HomeMy WebLinkAbout17-1515 09-12-2017 RESOLUTION NO. 17-1515
A RESOLUTION APPROVING THE FISCAL YEAR 2017-2018 SERVICE
AND ASSESSMENT PLAN FOR GLADE PARKS PUBLIC
IMPROVEMENT DISTRICT NUMBER TWO (PID #2).
WHEREAS, pursuant to Chapter 372 of the Texas Local Government Code (the
"Act'), on June 9, 2015 the City Council of the City of Euless adopted Resolution No.
15-1461 creating Glade Parks Public Improvement District No. 2 ("PID #2"); and
WHEREAS, in accordance with Section 372.013 of the Act, the City Council
approved a service and assessment plan for PID #2; and
WHEREAS, as required by Section 372.013(b) of the Act, the service and
assessment plan shall be reviewed and updated annually.
NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF EULESS, TEXAS, THAT:
SECTION 1.
The City Council of the City of Euless, in accordance with Chapter 372, Texas
Local Government Code, hereby approves the FY 2017-2018 Service and Assessment
Plan for Glade Parks Public Improvement District Number Two, attached hereto as
Exhibit A.
SECTION 2.
The City Council hereby finds that the statements set forth in the recitals of this
Resolution are true and correct, and such recitals are incorporated as part of this
Resolution.
SECTION 3.
This Resolution shall take effect immediately from and after its passage in
accordance with the Charter of the City of Euless, and it is accordingly so resolved.
APPROVED AND ADOPTED at a regular meeting of the Euless City Council on
September 12, 2017, by a vote of 7 _ ayes, o nays, and 0 abstentions.
APPROVED: ATTEST:
Lir rtin iiWSutter, TRMC
Mayor City Secretary
EXHIBIT A
FY 2017-2018- Service and Assessment Plan
Glade Parks Public Improvement District Number Two (PID #2)
City of Euless, Texas
1. Introduction
On June 9, 2015, the City Council of the City of Euless, Texas passed and
adopted Resolution No. 15-1461 (Appendix A) establishing the Glade Parks Public
Improvement District Number Two (PID #2).
2. Nature of the Improvements
The general nature of the improvements to be performed by the PID #2 is to fund
the following improvements (collectively, the "Authorized Improvements"): (a) payment of
expenses incurred in the establishment, administration, and operation of the District; and
(b) the design and construction of public improvement projects authorized by the Act that
are necessary for development of the Property, which public improvements will include
constructing an off-street parking garage and the establishment and improvement of a
park and park facilities within the District. These Authorized Improvements shall promote
the interests of the City and confer a special benefit upon the Property.
3. Authorized Improvements
Estimated Costs
1) Parking Garage $1,901,793
2) Park and Park Amenities $1,287,387
3) Bond Issuance Costs $ 79,730
Total Costs 2 1
4. Financing of Improvements
The Authorized Improvements will be funded through the issuance of certificates
of obligation by the City of Euless. While the PID #2 will not issue any debt, it will be
responsible for all of the costs associated with Authorized Improvements including
interest and financing costs (with the exception of TIRZ contributions as described
below). It is anticipated that the certificates of obligation will be issued when
construction of the public improvements within the District are complete. The expected
debt issuance schedule is shown below.
Debt Issuance Schedule
Year Total Debt
Tranche
4 2018 $3,268,910
Resolution No. 17-1515, Page 2 of 14
The detailed amortization of the Authorized Improvements is attached as Appendix B.
5. Assessment Plan
In addition to the use of PID #2 funds it is anticipated that Tax Increment
Reinvestment Zone Number Three, City of Euless, Texas — Glade Parks (the "TIRZ")
will contribute to the costs of the Authorized Improvements. Once the original PID #1
obligations have been fulfilled, excess TIRZ revenue will flow into the Glade Parks PID
#2. As the TIRZ fund begins to accrue revenue from the incremental increase in
property values, the PID assessments will be decreased by an amount equal to the total
amount of revenue received in the TIRZ fund annually. A more detailed description of
the PID assessment calculation methodology and the relationship between the PID #2
and the TIRZ is described below.
