City [11-0521 - City of Dallas, City Secretary`s Office

COUNCIL CHAMBER
1ci
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Februarv23,201
WHEREAS, the City recognizes the importance of its role in local economic
development initiatives and programs; and
WHEREAS, the City has established Tax Increment Financing Reinvestment Zone
Number Two, (Cityplace Area TIE District) and established a Board of Directors for the
District to promote development or redevelopment in the Cityplace Area pursuant to
Ordinance No. 21465, authorized by the City Council on November 11, 1992, as
authorized by the Tax Increment Financing Act, Chapter 311 of the Texas Tax Code, as
amended; and
WHEREAS, on August 11, 1993, the City Council authorized the Project Plan and
Reinvestment Zone Financing Plan for the Cityplace Area TIE District by Ordinance No.
21769, as amended, December 1993 by Ordinance No. 22959 and November 1996 by
Ordinance No. 22959; 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 Attorney General and the State
Comptroller; and
WHEREAS, on January 19, 2011, the Cityplace Area TIE District Board of Directors
passed a motion accepting the FY 2010 Annual Report for Tax Increment Financing
Reinvestment Zone Number Two and recommending approval of same by the City
Council.
NOW, THEREFORE,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF DALLAS:
Section 1. That the FY 2010 Annual Report for Tax Increment Financing Reinvestment
Zone Number Two, (Cityplace Area TIE District), City of Dallas, Texas, as of September
30, 2010, a copy of which is attached hereto (Exhibit A), and is hereby accepted.
Section 2. That the City Manager is hereby authorized to submit the EY 2010 Annual
Report for Tax Increment Financing Reinvestment Zone Number Two to the Chief
Executive Officer of each taxing jurisdiction that levies taxes on real property in the
District; and to the Attorney General of Texas, and the State Comptroller, as required by
state law.
COUNCIL CHAMBER
11O5.1
February 23, 2011
Section 3. That this resolution shall take effect immediately from and after its passage
in accordance with the provisions of the Charter of the City of Dallas, and it is
accordingly so resolved,
Distribution: Office of Economic Development Tenna Kirk, 5CS
Office of Economic Development Sajid Safdar, 2CN
City Attorneys Office Barbara Martinez
City Attorney’s Office Sarah Hasib
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APP ROVED BY
COY COU NOV.
4
City Secretary
11fl.9i
Exhibit A
Cityplace Area TIF District
FY2OIO
Annual Report
City of Dallas
Office of Economic Development
1500 ManIla Street, 2CN
Dallas, Texas 75201
(214) 670-1685
http://wwwdallas-ecodevorg
October 1, 2009 to September 30, 2010
110521
Exhibit A
Cityplace Area TIE District
FY 2010 Annual Report
Reinvestment Zone Number Two
Cityplace Area Tax Increment Financing District
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Cityplace Area TIF District
Location Map
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ExhibitA
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Cityplace Area TIF District
FY 2010 Annual Report
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Table of Contents
Mission Statement
4
Taxing Jurisdiction Participation
5
District Accomplishments
5
Value and Increment Revenue Summary
15
Objectives, Programs, and Success Indicators
15
Year-End Summary of Meetings
22
Pending TIE Items
24
FY2OI1 Work Program
27
Appendix A Financials
25
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I 111F91
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Exhibit A
Cityplace Area TIF District
FY 2010 Annual Report
Mission Statement
The mission of the Cityplace Area TIE District is to promote the redevelopment and
stabilization and economic growth of the area.
An accompanying goal is the
stabilization and growth of the value of the area’s tax base.
The Cityplace Area TIE District was established by Ordinance Number 21465 on
November 11, 1992. On November 10, 1993, the City Council amended Ordinance
Number 21465 by Ordinance Number 21884, which set the Cityplace Area TIE District
expiration date as December 31, 2012, or when sufficient TIE revenues are collected to
fund all budgeted improvements. In EY 2008, the Cityplace Area TIE District collected
its final increment as the districts budgeted improvements had been sufficiently funded.
Upon establishment, the TIE District included approximately 300 acres (including right of
way) of underutilized commercial and residential properties along both sides of Central
Expressway generally, between Lemmon Avenue West on the South and Haskell
Avenue and Peak Street on the North. The western boundary runs the length of the
KATY Trail between Lemmon Avenue and Haskell Avenue (old Haskell). The Eastern
boundary is generally bounded by Carroll Avenue, Peak Street, Lafayette Avenue,
Cochran Street, Washington Avenue, and Thomas Street. The Office Tower at
Cityplace, 2711 Haskell Avenue, was completed before the district was established and
excluded from the district by the creation ordinance. Most of the developable land in the
District faces Haskell Avenue, Blackburn Street, McKinney Avenue, Lemmon Avenue
West and Cole Avenue; however, it is possible that one of the planned mixed use,
transit oriented developments may front on Central Expressway.
The District Project Plan and Reinvestment Zone Einancing Plan was approved by
Ordinance Number 21769 on August 11, 1993 and subsequently amended by
Ordinance Number 21931 (December 8, 1993) and Ordinance Number 22959 on
November 13, 1996.
4
11 Ot)
ExhibitA
Cityplace Area TIF District
FY 2010 Annual Report
Taxing Jurisdiction Participation
Taxing Jurisdiction participation in the District is as follows:
Participating Jurisdictions:
CityofDallas
Dallas County
DISD
DCCCD
DCHD
TOTAL
TOTAL (NPV)
TIF Collection
Period
Start
Date
End
Date*
Participation
Level
l6years
16 years
1992
1992
2008
2008
100%
100%
$043087
16 years
16 years
16 years
1992
1992
1992
2008
2008
2008
100%
100%
Contribution to
TIF Fund (Total
dollars)
$18,298,774
$5,397,044
$10,955,934
$1,838,952
$6,253,322
$42,744,026
$22,046,000
Note: All values are expressed in year FY 2008-2009 dollars using a discount rate of 5%. The legal TIF
life is set at no longer than 20 years, but total TIF funds were collected within 16 years,
End of
increment collections.
