HomeMy WebLinkAboutOrdinance No. 2014-2066CITY OF THE COLONY, TEXAS
ORDINANCE NO. 2014-2066
AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF THE
COLONY, TEXAS, APPROVING THE FINAL PROJECT AND
REINVESTMENT ZONE FINANCING PLAN FOR TAX INCREMENT
REINVESTMENT ZONE NUMBER TWO, CITY OF THE COLONY,
TEXAS; PROVIDING A SEVERABILITY CLAUSE; AND PROVIDING
AN EFFECTIVE DATE.
WHEREAS, the City of The Colony, Texas (hereinafter referred to as the "City"),
pursuant to Chapter 311 of the Texas Tax Code, as amended (hereinafter referred to as the
"Act"), may designate a geographic area within the City as a tax increment reinvestment zone if
the area satisfies the requirements of the Act; and
WHEREAS, on December 3, 2013, pursuant to and as required by the Act, the governing
body of the City (hereinafter referred to as the "City Council") approved and adopted by
Ordinance No. 2013-2033, a Preliminary Reinvestment Zone Financing Plan for Tax Increment
Reinvestment Zone Number Two, City of The Colony, Texas, for a proposed tax increment
reinvestment zone containing approximately 992.220 acres of property located within the City of
The Colony, Texas; and
WHEREAS, notice of the public hearing on the creation of the proposed zone was
published in the official newspaper of the City at least seven (7) days prior to the public hearing
held on December 3, 2013; and
WHEREAS, at the public hearing held on December 3, 2013, interested persons were
allowed to speak for or against the creation of the zone, the boundaries of the zone, and the
concept of tax increment financing, and owners of property in the proposed zone were given a
reasonable opportunity to protest the inclusion of their property in the zone; and
WHEREAS, after the public hearing on December 3, 2013, the City Council approved
Ordinance No. 2013-2034, establishing Reinvestment Zone Number Two, City of The Colony,
Texas; and
WHEREAS, on April 15, 2014, the Board of Directors for Reinvestment Zone Number
Two, City of The Colony, Texas, approved the Final Project and Reinvestment Zone Financing
Plan, a copy of which is attached hereto as Exhibit A, and authorized the submission of said plan
to the City Council for approval, in accordance with the Act; and
WHEREAS, the City Council hereby finds and determines that the adoption of this
Ordinance, approving the Final Project and Reinvestment Zone Financing Plan, a copy of which
is attached hereto as Exhibit A, is in the best interests of the citizens of the City of The Colony,
Texas.
NOW THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE
CITY OF THE COLONY, TEXAS:
SECTION 1. That each and every one of the recitals, findings, and determinations
contained in the preamble to this Ordinance is incorporated into the body of this Ordinance as if
fully set forth herein and are hereby found and declared to be true and correct legislative findings
and are adopted as part of this Ordinance for all purposes.
SECTION 2. That the City Council hereby approves the Final Project and Reinvestment
Zone Financing Plan, a copy of which is attached hereto as Exhibit A and is incorporated herein
for all purposes.
SECTION 3. That if any section, article paragraph, sentence, clause, phrase or word in this
Ordinance, or the application thereto to any persons or circumstances, is held invalid or
unconstitutional by a Court of competent jurisdiction, such holding shall not affect the validity of
the remaining portions of this Ordinance; and the City Council hereby declares it would have passed
such remaining portions of this Ordinance despite such invalidity, which remaining portions shall
remain in full force and effect.
SECTION 4. That this Ordinance shall become effective from and after its date of
passage in accordance with law.
PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF THE
COLONY, TEXAS, THIS THE 15t" DAY OF APRIL, 2014.
ATT T:
(I C istie Wilson, City Secretary
APPROVED AS TO FORM:
eff Moored City Attorney
�( z-- L
� e McCourr , Mayor
Exhibit A
Final Project Plan and Finance Plan
Exhibit
PROJECT AND
REINVESTMENT ZONE FINANCING PLAN
FOR
TAX INCREMENT REINVESTMENT ZONE
NUMBER TWO, CITY OF THE COLONY, TEXAS
April 15, 2014
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2155.01 138283.13
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 Project and Reinvestment Zone Financing
Plan for Tax Increment Reinvestment Zone Number Two, City of The Colony, Texas, hereinafter
referred to as the "Project and Finance Plan," and all references to "Exhibit" shall mean an
exhibit attached to and made a part of this Project and 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 Zone are collectively referred to as the "TIF Projects" and are described in
Section b. 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 levied by the City within the 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 Project and Finance Plan. The Zone covered by this Project and Finance Plan
consists of approximately 992 mostly 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 2,027 single-family
residential homes; attached and multi -family uses; a K-8 school; and commercial development,
including retail, restaurant, 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 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.