PID #2 Assessment Calculation A - B = C
The PID #2 assessment will be calculated annually and be equal to the total debt
service costs less any revenue collected and available after PID #1 Assessment
calculation by the TIRZ. In the example above, (A) represents total debt service (B)
represents available TIRZ funds and (C) represents total PID #2 assessment required
revenue.
An assessment rate (E) would be set to provide revenue equal to PID #2 assessment
required revenue (C). To calculate the assessment rate divide the PID #2 assessment
required revenue (C) by the estimated value of the PID #2 (D) and multiply the resulting
number by 100 to find the assessment rate per $100 value.
Assessment Calculation ( C / D ) * 100 = E per $100 value
The annual service plan is attached as Appendix C.
6. Levy of Assessments
The assessment year shall be concurrent with the City's tax year.
7. Assessment Roll
The Assessment Roll for the next five years is attached as Appendix D.
Resolution No. 17-1515, Page 3 of 14
Appendix A
RESOLUTION NO. 15-1461
A RESOLUTION CREATING, AUTHORIZING, AND ESTABLISHING
THE GLADE PARKS PUBLIC IMPROVEMENT DISTRICT NUMBER
TWO; AUTHORIZING ASSESSMENT METHOD AND COLLECTION
SERVICE THEREOF; AND PROVIDING FOR PUBLICATION AND AN
EFFECTIVE DATE.
WHEREAS, Chapter 372 of the Texas Local Government Code (the "Act')
allows for the creation of public improvement districts. and
WHEREAS, on May 12. 2015 owners of real property located near the
intersection of SH-121 and Cheek Sparger Road delivered to the City of Euless a Petition
(the'Petition")to establish the Glade Parks Public Improvement District (PID) Number
Two (the"District')that is shown on the map attached hereto and made a part hereof
and labeled Exhibit A(the"PID Boundary"). and
WHEREAS, the Act states that the Petition is sufficient if signed by owners of
more than 50 percent of taxable real property according to appraised value and either
of the following more than 50 percent of the area of all taxable real property liable for
assessment under the proposal or more than 50 percent of all record owners of
property liable for assessment. and
WHEREAS, City staff has reviewed the Petition and determined that owners of
more than 50 percent of the appraised value of the taxable real property liable for
assessment. and owners of more than 50 percent of the area of all taxable real property
liable for assessment within the District have executed the petition, and
WHEREAS, the Act further requires that prior to the adoption of the resolution
providing for the establishment of the Glade Parks Public Improvement District Number
Two to provide supplemental public improvements to be funded by assessments on
real property and real property improvements the City Council must hold a public
hearing on the advisability of the improvements. the nature of the improvement. the
estimated cost of the improvement: the boundaries of the public improvement district:.
the method of assessment: and the apportionment of costs between the district and the
municipality as a whole: and
WHEREAS, after providing notices required by Section 372 009 of the Act.
the City Council on June 9, 2015. conducted a public hearing on the advisability of the
improvements, and adjourned such public hearing
NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF
THE CITY OF EULESS,TEXAS, THAT:
Resolution No. 17-1515, Page 4 of 14
Section 1.
Pursuant to the requirements of the Act. the City Council. after considering
the Petition for the proposed District and the evidence and testimony presented at
the public hearing on June 9, 2015, hereby finds and declares.
(a) Advisability of Improvements Proposed for the District. It is
advisable to create the District to provide the improvements described in
this Resolution.