*
District Accomplishments
The Cityplace Area TIF District continues as a catalyst for development in the mixed
use neighborhood just north of downtown Dallas. VVest Village serves as the anchor of
shopping, entertainment and residential activity. With over 125,000 square feet of retail
space and 179 residential units and the Magnolia Theater, West Village provides all the
amenities necessary for the growth of surrounding properties. The Mondrian (opened in
2005) has 218 upscale apartments and 25,000 square feet of retail space. Borders
Book and Chase Bank (completed in 2004-05), and the completion of Gables West
Village (75 residential units, 18,000 square feet of retail) and Gables Cityplace West
(103 residential units, 28,000 square feet of retail) have stabilized.
During FY 2010, a $12 million public improvement project for the district was
recommended by the TIE Board and subsequently approved by City Council. The
public improvements included the following: (i) extension of Noble Avenue from
Cityplace West Boulevard to Blackburn Street; (ii) extension of Oak Grove Avenue from
Cityplace West Boulevard to Blackburn Street; (iii) extension of Howell Street from
Lemmon Avenue to Cityplace West Boulevard; (iv) construction of three open spaces.
These improvements will provide better traffic circulation for the area, public amenities
for existing developments, patrons and residents, as well as maximize the development
potential of the remaining seven undeveloped parcels within the District.
I1
Exhibit A
Ctyplace Area TIF Disthct
FY 2010 Annual Report
The Cityplace Area TIF District redeemed outstanding bonds for the district during FY
2010. During the life of the TIF the City issued three series of TIF Bonds to reimburse
developers for public infrastructure improvements costs incurred within the District.
1st series issued February 1998 $5,000,000
2nd series issued October 2000 $7,600,000
3rd series issued February 2004 $7,000,000
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The TIE District had enough funds to call these bonds. The bonds were redeemed on
August 15, 2010.
Exhibit A
FY 2010 Annual Report
Cityplace Area TIF District
TIF Funded Developments
The Monterey (Criterion Development)
Images provided by Criterion Property Company LP.
The Mondrian at Cityplace
3000 Blackburn Street
7
i1O2
Exhibit A
Cityplace Area TIF District
FY 2010 Annual Report
Gables West Village
3839 McKinney Avenue
Gables Citypiace West
3636 McKinney Avenue
Exhibit A
Cityplace Area TIF District
FY 2010 Annual Report
The Bryson at Cityplace
2901 Cityplace West Boulevard
West Village Retail & Residential
3615 McKinney Avenue
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Exhibit A
Cityplace Area TIF District
FY 2010 Annual Report
Target at Cityplace Market
2417 N. Haskell Avenue
Office Max at Cityplace Market
2415 N. Haskell Avenue
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11O51
Exhibit A
Cityplace Area TF District
FY 2010 Annual Report
West Village
3669 McKinney Avenue
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110521
Exhibit A
Cityplace Area TIF District
FY 2010 Annual Report
Projects Within TIF District Utilizing TIF Funding
Project
Location
Calendar
Year
Complete
Status
Units/ SF 2
Approx.
3
Value
TIF
Investment
4
Target Store
2417 N.
Haskell
Avenue
1993
Complete
116480 SF
Retail
$7423890
$676,000*
OfficeMax
Cityplace
Market
2415N.
Haskell
Avenue
1994 -1995
Complete
92426 SF
Retail
$8,537,010
$258,000
Gables at
Turtle Creek
3711 Cole
Avenue
1995
Complete
232 Units
$27,000,000
$760,000
Bryson at
Cityplace
2901 W.
Cityplace
Boulevard
2003
Complete
232 Units
$27,273,840
$960,000
Mondrian at
Cityplace
3000
Blackburn
Street
2005
Complete
218 Units
25K SF Retail
$40,000,000
$1 800,000
Gables West
Village
3839
McKinney
Avenue
2006
Complete
75 Units
18K SF Retail
$12,195,000
$554,999
Gables
Cityplace
West
3636
McKinney
Avenue
2006
Complete
103 Units
29K SF Retail
$20,049,480
$450,000
Criterion
Development
Partners
3930
McKinney
Avenue
2009
Complete
371 Units
500 parking
spaces
$51,400,000
$684,918
Blackburn
Median
Improvement
Blackburn
Street, from
Noble Ave. to
Cole Ave.
2009
Complete
NA
$113,000
$50,000
Cityplace
Infrastructure
Improvement
Project
District Wide
2011
Under
Design
NA
$12,000,000
$12,000,000
Subtotal
1,231 Units
280,906 SF
Retail
$205,992,220
$17,517,917
.
12
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1’Jic
Exhibit A
Cityplace Area TIE District
FY 2010 Annual Report
Projects Within TIF District Not Utilizing TIF Funding
5
Project
Location
Calendar
Year
Status
Units! SF
Approx.
Value
TIF
Investment
Complete
Taco Bell
2404 N.
Washington
Avenue
1994
Complete
2,210 SF Retail
$729,800
$0
Treymore at
Cityplace
2101 N.
Haskell
Avenue
1996
Complete
180 Units
$4,500,000
$0
Private Mini
Storage
2320 N.
Central
Expressway
1996
Complete
90,215 SF
Comm.
