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Home My WebLink AboutFY 2017 Glade Parks Annual ReportTO: FROM: CITY OF EULESS TIRZ #3 — GLADE PARKS MEMO Mayor Linda Martin, City of Euless Linda Eilenfeldt, City of Euless Council Member Tim Stinneford, City of Euless Council Member Mayor Pro Tem Eddie Price, City of Euless Council Member Rebecca Barksdale, Tarrant County Precinct 3 Administrator Scott Rule, Vice President, Chief of Staff, JPS Health Network Mark McClendon, Vice Chancellor Finance, T D Janina Jewell, Director of Finance SUBJECT: TIRZ #3 — Glade Parks Annual Rep DATE: December 22, 2017 rt 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 2016, there was a $125,706,567 increase in taxable value of the property located within the Zone for the City creating $768,578 in property tax revenue. For fiscal year 2017, the Zone also collected $197,154 in sales tax revenues from the City to cover a portion of the annual debt service costs. As of fiscal year end September 30, 2017, $11,780,000 of debt had been issued to fund public infrastructure improvements by the City and the total outstanding principal and interest on this debt was $14,387,414. On August 11, 2015 the City Council approved an amendment to increase the project cost by $3,268,910 to a total of $15,369,514. These project costs will fund the construction of a park and parking garage to provide connectivity between the inline stores, Dave & Busters, the Cinepolis movie theatre and the LifeStyle Center. Debt for this amendment is expected to be issued during fiscal year 2018. The primary focus of the construction activity at The Glade Parks during 2017 was on the Lifestyle Center/Public Plaza, with all twelve (12) buildings under construction. Envisioned as the heart and entertainment center of the Glade Parks Development, the LifeStyle Center will include a mix of specialty retail, restaurants and office space, as well as a multi-level parking garage available to the public. This area is the pedestrian activity and community node of the development in which a public plaza area with open space, landscaping and water features, and restaurants with outdoor patios are brought together to connect the different aspects of the development. The Cinepolis Movie Theatre and Dave & Busters have already opened as anchors of the entertainment center. Construction also got underway on the five -story 132 -room ALOFT hotel, located on the south side of the Lifestyle Center. Retailers that signed leases included: Francesca's, Forever2l , Old Navy, DXL, and Runway Seven. Restaurants that signed leases included: Hopdoddy, Imperial Hibachi, and Dickey's BBQ. One -hundred thirteen (113) building permits have been issued for the 127 lot residential subdivision developed by K Hovnanian Homes in the Glade Parks mixed-use development. If you have any questions or need additional information, please let me know. I will be happy to provide further assistance. CITY OF EULESS TIRZ #3 - GLADE PARKS DEVELOPMENT ANNUAL REPORT FOR FISCAL YEAR ENDING 9/30/17 FY2017 Amount and Source of Revenue in the Tax Increment Fund: Property tax collections Tarrant County $ 240,988.79 Tarrant County College District $ 91,544.11 City of Euless $ 436,044.65 Sales tax contributions City of Euless $ 197,153.75 Investment income $ 605.96 Total revenues for fiscal year $ 966,337.26 Amount and Purpose of Expenditures from the Tax Increment Fund: Transfer to debt service Total expenditures for fiscal year $ 779,743.78 $ 779,743.78 Debt Service Requirements on Outstanding Debt as of FYE: [Debt issued by the City of Euless - 2011, 2014 & 2015 Certificates of Obligation] Principal $ 10,900,000 Interest $ 3,487,414 Total requirements $ 14,387,414 Tax Increment Base and Current Captured Appraised Value Retained by the Zone: Tax increment base (TY2010) Current captured appraised value $ 19,758,821 $ 125,706,567 Captured Appraised Value Shared by the Municipality and Other Taxing Entities and Total Amount of Tax Increments Received: Base Tax Year (2010) Appraised Taxable Value - Taxing Unit Taxable Value Tax Year 2016 Captured Appraised Value Tax Year 2016 Tax Rate per $100 FY2017 Property Tax Revenue FY2017 Tarrant County Tarrant County College District City of Euless This report submitted by: $ 19,758,821 $ 19,758,821 $ 19,758,821 Jar'Jewell Director of Finance City of Euless, Texas $ 146,262,123 $ 146,262,123 $ 145,465,388 $ 126,503,302 $ 126,503,302 $ 125,706,567 $ 0.254000 $ 0.144730 $ 0.462500 $ 321,318.39 $ 183,088.23 $ 581,392.87 MI I M EF 1 a) 0 C". 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