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HomeMy WebLinkAboutORD 1996-038 ORDINANCE NO. 96_38 �.>� AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF `� � GRAPEVINE, TEXAS ADOPTING A TAX INCREMENT FEASIBILITY STUDY, PROJECT PLAN, FINANCING PLAN AND BY-LAWS OF THE BOARD OF DIRECTORS OF THE TAX INCREMENT FINANCE DISTRICT 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 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 Section 31 1 , 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 4th day of June , 1996. APPROVED: �. William D. Tate Mayor ,�,... � ATTEST: � , � � Linda uff City S cretary APPROVED AS TO FORM: �..e_.____ ° � John F. Boyle, Jr. City Attorney ,�.., �� � �,,� ORD. NO. 96-38 2 ��Ni�ifi� TO , 4-�' �'�:.: ��9� � 0} ....C�... � � TAX INCREMENT FEASIBiLITY ANALYSIS GRAPEVINE MILLS AREA GRAPEVINE, TEXAS Prepared for City of Grapevine The Milis Corporation "'�� February 20, 1996 � -- Schrader & Cline, LLC 16885 Dalias Parkway Suite 401 Dallas, Texas 75248-1918 � Adopted 3/28/96 by Board of Directors +r� Amended 6/3/96 by eoard of Directors Adopted 6/4J96 by City Council -Ordinance 96-38 �KNI�IT� TO ���..� �6-3d' P��o _.,.:.�_ of _—� � TABLE OF CONTENTS `�""� FOREWORD � Section 1. TAX INCREMENT PROJECTIONS 1 Tax Increment Financing 1 Proposed Grapevine Miils Development 2 Tax Increment Potential 4 Implications for Financing of Required Infrastructure 6 Section I1. TAX INCREMENT ANALYSIS 7 Future Development/Costs 8 Assessed Value of New Construction 8 � Initial Assessment Base 10 �" lncremental Taxes 10 Public Infrastructure Improvements 11 Annual Incremental Funds Available 12 ,�• Adopted 3/28/96 by Board of Directors r�.. Amended 6/3/96 by Board of Directors Adopted 6/4/96 by City Council - Ordinance 96-38 � �.� 5%�- ,'�' �xN���r.�... TO 6 pago � of ,_..�. ,�,,, FOREWORD Schrader & Cline, LLC was asked to prepare a feasibility analysis of using � tax increment financing to encourage acceierated development of the Grapevine Mills area properties. The Grapevine Mills area encompasses 175 acres in far northeast Grapevine located essentially at the �onvergence of I-635 and State Highways 121 , 114 and 26 and just no�th of DFW International Airport. As a part of Grapevine's extra-territorial jurisdiction prior to construction of the airport, this area was fragmented into several smaller tracts of various commercial zoning and has remained undeveloped because of fragmentation, obsolete zoning/platting and/or overflights created by airport flight patterns. �� To make the area marketable for development, in addition to consolidation � and zoning changes, a series of infrastructure improvements are needed to accelerate commercial development of the area. This analysis explores the feasibility of using tax increment financing to pay for those public improvements. Section I summarizes the results of the tax increment projections and discusses potential approaches to funding the required improvements. Section II details the tax increment analysis. � The following projections of development and tax revenues are subject to Adopted 3/28/96 by Board of Directors I �,.. Amended 6/3/96 by Board of Directors Adopted 6/4/96 by C;ty Council - Ordinance 96-38 ��f�ll�lf,�. TO ; , � ---�.. ���� of .-�— �°� change. As the property is developed, construction costs may increase or decrease. Future property tax rates are pa�ticularly difficult to predict given their dependence on change in the City's overall fiscal and budgetary policies. Thus the projected tax increments are subject to change. The analysis of future tax increment funds is dependent on a long series of p�ojections, 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 �"' Dallas, Texas Feb�uary 20, 1996 �. :. Adopted 3l28/96 by Board of Direc2ors il "`� Amended 6/3/96 by Board of Directors Adopted 6/4/96 by City Council - Ordinance 96-38 Es��(��it'-_`—�;: �O�y�� Page .�.... Of � ' � � SECTION 1. TAX INCREMENT PROJECTIONS The area in far northeast Grapevine which is the subject of this � analysis was formerly part of the City of Grapevine's extra-territorial jurisdiction and was fragmented into several smaller tracts of various comme�cial zoning. However the advent of DFW International Airport in the 1970's created a situation wherein the anticipated development was not feasible because of flight patterns and noise from overflight. Thus the area has remained undeveloped because of fragmentation, obsolete zoning/platting and limited infrastructure improvements. The area needs extensive infrastructure improvements before it can be successfully developed for commercial uses. Required are roadway, drainage, utility and parking lot construction as well as other necessary public improvements. The proposed retail development cannot support the 