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08-103 - OORDINANCE NO. 08-103 AN ORDINANCE OF THE TOWN OF PROSPER, TEXAS DESIGNATING A CERTAIN AREA WITHIN THE TOWN OF PROSPER, TEXAS AS REINVESTMENT ZONE NUMBER ONE, TOWN OF PROSPER, TEXAS (ALSO KNOWN AS TAX INCREMENT FINANCING REINVESTMENT ZONE NUMBER ONE, TOWN OF PROSPER, TEXAS); ESTABLISHING THE BOUNDARIES OF SUCH ZONE; CREATING A BOARD OF DIRECTORS FOR SAID REINVESTMENT ZONE AND OTHER MATTERS RELATED THERETO; CONTAINING FINDINGS; PROVIDING A SEVERABILITY CLAUSE; AND PROVIDING AN EFFECTIVE DATE. WHEREAS, the Town Council desires to promote the development or redevelopment of a certain contiguous geographic area within its jurisdiction by the creation of a reinvestment zone, as authorized by the Tax Increment Financing Act, Chapter 311 of the Texas Tax Code (the "Act"); and WHEREAS, in compliance with the Act, the Town called a public hearing to receive comments on the creation of the proposed reinvestment zone and its benefits to the Town and the property in the proposed reinvestment zone; and WHEREAS, in compliance with the Act, the Town Council notified the governing body of each taxing unit that levies property taxes within the proposed reinvestment zone of its intent to establish the reinvestment zone; and WHEREAS, in compliance with the Act, notice of the public hearing was published in a daily newspaper of general circulation in the Town, such publication date being not later than seven (7) days prior to the date of the public hearing; and WHEREAS, such hearing was convened at the time and place mentioned in the published notice, to wit, on the 28th day of October, 2008 at 6:00 p.m., at the Town Council chambers located at Prosper ISD Central Administration building, 605 E. Seventh Street, Prosper in the Town of Prosper, Texas, which hearing was then closed; and WHEREAS, the Town, at such hearing, invited any interested person, or the person's representative, to appear and speak for or against the creation of the proposed reinvestment zone, the boundaries of the proposed reinvestment zone, as described in Exhibit "A" attached hereto and as depicted in the map attached hereto as Exhibit "B", whether all or part of the territory described in Exhibit "A" and as depicted in Exhibit "B" should be included in such proposed reinvestment zone, the concept of tax increment financing, and the appointment of a board of directors for the proposed reinvestment zone; and WHEREAS, all owners of property located within the proposed reinvestment zone and all other taxing units and other interested persons were given the opportunity at such public hearing to protest the creation of the proposed reinvestment zone; and WHEREAS, the proponents of the proposed reinvestment zone offered evidence, both oral and documentary, in favor of all of the foregoing matters relating to the creation of the proposed Page 1 reinvestment zone, and opponents, if any, of the proposed reinvestment zone appeared to contest creation of the proposed reinvestment zone; and WHEREAS, the Town has reviewed a preliminary project and reinvestment zone financing plan attached hereto as Exhibit "C", and has sent a copy of the plan to the governing body of each taxing unit that levies taxes on real property in the proposed reinvestment zone; and WHEREAS, in further compliance with the Act, the Town has made a formal presentation to the governing body of each taxing unit that levies taxes on real property in the proposed reinvestment zone; such presentation included information on the boundaries of the proposed reinvestment zone, the tentative plans for development of the proposed zone, and an estimate of the general impact of the proposed reinvestment zone on property values and tax revenues; NOW THEREFORE BE IT ORDAINED BY THE TOWN COUNCIL OF THE TOWN OF PROSPER, TEXAS: SECTION 1. That the facts and recitations contained in the preamble of this ordinance are hereby found and declared to be true and correct. SECTION 2. That the Town Council, after conducting such public hearing and having heard such evidence and testimony has made the following findings and determinations based on the evidence and testimony presented to it: (a) That the public hearing on adoption of the reinvestment zone has been properly called, held and conducted and that notice of such hearing has been published as required by law and delivered to all taxing units overlapping the territory inside the proposed reinvestment zone. (b) That creation of the proposed reinvestment zone with boundaries as described in Exhibit "A" and as depicted in Exhibit "B" will result in benefits to the Town, its residents and property owners, in general, and to the property, residents and property owners in the proposed reinvestment zone. (c) That the proposed reinvestment zone, as defined in Exhibit "A" and as depicted in Exhibit "B", meets the criteria for the creation of a reinvestment zone as set forth in the Act in that it is a contiguous geographic area located wholly within the corporate limits of the Town and meets the requirements of Tax Code Section 311.005. (d) That the total appraised value of all taxable real property in the proposed reinvestment zone according to the most recent appraisal roll of the Town, together with the total appraised value of taxable real property in all other existing reinvestment zones within the Town, according to the most recent appraisal roll of the Town, does not exceed fifteen percent (15%) of the current total appraised value of taxable real property in the Town and in the industrial districts created by the Town, if any. (e) That the proposed reinvestment zone does not contain more than fifteen percent (15%) of the total appraised value of real property taxable by a county or school district. (f) That the proposed improvements in the reinvestment zone will significantly enhance the value of all taxable real property in the reinvestment zone and will be of general benefit to the Town. (g) That the development or redevelopment of the property in the proposed reinvestment zone will not occur solely through private investment in the reasonably foreseeable future. (h) That ten percent (10%) or less of the property in the proposed reinvestment zone, excluding property dedicated to public use, is currently used for residential purposes. (i) That the proposed reinvestment zone is predominantly open and, because of obsolete platting, deterioration of structures or site improvements, or other factors, substantially impair or arrest the sound growth of the municipality or county. (j) That the proposed reinvestment zone substantially arrests or impairs the sound growth of the Town, retards the provision of housing accommodations, or constitutes an economic or social liability and is a menace to the public health, safety, morals, or welfare in its present condition and use because of the presence of - (1) £ (1) a substantial number of substandard, slum, deteriorated, or deteriorating structures; (2) the predominance of defective or inadequate sidewalk or street layout; (3) faulty lot layout in relation to size, adequacy, accessibility, or usefulness; (4) unsanitary or unsafe conditions; and, (5) the deterioration of site or other improvements; SECTION 3. That the Town hereby creates a tax increment financing reinvestment zone over the area described in Exhibit "A" attached hereto and as depicted in the map attached as Exhibit "B", and such tax increment financing reinvestment zone shall hereafter be