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Home My WebLink AboutORD 1998-141 ORDINANCE NO. 9g-i 4t AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF GRAPEVINE, TEXAS ADOPTING A TAX INCREMENT FEASIBILITY STUDY, PROJ�CT PLAN, FINANCING PLAN AND BY-LAWS OF THE BOARD OF DIRECTORS OF THE TAX INCREMENT FINANCING DISTRICT NUMBER TWO PURSUANT TO TEXAS TAX CODE CHAPTER 311; DECLARING AN EMERGENCY AND PROVIDING AN EFFECTIVE DATE BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF GRAPEVINE, TEXAS: Section 1. That a Tax Increment Feasibility Study (Exhibit A), Project Plan (Exhibit B), Financing Plan (Exhibit C) and By-Laws of the Board of Directors (Exhibit D) pursuant to Texas Tax Code Chapter 311, attached hereto and incorporated herein for all purposes, are hereby approved. Section 2. The fact that the present ordinances and regulations of the City of Grapevine, Texas are inadequate to properly safeguard the health, safety, morals, , . peace and general welfare of the inhabitants of the City of Grapevine, Texas, creates an emergency for the immediate preservation of the public business, property, health, safety and general welfare of the public which requires that this ordinance shall become effective from and after the date of its passage, and it is accordingly so ordained. PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF GRAPEVINE, TEXAS on this the 15th day of December, 1998. APPROVED: William D. Tate Mayor ATTEST: u�� Lin a uff City Secretary APPROVED AS TO FORM: ��,. ♦4 . �r,",.3yS�-.t. . �.�� Matthew Boyle City Attorney ��..,. �Y� ORD. NO. 98-14� 2 EXHIBIT� TO � � Qg"/�/ Page _-�--- of _.1�-- .. , � , � ► , � OPR YLAND, USA GRAPEVINE, TEXAS �� Prepared for City of Grapevine October 6, 1998 � SCHRADER & CLINE, LLC 4800 Broadway, Suite A Addison, TX 7�001 ,�.� �„., EXHIBITII� TO 11�_��L FOREWORD Pa9e --�- of �w �.� � Schradcr & Clinc, LLC was asked to preparc a feasibility analysis of using tax incrcmcnt financing to encouraoe accclerated development of the Opryland USA area propertics. Thc Opryland USA arca cncompasses approximately 80 acres in northe�.5[ Grapevine located on what is rcferrcd to as thc"Peninsula Tract" on Grapcvine Lake, north of Statc Highwsy 26 bctwcc;n Ruth �Vall Road and Fairway. Through thc ycars, this area has remaincd unclevelopc:ci bccautic of obsoletc zoning/plattind, lack of access and utilities anct ovcrfliohts creatcd by D�V airport tlibht pattcrns. 'I'o makc thc arca markctablc for dcvclopmcnt, a scrics of infrastructurc improvcmcnts �irc nccdcd to acc�lcratc commcrcial dcvclopmcnt of thc arca. This analysis cxplc�res thc l'catiibility of using tc�.Y incrc:mcnt financinb to pay for thosc �ublic iil�provcmcnts. Scction I summari•r.cs thc r�sults af thc t�ix inc:rcmcnt projcctions and discusscs . potcntial approachcs to funcling the r�quircd im�rovcmcnts, Scction II dctails thc tax � incrcmcnt analysis. Thc following �rojcctions of dcvclo�mcnt and tax rcvcnucs are subjcct to change. As the property is dcvclo�cd, construction costs may incrcase or dccrcase. Future property tax rates arc particularty difficult to prcdict givcn their dependence on change in the City overall fiscal and budgetary po(icie5. Thus the projected tax inerements are subjeet to change. The analysis of future ta�c increment funds is dependent on a long series of projections, assumptions and other inputs; the report should be reviewed in its totality. Neither this report nor its conclusions may be referred to or included in any prospectus or part of any offering made in connection with private syndication of equity, sale of bonds, sale of securities, or sale of participation interests to the public without our express written approval. Schrader & Cline, LLC Addison, Texas October 6, 1998 i TAIILE OF CONTENTS EXHIBIT� TO � " .� . Page _.� of �.._._ ��,:� . Coreward � Tablc of Contents �1 Section I. Tax Increment Projections 1 Tax Incrcmcnt Financing t Proposcd Opryland USA Devclopment 2 Tax Incrcmcnt Potcntials 3 T�lhlc 1: Projcctcd Tax Incrcmcnt Rcvcnucs 3 Implications for Financing of Rcquired Infrastructurc 4 Scction II. '1'ux Incr�ment Analysis 5 Futurc DcvclopmcnUCosts 5 ps�csscd Valuc of Ncw Con�truction 5 �ylb1C�: Anticipatcd Ncw Construction 6 T�blc 3' Asscssed Valuc of Anticipaced Ncw Construction 7 Initial Asscssmcnt Basc � Incremental Taxes $ Public Infrastructure Improvements 9 ��4: Cost and Timing of Infrastructure Improvements 9 . Required for Opryland USA Development � �ab1e 5: Annual Incremental Funds Available From The 10 Grapevine Opryland Tax Increment District � � *. u EXHIBtT� TO � Page ___�__ of .1�.-.�. 1 ' ' � � The arca in northeast Grapcvine which is the subjcct of this analysis has remained undevelopcd ovcr thc ycars. The arca, commonly rcferred to as thc "Peninsula Tact", is locatcd adjaccnt to an arm of Grapevine L,akc and has very limited infrastructure improvcments. Zoninb and platting has also rcmained obsoletc and there are overflights crcatcd by DF�V airport tliDht pattc:rns. Thc: area also ncccis cxtensive infratiwcturc improvcments bcfore it can be � succcstil'ully dcvclopcd for commcrci.il uscs. Rcquircd arc a ncw bridgc and cntrance road, •�thcr draina�c and roaciway work, utility and public parking garagc conswction. The proPosc;d hotcl, rctail and confcrcncc ccntcr cl�velopmcnt nccds thcsc public improvemcnts as an inccntivc tor this �rojcct to occur. If thc: O�rylcinci USA �rojc�t is to �rocccc! in lhc ncar futurc, an altcrnatc sourcc of infr,istruc;turc Cinanc:inb must bc founci. Ta�c incrc��cnt financinb, WI11CIl financcs �ublic im�rovcmcnts