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Item 4NCITY OF SOUTHLAKE MEMORANDUM (November 27, 2018) To: Shana Yelverton, City Manager From: Sharen Jackson, Chief Financial Officer Item 4N Subject: Approve agreement extension with Carroll Independent School District to participate in the Tax Increment Reinvestment Zone Number One Action Requested: Approval of TIRZ participation agreement with Carroll Independent School District. Background Information: On September 4, 2018, City Council approved Ordinance 1197 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. The extension only included City of Southlake and Carroll ISD as participating entities. Tax Increment Financing Act, Texas Tax Code Section 311.013 (f) provides that each taxing unit levying taxes on real property in a reinvestment zone may determine the portion of the tax increment produced from property located in the Reinvestment Zone that the taxing unit will retain from the tax increment. The participation agreement establishes the percentage (portion) contribution of the taxing entity. The current participation agreement with Carroll ISD expires December 31, 2018 therefore we are required to extend the agreement to coincide with the term on the Reinvestment Zone of December 31, 2038. Financial Considerations: Carroll ISD's contribution remains the same at 100% of the school's maintenance and operations ad valorem tax collections (subject to the Negative Financial Impact calculation) on the captured appraised value of real property in the Reinvestment Zone. Page 1 of 2 Item 4D Strategic Link: It specifically relates to the City's Corporate Objectives: 132- Collaborate with select partners to implement service solutions F2- Invest to provide and maintain high-quality public assets Citizen Input/ Board Review: N/A Legal Review: The City Attorney has reviewed the participation agreement Alternatives: The City Council may approve or modify agreement. A participation agreement required for all participating taxing entities. Supporting Documents: Participation agreement and exhibits Staff Recommendation: Approve participation agreement Page 2 of 2 City of Southlake and Carroll Independent School District Agreement to Participate In the Reinvestment Zone Number One, City of Southlake THIS AGREEMENT ("Agreement") is made and entered into by and between the City of Southlake ("City"), a municipal corporation, and the Carroll Independent School District ("School District'), a lawfully created independent school district, of Tarrant County, Texas. WITNESSETH: WHEREAS, in accordance with the provisions of the Tax Increment Financing Act, Texas Tax Code, Chapter 311 (the "Act'), and after due notice to the School District and other taxing units levying real property taxes in the area, the City Council of the City, pursuant to Ordinance No. 682, adopted on September 23, and Ordinance No. 682-A (collectively, the "Ordinance") adopted on December 2, 1997 created, established and designated "Reinvestment Zone Number One, City of Southlake" ("Reinvestment Zone") under the Act; and WHEREAS, the School District adopted a resolution establishing the General Conditions for Participation in the Reinvestment Zone on November 17, 1997 at 0% participation; and WHEREAS, the City adopted Ordinance No. 690 at a meeting of the City Council on December 16, 1997, which approved and adopted a project plan and a financing plan for the Reinvestment Zone; and WHEREAS, the City and the School District revised the project plan and financing plan for the Reinvestment Zone; and WHEREAS, on August 17, 1999, the City and the School District entered into an Agreement to Participate in the Reinvestment Zone Number One, City of Southlake ("Original Agreement'); and WHEREAS, in entering the Original Agreement, the School District increased its percentage involvement subject to the terms and conditions of the Original Agreement; and WHEREAS, the Reinvestment Zone and Original Agreement were both set to expire and terminate on December 31, 2018; and WHEREAS, the City, after proper notice and hearing as required by the Act, by Ordinance No. 1197, approved an amended project Plan and Financing Plan, which are attached hereto as Exhibit A, and extended the term of the Reinvestment Zone so that the Reinvestment Zone terminates upon the earlier of. (a) December 31, 2038; or (b) the date when all projects costs, as further described and detailed within the amended Project Plan and Financing Plan, are paid; and WHEREAS, Section 311.013(f) of the Act provides that each taxing unit levying taxes L:\Meetings\TIRZ\TfRParticipation Agreements\2019\CISD Participation 11.27.18-clean.docx Page 1 on real property in a reinvestment zone may determine the portion of the tax