Zone.
1.4 County Participation. It is contemplated that the County will not participate in the
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1.5 Implementation. To facilitate implementation of the Zone: (1) the Board must
prepare, adopt, and recommend, and the City Council must approve, this Project and Finance
Plan, 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 Project and Finance Plan that have their
initial letters capitalized shall have the meanings given to them in this Section 2 unless otherwise
defined in this Project and Finance Plan or 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 any given 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 the lesser of (1) seventy percent (70%) of the Tax
Increment for the City, or (2) the amount of total property taxes levied by the City for the year on
the real property in the Zone after payment of the Wynnwood Tax Rebates and
Wynnwood/MSW Tax Rebates.
2.7 "Coun " means Denton County, Texas.
2.8 "Developer" means Tribute Partners, L.P., a Texas limited partnership, and its
successors and assignees.
2.9 "Feasibili Studv" means the Economic Feasibility Study, TIF Reinvestment Zone
Number Two, City of The Colony, Texas, dated April 11, 2014 prepared by Stein Planning, LLC,
a copy of which is attached as Exhibit C.
2.10 "Preliminary Finance Plan" means the Preliminary Reinvestment Zone Financing
Plan for Tax Increment Reinvestment Zone Number Two, City of The Colony, Texas, adopted by
Ordinance No. 2013-2033, approved by the City Council of the City, on December 3, 2013, as
authorized by Section 311.003(b) of the Act, as amended.
2.11 "Project and Finance Plan" means this 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.
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2.12 "Property" means the real property in the Zone described by metes and bounds on
Exhibit A-3.
2.13 "Reimbursement Agreement" means an agreement among the Board, the City,
and the Developer that will implement this 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 fund to reimbursement the Developer for TIF Project Costs, including interest, as
provided in Section 7.
2.14 "Schedule 4" means Schedule 4, "TIF Project Costs" attached to the Feasibility
Study and attached as Exhibit C.
2.15 "Tax Increment" means, for the City, for each year, the amount of property taxes
levied 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 means the total taxable value of all real
property taxable by the City and located in the Zone as of January 1, 2013.
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 "Wynnwood Tax Rebates" means the ad valorem tax incentives (including, but
not limited to, tax rebates and economic development "380grants") granted by the Wynnwood
Developer Agreement.
2.21 "Wynnwood/MSW Tax Rebates" means the ad valorem tax incentives (including,
but not limited to tax rebates and economic development "380 grants") granted by the
Wynnwood/MSW Developer Agreement.
2.22 "Wynnwood Developer Agreement" means the Developer's Agreement Between
City of The Colony and Wynnwood Peninsula Partners, L.P. effective March 20, 2008, between
the City and Wynnwood Peninsula Partners, L.P., a Texas limited partnership, as amended.
2.23 "Wynnwood/MSW Development Agreement" means the Developer's Agreement
Between City of The Colony and Wynnwood Peninsula, Ltd. and MSW Wynnwood LLC effective
April 19, 2004, among the City, Wynnwood Peninsula, Ltd., and MSW Wynnwood LLC, as
amended.
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2.24 "Zone" means Tax Increment Reinvestment Zone Number Two, City of The
Colony, Texas, created by City Ordinance No. 2013-2034, approved by the City Council of the
City on December 3, 2013,
3. DESCRIPTIONS AND MAPS OF THE LONE. 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 this Project and Finance
Plan.
6. TIF PROJECTS. Development of the Property will include (i) the construction of the
TIF Projects generally described in this Section 6, and (ii) twenty percent (20%) of the cost to
staff, operate, and maintain the fire station and police substation. For purposes of this Section 6,
"construction" shall include engineering, geotechnical work, earthwork, wet and dry utilities, and
related soft costs.
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.
6.2 Fire Station and Police Substation. A fire station 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
include 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. It is anticipated
that the station (for which the size and location of the building and the size of the site will be
mutually agreed upon by the City and the Developer) will be in the future town center and that
construction will begin in the year 2019.
