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Home My WebLink AboutCity Council-Agenda Packets-2/23/2005 city of ~ Texas PUBLIC NOTICE CITY COUNCIL WORKSESSION FEBRUARY 23, 2005 G:OO P.M. CITY HALL 100 MAIN STREET EXECUTIVE CONFERENCE ROOM THIRD FLOOR 1. Call to Order 2. Overview of the City of Colleyville Tax Increment Financing District 3. Discussion and Review of the Tax Increment Financing District Projects 4. Discussion of the 2005 Bond Election 5. Adjournment was posted on the bulletin boards at City Hall on Wednesday, 100 MAIN STREET COLLEYVILL.E. TEXAS 76034 (817) 503-1000 -I - .,,'" me m- :::ccn c:-I )>;::!! :::cO -(-I ~~ ro I\):::c g< CJ1- m :E -- 3,-0 ..., ..., Ol 0 en < ~ -- ..., 0. 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Z ~ ;U ~ Z:;;;;::l ~~~ n.~ "'-oJ m ........ ;U C m 0Z. ~mO ~~ ~~:;;; .:;;; IN. . $=> C C ~ r!1 m t5 ...... ~ I\J ~ 9 ~ ~'" J\~ \ LI ..1... .'. .t.~.k. .... ..... .',o' .' .~'.'.' ....... ..:: .' .'.... . .,,<~2<,'~':::::-~'^at: ~..)......'...',. ./. .' .:,,,......: . . ..~ .... *<-:>l.. v: " '-{' ,x .,..~, ro I TIF DISTRICT INCREMENTAL ASSESSED VALUE PROJECTIONS SOURCE: ORDINANCE 0-98-1132 PROJECTED ACTUAL FISCAL TAX INCREMENTAL INCREMENTAL YEAR YEAR ASSESSED VALUE ASSESSED VALUE 2005 2004 $95,670,000 $103,181,865 * 2006 2005 $105,170,000 2007 2006 $109,170,000 2008 2007 $129,900,600 2009 2008 $139,631,200 2010 2009 $149,361,800 2011 2010 $159,092,400 2012 2011 $168,823,000 2013 2012 $178,553,600 2014 2013 $188,284,200 2015 2014 $198,014,800 2016 2015 $207,745,400 2017 2016 $217,476,000 2018 2017 $227,206,600 2019 2018 $236,937,200 2020 2019 $246,667,800 * VALUE AT 1-1-2004 THE VILLAGE AT COLLEYVILLE INCREMENTAL ASSESSED VALUE PROJECTIONS SOURCE: RESOLUTION R-01-1751 PROJECTED ACTUAL FISCAL TAX INCREMENTAL INCREMENTAL YEAR YEAR ASSESSED VALUE ASSESSED VALUE 2005 2004 $36,325,000 $15,226,771 * 2006 2005 $63,775,000 2007 2006 $83,350,000 2008 2007 $114,420,000 2009 2008 $138,475,000 2010 2009 $153,315,000 2011 2010 $153,315,000 2012 2011 $153,315,000 2013 2012 $153,315,000 2014 2013 $153,315,000 * VALUE AT 1-1-2004 NOTE: AGREEMENT TERMINATES APRIL 2,2014 TOWN CENTER INCREMENTAL ASSESSED VALUE PROJECTIONS SOURCE: RESOLUTION R-03-2137 (INCLUDES LIFETIME FITNESS PROJECT) PROJECTED ACTUAL FISCAL TAX INCREMENTAL INCREMENTAL YEAR YEAR ASSESSED VALUE ASSESSED VALUE 2005 2004 $17,210,000 $17,427,365 * 2006 2005 $47,230,000 2007 2006 $55,870,000 2008 2007 $55,870,000 2009 2008 $55,870,000 2010 2009 $55,870,000 2011 2010 $55,870,000 2012 2011 $55,870,000 2013 2012 $55,870,000 2014 2013 $55,870,000 2015 2014 $55,870,000 2016 2015 $55,870,000 2017 2016 $55,870,000 2018 2017 $55,870,000 2019 2018 $55,870,000 2020 2019 $55,870,000 * VALUE AT 1-1-2004 NOTE: TAX YEAR 2004 PROJECTED VALUE IS THE PROJECTION WITHOUT THE L1FTEIME FITNESS PROJECT, DUE TO THE PROJECTION'S VALUATION DATE OF 1-1-2004. IN ALL SUBESEQUENT YEARS, THE PROJECTED VALUE INCLUDES THE LIFETIME FITNESS PROJECT. ~ :u ~~~ CD .. en!i:E :~ ~ ~ l11:! ~ ~ '" .l!l " " .. .. E (J ~ ~~ ~ '0 ~ B '" " ~! ~ BJ!! " " .!!~c: ~ c:: Q) g> ~ !ij :~ 'e ~ EJ2 ~.8 -g o '" ~ " .<= ~ 1::- e! .c :::; .. :J: ..,. U 1:1 - .. ~ ~ ~ e a. ~ <D N :J: en (I) .5 ~2 1ii '" g::::; ~ ~~ ~ e '0 a- .l!l _ 12$ .. " I?'=~ W ...J ::l o W J:: () en o a:: ~ o U. ...J ...J o a:: I- () W .., o a:: a. u. i= ~ .~ ~1 1ii _ ..~ ~ :5 ~ ~ " '" a: 13 .. .e- a- LL ;::: .9! ~ .9! 15 (J g '" en ~- "':> o <D '" en ~ ;;; 000 000 000 o ci o- N '" co '" N en ... ... ... 8 8 8 8 8 ~- ~- ~- ~- ~~f C"i..-'""" ""'" ...... ... 0, 0 0 0 0000 oOOUl ggo....... 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(5 c: () .!!l Q) Q) ;; :5 B .E '0 N Q) <0 iii <0 'e!g ::l ;;t .~ "0 C Q) l'l 'g .E 8- 1: ~ Q) ~ [ .. o e ~ (ij Q) II) o .l!! o ~ .~ u 8 1 w ~ '0 '" co iii .., '" ..: <It '0 o o ci ... o on <It '0 o o ci N ... N <It '0 o o ci o '" ..: ... o '" co ",- N .., ",' .., <It - ~ ~ VILLAGE AT COLLEYVILLE TIF AGREEMENT RESOLUTION R-01-1751 RESOLUTION R-01-1751 A RESOLUTION RESCINDING RESOLUTION R-99-1586 AND APPROVING A TAX INCREMENT FINANCING AGREEMENT FOR REDEVELOPMENT SITE NO. 1 WITH VILLAGE MONTICELLO PARTNERS, L TO WHEREAS, the City of Colleyville has established a tax increment financing district in cooperation with other area taxing entities; and WHEREAS, the Village Monticello Partners. L TD (VMP) has proposed a mixed use development that will expand the commercial and sales tax base of the district in keeping with the intent of the creation of the district; and WHEREAS, VMP has requested that the City reimburse VMP for a portion of the cost of public improvements being made to its property within the district; and WHEREAS, these reimbursements will only be made according to the terms and conditions of the Tax Increment Financing Agreement for Redevelopment Site NO.1 with Village Monticello Partners, L TD, as approved by the Colleyville City Council. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF COLLEYVILLE, TEXAS: Sec. 1. THAT the VMP tax increment financing district agreement attached as Exhibit I is approved and the Mayor is authorized to sign the agreement. AND IT IS SO RESOLVED. Passed by a vote of A ~y:.s, _ Z nays, and /It~ daYOf~,2001. () abstentions, on this Resolution R-01-1751 Page 2 of 2 1tz>1&~~~ Cynthia Singleton City Secretary CITY OF COLLEYVILLE: Don~ Llp Mayor ATTEST: EXHIBIT 1 AGREEMENT FOR REDEVELOPMENT SITE NO.1 This Agreement for Redevelopment Site No.1 ("Agreement"), is made and entered into this the day of ,2001, by and between THE CITY OF COLLEYVILLE, TEXAS, a home-rule municipality located in Tarrant County, Texas ("City"), and VILLAGE MONTICELLO P ARTNERS, LTD., a Texas limited partnership, or its designated transferee ("Developer"). The City and the Developer are sometimes hereinafter referred to individually as a "Party" and collectively as the "Parties." Recitals WHEREAS, the City has the authority to adopt tax increment financing pursuant to the Tax Increment Financing Act, V.T.e.A., Tax Code, Section 311.001, et seq., as amended (the "Act"), for areas within its jurisdiction designated by the City as reinvestment zones pursuant to the Act, and to implement other economic development or financing programs pursuant to Chapter 380 of the Local Government Code and other statutes under the City's home-rule power; and WHEREAS, the City has authorized the preparation of a preliminary project plan and preliminary reinvestment zone financing plan for the area located in the City and described and depicted on Exhibits A-I, and A-2 attached hereto and made a part hereof (the "Reinvestment Zone"); and WHEREAS, in accordance with the Act, the City, after giving all notices required by law, conducted a public hearing with respect to the creation of a Reinvestment Zone and its benefits to the City and to the property within the proposed Reinvestment Zone; and WHEREAS, the City, after giving and publishing all notices required by law and after AGREEMENT FOR REDEV~LOPMENT SITE NO. 1- PAGE 1 C:\Forms\City\rcdcvelopmcnt4rtf.agmt.wpd dak 1/16101 conducting all public hearings required by law, and after making all presentations to, and conducting all meetings with, each taxing unit that levies taxes on real property in the Reinvestment Zone as required by the Act, adopted an ordinance which, among other things, designated the property within the Reinvestment Zone as the '.Tax Increment Financing Reinvestment Zone #1, City ofColleyville, Texas"; and WHEREAS, in accordance with the Act, the Board of Directors of the Reinvestment Zone has prepared a project plan and a reinvestment zone financing plan, (collectively '.Plans"), and the City, in accordance with the Act and after making all findings required by the Act, has adopted, or will adopt, an ordinance approving the Plans; and WHEREAS, the Developer is the owner and proposed developer of an approximately 26 acre parcel of real property within the City and within the Reinvestment Zone located generally at the intersection of Colleyville Boulevard and Pleasant Run Road, and legally described in Exhibit "B" attached hereto (the "Property"), which Property shall also be known as Redevelopment Site No. 1 in the Reinvestment Zone; and WHEREAS, the Developer currently intends to develop and improve all or a portion of the Property as ajoint use office, retail and residential development (generally referred to herein as the "Project"), in various phases, in substantial conformance with the plan attached hereto as Exhibit "C" (the "Concept Plan"), and in accordance with the requirements of the City of Colleyville zoning ordinance and other ordinances of the City; and WHEREAS, to facilitate the development of the Property, and subject to and in accordance with the terms of this Agreement and the limitations hereinafter stated, the City has agreed to use some of the proceeds from the City's implementation of economic development or AGREEMENT FOR REDEVELOPMENT SITE NO.1. PAGE 2 C:\Forrns\City\redevelopment4rtr.agmt.wpd dak 1/16/01 financing programs authorized by statute or the home-rule powers of the City to pay the project costs (as defined in Section 311.002(1) of the Act as now or hereinafter provided), in connection with the installation and completion of various public improvements listed on Exhibit "D" (collectively the "Public Improvements"), including the reimbursement of the Developer for project costs incurred by the Developer in connection with the redevelopment (including, without limitation, demolition, site preparation, installation of utilities, construction of public improvements, etc.), of the Property; and WHEREAS, the parties previously executed that certain Agreement For Redevelopment Site No.1, dated December 21, 1999 which the parties have agreed to rescind and replace with this Agreement; and WHEREAS, this Agreement has been submitted to the City and the Developer for consideration and review, and the City and the Developer have taken all actions required to be taken prior to the execution of this Agreement in order to make same binding upon the City and the Developer according to the terms hereof; and WHEREAS, the City, after due and careful consideration, has concluded that the redevelopment of the Property as a portion of the Reinvestment Zone, as provided for herein, and in the Project Plans, will further the growth of the City, facilitate the redevelopment of the entire Reinvestment Zone, improve the environment of the City, increase the assessed valuation of the real estate situated within the City, foster increased economic activity within the City, increase employment opportunities within the City, upgrade public infrastructure within the Reinvestment Zone, and otherwise be in the best interest of the City by furthering the health, safety, morals, and welfare of its residents and tax payers, and that entering into this Agreement is necessary and AGREEMENT FOR REDEVELOPMENT SITE NO. t - PAGE J C:\Forms\Clty\redevelopment4rtf.agmt.wpd dak 1/16/01 convenient to implement the Plans and achieve their purposes; and WHEREAS, the City is desirous of having the Developer undertake the Project in order to serve the needs of the City and in order to produce increased tax revenues for the various taxing units authorized to levy taxes on real property within the Reinvestment Zone and the City and, in order to stimulate and induce the redevelopment of the Reinvestment Zone, the City has agreed to pay certain Project costs through property tax increment revenues, all in accordance with the terms and provisions of the Act and this Agreement. NOW, THEREFORE, for and in consideration of the foregoing and of the mutual covenants and agreements contained herein, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties do hereby agree as follows: Recitals Part of the Agreement 1. Incorporation of Recitals. The representations, covenants and recitations set forth in the foregoing recitals are material to this Agreement and are hereby incorporated and made part of this Agreement as though they were fully set forth herein. Mutual Assistance 2. Cooperation. The Parties agree to take such actions, including the execution and delivery of such documents, instruments, petitions and certifications (and, in the City's case, the adoption of such ordinances and resolutions), as may be necessary or appropriate, from time to time, to carry out the terms, provisions, and intent of this Agreement and to aid and assist each other in carrying out said terms, provisions and intent. Effediveness of Agreement 3. Effective Date. This Agreement shall become effective from and after its AGREEMENT FOR REDEVELOPMENT SITE NO.1. PAGE 4 C:\Forms\City\redrvelopment4rtf.agmt.wpd dak 1/16/01 approval and execution by both parties. Redevelopment and Use of the Property and Construction of the Public Improvements 4.1 The Project. Developer shall construct the Project in substantial conformance with the Concept Plan. The Project may be constructed in phases at Developer's sole discretion; provided that the Developer shall comply with all applicable ordinances of the City, including, without limitation, the PUD zoning ordinance governing the Project. 4.2 Public Improvements. The Developer shall construct the Public Improvements and pay the cost of such construction. In constructing the Public Improvements, the Developer shall comply with all requirements and take all action necessary to insure the cost of the Public Improvements are project costs reimbursable under The Act. The City shall cooperate with the Developer to insure all costs of the Public Improvements are reimbursable under The Act. To the extent that any ofthe Public Improvements to be constructed by the Developer are located on City owned rights-of-way or easements, the City shall grant to the Developer and its designees access to enable construction of the Public Improvements. 4.3 City Approval. Prior to the commencement of the construction, the Developer shall submit to the City and obtain the approval of the City of the plans for the Public Improvements and shall construct the Public Improvements in conformity with the plans approved by the City. Reimbursement of Eligible Project Costs 5.1 Definitions (a) Project Costs. For the purposes of this Agreement, "Project Costs" AGREEMENT FOR REDEVELOPMENT SITE NO. 1- PAGE 5 C:\Forms\City\redevelopmcnt4rtf.agmt.wpd dak 1/16/01 shall mean and include all costs defined as Project Costs in Section 311.002( 1) of the Act as now or hereinafter provided. (b) Increased Ad Valorem Tax Attributable to the Project. For the purpose of this Agreement, "Increased Ad Valorem Tax Attributable to the Project" shall mean the amount calculated by deducting the certified taxable value of the Property for the purpose of ad valorem taxes on January I, 1999, from the certified taxable value of the Property for the purpose of ad valorem taxes for each subsequent year, and multiplying that amount by the combined real property tax rate established by the City ofColleyville, Tarrant County, Tarrant County Hospital District, and Tarrant County Community College District for the applicable Tax Year. (c) Increased GCISD Ad Valorem Tax Attributable to the Project. For the purpose ofthis Agreement, ~'Increased GCISD Ad Valorem Tax Attributable to the Project" shall mean the amount calculated by deducting the certified taxable value of the Property for the purpose of ad valorem taxes on January I, 1999, from the certified taxable value ofthe Property for the purpose of ad valorem taxes for each subsequent year, and multiplying that amount by the real property tax rate established by the Grapevine-Colleyville Independent School District for the applicable Tax Year. (d) DSCI Threshold. The term "DSCT Threshold" means each Tax Year in which the Increased Ad Valorem Tax Attributable to the Property exceeds the amount of the annual debt service (principal and interest) on any bonds issued by the City to pay for the planned City Hall and Library to be constructed in the Project (the "Bonds"). For instance, if the bond debt is $6,000,000.00, and if the annual debt service is $645,000.00, and if the combined tax rates of the entities equals one percent (1%), then the DSCI Threshold would be reached when AGREEMENT FOR REDEVELOPMENT SlTE NO.1 - PAGE 6 C:\Forms\City\redcvelopment4rtf.agmt.wpd dak 1/16/01 the certified taxable value of the Property after deducting the certified taxable value of the Property for ad valorem taxes on January I, 1999, exceeds $64,500,000.00 ($64,500,000.00 x 1 % = $645,000.00). (e) Tax Year. As used in this Agreement the term "Tax Year" means October 1 of each year to September 30 of each year. 5.2 Reimbursement Payments. The City shall reimburse the Developer for Project Costs actually paid by the Developer in the construction ofthe Public Improvements, subject to the following conditions and limitations: (a) All Reimbursements Payments shall be from the Tax Increment Fund established pursuant to Section 311.014 of the Act. (b) The total Reimbursement Payments to the Developer shall not exceed $7,500,000.00. (c) Subject to Subsection 5.2(b) above, Reimbursement Payments to the Developer shall be equal to (but shall not