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HomeMy WebLinkAboutResolution - 2009-R0449 - Notice Of Intent To Establish TIF RZ - Lubbock Business Park - 10_20_2009Resolution No. 2009-RO449 October 20, 2009 Item No. 5.12 RESOLUTION WHEREAS, the City of Lubbock intends to consider establishing a Tax Increment Financing Reinvestment Zone (Number Three), for the Lubbock Business Park area pursuant to the Tax Increment Financing Act (the "Act") for the purpose of encouraging development and redevelopment; and WHEREAS, the boundaries of the Tax Increment Financing Reinvestment Zone for the Lubbock Business Park are described in the attachment designated as Exhibit "A" and shown on the map attached hereto as Exhibit `B," said area for the Lubbock Business Park TIF being within the City Limits of the City of Lubbock; and WHEREAS, Section 311.003 of the Act provides that not less than the 601h day before the date of the Public Hearing, the governing body of the municipality must notify in writing the governing body of each taxing unit that levies real property taxes in the proposed Zone that the municipality intends to hold a public hearing regarding establishing a Tax Increment Financing Reinvestment Zone; and WHEREAS, the City desires to hold the public hearing at the first Council meeting in December, and Section 311.003(e) allows the other taxing units to waive the sixty day notice provision; NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK: SECTION 1: THAT the Mayor of the City of Lubbock is hereby authorized and directed to sign a Notice of Intent to Establish a Tax Increment Financing Reinvestment Zone (Number 3) for the Lubbock Business Park in the City of Lubbock in the form attached as Exhibit "C"; and SECTION 2: THAT the Notice shall be sent to all taxing entities as soon as possible and shall include all descriptions and other documents as required by State law as well as a request that each taxing unit waive receipt of the sixty day notice prior to the hearing as allowed in Texas Tax Code §311.003(e); and SECTION 3: THAT' this resolution shall be effective immediately upon its passage. Passed by the City Council this 20th day of October , 2009. ,-- r,�,- �// /,4� TOM MARTIN, MAYOR ATTEST: Rebecca Carza, City Secretary APPR VED AS TO CONTENT: Rob Alliso , s 1t City Manager Development Services APPROVED AS\TO FORM: Linda L. Channales, _ - `r/ Economic Development Attorney (_'itv att ; Linda i Res - Notice of Intent LBP Tll- September 23, 2009 Resolution No. 2009—RO449 Exhibit "A" METES AND BOUNDS DESCRIPTION of a 586.097 acre tract of land being Section 7, Block A, Lubbock County, Texas, being further described as follows: BEGINNING at a railroad spike found in the North line of Section 7, Block A, at the Northwest comer of this tract which bears N. 8904650" E. a distance of the 260.03 feet from the Northwest comer of Section 7, Block A, Lubbock County, Texas; THENCE N. 89045'50" E., along the North line of said Section, a distance of 126.02 feet to a point at the Northwest corner of a tract of land recorded in Volume 393, Page 505 Deed Records of Lubbock County, Texas, for a corner of this tract; THENCE S. 00°14'10' E. (Deed North -South), along the West line of said tract recorded in Volume 393, Page 505, at 12.00 feet pass a 1/2" iron rod with cap set in reference, continuing for a total distance of 112.00 feet to a 1/2' iron rod with cap set at the Southwest comer of said tract recorded in Volume 393, Page 505, for a comer of this tract; THENCE N. 89045'50" E, (Deed East-West), along the South line of said tract recorded in Volume 393, Page 505, a distance of 100.00 feet to a 1 /2" Iron rod with cap set at the Southeast comer of said tract recorded in Volume 393, Page 505 for a comer of this tract; THENCE N. 00014'10" W. (Deed North -South), along the East line of said tract recorded in Volume 393, Page 505, at 100.00 feet pass a 1/2" iron rod with cap set in reference, continuing for a total distance