HomeMy WebLinkAboutFY 2015 Glade Parks Annual Reports CITY OF EULESS
TIRZ#3 —GLADE PARKS
MEMO
TO: Mayor Linda Martin, City of Euless
Tim Stinneford, City of Euless Mayor Pro Tem
Eddie Price, City of Euless Council Member
Linda Eilenfeldt, City of Euless Council Member
Rebecca Barksdale, Tarrant County Precinct 3 Administrator
Scott Rule, Vice President, Chief Risk Officer, JPS Health Network
Mark McClendon, Vice Chancellor Finan e, TCCD
FROM: Janina Jewell, Director of Finance
SUBJECT: TIRZ#3—Glade Parks Annual Report
DATE: December 21, 2015
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 2014,
there was a $59,077,593 increase in taxable value of the property located within the Zone
creating $368,274.94 in property tax revenue. For fiscal year 2015, the Zone also collected
$37,058.03 in sales tax revenues from the City to cover a portion of the annual debt service
costs. As of fiscal year end September 30, 2015, $8,750,000 of debt had been issued to fund
public infrastructure improvements by the City and the total outstanding principal and interest on
this debt was $8,365,000. On October 15, 2015, Phase III of the public infrastructure
improvements was financed by the issuance of$3,030,000 of Certificates of Obligation.
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 movie
theater and the LifeStyle center.
During 2015 Rio Grande Blvd and Brazos Blvd were completed and opened to the public.
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, and Sleep Experts
are some of the retailers that will be located within Glade Parks. Joining Rosa's Caf6, Raising
Canes, and Potbelly Sandwich in Glade Parks are new restaurants including Five Guys
Burgers, Panera Bread, and Pie Five. 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 movie theatre
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to the west. After completion of Phase 1 and the LifeStyle Area, Glade Parks will offer over
540,000 s.f. of retail, dining, and entertainment. Forty-two (42) building permits have been
issued for the 127 lot residential subdivision developed by K Hovnanian Homes in the Zone.
If you have any questions or need additional information, please let me know. I will be happy to
provide further assistance.
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CITY OF EULESS
TIRZ#3-GLADE PARKS DEVELOPMENT
ANNUAL REPORT FOR FISCAL YEAR ENDING 9/30/15
FY2015
Amount and Source of Revenue in the Tax Increment Fund:
Property tax collections
Tarrant County $ 116,973.63
Tarrant County College District $ 44,160.50
City of Euless $ 207,140.81
Sales tax contributions
City of Euless $ 37,058.03
Investment income $ 2.78
Total revenues for fiscal year $ 405,335.75
Amount and Purpose of Expenditures from the Tax Increment Fund:
Transfer to debt service $ 385,668.00
Total expenditures for fiscal year $ 385,668.00
Debt Service Requirements on Outstanding Debt as of FYE:
[Debt issued by the City of Euless-2011&2014 Certificates of Obligation]
Principal $ 8,365,000
Interest $ 3,087,512
Total requirements $ 11,452,512
Tax Increment Base and Current Captured Appraised Value
Retained by the Zone:
Tax increment base(TY2010) $ 19,758,821
Current captured appraised value $ 59,077,593
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 2014 2014 $100 FY2015 Revenue FY2015
Tarrant County $ 19,758,821 $ 78,836,414 $ 59,077,593 $ 0.264000 $ 155,964.85
Tarrant County College District $ 19,758,821 $ 78,836,414 $ 59,077,593 $ 0.149500 $ 88,321.00
City of Euless $ 19,758,821 $ 78,836,414 $ 59,077,593 $ 0.467500 $ 276,187.75
This report submitted by:
Janiole1welI
Director of Finance
City of Euless,Texas
CITY OF EULESS
TiRZ#3-GLADE PARKS DEVELOPMENT
REVISED ANNUAL FINANCING PLAN UPDATE FOR FISCAL YEAR ENDING 9/30/15
Fisca Capture Property ax Sa es 'ax-ota anne Capture Property Tax A--Twx Tota Actua
Year I Valuation Revenues Revenues Revenues Valuation Revenues Revenues Revenues Difference
2011 $ - $ - S - $ - $ $ $ - $ - $ -
2012 $ - $ - S 2,979 $ 2,979 $ $ $ 2,979 $ 2,979 S
2013 $ - $ - $ 9,369 $ 9,369 $ - $ - $ 9,369 $ 9,369 S -
2014 $ 17,604,858 $ 110,074 S 21,457 $ 131,532 $ 17,604,858 $ 110,074 $ 21,457 $ 131,532 $ -
2015 $ 59,077,593 $ 368,275 S 37,058 $ 405,333 $ 59,077,593 $ 368,275 $ 37,058 $ 405,333 $ -
2016 $ 72,503,914 $ 451,971 S 129,692 $ 581,663 $ 72,503,914 $ - $ - $ - $ -
2017 $ 107,225,169 $ 668,415 $ 266,876 $ 935,291 $ - $ - $ $ $
2018 $ 176,344,213 $ 1,099,286 $ 356,932 $ 1,456,218 $ $ - S - $ $
2019 $ 233,103,926 $ 1,453,112 $ 405,660 $ 1,858,772 $ $ - S $ $ -
2020 $ 256,934,514 $ 1,601,666 $ 486,111 $ 2,087,777 $ $ - $ S $ -
2021 $ 294,547,101 $ 1,836,133 $ 534,572 $ 2,370,705 $ $ - $ $ - $ -
2022 $ 325,011,219 $ 2,026,039 $ 553,938 $ 2,579,977 $ - $ - $ - S $ -
2023 $ 333,835,620 $ 2,081,048 $ 573,812 $ 2,654,860 $ $ - $ - $ - $ -
2024 $ 343,879,509 $ 2,143,659 $ 588,711 $ 2,732,370 $ $ $ - $ $ -
2025 $ 353,200,475 $ 2,201,763 $ 600,486 $ 2,802,249 $ $ $ S $ -
2026 $ 360,659,661 $ 2,248,262 $ 612,495 $ 2,860,757 $ $ - $ - S $ -
2027 $ 368,268,031 $ 1,574,570 $ 416,497 $ 1,991,067 $ $ - $ - S $ -
2028 $ 376,028,568 $ 1,599,532 $ 424,827 $ 2,024,359 $ $ - $ - $ $
2029 $ 383,944,316 $ 1,633,203 $ 433,323 S 2,066,526 S $ - $ - $ $
2030 $ 392,018,378 $ 1,667,548 $ 441,990 S 2,109,538 S $ $ - $ $
2031 $ 400,253,922 S 1,702,580 $ 450,830 $ 2,153,410 S $ $ - $ $
2032 S 408,654,177 S 1,738,313 $ 459,846 S 2,198,159 $ S $ - $ S
2033 S 417,222,437 S 1,774,760 S 469,043 $ 2,243,803 $ S $ - $ S -
2034 $ 425,962,062 $ 1,811,936 S 478,424 $ 2,290,360 $ $ $ - $ S
2035 $ 434,876,480 $ 1,849,856 S 487,993 $ 2,337,849 $ $ - $ $ S -
2036 $ 443,969,186 $ 1,888,534 $ 497,752 $ 2,386,286 $ $ - $ $ - $ -
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