HomeMy WebLinkAboutOrdinance No. 2013-2033
CITY OF THE COLONY, TEXAS
ORDINANCE NO. 2013-2033
AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF THE
COLONY, TEXAS, APPROVING A PRELIMINARY REINVESTMENT
ZONE FINANCING PLAN FOR PROPOSED TAX INCREMENT
REINVESTMENT ZONE NUMBER TWO, CITY OF THE COLONY,
TEXAS; PROVIDING A SEVERABILITY CLAUSE; AND PROVIDING
FOR AN IMMEDIATE EFFECTIVE DATE.
WHEREAS, the City Council of the City of The Colony, Texas, desires to promote the
development of a certain geographic area within its jurisdiction by the creation of a reinvestment
zone as authorized by the Tax Increment Financing Act, Chapter 311 of the Texas Tax Code, as
amended (the "Act"); and
WHEREAS, Section 311.003(b) of the Act provides that before adopting an ordinance
designating a reinvestment zone, the City Council must prepare a preliminary reinvestment zone
financing plan; and
WHEREAS, the City Council of the City of The Colony, Texas, hereby approves the
Preliminary Reinvestment Zone Financing Plan for Tax Increment Reinvestment Zone Number
Two, City of The Colony, Texas, a copy of which is attached hereto as Exhibit A (the
"Preliminary Finance Plan").
NOW THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE
CITY OF THE COLONY, TEXAS:
SECTION 1. FINDINGS. That the facts and recitations contained in the preamble of
this Ordinance and in the Preliminary Finance Plan are found and declared to be true and correct
legislative findings and are adopted as part of this Ordinance for all purposes.
SECTION 2. APPROVING PRELIMINARY REINVESTMENT ZONE
FINANCING PLAN. That the City Council of the City of The Colony, Texas, hereby approves
the Preliminary Finance Plan.
SECTION 3. SEVERABILITY CLAUSE. If any provision, section, subsection,
sentence, clause or phrase of this Ordinance, or the application of same to any person or set of
circumstances, is for any reason held to be unconstitutional, void, or invalid, the validity of the
remaining provisions of this Ordinance or their application to other persons or set of
circumstances shall not be affected thereby, it being the intent of the City Council in adopting
this Ordinance that no portion hereof shall become inoperative or fail by reason of any
unconstitutionality, voidness, or invalidity of any portion hereof, and all provisions of this
Ordinance are declared severable for that purpose.
SECTION 4. EFFECTIVE DATE. This Ordinance shall take effect immediately upon
its passage and it is accordingly so ordained.
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PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF THE
COLONY, TEXAS, THIS THE 3RD DAY OF DECEMBER, 2013.
Joe McCourry, Mayor
AT(TE T:
I
ristie Wilson, City Secretary to r
APPROVED AS TO FORM:
Jeff Moore, City Attorney
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2155.011\35700.12
Exhibit A
PRELIMINARY REINVESTMENT ZONE
FINANCING PLAN
FOR
TAX INCREMENT REINVESTMENT ZONE NUMBER TWO,
CITY OF THE COLONY, TEXAS
December 3, 2013
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2155.011 \35700.12
1. INTRODUCTION.
1 .1 Defined Terms. Words and phrases with their initial letters capitalized that are
used in, but not defined in, this Section 1 are defined in Section 2. Unless otherwise specified,
all references to "Section" shall mean a section of this Preliminary Finance Plan, and all
references to "Exhibit" shall mean an exhibit attached to and made a part of this Preliminary
Finance Plan for all purposes.
1.2 TIF Projects and TIF Project Costs. Tax increment financing is an economic
development tool available for an area designated by the City as a reinvestment zone to pay for:
(1) public works within and outside such zone; (2) public improvements within and outside such
zone; (3) programs for the public purpose of economic development within such zone, including
but not limited to programs under Chapter 380 of the Texas Local Government Code, to make
grants of land and grants and loans of money to facilitate and pay for activities that benefit such
zone and stimulate business and commercial activity within such zone; (4) other projects that
benefit such zone; and (5) costs and expenses incidental to the foregoing works, improvements,
programs, and projects. The public works, public improvements, programs, and other projects
that benefit the proposed Zone are collectively referred to as the "TIF Projects" and are described
in Section 6. The costs and expenses of the TIF Projects are collectively referred to as the "TIF
Project Costs" and are described in Section 7. TIF Project Costs shall be paid from a portion of
the increased ad valorem taxes collected by the City within the proposed Zone and attributable to
new development within the proposed Zone. The statute that governs tax increment financing is
the Tax Increment Financing Act, Chapter 311 of the Texas Tax Code, as amended (the "Act").
1.3 The Zone. The City may designate a contiguous or non-contiguous area as a
reinvestment zone in accordance with the procedures in the Act, which procedures require the
preparation of this Preliminary Finance Plan. The proposed Zone covered by this Preliminary
Finance Plan consists of approximately 992.220 open and undeveloped acres located within the
corporate limits of the City and described in Section 3. The City is creating the Zone to promote
quality economic development that but for the Zone might be delayed. If the Zone is created, it
is contemplated that there will be constructed and operated within the Zone: approximately 1,975
single-family residential homes; attached and multi-family uses; a K-8 school; and commercial
and retail development, including grocery stores, restaurants, and convenience store uses. The
City Council and the Board have determined that development within the Zone might be delayed
for the foreseeable future if only private investment is available to finance improvements.
Moreover, the City Council and the Board have determined that the Zone substantially impairs
the growth of the City because the Zone is predominately open and undeveloped, because of
other development factors such as the need for essential public infrastructure, and because of the
need for economic development programs that establish financial incentives to attract new
business and commercial activity to the Zone for the purpose of providing long-term economic
benefits including, but not limited to, increases in the real property tax base for all taxing units
within the proposed Zone, increases in sales and use tax for the City and the State of Texas, and
increased job opportunities for residents of the City, the County, and the region.
1.4 County Participation. It is contemplated that the County will not participate in the
Zone.
1.5 Implementation. To facilitate implementation of the proposed Zone: (1) the
Board must prepare, adopt, and recommend, and the City Council must approve, a Final Project
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and Finance Plan for the Zone which may vary from this Preliminary Finance Plan; and (2) the
Board must prepare, adopt, and recommend, and the City Council must approve and authorize
the execution of, a Reimbursement Agreement.
2. DEFINITIONS. Words or phrases used in this Preliminary Finance Plan that have their
initial letters capitalized shall have the meanings given to them in this Section 2 unless the
context in which the words or phrases are used clearly requires a different meaning.
2.1 "Act" is defined in Section 1.2.
2.2 "Board" means the Board of Directors of the Zone.
2.3 "Captured Appraised Value" means the total taxable value of all real property
taxable by the City and located in the Zone for that year less the Tax Increment Base for the City
2.4 "City" means the City of The Colony, Texas, a home-rule municipal corporation.
2.5 "City Council" means the City Council of the City of The Colony, Texas.
2.6 "City Tax Increment" means seventy percent (70%) of the Tax Increment for the
City.
2.7 "County" means Denton County, Texas.
2.8 "Developer" means Tribute Partners, L.P., a Texas limited partnership, and its
successors and assignees.
2.9 "Reimbursement Agreement" means an agreement among the Board, the City,
and the Developer that will implement the Final Project and Finance Plan including, but not
limited to, the obligation of the City to deposit the City Tax Increment into the Tax Increment
Fund and use such fiend to reimbursement the Developer for TIF Project Costs, plus interest as
provided in Section 7.
2.10 "Feasibility Study" means the Economic Feasibility Study, TIF Reinvestment Zone
Number Two, City of The Colony, Texas, dated October 2013 prepared by Stein Planning, LLC, a
copy of which is attached as Exhibit C.
2.11 "Final Project and Finance Plan" means the Final Project Plan and Reinvestment
Zone Financing Plan for Tax Increment Reinvestment Zone Number Two, City of The Colony,
Texas, as amended, prepared, adopted, and recommended by the Board and approved by the City
Council.
2.12 "Preliminary Finance Plan" means this Preliminary Reinvestment Zone Financing
Plan for Tax Increment Reinvestment Zone Number Two, City of The Colony, Texas.
2.13 "Propert y" means the real property in the Zone described by metes and bounds on
Exhibit A-3.
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2.14 "Schedule 4" means Schedule 4, "TIF Project Costs" attached to the Feasibility
Study.
2.15 "Tax Increment" means, for the City, for each year, the amount of property taxes
levied and collected by the City for that year on the Captured Appraised Value of real property
taxable by the City and located in the Zone.
2.16 "Tax Increment Base" for the City is the total taxable value of all real property
taxable by the City and located in the Zone for the year in which the Zone was designated.
2.17 "Tax Increment Fund" means the tax increment fund required by the Act, and any
accounts held therein, for the Zone established by the City into which: (1) the City is required by
the Act to deposit the City Tax Increment; (2) the City deposits the proceeds from the issuance of
bonds, if any, secured by the Tax Increment Fund; and (3) the City is otherwise required by the
Act to deposit any funds.
2.18 "TIF Project Costs" are defined in Section 1.2 and described in Section 7.
2.19 "TIF Projects" are defined in Section 1.2 and described in Section 6.
2.20 "Zone" means Tax Increment Reinvestment Zone Number Two, City of The
Colony, Texas.
