HomeMy WebLinkAboutTax Increment Finance (TIF)-Agenda Packets-01/31/2018City of Colleyville Page 1
City of Colleyville
Tax Increment Financing
District Board
Agenda
City Hall
100 Main Street
Colleyville, Texas 76034
817. 503.1000
www.colleyville.com
Wednesday, January 31, 2018
12 Noon
Executive Conference Room
Third Floor, City Hall
1.CALL TO ORDER
2.PRESENTATION AND DISCUSSION
2a Overview of the TIF regulatory history
2b Presentation and discussion of the TIF revenues and expenditures
reconciliation
2c Presentation and discussion of the draft fiveyear plan
3.ADJOURNMENT
I hereby certify this agenda was posted on City Hall bulletin boards Friday, January 26,
2018 by 5:00 p.m.
Christine Loven, TRMC
City Secretary
A quorum of the Colleyville City Council and/or any other Colleyville Board, Commission, or
Committee may be in attendance at this meeting.
Any matter on this agenda may, at the discretion of the governing body, be opened for
public comment and discussion.
If you plan to attend this public meeting and have a disability that requires special
accommodations, please advise the Executive Secretary at least 48 hours in advance at
817.503.1110, and reasonable accommodations will be made to assist you.
City of Colleyville Page 1
City of Colleyville
Tax Increment Financing
District Board
Agenda Briefing
City Hall
100 Main Street
Colleyville, Texas 76034
www.colleyville.com
Agenda Number 2a Agenda Date 01/31/2018 Number
Type Presentation and Discussion
Department City Secretary
Title
Overview of the TIF regulatory history
Explanation
David Pettit, the City's TIF consultant, will present a brief history of Colleyville's TIF
and state law highlights governing TIFs. Mr. Pettit has worked with the City for many
years and was involved in the 2012 TIF amendment, thus bringing appreciated
historical knowledge in addition to professional knowledge gained from creating over
100 TIF districts across the state.
Attachments
1.TIF History presentation
Colleyville Tax Financing Zone #1
Historical Overview
January 2018
2
•Chapter 311 outlines the various procedures for creating andamending a TIF. Two main documents:
1.Creation ordinance; and
2.TIF Project and Financing Plan
•Creation ordinance establishes four key elements:
Boundary;
Term;
TIF Board; and
Preliminary Project and Financing Plan
•Upon TIF creation the Final Project and Financing Plan is approvedby the TIF Board and then the City Council by separate ordinance
TIF Creation Process
3Creating Tax Increment
Two ways to create new tax increment:
1.New construction/investment; and/or
2.Annual appreciation of real property (i.e. “organic growth”)
1 2
4
•Chapter 311 also outlines the legal requirements for TIF actions.
•Amendments
•Sec. 311.011. The board of directors of the zone at any time mayadopt an amendment to the project plan consistent with therequirements and limitations of this chapter.
•Expenses Outside TIF
•Sec. 311.010(b) An agreement may…dedicate, pledge, or otherwiseprovide for the use of revenue in the tax increment fund to pay thecosts that benefit the reinvestment zone, including project costs…inor out of the zone.
TIF Statute
5
•Chapter 311 also outlines the legal requirements for TIF actions.
•Estimates
•Sec. 311.011. (h) Unless specifically provided otherwise in the plan,all amounts contained in the project plan or reinvestment zonefinancing plan, including amounts of expenditures relating to projectcosts and amounts relating to participation by taxing units, areconsidered estimates and do not act as a limitation on the describeditems
TIF Statute
6
•TIF Grants
•In 2005, Chapter 380 of the Local Government was added to the TIFstatute.
•Sec. 311.010Subject to the approval of the governing body the TIFBoard may establish economic development grants;
•aggregate grant amount not to exceed the amount of the taxincrement produced by the municipality and paid into the taxincrement fund; and
•approval required may be granted in an ordinance approving aproject plan or reinvestment zone financing plan or approving anamendment to a project plan or reinvestment zone financing plan.