with thc ncw tax c3ollars crcatcci by cicvclopmcnt, is an icical tool for ac:ccicrating thc dcsircd dcvclopmcnt of'thc Opryland USA arca. '1'ax Increment Financing Tax increment financing invoives the pledging of future real property taxes gcnerated by accelerated new devclopment to fund the public inPrastructure improvements which make the development and the resulting taxes possible. Procedurally, tax inerement financing requires: 1) qualifying the area as an eligible reinvestment area; 2) defining the boundaries of the tax increment district; 3) "freezing" the assessed value of land and improvements within the district as of the last assessment date; 4) divertin� real property taxes generated by increases in the assessed value above the "frozen" base to a tax increment fund; and 5) usin� the ta:c increment funds to pay for improvements as needed or as a repayment source for revenue bonds. �., , � -� x EXHIBiT� TO "� Page r of _1=�____ Texas law �llows for diversion of real propetty taxes from each of the taucing � jurisdictions, but does not�auire participation by these jurisdictions. This section describes the proposed project and summarizes the results of the tax incrcment analysis, which is detnilcd in Scction II. Proposed Opryland USA Developmcnt Thc Opryland USA dcvclopm�nt shown on thc following page will convert approximately 80 acres in northcatit Grapevine Zlong an arm of Grapevine Lake into a �1,500 room luxury convcntion hotcl complcx which will inciudc a spa, scvcral restaurants, lou►�gcs, rctail spacc and cntcrtc�inmcnt. Mccting spacc of 200,000 sq. ft. and cxhibit spacc of 25U,QQ0 sy. f't. is planncd, as wc;ll as thc "Dclta Atrium" which contains four glass- � cnc;loscd acres. A 30,000 sq. ft, country and wctitcrn cntcrtainmcnt facility is also planncd which will fcaturc a largc dancc floor, restaurant ancl cntcrtainmcnt vcnucs. Dcvclopmcnt of tl�c comPlcx will bcbin in 1999 and will bc complctc in l:itc 2Q02. A scrics of infrastructurc improvcmcnts will bc rcquir�d to �cccic:ratc thc _ � dcvclopmcnt and makc it fcasiblc. Thc proposcd City improvcmcnts includc bridga anci roadway construction, watcr and scwcr construction, and parkin� garagc construction. Thc total cost of thcsc improvcmcnts is approximately $27.5 mii(ion. The likely timing of these inFrastructure costs is as follows: 1999 � 3,000,000 2000 4,500,000 2001 20.000.000 TOTAL $27,500,000 The detailed scheduling of the individual infrastructure items is shown in Table 4. Without these improvements, development of the Opryland USA area would be delayed for many more years. � , �., . 2 :.. : :-_.��:'.��-�:.c�=-�:��:�� :� EXHIBIT� TO 1��--�� r . : :x.� ;: . � , � .r..� � Pa e -r ' v�-�h�'Y�x;:=� '�: .�., 9 ---+�_ Of �__ ��.. L ,','�f" y_'na�-��`��<->%j�r:,, �, �y,�.t � e� �.s1v7 Y�'1�' a, '�i ` . c��/ .-� �r�� t�� r - , �-.,�Y,�� r �a• r1' ��t � ' . , T �•.F�V>.�y.3ri ��fi�� V. '..:t. � � '� , ��4 �� . .� � a��..L,z�f ��,�� SZ �`•j7' .( �'4,..�y..�;�,,.'S'C,1,,� F s• ,�•� ;� � ,{ �-'i•�4��/)'i.t�-M,4�,,�?�� [ ! 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"`y�:7o��':' .�� g �'?�,�, �— � �,� e � � .,�� .I � � . � � � �:'- ��t' :� 't k��s'. 4,'��i-`„��► . s' �, .`, y e' .�'vra,�t r 1. 1,�' �s-r�.,•�.:'�-�;�� :y- `:��. . �:\` ��.'_r+� . 3Y . � .. , • _�i�� ;.' �/ /�j ��.. 1��}`� .. ��. � ZT y�r��~,��i'`� �� 1�� __t?�s� V `f,�,��j _ v;3� ��. . �-t....' 3! �.4��;'"_: •!!:�r. .�s;�;� �� j�LT=�r,��`1.'r.� -s�.�`2- .. .' ' . �'�4 ��_ . n ` V�� .,L Jj. . �a. .+'-. -rr� '. . \�• . t ,r.,`: ' �_ '�� / i;; i F°t�.�•` � .�4 v,,.��r / - ' _'�fS-��, � %�%-�;• :� F�i ��i�•�'�, �' �_��: ;:�� ` ;�..; j. � '�:�:�s�:�� tr'"`'�''~ � Y l)4Jy i. \: ` �� I � � Zo�. �o�� D r ;�� , �'r.• �..,j..'�'�'��1 I 7 �:ti.a=HiC SCALE �� pl'�I�ui:l!lu[!�I•�!��,;�, ��,,. �r,r,��,��:�.�,��:�. ti�aa�ecEO c-r,�r� ' Si i E �L��l .�:.�„_N.�� EXHIBIT� TO �� P�q� .�._ of _�s.�..�... Tax Increment Potentials The proposcd tax incrcment reinvestment zone outlincd on the following map �' ' includes the Opryland USA compl�x and the areas required for roadway and utility improvements. The 1998 assessed valuc of the Opryland USA property was �2,713,957. We have assumcd that the 1999 assessed value wiil remain the same. Thc annual tax increment as shown in Table l is estimated at $402,793 in 2000, growing to $3,7 l4,t 03 in 2019. The cwnulatc tax incremcnt over a 20 year period is csti«�atcd at $57,825,450. Thesc cstimatcs �issumc continuation of cxisting tax ratcs, a vcry conservativc nssumption. Thcy also assumc participation only by thc City of Grapevinc anct Grapevine/Colicyville Indepcndcnt School District using the Ni&O tax ratc 7or thc City and on�-half thc M&O tax ratc for thc School District. Dc:tailcd tax incrcmcnt projcctions are shown by taxing jurisdiction in Tabl� 5. � 'CAI3I�I; 1. I'ROJLCI'�D TAX INCR�M�NT R�VFNUCS Ui'1iYI.AND USA A1tI,A 'I'AY INCRI;NICNT DIS'TI2IC'I' YI;AR 24Q0-2Q19 y,�p� 'I'�X INrRFM �.NTS. '� �., ,; 2000 402,793 2001 t,256,434 2002 2,O 12,905 2003 2,706,033 2004 2,760,154 2005 2,815,357 2006 2,871,664 2007 2,929,097 2008 2,9�7,679 2009 3,047,433 2010 3,108,381 2011 3,170,548 2012 3,233,959 2013 3,298,639 2014 3,364,611 2015 3,431,903 2016 3,500,542 2017 3,570,552 2018 3,641,963 2019 3.714.803 �" TOTAL 57,825,450 3 � °�„ �, �:, � - �- - - EXHIBIT� TA .�i��9�'-/�/ r��,�-_�__>:=-- -=r:� � �� ; P�pe �;-_ of -��- -��--- ... �/ -- - - - �,�'�� ' _ _ ,% � I a-1 ��._- �� Iy- . . _ . - - �'- — - - -�- � _ � �, __ __-. ',( r,: ,� ,. �, � ��' ' � �� '�`� t rr"'�V � \ q �'� ��„ ,, � ,�, ; �\�\� .. � ,.t- � -'( i \l �ti. _ 6 �'.i I � � �� •�r Zl`• ' y `�2 I I �(N\�1 � �t�� k E � i �• r � �' �� I �� r 1 f � , i �r--� �tl�. q � � ...