3. DESCRIPTIONS AND MAPS OF THE ZONE. A map showing existing uses and
conditions of property in the Zone is attached as Exhibit A-1. A map showing proposed uses of
property in the Zone is attached as Exhibit A-2. A metes and bounds description of the property
in the Zone is attached as Exhibit A-3. A boundary map of the Zone is attached as Exhibit A-4.
4. PROPOSED _CHANGES TO ORDINANCES, PLANS CODES RULES AND
REGULATIONS. There are no proposed changes to any ordinances, plans, codes, rules, or
regulations adopted by the City.
5. RELOCATION OF DISPLACED PERSONS. No persons will be displaced or relocated
due to the creation of the Zone or as a consequence of implementing the Final Project and
Finance Plan.
6. TIF PROJECTS. Development of the Property will include the construction of (but not
the staffing, operation, or maintenance of) the TIF Projects generally described in this Section 6.
A more detailed description may be included in the Final Project and Finance Plan and will be
included in the Reimbursement Agreement.
6.1 Elevated Water Storage Tank. An elevated water storage tank to provide
additional water capacity to the higher Wynnwood pressure plane in the City. The tank will be
made of steel with a 1.0 million gallon storage capacity and will be located at the Wynnwood
Pump Station on Lebanon Road. Construction will include interior and exterior coatings,
foundation, associated piping, and modifications to the supervisory control and data acquisition
(SCADA) system.
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6.2 Fire Station/Police Substation. A fire substation to provide fire and emergency
medical services and reduce response times to fire, rescue, and medical emergencies in the
Wynnwood/Tribute portion of the city. The fire station will be designed to provide 24-hour
service, housing firefighter/paramedics and apparatus around the clock. The fire station will be a
single story structure with four drive-through bays for equipment and living and support quarters
for 10 to 12 full-time personnel. The station will also include equipment. The police substation
will be a subset of the fire station with two offices, a holding cell, and a lobby with a garage.
6.3 Roadway and Infrastructure Improvements. Roadways, including street lighting,
signalization, sidewalks, hike/bike trails, irrigated landscaping, and related water and sewer
infrastructure (and, in the case of roadways around the LEISD school site, including
underground drainage conduit that will combine with a storm water storage basin connected to
the existing storm water inlet in Stonefield), as follows: (1) Bridge Lane (as a 37-ft collector)
from Lebanon Road to Marina Park; (2) Prescott (as a 37-ft collector) around the LEISD school
site; (3) Oxford (as a 37-ft collector) around the LEISD school site; (4) the extension of
Stonefreld (as a 37-ft collector) around the LEND school site; (5) the realignment and
replacement of a portion of Boyd Road as determined by the City and the Developer based on a
traffic study prepared by the Developer; (6) a boulevard for the Lakeside Entertainment District;
and (7) a roadway connecting Bridge Lane to Marina Park.
6.4 Marina Park Improvements. Marina Park may include a fitness center, an all-
purpose sports field, lighted tennis courts, a basketball court, sand volleyball courts, playground,
pavilion with restrooms, boat ramp, courtesy dock, pier, beach, trailhead and vehicle and trailer
parking. Lighting for the field and parking areas, sidewalks, hike/bike trail, fencing and irrigated
landscaping are included.
6.5 Lakeside Entertainment District Improvements. An amphitheater within the
Lakeside Entertainment District, including restrooms, parking, water and sewer infrastructure,
sidewalks, fencing, irrigated landscaping, and lighting.
7. TIF PROJECT COSTS.
7.1 TIF Project Costs. The total estimated TIF Project Costs are $49,064,494. The
TIF Project Costs for the TIP Projects described in Sections 6.1 through 6.5 are estimated, in out-
year, escalated dollars (as shown on Schedule 4) to be $24,845,485. The subtotals for the
categories of capital improvements shown on Schedule 4 may vary so long as the total for all the
categories does not exceed $24,845,485). By way of example, the category of capital
improvements on Schedule 4, "Roadway and Infrastructure Improvements," may increase in cost
by $X so long as the cumulative costs of the remaining categories of capital improvements are
reduced by at least $X. If the actual cost to construct the Elevated Water Storage Tank exceeds
$2,884,000 (whether constructed by the City of the Developer) or if the actual cost to construct
the Fire Station/Police Substation exceeds $7,224,016 (whether constructed by the City or the
Developer), then the total estimated TIF Project Costs and TIF Project Costs for the TIF Projects
set forth in this Section 7.1 and on Schedule 4 shall be increased by the amounts by which the
actual costs exceed the estimates.
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7.2 Additional TIT Project Costs. In addition to the TIF Project Costs described in
Section 7.1, TIF Project Costs include: (1) an additional estimated amount of $23,387,863
representing interest on TIF Project Costs paid or incurred to construct the TIF Projects at the
rate for the Developer of 6.50% per annum simple interest and at a rate for the City comparable
to the interest rate on the City's general obligation debt, all such interest shall begin to accrue
when the costs are paid or incurred and shall continue until the Developer or the City has been
fully reimbursed for the corresponding TIF Project Cost, or portion thereof, including interest;
plus (2) an additional estimated amount in out-year, escalated dollars (as shown on Schedule 4)
of $831,146 representing the costs paid or incurred by the City in the administration of the Zone.
The amount of interest will be increased proportionally if the TIF Project Costs and TIF Project
Costs for the TIF Projects are increased as provided in Section 7.1.
8. ESTIMATED NON-PROJECT COSTS. The non-project costs for the Zone (i.e., costs
that are not reimbursable to the Developer under this Preliminary Finance Plan) are estimated to
be $885,520,000.
9. ECONOMIC FEASIBILITY. Construction of the TIF Projects will benefit the Zone and
stimulate further business and commercial activity in the Zone that might be delayed but for the
designation of the Zone and implementation of the tax increment financing described in this
Preliminary Finance Plan. The adoption and approval of this Preliminary Finance Plan by the
City Council constitutes a finding by the City Council that the creation of the Zone is feasible
based, in part, on the Feasibility Study.
10. ESTIMATED BONDED INDEBTEDNESS. The issuance of bonds secured by the City
Tax Increment or the Tax Increment Fund is neither contemplated nor prohibited by this
Preliminary Finance Plan.
11. ESTIMATED TIME WHEN TIF PROJECT COSTS WILL BE INCURRED. It is
anticipated that TIF Project Costs will be paid or incurred beginning in year 2013 and continuing
through the year 2019 as shown on Schedule 4.
12. CURRENT TOTAL APPRAISED VALUE. The current total appraised value of taxable
real property in the Zone is $113,899,462.
13. ESTIMATED CAPTURED APPRAISED VALUE. The estimated captured appraised
value of taxable real property in the Zone during each year of its proposed existence is shown on
Exhibit B.
14. METHOD OF FINANCING.
14.1 The Developer will construct from time to time as the Developer, in its sole
judgment, determines to be necessary the following TIF Projects: the "Roadway and
Infrastructure Improvements" described in Section 6.3, the "Marina Park Improvements"
described in Section 6.4, and the "Lakeside Entertainment District Improvements" described in
Section 6.5. If the Developer constructs such improvements, the Developer shall be reimbursed
for the corresponding TIF Project Costs (up to, but not exceeding, the amounts shown on
Schedule 4) of such improvements from the Tax Increment Fund (distributed not less frequently
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2155.011 \35700.12
than quarterly) in accordance with the Reimbursement Agreement, which reimbursement shall
continue for the term of the Zone or until the Developer has been fully reimbursed, including
interest. The City (upon at least 90 days' written notice to the Developer) may elect to construct
(using City funds) one or more of such TIF Projects and, upon completion of construction, shall
be reimbursed for the corresponding TIF Project Costs (up to, but not exceeding the amounts
shown on Schedule 4) from the Tax Increment Fund distributed not less frequently than quarterly
for the term of the Zone or until the City has been fully reimbursed, including interest. Unless
expressly agreed otherwise by the City and Developer, however, the City's right to be reimbursed
shall be on a parity with (and in proportion to) the rights of the Developer to be reimbursed for
TIP Project Costs, plus interest, for the TIF Projects that, as a minimum, were under construction
when the City completed construction.
14.2 The Developer may elect to construct the "Elevated Water Storage Tank"
described in Section 6.1 and be reimbursed for the corresponding actual TIF Project Costs
(estimated to be $2,884,000): (1) from the Tax Increment Fund (distributed not less frequently
than quarterly) in accordance with the Reimbursement Agreement, which reimbursement shall
continue for the term of the Zone or until the Developer has been fully reimbursed, including
interest; and (2) from other sources of security provided by the City and acceptable to the City
and the Developer. If, however, the City (using City funds) elects to construct the Elevated
Water Storage Tank, then the City shall be entitled to reimbursement for the corresponding
actual TIF Project Costs (estimated to be $2,884,000) from the Tax Increment Fund (distributed
not less frequently than quarterly), which reimbursement shall continue for the term of the Zone
or until the City has been fully reimbursed, including interest. Unless expressly agreed otherwise
by the City and the Developer, however, the City's right to reimbursement shall be on a parity
with (and in proportion to) the rights of the Developer to reimbursement for TIF Project Costs,
plus interest, for TIF Projects that, as a minimum, were under construction when the City
completed construction of the Elevated Water Storage Tank.
