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1997-09-23
, THE STATE OF TEXAS r1OUNTY OF 1, - a C as a member of the C-1 COt AjcL L make this affidavit and hereby on oath state the following: I, and /or a person or persons related to me, have a substantial interest in a business entity that would be peculiarly affected by a vote or decision of the 02T7. z ''T• /• 2 • '> as those terms are defined in Chapter 171, Texas Local Government Code. The business entity is ,e 1 4 L `--O 7 (% M -k- $oit -4 1 4S (name and address) I have a substantial interest in this business entity for the following reasons: (Check all which are applicable) Ownership of 10% or more of the voting stoc o shares of the business entity. `'.., Ownership of 10% or more or $5,000'or more of the `'fair market value of the business entity. Fundseceived from thg-- business entity exceed 10% of gross &come for .. =tie previous year. Real property involved and have an equitabt or legal ' ownership with a fair market 'value of at le- t $2,500. . -` , relative of mine has a sub -ntial interest in the business entity or property tha would be affected by a decision of the public body - which I am a member. Upon filing of this affidavit with the City Secretary, I affirm that I will abstain from voting on any decision involving this business entity and from any further participation on this matter whatsoever. Signed this 2_3 day of S'�ie?Ertt!_--- , 2 yQM C■4..212- nJTLY /JO 4)Cam,uTliriOO Y Signature of official >cyt v S t&,), p Q- C Pc 1-'t 76P -10.uT s ACt rc ANAJ / ,04. sc --LL, / �L ©J e T �c �t- //tic. 4 +1-- i to - i.v L %U ft-d r Title 4 BEF*, yr, tbe undersigned authority, this day personally appeared . 41 of . and on oath stated that the a 's hereinabove stated are true to the best of y- knowledge or belief. Sworn to and subscribed to ore me on this day of /O: JWy `o , 19(/// b f 12 G `\O ,PAV PC /4? SANDRA L. LeGRAND Notary Public in and for * � * Notary Fublic ; the State of Texas sr P e STATE OF TEXAS ► f ,J � / My Commission Ex. ; r I My Comm. Exp. 02/04 /200 'LA c ( r h. r - f �, Type /Print Notary's Name ,9\14/ • • ill Iff 1.1 Southi CITY OF SOUTHLAKE PROPOSED TAX INCREMENT REINVESTMENT ZONE #1 PRELIMINARY. PROJECT AND FINANCING PLAN June 24, 1997 revised September 23,1997 CITY OF SOUTHLAKE PROPOSED TAX INCREMENT REINVESTMENT ZONE #1 PRELIMINARY PROJECT AND FINANCING PLAN TABLE OF CONTENTS Project Plan 1) Existing Uses and Conditions of Real Property 2) Proposed Improvements to and Proposed Uses of That Property 3) Proposed Changes of Zoning Ordinances, Master Plans, Building Codes 4) List of Estimated Nonproject Costs 5) Statement of a Method of Relocating Persons to be Displaced as a Result of Implementing the Plan Financing Plan 1) Proposed Public Works and Improvements in the Zone 2) Estimated Project Cost of Zone, including administrative expenses 3) Economic Feasibility Study 4) Estimated amount of Bond Indebtedness 5) Time When Related Costs Or Monetary Obligations Are To Be Incurred 6) Description of Financing Methods 7) Current Total Appraised Value of Taxable Real Property in the Zone 8) Estimated Captured Appraised Value of the Zone during Each Year of its Existence 9) The Duration of the Zone Exhibits A Legal Description and Map of The Reinvestment Zone B Tax Increment Reinvestment Zone Analysis C Proposed Capital Improvements D Listing of Properties and Appraised Taxable Real Value E Resolution No. 97 -43 Setting A Public Hearing On The Creation Of the Reinvestment Zone and Public Notice Of A Public Hearing on The Creation of A Reinvestment Zone F Concept Plan Town Center - Phase I Town Center - Phase II PROJECT PLAN Tax Increment Reinvestment Zone Number One Southlake, Texas The City of Southlake proposes to establish a Tax Increment Reinvestment Zone for the purpose of dedicating, the tax revenue generated within the zone to a comprehensive infrastructure and facility development plan. The TIRZ is specifically defined by metes and bounds in Exhibit A- 1. The area consists of approximately 256 acres in an area