TIF Statute
7Colleyville TIF Boundary
TIF #1 1998Base Value:$75,821,735
TIF #1A 2012Base Value:$30,796,078
8
Colleyville TIF Term
•December 31, 2030
Participation Agreements
Entity Rate
City of Colleyville 100%
Grapevine Colleyville ISD 100%*
Tarrant County 100%**
Tarrant County College District 100%
Tarrant County Hospital District 100%***
* 74% dedicated to general public improvements and remaining 26% dedicated to GCISD schoolimprovements
** Participation capped at $4.35 million, cap reached in 2012
*** Participation capped at $3.85 million, cap reached in 2012
9Colleyville TIF History
Nov. 1998
•Creation Ordinance
Nov. 1998
•Creation Ordinance amended, termination date moved to 2030
Dec. 1998
•Project and Financing Plan Adopted
Feb. 2002
•Project and Financing Plan Amendment adjusting project costs categories (no increase in total)
Apr.2003
•Project and Financing Plan Amendment adjusting project costs categories (no increase in total)
Nov. 2012
•Boundary of Zone expanded and added additional projects
10
306 West 7th, Suite 1025Fort Worth, TX 76102dpettit@dpedllc.comwww.dpedllc.com817.439.9421 direct817.312.6341 cell682.499.3851 fax
City of Colleyville Page 1
City of Colleyville
Tax Increment Financing
District Board
Agenda Briefing
City Hall
100 Main Street
Colleyville, Texas 76034
www.colleyville.com
Agenda Number 2b Agenda Date 01/31/2018 Number
Type Presentation and Discussion
Department City Secretary
Title
Presentation and discussion of the TIF revenues and expenditures reconciliation
Explanation
In follow-up to discussion at the July 2017 TIF Board meeting, the purpose of this
agenda item is to present a reconciliation of TIF revenues and expenditures. This
information will lead into a discussion of current available funding for both the Original
Project Plan and the Amended Project Plan.
Attachments
1.TIF Reconciliation presentation
2.TIF Reconciliation
Update on TIF Financial Position
City of Colleyville TIF Board
January 31, 2018
Project Plans
Original Project Plan
Downtown Improvements
Plaza
Professional Services
Public Parking, land, engineering
Storm Drainage
Library
Hall-Johnson Road
Bluebonnet Drive
SH 26
Tinker/Sanders Intersection
Bogart
Church Street
Riverwalk Drive
Public Parking Structure
Main Street
City Hall
Fire Station
John McCain Road
School Improvements
Total (orig. estimate) = $35,328,690
Amended Project Plan
Economic Development TIF Grants
Roadway Improvements
Trails & Public Amenities
Administrative Expenses
Total (orig. estimate) = $44,456,185
Notes:
•All $ projections for project costs are
estimates and are not a limitation
•Revenue from ISD participation may not be
used on any project category added by the
2012 amendment
•Only revenue from City participation can
be used on TIF Grants category
Expenditures To-Date
Original Project Plan
Revenues (FY2000-2012)$38,532,056
Expenditures (FY2000-2012)$30,119,594
Total Remaining Funds at
FY2012 Year-End $8,412,462
Amended Project Plan
Revenues (FY2000-2012)$6,644,593
Expenditures (FY2000-2012)*$0
Total Remaining Funds at
FY2012 Year-End $6,644,593
*TIF Revenue from the City’s contribution was “moved” to the amended project plan when it was created in 2012,
to be the only funding source available for the TIF Grants project category
Original Project Plan
Balance at FY2012 Year -End $8,412,462
Revenues (FY2013-2017)$15,011,195
Expenditures (FY2013-2017)$12,256,000
Total Remaining Funds at
FY2017 Year-End $11,167,656
Amended Project Plan
Balance at FY2012 Year -End $6,644,593
Revenues (FY2013-2017)$6,861,731
Expenditures (FY2013-2017)$6,233,477
Total Remaining Funds at
FY2017 Year-End $7,272,847
Note: Please refer to the reconciliation handouts for additional revenue and expenditure detail
Future Projects
•Created a working draft of a 5-year plan (see handout)
•Intended to be a starting place for conversation, now that we
have a clear understanding of funding availability for each
project plan
•More details and changes anticipated as we go through the
Spring/Summer budget process
•City staff and GCISD staff met last week to begin information
sharing and input process
•A more finalized plan will be brought forward at the annual
TIF Board meeting in July
Questions & Discussion
TIF REVENUES GCISD MISC.
