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0752City of Southlake, Texas
ORDINANCE NO. 752
AN ORDINANCE amending the Project Plan and Financing Plan
1bt Tax Increment Reinvestment Zone Number One, City of
Southlake, l'exas; and resolving other matters incident and
related thereto.
WHEREAS, the City Council of the City of Southlake, Texas (the "City") passed
Ordinance 692 creating a Reinvestment Zone as authorized by the Tax Increment Financing
Act, V.T.C.A., Tax Code, Chapter 311 (the "Act") on September 23, 1997; and
WHEREAS, the City, after public hearing, passed Ordinance 682-A expanding the Zone
boundaries from 256 acres to 408 acres on December 2, 1997; and
WHEREAS, the Reinvestment Zone Board of Directors approved the Project and
Financing Plan on December 12, 1997 and the City Council of the City of Southlake, Texas
passed Ordinance 690 approving the Project Plan and Financing Plan for Tax Increment
Reinvestment Zone Number One on December 16, 1997; and
WHEREAS, the Reinvestment Zone Board of Directors approved amendments to the
Project Plan and Financing Plan on August 10, 1999; and
WHEREAS, in accordance with Section 311.011 (d), the City must approve a final
reinvestment zone project and financing plan containing information relating to the estimated
project costs of the zone, the kind, number and location of all proposed public works or public
improvements in the zone, an economic feasibility study, the estimated amount of bonded
indebtedness to be incurred, 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 that levies taxes on real
property in the district, and other data; a copy of such reinvestment zone project and financing
plan being attached hereto as Exhibit A; and
WHEREAS, the City Council finds the Project Plan and Financing Plan feasible and
conforms to the City's Master Plan:
NOW, THEREFORE, BE IT ORDAINED BY TIlE CITY COUNCIL OF THE CITY
OF SOUTHLAKE, TEXAS:
SECTION 1: The facts and recitations contained in the preamble of this ordinance are
hereby found and declared to be true and correct.
SECTION 2: If any section, paragraph, clause or provision of this Ordinance shall for
any reason be held to be invalid or unenforceable, the invalidity or unenforceability of such
section, paragraph, clause or provision shall not affect any of the remaining provisions of this
Ordinance.
SECTION 3: It is officially found, determined, and declared that the meeting at which
this Ordinance 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
Ordinance. was given, all as required by V.T.C.A., Government Code, Chapter 551, as
amended.
SECTION 4: This Ordinance shall take effect and be in force immediately from and after
its passage on the date shown below.
PASSED ON FIRST READING, August 10, 1999.
PASSED ON SECOND READING AND ADOPTED, this 17 day of August, 1999.
CITY OF SOUTHLAKE, TEXAS
ATTEST:
Mayor
APPROVED AS TO LEGALITY:
City Attorney (j
CITY OF SOUTHLAKE
TAX INCREMENT
REINVESTMENT ZONE #1
AMENDED
PROJECT AND FINANCING PLAN
August 10, 1999
Amended
1)
2)
4)
Amended
1)
2)
7)
8)
9)
Exhibits
A
B
C
D
E
F
CITY OF SOUTItLAKE
TAX INCREMENT REINVESTMENT ZONE gl
AMENDED PROJECT AND FINANCING PLAN
TABLE OF CONTENTS
Project Plan
Existing Uses and Conditions of Real Property and Proposed Improvements
to and Uses of That Property
Proposed Changes of Zoning Ordinances, Master Plans, Building Codes and
Other Municipal Ordinances
List of Estimated Nonproject Costs
Statement of a Method of Relocating Persons to be Displaced as a
Result of Implementing the Plan
Financing Plan
Estimated Project Cost of Zone, including administrative expenses
Statement listing proposed public works or public improvements in the zone
Economic Feasibility Study
Estimated amount of Bond Indebtedness
Time When Related Costs Or Monetary Obligations Are To Be Incurred
Description of Financing Methods
Current Total Appraised Value of Taxable Real Property in the Zone
Estimated Captured Appraised Value of the Zone during Each Year of its
Existence
The Duration of the Zone
Legal Description and Map of The Reinvestment Zone
Tax Increment Reinvestment Zone Analysis
Proposed Capital Improvements
Listing of Properties and Appraised Taxable Real Value
Resolution No. 9743 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
Concept Plan
Town Center - Phase I
Town Center - Phase II
AMENDED PROJECT PLAN
Tax Increment Reinvestment Zone Number One
Southlake, Texas
In June 1997, the Southlake 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. The City of
Southlake established a Tax Increment Reinvestment Zone Number One for the purpose of
dedicating the tax revenue generated within the zone to a comprehensive infrastructure and
thcility development plan. The area consists of approximately 408 acres and is more fully
described in the map and legal description presented in Exhibit A.
