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Home My WebLink AboutTax Increment Finance (TIF)-Agenda Packets-7/14/2011~~~~~>~~ City of Colleyville f ~ `~~~--- ~ ~~ Agenda ~rt;" Tax Increment Financing District Board of Directors City Hall 100 Main Street Colleyville, Texas 76034 817. 503.1000 www.colleyville.com Wednesday, July 20, 2011 11:00 AM Executive Conference Room, 3rd floor 1. CALL TO ORDER 2. CONSENT: READING AND PUBLIC HEARING - Resolution R-11-01 2a R-11-01 Approval of the minutes of the Tax Increment Financing District Board of Directors meeting of June 24, 2010 3. RESOLUTION(S) READING AND PUBLIC HEARING 3a R-11-02 Appointing a Tax Increment Finance District Board of Directors Vice Chairman 4. REPORT 4a Presentation of the Annual Tax Increment Financing District Report 5. PRESENTATION 5a Review and discuss the status of the Colleyville Tax Increment Financing District 6. ADJOURNMENT I hereby certify the above agenda was posted on the bulletin boards at City Hall on Thursday, July 14, 2011, by 5: .. ~ . ynthia Singleton, TRMC, CMC City Secretary Any matter on this agenda may, at the discretion of the governing body, be opened for public comment and discussion. Cify of Colleyville Page 1 Printed on 7/13/2011 Tax Increment Financing District Agenda July 20, 2011 Board of Directors If you plan to attend this public meeting and have a disability that requires special accommodations, please advise the City Secretary at least 48 hours in advance at 817.503.1133, and reasonable accommodations will be made to assist you. City of Colleyville Page 2 Printed on 7/13/2011 RESOLUTION R-11-01 A RESOLUTION APPROVING MINUTES OF THE TAX INCREMENT FINANCING DISTRICT BOARD OF DIRECTORS MEETING WHEREAS, the Colleyville Tax Increment Financing District Board of Directors held a meeting on June 24, 2010. NOW, THEREFORE, BE IT RESOLVED BY THE TAX INCREMENT FINANCING DISTRICT BOARD OF DIRECTORS OF THE CITY OF COLLEYVILLE, TEXAS: Sec. 1. THAT the minutes of the Tax Increment Financing District Board of Directors meeting held June 24, 2010, are hereby approved. AND IT IS SO RESOLVED. APPROVED BY A VOTE OF AYES, NAYS AND ABSTENTIONS ON THIS THE DAY OF 2011. COLLEYVILLE TAX INCREMENT FINANCING DISTRICT BOARD David Kelly Chairman ATTEST: Cynthia Singleton, TRMC, CMC City Secretary ~"~ ' CitV of ColleV ville ~p ~~ W~ ;- ~ + + N ~~ Y ~~ ~ ,'. , , ~"r,.~~ Minutes - Draft ~R;.~~.,~ Tax Increment Financing District Board of Directors City Hall 100 Main Street Colleyville, Texas 76034 817. 503.1000 www.colleyville.com Thursday, June 24, 2010 12:00 PM Executive Conference Room The Tax Increment Financing District Board of Directors meeting was called to order by Chairman David Kelly at 12:05 p.m. ROLL CALL: Directors Mike Taylor, Carol Wollin, Tom Hart, John Eubanks, Drenda Witt, Carolyn Sims and Truitt Leake were present. Chairman David Kelly, City Manager Jennifer Fadden, Assistant City Manager and Chief Financial Officer Terry Leake, Economic Development Director Marty Wieder, Finance Manager Karen Hines and City Secretary Cynthia Singleton were also present. Director Jon Ayers was absent. 