$4,455,490
$0
Treymore
North
4144 Office
Parkway
1997
Complete
70 Units
$2,038,310
$0
Exxon
2503
Lemmon
Avenue
1998
Complete
3,978SF Retail
$1,558,750
$0
Shurgard
Storage and
Retail Center
2420 N.
Haskell
Avenue
1998
Complete
121,707SF
Retail/Comm.
$4,538,850
$0
Whataburger
2428 N.
Haskell
Avenue
1998
Complete
2,422 SF Retail
$940000
$0
Bankof
America
2500 N.
Haskell
Avenue
1998
Complete
3,500SF
Comm.
$1,859,200
$0
Porto Belo by
the Creek
3301
Blackburn
Street
1998
Complete
31 Units
$10,554,538
$0
The Park at
Turtle Creek
3377
Blackburn
Street
1998
Complete
308 Units
$40,000,000
$0
AMLI at
Cityplace
2403 N.
Washington
Avenue
2000
Complete
244 Units
$19611880
$0
City Gates
4108 Office
Parkway
2001
Complete
32 Units
$4127150
$0
West Village
Mixed Use
3699
McKinney
Avenue
2001
Complete
179 Units
125K SF Retail
$55,075,910
SO
13
110521
Exhibit A
Cityplace Area TIF District
FY
2010
Annual Report
Drexel Grand
3303
Blackburn
Street
2002
Complete
28 Units
$9254790
$0
Perry Homes
Town Homes
S. Haskell &
Office
Parkway
2002
Complete
31 Units
$6000000
$0
Cascada
Town Homes
23 Blackburn
Street
2003
Complete
22 Units
$15,102,140
$0
Borders
Books/Chase
Bank
3600
McKinney
Avenue
2004
Complete
26,500 SF
Retail/Comm.
$5,300,000
$0
Valencia
Town Homes
Blackburn
Street and
Cole Avenue
2007
Complete
56 Units
$21,032,231
$0
Cityville at
Cityplace
NW Corner of
Capitol Ave.
and Haskell
Ave.
2013
Permit
Process
281 Units
68K SF Retail
$50,000,000
$0
Less
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Property Demol shed, or Relocated for Redevelopment
Lowes
Theater
2600 N.
Haskell
Avenue
1996
Demolished
Hank Haney
Golf Center
3636
McKinney
Avenue
1993
Relocated
.
-
$0
-
N/A
($6.068.280)
$0
1,462 Units
Subtotal
446,532 SF
Retail/Comm.
$242,633,759
Total
2,693 Units
727,438 SF
RetaillComm.
$448,625,979
$17,517,917
A11 information updated as of September 30, 2010,
1
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.
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) DCAD market value for completed
projects (unless project has not yet been assessed). Values may not be fully captured by the TIF District for
redevelopment projects once pre-existing value and/or the demolition of structures is netted out.
amounts not to be exceeded per the development agreement. TBD indicates that development agreement
has not yet been adopted. Asterisk indicates investment also includes interest not shown.
Selected sionificant oroiects included.
2
14
11oi
Exhibit A
Cityplace Area TIF District
FY 2010 Annual Report
Value and Increment Revenue Summary
The Cityplace Area TIE District assessed 2010 value was $465,877,751. This
represents an increase of 933.8% ($420,812,409) over the base year (1992) and a
1 .96% decrease ($9,334,332) over the previous year’s (2009) total assessed value.
FY 2008 was the final year of increment collection for the Cityplace TIF District. The
entire TIE Budget of $42,744,026 total dollars was satisfied with 2008’s partial
collection. FY 201 0’s increment flowed directly to the City’s General Fund and other
participating taxing jurisdictions. In 2010, approximately $3.35 million in property tax
revenue will go the City’s General Fund instead of the Cityplace TIE District.
Objectives, Programs, and Success Indicators
On November11, 1992, City Council approved Ordinance No. 21465 which created Tax
Increment Financing Reinvestment Zone Number Two (Cityplace Area TIF District). The
Cityplace Area Tax Increment Financing District Project Plan and Reinvestment Zone
Financing Plan were approved by the City Council on August 11, 1993 (Ordinance No.
21769). The Project Plan was amended December 1993 (Ordinance No. 21031) and in
November 1996 (Ordinance No. 22959). The development objectives of the plan are:
•
•
•
•
•
Complete a program of infrastructure replacement and enhancement to provide a
“foundation for development”.
Encourage residential development, including apartments and townhouses.
Provide opportunities for retail uses supporting neighborhood needs.
Permit development of high rise office/commercial/high-density residential use
buildings along the freeway frontages.
Encourage high standards of environmental excellence throughout the area.
11O21
Exhibit A
Cityplace Area TIE District
EY 2010 Annual Report
The public infrastructure improvements planned and constructed for the Cityplace Area
TIE District are designed to meet the long-term circulation, lighting, utility and physical
amenity needs of the area. Specific improvements include:
Central Expressway Bridges
Construction was completed on this project in 2001.
Street, Utility and Intersection Improvements
TIF Funds were used to fund construction of utility upgrades. TIF funds were
used to construct the following streets:, Caddo Street, Cityplace West Boulevard,
McKinney Avenue, Cole Avenue, Blackburn Mall, and Noble Avenue. Remaining
projects in this category that have been approved for funding by the TIF District
and will be constructed by Oak Creek Partners are (1) extension of Nobel
Avenue from Cityplace West Boulevard to Blackburn Street; (2) extension of Oak
Grove Avenue from Cityplace West Boulevard to Blackburn Street; (3) extension
of Howell Street from Lemmon Avenue to Cityplace West Boulevard.