exceed) the sum of the following: (i) Sixty Percent (60%) of the Increased GCISD Ad Valorem Tax Attributable to the Project until such time as the Project reaches the DSCI Threshold, after which time the Reimbursement Payments will be increased to seventy percent (70%) of the Increased GCISD Ad Valorem Tax Attributable to the Project. The City's obligation to pay any amount calculated upon a percentage of the Increased GCISD Ad Valorem Tax Attributable to the Project is expressly conditioned upon the Grapevine-Colleyville Independent School District participating in the Tax Increment Financing District established by the City pursuant to the Act, and Reimbursement Payments to the Developer based upon the Increased GCISD Ad Valorem AGREEMENT FOR REDEVELOPMENT SITE NO.1 - PAGE 7 C:\Forms\City\redevelopment4rtr.agmt.wpd dak 1/16/01 Tax Attributable to the Project shall never exceed the amount actually received by the City as a result of the participation of the Grapevine-Colleyville Independent School District in the Tax Increment financing District established by the Act and applicable to the Project; provided, however, after such time as the Property reaches the DSCI Threshold in the event the Grapevine- Colleyville Independent School District refuses or fails to participate in the Tax Increment Financing District established by the City pursuant to the Act and applicable to the Property during a Tax Year, then the City shall pay Reimbursement Payments to the Developer from the City's Retained Tax Fund, as defined in Section 5.2(e) hereof, as necessary to pay the Developer up to an amount equal to 70% of the Increased GCISD Ad Valorem Tax Attributable to the Project; provided the payments from the City's Retained Tax fund shall not exceed the amount deposited into the fund during the Tax Year of payment to the Developer, plus (ii) An amount equal to one percent (1 %) of the sales upon which state sales tax has been paid for businesses operating on the Property after the effective date of this Agreement, provided however, that such amount shall never exceed in any Tax Year the amount received by the City and not paid to the Developer from the Increased GCISD Ad Valorem Tax Attributable to the Project as set out in Subsection 5.2(c)(i). The City agrees to reasonably cooperate with Developer in verifying the amount due under this paragraph, plus (iii) After such time as the Project reaches the DSCI Threshold, seventy percent (70%) of the Increased Ad Valorem Tax Attributable to the Project. (d) The Developer shall not be entitled to reimbursement for the construction of any Public Improvement until its completion. The Public Improvement shall be . deemed completed when the City certifies that the improvement is completed. The Developer AGREEMENT FOR REDEVELOPMENT SITE NO.1 - PAGE 8 C:\Forms\Clty\redevelopment4rtf.agmt.wpd dak 1116/01 may request a certification of completion from the City for each Public Improvement. The City shall. within 30 days after the date of said request, either issue a certificate of completion for the Public Improvement or identify in writing the reasons the certificate of completion has been withheld. (e) The City shall deposit into a fund the Increased GCISD Ad Valorem Tax Attributable to the Project and the Increased Ad Valorem Tax Attributable to the Project, not otherwise paid to the Developer under Section 5.2 hereof (the "City's Retained Tax Fund"). The City's Retained Tax Fund may be used by the City to 1) pay in any tax year the annual debt service (principal and interest) on the Bonds, 2) to make principle payments on the Bonds, or 3) make payments to the Developer called for in paragraphs 5.2(c)(i) and (ii) hereof. All interest earned on the City's Retained Tax Fund in a Tax Year shall be applied to the payment of the annual debt service on the Bonds for the next Tax Year and shall be deducted from the annual debt service for the purpose of calculation of the DSCI Threshold for the next Tax Year. 5.3 Date of Reimbursement, Payments and Termination. (a) The City shall make the first payment of accrued Reimbursement Payments to the Developer on the 1 Sl day of April, 2001. Additional accrued Reimbursement Payments shall be made to the Developer annually on the same day in each successive year until termination pursuant to the provisions hereof. (b) The Developer's right to receive reimbursement payments under this Agreement shall end on April 2, 2014, and no further payments shall be made to the Developer under this Agreement after said date. AGREEMENT FOR REDEVELOPMENT SITE NO. . - PAGE 9 C:\Forms\City\rcdcvclopmcnt4rtf.agmt.wpd dak l/UI/O. Warranties 6.1 Authority. (a) The City hereby represents and warrants to Developer that the City has full constitutional and lawful right, power and authority, under currently applicable law, to execute and deliver and perform the terms and obligations of this Agreement, and all ofthe foregoing have been or will be duly and validly authorized and approved by all necessary City proceedings, findings and actions. Accordingly, this Agreement constitutes the legal, valid and binding obligation of the City, is enforceable in accordance with its terms and provisions and does not require the consent of any other governmental authority. (b) Developer hereby represents and warrants to the City that Developer has full lawful right, power and authority to execute and deliver and perform the terms and obligations of this Agreement and all of the foregoing have been or will be duly and validly authorized and approved by all necessary actions of Developer. Concurrently with Developer's execution of this Agreement, Developer has delivered to the City copies of the resolutions or other corporate actions authorizing the execution of this Agreement and evidencing the authority of the persons signing this Agreement on behalf of Developer to do so. Accordingly, this Agreement constitutes the legal, valid and binding obligation of Developer, and is enforceable in accordance with its terms and provisions. 6.2 Authorized Parties. Whenever under the provisions of this Agreement and other related documents and instruments or any supplemental ~greements, any request, demand, approval, notice or consent of the City or Developer is required, or the City or Developer is required to agree or to take some action at the request of the other, such request, demand, AGREEMENT FOR REDEVELOPMENT SITE NO.1 - PAGE 10 C:\Forms\City\redevelopment4rtf.agmt.wpd dak 1/16/01 approval, notice or consent, or agreement shall be given for the City, unless otherwise provided herein, by the City Mayor or his designee and for Developer by any officer of Developer so authorized (and, in any event, the officers executing this Agreement are so authorized); and any Party shall be authorized to act on any such request, demand, approval, notice or consent, or agreement. Prior Agreement 7. It is the intention of the parties that the prior agreement dated December 21, 1999 entitled "Agreement for Redevelopment Site No.1" be rescinded and replaced with this Agreement. Miscellaneous 8.1 Time of Essence. Time is of the essence of this Agreement. The Parties will make every reasonable effort to expedite the subject matters hereof and acknowledge that the successful performance of this Agreement requires their continued cooperation. All dates and time periods provided for in this Agreement shall be delayed during any pending or threatened litigation that would affect the ability of the City to reimburse the Developer from the Tax Increment Fund as provided in Section 311.014 of the Act. 8.2 Default. (a) A Party shall be deemed in default under this Agreement (which shall be deemed a breach hereunder) if such Party fails to materially perform, observe or comply with any of its covenants, agreements or obligations hereunder or breaches or violates any of its representations contained in this Agreement. (b) Before any failure of any Party to this Agreement to perform its AGREEMENT FOR REDEVELOPMENT SITE NO.1 - PAGE 11 C:\Forms\City\redevelopment4rtf.agmt.wpd dak 1/16/01 obligations under this Agreement shall be deemed to be a breach of this Agreement, the Party claiming such failure shall notify, in writing, the Party alleged to have failed to perform of the alleged failure and shall demand performance. No breach of this Agreement may be found to have occurred if performance has commenced to the reasonable satisfaction of the complaining Party within thirty (30) days of the receipt of such notice, subject, however, to the terms and provisions of Section 5.2(d). Upon a breach of this Agreement, the non-defaulting Party, in any court of competent jurisdiction, by an action or proceeding at law or in equity, may secure the specific performance of the covenants and agreements herein contained, may be awarded damages for failure of performance, or both. No action taken by a Party pursuant to the provisions of this Agreement shall be deemed to constitute an election of remedies and all remedies set forth in this Agreement shall be cumulative and non-exclusive of any other remedy either set forth herein or available to any Party at law or in equity. Each ofthe Parties shall have the affirmative obligation to mitigate its damages in the event of a default by the other Party. (c) Notwithstanding anything in this Agreement which is or may appear to be to the contrary, if the performance of any covenant or obligation to be performed hereunder by any Party is delayed as a result of circumstances which are beyond the reasonable control of such Party (which circumstances may include, without limitation, pending or threatened litigation, acts of God, war, acts of civil disobedience, fire or other casualty, shortage of materials, adverse weather conditions (such as, by way of illustration and not limitation, severe rain storms or below freezing temperatures, or tornadoes, labor action, strikes or similar acts) the time for such performance shall be extended by the amount of time of such delay. The Party claiming delay of performance as a result of any of the foregoing "force majeure" events shall deliver written AGREEMENT FOR REDEVELOPMENT SITE NO.1 - PAGE 12 C:\Forms\Clty\redevelopment4rtf.agmt.wpd dak 1/16/01 notice of the commencement of any such delay resulting from such force majeure event not later than seven (7) days after the claiming Party becomes aware of the same, and if the claiming Party fails to so notify the other party of the occurrence of a "force majeure" event causing such delay, the claiming Party shall not be entitled to avail itself of the provisions for the extension of performance. 8.3 Amendment. This Agreement, and any exhibits attached hereto, may be amended only by the mutual agreement of the Parties evidenced by a written amendment, by the adoption of an ordinance or resolution of the City approving such written amendment, as provided by law, and by the execution of such written amendment by the Parties or their successors in interest. 8.4 Entire Agreement. This Agreement (including all Exhibits attached to this Agreement) sets forth all agreements, understandings and covenants between and among the Parties relative to the matters herein contained. This Agreement supersedes all prior agreements, negotiations and understandings, written and oral, and shall be deemed full integration of the entire agreement of the Parties. 8.5 Severability. If any provision, covenant, agreement or portion of this Agreement, or its application to any person, entity or property, is held invalid, such invalidity shall not affect the application or validity of any other provisions, covenants, agreements or portions of this Agreement and, to that end, all provisions, covenants, agreements or portions of this Agreement are declared to be severable. 8.6 Texas Law. This Agreement shall be construed in accordance with the laws of the State of Texas, and any actions concerning this Agreement shall be brought in either AGREEMENT FOR REDEVELOPMENT SITE NO. 1- PAGE 13 C:\Forms\City\redevelopment4rtf.agmt.wpd dak 1/16/01 the Texas State District Courts of Tarrant COWlty, Texas or the United States District Court for the Northern District of Texas. 8.7 Notice. Any notice to be given or served hereunder or Wlder any document or instrument executed pursuant hereto shall be in writing and shall be (i) delivered personally, with a receipt requested therefor; or (ii) sent by telecopy facsimile; or (Hi) sent by a nationally recognized overnight courier service; or (iv) delivered by United States registered or certified mail, return receipt requested, postage prepaid. All notices shall be addressed to the Parties at their respective addresses set forth below, and shall be effective (a) upon receipt or refusal if delivered personally or by telecopy facsimile; (b) one (1) business day after depositing with such an overnight courier service; or (c) two (2) business days after deposit in the United States mails, if mailed. A party may change its address for receipt of notices by service of a notice of such change. All notices bytelecopy facsimile shall be subsequently confirmed by U.S. certified or registered mail, return receipt requested. If to the City: with a copy to: If to Developer: City of Colleyville 401 Oak Valley Drive Colleyville, Texas 76034 Attn: City Manager Fax Number: (817) 577-7555 Ross T. Foster ROSS T. FOSTER, P.C. 9001 Airport Freeway, Suite 675 Fort Worth, Texas 76180 Fax Number: (817) 485-2836 Richard A. Myers Village Monticello Partners, Ltd. 1111 S. Main Street, Suite 200 Grapevine, Texas 76051 Fax Number: (817) 424-2448 AGREEMENT FOR REDEVELOPMENT SITE NO. I - PAGE 14 C:\Forms\Clty\redevelopment4rtf.agmtwpd dak 1116/01 with a copy to: J. Andrew Rogers KELLY. HART & HALLMAN 201 Main Street, Suite 2500 Fort Worth, Texas 76102 Fax Number: (817) 878-9242 8.8 Counterparts. This Agreement may be executed in several counterparts, each of which shall be an original and all of which shall constitute but one and the same agreement. 8.9 No Recordation. The Parties agree that this Agreement may not and shall not be recorded without the prior written consent of Developer. 8.10 Consent or Approval. Except as otherwise provided in this Agreement, whenever consent or approval of either Party is required, such consent or approval shall not be unreasonably withheld. 8.11 Interpretation. This Agreement has been jointly negotiated by the Parties and shall not be construed against a Party because that Party may have primarily assumed responsibility for the drafting of this Agreement. 8.12 Exhibits. All exhibits attached hereto are declared to be a party of this Agreement and are incorporated herein by this reference. 8.13 Assignability. The rights and obligations of Developer hereunder may be assigned in whole or in part at any time by Developer to an affiliated entity (an entity which Richard Myers controls) without consent by the City, and to a non-affiliated entity only with the City's consent. IN WITNESS WHEREOF. the Parties have duly executed this Agreement pursuant to all requisite authorizations as of the date first above written. AGREEMENT FOR REDEVELOPMENT SITE NO. 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"" <Ii G> G> ::l ..c: c .... G> .9 > 4) '$. IX 0 Q <2 \D en c ~ U '" c 0 4) 1'\1 'iti C .... 0 0.. U C .~ cu 0 't -5 't :tI 0 0.. S 0.. 0 '$. <Il en 0 ~ u ~ 0 '" u ..... G> cu Q\ ..c 01) .... 0 cu 1'\1 ..... 2> 'iti -= 0 .... c. cu '$. ...... 'y u a- 'E ... 0 8- ~ ~ CIS C G> cu f.Ll -5 oS ... 0 1'\1 C . ~ G> U G> >- '" G> G> u ;; 0 en l< '0 0 G> U 0 - '" G> 0 i:i: :!a ..c c .... c ;>.. U 01) CIS ..0 0 ,5 u ~ ..c l< '- U 1'\1 "" 1'\1 fo- 0.. II) ~ '" i!! .5 .9 .!! .!:!l .... o:l tt:: ... en C 0 0 $. 1'\1 ;>.. .;: ... 