HomeMy WebLinkAbout18-253RESOLUTION NO. 1$-ZS 3
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF DENTON, TEXAS,
APPROVING THE 2017 TAX INCREMENT REINVESTMENT ZONE NUNMBER TWO
(WESTPARK TIRZ) ANNUAL REPORT; AND DECLARING AN EFFECTIVE DATE.
WHEREAS, the City of Denton recognizes the importance of its role in local economic
development initiatives and programs; and
WHEREAS, the City has established Tax Increment Reinvestment Zone Number Two
(Westpark TIRZ) and established a Board of Directors for the District to promote development
or redevelopment in the Industrial area pursuant to Ordinance No. 2012-366, authorized by the
City Council on December 18, 2012, as provided by the Tax Increment Financing Act, Chapter
311 of the Texas Tax Code, as amended; and
WHEREAS, on February 5, 2013, the City Council adopted Ordinance 2013-033
accepting an Agreement with Denton County to participate in TIRZ Number Two; and
WHEREAS, the Tax Increment Financing Act specifies that the governing body of a city
shall submit an annual report on the financial status of the district to the Chief Executive Officer
of each taxing unit that levies taxes on real property in a reinvestment zone, and a copy of the
report shall be forwarded to the State Comptroller; and
WHEREAS, on February 14, 2018, the Westpark TIRZ District Board reviewed and
recommended approval of the 2017 Annual Report for Tax Increment Financing Reinvestment
Zone Number two to the City Council; NOW, THEREFORE,
THE CITY COUNCIL OF THE CITY OF DENTON HEREBY ORDAINS:
SECTION__ 1. That the 2017 Annual Report for Tax Increment Reinvestment Zone
Number Two (Westpark TIRZ), City of Denton, Texas, as of December 31, 2017, a copy of
which is attached here to (Exhibit A), and is hereby accepted.
SECTION 2. That the City Manager or his designee is hereby authorized to submit the
2017 Annual Report for Tax Increment Financing Reinvestment Zone Number One to the Chief
Executive Officer of each taxing jurisdiction that levies tax on real property in the District; and
to the State Comptroller, as required by state law.
SECTION 3. That this resolution shall take effect immediately from and after its passage
in accordanc�e with the provisions of the Charter of the City of Denton, and it is accordingly so
resolved.
PASSED AND APPROVED this the �°°',��"�m day of �'�����'� ���"��� �� ___ , 2018.
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CHRIS WATTS, MAYOR
ATTEST:
JENNIFER WALTERS, CITY SECRETARY
BY: � ��,: -- ' ��
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APPROVED AS TO LEGAL FORM:
AARON LEAL, CITY ATTORNEY
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EXHIBIT A
Tax Increment Reinvestment Zone Number Two
(Westpark TIRZ)
2017 Annual Report
City of Denton
Economic Development Department
215 E. McKinney Street
Denton, Texas 76201
940-349-7776
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January 1, 2017 to December 31, 2017
Table of Contents
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MissionStatement ...... ............ *...�. »*,.�..... ........ ..M..........,,..,.. ,,,,,,.,,,w,. ,,.�� ...,..... .........,...2
Backgroundand Purpose ......................................».»,..»...................m..,,.....,.......,,w..�................,2
Participating Jurisdictions ...................................... ......... .....�.., ...,..,, .,.,,.,,, .,......, .,...,.......:�
DistrictHistory and Accomplishments.... �.,.� .. ........ ........ ......... .......«« »«,.»..».,...,.........3
Summaryof TIRZ Board Meetings � ........ ........� ���.,�... ..,».,... .......,y .......�, .�.y..».......,,..,,,,,.4
Budgetand Project Status .... ......... ...�.,...........,. .,.,,.... m ..,�,.... ...».... .....�.�. ......... .m .,.,.,u,,..5
ProjectDefinitions ....... ..............a.....,.......... ......... ,..,..... . .,.,, .......... .. ,.,.,.,.,........... .,,......,...6
Revenues.......................................................................... �........... �.........,. w.<,,.,.,,...,........,...........6
Expenditures...................................................................................................�,,.,,.,.,...,,............7
2017 Work Program .................................................................. .....» ......,.. ,.�.,.... .....,�..�.8
Appendices...........................................................�. ,,,,,,,...,......... ........, �»....... .,....,,,...,... . ..�10
Appendix A: TIRZ Two Balance Sheet .............�d.. ...,..... ....,..,. ,...,..., ,,,,..,..,...,..... ..,,.,..11
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Tax Increment Reinvestment Zone Number Two 2017 Annual Report ���� 1
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The missian of the Tax Increment Reinvestment Zane (TIRZ) Number Two is ta pravide a
saurce of funding for public infrastructure improvements ta encaurage and accelerate necessary
development within the largest industrially zaned area within the City.
