HomeMy WebLinkAboutORD 2024-012ORDINANCE NO. 2024-012
AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF
GRAPEVINE, TEXAS APPROVING AN AMENDED
PROJECT AND FINANCING PLAN FOR TAX INCREMENT
REINVESTMENT ZONE NUMBER ONE, CITY OF
GRAPEVINE, TEXAS; MAKING VARIOUS FINDINGS
RELATED TO SUCH PLAN; PROVIDING FOR
SEVERABILITY; DECLARING AN EMERGENCY AND
PROVIDING AN EFFECTIVE DATE
WHEREAS, on February 20, 1996, the City Council of the City of Grapevine,
Texas, pursuant to Chapter 311 of the Texas Tax Code, approved Ordinance No. 96-07
designating a contiguous geographic area within the City as Reinvestment Zone Number
One, City of Grapevine, Texas (the "Zone") and established a Board of Directors for the
Zone (the "Board of Directors") to promote development or redevelopment in the Zone;
and
WHEREAS, on June 4, 1996, the City Council of the City of Grapevine, Texas,
pursuant to Chapter 311 of the Texas Tax Code, approved Ordinance No. 96-38
approving the Project and Financing Plan for the Zone; and
WHEREAS, on August 1, 1996, the City Council of the City of Grapevine, Texas,
pursuant to Chapter 311 of the Texas Tax Code, approved Ordinance No. 96-55
approving the amended Project and Financing Plan for the Zone; and
WHEREAS, on October 6, 2009 City Council of the City of Grapevine, Texas,
pursuant to Chapter 311 of the Texas Tax Code, approved Ordinance No. 2009-43
approving the amended Project and Financing Plan for the Zone; and
WHEREAS, as authorized by Chapter 311 of the Texas Tax Code (the "Act") and
pursuant to Ordinance No. 2015- 074 adopted by the City Council of the City of Grapevine,
Texas (the "City") on December 15, 2015, the City amended the Zone to expand the
boundaries and extend the term; and
WHEREAS, on February 2, 2016, the City Council of the City of Grapevine, Texas,
pursuant to Chapter 311 of the Texas Tax Code, approved Ordinance No. 2016-010
approving the amended Project and Financing Plan for the Zone; and
WHEREAS, as authorized by Chapter 311 of the Texas Tax Code (the "Act") and
pursuant to Ordinance No. 2024-002 adopted by the City Council of the City of Grapevine,
Texas (the "City") on January 16, 2024, the City amended the Zone to amend the
composition and powers of the Board of Directors; and
WHEREAS, as authorized by Section 311.011(e), and 311.008, of the Act, on
February 20, 2024, the Board recommended that the amended Plan in Exhibit "A", be
approved by the City Council, and
WHEREAS, all constitutional and statutory prerequisites for the approval of this
ordinance have been met, including but not limited to the Open Meetings Act and Chapter
211 of the Local Government Code; and
WHEREAS, the City Council deems the adoption of this ordinance to be in the best
interests of the health, safety, and welfare of the public.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY
OF GRAPEVINE, TEXAS:
Section 1. Findings
That the City Council hereby makes the following findings of fact:
1.1 The statements and facts set forth in the recitals of this Ordinance are true and
correct.
1.2 That the Plan includes all information required by Sections 311.003(b) and (c) of
the Act.
1.3 That the Plan is feasible and the Plan conforms to the City's master plan.
Section 2. Approval of Plan
That based on the findings set forth in Section 1 of this Ordinance, the Plan is
hereby approved.
Section 3. Severability
That if any portion, section or part of a section of this Ordinance is subsequently
declared invalid, inoperative or void for any reason by a court of competent jurisdiction,
the remaining portions, sections or parts of sections of this Ordinance shall be and remain
in full force and effect and shall not in any way be impaired or affected by such decision,
opinion or judgment.
Section 4. Declaring and Emergency and providing an Effective Date
That 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
Ordinance No. 2024-012 2
welfare of the public which requires that this ordinance shall become effective from and
after the date of its final passage, and it is accordingly so ordained.
PASSED AND APPROVED by the City Council of the City of Grapevine, Texas, this the
20th day of February, 2024.
APPROVED:
William D. Tate
Mayor
ATTEST:
Tara Brooks
City Secretary
GRAPF\
LU
APPROVED AS TO FORM:
7Nh 0). k
Matthew C.G. Boyle
City Attorney
Ordinance No. 2024-012 3
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Foreword
Table of Contents
Introduction..........................................................1
Overview................................................................2
Original TIRZ Boundary........................................3
Expanded TIRZ Boundary
6
Current Conditions & Ownership .......................11
Proposed Development.......................................14
Project Costs........................................................15
Anticipated Development...................................16
Financial Feasibility Analysis..............................17
Terms and Conditions.........................................18
DISCLAIMER
Our conclusions and recommendations are based on current market conditions
and the expected performance of the national, and/or local economy and real
estate market. Given that economic conditions can change and real estate
markets are cyclical, it is critical to monitor the economy and real estate market
continuously, and to revisit key project assumptions periodically to ensure that
they are still justified
The future is difficult to predict, particularly given that the economy and housing
markets can be cyclical, as well as subject to changing consumer and market
psychology. There will usually be differences between projected and actual results
because events and circumstances frequently do not occur as expected, and the
differences may be material.