2. CONSENT: READING AND PUBLIC HEARING - Resolution R-10-01 2a Approval of the minutes of the Tax Increment Financing District Board of Directors meeting of July 1, 2009 Chairman Kelly read Resolution R-10-01 in its entirety. Chairman Kelly opened the public hearing. There was no one present wishing to speak and Chairman Kelly closed the public hearing. Director Wollin moved to approve Resolution R-10-01. Director Hart seconded the motion. The motion carried by the following vote: Aye: 7- Tom Hart, David Kelly, Carol Wollin, Truitt Leake, John Eubanks, Carolyn Sims, Drenda Witt Absent: 1 - Jon Ayers City of Colleyville Page 1 Printed on 7/13/2011 Tax Increment Financing District Minutes - Draft June 24, 2010 Board of Directors 3. REPORT(S): 3a Review and discuss the status of the Colleyville Tax Increment Financing District Assistant City Manager and Chief Financial Officer Terry Leake provided an overview of the Tax Increment Financing (TIF) District; and reviewed the contributed tax rate by entity; the TIF District commitments; the asset repurchase agreements and payment process; the status of the project plans and answered questions of the Board of Directors. The Board requested the balance of reimbursable asset categories of the Village at Colleyville and Town Center TIF agreements. Ms. Leake reviewed the TIF projects that have not been completed in the Village at Colleyville. The Board requested a project status update be included in the TIF agenda packet. 3b Presentation of the Annual Tax Increment Financing District Report Assistant City Manager and Chief Financial Officer Terry Leake presented the annual Tax Increment Financing District report and answered questions of the Board of Directors. Discussion ensued regarding the Certificates of Obligation Debt Service Schedule, revenues and expenditures. 4. ADJOURNMENT There being no further business before the Tax Increment Financing District Board of Directors, Director Hart moved to adjourn. Director Wollin seconded the motion. Chairman Kelly adjourned the meeting at 12:37 p.m. City of Colleyville Page 2 Printed on 7/13/2011 Tax Increment Financing District Minutes - Draft June 24, 2010 Board of Directors APPROVED BY A VOTE OF AYES, NAYS AND ABSTENTIONS ON THIS THE DAY OF 2011. Minutes taken and prepared by: Cynthia Singleton, TRMC, CMC City Secretary City of Colleyville Page 3 Printed on 7/13/2011 n ~M ~ ~ ~~w ~ °'~`~ City of Colleyville City Hall 100 M i S ~ ~ ~~~~ ~~ ` a n treet °"mm~^ Colleyville, Texas 76034 ° ~ Agenda Briefing 817.503.1000 www.colleyville.com File Number: R-11-02 File Number: R-11-02 File Type: Resolution Status: Resolution Version: 1 Agenda Date: 07/20/2011 Controlling Body: Tax Increment Financing District Board of Directors Requester: Office of the City Agenda No.: 3a