HomeMy WebLinkAboutFY 2017 Annual Report TIRZ #4Tax Increment
Reinvestment Zone #4
Annual Report
October 1, 2016 — September 30, 2017
City of ]Euless
TAX INCREMENT REINVESTMENT ZONE ##4, CITY OF EULESS
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I.
Introduction
II.
TIRZ Revenues
III.
TIRZ Expenditures
IV.
Debt Service
V.
Appraised Values
Appendix A Debt Service Schedule 2
I. Introduction
The City of Euless Tax Increment Reinvestment Zone #4 ("TIRZ #4") was created on September
22, 2015 pursuant to ordinance No. 2089 adopted by the City Council of the City of Euless
("City Council") as authorized by Chapter 311 of the Texas Tax Code (the "Act"). TIRZ 44 was
created to finance the construction of certain public improvements within the TIRZ boundary to
encourage private development that would yield additional tax revenue to all local jurisdictions.
TIRZ #4 is located in the southern portion of the City of Euless along the southern edge of
Airport Freeway. The TIRZ boundary encompasses approximately 56 acres and is bounded by
Home Depot to the west, West Euless Boulevard to the south, Park Drive to the east and Airport
Freeway to the north. The project and financing plan outlines the funding of $16,450,000 in
public improvements related to streets; water and drainage improvements, hardscaping and
mitigation, wastewater improvements and issuance costs. The TIRZ will fund these
improvements through bond issuance, ad valorem participation of eligible taxing jurisdictions
and through the contribution of a portion of the City's sales tax receipts.
II. TIRZ Revenues
As shown in (V) below, there have been no increments to the appraised value of the property
within TIRZ #4 dunn = the year. As a result, there were no TIRZ revenues collected and
deposited in the TIRZ #4 Fund.
III. TIRZ Expenditures
As described in (I1) below, there were no TIRZ revenues collected and deposited in the TIRZ 44
Fund during the year. As a result, there were no TIRZ expenditures funded with TIRZ revenues
during the year.
IV. Debt Service
Please refer to Appendix A for the debt service schedule related to bonded indebtedness.
The debt service due for the period ending September 30, 2017 was paid from the 2016/17
annual assessments collected for the Euless Midtown Public Improvement District (the "PID").
The debt service due for the period ending September 30, 2018 are anticipated to be paid from
2017/18 annual assessments to be collected for the PID.
V. Appraised Values
The total base year (2015) appraised value of the property within TIRZ #4 was $10,889,972. The
2017 total appraised value of the property within'fIRZ_ 44 was $5,507,582. As a result, there was
no increase in the total appraised value ("Incremental Appraised Value") for the year.
1
Appendix A
Debt Service Schedule
I
Period
Ending
Cumulative
Balance
$16,450,000
Principal
$0
Interest
Total Debt
Service
9/1/2016
$267,941
$267,941
9/1/2017
$16,450,000
$0
$489,638
$489,638
9/1/2018
$16,450,000
$380,000
$489,638
$869,638
9/1/2019
$16,070,000
$515,000
$482,039
$997,038
9/1/2020
$15,555,000
$530,000
$466,588
$996,588
9/1/2021
$15,025,000
$540,000
$455,988
$995,988
9/1/2022
$14,485,000
$550,000
$445,188
$995,188
9/1/2023
$13,935,000
$570,000
$428,688
$998,688
9/1/2024
$13,365,000
$590,000
$405,888
$995,888
9/1/2025
$12,775,000
$605,000
$392,613
$997,613
9/1/2026
$12,170,000
$620,000
$374,463
$994,463
9/1/2027
$11,550,000
$640,000
$355,863
$995,863
9/1/2028
$10,910,000
$660,000
$336,663
$996,663
9/1/2029
$10,250,000
$680,000
$316,863
$996,863
9/1/2030
$9,570,000
$700,000
$296,463
$996,463
9/1/2031
$8,870,000
$720,000
$275,463
$995,463
9/1/2032
$8,150,000
$745,000
$253,863
$998,863
9/1/2033
$7,405,000
$765,000
$231,513
$996,513
9/1/2034
$6,640,000
$790,000
$208,563
$998,563
9/1/2035
$5,850,000
$810,000
$184,863
$994,863
9/1/2036
$5,040,000
$835,000
$160,563
$995,563
9/1/2037
$4,205,000
$865,000
$134,469
$999,469
9/1/2038
$3,340,000
$890,000
$107,438
$997,438
9/1/2039
$2,450,000
$920,000
$79,625
$999,625
9/1/2040
$1,530,000
$950,000
$49,725
$999,725
9/1/2041
$580,000
$580,000
$9,425
$589,425
Total
$16,450,000
$7,700,022
$24,150,022