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
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'"� '" OUT ?�RC�_S ,�
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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 ��— `�����
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�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
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EXHIBIT � TO ���3�
Page of ..,_...�
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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
�
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