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Tax increment financing originated as a taol for governments ta publicly finance needed
improvements and enhance infrastructure within a deiined area in order to stimulate private
development and redevelopment. A TIRZ is a defined area where public infrastructure
improvements are deemed necessary ta promate develapment. The costs of the improvements to
the area are repaid by the contributian of future tax revenues. Specifically, each taxing entity
may choose to dedicate all, a partion, or none of the tax revenue that is attributable to the
increase in property values. The additianal tax revenue that is received fram the affected
properties is referred to as the tax increment. An ad valorem valuation base is established the
first year, and the revenue from the increased valuation from subsequent years is allocated into a
TIRZ fund to support development projects.
On December 17, 2012, the City Cauncil adopied Ordinance No. 2012-366 designating and
describing the baundaries of Tax Increment Reinvestment Zone Number Twa for an industrial
district of Dentan, Texas; establishing the duration af the Zone; establishing a Tax Increment
Fund; and establishing a Baard af Directars for the Tax Increment Reinvestment Zone. The
City's secand TIRZ consists of appraximately 800 acres and is lacated north af Airport Raad.
This industrial area (Westpark) lacks the public infrastructure necessary ta encaurage
development.
The Westpark TIRZ took effect on January 1, 2013, and will terminate on December 31, 2036, or
the date when all project casts are paid and any debt is retired, whichever cames first. It is
estimated that the TIRZ would generate approximately $14.3 million over a 25 year period for
infrastructure improvements. The City and Denton County will contribute $10 million and $4.2
millian inta the TIRZ fund, respectively. According ta the Finance Plan, the City wauld retain
$43.9 million and the County wauld retain $18.8 million af real and business persanal praperty
revenue over the life af the TIRZ.
Tax Increment Reinvestment Zane Number Two 2017 Annual Repart ���� 2
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This is the fifth year of the Westpark TIRZ. During calendar year 2017, $160,711 was collected
for the City's portion based on the last supplemental valuation of the calendar year from the
Denton Central Appraisal District (DCAD). The City's and County's cantribution in the TIRZ
fund for 2017 was $160,711 and $59,918, respectively. An additional $37 in interest was earned
for the period, bringing the total 2017 contribution to $220,666.
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• The twelve members of the Economic Development Partnership Board;
� One member shall be appointed by the governing body of Denton County; and
• One member shall be appointed by the "Developer," Rayzor Investments;
LLP.
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The Board member attendance is presented below. Phillip Baker, with Rayzor Investments, was
also a guest at the meeting.
Table 2: oard e ber Attendance
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Tax Increment Reinvestment Zone Number Two 2017 Annual Report ��g� 4
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Zone Number Two to City Cauncil
2. Received reports on the following:
a. 2017 Value of TI Number Two
b. A proposed Second Amendment to the Reimbursement Agreement between the
City of Denton, the Board of Directors of the TIRZ Number Two, the City af
Denton, Texas, and Westray Group, LP.
c. Approved the minutes of September 21, 2016 meeting.
