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HomeMy Public PortalAboutOrdinance No. 1415-20 09-14-2020ORDINANCE NO. 1415-20 AN ORDINANCE APPROVING AN AMENDED PROJECT AND FINANCING PROJECT PLAN FOR TAX INCREMENT REINVESTMENT ZONE NUMBER ONE, CITY OF RICHLAND HILLS, TEXAS; MAKING VARIOUS FINDINGS RELATED TO SUCH PLAN; PROVIDING FOR SEVERABILITY; AND PROVIDING AN EFFECTIVE DATE. WHEREAS, as authorized by Chapter 311 of the Texas Tax Code (the "Act") and pursuant to Ordinance No. 1136-09, adopted by the City Council of the City of Richland Hills, Texas (the "City") on January 27, 2009, the City created Tax Increment Reinvestment Zone Number One, City of Richland Hills, Texas, (the "Zone"); and WHEREAS, on September 22, 2009 the board of directors of the Zone (the "Board") adopted a Project and Financing Project Plan for the Zone (the "Plan"), as required by Section 311.011 (a) of the Act, attached hereto as Exhibits "A" and "B"; and WHEREAS, in accordance with Section 311.011 (d) of the Act, on December 8, 2009, the City Council approved the Plan; and WHEREAS, as authorized by Section 311.011 (e) the Act, on August 24, 2020, the Board amended the Project and Financing Project Plan, as depicted in Exhibits "A-1" and "B-1" and recommended that the Plan as amended, be approved by the City Council; and WHEREAS, per Section 311.011 (e) of the Act, no public hearing is required prior to the adoption of this Ordinance because the Plan, as amended, does not increase the total estimated project costs, increase bonded indebtedness, change the boundaries of the Zone, or increase the increment owed by any entity; and WHEREAS, the City Council, as the governing body of the City, approves the amendments to the Project and Financing Project Plan, as evidenced by this Ordinance. NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF RICHLAND HILLS TEXAS, THAT: Section 1. Findings. The City Council hereby makes the following findings of fact: 1.1 The statements and facts set forth in the recitals of this Ordinance are true and correct. 1.2 That the Plan include all information required by Sections 311.001 (b) and (c) of the Act. 1.3 That the Plan is feasible and the project plan conforms to the City's master plan. Section 2. Approval of Plan. Based on the findings set forth in Section 1 of this Ordinance, the Plan is amended by replacing Exhibit B to the Project Plan with a current zoning map and as set forth in Exhibit "A-1." The Financing Project Plan is amended as set forth in Exhibit "B-1." The amendments set forth in Exhibits "A-1" and "B-1" shall control over the Plan to the extent of any conflict, but the Plan shall remain otherwise unchanged. Section 3. Delivery of Plan to the Tax Entities. The City of Richland Hills is hereby directed to provide a copy of the amended Plan to the governing body of each taxing unit that taxes real property located in the zone. Section 4. Severability. If any portion, section or part of a section of this Ordinance is subsequently declared invalid, inoperative or void for any reason by a court of competent jurisdiction, the remaining portions, sections or parts of sections of this Ordinance shall be and remain in full force and effect and shall not in any way be impaired or affected by such decision, opinion or judgment. Section 5. Effective Date. This Ordinance shall be in full force and effect from and after its passage, as provided by the Richland Hills City Charter and the laws of the State of Texas. PRESENTED AND PASSED ON FIRST AND FINAL READING at a regular meeting of the Richland Hills City Council on September 14, 2020, by a vote of .Y_ ayes, O nays and D abstentions. Mayor Cathy8ou City Secre ary APPROVED AS TO FORM: The City of Richland Hills, Texas Tax Increment Reinvestment Zone Number 1 Baker Boulevard TIF PRELIMINARY PROJECT PLAN September 2009 THE CITY OF RICHLAND HILLS BAKER BOULEVARD TAX INCREMENT REINVESTMENT ZONE PROJECT PLAN The City of Richland Hills (“City”) has previously engaged the UNT Center for Economic Development (1993), Gideon Toal (1996), and GSBS (2006) to prepare economic development studies and/or action plans related to redevelopment of Baker Boulevard and other areas of the city. Each of the studies identified the importance of Baker Boulevard to the overall economic growth of Richland Hills, and contained recommendations regarding improvements needed, specifically: • the beautification of Baker, including street trees and landscaping, • the addition of curbs and gutters, • the establishment of gateways at either end of the street, • the addition of ornamental street lighting, • and coordinated marketing of sites. In addition, all of the studies recommended the establishment of a Tax Increment Reinvestment Zone along Baker Boulevard. The City has created a gateway at the intersection of Baker Boulevard and Highway 26, and has made continued landscaping improvements as funds were available. The City has also recently acquired or is acquiring grants from RTC and TXDOT for infrastructure and landscaping improvements, which will be focused on Baker Boulevard. The City of Richland Hills now proposes to establish a Tax Increment Reinvestment Zone (“Zone” or “TIRZ”). The purpose of the TIRZ is to dedicate the incremental tax increases generated within the Zone to the public improvements required to decrease the prevalence of blight and accelerate economic development within the Zone. The Zone is located along Baker Boulevard and is more fully described in Exhibit A. The City is proposing to create this Zone to transform Baker Boulevard from its current state of an pass-through road that TXDOT described as “a rural road in an urban setting” to an urban boulevard with targeted retail areas at either end of the Zone. Baker Boulevard, in it’s current iteration, has exhibited lethargic economic growth, including high vacancy in its existing retail centers and multiple undeveloped or abandoned sites. THE CITY OF RICHLAND HILLS BAKER BOULEVARD TAX INCREMENT REINVESTMENT ZONE PROJECT PLAN Therefore, the City anticipates that Baker Boulevard will benefit from the creation of the Zone and the economic development it is expected to contribute to generating. Two key sites near Highway 820 and Rufe Snow/Highway 26 represent significant opportunity attract development and generate a substantial increment within the next few years. The increment generated by these sites will provide the opportunity to redevelop the interior corridor of Baker Boulevard (between Handley Ederville and Rufe Snow) into a “Main Street” district. Landscaping, extra wide sidewalks, curbs and gutters, decorative street lights and utility poles, and a public park with plaza for gathering will be added to create a comfortable, pedestrian-friendly feel. New development will be encouraged to abut the street and locate parking in the rear of the lot to achieve the desired “Main Street” feel which is anticipated to attract retail, residential, and mixed-use development. A project plan and financing plan must be created to meet the requirements to create a TIRZ as required by Section 311.011 of the Texas Tax Code. The project plan must meet the four requirements listed below, as set forth in Section 311.011(b). Though this preliminary plan is not the final plan required by the Code, it anticipates the requirements and addresses them to the extent possible. 1. A map showing existing uses and condition of real property in the zone and a map showing proposed improvements to and proposed uses of that property. The TIRZ will run along Baker Boulevard, from the intersection of Baker and Booth Calloway Road to the intersection of Baker and Dreeben Drive. It will also cover the area north of Baker along Rufe Snow Drive to Highway 26. The boundaries of the proposed zone are shown in the maps below and more fully described in Exhibit A. The existing land uses within the zone are shown on the zoning map located in Exhibit B. A map of the proposed uses of and improvements to the Zone is located in Exhibit C. The proposed improvements are further described in the Financing Plan. THE CITY OF RICHLAND HILLS BAKER BOULEVARD TAX INCREMENT REINVESTMENT ZONE PROJECTPLAN THE CITY OF RICHLAND HILLS BAKER BOULEVARD TAX INCREMENT REINVESTMENT ZONE PROJECT PLAN 2. Proposed changes of zoning ordinances, the master plan of the municipality, building codes, other municipal ordinances, and subdivision rules and regulations, if any, of the county. No changes to zoning, master plan, codes, ordinances, or rules are proposed as part of the creation of the Zone. However, the City is contemplating implementing a form-based zoning plan within a portion of the Zone to further encourage, along with the public improvements contemplated, the creation of an urban boulevard and associated economic development. Any changes to zoning, master plan, codes, ordinances, or rules will be made through the established policies and procedures of the City. 3. A list of estimated non-project costs. Non-project costs are development costs not paid for by the zone. These costs will include the retail and mixed-use developments contemplated in the urban boulevard area of the Zone and the private retail development in the “Market” and “Merchant” areas of the Zone. These amounts are shown in the Financing Plan. THE CITY OF RICHLAND HILLS BAKER BOULEVARD TAX INCREMENT REINVESTMENT ZONE PROJECTPLAN 4. A statement of a method of relocating persons to be displaced as a result of implementing the plan. No persons are currently contemplated to be displaced as a result of implementing the project plan. In the event that any relocations arise as a result of implementing the project plan, they will be made through the established policies and procedures of the City. THE CITY OF RICHLAND HILLS BAKER