2018-08-07 TIRZ packetTAX INCREMENT REINVESTMENT ZONE NUMBER ONE
CITY OF SOUTHLAKE
BOARD OF DIRECTORS MEETING
LOCATION: Town Hall — City Council Chambers
1400 Main Street, Southlake, Texas 76092
DATE AND TIME: Tuesday, August 7,2018-4:30 p.m.
AGENDA:
1. Call to Order
2. Consideration: Approval of the minutes from the January 23, 2018 Tax Increment
Reinvestment Zone Number One Board of Directors meeting.
3. Consideration: Approval of Southlake TIRZ #1 Amended Project and Financing
Plan
4. Discussion: Proposed Fiscal Year 2019 Tax Increment Reinvestment Zone
Number One Budget Overview and revised budget figures for
Fiscal Year 2018.
5. Discussion: Tax Increment Reinvestment Zone Number One Project Status
Update.
6. Adjournment
CERTIFICATE
I hereby certify that the above agenda was posted on the official bulletin boards at Town
Hall, 1400 Main Street, Southlake, Texas on Friday, August 3, 2018, by 6:00 p.m.,
pursuant to the Texas Government Code, Chapter 551.
Carol Ann Borges, TRMC
Interim City Secretary
If you plan to attend this public meeting and have a disability that requires special
needs, please advise the City Secretary 48 hours in advance at (817) 748-8016,
and reasonable accommodations will be made to assist you.
TAX INCREMENT REINVESTMENT ZONE NUMBER ONE
CITY OF SOUTHLAKE
BOARD OF DIRECTORS MEETING MINUTES
JANUARY 23, 2018
LOCATION: The Marq, 285 Shady Oaks Drive, Southlake, TX 76092
MEMBERS PRESENT: Vice Chairman Shawn McCaskill, Laura Hill, Randy
Williamson, Shahid Shafi, Chad Patton, John Huffman, Christopher Archer, Read
Ballew, Mark McClendon, and Scott Wrehe
MEMBERS ABSENT: Rebecca Barksdale, Scott Rule
STAFF PRESENT: City Manager Shana Yelverton, Assistant City Manager Ben
Thatcher, Assistant City Manager and Director of Economic Development & Tourism
Alison Ortowski, Assistant to the City Manager Lauren LaNeave, Chief Strategic
Performance & Innovation Officer Dale Dean, Deputy Director of Marketing and
Communications Pilar Schank, Chief Financial Officer Sharen Jackson, Deputy Director
of Community Services Kate Meacham, Deputy Director of Community Services
Candice Edmondson, Police Chief James Brandon, Assistant Chief of Police Ashleigh
Douglas, Fire Chief Mike Starr, Director of Human Resources Stacey Black, Director of
Information Technology Greg Hendricks, Senior Director of Planning and Development
Services Ken Baker, Director of Public Works Rob Cohen, Deputy Director of Public
Works Kyle Hogue, and City Secretary Carol Borges.
1. CALL TO ORDER
The meeting was called to order by Vice Chairman Shawn McCaskill at 5:40pm.
2. CONSIDERATION: APPROVAL OF THE MINUTES FROM THE AUGUST 1,
2017 TAX INCREMENT REINVESTMENT ZONE NUMBER ONE BOARD OF
DIRECTORS MEETING.
A motion was made to approve the minutes from the August 1, 2017 Tax Increment
Reinvestment Zone Number One Board of Directors meeting.
Motion: Huffman
Second: Shafi
Ayes: McCaskill, Hill, Williamson, Shafi, Patton, Huffman, Archer, Ballew,
McClendon, and Wrehe
Approved: 10-0
3. CONSIDERATION: APPROVAL OF RECOMMENDATION TO THE
SOUTHLAKE CITY COUNCIL FOR THE APPOINTMENT OF THE CHAIR OF
THE BOARD OF DIRECTORS FOR TAX INCREMENT REINVESTMENT ZONE
NUMBER ONE, CITY OF SOUTHLAKE, TEXAS, FOR 2018.
TIRZ MEETING MINUTES, JANUARY 23, 2018
Page 1 of 3
TAX INCREMENT REINVESTMENT ZONE NUMBER ONE
CITY OF SOUTHLAKE
BOARD OF DIRECTORS MEETING MINUTES
JANUARY 23, 2018
A motion was made to appoint John Huffman to Chairman of the Board of Directors of
the Tax Increment Reinvestment Zone Number One, subject to City Council approval on
February 6, 2018.
Motion: McCaskill
Second: Shafi
Ayes: McCaskill, Hill, Williamson, Shafi, Patton, Huffman, Archer, Ballew,
McClendon, and Wrehe
Approved: 10-0
4. CONSIDERATION: ELECTION OF VICE -CHAIR FOR TAX INCREMENT
REINVESTMENT ZONE NUMBER ONE, CITY OF SOUTHLAKE, TEXAS, FOR
2018.
A motion was made to appoint Shawn McCaskill to Vice -Chair of the Board of Directors
of the Tax Increment Reinvestment Zone Number One.
Motion: McCaskill
Second: Hill
Ayes: McCaskill, Hill, Williamson, Shafi, Patton, Huffman, Archer, Ballew,
McClendon, and Wrehe
Approved: 10-0
5. APPROVAL OF THE 2017 ANNUAL REPORT FOR TAX INCREMENT
REINVESTMENT ZONE NUMBER ONE, CITY OF SOUTHLAKE, TEXAS.
Chief Financial Officer Sharen Jackson presented Item 5 and answered questions from
the Board.
A motion was made to approve the 2017 annual report for Tax Increment Reinvestment
Zone Number One, City of Southlake, Texas.
Motion: Huffman
Second: Shafi
Ayes: McCaskill, Hill, Williamson, Shafi, Patton, Huffman, Archer, Ballew,
McClendon, and Wrehe
Approved: 10-0
6. DISCUSSION: TAX INCREMENT REINVESTMENT ZONE NUMBER
ONE PROJECT STATUS UPDATE.
TIRZ MEETING MINUTES, JANUARY 23, 2018
Page 2 of 3
TAX INCREMENT REINVESTMENT ZONE NUMBER ONE
CITY OF SOUTHLAKE
BOARD OF DIRECTORS MEETING MINUTES
JANUARY 23, 2018
Southlake Town Square representative Frank Bliss updated the Board on Town Square
commercial and residential projects. David Ayer with RPAI reported on tenant leases.
No action required.
7. ADJOURNMENT
The meeting was adjourned by Vice Chairman Shawn McCaskill at 6:02pm.
MINUTES APPROVED ON THIS, THE DAY OF 20
John Huffman, Chairman
ATTEST:
Carol Ann Borges, TRMC
City Secretary
TIRZ MEETING MINUTES, JANUARY 23, 2018
Page 3 of 3
CITY OF
SOUTHLAKE
MEMORANDUM
August 1, 2018
To: Southlake TIRZ #1 Board of Directors
From: Sharen Jackson, Chief Financial Officer
Subject: Item 3: Approval of Southlake TIRZ #1 Amended Project and Financing
Plan
Action
Requested: Approve Item 3: Approval of Southlake TIRZ #1 Amended Project
and Financing Plan
Background
Information: The Southlake Tax Increment Reinvestment Zone #1 was
established to provide a financing mechanism to facilitate high
quality development in the southeast area of the city. It consists of
408 acres that encompasses the entirety of Southlake Town
Square as well as additional Carroll Independent School District
properties shown on the map included as Exhibit A-1 in the
proposed amended project and financing plan.
Created by Ordinance No. 682 in September 1997, TIRZ #1 is set
to expire on December 31, 2018 or the date when all project costs
are paid and all debt is retired, whichever comes first.
The purpose of this item is to approve amendments to the
Southlake TIRZ #1 Project and Financing Plan to: (1) Extend the
life of the zone for an additional 20 years; and (2) Amend the
project and financing plan to include project costs related to public
buildings and facilities (including Carroll ISD facilities located within
the zone), public parks, general infrastructure, technology
infrastructure, operations and maintenance.
If approved, the Southlake City Council will consider adoption of the
amended plans via Ordinance No. 1197, which is scheduled for first
reading at their August 7, 2018 City Council meeting and for
second reading, public hearing that their August 21, 2018 meeting.
Financial
Considerations: Tax Increment Financing (TIF) is a tool to finance public
improvements within a defined area. The improvements should
enhance the environment and attract new investment. The statutes
governing tax increment financing are in Chapter 311 of the Texas
Tax Code.
A municipality makes an area eligible for tax increment financing by
designating a "reinvestment zone", also called a "tax increment
reinvestment zone (TIRZ)" or a "tax increment financing (TIF)"
zone. The City of Southlake has one active zone.
Costs of selected public improvements outlined in the zone's
project and financing plan may be paid by current or future tax
revenue flowing from redeveloped or appreciated real property
valued in the zone. The additional tax dollars generated by growth
of real property value in the zone are called the tax increment.
These dollars flow to a fund for a specified number of years.
Money flowing into the fund each year is spent according to an
approved plan and in accordance with agreements in place with
participating governmental units.
The TIRZ's base year taxable value (1997) was $23,475,366.
Taxable property value appreciation in the zone since that time was
captured for investment in the zone in accordance with the Project
& Financing Plan approved in August 1999 which outlined the
strategies used to encourage development in the zone. The Plan
also included value projections for the zone as a benchmark to
track performance.
This item proposes to extend the life of the zone an additional 20
years as well as to amend the eligible project costs and update the
value projections within the zone.
Project Costs:
Total project costs for the extended life of the zone are estimated at
approximately $259,647,866. Specific project cost estimates are
included in Exhibit C. The proposed public improvements in the
zone fall into five general categories: public buildings and facilities,
public parks, general infrastructure, technology infrastructure; and,
operations and maintenance.
In addition, the TIF will pay a portion of project costs and operations
for the Carroll Independent School District's educational facilities
listed in Exhibit C of the project plan, which are located in the TIRZ
boundaries.
Amended Financing Plan:
The Amended Financing Plan provides information on the projected
monetary impact that the extension of the TIRZ could have on the
property described in Exhibit A. It also describes how that impact
will be utilized to enhance the area and region through leveraging
the resources of each entity who participates in the project.
With this amendment, the City of Southlake and Carroll
Independent School District are shown as participating at 100%,
meaning that 100% of the increment generated from these entities
will flow into the fund. These revenues will be used to fund public
improvements within the included as Exhibit C. Other taxing
entities such as Tarrant County, Tarrant County Junior College
District and Tarrant County Hospital District are illustrated as
participating at 0% in the TIRZ.
Strategic Link: C4: Attract and keep top -tier businesses to drive a dynamic and
sustainable economic environment; B2 Collaborate with select
partners to implement service solutions; F2 Invest to provide and
maintain high-quality public assets
Citizen Input/
Board Review: The City Council discussed the extension of the Southlake TIRZ #1
during public workshops held on July 6, 2016 and February 16,
2017. Additionally, staff briefed the Southlake TIRZ #1 Board of
Directors at their August 1, 2017, meeting.
Legal Review: The City Attorney has reviewed the proposed project and financing
plan.
Alternatives: 1. Do not approve and allow Southlake TIRZ #1 to expire.
2. Approve with changes
Supporting
Documents: 1. Southlake TIRZ #1 Amended Project and Financing Plan
Staff
Recommendation: Approve as presented.
CITY OF SOUTHLAKE
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Table of Contents
03 07 17 32 33
Project Overview— Amended Project Plan Amended Financing ExhibitA-1: ExhibitA-2:
History, Executive Plan Map of the Zone Legal Description
Summary and Location
38 43 50 51
Exhibit 8: Exhibit C: Exhibit D: Exhibit E. Public Notice Exhibit F., Town Square
Financial Analysis Proposed Project Costs Listing of Properties Concept Plan
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a
n
n
e
d
pr
o
j
e
c
t
s
and
as
s
o
c
i
a
t
e
d
co
s
t
s
,
and adjusts
th
e
pa
r
t
i
c
i
p
a
t
i
o
n
of
ov
e
r
l
a
p
p
i
n
g
jurisdictions.
6 |
So
u
t
h
l
a
k
e
T
I
R
Z
#
1
2
0
1
8
A
m
e
n
d
e
d
P
r
o
j
e
c
t
a
n
d
F
i
n
a
n
c
i
n
g
P
l
a
n
So
u
t
h
l
a
k
e
T
I
R
Z
#
1
Lo
c
a
t
i
o
n
Th
e
ar
e
a
co
n
s
i
s
t
s
of
ap
p
r
o
x
i
m
a
t
e
l
y
40
8
ac
r
e
s
an
d
is
mo
r
e
fu
l
l
y
de
s
c
r
i
b
e
d
in
th
e
ma
p
an
d
le
g
a
l
de
s
c
r
i
p
t
i
o
n
pr
e
s
e
n
t
e
d
in
Ex
h
i
b
i
t
A.