of 112.00 feet to a 1l2" iron rod with cap set in the North line of said Section 7, Block A at the Northeast comer of said tract recorded In Volume 393, Page 505, for a comer of this tract; THENCE N. 89°45'50" E., along the North line of said Section, a distance of 12.75 feet to a point at the Northwest corner of a tract of land described in Volume 1856, Page 255, Deed Records of Lubbock County, Texas, for a comer of this tract; THENCE S. 00*12'16" E. (Deed S. 00°08'26" W. 122.00 feet), along the West line of said tract described in Volume 1856, Page 255, at 0.14 feet pass a railroad spike found In reference, at 30.15 feet pass a 3/8" iron rod found In reference, continuing for a total distance of 122.16 feet to a 3/a" iron rod found at the Southwest corner of said tract of land recorded in Volume 1856, Page 255, for a comer of this tract; THENCE N. 89"48'18" E. (Deed S. 89-51-34" E.), along the South line of said tract described In Volume 1856, Page 255, a distance of 117.00 feet to a 112" iron rod with cap set at the Southeast comer of said tract of land recorded in Volume 1856, Page 255, for a comer of this tract; THENCE N. 00012'16" W. (Deed N. 00008*26" E. 122.00 feet), along the East line of said tract of land recorded in Volume 1856, Page 255, at 92.01 feet pass a 3/8" iron rod found in reference, at 122.02 feet pass a railroad spike found In reference, continuing for a total distance of 122.24 feet to a point at the Northeast comer of said tract recorded in Volume 1856, Page 255, in the North line of said Section, for a corner of this tract; THENCE N. 89"45'50" E., along the North line of said Section, a distance of 4648,14 feet to a railroad spike found in the West right-of-way line of Martin Luther King Jr. Boulevard, in Warranty Deed to the City of Lubbock in instrument of record in Volume 1489, Page 603, Deed Records of Lubbock County, Texas, at the Northeast comer of this trod; THENCE S. 0002349" E. (Deed S. 01"55'42" W. 319.88 feet), along the West right-of-way line of said Martin Luther King Jr. Boulevard, a distance of 319.17 feet to a 3/8" Iron rod found at a point of curvature; THENCE Southwesterly, continuing along the West right-of-way line of said Martin Luther King Jr. Boulevard, around a curve to the right, said curve having a radius of 5674,58 feet, a central angle of 01 °37'08" (Deed 01 °3T'00"), a chord distance of 160.19 feet (Deed 160.11 feet) and a chord bearing of S. 00026'08" W. (Deed S. 02'44'12" W.) to a 3/8" iron rod found at a point of intersection; THENCE S. 01013'02' W. (Deed S. 03°32'42' W. 1237,52 feet), continuing along the West right-of-way line of said Martin Luther King Jr. Boulevard, a distance of 1237.51 feet to a 3/8" iron rod found at a point of curvature; THENCE Southwesterly, continuing along the West right-of-way line of said Martin Luther King Jr. Boulevard, around a curve to the left, said curve having a radius of 5684.58 feet, a central angle of 01 037'59' (Deed 01 °38'00"), a chord distance of 164.86 feet (Deed 164.90 feet) and a chord bearing of S. 00*26'11' W. (Deed S. 02°4342' W.) to a 3/8' iron rod found at a point of intersection; THENCE S. 00'25'41" W. (Deed S. 01 °54'42" W. 1989.74 feet), continuing along the West right-of-way line of said Martin Luther King Jr. Boulevard, a distance of 1989.94 feet to a 3/8" iron rod found at a point of curvature; THENCE Southwesterly, continuing along the West right-of-way line of said Martin Luther King Jr. Boulevard, around a curve to the left, said curve having a radius of 5674.58 feet, a central angle of 01043'31" (Deed 01 °43'30"), a chord distance of 174.18 feet (Deed 174.15 feet) and a chord bearing of S, 01*1641' E. (Deed S. 01'02'57" W.) to a 318" iron rod with cap found at a comer of this tract; THENCE. S. 02'08'33" E., continuing along the West right-of-way line of said Martin Luther King Jr. Boulevard, a distance of 231.56 feet to a 1/2' iron rod found at the Northeast comer of Lot 1, Lubbock Fire Department