HomeMy WebLinkAboutTax Increment Finance (TIF)-Agenda Packets-1/22/2002 (4)
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COLLEYVILLE TIF ~ AGENDA BRIEFING
For mtg. : I 01/22/02
Item # :
3
Previous Action: None
SUBJECT:
Amending Resolution R-98-3 and Approving the
amended Tax Increment Financing (TIF) District
Project Plan
Backqround
The City Council and the Tax Increment Financing (TIF) District Board held a joint
worksession on January 9, 2002. The current TIF Allocation Program provides for
$35,328,690 for various improvements to be funded within the District. (See attached).
This project plan includes $1,493,500 for the construction of a Fire Station within the TIF
District. Since 2000, the City has been unable to identify a viable location for the
planned Fire Station within the TIF District; therefore, the City Council's planned
approach is to reallocate the Fire Station funding to other capital improvements within
the TIF District. The proposed capital improvements identified for supplemental funding
are the extension of Church Street and the realignment of John McCain Road. (See
revised Project Plan).
On January 9, 2002, Financial Advisor Jim Sabonis presented a financial analysis for
the issuance of TIF debt for the realignment of John McCain Road. Staff recommends
that the Tax Increment Financing District Board of Directors approve the amended Tax
Increment Financing (TIF) District Project Plan. Upon approval, the amended TIF
District Project Plan will be forwarded to the City Council for consideration and approval.
~ U I -\Awi~
CITY MANAGER
FINANCE DIRECTOR (IF NECESSARY)
Recommendation
Approval
Attachments:
· Resolution R-98-3, as adopted November 98 (paper copy)
· Resolution R-02-3, amending TIF District Project Plan
Agenda Briefing
R-02-3 .
Page 2 of 2
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RESOLUTION R-98-3
A RESOLUTION APPROVING THE COLLEYVILLE TAX INCREMENT
FINANCING BOARD PROJECT AND FINANCING PLAN~i
WHEREAS, the Colleyville Tax Increment Financing Board is to act within
established guidelines and plans.
NOW THEREFORE, BE IT RESOLVED BY THE COLLEYVILLE TAX
INCREMENT FINANCING BOARD OF COLLEYVILLE, TEXAS
Sec. 1. THAT the attached Project Plan (Exhibit A) and the Financing Plan
(Exhibit B) are hereby approved.
AND IT IS SO RESOLVED.
PASSED BY A VOTE OF ~ AYES, () NAYS, ANC'
ABSTENTIONS ON THIS THE DAY OF ,1998.
ATTEST:
COLLEYVILLE TAX
INCREMENT FINANCING BOARD
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S cretaryli ..~
COLLEYVILLE TIF
PROJECT PLAN
Total Non-TIF TIF
Project Cost Cost Cost
S.H. 26 Improvements - raised medians, curb and
gutter, drainage, street lighting, landscaping,
traffic signals, water,and sanitary sewer 6,350,000 1,500,000 4,850,000
Hall-Johnson Road Improvements - roadway
construction, A. O. W. acquisition, drainage, utility
adjustments, landscaping, etc. 3,300,000 1.400,000 1,900,000
Main Street Improvements - paving, drainage,
utilities, signage, street lighting, landscaping, etc. 700,000 700,000
Church Street Improvements - paving, drainage,
utilities, traffic signal, signage, street lighting,
landscaping etc. 1,100,000 1,100,000
Downtown Area Improvements - streets, land,
public parking, bridge work, sidewalks, planning
and engineering, etc. 2,200,000 2,200,000
Riverwalk Drive Improvements - paving, drainage,
utilities, signage, street lighting, landscaping, etc. 1,200,000 1,200,000
Bluebonnet Road Improvements - paving, drainage,
utilities, signage, street lighting, landscaping, etc. 750,000 80,000 670,000
Bogart Road Improvements - paving, drainage,
