HomeMy WebLinkAbout2019-O-21 - Amend TIRZ No. 1 PFP ORDINANCE NO. 2019-0-21
AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF STEPHENVILLE,TEXAS,APPROVING AN AMENDED
PROJECT AND FINANCING PLAN FOR TAX INCREMENT REINVESTMENT ZONE NUMBER ONE, CITY OF
STEPHENVILLE,TEXAS, ESTABLISHED PURSUANT TO CHAPTER 311 OF THE TEXAS TAX CODE
WHEREAS, the City of Stephenville, Texas (the "City"), pursuant to Chapter 311 of the Texas Tax
Code, as amended (the "Act"), may designate a geographic area within the City as a tax increment
reinvestment zone if the area satisfies the requirements of the Act; and
WHEREAS,the Act provides that the governing body of a municipality by ordinance may designate
a noncontiguous geographic area that is in the corporate limits of the municipality to be a reinvestment
zone if the governing body determines that development or redevelopment would not occur solely
through private investment in the reasonably foreseeable future; and
WHEREAS, the City Council desires to promote the development of a certain noncontiguous
geographic area in the City(the "Zone"), through the expansion of a reinvestment zone as authorized by
and in accordance with the Tax Increment Financing Act, codified at Chapter 311 of the Texas Tax Code;
and
WHEREAS, on April 25, 2019, the City Council of the City of Stephenville, Texas, pursuant to
Chapter 311 of the Texas Tax Code, approved Ordinance No. 2019-0-14 designating a contiguous
geographic area within the City as a Reinvestment Zone Number One, City of Stephenville, Texas (the
`Zone"); and
WHEREAS, on April 25, 2019, the City Council of the City of Stephenville, Texas, pursuant to
Chapter 311 of the Texas Tax Code, approved Ordinance No. 2019-0-15 approving the Project and
Financing Plan for Reinvestment Zone Number One which details the infrastructure costs eligible for
reimbursement, City of Stephenville,Texas(the "Zone"); and
WHEREAS,on July 23,2019,the City Council of the City of Stephenville,Texas, pursuant to Chapter
311 of the Texas Tax Code, approved Ordinance No. 2019-0-20 amending Reinvestment Zone Number
One, City of Stephenville,Texas (the `Zone") to expand the boundaries; and
WHEREAS,the City Council of the City of Stephenville,Texas, pursuant to Chapter 311 of the Texas
Tax Code, now desires to amend the Project and Financing Plan to expand the boundaries for
Reinvestment Zone Number One, City of Stephenville,Texas(the "Zone"); and
WHEREAS, as authorized by Section 311.011(e), and 311.008, of the Act, on July 23, 2019 the
Board amended the Plan, as depicted within the amended Project and Financing Plan in Exhibit "A", and
recommended that the Plan, as amended, be approved by the City Council:
NOW THEREFORE,BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF STEPHENVILLE,TEXAS,
THAT:
SECTION 1. RECITALS INCORPORATED.
The facts and recitations contained in the preamble of this Ordinance are hereby found and declared to
be true and correct.
SECTION 2. FINDINGS.
That the City Council hereby makes the following findings of fact:
1. That the Plan,as amended,includes all information required by Sections 311.011(b)and (c)of the
Act.
2. That the Plan,as amended,is feasible and the amended project plan conforms to the City's master
plan.
3. That consistent with Section 311.011(e) of the Act, a public hearing is required prior to the
adoption of this Ordinance because the Plan, as amended, does (i) reduce or increase the
geographic area of the Zone; (ii) increase or decrease the tax increment to be contributed by a
taxing unit; (iii) increase the total estimated project costs;or(iv)designate additional property in
the Zone to be acquired by the City.
SECTION 3. APPROVAL OF AMENDED PLAN.
That based on the findings set forth in Section 2 of this Ordinance,the Plan, as amended in Exhibit "A" is
hereby approved.
SECTION 4. DELIVERY OF AMENDED PLANS TO TAXING ENTITIES.
That the City of Stephenville, is hereby directed to provide a copy of the Plan, as amended, to the
governing body of each taxing unit that taxes real property located in the zone.
SECTION 5. SEVERABILITY CLAUSE.
.... Should any section,subsection,sentence, clause or phrase of this Ordinance be declared unconstitutional
or invalid by a court of competent jurisdiction, it is expressly provided that any and all remaining portions
of this Ordinance shall remain in full force and effect.The City hereby declares that it would have passed
this Ordinance, and each section, subsection, clause or phrase thereof irrespective of the fact that any
one or more sections,subsections,sentences,clauses and phrases be declared unconstitutional or invalid.
SECTION 6. OPEN MEETINGS.
It is hereby found, determined, and declared that sufficient written notice of the date, hour, place and
subject of the meeting of the City Council at which this Ordinance was adopted was posted at a place
convenient and readily accessible at all times to the general public at the City Hall of the City for the time
required by law preceding its meeting, as required by Chapter 551 of the Texas Government Code, and
that this meeting has been open to the public as required by law at all times during which this Ordinance
and the subject matter hereof has been discussed, considered and formally acted upon. The City Council
further ratifies, approves and confirms such written notice and the contents and posting thereof.
SECTION 7. EFFECTIVE DATE.
This Ordinance shall take effect immediately upon its adoption and publication in accordance with and as
provided by law and the City Charter.
