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Home My WebLink AboutOrdinance - 2024-O0148 - North Park Development Area As Tax Increment Reinvestment Zone No. 4 - 12/03/2024First Reading November 12, 2024 Item No. 6.2 Second Reading December 3, 2024 Item No. 6.14 ORDINANCE NO. 2024-00148 AN ORDINANCE OF THE CITY OF LUBBOCK, TEXAS, DESIGNATING A GEOGRAPHIC AREA WITHIN THE CITY AS A TAX INCREMENT REINVESTMENT ZONE PURSUANT TO CHAPTER 311 OF THE TEXAS TAX CODE, TO BE KNOWN AS REINVESTMENT ZONE NUMBER FOUR, CITY OF LUBBOCK; DESCRIBING THE BOUNDARIES OF THE ZONE; CREATING A BOARD OF DIRECTORS FOR THE ZONE; ESTABLISHING A TAX INCREMENT FUND; ESTABLISHING THE DURATION OF THE ZONE; CONTAINING FINDINGS RELATED TO THE CREATION OF THE ZONE; PROVIDING THAT THE ZONE TAKE EFFECT IMMEDIATELY UPON PASSAGE OF THE ORDINANCE; PROVIDING A SEVERABILITY CLAUSE; AND PROVIDING AN EFFECTIVE DATE. WHEREAS, the City of Lubbock, Texas (the "City"), pursuant to Texas Tax Code Chapter 311, as amended, known as the Tax Increment Financing Act (the "Act"), may designate a geographic area within the City as a tax increment reinvestment zone if the City Council determines that development or redevelopment in the area would not occur solely through private investment in the reasonably foreseeable future and the area satisfies the requirements of the Act; and WHEREAS, in accordance with § 311.005(a)(4) of the Act, on September 16, 2024, the City received a petition (the "Petition") from owners of certain real property, such owners being Slide North Apartments, L.L.C., a Texas limited liability company; Slide North Townhomes, L.L.C., a Texas limited liability company; North Loop 289, Ltd., a Texas limited partnership; Northpark 289 DE, LLC, a Delaware limited liability company; North Park Lubbock Development, Inc., a Texas corporation; North park Lubbock Development, Ltd., a Texas limited partnership; and Brentwood Loop Realty, Ltd., a Texas limited partnership, (the "Petitioners") requesting the City to establish a reinvestment zone encompassing an area of land described by metes and bounds in the petition, being approximately 332.8 acres located within the municipal limits of the City of Lubbock; and WHEREAS, the Petitioners represented to the City in their Petition that they own more than more than fifty percent (50%) of the appraised value of the property in the area described in the Petition and satisfy the requirements of § 311.005(a)(4) of the Act; and WHEREAS, the City Council, on September 24, 2024, approved a resolution finding that the Petitioners represented more than percent (50%) of the appraised value of the property in the area described in the Petition, satisfied the requirements of § 311.005(a)(4) of the Act, scheduled a public hearing on the creation of the reinvestment zone and directed the City Manager, or his designee, to develop a preliminary reinvestment zone financing plan for the area described in the Petition as required by § 311.003 of the Act; and WHEREAS, the City Council held a public hearing on October 8, 2024, on the creation of a reinvestment zone for the area described in the Petition allowing any interested person speak for or against the creation of the reinvestment zone, its boundaries, or the concept of tax increment financing; and WHEREAS, notice of the aforementioned public hearing was published in The Lubbock Avalanche Journal, a newspaper having general circulation in the City, more than seven days before the date of the hearing; and Page 1 of 5 WHEREAS, representatives of the Petitioners and citizens offered testimony and evidence in favor of creating the reinvestment zone while there was no evidence presented against the creation of the zone; and WHEREAS, the City has taken all actions required to create the reinvestment zone, including but not limited to, all actions required by the Act, the Texas Open Meetings Act, and all other laws applicable to the creation of the zone; and WHEREAS, the City Council believes it would be in the best interest of the City of Lubbock to create the reinvestment zone as described in this ordinance, establish a board of directors for the reinvestment zone, establish a tax increment fund for the reinvestment zone and make further findings relating to the creation of the reinvestment zone as further described in this ordinance; NOW THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK, THAT: SECTION 1. The recitals and findings outlined above are found to be true and correct and are hereby incorporated and adopted herein as though set forth fully herein. SECTION 2. Findings. (a) The proposed reinvestment zone meets the requirements of §311.005 ofthe Act in that: (i) The Petitioners represent more than percent (50%) of the appraised value of the property in the area described in the Petition and satisfy the requirements of §3 l 1.005(a)(4) of the Act; and (ii) Development or redevelopment in the area would not occur solely through private investment in the reasonably foreseeable future. (b) The proposed zone is in a geographic area completely within the City's corporate limits or extraterritorial jurisdiction. (c) The improvements in the proposed zone will significantly enhance the value of all the taxable real property in the zone and will be of general benefit to the municipality. (d) The proposed zone is being designated pursuant to Texas Tax Code §311.005(a)(4). (e) The total appraised value of taxable real property in the proposed zone and in existing reinvestment zones does not exceed 25 percent of the total appraised value of taxable real property in the City of Lubbock and in the industrial districts created by the City of Lubbock. (f) The City has prepared a preliminary reinvestment zone financing plan as required by Texas Tax Code § 311.003(b), such plan being attached hereto as Exhibit A. SECTION 3. Name and Boundaries. The proposed zone shall be identified as "Reinvestment Zone Number Four, City of Lubbock" (the "Zone" or "Reinvestment Zone") whose boundaries shall constitute a geographic area completely within the City's corporate limits and more particularly described by metes and bounds in the survey attached hereto as Exhibit B. Page 2 of 5 SECTION 4. Board of Directors. (a) Membership. There is established a board of directors for the Zone (the "Board") that shall consist of nine members. Six members shall be appointed to the Board by the City Council to Places 1,2,3,4,5 and 6. Place 7 of the Board shall be appointed by Commissioners Court of Lubbock County, Texas (the "County") if the County has approved the payment of all or part of the tax increment produced by the County into the tax increment fund for the Zone. If the County fails to approve the payment of all or part of the tax increment produced by the County into the tax increment fund for the Zone, the Commissioners Court shall be deemed to have waived its right to appoint a member to Place 7 and Place 7 shall be appointed by the City Council. Place 8 of the Board shall be reserved for the state senator, or their designee, in whose district the Zone is located. Place 9 of the Board shall be reserved for the state representative, or their designee, in whose district the Zone is located. The members of the Board for Places 1-7 shall be appointed by resolution of the respective governing bodies within sixty (60) days of the passage of this ordinance or within a reasonable time thereafter. All members appointed to the Board, except for the ex officio members, shall own real property in the Zone or be an employee or agent of a person that owns real property in the Zone and meet the eligibility requirements set forth in the Act. (b) Term. Places 1-7 of the Board shall serve staggered terms of two years with the initial terms of Places 1, 2, 3 and 7 being one year. The City Council shall designate a member of the Board to serve as the chairman of the Board and the Board shall elect from its members a vice chair and other officers as it sees fit. The chairman shall serve a term as chairman for a term of one (1) year beginning on January I" and is eligible for reappointment. (c) Duties. The Board shall make recommendations to the City Council concerning the administration of the Zone. It shall prepare and adopt a project plan and a reinvestment zone financing plan for the zone ("Project and Finance Plan") as required by the Act and shall submit the Project and Finance Plan to the City Council for approval. The Board may enter into agreements as the Board considers necessary or convenient to implement the Project and Finance Plan and reimburse such costs associated with implementing the Project and Finance Plan ("Project Costs") from the TIRZ Fund established pursuant to Section 8 of this Ordinance. The Board shall possess all powers necessary to prepare, implement and monitor such Project and Finance Plan as the City Council considers advisable including the submission of an annual report on the status of the Zone. (d) State Senator/State Representative Waiver of Service on Board. In the event a state senator or state representative, who is an ex officio member of the board of the directors of the Zone, after receiving notice and following the provisions outlined in Texas Tax Code § 311.0092, elects not to serve on the board or designate another individual to serve in their place, they shall not be counted as a member of the board for voting or quorum purposes. SECTION 5. Effective Immediately/Duration of the Zone. The Zone shall take effect immediately upon passage and approval of this Ordinance. The Zone shall terminate on December 31, 2054 (with final year's tax due by January 31, 2055), unless otherwise terminated in accordance with this section or applicable state law. The City shall have the right to terminate the Zone prior to the expiration of its stated