Am
e
n
d
e
d
Pr
o
j
e
c
t
P
l
a
n
Ex
i
s
t
i
n
g
us
e
s
an
d
co
n
d
i
t
i
o
n
s
of
re
a
l
pr
o
p
e
r
t
y
an
d
pr
o
p
o
s
e
d
i mp
r
o
v
e
m
e
n
t
s
Pr
o
p
o
s
e
d
ch
a
n
g
e
s
of
z on
i
n
g
or
d
i
n
a
n
c
e
s
,
ma
s
t
e
r
p la
n
s
,
bu
i
l
d
i
n
g
bo
d
e
s
an
d
ot
h
e
r
mu
n
i
c
i
p
a
l
or
d
i
n
a
n
c
e
s
Li
s
t
o f estimated non ‐
p roject costs
St
a
t
e
m
e
n
t
of a method of
re
l
o
c
a
t
i
n
g
persons to be
di
s
p
l
a
c
e
d
as a result of
im
p
l
e
m
e
n
t
i
n
g
the plan 7
8 |
So
u
t
h
l
a
k
e
T
I
R
Z
#
1
2
0
1
8
A
m
e
n
d
e
d
P
r
o
j
e
c
t
a
n
d
F
i
n
a
n
c
i
n
g
P
l
a
n
So
u
t
h
l
a
k
e
T
I
R
Z
#
1
Am
e
n
d
e
d
P
r
o
j
e
c
t
Pl
a
n
As
se
t
fo
r
t
h
in
Se
c
t
i
o
n
31
1
.
0
1
1
in
th
e
Ta
x
In
c
r
e
m
e
n
t
Fi
n
a
n
c
i
n
g
Act of the Tax
Co
d
e
,
th
e
Pr
o
j
e
c
t
Pl
a
n
fo
r
th
e
Ta
x
In
c
r
e
m
e
n
t
Re
i
n
v
e
s
t
m
e
n
t
Zone Number I,
So
u
t
h
l
a
k
e
,
Te
x
a
s
mu
s
t
in
c
l
u
d
e
th
e
fo
l
l
o
w
i
n
g
el
e
m
e
n
t
s
:
1.
A de
s
c
r
i
p
t
i
o
n
an
d
ma
p
sh
o
w
i
n
g
ex
i
s
t
i
n
g
us
e
s
an
d
co
n
d
i
t
i
o
n
s
of real property in the
zo
n
e
an
d
pr
o
p
o
s
e
d
us
e
s
of
th
a
t
pr
o
p
e
r
t
y
.
2.
Pr
o
p
o
s
e
d
ch
a
n
g
e
s
of
zo
n
i
n
g
or
d
i
n
a
n
c
e
s
,
th
e
ma
s
t
e
r
pl
a
n
of
the municipality,
bu
i
l
d
i
n
g
co
d
e
s
an
d
ot
h
e
r
mu
n
i
c
i
p
a
l
or
d
i
n
a
n
c
e
s
.
3.
A li
s
t
of
es
t
i
m
a
t
e
d
no
n
‐pr
o
j
e
c
t
co
s
t
s
.
4.
A st
a
t
e
m
e
n
t
of
a me
t
h
o
d
of
re
l
o
c
a
t
i
n
g
pe
r
s
o
n
s
to
be
di
s
p
l
a
c
e
d
as a result of
im
p
l
e
m
e
n
t
i
n
g
th
e
pl
a
n
.
9 |
So
u
t
h
l
a
k
e
T
I
R
Z
#
1
2
0
1
8
A
m
e
n
d
e
d
P
r
o
j
e
c
t
a
n
d
F
i
n
a
n
c
i
n
g
P
l
a
n
So
u
t
h
l
a
k
e
T
I
R
Z
#
1
Am
e
n
d
e
d
P
r
o
j
e
c
t
Pl
a
n
El
e
m
e
n
t
1
:
A
d
e
s
c
r
i
p
t
i
o
n
a
n
d
m
a
p
s
h
o
w
i
n
g
ex
i
s
t
i
n
g
u
s
e
s
a
n
d
c
o
n
d
i
t
i
o
n
s
o
f
re
a
l
p
r
o
p
e
r
t
y
i
n
t
h
e
z
o
n
e
a
n
d
pr
o
p
o
s
e
d
u
s
e
s
o
f
t
h
a
t
p
r
o
p
e
r
t
y
Th
e
bo
u
n
d
a
r
i
e
s
of
th
e
Ta
x
In
c
r
e
m
e
n
t
Re
i
n
v
e
s
t
m
e
n
t
Zo
n
e
ar
e
sh
o
w
n
in
Ma
p
1.
Ad
d
i
t
i
o
n
a
l
l
y
,
po
r
t
i
o
n
s
of
th
e
TI
F
ar
e
lo
c
a
t
e
d
wi
t
h
i
n
th
e
DF
W
In
t
e
r
n
a
t
i
o
n
a
l
Ai
r
p
o
r
t
65
‘L
D
N
’
an
d
75
'L
D
N
'
no
i
s
e
co
n
t
o
u
r
.
'L
D
N
'
is
th
e
ab
b
r
e
v
i
a
t
i
o
n
fo
r
th
e
av
e
r
a
g
e
da
y
/
n
i
g
h
t
so
u
n
d
le
v
e
l
ca
l
c
u
l
a
t
i
o
n
me
t
h
o
d
o
l
o
g
y
us
e
d
by
ai
r
p
o
r
t
op
e
r
a
t
o
r
s
to
de
t
e
r
m
i
n
e
no
i
s
e
le
v
e
l
s
.
Th
e LD
N
is
sh
o
w
n
in
Ma
p
2.
Si
n
c
e
th
e
cr
e
a
t
i
o
n
of
th
e
zo
n
e
in
19
9
7
,
th
e
ma
j
o
r
i
t
y
of
th
e
la
n
d
ar
e
a
in
th
e
TI
F
ha
s
be
e
n
de
v
e
l
o
p
e
d
.
Ma
p
3 sh
o
w
s
th
e
cu
r
r
e
n
t
us
e
s
wi
t
h
i
n
th
e
TI
R
Z
ar
e
a
.
Th
i
s
is
no
t
an
ex
h
a
u
s
t
i
v
e
di
s
p
l
a
y
,
bu
t
is
in
t
e
n
d
e
d
to
pr
o
v
i
d
e
a fe
e
l
i
n
g
of
th
e
cu
r
r
e
n
t
ar
e
a
an
d
th
e
po
s
s
i
b
i
l
i
t
y
of
ex
p
an
s
i
o
n
.
Th
e
TI
R
Z
ha
s
ex
i
s
t
i
n
g
de
v
e
l
o
p
m
e
n
t
in
c
l
u
d
i
n
g
So
u
t
h
l
a
k
e
To
w
n
Sq
u
a
r
e
(a
t
bu
i
l
d
ou
t
wi
l
l
be
a 13
0
‐ac
r
e
de
v
e
l
o
p
m
e
n
t
wi
t
h
ov
e
r
3
mi
l
l
i
o
n
sq
u
a
r
e
fe
e
t
of
re
t
a
i
l
,
of
f
i
c
e
,
ci
v
i
c
,
pa
r
k
,
an
d
re
s
i
d
e
n
t
i
a
l
us
e
s
)
,
Ca
r
r
o
l
l
IS
D
us
e
s
(G
e
o
r
g
e
Da
w
s
o
n
Mi
d
d
l
e
Sc
h
o
o
l
,
Ol
d
Un
i
o
n
El
e
m
e
n
t
a
r
y
Sc
h
o
o
l
,
an
d
Dr
a
g
o
n
St
a
d
i
u
m
)
,
Kr
o
g
e
r
,
Ho
m
e
De
p
o
t
,
an
d
ot
h
e
r
re
t
a
i
l
,
co
m
m
e
r
c
i
a
l
,
an
d
in
d
u
s
t
r
i
a
l
us
e
s
.
Th
e
de
v
e
l
o
p
m
e
n
t
of the TIF District is as
fo
l
l
o
w
s
:
Ap
p
r
o
x
i
m
a
t
e
l
y
59.48 acres
(1
4
.
5
8
%
)
is
cl
a
s
s
i
f
i
e
d
as having no
im
p
r
o
v
e
m
e
n
t
va
l
u
e
,
approximately 5.35
ac
r
e
s
(1
.
3
1
%
)
is
sh
o
w
n
to have
im
p
r
o
v
e
m
e
n
t
un
d
e
r
$100K, 220.41 acres
(5
4
.
0
2
%
)
is
cl
a
s
s
i
f
i
e
d
as having
im
p
r
o
v
e
m
e
n
t
ov
e
r
$100K, and 122.76
ac
r
e
s
(3
0
.
0
9
%
)
of
the TIF area is within
th
e
Ri
g
h
t
‐of
‐Wa
y
(ROW).
Th
e
Ci
t
y
of
So
u
t
h
l
a
k
e
Land Use Plan
ad
o
p
t
e
d
in
Ju
n
e
2018 designates Medium
De
n
s
i
t
y
Re
s
i
d
e
n
t
i
a
l
,
Public Parks/Open
Sp
a
c
e
,
Pu
b
l
i
c
/S
e
m
i
Public, Town Center,
Re
g
i
o
n
a
l
Re
t
a
i
l
,
and Industrial land uses.
Ma
p
4 sh
o
w
s
th
e
Land Use Plan for the
TI
R
Z
ar
e
a
.
Th
e
cu
r
r
e
n
t
zo
n
i
n
g
districts approved in
th
e
Re
i
n
v
e
s
t
m
e
n
t
Zone are shown in Map
5a
n
d
in
c
l
u
d
e
:
C3
‐General Commercial,
R ‐PU
D
‐
Re
s
i
d
e
n
t
i
a
l
Planned Unit
De
v
e
l
o
p
m
e
n
t
,
AG
‐Agricultural, SF20B ‐
Si
n
g
l
e
Fa
m
i
l
y
Re
s
i
d
e
n
t
i
a
l
,
CS ‐
Co
m
m
u
n
i
t
y
Se
r
v
i
c
e
,
DT – Downtown
Di
s
t
r
i
c
t
,
I ‐1 –L
i
g
h
t
Industrial District, and
S ‐P ‐1 –
D
e
t
a
i
l
e
d
Site Plan District.
TI
R
Z
#1
Ma
p
s
lo
c
a
t
e
d
on
th
e
fo
l
l
o
w
i
n
g
pa
g
e
s:
•
Ma
p
1:
Bo
u
n
d
a
r
i
e
s
of
th
e
Re
i
n
v
e
s
t
m
e
n
t
Zo
n
e
•
Ma
p
2:
Ai
r
p
o
r
t
No
i
s
e
Ov
e
r
l
a
y
‘L
D
N
’
•
Ma
p
3:
Cu
r
r
e
n
t
Us
e
s
an
d
Co
n
d
i
t
i
o
n
s
of
Re
a
l
Pr
o
p
e
r
t
y
in
TI
R
Z
#1
•
Ma
p
4:
TI
R
Z
#1
La
n
d
Us
e
•
Ma
p
5:
TI
R
Z
#1
Zo
n
i
n
g
10 |
So
u
t
h
l
a
k
e
T
I
R
Z
#
1
2
0
1
8
A
m
e
n
d
e
d
P
r
o
j
e
c
t
a
n
d
F
i
n
a
n
c
i
n
g
P
l
a
n
Ma
p
1
:
Bo
u
n
d
a
r
i
e
s
o
f
So
u
t
h
l
a
k
e
T
I
R
Z
#
1
11 |
So
u
t
h
l
a
k
e
T
I
R
Z
#
1
2
0
1
8
A
m
e
n
d
e
d
P
r
o
j
e
c
t
a
n
d
F
i
n
a
n
c
i
n
g
P
l
a
n
Ma
p
2
:
Ai
r
p
o
r
t
N
o
i
s
e
Ov
e
r
l
a
y
12 |
So
u
t
h
l
a
k
e
T
I
R
Z
#
1
2
0
1
8
A
m
e
n
d
e
d
P
r
o
j
e
c
t
a
n
d
F
i
n
a
n
c
i
n
g
P
l
a
n
Ma
p
3
:
Cu
r
r
e
n
t
U
s
e
s
a
n
d
Co
n
d
i
t
i
o
n
s
o
f
R
e
a
l
Pr
o
p
e
r
t
y
i
n
T
I
R
Z
#
1
13 |
So
u
t
h
l
a
k
e
T
I
R
Z
#
1
2
0
1
8
A
m
e
n
d
e
d
P
r
o
j
e
c
t
a
n
d
F
i
n
a
n
c
i
n
g
P
l
a
n
Ma
p
4
:
TI
R
Z
#
1
L
a
n
d
U
s
e
14 |
So
u
t
h
l
a
k
e
T
I
R
Z
#
1
2
0
1
8
A
m
e
n
d
e
d
P
r
o
j
e
c
t
a
n
d
F
i
n
a
n
c
i
n
g
P
l
a
n
Ma
p
5
:
TI
R
Z
#
1
Z
o
n
i
n
g
15 |
So
u
t
h
l
a
k
e
T
I
R
Z
#
1
2
0
1
8
A
m
e
n
d
e
d
P
r
o
j
e
c
t
a
n
d
F
i
n
a
n
c
i
n
g
P
l
a
n
So
u
t
h
l
a
k
e
T
I
R
Z
#
1
Am
e
n
d
e
d
P
r
o
j
e
c
t
Pl
a
n
El
e
m
e
n
t
2
:
Pr
o
p
o
s
e
d
c
h
a
n
g
e
s
o
f
z
o
n
i
n
g
or
d
i
n
a
n
c
e
s
,
t
h
e
m
a
s
t
e
r
p
l
a
n
o
f
t
h
e
mu
n
i
c
i
p
a
l
i
t
y
,
b
u
i
l
d
i
n
g
c
o
d
e
s
a
n
d
ot
h
e
r
m
u
n
i
c
i
p
a
l
o
r
d
i
n
a
n
c
e
s
El
e
m
e
n
t
3
:
A
l
i
s
t
o
f
e
s
t
i
m
a
t
e
d
n
o
n
-
p
r
o
j
e
c
t
co
s
t
s
No
ch
a
n
g
e
s
ar
e
an
t
i
c
i
p
a
t
e
d
to
an
y
ci
t
y
co
d
e
s
or
or
d
i
n
a
n
c
e
s
by
th
e
ex
t
e
n
s
i
o
n
of
th
e
Ta
x
In
c
r
e
m
e
n
t
Fi
n
a
n
c
e
Zo
n
e
.
