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HomeMy WebLinkAbout2019-O-14 - TIRZ No. 1 ORDINANCE NO. 2019-0-14 AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF STEPHENVILLE, TEXAS, PURSUANT TO CHAPTER 311 OF THE TEXAS TAX CODE,CREATING TAX INCREMENT FINANCING REINVESTMENT ZONE NUMBER ONE,CITY OF STEPHENVILLE,TEXAS 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 contiguous geographic area in the City, which is more specifically described in Exhibits "A" and "B" of this Ordinance (the "Zone"), through the creation 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, pursuant to and as required by the Act, the City has prepared a Preliminary Reinvestment Zone Project Plan and Financing Plan for Reinvestment Zone Number One, City of Stephenville, attached as Exhibit C (hereinafter referred to as the "Preliminary Project and Finance Plan")for a proposed tax increment reinvestment zone containing the real property within the Zone; and WHEREAS, notice of the public hearing on the expansion of the proposed zone was published in a newspaper having general circulation in the City on April 10, 2019, which date is before the seventh (7th)day before the public hearing held on April 25, 2019; and WHEREAS, at the public hearing on April 25, 2019, interested persons were allowed to speak for or against the creation of the Zone, the boundaries of the Zone, and the concept of tax increment financing, and owners of property in the proposed Zone were given a reasonable opportunity to protest the inclusion of their property in the Zone; the public hearing was held in full accordance with Section 311.003(c) of the Act; and WHEREAS, evidence was received and presented at the public hearing on April 25, 2019, and in favor of the creation of the Zone; and WHEREAS, after all comments and evidence, both written and oral, were received by the City Council, the public hearing was closed on April 25, 2019; and "" WHEREAS, the City has taken all actions required to create the Zone including, but not limited to, all actions required by the home-rule Charter of the City, the Act, the Texas Open Meetings Act (defined herein), and all other laws applicable to the creation of the Zone; and 2019-0-14 TIRZ No.1 1 '-" WHEREAS, the percentage of the property in the proposed zone, excluding property that is public owned, that is used for residential purposes is less than thirty percent; and WHEREAS, a Preliminary Project and Finance plan has been prepared for the proposed expanded reinvestment zone. 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, after conducting the above described hearing and having heard the evidence and testimony presented at the hearing, has made the following findings and determined based on the evidence and testimony presented to it: (a) That the public hearing on the expansion of the reinvestment zone has been properly called, held, and conducted and that notice of such hearing has been published as required by law; and (b) That the creation of the proposed reinvestment zone with boundaries as described and _ depicted in Exhibits"A"and"B"will result in benefits to the City,its residents and property owners, in general, and to the property, residents, and property owners in the reinvestment zone; and (c) That the proposed reinvestment zone, as defined in Exhibits "A" and "B", meets the criteria for the creation of a reinvestment zone set forth in the Act in that: 1. It is a geographic area located wholly within the City limits of the City; and 2. That the City Council further finds and declares that the proposed zone meets the criteria and requirements of Section 311.005 of the Texas Tax Code because the proposed zone is predominantly open and, because of obsolete platting,deterioration of structures or site improvements, or other factors, substantially impair or arrest the sound growth of the City or county. (d) That 30 percent or less of the property in the proposed reinvestment zone, excluding property dedicated to public use, is currently used for residential purposes; and (e) That the total appraised value of all taxable real property in the proposed reinvestment zone according to the most recent appraisal rolls of the City, together with the total appraised value of taxable real property in all other existing reinvestment zones within the _ City, according to the most recent appraisal rolls of the City, does not exceed 25 percent of the current total appraised value of taxable real property in the City and in the industrial districts created by the City, if any; and 2019-0-14 TIRZ No.1 2 "' (f) That the improvements in the proposed reinvestment zone will significantly enhance the value of all taxable real property in the proposed reinvestment zone and will be of general benefit to the City or county; and (g) That the development or redevelopment of the property in the proposed