14.3 The City and the Developer shall jointly determine which of them will construct
the "Fire Station/Police Substation" described in Section 6.2. If it is determined that the
Developer will construct the station/substation, then the Developer shall be reimbursed for the
corresponding actual TIF Project Costs (estimated to be $7,224,016): (1) from the Tax Increment
Fund (distributed not less frequently than quarterly) in accordance with the Reimbursement
Agreement, which reimbursement shall continue for the term of the Zone or until the Developer
has been fully reimbursed, including interest; and (2) from other sources of security provided by
the City and acceptable to the City and the Developer. If it is determined that the City will
construct the station/substation, then the City shall be entitled to reimbursement for the
corresponding actual TIF Project Costs (estimated to be $7,224,016) from the Tax Increment
Fund (distributed not less frequently than quarterly), which reimbursement shall continue for the
term of the Zone or until the City has been fully reimbursed, including interest. Unless expressly
agreed otherwise by the City and the Developer, the City's right to reimbursement shall be on a
parity with (and in proportion to) the rights of the Developer to reimbursement for TIF Project
Costs, plus interest, for TIF Projects that, as a minimum, were under construction when the City
completed construction of the Fire Station/Police Substation.
14.4 The City shall not, without the prior consent of the City and the Developer,
pledge, assign, transfer, convey, mortgage, or encumber, in any way, the City Tax Increment or
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the Tax Increment Fund as security, directly or indirectly, for any bonds or other obligations
whether issued by the City or any entity related to, controlled by, or acting on behalf of the City.
15. DURATION OF THE ZONE. Unless extended by the City Council in accordance with
the Act, the Zone shall terminate on the earlier of: (1) the 25th anniversary of the date the Zone is
created; or (2) the date on which all TIF Project Costs, plus interest, have been reimbursed to the
City and the Developer as described herein. The provisions of this Section 15 shall be reflected
in the ordinance creating the Zone, the Final Project and Finance Plan, and the Reimbursement
Agreement.
16. BOUNDARIES OF THE ZONE. The boundaries of the Zone may not be reduced
without the consent of the City and the Developer unless and until all TIF Project Costs, plus
interest, have been reimbursed to the City and the Developer as described herein. The provisions
of this Section 16 shall be reflected in the ordinance creating the Zone, the Final Project and
Finance Plan, and the Reimbursement Agreement.
17. LIST OF EXHIBITS.
Exhibit A-1: Map of Existing Uses and Conditions in the Zone.
Exhibit A-2: Map of Proposed Uses in the Zone
Exhibit A-3: Metes and Bounds Description of the Zone
Exhibit A-4: Boundary Map of the Zone
Exhibit B: Estimated Captured Appraised Value
Exhibit C: Economic Feasibility Study
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Exhibit A-1
Map of Existing Uses and Conditions in the Zone
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2155.01 1\35700.12
Exhibit A-2
Map of Proposed Uses in the Zone
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2155.011 \35700.12
Exhibit A-3
Metes and Bounds Description of the Zone
OVERALL TRIBUTE DESCRIPTION
BEING a parcel of land located in Denton County, Texas, a part of the B.B.B. & C.R.R. Survey,
Abstract No. 170, a part of the B.B.B. & C.R.R. Survey, Abstract No. 179, a part of the B.B.B. &
C.R.R. Survey, Abstract No. 182, a part of the R. Carter Survey, Abstract No. 321, a part of the
R. G. Dunlap Survey, Abstract No. 352, a part of the T. D. Luckett Survey, Abstract No. 752, a
part of the S. Payton Survey, Abstract No. 1009, a part of the J. Robertson Survey, Abstract No.
1507, a part Boyd Road and Lebanon Road, all of Lot 1, Block 1, Wynnwood Pump Station
Addition, an addition to the City of the Colony as recorded in Cabinet W, Page 400, and
comprised of that tract of land described in deed to Little Elm Independent School District
recorded in Volume 5077, Page 2135, that tract of land described in deed to The Tribute Owners
Association, Inc. recorded in Document Number 2008-28999, and portions of those tracts of land
described in deeds to Tribute Partners, L.P. recorded in Document Number 2010-69110,
Document Number 2010-69111 and Document Number 2010-69114, Denton County Deed
Records, and being further described as follows:
BEGINNING at a five-eighths inch iron rod found in the west right-of-way line of Lebanon
Road (a 120 foot wide right-of-way) at the southwest corner of that 4.430 acre tract of land
described as Tract 19 in said Document Number 2010-69114, said point being in the north line
of a tract of land conveyed to United States of America (U.S.A.) as recorded in Volume 371,
Page 17 and in Volume 468, Page 130, Denton County Deed Records, said point also being the
southwest corner of Lebanon Road according to the plat recorded in Cabinet W, Page 268 of the
Plat records of Denton County, Texas;
THENCE South 89 degrees 18 minutes 15 seconds West, 1950.76 feet to a to a five-eighths inch
iron rod found for corner;
THENCE North 00 degrees 04 minutes 31 seconds West, 1100.08 feet to a five-eighths inch iron
rod found for corner;
THENCE North 00 degrees 18 minutes 25 seconds West, 100.14 feet to a five-eighths inch iron
rod found for corner;
THENCE South 88 degrees 34 minutes 01 seconds West, 511.56 feet to a to a five-eighths inch
iron rod found for corner;
THENCE North 48 degrees 04 minutes 11 seconds West, 355.70 feet to a five-eighths inch iron
rod found for corner;
THENCE North 30 degrees 57 minutes 56 seconds East, 657.61 feet to a Corp Of Engineer
monument found for corner in the take line of Garza-Little Elm Dam and Reservoir (Lake
Lewisville);
THENCE along the take line of Garza-Little Elm Dam and Reservoir (Lake Lewisville) as
follows:
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Exhibit A-3
Metes and Bounds Description of the Zone
North 24 degrees 36 minutes 59 seconds East, 556.05 feet to a point for corner;
North 71 degrees 45 minutes 30 seconds East, 134.59 feet to a point for corner;
North 30 degrees 50 minutes 28 seconds West, 86.29 feet to a point for corner;
North 27 degrees 57 minutes 07 seconds East, 466.04 feet to a point for corner;
South 68 degrees 13 minutes 00 seconds East, 263.30 feet to a Corp of Engineer
monument found for corner;
North 64 degrees 05 minutes 52 seconds East, 376.74 feet to a Corp of Engineer
monument found for corner;
North 89 degrees 33 minutes 08 seconds East, 403.23 feet to a Corp of Engineer
monument found for corner;
North 00 degrees 15 minutes 14 seconds West, 379.56 feet to a Corp of Engineer
monument found for corner;
North 61 degrees 45 minutes 56 seconds West, 339.76 feet to a point for corner;
North 05 degrees 13 minutes 46 seconds West, 425.54 feet to a point for corner;
North 50 degrees 58 minutes 42 seconds East, 150.71 feet to a Corp of Engineer
monument found for corner;
North 05 degrees 32 minutes 05 seconds East, 662.31 feet to a Corp of Engineer
monument found for corner;
North 88 degrees 07 minutes 35 seconds East, 42.24 feet to a Corp of Engineer
monument found at the southwest corner of Wynnwood Haven Estates, an addition to the County
of Denton as recorded in Cabinet E, Page 209, Denton County Map Records;
THENCE along the south line of said Wynnwood Haven Estates as follows:
North 83 degrees 53 minutes 31 seconds East, 100.47 feet to a one-half inch iron rod
found for corner;
North 00 degrees 33 minutes 25 seconds West, 7.13 feet to a one-half inch iron rod
found for corner;
North 89 degrees 16 minutes 35 seconds East, 1215.83 feet to a railroad spike found
for the southeast corner of said Wynnwood Haven Estates and said point being in the center of
Boyd Road (a prescriptive use right-of-way);
THENCE North 01 degrees 02 minutes 51 seconds West, 157.91 feet along the east line of said
Wynnwood Haven Estates and along the center of Boyd Road to a one-half inch iron rod found
for corner;
THENCE North 01 degrees 38 minutes 55 seconds West, 158.18 feet along the east line of said
Wynnwood Haven Estates to a Corp of Engineer monument found for corner in the take line of
said Garza-Little Elm Dam and Reservoir (Lake Lewisville);
THENCE along the take line of said Garza-Little Elm Dam and Reservoir (Lake Lewisville) as
follows:
North 78 degrees 19 minutes 06 seconds East, 65.66 feet to a one-half inch iron rod
found for corner;
North 49 degrees 05 minutes 28 seconds East, 322.05 feet to a Corp of Engineer
monument found for corner;
Page 14
2155.011 \35700.12
Exhibit A-3
Metes and Bounds Description of the Zone
North 62 degrees 33 minutes 24 seconds East, 1112.30 feet to a one-half inch iron rod
found for corner;
North 36 degrees 39 minutes 40 seconds East, 762.29 feet to a one-half inch iron rod
found for corner;
North 36 degrees 45 minutes 05 seconds East, 71.39 feet to a Corp of Engineer