increment produced from property located in the Reinvestment Zone that the taxing unit will retain from the tax increment; and WHEREAS, it is the intent of the City and the School District to enter into and continue this Agreement to the extent permitted by law, as long as it is financially beneficial to both parties. NOW, THEREFORE, the City and the School District, in consideration of the terms, conditions, and covenants contained herein, hereby agree as follows: Section 1. Definitions. The following terms used in this Agreement shall have the following meanings ascribed to them: "Captured Appraised Value" and "Captured Appraised Value Increment" mean the total appraised value of all real property taxable by the tax unit and located in the Reinvestment Zone for that year less the tax increment base of the unit. "Change in Applicable Law" means any change in law applicable to the School District, to tax increment financing, to reinvestment zones, or to the Texas public school finance program subsequent to the date of this Agreement, including, without limitation, any change in any statutory law applicable to the School District, to tax increment financing, to reinvestment zones, or to the Texas public school finance program, or any interpretation, ruling, order, decree or court decision interpreting prior -existing or then -existing law or any future law enacted during the term of this Agreement which is applicable to the School District, to tax increment financing, to reinvestment zones, or to the Texas public school finance program, provided such interpretation, ruling, order, decree or court decision is made administratively by the Comptroller of Public Accounts of the State of Texas, the Texas Attorney General, or any State agency, or by a court of competent jurisdiction. "Financing Plan" means the reinvestment zone financing plan prepared in accordance with Section 311.011 (c) of the Act, as approved by the City and the Reinvestment Zone Board of Directors, and as shown on the attached Exhibit A. "Negative Financial Impact" means any negative financial impact on the School District as a result of its participation in the Reinvestment Zone, calculated annually by determining the "Lost M&O Funding Amount" using the then current Texas Education Agency's State Funding Computer Model Template together with that year's taxable assessed value and attendance data to calculate state funding revenue, state funding recapture and other local revenue. This calculation of state and local funds, net of recapture, shall first be made assuming the School District's participation in the Tax Increment Fund, and second, shall be made assuming that the School District did not participate in the Tax Increment Fund. The difference in total state and local funds, if any, resulting from these two calculations is the "Lost M&O Funding Amount." It also includes any negative financial impact caused by or relating to a "Change in Applicable Law" (as defined herein); any change in state or local revenues as a result of this Agreement; or, any change in the Project Plan or the boundaries of the Reinvestment Zone which adversely affects L:\Meetings\TIRZ\TfRParticipation Agreements\2019\CISD Participation 11.27.18-clean.docx Page 2 the School District's participation in the Reinvestment Zone. Negative Financial Impact also includes any Change in Applicable Law that would free or increase the amount of "Robin Hood" or Texas public school finance funds received by or available to the School District but for the School District's participation in the Tax Increment Fund. "Project Costs" means those costs and expenditures permitted by Section 311.002 of the Act, as amended, and as set forth in the Project Plan. "Project Plan" means the project plan prepared in accordance with §311.011(b), Texas Tax Code, as approved by the City, and the Reinvestment Zone Board of Directors, and as shown on the attached Exhibit A. "Public Improvement Projects" means those projects contained within the Project Plan. "School Improvement Projects" means those projects contained within the Project Plan that are, by the agreement of the parties, related to schools and educational facilities. The School Improvement Projects are specifically identified in Exhibit A. "Tax Increment Base" means the total appraised value of all real property taxable by the taxing unit and located in the Reinvestment Zone for the year in which the Reinvestment Zone was designated under this Chapter 311 of the Act. Section 2. Obligations of the Parties. The School District hereby agrees to pay into the tax increment fund established by the City for the Reinvestment Zone (the "Tax Increment Fund") one hundred percent (100%) of the School District maintenance and