Loading...
HomeMy WebLinkAbout1163 12-13-1994ORDINANCE NO. 1163 AN ORDINANCE DESIGNATING A CERTAIN AREA OF THE CITY AS REINVESTMENT ZONE NUMBER ONE, CITY OF EULESS, TEXAS; CREATING A BOARD OF DIRECTORS FOR SUCH ZONE; MAKING CERTAIN FINDINGS AND DETERMINATIONS IN RELATION TO SUCH REINVESTMENT ZONE AND RESOLVING OTHER MATTERS INCIDENT AND RELATED THERETO. WHEREAS, in accordance with the provisions of the Tax Increment Financing Act, V.T.C.A., Tax Code, Chapter 311 (the "Act"), particularly Section 311.005(a)(5) of the Act, a petition has been submitted to the City Council of the City of Euless, Texas (the "City"), requesting that a certain contiguous geographic area (an approximately 110 acre tract of land near the general location of the interchange of Texas State Highways 360 and 183) be designated as a reinvestment zone and such petition was signed by the owners of property constituting at least 50% of the appraised value of the property in the area sought to be so designated; and WHEREAS, the City Council of the City of Euless, Texas (the "City"), desires to promote the development or redevelopment of the above described area within its jurisdiction by the creation of a reinvestment zone, as authorized by the Act; and WHEREAS, in compliance with the Act, the City has called a public hearing to hear public comments on the creation of the proposed reinvestment zone and its benefits to the City and the property in the proposed zone was ordered to be held on the 22nd day of November, 1994 at 7 o'clock p.m., in the Council Chamber of the Euless Municipal Building, 201 N. Ector Dr., Euless, Texas; and WHEREAS, in accordance with the provisions of Section 311.003(e) of the Act, a written notice of the City's intention to establish such reinvestment zone was sent on the 14th day of -1- September, 1994, to the governing body of each taxing unit that levies taxes on real property in the proposed reinvestment zone, i.e., the Hurst -Euless -Bedford Independent School District, Tarrant County, Tarrant County Hospital District and Tarrant County Junior College District, which notice included a description of the proposed boundaries of the zone, the tentative plans for the development or redevelopment of the zone, and an estimate of the general impact of the proposed zone on property values and tax revenues; and WHEREAS, on the 4th day of October, 1994, a duly appointed and designated representative of the City of Euless made a formal presentation to the governing bodies of the Hurst -Euless -Bedford Independent School District and Tarrant County, which presentation included a description of the proposed boundaries of the zone, the tentative plans for the development or redevelopment of the zone, and an estimate of the general impact of the proposed zone on property values and tax revenues; and WHEREAS, in compliance with the Act, notice of such public hearing was published in the Mid -Cities News, a newspaper having general circulation in the City, in its issue dated November 6, 1994, such publication date being not later than seven (7) days prior to the date of the public hearing; and WHEREAS, such hearing was convened at the time and placed mentioned in the published notice, to wit, on the 22nd day of November, 1994 at 7 o'clock p.m., in the Council Chamber of the Euless Municipal Building, 201 N. Ector Dr., Euless, Texas; and WHEREAS, the City, at such hearing, invited any interested person, or his attorney, to appear and contend for or against the creation of the reinvestment zone, the boundaries of the proposed reinvestment zone, or the concept of tax increment financing; and -2- WHEREAS, all owners of property located within the proposed reinvestment zone and all other taxing units and other interested persons were given the opportunity at such public hearing to protest the creation of the proposed reinvestment zone and/or the inclusion of their property in such reinvestment zone; and WHEREAS, the proponents of the reinvestment zone offered evidence, both oral and documentary, in favor of all of the foregoing matters relating to the creation of the reinvestment zone, and no opponents of the reinvestment zone appeared to contest creation of the reinvestment zone, which hearing was then closed; WHEREAS, a preliminary reinvestment zone financing plan was prepared containing information relating to the estimated project costs of the zone, the kind, number, and location of all proposed public works or public improvements in the zone, an economic feasibility study, the estimated amount of bonded indebtedness to be incurred, the time when related costs or monetary obligations are to be incurred, the methods of financing all estimated project costs and the expected sources of revenue to finance or pay project costs, including the percentage of tax increment to be derived from the property taxes of each taxing unit that levies taxes on real property in the zone, the current total appraised value of taxable real property in the zone, the estimated captured appraised value of the zone during each year of its existence, and the duration of the zone. A copy of such preliminary reinvestment zone financing plan was sent to the governing body of each taxing unit that levies real property in the proposed reinvestment zone, i.e., the Hurst -Euless -Bedford Independent School District, Tarrant County, Tarrant County Hospital District and Tarrant County Junior College District. A copy of such preliminary reinvestment zone financing plan being attached hereto as Exhibit 3; -3- NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF EULESS, TEXAS: SECTION 1: That the facts and