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Home My WebLink AboutORD 1997-003 �, , ORDINANCE NO. g7-03 �:,:� AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF GRAPEVINE, TEXAS AMENDING THE TAX INCREMENT FINANCING PLAN ADOPTED AND APPROVED BY ORDINANCE NO. 96-38 AND AMENDED BY ORDINANCE NO. 96-55, AND THE TAX INCREMENT PROJECT PLAN ADOPTED AND APPROVED BY ORDINANCE N0. 96-38 PURSUANT TO TEXAS TAX CODE SECTION 31 1 ; DECLARING AN EMERGENCY AND PROVIDING AN EFFECTIVE DATE BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF GRAPEVINE, TEXAS: Section 1 . That the Tax Increment Financing Plan adopted and approved by Ordinance No. 96-38 on June 4, 1996, and amended by Ordinance No. 96-55 on August 1 , 1996, pursuant to Texas Tax Code Section 31 1 , is hereby amended by approval of Exhibit "A" attached hereto and incorporated herein for all purposes. All amendments to the Tax Increment Financing Plan are underlined. The Tax Increment "�"°" Financing Plan, as amended, is hereby approved. '� Section 2. That the Tax Increment Project Plan adopted and approved by Ordinance No. 96-38 on June 4, 1996, pursuant to Texas Tax Code Section 31 1 , is hereby amended by approval of Exhibit "B" attached hereto and incorporated herein for all purposes. All amendments to the Tax Increment Project Plan are underlined. The Tax Increment Project Plan, as amended, is hereby approved. Section 3. 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 21 st day of .lanuary , 1997. � � � ,, APPROVED: �:,.7� William D. Tate Mayor ATTEST: c�c� Lind Huff City Secretary APPROVED AS TO FORM: , . � , . � ' ,:.� ,: - .<.. £ � , . .. �. �,. . �, ,0 �.. John F. Boyle, Jr. � City Attorney � Wrrr ORD. NO. 97-03 2 Exhibit "A" to Ord. No. 97-03 � ..y � FINANCING PLAN Grapevine, Texas Reinvestment Zone Number One Grapevine Mills Area Tax Increment Financing District .� � <� Adopted 6/3/96 by Board of Directors Adopied 6/4/96 by City Council - Ordinance 96-38 � Amended 8/1/96 by Board of Directors �,,, Amended 8/1/96 by City Council - Ordinance 96-55 Amended 1!6/97 by Board of Directors � I E.��>>a�r �`' " � - ' jp _C�f.�(. . � /-�3 Page �_ of '"° ° Financing Plan Grapevine, Texas Reinvestment Zone Number One �. Grapevine 11ltilis 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 One must include the following elements: 1 . A detailed aist describing the estimated project costs of the zone, including administrative expenses; and, 2. A statement listing the kind, number and location of all p�oposed pubfic works or public improvements in the zone. The proposed public improvements in the zone fall into four five generai categories; streets, water and sanitary sewer systems, storm water drainage, equipment and a pubfic parking facility. The costs of each item and a brief description of the project components follows: Streets S 12,936,832 � Elements included in this category: � Anderson-Gibson Road - SH 26 to FM 2499 Anderson-Gibson Road - FM 2499 to SH 121 Interior Ring Road Access Roads Related landscaping and irrigation Petroleum pipeline relocation Signage Signalization The proposed street projects are for the construction of public access roads and incfude the landscaping, irrigation and lighting of these roads. The signage and signalization projects will facifitate the flow of traffic throughout northeast Grapevine. The relocation of the petroleum pipeline is a necessary part of the construction of the roads. ,�"' Adopted 6/3/96 by Board of Directors Adopted 6/4/96 by City Council - Ordinance 96-38 Amended 8/1/96 by Board of Directors fl�.�r Amended 8/1/96 by City Councif - Ordinance 96-55 Amended 1/6l97 by Board of Directors EXHIBiT__��__ TO �� 3 Page � of .