HomeMy WebLinkAbout2020-O-06 - Amend PFP TIRZ No. 1 ORDINANCE NO. 2020-0-06
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 expanding the boundaries
of Reinvestment Zone Number One, 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. 2019-0-21 approving the amended
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 February 4, 2020,the City Council of the City of Stephenville,Texas, pursuant
to Chapter 311 of the Texas Tax Code, approved Ordinance No. 2020-0-05 amending Reinvestment
Zone Number One, City of Stephenville,Texas (the "Zone") to further 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 February 4,
2020, the Board recommended that the Plan, as amended in Exhibit "A", 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 ON this 4th day of Februar , 2020.
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Reviewed by Alle L. Barnes,
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Randy Thomas, City Attorney
Approved as to form and legality
EXHIBIT A
Amended Project and Financing Plan
FEBRUARY 2020
AMENDED PROJECT AND FINANCING PLAN
Amended Project and Financing Plan, TIRZ #1
Tax Increment Reinvestment Zone #1City of Stephenville, Texas
A city of over 20,000 people, Stephenville, Texas is uniquely located one-hour southwest of the Dallas/Fort Worth metropolitan area for easy access to metropolitan amenities and a major
airport. Stephenville is the county seat of Erath County and is an inviting, gracious community with a rich western heritage in a beautiful country setting along the Bosque River. With
its main campus in Stephenville, Tarleton State University offers the value of a Texas A&M University System degree with 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
area population of approximately 80,000 Texans. As the ‘Cowboy Capital of the World’, Stephenville is uniquely home to more professional rodeo cowboys and cowgirls than any other place
in the world. And the equine industry continues to grow throughout the surrounding County.a community to excellence in youth and civic organizations and 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
121214152324
9
Table of Contents
IntroductionTIRZ BoundaryCurrent Conditions Proposed DevelopmentProject CostsFinancial Feasibility AnalysisTerms and ConditionsAppendix A
DISCLAIMER Our conclusions and recommendations are based on current market conditions and the expected performance of the national, and/or local economy and real estate market. Given
that economic conditions can change and real estate markets are cyclical, it is critical to monitor the economy and real estate market continuously, and to revisit key project 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 occur as expected, and the differences may be material.
Foreword
.
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 usesTIRZ
#1 was created by Ordinance No. 2019-O-14 on April 25, 2019. On July 23, 2019, the TIRZ boundary was expanded by Ordinance No. 2019-O-20 to include TIRZ #1A, an area consisting of approximately
8.51 acres along N Harbin Drive from W Frey Street to W Washington Street. On February 4, 2020, the TIRZ boundary was further expanded to include TIRZ #1B, an area of approximately
245.23 acres, bringing the size of the entire TIRZ to approximately 284.72 acres.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. growth of the municipality.
1
Amended Project and Financing Plan, TIRZ #1
- TIRZ #1B Boundary
- TIRZ #1 Boundary- TIRZ #1A Boundary
Introduction
2
Amended Project and Financing Plan, TIRZ #1
- TIRZ #1 Boundary- TIRZ #1A Boundary- TIRZ #1B Boundary
TIRZ Boundary Boundary Description The expanded TIRZ is noncontiguous and consists of three areas, TIRZ #1, #1A, and #1B. 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 #1B begins north of the intersection of W Lingleville Road and Northwest Loop, and runs along N Harbin
Road, past W South Loop to County Road 257. TIRZ #1B encompasses approximately 245.23 acres.
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, thenceEast along the northern boundary of Property ID R000022388 to the point it meets the northwest corner of Property ID R000030519, thenceEast along
the northern boundary of Property ID R000030519, thenceSouth along the eastern boundary of Property ID R000030519 to the point it meets the northeast corner of Property ID R000030525,
thenceSouth along the eastern boundary of Property ID R000030525 to the point it meets the northeast corner of Property ID R000022409, thenceSouth along the eastern boundary of Property
ID R000022409 to the point it meets the northeast corner of Property ID R000030523, thenceSouth along the eastern boundary of Property ID R000030523 to the point it meets the northeast
corner of Property ID R000075404, thenceSouth along the eastern boundary of Property ID R000075404 to the point it meets the northeast corner of Property ID R000022352, thenceSouth
along the eastern boundary of Property ID R000022352, thenceWest along the southern boundary of Property ID R000022352 to the point it meets the southeast corner of Property ID R000030524,
thenceWest along the southern boundary of Property ID R000030524 to the point it meets the southeast corner of Property ID R000074390, thenceWest along the southern boundary of Property
ID R000074390 to the point it meets the southeast corner of Property ID R000030517, thenceWest along the southern boundary of Property ID R000030517, thenceNorth 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.
