter 211. Local Government Code. to the governing body of the municipality that created the zone to restrict the use or uses of property m the zone. The board may provide that a restriction adopted by the board continues in effect after the termination of the zone. In that event, after termination of the zone the restriction is treated as il it had been adopted b> the go,.erning body of the municipality. Added b.s ,Acts !987 70th Leg.ch 191. Sec I,eff. Sept. 1. 1987 Amended b,,. Acts 1989.71" Leg. ch. 1137, Sec 22. eli Sept 1.1989:Acts 1991.72ndLeg.2ndC.S.,ch. fl,Sec 58, elf Sept. 1. I991. Amended by Acts 1995 74thLcg.,ch 76. Sec. 595(23~.eff. Sept. 1, I995. Sec. 311.01()1. Participation of Disadvantaged Businesses in Certain Zones. (a) h is the goal of the legislature, subject to the constitutional requirements spelled out by the United States Supreme Court in J A. Croson Company v. City of Richmond (822 F.2d 1355) and as hereafter further elaborated by federal and state courts, that all disadvantaged businesses in the zone designated under Section 311.005~a~iSi be gi;en full and complete access to the procurement process whe[eb.,, supplies. materials, serxices and equipment are acquired b.~ the board It is also the intent of the legislature that to the extcnt constitutionally permissible, a preference be g~ven to disad~ amaged businesses. The board and general contractor shall give preference, among bids or other proposals that are otherwise comparable. to a bid or other proposal by a disadvantaged business having its home office located in this state. ih) It is the intent Gl the legislature that the zone shall: m~piemem a program or program~, targeted to disad',antaged businesses In order to inform them fully about the zone prncurement process and the requirements for their participation in that process: TIF Law - Page 9 G-9 implement such steps as are necessary to ensure that all disadvantaged businesses are made fully a~t are of opportunities m the zone, including but not lirmted to specific opportunities to submit bids and proposals Steps that ma~. be appropriate in certain circumstances include mailing requests for proposals or nt,ttce-, in'~iting bids to all disad,.amaged businesses in the county: require pr~mc contractors, as part of their responses to requests for proposals or bids, to make a specific shov, ing of ho',',' they intend to maximize participation by disadvantaged businesses as subcontractors. The zone shall be required to evaluate such actions by prime contractors as a factor in thc ax~ard of contracts within the zone procurement process; identify disad~ antaged businesses in the count,',' that provide or have the potential to provide supplies, materials, serxices, and equipment to the zone; and i5, identif,s barriers o participation b; disadvantaged businesses in the zone procurement process, such as bonding, insurance, and working capital requirements that may be imposed on businesses. (c) It is the intent of the legislature that the zone shall be required to develop a program pursuant to this Act for the purchase of supplies, materials, services, and equipment and that the board of the zone compile a report on an annual basis listing the total number and dollar amount of contracts awarded to disadvantaged businesses during the previous year as well as the total number and dollar amount of all contracts awarded. Such annual report shall be available for inspection by the general public during regular business hours. The bnard by rule shall adopt goals for the participation ofminorit> business enterprises and ',,.omen owned business enterprises in the av. arding ol state contracts for professional services. To implement Ibc part~cipauon goals, the board shall encourage each issuer to a;~ard to minority business emerprlses and women-owned business enterprises not less than 15 percent of the total value of all professional services contract av, ards that the issuer expects to make in its fiscal year. Added by Acts 1989, 71st Leg., ch. 1137. Sec. 23, elf. Sept. I. 1989. Sec 311.011. Project and Financing Plans. (al ~qe board of directors of a rem~cstmcnt zone shall prepare and adopt a project plan and a rein,,estment zone financing plan ~or the zone and submit the plans to the governing bod.~ of the municipalit,~ that created the zone. The plans musl be as consistent as possible with the preliminary plans developed for the zone before the creation of the board (b) The project plan must include: (1) a map showing existing uses and conditions of real property in the zone and a map showing proposed impro;ements to and proposed uses of that property; proposed changes of zoning ordinances, the master plan of the municipality, buildipg codes, and nther munlctpal ordinances: , ~, a list of estimated nonproject costs: and statement of a method of relocating persons to bc displaced as a result of implementing the plan The reinvcstment zone financing plan must include: , ! , a detailed list describing the estimated project costs of thc zone. including administrative expenses; TIF Law - Page 10 G-10 statement listing the kind, number, and location of all proposed public works or public improve- mcnts in the zone: t3~ an ecenomic feasibiht': stud~.: the estimated amount of bonded indebtedness to be incurred: ~5) the time when related costs or monetary obligations are to be incurred: (6) a description of the methods of financing all estimated project costs and the expected sources of revenue to finance or pa.