COUNCIL CHAMBER 170373 - Dallas City Hallcitysecretary.dallascityhall.com/resolutions/2017/02-22-17/17-0373.pdf · BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF DALLAS: ... Park

COUNCIL CHAMBER

170373February 22, 2017

WHEREAS, the City recognizes the importance of its role in local economicdevelopment initiatives and programs; and

WHEREAS, the City has established Tax Increment Financing Reinvestment ZoneNumber Eighteen, (Maple/Mockingbird TIE District) and established a Board ofDirectors for the District to promote development or redevelopment in theMaple/Mockingbird area pursuant to Ordinance No. 27435, authorized by the CityCouncil on December 10, 2008, as authorized by the Tax Increment Financing Act,Chapter 311 of the Texas Tax Code, as amended; and

WHEREAS, on September 23, 2009, City Council authorized the Project Plan andReinvestment Zone Financing Plan for the Maple/Mockingbird TIE District by OrdinanceNo. 27690; and

WHEREAS, the Tax Increment Financing Act specifies that the governing body of a cityshall submit an annual report on the financial status of the district to the Chief ExecutiveOfficer of each taxing unit that levies taxes on real property in a reinvestment zone, anda copy of the report shall be forwarded to the State Comptroller; and

WHEREAS, on December 13, 2016, the Maple/Mockingbird TIE District Board ofDirectors passed a motion accepting the FY 2016 Annual Report for Tax IncrementFinancing Reinvestment Zone Number Eighteen and recommending approval of sameby the City Council.

NOW, THEREFORE,

BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF DALLAS:

Section 1. That the FY 2016 Annual Report for Tax Increment Financing ReinvestmentZone Number Eighteen, (Maple/Mockingbird TIE District), City of Dallas, Texas, as ofSeptember 30, 2016, a copy of which is attached hereto (Exhibit A), is herebyaccepted.

Section 2. That the City Manager is hereby authorized to submit the FY 2016 AnnualReport for Tax Increment Financing Reinvestment Zone Number Eighteen, to the ChiefExecutive Officer of each taxing jurisdiction that levies taxes on real property in theDistrict; and to the State Comptroller, as required by state law.

Section 3. That this resolution shall take effect immediately from and after its passagein accordance with the provisions of the Charter of the City of Dallas, and it isaccordingly so resolved.

APPRO\JED BYCITY COUNCIL

FEB 22 2017

City Secretary

MaplelMockingbird TIF DistrictFY2016

Annual Report

City of DallasOffice of Economic Development

1500 ManIla Street, 2CNDallas, Texas 75201

(214) 670-1685httx//www.dallas-ecodev.orq

170373

aLoft/Element - Love Field Hotel (Fall 2016)

October 1, 2015 to September 30, 2016

170373Exhibit AMaple/Mockingbird TIF District FY 2016 Annual Report

Reinvestment Zone Number EighteenMaplelMockingbird Tax Increment Financing District

CONOMIGDEVEI.OPMENT

Røsea - l’fomatoi T3

acod’v

2


Table of Contents

Mission Statement 4District Accomplishments 4Current Development Status in the District 7Maple/Mockingbird TiE District Projects 7Value and Increment Summary 9Objectives, Programs, and Success Indicators 9Year-End Summary of Meetings 11Pending TIF Items 13Budget and Spending Status 14FY 2017 Work Program 15Appendix— Financials 16

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Mission Statement

The mission of the Maple/Mockingbird TIF District is to provide a source of funding forpublic infrastructure improvements necessary to enhance the real estate market for theMaple/Mockingbird TIF District area. The Maple/Mockingbird Tax Increment Financing(TIF) District represents the outgrowth of the City of Dallas’ effort to provide a model forredeveloping underdeveloped land near employment centers to take full advantage of theexpanding DART light rail system and area resources such as Love Field Airport and theSouthwestern Medical District.

The Maple/Mockingbird TIF District took effect on January 1, 2009, and will terminate onDecember 31, 2033, (including collection of the 2033 increment in calendar year 2034and any related matters to be concluded in 2034) or when the budget of $27.8 million(NPV) or $58.4 million total dollars has been collected. The City of Dallas and DallasCounty are the two participating jurisdictions. The City’s participation is 70% in 2009through 2011, increases to 85% in 2012 through 2026, and then decreases to 70% 2027through 2033. Dallas County’s participation is 55% for the first twenty years of the District.

