HomeMy WebLinkAboutOrdinances (O-24-2287)-07/02/2024TIRZ #1
1
Proposed Project Costs ‐ TIRZ #1
Public Improvements 27,390,000$
School Improvements 7,938,690$
Operating Reinvestment Zone Project Facilities 3,600,000$
Roadway Improvements 20,000,000$
Trails and Public Amenities 5,500,000$
Economic Development Grants 13,656,185$
Administrative Costs 1,700,000$
Total 79,784,875$
The categories listed in the table above outline various public improvements, and are meant to include all projects
eligible under Chapter 311, Section 311.002 of the Texas Tax Code. The costs illustrated in the table above are
estimates and may be revised. Savings from one line item may be applied to a cost increase in another line item. The
$79,784,875 project cost total amount shall not be exceeded without an amendment to the project and financing plan.
The project costs are anticipated to be incurred over the term of the TIRZ, subject to demand for development driven
by market conditions. It is anticipated that the individual TIRZ project costs will be evaluated on a case-by-case basis
consistent with Chapter 311, Section 311.002, and brought forward to the TIRZ Board and City Council for consideration.
Tax Increment Reinvestment Zone #1
City of Colleyville, Texas
EXHIBIT A
AMENDMENT TO PROJECT PLAN AND REINVESTMENT ZONE FINANCING PLAN
JUNE 2024
Tax Increment Reinvestment Zone #1, City of Colleyville
In 1998 the City of Colleyville established TIF # 1 ( Colleyville TIF) pursuant to Ordinance 0-98-1124 and amended
by Ordinance 0-98-1131 providing for a Tax Increment Financing ( TIF) district encompassing 633 acres along
Colleyville Boulevard (State Highway 26) with a base value of $75,821,735 and scheduling to expire on 12/31/2030.
The original project plan and reinvestment zone financing plan adopted pursuant to Ordinance 0-98-1132 and later
amended by Ordinance O-02-1324 and Ordinance 0-03-1402 included in “Attachment Three” $35,328,690 in project
costs, including public projects and $7,938,690 in Grapevine-Colleyville Independent School District (GCISD) school
improvements. In November 2012 the TIF was amended by 0-12-1858 to expand the boundaries and include new
project costs of $44,456,185, including $17,256,185 in Economic Development Grants, with the purpose of benefiting
the City, its residents, and property owners.
This document outlines a further amendment to the original project plan and reinvestment zone financing plan adopted
pursuant to Ordinance 0-98-1132, and later amended by Ordinance 0-02-1324, Ordinance 0-03-1402, and 0-12-1858.
All plans previously approved by the City Council pursuant to 0-98-1132, Ordinance 0-02-1324, Ordinance 0-03-1402,
and 0-12-1858 will continue in effect except to the extent specifically amended or revised by the following amendment.
This amendment serves to update the project costs categories listed in “Attachment Three” to Ordinance 0-98-1132 and
“Exhibit A” to Ordinance 0-12-1858, to outline the funding of a total of $79,784,875 in project costs, including costs
associated with operating reinvestment zone project facilities.
Chapter 311 of the Texas Tax Code
Sec. 311.002.