Construction of these street extensions will begin during FY 2011.
11O51
Exhibit A
Cityplace Area TIF District
FY 2010 Annual Report
Cityplace West Boulevard
Blackburn Mall
Streetscape construction completed in March 2001. Additional streetscape
improvements for two medians in Blackburn Street were made by the Uptown
Improvement District in 2009.
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Exhibit A
Cityplace Area TIF District
iO91
FY 2010 Annual Report
Extension of the McKinney Avenue Trolley Service
The extension of the McKinney Avenue Trolley was completed during the first
quarter of calendar year 2002. The trolley extension provides trolley seivice to
the Cityplace DART station. During FY 2010 funding was approved to construct
a turntable for the McKinney Avenue Trolley that will facilitate transit riders
transferring to and from the Cityplace subway station and the McKinney Avenue
Trolley.
The turntable will be located at the intersection Cityplace West
Boulevard and the south bound service road of North Central Expressway.
East Side Retail Entry
Project may not be needed due to signage currently in place.
.
Historic Freedman’s Park and Cemetery
The Freedman’s Memorial opened in 1999.
4
r’ r’
Exhibit A
FY 2010 Annual Report
Cityplace Area TIF District
•
DART Improvements
DART’s Cityplace light rail station opened in December 2000. A component of
the infrastructure improvement project approved during FY 2010 is the
renovation of the existing DART portal to the Cityplace subway station. A plaza,
along with a trolley turntable will be constructing providing an inter-modal link
between the DART Light Rail Station, DART Bus Se,vice and the McKinney
Avenue Trolley.
•
KATY Trail Improvements
Basic improvements for KATY Trail were funded by sources other than the
Cityplace Area TIF District. The trail opened in 2000. A TIF request for
additional funding for Cityplace KATY Entryway to the Trail was approved by the
TIF Board and funding in the amount of $250,000 was provided. These
preliminary entryway improvements were completed during the second quarter
2004-2005. Additional right of way and land acquisition was made in 2007. Due
to delays in property acquisition, design changes and renegotiations of project
pricing based on multiple design changes, the improvements will not be
st
quarter of 2011.
completed until the 1
•
Improvements for Area DISD Schools
A new 30,000 square foot parking lot was constructed at the corner of Haskeil
and Cole Avenues in front of North Dallas High School to improve parking
TIF participation included the reimbursement of
availability on campus.
expenditures for land conveyance and construction of the parking lot. In August
1999, two lots were purchased on Haskell Avenue across from North Dallas High
19
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Exhibit A
Cityplace Area TIE District
FY 2010 Annual Report
School to provide campus relief for future development. TIF participation included
the reimbursement of land acquisition costs. Concepts were developed and
discussed during 2005-2006, which involved improvements to North Dallas High
School and the possible construction of common area improvements and
additional educational facilities. The TIF District funded the abandonment of
approximately $92,000 in right-of-way space acquisition costs related to the old
Haskell Avenue trace near the front of North Dallas High School. During 2007,
the City Council approved a development agreement allowing TIF funding of
$1,097,987 for public and facility improvements at North Dallas High School.
The project was completed during FY 2010.
•
Improvement of J. W. Ray Park
Park improvements were completed in late Summer 2003. The TIF Board, as
agreed, provided an additional $20,000 for more improvements as the Parks
Department found additional funding to complete the planned improvements.
The Parks Department met with neighborhood representatives to better meet
community needs and desires regarding the improvements.
Additional
improvements were identified by the Parks Department during FY 2005-2006, the
additional funds were provided and the improvements were constructed.
•
Improvements to Public Open Space
Cityplace West Boulevard is lighted and lined with red oak and burgundy sweet
gum trees. The roadway features a landscaped center median with a trolley line
and will include the future development of Unity Plaza at the terminus of the
trolley line at the Cityplace DART Light Rail Station. Both Gables West Village
and Gables Cityplace West provided numerous pedestrian amenities and
streetscape along Blackburn Street and Cityplace West Boulevard. Three new
open spaces will be constructed with the Cityplace Infrastructure improvement
project anticipated to be completed December 31, 2010. The open spaces are
listed below:
1.
Gateway Plaza
• A 12,188 square foot area at the southwest corner of the
intersection of Blackburn Street and south bound service road of
North Central Expressway
• Will create an entry feature for the primary entrance for Uptown and
the West Village area from North Central Expressway
• This intersection improvement will consist of heavy landscaping,
complimentary to the existing landscaped medians in Blackburn
Street
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1( 21
Exhibit A
Cityplace Area TIF District
FY 2010 Annual Report
2. McKinney Junction
• A 4,462 square foot area located at the southeast corner of the
intersection of Blackburn Street and McKinney Avenue.
• This intersection is a gateway to the West Village mixed use
development
• Will provide an opportunity for seating, shade and public art at
an intersection surrounded by dense, mixed use development.
3. Station Square
•
•
A 17,350 square foot open space a the intersection of Cityplace
West Boulevard and the south bound service road of North
Central Expressway
The open space will include a trolley turntable and up graded
DART station portal.
