HomeMy WebLinkAboutOrdinance No. 2011-1929CITY OF THE COLONY, TEXAS
ORDINANCE NO. 2011-1929
WHEREAS, the City of The Colony, Texas (the "City"), pursuant to Chapter 311 of the
Texas Tax Code, as amended (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, pursuant to and as required by the Act, the governing body of the City (the
",City Council") prepared a Preliminary Reinvestment Zone Financing planfir Tax Increment
Reinvestmem Zone Number One, City of The Colony, Texas, dated November 8, 2011, approved
by Ordinance No. 2011-1925 adopted November 8, 2011, for a proposed tax increment
reinvestment zone containing the approximately 433 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 on October 27, 2011, which date is not later than
the seventh (7i) day before the public hearing held on November 8, 2011; and
WHEREAS, at the public hearing on November 8, 2011, interested persons were
allowed to spear 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 November 8, 2011, the City Council approved
Ordinance No. 2011-1926, establishing Reinvestment Zone Number One, City of The Colony,
Texas; and
WHEREAS, on November 14, 2011, the Board of Directors for Reinvestment Zone
Number One, City of The Colony, Texas, authorized the preparation of the Final Project and
Reinvestment Zone Financing Plan, a copy of which is attached hereto as Exhibit A; 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.
NOWTHERE, FORE, BE IT ORDAINED BY THE CI'T'Y COUNCIL OF THE
CITY OF THE COLONY, TEXAS:
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SECTION 1. 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. The City Council hereby approves the Final Project and Reinvestment
Zone Financing flan, a copy of which is attached hereto as ExhibitA and is incorporated herein.
for all purposes.
SECTION 3. 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. 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 CITE OF TIME
COLONY, TEXAS, THIS THE 15"" DAY OF NOVEMBER, 2011.
ATT'T:
Christie Wilson, City Secretary
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F.vhihitA
FINAL PROJECT AND
REINVESTMENT NE FINANCING LAN
FOR
TAX INCREMENT VESTME rT ZONE NUMBER
ONE, CITY F THE COLONY, TEXAS
November 15, 2011
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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" mean a section of this Final Project and Finance Plan.
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; (ii) public improvements within and outside such
zone; (iii) programs for the public purpose of economic development within such zone to
facilitate and/or pay for projects that benefit such zone, develop and diversify the economy of
such zone, and stimulate business and commercial activity within such zone; including, but not
limited to, programs under Chapter 380, Texas Local Government Code, as amended- (iv) other
projects that benefit such zone; and (v) costs and expenses incidental to the foregoing works,
improvements, programs, and projects (all of the foregoing are collectively referred to as the
"TIF Projects" and the costs thereof as "TIF Proiect Costs") from all or a portion of (A)
increased ad valorem taxes collected by the City and other participating taxing units from within
such zone and attributable to new development within such zone; and (B) increased sales and use
taxes collected by the City within such zone and attributable to new development within such
zone. The statute that governs tax increment financing is the Tax Increment Financing Act,
Chapter 311, Texas Tax Code, as amended (the "Act").
1.3 The Zone, the Facility, and Related Development. As required by the Act, the
City prepared a preliminary reinvestment zone financing plan titled "Preflnlinary Reinvestment
Zoi7e Financing Plan far Tax. Increment Reinvestment Zone Dumber One, City gf"The Colwy,
Teas," which was made available for public inspection on November 1, 2011, and was
approved by the City Council on November 8, 2011. On November 8, 2011, the City Council
also adopted (;Ordinance No. 2011-1926 designating an area as Tax Increment Reinvestment Zone
Number, One, City of The Colony, Texas (the "Zone"), in accordance with the Act. The Zone
consists of approximately 433 open and undeveloped acres located within the corporate limits of
the City and described in Section 3. The City created the Zone to promote economic
development that but for the creation of the Zone would not otherwise occur. It is contemplated
that: (i) there will be constructed and operated within the Zone a mixed-use facility 011
approximately 90 acres, which facility will initially include approximately 1,280.000 square feet
for warehouse and distribution uses. approximately 25,000 square feet for a regional corporate
headquarters, and approximately 546,000 square feet for retail sales to the general public (the
"Facility"); and (ii) the remainder of the land within the Zone will be developed as a inixed-use
project (the "Related Development'") that may include any one or more of the following; (A)
entertainment, tourism, recreation, and convention facilities that will attract tourists, visitors, and
shoppers from a wide geographic region; (B) hotels, retail stores, concessions, restaurants, and
other facilities related to the entertainment, tourism, recreation, and convention uses; (C) public
facilities for municipal use; (D) other retail and commercial facilities; and (E) public parking to
serve the foregoing. The City Council and the Board have determined that development of the
Facility and Related Development will not occur solely through private investment in the
foreseeable future. Moreover, the City Council and the Board have determined that the Zone
substantially impairs and arrests the sound growth of the City because the Zone is predominately
open and undeveloped due to factors such as the need for essential public infrastructure and the
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need for economic development programs that establish financial incentives (including, but not
limited to, payments and/or grants that are intended to be contributions to capital) to attract new
business and commercial activity to the Zone for the purpose of providing long-terra 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.
1.4 County Participation. It is contemplated that the County will participate in the
Zone by depositing the County Tax Increment into the Tax Increment Fund pursuant to the
County Tax Increment Participation Agreement. Unless otherwise approved by the governing
body of the County, the County Tax Increment shall only be used to pay Public Works Project
Costs (excluding, however, any costs related to land for or the construction of any municipal
buildings).
L5 Public Works Projects. Development of the Facility and Related Development
will require, as part of the TIF Projects the following "Public Works Projects". (i) substantial site
improvements including, but not limited to, mass grading within the Zone; (ii) the construction
of public infrastructure inside and outside the Zone (e.g., water, server, roads, and other utilities);
(iii) the construction of storm water detention and related drainage improvements within the
Zone, (iv) the construction of municipal buildings within the Zone; (v) the construction of public
parking within the Zone; and (vi) the acquisition of land for the foregoing. The Public Works
Projects are described in greater detail in Section 6.
1.6 Economic Development Projects. The City Council and the Board have
determined it is necessary and convenient to the implementation of this Final Project and Finance
flan and to the development of the Facility and the Related Development to pay any or all of the
TIF Project Costs, as part of the TIF Projects, which are. (i) allocable to the construction of
approximately 546,000 square feet of retail space as part of the Facility; (ii) necessary to
purchase approximately 307 aches within the Zone that will be developed as part of the Facility
and Related Development in accordance with this Final Project and Finance Plan; (iii) allocable
to the construction of improvements to bring to the Zone entertainment, tourism, recreation, and
convention facilities that will attract tourists, visitors, and shoppers from a wide geographic
region; (iv) allocable to the construction of improvements to bring to the Zone additional retail
and commercial facilities; and, (v) allocable to the construction of improvements that will bring
to the Zone a second "super retail store", all as described in Section 9 (the "Economic
Development Projects").
1,7 Economic Development Programs. The City Council and the Board have
determined it to be necessary and convenient to the accomplishment of the objectives contained
in and to the implementation of this Final Project and Finance Plan to establish and provide for
the administration of the economic development programs described in Section 10 which may be
used, at the Board's discretion, to accomplish the purposes described in Section 1.5 and
Section 1.6 to the extent that such TIF Projects are not otherwise funded; and, such programs and
grants are authorized by Section 311.010(h) of the Act and by Article 111, Section 52-a.. Texas
Constitution, as amended.
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L8 Sale of Certain Economic Development Pr-oiects. To the extent real property is
not otherwise granted pursuant to Section 1.7, the City Council and the Board have determined it
to be necessary and convenient to the accomplishment of the objectives contained in and to the
implementation of this Final Project and Finance Plan to sell the Economic Development
Projects, or any other real property within the Zone that is acquired by the City by conveyance,
purchase, condemnation or other means to implement this Final Project and Finance Plan, to the
Developer or the end user of such Economic Development Projects or other real property upon
the terms and conditions and in the manner the City Council and tine Board considers advisable.
1.9 Acquisition of Real Property.. The City Council and the Board have determined it
to be necessary and convenient to the accomplishment of the objectives contained in and to the
implementation of this Final Project and Finance Plan to acquire by conveyance, sale, or any
other means the real property owned by the TCCDC and the TCEDC that is located within the
Zone at a time mutually agreed to by the City Council, the Board, and the TCCDC or the
TCEDC, as applicable.
1.10 Implementation, To facilitate development of the Facility and Related
Development the Board has prepared and will adopt, and the City Council will approve, this
Final Project and Finance Plan for the Zone which may vary from the Preliminary Finance Plan,
and it is contemplated that: (i) the City and the County will enter into the County Tax Increment
Participation Agreement; (ii) the Board, the City, the Developer, and the 431 Corporation will
enter into the Development Agreement; (iii) the City or the 431 Corporation will issue or enter
into the TIF Obligations; (iv) the City, pursuant to the Act and in accordance with Section 1.8,
may sell any of the Economic Development Projects or any of the real property within the Zone
acquired by the City pursuant to Section 1.9 on the terms and conditions and in the manner the
City Council and the Board considers advisable; and (v) the Board and the City will approve the
programs created under this Final Project and Finance Plan as well as the 380 Incentive Program.
2. DEFINITION S. Words or phrases used in this Final Project and 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.
"380 Incentive Program" means that 380 incentive program approved by Ordinance No. 2011-
1935 adopted as part of the City's Comprehensive Economic Development Policy.
"431 Corporation" means a local government corporation created and controlled by the City as
an instrumentality of the City pursuant to Subchapter D, Chapter 431, Texas Transportation
Code, as annended.
"Act" is defined in Section 1.2.
"Board" means the Board of Directors of the Zone.
"City" means the city of The Colony, Texas, a home-rule municipal corporation.
"City Council" means the governing body of the City.