monument found for corner;
South 89 degrees 35 minutes 43 seconds West, 312.09 feet to a Corp of Engineer
Monument found for corner;
North 45 degrees 22 minutes 05 seconds East, 575.78 feet to a Corp of Engineer
monument found for corner;
South 66 degrees 13 minutes 05 seconds East, 550.42 feet to a Corp of Engineer
monument found for corner;
North 55 degrees 31 minutes 30 seconds East, 1063.30 feet to a four inch pipe post
found for corner;
South 53 degrees 20 minutes 23 seconds East, 99.10 feet to a four inch pipe post
found for corner;
North 58 degrees 49 minutes 33 seconds East, 39.21 feet to a four inch pipe post
found for corner;
North 09 degrees 43 minutes 33 seconds West, 105.85 feet to a four inch pipe post
found for corner;
North 55 degrees 34 minutes 45 seconds East, 532.40 feet to a four inch pipe post
found for corner;
South 68 degrees 39 minutes 45 seconds East, 111.43 feet to a four inch pipe post
found for corner;
North 06 degrees 45 minutes 37 seconds East, 122.83 feet to a four inch pipe post
found for corner;
North 55 degrees 32 minutes 07 seconds East, 542.48 feet to a Corp of Engineer
monument found for corner;
North 31 degrees 56 minutes 09 seconds West, 949.10 feet to a Corp of Engineer
monument found for corner;
South 78 degrees 20 minutes 38 seconds East, 400.38 feet to a Corp of Engineer
monument found for corner;
South 52 degrees 10 minutes 02 seconds East, 727.85 feet to a four inch pipe post
found for corner;
South 24 degrees 02 minutes 41 seconds West, 30.84 feet to a four inch pipe post
found for corner;
South 15 degrees 40 minutes 20 seconds East, 51.56 feet to a four inch pipe post
found for corner;
South 56 degrees 34 minutes 06 seconds East, 24.94 feet to a four inch pipe post
found for corner;
North 57 degrees 44 minutes 36 seconds East, 62.09 feet to a four inch pipe post
found for corner;
South 52 degrees 13 minutes 08 seconds East, 775.93 feet to a Corp of Engineer
monument found for corner;
North 14 degrees 14 minutes 56 seconds East, 649.52 feet to a Corp of Engineer
monument found for corner;
I
Page 15
2155.011\35700.12
I
Exhibit A-3
Metes and Bounds Description of the Zone
South 41 degrees 03 minutes 50 seconds East, 472.48 feet to a point for corner;
THENCE South 00 degrees 03 minutes 49 seconds East, 414.73 feet to a one inch iron rod found
for corner;
THENCE South 45 degrees 34 minutes 44 seconds East, 302.88 feet to a one-half inch iron rod
found for corner;
THENCE South 00 degrees 20 minutes 30 seconds East, 907.31 feet to a point for corner in the
south right-of-way line of Lebanon Road;
THENCE South 89 degrees 03 minutes 39 seconds West, 229.47 feet along the south right-of-
way line of Lebanon Road to a fence post found at the northeast corner of that 3.4209 acre tract
of land described as Tract 18 in said Document Number 2010-69114;
THENCE South 06 degrees 31 minutes 15 seconds West, 497.49 feet to a Corp of Engineer
monument found at the southeast corner of Lot 1, Block 1, Wynnwood Pump Station Addition,
an addition to the City of The Colony as recorded in Cabinet W, Page 400, Denton County Map
Records;
THENCE South 74 degrees 32 minutes 42 seconds West, 309.51 feet to a five-eighths inch iron
rod found at the southwest corner of said Lot 1;
THENCE North 25 degrees 02 minutes 20 seconds West, 626.50 feet to a one-half inch iron rod
found at the northwest corner of said Tract 18, said point being in the south right-of-way line of
Lebanon Road (a variable width right-of-way);
THENCE South 87 degrees 53 minutes 13 seconds West, 467.96 feet along the south right-of-
way line of Lebanon Road to a one-half inch iron rod found for corner in the take line of said
Garza-Little Elm Dam and Reservoir (Lake Lewisville);
THENCE along the take line of said Garza-Little Elm Dam and Reservoir (Lake Lewisville) as
follows:
South 20 degrees 51 minutes 24 seconds East, 416.72 feet to a Corp of Engineer
monument found for corner;
South 00 degrees 55 minutes 33 seconds East, 403.72 feet to a Corp of Engineer
monument found for corner;
South 44 degrees 17 minutes 33 seconds West, 219.95 feet to a Corp of Engineer
monument found for corner;
South 23 degrees 13 minutes 58 seconds East, 504.77 feet to a Corp of Engineer
monument found for corner;
South 66 degrees 15 minutes 07 seconds East, 550.27 feet to a Corp of
Engineer monument found for corner;
South 14 degrees 52 minutes 10 seconds West, 516.70 feet to a Corp of Engineer
monument found for corner;
North 89 degrees 36 minutes 35 seconds East, 180.76 feet to a Corp of
Page 16
2155.011\35700.12
Exhibit A-3
Metes and Bounds Description of the Zone
Engineer monument found for corner;
South 34 degrees 14 minutes 35 seconds East, 719.98 feet to a Corp of
Engineer monument found for corner;
South 00 degrees 16 minutes 25 seconds East, 250.36 feet to a Corp of
Engineer monument found for corner;
North 79 degrees 20 minutes 17 seconds West, 250.67 feet to a Corp of Engineer
monument found for corner;
North 28 degrees 43 minutes 02 seconds West, 277.42 feet to a Corp of Engineer
monument found for corner;
North 02 degrees 25 minutes 23 seconds East, 98.26 feet to a Corp of
Engineer monument found for corner;
North 18 degrees 43 minutes 27 seconds West, 117.41 feet to a Corp of Engineer
monument found for corner
South 72 degrees 44 minutes 51 seconds West, 72.63 feet to a Corp of
Engineer monument found for corner;
North 28 degrees 43 minutes 02 seconds West, 148.34 feet to a Corp of Engineer
monument found for corner;
South 17 degrees 36 minutes 10 seconds West, 443.35 feet to a Corp of Engineer
monument found for corner;
South 26 degrees 30 minutes 09 seconds East, 499.68 feet to a Corp of
Engineer monument found for corner;
South 28 degrees 32 minutes 02 seconds West, 393.89 feet to a Corp of Engineer
monument found for corner;
South 46 degrees 00 minutes 17 seconds West, 1038.81 feet to a Corp of Engineer
monument found for corner;
South 12 degrees 48 minutes 30 seconds West, 196.63 feet to a Corp of Engineer
monument found for corner;
North 89 degrees 54 minutes 30 seconds West, 375.97 feet to a Corp of
Engineer monument found for corner;
North 45 degrees 15 minutes 56 seconds West, 148.52 feet to a Corp of
Engineer monument found for corner;
South 07 degrees 37 minutes 10 seconds West, 109.33 feet to a Corp of
Engineer monument found for corner;
South 41 degrees 02 minutes 33 seconds West, 342.56 feet to a Corp of Engineer
monument found for corner;
South 14 degrees 28 minutes 37 seconds West, 199.68 feet to a Corp of Engineer
monument found for corner;
North 84 degrees 47 minutes 05 seconds West, 199.79 feet to a Corp of
Engineer monument found for corner;
South 18 degrees 44 minutes 21 seconds West, 230.29 feet to a Corp of Engineer
monument found for corner;
North 32 degrees 32 minutes 59 seconds West, 559.14 feet to a Corp of
Engineer monument found for corner;
North 55 degrees 13 minutes 42 seconds West, 119.88 feet to a Corp of Engineer
monument found for corner;
South 02 degrees 52 minutes 07 seconds West, 50.81 feet to a Corp of
Page 17
2155.011\35700.12
Exhibit A-3
Metes and Bounds Description of the Zone
Engineer monument found for corner;
North 70 degrees 15 minutes 50 seconds West, 300.21 feet to a Corp of
Engineer monument found for corner;
South 19 degrees 45 minutes 47 seconds East, 850.04 feet to a Corp of
Engineer monument found for corner;
South 00 degrees 27 minutes 05 seconds East, 188.40 feet to a Corp of
Engineer monument found for corner,
North 72 degrees 18 minutes 08 seconds West, 699.72 feet to a Corp of Engineer
monument found for corner;
South 21 degrees 48 minutes 15 seconds East, 775.43 feet to a Corp of
Engineer monument found for corner;
South 46 degrees 48 minutes 08 seconds West, 700.08 feet to a Corp of
Engineer monument found for corner;
South 87 degrees 32 minutes 08 seconds West, 330.13 feet to a Corp of
Engineer monument found for corner;
North 43 degrees 37 minutes 35 seconds West, 499.78 feet to a Corp of Engineer
monument found for corner;
North 76 degrees 52 minutes 41 seconds West, 399.88 feet to a Corp of Engineer
monument found for corner;
South 27 degrees 02 minutes 57 seconds East, 460.27 feet to a Corp of
Engineer monument found for corner;
South 82 degrees 15 minutes 45 seconds West, 450.32 feet to a Corp of Engineer
monument found for corner;
North 22 degrees 16 minutes 53 seconds East, 300.02 feet to a Corp of
Engineer monument found for corner;
North 47 degrees 21 minutes 30 seconds West, 375.19 feet to a Corp of Engineer
monument found for corner;
North 19 degrees 49 minutes 24 seconds West, 798.82 feet to a Corp of
Engineer monument found for corner;
South 04 degrees 31 minutes 38 seconds West, 1374.07 feet to a Corp of Engineer
monument found for corner;
THENCE South 89 degrees 09 minutes 14 seconds West, 560.40 feet to a one-half inch iron rod
found for corner;
THENCE North 00 degrees 29 minutes 35 seconds West, 136.53 feet to a one-half inch iron rod
found for corner;
THENCE South 89 degrees 18 minutes 15 seconds West, 202.50 feet to the POINT OF
BEGINNING and containing 992.220 acres of land.