Th
i
s
do
e
s
no
t
pr
e
c
l
u
d
e
,
ho
w
e
v
e
r
,
th
e
po
s
s
i
b
i
l
i
t
y
of
pl
a
n
n
i
n
g
an
d
zo
n
i
n
g
ch
a
n
g
e
s
su
b
j
e
c
t
to
th
e
st
a
n
d
a
r
d
pl
a
n
n
i
n
g
an
d
zo
n
i
n
g
pr
o
c
e
s
s
an
d
pr
o
c
e
d
u
r
e
s
.
No
n
‐pr
o
j
e
c
t
co
s
t
s
wi
t
h
i
n
th
e
TI
R
Z
zo
n
e
ar
e
th
o
s
e
de
v
e
l
o
p
m
e
n
t
co
s
t
s
no
t
pa
i
d
fo
r
by
th
e
TI
R
Z
.
Th
e
s
e
wi
l
l in
c
l
u
d
e
,
bu
t
ar
e
no
t
li
m
i
t
e
d
to
,
$4
0
0
mi
l
l
i
o
n
in
im
p
r
o
v
e
m
e
n
t
co
s
t
s
fo
r
th
e
So
u
t
h
l
a
k
e
To
w
n
Sq
u
a
r
e
,
wh
i
c
h
co
m
p
r
i
s
e
s
14
0
ac
r
e
s
or
ne
a
r
l
y
on
e
th
i
r
d
of
th
e
to
t
a
l
la
n
d
ar
e
a
of
th
e
Ta
x
In
c
r
e
m
e
n
t
Re
i
n
v
e
s
t
m
e
n
t
Zo
n
e
.
Th
i
s
pr
o
v
i
d
e
s
a co
n
s
e
r
v
a
t
i
v
e
pr
o
j
e
c
t
i
o
n
of
as
s
e
s
s
e
d
va
l
u
e
gr
o
w
t
h
an
d
th
e
po
t
e
n
t
i
a
l
fu
n
d
s
av
a
i
l
ab
l
e
fo
r
pu
b
l
i
c
im
p
r
o
v
e
m
e
n
t
s
.
No
in
f
o
r
m
a
t
i
o
n
is
av
a
i
l
a
b
l
e
at
th
i
s
ti
m
e
on
th
e
po
t
e
n
t
i
a
l
va
l
u
e
of
pr
o
j
e
c
t
s
ar
i
s
i
n
g
fr
o
m
th
e
ot
h
e
r
no
n
‐de
v
e
l
o
p
e
d
pr
o
p
e
r
t
y
or
fr
o
m
th
e
va
l
u
e
of
ex
p
a
n
d
i
n
g
us
e
s
cu
r
r
e
n
t
l
y
wi
t
h
i
n
th
e
TI
R
Z
.
In
th
e
pr
o
c
e
s
s
of
de
v
e
l
o
p
i
n
g
Southlake
Ta
x
In
c
r
e
m
e
n
t
Re
i
n
v
e
s
t
m
e
n
t
Zone
Nu
m
b
e
r
On
e
,
it
ma
y
be necessary to
re
l
o
c
a
t
e
in
d
i
v
id
u
a
l
s
and businesses. In the
ev
e
n
t
th
a
t
th
i
s
is
re
q
u
i
r
e
d
,
the City will
fo
l
l
o
w
th
e
pr
o
c
e
d
u
r
e
s
that would be used
in
th
e
de
v
e
l
o
p
m
e
n
t
or construction of
ot
h
e
r
pu
b
l
i
c
im
p
r
o
v
e
m
e
n
t
s
outside the
zo
n
e
.
16 |
So
u
t
h
l
a
k
e
T
I
R
Z
#
1
2
0
1
8
A
m
e
n
d
e
d
P
r
o
j
e
c
t
a
n
d
F
i
n
a
n
c
i
n
g
P
l
a
n
So
u
t
h
l
a
k
e
T
I
R
Z
#
1
Am
e
n
d
e
d
P
r
o
j
e
c
t
Pl
a
n
El
e
m
e
n
t
4
:
A
s
t
a
t
e
m
e
n
t
o
f
a
m
e
t
h
o
d
o
f
re
l
o
c
a
t
i
n
g
p
e
r
s
o
n
s
t
o
b
e
di
s
p
l
a
c
e
d
a
s
a
r
e
s
u
l
t
o
f
im
p
l
e
m
e
n
t
i
n
g
t
h
e
p
l
a
n
.
In
th
e
pr
o
c
e
s
s
of
de
v
e
l
o
p
i
n
g
So
u
t
h
l
a
k
e
Ta
x
In
c
r
e
m
e
n
t
Re
i
n
v
e
s
t
m
e
n
t
Zone Number One,
it
ma
y
be
ne
c
e
s
s
a
r
y
to
re
l
o
c
a
t
e
in
d
i
v
i
d
u
a
l
s
an
d
bu
s
i
n
e
s
s
e
s
.
In
th
e
event that this is
re
q
u
i
r
e
d
,
th
e
Ci
t
y
wi
l
l
fo
l
l
o
w
th
e
pr
o
c
e
d
u
r
e
s
th
a
t
wo
u
l
d
be
us
e
d
in the development or
co
n
s
t
r
u
c
t
i
o
n
of
ot
h
e
r
pu
b
l
i
c
im
p
r
o
v
e
m
e
n
t
s
ou
t
s
i
d
e
th
e
zo
n
e
.
Am
e
n
d
e
d
Fi
n
a
n
c
i
n
g
Pl
a
n
Es
t
i
m
a
t
e
d
pr
o
j
e
c
t
co
s
t
s
of
th
e
Zo
n
e
,
in
c
l
u
d
i
n
g
ad
m
i
n
i
s
t
r
a
t
i
v
e
ex
p
e
n
s
e
s
A st
a
t
e
m
e
n
t
li
s
t
i
n
g
th
e
ki
n
d
,
nu
m
b
e
r
,
an
d
lo
c
a
t
i
o
n
of
al
l
pr
o
p
o
s
e
d
pu
b
l
i
c
wo
r
k
s
or
pu
b
l
i
c
im
p
r
o
v
e
m
e
n
t
s
in
th
e
zo
n
e
Ec
o
n
o
m
i
c
Fe
a
s
i
b
i
l
i
t
y
St
u
d
y
Th
e
es
t
i
m
a
t
e
d
am
o
u
n
t
of
bo
n
d
e
d
in
d
e
b
t
e
d
n
e
s
s
to
b e
in
c
u
r
r
e
d
Th
e
ti
m
e
wh
e
n
re
l
a
t
e
d
co
s
t
s
or
mo
n
e
t
a
r
y
ob
l
i
g
a
t
i
o
n
s
ar
e
to
be
in
c
u
r
r
e
d
A de
s
c
r
i
p
t
i
o
n
of
th
e
me
t
h
o
d
s
of
fi
n
a
n
c
i
n
g
al
l
es
t
i
m
a
t
e
d
pr
o
j
e
c
t
co
s
t
s
an
d
th
e
ex
p
e
c
t
e
d
so
u
r
c
e
s
of
re
v
e
n
u
e
to
fi
n
a
n
c
e
or
p ay
pr
o
j
e
c
t
co
s
t
s
,
in
c
l
u
d
i
n
g
th
e
pe
r
c
e
n
t
a
g
e
of
ta
x
in
c
r
e
m
e
n
t
to
be
de
r
i
v
e
d
f ro
m
th
e
pr
o
p
e
r
t
y
ta
x
e
s
o f
ea
c
h
ta
x
i
n
g
un
i
t
on
re
a
l
p ro
p
e
r
t
y
in
th
e
zo
n
e
The current total appraised value of taxable real property in the zone The estimated captured appraised value of the zone during each year of its existence.The duration of the zone 17
18 |
So
u
t
h
l
a
k
e
T
I
R
Z
#
1
2
0
1
8
A
m
e
n
d
e
d
P
r
o
j
e
c
t
a
n
d
F
i
n
a
n
c
i
n
g
P
l
a
n
So
u
t
h
l
a
k
e
T
I
R
Z
#
1
Am
e
n
d
e
d
Fi
n
a
n
c
i
n
g
P
l
a
n
Th
e
Am
e
n
d
e
d
Fi
n
a
n
c
i
n
g
Pl
a
n
pr
o
v
i
d
e
s
in
f
o
r
m
a
t
i
o
n
on
th
e
pr
o
j
e
c
t
e
d
mo
n
e
t
a
r
y
im
p
a
c
t
th
a
t
th
e
ex
t
e
n
s
i
o
n
of
th
e
TI
R
Z
co
u
l
d
ha
v
e
on
th
e
pr
o
p
e
r
t
y
de
s
c
r
i
b
e
d
in
Ex
h
i
b
i
t
A.
It
al
s
o
de
s
c
r
i
b
e
s
ho
w
th
a
t
im
p
a
c
t
wi
l
l
be
ut
i
l
i
z
e
d
to
en
h
a
n
c
e
th
e
ar
e
a
an
d
re
g
i
o
n
th
r
o
u
g
h
le
v
e
r
a
g
i
n
g
th
e
re
s
o
u
r
c
e
s
of
ea
c
h
en
t
i
t
y
wh
o
pa
r
t
i
c
i
p
a
t
e
s
in
th
e
pr
o
j
e
c
t
.
Wi
t
h
th
i
s
am
e
n
d
m
e
n
t
,
th
e
Ci
t
y
of
So
u
t
h
l
a
k
e
an
d
Ca
r
r
o
l
l
In
d
e
p
e
n
d
e
n
t
Sc
h
o
o
l
Di
s
t
r
i
c
t
ar
e
sh
o
w
n
as
pa
r
t
i
c
i
p
a
t
i
n
g
at
10
0
%
,
me
a
n
i
n
g
th
a
t
10
0
%
of
th
e
in
c
r
e
m
e
n
t
ge
n
e
r
a
t
e
d
fr
o
m
th
e
s
e
en
t
i
t
i
e
s
wi
l
l
fl
o
w
in
t
o
th
e
fu
n
d
.
Th
e
s
e
re
v
e
n
u
e
s
wi
l
l
be
us
e
d
to
fu
n
d
pu
b
l
i
c
im
p
r
o
v
e
m
e
n
t
s
wi
t
h
i
n
th
e
zo
n
e
as
de
s
c
r
i
b
e
d
be
g
i
n
n
i
n
g
on
pa
g
e
21
of
th
i
s
pl
a
n
an
d
in
c
l
ud
e
d
as
Ex
h
i
b
i
t
C.
Up
o
n
ap
p
r
o
v
a
l
of
the amended project
pl
a
n
an
d
fi
n
a
n
c
i
n
g
plan, an updated
pa
r
t
i
c
i
p
a
t
i
o
n
ag
r
e
e
m
e
n
t
between the
Ca
r
r
o
l
l
In
d
e
p
e
n
d
e
n
t
School District and
th
e
Ci
t
y
wi
l
l
be
in
c
o
r
p
o
r
a
t
e
d
into this plan.
Th
e
Ta
x
In
c
r
e
m
e
n
t
Reinvestment Zone
A na
l
y
s
i
s
,
pr
e
p
a
r
e
d
by Hilltop Securities,
In
c
.
is
in
c
l
u
d
e
d
in
its entirety in Exhibit
B.