identified as Reinvestment Zone Number One, Town of Prosper, Texas (also known as Tax Increment Financing Reinvestment Zone No. 1, Town of Prosper, Texas). SECTION 4. That there is hereby established a board of directors for the proposed reinvestment zone, which shall consist of at least five (5) but not more than fifteen (15) members. The Board of Directors of Tax Increment Financing Reinvestment Zone No. 1, Town of Prosper, Texas (the "Zone") shall be appointed as follows: (a) The Town shall be entitled to appoint members as set forth herein. Prosper Independent School District, Collin County Community College District and Collin County may each appoint one (1) member to the board. A vacancy on the board shall be filled as set forth in the Act. If a taxing unit waives its right to appoint a member of the board, the Town may appoint such board member in its stead. The initial board of directors shall be appointed by resolution of the governing bodies of the Town and the taxing units within sixty (60) days after the passage of this ordinance. Failure of a taxing unit to appoint a director within such sixty (60) day period shall be deemed a waiver of the right to appoint a director, and the Town Council shall be entitled to appoint persons to such position. Positions one through four are reserved for the Town. The remaining positions are reserved for Prosper Independent School District, Collin County Community College District and Collin County. Directors appointed by taxing units other than the Town shall be assigned a Board position in the order that the Town receives the appointment. All members appointed to the Board shall meet eligibility requirements as set forth in the Act. (b) The terms of the Board members shall be for two years. To provide for staggered terms, the initial directors appointed to Town positions shall be appointed for two year terms, while the initial directors appointed for other taxing unit positions shall be appointed for one year terms. All subsequent appointments shall be for terms of two years. Each year the Town Council shall designate a member of the Board to serve as Chairperson of the Board of Directors, and the Board shall elect from its members a Vice -Chairperson and other officers, as it deems appropriate. (c) The Board of Directors shall make recommendations to the Town Council concerning the administration of the Zone. It shall prepare and adopt a project plan and the reinvestment zone financing plan for the Zone, and must submit such plans to the Town Council for its approval. The Town Council delegates to the Board of Directors all powers necessary to prepare and implement the project and the reinvestment zone financing plans for the Zone, including any required annual reports on the status of the Zone, all subject to the prior approval of the Town Council. SECTION 5. That the Zone shall take effect on adoption of this ordinance, and the termination of the Zone shall occur on December 31, 2045, or at an earlier time designated by subsequent ordinance of the Town Council, or at such time, subsequent to the issuance of any tax increment bonds, if any, that all project costs, tax increment bonds, notes or other obligations of the Zone and/or Town of Prosper Public Improvement District No. 1, and the interest thereon, if any, have been paid in full. SECTION 6. That the tax increment base for the Zone, which is the total appraised value of all taxable real property located in the Zone, is to be determined as of January 1, 2008, the year in which the Zone was designated as a tax increment financing reinvestment zone (the "Tax Increment Base") Tax Increment Base means the total appraised value of all real property taxable by a Taxing Unit and located in the Zone for the 2008 year. "Tax Increment" means the total amount of real property taxes by a Taxing Unit for the year on the Captured Appraised Value of real property taxable by a Taxing Unit and located in the Zone. The "Captured Appraised Value" means the total appraised value of all real property taxable by a Taxing Unit and located in the Zone for the year, less the Tax Increment Base of the Taxing Unit. For purposes of this ordinance Taxing Unit means the Prosper Independent School District, Collin County, and any other political subdivision or special district that taxes real property within the Zone that enters into a contract with the Town to contribute to the Tax Increment Fund. SECTION 7. That there is hereby created and established a Tax Increment Fund for the Zone which may be divided into such sub -accounts as may be required, into which all Tax Increments, less any of the amounts not required to be paid into the Tax Increment Fund pursuant to the Act, are to be deposited. All Tax Increments as defined herein shall be deposited in the Tax Increment Fund. The Tax Increment Fund and any sub -accounts are to be maintained at the depository bank of the Town and shall be secured in the manner prescribed by law for funds of the Town. In addition, all revenues from the sale of any tax increment bonds, notes or certificates of obligation, hereafter issued by the Town; revenues from the sale of any property acquired as part of the reinvestment zone financing plan; and any other revenues to be dedicated to and used in the Zone shall be deposited into the Tax Increment Fund or sub -account from which money will be disbursed to pay project costs for the Zone or to satisfy the claims of holders of tax increment bonds, notes or certificates of obligations issued for the Zone. SECTION 8. That the Town will participate in the Zone by contributing a maximum seventy percent (70 %) of the Town's Tax Increment from real property ad valorem taxes in the Zone and by contributing a maximum forty percent (40%) of the Town's annual municipal Sales and Use Tax collections above the Sales and Use Tax Base. For purposes of this ordinance Sales and Use Tax shall mean the Town's one percent (1%) sales and use tax imposed pursuant to Chapter 321, Tax Code on the sale of taxable items in the Zone. Sales and Use Tax does not include any additional sales and use tax imposed by the Town for any purpose, including the 1/2 of one percent (.5 %) sales and use tax imposed by the Town pursuant to Section 4A of the Development Corporation Act of 1979, Article 5190.6 Vernon's Texas Civil Statutes on behalf of the Prosper Economic Development Corporation and the '/2 of one percent (.5%) Sales and Use Tax imposed by the Town for property tax reduction. Taxable Items means both "taxable items" and "taxable services" as those terms are defined by Tax Code, Chapter 151, as amended. The Town will also contribute a maximum of sixty-seven percent (67%) of the '/z of one percent (0.5%) sales and use tax imposed pursuant to Section 4A of the Development Corporation Act, Article 5190.6 Vernon's Annotated Civil Statutes on behalf of the Prosper Economic Development Corporation to be paid to the Town by the Prosper Economic Development Corporation pursuant to a separate agreement and pledged to the Tax Increment Fund. SECTION 9. That all ordinances of the Town of Prosper, Texas, in conflict with the provisions of this ordinance be, and the same are hereby, repealed; provided, however that all other provisions of said ordinances not in conflict with the provisions of this ordinance shall remain in full force and effect. SECTION 10. That if any section, paragraph, clause or provision of this ordinance shall for any reason be held invalid or unenforceable, the