"This document was prepared under 22 TAC 663.23, does not reflect the results of an on the
ground survey, and is not to be used to convey or establish interests in real property except those
rights and interests implied or established by the creation or reconfiguration of the boundary of
the political subdivision for which it was prepared."
Page 18
2155.011\35700.12
Exhibit A-4
Boundary Map of the Lone
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BOUNDARY MAP THE TRIBUTE THE COLON TEXAS
Page 19
2155.01 1\35700.12
Exhibit B
Estimated Captured Appraised Value
TIF Appraised Estimated Total Estimated Total Estimated Total
Zone Value for Captured Appraised Captured Appraised Captured
Fear: Jan. 1St Value (PD-18) Value (PD-23) Appraised Value:
2013 $113,783,626 $115,836 $113,899,462
1 2014 $130,067,299 $118,153 $130,185,452
2 2015 $154,311,004 $120,516 $154,431,520
3 2016 $187,119,399 $12,907,832 $200,027,231
4 2017 $221,475,627 $13,165,989 $234,641,616
5 2018 $257,437,394 $13,429,308 $270,866,702
6 2019 $295,064,364 $13,697,895 $308,762,259
7 2020 $334,418,221 $13,971,852 $348,390,073
8 2021 $375,562,731 $14,251,290 $389,813,940
9 2022 $418,563,817 $26,514,133 $445,077,950
10 2023 $463,489,618 $63,598,941 $527,088,559
11 2024 $478,877,724 $102,522,081 $581,399,805
12 2025 $488,455,279 $149,341,415 $637,796,694
13 2026 $498,224,385 $209,894,765 $708,119,150
14 2027 $508,188,872 $261,587,977 $769,776,849
15 2028 $518,352,650 $327,892,060 $846,244,710
16 2029 $528,719,703 $397,354,393 $926,074,096
17 2030 $539,294,097 $457,200,897 $996,494,994
18 2031 $550,079,979 $512,651,094 $1,062,731,073
19 2032 $561,081,578 $570,599,481 $1,131,681,059
20 2033 $572,303,210 $602,276,038 $1,174,579,248
21 2034 $583,749,274 $614,321,559 $1,198,070,833
22 2035 $595,424,260 $626,607,990 $1,222,032,250
23 2036 $607,332,745 $639,140,150 $1,246,472,895
24 2037 $619,479,400 $651,922,953 $1,271,402,353
25 2038 $631,868,988 $664,961,412 $1,296,830,400
Page 20
2155.011 \3 5700.12
Economic Feasibility Study,
TIF Reinvestment Zone Number Two,
City of The Colony, Texas
prepared by
Stein
Planning, LLC
Financial analysis for economic development
October 2013
Purpose: The purpose of this economic feasibility evaluation is to determine whether
cash flow to a proposed TIF fund is reasonably likely to reimburse project costs
anticipated for the TIF fund. The study assumes the area within the TIF zone will be
improved in general accord with the types of development, volumes of development and
timing of development suggested by Tribute Partners, LP and with other assumptions
about taxable values, tax rates and generally stable market conditions. This evaluation
is not an opinion about the readiness of markets to absorb proposed development
products according to prices or timing contemplated by Tribute Partners, LP.
Conclusion: This evaluation concludes that, given the assumptions stated in the
schedules and appendix herein, the TIF fund is reasonably likely to accumulate
sufficient revenue to reimburse or pay the estimated costs of all the identified TIF
project items. The TIF plan therefore appears economically feasible, given fulfillment of
the assumptions.
TIF Zone Description: TIF Reinvestment Zone Number Two (the "Zone") is entirely
within the City of The Colony, on a peninsula in Lake Lewisville. The Zone is generally
bisected and served by Lebanon Road, a thoroughfare, leading to local streets. Map 1
locates the zone and its boundaries. The Zone includes PD 18 and PD 23, zoning
districts created by The Colony. Parts of PD 18 have been developed with single-family
residences, but more than 70% of land area within the Zone is vacant land. Map 2
indicates by aerial photography the current uses and conditions of land in the Zone.
According to the current 2013 certified tax roll, the value of the Zone taxable by the City
is $113,899,462.
The Zone is predominantly open or undeveloped. Absence of secondary and local
streets, water supply, water and sewer lines, fire and police services and other services
impair continued sound growth of the area. Construction and maintenance of the public
improvements facilitated by the TIF Zone would improve the value of land in the Zone
and promote continued development.
Proposed Development and Forecast of Annual Real Property Tax: With
appropriate roads, utilities and other infrastructure, the owner/developer of the Zone
anticipates development according to Maps 3 and 4 and Schedules 1 and 2. Schedule
1 addresses the volume and timing of real property development in The Colony's PD 18
zoning district, whereas Schedule 2 addresses development in PD 23. These two
schedules also forecast annual taxable values the Denton Central Appraisal District
appears likely to assign to real properties if built according to the assumed development
program and other assumptions noted on each schedule. Annual real property tax
forecasts in the same two schedules are a function of the assumed taxable values and
the assumed tax rate.
The City has previously obligated portions of the real property tax generated by PD 18
and PD 23 to the Developer for specific terms of years. These commitments are senior
to any obligation to a TIF fund. Forecast values of these pre-existing commitments
appear in columns (i) and (j) of Schedules 1 and 2, respectively. At the far right of
Schedules 1 and 2, (columns (j) and (k), respectively), are forecast balances of real
property tax retained by the City from PD 18 and PD 23, before any obligation to a TIF
fund.
Economic Feasibility Study October 2013 Page 2
Forecast Cash Flow to a TIF Fund: Schedule 3 calculates a forecast of annual cash
flow to a TIF fund through each year of the TIF zone term. Steps in the calculation are:
(1) Import the forecast taxable values of PD 18 and PD 23 from Schedule 1 and
Schedule 2. Combined forecast values are entered in Column (d).
(2) Calculate forecasts of each year's captured appraised value of the TIF zone
(column (f)). By Texas law, each year's captured appraised value is the
difference between the value of taxable real property liable for taxation by a
jurisdiction and taxable real property liable for taxation by a jurisdiction in the
base year of the TIF zone.
(3) Forecast the tax on captured appraised value of real property in the TIF zone
(column (g).
(4) Multiply the forecast City tax on captured appraised value of the TIF zone by
70%. This yields a hypothetical value of the tax increment the City will
deposit to the TIF fund (column (h)).
(5) Import from Schedules 1 and 2 the forecasts of real property taxes previously
committed to the Developer from PD 18 and PD 23. These forecasts of
commitment values appear in column (i).
(6) A forecast of annual tax deposits to the TIF fund appears in column (j). It is
the lesser of (a) 70% of the tax increment or (b) total City real property tax
from the TIF zone after the senior commitments of property taxes from PD 18
and PD 23 to the Developer.
Estimated TIF Project Costs: TIF project costs are the expenditures that money in the
TIF fund will reimburse or pay. Project cost items are identified in Schedule 4, along
with their estimated dollar amounts. TIF project costs identified for reimbursement or
direct payment from the TIF fund total between $54 million and $55 million.
Feasibility of Paying TIF Project Costs with TIF Fund Revenue: Schedule 5 relates
the forecast revenue flow to the TIF fund to the forecast TIF project costs. It indicates
that, if the assumptions of revenue and expenditures hold, it is reasonable to expect the
TIF fund to reimburse or pay all identified TIF project costs. TIF fund revenue will be
impacted by many factors, but primarily by the pace of development and taxable values
of development. Revenue may be more or less than the forecast. The planned priority
for payout of revenue received by the TIF fund is first to organizational and
administrative expenses of the TIF program, then to amortization of interest and
principal for public improvements that are TIF project costs.
Disclaimer: Neither this report nor its conclusions may be referred to or included in any
product or part of any offering made in connection with private syndication of equity,
sales of bonds, sales of securities or sale of participation interests to the public without
express written consent of Stein Planning, LLC.
Economic Feasibility Study October 2013 Page 3
Map 1:
Tax Increment Financing Reinvestment Zone Number Two
Location and Boundaries
1d
r IN
Y
f/
y
WWI 91,
BOUNDARY MAP _ THE TRIBUTE nrc1~2 TEKk,
. -.aglow
Economic Feasibility Study October 2013 Page 4
Map 2:
Current Uses and Conditions of Land,
Tax Increment Financing Reinvestment Zone Number Two
r
fi .."V y '^r. ry5G3 77M
J ttY--~~~~555~°' i'y ~~•~~~444 ~
MLA MAP `~H~~~IBUi_E_7lYE 6DL
Economic Feasibility Study October 2013 Page 5
Map 3:
Proposed Improvements,
Tax Increment Financing Reinvestment Zone Number Two
tea.:. [~w 'R P -
G
AFAM.
iW
x A ~.[y.xl [I4(11N5>'SStILlit, M`IOtHH Tf
aMt 1MfM I
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X Y'4 1. tl 1't GiMt tMw
~.r 7 ~4 Sys,^f~F.:h ~4 RK11 t•44 'Y e.
' MMUNIT1` THL TRIBUTE. csa o«r.,~c..s
Economic Feasibility Study October 2013 Page 6
Map 4:
Proposed Uses of Land,
Tax Increment Financing Reinvestment Zone Number Two
• atz -
5 -
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FUTVR£ tANU USE MAP THE TFdBttiEnrranowr,rcx►c
Economic Feasibility Study October 2013 Page 7
Schedule 1:
Forecast of Annual Taxable Real Property Appraisals and Allocation of City Real Property Tax from PD 18
Notes and assumptions:
Value of real property in PD 18 liable for taxation by the City of The Colony is from the Denton Central Appraisal District 2013 certified roll as delivered by the City.