operations ("M&O") ad valorem tax collections on the captured appraised value of real property in the Reinvestment Zone, subject to the terms and conditions listed below. Provided, however, nothing herein or below shall be interpreted to mean that the School District shall pay into the Tax Increment Fund any funds attributable to: (a) taxes levied, assessed and collected by the School District on taxable property within the Tax Increment Zone for the payment of debt service on its bonds and similar obligations; (b) any funds attributable to taxes levied, assessed and collected on taxable personal property taxed by it within the Tax Increment Zone; (c) any funds which were levied by the School District but were not collected; (d) any funds equal to tax refunds repaid by the School District to taxpayers owning real property in the Tax Increment Zone; (e) any funds which represent penalty, interest, or attorneys' fees on any delinquent tax payments made to the School District by taxpayers owning real property in the Tax Increment Zone; or (f) any taxes uncollected by the School District due to agriculture or other exemptions. A. School District Contribution. Each year, the School District shall calculate the Captured Appraised Value Increment and contribute that amount into the Tax Increment Fund no later than 90 days after the delinquency date for the School District's property taxes. The School District's contribution to the Tax Increment Fund shall be calculated based only upon funds generated pursuant to the School District's maintenance and operation tax rate. No School District revenues generated through the School District's interest and sinking fund tax rate shall be deposited in or be used to calculate the School District's deposit to the Tax Increment Fund. The School District shall advise the City of the amount of the Tax Increment Fund contribution. L:\Meetings\TIRZ\TfRParticipation Agreements\2019\CISD Participation 11.27.18-clean.docx Page 3 The calculation of the amount of the School District's annual deposit to the Tax Increment Fund shall be determined by multiplying the School District's maintenance and operations tax rate (expressed per One Hundred Dollars ($100.00) of assessed valuation) by the Captured Appraised Value Increment in the Reinvestment Zone. B. TIF Payment of Negative Financial Impact. Each year, within seven (7) business days of receiving the School District's contribution to the Tax Increment Fund, the City shall pay to the School District the amount necessary to offset any Negative Financial Impact on the School District; provided, however, that the City's obligation for each year hereunder shall not exceed the total amount paid by the School District into the Tax Increment Fund for that year. Each fiscal year, the School District shall calculate the amount of the Negative Financial Impact in accordance with the methodology set forth in Section 2(C) below and in Exhibit B attached hereto and incorporated herein by reference as an example only. Each such calculation of Negative Financial Impact shall reflect and specify: i. the anticipated amount of the School District taxes to be deposited to the Tax Increment Fund for the fiscal year; ii. any adjustments to the amount of the Negative Financial Impact calculated for the previous fiscal year to reflect the actual amount of Negative Financial Impact incurred by the School District in the previous fiscal year; iii. that amount of the Negative Financial Impact calculated for the current fiscal year of the School District; and iv. the amount of the School District's contribution to the Tax Increment Fund for the current fiscal year after deducting the Negative Financial Impact. C. Methodology to Determine Negative Financial Impact. i. Prior to determining the amount of the School District's contribution to be divided between the Public Improvement Projects and the School Improvement Projects as specified in Section 2(H) of this Agreement, the City shall pay to the School District from the School District's annual tax increment deposited to the credit of the Tax Increment Fund an amount equal to the Negative Financial Impact of the School District's participation in the Tax Increment Zone for that year. The School District shall spend such payment on School Improvement Projects or other project costs in accordance with the Project Plan. ii. Each year, the School District shall provide written notice of the details of its preliminary calculations of its Negative Financial Impact to the Board of Directors of the Reinvestment Zone and the City not less than thirty (30) days before the payment due date specified in Section 311.013 of the Act. The School District shall provide written notice of the final