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Home My WebLink About21-1610 08-16-2021RESOLUTION NO. 21-1610 A RESOLUTION APPROVING THE FISCAL YEAR 2021-2022 SERVICE AND ASSESSMENT PLAN FOR GLADE PARKS PUBLIC IMPROVEMENT DISTRICT (PID #2). WHEREAS, pursuant to Chapter 372 of the Texas Local Government Code (the "Act'), on June 9, 2015 the City Council of the City of Euless adopted Resolution No. 15-1461 creating Glade Parks Public Improvement District ("PID #2"); and WHEREAS, in accordance with Section 372.013 of the Act, the City Council approved a service and assessment plan for PID #2; and WHEREAS, as required by Section 372.013(b) of the Act, the service and assessment plan shall be reviewed and updated annually. NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF EULESS, TEXAS. THAT: SECTION 1. The City Council of the City of Euless, in accordance with Chapter 372, Texas Local Government Code, hereby approves the FY 2021-2022 Service and Assessment Plan for Glade Parks Public Improvement District, attached hereto as "Exhibit A." SECTION 2. The City Council hereby finds that the statements set forth in the recitals of this Resolution are true and correct, and such recitals are incorporated as part of this Resolution. SECTION 3. This Resolution shall take effect immediately from and after its passage in accordance with the Charter of the City of Euless, and it is accordingly so resolved. APPROVED at a Regular Meeting of the Euless City Council on the 16tn ,day of August 2021 by a vote of 7 ayes, 0 nays, and 0 abstentions. APPROVED: ATTEST: Li.r(da Martin, Mayor i Sutter, TRMC, CMC, City Secretary EXHIBIT A FY 2021-2022- Service and Assessment Plan Glade Parks Public Improvement District (PID #2) City of Euless, Texas 1. Introduction On June 9, 2015, the City Council of the City of Euless, Texas passed and adopted Resolution No. 15-1461 (Appendix A) establishing the Glade Parks Public Improvement District (PID #2). 2. Nature of the Improvements The general nature of the improvements to be performed by the PID #2 is to fund the following improvements (collectively, the "Authorized Improvements"): (a) payment of expenses incurred in the establishment, administration, and operation of the District; and (b) the design and construction of public improvement projects authorized by the Act that are necessary for development of the Property, which public improvements will include constructing an off-street parking garage and the establishment and improvement of a park and park facilities within the District. These Authorized Improvements shall promote the interests of the City and confer a special benefit upon the Property. 3. Authorized Improvements 1) Parking Garage 2) Park and Park Amenities 3) Bond Issuance Costs Total Costs 4. Financing of Improvements The Authorized Improvements Euless. PID #2 it is responsible fc Improvements including interest an( contributions as described below). Th improvements within the District was below. Estimated Costs $1,901,793 $1,287,387 $ 79,730 3.268.910 were funded through a loan from the City of ,r all of the costs associated with Authorized I financing costs (with the exception of TIRZ loan was made when construction of the public complete. The debt issuance schedule is shown Year Total Debt Tranche 4 2018 $3,268,910 The detailed amortization of annual indebtedness is attached as Appendix B. Reso/uton No. 21-1610, Page 2 of 14 5. Assessment Plan In addition to the use of PID #2 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. Once the original PID #1 obligations have been fulfilled, excess TIRZ revenue will flow into the Glade Parks PID #2. As the TIRZ fund begins to accrue revenue from the incremental increase in property values, the PID assessments 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 #2 and the TIRZ is described below. PID #2 Assessment Calculation A - B = C The PID #2 assessment will be calculated annually and be equal to the total debt service costs less any revenue