~ project costs, including the percentage of tax increment to be demed from thc propert? taxes of each taxing unit that levies taxes on real property in the zone: the cumem total appraised value of taxable real property in the zone: (8) the estimated captured appraised value of the zone during each year of its existence: and the duration of the zone. The governing bod5 et the municipality must approve a project plan or reinvestmem zone financing plan after its adoption by the board The approval must be b~ ordinance that finds that the plan is feasible and conlorms to the mas~er plan. if any, of the municipalit? The board of directors of the zone at an_,.' nme may adopt an amendment to the project plan consistent with the requirements and limitations of this chapter The amendment takes effect on approval by the go,. erning body of the municipality That approval must be by ordinance. If an amendment reduces or increases the geographic area of the zone. increases the amount of bonded indebtedness to be incurred, increases or decreases the percentage of a tax increment to be contributed by a taxing unit, increases the total estimated project costs, or designates additional property in the zone to be acquired by the municipality, the approval must be by ordinance adopted after a public hearing that satisfies the procedural requirements of Sections 311.003(c~ and (di in a zone dcbignated under Section 31 I 005~aff5/ that is located in a count.,, u. ith a population of 2 I million or more. the project plan must pro,.idc that at least one-third of the surface area of the zone. excluding roads, streets, high,x ays. utility rights- of-way, and other public areas or areas exempt from ad '.alorem taxation, be dedicated to residential housing and that at least one-third of the tax increment of the zone be dedicated to providing low-income housing during the term of the zone. Added by Acts 1987, 70th Leg.. ch. 191, Sec. 1, eff. Sept. 1, 1987. Amended by Acts 1989, 7P' Leg., ch. 1137, Sec. 24, eff. Sept. 1, 1989. Sec. 311.012. Determination of Amount of Tax Increment. The amoum el a taxing umt's tax increment for a year is thc amount of property taxes le',ded b.,. the unit for that Fear on the captured appraised ,.alue of real propcrt,,, taxable by the unit and located in a rein,,estmcm zone The captured appraised va ue o 'real property taxable by a taxing unit for a year is the total appraised value of the propert5 for that 5'ear less the tax increment base of the unit. Thc tax mcremcnt ba_qc el a taxing unit is thc total appraised ',aluc of all real property taxable b': thc umt and located in a reinxestmcnt zone for the ,,,ear In '~.hich the zone v..a~ designated under this chapter. TEF Law - Page 1 l G-Il Addedb? Acts 1987. 70th Leg.. ch. 191. Sec. l.eff Sept 1.1987. Sec 311(313 Colle:::*m and Deposit of Tax Increments E.J. ch [,~,,m,~ umt that taxes real pruperD located m a relm. estment zone shall pro,,ide for the collection of its taxes in the zone a.~; for an.,, other property taxed b.'. the unit. Each taxing unit shall pa,',' into the tax increment fund for the zone an amount equal to the tax increment produced b.,, the unit. less the sum of: (I) propcrt.,, taxes produced from the tax increments that are. by contract executed before the designation of the area as a rem,.estment zone. required to be paid by the unit to another political subdivision: and (2) a portion, not to exceed 15 percent, of the tax increment produced by the unit as provided by the reinxestment zone financing plan or a larger pomon as provided by Subsection (f) or (g). (c) A taxing unit shall make a payment required by Subsection (b) not later than the 90th day after the delinquenc.,, date for Ihe nni*'~; prc?erty ~axes A delinquent payment incurs a penalty of five percent of the amount delinquent and accrues interest at an annual rate of 10 percent. If the rcm,.estment zone is created on or after August 29. 1983, a taxing unit is not required to pa.,,, a tax increment into the tax increment fund of the zone after three years from the date the zone is created unless thc follo,.~.in~ conditions ex:st or ha,.e been met vdthin the three 5'ear period: * 1 I b~.>r:ds ha,.e been issued for the zone under Section 3I 1 015: the municipality has acquired property in the zone pursuant to the project plan; or (3) construction of impro~.ements pursuant to the project plan has begun in the zone. If the rein,.estmcnt zone was crcated before August 29. 1983. a taxing unit is not required to pa.',' a tax increment into the tax increment fund of thc zone after September 1. 1986. unless the following conditions existed or '~ere met before September 1. 1986: (1) bonds u. ere issued for the zone under Section 311 015: (3) construction of improvements pursuant to the project plan has begun in the zone. The go,. erning body of a taxing unit that taxes real property located in the zone may determine the portion of the tax increment produced by thc taxing unit that the taxing unit will retain from the tax increment and ma.'. de,:ide to retain all of that tm,: increment The determination is nol effective unless the go',erning body of thc t.zxm~ umt notifies thc board of directors of the zone in writing of its determination under this subsection on or before the 60'}' day after the date on ~hich the go,,erning body of the municipality appro,.es the rcm,,estment zone financing plan as provided by Section 311.01 l(d). The governing body of the taxing unit may not decrease the portion of the tax increment that it has deterrmned to dedicate to a reinx astment zone fund after the project plan is appro'.ed. A ta~xlng unit is not required to pay ~nto the tax increment fund an.'.' of its tax increment produced from proper:,.. !ocatcd in a rem,.estment zone designated under Section 311.005(a)(51 or in an area added to a remx ~z;'.mcnt zone under Section 311.007 bi unless thc taxing umt enters into an agreement to do so with TllXLaw- Page 12 G-12 mcrcmcm lo nc pa~d :nlo :hc ~und and the _'.ear~ for v, hich thai mx increment is to be paid into Ihe fund 1She agrc:.'mcm :>.nd the conditions in Ibc a~reement are binding on the taxin~ unit, the municipality, and In lieu of permitting a porlion of ils tax increment to be paid intolhetax increment fund, and notwilh.,unding Ihe pro', i~ions of Section 312.203, a taxing unit, other than a city, may elect to offer the o,.~ncrs o( laxable reai property in a rein,,eslmenl zone crealed under this chapter an exemption from taxation of'all or par~ofthe ,-alue of[he property..Any agreementconccrnmg an exemption from ad · Morem !:~xe; ~haH be exccuIed in Iht manner and subject to Ihe limitabons of Chapler 312; pro',ided. howe,,er (he propcrL', co,,ered by the agreement need not be in a zone created pursuant lo Chap(er 312. A taxing unil ma.',' nol offer a Iax abatement agreement to property owners in the zone after it has entered into an a~reemen( ~hat i(s lax increments would bc paid into the tax increment fund pursuant to Subsection (~). Subsections (~-/and (.._z ! do not appl) to a city with a population of more than 230,000 that borders Mexico. Added b? .Act-, 19S7.70Ih Leg . ch. 191. Sec. I, elf. Sept. 1. 