(b) Nature of the Improvements. The purpose of the District is to fund
the following improvements(collectively.. the"Authorized Improvements"): (a)
payment of expenses incurred in the establishment.. administration and
operation of the District. and (b) the design and construction of public
improvement projects authorized by the Act that are necessary for
development of the Property, which public improvements will include
constructing an off-street parking garage and the establishment and
improvement of a park and park facilities within the District These Authorized
Improvements shall promote the interests of the City and confer a special
benefit upon the Property
(c) Estimated Cost of the Improvements. The total estimated cost of
improvements provided by the District is approximately three million, one
hundred and eighty-nine thousand, one hundred and seventy-nine dollars
($3,189.179) The estimated costs do not include any interest costs
associated with debt service The District shall incur no bonded
indebtedness, but will be responsible for indebtedness including principal,
interest and other financing costs, incurred by the City of Euless to finance
improvements that are listed as Authorized Improvements attached hereto
and made a part here of and labeled Exhibit B (the "Authorized
Improvements")
(d) Boundaries. The District is located wholly within the City of Euless.
Texas. The boundaries of the District are shown on the map of the
District(Exhibit A)
(e) Method of Assessment. The method of assessment is based on a
variable assessment rate on the value of property in the Public
Improvement District (PID) equal to the annual debt service costs incurred
by the City of Euless to fund Authorized Improvements within the PID less
any available incremental tax revenue generated from City of Euless Tax
Increment Reinvestment Zone Number Three The Service Plan will reflect
the District's intention to reduce the annual assessment rate proportional
to the annual incremental revenue received from City of Euless Tax
Increment Reinvestment Zone Number Three
Resolution No. 15-1461, Page 2 of 8
Resolution No. 17-1515, Page 5 of 14
(f) Apportionment of Cost Between District and Municipality All of the
costs of the Authorized Improvements will be paid from the assessments
or available incremental tax revenue generated from the City of Euless Tax
Increment Reinvestment Zone Number Three and from other sources of
funds. if any, available to the Owner The City will at no time be
responsible to fund the costs of the Authorized Improvements with any
revenue other than paid from the assessments or that which is available
in the City of Euless Tax Increment Reinvestment Zone Number Three
The City of Euless is not responsible for payment of assessments against
exempt City property in the District.. which is specially benefited. Property
owned by tax-exempt religious organizations will be exempt from
assessment as will property owned by persons receiving and qualifying for
65-or-older homestead exemption under Section 11.13 (c) or (d) of the
Texas Property Tax Code Payment of assessment by other exempt
jurisdictions must be established by contract No such contracts are in place,
nor are any proposed City rights-of-way and city parks are not subject to
assessment. Properties otherwise exempt from ad valorem taxes are not
subject to assessment
(g) Assessment Roll and Setting of Rate. The City Manager shall
annually prepare an assessment roll and file that roll with the City
Secretary. in conformity with the exemptions from assessment established
under subparagraph (f) above The annual assessment installment for each
year shall equal the City of Euless annual debt service for Authorized
Improvements constructed under subparagraph(b) above less any available
incremental tax revenue generated from City of Euless Tax Increment
Reinvestment Zone Number Three
(h) The findings set forth in the preamble of this Resolution are hereby found
to be true and correct
Section 2.
The Glade Parks Public Improvement District Number Two is hereby authorized
and established as a Public Improvement District under the Act in accordance with
the findings as to the advisability of the improvements contained in this Resolution The
District shall be subject to all of the terms, conditions. limitations and reservations
contained in the findings of Section 1 of this Resolution
Section 3.
The City Secretary is directed to give notice of the authorization for the
establishment of the District by publishing the caption of this Resolution once in the
newspaper of general circulation in the City of Euless. Such authorization shall take
effect and the District shall be deemed to be established effective upon the publication
Resolution No. 15-1461,Page 3 of 8
Resolution No. 17-1515, Page 6 of 14
of such notice The District shall automatically dissolve on December 31. 2035 unless
the District is renewed through the petition and approval process as provided by the
Act or the District is sooner terminated as provided by law The power of the City to
continue to levy and collect assessments within the District will cease and the
District will be dissolved upon the date that all indebtedness incurred by the City of
Euless to finance the Authorized Improvements has been liquidated and a petition
requesting dissolution is filed with the City Secretary of the City of Euless and the petition
contains the signatures of at least enough property owners in the District to make the
petition sufficient for creation of a public improvement district as provided in Section
372.005(b)of the Act
Section 4.