The City created this zone to encourage quality commercial development along the Highway t 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, ho~vever 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 xvithin the TIRZ Zone. The TIRZ will exist
fi)r the next twenty years or the date when all project costs are paid and the debt is retired,
whichever comes first.
This amended project plan and financing plan includes changes based on the CISD's ability to
participate in the TIRZ and includes school educational facilities as consistent with the State
statutes.
./\s set lbrth in Section 311.01 l 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
following elements:
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
properS.
The boundaries of the Tax Increment Reinvestment Zone are shown in Map 1. The majority
of the TIRZ area is open and undeveloped. Approximately 139.94 acres, or 41.5%, 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 Reinvestment Zone are C3-General Commercial,
NR-PUD-Non-Residential Planned Unit Development, R-PUD - Residential Planned Unit
Development, AG - Agricultural, SF20A and SF20B- Single Family Residential, 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 this area as Mixed Use,
Medium Density Residential, Low Density Residential, and Industrial. 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 is 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 Toum 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
Map 2 of 5
Map 3 of 5
Map 4 of 5
Map 5 of 5
Boundaries of the Reinvestment Zone
TIRZ Zoning
Land Use in the TIRZ
Current Uses and Conditions of Real Property in the TIRZ
Anticipated Phases of Development within the TIRZ Area
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, $360.5 million in improvement costs for the Southlake
Town Square which comprises 140 acres or nearly one third of the total land area of the Tax
Increment Reinvestment Zone. This provides a conservative projection of assessed value growth
and the potential funds available for public improvements. No information is available at this
Amended Project and Financing Plan
Tax Increment Zone ,gl
Southlake, TX
Page 2
August 10, 1999
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.
A statement of a method of relocating persons to be displaced as a result of
implementing the plan.
In the process of developing Southlake Tax Increment Reinvestment Zone Number One it may
be necessau to relocate individuals and businesses. In the event that this is required, the City
,Jill follow the procedures that would be used in the development or construction of other public
improvements outside the zone.
Amended Project and Financing Plan
Tax Increment Zone # 1
Southlake, TX
Page 3
August 10, 1999
AMENDED FINANCING PLAN
Tax Increment Reinvestment Zone Number One
Southlake, Texas
The Amended 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.
Since the approval of the original project plan and financing plan, in December, 1997,
additional contractual information has been incorporated into this plan. These items include
(1) the interlocal agreements with the overlapping taxing entities between Tarrant County,
Tarrant County Hospital District, and Tarrant County Junior College, and the City; and, (2)
development agreement between the primary developers and the City. Upon approval of the
amended project plan and financing plan, the participation agreement between the Carroll
Independent School District and the City will be incorporated into this plan.
The Tax Increment Reinvestment Zone Analysis, prepared by First Southwest Company, is
included in its entirety in Exhibit B.
The allowable "project costs" by the municipality establishing a reinvestment zone, as set
forth in Section 311.011 in the TIF Tax code, are as follows:
acquisition and construction of public works, public improvements, ~ew 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:
Amended Project and Financing Plan
Tax Increment Zone #1
Southlake. TX
Page 4
August 10, 1999
· 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 ,71,
Southlake are included as Exhibit C.
As set forth in Section 311.011 in the Tax Increment Financing Act of the Tax Code, the
Financing Plan for the Southlake, Texas Reinvestment Zone Number One must include the
following elements:
1. Estimated Project Costs of the Zone, including administrative expenses; and,
A statement listing the kind, number and location of all proposed public
works or public improvements in the zone.
Total Project costs are estimated at approximately $163,669,018. Specific
project cost estimates are included in Exhibit C. The proposed public
improvements in the zone fall into five general categories: public buildings and
facilities, public parks, general infrastructure, operational and maintenance, and
other incremental costs. In addition, the TIF will pay a portion of project costs
and operations for the Carroll Independent School District's educational
facilities listed in Exhibit C-2 of the project plan, which are located in the TIRZ
boundaries. The participation agreement between the City of Southlake and the
Carroll Independent School District details the School District's level of
participation in the TIF.
