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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 TO (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 TO. 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~~. _ G nays, and /f' 5:f. day of ~' 2001. () abstentions, on this Resolution R-01-1751 Page 2 of 2 tfi>!&<.~kv Cynthia Singleton City Secretary CITY OF COLLEYVILLE: DO~~ 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 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 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 fmancing 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. t . PAGE 1 C:\Forms\City\redevelopment4rtf.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. I 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 :1 C:\Forms\CIty\redevelopment4rtf.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 "0" (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. I - PAGE J C:\Forms\City\rtdtvelopmtnt4rtf.agmt.wpd dak 1116101 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 ofthis 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 AGREEMENT FOR REDEVELOPMENT SITE NO.1. PAGE 4 C:\Forms\City\redenlopment4rtf.agmt.wpd d.k 1/16101 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 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" AGREEMENT FOR REDEVELOPMENT SITE NO. I . PAGE 5 C:\Forml\Clty\redevelopment4rtbgmt.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 1, 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 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, 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 real property tax rate established by the Grapevine-Colleyville Independent School District for the applicable Tax Year. (d) DSCI Threshold. The term "DSCI 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 constmcted 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 SITE NO.1. PAGE 6 C:\Forms\Clty\rc:dc:velopmc:nt4rtf.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 1, 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 of the 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 ofthe following: (i) Sixty Percent (60%) ofthe 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\redevelopment4rtf.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 1/16/01 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 151 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. 1- PAGE 9 C:\Forml\City\redevelopment4rtf.agmt.wpd dak 1/16/01 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 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, AGREEMENT FOR REDEVELOPMENT SITE NO.1 - PAGE 10 C:\Forms\Clty\redevelopmeDt4rtf.lgmLwpd dlk 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 ofthe 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. I . PAGE 11 C:\Forml\City\redevelopment4rtf..gml.wpd d.k 1116/01 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 of the 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\City\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 ~~t{EEMENT FOR REDEVELOPMENT SITE NO.1. PAGE 13 C:\Forms\Clty\redevelopmeDt4rtr.agmt.wpd dak 1/16101 the Texas State District Courts of Tarrant County, 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 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 (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 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: 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 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\redenlopment4rtf.ll!mt.wpd dak 1/16101 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. I . PAGE 15 C:\Forms\Clty\rcdevclopment4rtr.agmt.wpd dak 1/16/01 CITY By: CITY OF COLLEYVILLE, TEXAS Do~~~rG,) ATTEST: etary APPROVED AS TO FORM: 2--r ..--' DEVELOPER By: ~REEMENT FOR REDEVELOPMENT SITE NO.1. PAGE 16 C:\Forms\Clty\redevelopment4rtf.agmt.wpd dak 1/16/01 N ~ ... ... ... ..... ~o ... "'''0 0... 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'-' '-' EXHIBIT liB- PROPERTY DESCRIPTION TRACT I Bei'lg a tract of I8nd situated In the Buffalo Bayou, Brazos and Cokndo RaIlroad Survey, Abstract No. 206, City of Colteyville, Tamll'1t County, Texas, Mid tract of Isnd being all.. tracts as deeded per Warranty Deed to Village Monticello Pam.s, Ltd. as recorded in Volume 13733, Page 369, Volume 13733, Page 361, and Volume 13733, Page 380 and allO a portion of. tract deeded to Bransford Park and Land Trust as recorded In Volume 10481, Page 1250 and Lot 1, Block 1; 1 st City National Bsnk of Colleyvllle Addition per pia recorded In Volume 388-182, Page 81, and all of Lot 4-R, Block 1, Crossing at CoIIeyviIIe 88 recorded In Cabinet A, Slide 1397, all as recorded In the Deed Records d Tenant County, Texas, said tract being more partlcularty described by metes and boll'ldB as follows: BEGINNING at set 518 inch capped Iron rod (BHB INC) on the Northwesterty R.O.W. line of Colleyville Boulevard (Grapevine Highway S. H. 26) allO being the most Southerty comer of said Lot 1, Block 1, 1 It City NatIonal Bank of Colleyville Addition allO being the most Easteriy 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 Jlne of said Lot 1, Block 1, 1 at City. National Bank of ColleyvllJe Addition and said Kroger Addition, 8 distance of 416.70 feet to . set 5J8 Inch capped Iron rod for the Southwest comer of Bald Lot 1, Block 1, 1 at City National Bank of CoIleyville Addition; THENCE North 00 degrees 14 minutes 47 seconds West, continuing along said common line, passing a found 112 inch capped iron rod (Landes) at 0.70 feet, continuing far a total distance of 199.73 feet to a found 112 inch capped iron rod (Everag~) being the most eBstet1y southeast comer of Lot 4-R, Block 1, Crossing at CoUeyville, Pha.. 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 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 lit Colleyvllle 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 5.8 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 (850' R.O.W.), from said point B found 1/2 inch iron rod bears North 03 degrees 47 minutes 52 seconds East, a distance of 0.74 feet; THENCE South 89 deg....1,7 minutes 27 seconds East. along the north lirie of said Lot 4-R, Block 1 and said south R.O.W. line,. dlsta1Ce of 93.80 feet to. found 1/2 inch iron rod; THENCE South 89 degrees 29 minutes 27 seconda 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 8 found 1/2 Inch irtWI rod being the northeast comer of salel Lot 4-R, Block 1; THENCE North 00 degrees 14 mRdeII,7 second. West, along the west line of said Lot 1, Block 1, 1st City N8ti0nal Bank of Colleyville Addition. a distance of SO.OO feet to a found 1/2 inch iron rod being 1M northwest comer of said Lot 1, Btock " 1 It City National Bank of CoIIeyvtIIe Addition, from said found 1/2 Inch iron rod a found 1/2 inch iron rod bears South 07 degrees 35 minutes 19 aeconcIs East. a distance of 1.61 feet; THENCE North 89 degrees 29 minutes 27 seconds West, leaving said common tine and along the North R.O.W. line of Forest Oak Lane (a ftfty 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 alIa being the Southeast comer of a tract deeded to Bransford Park Land Trust as recorded in Volume 10217, Page 2222 of said Deed Records; THENCE North 00 degrees 29 minute. 26 seconcIs East. along the West line of I8id petty tnIct and the East line of said Bransford Park Land Trust as recorded in Volume 10217, Page 2222, . distance of 362.76 feet to . found 1/2 inch capped iron rod (Landes) being the Northeast corner 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. Slack 1, City Park Addition, a distance of 354.80 feet to 8 found 1/2 inch capped Iron rod (Landea) being the Northeast comer of said Lot 2, Block 1 also being the Southeast comer of Lot 1, Block 1, said City Part Addition; THENCE North 00 degrees 05 minutes 40 seconds East, along the East line of said Lot 1, Slock 1, City PIII'k 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 ancI along the North line of said Verlie l. Brown tract also being the South line of 8 tract deeded to ABC, a Texas General Partnership as recaraed In Volume 11 n2, Page 2178 or 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.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 112 inch iron rod; THENCE South 00 degrees 2~ minutes 11 seconds Welt. . distance of 284.22 feet to a found 1 inch Iron rod being the Northeast comer of a tract deeded to Anthony Timothy McNosky end Vlvi8n D. McNosky as AICORled 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 PIeuant Run Road 8r1d 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, 81so being the most Northerly Northeast comer of said Lot 1, Block 1, 1 at City National Bank cf CoI1eyvtlle Addition; THENCE South 02 degrees 28 minutes 17 seconds East, along the c:ommon line of said McNosky tract and 1st City N8tion8I Bank of CoIleyvllle Addition, a distance of 156.59 feet to 8 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 . found 1/2 inch capped iron rod (Landes) on the West R.O.W. Ifne of Pleasant Run Road per plat of 1st City National Bank of CoIleyville Addition, from said found 112 Inch capped Iron rod (Landes). fOlI1d 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, 8Iong said West R.O.W. line or 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 RII'I Road with said Northwesterty R.O.W. line of Colleyvme 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 BEGINNING and containing 1.090,871 square feet or 25.04 acres of land. PROPERTY DESCRIPTION TRACT n Being a tract of land situated in the J. M. Looney Survey, Abstrad No. 938, City of Colleyville, Tarrant County, Texas, said tract being the remainder tract of 8 tract deeded to Foster Alton and Jean Andrews aa 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 8 found 518 inch iron rod on the Northwesterly RO.W. line of CoIleyvllle Boulevard (Grapevine Highway South. H. 26), being the Southeast comer of Lot 1, Btock 1. Foster Addition per plat recorded In Volume 388-142, Page 35 of Aid Deed Records; THENCE SouIh 29 degrees 25 minutes 11 aecondl West, along 881d Northwesterfy R.O. W. tine of CoUeyvtUe BouIev8rd, P8ISing . bIKS 112 Inch Iron rod lit 174.32 feet and continuing for 8 total distance of 317.35 feet to. point lying Within a creek bed, said poInI being. the mast Easterty Sautheest comer or Lot 1, Block 1, Applebee.. Adc:lJtion al rec:oRted . In Cabinet A. Slide 3939 of said Deed Records: THENCE North 08 degrees 34 rNnutes 03 sec:ands West, leaving said Nor1hwester1y R.O.W. line of CoIIeyvlIIe BouIevR, along 1he East line of said Lot 1, Block 1, Applebee's Addition, a distance of 108.95 feet to. 