"City Sales Tax Increment" means the amount or portion of the Sales Tax Increment that the City
determines is required: (i) to (1) pay TIF Obligations secured by the City Sales Tax Increment
for that year; (2) establish or maintain debt service or similar reserves required for such
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obligations; and (3) pay prior year shortfalls attributable to such obligations (i.e., amounts by
which the TIF Obligations secured by the City Sales Tax Increment for any prior year exceeded
the available City Sales Tax Increment for such year); and (ii) to pay any other obligations
incurred for the Zone including, but not limited to, any agreements made under Section
311.010(b) of the Act dedicating revenue from the Tax Increment Fund; provided, however, that
the amount or portion described in (i) and (ii) above shall never exceed ninety percent (90%) of
the Sales Tax Increment. The amount, if any, by which the City Sales Tax Increment for a year
exceeds the amount required to pay (i) and (ii) above is not part of the City Sales Tax Increment
and therefore shall not be deposited into the Tax Increment Fund.
"City Tax Increment" means one hundred percent (100%) of the Tax Increment for the City.
"County" means Denton County, Texas.
"County Tax Increment Participation Agreement" means an agreement between the City and the
County (to which agreement the Developer is a third-}party beneficiary) pursuant to which the
County agrees to pay the County Tax Increment into the Tax Increment Fund as provided in this
Final Project and Finance Plan.
"County Tax Increment" means ninety percent (90%) of the Tax Increment for the County.
"Developer" means LMG Ventures, LLC and TXFM, Inc. or an affiliate, assignee, or transferee
thereof.
"Development Agreement" means an agreement among any or all of the Board, the City, the 431
Corporation, and the Developer for the implementation of this Final Project and Finance Plan.
"Economic Development Grants" are defined in Section 10.1.
"Economic Development Programs" are described in Section 10.
"Economic Development Project Costs" are defined in Section 9.I.
"Economic Development Projects" are defined in Section 1.6 and described in Section 9.
"Economic Feasibility Study" is defined in Section 8.
"Facility" is defined in Section 1.3.
"Final Project and Finance Plan" means this Final Project and Reinvestment Zone Financing
Plan for Tax Increment Reinvestment Zone Number One, City of The Colony, Texas, dated
November 15, 2001, as amended.
"Full-Time Equivalent Job" means a job filled by (i) one individual for a period of not less than
forty (40) hours per week or (ii) two (2) or more individuals for a period of not less than forty
(40) hours per week in the aggregate.
"Non-Project Costs" are defined in Section 7.
"Phase I" is defined in Section 8.
"Phase II" is defined in Section 8.
"Phase III" is defined in Section 8.
"Preliminary Finance Plan" means the Preliminazy Reinvestment Zone Financing Plan for Tax
Increment Reinvestment Zone Number One, City of The Colony, Texas, dated November 8, 2011.
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"Public Worms Project Costs" are defined in Section 6.5.
"Public Works Projects" are defined in Section 1.5 and described in Section 6.
"(qualified Costs" are included in TIF Project Costs as defined in Section 311.002 of the Act, as
amended, and include, but are not limited to: (i) costs of design and construction including, but
not limited to, costs of preparing the site for construction and costs of work performed because
of environmental considerations; (ii) costs of services of architects, engineers, construction
managers, third-party developers, and contractors; (iii) reasonable costs of legal counsel of the
City, the County, the 431 Corporation, and the Developer with respect to negotiating and.
consummating all documents contemplated by this Final Project and Finance Plan; (iv)
reasonable fees and expenses of agencies having Jurisdiction over the financing of the Facility,
financial advisors, financial printers, bond counsel, legal counsel, underwriters, escrow agents,
trustees, and other persons incurred in connection with the implementation of this Final Project
and Finance Plan, (v) capitalized interest and reserve funds required in connection with any TIF
Obligations; (vi) costs of acquiring the site including title work, surveys, inspections,
engineering reports, real estate commissions, and legal fees and expenses, (vi) costs of furnishing
and equipping the Facility; and (vii) any reasonable costs incurred by the Developer, the City,
the County, or the 431 Corporation in connection with the implementation of this Final Project
and Finance Plan.
"Related Development" is defined in Section 133
.
"Sales Tax Increment" means the amount generated from the City's sales and use taxes
attributable to the Zone above the sales tax base. "Sales tax base" means the amount generated
from the City's municipal sales and use taxes at the rate of one percent (1.0%) attributable to the
Zone for the year in which the Zone was designated.
"Tax Increment" means, for the City and the County, respectively, for each year, the amount of
property taxes levied and collected by the City and the County for that year on the captured
appraised value of real property taxable by the City and the County and located in the Zone.
"Captured appraised value" means the total taxable value of all real property taxable by the City
and the County and located in the Zone for that year less the tax increment base for the City and
County. "Tax increment base" for the City and. County is the total taxable value of all real
property taxable by the City and the County and located in the Zone for the year in which the
Zone was designated.
"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: (i) the City is required by the Act to
deposit the City Tax Increment and the City Sates Tax Increment, (ii) the County, upon
execution of the County Tax Increment Participation Agreement, will be required by the Act to
deposit the County Tax Increment; (iii) the City or the 431 Corporation deposits any proceeds
from the issuance of TIF Obligations; and (iv) the City, the County, or the 431 Corporation is
otherwise required by the Act to deposit any funds.
"TCCDC" means The Colony Community Development Corporation, a Type B Texas
corporation created under the authority of Chapter 505, Texas Local Government Code.
"TCEDC" rneans The Colony Economic Development Corporation, a Type A Texas corporation
created under the authority of Chapter 504, Texas Focal Government Code.
"TIF Obligations" are defined in Section 15.
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"T1F Projects" are defined in Section 1.2.
"TIF Project Costs" are defined in Section 1.2.
"Zone" is defined in Section 1.3 and described in Section 3.
3. DESCRIPTION AND MAP. A reap showing and describing existing uses and
conditions of real property in the Zone is attached hereto as Exhibit A-1. A reap showing and
describing proposed uses of real property in the Zone is attached as Exhibit A-. A metes and
bounds description of the real property in the Zone is attached as Exhibit A-3.
4. PROPOSED CHANCES TO ORDINANCES, PLANS, CODES, RULES, AND
REGULATIONS. Development of the Facility and Related Development will necessitate
amending the City's Comprehensive Land Use Plan, (ii) amending the City's Master
Thoroughfare Plan, (iii) adopting a planned development zoning ordinance covering property in
the Zone, (iv) amending the City's Comprehensive Policy Statement of Economic Development
Incentives, and (v) adopting ordinances approving the programs created under this Final Project
and Finance Plan and creating the 3817 Incentive Program. There are no proposed changes to any
ordinances, plans, codes, rules, or regulations adopted by the County.
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 Final Project
and Finance Plan.
6. PUBLIC WORKS PROJECTS AND PUBLIC WORKS PROJECT COSTS.
6.1 Public Works Projects. Development of the Facility and Related Development
will require the construction of the Public Works Projects generally described below anal'.
depicted, in part, on Exhibit B.
6.1.1 Site Improvements. Site improvements include mass grading of all the
land within the pone to create buildable pad sites and generate earthen fill to elevate low
areas.
6.1.2 Water. The water system will include new water main extensions to
connect to the City's existing water systern. An on-site water main will be looped around
the site to provide the appropriate water and fire protection service. Tract 3 niay be
serviced using an existing water line in Spring Creek Parkway and looping a new line
through the site.
6.13 Sanitary Sewer. Sanitary sewer service will be provided by gravity lines
that are proposed to flow to the northwest to connect to an existing sanitary sewer line in
Piano Parkway. A boring under the existing Burlington Northern Railroad will be
necessary,
6.1.4 Private Utilities. Private utilities will be installed in an underground duct
bank systern.
6,1.5 Drainage. Tract 3 will drain naturally to a creek that bisects the tract.
Localized underground drainage conduit combined with overland flow will comprise the
proposed drainage improvements for Tract 2. The eastern portion of Tract 2 will drain
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into a creek and require detention. The southern portion of Tract 2 and the western most
five (5) acre tract drain to Plano Parkway. Underground drainage conduit for these tracts
will be constructed and connected to the existing drainage system in Plano Parkway.
6.1.6 Wetlands. Site development has minor impacts to existing wetlands
and/or waters of the U.S. that will require a 404 Permit from the U.S. Army Corps of
Engineers.
6.1.7 On-Site Improvements. The on-site public roadways will consist of an
extension of Headquarters Drive at Spring Creek Parkway west with a bridge over the
Burlington Northern Railroad. In addition, north/south collector roads are proposed to
connect Plano Parkway to S.H. 121. Street lighting, signalization, sidewalks, and
hike/bike trails will be included.
6.1.8 Signs. Signs directing pedestrians and traffic to public parking and venues
will be installed throughout the site.
6.1.9 Off Site Improvements. Off--site improvements include intersection
improvements at S.H. 1.21 and Plano Parkway and S.H. 121 and Spring Creek Parkway,
which improvements may include lane additions, re-striping, and signal improvements.
In addition, deceleration lanes along the eastbound frontage road of S.H. 121 may be
installed at entrances to the development. Left turn lanes and deceleration lanes will also
be required on Plano Parkway. An overpass on S.H. 121 may be required to extend
South Colony Boulevard into the development.
6.1.10 Power Lines. Overhead wooden power lines may be replaced with
concrete poles. In addition, overhead lines may be relocated underground.
6.1.11 Traffic Management. Traffic management improvements are proposed
that may include a website, dynamic message signs on S.H. 121, traffic monitoring
cameras, remote traffic signal control, and a command center. Off-site way finding signs
may also be included.
6.2 Parkin . Site improvements are anticipated to include public surface parking as
well as internal, public roads to provide circulation. Structured parking garages are also
proposed to provide additional public parking spaces. Streetscape, landscaping, and lighting
improvements are included. Parking maintenance and operations costs may also be included.
6.3 Municipal Building. It is contemplated that a municipal building will be
constructed within the development.
6.4 Reconstruction. Beginning in year 2031, it is contemplated that public streets and
public parking will need to be reconstructed.
