1999-08-10 City of Southlake, Texas
MEMORANDUM
August 6, 1999
TO: Tax Increment Reinvestment Zone Board Members
FROM: Shelli Siemer, Assistant to the City Manager
SUBJECT: TIRZ Board Meeting on Tuesday, August 10, 1999.
The last Tax Increment Reinvestment Zone Board meeting was held on December 15, 1998,
when the TIRZ Board approved amendments to the final project and finance plan for the
Southlake Tax Increment Reinvestment Zone Number One. At the last TIRZ Board meeting,
the board amended the project plan to include the school projects and increase the boundaries
identified in the project plan to conform with Ordinance 682 -A (408 acres) to allow for school
educational facilities if consistent with the State statutes. These costs have been since revised
and some additional projects are being proposed to the TIRZ Board to include in the
amendment to the project plan and finance plan.
It has been seven months since the last Board meeting because we were waiting to hear whether
or not the TIF law allowed for the construction of school facilities. The recent legislative
changes in the TIF law allows for TIF funds to be paid toward project costs related to
educational facilities. With this legislative change, the CISD is now ready to participate in the
TIF and would like to enter into a participation agreement with the City. In order to participate
in the TIF, the school must establish their level of participation in the TIF by September 1,
1999.
Since the last TIRZ Board meeting, and having a better concept of the School District's
participation in the TIF, the project costs have been revised. At this meeting, the TIRZ Board
will consider amendments to the Project Plan and Financing Plan.
•
TIRZ Board Members
Page 2
August 6, 1999
Agenda Item No. 2. Temporary Appointment of Vice Chairperson. The recent resignation of
Scott Martin from the TIRZ Board has left the Board without a Chairperson. The Chairperson
position is appointed by the City Council, which will be done after the new TIRZ Board
members are appointed. There is not currently a Vice Chairperson for the TIRZ Board, and
this temporary appointment (to last the duration of this meeting) will allow the Board to
designate a member to run this meeting. After the new TIRZ Board members are appointed,
and the City Council selects a Chairperson, the TIRZ Board will select a permanent Vice
Chairperson.
Agenda Item No. 3. Amendments to the Project Plan and Financing Plan. This item will allow
the TIRZ Board to consider the proposed amendments to the project plan and the financing
plan. The project costs have been revised since the last TIRZ Board meeting. The updated
cost estimates for the TIRZ are included in your packet of information with the following
changes:
• Revised costs for school projects will be increased to $61.7 million.
• The costs for the operation of the schools located in the TIRZ Boundaries are increased
to $51.5 million.
• Revised costs for the infrastructure for school projects is now estimated at $15.47
million.
• Included in the plan are the initial capital costs for the Library, which is estimated at
$1.13 million.
• Included are additional capital costs for Town Hall: site work, and furniture, fixtures
and equipment including the common areas (ie: City Council Chambers, Courtroon,
etc) $1.97 million.
A revised project and financing plan are not included with this packet, however the document
will be distributed and explained at the TIRZ Board meeting. The CISD will also present the
financing plan for the school projects include in the TIF project plan.
TIRZ Board Members
Page 3
August 6, 1999
Agenda Item No. 4. Authorize the City of Southlake to take actions necessary to construct a joint
City /County facility. This item is on your agenda to make you aware that the City of Southlake
is beginning to award contracts for the construction of Town Hall. Although no TIF bonds have
been issued yet, the City of Southlake is fronting this money and will be reimbursed later by TIF
funds. This action by the TIRZ board will authorize the city to continue to move forward in this
manner.
Agenda Item No. 5. Approval of minutes from the December 12, 1997 meeting and the
December 15, 1998 meeting. Included in your packet of information are the minutes from the
last two TIRZ Board meetings. Please review the minutes and let me know if you have any
changes prior to the meeting.
CISD /City of Southlake Participation Agreement. Included in your packet is a copy of the
latest draft of the participation agreement. Although the TIRZ Board does not approve this
agreement, the project and finance plan you will consider is based on the participation of the
CISD in the TIF. The attorneys are still working through some of the details. This draft does
not reflect comments from the CISD's attorneys because they were not received prior to
distributing the packet. We hope to have an updated version of the agreement for you to
reference at your meeting. Highlights to the participation agreement are as follows:
• CISD Participation. Provides for the school district to pay into the tax increment fund at
100% of their M &O ad valorem tax rate, which is $1.34 per $100 assessed valuation. This
section also provides a clause for reimbursement from the TIF funds for their contribution
if there is a "negative financial impact" on the school for participating in the TIF.
• Reimbursement. The process of calculating the negative financial impact is complicated,
but in simple terms the CISD will calculate, on an annual basis, the difference of their
finances based on contributing to the TIF versus not contributing to the TIF. After the
calculations are completed the CISD contributions to the TIF fund will be part of TIF and
TIRZ Board Members
Page 4
August 6, 1999
will be divided 70% for the school district projects and 30% for the remaining projects
identified in the TIRZ project plan. The City will not obligate the school district's TIF
contribution until that negative financial impact is determined.
• School District Assurances. The agreement also includes language regarding the
assurances that there is no negative financial impact on the City. If reimbursing the school
district the TIF funds has a negative financial impact on the City's ability to issue debt for
the remaining TIF projects, or the overall bonding capabilities of the City, the agreement is
null and void.
• Use of TIF Funds. All amounts paid into the TIF by the school district (100% of M &O)
will be used to pay for project costs as described in the project and financing plan.
• Project Costs. The agreement will include an attachment of the project plan, once
approved by the TIRZ Board.
City Manager Billy Campbell asks that you contact me with any questions you may have prior
to the meeting. I can be reached at 481 -5581 extension 806, but Mr. Campbell can be reached
at extension 702.
Exhibit C -1
Reinvestment Zone #1, Southlake
Proposed Capital Improvement Program
General General General Educational School lmprvt.