collected and available after PID #1 Assessment calculation by the TIRZ. In the example above, (A) represents total debt service (B) represents available TIRZ funds and (C) represents total PID #2 assessment required revenue. An assessment rate (E) would be set to provide revenue equal to PID #2 assessment required revenue (C). To calculate the assessment rate divide the PID #2 assessment required revenue (C) by the estimated value of the PID #2 (D) and multiply the resulting number by 100 to find the assessment rate per $100 value. Assessment Calculation ( C / D ) * 100 = E per $100 value The annual service plan is attached as Appendix C. 6. Levy of Assessments The assessment year shall be concurrent with the City's tax year. 7. Assessment Roll The Assessment Roll for the next five years is attached as Appendix D. Resoluton No. 21-1610, Page 3 of 14 Appendix A RESOLUTION NO. 15-1461 A RESOLUTION CREATING, AUTHORIZING, AND ESTABLISHING THE GLADE PARKS PUBLIC IMPROVEMENT DISTRICT NUMBER TWO; 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 May 122 2015. 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 (PID) Number Two (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 Number Two 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 June 9, 2015, 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: Resoluton No. 21-1610, Page 4 of 14 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 :June 9.. 2015. 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 purpose of the District is to fund the following improvements (collectively, the "Authorized Improvements"): (a) payment of expenses incurred in the establishment, administration, and operation of the District: and (b) the design and construction of public improvement projects authorized by the Act that are necessary for development of the Property, which public improvements will include constructing an off-street parking garage and the establishment and improvement of a park and park facilities within the District. These Authorized Improvements shall promote the interests of the City and confer a special benefit upon the Property. (c) Estimated Cost of the Improvements. The total estimated cost of improvements provided by the District is approximately three million, one hundred and eighty-nine thousand, one hundred and seventy-nine dollars ($3,189,179). 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, Resolution No. 15-1461, Page 2 of 8 Resoluton No. 21-1610, Page 5 of 14 (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 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 Number Two 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 Resolution No. 15-1461, Page 3 of 8 Resoluton No. 21-1610, Page 6 of 14 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 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 Municipality will provide assessment collection services for collection of the special assessments. Section 5. The 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 AND ADOPTED at a regular meeting of the Euless City Council on ,June 9, 2015, by a vote of 7 ayes. 0 nays, and 0 abstentions. APPROVED: r" ��iX.ti.1� da Martin, Mayor ATTEST: C Sutter, TRMC, City Secretary Resolution No. 15-1461, Page 4 of 8 Resoluton No. 21-1610, Page 7 of 14 Exhibit A Beginning at the point of intersection of the eastern right of way (ROW) line of Harrington Gardens Parkway and the northern property line of HAVINS; JOHN H SURVEY Abstract 685 Tract 2A, thence West along the northern property line of HAVINS, JOHN H SURVEY Abstract 685 Tract 2A to a point where said line intersects with the western property line of HAVINS. JOHN H SURVEY Abstract 685 Tract 2A. thence South along the western property line of HAVINS,. JOHN H SURVEY Abstract 685 Tract 2A to a point where said line intersects with the southern property line of GLADE PARKS Block H Lot 1 & BLK G LOT 1. thence West along the southern property line of GLADE PARKS Block H Lot 1 & BLK G LOT 1 to a point where