PASSED AND APPROVED this 23`ddav'JUI V'TFa
> •
•TcYN,.._,
z'ssc
i S` * oug Svien, Mayor
Ordinance No.2019-0-21 2
ATTEST:
Staci L. ' g, City Secretary
Reviewed by Allen L. rnes,
City Manager
Approved as to form and legality by
Randy Thomas, City Attorney
Ordinance No.2019-0-21 3
EXHIBIT A
Amended Project and Financing Plan
Ordinance No.2019-0-21 4
AMENDED PROJECT AND FINANCING PLAN
JULY 2019
Tax Increment Reinvestment Zone #1
City of Stephenville, Texas
Amended Project and Financing Plan, TIRZ #1
Foreword
Table of Contents
Introduction1
TIRZ Boundary2
A city of over 20,000 people, Stephenville, Texas is uniquely located
Current Conditions 6
one-hour southwest of the Dallas/Fort Worth metropolitan area
Proposed Development9
for easy access to metropolitan amenities and a major airport.
Stephenville is the county seat of Erath County and is an inviting,
Project Costs11
gracious community with a rich western heritage in a beautiful
country setting along the Bosque River.
Financial Feasibility Analysis12
Terms and Conditions20
With its main campus in Stephenville, Tarleton State University
offers the value of a Texas A&M University System degree with
Appendix A21
nearly 100 undergraduate and graduate degrees, as well as a
doctorate in education, within seven colleges.
Agriculture is the leading industry, with Erath County in the top
10% in overall agriculture production and ranking #3 in milk
production in the State of Texas. In addition to farmers and
ranchers, Fortune 500 companies provide a strong manufacturing
diversity to the economy. Stephenville is the retail center for a trade
DISCLAIMER
area population of approximately 80,000 Texans. As the ‘Cowboy
Our conclusions and recommendations are based on current market
conditions and the expected performance of the national, and/or local
Capital of the World’, Stephenville is uniquely home to more
economy and real estate market. Given that economic conditions can
professional rodeo cowboys and cowgirls than any other place in
change and real estate markets are cyclical, it is critical to monitor the
economy and real estate market continuously, and to revisit key project
the world. And the equine industry continues to grow throughout
the surrounding County.
housing markets can be cyclical, as well as subject to changing consumer
and market psychology. There will usually be differences between projected
and actual results because events and circumstances frequently do not
a community to excellence in youth and civic organizations and
occur as expected, and the differences may be material.
Stephenville has been listed as one of ‘The 100 Best Small Towns
the community’s rich heritage and commitment to the future.
Amended Project and Financing Plan, TIRZ #1
Introduction
Tax Increment Reinvestment Zone #1, City of Stephenville
The goal of Tax Increment Reinvestment Zone #1 (TIRZ #1) is to fund the
construction of needed public infrastructure and to encourage private
development that will yield additional tax revenue to all local taxing jurisdictions.
TIRZ #1 will promote the creation of commercial development consisting of
retail uses.
TIRZ #1 was created by Ordinance No. 2019-O-14 on April 25, 2019. On July
23, 2019, the TIRZ boundary was expanded to include TIRZ #1A, an area
consisting of approximately 8.51 acres along N Harbin Drive from W Frey Street
to W Washington Street.
in public improvements related to streets, water and sewer improvements,
parks and open spaces, and economic development grants. The TIRZ can fund
these improvements in part through the contribution of the City’s real property
tax increment and sales tax increment within the Zone.
the sound growth of the municipality.
- TIRZ #1 Boundary
- TIRZ #1A Boundary
Amended Project and Financing Plan, TIRZ #1
1
TIRZ Boundary
Boundary Description
The expanded TIRZ is noncontiguous and consists of two areas, TIRZ #1 and #1A. TIRZ #1 is located on the west side of
the City of Stephenville encompassing approximately 30.98 acres. TIRZ#1 is generally bound by Washington Street to the
south and Reta Avenue to the east. TIRZ #1A is located along N Harbin Drive, from W Frye Street to W Washington Street.
TIRZ #1A encompasses approximately 8.51 acres.
- TIRZ #1 Boundary
- TIRZ #1A Boundary
Amended Project and Financing Plan, TIRZ #1
2
TIRZ Boundary
Legal Description - TIRZ #1
Beginning at the northwest corner of Property ID R000030517, thence
East along the northern boundary of Property ID R000030517 to the point it meets the northwest corner of
Property ID R000022388, thence
East along the northern boundary of Property ID R000022388 to the point it meets the northwest corner of
Property ID R000030519, thence
East along the northern boundary of Property ID R000030519, thence
South along the eastern boundary of Property ID R000030519 to the point it meets the northeast corner of
Property ID R000030525, thence
South along the eastern boundary of Property ID R000030525 to the point it meets the northeast corner of
Property ID R000022409, thence
South along the eastern boundary of Property ID R000022409 to the point it meets the northeast corner of
Property ID R000030523, thence
South along the eastern boundary of Property ID R000030523 to the point it meets the northeast corner of
Property ID R000075404, thence
South along the eastern boundary of Property ID R000075404 to the point it meets the northeast corner of
Property ID R000022352, thence
South along the eastern boundary of Property ID R000022352, thence
West along the southern boundary of Property ID R000022352 to the point it meets the southeast corner
of Property ID R000030524, thence
West along the southern boundary of Property ID R000030524 to the point it meets the southeast corner
of Property ID R000074390, thence
West along the southern boundary of Property ID R000074390 to the point it meets the southeast corner of
Property ID R000030517, thence
West along the southern boundary of Property ID R000030517, thence
North along the western boundary of Property ID R000030517 to the point it reaches the northwest corner
of Property ID R000030517, which is the point of beginning.
