HomeMy WebLinkAboutFY 2012 Glade Parks Annual Report 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 Planning and Analysis, JPS Health Network
Mark McClendon, Vice Chancellor for Finance, May Owen Center, TCCD
FROM: Vicki Rodriquez
Director of Finance
SUBJECT: TIRZ#3 —Glade Parks Annual Report
DATE: December 26, 2012
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 2011,
there was no change in the taxable value of the properties located within the Zone. 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, 2012 was $4,305,894. For fiscal
year 2012, the Zone collected $2,978.82 in sales tax revenues from the City and $2,978.82 was
transferred to the City to cover a portion of the annual debt service costs.
As of the end of the fiscal year,Phase I of the public infrastructure improvements was complete and
Phase 11 was substantially complete. Additionally,one restaurant facility was open and operational
and the permits for another dining establishment and the urban lofts had been issued. Subsequent to
fiscal year-end,significant progress has been realized on these new facilities and both are anticipated
to open within the upcoming fiscal year.
If you have any questions or need additional information, please let me know. I will be happy to
provide further assistance.
Vicki Rodriquez
Director of Finance
CITY OF EULESS
TIRZ#3-GLADE PARKS DEVELOPMENT
ANNUAL REPORT FOR FISCAL YEAR ENDING 9/30/12
FY2012
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 $ 2,978.82
Investment income $ -
Total revenues for fiscal year $ 2,978.82
Amount and Purpose of Expenditures from the Tax Increment Fund:
Transfer to debt service $ 2,978.82
Total expenditures for fiscal year $ 2,978.82
Debt Service Requirements on Outstanding Debt as of FYE:
[Debt issued by the City of Euless-2011 Certificates of Obligation]
Principal $ 3,035,000
Interest $ 1,270,894
Total requirements $ 4,305,894
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 2011 2011 $100 FY2012 FY2012
Tarrant County $ 19,758,821 $ 19,758,821 $ - $ 0.264000 $ -
Tarrant County College District $ 19,758,821 $ 19,758,821 $ - $ 0.148970 $ -
City of Euless $ 19,758,821 $ 19,758,821 $ - $ 0.470000 $ -
This report submitted by:
Vicki Rodriquez
Director of Finance
City of Euless,Texas
CITY or EULESS
TIRZ#3-GLADE PARKS DEVELOPMENT
ANNUAL FINANCING PLAN UPDATE FOR FISCAL YEAR ENDING 9/30/12
isca Captured Property Tax Sales Tax Total Planned Capturederty Propax Sales Tax Total 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 $ - $ - $ - $ - $ -
2014 $ 1,558,770 $ 202,327 $ 194,524 $ 396,851 $ - $ - $ - $ - $ -
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 $ - $ - $ - $ - $