Final Action: Secretary File Name: Appointing a Tax Increment Finance District Board of Directors Vice Chairman Attachments: Tax Increment Financing Distrct Board of Directors Bylaws excerpt.pdf • Tax Increment Finance District Board roster.pdf • Resolution R-11-02.pdf History of Legislative File Version: Date: Acting Body: Action Text: 1 07/20/2011 Tax Increment Financing District Board of Directors Title Appointing a Tax Increment Finance District Board of Directors Vice Chairman Explanation Reading and Public Hearing As per the Tax Increment Financing District Board Bylaws, Article III, 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. Terms of office for officers, other than the chairman, shall not exceed two years. Director Mike Taylor's term as Vice Chairman expired July 1, 2011. This item provides for the Tax Increment Financing District Board of Directors to appoint a Vice Chairman. Financial Impact There is no financial impact. Recommendation Approval City of Colleyville Page 1 Printed on 7/14/2011 EXCERPT 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 o~cer 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. Comaensation 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 andJor Committees. The City Council may replace a City appointee of the Board or request replacement of an appointee f~om 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 o~cers 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 o~cers, 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 o~cer 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 EXCERPT 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 pertormance of the duties of the chairman shall be conclusive evidence of the absence or inability to act of the chairman at the time such action was taken. Section 4. Secretarv. 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 pertormed by the City Manager and his designee. ARTICLE IV PROVIDISIONS REGARDING BYLAWS 5eciion ~!. Effective Date. Tnese Bylaws snali bec,ome effeciive oniy upon the occurrence of the following e~ents; (1) the adoption of these Bylaws by the Board of Directors, and (2) the approval of these Bytaws by the City Council Section 2. Amendments to Bvlaws. 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. Interaretation 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 Tax Increment Finance District Board CHAIRMAN David Kelly 905 Inwood Lane Colleyville, TX 76034 H: (817) 656-1862 dkelly(a~colleyville.com TERM:Dec 2010 - Dec 2012 VICE-CHAIRMAN Mike Taylor 5209 Coventry Place Colleyville, TX 76034 H: (817) 267-5407 mtaylor(a~col leyvil le. com TERM:Dec 2010 - Dec 2012 DIRECTOR Tom Hart 1717 Avondale Colleyville, TX 76034 H: (817) 540-1171 th a rtCa~ co I I evvi I I e. co m TERM:Dec 2010 - Dec 2012 DIRECTOR Carol Wollin 4600 Dartmoore Lane Colleyville, TX 76034 H: (817) 281-3058 cwollin(a~colleyville.com TERM:Dec 2010 - Dec 2012 Tarrant County College Truitt G. Leake 828 W. Harwood