BOULEVARD TAX INCREMENT REINVESTMENT ZONE PROJECT PLAN EXHIBIT A: DESCRIPTION OF THE ZONE (map) THE CITY OF RICHLAND HILLS BAKER BOULEVARD TAX INCREMENT REINVESTMENT ZONE PROJECT PLAN EXHIBIT A: DESCRIPTION OF THE ZONE (legal) Beginning near the eastern most city limits at the intersection of Booth Calloway Road and Bridges Avenue, Commence southerly along the west side of Booth Calloway Road to the intersection of Booth Calloway and Baker Boulevard, inclusive of block 89, lots 5R1 and 6R1, Thence commencing westerly along Baker Boulevard in subdivision 34090, inclusive of block 98, lots A1 through A1A, Thence proceeding westerly along Baker Boulevard in subdivision 34090, inclusive of block 99, lots A and B, Thence proceeding westerly along Baker Boulevard in subdivision 34090, inclusive of block 86, lots 1 through 3, Thence proceeding westerly along Baker Boulevard in subdivision 34090, inclusive of block 81, lots 1R1 through 3, Thence proceeding westerly along Baker Boulevard in subdivision 34090, inclusive of block K, lots 6, 6A1, and 7 through 9, and lots 9R1 through 9R4, and lots 10R1 through 10R3A, Thence proceeding westerly along Baker Boulevard in subdivision 34090, inclusive of block L, lots 6 through 10, Thence proceeding westerly along Baker Boulevard in subdivision 34090, inclusive of block 6, lots A and B1 through B3, Thence proceeding westerly along Baker Boulevard in subdivision 13568H, inclusive of block 6, lots 1 and 2R, Thence proceeding westerly along Baker Boulevard in subdivision 13568H, inclusive of block 5, lot 1R, and tracts 2A, 2A1, and 2B, Thence proceeding westerly along Baker Boulevard in subdivision 34090, inclusive of block 29, lot 1, Thence proceeding westerly along Baker Boulevard in subdivision 17747, inclusive of block 29, lot 24A, Thence proceeding westerly along Baker Boulevard in subdivision 17747, inclusive of block 4, lot 15, Thence proceeding westerly along Baker Boulevard in subdivision 17747, inclusive of block 1, lot 3, Thence proceeding westerly along Baker Boulevard in subdivision 17747, inclusive of block 45, lot 1, Thence proceeding westerly along Baker Boulevard in subdivision 17747, inclusive of block 42, lots 11 and 12, and tracts 1 through 3, Thence proceeding westerly along Baker Boulevard in subdivision 17747, inclusive of block 4, lot 15, Thence commencing northerly after the intersection ofRufe Snow and Baker Boulevard, at subdivision 34090, block G, Thence proceeding northerly along Rufe Snow, inclusive of subdivision 34090, block G, Thence proceeding northerly along Rufe Snow, inclusive of subdivision 34090, block F, lots 1 through 12, Thence proceeding northerly along Rufe Snow, inclusive of subdivision 34090, block B, lots 1 through 15, Thence proceeding northerly along Rufe Snow, inclusive of subdivision 34090, block A, lots 1 through 4, Thence proceeding northerly along Rufe Snow, inclusive of subdivision 34090, block 22, lots 6 through 8, Thence proceeding northerly along Rufe Snow to the intersection of Rufe Snow and Boulevard 26, inclusive of subdivision 1609, block 1, lots 1 through 3, Thence proceeding southwesterly along Boulevard 26 to the intersection of Boulevard 26 and Hovencamp Avenue, Thence proceeding easterly along Hovencamp Avenue within subdivision 34090 to the easternmost edge of block 22, lot 4 Thence proceeding westerly along Reeves Street within subdivision 34090 to the intersection of Reeves Street and Burge Street, Thence proceeding southerly along Burge Street within subdivision 34090 to the intersection of Burge Street and Davidson Street Thence proceeding southerly along Burge Street within subdivision 34090 to the southeastern edge of blockH, lot 10, Thence proceeding southwesterly within subdivision 34090 along the northwestern property line of blockH, lot 11B, inclusive of blockH, lots 11A, 11B, and 12, Thence proceeding westerly within subdivision 34090 along the northern property line of block H, lot 13R to Crites Street, inclusive of block H, lot 13R, Thence proceeding southwesterly within subdivision 34090 along the northwestern property line of block D, lot 14 to Baker Boulevard, inclusive of block D, lots 14 and 15, Thence proceeding southerly across Baker Boulevard to the easternmost property line of block 6, within subdivision 34120, Thence proceeding easterly along Baker Boulevard in subdivision 34120, inclusive of block 6, Thence proceeding easterly along Baker Boulevard in subdivision 34120, inclusive of block 7, lots A through C, Thence proceeding easterly along Baker Boulevard in subdivision 34120, inclusive of block 8, lots A and B, and tracts 2B and 2C, Thence proceeding easterly along Baker Boulevard in subdivision 25228, inclusive of block 1, lots and 2, Thence proceeding easterly along Baker Boulevard in subdivision 44736H, inclusive of lot 1A, and tracts 1A and 1A2, Thence proceeding easterly along Baker Boulevard in subdivision 25155, inclusive of block 1, lots 1A and 1B, Thence proceeding easterly along Baker Boulevard in subdivision 25155, inclusive of block 2, lots 2A through C, Thence proceeding southerly to Reeves Street within subdivision 34090 inclusive of block 22, lot 5, and block A, lot 5, Thence proceeding easterly along Baker Boulevard in subdivision 25160, inclusive of block 9, lot A, Thence proceeding easterly along Baker Boulevard in subdivision 25160, inclusive of block 8, lot A, Thence proceeding easterly along Baker Boulevard in the Mathews subdivision, inclusive of lot 7, Thence proceeding easterly along Baker Boulevard in subdivision 34190, inclusive of block 22, lots 1 through 3, Thence proceeding easterly along Baker Boulevard in subdivision 34190, inclusive of block 21, lot 1, Thence proceeding easterly along Baker Boulevard in subdivision 25145, inclusive of block 1, lot 1, Thence proceeding easterly along Baker Boulevard in subdivision 25145, inclusive of block 2, lots 1 through 2A, Thence proceeding easterly along Baker Boulevard in subdivision 45050, inclusive of lots 1 through 6B, and tract 1E, Thence proceeding easterly along Baker Boulevard in subdivision 16290, inclusive of lots 1 through 7, Thence proceeding easterly along the southern edge of Baker Boulevard to the westernmost property line of tract 1D1A1 in subdivision 40869, Thence proceeding easterly along Baker Boulevard in subdivision 38770, inclusive of tracts 1D1A1, 1D1B, 1D1, 1D1B1, 1D1D, and 1D1C, Thence proceeding easterly along Baker Boulevard in subdivision 38770, inclusive of lots 1R through 5R, Thence proceeding easterly along Baker Boulevard in subdivision 38765, inclusive of lots 1AR1 through 1AR3B, Thence proceeding easterly along Baker Boulevard in subdivision 38765, inclusive of tracts 1A1 through 1A4, Thence proceeding easterly along Baker Boulevard in subdivision 38765, inclusive of tracts 1A1 through 1A4, Thence proceeding easterly along Baker Boulevard in subdivision 25970, inclusive of tracts 1 through 1D2, Thence proceeding easterly along Baker Boulevard in subdivision 25970, inclusive of block 6, lots 1R1 through 7R, Thence proceeding easterly along Baker Boulevard in subdivision 25970, inclusive of block 7, Thence proceeding easterly along Baker Boulevard in subdivision 25970, inclusive of tracts 2B, 2C, and 2E, Thence proceeding easterly along Baker Boulevard in subdivision 25970 to the easternmost city limit, inclusive of tracts 5B, 5B1, and 5B1B, Thence proceeding northerly along Booth Calloway, ceasing at the boundary origin at the intersection of Booth Calloway Road and Bridges Avenue. THE CITY OF RICHLAND HILLS BAKER BOULEVARD TAX INCREMENT REINVESTMENT ZONE PROJECT PLAN EXHIBIT B: Existing Zoning Map THE CITY OF RICHLAND HILLS BAKER BOULEVARD TAX INCREMENT REINVESTMENT ZONE PROJECT PLAN EXHIBIT C: Proposed Uses of the Zone Project Cost Projection Administration Annual TIF Maintenace Costs 155,000 Site Marketing 130,000 Consulting ‐ Concept Planning/Design Guidelines/Access Study 35,000 Matching Funds for Grants 100,000 420,000 Bonds Fees & Expenese for Bonds Issues 47,459 Bond Payoff ‐ Interest 933,500 980,959 Landscaping Landscaping ‐ trees & shrubs in median 75,000 Landscaping ‐ sidewalks 160,512 235,512 Streetscape Engineering/Design 381,966 Curb & Gutter 728,640 Sidewalks 971,520 A.D.A. Compliance 30,000 Signal/Crosswalk Improvements 30,000 Upscale Street Lighting 561,280 Fiberglass Power Line 225,000 2,928,406 Medical Clinic Proposed Medical Clinic ‐ Land Acquistion 100,000 Proposed Medical Clinic ‐ Improvements 810,000 910,000 Developer Incentives Developer Incentives 400,000 Façade & Sign Improvements 400,000 Utility Improvements 400,000 1,200,000 Public Park Public Park ‐ Land Acquistion 500,000 Public Park ‐ Improvements 500,000 Public Park ‐ Maintenance 10,000 1,010,000 Total Costs 7,684,877 ORIGINAL PLAN 2009 The City of Richland Hills, Texas Tax Increment Reinvestment Zone #1 Baker Boulevard TIF AMENDED PROJECT PLAN September 2020 City of Richland Hills Baker Boulevard Tax Increment Reinvestment Zone Amended Project Plan Since 1992, the City of Richland Hills has commissioned three separate studies to identify ways to revitalize Baker Boulevard. Each of those studies centered around the common theme of transforming Baker Boulevard from a highway to a Main Street. In 2009 the City of Richland Hills established a Tax Increment Refinancing Zone (TIRZ) along the Baker Boulevard corridor. The purpose of the TIRZ is to dedicate the incremental tax increases generated within the Zone to the public improvements required to improve the appearance and accelerate economic development within the Zone. The Baker Boulevard TIRZ is more fully described in Exhibit A. During the creation of the TIRZ, a Tax Increment Finance (TIF) Plan and Project Plan were adopted. The original Baker Boulevard TIF Finance Plan projected the