Type of Allowable Project Costs Infrastructure A' Infrastructure B Infrastructure C Infrastructure Projects
Public Buildings and Facilities
Joint City/County Facility $ 12,000,000.00
Educational Facilities $ 1,139,000.00
$ 61,700,000.00
Parking Facilities $ 5,000,000.00
Public Parks $ 1,134,154.00 $ 1,572,465.00
Land Acquisition
Special Structures
Landscaping
Trails
General Infrastructure
Water Utilities $ 548,380.00 $ 881,682.00 $ 652,000.00
Sewer Utilities $ 216,148.00 $ 350,234.00 $ 1,370,000.00
Storm Water $ 399,669.00 $ 1,010,522.00 $ 300,000.00
Streets and Curbs $ 1,329,972.00 $ 1,925,905.00 $ 2,500,000.00 $13,150,000.00
Traffic Control $ 1,000,000.00
Sidewalks /Streetscape $ 3,484,739.00 $ 4,907,623.00
Demolition & Excavation
Earthwork/Grading $ 302,540.00 $ 488,585.00
Engineering /Contingency
Total Development Infrastructure $ 7,281,448.00 $ 9,564,551.00
40% of Developer Infrastructure $ 2,912,579.20 $ 3,825,820.40
Operational and Maintenance
Capital Maintenance $ 1,973,000.00 $ 1,000,000.00
Operation Costs $ 51,500,000.00
Other Incremental Costs
Professional Services $ 1,940,000.00
SUB -TOTAL COSTS $ 21,098,733.20 $ 6,398,285.40 $ 7,500,000.00 $15,472,000.00 $113,200,000.00
GRAND TOTAL $ 163,669,018.60
1 The costs categorized as "educational facilities" include initial capital expenditures related to the
library facility for resource materials, library automation system, and furnishings.
2 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.
3 All projects in this phase are to be funded with CISD contributions only.
4 Capital Maint. Costs described in "General Infrastructure A" includes site work costs associated with construction
of Town Hall ($500,000), and FF &E costs for Town Hall ($1,473,000)
e Professional services includes ($200,000 for services fees; $1,200,000 for Architectural fees; $390,000
for Construction Management fees; and, $150,000 for Technology for Town Hall including AN, sound,
computer networking, etc.)
Exhibit C -2
Reinvestment Zone #1, Southlake
Proposed Capital Improvement Program
To be funded with CISD and City of Southlake Contributions Only
Educational Infrastructure
School Site (Continental Blvd)
South Carroll Avenue Road Construction from 1709 to Continental $4,740,000.00
Brumlow Road Construction from Continental to SH 26 $2,470,000.00
Drainage Improvements for 16 acre school site on Continental $300,000.00
Subtotal Infrastructure for Continental School Site $7,510,000.00
School Sites (South Kimball Ave)
South Kimball Avenue Road Construction from 1709 $3,960,000.00
South Kimball Avenue Road Construction from Crooked to Heritage $1,980,000.00
Construct a 12" waterline along Kimball $652,000.00
Sewer for S. Kimball School site $370,000.00
S -7 Sewer Line for 42 acre site on S. Kimball $1,000,000.00
Subtotal Inf'astructure for South Kimball School Sites $7,962,000.00
Total Educational Infrastructure $15,472,000.00
Educational
Buildings and Facilities
Middle School $ 19,500,000.00
Intermediate School $ 15,000,000.00
Elementary School $ 11,000,000.00
Transportation Facility $ 1,600,000.00
Stadium $ 14,600,000.00
Subtotal Buildings and Facilities $ 61,700,000.00
Operating Costs
TIF Administrative Costs $ 75,000.00
Middle School $ 800,000.00
Intermediate School $ 500,000.00
Elementary School $ 500,000.00
Transportation Facility $ 200,000.00
Stadium $ 500,000.00
Annual Operating Costs $ 2,575,000.00
Cost for 20 years $ 51,500,000.00
Total Educational $ 113,200,000.00
TOTAL Contribution including Educational Infrastructure $ 128,672,000.00
and Educational Facilities and Operating Costs
Exhibit C -1
Reinvestment Zone #1, Southlake
Proposed Capital Improvement Program
Type of Allowable Project Costs Phase One Phase Two Phase Three' Phase Four
Public Buildings and Facilities
Joint City /County Facility $12,000,000.00
Educational Facilities $ 54,500,000.00
Parking Facilities $ 5,000,000.00
Public Parks $ 1 $ 1,572,465.00
Land Acquisition
Special Structures
Landscaping
Trails
General Infrastructure
Water Utilities $ 548,380.00 $ 881,682.00 $ 500,000.00
Sewer Utilities $ 216,148.00 $ 350,234.00 $ 1,370,000.00
Storm Water $ 399,669.00 $ 1,010,522.00 $ 300,000.00
Streets and Curbs $ 1,329,972.00 $ 1,925,905.00 $ 2,500,000.00 $ 11,170,000.00
Traffic Control $ 1,000,000.00
Sidewalks /Streetscape $ 3,484,739.00 $ 4,907,623.00
Demolition & Excavation
Earthwork/Grading $ 302.540.00 $ 488,585.00
Engineering /Contingency
Total Development Infrastructure $ 7,281,448.00 $ 9,564,551.00
40% of Developer Infrastructure $ 2912579.20 $ 3,825,820.40'
Operational and Maintenance
Capital Maintenance $ 1,000,000.00
Operation Costs $ 27,760,000.00
Other Incremental Costs
Professional Services $ 1,940,000.00
TOTAL COSTS $17,986,733.20 $ 6,398,285.40 $ 7,500,000.00 $ 95,600,000.00 $ 127,485,018.60
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.
3 Professional services includes ($200,000 for services fees; $1,200,000 for Architectural fees; $390,000
for Construction Management fees; and, $150,000 for Technology for Town Hall including AN, sound,
computer networking, etc.)