- TIRZ #1 Boundary
Amended Project and Financing Plan, TIRZ #1
3
TIRZ Boundary
Legal Description - TIRZ #1A
way of W Frey Street, thence
boundary of N Harbin Drive, thence
East across N Harbin Drive to the point the eastern right of way boundary meets the southwest corner of
Property ID R000028934, thence
South along the eastern right of way boundary of N Harbin Drive across W Frey Street, thence
South along the eastern right of way boundary of N Harbin Drive to the point it meets the northern right of
way boundary of W Washington Street, thence
South across W Washington Street to the point the southern right of way boundary meets the northwest
corner of Property ID R000033482, thence
West across N Harbin Drive to the point the western right of way boundary meets the northeast corner of
the southwest corner of Property ID R000030321, thence
North along the western boundary of Property ID R000030321 to the point it meets the southern right of
way boundary of W Tarleton Street, thence
North across W Tarleton Street to the point the northern right of way boundary meets the southwest corner
of Property ID R000031937, thence
North along the western boundary of Property ID R000031937 to the point it meets the southwest corner of
of Property ID R000031935, thence
North along the western boundary of Property ID R000031935 to the point it meets the southwest corner
of Property ID R000031934, thence
North along the western boundary of Property ID R000031934 to the point it meets the southwest corner
of Property ID R000031933, thence
North along the western boundary of Property ID R000031933 to the point it meets the southwest corner
of Property ID R000031932, thence
North along the western boundary of Property ID R000031932 to the point it meets the southwest corner
of Property ID R000031931, thence
North along the western boundary of Property ID R000031931 to the point it meets the southwest corner of
- TIRZ #1A Boundary
Property ID R000031930, thence
Amended Project and Financing Plan, TIRZ #1
4
TIRZ Boundary
Legal Description - TIRZ #1A (Continued)
North along the western boundary of Property ID R000031930 to the point it meets the southwest corner
of Property ID R000031929, thence
North along the western boundary of Property ID R000031929 to the point it meets the southwest corner
of Property ID R000031928, thence
North along the western boundary of Property ID R000031928 to the point it meets the southern right of
way boundary of Phelps Street, thence
North across Phelps Street to the point the northern right of way boundary meets the southwest corner of
Property ID R000031917, thence
North along the western boundary of Property ID R000031917 to the point it meets the southwest corner of
Property ID R000031915, thence
North along the western boundary of Property ID R000031915 to the point it meets the southwest corner of
Property ID R000031914, thence
North along the western boundary of Property ID R000031914 to the point it meets the southwest corner of
Property ID R000031913, thence
North along the western boundary of Property ID R000031913 to the point it meets the southwest corner of
Property ID R000031912, thence
North along the western boundary of Property ID R000031912 to the point it meets the southwest corner of
Property ID R000031911, thence
North along the western boundary of Property ID R000031911 to the point it meets the southwest corner of
Property ID R000031910, thence
North along the western boundary of Property ID R000031910 to the point it meets the southwest corner of
Property ID R000031909, thence
North along the western boundary of Property ID R000031909 to the point it meets the southwest corner
of Property ID R000031908, thence
North along the western boundary of Property ID R000031908 to the point it meets the southern right of
way boundary of W Frey Street, thence
North across W Frey Street to the point the northern right of way boundary meets the southern boundary of
- TIRZ #1A Boundary
Amended Project and Financing Plan, TIRZ #1
5
Current Conditions
Land Use
TIRZ #1 contains vacant land to the north, Plaza Mobile Home Park along the western boundary, and
commercial uses along the southern boundary, including convenience stores, a bank, and two retail
buildings. There are single family residences located along the eastern boundary.
TIRZ#1A consists primarily of single family homes and one commercial tract improved with a bank
building. TIRZ #1 and #1A is less than 30% residential.
The Future Land Use Plan shows that the land within TIRZ #1 and TIRZ#1A is designated for Commercial
use (shaded in green).
Method of Relocating Persons to be Displaced
It is not anticipated that any persons will be displaced or need to be relocated as result of implementation.
It is not anticipated that there will be any changes to the master plan, building codes or other municipal
ordinances or subdivision rules and regulations of the City at this time.
- TIRZ #1 Boundary
- TIRZ #1A Boundary
Amended Project and Financing Plan, TIRZ #1
6
Current Conditions
Zoning
The property within TIRZ#1 is currently zoned as B-2 Retail and Commercial Business (shaded
in green) and R-3 Multiple Family (shaded in blue). The property within TIRZ#1A is primarily
zoned as R-1 Single Family (shaded in light green), with one tract zoned as Commercial Business
(shaded in green).
The Retail and Commercial Business District provides areas for the grouping of retail shops
and stores offering goods and services for the residents in general. These shopping areas
Neighborhood Business Districts.
The Multiple Family District provides for medium to high-density city neighborhood development.
The primary land use allows for single-family dwellings, two-to-four family dwelling units, and
multiple family housing buildings and complexes. All R-3 zoning will be appropriate to a city-
style neighborhood. Recreational, religious and educational uses are also permitted so as to
contribute to the natural elements of a convenient, balanced and attractive neighborhood.