Amended Project and Financing Plan
Tax Increment Zone #1
Southlake, TX
Page 5
August 10, 1999
The costs of each item and a brief description of the project components are as
fi)llows:
Public Buildings and Facilities:
TownHali-City/County Facility - $12,000,000
The proposed "Town Hall" will be a shared facility between the City of
Southlake and Tarrant County with the goal to bring together in one central
location, the many civic offices of the City of Southlake and Tarrant County.
Town Hall will be located in the heart of the Town Square development, and
will be the focal point of the new downtown. The facility will be approximately
80,000 square feet with approximately 12,000 square feet dedicated for
Southlake's first Public Librar3,. The offices for Tarrant County include the
County Commissioner, Constable, Justice of the Peace, County Clerk offices,
and Tax offices. The City of Southlake will include administrative offices,
finance, municipal court, utility billing, planning, economic development,
public works, and a public safety sub-station.
Parking Facilities - $ 5,000,000
The public parking facility will provide parking lbr the Town Square
development and could provide the TIF an optional revenue source by
maintaining the right to charge parking tees.
Educational Facilities -
Library Capital Costs- $1,139,000
The Library facility is located within the Town Hall. The initial capital
expenditures related to the library facility include the purchase of
resource materials needed for the library collection, a library automation
system, and library furnishings.
Capital & Operational School Improvement Pro. ject- $113,200,000
As part of the TIRZ, the CISD will be paid a portion of project costs
and operations for the educational facilities described in the project plan.
The public improvements include a Middle School, Intermediate School,
Elementary School, Transportation Facility and Multipurpose Stadium.
The sites for these facilities are within the TIRZ boundaries and will
benefit the community by attracting individuals and businesses desiring
to relocate to the area with an exemplary school system which provides
quality academic and athletic facilities.
Amended Project and Financing Plan
Tax Increment Zone #1
Southlake, TX
Page 6
August 10, 1999
Public Parks: $2,706,619
The TIRZ project plan includes costs associated with the development of public
parks within the Town Square development including the developmem of Rustin
and Fountain Place parks and a furore six-acre park. These costs include land
acquisition, structures, landscaping and trails.
General Infrastructure: $24,710,400
The public improvement projects include streets, water, sanitary sewer, and
storm water drainage systems. The project plan separates the general
intYastrucmre into four categories designated as General Infrastructure A, B, C,
and Educational Infrastructure. General Infrastructure A and B projects include
costs associated with reimbursing the developer for 40% of the infrastructure
costs within the Town Square development.
General Infrastructure C costs include costs associated with road improvements
to Carroll Avenue and Kimball Avenue, which are located on the periphery of
the TIRZ boundaries.
The Educational Infrastructure costs include water, sewer, drainage, and road
construction to service the educational facilities located in the TIRZ. These
projects will be funded with CISD and City of Southlake Contributions only.
Operational and Maintenance:
Capital Maintenance - $2,973,000
Capital Maintenance includes site work costs associated with construction of
Town Hall and furniture, fixture, and equipment (FFE) costs for Town Hall
FFE includes such construction costs associated with building the dais for the
Council Chambers, the bench for the Courtroom, etc. These funds will also
include furnishing the common areas of the Town Hall, and for furniture and
equipment for City of Southlake and Tarrant County offices.
The capital maintenance costs includes $1,000,000 designated for large capital
expenditures related to the building maintenance of the Town Hall facility.
Other Incremental Costs: $1,940,000
Professional services costs associated with the TIRZ project plan include the
architectural fees, construction management fees, and technology for the Town
Hall facility.
Amended Project and Financing Plan
Tax Increment Zone # 1
Southlake, TX
Page 7
August 10, 1999
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.
The estimated amount of bonded indebtedness to be incurred.
The total principal amount to be issued for project costs is estimated at
$53,600,000 for Public Improvement Projects and $ 61,700,000 for School
Improvement Projects.
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
require. Please refer to Exhibit C for the details regarding the type of
improvements. Exhibit B provides an estimated timeline for issuance of debt.
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 Amended 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.
The Carroll Independent School District is participating in the TIF with 100%
of its M&O rate in the TIF district. The TIRZ, active through the City, will
make annual payments to the School District in an amount necessary to offset
any negative financial impact on the School District, as a result of its
participation in the TIF, relating to State funds that would otherwise be received
by the School District under school finance legislation or relating to amounts
that must be paid or contributed by the School District under school finance
law.
Amended Project and Financing Plan
Tax Increment Zone #i
Souttflake, TX
Page 8
August 10, 1999
7. The current total appraised value of taxable real property in the zone.
The total appraised value of the taxable real property in the zone using the 1997
base year values provided by the Tarrant Appraisal District is $32,123,017.
