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Home My WebLink AboutOrdinance - 2006-O0136 - Approving 4Th Amended North Overton Tax Increment Finance Reinvestment Zone Plan - 12/19/2006First Reading December 19, 2006 Item. No. 6.3 Second Reading January 12, 2007 Item. No. 5.3 ORDINANCE NO. 20Q6-00l36 AN ORDINANCE APPROVING THE FOURTH AMENDED NORTH OVERTON DISTRICT TAX INCREMENT FINANCE REINVESTMENT ZONE PROJECT PLAN AND FINANCE PLAN AS ADOPTED BY THE BOARD OF DIRECTORS OF THE NORTH OVERTON TAX INCREMENT FINANCING REINVESTMENT ZONE. WHEREAS, the City Council of the City of Lubbock, upon receipt of a petition requesting creation of a tax increment financing district from the owners of more than 50 per cent of the appraised value of an area within the City of Lubbock bounded by the Marsha Sharp Freeway on the north, University Avenue on the west, Broadway on the south and the alley between A venue R and A venue Q on the east, adopted Ordinance No. 2002-029, March 14, 2002, establishing the North Overton District Tax Increment Finance Reinvestment Zone and defining its boundaries in accordance with the provisions of the Tax Increment Financing Act, V.T.C.A. Tax Code, Chapter 311 (the "Act"); and WHEREAS, the Board of Directors of the North Overton Tax Increment Financing Reinvestment Zone, in accordance with the Act, prepared and adopted a North Overton Area Project Plan and a North Overton Area Financing Plan, which was approved June 26, 2002, by Ordinance No. 2002-0075; and WHEREAS, due to increased development and changed circumstances, the Board of Directors of the North Overton Tax Increment Financing Reinvestment Zone adopted a First Amended Project Plan and a First Amended Finance Plan which was approved by the City Council June 12, 2003, in Ordinance 2003-00062, a Second Amended Project Plan and a Second Amended Finance Plan which was approved by the City Council November 18, 2004 in Ordinance 2004-00131, and a Third Amended Project Plan and a Third Amended Project Plan which was approved by the City Council January 12, 2006 in Ordinance 2005-00149; and WHEREAS, the Board of Directors of the North Overton Tax Increment Financing Reinvestment Zone has adopted a Fourth Amended Project Plan and a Fourth Amended Finance Plan and has submitted these plans to the City Council for approval; WHEREAS, the City Council of the City of Lubbock, after holding a public hearing in accordance with V.T.C.A. Tax Code §311.003, desires to adopt the Fourth Amended Project Plan and the Fourth Amended Finance Plan as submitted by the Board of Directors of the North Overton Tax htcrement Financing Reinvestment Zone; NOW THEREFORE: BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK: SECTION 1: THAT the facts and recitations contained in the preamble of this ordinance are hereby found and declared to be true and correct. SECTION 2: THAT the City Com1cil of the City of Lubbock makes the following findings regarding the Fourth Amended North Overton Tax Increment Financing Reinvestment Zone Project Plan and the Fourth Amended North Overton Tax Increment Financing Reinvestment Zone Finance Plan, as adopted by the Board of Directors of the North Overton Tax Increment Financing Reinvestment Zone: a) That the Fourth Amended North Overton Tax Increment Financing Reinvestment Zone Finance Plan includes, as required by § 311.011 of the Act, all of the following items: 1) a detailed list describing the estimated project costs of the zone, including administrative expenses; 2) a statement listing the kind, number, and location of all proposed public works or public improvements in the zone. 3) an economic feasibility study was included in the original project plan; 4) the estimated amount of bonded indebtedness to be incurred; 5) the time when related costs or monetary obligations are to be incurred; 6) a description of the methods of financing all estimated project costs and the expected sources of revenue to finance or pay project costs, including the percentage of tax increment to be derived from the property taxes of each taxing Wlit that levies taxes on real property in the zone; 7) the current total appraised value of taxable real property in the zone; 8) the estimated captured appraised value of the zone during each year of its existence; and 9) the duration of the zone. b) That the Fourth Amended North Overton Tax Increment Financing Reinvestment Zone Project Plan includes, as required by § 311.011 of the Act, all of the following items: 1) a map showing existing uses and conditions of real property in the zone and a map showing proposed improvements to and proposed uses of that property; 2) proposed changes of zoning ordinances, the master plan of the municipality, building codes, and other municipal ordinances; 3) a list of estimated nonproject costs; and NO TIF Third Amended Project Plan Ordinance Page2 4) a statement of