527.5 million cost of these improvements. ""�� If the Grapevine Mills project is to proceed in the near future, an „�„ alternate source of infrastructure financing must be found. Tax increment financing, which finances public improvements with new tax dollars created by development, is an ideal tool for accelerating the desired development of the Grapevine Mills area. Tax Increment Financing Tax increment financing involves the pledging of future real property taxes generated by accelerated new development to fund the public infrastructure imp�ovements which make the development and the resulting taxes possible. Procedurally, tax increment financing requires: 1) qualifying the area as an eligible reinvestment area; � � 2) defining the boundaries of the tax increment district Adopted 3/28/96 by Board of Directors 1 +�� Amended 6/3/96 by Board of Directors Adopted 6/4/96 by City Council - Ordinance 96-38 ,� C����. 9�-.�� EXHIBIT_—=— f�� of � Page �,,, 3) "freezing" the assessed value of land and improvements within the district as of the last assessment date; �,,, 4) diverting real property taxes generated by increases in the assessed value above the °frozen° base to a tax increment fund; and 5) using the tax increment funds to pay for imp�ovements as needed or as a repayment source for revenue bonds. Texas law allows for diversion of real property taxes from each of the taxing jurisdictions (the City of Grapevine, Grapevine/Colleyville Independent School District (G/ClSD), Tarrant County, Tarrant County Junior College District and JPS Health Network), but does not require participation by these jurisdictions. This section describes the proposed project and summarizes the results of the tax increment analysis, which is detailed in Section II. � �, Proposed Grapevine Mills Development The Grapevine Mills retail development shown on the following page will turn 175 acres of vacant land in far northeast Grapevine into one of the largest malls in Texas (1,653,325 square feet of retail space) and the only value oriented mall in the state. Value oriented retailing is a market segment that the Mills Corporation pioneered and continues to dominate. It combines factory outlets, off-price retailers, traditional retailers' outlets, entertainment venues and specialty stores in a fully enclosed mall. Development of the mall will begin in 1996 and be complete in 1998. A series of infrastructure improvements will be required to accelerate the deveiopment and make it feasible in the current economic climate. The proposed City improvements include land acquisition, utility construction, �.,� Adopted 3/28/96 by Board of Directors 2 � Amended 6/3/96 by Board of Directors Adopted 6/4/96 by City Council -Ordinance 96-38 _ _:. �� �'�il !'i' '.��, 1 s��° ��,-.-'�.��'���,�L ` Y�_3� -� -%� ,i%��% i.��,'��;,- 1--- =-;�-�- i� �� ----- / � �,� � °� -i I t� w-_- /!' � ,!__ . - =,/; � � .� �. =� _ �y.a.y� . . ..�..�. ��•� �� .,� � 1 j �— ._.:i.. _ "_." ���//fl�� �/ r ��//�'r ' ' ;. -•f' — ���/�%��� ��/ Y% _'_—_.-°-- ��'' ..� � �� � �. � `-'� / ��� ; •• - ,/� / �/ �` !�/� •--._:._- �� I ' // A �--� ' i / � � ' - J� l l i - i/ ! / i + / �� �'""'_�:'! / ;j/�� � y�'J—:--c.._- �///� , r � � �.�� __�• _ n---'r � � n . ��-- - %�/i�,� ' � ; ' `~".�_i ..-=: . �: ( �� � , ' , .,' � , , , . ; :�� , � �. �; ;n .��_ �•i � �� �,4.,_ �j( ``�:� —� . � ' � � �11 �_ r._ ;�yi �_ ..,���.'� r � ,,� .�,I. _-=.� i .� -� � n 'nt----.._._ ;: � ;C� �-..;;���;�;,F���� - ����:--..��:: �� � . , _�.� �,t,�.������- � ,. . __ ---�. � i�Il , - .,� ,� i; �., �+6 ' � r(;v ; ;-• ! .:� � ...._._...r '� 'l �! �� � � (�� � � y�� ��`; ,71�', ' � � 1 /! � i, r' �''^.�v 1 J�^�,l/�.. __=—�L --,.,:,�,� �—_.'.:'�' .;`-i-�`\ / r �: _._.� �T"- ,;i � ; • � `� '�..;_� 7 ; �� `; ! I .r �i� ' i � •� .�f `�'�J/�� � — �' ...1' i '}' i 'S. �.��.:"' 1' % /�'J ' i �i � j �• �- �^'^)G � ��'_,%y/ /J I��� ::; � 1 ; ; ' / ----� 1 i��' . ... f ' ;�,.,�„r ,i ' ,'�- � .% ,a.r V � �.^�. . � //,. .. ; �i , /�. � _ / �� ,' �� � � � � , i . I i\, .. �nA��ViNE �VIIL_� ?RCP��T'! NIAL! ��AC� -- '"� '" OUT ?�RC�_S ,� � Adopted 3/28/96 by Board of Directors 3 Amended 5/22/96 Adopted 6/4/96 by City Councii - Ordinance 96-38 EXH(8(T '� TO ��-� `��"�� Page ._� of !