Exhibit C -3
Reinvestment Zone #1, Southlake
Proposed Capital Improvement Program
Phase Four
To be funded with CISD and City of Southlake Contributions Only
School Site (Continental Blvd)
South Carroll Avenue Road Construction from 1709 to Continental $4,740,000.00
Brumlow Road Construction from Continental to SH 26 $2,470,000.00
Drainage Improvements for 16 acre school site on Continental $300,000.00
Subtotal Infrastructure for Continental School Site $7,510,000.00
School Sites (South Kimball Ave)
South Kimball Avenue Road Construction from 1709 to Heritage Business Park $3,960,000.00
Construct a 12" waterline along Kimball $500,000.00
Sewer for S. Kimball School site $370,000.00
S -7 Sewer Line for 42 acre site on S. Kimball $1,000,000.00
Subtotal Infrastructure for South Kimball School Sites $5, 830, 000.00
Subtotal Infrastructure $13,340,000.00
Buildings and Facilities
Middle School $ 20,000,000.00
Intermediate School $ 13,000,000.00
Transportation Facility $ 1,500,000.00
Stadium /3rd School $ 20,000,000.00
Subtotal Buildings and Facilities $ 54,500,000.00
Operating Costs
Middle School $ 400,000.00
Intermediate School $ 225,000.00
Transportation Facility $ 163,000.00
Stadium /3rd School $ 600,000.00
Annual Operating Costs $ 1,388,000.00
Cost for 20 years $ 27,760,000.00
TOTAL $ 95,600,000.00
City of Southlake, Texas -
MEMORANDUM
July 23, 1999
TO: Billy Campbell, City Manager
FROM: Shelli Siemer, Assistant to the City Manager
SUBJECT: Tax Increment Reinvestment Zone issues /update
Action Requested: Discussion of the Tax Increment Reinvestment Zone during the joint City
Council and CISD Board of Trustees meeting on July 27, 1999.
Background
Information: This discussion item on the TIRZ will allow the City staff to update the
City Council and CISD Board of Trustees on the issues related to the
reinvestment zone including a summary of the proposed participation
agreement between the CISD and City of Southlake for the school district
to participate in the TIF.
In June 1997, the City Council began the process of creating the Tax
Increment Reinvestment Zone by setting the public hearing. In September
of 1997, the City Council passed Ordinance No. 682 establishing the
TIRZ boundaries and creating a Board of Directors. In December of
1997 the City Council approved the final project and financing plan.
There is a 60 -day period after the final project and financing plan is
adopted for the taxing entities to enter into a participation agreement with
the City identifying their portion of the tax increment contributed to the
TIRZ. Tarrant County, Tarrant County Hospital District and Tarrant
County Junior College entered into participation agreements with the City
within the 60 -day time frame to contribute 100% of their tax rate. The
school district had concerns regarding their financial ability to participate
in the TIF, the CISD Board of Trustees approved a resolution identifying
their participation in the TIF at 0 %. Once a taxing entity has a
participation agreement with the City they can always increase their level
of participation in the TIF, but not decrease the level of participation.
During the seven -month period of time in which the TIRZ was created
and the jurisdictions were determining their level of participation, the
TIRZ boundaries were increased and decreased depending on the CISD's
position as to its ability to participate in the TIRZ. The project and
financing plan also varied based on the ability of the CISD to participate
in the TIRZ.
Billy Campbell
July 23, 1999
Page 2
At the last TIRZ Board meeting held on December 15, 1998, the board
amended the project plan to include the school projects and increased the
boundaries identified in the project plan to conform with Ordinance 682 -A
(408 acres) to allow for school educational facilities if consistent with the
State statutes. This project and financing plan approved in December by
the TIRZ Board included $13.3 million for infrastructure, $54.4 million
for building school facilities and $27.7 million for operating costs for
school facilities. These costs are scheduled to be paid with CISD and
City contributions only.
Recall that there were questions regarding whether or not the TIF law
allowed for the financing for construction of school facilities. The recent
legislative changes in the TIF law allows for TIF funds to be paid toward
project costs related to educational facilities. With this legislative change,
the CISD is now ready to participate in the TIF and would like to enter
into a participation agreement with the City.
In order to participate in the TIF, the school must establish their level of
participation in the TIF by September 1, 1999. After meeting with the
CISD staff and our attorneys, they have worked through some of the
issues and a draft agreement is attached to my memo.
Participation Agreement - The draft of the participation agreement
attached to this memo, identifies a number of important points for you to
consider during your review:
➢ CISD Participation. Provides for the school district to pay into the tax
increment fund at 100 % of their M &O ad valorem tax rate, which is
$1.34 per $100 assessed valuation. This section also provides a clause
for reimbursement from the TIF funds for their contribution if there is
a "negative financial impact" on the school for participating in the
TIF.
➢ Reimbursement. The process of calculating the negative financial
impact is complicated, but in simple terms the CISD will calculate, on
an annual basis, the difference of their finances based on contributing
to the TIF versus not contributing to the TIF. If there is a negative
impact on the school, the TIF funds will be reimbursed back to the
school and will not exceed to total annual amount paid into the TIF by
the school district. The City will not obligate the school district's
TIF contribution until that negative financial impact is determined.
The funds left over will be part of TIF
Billy Campbell
July 23, 1999
Page 3
➢ School District Assurances. The agreement also includes language
regarding the assurances that there is no negative financial impact on
the City. If reimbursing the school district the TIF funds has a
negative financial impact on the City's ability to issue debt for the
remaining TIF projects, or the overall bonding capabilities of the City,
the agreement is null and void.
➢ Boundary. The boundaries include the 408 acres as described in
Ordinance 682 -A, approved by City Council on December 2, 1997.