21
21
Exhibit A
Cityplace Area TIF District
FY 2010 Annual Report
Year-End Summary of Meetings
From October 1, 2009, through September 30, 2010, the Cityplace Area Board of
Directors met three (3) times, December 17, 2009, March 31, 2010 and September 24,
2010. During FY 2010, the Cityplace Area TIE District Board consisted of the following
members:
Neal Sleeper City Representative (Attended 1 of 1 meetings Resigned form Board
January 25, 2010)
Jason Mayes City Representative (Attended 1 of 3 meetings)
Robert lvey City Representative (Attended 2 of 3 meetings)
Kenneth Steinhardt City Representative (Attended 3 of 3 meetings)
Barry Annino City Representative (Attended 2 of 2 meetings Appointed to Board
March 3,2010)
Thomas Burleson City Representative (Attended 1 of 1 meetings Appointed to the
Board April 7, 2010)
Rick Loessberg Dallas County Representative (Attended 3 of 3 meetings)
Orlando Alameda DISD Representative (Attended 2 of 3 meetings)
Vacant DISD Representative
Vacant Dallas County Hospital District (DCHD)
Vacant Dallas County Community College District (DCCCD)
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During FY 2010, the City Council approved seven (7) items directly or indirectly
associated with the Cityplace Area TIF District. The council actions are listed below.
•
On October 14, 2009, the City Council approved Ordinance No. 27703,
Resolution No 09-255 conducting a public hearing to receive comments
regarding and application and granted an amendment to create two tracts within
Planned Development District No. 183 for MU-3 Mixed Use District uses on the
southeast corner of North Haskell Avenue and North Central Expressway.
Recommendation of Staff and CPC: Approval, subject to a development plan,
landscape plan, streetscape tree plan and conditions.
On November 9, 2009, City Council approved Resolution No. 09-2761 amending
the City of Dallas Tax Increment Financing (TIE) Policy that established the
criteria for evaluating proposed TIE Districts in accordance with the provisions of
Chapter 311 of the Texas Tax Code, as amended, adopted by Resolution No.
05-0745 on February 23, 2005 to: (1) include the ability to extend the term of
existing TIE Districts and establish the criteria under which term extension
requests will be evaluated; and (2) clarify the minimum new investment criteria
for the creation of new TIE Districts.
•
On February 10, 2010, City Council approved Resolution No. 10-0456 accepting
the FY 2009 Annual Report on the status of Tax Increment Financing
22
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ExhibitA
Cityplace Area TIF District
FY 2010 Annua’ Report
Reinvestment Zone Number Two, (Cityplace Area TIF District), submitted by the
Cityplace Area TIF District’s Board of Directors, and authorizing the City Manager
to submit the annual report to the Chief Executive Officer of each taxing
jurisdiction that levies taxes on real property in the District, and to the Attorney
General of Texas, and the State Comptroller, as required by state law.
On February 10, 2010, City Council conducted a public hearing public hearing to
receive comments regarding an application for an amendment to the conceptual
plan and conditions for the Tract II portion of Planned Development District No.
375 for Office, Retail, and Residential Uses on property generally bounded by
Lemmon Avenue East, the eastern half of the abandoned portion of Howell
Street, and Lemmon Avenue West.
On April 28, 2010, City Council approved Resolution No. 10-1096 authorizing (1)
a development agreement with Oak Creek Partners, Ltd. to provide funding for
construction of the following public improvements: (a) extension of Nobel Avenue
from Cityplace West Boulevard to Blackburn Street; (b) extension of Oak Grove
Avenue from Cityplace West Boulevard to Blackburn Street; (c) extension of
Howell Street from Lemmon Avenue to Cityplace West Boulevard; (d)
construction of three open spaces; and (e) related design and construction
management services and (2) the Cityplace Area TIF District Board of Directors
to dedicate up to $12,000,000 from Cityplace Area TIF District Funds and/or Tax
Increment Bond Funds payable as work progresses in accordance with the
development agreement.
On April 28, 2010, City Council approved Resolution No. 10-1097 approving a
resolution declaring the intent of Tax Increment Financing District Reinvestment
Zone Number Two (Cityplace Area TIF District) to pay Oak Creek Partners Ltd.
up to $12,000,000 in project costs for the following public improvements: (a)
extension of Nobel Avenue from Cityplace West Boulevard to Blackburn Street;
(b) extension of Oak Grove Avenue from Cityplace West Boulevard to Blackburn
Street; (C) extension of Howell Street from Lemmon Avenue to Cityplace West
Boulevard; (d) construction of three open spaces; and (e) related design and
construction management services.
On May 26, 2010, City Council approved Resolution No. 10-1334 authorizing (1)
the optional redemption of Cityplace Area TIE District Special Tax Revenue
Bonds: (a) Series 1998 in an amount not to exceed $1,285,000 in principal plus
interest due of $31 ,714; (b) Series 2000 in an amount not to exceed $1 455,000
in principal plus interest due of $36,403; and (C) Series 2004 in an amount not to
exceed $2,660,000 in principal plus interest due of $39,969; and (2) the Cityplace
Area TIF District Board of Directors to dedicate up to $5,508,086 from Cityplace
Area TIF District Funds and/or Tax Increment Bond Funds Total not to exceed
$5,508,086.
-
II I(r)4
JJ;s
I
Exhibit A
Cityplace Area TIF Distnct
FY 2010 Annual Report
On May 26, 2010, City Council approved Resolution No, 10-1335 approved a
resolution declaring the intent of Tax Increment Financing District Reinvestment
Zone Number Two (Cityplace Area TIF District) to redeem Cityplace Area TIE
District Special Tax Revenue Bonds: (a) Series 1998 in an amount not to exceed
$1,285,000 in principal plus interest due of $31,714; (b) Series 2000 in an
amount not to exceed $1 455,000 in principal plus interest due of $36,403; and
(c) Series 2004 in an amount not to exceed $2,660,000 in principal plus interest
due of $39,969 for a total not to exceed $5,508,086.
•
Pending TIF Items
•
Consideration of the EY 2010 Cityplace TIE District Annual Report and a
recommendation to the Dallas City Council for approval.
