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2022 TIRZ No. 2 Annual Report Prosper TIRZ #2 Annual Report 2022 -1- Town of Prosper, Texas Tax Increment Reinvestment Zone #2 (TIRZ #2) ANNUAL REPORT 2022 Town of Prosper, Texas Tax Increment Reinvestment Zone #2 As of September 30, 2022 Prosper TIRZ #2 Annual Report 2022 -2- INDEX 1) Cover 2) Index 3) Year End Summary of Meetings/Town Council/Board Actions 4) Public Infrastructure/Building Projects 5) Capital Improvement Plan Budget 6) Annual Financial Report 7) TIRZ Fund Financial Statement 8) Revenue & Expenditures a) TIRZ Rollback Tax Map b) Payment Summaries Town of Prosper, Texas Tax Increment Reinvestment Zone #2 As of September 30, 2022 Prosper TIRZ #2 Annual Report 2022 -3- YEAR END SUMMARY OF MEETINGS/TOWN COUNCIL/BOARD ACTIONS In December 2015, the Town of Prosper Town Council appointed members for the Tax Increment Reinvestment Zone #2 (TIRZ #2) Board of Directors. In the latter part of 2015 Matthews Southwest commenced construction on its Prosper West development at the northwest corner of US 380 and Dallas North Tollway with the installation of a large sanitary sewer line from the west, thus marking the first improvements made to the TIRZ #2 site. The first annual TIRZ Board of Directors meeting was held on January 26, 2016. The second annual TIRZ Board of Directors meeting was held on April 11, 2017. The third annual board meeting was held on January 23, 2018. The fourth annual TIRZ Board of Directors meeting was held on January 22, 2019. The fifth annual Board of Directors meeting was held on January 28, 2020. The sixth annual Board of Directors meeting was held on January 26, 2021. The seventh annual Board of Directors meeting was held on January 25, 2022. This is the eighth year that the board has reviewed the annual report. The original Development and Financing Agreement with Matthews Southwest expired on September 22, 2021. On April 12, 2022, the Town Council approved a Roadway Construction Reimbursement Agreement with MSW Prosper 380 II, LP, for the construction of the following roadways within the boundaries of TIRZ #2:  4 lanes concrete pavement: Mahard Parkway from Toyota and Texas Health Resources, extending north to the intersection of Prairie Drive.  4 lanes concrete pavement: Prairie Drive from the intersection of Mahard Parkway, extending east to the intersection of Shawnee Trail.  4 lanes concrete pavement: Shawnee Trail from the intersection of Prairie Drive, extending north to the future intersection of Lovers Lane.  4 lanes concrete pavement: Prairie Drive East from the intersection of Shawnee Trail, extending east to the Dallas North Tollway. The Town’s Thoroughfare Plan was amended on May 11, 2021, to realign segments of Mahard Parkway, Lovers Lane, Prairie Drive, and Shawnee Trail to square-up the intersections, as depicted on the Amended Thoroughfare Plan exhibit included in this Annual Report. The construction of the roadways also includes Town of Prosper, Texas Tax Increment Reinvestment Zone #2 As of September 30, 2022 Prosper TIRZ #2 Annual Report 2022 -4- installation of underground utilities (water, sanitary sewer and storm drainage), median landscaping and street lighting. The estimated cost for the design and construction of the proposed roadways is approximately $14,399,970. Board members appointed and currently serving are: Town— Mayor David Bristol, Mayor Pro-Tem Jeff Hodges, Deputy Mayor Pro-Tem Craig Andres, and Councilmembers Marcus E. Ray, Amy Bartley, Chris Kern, and Charles Cotten. Collin County – County Commissioner Susan Fletcher. Prosper Economic Development Corporation – Ray Smith. During this reporting