HomeMy WebLinkAbout2017-079 Follow-up from Downtown TIFDate: October 27, 2017
INFORMAL STAFF REPORT
TO MAYOR AND CITY COUNCIL
SUBJECT:
Follow up from the Oct. 24 Downtown TIF work session
Report No. 2017-079
EXECUTIVE SUMMARY:
During the October 24 work session on the Downtown TIF, Councilmembers asked for
clarification on three points:
The difference between the quiet zone projects on the Planned Projects list vs. the
Proposed Projects list
Whether the costs of both Option A and Option B for the McKinney/Oakland/Oak
parking lot were counted in the grand total cost of the Proposed Projects
A comparison of the Finance Plan and Feasibility Analysis that were completed in 2010
as part of the initial formation of the Downtown TIF and the certified values in the
Downtown TIF since 2011
CLARIFICATION:
Quiet Zones: The Planned Project quiet zone will provide the minimum requirements to
establish a quiet zone within the downtown area. This may include wayside horns, medians, or a
combination of them that would lower the sound associated with a train at an urban crossing, but
may not eliminate it altogether or provide adequate pedestrian protection. Cost: $1 million
The Proposed Project quiet zone would provide quiet zones within the downtown area that offer
true quiet operation of the trains (i.e., no horns) by providing crossing arms, signage, medians
and pedestrian barriers. Cost: $9 million
McKinney/Oakland/Oak parking lot: The costs of Option A(parking structure) and Option B
(reconstruct surface parking) were both counted in the grand total cost of Proposed Projects.
Removing Option A deducts $8.52 million from the grand total, and removing Option B deducts
$900,000 from the grand total.
Projected vs Actual Downtown TIF property values:
Tax Year TIF Finance Plan TIF Finance Plan TIF Actual Values - Actual Revenue
Estimated Total Estimated Revenue 2017 into the TIF Fund
Values - 2010 into the TIF Fund
2010 $80.2 million n/a $79.3 million n/a
2011 $81.6 million $0 $81.6 million $6,720
2012 $95.5 million $10,000 $89.6 million $94,381
2013 $100.2 million $106,000 $96.2 million $145,506
2014 $115.1 million $138,000 $114.8 million $258,053
2015 $118.9 million $241,000 $118.4 million $330,030
2016 $137.6 million $254,000 $136 million $458,739
2017 $145.5 million $376,000 $142 million (estimate) $379,902
Date: October 27, 2017 Report No. 2017-079
The Feasibility Analysis contemplated five "catalyst projects" that would add significant new
construction value in the Downtown TIF. Those projects have not come to fruition, so the actual
value from new construction is much lower than the Feasibility Plan estimated. On the other
hand, redevelopment and increases in property values in general have exceeded the projections
of the Feasibility Analysis. On balance, the actual values have tracked fairly closely with the
projected values. Please see the attachments following this page for detailed information:
1. Downtown TIRZ Value History (prepared by the Finance Department on 10-26-2017)
2. Denton Feasibility Analysis (prepared by consultants Schrader & Cline, LLC in Dec.
2010)
3. Denton Finance Plan (prepared by consultants Schrader & Cline, LLC in Dec. 2010)
CONCLUSION:
This Informal Staff Report is intended to clarify Councilmembers' questions from the Oct. 24
Downtown TIF work session. Please contact staff if you have further questions. Council's
direction during the work session was that the Downtown TIF should remain in place and the
Downtown Reinvestment Grant should be funded from the Downtown TIF fund beginning in
FY18-19. Council also requested another work session to further discuss whether to preserve the
current length and funding levels of the Downtown TIF or to alter the terms; that work session
will be placed on a future agenda.
STAFF CONTACT:
Caroline Booth
940-349-7751
Caroline.Booth@cityofdenton.com
Downtown TIRZ Value History - Certified Values
Tax Year Base Value Existin� Growth New Construction Total Value TIRZ Increment
2010 �1� $ 79,356,854 $ - $ - $ 79,356,854 $ -
2011 $ 79,356,854 $ 2,300,954 �Z� $ 81,657,808 $ 2,300,954
2012 $ 79,356,854 $ 6,263,531 $ 3,985,250 $ 89,605,635 $ 10,248,781
2013 $ 79,356,854 $ 13,075,120 $ 3,855,976 $ 96,287,950 $ 16,931,096
2014 $ 79,356,854 $ 32,800,329 $ 2,727,890 $ 114,885,073 $ 35,528,219
2015 $ 79,356,854 $ 34,280,051 $ 4,803,671 $ 118,440,576 $ 39,083,722
2016 $ 79,356,854 $ 56,330,484 $ 334,140 $ 136,021,478 $ 56,664,624
Estimate 2017 �j� $ 79,356,854 $ 56,568,528 $ 6,125,369 $ 142,050,751 $ 62,693,897
$ 21,832,296
Actual Taxes
N/A
$6,720
$94,381
$145,506
$258,053
$330,030
$458,739
379 902
$ 1,673,331
�1� Base year Value
�Z� Not available in first year
�3� Estimated tax collections based on certified tax roll
FINANCE PLAN: EXHIBIT D-- Feasibility Analysis PRELIMINARY
FINAL
FEASIBILITY ANALYSIS
(EXHIBIT D OF THE FINANCE PLAN)
December 2010
Tax Increment Financing Reinvestment Zone No. 1
City of Denton, Texas
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SCHRADER & CLINE, LLC
George R. Schrader Larry D. Cline
4800 Broadway, Ste A Addison, TX 75001
972-661-1973 schcli(a�swbell.net
FINANCE PLAN: EXHIBIT D-- Feasibility Analysis
INDEX
Index
Forward
Section I:
Section IL•
Section IIL•
Section IV:
Section V
HISTORY
CURRENT CONDITION / STATE
TAX INCREMENT ANALYSIS
TABLES
TABLE 1-- General Value Increase, $M
TABLE 2-- Catalyst Project Value Increase, $M
TABLE 3-- Other Development/Redevelopment Value Increase, $M
TABLE 4-- Cumulative Total Value Increase, $M
TABLE 5-- City Contribution to TIF, $K
TABLE 6-- City BPP Value Increase, $K
TABLE 7-- Total Income to City, $K
EXHIBITS
EXHIBIT I-- Catalyst Project Overview
EXHIBIT II -- Area A
EXHIBIT III -- Area B
EXHIBIT IV -- Area C
EXHIBIT V -- Area D
EXHIBIT VI -- Area E
PRELIMINARY
Page
1
2
3
4
6
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
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FINANCE PLAN: EXHIBIT D-- Feasibility Analysis PRELIMINARY
FOR WARD
Schrader & Cline, LLC was asked to prepare a Feasibility Analysis using tax increment
financing to encourage accelerated development and redevelopment for Tax Increment
Financing Reinvestment Zone (TIF) No. 1 in the City of Denton, Texas. The areas of the
City within the boundary of the TIF need public infrastructure projects that will provide a
stimulus for new development.
