HomeMy WebLinkAboutFY 2018 Glade Parks Annual Report CITY OF EULESS
TIRZ#3 —GLADE PARKS
MEMO
TO: Mayor Linda Martin, City of Euless
Linda Eilenfeldt, City of Euless Council Member
Mayor Pro Tern Tim Stinneford, City of Euless Council Member
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�CCD
FROM: Janina Jewell, Director of Finance ) G
SUBJECT: TIRZ#3 —Glade Parks Annual Report
DATE: January 28, 2019
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.
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. This additional project costs funded 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 was issued during fiscal year 2018.
The base year (tax year 2010) appraised taxable values totaled $19,758,821. For tax year 2017, there
was a $170,764,881 increase in taxable value of the property located within the Zone for the City
creating $1,012,997 in property tax revenue. For fiscal year 2018, the Zone also collected $262,401 in
sales tax revenues from the City to cover a portion of the annual debt service costs. As of fiscal year
end September 30, 2018, $15,048,910 of debt had been issued to fund public infrastructure
improvements by the City and the total outstanding principal and interest on this debt was $17,919,563.
Commercial growth continued in 2018 within the 200-acre Glade Parks Mixed-Use development.
Additions to Glade Parks included: Burlington, DXL Men's Apparel, Dickey's Barbecue Pit, Hopdoddy,
54th Street Drafthouse and Restaurant, Midici Pizza Company, Outback Steakhouse, Total Wine and
More, American Nail Bar, Amazing Lash Studio, Runway Seven, and Maxiam Nail Bar. The LifeStyle
Area within Glade Parks is completed and includes 6 buildings that are estimated to bring over 100,000
s.f. of retail/restaurant space, as well as a 35,000 s.f. public plaza area. The LifeStyle Area is flanked
by Dave & Busters to the south, and a multi-story parking garage and Cinepolis movie theatre to the
west. With completion of Phase 1 and the LifeStyle Area, Glade Parks offers over 540,000 s.f. of retail,
dining, and entertainment.
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 9/30/18
FY2018
Amount and Source of Revenue in the Tax Increment Fund:
Property tax collections
Tarrant County $ 298,530.59
Tan-ant County College District $ 122,125.98
City of Euless $ 592,340.45
Sales tax contributions
City of Euless $ 262,400.50
Investment income $ 6,936.50
Total revenues for fiscal year $ 1,282,334.02
Amount and Purpose of Expenditures from the Tax Increment Fund:
Transfer to debt service $ 892,468.00
Total expenditures for fiscal year $ 892,468.00
Debt Service Requirements on Outstanding Debt as of FYE:
[Debt issued: by the City of Euless 2011,2014&2015 Certificates of Obligation;loan by City of Euless 2018]
Principal $ 13,678,912
Interest $ 4,240,651
Total requirements $ 17,919,563
Tax Increment Base and Current Captured Appraised Value
Retained by the Zone:
Tax increment base(TY2010) $ 19,758,821
Current captured appraised value $ 170,764,881
Captured Appraised Value Shared by the Municipality and Other
Taxing Entities and Total Amount of Tax Increments Received:
Base Tax Year Captured
(2010) Appraised
Appraised Taxable Value - Value Tax Year Tax Rate per Property Tax
Taxing Unit Taxable Value Tax Year 2017 2017 $100 FY2018 Revenue FY2018
Tan-ant County $ 19,758,821 $ 194,149,761 $ 174,390,940 $ 0.244000 $ 425,513.89
Tan-ant County College District $ 19,758,821 $ 194,149,761 $ 174,390,940 $ 0.140060 $ 244,251.95
City of Euless $ 19,758,821 $ 190,523,702 $ 170,764,881 $ 0.462500 $ 789,787.57
This report submitted by:
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Jai• Jewell /4
Director of Finance
City of Euless, Texas
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