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Home My WebLink About19-386S:\Legal\Our pocuntents\Resolutians\19\2017-18 Annual Report Resolution clean.dac � � , * *, • ; � � A RESOLUTTON OF THE CITY COUNCIL OF THE CITY OF DENTON, TEXAS, APPROVING THE 2017/2018 TAX INCREMENT REINVESTMENT ZONE NUMBER TWO (wESTpaxK TI } aNNuaL REPORT; aND DECLaRrnr� aN EF�°ECTIVE aTE. WHEREAS, the City of Dentan 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) (the "District") and established a Board of Directors (the "Board"} 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 adapted Ordinance 2013-033 accepting an agreement with Denton County to participate in the District; and WHEREAS, the Tax Increment Financing Act specifies that the governing body of a city shall submit an annual report on the iinancial 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 13, 2019, the District Board reviewed and recommended approval af the District 2017/2018 Annual Report to the City Council; NOW, THEREFORE, THE COUNCIL OF THE CITY OF DENTON HEREBY RESOLVES: SECTION 1. That the 2017/2018 Annual Report for Tax Increment Reinvestment Zone Number Two (Westpark TIRZ), City of Denton, Texas, as of September 30, 2018, a copy of which is attached hereto as Exhibit A, and is hereby accepted. SECTION 2. That the City Manager or his designee is hereby authorized to submit the 2017/2018 Annual Report for Tax Increment Financing Reinvestment Zone Number Two (Westpark TIRZ) to the Chief Executive Officer of each taxing jurisdiction that levies tax on real praperty 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 accordance with the provisions of the Charter of the City of Denton, and it is accordingly so resolved. �J N y�o°�� c�� this re the e� �� ` and y � — as made b _ ��w � �:. � � � J � �� _.�.��_' s . b �:��i�� ,��:��:�� .� � _.. The motion �`�� ..�.d ��.�.,� ��so ution w .............., 1.� " I��°�.��r��d by seconded b ��y_ the follov�nng vote ��mm��m - _��: S:\Legal\Our pocuments\Resolutions\19�2017-18 Annual Report Resolution clean.doc Mayor Chris Watts: Gerard Hudspeth, District 1: Keely G. Briggs, District 2 Don Duff, District 3: John Ryan, District 4: Deb Armintor, At Large Place 5: Paul Meltzer, At Large Place 6: Aye Nay �.�� _�� ✓ �" � � Abstain Absent ��°�, PASSED AND APPROVED this the ��i�� ,, day of ,,�°��+�' ��„k��"�,��` , 2019. �� " �� ..... �� ----- � .�� :� -�- - ..........� ,_ � CHRIS WATTS, MAYOR ATTEST: RACHEL WOOD, INTERIM CITY SECRETARY BY• � �� " ��F .� �{��..��.�._�. ��" � �� a�;..��.,�� ,y . � � � � � APPROVED AS TO LEGAL FORM: AARON LEAL, CITY ATTORNEY BY: � �.. __�_ .----- °�"�.�,°"� �. . S:\Legal\Our pocuments\Resolutians\19\2017-18 Annual R�port Resolutian clean.doc ,I ; ■ � '1 2017/201 � Annuai eport for T`ax Incre ent R�invest ent Zone IVu ber Twa (�Jestpark T`I�Z} �ity of I��nt�rn, T�x�s f' 'r, j � �. r � � � : • , r . ,l � ' City of Denton Economic Development Department 215 E. McKinney Street Denton, Texas 76201 940-349-7776 �u��n��W��,��a��n�� ,�a��a January 1, 2017 to December 31, 2017 Map.... M,. ........�... ,.n. ,. Table of Contents ... ......,.�. ........., .�.m .m, m..,,.�,. ,,.�.,.�* w��.Ww.,� ......w .. ......... ...�.,�..,..,.wl MissionStatement„.w, w .,,.,,.. „.,„,.,,.„,.., ...�,.��,�.,...�. .,�,» .... ......... ..�.,.�,.. ...,...<. ...�...,.��..r?' Background and Purpose ..............................................................................................n,,.�.,,�.2 ParticipatingJurisdictions ..........................................................................................................3 District History and Accomplishments Summary of TIRZ Board Meetings ..�.,.�.,.�y,,,,,,,,,,,,,,,,,,,,,, Budget and Project Status ...............�,.,....... Project Definitions ........................... . .......... Revenues.......................................... ........... Expenditures .... ......... .......... ..................... ..............�,w,.,...,,.,..,,.....,... W�a....�3 .n. �.�.......„.,.» ... ......... ............R,,um. ....�......�..5 .., ,........ w....w ... ......... ......... .. ...a,.. ,...