Section I summarizes the history of Denton.
Section II is a brief discussion of the current condition/state.
Section III details the tax increment analysis.
Section IV contains Tables.
Section V contains Exhibits.
The following projections of development, redevelopment and tax revenues are subject to
change. As underlying conditions in the national and regional economy change, the pace and
value of new development and redevelopment proj ected for the TIF area may shift. Future
property tax rates are particularly difficult to predict given their dependence on changes in the
tax base, the mix of taxes levied and the various jurisdictions' overall fiscal and budgetary
policies. Thus, the projected tax increments are subject to change. The analysis of future tax
increment funds is dependent on a series of projections, assumptions, and other inputs. As a
result, the report should be reviewed in totality.
Neither this report nor its conclusions may be referred to or included in any prospectus or part of
any offering made in connection with private syndication of equity, sale of bonds, sale of
securities or sale of participation interests to the public without express written approval.
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FINANCE PLAN: EXHIBIT D-- Feasibility Analysis PRELIMINARY
SECTIONI: HISTORY
Denton, the county seat of Denton County, is located on IH 35, less than forty miles north of
Dallas and Fort Worth. Because of its proximity, Denton has become closely associated with the
Dallas - Fort Worth metropolitan area. The City was founded in 1857 in order to become the
county seat, because it was located near the center of the County. Although established in 1857,
and with a courthouse built on the north side of the square, it was not until 1866 that Denton was
incorporated.
In its early years, Denton grew slowly, but that changed with completion of the Texas and
Pacific Railway and the Missouri, Kansas and Texas Railway through Denton in 1881. With only
north and south rail connections, however, the town did not develop as a manufacturing and
wholesale center. The next spur to Denton's growth came in 1890 with the opening of North
Texas Normal College (now the University of North Texas) and in 1903 with the opening of the
Girls Industrial College (now Texas Woman's University). With these developments as catalysts,
the City grew from a population of 1,194 in 1880 to 2,558 in 1890 and subsequently, over time,
to a population of 26,844 in 1960 and to 48,063 in 1980. Proximity to Dallas and Fort Worth,
with good interstate highway connections, played a major role in this growth. Steady and at
times rapid growth of enrollment at the two universities was important also. Additionally, after
1974 the City added many new residents as a result of the opening of Dallas - Fort Worth
International Airport, which is closer to Denton than to many parts of Dallas and Fort Worth.
Many airline employees and executives who traveled for major companies took up residence in
Denton. The City of Denton has also benefitted from the continued rapid growth of the
metropolitan area and as this growth has moved northward, the City has grown in population
from 66,270 in 1990 to 80,537 in 2000 to a currently estimated 122,830, according to the U.S.
Census Bureau.
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FINANCE PLAN: EXHIBIT D-- Feasibility Analysis PRELIMINARY
SECTION II: CURRENT CONDITION / STA TE
While Denton has grown to a population in excess of 100,000, the Denton downtown has not
shared in the growth. One of the primary reasons for the lack of growth in the downtown area is
the condition of the infrastructure. Many of the water and sewer lines serving downtown are 50
years old or older and are undersized to support new and more dense development and
redevelopment. Drainage is poor. Many streets have fallen in need of repair or reconstruction,
with unsafe sidewalks which do not meet ADA requirements. There also is a lack of parking to
serve a higher level of development.
The City of Denton has the potential, the need and the desire to undergo a successful
revitalization of its downtown. To begin the effort, the City approved a Downtown Masterplan
by Fregonese Calthorpe Associates and TIP Strategies in May/June 2003. This was followed by
a Downtown Redevelopment Implementation Plan done by Leland Consulting Group and RTKL
in 2005. The Leland / RTKL plan suggested five catalyst projects which would --
• Address underserved market niches
• Provide direction for targeting and leveraging public investment
• Advance market-tested vision over near-term and long-term
• Create a physically and economically sustainable plan
As one of the potential implementation tools for this plan, Leland/RTKL recommended creation
of a Tax Increment Financing (TIF) Reinvestment Zone to fund public improvements which
would provide assistance and stimulus for private redevelopment and new development.