Road H u rst, TX 76054 W: (817) 515-6651 truitt.leake a(~tccd.edu TERM:Jan 2011 - Dec 2012 Tarrant County Carolyn Sims 645 Grapevine Highway, Suite 6 H u rst, TX 76054 W: (817) 581-3600 cssims(a~tarrantcounty. com TERM:Dec 2010 - Dec 2012 DIRECTOR Michael Muhm 6607 Connie Lane Colleyville, TX 76034 H: (817) 329-3202 mmuhmCa~collevville.com TERM:Dec 2010 - Dec 2012 Grapevine Colleyville ISD John Eubanks 7009 Lismore Court Colleyville, TX 76034 H: (817) 481-3009 lohnteubanks(a)verizon.net TERM:Dec 2010 - Dec 2012 Tarrant County Hospital Drenda Witt 1500 South Main Street Fort Worth, TX 76104 H: (817) 927-1106 TERM:Dec 2010 - Dec 2012 07/11/2011 RESOLUTION R-11-02 A RESOLUTION APPOINTING A TAX INCREMENT FINANCING DISTRICT BOARD OF DIRECTORS VICE CHAIRMAN WHEREAS, in accordance with Tax Increment Financing District Board Bylaws, Article III, 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; and, WHEREAS, terms of office for officers, other than the chairman, shall not exceed two years; and, WHEREAS, the term of the Vice Chairman has expired. NOW, THEREFORE, BE IT RESOLVED BY THE TAX INCREMENT FINANCING DISTRICT BOARD OF DIRECTORS OF THE CITY OF COLLEYVILLE, TEXAS: Sec. 1 THAT Director appointed to serve as Financing District Board 2013. AND IT IS SO RESOLVED. APPROVED BY A VOTE OF ABSTENTIONS ON THIS THE ATTEST: Vice Chairman of the of Directors with a term is hereby ax Increment expiring June AYES, NAYS AND DAY OF 2011. COLLEYVILLE TAX INCREMENT FINANCING DISTRICT BOARD David Kelly Chairman Cynthia Singleton Secretary n ~M ~ ~ ~~w ~ °'~`~ City of Colleyville City Hall 100 M i S ~ ~ ~~~~ ~~ ` a n treet °"mm~^ Colleyville, Texas 76034 ° ~ Agenda Briefing 817.503.1000 www.colleyville.com File Number: File Type: Report Status: Reports Version: 1 Agenda Date: 07/20/2011 Controlling Body: Tax Increment Financing District Board of Directors Requester: Office of the City Agenda No.: 4a Final Action: Manager File Name: Presentation of the Annual Tax Increment Financing District Report Attachments: TIF Annual Report-Fiscal Year 2010.pdf History of Legislative File Version: Date: Acting Body: Action Text: 1 07/20/2011 Tax Increment Financing District Board of Directors Title Presentation of the Annual Tax Increment Financing District Report Explanation Terry Leake, City of Colleyville Assistant City Manager / Chief Financial Officer, will present the Annual Tax Increment Financing District Report. City of Colleyville Page 1 Printed on 7/14/2011 TIF REPORT - CITY OF COLLEYVILLE FISCAL YEAR ENDED SEPTEMBER 30, 2010 REVENUES: TAXINCREMENT REVENUES CITY OF COLLEYVILLE $916,653 GRAPEVINE COLLEYVILLE ISD $1,893,584 GRAPEVINE COLLEYVILLE ISD ** $1,599,201 TARRANT COUNTY $667,010 TARRANT COUNTY COLLEGE DISTRICT $355,324 TARRANT COUNTY HOSPITAL DISTRICT $539,981 TOTAL $5,971,754 ** THIS IS A PAYMENT FOR TAX YEARS 2005-2008 FOR DIFFERENCE IN ACTUAL TAX RATE AND $1.47 TAX RATE EXPENDITURES: SERIES 2001 BOND PAYMENT $680,736 SERIES 