The taxable value of those same properties is $23,217,804, after deducting a
total of $8,805,213 for agricultural deferrals and tax exempt properties. 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.
The 1999 total appraised value of the taxable real property in the zone provided by the
Tarrant Appraisal District is $54,949,664. The 1999 taxable value of those same
properties is $54,874,664, after deducting a total of $75,000 for agricultural deferrals
and tax exempt properties.
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.
Incremental
Fiscal Year Taxable Assessed Fiscal Year
Valuation
Incremental
Taxable Assessed
Valuation
1998 $8,600,000 2009 $366,870,903
1999 $58,065,769 2010 $399,706,830
2000 $89,798,134 2011 $433,482,835
2001 $139,624,890 2012 $468,227,118
2002 $149,951,655 2013 $503,968,732
2003 $188,118,189 2014 $507,147,815
2004 $215,861,534 2015 $510,377,271
2005 $244,392,179 2016 $513,658,612
2006 $273,733,744 2017 $515,158,612
2007 $303,910,557 2018 $516,658,612
2008 $334,947,672
Amended Project and Financing Plan
Tax Increment Zone #1
Southlake, TX
Page 9
August 10, 1999
9. The duration of the zone.
The zone was created in September 1997, with an effective date of January 1,
1998. The zone exists for 20 years with. the termination of the zone set at either
September 30, 2018 or the date when all project costs are paid and all debt is
retired, whichever comes first.
Amended Project and Financing Plan
Tax Increment Zone #1
Southlake, TX
Page 10
August 10, 1999
-i
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Exhibit A
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Exhibit A
Beginning at the intersection of the south right-of-way line of F.M. 1709 (Southlake Boulcarazd)
~ the projection of the west right-of-way line of Ca.,'mll Avenue (said right-of-',way being ¢itbec
the existing or what becomes fmu~ right, of-way after funa'e right-of-way acquisition).
THENCE
NORTH, along the west right.of-way of Carroll Avenue (said fight-of-way being
either the existing or what becomes future right-of-way after future right-of-way
acquisition) to the intersection of the said west right-of-way line of Carroll
Avenue and the south right-of-way o/'State Highway 114 (Northwest Parkway)
(~xid fight-of-way being either the existing or what becomes future right-of-way
after future right-of-way acquisition);
THENCE
NORTH, along the w~t right-of-way of the intersection of State Highway 114
(Northw~t Parkway) and Carroll Avenue (said right-of-way being the we~t right-
of-way after right-of-way acquisition is complete for the construction of Slate
Highway 114 improvements) to the intersection of the north right-of-way of State
Highway 114 (said right-of-way being either the existing or what become~ ~ture
r/ght-of-way after futm'e right-of-way acquisition), and the west right-of-way of
Carroll Avenue (mid right-of-way being either the existing or what becomex
future right-of, way after future fight-of-my acquisition);
THENCE
EAST, along the north right-of-way of State Highway 114 ('Northwest Parkway)
(said right-of-way being either the existing or what becomes fi~ture right--of-way
alter future right-of-way acquisition) continuing to the intemection of tho ~t
right-of-way line of Kimhall Avenue (said right-of-way being either the existing
or what becomes future right-of-way after future fight-of-way acquisition);
THENCE
SOUTH, along the e~t right-of-way of State Highway 1 I4 (Northwest Parkway)
(s~aid right-of-way being the east right-of-my after right-of-way acquisition is
complete for the cotutruction of State Highway 114 improvements) to the
intersection of the south fight-of-way &State Highway 114 (said right-of-way
being either the existing or what become~ future right-of-way after future right-of-
way acquisition), and the east right-of-way of Kimball Avenue (said right-of-way
being either the existing or what becomes future right-of, way after future right-of-
way acquisition);
THENCE
SOUTH, continuing along the east fight-of-way of Kimball Avenue (said right-of-
way being either the existing or what becomes future right-of-way after futur~