Historic Grapevine is the premier destination in North Texas. Located in the heart of the Dallas/Fort Worth
area and home to DFW International Airport, Grapevine offers extraordinary hotels, a variety of stores for
great shopping, an abundance of restaurants, attractions for everyone in the family and a one -of -a -kind
urban wine trail. Hop aboard the Grapevine Vintage Railroad or unwind at one of Grapevine's winery -tasting
rooms. Grapevine offers a unique cultural experience with something for everyone.
Amended Project and Financing Plan, TIRZ #1
❑AV1D PETTIT
Introduction
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Tax Increment Reinvestment Zone #1, City of Grapevine
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On February 20, 1996, the City Council of the City of Grapevine, Texas, pursuant to
Chapter 311 of the Texas Tax Code, approved Ordinance No- 96-07 designating a
contiguous geographic area within the City as Reinvestment Zone Number One, City of
Grapevine, Texas- On December 15, 2015, City Council of the City of Grapevine, Texas,
approved Ordinance No- 2015-074 that amended the Zone by adding approximately
242 acres to the Zone and extended the termination date of the Zone to December 31,
2038-
The goal of amending Tax Increment Reinvestment Zone #1 (TIRZ) was to continue
funding the construction of needed public infrastructure and to encourage private
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development that will yield additional tax revenue to all local taxing jurisdictions-
TIRZ #1 will continue to promote the creation of contained, mixed -use development
consisting of major retail, restaurants, commercial, and office developments
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This amended project and financing plan outlines the funding of $124,940,435 In
project costs, including costs related to public improvements such as streets and
intersections, water facilities, sanitary sewer facilities, storm water facilities, open
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space, parks and recreation, as well as costs associated with operating reinvestment
zone project facilities, and economic development grants- The TIRZ will fund these
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improvements through the contribution of 100% of the City's ad valorem increment
generated within the zone-
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Amended Project and Financing Plan, TIRZ #1
1
DAVID PETTIT
Eronamrc Development
Overview
- TIRZ Boundary
Boundary Description
Grapevine TIRZ #1 is located in the northern and central portion ofthe City of Grapevine. The majority
of the TIRZ is located in northern Grapevine, to the east of Grapevine Lake. Two smaller portions of
TIRZ #1 are located in central Grapevine in what is known as the downtown area. The amended TIRZ
boundary is approximately 661 acres encompassing the original TIRZ area and additionally Tracts A,
B, C, D, and E, described in the following pages-
Amended Project and Financing Plan, TIRZ #1
DAVI❑ PETTIT
Economic Ckvelopment
Original TIRZ Boundary
BEING a tract of land containing 243.263.acres, situated in the Heirs of James Gibson Survey, Abstract No. 586,
Heirs ofJames Gibson Sui-vey,Abstr-act No. 587, Henry Suggs Survey,Abstract No. 1415, and the Andrew Anderson
Survey, Abstract No. 26, all Tan -ant County, Texas and also being situated in the Heirs of James Gibson Survey,
Abstract No. 1715, C. S. Dunnagan Survey, Abstract No. 1655, and the John E. Holland Survey, Abstract No..614,
all in Dallas County, Texas and being more particularly described by metes and bounds as follows (bearings based on
the City of Grapevine control monumentation):
BEGINNING at the intersection of the south right-of-way line of County Road No. 3044 (40' R.O.W.) with the
northwest right-of-way line of State Highway No. 26 (variable R.O.W.);
THENCE in a westerly direction bearing to the left along the curving southerly line of County Road No. 3044, having a
radial bearing of South 35°25'06" West, a radius of 360.00 feet, passing through an angle of 35 °48'00", an arc distance
of 224.94 feet to the end of said curve;
THENCE South 89°37'06" West, a distance of 549.16 feet to the beginning of a curve bearing to the right having a
radius of 440.00 feet;
THENCE in a westerly direction along the last mentioned curve, passing through an angle of24°48'47", an arc
distance of 190.55 feet to a point for corner;
THENCE South 89°29'40" West, a distance of 335.98 feet to a point for corner,
THENCE North 00°20'07" West, a distance of 571.03 feet to a point for corner,
THENCE North 80°08'27" East, a distance of 69.83 feet to a point for comer,
THENCE North 25155'52" East, a distance of 627.39 feet to a point for corner;
THENCE North 00128'33" East, a distance of 183.87 feet to a point for corner;
THENCE North 05°31'27" West, a distance of 199.84 feet to a point for corner;
THENCE North 00°07' 10" East, a distance of 785.14 feet to a point for comer,
THENCE South 89°55'41" West, a distance of 52.18 feet to a point for corner,
THENCE North 16°48' 10" East, a distance of 259.00 feet to a point for corner;
THENCE North 28°44' 10" East, a distance of 1596.51 feet to a point for comer,
THENCE North 35°35' 10" East, a distance of 269.66 feet to a point for corner,
THENCE North 49°54' 10" East, a distance of 159.53 feet to a point for comer;
THENCE North 38144' 11" West, a distance of 766.07 feet to a point for corner,
THENCE North 21°50'42" East, a distance of 183.69 feet to a point for corner,
X
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BOUNDARY
Amended Project and Financing Plan, TIRZ #1
