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HomeMy WebLinkAbout2014-275sAlegal\our documents\ordinances\14\tirz #3 final pfp ordinance_v_9 3 14.docx •'f •EMYR AN ORDINANCE OF THE CITY OF DENTON, TEXAS. APPROVING THE PROJECT AND FINANCING PLAN FOR TAX INCREMENT REINVESTMENT ZONE NUMBER THREE ("CONVENTION CENTER TIRZ"); MAKING CERTAIN FINDINGS AND OTHER MATTERS RELATED THERETO; AND PROVIDING AN EFFECTIVE DATE. WHEREAS, on the 17t" day of June 2014, the City Council of Denton, Texas (the "City") established the Tax Increment Reinvestment Zone Number Three (Convention Center TIRZ) (the "Zone"); as authorized by Chapter 311 of the Texas Tax Code (the "Act") and pursuant to Ordinance No. 2014-191, adopted by the City Council of the City of Denton, Texas; and WHEREAS, the approval of the Project and Financing Plan is a requirement under the statute in order to establish the Tax Increment Reinvestment Zone Number Three, approval of such plan does not constitute approval of the convention center project as a whole; and WHEREAS, as authorized by section 311.010 of the act on August 12, 2014 the board of directors of the Zone voted to approve the project and financing plan, which is attached hereto as Exhibit "A" and recommended the Project and Financing Plan be approved by the City Council, NOW, THEREFORE, THE COUNCIL OF THE CITY OF DENTON HEREBY ORDAINS: SECTION 1. The City Council of the City of Denton, Texas, hereby approves said Project and Financing Plan for the Convention Center TIRZ, which is attached and made part by reference herein. SECTION 2. If any portion, section or part of a section of this Ordinance is subsequently declared invalid, inoperative or void for any reason by a court of competent jurisdiction, the remaining portions, sections or parts of sections of this Ordinance shall be and remain in full force and effect and shall not in any way be impaired or affected by such decision, opinion or judgment. _SECTION 3. This Ordinance shall become effective immediately upon its passage and approval. PASSED AND APPROVED this the `iday of `,����'Kw, , 2014. , CHRIS�,WA' ' S, MAYOR ATTEST: JI.NN11,T;1Z WALTERS, C�Y SECRETARY I A A I Tax Increment Reinvestment Zone #3 City of Denton, Texas FINAL PROJECT AND FINANCING PLAIT In accordance with Chapter 311, Section 311.011. of the Texas Tax Cod( r r. f,r/, rrrr r r, r ri r7r /ir�/r.,/, /� r, // ,r, / ... ✓. ., r! / /... r. I, rr G / 1 / r r//,r r / //rr/ r r rniirii r.. r., , , Final Project and Financing Plan, TIRZ #3 DiAVI 'IIIII'` Foreword TAX INCREMENT REINVESTMENT ZONE #3 FOREWORD Tax Increment Financing is a tool that local governments can use to publicly finance needed structural improvements and enhance infrastructure within a defined area in order to stimulate private development. An ad valorem valuation base is established in the first year, and the revenue from the increased valuation from subsequent years is allocated to Tax Increment Reinvestment Zones (TIRZ) development. Chapter 311, Section 311.011 of the Texas Tax Code requires the creation of a project plan and a financing plan for Tax Increment Reinvestment Zones. The TIRZ Project Plan and Financing Plan estimates the amount of revenue anticipated within the TIRZ, and defines what expenditures are eligible utilizing TIRZ Revenue. The TIRZ Project Plan and Financing Plan does not determine or limit the total project scope or budget of the Proposed Hotel and Convention Center, but determines how much TIRZ Revenue would be allocated to the project. The City Council approved a Master Development Agreement in December of 2013 that triggered a Feasibility Period during which the City Council and the Developer would complete a series of steps to determine overall financial feasibility of the project. The establishment of the TIRZ and the determination of participation rates by other taxing jurisdictions is a necessary step in determining feasibility. TIRZ Number Three was created as a mechanism to capture the tax increment growth in order to facilitate the development collaborative project involves the construction of a full -service hotel and convention center. The TIRZ revenue, from the three taxing entities that choose to participate, will be