Budget and Spending Status as of September 30, 2010
Cityplace Area TIF District
Projected Increment Revenuçs to Retire TIF Fund Obligations
Category
TIF Budget
1
2
Expended
2
Allocated
2
Balance
Central Expressway Bridges
$2,585,909
$2,585,909
$0
$0
Street, Utility, Intersection Improvements
$21,536,501
$11,651,758
$8,686,223
$1,198,520
Blackburn Mall
$3,500,000
$3,450,000
$50,000
$0
DART
$3,500,000
$3,500,000
$0
$0
Extension of McKinney Avenue Trolley
$1,000,000
$1,000,000
$0
$0
$0
$0
$0
$0
Freedman’s Park and Cemetery
$50,000
$50,000
$0
$0
Improvement of J. W. Ray Park
4
$0
$0
$0
$0
Improvements for DISD Schools
$2,633,806
$1535819
$1,097,987
$0
$0
$0
$0
$0
$3,605,408
$3,421,140
$0
$911,262
$656,617
$254,645
$0
$42,744,026
$25,449,602
$13,255,350
$1,198,521
East Side Retail Entry
3
Improvements to Katy Trail
3
Improvements to Public Open Spaces
$7,026,548
Administration and Implementation
Totals
I
Budget shown in current dollars; TIE Project Plan shows the budget in net present value.
1
l2
ncludes all interest accrued as of the end of FY 2010.
Amounts for Improvements to Katy Trail and East Side Retail Entry were included in Street, Utility, and
3
Intersection Improvements.
Amount for J. W. Ray Park was included in Improvements for
4
DISD.
24
I I (
ExhibitA
Cityplace Area TIE District
L
Th
L
FY 2010 Annual Report
Central Expressway Bridges
$2,585,909
Street, Utility. Intersection Improvements
$7,338,091
Blackburn Mall
$3,500,000
DART
$3,500,000
Extension of McKinney Avenue Trolley
$1,000,000
East Side Retail Entry
$0
Freedman’s Park and Cemetery
$50,000
Improvement of J. W. Ray Park
$0
Improvements for DISD Schools
Improvements to Katy Trail
Improvements to Public Open Spaces
Total Project Costs (excluding interest)
*
As approved in the Project Plan and Reinvestment Zone Financing Plan in 1992 dollars.
$2,571,000
$0
$1,500,000
$22046000
1io91
L
Exhibit
I
A
Cityplace Area TIF District
LS1 Vi1
FY 2010 Annual Report
‘J
ir’i
I ?1
—:-
Bond Sales
Series 1998
$5,000,000
Series 2000
$7,600,000
Series 2004
$7,500,000
Principal
Totals
!11IT 1 fT1it
I
I
Interest
rviiiriii
Total Paid
Balance Due
$7,060,959
$7,060,959
$0
$10054791
$10,054,791
$0
$8,553,682
$8,553,682
$0
$25,669,433
$25,669,433
so
+
CiypIace Area TIF MIWBE Participation
Project
Contract Award
Amount
Contractor
Bridges
$2,585,090
DART
$3,500,000
Percentage
Minority
Participation
N/A Funded as Grants;
no MWBE Requirement
N/A Funded as Grants;
no MWBE Requirement
N/A Funded as Grants;
no MWBE Requirement
-
-
Katy Trail Extension
Jeske Construction
$1,953,891
Villas at
Jyp&Gables
Jim Bowman
$642,074
47.04%
Office Max
Con-Real Support
Group
$133,504
88.67%
Allied Builders
$295,000
74.46%
Ed Bell Construction
$1,813,981
26.12%
Ed Bell Construction
Henneberger
Constuction
$1,210,731
$500,000 TIF
($222,000)
17.92%
DISD Parking Lot
Construction
Blackburn Street
Blackburn Street
Freedman’s Cemetery
Cityplace West
Boulevard
McKinney Avenue
Trolley
Fairfield Residential
Mondrian At Cityplace
Gables West Village
Gables Citypiace West
The Monterey (Criterion)
-
$
5.98%
Tiseo Paving Company
$2,049,536
16.25%
Texas Sterling
Construction
Gibson and Associates,
Inc.
North Texas Contracting
$900,000 TIF $
($5,821,788)
25.07%
$960,000
10.53%
$1,149,271
19.43%
Meztec Contractors
Texas Standard
Construction
Charles Martin
Enterprises Inc.
$279,257
27.56%
$382,496
19.26%
$300,219
31%
f
Total
31%
26
110521
Exhibit A
Cityplace Area TIF District
FY 2010 Annual Report
FY 2011 Work Program
•
Marketing and Development
Continue to seek growth in the District through
attraction of mixed-use, high-density development. Update completed marketing
brochure for the Cityplace TIF District
•
Infrastructure Development
Work closely with Oak Creek Partners on the
Cityplace Infrastructure Improvement Project.
•
TIF Reimbursement
Process reimbursement requests for the Cityplace
Infrastructure Improvement Project.
•
Redevelopment Projects
possible.
—
—
—
Assist other potential redevelopment projects as
Cityplace Area TIF District Board of Directors
Recommendations
The Cityplace Area TIF District Board recommends that the public improvements as
outlined in the Project and Financing Plan continue during FY 2010.
27
110521
Exhibit A
Cityplace Area TIF District
FY 2010 Annual Report
Appendix A
—
Financials
City of Dallas, Texas
Cityplace Tax Increment Financing District Fund
Balance Sheet as of September 30, 2010 (Unaudited)
With Comparative Totals for September 30, 2009 (Audited)
Totals
Cap:tal Prolects
Debt Servce
2010
2009
Assets:
Pooled cash and cash equ:valents
$16286436
$6 119
$16292555
523.916 823
$115,690
$23828
$139518
$139,517
$16,402,126
$29,947
$16,432,073
$24,056,340
Interest receivable
Total assets
Liabilities and Fund Balance (Deficit):
Liabilities.