taxable real property in the zone to increase to $86,656,312 million by the year 2029 and generate a total increment of $8.2 million over the life of the TIF. The taxable sales of the properties within the Zone is projected to increase to $152 million by 2029 and generate a total increment of $1.6 million over the life of the TIF. The TIF Financing Plan included contributions from the taxable incremental property taxes from the following entities: Richland Hills (100%), Tarrant County (75%), Tarrant County College District (50%), and Tarrant County Hospital District (75%). The projected total contributions by each Taxing Unit over the life of the TIF were: • City of Richland Hills - $3.5 million • Tarrant County - $1.4 million • Tarrant County Hospital - $1.2 million • Tarrant County College - $0.5 million • Birdville ISD - $0 In August 2020, the TIF Financing Plan was updated to reflect actual contributions for Fiscal Years 2010 through 2020, and revised revenue projections for Fiscal Years 2021 through 2029, due to the following considerations: • There was no incremental property value increase in the TIRZ until Fiscal Year 2016; no contributions were made, as the taxable value was lower than the 2009 base value for Fiscal Years 2010-2015 • The actual incremental property value is considerably lower than the amount projected in the TIF Financing Plan (Fiscal Year 2020: actual - $22,870,054 / City of Richland Hills Baker Boulevard Tax Increment Reinvestment Zone Amended Project Plan projected - $35,400,036). The projected incremental value in the final year (2029) is $86,656,312 • There are two contributing entities, Richland Hills (100% of taxable incremental value) and Tarrant County (75% of taxable incremental value), rather than the four entities reflected in the adopted financing plan • The contribution for sales tax within the zone averages $75,000 per year • There was a bond sale included in the plan that did not occur The amendment includes only funds from the two contributing entities (Richland Hills and Tarrant County), and projects an annual increase of 1.5% on existing properties. There is new construction of 48 residential homes of with a $200,000 value phased in over three fiscal years (2024, 2025, 2026) included in the incremental property value increase. The contribution for sales tax is $75,00 annually for the nine remaining years. These revisions reduce the amount to be contributed for the remaining years of the TIRZ to $3,093,796. The amended Baker Boulevard TIF Financing Plan and updated projections are shown in Exhibit B. Due to the reduction in the total increment of the TIF, the adopted Project Plan must also be amended. As required for the original TIF Financing and Project Plans, the amended Project Plan must also meet the following requirements set forth in Section 311.011(b) of the Texas Tax Code. 1. A map showing existing uses and conditions of real property in the zone and a map showing proposed improvements to and proposed uses of that property. No changes to the boundaries of the TIRZ are proposed as part of the amended Project Plan. The TIRZ will run along Baker Boulevard, from the intersection of Baker and Booth Calloway Road to the intersection of Baker and Dreeben Drive. It will also cover the area north of Baker along Rufe Snow Drive to Highway 26. The boundaries of the TIRZ are shown in the maps below and more fully described in Exhibit A. City of Richland Hills Baker Boulevard Tax Increment Reinvestment Zone Amended Project Plan In 2014, the City of Richland Hills updated its Comprehensive Zoning Plan. The existing and future land uses within the zone are shown on the maps below. City of Richland Hills Baker Boulevard Tax Increment Reinvestment Zone Amended Project Plan Current Zoning Map: City of Richland Hills Baker Boulevard Tax Increment Reinvestment Zone Amended Project Plan Future Land Use Map: City of Richland Hills Baker Boulevard Tax Increment Reinvestment Zone Amended Project Plan 2. Proposed changes of zoning ordinances, the master plan of the municipality, building codes, other municipal ordinances, and subdivision rules and regulations, if any, of the county. No changes to zoning, master plan, codes, ordinances, or rules and regulations are proposed as part of the amended Project Plan. Any future changes to zoning, master plan, codes, ordinances, or rules and regulations will be made through the established policies and procedures of the City. 3. A list of estimated non-project costs. Non-project costs are development costs not paid for by the zone. The City does not anticipate any non-project costs in the amended Project Plan. 4. A statement of a method of relocating persons to be displaced as a result of implementing the plan. No persons are currently contemplated to be displaced as a result of implementing the amended Project Plan. In the event that any relocations arise as a result of implementing the amended Project Plan, they will be made through the established policies and procedures of the City. The 2009 adopted Project Plan and 2020 amended Project Plan are shown in Exhibit C. The amended Project Plan includes the following modifications: Administration • Annual TIF Maintenance Costs – Reduced by $155,000: There is no cost to the City to administer the TIF, as it is handled by City staff. Category to be eliminated. • Site Marketing – Reduced by $55,000: Due to number of available undeveloped sites within the TIF, the amount was reduced. • Matching Funds for Grants – Reduced by $100,000: Funding for possible grants is contained in the Developer/Business Incentives category. Category to be eliminated. Bonds • Fees & Expense for Bond Issues – Reduced by $47,459: Bonds were not issued and there are no plans to issue bonds over the remaining life of the TIF. Category to be eliminated. City of Richland Hills Baker Boulevard Tax Increment Reinvestment Zone Amended Project Plan • Bond Payoff – Interest – Reduced by $933,500: Bonds were not issued and there are no plans to issue bonds over the remaining life of the TIF. Category to be eliminated. Landscaping • A new category was created (Baker Boulevard Corridor Landscaping) with funding of $165,103. The remaining balance of $22,366 in Landscaping – trees & shrubs in median and $160,512 Landscaping – sidewalks was reallocated in the Project Plan and these categories will be eliminated. Streetscape • Engineering/Design – Reduced by $75,000: Projected future project costs to be lower. • Curb & Gutter – Reduced by $350,000: Projected future project costs to be lower. • Sidewalks - Reduced by $350,000: Projected future project costs to be lower; ADA compliance moved to this project category. • ADA Compliance – Reduced by $30,000: Incorporated into Sidewalks project category. Category to be eliminated. • Signal/Crosswalk Improvements – Increased by $70,000: Provide funding for additional signal improvements. • Upscale Street Lighting – Reduced by $561,280: Project category will not be used. Category to be eliminated. • Fiberglass Power Line - Reduced by $225,000: Project category will not be used. Category to be eliminated. Medical Clinic • Proposed Medical Clinic - Land Acquisition - Reduced by $100,000: Project category will not be used. Category to be eliminated. • Proposed Medical Clinic - Improvements - Reduced by $810,000: Project category will not be used. Category to be eliminated. Developer /Business Incentives (Business added to category title) • Developer Incentives: Increased by $600,000: Provide additional funding for development of undeveloped sites. • Façade & Sign Improvements Grants (Grants added to category) - Decreased by $100,000 based on anticipated costs. • Public Infrastructure Improvements (Utility deleted and replaced with Public Infrastructure) - Decreased by $100,000 based on anticipated costs. City of Richland Hills Baker Boulevard Tax Increment Reinvestment Zone Amended Project Plan Park Facilities (revised to Public Facilities) • Public Park – Land Acquisition - Reduced by $500,000: Project category will not be used. Category to be eliminated. • Park Facilities category title revised to Public Facilities - Increased by $320,000: Provide additional funding for project category. • Public Park – Maintenance - Reduced by $10,000: Project category will not be used. Category to be eliminated. City of Richland Hills Baker Boulevard Tax Increment Reinvestment Zone Amended Project Plan EXHIBIT A: Description of the Zone (map) City of Richland Hills Baker Boulevard Tax Increment Reinvestment Zone Amended Project Plan EXHIBIT A: Description of the Zone (legal description) Beginning near the eastern most city limits at the intersection of Booth Calloway Road and Bridges Avenue, Commence southerly along the west side of Booth Calloway Road to the intersection of Booth Calloway and Baker Boulevard, inclusive of block 89, lots 5R1 and 6R1, Thence commencing westerly along Baker Boulevard in subdivision 34090, inclusive of block 98, lots A1 through A1A, Thence proceeding westerly along Baker Boulevard in subdivision 34090, inclusive of block 99, lots A and B, Thence proceeding westerly along Baker Boulevard in subdivision 34090, inclusive of block 86, lots 1 through 3, Thence proceeding westerly along Baker Boulevard in subdivision 34090, inclusive of block 81, lots 1R1 through 3, Thence proceeding westerly along Baker Boulevard in subdivision 34090, inclusive of block K, lots 6, 6A1, and 7 through 9, and lots 9R1 through 9R4, and lots 10R1 through 10R3A, Thence proceeding westerly along Baker Boulevard in subdivision 34090, inclusive of block L, lots 6 through 10, Thence proceeding westerly along Baker Boulevard in subdivision 34090, inclusive of block 6, lots A and B1 through B3, Thence proceeding westerly along Baker Boulevard in