Development within this district is intended to be protected from the encroachment of land
activities that do not contribute to the esthetic and functional well being of the intended district
environment.
The Single-family residential district provides for a generally lesser density city neighborhood
development. The primary land use allows for single-family dwelling development appropriate
to a city-style neighborhood. Other uses within this district shall contribute to the nature of the
neighborhood. Development within this district is intended to be separate from and protect from
the encroachment of land activities that do not contribute to the esthetic and functional well
being of the intended district environment.
- TIRZ #1 Boundary
- TIRZ #1A Boundary
Amended Project and Financing Plan, TIRZ #1
7
Current ConditionsCurrent Conditions
Current Parcel Information
and Block 1, Lot 3 and 4 of the O’Reilly Stephenville Addition.
There are currently 21 parcels within Tax Increment Reinvestment Zone #1A consisting of various lots within Block 1 and 2
of the Groesbeck Addition, and Block 139, Lot 1 of the City Addition.
For further details of the parcels, including ownership information, see Appendix A.
- TIRZ #1 Boundary
- TIRZ #1A Boundary
Amended Project and Financing Plan, TIRZ #1
8
Proposed Development
zone is designated as Phase I.
There are no proposed development plans available for the vacant land on the eastern half, but it is anticipated that the zone will be built out with commercial uses in line with the
future land use plan. For the purposes of this
plan, this eastern area of the zone is designated as Phase II.
Amended Project and Financing Plan, TIRZ #1
9
Proposed Development
Anticipated Development
Within TIRZ #1 it is anticipated that there will be retail development constructed over the next
this time there is no planned new development within TIRZ #1A.
The table provides an overview of the potential development that we believe will occur during the
fund.
Amended Project and Financing Plan, TIRZ #1
10
Project Costs
Project Costs of the Zone Chapter 311 of the Texas Tax Code
Sec. 311.002.
There are a number of improvements within Tax Increment Reinvestment Zone #1 that will be
(1) “Project costs” means the expenditures made or estimated to be made and monetary obligations
incurred or estimated to be incurred by the municipality or county designating a reinvestment zone that
are listed in the project plan as costs of public works, public improvements, programs, or other projects
WaterFacilitiesandImprovements$3,624,181
15.0%
include:
SanitarySewerFacilitiesandImprovements$3,624,181
15.0%
StormWaterFacilitiesandImprovements$3,624,181
15.0%
(A) capital costs, including the actual costs of the acquisition and construction of public works, public
Transit/ParkingImprovements$1,812,090
7.5%
StreetandIntersectionImprovements$3,624,181
15.0%
OpenSpace,ParkandRecreationFacilitiesandImprovements$2,416,121
10.0%
EconomicDevelompentGrants$4,832,241
20.0%
AdministrativeCosts$604,030
2.5%
Total$24,161,205
100.0%
obligations issued to pay for project costs and any premium paid over the principal amount of the
The costs illustrated in the table above are estimates and may be revised. Savings from one line
item may be applied to a cost increase in another line item.
(D) professional service costs, including those incurred for architectural, planning, engineering, and
(E) imputed administrative costs, including reasonable charges for the time spent by employees of the
(G) organizational costs, including the costs of conducting environmental impact studies or other
studies, the cost of publicizing the creation of the zone, and the cost of implementing the project plan
(H) interest before and during construction and for one year after completion of construction, whether
(J) the amount of any contributions made by the municipality or county from general revenue for the
(K) the costs of school buildings, other educational buildings, other educational facilities, or other
buildings owned by or on behalf of a school district, community college district, or other political
(L) payments made at the discretion of the governing body of the municipality or county that the
project plans for the zone.
Amended Project and Financing Plan, TIRZ #1
11
Financial Feasibility Analysis
Method of Financing
To fund the public improvements outlined on the previous pages, it is anticipated that the City of
Stephenville will contribute 100% of its real property increment and 100% of the sales tax increment.
It is also anticipated that the Stephenville Economic Development Authority (SEDA) will contribute
100% of its sales tax increment, subject to the interlocal agreement with the City of Stephenville
that was approved by SEDA on May 3, 2019 and the City Council on May 7, 2019.
Debt Service
It is not anticipated at this time that the TIRZ will incur any bonded indebtedness.
Economic Feasibility Study
economic feasibility of the project. The study examined the expected tax revenue the TIRZ would
receive based on the previously outlined developments. A summary overview of the anticipated
development square footages, the anticipated sales per square foot and the anticipated taxable
value per square foot can be found on the table below.
The following pages show the estimated captured appraised value of the zone during each year of
Utilizing the information outlined in this feasibility study, we have found that the TIRZ is economically
not occur without its implementation.