recitations contained in the preamble of this ordinance are found and declared to be true and correct and are hereby incorporated by reference for all purposes as if same had been restated in this section. SECTION 2: The City Council, after conducting such hearing and having heard such evidence and testimony, hereby makes the following findings and determinations based on the evidence and testimony presented to it: (a) That the public hearing on adoption of the reinvestment zone was properly called, held and conducted and that notice of such hearing was published as required by law and delivered to all taxing units overlapping the territory inside the proposed reinvestment zone; and (b) That improvements in the zone with boundaries as described in Exhibits "1" and "2" will significantly enhance the value of all the taxable real property in the zone and will be of general benefit to the City, its residents and property owners, in general, and to the property, residents and property owners in the reinvestment zone; and (c) That the reinvestment zone, as defined in Exhibits "1" and "2", meets the criteria for the creation of a reinvestment zone as set forth in the Act in that: (1) It is a contiguous geographic area located wholly within the corporate limits of the City; -4- (2) It is an area described in a petition (attached hereto as Exhibit "4") requesting that the area be designated as a reinvestment zone; that said petition was submitted to the Euless City Council by the owners of property constituting at least 50 percent of the appraised value of the property in the area according to the most recent certified appraisal roll for the County in which the area is located (Tarrant); (d) That the total appraised value of all taxable real property in the proposed reinvestment zone according to the most recent appraisal rolls of the City, together with the total appraised value of taxable real property in all other existing reinvestment zones within the City, if any, according to the most recent appraisal rolls of the City, does not exceed 15 percent of the current total appraised value of taxable real property in the City and in the industrial districts created by the City, if any. (e) That the proposed reinvestment zone does not contain more than 15 percent of the total appraised value of real property taxable by a county or school district. (f) That the development or redevelopment of the property in the proposed reinvestment zone will not occur solely through private investment in the reasonably foreseeable future. SECTION 3: That the City hereby creates a reinvestment zone, pursuant to Section 311.005(a)(5) of the act, over the area described by the metes and bounds in Exhibit "1" attached hereto and depicted in the map attached hereto as Exhibit "2" and such reinvestment zone shall -5- hereafter be identified as Reinvestment Zone Number One, City of Euless, Texas (the "Zone" or "Reinvestment Zone"). SECTION 4: That pursuant to Section 311.009(b) of the Act, there is hereby established a board of directors for the Zone which shall consist of nine (9) members. The board of directors of the Reinvestment Zone Number One shall be appointed as follows: One member shall be appointed by the governing body of the Hurst -Euless -Bedford Independent School District, if the school district has approved the payment of all or part of the tax increment produced by the unit. One member shall be appointed by the governing body of Tarrant County, if Tarrant County has approved the payment of all or part of the tax increment produced by the unit. The State Senator in whose district the zone is located is a member of the board, and the State Representative in whose district the zone is located is a member of the board, except that either may designate another individual to serve in the member's place at the pleasure of the member. The remaining five members shall be appointed by the Euless City Council. All members appointed to the board shall meet eligibility requirements as set forth in Section 311.009(e)(2) of the Act. The terms of the board members shall be for two years, unless longer terms are provided under Article XI, Section 11, of the Texas Constitution. The Governing Body of the City shall appoint a member of the board to serve as chairman of the board of directors, and the board shall elect from its members a vice chairman and other officers as it considers appropriate. The board of directors shall make recommendations to the City concerning the administration of the Zone. It shall prepare and adopt a project plan and a reinvestment zone -6- financing plan for the Zone and submit said plans to the City Council for its approval. The board of directors may, with approval of the City Council, enter into agreements as the hoard considers necessary or convenient to implement the project plan and reinvestment zone financing plan and achieve their purposes. SECTION 5: That the Zone shall take effect on January 1, 1995, and that the termination of the Zone shall occur on December 31, 2018 or at an earlier time designated by subsequent ordinance of the City Council in the event the City determines that the reinvestment zone should be terminated due to insufficient private investment, accelerated private investment or other good cause, or at such time as all project costs and tax increment bonds, if any, and the interest thereon, have been paid in full, whichever is earlier. SECTION 6: That the Tax Increment Base for the taxing units in the zone is the total appraised value of all real property taxable by the unit and located in a reinvestment zone for the year in which the