HomeMy WebLinkAbout1965 08-28-2012 ORDINANCE NO. 1965
APPROVING THE LEVY OF A SPECIAL ASSESSMENT
FOR THE GLADE PARKS PUBLIC IMPROVEMENT
DISTRICT ("PID"); APPROVING AN ASSESSMENT ROLL
AND LEVYING AN ASSESSMENT FOR FISCAL YEAR
2012/2013 AT A RATE OF $0.591051 PER $100 VALUE
OF REAL PROPERTY IN THE PID; AND APPROVING
THE FISCAL YEAR 2012/2013 SERVICE AND
ASSESSMENT PLAN FOR THE PID.
WHEREAS, the City of Euless has created the Glade Parks Public
Improvement District (the "PID") pursuant to Chapter 372 of the Texas Local
Government Code (the "Act"); and
WHEREAS, in accordance with the Act, the City Council has filed a
proposed assessment roll for the PID with the City Secretary and made it
available for public inspection; and
WHEREAS, the Act requires a public hearing to be held to consider oral
and written objections to levying of a special assessment to fund improvements
for the PID; and
WHEREAS, the Act requires notice of the public hearing to be advertised
in a newspaper of general circulation at least ten (10) days before the public
hearing to consider the proposed levy of a special assessment on real property
within the PID; and
WHEREAS, the Act requires that all property owners within the PID must
be notified in writing of the proposed action and public hearing; and
WHEREAS, notices were mailed to the individual property owners within
the PID on August 15, 2012, and the required published notice appeared in the
Fort Worth Star Telegram on August 16, 2012; and
WHEREAS, a public hearing was held and closed on August 28, 2012, in
the Euless City Council Chambers, to consider the approval of the FY 2012/2013
Service and Assessment Plan of the PID and to levy a special assessment for FY
2012/2013 at $0.591051 per $100 value of real property in the PID to fund
improvements in the PID; and
WHEREAS, the FY 2012/2013 Service and Assessment Plan includes the
methods of apportioning the costs and assessing the special benefits against
properties within the PID; and
WHEREAS, at or on the adjournment of the public hearing the City
Council heard and passed on any objections to the levying of the special
assessment; and
WHEREAS, it is officially found and determined that the meeting at which
this Ordinance was passed was open to the public, and public notice of the time,
place and purpose of said meeting was given, all as required by the Texas Open
Meetings Act; and
WHEREAS, the City Council desires to levy a special assessment to fund
improvements for the PID for FY 2012/2013 at a rate of $0.591051 per $100
value of real property in the PID and approve the FY 2012/2013 Service and
Assessment Plan of the PID;
NOW THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE
CITY OF EULESS, TEXAS:
Section 1. The City Council of the City of Euless, Texas following a
public hearing held in accordance with Chapter 372, Texas Local Government
Code, hereby approves the levy of a special assessment to fund improvements
in the PID.
Section 2. The City Council hereby levies a special assessment on all
real property within the PID at a rate of $0.591051 per $100 valuation of real
property in the PID during the Fiscal Year ("Fr) 2012/2013 to fund
improvements in the PID.
Section 3. The City Council hereby approves the FY 2012/2013 Service
and Assessment Plan, attached hereto as Exhibit A.
Section 4. The City Council hereby finds that the statements set forth in
the recitals of this Ordinance are true and correct, and the City Council hereby
incorporates such recitals as part of this Ordinance.
Section 5. This Ordinance shall be in full force and effect from and after
its passage and publication as provided by the Euless City Charter and the laws
of the State of Texas.
Ordinance No. 1965, Page 2 of 15
PRESENTED AND GIVEN FIRST AND FINAL READING AND APPROVED at a
regular meeting of the Euless City Council on the 28th day of August 2012 by a
vote of 7 ayes, o nays, and o abstentions.
APPROVED: ATTEST:
NA/ Ask "J. ..keidir
J
Mary LitS Saleh, Mayor im utter, TRMC, City Secretary
APPROVED AS TO FORM:
o�-
Wayne K. Olson, City Attorney
Ordinance No. 1965, Page 3 of 15
EXHIBIT A
FY 2012/2013 -Service and Assessment Plan
Glade Parks Public Improvement District(PID)
City of Euless, Texas
1. Introduction
On December 14, 2010, the City Council of the City of Euless, Texas passed and
adopted Resolution No. 10-1350 (Appendix A) establishing the Glade Parks Public
Improvement District (PID).
2. Nature of the Improvements
The general nature of the improvements to be funded by the PID over the next
five (5) years and beyond is the construction of public infrastructure, pedestrian
amenities and linkages and other improvements that are authorized by Chapter 372 of
the Texas Local Government Code.