used for the construction of the Convention Center. The TIRZ is a necessary step in the feasibility period of the Hotel and Convention Center project that must occur prior to the completion of the final design and initiation of construction. Approval of the TIRZ Project and Financing Plan does not signify the City Council's ultimate approval of the financing of the Convention Center, which will be done as a separate process. The TIRZ is separate from the approval of the Convention Center Project scope and budget, as it is an instrument to facilitate development. The Project and Financing Plan presents a range of options, as the final size and budget of the convention center is yet to be determined. Estimated TIRZ revenue is based upon participation and development assumptions. The actual amount will be higher or lower depending on the TIRZ revenue captured duringthe term. The primary purpose of creating the TIRZ is to capture revenue from three taxing entities (City, County, and ISD) to participate in the construction of the Convention Center. If the City and/or Developer decide not to pursue the development, the TIRZ would be dissolved by future action of the City Council. Table of Contents Introduction. 1 © TIRZ Boundary 2 © Current Conditions & Ownership 4 0 Project Plan 7 © Anticipated Development .8 0 Financial Feasibility Analysis .9 City Only Participation 20 = Appendix. 23 DISCLAIMER ur nclk;sior.,s and recorrir eridai�an ,tire ased a,,n current +m rket conditions and the expected performance ,rrw h, rzlion l,, ands' r [or rrrll eefx,)w,ny and reMil t4.shate market. Given that economic conditions can change and realTal e m rket eve y l `f t, � and real estate market continuously, and to '�m ��� '�� � � �: crr� ���� '�'� �rl�r��t,l�^� ��"� r�k�?"�i�� e pt9jec assurn lJo � err d,[c�alj -en e fi'hat i. are still justified. The future is difficult to predict, particularly given that the economy and 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. r /i,/r� d IIIr i / rrr/r //./r//%%/o�iffa»llllli�//io✓„u�iiio/ll�////,,,r,,,/irJ rir�(IrG�,//////�,r/// /r// /ii /iii rr rrr r _ ✓ �,r,�//OIJ/!//iiii/ltl9„ui�l�/////�ireirr r��� / ,ri / / //%/rFf,1/%1J�1f/�!�!�l�l/%/rai//%/%///�1//1///I�rGel%ll%/G%�/�%%%��,rr�h/I,fI�%cirri✓//rI(/ i/%�r ,,,,,,r//, / r / / r/ ra rrrrr, ! Final Project and Financing Plan, TIRZ #3 DAVIIIIIG , PE"r r,l "III Introduction Tax Increment Reinvestment Zone #3, City of Denton The proposed City of Denton Tax Increment Reinvestment Zone (TIRZ) #3 is approximately 13 acres and is located in the south central portion of the City of Denton near the intersection of Interstate 35 and North Texas Boulevard. A significant portion of the land is vacant with a parking lot covering a small segment. The purpose of the TIRZ is to facilitate the development of a full -service hotel and convention center along with a separate restaurant within the zone. The TIRZ would support the repayment of funds advanced for the construction of the convention center through the contribution of 100% of the City's real property increment, potentially 75% of Denton County's real property increment, and potentially 75% of Denton Independent School District's I&S real property increment to the TIRZ fund. The Project Plan and Financing Plan assumes two different revenue scenarios: 1) Full anticipated City, County and ISD participation; and 2) Only City participation in the Project Plan. 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A�%/i/%%�lr�%,,,/�//////r%iiai./rrr���iir/r!///arlrG/�r,//,// „1/% /// r , /ii /ii /� ,,,• I Final Project and Financing Plan, TIRZ #3 01111'Imalllll�llIIIIIII"'19u1°I"�Illf�l�lll'I;u �III�""'�°I°°° "°"I I '�I a 1��'I��II "'IIIIII IIII"`�16IIIIIII"'" 2 9V1I II u1II �I'I1°I';�„ �'„male°°IIIII�I;,� �I lul all �a�llll �Il��a�lllll lul�lli�pl" �°C�Illllal�ll!'