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Home My WebLink AboutOrdinances (O-98-1132)-12/15/1998 ORDINANCE 0-98-1132 AN ORDINANCE APPROVING A PROJECT PLAN AND REINVESTMENT ZONE FINANCING PLAN FOR THE TAX INCREMENT FINANCING REINVESTMENT ZONE NUMBER ONE, CITY OF COLLEYVILLE, TEXAS; MAKING A FINDING REGARDING FEASIBILITY; AND PROVIDING FOR AN EFFECTIVE DATE WHEREAS, the City established Tax Increment Financing Reinvestment Zone Number One, City of Colleyville, Texas ("Zone") and established a Board of Directors for the Zone to promote development in the Zone pursuant to Ordinance No. 0-98-1124, approved by the City Council on November 4, 1998, in accordance with the Tax Increment Financing Act, Chapter 311 of the Texas Tax Code, Vernon's Texas Codes Annotated (the "Act"); and WHEREAS, the Board of Directors of Tax Increment Financing Reinvestment Zone Number One, City of Colleyville, Texas (the "Board") on November 24, 1998 prepared and adopted a Project Plan and a Reinvestment Zone Financing Plan for the Zone; and WHEREAS, the Project Plan and Reinvestment Zone Financing Plan are substantially consistent with the preliminary plan developed for the Zone, prior to the Zone's creation; and WHEREAS, the Board has respectfully advised and recommended approval of the Project Plan and Reinvestment Zone Financing Plan by the City Council in order to promote development of the Zone; NOW THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF COLLEYVILLE, TEXAS: Sec. 1. THAT the facts and recitations contained in the preamble of this ordinance are hereby found and declared to be true and correct. Sec. 2. THAT the Project Plan and Reinvestment Zone Financing Plan submitted to the City Council attached hereto as Exhibit "A" is hereby found to include all information required under Section 3110011 of the Tax Increment Financing Act, Chapter 311 of the Texas Tax Code, Vernon's Texas Codes Annotated (the "Act"). 0-98-11 32 Page 2 of2 Sec. 30 THAT in accordance with the Act, the City Council has reviewed the Project Plan and Reinvestment Zone Financing Plan and hereby finds the Project Plan and Reinvestment Zone Financing Plan to be feasibleo Sec. 40 THAT in accordance with the Act, the City Council hereby approves the Project Plan and Reinvestment Zone Financing Plan attached hereto as Exhibit "A". Seco 5. THAT the City Manager is hereby directed to notify the governing body of each taxing unit that taxes real property located in the Zone of the City's approval of the Project Plan and Reinvestment Zone Financing Plan, to transmit to each governing body copies of the Plan and to request that each governing body notify the City of Colleyville in writing with respect to its participation in the Zone. Sec. 6. THAT if any section, paragraph, clause or provision of this ordinance shall be for any reason held to be invalid and unenforceable, the invalidity of enforceability of such section, paragraph, clause or provision shall not affect any of the remaining provisions of this ordinanceo Sec. 70 THAT this ordinance shall take effect immediately from and after its passage and publication in accordance with the provision of the Charter of the City of Colleyville and it is accordingly so ordained. AND IT IS SO ORDERED The first reading and public hearing being conducted on the --1 Sif- ])E~e.M~e:R- , 19980 The second reading and public hearing being conducted on the I siJ. D eeeM:Bere.. , 19980 day of day of ;J~ J n Harris, TRMC, CMC ty Secretary ~ COLLEYVILLE Richard Mayor RVED AS TO FORM AND LEGALITY: T Ross F ost r City Attorney EXHIBIT A Financing Plan Tax Increment Reinvestment Zone Number One Colleyville, Texas The Financing Plan provides information on the projected monetary impact that the formation of the Tax Increment Reinvestment Zone (TIRZ) could have on the property described in Attachment 10 It will also describe how that impact can be utilized to enhance the area and region through leveraging the resources of each entity who participate in the project. Financial Projections and Analysis for TIRZ # 1, prepared by First Southwest Company is included in it's entirety in Attachment 20 Below is a summary of the Financing Plan items required by law. 1. The proposed public improvements in the zone are as follows: · Construction of public works, public improvements, new buildings, structures, and fixtures; and the actual costs of any acquisition of land and the clearing and grading of land; · 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; · Any real property assembly costs; · Professional service costs, including those incurred for architectural, planning, engineering, and legal advice and services; · Any relocation costs; . Organizational costs, including 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; . Interest before and during construction and for one year after completion of construction, whether or not capitalized; . The amount of any contributions made by the municipality from general revenue for the implementation of the project plan; and . Payments made at the discretion of the governing body of the municipality that the municipality finds necessary or convenient to the creation of the zone or to the implementation of the project plans for the zoneo The specific capital improvement projects anticipated to be undertaken in the TIRZ 1, Colleyville are included as Attachment 3. 2. Estimated Project Cost of Zone, including administrative expenses. .Project costs are estimated at approximately $27.4 million dollars excluding $7,938,690 set aside for school improvements onlyo Specific cost estimates are included in Attachment 3. 3. Economic Feasibility Study. .An economic feasibility study has been completed and is included as Attachment 40 4. The estimated amount of bonded indebtedness to be incurred. .The total principal amount to be issued for project costs is estimated at $27.4 million with an additional estimated $ 008 million in issuance costs and capitalized interest. The total indebtedness is estimated at $2802 million. 8. The estimated appraised value of the improvemenlc; in the zone during each year of its existence. . The estimated appraised value of the improvements in the zone per year is listed in the following table. Tax Year I Incremental Assessed Value j ......,........0............0..........0....0....'................0.............0........0....................0.................0..0..0.........0$00...........0.......'..'.0...........,...............0.........0000'........0.. ...0.... . .......o..o............................~~:.~~...o...., ............0.....0..0........0...........1..............................................0~..~..:~~~o:~:.~~~~...o......................o..o.......... 200 I . 38.170.000 '''0'''''''' 0" 00"0....0"0"""""0" 0....... 2(j(')":2............0.........0.......0.. ....0.........00....0..0....0...........0..0......0..............(j.O:0670J)(jOo..............0........0.............. ........ . .....................0......0...........200"3"....0.....,0...........0...............0.......0.. .........0................0..0................S.i:067('j';0('j"(f........0...0..0.........00..0..0....0 ............,..'0.........0..0....................2()()04........0..................0..0.......0............ ..............0...............................'JS:.670';O()O...........0,.........................0 '0'"'''' ,..0........0....,.......................20(').S.............0.....0..............0................ ""'"''0''''''''''''''''' 0...............i"OS':..f7(j0;()(j00................ 0 ..0................... ....... ,., .............................0..........2()O.6..............0..0..0..0....................0..... ...........................................j'.O.<J:..f7())'j(')'()'...................................... ,...... . '0....................................... 200'1...................0...........0.....0..0.......... ..........................................i"29:.90C(6()()""............................0.. ....... 0..0... """0""""'''''''''''''''''''''''''' 2('jO-g..0............... 0"....0..""""'''''''' ....... ",,,,,,,,,,,,'''''''0'''''''''''''''''''' i"j'iJ:'6:3' i";2(}0............................ ........... ......, ',.......................................020(')09................................0.................. ................ 0...............0.........i"4.9:03.6.r; 80'0""""'''''''''''''''' ............... ,...... .............0..........,................20'j'().................................................. .....................................0....i"S.i):.092.;4('j()'...0........................0......... ...... ..0..0......................0............2()'j"0j'"........................................0..0..... ...............................0...........i"6s:.si:3';oo.60........0..................0.......... ...0.. .,.......................................020"1'2.................0................................. ........0....................0.............j'"7.S:.S'53')SC)'O..............................0......... ......' ...0.........0.....................0......i(joi"3......0.......00............0..........0........... .......0...........00.....................i"s.s:.i84.;io06................0............0......... ......' ............0..0..........................200j'4...0........0...........................0.....0..... ...........................................j'.~H~:.oT4J~(j'('f.............0........................ ...... ................0.........................20.j"S................0.................................. 0......0...........0..........00..........2067:.7.45.;40"(;...0......0.........0.................0 ...... ...o....o.......................ooo......ozooi"(j...........oo..o........................0.....0....i.................0..........0............Z..i'7:.476)jooO.....0..0......0....0................... 1 ...... .........................................................................................................c.................................................................................................................. 2017 i 227.206.600 ! o..o......oo....o...........o....o..oooo........ZCj"i"so............ooo.......o.......o..0.......0..00....r.0..........0................0..0..0...Z'3.6:.937.;2:(j'O.......................0...........00..0 ! .... ..........................................................................................................(.................................................................................................................. 2019 ! 246,667,HOO 9. The duration of the zone. .! j: I :1 I I . The zone was created in November 1998, with an effective date of January I I 1999. It is proposed that the zone exist for 20 years with the tennination of the zone set as December 31, 2018 or the date when all project costs are paid and all debt is retired, whichever comes first. ATTACHMENT 1 TIF District Boundary Survey: P.O.B. _ North-N.West comer of Hwy. 26 ROW contacting TR 6. A-591 (a 6.9 Ac. Tract) directly aaalS from West side of Longwood Dr.. 4 Continuing South across Hwy. 26 along the West side of Longwood Or. to the Northeast comer of tot 3, bfock 10, A4294 (Longwood Estates at Ross Downs), _ Continuing West along North boundary line of Ross Downs to the NW comer of lot 6. block 9, A-294 (Longwood Estates at Ross Downs). Continuing South along lot 6, block 9 (Longwood Estates of Ross Downs), to North property line of TR 301, A4963 , 4 Continuing West along Northern Boundaries of TR 301, 302 and 303, A4963. to the w-I comer of TR 303, A4963 , 4 Continuing South along TR 303. A4963 , to the far SW comer of TR 3E3,A4963. _ Continuing East along Southern boundaries of TR 3E3, 3E2 and 3E 1, A4963 , to the far NE comer of TR 3G, A4963, . Continuing South along Eastern boundaries of TR 3G, 3F and 3, A- 963. and the Weat boundary of lots 11 to 3, block 1 (RoIS Downs Estates), to the far SE comer of TR 3, A4963. and the NE comer of lot 27, block 12 (Ros. Downs Estates), _ Continuing West along the Southern boundary of TR3. A-963, and Northern boundary of Block 12 (Ross Downs Estates). turning SWat lot 24 and South at lot 14 to the S\N property comer of lot 14, block 12, (Ross Downs Estates), . Continuing West along lot 12, block 12 (Ross Downs Estates). to the far NW comer of .ald lot, . Continuing South along West boundary line of lot812, block 12, to lot 1, block 12 and lots 1R, block 15 to lot 12, block 15 (Ross Downs Estates), _ Continuing West along the Northern boundary of Fair Havens Estates to the far NW corner, _ Continuing South along the Western boundary of Fair Havens Estates to the far SW comer I _ Continuing West along the Southern boundary of block 1, (Coneyvine Industrial Park) to the NE comer of TR 282, A-963 _ Continuing around the North, West and South boundaries of TR 282, A-963 to the NE comer of Tinker's Crossing. _ Continuing down the Eastern boundary of Tinker's Crossing and Kathleen's Art Cafe Property to the South edge of ROW along Sanders Rd., _ Continuing West along the South ROW of Sanders In. to the NE comer of lot 1b, A-180. (Colleyvi\le Square). _ Continuing South along eastern boundary of lots 1b and 1c, A-180. (ColleyvUle Square Phases I & \ll, " _ Continuing East along the Northern boundary of lot 1a2, A-180, (ColleyvUle Shopping Village) to the NE comer of said addition and South along the Eastern boundary line to the far SE comer of lot 1 a1, A-180, (Col\eyviUe Shopping Village), _ Continuing East along Northern boundary of Bob Moore Sports Center, down the Eastern border to the SE comer and West along the Southern boundary to the far SW comer of TR 2A 1, A-180, (edge of Hwy. 26 ROW), _ Continuing along the Western boundary of TR 2B1, A-180, (BluebOnnet Hill Memorial Park) to the Edge of Hall Johnson Rd. ROW, . Continuing East incorporating Hall Johnson ROW to Pool Rd. on both North and South boundaries (incorporating additional ROW at the intersection of Ha\! Johnson Rd. and Pool Rd. in the dimensions of 110 ft. wide by 500 ft. in depth, West of the Int6f'sectlon) to the East ROW line of Blue Bonnet Drive, . Continuing South along Blue Bonnet Dr. ROW 434.74 ft. to the SW comer of the U.S. Post Office Property continuing along the Southern boundary of said property to the SE comer of said property continuing East to the Western boundary Une of block 1, (Montessori Addition), _ Continuing South along the Western boUndary of block 1, Montessori Addition to the SW comer of said addiUon, .. Continuing West along the Northern boundary of Kingswood Estates to the edge of East ROW along Blue Bonnet Dr" .. Continuing South along East ROW of Blue Bonnet Or. to the North ROW \lne of Glade Rd at the SE comer of TR 3, Aoo936, . Continuing West along Glade Rd. ROW to the SW comer of TR 4A. A..936 , .. Continuing North along the Western bOundary of TR 4A, A-936, to the NW comer of said \rect, .. Continuing West along the Northern property line of Oak Knolt West to the NE comer of lot 14, block 2, (Thompson Terrace), _ Continuing South along the Eastern property tinas of lots 14 to 1 I block 2, (Thompson Terrace), to the SE comer of lot 1, block. 