period, the following building received Certificate of Occupancy: Business Name Address Area CO Issued Date Children’s Medical Office Building 1300 Childrens Way 30,592 12/9/2021 Town of Prosper, Texas Tax Increment Reinvestment Zone #2 As of September 30, 2022 Prosper TIRZ #2 Annual Report 2022 -5- PUBLIC INFRASTRUCTURE / BUILDING PROJECTS Non-project Costs Total TIRZ for Public Improvements Public Improvements STREETS AND DRAINAGE SYSTEMS $11, 146,567 $2,001,748 $13,148,315 STREET ENHANCEMENTS $0 $1,775,577 $1,775,577 WATER SYSTEM $1,367,721 $1,116,778 $2,484,499 SANITARY SEWER SYSTEM $641,669 $358,204 $999,873 OFFSITE SANITARY SEWER SYSTEM $1,479,282 $0 $1,479,282 DETENTION/RETENTION PONDS & MASS EXCAVATION $0 $2,882,560 $2,882,560 SITEWORK FOR DEVELOPMENT PARCELS $0 $15,750,000 $15,750,000 PARKING DECKS $0 $73,497,600 $73,497,600 STREET LIGHTS $174,000 $210,000 $384,000 TRAFFIC SIGNALS (4 budgeted) $1,200,000 $0 $1,200,000 LOVERS LANE LOOP OFFSITE - STREET K6 $1, 174,992 $0 $1,174,992 PRIMARY ELECTRIC SERVICE LOOP $0 $3,600,000 $3,600,000 ELECTRIC $0 $640,150 $640,150 GAS $0 $448, 105 $448,105 STREET N2 - WESTSIDE ONT SERVICE ROAD, LOVERS LN. TO FIRST ST. $1,687,005 $0 $1,687,005 BRAIDED RAMP AT U.S. 380 $4,000,000 $0 $4,000,000 CIVIL ENGINEERING & SURVEYING (10%) $1,887, 124 $10,228,072 $12,115,196 CONSTRUCTION STAKING (2%) $377,425 $2,045,614 $2,423,039 CONSTRUCTION MANAGEMENT (TOTAL = 3%) $477,093 $3,157,466 $3,634,559 GEOTECHNICAL STUDY (1%) $188,712 $1,022,807 $1,211,520 LEGAL (1%) $188,712 $1,022,807 $1,211,520 CONTINGENCY (8%) $1,509,699 $8, 182,458 $9,692,157 Longo Toyota Roadway Impact Fee Credit ($280,779) $0 ($280,779) Subtotal $27,219,221 $127,939,947 $155,159,168 TOWN EXPENSE FOR TIRZ ADMINISTRATION $1,346,836 $0 $1,346,836 Subtotal TIRZ Project Costs Before Finance Expenses $28,566,057 $127,939,947 $156,506,004 Town of Prosper, Texas Tax Increment Reinvestment Zone #2 As of September 30, 2022 Prosper TIRZ #2 Annual Report 2022 -6- THOROUGHFARE PLAN Town of Prosper, Texas Tax Increment Reinvestment Zone #2 As of September 30, 2022 Prosper TIRZ #2 Annual Report 2022 -7- AMENDED THOROUGHFARE PLAN – 05/11/2021 Town of Prosper, Texas Tax Increment Reinvestment Zone #2 As of September 30, 2022 Prosper TIRZ #2 Annual Report 2022 -8- WATER PLAN Town of Prosper, Texas Tax Increment Reinvestment Zone #2 As of September 30, 2022 Prosper TIRZ #2 Annual Report 2022 -9- WASTEWATER PLAN Town of Prosper, Texas Tax Increment Reinvestment Zone #2 As of September 30, 2022 Prosper TIRZ #2 Annual Report 2022 -10- PUBLIC INFRASTRUCTURE/BUILDING PROJECTS (Per Original TIRZ Agreement) Town of Prosper, Texas Tax Increment Reinvestment Zone #2 As of September 30, 2022 Prosper TIRZ #2 Annual Report 2022 -11- Town of Prosper, Texas Tax Increment Reinvestment Zone #2 As of September 30, 2022 Prosper TIRZ #2 Annual Report 2022 -12- Town of Prosper, Texas Tax Increment Reinvestment Zone #2 As of September 30, 2022 Prosper TIRZ #2 Annual Report 2022 -13- Town of Prosper, Texas Tax Increment Reinvestment Zone #2 As of September 30, 2022 Prosper TIRZ #2 Annual Report 2022 -14- Town of Prosper, Texas Tax Increment Reinvestment Zone #2 As of September 30, 2022 Prosper TIRZ #2 Annual Report 2022 -15- Town of Prosper, Texas Tax Increment Reinvestment Zone #2 As of September 30, 2022 Prosper TIRZ #2 Annual Report 2022 -16- Town of Prosper, Texas Tax Increment Reinvestment Zone #2 As of September 30, 2022 Prosper TIRZ #2 Annual Report 2022 -17- Town of Prosper, Texas Tax Increment Reinvestment Zone #2 As of September 30, 2022 Prosper TIRZ #2 Annual Report 2022 -18- Town of Prosper, Texas Tax Increment Reinvestment Zone #2 As of