19 |
So
u
t
h
l
a
k
e
T
I
R
Z
#
1
2
0
1
8
A
m
e
n
d
e
d
P
r
o
j
e
c
t
a
n
d
F
i
n
a
n
c
i
n
g
P
l
a
n
So
u
t
h
l
a
k
e
T
I
R
Z
#
1
Am
e
n
d
e
d
Fi
n
a
n
c
i
n
g
P
l
a
n
•
Ac
q
u
i
s
i
t
i
o
n
an
d
co
n
s
t
r
u
c
t
i
o
n
of
pu
b
l
i
c
wo
r
k
s
,
pu
b
l
i
c
im
p
r
o
v
e
m
e
n
t
s
,
ne
w
bu
i
l
d
i
n
g
s
,
st
r
u
c
t
u
r
e
s
an
d
fi
x
t
u
r
e
s
;
th
e
ac
t
u
a
l
co
s
t
s
of
th
e
ac
q
u
i
s
i
t
i
o
n
,
de
m
o
l
i
t
i
o
n
,
al
t
e
r
a
t
i
o
n
,
re
m
o
d
e
l
i
n
g
,
re
p
a
i
r
,
or
re
c
o
n
s
t
r
u
c
t
i
o
n
of
ex
i
s
t
i
n
g
bu
i
l
d
i
n
g
s
,
st
r
u
c
t
u
r
e
s
,
an
d
fi
x
t
u
r
e
s
;
an
d
th
e
ac
t
u
a
l
co
s
t
s
of
th
e
ac
q
u
i
s
i
t
i
o
n
of
la
n
d
an
d
eq
u
i
p
m
e
n
t
an
d
th
e
cl
e
a
r
i
n
g
an
d
gr
a
d
i
n
g
of
la
n
d
;
•
Fi
n
a
n
c
i
n
g
co
s
t
s
,
in
c
l
u
d
i
n
g
al
l
in
t
e
r
e
s
t
pa
i
d
to
ho
l
d
e
r
s
of
ev
i
d
e
n
c
e
s
of
in
d
e
b
t
e
d
n
e
s
s
or
ot
h
e
r
ob
l
i
g
a
t
i
o
n
s
is
s
u
e
d
to
pa
y
fo
r
pr
o
j
e
c
t
co
s
t
s
an
d
an
y
pr
e
m
i
u
m
pa
i
d
ov
e
r
th
e
pr
i
n
c
i
p
a
l
am
o
u
n
t
of
th
e
ob
l
i
g
a
t
i
o
n
s
be
c
a
u
s
e
of
th
e
re
d
e
m
p
t
i
o
n
of
th
e
ob
l
i
g
a
t
i
o
n
s
be
f
o
r
e
ma
t
u
r
i
t
y
;
•
Re
a
l
pr
o
p
e
r
t
y
as
s
e
m
b
l
y
co
s
t
s
;
•
Pr
o
f
e
s
s
i
o
n
a
l
se
r
v
i
c
e
co
s
t
s
,
in
c
l
u
d
i
n
g
th
o
s
e
in
c
u
r
r
e
d
fo
r
ar
c
h
i
t
e
c
t
u
r
a
l
,
pl
a
n
n
i
n
g
,
en
g
i
n
e
e
r
i
n
g
,
an
d
le
g
a
l
ad
v
i
c
e
an
d
se
r
v
i
c
e
s
;
im
p
u
t
e
d
ad
m
i
n
i
s
t
r
a
t
i
v
e
co
s
t
s
,
in
c
l
u
d
i
n
g
re
a
s
o
n
a
b
l
e
ch
a
r
g
e
s
fo
r
th
e
ti
m
e
sp
e
n
t
by
em
p
l
o
y
e
e
s
of
th
e
mu
n
i
c
i
p
a
l
i
t
y
in
co
n
n
e
c
t
i
o
n
wi
t
h
th
e
im
p
l
e
m
e
n
t
a
t
i
o
n
of
th
e
pr
o
j
e
c
t
pl
a
n
;
•
Re
l
o
c
a
t
i
o
n
co
s
t
s
;
•
Or
g
a
n
i
z
a
t
i
o
n
a
l
costs, including the
co
s
t
s
of
co
n
d
u
c
t
i
n
g
environmental
im
p
a
c
t
st
u
d
i
e
s
or other studies, the
co
s
t
of
pu
b
l
i
c
i
z
i
n
g
the creation of
th
e
zo
n
e
,
an
d
the cost of
im
p
l
e
m
e
n
t
i
n
g
the project plan for
th
e
zo
n
e
;
•
In
t
e
r
e
s
t
be
f
o
r
e
and during
co
n
s
t
r
u
c
t
i
o
n
and for one year after
co
m
p
l
e
t
i
o
n
of construction,
wh
e
t
h
e
r
or
no
t
capitalized;
•
Th
e
co
s
t
of
op
e
r
a
t
i
n
g
the
re
i
n
v
e
s
t
m
e
n
t
zone and project
fa
c
i
l
i
t
i
e
s
;
•
Th
e
am
o
u
n
t
of any contributions
ma
d
e
by
th
e
municipality from
ge
n
e
r
a
l
re
v
e
n
u
e
for the
im
p
l
e
m
e
n
t
a
t
i
o
n
of the project plan;
an
d
•
Pa
y
m
e
n
t
s
ma
d
e
at the discretion of
th
e
go
v
e
r
n
i
n
g
body of the
mu
n
i
c
i
p
a
l
i
t
y
that the municipality
fi
n
d
s
ne
c
e
s
s
a
r
y
or convenient to the
cr
e
a
t
i
o
n
of
th
e
zone or to the
im
p
l
e
m
e
n
t
a
t
i
o
n
of the project plans
fo
r
th
e
zo
n
e
.
Th
e
al
l
o
w
a
b
l
e
"p
r
o
j
e
c
t
co
s
t
s
"
by
th
e
mu
n
i
c
i
p
a
l
i
t
y
es
t
a
b
l
i
s
h
i
n
g
a re
i
n
v
e
s
t
m
e
n
t
zo
n
e
,
as
se
t
fo
r
t
h
in
Se
c
t
i
o
n
31
1
.
0
1
1
in
th
e
TI
F
Ta
x
co
d
e
,
ar
e
as
sh
o
w
n
on
th
i
s
pa
g
e
.
Th
e
sp
e
c
i
f
i
c
pr
o
j
e
c
t
s
an
t
i
c
i
p
a
t
e
d
to
be
un
d
e
r
t
a
k
e
n
in
th
e
So
u
t
h
l
a
k
e
TI
R
Z
#1
ar
e
in
c
l
u
d
e
d
as
Ex
h
i
b
i
t
C.
20 |
So
u
t
h
l
a
k
e
T
I
R
Z
#
1
2
0
1
8
A
m
e
n
d
e
d
P
r
o
j
e
c
t
a
n
d
F
i
n
a
n
c
i
n
g
P
l
a
n
So
u
t
h
l
a
k
e
T
I
R
Z
#
1
Am
e
n
d
e
d
Fi
n
a
n
c
i
n
g
P
l
a
n
As
se
t
fo
r
t
h
in
Se
c
t
i
o
n
31
1
.
0
1
1
in
th
e
Ta
x
In
c
r
e
m
e
n
t
Fi
n
a
n
c
i
n
g
Act of the Tax
Co
d
e
,
th
e
Fi
n
a
n
c
i
n
g
Pl
a
n
fo
r
th
e
So
u
t
h
l
a
k
e
,
Te
x
a
s
Re
i
n
v
e
s
t
m
e
n
t
Zone Number
On
e
mu
s
t
in
c
l
u
d
e
th
e
fo
l
l
o
w
i
n
g
el
e
m
e
n
t
s
:
1.
Es
t
i
m
a
t
e
d
Pr
o
j
e
c
t
Co
s
t
s
of
th
e
Zo
n
e
,
in
c
l
u
d
i
n
g
ad
m
i
n
i
s
t
r
a
t
i
v
e
expenses,
2.
A st
a
t
e
m
e
n
t
li
s
t
i
n
g
th
e
ki
n
d
,
nu
m
b
e
r
an
d
lo
c
a
t
i
o
n
of
al
l
pr
o
p
o
s
e
d
public works or
pu
b
l
i
c
im
p
r
o
v
e
m
e
n
t
s
in
th
e
zo
n
e
,
3.
Ec
o
n
o
m
i
c
Fe
a
s
i
b
i
l
i
t
y
St
u
d
y
,
4.
Th
e
es
t
i
m
a
t
e
d
am
o
u
n
t
of
bo
n
d
e
d
in
d
e
b
t
e
d
n
e
s
s
to
be
in
c
u
r
r
e
d
,
5.
Th
e
ti
m
e
wh
e
n
re
l
a
t
e
d
co
s
t
s
or
mo
n
e
t
a
r
y
ob
l
i
g
a
t
i
o
n
s
ar
e
to
be incu rred,
6.
A de
s
c
r
i
p
t
i
o
n
of
th
e
me
t
h
o
d
s
of
fi
n
a
n
c
i
n
g
al
l
es
t
i
m
a
t
e
d
pr
o
j
e
c
t
costs and the
ex
p
e
c
t
e
d
so
u
r
c
e
s
of
re
v
e
n
u
e
to
fi
n
a
n
c
e
or
pa
y
pr
o
j
e
c
t
co
s
t
s
,
in
c
l
u
d
i
n
g
the percentage of
ta
x
in
c
r
e
m
e
n
t
to
be
de
r
i
v
e
d
fr
o
m
th
e
pr
o
p
e
r
t
y
ta
x
e
s
of
ea
c
h
ta
x
i
n
g
unit on real property
in
th
e
zo
n
e
,
7.
Th
e
cu
r
r
e
n
t
to
t
a
l
ap
p
r
a
i
s
e
d
va
l
u
e
of
ta
x
a
b
le
re
a
l
pr
o
p
e
r
t
y
in
th
e
zone,
8.
Th
e
es
t
i
m
a
t
e
d
ca
p
t
u
r
e
d
ap
p
r
a
i
s
e
d
va
l
u
e
of
th
e
zo
n
e
du
r
i
n
g
ea
c
h
year of its existence;
an
d
,
9.
Th
e
du
r
a
t
i
o
n
of
th
e
zo
n
e
.
Th
e
fo
l
l
o
w
i
n
g
pa
g
e
s
provide details
re
g
a
r
d
i
n
g
th
e
s
e
re
q
u
i
r
e
m
e
n
t
s
for the
TI
R
Z
#1 Am
e
n
d
e
d
Financing Plan.
21 |
So
u
t
h
l
a
k
e
T
I
R
Z
#
1
2
0
1
8
A
m
e
n
d
e
d
P
r
o
j
e
c
t
a
n
d
F
i
n
a
n
c
i
n
g
P
l
a
n
So
u
t
h
l
a
k
e
T
I
R
Z
#
1
Am
e
n
d
e
d
Fi
n
a
n
c
i
n
g
P
l
a
n
El
e
m
e
n
t
1
:
Es
t
i
m
a
t
e
d
P
r
o
j
e
c
t
C
o
s
t
s
o
f
t
h
e
Zo
n
e
,
i
n
c
l
u
d
i
n
g
a
d
m
i
n
i
s
t
r
a
t
i
v
e
ex
p
e
n
s
e
s
El
e
m
e
n
t
2
:
A
s
t
a
t
e
m
e
n
t
l
i
s
t
i
n
g
t
h
e
k
i
n
d
,
nu
m
b
e
r
a
n
d
l
o
c
a
t
i
o
n
o
f
a
l
l
pr
o
p
o
s
e
d
p
u
b
l
i
c
w
o
r
k
s
o
r
p
u
b
l
i
c
im
p
r
o
v
e
m
e
n
t
s
i
n
t
h
e
z
o
n
e
To
t
a
l
pr
o
j
e
c
t
co
s
t
s
ar
e
es
t
i
m
a
t
e
d
at
ap
p
r
o
x
i
m
a
t
e
l
y
$2
5
9
,
6
4
7
,
8
6
6
.
Sp
e
c
i
f
i
c
pr
o
j
e
c
t
co
s
t
es
t
i
m
a
t
e
s
ar
e
in
c
l
u
d
e
d
in
Ex
h
i
b
i
t
C.
Th
e
pr
o
p
o
s
e
d
pu
b
l
i
c
im
p
r
o
v
e
m
e
n
t
s
in
th
e
zo
n
e
fa
l
l
in
t
o
fi
v
e
ge
n
e
r
a
l
ca
t
e
g
o
r
i
e
s
:
•
pu
b
l
i
c
bu
i
l
d
i
n
g
s
an
d
fa
c
i
l
i
t
i
e
s
,
•
pu
b
l
i
c
pa
r
k
s
,
•
ge
n
e
r
a
l
in
f
r
a
s
t
r
u
c
t
u
r
e
,
•
te
c
h
n
o
l
o
g
y
in
f
r
a
s
t
r
u
c
t
u
r
e
;
an
d
,
•
op
e
r
a
t
i
o
n
s
an
d
ma
i
n
t
e
n
a
n
c
e
.
In
ad
d
i
t
i
o
n
,
th
e
TI
F
wi
l
l
pa
y
a po
r
t
i
o
n
of
pr
o
j
e
c
t
co
s
t
s
an
d
op
e
r
a
t
i
o
n
s
fo
r
th
e
Ca
r
r
o
l
l
In
d
e
p
e
n
d
e
n
t
Sc
h
o
o
l
Di
s
t
r
i
c
t
's
ed
u
c
a
t
i
o
n
a
l
fa
c
i
l
i
t
i
e
s
li
s
t
e
d
in
Ex
h
i
b
i
t
C of
th
e
pr
o
j
e
c
t
pl
a
n
,
wh
i
c
h
ar
e
lo
c
a
t
e
d
in
th
e
TI
R
Z
bo
u
n
d
a
r
i
e
s
.
Th
e
pa
r
t
i
c
i
p
a
t
i
o
n
agreement between the
Ci
t
y
of
So
u
t
h
l
a
k
e
and the Carroll
In
d
e
p
e
n
d
e
n
t
Sc
h
o
o
l
District details the
Sc
h
o
o
l
Di
s
t
r
i
c
t
'
s
le
v
e
l
of pa rticipation in
th
e
TI
F
.
Th
e
co
s
t
s
of
ea
c
h
item and a brief
de
s
c
r
i
p
t
i
o
n
of
th
e
project components
ar
e
in
c
l
u
d
e
d
on
the following pages.
