HomeMy WebLinkAboutTax Increment Finance (TIF)-Agenda Packets-01/27/2021City 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 27, 2021
12 Noon
Executive Conference Room
Third Floor, City Hall
1.CALL TO ORDER
2.PRESENTATION AND DISCUSSION
2a FY2020 Year End Update
3.ADJOURNMENT
I hereby certify this agenda was posted on City Hall bulletin boards Friday, January 22,
2021 by 5:00 p.m.
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 1/27/2021 Number
Type Presentation and Discussion
Department Finance
Title
FY2020 Year End Update
Explanation
Colleyville Finance Director Kyle Lester will provide a presentation and review the
attached information.
Attachments
1.January 2021 TIF Financial Update
2.TIF Fund-FY 2020 January 2021 Update
3.TIF Fund-FY 2020 TIF Reconciliation Jan 2021 Update
4.LETTER-TIF1 Eligible Expenses
Update on TIF Financial Position
City of Colleyville TIF Board
February 3, 2021
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 (FY2013-2020)$27,959,423
Expenditures (FY2013-2020)$33,267,518
Total Remaining Funds at
FY2020 Year-End $3,104,366
Amended Project Plan
Balance at FY2012 Year-End $6,644,593
Revenues (FY2013-2020)$12,655,293
Expenditures (FY2013-2020)$11,282,258
Total Remaining Funds at
FY2020 Year-End $8,017,628
Note: Please refer to the reconciliation handouts for additional revenue and expenditure detail
5-Year Working Plan
•Created a 5-year working plan, shared for the first time at
the January 2018 TIF Board meeting
•An updated 5-Year plan was presented in January 2020,
showing more current numbers following the close of the
2019 fiscal year
•Financial information through the end of FY19 will be
presented today
•The 5-year CIP from July 2020 is attached. An updated
one will be presented in July 2021.
Debt Payoff for CEDC Bonds
Background :
•CEDC had $4.775m in remaining principal with a maturity
date of 2029
•Confirmed with our TIF Consultant, over $5.5m in TIF-
eligible projects were funded by the bonds
•Projects included City Park, Library, and City Hall
•Staff decided to reimburse the CEDC for the TIF-eligible
projects; initiated a transfer from TIF to CEDC in December
Questions & Discussion
TAXABLE VALUE:
GCISD County & Hospital County College City of Colleyville
Colleyville TIF #1
TAX YEAR 2019 / FY 2020 TAXABLE VALUE $495,196,183 500,164,875 498,749,549
1998 BASE VALUE $75,593,230 75,779,230 75,821,735
INCREMENTAL VALUE INCREASE $419,602,953 $0 $424,385,645 422,927,814
Colleyville TIF #1A
TAX YEAR 2019 / FY 2020 TAXABLE VALUE 46,639,907 46,639,907
2012 BASE VALUE 30,811,178 30,796,078
INCREMENTAL VALUE INCREASE $0 $15,828,729 15,843,829
NOTE: Taxable value can vary slightly for each taxing entity based on differing exemptions
REVENUES:
Tax Increment Revenues TIF #1 -
CITY OF COLLEYVILLE 1,264,590
TARRANT COUNTY COLLEGE DISTRICT (0.0013017 x TIF#1 incremental value)538,530
GRAPEVINE COLLEYVILLE ISD -TOTAL PAYMENT* (0.0093 x TIF#1 incremental value)3,803,078
GRAPEVINE COLLEYVILLE ISD **(0.26 x TIF#1 incremental value/100)(988,800)
GRAPEVINE COLLEYVILLE ISD ***1,516,079
TOTAL 6,133,476
Tax Increment Revenues TIF #1A -
CITY OF COLLEYVILLE 47,294
TARRANT COUNTY COLLEGE DISTRICT (0.0013017 x TIF#1 incremental value)20,065
TOTAL 6,200,836
CITY OF COLLEYVILLE BUSINESS CENTER 504
Interest Income 201,328
Misc-GCISD 968