Mean taxable value added by a new home is an estimate by Stein Planning, LLC, based on taxable values of existing homes in PD 18, as calculated in an appendix. Value
includes improvements and added land value.
Annual appreciation rates are long-term average estimates. Actual value adjustments may vary significantly from year to year.
Annual counts of homes added to PD 18 are estimates by Matthews Southwest.
The 2012 tax rate is assumed constant. Actual rates will be set annually.
The Colony offers homestead exemptions of $10,000 for owners over 65 and for owners with disabilities. These exemptions make relatively slight impacts on forecast taxes.
The City and Developer have an agreement that 100% of collected property tax from PD 18 will flow to Developer for tax years 2012 through 2021, excluding $0.25325 per $100
of property value retained by the City.
The City/Developer agreement entitles Developer to a portion of collected property tax. This schedule assumes all taxes are collected.
The agreement is ambiguous as to whether the City retention is based on market, appraised or taxable value. Taxable value is assumed.
(a) (b) (c) d e (f) (g) (h) (i) G)
Single-Family Detached Homes
Completed Since the Previous Jan. 1 Estimated Total Taxable Pre-existing Property
Mean Taxable Value Value of Real Property Total Commitment Tax
Property Added per Home in PD 18, City to Developer Retained
Tax $340,000 If Appraisal from Real Property Collected Tax Minus for City
TIF Appraised Deposited Plus Annual Inflation Cum. the Previous Year Tax Levy, If $0.25325 Before
Zone Value for to TIF Fund Annual 100% Count Appreciates $0.6805 per $100 Dedication
Year Jan. 1, b May 1, Count Since Jan. 1, 2013 of Homes 2.00% Per $100 Retained for City) to TIF Fund
Base 2013 2014 237 $113,783,626 $774,298 $486,141 $288,157
1 2014 2015 40 $14,008,000 277 $130,067,299 $885,108 $555,713 $329,395
2 2015 2016 30 $10,821,180 307 $143,489,824 $976,448 $613,060 $363,388
3 2016 2017 50 $18,576,359 357 $164,935,980 $1,122,389 $704,689 $417,700
4 2017 2018 75 $28,700,475 432 $196,935,174 $1,340,144 $841,406 $498,738
5 2018 2019 75 $29,561,489 507 $230,435,367 $1,568,113 $984,535 $583,578
6 2019 2020 75 $30,448,334 582 $265,492,408 $1,806,676 $1,134,316 $672,360
7 2020 2021 75 $31,361,784 657 $302,164,039 $2,056,226 $1,290,996 $765,230
8 2021 2022 75 $32,302,637 732 $340,509,957 $2,317,170 $1,454,829 $862,341
9 2022 2023 75 $33,271,716 807 $380,591,872 $2,589,928 $0 $2,589,928
10 2023 2024 50 $22,846,578 857 $411,050,288 $2,797,197 $0 $2,797,197
11 2024 2025 50 $23,531,976 907 $442,803,270 $3,013,276 $0 $3,013,276
12 2025 2026 50 $24,237,935 957 $475,897,270 $3,238,481 $0 $3,238,481
13 2026 2027 50 $24,965,073 1007 $510,380,289 $3,473,138 $0 $3,473,138
14 2027 2028 47 $24,171,184 1054 $544,759,078 $3,707,086 $0 $3,707,086
15 2028 2029 0 $0 1054 $555,654,260 $3,781,227 $0 $3,781,227
16 2029 2030 0 $0 1054 $566,767,345 $3,856,852 $0 $3,856,852
17 2030 2031 0 $0 1054 $578,102,692 $3,933,989 $0 $3,933,989
18 2031 2032 0 $0 1054 $589,664,746 $4,012,669 $0 $4,012,669
19 2032 2033 0 $0 1054 $601,458,041 $4,092,922 $0 $4,092,922
20 2033 2034 0 $0 1054 $613,487,202 $4,174,780 $0 $4,174,780
21 2034 2035 0 $0 1054 $625,756,946 $4,258,276 $0 $4,258,276
22 2035 2036 0 $0 1054 $638,272,085 $4,343,442 $0 $4,343,442
23 2036 2037 0 $0 1054 $651,037,526 $4,430,310 $0 $4,430,310
24 2037 2038 0 $0 1054 $664,058,277 $4,518,917 $0 $4,518,917
25 2038 2039 0 $0 1054 $677,339,442 $4,609,295 $0 $4,609,295
Total for years 1-25 817 $348,804,719 $76,904,058 $7,579,543 $69,324,515
Economic Feasibility Study October 2013 Page 8
Schedule 2:
Forecast of Annual Taxable Real Property Appraisals and Allocation of City Real Property Tax from PD 23
Notes and assumptions:
Value of real property in PD 23 liable for taxation by the City of The Colony is from the Denton Central Appraisal District 2013 certified roll.
Taxable value added by a new single-family home is an estimate by Stein Planning, LLC, based on taxable values of existing homes in PD 18. Value includes improvements and added land value
Annual appreciation rates are long-term average estimates. Actual value adjustments may vary significantly from year to year.
Annual counts of single-family homes added to PD 23 are estimates by Matthews Southwest.
Reappraisal of land after agricultural use has ceased yields assumed taxable value of $11,700,000 plus inflation in 2018. Actual timing of reappraisal due to conversion of use will vary.
A City property tax "rollback" of $40,000 to recover taxes foregone for the previous five years due to using land for agriculture is assumed for 2018.
48 townhomes at 2013 taxable values of $250,000 are assumed completed by January 1, 2020, 2022 and 2024.
30,000 square feet of commercial space valued at a 2013 taxable value of $120 per square foot are assumed added in 2021, 2023 and 2025.
The 2012 tax rate is assumed constant. Actual rates will be set annually.
The Colony offers homestead exemptions of $10,000 for owners over 65 and for owners with disabilities. These exemptions make relatively slight impacts on forecast taxes.
The City and Developer have agreed that 50% of collected property tax from PD 23 will flow to Developer for tax years 2016 through 2025, with the balance retained by the City.
The City/Developer agreement entitles Developer to a portion of collected property tax. This schedule assumes all taxes are collected.
The agreement is ambiguous as to whether the City retention is based on market, appraised or taxable value. Taxable value is assumed.
(a) (b) (c) d e (f) (g) (h) 0) 0) (k)
Single-Family Detached Homes Value Added by Reappraisal,
Cos leted Since the Previous Jan. 1 Townhome or Commercial Estimated Total Taxable Pre-existing Property
Estimated Taxable Space Completed Since Value of Real Property Total Commitment Tax
Property Value b DCAD If Previous Jan. 1 in PD 23, City to Developer: Retained
Tax $340,000 (Per Notes) Plus If Appraisal from Real Property 50% for City
TIF Appraised Deposited Plus Annual Inflation Cum. Annual Inflation the Previous Year Tax Levy, If of Collected Before
Zone Value for to TIF Fund Annual 3.00% Homes 3.00% Appreciates $0.6805 Property Dedication
Year Jan. 1, by May 1, Count Since Jan. 1 2013 Count Since Jan 1 2013 2.00% Per $100 Tax to TIF Fund
Base 2013 2014 0 $0 $115,836 $788 $0 $788
1 2014 2015 0 $0 0 $0 $118,153 $804 $0 $804
2 2015 2016 30 $10,821,180 30 $0 $10,941,696 $74,458 $0 $74,458
3 2016 2017 30 $11,145,815 60 $0 $22,306,345 $151,795 $75,897 $75,897
4 2017 2018 50 $19,133,650 110 $0 $41,886,122 $285,035 $142,518 $142,518
5 2018 2019 50 $19.707,659 160 $13,563,507 $75,995,010 $557,146 $278,573 $278,573
6 2019 2020 50 $20,298,889 210 SO $97,813,799 $665,623 $332,811 $332,811
7 2020 2021 50 $20,907,856 260 $14,758,486 $135,436,417 $921,645 $460,822 $460,822
8 2021 2022 50 $21,535,091 310 $4,560,372 $164,240,609 $1,117,657 $558,829 $558,829
9 2022 2023 50 $22,181,144 360 $15,657,278 $205,363,844 $1,397,501 $698,750 $698,750
10 2023 2024 75 $34,269,868 435 $4,838,099 $248,579,088 $1,691,581 $845,790 $845,790
11 2024 2025 75 $35,297,964 510 $16,610,806 $305,459,439 $2,078,651 $1,039,326 $1,039,326
12 2025 2026 75 $36,356,903 585 $5,132,739 $353,058,270 $2,402,562 $1,201,281 $1,201,281
13 2026 2027 75 $37,447,610 660 $0 $397,567,045 $2,705,444 $0 $2,705,444
14 2027 2028 75 $38,571,038 735 $0 $444,089,424 $3,022,029 $0 $3,022,029
15 2028 2029 75 $39,728,169 810 $0 $492,699,382 $3,352,819 $0 $3,352,819
16 2029 2030 75 $40,920,014 885 SO $543,473,383 $3,698,336 $0 $3,698,336
17 2030 2031 11 $6,181,650 896 $0 $560,524,501 $3,814,369 $0 $3,814,369
18 2031 2032 0 $0 896 $0 $571,734,991 $3,890,657 $0 $3,890,657
19 2032 2033 0 $0 896 $0 $583,169,691 $3,968,470 $0 $3,968,470
20 2033 2034 0 $0 896 $0 $594,833,085 $4,047,839 $0 $4,047,839
21 2034 2035 0 $0 896 $0 $606,729,747 $4,128,796 $0 $4,128,796
22 2035 2036 0 $0 896 $0 $618,864,342 $4,211,372 $0 $4,211,372
23 2036 2037 0 $0 896 $0 $631,241,628 $4,295,599 $0 $4,295,599
24 2037 2038 0 $0 896 SO $643,866,461 $4,381,511 $0 $4,381,511
25 2038 2039 0 $0 896 $0 $656,743,790 $4,469,141 $0 $4,469,141
Total for years 1-25 896 $414,504,500 $75,121,288 $61,330,840 $5,634,598 $55,696,243
Economic Feasibility Study October 2013 Page 9
Schedule 3:
Forecast Allocation of TIF Zone Real Property Tax
Notes and assumptions:
Estimated annual taxable real property values of the TIF Zone are the sums of values imported from value schedules for PD 18 and PD 23.