3
Amended Project and Financing Plan, TIRZ #1
- TIRZ #1 Boundary
TIRZ Boundary
Legal Description - TIRZ #1A way of W Frey Street, thenceboundary of N Harbin Drive, thenceEast across N Harbin Drive to the point the eastern right of way boundary meets the southwest
corner of Property ID R000028934, thenceSouth along the eastern right of way boundary of N Harbin Drive across W Frey Street, thenceSouth 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, thenceSouth across W Washington Street to the point the southern right of way boundary
meets the northwest corner of Property ID R000033482, thenceWest 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, thenceNorth along the western boundary of Property ID R000030321 to the point it meets the southern right of way boundary of W Tarleton Street, thenceNorth
across W Tarleton Street to the point the northern right of way boundary meets the southwest corner of Property ID R000031937, thenceNorth along the western boundary of Property ID
R000031937 to the point it meets the southwest corner of of Property ID R000031935, thenceNorth along the western boundary of Property ID R000031935 to the point it meets the southwest
corner of Property ID R000031934, thenceNorth 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, thenceNorth along the western boundary of Property ID R000031932
to the point it meets the southwest corner of Property ID R000031931, thenceNorth along the western boundary of Property ID R000031931 to the point it meets the southwest corner of
Property ID R000031930, thence
4
Amended Project and Financing Plan, TIRZ #1
- TIRZ #1A Boundary
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, thenceNorth along
the western boundary of Property ID R000031929 to the point it meets the southwest corner of Property ID R000031928, thenceNorth along the western boundary of Property ID R000031928
to the point it meets the southern right of way boundary of Phelps Street, thenceNorth across Phelps Street to the point the northern right of way boundary meets the southwest corner
of Property ID R000031917, thenceNorth 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, thenceNorth 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, thenceNorth along the western boundary of Property ID R000031908 to the point it meets the southern right of way boundary of W Frey Street, thenceNorth across W Frey
Street to the point the northern right of way boundary meets the southern boundary of
5
Amended Project and Financing Plan, TIRZ #1
- TIRZ #1A Boundary
TIRZ Boundary
Legal Description - TIRZ #1B Beginning at the northwest corner of Property ID R000033189, following the northern boundary to the point it meets the western right of way boundary of River
N Boulevard, thenceSouth along the western right of way boundary of River N Boulevard to the point it meets the northern right of way boundary of W Lingleville Road, thenceEast along
the northern right of way boundary of W Lingleville Road to the point it meets the eastern right of way boundary of River N Boulevard, thenceSouth to the southern right of way boundary
of W Lingleville Road, thenceEast along the southern right of way boundary of W Lingleville Road to the point it meets the northeastern Property ID R000029149, thenceEast along the
northern boundary of Property ID R000029149, continuing south then west along the property boundary to the point it meets the northeast corner of Property ID R000029148, thenceSouth
along the eastern boundary of Property ID R000029148 to the point it meets the northern right of way boundary of W Overhill Drive, thenceSouth to the southern right of way boundary
of W Overhill Drive to the point it meets Property ID R000029000, thenceSouth along the eastern boundary of Property ID R0000290000 to the point it meets Property ID R000028999, thenceSouth
along the eastern boundary of Property ID R000028999 to the point it meets Property ID R000028997, thencethencethenceSouth along the eastern boundary of Property ID R000028995 to the
point it meets Property ID R000028994, thenceSouth along the eastern boundary of Property ID R000028994 to the point it the northern right of way boundary of Mimosa Lane, thenceSouth
across Mimosa Lane to the southern right of way boundary of Mimosa Lane to the point it meets Property ID R000028944, thenceSouth along the eastern boundary of Property ID R000028944
to the point it meets Property ID R000028943, thenceSouth along the eastern boundary of Property ID R000028943 to the point it meets Property ID R000028942, thence
6
Amended Project and Financing Plan, TIRZ #1
- TIRZ #1B Boundary
TIRZ Boundary
South along the eastern boundary of Property ID R000032045 to the point it meets Property ID R000032044, thenceSouth along the eastern boundary of Property ID R000032044 to the point
it meets the northern right of way boundary of W Washington Street, thenceSouth across W Washington Street to Property ID R000033482, thenceEast along the northern boundary of Property
ID R000033482, continuing along the property boundary to the point it meets Property ID R000033485, thenceSouth along the eastern boundary of Property ID R000033485 to the point it