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Table 3: TIRZ Pro����� Costs
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Tax Incrernent Reinvestment Zone Number Two 2017 Annual Report F�a�€, 5
�i��°��i l���M°u��~�bvt��M���r������: includes the construction and reconstruction of paving improvements
capable of handling heavy truck traffc and that provide common turning radius for semi trailers
and may consist af, but are not limited to, primary and secondary major arterial thoraughfares
and collector streets that will provide improved access within the industrial park, to State
highways, and Interstate 35.
t�l�u���ti�� <���c� l)�w��ii��a ��; includes the extension of water and wastewater lines along the right-of-
ways af the streets within the District. Water and wastewater lines will be built to adequately
accommodate the District at build-aut and its anticipated industrial users.
A number of properties in the district are situated in the flaodplain. Adequate stormwater
drainage will be built ta accommodate the maximum use of the land and comply with the
drainage standards in the Denton Development Code.
IM�������I��i��1 �'i�aj�.�ui�;: may include grants, loans and services for public and private development.
Eligible TIRZ project costs are not limited to public uses and may also include projects that
stimulate economic development. Chapter 380 of the Local Government Code grants
rnunicipalities in Texas the authority to offer grants and loans of public funds to stimulate
economic development.
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Tax Increment Reinvestment Zone Number Two 2017 Annual Report ���� �
Table 5: Coun�v Certified and S
* Tc� 1'eczr 2QP4 - Cidy use.s S'up�l��neaad #I�d c�crP�d 12/23lI4 asaciC�us�tiy us�s b'up�t�rr2erad #�ZU cicztec� L/3il/LU[J.
** Tax Year 2016 and 2017 include interest earned through 12/31,
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Tax Increment Reinvestment Zone Number Two 2017 Annual Report ���� 7
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The First Amendment to the Reimbursement Agreement was made in arder to accommodate
WinCo Foods, a company that acquired approximately 77 acres in the Westpark Tax Increment
Reinvestment Zane Number Two.
WinCo Foads agreed ta execute Phase I of the Reimbursement Agreement and was awarded an
econamic incentive to reimburse the impravements. The 800,000 square foot distribution facility
is located on the west side of Western Boulevard, north of Airport Road. WinCo Foods is a
regional retailer with multiple distribution facilities acrass the United States. The project
received a Certificate of Occupancy in January 2017 and will eventually create 165 jobs with an
annual payroll of around $7.2 million.
The terms of the grant agreement ends when full reimbursement has occurred, and include the
following forms of reimbursement: up to $1 million for water lines, utilizing the City's Water
Development Plan Line Fund; up to $865,000 in reimbursement for the sewer lines, utilizing the
City's Wastewater Development Plan Line Fund; 100% of the Sales and Use Tax for
construction materials, furniture, fixtures, and equipment for the construction of the project;
100% of the tax increment collected in the TIRZ Number Two fund associated directly with the
project, until full reimbursement occurs. The contribution includes the City's 40% contribution
to the TIRZ fund annually. The City's remaining 60°/a af ad valorem revenue will also be
utilized until full reimbursement accurs. It is anticipated that full reimbursement will occur in
approximately four years. The frst year after full reimbursement, the secand term of the grant
agreement shall commence, and will include the following: a 60% rebate of the City's ad
valorem revenue for a periad of faur years for an estimated total incentive of $1.7 million.
Instructions for reimbursement for this first multiple tax taal grant and TIRZ reimbursement
were developed in 2017, which has helped to clarify and streamline the incentive payment
process, Reimbursements far the utility Development Plan Line Fund and sales and use tax grant
for construction were processed this year. WinCo foods received a Certificate of Occupancy
(CO) on January 1$, 2017. Accarding ta the incentive Agreement, the ad valorem and TIRZ
grants will commence the frst year following receipt by grantee of a CO for the facility, so the
TIRZ Two grant will initiate in 201$.
The board also received a report on a Second Amendment to the Reimbursement Agreement
between the City af Denton, the Board of Directors of the Tax Increment Reinvestment Zone
Number Twa and Westray Group, LP. The proposed amendment would madify phases II and III
for public improvements; provide the most current probable construction costs; and add an
Tax Increment Reinvestment Zane Number Two 2017 Annual Report Page 8
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Tax Increment Reinvestment Zone Number Two 2017 Annual Report Page 10
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