zone is designated a reinvestment zone. SECTION 7: That there is hereby created and established a Tax Increment Fund for the Zone which may be divided into such subaccounts as may be authorized by subsequent resolution or ordinance, into which all Tax Increments, less any amounts not required to be paid into the Tax Increment Fund pursuant to the Act, are to be deposited. The Tax Increment Fund and any subaccounts are to be maintained in an account at the City Treasurer's affiliated depository bank of the City and shall be secured in the manner prescribed by law for Texas cities. In addition, all revenues from the sale of any tax increment bonds and notes hereafter issued by the City, revenues from the sale of any property acquired as part of the tax increment financing plan and other revenues to be dedicated to and used in the reinvestment zone shall be deposited into such -7- fund or subaccount from which money will be disbursed to pay project costs for the Zone or to satisfy the claims of holders of tax increment bonds or notes issued for the Zone. ,SECTION i£: That it is hereby declared to be the intention of the City Council that the sections, paragraphs, sentences, clauses and phrases of this Ordinance are severable, and if any section, paragraph, sentence, clause or phrase of this Ordinance shall for any reason be held to be invalid or unconstitutional by the valid judgment or decree of any court of competent jurisdiction, the invalidity or unconstitutionality of such section, paragraph, sentence, clause or phrase shall not affect any of the remaining provisions of this Ordinance, since the same would have been enacted by the City Council without the incorporation in this Ordinance of any such invalid or unconstitutional section, paragraph, sentence, clause or phrase. SECTION 9: It is officially found, determined, and declared that the meeting at which this Ordinance is adopted was open to the public and public notice of the time, place, and subject matter of the public business to be considered at such meeting, including this Ordinance, was given, all as required by V.T.C.A., Government Code, Chapter 551, as amended. SECTION 10: This Ordinance shall be in full force and effect immediately from and after its passage and publication in accordance with the provisions of the Charter of the City of Euless and the laws of the State of Texas and it is accordingly so ordained. -8- PRESENTED AND GIVEN FIRST READING and approved at a regular meeting of the Euless City Council on the 13th day of December, 1994; by a vote of 7 ayes, 0 nays and 0 abstentions. ATTEST: Susan Crim, C C, City Secretary APPROVED AS TO FORM: CITY ATTORNEY -9- APPROVED : Ma its Saleh, Mayor ,;eh4JE DSC?IPTIO TAX INCREMENT FINANCING DISTRICT Being a tract or parcel of '_and situated in the A. Bradford Survey. Abstract Number 152, in the C_ ty of Euless, rn arr ar+ County, Texas, and beinc a portion of a 47.038 tract of land, and a 36.670 acre tract of land, conveyed to Sunbelt Savings Association of Texas. as recorded in Volume 9161, Page 631, Deed Records, Tarrant County, Texas, and being all of that certain tact of land conveyed to Bear Creek Associates II, as recorded in Volume 8856, Page 237, of said Deed Records, and being more particularly described as follows; BEGINNING at a point in the south right-of-way of Midway Drive (an 80 foot R.O.W.), as shown on the Right -Of --Way Dedication Plat for Midway Drive, as recorded in Volume 388-199, Page 85, Plat Records, Tarrant County, Texas, said point being the northwest corner of said 47.038 acre tract; THENCE N 89°28'45" E, 32.55 feet with said south right-of-way to the point of curvature of a tangent curve to the right, having a central angle of 46°46'24", a radius of 857.43 feet, a tangent length of 370.80 feet, and a long chord that bears S 67°08'04" E, 680.68 feet; T'HE'NCE an arc distance of 699.96 feet with said curve and with said south right-of-way to the point of curvature of a tangent curve to the left, having a central angle of 46°20'38", a radius of 990.00 feet, a tangent length of 423.74 feet, and a long chord that bears S 66°55'45" E, 779.11 feet; THENCE an arc distance of 800.76 feet with said curve and with said south right-of-way to a point; THENCE N 89°53'56" E, 406.15 feet with said south right-of-way to a point for the intersection of said south right-of-way, with the west right-of-way of Minters Chapel Road (a 50' right-of-way); THENCE S 00°05'54"-E, 2404.29 feet with said west right-of-way to a point in the north right-of-way of State Highway Number 183 (a variable width right-of-way); THENCE with said north right-of-way of State Highway Number 183, the following 18 calls; S 11°04'09" W, 51.07 feet to a point; S 29°03'43" W, 112.47 feet to a point; S 66°06'19" W, 98.38 feet to a point; S 77°11'11" W, 98.16 feet to a point; S 82°08'21" W, 98.17 feet to a paint; S 87°04'39" W, 98.20 feet to a point; S 89°41'06" W, 609.63 feet to a point; 116EXTI2 . FNS EXH=B=T " 1 " Page 1 DESCRIPTION TAX INCREMENT FINANCING DISTRICT N 45°48'06" W, 71.20 feet to a point; N 00°54'59" W, 476.55 feet to a point; N 51°51'36" W, 148.84 feet to a point; N 00°50'54" W, 31.41 feet to a point: S 88°31'02" W, 113.68 feet to a point; S 00°56'17" E, 31.50 feet to a point; S 49°42'19" W, 148.21 feet to a point; S 00°56'17" E, 459.94 feet to a point; S 46°27'43" W, 67.68 feet to the point of curvature of a non -tangent curve to the right, having a central angle of 01°31'52", a radius of 5616.58 feet, a tangent length of 75.05 feet, and a long chord that bears N 85°09'32" W, 150.10 feet; An arc distance of 150.10 feet with said curve to the point