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