HomeMy WebLinkAboutFY2023 Annual ReportCITY OF EULESS
TIRZ #3 – GLADE PARKS
MEMO
TO: Mayor Linda Martin, City of Euless
Tim Stinneford, City of Euless Council Member
Eddie Price, Mayor Pro Tem
Tika Paudel, City of Euless Council Member
Kathryn Rotter, Tarrant County
Shannon Fletcher, JPS Health Network
Ronnie Watkins, TCCD
FROM: Janina Jewell, Director of Finance
SUBJECT: TIRZ #3 – Glade Parks Annual Report
DATE: March 15, 2024
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 2022, there
was a $282,894,892 increase in taxable value of the property located within the Zone for the City
creating $1,301,317 in property tax revenue. For fiscal year 2023, the Zone also collected $448,863 in
sales tax revenues from the City to cover a portion of the annual debt service costs. As of fiscal year-
end September 30, 2023, $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 $12,246,988.
Commercial growth continued in 2023 within the 200-acre Glade Parks Mixed-Use development.
Additions to Glade Parks included Kids Empire, Reserve Taqueria, Salata, Jersey Mikes, CAVA
Mediterranean Grill, Piada Italian Kitchen, and Kura Revolving Sushi. Current active development at
Glade Parks includes Juicy Dumpling and At Home.
If you have any questions or need additional information, please let me know. I will be happy to provide
further assistance.
CITY OF EULESS
TIRZ #3 - GLADE PARKS DEVELOPMENT
ANNUAL REPORT FOR FISCAL YEAR ENDING 9/30/23
FY2023
Amount and Source of Revenue in the Tax Increment Fund:
Property tax collections
Tarrant County 493,120$
Tarrant County College District 192,328$
City of Euless 975,987$
Sales tax contributions
City of Euless 448,863$
Investment income 186,532$
Total revenues for fiscal year* 2,296,830$
Amount and Purpose of Expenditures from the Tax Increment Fund:
Transfer to debt service 1,138,418$
Total expenditures for fiscal year 1,138,418$
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 10,193,720$
Interest 2,053,268$
Total requirements 12,246,988$
Tax Increment Base and Current Captured Appraised Value
Retained by the Zone:
Tax increment base (TY2010) 19,758,821$
Current captured appraised value 282,894,892$
Captured Appraised Value Shared by the Municipality and Other
Taxing Entities and Total Amount of Tax Increments Received:
Taxing Unit
Base Tax Year
(2010)
Appraised
Taxable Value
Taxable Value -
Tax Year 2022
Captured
Appraised
Value Tax Year
2022
Tax Rate per
$100 FY2023
Property Tax
Revenue FY2023
Tarrant County 19,758,821$ 315,254,606$ 295,495,785$ 0.224000$ 661,911$
Tarrant County College District 19,758,821$ 315,261,606$ 295,502,785$ 0.130170$ 384,656$
City of Euless 19,758,821$ 302,653,713$ 282,894,892$ 0.460000$ 1,301,317$
This report submitted by:
Janina Jewell
Director of Finance
City of Euless, Texas
* Revenues reported using cash basis accounting. Accrual accounting method reported in the City of Euless Annual
Comprehensive Financial Statement and on Tax Increment Finance Registry revenues are higher by $3,313.
CITY OF EULESS
TIRZ #3 - GLADE PARKS DEVELOPMENT
REVISED ANNUAL FINANCING PLAN UPDATE FOR FISCAL YEAR ENDING 9/30/2023
FINANCING PLAN ACTUAL DEVELOPMENT DEV vs PLAN
Fiscal
Year
Captured
Valuation
Property Tax
Revenues
Sales Tax
Revenues
Total Planned
Revenues
Captured
Valuation
Property Tax
Revenues
Sales Tax
Revenues
Total Actual
Revenues Difference
2011 -$ -$ -$ -$ -$ -$ -$ -$ -$
2012 -$ -$ 2,979$ 2,979$ -$ -$ 2,979$ 2,979$ -$
2013 -$ -$ 9,369$ 9,369$ -$ -$ 9,369$ 9,369$ -$
2014 17,604,858$ 110,074$ 21,457$ 131,532$ 17,604,858$ 110,074$ 21,457$ 131,532$ -$
2015 59,077,593$ 368,275$ 37,058$ 405,333$ 59,077,593$ 368,275$ 37,058$ 405,333$ -$
2016 72,503,914$ 451,971$ 129,692$ 581,663$ 72,503,914$ 461,007$ 153,707$ 614,713$ 33,050$
2017 107,225,169$ 668,415$ 266,876$ 935,291$ 125,706,567$ 768,578$ 197,154$ 965,731$ 30,440$
2018 176,344,213$ 1,099,286$ 356,932$ 1,456,218$ 176,282,588$ 1,012,997$ 262,401$ 1,275,398$ (180,820)$
2019 233,103,926$ 1,453,112$ 405,660$ 1,858,772$ 231,344,415$ 1,266,741$ 353,112$ 1,619,853$ (238,919)$
2020 256,934,514$ 1,601,666$ 486,111$ 2,087,777$ 262,896,009$ 1,454,842$ 320,222$ 1,775,064$ (312,713)$
2021 294,547,101$ 1,836,133$ 534,572$ 2,370,705$ 274,996,741$ 1,519,474$ 401,180$ 1,920,654$ (450,051)$
2022 325,011,219$ 2,026,039$ 553,938$ 2,579,977$ 247,144,240$ 1,502,550$ 434,221$ 1,936,771$ (643,206)$
2023 333,835,620$ 2,081,048$ 573,812$ 2,654,860$ 282,894,892$ 1,661,435$ 448,863$ 2,110,298$ (544,562)$
2024 343,879,509$ 2,143,659$ 588,711$ 2,732,370$ -$ -$ -$ -$ -$
2025 353,200,475$ 2,201,763$ 600,486$ 2,802,249$ -$ -$ -$ -$ -$
2026 360,659,661$ 2,248,262$ 612,495$ 2,860,757$ -$ -$ -$ -$ -$
2027 368,268,031$ 1,574,570$ 416,497$ 1,991,067$ -$ -$ -$ -$ -$
2028 376,028,568$ 1,599,532$ 424,827$ 2,024,359$ -$ -$ -$ -$ -$
2029 383,944,316$ 1,633,203$ 433,323$ 2,066,526$ -$ -$ -$ -$ -$
2030 392,018,378$ 1,667,548$ 441,990$ 2,109,538$ -$ -$ -$ -$ -$
2031 400,253,922$ 1,702,580$ 450,830$ 2,153,410$ -$ -$ -$ -$ -$
2032 408,654,177$ 1,738,313$ 459,846$ 2,198,159$ -$ -$ -$ -$ -$
2033 417,222,437$ 1,774,760$ 469,043$ 2,243,803$ -$ -$ -$ -$ -$
2034 425,962,062$ 1,811,936$ 478,424$ 2,290,360$ -$ -$ -$ -$ -$
2035 434,876,480$ 1,849,856$ 487,993$ 2,337,849$ -$ -$ -$ -$ -$
2036 443,969,186$ 1,888,534$ 497,752$ 2,386,286$ -$ -$ -$ -$ -$