subdivision 13568H, inclusive of block 6, lots 1 and 2R, Thence proceeding westerly along Baker Boulevard in subdivision 13568H, inclusive of block 5, lot 1R, and tracts 2A, 2A1, and 2B, Thence proceeding westerly along Baker Boulevard in subdivision 34090, inclusive of block 29, lot 1, Thence proceeding westerly along Baker Boulevard in subdivision 17747, inclusive of block 29, lot 24A, Thence proceeding westerly along Baker Boulevard in subdivision 17747, inclusive of block 4, lot 15, City of Richland Hills Baker Boulevard Tax Increment Reinvestment Zone Amended Project Plan Thence proceeding westerly along Baker Boulevard in subdivision 17747, inclusive of block 1, lot 3, Thence proceeding westerly along Baker Boulevard in subdivision 17747, inclusive of block 45, lot 1, Thence proceeding westerly along Baker Boulevard in subdivision 17747, inclusive of block 42, lots 11 and 12, and tracts 1 through 3, Thence proceeding westerly along Baker Boulevard in subdivision 17747, inclusive of block 4, lot 15, Thence commencing northerly after the intersection of Rufe Snow and Baker Boulevard, at subdivision 34090, block G, Thence proceeding northerly along Rufe Snow, inclusive of subdivision 34090, block G, Thence proceeding northerly along Rufe Snow, inclusive of subdivision 34090, block F, lots 1 through 12, Thence proceeding northerly along Rufe Snow, inclusive of subdivision 34090, block B, lots 1 through 15, Thence proceeding northerly along Rufe Snow, inclusive of subdivision 34090, block A, lots 1 through 4, Thence proceeding northerly along Rufe Snow, inclusive of subdivision 34090, block 22, lots 6 through 8, Thence proceeding northerly along Rufe Snow to the intersection of Rufe Snow and Boulevard 26, inclusive of subdivision 1609, block 1, lots 1 through 3, Thence proceeding southwesterly along Boulevard 26 to the intersection of Boulevard 26 and Hovenkamp Avenue, Thence proceeding easterly along Hovenkamp Avenue within subdivision 34090 to the easternmost edge of block 22, lot 4, Thence proceeding westerly along Reeves Street within subdivision 34090 to the intersection of Reeves Street and Burge Street, Thence proceeding southerly along Burge Street within subdivision 34090 to the intersection of Burge Street and Davidson Street, City of Richland Hills Baker Boulevard Tax Increment Reinvestment Zone Amended Project Plan Thence proceeding southerly along Burge Street within subdivision 34090 to the southeastern edge of block H, lot 10, Thence proceeding southwesterly within subdivision 34090 along the northwestern property line of block H, lot 11B, inclusive of block H, lots 11A, 11B, and 12, Thence proceeding westerly within subdivision 34090 along the northern property line of block H, lot 13R to Crites Street, inclusive of block H, lot 13R, Thence proceeding southwesterly within subdivision 34090 along the northwestern property line of block D, lot 14 to Baker Boulevard, inclusive of block D, lots 14 and 15, Thence proceeding southerly across Baker Boulevard to the easternmost property line of block 6, within subdivision 34120, Thence proceeding easterly along Baker Boulevard in subdivision 34120, inclusive of block 6, Thence proceeding easterly along Baker Boulevard in subdivision 34120, inclusive of block 7, lots A through C, Thence proceeding easterly along Baker Boulevard in subdivision 34120, inclusive of block 8, lots A and B, and tracts 2B and 2C, Thence proceeding easterly along Baker Boulevard in subdivision 25228, inclusive of block 1, lots and 2, Thence proceeding easterly along Baker Boulevard in subdivision 44736H, inclusive of lot 1A, and tracts 1A and 1A2, Thence proceeding easterly along Baker Boulevard in subdivision 25155, inclusive of block 1, lots 1A and 1B, Thence proceeding easterly along Baker Boulevard in subdivision 25155, inclusive of block 2, lots 2A through C, Thence proceeding southerly to Reeves Street within subdivision 34090 inclusive of block 22, lot 5, and block A, lot 5, Thence proceeding easterly along Baker Boulevard in subdivision 25160, inclusive of block 9, lot A, Thence proceeding easterly along Baker Boulevard in subdivision 25160, inclusive of block 8, lot A, City of Richland Hills Baker Boulevard Tax Increment Reinvestment Zone Amended Project Plan Thence proceeding easterly along Baker Boulevard in the Mathews subdivision, inclusive of lot 7, Thence proceeding easterly along Baker Boulevard in subdivision 34190, inclusive of block 22, lots 1 through 3, Thence proceeding easterly along Baker Boulevard in subdivision 34190, inclusive of block 21, lot 1, Thence proceeding easterly along Baker Boulevard in subdivision 25145, inclusive of block 1, lot 1, Thence proceeding easterly along Baker Boulevard in subdivision 25145, inclusive of block 2, lots 1 through 2A, Thence proceeding easterly along Baker Boulevard in subdivision 45050, inclusive of lots 1 through 6B, and tract 1E, Thence proceeding easterly along Baker Boulevard in subdivision 16290, inclusive of lots 1 through 7, Thence proceeding easterly along the southern edge of Baker Boulevard to the westernmost property line of tract 1D1A1 in subdivision 40869, Thence proceeding easterly along Baker Boulevard in subdivision 38770, inclusive of tracts 1D1A1, 1D1B, 1D1, 1D1B1, 1D1D, and 1D1C, Thence proceeding easterly along Baker Boulevard in subdivision 38770, inclusive of lots1R through 5R, Thence proceeding easterly along Baker Boulevard in subdivision 38765, inclusive of lots 1AR1 through 1AR3B, Thence proceeding easterly along Baker Boulevard in subdivision 38765, inclusive of tracts 1A1 through 1A4, Thence proceeding easterly along Baker Boulevard in subdivision 38765, inclusive of tracts 1A1 through 1A4, Thence proceeding easterly along Baker Boulevard in subdivision 25970, inclusive of tracts 1 through 1D2, Thence proceeding easterly along Baker Boulevard in subdivision 25970, inclusive of block 6, lots 1R1 through 7R, City of Richland Hills Baker Boulevard Tax Increment Reinvestment Zone Amended Project Plan Thence proceeding easterly along Baker Boulevard in subdivision 25970, inclusive of block 7, Thence proceeding easterly along Baker Boulevard in subdivision 25970, inclusive of tracts 2B, 2C, and 2E, Thence proceeding easterly along Baker Boulevard in subdivision 25970 to the easternmost city limit, inclusive of tracts 5B, 5B1, and 5B1B, Thence proceeding northerly along Booth Calloway, ceasing at the boundary origin at the intersection of Booth Calloway Road and Bridges Avenue, City of Richland Hills Baker Boulevard Tax Increment Reinvestment Zone Amended Project Plan EXHIBIT B: Amended TIF Financing Plan and Projections City of Richland Hills Baker Boulevard Tax Increment Reinvestment Zone Amended Project Plan City of Richland Hills Baker Boulevard Tax Increment Reinvestment Zone Amended Project Plan EXHIBIT C: 2009 Adopted Project Plan City of Richland Hills Baker Boulevard Tax Increment Reinvestment Zone Amended Project Plan EXHIBIT C: 2020 Amended Project Plan The City of Richland Hills, Texas Tax Increment Reinvestment Zone Number 1 Baker Boulevard TIF PRELIMINARY FINANCING PLAN DRAFT Prepared by: Orasi Development 512 Main Street, suite 706 Fort Worth, TX 76102 817.882.9601 www.orasidevelopment.com THE CITY OF RICHLAND HILLS BAKER BOULEVARD TAX INCREMENT REINVESTMENT ZONE FINANCING PLAN - DRAFT ECONOMIC FEASIBILITY STUDY History & Current Status What is now Baker Boulevard was first established as Highway 183 in 1939 as the primary route from Fort Worth to Dallas. It was expanded to four lanes in 1950, prompting substantial residential development within the area. By the end of the 1970s, Richland Hills had been fully developed. During this time period, development along Highway 183 reflected the roadway's status as a highway, a trend that continues even today. Over the next few decades, Highway 183 lost its position as the primary connector between Fort Worth and Dallas to the freeways that continue to serve the area. During this time the roadway was designated "Highway 10" as Highway 183 was rerouted. The stretch of the highway which runs through Richland Hills was renamed "Baker Boulevard," yet the corridor retains its bias toward highway-oriented development. As it exists today, Baker Boulevard has been described as a rural highway in an urban setting. Property depths along Baker Boulevard reflect what was the standard for highway-side development throughout the 1950s and 1960s, and, as such, are inadequate for the size of contemporary retail today (often referred to as "Big Box" retailers) development today. Addressing the situation created by these shallow depths require extensive improvements in order to promote development along certain portions of Baker Boulevard that does not require Big Box depths. In other words, it is necessary to transition the area from a highway setting to that of a urban boulevard. Since 1992, the City of Richland Hills has commissioned three separate studies to identify ways to revitalize Baker Boulevard. Each of those studies centered around the common theme of transforming Baker Boulevard from a highway to a Main Street. These recommendations are reflected in the projected proposals contained within this document. For over the past two decades, development along Baker Boulevard has been sparse and of an undesirable quality. Until the corridor has undergone the various infrastructure improvements necessary to transform it from a highway to true boulevard, it is unlikely for the current development trends to discontinue. THE CITY OF RICHLAND HILLS BAKER BOULEVARD TAX INCREMENT REINVESTMENT ZONE FINANCING PLAN - DRAFT ECONOMIC FEASIBILITY STUDY (continued) However, given Baker Boulevard's proximity to major thoroughfares on either end of the (Hwy Loop 820 on the east, Highway 26 and Rufe