meets the northern right of way boundary of W Swan Street, thenceWest along the northern boundary of W Swan Street then south across W Swan Street to the northeast corner of Property
ID R000073763, thenceSouth along the eastern boundary of Property ID R000073763 to the point it meets Property ID R000014966, thenceEast along the boundary of Property ID R000014966
to the point it meets Property ID R000033595, thenceNorth along the boundary of Property ID R000033595, continuing along the property boundary until it meets Property ID R000033607,
thence South along the eastern boundary of Property ID R000033607 to the point it meets the northern right of way boundary of Groesbeck Street, thenceSouth across Groesbeck Street to
the western corner of Property ID R000076187, thenceEast along the northern boundary of Property ID R000076187 to the point it meets the western right of way boundary of S 6th Avenue,
thenceSouth along the western right of way boundary of S 6th Avenue to the point it meets the northern right of way boundary of W South Loop 377, thenceSouth across W South Loop 377
to the northeast corner of Property ID R000064332, thenceSouth along the eastern boundary of Property ID R000064332 to the point it meets Property ID R000033760, thenceSouth along the
eastern boundary of Property ID R000033760 to the point it meets Property ID R000019805, thenceSouth along the eastern boundary of Property ID R000033760 to the point it meets Property
ID R000019805, thenceEast along the northern boundary of Property ID R000019805, continuing along the boundary to the point it meets the southwest corner of Property ID R000033760,
thenceNorth along the western boundary of Property ID R000033760 to the point it meets the southern right of way boundary of W South Loop 377, thenceWest along the northern right of
way boundary of W South Loop 377 then north across W South Loop 377 to the southwest corner of Property ID R000030481, thenceNorth along the western boundary of Property ID R000030481
to the point it meets the southern corner of Property ID R000063891, thence
7
Amended Project and Financing Plan, TIRZ #1
TIRZ Boundary South along the eastern boundary of Property ID R000028942 to the point it meets Property ID R000028941, thenceSouth along the eastern boundary of Property ID R000028941
to the point it meets Property ID R000028940, thenceSouth along the eastern boundary of Property ID R000028940 to the point it meets Property ID R000028939, thenceSouth along the eastern
boundary of Property ID R000028939 to the point it meets Property ID R000028938, thenceSouth along the eastern boundary of Property ID R000028938 to the point it meets Property ID R000028937,
thenceSouth along the eastern boundary of Property ID R000028937 to the point it meets Property ID R000028936, thenceSouth along the eastern boundary of Property ID R000028936 to the
point it meets Property ID R000028935, thenceSouth along the eastern boundary of Property ID R000028935 to the point it meets Property ID R000028934, thenceSouth along the eastern boundary
of Property ID R000028934 to the point it meets the northern right of way boundary of W Frey Street, thenceSouth to the southern right of way of W Frey Street to the point it meets
Property ID R000060732, thenceEast along the northern boundary of Property ID R000060732 to the point it meets Property ID R000060731, thenceEast along the northern boundary of Property
ID R000060731, continuing along the boundary to the point it meets the northern right of way boundary of W Sloan Street, thenceWest along the northern right of way boundary of W Sloan
Street, thenceSouth across W Sloan Street to the northeast corner of Property ID R000032907, thenceSouth along the eastern boundary of Property ID R000032907 to the point it meets Property
ID R000032911, thenceSouth along the eastern boundary of Property ID R000032911 to the point it meets the northern right of way boundary of W Tarleton Street, thenceSouth across W Tarleton
Street to the northeast corner of Property ID R000032030, thenceSouth along the eastern boundary of Property ID R000032030 to the point it meets Property ID R000032029, thenceSouth
along the eastern boundary of Property ID R000032029 to the point it meets Property ID R000032028, thenceSouth along the eastern boundary of Property ID R000032028 to the point it meets
the northern right of way boundary of W Turner Street, thenceSouth across W Turner Street to the northeast corner of Property ID R000032045, thence
North along the western boundary of Property ID R000030444 to the point it meets Property ID R000030443, thenceNorth along the western boundary of Property ID R000030443 to the point
it meets Property ID R000030448, thenceNorth along the western boundary of Property ID R000030448 to the point it meets the southern right of way boundary of Mimosa Lane, thenceNorth
across Mimosa Lane to the point it meets R000030450, thenceNorth along the western boundary of Property ID R000030450 to the point it meets Property ID R000030453, thenceNorth along