3
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I]AVI❑ PETTIT
Economic Ckvelopment
Original TIRZ Boundary
THENCE South 38°44' 11" East, a distance of 858.57 feet to a point for corner,
THENCE North 56°53' 10" East, a distance of 209.40 feet to a point for corner;
THENCE North 66'43' 10" East, a distance of 277.03 feet to a point for corner,
THENCE North 74°48' 10" East, a distance of 235.52 feet to a point for comer,
THENCE North 88°06' 1 O" East, a distance of 520.82 feet to a point for comer,
THENCE North 89° 19'40" East, a distance of 352.35 feet to a point for comer;
THENCE North 01 °49' 16" East, a distance of 451.84 feet to a point for comer;
THENCE South 88° 10'45" East, a distance of 160.00 feet to a point for corner,
THENCE South 01°49'16" West, adistance of486.98 feetto apoint forcorner,
THENCE North 89° 15'09" East, a distance of 1983.97 feet to a point for corner,
THENCE North 57°32'54" East, a distance of 363.97 feet to a point for corner;
THENCE North 890 15' 09" East, a distance of 354.94 feet to a point for corner;
THENCE South 34° 34'.15" West, a distance of 245. 11 feet to a point for corner;
THENCE South 89° 15' 09" West, a distance of 156.44 feet to a point for corner;
THENCE South 570 32' S4" West, a distance of 363. 97 feet to a point for corner;
THENCE South 89° 15' 09" West, a distance of 2049.62 feet to a point for corner;
THENCE South Ol° 49' 35" West, a distance of 1240.21 feet to a point for corner;
THENCE South Ol° 49' 35" West, a distance of 441. 77 feet to a point for corner;
THENCE South OS° 59' 45" East, a distance of 405. 04 feet to a point for corner;
THENCE South 15° 12' 45" East, a distance of 324.23 feet to a point for corner;
THENCE South 31° 00' S9" West, a distance of 665. 91 feet to a point for corner;
THENCE South 27° 30' 10" West, a distance of 531. 11 feet to a point for corner;
THENCE South 42° 21' Ol" West, a distance of 1557.29 feet to a point on a curve whose center bears South 34° 44' 02"
East, a distance of4545.66 feet;
THENCE in a southwesterly direction bearing to the left along the last mentioned curve, passing
through an angle of 07o 48' 02", an arc distance of 618.87 feet to a point for corner;
THENCE North 470 42' 13" West, a distance of 193. 61 feet to a point for corner;
THENCE North 470 17' 47" East, a distance of 400.00 feet to the POINT OF BEGINNING and CONTAINING 274.787
acres;
Save and except a tract of land, containing 31. 524 acres, situated in the Heirs of James Gibson Survey, Abstract 586 and
the Henry Suggs Survey, Abstract No. 1415, in the City of Grapevine, Tarrant County, Texas and being a portion of a
called 80. 6597- acres tract as conveyed to Gateway Center Associates, Ltd. and evidenced in a Special Warranty Deed,
recorded in Volume 9799 at Page 0139 of the Deed Records of Tarrant County, Texas, said 33. 398- acre tract being more
particularly described by metes and bounds as follows ( bearings based on the City of Grapevine control monumentation):
COMMENCING at a concrete monument with brass cap found at the south corner of a visibility clip at the intersection of
the south right-of-way line of Anderson- Gibson Road( a called 40- foot wide right-of-way) with the current right-of-way
line of State Farm to Market Highway 2499 ( FM 2499 a variable width right-of-way));
THENCE South Ol° 46' 42" West along the west right- of -way line of said FM 2499, 83. 81 feet to a 518- inch iron rod
set for the POINT OF BEGINNING;
THENCE South Ol° 46' 42" West continuing along said west right-of-way line ofFM 2499, 771. 16 feet to a 518- inch
iron rod set for a corner;
THENCE South 46° 46' 43" West, departing said west right-of-way line, 56.57 feet to a 518- inch iron rod set for a corner;
THENCE North 880 13' 17" West, 103. 41 feet to a 518- inch iron rod set for the beginning of a curve to the left;
THENCE along the arc of said curve to the left, having a central angle of 71° 39' 29", a radius of 340. 00 feet and an arc
length of 425. 23 feet to a set 518- inch iron rod;
THENCE South 20° 07' 14" West, 18. 98 feet to a 518- inch iron rod set for the beginning of a curve to the right;
THENCE along the arc of said curve to the right, having a central angle of 90o 00' 00", a radius of 30.00 feet and an are
length of 47. 12 feet to a 518- inch iron rod set at the end of said curve;
THENCE North 690 52' 46" West, 1158. 58 feet to a 518- inch iron rod set at the beginning of a curve to the right;
THENCE along the arc of said curve to the right, having a central angle of 08° 34' 24", a radius of 977.00 feet and an arc
length of 146. 19 feet to a 518- inch iron rod set for the end of said curve;
THENCE North 610 18' 22" West, a distance of 15. 92 feet to a point for corner;
THENCE North 280 44' 10" East, a distance of 45. 40 feet to a poiiit for corner;
THENCE North 350 35' 10" East, a distance of 232.58 feet to a point for corner;
THENCE North 490 54' 10" East, a distance of 232.53 feet to a point for corner;
THENCE North 560 53' 10" East, a distance of 229.94 feet to a point for corner;
Amended Project and Financing Plan, TIRZ #1 DAVI O PETTIT
4 � Economic Nvelopment
Original TIRZ Boundary
THENCE North 660 43' 10" East, a distance of 245. 69 feet to a point for corner;
THENCE North 740 48' 10" East, a distance of 198. 07 feet to a point for corner;
THENCE North 880 06' 10" East, a distance of 383. 20 feet to a point for corner;
THENCE South 78° 18' 25" East, a distance of 108. 84 feet to a point for corner;
THENCE North 890 17' 08" East, a distance of 295. 70 feet to a 51 8- inch iron rod set for corner;
THENCE South 44° 28' 04" East, 69.16 feet to the POINT OF BEGINNING and CONTAINING 31. 524 acres.