1'\1 Q.. 0 a.. - ,-.. - N .... "'" '-" -- '-" EXHIBIT -88 PROPERTY DESCRIPTION TRACT I Being a tract of land situated in the Buffalo Bayou, Brazos and Colorado Railroad Survey. Abstract No. 206, City of Colleyville, Tarrant County, Texas, said tract of land being all the tracts as deeded per Warranty Deed to Vlflage MonticeHo Partners, Ltd. as recorded in Volume 13733, Page 369, Volume 13733, Page 361, and Volume 13733, Page 380 and also a portion of a tract deeded to Bransford Pant and Land Trust as recorded in Volume 10461, Page 1250 and Lot 1. Block 1; 1st City NlllionaJ Bank of ColleyvUle Addition per plat recorded in Volume 388-182. Page 81, and all of Lot 4-R. Block 1, Crossing at CoI1eyvilJe as recorded In Cabinet A, Slide 1397, all as recorded in the Deed Records rA Tarrant County. Texas, said tract being more particularty described by metes and boLnds as follows: BEGINNING at set 518 inch capped iron rod (SHa INC) on the Northwesterty RO.W. line of Colleyville Boulevard (Grapevine Highway S. H. 26) also being the most Souther1y comer of said Lot 1, Block 1, 1 st City National Bank of ColleyviUe Addition also being the most Easter1y Northeast comer of a 10 foot R.O. W. dedication as shown on Kroger Addition per plat recorded in Cabinet A, Slide 1029 of said Deed Records; THENCE North 60 degrees 43 minutes 22 seconds West, along the common line of said Lot 1. Block 1, 1 st City National Bank of ColleyvUte Addition and said Kroger Addition, a distance of 416.70 feet to a set 518 inch capped Iron rod for Ule Southwest comer of said Lot 1, Block 1, 1st City National Bank of Colleyville Addition; THENCE North 00 degrees 14 minutes 47 seconds West, continuing along said common line, passing a found 1/2 inch capped iron rod (Landes) at 0.70 feet. COntinuing for 8 total distance of 199.73 feet to a found 1/2 inch capped iron rod (Everage) being the most easterty southeast comer of Lot 4-R, Block 1, Crossing at Colleyville, Phase" per plat recorded in Cabinet A, Slide 1397 of said Deed Records; THENCE North 89 degrees 29 minutes 27 seconds West, along the south line of said Lot 4-R and the north line of Lot 1, Block 1, of said Kroger Addition, a distance of 375.00 feet to a found 1/2 inch capped iron rod (Everage); THENCE South 67 degrees 27 minutes 52 Seconds West, continuing along the common line of said Lots 4-R and said Lot 1, Block 1, Kroger Addition, a distance of 145.44 feet to a set 5/8 inch capped iron rod (BHB INC) being the Southwest comer of said Lot 4-R. Block 1, also being on the east line of Block 5, Crossing at Colleyville as recorded in Cabinet A, Slide 1397 of said Deed ReCOrds; . THENCE North 00 degrees 07 minutes 03 seconds West, along the common line of said Lot 4- R, BloCk 1 and said East line of Block 5, a distance of 310.36 feet to a point being the northwest comer of said Lot 4-R, Block 1, on the south RO.W.line of Forest Oak Lane (a 50' RO.W.), from said point a found 1/2 inch iron rod bears North 03 degrees 47 minutes 52 seconds East, a distance of 0.74 feet; THENCE South 89 degrees ~7 minutes 27 seconds East, along the north line of said Lot 4-R, Block 1 and said south R.O.W. line. a distance of 93.80 feet to a found 1/2 inch iron rod; THENCE South 89 degrees 29 minutes 27 seconds East, continuing along said north line of Lot 4-R. Block 1 and said south R.O.W. line, a distance or 415.08 feet to a found 112 inch iron rod being the northeast comer of said Lot 4-R, Block 1; THENCE NoJth 00 degrees 14111irUes 47 seconds West, along the west line or said Lot 1, Block 1. 1st City National Bank of Colfeyville Addition. 8 distance of 50.00 feet to a found 1/2 inch iron rod being the northwest comer or said Lot 1, Block 1, 1st City National Bank of CoIleyville Addition, from said found 1/2 inch iron rod a found 112 inch iron rod bears South 07 degrees 35 minutes 19 seconds East, a distance of 1.61 feet; THENCE North 89 degrees 29 minutes 27 seconds West, leaving said common line and along the North R.O.W. line of Forest Oak Lane (8 fifty foot R.O.W.), 8 distance of 414.67 feet to a found 1 inch iron rod being the Southwest corner of said Petty tract and also being the Southeast comer of a tract deeded to Bransford Park Land Trust as recorded in Volume 10217, Page 2222 of said Deec:I Records; THENCE North 00 degrees 29 minutes 26 seconds East. along the West line of said petty tract and the East line of said Bransford Park Land Trust as recorded in Volume 10217, Page 2222, a distance of 362.76 feet to a found 1/2 inch capped iron rod (Landes) being the Northeast comer of said Bransford Park Land Trust tract and also being the Southeast comer of Lot 2, Block 1, City Park Addition, per plat recorded in Volume 388-210. Page 94 of said Deed Records; THENCE North 00 degrees 07 minutes 45 seconds East. along the East line of said Lot 2, Block 1. City Park Addition. a distance of 354.80 feet to a found 112 inch capped iron rod (Landes) being the Northeast comer of said Lot 2, BlOCk 1 also being the Southeast comer of Lot 1, Block 1, said City Park Addition; THENCE North 00 degrees 05 minutes 40 seconds East, along the East line of said Lot 1, Block 1, City Park Addition, a distance of 52.54 feet to a point, from said point a found 1/2 inch iron rod bears North 89 degrees 56 minutes 56 seconds East. a distance of 0.24 feet; THENCE North 89 degrees 56 minutes 56 seconds East, leaving said East line of Lot 1, Btock 1. City Park Addition and along the North line of said Vertie L. Brown tract also being the South line of a tract deeded to ABC, a Texas General Partnership as recoraed in Volume 11n2, Page 2178 of said Deed Records, a distance of9t9.61 feet to a found 1/2 inch iron rod on the established West R.O.W. line of Pteasant Run Road: THENCE along said established West R.O.W, line of Pleasant Run Road the following: THENCE South 00 degrees 06 minutes 54 seconds East, a distance of 109.15 feet to a found 1 inch iron pipe; THENCE South 00 degrees 19 minutes 55 seconds West. a distance of 230.10 feet to a found 1 inch iron pipe; THENCE South 00 degrees 22 minutes 25 seconds West. a distance of 153.57 feet to a found 1/2 inch iron rod; THENCE South 00 degrees 24 minutes 11 seconds West, a distance of 284.22 feet to a found 1 inch iron rod being the Northeast comer of a tract deeded to Anthony Timothy McNosky .xi Vivian D. McNosky as recorded in Volume 6786, Page 503 of said Deed Records; THENCE South 89 degrees 57 minutes 17 seconds West. leaving said established West R.O.W. line of Pleasant Run Road and along the North line of said McNosky tract, a distance of 215.21 feet to a found 1 inch iron rod; THENCE North 89 degrees 29 minutes 10 seconds West. continuing along said North line, a distance of 100.40 feet to a found 1 inch iron rod being the Northwest comer of said McNosky tract, also being the most Northerly Northeast comer of said Lot 1, Block 1, 1 st City National Bank of CoIleyville Addition; THENCE South 02 degrees 28 minutes 17 seconds East. along the common line of said McNosky tract and 1 st City National Bank of CoJleyville Addition, a distance of 156.59 feet to a found 112 inch iron rod; THENCE North 88 degrees 33 minutes 10 seconds East, continuing along said common line, a distance of 290.13 feet to a found 1/2 inch capped iron rod (Landes) on the West R.O.W. line of Pleasant Run Road per plat of 1st City National Bank of Colleyville Addition, from said found 1/2 inch capped iron rod (Landes) a found 112 inch iron rod bears North 88 degrees 33 minutes 10 seconds East. a distance of 15.00 feet; THENCE South 01 degrees 26 minutes 38 seconds West, along said West R.O.W. line of Pleasant Run Road, a distance of 358.10 feet to a set 518 inch capped iron rod (BHB INC) at the intersection of said West R.O.W. tine of Pleasant Run Road with said Northwesterly R.O.W. line of Colleyville Boulevard (Grapevine Highway S. H. 26); THENCE South 29 degrees 16 minutes 38 seconds West. along said Northwesterty R.O.W. line, a distance of 227.70 feet to the POINT OF BEGINNING and containing 1,090.871 square feet or 25.04 acres of land. PROPERTY DESCRIPTION TRACT II Being a trad of land situated in the J. M. Looney Survey, Abstract No. 936. City of Colleyville, Tarrant County, Texas, said tract being the remainder tract of a tract deeded to Foster Alton and Jean Andrews as recorded in Volume 6985. Page 1790 of the Deed Records of Tarrant County. Texas, said tract being more particularly described by metes and bounds as follows: BEGINNING at a found 5/8 inch iron rod on the Northwesterly R.O.W. line of Colleyville Boulevard (Grapevine Highway South. H, 26), being the Southeast corner of Lot 1. Block 1. Foster Addition per plat recorded in Volume 388-142, Page 35 of said Deed Records; THENCE Scuh 29 degrees 25 minutes 11 seconds West, along said Northwestet1y RO. W. line of CoIleyville Boulevard. passing a bI1d 112 inch iron rod at 174.32 feet and continuing for a total distance of 317.35 feet to a point lying within a creek bed, said point being. the most Easterly Southeast comer of Lot 1, Block 1, Applebee's Addition as recorded . in Cabinet A. Slide 3939 of said Deed Records; THENCE North 08 degrees 34 minutes 03 semnds West, leaving said Northwesterty RO.W. line of CoIleyville Boulevard, along the East line of said Lot 1, Block 1, Applebee's Addition, 8 distance of 108.95 feel to a point lying within a creek beet; THENCE North 04 degrees 26 minutes 51 seconds East, continuing along 1he East line of said Lot 1, BlOCk 1, a distance of 63.04 feet to a point lying within a creek bed, said point being the Northeast comer of said Lot 1, Block 1, Applebee's Addition; THENCE South 84 degrees 46 minutes 00 seconds West, along the North line said Lot 1, Block 1, Applebee's Addition, a distance of 122.54 feet to a found 1/2 inch iron rod; THENCE SouIh 83 degrees 55 minutes 20 seconds West. continuing along said North line of Lot 1, BlOCk 1, Applebee's Addition, a distance of 89.97 feet to a found 1/2 inch iron rod in concme on the established East R.O.W. line of Pleasant Run Road: THENCE North 00 degrees 44 minutes 09 seconds East, along said established East R.O.W. line of Pleasant Run Road, a distance of 508.29 feet to a found 518 inch iron rod being or intended to be the Southwest comer of a tract deeded to Richard P. Faltor as recorded in Volume 9085, Page 2173 of said Deed Records; THENCE South 87 degrees 45 minutes 59 seconds East, along the South line of said Failor tract and a tract deeded to Andrew and Jane O'pry as recorded in Volume 12888, Page 136 of said Deed Records, a distance of 338.45 feet to a found 1/2 inch iron rod, from said found 1/2 inch iron rod a found 1/2 inch capped iron rod "Moak- bears North 89 degrees 41 minutes 04 seconds East, a distance of 13.23 feet; THENCE South 13 degrees 06 minutes 16 seconds West, along the West line of a trad deeded to Chartes Davidson as recorded in Volume 7590, Page 1964 of said Deed Records and along the West line of said Lot 1, Block 1, Foster Addition, a distance of 373.81 feet to a set 518 inch capped iron rod (BHB INC); THENCE South 87 degrees 51 minutes 45 seconds East, along the South line of said Lot 1, Block 1, a distance of 118.83 feet to the POINT OF BEGINNING and containing 161,131 square feet or 3.70 acres of land. REVISED EXIIIBIT "e" - COHCEPT PLAR , ". ~""'" ". ''''l''':.::-D ~'/ '. . r........ I ...... ....-......~. I i I ~~~ ~. ~~" I" , Iii ''-. i:: I;:::::::. : / 11/' :1 " - Ii': 1:1 Oil I' t~------------------------ i i I I ~ if Iii gll ;1 o II =1;;1" lUll III, h-.! hillait:! 0--.u.L .. PLM (CnY HAll EXHIBIT) De V"1llAp.' CDJ/,yrDk nllW WI IWUY ClJllTAL CORPOIW'ID. ''It'''_II..._~tI_, _ .." ....... _ III'm ...... . eM .. st,o/OO t=='lCl ~.... ........ ~ ~ ~ ~I::U~~-'"="l'. ............. ...........--... - _....~~ Exhibit "ON PUBLIC IMPROVEMENTS On-Site Improvements Surveying Construction Staking Bridge Construction over Pleasant Run Creek In-Line Detentionl Channelization of Pleasant Run Creek Excavation, Clearing, Grading, Erosion Control Sanitary Sewer System Water System Storm Drainage System Storm Water Detention Features Public Streets, Alleys, and Sidewalks StreetfTraffic Control Signage Public Parking Lots Public Parking Structure Professional Services Street Lights Street Landscaping Engineering Plans Major Fountain Construction Overflow Parking Lot Perimeter Screening Walls Wrought Iron Fence at Colleyville City Park Off-Site Improvements Surveying Construction Staking Gate at Central Drive Median Improvements to Colleyville Boulevard Pleasant Run Street Improvements Pleasant Run Sidewalks Engineering Plans for Thompson Terrace Re-alignment Construction of Thompson Terrace Re-Alignment Thompson Terrace Sidewalks Glade Road Sidewalks Public Parks Landscaping . ORIGINAL TIF AGREEMENT FOR VILLAGE AT COLLEYVILLE RESOLUTION R-99-0253 THIS AGREEMENT IS SUPERSEDED BY RESOLUTION R-01-1751 ~ i i I I I I I ! I I I I I I I RESOLUTION R-99-1586 A RESOLUTION APPROVING A TAX INCREMENT FINANCING AGREEMENT WITH VILLAGE MONTICELLO PARTNERS, L TD WHEREAS, the City of Colleyville has established a tax increment financing district in cooperation with other area taxing entities, and WHEREAS, Village Monticello Partners, L TD (VMP) has proposed a mixed use development that will expand the commercial and sales tax base of the district in keeping with the intent of the creation of the district, and I I I I i I I I I I I I I I I I I I I I i I I I i I II I I I I I , i/ ATTEST: II IIII~~~~ I City Secretary !I II WHEREAS, VMP has requested that the City reimburse VMP for a portion of the cost of public improvements being made to its property within the district, and WHEREAS, the public improvements are contained in the project plan of the tax increment district, and WHEREAS, these reimbursements will only be made after a sufficient increase in the real property ad valorem tax base is in place as verified by the Tarrant Appraisal District and VMP has provided documentation of costs incurred. NOW THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF COLLEYVILLE, TEXAS: Sec. 1. THAT the VMP tax increment financing agreement attached as Exhibit 1 is approved and the Mayor is authorized to sign the agreement. AND SO IT IS RESOLVED. Pass~d by a vote of 5 ayes, 0 nays, and 0 abstentions on this the '21 ~ day of [)t t!. ! rnb{!f , 1999. CITY OF COLLEYVILLE DW [h Mayor Exhibit 1 AGREEMENT FOR REDEVELOPMENT SITE NO.1 This Agreement for Redevelopment Site No.1 ("Agreement"), is made and entered into this the:J IS) day of Pll. t...m..b,y ,1999, by and between THE CITY OF COLLEYVILLE, TEXAS, a home-rule municipality located in Tarrant County, Texas ("City"), and VILLAGE MONTICELLO PARTNERS, LTD., a Texas limited partnership, or its designated transferee ("Developer"). The City and the Developer are sometimes hereinafter referred to individually as a "Party" and collectively as the "Parties." Recitals o WHEREAS, the City has the authority to adopt tax increment financing pursuant to the Tax Increment Financing Act, V.T.C.A., Tax Code, Section 311.001, et seq., as amended (the "Act"), for areas within its jurisdiction designated by the City as reinvestment zones pursuant to the Act, and to implement other economic development or financing programs pursuant to Chapter 380 of the Local Government Code and other statutes under the City's home-rule power; and WHEREAS, the City has authorized the preparation of a preliminary"project plan and preliminary reinvestment zone financing plan for the area located in the City and described and depicted on Exhibits A-I, and A-2 attached hereto and made a part hereof (the "Reinvestment Zone"); and WHEREAS, in accordance with the Act, the City, after giving all notices required by law, conducted a public hearing with respect to the creation of a Reinvestment Zone and its benefits to the City and to the property within the proposed Reinvestment Zone; and WHEREAS, the City, after giving and publishing all notices required by law and after AGREEMENT FOR REDEVELOPMENT SITE NO. I - PAGE I c:\rorms\City\redevelopmrnt.lgmLwpd dak 1011sm conducting all public hearings required by law, and after making all presentations to, and conducting all meetings with, each taxing unit that levies taxes on real property in the Reinvestment Zone as required by the Act, adopted an ordinance which, among other things, designated the property within the Reinvestment Zone as the "Tax Increment Financing Reinvestment Zone # I, City of Colleyville, Texas"; and WHEREAS, in accordance with the Act, the Board of Directors of the Reinvestment Zone has prepared a project plan and a reinvestment zone financing plan, (collectively "Plans"), and the City, in accordance with the Act and after making all findings required by the Act, has adopted, or will adopt, an ordinance approving the Plans; and WHEREAS, the Developer is the owner and proposed developer of an approximately 26 acre parcel of real property within the City and within the Reinvestment Zone located generally at the intersection of Colleyville Boulevard and Pleasant Run Road, and legally described in Exhibit "B" attached hereto (the "Property"), which Property shall also be known as Redevelopment Site No. 1 in the Reinvestment Zone; and WHEREAS, the Developer currently intends to develop and improve all or a portion of the Property as a joint use office, retail and residential development (generally referred to herein as the .'Project"), in various phases, in substantial conformance with the plan attached hereto as Exhibit '"C" (the "Concept Plan"), and in accordance with the requirements of the City of Colleyville zoning ordinance and other ordinances ofthe City; and WHEREAS, to facilitate the development ofthe Property, and subject to and in accordance with the terms of this Agreement and the limitations hereinafter stated, the City has agreed to use some of the proceeds from the City's implementation of economic development or AGREEMENT FOR REDEVELOPMENT SITE NO, I - PAGE 2 c:\ f orms\City\r~developm~n I.agm t. wpd dak 10/18/99 financing programs authorized by statute or the home-rule powers of the City to pay the project costs (as defined in Section 311. 