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, . distance of 63.04 feet to a point lying within a creek bed, said point being the Northeast comer of said Lot 1, Black 1, Applebee's Addition: THENCe South 84 degrees 46 minutes 00 seconds West, along the North line said Lot 1, Block 1, Applebee'. Addition, a dlst81ce of 122.54 feet to 8 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, . distance of 89.97 feet to a found 112 Inch Iron rod in concrete on the established East R.O.W. line of PSea.- Run Road; THENCE North 00 degrees 44 minutes 09 seconds East. along said established East R.O.W. line of Pleasant Run Road, 8 distance of 5OB.29feet to 8 found 518 inch Iron rod being or Intended to be the Southwest comer of 8 1nIc:t deeded to Richard P. Failor as recorded in Volume 9085, Page 2173 of said DeecI Rec:on:ts; THENCE South 87 degrees 45 minutes 59 seconds East. along the South line of said Failor tract and 8 tract deeded to Andrew and Jane O'pry as recorded In Volumit 12888, Page 136 of said Deed Records, 8 distance of 338.45 feet to 8 found 1/2 Inch iron rod, from said found 1/2 Inch iron rod 8 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 tract deeded to Charles Davidson as recarded 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 3.10 acres of land. 1EVIS'ED ElBIBU "e" - CORCEPr PLA1I i i tli Ell W I i I i .""'-..-...... fftHffit 0111111118111111111 ~ '/11I1/11~1II11111811/1I111O . 0HHfftIt ~ . "::':-r-": .. :: I .. i..1 ',,- I'r---------- il;;hilll ~~= Ii!il"!id De " f:J1rUle I ~ iii !=o, _I 8 !. MALft CIPIUL _ tn' __ _ .. _ _ ........ . -- .. ... --- - .... ...... H CM .. . 10 "-'JUr~~ Exhibit "0" PUBLIC IMPROVEMENTS On-Site Improvements Surveying Construction Staking Bridge Construction over Pleasant Run Creek In-Line Oetentionl 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 Streetffraffic 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 - Colleyville TIF Board Bylaws BYLAWS OF REINVESTMENT ZONE NUMBER ONE THE CITY OF COLLEYVILLE, TEXAS STATE HIGHWAY 26 AREA TAX INCREMENT FINANCING DISTRICT ARTICLE I POWERS AND PURPOSE Section 1. Financina Development or Redevelopment in the Zone. In order to implement the purposes for which Tax Increment Financing Reinvestment Zone Number One, City of Colleyville, Texas (the "Zone") was formed, as set forth in Ordinance No. 0-08-1124, dated November 4, 1998, creating the zone, the City of Colleyville, Texas (the "City") may issue obligations to finance all or part of the cost of implementing the "project plan" for the Zone as defined in the Tax Increment Financing Act of the Tax Code, Chapter 311, Vernon's Texas Codes Annotated (the "Act"). Section 2. Books and Records: Approval of Proarams and Financial Statements. The Board of Directors shall keep correct and complete books and rec:Jras :J'; account and snail also keeo minutes of its oroceedings and the oroceedings of committees having any of the authority of the Boare of iJirectors. All OOOKS and records of the Zone may be inspected by any director of his agent or attorney for any proper purpose at any reasonable time; and at all times the City Council and the Finance Director will have access to the books and records of the Zone. The City Council must approve all programs and expenditures for the Zone and annually review any financial statements of the Zone. ARTICLE II BOARD OF DIRECTORS Section 1. Powers. Number and Term of Office. The property and affairs of the Zone shall be managed and controlled by the City Council based on the recommendations of the Board of Directors of the Zone ("Board of Directors" or "Board"), subject to the restrictions imposed by law, the ordinance creating the Zone, and these Bylaws. It is the intention of the City Council that the Board of Directors shall function only in an advisory or study capacity with respect to the Zone and shall exercise only those powers, advisory in nature, which are either granted to the Board pursuant to the Act or delegated to the Board by the City Council. The Board of Directors shall consist of nine (9) directors: five (5) of whom shall be appointed by the City Council of the City; one (1) of whom shall be appointed by the governing body of the Grapevine-Colleyville Independent School District (GCISD); one (1) appointed by the goveming body of Tarrant County (County); one (1) appointed by "- the Tarrant County Hospital District; and (1) appointed by the Tarrant County Junior College District (Junior College District); provided however, that if a taxing unit (other EXHIBIT A R-98-1 than the City) waives its right to appoint a member to the Board, as evidenced by written resolution duly adopted by the governing body of such taxing unit, the City may appoint such Boardmember in its stead. The first Bocird of Directors shall serve for an initial term ending December 31, 2000, or until his or her successor is appointed. Subsequent directors shall be appointed by the governing bodies of the City, GCISD, County, Hospital District, and Junior College District and shall serve for two (2) year terms beginning January 1, 2001 or until their successors are appointed by the respective governing bodies. Any director may be removed from office by the City Council; for cause deemed by the City Council as sufficient for their removal in the interest of the public, but only after a public hearing before the City Council on charges publicly made, if demanded by such Boardmember within 10 days of notification by the City Council that he or she is to be removed. In the event of a vacancy caused by the resignation, death, or removal for any reason, of a director, the governing body of the respective taxing unit (Le. City, County, Hospital District, GCISD, Junior College District) which made such Board appointment shall be responsible for filling the vacancy. Section 2. Meetinas of Directors. The directors may hold their meetings within a public building in the City as the Board of Directors may from time to time determine. Section 3. ReQular Meetinas. Reguiar Meetings of the Board of Directors shall be held at such times and places as shall be designated, from time to time, by resolution of the Board of Directors. All meetings of the board shall be of a public nature unless pertaining to matters of land purchase, security, personnel, or strictly legal matters. Notice of all regular and special meetings of the Board and any committees thereof shall be posted in accordance with the provisions of the Texas Open Meetings Act, Article 6252-17, Vernon's Texas Civil Statutes. There shall be at least one Regular Meeting held each year in the month of July. Section 4. Special Meetinas. Special Meetings of the Board of Directors shall be held whenever called by the chairman, by the secretary, by a majority of the directors then in office or upon advice of or request by the City Council. The secretary shall give notice to each director of each Special Meeting in person, or by mail, courier, facsimile, telephone, or e-mail, at least twenty-four (24) hours before the meeting. Notice of all Special Meetings shall state the purpose, which shall be the only business, conducted. Section 5. Quorum. A majority of the directors holding current appointments shall constitute a quorum for the consideration of matters pertaining to the purposes of the Zone. The act of a majority of the directors present at a meeting at which a quorum is in attendance shall constitute the act of the Board of Directors, unless the act of a greater number is required by law. EXHIBIT A R-98-1 Section 6. Conduct of Business. At the meetings of the Board of Directors, matters pertaining to the purposes of the Zone shall be considered in such order as from time to time the Board of Directors may determine. At all meetings of the Board of Directors, the chairman shall preside and in the absence of the chairman, the vice chairman shall exercise the power of the chairman. The secretary of the Board of Directors shall act as secretary of all meetings of the Board of Directors, but in the absence of the secretary, the presiding officer may appoint any person to act as secretary of the meeting. City staff shall provide notice of meetings and prepare meeting agendas. Within five days following each Regular and Emergency Meeting, a copy of the minutes of the meeting shall be submitted to the City Secretary of the City. Section 7. Compensation of Directors. Directors as such shall not receive any salary or compensation for their services, except that they shall be reimbursed for their actual expenses incurred in the performance of their duties hereunder. Section 8. Attendance. Board members shall make every effort to attend all Regular and Special meetings of the Board and/or Committees. The City CounC?il may replace a City appointee of the Board or request replacement of an appointee from other taxing jurisdictions for non-attendance. ARTICLE III OFFICERS Section 1. Titles and Term of Office. The officers of the Zone shall consist of a chairman, a vice chairman, a secretary, and such other officers as the Board of Directors may from time to time elect or appoint; provided however that the City Council may, on an annual basis, appoint the chairman whose term shall begin on January 1. One person may hold more than one office, except that the chairman shall not hold the office of secretary. Terms of office for officers, other than the chairman, shall not exceed two years. All officers, other than the chairman, shall be subject to removal from office, with or without cause, at any time by a vote of a majority of the entire Board of Directors. A vacancy in the office of any officer, other than the chairman, shall be filled by a vote of a majority of directors. Section 2. Powers and Duties of the Chairman. The chairman shall be the chief executive officer of the Board of Directors and, subject to the approval of the City Council, he/she shall be in general charge of the properties and affairs of the Zone and shall preside at all meetings of the Board of Directors. Section 3. Vice Chairman. The vice chairman shall be a member of the Board of Directors, shall have such powers and duties as may be assigned to him by the Board of Directors and shall exercise the powers and duties as may be assigned to him by the EXHIBIT A R-98-1 e.'.- Board of Directors and shall exercise the powers of chairman during that officer's absence or inability to act. Any action taken by the vice chairman in the p~rfor.