Addition, to the City of Lubbock, Lubbock County, Texas, according to the map, plat and/or dedication deed thereof recorded In Volume 5943, Page 156, Real Property Records of Lubbock County, Texas, at a comer of this tract; THENCE S. 89°41'40" W. (Plat S. 89'4040" W), along the North line of said Lot 1, a distance of 800.00 feet to a 112" iron rod with cap found at the Northwest comer of said Lot 1 at a comer of this tract; THENCE S. 00024'52" E. (Plat S. 00'25'30" E.), along the West line of said Lot 1, a distance of 1000,00 feet to a 112" iron rod with cap found at the Southwest comer of said Lot 1, in the North right-of-way line of Ursuline Street for the Southeast comer of this tract; THENCE S. 8964U40" W., along the North right-of-way line of said Ursullne Street, a distance of 4374.50 feet to a 1/2' iron rod with cap set for a point of curvature; THENCE Northwesterly around a curve to the right, said curve having a radius of 15.00 feet, central angle of 90°00'00' and a chord distance of 21.21 feet to a 1/2" iron with cap set in the East right-of-way line of North Ash Avenue for a non -tangent point of intersection; THENCE N. 0041744" W„ along the East right-of-way line of North Ash Avenue, a distance of 922.44 feet to a 112" Iron rod with cap set in the East right-of-way line of Interstate No. 27 as reflected In Deed (Controlled Access Highway Facility) to the State of Texas in instrument of record in Volume 1418, Page 686, Deed Records of Lubbock County, Texas, for a point of curvature; THENCE Northeasterly, along the East right-of-way line of said Interstate No. 27, granted to the State of Texas in instrument of record in Volume 1418, Page 686, and in Volume 1383, Page 149, respectively, Deed Records of Lubbock County, Texas, along a curve to the left, said curve having a radius of 1910.08 feet, a central angle of 16'39'08", a chord distance of 653.19 feet and a chord bearing of N. 17"17'30" E. for a point of Intersection; THENCE N. 09038'33' E. (Deed N. 09050`00" E. 1005.24 feet), continuing along the East right-of-way line of said Interstate No. 27, as reflected in Deed (Controlled Access Highway Facility) to the State of Texas in instrument of record in Volume 1383, Page 149, Deed Records of Lubbock County, Texas, a distance of 1005.21 feet to a 1/2' iron rod with cap set for a comer of this tract; THENCE N. 04037*38` W. (Deed N. 04°10'19` W. 1406.38 feet), continuing along the East right-of-way line of said Interstate No, 27, a distance of 140e.23 feet to a 112` Iron rod found at a comer of this tract; THENCE N. 01"28'08" W. (Deed N. 01007'00" W. 1429.55 feet), continuing along the East right-of-way line of said Interstate No. 27, a distance of 1427.37 feet to the Point of Beginning; F - .�5411i VW { ,• _ � I i •} y , - � 111 �y� N * %MT" wr4i ivTaa j," 47 I �Df -M 0r qa LOT So un 5 LOf 52 o O "Fr 2,3 It +' 5 tiPr 3t L#'� SO ip7 19 407 iiLOTAN `F F k 24 L47-27 Wr 2a' k4T 7�s I 1 a T% nor as ME X. t..of -i p Lot 14 ig fpt y y, r y {. 4f 4&f i �. '� sk �f'Ur' !► I3 - _#' I J fi PARKHILL SMITH & COOPER LLGEND MURE CONSTRUCTION NORTH E%ISTINO INFPAMUCTURE 0 fill 12M Resolution No. 2009-RO449 Exhibit "C" NOTICE OF THE INTENTION OF THE CITY OF LUBBOCK, TEXAS TO CONSIDER ESTABLISHING A REINVESTMENT ZONE FOR TAX INCREMENT FINANCING PURSUANT TO THE TAX INCREMENT FINANCING ACT, FOR THE LUBBOCK BUSINESS PARK AREA, LUBBOCK, TEXAS School Board Lubbock Independent School District Gordon Wilkerson, Chair 1628 19" St. Lubbock, Texas 79401 (806) 766-1086 Lubbock County Commissioners Court Honorable Tom Head, County Judge 904 Broadway Lubbock, Texas 79401 (806)775-1000 Board of Managers Lubbock County Hospital District Heenan Johnson, 11I, DDS, Chair P.O. Box 5980 Lubbock, Texas (806)743-3313 High Plains Underground Water Conservation District Robert J. Meyer, Chair 2930 Avenue Q Lubbock, Texas 79405 (806)762-0181 HONORABLE MEMBERS OF THE ABOVE GOVERNING BODIES: Pursuant to Resolution No. 2009-R , approved by the City Council of