right.of-way acquisition) to the intersection of the south right-of-my of Crooked
Lane and the said east right.of-way or'Kimball Avenue;
THENCE
continuing in a southeasterly direction in a curve to the left along the east right.of-
way of KimbalI Avenue (said right-of-way being either the existing or what
becomes future right-of-way after future fight-of-way acquisition) to the
intersection of the ea.~t fight.of-way of Kimhall Avenue and the west property line
of Tract I of the C.B. McDonald Survey (Abstract I013);
THENCE
NORTH, along thc west property line of said Tract I to the intersection of thc
west line of Tract I and the southeast comer of Truer 3 of the C.B. McDonald
Survey (Abstract l 013 );
THENCE
WEST, along the south prope~y line of said Tract 3 to the southwest coroer of
said Tract 3;
THENCE
NORTH, along the west property line of.said Tract 3 to the southeast comer of
said Tract 3B3;
THENCE
WEST, along the south property line of said Tract 3B3 to the southwest comer of
said Tract 3B3;
THENCE
NORTH, along the west property line of said Tract 3B3 to the northwest corner of
said Tract 3B3;
THENCE
THENCE
THENCE
EAST, along the north property line or.id Tract 3B3 to the northwest comer of
said Tract 3;
EAST, along the north property line of ~ald Tract 3 to the northw~t comet of said
Tract 1;
EAST, along the north pmporty line of said Tract 1 to the nor~ast comer of aa/d
Tract t, said point being in the city limit line of the City of Southlak¢;
THENCE
THENCE
SOUTH, along the said east property line of'Tract I to a point being in die:city
limit line oftl~ City of Southlak¢ and ~ in thc north right-.o f-'.,~ay ~ of
South K/ml:~ll Avenue (soid right-of-way being eith~ the existing or what
become~ futu~ right-of-'.,.-ay afcr future rib,he-of-way acquialtlon);
continuing in a southeasterly direction in a curve to the right along thc north fight-
of-way of South Kimball Avenue (said right-of-way being either the exL,"ting oi'
what becomes f, atum right-of-way after future right-of-way acquisition) to the
inter,.,ection o£thc east fight-o£-way of South Kimball Avenue and the south
proper~y ~in¢ of Heritage Indus~ial Park, said point also being in the city limit line
o £ thc City of Southlake;
THENCE
THENCE
THENCE
THENCE
SOUTH. along the south property line of said Heritage Indm, m'ial Park to the
intersection of the south line of Heritage Industrial Park and the south tight-of-
way line of South Kimball Avenue;
continuing in a northwesterly direction in a curve to the left along the west right-
of-way of Kimball Avenue (said right, of-way being either the existing or what
becomes future fight.of-way afer future right-of-way acquisition) to a point in the
east property line of Tract I of'he C.B. McDonald Survey (Abstrac'~ 1013);
SOUTH. along the said eaxt property line of Tract 1 to the southeast corner of said
Tr'J. ct I, .*aid point being in the city limit line o£the City of Southlake;
continuing in a southwesterly direction along the south line of~id Tract I to the
southe:a.st corner of Tract 1, .said point being in the city limit line of the City of
Southlake;
THENCE
NORTH, along the said west property line ofTrac! 1 to a point in the ea.st
property line of Green Meadov, Addition and the south fight.of-way line of South
Kimball Avenue (said right-of-way being either the existing or what becomes
future right-of-way after future right-of-way acquisition);
THENCE
continuing in a northwesterly direction in a curve to the lef along the right-of-
way of Kimball Avenue (said right.oGway being either the existing or what
becomes future Hght-of-way afer future right, of-way acquisition) to the
intersection of the west fight.of-way of Kimball Avenue and the south right-of-
way of Crooked Lane and the said e~st right-of-way of Kimball Avenue;
THENCE
NORTH, along the west fight-of-way of Kimball Avenue to the southeast comer
of Tract ]A of the John A. Freeman Survey (Abstract 529);
THENCE
WEST, along the south property line o£~id Tract 3A to the south'a, est comer of
said Tract 3A;
THENCE
NORTH, along the said west properD' line of Tract 3A to the southwest corner of
Tract I of the John A. Freeman Survey (Abstract 529);