22 |
So
u
t
h
l
a
k
e
T
I
R
Z
#
1
2
0
1
8
A
m
e
n
d
e
d
P
r
o
j
e
c
t
a
n
d
F
i
n
a
n
c
i
n
g
P
l
a
n
So
u
t
h
l
a
k
e
T
I
R
Z
#
1
Am
e
n
d
e
d
Fi
n
a
n
c
i
n
g
P
l
a
n
El
e
m
e
n
t
1
:
Es
t
i
m
a
t
e
d
P
r
o
j
e
c
t
C
o
s
t
s
o
f
t
h
e
Zo
n
e
,
i
n
c
l
u
d
i
n
g
a
d
m
i
n
i
s
t
r
a
t
i
v
e
ex
p
e
n
s
e
s
El
e
m
e
n
t
2
:
A
s
t
a
t
e
m
e
n
t
l
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s
t
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n
g
t
h
e
k
i
n
d
,
nu
m
b
e
r
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n
d
l
o
c
a
t
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o
n
o
f
a
l
l
pr
o
p
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s
e
d
p
u
b
l
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c
w
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r
k
s
o
r
p
u
b
l
i
c
im
p
r
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v
e
m
e
n
t
s
i
n
t
h
e
z
o
n
e
Pa
r
k
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n
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c
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t
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s
$6
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b
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To
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r
e
de
v
e
l
o
p
m
e
n
t
an
d
co
u
l
d
pr
o
v
i
d
e
th
e
TI
F
an
op
t
i
o
n
a
l
re
v
e
n
u
e
so
u
r
c
e
by
ma
i
n
t
a
i
n
i
n
g
th
e
ri
g
h
t
to
ch
a
r
g
e
pa
r
k
i
n
g
fe
e
s
.
Ed
u
c
a
t
i
o
n
a
l
Fa
c
i
l
i
t
i
e
s
‐
Ca
p
i
t
a
l
&
Op
e
r
a
t
i
o
n
a
l
Sc
h
o
o
l
Im
p
r
o
v
e
m
e
n
t
Pr
o
j
e
c
t
$1
7
5
,
9
0
8
,
0
2
2
CI
S
D
TI
R
Z
co
n
t
r
i
b
u
t
i
o
n
s
wi
l
l
be
ex
p
e
n
d
e
d
on
in
f
r
a
s
t
r
u
c
t
u
r
e
an
d
ma
i
n
t
e
n
a
n
c
e
/
op
e
r
a
t
i
o
n
s
co
s
t
s
re
l
a
t
e
d
to
CI
S
D
fa
c
i
l
i
ti
e
s
wi
t
h
i
n
th
e
TI
R
Z
bo
u
n
d
a
r
y
.
As
pa
r
t
of
th
e
TI
R
Z
,
th
e
CI
S
D
wi
l
l
be
pa
i
d
a po
r
t
i
o
n
of
pr
o
j
e
c
t
co
s
t
s
an
d
op
e
r
a
t
i
o
n
s
fo
r
th
e
ed
u
c
a
t
i
o
n
a
l
fa
c
i
l
i
t
i
e
s
de
s
c
r
i
b
e
d
Ex
h
i
b
i
t
C.
Th
e
pu
b
l
i
c
im
p
r
o
v
e
m
e
n
t
s
in
c
l
u
d
e
a Mi
d
d
l
e
Sc
h
o
o
l
,
In
t
e
r
m
e
d
i
a
t
e
Sc
h
o
o
l
,
El
e
m
e
n
t
a
r
y
Sc
h
o
o
l
,
Tr
a
n
s
p
o
r
t
a
t
i
o
n
Fa
c
i
l
i
t
y
,
an
d
Mu
l
t
i
p
u
r
p
o
s
e
St
a
d
i
u
m
.
Th
e
s
e
si
t
e
s
be
n
e
f
i
t
th
e
co
m
m
u
n
i
t
y
by
at
t
r
a
c
t
in
g
in
d
i
v
i
d
u
a
l
s
an
d
bu
s
i
n
e
s
s
e
s
de
s
i
r
i
n
g
to
re
l
o
c
a
t
e
to
th
e
ar
e
a
wi
t
h
an
ex
e
m
p
l
a
r
y
sc
h
o
o
l
sy
s
t
e
m
wh
i
c
h
pr
o
v
i
d
e
s
qu
a
l
i
t
y
ac
a
d
e
m
i
c
an
d
at
h
l
e
t
i
c
fa
c
i
l
i
t
i
e
s
.
Pu
b
l
i
c
Bu
i
l
d
i
n
g
s
an
d
Fa
c
i
l
i
t
i
e
s
Pe
d
e
s
t
r
i
a
n
Co
n
n
e
c
t
i
v
i
t
y
$5
,
0
0
0
,
0
0
0
Th
e
So
u
t
h
l
a
k
e
20
3
0
Parks, Recreation,
Op
e
n
Sp
a
c
e
,
an
d
Community Facilities
Ma
s
t
e
r
Pl
a
n
in
c
l
u
d
e
s
a recommendation
to
ev
a
l
u
a
t
e
th
e
fe
a
s
i
b
i
l
i
t
y
of a pedestrian
br
i
d
g
e
ac
r
o
s
s
FM
1709 from Rustin Park
(l
o
c
a
t
e
d
in
To
w
n
Square within the TIRZ
#1
bo
u
n
d
a
r
y
)
to
Central Park. This plan
in
c
l
u
d
e
s
fu
n
d
i
n
g
for improvements
ne
c
e
s
s
a
r
y
to
th
e
area within the Zone in
or
d
e
r
to
cr
e
a
t
e
th
i
s
pedestrian
co
n
n
e
c
t
i
o
n
.
Vi
s
i
t
o
r
Am
e
n
i
t
y
Center
$2
,
0
0
0
,
0
0
0
Th
e
So
u
t
h
l
a
ke
20
3
5
Tourism Master Plan
in
c
l
u
d
e
s
a re
c
o
m
m
e
n
d
a
t
i
o
n
to assess and
de
v
e
l
o
p
a st
r
a
t
e
g
y
for a visitor services
ce
n
t
e
r
th
a
t
co
u
l
d
offer serviceable
am
e
n
i
t
i
e
s
fo
r
gu
e
s
t
s
.
The center could
ha
v
e
si
n
g
l
e
or
sa
t
e
l
l
i
t
e
locations and could
al
s
o
in
c
l
u
de
am
e
n
i
t
i
e
s
such as public
re
s
t
r
o
o
m
s
an
d
se
r
v
e
as a type of “visitor
co
n
c
i
e
r
g
e
.
”
Th
i
s
plan includes funding for
fu
t
u
r
e
de
v
e
l
o
p
m
e
n
t
of a center in
So
u
t
h
l
a
k
e
To
w
n
Square.
23 |
So
u
t
h
l
a
k
e
T
I
R
Z
#
1
2
0
1
8
A
m
e
n
d
e
d
P
r
o
j
e
c
t
a
n
d
F
i
n
a
n
c
i
n
g
P
l
a
n
So
u
t
h
l
a
k
e
T
I
R
Z
#
1
Am
e
n
d
e
d
Fi
n
a
n
c
i
n
g
P
l
a
n
El
e
m
e
n
t
1
:
Es
t
i
m
a
t
e
d
P
r
o
j
e
c
t
C
o
s
t
s
o
f
t
h
e
Zo
n
e
,
i
n
c
l
u
d
i
n
g
a
d
m
i
n
i
s
t
r
a
t
i
v
e
ex
p
e
n
s
e
s
El
e
m
e
n
t
2
:
A
s
t
a
t
e
m
e
n
t
l
i
s
t
i
n
g
t
h
e
k
i
n
d
,
nu
m
b
e
r
a
n
d
l
o
c
a
t
i
o
n
o
f
a
l
l
pr
o
p
o
s
e
d
p
u
b
l
i
c
w
o
r
k
s
o
r
p
u
b
l
i
c
im
p
r
o
v
e
m
e
n
t
s
i
n
t
h
e
z
o
n
e
$7
,
4
0
0
,
7
2
6
Th
e
TI
R
Z
pr
o
j
e
c
t
pl
a
n
in
c
l
u
d
e
s
co
s
t
s
as
s
o
c
i
a
t
e
d
wi
t
h
de
v
e
l
o
p
m
e
n
t
of
ne
w
pa
r
k
s
an
d
im
p
r
o
v
e
m
e
n
t
s
an
d
en
h
a
n
c
e
m
e
n
t
s
fo
r
ex
i
s
t
i
n
g
pu
b
l
i
c
pa
r
k
s
wi
t
h
i
n
th
e
To
w
n
Sq
u
a
r
e
de
v
e
l
o
p
m
e
n
t
in
c
l
u
d
i
n
g
th
e
pl
a
n
n
e
d
im
p
r
o
v
e
m
e
n
t
s
to
Mc
P
h
e
r
s
o
n
Pa
r
k
,
re
c
e
n
t
l
y
ad
o
p
t
e
d
as
pa
r
t
of
th
e
So
u
t
h
l
a
k
e
20
3
0
Pa
r
k
s
,
Re
c
r
e
a
t
i
o
n
,
Op
e
n
Sp
a
c
e
,
an
d
Co
m
m
u
n
i
t
y
Fa
c
i
l
i
t
i
e
s
Ma
s
t
e
r
Pl
a
n
.
Th
e
s
e
co
s
t
s
in
c
l
u
de
la
n
d
ac
q
u
i
s
i
t
i
o
n
,
st
r
u
c
t
u
r
e
s
,
ha
r
d
s
c
a
p
e
,
la
n
d
s
c
a
p
i
n
g
,
an
d
tr
a
i
l
s
.
Te
c
h
n
o
l
o
g
y
In
f
r
a
s
t
r
u
c
t
u
r
e
$2
,
6
2
8
,
2
8
3
Th
e
TI
R
Z
pr
o
j
e
c
t
pl
a
n
in
c
l
u
d
e
s
co
s
t
s
as
s
o
c
i
a
t
e
d
wi
t
h
th
e
pr
o
v
i
s
i
o
n
of
te
c
h
n
o
l
o
g
y
in
f
r
a
s
t
r
u
c
t
u
r
e
wi
t
h
i
n
th
e
zo
n
e
.
Th
e
s
e
in
c
l
u
d
e
in
s
t
a
l
l
a
t
i
o
n
of
pu
b
l
i
c
Wi
‐Fi
sy
s
t
e
m
s
an
d
su
p
p
o
r
t
i
v
e
in
f
r
a
s
t
r
u
c
t
u
r
e
,
as
we
l
l
as
eq
u
i
p
m
e
n
t
an
d
ma
t
e
r
i
a
l
s
ne
c
e
s
s
a
r
y
to
pr
o
v
i
d
e
se
c
u
r
i
t
y
ca
m
e
r
a
co
v
e
r
a
g
e
wi
t
h
i
n
So
u
t
h
l
a
k
e
To
w
n
Sq
u
a
r
e
.
$1
4
,
4
4
4
,
0
0
0
Th
e
pu
b
l
i
c
im
p
r
o
v
e
m
e
n
t
projects include
st
r
e
e
t
s
,
wa
t
e
r
,
sa
n
i
t
a
ry sewer, and storm
wa
t
e
r
dr
a
i
n
a
g
e
sy
s
t
e
m
s
.
The project plan
se
p
a
r
a
t
e
s
th
e
ge
n
e
r
a
l
infrastructure into
tw
o
ca
t
e
g
o
r
i
e
s
de
s
i
g
n
a
t
e
d
as General
In
f
r
a
s
t
r
u
c
t
u
r
e
an
d
Educational
In
f
r
a
s
t
r
u
c
t
u
r
e
.
Ge
n
e
r
a
l
Infrastructure
pr
o
j
e
c
t
s
in
c
l
u
d
e
co
s
t
s
associated with
re
i
m
b
u
r
s
i
n
g
th
e
developer for 40% of the
in
f
r
a
s
t
r
u
c
t
u
r
e
co
s
t
s
within the Town
Sq
u
a
r
e
de
v
e
l
o
p
m
e
n
t
.
General
In
f
r
a
s
t
r
u
c
t
u
r
e
co
s
t
s
also include costs
as
s
o
c
i
a
t
e
d
wi
t
h
ro
a
d
improvements to
Ca
r
r
o
l
l
Av
e
n
u
e
an
d
Kimball Avenue, which
ar
e
lo
c
a
t
e
d
on
th
e
periphery of the TIRZ
bo
u
n
d
a
r
i
e
s
.
Ed
u
c
a
t
i
o
n
a
l
Infrastructure
$5
,
0
8
8
,
2
3
5
Th
e
Ed
u
c
a
t
i
o
n
a
l
In
f
r
a
s
t
r
u
c
t
u
r
e
costs
in
c
l
u
d
e
wa
t
e
r
,
se
w
e
r
,
drainage, and road
co
n
s
t
r
u
c
t
i
o
n
to
se
r
v
i
c
e
the educational
fa
c
i
l
i
t
i
e
s
lo
c
a
t
e
d
in
the TIRZ.