1987. Amended by Acts 1989, 71': Leg, ch. ] I37. Sec 25 cfl Sept 1 1989: Acts 199[, 72nd Leg.. ch 16. Sec 17.06. cfi Aug. 26. 1991, .-',,mcndcdh? A,'~s 1993. 73rd Leg ch ll2. Sec l.eI] Aug. 30. 1993 Sec 31l 0!4 Tax incremenI Fund. In adddion to thc dcposds required by Seclion 311.013. all revenues from the sale of tax increment bonds or nmos. rc'.cnues from the sale of any property acquired as part of the tax increment financing plan. and mhcr re;unuc~ to bc used in Ibc rein,,estment zone shall be deposited in the tax increment fund for zone 5. l,3ne,., rna.,, bc dt~bur-,cd from thc tund only to satisfy claims et' holders et' ;ax increment bonds or notes i'~,,ucd re): thc zone to pa) project co,ts Ior the zone, or to make paymcms pursuant to an agreement made under Se,men 3I 1 010(b) dcd~catin~ revenue from the tax increment fund may be temporarily invested in the same manner as other funds of the municipality. (d) Ahcr all project costs and ail tax increment bonds or notes issued for a reinvestment zone ha',e been paid, and subject to an.', agre. cmcnt v, ith bondholders, any money remaining in the tax increment fund shall be [aid to thc mumc~pald,,, and ()thor taxing units levying taxes on propcrt.,, in the zone in proportion to thc mun~cipa;it.,,'-, and each uni[~ respcctt,.e share or thc total amount of tax increment': dcrP. ed t'rom taxable real pro?,-'rt) m thc zone that ','.crc deposited in the fund during the fund's existence .Added b:, Acts198?. 70th Leg.. ch 191.Sec t.cff. Sept 1.1987. Amended by Acts 1989.7I"Leg.ch 113'7.Sc: 26. cfr. Sept. t, 1989. Sec 31! 015 Tax Increment Bonds and Notes ,~ere ~s~ued or to satlsl~ claims of holders of the bonds or notes. The munic~pald,s ma,',' :ssue refunding TI2: Law - Page 13 G-13 the go~erthng bod3 of the municipality that created the zone. A taxing unit may enter into an a_m'eement under this subsection at an5' time before or after the zone is created or enlarged. The a~eement ma3' include conditions for pa.wnent of that tax increment into the fund and must specif5 the portion of the tax increment to bc paid into the fund and the years for ~ hich that tax increment is to be paid into the fund The agreement and the conditions in the agreement ar: binding on the ta~xing unit, the municipality, and the board of directors of the zone. (h) In lieu of permitting a pornon of' its tax increment to be paid into the tax increment fund, and not~ithstanding the provisions of Section 312,203, a taxing unit. other than a city. may elect to offer the owners of taxable real property in a reinvestment zone created under this chapter an exemption from taxation of all or part of the value of the propert? Any agreement concerning an exemption from ad x alorcm taxes shall be executed in the manner and subiect to the limitations of Chapter 312: provided. ho;~e~er, the propert? covered by the agreement need not be in a zone created pursuant to Chapter 312. A taxing unit ma? not offer a tax abatement agreement to property owners in the zone after it has entered into an agreement that its tax increments would be pa~d into the tax increment fund pursuant to Subsection (g). (it Subsections (fY and (g) do not apply to a city with a population of more than 230,000 that borders Mexico. Added by Acts 1987, 70th Leg., ch. 191, Sec. 1, elf Sept. 1. 1987. Amended by Acts 1989, 71" Leg.. ch. 1137 Sec 25. eff. Sept. l.1989:.Acts 1991.72ndLeg.ch. 16. Sec. 1706. eff. Aug. 26,199]. .-\mended b> .Acts 1993, 73Fd Leg.. ch lIa. Sec I e!'f AuS. X0,1993 Sec Ill.014 Tax Increment Fund. (aY In addition to the deposits required by Section 311 013, all revenues from the sale of tax increment bonds or notes, revenues from the sale of an>' property acquired as part of the tax increment financing plan, and other revenues to be used in the reinxestment zone shall be deposited in the tax increment fund for the lc) Money may be disbursed from thc fund onl? to satls[? claims of holders of tax increment bonds or notes issued for the zone. to pa.',' projcc costs for the zone. or to make payTnenthpursuant to an agreem~ent made under Section 311 010(bi dedicatin~ revenue from the t~x~n~r~rnent fund~ ...... - Subject to an agreement with the holders of tax increment bonds or notes~ money' in a tax increment fund may he lempor,qri}? in,~esled in the qame manner as other fnnds of the municipality. (dy After all project costs and all tax increment bonds or notes issued for a reinvestment zone have been paid. and subject to any agreement with bondholders, an.,,' money remaining in the tax increment fund shall be paid to the municipality and other taxing units levying taxes on property in the zone in proportion to the municipality's and each unifs respective share of the total amount of tax increments derived from taxable real propcrt? in the zone that ,.t ere deposited in the fund during the fund's existence. Added by Acts 1987. 70th Leg . ch 191. Sec I,eff. Sept 1.1987. Amcndedby.Acts 1989.71'~Leg.ch. 1137, Sec. 26. elf Sept. 1, 1989 Sec 311015 Tax Increment Bonds and Notes. A municipality, creating a reinvestmem zone ma? ~ssue tax increment bonds or notes, thc proceeds of ~hich ma',' be used m pay' project costs for the reinxestment zone on behalf of which the bonds or notes ~ere issued or m satisfy claims of holders of the bonds or notes The mun cipaliLv ma.', issue refunding TIF La',',' - Page 13 G-13 id) (e) bonds or notes for the payment or retirement of tax increment bonds or notes previously issued by it. Tax increment bonds and notes are payable, as to both principal and interest, solely from the tax increment fund established for thc rcmxestment zone. The governing body of the municipality may pledge irre,,ocabiy ali or part of the fund for payment of tax increment bonds or notes. The part ol the fund pledged m payment may be used only for the payment of the bonds or notes or interest on the bonds or notes until the bonds or notes have been fully paid. A holder of the bonds or notes or of coupons issued on the bonds has a lien against the fund for payment