Snow on the west), there are a few sites within the TIRZ that represent significant opportunities for retail development or redevelopment within the next few years, thereby generating the initial increment in the Zone needed to fund the public improvements for the renovation of the interior of the street into a true urban boulevard. We anticipate the creation of the 154 acre Baker Boulevard TIF and site marketing costs are to be funded by the TIF to further increase the marketability of these sites. Specifically, the plot of land at the tip of Rufe Snow and Highway 26 has the location and traffic count to make a promising grocery store site and the former Sam's Club site near Loop 820 will be an attractive redevelopment opportunity for a Big Box retailer looking for a Highway location once the property becomes free from the leases that currently encumber it. Once these developments are secured, they will effectively transform the eastern section of Baker Boulevard near Highway 820 into a "Merchant District" — one anchored by a traditional Big Box retailer (more than 100,000 sf). Likewise, the western region of Baker Boulevard, near Rufe Snow and Highway 26 will become a "Market District" — one anchored by smaller (non-Big Box, under 100K sf) retailers. Once these developments and some ancillary others take place at the "Merchant" and "Market" districts near the respective ends of Baker Boulevard, the funds will be in place for the public improvements needed to begin creating a "Main Street District" along the interior corridor of Baker Boulevard. This Main Street will be attractive for retailers and developers who are increasingly looking for more upscale and urban sites. Typical development is projected to be 2-4 story mixed-use properties, with retail at ground level and residences above. The new, urban "Main Street District", along with Richland Hill's proximity to Downtown Fort Worth, the DFW Airport, the THE station, and major highways will make this an appealing location for people who previously would not have considered Richland Hills THE CITY OF RICHLAND HILLS BAKER BOULEVARD TAX INCREMENT REINVESTMENT ZONE FINANCING PLAN - DRAFT ECONOMIC FEASIBILITY STUDY (continued) as a residence. We anticipate not only mixed- use development in this "Main Street" or City Center District, but additional retail development as well. The creation of the City Center District is further anticipated to boost the City's sales tax revenue and create new employment opportunities within the City (see Illustration A). The increment created by the developments in the Merchant and Market districts, and eventually the Main Street District as well, is anticipated to be sufficient to cover all project costs. The increment is also anticipated to be sufficient to issue debt approximately 10 years into the life of the project, to finance the remaining project costs at that time. Note that the issuance of debt will be at the option of the TIF Board based on the performance of the TIRZ and other market conditions, and is not a requirement of the TIF. Tax Increment Analysis The tax increment analysis was generated by performing the following tasks: ♦ Designating an eligible area as the Baker Boulevard tax increment reinvestment zone ("Zone"), ♦ Determining the current base assessed value of the existing property within the Zone, ♦ Projecting the tax rate captured by the TIF, including any contributions from other taxing authorities, ♦ Projecting new development within the Zone and determining the amount of tax increment created from the zone over the existing base value. ♦ Determining what public improvements are needed, and the estimated cost of the improvements, to achieve the goals of the TIF, ♦ Creating an economic proforma, showing the use of the tax increment funds for the public improvements needed, as they become available. THE CITY OF RICHLAND HILLS BAKER BOULEVARD TAX INCREMENT REINVESTMENT ZONE FINANCING PLAN - DRAFT ECONOMIC FEASIBILITY STUDY (continued) The economic projections included in this analysis are dependant on the following major assumptions: ♦ The timing and value of new development within the Zone, ♦ Appreciation of existing land and improvements within the Zone, ♦ The loss of value for any existing development improvements demolished to make way for new development, and ♦ Future tax rates and the percentage of participation of each taxing jurisdiction. See Section 8 of this Financing Plan and the economic proforma for more information assumptions used in the financial projections. Projected new development in the Zone was based on comparables of the taxable values and taxable sales revenue of similar projects, particularly in nearby municipalities when available. The value on the tax roles is assumed to approximate their initial construction costs, which is in accordance with Tarrant County taxing policy. THE CITY OF RICHLAND HILLS BAKER BOULEVARD TAX INCREMENT REINVESTMENT ZONE FINANCING PLAN - DRAFT The Tax Increment Reinvestment Zone ("TIRZ") Financing Plan provides information on the projected economic impact of the TIRZ. The plan details the tax valuation projections for the TIRZ, as well as the projected tax increments captured by the TIRZ. It also details the increment created from contributions of each taxing entity, as well as how the increment created can be utilized to enhance the region, eliminate blighted conditions, and contribute to further economic growth in the TIRZ. The reinvestment zone financing plan must include the following items: 1. A detailed list describing the estimated project costs of the zone, including administrative expenses. ♦ Redevelopment within the Baker TIF will consist of a combination of public improvements and private investment projects over time. These improvements will create a comfortable, pedestrian-friendly "main street" environment which is necessary to attract mixed-use economic growth opportunities within the Zone. ♦ The initial improvements contemplated in the Baker TIF include public infrastructure (curb & gutter, drainage, sidewalks, decorative streetlights, public park with a fountain, etc.) associated with "main street" style retail and mixed-use development. A county hospital clinic is also contemplated to be added in the Zone as an amenity to the residents of the City, particularly to those residents in the nearby assisted living community, though this is still in discussion with the County and the Hospital District and is preliminary at this time. In addition, Demolition, environmental remediation, and all expenses allowable under the Tax Increment Financing Act are contemplated to be performed on an as-needed basis within the Zone. Note that some of the infrastructure costs will be covered by grants obtained by the City. The improvements planned for the Baker Boulevard tax increment reinvestment zone will include, but are not limited to, the following: • Beautification landscaping along the existing medians, primarily trees • Wide, pedestrian-friendly (10-12') sidewalks on both sides of the street • Curb and gutter abutted to the sidewalks • Drainage piping and inlets added throughout district • Landscaping along the sidewalks, to create shade and beautification and further enhance the pedestrian-friendly atmosphere of the area • Decorative, highway-grade street lighting fixtures • 60' colorful fiberglass utility poles • Public park and plaza with large decorative fountain • Potential county hospital clinic • Administrative expenses for maintenance of the TIF THE CITY OF RICHLAND HILLS BAKER BOULEVARD TAX INCREMENT REINVESTMENT ZONE FINANCING PLAN - DRAFT See Exhibit A for the detail listing of TIF projects and estimated costs. 2. A statement listing the kind, number, and location of all proposed public works or public improvements in the zone. ♦ See Section 1 above and Exhibit A for a listing of proposed public improvements in the zone. Public improvements will be located primarily in the Central City District of the TIRZ (shown in the red areas of the map below). ♦ The first phase of landscaping will be added to the existing medians in the Main Street district of the TIRZ. Sidewalks, curb and gutter, drainage improvements, and sidewalk landscaping will be added over the existing shoulder and drainage ditches of the district. See pictures below for examples of existing drainage ditch that would be replaced by sidewalk, curb and gutter. THE CITY OF RICHLAND HILLS BAKER BOULEVARD TAX INCREMENT REINVESTMENT ZONE FINANCING PLAN - DRAFT In order to maximize the effectiveness of the public improvements in creating a "main street" environment and attracting development, it is contemplated that a portion of the curb and gutter work will be performed early in the life of the TIF, using funds from the RTC grant (the RTC grant funds will also be used for some other improvements not included in the TIF plan). The remaining infrastructure improvements will performed as sufficient increment becomes available. THE CITY OF RICHLAND HILLS BAKER BOULEVARD TAX INCREMENT REINVESTMENT ZONE FINANCING PLAN - DRAFT 3. The estimated amount of bonded indebtedness to be incurred; ♦ No bonded indebtedness in contemplated to be incurred at this time. However, the City and TIF Board will consider issuing bonds to be serviced by funds generated by the TIF revenue when sufficient increment has been generated to support a debt issuance sufficient to fund all or substantially all remaining infrastructure project costs, or at such other time as the TIF Board deems appropriate. 4. The time when related costs or monetary obligations are to be incurred; ♦ See Exhibit C for projected timing of project costs to be incurred. 5. 