bounded by State Highway 114, North Kimball Avenue, East Southlake Boulevard (F.M. 1709) and North Carroll Avenue. The City is creating. this zone to encourage quality commercial development along the Highway 1 14 corridor. The area is primarily undeveloped and the City intends to capture the anticipated incremental tax revenue increase to apply to targeted public improvement projects that benefit all the overlapping taxing jurisdictions. This TIRZ zone represents an area that will develop fully at some point in the future. however active business /commercial development occurring to the west of the proposed zone may affect the zone's immediate development. With the creation of a Tax Increment Reinvestment Zone. property tax revenues in excess of the current appraised taxable value will be used to finance public improvements within the TIRZ Zone. The TIRZ will exist for the next twenty years or the date when all project costs are paid and the debt is retired. whichever comes first. As set forth in Section 31 1.01 1 in the Tax Increment Financing Act of the Tax Code. the Project Plan for the Tax Increment Reinvestment Zone Number 1, Southlake Texas must include the fotiowing elements: 1. A map showing existing uses and conditions of real property in the zone and a map showing proposed improvements to and proposed uses of the property. The boundaries of the Tax Increment Reinvestment Zone are shown in Map 1. The majority of the TIRZ area is open and undeveloped. Approximately 123.85 acres, or 48.4 %, receives an agriculture deferral designation by Tarrant County Appraisal District. The far southeast corner of the area is in the 75 'LDN' noise contour of Dallas /Fort Worth International Airport. while the remainder is within the 65 'LDN' noise contour. 'LDN' is the abbreviation for the average day /night sound level calculation methodology used by airport operators to determine noise levels. The current zoning, districts approved in the TIRZ are C3- General Commercial. NR -PUD- Non- Residential Planned Unit Development, and CS- Community Service. The current approved zoning districts are included on a map designated as Map 2. The City of Southlake Land Use Plan adopted in June 1993 designates all of this area as Mixed Use. Mixed Use includes office buildings, hotels. and commercial and retail centers that serve local and regional needs. Nuisance -free, wholly enclosed light manufacturing and assembly uses that have no outdoor storage are permitted if designed to be compatible with adjacent uses. Other suitable activities within the Mixed Use land use category are Public Parks /Open Space. Public /Semi - Public. Low Density and Medium Density Residential land use designations. Map 3 shows the Land Use Plan for the TIRZ area. Map 4 shows the current uses within the TIRZ area. This is not an exhaustive display. but is intended to provide a feeling of the current area and the possibility of expansion. The TIRZ has some existing development including Southlake City Hall. Walmart. Kroger. Home Depot. Blockbuster Video. and several other retail commercial units. Business areas. such as Village Center. have the opportunity to include more tenants, and this development would be included in the incremental tax calculations. The final map, Map 5. shows the phasing of the development within the TIRZ based on what is anticipated to occur. It emphasizes the stages of the Southlake Towne Square development. and is more indicative of the projected revenue streams from the order of development. It is not intended to be a definitive statement of all projects and developments which may occur on the TIRZ area. The contents of the maps are as follows: Map 1 of 5 Boundaries of the Reinvestment Zone Map 2 of 5 TIRZ Zoning Map 3 of 5 Land Use in the TIRZ Map 4 of 5 Current Uses and Conditions of Real Property in the TIRZ Map 5 of 5 Anticipated Phases of Development within the TIRZ Area 2. Proposed changes of zoning ordinances, the master plan of the municipality, building codes and other municipal ordinances. No changes are anticipated to any city codes or ordinances by the creation of the Tax Increment Finance Zone. This does not preclude, however, the possibility of planning, and zoning changes subject to the standard planning, and zoning process and procedures. 