To further define and guide downtown public infrastructure improvements that would help
stimulate private development and be funded by a TIF, the City of Denton asked Jacobs to
prepare a Downtown Implementation Plan. This plan, presented to the community and adopted
by the Denton City Council in August 2010, focused on parking, complete streets, solid waste, a
form base code and the planned transit oriented development.
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FINANCE PLAN: EXHIBIT D-- Feasibility Analysis PRELIMINARY
Based on the Leland/RTKL recommendation, and following the Downtown Implementation Plan
recommendations, the City of Denton is proposing creation of a TIF Reinvestment Zone for the
downtown area. The "defined area" of approximately 225.73 acres was developed by city staff
along with the Downtown Task Force and the Economic Development Partnership Board. New
private development and redevelopment expected to occur as a result of public improvements
funded by the TIF will increase downtown property values and tax income as well as bolster
business personal property value and its related tax income for all taxing jurisdictions. TIF has
been used in many other cities and is a proven method to stimulate private development and
redevelopment growth sooner, rather than later, and in many cases will stimulate growth in value
which might never occur without public improvements funded by the TIF.
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FINANCE PLAN: EXHIBIT D-- Feasibility Analysis PRELIMINARY
SECTION IIL• TAX INCREMENT ANAL YSIS
This section documents the detailed analysis and inputs used to generate the tax increment
revenue estimates. Tax Increment Financing involves:
■ Designating an eligible redevelopment area as a Tax Increment Financing
Reinvestment Zone;
■ Soliciting participation of other taxing jurisdictions;
■ Setting the assessment base at the level of the most recent assessment; and
■ Placing tax revenues generated by the increase in assessed value in a tax increment
fund for funding public improvements.
Thus, future tax increment revenues depend on four elements:
■ The timing and added value of new development;
■ Appreciation of existing land and improvements;
■ The loss of value from any existing improvements demolished to make way for new
development; and
■ Future tax rates and the percentage of participation of each taxing jurisdiction.
Assessment policies typically set building assessments at 100 percent of fair market value, which
are generally comparable to construction costs for new construction. Assessed values are
established as of January 1 of the tax year. Thus, development in 2010 goes on the tax rolls for
the Tax Year 2011. In this analysis, to be conservative, no increase in value on redevelopment or
new development after completion has been included. In addition, after the initial five years,
only a portion of the taxes from increases in real property values for the City of Denton are
directed to the TIF Fund. Taxes from the remaining portion on real property values and 100% of
all taxes from increases in business personal property values will flow to the City. All taxes
from increases in real property and business personal property values will flow to the other
taxing jurisdictions. Sales tax income generated from both existing retail and new retail will
continue to flow to the City of Denton.
The total year 2010 taxable value of the property within the TIF boundary is estimated to be
$80.2 million.
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FINANCE PLAN: EXHIBIT D-- Feasibility Analysis PRELIMINARY
For the purposes of this tax increment analysis, the initial tax base for the Tax Increment Fund is
assumed to be $80.2 million. Taxes on the amount of base tax value will continue to flow to all
taxing jurisdictions during the 30-year life of the TIF.
The increase in value as a result of development and redevelopment within the TIF boundary is
expected to be created in three different categories:
1. the general increase in values over time through normal Appraisal District
revaluations and overall inflation;
2. the new values created by completion of the catalyst projects identified in the
Downtown Redevelopment Implementation Plan; and
3. other general development and redevelopment expected to occur within the TIF
boundary.
Each of these will be discussed in more detail in the following sections.
General Increase
General value increases are based on the City of Denton forecast through 2014. The average
increase through 2014 is 2.2% per year. To be somewhat conservative, beyond 2014 an average
annual increase of 2% per year was used. This annual increase still generated an increase in
value within the TIF from $80.2 million to $143.7 million, an increase of $63.5 million (see
attached Table 1).
Catalyst Projects
As mentioned previously, the city of Denton commissioned the team of Leland Consulting
Group and RTKL Associates, Inc. to provide a Downtown Redevelopment Implementation Plan.
This team evaluated five potential catalyst projects (see Exhibit � which would--
• Address underserved market niches in Denton,
• Promote density and increase in "rooftops",
• Provide direction for targeting and leveraging public investment,
• Advance market-tested vision over near- and long-term, and
• Create a physically and economically sustainable plan.
These catalyst projects would focus on--
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FINANCE PLAN: EXHIBIT D-- Feasibility Analysis
• Strengthening the core,
• Transit,
• Infill development,
• Connecting the Civic Center to downtown, and
• Gateways into downtown.
PRELIMINARY
For this analysis, the project values developed by the team for each catalyst project except
catalyst project A were used. Project A value was developed based on more recent input from
City Staff. Each project is projected to develop over the time periods shown below. The
location of each project is shown in Exhibits II, III, IV, V, and VI, and a summary is shown
below.
Area Description Value, $M Development
A Mixed-use ResidentiaURetaiUTransit
B Mixed-use ResidentiaURetail
C ResidentialInfill
D Mixed-use Office/Residential
E ResidentialInfill
55
14
16
27
13
Time Period
2012-2028
2017-2029
2020-2034
2022-2038
2017-2027
The value created over the life of the TIF by these five catalyst projects is shown in attached
Table 2.