the City of Lubbock, Texas on October 8, 2009, a certified copy of which is attached hereto as Exhibit "A," the City of Lubbock intends to consider establishing a Reinvestment Zone for the Lubbock Business Park Area pursuant to the Tax Increment Financing Act (the "Act") for the purpose of encouraging development and redevelopment. The boundaries for the proposed Reinvestment Zone for the Lubbock Business Park area are shown on the map attached hereto as Exhibit -B." A description of the tentative plans for the development of the proposed Reinvestment Zone and an estimate of the general impact of the proposed Reinvestment Zone on property values and tax revenues are attached hereto as Exhibit `C' A public hearing to receive public comment on the creation of the proposed Reinvestment Zone and its benefits to the City and to the property in the proposed Reinvestment Zone is scheduled to be held at 10:00 a.m. on December 3, 2009, in the City Council Chambers, Lubbock City Hall, 1625 131h Street, Lubbock, Texas. The City of Lubbock requests that each governing body waive receipt of the sixty (60) day notice prior to the hearing as allowed in Tex. Tax Code § 311.003(e). In addition, the City requests that you designate a representative, not later than the 15"' day after the date of this notice as required by the Act, to meet with the City Council's designated representatives to discuss the project plan and the Reinvestment Zone financing plan. A meeting of the representatives of all the taxing entities involved has been set for 10 am, October 30, 2009, in Room 103, Lubbock City Hall, 1625 131h Street. For more information on this matter, please contact Mr. Rob Allison, Assistant City Manager, Development Services, City of Lubbock, at (806) 775-2110. Dated this day of October, 2009 TOM MARTIN, MAYOR ATTEST: Rebecca Garza, City Secretary Resolution No. 2009--R0449 City of Lubbock, Texas LUBBOCK ECONOMIC DEVELOPMENT ALLIANCE FEASIBLITY ANALYSIS (PRELIMINARY) LEDA BUSINESS PARK Tax Increment Reinvestment Zane No. 3 Lubbock, Texas a George R. Schrader Larry D. Cline 4800 Broadway, Ste A Addison, TX 75001 972-661-1983 schclira)swbell.net C'ih of Lubbucl: Lubbock Economic Uei vlopment alliance Tax Increment Wimestment Lune No. 3 Finance I'lim 1"xbibit ID: I' ea`ibilith :knah sip INDEX Page Index 2 Forward 3 Section I: HISTORY/CURRENT SITUATION 4 Section 11: TAX INCREMENT ANALYSIS 6 Section III: TABLES 1 10 [1 ll 111 12 IV 13 2 ( itN of Ltabbock Lubbock Economic MN cloptnent .alliance Tax Increment Reinvestment Zone No_ 3 Finance Plan Exhibit D: Feasihilit,% .%nah sis FORWARD Schrader & Cline, LLC was asked to prepare a Feasibility Analysis using tax increment financing to encourage development of the LEDA Business Park Tax Increment Reinvestment Zone No. 3 in the City of Lubbock, Texas. The Business Park needs public infrastructure projects that will provide access to a majority of the undeveloped lots to allow development of new facilities. Section I summarizes the history of the LEDA Business Park and discusses the current situation. Section II details the tax increment analysis. Section III contains tables. The following projections of development and tax revenues are subject to change. As underlying conditions in the national and regional economy change, the pace and value of new development projected for the TIF area may shift. Future property tax rates are particularly difficult to predict given their dependence on changes in the tax base, the mix of taxes levied and the various jurisdictions' overall fiscal and budgetary policies. Thus, the projected tax increments are subject to change. The analysis of future tax increment funds is dependent on a series of projections, assumptions, and other inputs; the report should be reviewed in its totality. Neither this report nor its conclusions may be referred to or included in any prospectus or part of any offering made in connection with private syndication of equity, sale of bonds, sale