�- , � ..�. � � ,��t`- ; :.-1 � h � �� ,� , � , .�... �i ;; _ _ .l �--�-��.. �, �� ,� i� �V, _ - ' ' j, ',; � �� t� � I �� _ _ _ ' � �� '� `N�U �� i� f i, � �; � �� ( , i �i '�� •� "��J�,,%�-- !� j „ • . - � d � ,�i ,;= � ' r� . '� , , � . ,' , . �' ,�+ ��• .�� - ' , �,..� I , , , t _ -, � ', l.__ � '_ ► � � � i . `^� '� � �-1 i � ! ,� ►• � '� �. ' ; h a.� , ' hll� � . � le !�, U - � � � � � � � • •r � I �" U '� f • � . ' � � 1� • .1 G,� r ' l�i.._� �� h '�,h �� i �� ' r v ` ��r j , r � � � r � ' f - •`--�j�\.�._�, .-��_ ( b .� 1� , A ,�� ! r1' / �� ; �'� ��_ �._._._. � ;�� e �, � ►� �� H � �� , `` f�~ � , �"'� ,i ; ; �� , --- --- -- .�. , _ -- -, ,�1�� ' �� `� ,� ! �I_ / r,' i r ` ,�,;� �`��, ; ' � __ _ _ _� , . i�� '" � i� � `�� 'l� �� _ � _�,` �, _._� � � � ;��i - - , f � lli �� , � ,.,��:�, t � I�1 y i -� ��_` , �� I '� � i'�'=1 � � �� rb J� � � p � �� I y ��" � ' •��"'=i` t l� \� -- - • '� � �� 1 I I I ;�' � `I ` � ' � �' i �� _ � � --, `1 �i i �- ' {1 � G y 't I � '' � i � tr ��' � -- ' �. � E I l-'� _ � 1 � '��/�� '� � �, �� ., � � � `� .i ��• � ' �'�' - - =`.� _�_ _ _ �� ' ' � ' � b I - - •— - - - - - � �_�. _J!_ — . . _ A I h �� I I, � �� 15 H � �� . --�--� � h ;�'. /�\, ' �� h� n I� `1 � � � I ` . �� r, �'cy�, � �.;/ }i j_ ,— —� It � � �� {,�, \\��/�/ - i , � • . � 11 �li �- Y ' � ;� �./ / �' / �� !� � '`: ' � � � , •,�; �� `1� � �'�I '--�I . .:. ` _ � !�� t � • J ! �� • � I. � . ' ,i Ir� • I� 1� ' � �,�--� , �. b�li •i • ,� ' r— C�l •� � ' _L Ir � I � � ,j •�.. ,,�r- . �j � � i� � �. \ � � `� � �lr-� i • • _ � �� ,'' • � �1.,. l ' I� �� r� i� ., � �,� -•, �_. �� i� �, i�►"1._ �i , �� ,� • ��.i ! . �:. ' ] „ , �;; ;, � r �t � 1 ?� �� ;i ��;,�.;.�r• ,<<�.� � !; '� =-� , • I( � -� ' ' ., � �i �� „ '•{�• .-, fi 1. ` i }\ \\ f (; .i �.�� .�'!�� ;�"�i.'�1.�:7f �'1�•.�. H �� L ` .1�� `1'. � / 1 J . �.Fl . �O ' ri c-r�r.r .�. _. , . .-. _ . EXH18lT� TO ..4�� Page � _ of —�� Implications For Financing Of Required Infrastructure Comparing the timing of tax increment revenues in Table i with the scheduted cost �-'6 of infrastructure improvemcnts reveals a diffcrence in scheduling between the timing of expenditures and che revenues to meet those costs. The infrastructure improvements are nec:de:d in the early years in advance of the new dcvelopment and thc tax revenues it will g�ncratc. Thc nccd for early funding sug�csts thc nccd for dcb� financing, usinb thc futurc tax incremcnt revenues as a repayment strcam. Typicaily, tax incremcnt financing reli�s on thc fuwre revenue stream, relying on th� anticipated new dcvclopmcnt, property appreciation over the base assessed valu�s and '1'uturc tax r.t[cs. Currcntly, rcvcnuc bonci purchascrs, institutional lendcrti and othcr invcstors all are showing a strong �ivcrsion to risk and a prcfcrcncc for grcatcr ccrtainty of rcp.tyil�cnt. Oncc lS�c projcct is und�rway, tax incrcmcnt boncfs coulci hc issucd as � infraswcwrc construction takcs pl�icc. � 4 �� EXH181T..� TO � ' P�9s �_ ot ..1� � ' This section documents the detailed analysis and inputs used to generate the t�.Y increment revenue estimates which were summarized in Section I. As discussed earlier,tax increment fin�ncing involves: O dcsignating an eligiblc rcdevelo�mcnt area as a tax incrcment reinvestment zonc; 2) soliciting participation of the fivc taxing jurisdictions; 3) settin� the :��sessmc;n[basc at thc level of the most rcccnt asscssmcnt; and • �) diverting tax rcvcnucs gcncrated by thc incrcasc in asscssed value to a tax incrcmcnt fund for f'unciing public improvcmcnts. • Thuti, fu�urc tax incrc�t�cnt rcvcnucs dcPcnd on four cicmcnts: 1) thc timing and valuc of ncw dcvclopmcnt; 2) apprcciation of cxistinb land anci improvcmcnts; 3) thc valuc of any cxisting improvcmcnts dcmolishcd to makc way �.,., for ncw dcvclopmcnt; and 4) futurc tax ratcs. Future Dcvelopment/Costs Table 2 indicates the type, timing and costs of the development program planned for Opryland USA. The future value of new development is in constan[ 1998 dollars. Assessed Value Of New Construction Assessment policies in Tarrant County set building assessments at 100 percent of fair market value, roughly equal to construction costs for new construction. Assessed values are established as of January 1 of the tax year. Thus development in 1999 goes on the tax rolls for Tax Year 2000. Table 3 inflates the constant dollar assessed value projections with an assumed rate of two (2) percent annual inflation on development. ,�, 5 EXHIBIT__�_. TO '� Page _�1_ of _ 1�' TABLE 2. , ANTICIP�TED NEW CONSTRUCTION M� � Opryland, USA 1999-2002 nrvrr,or�trNT nrscRtrT�o�r Luxury Hotcl 1500 Rooms and Rctail Area Mccting Spacc 200,000 sq. ft. Exhibit Spacc 250,000 sq. ft "Dcita Atrium" 4 acres � I'it0(i�C'1' )rVri 4I'M1�N'i' ANn COSTS y�r �;�itsit t r�vements ��t of Imnr«vements � A 1999 Flowabc Eascmcnt � 950,000 Sitc Prcparation, Utilitics and Infrastructurc 9,000,000 Foundations 1,750,000 '��" Structurc 32:95 5,000 1999 CONSTRUCTION VALUE � 44,655,000 2000 Utilities and Infrastruccure S 18,000,000 Foundations 1,750,000 Structure 74.887.SOQ 2000 CONSTRUCTION VALUE S 94,637,500 2001 Utilities and Infrastructure 5 3,000,000 Structure 80.865.000 2001 CONSTRUCTION VALUE S 83,865,000 2002 Structure S 76.842.500 2002 CONSTRUCTION VALUE S 76,842,500 TOTAL COST OF CONSTRUCTION � 300,000,000 �� 6 EXHIBIT�L TO �' Page t?. of ��_.. TABLE 3. � ? ASSESSED VALUE OF ANTICIPATED NEW CONSTRUCTION OPRYLAND USA AREA Tax Year Total In C��rrent, Inflated D�Ilars, $ 2000 4�,655,000 � 2001 139,292,500 2002 223,157,500 2003 300,000,000 2004 306,000,000 . 