Other Development/Redevelopment
New development and redevelopment value increases during the past few years within the
downtown area have averaged about $1.7 million per year. With the stimulus provided by the
catalyst projects and with the potential aid of TIF funds, this analysis assumed that a higher level
of development and redevelopment within the TIF are would occur as shown below.
:
FINANCE PLAN: EXHIBIT D-- Feasibility Analysis
Development
Time Period
2010
2011
2012-2014
2015-2019
2020-2024
2025-2029
2030-2034
2035-2039
Annual Value
Increase, $M
3.0
1.5
2.0
2.5
3.0
3.5
4.0
PRELIMINARY
The value created over the life of the TIF by general development/redevelopment is shown in
attached Table 3.
The forecast of increased value created within the TIF boundary during the next 30 years from
these three categories is shown in Table 4. Income to the TIF Fund based on the values shown in
attached Table 4 and the City of Denton tax rate assumptions shown below is detailed in attached
Table 5.
Jurisdiction
City of Denton
Years
1-5
6-10
11-20
21-30
2010 Tax Rate
$/$100 Value
0.6897500
0.6552625
0.6207750
0.5862875
% of
Tax Rate
100
95
.�
Attached Table 5 also shows income which flows to the general fund of the City from the
remaining tax rate not applied to the TIF.
Business Personal Property tax income will also be generated from increased values within the
TIF. Business Personal Property & Inventary (BPP) values for 2009 in the TIF area was 39.1 %
of real property values. For this analysis, a conservative forecast of BPP tax income to the City
in the TIF District is based on BPP values being 40% of real property values initially, declining
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FINANCE PLAN: EXHIBIT D-- Feasibility Analysis PRELIMINARY
annually to 30% by 2021 and remaining at 30% thereafter using 100% of the tax rate. This
income from BPP is shown in attached Table 6.
Attached Table 7 shows a forecast of total income to the City during the 30 year life of the TIF.
This income is generated from the non-TIF portion of the real property tax rate and BPP income,
both from new values generated within the TIF and also from real property and BPP base values.
A summary of income to the TIF and the City General Fund over the 30-year life of the TIF is
shown below.
Jurisdiction TIF Fund, $K CITY Income, $K
City of Denton 24,811 35,615
The public infrastructure projects planned to stimulate the higher values created by the TIF are
shown in Proj ect Plan Exhibit D.
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FINANCE PLAN: EXHIBIT D-- Feasibility Analysis PRELIMINARY
SECTION IV.• TABLES
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FINANCE PLAN: EXHIBIT D-- Feasibility Analysis PRELIMINARY
TABLE 1
CITY OF DENTON
TAX INCREMENT FINANCING REINVESTMENT ZONE NO. 1
GENERAL VALUE INCREASE, $M
YEAR VALUE
VALUE BASE VALUE 1NCREASE
2010 80.2 80.2 -
2011 78.6 80.2 (1.6)
2012 81.0 80.2 0.8
2013 84.2 80.2 4.0
2014 87.6 80.2 7.4
2015 89.4 80.2 9.2
2016 91.1 80.2 10.9
2017 93.0 80.2 12.8
2018 94.8 80.2 14.6
2019 96.7 80.2 16.5
2020 98.7 80.2 18.5
2021 100.6 80.2 20.4
2022 102.6 80.2 22.4
2023 104.7 80.2 24.5
2024 106.8 80.2 26.6
2025 108.9 80.2 28.7
2026 111.1 80.2 30.9
2027 113.3 80.2 33.1
2028 115.6 80.2 35.4
2029 117.9 80.2 37.7
2030 120.3 80.2 40.1
2031 122.7 80.2 42.5
2032 125.1 80.2 44.9
2033 127.6 80.2 47.4
2034 130.2 80.2 50.0
2035 132.8 80.2 52.6
2036 135.4 80.2 55.2
2037 138.1 80.2 57.9
2038 140.9 80.2 60.7
2039 143.7 80.2 63.5
TOTAL 143.7 80.2 63.5
*Increases based on City of Denton forecast through 2014. Beyond 2014 assumed
average of 2% / year increase.
TABLE 2
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FINANCE PLAN: EXHIBIT D-- Feasibility Analysis PRELIMINARY
CITY OF DENTON
TAX INCREMENT FINANCING REINVESTMENT ZONE NO. 1
CATALYST PROJECT VALUE INCREASE, $M
YEAR A B C D E TOTAL CUM.TOTAL
2010 - - - - - - -
2011 - - - - - - -
2012 10.0 - - - - 10.0 10.0
2013 - - - - - - 10.0
2014 10.0 - - - - 10.0 20.0
2015 - - - - - - 20.0
2016 15.0 - - - - 15.0 35.0
2017 - 2.0 - - 2.0 4.0 39.0
2018 - - - - - - 39.0
2019 5.0 2.0 - - 2.0 9.0 48.0
2020 - - 2.0 - - 2.0 50.0
2021 - 2.0 - - 2.0 4.0 54.0
2022 5.0 - 2.0 3.0 - 10.0 64.0
2023 - 2.0 - - 2.0 4.0 68.0
2024 - - 2.0 3.0 - 5.0 73.0
2025 5.0 2.0 - - 2.0 9.0 82.0
2026 - - 2.0 3.0 - 5.0 87.0
2027 - 2.0 - - 3.0 5.0 92.0
2028 5.0 - 2.0 3.0 - 10.0 102.0
2029 - 2.0 - - - 2.0 104.0
2030 - - 2.0 3.0 - 5.0 109.0
2031 - - - - - - 109.0
2032 - - 2.0 3.0 - 5.0 114.0
2033 - - - - - - 114.0
2034 - - 2.0 3.0 - 5.0 119.0
2035 - - - - - - 119.0
2036 - - - 3.0 - 3.0 122.0
2037 - - - - - - 122.0
2038 - - - 3.0 - 3.0 125.0
2039 - - - - - - 125.0
TOTAL 55.0 14.0 16.0 27.0 13.0 125.0 125.0
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FINANCE PLAN: EXHIBIT D-- Feasibility Analysis PRELIMINARY
TABLE 3
CITY OF DENTON
TAX INCREMENT FINANCING REINVESTMENT ZONE NO. 1
OTHER DEVELOPMENT/REDEVELOPMENT VALUE INCREASE,
$M
YEAR CUM.