Amended Project and Financing Plan, TIRZ #1 DAVID PETTIT
5 � Economic Nvelopment
Expanded TIRZ Boundary
TRACT A
Beginning at the point of intersection of the southern Right -of -Way (ROW) line of Lakeside Parkway and the eastern
property line of JAMES M BAKERABST 1691 PG 410 TR 1 ACS 26.2685, thence
Southeast along the southern ROW line of Lakeside Parkway to a point where said line intersects with the eastern property
line of B B B & C RR ABST 1772 PG 430 TR 13.1 ACS 1.6390, thence
South along the eastern property line B B B & C RR ABST 1772 PG 430 TR 13.1 ACS 1.6390 to a point where said line
intersects with the southern property line of B B B & C RR ABST 1772 PG 430 TR 13.1 ACS 1.6390, thence
East along the projection of the southern property line of B B B & C RR ABST 1772 PG 430 TR 13.1 ACS 1.6390 to a
point where projection of said line intersects with the eastern property line of T W COUSY ABST 317 PG 430 TR 2 ACS
25.6793 HIGHPOINT PARK, thence
South along the eastern property line of T W COUSY ABST 317 PG 430 TR 2 ACS 25.6793 HIGHPOINT PARK to a
point where said line intersects with the eastern property line of J E HOLLAND ABST 0614 PG 210 TR 1 ACS 60.2055
AC, thence
South along the eastern property line of J E HOLLAND ABST 0614 PG 210 TR 1 ACS 60.2055 AC to a point where the
projection of said line intersects with the southern ROW line of TX-121 South, thence
Southwest along the southern ROW line of TX-121 SOUTH to a point where said line intersects with the eastern ROW
line of FM-2499 North, thence
North along the eastern ROW line of FM-2499 North to a point where said line intersects with the southern ROW line of
Stars and Stripes Way, thence
Southwest along the southern ROW line of Stars and Stripes Way to a point where said line intersects with the southern
ROW line of East Grapevine Mills Drive, thence
West along the southern ROW line of East Grapevine Mills Drive to a point where the projection of said line intersects
with the western ROW line of Grapevine Mills Boulevard North, thence
Northeast along the western ROW line of Grapevine Mills Boulevard North to a point where said line intersects with the
western ROW line of FM-2499 South, thence
North along the western ROW line of FM-2499 South to a point where said line intersects with the projection of the
southern property line ofRIVERWALK ADDITION Block lA Lot lAl, thence
East along the projection of the southern property line of RIVERWALK ADDITION Block lA Lot lAl to a point where
said line intersects with the eastern property line of RIVERWALK ADDITION Block lA Lot lAl, thence
North along the eastern property line of RIVERWALK ADDITION Block lA Lot lAl to a point where said line intersects
with the northern property line of BAKER, JAMES M SURVEY Abstract 167 Tract 1, thence
East along the northern property line of BAKER, JAMES M SURVEY Abstract 167 Tract 1 to a point where the
projection of said line intersects with the western property line of JAMES M BAKER ABST 1691 PG 410 TR 1 ACS
26.2685, thence
North along the western property line of JAMES M BAKER ABST 1691 PG 410 TR 1 ACS 26.2685 to a point where said
line intersects with the northern property line of JAMES M BAKERABST 1691 PG 410 TR 1 ACS 26.2685, thence
East along the northern property line of JAMES M BAKER ABST 1691 PG 410 TR 1 ACS 26.2685 to a point where said
line intersects with the southern ROW line of Lakeside Parkway, which is the point of beginning.