invalidity or unenforceability of such section, paragraph, clause, or provision shall not affect any of the remaining provisions of this ordinance. SECTION 11. That the Town Manager is hereby authorized to execute any contracts or other agreements with any Taxing Units that elect to participate in Reinvestment Zone Number One, Town of Prosper, Texas, and to contribute to the Tax Increment Fund. SECTION 12. This ordinance shall take effect upon its passage and the publication of the caption, as the law and charter in such cases provide. DULY PASSED BY THE TOWN COUNCIL OF THE TOWN OF PROSPER, TEXAS, ON THE 28T" DAY OF OCTOBER, 2008. APPROVED AS TO FORM: TOWN ATTORNEY (PGS/tc 6/20/08) (26055) APPROVE : - C E NISWANGER,-NfA-YOR CORRECTLY EN M THEW D. DENTON, TRMC TOWN SECRETARY OF 1 PR o P � � LEGAL DESCRIPTION TRACT ONE 711.58 ACRES BEING a tract of land out of the Collin County School Land Survey No. 12, Abstract 147, the Ben Renison Survey, Abstract No. 755, the John Yarnell Survey, Abstract No. 1038, in the Town of Prosper, Collin County, Texas, and being more particularly described as follows: BEGINNING at a point for the intersection of the north right-of-way line of U.S. Highway 380 (variable width ROW) and the east line of the Burlington Northern Railroad (100' ROW); THENCE with said east line, North 11023'13" East, a distance of 2563.44 feet to a point for comer, THENCE leaving said east line, the following courses and distances to wit: North 89018'36" West, a distance of 174.45 feet to a point for comer; North 00°57'34" West, a distance of 657.12 feet to a point for comer in the approximate future south right-of-way line of Lovers Lane (proposed 90' ROW); THENCE with said approximate future south right-of-way line, South 89°50'14" West, a distance of 2677.31 feet to a point for comer in the east right-of-way line of the Dallas North Tollway (300' ROW) and for the beginning of a non -tangent curve to the left having a radius of 11639.16 feet, a central angle of 0026'38", a chord bearing and distance of North 03020'10" East, 90.17 feet; THENCE northeasterly, with said east right-of-way line and with said curve, an arc distance 90.17 feet to a point for comer; THENCE leaving the east right-of-way line of the Dallas North Tollway, and with the approximate future north right-of-way line of Lovers Lane, North 89050'14" East, a distance of 2670.56 feet to a point for comer; THENCE leaving the approximate future north right-of-way line of Lovers Lane, North 00057'34" West, a distance of 1899.00 feet to a point for comer in the approximate future south right-of-way line of First Street (proposed 90' ROW); THENCE with said approximate future south right-of-way line, South 89038'42" West, a distance of 2627.73 feet to a point for comer in the east right-of-way line of said Dallas North Tollway; THENCE with said east right-of-way line, North 01 °21'57" West, a distance of 90.01 feet to a point for comer in the approximate future north right-of-way line of said First Street; THENCE leaving the east right-of-way line of the Dallas North Tollway, and with the approximate future north right-of-way line of First Street, North 89038'42" East, a distance of 1090.10 feet to a point for comer; THENCE leaving the approximate future north right-of-way line of said First Street, the following courses and distances to wit: CADocurnents and SettingsVusseCkennedy\Local Settings\Ternporary Internet Files\Content.Outlook\07UBG4DF\TRIZ LEGAL.doc North 00°08'21" West, a distance of 2630.24 feet to a point for corner; North 89°52'17" East, a distance of 1291.86 feet to a point for corner; South 00051'28" East, a distance of 2625.22 feet to a point for corner in the approximate future north right-of-way line of said First Street; THENCE with the approximate future north right-of-way line of First Street, North 8903842" East, a distance of 6593.33 feet to a point for corner; THENCE leaving the approximate future north right-of-way line of said First Street, the following courses and distances to wit: South 01 003'12" East, a distance of 1588.92 feet to a point for corner; South 89020'50" West, a distance of 1282.90 feet to a point for corner; South 31019'56" West, a distance of 22.69 feet to a point for comer; South 00°01'57" East, a distance of 86.34 feet to a point for comer; South 11 041'18" East, a distance of 203.02 feet to a point for comer; South 07°27'51" West, a distance of 302.86 feet to a point for Corner; North 89°55'19" West, a distance of 19.67 feet to a point for comer; South 00003'08" East, a distance of 3008.56 feet to a point for corner; South 46053'29" West, a distance of 111.22 feet to a point for comer in the north right-of-way line of U.S. Highway 380; THENCE with said north right-of-way line, the following courses and distances to wit: South 86°35'20" West, a distance of 219.04 feet to a point for corner; South 89012'35" West, a distance of 199.96 feet to a point for corner; South 83°29'16" West, a distance of 100.54 feet to a point for corner; South 8901247" West, a distance of 1578.14 feet to a point for corner; South 88051'37" West, a distance of 700.69 feet to a point for corner; South 89012'09" West, a distance of 792.64 feet to a point for corner; South 84055'12" West, a distance of 93.02 feet to a point for comer; North 89050'48" West, a distance of 430.49 feet to a point for comer; North 87°56'17" West, a distance of 300.17 feet to a point for comer; North 84008'12" West, a distance of 703.49 feet to a point for comer; North 89050'50" West, a distance of 191.50 feet to the POINT OF BEGINNING and containing 760.47 gross acres of land SAVE AND EXCEPT the following three tracts of land. SAVE AND EXCEPT TRACT ONE 2.95 ACRES BEING a tract of land out of the Collin County School Land Survey No. 12, Abstract 147, in the Town of Prosper, Collin County, Texas, and being more particularly described as follows: COMMENCING at a point for the intersection of the north right-of-way line of U.S. Highway 380 (variable width ROW) and the east line of the Burlington Northern Railroad (100' ROW); THENCE with said east line, North 11023'13" East, a distance of 5269.23 feet to a point for comer in the approximate future south right-of-way line of First Street (proposed 90' ROW); THENCE with said approximate future south right-of-way line, North 89°3842" East, a distance of 411.66 feet to the POINT OF BEGINNING; CADocuments and Setdngs\russell.kennedy\Local Settings\Temporary Internet Files\Content.Oudook\07UBG4DF\TRIZ LEGAL.doc THENCE continuing with the approximate future south right-of-way line, North 8903842" East, a distance of 475.88 feet to a point for comer; THENCE leaving the approximate future south right-of-way line of said First Street, the following courses and distances to wit: South 00021'57" East, a distance of 267.68 feet to a point for comer; South 89029'33" West, a distance of 481.12 feet to a point for corner; North 00045'07" East, a distance of 269.01 feet to the POINT OF BEGINNING and containing 2.95 acres of land. SAVE AND EXCEPT TRACT TWO 0.38 ACRE BEING a tract of land out of the Collin County School Land Survey No. 12, Abstract 147, in the Town of Prosper, Collin County, Texas, being all of the 0.38 acre tract of land described in deed to Bryan Black recorded in Collin County Clerk's File No. 93-0098231 of the Land Records of Collin County, Texas; SAVE AND EXCEPT TRACT THREE 45.56 ACRES BEING a tract of land out of the Collin County School Land Survey No. 12, Abstract 147, in the Town of