Accounts and contracts payable
$0
$0
$0
$0
$5,390
$0
$5,390
$959
$5390
$0
$5 390
$959
$16,396,736
$29,947
$16,426,683
$24,055,381
$16,402,126
$29,947
$16,432,072
524.056.340
$0
$0
Accrued lability
Total liabilities
Fund Balance (Deficit)
Total Liabilities and Fund Balance
28
($0)
$0
_____________________________________________________________________________
_____________________________________________________________________________
110521
Exhibit A
Cityplace Area TIF District
FY 2010 Annual Report
Cityplace Tax Increment Financing District Fund
Statement of Revenues. Expenditures and Changes in Fund Balance (Deficit)
For Year Ended September 30. 2010 (Unaudited)
With Comparative Totals for Year Ended September 30, 2009 (Audited)
Totals
Capital Projects
Debt Service
2010
2009
Revenues
Tax increment-Governmental
SO
$0
SO
$2211 937
Tax incremenl-Intergovemmental
$0
$0
SO
52.937 922
$265,738
$109,540
$375,278
$549,355
($73,744)
($73744)
$128,687
Interest income
Net increase (decrease) in a
1
ir value of investments
$0
Total revenues
$265738
$35,796
$301 535
$5827901
$31 939
$0
531.939
$39,568
$5251
$0
$5,251
$0
$2,271 185
$0
$2,271,185
$0
$0
$5,400,000
55.400.000
$2,045 000
$5,687
$216,171
$221,858
$378,760
$2.31 4.062
$5,616.1 71
$7,930,233
$2,463,328
($2,048,323)
($5580375)
($7,628,698)
$3,364 573
Expenditures:
Administrative expenses
Non-capital outlay
Capital outlay
(1)
Principal retirements
Inleresl and fiscal charges
Total expenditures
Excess(deficiency) of revenues over(u nder) expenditures
Other financing sources (uses)’
Proceeds of bonds
Transfer
Out
$0
(52.908.048)
$0
$0
)$2,908.048)
)$2 .472.4481
$2,908,048
$2,908,048
$2,472,448
($2,908,048)
$2,908,048
$0
$0
(54.956.3721
($2,672. 327
Transfer in
$0
Total other financing sources
$0
$0
Excess (deficiency) of revenues and other financing
sources over (under) expenditures and other uses
($7,628,698)
$3,364,573
Fund balance (deficit) at beginning of year
$21,353,107
$2,702,274
$24,055,381
$20,690,808
Fund balance (deficit) at end of year
$16,396,736
$29947
$16,426,683
$24,055,381
(1) Capital outlay during the fiscal year was for the following projects:
NobleiOak Grove/Howell Public improvements
$399,678
Katy Trail Public Improvements
$88 602
North Dallas High School Public improvements-OISD
$1,097,987
Monterey Public Improvements-Criterion Property Company
$684,918
Total Capital Outlay
$2,271,185
j
Note: Fiscal year 2009-10 unaudited financial statements are based on October 12th close numbers and are subject
to review by
the City Controller’s Office prior to approval by the City Council. In case of any resulting material changes, TIF board will
be
provided with the updated financial statements.
29
I I
i1JD4
Exhibit A
Cityplace Area TIF District
City
FY 2010 Annual Report
of Dallas, Texan
Cityplace Tax loeroment Financing Os lr.cr.
Reinvestment Zone N umber Two
As000eptembor3O. 2010
Chap let 211.215 ci ‘V. C 0 On requires I/c to ic-u.n 5 intern. upon.
as carinti tin annual rocn.n on inn status 01 the OlE
information is contained in detail on Inn ottachad
financial rtalom Onto,
Amount and sx_rce of reven Ce in the tax increm rot fund established forthe zone
$351,535
2.
Istuiin onnnue
Am nuntan d Purpose of expen ditu ms from the fun dl
931 535
$2 2nt.15
Arrw.n,etratlua F,econe
n-a—lu
5
$5 453 320
P -‘-c ea’nr,-e—-o-to
$221 979
ierr ta—nt c/al nngen
$79130233
*
Triiol Eapondilu tee
Capitol outlay was for the following projnctst
Noble/Can Croae /lrownli PublIc In. provomeirto
5399,570
Kaly Tra, Pahc lot prceerrento
DiSC P mu.
triornue
$88632
meets-tn Da’iux hon Snono.
Si 0871197
Monterey Pubic .rnpn000rrento
5654 918
f
Total Capital Outlay
3.
$2271.1
851
The Zone has repaid all oatstaedieg deneloper obligations as detailed belowt
Balance Due ISinee leceptionl
Payments To Date
Accrued
Pro lent
Descrietion
Princieal
8
g
9
$g,
j
,
Annrond
IgjajPjf,p
Tetol Paid
injoig.5$
Target
$675 288
$281 566
$956 854
$675 288
8281 566
0956 854
Vitae etC tyeune6l
$642 074
$155 669
5797743
56a2 074
S155.065
$797,743
$0
7:aS otC.tip’anc 02
$112 784
52.1 554
5137778
8112 754
$ 137.778
$0
S24
990
$0
Ol1iOe Max P*o eel
$212 955
562633
9275.509
$272 955
$62 503
5275559
50
ar nr
5
0 SC Lana Co nn
9892 183
$157 172
01,445,852
5592 100
9153.172
51 049 952
$0
North C cotta’ Sridgeo
$2,555 520
$207,103
52.573 012
$2 585 910
5257.103
62,873013
$3
hlunkbiire Accrue
$2,875,512
0393.496
$3 269.508
$2 875 512
$393 496
$3, 269,008
50
$0
Frendweo’8 Ce’eelery
$50,000
$5,666
$55,666
$50 050
$5,667
555,667
DISC Park rig Lot
$295 500
847416
$342,916
$255 502
$47 .416
$342,910
$0
$ISD Land AOgiott’Oe
5375 003
521 412
$395412
5375 000
$21 412
6356 as?
