1997-12-12 (2) Exhibit C -1
Reinvestment Zone #1, Southlake
Proposed Capital Improvement Program
ipe of Allowable Project Costs Phase One Phase Two Phase Three' Phase Four
'ublic Buildings and Facilities
Sint City/County/CISD Facility $10,000,000.00 •
lulti- Purpose Stadium $ 20,000,000.00
arking Facilities $ 5,000,000.00_
ublic Parks $ 1,134,154.00 $ 1,572,465.00
and Acquisition
pecial Structures
•
andscaping
rails
eneral Infrastructure
/ater Utilities $ 548,380.00 $ 881,682.00
ewer Utilities S 216,148.00 $ 350,234.00
:orm Water $ 399,669.00 $ 1,010,522.00
:reets and Curbs $ 1,329,972.00 $ 1,925,905.00 $2,500,000.00
- affic Control $ 1,000,000.00
dewaiks /Streetscape $ 3,484,739.00 $ 4,907,623.00
emolition & Excavation
arthwork/Grading $ 302,540.00 $ 488,585.00
igineering /Contingency
otal Development Infrastructure $ 7,281,448.00 $ 9,564,551.00
D% of Developer Infrastructure $ 2,912,579.20 $ 3,825,820.40
,oerational and Maintenance
apital Maintenance $ 1,000,000.00
peration Costs
ther Incremental Costs _
- ofessional Services $ 200,000.00
TOTAL COSTS $ 14,246,733.20 $ 6,398,285.40 $ 7,500,000.00 $ 20,000,000.00 $ 48,145,018.60
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.
2 All projects in this phase are to be funded with CISD and City of Southlake contributions only.
1 d -� c —Q 7 Cie CC °`''`'
12/16/97
CITY OF SOUTHLAKE
•
TAX INCREMENT REINVESTMENT ZONE ANALYSIS
SUMMARY OF ASSUMPTIONS
• Incremental Taxable Assessed Value ( "TAV ") projections based on
construction cost information provided by Developers of property
within Tax Increment Reinvestment Zone (TIRZ #1).
• ♦ TAV projected to be impacted by annual inflation rate of projected at
3.0 %.
♦ Project tax rates are based on the current 1996 / 1997 tax rates of the
overlapping participating taxing jurisdictions.
• All bond issues amortized at 6.5% rate of interest.
• 1999 debt service requirement for Series 1998 issue funded by
capitalized interest.
♦ The timing and size of issues subsequent to the Series 1998 issue
contingent upon incremental TAV figures which allow for debt service
payment based on the assumption that Carroll ISD can not participate in
the TLF fund.
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City of Southlake, Texas
MEMORANDUM
December 12, 1997
TO: Curtis E. Hawk, City Manager
FROM: Darcey Imm, Assistant to the City Manager
SUBJECT: Ordinance No. 690, Approving the Final Project and Financing Plan for Tax
Increment Reinvestment Zone Number One, City of Southlake
This Ordinance approves the Project and Financing Plan for the Reinvestment Zone. The Project and
Financing Plan were unanimously approved by the Reinvestment Zone Board on Friday December 12
with the following modifications.
• The cost of the Administration Building will be increased to $10 Million.
• The school facilities (middle school, intermediate school, and transportation
facility) will be removed from the project list.
• The Reinvestment Zone will exist for a maximum of 20 years.
• The boundaries will be reduced to include only the original 256 acres presented in
Y P
the September 23 Project and Financing Plan.
According to statute these last two items must occur by Ordinance. We will have first reading of
such an ordinance at the January 6th Council Meeting.
A revised Project and Financing Plan are not included with this memo, however the revised sections
of the plan (discussed above) will be available at the Council Meeting.
Please contact me with any questions or concerns regarding this Ordinance.
DAI
On Tuesday December 16, the final Project and Financing Plan for Southlake's Tax
Increment Reinvestment Zone was passed by City Council. This plan was submitted
by the Reinvestment Zone Board for Council's consideration. The Board, comprised
of representatives from the City and each of the overlapping taxing jurisdictions
(Tarrant County, Tarrant County Junior College District, Tarrant County Hospital
District, and Carroll Independent School District) has worked over the past three
months to finalize the Preliminary Project and Finance Plan first presented in
September. On Friday December 12, the Reinvestment Zone Board unanimously
approved the Project and Financing Plan as it was presented in September, with some
slight modifications.
The Reinvestment Zone Plan recommended by the Board consists of 256 acres bounded
by Carroll Avenue, FM1709, Kimball Road, and SH114 (shown in the map above).
Projects within the Plan include $10 million for Town Hall, $9.2 million in public
infrastructure, and $2.7 million for public parks. The Zone will become effective on
January 1, 1998 and will exist for twenty years, or when all project costs are paid,
which ever comes first.
Reinvestment Zone's are created to encourage and promote quality economic
development. The City and the overlapping taxing jurisdictions anticipate that the
Reinvestment Zone will accelerate desired high - quality commercial development and
establish a standard in which future development along SH114 will wish to emulate.
Q. Is Carroll Independent School District planning to participate in the
Reinvestment Zone?
CISD has recently learned that there may be changes in the way in which Reinvestment
Zone contributions are incorporated into their state funding formulas. This potential
change might cause CISD to lose some state funding if they participate in the Zone.
The City is aware of their concerns and is working with CISD to ensure they are able
to enter the Reinvestment Zone, once the uncertainty is resolved. Although CISD's
level of participation is undetermined at this time, both the City of Southlake and CISD
want CISD to be a part of the Town Hall and are making arrangements for that to be a
reality.
Q. When will construction begin on Town Hall ?
The City will begin the planning of Town Hall in January 1998. A workgroup,
comprised of representatives of the City, CISD, and the County, will meet to discuss
the building. Much of the preliminary work, such as determining space needs and
preferred workspace configurations have already been performed. It is anticipated that
the planning process will take approximately six months, with construction requiring
approximately twelve to eighteen months. If all goes according to plan, the new town
hall should be on the ground as we enter the year 2000.