District Accomplishments

The Maple/Mockingbird TIE District has seen an influx of multifamily construction(ongoing and planned) over the last few years: Maple Station project, a transit orienteddevelopment near the Inwood Station consists of approximately 249 residential unitslocated at 5252 and 5602 Maple Avenue, opened in 2015. Maple Station project is thefirst TIE funded project in the Maple/Mockingbird TIE District. The total estimated privateinvestment for the project is approximately $36.2 million. The cost related TIF eligiblepublic improvements is $8,000,000. The public improvement includes paving, pedestrianfriendly streetscape, sidewalk improvements and enhanced connectivity to the InwoodDART light rail station. The project started its construction in August 2013 and wascompleted in the summer of 2015. The Reserve at UTSW (formerly The Reserve on theNorth Campus) at 2325 and 2335 Stutz Road completed 18townhomes (36 townhomesare planned). AMLI on Maple (formerly Eon at Maple) at 6008 Maple Avenue completed300 multifamily units. The Southwestern Apartments by Greystar completed 359multifamily units at 5959 Maple Avenue. Park 5940 MD (Formerly Alexan MD) byTrammell Crow Residential at 5940 Forest Park Road completed 343 multifamily units.Century Medical District Apartments (formerly Encore 6162) by Encore Multifamily LLCat 6162 Maple Avenue completed 300 multifamily units.

In addition, commercial uses are beginning to expand in the area: In 2012, RosewoodAcademy opened the childhood development center at 2310 Stutz Road in 2012 (formerUSPS location). The Kroger’s store located at 4901 Maple Avenue, opened in 2012.Rosewood Academy and Kroger’s are located adjacent to the District. In 2015, the firstcommercial TIF funded project was approved in the Maple/Mockingbird TIF District. Thealoft-Element Hotel at West Love is currently under construction with completion expectedin early 2017. The total estimated private investment for the project is approximately

4

170373Exhibit AMaple/Mockingbird TIE District EY 2016 Annual Report

$42.8 million. The cost related to TIE eligible public improvements is $3,000,000. Thepublic improvements includes paving, pedestrian friendly streetscape, sidewalkimprovements, and connectivity to the proposed adjacent mixed-use development, WestLove.

DART Green Line expansion (NW corridor) is completed and the Inwood/Love Field lightrail station was opened in December 2010. The Orange Line runs parallel with the GreenLine through Downtown Dallas to Bachman Station in Northwest Dallas opened in 2012.During EY 2016, on an average, the Inwood/Love Field light rail station serviced 1,573passengers per week day, a 0.2% increase in ridership compared to last year.

Total existing private development in the Maple/Mockingbird TIF District is approximately$212.3 million and $23.6 million private development is under construction. Listed beloware photographs of the projects located in the Maple/Mockingbird TIE District at variousstages of development

The Reserve on The Campus AMLI on Maple Apartments

Maple Station — 5522 and 5602 Maple Avenue Park 5940 MD (formerly Alexan MD)

5


Century Medical District (formerly Encore6162 by Encore)