�......,..6 .., .a ..� ... ......... ......��. ......... ......... ,...,.,,,.....6 ... ...................�� .,.,. .,.,..�,,,.,,.�.....,...,.........7 2017/2018 Work Program .......w.,... ..�.�..d.µ a......� .*,...,n* ......... ......�.. ...�.�..a.......�.. ...........,,�8 Appendices.............................................................................. �., � �„ �.�z..»......... �� ,...�...,........,...�.10 Appendix A: TIRZ Two Balance Sheet ........................... ........ ......... �,.,.,.. .....,........,,.,.,,.11 Tax Increment Reinvestment Zone Number Two 2017/2018 Annual Report Page ii Tax Incre ent einvest ent Zone Nu ber Two � � .�" �� , , .�� _ _ , � i�- " � �� i � � �� JIM CHRI��"�L, � � �9�� b �� n�� FP�re� uru��i� rea� � �u��azPaoo„ ��u�;�i��,��aa�rro �aa��u��tl k�� II� �u�� a� �i _ ��w�u�a�¢� �n�r,� u� w�r��er.�a��r� �� e �rc�p r a� � ��C��:w��re� ��a,� ,,,�� h I��w��,yg Ilf�p��m�,��m��a � �'��ns��a� i�� r�tl �u.w�r��u�� F�uir a�c�w.��;w� ��d �a�� a; ��n,ti�aJh.�r& ' t�u ��o�ua��r �� in�� ¢o�a� v�itt�aazs�R� m��iPire��na�u� � �kk��d mR�!��.� �� ' ��im�ir��u� �a��v��a��air uaa� ¢�rv� �IC�R� �� '��c�� ww�� wr� ��ru��ua�� µ:-a�w �aa��wa�� II�^�� s��a�n�r�pr, �sn.u�mws�a�ir� �u�9 u��kd�i��nko�rsmro Tra �`u� Il�tl�re�uu��;lY��aro�9�i�� aa��r�� m��R� Im� � W��i��m� ��u�a��na:a��l L��o�� ;ii.a�r�^g�u�� re,� �P� �4�R�� a�V' .V�:ra�� a�¢�� u��a� �c� k�� p��;��Prnr�6 �,�u��mw�u�ma�°��mu�"��irulC�r.�� „� � ��'�,.��'��'u 1.�� n�� o�;;M �"��^.�"�"��1'� �tt�rok �'��i� �w��u�u� Tax Increment Reinvestment Zane Number Two 2017/2018 Annual Report Page 1 Mission Statement The mission of the Tax Increment Reinvestrnent Zone (TIRZ) Number Two is to provide a source of funding for public infrastructure improvements to encourage and accelerate necessary development within the largest industrially zoned area within the City. Background and Purpose Tax increment financing originated as a tool for governments to publicly finance needed improvements and enhance infrastructure within a defined area in order to stirnulate private development and redevelopment. A TIRZ is a defined area where public infrastructure improvements are deemed necessary to promote development. The costs of the improvernents to the area are repaid by the contribution of future tax revenues. Specifically, each taxing entity may choose to dedicate all, a portion, or none of the tax revenue that is attributable to the increase in property values. The additional tax revenue that is received from 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 Council adopted Ordinance No. 2012-366 designating and describing the boundaries of Tax Increment Reinvestment Zone Number Two for an industrial district of Denton, Texas; establishing the duration of the Zone; establishing a Tax Increment Fund; and establishing a Board of Directors for the Tax Increment Reinvestment Zone. The City's second TIRZ consists of approximately 800 acres and is located north of Airport Road. This industrial area (Westpark) lacks the public infrastructure necessary to encourage development. The Westpark TIRZ took effect on January 1, 2013, and will terminate on December 31, 2036, or the date when all project costs are paid and any debt is retired, whichever comes 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 million into the TIRZ fund, respectively. According to the Finance Plan, the City would retain $43.9 million and the County would retain $18.8 million of real and business personal property revenue over the life of the TIRZ. Tax Increment Reinvestment Zone Number Two 2017/2018 Annual Report Page 2 Participating Jurisdictions Table 1: TIRZ Two ��r��i��r�� Jurisdictions City of Denton Denton County 1-10 0.620477* 40 11-25 0.71975** ,�.__ .............................40 1-10 ..................... ....�. ��_�� .� 0.225574 40 1�1-25 0312867** 40 *Inception rate was 0. 