~ance of the duties of the chairman shall be conclusive evidence of the absence or Inability to act of the chair~an at the time such action was taken. Section 4. Secretary. The secretary shall keep the minutes of all meetings of the Board of Directors in books provided for the purpose, he/she shall have charge of such books, records, documents and instruments as the Board of Directors may direct, all of which shall at all reasonable times be open to inspection, and he/she shall in general perform all duties incident to the office of secretary subject to the control of the City Council and the Board of Directors. The function of secretary may be performed by City Staff. Section 5. Compensation. Officers as such shall not receive any salary or compensation for their services, except that they shall be reimbursed for their actual expenses incurred in the performance of their duties hereunder. Section 6. Staff. Staff functions for the Board of Directors may be performed by the City Manager and his designee. ARTICLE IV PROVIDISIONS REGARDING BYLAWS Se::tion 1. Effective Date. These Bylaws shall become effective only upon tne occurrence of the following events; (1) the adoption of these Bylaws by the Board of Directors, and (2) the approval of these Bylaws by the City Council Section 2. Amendments to Bylaws. These Bylaws may be amended by majority vote of the Board of Directors, provided that the Board of Directors files with the City Council a written application requesting that the City Council approve such amendment to the Bylaws, specifying in such application the amendment or amendments proposed to be made. If the City Council by appropriate resolution finds and determines that it is advisable that the proposed amendment be made, authorizes the same to be made and approves the form of the proposed amendment, the Board of Directors shall proceed to amend the Bylaws. After consultation with the Board of Directors, the Bylaws may also be amended at any time by the City Council by adopting an amendment to the Bylaws resolution of the City Council and delivering the Bylaws to the secretary of the Board of Directors. Section 3. Interpretation of Bvlaws. These Bylaws and all the terms and provisions hereof shall be liberally construed to effectuate the purposes set forth herein. If any word, phrase, clause, sentence, paragraph, section or other part of these Bylaws, or the application thereof to any person or circumstance, shall ever be held to be invalid or unconstitutional by any court of competent jurisdiction, the remainder of these Bylaws EXHIBIT A R-98-1 . , and the application of such word, phrase, clause, sentence, paragraph, section or other part of these Bylaws to any other person or circumstance shall not be affected thereby. ARTICLE V GENERAL PROVISIONS Section 1. Notice and Waiver of Notice. Whenever any notice whatsoever is required to be given under the provision of these Bylaws, said notice shall be deemed to be sufficient if given by depositing the same in a post office box in a sealed postpaid wrapper addressed to the person entitled hereto at his post office address, as it appears on the books of the Zone, and such notice shall be deemed to have been given on the day of such mailing. Attendance of a director at a meeting shall constitute a waiver of notice of such meeting, except where a director attends a meeting for the express purposes of objecting to the transaction of any business on the grounds that the meeting is not lawfully called or convened. A waiver of notice in writing signed by the person or persons entitled to said notice, whether before or after the time stated therein, shall be deemed equivalent to the giving of such notice. Section 2. Resianations. Any director or officer may resign at any time. Such resignation shall be made in writing and shall take effect at the time specified therein, or, if no time be specified, at the time of its receipt by the City Council. The acceptance 0'" 2 resignation snail not be necessary to make it effective. unless eXDiessly so pr:Jvloea In me resignation. - Section 3. Approval or Deleaation of Power bv the City Council. To the extent that these Bylaws refer to any approval by the City, such approval of delegation shall be evidenced by a certified copy of an ordinance, or resolution (if permissible), duly adopted by the City Council. January 27, 1111 EXHIBIT A R-98-1 CITY OF COLLEYVILLE TAX INCREMENT FINANCING - REINVESTMENT ZONE NUMBER ONE TARRANT COUNTY dUNIOR COLLEGE AGREEMENT City of Colleyville and Tarrant County Junior College District Agreement to Participate in the Colleyville Tax Increment Financing District THIS AGREEMENT is made and entered into by and between the City of Colleyville, ("City"), a municipal corporation, and Tarrant County Junior College District of Tarrant County~ Texas. WITNESSETH: WHEREAS, in accordance with the provisions of the Tax Increment Financing Act, V.T.C.A., Tax Code, Chapter 311. (the "Act"), and after .due notice to the Tarrant County Junior College District and other taxing units levying real property taxes in the area, the City Council of the City, pursuant to Ordinance No. 0-98-1124 (the "Ordinance"), adopted on November 4, 1998, created, established and designated "Reinvestment Zone Number One, City of Colleyville" (hereinafter called the - "Reinvestment Zone") under the Act; and WHEREAS, the Act provides that each taxing unit levying taxes on real property in a Reinvestment Zone is not required to pay into the tax increment fund any of its tax increment produced from property located in the Reinvestment Zone unless such taxing unit enters into an agreement to do so with the governing body of the municipality that created the zone; and WHEREAS, a tax increment agreement under the Act may be entered into any time before or after the zone is created, and such agreement may include any conditions for payment of the tax increment into the fund and must specify the portion of the tax increment to be paid into the tax increment fund and the years for which that tax increment is to be paid into the tax increment fund; .- NOW, THEREFORE, the City and the Tarrant County Junior College District, in consideration of the terms, conditions, and covenants contained herein, hereby agree as follows: (- Section 1. The Tarrant County Junior College District hereby agrees to pay 100% of the tax increment levied and collected against the captured appraised value of real property as determined in Section 311.012 of the Act, in said "Reinvestment Zone Number One, City of Colleyville" subject to the following terms and conditions: a. Boundary: The boundaries of the Reinvestment Zone are and shall be those boundaries described in the Ordinance, or an amendment thereto revising the boundary duly approved by the Reinvestment Zone Board of Directors and the City Council of the City. b. Puq>ose and Proiram: Within the boundaries of the Reinvestment Zone, a Town Center and retail, restaurant and office space are to be constructed as nearly as possible in conformity with the project plan and the financing plan prepared by the City and referred to the Board of Directors of the Reinvestment Zone for final review and adoption. Any addition to the project is to be incorporated in the project plan only with the approving vote of the Board of Directors of the Reinvestment Zone and the City Council of the City. c. Appraised Value: The land within the boundaries of the Reinvestment Zone is to be appraised in 1998 for ad valorem tax purposes and for establishing the tax increment base referenced in Section 311.012 of the Act. d. Bond Limit: The total principal amount of tax increment bonds or notes to be issued to pay project costs for the Reinvestment Zone pursuant to Section 311.015 of the Act shall not exceed $27.4 million in 1998 present value funds. Total issuance cost will be approximately $28.2 million neluding $0.8 million for issuance costs, capitalized interest, and operating reserves. e. Re,payment: All amounts paid into the tax increment fund shall be used solely to repay cash or the principal of and interest on tax increment bonds or notes issued to finance project costs under the Act, and to pay direct costs properly chargeable under the Act and generally accepted accounting principles to the administration of the Reinvestment Zone. Reimbursement of Costs: However, costs incurred by the Tarrant County Junior College District and the City in the creation of the District and in the organization and operation of the Board of Directors of the Reinvestment Zone may be reimbursed from the Tax Increment Fund, except costs of City employees or officials. Section 2. In accordance with Section 311.013 of the Act, The Tarrant County Junior College District shall not be required to pay tax increment into the tax increment fund of the Reinvestment Zone after three (3) years from the date the Reinvestment Zone has been created unless: a. bonds have been issued or cash expended for the Reinvestment Zone under Section 311.015 of the Act to finance the Project, b. the City has acquired property in the Reinvestment Zone pursuant to the project plan, or (~- c. construction of the Project pursuant to the project plan has begun in the Reinvestment Zone. Section 3. As inducement to the Tarrant County Junior College District to enter into this Agreement, the City agrees that no tax increment bonds of the Reinvestment Zone will be issued to finance project costs of the Project until (a), a final Project Plan and Financing Plan has been prepared and adopted by the Board of Directors of the Reinvestment Zone and approved by the City Council of the City, and (b), the City has furnished documentation, evidence and assurances necessary to the Board of Directors. of the Reinvestment Zone to the effect that funds necessary to support cash expenditures and/or the retirement of tax increment bonds will be available either from revenues derived from the District or from other funds available from the City. Section 4. The tenn of this Agreement, unless extended by mutual agreement of the Tarrant County Junior College District and the City, shall be for three (3) years from the date the Reinvestment Zone was created in accordance with Section 2, or until all cash expended or bonds issued for the Reinvestment Zone under Section 311.015 of the Act, or ( refunding bonds issued to refinance such bonds issued under Section 311.015 of the Act, have been fully paid and discharged, whichever event shall be the latest to occur. Section 5. The City and the Tarrant County Junior College District shall each be responsible for the sole negligent acts of their officers, agents, employees or separate contractors. In the event of joint and concurrent negligence of both City and Tarrant County Junior College District, responsibility, if any, shall be apportioned comparatively in accordance with the laws of the State of Texas, without however waiving any governmental immunity available to City and Tarrant County Junior College District under Texas law and without waiving any defenses of the parties under