3. A list of estimated non - project costs. Non - project costs within the TIRZ zone are those development costs not paid for by the TIRZ. These will include, but are not limited to, $261. 5 million for the Southlake Towne Square which comprises 140 acres or slightly more than one half of the total land area of the Tax Increment Reinvestment Zone. The figures. provided by the developer, were approximations based on the information they had access to as of September 16, 1997. This provides a conservative projection of assessed value growth and the potential funds available for public improvements. No information is available at this time on the potential value of projects arising from the other non - developed property or from the value of expanding uses currently within the TIRZ Zone. 4. A statement of a method of relocating persons to be displaced as a result of Preliminary Project and Financing Plan Tax Increment Zone #1 Southlake, TX Page 2 9i23/97 implementing the plan. In the process of developing the TIRZ 41 it may be necessary to relocate individuals and businesses. In the event that this is required. the City will follow the procedures that would be used in the development or construction of other public improvements outside the zone. Preliminary Project and Financing Plan Tax Increment Zone #1 Southlake, TX Page 3 9/23/97 FINANCING PLAN Tax Increment Reinvestment Zone Number One Southlake, Texas The Financing Plan provides information on the projected monetary impact that the formation of the TIRZ could have on the property described in Exhibit A. It will also describe how that impact can be utilized to enhance the area and region through leveraging the resources of each entity who participate in the project. Subject to approval of the final project plan and financing plan additional contractual information will be incorporated into this plan. These items include (1) the interlocal agreement between the overlapping taxing entities and the City: (2) Redevelopment agreements between the primary developers and the City; (3) Financial Analysis of the impact on the Carroll ISD if they choose to participate, plus other items as necessary to develop the final Financing Plan. The Tax Increment Reinvestment Zone Analysis, prepared by First Southwest Company. is included in its entirety in Exhibit B. Below is an abbreviated summary of the Financing Plan items required by law. 1. The proposed public improvements in the zone are as follows: • acquisition and construction of public works, public improvements, new buildings, structures. and fixtures; the actual costs of the acquisition, demolition, alteration, remodeling. repair. or reconstruction of existing buildings, structures, and fixtures: and the actual costs of the acquisition of land and equipment and the clearing and grading of land: • financing costs, including all interest paid to holders of evidences of indebtedness or other obligations issued to pay for project costs and any premium paid over the principal amount of the obligations because of the redemption of the obligations before maturity; • real property assembly costs; • professional service costs, including those incurred for architectural, planning, engineering, and legal advise and services; • imputed administrative costs, including reasonable charges for the time spent by employees of the municipality in connection with the implementation of the project plan; Preliminary Project and Financing. Plan Tax Increment Zone #1 Southlake, TX Page 4 9/23/97 • relocation costs; • organizational costs, including the costs of conducting environmental impact studies or other studies, the cost of publicizing the creation of the zone. and the cost of implementing the project plan for the zone; • interest before and during construction and for one year after