68975 for the City and .282867 for the County * *Denotes estimate The TIRZ board is comprised of fourteen members. The City Council is responsible for appointing twelve members and designating the board Chair. The governing body of Denton County, which levies taxes on real property in TIRZ Number Two, has appointed one board member. Westray Group L.P, the developer, has also appointed a single board representative. District History and Accomplishments This is the sixth year of the Westpark TIRZ. The City has changed the reporting period for the TIRZ annual reports from calendar year to Fiscal Year. This report represents the first year with the new method, which includes October 1, 2017 through September 30, 2018. During Fiscal Year 2017/2018, $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 contribution in the TIRZ fund for 2017/2018 was $160,711 and $59,918, respectively. An additional $2,534 in interest was earned for the period, bringing the total 2017/2018 contribution to $223,163. The Denton City Council adopted an Ordinance accepting an Agreement with Denton County to participate in Tax Increment Reinvestment Zone Number Two; authorizing the City Manager to execute the Agreement on February 5, 2013. On February 12, 2013, the board for TIRZ Two was appointed by City Council. Economic Development staff coordinated with multiple City departments, the developer, and legal counsel to develop a Reimbursement/Developer Agreement with the developer. The Agreement was approved by the Denton City Council on May 13, 2014, through Ordinance No. 2014-142. On August 23, 2016, the Denton City Council approved the addition of a seat to the Economic Development Partnership (EDP) board for the Texas Woman's University President and Chancellor. The adoption of Ordinance No. 2016-249 brought the EDP board membership to twelve total. Tax Increment Reinvestment Zone Number Two 2017/2018 Annual Report Page 3 On November 8, 2016, the following changes were rnade to the TIRZ Number Two board Ordinance Nos. 2012-366, 2014-039 and 2015-370 to establish a TIRZ Number Two board cornposition that incorporates the current EDP Board: The Board of Directors shall consist of fourteen (14) members, twelve (12) of whom shall be appointed by the City Council of the City. All members appointed to the board shall meet the eligibility requirements set forth in the Act. Board membership shall consist of the following: � 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. The terms of the board members shall be two-year terms; the twelve (12) members appointed by City Council will serve terms concurrent with their EDP terms. A board member may serve no more than three consecutive terms. Summary of TIRZ Two Board Meetings The Westpark TIRZ Board recommended approval of the 2017 Annual Report on February 14, 2018. The board also received reports on the 2017 valuation in the TIRZ and a Second Amendment to the Reimbursement Agreement between the City of Denton, the Board of Directors of the Tax Increment Reinvestment Zone Number Two and Westray Group, LP. The proposed amendment would modify the phases for public improvements, provide the most current probable construction costs, address rail improvements, and adds an additional Phase IV. The Board member attendance is presented below, Table 2: Board Member Attendance ,, „ „ , , ,, , � ,, �� ,�� f�, � �� i � � r i i i r i ii � � i i � i i �� / / / / / /. / / / /, / / � / i / // �1 /% / , / / i% � % / / , �� _ / / / �/ / / � � / / � � / / % / / / / / / / /// / / / , ,/ � � � / / „ /� // / /// // % � , � � � � / / � , � , / /// / i � / // // , � // //// / � �� , / //// / / � / �/ / / / // � � / / / � � / / / , � i // / � / / , , � / � / / / , r / � , // � „ � / � �� , / � � / / � / / � / /, / , % � , /. , / f , � � / // / /� / / / i/ � , / / / / / , / , // / / � � / , �� / i � � % � � �, � � � � � , / � � , ,/%//%/i � , / � /�//////i////, / , � // , �� //�//////////%///,/,////% i////,, / / , , �� /%////////////////// �/////////��, / , ,�� %////////////////%% ��///////////%i��f��////////////////////////////////� �,�� , . , , . , � _ � . . . .. ; � � � �- � � •- :�• • � • � •- • �- � � �- ._ _ � � }. � :. ' '• Tax Increment Reinvestment Zone Number Two 2017/2018 Annual Report Page 4 Steve Edgar .....