*THIS IS CALCULATED BASED ON THE COMPRESSED M&O TAX RATE, AS STIPULATED BY STATE LAW (H.B. 3646 [81])
** 26% OF THE PAYMENT IS RETURNED TO GCISD PER CONTRACT
*** SUPPLEMENTAL PAYMENT FOR DIFFERENCE IN CURRENT M&O TAX RATE OF $1.04 AND $1.471 2005 M&O TAX RATE
# CONTRACTUAL OBLIGATION FOR PAYMENT OF INCREMENTAL REVENUES HAS BEEN MET
EXPENDITURES & DEBT PAYMENT:
Original Project Plan-
DEBT PAYMENTS & COSTS 654,675
LAND 4,055,637
SH 26 8,241,060
LIBRARY - AUDIO SERVICE 10,271
PROFESSIONAL SERVICES 66,606
PROFESSIONAL SERVICES - NORTHERN GATEWAY 25,016
MAIN STREET - ROUNDABOUT & IMPROVEMENTS 2,605
CITY HALL - LANDSCAPE & IRRIGATION 19,968
CITY HALL - GOUNDS / IMPROVEMENTS 665,598
DOWNTOWN IMPROVEMENTS - VOA DUES 45,684
PROFESSIONAL SERVICES - TRANSFER TO GENERAL FUND 159,390
TIF ANNUAL REPORT - CITY OF COLLEYVILLE
FISCAL YEAR ENDED SEPTEMBER 30, 2020 (FY 2020)
(0.00290428 x TIF#1 incremental
value)(0.00016379xTIF#1 incr. value)
(0.74 x payment difference from Current M&O tax rate vs.
2005 M&O tax rate)
(0.00290428 x TIF#1 incremental
value)(0.00016379xTIF#1 incremental value)
TIF ANNUAL REPORT - CITY OF COLLEYVILLE
FISCAL YEAR ENDED SEPTEMBER 30, 2020 (FY 2020)
STORM DRAINAGE MASTER PLAN 115,420
CV PLAZA RENOVATION 1,407,595
FIRE STATION - CENTRAL FIRE STATION RENOVATION 713,193
RIVERWALK DRIVE 232,239
Amended Project Plan-
ROADWAY IMPROVEMENTS-GLADE ROAD ROW ACQUISITION 8,403
ROADWAY IMPROVEMENTS - GLADE ROAD PHASE 1A 13,258
ROADWAY IMPROVEMENTS - GLADE RD DESIGN PHASE 2,3,4 193,134
ROADWAY IMPROVEMENTS - GLADE RD @ BLUEBONNET DRIVE 19,500
ECONOMIC DEVELOPMENT GRANT 896,725
TRAILS AND PUBLIC AMENITIES- HERITAGE/CHEEK SPARGER ROUNDABOUT 55,663
TRAILS & PUBLIC AMENITIES - JOHN MCCAIN AND WESTCOAT ROUNDABOUT 137,850
TRAILS & PUBLIC AMENITIES - JOHN MCCAIN HIKE AND BIKE TRAIL 114,031
TRAILS & PUBLIC AMENITIES - JOHN MCCAIN CULTVERT CROSSING 251,886
TRAILS & PUBLIC AMENITIES - NATURE CENTER TRAIL 145,150
ROADWAY IMPROVEMENTS- CHEEKSPARGER 667,086
TOTAL EXPENDITURES & DEBT PAYMENTS 18,917,640
CASH BALANCE:
TOTAL TIF CASH AND INVESTMENTS AS OF 9/30/2020
OUTSTANDING DEBT SERVICE SCHEDULE
SERIES 2016 TAX INCREMENT REVENUE AND REFUNDING BONDS
FISCAL YEAR PRINCIPAL INTEREST TOTAL INTEREST RATE
2019 $625,000 $28,725 $653,725 3%
2020 $645,000 $9,675 $654,675 3%
TOTAL AS OF 10/01/2017 $1,270,000 $38,400 $1,308,400
CASH RECONCILIATION:
TIF CASH Beginning Balance per CAFR Includes $(17,121) Investment Market Value Adj
FY20 Activity (change in Cash)(14,929,883)
Total Revenues 6,403,636
Total expenditures (18,917,640)
Accounts Payable (2,388,524)
Accrued Salaries 1,192
FICA Payable 91
Accrued Epenses 60,482
INV-MARKET ADJUSTMENT (17,637)
Retainage Payable (85,118)
Total Change in Cash (14,943,519)
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
BUSINESS
CENTER
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
2018 3,846,737 165,686 4,012,423 515,031 12,777 22,734 550,542 1,223,258 30,455 54,000 1,307,713
2019 4,142,901 321,273 4,464,174 555,043 - 43,042 598,085 1,265,513 38,575 101,129 1,405,217
2020 4,330,357 141,274 4,471,631 538,530 20,065 18,224 576,819 1,264,590 47,294 504 42,798 1,355,186
TOTAL TIF REVENUES 27,137,437 821,986 27,959,423 3,599,181 54,617 111,480 3,765,278 8,459,748 167,474 504 262,289 8,890,015 12,655,293
TIF EXPENDITURES AS OF 6.7.18 ORIGINAL
PLAN
ADMIN.