j The Municipality will provide assessment collection services for collection of the
special assessments
Section 5.
i
The Resolution shall take effect immediately from and after its passage in
accordance with the Charter of the City of Euless and upon publication.. and it is
accordingly so resolved
APPROVED AND ADOPTED at a regular meeting of the Euless City Council on
June 9, 2015, by a vote of 7 ayes. 0 nays. and 0 abstentions.
APPROVED:
da Marti, Mayor
ATTEST:
i
utter,7 MC,City Secretary
Resolution No. 151461,Paye 4 of 8
Resolution No. 17-1515, Page 7 of 14
Exhibit A
Beginning at the point of intersection of the eastern right of way(ROW)line of
Harrington Gardens Parkway and the northern property line of HAVINS. JOHN H
SURVEY Abstract 685 Tract 2A. thence
West along the northern property line of HAVINS. JOHN H SURVEY Abstract 685 Tract
2A to a point where said line intersects with the western property line of HAVINS. JOHN
H SURVEY Abstract 685 Tract 2A. thence
South along the western property line of HAVINS. JOHN H SURVEY Abstract 685 Tract
2A to a point where said line intersects with the southern property line of GLADE
PARKS Block H Lot 1 & BLK G LOT 1 thence
West along the southern property line of GLADE PARKS Block H Lot 1 & BLK G LOT 1
to a point where said line intersects with the western property line of HAVINS. JOHN H
SURVEY Abstract 685 Tract 2A. thence
South along the western property tine of HAVINS. JOHN H SURVEY Abstract 685 Tract
2A to a point where said line intersects with the projection of the northern property line
of HAVINS, JOHN H SURVEY Abstract 685 Tract 2A09 SEPARATED TRACT, thence
West along the projection of the northern property line of HAVINS. JOHN H SURVEY
Abstract 685 Tract 2A09 SEPARATED TRACT to a point where said line intersects with
the western property line of HAVINS. JOHN H SURVEY Abstract 685 Tract 2A09
SEPARATED TRACT, thence
South along the western property line of HAVINS. JOHN H SURVEY Abstract 685 Tract
2A09 SEPARATED TRACT to a point where said line intersects with the southern
property line of HAVINS JOHN H SURVEY Abstract 685 Tract 2A09 SEPARATED
TRACT thence
East along the southern property line of HAVINS, JOHN H SURVEY Abstract 685 Tract
2A09 SEPARATED TRACT to a point where the projection of said line intersects with
the southern property line of HAVINS, JOHN H SURVEY Abstract 685 Tract 2A, thence
East along the southern property line of HAVINS, JOHN H SURVEY Abstract 685 Tract
2A to a point where the projection of said line intersects with the southern property line
of HAVINS, JOHN H SURVEY Abstract 685 Tract 2A05 SEPARATED TRACT thence
East along the southern property line of HAVINS. JOHN H SURVEY Abstract 685 Tract
2A05 SEPARATED TRACT to a point where the projection of said line intersects with
the eastern property line of HAVINS. JOHN H SURVEY Abstract 685 Tract 2A05
SEPARATED TRACT thence
Resolution No. 15-1461,Page 5 of 8