Texas law. Section 6. This agreement shall be administered by the City Manager or his designees. Section 7. Whenever this Agreement requires or permits any consent, approval, notice, request, proposal, or demand from one party to another, the consent, approval, notice, request, proposal or demand must be in writing to be effective and shall be ,- delivered to the party intended to receive it at the addresses shown below: If intended for City, to: If intended for Tarrant County Junior College District to: President Tarrant County Junior College District May Owen District Center 1500 Houston Streeet Fort Worth, TX 76102 City Manager City of Colleyville P. O. Box 185 Colleyville, TX 76034 or to such other addresses as the parties may request, in writing, from time to time. Section 8. This Agreement is made subject to the provisions of the charter and ordinances of City, as amended; Texas constitution, codes, and statutes; and all other applicable state and federal laws, regulations and requirements, as amended. Venue shall be exclusively in Tarrant County, Texas. Section 9. This Agreement embodies the complete understanding of City and Tarrant County Junior College District superseding all oral or written previous and contemporary agreements between the parties relating to matters herein. This Agreement ( "",- may be amended, modified, or supplemented only by an instrument in writing executed by City and Tarrant County Junior College District. Any alterations, additions or deletions to the terms of this Agreement required by changes in federal, state or local law or regulations will be automatically incorporated into this Agreement without written amendment, and shall become effective on the date designated by such law or regulation. EXECUTED this the /~ day of ])eUd/btr , 1998, by the City, signing by and through its City Manager, duly authorized by Resolution No. ~- 91'. /#'f/ approved on ~~U2. J5 , 1998, and by Tarrant County Junior College District through its duly authorized officials by Resolution dated Of. t D iJ (~Y / ~ , 1998. CITY OF COLLEYVILLE TARRANT COUNTY JUNIOR COLLEGE DISTRICT - C~~p, Robert Stripling City Manager ~ ~~d ,- CITY OF COLLEYVILLE TAX INCREMENT FINANCING - REINVESTMENT ZONE NUMBER ONE TARRANT COUNTY AGREEMENT ( CITY"O"F COLLEYVILLE AND TARRANT COUNTY, TEXAS AGREEMENT TO PARTICIPATE IN THE TAX INCREMENT REINVESTMENT ZONE NUMBER ONE, CITY OF COLLEYVILLE, TEXAS THIS AGREEMENT is made and entered into by and between the City of Colleyville, Texas ("City"), a Texas home-rule municipality, and Tarrant County, Texas (''Taxing Unit"). WITNESSETH: - WHEREAS, on November 4, 1998, the Colleyville City Council approved Ordinance No. 0-98-1124, establishing Tax Increment Reinvestment Zone Number One, City of Colleyville, Texas (''TIF District"), with subsequent amendments thereto, in accordance with the Tax Increment Financing Act, as amended (V.T.C.A,,Tax Code, Chapter 311) (the "Act"), to promote the development of the SH26 area of the City of Colleyville through the use of tax increment financing; and (- WHEREAS, City and Taxing Unit wish to enter into an agreement defining the terms and conditions under which Taxing Unit will contribute a portion of its tax increment to the TIF District Tax Increment Fund; NOW THEREFORE, City and Taxing Unit, in consideration of the terms, conditions and covenants contained herein, hereby agree as follows: I. DEFINITIONS Terms not defined herein shall be construed as defined in the Act (hereinafter defined) or through normal usage if not defined in the Act. The following terms shall have the following meaning when used in this Agreement: "Act" shall mean V.T.C.A, Tax Code, Chapter 311, the Tax Increment Financing Act, as amended. "Captured Appraised Value" shall mean the total net taxable appraised value of the property located within the TIF District for the year less the Tax Increment Base of the TIF Taxing Units. "Project Plan and Reinvestment Zone Financing Plan" shall mean the project and financing plan for the development of the TIF District. "TIF Districf' shall mean Tax Increment Reinvestment Zone Number One, City of Colleyville, Texas, established by the Colleyville City Council Ordinance No. 0-98-1124, on November 4, 1998, a copy of which ordinance is attached hereto and marked Exhibit A .- ('- "TIF Taxing Units" shall mean those political subdivisions of the State of Texas authorized to impose ad valorem taxes on property located with the TIF District. "Tax Increment" shall mean the amount of property taxes levied and collected by a TIF Taxing Unit for the year on the Captured Appraised Value of taxable property located in the TIF District. . "Tax Increment Base" shall mean the total net taxable appraised value of all property taxable by the TIF Taxing Units and located in the TIF District on January 1, 1998. "Tax Increment Fund" shall mean a fund consisting of all the Tax Increment deposits, all revenues from the sale of tax increment bonds or notes, revenues from the sale of any property acquired as part of the Project Plan and Reinvestment Zone Financing Plan, and other revenues to be used in the development or redevelopment of the TIF District. II. AGREEMENT TO DEPOSIT TAX INCREMENT Pursuant to a Resolution, duly adopted by its governing body, a copy of which is attached hereto as Exhibit 8, Taxing Unit shall deposit into the Tax Increment Fund one hundred percent (100%) of its annual tax increment from the TIF District until such time as a cumulative total of $4,350,000 has been deposited to the TIF Fund by Taxing Unit, or until such time the debt issued to finance the initial $27,390,000 of project costs, as set forth in the Project Plan has been paid, whichever occurs first. After such time, Taxing Unit's obligation to participate in the TIF Funding shall cease. III. LIMITATIONS ON TAX INCREMENT DEPOSITS A. Deposit Limitation. The combined total amount of Tax Increment deposited into the Tax Increment Fund by Tarrant County shall not exceed $4,350,000. It is the understanding of the Taxing Unit and the City that the Tarrant County Hospital District may deposit tax increments into the Tax Increment Fund in the amount not exceeding $3,850,000. Th.ese totals, when combined, represent the County's and Hospital District's commitment to fund their pro-rata ~hare of approximately 80.1 % of the projected principal and interest costs to finance $27,390,000 of public infrastructure projects as set forth in the Project Plan and Financing Plan, a copy of which is attached hereto as Exhibit C and Exhibit 0, respectively. In accordance with Section 311.013 of the Act, the TIF Taxing Units shall not be required to pay tax increment into the tax increment fund of the Reinvestment Zone after three (3) years from the date the Reinvestment Zone has been created unless: 1. bonds have been issued for the Reinvestment Zone under Section 311.015 of the Act to finance a portion of the Project. 2 ( .- 1. bonds have been issued for the Reinvestment Zone under Section 311.015 of the Act to finance a portion of the Project. 2. the City has acquired property in the Reinvestment Zone pursuant to the project plan, or 3. construction of a project or projects pursuant to the Project Plan has begun in the Reinvestment Zone. B. Proiect Cost Limitation. The "project costs" (as defined in Section 311.002 of the Act) that may be paid through Tax Increment deposits made by Taxing Unit directly andlor financed through the issuance of bonds or other obligations of the City secured by Tax Increment deposits is $22,156,500. This amount represents those costs as set forth in the Project Plan and Financing Plan, less costs for municipal public buildings (City Hall, Fire Station, Police Station, Library) and school improvements. C. Use of Funds. All amounts paid into the Tax Increment Fund by Taxing Unit shall be used to pay direct project costs andlor the principal of and interest on bonds or other obligations, secured in whole or in part by Tax Increment deposits, issued to finance said project costs under the Act, as set forth in the TIF Project Plan; however, in no event shall any of the amounts paid into the Tax Increment Fund by Taxing Unit be used to pay any overhead, administrative or management costs of the TIF District. (- IV. RESPONSIBILITY OF CITY TO MAINTAIN INCREMENT LEVEL Throughout the term of this Agreement, the annual City deposit to the Tax Increment Fund shall be no less than the amount of Tax Increment that would be calculated based on the Captured Appraised Value for that year at the 1998 City tax rate of $0.3474 per $100 of valuation. Should the City tax rate be reduced at any time during the Agreement, the City shall contribute additional funds from other sources in order to make its annual deposit equal to the Tax Increment produced at the 1998 City tax rate. V. RESPONSIBILITY FOR ACTS City and Taxing Unit shall each be responsible for the sole negligent acts of their officers, agents, employees or separate contractors. In the event of joint and concurrent negligence of both City and Taxing Unit, responsibility, if any, shall be apportioned comparatively in accordance with the laws of the State of Texas, without however, waiving any governmental immunity available to City and Taxing Unit under Texas law and without waiving any defenses of the parties under Texas law. 3 ( .- VI. NOTIFICATION DELIVERY ADDRESS Whenever this Agreement requires or permits any consent, approval, notice, requests, proposal, or demand from one party to the other, the consent, approval, notice, request, proposal, or demand must be in writing to be effective and shall be delivered to the party intended to receive it at that party's address shown below. If intended for City, to: City Manager City of Colleyville P. O. Box 185 Colleyville, Texas 76034 If intended for Taxing Unit, to: County Administrator Tarrant County Commissioners Court 100 East Weatherford Fort Worth, Texas 76196-0609 ,- Or to such other address as either party may request, in writing from time to time. VII. GOVERNING LAW AND VENUE This agreement is made subject to the provisions of the charter and ordinances of City, as amended, the Texas Constitution, codes, and statutes; and all other applicable state and federal laws, regulations and requirements, as amended. Venue for any cause of action arising hereunder shall lie exclusively in Tarrant County, Texas. VIII. TERM This Agreement is effective from the date the Reinvestment Zone was created through December 31,2019, or until the date that all bonds or other debt obligations issued for projects in the Reinvestment Zone, as set forth in the Project Plan, have been fully paid and discharged, or until the date that Taxing Unit contributes the maximum cumulative deposit amount as set forth in Section II of this Agreement, whichever event occurs first. However, in the event that the requirements of Section 311.013 of the Act have not been met, the Agreement will terminate after three years from the date the Reinvestment Zone was created. IX. ENTIRE AGREEMENT/AMENDMENTS This Agreement embodies the complete understanding of City and Taxing Unit, and shall supercede all oral or written previous and contemporary agreements between the 4 ( .