002( I) of the Act as now or hereinafter provided), in cOIUlection with the installation and completion of various public improvements listed on Exhibit "D" (collectively the "Public Improvements"), including the reimbursement of the Developer for project costs incurred by the Developer in connection with the redevelopment (including, without limitation, demolition, site preparation, installation of utilities, construction of public -- .. . improvements, etc.), of the Property; and WHEREAS, this Agreement has been submitted to the City and the Developer for consideration and review, and the City and the Developer have taken all actions required to be taken prior to the execution of this Agreement in order to make same binding upon the City and the Developer according to the terms hereof; and WHEREAS, the City, after due and careful consideration, has concluded that the redevelopment of the Property as a portion of the Reinvestment Zone, as provided for herein, and in the Project Plans, will further the growth of the City, facilitate the redevelopment of the entire Reinvestment Zone, improve the environment of the City, increase the assessed valuation of the real estate situated within the City, foster increased economic activity within the City, increase employment opportunities within the City, upgrade public infrastructure within the Reinvestment Zone, and otherwise be in the best interest oCthe City by furthering the health, safety, morals, and welfare of its residents and tax payers, and that entering into this Agreement is necessary and convenient to implement the Plans and achieve their purposes; and WHEREAS, the City is desirous of having the Developer undertake the Project in order to serve the needs of the City and in order to produce increased tax revenues for the various AGREEMENT FOR REDEVELOPMENT SITE NO. I - PAGE.J C:\Forms\Cily\r~dtvelopment..gmt.wpd dak 10/1819') taxing units authorized to levy taxes on real property within the Reinvestment Zone and the City and, in order to stimulate and induce the redevelopment of the Reinvestment Zone, the City has agreed to pay certain Project costs through property tax increment revenues, all in accordance with the terms and provisions of the Act and this Agreement. NOW, THEREFORE, for and in consideration of the foregoing and of the mutual covenants and agreements contained herein, and other good and valuable consideration, the recelpt'aridsuffiCiencyofwfiicO-is hereoy acknow[edgerl, the Parties do hcirebyUagree as follows: Recitals Part of the Agreement 1. Incorporation of Recitals. The representations, covenants and recitations set forth in the foregoing recitals are material to this Agreement and are hereby incorporated and made part of this Agreement as though they were fully set forth herein. Mutual Assistance 2. Cooperation. The Parties agree to take such actions, including the execution and delivery of such documents, instruments, petitions and certifications (and, in the City's case, the adoption of such ordinances and resolutions), as may be necessary or appropriate, from time to time, to carry out the terms, provisions, and intent of this Agreement and to aid and assist each other in carrying out said terms, provisions and intent. Effectiveness of Agreement 3. Effective Date. This Agreement shall become effective from and after its approval and execution by both parties. AGREEMENT FOR REDEVELOPMENT SITE NO.1 - PAGE 4 C:\Forms\City\redevelopmeDr.agmLwpd dak 10/18199 Redevelopment and Use of tbe Property and Construdion of tbe Public Improvements 4.1 The Project. Developer shall construct the Project in substantial . conformance with the Concept Plan. The Project may be constructed in phases at Developer's sole discretion; provided that the Developer shall comply with all applicable ordinances of the City, including, without limitation, the PUD zoning ordinance governing the Project. ___on._ nn __ _~~ _____ .?ubl!~_~p~?_~e~ent~._. .The._Q~~~lop'~~. sh~IJ_~~s~cl...!.~~. ~~.!?~ic _ Improvements and pay the cost of such construction. In constructing the Public Improvements, the Developer shall comply with all requirements and take all action necessary to insure the cost of the Public Improvements are project costs reimbursable Wlder The Act. The City shall cooperate with the Developer to insure all costs of the Public Improvements are reimbursable under The Act. To the extent that any of the Public Improvements to be constructed by the Developer are located on City owned rights-of-way or easements, the City shall grant to the Developer and its designees access to enable construction of the Public Improvements. 4.3 City Approval. Prior to the commencement of the construction, the Developer shall submit to the City and obtain the approval of the City of the plans for the Public Improvements and shall construct the Public Improvements in conformity with the plans approved by the City. Reimbursement of Eligible Project Costs 5.1 Definitions (a) Project Costs. For the purposes of this Agreement, "Project Costs" shall mean and include all costs defined as Project Costs in Section 311.002( 1) of the Act as now ,o\GREEMENT FOR REDEVELOPMENT SITE NO.1 - PAGE 5 C:\F()rm5\City\redevelopment,'~mt.wpd dak I ()/18199 or hereinafter provided. (b) Increased Ad Valorem Tax Attributable to the Project. For the purpose of this Agreement, "Increased Ad Valorem Tax Attributable to the Project" shall mean the amount calculated by deducting the certified taxable value of the Property for the purpose of ad valorem taxes on January 1, 1999, from the certified taxable value of the Property for the purpose of ad valorem taxes for each subsequent year, and multiplying that amoWlt by the combined real _ ,'~__,____._.n___ _ . ___._.____._____...__ ___ U._ . ____n...... _ ~._ . property tax rate established by the City ofColleyville, Tarrant County, Tarrant County Hospital District, and Tarrant COWlty Community College District for the applicable tax year. 5.2 Reimbursement Payments. The City shall reimburse the Developer for Project Costs actually paid by the Developer in the construction of the Public Improvements, subject to the following conditions and limitations: (a) All Reimbursements Payments shall be from the Tax Increment FWld established pursuant to Section 311.014 of the Act. (b) The total Reimbursement Payments to the Developer shall not exceed $5.000,000.00. (c) Reimbursement Payments to the Developer shall be limited so that the Reimbursement Payments shall be equal to (but shall not exceed) the sum of the following: (i) 70% of the Increased Ad Valorem Tax Attributable to the Project. plus (ii) An amount equal to 1 % of the sales upon which state sales tax has been paid for businesses operating on the Property after the effective date of this agreement. The determination as to the amount of sales tax upon which sales tax has been paid shall be made AGREEMENT FOR REDEVELOPMENT SITE NO. I - PAGE 6 C:\Forms\Ciry\redevelopmfRt.agml.wpd t1llk 10/18/99 annually on January 1 of each year. It is agreed that the amount set forth in this subsection 5.2(c)(ii) will not be added to the monies in the Tax Increment Financing Fund, as such amount is used herein as a measuring device only. (d) The Developer shall not be entitled to reimbursement for the construction of any Public Improvement until its completion. The Public Improvement shall be deemed completed when the City certifies that the improvement is completed. The Developer . may.requesi iiceriificiiiion.ofcompletlon-fromthe aiYtor eaCl.-PUbfic"Improveme-nt:- The-City shall, within 30 days after the date of said request, either issue a certificate of completion for the Public Improvement or identify in writing the reasons the certificate of completion has been withheld. 5.3 Date of Reimbursement, Payments and Termination. (a) The City shall make the first payment of accrued Reimbursement Payments to the Developer on the 1 st day of April, 200 I. Additional accrued Reimbursement Payments shall be made to the Developer annually on the same day in each successive year until termination pursuant to the provisions hereof. (b) The Developer's right to receive reimbursement payments under this Agreement shall end on April 2, 2009, and no further payments shall be made to the Developer under this Agreement after said date. 6.1 Powers. (a) The City hereby represents and warrants to Developer that the City has full constitutional and lawful right. power and authority, under currently applicable law. to execute and deliver and perform the terms and obligations of this Agreement. and all of the AGREEMENT FOR REDEVELOPMENT SITE NO.1 - PAGE 7 C:\forms\City\rc:dcvclopmeBt.llgmt,wpd dak lO/lS/99 foregoing have been or will be duly and validly authorized and approved by all necessary City proceedings, findings and actions. Accordingly, this Agreement constitutes the legal, valid and binding obligation of the City, is enforceable in accordance with its terms and provisions and does not require the consent of any other governmental authority. (b) Developer hereby represents and warrants to the City that Developer has full lawful right, power and authority to execute and deliver and perfonn the terms and obiigatfons-ofthis'Agreemeniuand alfofthe-foregolng have beenol wiHbe <fuli-and vaHdly authorized and approved by all necessary actions of Developer. Concurrently with Developer's execution of this Agreement, Developer has delivered to the City copies of the resolutions or other corporate actions authorizing the execution of this Agreement and evidencing the authority of the persons signing this Agreement on behalf of Developer to do so. Accordingly, this Agreement constitutes the legal, valid and binding obligation of Developer, and is enforceable in accordance with its terms and provisions. 6.2 Authorized Parties. Whenever under the provisions of this Agreement and other related documents and instruments or any supplemental agreements, any request, demand, approval, notice or consent of the City or Developer is required, or the City or Developer is required to agree or to take some action at the request of the other, such request, demand, approval, notice or consent, or agreement shall be given for the City, unless otherwise provided herein, by the City Mayor or his designee and for Developer by any officer of Developer so authorized (and, in any event, the officers executing this Agreement are so authorized)~ and any Party shall be authorized to act on any such request, demand, approval, notice or consent, or agreement. AGREEMENT FOR REDEVELOPMENT SITE NO.1. PAGE 8 C:\Forms\City\redevtlupment.agmr.wpd dak 10/18199 Miscellaneous 7.1 Time of Essence. Time is of the essence of this Agreement. The Parties will make every reasonable effort to expedite the subject matters hereof and acknowledge that the successful performance of this Agreement requires their continued cooperation. All dates and time periods provided for in this Agreement shall be delayed during any pending or threatened litigation that would affect the ability of the City to reimburse the Developer from the Tax Increment Fund as provided in Section 311.014 of the Act. 7.2 Default. (a) A party shall be deemed in default under this Agreement (which shall be deemed a breach hereunder) if such Party fails to materially perform, observe or comply with any of its covenants, agreements or obligations hereunder or breaches or violates any of its representations contained in this Agreement. (b) Before any failure of any Party to this Agreement to perform its obligations under this Agreement shall be deemed to be a breach of this Agreement, the Party claiming such failure shall notify, in writing, the Party alleged to have failed to perform of the alleged failure and shall demand performance. No breach of this Agreement may be found to have occurred if performance has commenced to the reasonable satisfaction of the complaining Party within thirty (30) days of the receipt of such notice, subject, however, to the terms and provisions of Section 5.2(d). Upon a breach of this Agreement, the non-defaulting Party, in any court of competent jurisdiction, by an action or proceeding at law or in equity, may secure the specific performance of the covenants and agreements herein contained, may be awarded damages for failure of performance, or both. No action taken by a Party pursuant to the AGRHMENT FOR REDEVELOPMENT SITE NO. I - PAGE 9 C;\FOrR1s\Cil~('r~dndopment.agmt.wpd dak 10118199 provisions of this Agreement shall be deemed to constitute an election of remedies and all remedies set forth in this Agreement shall be cwnulative and non-exclusive of any other remedy either set forth herein or available to any Party at law or in equity. Each ofthe Parties shall have the affirmative obligation to mitigate its damages in the event of a default by the other Party. (c) Notwithstanding anything in this Agreement which is or may appear to be to the contrary, if the performance of any covenant or obligation to be performed hereunder by any Party is delayed as a result of circumstances which are beyond the reasonable control of such Party (which circumstances may include, without limitation, pending or threatened litigation, acts of God, war, acts of civil disobedience, fire or other casualty, shortage of materials, adverse weather conditions (such as, by way of illustration and not limitation, severe rain storms or below freezing temperatures, or tornadoes, labor action, strikes or similar acts) the time for such performance shall be extended by the amount of time of such delay. The Party claiming delay of performance as a result of any of the foregoing "force majeure" events shall deliver written notice of the commencement of any such delay resulting from such force majeure event not later than seven (7) days after the claiming Party becomes aware of the same, arid if the claiming Party fails to so notify the other Party ofthe occurrence of a "force majeure" event causing such delay, the claiming Party shall not be entitled to avail itself of the provisions for the extension of performance. 7.3 Amendment. This Agreement, and any exhibits attached hereto, may be amended only by the mutual agreement of the Parties evidenced by a written amendment, by the adoption ofan ordinance or resolution of the City approving such written amendment, as provided by law, and by the execution of such written amendment by the Parties or their AGREEMENT FOR REDEVELOPMENT SITE NO, I . PAGE 10 C:\formsI,City\rrdevrlopmrnt.agmt.wpd dak 10JI8m successors in interest. 7.4 Entire Agreement. This Agreement (including all Exhibits attached to this Agreement) sets forth all agreements, understandings and covenants between and among the Parties relative to the matters herein contained. This Agreement supersedes all prior agreements, negotiations and understandings, written and oral, and shall be deemed full integration of the entire agreement of the Parties. 7.5 Severability. Ifany provision, covenant, agreement or portion of this Agreement, or its application to any person, entity or property, is held invalid, such invalidity shall not affect the application or validity of any other provisions, covenants, agreements or portions of this Agreement and, to that end, all provisions, covenants, agreements or portions of this Agreement are declared to be severable. 7.6 Texas Law. This Agreement shall be construed in accordance with the laws of the State of Texas, and any actions concerning this Agreement shall be brought in either the Texas State District Courts of Tarrant County, Texas or the United States District Court for the Northern District of Texas. 7.7 Notice. Any notice to be gi ven or served hereunder or under any document or instrument executed pursuant hereto shall be in writing and shall be (i) delivered personally, with a receipt requested th~refor; or (ii) sent by telecopy facsimile; or (iii) sent by a nationally re.cognized overnight courier service; or (iv) delivered by United States registered or certified mail, return receipt requested, postage prepaid. All notices shall be addressed to the Parties at their respec~ive addresses set forth below, and shall be effective (a) upon receipt or refusal if delivered personally or by telecopy facsimile; (b) one (1) business day after depositing t\GREEMENT FOR REDEVELOPMENT SITE NO. I . PAGE 11 C:\Forms\City\n:dcvclopmrnt.agmt.wpd dak 10/18/99 with such an overnight courier service~ or (c) two (2) business days after deposit in the United States mails, if mailed. A party may change its address for receipt of notices by service of a notice of such change. All notices by telecopy facsimile shall be subsequently confirmed by U.S. certified or registered mail, return receipt requested. If to the City: with a copy to: If to Developer: with a copy to: City of Colleyville 401 Oak Valley Drive Colleyville, Texas 76034 Ann: City Manager ... Fax Number: (817) 577-7555 Ross T. Foster ROSS T. FOSTER, P.C. 9001 Airport Freeway, Suite 675 Fort Worth, Texas 76180 Fax Number: (817) 485-2836 Village Monticello Partners, Ltd. 1111 S. Main Street, Suite 200 Grapevine, Texas 76051 J. Andrew Rogers 201 Main Street. Suite 2500 Fort Worth, Texas 76102 7.8 Counterparts. This Agreement may be executed in several counterparts, each of which shall be an original and all of which shall constitute but one and the same agreement. 7.9 No Recordation. The Parties agree that this Agreement may not and shall not be recorded without the prior written consent of Developer. 