of curvature of a non -tangent curve to the right, having a centra: angle of 04°57'02", a radius of 1319.39 feet, a tangent length of 57.04 feet, and a long chord that bears N 81°55'04" W, 113.96 feet; An arc distance of 114.00 feet with said curve to a point; THENCE N 00°24'28" W, 2373.92 feet to a point; THENCE N 00°15'41" W, 789.83 feet to the POINT OF BEGINNING and containing 110.826 Acres, (4,827,583 S.F.) of land, more or less. 116EXTI2 . F"NS EXHIBIT " 1 " Page 2 `JMa ZitX39l - :6 :ri3aWtflt ON113f1SN00 631vrf 1VI1N30 0020 «Z« 1I8IHX3 MINTERS CHAPEL BEAR CREEK FASHION MALL PRELIMINARY FINANCING PLAN 1. Project Costs The estimated project costs for the land acquisition, on- and off-site improvements and construction of the mall and contributions to department stores for construction their owns stores are $193 million. Additionally, approximately $60.9 million will be spent by the three department stores and by end users which will lease an estimated eight pads on the perimeter of the site. The estimated total project costs are 5252 million. Of that amount, an estimated 5210 million is estimated as the assessment for the project. The difference in the costs and the assessment are the soft costs necessary for the development, but not included in the assessment placed on the project. 2. Public Improvements Within the Zone A series of public improvements will be carried out as part of the TIF financing. The public improvement requirements are subject to further study and engineering of the facilities, but have been estimated for the purposes of this Preliminary Financing Plan. Those include the following: a. Relocating existing utilities $1,000,000 b. Off -sites - utilities to the site $4,000,000 d. Off -sites - roadway/infrastructure improvements 52,000,000 Total 57,000,000 fn addition to the off-site improvements, the district will acquire land for public parking and the improvements to the public parking_ Those estimated costs for the land within the district are as follows: a. Public parking land acquisition $17,600,000 b. Improvements to public parking area $ 4,650.000 (note 1) Total 521,500,000 Grand Total for District Funding $29,250,000 Note 1: The total improvement costs to the public parking area are $12,000,000, The 57,350,000 in costs not covered by the TIF financing will be paid by the developer or other non -TIF funds. 3. Market and Economic Feasibility Study EXHIBIT "3" The projected tax increment revenues from the proposed project have been prepared by Mark Briggs & Associates, Inc., which establish that the tax increment revenues will support the financing proposed in this Preliminary Financing Plan. Those tax projections are attached_ The analysis shows that the creation of the Reinvestment Zone will create a level onew tax generation that will benefit the City and the residents and property owners in the Zone. The regional mall and the improvements to be funded by the TIF funds will significantly enhance the value of the taxable real property in the Zone and will be of a general benefit to the municipality. Documentation provided to the City regarding the project has substantiated that the development or redevelopment of the property in the Zone would not occur solely through private investment in the reasonably foreseeable future. 4. Estimate of Bonded Indebtedness to be Incurred The financing will be done through tax exempt and taxable notes and/or bonds. The estimated par amount of the tax exempt and taxable notes and/or bonds to be sold to finance the project activities is S33.77 million, which is subject to change based on estimates by the City's financial advisor, First Southwest, based on the determination of the tax exempt status and the projected rates on the bonds. The bond analysis by First Southwest is attached. 5. Time When Cost Will be Incurred The project is expected to break ground in Fall of 1995. At that time, tax anticipation notes may be issued and the funds will be used to purchase the land within the district to be used for public parking, pay for improvements to the parking area and fund utilities necessary for the development and off-site public improvements. Funds for the construction of the off-site improvements, on-site utility relocation and improvements to the parking lot, will be needed over the 20 month construction period. Any funds that have not been spent at any given time during the 20 month construction period, will be invested by the Trustee in government insured securities and will earn interest. When the project is completed and added to the tax rolls, 20 year tax increment bonds will be issued to pay off the notes issued at the start of the project. To the extent possible, the notes may be either delayed from being issued at the start of the project until some juncture in the construction, or may be eliminated and only the bonds may be issued at the completion of the project. 