� ��. grading and parking, drainage, signai improvements, retaining wall construction and pipeline relocation. The total cost of these improvements � is approximately 527.5 million. The likely timing of these infrastructure costs is as follows: 1996 5 20,465,794 1997 7_0�4,206 Total $ 27,500,000 The detailed scheduling of the individual infrastructure items is shown in Table 4. Without these improvements, development of the Grapevine Mills area would be delayed for many more years. Tax Increment Potentials "`'��' The proposed tax increment reinvestment zone outlined on the �, following map includes the mall and out parcel retail development area only. The 1995 assessed value of the Grapevine Mills property was S2,955,860. We have assumed that the 1996 assessed value will remain the same. The annual increment, as shown in Table 1 , is estimated at 51,621,238 in 1998, growing to 54,929,939 in 2014. The cumulative tax increment over a 17 year period is estimated at S69,645,563. These estimates assume continuation of existing tax rates, a very conservative assumption given recent trends to higher nominal tax rates. They also assume participation by the five taxing jurisdictions. If the Grapevine/ Colleyville Independent School District were to choose not to participate, the projected incremental taxes would be reduced by 60%. Exclusion of Tarrant County, JPS and TCJC taxes would reduce anticipated revenues by �.,, Adopted 3/28/96 by Board of Directors 4 �"' Amended 6/3196 by Board of Oirectors Adopted 6/4/96 by City Council - Ordinance 96-38 EXH191 i� �0 ��— `����� Pa,e _� of �� ' � .��c� ' '� � � , , , ��, •� �V u�I ir— 1�� __'�J — .. . ' / —� i � / `_ =.�� �C r I9I > >t 1� .. �i • �` � � !t� . . ��7 i� �� . I ��~`4. ��� � 1 � .��� � ��ry�'�,_���'` •"— �r+r+ � `;''-°_=1:�`� - = °0---1 �`� -------------�-- _-- � .�- �`+,"r ;:L,��"�'��'—_ �_ '� .r--------------------l— � � . L1't . 'i ( � � 0;�-��'', � � _;' ' /�� / _ ..'/'./'� , I �:� �� - III ! .. =1 � i , , i_' c. , ,;i,',/' r :,••s;�=���� �i i -,j �,/i,�::. ` `!. .`��1 `_� �If � .� � � s � I�, � . -:��; . __��.-:;�.� `�, [� �. � .��r .4^13�� ��i.-.. _� ;1 :4r /•�-1 / � ' `„". � �`, .. `' •,• � Y 3.- �' -: `�.� .tr.. . x I ' /� .'/ � �� '�^_':s„:��' �"....="s:r� :��.�:o:j 1 ,�j//, /r;��� I � _i:,��..'�.•v� .-�•�i�w�._�::.+?''sr;�� ' ! 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'l -i`�.3�.e � �+. ,{1�,:j /�• ;1/a r ' _.h T;°`a._ � .� � �. r 1�+ / i/ ��' �•q _ ,\ i . µr �. .r.. ..r _ �'.• i. �ko� � �' Q • �,.�, ; � �„��'�� ��//� ,4-=;��„Y°. t ;,jv �/ ,, ' � }R"",r r -� iir� 'Z _ 4� .f'� �1� j� ,'% . �/ _ . ' �r .. 'p'' .. .^ `+ �4v.._` /'f�~�//t� ' . �� . ,v .rr -�` �s �""�Y"' �� ia'! i�• -�1�\ Jr t ; � .fi.,�Sr C . �titrr �1r/h"�� � � � a��'7. '.�3 �y 7 ..�`'•/%..�7 ,. � ��''���7 _ .,..=� ;_••••?;�.'S".'..:��- _.�._�v! � .,s T 'r � ; =-- � �.� r ���;.,/,;.;;, 0 �"1 ,1 :J .�! � .,, ,�,. . \ '.A .�����_. .��.�����.f �r. " .. ) n �;'� �'liiW o..� � n r �' LS+ � - �`:;�_�� �%:`' •/��� .J. •� . ,;a ---�^�°y."�i '�• ';1/: "' -%i ;j`' �.o., �� )� J `(` . /r :.�,.,/ ` � !;! • /� . ^ .. \ ��r ✓ �r/1i0,�1J"�i�J �f/(�LG(�� `•' '`, �C7 G— � . . � � :� �, ;;� J�� "n���.o��L .J��.,�-t,�-��.na. , s�� �5 �J�,�:�� � . � � .�esewooa e'fla�BrrtES iNC. Sa7E7r�Y� .tauasrES. L�. .5� ,�� �� ��I .���,�� ��u..s � �za�-waa o.u,.s, rx ;��z?-s�za �nxr oeve.arnerr Gua. �rr�G��+.E II :�,�,�M�.����, � :�3�.W carerrn.Pssc�r�sr �a.rzvnrt .� ;bost :.?s5o. TX�90Ar.-7.I68 �r°.,,, Adopted 3/28/96 by Board of Directors 5 "'�"' Amended fi/3/96 by Board of Directors Adopted 614/96 by City Council -Ordinance 96-38 EXHIBIT � TO ��-= `���`� '� Page �� of - ,�., 23%. Detailed tax increment projections are shown by taxing jurisdiction in Tabie 5. � TABLE 1. PROJECTED TAX INCREMENT REVENUES, GRAPEVINE MlLLS AREA TAX INCREMENT DISTRICT, YEAR 1998-2014 y�g TAX IN .R M NT S 1998 S 1 ,621,238 1999 3,411 ,322 2000 3,736,277 2001 3,811,003 2002 3,887,223 2003 3,964,967 2004 4,044,267 2005 4,125,152 2006 4,207,655 2007 4,291 ,808 2008 4,377,644 2009 4,465,197 ��,R.� 2010 4,5 54,501 2011 4,645,591 2012 4,738,503 � 2013 4,833,273 2014 4,��9=�9 Total 69,645,563 Implications for Financing of Required Infrastructure _. Comparing the timing of tax increment revenues in Table 1 with the scheduled cost of infrastructure improvements reveals a difference in scheduling between the timing of expenditures and the revenues to meet those costs. The infrastructure improvements are needed in the early years in advance of the new development and the tax revenues it will generate. The need for early funding suggests the need for debt financing, using the future tax increment revenues as a repayment stream. � �,. Adopted 3/28/96 by Board of Directors 6 1°�' Amended 6/3/96 by Board of Direciors Adopted 6/4/96 by City Council - Ordinance 96-38 ExN�atr...