�u�� �u lllau�INlllllpapllllllu ill' TIRZ Boundary TIRZ Boundary Description THENCE South 57 " 27'56" East continuing along the proposed Southerly line of said I nte rstate Highway No. 35 E, for a distance of 101.62 feet to a PK nail found for corner at an angle point; TH ENC E South 66 * 3 2 '28 " East continuing a I o n g the pro posed Southerly line of sa id I nte rstate H ighway N o. 35 E, for a distance of 27 9.96 feet to a PK nail found for corner at a n a ngle po i nt; TH E N CE South 20 "55'2 6 " West d e pa rti ng the proposed South erly line of said I nte rstate H igh way No. 35 E, fora d ista nee of 163.35 feet to a 5/8 inch iron rod with cap sta m ped "TN P " found for corner in the N o rth westerly line of a concrete road; THE CE in a Southwesterly direction, along the Northwesterly line of said road, and a I o ng a non tange nt c u rve to the left havi ng a central a ngle of 2 9 ' 32 " 07 a radius of 333 - 94 feet, a chord bea ri ng of South 65 " 11 ' 19 " West, a chord distance of 170.24 feet and an arc length of 172.14 feet to a 5/8 inch iron rod with cap stamped "TNP" found for corner at the beginning of a reverse curve to the right; TH EN C E in a So uthwesterly direction, aloe the N o rth weste rly line of said road, a n d along said reverse curve to the right havi ng a central a n gle of 15 " 07 ' 01 a radius of 491.13 feet, a chord bea ri ng of South 5 6 " 09 '37 " West a chord distance of 129.20 feet, a n d a n arc le ngth of 129.58 feet to a 5/8 inch I ro n rod with ca p stamped "TN P" fo u n d for corner at the begi n n i ng of a reverse c u rve to the left; TH EN C E in a Southwesterly direction, a I o n g the No rth westerly line of said road. a n d aloe g said reverse curve to the left h avi ng a central a ngl e of 17 0 16 '55 -, a radius of 408. 58 feet, a chord bea ring of So out 53 5 9 05 West, a chard distance of 122.77 feet and an arc length of 123.24 feet to a 5/8 inch iron rod with cap stamped "TNP" found for corner; TH E N C E South 58 * 27'31" West depa rti ng the Northwesterly line of sa id road, for a distance of 100.62 feet to a 5/8 inch i ro n rod with cap stamped "TN P" set far corner; THE N CE South 79 " 24'57" West for a distance of 121.03 feet to a 5/8 inch iron rod with cap to m ped "TN P" set for corner; THENCE North 63'45'10" West for a distance of 190.49 feet to a 5/8 inch iron rod with cap stamped "TNP" set for corner; THENCE N o rth 33 '45'10" West for a distance of 57 7.58 feet to a 5/8 inch iron rod with cap stamped "TN P" set for corner; TH EN CE North 09 " 25'41" West for a d ista nee of 244.92 feet to a 5/8 inch iron rod with ca p stamped "TN P" found for corner; TH E NCE N o rth 28 ' 27'40" East for a distance of 129.59 feet to a n Xcut in concrete set for corner in the Southerly line of the a bove cited 0.5980 acre tract; TH EN C E South 61 0 5 2'24" East a to ng the Southerly line of sa id 0.5 980 acre tract fora d ista n ce of 102.20 feet to a P K nail found for corner at the Southeast corner of Sa id 0.5 980 tra Gt; THENCE North 28007'36" East along the Easterly line of said 0.5980 acre tract, for a distance of 44.83 feet to the POINT OF BEGINNING, and containing 13.279 acres of land, more or less. A Final Project and Financing Plan, TIRZ #3 DAVID PETTIT 3 Current Conditions Land Use The land within the TIRZ is owned by the University of North Texas and is surrounded by multiple campus facilities including Apogee Stadium, Darrell R. Dickey Football Practice Facility, the Athletic Center, Champs Cafeteria, and Victory Hall. Method of Relocating Persons to be Displaced The land to be developed is currently vacant undeveloped land, and it is not anticipated that any persons will be displaced or need to be relocated as a result of implementing the TIRZ. / r /loll r � � r ////%1//l%lilJ�l/�/1%//l(I///%//////!/r„J�////9/1�/I�IIIIIIIIIIO��!/lli%11��r��l�t��/%llIJfll �F1�I111�11�irnrr�y%'(��(�/lr7l>lf�l/lllt/l�rlr%�r'r%�rl�rrrrrrrrrrrrrrrlll/Irrlr� r//t / I I r � �(t ! I �yr%1 �d1l�l//I/�1�O�rrrrrrr�rlJ� ��I�(xGll�lal(Il/rillllllllllll/I/ll�lllllllllllrh�, Final Project and Financing Plan, TIRZ #3 D VID, T.TI., Current Conditions Zoning The proposed TIRZ property is a mixture of Neighborhood Residential and Downtown Commercial General zoning. The majority of the property in the zone will not need to be rezoned, however a small portion will need to be rezoned after final site plan approval. Additionally, it is not anticipated that there will be any changes to the building code or municipal ordinances at this time. l �1,/////%%////%////rlrrrrrrrrr,�%/lll%///�//✓i///mil///.!/////I , r i , I / Iltlttllll�TlllCttl>t�7ll�l/1!