Pu
b
l
i
c
Pa
r
k
s
G
e
n
e
r
a
l
In
f
r
a
s
t
r
u
c
t
u
r
e
24 |
So
u
t
h
l
a
k
e
T
I
R
Z
#
1
2
0
1
8
A
m
e
n
d
e
d
P
r
o
j
e
c
t
a
n
d
F
i
n
a
n
c
i
n
g
P
l
a
n
So
u
t
h
l
a
k
e
T
I
R
Z
#
1
Am
e
n
d
e
d
Fi
n
a
n
c
i
n
g
P
l
a
n
El
e
m
e
n
t
1
:
Es
t
i
m
a
t
e
d
P
r
o
j
e
c
t
C
o
s
t
s
o
f
t
h
e
Zo
n
e
,
i
n
c
l
u
d
i
n
g
a
d
m
i
n
i
s
t
r
a
t
i
v
e
ex
p
e
n
s
e
s
El
e
m
e
n
t
2
:
A
s
t
a
t
e
m
e
n
t
l
i
s
t
i
n
g
t
h
e
k
i
n
d
,
nu
m
b
e
r
a
n
d
l
o
c
a
t
i
o
n
o
f
a
l
l
pr
o
p
o
s
e
d
p
u
b
l
i
c
w
o
r
k
s
o
r
p
u
b
l
i
c
im
p
r
o
v
e
m
e
n
t
s
i
n
t
h
e
z
o
n
e
,
To
w
n
Ha
l
l
Ci
t
y
/ Co
u
n
t
y
Fa
c
i
l
i
t
y
$3
,
9
7
6
,
6
5
4
So
u
t
h
l
a
k
e
To
w
n
Ha
l
l
is
a sh
a
r
e
d
fa
c
i
l
i
t
y
be
t
w
e
e
n
th
e
Ci
t
y
of
So
u
t
h
l
a
k
e
an
d
Ta
r
r
a
n
t
Co
u
n
t
y
th
a
t
br
i
n
g
s
th
e
ci
v
i
c
of
f
i
c
e
s
of
th
e
Ci
t
y
an
d
Co
u
n
c
i
l
to
g
e
t
h
e
r
in
on
e
ce
n
t
r
a
l
lo
c
a
t
i
o
n
.
To
w
n
Ha
l
l
is
lo
c
a
t
e
d
in
th
e
he
a
r
t
of
th
e
To
w
n
Sq
u
a
r
e
de
v
e
l
o
p
m
e
n
t
,
an
d
is
co
n
s
i
d
e
r
e
d
a be
th
e
fo
c
a
l
po
i
n
t
of
th
e
ne
w
do
w
n
t
o
w
n
.
Th
e
fa
c
i
l
i
ty
is
ap
p
r
o
x
i
m
a
t
e
l
y
80
,
0
0
0
sq
u
a
r
e
fe
e
t
wi
t
h
ap
p
r
o
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i
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12
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0
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e
t
de
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d
to
th
e
So
u
t
h
l
a
k
e
Pu
b
l
i
c
Li
b
r
a
r
y
.
Th
e
of
f
i
c
e
s
fo
r
th
e
Ci
t
y
of
So
u
t
h
l
a
k
e
in
c
l
u
d
e
ad
m
i
n
i
s
t
r
a
t
i
v
e
of
f
i
c
e
s
,
Fi
n
a
n
c
e
,
Mu
n
i
c
i
p
a
l
Co
u
r
t
,
Ut
i
l
i
t
y
Bi
l
l
i
n
g
,
Pl
a
n
n
i
n
g
,
Ec
o
n
o
m
i
c
De
v
e
l
o
p
m
e
n
t
,
an
d
Pu
b
l
i
c
Wo
r
k
s
.
Th
e
of
f
i
c
e
s
fo
r
Ta
r
r
a
n
t
Co
u
n
t
y
in
c
l
u
de
th
e
Co
u
n
t
y
Co
m
m
i
s
s
i
o
n
e
r
,
Co
n
s
t
a
b
l
e
,
Ju
s
t
i
c
e
of
th
e
Pe
a
c
e
,
Co
u
n
t
y
Cl
e
r
k
of
f
i
c
e
s
,
an
d
Ta
x
of
f
i
c
e
s
.
Th
e
in
i
t
i
a
l
te
r
m
of
th
e
TI
R
Z
fu
n
d
e
d
th
e
co
n
s
t
r
u
c
t
i
o
n
of
th
i
s
fa
c
i
l
i
t
y
as
we
l
l
as
pr
o
v
i
d
e
d
fo
r
ca
p
i
t
a
l
ma
i
n
t
e
n
a
n
c
e
co
s
t
s
de
s
i
g
n
a
t
e
d
fo
r
la
r
g
e
ca
p
i
t
a
l
ex
p
e
n
d
i
t
u
r
e
s
re
l
a
t
e
d
to
bu
i
l
d
i
n
g
ma
i
n
t
e
n
a
n
c
e
.
.
Th
i
s
am
e
n
d
e
d
pr
o
j
e
c
t
and financin g plan
in
c
l
u
d
e
s
fu
n
d
i
n
g
to provide for the
op
e
r
a
t
i
o
n
s
an
d
ca
p
i
t
a
l
maintenance of
So
u
t
h
l
a
k
e
To
w
n
Hall, including future
re
n
o
v
a
t
i
o
n
s
ne
c
e
s
s
a
r
y
to accommodate
st
a
f
f
i
n
g
ch
a
n
g
e
s
and ensure compliance
wi
t
h
th
e
Am
e
r
i
c
a
n
s
with Disabilities Act,
as
we
l
l
as
to
pr
o
v
i
d
e
for a sustainable
fa
c
i
l
i
t
y
.
Op
e
r
a
t
i
o
n
s
an
d
Ma
i
n
t
e
n
a
n
c
e
25 |
So
u
t
h
l
a
k
e
T
I
R
Z
#
1
2
0
1
8
A
m
e
n
d
e
d
P
r
o
j
e
c
t
a
n
d
F
i
n
a
n
c
i
n
g
P
l
a
n
So
u
t
h
l
a
k
e
T
I
R
Z
#
1
Am
e
n
d
e
d
Fi
n
a
n
c
i
n
g
P
l
a
n
El
e
m
e
n
t
1
:
Es
t
i
m
a
t
e
d
P
r
o
j
e
c
t
C
o
s
t
s
o
f
t
h
e
Zo
n
e
,
i
n
c
l
u
d
i
n
g
a
d
m
i
n
i
s
t
r
a
t
i
v
e
ex
p
e
n
s
e
s
El
e
m
e
n
t
2
:
A
s
t
a
t
e
m
e
n
t
l
i
s
t
i
n
g
t
h
e
k
i
n
d
,
nu
m
b
e
r
a
n
d
l
o
c
a
t
i
o
n
o
f
a
l
l
pr
o
p
o
s
e
d
p
u
b
l
i
c
w
o
r
k
s
o
r
p
u
b
l
i
c
im
p
r
o
v
e
m
e
n
t
s
i
n
t
h
e
z
o
n
e
In
f
r
a
s
t
r
u
c
t
u
r
e
an
d
As
s
e
t
Ma
i
n
t
e
n
a
n
c
e
$1
5
,
5
9
5
,
7
7
8
Pu
b
l
i
c
in
f
r
a
s
t
r
u
c
t
u
r
e
an
d
as
s
e
t
s
wi
t
h
i
n
th
e
Zo
n
e
in
c
l
u
d
e
si
d
e
w
a
l
k
s
,
st
r
e
e
t
s
,
wa
t
e
r
/
wa
s
t
e
w
a
t
e
r
fa
c
i
l
i
t
i
e
s
,
st
o
r
m
wa
t
e
r
fa
c
i
l
i
t
i
e
s
,
si
g
n
a
g
e
,
pa
r
k
i
n
g
ga
r
a
g
e
s
,
an
d
li
g
h
t
po
l
e
s
.
Th
i
s
pl
a
n
in
c
l
u
d
e
s
fu
n
d
i
n
g
ne
c
e
s
s
a
r
y
to
ma
i
n
t
a
i
n
th
e
s
e
as
s
e
t
s
.
Pu
b
l
i
c
Sp
a
c
e
Ma
i
n
t
e
n
a
n
c
e
$1
7
,
5
2
1
,
3
0
5
Pu
b
l
i
c
sp
a
c
e
s
wi
t
h
i
n
th
e
zo
n
e
in
c
l
u
d
e
st
r
e
e
t
s
,
pa
r
k
i
n
g
ga
r
a
g
e
s
,
an
d
si
d
e
w
a
l
k
s
.
In
fa
c
t
,
ab
o
u
t
30
%
of
th
e
Zo
n
e
is
de
s
i
g
n
a
t
e
d
as
pu
b
l
i
c
Ri
g
h
t
‐of
‐Wa
y
(R
OW
)
.
Th
e
s
e
ar
e
a
s
re
q
u
i
r
e
re
g
u
l
a
r
ma
i
n
t
e
n
a
n
c
e
su
c
h
as
po
w
e
r
wa
s
h
i
n
g
,
sw
e
e
p
i
n
g
,
po
r
t
e
r
se
r
v
i
c
e
s
fo
r
pu
b
l
i
c
tr
a
s
h
ca
n
s
,
la
n
d
s
c
a
p
i
n
g
,
pa
i
n
t
i
n
g
,
an
d
ge
n
e
r
a
l
re
p
a
i
r
s
.
Th
i
s
el
e
m
e
n
t
of
th
e
pl
a
n
pr
o
v
i
d
e
s
fu
n
d
i
n
g
fo
r
on
g
o
i
n
g
ma
i
n
t
e
n
a
n
c
e
of
th
e
s
e
pu
b
l
i
c
sp
a
c
e
s
.
.
Pa
r
k
Ma
i
n
t
e
n
a
n
c
e
$4
,
0
8
4
,
8
6
3
Th
e
r
e
ar
e
cu
r
r
e
n
t
l
y five parks that are
pu
b
l
i
c
l
y
ma
i
n
t
a
i
n
e
d
and located in
So
u
t
h
l
a
k
e
To
w
n
Square: Rustin Park;
Fa
m
i
l
y
Pa
r
k
;
Su
m
m
i
t
Park; Frank Edgar
Co
r
n
i
s
h
,
IV
Pa
r
k
;
and McPherson Park.
Th
i
s
pl
a
n
in
c
l
u
d
e
s
funding for the ongoing
ma
i
n
t
e
n
a
n
c
e
of
th
e
s
e
parks which
in
c
l
u
d
e
s
no
t
on
l
y
landscaping but
ha
r
d
s
c
a
p
e
li
k
e
be
n
c
h
e
s
and i nfrastructure
el
e
m
e
n
t
s
su
c
h
as
fountains and ponds.
Op
e
r
a
t
i
o
n
s
an
d
Ma
i
n
t
e
n
a
n
c
e
26 |
So
u
t
h
l
a
k
e
T
I
R
Z
#
1
2
0
1
8
A
m
e
n
d
e
d
P
r
o
j
e
c
t
a
n
d
F
i
n
a
n
c
i
n
g
P
l
a
n
So
u
t
h
l
a
k
e
T
I
R
Z
#
1
Am
e
n
d
e
d
Fi
n
a
n
c
i
n
g
P
l
a
n
El
e
m
e
n
t
3
:
Ec
o
n
o
m
i
c
F
e
a
s
i
b
i
l
i
t
y
S
t
u
d
y
El
e
m
e
n
t
4
:
Th
e
e
s
t
i
m
a
t
e
d
a
m
o
u
n
t
o
f
b
o
n
d
e
d
in
d
e
b
t
e
d
n
e
s
s
t
o
b
e
i
n
c
u
r
r
e
d
El
e
m
e
n
t
5
:
Th
e
t
i
m
e
w
h
e
n
r
e
l
a
t
e
d
c
o
s
t
s
o
r
mo
n
e
t
a
r
y
o
b
l
i
g
a
t
i
o
n
s
a
r
e
t
o
b
e
in
c
u
r
r
e
d
.
Th
e
fi
s
c
a
l
im
p
a
c
t
of
ph
a
s
e
d
de
v
e
l
o
p
m
e
n
t
is
ou
t
l
i
n
e
d
in
th
e
Ta
x
In
c
r
e
m
e
n
t
Re
i
n
v
e
s
t
m
e
n
t
Zo
n
e
An
a
l
y
s
i
s
(E
x
h
i
b
i
t
B)
.
No
t
re
f
l
e
c
t
e
d
in
th
i
s
an
a
l
y
s
i
s
is
th
e
an
t
i
c
i
p
a
t
e
d
sa
l
e
s
ta
x
an
d
pe
r
s
o
n
a
l
pr
o
p
e
r
t
y
ta
x
re
v
e
n
u
e
wh
i
c
h
wo
u
l
d
be
in
ad
d
i
t
i
o
n
to
th
e
re
a
l
pr
o
p
e
r
t
y
ta
x
.
Th
e
s
e
re
v
e
n
u
e
st
r
e
a
m
s
wo
u
l
d
no
t
be
de
s
i
g
n
a
t
e
d
to
be
us
e
d
sp
e
c
i
f
i
c
a
l
l
y
in
th
e
zo
n
e
.
.
De
b
t
is
s
u
a
nc
e
is
no
t
anticipated as an
el
e
m
e
n
t
of
th
i
s
pl
a
n
.
Expenses will be
bu
d
g
e
t
e
d
an
n
u
a
l
l
y
as needed, in
al
i
g
n
m
e
n
t
wi
t
h
id
e
n
t
i
f
i
e
d
expenditures
wi
t
h
i
n
th
e
pr
o
j
e
c
t
and financing plan.
Pl
e
a
s
e
re
f
e
r
to
Ex
h
i
b
i
t
C for details on
pl
a
n
n
e
d
ex
p
e
n
d
i
t
u
r
e
s
.