Prosper, Collin County, Texas, and being more particularly described as follows: BEGINNING at the intersection of the west right-of-way line of South Craig Road and the approximate future south right-of-way line of First Street (proposed 90' ROW); THENCE with said west right-of-way line, the following courses and distances to wit: South 01 *11'11" East, a distance of 711.92 feet to a point for comer; South 0503243" West, a distance of 376.79 feet to a point for corner; THENCE leaving said west right-of-way line, the following courses and distances to wit: North 89°06'24" West, a distance of 1050.04 feet to a point for corner; North 76051'24" West, a distance of 321.53 feet to a point for comer; North 76042'56" West, a distance of 185.47 feet to a point for comer; North 00058'50" West, a distance of 673.52 feet to a point for comer; South 89°1822" West, a distance of 555.18 feet to a point for corner; South 02°09'39" West, a distance of 71.99 feet to a point for comer; North 89056'58" West, a distance of 257.38 feet to a point for comer; North 00005'32" West, a distance of 177.82 feet to a point for comer; South 89041'07" West, a distance of 455.63 feet to a point for corner; South 00009'58" East, a distance of 104.29 feet to a point for comer; South 89049'10" West, a distance of 189.92 feet to a point for corner; North 00006'52" West, a distance of 270.45 feet to a point for comer in the approximate future south right-of-way line of said First Street; CADocuments and Settings\russell.kennedy\Local Settings\Temporary Internet Files\Content.Outiook\07UBG4DF\TRIZ LEGAL.doc THENCE with the approximate future south right-of-way line of said First Street, North 89°3842" East, a distance of 3038.09 feet to the POINT OF BEGINNING and containing 46.56 acres of land and leaving a net area of 711.58 acres of land. This document was prepared under 22 TAC §663.21, does not reflect the results of an on the ground survey, and is not to be used to convey or establish interests in real property except those rights and interests implied or established by the creation or reconfiguration of the boundary of the political subdivision for which it was prepared. LEGAL DESCRIPTION TRACT TWO 40.69 ACRES BEING a tract of land out of the Collin County School Land Survey No. 12, Abstract 147, in the Town of Prosper, Collin County, Texas, being all of the 29.66 acre tract of land described in deed to Blue Star Land, L.P. recorded in Volume 4421, Page 1264 of the Land Records of Collin County, Texas, being part of Preston Road and being more particularly described as follows: BEGINNING at a point for the intersection of the approximate future north right-of-way line of said First Street and the west right-of-way line of Preston Road (variable width ROW); THENCE with said west right-of-way line, the following courses and distances to wit: North 78°44'13" East, a distance of 51.59 feet to a point for corner; North 49048'13" East, a distance of 87.51 feet to a point for corner; North 20051'13" East, a distance of 200.00 feet to a point for comer; North 15"08'13" East, a distance of 100.50 feet to a point for comer; North 20051'13" East, a distance of 375.53 feet to a point for comer; North 20051'13" East, a distance of 24.49 feet to a point for corner; North 26034'13" East, a distance of 100.50 feet to a point for comer; North 25°37'13" East, a distance of 301.04 feet to a point for comer; North 12019'13" East, a distance of 181.97 feet to a point for comer; North 12°19'13" East, a distance of 20.27 feet to a point for corner; North 20°51'13" East, a distance of 400.00 feet to a point for comer; North 27030'13" East, a distance of 302.04 feet to a point for comer; North 17°59'13" East, a distance of 200.25 feet to a point for comer; North 19044'13" East, a distance of 511.96 feet to a point for comer; THENCE leaving said west right-of-way line and with the north line of said 29.66 acre tract, North 89000'11" East, a distance of 880.40 feet to a point for the northeast corner of said 29.66 acre tract; THENCE with the east line of said 29.66 acre tract, the following courses and distances to wit: South 01 005'49" East, a distance of 669.00 feet to a point for comer; South 00046'20" East, a distance of 662.11 feet to a point for the southeast comer of said 29.66 acre tract; CADocuments and Settings\russell.kennedyTocal Settings\Temporary Internet Files\Content.OuUook\07UBG4DF\TRIZ LEGAL.doc THENCE with the south line of said 29.66 acne tract, South 89°14'07" West, a distance of 1216.84 feet to a point for corner in the east right-of-way line of said Preston Road; THENCE with said east right-of-way line, the following courses and distances to wit: South 20°51'13" West, a distance of 55.26 feet to a point for comer; South 2705843" West, a distance of 201.56 feet to a point for corner; South 19°53'55" West, a distance of 300.04 feet to a point for corner; South 19008'07" West, a distance of 615.76 feet to a point for corner; South 07026'39" East, a distance of 170.98 feet to a point for comer in the approximate future north right-of-way line of said First Street; THENCE with the approximate future north right-of-way line of said First Street, South 89°3842" West, a distance of 381.40 feet to the POINT OF BEGINNING and containing 40.69 acres of land. This document was prepared under 22 TAC §663.21, does not reflect the results of an on the ground survey, and is not to be used to convey or establish interests in real property except those rights and interests implied or established by the creation or reconfiguration of the boundary of the political subdivision for which it was prepared. CADocuments and Settings\russell.kennedy\Local Settings\Temporary Internet Files\Content.Outlook\07UBG4DF\TRIZ LEGAL.doc Exhibit "8" Map Depiction of the Zone TRACTT" ! ! ! 2466 ACRES I 1 PROSPER - !i r !I 019 w ON" p j .s�s�/ EOYER$EANE r� TRACT ONE ri � 710 92 ACRES W ! w -*E € # U.6 MRNMfAT 699 i i t 1 Preliminary Project Pian and Financing Plan TIF Reinvestment Zone Number One, Town of Prosper Page 2 Tax Increment Financing Reinvestment Zone Number One, Town of Prosper, Texas Preliminary Project Plan and Financing Plan October, 2008 Prepared for Town of Prosper, Texas By stein Planning, LLC FinancaW ana"Is for economic tlevWopment Contents Page Section 1: Project Plan 1 Request to Designate a TIF Zone 1 Land Area and Existing Uses and Conditions 1 Exhibit A: TIF Reinvestment Zone Map 2 Exhibit B: Existing Land Use Map 3 Exhibit C: Existing Zoning Map 4 Development Goals and Objectives 5 Taxable Development Associated with Incentives 5 Exhibit D: Map of Proposed Improvements and Uses of Property 6 Exhibit E: Conceptual Rendering of The Gates of Prosper 7 Section 2: Financing Plan 8 The TIF Concept 8 Exhibit F: Property Tax Flow with Tax Increment Financing 8 Property Appraisal, Property Tax and Real Property Tax Increment Forecasts 10 Sales Volume, Sales Tax and Sales Tax Increment Forecasts 11 Public Improvements, Costs, Payment Alternatives and Economic Feasibility 12 Net New Town and County Taxes for Other Funds 13 Other Financial Policy Considerations 14 Schedules Schedule 1: Real Property Accounts in the TIF Zone, with 2008 Appraisals by the Collin Central Appraisal District 15 Schedule 2: Annual Development and Appraisal Forecast for the TIF Zone, in 2008 Dollars 16 Schedule 3: Forecast of Annual Property Appraisals and Town Property Taxes, Proposed TIF Zone 17 Schedule 4: Forecast of Annual Property Appraisals and County Property Taxes, Proposed TIF