7.10 Consent or Approval. Except as otherwise provided in this Agreement, whenever consent or approval of either Party is required, such consent or approval shall not be AGREEMENT FOR REDEVELOPMENT SITE NO, 1- PAGE 12 C:\Form$\Cily\ndevelopmcnt.agmt.wpd dak 10118/99 unreasonably withheld. 7.11 Interpretation. This Agreement has been jointly negotiated by the Parties and shall not be construed against a Party because that Party may have primarily assumed responsibility for the drafting of this Agreement. 7,12 Exhibits. All exhibits attached hereto are declared to be a party of this Agreement and are incorporated herein by this reference. 7.13 Assignability. The rights and obligations of Developer hereunder may be assigned in whole or in part at any time by Developer to an affiliated entity (an entity which Richard Myers controls) without consent by the City, and to a non~affiliated entity only with the City's consent. IN WITNESS WHEREOF. the Parties have duly executed this Agreement pursuant to all requisite authorizations as of the date first above written. CITY CITY OF COLLEYVILLE, TEXAS. a home-rule municipality By: Donna ;j~ AGREEMENT FOR REDEVELOPMENT SITE NO. 1 - PAGE I) C:\Forms\City\redevelopment.lgmt.wpd dak 10118/99 DEVELOPER ~GREEMENT FOR REDEVELOPMENT SITE NO.1 - PAGE 14 C:\Forms\City\redevelopmenugmt.wpd dak 101111/99 Exhibit A-1 COLLEYVlLLE TIF PROJECT PLAN TOUII Non-nF nF Project Coat Cost Cost . S.H. 28 Improvements - raised medians, curb and gutter, dl'8inage. street lighting, IlIndscaping, Itraffic sianals. wllter. and unitarv sewer 6.350.000 1.600,000 4.860.000 HIII-Jahnsan Road Im~ - roadway c:anstrUCtion. R.O.W. IICQUisition. drainage. utility IlICIuaunenu. landscaping. etc. 3.300.000 1.400.000 1.900,000 Main Street Improvemtlnta - paving, drainage. udlitlel. s . snet l;ahtina, 'IndSCIDina. etc. 700.000 700.000 Church Street Improvement$ - paving, dnlinage, utilities, tnlfflC signel. signage, street lighting, IlndscaDina etc. 1.100,000 1. 100~OOO Downtown A..... Improvementa . streets, land, public parking, bridge work. sidewalks, planning 2,200,000 and engineerino, etc. 2.200,000 Riverwalk Drive Improvements - paving. drainage, utilities, sign age, street lighting, IandscaDina, etc. 1,200,000 1,200.000 Bluebannet Road Improvements - paving. drainage, utilities, sianaae, street liahtina, landscaDina, etc. 750,000 80,000 670.000 Bogart Road Improvements - paving. drainage, Utl1ities, signege, street lighting, landscaDina, etc. 780.000 180,000 600.000 TmkerlSander. Intersection Improvements - plving, drainage, utility adjustments, signage. S1reet liahting, traffic signal. landscaoina, etc. 220,000 220,000 ICitv Hall 3.500.000 3.500,000 Plaza 2,734,360 2,734,360 Public Parkina Structure 2. , 20,960 2,120,960 Storm Water Detention 200,000 200,000 Ubrary 1,140,000 1.500,000 240,000 Police Station 0 Fire Station 1,493.500 1.493.500 Public Parking Lots. Land, and Engineering 3.011,1 BO 3,011.180 School Improvements 7,938,690 7.938.690 Professional services - engineering. planning, inspection. testing. etc. 650,000 650.000 . Total 39.988,690 4,660,000 35.328,690 1 , 13011998 Exhibit A__Z -- CITY OF COLLEYVILLE TAX INCREMENT REINVESTMENT ZONE ANALYSIS PROJECTED FINANCING PLAN 11 j i ~ It =- ei . A. ... E- ii .f ~i -J I t k_ .. .. (Sz ~ 2! 'IJ io 6- II I - . .! 1: '<C .. to! ~ tl. · rJ 1. e .. "ii .. ~ ... i= . j rnmrt1 "JIUmmUm:: - I .: J ~ I I .i~~i!'il!1 illff_lll I !liilHJl · jJililJ JilllJ 111l &1111111111111111111 .. I I I 5 .. III i.' . . , , . , - -IIJ i I i IIII I ! I ! . a ill-I s", -" -illlllllllll I ! f II j I- .:,. -IIIIIII~IIIIIII I I I i I j I- ... '1IIIIIIIIillllll I I J I ~ II- · - '11111111111111111 I I I i II! · -111111111111111111 I I I I a III! ~llllilllllllllliill IIII! . i 11 1IIIIilllllllliilill : I Ililllilllllii!lilil- ----.--~~.t==:::2=~Z I. .. II dit- hl~ 11,1 ..t..'I - 11 I t. · 1) 1"1' t- I III dii III! I II ..II 11~. It II! C' - ... e .. . :!~ ]..1 !J :.! esl 5 . - .. ~ .. J I . u r- ea 821 il .~ I ~ .1 .. e I~ .~ -0 -f -1-; .. .. ...~ 'C ! .. 1 . ... t: SllisIIJ:l!ii=i=ilil:- J j M' J 1..1 J ..1 !f!~!'!!ii5!!Si"!;;f(i tit . n g . 1 ~~#I" .. .~--:!:!jt..=i: ~ . -lSf~1 I) ! 'li!81!IIII\ail!!!~.J f ; 1 ~ I J" I' r .. !'!.ff~~ S;.!!~'=;.a.ilai I I i Iii f i -- ~~J.~~"__~~_ . 'S!!iail!'!s!!ii,S!II! I j j i i J I. :II:. .V,5!!!~..2S~;;~ i J I i j I "MiUlluUnnu. I Ili!!il'!!il.I!lil-!: 1 e f [I ~i5~!S~!!!5!!!!!!i! - .. i I I i .. lin ..........mumn. :l i Iii _ '. . . . . . . illlnllil;1 ~ J!I~:Z ;I 8 .... .111!lilSI'IEIII I I i -I_ r'~.i'r..."i'l!i r i I I .. · a I 8 ....I.~R!!IEI!I!II.1 . i e I ! liuifil{! .. Iii · j I II .. a 8 . '. '~!~~!~ilinl!~ln i I ! i 1 ................... ~ ' ~ .. i 8 .. I. ililllli!i Uiii~n Iii J a I Cj ...Il!l.a!..ll....!l ! ~ i i ta't:=tl!ij{~!! Ifiiin I i I II of ! .. II .. = ! f IUUllinUliliiUi $ t HiUnnU!iiiiilU u t ~ .--_.-.~-..--_._-~.. ~ ~ ---------- II .. II ;!it hJe liH ..t.. . 1. I t. · 1) J..I. 1-11 =11 Ilii ItU i 11 J.H 11~~ 11 U; EXHIBIT liB" PROPERTY DESCRIPTION TRACT I Being a tract of land situated in the Buffalo Bayou, Brazos and Colorado Railroad Survey, Abstract No. 206, City of Colleyville, Tarrant County, Texas, said tract of land being all the tracts as deeded per Warranty Deed to Village Monticello Partners, Ud. as recorded in Volume 13733, Page 369, Volume 13733. Page 361. and Volume 13733, Page 380 and also a portion of a tract deeded to Bransford Park and Land Trust as recorded in Volume 10461, Page 1250 and Lot 1, Block 1; 1st City National Bank of Colleyvllle Addition per plat recorded in Volume 388-182, Page 81, and all of Lot4-R, Block 1. Crossing at CoIIeyviJIe as recorded In Cabinet A, Slide 1397, all as recorded in the Deed Records of Tanant County. Texas, said tract being more particularly desaibed by metes and bOunds as follows: BEGINNING at set 5/8 inch capped iron rod (aHB INC) on the Northwesterty R.O.W. line of Cotleyvllle Boulevard (Grapevine Highway S, H. 26) also being the most Southerly comer of said Lot 1, Block 1, 1 st City National Bank of Colleyville Addition also being the most Easterly Northeast comer of a 10 foot R.O.W. dedication as shown on Kroger Addition per plat recorded in Cabinet A, Slid& 1029 of said Deed Records; THENCE North 60 degrees 43 minutes 22 seconds West, along the common line of said Lot 1. Block 1, 1 st City National Bank of Colleyville Addition and said Kroger Addition, a distance of 416.70 feet to a set 5/8 inch capped Iron rod for the Southwest comer of said Lot " Block 1, 1 st City National Bank of CoUeyville Addition; THENCE North 00 degrees 14 minutes 47 seconds West. continuing along said eommon line, passing a found 1/2 inch capped iron rod (Landes) at 0.70 feet, continuing for a total distance of 199.73 feet to a found 1/2 inch capped iron rod (Everage) being the most easterty southeast comer of Lot 4--R, Block " CrosSing at Colleyville, Phase II per plat recorded in Cabinet A, Slide 1397 of said Deed Records; THENce North 89 degrees 29 minutes 27 seconds West, along the south Une of said Lot 4-R and the north line of Lot 1 J Block. 1, of said Kroger Addition, a distance of 375.00 feet to a found 1/2 inch capped iron rod (Everage); THENCE South 67 degrees 27 minutes 52 seconds West, continuing along the common line of said Lots 4-R and said Lot 1, Block 1, Kroger Addition, a distance of 145.44 feet to a set 5/8 inch capped iron rod (SHB INC) being 1he Southwest comer of said Lot ~R, Block 1, also being on the east line of Block 5, Crossing at Colleyville as recorded in Cabinet A, Slide 1397 of said Deed Records; THENCE North 00 degrees 07 minutes 03 seconds West, along the common line of said Lot 4- R, Block 1 and said East line of Block 5, a distance of 310.36 feet to a point being the northwest comer of said Lot 4-R, Block. 1, on the south R.O.W. line of Forest Oak Lane (a 50' R.O.W.), from said point a found 1/2 inch iron rod bears North 03 degrees 47 minutes 52 seconds East, a distance of 0.74 feet; THENCE South 89 degrees 47 minutes 27 seconds East, along the north line of said Lot 4-R, Block 1 and said south R.O.W. line, a distance of 93.80 feet to a found 1/2 inch iron rod; THENCE South 89 degrees 29 minutes 27 seconds East, continuing along said north line of Lot 4-R, Block 1 and said south R.O.W. line, a distance of 415.08 feet to a found 1/2 inch iron rod being the northeast comer of said Lot 4-R, Block 1; THENCE North 00 degrees 14 minUtes 47 seconds West, along the west line of said Lot 1, Block 1, 1 st City National Bank of Colleyville Addition. a distance of 50.00 feet to a found 112 inch iron rod being the northwest comer of said Lot 1, Block 1, 1 st City National Bank of Colleyville Addition, from said found 1/2 inch iron rod a founcI112 inch iron rod bears South 07 degrees 35 minutes 19 seconds East, a distence of 1.61 feet; THENCE North 89 degrees 29 minutes 27 seconds West, leaving said common line and along the North R.O.W.line of Forest Oak Lane (8 fifty foot R.O.W.), a distance of 414.67 feet to a found 1 inch iron rod being the Southwest comer of said petty tract and also being the Southeast comer of a trad deeded to Bransford Park Land Trust as recorded in Volume 10217, Page 2222 of said Deed Recorda; THENCE North 00 degrees 29 minutes 26 seconds East, along the West tine of said Petty tract and the East line of said Bransford Park Land Trust as recorded in Volume 10217, Page 2222, a distance of 362.76 feet to a found 1/2 inch capped iron rod (Landes) being the Northeast comer of said Bransford Park Land Trust tract and also being the Southeast comer of Lot 2, Block 1, City Park Addition, per plat recorded in Volume 388-210, Page 94 of said Deed Records; THENCE North 00 degrees 07 minutes 45 seconds East, along the East line of said Lot 2, Block 1, City Park Addition, a distance of 354.80 feet to a found 112 inch capped iron rod (Landes) being the Northeast comer of said Lot 2, Block 1 also being the Southeast comer of Lot 1, Block 1, said City Park Addition; THENCE North 00 degrees 05 minutes 40 seconds East, along the East line of said Lot 1, Block 1, City Park Addition, a distance of 52.54 feet to a point, from said point a found 1/2 inch iron rod bears North 89 degrees 56 minutes 56 seconds East, a distance of 0.24 feet; THENCE North 89 degrees 56 minutes 56 seconds East, leaving said East line of Lot 1, Block 1, City Park Addition and along the North line of said Verlie L. Brown tract also being the South line of a tract deeded to ABC, a Texas General Partnership as recorcIed in Volume 11772, Page 2178 of said Deed Records, a distance of 919.61 feet to a found 1/2 inch iron rod on the established West R.O.W.line of Pleasant Run Road; THENCE along said established West R.Q.W. line of Pleasant Run Road the following; THENCE South 00 degrees 06 minutes 54 seconds East, a distance of 109.15 feet to a found 1 inch iron pipe; THENCE South 00 degrees 19 minutes 55 seconds West, a distance of 230_10 feet to a found ___ . .__. ..__..... ._,__ .__. ..__. . _._ .____.. ..._. ___ ,. _._ - u__. ._____, .._ ._ .____ _ -__.._.~.. -_. ...-- -..---.-...-..- ---.- ~ - .-....--- 1 inch iron pipe; THENCE South 00 degrees 22 minutes 25 seconds West. a distance of 153.57 feet to a found 112 inch iron rod; THENCE South 00 degrees 24 minutes 11 seconds West, a distance of 284.22 feet to a found 1 inch iron rod being the Northeast comer of a tract deeded to Anthony TImothy McNosky and Vivian D. McNosky as recorded in Volume 6786, page 503 of said Deed Rt;tCOrds; THENCE South 89 degrees 57 minutes 17 seconds . West. leaving said established West R.O. W. line of Pleasant Run Road and along the North line of said McNosky tract, a distance of 215.21 feet to a found 1 inch iron rod; THENCE North 89 degrees 29 minutes 10 seconds West, continuing along said North line, a distance of 100.40 feet to a found 1 inch iron rod being the NorthweSt corner of said McNosky tract, also being the most Norther1y Northeast comer of said Lot 1, Block 1, 1st City National Bank of ColleyvUle Addition; THENCE South 02 degrees 28 minutes 17 seconds East, along the common line of said McNosky tract and 1 st City National Bank of Colleyville Addition, a distance of 156.59 feet to a found 1/2 inch iron rod; THENCE North 88 degrees 33 minutes 10 seconds East, continuing along said common line, a distance of 290.13 feet to a found 1/2 inch capped iron rod (Landes) on the West R. O. W. line of Pleasant Run Road per plat of 1 st City National Bank of Colleyville Addition, from said found 1/2 inch capped iron rod (Landes) a found 1/2 inch iron rod bears North 88 degrees 33 minutes 10 seconds East, a distance of 15.00 feet; THENCE South 01 degrees 26 minutes 38 seconds West, afong said West R.O.W. line of Pleasant Run Road, a distance of 358.10 feet to a set 518 inch capped iron rod (BHB INC) at the intersection of said West R.O.W. line of Pleasant Run Reed with said Northwesterly RO.W.line of Colleyvllle Boulevard (Grapevine Highway S. H. 26); THENCE South 29 degreeS 16 minutes 38 seconds West, along said Northwesterly R.O.W. line, a distance of 227.70 feet to the POINT OF BEG'NNING and containing 1,090,871 square feet or 25.04 acres of land. PROPERTY DESCRIPTION TRACT II Being a tract of land situated in the J. M. Looney Survey, Abstract No. 936, City of Colleyville, Tarrant County, Texas, said tract being the remainder tract of a tract deeded to Foster Alton and Jean Andrews as recorded in Volume 6985, Page 1790 of the Deed Records of Tarrant County, Texas, said tract being more particularly described by metes and bounds as followS: BEGINNING at a found 5/8 inch iron rod on the Northwesterly RO.W, line of Colleyville Boulevard (Grapevine Highway South, H. 26), being the Southeast comer of Lot 1, BlOCk 1, Foster Addition per plat recorded in Volume 388-142, Page 35 of said Deed Records; THENCE South 29 degrees 25 minutes 11 seconds West, along said Northwesterly R.O.W. line of Colleyville Boulevard, passing a found 1/2 inch iron rod at 174.32 feet and continuing for a total distance of 317,35 feet to a point lying within a creek bed, said point being the most Easterly Southeast comer of Lot 1, Block 1, Applebee's Addition as recorded in Cabinet A, Slide 3939 of said Deed Records; THENCE North 08 degrees 34 minutes 03 seconds West, leaving laid Northwesterly RO.W. line d Colleyville Boulevard. along the East line of said Lot 1. Block 1, Applebee's Addition, a distance of 108.95 feet to a point lying within a creek bed; THENCE North 04 degrees 26 minutes 51 seconds East, continuing along the East line of said Lot 1. Block 1, a distance of 63.04 feet to a point lying within a creek bed. said point being the Northeast comer of said Lot 1, Block 1, Applebee's Addition; THENCE South 84 degrees 46 minutes 00 seconds West, along the North line said Lot 1, Block 1, Applebee's Addition, a distance of 122.54 feet to a found 1/2 inch iron rod; THENCE South 83 degrees 55 minutes 20 seconds West, continuing along said North line of Lot 1, Block 1, Applebee's Addition, a distance of 89.97 feet to a found 1/2 inch Iron rod In concrete on the established East R.O.W. line of Pleasant Run Road; THENCe North 00 degrees 44 minutes 09 seconds East, along said estabHahed East R.O.W. line of Pleasant Run Road, a distance of 508.29 feet to a found 518 inch iron rod being or Intended to be the Southwest comer of a tract deeded to Richard P. Failor as recorded in Volume 9085, Page 2173 of said Deed Records; THENCE South 87 degrees 45 minutes 59 seconds East, along the South line of said Failor tract and a tract deeded to Andrew and Jane O'pry as recorded in Volume 12888, Page 136 of said Deed Records, a distance of 338.45 feet to a found 1/2 Inch iron rod, from said found 1/2 inch iron rod 8 found 1/2 inch capped iron rod "Moa~ bears North 89 degrees 41 minutes 04 seconds East, a distance of 13.23 feet; THENCE South 13 degrees 06 minutes 16 seconds West, along the West line of a tract deeded to Charles Davidson as recorded in VoJume 7590, Page 1964 of said Deed Records and along the West line of said Lot 1. Block 1, Foster Addition, a distance of 373.81 feet to a set 5/8 inch capped iron rod (BHa INC); THENCE South 87 degrees 51 minutes 45 seconds East, along the South line of said Lot 1, Block 1, a distance of 118.83 feet to the POINT OF BEGINNING and containing 161,131 square feet or 3.70 acres of land. EXHIBIT "e" I - 1 , t/ \ ~-o- I '. . O~I \ ,~W/IIIIHIIIIIJB _m.' j \\.!;-=~_ 1/ ii ""',- I .I e ~~ ...... -"., ....~ ......o=.oj'-.... -....... ....... J ,f~~ ~~.~ ;==~2\ I] -=... ~ I ~. . . /' ~ - Y R" · L.. i ~~, ,j~..~~1 ~ I = ~ ~ ~N .::::J 'i~ Rl \ 'I' [I 'I T,71 ;; r ~, .:- ~ .. ~ ._~ ~ LJ I Ii! 1" ';;;: _ i. L "". I L 11-' ~ . .""::' 0 . _-'~. ~ l ~.., \(ll 1';- I 'I~~ l'l' un~: r--.....~.lll ; I :tl ~ ~ -.' ~ ,,/ .... ~ ~ -, =1 - :' .-' ~ ~ " .,:~>.. " - - - , ,.; ...' \ .t ..... ... ~ lL I..... ... ,.. ...... (\ \. : ; JilTlPI IP= t' " ..' ,. .. '"'" 1----0 ...... _-=,~.~.. ~~~~..:.\:iS7t.. ~" - r :1...: ~. ~ I '. .. .-'. . :".: "CO T"'. - ~ j . . ..........,FL----J...~..... - ..... - ..... . ., ,';" ;..--'.&>- 'It... = .. ,......::; \! ~t= -= ,..00 0 ~ - 5 . ' '\.. 'I' "".... - I ,- I , - ! ~ - ...... . ....... ','. ....... '. " .' 