VALUE VALUE
2010 - -
2011 3.0 3.0
2012 1.5 4.5
2013 1.5 6.0
2014 1.5 7.5
2015 2.0 9.5
2016 2.0 11.5
2017 2.0 13.5
2018 2.0 15.5
2019 2.0 17.5
2020 2.5 20.0
2021 2.5 22.5
2022 2.5 25.0
2023 2.5 27.5
2024 2.5 30.0
2025 3.0 33.0
2026 3.0 36.0
2027 3.0 39.0
2028 3.0 42.0
2029 3.0 45.0
2030 3.5 48.5
2031 3.5 52.0
2032 3.5 55.5
2033 3.5 59.0
2034 3.5 62.5
2035 4.0 66.5
2036 4.0 70.5
2037 4.0 74.5
2038 4.0 78.5
2039 4.0 82.5
TOTAL 82.5 82.5
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FINANCE PLAN: EXHIBIT D-- Feasibility Analysis PRELIMINARY
TABLE 4
CITY OF DENTON
TAX INCREMENT FINANCING REINVESTMENT ZONE NO. 1
CUMULATIVE TOTAL VALUE INCREASE, $M
YEAR GENERAL CATALYST OTHER TOTAL
2010 - - - -
2011 (1.6) - 3.0 1.4
2012 0.8 10.0 4.5 15.3
2013 4.0 10.0 6.0 20.0
2014 7.4 20.0 7.5 34.9
2015 9.2 20.0 9.5 38.7
2016 10.9 35.0 11.5 57.4
2017 12.8 39.0 13.5 65.3
2018 14.6 39.0 15.5 69.1
2019 16.5 48.0 17.5 82.0
2020 18.5 50.0 20.0 88.5
2021 20.4 54.0 22.5 96.9
2022 22.4 64.0 25.0 111.4
2023 24.5 68.0 27.5 120.0
2024 26.6 73.0 30.0 129.6
2025 28.7 82.0 33.0 143.7
2026 30.9 87.0 36.0 153.9
2027 33.1 92.0 39.0 164.1
2028 35.4 102.0 42.0 179.4
2029 37.7 104.0 45.0 186.7
2030 40.1 109.0 48.5 197.6
2031 42.5 109.0 52.0 203.5
2032 44.9 114.0 55.5 214.4
2033 47.4 114.0 59.0 220.4
2034 50.0 119.0 62.5 231.5
2035 52.6 119.0 66.5 238.1
2036 55.2 122.0 70.5 247.7
2037 57.9 122.0 74.5 254.4
2038 60.7 125.0 78.5 264.2
2039 63.5 125.0 82.5 271.0
TOTAL 63.5 125.0 82.5 271.0
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FINANCE PLAN: EXHIBIT D-- Feasibility Analysis PRELIMINARY
TABLE 5
CITY OF DENTON
TAX INCREMENT FINANCING REINVESTMENT ZONE NO. 1
CITY
YEAR TOTAL REAL
PROPERTY VALUE CONTRIBUTION 1NCOME TO
INCREASE, $M TO TIF, $K* CITY, $K
2010 - - -
2011 1.4 - -
2012 15.3 10 -
2013 20.0 106 -
2014 34.9 138 -
2015 38.7 241 -
2016 57.4 254 13
2017 65.3 376 20
2018 69.1 428 23
2019 82.0 453 24
2020 88.5 537 28
2021 96.9 549 61
2022 111.4 602 67
2023 120.0 692 77
2024 129.6 745 83
2025 143.7 805 89
2026 153.9 892 99
2027 164.1 955 106
2028 179.4 1,019 113
2029 186.7 1,114 124
2030 197.6 1,159 129
2031 203.5 1,159 204
2032 214.4 1,193 211
2033 220.4 1,257 222
2034 231.5 1,292 228
2035 238.1 1,357 240
2036 247.7 1,396 246
2037 254.4 1,452 256
2038 264.2 1,492 263
2039 271.0 1,549 273
2040 - 1,589 280
TOTAL 271.0 24,811 3,479
* Based on 2010 tax rate oi Years 1- 5 $0.6897500 /$100 valuation (100%)
Years 6 - 10 $0.6552625 / $100 valuation (95%)
Years 11 - 20 $0.6207750 / $100 valuation (90%)
Years 21 - 30 $0.5862875 / $100 valuation (85%)
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FINANCE PLAN: EXHIBIT D-- Feasibility Analysis PRELIMINARY
TABLE 6
CITY OF DENTON
TAX INCREMENT FINANCING REINVESTMENT ZONE NO. 1
CITY
YEAR TOTAL REAL 1NCOME TO
PROPERTY VALUE BUSINESS PERSONAL CITY, $K**
1NCREASE, $M PROPERTY
VALUE
% INCREASE, $M
2010 - - - -
2011 1.4 40 0.6 -
2012 15.3 39 6.0 4
2013 20.0 38 7.6 41
2014 34.9 37 12.9 52
2015 38.7 36 13.9 89
2016 57.4 35 20.1 96
2017 65.3 34 22.2 139
2018 69.1 33 22.8 153
2019 82.0 32 26.2 157
2020 88.5 31 27.4 181
2021 96.9 30 291 189
2022 111.4 30 33.4 201
2023 120.0 30 36.0 230
2024 129.6 30 38.9 248
2025 143.7 30 43.1 268
2026 153.9 30 46.2 297
2027 164.1 30 49.2 319
2028 179.4 30 53.8 339
2029 186.7 30 56.0 371
2030 197.6 30 59.3 386
2031 203.5 30 61.1 409
2032 214.4 30 64.3 421
2033 220.4 30 66.1 444
2034 231.5 30 69.5 456
2035 238.1 30 71.4 479
2036 247.7 30 74.3 492
2037 254.4 30 76.3 512
2038 264.2 30 79.3 526
2039 271.0 30 81.3 547
2040 - - - 561
TOTAL 271.0 30 81.3 8,607
*Estimated Business Personal Property & Inventary value for 2010 is $299 million, 39.1 % of real property value. To
be conservative this percentage was reduced from 40% to 30% over the next 11 years. This value was used far the
remainder of the TIF life.