//1,llla/��frlrl////ill%//////�l�t%//IJl�!l�rl/r/l��%1%/�%�%r��Gi�?�k1�C1Jir%�l�,r>tt�lUt��ll�l�l/�////I//////�/�rllrrrrrrllllllllllll100�%IIAl1�1�((�1°i> � rl ,r, ,,!r I e ins „r,rrrrry r6t1' Frr�1l�>�/1//i/1IIllI� Ill�/1l/1�/I'i�r %rrr„ J,//riLGJJ,,,,,l�lllllll(Il/rld Final Project and Financing Plan, TIRZ #3 DAVIV, PETTIT 5 D=o Economit, ov*bwmnli Current Conditions Current Ownership Information The property consists of two parcels owned by the University of North Texas appraised at $5,680,931. The TIRZ has a 2013 taxable base value of $0.00 and a sales tax base of $0.00. For further details of parcels included within the TIRZ see Exhibit A. r r�JIJ///IJJ�r /11I ,/ rrrrirrr ,� / rai r , ✓�/1/�/91/J1/%O///D///1///////////9�%1//%/rl//I%/ill%%�����1/%���I�rr,,, lilt //// rr ri r o ,rri ... J��JlJJ��//%r"I//�llllUllltati�/rr�����Ir,G�rll1��/11r1/������iiCir�llllJD�laJ��rliJ r 1 f J r r. �G(... Final ro1ect and Financing Plan, TIRZ #3 Dl D, '1I"illUw Project Plan Project Costs of the Zone TIRZ revenue will be used to repay the issuance of debt for the construction of the convention center which is an eligible TIRZ project cost. The TIRZ "project" is only part of the overall convention center cost or project, and is one of several revenue sources that will enable the larger convention center project. Proje ct Estimated TIRZ Reyenu III Convention Center Facility 1 $13,673,693* Applied towards elligible Project Costs" per Chapter 311 of the Texas Tax Code. Estimated TIRZ Revenue based upon participation and development assumptions. Actual amount will be higher or lower, however equal to the TIRZ revenue capture during the TIRZ term. City only TIRZ participation is reflected on Page 20 of the Plan. Chapter 311 of the Texas Tax Code Sec. 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 benefiting the zone, plus other costs incidental to those expenditures and obligations. "Project costs" include: „) capital costs, ,including t o aclmua] costsof th,e acquisition and construction of public,worka, Public improvements, t.s„o r�eiw bu'ild;iri siru t`ur s„,, and fixtures; the actual costs Cr i e acqu sitlone�s of ion altn :t,iam r� o�del ngD„ �reparlir�, or �rlaconss u�ction, of existing buil ki "s St'�ic'liur s,, and fixtures* the aclual costs of tie reme,6ation of n ilior s that c,oniar i,c ate public or prl � t 4 hind or buildinr p i,l e , c ,ual c',osts of the preservation of the facade of a public or private building; the actual costs of the demolition of public or private buildings; and the actual costs of the acquisition of land and equipment and the clearing and grading of land; (B) financing costs, including all interest paid to holders of evidences of indebtedness or other obligations issued to pay for project costs and any premium paid over the principal amount of the obligations because of the redemption of the obligations before maturity; mN O real property assembly costs' iD u1 wiwi w ,, r9V ',. (D) professlonal service costs, including those incurred for architectural, planning, engineering, and legal advice and services; (E) imputed administrative costs, including reasonable charges for the time spent by employees of the /u -. municipality or county in connection with the implementation of a project plan; ,.,, (F) relocation costs; � (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 im p le m e nti ng the project plan for the zone' AIM nr Ir (H) interest before and during construction and for one year after completion of construction, whether or not capitalized; It IG/ D r/� (I) the cost of operating the reinvestment zone and project facilities; I I I, iPd I 1 r r ^UW����rr xy.., � ,,. ...,.!%, ,ry, 1�A;�%� ir( �ir%,.,, ;'I����%1f��?✓///ci � �P%�� - 7 M the amount of any contributions made by the municipality or county from general revenue for the � Ifs I r�rfy/ / r implementation of the project plan; (K) the costs of school buildings, other educational buildings, otherfacilities, g g , educational or other buildings g owned by or on behalf of a school district, community college district, or other poIiticaI subdivision of this state; and payments made at the discretion of the governing body of the municipality or county that the governing r ; body finds necessary or convenient to the creation of the zone or to the implementation of the project plans for m the zone. ., r r , r C %/1111 !l rrri / rl�l�%�ll�lllTll�/r�1lli///10%%/IIIIIIIIIIIIIIIIIII///I/I%II%rrl 1rJ11111110//Irlrl r frfr , ,.