term if all of the Project Costs have been paid in full. If upon Paee 3 of 5 expiration of the stated term of the Zone, the Project Costs have not been paid, the City and/or the County, shall have not obligation to pay any shortfall. SECTION 6. Tax Increment Base. The "tax increment base" for purposes of calculating the City TIRZ Increment, and if the County participates in the Zone the County TIRZ Increment, means the total appraised value of all real property in the Zone that is taxable by the City and/or the County, respectively, as of January 1, 2024. SECTION 7. Captured Appraised Value. The "captured appraised value" for purposes of calculating the annual City TIRZ Increment, and if the County participates in the Zone the County TIRZ Increment, means the total real property value taxable (including increases in tax values attributable to changes in use) by a taxing unit for a year and located in the Zone for that year less the tax increment base of the unit. SECTION 8. Tax Increment Fund. There is hereby created and established a tax increment fund (the "TIRZ Fund") for the Zone which may be divided and maintained into such subaccounts as necessary and convenient to carry out the purposes of the Act. The City TIRZ Increment and the County TIRZ Increment shall be deposited into the TIRZ Fund as of the effective date of the Zone. The TIRZ Fund and all subaccounts shall be maintained at the depository bank of the City and shall be secured in the manner prescribed by law for funds of Texas cities. Prior to the termination of the Zone, funds shall be disbursed from the TIRZ Fund only to pay Project Costs. The TIRZ Fund shall consist of the following: (i) the percentage of the tax increment, as defined by Texas Tax Code § 311.012(a), that each taxing unit which levies real property taxes in the Zone, other that the City, has elected to dedicate to the TIRZ Fund under an agreement with the City as authorized by Texas Tax Code § 311.013(f); and (ii) one hundred percent (100%) of the City's tax increment as defined by Texas Tax Code § 311.012(a) (the "City TIRZ Increment"), subject to any binding agreement executed at any time by the City that pledges a portion of such tax increment or an amount of other legally available funds whose calculation is based on receipt of any portion of such tax increment. SECTION 9. Repealed. All other terms and provisions of the Code of Ordinances, City of Lubbock, not in conflict herewith and not hereby amended shall remain in full force and effect. SECTION 10. Effective Date. This Ordinance shall take effect immediately upon its passage as provided by law with the effective date being the date of passage on its second reading. SECTION 11. Severability. If any provision, section, subsection, sentence, clause or the application of same to any person or set of circumstances for any reason is held to be unconstitutional, void or invalid or for any reason unenforceable, the validity of the remaining portions of this ordinance or the application thereby shall remain in effect, it being the intent of the City Council of the City of Lubbock, Texas in adopting this ordinance, that no portion thereof or provision contained herein shall become inoperative or fail by any reasons of unconstitutionality of any other portion or provision. Page 4 of 5 ccdocs] SECTION 12. Publication. The City Secretary of the City of Lubbock is hereby authorized and directed to cause publication of the descriptive caption of this Ordinance as an alternative method provided by law. AND IT IS SO ORDERED. Passed by the City Council on first reading this 12th day ofNovember 2024. Passed by the City Council on second reading this 3rd day of Decembe! 2024. A EST: TA Courtney Paz, City Secretary APPROVED AS TO CONTENT: Bill How on, Deputy City er APPROVED AS TO FORM: Matt ew L. Wade, City Attorney Park TIP Ordinance RK W. MCBRAYER, M YOR Page 5 of 5 kool City of Lubbock � 5 NORTH PARK REINVESTMENT ZONE, CITY OF LUBBOCK, TEXAS PRELIMINARY PROJECT AND FINANCE PLAN NOVEMBER 12, 2024 0 4 City of 'I Lubbock TEXAS TABLE OF CONTENTS Tableof Contents..........................................................................................................................................1 ............................. Section 1: Definitions............................................................................................... ........2 Section2: Introduction.................................................................................................................................4 Section 3: Description and Maps.................................................................................................................. 5 Section 4: Proposed Changes to Ordinances, Plans, Codes, Rules, and Regulations...................................6 Section 5: Relocation of Displaced Persons.................................................................................................. Section6: Non -Project Costs......................................................................................................................... 6 Section 7: Public Improvements...................................................................................................................6 Section8: Project Costs................................................................................................................................. 6 Section9: Feasibility Study...........................................................................................................................7 Section 10: Estimated Bonded Indebtedness...............................................................................................7 Section 11: Appraised Value........................................................................ ............................................... ..7 Section 12: Method of Financing..................................................................................................................8 Section 13: Duration of the Zone, Termination............................................................................................8 Listof Exhibits.............................................................................................................................................10 ExhibitA — Map of the Zone........................................................................................................................11 ExhibitB — Non -Project Costs.....................................................................................................................12 ExhibitC — Project Costs..............................................................................................................................13 Exhibit D — Estimated Timeline of Incurred Costs.......................................................................................14 ExhibitE — Feasibility Study.........................................................................................................................15 Exhibit F — Legal Description of the Zone....................................................................................................16 Exhibit G — Map of the Public Improvements.............................................................................................17 NORTH PARK REINVESTMENT ZONE, CITY OF LUBBOCK, TEXAS 1 PRELIMINARY PROJECT AND FINANCE PLAN SECTION 1: DEFINITIONS Capitalized terms used in this Preliminary Plan shall have the meanings given to them in Section below unless otherwise defined in this Preliminary Plan or unless the context in which a term is used clearly requires a different meaning. Unless otherwise defined, a reference to a "Section," or an "Exhibit," shall be a reference to a Section of this Preliminary Plan or an Exhibit or Appendix attached to and made a part of this Preliminary Plan for all purposes. "Act" means Chapter 311, Texas Tax Code, as amended, "Tax Increment Financing Act". "Administrative Costs" means the actual, direct costs paid or incurred by or on behalf of the City to administer the Zone, including planning, engineering, legal services, organizational costs, publicizing costs, or implementations costs paid by or on behalf of the City that are directly related to the administration of the Zone. "Appraisal District" means the Lubbock Central Appraisal District. "Board" means the Board of Directors for the Zone. "Captured Appraised Value" means the new taxable value generated in addition to the Tax Increment Base on a parcel -by -parcel basis for each year during the term of the Zone, as calculated and confirmed annually by the Appraisal District. "City" means the City of Lubbock, Texas. "City Council" means the governing body of the City. "County" means Lubbock County, Texas. "Creation Ordinance" means Ordinance No. adopted by the City Council on November, 2024. "Developer" means North Park Development, Inc. and its successors or assigns. "Feasibility Study" means the economic feasibility study as evaluated over the term of the Zone and focused only on direct financial benefits, as shown on Exhibit E. "Final Plan" means the future !North Park Reinvestment Zone, City of Lubbock Final Project and Finance Plan. "Interlocal Agreement" means an agreement entered into between the City and the County under which the County agrees to participate in the Zone. NORTH PARK REINVESTMENT ZONE, CITY OF LUBBOCK, TEXAS 2 PRELIMINARY PROJECT AND FINANCE PLAN "Non -Project Costs" means those certain costs that will be spent to develop in the Zone, but will not be financed by the Zone, and will be financed by private funds, as described in Section 6, and shown on Exhibit B. "Preliminary Plan" means the North Park Reinvestment Zone, City of Lubbock Preliminary Project and Finance Plan. "Project Costs" means the total project costs