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Amended Project and Financing Plan, TIRZ #1 DAV I D PETTIT
6 � Economic Nvelopment
Expanded TIRZ Boundary
TRACT B
Beginning at the point of intersection of the western Right -of -Way (ROW) line ofAnderson Gibson Road and the northern
property line of SUGGS, HENRY SURVEY Abstract 1415 Tract 1E, thence
West along the northern property line of SUGGS, HENRY SURVEY Abstract 1415 Tract 1E to a point where said line
intersects with the eastern property line of SUGGS, HENRY SURVEY Abstract 1415 Tract 1E, thence
Northern property line of
North along the eastern property line of SUGGS, HENRY SURVEY Abstract 1415 Tract lE to a point where said line
SUGGS, HENRY SURVEY Ab-
And 1415 Tract 1E
intersects with the northern property line of SUGGS, HENRY SURVEY Abstract 1415 Tract 1E, thence
West along the northern property line of SUGGS, HENRY SURVEY Abstract 1415 Tract 1E to a point where said line
intersects with the eastern property line ofANDERSON, ANDRIVEEW W SURVEY Abstract 26 Tract 5B, thence
North along the eastern property line ofANDERSON, ANDRIVEEW W SURVEY Abstract 26 Tract 5B to a point where
Western property line of
said line intersects with the northern property line ofANDERSON, ANDRIVEEW W SURVEY Abstract 26 Tract 5B,
ANDERSON, ANDRIVEEW W
SURVEY Abs[act 26 Tract SB
thence
West along the northern property line ofANDERSON, ANDRIVEEW W SURVEY Abstract 26 Tract 5B to a point where
a Y Beginning point: Western ROW
said line intersects with the western property line ofANDERSON, ANDRIVEEW W SURVEY Abstract 26 Tract 5B,
11 op y
ne of Anorther Gibson Road
a dthe northern property line
thence
of SUGGS, HENRY SURVEY
Abstract 1415 Tract 1E
South along the western property line ofANDERSON, ANDRIVEEW W SURVEY Abstract 26 Tract 5B to a point where
said line intersects with the southern property line ofANDERSON, ANDRIVEEW W SURVEY Abstract 26 Tract 5B,
thence
East along the southern property line ofANDERSON, ANDRIVEEW W SURVEY Abstract 26 Tract 5B to a point where
said line intersects with the western property line of SUGGS, HENRY SURVEY Abstract 1415 Tract 1E, thence
Aneef Giexp^
South along the western property line of SUGGS, HENRY SURVEY Abstract 1415 Tract 1E to a point where said line
ion n"
aM °"'
intersects with the western ROW line ofAnderson Gibson Road, thence
9
North along the western ROW line ofAnderson Gibson Road to a point where said line intersects with the northern
property line of SUGGS, HENRY SURVEY Abstract 1415 Tract 1E, which is the point of the beginning.
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Amended Project and Financing Plan, TIRZ #1 DAVID PETTIT
7 � Economic Nvelopment
Expanded TIRZ Boundary
TRACT C
Beginning at the point of intersection of the northern Right -of -Way (ROW) line of TX-26 W and the northern property line -
of BLUFFS AT GRAPEVINE ADDN, THE Block 1 Lot 1A, thence
West along the northern property line of BLUFFS AT GRAPEVINE ADDN, THE Block 1 Lot 1A to a point where said
line intersects with the eastern property line ofANDERSON, ANDRIVEEW W SURVEY Abstract 26 Tract 5, thence
North along the eastern property line ofANDERSON, ANDRIVEEW W SURVEY Abstract 26 Tract 5 to a point where
said line intersects with the northern property line ofANDERSON, ANDRIVEEW W SURVEY Abstract 26 Tract 5,
thence
West along the northern property line ofANDERSON, ANDRIVEEW W SURVEY Abstract 26 Tract 5 to a point where
said line intersects with the western property line ofANDERSON, ANDRIVEEW W SURVEY Abstract 26 Tract 5, thence
South along the western property line ofANDERSON, ANDRIVEEW W SURVEY Abstract 26 Tract 5 to a point where
the projection of said line intersects with the northern property line ofANDERSON, ANDRIVEEW W SURVEY Abstract
26 Tract 6A, thence
Southwest along the northern property line ofANDERSON, ANDRIVEEW W SURVEY Abstract 26 Tract 6A to a point
where said line intersects with the western property line ofANDERSON, ANDRIVEEW W SURVEY Abstract 26 Tract
6A, thence
South along the western property line ofANDERSON, ANDRIVEEW W SURVEY Abstract 26 Tract 6A to a point where
said line intersects with the southern property line ofANDERSON, ANDRIVEEW W SURVEY Abstract 26 Tract 6A,
thence
East along the southern property line ofANDERSON, ANDRIVEEW W SURVEY Abstract 26 Tract 6A to a point where
the projection of said line intersects with the southern property line ofANDERSON, ANDRIVEEW W SURVEY Abstract
26 Tract 5, thence
East along the southern property line ofANDERSON, ANDRIVEEW W SURVEY Abstract 26 Tract 5 to a point where
said line intersects with the southern property line of BLUFFS AT GRAPEVINE ADDN, THE Block 1 Lot 1A, thence
Southeast along the southern property line ofANDERSON, ANDRIVEEW W SURVEY Abstract 26 Tract 6A to a point
where said line intersects with the northern ROW line of TX-26 W, thence
Northeast along the northern ROW line of TX-26 W to a point where said line intersects with the northern property line of
BLUFFS AT GRAPEVINE ADDN, THE Block 1 Lot 1A, which is the point of the beginning.
western property Rp of
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Amended Project and Financing Plan, TIRZ #1
Beginning pains: Northern ROW line
of TX-Z6 W and I.