the western boundary of Property ID R000030453 to the point it meets Property ID R000030456, thenceNorth along the western boundary of Property ID R000030456 to the point it meets Property
ID R000030455, thenceNorth along the western boundary of Property ID R000030455 to the point it meets Property ID R000030458, thenceNorth along the western boundary of Property ID R000030458,
continuing east along the boundary to the point it meets Property ID R000034643, thenceNorth along the western boundary of Property ID R000034643 to the point it meets the southern
right of way boundary of W Overhill Drive, thenceNorth across W Overhill Drive to the southern boundary of Property ID R000034641, thenceWest across the southern boundary of Property
ID R00003461, continuing north along the western boundary to the point it meets Property ID R000014963, thenceNorth along the western boundary of Property ID R000014963 to the point
it meets Property ID R000074481, thenceNorth along the western boundary of Property ID R000074481 to the point it meets Property ID R000014980, thenceNorth along the western boundary
of Property ID R000014980 to the point it meets Property ID R000014981, thenceNorth along the western boundary of Property ID R000014981 to the point it meets the eastern right of way
of Northwest Loop 988, thenceAcross Northwest Loop 988 to the southern right of way boundary of Property ID R000030545, thenceWest along the southern boundary of Property ID R000030545,
continuing north then east along the boundary to the point it meets the western right of way boundary of Lingleville Road, thenceNorth along the western right of way boundary of Lingleville
Road to the point it meets the northern corner of Property ID R0000149988 thenceNorth across Lingleville Road to the western corner of Property ID R000033189, thenceNorth along the
western boundary of Property ID R000033189 to the point it meets the northwest corner of Property ID R000033189, which is the point of beginning.
8
Amended Project and Financing Plan, TIRZ #1
TIRZ Boundary North along the western boundary of Property ID R000063891 to the point it meets the southern right of way boundary of W Swan Street, thenceNorth across W Swan Street then
east along the northern right of way boundary of W Swan Street to the point it meets the eastern right of way boundary of Greenview Drive, thenceNorth along the eastern right of way
boundary of Greenview Drive to the point it meets the northwest corner of Property ID R000031896, thenceEast along the northern boundary of Property ID R000031896 to the point it meets
Property ID R000066500, thenceNorth along the western boundary of Property ID R000066500 to the point it meets the southern right of way of Blakeney Drive, thenceNorth across Blakeney
Drive to the southwest corner of Property ID R000050629, thenceNorth along the western boundary of Property ID R000050629 to the point it meets Property ID R0000050628, thenceNorth
along the western boundary of Property ID R0000050628 to the point it meets Property ID R0000050627, thenceNorth along the western boundary of Property ID R0000050627 to the point it
meets Property ID R0000050626, thenceWest then north along the western boundary of Property ID R0000050626 to the point it meets Property ID R0000050625, thenceNorth along the western
boundary of Property ID R0000050625 to the point it meets Property ID R000061964, thenceNorth along the western boundary of Property ID R000061964 to the point it meets the southern
right of way boundary of W Washington Street, thenceEast along the southern right of way boundary of W Washington Street to the point it meets the northwest corner of Property ID R000033482,
thenceNorth across W Washington Street to the point it meets the southwest corner of Property ID R000032044, thenceNorth along the eastern right of way boundary of N Harbin Road to
the point it meets the southwest corner of Property ID R0000028934, thenceWest across N Harbin Road to the southeast corner of Property ID R000062670, thenceWest along the southern
boundary of Property ID R000062670, continuing north along the western boundary to the point it meets Property ID R000030440, thenceWest along the southern boundary of Property ID R000030440,
continuing north along the western boundary to the point it meets Property ID R000030441, thenceNorth along the western boundary of Property ID R000030441, continuing east along the
boundary to the point it meets Property ID R000030442, thenceNorth along the western boundary of Property ID R000030442 to the point it meets Property ID R000030444, thence
- TIRZ #1B Boundary
- TIRZ #1 Boundary- TIRZ #1A Boundary
9
Amended Project and Financing Plan, TIRZ #1
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#1B consists of a variety of land uses, including single family homes, commercial properties, school facilities, and vacant land. TIRZ #1, #1A, and #1B 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). The land within TIRZ #1B is designated
primarily for Commerical use, in addition to Single Family (shaded in yellow) and City/Tarleton/SISD (shaded in black and white).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.