L:\Meetings\TIRZ\TfRParticipation Agreements\2019\CISD Participation 11.27.18-clean.docx Page 4 calculations of its Negative Financial Impact to the Board of Directors of the Reinvestment Zone and the City not later than the payment due date specified in Section 311.013 of the Act. iii. Within seven (7) business days of receiving the School District's contribution to the Tax Increment Fund, the City may advise the School District of any errors or miscalculations which it believes the School District has made. Should this occur, the parties shall agree as to whether there are corrections and/or recalculations of the amount to be paid to the School District. If the parties cannot agree on the correct contribution or Negative Financial Impact, then the parties shall submit the figures to a recognized third party expert on school finance for a non-binding review. iv. Notwithstanding any other provision of this Agreement to the contrary, the maximum amount to be paid to the School District from the Tax Increment Fund under this Agreement shall be (i) an amount equivalent to the School District's contribution; and (ii) limited to the year in which the contribution in question is made and not any past or future year. D. Termination of School District's Participation. In the event that the City notifies the School District that it is unable to issue and/or finance debt for public improvements in the Reinvestment Zone, the parties agree that this Agreement shall immediately become null and void and School District shall have no further obligation to make contributions to the Tax Increment Fund. Provided, however, should the parties be unable by then -existing law to declare this Agreement null and void, then the School District's contributions to the Tax Increment Fund shall immediately revert back to zero percent participation. E. Boundary. The boundaries of the Reinvestment Zone are and shall be those boundaries described in the Ordinance, or an amendment thereto revising the boundaries duly approved by the Reinvestment Zone Board of Directors and the City Council of the City; provided, however, that the City agrees that the boundaries of the Reinvestment Zone shall not be changed to exclude any schools or educational facilities of the School District which are located within the boundaries of the Reinvestment Zone set forth in the form of the Ordinance, and as shown on the attached Exhibit A, unless the Board of Trustees of the School District has first approved such boundary change; and provided further that the School District is not required to pay into the Tax Increment Fund any of the tax increment produced from property added to the Reinvestment Zone without the School District's written approval. This shall not preclude the Tax Increment Fund Board from otherwise changing tax increment boundaries unless it affects current School Improvement Projects in the Project Plan. F. Purpose and Program. Within the boundaries of the Reinvestment Zone, public infrastructure improvements, school district improvements, public parks and public facilities are to be constructed as nearly as possible in conformity with the Project Plan. Any additions, changes, revisions or modifications to the Project Plan made after the date of this Agreement may only be made by the Board of Directors of the Reinvestment Zone and the City Council of the City: provided, however, that the City agrees that it will not approve any additions, changes, L:\Meetings\TIRZ\TfRParticipation Agreements\2019\CISD Participation 11.27.18-clean.docx Page 5 revisions or modifications to the Project Plan relating to any of the "School Improvement Projects" included in the form of the Project Plan attached hereto as Exhibit A unless the Board of Trustees of the School District has first approved such addition, change, revision or modification. This shall not preclude the Tax Increment Fund Board from otherwise changing tax increment boundaries unless it affects current School Improvement Projects in the Project Plan. G. Appraised Value. The real property within the boundaries of the Reinvestment Zone was appraised in 1998 for ad valorem tax purposes and for establishing the tax increment base referenced in Section 311.012 of the Act. H. Use of TIF Funds. All contributions to the Tax Increment Fund by the School District shall be used solely to repay cash expenditures of a portion of project costs or a portion of the principal of and interest on tax increment or other bonds, or notes, or obligations, or school bonds issued to finance certain project costs under the Act, and to pay direct costs properly chargeable under the Act and under generally accepted accounting principles to the administration of the Reinvestment Zone, all in accordance with the