Resolution No. 17-1515, Page 8 of 14
North along the eastern property line of HAVINS, JOHN H SURVEY Abstract 685 Tract
2A05 SEPARATED TRACT to a point where the projection of said line intersects with
the eastern property line of HAVINS. JOHN H SURVEY Abstract 685 Tract 2A04
SEPARATED TRACT thence
North along the eastern property line of HAVINS. JOHN H SURVEY Abstract 685 Tract
2A04 SEPARATED TRACT to a point where said line intersects with the northern
property line of HAVINS. JOHN H SURVEY Abstract 685 Tract 2A04 SEPARATED
TRACT.thence
West along the northern property line of HAVINS JOHN H SURVEY Abstract 685 Tract
2A04 SEPARATED TRACT to a point where said line intersects with the eastern
property line of HAVINS, JOHN H SURVEY Abstract 685 Tract 2A04 SEPARATED
TRACT. thence
North along the eastern property line of HAVINS. JOHN H SURVEY Abstract 685 Tract
2A04 SEPARATED TRACT to a point where said line intersects with the northern
property line of HAVINS. JOHN H SURVEY Abstract 685 Tract 2A04 SEPARATED
TRACT, thence
West along the northern property line of HAVINS, JOHN H SURVEY Abstract 685 Tract
2A04 SEPARATED TRACT to a point where the projection of said line intersects with
the eastern property line of HAVINS. JOHN H SURVEY Abstract 685 Tract 2A.. thence
North along the eastern property line of HAVINS, JOHN H SURVEY Abstract 685 Tract
2A to a point where said line intersects with the northern property line of HAVINS.
JOHN H SURVEY Abstract 685 Tract 2A.. which is the point of beginning.
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Resolution No. 15-1461,Page 6 of 8
Resolution No. 17-1515, Page 9 of 14
Exhibit A
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Exhibit B
Authorized Improvements Estimated Costs
Parking Garage 1,901,793.00
Park and Park Amenities 1,287,386.75
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TOTAL COSTS 3189,179.75
Resolution No. 151461,Page 8 of 8
Resolution No. 17-1515, Page 11 of 14
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APPENDIX C
Glade Parks PID Service Plan
PID 61
Glade Parks Municipal Revenue Cashtlow
First,Second 6 Third Debt Issuance
2018
Ja 211.018 Jul 6HER01B
TIRZ Revenue-Available $ 193,980 $ - $ 1,362.650 $ 591,260 1,444,78 3,659,355 - $2,516,092
PID Revenue $ - $ - $ - $ - $ - f - $ - S - $ - $ - $ - E - $ - S - $ - $ - $ - $ - $ - $
Debt Service Revenue Available
TIRZ Revenue-Transfer to Da $ - $ - S 891,669 $ - $ - S - f .9M S - E - E T 895.694 S - $ - $ - $ 890,110 S - $ 888,594 $
Debt Fund Revenue, ota evens - 891,669 888,
Debt Fund Payments iTatal Expenses),$ - E 316,672 E 1200 f 573,797 $ - E 310872 E 1200 $ (577,8721$ - $ 308872 $ 1,200 E 1585622 $ - 114 1,200 E 587.772 E - E 292.947 E 1200 E 594447
Debt S-ice Cash6ow(Operating Irreoms S 750,000 $ 433,328 S 1,323,797 E 750,000 4".126 S TWATZ III ympm 14 441, 1,335,622 $ 750,000 $ 750.000 E 448,853 S 1,337,772 $ 750,000 f 750,000 E 4571054 $11344,446 111 750,001