of securities or sale of participation interests to the public without express written approval SCHRADER a CLINE, LLC Schrader & Cline, LLC Addison, Texas October 2009 3 City of Lubbock Lubbock Economic Development Alliance Tax Increment Reinvestment Zone No. 3 Finance Plan Exhibit D: Feasibility Analysis SECTION I: HISTORY/CURRENT SITUATION HISTORY Lubbock Economic Development Alliance (LEDA) was formed in 2004 to assist the City of Lubbock in retaining and expanding existing jobs and businesses, and in attracting new business development to the City. LEDA and Market Lubbock, Inc. are funded by a 1/8¢ City sales tax and $0.03 / $100 valuation ad valorem tax, respectively. Although LEDA has been successful in the retention of jobs and the recruitment of new industry, a designated business park, with "shovel -ready" lots, does provide LEDA with an additional recruitment tool. The creation of a business park occurred on January 31, 2006 when LEDA purchased 568 acres of land just minutes from the Lubbock Preston Smith International Airport and adjacent to Interstate 27. In March 2006, the property was rezoned from R-1 (Single Family) and M-1 (Light Manufacturing) to IDP (Industrial Park). Following rezoning, LEDA began development of streets and utilities for approximately 5 of the 51 potential lots in the Lubbock Business Park. To date, $20.3 million has been committed for public infrastructure supporting these lots, including 9,559 linear feet of streets, water lines, wastewater lines, lighting and drainage. The financing structure for these public improvement projects has consisted of the following: Cash reserves $9,789,885 Gateway Funds from the City of Lubbock 3,260,115 LEDA's 5- year note with nine local banks (matures in July 2014) 7,250,000 $20,300,000 4 City of Lubbock Lubbock Economic Development Alliance Tax Increment Reinvestment Zone No. 3 Finance Plan Exhibit D: Feasibility Analysis Marketing efforts have already shown success with completion of the 211,000 square foot O'Reilly Distribution Center on 25 acres and the 71,000 square foot WesTx Packaging facility on 22 acres. However, the remaining 521 acres remain vacant and undeveloped. CURRENT SITUATION Marketing of the Lubbock Business Park is continuing and has resulted in the commitment of two additional developments which should be completed in 2010 and go on the tax roll in 2011. These two new developments, a potential third new development (expected to go on the tax roll in 2012), and the two existing developments noted above, will occupy the majority of the "shovel -ready" lots in the Lubbock Business Park. With the anticipated completion of Lubbock Business Park Boulevard east to MLK Boulevard in December 2009, an additional 10 lots will become available. For the future, development of the Business Park will depend upon construction of additional streets and utilities for creation of "shovel -ready" lots. Additional public infrastructure construction expected over the next 20 years will require an 16.. Z expenditure of an estimated S45 million. Funding above the current I18¢ sales tax received by LEDA and the $0.03 / $100 valuation of ad valorem tax received by Market Lubbock, Inc. is required to further develop the Business Park. The City of Lubbock and LEDA are proposing the use of tax increment financing to aid in funding the necessary public infrastructure. 