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 that levies taxes on real property in the zone; ♦ All project costs are expected to be paid for by incremental property tax and sales tax revenue generated by the TIF on a pay-as-you go basis. As mentioned above, debt issuance will be contemplated as the TIF increment grows sufficient to support a bond issuance to fund a substantial amount of the remaining project costs. The percentage of the tax increment derived from the property taxes of each taxing unit that levies taxes in the TIRZ is as follows (also shown in Exhibit B): • City of Richland Hills — 100% • Tarrant County — 75% • Tarrant County Hospital — 75% • Tarrant County College — 25% • Birdville ISD — 0% In addition, a .125% sales tax increment will be contributed to the TIF from the City of Richland Hills. THE CITY OF RICHLAND HILLS BAKER BOULEVARD TAX INCREMENT REINVESTMENT ZONE FINANCING PLAN - DRAFT 6. The current total appraised value of taxable real property in the zone; ♦ The current appraised value of the taxable real property in the Baker Boulevard TIRZ is estimated to be $48,619,230, based upon 2008 appraised values. ♦ This is approximately 10.7% of the total appraised value of all taxable property in the City of Richland Hills, or well within the 15% limit required by section 311.006(a)(2) (Based on the total taxable appraised value of $455,461,741.) ♦ Total value of the privately-owned property used for residential purposes within the Baker Boulevard TIRZ is $3,206,211, or 6.6% of the total taxable real property in the TIRZ, which is within the 10% maximum allowed by section 311.006(a)(1). 7. The estimated captured appraised value of the zone during each year of its existence; ♦ This section outlines the projected Zone tax increment. The actual increment generated will depend on several factors, including: • The base value of the real property in the Zone subject to property tax o Property value estimated to be $48.6 million — see Exhibit B o Existing sales tax base estimated to be $9.4 million — see Exhibit B • Expected Growth of the Taxable Real Property in the Zone o The taxable real property in the zone is projected to increase to $116.1 million by the year 2028 and generate a total increment of $6.1 million over the life of the TIF. o The taxable sales of the properties within the Zone is projected to increase to $117.9 million by 2028 and generate a total increment of $1.6 million over the life of the TIF. o Note that the projection of the future tax increment captured is dependent on the timing and value of new development, the appreciation of existing land and improvements, and the loss of value from any existing improvements removed or demolished to make way for new developments. These projections are estimates based on the information known to date, and are subject to change based on market conditions. THE CITY OF RICHLAND HILLS BAKER BOULEVARD TAX INCREMENT REINVESTMENT ZONE FINANCING PLAN - DRAFT o A 2.5% annual base growth rate is used as an estimate for appreciation of existing improvements and taxable sales, which is considered to be conservative. o See Exhibit B for the detail of the annual growth projection. • Participation by Taxing Units o The Taxing Units have not yet agree to a specific level of participation. However, the economic projections utilized in this plan project participation as outlined in section 6 above. The projected total contributions by each Taxing Unit over the life of the TIF are:  City of Richland Hills - $3.2 million  Tarrant County - $1.4 million  Tarrant County Hospital - $1.2 million  Tarrant County College - $0.2 million  Birdville ISD - $0 • Projected Tax Rates & Collections o Property tax rates are conservatively assumed to remain unchanged from the 2008 rates. The plan assumes a 100% collection rate by all taxing units. • The duration of the Zone o The duration of the Zone will be the lesser of 21 years or when all project costs are paid. Assuming the Zone exists for its full term, the expiration date of the Zone will be December 31, 2028. The Zone will begin with the increment generated by the 2009 tax appraisal and end with the increment generated by the 2028 tax appraisal. Note that the economic proforma included in Exhibit C shows the funds created by the increment spent for public improvements one year in arrears, to be consistent with the property tax collection deadline of January 31 of the year after the tax assessment (i.e. 2008 taxes are collected by Jan 31, 2009). City of Richland Hills Baker Boulevard Tax Increment Reinvestment Zone Financing Plan: Property Tax Projections Base Year 2009 Increment 2009 2010 2011 2012 2013 2014 Base Year Taxable Value 43,164,666 43,164,666 43,164,666 43,164,666 43,164,666 43,164,666 Projected Value Increase 1.00%1.00%1.50%1.50%2.00% Annual Increase in Existing Value 431,647 437,963 684,514 694,782 1,024,271 Cummulative Annual Increase 431,647 869,610 1,554,124 2,248,906 3,273,177 Improvements Southwest Metrofuel 200,000 200,000 200,000 200,000 200,000 Just Peachy Autoshop 1,400,000 1,400,000 1,400,000 1,400,000 Rufe Snow & Hwy. 26 grocery site 4,200,000 4,850,000 7500 Baker Rufe Snow & Baker Baker & Ash Total Addition from New Development 0 200,000 1,600,000 1,600,000 5,800,000 6,450,000 Total Taxable Value 43,164,666 43,796,313 45,634,276 46,318,790 51,213,572 52,887,843 Incremental Value over Base 0 631,647 2,469,610 3,154,124 8,048,906 9,723,177 Property Tax Participation City of Richland Hills 0.459202 0.473042 0.473042 0.473042 0.473042 0.473042 Taxes Revenue from Increment 2,988 11,682 14,920 38,075 45,995 TIF Participation 100%100%100%100%100% TIF Contribution 2,988 11,682 14,920 38,075 45,995 Tarrant County 0.264 0.264 0.264 0.264 0.264 0.264 Taxes Revenue from Increment 1,668 6,520 8,327 21,249 25,669 TIF Participation 75%75%75%75%75% TIF Contribution 1,251 4,890 6,245 15,937 19,252 Tarrant County College District 0.13796 0.13796 0.13796 0.13796 0.13796 0.13796 Taxes Revenue from Increment 871 3,407 4,351 11,104 13,414 TIF Participation 50%50%50%50%50% TIF Contribution 436 1,704 2,176 5,552 6,707 Tarrant County Hospital District 0.227897 0.227897 0.227897 0.227897 0.227897 0.227897 Taxes Revenue from Increment 1,440 5,628 7,188 18,343 22,159 TIF Participation 75%75%75%75%75% TIF Contribution 1,080 4,221 5,391 13,757 16,619 Total Annual Increment Created 5,754 27,237 34,787 88,771 107,237 Cummulative Increment Created 5,754 32,991 67,778 156,549 263,786 City of Richland Hills Baker Boulevard Tax Increment Reinvestment Zone Financing Plan: Property Tax Projections Base Year Taxable Value Projected Value Increase Annual Increase in Existing Value Cummulative Annual Increase Improvements Southwest Metrofuel Just Peachy Autoshop Rufe Snow & Hwy. 26 grocery site 7500 Baker Rufe Snow & Baker Baker & Ash Total Addition from New Development Total Taxable Value Incremental Value over Base Property Tax Participation City of Richland Hills Taxes Revenue from Increment TIF Participation TIF Contribution Tarrant County Taxes Revenue from Increment TIF Participation TIF Contribution Tarrant County College District Taxes Revenue from Increment TIF Participation TIF Contribution Tarrant County Hospital District Taxes Revenue from Increment TIF Participation TIF Contribution Total Annual Increment Created Cummulative Increment Created 2015 2016 2017 2018 2019 43,164,666 43,164,666 43,164,666 43,164,666 43,164,666 2.00%2.50%2.50%3.00%3.00% 1,057,757 1,578,640 1,673,106 2,057,920 2,152,658 4,330,934 5,909,574 7,582,680 9,640,600 11,793,258 200,000 200,000 200,000 200,000 200,000 1,400,000 1,400,000 1,400,000 1,400,000 1,400,000 4,850,000 4,850,000 4,850,000 4,850,000 4,850,000 9,200,000 11,400,000 11,400,000 11,400,000 11,400,000 1,100,000 3,100,000 15,650,000 17,850,000 17,850,000 18,950,000 20,950,000 63,145,600 66,924,240 68,597,346 71,755,266 75,907,924 19,980,934 23,759,574 25,432,680 28,590,600 32,743,258 0.473042 0.473042 0.473042 0.473042 0.473042 94,518 112,393 120,307 135,246 154,889 100%100%100%100%100% 94,518 112,393 120,307 135,246 154,889 0.264 0.264 0.264 0.264 0.264 52,750 62,725 67,142 75,479 86,442 75%75%75%75%75% 39,562 47,044 50,357 56,609 64,832 0.13796 0.13796 0.13796 0.13796 0.13796 27,566 32,779 35,087 39,444 45,173 50%50%50%50%50% 13,783 16,389 17,543 19,722 22,586 0.227897 0.227897 0.227897 0.227897 0.227897 45,536 54,147 57,960 65,157 74,621 75%75%75%75%75% 34,152 40,611 43,470 48,868 55,966 220,370 262,044 280,497 315,325 361,125 484,156 746,200 1,026,697 1,342,022 1,703,147 City of Richland Hills Baker Boulevard Tax Increment Reinvestment Zone Financing Plan: Property Tax Projections Base Year Taxable Value Projected Value Increase Annual Increase in Existing Value Cummulative Annual Increase Improvements Southwest Metrofuel Just Peachy Autoshop Rufe Snow & Hwy. 26 grocery site 7500 Baker Rufe Snow & Baker Baker & Ash Total Addition from New Development Total Taxable Value Incremental Value over Base Property Tax Participation City of Richland Hills Taxes Revenue from Increment TIF Participation TIF Contribution Tarrant County Taxes Revenue from Increment TIF Participation TIF Contribution Tarrant County College District Taxes Revenue from Increment TIF Participation TIF Contribution Tarrant County Hospital District Taxes Revenue from Increment TIF Participation TIF Contribution Total Annual Increment Created Cummulative Increment Created 2020 2021 2022 2023 2024 43,164,666 43,164,666 43,164,666 43,164,666 43,164,666 3.50%4.00%4.50%5.00%5.00% 2,656,777 3,142,588 3,676,828 4,269,206 4,707,666 14,450,036 17,592,624 21,269,452 25,538,658 30,246,324 200,000 200,000 200,000 200,000 200,000 1,400,000 1,400,000 1,400,000 1,400,000 1,400,000 4,850,000 4,850,000 4,850,000 4,850,000 4,850,000 11,400,000 11,400,000 11,400,000 11,400,000 11,400,000 3,100,000 3,100,000 3,100,000 3,100,000 3,100,000 4,500,000 4,500,000 