6. Description of Method of Financing It is expected that the initial method of financing the TIF District activities will be via tax anticipation notes, with capitalized interest for 30 months. At the end of the 30 months, the project will be constructed and on the tax rolls and will have been in operation for approximately one year. At that time 20 year tax increment bonds will be sold that will take our the notes. This financing plan projects that 100% of the tax increment from each taxing unit will be required during the 30 months of the tax anticipation notes, and for the first year of the tax increment bonds. The issuance of the notes may be delayed until after the start of construction or may be eliminated entirely. At the beginning of the second year of the bonds, additional reserves will be available based on unused funds required by the estimated as 1.35 coverage on the bonds. At that time, and under the jnrovisions of the Official Statement prepared *:414 related to the bond issue, the plan will be modified to reduce the percentage of the tax increments from each taxing unit proportionately to a level necessary to meet the bond debt service. The actual decrease cannot be determined until the bonds are sold and the project is placed on the tax rolls, but the general estimate is that the percentage could be reduced to approximately 85%. The bond analysis shows that a coverage factor may be applied to the debt service on the bonds. Based on the accumulation of the TIF funds and using those funds to prepay bonds, it is projected that the 20 year tax increment bonds may actually be paid off in approximately 11 years. The funding of the private development activities will come from equity and debt financing by the developer and from internal or borrowed funds by the department stores that will construct and fixturize their facilities. '7. Current Total Assessed and Appraised Value The current assessed value of the site, based on the current tax assessment rolls, is 54,961,660. No current appraisal has been done on the site, but valuation information has been provided to substantiate a purchase price of $5.35 per square foot for the area of the Reinvestment Zone that will include the regional mall. 8. Estimated Captured Assessed Value As has been noted above in the description of project costs, the development value after deducting soft costs not counted by the assessor, would be approximately 5210 million. From that amount is deducted the existing assessed value, and the public parking and improvements to the public parking areas. The City of Euless has also committed to provide arMrlitional public assistance through non -TIF resources. The deductions of the project costs paid for from public funds and the current assessed values bring the estimated incremental assessed value to 5165.8 million. The estimated tax increments, based on that value and the current tax rate for each of the taxing entities, is estimated at 54,510,700 in the first year after the mall is completed with the construction of the third departrnent stores. 9. Duration of the Zone The statutory limitation on the tax increment bonds is 20 years. With the 30 month notes, which will be taken out by the bonds, the total tern of the zone will be 23 years. barneu4:u m.,pre tun s J r.•.erneMr11 Ia.Y/ Vpsneny 1J7a 1a4.11. [VUY awl LVy. fVr/J I LLly+ __ 2Vya a uut PROPERSY TAXES Nordstom Store $30,000.000 Store 636,000.000 r _Macy's 3rd Department Slow 622.500.000 Devel ment Value of a Peds 14,400.000 u Total Day.lopment by 3rd Parties 692,900,000 t Mail Vetus (Lend Hard Coils Less Cnnlributions to Oepadmen1 Stores) 6118,850,725 _ Total Development Value 6209,550.725 t Less Publio Assistants $39,000,000 ~ Less Cunard Property Value an i Property 64,961,660 TOTAL DEVELOPMENT VALVE 8165,569.065 61.200.203 2 111,221.201s CITY TAX RATE (.618617, 2% Annual loot.) 11 .024,362 61,044,849 61,065,748 81,097,061 11,108,802 61.130,979 31,153,598 31,176,670 U PERSONAL PROPERTY TAXES 3 a Macy's (@ 66415F - Dallas Gelleriel $15,360,000 r 3rd Department Stare 1@ 640ISF1 66,000.000 Nordstrom I@ S501SFI 610,000,000 Shops I@ 52015F1 56,800.000 TOTAL PERSONAL PROP, TAXES 638,160,000 CITY TAX SLATE 6.618617, 2% Annual Incr.l 1236.064 4240,786 1245.601 1250,513 _ 9255,524 6260,634 1265,947 6271,164 6276,587 1282,119 SALES TAX (1%1 Small Shops 6992,616 11,220,467 81,449,020 61,567,020 11,645,371 61,727,640 11,814.022 61,904,723 11,999,959 12,099,956 Food Ceti rt 635,000 136,400 137,856 639,370 140,945 142,583 64,667~ 944,286 15,051 646,056 647,900 149,1116 Theiler 1B Screens) Food & Beverage @ $50K(acteen 94,000 64,160 64,328 $4,499 94,679 65.264 65,474 15,693 Department Stores 11,692,820 42,001,725 $2,170,400 62,254,350 5113.943 615.120 $2,367,057 $119,640 615,076 42,485,420 5125,662 $16,670 92,609,691 92,740,176 5131,903 6138,498 117,503 618,378 92,877.195 5145,424 119.297 63,021,045 $152,695 620,262 Out Paroels 9916322_ 69.240 1100.170 $15,120 3108,517 _ 114.616 Kiosks (8) j TOTAL SALES TAX $3,015,498 $3,376,042 63,784.735 53,994,303 34,193,578 34,402,841 14,622,466 $4,853,096 15,095,239 65,349,467 SPECIAL .5% SALES TAX 61,507,749 61,689,021 61,892,368 41,997,151 62,096,789 62,201,421 12.311,233 12,426,548 12,547.620 62,674,734 TOTAL CITY TAXES 15,783,673 66,362.699 16,98 ,451 67,329,029 67,654,694 67,995,875 18,353.14418,727,475 $9.119,649 19,530,527 CUMULATIVE CITY TAXES - 65,783,673 612,138,371 619,124,822 126.453,850 134,109,544 142,104.419 650.457,503 359,185,042 186,304,691 677,835,218 PROPERTY TAX INCREMENT FOR ALL ENTITIES ' city DI Euless 1.6161 $1,020,029 II 040,429 41.061,238 41,082,463 $1.104.112 61,125,194 61,148,718 11,171,692 51,195,126 $1,219,029 Hurst Euless Bedford Soh. Dist. {1.5351 62,541,792 12,592.628 , 62,644,491 32.697.370 $2,751,318 62.806.344 82,862,471 52,919,720 52,978,116 93,037,677 Tarrant County(.271871 6450,187 1459.191 6468,375 1477,742 1487.297 6497,043 5506,984 6517,123 6527,466 $538,015 Community Collage (.056511 J 393,574 195,446 197,355 699,302 1101.289 1103,314 6105,380 6107.468 5109,637 1111,830 Hospital District (.24464) 6405.097 6413,199 6421.463 6429,892 6438.490 6447,260 5456,205 1465.329 1474,636 6 1484,12 TOTAL PROPERTY TAX INCREMENT FOR AU. ENTITIES 64,510,679 14,900.893 14,692.911 64,786,769 64,082,504 14,980,154 55,079,757 65,161,353 _ 65,284,98_0 15,390,675n n PERSONAL PROP