61 City of Lubbock Lubbock Economic Development Alliance Tax Increment Reinvestment Zone No. 3 Finance Plan Exhibit D: Feasibility Analysis SECTION II: TAX INCREMENT ANALYSIS This section documents the detailed analysis and inputs used to generate the tax increment and business personal property revenue estimates. Tax Increment Financing involves: • Designating an eligible redevelopment area as a Tax Increment Financing (TIF) Reinvestment Zone; • Soliciting participation of other taxing jurisdictions; • Setting the assessment base at the level of the assessment as of January 1 of the year in which the TIF Reinvestment Zone is created; and • Placing tax revenues generated by the increase in assessed real property value in a tax increment fund for funding public improvements. Future tax increment revenues in this analysis depend on two elements: • The timing and added real property value of new development; and • Future tax rates and the percentage of participation of each taxing jurisdiction. The Lubbock Central Appraisal District is the entity responsible for assessment, billing, and collection of ad valorem taxes for the City of Lubbock. In this analysis, a very conservative philosophy of future valuation has been incorporated. Assessed values are established as of January 1 of the tax year. Thus, development completed during the year 2009 goes on the tax rolls for the Tax Year 2010. In this analysis, a conservative 1 %z % per year value increase on improvements has been included. It is assumed that all taxing jurisdictions, except Lubbock G City of Lubbock Lubbock Economic Development Alliance Tax increment Reinvestment Zone No. 3 Finance Plan Exhibit D: Feasibility Analysis Independent School District, will participate in the Reinvestment Zone at 100% of its real property tax rate. It is also assumed that tax rates will remain constant through the life of the TIF. All taxes on existing real and business personal property as of January 1, 2009 are estimated at $8,386,000 over 30 years. All taxes on new business personal property, estimated at $18.5 million over 30 years, will continue to flow to each participating jurisdiction. The January 2009 taxable value of real property within the TIF boundary is $15,019,915. This amount serves as the initial tax base for the TIF. Taxes on this amount of base real property tax value will continue to flow to each taxing jurisdiction during the duration of the TIF. The forecast of new development follows: • The real property and business personal property values and timing of the two newly committed developments and the one pending development, as described in the Current Situation Section„ are included. This is based on the most recent information from the respective owners. No tax abatement is assumed for two of the three developments because the two developments do not meet tax abatement criteria or did not request this incentive during negotiations. • Buildout of the approximately 40 remaining Lubbock Business Park lots is assumed to begin after the two new and one pending developments are completed. This is projected to occur evenly over a 20-year period. • The remaining buildout is assumed to contain: 0 20 projects 50,000 square feet, and 7 City of Lubbock Lubbock Economic Development Alliance Tax Increment Reinvestment Zone No. 3 Finance Plan Exhibit D: Feasibility Anah•sis 0 20 projects 100,000 square feet. • The value of the remaining buildout (after the initial three projects) is assumed to be $70/SF, exclusive of business personal property. • Five-year declining scale tax abatements, with decreases of 20% per year, are assumed for each project after the initial two projects. • Business Personal Property (BPP) value for the initial three projects is based on information from the potential tenant. BPP value for developments in the remaining buildout period (beyond the initial three projects) is assumed to be $30/SF. • TIF Fund income is based on a 30-year life of the TIF with each participating taxing jurisdiction contributing 100% of its real property tax rate for 30 years. • Tax rates used in the analysis are assumed to remain constant at the following levels: Jurisdiction $ / $100 Valuation City 0.446400 County 0.329458 Hospital District 0.120840 Water Conservation District 0.007940 Total 0.904638 The forecast of new development value generated in the Lubbock Business Park during the next 23 years, as shown in Table I, is a total of $246.3 million. Income to the TIF Fund based on the new development values. as shown in Table II, is a total of $42.8 million. Business Personal Property income from new development that will flow to the participating taxing jurisdictions, as shown in Table III, totals $18.5 million. 