said line intersects with the western property line of HAVINS, JOHN H SURVEY Abstract 685 Tract 2A. thence South along the western property line of HAVINS JOHN H SURVEY Abstract 685 Tract 2A to a point where said line intersects with the projection of the northern property line of HAVINS, JOHN H SURVEY Abstract 685 Tract 2A09 SEPARATED TRACT, thence West along the projection of the northern property line of HAVINS, JOHN H SURVEY Abstract 685 Tract 2A09 SEPARATED TRACT to a point where said line intersects with the western property line of HAVINS. JOHN H SURVEY Abstract 685 Tract 2A09 SEPARATED TRACT; thence South along the western property line of HAVINS, JOHN H SURVEY Abstract 685 Tract 2A09 SEPARATED TRACT to a point where said line intersects with the southern property line of HAVINS, JOHN H SURVEY Abstract 685 Tract 2A09 SEPARATED TRACT, thence East along the southern property line of HAVINS, JOHN H SURVEY Abstract 685 Tract 2A09 SEPARATED TRACT to a point where the projection of said line intersects with the southern property line of HAVINS, JOHN H SURVEY Abstract 685 Tract 2A, thence East along the southern property line of HAVINS,. JOHN H SURVEY Abstract 685 Tract 2A to a point where the projection of said line intersects with the southern property line of HAVINS, JOHN H SURVEY Abstract 685 Tract 2A05 SEPARATED TRACT, thence East along the southern property line of HAVINS, JOHN H SURVEY Abstract 685 Tract 2A05 SEPARATED TRACT to a point where the projection of said line intersects with the eastern property line of HAVINS, JOHN H SURVEY Abstract 685 Tract 2A05 SEPARATED TRACT, thence Resolution No. 15-1461, Page 5 of 8 Resoluton No. 21-1610, Page 8 of 14 North along the eastern property line of HAVINS, JOHN H SURVEY Abstract 685 Tract 2A05 SEPARATED TRACT to a point where the projection of said line intersects with the eastern property line of HAVINS, JOHN H SURVEY Abstract 685 Tract 2A04 SEPARATED TRACT. thence North along the eastern property line of HAVINS, JOHN H SURVEY Abstract 685 Tract 2A04 SEPARATED TRACT to a point where said line intersects with the northern property line of HAVINS, JOHN H SURVEY Abstract 685 Tract 2A04 SEPARATED TRACT, thence West along the northern property line of HAVINS, JOHN H SURVEY Abstract 685 Tract 2A04 SEPARATED TRACT to a point where said line intersects with the eastern property line of HAVINS, JOHN H SURVEY Abstract 685 Tract 2A04 SEPARATED TRACT, thence North along the eastern property line of HAVINS JOHN H SURVEY Abstract 685 Tract 2A04 SEPARATED TRACT to a point where said line intersects with the northern property line of HAVINS, JOHN H SURVEY Abstract 685 Tract 2A04 SEPARATED TRACT, thence West along the northern property line of HAVINS, JOHN H SURVEY Abstract 685 Tract 2A04 SEPARATED TRACT to a point where the projection of said line intersects with the eastern property line of HAVINS, JOHN H SURVEY Abstract 685 Tract 2A, thence North along the eastern property line of HAVINS. JOHN H SURVEY Abstract 685 Tract 2A to a point where said line intersects with the northern property line of HAVINS, JOHN H SURVEY Abstract 685 Tract 2A, which is the point of beginning Resolution No. 15-1461, Page 6 of 8 Resoluton No. 21-1610, Page 9 of 14 Exhibit A Resolution No. 15-1461, Page 7 of 8 Resoluton No. 21-1610, Page 10 of 14 Exhibit B Authorized Improvements —_ Estimated Costs Parkin Gara a 1,901,793.00 Park and Park Amenities 1,287,386.75 L_ TOTAL COSTS 3,189,179.75 _ Resolution No. 15-1461, Page 8 of 8 Resoluton No. 21-1610, Page 11 of 14 2 a `=13 3 3 51 SO 1 1-.— o -I 0— -Z' SO W- In S= 1 sum I 1114.- w I 1 =� =,I 1 . .1 aI o 1 . ol oMnl."a"o 1 n I 1 1 al 11-17 I—= In o— I— IIi,m an 51 —I- 0 In o— o In :!."m' In '=U" so a_l 7 1 I 0 a 2 M an StwIw] M. I an "1" $0 —I — wsxmpoo —1 — I In 1 an oHP I 1 I= r- slams aar- an tm si an a w I an " an — =: —'- " I w In wo siw,m I o z- an slw'� In In w al —I In —'- In I I— I al -.M In al— an $-= Z . m 4 al -1. — -1. —.1. 