in the Zone, including the actual costs of the Public Improvements, and the Administrative Costs. "Projects" means those Public Improvements anticipated to be funded from the Property of the Zone and any programs administered by the Board pursuant to Chapter 380 of the Local Government Code, as authorized by Section 311.010 of the Tax Code, as amended. "Property" means 332.8 acres of land as depicted on Exhibit A and identified on Exhibit F. "Public Improvements" means the proposed public improvements to be financed by the Zone, which includes landscaping, trails, drainage, stormwater, public amenities, entryways, artwork, signage, sitework, paving, erosion control, lighting, construction management and soft costs related thereto, as depicted on Exhibit G, and detailed on Exhibit C. "Tax Increment Base" means total appraised value of taxable real property in the Zone at the time of creation of the Zone, as calculated and certified by the Appraisal District. "TIF Agreement" an agreement by and between the Developer, the City, and the Board, entitled "North Park Reinvestment Zone Reimbursement Agreement," relating to the implementation of the Final Plan. "TIF Fund" means the tax increment fund created by the City and segregated from all other funds of the City. "TIF Increment Receipts" means one hundred percent (100%) of the City's ad valorem real property taxes collected and received by the City on the Captured Appraised Value in the Zone, and one hundred percent (100%) of the County's ad valorem real property taxes collected and received by the County on the Captured Appraised Value in the Zone. "Zone" means North Park Reinvestment Zone, City of Lubbock, as depicted on Exhibit A, and described on Exhibit F. NORTH PARK REINVESTMENT ZONE, CITY OF LUBBOCK, TEXAS 3 PRELIMINARY PROJECT AND FINANCE PLAN I SECTION 2: INTRODUCTION I 2.1 Authority and Purpose The City has the authority under the Act to designate a contiguous or noncontiguous geographic area within the corporate limits or extraterritorial jurisdiction of the City as a tax increment reinvestment zone to promote development or redevelopment of the area because the City Council determined that development or redevelopment would not occur solely through private investment in the reasonably foreseeable future, that the Zone is economically feasible, and that creation of the Zone is in the best interest of the City and the property in the Zone. The purpose of the Zone is to facilitate such development or redevelopment by financing the costs of public works, public improvements, programs, and other projects benefiting the Zone, plus other costs incidental to those expenditures, all of which costs are authorized by the Act. 2.2 Eligibility Requirements Section 311.005(4) of the tax code states an area is eligible under the Act to be designated as a tax increment reinvestment zone if the area: 4) is in an area described in a petition requesting that the area be designated as a reinvestment zone, if the petition is submitted to the governing body of the City by the owners of property constituting at least fifty percent (50%) of the appraised value of the property in the area according to the most recent certified appraisal roll for the county in which the area is located. The City cannot, however, designate a zone if more than thirty percent (30%) of the property in the proposed zone, excluding property that is publicly owned, is used for residential purposes, or if the total appraised value of taxable real property in the proposed zone and in existing reinvestment zones exceeds fifty percent (50%) of the total appraised value of taxable real property in the City and in industrial districts created by the City. 2.3 The Zone The Property within the Zone is described in a Petition submitted to the City by the owners of property constituting at least 50% of the appraised value of Property within the Zone according to the 2024 Lubbock Central Appraisal District. 2.4 Preliminary Plan and Hearing Before the City Council adopts the Creation Ordinance, the City Council must prepare a Preliminary Plan in accordance with the Act and hold a public hearing on the creation of the Zone and its benefits to the City and to the Property, at which public hearing interested persons shall be given the opportunity to speak for and against the creation of the Zone, the boundaries of the NORTH PARK REINVESTMENT ZONE, CITY OF LUBBOCK, TEXAS 4 PRELIMINARY PROJECT AND FINANCE PLAN Zone and the concept of tax increment financing, and at which hearing the owners of the Property shall be given a reasonable opportunity to protest the inclusion of their Property in the Zone. The requirement of the Act for a preliminary reinvestment zone project and finance plan is satisfied by this Preliminary Plan, the purpose of which is to describe, in general terms, the development of the Zone, and the economic incentive that would be undertaken by the Zone. A description of the uses of the Property is located in Exhibit E, and confirmed by the adoption of this Final Plan. 2.5 Creation of the Zone Upon the closing of the above referenced public hearing, the City Council shall consider the Creation Ordinance and the following findings: 1) that a Petition has been submitted to the City by the owners of property constituting at least 50% of the appraised value of Property within the Zone, 2) that improvements in the Zone will significantly enhance the value of all the taxable real property in the Zone and will be of general benefit to the City, and 3) that the Zone meets the requirements of Section 311.005 of the Act. Among other provisions required by the Act, the Creation Ordinance shall appoint the Board. 2.6 Board Recommendations After the creation of the Zone, the Board shall review the Final Plan and recommends its approval to the City Council pursuant to which the City shall contribute the TIF Increment Receipts into the TIF Fund to pay a portion of the Project Costs benefiting the Zone. SECTION 3: DESCRIPTION AND MAPS 3.1 Existing Uses and Conditions The Property is currently zoned as per Exhibit _ (attach zoning map). It is intended to be developed with mixed uses. The Property is partially developed, and is lacking public improvements that: (1) the City could not provide, and (2) would not be provided solely through private investment in the foreseeable future. 3.2 Proposed Uses The proposed uses of the Property in the City include a mixed -use project, as shown on Exhibit F. NORTH PARK REINVESTMENT ZONE, CITY OF LUBBOCK, TEXAS 5 PRELIMINARY PROJECT AND FINANCE PLAN SECTION 4: PROPOSED CHANGES TO ORDINANCES, PLANS, CODES, RULES, AND REGULATIONS The Property is wholly located in the corporate limits of the City and shall be subject to the City's zoning regulations. The Property is currently zoned as shown on Exhibit _(attach zoning map). The City has exclusive jurisdiction over the Property, design, construction, installation, and inspection of water, sewer, drainage, roadway, and other public infrastructure. No proposed changes to zoning ordinances, comprehensive plan, building codes, or other municipal ordinances are planned. SECTION 5: RELOCATION OF DISPLACED PERSONS No persons will be displaced and in need of relocation due to the creation of the Zone or implementation of the Final Plan. SECTION 6: NON -PROJECT COSTS Non -Project Costs are costs that will be spent to develop in the Zone but will not be financed by the Zone, and will be financed by private funds. The list of Non -Project Costs is shown on Exhibit B and are estimated to be approximately $104,374,139. SECTION 7: PUBLIC IMPROVEMENTS 7.1 Categories of Public Improvements All Public Improvements shall be designed and constructed in accordance with all applicable City standards and shall otherwise be inspected, approved, and accepted by the City. At the City's option, the Public Improvements may be expanded to include any other category of improvements authorized by the Act. 7.2 Locations of Public Improvements The estimated locations of the proposed Public Improvements are depicted on Exhibit G. These locations may be revised, with the approval of the City, from time to time without amending the Final Plan. SECTION 8: PROJECT COSTS 8.1 Project Costs The total costs, including Public Improvements, Administrative Costs, and financing and interest expenses are estimated to be $3,621,900, as shown on Exhibit C. It is anticipated that additional NORTH PARK REINVESTMENT ZONE, CITY OF LUBBOCK, TEXAS 6 PRELIMINARY PROJECT AND FINANCE PLAN Public Improvements may be constructed in the future and the City Council may amend the Final Plan to include those additional Public Improvements and their costs. 8.2 Estimated Administrative Costs The Administrative Costs will be calculated each year by the City of Lubbock. The Administrative Costs shall be paid each year from the TIF Fund before any other Project Costs are paid. 8.3 Maintenance Costs The Final Plan shall allow provide for maintenance costs to be paid by the City TIF Increment Receipts. 