2005 3 l 2,120,000 2006 318,362,400 2007 324,729,640 2Q0g 3 31,224,230 2Q09 337,848,710 � 2010 3�4,605,680 2011 35 I,497,790 � 2012 358,527,740 2013 365,698,290 2014 373,012,250 �4 - 2015 380,472,490 20t6 3g8,081,930 2017 395,843,560 ��"�" 2018 403,760,430 2019 4 t 1,835,630 Initial Assessment Base The tax year 1998 assessed value of the Opryland USA properties is $2,713,957. For the purposes of this tax increment analysis, we have assumed that the tax year 1999 assessed value will remain the same. The initial �sessment base for the tax increment fund is assumed to be set at the tax year 1998 value of S2,713,957. Taxes on this amount will continue to flow to each taxing jurisdiction during the life of the District. �. � �� 7 EXHIBiT�— TO - � Page of � �� . Incremental Taxes . �,,� The tax revenues generated by the incremental assessed value are calculate y muttiplying the incremental assessed value by the property tax rates of participating jurisdictions. Fiscal Year 1998 tax rates inciucied: Jurisclicti�n TaY R.tte�er �100 of AsSessed Value City of Grapcvinc � 0.218736 (M&O ratc) ' G/CISD 2C.�832� (1/2 M&O ratc) 1'otal $ 0.902011 - Ov�r thc 20-ycar projcction periocl, wc havc conscrvativcly assumcd tha[ th� nominal tax ratcs will rcmain constant. TaXCti bCI1CCatcd abainst tax ycar 1999 v.ilucs as of January 1, 1999 ��rc ciuc anc! �, � collcctcd at thc bcbinning of 2000, during Fiscal Yc�v 2000. Thc projcctcd incrcmcntal asscs5cd valuc: would yicld $402,793 in incrcmcntal tax rcvcnucs in Fiscal Ycar 20 � growin� to $3,714,803 by Fiscal Ycar 2019 as shown in Tablc 5. During thc Fiscal Year 1999-2019 period, the tax increment fund would collect a total of $57,825,450 compared to the total debt servicc projection oE$51,105,400. � . �� S EXHI81T�s.� TO L��Q°�^�`'�� Pa�e _�� of .L.��. Public Infrastructure Improvements Tablc 4 details the required public infrastructure improvements by item and year. TABLE 4. COST AND TIMING OF INFRASTRUCTURE IMPROVEMENTS REQUIRED FOR OPRYLAND USA DEVELOPVIENT 1999 Roads and Bridgcs � 2,600,000 • Watcr anci Sanitary Scwcr Systcm 4.�222� SUI3TOTAL � 3,000,000 . 2U00 Roads and Bridbcs $ 3,900,000 Watcr and Sanitary Scwcr Systcm ��,��O SUE3TOTAL � 4,500,000 2001 Public Parking Garagcs $ 20,OOQ,000 TOTAL $ 27,500,000 �� 9 EXHIBIT.� TO �/�� 9�-/�/ � Pags `� of 1.�.--- TABLE 5. � ANNUAL INCREMENTAL FUNDS AVAILABLE FROM THE GRAPEVINE OPRYLAND TAX INCRENIENT DISTRICT FISCAI. ASSCSSCD CITY G/CISD TOTAL Yr VAI, r 0.2187 6 0.6$3275 4,902011 2000 44,655,000 97,677 305,l 16 402,793 2001 I 39,292,500 304,683 95(,75 l 1,256,434 2002 223,157,500 488,l26 1,5?4,779 2,012,905 2Q03 300,OOO,Q00 656,208 2,049,825 2,706,033 20�4 306,000,000 669,332 2,090,822 2,760,l 54 2Q05 312,120,Q40 682,7 l9 2,l 32,638 2,8 l 5,357 2006 3 l 8,362,40Q 696,373 2,175,29 l 2,871,664 2UQ7 324,729,64Q 7 iQ,301 2,218,796 2,929,097 2UQ3 33 l,224,23U 724,507 2,263,172 2,987,b79 � 2009 337,848,71Q 738,997 2,308,436 3,047,433 2010 344,605,680 753,777 2,354,604 3,t 08,381 2011 35 I,497,790 768,852 2,401,696 3,170,548 2012 358,527,740 784,229 2,449,730 3,233,959 2013 365,698,290 799,914 2,498,725 3,298,639 2014 373,012,250 815,912 2,548,699 3,364,611 2015 380,472,490 832,230 2,599,673 3,431,903 2016 - 388,081,930 848,875 2,651,667 3,500,542 20t7 395,843,560 865,852 2,704,700 3,570,552 2018 403,760,430 883,169 2,758,794 3,641,963 2019 411,835,630 900,833 2 1 70 3 7l4 3 TOTAL 14,022,566 43,802,884 57,825,450 ��.� 10 EXHIBiT� TO -� � Page __l__ of PROJECT PLAN . Grapevine, Texas Reinvestment Zone Number Two Opryland Area Tax Increment Financing District Approved -TIF Board - 12-14-98 Approved - City Council - 12-15-98 �� XHt81T� T0 � " � Page .�. of _.�--- Project Plan °" ' Grapevine, Texas Reinvestment Zone Number Two Opryland Area Tax Increment Financing District As set forth in Section 31 1 .01 1 in the Tax Increment Financing Act of the Tax Code, the Project Pian for the Grapevine, Texas Reinvestment Zone Number Two must include the following elements: 1 . A map showing existing uses and conditions of real property in the zone and a map showing proposed improvements to and proposed uses of the property. The property contained within the reinvestment zone is undeveloped which negates the need for a map showing uses and conditions of real property. The maps showing the proposed improvements are included with this report with each map showing a different aspect of the project. The contents of the maps are as follows: Map 1 Boundaries of the TIF District Map 2 Preliminary water main system plan Map 3 Preliminary sanitary sewer system plan Map 4 Preliminary road network plan Map 5 Preliminary parking facility plan 2. Proposed changes of zoning ordinances, the master plan of the municipality, building codes and other municipal ordinances. The City amended Section 36 of the Zoning Ordinance to allow full development of a Hotel in the Planned Commerce Development District. Prior to this change, the use was allowed under the zoning district and the master plan, but not governed by the Hotel-Corporate Office District regulations, which are crafted specifically to hotel development. No other ordinance changes are anticipated. 3. A list of estimated nonproject costs. Nonproject costs within the TIF zone are those development costs not paid for by the TIF. The costs are those associated with the e� - construction of the Opryland Texas Hote�. The total nonproject costs equal 5267,070,000. �,_ EXHiBIT� TO � " Pags ___._— of .--.. 