2, (Thompson Terrace) and Glade Rd. ROW, _ Continuing West along Glade Rd. ROW to the SE corner of lot 17, Block 1, (Thompson Terrace) and turning South crossing Glade to comer of Village Park ROW, _ Continuing along the NW ROW of Village Park down to the Glade Creek Dr. intersection and crossing to the West ROW of Glade Creek, _ Continuing South along Western ROW of Glade Creek Dr. and crossing Centerpark to continue along the East boundary line of the Centerpark Addition to the SE comer of the Centerpark Addition, _ Continuing East along the Southem boundary of Lakewood Estates to intersect the West ROW line of Bedford Rd., I j: Continuing North along the Western boundary TR 4, A4963 to the NW comer of said Tract and the South edge of the ROW line of St. Louis & Southwestern Railroad, _ Continuing East along the Southern ROW line of the railroad to the intersection of the railroad ROWand the South ROW line of John McCain Rd" _ Continuing West along the Southern ROW line of John McCain Rd. to the NE corner of TR 3R1, A--432, _ Continuing West along the North ROW line of the railroad South of TR 3R 1, 3R. 2R, 1 Rand 1, A--432. to the SW comer of TR 1, A--432, _ Continuing North along the Western boundary of TR 1, A432, to the NW comer of said Tract and the South ROW line for John McCain Rd., _ Continuing East along the South ROW line of John McCain Rd. to the NE comer of TR 3R 1, A-432, 4 Continuing NE along the North ROW line of the railroad to the North ROW line for John McCain Rd., 4 Continuing East along the North ROW line of John McCain Rd. to the SW comer of TR 'lA, A-432, 4 Continuing NE along the Southern ROW line of the railroad to the stated Point of Beginning. City of Colleyville Tax Increment Zone Number One (TIF #1) Financial Projections and Analysis Version 7 - November 23, 1998 Prepared By . First Southwest Company Page 1 ATTACHMENT 2 CITY OF COLLEYVILLE T AX INCREMENT REINVESTMENT ZONE ANALYSIS TABLE OF CONTENTS FINANCING OPTIONS FOR TAX INCREMENT SUPPORTED DEBT ............................. PAGE 3 PROJECTED TAX INCREMENT FUND CASH FLOWS ................................................ PAGE 7 PROJECTED FINANCING PLAN ............................................................................... PAGE 11 2 CITY OF COLLEYVILLE TAX INCREMENT REINVESTMENT ZONE ANALYSIS FINANCING OPTIONS FOR TAX INCREMENT SUPPORTED DEBT 3 CITY OF COLLEYVILLE TAX INCREMENT REINVESTMENT ZONE ANALYSIS TAX INCRE:tv1ENT REVENUE CALCULATIONS The City creates the Tax Increment Reinvestment Zone. The Base Value is the value that is on the ground when the Tax Increment Reinvestment Zone (the "Zone") is Created. The-Captured Assessed Valuation is the real property which is added to the tax base after Zone is created. The Captured Assessed Valuation does not include personal property. The Tax Increment Reinvestment Zone has no taxing powers; however, partICIpating political subdivisions' tax revenues generated on the Captured Assessed Valuation are diverted to the Tax Increment Fund. Tax increment revenues can only be used for the benefit of the property within the Zone, including paying for capital improvements and paying debt service on bonds issued for improvements. A Tax Increment Reinvestment Zone has a defmed period of existence which is generally related to the term of debt. Once the Zone is abolished, the tax revenues are no longer diverted to the Tax Increment Fund. The City creates the Zone and is the issuer of debt. Other participating political subdivisions allow their tax revenues to be diverted to the Tax Increment Fund and have representation on the TIRZ Board. 4 CITY OF COLLEYVILLE TAX INCREMENT REINVESTMENT ZONE ANALYSIS FINANCING OPTIONS FOR TAX INCREMENT SUPPORTED DEBT Certificates of Obligation . Generally, the same rating as general obligation bonds; J. Require a pledge of tax increment revenues and ad valorem property taxes; . Are subject to vote if petitioned by 5% of the registered voters; . Most cost effective debt option; . Sold on a more timely basis. Revenue Bonds . Supported solely by the revenues generated by the tax increment reinvestment zone; . Cannot generally be marketed until improvements are on the ground; . Generally, these are sold at a lower rating than certificates of obligation; . They require the use of a Reserve Fund and restrictive additional issuance covenants; . Higher borrowing costs. 5 City of Colleyville, Texas Flow of Funds Debt Issued: 1) Combination Ad Valorem Tax and TIF Increment Revenue Certificates of Obligation Debt Repayment: 1) Tax Increment Real Property Ad Valorem Tax Revenues, 2) TIF Project City Business Ad Valorem Tax and Sales Tax Revenues, 3) City Wide Ad Valorem Tax. Flow-or-Funds Tax Increment Revenues City Wide Ad Valorem Property Tax Revenues Tax Increment Fund TIF Project City Business Property Ad Valorem Tax and City (1 %) Sales Tax I L._._ Debt Service Fund .. Bond Holders Reserve Fund If necessary. During construction period only. Prepared By: First Southwest Company Page 6 Version 6 CITY OF COLLEYVILLE TAX INCREMENT REINVESTMENT ZONE ANALYSIS PROJECTED TAX INCREMENT FUND CASH FLOWS 7 City of Colleyville Tax Increment Zone Number One (TIF #1) Projection of Incremental Cash Flow Incremental Incremental Real Property Personal Property TAV Fiscal Taxable Taxable Incremental TIF Calculation Year Assessed Assessed Taxable Life (Yrs.) Date Year Ending Valuation (1) Valuation (1) Sales (1) 0 l/1/99 9/30/00 $0 $0 $0 1 1/1/00 9/30/01 11,270,000 3,574,626 12,397,000 2 1/l/0 1 9/30/02 38,170,000 11,155,242 38,687,000 3 l/l/02 9/30/03 60,670,000 17,023,084 59,037,000 4 1/1/03 9/30/04 82,670,000 21,780,793 75,537,000 5 1/1/04 9/30/05 95,670,000 23,683,877 82,137,000 6 l/1/05 9/30/06 105,170,000 24,476,828 84,887,000 7 l/l/06 9/30/07 109,170,000 24,476,828 84,887,000 8 l/l/07 9/30/08 129,900,600 30,454,405 105,617,600 9 1/l/08 9/30/09 139,631,200 33,260,176 115,348,200 10 1/1/09 9/30/1 0 149,361,800 36,065,947 125,078,800 11 1/1/10 9/30/11 159,092,400 38,871,718 134,809,400 12 1/1/11 9/30/12 168,823,000 41,677 ,489 144,540,000 13 1/1/12 9/30/13 178,553,600 44,483,260 154,270,600 14 l/l/13 9/30/14 188,284,200 47,289,031 164,001,200 15 1/1/14 9/30/15 198,014,800 50,094,802 173,731,800 16 l/1/15 9/30/16 207,745,400 52,900,573 183,462,400 17 l/1/16 9/30/17 217,476,000 55,706,344 193,193,000 18 1/1/17 9/30/18 227,206,600 58,512,115 202,923,600 19 1/1/18 9/30/19 236,937,200 61,317,885 212,654,200 20 1/1/19 9/29/20 246,667,800 64,123,656 222,384,800 $246,667,800 $64,123,656 $2,569,584,600 Footnotes 1) Per City Staff Projections Prepared By: First Southwest Company Page 8 Version 7 November 23,1998 '" ... :l ::: ... ;.- ... >::: ~ ~ - E-< 'II: f;' ~ - ;:; c c. ? ... ~ ::: ~ 0 -= .. := Cj >::: ~..c ~ ~ e 0 o z .::: u .., '" .... ::: :t o 0 0 oN ti: Uc ~ ... e .., u ... ~ '" ::: :3 - ~ ~ ~ E-< E=: "'" ... ~ 0.1:1 '" ~ , c E '" ~ g~5~~.~.~~S~~~~~g~S~~~~~ u ~ o~~~ -~~g~~~o~iifg~~~ ~;g -~~~~~~5~~~~~5~~~o~_ ~ ~ ~ 1: .!l '"' O! ,: t o .. i '" Q '" '" ~ g ~ 5 I- ~ Sl " u " ~ U ::; .5 if . 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'" k~ .. f O_M~"" .. ~.. .. co.2==~::::::::e::.~~~ ~ 3 City of Colleyville, Texas Combination Tax and TIF Revenue Certificates ofObigation, Series 1999 SOURCES & USES Dated 02/15/1999 Delivered 02/15/1999 SOURCES OF FUNDS Par Amount of Bonds......... .0...0.0...0.0.0..0. ......0.0.0..0.. .0..0.................0..0..00......... ..0.0. .0.0000....0..0...... $2,850,000000 TOTAL SOURCES. ..00. ..00.00. ,........ ..... ......0.. .0............ ........0.0................. .......0..'.. ...... .... ............ $2,850,000.00 USES OF FUNDS Deposit to Project Construction Fund................o....................o......................o.................0......0 Deposit to Capitalized Interest (CIF) Fund......o.o.o..........oo......................................................o Total Underwriter's Discount (1.000%)....0..0.................0.0.0...... ..........0...........0.. ....... .......... ...0 Costs of Issuance....... 0.0... 0.. 0..0..0...'. ..............0.. 0 00................. 0.......0..0................0.0.. 0.0.0...'...... 0... Rounding Amount... ....... ........ ..0.0.0...0.. ........ ....... .000.0........ ............0._... ..0........... ....... ......0.0..0.... 2,550,000.00 242,155.51 28,500.00 28,500.00 844.49 TOTAL USES...........o.o...oooo....o....,...............o..o...o..............0..............................0.00................... $2,850,000.00 First Southwest Company Public Finance LLEYVILLE\TIFiS I C099-s2Ac099- SINGLE PURPOSE 11/ 9/1998 12:35 PM Page 14 City of Colleyville, Texas Combination Tax and TIF Revenue Certificates ofObigation, Series 1999 DEBT SERVlCE SCHEDULE Date Principal Coupon In terest Total PH 9/30/1999 9/30/2000 256,500.00 256,500.00 9/30/2001 50,000.00 o 60000% 169,500.00 219,500.00 9/30/2002 50,000.00 6.000% 166,500,00 216,500.00 9/30/2003 85,000.00 6.000% 162,450.00 247,450000 9/30/2004 90,000.00 6.000% 157,200.00 247,200.00 9/3 0/2005 95,000000 6.000% 151,650000 246,650.00 9/30/2006 105,000000 6.000% 145,650.00 250,650.00 9/30/2007 110,000.00 60000% 139,200.00 249,200.00 9/30/2008 115,000000 6.000% 132,450.00 247,450.00 9/30/2009 125,000000 6.000% 125,250.00 250,250.00 9/30/2010 130,000.00 6.000% 117,600.00 247,600.00 9/30/2011 140,000.00 6.000% 109,500.00 249,500.00 9/30/2012 145,000.00 6.000% 100,950.00 245,950.00 9/30/2013 155,000.00 6.000% 91,950.00 246,950.00 9/30/2014 170,000.00 6.000% 82,200.00 252,200.00 9/30/2015 185,000.00 6,000% 71,550.00 256,550.00 9/30/2016 195,000.00 6.000% 60,150.00 255,150.00 9/30/2017 205,000.00 6.000% 48,150.00 253,150.00 9/30/2018 215,000.00 60000% 35,550.00 250,550.00 9/30/2019 235,000.00 6.000% 22,050.00 257,050.00 9/30/2020 250,000.00 6.000% 7,500.00 257,500000 Total 2,850,000000 2,353,500.00 5,203,500.00 YIELD STATISTICS Bond Year Dollars... ..00... .......... .0..00..0...0.0..........................................0..... '...0..0..0...0....0. ..0... ..0... ....0..... ....'0..0... ....0'.. Average Life..o..o. ....... .........000000... .........0.....0..0........ ..0..0.0..000000...0...0.. ........................ ....... ...... ...... ......0............ .......0 Average Coupon..... ...00.0.0..000. .................0..0... ....0....0. ....00...0.0.0.. ..0.. .............. ...................... ...... ......................... ...... $39,225.00 13.763 Years 600000000% Net Interest Cost (NI C). 0 0.... 0....0.0.....0..... 0............................................0.......0......0 0.........0...0.....0.............. ...0.....'..0...0 True Interest Cost (TI C). 0 00 0 0...0.......... 0..000..... 0.... 0... 00 0" 0.. 0 0...00.0......... 0.... 0.............. 0.........................................0......0. Bond Yield for Arbitrage Purposeso.o.o.... ..................0.... .............. .................0..0....0.0..0... ,. ..0. ..0... ..................... ....... All Inclusive Cost (AlC).. .0..0.0.00...... ........0.. ...0....0.. ..0. ....000. .0...0....0...... .......... .................... ........................0...0........ 6.0726577% 6.1036033% 5.9904662% 6,2184191% IRS FORM 8038 Net Interest Cost.. 0......0.. 0............0.. 0........0...0.............................................0...... 0..000..000..... 0.0.................................... W eighted Average Maturity ......00..0. '...0.......0..0..... ....... ............. ........... ............. .................................................. .... 6.0000000% 130763 Years First Southwest Compan Public Finance File = C:\MUNEXW\DATA\COLLEYVILLE\TIF\SIC099-s2Aco99- SINGLE PURPOSE 11/9/1998 12:35 PM Page 15 City of Colleyville, Texas Combination Tax and TIF Revenue Certificates of Obi gat ion, Series 2001 SOURCES & USES Dated 02/15/2001 Delivered 02/15/2001 SOURCES OF FUNDS Par Amount of Bonds.. .....................0......... ...... .........0................0...0.. .... ....... ........0..0.. .............0 $5,615,000.00 TOTAL SOURCESo.......... ...0.. ...... ........0..... ...0.................0.... ......0.... ...... ..0.. .............. .0... .......... $5,615,000.00 USES OF FUNDS Deposit to Project Construction Fund...........o...............o..o.o....................o..................o-..o......... Total Underwriter's Discount (1.000%).0..0.. ...0... ..0..0.00..0..0......00'......0..0....... ....0.0.0000............0.. Costs of Issuance..... 0 O' 00......0... 0........0........00.0...0.00.......0...0..0..... .....0.0..0.. 0...............0..0..............0 Rounding Amount.. ..0.... .0..... .... ....0...0..0.0....... ......0.00.00..........0..0....0000..0.... .00. ..0..0... .....0...00...0.... 