utilities, signage, street lighting, landscaping, etc. 780,000 180,000 600,000
Tinker/Sanders Intersection Improvements _
paving, drainage, utility adjustments, signage,
street lighting, traffic signal, landscaping, etc. 220,000 220,000
City Hall 3,500,000 3,500,000
Plaza 2,734,360 2,734,360
Public Parking Structure 2,120,960 2,120,960
Storm Water Detention 200,000 200,000
Library 1,740,000 1,500,000 240,000
Police Station 0
Fire Station 1.493,500 1,493,500
Public Parking Lots, Land, and Engineering 3,011,180 3,011,180
School Improvements 7,938,690 7,938,690
Professional services - engineering, planning,
inspection, testing, etc. 650,000 650,000
Total 39,988,690 4,660,000 35,328,690
11/20/1998
EXHIBIT A
R-98-3
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RESOLUTION R-02-3
. A RESOLUTION AMENDING RESOLUTION R-98-3 AND APPROVING THE
AMENDED TAX INCREMENT FINANCING (TIF) DISTRICT PROJECT PLAN
WHEREAS,
the City of Colleyville Tax Increment Reinvestment Zone #1
was established as a means of providing incentives to
private developers to build commercial projects within the
SH26 corridor; and
WHEREAS,
the Colleyville Tax Increment Financing District Board
desires to amend the Tax Increment Financing (TIF) Project
Plan.
NOW, THEREFORE, BE IT RESOLVED BY THE TAX INCREMENT
FINANCING DISTRICT BOARD OF DIRECTORS OF THE CITY OF
COLLEYVILLE, TEXAS:
Sec. 1. THAT the attached amended Tax Increment Financing (TIF) District
Project Plan (Exhibit A) is hereby approved.
AND IT IS SO RESOLVED.
. PASSED AND ADOPTED, this January 22, 2002.
TAX INCREMENT FINANCING DISTRICT
BOARD OF DIRECTORS
Chairman
ATTEST:
Secreta ry
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Total Non-TIF TIF
Project Cost Cost Cost
S.H. 26 improvements - raised medians, curb and gutter, drainage, street lighting, 6,350.000 1,500,000 4,850,000
landscaping, traffic signals, water and sanitary sewer
Hall-Johnson Road improvements - roadway construction, R.O.w. acquisition, drainage, 3,300,000 1,400,000 1,900,000
utility adjustments, landscaping, etc.
Main Street improvements - paving, drainage, utilities, traffic signal, signage, street 700,000 700,000
lighting, landscaping, etc.
Church Street improvements - paving, drainage, utilities, traffic signal, signage, street 1,967,500 1,967,500
lighting, landscaping, etc.
Downtown Area improvements - streets, land, public parking, bridge work, sidewalks, 2,200,000 2,200,000
planning and engineering, etc.
Riverwalk Drive improvements - paving, drainage, utilities, signage, street lighting, 1,200,000 1,200,000
landscaping, etc.
Bluebonnet Drive improvements - paving, drainage, utilities, signage, street lighting, 750,000 80,000 670,000
landscaping, etc.
Bogart Road improvements - paving, drainage, utilities, signage, street lighting, 780,000 180,000 600,000
landscaping, etc.
Tinker/Sanders Intersection improvements - paving, drainage, utility adjustments, signage, 220,000 220,000
street lighting, traffic signal, landscaping, etc.
City Hall 3,500,000 3,500,000
Plaza 2,734,360 2,734,360
Public Parking Structure 2,120,960 2,120,960
Storm Water Detention 200,000 200,000
Library 1,740,000 1,500,000 240,000
John McCain Road 626,000 626,000
Public Parking Lots, Land and Engineering 3,011,180 3,011,180
School Improvements 7,938,690 7,938,690
Professional services - engineering, planning, inspection, testing, etc. 650,000 650,000
TOTAL 39,988,690 4,660,000 35,328,690
Exhibit "A"
Colleyville TIF Project Plan
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01/22/02
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