20140513 Dixon May 13 Presentation 2WE WANT BLUE STAR
Main reasons to consider support:
•Quality developer –We want Blue Star in Prosper
•Regional center destination & market timing
•Existing zoning in place
•Economic engine for Prosper, and area
•Competition from Frisco
WE WANT BLUE STAR
Prosper is a destination. That is
the UNIQUE charm that makes
people drive that extra 10 miles.
2 Town Hall Meetings –Attended by approximately 300 citizens
400 Citizen Surveys
•Small Town Feel
•Big Lots
•Single Family
•Reduce Multi-Family through future PD’s
Moved here in 2003, <2,000 residents
P&Z –3 years
Vision Committee –1.5 years
Council –4 years
Chaired the Comp Plan
8/29/12 –Meeting with Blue Star to review proposed Star Trail. Attendees
included Mayor Smith, Council members Dixon and Vogelsang, Interim Town
Manager Lyle Dresher, Hulon Webb, and Chris Copple.
9/6/13 –EDT with Blue Star at their office in Frisco
9/20/13 –EDT only to review Gates and Star Trail
9/24/13 –EDT’s comments emailed to Blue Star
9/30/13 –EDT with Blue Star at their office in Frisco
11/7/13 –Gates and Star Trail PDs submitted to Town
11/26/13 –EDT only to review Gates and Star Trail
12/4/13 –Town staff met with Blue Star to deliver EDT’s comments on Gates
12/11/13 –Town staff called Blue Star to deliver EDT’s comments on Star Trail
1/14/14 –EDT only to review Gates
1/17/14 –Town staff met with Blue Star to deliver EDT’s comments on Gates
1/28/14 –EDT only to review Star Trail
1/30/14 –Town staff called Blue Star to deliver EDT’s comments on Star Trail
3/4/14 –EDT with Blue Star at Municipal Chambers
3/11/14 –EDT with Blue Star at Municipal Chambers
5 Steps in The Process
1. Zoning Request
Straight Zoning
Plan Development (PD)
2.Development Agreement
3.TIF / TIRZ Request
4.EDC Agreement
5.380 Agreement
Where are we today?
1.Planned Development in place –2000
2.Development Agreement –March 2008
3. $80MM TIF /TIRZ–October 2008
* But needs a new PD –5 extensions
* Help pay for sewer/roads/CIP
4. TODAY –requesting the new PD -2014
Planned Development
A planned unit development (PUD), is a type of
building development and also a regulatory
process. As a building development, it is a
designed grouping of both varied and compatible
land uses, such as housing , recreation,
commercial centers, and industrial parks, all
within one contained development or
subdivision.
A development agreement is a contract between a local jurisdiction and a person
who has ownership or control of property within the jurisdiction. The purpose of
the agreement is to specify the standards and conditions that will govern
development of the property. The development agreement provides assurance to
the developer that he/she may proceed to develop the project subject to the rules
and regulations in effect at the time of approval -the development will not be
subject to subsequent changes in regulations1.
Development agreements should also benefit the local jurisdiction. The city or
county may include conditions (mitigation measures) that must be met to assure
that a project at a specific location does not have unacceptable impacts on
neighboring properties or community infrastructure. The agreement may clarify
how the project will be phased, the required timing of public improvements, the
developer's contribution toward funding system-wide community improvements,
and other conditions. The agreement can also facilitate enforcement of
requirements, since it is a contract that details the obligations of the developer and
local jurisdiction.
DEVELOPMENT AGREEMENT
What is a TIRZ?
A tax increment reinvestment zone (TIRZ)is a political subdivision of a
municipality or county in the state of Texas created to implement tax increment
financing. They may be initiated by the city or county or by petition of owners
whose total holdings in the zone consist of a majority of the appraised property
value. To get funding for a TIRZ area applicants have to follow three steps.
There are 4 steps involved in the creation of a TIRZ:
1.Property owners possessing 50% or more of the appraised value of a district submit a petition to the county, city, or town requesting a
TIRZ be set up, or the local government may decide to create one. A specific lifetime for the TIRZ is determined. A TIRZ may only be
city-initiated if less than 10% of its land area consists of residential area.[2]
2.For the purposes of existing tax-collecting entities (water districts, counties, etc.) the assessed values of properties within the new TIRZ
are frozen. It is assumed that property values will increase over the lifetime of the TIRZ; the property taxes collected on this increase
constitute the "increment".[1]
3.Local taxing authorities besides the creating organization negotiate for how much of the tax increment they will donate to the fund
instead of keeping for themselves. [1]
4.The municipality or county passes an ordinance establishing a governing board for the TIRZ and the zone as a legal entity itself. The
board then meets to create a budget for the lifetime of the zone, establishing what projects it will undertake and how they will be
financed. This plan is passed as another ordinance.[1]
Frisco –2014 = 0.46
Prosper –2014 = 0.52
Rollback = 0.46
$0.42 to $0.46
Does Commercial Reduce Taxes?
4 MAJOR POINTS
1.Multi-Family -# & Style
2.Architectural Style
3.Buffer & Screening
4.Big Box Design
6,500 Apts
Eliminated
1,100 MF
BS –423
MF
Have worked for 18 months….
$450,000 Taxable Value
100
$4,500
1.67 School Taxes
$7,515 PAID to PISD
At the Max Rate. So no matter the
commercial dollars coming in, YOUR TAXES
will not go down for a long time. However, it
will provide valuations so that PISD can sell
more BONDS to build more SCHOOLS.School Tax Rate = $1.67
Cost approx $12,000 Per Year Per Child
•State covers approximately $4,500
•PISD has to cover the rest = $7,500
$450,000 in taxable value = One Child
$1,350,000 to cover a family with 3 kids
Town Of Prospers Tax Evaluation
$1,501,515,669
Divided by 100
$15,015,156.69
Multiply by 1.67
$25,075,311.67
$1,501,515,669 –Town
$2,361,419,220 -PISD
64%
50%
#2 -Standards vs Style
These are all built
with the same
STANDARDS. This
is why the STYLE
needs to be
clearly defined in
the PD
#3 –Big Box
What is the PROCESS?
1.Planned Development in place –2006
2.Development Agreement –2008
3.$80MM TIRZ Request and granted –
2008
* But needs a new PD
* Help pay for sewer/roads/CIP/ tenants
4. TODAY –requesting the new PD -2014
Main reasons to consider support:
•Quality developer –We want Blue Star in Prosper
•Regional center destination & market timing
•Existing zoning in place
•Economic engine for Prosper, and area
•Competition from Frisco
WE WANT BLUE STAR
But I also want what my citizens want.
So I am willing to approve the PD with:
•Reduce MF and add timing of construction –300K sq’
•Architectural Guidelines –Style & Standards
•Define the Buffer & Screening of Big Box
•The Town to Address Lovers Lane –No Through Trucks
WE WANT BLUE STAR
I WANT BLUE STAR