111 OLH - ~ ' - . ! , \:~... - - ~ - - - ,.,;' .-"j '. ,~. . - _ "'.i' "..' ':.~~tt.. - HI '''' '~b ~ r-- - , . "'".. "-', ..... "':, , .... , I -" -..... -_.~., -~ -:---.... " .-~.-' . EXHIBIT "D" PUBLIC IMPROVEMENTS On-Site Items Surveying Construction Staking Bridge Construction over Pleasant Run Creek In-Line Detention I Channelization of Pleasant Run Creek Excavation, Clearing, Grading, Erosion Control Sanitary Sewer System Water System Storm Drainage System Storm Water Detention Features Public Streets, Alleys, and Sidewalks StreetfTraffic Control Signage Public Parking Lots Street Lights Street Landscaping Engineering Plans Major :fountain Construction Overflow Parking Lot Perimeter Screening WaIls Wrought Iron Fence at City Park Off-Site Items Surveying Construction Staking Gate at Central Drive Median Improvements to Colleyville Boulevard Pleasant Run Street Improvements Pleasant Run Sidewalks Engineering Plans for Thompson Terrace Re-alignment Construction of Thompson Terrace Re-alignment Thompson Terrace Sidewalks Glade Road Sidewalks Public Parks Landscaping TOWN CENTER TIF AGREEMENT RESOLUTION R-03-2137 RESOLUTION R-03-2137 A RESOLUTION APPROVING A TAX INCREMENT FINANCING AGREEMENT FOR REDEVELOPMENT SITE NO.2 BETWEEN THE CITY OF COLLEYVILLE AND MELVIN & MARTINDALE, LTD., (TOWN CENTER DEVELOPMENT) WHEREAS, the City of Colleyville has established a tax increment financing district in cooperation with other area taxing entities; and WHEREAS, Melvin & Martindale, LTD., has proposed a retail-commercial development that will expand the retail-commercial and sales tax base of the district in keeping with the intent of the creation of the district; and WHEREAS, Melvin & Martindale, L TO., has requested that the City reimburse Melvin & Martindale, LTD., for a portion of the cost of public improvements being made to its property within the district; and WHEREAS, the public improvements are contained in the Tax Increment District Project Plan; and WHEREAS, these reimbursements will only be made after a sufficient increase in the real property ad valorem tax base is in place as verified by the Tarrant Appraisal District and Melvin & Martindale, LTD., has provided documentation of costs incurred. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF COLLEYVILLE, TEXAS: Sec. 1. THAT the Tax Increment Financing Agreement for Redevelopment Site No. 2 between the City of Colleyville and Melvin & Martindale, L TO" hereby attached as Exhibit "An is hereby approved and the Mayor is authorized to sign the agreement. Sec. 2, THAT this Resolution shall be conditioned on passage and acceptance of Resolution R-03-2138 by Melvin & Martindale, LTD. AND IT IS SO ORDERED. PASSED BY A VOTE OF .s AYE~, 0 NAYS AND 0 ABSTENTIONS ON THISTHEL~ DAY OF ~'-..-J 2003. ATTEST: ~~\2JfJ~ Cynthia Singleton, TRMC City Secretary Resolution R-03-2137 Page 2 of 2 CITY OF COLLEYVILLE t~ Mayor Exhibit "A" AGREEMENT FOR REDEVELOPMENT SITE NO.2 This Agreement for Redevelopment Site No.2 ("Agreement"), is made and entered into fly f4pti1 this the ~ day of , 2003, by and between THE CITY OF COLLEYVILLE, TEXAS, a home-rule municipality located in Tarrant County, Texas ("City"), and MELVIN & MARTINDALE, LTD., a Texas limited partnership ("Developer"). The City and the Developer are sometimes hereinafter referred to individually as a "Party" and collectively as the "Parties," Recitals WHEREAS, the City has the authority to adopt tax increment financing pursuant to the Tax Increment Financing Act, V.T.C.A., Tax Code, Section 311.001, et seq., as amended (the "Act"), for areas within its jurisdiction designated by the City as reinvestment zones pursuant to the Act, and to implement other economic development or financing programs pursuant to Chapter 380 of the Local Government Code and other statutes under the City's home-rule power; and WHEREAS, the City has authorized the preparation of a preliminary project plan and preliminary reinvestment zone financing plan for the area located in the City and described and depicted on Exhibits A-I, and A-2 attached hereto and made a_part hereof (the "Reinvestment Zone"); and WHEREAS, in accordance with the Act, the City, after giving all notices required by law, conducted a public hearing with respect to the creation of a Reinvestment Zone and its benefits to the City and to the property within the proposed Reinvestment Zone; and AGREEMENT FOR REDEVELOPMENT SITE NO.2. PAGE I C:\MY DOCUMENTS\AGENDA \BRIEFING\TIF AGREEMENTTOWNCTRBRF041503,DOC WHEREAS, the City, after giving and publishing all notices required by law and after conducting all public hearings required by law, and after making all presentations to, and conducting all meetings with and obtaining all necessary approvals from, each taxing unit that levies taxes on real property in the Reinvestment Zone as required by the Act, adopted an ordinance which, among other things, designated the property within the Reinvestment Zone as the "Tax Increment Financing Reinvestment Zone #1, City of ColleyviIle, Texas"; and WHEREAS, in accordance with the Act, the Board of Directors of the Reinvestment Zone has prepared and approved by Resolution R-03-03 a project plan and a reinvestment zone financing plan, (collectively "Plans"), which have also been approved by each taxing unit as of the Effective Date, and the City, in accordance with the Act and after making all findings required by the Act, has adopted Ordinance 0-03-1402 approving the Plans; and WHEREAS, the Developer is the owner and developer of a 54 acre parcel of real property within the City and within the Reinvestment Zone located generally at the intersection of Colleyville Boulevard and Hall-Johnson Road, and legally described in Exhibit "B" attached hereto (the "Property"), which Property shall also be known as Redevelopment Site No.2 in the Reinvestment Zone; and WHEREAS, the Developer currently intends to develop and improve all or a portion of the Property for commercial development, primarily retail, office and entertainment (cinemas with no more than six screens) (generally referred to herein as the "Project"), in various phases, in substantial conformance with the plan attached hereto as Exhibit "c" (the "Concept Plan"), and in accordance with the requirements of the City of Colleyville zoning ordinance and other ordinances of the City; and AGREEMENT FOR REDEVELOPMENT SITE NO.2. PAGE 2 C:\MY DOCUMENTS\AGENDA\BRIEFING\TIF AGREEMENTfOWNCTRBRF041S03.DOC WHEREAS, to facilitate the development of the Property, and subject to and in accordance with the terms of this Agreement and the limitations hereinafter stated, the City has agreed to use proceeds from the City's implementation of economic development and financing programs authorized by statute or the home-rule powers of the City to pay the project costs (as defined in Section 311.002(1) of the Act as now or hereinafter provided), in connection with the installation and completion of various public improvements listed on Exhibit "D" (collectively the "Public Improvements"), including the reimbursement of the Developer for project costs incurred by the Developer in connection with the redevelopment (including, without limitation, demolition, site preparation, installation of utilities, construction of Public Improvements, land costs, etc.), of the Property; and WHEREAS, this Agreement has been submitted to the City and the Developer for consideration and review, and the City and the Developer have taken all actions required to be taken prior to the execution of this Agreement in order to make same binding upon the City and the Developer according to the terms hereof; and WHEREAS, the City, after due and careful consideration, has concluded that the redevelopment of the Property as a portion of the Reinvestment Zone, as provided for herein, and in the Plans, will further the growth of the City, facilitate the redevelopment of the entire Reinvestment Zone, improve the environment of the City, increase the assessed valuation of the real estate situated within the City, foster increased economic activity within the City, increase employment opportunities within the City, upgrade public infrastructure within the Reinvestment Zone, and otherwise be in the best interest of the City by furthering the health, safety, morals, and AGREEMENT FOR REDEVELOPMENT SITE NO.2 - PAGE 3 C:\M Y DOCUMENTS\AGENDA \BRIEFING\TIF AGREEMENTTOWNCTRBRF041S03.DOC welfare of its residents and tax payers, and that entering into this Agreement is necessary and convenient to implement the Plans and achieve their purposes; and WHEREAS, the City is desirous of having the Developer undertake the Project in order to serve the needs of the City and in order to produce increased tax revenues for the various taxing units authorized to levy taxes on real property within the Reinvestment Zone and the City and, in order to stimulate and induce the redevelopment of the Reinvestment Zone, the City has agreed to pay certain Project costs through property tax increment revenues, all in accordance with the terms and provisions of the Act and this Agreement. NOW, THEREFORE, for and in consideration of the foregoing and of the mutual covenants and agreements contained herein, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties do hereby agree as follows: Recitals Part of the Agreement 1. Incorporation of Recitals, The representations, covenants and recitations set forth in the foregoing recitals are material to this Agreement and are hereby incorporated and made part of this Agreement as though they were fully set forth herein. Mutual Assistance 2. Cooperation. The Parties agree to take such actions, inc1udinglhe execution and delivery of such documents, instruments, petitions and certifications (and, in the City's case, the adoption of such ordinances and resolutions), as may be necessary or appropriate, from time to time, to carry out the terms, provisions, and intent of this Agreement and to aid and assist each other in carrying out said terms, provisions and intent. AGREEMENT FOR REDEVELOPMENT SITE NO.2. PAGE4 C:\MY DOCUMENTS\AGENDA\BRIEFING\TIF AGREEMEN'ITOWNCTRBRF04150J.DOC Effectiveness of Agreement 3, Effective Date. This Agreement shall become effective from and after its approval and execution by both Parties. Redevelopment and Use of the Property and Construction of the Public Improvements 4.1 The Proiect. Developer and/or assigns shall construct or cause the Project to be constructed in substantial conformance with the Concept Plan. The Project may be constructed in phases at Developer's sole discretion; provided that the Developer shall comply with all applicable ordinances of the City, including, without limitation, the zoning ordinances governing the Project. 4.2 Public Improvements. The Developer and/or assigns shall construct or cause to be constructed the Public Improvements and pay the cost of such construction. In constructing the Public Improvements, the Developer shall comply with all requirements and take all action necessary to insure the cost of the Public Improvements are project costs reimbursable under the Act. The City shall cooperate with the Developer to insure all costs of the Public Improvements are reimbursable under the Act. To the extent that any of the Public Improvements to be constructed by the Developer are located on City owned rights-of-way or easements, the City shall grant to the Developer and its designees access to enable construction of the Public Improvements. 4.3 City Approval. Prior to the commencement of the construction, the Developer shall submit to the City and obtain the approval of the City of the plans for the Public AGREEMENT FOR REDEVELOPMENT SITE NO, 2 . PAGE 5 C:\MY DOCUMENTS\AGENDA \BRIEFING\TIF AGREEMENITOWNCTRBRF041S03.DOC Improvements and shall construct the Public Improvements in conformity with the plans approved by the City. Reimbursement of Eligible Project Costs 5.1 Definitions. (a) Protect Costs, For the purposes of this Agreement, HProject Costs" shall mean and include all costs defined as Project Costs in Section 311.002(1) of the Act as now or hereinafter provided. (b) Increased Ad Valorem Tax Attributable to the Proiect. For the purpose of this Agreement, "Increased Ad Valorem Tax Attributable to the Project" shall mean the amount calculated by deducting the certified taxable value of the Property for the purpose of ad valorem taxes on January 1,2001, from the certified taxable value of the Property for the purpose of ad valorem taxes on January 1, 2003 and each subsequent year, and multiplying that amount by the combined real property tax rate established by the City of Colleyville, Tarrant County, Tarrant County Hospital District, and Tarrant County Community College District for the applicable Tax Year. (c) Increased GCISD Ad Valorem Tax Attributable to the Proiect. For the purpose of this Agreement, "Increased GCISD Ad Valorem Tax Attributable to the Project" shall mean the amount calculated by deducting the certified taxable value of the Property for the purpose of ad valorem taxes on January 1,2001, from the certified taxable value of the Property for the purpose of ad valorem taxes on January 1,2003 and each subsequent year, and multiplying that amount by the real property tax rate established by the Grapevine-Colleyville AGREEMENT FOR REDEVELOPMENT SITE NO.2. PAGE 6 C:\MY DOCUMENTS\AGENDA\BRIEFING\TIF AGREEMENTTOWNCTRBRF041S03.DOC Independent School District (tlGCISDtI) for the applicable Tax Year for the payment of GCISD maintenance and operations, (c) Tax Collection Period. As used in this Agreement the term "Tax Collection Period" means October 1 to September 30 of each year. 5.2 Reimbursement Payments. The City shall reimburse the Developer for Project Costs actually paid by the Developer in the construction of the Public Improvements, subject to the following conditions and limitations: (a) All reimbursements payments shall be limited to and shall be made from the taxes levied and collected on the Property during each Tax Collection Period beginning on October 1, 2003 and deposited to the tax increment fund established pursuant to Section 311.014 of the Act. (b) The total reimbursement payments to the Developer shall not exceed $2,582,500.00. (c) All reimbursement payments made from the tax increment fund for Public Improvements, shall be conditioned upon the Developer providing adequate assurances, as determined in the reasonable discretion of the City, that the City shall not be required to maintain the Public Improvements excluding Church Street. The City and Developer shall maintain liability insurance in the amount of $2,000,000 in the aggregate naming the other Party as an additional insured to protect the City and Developer from claims arising from the operation and maintenance of the Public Improvements, excluding Church Street; provided the City's obligation shall be contingent on the City's liability insurer for the public improvements allowing the developer be named as an additional insured on the City's policy at no cost to the City. On or AGREEMENT FOR REDEVELOPMENT SITE NO.2 - PAGE 7 C:\MY DOCUMENTS\AGENDA\BRIEFING\TlF AGREEMENTI'OWNCTRBRF041503.DOC before January I of each year each Party shall provide written evidence of the liability insurance being in full force and effect for that year. (d) All reimbursement payments made from the tax increment fund shall be conditioned upon the City receiving adequate assurances, as determined in the discretion of the City, that the City shall have the right of first refusal with such provisions as are satisfactory to the City to purchase any land and improvements on the Property which is now or hereinafter owned by Lifetime Fitness. Such right of first refusal shall be applicable only in the event a tax exempt entity desires to purchase and use any land and improvements on the Property, which is nor or hereinafter owned by Lifetime Fitness. In the event the right of first refusal is triggered then within thirty (30) days receipt of a written offer, which shall include a copy of the contract setting forth the terms and condition to the City Manager of the intent to sell the land and improvement on Property, which is now or hereafter owned by Lifetime Fitness, the City shall: (i) enter into a Letter of Intent with the Seller; (ii) proceed to issue debt in accordance with the provisions of Texas law, not to exceed 120 days from date of receipt of any written offer; and (iii) closing shall take place within 120 days of receipt of the written offer. (e) Subject to Subsection 5.2(b) above, reimbursement payments to the Developer shall be paid from the following sources: (i) Seventy-Four Percent (74%) of the Increased GCISD Ad Valorem Tax Attributable to the Project. The City's obligation to pay any amount calculated AGREEMENT FOR REDEVELOPMENT SITE NO, 2 . PAGE 8 C:\MY DOCUMENTS\AGENDA\BRIEFING\TIF AGREEMENITOWNCTRBRF04I503.DOC upon a percentage of the Increased GCISD Ad Valorem Tax Attributable to the Project is expressly conditioned upon the GCISD participating in the Tax Increment Financing District established by the City pursuant to the Act, and Reimbursement Payments to the Developer based upon the Increased GCISD Ad Valorem Tax Attributable to the Project shall never exceed the amount actually received by the City as a result of the participation of the Grapevine-Colleyville Independent School District in the Tax Increment Financing District established by the Act and applicable to the Project (provided however, if for any reason the GCISD does not participate, Developer shall be reimbursed in full for the Public Improvements pursuant to Section 5.2(e)(ii) below); plus (ii) One hundred percent (100%) ofthe Increased Ad Valorem Tax Attributable to the Project. (f) The Developer shall only be entitled to reimbursement for the construction of a Public Improvement that has been completed. The Public Improvement shall be deemed completed when the City certifies that the improvement is completed. The Developer may request a certification of completion from the City for each Public Improvement. The City shall, within 30 days after the date of said request, either issue a certificate of completion for the Public Improvement or identify in writing the reasons the certificate of completion has been withheld, (g) The City shall deposit into a fund the Increased GCISD Ad Valorem Tax Attributable to the Project and the Increased Ad Valorem Tax Attributable to the Project collected for each Tax Collection Period beginning October 1,2003, until the termination of this Agreement, not otherwise paid to the Developer under Section 5.2 hereof (the "City's Retained AGREEMENT FOR REDEVELOPMENT SITE NO.2 - PAGE 9 C:\MY DOCUMENTS\AGENDA \BRIEFING\TIF AGREEMENTTOWNCTRBRF041503.DOC Tax Fund"). The City's Retained Tax Fund shall be used by the City to make payments to the Developer called for in paragraphs 5.2(e)(i) and (ii) hereof. 