20140513 Dixon May 13 PresentationWE WANT BLUE STARWE WANT BLUE STARWE WANT BLUE STARWE WANT BLUE STAR
WE WANT BLUE STARMain reasons to consider support:pp•QualitydeveloperWewantBlueStarinProsper•Quality developer –We want Blue Star in Prosper•Regional center destination & market timing•Existing zoning in place•EconomicengineforProsperandarea•Economic engine for Prosper, and area•Competition from Frisco
Prosper is a destination. That is the UNIQUE charm that makes ldith tt10ilpeople drive that extra 10 miles.
2 Town Hall Meetings – Attended by approximately 300 citizens400 Citizen SurveysMovedherein2003,<2,000residents•Small Town Feel•BigLotsMoved here in 2003, <2,000 residentsP&Z –3 yearsVision Committee –1.5 yearsCouncil –4 years•Big Lots•Single FamilyyChaired the Comp Plan•Reduce Multi‐Family through future PD’s
8/29/12– Meeting with Blue Star to review proposed Star Trail. Attendees included Mayor Smith, Council members Dixon and Vogelsang, Interim Town ManagerLyleDresherHulonWebbandChrisCoppleManager Lyle Dresher, Hulon Webb, and Chris Copple.9/6/13 –EDT with Blue Star at their office in Frisco9/20/13 –EDT only to review Gates and Star Trail9/24/13 –EDT’s comments emailed to Blue Star9/30/13 –EDT with Blue Star at their office in Frisco11/7/13 –Gates and Star Trail PDs submitted to Town11/26/13–EDTonlytoreviewGatesandStarTrail11/26/13 –EDT only to review Gates and Star Trail12/4/13 –Town staff met with Blue Star to deliver EDT’s comments on Gates12/11/13 –Town staff called Blue Star to deliver EDT’s comments on Star Trail1/14/14 –EDT only to review Gates1/17/14 –Town staff met with Blue Star to deliver EDT’s comments on Gates1/28/14 –EDT only to review Star Trail1/30/14–TownstaffcalledBlueStartodeliverEDT’scommentsonStarTrail1/30/14 Town staff called Blue Star to deliver EDT s comments on Star Trail3/4/14 –EDT with Blue Star at Municipal Chambers3/11/14 –EDT with Blue Star at Municipal Chambers
5 Steps in The Process1. Zoning RequestStraight ZoningPlanDevelopment(PD)Plan Development (PD)2. Development Agreement 3. TIF / TIRZ Request4. EDC Agreement5. 380 Agreement
Where are we today?1. Planned Development in place – 20002. Development Agreement –March 20083. $80MM TIF / TIRZ– October 2008* But needs a new PD –5 extensions*Helppayforsewer/roads/CIP Help pay for sewer/roads/CIP4TODAY–requestingthenewPD20144. TODAY –requesting the new PD ‐2014
Planned DevelopmentA 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, commercialcenters, and industrial parks, all within one contained development or subdivision.
DEVELOPMENT AGREEMENTA 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 hiifhddddi ihillthe 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 andregulationsineffectatthetimeofapprovalthedevelopmentwillnotbeand 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 countymayincludeconditions(mitigationmeasures)thatmustbemettoassurecounty 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 pjpqgppdeveloper'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.
What is a TIRZ?A tax increment reinvestment zone (TIRZ)is a political subdivision of a municipalityor countyin the state of Texascreated 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 TIRZbesetup,orthelocalgovernmentmaydecidetocreateone.AspecificlifetimefortheTIRZisdetermined.ATIRZmayonlybeTIRZ 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 g,gpjyfinanced. This plan is passed as another ordinance.[1]
Frisco – 2014 = 0.46Prosper–2014=0.52Prosper 2014 0.52Rollback = 0.46$0.42 to $0.46DCilRdT?Does Commercial Reduce Taxes?
4 MAJOR POINTS1MultiFamily#&Style1.Multi‐Family ‐# & Style2. Architectural Style3. Buffer & Screening4BigBoxDesign4.Big Box Design
6,500 AptsEliminated 1,100 MFBS423BS –423 MF
Have worked for 18 months….
$450,000 Taxable Value100$4,500167SchoolTaxesAttheMaxRate.Sonomatterthe1.67School Taxes$7,515 PAID to PISDAt 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 BONDStb ildSCHOOLSmore BONDS to build more SCHOOLS.School Tax Rate = $1.67Cost 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 66964%$1,501,515,669 Divided by100$15,015,156.6964%$15,015,156.69 Multiply by1.67$25,075,311.67 $1,501,515,669 –Town$2,361,419,220 ‐PISD50%
#2 ‐Standards vs StyleThese are all built withthesamewith the same STANDARDS. This iswhytheSTYLEis why the STYLE needs to be clearly defined in the PD
#3–BigBox#3 Big Box
What is the PROCESS?1. Planned Development in place – 20062. Development Agreement – 20083. $80MMTIRZ Request and granted –2008*ButneedsanewPD But needs a new PD* Help pay for sewer/roads/CIP/ tenants4. TODAY – requesting the new PD ‐2014
WE WANT BLUE STARMain reasons to consider support:pp•QualitydeveloperWewantBlueStarinProsper•Quality developer –We want Blue Star in Prosper•Regional center destination & market timing•Existing zoning in place•EconomicengineforProsperandarea•Economic engine for Prosper, and area•Competition from Frisco
WE WANT BLUE STARBtIlthtititI WANT BLUE STARBut 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 y•Define the Buffer & Screening of Big Box•The Town to Address Lovers Lane –No Through Trucks