reinvestment zone will not occur solely through private investment in the reasonable foreseeable future. SECTION 3. DESIGNATION AND NAME OF THE ZONE. Pursuant to the authority of,and in accordance with the requirements of the Act,the City Council hereby designates the area described and depicted in Exhibits "A" and "B" hereto as a tax increment reinvestment zone. The name assigned to the zone for identification is Reinvestment Zone Number Eleven, City of Stephenville,Texas(hereinafter referred to as the "Zone"). SECTION 4. BOARD OF DIRECTORS. That a board of directors for the Zone("Board")is hereby created. The Board shall consist of eleven (11) members comprised of City Council members from Places 1 through 8 and the Mayor. The Stephenville Economic Development Authority (SEDA) shall have two (2) appointments to the Board. The Mayor shall serve as chairman of the Board and the Board may elect a vice chairman and such other officers as the Board sees fit. Additionally, each taxing unit that levies taxes within the Zone and chooses to contribute all or part of the tax increment produced by the unit into the tax increment fund may appoint one member of the board. The number of directors on the Board of Directors shall be increased by one for each taxing unit that appoints a director to the board; provided, that the maximum number of directors shall not exceed fifteen (15). The Board shall make recommendations to the City Council concerning the administration, management, and operation of the Zone. The Board shall prepare and adopt a project plan and a reinvestment zone financing plan for the Zone and submit such plans to the City Council for its approval. The Board shall perform all duties imposed upon it by Chapter 311 of the Texas Tax Code and all other applicable laws. Notwithstanding anything to the contrary herein, the Board shall not be authorized to (i) issues bonds; (ii) impose taxes or fees; (iii) exercise the power of eminent domain, or(iv) give final approval to the Zone's project plan and financing plan SECTION 3. DURATION OF THE ZONE. That the expanded Zone shall take effect immediately upon the passage and approval of this Ordinance, consistent with Section 311.004(a)(3) of the Act, and termination of the Zone shall occur upon any of the following: (i) on December 31, 2045; (ii)at an earlier time designated by subsequent ordinance; (iii) at such time, subsequent to the issuance of tax increment bonds, if any, that all project costs, tax increment bonds, notes and other obligations of the Zone, and the interest thereon, have been paid in full, in accordance with Section 311.017 of the Act. SECTION 4. TAX INCREMENT BASE AND TAX INCREMENT. That the tax increment base for the Zone, as defined by Section 311.012(c) of the Texas Tax Code, shall be the total appraised value of all real property in the Zone taxable by a taxing unit, determined as of January 1, 2019, which is the year in which the Zone was designated as a 2019-0-14 TIRZ No.1 3 "' reinvestment zone and the total sales generated in the Zone, subject to City sales tax for the year 2019, as defined by Section 311.0123. The TIF Fund shall consist of (i) the percentage of the tax increment, as defined by Section 311.012(a)of the Texas Tax Code,that each taxing unit which levies real property taxes in the Zone, other than the City, has elected to dedicate to the TIF Fund under an agreement with the City authorized by Section 311.013(f) of the Texas Tax Code, (ii) one hundred percent (100%) of the City's tax increment,as defined by section 311.012(a)of the Texas Tax Code,subject to any binding agreement executed at any time by the City that pledges a portion of such tax increment or an amount of other legally available funds whose calculation is based on receipt of any portion of such tax increment and (iii) one hundred percent (100%) of the City's 0.1375 percent general sales tax rate, as defined by section 311.0123 (b), generated from taxable sales within the Zone above the sales tax base. SECTION 5. TAX INCREMENT FUND. That there is hereby created and established a "Tax Increment Fund" for the Zone which may be divided into such subaccounts as may be authorized by subsequent ordinance, into which all tax increments of the City, as such increments are described in the final project plan and reinvestment zone financing plan and may include administration costs, less any of the amounts not required to be paid into the Tax Increment Fund pursuant to the Act,are to be deposited.The Tax Increment Fund and any subaccounts are to be maintained in an account at the affiliated depository bank of the City and shall be secured in the manner prescribed by law for funds of Texas cities. In addition, all revenues from (i) the sale of any obligations hereafter issued by the City and secured in whole or in part from the tax increments; (ii)the sale of any property acquired as part of a tax increment financing plan adopted by the Board; and (iii)other revenues dedicated to and used in the Zone shall be deposited into the TIF Fund. Prior to the termination of the Zone, money shall be disbursed from the Tax Increment Fund only to pay project costs,as defined by the Texas Tax Code, for the Zone, to satisfy the claims of holders of tax increments bonds or notes issued for the Zone, or to pay obligations incurred pursuant to agreements entered into to implement the project plan and reinvestment zone financing plan and achieve their purpose pursuant to Section 311.010(b),Texas Tax Code. SECTION 6. 