HomeMy WebLinkAbout24-417RESOLUTION NO. 24-417
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF DENTON, APPROVING THE
2022/2023 TAX INCREMENT REINVESTMENT ZONE NUMBER 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, 2024, the Westpark TIRZ District Board reviewed and
recommended approval of the 2022/2023 Annual Report for Tax Increment Reinvestment Zone
Number two to the City Council; NOW, THEREFORE,
THE CITY COUNCIL OF THE CITY OF DENTON HEREBY RESOLVES:
SECTION 1. That the 2022/2023 Annual Report for Tax Increment Reinvestment Zone
Number Two (Westpark TIRZ), City of Denton, Texas, a copy of which is attached here to as
Exhibit A, is hereby accepted.
SECTION 2. That the City Manager or their designee is hereby authorized to submit the
2022/2023 Annual Report for Tax Increment Reinvestment Zone Number Two 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. 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.
The motion to approve this resplution was made by B't b-- BeoK and seconded
by s,b_ Ja_.' CUbK Plc (p&e_ , the rr oved by the
following vote K - A :
Aye Nay Abstain Absent
Mayor Gerard Hudspeth:
Vicki Byrd, District 1 :
Brian Beck. District 2:
Paul Meltzer. District 3 :
Joe Holland. District 4:
Brandon Chase McGee. At Large Place 5 :
Chris Watts, At Large Place 6:
./
JL
a
V
2" )PASSED AND APPROVED this the d day of , 2024
mRA–RDritmTTRA–fa
ATTEST:
JESUS SALAZAR, CITY SECRETARY
APPROVED AS TO LEGAL FORM:
MACK REINWAND, CITY ATTORNEY
a#38-BY: u 14:22:58 -05'OO'
Scott Bray
2024.03.22
Exhibit A
Tax Increment Reinvestment Zone Number Two
(Westpark TIRZ)
2022/2023 Annual Report
City of Denton
Economic Development Department
401 N. Elm Street
Denton, Texas 76201
940-349-7776
www.dentonedl).com
October 1, 2022 to September 30, 2023
Tax Increment Reinvestment Zone Number Two 2022/2023 Annual Report Page 1
Table of Contents
Map............................................................................................................................................3
Mission Statement ....................................................................................................................4
Background and Purpose ........................................................................................................4
Participating Jurisdictions ..........................................................................................................5
District History and Accomplishments .__..__..._____.._.__._________________._.__.__.5
Summary of TIRZ Board Meetings .......__...__........____......._...._._____.___.________...6
Budget and Project Status.......................................................................................................8
Project Definitions .....................................................................................................,...............8
Revenues ....................................................................................................................................9
Expenditures ............................................................................................................................10
2022/2023 Work Program ._____........___...___..._...________.___..._____.._....____.___11
Appendices ..............................................................................................................................15
Appendix A: TIRZ Two Balance Sheet...................................................................................15
Tax Increment Reinvestment Zone Number Two 2022/2023 Annual Report Page 2
Tax Increment Reinvestment Zone Number Two
JIM CHRISTAL
/
/
/
I
j
AIRPdRT We N
J--a d by the @ty of
anton and is intended for use only as a reference, Data
depicted is not guaranteed for amIno and may te subject
to revision at any tIme without notifIcation. A Registered
Surveyor for the State of Texas was ncR consulted. For
SUIvey level accuracy. supervision arx1 certifimtion of the
pn>dIned data by a Registered Professional Land Surveyor
for tIn State of Texas would need to be performed.
TIRZ Bouraay
Property Description
Gwernment
Red Acreage Rangeknd
Ck)mmerdal Vacant LcR
I _ Real FNmhMP BERtH0 412.583 1.HO 2.475 3.300
Feet
Tax Increment Reinvestment Zone Number Two 2022/2023 Annual Report Page 3
Mission Statement
The mission of the Tax Increment Reinvestment 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 stimulate private
development and redevelopment. A TIRZ is a defined area where public infrastructure
improvements are deemed necessary to promote development. The costs of the improvements 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 (Westpark TIRZ)
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 2022/2023 Annual Report Page 4
Participating Jurisdictions
Table 1: TIRZ Two Participatin'Jurisdictions
2022/23 Tax Rate
S/S100 Value
0.5606828
0.560682++
0.2175438
0.233086++
Percent of Tax
Rate
40
40
40
40
Jurisdiction
maiD911iEiiI
Denton County
+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 the Westpark TIRZ, appoints one board member. Westray Group
L.P, the developer, also appoints a single board representative.