Current Conditions
- TIRZ #1B Boundary
10
Amended Project and Financing Plan, TIRZ #1
- TIRZ #1A Boundary
- TIRZ #1 Boundary
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 B-2 Retail and Commercial Business (shaded in green). The property within TIRZ#1B
is zoned as R-1 Single Family (shaded in light green), B-1 Neighborhood Business (shaded in yellow green), B-2 Retail and Commercial Business (shaded in green), and CTS City, Tarleton,
and School (shaded in olive 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 will generally be more densely concentrated and neighborhoods throughout the city.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 #1B Boundary
11
- TIRZ #1A Boundary
Amended Project and Financing Plan, TIRZ #1
- TIRZ #1 Boundary
Current ConditionsCurrent Conditions Current Parcel Information 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. The 2019 estimated base taxable value For further details of the parcels, including ownership information, see
Appendix A.
12
Amended Project and Financing Plan, TIRZ #1
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.
13
Amended Project and Financing Plan, TIRZ #1
Anticipated Development Within TIRZ #1 it is anticipated that there will be retail development constructed over the next this time there is no imminent planned new development within
TIRZ #1A or TIRZ #1B. The table provides an overview of the potential development that we believe will occur during the fund.
Proposed Development
Chapter 311 of the Texas Tax CodeSec. 311.002.(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 include:(A)
capital costs, including the actual costs of the acquisition and construction of public works, public obligations issued to pay for project costs and any premium paid over the principal
amount of the (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.
14
Amended Project and Financing Plan, TIRZ #1
7.5%2.5%
15.0%15.0%15.0%15.0%10.0%20.0%
100.0%
622,403
3,734,4153,734,4153,734,4151,867,2083,734,4152,489,6104,979,221
24,896,103
$$$$$$$$$
Improvements
and
Facilities
Improvements
Improvements
and
Grants
Improvements
and
Recreation
Improvements
and
and
Improvements
Facilities
Costs
Facilities
Park
Intersection
Development
Sewer
Facilities
Waterand
Space,
Total
WaterSanitaryStormTransit/ParkingStreetOpenEconomicAdministrative
Project Costs of the Zone There are a number of improvements within Tax Increment Reinvestment Zone #1 that will be 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.
Project Costs
15
Amended Project and Financing Plan, TIRZ #1
Financial Feasibility Analysis Method of Financing To fund the public improvements outlined on the previous pages, the City of Stephenville will contribute 100% of its real property
increment and 100% of the sales tax increment within the boundaries of TIRZ #1, #1A, and #1B. Stephenville Economic Development Authority (SEDA) will contribute 100% of its sales tax
increment within the originial boundaries, TIRZ #1, in accordance with 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 its Utilizing the information outlined in this feasibility study, we have found that the TIRZ is economically occur without its implementation.
16
56.4%86.5%27.6%
Amended Project and Financing Plan, TIRZ #1
0.0%
12.5%24.4%
31.1%13.5%48.0%
100.0%100.0%100.0%
0.2%2.2%0.0%0.0%0.0%0.0%5.2%0.0%0.4%4.4%
3.5%7.2%
48.1%20.9%25.1%92.8%40.9%49.2%
TOTAL100.0%100.0%100.0%
OUTPUT
Financial Feasibility Analysis - Phase I
-
4,473,5192,380,285
11,183,79620,257,74835,915,06415,193,31117,573,59718,341,467
