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Home My WebLink AboutORD 1996-055 ,� .,. ORDINANCE NO. g6-55 AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF """'"` GRAPEVINE, TEXAS AMENDING THE TAX INCREMENT FINANCING PLAN ADOPTED AND APPROVED BY PASSAGE OF ORDINANCE NO. 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 the passage of Ordinance No. 96-38 on the 4th day of June, 1996 pursuant to Texas Tax Code Section 31 1 , is hereby amended by approval of Exhibit "A" entitled "Amendment to Tax Increment Financing Plan" 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. 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 1 st day of August , 1996. APPROVED: William D. Tate Mayor �� ATTEST: � , s � � Lin Huff City Secretary APPROVED AS TO FORM: _ < _ s- . John F. Boyle, Jr. • City Attorney � ., � w� ORD. NO. 96-55 2 EXHIBIT; TO �f� �`>�SS Page _,__1__ of _�,_._ � � FINANCING PLAN Grapevine, Texas Reinvestment Zone Number One Grapevine Mills Area Tax Increment Financing District � � � 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 Amended 8/1 J96 by City Council - Ordinance 96-55 �xN�eir� ro ��e ��_�� Page � of _�____ �� Financing Plan Grapevine, Texas Reinvestment Zone Number One � Grapevine Milis 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 list describing the estimated project costs of the zone, inciuding 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 four general categories; streets, water and sanitary sewer systems, storm water drainage, and a public parking facility. The costs of each item and a brief description of the project components follows: Streets $12,936,832 � Elements included in this category: w�. 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 inciude the landscaping, irrigation and lighting of these roads. The signage and signalization projects will facilitate 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 Amended 8/1l96 by City Councii - Ordinance 96-55 �XH131�'� TO �� °—=S °age �.._ of �2—.-- � Water and Sanitary Sewer Systems 52,521,fi00 The water 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" transmission 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 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 connzcted network on site. The public sanitary sewer system will serve the mall, adjacent parcels and undeveloped land in the area. Storm Water Drainage 55,007,362 The public storm sewer system collects flows from the mall site, adjacent parcels, public roadways, the public parking facility and surrounding undeveloped areas. Principal outfall from the storm ""�"' system will be directed to Corps of Engineers property and Denton Creek. � Public Parking Facility $7,034,206 In addition to providing public parking for businesses located within the zone, the public parking will provide for car pool parking areas, festival satellite parking, Police Department driver training, Fire Department driver training and a Care Flight landing area. This project includes the construction of the public parking facility and related lighting and landscaping. Total S 27,500,000 3. An economic feasibility study. An economic feasibility study has been compieted and is included as an attachment to this document. � Adopted 6/3/96 by Board of Directors Adopted 8/4/96 by City Council - Ordinance 96-38 �, Amended $/1 J96 by Board of Directors Amended 3/1/96 by City Council - Ordinance 96-55 �\H��T � 10�'�� -S�' ��e —_� of _�— � 4. The estimated amount of bonded indebtedness to be incurred. �► The total principal amount to be issued for project costs is S27,500,000 with an additional estimated 53,510,000 in issuance costs and capitalized interest. The total indebtedness is estimated at S 31,010,000. 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 (Strests, Water and Sanitary Sewer Systems and Storm Water Drainage). A second issuar,ce is anticipated as early 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, including the percentage of tax increment to be derived from the � property taxes of each taxing unit on real property in the zone. +r�. 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 T1F 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/Colleyville Independent School District, Tarrant County Junior College District and Tarrant County Hospital District are ail participating at 100% in the TIF district; except that 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 legisiation or relating to amounts that must be paid or contributed by the Scnool District under school finance law. � 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 Amended 8/1/96 by City Council - Ordinance 96-55 EXHIBIT� To �� . y� =.�s �a�e ,�' of � ,,�, 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 52,955,860. 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 listed below. 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 YPar VaI�iP 1998 S 66,293,595 1999 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 2012 193,760,777 2013 197,635,992 2014 201 ,588,712 2015 205,620,486 2016 209,732,896 2017 213,927,554 � 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 Amended 8/1/96 by City Councii - Ordinance 96-55 EXNIBIT � TO �� tO SS Page �_ of � ,,�,�. 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 �, Amended 8/1/96 by Board of Directors Amended 8/1/96 by City Council - Ordinance 96-55