➢ Use of TIF Funds. All amounts paid into the TIF by the school district
(100% of M &O) will be used to pay for project costs as described in
the project and financing plan.
➢ TIRZ Board Representation. Through this agreement, the school
district is asking for the right to have two voting members on the
TIRZ Board.
➢ Project Costs. The agreement as submitted includes an attached
project and financing plan that has not been approved by the TIRZ
Board. The project costs have increase $7.2 million dollars to include
the funds for their educational facilities, and $50,000 has been added
for professional services to cover attorney and consultant fees.
These changes in project costs require approval from the TIRZ Board,
which may hinder the ability to meet the school's September 1, 1999
deadline.
Financial
Considerations: This is a discussion item and there are no financial considerations to be
made during this discussion. Financial issues will likely be part of the
TIRZ update, but the City Council will not be asked to act on any
financial matters regarding the TIRZ at this meeting.
Citizen Input/
Board Review: The timeframe for approving this agreement is tight to meet the
September 1, 1999 deadline. The school district has revised their project
costs (as an attachment to the agreement) since the last TIRZ Board
meeting, the TIRZ Board will need to reconvene and approve the
revisions to the Project and Financing Plan. Once it is approved by the
Board, the City Council will need to approve the project and financing
plan by ordinance. This will require a first reading on August 3r and
second reading on August 17` In addition, the City Council will need to
consider the participation agreement, which will be placed on the August
3rd agenda.
Billy Campbell
July 23, 1999
Page 4
Legal Review: The city attorneys have been involved in the TIF process and can respond
to any legal questions or issues which may arise during this discussion.
Alternatives: Not applicable.
Supporting
Documents: Red -line strike -out version of Participation Agreement
Reinvestment Zone #1, Creation Process
Project & Financing Plan approved by TIRZ Board - December 15, 1998.
Staff
Recommendation: Staff recommends placing an item on the July 27th Joint City Council and
CISD Trustees meeting agenda to discuss the Tax Increment Reinvestment
Zone issues /update.
Approved for Submittal to City Council:
/'
City Manager's Office
•
City of Southlake {} [FOURTH] DRAFT
And {06/25/99] [07/23/99]
Carroll Independent School District
Agreement to Participate
In the
Reinvestment Zone Number One, City of Southlake
THIS 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,
V.T.C.A., 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, 1997 (a copy of which is attached hereto as Exhibit A
and incorporated herein by reference), and Ordinance No. 682 -A (collectively, the "Ordinance "),
adopted on December 2, 1997 (a copy of which is attached hereto as Exhibit B and incorporated
herein by reference) 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 Number One, City of Southlake, on November 17, 1997
at 0% participation; and
WHEREAS, the City adopted Ordinance 690 at a meeting of the City Council on December
16, 1997, which approved and adopted a Project Plan and Financing Plan (collectively, the "Plan ")
for the Reinvestment Zone (a copy of which Ordinance is attached hereto as Exhibit C); and
WHEREAS, the City and the School District desire to revise the Plan for the Reinvestment
Zone (a copy of which is attached hereto as Exhibit D and incorporated herein by reference); and
WHEREAS, the Plan includes buildings, schools and other educational facilities projects
which will be owned, maintained and operated by the School District and which will benefit the
Reinvestment Zone [by attracting individuals and businesses desiring to relocate to an area with
an exemplary school system which includes quality academic and athletic facilities; and by
increasing traffic in the City by those coming to the City to attend School District academic
and athletic contests and events]; and
WHEREAS, the Plan will require that the Board of the Reinvestment Zone make payments
to the District in an agreed amount for the purpose of paying the costs of constructing, equipping,
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maintaining and/or operating one or more of the District's buildings, schools or educational facilities
located in the Reinvestment Zone; and
WHEREAS, conditions precedent listed in the District's November 17, 1997 resolution have
either been satisfied, or are hereby waived by the District, and the District desires to increase its
percentage involvement subject to the following conditions; and
WHEREAS, the Act provides that each taxing unit levying taxes on real property in a
reinvestment zone is not required to pay into the tax increment fund any of its tax increment
produced from property located in the reinvestment zone unless such taxing unit enters into an
agreement to do so with the governing body of the municipality that created the reinvestment zone;
and
WHEREAS, a tax increment agreement under the Act may be entered into any time before
or after the reinvestment zone is created, and such agreement may include any conditions for
payment of the tax increment into the fund and must specify the portion of the tax increment to be
paid into the tax increment fund and the years for which that tax increment is to be paid into the tax
increment fund.
NOW, THEREFORE, the City and the School District, in consideration of the terms,
conditions, and covenants contained herein, hereby agree as follows:
Section 1. School District Obligation. 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," which
would otherwise be subject to recapture under the Texas public school finance scheme, 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 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 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 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. City Assurance. The City shall reimburse to the School District[, by a simultaneous
cash transfer made at the time that the District's contribution to the Tax
Increment Fund is made,] the amounts necessary to compensate the School District
for any [ "]negative financial impact[ "] on the School District as a result of its
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participation in the Reinvestment Zone, as provided in this Agreement, caused by or
relating to a "change in applicable law" (as hereinafter defined); any change in the
Plan or the boundaries of the Reinvestment Zone which adversely affects the School
District's participation in the Reinvestment Zone; or any change in state or local
school revenues which causes the School District to experience an adverse impact
under the Texas public school finance program; provided, however, that the city's
obligation hereunder shall not exceed the cumulative [annual] amount paid by the
School District into the Tax Increment Fund; and provided further, that the city's
obligation hereunder shall be reduced by the amount paid by the School District into
the Tax Increment Fund that has been used for School District projects in accordance
with the Plan. Each fiscal year, the School District shall calculate the amount of the
negative financial impact or adverse impact, as limited above, and shall be
reimbursed such amount by the City. Each such calculation shall take into account:
1) any adjustments to the amount calculated for the previous fiscal year that should
be made in order to reflect the actual impact on the School District for such previous
fiscal year; and 2) the negative financial impact calculated by the School District for
the current fiscal year. Without limiting the generality of the foregoing, it is
understood and agreed that the provisions of this Section shall apply in the event that
a change in applicable law occurs which would free or increase the amount of "Robin
Hood" funds received by or available to the School District but for the School
District's participation in the Reinvestment Zone.