�ill........� � � J' Jester Marty Rivers Carine Fe ten...B. ............... .�.�.�.�.�.�.�.�.�.................�....._ y / J. Crain* Neal Smatres�� ....��— WMike Rondelli* n........ ..... .. __ _-__� Selwyn Rayzor Medical City Denton .... m. m... m. m. m. m. m ..... ...................... Minor and Jeter, P.C. First State Bank Texas Woman's University University of North Texas Rayzor Investments X X X X *Indicates Proxy The following members were added to the TIRZ board on August 21, 2018: Chris Davis, Plant Manager at Peterbilt, replaces Jim Fykes, who has retired from Peterbilt. Tony Clark, Regional CEO at Independent Bank Group, replaces Carrell Ann Simmons, who has reached her term limit. During 2017/2018, the TIRZ Board received reports and took action on the following items: 1. Recommended approval of the 2017 Annual Report for Tax Increment Reinvestment Zone Number Two to City Council 2. Received reports on the following: a. 2017 Value of TIRZ 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 of Denton, Texas, and Westray Group, LP. c. Approved the minutes of the July 12, 2017 meeting. Budget and Project Status The Westpark TIRZ district has established in its Project and Finance Plans a budget for public improvement expenditures necessary to support public infrastructure and private investment in the district. Table 3, which follows, provides the TIRZ projects and estimated costs. Table 3: TIRZ q�rt.��ects Costs Street Improveme� Utilities and Drain Industrial Projects TOTAL �� $8,000,000 $5,000,000 $1,275,430 $14,275,430 Tax Increment Reinvestment Zone Number Two 2017/2018 Annual Report Page 5 Project Definitions `��t•a��t �a��„�Nm��r��r�w��,��,: includes the construction and reconstruction of paving improvements capable of handling heavy truck traffic and that provide common turning radius for semi trailers and may consist of, but are not limited to, primary and secondary major arterial thoroughfares and collector streets that will provide improved access within the industrial park, to State highways, and Interstate 35. lJ�i��s�� ta��s,� f��r��; includes the extension of water and wastewater lines along the right-of- ways of the streets within the District. Water and wastewater lines will be built to adequately accommodate the District at build-out and its anticipated industrial users. A number of properties in the district are situated in the floodplain. Adequate storrnwater drainage will be built to accommodate the maximum use of the land and comply with the drainage standards in the Denton Development Code. ��,a��t��i�� P� '��: 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 municipalities in Texas the authority to offer grants and loans of public funds to stimulate economic development. Revenues According to Denton Central Appraisal District (DCAD) supplemental valuation figures, the 2017/2018 total appraised valuation of taxable real property in TIRZ Number Two was $63,108,366. This is a$62,988,907 increase from the 2012 base value of $119,458. The valuation and contribution into the TIRZ fund is illustrated in the tables below. Tax Increment Reinvestment Zone Number Two 2017/2018 Annual Report Page 6 Table 5: �"��a:� n..�atr_a _�a �a�:�,._.... . r......__ .........�_� mtr�n m---- �'-'---`'--- r��,; T_Ll_ L_ TiTr7 T____ T_�_1 l'1__'��1�_ 1__ 1 c1 m , c1 * Tax Year 2014 - Ciry uses Supplement #18 dated 12/23/14 and County uses Supplement #20 dated 1/30/2015. ** Tax Year 2016 includes interest earned through 12/31. Total Fund Balance at 9/30/18 is $233,106 The 800-acre Westpark TIRZ is adjacent to the Denton Airport Business Park. Currently, a signiiicant portion of the land within the TIRZ boundary has an agricultural exemption. While the net taxable value, after the agricultural exemption, is $63,108,366 the market value of the district is $80,693,581. Once the property is sold and developed, the exemption will be removed and the valuation will more accurately reflect the market value of the land. Expenditures No funds were expended in 2017/2018. Tax Increment Reinvestment Zone Number Two 2017/2018 Annual Report Page 7 2017/2018 Work Program The First Amendment to the Reimbursement Agreement was made in order to accomrnodate WinCo Foods, a company that acquired approximately 77 acres in the Westpark Tax Increment Reinvestment Zone Number Two. WinCo Foods agreed to execute Phase I of the Reirnbursement Agreement and was awarded an economic incentive to reimburse the improvements. 