- . . .. parties in relatiQn to matters herein. This Agreement may be amended, modified, or supplemented only by an instrument in writing executed by City and Taxing Unit, a copy of which will be provided to all TIF Taxing Units. Any amendment, modification or supplement which adversely affects any other TIF Taxing Unit must be consented to in writing by such TIF Taxing Unit. Any alterations, additions or deletions to the terms of this Agreement required by changes in federal, state or local law or regulations will be automatically incorporated into this Agreement without written amendment, and shall become effective on the date designated by such law and regulation. EXECUTED this the 1.5'l day of Dl"~AJJtr , 1~ City, signing by and through its City Manager, and this the I S+ day of ~ , 1998 by Taxing Unit, signing by and through its duly authorized official. CITY OF COllEYVlllE TARRANT COUNTY ~~~ C. Rooert Stripling, City Manager Tom Vandergri County Judge (- ATTEST: ;1%1 Nov~r23.1..8 5 (i ~1 . , 'J \j: I') (~- \.\ , \ ........ ..- -""'~.. !.~~Jo~... := ~: :.c :It: ~~ . fill . . e. ._ e. . ... ._ ....:..~.:.... TARRANT COUNTY RESOLUTION PARTICIPATION IN CITY OF COLLEYVILLE TAX INCREMENT FINANCING DISTRICT WHEREAS, the general laws of the State of Texas authorize governmental taxing entities to join other taxing jurisdictions in the establishment of a reinvestment zone under the Tax Increment Financing Act, Chapter 311 of the Texas Tax Code (the "Act"), to provide incentive for the development and redevelopment of properties that might not be undertaken without such incentive; and (- WHEREAS, the Colleyville City Council approved an ordinance establishing Reinvestment Zone Number One, City ofColleyville, Texas, in accordance with the Tax Increment Financing Act, to promote the development of the SH26 area of the City of Colleyville through the use of tax increment financing; and WHEREAS, in accordance with the requirements of the Act, the Colleyville City Council has given all applicable notices to the Tarrant County Commissioners Court as to the City Council's establishment of the tax increment reinvestment zone and, through its appointed representatives, has made a fonnal presentation to the Tarrant County Commissioners Court regarding the reinvestment zone; and WHEREAS, the County has appointed a representative to the Colleyville Tax Increment Financing Reinvestment Zone Board of Directors and said representative has participated in the development and approval of the Project Plan and Financing Plan; and WHEREAS, on the City of Colleyville City Council plans to adopt the Project Plan and Financing Plan as approved and submitted by the Reinvestment Zone Board of Directors; and WHEREAS, the Tarrant County Commissioners Court recognizes that Tarrant County's participation in the creation of the tax increment reinvestment zone will have the desired effect of developing the area to the benefit of all taxing units which levy taxes in the proposed reinvestment zone. ( .- NOW, THEREFORE, BE IT RESOLVED: That the Tarrant County Commissioners Court hereby approves participation in the Colleyville Tax Increment Financing District and the payment into the tax increment fund of 1000.10 of its tax increment produced from property located in the reinvestment zone, up to a maximum cumulative deposit of$4,350,000, in accordance with the terms of the attached Agreement; that the Agreement be and is hereby approved; that the County and its Commissioners Court hereby agree to enter into the Agreement as a party thereto; and the County Judge of the County be and is hereby authorized and directed to execute said Agreement on behalf of the County and its Commissioners Court substantially in the fonn of the attached Exhibit A and carry out the terms thereof at the appropriate time(s). PASSED AND APPROVED, IN OPEN COURT, this Ist day of December, 1998. COURT ORDER NO. '7 '1 ~ tf3 (- Commissioner, Precinct 4 ATTEST: ('- CITY OF COLLEYVILLE TAX INCREMENT FINANCING '.~ ( REINVESTMENT ZONE NUMBER ONE TARRANT COUNTY HOSPITAL DISTRICT AGREEMENT ( CITY O~ COLL.EYVILLE AND TARRANT COUNTY HOSPITAL DISTRICT AGREEMENT TO PARTICIPATE IN THE TAX INCREMENT REINVESTMENT ZONE NUMBER ONE, CITY OF COLLEYVILLE, TEXAS THIS AGREEMENT is made and entered into by and between the City of Colleyville, Texas ("City"), a Texas home-rule municipality, and the Tarrant County Hospital District, Texas ("Taxing Unit"). WITNESSETH: WHEREAS, on November 4, 1998, the Colleyville City Council approved Ordinance No. 0-98-1124, establishing Tax Increment Reinvestment Zone Number One, City of Colleyville, Texas ("TIF District"), with subsequent amendments thereto, in accordance with the Tax Increment Financing Act, as amended (V.T.C.A, Tax Code, Chapter 311) (the "Act"), to promote the development of the SH26 area of the City of Colleyville through the use of tax increment financing; and ( A- WHEREAS, City and Taxing Unit wish to enter into an agreement defining the terms and conditions under which Taxing Unit will contribute a portion of its tax increment to the TIF District Tax Increment Fund; NOW THEREFORE, City and Taxing Unit, in consideration of the terms, conditions and covenants contained herein, hereby agree as follows: I. DEFINITIONS Terms not defined herein shall be construed as defined in the Act (hereinafter defined) or through normal usage if not defined in the Act. The following terms shall have the following meaning when used in this Agreement: "Act"' shall mean V.T.C.A, Tax Code, Chapter 311, the Tax Increment Financing Act, as amended. "Captured Appraised Value" shall mean the total net taxable appraised value of the property located within the TIF District for the year less the Tax Increment Base of the TIF Taxing Units. "'Project Plan and Reinvestment Zone Financing Plan" shall mean the project and financing plan for the development of the TIF District. "'TIF District" shall mean Tax Increment Reinvestment Zone Number One, City of COlleyville, Texas, established by the Colleyville City Council Ordinance No. 0-98-1124, on November 4, 1998, a copy of which ordinance is attached hereto and marked Exhibit A ( ,,-- "TIF Taxing Units" shall mean those political subdivisions of the State of Texas authorized to impose ad valorem taxes on property located with the TIF District. "Tax Increment" shall mean the amount of property taxes levied and collected by a TIF Taxing Unit for the year on the Captured Appraised Value of taxable property located in the TIF District. "Tax Increment Base" shall mean the total net taxable appraised value of all property taxable by the TIF Taxing Units and located in the TIF District on January 1, 1998. "Tax Increment Fund" shall mean a fund consisting of all the Tax Increment deposits, all revenues from the sale of tax increment bonds or notes, revenues from the sale of any property acquired as part of the Project Plan and Reinvestment Zone Financing Plan, and other revenues to be used in the development or redevelopment of the TIF District. II. AGREEMENT TO DEPOSIT TAX INCREMENT 1""- \, Pursuant to a Resolution, duly adopted by its governing body, a copy of which is attached hereto as Exhibit 8, Taxing Unit shall deposit into the Tax Increment Fund one hundred percent (100%) of its annual tax increment from the TtF District until such time as a cumulative total of $3,850,000 has been deposited to the TIF Fund by Taxing Unit, or until such time the debUssued to finance the initial $27,390,000 of project costs, as set forth in the Project Plan has been paid. whichever occurs first. After such time, Taxing Unit's obligation to participate in the TIF Funding shall cease. III. LIMITATIONS ON TAX INCREMENT DEPOSITS A. Deposit Limitation. The combined total amount of Tax Increment deposited into the Tax Increment Fund by Tarrant County Hospital District shall not exceed $3,850,000. It is the understanding of the Taxing Unit and the City that Tarrant County may deposit tax increments into the Tax Increment Fund in the amount not exceeding $4,350,000. These totals, when combined, represent the County's and Hospital District's commitment to fund approximately 80.1 % of their pro rata share of the projected principal and interest costs to finance the initial $27,390,000 of public infrastructure projects as set forth in the Project Plan and Financing Plan, a copy of which is attached hereto as Exhibit C and Exhibit D, respectively. In accordance with Section 311.013 of the Act, the TIF Taxing Units shall not be required to pay tax increment into the tax increment fund of the Reinvestment Zone after three (3) years from the date the Reinvestment Zone has been created unless: 2 ( 1. . . . bQnds have been issued for the Reinvestment Zone under Section 311.015 of the Act to finance a portion of the Project. 