a method of relocating persons to be displaced as a result of implementing the plan. c) That the Fourth Amended Plan is feasible and conforms to the City of Lubbock Comprehensive Plan. SECTION 3: That the Fourth Amended North Overton Tax Increment Financing Reinvestment Zone Project Plan and the Fourth Amended North Overton Tax Increment Financing Reinvestment Zone Finance Plan, as adopted by the Board of Directors of the North Overton Tax Increment Financing Reinvestment Zone are approved. A copy of each plan is attached hereto and incorporated into this Ordinance as if fully set forth herein. SECTION 4: That if any section, paragraph, clause or provision of this Ordinance shall for any reason be held to be invalid or unenforceable, the invalidity or unenforceability of such section, paragraph, clause or provision shall not affect any of the remaining provisions of this Ordinance. AND IT IS SO ORDERED PASSED by the City Council on first reading this 19th day of December , 2006. PASSED by the City Council on second reading this 12th day of January , 2007. ATTEST: ~ ~uc ebe~a:city Secretary APP~V~D ~ TO CONTENT: ,-p~ ~ /_ .. 2 ROl!~n~tty Manager Development Services APPROVED AS TO FORM: ,. C-. ~-/·~ -----· • ·' ---J.. ~ / '-.._ .. ~:~ c. -~-/Q, ........ -~ Linda L. Chamales Senior Attorney, Office Practice LC: cityatt/Linda!TIF·NO FOURTH AMENDED PLAN APPROVAL ORDINANCE December 4, 2006 NO TIF Third Amended Project Plan Ordinance Page3 FINANCING PLAN (Fourth Amended) North Overton Area Tax Increment Financing Reinvestment Zone LUBBOCK, TEXAS NOVEMBER 2006 I FINANCING PLAN The Financing Plan provides infonnation on the projected impact that the North Overton Area Tax Increment Finance Reinvestment Zone (Zone) could have on the property described in Appendix A. It will also describe how that impact could be utilized to enhance the area and region through leveraging the resources of each entity that participate in the project. Below is a summary of the Financing Plan items required by law: 1. A detailed list describing the estimated project costs of the zone, including administrative. The total project costs over the life of the zone will be approximately 82.7 million, not including interest payments on debt service. The detailed list of projects is included in Appendix B. 2. A statement listing the kind, number, and location of all proposed public works or public improvements in the zone. • Capital costs, including the actual costs of the acquisition and construction of public works, public improvements, new buildings, structures, and fixtures; the actual costs of the acquisition, demolition, alteration, remodeling, repair, or reconstruction of existing buildings, structures, and fixtures; and the actual costs of the acquisition of land and equipment and the clearing and grading of land; • Financing costs, including all interest paid to holders of evidences of indebtedness or other obligations issued to pay for project costs and any premium paid over the principal amount of the obligations because of the redemption of the obligations before maturity; • Any real property assembly costs; • Professional service costs, including those incurred for architectural, planning, engineering, and legal advice and services; • Any relocation costs; • Organizational costs, including costs of conducting environmental impact studies or other studies, the cost of publicizing the creation of the Zone, and the cost of implementing the project plan for the Zone; • Interest before and during construction and for one year after completion of construction, whether or not capitalized; Page2 North Overton TIF Fourth Amended Financing Plan City of Lubbock • The amount of any contributions made by the municipality from general revenue for the implementation of the project plan; • Imputed administrative costs, including reasonable charges for the time spent by employees of the municipality in connection with the implementation of a project plan; • The cost of operating the Zone and project facilities; and • Payments made at the discretion of the governing body of the municipality that the municipality finds necessary or convenient to the creation of the Zone or to the implementation of the project plans for the Zone. • All public improvements or public works projects will be in the area shown in the map in Appendix A. 3. Economic Feasibilty Study. • An economic feasibility study has been completed and is included as a part of this Financing Plan as Appendix C. 4. The estimated amount of bonded indebtedness to be incurred. • The debt capacity produced from the estimated tax increment should yield approximately $41.5 million in funding capacity. 5. The time when related costs or monetary obligations are to be incurred. • Monetary obligations will be incurred with each bond issue; however, it is expected that development agreements will be in place, which would provide sufficient tax increment to pay debt coverage for each bond issuance. 