20,950,000 20,950,000 20,950,000 25,450,000 25,450,000 78,564,702 81,707,290 85,384,118 94,153,324 98,860,990 35,400,036 38,542,624 42,219,452 50,988,658 55,696,324 0.473042 0.473042 0.473042 0.473042 0.473042 167,457 182,323 199,716 241,198 263,467 100%100%100%100%100% 167,457 182,323 199,716 241,198 263,467 0.264 0.264 0.264 0.264 0.264 93,456 101,753 111,459 134,610 147,038 75%75%75%75%75% 70,092 76,314 83,595 100,958 110,279 0.13796 0.13796 0.13796 0.13796 0.13796 48,838 53,173 58,246 70,344 76,839 50%50%50%50%50% 24,419 26,587 29,123 35,172 38,419 0.227897 0.227897 0.227897 0.227897 0.227897 80,676 87,837 96,217 116,202 126,930 75%75%75%75%75% 60,507 65,878 72,163 87,151 95,198 390,427 425,086 465,638 562,353 614,274 2,093,574 2,518,660 2,984,298 3,546,651 4,160,925 City of Richland Hills Baker Boulevard Tax Increment Reinvestment Zone Financing Plan: Property Tax Projections Base Year Taxable Value Projected Value Increase Annual Increase in Existing Value Cummulative Annual Increase Improvements Southwest Metrofuel Just Peachy Autoshop Rufe Snow & Hwy. 26 grocery site 7500 Baker Rufe Snow & Baker Baker & Ash Total Addition from New Development Total Taxable Value Incremental Value over Base Property Tax Participation City of Richland Hills Taxes Revenue from Increment TIF Participation TIF Contribution Tarrant County Taxes Revenue from Increment TIF Participation TIF Contribution Tarrant County College District Taxes Revenue from Increment TIF Participation TIF Contribution Tarrant County Hospital District Taxes Revenue from Increment TIF Participation TIF Contribution Total Annual Increment Created Cummulative Increment Created 2028 Increment 2025 2026 2027 2028 2029 43,164,666 43,164,666 43,164,666 43,164,666 43,164,666 5.00%5.00%5.00%5.00%5.00% 4,943,050 5,340,202 5,607,212 5,887,573 6,181,951 35,189,374 40,529,575 46,136,788 52,024,360 58,206,312 200,000 200,000 200,000 200,000 200,000 1,400,000 1,400,000 1,400,000 1,400,000 1,400,000 4,850,000 4,850,000 4,850,000 4,850,000 4,850,000 11,400,000 11,400,000 11,400,000 11,400,000 11,400,000 3,100,000 3,100,000 3,100,000 3,100,000 3,100,000 7,500,000 7,500,000 7,500,000 7,500,000 7,500,000 28,450,000 28,450,000 28,450,000 28,450,000 28,450,000 106,804,040 112,144,241 117,751,454 123,639,026 129,820,978 63,639,374 68,979,575 74,586,788 80,474,360 86,656,312 0.473042 0.473042 0.473042 0.473042 0.473042 301,041 326,302 352,827 380,678 409,921 100%100%100%100%100% 301,041 326,302 352,827 380,678 409,921 0.264 0.264 0.264 0.264 0.264 168,008 182,106 196,909 212,452 228,773 75%75%75%75%75% 126,006 136,580 147,682 159,339 171,579 0.13796 0.13796 0.13796 0.13796 0.13796 87,797 95,164 102,900 111,022 119,551 50%50%50%50%50% 43,898 47,582 51,450 55,511 59,776 0.227897 0.227897 0.227897 0.227897 0.227897 145,032 157,202 169,981 183,399 197,487 75%75%75%75%75% 108,774 117,902 127,486 137,549 148,115 701,878 760,775 822,617 887,551 955,732 4,862,803 5,623,579 6,446,195 7,333,746 8,289,478 City of Richland Hills Baker Boulevard Tax Increment Reinvestment Zone Financing Plan: Sales Tax Projections Base Year 2009 Increment 2009 2010 2011 2012 2013 2014 Base Year Taxable Value 8,800,200 8,800,200 8,800,200 8,800,200 8,800,200 8,800,200 Projected Value Increase 1.00%1.00%1.50%1.50%2.00% Annual Increase on Existing Sales 88,002 89,182 138,861 140,944 204,744 Cummulative Annual Increase 88,002 177,184 316,045 456,988 661,732 Improvements Southwest Metrofuel 30,000 30,000 30,000 30,000 30,000 Just Peachy Autoshop 250,000 250,000 250,000 250,000 Rufe Snow & Hwy. 26 grocery site 700,000 800,000 7500 Baker Rufe Snow & Baker Baker & Ash Total Addition from New Development 0 30,000 280,000 280,000 980,000 1,080,000 Total Taxable Value 8,800,200 8,918,202 9,257,384 9,396,245 10,237,188 10,541,932 Incremental Value over Base 0 118,002 457,184 596,045 1,436,988 1,741,732 Sales Tax Participation City of Richland Hills 0.125%0.125%0.125%0.125%0.125%0.125% Total Annual Increment Created 148 571 745 1,796 2,177 Cummulative Increment Created 148 719 1,464 3,260 5,437 City of Richland Hills Baker Boulevard Tax Increment Reinvestment Zone Financing Plan: Sales Tax Projections Base Year Taxable Value Projected Value Increase Annual Increase on Existing Sales Cummulative Annual Increase Improvements Southwest Metrofuel Just Peachy Autoshop Rufe Snow & Hwy. 26 grocery site 7500 Baker Rufe Snow & Baker Baker & Ash Total Addition from New Development Total Taxable Value Incremental Value over Base Sales Tax Participation City of Richland Hills Total Annual Increment Created Cummulative Increment Created 2015 2016 2017 2018 2019 2020 8,800,200 8,800,200 8,800,200 8,800,200 8,800,200 8,800,200 2.00%2.50%2.50%3.00%3.00%3.50% 210,839 768,819 1,038,040 1,576,789 1,945,093 2,946,353 872,571 1,641,390 2,679,430 4,256,219 6,201,311 9,147,664 30,000 30,000 30,000 30,000 30,000 30,000 250,000 250,000 250,000 250,000 250,000 250,000 800,000 800,000 800,000 800,000 900,000 900,000 20,000,000 30,000,000 40,000,000 50,000,000 60,000,000 65,000,000 700,000 8,000,000 900,000 21,080,000 31,080,000 41,080,000 51,780,000 69,180,000 67,080,000 30,752,771 41,521,590 52,559,630 64,836,419 84,181,511 85,027,864 21,952,571 32,721,390 43,759,430 56,036,219 75,381,311 76,227,664 0.125%0.125%0.125%0.125%0.125%0.125% 27,441 40,902 54,699 70,045 94,227 95,285 32,878 73,780 128,479 198,524 292,751 388,036 City of Richland Hills Baker Boulevard Tax Increment Reinvestment Zone Financing Plan: Sales Tax Projections Base Year Taxable Value Projected Value Increase Annual Increase on Existing Sales Cummulative Annual Increase Improvements Southwest Metrofuel Just Peachy Autoshop Rufe Snow & Hwy. 26 grocery site 7500 Baker Rufe Snow & Baker Baker & Ash Total Addition from New Development Total Taxable Value Incremental Value over Base Sales Tax Participation City of Richland Hills Total Annual Increment Created Cummulative Increment Created 2021 2022 2023 2024 2025 2026 8,800,200 8,800,200 8,800,200 8,800,200 8,800,200 8,800,200 4.00%4.50%5.00%5.50%6.00%6.50% 3,401,115 4,042,304 4,698,564 5,547,842 6,397,061 7,488,959 12,548,779 16,591,083 21,289,647 26,837,489 33,234,550 40,723,509 30,000 30,000 30,000 30,000 30,000 30,000 250,000 250,000 250,000 250,000 250,000 250,000 900,000 900,000 900,000 1,000,000 1,000,000 1,000,000 66,300,000 66,300,000 66,300,000 66,300,000 66,300,000 66,300,000 1,000,000 1,100,000 1,200,000 1,300,000 1,400,000 1,500,000 2,100,000 2,100,000 4,200,000 4,200,000 68,480,000 68,580,000 70,780,000 70,980,000 73,180,000 73,280,000 89,828,979 93,971,283 100,869,847 106,617,689 115,214,750 122,803,709 81,028,779 85,171,083 92,069,647 97,817,489 106,414,550 114,003,509 0.125%0.125%0.125%0.125%0.125%0.125% 101,286 106,464 115,087 122,272 133,018 142,504 489,322 595,785 710,873 833,144 966,163 1,108,667 City of Richland Hills Baker Boulevard Tax Increment Reinvestment Zone Financing Plan: Sales Tax Projections Base Year Taxable Value Projected Value Increase Annual Increase on Existing Sales Cummulative Annual Increase Improvements Southwest Metrofuel Just Peachy Autoshop Rufe Snow & Hwy. 26 grocery site 7500 Baker Rufe Snow & Baker Baker & Ash Total Addition from New Development Total Taxable Value Incremental Value over Base Sales Tax Participation City of Richland Hills Total Annual Increment Created Cummulative Increment Created 2028 Increment 2027 2028 2029 8,800,200 8,800,200 8,800,200 7.00%7.50%8.00% 8,596,260 9,862,498 11,316,997 49,319,768 59,182,266 70,499,263 30,000 30,000 30,000 250,000 250,000 250,000 1,000,000 1,000,000 1,100,000 66,300,000 66,300,000 66,300,000 1,600,000 1,700,000 1,800,000 4,200,000 4,200,000 4,200,000 73,380,000 73,480,000 73,680,000 131,499,968 141,462,466 152,979,463 122,699,768 132,662,266 144,179,263 0.125%0.125%0.125% 153,375 165,828 180,224 1,262,042 1,427,870 1,608,094 City of Richland Hills Baker Boulevard Tax Increment Reinvestment Zone Financing Plan: Economic ProForma 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Proceeds TIRZ Increment Created - Property Tax 0 5,754 27,237 34,787 88,771 107,237 220,370 262,044 280,497 315,325 361,125 TIRZ Increment Created - Sales Tax 0 148 571 745 1,796 2,177 27,441 40,902 54,699 70,045 94,227 Interest Revenue on TIRZ Funds 0 89 576 998 2,287 2,329 4,749 10,680 17,757 99,169 Proceeds from Debt Issuance 4,144,877 Total Annual Proceeds 0 5,901 27,897 36,108 91,566 111,701 250,140 307,695 345,876 4,548,004 554,521 Carry forward Unspent Funds in PY 0 5,901 28,799 49,907 91,472 93,173 158,313 356,008 591,884 3,305,641 Total Available Procees 0 5,901 33,799 64,907 141,472 203,173 343,313 466,008 701,884 5,139,888 3,860,162 Interest Rate on TIRZ Funds 1.00%1.50%1.50%2.00%2.00%2.50%2.50%3.00%3.00%3.00%3.00% Project Cost Projection Annual TIF Maintenace Costs 155,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 10,000 10,000 Site Marketing 130,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 Consulting - Concept Planning/Design Guidelines 35,000 35,000 Matching Funds for Grants 100,000 20,000 20,000 20,000 20,000 20,000 Bonds Fees & Expenese for Bonds Issues 47,459 47,459 Bond Payoff - Straight Line 4,097,420 409,742 409,742 Streetscape Improvements Landscaping - trees & shrubs in median 75,000 75,000 Landscaping - sidewalks 160,512 160,512 Engineering/Design 381,966 381,966 Curb & Gutter 728,640 364,320 364,320 Sidewalks 971,520 485,760 485,760 A.D.A. Compliance 30,000 15,000 15,000 Signal/Crosswalk Improvements 30,000 15,000 15,000 Upscale Street Lighting 561,280 561,280 Fiberglass Power Line 225,000 225,000 Medicial Clinic Proposed Medical Clinic - Land Acquistion 100,000 100,000 Proposed Medical Clinic - Improvements 810,000 810,000 Developer Incentives Developer Incentives 400,000 25,000 25,000 25,000 25,000 25,000 25,000 Façade & Sign Improvements 400,000 