completion of construction, whether or not capitalized; • the cost of operating the reinvestment zone and project facilities; • the amount of any contributions made by the municipality from general revenue for the implementation of the project plan; and • payments made at the discretion of the governing body of the municipality that the municipality finds necessary or convenient to the creation of the zone or to the implementation of the project plans for the zone. The specific capital improvement projects anticipated to be undertaken in the TIRZ #1, Southlake are included as Exhibit C. 2. Estimated Project Cost of Zone, including administrative expenses. Project costs are estimated at approximately 26 million dollars. Specific cost estimates are included in Exhibit C. 3. Economic Feasibility Study. The fiscal impact of phased development is outlined in the Tax Increment Reinvestment Zone Analysis (Exhibit B). Not reflected in this analysis is the anticipated sales tax and personal property tax revenue which would be in addition to the real property tax. These revenue streams would not be designated to be used specifically in the zone. 4. The estimated amount of bonded indebtedness to be incurred. The total principal amount to be issued for project costs is estimated at $26 million. 5. The time when related costs or monetary obligations are to be incurred. It is anticipated that debt will be issued in phases to fund a portion of the public works improvements that the corresponding real property development will Preliminary Project and Financing Plan Tax Increment Zone #1 Southlake, TX Page 5 9/23/97 require. Please refer to Exhibit C for the details regarding the phasing and type of improvements. 6. A description of the methods of financing all estimated project costs and the expected sources of revenue to finance or pay project costs, including the percentage of tax increment to be derived from the property taxes of each taxing unit on real property in the zone. Project costs will be financed through the issuance of debt instruments or through use of tax increment funds received. The revenue source will be the real property taxes captured by the TIRZ District, which will account for 100% of revenues used to retire the debt. For the Preliminary Financial Plan, the City of Southlake, Tarrant County, Carroll Independent School District, Tarrant County Junior College District and Tarrant County Hospital District are illustrated as participating. at 100% in the TIRZ. 7. The current total appraised value of taxable real property in the zone. The current total appraised value of the taxable real property in the zone using, the 1997 preliminary values provided by the Tarrant Appraisal District is $33,355.286. The taxable value of those same properties is $26,415,878. after deducting. S6.939.408 for agricultural deferrals granted by the Appraisal District. A listing of properties is included in Exhibit D. The total taxable value of all properties on Southlake is $1.573 billion based on 1997 preliminary Tarrant Appraisal District Values. 8. The estimated captured appraised value of the zone during each year of its existence. The estimated appraised value of the improvements in the zone per year is listed in the following table. The estimated value of the zone assumes an annual growth in the appraised value of 3 %. This is less than the historic average annual growth of 5% in assessed values in Southlake since 1992. Preliminary Project and Financing Plan Tax Increment Zone #1 Southlake. TX Page 6 9/23/97 Incremental Incremental Fiscal Year Taxable Assessed Fiscal Year Taxable Assessed Valuation Valuation 1998 0 2009 274,421,823 1999 0 2010 306,631,977 2000 23,000,000 2011 339,808.437 2001 46.690,000 2012 350,002,690 2002 72.643,200 2013 360,502,771 2003 99,374,996 2014 371,317,854 2004 126.908,746 2015 382,457.389 2005 154,693,508 2016 393,931,111 2006 183,311,814 2017 405,749,044 2007 212,788,668 2018 417,921,516 2008 243,149,828 9. The duration of the zone. The zone is proposed for creation in September 1997, with