Zone 18 Schedule 5: Forecast of Cash Flow to the TIF Fund 19 Schedule 6: Estimated Annual Taxable Sales from Stores in the TIF Zone, in 2008 Dollars 20 Schedule 7: Forecast of Annual Town Sales Tax Generated in the TIF Zone 21 Schedule 8: Project Cost Estimate Details for Public Improvements in the TIF Zone 22 Schedule 9: TIF Project Cost Estimate Summary 23 Schedule 10: Debt Service for a Security Issue Backed by Revenue to the TIF Fund 24 Schedule 11: Forecast of Net New Town Taxes Retained from the TIF Zone after Payments to the TIF Fund 25 Preliminary Project Plan and Financing Plan TIF Reinvestment Zone Number One, Town of Prosper Page ii Schedule 12: Forecast of Net New County Taxes Retained from the TIF Zone After Payments to the TIF Fund 26 Appendix Appraisals of Comparable Development in the Dallas -Fort Worth Metropolitan Area 27 Neither this report nor its any product or part of syndication of equity, s2 participation interests to Stein Planning, LLC. Disclaimer conclusions may be referred to or included in ny offering made in connection with private es of bonds, sales of securities or sale of he public without express written consent of Preliminary Project Plan and Financing Plan TIF Reinvestment Zone Number One, Town of Prosper Page iii Section 1: Project Plan Request to Designate a TIF Zone The Town of Prosper proposes to designate the Tax Increment Financing Reinvestment Zone Number One (the "TIF zone," "TIRZ," or "Zone") in calendar year 2008, pursuant to Chapter 311 of the Texas Tax Code. Zone boundaries are mapped in Exhibit A. Development proposed for this zone is currently known as The Gates of Prosper, a development by Blue Star Land, LP ("Blue Star"). The proposed TIF zone includes tracts of land with strong prospects for development over the coming years, provided proper urban infrastructure for development. The Town finds the area's current condition substantially impairs the sound growth of Prosper, retards the provision of housing accommodations, constitutes an economic and social liability, and is a menace to the public welfare because of inadequate street and sidewalk layout and faulty lot layout in relation to size, accessibility and usefulness. The TIF program is intended to stimulate economic development. Land Area and Existing Uses and Conditions The proposed zone contains approximately 692 acres, not counting rights-of-way. Most of the land was used for agriculture in 2008 and was appraised for its agricultural value. Exhibit B maps existing land uses and conditions within the TIF zone. Zone boundaries that follow public streets and highways shall be construed to extend to the far sides of such rights-of-way, measured from the reinvestment zone. Schedule 1 lists real property accounts within the proposed TIF zone boundary, based on the 2008 tax roll. The current zoning categories for the TIF zone are displayed in Exhibit C. The Town of Prosper expects Blue Star to submit a proposal for rezoning all or most of the land in the proposed TIF zone. Other changes of zoning or municipal codes applicable to the TIF zone may be considered in the future, but none are proposed or required at present. A project plan for tax increment financing is statutorily required to state a method for relocating persons to be displaced as a result of implementing the plan. As there are no residents of the Zone at the time this plan is prepared, there is no need to relocate residents. Preliminary Project Plan and Financing Plan TIF Reinvestment Zone Number One, Town of Prosper Page 1 Exhibit A: TIF Reinvestment Zone Map Z d Q 0 4GV/U•00NSJ� � fJl4G 1. IOVERSIANE TRACT ONE 710 92 ACRES r r 1 r U.S HIGHWAY 300 I Preliminary Project Plan and Financing Plan TIF Reinvestment Zone Number One, Town of Prosper Page 2 I 1 O TRACTTWO 1 29 66 ACRES 1 PROSPER gel = L O FIRST STREET _ o - - 7jillli�,= Z d Q 0 4GV/U•00NSJ� � fJl4G 1. IOVERSIANE TRACT ONE 710 92 ACRES r r 1 r U.S HIGHWAY 300 I Preliminary Project Plan and Financing Plan TIF Reinvestment Zone Number One, Town of Prosper Page 2 Exhibit B: Existing Land Uses _Ifill r-l� � PROP .GALLAS NORTHTOLLWAY (WEX N.B. FRONTAGE ROAD) 11� LOVERS LANE (;)IRT GATES II II 1 li 1 I � I Ol BVRLINQr 11 �TM�N`�41U+�wa ®1 1 R L"m I cies Preliminary Project Plan and Financing Plan TIF Reinvestment Zone Number One, Town of Prosper Page 3 Exhibit C: Existing Zoning GATIFS *Wo'k Wala— Preliminary Project Plan and Financing Plan TIF Reinvestment Zone Number One, Town of Prosper Page 4 Development Goals and Objectives The following are development goals for the TIF zone: • Goal 1 — To increase the appraised value of total taxable property in the zone from roughly $4.6 million in 2008 to $680 million within seven years or soon thereafter. A site plan for the TIF zone appears as Exhibit D. Forecasts of annual taxable appraised value after this development appear in Schedules 2 and 3. • Goal 2 — To capture demand from residents of Prosper, Frisco, McKinney Celina and other municipalities and unincorporated areas of Collin and Denton Counties and beyond for purchasing retail merchandise. Lack of a full range of retail shopping opportunities could drive significant potential purchases and sales tax outside the Town of Prosper. Goal 3 — To provide homes in proximity to retail centers and employment. The following objectives further define how to accomplish the goals above: • Stimulate private development of approximately 4.7 million square feet of gross floor area in the Zone. This includes approximately 2.7 million square feet of retail space, 1.5 million square feet of residential space and 500,000 square feet of office space. Construct public infrastructure for high quality development, including stormwater drainage, thoroughfares, internal streets, walks and public utilities. Taxable Development Anticipated with Incentives Exhibit D is a map of proposed improvements within the TIF zone, given incentives for development through tax increment financing and/or other means. In Schedule 2, the improvements from Exhibit D are identified and quantified as to timing of completion, use, floor area and taxable appraised values of real and business personal property. In turn, this information is used to forecast tax revenue impacts for Prosper and Collin County and cash flow for tax increment financing. This plan for tax increment financing is not an independent evaluation of market demand. It neither validates nor declines to validate the demand for the development program within the construction time schedule proposed by the developer. Schedule 2 includes a bottom row for "nonproject cost' estimates. These are rough estimates of the actual total cost of land, all improvements and business personal property. Chapter 311 of the Texas Tax Code requires that a list of estimated nonproject costs be included in the TIF project plan. Nonproject costs are typically greater than appraisals for tax purposes. Preliminary Project Plan and Financing Plan TIF Reinvestment Zone Number One, Town of Prosper Page 5 Exhibit D: Map of Proposed Improvements and Uses of Property 1 oa#.u+s01a11TH TO uwar _ u # 1 #M if GATES *�4m urm I MWIL—. =:L&L Preliminary Project Plan and Financing Pian TIF Reinvestment Zone Number One, Town of Prosper Page 6 Section 2: Financing Plan The TIF Concept Tax increment financing ("TIF") is a tool local governments of Texas have used since 1986 to finance public improvements within defined areas that have unique challenges and opportunities for economic development. Although