2. the City has acquired property in the Reinvestment Zone pursuant to the project plan, or 3. construction of a project or projects pursuant to the Project Plan has begun in the Reinvestment Zone. B. Proiect Cost limitation. The "project costs" (as defined in Section 311.002 of the Act) that may be paid through Tax Increment deposits made by Taxing Unit directly and/or financed through the issuance of bonds or other obligations of the City secured by Tax Increment deposits is $22,156,500. This amount represents those costs as set forth in the Project Plan and Financing Plan, less costs for municipal public buildings (City Hall, Fire Station, Police Station, Library) and school improvements. C. Use of Funds. All amounts paid into the Tax Increment Fund by Taxing Unit shall be used to pay direct project costs and/or the principal of and interest on bonds or other obligations, secured in whole or in part by Tax Increment deposits, issued to finance said project costs under the Act, as set forth in the TIF Project Plan; however, in no event shall any of the amounts paid into the Tax Increment Fund by Taxing Unit be used to pay any overhead, administrative or management costs of the TIF District). (- IV. RESPONSIBILITY OF CITY TO MAINTAIN INCREMENT LEVEL Throughout the term of this Agreement, the annual City deposit to the Tax Increment Fund shall be no less than the amount of Tax Increment that would be calculated based on the Captured Appraised Value for that year at the 1998 City tax rate of $0.3474 per $100 of valuation. Should the City tax rate be reduced at any time during the Agreement, the City shall contribute additional funds from other sources in order to make its annual deposit equal to the Tax Increment produced at the 1998 City tax rate. v. RESPONSIBILITY FOR ACTS City and Taxing Unit shall each be responsible for the sole negligent acts of their officers, agents, employees or separate contractors. In the event of joint and concurrent negligence of both City and Taxing Unit, responsibility, if any, shall be apportioned comparatively in accordance with the laws of the State of Texas, without however, waiving any governmental immunity available to City and Taxing Unit under Texas law and without waiving any defenses of the parties under Texas law. 3 ( - VI. NOTIFICATION DELIVERY ADDRESS Whenever this Agreement requires or permits any consent, approval, notice, requests, proposal, or demand from one party to the other, the consent, approval, notice, request, proposal, or demand must be in writing to be effective and shall be delivered to the party intended to receive it at that party's address shown below. If intended for City, to: City Manager City of Colleyville P. O. Box 185 Colleyville, Texas 76034 If intended for Taxing Unit, to: Chief Executive Officer Tarrant County Hospital District 1500 S. Main Fort Worth, Texas 76104 .-- Or to such other address as either party may request, in writing from time to time. VII. GOVERNING LAW AND VENUE This agreement is made subject to the provisions of the charter and ordinances of City, as amended, the Texas Constitution, codes, and statutes; and all other applicable state and federal laws, regulations and requirements, as amended. Venue for any cause of action arising hereunder shall lie exclusively in Tarrant County, Texas. VIII. TERM This Agreement is effective from the date the Reinvestment Zone was created through December 31, 2019, or until the date that all bonds or other debt obligations issued for projects in the Reinvestment Zone, as set forth in the Project Plan, have been fully paid and discharged, or until the date that Taxing Unit contributes the maximum cumulative deposit amount as set forth in Section II of this Agreement, whichever event occurs first. However, in the event that the requirements of Section 311.013 of the Act have not been met, the Agreement will terminate after three years from the date the Reinvestment Zone was created. IX. ENTIRE AGREEMENT/AMENDMENTS This Agreement embodies the complete understanding of City and Taxing Unit, and shall supercede all oral or written previous and contemporary agreements between the 4 (- . - parties in relatiqn to matters herein. This Agreement may be amended, modified, or supplemented only by an instrument in writing executed by City and Taxing Unit, a copy of which will be provided to all TIF Taxing Units. Any amendment, modification or supplement which adversely affects any other TIF Taxing Unit must be consented to in writing by such TIF Taxing Unit. Any alterations, additions or deletions to the terms of this Agreement required by changes in federal, state or local law or regulations will be automatically incorporated into this Agreement without written amendment, and shall become effective on the date designated by such law and regulation. EXECUTED this the t..1'fj day of 'J)1~u~Ju..r ,1998, by the City, signing by and through its City Manager, and this the ~ tJ day of ~~ , 1998 by Taxing Unit, signing by and through its duly authorized official. CITY OF COLLEYVILLE TARRANT COUNTY HOSPITAL DISTRICT Q~~ C. Robert Stripling, ~ City Manager d~J Board Chair ( ~- ATTEST: ~_s~ B ar Secretary APPROVED AS TO FORM AND LEGALITY: d?t::y fb District Attorney 5 , , 1- \ CITY OF COLLEYVILLE TAX INCREMENT FINANCING REINVESTMENT ZONE NUMBER ONE GCISD AGREEMENT ",_. City of Colleyville And Grapevine-CoIleyville Independent School District Agreement to Participate In the Reinvestment Zone Number One, City of CoIleyville THIS AGREEMENT is made and entered into by and between the City of Colleyville ("City"), a municipal corporation, and the Grapevine-Colleyville Independent School District, ("School District") of Tarrant County, Texas WITNESSETH: ( ~- WHEREAS, in accordance with the provisions of the Tax Increment Financing Act, V.T.C.A., Tax Code, Chapter 311 (the "Act"), and after due notice to the School District and other taxing units levying real property taxes in the area, the City Council of the City, pursuant to Ordinance No. 0-98-1124 (the "Ordinance"), adopted on November 4, 1998 (a copy of which is attached hereto as Exhibit A and incorporated herein by reference), created, established and designated "Reinvestment Zone Number One, City of Colleyville" (hereinafter called the "Reinvestment Zone") under the Act; and WHEREAS, the City anticipates adopting a second ordinance (the "Second Ordinance") at a meeting of the City Council on December 1 5, 1998 which will revise the boundaries of the Reinvestment Zone and which will approve and adopt a Project Plan and Financing Plan (collectively the "Plan") for the Reinvestment Zone (a copy of the Second Ordinance, reflecting the revised boundaries of the Reinvestment Zone, and the Plan, in the form that the City anticipates adopting on December 15, 1998, are attached hereto as Exhibit Band Exhibit C. respectively, and incorporated herein by reference); and WHEREAS, the Act provides that each taxing unit levying taxes on real property in a reinvestment zone is not required to pay into the tax increment fund any of its tax increment produced from property located in the reinvestment zone unless such taxing unit enters into an agreement to do so with the governing body of the municipality that created the reinvestment zone; and WHEREAS, a tax increment agreement under the Act may be entered into any time before or after the reinvestment zone is created, and such agreement may include any conditions for payment of the tax increment into the fund and must specify the portion of the tax increment to be paid into the tax increment fund and the years for which that tax increment is to be paid into the tax increment fund. 034259\008015 92954.1 ( ,'- NOW, THEREFORE, the City and the School District, in consideration of the terms, conditions, and covenants contained herein, hereby agree as follows: Section 1. The School District hereby agrees to pay into the tax increment fund established by the City for the Reinvestment Zone (the "Tax Increment Fund") one hundred percent (100%) of the School District maintenance and operations ("M&O") ad valorem tax collections on the captured appraised value of real property in the "Reinvestment Zone" subject to the following terms and conditions. .- - 034259\008015 92954.1 a. Hold Harmless. The City shall indemnify and hold the School District harmless from any negative fmancial impact on the School District as a result of its participation in the "Public Infrastructure Projects" (as defined in Section I.g.i. below) of the Reinvestment Zone caused by or relating to a "change in applicable law" (as herein defmed), and the City pledges the revenues of its various revenue sources to fund such obligation. Each fiscal year, the School District shall calculate the amount of the negative financial impact and shall be reimbursed such amount by the City. Each such calculation shall take into account any adjustments to the amount calculated for the previous fiscal year that should be made in order to reflect the actual impact on the School District for such previous fiscal year. Without limiting the generality of the foregoing, it is understood and agreed that this "hold harmless" provision shall apply in the event that a change in applicable law occurs which would free or increase the amount of "Robin Hood" funds received by or available to the School District but for the School District's participation in the Reinvestment Zone. b. Change in Aoolicable Law. A "change in applicable law," as used herein, means any change in law applicable to the School District, to tax increment fmancing or to reinvestment zones subsequent to the date of this Agreement, including, without limitation, any change in any statutory law applicable to the School District, to tax increment fmancing or to reinvestment zones or any interpretation, ruling, order, decree or court decision interpreting existing law or any law enacted during the term of this Agreement which is applicable to the School District, to tax increment financing or to reinvestment zones, provided such interpretation, ruling, order, decree or court decision is made administratively by the Comptroller of Public Accounts of the State of Texas, the Texas Attorney General, or any other State agency, or by a court of competent jurisdiction. c. Boundary. The boundaries of the Reinvestment Zone are and shall be those boundaries described in the Second Ordinance, or an amendment thereto revising the boundaries duly approved by the Reinvestment Zone Board of Directors and the City Council of the City; provided, however, that the City agrees that the boundaries of the Reinvestment Zone shall not be changed to exclude any schools of the School District which are located within the boundaries of the Reinvestment Zone set forth -2- (- d. e. .