Project Plan. Provided, however, the City agrees and acknowledges that it shall not in any manner pledge Tax Increment Funds contributed by the School District to the payment of debt incurred for improvements in the Reinvestment Zone. It is specifically understood and agreed that even though additional or other projects may be included in the Project Plan, the funds contributed by the School District to the Tax Increment Fund shall and may be used only for the projects described in the Project Plan attached hereto as Exhibit A. Further, the funds contributed by the School District to the Tax Increment Fund shall and may be used only in the following proportions: i. 30% of the School District's contributions after reduction for any Negative Financial Impact shall be used for the payment of project costs of the Public Improvement Projects described in the Project Plan: and ii. 70% of the School District's contributions after reduction for any Negative Financial Impact shall be used for the payment of project costs of School Improvement Projects described in Exhibit A. Such funds may be budgeted and expended in the current or any subsequent year following receipt for such purposes as are set forth herein. L City Payment. Each year, within seven (7) business days of receiving the School District's contribution to the Tax Increment Fund, the City shall pay the School District the amount specified in Section 2(H)(ii) of this Agreement in consideration for the management and oversight of the construction and maintenance of School Improvement Projects of the Project Plan. Such management and oversight shall be conducted in accordance with this Agreement and the laws, statutes and regulations related to the Texas public school finance program and the Tax Increment Financing Act. J. Limits of Obligation of the School District. Except for payment to the Tax Increment Fund of one hundred percent (100%) of the School District M&O ad valorem tax L:\Meetings\TIRZ\TfRParticipation Agreements\2019\CISD Participation 11.27.18-clean.docx Page 6 collections on the captured appraised value of real property in the Reinvestment Zone subject to the terms and conditions set forth herein, and to expend funds paid to the School District under Section 2 hereof for payment of "project costs" as contained in the Project Plan, the School District shall have no obligation for any costs or expenses associated with the operation of the Reinvestment Zone, including, without limitation, any obligation to pay or repay any debt issued by the City, the Reinvestment Zone, or the Board of Directors of the Reinvestment Zone relating to the Reinvestment Zone. K. Limit of School District's Participation. The School District shall have no obligation to make contributions to the Tax Increment Fund in the event the City, for any reason during the term of this Agreement, does not contribute to the Tax Increment Fund 100% of the taxes collected by the City on the captured appraised value of the real property in the Reinvestment Zone. L. School District Representation. The School District shall have the right to appoint one (1) voting member on the Board of Directors of the Reinvestment Zone at all times. To the extent permitted by law, the City shall allow the School District to name one of the City's appointees to the Board of Directors of the Reinvestment Zone at all times during the term of this Agreement. Failure of the School District to appoint and maintain its representatives on the Board of Directors of the Reinvestment Zone at any time shall not be deemed a waiver of the School District's right to make such appointments at any other time. Section 3. Limitation on City's Obligation. The parties agree that in no event shall the City ever be obligated, as a result of this Agreement, to pay the School District any monies except from Tax Increment Reinvestment Zone revenues contributed by the School District. Further, the parties agree that the City shall have no liability to the School District (other than as provided in Section 2 hereof) or to the State of Texas or any other applicable authority resulting from the School District's participation in the Reinvestment Zone. Section 4. Term of Agreement. This Agreement shall become effective as of the date of the final signature hereto and shall remain in effect until the earlier of. (i) December 31, 2038, or (ii) the date on which the Project Plan has been fully implemented and all project costs, tax increment bonds, interest on such tax increment bonds and all other obligations, contractual or otherwise, payable from the Tax Increment Fund have been paid in full. Section 5. Waiver of Liability. Only to the extent of their respective liabilities under Texas law, the City and the