(1) “Project costs” means the expenditures made or estimated to be made and monetary obligations
incurred or estimated to be incurred by the municipality or county designating a reinvestment zone that
are listed in the project plan as costs of public works, public improvements, programs, or other projects
benefiting the zone, plus other costs incidental to those expenditures and obligations. “Project costs”
include:
(A) capital costs, including the actual costs of the acquisition and construction of public works, public
improvements, new buildings, structures, and fixtures; the actual costs of the acquisition, demolition,
alteration, remodeling, repair, or reconstruction of existing buildings, structures, and fixtures; the actual
costs of the remediation of conditions that contaminate public or private land or buildings; the actual
costs of the preservation of the facade of a public or private building; the actual costs of the demolition of
public or private buildings; and the actual costs of the acquisition of land and equipment and the clearing
and grading of land;
(B) financing costs, including all interest paid to holders of evidences of indebtedness or other
obligations issued to pay for project costs and any premium paid over the principal amount of the
obligations because of the redemption of the obligations before maturity;
(C) real property assembly costs;
(D) professional service costs, including those incurred for architectural, planning, engineering, and legal
advice and services;
(E) imputed administrative costs, including reasonable charges for the time spent by employees of the
municipality or county in connection with the implementation of a project plan;
(F) relocation costs;
(G) organizational costs, including the costs of conducting environmental impact studies or other studies,
the cost of publicizing the creation of the zone, and the cost of implementing the project plan for the
zone;
(H) interest before and during construction and for one year after completion of construction, whether or
not capitalized;
(I) the cost of operating the reinvestment zone and project facilities;
(J) the amount of any contributions made by the municipality or county from general revenue for the
implementation of the project plan;
(K) the costs of school buildings, other educational buildings, other educational facilities, or other
buildings owned by or on behalf of a school district, community college district, or other political
subdivision of this state; and
(L) payments made at the discretion of the governing body of the municipality or county that the
governing body finds necessary or convenient to the creation of the zone or to the implementation of the
project plans for the zone.
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 6 350 000 500 000 4 850 000
Hall Johnson Road Improvements roadway
construction R O W acquisition drainage utility
adjustments landscaping etc 3 300 000 400 000 900 000
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 00 000 00 000
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 200 000 200 000
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 80 000 600 000
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 20 960 2 20 960
Storm Water Detention 200 000 200 000
Library 740 000 500 000 240 000
Police Station 0
Fire Station 493 500 1493 500
Public Parking Lots Land and Engineering 3 0 80 3 0 80
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
ATTACHMENT THREE
EXHIBIT "A"
Colleyville TIF #1 (Colleyville TIF)
Amended Project Plan and Reinvestment Zone Financing Plan
Amendment to Ordinance 0-98-1131, Ordinance 0-02- 1324, and Ordinance
0-03-1402
Introduction
In 1998 the City of Colleyville established TIF #1 (Colleyville TIF) pursuant to
Ordinance 0-98-1124 and amended by Ordinance 0-98- 1131 providing for a Tax
Increment Financing (TIF) district encompassing 633 acres along Colleyville
Boulevard (State Highway 26) with a base value of $75,821,735 and scheduling to
expire on 12/31/2030. The original project plan and reinvestment zone financing
plan adopted pursuant to Ordinance 0-98-1132 and later amended by Ordinance O-
02-1324 and Ordinance 0-03-1402 outlined more than $27 million in public projects
and $7.9 million in Grapevine-Colleyville Independent School District (GCISD)
school improvements, with the purpose of benefiting the City, its residents and
property owners.
All taxing entities elected to participate at 100% of their respective tax rates with a
few notable limitations.
1. GCISD elected to participate at 100% of its Maintenance and Operation rate
with 74% being dedicated to $27 million worth of general public
improvements and the remaining 26% dedicated to the $7.9 million worth of
GCISD school improvements.
2. Tarrant County capped participation at $4.35 million dollars.
3. Tarrant County Hospital District capped participation at $3.85 million.
Initial projects included; Improvements to the Village at Colleyville, general
roadway improvements, SH26 improvements, school improvements, a new city hall,
a library, a fire station and other miscellaneous improvements. To date, the TIF
has exceeded the original projections and has nearly funded all of the initial
projects identified in the project and financing plan. However, additional projects
have been identified since the TIF's inception that could leverage private investment
and provide the City with additional benefits.
With this understanding, and in accordance with Sec. 311.011 (e) of the Texas Tax
Code, the Board of Directors seek to amend the project plan and reinvestment zone
financing plan to include additional public infrastructure projects and an economic
development TIF grant program with the purpose of benefiting the City, its
residents, and property owners.
The following pages outline the amendments to the original project plan and
reinvestment zone financing plan adopted pursuant to Ordinance 0-98-1132, and
later amended by Ordinance 0-02-1324 and Ordinance 0-03-1402. All plans
previously approved by the City Council pursuant to 0-98-1132, Ordinance 0-02-
1324, and Ordinance 0-03-1402 will continue in effect except to the extent
specifically amended or revised by the following amendments.