6.3 Roadway and Infrastructure Improvements. Roadways, including street lighting,
signalization, sidewalks, hike/bike trails, irrigation, 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 the marina and park; (2) Prescott (as a 37 -ft collector) around the LEISD
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school site; (3) Oxford (as a 37 -ft collector) around the LEISD school site; (4) the extension of
Stonefield (as a 37 -ft collector) around the LEISD 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 the marina and park. Construction of the roadway
and infrastructure improvements began in year 2013.
6.4 Marina and Park Improvements. Marina and park improvements may include
marina excavation, a fitness center, an all-purpose sports field, tennis courts, sand volleyball
courts, playground, pavilion with restrooms, boat ramp, wave attenuators, courtesy dock, pier,
beach, trailhead, parking, sidewalks, hike/bike trail, fencing, irrigation, landscaping, and lighting
for the sports field, tennis courts, and parking areas. It is anticipated that construction of the
marina and park improvements will begin in the year 2016.
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. It is anticipated that construction of the
lakeside entertainment improvements will begin in the year 2018.
7. TIF PROJECT COSTS.
7_1 TIF Project Costs. The total estimated TIF Project Costs are $45,991,883. The
TIF Project Costs for the TIF 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 by year and in amount so
long as the total for all the categories does not exceed $24,845,485). By way of example, the
actual cost of the "Roadway and Infrastructure Improvements" may exceed the estimate shown
on Schedule 4 (i.e., $8,511,929) so long as the cumulative costs of the remaining categories of
capital improvements shown on Schedule 4 are reduced by the amount of the excess so that the
total costs for all categories of capital improvements shown on Schedule 4 does not exceed
$24,845,485. If the actual cost to construct the Elevated Water Storage Tank exceeds
$2,884,000 (whether constructed by the City or the Developer) or if the actual cost to construct
the fire station and 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.
7_2 Additional TIF Project Costs. In addition to the TIF Project Costs described in
Section 7.1, TIF Project Costs include: (1) an additional estimated amount of $20,315,253
representing interest on TIF Project Costs paid or incurred to construct the TIF Projects at the
rate for the Developer of 6.50% simple interest per annum 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.
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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.
7_3 Staffing Operation, and Maintenance. Although not part of TIF Project Costs
defined in Sections 7.1 and 7.2, twenty percent (20%) of the cost to staff, operate, and maintain
the fire station and police substation shall be eligible for reimbursement to the City from the Tax
Increment Fund. Unless expressly agreed otherwise by. the City and the Developer, the right of
the City to be reimbursed from the Tax Increment Fund shall be subordinate to all rights of the
Developer to be reimbursed from the Tax Increment Fund pursuant to this Project and Finance
Plan.
8. ESTIMATED NON -PROJECT COSTS. The non -project costs for the Zone (i.e., costs
that are not reimbursable to the Developer under this Project and 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
Project and Finance Plan. The adoption and approval of this Project and 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 Project
and Finance Plan.
11. ESTIMATED TIME WHEN TIF PROJECT COSTS WILL. BE INCURRED, It is
anticipated that TIF Project Costs will be incurred beginning in year 2013 and continuing
through the year 2019 as described in Section 6 and shown on Schedule 4, except that the costs
to administer the Zone and the costs to staff, operate, and maintain the fire station and police
substation will continue for the term of the Zone. The schedule may vary as determined by the
Developer.
12. CURRENT TOTAL APPRAISED VALUE. The current total appraised value of taxable
real property in the Zone is $109,603,378.
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 may 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 and 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 of such improvements from the Tax Increment Fund
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(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.
14.2 Elevated Water Storage Tank. The City and the Developer shall jointly determine
which of them will construct or fund the construction of the Elevated Water Storage Tank
described in Section 6.1.
14.2.1 If the Developer (using Developer funds) constructs (or funds the
construction pursuant to contracts awarded by the City of) the Elevated Water Storage
Tank, then the Developer shall be entitled to reimbursement for the 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, if any,
provided by the City and acceptable to the City and the Developer. The terms and
conditions under which the Developer may advance funds to the City to pay contractor
draws under City -awarded contracts shall be determined by the City, the Developer, and
any lender to the Developer, and all draws paid by the City shall be deemed to be City -
approved "TIF Project Costs" that are eligible to be reimbursed to the Developer pursuant
to this Project and Finance Plan and the Reimbursement Agreement. Unless expressly
agreed otherwise by the City and the Developer, the right of the Developer to be
reimbursed from the Tax Increment Fund shall be senior to all rights of the City to be
reimbursed from the Tax Increment Fund pursuant to any provision of this Project and
Finance Plan.