EXPENSES
TRAILS &
PUBLIC
AMENITIES
ROADWAY
IMPROVEM.TIF GRANTS
FY 2013 Total 1,543,634 485,936 764,077
FY 2014 Total 2,424,710 479,603 625,000
FY 2015 Total 3,970,734 637,187 705,000
FY 2016 Total 2,305,386 602,802 -
FY 2017 Total 2,011,536 1,933,872 -
FY 2018 Total 1,624,774 50,534 1,598,284 123,050
FY 2019 Total 2,971,787 133,986 465,398 174,843
2020-DEBT PAYMENTS & COSTS 654,675
2020-LAND 4,055,637
2020-SH 26 8,241,060
2020-LIBRARY AUDIO SERVICE 10,271
2020-PROFESSIONAL SERVICES 66,606
2020-PROFESSIONAL SERVICES - NORTHERN GATEWAY 25,016
2020-MAIN STREET - ROUNDABOUT & IMPROVEMENTS 2,605
2020-CITY HALL - LANDSCAPE & IRRIGATION 19,968
2020-CITY HALL - GOUNDS / IMPROVEMENTS 665,598
2020-PROFESSIONAL SERVICES - TRANSFER TO GENERAL FUND 159,390
2020-DOWNTOWN IMPROVEMENTS - VOA DUES 45,684
2020-STORM DRAINAGE MASTER PLAN 115,420
2020-CV PLAZA RENOVATION 1,407,595
2020-FIRE STATION - CENTRAL FIRE STATION RENOVATION 713,193
2020-RIVERWALK DRIVE 232,239
2020-ROADWAY IMPROVEMENTS-GLADE ROAD ROW ACQUISITION 8,403
2020-ROADWAY IMPROVEMENTS - GLADE RD DESIGN PHASE 1A 13,258
2020-ROADWAY IMPROVEMENTS - GLADE RD DESIGN PHASE 2,3,4 193,134
2020-ROADWAY IMPROVEMENTS - GLADE RD @ BLUBONNET DRIVE 19,500
2020-ECONOMIC DEVELOPMENT GRANT 896,725
2020-TRAILS & PUBLIC AMENITIES - HERITAGE/CHEEK SPARGER ROUNDABOUT 55,663
2020-TRAILS & PUBLIC AMENITIES - JOHN MCCAIN AND WESTCOAT ROUNDABOUT 137,850
2020-TRAILS & PUBLIC AMENITIES - JOHN MCCAIN HIKE AND BIKE TRAIL 114,031
ORIGINAL PROJECT PLAN AMENDED PROJECT PLAN
TIF RECONCILIATION
2013 - 2020
TOTAL
AMENDED
PLAN
ORIGINAL PROJECT PLAN AMENDED PROJECT PLAN
TIF RECONCILIATION
2013 - 2020
2020-TRAILS & PUBLIC AMENITIES - JOHN MCCAIN CULTVERT CROSSING 251,886
2020-TRAILS & PUBLIC AMENITIES - NATURE CENTER TRAIL 145,150
2020-ROADWAY IMPROVEMENTS-CHEEKSPARGER 667,086
TOTAL TIF EXPENDITURES 33,267,518 - 889,100 7,104,463 3,288,695 11,282,258
REMAINING FUNDS 3,104,366 8,017,628
306 West 7th Street, Suite 602 | Fort Worth, Texas 76102
817.439.9515 | www.dpedllc.com
October 20, 2020
Mark Wood
Assistant City Manager
City of Colleyville
100 Main Street
Colleyville, Texas 76034
RE: Eligible Expenses – TIF #1
Dear Mark,
David Pettit Economic Development, LLC (“DPED”) has previously amended and provided due
diligence regarding of Colleyville Tax Increment Financing Zone Number One (“TIF #1”). One of
the matters related to TIF #1 is the allocation and disbursement of project costs.