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 7. 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 2019-0-14 TIRZ No.1 4 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 8. 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 25th day of April 2019. of Sr 6A-, F, '*Owen, ayor ATTEST: ; `• ° ; r * irk LPQB "Staci L. King, City Secretary , orAti---71.01 Reviewed by All- L. Barnes, City Manager Approved as to form and legality by Randy Thomas, City Attorney 2019-0-14 TIRZ No.1 5 ^" EXHIBIT A BOUNDARY 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 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 R000030526, thence South along the eastern boundary of Property ID R000030526 to the point it meets the northeast corner of Property ID R000055614,thence South along the eastern boundary of Property ID R000055614 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 R000022363,thence 2019-0-14 TIRZ No.1 6 West along the southern boundary of Property ID R000022363 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. 2019-0-14 T/RZ No.1 7 v . 4 1 Afr �. 4 illt ‘*•711::Ak' ' ' , - '',, it 4 ; .:N { ,Y. t s Co r R • 4,1004 1. 4. \ j. a �,r ., .A di �• ' i1 Owe . .., jt • , , " a .z., ,r, _,... , _ .4 z m 0 r ,. , • a s ' F W •� � CC 0 \ ' 4 s z q '} * \r /vR3`, yam' • fl EXHIBIT C AMENDED PRELIMINARY PROJECT PLAN AND FINANCE PLAN 2019-0-14 TIRZ No.1 9 PRELIMINARY PROJECT AND FINANCING PLAN April 2019 Tax Increment Reinvestment Zone #1 City of Stephenville, Texas Preliminary 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 4 one-hour southwest of the Dallas/Fort Worth metropolitan area Proposed Development7 for easy access to metropolitan amenities and a major airport. Stephenville is the county seat of Erath County and is an inviting, Project Costs9 gracious community with a rich western heritage in a beautiful country setting along the Bosque River. Financial Feasibility Analysis10 Terms and Conditions18 With its main campus in Stephenville, Tarleton State University offers the value of a Texas A&M University System degree with Appendix A19 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. Preliminary 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 a commercial development consisting of retail uses. 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. Preliminary Project and Financing Plan, TIRZ #1 1 TIRZ Boundary Boundary Description TIRZ #1 is located on the west side of the City of Stephenville encompassing approximately south and Reta Avenue to the east. - TIRZ Boundary Preliminary Project and Financing Plan, TIRZ #1 2 TIRZ Boundary Legal Description - TIRZ Boundary Preliminary Project and Financing Plan, TIRZ #1 3 Current Conditions Land Use The TIRZ 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. The Future Land Use Plan to the left shows that the land within the TIRZ #1 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. Preliminary Project and Financing Plan, TIRZ #1 4 Current Conditions Zoning (shaded in green) and R-3 Multiple Family (shaded in blue). 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 than allowed in the 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. Preliminary Project and Financing Plan, TIRZ #1 5 Current ConditionsCurrent Conditions Current Parcel Information For further details of the parcels, including ownership information, see Appendix A. Preliminary Project and Financing Plan, TIRZ #1 6 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. Preliminary Project and Financing Plan, TIRZ #1 7 Proposed Development Anticipated Development Within TIRZ #1 it is anticipated that there will be retail development constructed over the next The table provides an overview of the potential development that we believe will occur during the fund. Preliminary Project and Financing Plan, TIRZ #1 8 Project Costs Project Costs of the Zone Chapter 311 of the Texas Tax Code 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$3,600,313 15.0% include: SanitarySewerFacilitiesandImprovements$3,600,313 15.0% StormWaterFacilitiesandImprovements$3,600,313 15.0% (A) capital costs, including the actual costs of the acquisition and construction of public works, public Transit/ParkingImprovements$1,800,157 7.5% StreetandIntersectionImprovements$3,600,313 15.0% OpenSpace,ParkandRecreationFacilitiesandImprovements$2,400,209 10.0% EconomicDevelompentGrants$4,800,417 20.0% AdministrativeCosts$600,052 2.5% Total$24,002,087 100.0% 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. Preliminary Project and Financing Plan, TIRZ #1 9 Financial Feasibility Analysis Method of Financing To fund the public improvements outlined on the previous pages, it is anticipated that the City its sales tax increment, subject to an interlocal agreement with the City of Stephenville. 