2002 BOND PAYMENT $58,473 TIF AGREEMENT PAYMENT TOWN CENTER $205,173 TIF AGREEMENT PAYMENT VILLAGE AT COLLEYVILLE $611,967 TOTA L $1, 556, 349 DEBT SERVICE SCHEDULE SERIES 2001 CERTIFICATES OF OBLIGATION FISCAL PRINCIPAL INTEREST TOTAL YEAR 2011 $435,000 $247,456 $682,456 2012 $450,000 $227,870 $677,870 2013 $475,000 $207,057 $682,057 2014 $495,000 $184,985 $679,985 2015 $520, 000 $161, 380 $681, 380 2016 $545,000 $136,080 $681,080 2017 $570,000 $108,750 $678,750 2018 $600, 000 $79, 500 $679, 500 2019 $630, 000 $48, 750 $678, 750 2020 $660,000 $16,500 $676,500 TOTAL $5,380,000 $1,418,328 $6,798,328 SERIES 2002 CERTIFICATES OF OBLIGATION FISCAL YEAR 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 TOTAL PRINCIPAL INTEREST TOTAL $35, 000 $21, 723 $56, 723 $40, 000 $19, 848 $59, 848 $40, 000 $17, 922 $57, 922 $45, 000 $15, 956 $60, 956 $45, 000 $13, 876 $58, 876 $50,000 $11,647 $61,647 $50,000 $9,272 $59,272 $50, 000 $6, 860 $56, 860 $55,000 $4,288 $59,288 $60,000 $1,470 $61,470 $470,000 $122,862 $592,862 n ~M ~ ~ ~~w ~ °'~`~ City of Colleyville City Hall 100 M i S ~ ~ ~~~~ ~~ ` a n treet °"mm~^ Colleyville, Texas 76034 ° ~ Agenda Briefing 817.503.1000 www.colleyville.com File Number: File Type: Presentation and Status: Presentation and Discussion Discussion Version: 1 Agenda Date: 07/20/2011 Controlling Body: Tax Increment Financing District Board of Directors Requester: Office of the City Agenda No.: 5a Final Action: Manager File Name: Review and discuss the status of the Colleyville Tax Increment Financing District Attachments: Colleyville Tax Increment Financing District - Fiscal Year 2011 update.pdf History of Legislative File Version: Date: Acting Body: Action Text: 1 07/20/2011 Tax Increment Financing District Board of Directors Title Review and discuss the status of the Colleyville Tax Increment Financing District Explanation Terry Leake, City of Colleyville Assistant City Manager / Chief Financial Officer, will provide an update of the Fiscal Year 2011 status of the Colleyville Tax Increment Financing (TIF) District. City of Colleyville Page 1 Printed on 7/14/2011 ~ldadn ~~oz ~d~~~d~si~ 1~12~1S1a ~Il JNI~NdNI~ 1N~W~~I~N1 X~dl ~~~I/~U~~~~O~ ~O Jlll~ PU RPOSE OF A TA~ I NCREM ENT FI NANCI NG TI F DISTRICT ^ TO ACCELERATE COMMERCIAL DEVELOPMENT IN AN UNDERDEVELOPED AREA (ZONE) OR TO RENOVATE EXISTING BLIGHTED DEVELOPMENT IN A ZONE ^ PROVIDES FOR DEBT ISSUANCE FOR INFRASTRUCTURE IMPROVEMENTS WITHIN THE ZONE TI F DISTRICT RESOU RCES/E~PEN D ITU RES ^ ENTITI ES CONTRI BUTE AD VALOREM TAXES RECEIVED FROM THE INCREMENTAL VALUE INCREASE ON PROPERTY WITHIN THE ZONE ^ DEBT ISSUED FOR IMPROVEMENTS WITHIN THE TIF DISTRICT IS REPAID FROM THE PARTICIPATING ENTITY'S AD VALOREM TAX CONTRIBUTIONS COLLEYVI LLE TA~ I NCREM ENT FINANCING DISTRICT NUMBER ONE ^ COLLEYVI LLE'S TI F ZON E WAS CREATED I N 1998 ^ COMPRISES 633 ACRES ALONG COLLEYVILLE BOULEVARD (SH26) ^ PARTICI PATI NG ENTITI ES: CITY OF COLLEYVI LLE, GRAPEVINE-COLLEYVILLE INDEPENDENT SCHOOL ~ DISTRICT, TARRANT COUNTY, TARRANT COUNTY COLLEGE DISTRICT, TARRANT COUNTY HOSPITAL DISTRICT CONTRI BUTED TAX RATE BY ENTITY TOTAL TI F CONTRI BUTED TAX RATE - $1.725437 CITY OF COLLEYVILLE GRAPEVINE-COLLEYVILLE ISD * TARRANT COU NTY TARRANT COUNTY COLLEGE DISTRICT TARRANT COUNTY HOSPITAL DISTRICT $.355900 $.740000 $ . 