4. A statement of a method of relocating persons to be displaced as a ,_ . result of implementing the plan. There are no existing residences or businesses in the reinvestment zone. A detailed list of the projects proposed for the reinvestment zone is not a requirement for the Project Plan, however, Attachment One details the proposed projects and their estimated costs. The statutes require a detailed list of the projects in the Financing Plan. ��,,. ;�XH181T� TO � `� � Page of Attachment One � Public Infrastructure improvements and Costs for Opryland Texas Deveiopment Streets 56,500,000 Water and Sanitary Sewer System 1 ,000,000 Public Parking Facility 20.000.000 Opryland Projects - total 527,500,000 Grapevine Middle School — debt service 524,000,000 TOTAL 551 ,500,000 ,nt,.� �� MAP I �� BOUNDARY MAP � � m�� 3_�.n_ ? �z� O Z V y � - °xHIBIT� TO '� 2 � � W Q� f Page of � N�~ � _ - __ _ __ _ _ __ - � Z��= _-_ `� ai a w w F- a �-�wo o a ��ZW .�u;�ri w ¢Z-� . c� � aw�c¢ _ __ --- � � ¢�°z _:»-z- - • . ; � ..__� ,_.. - . t °=w�,,. ` 4, � °, 'wg`¢�°m , ' s,,: ' �¢ { �-a--� Zoa ,_ - � . _ , ,: �•>, 1;�_ >Z� �.._ � 1.l� a 5 `., � ,- ° � .�� ___ Q� t - 1 5 �� o '':` ' 4. o /� � �\t�\ ... ,F.: _ . . � � / \ �� 0 y � � � �•�\� W � � _. ^` � .� O� l/ C /� `^ \��.� . -i- � � a c' ,��'� � �i ----—_'_ =s � / --� � // / //i \\ / -- � \/ _—''/'�l \ � �..3 • _I� .� ��i" ' -�_�_� � . 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I t \ h� i�y' �� I'�� I I I � � � / • �'� G� � � _�� _�, '', r�.� �, �- I' � \ �\ I I I �_ / ��-��:�,�� _-�— - ii� — --�-- __ _�-i � 'I � � ii � _=�li , iz \V � ,/ s I ��' �'� I I �- I \ � �/ // i i� � I��y� �'� � � �+_ I \ � \�\(/./�//� — �I = � i � �,� If I _N I l / / i i 1 I / � � (. N. I.` I I\ ��/� '3; �_ '� Y/./ ; �5'� � r� i� � � �� a 1 ';� i ` , � I I r ; � y. � � �� t� I 'I. �;h h,�� : z �I; i I I 1�!i�� ' �-� I I i�� > i t� �' U I , " �'�Ii; �s �' I� I LEGEND � ��i� ; � �� ` PARKlNG FACIUTY � �� - �' � . II�i� ;r ��i � a�'. ��li; �, �� +, �� I i = � I�ii = � �� I�ry --` �ji �� ' i��, N � i� . ___ - - - — — i, z PROJECT PLAN fi�� " _ _� �.�; R GRAPEVINE,TEXAS REINVESTMENT ZONE NUMBER TWO OPRYLAND AREA TAX INCREMENT FINANCING DISTR►CT " MAP 5 PRELIMINARY PARK/NG FACILITY PLAN ,.---��--_;�;�—__–___�__—_ �� I•1 oln/1 nOOVi n un1..w nr nr.� �XH181TS� TO '�" Page _.�_ Of . � FINANCING PLAN Grapevine, Texas Reinvestment Zone Number Two Opryland Area Tax Increment Financing District �.:k<,..�.':a�- ipga ry Approved -TIF Board- 12-14-98 Appraved - City Councii - 12-15-98 � �XHIBIT� TO � " ,� _ � Page �._ of .�..-._. � � Financing Plan Grapevine, Texas Reinvestment Zone Number Two Opryland Area Tax Increment Financing District As set forth in Section 31 1 .01 1 in the Tax Increment Financing Act of the Tax Code, the Financing Plan for the Grapevine, Texas Reinvestment Zone Number Two must include the following elements: , 1 . A detailed list describing the estimated project costs of the zone, including administrative expenses; and, 2. A statement listing the kind, number and location of all proposed . public works or public improvements in the zone. The proposed public improvements in the zone fall into three general categories; streets, water and sanitary sewer systems and a public parking facility. ln addition to the projects related to the Opryland � " development the TIF will reimburse the School District for its debt service for the new Grapevine Middle School, which is included in the TIF District's boundaries. The costs of each item and a brief description of the project components follows: Streets 56,500,000 Elements included in this category: Construction of Opryland Blvd and Bridge Reconstruction of Ruth-Wall Road Related landscaping and irrigation Signage Signalization The proposed street projects are for the construction of public access roads and include the landscaping, irrigation and lighting of these roads. The signage and signalization projects will facilitate the flow of traffic throughout northeast Grapevine. � ° Water and Sanitary Sewer Systems $1 ,000,000 ,� The water system plays an integral part in the area's public water " system network and will provide water service within the zone through �XHIBtT�. TO �� Page Of _- . �°°� a looped system. The rriultiple interconnection of the on site looped system and the surrounding transmission network provides an element of safety through redundancy by allowing segments of the transmission lines to be valved off in cases of emergencies while continuing to provide adequate service for fire protection and potable uses through the cross connected network on site. The public sanitary sewer system will serve the hotel, adjacent parcels and undeveloped land in the area. Public Parking Facility $20,000,000 The public parking facility will provide parking for the development and could provide the TIF with an optional revenue source by maintaining the right to charge parking fees. Debt Reimbursement (Principal) $24,000,000 As a part of the TIF District, the School District will be reimbursed for , . its debt service, principal and interest, for the new Grapevine Middle i� . School. The site is wholly within the boundaries of the TIF District �,$, and will benefit the community by replacing an existing structure that is need of extensive repairs and relocation due to its location under the flight path of the proposed west runway at DFW. Total $51,500,000 3. An economic feasibility study. An economic feasibility study has been completed and is included as an attachment to this document. 