HomeMy WebLinkAboutTIRZ #4 Annual Report - FYE 2023 v2
Tax Increment
Reinvestment Zone #4
Annual Report
October 1, 2022 – September 30, 2023
City of Euless
PREPARED BY:
TAX INCREMENT REINVESTMENT ZONE #4
CITY OF EULESS
Annual Report
Table of Contents
I. INTRODUCTION 1
II. TIRZ REVENUES 1
III. TIRZ EXPENDITURES 1
IV. DEBT SERVICE 1
V. TAXABLE VALUES 1
APPENDIX A – DEBT SERVICE SCHEDULE 2
1
I. INTRODUCTION
The City of Euless Tax Increment Reinvestment Zone #4 (“TIRZ #4”) was created on September
22, 2015 pursuant to ordinance No. 2089 adopted by the City Council of the City of Euless (“City
Council”) as authorized by Chapter 311 of the Texas Tax Code (the “Act”). TIRZ #4 was created
to finance the construction of certain public improvements within the TIRZ boundary to encourage
private development that would yield additional tax revenue to all local jurisdictions. TIRZ #4 is
located in the southern portion of the City of Euless along the southern edge of Airport Freeway.
The TIRZ boundary encompasses approximately 56 acres and is bounded by Home Depot to the
west, West Euless Boulevard to the south, Park Drive to the east and Airport Freeway to the north.
The project and financing plan outlines the funding of $16,450,000 in public improvements related
to streets, water and drainage improvements, hardscaping and mitigation, wastewater
improvements and issuance costs. The TIRZ will fund these improvements through bond issuance,
ad valorem participation of eligible taxing jurisdictions and through the contribution of a portion
of the City’s sales tax receipts.
II. TIRZ REVENUES
The total property tax incremental TIRZ revenues collected during Fiscal Year 2023 are $877,004.
The total sales tax incremental TIRZ revenues collected during Fiscal Year 2023 are $12,981,
resulting in a total TIRZ incremental revenue of $889,985.
III. TIRZ EXPENDITURES
The total TIRZ expenditures during Fiscal Year 2023 were $764,199.
IV. DEBT SERVICE
Please refer to Appendix A for the debt service schedule related to bonded indebtedness.
The debt service due for the period ending September 30, 2023 was paid from the 2022-23 annual
assessments collected for the Euless Midtown Public Improvement District (the “PID”) and
$764,199 in incremental TIRZ revenues collected.
The debt service due for the period ending September 30, 2024 is anticipated to be paid from 2023-
24 annual assessments to be collected for the PID and $894,547 in incremental TIRZ revenues
collected.
V. TAXABLE VALUES
The total base year (2015) taxable value of the property within TIRZ #4 was $10,889,972. The
2023 total appraised value of the property within TIRZ #4 was $157,059,6301. As a result, the
aggregate increase in the total taxable value (“Incremental Appraised Value”) for the year is
$146,169,658.
1 As reported in the Annual Filing for Fiscal Year 2023 this amount represents the taxable value for the City of Euless
taxing jurisdiction.
2
Appendix A
Debt Service Schedule
Period
Ending
Cumulative
Balance Principal Interest
Total Debt
Service
9/1/2016 $16,450,000 $0 $267,941 $267,941
9/1/2017 $16,450,000 $0 $489,638 $489,638
9/1/2018 $16,450,000 $380,000 $489,638 $869,638
9/1/2019 $16,070,000 $515,000 $482,038 $997,038
9/1/2020 $15,555,000 $530,000 $466,588 $996,588
9/1/2021 $15,025,000 $540,000 $455,988 $995,988
9/1/2022 $14,485,000 $550,000 $445,188 $995,188
9/1/2023 $13,935,000 $570,000 $428,688 $998,688
9/1/2024 $13,365,000 $590,000 $405,888 $995,888
9/1/2025 $12,775,000 $605,000 $392,613 $997,613
9/1/2026 $12,170,000 $620,000 $374,463 $994,463
9/1/2027 $11,550,000 $640,000 $355,863 $995,863
9/1/2028 $10,910,000 $660,000 $336,663 $996,663
9/1/2029 $10,250,000 $680,000 $316,863 $996,863
9/1/2030 $9,570,000 $700,000 $296,463 $996,463
9/1/2031 $8,870,000 $720,000 $275,463 $995,463
9/1/2032 $8,150,000 $745,000 $253,863 $998,863
9/1/2033 $7,405,000 $765,000 $231,513 $996,513
9/1/2034 $6,640,000 $790,000 $208,563 $998,563
9/1/2035 $5,850,000 $810,000 $184,863 $994,863
9/1/2036 $5,040,000 $835,000 $160,563 $995,563
9/1/2037 $4,205,000 $865,000 $134,469 $999,469
9/1/2038 $3,340,000 $890,000 $107,438 $997,438
9/1/2039 $2,450,000 $920,000 $79,625 $999,625
9/1/2040 $1,530,000 $950,000 $49,725 $999,725
9/1/2041 $580,000 $580,000 $9,425 $589,425
Total $16,450,000 $7,700,022 $24,150,022