TAXES FOR OTHER TAXING ENTITIES Hurst Euless Bedford Sch. Dist. 11.5351 1585,756 $697,471 S609,421 6621,609 6634,041 6646,722 1659,656 4672,850 6666,307 6700.033 Torrent County (.27187) } 1103,746 1105.121 9107,937 6110,096 1112,296 $964.544 1116.834 1119,171 $121.554 6123.966_ CommunityCoI1n 9(.056511 421,664 521,996 122,435 622,884 523,342 123,1309 _ 524,285 524,771 125,266 125.771 Hospital District (.244641 693,355 595.222 _ 197,120 699,069 3101.050 6103,071 6105,132 3107,235 4109,380 8111.507_ 9961,957 TOTAL PERSONAL PROPERTY TAXES FOR OTHER ENTITIES 6804,420 6820.509 5636,919 1853 657 6870.731 6888,145 6905 908 9924,026 6942 507 J 4`;,.:;friL OEC CITY ET EilLES3 PETITION REQUESTING A CERTAIN AREA BE DESIGNATED AS A TAX INCREMENT FINANCING REINVESTMENT ZONE Pursuant to Section 311.005(a)(5) of the Tax Increment Financing Act, the undersigned property owners, through their designated representatives, hereby submit this petition requesting that the area described in Exhibit A4-8 be designated as a tax increment financing reinvestment zone. Further, the most recent certified appraisal roll for Tarrant County (attached as Exhibit C) indicates that the undersigned property owners are the owners of property constituting at least 50 percent of the appraised value of the property in the area constituting the proposed reinvestment zone. This PETITION REQUESTING THAT A CERTAIN AREA BE DESIGNATED AS A TAX INCREMENT FINANCING REINVESTMENT ZONE is respectfully submitted to the City of Euless on this the 13th day of December, 1994. Bear Creek Associates II, a California Limited Partnership By: Bennett Consolidated Managing General Partner By: Brute Luckock Secretary and Executive Vice -President 14 9�' Date: Bear Creek Associates III, a California Limited Partnership By: By: Date: Bennett Consolidated Managing Gener. Partner Efruce Luckock Secretary and Executive Vice -President PETITION REQUESTING A CERTAIN AREA BE DESIGNATED AS A REINVESTMENT ZONE - Page 2 DESCRIPTION TAX INCREMENT FINANCING DISTRICT Being a tract or parcel of 'land situated in the A. Bradford Survey. Abstract Number 152, in the City of Euless, Tarrant County, Texas, and being a portion of a 47.038 tract of land, and a 36.670 acre tract of land, conveyed to Sunbelt Savings Association of Texas, as recorded in Volume 9161, Page 631Deed Records, Tarrant County, Texas, and being all of that certain tract of land conveyed to Bear Creek Associates II, as recorded in Volume 8856, Page 237, of said Deed Records, and being more particularly described as follows; BEGINNING at a point in the south right-of-way of Midway Drive (an 80 foot R.O.W.), as shown on the Right -Of -Way Dedication Plat for Midway Drive, as recorded in Volume 388-199, Page 85, Plat Records, Tarrant County, Texas, said point being the northwest corner of said 47.038 acre tract; THENCE N 89°28'45" E, 32.55 feet with said south right-of-way to the point of curvature of a tangent curve to the right, having a central angle of 46°46'24", a radius of 857.43 feet, a tangent length of 370.80 feet, and a long chord that bears S 67°08'04" E, 680.68 feet; THENCE an arc distance of 699.96 feet with said curve and with said south right-of-way to the point of curvature of a tangent curve to the left, having a central angle of 46°20'36", a radius of 990.00 feet, a tangent length of .423.74 feet, and a long chord that bears S 66°55'45" E, 779.11 feet; THENCE an arc distance of 800.76 feet with said curve and with said south right-of-way to a point; THENCE N 89°53'56" E, 406.15 feet with said south right-of-way to a point for the intersection of said south right-of-way, with the west right-of-way of Minters Chapel Road (a 50' right-of-way); THENCE S 00°05'54" E, 2404.29 feet with said west right-of-way to a point in the north right-of-way of State Highway Number 183 (a variable width right -of --way); THENCE with said north right-of-way of State Highway Number 183, the following 18 calls; S 11°04'09" W, 51.07 feet to a point; S 29°03'43" W, 112.47 feet to a point; S 66°06'19" W, 98.38 feet to a point; S 77°11'11" W, 98.16 feet to a point; S 82°08'21" W, 98.17 feet to a point; S 87°04'39" W, 98.20 feet to a point; S 89°41'06" W, 609.63 feet to a point; 116EXTI2.FNS EXH1 B1 T " A" page 1 DESCRIPTION TAX INCREMENT FINANCING DISTRICT N 45°48'06" W, 71.20 feet to a point; N 00°54'59" W, 476.55 feet to a point; N 51°51'36" W, 148.84 feet to a point; N 00°50'54" W, 31.41 feet to a point• S 88°31'02" W, 118.68 feet to a point; S 00°56'17" E, 31.50 feet to a point; S 49°42'19" W, 148.21 feet to a point; S 00°56'17" E, 459.94 feet to a point; S 46°27'43" W, 67.68 feet to the point of curvature of a non -tangent curve to the right, having a central angle of 01°31'52", a radius of 5616.58 feet, a tangent length of 75.05 feet, and a long chord that bears N 85°09'32" W, 150.10 feet; An arc distance of 150.10 feet with said curve to the point of curvature of a non -tangent curve to the right, having a central angle of 04°57'02", a radius of 1319.39 feet, a tangent length of 57.04 feet, and a long chord that bears N 81°55'04" W, 113.96 feet; Ar. arc distance of 114.00 feet with said curve to a point; THENCE N 00°24'28" W, 2373.92 feet to a point; THENCE N 00°15'41" W, 789.83 feet to the POINT OF BEGINNING and containing 110.826 Acres, (4,827,583 S.F.) of land, more or less. 116EXTI2 . FNS EXH2 332 T rr Arr Page 2 MIDWAY DR. 4,827;583 110.826 Ac. Gam` // /cn 65 zz / i STATE HIGHWAY 183 EXHIBIT "B" 1 0 200 400 NATHAN D. MAIER CONSULTING ENGINEERS, INC. 8800 CENTRAL EXPwY, STE 300 DALLAS, TEXAS, 75231 FIl F NAMF: 115EX72 )WG --!