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Home My WebLink AboutFY 2019 Glade Parks Annual ReportCITY OF EULESS TIRZ #3 — GLADE PARKS MEMO TO: Mayor Linda Martin, City of Euless Salman Bhojani, City of Euless Council Member Tim Stinneford, City of Euless Council Member Eddie Price, City of Euless Council Member Rebecca Barksdale, Tarrant County Precinct 3 Administrator Scott Rule, Vice President, Chief of Staff, JPS Health Network Mark McClendon, Vice Chancellor Finance, TCCD FROM: Janina Jewell, Director of Finance n SUBJECT: TIRZ #3 — Glade Parks Annual Report DATE: March 31, 2020 On November 9, 2010, the City Council of the City of Euless passed ordinance #1892 establishing Tax Increment Reinvestment Zone #3 — Glade Parks ("the Zone"). The project and financing plan for the Zone included $12.1 million for qualifying infrastructure improvements including arterial streets and bridge construction, roadway access improvements along Highway 121, wetland mitigation and water, wastewater, and drainage improvements. The anticipated net benefit to the taxing entities was estimated at approximately $197 million. On August 11, 2015 the City Council approved an amendment to increase the project cost by $3,268,910 to a total of $15,369,514. This additional project costs funded the construction of a park and parking garage to provide connectivity between the inline stores, Dave & Busters, the Cinepolis movie theatre and the LifeStyle Center. Debt for this amendment was issued during fiscal year 2018. The base year (tax year 2010) appraised taxable values totaled $19,758,821. For tax year 2018, there was a $211,585,594 increase in taxable value of the property located within the Zone for the City creating $1,266,741 in property tax revenue. For fiscal year 2019, the Zone also collected $353,112 in sales tax revenues from the City to cover a portion of the annual debt service costs. As of fiscal year end September 30, 2019, $15,048,910 of debt had been issued to fund public infrastructure improvements by the City and the total outstanding principal and interest on this debt was $16,791,513. Commercial growth continued in 2019 within the 200-acre Glade Parks Mixed -Use development. Additions to Glade Parks included: ALOFT, First Watch, QuikTrip, Pei Wei Asian Kitchen, My Eye Lab, and the Thirsty Lion Gastropub and Grille. Several community activities were held during the year in the LifeStyle Center. Due to the current COVID-19 crisis, some businesses in Glade Parks have temporarily closed or have limited services. If you have any questions or need additional information, please let me know. I will be happy to provide further assistance. CITY OF EULESS TIRZ #3 - GLADE PARKS DEVELOPMENT ANNUAL REPORT FOR FISCAL YEAR ENDING 9/30/19 FY2019 Amount and Source of Revenue in the Tax Increment Fund: Property tax collections Tarrant County $ 384,140.62 Tarrant County College District $ 148,663.29 City of Euless $ 733,937.53 Sales tax contributions City of Euless $ 353,111.75 Investment income $ 21,792.08 Total revenues for fiscal year $ 1,641,645.27 Amount and Purpose of Expenditures from the Tax Increment Fund: Transfer to debt service $ 1,130,268.00 Total expenditures for fiscal year $ 1,130,268.00 Debt Service Requirements on Outstanding Debt as of FYE: [Debt issued: by the City of Euless 2011, 2014 & 2015 Certificates of Obligation; loan by City of Euless 2018] Principal $ 13,078,336 Interest $ 3,713,177 Total requirements $ 16,791,513 Tax Increment Base and Current Captured Appraised Value Retained by the Zone: Tax increment base (TY2010) $ 19,758,821 Current captured appraised value $ 211,585,594 Captured Appraised Value Shared by the Municipality and Other Taxing Entities and Total Amount of Tax Increments Received: Base Tax Year Captured (2010) Appraised Appraised Taxable Value - Value Tax Year Tax Rate per Property Tax Taxing Unit Taxable Value Tax Year 2018 2018 $100 FY2019 Revenue FY2019 Tarrant County $ 19,758,821 $ 238,268,845 $ 218,510,024 $ 0.234000 $ 511,313.46 Tarrant County College District $ 19,758,821 $ 238,268,845 $ 218,510,024 $ 0.136070 $ 297,326.59 City of Euless $ 19,758,821 $ 231,344,415 $ 211,585,594 $ 0.462500 $ 978,583.37 This report submitted b Jar�11Ka Jewell V Director of Finance City of Euless, Texas t 1 ! p 000 ! 1 1 t , ! ! ! ! 1 t ! 1 t ! ! ! 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