- f. g. 034259\008015 92954.1 in the form of the Second Ordinance attached hereto as Exhibit B. unless the Board of Trustees of the School District has first approved such boundary change; provided, however, that the City Council of the City and the Board of Directors of the Reinvestment Zone may include additional schools of the School District within the boundaries of the Reinvestment Zone. Pw:pose and Program. Within the boundaries of the Reinvestment Zone, public infrastructure improvements, school district improvements and retail, restaurant and office space are to be constructed as nearly as possible in conformity with the Plan. Any additions, changes, revisions or modifications to the Plan made after the date of this Agreement may only be made by the Board of Directors of the Reinvestment Zone and the City Council of the City; provided, however, that the City agrees that it will not approve any additions, changes, revisions or modifications to the Plan relating to any of the "School Improvement Projects" (as defined in Section l.g.ii. below) included in the form of the Plan attached hereto as Exhibit C unless the Board of Trustees of the School District has first approved such addition, change, revision or modification. Appraised Value. The real property within the boundaries of the Reinvestment Zone is to be appraised in 1998 for ad valorem tax purposes and for establishing the tax increment base referenced in Section 311.012 of the Act. Bond Limit. The total principal amount of bonds or notes to be issued to pay project costs for the Reinvestment Zone pursuant to Section 311.015 of the Act shall not exceed twenty-seven million, four hundred thousand dollars ($27,400,000) in 1998 present value funds. Total issuance cost will be approximately forty-seven million dollars ($47,000,000) including eight hundred nine thousand, seven hundred fifty-five dollars ($809,755) for issuance costs, capitalized interest, debt service, and operating reserves. Use ofTIF Funds. All amounts paid into the Tax Increment Fund shall be used solely to repay cash expenditures of project costs or the principal of and interest on tax increment bonds or notes issued to finance project costs under the Act, and to pay direct costs properly chargeable under the Act and under generally accepted accounting principles to the administration of the Reinvestment Zone, all in accordance with the Plan. It is specifically understood and agreed that even though additional or other projects may be included in the Plan, the funds contributed by the School District to the Tax Increment Fund shall and may be used only for the projects described in Exhibit D attached hereto and incorporated by reference for all purposes. Further, the funds contributed by the School District to the Tax Increment Fund shall and may be used only in the following proportions: -3- (- 1. 74% of the School District's contributions shall be used for the Public Infrastructure Projects described in Exhibit D; and 11. 26% of the School District's contributions shall be used for School Improvement Projects described in Exhibit D all as more specifically described in the Plan. In addition, it is specifically understood and agreed that the School District shall be reimbursed for its actual costs associated with the creation of the Reinvestment Zone, including its reasonable attorneys' fees, consultants' fees and other professional fees. h. Limits ofOblil!ation of the School District. Except for payment to the Tax Increment Fund of one hundred percent (100%) of the School District M&O ad valorem tax collections on the captured appraised value of real property in the "Reinvestment Zone" subject to the terms and conditions set forth herein, the School District shall have no obligation for any costs or expenses associated with the operation of the Reinvestment Zone, including, without limitation, any obligation to payor repay any debt issued by the City, the Reinvestment Zone, or the Board of Directors of the Reinvestment Zone relating to the Reinvestment Zone or any costs associated with the operation of Reinvestment Zone or any projects relating thereto. (- 1. Limit of School District's Obligation - City ParticiDation. The School District shall have no obligation to make contributions to the Tax Increment Fund in the event the City, for any reason during the term of this Agreement, does not contribute to the Tax Increment Fund 100% of the taxes collected by the City on the captured appraised value of the real property in the Reinvestment Zone. J. School District Representation. The School District shall have the right to appoint and maintain one (1) voting member on the Board of Directors of the Reinvestment Zone at all times. Failure of the School District to appoint and maintain a representative on the Board of Directors of the Reinvestment Zone at any time shall not be deemed a waiver of the School District's right to make such appointment at any other time. Section 2. In accordance with Section 311.013 of the Act, the School District shall not be required to make any contribution to the Tax Increment Fund after three (3) years from the date the Reinvestment Zone has been created unless the following conditions exist or have been met within such three year period a. bonds have been issued for the Reinvestment Zone under Section 311.015 of the Act to fmance projects described in the Plan; b. the City has acquired property in the Reinvestment Zone pursuant to the Plan; or 034259\008015 92954.1 -4- c. construction of improvements pursuant to the Plan has begun in the Reinvestment Zone. Section 3. As inducement to the School District to enter into this Agreement, the City agrees that City bonds or tax increment bonds of the Reinvestment Zone will be issued to fmance projects contemplated in the Plan until (a) a fmal Plan has been prepared and adopted by the Board of Directors of the Reinvestment Zone and approved by the City Council of the City, and (b) the City has furnished documentation, evidence and assurances satisfactory to the Board of Directors of the Reinvestment Zone to the effect that funds necessary to support cash expenditures and/or the retirement of tax increment bonds will be available either from revenues of the Tax Increment Fund or from other funds provided by the City. Section 4. This Agreement shall become effective as of the date of the fmal signature hereto and shall remain in effect until the earlier of: (i) December 31, 2030, or (ii) the date on which the Plan has been fully implemented and all project costs, tax increment bonds, interest on such tax increment bonds and all other obligations, contractual or otherwise, payable from the Tax Increment Fund have been paid in full; provided, however, that, at the option of the School District, this Agreement shall be null and void and of no further force and effect if the City fails to adopt the Second Ordinance and the Plan, in the forms attached hereto as Exhibit B and Exhibit C. respectively, by December 31, 1998. 1- Section S. To the extent of their respective liabilities, the City and the School District shall each be responsible for the sole negligent acts of their officers, agents, employees or separate contractors. In the event of joint and concurrent negligence of both City and School District, responsibility, if any, shall be apportioned comparatively in accordance with the laws of the State of Texas, without however, waiving any governmental immunity available to the City and School District under Texas law and without waiving any defenses of the parties under Texas law. Section 6. This Agreement shall be administered by the City Manager or his designees. Section 7. Whenever this Agreement requires or permits any consent, approval, notice, request, proposal, or demand from one party to another, the consent, approval, notice, request, proposal, or demand must be in writing to be effective and shall be delivered to the party intended to receive it at the addresses shown below: If intended for City, to: City Manager City of Colleyville P.O. Box 185 Colleyville, Texas 76034 034259\008015 92954.1 -5- ('- If intended for School District to: Superintendent of Schools Grapevine-Colleyville Independent School District 3051 Ira E. Woods Avenue Grapevine, Texas 76051-3897 or to such other addresses as the parties may request, in writing from time to time. Section 8. This Agreement is made subject to the provisions of the charter and ordinances of the City, as amended; the policies of the School District's Board of Trustees; the Texas Constitution, codes, and statues; and all other applicable state and federal laws, regulations and requirements, as amended. Venue shall be exclusively in Tarrant County, Texas. Section 9. This Agreement embodies the complete understanding of City and School District with respect to the subject matter hereof superceding all oral or written previous and contemporary agreements between the parties relating to matters herein. The Agreement may be amended, modified, or supplemented only by an instrument in writing executed by City and School District. Section 10. The provisions of this Agreement are severable and the invalidity or unenforceability of any provision hereof shall not affect the validity or enforceability of any other provision. It is the intention of the parties that each provision hereof be construed in a manner designed to effectuate the purposes of such ~rovision to the maximum extent enforceable under applicable law. Section 11. Failure of either party hereto to insist on the strict performance of any of the covenants or agreements herein contained or to exercise any rights or remedies accruing hereunder upon default or failure of performance shall not be considered a waiver of the right to insist on, and to enforce by any appropriate remedy, strict compliance with any other obligation hereunder or to exercise any right or remedy occurring as a result of any future default or failure of performance. Section 12. No party hereto waives or relinquishes any immunity or defense on behalf of itself, its trustees, officers, employees or agents as a result of its execution of this Agreement and performance of the covenants contained herein. EXECUTED this the day of . 1998, by the City, signing by and through its City Manager, duly authorized by Resolution No. approved on . 1998, and by School District through its duly authorized officials by approval at a duly called and noticed Board meeting on . 1998. 034259\008015 92954.1 -6- (~- CITY OF COLLEYVILLE GRAPEVINE-COLLEYVILLE INDEPENDENT SCHOOL DISTRICT C~~ C. Robert Stripling City Manager Exhibits ...