6. A description of the methods of financing all estimated project costs and the expected sources of revenue to finance or pay project costs including the percentage of tax increment to be derived from the property taxes of each taxing unit on real property in the Zone. • Project costs will be financed using bond issues with payment provided by tax increment funds received. The revenue sources will be the real property taxes captured by the Zone, which will account for 1 00% of revenues used to fund project costs and bonds issued. Page3 North Overton TIF Founh Amended Financing Plan City of Lubbock • 7. The current total appraised value of taxable real property in the Zone. • The appraised value of the taxable real property in the Zone that the Lubbock Central Appraisal District certified in July 2002 was $26,940,604. This amount is the base value for the district in calculating future increments. The current appraised value according to the 2006 certified TIF roll is $185,442,083. Page4 North Overton TIF Fourth Amended Financing Plan City of LubbO<:k 8. The estimated appraised value of the improvements in the Zone during each year of existence. Table 1 YEAR 2002 2003 2004 2005 2006 2007 2008 2009 2010 20ll 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 TOTAL • The estimated appraised value of the improvements in the Zone per year is listed in the following table. ANNUAL CAPTURED VALUE ESTIMATED ESTIMATED ESTIMATED ADJUSTED CAPTURED DEMOLITIONS~ K NEW DEVELOPMENT£ K VALUESK -- (2,019) 12,406 (12,395) 21,632 (2,362) 99,842 -41,397 -24,324 -151,388 -125,866 -39,210 -22,079 -9,088 ----------------. ----------------------- (16&776). 5471233 - 10,387 9,237 97,480 41,397 24,324 151,388 125,866 39,210 22,079 9,088 -------------------- 5301457 PageS North Overton TIF Fourth Amended Financing Plan City of Lubbock Table 2 YEAR 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 TOTAL • The estimated annual incremental funds available from development and redevelopment in the Zone are listed in the following table. ANNUAL INCREMENTAL FUNDS AVAILABLE ESTIMATED ESTIMATED ESTIMATED ADJUSTED CAPTURED CUMULATIVE CAPTURED ANNUAL TAX VALUE. $K VALUE,$K INCREMENT,. $.K * --- 10,387 10,387 - 9,237 19,624 96 97,480 117,104 158 41,397 158,501 930 24,324 182,825 1,338 151,388 334,213 1,543 125,866 460,079 2,821 39,210 499,290 3,884 22,079 521,368 4,215 9,088 530,457 4,401 -530,457 4,478 -530,457 4,478 -530,457 4,478 -530,457 4,478 -530,457 4,478 -530,457 4,478 -530,457 4,478 -530,457 4,478 -530,457 4,478 -530,457 4,478 -530,457 4,478 -530,457 4,478 -530,457 4,478 -530,457 4,478 -530,457 4,478 -530,457 4,478 -530,457 4,478 -530,457 4,478 -530,457 4,478 -530,457 4,473 108.941 * &lsed on projected ttvc rates of: City-$ 0.46199; County-$0.28576; Hospiltll--$0.1 Ul; Water Distrit:l-$lJ.008JOO. &lsed on estimated CIJJiected a/I'IOilnt of increment (97.00% coUec.tWn rme) 1% growth through 2009, 0% thereDfter 8. The duration of the zone: The duration of the zone is 30 years. Pagc6 North Ovenon TIF Fourth Amended Financing Plan City of Lubbock Appendix A .J J.._I .. !L! ..... !.. ~~~UJ .l .• M .. JL_IJ!t ~!~~.JJ~bJJJt.Ji'nHU it )" -'-ATU GT l S II:L '-'IIH l:il 'r.1 U1118 I• I I lh I I I I I~ I -~~[ .r--"1--I . I I 1_j ----.. :l = ~ I ~ l I I =r 4 ~[ ~ • 111111111 1 1 1 m 1 I ~~ 1 1111 11118 1 T Q~ "~- ; I 1111111111111 I 1!1 I I I I I. II , 111111 Ill D n; ~ I 1-I I f>l 11 l= kl s ,_......ll.......,H~I s: ~ I I I II trr1 I ~: I I II I 1 I II IJD ~ I It~ I 1 Z6 I I I 111111/llllllt:d t::: ..___...........,) IT • rH!<ll rH -B'HSl Ell J §;I 1111111111111 I I II IIIII II IIIIIOJS J ~ I Ill[ II II I I~ 11111111111 j I II II II I II [[JJ:I=~::Jtii1t::j .___....__, ~~ IIIII I I I ~ II -I IIIII I lo::::t:ImJQFM=Fl f ~ I I 1111111111111 I ~ I I I T T I II I IIIL.dt=ftitd ~~~ !IIHST I I I 1 ~ T JI~ tiffi [ ~i i II I I '-1 I I ---i N ---l • 1 t 11111111111 I 1 HI 11111111 ~Q rn:tJ [ • Ill I Ill I D II II II II 11111111 II II I. II II I I WllJ l_lj ~ , 11 1 1 T n· .. ,-r,rr·lri(· .. ~·r r n ilr ·n·r(r i r r ~·-·,mrYrrirn !r Appendix A North Overton TIF Fourth Amended Financing Plan City of Lubbock Appendix B NORTH OVERTON TIF PROJECT COSTS I TIF Expense Pblue 1 Street reconstruction/resurfacing AlE services, Reconstruction, curb and gutter, rotaries Rotary amenities AlE services, Landscaping • irrigation, lighting, street furniture Glenna Goodacre Boulevard AlE services, replace curb and gutter, ROW acquistion Glenna Goodacre Blvd. Amenities AlE services, Landscaping: irrigation, lighting, street furniture Landscaping Parkway AfE services, Landscaping: irrigation, lighting, street furniture Water/Waste Water Replacement & relocation Electric utility-underground Pioneer Park Improvements Marsha Sharp Frwy. Frontage University Ave. Improvements Replace curb & gutter Public Facility Right of Way Acquisition Phase 1 TIF Project Cost Bond Adjustments 2005 Bonds sold at a premium 2006 Bonds sold at a premium Bond issuance costs Total Adjustments Total Amount of Debt Supported by TIF Revenue Debt Service Interest Expense Total Phase I TIF Project Cost Phase 2, Years 7-30 (TIF Revenue Available after Debt is paid) Total TIF Project Cost Administration Cost Total Phase I TIF Cost Total TIF Expenditure as of9130/06 Balance * Bond Issuance 7/1 5/2003 8/15/2003 4/1 5/2006 Total $ $ $ $ $ $ $ Total Cost' 8,105,567 414,000 2,926,510 2,710,500 6,215,173 3,403,042 3,997,408 500,000 100,000 190,000 9,550,000 3,609,786 41,721,986 (246,000) (167,000) 193,000 (220,000) 41,501,986 26,238,000 67,739,986 41,202,000 108,941,986 350,000 41,721,986 11,096,264 30625,722 3,795,000 9,290,000 6,300,000 19,385,000 AppendixB North Overton TIF Fourth Amended Financing Plan City of Lubbock Appendix C TAX INCREMENT FEASIBILITY ANALYSIS North Overton Area Tax Increment Financing Reinvestment Zone LUBBOCK, TEXAS Prepared for City of Lubbock JUN£2002 SCHRADER & CLINE, LLC 4800 Broadway, Suite A AppendixC North Overton TIF Fourth Amended Financing Plan City of Lubbock Index Forward Section 1: Section II: Section III: Section IV: Section V: Appendix C Lubbock, Texas INDEX History Current Situation Future Plans Tax Increment Analysis Tables Table I: North Overton Project Plan Table 2: Private Development Projects Table 3: Annual Captured Value Table 4: Annual Incremental Funds Available Table 5: Annual Incremental Funds Contributed Table 6: Income Without TIF Table 7: BPP Inventory Estimate, $ K Table 8: Income With TIF PAGE 2 3 4 8 9 11 13 13 14 15 16 17 18 19 20 AppendixC North Overton TIF Fourth Amended Financing Plan City of Lubbock Appendix C FOREWORD Schrader & Cline, LLC was asked to prepare a Feasibility Analysis using tax increment financing to encourage redevelopment of the North Overton Area Tax Increment Financing Reinvestment Zone in the City of Lubbock, Texas. This area of the City needs public infrastructure projects that will provide a stimulus for redevelopment and enhancement of the area. Section I summarizes the history of the North Overton area. Section II reviews the current situation. Section III details future plans, and Section IV details the tax increment analysis Section V shows 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 and redevelopment 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 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 & Cline, LLC Addison, Texas June2002 AppendixC North Overton TIF Fourth Amended Financing Plan City of Lubbock Appendix C I Section I: IDS TORY The North Overton area of the City of Lubbock was established in 1907 on a tract of land just west of the existing "town siteH. It thus became the first major real estate operation in town. Lots being offered by Dr. M. C. Overton sold at a steady pace, but a good portion of the land was sold in large tracts. The first houses were built in 1907, and Broadway, the main street of the addtion, became a fashionable street on which many prominent Lubbock residents built homes. By the 1920's, the Overton Addition became an integrated part of Lubbock through paving projects and the annexation of all its land to the City. This development was enhanced by the establishment of Texas Technological College along the western boundary of the neighborhood in 1925. As a result, part of Overton developed as a neighborhood serving the new student population; boarding houses dotted the area and a variety of businesses catering to the college trade developed along College A venue. The neighborhood by the late 1920's and early 1930's was generally middle class, with home ownership predominating. To this day, many of the North Overton homes still standing were built in the 20-year period before 1940. Many of these were FHA homes. The post-war attendance boom at Texas Tech created a shortage of student housing. Although non-conforming apartments were not legal under the city zoning ordinances, there was a tacit agreement between homeowners and the City that allowed the conversion and leasing of apartments without permits or conformity to city building codes. This decision created many of the substandard units that plague the North Overton neighborhood today. Rental property became an important part of the Overton scene as an increasing number of owners moved to south and southwest Lubbock. Owners converted garages into apartments, subdivided houses, and the population of the neighborhood began to rise. By 1960, the increasing enrollment at Texas Tech encouraged a rash of apartment buildings. This influx of rental housing eliminated much single-family housing, caused traffic congestion, AppendixC North Overton TIF Fotu1h Amended Financing Plan City of Lubbock Appendix C and introduced a transient population