$ 664,961 S 2,794,798 $3,937,696 ,
PID 62
Glade Parks Municipal Revenue Cash6ow
Fourth Debt Issuance
""2016 JW
J entil"21 Jamr J
PID Revenue S - $ - S - $ - E - $ - $ - $ - S - E - $ - $ - $ S $ - $ - $ - $
TIRZ R-ain. Revenue $ - E S 664,961 f - S - $ - S 1,723,125 S - $ -72 $ - $ $ - $3,937,696 $ - S $ - $5,286,853 $
Debt Service Account Total Revenue $ - $ - S 864,961 f - $ - E - $ 1,723,125 $ - $ - S - $2,794,798 S - $ - $ - E 3,937,696 $ $ - $ - $5,286,853 E
Debt Service Payments Total Expenses $ - $ 800 $ 72.881 $ 81,010 $ 800 $ 196,531 E 78,086 $ 800 E 199,456 $ 75014 E 800 $ 202`. 71,786 E 800 E 205,755
Debt SeMce Cashtlow(Operating Income $ - f "0611 591,200 1111 91,010 f 1,641,316 f 1,444,766 9,096 E 2,716,913 2,516,167 $ 75,011 -3,861,883S 3,659,355 E 1,786 5,21/,261 6,006,513
Resolution No. 17-1515,Page 13 of 14
APPENDIX D
Glade Parks PID#2 Tax Roll
Tax Account !Owner Name Owner Address Owner City !Pro 2017-2018 Market
party Location Legal Description Tax Year
Value
06140157 iGLADE LIFESTYLE LLC 6723 WEAVER RD STE 108 ROCKFORD IL 61114 :2601 RIO GRANDE BLVD :HAVINS,JOHN H SURVEY Abstract 685 Tract 2A 1 2017 1$ 3,650,192
41581059 !GLADE INFRASTRUCTURE LLC 16723 WEAVER RD STE 108 ROCKFORD IL 61114-8021 :HERITAGE AVE 1HAVINS,JOHN H SURVEY Abstract 685 Tract 2A04 SEPARATq 2017 $ 357,845
42056118 :GLADE LIFESTYLE LLC 16723 WEAVER RD STE 108 ROCKFORD IL 61114 !HERITAGE AVE jHAVINS,JOHN H SURVEY Abstract 685 Tract 2A10A j 2017 j$ 42,322
42162597 :GLADE INLINE 1 LLC 16723 WEAVER RD STE 108ROCKFORD IL 61114 12901 RIO GRANDE BLVD
' :GLADE PARKS Block K Lot 1 ! 2017 !$ 28,102,000
42162601 (GLADE INLINE 1 LLC 16723 WEAVER RD STE 108 1 ROCKFORD IL 61114 12700 RIO GRANDE BLVD STE 200 (GLADE PARKS Block K Lot 2 I 2017 1$ 7,150,000
42162619 1GLADE INLINE 1 LLC 16723 WEAVER RD STE 108 ROCKFORD IL 61114 1BRAZOS BLVD :GLADE PARKS Block K Lot 4 : 2017 :$ 159,776
42191236 :GLADE THEATER LLC :6723 WEAVER RD STE 108 ROCKFORD IL 61114 12601 BRAZOS BLVD :GLADE PARKS Block J Lot 1 : 2017 $ 4,071,205
42227028 GLADE INFRASTRUCTURE LLC :6723 WEAVER RD STE 108ROCKFORD IL 61114-8021 12521 STATE HWY 121 :GLADE PARKS Block C Lot 1 2017 1$ 3,109,226
$ 46,6427588
Glade Parks PID Assessment Roll
PID#1 1 2 3 4 5
Tax Year 2017 2018 2019 2020 2021
Fiscal Year 2018 2019 2020 2021 2022
Projected Taxable Value $199,751,699 $288,010.646 $311,841,234 $314,305,922 $344,770,040
Penalty,Interest&Am Bal $0 $0 $0 $0 $0
Projected TIRZ Revenue $891,669 $2,021,789 $2,245,707 $2,311,358 $2,516,092
PID#1 Assessment
First,Second&Third Debt
Issuance $0 $0 $0 $0 $0
PID Assessment 0.000000 0.000000 0.000000 0.000000 0.000000
PID#2 Assessment
Projected Taxable value $46,642,566 $62,421,237 $101,821,304 $104,033,980 $106,114,659
Remaining TIRZ Revenue $664,961 $1,723,125 $2,794,798 $3,937,696 $5,286.853
Fourth Debt Issuance 0 0 0 0 0
PIDAssessment 0.000000 0.000000 0.000000 0.000000 0.000000
Resolution No.17-1515,Page 14 of 14