September 30, 2022 Prosper TIRZ #2 Annual Report 2022 -19- Town of Prosper, Texas Tax Increment Reinvestment Zone #2 As of September 30, 2022 Prosper TIRZ #2 Annual Report 2022 -20- Town of Prosper, Texas Tax Increment Reinvestment Zone #2 As of September 30, 2022 Prosper TIRZ #2 Annual Report 2022 -21- Town of Prosper, Texas Tax Increment Reinvestment Zone #2 As of September 30, 2022 Prosper TIRZ #2 Annual Report 2022 -22- Town of Prosper, Texas Tax Increment Reinvestment Zone #2 As of September 30, 2022 Prosper TIRZ #2 Annual Report 2022 -23- Town of Prosper, Texas Tax Increment Reinvestment Zone #2 As of September 30, 2022 Prosper TIRZ #2 Annual Report 2022 -24- Town of Prosper, Texas Tax Increment Reinvestment Zone #2 As of September 30, 2022 Prosper TIRZ #2 Annual Report 2022 -25- Town of Prosper, Texas Tax Increment Reinvestment Zone #2 As of September 30, 2022 Prosper TIRZ #2 Annual Report 2022 -26- CAPITAL IMPROVEMENT PLAN BUDGET * Reimbursement No. 4 request submitted to Engineering was denied due to ineligible costs. This is accrued interest. ** Reimbursement No. 4A is payable to Longo Toyota for remaining balance for Mahard Parkway. ***Accrued interest only. ****Accrued interest for final period of 6/1/20 - 09/22/20. *****All interest on original terminated agreement paid in full. Longo and new MSW Prosper 380, LP agreement do not require interest payments on outstanding balances. Town of Prosper, Texas Tax Increment Reinvestment Zone #2 As of September 30, 2022 Prosper TIRZ #2 Annual Report 2022 -27- ANNUAL FINANCIAL REPORT Chapter 311.016 of V.C.T.A. requires the following information as part of the annual report on the status of the TIRZ District. Information is contained in detail on the financial statement. 1. Amount and source of revenue in the tax increment fund established for the zone: $ 184,551 Total Revenue 2. Amount and purpose of expenditures from the fund: $ 184,549 Total Expenditures 3. Amount of Principal and Interest due on outstanding indebtedness is as follows: A. Contributions /Advances from developers— $1,373,397. B. Bonds issued and payment schedule to retire bonds— none. 4. Tax Increment base and current captured appraised value retained by the zone: A. Tax Increment base and current captured appraised value retained for Tax Year 2021: Taxing Jurisdiction Net Taxable Value Tax Year 2021 Base Year* Value (with AG) Jan. 1, 2014 Captured App. Value Fiscal Year 2021- 2022 Town of Prosper $36,058,960 $29,413 $36,029,547 Collin County $36,058,960 $29,413 $36,029,547 B. Tax Increment base and expected captured appraised value for Tax Year 2022: Taxing Jurisdiction Net Taxable Value Tax Year 2022 Base Year* Value (with AG) Jan. 1, 2014 Captured App. Value Fiscal Year 2022-2023 Town of Prosper $59,920,995 $29,413 $59,891,582 Collin County $59,920,995 $29,413 $59,891,582 * Base Year Value as of January 1, 2014, is for Fiscal Year 2013-2014. 5. Captured appraised value by the municipality and other taxing units, the total amount of the tax increment received, and any additional information necessary to demonstrate compliance with the tax increment-financing plan adopted by the governing body of the municipality. A. Captured appraised value shared by the municipality and other participating taxing jurisdictions received in Fiscal Year 2021-2022: Taxing Jurisdiction Participation Per $100/Value Amount of Fiscal Year 2021-2022 Increment Town of Prosper (70%) $ 0.510000 $ 128,626 Collin County (50%) $ 0.168087 $ 30,280 Total $ 0.678087 $ 158,906 Town of Prosper, Texas Tax Increment Reinvestment Zone #2 As of September 30, 2022 Prosper TIRZ #2 Annual Report 2022 -28- ANNUAL FINANCIAL REPORT