the proposed TIF zone would be the first for Prosper, several Collin County municipalities, including Frisco, Plano, Allen and Lavon have designated TIF zones. Collin County has opted to participate financially in TIF zones in all the named cities and in the proposed Prosper TIF program. Municipal authority to designate and operate tax increment financing programs comes from Chapter 311 of the Texas Tax Code (the "TIF Act"). Under the TIF Act, the governing body of a municipality may designate an area as a TIF reinvestment zone if the governing body of the municipality finds that development or redevelopment would not occur solely through private investment in the reasonably foreseeable future. All or a part of the tax dollars generated by growth of real property value since the base year when the zone was created may flow to a tax increment financing fund ("TIF fund") for a specified term of years. Exhibit F graphs the annual division of total property tax collected from the TIF zone for Prosper and Collin County between the TIF fund and to the general funds for the Town and County. The graph is based on this financing plan's annual property tax forecasts and annual portions of real property tax dedicated to the TIF fund. Exhibit F: Property Tax Flow with Tax Increment Financing $12 $10 0 3 $6' ro Net new tax to TI F fund $4 - r X $2 . Net rtew tax retained°fof:gene-I ftnds (Less thari X40,000WA& on 2008 t e,46dlue ) 1 11 21 31 Year Preliminary Project Plan and Financing Plan TIF Reinvestment Zone Number One, Town of Prosper Page 8 The proposed duration for the TIF zone is 37 years. No tax levied after Dec. 31, 2045 will flow to the TIF fund. The maximum portions of Town real property tax increments to be invested in the TIF fund will be 70% for the twenty-five years (tax years 2009 through 2033). Collin County will participate with 50% of real property tax increments for the same twenty-five years, with terms of participation set in an interlocal agreement between the Town and the County. In addition to the real property tax increments named in the preceding paragraph, the Town of Prosper anticipates investing in the TIF fund 33% of its 1 % general sales tax earned within the TIF zone for a term up to 25 years (2009 through 2033). The Prosper Economic Development Commission will invest in the TIF fund 67% of the 0.5% 4A sales tax that it collects from store sales in the TIF zone made in years 2009 through 2033. All payments to the TIF fund will terminate upon the first of these events to occur: (1) Taxes levied prior to December 31, 2045 have been collected; (2) All financial obligations of the TIF fund have been satisfied and the governing body of Prosper has dissolved the TIF zone; (3) The TIF fund has no financial obligations within three years of adoption of a project plan recommended by a TIF board and the governing body of Prosper has dissolved the TIF zone. Based on cash flow forecasts in this preliminary plan, the property tax increments described herein appear sufficient to pay all TIF project costs, including administrative and financial costs. The cash flow forecast is sufficiently ample that it may prove feasible to satisfy all project cost obligations one or more years before collection of all anticipated tax increments potentially available to the TIF fund. Cash flow to the TIF fund will be disbursed periodically and according to development agreements and securities obligations approved by the Town Council. All such agreements and obligations must be consistent with a TIF project plan and financing plan approved by a TIF board and the Town Council, as prescribed by the TIF Act. The initial project plan and financing plan must, by law, be "as consistent as possible" with this preliminary plan. The project plan and financing plan may be amended on recommendation of the TIF board and approval by the Town Council. The TIF fund may pay expenditures for public improvements within the TIF zone and other expenses permitted by law, including financing costs of the public improvements and administrative costs for the TIF program. Dollars from the TIF fund may pay or reimburse legally eligible, duly approved expenditures by the Town, a developer or a developer's assignees. Alternatively, TIF dollars may pay debt service for securities approved by the Town to fund eligible TIF expenses. In general, TIF funds may be applied only to expenditures inside the TIF zone boundaries, although the TIF Act allows external spending for a few specified purposes, including places of public assembly. Preliminary Project Plan and Financing Plan TIF Reinvestment Zone Number One, Town of Prosper Page 9 Inclusion of property in a TIF district does not change tax rates for any property in the TIF zone. Tax rates remain the same as tax rates outside the zone, given a constant set of taxing jurisdictions. Property Appraisal, Property Tax and Real Property Tax Increment Forecasts Schedule 3 forecasts annual real and business personal property appraisals in the TIF zone that will be liable for taxation in each year of the zone's duration. The current (2008) total appraised value of taxable real property in the zone is $4,589.345, based on Schedule 1. Beyond appraisals, Schedule 3 forecasts annual Town property taxes for real and business personal property, assuming tax rates remain constant at 2008 rates. Schedule 4 makes a parallel forecast of annual property taxes for Collin County. These Schedule 3 and 4 taxable appraisal forecasts are driven by the development program in Schedule 2 and by stated assumptions about annual appraisal adjustments. Because payments to a TIF fund are by law based on taxable values set by the Collin Central Appraisal District ("CCAD"), the unit values likely to be assigned by CCAD are relevant for a TIF financing plan, even though actual construction costs or trading prices may differ. A sample of appraisals and unit values for various land uses by the CCAD and other appraisal districts in the Dallas metropolitan area is presented as an appendix to this plan to add credibility to its unit value assumptions. Annual tax increments are forecast in Schedule 5. By law, tax increments are the taxes on annual captured appraised values, which are also forecast in Schedule 5. Captured appraised value is defined by Texas statute as the difference between taxable value and base year taxable value. Collected tax increments are then multiplied in Schedule 5 by annual percentages thereof that will flow to the TIF fund. The balance of the collected tax on annual tax increments and the tax on base value is retained for the respective taxing entity. Note that Schedule 5 assigns portions of real property tax and sales tax to the TIF fund. Sales tax for the TIF fund is addressed in subsequent pages of this plan. All business personal property tax will be retained for the general funds of the taxing entities. If the annual TIF fund revenues from Schedule 5 were paid to a developer annually as collected, the cumulative value of those annual increments to the developer would be diminished because the opportunity to have used that cash in the in the intervening years (whether to pay interest on borrowed money or to earn interest on invested money) will have been lost. In recognition of this "opportunity cost" associated with direct reimbursement over years, dollars received in future years must be discounted. A range of annual discount rates has been applied in the far right columns of Schedule 5 to