14.2.2 If the City (using City funds) constructs the Elevated Water Storage
Tank, then the City shall be entitled to reimbursement for the actual TIF Project Costs
(estimated to be $2,884,000) 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 City .has been fully
reimbursed, including interest. Unless expressly agreed otherwise by the City and the
Developer, the right of the City to be reimbursed from the Tax Increment Fund 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 Fire Station and Police Substation. The City and the Developer shall jointly
determine which of them will construct the fire station and police substation described in Section
6.2.
14.3.1 If the Developer (using Developer funds) constructs (or funds the
construction pursuant to contracts awarded by the City of) the fire station and police
substation, then the Developer shall be entitled to reimbursement for the 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, if any,
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provided by the City and acceptable to the City and the Developer. The terms and
conditions under which the Developer may advance funds to the City to pay contractor
draws under City -awarded contracts shall be determined by the City, the Developer, and
any lender to the Developer, and all draws paid by the City shall be deemed to be City -
approved "TIF Project Costs" that are eligible to be reimbursed to the Developer pursuant
to this Project and Finance Plan and the Reimbursement Agreement. Unless expressly
agreed otherwise by the City and the Developer, the right of the Developer to be
reimbursed from the Tax Increment Fund shall be senior to all rights of the City to be
reimbursed from the Tax Increment Fund pursuant to any provision of this Project and
Finance Plan.
14.3.2 If the City (using City funds) constructs the fire station and police
substation, then the City shall be entitled to reimbursement for the actual TIF Project
Costs (estimated to be $7,224,016) 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 City has been fully
reimbursed, including interest. Unless expressly agreed otherwise by the City and the
Developer, the City's right to reimbursement: (1) shall at all times be subordinate to the
right of the Developer to be reimbursed for TIF Project Costs for the Elevated Water
Storage Tank pursuant to Section 14.2.1; (2) for amounts up $7,224,016, 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 and police substation; and (3) for
amounts that exceed $7,224,016, shall be subordinate to all rights of the Developer to be
reimbursed from the Tax Increment Fund pursuant to any provision of this Project and
Finance Plan.
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
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.
The Developer shall have the right: (1) to collaterally assign (without the consent of, but with
written notice to, the City) to any person or entity (including, but not limited to lenders) any
rights of the Developer to be reimbursed for TIF Project Costs from the Tax Increment Fund, and
the City agrees that such persons or lenders shall be entitled to notice of any events of default
under the Reimbursement Agreement and the opportunity to cure any such events of default
without becoming a party to the Reimbursement Agreement or otherwise becoming liable for the
duties and obligations of the Developer under the Reimbursement Agreement; and (2) to assign
(without the consent of, but with written notice to, the City) to any person or entity, in whole or
in part, any duties or obligations of the Developer under the Reimbursement Agreement so long
as the assignee agrees to be bound by and becomes a party to the Reimbursement Agreement. If
an assignment by the Developer gives the assignee the right to be reimbursed directly by the City
from the Tax Increment Fund, the City is authorized to reimburse the assignee directly as
provided by the assignment or to reimburse the assignee through a third -party escrow agent
selected by the City. If an assignment by the Developer does not authorize direct reimbursement
to the assignee, then the City shall have no obligation to assure that reimbursement to the
Developer from the Tax Increment Fund will result in reimbursement by the Developer to the
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assignee. The City will acknowledge receiving notice of any assignment and will execute
estoppel certificates with respect to such assignments in form reasonably requested by the
assignees. The City acknowledges that lenders to whom collateral assignments are made may
require periodic reimbursement from the Tax Increment Fund during the construction period as
portions of the TIF Projects are completed and that the City will use all reasonable efforts to
enter into one or more construction management agreements with the Developer and its lenders
to provide for such periodic reimbursements. The terms and conditions under which the
Developer may advance funds to the City to pay contractor draws under City -awarded contracts
shall be determined by the City, the Developer, and any lender to the Developer, and all draws
paid by the City shall be deemed to be City -approved "TIF Project Costs" that are eligible to be
reimbursed to the Developer pursuant to this Project and Finance Plan and the Reimbursement
Agreement The Developer and the assignees shall release and hold harmless the City from any
claims against the City arising from reimbursements made by the City pursuant to this section or
pursuant to any assignment or construction management agreement entered into pursuant to this
section.
