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HomeMy WebLinkAboutFY 2014 Glade Parks Annual Report CITY OF EULESS TIRZ#3 —GLADE PARKS MEMO TO: Mayor Linda Martin, City of Euless Linda Eilenfeldt, City of Euless Mayor Pro Tern Tim Stinneford, City of Euless Council Member Eddie Price, City of Euless Council Member Carolyn Sims, Tarrant County Precinct 3 Administrator Scott Rule, Vice President, Chief Risk Officer, JPS Health Network Mark McClendon, Vice Chancellor Finance, TCCD FROM: Janina Jewell, Director of Finance SUBJECT: TIRZ#3—Glade Parks Annual Report DATE: December 30, 2014 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 qualifyinginfrastructure 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 2013, there was a $17,604,858 increase in taxable value of the property located within the Zone creating $110,074.37 in property tax revenue. For fiscal year 2014, the Zone also collected $21,457.27 in sales tax revenues from the City to cover a portion of the annual debt service costs. As of fiscal year end September 30, 2014, $3,035,000 of debt had been issued to fund public infrastructure improvements by the City and the total outstanding principal and interest on this debt was $2,780,000. On October 15, 2014, Phase 11 of the public infrastructure improvements was financed by the issuance of$5,715,000 of Certificates of Obligation. Currently, the Rio Grande Blvd contractor is completing the final punch list and the boulevard should be open to the public in January 2015 and Brazos Blvd concrete work is done and should be open to the public by spring 2015. Two multi-tenant out parcel buildings, approximately 10,000 square feet each, have been completed and foundations are being poured on the 287,000 square foot inline retail and the Dave and Busters. Ten (10) 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. Janina Jewell Director of Finance CITY OF EULESS TIRZ#3- GLADE PARKS DEVELOPMENT ANNUAL REPORT FOR FISCAL YEAR ENDING 9/30/14 FY2014 Amount and Source of Revenue in the Tax Increment Fund: Property tax collections Tarrant County $ 34,857.62 Tarrant County College District $ 13,159.63 City of Euless $ 62,057.12 Sales tax contributions City of Euless $ 21,457.27 Investment income $ - Total revenues for fiscal year $ 131,531.64 Amount and Purpose of Expenditures from the Tax Increment Fund: Transfer to debt service $ 120,930.00 Total expenditures for fiscal year $ 120,930.00 Debt Service Requirements on Outstanding Debt as of FYE: [Debt issued by the City of Euless-2011 Certificates of Obligation] Principal $ 2,780,000 Interest $ 1,044,656 Total requirements $ 3,824,656 Tax Increment Base and Current Captured Appraised Value Retained by the Zone: Tax increment base(TY2010) $ 19,758,821 Current captured appraised value $ 17,604,858 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 Tar Rate per Property Tax Taxing Unit Taxable Value Tax Year 2013 2013 $100 FY2014 Revenue FY2014 Tarrant County $ 19,758,821 $ 37,363,679 $ 17,604,858 $ 0.264000 $ 46,476.83 Tarrant County College District $ 19,758,821 $ 37,363,679 $ 17,604,858 $ 0.149500 $ 26,319.26 City of Euless $ 19,758,821 $ 37,363,679 $ 17,604,858 $ 0.470000 $ 82,742.83 This report submitted by: am"�wolil- Jai Jewell Director of Finance City of Euless, Texas I CITY OF EULESS TIRZ O-GLAAE PAIS DEVELOPMENT ANNUAL FINANCING PLAN UPPATE,FRK FISCAL YEAR ENDING 9/30/14 milks I'isca apture Property ax Tales ax TotalPlannedCapturedProperty ax Sales Tax Tota Actual Year Valuation Revenues Revenues Revenues Valuation Revenues Revenues Revenues Difference 2011 $ - $ - $ $ $ - $ $ - $ $ 2012 $ 509,335 $ 3,154 $ 65,303 $ 68,457 $ - $ - $ 2,979 $ 2,979 $ (65,478) 2013 $ 1,028,857 $ 195,267 $ 183,081 $ 378,348 $ $ - $ 9,369 $ 9,369 $ (368,979) 2014 $ 1,558,770 $ 202,327 $ 194,524 $ 396,851 $ 17,604,858 $ 110,074 $ 21,457 $ 131,532 $ 2015 $ 2,099,281 $ 788,722 $ 264,308 $ 1,053,030 $ 59,077,593 $ (_65,319) 2016 $ 2,650,602 $ 1,031,805 $ 307,870 $ 1,339,675 $ - $ _ $ $ _ 2017 $ 3,212,949 $ 1,432,338 $ 325,105 $ 1,757,443 $ - $ _ $ _ $ 2018 $ 3,786,543 $ 1,523,595 $ 331,608 $ 1,855,203 $ - $ _ $ _ $ 2019 $ 4,371,610 $ 1,557,221 $ 338,240 $ 1,895,461 $ _ $ _ $ _ $ _ $ _ 2020 $ 4,968,377 $ 1,591,520 $ 345,004 $ 1,936,524 $ _ $ _ $ _ $ _ $ _ 2021 $ 5,577,080 $ 1,626,505 $ 351,905 $ 1,978,410 $ - $ _ $ _ $ - $ 2022 $ 6,197,957 $ 1,662,190 $ 358,943 $ 2,021,133 $ - $ _ $ _ $ _ $ _ 2023 $ 6,831,252 $ 1,698,588 $ 366,121 $ 2,064,709 $ - $ - $ _ $ _ $ _ '_024 $ 7,477,212 $ 1,735,714 $ 373,444 $ 2,109,158 $ - $ _ $ _ $ _ $ _ 2025 $ 8,136,092 $ 1,773,583 $ 380,913 $ 2,154,496 $ - $ _ $ _ $ $ 2026 $ 8,808,149 $ 1,812,209 $ 388,531 $ 2,200,740 $ _ $ - $ _ $ _ $ _ '_027 $ 9,493,647 $ 1,654,290 $ 273,535 $ 1,927,825 $ - $ _ $ _ $ _ $ 2028 $ 10,192,855 $ 1,690,194 $ 279,006 $ 1,969,200 $ - $ _ $ _ $ _ $ 2029 $ 10,906,048 $ 1,726,816 $ 284,586 $ 2,011,402 $ _ $ - $ _ $ _ $ _ 2030 $ 11,633,504 $ 1,764,171 $ 290,278 $ 2,054,449 $ _ $ - $ _ $ _ $ 2031 $ 12,375,510 $ 1,802,272 $ 296,083 $ 2,098,355 $ $ - $ _ $ _ $ _ 2032 $ 13,132,355 $ 1,841,136 $ 302,005 $ 2,143,141 $ - $ - $ _ $ $ 2033 $ 13,904,338 $ 1,880,777 $ 308,045 $ 2,188,822 $ - $ _ $ _ $ _ $ 2034 $ 14,691,760 $ 1,921,211 $ 314,206 $ 2,235,417 $ $ _ $ _ $ _ $ 2035 $ 15,494,930 $ 1,962,454 $ 320,490 $ 2,282,944 $ $ _ $ $ _ $ 2036 $ 16,314,164 $ 2,004,521 1 $ 326,900 1 $ 2,331,421 $ - $ _ $ _ $ - $ CITY OF EULESS TIRZ#3-GLADE PARKS DEVELOPMENT REVISED ANNUAL.FINANCING PLAN UPRATE FOR FISM YEAS ENDING 9/30/I4 Fisca Captured Property ax a es ax TotalPlannedCapturedroperty ax a es ax TotalActual Year Valuation Revenues Revenues Revenues Valuation Revenues Revenues Revenues Difference 2011 $ _ _ _ 2012 $ _ $ $ _ $ $ $ - $ _ $ $ $ 2,979 $ 2,979 $ 2,979 2013 - $ $ 4,739 $ 4,739 $ 2014 $ - $ 9,369 $ 9,369 $ 4,630 $ 17,604,858 $ 110,028 $ 6,415 $ 116,442 $ 17,604,858 $ 110,074 $ 21,457 $ 131,532 2015 $ 46,325,205 $ 289,526 $ 24,721 $ 314,246 $ 59,077,593 $ $ 15,089 2016 $ 57,481,205 $ 359,249 $ 40,801 $ 400,050 $ _ $ _ $$ $ - $ $ - $ - _ 2017 $ 82,809,205 $ 517,545 $ 68,281 $ 585,826 $ $ _ $ $ 2018 $ 110,329,205 $ 689,541 $ 128,742 $ 818,283 $ _ - - $ 46 $ 191,137 $ 1,121,384 $ 22019 $ 148,843,005 $ 930,2 _ $ $ - $ - $ - $ _ $ _ $ _ $ 2020 $ 169,641,405 $ 1,060,233 $ 278,873 $ 1,339,106 $ $ _ $ 2021 $ 198,886,538 $ 1,243,011 $ 312,573 $ 1,555,584 $ - $ - $ - 2072 $ 210,1 19,872 - $ - $ - $ - $ - $ 1,313,218 $ 346,273 $ 1,659,490 $ $ - $ _ $ _ $ 2024 $ 221,353,205 $ 1,383,424 $ 346,273 $ 1,729,697 $ $ _ $ _ _ 20-'4 $ 221,353,205 $ 1,383,424 $ 346,273 $ 1,729,697 $ _ $ 2025 $ 221,353,205 $ 1,383,424 $ 346,273 $ $ _ _ $ - $ 1,729,697 $ $ _ $ _ $ _ $ 20226 $ 221,353,205 $ 1,383,424 $ 346,273 $ 1,729,697 $ $ _ $ 2027 $ 221,353,205 $ 1,383,424 $ 230,848 $ 1,614,273 $ _ $ - $ 2028 $ 221,353,205 $ 1,237,331 $ 2 - $ - $ - $ - $ 30,848 $ 1,468,180 $ $ _ $ $ $ 2029 $ 221,353,205 $ 1,237,331 $ 230,848 $ 1,468,180 $ $ _ $ _ $ - 2030 $ 221,353,205 $ 1,237,331 $ 230,848 $ 1,468,180 $ _ _ _ $ 2031 $ 221,353,205 $ 1,237,331 $ 230,848 $ 1,468,180 $ $ _ $ _ $ _ $ - 2032 $ 221,353,205 $ 1,237,331 $ 230,848 $ 1,468,180 $ $ $ $ $ - 2033 $ 221,353,205 $ 1,237,331 $ 230,848 $ 1,468,180 $ - $ $ - $ _ $ - 2034 $ 221,353,205 $ 1,237,331 $ 230,848 $ 1,468,180 $ - $ - $ - $ - $ $ 2035 $ 221,353,205 $ 1,237,331 $ 230,848 $ 1,468,180 $ _ - $ $ - $