District History and Accomplishments
This is the eleventh year of the Westpark TIRZ. The report period includes October 1, 2022
through September 30, 2023 (FY 2022-23). During FY 2022-23, $601,681 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
FY 2022-23 was $606,140 and $235,181, respectively. An additional $62,123 in interest was
earned for the period, bringing the total FY 2022-23 contribution to $903,444.
The Denton City Council adopted an ordinance accepting an agreement with Denton County to
participate in the Westpark TIRZ and authorizing the City Manager to execute the agreement on
February 5, 2013. On February 12, 2013, the board for the Westpark TIRZ 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 2022/2023 Annual Report Page 5
On November 8, 2016, the following changes were made to the Westpark TIRZ board Ordinance
Nos. 2012-366, 2014-039 and 2015-370, through Ordinance 2016-354, to establish a TIRZ
Number Two board composition 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.
On April 16, 2019, Denton City Council adopted Ordinance 19-635 revising the Bylaws of the
Westpark TIRZ to ensure that the Bylaws were in accordance with the adopted TIRZ and EDP
ordinances and to clarify the amendment to the Bylaws process.
On March 3, 2020, Denton City Council adopted two ordinances. Ordinance 20-440 revised the
Bylaws of the Westpark TIRZ to address developer terms and appointment of the chair. Ordinance
20-441 amended Ordinance No. 2012-366, as amended by ordinances 2014-039, 2014-274, 2015-
370, and 2016-354 relating to the Westpark TIRZ, to amend the number of terms the developer
representative may serve on the board of directors.
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, except the Developer appointee may serve unlimited terms but
must be re-nominated upon expiration of each term. The City Council shall designate a member
of the board to serve as chairman of the board of directors, and the board shall elect from its
members a vice chairman and other officers as it sees fit.
Summary of TIRZ Two Board Meetings
The Westpark TIRZ Board recommended approval of the 2021/2022 Annual Report on March 8,
2023. The Board also received a report and gave staff direction on the reimbursement request for
Westray Group, LP for improvements in the TIRZ.
Tax Increment Reinvestment Zone Number Two 2022/2023 Annual Report Page 6
The Board member attendance is presented below
Table 2: Board Member Attendance
Member Company/Affiliation Present 3/8/23
Alex Payne
Tony Clark
Denton County
Independent Bank
City of Denton Council Member
Eames Law Group
La Azteca
City of Denton Council Member
Peterbilt
Black Chamber of Commerce
Medical City Denton
Minor and Jeter, P.C.
Denton Chamber of Commerce
Texas Woman’s Universjty
University of North Texas
Rayzor Investments
X
X
X
X
X
X
X
Gerard Hudspeth
Bob Eames
Jimmy Mejia
Jesse Davis
Todd Wells
Kerry Gorre
Steve Edgar
Jill Jester
Lee Ramsey
Carine Feyten/Jason Tomlinson*
Neal Smatresk/Susan Holmes
Selwyn Rayzor X
Ex-Officio Member Company/Affiliation Present 3/8/23
Sara Hensley
Erin Carter
Jamie Wilson
*Indicates Proxy
City Manager of Denton
Denton Chamber of Commerce
Denton Independent School District
In June 2022, one position on the EDPB and Westpark TIRZ No. Two boards vacated with the
resignation of Tina Albert. Todd Wells replaced Tina Albert as a top 20 City of Denton ad valorem
or sales tax taxpayer.
At the October 18, 2022 City Council meeting, Council confirmed the following EDPB members
as Westpark TIRZ members: Jason Tomlinson, Jesse Davis, Lee Ramsey, Steve Edgar, Todd Wells
and Tony Clark. Jill Jester was also appointed as Board Chair.
During FY 2021-22, the TIRZ Board received reports and took action on the following items:
1. Elected a vice chair for TIRZ Number Two Board of Directors
2. Approved the minutes of the May 1 1, 2022 meeting.
Tax Increment Reinvestment Zone Number Two 2022/2023 Annual Report Page 7
3.