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. City Tax Increment collected after termination of
the Zone will, however, be deposited in the Tax Increment Fund. The provisions of this Section
15 have been reflected in the ordinance creating the Zone, and shall be reflected in this 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 have been reflected in the ordinance creating the Zone and shall be reflected in
the Reimbursement Agreement.
17. CONFLICTS, VARIATIONS In the event the obligations of the Developer with respect
to the fire station and police substation, whether arising from this Project and Finance Plan or
from the Reimbursement Agreement, are in conflict with or vary from the obligations of the
developers under the Wynnwood Developer Agreement or the Wynnwood/MSW Developer
Agreement, the obligations of the Developer under this Project and Finance Plan and
Reimbursement Agreement shall control and shall constitute all the obligations of the Developer
with respect to the TIF Projects. To the extent of any such conflict or variation, the Wynnwood
Developer Agreement and the Wynnwood/MSW Developer Agreement shall be deemed
amended to the extent necessary to conform them to the obligations of the Developer with
respect to the TIF Projects arising from this Project and Finance Plan or from the Reimbursement
Agreement. Notwithstanding the foregoing, nothing in this Project and Finance Plan or in the
Reimbursement Agreement shall affect, in any way, the Wynnwood Tax Rebates or the
Wynnwood/MSW Tax Rebates.
Page 10
2155.011\38283.13
18. 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 in the Zone
Exhibit C: Economic Feasibility Study
Page 11
2155.01 1\38283.13
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Exhibit A-3
Metes and Bounds Description of the Zone
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 I I 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 comer in the take line of Garza -Little Elm Dain and Reservoir (Lake
Lewisville);
THENCE along the take line of Garza -Little Elm Dam and Reservoir (Lake Lewisville) as
follows:
North 24 degrees 36 minutes 59 seconds East, 556.05 feet to a point for corner;
Page 14
2155.01 1\38283.13
Exhibit A-3
Metes and Bounds Description of the Zone
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;
North 62 degrees 33 minutes 24 seconds East, 1112.30 feet to a one-half inch iron rod
found for corner;
Page 15
2155.01 1\38283,13
Exhibit A-3
Metes and Bounds Description of the Zone
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;
South 41 degrees 03 minutes 50 seconds East, 472.48 feet to a point for corner;
Page 16
2155.011\38283.13
Exhibit A-3
Metes and Bounds Description of the Zone
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
Engineer monument found for corner;
South 34 degrees 14 minutes 35 seconds East, 719.98 feet to a Corp of
Page 17
2155.011\38283.13
Exhibit A-3
Metes and Bounds Description of the Zone
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 confer;
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
Engineer monument found for corner;
North 70 degrees 15 minutes 50 seconds West, 300.21 feet to a Corp of
Page 18
2155.011\38283.13
Exhibit A-3
Metes and Bounds Description of the Zone
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.
Page 19
2155.01 1 \38283.13
It lic"
O
N
bA
td
a
Exhibit B
Estimated Captured Appraised Value in the Zone
Page 21
2155.01 1\38283.13
Estinuded
TEF
Captured
Zone
Value for
Appraised
Year
Jan. 1,
Value
Base
2013
$0
1
2014
$41,764,668
2
2015
$66,434,388
3
2016
$99,677,318
4
2017
$151,697,057
5
2018
$219,755,720
6
2019
$277,090,125
7
2020
$351,852,120
8
2021
$419,479,331
9
2022
$501,171,124
10
2023
$575,341,159
11
2024
$664,480,796
12
2025
$745,205,297
13
2026
$812,730,918
14
2027
$895,462,668
15
2028
$981,777,604
16
2029
$1,035,795,635
17
2030
$1,058,703,615
18
2031
$1,082,069,755
19
2032
$1,105,903,217
20
2033
$1,130,213,349
21
2034
$1,155,009,684
22
2035
$1,180,301,945
23
2036
$1,206,100,052
24
2037
$1,232,414,120
25
2038
$1,259,254,470
Page 21
2155.01 1\38283.13
Exhibit C
Economic Feasibility Study
Economic Feasibility Study,
TIF Reinvestment Zone Number Two,
City of The Colony, Texas
prepared by
tein
tanning, LLC;
Financial analysis for economic development
April 11, 2014
Page 22
2155.011\38283.13
Exhibit C
Economic Feasibility Study
Schedule 4:
TIF Project Costs
Not" ww apttntpMM:
Project oat estiatth
mates are by Mews SwAwwat anWor e» City oI Tkxry
he Co.
6>� and tbntrg saturates M IW MI ,nraM. Boar may vary.