2 64000 $.137640 $.227897 * NOTE: THE GCISD CONTRIBUTES 74% OF THE COMPRESSED OPERATIONS AND MAINTENANCE TAX RATE F I SCAL YEAR 2011 COLLEYVILLE TIF DISTRICT TA~ABLE VALU E RECAP FY 1998 TAXABLE BASE VALUE: FY 2011 TAXABLE VALUE: I NCREM ENTAL VALUE I NCREASE: FY 2011 NEW CONSTRUCTION: $ 75, 821, 735 $315,809,194 $239,987,459 $ 5, 609, 553 COLLEYVILLE TIF ~ISTRICT COM M ITM ENTS ^ OUTSTANDING BOND ISSUES : SERIES 2011 REFUNDING AND SERIES 2002 (TOTAL O UTSTAN D I N G:$5, 295, 000 ) ^ INCENTIFIED DEVELOPER ASSET REPURCHA SE A GREEMENTS: VILLAGE AT COLLEYVILLE: $4,500,000 TOWN CENTER: $2,582,500 NOTE: PAYMENTS ARE ONLY MADE IF THE DEVELOPER BUILDS THE SPECIFIED ASSETS IN THE AGREEMENT; THE ANNUAL PAYMENT IS BASED ON THE TAXES RECEIVED FROM THE INCREASE IN THE TAXABLE ASSESSED VALUE OF THE PROPERTY FROM THE DATE OF THE AGREEMENT COLLEYVILLE TIF DISTRICT 2011 BOND REFUNDING ^ REFUNDED OUTSTANDING BOND ISSUES: SERIES 2001 REFUNDING AND SERIES 2002 (TOTAL O UTSTAN D I N G:$5, 340, 000 ) ^ SERI ES 2011 REFUNDI NG B ONDS: - AMOUNT OF / SSUANCE -~5, 295, 000 - AVERA GE / NTERES T RATE OF REFUNDED BONDS - 4. 90 % - AVERAGE /NTEREST RATE OF SER/ES 2011 I S S UE - 2. 73 % - NET PRESENT VAL UE SAV/NGS -$445, 446 - BONDS SOLD C~N 2-15-2011, RATED AAA, NO EXTENS/ON OF MATURITIES ~~~~`6~9`Ot~$ ~~Sb~~2~~N1 ~`d1N~W~2~~N1) ZL~b`08l `~~b$ ~ ~ (l~b'n ~~~ InJ~~~~O~ 1`d ~ ~`d~~ In ^ (9~6` ~ZO` L~$ ~~Sd~~I~NI ~d1N~W~2~~N1) ~00` ~ ~0` 0~$ ~~fl~b'n ?~~1N~~ NMO1 ^ S1N~W~~bl ~ b' ~Sb'H~bl~d~bl 1~SSb' O~I~IIIN~~N1 -~n 7 b'/1 ~ll ~~d O bl d~~ 0 Z~~ ~~9` ~LZ`Z$ ~~lb'a O1 S1N~WJl`dd ~b~101 ^ ~~9` ~LZ`Z~ ~~lda O1 a~111W8f1S ~fl~b'n ~d101 ^ ~NON ~1N~W~~~1J`d ~O NOI1`dNIW~I~l ^ ~OOZ H~~Ib'W ~1N~W~~2~J`d ~O ~lt/a ^ 00~`Z8~`Z$ ~1N~W~~~IJd ~`d101 ^ 1N~w~~~~ d~s dH~~nd~~ l~ss d bl~1N~~ NM Ol TOWN CENTERAGREEMENT ASSET CATEGORIES MELVIN & MARTINDALE LTD. (TOWN CENTER) RESOLUTION R-03-2137 DATE OF AGREEMENT: 4-15-03 REIMBURSABLE BALANCE ASSET CATEGORIES SUBMITTED REMAINING OF APPROVED APPROVED REIMBURSABLE CATEGORY OF IMPROVEMENT BY AGREEMENT ASSETS ASSET CATEGORIES CHURCH STREET IMPROVEMENTS $ 1,050,000 $ 987,732 $ 62,268 STORM WATER DETENTION $ 75,000 $ 75,000 $ - PUBLIC PARKING LOTSILANDIENG $ 1,457,500 $ 1,208,899 $ 248,601 TOTA L $ 2, 582, 500 $ 2, 271, 631 $ 310, 869 VI LLAG E AT COLLEYVI LLE ASSET REPURCHASEAGREEMENT ^ ORIGINAL AGREEMENT: $7,500,000 ^ REVISEDAGREEMENT: $4,500,000 ^ DATE OF ORIGINAL AGREEMENT: JANUARY 2001 ^ DATE OF REVISED AGREEMENT: MAY 2009 ^ TERMINATION OF AGREEMENT: MAY 16, 2014 ^ REMAINING YEARS: 3 ^ TOTAL VALUE SUBM ITTED TO DATE: $2,182,179 ^ TOTAL PAYM ENTS TO DATE: $2,182,179 