**Based on tax rate of $0.68975 /$100 valuation applied to business personal property & inventory value increases.
17
FINANCE PLAN: EXHIBIT D-- Feasibility Analysis PRELIMINARY
TABLE 7
CITY OF DENTON
TAX INCREMENT FINANCING REINVESTMENT ZONE NO. 1
CITY
YEAR 1NCOME FROM INCOME TO CITY TOTAL
INCOME FROM NEW BUSINESS SUBTOTAL FROM BASE INCOME TO
NEW REAL PERSONAL INCOME FROM REAL AND BPP CITY, $K
PROPERTY TAX , PROPERTY TAX, NEW VALUES, VALUES, $K*
$K $K $K
2010 - - - 759 759
20ll - - - 759 759
2012 - 4 4 759 763
868
918
935
940
968
1,009
1,027
1,066
1,090
1,116
1,155
759 1,184
759 1,211
759 1,254
759 1,274
759 1,372
759 1,391
759 1,425
759 1,443
759 1,478
759 1,497
759 1,527
759 1,548
759 1,579
759 1,600
TOTAL 3,479 8,607 12,086 23,529 35,615
* Based on 2010 real property value and 2009 business personal property & inventory
value.
:
FINANCE PLAN: EXHIBIT D-- Feasibility Analysis PRELIMINARY
SECTION V.• EXHIBITS
19
FINANCE PLAN: EXHIBIT D-- Feasibility Analysis
PRELIMINARY
EXHIBIT I
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20
FINANCE PLAN: EXHIBIT D-- Feasibility Analysis
PRELIMINARY
EXHIBIT II
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21
FINANCE PLAN: EXHIBIT D-- Feasibility Analysis
PRELIMINARY
EXHIBIT III
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22
FINANCE PLAN: EXHIBIT D-- Feasibility Analysis
PRELIMINARY
EXHIBIT IV
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23
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FINANCE PLAN: EXHIBIT D-- Feasibility Analysis
PRELIMINARY
EXHIBIT V
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24
FINANCE PLAN: EXHIBIT D-- Feasibility Analysis
PRELIMINARY
EXHIBIT VI
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2 �7
FINANCE PLAN — DENTON TIF NO. 1 PRELIMINARY
FINAL
FINANCE PLAN
December 2010
Tax Increment Financing Reinvestment Zone No. 1
City of Denton, Texas
i
ii
���;ir
iiirri
SCHRADER & CLINE, LLC
George R. Schrader Larry D. Cline
4800 Broadway, Ste A Addison, TX 75001
972-661-1973 schcli(a�swbell.net
FINANCE PLAN — DENTON TIF NO. 1 PRELIMINARY
December 2010
The Financing Plan provides information on the projected monetary impact that the
formation of the Tax Increment Financing Reinvestment Zone (TIF) could have on the property
described in Finance Plan Exhibit: A and shown in Finance Plan Exhibit: B. It will also
describe how that impact can be utilized to enhance the area and region through leveraging the
resources of each entity that participates in the project.
Below is a summary of the Financing Plan items required by law.
1. The proposed public improvements in the TIF inay include:
• Capital costs, including the actual costs of the construction of public works,
public improvements, new buildings, structures, and fixtures; and the actual
costs of the acquisition of land and the clearing and grading of land;
• 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;
• Any real property assembly costs;
• Professional service costs, including those incurred for architectural, planning,
engineering, and legal advise and services;
• Any relocation costs;
• Organizational costs, including costs of conducting environmental impact
studies or other studies, the cost of publicizing the creation of the TIF, and the
cost of implementing the proj ect plan far the TIF;
• Interest before and during construction and for one year after completion of
construction, whether or not capitalized;
• The amount of any contributions made by the municipality from general
revenue far the implementation of the project plan;
• Imputed administrative costs, including reasonable charges for the time spent
by employees of the municipality in connection with the implementation of a
project plan;
• The cost of operating the TIF and project facilities; and
• Payments made at the discretion of the governing body of the municipality
that the municipality finds necessary or convenient to the creation of the TIF
ar to the implementation of the project plans far the TIF.