5,500,000000 56,150.00 56,150.00 2,700.00 TOTAL USES...o.,.o.o.....o...o..o..oo..........o..o...o..............0..............0...0..0..............'.0..00..........0....0... $5,615,000.00 First Southwest Company Public Finance LLEYVILLE\TIF\S 1 C099-s2AcoO 1- SINGLE PURPOSE 11/9/1998 12:35 PM Page 16 City of Colleyville, Texas Combination Tax and TIF Revenue Certificates ofObigation, Series 2001 DEBT SERVICE SCHEDULE Date Principal Coupon Interest Total PH 913012001 913012002 547,462.50 547,462.50 913012003 170,000.00 . 60500% 359,450.00 529,450.00 9/3012004 180,000.00 60500% 348,075000 528,075000 913012005 195,000.00 6.500% 335,887050 530,887.50 913012006 205,000.00 60500% 322,887.50 527,887.50 913012007 220,000.00 6.500% 309,075000 529,075.00 913012008 235,000.00 6.500% 294,287.50 529,287.50 913012009 250,000.00 6.500% 278,525.00 528,525.00 913012010 270,000.00 6.500% 261,625.00 531,625.00 913012011 285,000.00 6.500% 243,587.50 528,587.50 913012012 305,000.00 6.500% 224,412.50 529,412.50 913012013 325,000.00 6.500% 203,937.50 528,937.50 913012014 345,000.00 6.500% 182,162.50 527,162050 913012015 370,000.00 6.500% 158,925.00 528,925.00 913012016 395,000.00 6.500% 134,062.50 529,062050 913012017 420,000.00 6.500% 107,575.00 527,575.00 9/30/2018 450,000.00 6.500% 79,300.00 529,300.00 913012019 480,000.00 6.500% 49,075.00 529,075.00 913012020 515,000.00 6.500% 16,737.50 531,737.50 Total 5,615,000.00 4,457,050.00 10,072,050.00 YIELD STATISTICS Bond Year Dollarso..o...ooooo. .0..0.0.0... ...........0..... ............... ...................... ...0.. ...0..0....0....0........0..... ...... .......... .....00....0 Average Lifeo.o.oooo. ............... .......0........0...0.0...0. ....... .0..0. .0..0...........0.. ............... ..... ..........0..0..0..0.. ...0....0. ...... .......... Average Coupono..oo. .0.......................0.......0...0.... ....0.00..000.0...0.......0......0......................... ..0.0.. .0..0.. .... ,......... ... ........ $68,570.00 120212 Years 6.5000000% Net Interest Cost (Nl C).... 0" 0.. 0.0...0.....0....0.....0....0.........0.0......... ....0.. ....... 0..0.. 0.0.. 0.. 0................................ 0..0.. 0.00.0.0. True Interest Cost (TI C)o 0.00.0..0.0......0.... ........ 0......... 0............0......000.0..0....0...0.. 0..............0..... 0.. 0...000....................0.. 0 Bond Yield for Arbitrage Purposes...o..o..oo.o..o..ooo.o...o. .0.. .0..0....0'.0.. ........0.. .0000...... .....................0... .....0..0...0.00000.0... All Inclus ive Cost (AI C)... 0...... 0..... 0.... 0..0..0.....0'...0...0................ 0......0....0.. 0..0.. 0'.................. 0........ 0....00.............00... 6.5818871% 606138027% 6.4875763% 6.7419169% IRS FORM 8038 Net Interest Cost..... 0" 0.... 0 0 00..0.....0..................................... 0" ..0.... ....0.............0...............0 0...... 0....0.......0.................. W eighled Average Maturity....o................. ..... ..... ....... ... .......0...........0........... ..... ........ ............ ........... ............. ... .... 605000000% 12.212 Years First Southwest Company Public Finance File = C:\MUNEXW\DAT A \COLLEYVILLE\TIF\S 1 C099-s2AcoO 1- SINGLE PURPOSE 11/9/1998 12:35 PM Page 17 City of Colleyville, Texas Combination Tax and TIF Revenue Certificates of Obi gat ion, Series 2002 SOURCES & USES Dated 02/15/2002 Delivered 02/15/2002 SOURCES OF FUNDS Par Amount of Bonds.....o....oo.............oo.. ...00.........0.... ..0................0........0.........0.... ..0......0......' ... $4,290,000.00 TOTAL SOURCES. ..00..0..0...0.0....0......0... ....... .0.0...0.... .0...... .....00....0.. ...0.......0.....0.....0........ ...0..... $4,290,000.00 USES OF FUNDS Deposit to Project Construction Fund...........o.............................o....o...........................o........... Total Underwriter's Discount (1.000%).0.0. ...0.. .0.0...0.... .........0......0....0...'........0.. .........0..0.0.....0. Costs 0 f Issuance. 0....0.0.. 0.0.0.......0........00.....00... 0 00...0..0...0......00........ 0.............................. 0 00....0... 0 Rounding Amount... .0...... ...0..0.... .....0... .00....0.0... .......0. .....0...........0.....0............0......0.....0........ .... 4,200,000.00 42,900000 42,900.00 4,200000 TOTAL USES.....o......o.......ooo..........o.......o.o........o..o..oo0......0.........0....0...'............000..00....0.0....0.... $4,290,000.00 First Southwest Company Public Finance LLEYVILLE\TIF\SIC099-s2Aco02_ SINGLE PURPOSE 11/ 9/1998 12:36 PM Page 18 City of ColleyviIle, Texas Combination Tax and TlF Revenue Certificates ofObigation, Series 2002 DEBT SERVICE SCHEDULE Date Principal Coupon Interest Total P+I 9/3012002 9/3012003 418,275000 418,275000 9/3012004 145,000.00 6.500% 274,137.50 419,137050 9/3 012005 150,000.00 60500% 264,550.00 414,550000 9/3012006 165,000.00 6.500% 254,312.50 419,312.50 9/3012007 175,000.00 6.500% 243,262.50 418,262.50 9/3 012008 185,000.00 6.500% 231,562.50 416,562.50 9/3012009 195,000.00 6.500% 219,212.50 414,212.50 9/3012010 210,000.00 60500% 206,050.00 416,050.00 9/3012011 225,000.00 6.500% 191,912.50 416,912.50 9/3012012 240,000000 60500% 176,800.00 416,800.00 9/3012013 255,000.00 6.500% 160,712.50 415,712.50 9/3012014 275,000.00 6.500% 143,487.50 418,487.50 9/3012015 290,000.00 6.500% 125,125.00 415,125.00 9/3012016 310,000.00 6.500% 105,625.00 415,625.00 9/3012017 330,000.00 60500% 84,825.00 414,825.00 9/3012018 355,000.00 6.500% 62,562.50 417,562.50 9/3012019 380,000.00 6.500% 38,675.00 418,675.00 9/3012020 405,000.00 60500% 13,162.50 418,162.50 Total 4,290,000,00 3,214,250.00 7,504,250.00 YIELD STATISTICS Bond Year Dol] ars..o...... ........0.....0.. ....0.. ....0.0....... '..0......0. ...0.. ................... ....0.. ...0.......0..... ........0..................... ...0.... Average Lifeo......o.. .0...0'....00.0...0. .........0'. .00.....0.......... ...0.. ..... ..00...............0.. .... .......00.. ....0...00........................... ......... Average Coupono......oo... .0........0.. ....0........... .......0......000...0..... .0.... ..0.........0....... .... ..0.0.....0..........0.....0.............. .....00... $49,450.00 11.527 Years 6.5000000% Net Interest Cost (NI C).....o...... 0.............0........................ 0 0... 0.0......... 0.......'... 0..0.....0................ 0.0.....0.................00.... 0 True Interest Cost (TI C)....... 0..... 0....... 0.......0.... 0.............00...........0...............0........00...0..... 0 0.................. _............ 0...... Bond Yield for Arbitrage Purposes............. .....0......... .... .0....0......'.......... .......0.' .....00....0......0.... .......00............. .......0. All Inclusive Cost (AIC).o....... ......0.......0....0..................0... ..00. ..0....... ...... .....0.....0...0..0. ....0... ....0..0..... ............... ........ 6.5867543% 6.6181003% 6.4871065% 6.7510403% IRS FORM 8038 Net Interest Cost....... 0....................0............. 0..................... 0.....0.......... 00..... 0........ 0... 0..... 00.......................0........0......0 Weighted Average Maturity....o.. ...0.......0... ...00'.............. .0..... .0.0..0.... .......0...0.. ...... .... .......0.....0.0..... ............... ....0... ... 6.5000000% 11.527 Years First Southwest Compan Public Finance File = C:\MUNEXW\DA T A\COLLEYVILLE\TIF\S 1 C099-s2Aco02- SINGLE PURPOSE 11/9/1998 12:36 PM Page 19 City of Colleyville, Texas Combination Tax and TIF Revenue Certificates ofObigation, Series 2003 SOURCES & USES Dated 02/15/2003 Delivered 02/15/2003 SOURCES OF FUNDS Par Amount of Bonds.o...o.... ............0......00......... .....0...0...0..0...0...... ....00.......... ..0..... ..........0....0..00 $3,880,000000 TOTAL SOURCES.o.o.o.o. ,. .... ....... ....... .0000.............000. ....... ............... ..0..0.._.......0........ ...0.0.....0..0. $3,880,000.00 USES OF FUNDS Deposit to Project Construction Fund..............,................o......o...........................o................... Total Underwriter's Discount (1.000%)..................0.......0..0.............0...00......................00..0...... Costs of Issuance. 0.... 0...0......................0.0.......... .... 00.. 0..0...............000.0.0..0.................... 0.0........ 0.. Rounding Amount................oo......o............. ....0...0...... ...........0...0....0...0.............. .00.0.0.0..0........... 3,800,000.00 38,800.00 38,800.00 2,400.00 TOTAL USES.oo..o.oooo.o.o.....o.............o...o..............o.oo0...............000.0.0...0..0...................0.....0......... $3,880,000.00 First Southwest Company Public Finance LLEYVILLE\TIF\SIC099-s2Aco03- SINGLE PURPOSE 11/9/1998 12:36 PM Page 20 City of Colleyville, Texas Combination Tax and TIF Revenue Certificates ofObigation, Series 2003 DEBT SERVlCE SCHEDULE Date Principal Coupon Interest Total P+I 9/3012003 9/3012004 378,300.00 378,300000 9/3012005 145,000.00 6.500% 247,487.50 392,487.50 9/3012006 150,000000 6.500% 237,900.00 387,900.00 9/3012007 160,000.00 60500% 227,825.00 387,825.00 9/3012008 175,000.00 6.500% 216,937.50 391,937050 9/3 012009 185,000.00 60500% 205,237050 390,237.50 9/3012010 195,000.00 6.500% 192,887.50 387,887.50 9/30120 II 210,000.00 6.500% 179,725.00 389,725.00 9/3012012 225,000.00 60500% 165,587.50 390,587.50 9/3012013 240,000.00 6.500% 150,475.00 390,475.00 9/3012014 255,000.00 60500% 134,387.50 389,387.50 9/3012015 275,000000 6.500% 117,162.50 392,162.50 9/3012016 290,000.00 6.500% 98,800.00 388,800000 9/3012017 310,000.00 6.500% 79,300.00 389,300000 9/3012018 330,000.00 6.500% 58,500.00 388,500.00 9/3012019 355,000.00 60500% 36,237050 391,237050 9/3 012020 380,000.00 6.500% 12,350.00 392,350.00 Total 3,880,000.00 2,739,100.00 6,619,100.00 YIELD STATISTICS Bond Year Dollars...o.o.......o... .0........0..0.....0.000.0.........0......0.00.....0.... ...0..... ..0... .0.0..0.0.0....0. .......00..0...0.0.0..0.0...00...0..0.... Average Life..o..o. ......... .00..0.... ....0.0......0..... ..... ............0...000....0. ..0........ ..0.......... ...................0'........ .0.. ......0........0..0.... Average Coupon. .......... ......... .00... ....0.. ..... ....0..0......... .0.0..... ...0........ .0.......0.0.........0.. .......0. ......00..0.0......0......... .0......... S42,140.00 10.861 Years 6.5000000% Net Interest Cost (NI C).. 0 0........0..0....0..............0 0..........00......000.....0...0.0.............. 0 o. 0......... 0........ 0 00 0... 0... 0......... 0........0.. True Interest Cost (TI C) 0........... 0........... 0....................................................0.0..........0.........0......... 0 0..........0.... O' 0.. 0.... Bond Yield for Arbitrage Purposes...o...o.....o.... .......0..0. ...0..0........0....0......... .....0.0.0.........0.....0.000................0.........0... AI [ IncI us i ve Cost (AI C)... 0......0.........0.......... 0......... 0 ...0....... 0........ 0 O' 0....... 0.0....... 0... 0..................0.................0......0. 0.. 6,5920740% 6.6227735% 6.4865956% 6.7609598% IRS FORM 8038 Net Interest Cost.. 0...... 0.............0.......000.0.......0.. 0...... O' 00 0.....0.00.....00... 0 0........0......0....0..... 0.................0........0......0.0..0.... Weighted Average Maturity... ...0.....0...0.0'.0...0...........0..........0.0...0..0000'.... ....... ...00.0. .....0........ .0... ............ .000.... .0..0.0.... 6.5000000% 100861 Years First Southwest Compan Public Finance File = C:\MUNEXW\DA T A\COLLEYVILLE\TIF\S I C099-s2Aco03- SINGLE PURPOSE 11/9/199812:36 PM Page 21 City of Colleyville, Texas Combination Tax and TIF Revenue Certificates ofObigation, Series 2004 SOURCES & USES Dated 02/15/2004 Delivered 02/1512004 SOURCES OF FUNDS Par Amount of Bonds..... .0..0.0...0....0.0..........0..00... ..0..00....... ..0....0..0.0.0...........0000......00..0......0....000. $1,840,000.00 TOTAL SOURCES.......o...o..............o.......o.o..o.....o................0..0......0.............0....................0.00... $1,840,000.00 USES OF FUNDS Deposit to Project Construction Fundo.....o... ....0.0..0. ......0....0.....000.. .... ..0.0...........0. ..00....000.0.... ...0 Total Underwriter's Discount (1.000%)0..0........0........................0..0..........0........0..................... Costs of Issuance. 0 00 0........ O' 0 0.......0....00'....... 0..0..0.. 0...0...00.... O' 00..0.................... 0 0........0.0...........0... Rounding Amount.o... .......0...0'. ......00. ........ ...... .....0.0..00'...................0...0.. ..... ...0.. ....0. ..0.... .....0..0. 1,800,000.00 18,400.00 18,400.00 3,200.00 TOTAL USESo.oo.........o....o.............................o.....o..oo..0...........00...0..0..........000.......0................... $1,840,000000 First Southwest Company Public Finance LLEYVILLE\TIF\S1 C099-s2Aco04- SINGLE PURPOSE 11/ 9/1998 12:36 PM Page 22 City of Colleyville, Texas Combination Tax and TIF Revenue Certificates of Obi gat ion, Series 2004 DEBT SERVICE SCHEDULE Date Principal Coupon Interest Total P+I 9/3012004 9/3012005 179,400.00 179,400000 913012006 75,000.00 6.500% 117,162.50 192,162050 9130/2007 80,000000 6.500% 112,125.00 192,125.00 9/30/2008 85,000.00 60500% 106,762.50 191,762050 9/3012009 90,000.00 6.500% 101,075.00 191,075.00 9130120 I 0 95,000.00 6.500% 95,062050 190,062.50 913012011 105,000.00 6.500% 88,562.50 193,562.50 9/30/2012 110,000.00 60500% 81,575.00 191,575.00 9130/2013 115,000000 6.500% 74,262.50 189,262050 913012014 125,000.00 6.500% 66,462.50 191,462050 913012015 135,000.00 6.500% 58,012.50 193,012.50 913012016 145,000.00 60500% 48,912.50 193,912.50 913012017 150,000000 6.500% 39,325.00 189,3~5.00 9130/2018 160,000.00 6.500% 29,250.00 189,250.00 9/3012019 175,000.00 6.500% 18,362.50 193,362050 913012020 195,000.00 60500% 6,337.50 201,337.50 Total 1,840,000000 1,222,650.00 3,062,650000 YIELD STATISTICS Bond Year Dollars..o..o... ...0..00.. ..... ........ .00.........0......0...... .0.........0......00.0......0.........0. ,.......0... .....00............ ......0.......... Average Life..o..............oooo....... .........0. ..........0........00............0.......0.......... ......0..0'...0.0.0..0. ...0.0....00.0......0..0....0.0000.0..... Average Coupon. .0.......0... .0..0. ..0..0.. ....00......000.0.....00..............0..0.....0.....0..........00.....0....... ....0.........0.................00. ....... S 18,81 0.00 10.223 Years 6.5000000% Net Interest Cost (NIC). 0.0.......0.. .... 00....... 0..00........0.........0.... 0........0.. 0......0.....0........0.'................00................0.0...... 0_.. True Interest Cost (fI C)..o 0.........00..... 0..0.........0.. ........... 0..0.. 00...0......0......0.....0... 0..0.....0.......0..................................... Bond Yield for Arbitrage Purposes.o........o..o.........o........... ....0.......................0..0......00.........0... ...00.......0. .......0.0.......0 All Inclusive Cost (AIC)oo..o..oo..oo..oooo.....ooo. .0.000..........0.0.0.....000....0......0......0..0....0000....0..0..... ...00...............00..00. .0....... 6.5978203% 6.6278502% 6.4860407% 607717368% IRS FORM 8038 Net Interest Cost. 0...0..0...... 0........ 0.0....00..00......0.0.0....0........00.... 0...............0............0..... 0....... 0.....0...0.................. 0 0........ Weighted Average Maturity.. ...00..0........00.0.. .0... ...... .......0.......0........0....0........0.0.......00.....0..0...... .0........0...... ....0....0.... 6.5000000% 10.223 Years First Southwest Cornpan Public Finance File = C:\MUNEXW\DA T A\COLLEYVILLE\TIF\S I C099-s2Aco04- SINGLE PURPOSE 11/9/1998 12:36 PM Page 23 City of Colleyville, Texas Combination Tax and TIF Revenue Certificates of Obi gat ion, Series 2007 SOURCES & USES Dated 02/1512007 Delivered 02/1512007 SOURCES OF FUNDS Par Amount of Bonds...............o.. ...0.....0.0.0.....0..0..0........0.........0..0.......... .....0.0...0..00...... .......0.0.0. $5,105,000.00 TOTAL SOURCES..... .0..00.0..........0..0..0.........0.0.............0.... ...... ........... .0_. ..... ....... ..........,......0... $5,105,000000 USES OF FUNDS Deposit to Project Construction Fund.o.................o..o.......... .......... .0.0....... ..... ..... .....0..0... .......... Total Underwriter's Discount (1.000%)0...0.0.0...0..0..0....0,.000....00............... .0.....0..... ..... ....0.00.. .0.. Costs 0 f Issuanceo.....o 0'..00000..0........ 0.0...0.0.0.0........0.. 0.00..0... 0..........0...0....0... .0...................... 0....... Rounding Amount.....o.o..o.........oo.ooo. ..0..0...........00.0... ................ ..000....0...... ...0... .0...0.0.. ........... .... 5,000,000.00 51,050.00 51,050.00 2,900.00 TOTAL USES.o.o......oo.............oo.........oo..o..ooo.o...o.o.......0.0..00...0.....0.........00...0.0................0....0..... $5,105,000.00 First Southwest Company Public Finance LLEYVILLE\TIF\SIC099-s2Aco07- SINGLE PURPOSE 11/ 9/1998 12:36 PM Page 24 City of Colleyville, Texas Combination Tax and TIF Revenue Certificates of Obi gat ion, Series 2007 DEBTSERVlCESCHEDULE Date Principal Coupon Interest Total P+I 913012007 9/3012008 50,000.00 6.500% 496,112.50 546,112.50 913012009 290,000.00 60500% 319,150.00 609,150.00 9/3012010 310,000.00 6.500% 299,650.00 609,650.00 9130120 II 330,000000 6.500% 278,850000 608,850000 913012012 350,000.00 60500% 256,750.00 606,750.00 913012013 375,000000 6.500% 233,187.50 608,187.50 9/3012014 400,000.00 6.500% 208,000.00 608,000.00 9/3012015 425,000.00 6.500% 181,187.50 606,187.50 913012016 450,000000 6.500% 152,750.00 602,750000 9/3012017 480,000.00 60500% 122,525.00 602,525.00 913012018 515,000000 6.500% 90,187050 605,187.50 913012019 550,000.00 60500% 55,575.00 605,575.00 9/3012020 580,000.00 60500% 18,850000 598,850.00 Total 5,105,000.00 2,712,775.00 7,817,775.00 YIELD STATISTICS Bond Year Dollars..o.o.o.. .000...0. ........0..0.0.00.0...........0....0....... ..0..0.. ....0..0.. ..0..0.....0.0. ..0.0.. ..... .00.. .0..0.. ...0....0.0.00..00....0...0. Average Life..... ..00. ..0...... .0...... ..0.0....0. ....0.....0..0........ .... ..0..0. ...... ....0..0... ......00. ..0..... ..... .... '....0.0000... .......0........00. ..0..... Average Couponoo.o., .......... ....... ..0..0.......... ..00.. ... ................. ...................... ...... .0.... ........., .... ..0..0. ..0......0000. .....00.00....0 $41,735.00 8.175 Years 6.5000000% Net Interest Cost (NI C)o........... 0....................00..............0............ 0.. 0.............0...'............ 0..........0000........0.......... 00 00..... True Interest Cost (TIC)..o. 0.............. 0............. 0.............0...0 0.......................0..0...0...................... 0.. 0........... 0..........0... 0 Bond Yield for Arbitrage Purposes.........o.. .... ,..........0.... ..... .....0.. ..0.. ......0..0.... ....... .0.... .... ..0.0.0...... .00..0....0.0..00.......0. All Inclusive Cost (AlC)..... .....0.0.....0... .....0.. ...............0.0....... ..0.0.0...0.......00...................... ...0. ........0.0.0.......0......... .... 6.6223194% 6.6498805% 6.4836334% 6.8185240% IRS FORM 8038 Net Interest Cost. 0 0..'.... 0 0.... 0 0..000. 0... 0 0...0..0.0.0.............0...... 00.0....0..... 0" 00.. 0..0....... 00 0...0 0....... 0........ 0.0..... .0....00......0.... 0.... Weighted Average Maturity ......0...........0.0..00............0..0..... .......0.............0.0.0..0. ........ .0...... .0.00.0......0.0.......0.. .000.....00.0 6.5000000% 8.175 Years First Southwest Compan Public Finance File = C:\MUNEXW\DATA\COLLEYVILLE\TIF\SIC099-s2Aco07- SINGLE PURPOSE 11/ 9/1998 12:36 PM Page 25 City of ColleyvilIe, Texas Combination Tax and TIF Revenue Certificates of Obi gat ion, Series 2009 Scenario 2A SOURCES & USES Dated 02/15/2009 Delivered 02/1512009 SOURCES OF FUNDS Par Amount of Bonds...o....o....o..o....o...o..........o...ooooo..oo..o....o.0..0..0.0. ............0....00..0.0...0. ..0... ..0..... $4,800,000000 TOTAL SOURCES...oo... .0....0.... .....00.....0....0..00..0.0.0.00.....0.0..0.......000...0..0....0....0..0. ..0..0...0....0.....0 $4,800,000.00 USES OF FUNDS Deposit to Project Construction Fund....o... ......0. .0..... .....0...0..0...0..0..0.. ...00..... ....0.0..00..0..... ........0 Total Underwriter's Discount (1.000%).0.....0,..0..0.0.....0....0.........00.... ..................0.. ..0... ..0.0.0...0. Costs of Issuanceo. 0...000'.. 0.......0....0'. 0......... 0.0. 0.. 0.0.0..00... 0.....0.....0.. o. ....0..0.... ...0....... 0..0.0...0.....0.... Rounding Amount.o...oo....o.o...........o...o... ......0...00.....0...... ...0.......0...0.....0.................0...00.. ...00...0. 4,700,000.00 48,000.00 48,000000 4,000.00 TOTAL USES...........o....oo...o.....ooo..o...o.oo...o.........o.........0.....0.0.0.....0................0......0...0.....0...0.0.0 $4,800,000.00 First Southwest Company Public Finance LLEYVILLE\TIF\S I C099-s2Aco09- SINGLE PURPOSE 11/9/1998 12:37 PM Page 26 City of Colleyville, Texas Combination Tax and TIF Revenue Certificates ofObigation, Series 2009 Scenario 2A DEBTSERVlCESCHEDULE Date Principal Coupon Interest Total P+I 9/3012009 9/3012010 468,000.00 468,000000 9/3012011 350,000000 6.500% 300,625.00 650,625000 913012012 375,000.00 60500% 277,062.50 652,062.50 913012013 400,000.00 6.500% 251,875.00 651,875.00 9/3012014 430,000.00 6.500% 224,900.00 654,900.00 9/3012015 455,000.00 60500% 196,137.50 651,137.50 9/3012016 490,000000 6.500% 165,425.00 655,425.00 913012017 520,000.00 6.500% 132,600000 652,600.00 913012018 555,000.00 6.500% 97,662.50 652,662.50 9/3012019 595,000.00 60500% 60,287.50 655,287.50 913012020 630,000000 6.500% 20,475.00 650,475.00 Total 4,800,000000 2,195,050000 6,995,050.00 YIELD STATISTICS Bond Year Dollars. ...00. ......0...0..0.0...0.. ..... ..0..0.....0.........00..000......00.0.0......0.. ...0.0.0..... ..................0........0........000........... Average Lifeo.. ...0...00..0...0..00.0...00..0...0.0......0.........0.......0..0....000....00.........00...0.0.00...0...0. .....0.........0......0..0.......0....0..0.... Average Coupono......o..o......o.o..............o. ........0.......000......0..........00...0..........0....... ..0...............00.........0...0.0..0...0... '...0.. $33,770000 70035 Years 6.5000000% Net In terest Cost (NI C)... 0.. 0... 0.. 0.0....0.0...... 0.. 0......0.. 0....0........ 0...... 0.0.........0..... 0..0...... 0.. ............. 0 00.....0........... 0..0.......0 True Interest Cost (TI C)o...... 0..... .0.......000............... o. 0..... 0.0....... 00 0.... 0.........0...... 0.0.0.................0..00..00..... 0........ 0...0....0 Bond Yield for Arbitrage Purposes...o.....oo..o....o..o..........oo..o.oooooo.....o......o..0....0.0..0'.0............0...0.0..000....0.....0.0...0...... All Inclusive Cost (AlC).. .....0... .0...0.....0.....0....0.....0.0.....0.0....000.....000..........0..0... .0.....0........0........0...0...0.....0..0...0....... 606421380% 6.6671209% 6.4817477% 6.8551010% IRS FORM 8038 Net Interest Cost................... 0........ 0... 0..........0.... 0.0. 0.........00..0..0...... 0..............0......00....... 0.........0...................0.0......... Weighted Average Maturity ...0............ ............0...0.........0.... ...0..........0.........0.....00.0.....0.......0........0.0. ...0...0.0.0............ 6.5000000% 7.035 Years First Southwest Compan Public Finance File = C:\MUNEXW\DATA\COLLEYVILLE\TIF\S1 C099-s2Aco09- SINGLE PURPOSE 11/ 9/1998 12:37 PM Page 27 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 1,493,500 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 ATTACHMENT 4 Colleyville, Texas Prepared for City of Colleyville December 15, 1998 SCHRADER & CLINE, LLC 4800 Broadway, Suite A Addison, TX 75001 J.'()I{E\V()RI) Schrader & Cline, LLC was asked to prepare a feasibility analysis using tax increment financing to encourage accelerated development of the State Highway 26 (SH26) area in Colleyville. The SH 26 area encompasses 633 acres along either side of the highway ~l, it traverses the length of the City. Over the years, this area has been partially developed with small community relail and small office devclopmentso To make the area marketable for development, a series of infrastructure improvements is needed to accelerate Ihe rate of development in the area. This analysis explores the feasibility of using tax increment financing to pay for those public improvements. Section I summarizes the results of the tax increment projections and discusses potential approaches to funding the required improvements. The detailed market analysis which supports the tax projections is presented in Sections II (Office Potentials), III (Retail Potentials) and IV (Residential Potentials}o The fifth and final section details the tax increment analysis. The following projections of development and tax revenues arc subject to change. As underlying conditions in the national and regional economy change, the pace and value of the new development projected for the SH 26 area may shift. Future property tax rates are particularly difficult to predict given their dependence on changes in the tax base, the mix of taxes levied and the various jurisdictions overall fiscal and budgetary policies. Thus, the projected tax increments are subject to change. The analysis of future tax increment funds is dependent on a long series of projections, assumptions and other inputs; the report should be reviewed in totality. Neither this report nor its conclusions may be referred to or included in any prospectus or part of any offering made in connection with private syndication of equity, sale of bonds, sale of securities or sale of participation interests to the public without express written approval. Schrader & Cline, LLC Addison, Texas December 15, 1998 SEC'TI()N I: "fAX INCR.:MEN'T PI~O.JEC'rI()NS The area in the City of Colleyvillc that is the subject of this report lies along and either side of State Highway 26 (SH 26) as it traverses through the City. Over the years. this area has been partially developed (as Colleyville's "Main Street"), with small community retail and small office developmentso Recently, one or two larger, more upscale developments have taken place, but the bulk of new commercial development has bypassed Colleyville. In order for Colleyville to gain it's rightful share of commercial development. a series of public improvements must be made. The SH 26 area needs extensive public infr.l'\tructure improvements which would include a "destination focus" and a series of access improvements to stimulate commercial development. The "destination foclls" planned is creation of a Town Center and Main Street Plaza that includes a new City Hall, Library. and Fire and Police Station to complement the existing Community Center. [n addition to the planned civic facilities. upscale retail and restaurant development is also planned. Transportation improvements planned arc significant upgrades to SH 26 and Hall -Johnson Road 1.1Ild improvements to other streets to more adequately serve the new Town Center or "development focus." If development of the SH 26 area and the new Town Center are to proceed in the near future, an alternative source of infrastructure financing must be found. Tax increment financing. which finances public improvements with the new tax dollars created by private development. is an ideal tool for accelerating the desired improvement and development of the SH 26 area. TAX INCREMENT FINANCING Tax increment financing involves pledging of future real property taxes generated by accelerated new development to fund public infrastructure improvements that make development and the resulting taxes possible. Procedurally. tax increment financing reqUlres: 1. Qualifying the area as an eligible reinvestment area; 2. Defining the boundaries of the tax increment district; 3. "Freezing" the assessed value of land and improvements within the district as of the last assessment date; 4. Diverting real property taxes generated by increases in the assessed value above the "frozen" tax ba'ie to a tax increment fund; and 50 Using the tax increment funds to pay for improvements as needed or as a repayment source for revenue bonds. Texas law allows for diversion of real property taxes from each of the taxing jurisdictions - - the City of Colleyville . Grapevine - Colleyville Independent School District (GCISD), Tarrant County. Tarrant County Hospital District (TCHD), and the Tarrant County Junior College (TCJC) District - - but does not require participation by these jurisdictions. This section describes the proposed project and summarizes results of the tax increment analysis. detailed in Section V. nb'nnntt~fi~~B'.