HomeMy WebLinkAboutTIRZ #3 Annual ReportCITY OF EULESS
TIRZ #3 — GLADE PARKS
MEMO
TO: Mayor Linda Martin, City of Euless
Linda Eilenfeldt, 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 Finer p, TCCD
FROM: Janina Jewell, Director of Financ
SUBJECT: TIRZ #3 — Glade Parks Annual Report
DATE: December 29, 2016
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.
The base year (tax year 2010) appraised taxable values totaled $19,758,821. For tax year 2015,
there was a $72,503,914 increase in taxable value of the property located within the Zone creating
$461,006.54 in property tax revenue. For fiscal year 2016, the Zone also collected $153,706.92
in sales tax revenues from the City to cover a portion of the annual debt service costs. As of fiscal
year end September 30, 2016, $11,780,000 of debt had been issued to fund public infrastructure
improvements by the City and the total outstanding principal and interest on this debt was
$15,165,956.
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. These project costs will fund 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 is expected to be issued during
fiscal year 2017.
During 2015, Rio Grande Blvd and Brazos Blvd were completed and opened to the public. Since
then, numerous projects within the Glade Parks area have either opened or have broken ground.
Belk's Department Store, Dick's Sporting Goods, Dave & Busters, Message Envy, Five Below,
Home Goods, Boot Barn, Cato, Kirkland's, Michaels, Ulta, Verizon, AT&T, Sleep Experts, Legacy
Nails & Spa, Bath and Body Works, DSW Shoe, Tuesday Morning, and Hand and Stone Massage,
are some of the retailers that are now located within Glade Parks. Joining Rosa's Cafe, Raising
Canes, and Potbelly Sandwich in Glade Parks are new restaurants including Five Guys Burgers,
Panera Bread, Pie Five and Lazy Dog Restaurant which will open in January 2017. The LifeStyle
Area within Glade Parks is under construction and will include 12 buildings that are estimated to
bring over 100,000 s.f. of retail/restaurant space, as well as a 35,000 s.f. public plaza area. The
LifeStyle Area will be surrounded by Dave & Busters to the south, and a multi -story parking garage
and a Cinepolis movie theatre to the west that is currently under construction. After completion of
Phase 1 and the LifeStyle Area, Glade Parks will offer over 540,000 s.f. of retail, dining, and
entertainment. Fifty-nine (59) building permits have been issued for the 127 lot residential
subdivision developed by K Hovnanian Homes in the Zone which have an average value of
$480,000.
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 9/30/16
FY2016
Amount and Source of Revenue in the Tax Increment Fund:
Property tax collections
Tarrant County $ 152,593.01
Tarrant County College District $ 54,196.68
City of Euless $ 254,216.85
Sales tax contributions
City of Euless $ 153,706.92
Investment income $ 1.26
Total revenues for fiscal year $ 614,714.72
Amount and Purpose of Expenditures from the Tax Increment Fund:
Transfer to debt service $ 519,623.72
Total expenditures for fiscal year $ 519,623.72
Debt Service Requirements on Outstanding Debt as of FYE:
[Debt issued by the City of Euless - 2011, 2014 & 2015 Certificates of Obligation]
Principal $ 11,260,000
Interest $ 3,905,956
Total requirements $ 15,165,956
Tax Increment Base and Current Captured Appraised Value
Retained by the Zone:
Tax increment base (TY2010) $ 19,758,821
Current captured appraised value $ 72,503,914
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 2015 2015 $100 FY2016 Revenue FY2016
Tarrant County $ 19,758,821 $ 92,262,735 $ 72,503,914 $ 0.264000 $ 191,410.33
Tarrant County College District $ 19,758,821 $ 92,262,735 $ 72,503,914 $ 0.149500 $ 108,393.35
City of Euless $ 19,758,821 $ 92,262,735 $ 72,503,914 $ 0.467500 $ 338,955.80
This report submitted by:
tom;:
Ja n Jewell 4
Director of Finance
City of Euless, Texas
CITY OF EULESS
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