25,000 25,000 25,000 25,000 25,000 25,000 Utility Improvements 400,000 25,000 25,000 25,000 25,000 25,000 25,000 Public Park Improvements Public Park - Land Acquistion 500,000 Public Park - Improvements 500,000 Public Park - Maintenance 10,000 Total Costs 10,848,797 0 0 5,000 15,000 50,000 110,000 185,000 110,000 110,000 1,834,247 3,241,614 Fund Balance at YR End 0 5,901 28,799 49,907 91,472 93,173 158,313 356,008 591,884 3,305,641 618,548 City of Richland Hills Baker Boulevard Tax Increment Reinvestment Zone Financing Plan: Economic ProForma Proceeds TIRZ Increment Created - Property Tax TIRZ Increment Created - Sales Tax Interest Revenue on TIRZ Funds Proceeds from Debt Issuance Total Annual Proceeds Carry forward Unspent Funds in PY Total Available Procees Interest Rate on TIRZ Funds Project Cost Annual TIF Maintenace Costs Site Marketing Consulting - Concept Planning/Design Guidelines Matching Funds for Grants Bonds Fees & Expenese for Bonds Issues Bond Payoff - Straight Line Streetscape Improvements Landscaping - trees & shrubs in median Landscaping - sidewalks Engineering/Design Curb & Gutter Sidewalks A.D.A. Compliance Signal/Crosswalk Improvements Upscale Street Lighting Fiberglass Power Line Medicial Clinic Proposed Medical Clinic - Land Acquistion Proposed Medical Clinic - Improvements Developer Incentives Developer Incentives Façade & Sign Improvements Utility Improvements Public Park Improvements Public Park - Land Acquistion Public Park - Improvements Public Park - Maintenance Total Costs Fund Balance at YR End 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 Line Item Total 390,427 425,086 465,638 562,353 614,274 701,878 760,775 822,617 887,551 955,732 8,289,478 95,285 101,286 106,464 115,087 122,272 133,018 142,504 153,375 165,828 180,224 1,608,094 18,556 18,692 20,052 22,824 28,840 36,809 47,968 61,513 77,646 93,727 565,263 4,144,877 504,268 545,064 592,154 700,265 765,386 871,705 951,248 1,037,505 1,131,025 1,229,683 14,607,711 618,548 623,074 668,396 760,808 961,330 1,226,974 1,598,938 2,050,443 2,588,206 3,124,231 1,122,816 1,168,138 1,260,550 1,461,072 1,726,716 2,098,680 2,550,185 3,087,948 3,719,231 4,353,914 3.00%3.00%3.00%3.00%3.00%3.00%3.00%3.00%3.00%3.00% 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 155,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 130,000 35,000 100,000 47,459 409,742 409,742 409,742 409,742 409,742 409,742 409,742 409,742 4,097,420 75,000 160,512 381,966 728,640 971,520 30,000 30,000 561,280 225,000 100,000 810,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 400,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 400,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 400,000 500,000 500,000 500,000 500,000 5,000 5,000 10,000 499,742 499,742 499,742 499,742 499,742 499,742 499,742 499,742 595,000 595,000 10,848,797 623,074 668,396 760,808 961,330 1,226,974 1,598,938 2,050,443 2,588,206 3,124,231 3,758,914 City of Richland HIlls Baker Boulevard Tax Increment Reinvestment Zone Financing Plan: Bond Projection Costs Financed Streetscape $2,928,406 Landscaping $235,512 Total Projct Costs Financed $3,163,918 Upfront Fees & Expenses - rate 1.50% Upfront Fees & Expenses - amount $47,459 Term 10 Years Interest Rate 5.00% Total Interest Paid $933,500 Gross Debt Service - Total paid over the life of the loan $4,097,418 Gross Bond Amount $4,144,877 Annual Debt Service - Straight Line $409,742 TIF Financing Plan (Proposed Revision - 2020) Fiscal Year TIF Incremental Value Richland Hills TIF Contribution (100%) Tarrant County Incremental Value Tarrant County TIF Contribution (75%) Total annual TIF Contributions (Richland Hills / Tarrant County) Fiscal Year TIF Sales tax Increment Fiscal Year Total TIF Resources (Property Tax / Sales Tax) 2010 -$ -$ -$ *-$ 2010 -$ 2010 -$ 2011 -$ -$ -$ *-$ 2011 -$ 2011 -$ 2012 -$ -$ -$ *-$ 2012 -$ 2012 -$ 2013 -$ -$ -$ *-$ 2013 -$ 2013 -$ 2014 -$ -$ -$ *-$ 2014 -$ 2014 -$ 2015 -$ -$ -$ *-$ 2015 -$ 2015 -$ 2016 3,531,581$ 18,675$ -$ 18,675$ 2016 73,125$ 2016 91,800$ 2017 8,227,576$ 49,006$ 18,700$ **67,706$ 2017 178,474$ 2017 246,180$ 2018 12,432,571$ 70,087$ 20,332$ 90,419$ 2018 104,325$ 2018 194,744$ 2019 14,865,563$ 80,553$ 14,683,300$ 22,862$ 103,415$ 2019 49,252$ 2019 152,667$ 2020 22,870,054$ 127,732$ 22,561,125$ 36,225$ 163,957$ 2020 75,000$ 2020 238,957$ 2021 23,888,152$ 133,428$ 23,559,223$ 46,647$ 180,075$ 2021 75,000$ 2021 255,075$ 2022 24,246,474$ 135,429$ 23,912,611$ 47,347$ 182,776$ 2022 75,000$ 2022 257,776$ 2023 24,610,171$ 137,460$ 24,271,301$ 48,057$ 185,518$ 2023 75,000$ 2023 260,518$ 2024 28,179,324$ 157,396$ 27,835,370$ 55,114$ 212,510$ 2024 75,000$ 2024 287,510$ 2025 35,002,014$ 195,504$ 34,652,901$ 68,613$ 264,117$ 2025 75,000$ 2025 339,117$ 2026 45,127,044$ 252,058$ 44,772,694$ 88,650$ 340,707$ 2026 75,000$ 2026 415,707$ 2027 45,803,950$ 255,838$ 45,444,284$ 89,980$ 345,818$ 2027 75,000$ 2027 420,818$ 2028 46,491,009$ 259,676$ 46,125,949$ 91,329$ 351,005$ 2028 75,000$ 2028 426,005$ 2029 47,188,374$ 263,571$ 46,817,838$ 92,699$ 356,270$ 2029 75,000$ 2029 431,270$ 2,136,413$ 726,555$ Total 2,862,968$ Total 1,155,175$ Total 4,018,144$ Notes: * Assessed value was lower than 2009 base value; no incremental increase in taxable value ** Tarrant County paid 2016 and 2017 contributions in 2017. Fiscal Year 2021 - 2029 Tax rate used for Richland Hills is $.558551 Fiscal Year 2021 - 2029 Tax rate used for Tarrant county is $.264 Sales Tax Incremental Contribution: 1/8 of 1 Cent Sales Tax Incremental Property Value / Property Tax Contributions TIF Financing Plan Incremental Value / Incremental Sales Tax Comparison- Projection to Actual (FY 2010-FY 2020) / Revised Projection-Remaining Years (FY 2021-FY 2029) Adopted Financing Plan Projection to Actual Contributions(Fiscal Years 2010-FY 2020) Sales Tax Incremental Contribution: 1/8 of 1 Cent Sales Tax Adopted Financing Plan Actual Adopted Financing Plan Actual Fiscal Year TIF Incremental Value TIF Incremental Value Variance from adopted Financing Plan Total annual TIF Contributions (Richland Hills/Tarrant County/Tarrant County Hospital District/Tarrant County College District) Total annual TIF Contributions (Richland Hills / Tarrant County) Varianace from adopted Financing Plan Fiscal Year TIF Sales tax Increment TIF Sales tax Increment Variance from adopted Financing Plan 2010 631,647$ -$ (631,647)$ *5,754$ -$ (5,754)$ 2010 148$ -$ (148)$ 2011 2,469,610$ -$ (2,469,610)$ *27,237$ -$ (27,237)$ 2011 571$ -$ (571)$ 2012 3,154,124$ -$ (3,154,124)$ *34,787$ -$ (34,787)$ 2012 745$ -$ (745)$ 2013 8,048,906$ -$ (8,048,906)$ *88,771$ -$ (88,771)$ 2013 1,796$ -$ (1,796)$ 2014 9,723,177$ -$ (9,723,177)$ *107,237$ -$ (107,237)$ 2014 2,177$ -$ (2,177)$ 2015 19,980,934$ -$ (19,980,934)$ *220,370$ -$ (220,370)$ 2015 27,441$ -$ (27,441)$ 2016 23,759,574$ 3,531,581$ (20,227,993)$ 262,044$ 18,675$ (243,369)$ 2016 40,902$ 73,125$ 32,223$ 2017 25,432,680$ 8,227,576$ (17,205,104)$ 280,497$ 67,706$ (212,791)$ 2017 54,699$ 178,474$ 123,775$ 2018 28,590,600$ 12,432,571$ (16,158,029)$ 315,325$ 90,419$ (224,906)$ 2018 70,045$ 104,325$ 34,280$ 2019 32,743,258$ 14,865,563$ (17,877,695)$ 361,125$ 103,415$ (257,710)$ 2019 94,227$ 49,252$ (44,975)$ 2020 35,400,036$ 22,870,054$ (12,529,982)$ 390,427$ 163,957$ (226,470)$ 2020 95,285$ 75,000$ (20,285)$ Total 2,093,574$ 444,172$ (1,649,402)$ Total 388,036$ 480,175$ 92,139$ * For Fiscal Years 2010 through 2015 the taxable value of the properties in the TIF Zone was lower than the 2009 base taxable value of the TIF Zone; no incremental increased value for the TIF Zone for those years. Adopted Financing Plan Projection to Revised Projection (Fiscal Years 2021-FY 2029) Projected incremental value over remaining life of TIF Projected sales tax increment over remaining life of TIF Projected valuation increase for remaining years of TIF: Existing property - 1.5% annual increase Projected contribution - $75,000 annaully New residential construction: 16 homes at $200,000 each in FY 2024, FY 2025, FY 2026 Sales Tax Incremental Contribution: 1/8 of 1 Cent Sales Tax Fiscal Year Adopted Financing Plan Projection Revised Projection Varianace from adopted Financing Plan Project Plan (Richland Hills/Tarrant County/Tarrant County Hospital District/Tarrant County College District) Projected (Richland Hills/Tarrant County) Varianace from adopted Financing Plan Fiscal Year Adopted Financing Plan Projection Revised Projection Varianace from adopted Financing Plan 2021 38,542,624$ 23,888,152$ (14,654,472)$ 425,086$ 180,075$ (245,011)$ 2021 101,286$ 75,000$ (26,286)$ 2022 42,219,452$ 24,246,474$ (17,972,978)$ 465,638$ 182,776$ (282,862)$ 2022 106,464$ 75,000$ (31,464)$ 2023 50,988,658$ 24,610,171$ (26,378,487)$ 562,353$ 185,518$ (376,835)$ 2023 115,087$ 75,000$ (40,087)$ 2024 58,896,324$ 28,179,324$ (30,717,000)$ 614,274$ 212,510$ (401,764)$ 2024 122,272$ 75,000$ (47,272)$ 2025 63,639,374$ 35,002,014$ (28,637,360)$ 701,878$ 264,117$ (437,761)$ 2025 133,018$ 75,000$ (58,018)$ 2026 68,979,575$ 45,127,044$ (23,852,531)$ 760,775$ 340,707$ (420,068)$ 2026 142,504$ 75,000$ (67,504)$ 2027 74,586,788$ 45,803,950$ (28,782,838)$ 822,617$ 345,818$ (476,799)$ 2027 153,375$ 75,000$ (78,375)$ 2028 80,474,360$ 46,491,009$ (33,983,351)$ 887,551$ 351,005$ (536,546)$ 2028 165,828$ 75,000$ (90,828)$ 2029 86,656,312$ 47,188,374$ (39,467,938)$ 955,732$ 356,270$ (599,462)$ 2029 180,224$ 75,000$ (105,224)$ Total 6,195,904$ 2,418,796$ (3,777,108)$ Total 1,220,058$ 675,000$ (545,058)$ Net difference from adopted Financing Plan Fiscal Years 2010-2020: Property Tax (1,649,402)$ Sales Tax 92,139$ Fiscal Years 2021-2029: Property Tax (3,777,108)$ Sales Tax (545,058)$ Total (5,879,428)$ Incremental Property Value / Property Tax Contribution Adopted Financing Plan Actual Incremental Property Value / Property Tax Contributions