Amended Project and Financing Plan, TIRZ #1
12
Financial Feasibility Analysis - Phase I
TOTAL
OUTPUT
47.5%
3.5%
20.2%
0.2%
2.4%
26.2%
100.0%
100.0%31.7%12.7%55.7%
92.8%
7.2%
0.0%
0.0%
0.0%
0.0%
100.0%
100.0%13.7%0.0%86.3%
5.1%
0.0%
39.2%
0.4%
4.6%
50.7%
100.0%
100.0%48.5%24.5%27.0%
Amended Project and Financing Plan, TIRZ #1
13
Financial Feasibility Analysis - Phase I
Calendar Year 12345678910111213141516171819202122232425
2020202120222023202420252026202720282029203020312032203320342035203620372038203920402041204220432044
% OCCUPIED
REAL PROPERTY Taxable Value 10,500,000- 17,193,425 17,537,294 17,888,039 18,245,800 18,610,716 18,982,930 19,362,589
19,749,841 20,144,838 20,547,734 20,958,689 21,377,863 21,805,420 22,241,529 22,686,359 23,140,086 23,602,888 24,074,946 24,556,445
25,047,574 25,548,525 26,059,496 26,580,686
Total 5,638,192 - 238,707 390,875 398,693 406,667 414,800 423,096 431,558
440,189 448,993 457,973 467,132 476,475 486,004 495,724 505,639 515,752 526,067 536,588
547,320 558,266 569,432 580,820 592,437 604,285 11,513,491
% OCCUPIED
PERSONAL PROPERTY Taxable Value 4,200,000 6,877,370 7,014,917 7,155,216 7,298,320 7,444,286 7,593,172 7,745,036 7,899,936
8,057,935 8,219,094 8,383,476 8,551,145 8,722,168 8,896,611 9,074,544 9,256,035 9,441,155 9,629,978 9,822,578
10,019,029 10,219,410 10,423,798 10,632,274
Total 2,255,277 - 95,483 156,350 159,477 162,667 165,920 169,238 172,623
176,076 179,597 183,189 186,853 190,590 194,402 198,290 202,256 206,301 210,427
214,635 218,928 223,306 227,773 232,328 236,975 241,714 4,605,397
SALES TAX Taxable Value 21,000,000 34,386,850 35,074,587 35,776,079 36,491,600 37,221,432 37,965,861 38,725,178 39,499,682 40,289,675
41,095,469 41,917,378 42,755,726 43,610,840 44,483,057 45,372,718 46,280,173 47,205,776 48,149,892 49,112,889 50,095,147
51,097,050 52,118,991 53,161,371
- 288,750 472,819 482,276 491,921 501,760 511,795 522,031 532,471 543,121
553,983 565,063 576,364 587,891 599,649 611,642 623,875 636,352 649,079 662,061
675,302 688,808 702,584 716,636 730,969
- 26,250 42,984 43,843 44,720 45,615 46,527 47,457 48,406
49,375 50,362 51,369 52,397 53,445 54,514 55,604 56,716 57,850 59,007
60,187 61,391 62,619 63,871 65,149 66,452
- 105,000 171,934 175,373 178,880 182,458 186,107 189,829 193,626 197,498
201,448 205,477 209,587 213,779 218,054 222,415 226,864 231,401 236,029 240,749
245,564 250,476 255,485 260,595 265,807
Total 9,920,282 - 420,000 687,737 701,492 715,522 729,832 744,429 759,317
774,504 789,994 805,794 821,909 838,348 855,115 872,217 889,661 907,454 925,603 944,116
962,998 982,258 1,001,903 1,021,941 1,042,380 1,063,227 20,257,748
SUMMARY
Total 17,813,752 - 754,190 1,234,962 1,259,662 1,284,855 1,310,552 1,336,763 1,363,498 1,390,768
1,418,584 1,446,955 1,475,894 1,505,412 1,535,521 1,566,231 1,597,556 1,629,507 1,662,097 1,695,339 1,729,246
1,763,830 1,799,107 1,835,089 1,871,791 1,909,227 36,376,636
REAL PROPERTY Taxable Value 10,500,000- 17,193,425 17,537,294 17,888,039 18,245,800 18,610,716 18,982,930 19,362,589
19,749,841 20,144,838 20,547,734 20,958,689 21,377,863 21,805,420 22,241,529 22,686,359 23,140,086 23,602,888 24,074,946 24,556,445
25,047,574 25,548,525 26,059,496 26,580,686
Total 1,178,034 - 49,875 81,669 83,302 84,968 86,668 88,401 90,169
91,972 93,812 95,688 97,602 99,554 101,545 103,576 105,647 107,760 109,915
112,114 114,356 116,643 118,976 121,355 123,783 126,258 2,405,608
PERSONAL PROPERTY Taxable Value 4,200,000- 6,877,370 7,014,917 7,155,216 7,298,320 7,444,286 7,593,172 7,745,036
7,899,936 8,057,935 8,219,094 8,383,476 8,551,145 8,722,168 8,896,611 9,074,544 9,256,035 9,441,155 9,629,978
9,822,578 10,019,029 10,219,410 10,423,798 10,632,274
Total - - - - - - - -
- - - - - - - - -
- - - - - - - - -
-
SALES TAX Taxable Value 21,000,000- 34,386,850 35,074,587 35,776,079 36,491,600 37,221,432 37,965,861 38,725,178 39,499,682