npNAem prpperry
One of 5LUFF5 AT GRAPEVINE ADDN,
THE Rbck i lot IA
MDAVID PETTIT
Economic Nvelopment
Expanded TIRZ Boundary
TRACT D
Beginning at the point of intersection of the eastern Right -of -Way (ROW) line of Jenkins Street and the northern property
line of LEONAROAD, ARCHIBALD F SURVEY Abstract 946 Tract 37A, thence
East along the northern property line of LEONAROAD, ARCHIBALD F SURVEY Abstract 946 Tract 37A to a point
where said line intersects with the northern property line of LEONAROAD, ARCHIBALD F SURVEY Abstract 946 Tract
38 & 39,thence
East along the northern property line of LEONAROAD, ARCHIBALD F SURVEY Abstract 946 Tract 38 & 39 to a point
where said line intersects with the eastern property line LEONAROAD, ARCHIBALD F SURVEY Abstract 946 Tract 38
& 39,thence
South along the eastern property line of LEONAROAD, ARCHIBALD F SURVEY Abstract 946 Tract 38 & 39 to a point
where said line intersects with the southern property line LEONAROAD, ARCHIBALD F SURVEY Abstract 946 Tract
38 & 39,thence
West along the southern property line of LEONAROAD, ARCHIBALD F SURVEY Abstract 946 Tract 38 & 39 to a point
where said line intersects with the southern property line of LEONAROAD, ARCHIBALD F SURVEY Abstract 946 Tract
38A, thence
West along the southern property line of LEONAROAD, ARCHIBALD F SURVEY Abstract 946 Tract 38A to a point
where said line intersects with the eastern ROW line of Jenkins Street, thence
North along the eastern ROW line of Jenkins Street to a point where said line intersects with the northern property line of
LEONAROAD, ARCHIBALD F SURVEY Abstract 946 Tract 37A, which is the point of beginning.
H
m
z
Beginning point: Eastern ROW
line of Jenkins Street and the
northern property line of
LEONAROAD, ARCHIBALD F
SURVEY Abstract 946 Tract 37A
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Wall St
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Hall
200 iG/i
re%as St WTa:as st
Pa xe
E _Northwest H". TX-114-BR_
Eastern property line
of LEONAROAD, ARCHIBALD
F SURVEY Abstract 946 Tract
38&39
E Wall St
Southern property line of
L' LEONAROAD, ARCHIBALD F
SURVEY Abstract 946 Tract 38A
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NMI aapthl
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Amended Project and Financing Plan, TIRZ #1 DAVID PETTIT
9 � Economic Nvelopment
Expanded TIRZ Boundary
TRACT E
Beginning at the point of intersection of the eastern Right -of -Way (ROW) line of South Main Street and the northern
property line of LIPSCOMB & DANIEL SUBDIVISION Lot 5 & ABST 422 TR 65A, thence
East along the northern property line of LIPSCOMB &DANIEL SUBDIVISION Lot 5 &ABST 422 TR 65A to a point
where said line intersects with the eastern property line of LIPSCOMB & DANIEL SUBDIVISION Lot 5 & ABST 422
TR 65A, thence
South along the eastern property line of LIPSCOMB & DANIEL SUBDIVISION Lot 5 & ABST 422 TR 65A to a point
where said line intersects with the southern property LIPSCOMB & DANIEL SUBDIVISION Lot 5 & ABST 422 TR
65A, thence
West along the southern property line of LIPSCOMB & DANIEL SUBDIVISION Lot 5 & ABST 422 TR 65A to a point
where said line intersects with the eastern ROW line of South Main Street, thence
North along the eastern ROW line of South Main Street to a point where said line intersects with the northern property line
of LIPSCOMB & DANIEL SUBDIVISION Lot 5 & ABST 422 TR 65A, which is the point of beginning.
Beginning point: Eastern ROW line a Heoi
of South Main Street and the northern -
property line of LIPSCOMB & DANIEL
SUBDIVISION Lot 5 & ABST 422 TR 65A
Eastern property line of
LIPSCOMB & DANIEL
SUBDIVISION tot 5 &
ABST 422 TR 65A
Amended Project and Financing Plan, TIRZ #1 DAVID PETTIT
Economic Nvelopment
10
Current Conditions
Land Use
The land within the TIRZ currently serves a variety of purposes, including improved parcels well
positioned for redevelopment, and vacant tracts well positioned for new development.
Method of Relocating Persons to be Displaced
It is notanticipated thatany personswill be displaced or need to be relocated as resultof i mplementation.
Amended Project and Financing Plan, TIRZ #1
11
DAVID PETTIT
Economic Development
Current Conditions
Zoning
The property within the TIRZ contains a variety of zoning including: Community Commercial District, Hotel and
Corporate Office District, Multifamily District, Governmental Use District, and others It is not anticipated at
this time there will be any changes to the City of Grapevine zoning ordinance, master plan, building codes,
subdivision rules and regulations or other municipal ordinances as a result of the TIRZ.