reflect the true value (present value) of a stream of cash payments received over years. Because a private developer's cost to borrow cash for public improvements is almost always at higher interest rates than tax-free rates, a range of developer's discount rates has been tested. The suggested present value to a developer of the Preliminary Project Plan and Financing Plan TIF Reinvestment Zone Number One, Town of Prosper Page 10 complete stream of tax increments in Schedule 5 would be between $61 million and $76 million, less administrative costs for the TIF program. Sales Volume, Sales Tax and Sales Tax Increment Forecasts More valuable than property tax for the Town will be the direct municipal sales tax produced by The Gates of Prosper. At current tax rates, total municipal sales tax from the zone is likely to be four to five times as great as total municipal property tax from the zone. Schedule 6 forecasts annual taxable sales volume from the floor space proposed for the TIF zone. The schedule doesn't include sales tax on materials used in construction of The Gates of Prosper, as Prosper anticipates construction materials may be delivered to a site outside the TIF zone. The sales volume forecasts assume construction according to the timing, floor areas, and land use mix of Schedule 2. The sales assumption for retail sales per square foot is slightly above the median for super- regional shopping centers in the United States, but perhaps conservatively low for a successful new center with strong demographic indicators. With inflation of annual sales, the annual sales volume forecast for the zone approximates $750 million circa 2015, when retail development in the TIF zone is scheduled to be fully operational. Annual forecasts for taxable retail sales appear in Schedule 7. Prosper's current total municipal sales tax rate is 2.0%. Town sales tax flows to three discrete pools identified and annually quantified in Schedule 7. The three pools and portions of each that will be applied to the TIF fund are: (1) Tax at a rate of 1.0% for the Town's general fund. This pool of tax collected from sales at stores in the TIF zone in up to twenty-five calendar years (2009 through 2033) will be split, with 33% to the TIF fund and 67% to the Town general fund. All municipal general sales tax from sales after 2033 will flow to the Town general fund. (2) Tax at a rate of 0.5% for the Prosper Economic Development Corporation ("PEDC"). This tax pool, the 'AX sales tax, is earmarked for a list of economic development purposes permitted by law. The PEDC will direct to the TIF fund 67% of the 0.5% 4A sales tax from store sales in the TIF zone in up to twenty-five calendar years, 2009 through 2033. (3) Tax at a rate of 0.5% for property tax relief. This tax pool flows to the Town's general fund. It was approved by voters expressly to relieve the tax burden on property. None of this 0.5% sales tax pool will be applied to the TIF fund. Schedule 5 forecasts values for the parts of the 1% general sales tax and the 0.5% 4A sales tax that will flow to the TIF fund each year. All sales volumes in Schedule 7 are Preliminary Project Plan and Financing Plan TIF Reinvestment Zone Number One, Town of Prosper Page 11 captured appraised values and all sales taxes are tax increments because the year 2008 base value of sales tax collected from the TIF zone was $0. Public Improvements, Costs, Payment Alternatives and Economic Feasibility A list of public improvements in the TIF zone needed to construct The Gates of Prosper appears as Schedule 8. Schedule 8 costs are project costs to be reimbursed by the TIF fund. The estimated cost is approximately $64 million, before financing costs and costs for administration of the TIF fund. Schedule 9 collapses details of project costs, allocates costs to years when such expenses are likely to be incurred and adds estimated TIF project costs for financing and administration. Financial and administrative cost estimates are imported from Schedule 10, a debt service schedule for bonds backed by revenue to the TIF fund and potentially by assessment revenue from a public improvement district ("PID") corresponding to the TIF zone. Note that the interest expense for bonds based on terms stated in Schedule 10 is likely to significantly exceed the principal amount for public improvements. Prosper may consider a full range of opportunities to finance the costs of public improvements in the TIF zone and related costs to administer the TIF program. These include: (1) Direct reimbursement of the developer for public improvements, disbursing cash in the TIF fund as it becomes available. The developer would finance the public improvements and build them to Town standards. Upon completion of improvements to agreed standards and transfer of the public improvements to public agencies, Prosper would disburse cash in the TIF fund (less City TIF administrative expenses) to reimburse the developer an agreed price for principal costs plus interest on such principal costs. The interest rate could reflect the developer's actual interest cost for the improvements or the lowest interest rate reasonably available to the developer. Depending on interest incurred by the developer and reimbursed to the developer, the cost of this alternative might approach the total tax paid to the TIF fund (from Schedule 5). The direct reimbursement alternative has an advantage in that there is no public debt issue, but disadvantages in that (a) the developer's assets are tied up in the public improvements until fully reimbursed many years later and (b) the developer's cost of borrowing will likely be higher than the cost of borrowing with tax-free bonds. (2) Issuance of municipal securities backed by cash flow limited to the TIF fund, PID assessments and other assets available to the developer). This is the model tested in Schedule 10. Prosper and Blue Star anticipate enhancement of the TIF fund as bond security with assessments levied on property in a Public Improvement District ("PID") that Prosper may create with boundaries Preliminary Project Plan and Financing Plan TIF Reinvestment Zone Number One, Town of Prosper Page 12 corresponding to the TIF zone. Few PID bond issues have been approved in recent years in Texas, but annual interest rates have approximated 7.5%. Given realization of all the assumptions in Schedule 10 (or more favorable outcomes), it appears economically feasible to pay the identified TIF project costs with a debt issue of this type, maintaining debt coverage ratios of 1.3 or greater at almost all times. Division of a bond sale into tranches issued at different times and closely paired with times of reimbursement for TIF project costs could make bonds more efficient than the single issue of bonds modeled in Schedule 10. (3) Municipal certificates of obligation. Instead of revenue bonds secured by the TIF fund and enhanced by PID assessments and other limited credit, Prosper might obtain its lowest interest rate for borrowing by issuing certificates of obligation, pledging all sources of revenue available to the Town. Certificates of obligation are almost like general obligation bonds, but certificates do not ordinarily require authorization by referendum. In the current municipal securities market, certificates might trade with interest near 5%. Ideally, the TIF fund alone would suffice to pay debt service on the certificates of obligation, but there would be no guarantee that Prosper would not have to dip into the balance