�.. ro �L<� y�--�� Pag� �!,._. of !G. �.: -� Typically, tax increment financing relies on the future revenue stream, relying on the anticipated new development, property appreciation over the � based assessed values and future tax rates. Currently, revenue bond purchase�s, institutional lenders and other investors all are showing a strong aversion to risk and a preference for greater certainty of repayment. Once the project is underway, tax increment bonds could be issued in phases as infrastructure construction takes place. SECTION II. TAX INCREMENT ANALYSIS This section documents the detailed analysis and inputs used to generate the tax increment revenue estimates which were summarized in Section I. As discussed earlier, tax increment financing involves: 1) designating an eligible redevelopment area as a tax increment reinvestment zone; � 2) soliciting participation of the five taxing jurisdictions; � 3) setting the assessment base at the level of the most recent assessment; and 4) diverting tax revenues generated by the increase in assessed value to a tax increment fund for funding public improvements. Thus, future tax increment revenues depend on four elements: "� 1) the timing and value of new development; 2) appreciation of existing land and improvements; 3) the value of any existing improvements demolished to make way for new development; and 4) future tax rates. � .� Adopted 3/28/96 by Board of Directors 7 �°' Amended 613/96 by Board of Directors Adopted 6/4196 by City Council - Ordinance 96-38 EXHIBIT� TO ��- �� Pags ....L.... of _�......_. � Future Development/Costs Table 2 indicates the type, timing and costs of the development �""" program planned for Grapevine Milis. The future value of new development is in constant 1996 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 1996 goes on the tax rolls for Tax Year 1997. Table 3 inflates the constant dollar assessed value projections with an assumed rate of two (2) percent annual inflation. TABLE 3. ASSESSED VALUE OF ANTICIPATED NEW CONSTRUCTION, �,,, GRAPEVINE MILLS AREA Tax YPar T�tal in CiirrPnt,Jnflated D�Ilars � 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 2011 189,961 ,546 2012 193,760,777 2013 197,635,992 2014 201,588,712 ,�f=� Adopted 3J28/96 by Board of Directors 8 �„ Amended 6/3/96 by Board of Directors Adopted 6/4/96 by Ciry Council -Ordinance 96-38 EXHIBIT '� TO �'�`'�' ��"�=� TABLE 2. ANT1ClPATED NEW CONSTRUCTiON, GRAPEVINE MILPL��RZ'�t;'t99�f1'9�a� � �9,; Square Feotaae talal Phase i Development - Construction 12 months Opening Fall 1997 1,341,195 sq ft � Phase il Development - Construction 12 months Opening Fall 1998 3�,1�O c�ft 1,653,325 sq ft Incl�ded Retail Ty��ec_" Souare Fnntage (alal Entertainment 90,442 sq ft Food Court 12,600 sq ft Restaurant 15,752 sq ft Specialty Shops 554,398 sq ft Other Anchors and Majors 980,133 sq ft Oyt Par _pi D _v _lopm n : �g S�i�are FootaaQ I,aolal Restaurants (7) 7 7 Restaurants Retail 6 140,000 sq ft Sports Related - Golf, batting cages, go carts 15 6,000 sq ft Proiect Develot�ment and Costs —� . Year Capital Additions Cost of Additipns 1996 Phase I Construction ^"�°" Mall - Phase 1 Partial $ 62,468,595 Out Parcel Retail Development S �,S 5,00� � 1996 Construction Value $ 66,293,595 1997 Phase I & II Construction Mall - Phase I Complete, Phase II Partial 5 65,547,810 Out Parcel Retail Development S 7,650,�00 1997 Construction Value 5 73,197,8'10 1998 Phase II Construction Mall - Phase II Complete S 9,462,645 Out Parcel Retail Development � 3.,�5�� 1998 Construction Cost S 13,287,645 � Total Cost of Construction $ 152,779,050 �„ Adopted 3/28/96 by Board of Directors 9 Amended 6/3/96 by Board of Directors Adopted 6/4/96 by City Council - Ordinance 96-38 EXH(8lT �` TO ���- `�� -3� Page �� Of !G ,,,�, Initial Assessment Base The tax year 1995 assessed value of the Grapevine Miiis properties is 52,955,860. For the purposes of this tax increment analysis, we have assumed that the tax year 1996 assessed value will remain the same. The initial assessment base for the tax increment fund is assumed to be set as the tax year 1995 value of $2,955,860. Taxes on this amount will continue to flow to each taxing jurisdiction during the life of the District. Incremental Taxes The tax revenues generated by the incremental assessed value are calculated by multiplying the incremental assessed value by the property tax rates of participating jurisdictions. Fiscal year 1995 tax rates included: Tax Rate per 5100 of ��+ liirisdir.ti�n ASSPSSPCI VAIl1P City of Grapevine 50.415000 G/CISD S 1 .467100 "� Tarrant County 50.266603 JPS Health Network 50.239840 TCJC S� 75 ��Q TOTAL 52.445543 Despite the historic trend toward higher tax rates, over the 17 year projection period we have conservatively assumed that the nominal tax rates will remain constant. Taxes generated against tax year 1997 values as of January 1 , 1997 are due and collected at the beginning of 1998, during Fiscal Year 1998. The projected incremental assessed value would yield S 1 ,621 ,238 in incremental tax revenues in Fiscal Year 1998 growing to 54,929,939 by Fiscal Year 2014 as shown in Table 5. During the Fiscal Year 1998-2014 � Adopted 3/28/96 by Board of Directors 1� ;�, Amended 6/3/96 by Board of Directors Adopted 6/4/96 by City Council - Ordinance 96-38 EXH(BIT� TO �'%��� 9�'�� Page � of ..