that destroyed the stability of the area. Speculation became an important part of the real estate market in North Overton, where whole blocks of houses were bought up in anticipation of massive profits from apartment complexes. In addition, spot zoning began to destroy the stability of the neighborhood as the threat of encroaching high-density apartments frightened older residents into selling out. By the 1980's, the Lubbock City Council recognized that the passage of time, market trends, and land use changes had created severe pressures on North Overton, and felt there was an urgent need to analyze the problems and potential of the area. As a result, the council appointed the Overton North Study Committee on November 11, 1982. The Committee established as its IDISSlOn: "To explore methods of stabilizing property values in North Overton while allowing the area to develop to its fullest potential, with a focus on improving living conditions and the quality of life." In general, the Committee noted that: o North Overton has changed from a fairly stable single-family residential neighborhood to a high-density, renter-occupied, deteriorating area; o Out of town ownership and/or management of housing has increased, further diluting the pride of ownership in the area; o Generally vacancy rates have increased; o Apartment complexes-most built before the 1975 zoning ordinance placed new parking and landscaping requirements on apartments-are scattered across the neighborhood, often isolating single-family residences and increasing congestion; o Weeds, abandoned vehicles, and trash, especially on vacant lots and in alleys are common in North Overton; o Whether due to rental occupancy of single-family housing or increasing apartment development, the decrease in ownership leads to a lack of pride in the neighborhood; and Appendix C North Overton TIF Fourth Amended Financing Plan City of Lubbock AppendixC o Crime statistics in the North Overton neighborhood are high. After examining the various trends in North Overton, the Study Committee formulated strategies to address the area's problems and potential. The strategies would: o Allow street closures to pool land for large development projects, or to promote pedestrian access to redevelopment areas; o Encourage development of pedestrian oriented services for North Overton residents; o Promote North Overton as a place for Tech students to live; o Consider alternative financing programs for revitalization projects-possibilities: Is. Increment Financing, Tax Abatement, Urban Development Action Grants, Industrial Revenue Bonds; o Encourage well-planned housing development, particularly that utilizing large tracts of land; o Encourage emphasis on home ownership; and o Encourage lending policies to facilitate home ownership. Unfortunately, the admirable goals of the Overton North Study Committee have not been implemented for a variety of reasons. First, there was a severe downturn in the real estate market during the mid-to-late 1980's. Second, no developer stepped forward with a plan to consolidate the myriad of small residential lots into developable tracts. Third, there were limited public/private partnership opportunities. In March 1989, RTK.L, a land use planning firm retained by the City of Lubbock, issued a Redevelopment Plan for Downtown Lubbock that included the North Overton area. The RTKL report identified many of the same issues as the 1982 Study Committee. Some of RTKL's comments about the North Overton area were: AppendixC North Overton TIF Fourth Amended Financing Plan City of Lubbock Appendix C o North Overton is one of those duplex and multi-family areas going through a churning process that produced urban blight. It is becoming a high-crime area desperately in need of stabilizing redevelopment. o A university the size of Tech typically generates the development of a "campus town", or a significant number of college-oriented retail businesses located within walking distance of the campus. However, a campus town is missing in Lubbock; retailers that used to be located across from the Tech campus have since moved to outlying areas. o Where North Overton once supplied many of the residential units for Texas Tech students, many of those students have since moved to newer complexes in suburban Lubbock. o North Overton is expenencmg a critical level of deterioration. One of the contributing factors appears to be the extent to which "spot zoning" of apartment complexes was allowed in a single-family neighborhood. o Once apartments were developed, single-family homes were purchased as rental units by absentee landlords; o With no new multi-family housing starts, and the continued aging of existing garden apartments, there could be a need for student housing in the North Overton area in the next few years; and o Redevelopment of the North Overton area will depend on enough