(111111111//%llJlJ,lllllllllllllll�/ r,y� it„r ,,,,,,,ii ,JJJlllllllll G J /r, r r„ f,iii ii , llllLlll�r/rr0��1//r�i�l��i�r�r(�il/���rr�1I�11Ar 11��I1 / / r r » Jl/llll 1 / r y , IfiJl / r l M, 11/1 I r fir r r rr �l%//////al></I///d%�F1,��1111/ll�r��r�i��l1111111�0�1(Jllllllllllllllll/lllllll!!!!!!ll�lll�l�(I(Ililllllll��((lllllllllll11111f11/ll��(��d+rr�p!�(1t fl�Ja�l�/�I�%i�/l�irrl�rrrrrrrrrrl(r�ll�l�ll(rG�l�((r(r�(���Ar�r!711�,1��l�if�/7I/II/I/ll//���/��,�11���(�llf1(ff((((((((((((((((((((((ff(((((((((1((Ihllllll/r�% Final Project and Financing Plan, TIRZ #3 DAVID, PE"YwI,T Anticipated Development Anticipated Development The anticipated development in TIRZ #3 includes development of a full -service hotel with up to 318 rooms and 65,000 - 97,000 square foot convention center along with a se pa rate 7,485 square foot restaurant i Block Use Code TI RZ Use #3 REVEN UIE Square FeetfUnits Appralmd E Irnated First Year of Tax Value PSFIUnit AMralsed Value Revenue A Hotel 318 $,000 $ 27,030,000 2017 B Restaurant 7,485 $ - $ - 2017 C Food and Beverage 277,013 $ - $ - 2017 D Convention SE2ce + 657 0-97, $ - $ - 2017 J Tots I L .......... - $ 27,030,000 Assumes 15% Educational Space Credit WT'I � � E; Block 1,W Code Ulge Square FeetfUn Appraised q Its Esflmatied Apptal�d Flrst Year of Value PSFlUnit Value Tax Revenue A Hotel 318 $ - $ 2017 B Restaurant 7.485 $ 70 $ 523.95011 2017 C Food and Beverage 277,013 $ $ - 2017 D Convention Space` 65.000-97000 $ mm , $ 2017 Totes I $ 523,950 * The City Council and the Developer are considering a range of size options for the convention center and the final size and scope are yet to be determined. The final size, scope, and budget for the convention center will be determined through a separate process. The tables above provide an overview of the potential development that we believe will occur during the life of the TIRZ along with estimated dates of when the incremental revenue will flow into the TIRZ fund. r � , f i r r r a ilr1 , r(rrlll! n , , �r"7i1i11117 !I!d r a h_, 1711�1!!liiYJJll/l/lll//l(r�rlrllr///III11111JJJ1JJJJJJJI JJ JJJJJID %lll(r;� / r / r J , 1/�(l%/%��rilA%G�i/�l/l�ii//Ilrillrll���lr��✓�!/%��lr%rrrrrrrr D r r ��r , , � , 11111r/1YllU>111111>11I111111111/rrlPllllll�1111�'�ii��ri�iii���/I/�iaii�%0%%1//i%ll/„/ /ll i i l//�,11177��////rJ✓/�r'I/f/llf/ll////////////t///��UrJ/r✓U///////i/////////�r�l�r'���%�lJ�%D�00��//%//,��!i�, ,��,� �/rl�/ll��/J/�/ l�/il r i , r r������ r , , , /�/P,l�l�%h✓nl'Illla��l////1 Jllill r rrri ,r oiiii rr 111 Ill(✓�k�lll r ✓// /l%// r / � r r 111�!tl'll/'// 1////////////l/r��/O/O%///�1001/l/Ofrrrrrrrar�lrrrl�rmr/ll%/�llrl//f!%��rrrr�>>%irt/ Sri/✓ , / 11 � Il / , i /// 1�//lc/��✓//%��/rl✓ri1///1//�7rt1////%�1,,'/,�/////%%%%%%%%%%%%%%/////////////%/%Ir�ll��llll�llll ,11J1 111 li/ T t r r i , o /I/I//l//llllll Illy, Ill /✓//// ll // 7 f r /l✓'�! f�l/l�l/�l/l _/ll(�l%%IUI1�r�✓rr'il/N'11111111111111111/,I�Yrrx�ll���J��%/J///(l��ll(�/0/%/%��O�f/ralr�lrr lr7�r! I�hlJll , llllrl I l I I r ��l/lr�llllll�l �f�llrr!r�✓Irrr��l���u/��/�illllll�� liiiillloiiiiii�ll�f i�Q�fi��I{(��ll����j�i`ii�Jb�O/���1✓��1��(��Irl�r��r�l��l!l�r�l�,�1�(r�%/�r/�l!����(�'l�llllllly���p/UOD/Ii1�l Final Project and Financing Plan, TIRZ #3 DAVID, PETTIT a OS= E nii,� by li Financial Feasibility Analysis Method of Financing To fund the improvements outlined on the previous pages, it is anticipated that the TIRZ will support these developments through the contribution of 100% of the City's real property increment, potentitally 75% of Denton County's real property increment, and potentially 75% of Denton Independent School District's I&S real property increment to the TIRZ fund. City of Denton TIRZ #3 Participation Overview* TIRZ Participatlon overview Ad Valorem Tax Rate Participation % Participation Rate .�,.�» .