REVENUES INTEREST
TOTAL
REVENUE
ATTRIBUTED
TO GCISD
TARRANT
COUNTY
COLLEGE
DISTRICT
TARRANT
COUNTY
TARRANT
COUNTY
HOSPITAL
DISTRICT
INTEREST
(for 3 other
entities)
TOTAL
REVENUE
ATTRIBUTED
TO 3 ENTITIES
DEBT
PROCEEDS
TOTAL REVENUE
- ORIGINAL
PROJECT PLAN
CITY OF
COLLEYVILLE INTEREST
TOTAL REVENUE
ATTRIBUTED
TO CITY
2000 107,813 45,618 153,431 8,307 19,034 16,767 16,985 61,093 214,524 27,129 14,996 42,125
2001 334,366 157,932 492,298 25,215 64,621 56,970 58,783 205,589 7,155,824 7,853,711 82,321 51,956 134,277
2002 553,346 101,066 654,412 41,729 83,661 91,792 37,550 254,732 635,000 1,544,143 146,822 33,332 180,154
2003 840,326 72,907 31,241 944,474 81,008 167,990 134,869 11,596 395,463 1,339,938 201,924 10,337 212,261
2004 662,159 14,109 676,268 104,060 182,980 175,762 5,217 468,019 1,144,287 258,716 4,713 263,429
2005 817,781 40,477 858,258 143,642 273,989 242,612 14,686 674,929 1,533,187 357,212 13,472 370,684
2006 1,642,766 583,903 83,463 2,310,132 143,642 394,945 356,953 29,288 924,828 3,234,960 525,772 27,546 553,318
2007 1,579,291 100 140,474 1,719,865 229,507 434,630 374,062 48,726 1,086,925 2,806,790 570,986 47,400 618,386
2008 1,532,872 76,015 1,608,887 290,617 550,251 469,696 24,971 1,335,535 2,944,422 740,798 25,542 766,340
2009 1,765,439 52,444 1,817,883 332,025 611,425 499,345 15,546 1,458,341 3,276,224 854,722 17,151 871,873
2010 3,492,785 12,428 3,505,213 355,324 667,010 539,981 3,195 1,565,510 5,070,723 916,653 3,917 920,570
2011 2,579,371 14,862 2,594,233 331,095 641,416 512,591 3,326 1,488,428 4,082,661 854,115 4,822 858,937
2012 2,508,203 18,623 2,526,826 355,267 222,600 378,601 3,191 959,659 3,486,485 846,217 6,023 852,240
TOTAL TIF REVENUES 18,416,518 656,910 788,753 19,862,181 2,441,438 4,314,552 3,850,001 10,879,050 7,790,824 38,532,056 6,383,387 261,206 6,644,593
TIF EXPENDITURES
TOTAL
EXPENDITURES -
ORIGINAL
PROJECT PLAN
EXPENDITURES PRIOR TO FY13*30,119,594
TOTAL EXPENDITURES - 30,119,594
REMAINING FUNDS 8,412,462 6,644,593
TIF RECONCILIATION
2000 - 2012
* THE CITY CHANGED ACCOUNTING SOFTWARE IN 2012/2013; COMPLETE DETAIL IS NOT AVAILABLE PRIOR TO 2013. THIS TIF RECONCILIATION RELIED ON THE NUMBERS AVAILABLE IN CAFRs, HISTORICAL
SPREADSHEETS MAINTAINED BY STAFF, AND INFORMATION PROVIDED BY THE CITY'S BOND COUNSEL. HISTORICAL BALANCES WERE ROLLED FORWARD FROM THE OLD SYSTEM INTO THE NEW SYSTEM AS LUMP
SUMS.
TOTAL
AMENDED
PLAN
REMAINING FUNDS AVAILABLE AT BEG. OF FY 2013 8,412,462 6,644,593 6,644,593
TIF REVENUES GCISD GCISD
INTEREST
TOTAL
REVENUE
ATTRIBUTED
TO GCISD
TARRANT
COUNTY
COLLEGE
DISTRICT
TIF 1
TARRANT
COUNTY
COLLEGE
DISTRICT
TIF 1A
TARRANT
COUNTY
COLLEGE
DISTRICT
INTEREST
TOTAL TCCD
REVENUE
CITY OF
COLLEYVILLE
TIF 1
CITY OF
COLLEYVILLE
TIF 1A
CITY OF
COLLEYVILLE
INTEREST
TOTAL CITY
REVENUE
2013 2,603,006 11,505 2,614,511 375,547 - 1,563 377,110 894,051 - 3,694 897,745
2014 3,471,104 7,682 3,478,786 380,609 770 1,029 382,408 902,356 1,833 2,430 906,619
2015 2,724,898 8,664 2,733,562 387,780 3,468 1,244 392,492 919,358 8,285 2,932 930,575
2016 2,774,652 52,512 2,827,164 397,577 5,900 7,540 411,017 942,549 14,075 17,727 974,351
2017 3,243,782 113,389.20 3,357,171 449,064 11,637 16,104 476,805 1,048,073 26,957 37,579 1,112,609
TOTAL TIF REVENUES 14,817,442 193,753 15,011,195 1,990,577 21,775 27,480 2,039,832 4,706,387 51,150 64,362 4,821,899 6,861,731
TIF EXPENDITURES ORIGINAL
PLAN
ADMIN.
