HomeMy WebLinkAboutCity Council Resolutions (R-98-1401)-08/18/1998
RESOLUTION R-98-1401
A RESOLUTION APPROVING A NOTICE OF INTENT TO ESTABLISH A TAX
INCREMENT FINANCING DISTRICT
WHEREAS, the City of Colleyville desires to promote the development and
redevelopment of the SH 26 Corridor with an emphasis on retail
businesses and consolidation of public services in a core area, by
creation of a reinvestment zone pursuant to the Tax Increment
Financing Act, Chapter 311 of the Tax Code, (the "Ace); and
WHEREAS, the City desires to receive the comments of all affected property
owners, and other taxing jurisdictions which levy real property taxes
within the proposed zone ("taxing units"), regarding the establishment
of such reinvestment zone; and
WHEREAS, the Act requires the City to notify the taxing units of its intent to
establish a reinvestment zone at least sixty (60) days prior to holding
a public hearing regarding the creation of a reinvestment zone; and
WHEREAS, other preliminary procedural steps must be adhered to prior to the
establishment of a reinvestment zone;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF COLLEYVILLE TEXAS:
Sec. 1.
THAT the passage of this resolution evidences the intention of the
City to create a reinvestment zone for the SH 26 Corridor area
pursuant to the Act. The boundaries for the proposed reinvestment
zone for the SH 26 Corridor area are shown on the attached plat
labeled Exhibit "A" hereto. A description of the tentative plans for the
development of the proposed zone and an estimate of the general
impact of the proposed reinvestment zone on property values and tax
revenues are attached hereto as Exhibit "B".
Sec. 2.
THAT a Public Hearing is hereby scheduled to be held before the
Colleyville Council at 7:30 p.rn. on November 4, 1998, for the purpose
of receiving public comment on the creation of a tax increment
reinvestment zone for the SH 26 Corridor area, and its benefits to the
City and to property in the proposed zone.
Page 2 of 2
R-98-1401
Sec. 3.
Sec. 4.
Sec. 5.
Sec. 6.
THAT the City Secretary is hereby directed to forward a certified copy
of this resolution with exhibits, not later than the 60th day before the
date of the Public Hearing, that date being September 4, 1998 to the
governing bodies of each taxing unit that levies real property taxes in
the proposed reinvestment zone (Grapevine-Colleyville Independent
School District, County of Tarrant, Tarrant County Hospital District,
and Tarrant County Junior College District), along with written notice
that the City intends to establish the zone, and requesting that each
taxing unit designate within 15 days a representative to meet with the
City Council, or the Council's designated representative to discuss
the project plan and the reinvestment zone financing plan, as required
by the Act.
THAT not later than the seventh day before the date of the public
hearing, the City Secretary shall cause notice of the public hearing to
be published in a newspaper having general circulation in the City.
THAT the City Manager or the City Manager's designated
representative is authorized to undertake other preliminary
preparations and actions in accordance with the Act.
THAT this resolution shall take effect immediately from and after its
passage in accordance with the provisions of the Charter of the City
of Colleyville.
AND IT IS SO RESOLVED.
PASSED BY A ~OTE OF ~AYES, 0 NAYS, AND 0 ABSTENTIONS ON
THIS THE J8- DAYOF A~UM ,1998.-
ATTEST: CITY OF COLLEYVILLE
;J~ riA (L1
J an Harris, TRMC, CMC
City Secretary
Richard Newton
Mayor
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Exhibit B
DESCRIPTION OF PRELIMINARY PLANS
FOR THE DEVELOPMENT OF THE
COLLEYVILLE TAX INCREMENT FINANCING REINVESTMENT ZONE
The proposed development plan for a Colleyville Tax Increment Financing Reinvestment
zone (see attached map, Exhibit A) consists of a program of public improvements
undertaken under the authority of the Tax Increment Financing Act, which are intended to
stimulate and serve approximately $246,000,000 in new private real estate development
over a 20 year period.
PUBLIC IMPROVEMENTS
The planned public improvements would include providing for public buildings, street
lights, signs, utilities, streets, landscaping, drainage, sidewalks, and other necessary
improvements. The improvements anticipated are outlined on the following page entitled
"Colleyville TIF Improvements".
PRIVATE INVESTMENTS
The planned private investment program for a 20 year period includes (1) an estimate of
126 new housing units; and (2) an estimated 2 million square feet of commercial space.
The determination of the commercial mix will depend upon future market conditions. The
estimate for residential and commercial investment reflect market conditions within the City
of Colleyville,
PRELIMINARY ESTIMATE OF ZONE'S IMPACT ON
PROPERTY VALUES AND TAXING REVENUE
The preliminary estimate of the zone's impact on the property values are derived by
accounting for new public improvements and the planned new private investment. This
results in an increase of approximately $246,000,000 in property value over a 20 year
period, above the approximate $72,000,000 in current tax base. This additional tax base
would, by the twentieth year of the program, result in an annual ad valorem tax increment
of approximately $6,000,000 based on the existing tax rate and current market values.
It is intended that the proposed public improvements will cause the private investment
outlined to occur substantially earlier than would otherwise happen, and that once the
project costs for the public improvements are paid, that the subsequent new tax increment
will accrue to the direct benefit of each local taxing jurisdiction,
Exhibit 8 - Page 2
Total Non-TIF TIF
Project Cost Cost Cost
S.H. 26 Improvements - raised medians. curb
and gutter, drainage, street fighting,
landscaping,traffic signals. "o/ater, and sanitary
sewer 6,350.000 1 ,500.000 4,850.000
Hall-Johnson Road Improvements - roadway
construction, R.O.W, acquisition, drainage,
utility adiustments, landscaoinq, etc, 3,300.000 1.400,000 1.900.000
Main Street Improvements - paving, drainage,
utilities. signage. street lighting, landscaping,
etc. 700.000 700.000
Church Street Improvements - paving.
drainage, utilities, traffic signal. signage. street
liahtina. landscaoina etc. 1,100,000 1.100,000
Riverwalk Drive Improvements - paving,
drainage, utilities. signage. street lighting.
landscaoina, etc, 1.200.000 1,200,000
Bluebonnet Road Improvements - paving,
drainage, utilities, signage. street lighting.
landscaoina, etc. 750,000 80,000 670.000
Bogart Road Improvements - paving. drainage,
utilities, signage. street lighting, landscaping.
etc, 780.000 180,000 600,000
Tinker/Sanders Intersection Improvements -
paving, drainage, utility adjustments, signage,
street liahtina. traffic sianal. landscaoina. etc. 220,000 220.000
City Hall 4,600.000 4,600.000
Plaza 2,500.000 2.500.000
Public Parkina Structure 2.000,0001 2.000.000
Storm Water Detention 200,000 200,000
Ubrarv 2.250.000 1,500,000 750,000
Police Station 4,225,0001 4.225,000 0
Fire Station 1,850,000 1,850,000
Professional services - engineering, planning,
insoection, testina, etc. 650,000 650,000
Total 32,675,000 8,885,000 23.790,000