Southwestern Apartments by Greystar

- U fl in nS fljjJ in

_Li!_nn ftfl

flH’1F’nil U nfl

aLoft/Element Hotel

6


Current Development Status in the District

MaplelMockingbird TIF District Projects

232 GuestRooms; 30,000

2345 WLove Field Under SF of Retail;

$23,600,000 $3,000,000Hotel

Mockingbird 2016 Construction 145,000 SF ofLane Hotel/Common

Space

construction

_________________ ______________

Projects Within TIF District Not Utilizing TIF FundingCalendar

Year TIFProject Location Complete Status Units! SF2 Approx. Value3 lnvestment

36 units

2012planned and 18 Townhomes $5,583,630 $0

completed

AML 6008 6008 Maple 2012 Completed 300 apartments $41,500,000 $0Maple Avenue

TheSouthwestern 5959 Maple

2014 Completed 359 apartments $47,747,000 $0Apartments Avenueby GreystarPark 5940 5940 Forest

2013 Completed 343 units $52,975,000 $0MD ParkRd

Century 6162 Maple2015 Completed 300 Units $41,601,920 $0Medical Avenue

District AptsProposed 2727 Inwood 2018

Under 347 Units $45,000,000 $0Fairfield Apts Construction

MockingbirdBalcones Lane and Mixed-Use

TBD Planned $100,000,000 TBDRealty Maple DevelopmentPartners Avenue

$212,290,340

Total (TIF and Non-TIF) completed

1569 units completed $23,600,000

383 units under construction under

and construction $fl,000,000

30,000 square feet of retail space under construction and

145,000 square feet of hotel/meeting space under construction $145,000,000

planned

Maple Station 5522 Maple 2015 Completed 249 units $22,882,790Project Avenue

lnv ent4

$8,000,000

Total TIF Projects:Hotel under

$46,482,790

$23,600,000

The Reserveon the

Campus

$11,000,000

$3,000,000

2325 and2335 Stutz

Rd

7


TIF District Development Status Map

1A11 information updated as of September 30, 2016.2 upon either the TIF application or required minimum stated in the development agreement. May

be updated for completed projects based on actual unit mix and square footage.3 upon 1) market value of comparable projects for anticipated projects, 2) private investment

stated in the development agreement for projects that are approved or under construction, or 3) DCADmarket value for completed projects (unless project has not yet been assessed). Values may not be fullycaptured by the TIF District for redevelopment projects once pre-existing value and/or the demolition ofstructures is netted out.4Principal amount not to be exceeded per the development agreement. TBD indicates that development

agreement has not yet been adopted.

8


Value and Increment Summary

The Maple/Mockingbird TIF District’s assessed 2016 taxable value was $462,621,380.This represents an increase of $278,616,371 or 151 .4% from the 2008 base year valueand an increase of $82,941,342 or 17.9% from last year (2015). From the inception ofthe district, approximately, 76.7% of the increment is from the new construction and23.3% from the general appreciation. The total increment revenue collected in 2016 isexpected to be $2,223,966. The actual construction that occurred in 2016 will be reflectedon the 2017 tax roll.

Objectives, Programs, and Success Indicators

The final Maple/Mockingbird Project Plan and Reinvestment Zone Financing Plan wasadopted in September 2009. The goals of the Plan are:

• To create additional taxable value attributed to new private investmentin projects in the Mockingbird/Maple TIF District of a minimum of $374.2million over the term of the District.

Projects within the District had contributed approximately $212.3 millionand new projects that are under construction will add an additional $23.6million, a total of 56.7% of goal over the term of the District.

• To attract new private development adding approximately 2,500 newresidential units and 650,000 square feet of retail space to increase thearea’s population density and shopping options, adding approximately1.2 million square feet of new retail, office and medical.

New developments (completed) within the District added 1,569residential units (62.8% of goal) and additional units under-constructionwill add 383 units (15.3% of goal); 30,000 square feet of retail (4.6% ofgoal), as well as 145,000 square feet of hotel/common space.

• To increase the District’s housing options while maintaining anaffordable housing component of 20% of all new units built.

All residential projects that receive TIF funding are required to provideaffordable units that total 20% of units being constructed. The MapleStation includes approximately 52 affordable units (20% of the units)providing affordable housing for 80% or less of the median familyincome as per the Mixed Income Housing Guidelines of theMaple/Mockingbird TIF District.

• To focus on encouraging the redevelopment of properties in the areasouth and west of Love Field with enhanced urban design.

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Development within the District will comply with fo,wardDallas! the City’sComprehensive Plan, an advocate of pedestrian friendly, high densityurban design.

• To diversify retail, office and medical uses in the District by identifyingredevelopment options for obsolete and under-utilized commercialstructures, thereby capturing demand from residents of Oak Lawn, thePark Cities, Arlington Park, Love Field West, Bluffview and NorthwestDallas.

Approximately 30,000 square feet of retail space has been added todate.

• To improve access and connections to the lnwood and Parklandstations on DART’s Green Line and support increased levels of ridershipat these stations.