EXPENSES
TRAILS &
PUBLIC
AMENITIES
ROADWAY
IMPROVEM.TIF GRANTS
2013 - SH 26 UTILITY RELOCATION 855,904
2013 - DEBT PAYMENTS & COSTS 680,150
2013 - CITY HALL AC 7,580
2013 - GRANT 764,077
2013 - GLADE ROAD 485,936
2014 - SH 26 UTILITY RELOCATION 1,682,237
2014 - DEBT PAYMENTS & COSTS 682,813
2014 - CITY HALL REPAIRS & IMPROVEMENTS 59,660
2014 - GRANT 625,000
2014 - GLADE ROAD 479,603
2015 - VILLAGE AT COLLEYVILLE ASSET REPURCHASE AGREEMENT 643,833
2015 - STOP SIGNS - VILLAGE AT COLLEYVILLE 24,848
2015 - SH 26 UTILITY RELOCATION 2,081,027
2015 - SH 26 RECONSTRUCTION 490,469
2015 - SH 26 PRELIMINARY ANALYSIS 1,664
2015 - PLAZA (89 VERANDA LN , 86 & 94 MAIN ST, DESIGN, HOA DUES…)5,500
2015 - DEBT PAYMENTS & COSTS 678,306
2015 - CITY HALL LANDSCAPE & IRRIGATION 7,265
2015 - CHURCH STREET MEDIAN LANDSCAPE 37,822
2015 - GRANT 705,000
2015 - GLADE ROAD 637,187
2016 - SH 26 UTILITY RELOCATION 96,599
2016 - SH 26 RECONSTRUCTION 1,514,132
2016 - PLAZA (89 VERANDA LN , 86 & 94 MAIN ST, DESIGN, HOA DUES…)(1,000)
2016 - DEBT PAYMENTS & COSTS 682,425
2016 - CITY HALL/LIBRARY GENERATOR DESIGN 13,230
2016 - GLADE ROAD 602,802
2017 - SH 26 RECONSTRUCTION 4,420
2017 - PROFESSIONAL SERVICES - ADMINISTRATIVE 21,850
2017 - PLAZA (89 VERANDA LN , 86 & 94 MAIN ST, DESIGN, HOA DUES…)389,131
2017 - PLAZA - COTTAGE LANE & TERRA COTTA WAY - LAND PURCHASE 812,094
2017 - MAIN STREET - VILLAGE BEAUTIFICATION & IMPROVEMENTS 18,239
2017 - JOHN MCCAIN ROAD REHAB 103,733
2017 - DEBT PAYMENTS & COSTS 662,069
2017 - GLADE ROAD 1,933,872
TOTAL TIF EXPENDITURES 12,256,000 - - 4,139,400 2,094,077 6,233,477
REMAINING FUNDS 11,167,656 7,272,847
OUTSTANDING DEBT PRINCIPAL POST 9/30/2017 1,880,000.00
OUTSTANDING DEBT INTEREST POST 9/30/2017 82,600.00
ORIGINAL PROJECT PLAN AMENDED PROJECT PLAN
TIF RECONCILIATION
2013 - 2017
City of Colleyville Page 1
City of Colleyville
Tax Increment Financing
District Board
Agenda Briefing
City Hall
100 Main Street
Colleyville, Texas 76034
www.colleyville.com
Agenda Number 2c Agenda Date 01/31/2018 Number
Type Presentation and Discussion
Department City Secretary
Title
Presentation and discussion of the draft five-year plan
Explanation
This agenda item provides opportunity for discussion of a 5-Year Plan working draft.