�..r, Denton 0 6897500 100.00% 0.6897500 Denton County 0.2949140 75.00� 0.2136855 Denton ISD - M&O 1.0400000 0.00% 0.0000000 Denton ISD - I &S 0.4900000 75.00% 0.3675000 Total 2.5046640 1.2709355 *City only TIRZ participation is reflected on Page 20 of the Plan. Debt Service It is not anticipated at this time that the TIRZ will incur any bonded indebtedness, however the TIRZ revenue will be pledged and used to repay convention center debt and other related expenses incurred by the City. Economic Feasibility Study A taxable value analysis was developed as part of the preliminary project and financing plan to determine the 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 to the right. The following pages show the estimated captured appraised value of the zone during each year of its existence and the net benefits of the zone to each of the local taxing jurisdictions. Utilizing the information outlined in this feasibility study, we have found that the TIRZ is economically feasible and will provide the City and other taxing jurisdictions with economic benefits that would not occur without its implementation. TtRZ,43 REVENUE ��N Black Use Code flee Square FeetlUniNIINW17 4 �►PPraiseEstimated First Year of Tax alue PSFl raised Va1ue'j Revenue A Hotel 318 $ 85,000 $ 27,030,000 2017 B Restaurant 7,485 $ - $ 2017 C Food and Beverage 277,013 $ - $ 2017 D Convention Space �" --- 65,000-97,000 $ - $ 2017 Total l $ 27.030.000 1 Assumes 15% Educational Space Credit NOWT RZ REVENUE _. Estimated EstimatedFirst Block Use Code Use Square FeetlUnits Appraised Year of Value PSFIUnIt Value Tax Revenue A Hotel 318 $ $ 2017 B Restaurant 7,485 $ 70 $ 523,950 2017 C Food and Beverage 277.013 $ - ; $ - 2017 D Convention Space 65,000-97000 $ - $ - , 2017 M Tote! j $ 523.9,50 * The City Council and the Developer are considering a range of size options for the convention center and the final size and scope are yet to be determined. The final size, scope, and budget for the convention center will be determined through a separate process. Anticipated Revenue Summary Based upon the assumptions above, the anticipated gross revenue of TIRZ #3 over the 30 year life is $ 13,673,693. r r r >> r 10r t r, Y r i %11rr1�1�1G�>l/ID%/G%//Ir%I//r�llllllGi�l�tirs�/G//lrlrlllrl�?rl?rlllJfllllllllllllllllltlJJlll�llll/ / / , r � r � r ,,,,�,,�„�„�� ,, /1//�r%��////li/7�/111J11/l/111%%//f/ll%/lllll111J11JJJll1�(Ifffrtir7rt�r�r/I/J'y%/rrrr�%��%�re��l/%�IG!!!lll�yril�//�///� /�/rr/I/ r J /// i r � i �INNER, r / ry / r ii rrrrrrrrrrrr rr r � r � a r r+ �, , 7JJIJl1J /JIJ / lu r �/ �u✓�iciir��rii�oi��r,r���ry�r°a�a�rr��u���r���rrrrrrrr�rrr�������a,��� r;���r�����������r>t����t Final Project and Financing Plan, TIRZ #3 DA P"i10 P ETT"IIT Financial Feasibility Analysis TA1ruLa HAM rEue aaarvlH ams ESTIMATE OF GENERAL IMPACT OF PROPOSED ZONE PROPERTY VALUES AND TAX REVENUES u u DISCOUNT PLATE SAU% L,"uwa�lwrwu 7"rrwwur~ml n vwUk"tiw d1' P1b' mv'Sr''1N , Bffl If, r mi m�'Yi'u 'Pd+m'7iv N �W, i12 +v umm', ._.�R1rtu'wa"112N.3�f -. 1G*ft-mu -Rm%& 1#g9IK1u/k. IRN D� mr 'O�;N'f_tl>AhitiwSW�mrly, ,d %m�m'u�zlm mJ,mlmp171E0W »� ^��pT11�1nm %Jmopai6lr 1 2 3 4 5 e 7 1 9 lU 77 '2 73 l+ 75 '6 TI 16 19 20 21 a 22 24 25 26 27 21 lY 30 REVEN YE YE✓Alt ;Nr^fl,r9,, 2m76 207i 2017 2076 2079 2029 2Ill 2022 2025 2024 203 IE26 2027 2m 2m29 2050 ml 2022 =3 29fi 20]5 IOX 2037 207i 20D9 Zp,lp 2047 2042 2045 2044 TOTALS BASE YEAR ri d 111 7 AlD *I 2 rmr a� ll'l-. ,A, ;rg 0'. rfl� d0, �Y �� ➢1, u 1N 1ulrr 4dl (lip x4 'rih {7' ud, aul N�' � �i@ liPo aP' /fi ,nl Yti li�l u`'II n,Ip Du 130 - N■O 7m>i 7 11: 70 71 7 Ilm M ; '� nll', irr a PH Dann ED - as mr r m v% au 7 Wk 17 o ma p rl r rrN �a ra pp, ,IA , �, ;, rrrrr as r� lof Ilpr trr =m m'. 40' ill r7N TAXA6LE VALUE Cify cy. D� Wa ^p a DR C."v djV 3a L o,q ri' Irq mlf 1r r, vri '..WA lr rVI W 01 %, Il�a rrt J;',Y -N� li'il uv, I'tl' alk ,7 ye rP aol,, r!"a fr; �a r4r up• N+ Dn4m s6. 1Ai0 � ;1 T pf, rW "rc '�'7 p' 7., 7� '19'� r, 7n� 17 kr oti 2' W:'0 rr, ru D4�n sD - RS 41.'r, �, qN �:.' 1� +u � �" 'id %III. TAXABLE VALUE NMENIENT GWpI DI 1f ''`% r oli sU 0 0 0 0 0 0 0 0 0 0 0 0 0 �"$ %w If,. ,Nr mir IIII aP,.. fa;: Dr+wlCwrry 4 4(4 'rl �� �pm. 0 0 U 0 �� � - MiD 0 ❑ 0 0 0 0 � 19r ,+� IAA A '�'. %P V%% tir r% 0 p 0 m 0 0 0 0 0 0 0 4� GII %I ppp %Vi �4'. D4r4m 60 -a5%' ar ;2 v;. 0 0 D 0 0 0 ilk r�Il',% . 