8 City of Lubbock Lubbock Economic Development Alliance Tax Increment Reinvestment Zone No. 3 Finance Plan Exhibit D: Feasibility Analysis In summary, income provided by each taxing jurisdiction to the TIF Fund and income received by each participating taxing jurisdiction during the life of the TIF follows: INCOME SOURCE IN THOUSANDS Existing Real & BPP New BPP TIF Jurisdiction FUND Value Value Total City $21,109 4,138 9,149 I3,287 County 15,579 3,054 6,753 9,807 Hospital 5,714 1,120 2,477 3,597 Water Dist. 375 74 162 236 TOTAL $42,777 8,386 18,541 26,927 The public infrastructure projects and administrative costs required to allow full development of the Lubbock Business Park are shown in the Project Plan Table IV and total $45.2 million. As shown previously, the TIF Fund income of $42.8 million is about 95% of the required Project Plan costs. The Project Plan costs, as noted in Table IV, include estimated cost increases of 4.0% per year over a 20-year period. With the 5% shortfall of TIF Funds and the assumption of a 30-year term for the TIF, additional funds beyond the TIF are required to complete and fund the estimated costs of this Project Plan. XM n • ;` te r I — Ib; ..�" .�-*T Ir 1 ■IL *: { ' h1 i• F Y yir_' s , L+ J I h x, Y .yyam#� l' H LOWE �srt�.r ■ 4• ;p f yam: } tr _ f 4ML IINAI MoilINoll L go ice, E; KENT Sr LOT 44 LOT 45 LOT 48 SLOT 47 LOT 40 LOT 49 LOT 50 LOT fil LOT 52 --- - ----- - ---- - - ---------- ------ - L LO 7 215 r 24 LUBBOCK COON MY bL40 LAS/ LOT 43 LOT 42 z 2 LOT 41 z LOT 40 LOT YUCCA LAKE - - - ----------- LOT:i2 LCFr 21 LOT 26 LOT 20 4ft O'REILLT ::':*T 2 mom_ DISTRIBUTION PAOXAGNO CEMTER F. LOT 4 LOT 17 LOT IS LOT 19 All" LOT 54 LOT Is LOT 115 LOT 14 T1LOT 9 LOT 10 47 LOT 7 LOT 11 LOT 12 LOT 13 na OR j:jjU jW46 �U mill PROPOSED MASTER PLAN FOR rf� city of lubbock LUBBOCK BUSINESS PARK TEXAS I C 1 3 LOT OT LLOT 30 LOT 32 LOT 29 LOT 27 LOT 28 J City of Lubbock, TX Lubbock Economic Development Alliance Tax Increment Finance Reinvestment Zone No.3 Feasibility Analysis - Development Value Table I 011 millions) Year Value 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 Total S 21.3 15.0 10.5 10.5 10.5 10.5 10.5 10.5 10.5 10.5 10.5 10.5 10.5 10.5 10.5 10.5 10.5 10.5 10.5 10.5 10.5 10.5 $ 246.3 City of Lubbock, TX Lubbock Economic Development Alliance Tax Increment Finance Reinvestment 'Lone No.3 Feasibility Analysis TABLE 11 ..�-.ate__. Dev Innni . .ULN ,per yinc _ � Cumulative Tax Year l 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 Value Levi 2011 $ 10.8 10.5 - 21.3 2012 11.0 10.7 3,0 - - - - - - - 24.6 0.193 2013 11.1 10.8 6,1 2.1 - - - - - - - - 30.1 0.223 2014 11.3 11.0 9.3 4.3 2.1 - - - - - - - - - - - 37.9 0.273 2015 11.5 11.1 12.5 6.5 4.3 2.1 48.0 0.343 2016 11.6 11.3 15.9 8.8 6.5 4.3 2,1 60.5 0.434 2017 11.8 11.5 16.2 ILI 8.8 6.5 4.3 2.1 722 0.547 2018 12.0 11.7 16.4 11.3 11.1 8.8 6.5 4.3 2.1 - - - 84.1 0.653 2019 122 11.8 16.6 11.5 11.3 11.I 8.8 6.5 4.3 2.1 - - - - - 96.2 0.761 2020 12.3 12.0 16,9 11.7 11.5 11.3 11.1 8.8 6.5 4.3 2.1 - - - - - - 108.5 0.870 2021 12.5 12.2 17.2 11.8 11.7 11.5 11.3 11.1 8.8 6.5 4.3 2.1 - 120.9 0.991 2022 12.7 12A 17.4 12.0 11.8 11.7 11.5 11.3 I L i 9.8 6.5 4.3 2.1 133.6 1.094 2023 12.9 12.6 17.7 12.2 12.0 11.8 11.7 11.5 11.3 11.1 9.8 6.5 4.3 2.1 - 146.4 1.208 2024 13.1 12.7 17.9 12.4 12.2 12.0 11.8 11.7 11.5 11.3 11.1 8.8 6-5 4.3 2.1 159A 1.324 2025 13.3 12.9 18.2 12.6 12-4 12.2 12.0 11.8 11.7 11.5 1 L3 1 L1 8.8 6.5 4.3 2.1 - - 172.6 1.442 2026 13.5 t3.1 18,5 12.7 12.6 12.4 12.2 12.0 11.8 11.7 11-5 11.3 11.1 8.8 6.5 43 2.1 - 186.0 1.561 2027 13.7 13.3 18.8 12.9 12.7 12.6 12.4 12.2 12.0 11.8 1 L7 11.5 11.3 11.1 8.8 6,5 4.3 2.1 199.6 1.683 2028 13.9 13.5 19.0 13.1 12.9 12.7 12.0 12.4 12? 