5.3 Date of Reimbursement. Payments and Termination. (a) The City shall make the first payment of accrued Reimbursement Payments to the Developer on July 1,2004. Additional accrued Reimbursement Payments shall be made to the Developer annually on the same day in each successive year until repayment of Developer is made in full at which time this Agreement shall terminate. (b) The City shall have the option of terminating this Agreement, in its sole discretion, if a permit for the construction of a motion picture theater containing more than six (6) screens is issued or if such a theater is constructed. Warranties 6.1 Authority. (a) The City hereby represents and warrants to Developer that the City has full constitutional and lawful right, power and authority, under currently applicable law, to execute and deliver and perform the terms and obligations of this Agreement, and all of the foregoing have been or will be duly and validly authorized and approved by all necessary City proceedings, findings and actions. Accordingly, this Agreement constitutes the legal, valid and binding obligation of the City, is enforceable in accordance with its terms and provisions and does not require the consent of any other governmental authority. (b) Developer hereby represents and warrants to the City that Developer has full lawful right, power and authority to execute and deliver and perform the terms and obligations of this Agreement and all of the foregoing have been or will be duly and validly AGREEMENT FOR REDEVELOPMENT SITE NO.2 - PAGE 10 C:\MY DOCUMENTS\AGENDA\BRIEF1NG\T1F AGREEMENTTOWNCTRBRF041S03.DOC authorized and approved by all necessary actions of Developer. Concurrently with Developer's execution of this Agreement, Developer has delivered to the City copies of the resolutions or other corporate actions authorizing the execution of this Agreement and evidencing the authority of the persons signing this Agreement on behalf of Developer to do so. Accordingly, this Agreement constitutes the legal, valid and binding obligation of Developer, and is enforceable in accordance with its terms and provisions. 6.2 Authorized Parties, Whenever under the provisions of this Agreement and other related documents and instruments or any supplemental agreements, any request, demand, approval, notice or consent of the City or Developer is required, or the City or Developer is required to agree or to take some action at the request of the other, such request, demand, approval, notice or consent, or agreement shall be given for the City, unless otherwise provided herein. by the City Mayor or his designee and for Developer by any officer of Developer so authorized (and, in any event, the officers executing this Agreement are so authorized); and any Party shall be authorized to act on any such request, demand, approval, notice or consent, or agreement. MisceUaneous 7.1 Time of Essence. Time is of the essence of this Agreement. The Parties will make every reasonable effort to expedite the subject matters hereof and acknowledge that the successful performance of this Agreement requires their continued cooperation. All dates and time periods provided for in this Agreement shall be delayed during any pending or threatened litigation that would affect the ability of the City to reimburse the Developer from the Tax Increment Fund as provided in Section 311.014 ofthe Act. AGREEMENT FOR REDEVELOPMENT SITE NO.2. PAGE 11 C:\MY DOCUMENTS\AGENDA \BRIEFING\TIFAGREEMEN'ITOWNCTRBRF041SOJ.DOC 7.2 Default. (a) A Party shall be deemed in default under this Agreement (which shall be deemed a breach hereunder) if such Party fails to materially perform, observe or comply with any of its covenants, agreements or obligations hereunder or breaches or violates any of its representations contained in this Agreement. (b) Before any failure of any Party to this Agreement to perform its obligations under this Agreement shall be deemed to be a breach of this Agreement, the Party claiming such failure shall notify, in writing, the Party alleged to have failed to perform of the alleged failure and shall demand performance. No breach of this Agreement may be found to have occurred if performance has commenced to the reasonable satisfaction of the complaining Party within thirty (30) days of the receipt of such notice, subject, however, to the terms and provisions of Section 5.2(t). Upon a breach of this Agreement, the non-defaulting Party, in any court of competent jurisdiction, by an action or proceeding at law or in equity, may secure the specific performance of the covenants and agreements herein contained, may be awarded damages for failure of performance, or both. No action taken by a Party pursuant to the provisions of this Agreement shall be deemed to constitute an election of remedies and all remedies set forth in this Agreement shall be cumulative and non-exclusive of any other remedy . either set forth herein or available to any Party at law or in equity. Each of the Parties shall have the affirmative obligation to mitigate its damages in the event of a default by the other Party. 7.3 Amendment. This Agreement, and any exhibits attached hereto, may be amended only by the mutual agreement of the Parties evidenced by a written amendment, by the adoption of an ordinance or resolution of the City approving such written amendment, as AGREEMENT FOR REDEVELOPMENT SITE NO.2 - PAGE 12 C:\MY DOCUMENTS\AGENDA \BRIEFING\TIF AGREEMENTfOWNCTRBRF041503.DOC provided by law, and by the execution of such written amendment by the Parties or their successors in interest. 7.4 Entire Agreement. This Agreement (including all Exhibits attached to this Agreement) sets forth all agreements, understandings and covenants between and among the Parties relative to the matters herein contained. This Agreement supersedes all prior agreements, negotiations and understandings, written and oral, and shall be deemed full integration of the entire agreement of the Parties. 7.5 Severability. If any provision, covenant, agreement or portion of this Agreement, or its application to any person, entity or property, is held invalid, such invalidity shall not affect the application or validity of any other provisions, covenants, agreements or portions of this Agreement and, to that end, all provisions, covenants, agreements or portions of this Agreement are declared to be severable, and it is the intention of the Parties that in lieu of each provision that is found to be illegal, invalid or unenforceable, a provision be added to this Agreement which is legal, valid and enforceable and accomplishes the intent of the Parties as evidenced by this Agreement.. 7.6 Texas Law. This Agreement shall be construed in accordance with the laws of the State of Texas, and any actions concerning this Agreement shall be brought in either the Texas State District Courts of Tarrant County, Texas or the United States District Court for the Northern District of Texas. 7.7 Notice. Any notice to be given or served hereunder or under any document or instrument executed pursuant hereto shall be in writing and shall be (i) delivered personally, with a receipt requested therefor; or (ii) sent by telecopy facsimile; or (iii) sent by a AGREEMENT FOR REDEVELOPMENT SITE NO, 2 . PAGE 13 C:\MY DOCUMENTS\AGENDA\BRIEFING\TIF AGREEMENTTOWNCTRBRF041503.DOC nationally recognized overnight courier service; or (iv) delivered by United States registered or certified mail, return receipt requested, postage prepaid. All notices shall be addressed to the Parties at their respective addresses set forth below, and shall be effective (a) upon receipt or refusal if delivered personally or by telecopy facsimile; (b) one (1) business day after depositing with such an overnight courier service; or (c) two (2) business days after deposit in the United States mails, if mailed. A party may change its address for receipt of notices by service of a notice of such change. All notices by telecopy facsimile shall be subsequently confirmed by U.S. certified or registered mail, return receipt requested. If to the City: with a copy to: If to Developer: with a copy to: City of Colleyville 401 Oak Valley Drive Colleyville, Texas 76034 Attn: City Manager Fax Number: (817) 577-7555 Ross T. Foster ROSS T. FOSTER, P.C. 9001 Airport Freeway, Suite 675 Fort Worth, Texas 76180 Fax Number: (817) 485-2836 Melvin & Martindale, Ltd. c/o Robert M. Farrell R.M, Farrell, Inc. 8235 Douglas, Suite 950 Dallas, Texas 75225 Fax Number: (214) 360-1716 Barry R. Knight Winstead Sechrest & Minick P.C. 1201 Elm Street, Suite 5400 Dallas, Texas 75270 Fax Number: (214) 745-5390 AGREEMENT FOR REDEVELOPMENT SITE NO.2 - PAGE 14 C:\MY DOCUMENTS\AGENDA\BRIEFING\TIF AGREEMENTTOWNCfRBRF041S03.DOC 7.8 Counterparts. This Agreement may be executed in several counterparts, each of which shall be an original and all of which shall constitute but one and the same agreement. 7.9 No Recordation. The Parties agree that this Agreement may not and shall not be recorded without the prior written consent of Developer. 7.10 Consent or Approval. Except as otherwise provided in this Agreement, whenever consent or approval of either Party is required, such consent or approval shall not be unreasonably withheld. 7.11 Interoretation. This Agreement has been jointly negotiated by the Parties and shall not be construed against a Party because that Party may have primarily assumed responsibility for the drafting of this Agreement. 7.12 Exhibits. All exhibits attached hereto are declared to be a part of this Agreement and are incorporated herein by this reference. 7.13 Assignability, The rights and obligations of Developer hereunder may be assigned in whole or in part at any time by Developer to an affiliated entity owned in whole or in part by Developer, Life Time Fitness, Inc., or a property owners' association formed for the purpose of operating and maintaining the Public Improvements without consent of the City, and to others only with the City's consent which consent shall not be unreasonably withheld or delayed. 7.14 No Third Party Beneficiary. The rights and/or privileges under this Agreement are solely for the parties to this Agreement. The parties do not intend that any third AGREEMENT FOR REDEVELOPMENT SITE NO.2. PAGE 15 C:\MY DOCUMENTS\AGENDA \BRIEFING\TIF AGREEMENTI'OWNCTRBRF041503.DOC party be a beneficiary of this contract. No third party shall have a right or cause of action arising out of the execution of this Agreement or its breach. AGREEMENT FOR REDEVELOPMENT SITE NO.2 - PAGE 16 C:\MY DOCUMENTS\AGENDA\BRIEFING\TIF AGREEMENTIOWNCTRBRF041S03.DOC IN WITNESS WHEREOF, the Parties have duly executed this Agreement pursuant to all requisite authorizations as of the date first above written. CITY By: ATTEST: 7? ~ Cynthia Singleton, City Secretary APPROVED AS TO FORM: it osler, City Attorney DEVELOPER MELVIN & MARTINDALE, LTD., A Texas limited partnership By: RM. Farrell, Inc., a Texas corporation, general partner By: AGREEMENT FOR REDEVELOPMENT SITE NO.2. PAGE 17 C:\MY DOCUMENTS\AGENDA\BRIEFlNG\TIF AGREEMENTIOWNCTRBRF04IS03.DOC Exhibit II A..1" Attachment 3 Colleyville TIF Project Plan Total I Non- TIF I TIF Project Cost Cost Cost S.H. 26 improvements. raised medians, curb and gutter, drainage, street lighting, 6,350,000 1,500,000 4,850,000 landscaping, traffic signals, water and sanitary sewer Hall.Johnson Road improvements - roadway construction, R.OW. acquisition, drainage, 3,300,000 1,400,000 1,900,000 utility adjustments, landscaping, etc. Main Street improvements - paving, drainage, utilities, traffic signal, signage, street 700,000 700,000 lighting, landscaping, etc. Church Street improvements - paving, drainage, utilities, traffic signal, signage, street 2,150,000 2,150,000 lighting, landscaping, etc. Downtown Area improvements - streets, land, public parking, bridge work, sidewalks, 2,200,000 2,200,000 planning and engineering, etc. Riverwalk Drive improvements - paving, drainage, utilities, signage, street lighting, 250,000 250,000 landscaping, etc. Bluebonnet Drive improvements - paving, drainage, utilities, signage, street lighting, 750,000 80,000 670,000 landscaping, etc. Bogart Road improvements - paving, drainage, utilities, signage, street lighting, 780,000 180,000 600,000 landscaping, etc. Tinker/Sanders Intersection improvements - paving, drainage, utility adjustments, signage, 220,000 220,000 street lighting, traffic signal, landscaping, etc. City Hall 3,500,000 3.500,000 Plaza 1,595,000 1,595,000 Public Parking Structure 1,800,000 1,800,000 Storm Water Detention 200,000 200,000 Library 1,740,000 1,500,000 240,000 Fire Station . 867,500 867,500 John McCain Road 62Q,Ooo 626,000 Public Parking Lots, Land and Engineering 4,371,500 4,371,500 School Improvements 7,938,690 7,938,690 Professional services. engineering, planning, inspection, testing, etc. 650,000 650,000 TOTALI 39.988.6901 4,660,0001 35,328.690 0-03-1402 Exhibit" A-2" ~ ~ ~~ ~~ ~ ~ ~...... ...... ~ = ::Ju ~ - ~QJ QJ ....... ~ = ...... 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Gl Q) II. 0 0 0 0 l!! 0 0 00 0 ~ o. q CIS 0 :: 00 - - ~ - - - (I) ... CIS - N Q) ,.., .". >- III III Q) C ... u: u. (I) Cii ::s ftj ,.., N -c N > -c '" ~ .... CD .... .... .... .... :s III )( I'll .... Q) ::s -; > 0 0 ::> <:> Q) <::> :::> :::> :::> :a ~. N ::> oc I'll ,.., ..0 M M r- 0'- ,..., oc >C .". co M I'll '" ..0 ..0 " ... .... .... .... .... ! 0 .... a; CD II. <::> 0 0 0 CI) 0 <::> 0 0 .,., .,., or: .. .,., cO ~ CIS r-: ~ -~ 00 .". r- (I) .. CIS ..... ,..., .... C1J- >- ! ~ ~ - Gl CI) = ~ II. (I) - CI) = C;<::>o-.ocr- >""NNN CD................ :a CIS )( ca .... CIJ = -; =:0008 -~~g~ .Q . . "lr\ ...,.~~~ )(",o-.N"'l ca,c"",o ................"" ]j o .... ... Gl Gl 11.0 (1)~ c~ .~N (I) 000 000 000 ""'''' 0- ,..., 00 N"" ,..., .. fti:-M"""'~ ....>- ~ Exhibit "B" The Town Center Colleyville development contains 54.25 acres of land, located in the J. M. Looney Survey, Abstract 936 and the Nancy B. Looney Survey, Abstract 937. The property has been platted into nine commercially zoned lots (CC2-Shopping Center District). The following are the current (March 12, 2003) legal descriptions for the lots in this development: Lot 1 R, Block 1, Town Center Colleyville Lot 2R, Block 1, Town Center Colleyville Lot 3R1. Block 1, Town Center Colleyville Lot 3R2, Block 1, Town Center Colleyville Lot 4, Block 1, Town Center Colleyville Lot 1R, Block 2, Town Center Colleyville Lot 2, Block 2, Town Center COlleyville Lot 3, Block 2, Town Center Colleyville Lot 1. Block 3, Town Center COlleyville ~, ..~or~ ;:~~ ~ ..tt ~:- '~ ".... ~ ~;~. ::!i~ a~tl' () +-' .- ..c .- .c x UJ ........~~.> ....,~, ",Iii b; ~;~ "I :"!~O ~n~ .- .. ~;: i. '\ ......,;:. ..,. ~.,....(( .. :l':;', .' ' ~...-.- 31\//;J( j if .. , ;'~'.~." :') .~ lEI 'l I i ; , .. -1 ~.; , " ".;; ;~:: J .:~ . '~J' I i '... 'i'.,.l ,t". ..1.:..' -' ,~ ' / 1;'1>N. t.... ~:~~~ ':'. ,. i~ ~ 0:; " ^,,: ....,. . \' !Ii~"'.t i ~Yti.f:( : f!~< . ~*i>' :\(N., ~ '1~~/ ::: ......./ i ~ d' . ~: f J;' ~ .~ 1~ ! :'"l:; l' 'H' ~ q~~.: ' i,c~pl(: . ~nHmW. J!,dillli;!~ :::-;i~1~~!::~~: l , , .': H' ,i i if i i :~ ~ !h; ! j W:: :!~j , I to. _:-,1 t.. 1. tool; .. ! I tft'" ~.. '! ' l ;'v';j'll !1 :'~'. ~ ~ ;l~~i ;.; lit"t.! 1:-; ~'lt ;1; :.:,p!;i':~~ if.'