land assembly for a critical mass of housing to provide an incentive for residential builders to start a range of housing programs over several years of continual development. The City should establish new zoning standards that permit a wide range of housing types within North Overton. o The community must recognize the importance of private investment and the needs of the development industry. The Citv must develop creative public/private joint development opportunities and provide public improvements as incentives (or development. Through the 1990's, the situation in North Overton continued to stagnate. AppendixC North Overton TIF Fourth Amended Financing Plan City of Lubbock Appendix C I Section ll: CURRENT SITUATION At this time, the North Overton neighborhood continues to be an area in distress. o Population is declining, vacancies are high (32.6% compared to 7.8% for City); o Owners occupy only 7.3% ofthe properties compared to 51.5% in the City; o Crime is high; and o Many properties are in poor condition, abandoned vehicles and weeds are prevalent, and there is little to attract anyone to this neighborhood other than extremely low values and rents. However, in spite of this (or possibly because of all this) a local developer has come forward with the express purpose of purchasing and redeveloping about 90% of the North Overton area. Currently the developer owns approximately 80% of the property he intends to develop. The developer has submitted a petition to the City of Lubbock requesting that the City establish a Tax Increment Finance (TIF) Reinvestment Zone to provide the necessary public funds for entering into a public/private partnership. This public/private partnership will provide for a significantly enhanced redevelopment of the North Overton area by using public funds for upgraded intersections, additional landscaping, improved street lighting, park improvements, and street and utility replacement/reconstruction. In order to ensure this higher quality redevelopment project, the City has retained J. D. Wilson and Associates to provide design concepts for a pedestrian oriented district and the City also has prepared redevelopment guidelines and TIF participation guidelines. The redevelopment being proposed through use of this public/private partnership follows many of the strategies noted in the 1982 Overton North Steering Committee report and the 1989 Redevelopment Plan for Downtown Lubbock prepared by RTKL. Plans call for street closures to allow for larger development projects, student housing will be provided, there will be a variety of well-planned housing projects, retail to support the neighborhood and the Tech student population; and the entire development will be pedestrian oriented. Enhancing and upgrading this private redevelopment will be pubic projects financed by TIF funds. AppendixC North Overton TIF Fourth Amended Financing Plan City of Lubbock Appendix C I Section III: FUTURE PLANS As part of the public/private partnership which will be used to stimulate, enhance and support redevelopment of the North Overton area, a list of public infrastructure projects has been developed by City staff as shown in Table 1. These infrastructure projects are designed to replace 70-year old utilities, provide new street lighting and signalization, upgrade Pioneer Park, and provide for enhanced landscaping, wider sidewalks, and street furniture. Funding for these public projects will be financed by TIF funds generated by private redevelopment projects. Private development projects planned for the North Overton area as part of a public/private partnership and shown in Table 2, include the following: TYPE SQ.FT. Residential 112,000 277,000 UNITS Multi-Family 928 Single-Family/Garden/Town Homes 333 Retail development in North Overton will be supported by both Tech students and the neighborhood residents. Based on estimated student buying power of $125 per month per student, Tech students alone could support between 150,000 and 187,000 square feet of retail development assuming $200 to $250 worth of annual sales per square foot. In addition to Tech students, the surrounding neighborhood will utilize the retail development and the retail support area will be further expanded with the completion of Marsha Sharp Freeway frontage roads expected in 2008. No new office space has been built in the Overton area or even in the nearby Central Business District for several years. The small 112,000 square foot office building being planned for the North Overton area should fill up rapidly, most likely with tenants from older office buildings nearby. AppendixC North Overton TIF Fourth Amended Financing Plan City of Lubbock AppendixC Prior to the redevelopment planned by this proposed public/private partnership, there were about 3,200 residential units in the North Overton area. However, only about 2,200 were occupied- by