25
--
2044
66,45266,452
586,981234,793 730,969265,807 124,929 730,969 797,421922,350962,651
1,063,2271,885,001
26,580,68610,632,27453,161,37126,580,68610,632,27453,161,371
24
--
2043
65,14965,149
575,472230,189 716,636260,595 122,480 716,636 781,785904,264943,776
1,042,3801,848,040
26,059,49610,423,79852,118,99126,059,49610,423,79852,118,991
23
--
2042
63,87163,871
702,584
564,188225,675 702,584255,485 120,078766,456886,534925,270
1,021,9411,811,804
25,548,52510,219,41051,097,05025,548,52510,219,41051,097,050
22
-
-
2041
62,61962,619
688,808250,476688,808
553,126221,250117,724751,427869,151907,128
1,001,9031,776,279
25,047,57410,019,02950,095,14725,047,57410,019,02950,095,147
21
-
-
2040
61,39161,391
675,302245,564675,302
542,280216,912982,258115,415736,693852,109889,341
9,822,5789,822,578
1,741,450
24,556,44549,112,88924,556,44549,112,889
20
-
-
2039
60,187
60,187
662,061240,749662,061 871,903
531,647212,659962,998113,152722,248835,401
9,629,978 1,707,304 9,629,978
48,149,892
24,074,94648,149,89224,074,946
19
-
-
2038
59,00759,007
208,489 649,079236,029 110,934 649,079 708,087819,020854,807
521,223944,116
9,441,155 1,673,827 9,441,155
23,602,88847,205,77623,602,88847,205,776
18
--
2037
57,85057,850
511,003204,401 636,352231,401 925,603108,758 636,352 694,203802,961838,046
9,256,035 1,641,007 9,256,035
23,140,08646,280,17323,140,08646,280,173
17
--
2036
56,71656,716
623,875
500,983200,393 623,875226,864 907,454106,626680,591787,217821,614
9,074,544
9,074,544 1,608,830
22,686,35945,372,71822,686,35945,372,718
16
--
2035
55,60455,604
611,642611,642
491,160196,464 222,415 889,661104,535667,246771,781805,504
8,896,611
8,896,611 1,577,285
22,241,52944,483,05722,241,52944,483,057
15
-
-
2034
54,51454,514
599,649218,054599,649
481,529192,612872,217102,485654,163756,648789,709
8,722,1688,722,168
1,546,358
21,805,42043,610,84021,805,42043,610,840
14
-17
-
2033
53,445
53,445
587,891213,779587,891
472,087188,835855,115100,476641,336741,812774,225
8,551,1458,551,145
1,516,037
21,377,86342,755,72621,377,86342,755,726
13
-
-
2032
52,39752,397
98,506
576,364209,587576,364 759,044
462,831185,132838,348628,761727,267
8,383,476 1,486,311 8,383,476
41,917,378
20,958,68941,917,37820,958,689
12
--
2031
51,36951,369
96,574
453,756181,502 565,063205,477 821,909 565,063 616,432713,006744,161
8,219,094 1,457,167 8,219,094
20,547,73441,095,46920,547,73441,095,469
11
--
Amended Project and Financing Plan, TIRZ #1
2030
50,36250,362
94,681
444,858177,943 553,983201,448 805,794 553,983 604,345699,026729,569
8,057,935 1,428,595 8,057,935
20,144,83840,289,67520,144,83840,289,675
10
--
2029
49,375 92,824 49,375
543,121
436,136174,454 543,121197,498 789,994592,495685,319715,264
7,899,936
7,899,936 1,400,584
19,749,84139,499,68219,749,84139,499,682
9
--
2028
48,406 91,004 48,406
532,471532,471
427,584171,034 193,626 774,504580,878671,882701,239
7,745,0367,745,036
1,373,121
19,362,58938,725,17819,362,58938,725,178
8
-
-
2027
47,457 89,220 47,457
522,031189,829522,031
419,200167,680759,317569,488658,708687,490
7,593,1727,593,172
1,346,197
18,982,93037,965,86118,982,93037,965,861
7
-
-
2026
46,527
46,527 87,470
511,795186,107511,795
410,980164,392744,429558,321645,792674,009
7,444,2867,444,286
1,319,801
18,610,71637,221,43218,610,71637,221,432
6
-
-
2025
45,61545,615
85,755
501,760182,458501,760 547,374633,129660,794
402,922161,169729,832
7,298,320 1,293,923 7,298,320
18,245,80036,491,600
18,245,80036,491,600
5
--
2024
44,72044,720
84,074
395,022158,009 491,921178,880 715,522 491,921 536,641620,715647,837