40,289,675 41,095,469 41,917,378 42,755,726 43,610,840 44,483,057 45,372,718 46,280,173 47,205,776 48,149,892 49,112,889
50,095,147 51,097,050 52,118,991 53,161,371
- 288,750 472,819 482,276 491,921 501,760 511,795 522,031 532,471 543,121
553,983 565,063 576,364 587,891 599,649 611,642 623,875 636,352 649,079 662,061
675,302 688,808 702,584 716,636 730,969
- 26,250 42,984 43,843 44,720 45,615 46,527 47,457 48,406
49,375 50,362 51,369 52,397 53,445 54,514 55,604 56,716 57,850 59,007
60,187 61,391 62,619 63,871 65,149 66,452
- - - - - - - - -
- - - - - - - - -
- - - - - - -
Total 7,019,068 - 315,000 515,803 526,119 536,641 547,374 558,321 569,488
580,878 592,495 604,345 616,432 628,761 641,336 654,163 667,246 680,591 694,203 708,087
722,248 736,693 751,427 766,456 781,785 797,421 15,193,311
SUMMARY
-
Total 8,618,245 - 364,875 597,472 609,421 621,609 634,042 646,722 659,657
672,850 686,307 700,033 714,034 728,314 742,881 757,738 772,893 788,351 804,118 820,200
836,604 853,336 870,403 887,811 905,567 923,679 17,598,919
SUMMARY
Total 9,195,507 - 389,315 637,491 650,241 663,246 676,510 690,041 703,842
717,918 732,277 746,922 761,861 777,098 792,640 808,493 824,663 841,156 857,979 875,138
892,641 910,494 928,704 947,278 966,224 985,548 18,777,717
Amended Project and Financing Plan, TIRZ #1
14
Financial Feasibility Analysis - Phase II
INPUT
TOTAL
OUTPUT
47.5%
3.5%
20.2%
0.2%
2.4%
26.2%
100.0%
100.0%31.7%12.7%55.7%
92.8%
7.2%
0.0%
0.0%
0.0%
0.0%
100.0%
100.0%13.7%0.0%86.3%
5.1%
0.0%
39.2%
0.4%
4.6%
50.7%
100.0%
100.0%48.5%24.5%27.0%
Amended Project and Financing Plan, TIRZ #1
15
Financial Feasibility Analysis - Phase II
Calendar Year 12345678910111213141516171819202122232425
2020202120222023202420252026202720282029203020312032203320342035203620372038203920402041204220432044
% OCCUPIED
REAL PROPERTY Taxable Value 5,625,000 7,500,000 7,650,000 7,803,000 7,959,060 8,118,241 8,280,606 8,446,218 8,615,143
8,787,445 8,963,194 9,142,458 9,325,307 9,511,813 9,702,050 9,896,091 10,094,013 10,295,893 10,501,811 10,711,847
Total 1,747,143 - - - - - 127,879 170,505 173,915 177,393
180,941 184,560 188,251 192,016 195,857 199,774 203,769 207,845 212,002 216,242 220,566
224,978 229,477 234,067 238,748 243,523 4,022,308
% OCCUPIED
PERSONAL PROPERTY Taxable Value 2,250,000 3,000,000 3,060,000 3,121,200 3,183,624 3,247,296 3,312,242 3,378,487 3,446,057
3,514,978 3,585,278 3,656,983 3,730,123 3,804,725 3,880,820 3,958,436 4,037,605 4,118,357 4,200,724 4,284,739
Total 740,788 - - - - 51,152 68,202 69,566 70,957
72,377 73,824 75,301 76,807 78,343 79,910 81,508 83,138 84,801 86,497
88,227 89,991 91,791 93,627 95,499 97,409 1,608,923
SALES TAX Taxable Value 11,250,000 15,000,000 15,300,000 15,606,000 15,918,120 16,236,482 16,561,212 16,892,436 17,230,285 17,574,891
17,926,389 18,284,916 18,650,615 19,023,627 19,404,099 19,792,181 20,188,025 20,591,786 21,003,621 21,423,694
- - - - - 154,688 206,250 210,375 214,583 218,874
223,252 227,717 232,271 236,916 241,655 246,488 251,418 256,446 261,575 266,806 272,142
277,585 283,137 288,800 294,576
- - - - - 14,063 18,750 19,125 19,508 19,898
20,296 20,702 21,116 21,538 21,969 22,408 22,856 23,313 23,780 24,255
24,740 25,235 25,740 26,255 26,780
- - - - - 56,250 75,000 76,500 78,030 79,591
81,182 82,806 84,462 86,151 87,874 89,632 91,425 93,253 95,118 97,020
98,961 100,940 102,959 105,018 107,118
Total 3,258,505 - - - - 225,000 300,000 306,000 312,120 318,362
324,730 331,224 337,849 344,606 351,498 358,528 365,698 373,012 380,473 388,082 395,844
403,761 411,836 420,072 428,474 7,077,168
SUMMARY
Total 5,520,061 - - - - - 404,030 538,707 549,481 560,471
571,680 583,114 594,776 606,672 618,805 631,181 643,805 656,681 669,814 683,211 696,875
710,812 725,029 739,529 754,320 769,406 12,708,399