of the bonds or notes and interest on the bonds or notes and may protect or enforce the lien at law or in equity. Tax increment bonds are issued by ordinance of the municipality without any additional approval other than that o' he attorne? general Tax increment bonds or notes, together with the interest on and income from those bonds or notes, are exempt from all taxes. The issuing municipality may provide in the contract with the owners or holders of tax increment bonds that it '~i!] pay into the tz',. increment fund al! or any pa.q of the revenue produced or r~ei;'ed from the operation or sale of a facility acquired, improved, or constructed pursuant to a project plan, to be used to pa.,, principal and interest on the bonds. If the municipality agrees, the owners or holders of tax increment bonds may ha:'e a lien or mortgage on a facility acquired, improved, or constructed with the proceeds of the bonds. Tax increment bonds ma.,,' be ~ssued in one or more series. The ordinance approving a tax increment bond or note or the trust indenture or mortgage issued in connection with the bond or note. shall pro',ide: I ) the date that the bond or note bears; /2) ha he bond or note is payable on demand or at a specified time; the interest rate that the bond or note bears: the denorrunation oI the bond or note; {51 ~hether the bond or note is in coupon or registered form; (7) the rank or priorit? of the bond or note; the manner of execution of the bond or note; the medium of payment m which and the place or places at which the bond or note is pa.sable: the terms of redemption, v. ith or without premium, to which the bond or note is subject: the manner m which the bond or note is secured; and ( 1 2) an.', other characteristic of the bond or note A bond or note tssued under this chapter is fully negotiable. In a suit. action, or other proceeding involving hhe xa dty or enforceabilit', of a bond or note issued under this chapter or the security of a bond or note T~ Law - Page 14 G-14 issued under this chapter, if the bond or note recites in substance that it was issued by the municipality for a reinxestment zone, the bond or note is conclusi~el? deemed to ha~e been issued for that purpose, and the de~,elopmem or rcde,.elopmem of the zone ~s conclusi,.elF deemed to rase been planned, located, and carried out a_s pro,,idcd b.,. this chapter. A bank. trust company, savings bank or institution, sa,. ~ngs and loan a>sociation, investment company or other person carrying on a banking or investment business; an insurance company, insurance association, or other person carrying on an insurance business: or an executor, administrator, curator, trustee, or other fiduciao, may invest any sinking funds, money, or other funds belonging to it or in its control in tax increment bonds or notes issued under this chapter Tax increment bonds or notes are authorized security for all public deposits. A person, political subdivision, or public or private officer ma>' use funds owned or controlled b.', the person, political subdivision, or officer to purchase tax increment bonds or notes. This chapter does not relieve any person of the duty to exercise reasonable care in selecting securities. A tax increment bond or note is not a general obligation of the municipality issuing the bond or note. A tax increment bond or note does not give rise to a charge against the general credit or taxing powers of the municipality and is not payable except as provided by this chapter. A tax increment bond or note issued under this chapter must state the restrictions of this subsection on its face. A tax increment bond or note may not be included in any computation of the debt of the issuing municipality A munimpalit? may not issue tax increment bond~ or notes in an amount that exceeds the total cost of implementing the project plan for thc remvestment zone Ior which the bonds or notes are issued. tax incrcmcm bond or note must mature within 20 .~ears of the date of issue Added by Acts 1987.70th Leg.. ch. 191. Sec. 1, elf Sept. 1, 1987. Sec 311016 Annual Report. On or before the 90th day following the end of the fiscal _~ear of the municipality, the go',erning body of a municipalit.,, shall submit to the chief executive officer of each taxing unit that levies property taxes on real propert.x m a reinxestmcnt zone created by the municipality a report on the status of the zone The report must include: thc amount and source of revenue in the tax increment fund established for the zone; (2) the amount and purpose of expenditures from the fund; (3) the anaount of principal and interest due on outstanding bonded indebtedness; (4) the tax increment base and current captured appraised value retained b.', the zone; and (5) the captured appraised value shared by the municipalit,', and other tax~ng units, the total amount of tax increments received, and an,,, additional information necessao to demonstrate compliance with the tax increment financing plan adopted by the governing body of the municipality. ~b) A copy of a report made under this section shall be sen to the attorne.x general. Added by Acts1987. 70th Leg . ch. 191-Sec. l.cff Sept 1.198~. Amendedb5 Acts 1989.71 Le=..c . 2. Sec 14 06(a). eft Aug 28, i989 TIF Law - Page 15 G-15 Sec. 311.017. Termination of Reinvestment Zone. ~a) reinvestmem zone terminates on the earlier the termination date designated in the ordinance ,:renting Ire zone or an earlier terrmnation date designated by an ordinance adopted subsequent to the ordinance creating the zone; or (2) the date on which all project costs tax increment bonds, and interest on those bonds have been paSd in full. (b) The tax increment pledged to the paFwnent of bonds and interest on the bonds may be discharged and the reinvestment zone may be terminated if the municipality that created the zone deposits or causes to be deposited with a trustee or other escrow agent authorized by law funds in an amount that. together with the interest on the investment of the funds in direct obligations of the United States, will be sufficient to pay the principal of. prermum, if any, and interest on all bonds issued on behalf of the reinvestmem zone at maturity or at the date fixed for redemption of the bonds, and to pay any other amounts that may become due, including compensation due or to become due to the trustee or escrow agent. G-16 II. LocaJ Prooerty Tax Inoentl',,e:s Tax Increment Financing - can use to publicly fin~'~ce needed Tax ,,,c ..... ent I~namcm~ :s i tool t~at locai Eo,,'ermme~ts ..... ' improvements and e~anc~d i~tmcmre ~t~n a defined ~:ea. ~ese · . and to ~m~ro,.'