27 |
So
u
t
h
l
a
k
e
T
I
R
Z
#
1
2
0
1
8
A
m
e
n
d
e
d
P
r
o
j
e
c
t
a
n
d
F
i
n
a
n
c
i
n
g
P
l
a
n
So
u
t
h
l
a
k
e
T
I
R
Z
#
1
Am
e
n
d
e
d
Fi
n
a
n
c
i
n
g
P
l
a
n
El
e
m
e
n
t
6
:
A
d
e
s
c
r
i
p
t
i
o
n
o
f
t
h
e
m
e
t
h
o
d
s
o
f
fi
n
a
n
c
i
n
g
a
l
l
e
s
t
i
m
a
t
e
d
p
r
o
j
e
c
t
co
s
t
s
a
n
d
t
h
e
e
x
p
e
c
t
e
d
s
o
u
r
c
e
s
o
f
re
v
e
n
u
e
t
o
f
i
n
a
n
c
e
o
r
p
a
y
p
r
o
j
e
c
t
co
s
t
s
,
i
n
c
l
u
d
i
n
g
t
h
e
p
e
r
c
e
n
t
a
g
e
o
f
ta
x
i
n
c
r
e
m
e
n
t
t
o
b
e
d
e
r
i
v
e
d
f
r
o
m
th
e
p
r
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p
e
r
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t
a
x
e
s
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e
a
c
h
t
a
x
i
n
g
un
i
t
o
n
r
e
a
l
p
r
o
p
e
r
t
y
i
n
t
h
e
z
o
n
e
Pr
o
j
e
c
t
co
s
t
s
wi
l
l
be
pa
i
d
fo
r
th
r
o
u
g
h
us
e
of
ta
x
in
c
r
e
m
e
n
t
fu
n
d
s
re
c
e
i
v
e
d
.
Th
e
re
v
e
n
u
e
so
u
r
c
e
wi
l
l
be
th
e
re
a
l
pr
o
p
e
r
t
y
ta
x
e
s
ca
p
t
u
r
e
d
by
th
e
TI
R
Z
.
Fo
r
th
e
Am
e
n
d
e
d
Fi
n
a
n
c
i
a
l
Pl
a
n
,
th
e
Ci
t
y
of
So
u
t
h
l
a
k
e
is
il
l
u
s
t
r
a
t
e
d
as
pa
r
t
i
c
i
p
a
t
i
n
g
at
10
0
%
an
d
Ca
r
r
o
l
l
In
d
e
p
e
n
d
e
n
t
Sc
h
o
o
l
Di
s
t
r
i
c
t
is
sh
o
w
n
as
pa
r
t
i
c
i
p
a
t
i
n
g
at
10
0
%
.
Ot
h
e
r
ta
x
i
n
g
en
t
i
t
i
e
s
su
c
h
as
Ta
r
r
a
n
t
Co
u
n
t
y
,
Ta
r
r
a
n
t
Co
u
n
t
y
Ju
n
i
or
Co
l
l
e
g
e
Di
s
t
r
i
c
t
an
d
Ta
r
r
a
n
t
Co
u
n
t
y
Ho
s
p
i
t
a
l
Di
s
t
r
i
c
t
ar
e
il
l
u
s
t
r
a
t
e
d
as
pa
r
t
i
c
i
p
a
t
i
n
g
at
0%
in
th
e
TI
R
Z
.
Th
e
Ca
r
r
o
l
l
In
d
e
p
e
n
d
e
n
t
School District is
pa
r
t
i
c
i
p
a
t
i
n
g
in
th
e
TIF with 100% of its
M&
O
ra
t
e
in
th
e
TI
F
district.
Th
e
TI
R
Z
,
ac
t
i
v
e
th
r
o
u
g
h
the City, will
ma
k
e
an
n
u
a
l
pa
y
m
e
n
t
s
to the School
Di
s
t
r
i
c
t
in
an
am
o
u
n
t
necessary to offset
an
y
ne
g
a
t
i
v
e
fi
n
a
n
c
i
a
l
impact on the
Sc
h
o
o
l
Di
s
t
r
i
c
t
, as
a result of its
pa
r
t
i
c
i
p
a
t
i
o
n
in
th
e
TIF, relating to State
fu
n
d
s
th
a
t
wo
u
l
d
otherwise be received by
th
e
Sc
h
o
o
l
Di
s
t
r
i
c
t
under school finance
le
g
i
s
l
a
ti
o
n
or
re
l
a
t
i
n
g
to amounts that
mu
s
t
be
pa
i
d
or
co
n
t
r
i
b
u
t
e
d
by the School
Di
s
t
r
i
c
t
un
d
e
r
sc
h
o
o
l
finance law.
28 |
So
u
t
h
l
a
k
e
T
I
R
Z
#
1
2
0
1
8
A
m
e
n
d
e
d
P
r
o
j
e
c
t
a
n
d
F
i
n
a
n
c
i
n
g
P
l
a
n
So
u
t
h
l
a
k
e
T
I
R
Z
#
1
Am
e
n
d
e
d
Fi
n
a
n
c
i
n
g
P
l
a
n
El
e
m
e
n
t
7
:
Th
e
c
u
r
r
e
n
t
t
o
t
a
l
a
p
p
r
a
i
s
e
d
v
a
l
u
e
of
t
a
x
a
b
l
e
r
e
a
l
p
r
o
p
e
r
t
y
i
n
t
h
e
z
o
n
e
Th
e
to
t
a
l
ap
p
r
a
i
s
e
d
va
l
u
e
of
th
e
ta
x
a
b
l
e
re
a
l
pr
o
p
e
r
t
y
in
th
e
zo
n
e
,
us
i
n
g
th
e
19
9
7
ba
s
e
ye
a
r
va
l
u
e
s
pr
o
v
i
d
e
d
by
th
e
Ta
r
r
a
n
t
Ap
p
r
a
i
s
a
l
Di
s
t
r
i
c
t
,
is
$3
2
,
1
2
3
,
0
1
7
.
Th
e
ta
x
a
b
l
e
va
l
u
e
of
th
o
s
e
sa
m
e
pr
o
p
e
r
t
i
e
s
is
$2
3
,
4
7
5
,
3
6
6
,
af
t
e
r
de
d
u
c
t
i
n
g
a to
t
a
l
of
$8
,
6
4
7
,
6
5
1
fo
r
ag
r
i
c
u
l
t
u
r
a
l
de
f
e
r
r
a
l
s
an
d
ta
x
ex
e
m
p
t
pr
o
p
e
r
t
i
e
s
.
Th
i
s
is
th
e
ba
s
e
ye
a
r
va
l
u
e
es
t
a
b
l
i
s
h
e
d
fo
r
th
e
zo
n
e
.
Wh
e
n
th
i
s
pl
a
n
wa
s
am
e
n
d
e
d
in
19
9
9
,
th
e
to
t
a
l
ap
p
r
a
i
s
e
d
va
l
u
e
of
th
e
ta
x
a
b
l
e
re
a
l
pr
o
p
e
r
t
y
in
th
e
zo
n
e
pr
o
v
i
d
e
d
by
th
e
Ta
r
r
a
n
t
Ap
p
r
a
i
s
a
l
Di
s
t
r
i
c
t
wa
s
$5
4
,
9
4
9
,
6
6
4.
Th
e
19
9
9
ta
x
a
b
l
e
va
l
u
e
of
th
o
s
e
sa
m
e
pr
o
p
e
r
t
i
e
s
wa
s
$5
4
,
8
7
4
,
6
6
4
,
af
t
e
r
de
d
u
c
t
i
n
g
a to
t
a
l
of
$7
5
,
0
0
0
fo
r
ag
r
i
c
u
l
tu
r
a
l
de
f
e
r
r
a
l
s
an
d
ta
x
ex
e
m
p
t
pr
o
p
e
r
t
i
e
s
.
In
20
1
8
,
th
e
to
t
a
l
appraised value of the
ta
x
a
b
l
e
re
a
l
pr
o
p
e
r
t
y
in the zone provided
by
th
e
Ta
r
r
a
n
t
Ap
p
r
a
i
s
a
l
District is
$5
3
9
,
5
7
6
,
7
8
9
.
Th
e
2018 taxable value of
th
o
s
e
sa
m
e
pr
o
p
e
r
t
i
e
s
is $ 528,026,644,
af
t
e
r
de
d
u
c
t
i
n
g
a total of $11,550,145 for
ag
r
i
c
u
l
t
u
r
a
l
de
f
e
r
r
a
l
s
and tax exempt
pr
o
p
e
r
t
i
e
s
.
A li
s
t
in
g
of
ex
i
s
t
i
n
g
properties is included
in
Ex
h
i
b
i
t
D.
29 |
So
u
t
h
l
a
k
e
T
I
R
Z
#
1
2
0
1
8
A
m
e
n
d
e
d
P
r
o
j
e
c
t
a
n
d
F
i
n
a
n
c
i
n
g
P
l
a
n
So
u
t
h
l
a
k
e
T
I
R
Z
#
1
Am
e
n
d
e
d
Fi
n
a
n
c
i
n
g
P
l
a
n
El
e
m
e
n
t
8
:
Th
e
e
s
t
i
m
a
t
e
d
c
a
p
t
u
r
e
d
a
p
p
r
a
i
s
e
d
va
l
u
e
o
f
t
h
e
z
o
n
e
d
u
r
i
n
g
e
a
c
h
y
e
a
r
of
i
t
s
e
x
i
s
t
e
n
c
e
Th
e
es
t
i
m
a
t
e
d
ap
p
r
a
i
s
e
d
va
l
u
e
of
th
e
im
p
r
o
v
e
m
e
n
t
s
in
th
e
zo
n
e
per year is listed in the
fo
l
l
o
w
i
n
g
ta
b
l
e
.
Th
e
es
t
i
m
a
t
e
d
va
l
u
e
of
th
e
zo
n
e
as
s
u
m
e
s
an
an
n
u
a
l
growth in the
ap
p
r
a
i
s
e
d
va
l
u
e
of
6%
.
Th
i
s
is
le
s
s
th
a
n
th
e
hi
s
t
o
r
i
c
do
u
b
l
e
‐di
g
i
t
average annual growth
in
as
s
e
s
s
e
d
va
l
u
e
s
in
th
e
in
i
t
i
a
l
20
ye
a
r
te
r
m
of
th
e
di
s
t
r
i
c
t
.
Fi
s
c
a
l
Y
e
a
r
In
c
r
e
m
e
n
t
a
l
Ta
x
a
b
l
e
A
s
s
e
s
s
e
d
Va
l
u
a
t
i
o
n
Fi
s
c
a
l
Y
e
a
r
Incremental Taxable Assessed Valuation
20
1
9
$5
0
4
,
5
5
1
,
2
7
8
20
2
9
$896,773,204
20
2
0
$5
3
4
,
3
0
8
,
3
5
5
20
3
0
$950,063,596
20
2
1
$5
6
5
,
8
5
0
,
8
5
6
20
3
1
$1,006,551,412
20
2
2
$5
9
9
,
2
8
5
,
9
0
7
20
3
2
$1,066,428,497
20
2
3
$6
3
4
,
7
2
7
,
0
6
2
20
3
3
$1,129,898,206
20
2
4
$6
7
2
,
2
9
4
,
6
8
5
20
3
4
$1,197,176,099
20
2
5
$7
1
2
,
1
1
6
,
3
6
7
20
3
5
$1,268,490,665
20
2
6
$7
5
4
,
3
2
7
,
3
4
9
20
3
6
$1,344,084,104
20
2
7
$7
9
9
,
0
7
0
,
9
9
0
20
3
7
$1,424,213,151
20
2
8
$8
4
6
,
4
9
9
,
2
4
9
20
3
8
$1,509,149,940
30 |
So
u
t
h
l
a
k
e
T
I
R
Z
#
1
2
0
1
8
A
m
e
n
d
e
d
P
r
o
j
e
c
t
a
n
d
F
i
n
a
n
c
i
n
g
P
l
a
n
So
u
t
h
l
a
k
e
T
I
R
Z
#
1
Am
e
n
d
e
d
Fi
n
a
n
c
i
n
g
P
l
a
n
El
e
m
e
n
t
9
:
Th
e
d
u
r
a
t
i
o
n
o
f
t
h
e
z
o
n
e
Th
e
zo
n
e
wa
s
cr
e
a
t
e
d
in
Se
p
t
e
m
b
e
r
19
9
7
,
wi
t
h
an
ef
f
e
c
t
i
v
e
da
t
e
of
Ja
n
u
a
r
y
1,
19
9
8
.
Th
e
zo
n
e
wa
s
se
t
to
ex
i
s
t
fo
r
20
ye
a
r
s
wi
t
h
an
ex
p
i
r
a
t
i
o
n
da
t
e
se
t
at
ei
t
h
e
r
De
c
e
m
b
e
r
31
,
20
1
8
,
or
th
e
da
t
e
wh
e
n
al
l
pr
o
j
e
c
t
co
s
t
s
we
r
e
pa
i
d
an
d
al
l
de
b
t
wa
s
re
t
i
r
e
d
,
wh
i
c
h
e
v
e
r
ca
m
e
fi
r
s
t
.
Th
i
s
am
e
n
d
e
d
pl
a
n
extends the life of the
zo
n
e
fo
r
an
ad
d
i
t
i
o
n
a
l
20 years with
te
r
m
i
n
a
t
i
o
n
of
th
e
zone set at either
De
c
e
m
b
e
r
31
,
20
3
8
,
or the date when all
pr
o
j
e
c
t
co
s
t
s
ar
e
pa
i
d
,
whichever comes
fi
r
s
t
.