Staff and the Board will continue to foster a working relationship withMedical District, DART, and potential developers to encourage transitoriented development that complements the District. During FY 2016,on an average, the Inwood/Love Field light rail station served 1,573passengers per week day, increase of 0.2% over FY 2015.

• To improve recreational opportunities for the community and provideconnections to the City of Dallas’ trails and open space system in theDistrict, enhance connections to other trail systems within Dallas Countyand create additional recreational amenities in the area.

Staff and the Board will seek ways to increase green space, recreationalopportunities and trail connections within the District.

• To sustain the stability of local schools as redevelopment occurs in thehousing market by maintaining strong communications between theDallas Independent School District and area developers.

Staff and the Board will work with DISD representatives providing anavenue for developers to maintain strong communications asredevelopment occurs.

• To make a desirable neighborhood that incubates and supports growthof the Southwestern Medical District and medical businesses in Dallas,particularly taxable property and employment related to medicaltechnology.

10


Staff and the Board will continue to foster a working relationship withSouthwestern Medical District (UT Southwestern Medical Center,William P. Clements, Jr. University Hospital at UT SouthwesternMedical Center, Children’s Hospital, and Parkland Hospital) to createinvestment opportunities in the District. The three major institutionshave recently undertaken major expansion projects. Parkland MemorialHospital completed in August 2015 a 17 story hospital surrounded bynew clinics and parking garages located around the SouthwesternMedical District/Parkland DART light rail station. UT SouthwesternMedical Center completed construction of the Bio Center on a 13 acretract of land located at the northeast corner of Inwood Road andRedfield Street in 2012. BioCenter project provides a venue adjacent toUT Southwestern for bio-medical companies that are engaged inresearch, development, marketing and small-scale manufacturing ofgoods and services in the bio-medical industry. The new William P.Clements Jr. University Hospital by UT Southwestern Medical Centerlocated at 6201 Harry Hines Blvd opened December 6, 2014. The newhospital cost around $800 million and selves as a 460-bed hospital,replacing the existing St. Paul University Hospital. Children’s MedicalCenter has recently completed the main hospital expansion and newsurgery center. Children’s expects to complete a third tower at the mainhospital, new radiology facilities, and a new Ambulatory Care Pavilionover the next three years. The expansion in the Southwestern MedicalDistrict is expected to bring significant growth to the area.

To generate an NPV of $27.8 million or approximately $63.8 million intotal dollars in TIE revenues over 25 years of collections.

The assessed property value from the base year to 2016 increased by approximately151.4% including an increase of 17.9% since 2015. This is an increase of approximately$278.6 million. Based upon current estimates and established 2016 values, the districtwill generate $63,826,401 (in 2016 dollars) by FY 2033 before the TIF expires in 2034.Preceding years’ values have generated approximately $4,346,078 in incrementalrevenue (6.8% of goal)

Year-End Summary of Meetings

The Maple/Mockingbird TIF District Board of Directors met once during FY 2016 onDecember 14, 2015.

During FY 2015 the Board members were (FY 2016 Board meetings attended): RobertPrejean — City Representative, Chair (Attended 1 of 1 meetings); Se-Gwen Tyler — CityRepresentative (attended 0 of 1 meetings); Lily Fern Mak— City Representative (attendedI of I meetings); Michael Serber — City Representative (attended 1 of 1 meetings); AlanHargrove — City Representative (attended 0 of 1 meetings); Priscylla Bento — CityRepresentative (Attended 1 of 1 meetings); and Rick Loessberg — Dallas County

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Representative (attended 0 of I meetings). Alan Hargrove resigned the board on May10, 2016. Reina Gonzalez was appointed by Council on June 8, 2016 to replace Mr.Hargrove on the board.

During FY 2016, the City council approved one (1) items associated with theMaple/Mockingbird TIF District. The council actions are listed below.

On February 24, 2016, City Council approved a resolution accepting the FY2015 Annual Report on the status of Tax Increment Financing ReinvestmentZone Number Eighteen, (Maple/Mockingbird TIF District), submitted by theMaple/Mockingbird TIF District’s Board of Directors, and authorizing the CityManager to submit the annual report to the Chief Executive Officer of eachtaxing jurisdiction that levies taxes on real property in the District, and to theState Comptroller, as required by state law - Financing: No cost considerationto the City.