Colleyville TIF #1 Amended Plan
Boundary
The initial Colleyville TIF #1 boundary encompassed approximately 633 acres along
State Highway 26 (SH26) stretching from its southern most point at Cheek-Sparger
Road to its northern most point near John McCain Road. A map of the original
boundary as approved in 1998 is attached as Attachment 1.
The expanded boundary follows a very similar path but includes; approximately 20
new parcels near the intersection of Cheek-Sparger Road and Wayne drive, 26
parcels near the intersection of Cheek-Sparger Road and State Highway 26 (SH26),
Bluebonnet Hills Memorial park, 15 parcels in Glade Points Center at the
intersection of Highway 121 and Glade Road, and a number of City owned parcels
south of State Highway 26 (SH26) and east of Longwood Drive. A map of the
expanded boundary with new properties highlighted and a list of all properties to be
added to the zone are attached as Attachment 2. The majority of the property to
be added to the TIF is currently vacant underutilized land, while the remaining is
comprised of commercial space. A map of the current land use for the TIF is
attached as Attachment 3.
Appraised Value
The estimated appraised value of the additional property to be added to the zone is
31,722,560, bringing the current total estimated appraised value to
360, 371,109.
Participation by Taxing Jurisdictions
Currently all taxing jurisdictions contribute 100% of their tax rate. It is anticipated
that Tarrant County and the Tarrant County Hospital District will continue to
participate at 100% until they hit their original cap, which is projected to occur in
2013 and will cease contributions to the TIF after that date unless an amendment
to their participation agreements is mutually agreed upon. The City of Colleyville
will continue to participate in the TIF at 100% of their tax rate as will the Tarrant
County College District. The GCISD will continue to contribute 100% of the
Maintenance and Operation rate only to the specific projects outlined in the original
project and financing plan approved in 1998.
Project Plan Amendments
To further leverage private investment within TIF #1, the Board of Directors hereby
establishes an Economic Development TIF Grant Program per Section 311.010 (h)
of the Texas Tax Code.
The objectives of the Economic Development TIF Grant Program are to promote
within the TIF: 1) development and diversification of the economy; 2) elimination of
unemployment and underemployment; and 3) development and expansion of
commerce. These objectives will be achieved by making grants and loans from the
tax increment fund of the TIF in an aggregate amount not to exceed the amount of
tax increment produced by the City and paid into the TIF fund for activities that
benefit the TIF and stimulate business and commercial activity within the TIF.
Upon the approval of the amended project plan and reinvestment zone financing
plan by the City Council the TIF Board of Directors shall have all the powers of the
municipality under Chapter 380, Local Government Code. The City Council shall
make final determination of all grant award amounts and awardees. Nothing
contained herein shall obligate the TIF Board or the City Council to provide grant
awards as this Economic Development TIF Grant Program does not constitute an
entitlement.
Additional projects to be added to the project plan and reinvestment zone financing
plan include:
Economic Development TIF Grant Program $ 17,256,185
Roadway Improvements $ 20,000,000
Trails and Public Amenities $ 5,500,000
Administrative Expenses $ 1,700, 000
Total New Project Costs $ 44,456,185
A map with the estimated location of public improvements to be financed by the
zone is attached as Attachment 4. Additional infrastructure and amenity
improvements may be added to the list as future development projects and related
opportunities present themselves. Project costs are intended as estimates only and
may vary from the amounts listed above; however the total amount of project costs
will not exceed $44,456,185.
Financing Plan Amendments
All of the estimated project costs outlined above will be funded on a pay as you go
basis through increment derived from the TIF district. The aggregate amount of all
economic development grants will be limited to the increment produced by the
municipality.
It is not anticipated that the TIF will issue any additional bonds to finance these
improvements.
It is estimated that the TIF will generate approximately $44.5 million in new
revenue for the remainder of the TIF term, including any unallocated increment
already generated by the TIF, for use on the additional projects. A year-by-year
estimate of the capture appraised value of the zone is attached as Attachment 5.