4. The estimated amount of bonded indebtedness to be incurred. The total principal amount to be issued for project costs is $27,500,000 with an additional estimated 53,510,000 in issuance costs and capitalized interest. The total indebtedness is estimated at $31 ,010,000. �7;b 5. The time when related costs or monetary obligations are to be s' incurred. =� It is anticipated that there will be a debt issuance as early as the summer of 1999 to fund a portion of the public works improvements r�XH181T� TO �-/`�/ pa4� Ot ..�-_�. „�,�, (Streets and Water and Sanitary Sewer Systems). A second issuance is anticipated as early as the summer of 2000 to pay the costs of completing the remaining public improvements (Public Parking Facility). 6. A description of the methods of financing all estimated project costs and the expected sources of revenue to finance or pay project costs, including the percentage of tax increment to be derived from the property taxes of each taxing unit on real property in the zone. , All estimated project costs associated with Opryland will be financed through the issuance of debt instruments. The expected revenue source for the payment of the debt will be the real property taxes captured by the TIF District. The debt instruments may also be secured by a back-up pledge of a general ad valorem tax levied by the City of Grapevine. The City of Grapevine is participating at the 100% � level for both its debt and maintenance and operations property taxes. The Grapevine/Colleyville Independent School District is participating in the TIF with 100% of its M&O rate. Tarrant County, Tarrant County `� Junior College District and Tarrant County Hospital District are all � participating at with 25% of their M&0 rates in the TIF clistrict. The $°`' participation of the Grapevine/Colleyville Independent School District (the "School District") will be reduced by the amount necessary to offset any negative impact on the School District, as a result of its participation in the TIF District, relating to State funds that would otherwise be received by the School District under school finance legislation or relating to amounts that must be paid or contributed by the School District under school finance law. The City may also utilize the provisions of Chapter 380, Texas Local Government Code. 7. The current total appraised value of taxable real property in the zone. The current total appraised value of the taxable real property in the zone is 52,713,957. 8. The estimated captured appraised value of the zone during each year of its existence. F�._� The estimated appraised value of the improvements in the zone per ,,� year is listed below. The estimated value of the zone assumes an annual growth in the appraised value of .5% after 2002. �'XHI81T� TO �� . Pag� `— Of � • � � � Appraised Year Value 1999 � 2000 99,500,000 2001 190,000,000 2002 267,070,000 2003 268,405,350 2004 269,747,377 2005 271 ,096,1 14 , 2006 272,451 ,594 2007 273,813,852 2008 275,182,921 2009 276,558,836 . 2010 277,941 ,630 201 1 279,331 ,338 2012 280,727,995 2013 282,131 ,635 2014 283,542,293 "�`'m 2015 284,960,005 2016 286,384,805 �"� 2017 287,816,729 2018 289,255,812 2019 290,702,091 2020 292,155,602 2021 293,616,380 2022 295,084,462 2023 296,559,884 2024 298,042,684 2025 299,532,897 2026 301 ,030,561 2027 302,535,714 2028 304,048,393 2029 305,568,635 2030 307,096,478 9. The duration of the zone. The zone was created on December 8, 1998. The termination of the h zone is set as either December 31 , 2030 or the date when all project �� costs are paid and all debt is retired, whichever comes first. �XHiBITs.� TO �� Paq� _L._ of ...� ._, BYLAWS Of " REINVESTMENT ZONE NUMBER TWO CITY OF GRAPEVINE, TEXAS OPRYLAND AREA TAX INCREMENT FINANCING DISTRICT ARTICLE I POWERS AND PURPOSE Section 1 . Financing Develo.pment or Redevelopment in the Zone. In order to implement the purposes for which Tax Increment Financing Reinvestment Zone Number Two, City of Grapevine, Texas (the "Zone") was formed, as set forth in Ordinance No. 98-140, dated December 8, 1998, creating the zone, the City of Grapevine, Texas (the "City") may issue obligations to finance all or part of the cost � of implementing the "project plan" for the Zone as defined in the Tax Increment Financing Act of the Tax Code, Chapter 311, Vernon's Texas Codes Annotated (the "Act"). �`�'� Section 2. Books and Records• A�proval of Proarams and Financial Statements. � The Board of Directors shall keep correct and complete books and records of account "�'°� and shall also keep minutes of its proceedings and the proceedings of committees having any of the authority of the Board of Directors. All books and records of the Zone may be inspected by any director or his agent or attorney for any proper purpose at any reasonable time; and at all times the City Council and the City Auditor will have access to the books and records of the Zone. The City Council must approve all programs and expenclitures for the Zone and annually review any financial statements of the Zone. ARTICLE II BOARD OF DIRECTORS Section 1 . Powers. Number and Term of Office. The property and affairs of the Zone shall be managed and controlled by the City Council based on fihe recommendations of the Board of Directors of the Zone ("Board of Directors" or "Board"), subject to the restrictions imposed by law, the ordinance creating the Zone, and these Bylaws. It is the intention of the City Council that the Board of Directors shall function only in an advisory or study capacity with respect to the Zone and shall Approved —TIF Board — 12-14-98 �� XHtBiT� TO � ' Page _a3_,_ Of . Page 2 . �,�� exercise only those powers, advisory in nature, which