- Exhibit A Exhibit B Exhibit C Exhibit D FEssrn0342S9\OO801S DALLAS\929S4.1 11/16/98-3:11 PM JarU~-If~ President, Board of Trustees ATTEST: c~ fA)o-&.. ~ Carol Wollin Secretary, Board of Trustees City of Colleyville Ordinance 0-98-1124 Form of Second Ordinance Project Plan and Financing Plan for the Reinvestment Zone Projects for Which School District Contributions to the TIF May Be Used -7- ( ~- I WHEREAS, i WHEREASJ I . I WHEREAS, . l WHEREAS, I WHEREAS, . ;: p H " i; !: !l 11 WHEREAS, , ,; : : : I . NOV 19 1956 16:02 ORDINANCE 0-98-1124 AN ORDINANCE DESIGNATING A CERT A1N AREA AS TAX INCREMENT FINANCING REINVESTMENT ZONE NUMBER ONE, CITY OF COLLEYVILLE, TEXAS, ESTABLISHING A BOARD OF DIRECTORS FOR SUCH REINVESTMENT ZONE, AND OTHER MATTERS RELATING THERETO the City Council of the City of Colleyville, Texas, (the "City"), desires to promote the development of a certain contiguous geographic area (the SH 26 area) within its jurisdiction by the creation of a reinvestment zone, as authorized by the Tax Increment Financing Act, Chapter 311 of the Texas Tax Code, Vernon's Texas Codes Annotated (the "Actn); and in compliance with the Act. the city has called a public hearing to hear public comments on the creation of the proposed reinvestment zone and its benefits to the City and the property in the proposed reinvestment zone; and in compliance with the Act, notice of such public hearing was published in the Fort Worth Star Telegram, a daily paper of general circulation in the City, such publication date being not later than seven (7) days prior to the date of the public hearing; and such hearing was convened at the time and place mentioned in the published notice, to wit, on the 4!h of November, 1998, at 7:30 o'clock p.m., in the Council Chamber of the City of Colleyville. Texas, which hearing was then closed; and the City, at such hearing, invited any interested person, or his attorney, to appear and contend for or against the creation of the reinvestment zone, the boundaries of the proposed reinvestment zone, \vhether all or part of the territory which is described by the metes and Dounds description attached hereto as Exhibit "A" and depicted in the map attached hereto as Exhibit liB" should be included in such proposed reinvestment zone, the concept of tax increment financing and the appointment of a board of directors for the proposed reinvestment zone; and all owners of property located within the proposed reinvestment zone and all other taxing units and other interested persons "/ere given the opportunity at such public hearing to protest the creation of the proposed reinvestment zone and/or the inclusion of their property in such reinvestment zone; and 817+5777555 PA:3:::.02 . Ordinance 0-98-1124 ;1 Page2of6 ~ i (- :: WHEREAS, i! :: the proponents of the reinvestment zone offered evidence. both oral and documentary, in favor of all of the .foregoing matters relating to the creation of the reinvestment zone, and opponents, if any. of the reinvestment zone appeared to contest creation of the reinvestment zone. NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF COLLEYVILLE, TEXAS: ~_. !: i ~ Sec. 1: H :. : : i H !! Sec. 2: ~ ~ II i: !: H H .; :i II " ! ~ !. :i, ,. . !l !l .: i' i : ~ NOV 19 1996 16:03 THAT the facts and recitations contained in the preamble of this ordinance are hereby found and declared to be true and correct. THAT the City Council, after conducting such hearing and having heard such evidence and testimony, has made the following findings and determinations based on the evidence and testimony presented to it: (a) That the public hearing on adoption of the reinvestment zone has been properly called, held and conducted and that notice of such hearing has been published as required by law and delivered to all taxing units overlapping the territory inside the proposed reinvestment zone, (b) That creation of the proposed reinvestment zone with boundaries as described in Exhibits "A" and "S" will result in benefits to the City, its residents and property owners. in general. and to the property, residents and property o\vners in the reinvestment zone. (c) That the reinvestment zone, as defined in Exhibits "A" and "8". meets the criteria for the creation of a reinvestment zone set forth in the Act in that: (1) II is a contiguous geographic area located wholly within the corporate limits of the City. (2) The area is predominately open and because of obsolete platting and deterioration of structures or site improvements, substantially impairs or arrests the sound development and grovvth of the City. 817+5777555 PAGE.e3 J :('- Ordinance 0-98-1124 Page 3 of 6 : i i . i Sec. 3: Sec. 4: , L ;: II NOV 19 19SE 16:03 (d) That 10 percent or less of the property in the proposed reinvestment zone, excluding property dedicated to public use, is used for residential purposes, vlhich is defined in the act as any property occupied by a house Vv'hich has less than five living units, (e) That the total appraised value of all taxable real pr9perty in the proposed reinvestment zone according to the most recent appraisal rolls of the City, together with the total appraised value of taxable real property in all other existing reinvestment zones within the City. according to the most recent appraisal rolls of the City; does not exceed 15 percent of the current total appraised value of taxable real property in the City and in the industrial districts created by the City, if any. (f) That the proposed reinvestment zone does not contain more than 15 percent of the total appraised value of real property taxable by a county or school district. (g) That the improvements in the reinvestment zone will significantly enhance the value of all taxable real property in the reinvestment zone. (h) That the development or redevelopment of the property in the proposed reinvestment zone will not occur solely through private investment in the reasonably foreseeable future. THAT the City hereby creates a reinvestment zone over the area described by the metes and bounds in Exhibit "A" attached hereto and depicted in :the map attached hereto in Exhibit "B~ and such reinvestment zone shall hereafter be identified as Tax Increment Financing ReinvestmentZone Number One. City of Colleyville, Texas (the "Zone" or Reinvestment Zone"). THAT there is hereby established a board of directors for the Zone \.vhich shall consist of seven (7) members. The board pf directors of Tax Increment Financing Reinvestment Zone Number One shall be appointed as follows: 817+5777555 P~GE.04 Ordinance 0-98-1124 Page 4 of6 II ~_.. (a) Four members shall be appointed by the City Council, and each of the governing bodies of the fo!lovving taxing units which levies taxes on real property in the Zone (Grapevine- Colleyville Independent School District, Tarrant County, Tarrant County Community College District), may each appoint one (1) member to the board; provided, however, that if a taxing unit waives its right to appoint a member qf the board, the City may appoint such board member instead~ The initial board of directors shall be appointed by resolution of the governing bodies of the city and the taxing units as provided herein within sixty (60) days of the passage of this ordinance or within a reasonable time thereafter. All members appointed to the board shall meet eligibility requirements as set forth in the act. (b) The terms of the board members shall be for two year terms. The City Council shall designate a member of the board to serve as chainnan of the board of directors. and the board shall elect from its members a vice chairman and other officers as it sees fit. . ( (c) The board of directors shall make recommendations to the City Council concerning the administration of the Zone. It shall prepare and adopt a project plan and reinvestment zone financing plan for the Zone and must submit such plans to the City Council for its approval. The board of directors shall possess all powers necessary to prepare, implement and monitor such project plans for the reinvestment zone as the City Council considers advisable, including the submission of an anrlual report on the status of the Zone. ! Sec. 5: THAT the Zone shall lake effect on January 1, 1999, and that the termination of the Zone shall occur on December 31, 2018, or at an earlier time designated by subsequent ordinance of the City Council in the event the City determines that the Zone should be terminated due to insufficient private investment. accelerated private investment or other good cause, or at such time as all project costs and tax increment bonds, if any, and the interest thereon, have been paid in full. NOV 19 1956 16:03 817+5777555 PAGE. 05 Ordinance 0-98-1124 Page 5 of 6 : AND IT IS SO ORDERED. i E;-l:Ct,;ading and public hearing being conducted on the 20'fh : ,1998. I'T e second reading and public hearing being conducted on the 3-~ Qjy,- .r ,1998. Sec. 6: Sec.7: . j - " Ii 11 Sec. 8: ~ ! ., ( , ., S.ec. 9: 1''''- :! i ~ :t :! " NOV 19 1956 16:04 THAT the Tax Increment Base for the Zone which is the total appraised value of all taxable real property located in the Zone, is to be determined as of january 1, 1998. the year in which the Zone was designated a reinvestment zone. THAT there is hereby created and established a Tax Increment Fund for the Zone 'Nhich may be divided into such subaccount~ as may be authorized by subsequent resolution or ordinance, into which all Tax Increments, less any of the amounts not required to be paid into the Tax Increment Fund pursuant to the Act, are to be deposited. The Tax Increment Fund and any subaccounts are to be maintained in an account at the City Finance Director's affiliated depository bank of the City and shall be secured in the manner prescribed by law of Texas cities. In addition. all revenues from the sale of any tax increment bonds and notes hereafter issued by the City, revenues from the sale of any property acquired as part of the tax increment financing plan and other revenues to be dedicated to and used in the Zone shall be deposited into such fund or subaccount from which mOfley will be disbursed to pay project costs for the Zone or to satisfy the claims of holders of tax increment bonds or notes issued for the Zone. THAT if any section, paragraph, clause or provision of this Ordinance shall for any reason be held to be invalid or unenforceable, the invalidity or unenforceability of such section, paragraph. clause or provision shall not affect any of the remaining provisions of this Ordinance. . THAT this Ordinance shall take effect immediately from and after its passage and publication in accordance with the provisions of the Charter of th:e City of Colleyville. day of day of 817+5777555 PAGE.e6 Ordinance 0-98-1124 Page 6 of 6 A~ST: ,. :u~ Q).AMY Je Harris, Jd~, CMC City.Secretary ~ OF C.OLLEYVILLE: '-- ~\ (G1 . Richard Newton Mayor 0VED AS TO FORM AND LEGALITY: Reiss ?o:r City Attorney NOU 19 1958 16:04 " \. 817+5777555 PAGE.e7 Exhibit D REINVESTMENT ZONE NUMBER ONE, CITY OF COLLEYVILLE PROJECTS FOR WHICH SCHOOL DISTRICT CONTRIBUTIONS TO THE TAX INCREMENT FUND MAY BE USED Project Cost Public Infrastructure Projects S.H. 26 Improvements $~,850,OOO Hall-Johnson Road Improvements $1,900,000 Main Street Improvements $700,000 . Church Street Improvements $I,JOO,OOO Downtown Area Improvements $2,200,000 Riverwalk Drive Improvements $1,200,000 Bluebonnet Road Improvements $670,000 Bogart Road Improvements $600,000 Tinker/Sanders Intersection Improvements $220,000 Plaza $2,734,360 Public Parking Structure $2,120,960 Storm Water Detention $200,000 Library $240,000 Public Parking Lots, Land, Engineering $3,011,180 Professional Services $500,000 . Total Public Infrastructure Projects $22,246,500 School District Projects School District Improvements (Bransford Elementary School, Colleyville $7,938,690 Elementary School, Colleyville Middle School) Total School DistriCt Projects $7.938,690 Cost Breakdown by Category ofProiects: Public Infrastructure Projects School District Projects Total Amount $22,246,500 $7,938,690 Percent of Total 74% 26%