REAL PROPERTY Taxable Value - - - - 5,625,000 7,500,000 7,650,000 7,803,000
7,959,060 8,118,241 8,280,606 8,446,218 8,615,143 8,787,445 8,963,194 9,142,458 9,325,307 9,511,813 9,702,050
9,896,091 10,094,013 10,295,893 10,501,811 10,711,847
Total 386,947 - - - - 26,719 35,625 36,338 37,064
37,806 38,562 39,333 40,120 40,922 41,740 42,575 43,427 44,295 45,181
46,085 47,006 47,947 48,905 49,884 50,881 840,414
PERSONAL PROPERTY Taxable Value - - - - 2,250,000 3,000,000 3,060,000 3,121,200
3,183,624 3,247,296 3,312,242 3,378,487 3,446,057 3,514,978 3,585,278 3,656,983 3,730,123 3,804,725 3,880,820
3,958,436 4,037,605 4,118,357 4,200,724 4,284,739
Total - - - - - - - - -
- - - - - - - - -
- - - - - - - - -
SALES TAX Taxable Value - - - - 11,250,000- 15,000,000 15,300,000 15,606,000
15,918,120 16,236,482 16,561,212 16,892,436 17,230,285 17,574,891 17,926,389 18,284,916 18,650,615 19,023,627 19,404,099
19,792,181 20,188,025 20,591,786 21,003,621 21,423,694
- - - - - 154,688 206,250 210,375 214,583 218,874
223,252 227,717 232,271 236,916 241,655 246,488 251,418 256,446 261,575 266,806 272,142
277,585 283,137 288,800 294,576
- - - - - 14,063 18,750 19,125 19,508 19,898
20,296 20,702 21,116 21,538 21,969 22,408 22,856 23,313 23,780 24,255
24,740 25,235 25,740 26,255 26,780
- - - - - - - - -
- - - - - - - - - -
- - - - - -
Total 2,175,043 - - - - - 168,750 225,000 229,500 234,090
238,772 243,547 248,418 253,387 258,454 263,623 268,896 274,274 279,759 285,354 291,061
296,883 302,820 308,877 315,054 321,355 5,307,876
SUMMARY
Total 2,670,591 - - - - - 195,469 260,625 265,838 271,154
276,577 282,109 287,751 293,506 299,376 305,364 311,471 317,700 324,054 330,536 337,146
343,889 350,767 357,782 364,938 372,237 6,148,289
SUMMARY
Amended Project and Financing Plan, TIRZ #1
16
Financial Feasibility Analysis - Participation
2.27340000.47500002.27340000.0000000
Amended Project and Financing Plan, TIRZ #1
17
Financial Feasibility Analysis - Total Taxes Generated
2.27340002.27340002.27340002.2734000
Amended Project and Financing Plan, TIRZ #1
18
Financial Feasibility Analysis - Summary
RealPropertyTax
$15,535,799.54
BusinessPersonalProperty
Tax
SalesTax
$27,334,916.05
$6,214,319.81
CITYOFSTEPHENVILLE
ERATHCOUNTY
CITYOFSTEPHENVILLE
ERATHCOUNTY
MIDDLETRINITYWATER
MIDDLETRINITYWATER
ERATHROAD&BRIDGE
ERATHROAD&BRIDGE
STEPHENVILLEISD
STEPHENVILLEISD
ECONOMICDEVELOPMENT
ECONOMICDEVELOPMENT
ERATHCOUNTYSALES
ERATHCOUNTYSALES
$1,298,409
RealPropertyBusinessPersonalPropertySalesTax
$1,708,432
$1,400,000
ERATHCOUNTYSALES
$3,660,018
STEPHENVILLEISD
ECONOMICDEVELOPMENT
$1,200,000
ERATHROAD&BRIDGE
CityRealProperty
MIDDLETRINITYWATER
ERATHCOUNTY
$1,000,000
CITYOFSTEPHENVILLE
$800,000
CitySalesTax
$600,000
EDSalesTax
$400,000
$200,000
$0
$18,792,755
Amended Project and Financing Plan, TIRZ #1
19
Terms and Conditions
Projects Cost Estimates:
All project costs listed in the project plan shall be considered
estimates and shall not be considered a cap on expenditures.
Length of TIRZ #1 in Years:
December 31, 2045.
Powers and Duties of Board of Directors:
The Board shall have all powers granted to it by Chapter 311 of
the Texas Tax Code, including powers of a municipality under
Chapter 380, Local Government Code. The Board shall not be
authorized to:
Amended Project and Financing Plan, TIRZ #1
20
APPENDIX A - CURRENT PROPERTY OWNERSHIP
TIRZ #1 CURRENT PROPERTY OWNERSHIP
ParcelIDOwner2019TaxableValue2018TaxableValueSizeSFSizeAcresLegal
R000022352O'REILLYAUTOENTERPRISESLLCNotyetavailable$535,72037,4830.860S3305OREILLYSTEPHENVILLEADDITION,BLOCK1,LOT3
R000022363FARMERS&MERCHANTSBANKNotyetavailable$1,710,24075,9691.744A2615LAKEGRANBURYDEVELOPERSADDITION;BLOCK1,LOT2
R000022388LAKEGRANBURYDEVELOPERSLPNotyetavailable$1,004,410502,20311.529A2615LAKEGRANBURYDEVELOPERSADDITION;BLOCK1,LOT3
