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Home My WebLink AboutRES 1998-051 RESOLUTION NO. 98-51 " A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF GRAPEVINE, TEXAS PROVIDING WRITTEN NOTICE OF THE CITY'S INTENTION TO CREATE A REINVESTMENT ZONE PURSUANT TO THE TAX INCREMENT FINANCING ACT, CHAPTER 311 OF THE TAX CODE; SETTING A PUBLIC HEARING DATE OF DECEMBER 8, 1998 TO RECEIVE PUBLIC COMMENT REGARDING THE CREATION OF A TAX INCREMENT REINVESTMENT ZONE; AND PROVIDING AN EFFECTIVE DATE WHEREAS, the City of Grapevine desires to promote the development and redevelopment of the area to include housing, retail and office development by creation of a reinvestment zone pursuant to the Tax Increment Financing Act, chapter 311 of the Tax Code (the "Act"); and WHEREAS, the City desires to receive the comments of all affected property owners and of other taxing jurisdictions which levy real property taxes within the proposed zone ("taxing units"), regarding the establishment of such reinvestment zone; - and q_ , WHEREAS, the Act requires the City to notify the taxing units of its intent to establish a reinvestment zone at least sixty (60) days prior to holding a public hearing regarding the creation of a reinvestment zone; and WHEREAS, other preliminary procedural steps must be adhered to prior to the establishment of a reinvestment zone. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF GRAPEVINE, TEXAS: Section 1. That the passage of this resolution evidences the intention of the City to create a reinvestment zone for the City pursuant to the Act. The boundaries for the proposed reinvestment zone is shown on the map attached hereto labeled Exhibit "A." A description of the tentative plans for the development of the proposed zone and an estimate of the general impact of the proposed reinvestment zone on property values and tax revenues are attached hereto as Exhibit "B". Section 2. That a public hearing is hereby scheduled to be held before the Grapevine City Council on December 8, 1998, for the purpose of receiving public comment on the creation of a tax increment reinvestment zone for the Grapevine area, " " and its benefits to the City and to property in the proposed zone. Section 3. That the City Secretary is hereby directed to forward a certified " ' copy of this resolution, with exhibits, not later than the 60th day before the date of the public hearing, that date being October 9, 1998, to the governing bodies of each taxing '�`�" unit that levies real property taxes in the proposed reinvestment zone (Tarrant county, Grapevine-Colleyville Independent School District, Tarrant County Junior College District, and Tarrant County Hospital District) along with written notice that the City intends to establish the zone and requesting that each taxing unit designate within fifteen (15) days after the 60-day notice is given, a representative to meet with the City Council, or the Council's designated representative, to discuss the project plan and the reinvestment zone financing plan, as required by the Act. Section 4. That not later than the seventh day before the date of the public hearing, the City Secretary shall cause notice of the public hearing to be published in a newspaper having general circulation in the City. Section 5. That the City Manager or the City Manager's designated representative is authorized to undertake other preliminary preparations and actions in accordance with the Act. Section 6. That this resolution shall take effect immediately from and after the date of its passage in accordance with the provisions of the Charter of the City of Grapevine, and it is accordingly so resolved. PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF _ GRAPEVINE, TEXAS on this the 6th day of October, 1998. APPROVED: William D. Tate Mayor ATTEST: �t'u� Lin a Huff City Secretary ��;.:� RES. NO. 98-51 2 �,.s, RPPROVED AS TC? FORM: �,,.� � � S an Lawry , City �ttorney RES. NO. 9�-51 3 EXHI8IT� TO �_��:_.�., Page _._1._ of .�L..,..,... �s �y�� I e� �� f7 I �� i� a� � I `� � r�� I 1 I � I Ip � �� I �i � I � � �3 � � � a,� �,,`�� i fi �° �__ " \ � � � \ c� �� p� � � �i i � �� I � \ �� — = — � � I � � \\ L —R:—. — �� .1 — _ _ ��''�� \`` °� i po � - - - - - - - - - �a,� � i e� `� EXM181T� TO �S� ��o � of �.... . ` EXHIBIT "B " RESOLUTION NO. 98-51 Description of the preliminary plans for the development of Opryland Hotel. The proposed development for the Tax Increment Financing District consists of a program of public improvements under the authority of the Tax Increment Financing Act, which are intended to stimulate and serve approximately $300M in private development scheduled to occur over a three year period. OPRYLAND HOTEL The Opryland Hotel, with approximately 1,400 rooms and 350,000 square feet of convention center and exhibit hall space, would be the largest hotel and convention center in Tarrant County. In February of 1998, the Opryland Lodging Group was created as a part of the Gaylord Entertainment Company with the intent of taking the concept of Nashville's Opryland Hotel into new markets. The company plans to develop five to seven Opryland Hotels during the next ten years across the southern United w States. This project would be the third for the company's Opryland Lodging Group. The project is expected to cost $300M, is seven minutes from DFW International Airport and r . is located on 77 acres fronting Highway 26 and the southern tip of Grapevine Lake. The site location, due north of DFW International Airport, creates a natural and convenient tie-in with millions of travelers passing through the airport facility each year. PUBLIC IMPROVEMENTS The planned public improvements include roadway, bridging and parking facility construction as well as debt service payments for the construction of the new Grapevine Middle School. A listing of proposed improvements is attached as Exhibit "B-1." PRIVATE INVESTMENTS The planned private investments in the TIF District over the next three years include over $300M in construction costs for approximately 1,400 hotel rooms and 350,000 square feet of convention center and exhibit hall space. The only private developable land in the proposed TIF District is under contract with Gaylord Entertainment at this time. ��IT_.�.1'0 ' � �-.5�/ P�� ,..� � PRELIMINARY ESTIMATE OF DISTRICT'S IMPACT ON PROPERTY VALUES AND TAX REVENUES The preliminary estimate of the district's impact on the property values is derived from a study done by Insight Research Corporation. This analysis is based on a 1400 room hotel, 350,000 square feet of convention/exhibit space, and is very conservative in terms of revenues generated and projected growth. In 2002, the targeted completion date of the project, the total increase in assessed valuation is projected to be $307,500,000. Using a modest 1% annual growth rate in the assessed value, the projected value of the development at the end of the life of the TIF (2019) is $364,173,613. Preliminary estimates for the first 15 years of the project's existence (1999 — 2013), show an economic impact for the region of $2.5 billion, 43,703 worker years and $299 million in direct and indirect tax impact. It is intended that the proposed public improvements will cause the private investments outlined to occur substantially earlier than would otherwise happen, if at all. It is also intended that the proposed public improvements will spur additional development in the area earlier than would otherwise happen, if at all. Further, once the public improvements are paid, the subsequent new tax increment will accrue to the benefit of each local taxing jurisdiction. EXHIBIT "B-1." EXHIBIT � -� TO 9�s ° OFEXHIBIT "B" P�aB _.�_ Of �._ ��.,��, Proposed Improvements Utilities Water Line Extension $465,480 Sanitary Sewer $535,080 Roadways Ruth Wall $1,572,948 Entrance Roadway - $1,136,316 Service Road $441,000 Bridge $2,176,500 , Parking Structures $20,000,000 �,�::.., Landscaping, mitigation, professional services $1,172,676 TOTAL ESTIMATED HOTEL INFRASTRUCTURE $27,500,000 GCISD Project $24,000,000 TOTAL ESTIMATED GCISD PROJECT $24,000,000 �..� , ,:� ATTEST: ,. ..x � Li da Hu f City Secretary APPROVED AS TO FORM: ��.----��-�,�� Jahn F. Bayle, 1r. City Attorney �.:� RES. NQ. 98-52 3