2
FINANCE PLAN — DENTON TIF NO. 1 PRELIMINARY
The specific capital improvement projects anticipated to be undertaken in the Denton TIF
No. 1, are included in Finance Plan Exhibit: C.
2. Estimated Project Cost of TIF, including administrative expenses.
• Project costs are estimated at approximately $24.8 million dollars. Specific
cost estimates are included in Finance Plan Exhibit: C.
3. Economic Feasibility Study.
• An economic feasibility
Finance Plan Exhibit: D.
analysis has been completed and is included as
4. The estimated amount of bonded indebtedness to be incurred.
• If initial project costs are not advanced by a Developer, the City of Denton
may consider issuing bonds when tax increment funds exceed the amount
necessary to support debt service.
5. The time when related costs or monetary obligations are to be incurred.
• Please refer to Finance Plan Exhibit: C for details regarding the type of
improvement costs anticipated. The timing will be monitored by the TIF
Board to insure adequate TIF funds are available.
6. A description of the methods of financing all estimated project costs and the
expected sources of revenue to finance or pay project costs including the
percentage of tax increment to be derived from the property taxes of each
taxing unit on real property in the TIF.
• Project costs will be financed through loans advanced by developers or by the
use of tax increment funds received on a pay-as-you-go basis. No new debt is
envisioned at this time, but bonds may be issued at a later date when adequate
tax increment has been created to support debt service. The revenue sources
will be the real property taxes captured by the TIF, which will account for
100% of revenues used to fund project costs or bond debt service. For the
Financial Plan, the City will participate at varied tax rates for thirty (30) years.
7. The current total appraised value of taxable real property in the TIF.
• The current appraised base value of the taxable real property in the TIF using
the 2010 certified values provided by the Appraisal District is $80.2 million.
8. The estimated appraised value of the improvements in the TIF during each
year of its existence.
• The estimated appraised value of the improvements in the TIF per year is
listed in the following FINANCE PLAN TABLE 1.
3
FINANCE PLAN - DENTON TIF NO. 1 PRELIMINARY
TABLE 1
Assessed Real Property Value Including Anticipated New Development
Years 2010-2039
FINANCE PLAN - DENTON TIF NO. 1 PRELIMINARY
• The estimated annual incremental funds available from future development in the TIF
are listed in the following table.
TABLE 2
Annual Incremental Funds Provided for TIF No. 1
Years 2010-2040
ASSESSED BASE ANNUAL
Year VALUE $M ASSESSED CAPTURED TIF FLTND, $K
VALUE$M VALUE$M
2010 80.2 80.2 -- --
20ll 81.6 80.2 1.4 --
2012 95.5 80.2 153 10
2013 100.2 80.2 20.0 106
2014 115.1 80.2 34.9 138
2015 ll8.9 80.2 38.7 241
2016 137.6 80.2 57.4 254
2017 145.5 80.2 653 376
2018 1493 80.2 69.1 428
2019 162.2 80.2 82.0 453
2020 168.7 80.2 88.5 537
2Q2 ] ] 77, ] 80.2 96.9 549
2022 191.6 80.2 111.�4 602
2023 200.2 80.2 120.0 692
2024 209.8 80.2 129.6 745
2025 223.9 80.2 143.7 805
2026 234.1 80.2 153.9 892
2027 2443 80.2 164.1 955
2028 259.6 80.2 179.4 1,019
2029 266.9 80.2 186.7 1,ll4
2030 277.8 80.2 197.6 1,159
2031 283.7 80.2 203.5 1,159
2032 294.6 80.2 214.4 1,193
2033 300.6 80.2 220.4 1,257
2034 3ll.7 80.2 231.5 1,292
2035 318.3 80.2 2381 1,357
2036 327.9 80.2 247.7 1,396
2037 334.6 80.2 254.4 1,452
2038 344.4 80.2 264.2 1,492
2039 351.2 80.2 271.0 1,549
2040 -- -- -- 1,589
TOTAL 351.2 80.2 271.0 24,8ll
2010 TIF CONTRIBUTION TAX RATE /$100 VALUATION
Tax Rate /
$100 Valuation YEARS 1- 5 YEARS 6- 10 YEARS 11 - 20 YEARS 21 - 30
CityofDenton 0.68975 0.68975 0.6552625 0.6207750 0.5862875
9. The duration of the TIF:
The TIF was created in 2010. It is proposed that the TIF exist for thirty (30) years
with termination of the TIF set as 2039 or the date when all project costs are paid
and any debt is retired, whichever comes first.
FINANCE PLAN — DENTON TIF NO. 1 PRELIMINARY
EXHIBIT A
Boundary Description
Beginning at the southwest corner of the ROW intersection of Carroll Blvd. and Sycamore, the
PO1NT OF BEGINNING;
THENCE, north along the west ROW of Carroll Blvd. to the northwest corner of the ROW
intersection of Carroll Blvd. and W. Parkway Street;
THENCE, east along the north ROW of W. Parkway Street to the northeast corner of the ROW
intersection of W. Parkway Street and Locust;
THENCE, south along the east ROW of Locust to the north ROW of McKinney;
THENCE, east along the north ROW of McKinney to a point directly north of the southeast
corner of the ROW intersection of McKinney and N. Bradshaw Street;
THENCE, south across McKinney and continuing south along the east ROW of N. Bradshaw
Street continuing directly south across E. Hickory Street to the south ROW of E. Hickory Street;
THENCE, west along the south ROW of E. Hickory Street to the northeast corner of a tract in
the Fred Hill Addition, Block A, Lot 1;
THENCE, south and east following the property line of a tract in the Fred Hill Addition, Block
A, Lot 1 to the northwest corner of a 1.406 acre tract, All 84A H. Cisco, Tract 14;
THENCE, south along the west property line of a 1.406 acre tract, A 1184A H. Cisco, Tract 14 to
its intersection with the north property line of a 1.694 acre tract A1184A H. Cisco, Tract 15;
THENCE, west and south along the north and west property line of a 1.694 acre tract A1184A H.