()R ^J U'+�FR�qrA—, nATR. ncr 1 7 icicle. THE CITY OF EULESS STATE OF TEXAS COUNTY OF TARRANT CERTIFICATION I. SUSAN CRIM, City Secretary of the City of Euless, Tarrant County, Texas, do hereby certify that the attached is a true and accurate copy of Tarrant Appraisal District Certified Roll, dated September 1994, pages 799, 800 and 801, found in City of Euless 1994 Real Property, Volume 3. WITNESS MY HAND AND SEAL OF SAID CITY on this 8th day of November, 1994. 7 Susan Crim, C, City Secretary 201 N. Ector Drive, Euless, Texas 761139-3595 817/685-1400 • ~Metro 81,1267.1,0)3 • FAX 8171685-1416 EXHIBIT "C" SIE[IHX2 1 1 1 1 i 1 1 t t ....1 1-1 i L.. _ 1 Lwaki &. iambi Liaiwi Wad L: C:.0 APR44411P RL)NDATF : OR/25/94 1994 CITY OF EULESS REAL PROPERTY 1994 PAGE 799 ROLL: 1 SEPT 94 TAU PARCEL ID ACCT NO OWNER MAILING ADDRESS. * LOCATION ADDRESS PROPERTY DESCRIPTION APPRAISED VALUE TAN DISTRICTS MAPNO SPECIAL DATA DEFERRALS & EXEMPTIONS; AMT TYPE NET TAXABLE VALUE A 95 ---ID 05663458 000000 AIRPORT OR USECODE D4 MAP 2114 416 .GOIDE 259,060 COLONIAL SAVINGS & LOAN, 2624 W FREEWAY BROOKS. JEREMIAH V SURVEY A 95 TR ID 259,060 LND IMP VACANT 42.480 AC FORT WORTH TX 76102 259,060 TOT 220-916-025 ;ENT: PRICER, JERRY AND CO INC PO BOX 11426 FT WORTH TX 76110 A 95---28 04666577 2100 S PIPELINE RD W USECODE C2 MAP 2114 416 20,300 BRADFORD, LARRY ETUX ALICIA S BROOKS. JEREMIAH V SURVEY 20,300 LND VACANT 1112 MEADCWBROOK A 95 TR 28 IMP 4.060 AC EULESS TX 76039 20,300 TOT 220-916-025 ENT: REAL ESTATE TAX SERVICES INC PO BOX 832310 RICHARDSON TX 75083-2310 A 107---1 20--- 03744795 000000 AIRPORT FRWY USECODE C2 MAP 2132 424+ '006-:** EXEMPT ** 0 FORT WORTH, CITY OF (AIRPORT) 1000 THROCKMORTON ST BARNARD, H SURVEY ABST 107 TRS 1 THRU 3 6 108.254,440 LND IMP VACANT AC- ""T' ' ", 6 FORT WORTH TX 76102-6311 TRS 4 THRU 8 108,254,440 TOT ...621,295. °' 220-916-025 IR"> ,, .. A 107---3A 04877861 000000 AIRPORT FRWY USECODE D4 MAP 2132 424+ 758,565 ARDINGER & SONS CO, 9040 GOVERNORS ROW BARNARD, H SURVEY A 107 TR 3A 758.565 LND IMP VACANT 23.219 AC DALLAS TX 75247-3700 758,565 TOT 220-916-025 ENT: SMITH, VERNON ASSOC PO BOX 810691 DALLAS TX 75381 A 125---1 20--- 03750302 000000 DFW AIRPORT USECODE F1 MAP 2138 440 006 ** EXEMPT ** 0 DALLAS, CITY OF (AIRPORT) BURGOON, GEORGE SURVEY 777,615 LND COMMERCIAL :ITV OF FT WORTH 10,000,000 IMP 247.420 AC 1000 THROCKMORTON ST ABST 125 TRS 1 2 3 3A & 38 10,777,615 TOT ^ORT WORTH TX 76102 220-906-025 1 125---) P1--- 06238734 -IAYES LEASING CO INC. 000000 DFW AIRPORT BURGOON, GEORGE SURVEY USECODE F1 .25,617 LND MAP 2138 440 , COMMERCIAL 85,248 DO BOX 569650 ABST 125 TRS 1 2 3 3A & 38 59,631 IMP 1.804 AC DALLAS TX 75356-9650 POSSESSORY INT ONLY 85,248 TOT DREVIOUS SKEY: 03750302 220-906-025 ENT: PENNINGTON, P E & COMPANY 4006 BELTLINE STE 240 ADDISON TX 75244 1 125---1 P2--- 06238742 000000 DFW AIRPORT USECODE F1 MAP 2138 440 208,757 -ERTZ CORP, 225 BRAE BLVD BURGOON, GEORGE SURVEY ASST 125 TRS 1 2 3 3A & 38 29,564 LND 179,193 IMP COMMERCIAL 2.082 AC PARK RIDGE NJ 07656-1870 POSSESSORY INT ONLY 208,757 TOT PREVIOUS SKEY: 03750302 220-906-025 ENT: MCELROY, R E INC 3609 SMITH BARRY RD STE 00 ARLINGTON TX 76013 1 125---1 P3--- 06238750 000000 DFW AIRPORT USECODE F1 MAP 2138 440 3,092,372 SKY CHEF INC. BURGOON, GEORGE SURVEY 178,778 LND COMMERCIAL X, TAX ADMINISTRATION ABST 125 TRS 1 2 3 3A & 38 2,913,594 IMP 12.590 AC 524 E LAMAR BLVD POSS INT ONLY OF 12.59 AC 3,092,372 TOT ARLINGTON TX 76011 220-906-025 PREVIOUS SKEY: 03750302 ENT: COOLEY, WEBB B CO INC PO BOX 800907 DALLAS TX 75380 1 132---1 20--- 03752739 000000 D/FW SPINEROAD USECODE D4 MAP 2138 432 006 ** EXEMPT ** 0 DALLAS, CITY OF (AIRPORT) BRADENBURG, JOHN SURVEY 46,434.960 LND VACANT A 132 TR 1 IMP 266.500 AC ABST 132 TRS 1 1A 18 a 2 46,434,960 TOT 220-906-025 1 133---1 ---- 03752747 000000 D/FW AIRPORT USECODE D4 MAP 2138 432 006 ** EXEMPT ** 0 )ALLAS, CITY OF (AIRPORT) BACUS, PETER SURVEY 5,924,160 LND VACANT A 133 TR 1 IMP 34.000 AC 5,924,160 TOT 220-906-025 , 133---1A 03752755 000000 INT'L PKWY USECODE D4 MAP 2138 432 006 ** EXEMPT ** 0 )ALLAS, CITY OF (AIRPORT) BACUS, PETER SURVEY 13,242,240 LND VACANT A 133 TR 1A IMP 76.000 AC 13,242,240 TOT 220-906-025 GI G y G G ZIEfIHX2 PGM: APR444BP CITY OF EULESS RUNDATE: 08/25/94 1994 REAL PROPERTY 1994 PAGE 800 ROLL: 1 SEPT 94 TAD PARCEL ID ACCT NO OWNER MAILING ADDRESS LOCATION ADDRESS PROPERTY DESCRIPTION APPRAISED VALUE TAX DISTRICTS MAPNO SPECIAL DATA DEFERRALS a EXEMPTIONS: CODE AMT TYPE NET TAXABLE VALUE A 133---18 03752763 000000 INT'L PKWY USECODE D4 MAP 2138 432 006 ** EXEMPT ** 0 DALLAS, CITY OF (AIRPORT) BACUS, PETER SURVEY 14,810,400 LND VACANT * A 133 TR 18 IMP 85.000 AC 14,810,400 TOT 220-906-025 A 133---1C 03752771 000000 INT'L PKWY USECODE D4 MAP 2138 432 006 ** EXEMPT ** 0 DALLAS, CITY OF (AIRPORT) BACUS, PETER SURVEY 8,712,000 LND VACANT * A 133 TR IC IMP 50.000 AC 8,712,000 TOT 220-906-025 A 133---1D 03752798 000000 INT'L PKWY USECODE C2 MAP 2138 432 006 ** EKEMPT ** 0 DALLAS, CITY OF (AIRPORT) BACUS, PETER SURVEY 374,616 LND VACANT * A 133 TR 1D IMP 2.150 AC 374,616 TOT 220-906-025 A 133---1E 03752801 000000 INT'L PKWY USECODE D4 MAP 2138 432 006 ** EXEMPT ** 0 DALLAS, CITY OF (AIRPORT} BACUS, PETER SURVEY 3,345,408 LND VACANT * A 133 TR 18 IMP 19.200 AC 3,345,408 TOT 220-906-025 A 133---2401 03752844 000000 INT'L PKWY USECODE C2 MAP 2138 432 006 ** EXEMPT »* 0 DALLAS, CITY OF (AIRPORT) BACUS, PETER SURVEY 87,120 LND VACANT * A 133 TR 2401 IMP .500 AC 87,120 TOT 220-906-025 A 133---26 03752852 000000 INT'L PKWY USECODE C2 MAP 2138 432 006 ** EXEMPT ** 0 DALLAS, CITY OF (AIRPORT) BACUS, PETER SURVEY 139,392 LND VACANT * A 133 TR 2B IMP .800 AC 139,392 TOT 220-906-025 