6.5 Public Works Project Costs. "Public Works Project Costs" include the following;
6.5.1 $57,680,000 for 2012 Public Works Project Costs shown on Exhibit C;
6.5.2 $121,895,947 for 2017 Public Works Project Costs shown on Exhibit C;
6.5.3 $62,500,000 for 2031 Public Works Project Costs shown on Exhibit C;
6.5.4 $12,900,000 for mass grading, wetland mitigation, storm water detention,
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and the purchase of approximately 20 acres of land for storm water detention and related
improvements,
6.S.S $1,200,000 for public surface parking and related circulation roads,
landscaping, and lighting, and
6.5.6 $314,800,000 for public structured parking and related circulation roads,
landscaping, and lighting.
The expenditures for Public Works Project Costs may be accelerated or delayed without
requiring an amendment to this Final. Project and Finance Plan.
7. ESTINIATED NON-PROJECT COSTS. The Developer estimates that the total cost to
develop the Facility and Phases I and 11 of the Related Development (as summarized on Exhibit
D) will be approximately $1,540,196,982. If the Phase III "super retail store" agrees to open
within the Zone, the Developer estimates the total cost will increase to $2,100,000,000. Based
on the costs anticipated through 2018, the Developer estimates the non-project costs for the
Facility and Phase I and 11 of the Related Development will be $1,051,321,035. If the Phase III
"super retail user" agrees to open within the Zone, the Developer estimates the non-project costs
will increase to $1,360,1300,000.
8. EC(II\'C}MIC FEASIBILITY. Construction of the TIF Projects will benefit the Zone
and stimulate further business and commercial activity in the Zone that would not occur through
private investment in the foreseeable future but for the designation of the Zone and
implementation of the tax increment financing described in this Final. Project and Finance Plan.
Such further business and commercial activity (defined in Section 1.3 as the "Related
Development") is anticipated to occur in phases which, depending on market conditions, may
overlap. "Phase V of the Related Development is planned to include entertainment, recreation,
tourism, and convention facilities (which may include, but are not limited to, a theme park and
theme park hotel, convention center and convention center hotel and related retail stores,
concessions, restaurants, and park facilities) that will attract tourists, visitors, and shoppers from
a wide geographic region. "Phase 11" of the Related Development is planned to include retail and
commercial facilities. "Phase III" of the Related Development is planned to include a second
"'super retail store" that is projected to generate at least $500,000,000 in total taxable sales during
the first full calendar year after the store is completed and open for business to the public..
Impact Data Source, Austin, Texas, has completed Economics Feasib lily Stu,-~ > q1' a Proj)osecl
Mixed-Use Develolmiew PrQjecl in The Colonv, Texas, dated October 26, 2011, (the "Economic
Feasibility Study") to estimate the economic impact that the Facility and Phase I and Phase li of
the Related Development will have during construction and during the first forty (40) years after
construction is complete. In addition, the Economic Feasibility Study estimates revenues that the
Facility and Phase I and Phase It of the Related Development may generate for the State of
Texas, the County, the City, TCEDC, TCCDC, and Lewisville ISD. The Economic Feasibility
Study constitutes the "economic feasibility study" required by the Act. A summary of the
Economic Feasibility Study is attached as Exhibit E. Key findings of the Economic Feasibility
Study are provided below. The adoption and approval of this Final Project and Finance Plan,
including the Economic Feasibility Study, by the City Council constitutes a finding by the City
Council that this Final Project and Finance Plan is feasible. The Economic Feasibility Study will
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be updated before undertaking the Phase III Economic Development Projects described in
Section 9.1.5 or the Phase III Economic Development Programs described in Section 10.1.6.
8.1 Impact During Construction. Construction of the Facility and Phase I and Phase
If of the Related Development is estimated to generate $2.3 billion in total economic output,
support 4,410 direct and indirect construction jobs, provide $684 million in direct and indirect
construction salaries, and generate $244 million in taxable spending. It is estimated that
construction will generate over $20 million in sales taxes paid to the State of Texas, the City,
TCEDC, and TCEDC.
8.2 Economic Output, .lobs, and Salaries. It is estimated that during the term of the
Zone, the Facility and Phase I and Phase 11 of the Related Development will generate $195
billion in economic output and business revenues, 20,426 direct and indirect jobs, and $46 billion
in direct and indirect salaries.
8.3 Other Economic Impacts. It is estimated that during the term of the Zone, the
Facility and Phase I and Phase 11 of the Related Development will generate $114 billion in
taxable sales, $2.7 billion in lodging sales, job opportunities for 20,426 new employees, and the
need for 664 new residential dwelling units.
8.4 Total Estimated Revenues. It is estimated that during the term of the Zone the
total revenues (including sales, property, and hotel occupancy taxes) generated by the Facility
and Phase I and Phase 11 of the Related Development will be as follows: for the State of Texas,
$7.1 billion; for the City, $612 million; for TCEDC, $242 million; for TCCDC, $242 million; for
the County, $38 million, and for the Lewisville ISD, $1.2 billion..
8.5 Tourism. It is estimated that during the first year of operations, eight million
visits will be made to the Facility, increasing to 10 million in the second year, and increasing at
seven percent (7%) per year thereafter until year 10 and at three percent per year thereafter.
Visitors to the Facility are expected to be from throughout the state and from surrounding states.
9. ECONOMIC DEVELOPMENT PROJECT COSTS.
9.1 The Board and the City Council have determined it is necessary and convenient to
the implementation of this Final Project and Finance Plan and to the development of the Facility
and the Related Development to pay any or all of the economic development project costs
described in Sections 9.1.1 through 9,1.5 (the "Economic Development Project Costs"). The
Board and the City Council have further determined that payment of any of the Economic
Development Project Costs under this Section 9 is for a public purpose within the meaning of
Article III, Section 52(a), Texas Constitution, as amended.
9.1.1 To facilitate development of the Facility, Economic Development Project
Costs in the estimated amount of $91,300.000 to pay Qualified Costs allocable to the
construction of approximately 546,000 square feet of retail space as part of the Facility.
9.1.2 To facilitate development of the Facility and Related Development,
Economic Development Project Costs in the estimated amount of $44,100,000 to pay
Qualified Costs for the acquisition of approximately 307 acres within the Zone to be
developed in accordance with this Final Project and Finance Plan.
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1775.0 1 0\24144.9
9.1.3 To facilitate development of the Phase 1 Related Development, Economic
Development Project Costs in the estimated amount of $69,000,000 to pay Qualified
Costs allocable to the construction of improvements that will bring to the Zone
entertainment, recreation, tourism, and convention facilities, (which may include, but are
not limited to, facilities such as a theme park and theme parr hotel, convention center and
convention center hotel, and related retail stores, concessions, restaurants, and park
facilities) that will attract tourists, visitors,. and shoppers from a wide geographic region.
9.1.4 To facilitate development of the Phase 11 Related Development, Economic
Development Project Costs in the estimated amount of $57,000,000 to pay Qualified
Costs allocable to the construction of improvements that will bring to the Zone additional
retail and commercial facilities.
9.1.5 To facilitate development of the Phase 111 Related Development,
Economic Development Project Costs in the estimated amount of $250,000,000 to pay
Qualified Costs allocable to the construction of improvements that will bring to the Zone
a second "super retail store" that is projected to generate at least $500,000,000 in total
taxable sales during the first full calendar year after the store is completed and open for
business to the public.
10. ECONOMIC DEVELOPMENT PROGRAMS AND GRANTS.
10.1 Economic Development Programs, Section 311.010(h) of the Act provides that
the Board, subject to the approval of the City Council, may establish and provide for the
administration of one or more programs as the Board determines is necessary or convenient to
implement and achieve the purposes of this Final Project and Finance Plan, which programs are
for the public purposes of developing and diversifying the economy of the Zone and developing
business and commercial activity within the Zone. Such economic development programs may
include, to the extent permitted by law, (i) programs to make grants of land, buildings, parking
discussed in Section 6.2, and Economic Development Projects in the Zone, and (ii) programs to
make grants of any lawfully available money fi-orn the Tax Increment Fund, both of which are
for activities that benefit the Zone and stimulate business and commercial activity in the Zone.
This Section 10 is intended to be an economic development program authorized by Section
311.010(h) and by Article 111, Section 52-a of the Texas Constitution, as amended. Development
of the Facility and Related Development will further the public purpose of developing and
diversifying the economy of the Zone with a long-terra economic impact that will be measured in
hundreds of billions of dollars as described in the Economic Feasibility Study. The City Council
and the Board have determined, and it is recognized, that such development will not occur
through private investment in the foreseeable future, nor will such development occur only
through public participation in the cost of Public Works Projects. All grants which are part of
the Economic Development Programs described below in Sections 10.1.1 - 10,1.6 (collectively,
the "Economic Development Grants'") are intended as contributions to the capital of businesses
to provide an incentive for the businesses to locate to and operate within the Zone. The
Economic Development Grants serve the public purpose of attracting 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
Page 13
November 10. 2011 - 9.00 AM
1775.11 1 0112 4 1 4 4.9
opportunities for residents of the City, the County, and the region all of which benefit the Zone
and the City.
10. 1.1 Economic Development Program to facilitate development of the Facility
and Related Development by providing an Economic Development Grant consisting of
one or more conveyances or other transfers of land, buildings, parking discussed in
Section 6.2, and/or Economic Development Projects within the Zone to businesses as an
incentive for the businesses to locate to and operate within the Zone, which conveyances
or other transfers shall be for such consideration, if any, and oil such terns and conditions
as the Board and City Council may determine.
10.1.2 Economic Development Program to facilitate development of the Facility
by providing an Economic Development Grant in the estimated amount of $91,300,000 to
pay Qualified Costs allocable to the construction of approximately 546,000 square feet of
retail space as part of the Facility.
10.1.3 Economic Development Program to facilitate development of the Facility
and Related Development by providing an Economic Development Grant in the
estimated amount of $44,100,000 to pay Qualified Costs for the acquisition of
approximately 307 acres within the Zone to be developed in accordance with this Final
Project and Finance Plan.