Amended Project and Financing Plan, TIRZ #1
12
0 Business Park District
M Central Business District
0 Commercial Neighborhood District
Community Commercial District
Governmental Use District
Grapevine Vintage District
Highway Commercial District
0 Historic Grapevine Township District
M Hotel and Corporate Office District
0 Light Industrial District
In Mixed Use
Planned Commerce Development District
Planned Development Overlay
Planned Industrial Development District
Professional Office District
R-12,5 Single -Family District
0 R-20 Single -Family District
R-3.51wo-Family District
0 R-3.75Three and Four -Family District
0 R- 5.0 Zero- Lot -Line District
0 R-7,5 Single -Family District
R-7,5 Single -Family District Regulations
0 R-MF Multifamily District
M R-MH Manufactured Home District
0 R-TH Townhouse District
Recreation/Amusement District
M Site Plan Review
DAVID PETTiT
Economic Dkvelopment
Current Conditions
Current Ownership Information
There are various parcels within Tax Increment Reinvestment Zone #1, with numerous owners. The TIRZ is
located in both Tarrant County and Dallas County.
Amended Project and Financing Plan, TIRZ #1
13
DAVID PETTIT
Economic Ckvelopment
Proposed Development
The 2015 expansion of the Tax Increment Reinvestment Zone #1 area, coupled with the term extension intended to facilitate a large scale mixed -use development totaling more than 8,750,000 square feet of new
construction. The TIRZ is expected to facilitate the construction of both commercial and residential development, as well as open space. The following pictures provides character images for the proposed development.
Amended Project and Financing Plan, TIRZ #1
14
DAVID PETTiT
Economic Ckvelopment
Project Costs
There are a number of improvements within Tax Increment Reinvestment Zone #1 that will be
financed by in part by incremental real property tax generated within the TIRZ
Proposed Project Costs
Water Facilities and Improvements
$
4,747,022
3.8%
Sanitary Sewer Facilities and Improvements
$
4,747,022
3.8%
Storm Water Facilities and Improvements
$
7,120,533
5.7%
Street and Intersection Improvements
$
23,735,109
19.0%
Open Space, Park and Recreation Facilities
$
9,494,043
7.6%
Parking Structure
$
9,000,000
7.2%
Economic Development Grants
$
31,004,389
24.8%
Educational Facilities *
$
30,000,000
24.0%
Operating Reinvestment Zone Project Facilities
$
2,718,806
2.2%
Administration
$
2,373,511
1.9%
TOTAL $
124,940,435
100.00%
* Up to $30,000,000 of GCISD TIF funds pursuant to Chapter 311.008 &
311.085 of the Texas Tax Code.
The categories listed in the table above outline various public improvements, and are meant to
include all projects eligible under Chapter 311, Section 311.002 of the Texas Tax Code. The costs
illustrated in the table above are estimates and may be revised. Savings from one line item may
be applied to a cost increase in another line item The $124,940,435 project cost total amount
shall not be exceeded without an amendment to the project and financing plan
Economic Development Grants may include grants, loans, and services for public and private
development. Chapter 380 of the Local Government Code grants municipalities in Texas the
authority to offer grants and loans of public funds to stimulate economic development. Section
311.010 (h) of the Texas Tax Code details the authority of Chapter 380 within a project and
financing plan and limits the aggregate amount not to exceed the amount of tax increment
produced by the municipality and paid into the tax increment fund for the zone for activities that
benefit the zone and simulate business and commercial activity in the zone
The project costs are anticipated to be incurred over the term of the TIRZ, subject to demand for
development driven by market conditions. It is anticipated that the individual TIRZ project costs
will be evaluated on a case -by -case basis consistent with Chapter 311, Section 311.002, and
brought forward to the TIRZ Board and City Council for consideration.
Chapter 311 of the Texas Tax Code
Sec. 311.002.
(1) "Project costs" means the expenditures made or estimated to be made and monetary obligations
incurred or estimated to be incurred by the municipality or county designating a reinvestment zone that
are listed in the project plan as costs of public works, public improvements, programs, or other projects
benefiting the zone, plus other costs incidental to those expenditures and obligations "Project costs"
include:
(A) capital costs, including the actual costs of the acquisition and construction of public works, public
improvements, new buildings, structures, and fixtures, the actual costs of the acquisition, demolition,
alteration, remodeling, repair, or reconstruction of existing buildings, structures, and fixtures, the actual
costs of the remediation of conditions that contaminate public or private land or buildings, the actual
costs of the preservation of the facade of a public or private building, the actual costs of the demolition of
public or private buildings, and the actual costs of the acquisition of land and equipment and the clearing
and grading of land,
(B) financing costs, including all interest paid to holders of evidences of indebtedness or other obligations
issued to pay for project costs and any premium paid over the principal amount of the obligations
because of the redemption of the obligations before maturity,
(C) real property assembly costs,
(D) professional service costs, includingthose incurred for architectural, planning, engineering, and legal
advice and services,
(E) imputed administrative costs, including reasonable charges for the time spent by employees of the
municipality or county in connection with the implementation of a project plan,
(F) relocation costs,
(G) organizational costs, including the costs of conducting environmental impact studies or other studies,
the cost of publicizing the creation of the zone, and the cost of implementing the project plan for the zone,
(H) interest before and during construction and for one year after completion of construction, whether or
not capitalized,
(1) the cost of operating the reinvestment zone and project facilities,
(J) the amount of any contributions made by the municipality or county from general revenue for the
implementation of the project plan,
(K) the costs of school buildings, other educational buildings, other educational facilities, or other
buildings owned by or on behalf of a school district, community college district, or other political
subdivision ofthis state, and
(L) payments made at the discretion of the governing body of the municipality or county that the
governing body finds necessary or convenient to the creation of the zone or to the implementation of the
project plans for the zone.