50
92.295346
520490136
545 512
92155346
6.3
065 043
5960 000
5109 943
51.709 643
50
50
CItuSane SVestB ‘Co
$2 lieS 536
545 813
9902.237
$55 543
CitunuceSmnt:c0ARn
57 .2.1.1 110
5132 642
51347051
51244417
$122,042
Of 347
Mono*’en or— lpn. cc
51 505 207
52 t’tat 2
$2113412
$1 022 3/0
$213 412
52 313 a 12
52
8450,000
321.375
$471,375
$450,320
621 .370
$471,375
$0
$571,257
$0
C replace Aearlrirrnls.Eu.rle
0
Gables ul Citypiace Wed
Gables at Weot Village
Totals
0554,969
j
$107767561
$1
915,295
$571,297
81.946,4801
017,723,2361
5554.999
$1
0,776.7871
$16,298
51.946
°l
$17,
IOn-ut
72’T
II. The Zone redeemed all its oustardin 9 bond ohilgatiens during the fiscal yearned had no bonded indebtedness at September 30. 2010,
B The Zone collected its final tao inurement in fiscal year 2000-09 for tax year 2808 as it has met its funding obligation sin a000rdoecn with the TIF Project
Finan clog Plan. Begi nnningw fh fiscal year 2009-10. all tan ine’emen t genera led by each partiorpatin tax jerisdictien will go into their respectine General
8
Fund,
30
so
11O2i
Exhibit A
Cityplace Area TIF District
FY 2010 Annual Report
City of Dallas, Texas,
Cityplace Area Tax Increment Financing District
Notes to Basic Financial Statements
September 30, 2010
(Unaudited)
(1) Significant Accounting Policies
(a)
Reporting Entity
The City of Dallas, Texas (the City) is a municipal corporation incorporated under
Article XI, Section 5 of Constitution of the State of Texas (Home Rule
Amendment). The City operates under a Council-Manager form of government
and provides such services as are authorized by its charter to advance the
welfare, health, comfort, safety, and convenience of the City and its inhabitants.
The accompanying financial statements present only the financial position, and
results of operations, of the Cityplace Tax Increment Financing (TIE) District, and
is not intended to and do not present fairly the position and results of operations
of the City in conformity with accounting principles generally accepted in the
United States of America.
The TIE does not have any employees. The City provides all accounting and
administrative services. In addition, the City’s risk financing and insurance
programs apply to the City.
(b)
Basis of Accounting
The measurement focus used for the TIF Zone fund is a flow of financial
resources. The financial statements are prepared using the modified accrual
basis of accounting. Under the modified accrual basis of accounting, tax
increment revenues and interest are recognized as revenue when they become
both “measurable” and “available” to finance expenditures of the current period.
Expenditures are recognized when the liability is incurred. For purposes of the
“Statement of Cash Flow,” the operating loss represents tax increment revenues
less total expenditures.
(c)
Ad Valorem Tax
State statute requires that each taxing jurisdiction remit its ad valorem taxes to
the Zone by May 1 of each year (remittance to occur no more than 90 days after
taxes for the jurisdiction become delinquent). The Zone stopped collecting tax
increment starting in fiscal year 2009-10 (tax year 2009) as it met its funding
obligations with the final increment collection in fiscal year 2008-09 for
tax year 2008 in accordance with the TIF Project Financing Plan.
Exhibit A
Cityplace Area TIE District
(d)
110521
EY 2010 Annual Report
Pooled Cash
The Zone’s cash balances are invested in the Citys investment pool and earn
pro rata interest. The City invests in US. Treasury and Agency securities with
maturities that are less than five years and money market mutual funds rated
Aaa or AAAm. The weighted average maturity of the portfolio is less than 365
days.
(e)
Administrative Costs
The Zone’s Project Plan and Reinvestment Zone Financing Plan (“Plan’)
provides for staffing and other administrative expenses by the City of Dallas over
the life of the TIF, from fiscal years 1993 to 2012, for a total amount not to
exceed of $911,262 (in Current $). The Zone began reimbursing the General
Fund for administrative costs in FY 1997-1998. Administrative expenses of the
Zone are based on hourly staff time related to the implementation of the
Cityplace Area TIE District Plan.
(f)
Major Funds
a. Capital Projects Fund
This governmental fund is established to account for proceeds, on the
modified accrual basis, from the sale of bonds and other resources to be
used for Board authorized acquisition, construction, or renovation, as well as,
furnishing and equipping of major capital facilities. Upon completion of a
project, any unused bond proceeds are transferred to the Debt Service Fund
and are used to retire related bond principal.
b. Debt Service Fund
This governmental fund is established to account for payment of principal and
interest on long-term debt for which a tax has been dedicated.
(2) Long-Term Debt
The City of Dallas, Texas Tax Increment Financing Reinvestment Zone Number Two
Tax Increment Bond Series 1998, 2000 and 2004 were redeemed in fiscal year 2009-10.
The Zor.e had no bonded indebtedness at September 30, 2010.
(3) Developers’ Advances
The Zone had no developer advances outstanding as of September 30, 2010.