= � period, the tax increment fund would collect a total of S69,645,563 if all five taxing jurisdictions participated at 100%. The total incremental tax � revenues would be reduced by 60% or 541 ,780,907 without participation by G/CISD. Without the County, JPS or TCJC, the total tax increment revenues would be 23% or S16,046,050 lower. Public Infrastructure Improvements Table 4 details the required public infrastructure items by item and by year. TABLE 4. COST AND TIMING OF INFRASTRUCTURE IMPROVEMENTS REO.UIRED FOR GRAPEVINE MILLS DEVELOPMENT Projects anticipated for 1996 �� Streets S 12,936,832 Water and Sanitary Sewer System 2,521,600 �`"" Storm Water Drainage 5,0�7,� 520,465,794 Projects anticipated for 1997 Public Parking Facility 57.�34,.?n6 S 7,034,206 Total S 27,500,000 «�,,..� Adopted 3128/96 by 8oard of Directors 1 1 �,. Amended 613/96 by 8oard of Directors Adopted 6/4/96 by City Council - Ordinance 96-38 �`'�Ll(�I i�" TO ��� `l�'3�' Paae � of �i TAS�F 5. ANNUAL INCREMEyTAL FUNDS AVAILABLE FROM THE GRAPEVINE MlLLS AREA TAX INCREMENT DISTRlCT � Fiscal Assessed City County JPS TCJC G/CISD TOTAL � Year Value 0.415 0.266603 0.23984 0.057 1.4671 2.445543 1998 66,293,595 275,118 176,741 158,999 37,787 972,593 1,621,238 1999 139,491,405 578,889 371,888 334,556 79,510 2,046,478 3,411,322 2000 152,779,050 634,033 407,314 366,425 87,084 2,241,421 3,736,277 2001 155,834,631 646,714 415,460 373,754 88,826 2,286,250 3,811,003 2002 158,951,324 659,648 423,769 381,229 90,602 2,331,975 3,887,223 2003 162,130,350 672,841 432,244 388,853 92,414 2,378,614 3,964,967 2004 165,372,957 686,298 440,889 396,631 94,263 2,426,187 4,044,267 2005 168,680,416 700,024 449,707 404,503 96,148 2,474,710 4,125,152 2006 172,054,025 714,024 458,741 412,654 98,071 2,524,205 4,207,655 2007 175,495,105 728,305 467,875 420,907 100,032 2,574,689 4,291,808 2008 179,005,007 742,871 477,233 429,326 102,033 2,626,182 4,377,644 2009 182,585,107 757,728 486,777 437,912 104,074 2,678,706 4,465,197 2a1a 186,236,809 772,883 496,513 446,670 106,155 2,732,280 4,5b4,501 201 1 189,961,546 788,340 506,443 45b,604 108,278 2,786,926 4,645,591 2012 193,760,777 804,107 516,572 464,716 110,444 2,842,664 4,738,503 2013 197,035,992 820,189 526,903 474,0 i 0 1 12,653 2,899,518 4,833,273 �� 2014 201,588,712 836,593 537,442 483,490 114,906 2,957,508 4,929,939 11,818,606 7,592,472 0,830,300 1,623,278 41,780,907 69,645,563 � �,,,, �� �aopted 3/28/96 by 8oard of Direc;ors Amenaed o/3/96 by Board or Oirec;nrs 1 2 �dopted o"/4/96 by Ciry Council - Ordinanca 96-38 EXH(BlT� TO � �• q�'~�`� � Page � Of ..��.�. � PROJECT PLAN Grapevine, Texas Reinvestment Zone Number One Grapevine Mills Area Tax Increment Financing District � w,� � Adopted 3/28/96 by Board of Directors � Amended 6/3/96 by Board of Direciors Adopted 6/4/96 by City Council - Ordinance 96-38 EXH181T � TO ��' ��^�'� Page �- of _.� ,�.,� Project Plan � Grapevine, Texas Reinvestment Zone Number One Grapevine Miils 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 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 and a map showing proposed improvements to and p�oposed 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 T1F District � Map 2 of 8 Delineation of proposed mall and outparce! 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 s2wer system plan Map 8 of 8 Pipeline relocation plan 2. Proposed changes of zoning ordinances, the master plan of the municipality, buiiding codes and other municipal ordinances. The City amended Section 25.C.15. Of the Code of Ordinance in order to esiablish design criteria for planned commercial centers with ,�..�, buiidings in excess of one miifion square feet. No other ordinance changes are planned at this time. � Adopted 3/28/96 by Board of Directors Amended 6/3/96 by Board of Directors Adopted o/4/96 by City Councii - Ordinance 96-38 � �XHIBtT� TO ' '�- Page _�...- of ° �*� 3. A list of estimated nonproject costs. Nonp�oject costs within the T1F zone are those development costs not ''�°" paid for by the TiF. The costs are those associated with the construction of Grapevine Milis. The total nonproject costs equai S 190,270,600. 4. A statement of a method of relocating persons to be displaced as a result of implementing the pian. 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 Amended 6/3/96 by Board of Directors Adopted 6/4/96 by City Council - Ordinance 96-38 ; �''���� _ 11" .1'i' ' j ;' . � �y �,,; ,;^_ '�, �__�, - ` �, .- _, � , , . t � �j .,� ,r 1 � + / �V ,----�-�^ • , � --'�-- /:.;�=::=:�, .� � � � XH(BIT T ;; ` , � �� � :.<:=:=-_ ,� -- ' ' �� _ __ _ � � � ' �`�::_ `'�,.-' _- --�--� ,���-------------------------- ,�. ��,� r�::=- � � ,�+ , J � / /�� =� • -� , t , ;:..;_:-=`�- , , �. / / ' }" �� � _� 1 // ::�� . � I i 'L'', lli !4�'! �' ( //`/' /�i � � � i I � 1:I� ./i%, . J � ` �t• � ; `' �.4��'ir i� ,i/' �� � � I�r �Y _ /� ::�-.: :1 , . 