-,~~i"Ztrsl''b'EA~[jE,(fiETlOPM'.'.E1iLlr'rl. "'Y'}' i~,,-:JA=~,'t<,~>~~,,~~Zp, ....j~y.m...~_.<r~~~_"'_,,_~~l~.. ,,~.__w,--',1~~...~<~:.,,_ d' _. _ " .,w",._~)~~:J.:~-,:'~::':'} ';;.'1; r", The SH 26 area in the City of Colleyville includes approximately 633 acres of land on either side of the highway. Stimulated by public improvements funded by tax increment funds, the anticipated private development expected to occur in the area over the next twenty (20) years includes: . 400,000 sq. ft. of upscale retail and restaurant development in Town Center; . 150,000 sq. ft.(60 units) of townhouse residential in a Town Center development; . 200,000 sq. ft. (66 units) of townhouse residential adjacent to Town Center development; . 700,000 sq. ft. of additional retail and restaurant development along the 3.5 mile SH 26 corridor. . 900,000 sq. ft. of office space along the 3.5 mile SH 26 corridor. With previous and continued high-end single family residential development in Colleyville, there is an increasing need for upscale support retail, service and restaurant establishments to serve that growing high income population. At the present time, there are significant available dollars being spent by Colleyville residents in these type of establishments located in other nearby citieso Major Colleyville retail needs are in the categories of automotive, restaurant. appliance and electronics, and vehicle repair establishments. Secondary retail needs are in the categories of women's clothing and accessories, furniture and home furnishings, and miscellaneous apparel and accessorieso Because of the high average household income in Colleyville ($121,726 vs $50,540 for U. S.), it is expected that stores and shops would be of the boutique variety. Development of these retail and restaurant establishments would begin in the near term if the necessary public infrastructure incentives are begun. Although there will be some office development in the near term, it is anticipated that office development will occur over a longer term to support the needs of the business community. It is anticipated that office development would occur to correspond to the increase in employment expected during the next twenty (20) years. This office development is expected to begin at a slower pace in the near term and accelerate again in the 2001-05 time frame, but only if the necessary public infrastructure incentives are begun. A series of public infrastructure improvements will be required to accelerate the development of the SH 26 area and make it feasible. The proposed City improvements to thoroughfares and to streets include major upgrades to SH 26, Hall-Johnson Road and Bogart Road. Additional City improvements will be those directly associated with development of the Town Center, that is, a new City Hall, Library, Police and Fire Stations, a public plaza and parking garages, and new access drives along Bluebonnet Road and Riverwalk Drive. While still somewhat tentative, the likely timing of these infrastructure costs is as follows: YEAR COST YEAR COST 1999 $ 1,540,000 2006 0 2000 1,030,000 2007 2,950,480 2001 5,640,000 2008 1,560,000 2002 5,564,360 2009 3,553,500 2003 4,111,180 2010 350,000 2004 1,090,480 2005 0 Total $ 27,390,000* *Excludes $7,938,690 set aside for school improvements only. The detailed scheduling of the individual infrastructure items is shown in Table 16. Without these public improvements, development in the SH 26 area would be delayed for many more years and some of the desired land uses would not be feasible. TAX INCREMENT POTENTIALS The proposed Tax Increment Reinvestment Zone (TIRZ) outlined on the following map includes the Town Center area, areas for anticipated development adjacent to and along the 3.5 mile SH 26 corridor, and the areas required for schools. roadway and utility improvements. The 1998 assessed value of the area included in the reinvestment zone was $71.528,550. We have assumed that the 1999 assessed value will remain the same. The annual tax increment as shown in Table I is estimated at $261,380 in 2000, growing to a maximum of $3,697,815 in 2013 before declining somewhat in the later years. The cumulative tax increment over a twenty (20) year period is estimated at $51,447,638*. These estimates assume continuation of existing tax rates, a very conservative assumption. They also assume participation by the five taxing jurisdictions, with each jurisdiction participating with the full tax rate except the School District, which is only participating at their M&O rate. Tarrant County and Tarrant County Hospital District also capped their participation at $4,350,000 and $3,850,000 respectively. If State legislation should change which would preclude participation by the School District, the projected incremental taxes would be reduced by sixty (60) percent. Detailed tax increment projections are shown by taxing jurisdiction in Table 15. *Excludes $10,461,509 total payment to Grapevine-Colleyville Independent School District over the life of the Zone. .. -.--..-.---.-- ._- .... .92 - .~ u~ Q) .~ -. - ~O) 85-1 ~u. 0- ~I- .- t) Table 1 Projected Tax Increment Revenues SO 26 Area Tax Increment District (Excluding Reimbursement to GCISD) Colleyville, Texas Year 2000 - 2019 ~ 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 TOTAL Tax Increment 261,380 885,260 1,153,028 1,585,098 1,840,412 2,026,988 2,144,049 2,551,188 2,742,293 2,933,397 3,124,502 3,315,606 3,506,711 3,697,815 3,036,494 3,048,568 3, 186,126 3,328,683 3,473,241 3.613.799 51,447,638 IMPLICATIONS FOR FINANCING OF REQUIRED INFRASTRUCTURE Comparing the timing of tax increment revenues in Table I with the scheduled cost of infrastructure improvements listed previousely, reveals a difference in scheduling between the timing of expenditure and the revenues to meet those costso The infrastructure improvements are needed in the early years in advance of the new development and the tax revenues it will generate. The need for early funding suggests the need for debt financing, using the future tax increment revenue as a repayment stream. Typically, tax increment financing relics on the future revenue stream, relying on the anticipated new development, property appreciation over the base assessed values and future tax rates. Currently, revenue bond purchases, institutional lenders and other investors all are showing a strong aversion to risk and a preference for greater certainty of repayment. Once the development is well underway with an established history of generating significant tax increments, tax increment bonds would be much more marketable than they would be at the earliest stage of project development. In the early stages of development when the up-front financing is required, it will be difficult to market tax increment bonds without some sort of guarantee. Investors will want to see a guarantee from the municipality, a developer or a third-party insurer before relying on unproved tax increment revenues for repayment. It would also be prudent to issue bonds in smaller increments during the early stages of development. SEC'fI()N II: ()FFICE lVIAI~KET P()TEN'rIALS CURRENT MARKET CONDITIONS The overall Fort Worth / Arlington office market has 23.3 million square feet of multi-tenant office spaceo At the end of 3Q98, 16% of that office inventory or 307 million square feet of space were vacant, according to CB Richard Ellis Information Services Groupo Table: 2 Fort Worth / Arlington Office Inventory, 3Q98 Sector ......0...............0.........................~~1~.~~~..~:~.~.~..~.f..~P.~~~.................00............................. Inventory Occupied Vacant ...~oit.Woith..C13't)".............................. ......................,.;.~.m~:.sT4... ......................6';.t3'T.:~r3(r .......................C.6'17:3S:r ...~as.ilNo.ithcasn~lort..Wori'fl......... 0..........................,1'1::s1.6.. ...........................6S9.:45.~.. ...........................rr~rrT'~.. ...t'torthw.c.st.P'o.ri"Worth................... ...........................612.:62.~... ...........................S1S.:4T'r. ..............................91.:2T'2" o..Southcasi"P'ort..WorHi....................o 0..........................3.'1'3.:-1'3.6... ...........................243]3.6..0 ..............................69.:300'. o..Southw.esi"P'o.rt..Worth'.................. ......................:(3.46.:'1'64... ......................2.;08"1'1.:77.2". ...........................528.:39.2.. o..~n'd~Crires................................................ ......................2.;.2"fO:72.6.. ......................l';"8.97~S89.. ...........................3''i'2.:S.37.. ...Noithcast..P'oifWorth'.................... ...........................464.:38.9.............................3.65.:9.37.. ..............................98.:45.2" ...Ai'l'lan.ceTiT4.Co.mdor..........................................l';"9TsJ'4.S.........................C'7.69.:T4.S.................................i'46.;Cj'O. ..oB.rookhono.wTArHngton....................................C5T6~42.9........................C"j.13.:329..i....o......................'i'43.;T00. ...Siiliiliwesi'"Arllilgion..............................._.........Z:.S.06:301.j........._.........Z:.60Z]3'rj..........._............zo3':4315" ...I~2(rcoiTrdor........................................l..............................9S.:6S.8..l.............................92.:65.8..r..............................3':<)00' o..Irvolng/A"lrpoit.......................................i"..........................674.:649..1...........................S70':T79...I...........................'i'O(470' : I : ...Grancf"Pralflc......................o....o...........l..........................S95.:1"84..r...............o.........350.:284..01...........................244.:9000 .............................................................................,..................................................,..................................................J................................................. TOTALS I 23,293,806 I 19,552,191 i 3,741,615 Source: C B Richard Ellis Information Services Group As shown in the following table, about one-half of the region's office inventory by size is in Class A buildings with about one-third in Class B buildings. The region's vacant space follows a slightly different pattern with only 38 percent vacancy in Class A buildings, 37 percent in Class B buildings and 25 percent in Class C buildings. Table: 3 Office Occupancy, Fort Worth I Arlington Area,3Q98 Building Number of Total Vacant Vacancy Rate Quality i Buildings ! Sq. Ft. i Sq. 1"1. j i ' I ' ..oCTas.s..A.....0.................I....................79...................~....0..0....oT'C'6TT])2" 0...........0.....0C'40S]O.2.l....0..................T:r:T3.%.. ...CI.ass..i3.................0....0,...................'i"40...0.........0..0 .................1.;5.8.2:.0)4.. .................T].7.C6'2'j.. ...................0...Oj.S.:09.%.. ..ocl'iiss..C.........o............. o........o..........ro.r................. ................4.;'i'.OO:.S'OO.. .......................96.r;2.SoS.. 0......................23.:44.%.. ...Totai"........o................... ..0.......................................... ...............2"3":293.:80"6.. ...................3:,041':.6.1"5. ........................0....1"6"]).6. Source: C B Richard Ellis Information Services Group While Colleyville will compete with office product across the region, its primary competition will come from the two market areas in which it is located I Northeast Fort Worth and Mid-Cities and to some extent from the newly designated Alliance/l14 Corridor market area. The Northeast Fort Worth market area currently contains only 13 buildings, over one-half in the Class B category. Overall vacancy in Northeast Fort Worth is 21 %, but only 8% of the Class A space is vacant. The Mid-Cities market area contains over 2 million square feet in a total of 58 buildings, about evenly distributed by number of buildings, but about one-half the space is Class A. Overall vacancy is 14%, mostly in Class A and B buildings. The recently formed AlIiancell 14 Corridor market area contains almost 2 million square feet of space in 5 Class A buildings. Vacancy is only 8%. Table: 4 Office Occupancy, Northeast Fort Worth, Mid Cities & Alliancell 14 Corridor Market Areas, 3Q98 Building Quality Number of Buildina:s Total Sq. Ft. Vacant Sq. Ft. Vacancy Rm Northeast Fort Worth ...Cl"as.s..i\..o....o..............T......................'jo.................or...........o........f2T';32.j""T......00........0......0..i'oJ)"OoO.ro..........0....0..0....S:024'o/~" o..Cl'as;d3"..o....................j""'..o.....o...........j.......o..........r....o......o.......0270oA36..j...............0..........,1-;40lj02T......0......0........2S.:650%" ...Cl"ass..C..................0.0..l".....0........0...3..................l........0...............7:2':6:3"2.Tooo.........0...........oTo.:9.6.001'o.................0....r5".'t)90o/~.. ..oTotar............................,.....................j""3..................0,.0....0..0.............46~f.0389..J...........0..............980:;:'f5.2.t.........0.............20i":20.o/~.. ..................0.....0.........0..........1..................0.........................01.0...................0..............0....0................0...............0.............. ............................................ Mid-Cities ...crii.~os..i\....o...............o.. ..........0.........T9...................I............0....r:OT4~600r ........................r6.g.;9.6.6.1.........0..............1.60:65.o/~.. ..Crass..i3..........o............ ....................2.r.................. ......0..0............S.OS.:361f .......................T22.;5.j.2. ........................1.4.:T6.o/~.. ...Cr~iss..C....................... o...................:rs.................... 0.....................jOg1.:151.. ......0...................2T.:3.:3.9. ..........................5.:50.%.. ...1\ot~ir.....................0....... ....................5'S................... ...........0....2.:2.ro~126.. .......................3TolO;'S.:l7.. .......................T~'f:T5.o/~.. ............................................. ...........,..........................,...... .............0............................... .................11...............,.......... ...............................,............. Alliance /114 Corridor ...cr~is.s..A....................... ......................5.................... ..................r;~j'"i'5:..i'4.S.. .......................T46.:00.0.. ..........................,.:630%.. ...CGiss..i'r...................... ....................................0........ .................o..o....................~.. ..........................................~. .........................................~. O..Cl"ass..C....................... .........................0................... ........................................:.. ..........................................:. .........................................:.. ...Tot~~.............................. ......................5.................... ..........0......r;"9..i'5:..i'4.S.. .......................T4.6.;00'0. ...........0..............,.:630%.. Source: C B Richard Ellis Information Services Group ABSORPTION TRENDS During the period 1994-3Q98, the Fort Worth/Arlington market area has absorbed an average of 250,000 square feet of office space per year, swinging from a positive absorption of slightly over one million square feet in 1997 to a negative absorption of 865,000 square feet in 1998 to date. This large swing occurred primarily in the Fort Worth CBO market area. Table: 5 Fort Worth I Arlington Market Area Net Absorption of Office Space, 1994- 3Q98 Yw 1994 1995 1996 1997 YTD 98 Total Square Feet 748,791 72,231 183,421 1,051,396 (865.075) 1,190,764 Source: C B Richard Ellis Information Services Group OFFICE DEMAND FORECASTS The best indicator of office demand is the growth in employment categories which use offices. While each economic sector generates some office use, office tenants are most concentrated in the major categories of Finance, Insurance and Real Estate (FIRE) and in Services (e.g. business, accounting, legal and engineering services). Focusing on these two categories, 65% of the Dallas-Fort Worth CMSA FIRE and Services employees are estimated to occupy office space. In 1998, the CMSA had a total of 940,442 FIRE and Services employees with an estimated 611,287 occupying office space. Since 1980, the FIRE and Services employment growth has averaged 5.5% per year. Assuming that growth continues during the twenty (20) years of the TIF District, and the City of ColleyvilIe captures a share of that growth equal to their share of the CMSA population (0.4%), Colleyville office requirements would be a total of 937,837 square feet as shown in Table 6. This compares favorably with the 900,000 square feet forecast for development in the Colleyville TIP District over the next twenty (20) years. Table: 6 Estimated Office Requirements City of Colleyville 1999-2018 ~ Fire & Services ~ Colleyville ! Employment! Office Office Office Sq. Ft. ~ (5.5% j Employees Employee @ Year I Growth/Yr.)! @ 65% Growth/Yr. 1 200SF/EMPL , 0 , ! & 0.4 % Share ..........................................................................................:.............................................1.............................................-............................................ 1998 I 940,442 1 611,287 i ! ............T999.............I......................992:Tii.61........0.............64::f:9('j"8'"I..........................3"~f;6.rrto....0...................26)E)'1'" ................2000................I.................T:0646.:1~f5.. ......................680J1.if 0..........0..............33A~j'('fl..............0.........02f{3106.. ................20('j'j"............... .................T;To::(30'6.. ......................7"T7.:799.. ..0.......................37.;::f:fC ..........00..0.........02(~)':93"7.. 0............0..20002........0....0.. ...................c.r65.,'()4.j.. ......................7..51.:2708.. ..........................39.;4"1.9. .....................0..').j":58'3.. .............0..2003................ ...................Co~029.:-I.2:(r 0.....0...............'.98.:9208.. ..........................4.r;6.'.0. 0..0........0............330;32060 ..........0.....2004................ ..................r:0~.96.:12..r ......................g.42:.869.. ..........................4o:~r:94..r .......0.................35.,'T30j.. ................2005...0........0..0 ...................COj.68.:04oy.. ..0...................8.89:.22"1.. ..........................460;3.S.if .........................37.:086.. ..0.............2006............0..0 ..................r:~r43":28.j.. ..........0...........93.8:..1034.. .......................0..48.;9'(J1. ..............0..........39.:T2.60 0........0......20070............... ...................CoS.22.:66.4.. ......................9.89.:132.. ..........................5'1.;5.9.8.. .........................4..r:27.~.. 0...............2008................ ...................C"606.:4To. .......0.........r:0.44~"T61.. .........................054.;4"3'5. .........................43':54.S.. ................2009...............0 ..................0C"694.:16.j.. ...............T;T<)'C596.. .........................057.;42.9. .........................45.:94'j". ................20To................ .................oC1.87.:97.S.. .................r:T62~T84.. ..........................60.;5.S.8. ....0....................48.:47()" ................ioTr............... .................T;.S.S.6.:3Tj.. ................T;2'2.6:T(j"j.. ..........................63';9T9. .........................5T",'T3'S.. ................2oT2...............r................r;<jgei;oiiOT............T;2.93;539.. ...........................67:4'3"4.\.........................53:941 .0....0.........ioT3...............r...............oi;0990:5"i'4or.............T;.j.64~.68:rl.........................7T:T4.5..r......................56.:9T6. ..0.............iOT4................I..................2.;2"T4.:987.r............."1';4"3'9:.742..1..........................7S.;0.508..t.........................60J'54'6" 0..0............tOB...............r................t;'3'3.6:8Trr.............T;STS~.9270To.......................79-;1..S.5.r.......................63.:34.8.. ................iO'f6................r..........0......i;4065:33.6..r............T;6.02:.46S..r......................oS3';s::rrr..........0...........66]3'jo. ......0.........tOT7o......0.......r................2.:.6000:92.9.r..............T;60900:.604..r..........0.............SSJ..j.6r.......................70.::;09" ..........0.....tOTS...............r......o.........2.J43:9S.0.r............o..C7.8j~.587or........................92";9.8Tr.............o.o..o....740:38"6" ...........0..........0..0.......0...........................0............................,........................0...................0/0.....................00.....0...............1..0...............0..0...0.......0..0....... Total Colleyville Office Sq. Ft. I 937,837 SEC'TI()N III I{ETAIL lVIAI{KE1' P()'TEN1~IALS The most immediate potential for Colleyville is in retail development. While the retail market, in general, has been very robust in the Dallas-Ft. Worth area, (highest occupancy level since 1984), there continues to be very little development in Colleyvilleo [n spite of high household income levels, retail development continues to locate in areas surrounding Colleyville such a Grapevine, South lake, Keller, North Richland Hills and the SH 114 Corridor. In the last two years, major retail developments announced, begun, or completed in the area around Colleyville are: . Grapevine Mills . Grapevine Opryland . Grapevine Town Center . Grapevine Gateway . South lake Town Square . Southlake Commons . Circle T Project . Keller Town Center . North Richland Hills Town Center Off-Price Retail Resort Retail Power Center Power Center Fashion Retail Lifestyle Concept Mall and Town Center Neighborhood Retail Mixed Use Because of the limited retail development and high household income in Colleyville, there should potentially be unmet retail demand. Colleyville residents are spending, but they're spending in cities outside of Colleyville. To evaluate this unmet retail demand, a Retail Opportunity Analysis (ROAN Report) was researched. The ROAN Report, prepared by Insight Research Corporation, is a retail diagnostic report which measures the balance between retail supply and retail demand in the designated geographic trade area (City of Colleyville). The analysis determines existing consumer demand (expendable retail income), then subtracts existing market supply (gross sales) by retail category. The difference is unmet retail opportunity and this can be reported by category of retail sales potential. Table: 7 Population and Income Trend Colleyville, Texas I Census! Census I % I EST. ! % i PROJ.! % 1 l28!! 1.l22j} !dill' l221 I !dill I ~ ! !;.llii ! : I I I : I ., : 0 0 0 i ! I ! ! ! j ..popu[lt'lon.............0.....t.......05)'ffrto....Ti"}i'3'T.....ri"'.prt...'''TiL3(j03''i10 0.....4o~rj"'.\........2.CO.8.8..t....000...f~r80 1 i . i I j ..Hoouosehords................l........TJnr6..~.0.....0~fjj9.. ......T3Cf'i"'To.......6'.'359.. :......4K'6..'..0..000..010j"iFTlo.........0..iK.2" ..Pcr.Capi"i'ii..o................. ....TO.:~n6.. ....02:1.:034.. .....T3')':'.. .......42':289.. .......5.6]... .......3.6:0'<53.. ............3.2:.:4. Income ..Averagc........................O .....3.2.:2:OCj" ..0..79~3rr .....T4.60].. '''T2:'C12'6'' .......).33.. ..0..\").9o:n.5s.. ............3.0:.,0 Household Income ..MC'dlan........................... .....2:8~639.. .....63]2'3'0 ......'1"21':6.. .......94.:334.. ......4.(06.. .....iT9Jj.,.. ...0........26.]. Household Income Source: Insight Research Corporation Another key indicator in the ROAN Report is household income distribution. The distribution for the City of Colleyville is shown in Table 8. Table: 8 Household Income Distribution Colleyville, Texas Income \ 1990 I % 101 19961 % j 2001 i ! # HH ! 0 # HH j I # HH ! 0.................0....Ccsos..ihoan..S....0..S))o<fr....0........3Soroo...........tfs..j""0.......................trr...........jBoT........00..0......02ij.r..0..0....00()400 0..............0$.......~)":OOO(ft:o..$0..T40:99(ri.......0.....T6(r!..............oroij..j...............0.......TZZ..\.............r:9..t......0...........rT4..t........o..r:.S.. . . 1 . . . .........0...00"$"...i"S.;OOO.Oto..$...Z40:999...,; .............344..t'...00.......irO..1""'....................Z44..10...........~r9...jO 00........0......02TT..j'..0.....0..Z.:.~r . ! ! I . i ...........0....$0..ZS.:OOO..to..$0..34.;999..r..........3SS..t...............;i:'s..r...0..................3Sifl.........0..50j..ro..............225To.........S:T. ................$..0"j').:OOO..to..$...49.:999.. 0..0........0572.0 .0.........T3'.'2..\.......................'88.. ............9.].. 0.................550.. ...........73.. ................$...50))QC)"toO'$...74.;999.. ...........1..1'230. ............206:06.\.0.....................976.. o..o....oT5Ao ........0..0..0...tJ2r. ...0.....1'2":.).. ................$....730;oocfto..$0..990:999.. 0............808.. ...0........nr:7.. ....................TT34.. ........"T7]f ..................tJT2.. ........01'2":4.. ...0............$'I'OO.:00(no..$T4~)';999.. 0..0.........622.. ...........T4]... 0........0..0.......'I'46.f .........23.:0.. ..............T5sT.. ........2'r:4.. ................$..lo,c)';OOO..to..$499.;999.. 0............286.0 ..........0....6':.6.. 0...................'1'323.. .........20]f' 0..............1501.'.. ........34]... 0.......0.....0............$50():oOOO..or..m.o.rc.. ..0.......0.....340. ..............'O:.if. 0.......................1'3'3.. ......0.....2.:T.. .................').23'. .......0...4.:4.. % Source: Insight Research Corporation Obvious from Tables 7 and 8, Colleyville is a very rapidly growing, very affluent area. This can also be seen when comparing Colleyvillc statistics with U. S. statistics as shown in Tablc 9. Table: 9 Population and Income Trends Colleyville vs U.S. Colleyville, Texas! United States i ...AVeragelioll"selioofa..lnCOmoe........o........o.................o...o..or00..........................$T2"1';7'2'6..r..............................0$500;540.. ...%..HlfwOlth..fncoome..