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. Preliminary Project and Financing Plan, TIRZ #1 10 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% Preliminary Project and Financing Plan, TIRZ #1 11 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 26,059,49626,580,686 Total5,638,192 - 238,707 390,875 398,693 406,667 414,800 423,096 431,558 440,189 448,993 457,973 467,132 476,475 486,004 495,724 505,639 515,752 526,067 536,588 547,320 558,266 569,432 580,820 592,437604,28511,513,491 % 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 10,423,79810,632,274 Total2,255,277 - 95,483 156,350 159,477 162,667 165,920 169,238 172,623 176,076 179,597 183,189 186,853 190,590 194,402 198,290 202,256 206,301 210,427 214,635 218,928 223,306 227,773 232,328 236,975241,7144,605,397 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 52,118,99153,161,371 - 288,750 472,819 482,276 491,921 501,760 511,795 522,031 532,471 543,121 553,983 565,063 576,364 587,891 599,649 611,642 623,875 636,352 649,079 662,061 675,302 688,808 702,584 716,636730,969 - 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 65,14966,452 - 105,000 171,934 175,373 178,880 182,458 186,107 189,829 193,626 197,498 201,448 205,477 209,587 213,779 218,054 222,415 226,864 231,401 236,029 240,749 245,564 250,476 255,485 260,595265,807 Total9,920,282 - 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 1,042,3801,063,22720,257,748 SUMMARY Total17,813,752 - 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 1,871,7911,909,22736,376,636 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 26,059,49626,580,686 Total1,178,034 - 49,875 81,669 83,302 84,968 86,668 88,401 90,169 91,972 93,812 95,688 97,602 99,554 101,545 103,576 105,647 107,760 109,915 112,114 114,356 116,643 118,976 121,355 123,783126,2582,405,608 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 10,423,79810,632,274 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 52,118,99153,161,371 - 288,750 472,819 482,276 491,921 501,760 511,795 522,031 532,471 543,121 553,983 565,063 576,364 587,891 599,649 611,642 623,875 636,352 649,079 662,061 675,302 688,808 702,584 716,636730,969 - 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 65,14966,452 - - - - - - - - - - - - - - - - - - - - - - - -- Total7,019,068 - 315,000 515,803 526,119 536,641 547,374 558,321 569,488 580,878 592,495 604,345 616,432 628,761 641,336 654,163 667,246 680,591 694,203 708,087 722,248 736,693 751,427 766,456 781,785797,42115,193,311 SUMMARY - Total8,618,245 - 364,875 597,472 609,421 621,609 634,042 646,722 659,657 672,850 686,307 700,033 714,034 728,314 742,881 757,738 772,893 788,351 804,118 820,200 836,604 853,336 870,403 887,811 905,567923,67917,598,919 SUMMARY Total9,195,507 - 389,315 637,491 650,241 663,246 676,510 690,041 703,842 717,918 732,277 746,922 761,861 777,098 792,640 808,493 824,663 841,156 857,979 875,138 892,641 910,494 928,704 947,278 966,224985,54818,777,717 Preliminary Project and Financing Plan, TIRZ #1 12 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% Preliminary Project and Financing Plan, TIRZ #1 13 Financial Feasibility Analysis - Phase II Calendar Year12345678910111213141516171819202122232425 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 Total 2,849,470 - - - - - 208,562 278,082 283,644 289,317 295,103 301,005 307,025 313,165 319,429 325,817 332,334 338,980 345,760 352,675 359,729 366,923 374,262 381,747 389,382 397,170 6,560,110 Preliminary Project and Financing Plan, TIRZ #1 14 Financial Feasibility Analysis - Participation 2.27340000.47500002.27340000.0000000 Preliminary Project and Financing Plan, TIRZ #1 15 Financial Feasibility Analysis - Total Taxes Generated 2.27340002.27340002.27340002.2734000 Preliminary Project and Financing Plan, TIRZ #1 16 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 $3,500,900 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 Preliminary Project and Financing Plan, TIRZ #1 17 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: 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 authorized to: Preliminary Project and Financing Plan, TIRZ #1 18 APPENDIX A - 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&LAZAROALBERTODELGADONotyetavailable$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 Preliminary Project and Financing Plan, TIRZ #1 19