7,155,216 1,268,552 7,155,216
17,888,03935,776,07917,888,03935,776,079
4
--
2023
43,84343,843
82,425
387,276154,910 482,276175,373 701,492 482,276 526,119608,544635,134
7,014,917 1,243,678 7,014,917
17,537,29435,074,58717,537,29435,074,587
3
--
2022
42,984 80,809 42,984
472,819
379,682151,873 472,819171,934 687,737515,803596,612622,681
6,877,370
6,877,370 1,219,292
17,193,42534,386,85017,193,42534,386,850
2
-
-
2021
92,749 26,250 49,350 26,250
288,750105,000288,750
231,872420,000744,620315,000364,350380,270
4,200,000
21,000,000
--
1
--------
----------
2020
10,500,000
10,500,000 4,200,000 21,000,000
-
8,605,8458,981,873
5,476,7402,190,6969,920,2821,165,6337,019,068
17,587,718
Calendar Year
Taxable ValueTaxable ValueTaxable Value
Taxable ValueTaxable ValueTaxable Value
% OCCUPIED
% OCCUPIED
TotalTotal
TotalTotalTotalTotalTotalTotalTotal
REAL PROPERTYPERSONAL PROPERTYSALES TAXSUMMARYREAL PROPERTYPERSONAL PROPERTYSALES TAXSUMMARYSUMMARY
Financial Feasibility Analysis - Phase I
18
56.4%86.5%27.6%
Amended Project and Financing Plan, TIRZ #1
0.0%
12.5%24.4%
31.1%13.5%48.0%
100.0%100.0%100.0%
3.5%0.2%2.2%7.2%0.0%0.0%0.0%0.0%5.2%0.0%0.4%4.4%
48.1%20.9%25.1%92.8%40.9%49.2%
TOTAL100.0%100.0%100.0%
INPUTOUTPUT
Financial Feasibility Analysis - Phase II
-
831,567
1,562,8517,077,1686,139,443
3,907,1275,307,8766,407,703
12,547,146
25
--
2044
94,620 26,78026,780
50,346
294,576107,118 428,474759,643371,701
236,550 294,576 321,355387,942
4,284,7394,284,739
10,711,84721,423,69410,711,84721,423,694
24
-
-
2043
92,765 26,25526,255
49,359
744,749
231,911 288,800105,018 420,072 288,800 315,054364,413380,336
4,200,724
4,200,724
10,501,81121,003,62110,501,811
21,003,621
23
-
-
2042
90,946 25,740
48,391 25,740
227,364 283,137102,959 411,836730,146 283,137 308,877357,267
372,878
4,118,357
4,118,357
10,295,89320,591,78610,295,893
20,591,786
22
--
2041
89,162
25,23525,235
47,442
277,585100,940 403,761715,829350,262
222,906 277,585 302,820365,567
4,037,6054,037,605
10,094,01320,188,02510,094,01320,188,025
21
--
2040
87,414 24,74098,96124,740
46,512
272,142 395,844701,793343,394
218,535 272,142 296,883358,399
9,896,0919,896,091
3,958,436
3,958,436
19,792,18119,792,181
20
-
-
2039
85,700 24,25597,02024,255
45,600
214,250 266,806 388,082688,032 266,806 291,061336,661351,371
9,702,0503,880,8209,702,050
3,880,820
19,404,099
19,404,099
19
--
2038
84,020 23,78095,118
44,706 23,780
210,049 261,575 380,473674,542 261,575 330,060
285,354344,482
9,511,8139,511,813
3,804,7253,804,725
19,023,627
19,023,627
18
--
2037
82,372 23,31393,25323,313
43,829
256,446 373,012661,315323,588
205,931 256,446 279,759337,727
9,325,3079,325,307
3,730,1233,730,123
18,650,61518,650,615
17
--
2036
80,757 22,85691,42522,856
42,970
365,698648,348317,243
201,893 251,418251,418 274,274331,105
9,142,4583,656,9839,142,458
3,656,983
18,284,91618,284,916
16
-
-
2035
79,174 22,40889,632
42,127 22,408
197,934 246,488 358,528635,636 246,488 268,896311,023324,613
8,963,1943,585,2788,963,194
3,585,278
17,926,389
17,926,389
15
--
2034
77,621
21,96987,874 41,301 21,969
194,053 241,655 351,498623,172 241,655 304,924
263,623318,248
8,787,4458,787,445
3,514,9783,514,978
17,574,89117,574,891
14
--
19
2033
76,099 21,53886,15121,538
40,491
236,916 344,606610,953298,945
190,248 236,916 258,454312,008
8,615,1438,615,143
3,446,0573,446,057
17,230,28517,230,285
13
--
2032
74,607 21,11684,46221,116
39,697
598,974
186,518 232,271 337,849 232,271 253,387293,084305,890
8,446,2183,378,4878,446,218
3,378,487
16,892,43616,892,436
12
-
-
2031
73,144 20,70282,806
38,919 20,702