THENCE
NORTH, along the said weir property line of Tract 1 to the southwest corner of
Tract lB of the John A. Freeman Survey (Abstract 529);
THENCE
NORTH, along the said west property line of Tract lB to the southwest corner of
Tract lC of the John A. Freeman Survey (Abstract 529);
THENCE
NORTH, along the said we~t property line of Tract 1C to the northwe.~t comer of
Tract lC of the John A. Freeman Survey (Abstract 529);
THENCE
THENCE
THENCE
EAST, along the soid north properly line of Tract 1C to the northeazt corner of
Tr'a~t IC of the John A. Freeman S~ (A~ct 529), ~d ~int ~ing in ~
~ fi~t~f-~y of Sou~ K~I Av~;
NOR~ ~ong ~e ~d ~ fi~tmf-~y l~e ofSou~ ~b~l Av~ m ~
intention of~e w~ fightmf-~y ofSou~ Kim~ll Avenue ~ ~ mu~
fi~t~f-my of F.M. 17~ (SourCe BouleS);
~ST. ~ong ~e mu~ fight-ofimy ofF.M. 17~ (Southl~e Bo~) to ~
pmj~tion or t~ intention of ~e ~ fi~t~f-~y or~ll Argue (~id
SO~ flo~ ~ ~ fi~tmf:~y of~ ~11 A~m ~ ~ i~on
I'HENCE
'-HENCE
'tHENCE
SOUI'H. across ~ Coraiuental Boulev~d to O~ intg~-:~:ction ofth~ south right-
of-way line of Ea..~ Continental Boulvard and the ~ right-of-way of Bmmlow
Avenue;
SOUTH, along thc cast riOt. of-way line of Brumlow Avenue to the intersection
of the ~ right.of-way line of Brumlow Avenue and thc south line of the
Brumlow Industrial Addition, said point also being in the city limit line of the
City of Southlake;
Sou'rH, along the south property lin~ of said Bmmlow Industrial Addition to thc
intcr~-ction of thc south line ofsa~d Brumlow Industrial Addition and thc w~
fight-of-way line of Bmmlow Avenue;
~ENCE
~'HENCE
THENCE
NORTH, along thc west right-of-way line Brumlow Avenue to the intersection of
the west fight, of-way line of Brumlow Avenue and the south right-of-way line of
E~t Continental Avenue;
_WEST, along thc south line of East Continental Avenue to thc int~,.,~.ction of the
west right-of-way linc of South Cai'roll Avenue and the south fight-of-way line of
East Continental Avenue;
NORTH, along thc ~ fight-of-way Line South Carroll Avenue to the
inter~ection of thc west right--of-way linc of South Carroll Avenue and the south
right-of-way of F.M. 1709 (Southlake Boulevard);
WEST, along the south right-of-way of F.M. 1709 (Southlake Boulevard) to thc
projection o£the inter~cetion of thc west right-of-way of Careol] Avenue (.~aid
right-of-way being either thc exLsting or what becomes futur~ right-of-way after
fun.crc right-of-way acquisition) and south fight-of-way ofF.M. 1709 (Southlake
BouIcvard) to the POINT OF BEGINNING, containing 408 acres, more or leas.
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i
Type of Allowable Project Costs
Public Buildings and Facilities
Joint City/County Facility
Educational Facilities
Parking Facilities
Public Parks
Land Acquisition
Special Structures
Landscaping
Tra~is
General Infrastructure
Water Utilities
Sewer Utilities
Storm Water
Streets and Curbs
Traffic Control
Sidewalks/Streetscape
Demolition & Excavation
EarthworkJGradthg
Engineering/Contingency
Total Development Infrastructure
of Developer Infrastructure
Exhibit C-1
Reinvestment Zone #1, Southlake
Proposed Capital Improvement Program
General General General Educational
Infrastructure A~ Infrastructure El Infrasfu'ucture Cz Infrasimucture
$ 12,000,000.00
$ 1,139,000.00
$ 1,134,154.00 $ 1,572,465.00
$ 5,000,000.00
548,380.00 $ 881,682~00
216,148.00 $ 350,234.00
399,669.00 $ 1,010,522.00
1,329,972.00 $ 1,925,905.00
1,000,000.00
3484,739.00 $ 4,907,623.00
302,540.00 $ 488,585.00
7,281,448.00 $ 9,564,551.00
$ 2,912,579.20 $ 3,825,820.40
$ 2,500,000.00
$ 652,000.00
$ 300,000:00
$13,150,000.00
School lmprvt.
Projects~
$ 61,700,000.00
Operational and Maintenance
Capitat Maintenance4
Operaticn Costs
Other Incremental Costs
Professional Services5
$ 1,973,000.00 $ 1,000,000.00
$ 5'1,500,000.00
$ 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
The costs categorized as "educational facilities" include initial capital expenditures related to the
lit2rary facility for resource materials, library automation system, and furnishings
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,
All projects in this phase are to be funded with ClSD contributions only.