12


Pending TIF Items

Consideration of the FY 2016 Maple/Mockingbird TIE District Annual Report and arecommendation to the Dallas City Council for approval.

• Potential TIF Projects:

o West Love by Balcones Realty. The potential mixed-use development at thecorner of Maple Avenue and Mockingbird Lane will consists of residentialand commercial use.

o Dentwood Mixed Use by Streetlights Residential. The potential mixed-usedevelopment at the corner of Denton Drive and Hudnall Street will consistof residential and commercial use.

West Love Development (Planned) aLoft / Element - Love Field Hotel

13


Budget and Spending Status

Each TIE district establishes in its Project Plan and Reinvestment Zone Einancing Plan abudget for public improvement expenditures necessary to support private investment inthe district. The TIF’s public improvement budget is approximately $63.8 million in totaldollars ($27.8 million NPV). The current budget for the District is below:

MaplelMockingbird TIF District

Projected Increment Revenue of Retire TIF Fund Obligation

Infrastructure/Utility Improvements - designand engineering; street paving construction $36,301 066 $2,595,000 $33,706,066and resurfacing; utility improvement, relocationand burial; streetscape; open space

Environmental Remediation and Demolition $5,169,456 $315,000 $4,854,456

Affordable Housing $9,764,527 $4,400,000 $5,364,527

Retail/High Density Grant Program $9,316,508 $3,690,000 $5,626,508

Administration and Implementation2 $3,274,845 $189,083 $3,085,762

Total Project Costs $63,826,401 $11,189,083 $52,637,318

Budget shown in total dollars. TIF Project Plan shows the budget in Net Present Value.

2 TIF administration fee include funds expended of committed through FY2016. FY2016 Costs havenot been included.

InfrastructurelUtility Improvements - design andengineering; street paving construction and resurfacing; $15,800,000utility improvement, relocation and burial; streetscape;open space

Environmental Remediation and Demolition $2,250,000

Affordable Housing $4,250,000

Retail!High Density Grant Program $4,055,000

Administration and Implementation $1,425,373

Total Project Costs $27,780,373

* As approved in the Project Plan and Reinvestment Zone Plan in 2009 dollars.

Budaet Cateaorv TIF Budget1 Allocated Balance

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‘170373Exhibit AMaple/Mockingbird TIF District FY 2016 Annual Report

M/WBE ParticipationTotal

Project Contractor ContractorPercentage Minority

Award AmountParticipation

Alta Maple Station Lindamood Demolition $1,600,596.50 9.3% ($149,042.50)

Alta Maple Station Rusey Site Construction $1,600,596.50 84.6% ($1,354,556.50)

Alta Maple Station $1,600,596.50 93.9% ($1,503,599.00)

FY 2017 Work Program

The FY 2017 work program for the Maple/Mockingbird TIE District is as follows:

• Promote new development projects in the District, including development sites

along Mockingbird, the West Love project and the Dentwood project.

• Identify additional redevelopment sites including the Inwood DART Station area,

work with developers of anticipated development projects within the District to

bring them to fruition and continue to seek growth in the District through the

attraction of mixed-use, high-density development.

• Completion of TIE Project West Love Hotel by CAl Atlantic M&M Hotel Venture,

LLC. The hotel development is under construction at the corner of Maple Avenue

and Forest Park Lane.

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Appendix — Financials

City of Dallas, TexasMaple/Mockingbird Tax Increment Financing District

Notes to Financial Statements for the Year Ended September 30, 2016

1. The measurement focus used for the TIF Zone fund is a flow of financial resources. Thefinancial statements are prepared using the modified accrual basis of accounting. Under themodified accrual basis of accounting, tax increment revenues and interest are recognized asrevenue when they become both “measurable’ and “available” to finance expenditures of thecurrent period. Expenditures are recognized when the liability is incurred.