an effective date of January 1, 1998. It is proposed that the zone exist for 20 years with the termination of the zone set as either September 30, 2018 or the date when all project costs are paid and all debt is retired, whichever comes first. Preliminary Project and Financing Plan Tax increment Zone #1 Southlake, TX Page 7 9/23/97 CITY OF SOUTHLAKE TAX INCREMENT REINVESTMENT ZONE ANALYSIS PREPARED BY: FIRST SOUTHWEST COMPANY September, 1997 B -1 CITY OF SOUTHLAKE TAX INCREMENT REINVESTMENT ZONE ANALYSIS TABLE OF CONTENTS FINANCING OPTIONS FOR TAX INCREMENT SUPPORTED DEBT SECTION A SOURCES OF TAX INCREMENT FUND REVENUES SECTION B PROJECTED TAX INCREMENT FUND CASH FLOWS SECTION C B -2 CITY OF SOUTHLAKE TAX INCREMENT REINVESTMENT ZONE ANALYSIS FINANCING OPTIONS FOR TAX INCREMENT SUPPORTED DEBT B -3 CITY OF SOUTHLAKE TAX INCREMENT REINVESTMENT ZONE ANALYSIS TAX INCREMENT REVENUE CALCULATIONS The City creates the Tax Increment Reinvestment Zone. The Base Value is the value that is on the ground when the Tax Increment Reinvestment Zone (the "Zone ") is Created. The Captured Assessed Valuation is the real property which is added to the tax base after Zone is created. The Captured Assessed Valuation does not include personal property. The Tax Increment Reinvestment Zone has no taxing powers; however, - participating political subdivisions' tax revenues generated on the Captured Assessed Valuation are diverted to the Tax Increment Fund. Tax increment revenues can only be used for the benefit of the property within the Zone, including paying for capital improvements and paying debt service on bonds issued for improvements. A Tax Increment Reinvestment Zone has a defined period of existence which is generally related to the term of debt. Once the Zone is abolished, the tax revenues are no longer diverted to the Tax Increment Fund. The City creates the Zone and is the issuer of debt. Other participating political subdivisions allow their tax revenues to be diverted to the Tax Increment Fund and have representation on the TIRZ Board. B -4 CITY OF SOUTHLAKE TAX INCREMENT REINVESTMENT ZONE ANALYSIS FINANCING OPTIONS FOR TAX INCREMENT SUPPORTED DEBT Certificates of Obligation • Generally, the same rating as general obligation bonds; • Require a pledge of tax increment revenues and ad valorem property taxes; • Are subject to vote if petitioned by 5% of the registered voters; • Most cost effective debt option; • Sold on a more timely basis. • Revenue Bonds • Supported solely by the revenues generated by the tax increment reinvestment zone; • Cannot generally be marketed until improvements are on the ground; • Generally, these are sold at a lower rating than certificates of obligation; • They require the use of a Reserve Fund and restrictive additional issuance covenants; • Higher bore owing costs. B -5 CITY OF SOUTHLAKE TAX INCREMENT REINVESTMENT ZONE ANALYSIS FLOW -OF -FUNDS B -6 L CITY OF SOUTHLAKE Flow -of -Funds Tax Increment Reinvestment Zone, Certificates of Obligation Tax Increment Revenues Cite Ad Valorem Propert Tax Revenues' Capitalized Interest Tax Increment Fund Fund — — — _ — ► Debt Service Fund Bond Holders Reserve Fund — — — — — If necessary. — — — — During construction period only. C B -7 CITY OF SOUTHLAKF TAX INCREMENT REINVESTMENT ZONE ANALYSIS SOURCES OF TAX INCREMENT FUND REVENUES B -8 • p O O 10 VD 00 7 00 00 M t� t� O ^ 7 ON ^ 7 k.0 O O Q \ 7 O^ �O N N !` M C� r V'1 00 ^^ i C O N C\ S U1 00 O 0 0 00 C 7 VO N 00 M ^ O vl tv O O M 7 00 M^ 00 00 N N [� ^ p CT 7 t` 0 O, — 00 7 (V M 0 O O M 7 N �O VD M O. .D M n ^ C- .D 00 O V7 M C^ t` Cr, „am., y Cn N .D N O. 