Ex
h
i
b
i
t
s
Ex
h
i
b
i
t
A:
Le
g
a
l
De
s
c
r
i
p
t
i
o
n
an
d
Ma
p
o f
Th
e
Re
i
n
v
e
s
t
m
e
n
t
Zo
n
e
Ex
h
i
b
i
t
B:
Ta
x
In
c
r
e
m
e
n
t
Re
i
n
v
e
s
t
m
e
n
t
Zo
n
e
A na
l
y
s
i
s
Ex
h
i
b
i
t
C:
Pr
o
p
o
s
e
d
Pr
o
j
e
c
t
Co
s
t
s
Ex
h
i
b
i
t
D: Listing o f
Pr
o
p
e
r
t
i
e
s
Ex
h
i
b
i
t
E: Public Notice of
a Public Hearing
Ex
h
i
b
i
t
F: Town Square
Co
n
c
e
p
t
Plan 31
32 |
So
u
t
h
l
a
k
e
T
I
R
Z
#
1
2
0
1
8
A
m
e
n
d
e
d
P
r
o
j
e
c
t
a
n
d
F
i
n
a
n
c
i
n
g
P
l
a
n
Ex
h
i
b
i
t
A
-
1
:
Ma
p
o
f
T
h
e
Re
i
n
v
e
s
t
m
e
n
t
Z
o
n
e
33 |
So
u
t
h
l
a
k
e
T
I
R
Z
#
1
2
0
1
8
A
m
e
n
d
e
d
P
r
o
j
e
c
t
a
n
d
F
i
n
a
n
c
i
n
g
P
l
a
n
Ex
h
i
b
i
t
A
-
2
:
Le
g
a
l
D
e
s
c
r
i
p
t
i
o
n
o
f
Th
e
R
e
i
n
v
e
s
t
m
e
n
t
Zo
n
e
Be
g
i
n
n
i
n
g
a
t
t
h
e
i
n
t
e
r
s
e
c
t
i
o
n
o
f
t
h
e
s
o
u
t
h
r
i
g
h
t
-
o
f
-w
a
y
l
i
n
e
o
f
F
.
M
.
1
7
0
9
(
S
o
u
t
h
lake Boulevard) and the
pr
o
j
e
c
t
i
o
n
o
f
t
h
e
w
e
s
t
r
i
g
h
t
-
o
f
-
w
a
y
l
i
n
e
o
f
C
a
r
r
o
l
l
A
v
en
u
e
(
s
a
i
d
r
i
g
h
t
-
o
f
-
w
a
y
b
e
i
n
g
e
i
t
h
e
r
t
h
e
e
x
i
s
t
i
n
g
o
r
wh
a
t
b
e
c
o
m
e
s
f
u
t
u
r
e
r
i
g
h
t
-
o
f
-
w
a
y
a
f
t
e
r
f
u
t
u
r
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r
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h
t
-
o
f
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w
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c
q
u
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)
TH
E
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N
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T
H
,
a
l
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h
e
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e
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t
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f
C
a
r
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A
v
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(
s
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h
t
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o
f
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w
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e
i
n
g
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i
t
h
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r
t
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x
i
s
t
i
n
g
or
w
h
a
t
b
e
c
o
m
e
s
f
u
t
u
r
e
r
i
g
h
t
-
o
f
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w
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f
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f
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t
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t-
o
f
-
w
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34 |
So
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;
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3
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3
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corner of said Tract 3;
TH
E
N
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A
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T
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l
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g
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t
3
t
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n
o
r
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h
w
e
s
t
corner of said Tract 1;
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future right-of-way after
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t
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;
35 |
So
u
t
h
l
a
k
e
T
I
R
Z
#
1
2
0
1
8
A
m
e
n
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t
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h
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b
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A
-
2
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p
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.
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.
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c
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v
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y
(
A
b
s
t
r
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c
t
10
1
3
)
;
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r
of said Tract 1, said
po
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;
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c
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t
1
t
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of
T
r
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c
t
1
,
s
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t
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l
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k
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;
TH
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C
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N
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T
H
,
a
l
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T
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t
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t
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r
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Me
a
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h
K
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s
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w
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q
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)
;
TH
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c
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s
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of
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q
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f
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w
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f
K
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b
a
l
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A
v
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n
u
e
;
TH
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N
C
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N
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,
a
l
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t
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t
c
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e
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f
T
r
a
c
t
3
A
o
f
t
h
e
Jo
h
n
A
.
F
r
e
e
m
a
n
S
u
r
v
e
y
(
A
b
s
t
r
a
c
t
5
2
9
)
;
TH
E
N
C
E
W
E
S
T
,
a
l
o
n
g
t
h
e
s
o
u
t
h
p
r
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p
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t
y
l
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n
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o
f
s
a
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d
T
r
ac
t
3
A
t
o
t
h
e
s
o
u
t
h
w
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t
c
o
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n
e
r
o
f
s
a
i
d
T
r
a
c
t
3
A
;
TH
E
N
C
E
N
O
R
T
H
,
a
l
o
n
g
t
h
e
s
a
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w
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t
p
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p
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t
y
l
i
n
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o
f
Tr
a
c
t
3
A
t
o
t
h
e
s
o
u
t
h
w
e
s
t
corner of Tract 1 of the
Jo
h
n
A
.
F
r
e
e
m
a
n
S
u
r
v
e
y
(
A
b
s
t
r
a
c
t
5
2
9
)
;
36 |
So
u
t
h
l
a
k
e
T
I
R
Z
#
1
2
0
1
8
A
m
e
n
d
e
d
P
r
o
j
e
c
t
a
n
d
F
i
n
a
n
c
i
n
g
P
l
a
n
Ex
h
i
b
i
t
A
-
2
:
Le
g
a
l
D
e
s
c
r
i
p
t
i
o
n
o
f
Th
e
R
e
i
n
v
e
s
t
m
e
n
t
Zo
n
e
TH
E
N
C
E
N
O
R
T
H
,
a
l
o
n
g
t
h
e
s
a
i
d
w
e
s
t
p
r
o
p
e
r
t
y
l
i
n
e
o
f
Tr
a
c
t
1
t
o
t
h
e
s
o
u
t
h
w
e
s
t
c
o
rner of Tract 1B of the
Jo
h
n
A
.
F
r
e
e
m
a
n
S
u
r
v
e
y
(
A
b
s
t
r
a
c
t
5
2
9
)
;
TH
E
N
C
E
N
O
R
T
H
,
a
l
o
n
g
t
h
e
s
a
i
d
w
e
s
t
p
r
o
p
e
r
t
y
l
i
n
e
o
f
Tr
a
c
t
1
B
t
o
t
h
e
s
o
u
t
h
w
e
s
t
c
o
rner of Tract 1C of the
Jo
h
n
A
.
F
r
e
e
m
a
n
S
u
r
v
e
y
(
A
b
s
t
r
a
c
t
5
2
9
)
;
TH
E
N
C
E
N
O
R
T
H
,
a
l
o
n
g
t
h
e
s
a
i
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t
p
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p
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l
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n
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o
f
T
r
ac
t
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t
o
t
h
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t
h
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5
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of South Kimball Avenue;
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the intersection of the
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(
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;
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the projection of the
in
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t
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S
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37 |
So
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I
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#
1
2
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(
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the projection of the
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38 |
So
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T
I
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#
1
2
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1
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39 |
So
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#
1
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40 |
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#
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41 |
So
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#
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42 |
So
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#
1
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43 |
So
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#
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44 |
So
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Updated by:Alison Ortowski
As
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City Manager Sharen Jackson
Ch
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f
Financial Officer
M E M O R A N D U M
July 31, 2018
TO: Southlake TIRZ #1 Board of Directors
FROM: Sharen Jackson, Chief Financial Officer
SUBJECT: Discussion of the Proposed Fiscal Year 2019 Tax Increment Reinvestment
Zone Number One Budget Overview and revised budget figures for Fiscal
Year 2018
________________________________________________________________________
Action Requested: No formal board action is requested. Staff will present the Fiscal Year
2019 Tax Increment Reinvestment Zone Number One (“Zone”) budget
for discussion.
Background
Information: Historically, the Zone’s budget consisted of annual debt service
payments and Carroll ISD’s paym ent for the school districts project cost.
The proposed amendments to the financing plan included project costs
related to public buildings and facilities (including Carroll ISD facilities
located within the zone), public parks, general infrastructure, technology
infrastructure, operations and maintenance. If the amended plan is
approved, staff recommends including the following items in the FY 2019
proposed budget:
• School Safety Initiative $303,181
(The funds will be used for the SRO officers
currently working at the schools located within the
zone boundaries. The cost includes personnel
cost, training, supplies, etc.)
• Town Hall renovations $300,000
(With the opening of Champions Club later this
year the Community Services Department will be
relocating its staff from Town Hall to the Marq.
This will allow the City to relocate a couple of
departments that are in need of additional space,
mainly the departments of Finance and Human
Resources.
In 2006 the City conducted a space needs
analysis for each of the departments. This study
provided projected office space requirements for
2016 and 2026.
Currently the Finance Department has its
administrative staff split between two different
office spaces on the 4th floor. With this
remodeling initiative all of the administrative staff
in the Finance Department will be able to co-
locate together in the same office suite. This new
office suite will be on the 4th floor where there is
currently several different office spaces shared by
Community Services, Finance, and the Library
administrative staff. This new office suite location
will put the Finance Department in line with the
office space study.
The Human Resources Department is in need of
more office space especially with the on-boarding
of a new position to support the operations at the
Marq. According to the space needs assessment
their current office suite is undersized by 600
square feet. The vacated Community Services
suite will accommodate the Human Resources
Department's needs according to the study.
Last of all the Library administrative staff will
relocate to the current Human Resources suite.
This move will give the Library just as much if not
a bit more space than they currently have.)
• Town Hall HVAC Engineering $150,000
(The request is to complete engineering services
for a new HVAC system. The HVAC heating and
cooling system is original to the Town Hall
building. Commercial HVAC equipment has an
industry standard life of approximately 20 years
An HVAC Upgrade Replacement feasibility study
for TH was completed in 2015. This study
provided three separate options and associated
probable costs for system upgrades. The work
would replace the existing equipment with new air
handling units, chillers, pumps, electrical
connections and controls as well as structural
reinforcement for the new equipment. The study
estimated the engineering fees to be 7.5% of the
construction costs.)
• ADA Town Hall Bathrooms $170,000
(ADA Accessibility has been part of city wide
facility and infrastructure assessments the past
several years. Several ADA recommendations
were identified in the Town Hall
restrooms. Some of the items are restroom
specific while others are general in nature. The
funding will be used to address the bathroom
items noted in the ADA study.)
• Town Square enhancements $350,000
(The request is to complete the annual
enhancements throughout Town Square. Some
of the enhancements would include installation of
drainage flumes; improve the storm water
drainage, and landscaping enhancements in the
public areas.)
Total funding requested for FY 2019 TIRZ #1 for operations is
$7,144,372 which includes the items noted above and an estimated
payment to Carroll ISD of $5,696,831.
The FY 2018 Amended budget includes a few adjustments:
• Revenue $1,157,923
(Ad Valorem revenue increased due to CISD’s
contribution. Each year we have a true up
adjustment for CISD’s actual contribution.)
• Expenditures $2,514,036
($1,059,036 to reflect the actual CISD TIRZ
expenses for 2018. This is also an annual true
up adjustment for CISD ’s actual contribution.
$1,455,000 to reflect the final
infrastructure/incentive payment for Granite
Place. Upon completion of Granite Place and
meeting the required financial investment in the
development and meeting/exceeding all other
performance requirements as outlined in the
approved incentive agreement, the developer
was entitled to the final payment.)
Financial
Considerations: The proposed operating budget includes projected ad valorem and
interest income of $8,045,492. Total operating expenditures of
$7,144,372 with an ending fund balance of $1,825,776.
Strategic Link: C1: Achieve the highest standards of safety and security.
B2: Collaborate with select partners to implement service solutions.
F2: Invest to provide and maintain high quality public assets.
Citizen Input/
Board Review: A Public Hearing is scheduled for September 18, 2018 during Southlake
City Council regular scheduled meeting along with the adoption process
of the FY 2019 budget
Legal Review: None required.
Supporting
Documents: TIRZ Fund Summary
11:44 AM
07/31/18
$ Increase/$ Increase/
2017 2018 2018 (Decrease)% Increase/2019 (Decrease)% Increase/
Actual Adopted Amended Adopted -Decrease Proposed Adopted -Decrease
REVENUES
Ad Valorem $8,633,650 $8,568,107 $9,726,030 $1,157,923 13.5%$8,045,492 ($522,615)-6.1%
Interest Income $2,226 $1,400 $1,400 $0 0.0%$1,400 $0 0.0%
Total Revenues $8,635,876 $8,569,507 $9,727,430 $1,157,923 13.5%$8,046,892 ($522,615)-6.1%
EXPENDITURES
Personnel $0 $0 $0 $0 0.0%$265,341 $265,341 100.0%
Operations $5,348,444 $4,986,182 $6,045,218 1,059,036 21.2%$6,879,031 1,892,849 38.0%
Capital $1,995,000 $0 $1,455,000 1,455,000 100.0%$0 0 0.0%
Total Expenditures $7,343,444 $4,986,182 $7,500,218 $2,514,036 50.4%$7,144,372 $2,158,190 43.3%
Net Revenues $1,292,432 $3,583,325 $2,227,212 ($1,356,113)$902,520 ($2,680,805)
Transfers Out-General Fund - 0 0 0
Transfers Out -Debt Service (3,189,244)(3,258,927)(3,258,927)0
Total Other Sources (Uses)(3,189,244) ($3,258,927)($3,258,927)$0
Beginning Fund Balance $3,851,783 $1,954,971 $1,954,971 $923,256
Prior period adjustment
Ending Fund Balance $1,954,971 $2,279,369 $923,256 $1,825,776
TIF OPERATING FUND
2019 Proposed and 2018 Revised Budget