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Home My WebLink AboutRES 1995-034 �, RESOLUTION NO. g5-34 � 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 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 31 1 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 tevy real property taxes within the „�,�, proposed zone ("taxing units"), regarding the establishment of such reinvestment zone; and `�'" 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 are 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 February 20, 1996, 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 December 22, 1995, 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, 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 �gth day of December , 1995. APPROVED: William D. Tate Mayor ATTEST: C�a� Linda Huff City Secretary � RES. NO. 95-34 2 � �,,, APPROVED AS TO FORM: _ � John F. Boyle, Jr. City Attorney �� +�. � � RES. 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'�i,. ��_ 'e... - D � 0 � c� � � � � ROS��IOOD P�OPE��B�S ItdCe GA�EWA1� CEFBT€� A�SOC1,4��So ��"�. fD o � �500 ��SG�V��G �� III 5223 Ro�,4L L�N� � . ��,s, �X 75201-0000 D��L,�s, `�X �5�29�5��b °, � � W �I�1N� D�V�LO�WIEN� CO��. CO�� flF �63�P�V9PB� � ll ��o� �� E��, S�'�E 20� Iy �03 ��a� Co��N�R� P�,�K HV�s� G��,��veN�, T� 76051 E� P�,so, �X 7�9��036� Exhibit "B" to Res. No. 95-34 Page 1 of 2 -- Exhibit B DESCRIPTION OF THE PRELIMINARY PLANS FOR THE DEVELOPMENT OF GRAPEVINE MILLS The proposed development plan for the Grapevine Mills 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 5164,500,000 in new private retail development scheduled to occur over a three year period. Grapevine Mills The Grapevine Mills, planned at 1 .8 million square feet of leasable area, will be the largest enclosed value retail mall in the State of Texas and among the five largest such malls in the country. The project will include between 16 and 20 anchor stores and over 200 specialty shops which cover the gamut of value retail. Everything from manufacturer and fashion outlet shops to off-price retailers to catalogue stores to discount merchandisers will be represented. This unique merchandise mix will be coupled with "next generation" entertainment activities such as theaters with IMAX screens, the latest generation of computer animation rides and games, a walk through aquarium and specialty theme restaurants. The combination of size, value retail and entertainment serves to make the project °one of a kind" in its marketplace, attractive `"'�'" to a broader market area than other shopping centers as well as to tourists and other travelers from outside the area. There are currently four existing Mills projects around the country. Each of these projects serves a market area of approximately forty miles in all directions. (By w�ay of comparison, the typical market area for a traditional regional shopping center is eight to ten miles.) As a tourist destination, each project ranks first or second in their respective states in total annual visitors. Potomac Mills, near Washington, D.C., for example, drew 15 million visitors �ast year outranking the White House and Williamsburg in total visitors, Sawgrass Mills, in Fort Lauderdale, ranked second only to Disney,world with 18 million visitors last year. The Fort Worth/Dallas metropolitan area with a 1994 estimated population of 4.3 million and home to an important travel hub can support a project of this magnitude. Within this area, Grapevine is a natural choice for this Mills project. Its central location allows it to serve both the greater Fort Worth and Dallas areas, giving the project the largest market coverage possible. The highway access system to the site is excellent, being essentially at the convergence of I-635 and State Highways 121, �' � 114 and 26. In addition, the site's location due north of the Dallas/Fort Worth International Airport creates a natural and convenient tie-in with millions of travelers � passing through the airport facility each year. In fact, the site is so close to the airport that it is easiiy accessible to the often time-sensitive traveler and easily visible Exhibit "B" to Res. No. 95-34 Page 2 of 2 to most passengers on take-off and landing. Public Improvements iq�Nr'�:u7 The public improvements scheduled for the Grapevine Mills TIF District include the construction of new roadways, upgrading existing roads, sewer and water utility extensions, the relocation of existing utilities, construction of storm drainage facilities, intersection signalization and other necessary public improverrents pursuant to the Tax Increment Financing Act, Chapter 311 of the Tax Code. Private Investments The planned private investments in the TIF District over the next three years includes over 5164,500,000 in construction costs for 1.8 million square feet of gross leasable area in the mall. The only developable land in the proposed TIF District is under contract with Mills at this time. The ancillary development that is projected - five power centers and one retail strip between 1997 and 2001 - will not be included in the T1F District. Preliminary Estimate of District's Impact on Property Values and Tax Revenues The preliminary estimate of the District's impact on the property values are derived from a study done by Insight Research Corporation. These estimates are based on �� a 1 .7 million square foot facility and are very conservative. In 1998, the target completion date for Phase II of the mall and all of the out parcels on Mills property, the total increase in the assessed valuation will be 5164,500,000. Using a modest rate of appreciation in the assessed value of the project (2% per year), at the projected end of the TIF District (2016) the project will add 5230,340,000 to the total assessed value of real property in the City of Grapevine. During the life of the TIF the City and other jurisdictions will continue to receive personal property taxes from the development. Preliminary estimates indicate that the personal property tax revenues from the development in' the TIF District will generate over S 1 ,000,000 in tax revenues over the first ten years. 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 additionai 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. ;:,,..i �