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'^ �I . . . :�' S �a r� � ! �-� > ;�' ��J .� ct' � .. ��",Yf �f ��1 ,� _ �;t •_� � �!/ �� , ;r i �i:���� ; lt J � \.' �� .� � ,� i ��,���I �r� ,z j��/ r // . �_ I ' g°". ,i o �5'r t . � �. __ r � i , �;w �t� �' I 6 aP .�_ < ,' !+ . `�.�a, i � t ' i I ( ��I'-� �� � t � _yi� -.� �' I � , � ,� i� I ��� �� • � i1 f ,� �__ �. I� r . r� !� �� �i •�/� � i .y � � � � / I __ '��' ~! 1i � /� � ' j �.D�; � I;� _ � �i; i , � �% � , � � � ,.,; . � - I � � . ;��� . , , , ; �. ,. , � j � � �. , �,, ' ; r , a; , ,v � '—=�i.'_ � , i i �.` :�.���} . �;' . ,� �: i � ;; � - - - � ► '; ;� /j � � ;,:: � i�� , � j !; : i - ? _ �'� (� GRAP�/iNE NiILLS �.., i ; ��;�;� __ _,;�' =^ _ � ��' � TAX INCR611IE\tT ' i , .� / '�' " . ' �/� +;� r�NANC�NG DtS'7'R1CT i. � u^a er � •�—__—, � e //f I ' � ;�'�" , � ,� PAGc 7 OF 8 Y�w j � � „ '.��i"' ,�✓ ��' i � � _" � v�AP�/INE �1Alt!S ( � .�•••m_..w� — — •wn^'•>, 'a�AP:YNE �C.�9 � 4_"m�°1d�he�swro . � � - - ---– �— . .— `"� �� ��� ---- _ _/% '` -- --..,.� ��J I �;:�" r: �:�-� -�-�--=�:_ o� �y,�.r> ' � y�:. ���--��� \� \:•�J� `�, �� .N / =�.��I �''� .) _ .rl� ,�( / .C.4� `� � ' �� / '`'�_-_ EXHIBIT � TO ���3� Page of ..,_...� � Attachment One Public infrastructure Improvements and Costs for Grapevine Mills Development Streets $12,936,832 Water and Sanitary Sewer System 2,521 ,600 Sto�m Water Drainage 5,007,362 Public Parking Facility 7,n�4�206 527,500,000 � � �..� �,,, Adopted 3l28196 by Board of Oirectors Amended 6>3I96 by Soard of Directors Adopted 6/4/96 by City Council - Ordinance 96-38 €XH181T� TO � ��O �� �ag� of _� � � FiNANCING PLAN Grapevine, Texas Reinvestment Zone Number One Grapevine Mills Area Tax increme�t Financing District �� ,�.� � Adopted 6/3/96 by Board of Direciors Adopted 6/4/96 by Ciry Councii - Ordinance 96-38 � EXH181t� TO ��� P��o _______ of � Financing Pian Grapevine, Texas Reinvestment Zone Number One Grapevine Mills Area Tax lncremen# Financing District As set forth in Section 31 1 .011 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 detaiied 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 four general categories; streets, water and sanitary sewer systems, storm water drainage, and a public parking faciiity. The costs of each item and a brief description of the project components follows: � Streets 512,936,832 '�`"'` Elements incfuded 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 - Petroieum pipeline relocation Signage Signalization The propos�d 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 wiil faciiitate the flow of traffic throughout northeast G�apevine. The reiocation of the petroleum pipeiine is a necessary part of the construction of the roads. � � Adopted 6/3/96 by Board of Directors Adopted 6/4/96 by City Councii - Ordinanca 96-38 i EXHIBIT ' TO � �- Pa fla af �"'" Water and Sanitary Sewer Systems $2,521,600 `� 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 connected network on site. The public 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 public parking facility and ,� surrounding undeveloped areas. Principal outfail from the storm system will be directed to Corps of Engineers property and Denton ,,,�, Creek. Pu�lic Parking Faciiity 57,034,206 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 527,500,000 3. An economic `easibility study. An economic feasibiiity study has been completed and is included as an attachment to this document. �,.w, � Adopted 6/3/96 by Board of Directors Adopted 6J4/96 by City Council - O�dinance 96-38 �Xt11�31T� T0, � ��' —�� P�ge of �'"' 4. The estimated amount of bonded indebtedness to be incurred. The total principai amount to be issued for project costs is � 527,500,000 with an additionai estimated 53,510,000 in issuance costs and capitalized 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 (Strests, Water and Sanitary Sewer Systems and Storm Water Drainage). A second issuance is anticipated as early as 1997 to pay the costs of completing the remaining public improvements (Public Parking Facilityl. 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 will be financed through the issuance of debt instruments. The expected revenue source for the payment of the debt will be the real prope�ty taxes captured by the T1F District. The debt instruments may also be secured by a bacfc-up pledge of a general ad valorem tax levied by the City of Grapevine. The City of Grapevine, Tarrant County, Tarrant County Junior College District and Tarrant County Hospitai District are all 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 T1F Districi, relating to State funds that would otherwise be received by the School District under schooi finance legislation. 