Amended Project and Financing Plan, TIRZ #1
15
DAVID PETTiT
Economic Development
Anticipated Development
Anticipated Development
The table below provides an overview ofthe potential development that could occur within the TIRZ. The development projections listed below do not represent the potential of the entire TIRZ, and are not meant to limit potential
development that could generate revenue for the TIRZ It is anticipated that the projections will be continue to be updated in the future to reflect the then current market trends and taking into account the future performance
of any catalyst development It is anticipated that the development that occurs within the TIRZ could be financed in part by incremental real property tax generated within the TIRZ
Square Feet
Area 1
Existing Mall
1,877,254
MaR EA TOTAL
1,877,254
Area 2
Office - Kubota
200,000
Mixed UseJJJW�
4,077,500
AREA TOTAL
4,277,500
Area 3
Mixed Use
2,607,000
AREA TOTAL
2,607,000
Grand Total SQFT
8,761,754
Amended Project and Financing Plan, TIRZ #1
16
DAVID PETTiT
Economic Ckvelopment
Financial Feasibility Analysis
Method of Financing
To fund the public improvements outlined on the previous page, the City of Graoevine will contribute 100% ofthe real
property increment within the zone generated from the City tax rate.
Debt Service
It is not anticipated at this time that the TIRZ will incur any bonded indebtedness.
Economic Feasibility Study
A taxable value analysis was developed as part of the project and financing plan to determine the economic feasibility
of the project. The study examined the expected tax revenue the TIRZ would receive based on the previously outlined
developments. A summary overview of the anticipated development square footages can be found on Page 16.
The following pages show the estimated captured appraised value of the zone during each year of its existence and
the net benefits ofthe zone to each ofthe local taxi ngjurisdictions as well as the method offinancing and debt service
Utilizingthe information outlined in this feasibility study, DPED has found that the TIRZ is economically feasible and will
provide the City and other taxi ngjurisdictions with economic benefits that would not occur without its implementation
Real Property Tax - 2023 Tax
Rates
Participation
City of Grapevine
0.25056000
100%
0.2505600
Tarrant County
0.19450000
0%
0.0000000
Tarrant County Hospital
0.19450000
0%
0.0000000
TCC
0.11217000
0%
0.0000000
TRWD
0.02670000
0%
0.0000000
G rapevi ne/Colleyvi Ile ISD
0.92470000
0%
0.0000000
1.70313000
0.2505600
Personal Property Tax - 2023
Tax Rates
Participation
City of Grapevine
0.25056000
0%
0.0000000
Tarrant County
0.19450000
0%
0.0000000
Tarrant County Hospital
0.19450000
0%
0.0000000
TCC
0.11217000
0%
0.0000000
TRWD
0.02670000
0%
0.0000000
G rapevi ne/Colleyvi Ile ISD
0.92470000
0%
0.0000000
1.70313000
0.0000000
(Sales Tax Rate
1 0.02000001 0.00% J 0.00000001
Amended Project and Financing Plan, TIRZ #1 DAVID PETTIT
17 � Economic Nvelopment
Financial Feasibility Analysis
Revenue Summary
Taxing Jurisdictions
Total Taxes
participation
Net Benefit
Generated
City of Grapevine
$232,482,187
$94,940,434
$137,541,753
Tarrant County
$78,269,751
$0
$78,269,751
Tarrant County Hospital
$67,566,066
$0
$67,566,066
TCC
$44,166,079
$0
$44,166,079
TRWD
$5,929,527
$0
$5,929,527
Grapevine/Colleyville ISD
$391,378,402
$0
$391,378,402
Total
$819,792,012
$94,940,434
$724,851,578 I
Estimated Revenue by Year
$6,000,000 -�
$5,000,000
$4,000,000
$3,000,000 -
$2,000,000 -
$1,000,000 -
$0
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038
Total Taxes Generated
$232,482,187, 28%
$391,378p02,4fi�
$5,929,527,
$44,166,079, 5%
■ City of Grapevine
■ Tarrara County
■ Tarrart County H-p@al
11D
pevine/ColleyAle ISD
10%
8%
Amended Project and Financing Plan, TIRZ #1 DAVID PETTIT
1s � Economic Nvelopment
Terms and Conditions
Projects Cost Estimates:
All project costs listed in the project plan shall be considered estimates and shall not be
considered a cap on expenditures.
Length of TIRZ #1 in Years:
The TIRZ was originally created with a 30-year term and was scheduled to terminate on
December 31, 2016 Upon amendment, the TIRZ term was extended for an additional 21
years and is now scheduled to terminate on December 31, 2038.
Powers and Duties of Board of Directors:
The Board shall have all powers granted to it by Chapter 311 of the Texas Tax Code, including
powers of a municipality under Chapter 380, Local Government Code. The Board shall not be
authorized to --
issue bonds,
impose taxes or fees,
exercise the power of eminent domain, or
give final approval to the Zone's project and financing plan
Amended Project and Financing Plan, TIRZ #1
19
DAVID PETTIT