�_ �. � L�'��r and Sanitary Sewer Systems 52,521,600 � The wtit�r system plays an integral part in the area's public water system network and will provide water service within the zone through a looped system. The looped system is connected to a 16" tra��mission line in Anderson-Gibson Road, a 20" transmission line in State Highway 26 and a 16" transmission line in Farm to Market Road 2499 at multiple locations with 12" lines. The multiple interconnection of the on site looped system and the surrounding transmission network provides an element of safety through reduntiancy 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 pub(ic sanitary sewer system will serve the mall, adjacent parcels and undeveloped land in the area. Storm Water Drainage $5,007,362 The public storm sewer system collects flows from the mall site, "'"�"' adjacent parcels, public roadways, the pub(ic parking facility and surrounding undeveloped areas. Principal outfall from the storm '� system will be directed to Corps of Engineers property and Denton Creek. Pub(ic Parking Facility �6 594, 06 In addition to providing public parking for businesses located within the zone, the public parking will provide for car pool parking a�eas, festival satellite parking, Police Department driver training, Fire Department driver training and a Care F(ight landing area. This project includes the construction of the public parking facility and related lighting and landscaping. �� mPnt $44n OOQ Ift nf[jPf Tn nrn��irlc PnI��A ecrvinoc fn� ±1�� i, ��p nnirinn I �itv mi�st Pn�iip a rinlirP ci ih Srati�n Thic inrh irioc � m ii*Prs.� �"""""' Adopted 6/3/96 by Board of Directors Adopted 614/96 by City Council - Ordinance 96-38 Amended 817/96 by 8oard of Directors �r,,.r Amended 8/1/96 by City Council - Ordinance 96-55 Amended 1 J6/97 by Board of Directors EX`1f�IT� TO ��f�( -`��-.3 Page �`�- of .�_ �� VP_FIiC'IPQ anrl fiimishinns l�i)t.9� �27,c'J��,�� '?• '�:, ..vc�nomic 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 527,500,000 with an additional estimated 53,5�0,000 in issuance costs and capitafized interest. The total indebtedness is estimated at 531,010,000. 5. The time when related costs or monetary obligations are to be incurred. It is anticipated that there will be a debt issuance as early as the summer of 1996 to fund a portion of the public works improvements '""' fStreets, Water and Sanitary Sewer Systems and Storm Water Drainage}. A second issuance is anticipated as eariy as 1997 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, inciuding 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 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, Tarrant County, Grapevine/Colleyviile Independent School District, Tarrant County Junior College District and Tarrant County Hospital District are all participating at 100% in the TIF district; except that the participation of the Grapevine/Colleyville Independent �"'�"` Adopted 6/3/96 by Board of Directors � Adopted 6/4/96 by City Council - Ordinance 96-38 Amended 8/1;96 by 8oard of Directors irr.r Amended 8/1/96 by City Council - Ordinance 96-55 Amended 1/6/97 by Board of Directors E.`(N(ai 1'-�L, f 0 ��- y�'�� Page _.�_ ot �_ �-� School District (the "School District"? will be reduced by the amount necessary to offset any negative impact on the School District, as a resuit of its participation in the TIF District, relating to State funds "'�" that would otherwise be received by the School District under school fina�;��z legislation or relating to amounts that must be paid or contributed by the School District under school finance law. The��ity 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. �i�ne �urrent total appraised value of the taxable real property in the zone is 52,955,860. 