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)
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 .AA/, 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 Bird)
South Carrotl Avenue Road Construction from 1709 to Continental
Brumlow Road Construction from Contlnental to SH 26
Crainage Improvements for I6 acre school site on Continental
Subtotal Infrastructure for Continental School Site
School Sites (South Kimball Ave)
South Kimball Avenue Road Construction from 1709
South Kimball Avenue Road Construction from Crooked to Heritage
Construct a 12" water!ine along Kimball
Sewer for S. Kimball School site
S-7 Sewer Line for 42 acre site on S Kimball
Subtotal Inf'asfructure for South Kimball School Sites
Total Educational Infrastructure
Educational
Buildings and Facilities
Middle Schoo~
Intermediate School
Elementary School
Transportation Facility
Stadium
Subtotal Buildings and Facilities
Operating Costs
TIF Administrative Costs
Middle School
Intermediate School
E!ementary School
Transportation Facili~
Stadium
$4,740,000.00
$2,470,000.00
$300.000.00
$7,510.00000
$3,960.000.00
$1,980.000.00
$652,000.00
$370,000.00
$1,000,000.00
$7, g62,000.00
$15,472,000.00
t9,500,000.00
15,000,000.00
11,000,000.00
1,600,000.00
!4,500.00000
61,700,000.00
$ 75,000.00
$ 800,000.00
$ 500,000.00
$ 500.000.00
$ 200,000.00
$ 500,000.00
$ 2,575,000.00
s
$ 113,200,000.00
Annual Operating Costs
Cost for 20 years
Total Educational
TOTAL Contribution including Educational Infrastructure S 128,672,000.00
and Educational Facilities and Operating Costs
.5<
y.'~
= 2-
.--.
EXHIBIT E
RESOLUTION SETTING A PUBLIC Iq:EARING
ON THE CREATION OF A TAX INCRE.XlENT REI-N%-EST.~IENT ZONE
RESOLUTION NO. 97-43
A RESOLUTION by the City Council of the City of Southlake, Texas setting a
pubtic hearing on the creation of reinvestment zone: directing notice of such
pubtic hearing be given 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
de;'elopment 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 pubI~c hearing on the creation of the reinvestment zone and its benefits to the Ci.ty and
to property in the proposed reinvestment zone; now. therefore.
BE IT RESOLVED Bk' THE CITY COUNCIL OF THE CITY OF SOUTHL.-kKE,
.TEXAS:
5F,_C,_T. IQ_N__N 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.
5aS_C_TLO_N.3~ 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 shaIl be in writing and contain substantially the information appearing in
Exhibit A attached hereto, including a description of the proposed boundaries of the
reinvestment zone, the tentative plans for the development or redevelopment of the area within
E-1
Courmil to make a formal pr~ntafion to the governin~ bodies of the coum3t and tim mlmol
4strict that levies real property taxes in the proposed reinve~ment zone, as well ~s ~
the governing b~xties of the other taxing units that lev~ real property taxes in ttm proposed
~one who may elect to attend such presentation; all in accordance with the provision~ of
~LT.C.A., Tax Code, Section 311.003(f).
~ The City Secretary is hereby further directed to cause a notic~ of ttm
public hearing on the creation of the reinvestment zone, in substantially tim form and contain
of Exhibit B hereto attached, to be published at le3st once in a newspaper having general
c/rculadon in the City not later than the seventh (Tth) day before the date of the public bearing.
~ It is officially found, det~rrnined, and declared that the m~ting at which
this Resolution Ls adopted was open to the public a~l public ~otice of th~ tim~, pla , ..a
subject matter of the public business to be consich~red at such meeting, i~c:luding thi_~
Resolution. was given, all as required by V.T.C.A., Oovemment Code, Chapter 55I, as
amended.
~.._QT_[.QJN_~ Tkis 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.
ATTEST:
· 7( '
City Secretary, ~ ! ~ ~
Ciw of Sou~e, Tex~ ~ ~
(Ci~ Seal)
APPROVED AS TO FORM:
City Attorney
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 land
generally located within the area bounded by East Higkland 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
SOUTH-LAKE TOWN CENTER.
PHASE I SITE PLAN
F-!
S~TE PL,t i'~
INVOICE
Star-Telegram Customer ID: CIT57
Invoice Number: 156643871
What do you want to know?
Invoice Date: 8/20/99
Terms: Net due in 21 days
Star-Telegram Due Date: 8/31/99
400 W.7th Street PO Number:
FORT WORTH,TX 76102 Order Number: 15664387
(817)390-7761
Federal Tax ID 22-3148254 Sale Rep: 073
Description: CITY OF SOUTHLA
Bill To: CITY OF SOUTHLAKE
667 N CARROLL AVE
SOUTHLAKE, TX 76092-6412
Description Location Col Depth Linage MU Rate Amount
CITY OF SOUTHLAKE,TEXAS ORDIN CMISC 1 22 22 LINE $2.76 $121.22
Sales Discount ($103.40)
Start Date: 8/20/99 Stop Date: 8/20/99 1
CITY OF SOUTHLAKE,
TEXAS ORDINANCE NO.752 Net Amount: $17.82
AN ORDINANCE amending the
Project Plan and Financing
Plan for Tax Increment Rein-
vestment Zone Number One,
City of Southlake, Texas;
and resolving other matters
incident and related thereto.