0 0 0 0 0 0 O 0 0 0 0 0 0, e1 al 0' "' H'� A 1V %N Y7i' ml, ,r",.w,,.w.w.w.w'w'.w'w'rrrrrr- ,,,,,,...., ��Se7�11.1� jalofl'm'7'rc x jOm'JJ'�h+T��mm J?'9>II� �.me'7MM&VM'C'77�mCE'11�'W1' _......»»»� MMMM� I,A44Diptzm `,7M 7 Hr aY'.- vo r9. u IMm h"emmacfmrm I'rR "ri '»�,: @^a I,II 'im �11" 1m A ,ir;": �Ivl, � n, Ir %a r,: ,. 1, �, 1l �, 71 ful,. liiri hfi nYtl X C1ry M D.ren z 119 '7! IfV,,. nw JI 7 a;x ?M %fq' VG+ y„a 7 %N T' (, � nn' li%I ,m III1 1rP.. 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I/ , r, o , ; Final Project and Financing Plan, TIRZ #3 IIIIIIIIIIIIIIIIIIIIIIIIIIII III III IIII ITV �I1'' llll' 0 �';�� T "'�' I�'° 10 �IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIUIII����µ�l'�°"�Il Financial Feasibility Analysis ............ ... ....,... ,mn //1,11 r rrrraw r r / /// 1//I LLClllllllllllllll111111111/Ulllw/rll/1////llrrlr%,r/ii�//�r�rr'/rrcwi 11, I /JJ I / / i � , ,; /i1�/�/l%111�/1�1/"/�PGIr%///���I�llll�lrl000/r0%%%%%%%%/01I111I�I1111J�a0lll/!ll / II r � r r, ,r, rr r llllll _ ���l�l1l��'l�,!i!kV�l�?��!l�lfl(Ik��d��^�;Jy1J�11111��??Irrl�t(!��"�'�if����li�l,���lirr�z���i1,��/i�/�Lll//��/ll�/(!�9(fflfi101�1UI�(fr�l�(((((�f�111111111�111111111111111111111111,��1?111��1�i�G///��lllrllrr�~rrrlllrl�l�(�I(f�l�r((�rl�l�rrrrrrrrrrlllll77111111r1r1r` r>l>'>' Ol Yrtl1���l�'Jl'l7ll�llllr%11�10 Final Project and Financing Plan, TIRZ *3 ''II 01 P,E'TT'IIIT 11 DIM ilk Financial Feasibility Analysis 30 YEAR - BLOCK A & C: INPUT & OUTPUT ■ BYPUT REAL PROPTJM, TAX AM I m, r E_�,A_AIIIMPATTON m. � Am mque_om . , .....j � nidwisn'ms.timmia Mock A + Block C E;Z:l r " 14 � " ... mmm ;w 310h1 F 77 0�1 wuwwuuu . ........ . . 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I u III'uu91111pullllllluu,l„ Ilo�i�ll'II���IIVIIIIIII°IPp1'.IlllhpluuOIIPI°IIIII' TAX REVENUE FROJECTION5 & COST—BESEPIT —1—NALY515 "PARTICIPAVION REAL PROPER" T6mbow 22 "Al""Whal p-xm,xr(p ff,wx 177 zlfflultrrl ?f,71 W.TIVRI111, IT f 'N v 3227s."4 =243m f 34.m."5 35-mor9 31111maw 37.415190 X=317 30."4.466 .40,111l 'Q111 S" 4.XY?&215 W7&472 40.010.760 47�72" 44519,107 RLMM S1,792275 0-mad3 Sol ... . ........... . 11,11-111 -,,mloi 0327 2WAW 11!J4 N'mW2XI76 s2BU76 MAID 2?3.793 ' ,.,,0r3 I3= 11,63115 " moi"* JmK'10 7202 r?jA 79152 A2251 G9yq 9,11, 17r11wlW ukl,� 19 .=Apml 11TA13 . m1M. A. W ,111wr7 rht; -A0AC, ...11 . F11p 1tow ,, --...... I .'ILHFSSA;',, W "pZLA# O&A a Ow, 06ptur rau" VAN Dwal Cwj* DumnISD-M&O 0� . ........... .. .......... . ........ . . ...... ... .. .. --------- . .......... TIM . ....................... . . . . ...... . .......... . . . . ..... .. .. . ................... . SALES W 74mukka, w1mw(m GROSS SUWARY 12`0mr .......... 1 46" 7m 'rj 20AM 210134 222,619 243.H1 20A" 29l 2210 AW 0419010n Jftm "I'll's 320.223 336.730 lt, L rJap't-17 "'WAG ZA INI f"I 314 57.7W 59AS2 ov, 0,17 F, mice 76,353 7?924 vJJ i IWAZI Iffly"I IlAR A W7054 zm�w ",WAI, 07 20=1 11320 117.413 k,K, #71 '49000, Lwyw1m Fr owl 421A ................... .. sm md rJuso KLA . . . . ........... . -ug"440 ��A-", "F.M SULAM 7 nqtr 9WAW ATRAM als . ... . .......... 44 miziii AL TAX R4 V� NW, PARTWIRAI'M -NE1 BEREIM' 3UMMOLKr ZAA Ve5m%Affm Dwso ]I BE, , 144,4) 6 w �mz 911910111t, 'p,11 All 21AM V'Atef ulm-4 4z fiom 24.300 1 a" -119,741 zi, I =z ;N1 PIK ')kkWH1qJ 21'u, f ZL777 15:Tld „a f140-M 2161N, 37,11120 K$ LIM 3u7.179 .11 EL2" 14 714y, 101011, ICNAlt 5 . ..... ...... I AA'4,� 71KY"t-19 3" 104 N01-1W V rp", ml tol 4,OOJ, tl# 01�11-1 CE.23,11 q9-17W OV,NJ 1§4 dlt 479.574 40,10 Mil U7,7p,", I '.,::r,rr.,.,.,:..eeee.®.............. -,—WN lL1,--m . .......... . . flow . ......... mrZIe'll, W JON ......... . . ..... . E 'JA 1�I. �Fi5fr---IW 7— — — ----- WITH 1'"'Ass ��13,M)W7 no ml Am, t 614114,k fq 71;4, Amm"pro A —mm"'L. -, R '44, ff � *mTr: su�lffa mu Wm, ikf�ii F147"F ar ii *,%� mw WK I d ir"Mim f1stAm, Final Project and Financing Plan, TIRZ #3 DAVID PETTIT 14 11,III 1111611, Financial Feasibility Analysis 30 YEAR - BLOCK s: INPUT & OUTPUT ■ fiVPUT 1 DISCOUNT RATE C a �� " D' µ,,my _... AW �fr Dffirdion VD M& 1"'ummm0m'h E L PD 'r"Y" UX N-Demon �n mmm m m� Rv,16h BkK* 8 „e �, Y,,,,,,,,,,,,, ,"" , " I w wF� a 7 1L11, rmm 1 � . MMMM TOTAL T,aas 523,9 OUTPUT ■ rR«« ti w� poi Wks 100.0% 0.0% 700 OX � W Do, S�o ,w ryMry^ . ..._ f� ltE WO a,w 10@0'X 30 0.0% 0 0% / r r rll ,llfn' � (ll 1r r , >�%7117I1�C/lrl�l/11�lICl//�llllllldLf%(!