TIF program aftloAft" eajwnn are bead on a TIF imne terra of 28 years.
(a) (b) (c) (d) (f) (9)
Expense Incurred
by May Cost When Emoute
EsM sled Cost of FY Ending it
COUMy PMI" In 2013 DOMM Sept. 30, Annual kfitdon After:
Pr K*W for Capital Invrovemefft
Roadway and inhntructure Improvements
$280,000
2013
$250.000
$1,750,000
2014
$1.802.800
62,000,000
2018
$2,121,800
#2,000,000
2018
$2,185,454
$1,700.000
2017
$1,913.985
$200 000
2019
3238,810
Subtotal
$7.900,000
F8,611,920
Marine Park Impraremwft
$11500.000
2018
$1,89,091
$1.M.000
2017
$1.888.283
suMdai
s3,000,00o
63,327.354
Lakesids En*ftb wd DWk;t WVmv rnera
$2,500,000
2018
$2,868,186
Elevated water Storage Tank
$2,900.000
2014
$2,884.000
Fke Station / PONOS SubstNlon
90060 000
2019
$7.224.018
Subtotal for capital WnPMVement principal
$22,250,000
$24848,485
Financing for spial knprovan w is
$20,315.253
TIF program admin1mrstion
tNgar+ftation
$20.000
2013
$20,000
Maintenance ® $26.400 ennuaNy
38M M0
2014,2039
$811,148
N31,146
Sutnotel
5880,000
EWMatsd total project 0081s
lkMoo wItied TIF revenue, available for TIF projects or reversion to City geneal fund
Page 23
2038.2039
2155.011\38283.13
Economic Feasibility Study,
TIF Reinvestment Zone Number Two,
City of The Colony, Texas
prepared by
teen
arming, LLC
Financial analysis for economic development
April 11, 2014
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.
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.
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.
Economic Feasibility Study Stein Planning, LLC, April 11, 2014 Page 1
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 Q) of Schedules 1 and 2, respectively. The far right columns
of Schedules 1 and 2 forecast net real property tax retained by The Colony from PD 18
and PD 23 after payment of these previous commitments and before any obligation to a
TIF fund.
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 the tax increment base. The tax increment base value for this
Zone is the value of real property liable for taxation by The Colony for 2013,
the year in which the Zone was designated. The tax increment base for 2013
determined by the Denton Central Appraisal District is $109,487,542.
(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) Forecast annual tax deposits to the TIF fund. This forecast is in column 0). It
is the lesser of (a) 70% of the tax increment or (b) total City real property tax
assessed and levied from the TIF zone after deducting the senior
commitments to the developer of property taxes from PD 18 and PD 23.
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 estimated dollar amounts. Total TIF project costs are approximately $46 million,
including costs of financing and costs to reimburse estimated City expenses for TIF
program administration. .
Feasibility of Paying TIF Project Costs with TIF Fund Revenue: Schedule 5 relates
forecast annual cash flow to the TIF fund and forecast annual expenses for TIF project
costs. It indicates that, if the assumptions of revenue and expenditures hold true, it is
Economic Feasibility Study Stein Planning, LLC, April 11, 2014 Page 2
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.
Economic Feasibility Study Stein Planning, LLC, April 11, 2014 Page 3
Map 1:
Tax Increment Financing Reinvestment Zone Number Two
Location and Boundaries
Economic Feasibility Study Stein Planning, LLC, April 11, 2014 Page 4
g
m6i
Map 3:
Proposed Improvements,
Tax Increment Financing Reinvestment Zone Number Two
�.ww.f sv.c.run.
i na.ct nw.
M
t COMMUNITY MAP _ !M6 rrtIaUrE T«
Mow
Economic Feasibility Study Stein Planning, LLC, April 11, 2014 Page 6
Map 4:
Proposed Uses of Land,
Tax Increment Financing Reinvestment Zone Number Two
M
FUTURE LAND USE MAP_______ THE TFqTE ne co.�
Economic Feasibility Study Stein Planning, LLC, April 11, 2014 Page 7
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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 Execute
Estimated Cost of FY Ending If r7T676
Category Project in 2013 Dollars__ _ Sept. 30, Annual Inflation Atter;
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
$20,315,253
TIF 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
Uncommitted TIF revenue, available for TIF projects or reversion to other City funds 2032-2039
$45,991,883
$39,084,582
Economic Feasibility Study Stein Planning, LLC, April 11, 2014 Page 11
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