$35K"+0..........0.....................0........r....0..................................00.8.8:-4or...................................0.....520:7.. ..................................................................................................................c.................................................................................................................. Population Change 1990-97 I 7.4 % I 1.1% Source: Insight Research Corporation Using the statistics shown in Tables 7 and 8. and the 1997 gross retail sales in Colleyville, the retail opportunity (or unmet demand) can be detennined as shown in Table 10. Table: 10 Retail Opportunity Analysis Colleyville, Texas Catceory Demand: Consumer Spending Capacity Supply: Gross ~ Trade Surplus (+) Trade Deficit (.) \. % Unmet Market Capacity ..Uquo.j-..S.iorcs..o..o................ ...$.........~(089:00Ot)" ........$........0..0...............0.. ....oJ..........:..4J)89.J)Q(j" ..................:.IOC)' .Mrsc:..Apparer&..o........... ..0........0..7A06.:0.00' ................0..0629-;4000.0 .......0............:6.;7'7.6:.600.. .....................:"9'2. Accessories ..f{c.si.u.uranls..........................o ...........2:60:169.:<500" ...............43000':0()"0.. ..............~220J(}.~0:<500To .....................:.S'j'. ..Automotrvc........................o.. ...........43.:69.(}.:0.00. ...............9:.000.:00.0.. .................~3".;C(}.~.6:.000.. 0.....................:'7.9. ..ApplTiinc.cso&............o......... ...........2:1.:09.7.:0.00. ...............6:.5.T7.:00.0.. .................:20:S.tm:.00<)" .........0...........:.7.6. Electronics ..VchlClc..t~:cparr.................... ...........T[98.;.:~mO. ...............4:010<Y:oej'l)"" .................~.i'~r2.g.5'J)Q0.. ......................:'10,.. ..Furn.lturc..&..H'omc.......... ..0...........9.:206.:0.00. ...............2:.:Hl)':40.0.. .........0..........:.6.:8"4.9:.600.. .....................:1.4" ..~~R\~~.~~~!~.y.s................... ..............6~531.:(mO' ..0.............(7.12J)0.0.. ....................:4.:.tfz.5:.000.. .....................:'14.. ..~~m~~~s..~roili.ing..&.. ..............9.:104.:0.00. ...............2:.616:0()"0.. ....................:1.:0.j.4:.00C)" .....................:'1.1;. Accessories ..cilTicfj-en's..&:.'i'n.fao.ts.... ...................7T~r:0.oO.....................36.C20.0.. .......0..................:.).53:-800.. .....................:4.~r ..~~..........................................I................................1........................:....:.......... ..............................................1.............................. ..~:~~~~:~.~~~.~:~~......1...........3~:~~~.:~:+..........2::.~:::~..I..................:~:~~~.:~~~.r...................:~: ......................................\,..................:......................................................................................t..,....................1..'........................................,."........... Drug & Sundnes I 2,403.000 I 3.000.000 I 597,000 I 25 ..Mlsc:..Re.taif.......................r............6J"3T:0.00T.o...........1:.7054.:06'O..r.....................C6.2"jo:'Q(JO.T......................Z.6.. ..perso.ii'ai"S.erv'lce..............\..............2Jm.s.:o.OOl".............4)i.Ooo;OOQool......................r;s<j"2:.00Cfr..............o.......s.7"" .........................................................:..........................................,...........................................,................................................................................... Hardware. Garden j 2,644,000 j 8.700.000 ! 6,056,000 I 229 o.................o..o............oo..o...........o......r................o.o..o..o..............r............o......oo.............o......or..................o.....................o00.....1'..........................00.. Retail Total I $ 201,554,000 I $ 89,000,000 I $ 112,554,000 I Source: Insight Research Corporation The analysis shown in Table 10 indicates there is unmet market demand for all the retail categories shown except for the categories of Drugs & Sundries, Misc. Retail, Personal Services and Hardware, Garden. Utilizing the trade deficit and sales per square foot averages for each retail category, the square footage of unmet demand in each category can be calculated. This is shown in Table 110 Table: 11 Un met Demand, Square Feet Estimates Colleyville, Texas Average U. S. Cate"or~ Trade Deficit Snlcs Per SQ.. Ft. Unmet Sq. Ft. O[1"'uo'r'~'lores""'" .......... ........$..................:4';O.S<j':OO<)"' .............0$....................~f14].2'. 0......0..............0......0.......T9 :01'9" ..Mr.~C:..Ap.p.arer&............ ....0.....0..................6':01.7.6J)QC)'" .....................................zo.7])"2'. ............................0........32':73.4.. Accessories ..l'{c.si"aur.ants..................o...... ....0..0.................z.1:.1.69.;<m<f .............................0......z"\'l5:'3.9.. .............0................0..""1'0,0;14'6" ..Automotl.v.c......................... .................0........j.4":.6'96-;<:iO<)"' .................................o....l":~f:3':..j',... 0..0..............................Z60.;~.3.9.. ..ApplTanc.cs.&.......................o.....................z.ifs.so.:OOO.. ...................................oT9.lJ:.i.j.if ..................................TOZ.;95T. Electronics ..Vch.lcrc..l'{c...tiri-"........................................T4":.1s~.:oo<r.......................................9T:.g08....................................T~,.;4~.S.. ..~urnllii.rc..I..Homc........ .............................6':.8.4"9~600.. ..o.................................Tj.'.:.S.S.. .....................................49.Jifs.. ..~;RJ~.~!~.y.,.S............... .............................,~C8.Z)J)OO.. .....................................i'S.S.].g.. ......0..............................Z).;6T'6. ..~~.m~~~~.~roi"h.lnii....... 0........0..................~',.;034.:cj(jO.. ...................................."1''1.0.:0.,... ...0.................................4T':360.. & Accessories ..Cfil'ldren's.&:..i'ii"tu.ii.ts............................0.......3.)3":SOO......................................T's.i:.s.s...................................o......Z.:3T'S" Wear ..Mlsc:..E.nterrarnment.................................:(3Tz~ooo........................................69.:-r..r......................................47.;92'3" ..<Jroce...................................... .............................r:4.4"T~ooo.. ....................................34.2':.3.0.. ........................................;:f:z'f.o. .................!:Y...................................j........................................................\......................................................0'\'...................0................................... Retail Totall $ 126,511,000 : I 847,735 I : . Source: Insight Research Corporation Based on the forecast of continued rapid increase in average household income and thus, consumer spending capacity in the City of Colleyville, the unmet demand should well exceed the forecast retail and restaurant projection of 1.1 million square feet in the SH 26 area over the 20-year period of the District. SEC'l'ION IV: I{ESIDEN'l'IAL IlEVELOPlVlEN'T POTENTIALS The market for residential development in the City of Colleyville has been met through it's history by constnlction of large single family homes. As an example. building permits issued in 1997 were for an average house size of 4700 square feet. There has been relatively little townhouse or multiple family development in the Cityo During recent years. there has heen a trend of associating higher density housing with retail and low-rise office developments in urhan areaso This has become even more pronounced with the advent of the Town Center concept. mixing public facilities with retail. office and residential to create a community environment with more street traffic. Following this trend, a modest amount of residential townhouse development has been forec.L'it for the Colleyville Town Center development area. More specifically 1 there are 60 townhouse units of 2,500 square feet forecast for the immediate Town Center area and another 66 townhouse units of 3.000 square feet forecast for an area adjacent to the Town Center core. It should not he difficult for these units to be absorhed over a six year period as forecast. SECrrl()N V. l'AX INCI{ElVIENrr ANALYSIS This section documents the detailed analysis and inputs used to generate the tax increment revenue estimates which were summarized in Section I. As discussed earlier. tax increment financing involves: 10 Designating an eligible redevelopment area as a tax increment reinvestment zone; 2. Soliciting participation of the five taxing jurisdictions; 3. Setting the assessment base at the level of the most recent assessment; and 4. Diverting tax revenues generated by the increase in assessed value to a tax increment fund for funding public improvements. Thus. future tax increment revenues depend on four elements: I. The timing and value of new development; 2. Appreciation of existing land and improvements; 3. The value of any existing improvements demolished to make way for new development; and 4. Future tax rates. Table 12 indicates the potential timing of the development program described in Section I. based on the market analyses of Sections II - IV. The amount of development is shown by type for the year in which it will be completed. Type of development in the commercial category is assumed to be. on average over the twenty-year period. Retail - 45%, Restaurant - 10%, and Office - 45%. Table 12 New Construction in TIF District Area Colleyville, Texas Commercial Sq. Ft. ! I t 999 I I t 2,700 I 0 0.......................0..0..0..0............000......00..............0..~0..0......0...................o..o.............o..o..o...........o........o~.......o........o.....o..o............00.....0..0..0..0..0..0.............. 2000 i 239,000 i 30,000 I I 0....0....0....................200T...............................r.................................o...................i"g.S:oOO('j'r.......oo..o..............o..oo......o...............016)')060 I I ....0..0..00......0.......0....20020......00......................~....0.............................................000 T0500:0000T.....o....................... 0.. 0......... 0.......0 ....16))0'0. ........0....0.......0..0......2003................0.............. ..........0.............................................66:00.00........0......0.......................0.......0.........100;0000. ......0........................2004............................... .............................0..0........................2.5.:6000 0..0....................................................10.;000. 0..0..........................0200:;............................... ...........................................................0......0....0. .......0.................0.....................0........40.;00.6'0 ...............................2006..................0..0...............................0..................0..0.........i"S.S.;.4.00..........................0.............0...............................0. ...............................2001............................... o........o..o....o..............o........................s.s.;ifoo. ......0....................0...........0..............................0.. 0..............................2008............................... ...0.....................................................808.;4.00. .......0..........0............................0.......................6'. 0..............................2009..0....................................................................................8.8.;4.00.......................................................................0. ...............................2oTo............................... .........................................0...............S.S.;4.0C)' .....................................................................o(). .....0.........................2oTT............................... .........................................................8.8.;4.00. .......................................................................6'. 0..............................20T2........................................................................................8.8.;4.60.......................................................................0.. ...............................20T30.............................. ........................................................0i:r8.;4.60. ..............................................................0........00 0..............................20'1'4........................................................................................8.8.;4.00.......................................................................(). ...............................2:0Ts...............................o........................................................8.8.;.4.60........................................................................0.. ...............................20T6........................................................................................s.s.;it'oO........o................................................................0. 0..............................20T7...............................1..0..0..0...............................................8.8.;4.00........................................................................"()' 0..............................20T8...0....0.............................................0............................0....ifs.;460.......0.....0.....0..0..0.......................................0......0. .......................................................................... ...........................................................................i................................0..0....................................... I I I i i TOTAL l 2,021,680 l 350,000 i : Year Residential Sq. Ft. D D'~1')nn"I'D'A.'JITl..tn~~tTf~;~.~.tS~~.,~.f~'4",':f:'i+L;i~~Y';~~(;'1~~~~" ,:,,~,. ",~,..