8.4 Estimated Timeline of Incurred Costs The Administrative Costs will be incurred annually through the remaining duration of the Zone. It is estimated the costs for constructing the Public Improvements will be incurred between 2024 and 2025, as shown on Exhibit D. SECTION 9: FEASIBILITY STUDY The Feasibility Study focuses on only direct financial benefits (i.e. ad valorem tax revenues from the development of Public Improvements in the Zone). Based on the Feasibility Study attached as Exhibit E, during the term of the Zone, new development is estimated to generate approximately $48,077,342 in total new real property tax revenue for the City, and approximately $40,761,470 in total new real property tax revenue for the County. One hundred percent (100%) of all taxing revenues generated for taxing entities, other than the City and the County, by the new development within the Zone will be retained by the respective taxing entities. Based on the development and revenue projections, the feasibility of the Zone has been demonstrated. SECTION 10: ESTIMATED BONDED INDEBTEDNESS No tax increment reinvestment zone bonds or public indebtedness by the City secured by the tax increments pursuant to the Act is contemplated. SECTION 11: APPRAISED VALUE 11.1 Tax Increment Base The Tax Increment Base is estimated to be $88,709,973 and shall be confirmed by the Appraisal District. Each year, the Appraisal District shall confirm the Captured Appraised Value of the Zone. NORTH PARK REINVESTMENT ZONE, CITY OF LUBBOCK, TEXAS 7 PRELIMINARY PROJECT AND FINANCE PLAN 11.2 Estimated Captured Appraised Value It is estimated that upon expiration of the term of the Zone, the total Captured Appraised Value of taxable real property in the Zone will be approximately $610,581,201 as shown on Exhibit E. The actual Captured Appraised Value, as certified by the Appraisal District each year, will be used to calculate the TIF Increment Receipts pursuant to the Final Plan. SECTION 12: METHOD OF FINANCING 12.1 TIF Fund Contributions The Final Plan shall obligate the City to deposit the City TIF Increment into the TIF Fund beginning in 2025. The Final Plan shall also allow the City to use TIF Increment Receipts for maintenance. The Interlocal Agreement shall obligate the County to deposit the County TIF Increment into the County Project Subaccount of the TIF Fund beginning in 2025. The funds deposited into the City Project Subaccount and the County Project Subaccount of the TIF Fund shall be prioritized and allocated as follows: 1. For the reasonable Administrative Costs of the Zone, estimated to not exceed $10,000 per year as shown in Exhibit E; then 2. For reasonable maintenance costs; then 3. For the payment to the Developer of actual costs of the Project Costs; then 4. Any excess revenue may be used in any other matter as authorized by the City and allowed pursuant to the Act; then 5. After all eligible Project Costs have been paid, any excess County Project Subaccount of the TIF Fund revenue shall be returned annually to the General Fund of the County. The City may amend the Final Plan in compliance with the TIF Agreement, including but not limited to what is considered a Project Cost. SECTION 13: DURATION OF THE ZONE, TERMINATION 13.1 Duration The stated term of the Zone shall commence upon the execution of the Creation Ordinance and shall continue until December 31, 2054, with the last payment being due by January 31, 2055, unless otherwise terminated in accordance with the Creation Ordinance. NORTH PARK REINVESTMENT ZONE, CITY OF LUBBOCK, TEXAS $ PRELIMINARY PROJECT AND FINANCE PLAN 13.2 Termination The Zone shall terminate on the earlier of (i) December 31, 2054, or (ii) at such time that the obligations of the Zone, including all Project Costs, have been paid in full. Nothing in this Section is intended to prevent the City from extending the term of the Zone in accordance with the Act. NORTH PARK REINVESTMENT ZONE, CITY OF LUBBOCK, TEXAS PRELIMINARY PROJECT AND FINANCE PLAN 1171F4/ City of Lubbock LIST OF EXHIBITS Unless otherwise stated, all references to "Exhibits" contained in this Preliminary Plan shall mean and refer to the following exhibits, all of which are attached to and made a part of this Preliminary Plan for all purposes. Exhibit A Map of the Zone Exhibit B Non -Project Costs Exhibit C Project Costs Exhibit D Estimated Timeline of Incurred Costs Exhibit E Feasibility Study Exhibit F Legal Description of the Zone Exhibit G Map of the Public Improvements NORTH PARK REINVESTMENT ZONE, CITY OF LUBBOCK, TEXAS 10 PRELIMINARY PROJECT AND FINANCE PLAN City of Lubbock I EXHIBIT A — MAP OF THE ZONE I NORTH PARK REINVESTMENT ZONE, CITY OF LUBBOCK, TEXAS it PRELIMINARY PROJECT AND FINANCE PLAN 1J LL [:] ]3TIIS1111[1-1 mpg I f \ I I I[ lfflkr-� TH EXI IIB1T OF NORTH PARK TIF PARCEL, SCALE: 1' = 600' 160' 600' D' 30V 1200' NOTES: HEAVY LINES INDICATE LIMITS OF PARCEL. THIS DRAWING IS FOR LOCATION PURPOSES ONLY. NO PORTION OF THIS DRAWING REPRESENTS AN ACTUAL SURVEY MADE ON THE GROUND. STREETS NAMES DERIVED FROM LUBBOCK COUNTY APPRAISAL DISTRICTS PARCEL VIEWER MAP (GIS.BISCLI E NT.COMAUBBOCKCAD). LINEWORK DERIVED FROM CRY OF LUBBOCK GIS SHAPE FILE (CI.LUBBOCK.TX.USIDEPARTMENTSI GIS-DATA-SERV ICESIPUBLIC-DATA). SHEET 1 OF 4 DESCRIPTION ATTACHED AS SHEETS 2-4 OF 4 '.. City of Lubbock TEXAS NORTH PARK REINVESTMENT ZONE, CITY OF LUBBOCK, TEXAS 12 PRELIMINARY PROJECT AND FINANCE PLAN Non -Project Costs[b] per Unit/ Units/ Description Sq.Ft.fal Sq.Ft. Total Lot Type: Comm/Retail1 491,000 $ 49.70 $ 24,404,255.75 Comm/Retail2 175,000 $ 38.12 $ 6,671,101.44 Office 25,000 $ 36.47 $ 911,694.72 Professional Medical 290,000 $ 36.63 $ 10,622,912.64 Multi -Family 668 $ 38,581.83 $ 25,772,663.68 Comm/Retail3 165,000 $ 42.95 $ 7,087,072.26 For Sale SFD 50 $ 10,232.00 $ 511,600.00 Rental TH 240 $ 42,551.36 $ 10,212,326.40 Rental TH 2 195 $ 45,843.57 $ 8,939,495.95 Student Housing 234 $ 39,491.52 $ 9,241,015.68 Total $ 104,374,138.52 Footnotes: [a] Represent preliminary 2024 estimates provided by the developer. Actual amounts subject to change. [b] Represent estimated direct lot costs not associated with the Project costs. North Park TIRZ 2024-11-04.xlsx "'�City of �Lubbock I EXHIBIT C — PROJECT COSTS I NORTH PARK REINVESTMENT ZONE, CITY OF LUBBOCK, TEXAS 13 PRELIMINARY PROJECT AND FINANCE PLAN Description Total Costs [a] Park / Landscaping / Pond Sculptures $ $ 1,482,113.12 1,717,886.88 Subtotal $ 3,021,900.00 Soft Costs & Construction Mgt Contingency (10.0%) $ $ 300,000.00 300,000.00 Total Project Costs $ 3,621,900.00 Footnotes: [a] Represent estimates only and are subject to change. Costs may be increased or decreased. North Park TIRZ 2024-11-04.xlsx EXHIBIT D -- ESTIMATED TIMELINE OF INCURRED COSTS NORTH PARK REINVESTMENT ZONE, CITY OF LUBBOCK, TEXAS 14 PRELIMINARY PROJECT AND FINANCE PLAN Total Project Costs [a] TIF Year Year Annual[b] Cumulative 0 Base Year [1] 1 2025 $ 1,810,950.00 $ 1,810,950.00 2 2026 $ 1,810,950.00 $ 3,621,900.00 3 2027 $ 3,621,900.00 4 2028 $ 3,621,900.00 5 2029 1 1 $ 3,621,900.00 Total 1 $ 3,621,900.00 Footnotes: [a] Does not include administrative costs or financing and interest costs, which shall be incurred annually. [b] For illustrative purposes only. Subject to change. North Park TIRZ 2024-11-04.xlsx EXHIBIT E - FEASIBILITY STUDY NORTH PARK REINVESTMENT ZONE, CITY OF LUBBOCK, TEXAS 15 PRELIMINARY PROJECT AND FINANCE PLAN Land Use Category Comm/Retail 1 Comm/Retail2 Office Professional Medical Avg. Avg. Avg. Avg. TIF Bldg Value Bldg Value Bldg Value Bldg Value Year Year"' Sq.Ft.l'l per Metriclbi Value Sq.Ft.1'1 per Metriclbl Value Sq.Ft.l'l per Metric lbl Value Sq.Ft.l'l per Metric IN Value 0 Base Year - $ 248.52 $ - - $ 190.60 $ - - $ 182.34 $ - - $ 183.15 $ - 1 2025 - $ 248.52 $ - - $ 190.60 $ - - S 182.34 $ - - $ 183.15 $ - 2 2026 - $ 248.52 $ - - $ 190.60 $ - - $ 182.34 $ - - $ 183.15 $ - 3 2027 - $ 248.52 $ - - $ 190.60 $ - - $ 182.34 $ - - $ 183.15 $ - 4 2028 - $ 248.52 $ - - $ 190.60 $ - - $ 182.34 $ - - $ 183.15 $ - S 2029 - $ 248.52 $ - - $ 190.60 $ - - $ 182.34 $ - - S 183.15 $ - 6 2030 34,000 $ 248.52 S 8,449,580,00 - $ 190.60 $ - - $ 182.34 $ - 10,000 $ 183.15 $ 1,831,500.00 7 2031 34,000 $ 248.52 $ 8,449,680.00 - $ 190.50 $ - $ 182.34 $ - 10,000 $ 183.15 $ 1,831,SDO.00 8 2032 34,000 $ 248.52 $ 8,449,690.00 - $ 190.60 $ - - $ 182.34 $ - 10,000 $ 183.15 $ 1,831,500.00 9 2033 34,000 $ 248.52 $ 8,449,680.00 - $ 190.60 $ - - $ 182.34 $ - 10,000 $ 183.15 $ 1,831,SDO.00 10 2034 34,000 $ 248.52 $ 8,449,680.00 - $ 190.60 $ - - $ 182.34 $ - 10,000 5 183.15 $ 1,931,500.00 11 2035 39,200 $ 248.52 $ 9,741,984.OD 10,000 $ 190.60 S 1,906,000.00 - $ 182.34 $ - 30,ODO $ 183.15 $ 5,494,500.00 12 2036 39,200 $ 248.52 $ 9,741,984.OD 10,000 $ 190.60 $ 1,906,000.DO - $ 182.34 $ 30,000 S 183.15 $ 5,494,500.00 13 2037 39,200 $ 248.52 $ 9,741,984.OD 10,00D $ 190.60 S 1,906,000.DO - $ 182.34 $ - 30,000 $ 183.15 $ 5,494,SDO.00 14 2038 39,200 $ 248.52 $ 9,741,984.00 10,00D $ 190.60 S 1,906,000.00 - $ 182.34 $ - 30,000 $ 183.15 $ 5,494,SDO.00 15 2039 39,200 $ 248.52 S 9,741,984.OD 10,000 $ 190.60 5 1,906,000.00 - $ 182.34 $ - 30,000 $ 183.15 $ 5,494,500.00 16 2040 25,000 $ 248.52 $ 6,213,000.00 25,OOD $ 190.60 5 4,765,000.DO 5,000 $ 18234 $ 911,7DO.00 18,000 $ 183.15 $ 3,296,700.00 17 2041 25,000 5 248.52 $ 6,213,000.00 25,OOD $ 190.60 5 4,765,000.DO 5,ODO $ 182.34 $ 911,7DO.00 18,000 $ 183.15 $ 3,296,700.00 18 2042 25,000 $ 248.52 $ 6,213,000.00 25,000 $ 190.60 S 4,765,000.DO 5,ODO $ 182.34 $ 911,7DO.00 18,000 $ 183.15 $ 3,296,70D.00 19 2043 25,000 $ 248.52 $ 6,213,000.00 25,000 $ 190.60 $ 4,765,OD0.DO 5,ODO $ 182.34 $ 911,7DO.00 18,OOD $ 183.15 $ 3,296,700.00 20 2044 2S,000 5 248.52 $ 6,213,000.00 25,000 5 190.60 $ 4,765,000.DO 5,ODO $ 182.34 $ 911,700,00 18,00D $ 183.15 $ 3,296,700.00 21 2045 - $ 248.52 $ - $ 190.60 $ - $ 182.34 $ - - $ 183.15 $ - 22 2046 - $ 248.52 $ - - $ 190,60 $ - - $ 182.34 $ - - S 183.15 $ - 23 2047 - $ 248.52 $ - - $ 19D.60 $ - - $ 182.34 $ - - $ 183.15 $ - 24 2048 - $ 248.52 S - - $ 19D.60 $ - - $ 182.34 $ - - $ 183.15 $ - 25 2049 $ 248.52 S - - $ 190.60 $ - - $ 182.34 $ - - $ 183.15 $ - 26 2050 - $ 248.52 $ - - $ 190.60 $ - - $ 182.34 $ - - $ 183.15 $ - 27 2051 - $ 248.52 $ - - $ 190.50 $ - $ 182.34 $ - - $ 183.15 $ - 28 2052 - $ 248.52 $ - - $ 190.60 $ - $ 182.34 $ - - $ 183.15 $ - 29 2053 - $ 248.52 $ - - $ 190.60 $ - - $ 182.34 $ - - $ 193.15 $ - 30 2054 - $ 248.52 $ - - $ 190.60 $ - - $ 182.34 $ - - $ 183.15 $ - 31 2055 - $ 248.52 $ - - $ 190.60 $ - $ 192.34 $ - - $ 183.15 $ - Total 491,000 $122,023,325.00 175,000 $ 33,355,000AO 25,000 $ 4,558,500.01) 