are either granted to the Board pursuant to the Act or delegated to the Board by the City Council. The Board of Directors shall consist of nine directors: five of whom shall be appointed by the City Council of the City; one of whom shall be appointed by the governing body of the Grapevine-Colleyville Independent School District (GCISD); one appointed by the governing body of Tarrant County (County); one appointed by the Tarrant County Hospital District (Hospital District) and one appointed by Tarrant County Junior College District (Junior College District); provided, however, that if a taxing unit (other than the City) waives its right to appoint a member to the Board, as evidenced by written resolution duly adopted by the governing body of such taxing unit, the Gity may appoint such Board member in its stead. The first Board of Directors shall serve for an initial term ending June 1, 2001 , or until his or her successor is appointed. Subsequent directors shall be appointed by the � governing bodies of the City, Grapevine-Colleyville Independent School District, County, Hospital District, and Junior College District and shall serve for two year terms or until their successors are appointed by the respective governing bodies. �° Any director may be removed from office by the City Council for cause deemed by the ' City Council as sufficient for their removal in the interest of the public, but only after �° a public hearing before the City Council on charges publicly made, if demanded by such Board member within 10 days. Advance notice of intent to remove must be provided to the a�pointing authoritv. In the event of a vacancy caused by the resignation, death, or removal for any reason, of a director, the governing body of the respective taxing unit (i.e. City, County, Grapevine-Colleyville Independent School District, Hospital District, Junior College District) which made such Board appointment shall be responsible for filling the vacancy. Section 2. Meetinas of Directors. The directors may hold their meetings within a public building in the City as the Board of Directors may from time to time determine. Section 3. Regular Meetinas. Regular Meetings of the Board of Directors shall be held at such times and places as shall be designated from time to time, by resolution of the Board of Directors. Notice of all regular and emergency meetings of the Board and any committees thereof shall be conducted and posted in accordance with the provisions of the Texas Open Meetings Act, Texas Government Code, Chapter 551 .001 et seq. There shall be at least one Regutar Meeting held each year �- in the month of April. �� Section 4. Emeraency Meetinas. Emergency Meetings of the Board of :'XHI81T� TO ��5�- Page � Of _s�.�.. � Page 3 � �..m Directors shall be held whenever called by the chairman, by the secretary, by a majority of the directors then in office or upon advice of or request by the City Council. The secretary shall give notice to each director of each Emergency Meeting in person, or by courier, facsimile, telephone or telegraph, at least 24 hours before the meeting. Notice of all Emergency Meetings shall state the purpose which shall be the only business conducted. Section 5. Quorum. A majority of the directors holding current appointments shall constitute a quorum for the consideration of matters pertaining to the purposes of the Zone. The act of the majority of the directors present at a meeting at which a quorum is in attendance shall constitute the act of the Board of Directors, unless the act of a greater number is required by law. Section 6. Conduct of Business. At the meetings of the Board of Directors, � matters pertaining to the purposes of the Zone shall be considered in such order as from time to time the Board of Directors may determine. At all meetings of the Board of Directors, the chairman shall preside and in the absence �� ° of the chairman, the vice chairman shall exercise the power of the chairman. �� The secretary of the Board of Directors shall act as secretary of all meetings of the Board of Directors, but in the absence of the secretary, the presiding officer may appoint any person to act as secretary of the meeting. City staff shall provide notice of ineetings and prepare meeting agendas. Within five days following each Regular and Emergency Meeting, a copy of the minutes of the meeting shall be submitted to the City Secretary of the City. Section 7. Com.pensation of Directors. Directors as such shall not receive any salary or compensation for their services, except that they shall be reimbursed for their actual expenses incurred in the performance of their duties hereunder. Section 8. Attendance. Board Members shall make every effort to attend afl Regular and Emergency Meetings of the Board and/or Committees. The City Council may replace a City appointee of the Board or request replacement of an appointee from other taxing jurisdictions for non-attendance. ARTICLE III � OFFICERS �� Section 1 . Titles and Term of Office. The officers of the Zone shall consist of �;XtiiBiT� TO �'�"°�k�/�/ Page __._;�..�. Of .1a—.--.