3. Authorized Improvements
Estimated Costs
1) Construction of Rio Grand Boulevard $ 3,911,023
2) Construction of Rio Grande Bridge $ 1,016,065
3) Construction of Heritage Drive $ 231,767
4) SH— 121 improvements $ 1,297,164
5) Landscaping $ 517,029
6) Wetland mitigation $ 296,000
7) Construction of Brazos and remaining streets $ 3,494,309
8) Main Entrance and Median (Chisolm Trail) $ 587,247
9) Administrative & Financing Costs $ 750,000
Total Costs $12,100,604*
*does not include interest costs associated with financing the improvements.
4. Financing of Improvements
The Authorized Improvements will be funded through the issuance of certificates
of obligation by the City of Euless. While the PID will not issue any debt, it will be
responsible for all of the costs associated with Authorized Improvements including
interest and financing costs (with the exception of TIRZ contributions as described
below). It is anticipated that the certificates of obligation will be issued in three separate
phases to pay for the Authorized Improvements on an as needed basis. The expected
debt issuance schedule is shown below.
Year Total Debt
Phase 1 2011 $ 3,035,000
Phase 2 2013 $ 6,000,000
Phase 3 2014 $ 3,065,000
Total Issuance $12,100,000
The detailed amortization of the Authorized Improvements is attached as Appendix B.
Ordinance No. 1965, Page 4 of 15
5. Assessment Plan
In addition to the use of PID funds it is anticipated that Tax Increment
Reinvestment Zone Number Three, City of Euless, Texas—Glade Parks (the "TIRZ") will
contribute to the costs of the Authorized Improvements. As the TIRZ fund begins to
accrue revenue from the incremental increase in property values, the PID assessment
will be decreased by an amount equal to the total amount of revenue received in the
TIRZ fund annually. A more detailed description of the PID assessment calculation
methodology and the relationship between the PID and the TIRZ is described below.
PID Assessment Calculation A- B = C
The PID assessment will be calculated annually and be equal to the preceding fiscal
year's total debt service costs less any revenue collected by the TIRZ in the preceding
fiscal year. In the example above (A) represents total debt service (B) represents TIRZ
funds and (C) represents total PID assessment revenue. For a concrete example, we will
use the Fiscal Year 2013 estimated assessment. In FY2012, it is anticipated that the
Phase 1 debt will have been issued and the total debt service payments (A) are
estimated to equal $114,994 while the TIRZ Revenue for FY2012 (B) is estimated to be
$2,257.
PID Assessment Calculation $114,994—$2,257 =$112,736
Therefore PID assessment would be set to a millage rate that provides revenue equal to
$112,736. To calculate the millage rate divide the PID assessment revenue (C) by the
estimated taxable value of the PID for FY2013 and multiply the resulting number by 100
to find the tax rate per$100 value.
Millage Calculation ($112,736/$19,073,880) * 100 = $0.591051
The annual assessment plan is attached as Appendix C.
6. Levy of Assessments
The assessment year shall be concurrent with the City's ad valorem tax year.
Assessment will be billed on October 1st or as soon thereafter as practicable and will be
considered delinquent if not paid by January 31St of the following year.
7. Assessment Roll
The Assessment Roll for the next five years is attached as Appendix D.
Ordinance No. 1965, Page 5 of 15
APPENDIX "A"
RESOLUTION NO. 10-1350
A RESOLUTION CREATING, AUTHORIZING, AND
ESTABLISHING THE GLADE PARKS PUBLIC
IMPROVEMENT DISTRICT; AUTHORIZING
ASSESSMENT METHOD AND COLLECTION
SERVICE THEREOF; AND PROVIDING FOR
PUBLICATION AND AN EFFECTIVE DATE.
WHEREAS, Chapter 372 of the Texas Local Government Code (the
"Act") allows for the creation of public improvement districts; and
WHEREAS, on October 4, 2010, owners of real property located near the
intersection of SH-121 and Cheek Sparger Road delivered to the City of Euless a
Petition (the "Petition") to establish the Glade Parks Public Improvement District
(the "District") that is shown on the map attached hereto and made a part hereof
and labeled Exhibit A (the "PID Boundary"); and
WHEREAS, the Act states that the Petition is sufficient if signed by
owners of more than 50 percent of taxable real property, according to appraised
value, and either of the following: more than 50 percent of the area of all taxable
real property liable for assessment under the proposal, or more than 50 percent
of all record owners of property liable for assessment; and
WHEREAS, City staff has reviewed the Petition and determined that
owners of more than 50 percent of the appraised value of the taxable real
property liable for assessment, and owners of more than 50 percent of the area
of all taxable real property liable for assessment within the District have executed
the petition; and
WHEREAS, the Act further requires that prior to the adoption of the
resolution providing for the establishment of the Glade Parks Public Improvement
District to provide supplemental public improvements to be funded by
assessments on real property and real property improvements, the City Council
must hold a public hearing on the advisability of the improvements; the nature of
the improvement; the estimated cost of the improvement; the boundaries of the
public improvement district; the method of assessment; and the apportionment of
costs between the district and the municipality as a whole; and
WHEREAS, after providing notices required by Section 372.009 of the
Act, the City Council on November 23, 2010, conducted a public hearing on the
advisability of the improvements, and adjourned such public hearing.
NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF
THE CITY OF EULESS, TEXAS, THAT:
Ordinance No. 1965, Page 6 of 15
Section 1. Pursuant to the requirements of the Act, the City Council,
after considering the Petition for the proposed District and the evidence and
testimony presented at the public hearing on November 23, 2010, hereby finds
and declares:
(a) Advisability of Improvements Proposed for the District. It is
advisable to create the District to provide the improvements described
in this Resolution.
(b) Nature of the Improvements. The general nature of the
improvements to be performed by the District is to construct public
infrastructure, produce pedestrian amenities and linkages and provide
other improvements that are authorized by the Act.
(c) Estimated Cost of the Improvements. The total estimated cost of
improvements provided by the District is approximately twelve million,
one hundred thousand, six hundred and four dollars ($12,100,604).
The estimated costs do not include any interest costs associated with
debt service. The District shall incur no bonded indebtedness, but will
be responsible for indebtedness, including principal, interest and other
financing costs, incurred by the City of Euless to finance improvements
that are listed as Authorized Improvements attached hereto and made
a part here of and labeled Exhibit B (the "Authorized Improvements").
(d) Boundaries. The District is located wholly within the City of Euless,
Texas. The boundaries of the District are shown on the map of the
District (Exhibit A).
(e) Method of Assessment. The method of assessment is based on
a variable assessment rate on the value of property in the Public
Improvement District (PID) equal to the annual debt service costs
incurred by the City of Euless to fund Authorized Improvements within
the PID less any available incremental tax revenue generated from
City of Euless Tax Increment Reinvestment Zone Number Three. The
Service Plan will reflect the District's intention to reduce the annual
assessment rate proportional to the annual incremental revenue
received from City of Euless Tax Increment Reinvestment Zone
Number Three.
(f) Apportionment of Cost Between District and Municipality. All of
the costs of the Authorized Improvements will be paid from the
assessments or available incremental tax revenue generated from the
City of Euless Tax Increment Reinvestment Zone Number Three and
from other sources of funds, if any, available to the Owner. The City
will at no time be responsible to fund the costs of the Authorized
Improvements with any revenue other than paid from the assessments
Resolution No. 10-1350 Page 2 of 7
Ordinance No. 1965, Page 7 of 15
or that which is available in the City of Euless Tax Increment
Reinvestment Zone Number Three.
The City of Euless is not responsible for payment of assessments
against exempt City property in the District, which is specially
benefited. Property owned by tax-exempt religious organizations will
be exempt from assessment, as will property owned by persons
receiving and qualifying for 65-or-older homestead exemption under
Section 11.13 (c) or (d) of the Texas Property Tax Code. Payment of
assessment by other exempt jurisdictions must be established by
contract. No such contracts are in place, nor are any proposed. City
rights-of-way and city parks are not subject to assessment. Properties
otherwise exempt from ad valorem taxes are not subject to
assessment.
(g) Assessment Roll and Setting of Rate. The City Manager shall
annually prepare an assessment roll and file that roll with the City
Secretary, in conformity with the exemptions from assessment
established under subparagraph (f) above. The annual assessment
installment for each year shall equal the City of Euless annual debt
service for Authorized Improvements constructed under subparagraph
(b) above less any available incremental tax revenue generated from
City of Euless Tax Increment Reinvestment Zone Number Three.
(h) The findings set forth in the preamble of this Resolution are hereby
found to be true and correct.
Section 2. The Glade Parks Public Improvement District is hereby
authorized and established as a Public Improvement District under the Act in
accordance with the findings as to the advisability of the improvements contained
in this Resolution. The District shall be subject to all of the terms, conditions,
limitations and reservations contained in the findings of Section 1 of this
Resolution.
Section 3. The City Secretary is directed to give notice of the
authorization for the establishment of the District by publishing the caption of this
Resolution once in the newspaper of general circulation in the City of Euless.