b[. Methodology to Determine "Negative Financial Impact."
i. The annual payment shall be calculated based only upon funds generated
pursuant to the District's maintenance and operation tax rate. No
District revenues generated through the District's interest and sinking
fund tax rate shall be deposited in or be used to calculate the District's
deposit to the Tax Increment Fund.
ii. The calculation of the District's deposit in the Tax Increment Fund shall
begin by multiplying the District's maintenance and operations tax rate
per One Hundred Dollars ($100.00) of assessed valuation times the
Captured Appraised Value Increment to determine the preliminary
contribution.
iii. Each year's preliminary contribution shall be reduced by an amount up
to, but not in excess of, the entire payment due to the Tax Increment
Fund under this Agreement as is necessary to secure for the School
District an amount equal to that which the District would have received
from state and local funds, net of state funding recapture, had the
District not participated in this Agreement. This reduction shall be
defined as the District's "Lost M &O Funding" amount.
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iv. Prior to splitting the School District's contribution between the City and
District projects, each year's Lost M &O Funding Amount shall be
subtracted from the preliminary contribution and retained by the
District to spend on District maintenance and operation expenditures
incurred on District projects. The Lost M &O Funding Amount shall be
calculated as follows:
Each year, the District shall use 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 District participation in the Tax
Increment Fund and second shall be made assuming that
the 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 defined as the Lost
M &O Funding Amount.
v. The net District Tax Increment Fund contribution shall be computed by
subtracting the "Lost M &O Funding" amount from the preliminary Tax
Increment Fund contribution. Each year's net District contribution
amount shall be divided between the City and District projects in
accordance with Section 1.h. of this Agreement. For each year in which
the District invokes this subsection to reduce the amounts otherwise to
be deposited to the Tax Increment Fund, the District shall serve written
notice of the invocation of this paragraph and provide the details of its
calculations upon the Board of Directors of the Tax Increment
Reinvestment Zone and the City of Southlake, Texas on or before the
payment due date.
vi. The City may advise the School District of any errors or miscalculations
which the School District has made. If the School District verifies that
errors have in fact occurred, then the School District shall correct same.
c]. Change in Applicable Law. A "change in the applicable law," as used herein, means
any change in law applicable to the School District, to tax increment financing or to
reinvestment zones 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 or to reinvestment zones, or any interpretation, ruling, order,
decree or court decision interpreting prior- existing or then - existing law or any future
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DALLAS \95910_REDLINE_4THDRAFT.DOC
law enacted during the term of this Agreement which is applicable to the School
District, to tax increment financing or to reinvestment zones, 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.
[d. School District Assurance. Should the City suffer an adverse financial impact
as a result of this Agreement in that the City 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 so as to have no financial impact on City's ability to issue and
finance debt for public improvements in the Reinvestment Zone. Provided,
further, however, should the parties be unable by then - existing law to allow
School District to reduce its contribution level, then the parties agree that the
distribution of the District's contribution, as provided in paragraph Section 1.h.
shall immediately revert to the following: 100% of the School District's
contributions shall be used for School Improvement Projects described in
Exhibit E, so as to have no financial impact on City's ability to issue and finance
debt for public improvements in the Reinvestment Zone.
e] 44. 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 attached hereto as
Exhibits A and B, unless the Board of Trustees of the School District has first
approved such boundary change; and provided further that a 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.
{} [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 Plan. Any
additions, changes, revisions or modifications to the 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
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DALLAS \9 5910_REDLIN E_4THDRA FT. DOC
not approve any additions, changes, revisions or modifications to the Plan relating
to any of the "School Improvement Projects" (as defined in Section 1.g.ii. below)
included in the form of the Plan attached hereto as Exhibit C unless the Board of
Trustees of the School District has first approved such addition, change, revision or
modification.
444 [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.
..
top-the--Reinvestment � Zone pur rant to �y�r-e Section 311.015 of the Act shall not exceed one
hu ri—P4 k — • ' .. e ei m l l o„ cP� )P 111 p —\ • • - L—C4.31e t • t QL ISS4 —�S4e gt=t—(4441.1.1;&
1 ! I I •. ...
million dollars ($ ) including dollare
($ ) for issuance costs, capita e -msst -deb - P>3 'ice, and operating reserves.
4 [h]. Use of TIF Funds. All amounts paid into 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 Plan. [Provided, however, the City agrees and
acknowledges that it shall not in any manner pledge Tax Increment Funds to
incur debt for improvements in the Reinvestment Zone.] It is specifically
understood and agreed that even though additional or other projects may be included
in the Plan, the funds contributed by the School District to the Tax Increment Fund
shall and may be used only for the projects described in Exhibit E attached hereto
and incorporated herein by reference for all purposes. Further, the funds contributed
by the School District to the Tax Increment Fund shall and may be used only in the
following proportions:
i. 13.3% of the School District's contributions shall be used for the
Public Infrastructure Projects described in Exhibit E; and
ii. 86.7% of the School District's contributions shall be used for School
Improvement Projects described in Exhibit E
all as more specifically described in the Plan. {The City expressly agrees that any
funds which are paid to the School District pursuant to this Agreement and which
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DALLAS\ 95910_REDLINE_4THDRAFT.DOC
District for such purposes.} Such funds may be budgeted and expended in any
subsequent year following receipt for such purposes as are set forth herein. In
addition, it is specifically understood and agreed that the School District shall also
be reimbursed from the Tax Increment Fund for its actual costs associated with the
creation[, operation and administration] of the Reinvestment Zone, including its
reasonable attorneys' fees, [financial advisor fees,] consultants' fees and other
professional fees[, in an amount not to exceed $50,000 per fiscal year.]4$
4I$ [i] . 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
collections on the captured appraised value of real property in the "Reinvestment
Zone" subject to the terms and conditions set forth herein, 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 or any costs associated with
the operation of Reinvestment Zone or any projects relating thereto.