The 2012 tax rate is assumed constant. Actual rates will be set annually.
Captured Appraised Value ("CAW) is defined by Section 311, Texas Tax Code. All or part of the tax on CAV may be deposited to a TIF fund.
The Colony has previously obligated parts of the real property taxes from PD 18 and PD 23. These obligations are senior to assignments to the TIF Fund. This explains why percentages of tax
increments deposited to the TIF fund may drop below the target of 70% in some years.
(a) (b) (c) (d) (e) (f) (g) (h) (i) (k) (1) (m) (n)
Captured Tax to TIF Fund Check:
Estimated Appraised Estimated (Lesser of 70% Total Sum of TIF
Taxable Total Value ("CAW) Hypothetical Pre-existing of Tax Increment Cumulative Real Property Zone Real
Value Tax from = Taxable Tax Tax to TIF Commitments or Tax from Tax Tax Retained Property Tax
Property of TIF Zone TIF Zone Real Property on CAV, If Fund, If to Developer: Real Property to TIF Fund for General Allocations
Tax Real Property Real Less Base Year $0.6805 70% (Sum of Taxes from TIF Zone (For City Estimated City Use Must Equal
TIF Appraised Deposited (Sum of Values Pro ert if Taxable Per $100 of the Committed After Pre-existing or Developer % of Tax (Includes Tax Total Tax on
Zone Value for to TIF Fund for PD 18 $0.6805 Real Property (the "Tax Tax from PD 18 Commitments Use for TIF Increment on Base TIF Zone
Year Jan. 1, by May 1, and PD 23) Per $100 in TIF Zone Increment" Increment and PD 23) to Developer) Project Costs) to TIF Fund Value) Real Property
Base 2013 2014 $113,899,462 $775,086 $0 $0 $0 $486,141 $0 $0 0% $288,945 $775,086
1 2014 2015 $130,185,451 $885,912 $16,285,989 $110,826 $77,578 $555,713 $77,578 $77,578 70% $252,621 $885,912
2 2015 2016 $154,431,520 $1,050,906 $40,532,058 $275,821 $193,074 $613,060 $193,074 $270,653 70% $244,772 $1,050,906
3 2016 2017 $187,242,325 $1,274,184 $73,342,863 $499,098 $349,369 $780,586 $349,369 $620,021 70% $144,229 $1,274,184
4 2017 2018 $238,821,296 $1,625,179 $124,921,834 $850,093 $595,065 $983,923 $595,065 $1,215,087 70% $46,191 $1,625,179
5 2018 2019 $306,430,377 $2,085,259 $192,530,915 $1,310,173 $917,121 $1,263,108 $822.151 $2,037,237 63% $0 $2,085,259
6 2019 2020 $363,306,207 $2,472,299 $249,406,745 $1,697,213 $1,188,049 $1,467,128 $1.005,171 $3,042,408 59% $0 $2,472,299
7 2020 2021 $437,600,457 $2.977,871 $323,700,995 $2,202.785 $1,541,950 $1,751,818 $1,226,053 $4,268,461 56% $0 $2,977,871
8 2021 2022 $504,750,567 $3,434,828 $390,851,105 $2,659.742 $1,861,819 $2,013,657 $1,421,170 $5,689,631 53% $0 $3,434,828
9 2022 2023 $585,955,716 $3,987.429 $472,056,254 $3,212,343 $2,248,640 $698,750 $2,248,640 $7,938,271 70% $1,040,038 $3,987,429
10 2023 2024 $659,629,376 $4.488,778 $545,729,914 $3.713,692 $2,599,584 $845,790 $2,599,584 $10,537,856 70% $1,043,403 $4,488,778
11 2024 2025 $748,262,709 $5,091,928 $634,363,247 $4,316,842 $3,021.789 $1,039,326 $3,021,789 $13,559,645 70°% $1,030,813 $5,091,928
12 2025 2026 $828,955,540 $5,641,042 $715,056,078 $4,865,957 $3,406,170 $1,201,281 $3,406,170 $16,965,815 70% $1,033,592 $5,641,042
13 2026 2027 $907,947,334 $6,178.582 $794,047,872 $5,403,496 $3,782,447 $0 $3,782,447 $20.748,262 70% $2,396,135 $6,178,582
14 2027 2028 $988,848,502 $6,729,114 $874,949,040 $5,954,028 $4,167,820 $0 $4,167,820 $24,916,081 70% $2,561,294 $6,729,114
15 2028 2029 $1,048,353,642 $7,134,047 $934,454,180 $6,358,961 $4,451,272 $0 $4,451,272 $29,367,354 70% $2,682,774 $7,134,047
16 2029 2030 $1,110,240,729 $7,555,188 $996,341,267 $6,780,102 $4,746,072 $0 $4,746,072 $34,113,425 70% $2,809,117 $7,555,188
17 2030 2031 $1,138.627.193 $7,748,358 $1,024,727,731 $6,973,272 $4,881,291 $0 $4,881,291 $38,994,716 70% $2,867,068 $7,748,358
18 2031 2032 $1,161,399,737 $7,903,325 $1,047,500,275 $7,128,239 $4,989,768 $0 $4,989,768 $43,984,484 70% $2,913,558 $7,903,325
19 2032 2033 $1,184,627,732 $8,061,392 $1,070,728,270 $7,286,306 $5,100,414 $0 $5,100,414 $49,084,898 70% $2,960,978 $8,061,392
20 2033 2034 $1.208,320.287 $8,222,620 $1,094,420,825 $7,447,534 $5,213,274 $0 $5,213,274 $54,298,171 70% $3,009,346 $8.222,620
21 2034 2035 $1,232,486,692 $8,387,072 $1,118,5877230 $7,611,986 $5,328,390 $0 $5,328,390 $59.626,562 70°% $3,058,682 $8,387,072
22 2035 2036 $1,257,136,426 $8,554,813 $1,143,236,964 $7,779,728 $5,445,809 $0 $5,445,809 $65,072,371 70% $3,109,004 $8,554,813
23 2036 2037 $1,282,279,155 $8,725,910 $1.168,379,693 $7,950,824 $5,565,577 $0 $5,565,577 $70,637,948 70% $3,160,333 $8,725,910
24 2037 2038 $1.307,924,738 $8,900,428 $1,194,025,276 $8,125,342 $5,687,739 $0 $5,687,739 $76,325,687 70% $3,212,688 $8,900,428
25 2038 2039 $ 1,334,083,233 $9,078,436 $1,220,183,771 $8,303,351 $5,812,345 $0 $5,812,345 $82,138,032 70% $3,266,091 $9,078,436
Total for years 1-25 $138,194,898 $118.817,752 $83,172,427 $13,214,141 $82,138,032 $42,842,725 $138,194,898
Economic Feasibility Study October 2013 Page 10
Schedule 4:
TIF Project Costs
Notes and assumptions:
Project cost estimates are by Matthews Southwest and/or the City of The Colony.
Expenses and timing estimates are approximate. Both may vary.
TIF program administrative expense are based on a TIF zone term of 25 years.
(a) (b) (c) (d) (e) (f) (g)
Expense Incurred
by May Cost When Executed,
Estimated Cost of FY Ending If 3.00%
Category Project in 2013 Dollars Sept. 30, Annual Inflation After 2013
Principal for capital improvements
Roadway and Infrastructure Improvements $250,000 2013 $250,000
$1,750,000 2014 $1,802,500
$2,000,000 2015 $2,121,800
$2,000,000 2016 $2,185,454
$1,700,000 2017 $1,913,365
$200,000 2019 $238,810
Subtotal $7,900,000 $8,511,929
Marina Park Improvements $1,500,000 2016 $1,639,091
$1,500,000 2017 $1,688,263
Subtotal $3,000,000 $3,327,354
Lakeside Entertainment District Improvements $2,500,000 2018 $2,898,185
Elevated Water Storage Tank $2,800,000 2014 $2,884,000
Fire Station / Police Substation $6,050,000 2019 $7,224,016
Subtotal for capital improvement principal $22,250,000 $24,845,485
Financing for capital improvements $23,387,863
l-IF program administration
Organization $20,000 2013 $20,000
Maintenance @ $26,400 annually $660,000 2014-2039 $811,146
Subtotal $680,000 $831,146
Estimated total project costs $49,064,493
Uncommitted TIF revenue, available for TIF projects or reversion to City general fund 2036-2039 $33,073,539
Economic Feasibility Study October 2013 Page 11
Schedule 5:
Reimbursement of TIF Project Costs by the TIF Fund
Notes and assumptions:
This schedule assumes the development program, assessed values, tax rates and TIF project costs accord with assumptions stated in other schedules.