-� Page 4 � a chairman, a vice chairman, a secretary, and such other officers as the Board of Directors may from time to time elect or appoint; provided, however, that the City Council shall, on an annual basis, appoint the chairman whose term shall begin on June 1 . One person may hold more than one office, except that the chairman shall not hold the office of secretary. Terms of office for officers, other than the chairman, shall not exceed two years. All officers, other than the chairman, shall be subject to removal from office, with or without cause, at any time by a vote of a majority of the entire Board of Directors. A vacancy in the office of any officer, other than the chairman, shall be filled by a vote of a majority of the directors. Section 2. Powers and Duties of the Chairman. The chairman shall be the chief executive officer of the Board of Directors and, subject to the approval of the City � Council, he/she shall be in general charge of the properties and affairs of the Zone and shall preside at all meetings of the Board of Directors. Section 3. Vice Chairman. The vice chairman shall be a member of the Board `�°` � of Directors, shall have such powers and duties as may be assigned to him by the Board of Directors and shall exercise the powers and duties as may be assigned to him � by the Board of Directors and shall exercise the powers and duties as may be assigned to him by the Board of Directors and shall exercise the powers of the chairman during that officer's absence or inability to act. Any action taken by the vice chairman in the performance of the duties of the chairman shall be conclusive evidence of the absence or inability to act of the chairman at the time such action was taken. Section 4. Secretarv. The secretary shall keep the minutes of all meetings of the Board of Directors in books provided for the purpose, he/she shall have charge of such books, records, documents and instruments as the Board of Directors may direct, all of which shall at all reasonable times be open to inspection, and he/she shall in general perform all duties incident to the office of secretary subject to the control of the City Council and the Board of Directors. The function of Secretary may be performed by City staff. Section 5. Com�ensation. Officers as such shall not receive any salary or compensation for their services, except that they shall be reimbursed for their actual expenses incurred in the performance of their duties hereunder. Section 6. Staff. Staff functions for the Board of Directors may be performed � by the City Manager and his designee. � ��IIBIT.� TO ' -/ / F�ag� � Of _ , Page 5 � ARTICLE IV �.„� � PROVISIONS REGARDING BYLAWS Section 1 . Effective Date. These Bylaws shall become effective only upon the occurrence of the following events: 1 ) the adoption of these Bylaws by the Board of Directors, and 2) the approvai of these Bylaws by the City Council � Section 2. Amendments to Bylaws. These Bylaws may be amended by majority vote of the Board of Directors, provided that the Board of Directors files with the City Council a written application requesting that the City Council approve such amendment to the Bylaws, specifying in such application the amendment or � amendments proposed to be made. If the City Council by appropriate resolution finds and determines that it is advisable that the proposed amendment be made, authorizes the same to be made and approves the form of the proposed amendment, the Board of Directors shall proceed to amend the Bylaws. After consultation with the Board of Directors, the Bylaws may afso be amended at � � any time by the City Council by adopting an amendment to the Bylaws by resolution of the City Council and delivering the Bylaws to the secretary of the Board of Directors. Section 3. Interpretation of Bylaws. These Bylaws and all the terms and provisions hereof shall be liberally construed to effectuate the purposes set forth herein. If any word, phrase, clause, sentence, paragraph, section or other part of these Bylaws, or the application thereof to any person or circumstance, shall ever be held to be invalid or unconstitutional by any court of competent jurisdiction, the remainder of these Bylaws and the application of such word, phrase, clause, sentence, paragraph, section or other part of these Bylaws to any other person or circumstance shall not be affected thereby. ARTICLE V GENERAL PROVISfONS Section 1 . Notice and Waiver of Notice. Whenever any notice whatsoever is required to be given under the provision of these Bylaws, said notice shall be deemed ° to be sufficient if given by depositing the same in a post office box in a sealed postpaid wrapper addressed to the person entitled hereto at his post office address, �_� as it appears on the books of the Zone, and such notice shall be deemed to have been �'XHIBIT� TO .��G� � .t� Page �.. Of _ - . � . Page 6 � �,,� given on the day of such mailing. . Attendance of a director at a meeting shall constitute a waiver of notice of such meeting, except where a director attends a meeting for the express purposes of objecting to the transaction of any business on the grounds that the meeting is not lawfully called or convened. A waiver of notice in writing signed by the person or persons entitled to said notice, whether before or after the time stated therein, shall be deemed equivalent to the giving of such notice. Section 2. Resignations. Any director or officer may resign at any time. Such resignation shall be made in writing and shall take effect at the time specified therein, or, if no time be specified, at the time of its receipt by the City Council. The acceptance of a resignation shall not be necessary to make it effective, unless expressly so provided in the resignation. Section 3. Aoproval or Deleqation of Power by the City Council. To the extent that these Bylaws refer to any approval by the City, such approval of delegation shall � be evidenced by a certified copy of an ordinance, or resolution (if permissible), duly adopted by the City Council. �-,.K �^,w �� .�,.