approximately 5,000 residents. With this redevelopment, there are only 1,261 units planned, about 75% of which are multi-family, with the remainder a mix of single-family, town house, and garden houses. This is a much lower density than the development which previously existed, and we have no doubt this reduced number of units will be absorbed quickly. In addition, about 25% of the multi-family units are being planned for Tech students. If this development for students is successful (and it should be), the number of multi-family units for students may be increased to 50%. It is anticipated that build-out of this public/private partnership will occur over a seven year period and will provide an increase in real property value of approximately $171 million. This increase will be offset however, by a loss in value from demolition of existing improvements of approximately $17 million. All of this results in a net real property value increase of overt $154 million. Detail of this forecast is shown in Table 3. In addition to the increase in real property values, it is also anticipated that business personal property and inventory values will be increased by about $8 million as shown in Table 7. AppendixC North Ovenon TIF Fourth Amended Financing Plan City of Lubbock Appendix C j Section IV: TAX INCREMENT ANALYSIS This section documents the detailed analysis and inputs used to generate the tax increment revenue estimates. Tax increment financing involves: • Designating an eligible redevelopment area as a tax increment reinvestment zone; • Soliciting participation of the taxing jurisdictions; • Setting the assessment base at the level of the most recent assessment; and • Diverting tax revenues generated by the increase in assessed value to a tax increment fund for funding public improvements. Thus, future tax increment revenues depend on four elements: • The timing and value of new development and redevelopment; • Appreciation of existing land and improvements; • The value of any existing improvements demolished to make way for new development; and • Future tax rates and the percentage of participation of each taxing jurisdiction. This analysis will include only tax increment above the base from redevelopment in the Zone. We have not included any tax increment from increases in value of existing development. Table 2 indicates the projected assessed value and timing of the redevelopment planned for the North Overton area within the Zone. Assessment policies in Lubbock County set building assessments at 1 00% of fair market value, roughly equal to construction costs for new construction. Assessed values are established as of January 1 of the tax year. Thus, new development in 2002 goes on the tax rolls for the Tax Year 2003. Taxes generated against values in one tax year are due and collected at the beginning of the following tax year. Thus, for this analysis, tax increment is available beginning in tax year 2004. Table 3 uses the New Development values shown in Table 2 and deducts the loss of value as a result of demolition of existing improvements to generate an Adjusted Captured Value. Table 4 used the Adjusted Captured Value as shown in Table 3, and tax rates for each of the AppendixC North Overton TIF Fourth Amended Financing Plan City of Lubbock Appendix C taxing jurisdictions, to develop the Annual Tax Increment. Table 5 takes the same Annual Tax Increment and shows the increment provided by each taxing jurisdiction. During the proposed 30-year life to the North Overton Area TIF Reinvestment Zone, the tax increment fund would collect a total of $35,893,000. This tax increment will provide sufficient funds to pay for all the public infrastructure projects listed in Table 1, even if the TIF Board and City elect to finance these projects by issuing bonds. Finally, Table 6 projects the tax income to all taxing jurisdictions without the North Overton Area TIF Reinvestment Zone. This table indicates that all participating taxing jurisdictions are projected to receive a combined total of$8,217,471 during the 30-year life of the TIF. Table 8 projects the tax income to all taking jurisdictions with the North Overton Area TIF Reinvestment Zone which includes tax income from Business Personal Property and Inventory as shown in Table 7. In this case, all participating taxing jurisdictions are projected to receive a combined total of$8,878,000 during the 30-year life of the TIF. As indicated by these tables, the income to all taxing jurisdictions during the life of the Zone is more with the Zone than it is without, even though the jurisdictions are also providing a combined $35,893,000 to the TIF Fund to pay for the proposed public infrastructure projects. AppendixC North Overton TIF Fourth Amended Financing Plan City of Lubbock Appendix C I Section V: TABLES Table 1 I NORTH OVERTON PROJECT PLAN PROJECT PHASE /-First 6 