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. � Adopted 6!3/96 by Board of Directors Adopted 6/4/96 by City Councii - Ordinance 96-38 �Xt�181T.�.�... T4 � �� P�go ....�._ of "�""' 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 Val�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 9. The duration of the zone. The zone was created on February Z0, 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 614/96 by City Council - Ordinance 96-38 RXHI�i i '= TOfi%�L l'/�—��' �a3e � of _ ..�, Exhibit D BYLAWS OF REINVESTMENT ZONE NUMBER ONE � CtTY OF GRAPEVINE, TEXAS GRAPEVINE MILLS AREA TAX INCREMENT FiNANCING DtSTRICT ARTICLE I POWERS AND PURPOSE Section 1. Financi�na DevPl�nmPnr nr RPdPVPI��mPnt in thP 7�ne. In ordef t0 implement the purposes for which Tax Increment Financing Reinvestment Zone Number One, City of Grapevine, Texas (the "Zone") was formed, as set forth in Ordinance No. 96-07, dated February 20, 1996, 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°1. SeCtiOn 2. Books and Rec�rds_ Annr�val nf Proarams and Finan�ial ,,� StatemPnts, 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 ail programs and expenditures for the Zone and annually review any financial statements of the Zone. ARTICLE II BOARD OF DIRECTORS SeCtiOn 1 . PnwPrs, NumhPr anci Term nf Offir.P. The property and affairs of the Zone shall be managed and controlled by the City Council based on the recommendations of the Board of Directors of the Zone (°Board of Direciors" 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 '�°�" 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. � Adopted 3/28/96 by Board of Directors �XHIB(T�_ T0 �i�� �6-j� �a�e � of _� �• Page 2 The Board of Directors shall consist of nine directors: five of whom shali be appointed by the City Council of the City; one of whom shall be appointed by the governing body of the Grapevine-Colleyville fndependent School District (GCISDI; one appointed by the governing body of Ta�rant County (County); one appointed by the Tarrant County Hospital District (Hospital District) and one appointed by Tarrant County Junior Colfege District (Junior College Districtl; 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 City may appoint such Board member in its stead. The first Board of Directors shall serve for an initial term ending February 28, 1998, 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 shal( serve for two year terms beginning March 1 , 1998 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 oniy �� after a public hearing before the City Council on charges pubficly made, if demanded by such Board member within 10 days. 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 Schoo! District, Hospital District, Junior College District► which made such Board appointment shall be responsible for filling the vacancy. Section 2. MPQtin� nf DirP�tnrs, 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. RP.g��lar MPetinat. 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 Reguiar Meeting held each year in the month of April. � Section 4. FmPrgenr.y MP=Ptina�, Emergency Meetings of the Board of � Adopted 3/28/96 by Board of Directors =XH13iT --� TO �. 9�-��. ��3e 3 of 6 � Page 3 Directors shall be held whenever cailed 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. IIuotum. 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. C�nduct nf Bi�sinPSS. 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. Cmm�Pncation of DirPrrnrs. 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. Attenclanne. Baard Members shall make every effort to attend all 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. ..�.:.� � Adopted 3/28/96 by Board of Directors �,�H:3;i � TO �%£� �16-.�� '_�Jc � of __�_____, ��.� Page 4 ARTICLE 111 ��� OFFICERS Section 1. TitiPS anci TPrm nf nffi�P. The officers of the Zone shall consist of 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 chai�man whose term shall begin on March 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. Pnwert and DutiPS �f thP .hairman. 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. �iA���. 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. � Adopted 3/28/96 by Board of Directors =X H�3;i -� T 0 �'�- ��'�� �a�c _�L of �a._ Page 5 � Section 5. _mm�Pnsatinn. 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. �taff. Staff functions for the Board of Directors may be performed by the City Manager and his designee. ARTICLE IV PROVISIONS REGARDING BYLAWS Section 1 . EffP_Cl'IVP. DatP, 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 approval of these Byfaws by the City Council ,�„m� Section 2. AmencimPnts r� Bylawc. 