4.
5.
Receive a report, hold a discussion, and give staff direction regarding the meeting dates
and times for calendar year 2024.
Recommended approval of the 2021/2022 Annual Report for TIRZ Number Two to City
Council.
Receive a report, hold a discussion, and verify a reimbursement request for Westray
Group, LP for improvements in the TIRZ Number Two.
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 Projects Costs
PROJECT ESTIMATED COST, SM
sIs bIB15l1IB
$5,000,000
$ 1 ,275,430
$ 14,275,430
Street Improvements
e
Industrial Projects
TOTAL
Project Definitions
Street Improvements: 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 .
Utilities and Drainage: includes the extension of water and wastewater lines along the right-of-
way 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 stormwater drainage
will be built to accommodate the maximum use of the land and comply with the drainage standards
in the Denton Development Code.
Industrial Projects: 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.
Tax Increment Reinvestment Zone Number Two 2022/2023 Annual Report Page 8
Revenues
According to Denton Central Appraisal District (DCAD) supplemental valuation figures, the FY
2022-23 total appraised valuation of taxable real property in the Westpark TIRZ was
$270,388,646. This is a $270,269,188 increase from the 2012 base value of $119,458. The
valuation and contribution into the TIRZ fund is illustrated in the tables below.
Table 4: City Certified and Sul llemental TIRZ Two Valuation Summar
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
Totals
119,458
566,436
120,538
2,401 ,349
63, 108,366
68,549,662
1 10,654,075
175,546,028
226,99 1 ,678
270,388,646
119,458
555,807
120,538
2,401 ,349
63, 108,366
72, 165,650
119,113,120
175,546,028
226,957,789
270,388,646
N/A
436,349
1 ,080
2,281,891
62,988,908
72,046, 192
118,993,662
175,426,570
226,838,33 1
270,269, 188
N/A
40%
40%
40%
40%
40%
40%
40%
40%
40%
N/A
174,540
432
912,756
25, 195,563
28,818,477
47,597,465
70, 170,628
90,735,332
108,107,675
N/A
1 ,204
3
6,237
160,711
178,812
281 ,041
414,325
513,401
606, 140
$2,161,874
Table 5: County Certified and SuI llemental TIRZ Two Valuation Summa
2013
2014
2015
2016
2017
2018
2019
2020
202 1
2022
Totals
119,458
566,436
120,538
2,401 ,349
63, 108,366
68,549,662
110,654,075
175,546,028
226,991 ,678
270,388,646
119,458
241 , 101
120,538
2,40 1 ,349
63,108,366
72, 165,650
119,113,120
175,546,028
226,957,789
270,388,646
N/A
121 ,643
1,080
2,281,891
62,988,908
72,046, 192
118,993,662
175,426,570
226,838,331
270,269, 188
N/A
40%
40%
40%
40%
40%
40%
40%
40%
40%
N/A
48,657
432
912,756
25, 195,563
28,818,477
47,597,465
70, 170,628
90,735,332
108, 107,675
N/A
132
1
2,267
59,918
65,007
107,227
157,873
211,491
235, 181
8839,097
Tax Increment Reinvestment Zone Number Two 2022/2023 Annual Report Page 9
Table 6: TIRZ Two Total Certified and Supplement Summa
Total
Revenue
I
1-
2013
2014
119,458 1 119,458 1 N/A 1 N/A 1 N/A 1 N/A 1 N/A
566,436 1 555,807 1 436,349 1 40% 1 174,540 1 1,336 1 7
2015 1 120,538 1 120,538 1 1,080 1 40% 1 432 1 4 1 10
2016 1 2,401.349 1 2,401.349 1 2,281,891 1 40% 1 912,756 1 8,505 1 81
2017 1 63,108,366 1 63,108,366 1 62,988,908 1 40% 1 25,195,563 1 220.629 1 2,534
2018 1 68,549,662 1 72,165,650 1 72,046,192 1 40% 1 28,818,477 1 243,819 1 8,885
2019 1 110,654,075 1 119,113,120 1 118,993,662 1 40% 1 47,597,465 1 388,268 1 7,713
2020 1 175,546,028 1 175,546,028 1 175,426,570 1 40% 1 70,170,628 1 572.199 1 4,995
2021 1 226,991,678 1 226,957,789 1 226,838,331 1 40% 1 90,735,332 1 724,893 1 10,947
2022 1 270,388,646 1 270,388,646 1 270,269,188 1 40% 1 l08,107,675 1 841,321 1 62,123
Total City and County Contributions 1 3,000,974 1 97,295
* Tax Year 2014 - City uses Supplement +18 dated 12/23/14 and County uses Supplement #20 dated 1/30/2015.