290,D00 $ 53,113,500.00 Footnotes: [a] Estimated absorption per developer. For illustration purposes only and is subject to change. [b] Represents the weighted average value per metric by land use type. Assumes 0.0% annual inflation. [c] Represents the estimated TIF term. Subject to change pending discussion with City. North Park 71R2 2024-11-04.xlsx Land Use Category Multi -Family Comm/Retail3 For Sale SFD RentalTH Avg. Avg. Avg. Avg. TIF Value Bldg Value No. of Value No. of Value Year Year"' No. of Units(') per Metrici6i Value Sq.Ft?) per Metricibi Value Units (a) per Metricibi Value Units 1-1 per Metricib) Value 0 Base Year - $ 192,909.16 $ - - $ 214.76 $ - - $ 51,160.00 $ - - $ 212,756.80 $ - 1 2025 68 $ 192,909.16 $ 13,117,822.88 $ 214.76 $ 10 S 51,160.D0 S 511,600.00 48 $ 212,756.80 $10,212,326.40 2 2026 - $ 192,909.16 $ - - $ 214.76 $ - 10 S S3,160.00 $ 511,600.00 48 $ 212,756.80 $10,212,326,40 3 2027 - $ 192,909.16 $ - - $ 214.76 $ - 30 $ 51,160.00 $ 511,600.00 48 $ 212,756.80 $10,212,326.40 4 2028 - $ 192,909.16 $ - - $ 214.76 $ - 10 $ 51,160.00 $ 511,600.00 48 $ 212,756.80 $10,212,326.40 5 2029 - $ 192,909.16 $ - - $ 214.76 $ - 30 S 51,160.00 S 511,600.00 48 $ 212,756.80 $10,212,326.40 6 2030 60 $ 192,909.16 $ 11,574,549.60 - $ 214.76 $ - - $ 51,160.00 $ - - $ 212,756.80 $ - 7 2031 60 $ 192,909.16 $ 11,574,549.60 - $ 214.75 $ - - $ 51,160.00 $ - - $ 212,756.80 $ - 8 2032 60 $ 192,909.16 $ 11,574,549.60 $ 214.76 $ $ 51,160.00 $ $ 212,756.80 $ 9 2033 60 $ 192,909.16 $ 11,S74,S49.60 - $ 214.76 $ - - $ 51,160.00 S - - $ 212,756.80 $ - 10 2034 60 $ 192,909.16 $ 11,574,549.60 - $ 214.76 $ - - $ 51,160.00 S - - $ 212,756A0 $ - 11 2035 60 $ 192,909.16 $ 11,574,549.60 33,000 $ 214.76 $ 7,087,080.00 - $ 51,160.00 5 - - 5 212,756.80 $ - 12 2036 60 $ 192,909.16 $ 11,574,549.60 33,OD0 $ 214.76 $ 7,087,030.00 - $ 51,160.00 $ - - $ 212,756.80 $ - 13 2037 60 $ 192,909.16 $ 11,574,549.60 33,000 $ 214.76 $ 7,087,080.00 - $ 51,160.00 $ - - $ 212,7S6.80 $ - 14 2038 60 $ 192,909.16 $ 11,574,549.60 33,0D0 $ 214.76 $ 7,087,080.00 - $ 51,160.00 S - - $ 212,756.80 $ - 15 2039 60 $ 192,909.16 $ 11,574,549.60 33,000 $ 214.76 $ 7,087,080.00 - $ 51,160.00 $ - - 5 212,756.80 $ - 16 2040 - $ 192,909.16 $ - $ 214.76 $ - - $ 51,160.00 $ - - $ 212,756.90 $ - 17 2041 - $ 192,909.16 $ - $ 214.76 $ - - $ 51,160.00 $ - - $ 212,756.80 $ - 18 2042 - $ 192,909.16 $ - - $ 214.76 $ - - $ 51,160.00 $ - $ 212,756.80 $ - 19 2043 - $ 192,909.16 $ - - $ 214.76 $ - - $ 51,160.00 $ - - $ 212,756.80 $ - 20 2044 - $ 192,909-16 S - $ 214.76 $ - - $ S1,160.00 $ - - $ 212,756.80 $ - 21 2045 - $ 192,909.16 $ - - $ 214.76 $ - - $ 51,160.00 $ - - $ 212,756.80 $ - 22 2046 - $ 192,909.16 $ - - $ 214.76 $ - - $ 51,160.00 $ - - $ 212,756.80 $ - 23 2047 $ 192,909.16 $ $ 214.76 S $ 51,160.00 $ $ 212,756.8D $ 24 2048 $ 192,909.16 $ - - $ 214.76 $ - - $ 51,160.00 $ - - $ 212,756.80 $ - 25 2049 $ 192,909.16 $ - - $ 214.76 $ - - $ 51,160.00 $ - $ 212,756.80 $ - 26 2050 - $ 192,9D9.16 $ - - $ 214.76 $ - - $ 51,160.00 $ - - $ 212,756.80 $ - 27 2051 - $ 192,909.16 $ - - $ 214.76 $ - - $ 51,160.00 $ - - $ 212,756.80 $ - 28 2052 - $ 192,9159.16 $ - - $ 214.76 $ - - $ 51,160.00 $ - - $ 212,756.80 $ - - 29 2053 - $ 192,909.16 $ - - $ 214.76 $ - - $ 51,160.00 $ - - $ 212,756,80 $ - 30 2054 $ 192,909.16 5 $ 214.76 $ $ 51,160.00 $ $ 212,756.80 $ 31 2055 - $ 192,909.16 $ - - $ 214.76 $ - - $ 51,160.00 $ - - $ 212,756.80 $ - Total 668 $128,863,318.88 165,600 $35,435,403.00 50 $2,558,000.00 240 $51,061,632.00 Footnotes: [a] Estimated absorption per developer. For illustration purposes only and is subject to change. [bj Represents the weighted average value per metric by land use type. Assumes 0.0% annual inflation. [c] Represents the estimated TIF term. Subject to change pending discussion with City. North Park TIRZ 2024.11.04.xlsx Land Use Category Rental TH 2 Student Housing Avg. Avg. TIF Value No. of Value Total Year Year'`' No. of Units(" per Metric lb) Value Units", per Metric[b] Value Value 0 Base Year - $ 229,217.84 $ - - $ 197,457.60 $ - $ - 1 2025 39 $ 229,217.84 $ 8,939,495.76 234 $ 197,457.60 $46,205,078.40 $ 78,986,323.44 2 2026 39 $ 229,217.84 $ 8,939,495.76 - 5 197,457.60 $ - $ 19,663,422.16 3 2027 39 $ 229,217.84 $ 8,939,495.76 - $ 197,457.60 $ - $ 19,663,422.16 4 2028 39 $ 229,217.84 $ 9,939,495.76 - $ 197,457.60 $ - $ 19,663,422.16 5 2029 39 5 229,217.84 $ 8,939,495.76 - $ 197,457.60 $ - $ 19,663,422.16 6 2030 $ 229,217,84 $ - - $ 197,457.60 $ - $ 21,855,729.60 7 2031 - $ 229,217.84 $ - - $ 197,457.60 $ - $ 21,855,729.60 8 2032 $ 229,217.84 $ $ 197,457.60 5 $ 21,855,729.60 9 2033 $ 229,217.94 $ - - $ 197,457.6D $ - $ 21,855,729.60 10 2034 $ 229,217.94 $ - - $ 197,457.60 $ - $ 21,855,729.60 11 2035 - $ 229,217.84 $ - $ 197,457.60 $ - $ 35,804,113.60 12 2036 - $ 229,217.94 $ - - $ 197,457.60 $ $ 35,804,113.60 13 2037 - $ 229,217.94 5 - - $ 197,457.60 $ - $ 35,804,113.60 14 2038 - $ 229,217.84 $ - - $ 197,457.60 $ - $ 35,804,113.60 15 2039 - $ 229,217.84 $ - - $ 197,457.60 $ - $ 35,804,113.60 16 2040 - $ 229,217.94 $ - - $ 197,457-60 $ - $ 15,186,400.00 17 2041 - $ 229,217.84 $ - - $ 197,457.60 $ $ 15,186,400.00 18 2042 - $ 229,217-94 $ - - $ 197,457.60 $ - $ 15,186,400.00 19 2043 - $ 229,217.84 $ - - $ 197,457.60 $ - $ 15,186,400.00 20 2044 - $ 229,217.84 $ - $ 197,457.60 $ - $ 15,186,400.00 21 2045 - $ 229,217.84 $ - - $ 197,457.60 $ - $ - 22 2046 - $ 229,217.94 $ - - $ 197,457.60 $ - $ - 23 2047 $ 229,217.94 $ $ 197,457.60 $ $ 24 2048 - $ 229,217.84 $ - - $ 197,457.60 $ - $ - 25 2049 - $ 229,217.84 $ - - $ 197,457.60 $ - $ - 26 2050 - $ 229,217.84 $ - - $ 197,457,60 $ - 5 - 27 2051 - $ 229,217.84 $ - - $ 197,457.60 $ - 5 - 28 2052 - $ 229,217.84 $ - - $ 197,457.60 $ - $ - 29 2053 - $ 229,217.84 $ - - $ 197,457.60 $ - 5 - 30 2054 $ 229,217.84 $ $ 197,457.50 $ $ 31 1055 - $ 229,217.84 $ - - $ 197,457.60 $ Total 195 $44,697,478.80 234 $46,205,078.40 $521,871,228.08 Footnotes: [a] Estimated absorption per developer. For illustration purposes only and is subject to change. [b] Represents the weighted average value per metric by land use type. Assumes 0.0% annual inflation. [c] Represents the estimated TIF term. Subject to change pending discussion with City. North Park TIR2 2024-11-04.xlsx 1. Incremental Value Value Total Less: Existing TIF Taxable Additionsas Taxable Base Year Incremental Year[f] Year Inflationlal Value of January 11b1 Value Valuelcl value 0 Base Year 0.0% $ - $ - $ 88,709,973.00 $ (89,709,973.00) $ - 1 2025 0.0% 88,709,973.00 - 88,709,973.00 (88,709,973.00) - 2 2026 0.0% 88,709,973.00 78,986,323.44 167,696,296.44 (88,709,973.00) 78,986,323.44 3 2027 0.0% 167,696,296.44 19,663,422.16 187,359,718.60 (88,709,973.00) 98,649,745.60 4 2028 0.0% 187,3S9,718.60 19,663,422.16 207,023,140.76 (88,709,973.00) 118,313,167.76 5 2029 0.0% 207,023,140.76 19,663,422.16 226,686,562.92 (88,709,973.00) 137,976,589.92 6 2030 0.0% 226,686,562.92 19,663,422.16 246,349,985.08 (88,709,973.0D) 157,640,012.08 7 2031 0.0% 246,349,985.08 21,855,729.60 268,205,714.68 (88,709,973.00) 179,495,741.68 8 2032 0.0% 268,205,724.68 21,855,729.60 290,061,444.29 (88,709,973.00) 201,351,471.28 9 2033 0.0% 290,061,444.28 21,855,729.60 311,917,173.88 188,709,973.00) 223,207,200.88 10 2034 0.0% 311,917,173.88 21,855,729.6D 333,772,903.48 188,709,973.00) 245,062,930.48 11 2035 0.0% 333,772,903.48 21,855,729.60 355,628,633,08 (88,709,973.00) 266,918,660.08 12 2036 0.0% 355,628,633.09 35,804,113.60 391,432,746-.68 (88,709,973.00) 302,722,773.68 13 2037 0.0% 391,432,746.68 35,804,113.60 427,236,960.29 188,709,973.00) 338,526,887.28 14 2038 0.0% 427,236,860.28 35,804,113.60 463,040,973.88 (88,709,973.00) 374,331,000.88 15 2039 0.01/ 463,040,973.88 35,804,113.60 498,845,087.48 (88,709,973.00) 410,135,114.48 16 2D40 0.D% 498,845,087.48 35,804,113.60 534,649,201.08 (88,709,973.00) 445,939,228.08 17 2D41 0.01A 534,649,201.08 15,186,400.00 549,835,601.08 (88,709,973.00) 461,125,628.08 18 2D42 0.01A 549,835,601.08 15,186,400.00 565,022,001.08 (88,709,973.00) 476,312,028.08 19 2D43 0.0% 565,022,001.08 15,186,400.00 580,208,401.08 (88,709,973.00) 491,498,428.08 20 2044 0.0% 580,208,401.08 15,186,400.00 595,394,801.08 (88,709,973.00) 506,694,828.08 21 2045 0.0% 595,394,801.08 15,186,400.00 610,581,201.08 (88,709,973,00) 521,871,228.08 22 ZD46 0.0% 610,581,201.08 - 610,581,201.08 (88,709,973.00) 521,871,228.08 23 2D47 0.0% 610,581,201.08 - 610,581,201.08 (98,709,973.00) 521,871,228.08 24 2048 0.0% 610,581,201.08 - 610,581,201.08 (88,709,973.00) 521,871,228.08 25 2049 0.0% 610,581,201.08 - 610,581,201.08 (88,709,973,00) 521,871,228.08 26 2050 0.0% 610,581,201.08 610,581,201.08 (88,709,973,00) 521,871,228.08 27 2051 0.0% 510,581,201.08 - 610,581,201.08 (88,709,973.00) 521,871,228.08 28 2052 0.0% 610,581,201.08 - 610,581,201.08 (88,709,973.00) 521,871,228.08 29 2053 0.0% 610,581,201.08 - 610,581,201.08 (88,709,973,00) 521,371,228.08 30 2054 0.0% 610,581,201.08 - 610,581,201.08 (88,709,973.00) 521,871,228.08 3! 