10.1.4 Economic Development Program to facilitate development of the Phase I
Related Development by providing an Economic Development Grant in the estimated
amount of $69.000,000 to pay Qualified Costs allocable to the construction of
improvements to bring to the Zone entertainment, recreation, tourism, and convention
facilities, (which nnay include, but are not limited to, a theme park and theme park hotel,
convention center and convention center hotel, parks and park facilities, and related retail
stores, concessions, and restaurants) that will attract tourists, visitors, and shoppers from
a wide geographic region.
10, Economic Development Program to facilitate development of the Phase II
Related Development by providing an Economic Development Grant in the estimated
amount of $57,000,000 to pay Qualified Costs allocable to the construction of
improvements that will bring to the Zone additional retail and commercial uses.
10. 1.6 Economic Development Program to facilitate development of the Phase III
Related Development by providing an Economic Development Grant in the estimated
amount of $250,000,000 to pay Qualified Costs allocable to the construction of
improvements that will bring to the Zone a second "super retail store".
10.2 Performance Standards. The Economic Development Programs and
corresponding Economic Development Grants described in Section 10.1 are subject to the
performance standards described in Sections 10.2.1, 10.2.2, and 10.2.3. The Economic
Development Program and corresponding Economic Development Grant described in Section
10.1.4 for Phase I Related Development is additionally subject to the Phase 1 performance
standards set forth in Section 10.2.4. The Economic Development Program and corresponding
Economic Development Grant described in Section 10.1.5 for Phase 11 Related Development is
additionally subject to the Phase II performance standards set forth in Section 10.2.5. The
Economic Development Program and corresponding Economic Development Grant described in
Page 14
November 10, 2011 - 9:00 AM
1775.0 1024144 .9
Section 10.1.6 for Phase III Related Development is additionally subject to the Phase III
performance standards set forth in Section 10.2.6. Except as provided in tills Section 10.2, the
Economic Development Programs and corresponding Economic Development Grants are not
subject to any other performance standards. The City Council and the Board have determined
that satisfaction of the performance standards set forth in this Section 10.2 will further the public
purpose of developing and diversifying the economy of the Zone and will stimulate business and
commercial activity in the Zone,
10.2.1 Completion of the Facility. Construction of the Facility shall be
completed, and the Facility shall be open for business to the public, no later than
December 31, 2015, subject to "force majeure" delays and delays approved by the City.
If the Facility is not completed and open for business by such date, an amount equal to
$50,000 for each month that the Facility is late in opening shall: (1) FIRST, be forfeited as
provided in the Development Agreement; and (ii) SECOND, after such forfeiture is
applied, the remainder of such amount, if any, shall be deducted from the 380 Incentive
Program or from any other legally available funds owed by the City to the Developer,
excluding funds required to pay TIF Obligations.
10.2.2 Qualified Cost Requirements, At least $100,000,000 in Qualified Costs
shall be expended to construct the Facility. If less than such amount of Qualified Costs is
expended, the amount of the deficiency shall: (i) FIRST,. be forfeited as provided in the
Development Agreement; and (ii) SECOND, after such forfeiture is applied, the
remainder of such amount, if any, shall be deducted from the 380 Incentive Program or
from any other legally available funds owed by the City to the Developer, excluding
funds required to pay TIF Obligations.
10.2,3 Full-Time .lob Requirement. On January 1 of the first calendar year after
the Facility is completed and open for business, the Facility will provide employment for
a minimum of 850 Full-Time Equivalent Jobs. If the Facility does not provide the
required minimum number of Full-Time Equivalent Jobs, an amount equal to $5,000 for
each rjob that is not provided shall: (1) FIRST, be forfeited as provided in the
Development Agreement; and (ii) SECOND, after such forfeiture is applied, the
remainder of such amount, if any, shall be deducted from the 380 Incentive Program or
from any other legally available funds owed by the City to the Developer, excluding
funds required to pay TIF Obligations,
10.2.4 Construction of Phase I Related Development. At least $50,000,000 in
Qualified Posts will be expended to construct Phase i Related Development that will be
open for business to the public no later than December 31, 2020, subject to "force
majeure" delays and delays approved by the City. If less than such amount of Qualified
Costs is expended on the Phase I Related Development, the amount of the deficiency
shall: (i) FIRST, be forfeited as provided in the Development Agreement; and (ii)
SECOND, after such forfeiture is applied, the remainder of such amount, if any, shall be
deducted from the 380 Incentive Program or from any other legally available funds owed
by the City to the Developer, excluding funds required to pay TIF Obligations, If the
Phase I Related Development is not completed and open for business by such date, an
amount equal to $25,000 for each month that the Phase I Related Development is late in
opening shall: (A) FIRST. be forfeited as provided in the Development Agreement; and
(B) SECOND, after such forfeiture is applied, the remainder of such amount, if any, shall
Page 15
November 10, 2011 - 9:00 AM
1775,010\24144 9
be deducted from the 380 Incentive Program or from any other legally available funds
owed by the City to the Developer, excluding funds required to pay TIF Obligations.
10.2.5 Construction of Phase 11 Related Development. At least $40,000,000 in
Qualified Costs will be expended to construct Phase II Related Development that will be
open for business to the public no later than December 31, 2020, subject to "force
majeure" delays and delays approved by the City. If less than such amount of Qualified
Costs is expended on the Phase 11 Related Development, the amount of the deficiency
shall: (i) FIRST, be forfeited as provided in the Development Agreement, and (ii)
SECOND, after such forfeiture is applied, the remainder of such amount, if any, shall be
deducted from the 380 Incentive Program or from any other legally available funds owed
by the City to the Developer, excluding funds required to pay TIF Obligations. If the
Phase 11 Related Development is not completed and open for business by such date, an
amount equal to $25,000 for each month that the Phase 11 Related Development is late in
opening shall: (A) FIRST, be forfeited as provided in the Development Agreement; and
(B) SECOND, after such forfeiture is applied, the remainder of such amount, if any, shall
be deducted from the 380 Incentive Program or from any other legally available funds
owed by the City to the Developer, excluding funds required to pay TIT Obligations.
10.2.6 Construction of Phase III Related Development. At least $100,000,000 in
Qualified Costs will be expended to construct Phase III Related Development that will be
open for business to the public no later than December 31, 2020, subject to "force
majeure" delays and delays approved by the City. If less than such amount of Qualified
Costs is expended on the Phase III Related Development, the amount of the deficiency
shall: (i) FIRST, be forfeited as provided in the Development Agreement; and (ii)
SECOND, after such forfeiture is applied, the remainder of such amount, if any, shall be
deducted from the 380 Incentive Program or from any other legally available funds owed
by the City to the Developer, excluding fiends required to pay TIF Obligations. If the
Phase III Related Development is not completed and open for business by such date, an
amount equal to $25,000 for each month that the Phase III Related Development is late in
opening shall: (A) FIRST, be forfeited as provided in the Development Agreement; and
(B) SECOND, after such forfeiture is applied, the remainder of such amount, if any, shall
be deducted from the 380 Incentive Program or from any other legally available funds
owed by the City to the Developer, excluding funds required to pay TIF Obligations.
11. ESTIMATED BONDED INDEBTEDNESS. The estimated maximum bonded
indebtedness shall be $489,4400,000, unless the Phase III "super retail store" agrees to open
within the Zone in which case the estimated maximum bonded indebtedness shall be
$644,800,000.
11 ESTIMATED TIME WHEN TIF PROJECT COSTS WILL BE INCURRED. It is
estimated that TIF Project Costs will be incurred as shown, however, the timing may vary
significantly from the estimates. Expenditures may be accelerated or delayed without amending
this Final Project and Finance Plan. The expenditures are in current-year dollars; therefore, they
shall be adjusted each year by a cost-of-living index approved by the City and the Developer,
which approvals shall not be unreasonably withheld; and such adjustments shall not require an
amendment to this Final Project and Finance Plan.
Page 16
November 10. 2011 - 9:00 AM
1775.010124144.9
2012
$77,800,000
2013
$75,700,000
2014
$75,700,000
2015
$53,432,000
2016
$158,462,000
2017
$186,962,000
2018
$111,830,000
2031
$31,250,000
2032
$31,250,000
TOTAL $802,386,000
13. TOTAL APPRAISED VALUE. The current total appraised value of taxable real
property in the Zone is $663,603.
14. CAPTURED APPRAISED VALUE. The estimated captured appraised value of taxable
real property in the Zone during each year of its existence is shown on Exhibit F for the Facility
and Phases I and 11 of Related Development, If the Phase III "super retail store" agrees to open
in the Zone, the captured appraised value of taxable real property in the Zone during each year of
its existence is shown on Exhibit G.
15, METHOD OF FINANCING. It is contemplated that the City or a 431 Corporation will
issue, from time to time, one or more series of bonds or notes or enter into other obligations
(such bonds, notes, or other obligations are collectively referred to as "TIF Obligations") secured
in whole or in part by the Tax Increment Fund. The proceeds of such TIT Obligations will pay
or refinance the TIF Project Costs, It is contemplated that the sources of revenue to pay or
refinance the Public Works Project Costs will include the City Tax Increment, the County Tax
Increment, the City Sales Tax increment, and any other funds legally available to pay such costs.
It is contemplated that the sources of revenue to pay the Economic Development Project Costs
(or, alternatively, implement the Economic Development Programs and make the corresponding
Economic Development Grants) will include the City Sales Tax Increment and any other funds
legally available for such purpose. The percentage of tax increment to be derived from the real
property taxes of the City collected within the Zone is one hundred percent (100%). The
percentage of tax increment to be derived from the real property taxes of the County collected
within the Zone is ninety percent (90%). The percentage of sales tax increment to be derived
from the sales and use tax of the City collected within the Zone is the amount or portion of the
Sales Tax Increment that the City determines must be deposited into the Tax Increment Fund that
is equal to the amount needed (i) to pay TIF Obligations secured by the City Sales Tax Increment
for that year, (ii) to establish or maintain debt service or similar reserves required for such
obligations, and (iii) to pay prior year shortfalls attributable to such obligations (i.e., amounts by
which the TIF Obligations secured by the City Sales Tax Increment for any prior year exceeded
the available City Sales Tax Increment for such year); provided, however, in no case will such
amount or portion exceed ninety percent (90/0) of the Sales Tax Increment. TIF Obligations are
not general obligations of the City or the County and do not give rise to a charge against the
general credit or taxing powers of the City or the County.