Cisco, Tract 15 to the northwest corner of a 0.16 acre tract, A1184A H. Cisco, Tract 20;
THENCE, south along the west property line of a 0.16 acre tract, A1184A H. Cisco, Tract 20 to
the north ROW of Sycamore;
THENCE, directly south across Sycamore to the south ROW of Sycamore;
THENCE, west along the south ROW of Sycamore to the northwest corner of the Oakwood
Cemetery;
THENCE, south along the west property line of the Oakwood Cemetery to the north ROW of
Prairie;
THENCE, directly south across Prairie to the south ROW of Prairie;
THENCE, west along the south ROW of Prairie to the southwest corner of the ROW intersection
of Prairie and Elm;
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FINANCE PLAN — DENTON TIF NO. 1 PRELIMINARY
Boundary Description
THENCE, north along the west ROW of Elm to the south ROW of Sycamore;
THENCE, west along the south ROW of Sycamore to the southwest corner of the ROW
intersection of Sycamore and Carroll Blvd. and the POINT OF BEGINNING, and containing a
total area of approximately 225.73 acres.
7
FINANCE PLAN - DENTON TIF NO. 1 PRELIMINARY
EXHIBIT B
Property Boundary Map
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Legend
Q TIF Boundary
Centerline Streets
Property Description
- Acreage wlor w!o Agr use
Cable Company
- �uplex
Exempt
Gas Company
Multifamily
- Phone Company
Real and Commercial
- Single Family
Townhome
- Vacant Commercial Lots
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April 16 2D10
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Miles Thls map Is a graphfc represeMatian preparetl 6y the CHy of �eMan antl Is Intentletl for use only as a reference, �a[a tlepfctetl
02 0.3 0.4 �s not guaraMeed for accurdcy and may 6e su6jec[ to revision at arry time wi[hout notification. A Registered Surveyor for [he
State oF Texas was not consuNetl. For Survey le�el accuracy, superaislon antl cercHicatlon of the protlucetl tlata by a Reglsteretl
Protessional Land Surveyor for the State of Texas would need to be performed
MCKINNEY
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EXHIBIT C
PROJECT ESTIMATED COST, $M
Parking / Transportation 8.0
Complete Streets 7.9
Support for powntown Projects 4.9
Utility / Drainage Improvements 4.0
TOTAL 24.8
Project Definitions
Parkin_/g Transportation: Parking includes, but is not limited to, parking garages; surface parking;
parking lighting; and parking signage and wayfinding. This project category was designed to
provide adequate public facilities for transportation and to foster Transit Oriented Development
(TOD) that will occur as a result of the planned transit station that will link Denton with
passenger rail service to the City of Carrollton, where riders can transfer to the Dallas Area
Rapid Transit (DART) system into the Dallas/ Fort Worth metroplex. The goal is to create
compact, walkable, pedestrian-centered developments to enhance and act as a catalyst to spur
additional development and redevelopment in the district.
Complete Streets: are "multi-functional, pedestrian-oriented, aesthetically-pleasing, and safe and
inviting for residents and visitors. Redeveloping the existing downtown street network into
complete streets will create a pleasing public realm, which in turn supports and encourages a
wide variety of new development and investment" according to the Downtown Implementation
Plan. Elements of complete streets include the building to building improvements which may
encompass: sidewalks, shared travel lanes (e.g. bus and bicycle), parallel and angled parking,
pedestrian crosswalks, pedestrian and emergency bulb (American with Disabilities Act (ADA)
accessibility), awnings, street improvements, planters, pedestrian street furniture, bike racks and
pedestrian lighting.
Downtown Projects: may include grants, loans and services for public and private development.
Eligible TIF project costs are not limited to public uses and may also include projects that
involve: historic preservation, demolition, environmental remediation and economic
development grants. 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. The
chapter also includes a provision for the use of City employees, facilities and services. An
example of a City service may include additional public safety personnel to serve the increased
population created by the transit station and the surrounding transit oriented development. Solid
FINANCE PLAN — DENTON TIF NO. 1 PRELIMINARY
EXHIBIT D
Project Plan
waste and recycling services tailored to serve the downtown area is another example of a public
service.
Utilitv Drainage: The downtown TIF district has an aging infrastructure and a number of
properties that are situated in the floodplain making proper utility drainage an important
component of the project plan. Utility drainage encompasses the physical provisions to
accommodate and regulate stormwater runoff to preclude excessive erosion and sedimentation
and to control and regulate the rate of flow. Facilities/systems can include natural features and
conduits, channels, ditches, swales, pipes, detention devices or other devices designed or
intended to carry, direct, detain or otherwise control stormwater," according the Denton
Development Code.
Projects may include one or more categories that may be leveraged as an incentive for
development in the TIF district. An example of such a project, that would include both the
parking/transportation and the downtown project categories, is a public private partnership for
the construction of a parking garage and mixed use development that includes a public
investment for additional parking for the public.
10