~ments usuaUv ~r~ ~.de~a~n to ~romote the viability of e~s~n~ businesses a=ra:: new co~merc~ eme~nses to ~he zrea. I ne s~atutes ~ove~ng t~x increm~n~ financing are icczted ~n Chzpter 3 ~ 1 of the Texzs T~x Code Th~ cos~ of improvements to the area is rep~d by the conmbution of ~mre t~x revenues by each t~m~ umt that levies t~x~s a~mst choose to m~e additi,on~ increment Each t~ng u~t dete~nes what percentage of its t~ increm~nL ~f ~y, it ~11 co~2~ to r¢pa~ent of the cost offin~cm~ the public improvements T~xmcr~mentfin~cmgmavbe~mt~ated°~vbyackv Ifaprope~yislocaedeu:s~detheci~ ~LmA~s ~,~(t~ the cky's ¢~ratemmnal mnsm~on or beyond). increment fin~cm~. Once a ci~' h~ ~tiamd tax increment fin~cm~, co~r.~es~ school diems, ~d speci~ diems ~ ~lowed to consider p~mpatm~ in the ~_x increment ~cm~ a~m~m. Initiating the Process There =-~e r~vo ways ti,at tax increment financLq~ can be imt:a'ed F'lrst, k can ;'" started by petition cf' the a~'ected vroperW ov, mers. The petition must be submitted k',' owners of prope,?,' constimtin~ at least 50 percent of the appraised value ol the prope,."D.' v,(thin the proposed zone There are a number of. speciaJ rules regarding zones that a-e created by · .w. ,~,. ,-h-,, sh,~,da ,-~.F.r m Chapter 3 ! 1 of the TAx " zone is created in petition, if' Code regarding the applicable requirements and provisions. More often, however, tax increment financing is inflated by the city. council without the need for a petition. If not i~tiated by petitiom an area may be considered for ',ax increment financ;ng orfly if it meets at least one of the follov,fng tba-ee cfi:efta: t) The area's present condition must substantially impair the city's ~o':,xh, re:ard the provision of' housing, or con~itute an economic or social liabiiir:' :o the public health, s~et.v, morals, or welfare. Further, this condition must exist because of the presence of' one or more of the following conditions: a substamial number substandard or deteriorating strucrures, inadequate sidewalks or street layout, fauky lot layouts, unsammo' or unsafe conditions, a tax or sp ..... assessment delinduen:v ~',",at exceeds the fair market value of' the land: defe~i','e or unusual conditions o.~ title, or conditions that endanger !iCe or proper-ox' ~'. fire or other Of'glc~ o~' the Atto~'~e)' GeneraJ ....P~,e 38 G-17 Local Prol~*rn~ The area ~s predormnatety open. and because of obsolete platting, deteriorating structures, or other factors. :t substannaliy impairs the grow-th of the cit.,,'; or The area :s ;n or a~iacen: to a 'Federaib. assisted ne'.'~ co,"ra'nu~Jty" as ~lefined under Tax Code Secnon 3 I 1 005(b) Witkin developed areas of the city, the criterion usually cited to justify a reinvestment zone is that the area's present condition substantially impairs the city's growth because of a substa~ntial number o£ substandard or deteriorating stru~ures. If the area is not developed, the city o~en cites the criterion that the area is predom/nately open. and that it substantially impaars the growth of the city because of obsolete platting, deteriorating structures, or other factors. The Tax Code places several further restrictions on the creation of a reinvestment zone for tax increment financing. · No more than :eh percent of the property witkin the reinvestment zone (excluding pubiiciy-owned property) may be used for residential purposes. · A reinvestmem zone may not contain property that cumulatively would exceed 15 percent of the total appraised properD' value witNn the city and its industrial districts. Subject to the above limitations, the boundaries of mn e.'dsfing tax increment financing zone may be reduced or enlarged by ordinance or resolution of the city council that created the zone. A.ny such change is conducted according to the requirements of Section 311.007 of the Tax Code If an area qualifies for tax increment financing, the process basically involves ten steps. The ten steps are as follows: 1. The governing body of the city. must prepare a preliminary reinvestment zone financintl plan. A copy of the plan must be sent to each local government that levies taxes on real proper'o/ with/n the zone. The Tax Code does not specify, what the preliminary financing plan must contain. However, it may be prudent to include each of the items that are required for the final financing plan that is discussed under Step Seven oftkis article. 2. The city must provide 60 days' written notice oi' its intent to designate a reinvestment zone, and ol= the hearing on the proposed zone, to the other taxing units that levy property taxes within the area. The notice must contain a description of' the proposed boundaries of' the zone, the tentative plans ;Mr the zone's development, and an estimate of the general impact of' the zone on property values and tax revenues. The governing body of the affected counties and school districts may agree to waive the 60-day notice r=auh'ement A tax/ng unit that receives the Offic~ of the Attorney Genera] .