HomeMy WebLinkAbout94-869 09-27-1994RESOLUTION NO. 94 -869
A RESOLUTION OF THE CITY OF EULESS, TEXAS, GRANTING TO THE
DEPARTMENT OF THE ARMY, ITS CONTRACTORS, AGENTS,
LICENSEES AND ASSIGNS, THE RIGHT, PRIVILEGE, LICENSE AND
PERMIT TO ENTER IN AND UPON CERTAIN LANDS, RIGHTS-OF-WAY,
LICENSED PROPERTIES AND EASEMENTS HELD BY THE CITY OF
EULESS ALL OF WHICH LANDS, RIGHTS -OF -WAY AND EASEMENTS
ARE FULLY DESCRIBED HEREINBELOW FOR THE PURPOSE OF
CONSTRUCTING THE SULPHUR BRANCH PROJECT, IN EULESS, HURST,
AND BEDFORD, TARRANT COUNTY, TEXAS, ELECTING TO BE A SELF -
INSURER AS TO CERTAIN LAND WITHIN THE SULPHUR BRANCH
PROJECT, AND AUTHORIZING THE CITY ATTORNEY TO CERTIFY TO
SUCH EFI4ECT TO THE U. S. ARMY CORPS OF ENGINEERS.
WHEREAS, as evidenced by the Local Cooperation Agreement between the Department
of the Army and the City of Euless dated April 27, 1993, (hereinafter referred to as the
"Agreement "), the City Council had determined that it was necessary and proper, in order to
provide for the health, welfare and safety of its residents, to construct the Sulphur Branch Project,
in Euless, Tarrant County, Texas; and,
WHEREAS, certain lands and easements were or have now been acquired by the City of
Euless for that purpose;
NOW THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
EULESS:
That for and in consideration of the benefits accruing to the City of Euless by virtue of the
Agreement for the Sulphur Branch Project, dated April, 1993, the City does hereby grant unto
the Department of the Army, its contractors, licensees and assigns, the right, privilege, license
and permit to enter in and upon those lands, rights -of -way, licensed properties and easements as
more particularly described in EXHIBIT "A" attached hereto and made a part hereof, located in
the City of Euless, Tarrant County, Texas, and included within the limits of Corps Stationing 5
+ 00 to 42 + 45.44 as referenced in the plans for Channel Improvements for Sulphur Branch,
Euless, Texas, Solicitation No. DACW 63- 94- B- 0131(herein referred to as "Sulphur Branch
Project "); and
That the Date of Possession for all Temporary Work Area Easements shall be the date of
award of the construction contract for the Sulphur Branch Project by the Department of the
Army; and
That all of the grants, transfers and assignments herein made are temporary in nature and
are made for the sole purpose of permitting the construction of the Sulphur Branch Project, in
accordance with the official drawings, maps and plans of the U. S. Army Corps of Engineers,
true copies of which are on file in the Engineering Department of the City of Euless and to
which reference is made and which are adopted by reference herein; and
That the City of Euless elects to be a self - insurer as to the fee simple title held by the
City of Euless in all the lands and easements owned by the City as more particularly described
in Exhibit "A ", not otherwise insured by commercial title insurance; and
That the City Attorney is authorized to certify that all lands and easements within the
limits of said Project and not otherwise insured by commercial title insurance, are self - insured
by the City of Euless as requested by the U. S. Army Corps of Engineers; and
That a duplicate original of this Resolution be duly filed and recorded in the Real Property
Records of Tarrant County, Texas.
PASSED AND APPROVED THIS THE 27th
ATTEST:
Susan Crim, M.C., City Secretary
DAY OF September
, 1994.
1 la, de Li. a,
MtYy Lib Saleh, Mayor
EXHIBIT B
Tentative Plan for the Development of the Zone
The 94 -acre site is proposed to be developed into an approximately 1,165,000
square foot regional mall to be anchored by three national department stores which will
total 665,000 square feet, 340,000 square feet of mall shops, and an entertainment
complex consisting of an 80,000 square foot multiplex theater, a 10,000 square foot food
court and 70,000 square feet of restaurants and entertainment related retailers. A future
phase of the mall development with two additional department stores and an estimated
additional 150,000 square feet of mall shops is shown on the site plan, but is specifically
excluded from the TIF District in order that the development of that portion of the mall
would benefit each taxing unit.
The plan shows the proposed circulation for the project and notes the estimated off -site
improvements expected to be necessary for the project to have required utilities and
ingress and egress to the site. The TIF District funds will be used to purchase land to be
used as public parking and to pay for the improvements to the public land. Off -site costs
and utility relocation will also be funded with the TIF bond revenues.
Estimate of General Impact of the Proposed Zone on Property Values and Tax Revenues
The estimated project costs for the land acquisition, on- and off -site improvements
and construction of the mall and contributions to department stores' construction of their
own stores are $193 million. Additionally, approximately $59 million will be spent by the
three department stores and by end users which will lease eight pads on the perimeter of
the site. The estimated total project costs are $252 million. Of that amount, an estimated
$210 million is estimated as the assessment for the project. The difference in the costs
and the assessment are the soft costs necessary for the development, but not included in
the assessment placed on the project.
From that amount is deducted the existing assessed value, and the public parking
and improvements to the public parking areas. Those deductions bring the estimated
incremental assessed value to $161.2 million. The tax increment based on 100%
participation by all the taxing entities is estimated at $4,343,000 in the first year after the
mall is completed with the construction of the third department store.
The cumulative tax increment from the project is estimated as follows:
First 5 Years $17,900,000
First 10 Years $45,855,000
\misc\plan.tif