2. State statute requires that each taxing jurisdiction remit its ad valorem taxes to the Zone byMay I of each year (remittance to occur no more than 90 days after taxes for the jurisdictionbecome delinquent).

3. The TIE’s cash balances are invested in the City’s investment pool and include amounts indemand deposits as well as short-term investments. Pooled investments and short-term non-pooled investments are treated as cash equivalents. Investment income on the pooledinvestments is prorated monthly based upon the average daily cash balance in each fund.

4. The Zone’s Financial Plan permits expenditures not to exceed $2,830,683 over the life of theTIF to reimburse the City for administrative costs. The Zone began reimbursing the GeneralFund in fiscal year 2010-11. Any future remittance for administrative expenses would comefrom excess cash as tax increment revenue increases as a result of increased assessedvalues.

5. All project costs resulting in capital improvements that are owned by the City are capitalized bythe City.

6. “Due to general fund” amount of $123,017 at September 30, 2016 represents the TIFadministration costs that have been earned but will be reimbursed to the General Fund in futureyears based on the availability of TIF funds.

16


City of Dallas, Texas

Maple/Mockingbird Tax Increment Financing District Fund

Balance Sheet as of September 30, 2016 (Unaudited)

With Corn parative Totals for September 30, 2015, 2014, 2013, and 2012 (Audited)

Liabilities and Fund Balance (Deficit):

Liabilities:

Accounts and contracts payable

Advances from developers

Accrued interest

Dee to general fund

2016 2015 2014 2013 2012

$332,637 $1,479,254 $533,701

$447 $1804 $575

$0 $0 $0 SO $0

SO $0 $0 SO $0

SO $0 $0 $0 $0

5123.017 5123.017 5123.017 5123.017 5105.978

Total liabilities $123,017 $123,017 $123,017 5123.017 $105,978

Fund Balance (Deficit):

Fund Balance (Deficit)

Total Liabilities and Fund Equity

$210,067 $1,358,081 $411,260 ($123,017) ($105,960)

$333,084 $1,481,098 $534,277 $0 $18

$0 SO $0 SO 50

Maple/Mockingbird Tax Increment Financing District Fund

Statement of Revenues, Expenditures and Changes in Fund Balance (Deficit)

For the Period September30, 2016 (Unaudited)

With Comparative Totals for September 30, 2015, 2014, 2013, and 2012 (Audited)

Revenues:

Tax incregent-Governnmntal

Tax incren’ent-lntergovernlTental

Interest incon

Net increase (decrease) in fair value of irivestrriants

Expenditures:

Adninistrative expenses

Non-Capital Outlay

Capital oufay

Total revenues

Interest and fiscal charges

Fund balance (deficit) at end of year 5210.067 5210.067 51.358.081 5411.260 15123.0171 15105.9601

Note: Fiscal year 2015-16 unaudited financial statements are based on preliminary close numbers and are subject to

review by the City Controller’s Office prior to approval by the City Council. In case of any material changes, TIF board

will be provided with the updated financial statements.

Assets:

oled cash and cash equivalents

Interest receivable

Total assets

$0

50

$333,084 $1,481,098 $534,277 $0 $18

59

$9

lTD 2016 2015 2014 2013 2012

$2,610,352 $1,324,784 $818,778 $463,313 $0 $0

$508,652 $258,490 $160,176 $89,986 SO $0

$12,877 $4,191 $6,788 $1,865 (59) 53

$472 ($2,647) $3,168 ($50) ($9) SO

$3,132,353 $1,584,818 $988,910 $555,115 ($18) $4

$189,484 $0 $42,090 $20,838 $17,039 $13,330

$1,787,831 $1,787,831 $0 SO $0 $0

$945,006 $945,006 SO $0 $0 $0

$0 SO SO SO $0 $0

$2,922,286 $2,732,831 $42,090 $20,838 $17,039 $13,330Total expenditures

Excess (Deficiency) of Revenues over Expenditures

Fund balance (Deficit) at beginning of year

as previously reported

Fund balance (Deficit) at beginning of year,

as restated

$210,067 ($1,148,014) $948,821 $534,277 ($17,057) 1513,326)

50 $1,358,081 $411,260 ($123,017) ($105,960) ($92,634)