Page 17
Novem bet, 10, 20 t I - 9:00 AM
1725.010\2.4144.9
16. DURATION OF THE ZONE. Unless extended by the City Council in accordance with
the Act, the Zone shall terminate on the earlier of (i) the 40`" anniversary of the date the City
collects its first sales tax dollar attributable to the Facility or (ii) the date on which all TIF Project
Costs have been paid or funded and all TIF Obligations, including interest thereon, have been
paid in full.
17. CHAPTER 272 EXEMPTION. It is contemplated that the City will own improved and
unimproved land within the Zone which the City desires to have developed as part of the Facility
and Related Development in accordance with this Final Project and Finance Flan. It is further
contemplated that development of City-owned land as part of the Facility and Related
Development may include sales, grants, or other transfers as part of an economic development
program for the Zone authorized by Section 311.010(h) of the Act. To the extent that any sales
of City-owned land are involved in such a program, such sales shall be exempt from the notice
and bidding requirements of Chapter 272, Focal Government Code, based on the exemption
contained in Section 272.001(b)(6), Local Government Code.
18. JOB REQUIREMENTS. Section 10.2.3 requires that by January I of the first calendar
year after the Facility is completed and open for business, the Facility will provide employment
for a minimum of 850 Full-Time Equivalent Jobs. The City will adopt, and the Developer will
implement, a program by which at least fifty percent (50%o) of the jobs will first be offered to
residents of the City or the County.
19. LIST OF EXHIBITS. Unless otherwise stated, all references to "Exhibits" contained in
this Final Project and Finance Flan shall mean and refer to the following exhibits, all of which
are attached to and shall be considered part of this Final Project and. Finance flan for all
purposes.
Exhibit A- I. 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 B. Public Works Projects
Exhibit C. Public Works Project Costs
Exhibit D. Total Estimated Cost of Facility and Related Development
Exhibit E. Economic Feasibility Study
Exhibit F. Estimated Captured Appraised Value - Facility and Phases I and Il of
Related Development.
Exhibit G. Estimated Captured Appraised Value - Facility and Phases I, 11, and III of
Related Development.
Page 18
November 10.2011 1 - 9 00 AM
1775.0 1 0\24144.9
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Exhibit A-3
Metes and Bounds Description of the Zone - Tract 1
BEING a 5.02 acre tract of land situated in the B.B.B. & C.R. Survey, Abstract No. 173, City of
The Colony, Denton. County,, Texas, and being part of a tract of land described as Tract 11 as
conveyed by deed to Maharishi Global Development Fund, as recorded in Volume 4555, Page
281, Official Public Records, Denton County, Texas. Said 5.02 acre tract of land being more
particularly described by metes and bounds as follows:
BEGINNING at a found 5/8 inch iron rod with KHA cap for corner, being the intersection of the
south right-of-way line of State Highway 121 (a variable width R.O.W.) and the southwest right-
of-way line of Plano Parkway (a 100 foot R.O.W.), and being the beginning of a. non-tangent
curve to the left having a radius of 1050.00 feet, a central angle of 50°34' 13" and a long chord
which bears South 64°23'31'° East, 896.96 feet;
THENCE southeasterly, along said southwest right-of=way line of Plano Parkway and said non-
tangent curve to the left, an arc distance of 926.75 feet to a point for corner, being in the north
line of a tract of land conveyed by deed to CB/Tittle, Ltd., as recorded in Instrument No. 99-
R0007181, Official Public Records, Benton County, Texas;
THENCE South 89°58'40" West, leaving said southwest right-of-way line and following along
said north line of CB/Tittle tract, at a distance of 1009.25 feet passing the northeast corner of a
tract of land described as Tract F3, as conveyed by deed to Castle Hills Property Company, as
recorded in Instrument No. 2006-153339, Official Public Records, Denton County, Texas, and
continuing with the north line of said Castle Hills Property Company tract. for a total distance of
1210.45 feet to a point for corner;
THENCE North 00°25' 18" West, with the northernmost east line of said Castle Hills Property
Company tract, at a distance of 97.47 feet passing the northernmost corner, and continuing with
said south right-of-way line of State Highway 121, for a total distance of 226.47 feet to a point
for corner:
THENCE continuing with said south right-of-way line of State Highway 121 as follows:
North 63°32'06" East, for a distance of 130.52 feet to a point for corner;
North 60°22'33" East, for a distance of 80.86 feet to a point for corner;
South 29°13'03" East, for a distance of 50.00 feet to a point for corner;
North 60°47'38" East, for a distance of 219.64 feet to the POINT OF BEGINNING and
CONTAINING 218,740 square feet or 5.02 acres of land, more or less.
Exhibit A-3 - Page 1
1775 01M4144.9
Exhibit A-3
Metes and Bounds Description of the Zone - Tract 2
BEING a 377.68 acre tract of land situated in the Thornas A. West Survey, Abstract No. 1344,
the B.B.B. & C.R. Survey, Abstract No. 173, the B.B.B. & C.R. Survey, Abstract No. 174 and
the M.D.T. Hallmark Survey, Abstract No. 570, City of The Colony, Benton County, Texas,
being part of a tract of land described as Tract 1 as conveyed by deed to Maharishi Global
Development Fund, as recorded in Volume 4555, Page 281, Official Public Records, Denton
County, Texas, being part of a called 122.8106 acre tract of land conveyed by Correction Deeds
to Crow-Billingsley UMF Plano, Ltd., as recorded in Instrument No. 2004-44212, 2004-44213,
200444214 and 2004-44218, Official Public Records, Denton County, Texas, and being a part
of McKamy Road (an unrecorded right-of-way) SAVE AND EXCEPT those certain tracts of
land conveyed in deeds recorded in Volume 5366, Page 977, Instrument No. 2006-49955, 2006-
49957 and 2006-75193, Official Public Records, Denton County, Texas. Said remaining 377.68
acre tract of land being more particularly described by metes and bounds as follows:
BEGINNING at a found TxDot brass cap in concrete for the northeast corner of said 377.68 acre
tract, being the intersection of the south right-of-way line of Sam Rayburn Tollway (State
Highway 121) (a variable width R.O.W.) and the west right-of-way line of Burlington Northern
Railroad (a 100 foot R.O.W. at this point);
THENCE continuing with said west right-of=away line of Burlington Northern Railroad as
follows:
THENCE ;South 06°59'58" East, for a distance of 832.17 feet to a point for corner, being
the beginning of a tangent curve to the right having a radius of 3703.75 feet, a central
angle of 13°04'33" and a long chord which bears South 00°27'42" East, 843.42 feet;
THENCE southeasterly, along said curve to the right, an arc distance of 845.26 feet to a
point for corner;
THENCE South 06°04'35" West, for a distance of 2524.64 feet to a point for corner;
THENCE North 83617'00" West, for a distance of 190.16 feet to a point for corner;
THENCE South 00°51'51 " East, for a distance of 970.10 feet to a point for corner;
THENCE South 89°03'50" West, for a distance of 31.58 feet to a point for corner;.
THENCE South 01'14'37" East, for a distance of 448.38 feet to a point for corner, being
the northeast corner of a tract of land conveyed by deed to Frankford Road Investors No.
1, as recorded in Instrument No. 2006-49957, Official Public Records, Denton County,
Texas;
THENCE North 87°06'22" West, leaving said west right-of-way line and following along the
north line of said Frankford Road Investors No. 1, for a distance of 1240.48 feet to a point for
Exhibit A-3 - Page 2.
1775.01 1112 4 1 44, 9
corner. being in the northerly right-of-way line of Plano Parkway (a 100 foot R.O.W.), and being
the beginning of a non-tangent curve to the left having a radius of 1130.00 feet, a central angle of
103"16'58" and a long chord which bears North 38°43'34" West, 1772.16 feet;
THENCE continuing with said northerly right-of-way line of Plano Road as follows:
THENCE northwesterly, along said non-tangent curve to the left, an are distance of
2036.97 feet to a point for corner;
THENCE South 89°38'05" West, for a distance of 647.23 feet to a point for corner, being
the beginning of a non-tangent curve to the right having a radius of 950.00 feet, a central
angle of 40°05'36" and a long chord which bears North 70°19'29" West, 651.29 feet;
THENCE northwesterly, along said non-tangent curve to the right, an arc distance of
664.77 feet to a point for corner, being the beginning of a reverse curve to the left having
a radius of 1050.00 feet, a central angle of 40°l T1 0" and a long chord which bears North
70°21'30" West, 722.31 feet;
THENCE northwesterly, along said reverse curve to the left, an arc distance of 737.37
feet to a point for corner;
THENCE South 89°31'25" West, for a distance of 623.83 feet to a point for corner, being
the beginning of a tangent curve to the right having a radius of 950.00 feet, a central
angle of 52°49'04" and a long chord which bears North 64°04'03" West, 845.07 feet;
THENCE northwesterly, along: said curve to the right, an arc distance of 875.75 feet to a
point for comer, being the most southerly point of a corner-clip with said south right-of-
way line of Sam Rayburn Tollway (State Highway 121);
THENCE North 08°46'31" East, along said corner-clip, for a distance of 26.03 feet to a
point for corner, being in said south right-of-way line of Sang Rayburn Tollway (State
Highway 121);
THENCE continuing with said south right-of-way line of Sam Rayburn Tollway (State
Highway 12])as follows:
THENCE North 60°47'38" East, for a distance of 203.71 feet to a point for corner;
THENCE North 58°17'36" East, for a distance of 252.11 feet to a point for corner;
THENCE North 55°47'40" East, for a distance of 105.11 feet to a point for corner;
THENCE North 58° 1T42" East, for a distance of 248.62 feet to a point for corner;
THENCE North 60°47'38" East, for a distance of 263.85 feet to a point for corner;
Exhibit A-3 - Page 3
1775.01 11124144, 9
THENCE North 76°3€1'51 " East, for a distance of 92.27 feet to a point for corner;
THENCE North 65°56'12" East, for a distance of 100.40 feet to a point for corner;
THENCE North 64°13'39" East, for a distance of 100.18 feet to a point for corner;
THENCE North 60°16'36" East, for a distance of 39.88 feet to a point for corner,
THENCE South 74° 1.2'01 " East, for a distance of 70.70 feet to a point for corner;
THENCE North 60°47'38" East, for a distance of 64.12 feet to a point for corner;
THENCE North 15°47'17" East, for a distance of 73.27 feet to a point for corner;
THENCE North 59°04'32" East, for a distance of 94.25 feet to a point for corner,
THENCE North 55°39'04" East, for a distance of 100.40 feet to a point for corner;
THENCE North 47°37'54" East, for a distance of 114.18 feet to a point for corner;
THENCE North 60°47'38" East, for a distance of 3800.00 feet to a point for corner,
THENCE North 65°20'10" East, for a distance of 189.41 feet to a point for corner,
THENCE North 61 °56'23" East, for a distance of 100.02 feet to a point for corner;
THENCE North 63°39"23" East, for a distance of 100.12 feet to a point for corner;
THENCE, North 64°47'53" East, for a distance of 100.24 feet to a point for corner;
THENCE North 66°30'16" East, for a distance of 201.00 feet to a point for corner;
THENCE North 65°56' 12" East, for a distance of 100.40 feet to a point for corner;
THENCE North 66°30'16" East, for a distance of 100.50 feet to a point for corner;
THENCE North 63°05'04" East, for a distance of 100.08 feet to a point for corner;.