182,861 227,717 331,224587,229 227,717 248,418287,337
299,892
8,280,6063,312,2428,280,606
3,312,242
16,561,212
16,561,212
11
--
Amended Project and Financing Plan, TIRZ #1
2030
71,710 20,29681,18220,296
38,156
223,252 324,730575,715281,703
179,275 223,252 243,547294,012
8,118,2418,118,241
3,247,2963,247,296
16,236,48216,236,482
10
--
2029
70,304 19,89879,59119,898
37,408
218,874 318,362564,426276,179
175,760 218,874 238,772288,247
7,959,0607,959,060
3,183,6243,183,624
15,918,12015,918,120
9
--
2028
68,925 19,50878,030
36,674 19,508
172,314 214,583 312,120553,359 214,583 234,090270,764282,595
7,803,0003,121,2007,803,000
3,121,200
15,606,00015,606,000
8
-
-
2027
67,574 19,12576,500
35,955 19,125
168,935 210,375 306,000542,509 210,375 265,455
229,500277,054
7,650,0003,060,0007,650,000
3,060,000
15,300,000
15,300,000
7
--
2026
66,249 18,75075,00018,750
35,250
206,250 300,000260,250
165,623531,872 206,250 225,000271,622
7,500,0007,500,000
3,000,0003,000,000
15,000,00015,000,000
6
--
2025
49,687 14,06356,25014,063
26,438
225,000195,188
124,217 154,688 398,904 154,688 168,750203,716
5,625,0005,625,000
2,250,0002,250,000
11,250,000
5
------
-------
2024
11,250,000
-
4
-------
----------
2023
3-
---------------
--
2022
2-
-------------
----
2021
-
1
-------
----------
2020
-
719,576382,874
3,258,5052,666,748
1,697,1125,450,0182,175,0432,783,270
Calendar Year
Taxable ValueTaxable Value
Taxable Value
% OCCUPIEDTaxable Value% OCCUPIEDTaxable ValueTaxable Value
TotalTotalTotal
TotalTotalTotalTotalTotalTotal
REAL PROPERTYSALES TAXSUMMARYREAL PROPERTYSUMMARY
PERSONAL PROPERTYPERSONAL PROPERTYSALES TAXSUMMARY
Financial Feasibility Analysis - Phase II
20
Amended Project and Financing Plan, TIRZ #1
Financial Feasibility Analysis - Participation
21
Amended Project and Financing Plan, TIRZ #1
Financial Feasibility Analysis - Total Taxes Generated
Tax
Tax
Property
Tax
Sales
RealSales
Sales
CityCityED
Property
Personal
$1,284,741
$4,394,916
Business
Property
$1,708,432
Real
$18,792,755
WATER
SALES
Property BRIDGE
ISD
&
22
DEVELOPMENT
Tax
TRINITY
STEPHENVILLE
COUNTYROADCOUNTY
OF
Personal
CITYERATHMIDDLEERATHSTEPHENVILLEECONOMICERATH
Tax
Property
RealBusinessTaxSales
Amended Project and Financing Plan, TIRZ #1
$15,090,923.78
$6,036,369.51
$27,334,916.05
WATER
SALES
BRIDGE
ISD
&
DEVELOPMENT
TRINITY
STEPHENVILLE
COUNTYROADCOUNTY
OF
CITYERATHMIDDLEERATHSTEPHENVILLEECONOMICERATH
WATER
SALES
BRIDGE
ISD
&
DEVELOPMENT
TRINITY
STEPHENVILLE
COUNTYROADCOUNTY
OF
ERATHSTEPHENVILLEECONOMICERATHMIDDLEERATHCITY
$0
$800,000$600,000$400,000$200,000
$1,400,000$1,200,000$1,000,000
Financial Feasibility Analysis - Summary
23
Amended Project and Financing Plan, TIRZ #1
- TIRZ #1 Boundary- TIRZ #1A Boundary- TIRZ #1B Boundary
All project costs listed in the project plan shall be considered estimates and shall not be considered a cap on expenditures.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:
Terms and Conditions Projects Cost Estimates:Length of TIRZ #1 in Years:Powers and Duties of Board of Directors:
24
Amended Project and Financing Plan, TIRZ #1
APPENDIX A - CURRENT PROPERTY OWNERSHIPTIRZ #1 CURRENT PROPERTY OWNERSHIPTIRZ #1A CURRENT PROPERTY OWNERSHIP
25
Amended Project and Financing Plan, TIRZ #1
APPENDIX A - CURRENT PROPERTY OWNERSHIPTIRZ #1B CURRENT PROPERTY OWNERSHIP
26
Amended Project and Financing Plan, TIRZ #1
APPENDIX A - CURRENT PROPERTY OWNERSHIPTIRZ #1B CURRENT PROPERTY OWNERSHIP
27
Amended Project and Financing Plan, TIRZ #1
APPENDIX A - CURRENT PROPERTY OWNERSHIPTIRZ #1B CURRENT PROPERTY OWNERSHIP