The purpose of this letter is to provide a summary of our conclusions specifically related to
requests that have arisen regarding the project costs outlined in the Project Plan and proposed
expenses by the City of Colleyville.
DPED finds that the following expenses highlighted in yellow and attached as Attachment A are TIF
eligible expenses based upon review of the Original and Amended Project Plan and consistent with
Chapter 311 of the Texas Tax Code.
If you have any questions or need additional information, please do not hesitate to contact me.
Sincerely,
David Pettit
Managing Member
ATTACHMENT A
FISCAL YEAR TOTAL
PARKS:
CITY PARK - 97 BONDS $2,700,000
MC PHERSON LAND - 97 BONDS $950,000
MC PHERSON PARK - 97 BONDS $150,000
SOCCER FIELD PARK LAND NOTE - 97 BONDS $50,000
BRANSFORD PARK - 97 BONDS $50,000
BRANSFORD PARK PLAN $7,625
CITY ENTRANCE MARKERS $53,167
CITY TRAILS PLAN $20,000
KIMZEY PARK PLAN $10,809
MC PHERSON LAND PARK PLAN $27,085
RESTROOMS FOR EXISTING PARKS $179,757
CITY PARK SHADE STRUCTURES $45,000
PARK MASTER PLAN UPDATE $15,000
BRANSFORD PARK RESTORATION $255,000
KIMZEY PARK DEVELOPMENT $427,618
PLEASANT RUN PARK $209,915
SOCCER FIELD PARK LAND NOTE $439,300
SENIOR CENTER -FF&E RENOVATIONS $185,000
SENIOR CENTER FACILITY - 2005 BOND SALE $1,200,000
ADA-IMPROVEMENTS NATURE CENTER $74,293
MC PHERSON PARK - PHASE I 2005 BOND SALE $400,000
CITY PARK ROAD EXTENSION $81,957
PLEASANT RUN PRACTICE FIELD PARKING LOT $39,006
PARK LAND PURCHASE (SENIOR CENTER) - 2005 BOND SALE $400,000
CITY WIDE IRRIGATION SYSTEM $185,000
TRAIL CONSTRUCTION (CASTLETON)$80,000
MC PHERSON PARK - PHASE I $238,000
ADA IMPROVEMENTS - SPARGER PARK $125,000
CITY PARK FIELD MAINTENANCE ENTRY IMPROV $11,500
KIDSVILLE RENOVATIONS $10,000
CITY WIDE PLAYGROUND SAFETY SIGNS $6,000
CITY WIDE PICNIC TABLE REPLACEMENT $5,560
PLEASANT RUN - MOVING LIGHTS $23,432
SENIOR CENTER OPEN AREA AND TRAIL DEVEL $39,481
ENTRY MARKER $20,320
SENIOR CENTER - PERSONNEL $121,117
PLEASANT RUN TRAIL $132,454
TOTAL PARKS $8,718,396
COLLEYVILLE CENTER:
COLLEYVILLE CENTER - 1997 BONDS $1,200,000
COMMUNITY CENTER START-UP $250,000
CHAIR REPLACEMENT $36,000
TOTAL COLLEYVILLE CENTER $1,486,000
LIBRARY:
LIBRARY START-UP - 1997 BONDS $1,300,000
LIBRARY START-UP $200,000
TOTAL LIBRARY $1,500,000
MARKETING $323,000
TRANSFER TO ARTS FUND $22,500
CITY HALL - 2001 BONDS $2,000,000
ANNUAL TOTAL $12,049,896
TIF Eligible Projects $5,518,968