The draft will have projects added, removed, and adjusted throughout the Spring and
Summer as the City works through its budget process and finalizes plans. The
intention is to use this preliminary draft plan as a starting point for conversation and
feedback. A final draft will be brought back to the TIF Board at the annual meeting in
July 2018.
Attachments
1.5-Year TIF Plan - working draft
Original
Project Plan
Grants
Category
Roadway
Improvements
Trails & Public
Amenities
Admin.
Expenses
TOTAL
Amended
Project Plan
Estimated 10/1/17 Available Balances $ 11,167,656 $ 7,272,847
2018
Central Fire Station Repairs 147,322$ -$ -$ -$ -$
Cheek-Sparger Road (San Bar to Brown Trail) - DESIGN & ROW 399,000
Glade Road Design (Phase 2- Manning to Pool)460,000
Glade Road ROW (Phase 2)430,000
McDonwell School Rd Westcoat Dr Roundabout - ROW ACQUISITION 250,000
Senior Center Improvements 300,000
Hall Johnson Median Improvements 24,000
Riverwalk (at Glade) Median Improvements 30,000
Church Street Median Improvements 50,000
Main Street (at SH26) Median Improvements 50,000
TIF Debt Payment 654,200
Fiber Project 400,000
John McCain Road - Roundabout improvements (public art & landscape)50,000
Glade Road & Pool Roundabout improvements (public art & landscape)50,000
SH26 Medians 2,900,000
Economic Development Grants 200,000
Land acquisition 2,000,000
Plaza in the Village 500,000
6,805,522$ 200,000$ 1,539,000$ 350,000$ -$ 2,089,000$
(+) FY18 Revenue 3,400,000 1,600,000
Estimated 10/1/18 Available Balances 7,762,134$ 6,783,847$
2019
Cheek-Sparger Road (San Bar to Brown Trail) - Construction -$ -$ 425,000$ -$ -$
Roberts Road - CONSTRUCTION 1,100,000
Glade Road (Phase 1 - Bransford to Manning) Construction 1,077,230
Glade Road (Phase 2 - Manning to Pool) - Construction 2,724,103
Wayfinding Signs to Downtown 350,000
Street furniture and public art 750,000
City Hall/Library - HVAC Replacement 327,600
TIF Debt Payment 653,725
SH-26 Lighting 2,500,000
Economic Development Grants 1,000,000
Recreation Center Design 500,000
Land acquisition 1,000,000
Downtown Improvements- Creation of riverwalk area 1,700,000
Downtown Improvements- Entrance to The Village at Colleyville 500,000
John McCain Road - Roundabout improvements (public art & landscape)50,000
Glade Road & Pool Roundabout improvements (public art & landscape)50,000
8,331,325$ 1,000,000$ 5,326,333$ 50,000$ -$ 6,376,333$
(+) FY19 Revenue 3,570,000 1,680,000
Estimated 10/1/19 Available Balances 3,000,809$ 2,087,514$
2020
Economic Development Grants 1,000,000$
Roberts Road - CONSTRUCTION 2,000,000
Glade Road (Phase 1 - Bransford to Manning) Construction 2,000,000
Glade Road (Phase 2 - Manning to Pool) - Construction 2,000,000
Recreation Center Construction 8,000,000
Land acquisition 1,000,000
TIF Debt Payment 654,675
9,654,675$ 1,000,000$ 6,000,000$ -$ -$ 7,000,000$
(+) FY20 Revenue 3,748,500 1,764,000
Estimated 10/1/20 Available Balances (2,905,366)$ (3,148,486)$
2021
City Hall - Flooring Rehab 87,808$
Land acquisition 1,000,000
Parking lot/deck 3,000,000
Economic Development Grants 1,000,000
4,087,808$ 1,000,000$ -$ -$ -$ 1,000,000$
(+) FY21 Revenue 3,935,925 1,852,200
Estimated 10/1/21 Available Balances (3,057,249)$ (2,296,286)$
2022
Library - Flooring Rehab 95,210$
Land acquisition 1,000,000
Economic Development Grants 1,000,000
1,095,210$ 1,000,000$ -$ -$ -$ 1,000,000$
(+) FY22Revenue 4,132,721 1,944,810
Estimated 10/1/22 Available Balances (19,738)$ (1,351,476)$