School District shall each be responsible for the sole negligent acts of their officers, agents or employees. In the event of joint and concurrent negligence of both City and School District responsibility, if any, shall be apportioned comparatively in accordance with the laws of the State of Texas, without however, waiving any governmental immunity available to the City and School District and their officers, agents and employees under Texas law and without waiving any defenses of the parties under Texas law. Section 6. Administration. This Agreement shall be administered by the City Manager or his designees. Both parties agree to create, maintain and preserve such records and documentation as are necessary to assist the parties: (1) in the operation and administration of the Reinvestment L:\Meetings\TIRZ\TfRParticipation Agreements\2019\CISD Participation 11.27.18-clean.docx Page 7 Zone and (2) in the calculations required under this Agreement. Section 7. Notice. Whenever this Agreement requires or permits any consent, approval, notice, request, proposal, or demand from one party to another, the consent, approval, notice, request, proposal, or demand must be in writing to the effective and shall be delivered to the party intended to receive it at the addresses shown below: If intended for City, to: City Manager City of Southlake 1400 Main Street Southlake, Texas 76092 If intended for School District, to: Superintendent of Schools Carroll Independent School District 1201 N. Carroll Ave. Southlake, Texas 76092 or to such other addresses as the parties may request, in writing, from time to time. Section 8. Controlling Law. This Agreement is made subject to the Texas Constitution, codes, and statues; and all other applicable state and federal laws, regulations and requirements, as amended. Venue shall be exclusively in Tarrant County, Texas. Section 9. Compliance. School District represents that it has entered into this Agreement in full accordance with its Board policies. City represents that it has entered into this Agreement in full accordance with its charter, ordinances and resolutions. Section 10. Entire Agreement. This Agreement embodies the complete understanding of City and School District with respect to the subject matter hereof superseding all oral or written previous and contemporary agreements between the parties relating to matters herein. The Agreement may be amended, modified, or supplemented only by an instrument in writing executed by City, through its City Council, and School District, through its Board of Trustees. Section 11. Severability. The provisions of this Agreement are severable and the invalidity or unenforceability of any provision hereof shall not affect the validity or enforceability of any other provision. It is the intention of the parties that each provision hereof be construed in a manner designed to effectuate the purposes of such provision to the maximum extent enforceable under applicable law. Section 12. No Waiver of Rights. Failure of either party hereto to insist on the strict performance of any of the covenants or agreements herein contained or to exercise any rights or remedies accruing hereunder upon default or failure of performance shall not be considered a waiver of the right to insist on, and to enforce by any appropriate remedy, strict compliance with any other obligation hereunder or to exercise any right or remedy occurring as a result of any future default or failure of performance. Section 13. No Waiver of Immunity. No party hereto waives or relinquishes any immunity or defense on behalf of itself, its trustees, officers, employees or agents as a result of L:\Meetings\TIRZ\TfRParticipation Agreements\2019\CISD Participation 11.27.18-clean.docx Page 8 its execution of this Agreement and performance of the covenants contained herein. Section 14. Effective Date. This Agreement will become effective on the later of. (i) the termination of the Original Agreement; or (ii) approval and execution by both parties. EXECUTED this the day of , 20 by the City, signing by and through its City Manager, and by School District through its duly authorized School Board officers by approval at a duly called and noticed Board meeting on CITY OF SOUTHLAKE Laura Hill Mayor ATTEST: Carol Borges City Secretary CARROLL INDEPENDENT SCHOOL DISTRICT President, Board of Trustees ATTEST: Secretary, Board of Trustees L:\Meetings\TIRZ\TfRParticipation Agreements\2019\CISD Participation 11.27.18-clean.docx Page 9 EXHIBIT A Ordinance 1197 and Amended Project Plan and Financing Plan L:\Meetings\TIRZ\TfRParticipation Agreements\2019\CISD Participation 11.27.18-clean.docx Page 10 ORDINANCE NO. 1197 AN ORDINANCE OF THE CITY OF SOUTHLAKE, TEXAS, APPROVING AN AMENDED PROJECT