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R cG or MO • O D\ Q\ '7 o1 o— N O� r1 mr v1 AD r- 00 ON O— N M V' V1 AD r- oo - 3 3 • — L 0 0 0 0 0 0 0 0 0 0 0 p C • +.r V C7 > 4.0 c� G" : v ca o O o O O 0 0 0 0 o O O o 0 o 0 0 0 O © M M M M M M M M M M M M M M M M M M M M in J ,� R C-, 2.: Q6 Os Q` C- Q` Cs O: 2r: O� Q,- O: 2r: QN w ed x O O y°', Go . u E— E ✓ L w c h H O H u .2 CZ >t 2"1 u i ¢ to to CZ C 0 00 O O N M g h 2D r 00 O+ O— N M !t V'1 '.D n > aaa:: 0000000000 E.., = G — — � — — — — � — � — — � — — —. � — a U H L — N M v1 ,4) 1.._ 00 O O -- N M mf V1 AD t` 00 ON O F • R - 12 CITY OF SOUTHLAICE TAX INCREMENT REINVESTMENT ZONE ANALYSIS PROJECTED TAX INCREMENT FUND CASH FLOWS B -13 CITY OF SOUTRLAKE TAX INCREMENT REINVESTMENT ZONE ANALYSIS SUMMARY OF ASSUMPTIONS • Incremental Taxable Assessed Value ( "TAV ") projections based on construction cost information provided by Developers of property within Tax Increment Reinvestment Zone (TIRZ #1). • TAV projected to be impacted by annual inflation rate of projected at 3.0 %. • Project tax rates are based on the current 1996 / 1997 tax rates of the overlapping participating taxing jurisdictions. ♦ All bond issues amortized at 6.5% rate of interest. • 1998 and 1999 debt service requirements for Series 1997 issue funded by capitalized interest. • The timing and size of issues subsequent to the Series 1997 issue contingent upon incremental TAV figures which allow for a 1.05 times debt service coverage based on the assumption that Carroll ISD can not participate in the TIF fund. 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Zr CQ L C y 00 Q1 O N M et ^ '0 r- 00 01 C -- N M 71- v1 V0 N 00 u R 0\ Cr 0 0 0 0 0 - 0 0 0 II D Au ''' y 'Z I CM 0, O O O 0 0 O 0^ O 0 0 O 0 O 0 0 0 0 O y a �^ 0 0 •-• •-• N N N N N N N N N N N N N N Ni N N N N o4 • u = cC O Q! y N 00 01 0 N M et v1 '0 I` 00 01 0 ••-• N M •et , r) 10 S • O ; + + ON 0` 01 C C O C O C O O O w w w ., U Cd o Vi N ' O - N M et v1 10 s 00 0' O - N M eT 'r 1D N 00 0' O W •a' Exhibit C Reinvestment Zone #1, Southlake Proposed Capital Improvement Program Type of Allowable Project Costs Phase One Phase Two Phase Three' Total Public Buildings and Facilities Joint City /County /CISD Facility $ 7,895,160.00 S 7,895,160.00 Parking Facilities $ 5,000,000.00 S 5,000,000.00 Public Parks $ 1,134,154.00 $ 1,572,465.00 S 2,706,619.00 Land Acquisition Special Structures Landscaping Trails General Infrastructure Water Utilities $ 548,380.00 $ 881,682.00 $ 2,311,744.00 Sewer Utilities $ 216,148.00 $ 350,234.00 S 916,616.00 Storm Water $ 399,669.00 $ 1,010,522.00 S 2,420,713.00 Streets and Curbs $ 1,329,972.00 $ 1,925,905.00 $ 2,500,000.00 S 5,755,877.00 Traffic Control $ 1,000,000.00 S 1,000,000.00 Sidewalks /Streetscape $ 3,484,739.00 $ 4,907,623.00 S 8,392,362.00 Demolition & Excavation Earthwork/Grading $ 302,540.00 $ 488,585.00 S 1,279,710.00 Engineering /Contingency Total Development Infrastructure $ 7,281,448.00 $ 9,564,551.00 S 16,845,999.00 40% of Developer Infrastructure $ 2,912,579.20 $ 3,825,820.40 S 6,738,399.60 Operational and Maintenance Capital Maintenance $ 1,000,000.00 S 1,000,000.00 Other Incremental Costs Professional Services $ 200,000.00 S 200,000.00 TOTAL COSTS $ 12,141,893.20 $ 6,398,285.40 $ 7.500,000.00 $ 26,040,178.60 1 These street costs include road improvements to Carroll Ave. and Kimball Ave. They are either on the periphery of or exterior to the Rialto Development and thus the costs are covered 100% by TIRZ revenues. C -1 Reinvestment Zone #1, Southlake Proposed Capital Improvement Program Rialto (Phase I and II) Phase One Phases To Build Out Total (Approx. 40 Acres) (Approx.88 Acres) Water Utilities $ 548,380.00 $ 881,682.00 $ 1,430,062.00 Sewer Utilities $ 216,148.00 $ 350,234.00 $ 566,382.00 Storm Water $ 399,669.00 $ 1,010,522.00 $ 1,410,191.00 Streets and Curbs Street #1 $ 401,743.00 Street #2 $ 74,727.00 Street #3 $ 56,007.00 Street #4 $ 304,678.00 $ 77,437.00 Street #5 $ 56,007.00 Street #A $ 217,700.00 Street #B $ 138,818.00 $ 132,222.00 Street #C $ 223,600.00 $ 123,316.00 Street #D $ 279,221.00 $ 162,105.00 Common Access $ 341,486.00 FM1709 Modifications $ 6,000.00 $ 10,500.00 Subtotal $ 1,064,331.00 $ 1,541,236.00 $ 2,605,567.00 Markup* $ 265,641.00 $ 384,669.00 $ 650,310.00 Total Streets &Curbs $ 1,329,972.00 $ 1,925,905.00 $ 3,255,877.00 Sidewalks /Streetscape Type A Streetscape - 2 Edges $ 1,263,783.00 Type B/C Streetscape - 2 Edges $ 1,175,474.00 $ 2,837,196.00 Type D Streetscape - 2 Edges $ 402,986.00 