B. Amount of tax increment received in 2022 from the municipality and the other taxing jurisdictions based on 2021 valuations: $ 184,417 C. Amount of Rollback taxes for tax year 2021: $ 25,511 D. Expected appraised value shared by the municipality and other participating taxing jurisdictions to be received in Fiscal Year 2022-2023: Taxing Jurisdiction Participation Per $100/Value Amount of Fiscal Year 2021-2022 Increment Town of Prosper (70%) $ 0.510000 $ 213,813 Collin County (50%) $ 0.152443 $ 45,650 Total $ 0.662443 $ 259,463 E. Other information: None Town of Prosper, Texas Tax Increment Reinvestment Zone #2 As of September 30, 2022 Prosper TIRZ #2 Annual Report 2022 -29- TIRZ FUND FINANCIAL STATEMENT CAPITAL DEBT PROJECTS SERVICE TOTAL Beginning Balance: 10/1/21 $ 25,105 $ - $ 25,105 Revenues: Property Tax: Town $ 128,626 - $ 128,626 Delinquent - - - County 30,280 - 30,280 Property Rollback Taxes 25,511 25,511 Sales Tax - - - Impact Fees: Water Impact Fees - - - Wastewater Impact Fees - - - Thoroughfare Impact Fees - - - 380 Construction Sales Office - - - Interest 134 - 134 TOTAL REVENUES $ 184,551 $ - $ 184,551 Expenditures: Land Purchases $ - $ - $ - Professional Services - - - Construction/Improvements: Lower DB Sewer 140,386 - 140,386 Mahard Parkway - - - Interest Expense 44,163 - 44,163 TOTAL EXPENDITURES $ 184,549 $ - $ 184,549 Ending Balance: 9/30/22 $ 25,107 $ - $ 25,107 Town of Prosper, Texas Tax Increment Reinvestment Zone #2 As of September 30, 2022 Prosper TIRZ #2 Annual Report 2022 -30- Town of Prosper, Texas Tax Increment Reinvestment Zone #2 As of September 30, 2022 Prosper TIRZ #2 Annual Report 2022 -31- REVENUES & EXPENDITURES PAYMENT SUMMARIES By Project: By Payment Request: By Payments Made: TIRZ 2 Totals Lower DB Sewer Mahard Parkway Interest Construction Total Totals Amount 1,344,730.05 815,655.62 - - - - - 183,469.81 2,160,385.67 2,343,855.48 Paid 681,583.49 105,404.85 - - - - - 183,469.81 786,988.34 970,458.15 Remaining 663,146.56 710,250.77 - - - - - - 1,373,397.33 1,373,397.33 Lower DB Sewer Mahard Parkway Interest Amount 95,345.10 105,404.85 - - - - - - 200,749.95 Reimbursement #1 Totals Paid 95,345.10 105,404.85 - - - - - - 200,749.95 Remaining - - - - - - - - - Amount 1,082,892.73 64,605.46 - - - - - - 1,147,498.19 Reimbursement #2 Totals Paid 586,238.39 - - - - - - - 586,238.39 Remaining 496,654.34 64,605.46 - - - - - - 561,259.80 Amount 166,492.22 393,166.52 - - - - - 29,688.68 589,347.42 Reimbursement #3 Totals Paid - - - - - - - 29,688.68 29,688.68 Remaining 166,492.22 393,166.52 - - - - - - 559,658.74 Amount - - - - - - - 44,938.85 44,938.85 Reimbursement #4 Totals Paid - - - - - - - 44,938.85 44,938.85 Remaining - - - - - - - - - Amount - 252,478.79 - - - - - - 252,478.79 Reimbursement #4A Totals Paid - - - - - - - - - Remaining - 252,478.79 - - - - - - 252,478.79 Amount - - - - - - - 46,511.71 46,511.71 Reimbursement #5 Totals Paid - - - - - - - 46,511.71 46,511.71 Remaining - - - - - - - - - Amount - - - - - - - 47,441.06 47,441.06 Reimbursement #6 Totals Paid - - - - - - - 47,441.06 47,441.06 Remaining - - - - - - - - - Amount - - - - - - - 14,889.51 14,889.51 Reimbursement #7 Totals Paid - - - - - - - 14,889.51 14,889.51 Remaining - - - - - - - - - Total Charges PEDC Grant 2-May-2017 21-May-2019 30-Jun-2020 09/20 Int Recalc 30-Jun-21 30-Jun-22 Total Payments Remaining Balance Total Payment 500,000.00 153,628.50 19,958.86 16,503.80 82,047.32 13,771.06 184,548.61 970,458.15 1,373,397.33 Interest 183,469.81 - 7,026.25 19,958.86 16,503.80 82,047.32 13,771.06 44,162.52 183,469.81 - Construction Costs 2,160,385.67 500,000.00 146,602.25 - - - - 140,386.09 786,988.34 1,373,397.33