�1111111111111I11111/lllJ%%lirl�r/rrr���l//,///�%//1%ry/I/I��ya�ll�r(�������r� !!J J 1 /1I J J ll, 9 r r rt ffl ,0l�rr�rfrf(Jflf(l (i�f(llllllUl l� l t , �7„rt�rr�����re��t��rf�rur�r�r���r,rrrrrlrr�����(�rr?r'r!��rrr�rrrrrrr��rrlr�ra��rr�r�.��rrrrrrrrrrrrrrrrrrrrrrrrrrrrrr�d�r r���/���1���,r�� Final Project and Financing Plan, TIRZ #3 DAVID PET°TI T 15 u,u,, a u„iu'°uu uu °, milll';pIP dRIiIK I' illlll uu„ a II u it 'mod ,uY9 27 ,,,.µ'9 .7r+�� ,""'IN4 SOK, 7na OOs v0%vox o07tvps 1007L.. 7ppL 70M 2RZ7 ... Op+L.. 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ON 2066 2. 1 29 Z192 2.VA 2 3M 3 7d6 1.120 M93 1.538 1 �Sm 1,031 1 1,7-11 V92 IZ36 1.291 9 1 2 396 2.A6T 2MI 2.618 2.696 2.777 41 2,72S 4,087 5,A40 5.613 5,751 5954 6.113 6.317 6_1w 5.702 6.903 7.110 " "0 2."6 1.031. 3.128 59,415 Dmrwn Courity r'-w MIS, F 1_2PA 7323 7,543 7J6 R.Daz 9.242 5.409 9:7&4 9.0m 9.277 9,555 CM2 10,137 q0,A41 1110.754 11.077 1.409 219,590 DD� SO - M&O 1.ws 2.597 2,6" 2724 2 R05 2,990 2 106 3,OM 321!Q 3.350 3 A_%0 3 3.00 3770 3 R63 4.D00 4,120 420 4.371 4,502 A 631 A 779 4..J1-J 5 oef S-.210 5.375 102ABO MMm E D - 19 5 �,Nft, 4,14 . ..... . . .. . ............ . . 112 _444, _vun --m±M Moo z 'IC M 14z MIM"I xm't J NNW T 77­7F7� ........ 7-,*7 «iiiii.......... 7 .. ... .. . . .. . ................ . . . . . . ... .. . . .. ........ . . . . . . . . . * Dw4m," LIE I 1J I A_",mmmm cu I .............................. 0], All A .......... . . .... ... .. ............. . ... ... . . . . . . ....... . ... . ....... .. ... ... ... ... 6� - -&�_-7_777" .. ....... `777777 . .. .. .. .. .. .. . 71-77 777), .......... . . . . . . ............. _1_....... 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Length of TIRZ #3 in Years: The TIRZ has a 30-year term and is scheduled to end on December 31, 2044. 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: issue bonds; impose taxes or fees; exercise the power of eminent domain; or give final approval to the Zone's project and financing plan. 1 /«lll r r 1 / »1,��%��/ail///1l�rl/rrrrrrrr'rrrll��l��UVY�'��rrrrrrrrrf!!Il(l�llllllll%llf 111 rl i i rf , ! I1 r>l�ii/rrrJ ol� rJ�J �i � . �ri1l/,lll1i«/ />' �i�,l�>`i��r�r�lrr�ar�l�r�rtrt�rr�yr�r��>l«rr>r�r�r�rr��lr���r,��r�rrr��rrrrrrl�«�r������������r�r«�r»�1����(11�rr�r>?�r���>�r«�!��rurl�����rr��l��rrrrrrrrrrrrrrrrrrr(rrrrrrrrrri�r����r�rlr «rrrrrrr «rrrr � { r � _yltin Final Project and Financing Plan, TIRZ #3 I 01�"III a P E T ., 1, T. 19 City Only Participation Project Costs of the Zone TIRZ revenue will be used to repay the issuance of debt for the construction of the convention center which is an eligible TIRZ project cost The Estimated TIRZ Revenue below reflects City only TIRZ participation. TIRZ Protect Estimated TIRZ Revenue i .. Convention Center Facility $7,420,M6 City of Denton TIRZ #3 Participation Overview TIRZ Partiapation Overview .A�dmmnValorem Tax ,Rate 0muu« �artJxaxxp�ation: 6 Participation aMpM at,ion R,,,, - a�te ..,u.H� Denton 0.6897500 100.00% 0.6897500 enton County 089 .24140 0.00% 0.2136955 ...... Denton ISO - M&D L0400000 0.00% 0.0000000 Denton IS❑ I 0.3675000 .0o% Total 2.504640.6897500 ««« l y t �r��rrrrrrrrrrrrrrrrrrrrrr�rr�rrrrrrr�r �� 1 � �, , �r�rll��trtr���llrr rl�tlr��rr r�rr r r ��rs�IC �? 1%%IlJ1J1011111I1111111111UllllJll111„11 lllllrrrl �Il!!!!!!!!lY JJJJJ/l l��l � I I� I I r „„ r � 1111y,���lJlJllllll?11�lllllllllllf�llrll�'��I(1�o��/��i/6��'�I��l(111!!lu/��%A�'�'I�II�IIIJI(r�� l % �// ,, � ,_ I.l L��(�r�%/III�CJ�I%1J1J1J1J1JJlJlJlJ��%%%%%%%%%Irrlr��l��lrl/�r1///1111111%7%/�ll�l(ll/llll//l///Ill�ll l lr � �// l r I /, i r r �y, lull/ /lull fill �l(ll(((((1 fill/ r ll( � �`l/0%/%l!(il/��l�r���i11���11��rlrl���711"rrl>;�1�1d✓/11�1„INN`Illl�1�I�1I�/'/���'lr�R1�lrrrrrrl1111 � rrrrr��� 7� �rl r r � rrrrrr� Final Project and Financing Plan, TIRZ #3 DAVID PETTIT 20 P IIhiIP'T4ill° liilU"III IIIIIII m91°ql uIIIIIIIIuupllPp 91 III19�°'lllp°'lpllll°°O III°I City Only Participation TAYA9LE SAiE YEAR m[OYYfH 3-801 ESTIMATE OF GENERAL IMPACT OF PROPOSED ZONE PROPERTY VALUES AND TAX REVENUES =COUNT RATE 6AOi n"� 1 m,�Yg g, . 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