2055 0.0% - - - - - Total $ 610,581,201.08 $ 521,871,228.08 $ 610,581,201.08 $ 521,871,228.08 Footnotes: [a] Estimate for illustration purposes only. [b] Assumes value additions are reflected on tax rolls the year following construction. [c] Represents the property's 2024 taxable value per LOAD and developer. [d) Represents 2023 property tax rates. [e] Estimate only. Funds also available for maintenance casts. Actual amount to be approved by City. North Park TIRZ 2024-11-04.xlsx II. City Tax Increment Revenue III. County Tax Increment Revenue City Ad Valorem Revenues Revenues to TIF County Ad Valorem Revenues Revenues Total TIF Incremental Revenues to City Project Costs Revenues to County to TIF TIF Project Cost Year[f] Year Value ($0.4802)[d] (0%)[e] (100%)[e] ($0.347S)[d] (0%)[e] (100%)[g) Contribution 0 Base Year $ - $ - $ - $ $ - $ - $ - $ - 1 2025 - - - - - - - 2 2026 78,986,323.44 379,263.99 - 379,263.89 274,483.00 274,483.00 653,746.89 3 2027 98,649,745.60 473,680.56 473,680.56 342,814.77 - 342,814.77 816,495.34 4 2028 118,313,167.76 568,097.24 - 568,097.24 411,146.54 - 411,146.54 979,243.78 5 2029 137,976,589.92 662,513.91 - 662,513.91 479,478.31 - 479,478.31 1,141,992.22 6 2030 157,640,012.08 756,930.S9 - 756,930.59 547,810.08 547,910.08 1,304,740.66 7 2031 179,495,741.68 961,873.93 - 861,873.93 623,760.27 - 623,760.27 1,485,634.20 8 2032 201,351,471.28 966,817.28 966,817.29 699,710.46 - 699,710.46 1,666,527.74 9 2033 223,207,200.88 1,071,760.62 - 1,071,760.62 775,660.65 - 775,660.65 1,947,421.27 10 2034 245,062,930.48 1,176,703.97 - 1,176,703.97 851,610.84 - 851,610.84 2,029,314.81 11 2035 266,918,660.08 1,281,647.31 - 1,281,647.31 927,551.03 927,561.03 2,209,208.34 12 2036 302,722,773.68 1,453,565.78 - 1,453,565.78 1,051,982.83 - 1,051,982,83 2,505,548.61 13 2037 338,526,887.28 1,625,484.24 - 1,625,484.24 1,176,404.63 - 1,176,404.63 2,801,888.87 14 2038 374,331,000.88 1,797,402.71 1,797,402.71 1,300,826.43 1,300,826.43 3,098,229.14 15 2039 410,135,114.48 1,969,321.17 - 1,969,321.17 1,425,248.23 - 1,425,248,23 3,394,569.40 16 2040 445,939,228.08 2,141,239.64 - 2,141,239.64 1,549,670.03 - 1,549,670.03 3,690,9D9.67 17 2D41 461,125,628.08 2,214,159.I6 - 2,214,159.26 1,602,443.84 - 1,602,443.84 3,816,6133.10 18 2D42 476,312,028.08 2,287,078.89 - 2,287,078.89 1,655,217.64 - 1,6S5,217.64 3,942,296.53 19 2043 491,498,428.08 2,3S9,998.51 - 2,359,998.51 1,707,991,44 - 1,707,991.44 4,067,989.9E 20 2044 $06,684,828.08 2,432,918.14 - 2,432,918.14 1,760,765.25 - 1,760,765.25 4,193,683.38 21 2045 521,871,228.08 2,SD5,837.76 - 2,505,837.76 1,813,539.05 - 1,813,539.05 4,319,376,81 22 2046 521,871,228.08 2,SOS,837.76 - 2,50S,837.76 1,813,539.05 - 1,813,539.05 4,319,376.81 23 2047 521,871,228.08 2,505,937.76 - 2,50S,837.76 1,813,539.05 - 1,813,539.05 4,319,376.81 24 2048 521,871,228,08 2,505,837.76 2,505,937.76 1,913,539.05 - 1,813,539.05 4,319,376.81 25 2049 521,871,228.08 2,505,837.76 - 2,505,837.76 1,913,539.05 - 1,813,539.05 4,319,376.81 26 2050 521,871,228.08 1,813,539.05 1,813,539.05 2,505,837,76 2,505,837.76 4,319,376.81 27 2051 521,871,228.09 1,813,539.05 - 1,813,539.05 2,505,837.76 - 2,505,837.76 4,319,376.81 28 2052 521,871,228.08 1,813,539.05 - 1,813,539.05 2,S05,837.76 - 2,505,837.76 4,319,376.81 29 2053 521,871,228.08 1,813,539.05 - 1,813,539.05 2,505,837.76 - 2,505,837.76 4,319,376.81 30 2054 521,871,228.08 1,813,539.05 - 1,813,539.05 2,505,837.76 - 2,505,837.76 4,319,376.81 _ 31 205S - - - - - - - - Total $ 5 11,871,228.08 $ 48,077,341.71 $ - $ 49,077,341.71 $ 40,761,470.32 $ - $ 40,761,470.32 $ 88,838,812.D3 [f) Assumes a TIF term of 30 years. Assumes tax increment is collected and available the year after it is reflected on the tax rolls, with final collections in year 31. Subject to negotiation with City. [g) Estimate per prior City approved tax Increment zones. [h] Assumes eligible costs, including interest, and maintenance available to be reimbursed with TIF revenues. [i] Estimate only. Actual amount and timing subject to change. North Park TIRZ 2024-11-04.xlsx IV. TIF Contribution Available for Project Costs V. Developer Project Cost Reimbursement VI. Remaining TIF Allocation _ Total TIF Project Add: Less: Outstanding Total Remaining Remaining TIF Contribution Administrative Remaining for Costs Interest Accrued TIF Reimbursable Remaining TIF TIF Year[f] Year Avallableln Costsix] ProjectCostslh) Incurredlil @7.50% ] Reimbursement Balance TIF toCity lk) to County 0 Base Year $ - $ - $ - $ 2,173,140.00 $ 2,173,140.00 $ - 1 2025 - 1,448,760.00 162,985.50 - 3,784,885,50 - - 2 2026 - - - - 283,866.41 - 4,068,751.91 - - - 3 2027 653,746.89 (40,000.00) 613,746.89 - 305,156.39 613,746.89 3,760,161.41 - - - 4 2029 816,495.34 (10,000.00) 806,495.34 - 282,012.11 806,495.34 3,235,678.18 - - - 5 2029 979,243.78 (10,000.00) 969,243.78 - 242,575.86 969,243.78 2,509,110.27 - - 6 2030 1,141,992.22 (10,000.00) 1,131,992.22 - 188,183.27 1,131,992.22 1,565,301.32 - - - 7 2031 1,304,740.66 (10,D00.00) 1,294,740.66 - 117,397.60 1,294,740.66 387,958.25 - - - 8 2032 1,485,634.20 (10,D00.00) 1,475,634.20 - 29,096.87 417,055.12 - 1,058,579.08 614,122.72 444,456.36 9 2033 1,666,527.74 (10,000.00) 1,656,527.74 - - - - 1,656,527.74 961,015.89 695,511.84 10 2034 1,947,421-27 (10,000-00) 1,837,421.27 - - - - 1,837,421.27 1,065,959.24 771,462.03 11 2035 2,028,314-81 (10,000.00) 2,018,314.81 - - - - 2,018,314.81 1,170,902.58 847,412.23 12 2036 2,209,208.34 (10,000.00) 2,199,208.34 - - - 2,199,2DB.34 1,275,845.93 923,362.42 13 2037 2,505,548.61 (10,000.00) 2,495,548.61 - - - - 2,495,548.61 1,447,764.39 2,047,784.22 14 2038 2,801,888.87 (10,000.00) 2,791,888.87 - - - 2,791,898.87 1,619,682.86 1,172,206.02 15 2039 3,098,229.14 (10,000.00) 3,088,229.14 - - - - 3,088,229.14 1,791,601.32 1,296,627.82 16 2040 3,394,569.40 (10,000.00) 3,384,569.40 - - - 3,384,569.40 1,963,519.78 1,421,049.62 17 2D41 3,690,909.67 (10,000.00) 3,680,909.67 - - - - 3,680,909.67 2,135,438.25 1,545,471.42 18 2042 3,816,603.10 (10,000.00) 3,806,603.10 - - - - 3,806,603.10 2,209,357.87 1,598,245.22 19 2D43 3,942,296.53 110,000.00) 3,932,296.53 - - - - 3,932,296.53 2,281,277.50 1,651,019.03 20 2D44 4,067,989.95 (10,000.00) 4,057,989.95 - - - - 4,057,989.95 2,354,197.12 1,703,792.83 21 2D45 4,193,683.38 (10,000.00) 4,183,683.38 - - - - 4,183,683.38 2,427,116.75 1,756,566.63 22 2046 4,319,376.81 (10,000.00) 4,309,376.81 - - - 4,309,376.81 2,500,036.38 1,809,340,44 23 2047 4,319,376.81 (10,000.00) 4,309,376.81 - - - - 4,309,376.81 2,500,036.38 1,809,340.44 24 2048 4,319,376.81 110,000.00) 4,309,376.81 - - - - 4,309,376.81 2,500,036.38 1,8D9,340.44 25 2049 4,319,376.81 (10,00D.00) 4,309,376.81 - - - - 4,309,376.81 2,500,036.38 1,809,340.44 26 2050 4,319,376.81 (10,000.00) 4,309,376.81 4,309,376.91 2,500,036.38 1,809,340.44 27 2051 4,319,376.81 (10,000.00) 4,309,376.81 - - - 4,309,376.81 1,809,340.44 2,500,036.38 28 2052 4,319,376.81 (10,000.00) 4,309,376.81 - - - 4,309,376.81 1,809,340.44 2,5D0,036.38 29 2053 4,319,376.81 (10,000.00) 4,309,376.91 - - - - 4,309,376.81 1,809,340.44 2,500,036.39 30 2054 4,319,376.81 (10,000.00) 4,309,376.81 - - - - 4,309,376.81 1,809,340.44 2,500,036.38 31 2055 4,31%376.81 (10,000.DO) 4,309,376.81 v - _ - - 4,309,376.81 1,809,34644 2,500,036.38 Total $ 88,839,812.03 $ (320,000.00) $ 89,518,812.03 $ 3,621,900.00 $ 1,611,374.01 $ 5,233,274.01 $ 83,285,538.01 $ 44,863,686.27 $ 38,421,851.75 [j] Assumes a 7.50% interest rate payable on the outstanding balance. [k] Amounts available, at City's discretion, to fund other costs (e.g. Lopez and Frankford parks). North Park TIR2 2024-11-04.xlsx EXHIBIT F - LEGAL DESCRIPTION OF THE ZONE NORTH PARK REINVESTMENT ZONE, CITY OF LUBBOCK, TEXAS 16 PRELIMINARY PROJECT AND FINANCE PLAN CIA AMD Engineering and Surveying DESCRIPTION FOR A TIF DELINEATION REQUEST IN SECTION 1, BLOCK JS, E.L. AND R.R. RR. CO. SURVEY, ABSTRACT NO.281 AND SECTION 22, BLOCK A, T.T. RR. CO. SURVEY, ABSTRACT NO'S. 1543 AND 1544, LUBBOCK COUNTY, TEXAS (Sheets 7-4 of 4, Exhibit attached as Sheet I) Description of a tract of land prepared for TIF Delineation purposes only and being located in Section 1, Block JS. E.L. and R.R. RR. Co. Survey, Abstract No. 281, Lubbock County, Texas and in Section 22, Block A. T.T. RR. Co. Survey, Abstract No. 1543 and 1544, Lubbock County, Texas, said tract being approximately 332.8 acres being further described by metes and bounds as follows: BEGINNING at a point that bears S. 88' 06' 33" E. approximately 2,032.8 feet and S. 01 ° 49' 18" W. approximately 55.0 feet from the northwest comer of said Section 1; THENCE S. 880 06' 33" E. an approximate distance of 1525.09 feet to a point for a corner of this tract; THENCE S. 830 58' 14" E. an approximate distance of 200.23 feet to a point for a comer of this tract; THENCE S. 880 01' 40" E. an approximate distance of 216.46 feet to a point for a comer of this tract; THENCE N. 880 10' 43" E. an approximate distance of 195.17 feet to a point for a corner of this tract; THENCE S. 880 19' 33" E. an approximate distance of 765.26 feet to a point for a corner of this tract; THENCE S. 01 ° 54' 10" W. an approximate distance of 1148.28 feet to a point for a comer of this tract; THENCE southerly along a curve to the left an approximate arc distance of 342.32 feet, said curve having a radius of approximately 530.13 feet, a delta angle of 36° 59' 49", an approximate chord length of 336.40 feet and a chord bearing of S. 16° 36' 02" E. to a point for a corner of this tract; THENCE S. 350 05' 56" E. an approximate distance of 922.99 feet to a point for a corner of this tract; THENCE S. 540 48' 37" W. an approximate distance of 2007.10 feet to a point for a corner of this tract; THENCE S. 580 41' 28" W. an approximate distance of 166.77 feet to a point for a comer of this tract; THENCE S. 540 50' 34" W. an approximate distance of 82.80 feet to a point for a comer of this tract; THENCE S. 520 47' 46" W. an approximate distance of 242.42 feet to a point for a comer of this tract; 6515 6V Street, Suite 300 TBPE Reg. # F-9197 Office: (806) 771-5976 Lubbock, Texas 79424 TBPELS Reg- #I01785-00 Fax: (806) 771-7625 Page 2 of 4 AMD Engineering and Surveying THENCE S. 540 53' 22" W. an approximate distance of 1847.19 feet to a point for a comer of this tract; THENCE S. 600 40' 52" W. an approximate distance of 628.30 feet to a point for a corner of this tract; THENCE westerly along a curve to the right an approximate arc distance of 110.00 feet, said curve having a radius of approximately 215.00 feet, a delta angle of 290 18' 46", an approximate chord length of 108.80 feet and a chord bearing of S. 77' 1 1' 3 1 " W. to a point for a corner of this tract; THENCE N. 880 09' 06" W. an approximate distance of 68.70 