HomeMy WebLinkAboutFY 2013 Glade Parks Annual Reports CITY OF EULESS
TIRZ #3 -GLADE PARKS
MEMO
TO: Mayor Mary Lib Saleh, City of Euless
Linda Martin, City of Euless Council Member
Tim Stinneford, City of Euless Council Member
Glenn Porterfield, 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 20, 2013
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 2012,
there was a reduction in taxable value of the properties located within the Zone and therefore no
captured appraised value. To-date, $3,035,000 in debt has been issued by the City to fund
public infrastructure improvements. Total outstanding principal and interest on this debt at
September 30, 2013 was $4,065,900. For fiscal year 2013, the Zone collected $9,368.86 in
sales tax revenues from the City and $9,368.86 was transferred to the City to cover a portion of
the annual debt service costs.
At the end of the fiscal year, portions of Rio Grande Blvd and Brazos Blvd as well as Red River
were complete. The remaining portion of Rio Grande Blvd and the bridge over Little Bear Creek
was designed with construction planned for January 2014. Two restaurants are open and a
substantial portion of the urban lofts has been completed. Site plans for three additional out
parcels are under review.
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 9/30/13
FY2013
Amount and Source of Revenue in the Tax Increment Fund:
Property tax collections
Tarrant County $ -
Tarrant County College District $ -
City of Euless $ -
Sales tax contributions
City of Euless $ 9,368.86
Investment income $ -
Total revenues for fiscal year $ 9,368.86
Amount and Purpose of Expenditures from the Tax Increment Fund:
Transfer to debt service $ 9,368.86
Total expenditures for fiscal year $ 9,368.86
Debt Service Requirements on Outstanding Debt as of FYE:
[Debt issued by the City of Euless-2011 Certificates of Obligation]
Principal $ 2,910,000
Interest $ 1,155,900
Total requirements $ 4,065,900
Tax Increment Base and Current Captured Appraised Value
Retained by the Zone:
Tax increment base(TY2010) $ 19,758,821
Current captured appraised value $ -
Captured Appraised Value Shared by the Municipality and Other
Taxing Entities and Total Amount of Tax Increments Received:
Base Tax Year Captured
(2010) Appraised Property Tax
Appraised Taxable Value- Value Tax Year Tax Rate per Revenue
Taxing Unit Taxable Value Tax Year 2012 2012 $100 FY2013 FY2013
Tarrant County $ 19,758,821 $ 19,073,880 $ - $ 0.264000 $ -
Tarrant County College District $ 19,758,821 $ 19,073,880 $ - $ 0.148970 $ -
City of Euless $ 19,758,821 $ 19,073,880 $ - $ 0.470000 $ -
This report submitted by:
Jan' Jewell
Director of Finance
City of Euless, Texas
. a ` CITY OF EULESSf � � �,
=4 GLADE PARKS DEVELOPMENT
1�Y I x ATE 0OR]DISCAL YEAR ENDING 9/30113 � _
Fisca Captured Property Tax Sales Tax Total Planned CapturedProperty Tax 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 $ - $ - $ - $ -
2015 $ 2,099,281 $ 788,722 $ 264,308 $ 1,053,030 $ - $ - $ - $ - $ -
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 $ - $ - $ - $ - $ -
2024 $ 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 $ - $ - $ - $ - $ -
2027 $ 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 $ 326,900 $ 2,331,421 $ - $ -