++ Tax Year 2016 includes interest earned through 12/3 1
Total Fund Balance at 9/30/23 is 81,446.296.
N/A
0
0
0
0
198,991
195,734
197,336
197,203
862,709
1,651,973
N/A
1 ,343
14
8.586
223 , 163
53,713
200,247
379,858
538,637
40,735
1,446,296
The 800-acre Westpark TIRZ is adjacent to the Denton Airport Business Park. Currently, a portion
of the land within the TIRZ boundary has an agricultural exemption. While the net taxable value,
after the agricultural exemption, is $270,388,646 the market value of the district is $289,608,400.
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
TIRZ expenditures in FY 2022-23 amounted to a total of $862,709 for WinCo Foods ad valorem
TIRZ Grant and a reimbursement request for Westray Group, LP for improvements in the TIRZ
Number Two. WinCo received 197,669 and Westray Group, LP, the developer, received $665,040.
This is the fifth year of the agreement for WinCo Foods. Under the Chapter 380 Agreement,
WinCo Foods will pay 100% of the property taxes owed to the City and County and will receive
a grant equal to 40% of the contribution of the City and County into the Tax Increment Fund (land
Tax Increment Reinvestment Zone Number Two 2022/2023 Annual Report Page 10
and improvements) from the distribution
center. Both entities participate in the Westpark
TIRZ at a rate of 40%. Business personal
property (equipment) is not included in the
TIRZ contribution.
WinCo will receive 40% of the ad valorem tax
contribution (land and improvements) into the
Tax Increment Fund from the City and Denton
County, 60% of the City’s portion of the ad
valorem by the project (excluding land,
inventory, vehicles and supplies) until the
construction costs for Phase I public improvements have been reimbursed.
The Agreement thresholds require a minimum valuation of $50
million in real property improvements and business personal
property value. Since WinCo Foods met their threshold
requirements, they received ad valorem grant payments equal
to
• 40% of the ad valorem tax contribution (land and
improvements) into the Tax Increment Fund from the City and
Denton County in the amount of $197,669, and
• 60% of the eligible amount of the real and personal property
ad valorem taxes paid to the City (excluding land, inventory,
vehicles and supplies) into the General Fund in the amount of
$220,338.
IP
P&
VB
The first reimbursement for Westray Group, LP included pre-development costs, drainage
improvement costs and the cost associated with traffic signals for a total of $665,040. Pre-
development costs included engineering; construction and management; and traffic analysis
services. Drainage improvements involved the vertical relocation of an 8“ pipeline and drainage
work for the Rayzor Channel along Western Boulevard. Traffic signal costs included a construction
participation payment for the signals at Western Boulevard and Highway 380. The traffic signals
were the only improvements retained by the developer in Phase I of the Reimbursement
Agreement.
Tax Increment Reinvestment Zone Number Two 2022/2023 Annual Report Page 11
2022/2023 Work Program
The First Amendment to the Reimbursement Agreement was made in order to accommodate
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 Reimbursement 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 has created 165 jobs.
The terms of the grant agreement end 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 Westpark TIRZ 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 eight
to ten 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.
Reimbursements for the utility Development Plan Line Fund and sales and use tax grant for
construction have been processed. WinCo foods received a Certificate of Occupancy (CO) on
January 18, 2017. The ad valorem and TIRZ grants commenced the first year following receipt by
grantee of a CO in 2018.
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 received a Certificate of Occupancy on April 14, 2020. The company invested
approximately $34 million in the project, which will create $33.2 million in new ad valorem value,
for the 2019 tax year, in Denton. The estimated electric demand is 1.5 megawatts annually, which
will make USCS a Top 25 customer for DME. The company plans to create 67 new jobs by Year
3 of operations with an average salary of $36,074.