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 app(ication 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 atso be amended at any time by the City Council by adopting an amendment to the Bylaws by resolution of the City Counci� and de(ivering the Bylaws to the secretary of the Board of Directors. Section 3. InrPrprPtati�n �f Bvla���s, 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 Byiaws, 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 appfication of such word, phrase, clause, ��- � sentence, paragraph, section or other part of these 8ylaws to any other person or circumstance shall not be affected thereby. � Adopted 3/28/96 by Board of Direciors EXH181T d j0 �� 9��-3� ���� 6 of � ��..�, Page 6 ��,� ARTICI.E V GENERAL PROVISIONS Section 1. NnticP and WaivQr nf N�ti�P, 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 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. RPSianation�. 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. SeCtlOn 3. A�.nroval �r DPlPgati�n �f PowPr hy thP C'ity C�i�nril. 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. �� Adopted 3/28/96 by Board of Directors 06/04/96 �.� U. S. Army Corps of Engineers: C. Shane Wiibanks �, Teen Court Advisory Board Liaison: Jerry L. Pittman (1 year) ITEM 4. ORDINANCE, APPROVING TAX INCREMENT FINANCING DISTRICT PROJECT PLAN FINANCE PLAN BOARD OF DIRECTORS' BY-LAWS AND FEASIBILlTY STUDY RESOLUTION TAX INCREMENT FINANCING DISTRICT REIMBURSEMENT OF GENERAL FUND This item was ciiscussed after item 1 . Assistant City Manger Roger Nelson reported the Tax Increment Financing District (T1F) Baard of Directors (Board) requested the City Council consider an ordinance approving the Project Plan, Finance Plan, Board of Directors' By-Laws and Feasibility Study as adopted by the Board for the TIF. Mr. Nelson reported the T1F will use the real taxes paid on the improvements to the property to fund pubfic infrastructure costs totaling 527.5 million with the personal property taxes generated by the development ����, going directiy to the participating entities: Grapevine-Colleyville Independent School District, Tarrant County, Tarrant County Junior College, and Tarrant County Hospital ��,�. District. ����'�`�- Mr. Nelson stated the public improvements pianned as a part of the T1F include the construction of roads, water (ines, sewer lines, storm drainage faci(ities and public parking areas. The construction schedule sets June 26, 1996, as the starting date with an opening date in the fall of 1997. Mr. Nelson requested the City Council to consider a reimbursement resolution that will allow the i iF District to reimburse the developer from bond funds for those public inrtrastructure improvements buiit prior to the issuance of the bonds. Mayor Pro Tem Ware, seconded by Councii Member Wilbanks, oTfered a motion to approve the ordinancn adopting the Project P1an, Finance P1an, Board of Directo�s' 3y-Laws and Feasibiiity Study tor the TIF District. The motion prevailed by the rollowing vote: Ayes: Tate, Ware, Spencer Wiibanks, Pittman, Johnson & Stewart Nays: None "�"`� ORDINANCE NO. 96-38 AN ORDINANCc OF THE CITY COUNCIL OF THE C1TY OF `""�" GRAPEVINE, TcXAS ADOPTING A TAX INCREMENT 8 � 06/04/96 ,�,�� FEASIBILfTY STUDY, PROJECT PLAN, FINANCING PLAN AND BY-LAWS Or= THE BOARD OF DIRECTORS OF THE TAX INCREMENT FINANCE DlSTRICT PURSUANT TO ,,,�, TEXAS TAX CODE SECTION 31 1 ; DECLARING AN EMERGENCY AND PROVIDING AN EFFECTIVE DATE Council Member Pittman, seconded by Council Member Stewart, offered a motion to adopt the reimbursement resolution relative to the T1F District. The motion prevailed by the following vote: Ayes: Tate, Ware, Spencer Wilbanks, Pittman, Johnson & Stewart Nays: None RESOLUTION N0. 96-17 A RESOLUTION OF THE CITY COUNClL OF THE CITY OF GRAPEVINE, TEXAS EXPRESSING INTENT TO REIMBURSE GENERAL OPERATING FUND FOR EXPENDITURES MADE PRIOR TO AVAILABILlTY OF FUNDS AND PROVIDING AN EFFEC i IVE DATE �,� CONSENT AGENDA � The next order of business for the City Council to consider was the consent agenda items, which were de�med to need little or no discussion and were acted upon as one business item. Mayor Tate asked if there was any member of the audience or the City Council who wished to remove an item from the consent agenda for ful! discussion. There were none. Item 5. '� Renew Aqreement Goodwill fndustries Of Fort Worth Inc Parks/Roadside Li�ter Picicup Parks & Recreation Director recommended approval for renewal of the Agreement with Goodwiil Industries of Fort Worth, Inc. for roadside and parks (itter picicup within the City limits of Grapevine in the amount of 534,107.80 from June 1 , 1996 through May 31 , 1997. Council Member Johnson, seconded by Mayor Pro Tem Ware, offered a motion to approve as recommended. The motion prevailed by the following vote: Ayes: Tate, Ware, Spencer Wilbanks, Pittman, Johnson & Stewart Nays: None � 9