50 61.358.081 5411.280 151230171 15105.9601 15926341

17


City of Dallas, Texas

MaptetMockingbird Tao Increment Financing District Fund

Reinvestment Zone Number Oghteen

As of September 30,2016

Chupter 311.016 Of V.C TA, requires the follow erg inrfornotion

as part of the anrrual report on the status of the TIF District

Inforrnet:on S contaeed in detail on the aflached

financial statements, V V

1. Amount and source of revenue in the tao incrementfund established for the zone:

$1,544 Interest hrcorrer

$1,583,274 Ad ValoremTaoes (Collected in FY’2015-16 based on 2015 Final Tax Rolli

$1,584,618 Total Revenue

2. Amount and purpose of expenditures from the fond:

$0 Adnanstratoe Expense IFY 2018 Costs to be updated)

01,787,831 Nen-Capcal outlay (1)

$945,000 Cap0al outlay (1

$0 Add8ivnal Subsidy in Form of Grant (in lieu of interest eupanse(

$2,732,831 Total Expenditures

(I) These eopendnures are for the following Ftojects:

f%ple Station Roject Reintunsenor 52,732,831

Other SO

Total I 02,732,83113. The Zone started reimbursing the General Fund for TIF adrnmnstratmae costs in focal year 2010-11.

4. a Amount of Principal and Interest due-on outstanding bonded indebtedness:

fclsple hlsclungb:rd Tt° District has incurred no bonded indebtedness as of September 30, 2016

6. The Zone entered into a development agneerrent with WPWest Ceoelopnmnt Enterprnes, LLC for the

hlsple Station prolect in the TIP in an arrerunt not to eooeed $8,000,000 with anticipated completion by

December 31, 2015 and reinturserrnnt to begin in June 2ol6fromfuture increment collections, if available

c. The zone has the folloming contingent obligations reim horsed from available TIP funds as of September 3, 2016:Balance Doe ISinon Ineentionl PavrnentslAdicstrnents To Date

Accrued Accrued Net Bal.Project Doscription ?fitgcinf AddI Subsidy (1) IsfgjNee gig$ AddI Subsidy (1) TotalPoid

ftple Station Fhojeot $9,000,000 $0 $8,000,000 $2,732,831 SO $2,732,831 55.267.169

Totals I sx,ogg,oooi sal sx.ooo,oogl 52,732,8311 sol 52,732,8 311 55.267.1691

9. Tao increment base and current captured appraised value retained by the zone:

Taoable Base Year Ext Captured

Taving Jurbdicfion Value 2016* 2008 Value Value 2016**

City of Dallas $462,621,380 $184,005,009 $279,616,371

Dallav County $462,578,303 51 85.237.392 5277,340,921

*Tacable value shown for participating loving jurodictions. County values are approvirnate and will vary slightly

fmomthe Coy value due to different eveinption levels

*Based on Certified Tavable Value The final values will be detemrnned on February 01. 2017

6. Captured appraised value by the municipality and other taxing units, the total amount of the tao

increment received, and any additional information necessary to demonstrate cam pliance mith the

tax increment financing plan adapted by the governing body of the municipality:

A. Extinoted tax increment shared by the municipality and other participating lacing lunhd:ofiors

Amount cf

Assessment Extimated 2016

Taaing Jurisdiction Per $19D lncremnnt

City of Dallas 066513 51.853.147

Dallas County 0.13371 5370,819

Total for all Jurndict:ons 00.79083 $2,223,966

Pa0icipalivn rates for City of Dallas are 70% for lao years 2009-2011, 85% far tao years 2012-2026 and 70%

for toy years 2027-2031.

Parlicipalivs rare far Cellos County is 55% for tao years 2009-2030.

‘The District began collecting iscmermont in fncal year 2009-10 for tao tao year 2009.

B The total armount at est:mroted tax increment lobe billed for the 2015 tao years $2,223,966. For the 2015100

year. the zone receved increment of $1,593,274

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Documents

COUNCIL CHAMBER 170373 - Dallas City Hallcitysecretary.dallascityhall.com/resolutions/2017/02-22-17/17-0373.pdf · BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF DALLAS: ... Park