THENCE North 64°13'39" East, for a distance of 100.18 feet to a point for corner,
THENCE North 83°05'27" East, for a distance of 69.58 feet to a point for corner;
THENCE North 60°39'18" East, for a distance of 33.81 feet to the POINT OF
BEGINNING and CONTAINING 16,451,919 square feet or 377.68 acres of land, more
or less.
Exhibit A-3 - Page 4
1775.09 0\24144.9
Exhibit A-3
Metes and Bounds Description of the Zone -'T'ract 3
BEING a 51.1 1 acre tract of land situated in the R.P. Hardin Survey, Abstract No. 611 and the
B.B.B. & C.R. Survey, Abstract No. 174, City of The Colony, Denton County, Texas, and being
all of a called 27.073 acre tract of land conveyed by deed to Sealy Spring Creek Partners, L.P., as
recorded in Instrument No. 2007-83136 and all of a called 23.990 acre tract of land conveyed by
deed to Whiteford Limited Partners, as recorded in Instrument No. 2004-132215 Official Public
Records, Denton County, Texas. Said 51.11 acre tract of land being more particularly described
by metes and bounds as follows:
BEGINNING at a found TxDot brass cap in concrete for the northeast corner of said Sealy
Spring Creek Partners tract, being the intersection of the south right-of-way line of Sam Rayburn
Tollway (State Highway 121) (a variable width R.O.W.) and the west right-of-way line of West
Spring Creek Parkway (a 160 foot R.O.W.);
THENCE South 29°24'43" East, along said west right-of=way line of West Spring Creek
Parkway, for a distance of 265.52 feet to a point for corner, being the beginning of a non-tangent
curve to the right having a radius of 970.00 feet, a central angle of 29°13'42" and a long chord
which bears South 14°53'13" East, 489.48 feet,
THENCE southeasterly, along said west right-of-way line and said non-tangent curve to the
right, an arc distance of 494.83 feet to a point for corner,
THENCE South 00°22'47" East, continuing along said west right-of-way line, for a distance of
476.17 feet to a point for corner, being the northeast corner of said Whiteford Linrited Partners
tract;
THENCE South 00°23'35" East, continuing along said west right-of-way line, for a distance of
864.92 feet to a point for corner, being the northeast corner of Lot 1, Block A, Kings Ridge
Addition, Phase Three, an addition to the City of Plano, as recorded in Cabinet X, Page 450, Plat
Records, Denton County, Texas;
THENCE South 89°40'70" West, leaving said west right-of-way line, and following along the
south line of said Whiteford Limited Partners tract and the north line of said Block A, Kings
Ridge Addition, Phase Three, being a common line, for a distance of 1 199.93 feet to a point for
corner, being the northwest corner of Lot 23 of said Block A, Kings Ridge Addition, Phase
Three, being in the east right-of-way line of Burlington Northern Railroad (a 100 foot R.O.W. at
this point), and being the beginning of a non-tangent curve to the left having a radius of 3487.75
feet, a central angle of 8°31'36" and a long chord which bears North 01°45'21" West, 518.57
feet;
THENCE northwesterly, leaving said common line, and following along said east right-of=way
line of Burlington Northern Railroad and said non-tangent curve to the left, an arc distance of
519.05 feet to a point for corner,
Exhibit A-3 - Page 5
1775.010\24144.9
THENCE North 06°43'29" West, continuing along said east right-of-way line, for a distance of
345.89 feet to a point for corner, being the northwest corner of said Whiteford Limited Partners
tract;
THENCE North 07°03'01" West, continuing, along said east right-of-way line, for a distance of
628.03 feet to a point for corner, being in said south right-of-way line of San Rayburn. Tollv,-ay;
TI-FENCE North 60°45"58" East, leaving said east right-of-way line and following along said
south right-of-way line of Sam Rayburn. Tollway, for a distance of 254.35 feet to a point for
corner;
THENCE North 63°19"02" East, continuing along said south right-of-way line, for a distance of
585.96 feet to a point for corner;
THENCE North 60°52'09" East, continuing along said south right-of-way line, for a distance of
369.37 feet to the POINT OF BEGINNING and CONTAINING 2,226,193 square feet or 51.1 1
acres of land, more or less.
Exhibit A-3 - Page 6
1775.01 0\24144.9
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Exhibit C
Estimated 2012 Public Works Project Casts
land :
Public Right-of-Way
Municipal Building
20 ac.
23 ac.
$2,875,827
$431,374
$3,307,201
Sub-total
Infrastructure:
Utilities and Relocations
Drainage
Roadways
Traffic Signaliaation, Lighting and Signage
Deceleration and Turn Lane Improvements
Intersection Improvements
S.H. 121/Colony Blvd. Interchange
$5,337,273
$4,502,319
$4,399,340
$4,323,070
$1,041,903
$2,643,305
$10,308,888
Sub-total
$32,556,097
Public Parking:
Surface Parking, Circulation Roads, Landscaping and Lighting $13,371,856
Sub-total $13,371,856
Lard Casts: $49.235.154
soft Costs:
$8,444,846
Total 2012 Public Works Project Costs $57,680,000
Exhibit C - Page 1
1775,010124144.9
Exhibit C
Estimated 2017 Public Works Project Costs
Municipal Building: $4,140,000
Public Parking:
Surface and Structured Parking, Circulation Roads, Landscaping $95,172,837
and Lighting
5---total $95,172,837
Su 1 Costs. $22,583,1.10
sub-total $22,583,110
Total 2017 Public Works Project Costs $121,895,947
Exhibit C - Page 2
1775.010\24144.9
Exhibit C
Estimated 2031 public Works Project Costs
Additional Infrastructure:
Parking Lot and Road Reconstruction
$50,000,000
Sub-total
Soft Oasts
Sub-total
$12,500,000
Tot-.i 2030 llc V or s Project Costs $02,500,000
$50,000,000
$12,500,000
Exhibit C - 'age 3
1773.01(x124144.9
Exhibit D
Total Estimated Cost of Facility and Related Development
Land (63 acres):
$9,635,294
Infrastructures
$59,118,900
Site Work:
$8,431,666
Public Parking:
$108,544,693
Municipal Building:
$4,140,000
Reconstruction of Infrastructure and Public Parking:
$50,000,000
Soft Costs:
$57,297,745
Subtotal: $297,168,298
Warehouse and Distribution: $165,153,753
Corporate headquarters: $2,739,451
Sub-Total: (including land and soft costs) $167,893,204
Entertainment/Tourism/Convention "Destination Development:
Theme Park $264,084,653
Retail $81,590,509
Restausants/Entertainment $76,827,606
Hotels and Park Facilities $175,521,241
Sub-Total: (including land and soft costs) $598,024,009
"Traditional Development:
Retail $221,995,473
Restaurants $26,485,616
Office $56,312,726
Residential $172,317,656
Sub-Total: (including land and soft costs) $477,111,471
RAND TOTAL $1,540,196,982
If the Phase III "super retail store" agrees to open in the Zone, the Developer estimates that
the total cost of the Facility and Phases 1, 11, and III of the Related Development will increase
to $2,100,000,000.
Exhibit D - Page 1
1775.010124144.9
Exhibit E
Economic Feasibility Study
Ec,.-.oml'c 4 Feas1b-'V
~
.
October 2, 2011
Prepared by-
Impact bat 'c -a
4709 Cap Rock Drive
ustrne Texas 787 5
(512) 892-0205
Fax 1512) 832-2569
www.impaetdatasource,com
Exhibit E - Page 1
1775.010\24144.9
Economic Feasibility Szuc~y
tyro ti Mixed-Use Development r
j in t T li .
Introduction
This report presents the results of an economic feasib study performed by impact DataSource, Austin,
Texas. The study was to determine the econornrc f ,a proposed mixed-use development
: 71-e r, Texas, during ti Lrojiect's cons- uc:i : over the first 40 years of its
ri-n, relenr- -:the project wiu g- `or the State of Texas, the City
o' iyEconor,i:D- -lopmentCorporatioi otony Community Development
: o L (.-r cn County, and rri L7 were calculate _
The following infe.- ' presented in this report:
` P T D-10 t -:3ject,
• impact of the project - a its construction, atong earth sales taxes that construction
acti'rit)•, Tone-ate for the Statr City, EDC and CDC,
• Economic - pact of the project i its `first 40 years of operations,
• Revenues V- --t the project will ---ner -rr the state and local taxing districts during its first 40
years, and
information on the conduct of this study.