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APPENDIX C Glade Parks PID Service Plan PID 61 Glade Parks Mu m"I Revenue Caabflow 3032 October Ju 8115022 2023 Z20R 202d 4 Jul ber 2026 OcZ125 Ju 8/12025 2026 OoZ130261152026 6 JulZ15 TIRZ Revenue-Availabb E2.-,- $ - 51,661.021 $ - 53,265,619 $ - 12,11,11 S - $4,2..985 S - E2,283629 $ - $5,3894fi2 8 - $2.39fi,699 E - $ 6,654.096 $ - $ 246],]93 $ $- E - $ - $ - $ - $ - $ - $ - f - $ - $ - $ - E Ne S- Revewe Ava$ebk TIU Revanua- Tnreferro Debt 3 - $ - E 890.d81 $ - f - $ - $ 892,]09 $ - E - $ - $ 883,584 $ - $ - $ - S B88.084 $ - $ - $ - S 869,359 $ Debt Fund Revemiea Total Revenue $ - $ - $ 890,431 $ - $ - $ - $ 892,709 E - $ - $ - $ 883,584 $ - $ - $ - $ 886,084 $ - $ - $ - $ m.- f - N. Fund Pa eNs To1e1 Fx na s $ - $ 2.9d $ .- 3 '594.4 $ - $ 284,14 E 3.040 $ 605.522 $ - $ 274,6A E 3,040 $ '6�. $ - $ T2,T22 $ 3.040 $ 510,322 $ - E 266,89 $ 3.040) $ 1619.4221 Debt Service Caa- O tali Income $ ]fi0,000 $ 4 ,064 $1,9d440T S MAN $ 750,000 $ 4fi6,80 $1,3fi6,622 $ 780p00 $ ]fi0,000 $ 476,Ni3 $13fi6,89] $ 750,000 $ T60,000 $ 477,278 f1,S60322 $ T60,000 $ 760,000 $-,103 $ 1,30,422 $ ]50,000 -ealarce -1-11 1 $d,461634 I I E5,63 -, I I $ 8,232629 PID 82 Glade Parks Municipal Revenue CaaRflm ......... K....�.e....� October 2022 Z120Jui 2023 2-023 8-2023 Jui 2024 ZMO24 - Jul 8/14 2025 coVlM025 911-25 2016 c268/152026 Jul.1-22 MDR-- $ - $ - S - $ - $ - $ - $ - 3 - $ $ - $ - $ TIRZ Rema'mI Revenue $ - E - 53,511559 3 - Y - Y - E4,481 $34 E - $ - $ - $5,635,]31 Y - S - 5 - E6,900,0]] Y - S - $ - $ 6,232,529 E Debt Serv'ca Acwunf (Total Revenue $ - 5 - 53,511,559 S - $ - $ - $4,481,530 $ - $ - S - $5635731 $ - $ - $ - $6,900,0]] S - S - S - $ 8,2R,529 $ - Debt Service Pa rda afalU $ 198188 $ - f 4T,T52 f ,08 f - E 45, S ,9T2; $ - $ 422 S ,9T8 $ - F ,004 $209,880 S - $ Debt ServiceCaalMow (Operati Income) $ 198,188 f3,313,371 $3,365,618 S 200,062 f4,281,dfi2 $4,2Nr,986 $ (203,972) $5,01,759 $fi,38B,462 $ 06,8T8 SSfi93,099 58,669,095 $209,860 $ 8,022,669 $T,98T,HH3 Resoluton No. 21-1610, Page 13 of 14 APPENDIX D Glade Parks PID #2 Tax Roll Tau Account !Owner Name Owner Address Owner Cftj l Property Locatlon !Legal Descriptlon 1 I2021-2022 Market ! Tw(year yelue 42162597 !GLADE INLINE 1 LLC 16723 WEAVER RD STE 108 ! ROCKFORD IL 61114 12901 RIO GRANDE BLVD GLADE PARKS Block K Lot 1 ! 2021 ! $ 30,445,000 42162601 IGLADE INLINE 1 LLC 16723 WEAVER RD STE 108 ! ROCKFORD IL 61114 12700 RIO GRANDE BLVD STE 200 !GLADE PARKS Block K Lot 2 ! 2021 ! $ 6,753,449 42191236 ;GLADE THEATER LLC (6723 WEAVER RD STE 108 ! ROCKFORD IL 61114 I2601 BRAZOS BLVD !GLADE PARKS Block 1 Lot 1 ! 2021 I $ 7,000,000 42227028 lSALYER AMERICAN 16770 N WEST AVE SUITE 104 I FRESNO CA 93711 2521 STATE HWY 121 iGLADE PARKS Block C Lot 1 EULE� 2021 ! $ 1,899,558 42298162 !SEIH LIVING TRUST DATED JUNE A. 1260 MUIR AVE ! CHICO CA 95973 12601 STATE HWY 121 !GLADE PARKS Block B Lot 4 ! 2021 ! $ 2,450,000 42454636 GLADE LIFESTYLE LLC 16723 WEAVER RD STE 108 1 ROCKFORD IL 61114 12601 RIO GRANDE BLVD GLADE PARKS Block K Lot 4R1 I 2021 1 $ 12,100,000 42454644 �EULESS HOTELS LLC 17701 LAS COLINAS RIDGE STE 251 IRVING TX 75063 11301 CHISHOLM TR ,GLADE PARKS Black K Lot 5R 2021 ! $ I 6,863,131 $ 67.511,138 Glade Parks PID Assessment Roll PID #1 1 2 9 4 5 Tex Year 2021 2022 2023 2024 2025 Flecal Year 2022 2023 2024 2025 2026 Projected Taxable Value $266,081,673 $275,530,501 $285.153,369 1295,1.33,'31 $305,463,417 Accumulated Balance $2,534,972 $3,265,6Is $970,366 $1,153,476 $1,264,633 Projected TIRZ Revenue $1,867,021 $2,108,624 $2.283,329 $2,396,699 $2,467.793 PID i1 Aeaaeemetd First, Second & Third Debt Issuance $O $0 $O $0 $0 PIDAssessment 0.000000 0.000000 0.000000 0.000000 0.000000 PID#2 Asa tnent Projected Taxable Value $67.511,138 469.903,452 $72,350,073 $74,882,325 $77,503,207 Remaining TIRZ Revenue $3,511,559 $1,215915 $2,350745 $1,510,615 $1,578,434 Fourth Debt Issuance $0 $0 $0 $0 $0 PIDAssessment 0.000000 0.000000 0.000000 0.000000 0.000000 Resolution No. 21-1610, Page 14 of 14