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 across 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 reimbursernent 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% of ad valorem revenue will also be utilized until full reimbursement occurs. It is anticipated that full reimbursement will occur in approximately four years. The first year after full reimbursement, the second term of the grant agreement shall commence, and will include the following: a 60% rebate of the City's ad valorem revenue for a period of four years for an estimated total incentive of $1.7 million. Instructions for reimbursement for this first multiple tax tool grant and TIRZ reimbursement were developed in 2017, which has helped to clarify and streamline the incentive payment process. Reimbursements for 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 18, 2017. According to 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 2018. The board also received a report on a Second Amendment to the Reimbursement Agreement between the City of Denton, the Board of Directors of the Tax Increment Reinvestment Zone Number Two and Westray Group, LP. The proposed amendment would modify phases II and III for public improvements; provide the most current probable construction costs; and add an additional Phase IV to extend Precision Drive. The draft amendment also seeks to add rail, at any phase, in order be responsive to other economic development leads. Tax Increment Reinvestment Zone Number Two 2017/2018 Annual Report Page 8 The draft amendment required a coordinated interdepartrnental response involving Engineering, Development Services, Building Inspections, Right of Way, Legal, and multiple utility departments. Numerous rneetings were held with various departrnents throughout the year to address new roadway impact fees, oversize utility cost participation agreements, easernents, traffic impact studies, rail improvements, and drainage issues in the zone. On February 2, 2018, United States Cold Storage (USCS) closed on a 40-acre site on Jim Christal Road east of Western Boulevard in the Westpark Tax Increment Reinvestment Zone (TIRZ). USCS plans to offer storage, re-pack, and case pick, distribution and transportation solutions for production facilities in the United States and Mexico. Preliminary plans provide for rail service, export services to Mexico, cooler and freezer storage, and on-site customer offices. USCS estimates that it will invest $34 million in the project, which will create approximately $28 million in new ad valorem value in Denton. The estimated electric demand is 1.5 megawatts annually, which will make USCS a Top 25 custorner for DME. The company plans to create 67 new jobs by Year 3 of operations with an average salary of $36,074. The majority of the jobs will not be high-skilled. USCS receive a rant af a 5% cost s are of the sales an use taxes (u ta 7, } for the const ction of their new istri utian facility an a 4 acre site in the estpark TI . The location of this project will necessitate Phase 2 of the Westpark TIRZ improvements, which generally consist of water and wastewater line extension and improvements, drainage improvements, and road reconstruction, all along Jim Christal Road and West Oak Street. Three projects, which will total three million square feet, are currently in the land acquisition phase in the zone. The property for the Retreat at Denton II, a multi-family development, is under construction. The project will include 193 units on 21.9 acres in the southern section of the zone. This project will accelerate a portion of the Phase III improvements along Precision Drive. 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