Description o t Project
The project consists of a mixed-use so e tail facility on approxinnate s 9+ ,i• r s .,.dthin an
appr nately 43 acre site, t 01 t -c ide approximate.l I quire ~eetfor
v: , id : Itian 2S,_ _ are feetfora regional c ;a headquarters,
f w --all sales let -,neral public jthe facility j- Cleveloprtmen- "
F; _ Developm - ii the site that is anticipated to occur in
F r I„ C`.-rv - )meat is planned t r ,lude entertainment, tourism, recreation,
conventitin 1_ rc' joir-g, bi.< got limited to, a theme park and theme park hotei, convention center an
convention t - f _I, n-t:- it o s, concessions, restaurant , and other -ises) that wili attract totirists,
visitors, a.-Id.- - ' . kWgraphic area. "Ph-~se II" of the Efevetoprnent is planned to
include additi:)r r I an,-, rcinimerttal uses and some -'amily rE
Exhibit E Page 2
1775.010\24144.9
Project Improvement Casts
An estimated $153. million will tae spent - i protect Improvement costs inc - id, site
work (including mass grading, and nI _t r - etentron), infrastructure, and pubhc parking
tincludingcirctslation road;, - d landsc fir-
Super Regional Retail Facit t%l
Tt rt. _ de el pans to invest $277.6 million in the com-r f The racility
i- ,7-±ed to 1-_ i annual taxable sates of $CE million g,.w it .a dein. i iy for the first 10 years
a c,rth thereafter, along with 1,787 Ball tine equivalent employees ii . 4llyr. The Facility's
in.: - r sal payroll is estimated to be $60
In the Irst, rc' opt - -ins, - aced 8 rrTr t- --i's are (pected to visitthe r-
increasing 10 million ar, th, r cond yoas`, , a of 7%through y
3% annual inc-eases the `.-e
Visitors to the facility are expected to Ge from both the north Tc ; i ; l other states.
- I i;.,lated Development
The following are the planned components of the phase I Related Development:
Destznatio" retail on approximately 150 acres,
m Retail shops/restaurants, destination sporting goods, rnirnicipal 1,OW residential units,
• Three he e! ds, t restaurant pads;
Resort ncat_ vonue '-i c_nter, and
• Theme par.: c:ic _ p- A hotel.
Phase It Related evetopment
The following are the planned components of the Phase 11 Related Development-
Hot _
a , and
.c s
Of±:ce.
Exhibit E - Page 3
1775.01 0\24144.9
The cost, size, ann l d number of hotel rooms composing the Related Development are
shown
Seio+.
Characteristics cl r LzL-el v m
Development L,,nnuat
Costs Sales in
in Millions of Size in V1 Pons of Plumber of
Dollars Square Feet E,iollars Hotel Rcci,,~
Destination retail
$549.4
2,635,000
2 340
Resort hotel convention center
$60.0
350,000
g : 5 350
Theme park and theme park hotel
$250.0
400,000
$125 200
Retail and office
$67.0
570„000
$49 225
Total
$9264 3,955,000 $692 1,115
As shown above, an estimated $926.4 million 11 ~ sper": constructing this ? 9 `M m -juare feet of
mixed-use development. When completed, the e. _ pment will employ are t !d 6328 workers
and have initial annual sales of $692 million.
Econom', -pact of t Prof ct®s Construction Activities and
elated Saes Taxes to b Cep era teed
Tl - p ft's construction activities, over are estimated five year period, will generate substantial
econc r impacts for The Coiony
Economic Impacts
Construction activities v -11 create jobs for local constr c -Jon companies and others, as well as support
construction jobs a id s- s. This activity, in tt n, enerate indirect revenues, gobs and
salaries in the area, in tt =firms supplying materials and services for the project's construction and
for construction workers and their famiiies.
Exhibit E - Page 4
1775.010124144.9
The estimated economic impact of the project's construction actavides on The Cc }a is sh:ewn
below,
EconLt uc 1t:~p r n `t`om pr =t D. ul n c`l€uri
[ilea
Indirect
Total
Super regional dest inch ~n r
_ me a itpart, r ins of duhars
$33-1
$242
3
Job'
9711
C80
SaIL.... , in millions of .-ors
$106
$6.1
Taxable spending in kie Cr in t of dollars
Mixec il'.. arnent:
!~_u _ in Aliomivfdollais
$999
$730
$x,729
iaob
1624
1129
2753
Sataries,.:i (T I _ dollars
$320
$194
$513
Taxable spendirt,;. ~ ty, in rnilljons of dollars
$165
Taital project-
Ecor . . r , in h
$1,'30
$'372
}s
1808
4419
rr dollars
1
$259
S6&
dble spen m the City in n6illions of dollars
$244
The project's cnr5t' ucti0n, Will _ ors $2.3 kl~] n conornic output from this construction
activity, suppo t 1.4 --;irect or - pct consti jobs, $684 rriMon in direct and indirect
construction salaries, and genera - - an estimated "a. 'I n in taxable spending in The Colon.
Sales Taxes to be Generated From Construction Activizics
The project's construction activities V. _ tsVntialtaxabte s ~s in the community,
including the taxable purchases of co ,.c - _ -ials, furnitr e,- res and equipment to be
purchased by project's tenants; and taxah - 5N - -Y ~y Ct3n5trUa sria~ i awe S.
Exhibit E - Page 5
1775.0 1 0124 1 44,9
Then taxa - efc,::lowing_alc_ sfc~-i:h.eS-3teof _xa-Du, _c_ n dis. s:
Total
$1 -,205,153
C' y r
f 2
$2,442,425
7h,L C gnomic Devtk . ant Corporatism
$393,999
$E27,213
$1,221,21:2
Tht Cown Community Cie. - neat Corporation
$393,995
$927,213
$1,221,212
TOLL
S6,500,983
$13,V,9,020
$20,150,002
`@a.xcs'sD L°. Gr~,--Zati d using j
Exhibit E - Page &
1775.010124144.4
Economic Impact During t Project's First 40 Years O Operations
'ft ? . ti. project, e cornpleted, will have tremen ipacts on The Colony. The
nr.__ts uric' i7clr. cr--ises r g - s -area product,, revenues for to I:: i. finesses, new jobs and
_s, property ad t. rc id additional taxable sages on t e ;.:Ty.
Economic Output, Jobs and Salaries
The e Dmic output, or revenues that the project will r i i-
fc businesses in, Thu-
Cc i-fit. jo: ,,s
th - . air' sa'.aries over tha, r,t 40 years are sh.a:s
, i.>a!ow,
ftmtarn ie 1,y, puW oc rirc Progce. Gv-,r is First 43 cL,is 3, t;,uzvatic,rs
she ,P7 or OUtPUZ grad `_-`Etp@
~'I. !L ri lkjr'dki%.~[~1~ otCrl
o lars
super Regional DeWnafOn Retailer
Economic output, In r -is i `dagars
562,344
544,205
$1
Job
5,230
2,108
38
_ - , in rr I„,> „x dollars
511,068
$5,884
$16,951
Mixo' - yd"clopment:
Ecc _ t ' jut, in ors
$52„178
$36,924
Jobs
9,328
3,760
1 f,H1,
$19,076
$10,143
$2+,`,?
Total project
-nook output, in millions
$114,521
551,129
$195,651
14,558
5,868
201426
milleom of dollars
$30,144
$16,924
$46,168
Over the first 4 - , project will generate $145 bil€ion in economic output or bus'ness re4+_
in tare cornmunity, 2 - $26 direct and indirect jobs; and $46 billion in direct and indire+-
workers.
Exhibit E - Page 7
1775 010\24144.9
Other Economic Impacts
Property Adder to Local Tax Rolls in the Firs t Year of Operations
The V,, Je c° a ~-r: , rl J lo, Io_al I In :rte °irs: , opem,ioris is she b --4W-I- f ,it°~fer
Rel:7._0."_r "'jk-C
Destination Deviilopment.
Pct,W- r Portion Total
Estimated value of property to be added to tax rolls
in the , t'year of operations, in millions of doiiars:
Th s pr pt tV $133 $253
other paa is of the City built $13 $$45
r ,-;r 4 << take a lob at the
pr.
Total property to be madded to tax rol Is in year in
millions of dollars
The project will add an estimated $444 million to local tax rolls.
Exhibit E - Page 8
1775.01012414.4.9
h.. _i.rhLri'I1 ' 4 u C.t -a C1i. , f`a :I Qv2r Vic _..i~L4
D,- An i
Reu -r 1 P 'ion Teat
Taxa -'t w!:- the ' talliol
Tint - ~.ca I ,xata~ _
Th c t Iaxab
Ta a _:mcliT19by I _u_ :I
Total taxable sales in the _
Lodging sales, over thhe first 40 yurs, in millions of dollars
.r v" i vii jI to the City
Ter n D-°
nber of nee. l $ OQJS.
..-'T177E'r of ntte! ~ ~s. Jt;7 U£'rttf?"s 9:C} E :;ill-! .I.
other Tram of the t
$62,344
$49,41,
$111„759
$603
$1,131
$1,.734
$380
$654
51„034
563,326
$$51,201
$114,528
$2,762
$2,762
1,.702
2,655
2 _ 1
4,424
6,904
970
1,514
425
654
aver the first 40 years, the project and its vsori rs enerate $114 billion in t he
City and 52.7 billion in Godghng sales. Further, an es-'i -ated 2,655 workers may mov-, ie City to fill
jabs created att e facility. THs will mean 6,904 new City residents and 1,514 new students in local
schools.
An estimated 664 new residential - ties will be built in tither areas of the Cite.