~.,Pa~e 39 G-18 Il. Lor..a~ Proper~ Ta~ Incanllv~ ¢{~'s 60-day nonce rn, av ask the ¢{cy for add{donal information The city is under a duty to pr~&,de an:, '~uch :r,5~r-mauon ~o ~hc "e~en~ practicable" 3. Once the ci~ has provided its 6~ay notice o[ a proposed zone, the other a~ecled t~ing units ~thin 15 days must d~ignate a representative to meet with the ci~ to discuss the project plans. W{~h ~dv~r,c: notice. Lhe c~tv may ca~t a meeting or meetings of Lhese representatives The meetings m~v be called ~ least l~ days ~er the ci~'s 60-day notice of the proposed zone. The m~e:{nS~ ma'. include discussions of the follo~n~ items: · The boundahes of the development w~thin ,.he zone; · The tax increment that each taxing unit will contribute to the tax increment fund; · Any proposed retention of a po,'xion of its t~.x increment by a taxing unit; · The exclusion ofpamcuIar parcels of property from the zone; · The board of directors for the zone: and · Tax col!ection v. Sthin the zone On the city's motion, any other releva~nt manor may mlso be discussed. All such meetings must be conducted as open meet{ngs as provided under the Open Meetin§s Act. 4. A~ter meeting with the other taxing unit representatives, the city must provide a formal presentation to the governing body of each county and school district that levies real property, taxes within the proposed zone. The cir,"s formal presentation must cover the same items that were included in the city's earlier ~50-dav notice to the taxing units. Specifically, the presentation must indicate the proposed boundaries of the zone~ the tentative plans for development of the zone, and an estimate of the ...... , · ,~,,,,,,~v values and tax revenues. Notice of ~c.c,a, innoa~ of the zone on these presentations must be given to all taxing units that tax property within the zone. The presentations should be conducted as open meetings. The city. may hold a joint presentation for all of the affected taxing units with the consent of' the involved counties and school districts The ciD's proposed plan for the zone may include expenditures for any of a number of costs as oudined in the definition of the term "project cost" in Tax Code Section 311.062(1). For example, potential expenditures could include the costs of acquisition, construction, or improvement and other costs to enhance or develop new and existing public buildings and other public improvements. Such public improvements may include expenditures for: · Utilities. water and sewer facilities, flood and drainage facilities: · Streets. street lights, · Pedestrian malls, v..alk'ways, or park/rig facilities; Office of the lttorn~eoal ~.,,-.Page 40 II. Loc,lJ property Ta.~ Inc,enlh,'e~ · Parks and educanona~ facilities Project costs ma',' also mc:ude tSe cost of profess~onai se~'~ces and adrrJ~strati','e expenses in Cities are additionally perrmrte:' to take most actions that are necessary, to carry, out tax increment financing They may acquire real properD' throug.h purchase or condemnation, enter into necessary agreements, and construct or erthance public works facilities and other public improvements. The c~ty may also make ne~-~:ted improvements to blighted properties. Tax Code Section 3 ! l 00g(b) provides that these powers prevail over any law or municipal charter to the contrars.' 5. After the city ha~ made its formal presentations to the other taxin~ units, the city must hold a public hearing on the creation of the reinvestment zone. The public hearing must be preceded by at least seven days' published notice in a newspaper of'general circulation in the ci~' At the hearing, the governing body of the city. must evaluate the proposed benefits of the zone. Any interested person is permitted to speak at the hearing and voice their objection to the inclusion of property, v,'ithin a proposed zone. Property. svithin the zone that is owned or leased by a member of' the governing body of the city or by a member ora board or commission o£the city. is not eli~ble for tax abatement financing. 6. After the public hearing, the governing body of the city may, by ordinance, designate a contiguous area ~thin the city as a reinvestment zone for tax increment financing purposes. The ordnance must be adopted bv a simple majority, vote of'the ci .ty's governing body at an open meeting. Nome pale cities may have a higher voting contingent required by the city. charter. The adopted ordinance should inciudea finding that development of the area would not occur in the foreseeable furore solely through private investment. Tax Code Section 311.004 also contains a number of other mandatory, provisions for the reinvestment zone ordinance. 1 hose prosqsions include: · a description of the boundaries of the zone with sufficient detail to identify, the territory within the zone. The ordinance, however, does not have to identii=y the specific parceis of real property.. * a designation of the board of diremors for the zone and an indication of'the n=rnber of directors of the board. * a provision that the zone 4511 take effect on January. 1 of the year following the year in whSch the ordinance is adopted: · an indication of the date for termination of the zone: · a name for the zone as provided under Tax Code Section 31! 004(5); · a provision establishing a tax increment fund for the zone: and 0111c~ of the Attorney General ~,.,.Pa.~e 41 G-20 ii. Local Proper~v Tax Incen.v-es findings that the impro,.~ments v,'ithJn the zone will sigmficantly e.~a~ce the v~ue of the taxable prope~y ~t~n the zon~ ~nd ~l] be of general b~n~fit to th~ ci~; and that th~ arez m~ts the cnte~a for desi~n~:ion of a r~mves:men[ zone under Tax Code Secnon ~ i I COS GeneralI',, the board of directors consists of at least five and not more than 15 members, unless ~ore than 15 members are required under Tax Code Section 3 I 1 009 To be eligible for appointment to the board, a person must be a qualified voter of the taxing unit. or be at least 18 years old and own real property in the zone If the zone was created by petition of the lando'*-n'ers, a board member may also be an employee or agent of a person who ow-ns real property with. in the zone The board consists of 15 members. Each taxing unit other than the city that levies taxes on the real property in the zone may appoint one member of the board. A unit may waive its right to appoint a director. The governing body of' the city that created the zone may appoint not more than ten directors to the board, except to the ement it is necessary to ensure that the board has 15 members. Each member of the board is appointed for a term of two years, un. less the city chooses a longer term of up to four years as authorized under .-s~'ticle .'