8. The estimated captured appraised value of the zone during each year of its existence. The estimated appraised value of the improvements in the zone per year is fisted befow. The estimated value of the zone assumes an annual growth in the appraised value of 2%. This is less than the �^ historic annual growth of 3.81 % in assessed values for malls in Tarrant County since 1991 . � Appraised Year VaI�,P 1998 S 60,293,595 � �99 139,491 ,405 2000 152,779,050 2001 155,834,631 2002 159,951 ,324 2003 162,130,350 2004 165,372,957 2005 168,680,416 2006 172,054,025 2007 175,495,105 2008 179,005,007 2009 182,585,107 2010 186,236,809 201 1 189,961 ,546 ?�"�" Adopted 6/3/96 by Board of Directors � Adopted 6/4/96 by City Council - Ordinance 96-38 Amended 8/1/96 by Board of Directors �rrr Amended 8/1/96 by City Council - Ordinance 96-55 Amended 1/6/97 by Board of Directors Exy�air� fo �� Q�� Page _�_ of __�__._ �� 2012 193,760,777 2013 197,635,992 2014 201 ,588,712 � 2015 205,620,486 2016 209,732,896 2017 213,927,554 9. The duration of the zone. The zone was created on February 20, 1996. The termination of the zone is set as either December 31 , 2017 or the date when all project costs are paid and all debt is retired, whichever comes first. � � �""""'" Adopted 6/3/96 by Board of Directors Adopted 6/4/96 by City Council - Ordinance 96-38 Arnended 8/1/96 by Board of Direciors lrwr Amended 8/1/96 by City Council - Ordinance 96-55 Amended 1/6/97 by Board of Directors Exhibit "B" to Ord. No. 97-0� .� ,„ � PROJECT PLAN Grapevine, Texas Reinvestment Zone Number One Grapevine Mills Area Tax increment Financing District � � � Adopted 3/28/96 by Board of Directors Amended 6/3/96 by Board of Directors �,,,,, Adopted 6/4/96 by City Council - Ordinance 96-38 Amended 1/6/97 by Board of Directors ExH�air� ro ��. ��-,� Page � of �_ �� Project Plan � Grapevine, Texas Reinvestment Zone Number One Grapevine Mills Area Tax fncrement Financing District As set forth in Section 31 1 .01 1 in the Tax Increment Financing Act of the Tax Code, the Project Plan for the Grapevine, Texas Reinvestment Zone Number One must include the following elements: 1 . A map showing existing uses and conditions of real property in the zone ar,d 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 of 8 Boundaries of the TIF District � Map 2 of 8 Delineation of proposed mall and outparcel development Map 3 of 8 Preliminary paving plan Map 4 of 8 Anderson-Gibson project limits east of FM 2499 Map 5 of 8 Preliminary storm sewer system plan Map 6 of 8 Preliminary water main system plan Map 7 of 8 Preliminary sanitary sewer system plan Map 8 of 8 Pipeline relocation plan 2. Proposed changes of zoning ordinances, the master plan of the municipality, building codes and other municipal ordinances. The City amended Section 25.C.15. Of the Code of Ordinance in order to establish design criteria for planned commercial centers with buildings in excess of one million square feet. No other ordinance � Adopted 3/28/96 by eoard of Directors Amended 6/3/96 by Board of Directors �rrr Adopted 6/4/96 by City Council - Ordinance 96-38 Amended 1 l6/97 by Board of Directors EXH(Bf T� TO �� 7-o s Page �„_ o f ��_ d , changes are pianned at this time. 3. A list t�f ��timated 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 construction of Grapevine Mills. The total nonproject costs equal S 190,270,600. 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. �� Adopted 3/28/96 by Board of Directors .4mended 6/3/96 by Board of Directors �,,,,, Adopted 6/4/96 by City Council - Ordinance 96-38 Amended 1/6/97 by Board of Directors EXHIBtT "� i0 �t� ��`''-� Page � of -� �� Attachment One � Pubiic Infrastructure improvements and Costs for Grapevine Miils Development Streets S 12,936,832 ��ii Pnt 44n,000 Water and Sanitary Sewer System 2,521 ,600 Public Parking Facility , 6,594, 06 Storm Water Drainage 5_0�7.36 S 27,500,000 � � �"" Adopted 3/28/96 by Board of Direciors Amended 6i3/96 by Board of Directors �rr.r Adopted 6/4/96 by City Council - Ordinance 96-38 Amended 1/6/97 by Board of Directors