District Edge - SH1709 $ 129,640.00 $ 100,008.00 District Edge - SH114 $ 237,125.00 District Edge - ADJ. C3 $ 61,032.00 District Edge - Carroll $ 112,528.00 $ 137,955.00 Subtotal $ 2,681,425.00 $ 3,776,302.00 Markup* $ 803,314.00 $ 1,131,321.00 Total Streetscapes $ 3,484,739.00 $ 4,907,623.00 $ 8,392,361.00 Parks Common Open Spaces Area A3 -1 $ 442,118.50 Area B3 -1 $ 442,118.50 Area A6 -1 $ 838,525.00 Area H3 -1 (Triangular Park) $ 733,940.00 Special Structures (ampitheatre) $ 249,917.00 Total Parks $ 1,134,154.00 $ 1,572,465.00 $ 2,706,619.00 Demolition & Excavation Earthwork/Grading $ 302,540.00 $ 488,585.00 $ 791,125.00 Miscellaneous Engineering /Contingency(20 %) TOTALS $ 7,415,602.00 $ 11,137,016.00 $ 18,552,618.00 C -2 T i T to C - - 7 i i ' 7 • 3 1 w 1 i 7.4. :., 1 3 - Y - 5 1 - Y 1: 7 ' 4 • - Y Y 7 C < 7 < at - .J :.Q N 7-1 - 7 O O 7 3• •• = Y T = b T N -- T .. Q. .- Y , r- = !. r F T ! r-- "1 f� d T ^ 1 A N N ,,,i ., Y1 Y H ? S ^f I !'-• N N A N • - • r• ' T N N N ` / 1^ T ' s0 1 = -- 1 _-" = ' -_ " . = - r • ry T /7 T 1 Prh „ Y• ]D 1 � N .. 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N , a C i O _ la p ' d v 3 _a v • � ' a Y `� c ? . a . Z n z S . E-' - Z S i V N V Y V I ■ V. to • c i to { ] • — g a •/ = 2 = » # j _ - — - I oso • ( . 1 ., • — £| . _ . . ( �� .] �, 111 > \ / r « S 3 E . q _ \ \ ƒ 2 ▪ _ / r". Q • /..• / • r � \ ? • f k © R ▪ \ 2 \ a >, e , _ .. - �� \ \ } ƒ/ - § w _ 3� _ _ - .5 0 .S \ / / - 3 \ .. _ - 2 " r) '- = - . \ / - \ , .. ( / / \ • \ - \ . u \ ƒ \ _ \ f � \ a ƒg 'et l... • — - - -- \ƒ \j \ . 9 > ^ % _ J k - ] . r. \ 2 \ / { - \ G ± \ u • S :e . \ a cl g . _. « } ƒ oc \ g § - i 2. — / ƒ a " = j ° • -. rc • - 9 @ 6- z e \ = a j a .. - > & \ - - .••••• • / G 1 _ # 7 - _ .. ] 2 w ¥ TOTPI._ e. ta EXHIBIT E RESOLUTION SETTING A PUBLIC HEARING ON THE CRE. -ATION OF A TAX INCREMENT REINVEST`IENT ZONE RESOLUTION NO. 97 -43 .A RESOLUTION by the City Council of the City of Southlake, Texas setting. a public hearin`z on the creation of reinvestment zone: directing. notice of such public 'nearing be g iven and resolving_ other matters incident and related thereto. WHEREAS, the City Council of the City of Southlake, Texas has determined a certain contiguous geographic area in the City should be designated a reinvestment zone to promote development or redevelopment within the area pursuant to and in accordance with the provisions of the Tax Increment Financing Act (V.T.C.A., Tax Code, Chapter 311. as amended), hereinafter referred to as the "Act "; and WHEREAS. a description of the proposed boundaries of the reinvestment zone. together with tentative plans for the development or redevelopment of the proposed reinvestment zone and an estimate of the general impact of the proposed reinvestment zone on property values and tax revenues, is attached hereto as Exhibit A and incorporated herein by reference as a part hereof for all purposes; and WHEREAS. before designating_ such area to be a reinvestment zone, the City must hold a public hearing on the creation of the reinvestment zone and its benefits to the City and to property in the proposed reinvestment zone: now. therefore. BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SOUTHLAKE, TEXAS: SECTION 1: A public hearing shall be held on the 26th day of August, 1997, during the regular meeting of the City Council of the City to begin at 7:00 P.M., on the creation of a reinvestment zone within the area and boundaries described in Exhibit A attached hereto and incorporated herein by reference as a part of this Resolution for all purposes and its benefits to the City and to the property in the proposed reinvestment zone. SECTION 2: The City Manager. Director of Finance and City Secretary are hereby authorized and directed to notify, not later than the 60th day before the date of said public hearing. the governing body of each taxing unit that levies real property taxes in the proposed reinvestment zone that the City intends to establish such reinvestment zone. Such notice to said governing bodies shall be in writing and contain