R000022409ERATHCAPITALINVESTMENTSLLCNotyetavailable$42,30012,9600.298S2600CITYADDITION;,BLOCK148;,LOT18&21(SUB8);,(11.4OF21)
R000030517PARKPLAZAPROPERTIESLLCNotyetavailable$587,980209,1314.801S2600CITYADDITION;,BLOCK148;,LOT2;PLAZAMHP
R000030518MARTINEZJESSIENotyetavailable$40,0607,5000.172S2600CITYADDITION;,BLOCK148;,LOT7(SUBOF8)
R000030519MCELROYRUBYKNotyetavailable$159,470159,4733.661S2600CITYADDITION;,BLOCK148;,LOT4;8;9;10;11;12;13;14;15(SUB8);&1.912ACS(SUB6&7)
R000030523CACTUSRIDGELPNotyetavailable$84,35011,2500.258S2600CITYADDITION;,BLOCK148;,LOT6(SUB8)
R000030524HARRISPARTNERSHIPNotyetavailable$804,630147,4503.385S2600CITYADDITION;,BLOCK148;,LOT7(SUB7)
R000030525HARRISPARTNERSHIPNotyetavailable$20,00012,0000.275S2600CITYADDITION;,BLOCK148;,LOT16&17;(N3017),(SUB8)
R000030526PALMTREEVENTURESLLCNotyetavailable$103,52018,0000.413S2600CITYADDITION;,BLOCK148;,LOT17;19;20;(S20OF17),(SUB8)
R000055614DELGADOLAZAROJR&LAZARO
ALBERTODELGADONotyetavailable$35,03014,7510.339S2600CITYADDITION;,BLOCK148;,LOT21;(N100OF21),(SUBOF8)
R000074390ALLSUPSCONVENIENCESTORESINCNotyetavailable$1,306,350126,3462.901A2615LAKEGRANBURYDEVELOPERSADDITION;BLOCK1,LOT1
R000075404COPELANDPROPERTIESLLCNotyetavailable$561,03014,9960.344S3305OREILLYSTEPHENVILLEADDITION,BLOCK1,LOT4
$6,995,0901,349,51230.981
TIRZ #1A CURRENT PROPERTY OWNERSHIP
ParcelIDOwner2019TaxableValue2018TaxableValueSizeSFSizeAcresLegal
R000031936PHILLIPSLESTERL&FRANCES74,5509,7650.22S3900GROESBECKADDITION;,BLOCK2;,LOT16&17(N13OF17)
Notyetavailable
R000031916MARTINNADIANotyetavailable101,79012,4000.28S3900GROESBECKADDITION;,BLOCK1;,LOT16&17(N30OF17)
R000031933NORMANDJONATHANM&CARRIEJ97,64012,4000.28S3900GROESBECKADDITION;,BLOCK2;,LOT11&12;,(S40OF11&N40OF12)
Notyetavailable
R000031934BYRDRICHARDS&KRISTENL83,76012,4000.28S3900GROESBECKADDITION;,BLOCK2;,LOT12;13&14;,(S10OF12&N20OF14)
Notyetavailable
R000031935MARKSSYLVANBROWNJR&BARBARAANNNotyetavailable75,71012,4000.28S3900GROESBECKADDITION;,BLOCK2;,LOT14&15;,(S30OF14)
R000031914WATSONKARMAL89,82012,4000.28S3900GROESBECKADDITION;,BLOCK1;,LOT12;13;14(S15OF12,&13ANDN15OF14)
Notyetavailable
R000031915RENFIELDLLC100,19013,1750.30S3900GROESBECKADDITION;,BLOCK1;,LOT14&15;,(S35OF14&15)
Notyetavailable
R000031917WALTONDARONNotyetavailable86,17012,4310.29S3900GROESBECKADDITION;,BLOCK1;,LOT17&18(S20OF17)
R000031928MELTONMIKE&RONDA140,79015,5000.36S3900GROESBECKADDITION;,BLOCK2;,LOT1;2;(N38OF2)
Notyetavailable
R000031908SHOFSTALLFAMILYLIVINGTRUST127,97017,0810.39S3900GROESBECKADDITION;,BLOCK1;,LOT1&2
Notyetavailable
R000031909KARNESDANNYD&JANAM127,11013,9500.32S3900GROESBECKADDITION;,BLOCK1;,LOT3&4(N40OF4)
Notyetavailable
R000031910BYRDRICHARDS&KRISTENL97,19015,5000.36S3900GROESBECKADDITION;,BLOCK1;,LOT4;5;6,(S10OF4&5&N40OF6)
Notyetavailable
R000031911HERODDANA133,65015,5000.36S3900GROESBECKADDITION;,BLOCK1;,LOT6;7;8;,(S120OF6&N40OF8)
Notyetavailable
R000031912BLAKELEYKEVINJ137,09015,5000.36S3900GROESBECKADDITION;,BLOCK1;,LOT8;9;10;,(S10OF8&N40OF10)
Notyetavailable
R000031913ELLIOTTJOHNR&KATIEBENTERPRISESLLC116,28014,7250.34S3900GROESBECKADDITION;,BLOCK1;,LOT10;11&12(S10,OF10&N35OF12)
Notyetavailable
R000031929MILLERKARLA125,55017,3600.40S3900GROESBECKADDITION,BLOCK2,LOT2;3;4;(S12OF2)
Notyetavailable
R000031930JONESEUNAE118,62015,5000.36S3900GROESBECKADDITION;,BLOCK2;,LOT5&6
Notyetavailable
R000031931WILLIAMSGEORGEWILEYJR103,53015,5000.36S3900GROESBECKADDITION;,BLOCK2;,LOT7&8
Notyetavailable
R000031932AVALOSAMPAROMEDRANO&ROSAMROSALESPULE161,80017,0500.39S3900GROESBECKADDITION;,BLOCK2;,LOT9;10;11;(N10OF11)
Notyetavailable
R000031937FAMBROREALTYLLC114,87013,9500.32S3900GROESBECKADDITION;,BLOCK2;,LOT17&18(N53OF18,&S37OF17)
Notyetavailable
R000030321STEPHENVILLEINTERBANK2,152,88086,3441.98S2600CITYADDITION;,BLOCK139;,LOT1
Notyetavailable
4,366,960370,8318.51
Amended Project and Financing Plan, TIRZ #1
21