of its general fund or raise taxes to make debt service payments on a general obligation issues such as certificates. That risk is the downside of securities that pledge all City resources as needed for debt service. A pro forma that uses municipal certificates of obligation to pledge the full faith and credit of Prosper for debt service in the event the TIF fund alone proves insufficient would cost less for interest than the Schedule 10 debt service program. Bonded indebtedness of approximately $88 million is contemplated in Schedule 10. Such debt is to be repaid by a combination of: (1) Real property tax increments paid to the TIF fund by Prosper and Collin County and (2) Sales tax increments paid to the TIF fund by Prosper and the Prosper Economic Development Corporation. Other sources (perhaps including PID assessments) may enhance the marketability of bonds. The City reserves all powers to determine the appropriateness of issuing securities and to approve an issue of securities if appropriate. The expected sources of revenue to finance or pay project costs, including the percentages of tax increment to be derived from property taxes and sales taxes of each taxing unit that levies taxes on real property in the TIF zone are displayed in the bottom rows of Schedule 5. Inclusion of this information in a financing plan is required by Texas statute law. Net New Town and County Taxes for Other Funds Town and County tax revenues retained from the TIF zone for other funds should exceed current values throughout the TIF zone's duration. Schedules 11 and 12 forecast revenue gains for Prosper and Collin County, respectively, net of all investments in the TIF fund and net of an allowance for sales volume cannibalization by Preliminary Project Plan and Financing Plan TIF Reinvestment Zone Number One, Town of Prosper Page 13 new retail stores. With no change in tax rates for the coming years, the net earnings forecast from the TIF zone for other Town funds through the 2045 forecast horizon approaches $800 million. Discounted to present value at a rate of 5% annually, that net income is about $260 million. The Collin County net general fund earnings from the TIF zone are forecast at $70 million through the same 2045 horizon year, or close to $24 million of present value. In every year, both taxing jurisdictions retain for their general funds the tax on 100% of the 2008 real property tax base and 100% of business personal property tax. Collin County retains 50% of real property tax increments produced by the zone at all times. Prosper retains 30% of real property tax increments produced by the zone at all times. After twenty-five years, both the Town and County retain all property tax collected from the TIF zone. The City retains 67% of general sales tax from the TIF zone for twenty- five years, then 100% of the general sales tax. In all years, the City retains 100% of its 0.5% sales tax earned for property tax relief. The Prosper Economic Development Corporation retains 33% of the 0.5% 4A sales tax collected from the TIF zone for economic development projects outside the zone. After twenty-five years, the PEDC retains all sales tax it collects from the zone. Other Financial Policy Considerations The policies below will guide development incentives granted via TIF funds in Prosper: • Developers desiring TIF fund participation in costs of public improvements must obtain Town approval and sign a development agreement with the Town. • The disbursement policy for cash available to a TIF fund will be set forth in the development agreement. • The Town may negotiate with financial institutions to secure notes or lines of credit to aid in the funding of projects within a TIF zone or may authorize securities to fund projects. Preliminary Project Plan and Financing Plan TIF Reinvestment Zone Number One, Town of Prosper Page 14 C N LLr 4) t .0 r to C L I0 CL Q 0 a v V U) 0 W .i CL Q i C V C 0 L CL Q 0o O CDN t -.4 � O�O��NNNco CMOO�NO(�(OO��Oyl�ONCOON� IW 0) P 1% COM tQ N N VI M�� C> v (n M N M fo fA ' fR W to � N W. 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P't Ct CM cQ CC 4-4 4-% 4-4 N 4; 4; E .%2 21 CIE c" M N 11 c1l N c" 0- V- IX cIL 04 N 'It c! 11 N "t R R ol It, --t Oq 11, 2 n - - - - - - - - -- !p �p v r v V tp 'd k6 cd 46 wi w; C6 C6 CN4 'a w C4 N r- to Ag .0 111 V U)tNpO I OD M 0 ry 0 F, 0 opi N N N N N N N N N N N h C VCIIC4N C O :3,0 to (Jy �g N N ""N ......... NN .... N N N N N N N h N N N N C4 N C4 ul pC4 CId C4 N 0) g A A Schedule 8: Project Cost Estimate Details for Public Improvements in the TIF Zone Assumptions: Project costs are from Engineer's Preliminary Opinion of Probable Construction Costs for The Gates of Prosper, Kimley-Horn and Associates, Nov. 16, 2006. Cost and timing estimates may require adjustment. Financing costs and administrative costs for the TIF program are not included in this schedule. (a) (b) (c) (d) (e) (f) (g) Phase Improvement 1 2 3 Total Basic infrastructure Roads Railroad bridge $0 $1,120,000 $0 $1,120,000 Paving, grading and drainage On-site $3,727,650 $4,655,000 $2,030,000 $10,412,650 Off-site $0 $1,465,000 $4,415,800 $5,880,800 Landscaping On-site $1,025,640 $1,787,520 $779,520 $3,592,680 Off-site $0 $562,560 $1,495,680 $2,058,240 Street illumination $457,520 $685,440 $663,600 $1,806,560 Signals $955,000 $1,895,000 $465,000 $3,315,000 Subtotal $6,165,810 $12,170,520 $9,849,600 $28,185,930 Drainage and park development Major drainage $2,236,200 $3,540,500 $1,828,500 $7,605,200 Detention $0 $4,435,200 $2,950,200 $7,385,400 Subtotal $2,236,200 $7,975,700 $4,778,700 $14,990,600 Utilities Water On-site roads $1,455,900 $1,189,000 $406,000 $3,050,900 Off-site roads $0 $600,650 $278,000 $878,650 Off-site water $297,250 $297,250 $408,500 $1,003,000 20" water line east of First Sl. by other source $0 elevated storage tank by other source $0 Sanitary sewer On-site roads $229,700 $362,100 $119,000 $710,800 Off-site roads $0 $0 $51,200 $51,200 Off-site sanitary sewer $250,000 $105,000 $0 $355,000 Temporary lift station and force main $369,000 $0 $0 $369,000 Lift station and force main $1,126,000 $0 $0 $1,126,000 Subtotal $3,727,850 $2,554,000 $1,262,700 $7,544,550 Miscellaneous studies TIA $60,000 $0 $0 $60,000 Master drainage/detention plan $130,000 $0 $0 $130,000 Master utility plan $130,000 $0 $0 $130,000 General coordination/soft costs $300,000 $250,000 $250,000 $800,000 Subtotal $620,000 $250,000 $250,000 $1,120,000 Utility relocation US 380 $2,173,500 $0 $0 $2,173,500 Business 289 $0 $0 $402,500 $402,500 First Street $0 $0 $1,127,000 $1,127,000 Subtotal $2,173,500 $0 $1,529,500 $3,703,000 Basic infrastructure total $14,923,360 $22,950,220 $17,670,500 $55,544,080 Regional improvement: Preston Road 380 interchange $2,700,000 $0 $0 $2,700,000 Ramp improvements $500,000 $0 $0 $500,000 Preston Road improvements $4,770,000 $0 $0 $4,770,000 Subtotal $7,970,000 $0 $0 $7,970,000 TIF project cost principal total $22,893,360 $22,950,220 $17,670,500 $63,514,080 I.t 0000H to CNI C> co C> 0909 CD 0 49 Ili N Iq C� Ct C� 0. la� c 0 A—@ (D 00 t-- CN Lf) 0 cn FZ 0 E 2 Ot�003— _00HO CDI CN LO ts ce Ld tz C6 U) boj� to %6 C6 C� 6% 0 lw co 2 ai mc ;; 69 CL E .960 75 C" 13 208 CV 60% C14 Cli PI -i LO LO CL 8 09 c Cq a-cn 8 C� t6 06 "7 .4 owE 6% 0 a0 Eym 2 -40,- _ 0 0.0 0 a 8 8 � 8 IL CD O_ (D 0 C .2 co8o50 C; d o 0 06 E 2�g Fm 8 Iq - E .6 0 E C'J I- LO M coi 64 qg� U) E 69 4) Et: 6wq 0 w Cl Co0) gootpppmco E w rD 4) E 8 e -- CL x w co . 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