Reimbursement of organizational and City administrative expenses of the TIF program is the senior claim on revenue deposited to the TIF fund. If insufficient funds are available
for reimbursement, unpaid balances accrue until paid. No interest is assumed for this senior claim.
Principal costs for public improvements are imported from the TIF project cost schedule. These include estimated cost inflation from 2013 prices.
If and when the TIF fund has reimbursed all financial obligations, the City Council may terminate the TIF program. Residual balances in the TIF fund at termination may be
transferred to the City's general fund.
(a) (b) (c) (d) (e) (f) (g) h i (k) (I) (m)
Expense Expenses Accrued
Incurred I I Organizational and for Public Improvement Principal and Interest Excess
or Cash Cash Administrative Expenses Principal 6.50% Interest Expenses Cash Check:
Received to TIF Fund Accrued, If Net Cost of Annual and Principal Paid from to TIF Fund TIF Fund
TIF For by May (from 3% TIF Fund Improvements Interest Owed TIF Fund (Available for Payouts
Zone Appraisals of FY Ending Schedule 3, Inflation Paid from Balance Accepted on Unpaid Before for Interest Eligible Equal TIF
Year on Jan. 1, Sept. 30, Column (k)) After 1/1/2013 TIF Fund Available b City Balance Payment and Principal Projects) Revenue
Base 2013 2014 $0 $20,000 $0 $0 $4,936,500
1 2014 2015 $77,578 $22,248 $42,248 $35,330 $2,121,800 $320,873 $7,379,173 $35,330 $0 $77,578
2 2015 2016 $193,074 $22,915 $22.915 $170,159 $3,824,545 $477,350 $11,645,736 $170,159 $0 $193,074
3 2016 2017 $349,369 $23,603 $23,603 $325,766 $3,601,628 $745,913 $15,823,118 $325,766 $0 $349,369
4 2017 2018 $595,065 $24,311 $24,311 $570,754 $2,898,185 $1,007,328 $19,402,865 $570,754 $0 $595,065
5 2018 2019 $822,151 $25,040 $25,040 $797,110 $7,462,827 $1,224,087 $27,519,025 $797,110 $0 $822,151
6 2019 2020 $1,005,171 $25,792 $25,792 $979,379 $0 $1,736,924 $28,458,840 $979,379 $0 $1,005,171
7 2020 2021 $ 1,226,053 $26,565 $26,565 $1,199,488 $0 $1,786,165 $29,265,625 $1,199,488 $0 $1,226,053
8 2021 2022 $1,421,170 $27,362 $27,362 $1,393,808 $0 $1,824,299 $29,890,436 $1,393,808 $0 $1,421,170
9 2022 2023 $2,248,640 $28,183 $28,183 $2,220,457 $0 $1,852,281 $30,348,909 $2,220,457 $0 $2,248,640
10 2023 2024 $2,599,584 $29,029 $29,029 $2,570,556 $0 $1,828,349 $29,956,802 $2,570,556 $0 $2,599,584
11 2024 2025 $3,021,789 $29,899 $29,899 $2,991,890 $0 $1,780,106 $29,166,352 $2,991,890 $0 $3,021,789
12 2025 2026 $3,406,170 $30,796 $30,796 $3,375,373 $0 $1,701,340 $27,875,802 $3,375,373 $0 $3,406,170
13 2026 2027 $3,782,447 $31,720 $31,720 $3,750,727 $0 $1,592,528 $26,092,957 $3,750,727 $0 $3,782,447
14 2027 2028 $4,167,820 $32,672 $32,672 $4,135,148 $0 $1,452,245 $23,794,475 $4,135,148 $0 $4,167,820
15 2028 2029 $4,451,272 $33,652 $33,652 $4,417,620 $0 $1,277,856 $20,937,184 $4,417,620 $0 $4,451,272
16 2029 2030 $4,746,072 $34,662 $34,662 $4,711,410 $0 $1,073,772 $17,593,335 $4,711,410 $0 $4,746,072
17 2030 2031 $4,881,291 $35,702 $35,702 $4,845,589 $0 $837,325 $13,719,250 $4,845,589 $0 $4,881,291
18 2031 2032 $4,989,768 $36,773 $36,773 $4,952,995 $0 $576,788 $9,450,449 $4,952,995 $0 $4,989,768
19 2032 2033 $5,100,414 $37,876 $37,876 $5,062,538 $0 $292,334 $4,789,788 $4,789,788 $272,750 $5,100,414
20 2033 2034 $5,213,274 $39,012 $39,012 $5,174,262 $0 $0 $0 $0 $5,174,262 $5,213,274
21 2034 2035 $5,328,390 $40,182 $40,182 $5,288,208 $0 $0 $0 $0 $5,288,208 $5,328,390
22 2035 2036 $5,445,809 $41,388 $41,388 $5,404,421 $0 $0 $0 $0 $5,404,421 $5,445,809
23 2036 2037 $5,565,577 $42,629 $42,629 $5,522,947 $0 $0 $0 $0 $5,522,947 $5,565,577
24 2037 2038 $5,687,739 $43,908 $43,908 $5,643,831 $0 $0 $0 $0 $5,643,831 $5,687,739
25 2038 2039 $5,812,345 $45,226 $45,226 $5,767,120 $0 $0 $0 $0 $5,767,120 $5,812,345
Total through year 25 $82,138,032 $831,146 $831,146 $81,306,887 $24,845,485 $23,387,863 $48,233,348 $33,073,539 $82,138,032
Economic Feasibility Study October 2013 Page 12
Appendix:
Average Taxable Value and Average Taxable Value Added b a New Home in PD 18
(a) (b) (c)
Mean Average
Homes Built Taxable Value
(Permitted) in Year Quantity (Preliminary 2013 Roll)
2007 34 $358,012
2008 61 $397,302
2009 25 $357,939
2010 28 $348,914
2011 51 $349,705
Total 199
2012 79 $307,522
Average taxable value, if preliminary 2013 roll were unchanged $366,637
If reduced 2% after protests $359,305
If reduced 5% after protests $348,306
If reduced 8% after protests $337,306
Average value added per new home completed
If no reduction after protests and $15,000 allowance per home for land value already on roll $351,637
If 5% reduction after protests and $20,000 allowance per home for land value already on roll $328,306
Best estimate of average value added per home, in 2013 dollars $340,000 $15,000
Notes:
Taxable (assessed) values are based on early 2013 work in progress by the Denton Central Appraisal District. Taxable values are net of exemptions and annual limits on tax increases.
All values are expressed in 2013 dollars. Adjustment for inflation of real estate value after early 2013 is required.
Some homes built (issued building permits) in 2012 were unfinished at the date of appraisal. Consequently, homes built in 2012 are excluded from calculation of average taxable value.
Some reduction of preliminary appraised values after the protest period is normal.
The mean average taxable value of a vacant residential lot in PD 18 is approximately $35,000. There were 269 vacant residential lots on the early 2013 roll. That amount or a lesser
value for raw land not et improved with streets and utilities must be deducted from Y cted om finished home value to calculate
true taxable value added by anew home. Given the
quantity of vacant lots on the current roll and the quantity of lots yet to be created, $15,000 to $20,000 should be deducted from the taxable value of a finished home to obtain a
good estimate of average taxable value added per home.
Economic Feasibility Study October 2013 Page 13
Exhibit C
Economic Feasibility Study
Schedule 4:
TIF Project Costs
Notes and assumptions:
Project cost estimates are by Matthews Southwest and/or the City of The Colony.
Expenses and timing estimates are approximate. Both may vary.
TIF program administrative expense are based on a TIF zone term of 25 years.
(a) (b) (.c) (d) (e) (f) (g)
Expense Incurred
by May Cost When Executed.
Estimated Cost of FY Ending If 3.00°,,0
Category Project in 2013 Dollars Sept. 30, Annual Inflation After 2013
Principal for capital improvements
Road vay and Infrastructure Improvements 5250,000 2013 5250,000
51,750,000 2014 $1,802,500
S2,000,000 2015 $2,121,800
$2,000,000 2016 $2,185,454
S1,700.000 2017 $1.913.365
5200,000 2019 $238,810
Subtotal $7.900.000 $8,511,929
Marina Park Improvements $1,500,000 2016 $1,639,091
$1,500.000 2017 51,688,263
Subtotal $3.000.000 53,327,354
Lakeside Entertainment District Improvements 52,500,000 2018 $2,898,185
Elevated Water Storage Tank $2.800.000 2014 $2,884,000
Fire Station r Police Substation $6.050,000 2019 $7,224,016
Subtotal for capital improvement principal $22,250,000 S24,845.485
Financing for capital improvements 523,387,863
TIF program administration
Organization $20,000 2013 $20,000
Maintenance $26,400 annually 5660,000 2014-2039 S811,146
Subtotal S680,000 5831,146
Estimated total project costs 549,064,493
Uncommitted TIF revenue. available for TIF projects or reversion to City general fund 2036-2039 533.073,539
Page 22
2155.011\35700.12