feet to a point for a corner of this tract; THENCE N. 01 ° 50' 54" E. an approximate distance of 554.96 feet to a point for a corner of this tract; THENCE S. 880 08' 53" E. an approximate distance of 30.65 feet to a point for a corner of this tract; THENCE N. 010 5l' 10" E. an approximate distance of 1979.61 feet to a point for a corner of this tract; THENCE N. 320 14' 56" W. an approximate distance of 110.85 feet to a point for a corner of this tract; THENCE N. 01 ° 50' 54" E. an approximate distance of 545.96 feet to a point for a corner of this tract; THENCE N. 880 09' 15" W. an approximate distance of 462.53 feet to a point for a comer of this tract; THENCE S. 01 ° 36' 44" W. an approximate distance of 560.76 feet to a point for a comer of this tract; THENCE N. 880 08' 15" W. an approximate distance of 933.45 feet to a point for a corner of this tract; THENCE westerly along a curve to the left an approximate arc distance of 248.53 feet, said curve having a radius of approximately 314.97 feet, a delta angle of 45' 12' 37", an approximate chord length of 242.14 feet and a chord bearing of S. 690 28' 22" W. to a point for a corner of this tract; THENCE S. 460 52' 03" W. an approximate distance of 68.00 feet to a point for a corner of this tract; THENCE N. 430 26' 15" W. an approximate distance of 154.07 feet to a point for a corner of this tract; THENCE N. 880 07' 43" W. an approximate distance of 123.11 feet to a point for a corner of this tract; 6515 681h Street, Suite 300 TBPE Reg. # F-9197 Office: (806) 771-5976 Lubbock, Texas 79424 TBPELS Reg.#101785-00 Fax: (806) 771-7625 Page 3 of 4 AMD Engineering and Surveying THENCE N. 010 56' 49" E. an approximate distance of 889.40 feet to a point for a corner of this tract; THENCE S. 880 06' 32" E. an approximate distance of 1881.74 feet to a point for a corner of this tract; THENCE S. 010 50' 53" W. an approximate distance of 30.00 feet to a point for a corner of this tract; THENCE S. 880 07' 03" E. an approximate distance of 1524.60 feet to a point for a corner of this tract; THENCE easterly along a curve to the right an approximate arc distance of 178.07 feet, said curve having a radius of approximately 481.94 feet, a delta angle of 21 ° 10' 12", an approximate chord length of 177.06 feet and a chord bearing of S. 770 15' 02" E. to a point for a comer of this tract; THENCE S. 660 23' 35" E. an approximate distance of 154.54 feet to a point for a corner of this tract; THENCE northeasterly along a curve to the right an approximate arc distance of 379.38 feet, said curve having a radius of approximately 1635.03 feet, a delta angle of 13° 17' 41", an approximate chord length of 378.53 feet and a chord bearing of N. 29' 25' 26" E. to a point for a comer of this tract; THENCE N. 530 54' 45" W. an approximate distance of 336.23 feet to a point for a corner of this tract; THENCE N. 010 47' 48" E. an approximate distance of 370.53 feet to a point for a corner of this tract; THENCE N. 880 06' 28" W. an approximate distance of 1066.68 feet to a point for a corner of this tract; THENCE N. 010 37' 35" E. an approximate distance of 930.12 feet to a point for a corner of this tract; This description was prepared for purposes of a TIF Delineation request and does not represent a survey made upon the ground. Prepared for: North Park Development, Inc. August 23, 2024 230621- North Park TIF Parcel-Desc 6515 681 Street, Suite 300 TBPE Reg. # F-9197 Office: (806) 771-5976 Lubbock, Texas 79424 TBPELS Reg.#101785-00 Fax: (806) 771-7625 Page 4 of 4 EXHIBIT G - MAP OF THE PUBLIC IMPROVEMENTS NORTH PARK REINVESTMENT ZONE, CITY OF LUBBOCK, TEXAS PRELIMINARY PROJECT AND FINANCE PLAN 17 ' AMD ENGINEERING, LLC TAX INCREMENT FINANCING ENGINEER'S REPORT Prepared by: September 23, 2024 TBPE Reg. No. F-9197 TBPELS Reg. No. 10178500 TAX INCREMENT FINANCING ENGINEER'S REPORT September 23, 2024 Introduction: Playa Lake Park (working title, the actual name of the park is to be designated by the City of Lubbock) is a proposed public park and lake consisting of landscaping, irrigation, walking trails/sidewalks, a constant level pond with fountain, and a statue of Quanah Parker on approximately 16.03-acres of land. This park is located at the southeast corner of North Slide Road and Auburn Street in the City of Lubbock, Texas. This park development will be constructed in a single phase of construction. This report includes the supporting documentation for the formation of the Tax Increment Financing (TIF) and the financing of this project by the Petitioner to finance the public infrastructure items listed below that are necessary for the buildout of the park. The 16.03-acre park is located within the TIF boundary of approximately 332.8 acres. The boundary of the TIF is shown on the attached Appendix 1. Development Improvements: • Demolition: This includes the demolition and haul -off of the existing concrete drainage flume at the east end of the intersection of North Slide Road and 2"d Drive. This drainage flume consists of reinforced concrete installed with the North Slide Road construction project. This flume will be replaced by rock gabions and landscaping. • Sculpture: This includes the artist's fees and materials for the completion of a bronze statue of Quanah Parker and a large arrow, two separate sculptures. The sculptor is Eddie Dixon. • Earthwork: This includes the cutting of the existing playa lake to reshape the drainage flume area off Slide Road to beautify the area with natural landscaping and reduce erosion. This also includes the earthwork efforts necessary to raise the statue and surrounding area above the 100-year flood elevation while maintaining the playa lake's storm water holding capacity. This item also includes fine grading around the landscaping features. • Landscaping and Hardscape: Improvements include a lined pond with two fountains, large decorative boulders and rocks to mimic the caprock escarpment, concrete PLAYA LAKE PARK -TAX INCREMENT FINANCING ENGINEER'S REPORT 1 sidewalks, decorative gravel, decorative retaining walls, gabion mattresses and blocks, pedestrian bridges, accessible handrailing, limestone blocks, flagstone pathways (mortared in), pedestrian and decorative lighting, park benches, trash receptacles, decomposed granite hardscaping features, native seeding, sod, irrigation, and various native plantings and trees. • Soft Costs: This includes costs related to designing, constructing, installing, and financing the park. This includes surveying, engineering, landscape architectural design, soils testing, construction management, legal fees, consulting fees, inspection fees, District Formation Costs, and other TIF costs incurred and paid by the Developer. Development Costs: An Engineers' Opinion of Probable Cost has been prepared for Playa Lake Park as described above and is included as the Tax Increment Financing Cost Estimate. The Opinion of Probable Cost is based on contractor pricing and AMD Engineering, LLC's reasonable professional judgement and experience and does not constitute a warranty, expressed or implied, that the actual cost will not vary. Development and Construction Schedule: • Begin June 2024 — Complete December 2025 PLAYA LAKE PARK -TAX INCREMENT FINANCING ENGINEER'S REPORT 2 APPENDIX 1 TIF BOUNDARY PLAYA LAKE PARK -TAX INCREMENT FINANCING ENGINEER'S REPORT EXIIIIIIIIIIIII � LI 1=111 111 �11 fl Q� �ME E ONE 1� � - ��► �� J : �- -- -- - - Eff ■/IIn1■/ - - ME MM IIIIIII■■ + - - ■IIIn1■111■ r� - � - 111 �111111 11■ 2 + ■IIIII/�� -- -- n1 � _ 1 IIIIIIn■I p � + 11 logoIII■ ■ IIII �i/I■ �1I11►� �I��I� % min II , ♦ �� 1, IIII 1��i��i��i■ ■11111111► ��i�11/� 11 NINE ■IIn111►��j ��111■ II" IIIII/►�; Ij�I I ■IIIIl1I��; ��, n111 ■11 1 )� �� /IIII ■11 II�� ■IIII/� �1��1■IIII ■IIIII �I��1111111 ' 111►�j��111111 ■n 1� ��iliillll III IIII//n ■In ► �I/1/11111 ' MINIMUM1 IIIII■ ■00101111111111111111 ■f111I1 n111111f■ n111111 111 1 IIIII■ Fj�� F-1 F a ! / 4p 4117j 4TII STREET ,T� ---q F--L=- P q- 9 V--=H PF EXIIIBIT OF NORTH PARK TIF PARCEL, SCALE: 1' = 600' 150' 600' 0' 300' 12D0' NOTES: HEAVY LINES INDICATE LIMITS OF PARCEL THIS DRAWING IS FOR LOCATION PURPOSES ONLY. NO PORTION OF THIS DRAWING REPRESENTS AN ACTUAL SURVEY MADE ON THE GROUND. STREETS NAMES DERIVED FROM LUBBOCK COUNTY APPRAISAL DISTRICTS PARCEL VIEWER MAP (G IS.BISCLIENT.COMILUBBOCKCAD). LINEWORK DERIVED FROM CITY OF LUBBOCK GIS SHAPE FILE (CI .LU BBOCK.TX.0 Sf DEPARTMENTS/ GIS-DATASE RVICESIPUBLIGDATA). SHEET 1 OF 4 DESCRIPTION ATTACHED AS SHEETS 2-1 OF 4 APPENDIX 2 SITE LOCATION MAP PLAYA LAKE PARK -TAX INCREMENT FINANCING ENGINEER'S REPORT QUANAH PARKER PARK [•yr9:axelL1vILeill ! WN E S HORIZONTAL SCALE: 0 125' 250' 50 . ci� CIVIL ENGINEERING LAND PLANNING AMD Engineering. LLC Phone: 806.771-5976 6515 681h Street, Suite 300 Fax: BD6.771-7625 Lubbock, TX 79424 TBPE Reg. # F4197 Accuracy - Efficiency - Inlegrity APPENDIX 3 OPINION OF PROBABLE COST PLAYA LAKE PARK -TAX INCREMENT FINANCING ENGINEER'S REPORT ENGINEERS OPINION OF PROBABLE COST for PLAYA LAKE PARK September 20, 2024 This estimate is preliminary based on schematic designs, historical contractor pricing, landscape architect ?stimates, and engineer estimates. The quantities and pricing are subject to change based on final scope tnd bid prices at the time of bidding. ITEM NO. DESCRIPTION ESTIMATED PRICE 1 Site I earthwork I concrete removal and disposal / fine grading, complete and in place: $ 765,000.00 2 Gabion mattresses and blocks, including all materials necessary, complete and in place: $ 52,000.00 3 Concrete sidewalks and pathways, including all materials necessary, complete and in place: $ 168,000.00 4 Decorative retaining walls, pedestrian bridges, and handrail systems, including all materials $ 106,000.00 necessary, complete and in place. 