VILLAGE A~ COLL~YVILLE AG REEM ENT ASSET CATEGORI ES NAME OF DEVELOPER: VILLAGE MONTICELLO PARTNERS RESOLUTION R-01-1751 DATE OF AGREEMENT: 01/16/01 REIMBURSABLE BALANCE ASSETCATEGORIES SUBMIITED REMAINING OF APPROVED APPROVED REIMBURSABLE BY AGREEMENT ASSETS ASSET CATEGORIES CATEGORY OF IMPROVEMENT: MAIN STREET IMPROVEMENTS $700,000 $321,209 $378,791 DOWNTOWN AREA IMPROVEMENTS $2,200,000 $1,142,178 $1,057,822 P LAZA $1, 075, 000 $136,161 $938, 839 PUBLIC PARKING STRUCTURE $1,800,000 $O $1,800,000 ST~RM WATER DETENTION $125,000 $122,359 $2,641 PUBLIC PARKING LOTS $1,200,000 $245,500 $954,500 PROFESSIONAL SERVICES $400,000 $214,772 $185,228 TOTA L $7, 500, 000 $2,182,179 $5, 317, 821 NOTE : THIS AGREEMENT WAS REVISED IN MAY 2009 TO TOTAL REIMBURSABLE ASSETS IN THE AMOUNT OF $4,500,000. AFTER FINAL SUBMIlTAL OF ASSETS BYTHE DEVELOPER, THE REIMBURSABLE ASSET CATEGORIES WILL BE REDUCED TO REACH TO REVISED TOTAL OF $4,500,000. DEVELOPERASSET REPURCHASE AGREEMENT PAYMENT PROCESS 1. DEVELOPER SUBMITS INVOICES AND CANCELLED CHECK COPIES BY REIMBURSABLE CATEGORY 2. CITY ENGINEER REVIEWS FOR COMPLETENESS AND CATEGORY ELIGIBILITY AND CERTIFIES THE IMPROVEMENT 3. ASSISTANT CITY MANAGER / CHIEF FINANCIAL OFFICER DETERMINES AMOUNT ELIGIBLE TO BE PAID ANNUALLY PER TARRANT APPRAISAL DISTRICT TIF VALUE REPORTS 4. TIF PAYMENTS ARE REVIEWED BY THE CITY'S EXTERNAL AUDITORS DURING THE ANNUAL AUDIT CITY OF COLLEYVILLE TIF DISTRICT ADOPTED PROJ ECT PLAN Colleyville TIF Project Plan Total Village at Colleyville Original Agreement Roadway improvements SH 26 Malching School Improvements City Hail Library Fire Station Town Center Agreemenf Downtown Im rovements $2 20Q000 $2,200,000 Plaza $1,595,000 $1,075,000 $52Q000 Professional Services $650,000 $400,000 $250,000 Public Parkin , land en ineerin $4,371,500 $1,200,000 $980 000 $734,000 $1 457,500 Storm Draina e $200,000 $125,000 $75,000 Libra $240 000 $240 000 Hall•Johnson Road $1,90Q000 $1,900,000 Bluebonnet Drive $670,000 $670,000 SH 26 $4,850,000 $4,850,000 TinkerlSanders Intersection $220,000 $220,000 Bo art $600 000 $600,000 Church Street $2,150,000 $1,100,000 $1,050,000 Riverwalk Drive $250,000 $250,000 Public Parkin Sfructure $1,800,000 $1,80Q000 Main Street $700 000 $700 000 Cit Hall $3 500 000 $3 500 000 Fire Station $867,500 $867,500 John McCain Road $626,000 $626,000 School Im rovements $7 938,690 $7,938 690 Total $35,328 690 $7 500 000 $5 146 000 $5 070 000 $7,938 690 $5,250,000 $974,000 $867 500 52,582,500 PR OJEC T PLA N S TA T US UPDA TE- COMPLETED PROJEC TS ^ BLUEBONNET DRIVE ^ CITY HALL ^ BOGART DRIVE ^ CHURCH STREET ^ HALL-JOHNSON ROAD ^ JOHN MCCAIN ROAD ^ FIRE STATION ^ LIBRARY ^ SCHOOL IMPROVEMENTS ^ RIVERWALK DRIVE 1N~w~~~~d ~~~in~~~~o~ ld ~~d~~in ~ 1N~W~~~IJt~ 2~~1N~~ NMO1 ^ ~1~~ ('O~Jd ~9ZHS) a~dn~~ f108 ~~~I/~~~~~0~ ~O l~lb~d) NOIl~~S2~~1N1 a`dO~ S~ ~ a NbS/a`dO~i ~1 ~~I N I 1^ C9ZHS) a?~t~n~~ (108 ~~~ i/~J1~~~0~ ^ sl ~~~o~d ss~~~ o~d Ni -~1 dadn snl el s N d~d 1~~~o ~d