(I, Section 11 of the Texas Constitution Each veaz, the ciD' appoints one member of the board to serve as cha/rrnan. The chairman serves' for a term of one year that begins on Janus' I of the following year. The board of directors may also elect a v/ce-chair to preside in the absence of the chairman. The board may elect other officers as it considers appropriate. A vacant2,_' on the board is filled by appointment of the governing body of the ta,'dng unit that appointed the director, unless the term of the director was for longer than two years. Vacancies for terms of longer than two years are filled by special election as requized under Article .'G, Section 11 of the Texas Constitution It should be noted that designation of an area ~ an enterprise zone under the Texas Enterprise Zone Act (Government Code Chapter 2303) would also constitute designation of the area aq a reinvestment zone for tax increment financing purposes. Such a desi~nation would eliminate further public hearing requirements other than those provided under the Enterprise Zone Act. Participants would still need to execute the tax increment "project" and "financing" plan according to the requirements contained in Chapter 311 of the Tax Code (outlined below). 7. After the city has adopted the ordinance creating the 'zone, the board ol~ directors of the zone must prepare both a "project plan'~ and a reinvestment zone "financing plan." The plans must be as consistent as possible with the prelimina~ plans developed by the city for the zone before the board was created Specifically, the project plan must include: · ,~ map sho'.~Sng ex/sting uses of real prope:XS.' wStNn the zone and an'.' proposed improvements~ OITic~ of the Attorney General .~,.,Pag..e 42 G-21 IL Lo~aJ p~ope*r'~ Tax Inc~ntb,'z:~ · any proposed changes to zcrung ordinances, the mas[er plan of the city, building codes, cr other municipal ordinances: · a iisi of estimated project cos:s: and · a statement of'the method for relocatmg persons who vdll be displaced as a result of implementation of the pi~. Further, the board must provide a reinvestment zone financing plan. It must contmn the following rune items: 1) a detalied list of the estimated project costs of the zone, including admi,"tistrative expenses: 2) a list of the kind, number, and location of ail proposed public works or public bnprovements w~tNn the zone: 3) an economic feasibility study: 4) the esumated amount of bonded indebtedness to be incurred; 5) the timing £or incurring costs or monetary, obligadons: 6) the methods for financing al! estimated project costs and the expected sources of' revenues, including the percentage of tax increment to be derived from the property taxes of each la:ring unit that levies taxes on real property wk~n the zone; 7) the current total appraised value o£taxable real properD' in the zone: g) the estimated captured appraised value of the zone during each yea,- of its existence: and 9) the duration of the zone. A tax increment financing reinvestment zone te,'-minates on the earlier of: the terrmnation date designated in the ori~nal or amended ordinance creating the zone. or the date on which all project costs, tax increment bonds, and interest on those bonds have been paid in f~ll as provided under Tax Code Section 311.016. The financing plan may provide that the city vdll issue tax increment bonds or notes, the proceeds of which are used to pay project costs for the reinvestment zone..~my.such bonds or notes are payable solely from the tax increment fund and must mature witNn 30 years of the date of issue. Tax increment bonds are issued by ordinance of the city. v,4thout any additional approval required, other than that of the Public Finance Section of the Attorney General's Office. The characteristics and treatment of these obligations is covered in detail in Tax Code Section 3t 1.015 ,~ter both the project plan and the reinvestment zone financing plan are approved by the board of directors of the zone. the plans must also be approved by ordinance of the govem/ng body of[he city The ordinance must be adopted at an open meeting by a simple major;.ty vote of ti~e tax/ng 6nlt's governing body, unless the city. is a home rule city and a l'figher voting omce o~' the Attorney General ,..,.Page 43 G-22 II. Loc.~J Proper'~' T~ InCenn~es contingent ~s required by the city cha,qer The city's ordinance must find that the plans are feasible and co~orm to the master plan. if any. o?the At an',' time a~er the zone has been adopted, the board of' directors may adopt an amendment to the'project plan as provicied under Section 3 i 1 011 o/the Tax Code The amendment takes effect on approval of the change by ordinance of the city council and in certain cases may require an additionai public heanng $. After the project plan and the reinvestment zone have been approved by the .board ol' directors and by the city's governing body, the other taxing units with property ~'ithin the zone must contract with the city regarding what percentage or their increased tax revenues will be dedicated to the tax increment fund. In practice, taxing units have generally committed in early negotiations with the city as to what portion of the tax increment they will contribute to the tax increment fund for the zone. The tax increment fund is ultimately made up of the contributions by the respective taxing units ora portion of;their increased tax revenues that are received each year under the plan. For example, consider a ci~' that as part of its tax increment project plan a~eed to put in improved sidewalks throughout the zone at a cost of $20.000 If'the property, values in the district increasing by two percent a~er the sidewalk improvements, each of the affected taxing units could choose to dedicate all, only a poaion of, or none of the property taxes that are due to two percent increase in property values within the zone. The decision as to what percentage of the increased tax revenues to contribute to the tax increment fund is entirely discretionary with the governing bodies of each of the taxing units. Any a~eement to contribute must indicate the ~omon of the tax increment to be paid into the fund and the years for which the tax increme,4t ,*'ill be paid. The a~eement may also include other conditions for payment of the tax increment Once the taxing unit dote,whines what portion of its tax increment it will dedicate to the fund and the project plan is accordingly approved, the taxing unit may not later decrease the portion it contributes. Only property taxes atmbmable to real property witnin the zone are eii~ble for contribution to the tax increment fund. Property taxes on personal