Tax Increment Reinvestment Zone Number Two 2022/2023 Annual Report Page 12
The location of this project necessitated Phase II of the Westpark TIRZ improvements, which
generally consisted of water and wastewater line extensions and improvements, drainage
improvements, and road reconstruction, all along Jim Christal Road and West Oak Street.
In 2019, Tyson Sales and Distribution received an abatement of 25% of their business personal
property only (which does not go into the TIRZ) for 6 years. The Company provides refrigerated
warehousing and distribution services to the Tyson Foods, Inc. companies. Tyson had $38 billion
in sales in FY 2017 and employs 122,000. The company will construct 350,000+ square foot
highly automated refrigerated distribution center next to USCS. The facility will contain
automated storage and retrieval systems, including stacker cranes, gantry robots for layer picking,
pallet conveyors and transfer cars, and a monorail. It is expected to ship 700 million pounds of
product annually from the facility. The facility will have about a 2 megawatt annual electric
demand which will add another Top 25 customers for DME. It will employ 100 on a full-time
basis with hourly wages ranging from $20 to $45. The grantee is required to create 95 jobs with
an average hourly wage of $23.58. A $25.5 million business personal property valuation threshold
is required in year one. The business personal property valuation thresholds are tiered based on
the Denton Central Appraisal District’s depreciation schedule. This project has been put on hold
as the company reexamines and prioritizes their expansions. They do not have plans to sell the
p-operty
A number of industrial projects, which will total over three million square feet, are currently
underway in the zone and industrial area. The Retreat at Denton II, a multi-family development,
has been constructed. The project includes 193 units on 21.9 acres in the southern section of the
zone
Ironwood Realty Partners and Scannel! Properties have partnered on an industrial project, Denton
Crossing @ 1-35, which will house approximately 1.2 million square feet of industrial speculative
space along Western Boulevard. There will be a total of four buildings upon completion. Building
4 has been constructed and has 126,890 square feet. Buildings 1 and 2 will have just under 709,000
square feet. Building 2 has completed construction. Elite Materials Logistics plans to occupy a
building in Phase II of the development. Building 3 is currently under construction and will
comprise up to 398,000 square feet of warehouse space.
Cowboy Distribution, a warehouse/distribution center facility on 10 acres north of Jim Christal
Road and east of N. Western Boulevard, is in the platting stage.
Exeter has completed a building (Exeter Westpark I) comprising 649,000 square feet, where W.
Oak Street and Jim Christal meet, that is the newest distribution center for Lowe’s Home
Improvement. Exeter is also constructing three buildings adjacent to the TIRZ boundary at the
northwest corner of Western Boulevard and Jim Christal Road. The square footage of these
Tax Increment Reinvestment Zone Number Two 2022/2023 Annual Report Page 13
buildings are 324,000 square feet, 421,000 square feet, and 1,076,000 square feet. Construction
has been competed for Building 3 .
Hunt Southwest is constructing a 227,420 square foot building on a 17-acre site on S. Western
Boulevard and Jim Christal at the 1-35 Convergence. To the north, property owners plan to build
a 250,080 SF warehouse.
Denton Point is comprised of two buildings totaling 242,320 square feet. Building 2 is a 130,000
SF facility located along Western Boulevard. Denton Point is a rail-served development ideal for
manufacturing and supply chain use. Westcore, based in San Diego, purchased Denton Point for
$32 million. Denton 1 is occupied by a shipping and logistics operation, DHL.
Westpark Industrial is located in a 16-acre parcel on S. Western Boulevard, 'south of the Tyson
plat, that is divided into two sites that each have speculative buildings totaling 242,378 square feet.
The Cold Creek Solutions and ARCO National Construction industrial project is a cold storage
facility that is under construction along 1-35 and North Elm on 20.3 acres.
Tax Increment Reinvestment Zone Number Two 2022/2023 Annual Report Page 14
Appendix A:
TIRZ Two (Westpa rk)
Balance Sheet
Page 15Tax Increment Reinvestment Zone Number Two 2022/2023 Annual Report
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