{} [j]. Limit of School District's Obligation - City 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.
[k].School District Representation. The School District shall have the right to appoint+
remove, reappoint, and maintain; two (2) voting members on the Board of Directors
of the Reinvestment Zone at all times. Failure of the School District to appoint and
maintain a representative 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
appointment at any other time.
Section 2. School District Continued Commitment. In accordance with Section
311.013(d) of the Act, the School District hereby gives notice that it shall not be required to make
any contribution to the Tax Increment Fund after three (3) years from the date the Reinvestment
Zone has been created unless the following conditions exist or have been met within such three year
period
a. bonds have been issued for the Reinvestment Zone under Section 311.015 of the Act
to finance projects described in the Plan;
b. the City has acquired property in the Reinvestment Zone pursuant to the Plan; or
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DALLAS \95910 REDLINE 4THDRAFT.DOC
c. construction of improvements pursuant to the Plan has begun in the Reinvestment
Zone.
Section 3. City Commitment. As inducement to the School District to enter into this
Agreement, the City agrees that it shall fully participate in the Reinvestment Zone and that City
bonds or tax increment bonds of the Reinvestment Zone will [not] be issued to finance projects
contemplated in the Plan until (a) a final Plan has been prepared and adopted by the Board of
Directors of the Reinvestment Zone and approved by the City Council of the City, and (b) the City
has furnished documentation, evidence and assurances satisfactory to the Board of Directors of the
Reinvestment Zone to the effect that funds necessary to support cash expenditures and/or the
retirement of tax increment bonds will be available either from revenues of the Tax Increment Fund
or from other funds provided by the City. [City further agrees to maintain its full participation
in the Reinvestment Zone throughout the term of this Agreement.]
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, 2020, or (ii)
the date on which the 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. {The City agrees that it, or the Board of Directors} [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 Zone {, chall provide periodic • - --- •- - - - - -- ! . [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 be effective and shall be delivered to the party
intended to receive it at the addresses shown below:
If intended for City, to: 4.
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DALLAS \95910 REDLINE 4THDRAFT.DOC
City Manager
City of Southlake
667 N. Carroll Avenue
Southlake, Texas 76992} If intended for School District, to:
[City Manager] Superintendent of Schools
[City of Southlake] Carroll Independent School District
[667 N. Carroll Avenue] 1201 N. Carroll Avenue
Southlake, Texas 76092 [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 provisions of the
charter and ordinances of the City, ac amended; the policies of the School District's Board of
Tructees; 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 superceding 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 {10.} [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 4144 [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 its
execution of this Agreement and performance of the covenants contained herein.
-10-
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DALLAS \95910 REDLINE 4THDRAFT.DOC
EXECUTED this the day of , 1999, by the City,
signing by and through its City Manager, duly authorized by Resolution No.
approved on , 1999, and by School District through its duly authorized
School Board officers by approval at a duly called and noticed Board meeting on
, 1999.
CITY OF SOUTHLAKE CARROLL INDEPENDENT
SCHOOL DISTRICT
Mr. Billy Campbell Dr. Susan Logan
City Manager President, Board of Trustees
ATTEST:
Mr. Steve Harold
Secretary, Board of Trustees
Exhibits
Exhibit A — City of Southlake Ordinance 682
Exhibit B — City of Southlake Ordinance 682 -A
Exhibit C — City of Southlake Ordinance 690
Exhibit D — Project Plan and Financing Plan for the Reinvestment Zone
Exhibit E — The Only Projects Which Can Be Funded With School District
Contributions
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DALLAS \95910 REDLINE 4THDRAFT.DOC
Exhibit D
Reinvestment Zone #1, Southlake
Proposed Project and Financing Plan
Type of Allowable Project Costs Phase One Phase Two Phase Three Phase Four
Public Buildings and Facilities
Joint City /County Facility $12,000,000.00
Multipurpose Stadium /Educ. Facilities $61,700,000.00
Parking Facilities $5,000,000.00
Public Parks $1,134,154.00 $1,472,465.00
Land Acquisition
Special Structures
Landscaping
Trails
General Infrastructure
Water Utilities $548,380.00 $881,682.00 $500,000.00
Sewer Utilities $216,148.00 $350,234.00 $1,370,000.00
Storm Water $399,669.00 $1,010,522.00 $300,000.00
Streets and Curbs $1,329,972.00 $1,925,905.00 $2,500,000.00 $11,170,000.00
Traffic Control $1,000,000.00
Sidewalks /Streetscape $3,484,739.00 $4,907,623.00
Demolition & Excavation
Earthwork /Grading $302,540.00 $488,585.00
Engineering /Contingency
Total Development Infrastructure $7,281,448.00 $9,564,551.00
40% of Developer Infrastructure $2,912,579.20 $3,825,820.40
Operational and Maintenance
Capital Maintenance $1,000,000.00
Operation Costs $27,760,000.00
Other Incremental Costs
Professional Services $1,940,000.00 $50,000.00
COSTS: $17,986,733.20 $6,398,285.40 $7,500,000.00 $102,850,000.00
TOTAL: $134,735,018.60
1 These street costs include road improvements to Carroll Avenue and Kimball Avenue. They are either
on the periphery of or exterior to the Rialto Development and thus the costs are covered 100% by Tax
Increment Fund revenues.