~~'lZ~IiI\~~~~,~~.:.Rt~~.,lLt.uJ~A:._t.,."".;'.~.."q.--'._'~'~'4..~,t,,'l~~'~""4'J:; The value of the future development is estimated based on typical average construction costs for the type of development a'i follows: Land Use I Construction Cost I "Com'mcrcrar"(T999'~2004r"'0""0"'''''''''0''''0'''''''''0,,0''''''f"'0,,0o........o..........o......$Too'TSOq.uarc..foOo'i"..........O.......... 0" 0..0.... j ..C.om.mcrcr~iro(200.5.~20T8y........0..000..0.......0....................T......0.........................$TT67S0q.u.arc..f.ooooi........0..................0....0 I ..Rc.sidcntGil"o............o..............o.............o....oo..o..o..o....o..o...0........0.... r-o....o.. 0" 0.. o..o..o.......o..$Too../'S.quarc.. fOooo.i.....o ......0....0..0............ i Tablc 13 projects the future value of new dcvelopment in constant dollars (except for changc in 2005). Over the twenty (20) year period. almost $247 million of new development is projected to be built in the TIF District area. Table: 13 Value of New Construction in TIF District Area Colleyville, Texas Year Commercial Residential Total I I I 0..0........0..0..0...f<)"99...0......0.......0..r..........$....0........rr:27.0jjO(fj""'.............o..$o........o.........o..........(rT..o.ooo..o......o..o......o..TT270000" : j i ................0.....2'6tlO............0.......otoo........................2"~r9o()t)J'joo..r.......0...................:(000Jjej'tfj..............................2690000C)" i i i ..................... '2"00 T.................. 0" r...........o..o... 0..0 Ts,;osooO':m mT....................0..0..007O~.0(0))06..010............................0202500000' i j .....o.........o..o.."i(lOi..........o.........-r.......................TS.:O"t)t)J)Q(fl'"o"'''''''''''0''0'''''''' 07)lOO':0000..t.......... 000..........z'2:.0000":om)"" ............0.........Z.().03..................0..0 .............................6":oml:'()o(f ............................7:.000.:00.0.. ...............0..........'j'JJ5oo.:o00.. .........0....0..0...'2"00'4.............0....... 0......0...........0........oz3.Q().:ooo.. ........0...................7:.000.:000.. o..................o.........(J:.~mO.:OQ()" 0....0...............200S'..................... ............................0......................0.. 00..........................4J500.:0().0.. ....................0........~(.600.:oo'O. .....................ozO(lfi...........o......... .........0................z.tl:.1.3.0.:fio(f ..........0..0...........0......................0..0.. .0........................zoO~.1.30.:fioooo ......................z.001.....0............0.. .............................~.:01.j'o.:fio(r ...............o..................................'"(j'. ......0.........0............~.:.1.30.:fioo. ...........o.....o....Z()(lS..................... .....................0.......9.:1.300.:60<f ........0......0...................................0.. ....0........0..............oiJ:.1.3C')':60.0.. .....................20()(l9.......0............0 ............................cJ:.1.)'o.:fio<f ..............o....................................o().. ............0............0..09.:.1.30.:6<)'0. ......................z.()'i"o...o................. .....................0.......~.:01'3.0.:60<r ...0................................................0.. ......0......................9.:1.300.:60'()' 0.......0..0..0......2cffT..................... .............................9.:1.j'(j'J5000.......0....................0........................0.. ..0..........................iJ:.1.30.:60'O. ......o...............z.o'i"z..................... .............................9.:.1.3.0~600.. ...................................................0.. .............................9.:.1.30.:600. ...............0......ZoOf3....................0 .............................9.;103.0:.600.. ...................................................0.. .............................9':.1.300.:60'()" .....................2.oT4..................... ............................9.:1.3.0.:600.. ...................................................0.. .............................9':.1.30.:60'0. ......................z.o'i'S'..................... ............................9.;.1'3"(j~600.. ...................................................0.. 0..0.........................9.:01.)'(')';60'0. 0.....................Z.0'i'6..................... .............................9.;10300:.600.. ...................................................0.. ...........0.................9';1.30.:60'0. .........0...........2.0'i'7........0..0.........ro..........................9.:7.3.0~600.....................................................0."1'............................9.:..:7':30~60.0. I I . .........0..0..0.................0......0..............1'...................................0........:<'........!.........................................................,.....................O..0.............0......:<'........ 2018 I 9,730,000 I 0 j 9,730,000 I I I .......................................................t........................................................t........................................................i........................................................ i i i ! ! ! Total I $ 211,667,800 I $ 35,000,000 I $ 246,667,800 ~.SS~~SJ~fi(>;;y~ljJl~:~iQ:r!f),N~w:(QgNSr~tl~rtIPN. Assessment policies in Tarrant County set building assessments at 100% of fair market value, roughly equal to construction costs for new construction. Assessed values are established as of January I of the tax year. Thus, development in 1999 goes on the tax rolls for the Tax Year 2000. Table 14 projects the assessed value of anticipated new development during the twenty (20) year life of the TIF District. Table 14 Assessed Real Property Value of Anticipated New Development Colleyville, Texas Tax Year Total Assessed Value ......0........................0......0..0........200(f.........0..0..0......00....0..........0.....0..0...............................$.............rr:270:0()"O.......0....0.........................0 ....0............0............0...................200.1'..........0..0......................................0..........................................j.8;..i'70J)OO........................................ .........0........................................200.2................................................................................................60;.670.JjOO...........0........................... 0.................................................200.3................................................................................................S.2;.6700;()00'....................................... 0.................................................2004..............................................................................................."9.S';.61<:r:00.l)....................................... 0..........................0......................200.'..............................................................................................rl)S';.'f10.XjoO'....................................... ..................................................200.8.............................................................................................i'"l)9:T10.:<j('j.l)....................................... ..................................................200..,.............................................................................................1'~9:.900.:600'....................................... ..................................................200.g.............................................................................................1'j.9:.6:rr:20.l)....................................... 0.................................................200"9.............................................................................................1'49:.3.6TJ~0.l)....................................... ..................................................20.10............................................................................................i'"S.9:.092.)ioo........................................ ..................................................20.1'1.............................................................................................i'"68:.82":3":000'....................................... ..................................................20.i'"2............................................................................................1'7.8:.55:3":600'....................................... ..................................................20'1.3.............................................................................................i'"8.8:.284.:20.0....................................... ..................................................20.1"4.............................................................................................1'98:.01'4.:800....................................... .................................................................................................................l................................................................................................................. 2015 I 207,745,400 ................................................................................................................./......................................................................0................0..0....................... 2016 I 217,476,000 ..................................................20'1.']....................................0.............l...........................0.............2,02.7:.206.:600....................................... .................................................................................................................i-................................................................................................................. 2018 i 236,937,200 .................................................................................................................c.................................................................................................................. 2019 I 246,667,800 INIl'IAL..,;.t\._SBESSMENT411lA.S.E.', "'.. The total year 1998 assessed value of the property within the TIF District boundary was $71.528,550. For the purposes of this tax increment analysis, we have assumed that the tax year 1999 assessed value will remain the same. The initial assessment base for the tax increment fund is assumed to be set at the tax year 1998 value of $71,528,550. Taxes on this amount will continue to flow to each taxing jurisdiction during the life of the District. INCREMEN'r.AJ~,(AXES. The tax revenues generated by the incremental value of new development shown in Table 14 are calculated by multiplying the incremental assessed value by the property tax rates of participating jurisdictions. Fiscal year 1998 t..1X rates included: Jurisdiction Tux Rute per $100 of Assessed Value ..eit.....o(conc..ov,l'Ic.....................................o......... ................0...................................$.......C):'j.4'7400..........".."............"................. ..f.illrttii'i"Cou.n~......."....."....o.................".........o....o..o ........................................."................."O:.:!'(~4'831............................0......0"......... . "f.iirrttii'i..Coun.i>.:''C'om'mun'lt....CoHc... c'"'''' "0"""" ".......... "."........................"....0.:T0'6'4'00.."..".........."."."..........."."..". ..f.iirraii'i"CountY.."Hos.."tta'f'o1strict"'S.............0..."...".....0..0...."........"....."............0.:2.34.070......"..........."....".....".......".... ..Grape.v.lnc~c:otrCyvlK~"t'n'd.cpcii'dcii't".." ....."o""......."..""...."..........."..,,~"...(M'&CrRatcr"...... School District o".............."."........""........".".....".......".......".......Total'......"........""......"....."...................$.....2:.3'1'9257......................"....................... Over the 20-year projection period, we have conservatively assumed that the nominal tax rates will remain constant. Taxes generated against tax year 1999 values as of January I, 1999 are due and collected at the beginning of 2000, during Fiscal Year (FY) 2000. The projected incremental assessed value would yield $261,380 in incremental tax revenues in FY 2000 growing to a maximum of $4,271,129 in FY 2016 before declining to $3,613,799 in FY 2019* as shown in Table 15. During the Fiscal Years 2000 - 2019, the tax increment fund would collect a total of $55,309,188* compared to the total debt service projection of $47,017,875. *Excludes $10,307,498 total payment to Grapevine-Colleyville Independent School District over the life of the district. - u 'C - .:!l Q - = ~ e ~ '"' u = - ~ E- ~ == .... > >. ~ == o U ~ .c::l - e o '"' ~ ~ - .c ~ :-= ~ > < ~ Cl := ~ -; - ~ ~ e ~ ~E- Cj ... ~~ -; -5= := >. =~ c- <8 l/'l ~ .. ~ :c ~ E- l.~ I~o' !~ I.~ \: j~ j,l.~, i.~ l.~ 18 I,:R I:: I~ ll~ ~ 'I ~ I ~ ~!I~, I ~ II ~ I:;) I ('I j ~ I ~ I ~ ~! r-: I ~ ~ ~ .~ 1 ": I 0'0, I - v:- \- IN IN 1M ~ ~ i 0 i ('I i - i VI i r-- ! '" I 0\ !..o i '" ! r-- I r-- ! Xl Xl i 0- i 00 I 0\ 0\ ,_ . _ . ("t . CJ'\ . tr. . ("t . ("""- . _ . _ ,_ . _ ,_ I _ : _ 1_ 1+ '~' i 0, i ~ j 0, j...,., ! 0-, ! q ! 0'\, ! -.c: j q i""', I~ ! ('! ~ 1. o~, !.' ::,' l. 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("01 "1' N ~ Table 16 (Cont'd.) 2004 Public Parking Structure $ 1,060,480 Services 30.000 Subtotal $ 1,090,480 2005 N/A 2006 N/A 2007 State Highway 26 $ 1,000,000 Bogart Road 600,000 Tinker/Sanders Intersection 220,000 Public Parking Structure 1,060,480 Services 70,000 Subtotal $ 2,950,480 2008 St<ltc Highw<lY 26 $ 1.500,000 Services 60,000 Subtotal $ 1,560,000 2009 Stale Highway 26 $ 2,000,000 Fire Slalion 1,493,500 Services 60,000 Subtotal $ 3,553,500 2010 State Highway 26 $ 350.000 Subtotal $ 350,000 TOTAL $ 27,390,000