substantially the information appearing in Exhibit A attached hereto, including a description of the proposed boundaries of the estment zone. the tentative plans for the development or redevelopment of the area within E -1 the reinvestment zone and an estimate of the general impact of the proposed reinvestment zone on property values and tax revenues. Additionally. such City officials shall cause to be prepared on behalf of the City a preliminary reinvestment zone financing_ plan in accordance with the requirements of V.T.C.A., Tax Code. Section 311.003(b) and make the necessary arrangements for the City Council to make a formal presentation to the governing bodies of the county and the school district that levies real property taxes in the proposed reinvestment zone, as well as members of the governing bodies of the other taxing units that levy real property taxes in the proposed zone who may elect to attend such presentation; all in accordance with the provisions of V.T.C.A., Tax Code. Section 311.003(f). SECTION The City Secretary is hereby further directed to cause a notice of the public hearing on the creation of the reinvestment zone, in substantially the form and content of Exhibit B hereto attached, to be published at least once in a newspaper having general circulation in the City not later than the seventh (7th) day before the date of the public hearing. SECTION 4: It is officially found, determined, and declared that the meeting at which this Resolution is adopted was open to the public and public notice of the time, place, and subject matter of the public business to be considered at such meeting, including this Resolution, was given. all as required by V.T.C.A., Government Code, Chapter 551, as amended. SECTION 5: This Resolution shall take effect and be in full force immediately from and after its date of adoption shown below. PASSED .AND ADOPTED, this June 24, 1997. Mayor, City of Southlake, Texas ATTEST: City Secretary, City of Southlake. Texas (City Seal) E -2 EXHIBIT E PUBLIC NOTICE NOTICE OF A PUBLIC HEARING ON THE CREATION OF A REINVESTMENT ZONE The City Council of the City of Southlake, Texas on the 26th day of August, 1997, during the Council's regular meeting to be held at 7:00 P.M. at the City Hall, 667 North Carroll Avenue. Southlake, Texas, will conduct a public hearing on creation of a reinvestment zone to promote development or redevelopment of the area consisting of approximately 646 acres of and generally located within the area bounded by East Highland Street, North Kimball Avenue, East Southlake Boulevard (F.M. 1709) and North Carroll Avenue in the City of Southlake, Texas. A more complete description of the proposed boundaries of the reinvestment zone, together with the tentative plans for the development of the reinvestment zone and an estimate of the general impact of the proposed reinvestment zone may be obtained from the office of the City Secretary. All interested persons are invited to attend said public hearing and speak on the creation of the reinvestment zone, its boundaries or the concept of tax increment financing.. Sandra LeGrand City Secretary, City of Southlake, Texas E -3 ..•4"..1: :ei .• 0 4_, ""••1,,, 41 to •-- A •■4 .• 2 N :A 9 f A . f a • , • 11111 • 11 :4 .. .. % •,.,, . , % 4...• , N ,. . • 4 - N -%. • 4 0 \ I • i t fr‘ - .4.4). . I • . - , 2 • • • S • . .11 a . • 1 4 ' \ ' "Vit • . • ..* 4 2 14 1 . • 0 • • • 1 II ? i • ' ,. • •Y*/ 1 f ,/ „.....11 1 ,1 - 1 . 6. a N N . .4114 ° NNN 4 % . . .. N ' le- •-•-•-• • . ...A 4 . • S ,P A A A * A ll _ 6. . 4 , , • • 1 • kfi • . • * ' , a * 1 a lb 4 •-• . . . . • I- • , r • - ,,, a • ' • (,_ _0 1 ,: • , , , 11 4.4 lo • • .4 II. ----: : 4 _ 4 4 ; Ils . . •-• • 11 • A ' 4 1I • • • •• • 4 1 • - › • ' • ' 4 , 1 • .• . a * il • < , • A . , / -. • ..4 . • • 9 11 • • : • A A P ' A 2 s A ! • • , 31 • • s A .1 • • a a • , .. ' • : ' 1 ' '.., • /- 1 • L., • 7. • . • 1 / • .‘'.. • ,..... . 0 • 4 j A • • ' -. ...) e s • • . 4 - a -4, .,* A • . , ... ' • --.,_ ,4- .. 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