2 All projects in this phase are to be funded with CISD and City of Southlake contributions only.
3 Professional services includes ($200,000 for services fees; $1,200,000 for Architectural fees;
$390,000 for Construction Management fees; and $150,000 for Technology for Town Hall including
A /V, sound, computer networking, etc.)
Exhibit E
Reinvestment Zone #1, Southlake
Proposed Capital Improvement Program
Phase Four
The Only Projects Which Can Be Funded With School District Contributions
School Site (Continental Boulevard)
South Carroll Avenue Road Construction from 1709 to Continental $4,740,000.00
Brumlow Road Construction from Continental to SH 26 $2,470,000.00
Drainage Improvements for 16 acre school site on Continental $300,000.00
Subtotal Infrastructure for Continental School Site $7,510,000.00
School Sites (South Kimball Avenue)
South Kimball Avenue Road Construction from 1709 to Heritage Business Park $3,960,00.00
Construct a 12" waterline along Kimball $500,000.00
Sewer for S. Kimball School site $370,000.00
S 7 Sewer Line for 42 acre site on S. Kimball $1,000,000.00
Subtotal Infrastructure for South Kimball School Sites $5,830,000.00
Subtotal Infrastructure $13,340,000.00
Buildings and Facilities
Middle School $19,500,000.00
Intermediate School $15,000,000.00
Elementary School $11,000,000.00
Transportation Facility $1,600,000.00
Stadium $14,600,000.00
Subtotal Buildings and Facilities $61,700,000.00
Operating Costs
Middle School $500,000.00
Intermediate School $200,000.00
Elementary School $200,000.00
Transportation Facility $60,000.00
Stadium $300,000.00
Annual Operating Costs $1,260,000.00
Cost for 20 Years $25,200,000.00
TOTAL: $100,240,000.00
REVISION LIST
The bracketed numbers refer to the Page and Paragraph for the start of the paragraph in both the old and the new
documents.
[1:1 1:11 Changed "THIRD " to "FOURTH "
[1:2 1:2] Changed "06/25/99" to "07/23/99"
[1:13 1:131 Changed "Zone;" to "Zone by attracting ... and events;"
[2:6 2:6 Changed "District the" to "District, ... made, the"
[2:6 2:6 Changed "any negative ... impact on the" to "any "negative ... impact" on
[2:6 2:6 Changed "cumulative amount" to "cumulative annual amount"
[3:1 3:1 Changed "b." to "b. Methodology ... Financial Impact. ""
[3:1 3:2 Add Paras "i. The annual payment ... shall correct same."
[3:1 4:5 Changed "b." to "c."
[3:2 5:1 Add Para "d. School District ... Reinvestment Zone."
[3:2 5:2 Changed "c." to "e."
[4:1 5:3 Changed "d." to "f."
[4:2 6:1 Changed "e. Appraised" to "g. Appraised"
[4:3 6:2 Del Para "f. Bond Limit. ... operating reserves."
[4:4 6:2 Changed "g." to "h."
[4:4 6:2 Changed "increment bonds" to "increment or other bonds,"
[4:4 6:2 Changed "bonds or notes or" to "bonds, or ... obligations, or"
[4:4 6:2 Changed "Plan. It" to "Plan. Provided, ... Reinvestment Zone. It"
[5:1 6:5 Changed "Plan. The ... purposes. Such" to "Plan. Such"
[5:1 6:5 Changed "creation of" to "creation, ... administration of
[5:1 6:5 Changed "fees, consultants "' to "fees, financial ... consultants "'
[5:1 6:5 Changed "fees." to "fees, in an ... fiscal year."
[5:2 6:6 Changed "h." to "i."
[5:3 7:1 Changed "i." to "j."
[5:4 7:2 Changed "j" to "k"
[5:4 7:2 Changed "appoint, remove, ... maintain two" to "appoint two"
[6:3 7:7 Changed "Zone will be issued" to "Zone will not be issued"
[6:3 7:7 Changed "City." to "City. City ... Agreement."
[6:6 8:2 Changed "The City agrees ... Directors " to "Both parties ... administration
[6:6 8:2 Changed ", shall provide ... School District" to "and (2) in ... Agreement"
[7:2 8:4 Del Paras "City Manager ... Southlake, Texas 76092"
[7:7 8:5 Changed "Superintendent" to "City Manager Superintendent"
[7:8 8:6 Changed "Carroll" to "City of Southlake Carroll"
[7:8 8:7 Changed "District" to "667 N. Carroll Avenue "
[7:10 8:8] Changed "76092" to "76092 Southlake, Texas 76092"
[7:12 8:10] Changed "the provisions ... the Texas" to "the Texas"
[7:13 8:11] Changed "9." to "9. Compliance. ... resolutions."
[7:13 8:12] Changed "9." to "Section 10."