Exhibit E - Page 9
1775,0 1 0124 1 44.9
Revenues to b Generated by the Project and Its Workers Over
the First 40 'dears of Operations
Reven_i for the 5t_te E ii ,:Dcr' taxing distr-_~_ rt., th' t40 yr.- are sh _w i be
RQV,2nu -s to bt ~eivr ,y tar Loo-ar' 3rt7;nig Distr~c s
Over diL- Fivst 40 `1ZL 5 Of Pi-ojccCs s,. roam. lons,, t €t 'v-.'3 in ru''s€€ lions ct D(AzlY_
Super
F- -,n -,I Mixed-Use
DeAsi - , Development
Retailer Portion Towi
State f T: IDIICC ions
Cii
7 Vi
The Cc ri,'--=ri~nf•.:. ! rnnri' w P- r,~ taws
$alv2i L._.:.L~
TI '_1ony Corr 'r opment Corporaliun
- e5
Property tax es
Total reve r a ' _ &tricts
$3,958
$3,200
$7,158
$269
$255
$485
$501
$122
X73
$311-
$3.38
$22
$23
$315
~.C.12
$135
$109
5142
$135 $1018
$29
$206 $1,003
$4,740 $4,762
5242.
$38
$1,209
$9,502
Over the first 40 years, _ . - m L_: Texas, the City, EDC, CDC, County and School Distract w 'L~2-l re
revenues of $9.5 trillion from the faciky's operations and its workers.
Exhibit E -Page 10
1775.(} 10124144.9
Conduct of th.L, s s
This study was conducted' by t; ,l Dar.;5oui i-ing information supplied by super regional
destination retailer and the de.{I rc; -;ri +ft, Irnpact DataSource used local tax rates and some
estimates and assumptions-
Using this data, the econor-1- ac*_ of the facility during it- `-11-)n and over tf:^ s 10 years
of its operat€orms was cl .-.d, -v with additional revenm cr is of municipal: -es for
the facility for the City of The Colony and additional revenues fog the DC, CDC, Denton Com.rity,
Lewisville lSa and the State of Texas.
Impact Data5ource is a seventer n.year-o€d Austin econr~ $-g- r -isultirtg, sesea- - rf ar kris firm. The
firm has conducted eco cis- _ ~p.a,. nalyses of over 2,' D( - acts in. Texas an states. in addition,
the firm has developed econo- - t analysis computer prngranns for several c including the
New Mexico Economic Qev Nsc rt, epartment..
Th.e firm's principal, Jerry Walker, performed this econor,-o- impact analysis is ari economist and has
6achelorof Science and Master of Business Adrninistr::ti , 2,_grees in acct and economics from
Nicholls State University, Thibodaux, Louisiana.
Exhibit E - Page 11
1775.0 1 0\24144.9
Exhibit F
Estimated Captured Appraised Value
Facility and Phases I and II of Related Development
Calendar
Facility
Phase I & 16
Year
Development
Development
Total
Year 1
2014
$45,000,000
$20,000,000.00
$65,000,000
Year 2
2015
$115,000,000
$100,000,000-00
$215,000,0004
Year 3
2016
$117,300,000
$225,000,000.00
$342,300,000
Year 4
2017
$125,000,000
$788,000,000.00
$913,000,000
Years
2018
$127,500,000
$811,640,000,00
$939,140,000
Year 6
2019
$130,050,000
$835,989,200.00
$966,039,200
Year 7
2020
$132,651,000
$861,068,876-00
$993,719,876
Year 8
2021
$135,304,020
$886,900,942.28
51,022,204,962
Year9
2022
$138,010,100
$913,507,970.55
$1;051.518,071
Year 10
2023
$140,770,302
$940,913,209.66
$1,081,683,512
Year 11
2024
$143,585,708
$969,140,605,95
$1,112,726,314
Year 12
2025
$146,457,423
$998,214,824.13
$1,144,672,247
Year 13
2026
$149,386,571
$1,028,161,268,86
$1,177,547,840
Year 14
2027
$152,374,302
$1,059,006,106.92
$1,211,380,409
Year 15
2028
$155,421,789
$1,090,776,290.13
$3,246,198,079
Year 16
2029
$158,530,224
$1,123,499,578.83
$1,282,029,803
Year 17
2030
$161,700,829
$1,157,204,5615.20
$1,318,905,395
Year 18
2031
$164,934,845
$1,191,920,70319
$1,356,855,549
Year 19
2032
$168,233,.542
$1,227,678,324.28
$1,395,911,867
Year 20
2033
$271,598,213
$1,264,508,674.01
$1,436,106,887
Year 21
2034
$175,030,177
$1,302,443,934.23
$1,477,474;112
Year 22
2035
$178,530,781
$1,341,517,252,26
$1,520,048,033
Year 23
2036
$182,101,397
$1,381,762,769.82
$1,563,864,166
Year 24
2037
$185,743,424
$1,423,215,652.92
$1,608,959,077
Year 25
2038
$189,458,293
$1,465,912,122.51
$1,655,370,415
Year 26
2039
$193,247,459
$1,509,889,486.18
$1,703,136,945
Year 27
2040
$197,112,408
51,555,186,170.77
$1,752,298,579
Year 28
2041
$201,054,656
$1,601,841,755.89
$1,802,896,412
Year 29
2042
$205,075,749
$1,649,897,008,57
$1,854,972,758
Year30
2043
$209,177,264
$1,699,393,918.82
$1,908,571,183
Year 31
2044
5213,360,810
$1,750,375,73639
$1,963,736,546
Year 32
2045
$217,628,026
$1,802,887,008.48
$2,020,515,034
Year 33
2046
$221,980,586
$1,856,973,618.74
$2,078,954,205
Year 34
2047
$226,420,198
$1,912,682,827.30
$2,139,103,025
Year 35
2048
$230,948,602
$1,970,063,312
$2,201,011,914
Year 36
2049
$235,567,574
$2,029,265,211
$2,264,732,785
Year 37
2050
$240,278,925
$2,090,040,168
$2,330,319,093
Year 38
2051
$245,084,504
$2,152,741,373
$2,397,825,877
Year 39
2052
$249,986,194
$2,195,796,200
$2,445,782,394
Year 40
2053
$254,985,918
$2,239,712,124
$2,494,698,042
Exhibit F -Page 1
1775.01 [}124144, 9
Exhibit G
Estimated Captured Appraised Value
Facility and Phases 1, 11, and III of Related Development
Estimated
Calendar
Facility
Phase I, it and 111
Year
Development
Development
Total
Year 1
2014
$45,000,000
$65,000,000
$110,000,040
Year 2
2015
$115,000,000
$190,000,000
$305,000,000
Year 3
2016
$117,300,004
$375,000,000
$492,300,000
Year 4
2017
$125,440,004
$942,5007,000
$1,067,500,400
Year 5
2018
$127,500,000
$970,775,000
$1,098,275,000
Year 6
2019
$130,050,000
$999,898,250
$1,129,948,250
Year 7
2020
$132,651,000
$1,029,895,198
$1,162,546,198
Year 8
2021
$135,344,020
$1,060,792,053
$3,196,096,073
Year 9
2022
$138,010,100
$1,092,615,815
$1,230,625,915.
Year 10
2023
$140,770,302
$1.,125,394,289
$1,266,164,592
Year 11
2424
$143,585,708
$1,159,156,118
$1,302,741,827
Year 12
2025
$146,457,423
$1,193,930,802
$1,340,388,224
Year 13
2026
$149,386,571
$1,229,748,726
$1,379,135,297
Year 14
2027
$152,374,302
$1,266,641,188
$1,419,015,490
Year 15
20328
$155,421,789
$1,304,640,423
$1,460,062,212
Year 16
2029
$158,530,224
$1,343,779,636
$1,542,309,860
Year 17
2030
$161,700,824
$1,384,093,025
$1,545,793,854
Year 18
2031
$164,934,845
$1,425,615,816
$1,590,550,661
Year 19
2032
$168,233,542
$1,468,384,290
$1,636,617,832
Year 20
2033
$171,598,213
$1,512,435,819
$1,684,034,032
Year 21
2034
$175,030,177
$7„557,808,893
$1,732,839,071
Year 22
2035
$178,530,781
$1,604,543,160
$1,783,073,941
Year 23
2036
$182,101,897
$1,652,679,455
$1,834,780,852
Year 24
2037
$185,743,424
$1,702,259,839
$1,888,003,263
Year 25
2038
$189,458,293
$1,753,327,634
$1,942,785,927
Year 26
2039
$193,247,459
$1,805,927,463
$1,999,174,922
Year 27
2040
$197,112,408
$1,860,105,287
$2,057,217,695
Year 28
2041
$201,054,656
$1,915,908,445
$2,116,963,102
Year 29
2042
$205,075,749
$1,973,385,699
$2,178,461,448
Year 30
2043
$209,177,264
$2,032,587,270
$2,241,764,534
Year 31
2044
$213,360,810
$2,093,564,888
$2,306,925,697
Year 32
2045
$217,628,026
$2,156,371,834
$2,373,999,860
Year 33
2046
$221,9803,586
$2,221,062,989
$2,443,043,576
Year 34
2047
$226,420,198
$2,287,694,879
$2,514,115,077
Year 35
2048
$230,948,602
$2,356,325,725
$2,587,274,327
Year 36
2449
$235,567,574
$2,427,015,497
$2,662,583,071
Year 37
2050
$240,278,925
$2,499,825,962
$2,740,104,888
Year 38
20,51
$245,084,504
$2,574,820,741
$2,819,905,245
Year 39
2052
$249,986,194
$2,630,537,950
$2,880,524,144
Year 40
2053
$254,985,918
$2,687,496,126
$2,942,482,044
Exhibit G - Page 1
1775.01011241449
City Manager's Fiscal Impact Statement
TIRZ Project and Finance Plan
November 15, 2011
The fiscal impact schedule for the TIRZ Project and Finance Plan is defined in the Preliminary Zone
Financing Plan, Exhibit "E" - Economic Feasibility Study of a Proposed Mixed-Use Development Project
in The Colony, Texas, Dated October 26, 2011. Any costs associated with this measure for the first three
years and thereafter will be offset by the future tax revenue generated by the development.
aq C-Powell
City Manager
1775 .E 1 0\24183