PLAN AND FINANCING PLAN FOR TAX INCREMENT REINVESTMENT ZONE NUMBER ONE, CITY OF SOUTHLAKE, TEXAS; EXTENDING THE TERM OF THE REINVESTMENT ZONE; PROVIDING A SEVERABILITY CLAUSE; AND PROVIDING AN EFFECTIVE DATE. WHEREAS, the City Council of the City of Southlake, Texas passed Ordinance 682 creating Reinvestment Zone Number One, City of Southlake (the "Reinvestment Zone") as authorized by the Tax Increment Financing Act, Texas Tax Code, Chapter 311 (the "Act') on September 23, 1997; and WHEREAS, the City, after public hearing, passed Ordinance 682-A expanding the Reinvestment Zone boundaries from 256 acres to 408 acres on December 2, 1997; and WHEREAS, the City Council of the City of Southlake, Texas passed Ordinance 690 approving the project plan and financing plan for the Reinvestment Zone on December 16, 1997; and WHEREAS, the City Council of the City of Southlake, Texas City, after public hearing, passed Ordinance 752 amending the project and financing plan on August 17, 1999; and WHEREAS, on August 7, 2018, the Board of Directors adopted an amended project plan and financing plan (the "Amended Plans") for the Reinvestment Zone; and WHEREAS, the Amended Plans anticipate extending the term of the Reinvestment Zone: and WHEREAS, the City Council, after proper hearing and notice as required by the Act, desires to approve the Amended Plans and extend the term of the Reinvestment Zone. NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF SOUTHLAKE, TEXAS: SECTION 1: The facts and recitations contained in the recitals of this ordinance are hereby found and declared to be true and correct and are incorporated herein for all purposes. SECTION 2: The Amended Plans, attached hereto as Exhibit "A", are approved. SECTION 3: The term of the Reinvestment Zone is extended so that the Reinvestment Zone terminates upon the earlier of: (a) December 31, 2038; or (b) the date when all projects costs, as further described and detailed within the Amended Plans, are paid. SECTION 4: If any section, paragraph, clause or provision of this Ordinance shall for any reason be held to be invalid or unenforceable, the invalidity or unenforceability of such section, paragraph, clause or provision shall not affect any of the remaining provisions of this Ordinance. SECTION 5: This Ordinance shall take effect and be in force immediately from and after its passage on the date shown below. PASSED ON FIRST READING, August 7, 2018. PASSED ON SECOND READING AND ADOPTED, this the 4th day of September, 2018. U111111111r*11 Carol Borges, TRMC ' City Secretary APPROVED AS TO LEGALITY: City Attorney CITY OF SOUTHLAKE, TEXAS Laura Hill, Mayor EXHIBIT "A" Amended Plans m Z iX A I. f Y i {f HI ' iX A v V O z v •; r a M�aLij wg w v a c o �i a o E� k w• -j Q a -j o � a u° ot 11C**4 lz a` w V o O I u o c O j Q �' am .cs 0��� M Q, s � azo �L N Q� O � 3 c M v � a R v V O z v •; r a M�aLij wg w v a c o �i a o E� k w• -j Q a -j o � a u° ot 11C**4 lz a` w V o O I u o c O j Q �' am .cs 0��� M Q, s � azo �L N c m I° v tk Y w V w m cm H C V V _� in m C m Y ti Y �+ L O E m T L O V C L V C �' L Yk Ol 7 L N C C O Y w 3 •v L C F• •'' U w 'O yT. Y C O m w ° �" o -aV in p Ol y V �' O w O. 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In summary, the calculation consists of the following formula: Funds available from reduction in Recapture $901,628 Less local funding loss to CISD Funds contributed to TIRZ $970,970 Less increase in state aid $473,000 $497,970 Net Savings to City of Southlake and Carroll ISD due to TIRZ participation $403,65$ The illustrative example is based on the following facts and assumptions. 1. Computations for state aid (page 4) are based on a template provided to CISD by the Texas Education Agency (TEA). Because of the level of detail required by the state template (approximately 1000 cells of entered or calculated data), CISD personnel have included only the information necessary to make the funding loss calculation. 2. The methodology used in this example is based on the current interpretation of legislation recently enacted by the Texas Legislature. The rules concerning computation of these amounts have not been formally adopted by TEA and could change prior to finalization. In addition, future legislation could dramatically impact rules used for this calculation. 3. The data used for this calculation is a mixture of CISD projections and data utilized simply to illustrate the impact of funding dependent on whether the district participates in the TIRZ. The results of this example are not intended to be a forecast of future estimated funding scenarios. 4. Participation in the TIRZ has been assumed to be 100% of the M&O rate. Any change in participation level would significantly impact the results of this example.