[7:14 9:1] Changed "10. " to "11. "
[7:15 9:2] Changed "11" to "12"
[7:16 9:3] Changed "12" to "13"
Reinvestment Zone #1, Southlake
Creation Process
Actual Schedule of Events
Sep -97 Oct -97 Nov -97 Dec -97
S M T W T F S S M T W T F S S M T W T F S S M T W T F S
1 2 3 4 5 6 1 2 3 4 1 1 2 3 4 5 6
7 8 9 10 11 12 13 5 6 7 8 9 10 11 2 3 4 5 6 7 8 7 8 9 10 11 12 13
14 15 16 18 19 20 12 13 14 15 16 17 18 9 10 11 12 13 14 15 14 15 16 17 18 19 20
21 22 23 24 25 26 27 19 20 21 22 23 24 25 16 17 18 19 20 21 22 21 22 23 24 25 26 27
28 29 30 26127 28 29 30131 23 24 25 26 27 28129 28 29 30
Date Day Event
24- Jun -97 Tuesday City Council Meeting
Adoption of Resolution 97 -43 setting a Public Hearing on the
creation of Reinvestment Zone #1, Southlake (approved 6 -0)
TIRZ Boundaries: 646 acres
Project Cost: $80 million - 20 year life
25- Jun -97 Wednesday Preliminary Project and Financing Plan
and Notice of Public Hearing sent to Overlapping Taxing Units
5- Aug -97 Tuesday City Council Meeting
1st Reading of Ordinance 682 creating Reinvestment Zone #1, Southlake
and creating Board of Directors (approved Consent Agenda 6 -0)
2- Sep -97 Tuesday City Council Meeting
2nd Reading (Public Hearing) and Adoption of Ordinance 682 creating
Reinvestment Zone #1, Southlake (Table 7 -0)
16- Sep -97 Tuesday City Council Meeting
2nd Reading (Public Hearing) and Adoption of Ordinance 682 creating
Reinvestment Zone #1, Southlake (Table 7 -0)
22- Sep -97 Monday CISD School Board Meeting
Presentation of Preliminary Project and Finance Plan
Page 1 4/7/99
Date Day Event
23- Sep -97 Tuesday Tarrant County Commissioner's Court
Presentation of Preliminary Project and Finance Plan
23- Sep -97 Tuesday City Council Meeting
2nd Reading (Public Hearing) and Adoption of Ordinance 682 creating
Reinvestment Zone #1, Southlake (approve 5 -0)
TIRZ Boundaries: 256 acres
Project Cost: $26 million - 20 year life
Town Hall $ 7.8 million
Establish number of members to Board of Directors -
not less than 7 and no more than 12; with terms for CC to reflect
City Council terms and 1 additional CISD member
25- Sep -97 Thursday Tarrant County Hospital District Board Meeting
Presentation of Preliminary Project and Finance Plan
22- Oct -97 Wednesday Meeting with overlapping taxing jurisdictions - Staff Briefing
Discussion of Preliminary Project and Financing Plan
23- Oct -97 Thursday Tarrant County Junior College Board Meeting
Presentation of Preliminary Project and Finance Plan
Approval of Letter of Intent to Participate
Appointment of Dr. Larry Darlage to serve as TCJC Representative
on Reinvestment Zone Board of Directors
28- Oct -97 Tuesday Tarrant County Commissioner's Court
Approval of Letter of Intent to Participate
4- Nov -97 Tuesday City Council Meeting
Adoption of Resolution 97 - 70 appointing eight members to the
Reinvestment Zone Board of Directors (approve 6 -0)
5- Nov -97 Wednesday Reinvestment Zone Board Meeting
Discussion of Preliminary Project and Financing Plan
Page 2 4/7/99
Date Day Event
12- Nov -97 Wednesday Reinvestment Zone Board Meeting
Discussion of Preliminary Project and Financing Plan
Discussed proposed boundary change to 408 acres
for expanded school projects with full participation of CISD
17- Nov -97 Monday CISD Board Meeting
Resolution of Intent to participate passed and Dr. Ted Gillum appointed
to serve as CISD's representative on the Reinvestment Zone Board.
18- Nov -97 Tuesday Tarrant County Commissioner's Court
Appointment of Ms. Jane Sanford to serve as Tarrant County's
Representative on Reinvestment Zone Board of Directors
18- Nov -97 Tuesday City Council Meeting
1st Reading of Ordinance 682 -A
Amending Boundary (approve 6 -0)
TIRZ Boundaries: 408 acres
Project Cost: $116.9 million - 20 year life
Town Hall $ 7.8 million
School projects: $ 54.5 million
19- Nov -97 Wednesday Joint COS /CISD Worksession
Discussion of CISD Participation
20- Nov -97 Thursday Tarrant County Junior College Board Meeting
Approval of Participation Agreement
2- Dec -97 Tuesday City Council Meeting
2nd Reading of Ordinance 682 -A
Amending Boundary and Extending Life of Zone (approve 6 -0)
TIRZ Boundaries: 408 acres
Project Cost: $116.9 million - 40 year life
Town Hall $ 7.8 million
School projects: $ 54.5 million
1st Reading of Ordinance 690
Approving Final Project and Finance Plan (approve 6 -0)
TIRZ Boundaries: 408 acres
Project Cost: $116.9 million - 40 year life
Town Hall $ 7.8 million
School projects: $ 54.5 million
Page 3 4/7/99
Date Day Event
12- Dec -97 Friday Reinvestment Zone Board Meeting
Approval of Final Project and Financing Plan
(1) Project Plan (approved 8 -0) as presented on Sept. 23
TIRZ Boundaries: 256 acres
(2) Financing Plan(approved 8 -0) as presented at meeting
Project Cost: $48.5 million - 20 year life
Town Hall $ 10 million
School projects: $20 million for stadium
16- Dec -97 Tuesday City Council Meeting
2nd Reading of Ordinance 690
Approving Final Project and Finance Plan
TIRZ Boundaries: 256 acres
Project Cost: $ 48.5 million - 20 year life
Town Hall $ 10 million
School projects: $20 million for stadium
16- Dec -97 Tuesday Adoption of Resolution 97 -80
Appointing the Mayor to serve as chair of the Reinvestment Zone Board
6- Jan -98 Tuesday Tarrant County Commissioner's Court
Approval of Participation Agreement with the City
City Council Meeting
Approval of Participation Agreements with
the County, TCHD, and TCJC
8- Jan -98 Thursday Tarrant County Hospital District Board Meeting
Approval of Participation Agreement with the City
Appointment of Ms. Drenda Witt to serve as TCHD Representative
on Reinvestment Zone Board of Directors
15- Dec -98 Tuesday Reinvestment Zone Board Meeting
Approval of Revised Project and Financing Plan
TIRZ Boundaries: 408 acres
Project Cost: $127.4 million - 20 year life
Town Hall $ 12 million
School projects: $54.5 million
Page 4 4/7/99
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