5 Large landscaping boulders, furnished and installed, complete and in place: $ 102,500.00 6 Trees and plantings, as per the landscape plan, furnished and installed, complete and in place: $ 98,000.00 7 Irrigation system with controls, complete and in place as per the landscape irrigation plan, $ 85,000.00 plumbed to a well: 8 Cut limestone 2'x2'x5' blocks, furnished and installed, complete and in place: $ 132,000.00 9 Flagstone pathways as per the landscape plan, furnished and installed, complete and in place: $ 28,000.00 10 Low voltage lighting package as per the landscape plan, furnished and installed, complete and in $ 35,000.00 place: 11 Park benches as per the landscape plan, furnished and installed, complete and in place: $ 9,000.00 12 Trash receptables, furnished and installed, complete and in place: $ 6,200.00 13 Various grades of decomposed granite as per the landscape plan, furnished and installed, $ 8,700.00 complete and in place: 14 Sod as per the landscape plan, furnished and installed, complete and in place: $ 19,000.00 15 Black steel edging as per the landscape plan, furnished and installed, complete and in place: $ 5,000.00 16 Native trail seed drill/hydromulch as per the landscape plan, furnished and installed, complete $ 39,000.00 and in place: 17 Native seed wetland mix drill/hydromulch as per the landscape plan, furnished and installed, $ 3,500.00 complete and in place: 18 7.5-horse water well, including drilling and all electircal and apurtenances necessary, complete $ 45,000.00 and in place: 19 Pond liner system, complete and in place: $ 75,000.00 20 Decorative water fountains (2). including all materials, pumps, and electrical, complete and in $ 40,000.00 place: 21 Statue of Quannah Parker and Arrow, including artist fees and concrete foundations, complete $ 1,200,000.00 and in place: 22 Soft costs and Construction management $ 300,000.00 23 Contingency $ 300,000.00 PROJECT TOTAL $ 3,621,900.00 APPENDIX 4 PARK RENDERING - STATUE PLAYA LAKE PARK -TAX INCREMENT FINANCING ENGINEER'S REPORT No Text /.\:j,21►191LAP PARK RENDERING - LANDSCAPE/HARDSCAPE PLAYA LAKE PARK -TAX INCREMENT FINANCING ENGINEER'S REPORT PLAYA LAKE PARK I SITE PLAN ENLARGEMENT aRll qnnnnnn APPENDIX 6 EARTHWORK LIMITS PLAYA LAKE PARK -TAX INCREMENT FINANCING ENGINEER'S REPORT QUANAH PARKER PARK EARTHWORK LIMITS WN E S HORIZONTAL SCALE: 0 125' 250' 500' Qm. CIVIL ENGINEE•RTNG LAND PLANNING AMD Engineering. LLC Phone: 806-771-5976 6515 68th StreeL Suite 300 Fax: $06-771-7625 Lubbock TX 79424 TBPE Reg. A F-9197 Accuracy - Effidency - Integrity I'' 111111 MEMN ! 11 m LI,-gy_... �1 .��=HF--Tl F--]-= R Off EXHIBrr OF NORTH PARK TH% PARCEL, SCALE: 1"= 600' 150, 600' 0' 300' 12W NOTES: HEAVY LINES INDICATE LIMITS OF PARCEL THIS DRAWING IS FOR LOCATION PURPOSES ONLY. NO PORTION OF THIS DRAWING REPRESENTS AN ACTUAL SURVEY MADE ON THE GROUND. STREETS NAMES DERIVED FROM LUBBOCK COUNTY APPRAISAL DISTRICT'S PARCEL VIEWER MAP (GIS. BISCL IENT.COMILUBBOCKCAD). LINEWORK DERIVED FROM CITY OF LUBBOCK GIS SHAPE FILE (CI. LUBSOCK.TX.USIDEPARTM ENTS! GI S-DATA-SERVICE&PUBLIC-DATA). SHEET 1 OF 4 DESCRIPTION ATTACHED AS SHEETS 21 OF 4 491 . CIVIL ENGINEERING LAND SURVEYING AMD Engineering, LLC Phone: 806.771-5976 6515 581h Street, State 300 F— 808.771.7525 Lubbock, Tx 79424 TBPELS Reg.# 10178500 Accuracy - Efficiency - Integrity 4K 7-hk*AMD Engineering and Surveying DESCRIPTION FOR A TIF DELINEATION REQUEST IN SECTION 1, BLOCK JS, E.L. AND R.R. RR. CO. SURVEY, ABSTRACT NO.281 AND SECTION 22, BLOCK A, T.T. RR. CO. SURVEY, ABSTRACT NO'S. 1543 AND 1544, LUBBOCK COUNTY, TEXAS (Sheets 2-4 of 4, Exhibit attached as Sheet 1) Description of a tract of land prepared for TIF Delineation purposes only and being located in Section 1, Block JS, E.L. and R.R. RR. Co. Survey, Abstract No. 281, Lubbock County, Texas and in Section 22, Block A, T.T. RR. Co. Survey, Abstract No. 1543 and 1544, Lubbock County, Texas, said tract being approximately 332.8 acres being further described by metes and bounds as follows: BEGINNING at a point that bears S. 88' 06' 33" E. approximately 2,032.8 feet and S. 01 ° 49' 18" W. approximately 55.0 feet from the northwest corner of said Section 1; THENCE S. 880 06' 33" E. an approximate distance of 1525.09 feet to a point for a corner of this tract; THENCE S. 830 58' 14" E. an approximate distance of 200.23 feet to a point for a corner of this tract; THENCE S. 880 01' 40" E. an approximate distance of 216.46 feet to a point for a comer of this tract; THENCE N. 880 10' 43" E. an approximate distance of 195.17 feet to a point for a comer of this tract; THENCE S. 88e 19' 33" E. an approximate distance of 765.26 feet to a point for a comer of this tract; THENCE S. 01 ° 54' 10" W. an approximate distance of 1148.28 feet to a point for a corner of this tract; THENCE southerly along a curve to the left an approximate arc distance of 342.32 feet, said curve having a radius of approximately 530.13 feet, a delta angle of 36° 59' 49", an approximate chord length of 336.40 feet and a chord bearing of S. 16' 36' 02" E. to a point for a corner of this tract; THENCE S. 350 05' 56" E. an approximate distance of 922.99 feet to a point for a comer of this tract; THENCE S. 540 48' 37" W. an approximate distance of 2007.10 feet to a point for a corner of this tract; THENCE S. 58e 41' 28" W. an approximate distance of 166.77 feet to a point for a corner of this tract; THENCE S. 540 50' 34" W. an approximate distance of 82.80 feet to a point for a corner of this tract; THENCE S. 520 47' 46" W. an approximate distance of 242.42 feet to a point for a corner of this tract; 6515 68th Street, Suite 300 TBPE Reg. # F-9197 Office: (806) 771-5976 Lubbock, Texas 79424 TBPELS Reg. #101795-00 Fax: (906) 771-7625 Page 2 of 4 4rii�* AMD Engineering and Surveying THENCE S. 540 53' 22" W. an approximate distance of 1847.19 feet to a point for a corner of this tract; THENCE S. 600 40' 52" W. an approximate distance of 628.30 feet to a point for a corner of this tract; THENCE westerly along a curve to the right an approximate arc distance of 110.00 feet, said curve having a radius of approximately 215.00 feet, a delta angle of 29' 18' 46", an approximate chord length of 108.80 feet and a chord bearing of S. 77' 11' 3 1 " W. to a point for a corner of this tract; THENCE N. 880 09' 06" W. an approximate distance of 68.70 feet to a point for a corner of this tract; THENCE N. 010 50' 54" E. an approximate distance of 554.96 feet to a point for a corner of this tract; THENCE S. 880 08' 53" E. an approximate distance of 30.65 feet to a point for a corner of this tract; THENCE N. 010 51' 10" E. an approximate distance of 1979.61 feet to a point for a comer of this tract; THENCE N. 320 14' 56" W. an approximate distance of 110.85 feet to a point for a corner of this tract; THENCE N. 010 50' 54" E. an approximate distance of 545.96 feet to a point for a corner of this tract; THENCE N. 880 09' 15" W. an approximate distance of 462.53 feet to a point for a comer of this tract; THENCE S. 010 36' 44" W. an approximate distance of 560.76 feet to a point for a corner of this tract; THENCE N. 880 08' 15" W. an approximate distance of 933.45 feet to a point for a corner of this tract; THENCE westerly along a curve to the left an approximate arc distance of 248.53 feet, said curve having a radius of approximately 314.97 feet, a delta angle of 450 12' 37", an approximate chord length of 242.14 feet and a chord bearing of S. 69' 28' 22" W. to a point for a comer of this tract; THENCE S. 460 52' 03" W. an approximate distance of 68.00 feet to a point for a corner of this tract; THENCE N. 430 26' 15" W. an approximate distance of 154.07 feet to a point for a corner of this tract; THENCE N. 880 07' 43" W. an approximate distance of 123.11 feet to a point for a corner of this tract; 6515 681h Street, Suite 300 TBPE Reg. # F-9197 Office: (806) 771-5976 Lubbock, Texas 79424 TBPELS Reg. #101785-00 Fax: (806) 771-7625 Page 3 of 4 F' AMD Engineering and Surveying THENCE N. 010 56' 49" E. an approximate distance of 889.40 feet to a point for a corner of this tract; THENCE S. 880 06' 32" E. an approximate distance of 1881.74 feet to a point for a corner of this tract; THENCE S. 010 50' 53" W_ an approximate distance of 30.00 feet to a point for a corner of this tract; THENCE S. 880 07' 03" E. an approximate distance of 1524.60 feet to a point for a corner of this tract; THENCE easterly along a curve to the right an approximate arc distance of 178.07 feet, said curve having a radius of approximately 481.94 feet, a delta angle of 21 ° 10' 12", an approximate chord length of 177.06 feet and a chord bearing of S. 77° 15' 02" E. to a point for a corner of this tract; THENCE S. 660 23' 35" E. an approximate distance of 154.54 feet to a point for a corner of this tract; THENCE northeasterly along a curve to the right an approximate arc distance of 3 79.3 8 feet, said curve having a radius of approximately 1635.03 feet, a delta angle of 13° 17' 41", an approximate chord length of 378.53 feet and a chord bearing of N. 29' 25' 26" E. to a point for a comer of this tract; THENCE N. 530 54' 45" W. an approximate distance of 336.23 feet to a point for a corner of this tract; THENCE N. 010 47' 48" E. an approximate distance of 370.53 feet to a point for a comer of this tract; THENCE N. 880 06' 28" W. an approximate distance of 1066.68 feet to a point for a corner of this tract; THENCE N. 010 37' 35" E. an approximate distance of 930.12 feet to a point for a corner of this tract; This description was prepared for purposes of a TIF Delineation request and does not represent a survey made upon the ground. Prepared for: North Park Development, Inc. August 23, 2024 230621- North Park TIF Parcel-Desc 6515 68" Street, Suite 300 TBPE Reg. # F-9197 Office: (806) 771-5976 Lubbock, Texas 79424 TBPELS Reg. #101785-00 Fax: (806) 771-7625 Page 4 of 4