Such authorization shall take effect and the District shall be deemed to be
established effective upon the publication of such notice. The District shall
automatically dissolve on December 31, 2035 unless the District is renewed
through the petition and approval process as provided by the Act or the District is
sooner terminated as provided by law. The power of the City to continue to levy
and collect assessments within the District will cease and the District will be
dissolved upon the date that all indebtedness incurred by the City of Euless to
finance the Authorized Improvements has been liquidated and a petition
requesting dissolution is filed with the City Secretary of the City of Euless and the
Resolution No. 10-1350 Page 3 of 7
Ordinance No. 1965, Page 8 of 15
petition contains the signatures of at least enough property owners in the District
to make the petition sufficient for creation of a public improvement district as
provided in Section 372.005(b) of the Act.
Section 4. The City Secretary will provide assessment collection
services for collection of the special assessments.
Section 5. This Resolution shall take effect immediately from and after
its passage in accordance with the Charter of the City of Euless and upon
publication, and it is accordingly so resolved.
APPROVED at a regular meeting of the Euless City Council on the 14th
day of December 2010 by a vote of 7 ayes, o nays, and o abstentions.
APPROVED: ATTEST:
Mary Lib Atria
Mayor usan Cri TRMC, City-Secretary
Resolution No. 10-1350 Page 4 of 7
Ordinance No. 1965, Page 9 of 15
Exhibit A
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Resolution No. 10-1350 Page 5 of 7
Ordinance No. 1965, Page 10 of 15
Exhibit A
Beginning at the point of intersection of the west right-of-way (ROW) line of State
Highway 121 and the north ROW line of Cheek Sparger Road, thence
Westward to a point where said line intersects with the western property line of
Bbb & C RY Survey Abstract 204 Tracts 5 & 5e, thence
Northward along the west property of line Bbb & C RY Survey Abstract 204
Tracts 5 & 5e to a point where said line intersects with the western property line
of Doss, Jesse Survey abstract 441 Tract 6B, thence
Northward along the west property line of Doss, Jesse Survey abstract 441 Tract
6B to a point where said line intersects with the western property line of Doss,
Jesse Survey abstract 441 Tract 6B1, thence
Northward along the western property line of Doss, Jesse Survey abstract 441
Tract 6B1 to a point where said line intersects with the southern property line of
the Doss, Jesse Survey Abstract 441 tract 3c, thence
West along the southern property line of the Doss, Jesse Survey Abstract 441
tract 3c to a point where said line intersects with the western property line of the
Doss, Jesse Survey Abstract 441 tract 3c, thence
North along the western property line of the Doss, Jesse Survey Abstract 441
tract 3c to a point where said line intersects with the southern property line of
Doss, Jesse Survey Abstract 441 Tract 5, thence
West along the southern property line of Doss, Jesse Survey Abstract 441 Tract
5 to a point where said property line intersects with the eastern ROW line of
Heritage Avenue, thence
Northward along the eastern ROW line of Heritage Avenue to a point where said
line intersects with the northern property line of Havins, John H Survey, Abstract
685 Tract 2A, thance
Eastward along the northern property line of Havins, John H Survey, Abstract
685 Tract 2A to a point where said line intersects with the western ROW line of
State Highway 121, thence
Southward along the western ROW line of State Highway 121 to a point where
said line intersects with the northern ROW line of , Cheek Sparger Road, which is
the point of beginning
Resolution No. 10-1350 Page 6 of 7
Ordinance No. 1965, Page 11 of 15
Exhibit B
Authorized Improvements Estimated Costs
1) Construction of Rio Grand Boulevard $3,911,023
2) Construction of Rio Grande Bridge $1,016,065
3) Construction of Heritage Drive $231,767
4) SH — 121 improvements $1,297,164
5) Landscaping $517,029
6) Wetland mitigation $296,000
7) Construction of Brazos and remaining streets $3,494,309
8) Main Entrance and Median (Chisolm Trail) $587,247
9) Administrative & Financing Costs $750,000
Total Costs $12,100,604*
* $12,100,604 does not include interest costs associated with financing the
improvements.
Resolution No. 10-1350 Page 7 of 7
Ordinance No. 1965, Page 12 of 15
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11 r2 t m-Nr ma o b m tW'r m r-o o q o o m o=m❑U,�❑L.:s4,n INli D t g o N t
GSPin88538m S588 823Wr �S8G8s$a888888
_
V N e 1
ill§rilEglIHROIVAtt?gr-gPOgtig4
tigm006a2 JmUO mrmmG $tYGtt"11ar� ;
Ordinance No. 1965, Page 15 of 15