property are not eli~ble for contribution imo the tax increment plan. Payment of the taxing unit's increment to the fund must be made by the 90th day at, er the delinquency date for the unit's property, taxes. A delinquent payment incurs a penalty of five percent of the amount delinquent and accrues interest at an annual rate of I 0 percent. Alternatively, a taxing unit may decide to retain ail of the t:~,: increment for itsel.f and not contribute to the tax increment fund. If such a determination is made, the taxing unit must notify the board of directors of the zone in writing within 60 days of the city's approving the reinvestmem zone financing plan. In lieu of Den'rutting a portion of its tax increment to be paid into the tax increment fund. a taxinv uni~ (other than a city) may elect to offer the owners of taxable real property, in the zone-aa exemption from ad ;'alorem taxation for any increase in the property value as provided under Tax Code Chapter 312 However, a ta-X:ng umt ma?' not offer a tax abatement Office ol' the Attorney General ~,*-P~e 44 G-23 II. ~ Prope~ Ta,x Inc~ntlv~ to the proper~y owners in the zone after it has entered into an agreement that it would contribute a tax increment into the fund. 9. Once the reinvestment zone is established, the board of directors of the reinvestment zone must make recommendations that are approved by the governing body of the city on the implementation of the tax increment financin{~. The board of' directors of the reinvestment zone may enter into agreements to implement t, he project plan and financing plan and to achieve their purposes. It may also enter into agreements to provide certain land-use re.fictions. The board must ensure that bonds have been issued for the zone. that the city has acquired property, in the zone purmant to the project plan. and/or that cormruction of improvementa has begun in the zone. If at least one of the above three items has not been accomplished wS. tb;_q the fir~ three yea,rs of the zone's e.xiatence, the other taxing units are not required to continue payments into the tax increment fund. The board is also required to implement a plan to enhance the participation of'"disadvantaged businesses" in the zone procurement process, as provided under Tax Code Section 311.0101. Finally, the board h~ other enumerated powers as described in Section 311.010 of'the Tax Code. 10. The city must submit an annual report to the chief executive officer of each taxing unit that levies taxes on property within the zone. The report must be provided within 90 days of the end of the city's fiscal .,,'ear. The report must include the fok!o'Mng items: · the amount and source of revenue in the tax increment fund established for the zone; · the amount and purpose of expenditures from the fund: · the amount of principal and interest due on outstanding bonded indebtedness; · the tax increment base and current captured appraised value retained by the zone; and · the captured appraised value shared by the city. and other taxing unlt~: · the total amount of tax increments received; · any additional information necessary, to demonstrate compliance w/th the tax increment financing plan adopted by the city. A copy ofthe above report must also be sent to the Office of'the Attorney General, Unlike tax abatement, the Texas Depar~mem of Commerce does not act as the state registry_ of' tax increment financing documents. Nonetheless. the Office of the Attorney General. and in ceaain cases the Texas Department of Corm'nerce, may have copies of sample tax increment omce ot the Attorney General ~,..Pa~e 45 G-24 II. ~ Property Tax Incen(h~ firmncing documents and information in t~s regm-d. Requests for such sm'nples can be made to the O~ce of the Attorney General at (5 12) 475-4683, and to the Dep~xtment of Commerce at (512) 936-0292. The 1993 and 1995 legislative sessions resulted ha several changes in the tax abatement m'ea that had ramifications for school districts that participated in tax abatement. There were no comparable changes in tax increment financing laws that would impact school district f~nd~ng. Before a local government implements tax increment financing, it should visit with its loc~ financial advisor to determine the potential effect on the entiw's financial and bond rating,~ if' any, ii'it participates in tax increment finant.qng. Cities with Recent Tax Increment Financing Activity Dallaz Galve~on Hom'ton Cor'p~ Chrixti Ode~a La Marque Bellaire A bilene El Paso Scher~z Fr'aco ofn~ of the ~orney 6e. neraJ ~,)-Pii~e 46 G-25 Star-Telegram FED. I.D. NO. 22-3148254 ADORDERNO. 12119216 400 W.SEVENTH STREET•FORT WORTH,TEXAS 76102 ACCOUNT NO. C I T 5 7 THE STATE OF TEXAS unty 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 RATE AMOUNT INCH/LINE 12/05ME ' 12119216 NOTICE OF PUBLIC I358 1x 30L 30 . 79 23 . 70 - -------- -- OF PUBLICIHEA ING 122/05-1-21-43-5.. NOTICE IS HEREBY GIVEN to all interested persons that the City Council of the City of Southlake,Texas will be hold- ing a Regular public hearing Council Burin/ the Meeting to be hey ld on De- cember 16, 1997 at 6:00 p.m. in the City Council Chambers of the City Hall, 667 North Carroll Avenue, Southlake,Texas. Purpose of the hearing is to consider the seconde reading of the follClTY OFdinance: SOUTHLAKE TEXAS ORDINANCE SOUTHLAKE, 690 -- AN ORDINANCE approving the Project and Fonance Plan for Tax Increment Reinvestment Zone Number One, City of Southlake, Texas; and re- olving other matters inci- SI lent and related thereto. ty of Southlake JtnyD dr�a cL.LeGrand 2UL ..AiruL_L, r„vv SWORN TO BEFORE T THE DAY OF 23rd D{t\�'/ECEMBER , 97 " °!tit RHQNDA R. GORE Notary Public UM-C1-6- -)0‘ i4 COMMISSION DARES S "ecv. LrILrttB[R TARRANT COUNTY,TEXAS PLEASE PAY THIS ORIGINAL INVOICE AND RECONCILE WITH MONTHLY STATEMENT. THANK YOU! A.-----TEAR ALONG THIS PERFORATION AND RETURN THE LOWER PORTION WITH YOUR PAYMENT-----A Star-"I'elegraiTl �.��-�'ri,.� ��- REMIT TO: 10. 400 W.SEVENTH ST. •FORT WORTH,TEXAS 76102 ITY SECRETARY ACCOUNT AMOUNT 12119216 NUMBER CIT57 DUE 23 . 70 PAGE1 01 IF ANY QUESTIONS, PLEASE CALL(817)390-7885 CITY OF SOUTHLAKE 667 N CARROLL AVE PLEASE PAY SOUTHLAKE , TX 76092-9595 THIS AMOUNT, 23 . 70 PLEASE WRITE IN AMOUNT ENCLOSED