PASSED AND APPROVED ON
THE 17th DAY OF AUGUST,
1999 DURING THE REGU-
LAR CITY COUNCIL MEET-
ING.
MAYOR RICK STACY
ATTEST:
THE ST ITV SE DRAC LRETARYLEGRAND,
County APPROVED AS TO FORM:
CITE!ATTORNEY JR.,
Before me,a Notary Public in and for said County and State,this day personally appeared Tammie,Bryant, Bid and Legal Coordinator, for the Star-
Telegram, published by the Star-Telegram, Inc.at Fort Worth,in Tarrant County, Texas;and who,; fter being duly sworn,did depose and say that the
attached clipping of an advertisement was published in the above named paper on the listed date
SUBSCRIBED AND SWORN TO BEFORE ME, THIS Thursday,August 26, 1999.
NotaryPublic 1 v106-10-&- • &JUL.)
RHONDA R. GOKE
COMMISSION EXPIRES
Thank You For Your Payment '';'r... ..:+Pr SEPTEMBER 8, 1999
Remit To: Star-Telegram Customer ID: CIT57
P.O. Box 901051 Customer Name: CITY OF SOUTHLAKE
FORT WORTH, TX 76101-2051 Invoice Number: 156643871
Invoice Amount:'': $17.82
PO Number:
Amount Enclosed; ,$
_— INVOICE
Star-Telegram Customer ID: CIT57
Invoide Number: 155781941
What do you want to know? i
Invoide Date: 8/6/99
1
Term$: Net due in 21 days
Star-Telegram Due Date: 8/31/99
400 W.7th Street PO Number:
FORT WORTH,TX 76102 Order Number: 15578194
(817)390-7761
Federal Tax ID 22-3148254 Sales Rep: 073
Description: NOTICE OF PUBLI
Bill To: CITY OF SOUTHLAKE
• 667 N CARROLL AVE
SOUTHLAKE, TX 76092-6412
Description Location Col Depth Linage MU Rate Amount
NOTICE OF PUBLIC HEARING NOTIC CMISC 1 36 36 LINE S2.76 $198.36
Sales Discount; (S 169.20)
Start Date: 8/6/99 Ston date: 8/6/99
PUBLIC HEARING Net Amount: $29.16
NOTICE is hereby given to all
interested persons that the
City Council of the City of
Southlake, Texas, will be
holding a public hearing re-
g dPing e Pame nadnm ete o 1
nancing Plan for the South-'
lake Tax Increment Reinvest-
ment Zone Number One for
the City of Southlake,during
the regular City Council
meeting to be held on Au-
gust17,1999,at7:00pm.
THE STATE The meeting will be held n
the City Council Chambers
County of Ta of City Hall, 667 North Car-
roll Avenue, Southlake, Tex-
as.The purpose of the hear-
ing willg�be regarding the fol- i
Before me,a IOoRDINANCE NO.752 d County and State,this day personally appeared Tammie Bryant, Bid and Legal Coordinator, for the Star-
Telegram, pu AN ORDINANCE AMENDING 1, Inc.at Fort Worth, in Tarrant County, Texas;and who,after being duly sworn,did depose and say that the
attached clippTHE NANCING PLAN
TAD -
PLAN FOR TAX IN-s published in the above named paper on the listed date
CREMENT REINVESTMENT -.
I ZONE NUMBER ONE CITY
AND SOUTHLAKE,
OTHER s
MATTERS INCIDENT AND RE-
LATER THERETO.
SUBSCRIBED,Sandra L.LeGrand tE ME,THIS Monday,August 09, 1999.
City Secretary ^ `
City of Southlake
Notary Public
'' ' '���,, A R.
`,�-�'�% COMMISSIONRHOND EXPIREGOKES
/\ s
Thank You For Your Payment ��,F`p`� = SEPTEMBER 8, 1999
I
Remit To: Star-Telegram Customer ID: i CIT57
P.O. Box 901051 Customer Name: CITY OF SOUTHLAKE
FORT WORTH, TX 76101- Invoice Number: 155781941
2051 Invoice Amount: $29.16
PO Number: q
Amount Enclosed: i $