A 133---2C 03752860 000000 INT'L PKWY USECODE C2 MAP 2138 432 006 ** EXEMPT ** 0 DALLAS, CITY OF (AIRPORT) BACUS, PETER SURVEY 66,211 LND VACANT * A 133 TR 2C IMP .380 AC 66,211 TOT 220-906-025 A 152---I 03761444 000000 HARWOOD USECODE C2 MAP 2132 428 32.670 BEAR CREEK ASSOCIATES III, 2333 SAN RAMON VALLEY BLVD#450 BRADFORD, ADAM SURVEY A 152 TR 1 32,670 LND IMP VACANT 1.000 AC SAN RAMON CA 94583-1679 32,670 TOT 220-916-025 A 152---1A 04666461 000000 HARWOOD USECODE C2 MAP 2132 428 006 ** EXEMPT ** 0 TEXAS, STATE OF BRADFORD, ADAM SURVEY 41,674 LND VACANT P 0 80X 6868 A 152 TR 14 IMP 1.062 AC FORT WORTH TX 76115-1425 41,674 TOT 220-916-025 A 152---IA01---6006136869 000000 BEAR CREEK PKWY USECODE C6 MAP 2132 428 006 ** EXEMPT ** 0 EULESS, CITY OF BRADFORD, ADAM SURVEY 315,332 LND R.O.W. 201 N ECTOR DR A 152 TR 1401 IMP 4.826 AC EULESS TX 76039-3595 ROW 315,332 TOT PREVIOUS SKEY: 04666461 220-916-025 A 152---1A02---2006136877 701 BEAR CREEK PKWY USECODE D4 MAP 2132 428 366.622 BEAR CREEK ASSOCIATES III, 2333 SAN RAMON VALLEY BLVD#450 BRADFORD, ADAM SURVEY A 152 TR IA2 4E 4 5 366,622 LND IMP VACANT .16..832 AC :. SAN RAMON CA 94583-1679 366,622 TOT PREVIOUS SKEY: 04666461 220-916-025 A 152---1A03 06136885 901 BEAR CREEK PKWY USECODE D4 MAP 2132 428+ 705.032 BEAR CREEK ASSOCIATES III, 2333 SAN RAMON VALLEY BLVD#450 BRADFORD, ADAM SURVEY A 152 TR 1403 705,032 IND IMP VACANT 32.370 AC SAN RAMON CA 94563-1679 705,032 TOT PREVIOUS SKEY: 04666461 220-916-025 A 152---1404 06136893 501 BEAR CREEK PKWY USECODE D4 MAP 2132 428+ 291.046 BEAR CREEK ASSOCIATES I11, 2333 SAN RAMON VALLEY BLVD#450 BRADFORD, ADAM SURVEY A 152 TR 1404 291,046 LND IMP VACANT 13,362 AC SAN RAMON CA 94583-1679 291,046 TOT PREVIOUS SKEY: 04666461 220-916-025 r- /I DIl ,LIHIHX3 1 1t4.I61 wak..! ru. ,= Itl Iirdl� - ! lrr1+i1 ilrrlr 1 If wl limi fl IOW imod UW IJ 1.1A P .:Y 444444 UP R.,. .41( on -25,114 VAD PAICIL 10 ( NE NAILING A A l.2- IA75---60 E LEST. CITY Or 201 N ETOR EuLES'. T PREvtLus SIL'.. 04 A 152---IA06--•20- EULESS• CITY or 201 N ECTOR EULESS Ta PREVIOUS SIy 046 A 152---1A07 BEAR CREEK ASSOCIA 2333 SAN RAMON VAt SAN RAMON CA PREVIOUS SKEY 046 A 152---18 BEAR CREEA ASSOCIA 2333 SAN RAMON VAL SAN RAMON CA A 152---4 BEAR CREEK ASSOC I '2333 SAN RAMON VAL SAN RAMON CA A 152---4A TEXAS, STATE OF ***NO CITY AVAILAB A 152---49 20 - BEAR CREEK ASSOCIA 2333 SAN RAMON VAL SAN RAMON CA A 152---4B01---20-- BEAR CREEK ASSOCIA7 2333 SAN RAMON VALL SAN RAMON CA PREVIOUS SKEY: 0466 A 152---4501A--20-- BEAR CREEK ASSOC II 2333 SAN RAMON VALL SAN RAMON CA PREVIOUS SKEY: 0613 A 152---4901A1-60-- TEXAS, STATE OF PO 80X 6868 FORT WORTH TX A:152 -'-4C 20 -- BEAR CREEK ASSOCIAT 2333 SAN RAMON VALL SAN RAMON CA cA'152---4C01---20-- IBEAR CREEK ASSOC II 2333 SAN RAMON VALL SAN RAMON CA A- t52---4CO2---20-— '$EAR CREEK ASSOC 1I 2333 SAN RAMON VALL SAN RAMON CA PREVIOUS SKEY: 0466 CITY OF EULESS PAGE 801 1994 REAL PROPERTY 1994 ROLL: 1 SEPT 94 ACCT NO LOCATION ADDRESS APPRAISED MAPNO DEFERRALS & NET TAXABLE i PROPERTY DESCRIPTION VALUE SPECIAL EXEMPTIONS: VALUE ?DRESS TAti DISTRICTS ATA 5.4121 AMT TYPE _.. -- 06136907 000000 SEAR CREEK PKWY USECODE C6 MAP 2132 428 006 ** EXEMPT ** 0 BRADFORD, ADAM SURVEY 257,963 LND R.O.W. A 152 TR 1A05 IMP 3.948 AC 76039.3595 ROw 257,963 TOT ,66461 220-916-025 -- 06136923 000000 BEAR CREEK PKWY USECODE C6 MAP 2132 42B+ 006 ** EXEMPT ** 0 BRADFORD, ADAM SURVEY 313,632 LND R.O.W. ABST 152 TRS 1A6 4131A3 483 & IMP 3.600 AC 76039-3595 TR 51116 ROW 313,632 TOT 66486 220-916-025 06244246 900 BEAR CREEK PKWY USECODE D4 MAP 2132 428 1,017,620 TES I11, LEY BLV04450 BRADFORD, ADAM SURVEY A 152 TR 1A07 1,017,620 LND IMP VACANT 46.722 AC 94583-1679 1,017,620 TOT 66461 220-916-025 -- 03781479 000000 HARWOOD USECODE C2 MAP 2132 428 32,670 TES 111, LEY BLVD#450 BRADFORD, ADAM SURVEY A 152 TR f8 32,670 LND IMP VACANT 1.000 AC 94583-1679 32,670 TOT 220-916-025 -- 03761584 000000 HARWOOD USECODE D4 MAP 2132 428 982,713 1, _EY BLVD BRADFORD, ADAM SURVEY A 152 TR 4 982,713 LND -' - - IMP VACANT y7�¢19 AC • 94583 - 982,713 TOT 220-916-025 03761592 000000 HARWOOD USECODE D4 MAP 2132 428 006 ** EXEMPT ** 0 BRADFORD, ADAM SURVEY 879,564 LND VACANT A 152 7R 4A IMP 5.048 AC .E••* 879,564 TOT 220-916-025 04666488 201 BEAR CREEK PKWY USECODE 04 MAP 2132 428 733,447 'ES III, BRADFORD, ADAM SURVEY 733,447 LND VACANT EY BLVD#450 ASST 152 TAS 48 48142 8 IMP 33.675 AC 94583-1679 5A 5A1 733,447 TOT 220-916-025 - 06136915 200 BEAR CREEK PKWY USECODE D4 MAP 2132 428 278,316 ES 1II, EY BLVDN450 BRADFORD, ADAM SURVEY A 152 TRS 481 4B2 8, 5AIA 278,316 LND IMP VACANT AC 94583-1679 278,316 TOT ,2,778 6488 220-916-025 - 06140882 200 BEAR CREEK PKWY USECODE D4 MAP 2132 424 1,554,309 BRADFORD, ADAM SURVEY 1...554,309 LND .VACANT EY BLVD A 152 TR 4801A IMP ;;;`1_j.894AC 94583 ABST 152 TR 4801A B, 482A 1,554,309 TOT 6915 - 220-916-025 - 03761630 000000 AIRPORT FWY E USECODE C6 MAP 2132 428 006 ** EXEMPT ** 0 BRADFORD, ADAM SURVEY .841,580 LND R.O.W. A 152 TRS 481A1 a, 4B2 ` IMP r_.4.1,..5.40, AD 76115 ROW 11 841,580 TOT 220-916-025 - 04666496 300 BEAR CREEK PKWY USECODE D4 MAP 2132 428• 153,723 ES 1II, EY BLVD0f450 BRADFORD, ADAM SURVEY A 152.TR 4C 4D 8, 58 . 153,723 LND IMP VACANT 7.057 AC 94583-1679 . 153,723 TOT 220-916-025 - 04666518 200 BEAR CREEK PKWY USECODE C2 MAP 2132 428 387,858 BRADFORD, ADAM SURVEY 387,858 LND VACANT EY BLVD A 152 TR 4C01 IMP 8,2,,957 AC 94583 ABST 152 TR 4C1 6 401. 387,858 TOT 220-916-025 - 06140890 200 BEAR CREEK PKWY USECODE C2 MAP 2132 428 105,198 BRADFORD, ADAM SURVEY 74.,98,; LND VACANT EY BLVD A 152 TR 4CO2 IMP 95 AC 94583 ABST. 152. TR„402.8, 402,..' 105,198 TOT 6496 220-916-025