~l\'" ,!il~'~~Jl'~J k~:H'P iif,:~h~,Lr ~ 5~:':::;~.L~ ;d3 alUmi . .. .,.. t' ::;.:~:!:;:;-::-;;;~~ EXHIBIT "0" PUBUCIMPROVEMENTS Proiect Items: Church Street . Engineering Plans and Testing . Surveying and Construction Staking . Land Purchase for ROW . Excavation, Clearing, Grading, Erosion Control . Water, Sanitary Sewer, and Storm Water Drainage System . Public Streets, Alleys, Sidewalks, and Trails . Street-traffic Control Signage . Decorative Street Lights . Enhanced Landscaping (both hard and softscape features) Plaza-Trail Corridor: . Engineering Plans and Testing . Surveying and Construction Staking . Land Pu rchase for ROW . Excavation, Clearing, Grading, Erosion Control . Water, Sanitary Sewer, and Storm Water Drainage System . Storm Water Detention-Retention System and Landscaping Features . Par Course features . Enhanced Landscaping (both hard and softscape features) . 12.5 foot Hike and Bike Trail . Decorative Trail Lighting (low level bollards and lamp posts) . Public Parking Lot Pond-Plaza Areas: . Engineering Plans and Testing . Surveying and Construction Staking . Land Purchase costs . Excavation, Clearing, Grading, Erosion Control . Water, Sanitary Sewer, and Storm Water Drainage System . Storm Water Detention-Retention System and Landscaping Features . Public Streets, Alleys, Sidewalks, and Trails . Enhanced Landscaping (both hard and softscape features) . Fountain Construction EXHIBIT "0" PUBLIC IMPROVEMENTS continued Church Street: The funding for the street will provide for the section of Church Street east of SH26 to Riverwalk Drive. The street will be a curb and gutter four-lane divided thoroughfare section. Enhanced Landscaping with pavestone at intersections will be provided. A twelve and half foot trail will be constructed along the south side and a five-foot sidewalk constructed along the north side of the street. Enhanced decorative street lighting will be located along the median. The land cost for the ROW will be based on the land purchase by the Developer from the Owner. The street, landscaping and decorative lighting packages to be constructed are further defined as a part of Exhibit "D". Any improvements will need to be provided in ROW or other property owned by the City. Plaza-Trail Corridor: A linear plaza trail shall be developed running along the west side of Riverwalk Drive. The plaza-trail, consisting of an twelve and half foot wide trail, shall begin at Hall Johnson Road and extend south to the entrance of the residential subdivision of The Bridges at Riverwalk. The plaza-trail shall be landscaped, irrigated and lighted. Sections of the area will have benches with a potential design for a par course. . The lighted trail sections shall consist of low-level decorative lighting standards. Also incorporated will be a series of earthen berms used to enhance the area and segregate it from service areas of the buildings. In addition, five-foot wide trail loops will extend around the pond sections incorporating these water features into the plaza-trail corridor. The Developer may also incorporate adjacent parking to provide public parking facilities to enhance access and convenience to the plaza-trail corridor. The land cost for the ROW will be based on the land purchase by the Developer from the Owner. The landscaping, trail, pond areas, decorative lighting, etc. packages to be constructed are further defined as a part of Exhibit "0". Any improvements will need to be provided in ROW or other property owned by the City Pond-Plaza Areas: The north pond-plaza area will include approximately 52,312 square feet of land. The south pond area will occupy approximately 90,000 square feet of land. The pond rock edges shall consist of Lewter's limestone slabs and will be similar in appearance to the rock used on the commercial buildings, which are massive in size and approximately twelve inches thick. This will give platforms to enjoy the waterscape. A fountain will also be included along with a five- foot wide looped walking trail with bench stations and specialty decorative lighting and landscape features around the ponds. The sidewalk and trail areas will be lighted for pedestrian use. These landscape and trail sections will interconnect with the plaza-trail sections of the project. The land cost for the ROW will be based on the land purchase by the Developer from the Owner. The landscaping, trails, pond areas, decorative lighting, etc. packages to be constructed are further defined as a part of Exhibit "0". Any improvements will need to be provided in ROW or other property owned by the City o G G .- e \- ;;W3 -. Z~~ , ~nlJ l,;: .___J ~~ -' '."; -~ ..~~ J "~h" . ~~t. "Ij~ , \ I ro. ;'t i 1 ., I .:...... ~l I'. A'l'~ I . ~!~ . "'i~"-,~~, t;. ~<:,: . . zJ~~ I' ~t/' J/;). ~...... 7\ ..... ',)t:. .r , ....~ :'1 fl r 13, I~I'. i t. 0', I -': -3 '. +-' .- ..c .- ..c: X W ..'P.......,. .~~<.).;,,.. ;J' . .....1i..1~ . . ,..... ...........:;i .t"",.' ,t). ~. / i".j if~!~ ~...~~ I /i!?~ I '. . "....:'>t!;,. t.,. 1, / ,..~~:';"<.,~';-: : '/::. .~. ...'-...I""--'<'~':; ~~~,,"Z: ,/ : k,<. .,. .~ . " '-"~~' . 0'1 '-';~~ fJ' .' - It;' ;/. .' h_ ", ......,. t"'" ~'. " / 5" "''JI'' ': 77...... """~'!' .". '" ~ " :/ ';, ..... ..' 'if~ ~ ,.:, ,r,~.... {. /. .. , '':'6 "'1'. ? i';' ;(oil' .....~:.. .,: ., ih~r " . ,~.~.. "'''1"'1-'' "r.;~x · j'i'-;~:'i-..1~,rtl"">ll I"; ~ : ' ~'J r~it,c j . i..~'''~'''''' 1" / -i' ~ &';. / "..)L'ii ..:; .'~'" ,./ ,:' .,,' /", .:.1 ~ /"',.. , j l ......~o;;~:. .;1 # ........ .".~. ,. 7'~-i'k'!!i ;~. "'" . ..,........... '''''., ;;'~ .;'. ~ 7,~.... ' ~:..I,' ~ "'1 to.. '~""'.~ ,'" ,r; ,.' '>. :':'::'~:::,~':~~J:.:~~:./l ~~ ." '\ _._-~.:: :/"",{!.\'11 ~.. ;: .-:-JR' L!....- y~ " ~ l ~'r . .....-. ,-_..4,~.~':.l ,~'7 liI ~~L..=:. ~. "J I .~ ...... J ' ;""~. i:,"",~' . "":. . :. ~.: " '/.- F ~! \. -it.:\:_~ / 4J . ~ ..-:- ," ':8~ ;~ ~~ ..j If' ~ ... ';'.7TC'(-). :i;;:;;;;';' ~.,'J . ~h ::-:~:~~ :.:..:..... .~~.;;.; Ii'- s:;:. .~--" -1~timC~ AJMi"Y.':lr ' ci~o~ NOSNHor 1WH OIl101l,l!lO~ ~ ~ ( t ~ 1 I~ ; t' tH ~ .' l~ I t tm ~ I {,"', ~~fHHH. ~ J"'i "', "I: 1 .~ '. :ll"' .... J:':Hri~nl 1!~i~i~~~:'~ ~ 31\1~( ... II ", i ~ r j. i ~ ~ \ j "i ~'l t ~ i f r~ ) \' f. b; "'\~ I i ~ r ' t .', =~Ji .. . j !~; t.> r 'H' ~ ! r. iH"S J1 ;lH i.> " .,. It -,p",,, 'a~ i;~.'I\:1 I... 'l..~,,! F'!~i;h ,~iPHd~f~~ i1f!I'Jl i'j: Hf;;!iil"~l!f! ! !l'~.!!h~ !!.1~'!ll..l-:-:.;!! ~ ?:~::....;.", 2:::::::J'l:~~;;'~"'.. O.........~L~-.::=-=-_.- -=-~ --.-~...:.......... _.'...... .' · .. . .1@ _ ~ ;", __'_' -.-,,1 ,-. ,- MEMORANDUM Office of City Manager TO: FROM: SUBJECT: DATE: Mayor and City Council Bill Lindley Bond propositions February 17, 2005 The bond election was a success in allowing voters an opportunity to express positions for the various projects contained within the six propositions. Just over 3,200 combined voters cast a vote either for or against a particular proposition. This level of voter turnout is larger than what we typically see in a regular City Council election - or for that matter - what some surrounding cities witness for a Mayoral election. Of those propositions that failed, Proposition One came closest to passage by a mark of 188 votes. Excluding Proposition Six, the other failed propositions missed the mark by an average of 574 votes. For 1,507 1,323 1,266 1,858 1,351 880 A ainst 1,695 1,882 1,934 1,347 1,847 2,314 Total 3,202 3,205 3,200 3,205 3,198 3,194 With passage of Proposition Four, staff will be ready to discuss your considering proceeding with the installation of the outdoor sirens and design-construction of a fire station. If given direction to proceed, the City Council would likely consider award of the siren purchase by the May 17, 2005 meeting. Delivery and installation would likely be complete around August 31, 2005. The locations will be located on land the City owns (i.e. water well sites, parks, existing easements or right-of-way). While the City Council is still discussing the site location for a fire station, it would be appropriate to proceed with the selection of an architect. Programming for the general layout of the facility can be started by the architect allowing us to proceed with the overall project. Staff is in the process of finalizing RFP's for architectural services and for a construction manager for this project. The work plan provides for the City Council to approve an architect at the May 3, 2005 meeting. Once an architect has been selected we will begin the process of seeking a construction manager. As previously discussed, staff is of the opinion to use a construction manager/design build approach to better control the overall cost and quality of construction for the fire station by being able to select the contractors and structure the cost of construction. Pending a bond sale, unrestricted fund balance would be available to initially fund the two projects contained in Proposition Four. A refunding resolution would be approved by the City Council allowing a reimbursement to the fund balance once the debt is sold. I would not anticipate the City Council issuing debt for the project until January 2006. The effect of this is deferring the requisite property tax increase for the project until the 2006-2007 Fiscal Year. Over the coming months the City Council may want to discuss how to proceed with consideration of one or more of the failed bond propositions. It generally appears that there are a couple of ways to fund one or more of the projects contained in the various propositions: . calling another bond election; . special assessments; and or, . fund the projects as part of an annual budget The first option may be of some merit particularly for Proposition One based on the level of overall voter support for the proposition compared to the other failed propositions. While the second most expensive of all the propositions, this proposition garnered the closet voter approval next to the Fire Station initiative which passed. If a conclusion is that the various bond proposition failures may have been due, at least in part from a concern for tax increases, the City Council may wish to evaluate refinancing the current debt as part of a new bond initiative and/or limit the projects for consideration. For refinancing to occur, existing debt would need to be restructured and the debt issuance may need to be split into a series of smaller issues. By restructuring the present debt to additional years, the City Council could possibly phase in some of the bond propositions financing costs while still not increasing the current tax rate. Consideration would need to be given though to the fact that without this restructuring, the debt portion of the tax rare would decline thus possibly reducing the tax payment of property owners over the ensuing years. While a positive aspect would be an ability to fund projects without a tax increase, a negative is the extension and additional financing costs beyond the current maturity dates of the current debt payments coupled with not realizing a reduced debt tax rate. An approach of phasing the road projects into the operating budget can be done but not without adjustments to other current budgeted programs. The fourteen streets in Proposition One alone had an average cost of $572,000 per street for reconstruction. These streets were selected based on their poor condition needing both sub-base and surface replacement. The operating budget provides for street repairs entailing just surface replacement with a funding currently of $500,000. Aside from the options previously discussed, the City Council may wish to discuss enacting a Public Improvement District (PID) or Street Assessment for the road projects. A PID allows a governing body to impose a supplemental tax against property owners in an area that benefits from a public project. Unfortunately, imposing the full debt costs to the nearly 200 residential properties in the Tara Subdivision may be financially impractical. With the combined property valuation of the subdivision being $52 million, the property owners would likely see their total city tax rate just about double. The level of project assessment to property owners could be reduced, but the City Council would still be faced with funding the remaining project cost from other funding means. The City can enact a street assessment where the enhanced valuation of the street costs is paid by the adjoining property owners. This could be considered for either Propositions One or Two. There are though restrictions within the City Charter for approval by the affected property owners for the City to enact street assessments. Certainly a series of community meetings would need to be held with the affected property owners if either option were pursued for further discussions/action. During the development of the various CIP projects and calling of an election, there was discussion with the City Council to consider proceeding with the design and construction of a Senior Center aside from the outcome of the bond election. The City Council will want to revisit this discussion to give staff direction on how to proceed. The architect has is at approximately 30% design of the building so we need direction before continuing any further. Should the City Council select to not proceed with the construction of the Senior Center, direction will need to be provided with that to do with the current vacant building. Staff recommendation is to proceed with the demolition of the building since it is of no operational use. A budget of $50,000 would be adequate to provide for the removal of the building. The site would be grassed and left in a general open condition. There are a couple of options to consider in the event the City Council elects not to proceed with the Senior Center project. . One opportunity is to continue the current use of the L.D. Lockett building by the seniors. The citizens have generally objected to having to use the building along with other city recreation programs. The central issue to this is their having to secure materials, etc. associated with their program each day. · A second option would be to relocate the seniors program to the second floor of the Public Library. The second floor currently hosts various reading programs so there would be a need for some coordination. Further discussion with the seniors group and Library staff would be needed to address any potential conflicts. · Another option is to schedule non senior related recreational programs to other city facilities. Attached with this memo is a listing of the various programs the Parks and Recreation Department offers at L.D. Lockett. Other building sites could include use of the Colleyville Center or the second floor of the Public Library. Any additional associated costs (i.e. rental, maintenance, staffing) could be evaluated being passed onto program registrants. Recognizing the market interest in renting the Colleyville Center, the most likely option would appear to be utilizing the second floor of the Public Library. The use of this open area would be for an undetermined period of time pending the library expansion. As with the second option, Parks and Library staff would need to coordinate conflicting times for the expanded usage. As the City Council proceeded in the selection of bond projects, an approach was taken for you to review and develop the list of projects. The City Council may wish to discuss forming a citizens group to review the selected projects identified and possibly other projects if you ultimately decide to call another election. Recognizing the amount of time and attention provided by the City Council over the last year, you will want to discuss the involvement/benefit from citizens on developing a list of projects at this time. Citizen involvement, either in the formation of projects or in the advocacy/defeat of bond projects is an important ingredient for bond elections. While certainly some feel disappointment with the election results, it is important to recognize the voters gave a clear direction on funding structure for the projects and as such must be respected. The policy question that the City Council will have to consider in the coming months is what, if anything, should the City do in proceeding with the failed propositions. I look forward to your discussion and direction for ideas related to the various bond propositions. FY 2004 Numbers at LD Lockett Adult Programs Enrollment Revenue Guitar 35 $2,055 Knitting 8 $450 Excel 4 $420 Power Point 4 $420 Word 8 $735 Oil Painting 16 $608 Tai Chi 34 $2,680 Yoga 53 $2,120 Adult Total 162 $9,488 Youth Programs Enrollment Revenue All Girl Party Ideas 4 $205 Barbie Party 12 $195 Bug Camp 18 $1,540 Princess Party 11 $165 Dinosaur Camp 32 $1 ,325 Father's Day Gift Class 8 $120 Halloween Craft Day 6 $90 Jo-Ann's Little Dancers 63 $2,865 Kindeready 17 $3,910 Delighful Desserts 8 $400 Zoo Camp 11 $655 Manners Camp 13 $1,690 Oil Painting 137 $3,485 Ornament Factory 6 $90 Parent's Morning Out 18 $1,930 Fun with Food 12 $655 Valentine T-Shirt Making 3 $45 Youth Total 379 $19,365 Senior Programs Enrollment Revenue Education 80 $700 Games 54 $0 Tuesday Night Dinner 1,368 $0 Special Events 138 $0 Senior Total 1,640 $700 IT otal 2,181 $29,553 I