12,0 11.8 11.7 11.5 11.3 11.1 8.8 6.5 4.3 2.1 - 213.4 1.806 2029 14.1 13.7 19.3 13.3 13.1 12.9 12.7 12.6 12.4 12.2 12.0 11.8 11.7 11.5 11.3 11.1 9.9 6.5 4.3 2.1 - 227.5 1.931 2030 14.3 13.9 19.6 13.5 13.3 13.1 12.9 12.7 12.6 12.4 12.2 12.0 11.9 11.7 11.5 11.3 11.1 8.9 6.5 4.3 2.1 - 241.7 2.058 2031 14.5 14.1 19.9 13.7 13.5 13.3 13.1 12.9 12.7 12.6 12.4 12.2 12.0 11.8 11.7 11.5 11.3 11.1 8.8 6.5 4.3 2.1 - 256.1 2.186 2032 14.8 14.4 20.2 13.9 13.7 13.5 13.3 13.1 12.9 12.7 12.6 12.4 12.2 12.0 11.8 11.7 11.5 11.3 1 L l 8.8 6.5 4.3 2.1 270.8 2.317 2033 15.0 14.6 20.5 14.1 13.9 13.7 13.5 13.3 13.1 12.9 127 12.6 12.4 12.2 12.0 11.8 11.7 11.5 11.3 11.1 8.8 6.5 4.3 283.6 2,450 2034 15.2 14.8 20.8 14A 14.1 13,9 13.7 13.5 13.3 13.1 12.9 12.7 12.6 12.4 12.2 12.0 11.8 11.7 1 L5 11.3 11.1 8.8 6.5 294-4 2,489 2035 15.4 15.0 21.1 14.0 14.4 14.1 13.9 13.7 13.5 13.3 13.1 12.9 12.7 12.6 12.4 12.2 12.0 11.9 11.7 11.5 11.3 11.1 8.8 303.3 2.663 2036 15.7 15.2 21.4 14.8 14.6 14A 14.1 13.9 13.7 13.5 13.3 13.1 12.9 12.7 12.6 12A 12.2 12.0 11.8 11.7 11.5 11.3 11.1 310.0 1743 2037 15.9 15.5 21.8 15.0 14.8 14.6 14.4 14.1 13.9 13.7 13.5 13.3 13.1 12.9 12.7 12.6 12.4 12 2 12.0 11.8 11.7 11.5 11.3 314.7 2.805 2038 16.1 15.7 22.1 152 15.0 14.8 14.6 14.4 14.1 13.9 13.7 13.5 13.3 13.1 12.9 12.7 12.6 12A 12.2 12.0 11.8 11.7 11.5 319.4 2.847 2039 2.890 $ 319.4 42.777 *Assumes 5-year tax abatement ** Based on 100%participation of taxing entities with the following tax rates per $100 valuation: City b0.446400 County 0.329459 Hospital 0.120840 Water District 0,007940 City of Lubbock, TX Lubbock Economic Development Alliance Tax Increment Finance Reinvestment Zone No. 3 Feasibility Analysis Business Personal Property (BPP) - Income to Taxing Jurisdictions (in thousands) TABLE III BPP Cumulative BPP Income** Year Value Value City County Hospital Water District 2009 $ - - - - - - 2010 - - - - - - 2011 5,700 5,700 - - - - 2012 15,000 20,700 25 19 7 0 2013 4.500 25,200 92 68 25 2 2014 4,500 29,700 112 83 30 2 2015 4,500 34,200 133 98 36 2 2016 4,500 38,700 153 113 41 3 2017 4,500 43,200 173 128 47 3 2018 4,500 47,700 193 142 52 3 2019 4,500 52,200 213 157 58 4 2020 4,500 56,700 233 172 63 4 2021 4,500 61,200 253 187 69 5 2022 4,500 65,700 273 202 74 5 2023 4,500 70,200 293 216 79 5 2024 4,500 74,700 313 231 85 6 2025 4,500 79,200 333 246 90 6 2026 4,500 83,700 354 261 96 6 2027 4,500 88,200 374 276 101 7 2028 4,500 92,700 394 291 107 7 2029 4,500 97,200 414 305 112 7 2030 4,500 101,700 434 320 117 8 2031 4,500 106,200 454 335 123 8 2032 4,500 110,700 474 350 128 8 2033 110,700 494 365 134 9 2034 110,700 494 365 134 9 2035 110,700 494 365 134 9 2036 110,700 494 365 134 9 2037 110,700 494 365 134 9 2038 110,700 494 365 134 9 2039 - 494 365 134 9 Total $ 110,700 110,700 1 9,149 6,753 2,477 162 * Based on $30iSF in 2013 and beyond. ** Based on tax rates per $100 valuation, as follows: City $ 0.446400 County 0.329458 Hospital 0.120840 Water District 0.007940 City of Lubbock, TX Lubbock Economic Development Alliance Tax Increment Finance Reinvestment Zone No. 3 Feasibility Analysis Project Plan - Public Infrastructure Projects TABLE IV Estimated Project Cost, $M Streets (includes water, sewer, landscaping and irrigation) Phase I (2013) 113 ft. back of curb to back of curb $ 2.6 (1,502 ft. @ $1,737 / ft) Professional Services (includes basic 0.5 engineering services, construction phase services, survey and testing services) Subtotal 3.1 Phase II (2018) 113 ft. back of curb to back of curb 6.7 (3,190 ft. @ $2,114 / ft) 43 ft. back of curb to back of curb 0.9 (1,100 ft. @ S797 / ft) Professional Services 1.4 Subtotal 9.0 Phase 111 (2023) 113 ft. back of curb to back of curb 12.0 (4,672 ft. @ $2,572 / ft) Professional Services 2.2 Subtotal 14.2 Phase IV (2028} 113 ft. back of curb to back of curb 11.I (3,544 ft. @ S3,129 / ft) 43 ft. back of curb to back of curb 3.0 (2,580 ft. @ $1,180 / ft) Professional Services 2.6 Subtotal 16.7 Total Public Infrastructure 43.0 Administration (5%) 2.2 Total Project Plan $ 45.2 * Includes cost increases of 4% per year rrom present day costs.