Years Marsha Sharp Frwy Frontage 0 Improve 8 Intersections+ Frontage 0 Landscaping & street lighting University Avenue Boulevard 0 Signalize 3 Intersections 0 Landscape Median 0 Replace Street Lighting Pioneer Park Improvements Eighth Street Boulevard 0 Reconstruction 0 Landscaping 0 Street lighting Main Street Reconstruction 0 Reconstruction 0 Remove/palletize Brick 0 Replace curb & gutter 0 Landscaping 0 Street lighting Storm Sewer Landscaping, Sidewalks, Street Fumiwe, etc. Street lighting Commons, Land Acquisition Commons, Development Street Reconstruction/Resurfacing 0 Remove/replace curb & gutter 0 Bituminous Paving on remaining Streets Alley Paving Water Line Replacement Wastewater Line Replacement TOTAL BOND ISSUES (1-5) AdminiStration TOTAL PHASE I TIF COST PHASE //-Years 7-30 Public Infrastrucrure TOTAL TJFCOST Cost, S BOND ISSUE 1 2002 0 0 0 130,000 0 240,000 0 0 0 lSO,OOO 50,000 80,000 130,000 0 80,000 40,000 900,000 90,000 990,000 0 990.000 Cost, S BOND ISSUE 2-5 TOTAL 2003-2006 TIFCOST3 S 1,000,000 1,000,000 900,000 900.000 500,000 500,000 560,000 690,000 490,000 490,000 580,000 820,000 780,000 780,000 118,000 118,000 830,000 980,000 450,000 500,000 420,000 420,000 250,000 250,000 1,100,000 1,180,000 1,800,000 1,930,000 0 0 2,500,000 2,580,000 1,500,000 1,540,000 13,778,000 14,678,000 150,000 240,000 13,928,000 14,918,000 7,000,000 7,000,000 20.928.000 2119181000 AppendixC North Ovenon TIF Fourth Amended Financing Plan City of Lubbock Appendix C Table 2 I PRIVATE DEVELOPMENT PROJECTS Land Use COMMERCIAL Acreage Bldg/ Sq Ft $/Sq Ft 2003 Retail Center \7.71 270,025 106 Leasehold Improvements 216,000 65 Bank 0.43 7,559 218 Land Value Inc. 13 Office 5.17 112,502 76 Land Value Inc. 10 MULTI-FAMILY Units $1 Unit Site A 9.22 166 54,701 Land Value Inc. 3.25 SiteB 13.36 240 54,602 12,981,860 Land Value Inc. 3.25 1,890,727 SiteC 15.63 281 54,649 Land Value Inc. 3.25 SiteD 13.36 240 54,602 land Value Inc. 3.25 OTHER Units $/Unit Single Family 61.23 195 180,000 Garden Homes 6.14 102 165,000 Town Homes 5.79 36 165,000 TOTAL l4.87l.S87 L____ 2004 1,643,981 245,983 13,381,850 1,890,727 8,775,000 4,207,500 1,485,000 31.630.041 New Development Vallles, $ 2005 28,661,220 8,981,872 1,306,053 15,201,792 2,212,184 8,775,000 4,207,500 1,485,000 70,830.621 2006 2007 2008 4,680,000 4,680,000 4,680,000 4,275,092 4,275,092 1,126,026 1,126,026 8,775,000 8,775,000 4,207,500 4,207,500 1,485,000 1,485,000 24.548.618 24.548.618 4.(!80,000 AppendixC North Ovenon TIF Third Amended Financing Plan City of Lubbock Table 3 YEAR 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 TOTAL ANNUAL CAPTURED VALUE ADJUSTED CAPTURED DEMOLITIONS~ K NEW DEVELOPMENT~ K VALUE$K -- (3,703) 14,873 (4,003) 31,630 (5,883) 70,831 (1 ,588) 24,549 (1,599) 24,549 -4,680 -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- £161765l 1711112 - 11,170 27,627 64,948 22,961 22,961 4,680 - - - - - - - - - - - - - - - - - - - - - - - - 154.347 AppendixC North Overton TIF Third Amended Financing Plan City of Lubbock Appendix C Table4 I ANNUAL INCREMENTAL FUNDS AvAILABLE 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 TOTAL ADJUSTED CAPTURED VALUE, SK II, 170 27,627 64,948 22,961 22,961 4,680 * Based on 100% participation and tax rates of: CUMULATIVE CAPTURED VALUE. $K 11,170 38,797 103,745 126,706 149,667 154,347 154,347 154,347 154,347 154,347 154,347 154,347 154,347 154,347 154,347 154,347 154,347 154,347 154,347 154,347 154,347 154,347 154,347 154,347 154,347 154,347 154,347 154,347 154,347 154,347 ANNUAL TAX INCREMENT. SK * 97 337 900 1,100 1,299 1,340 1,340 1,340 1,340 1,340 1,340 1,340 1,340 1,340 1,340 1,340 1,340 1,340 1,340 1,340 1,340 1,340 1,340 1,340 1,340 1,340 1,340 1,340 1,340 35.893 CiJy-$ 0.57000; Coullly-$0.19170; Ho:spilal-SIJ.09798; Waur District-$0.00830 AppendixC North Overton TIF Third Amended Financing Plan City of Lubbock Table 5 YEAR 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 TOTAL Appendix C I ANNUALINCREMENTALFUNDSCONT~BUTED CITY 63 221 591 722 853 880 880 880 880 880 880 880 880 880 880 880 880 880 880 880 880 880 880 880 880 880 880 880 880 23.570 ANNUALTAXINCREMENT$K (By Taxing Jurisdiction) COUNTY HOSPITAL 21 11 15 38 198 102 243 124 287 147 296 152 296 152 296 152 296 152 296 152 296 152 296 152 296 152 296 152 296 152 296 152 296 152 296 152 296 152 296 152 296 152 296 152 296 152 296 152 296 152 296 152 296 152 296 152 296 152 7,928 4,070 WATER DISTRICT TOTAL 2 97 3 337 9 900 11 1,100 12 1,299 12 1,340 12 1,340 12 1,340 12 1,340 12 1,340 12 1,340 12 1,340 12 1,340 12 1,340 12 1,340 12 1,340 12 1,340 12 1,340 12 1,340 12 1,340 12 1,340 12 1,340 12 1,340 12 1,340 12 1,340 12 1,340 12 1,340 12 1,340 12 1,340 325 351893 AppendixC North Overton TIF Third Amended Financing Plan City of lubbock Appendix C Table 6 I INCOME WITHOUT TIF REAL BUSINESS Income to Jurisdiction Without TIF **, $ ee•-·--•• PROPERTY PP& INJI TOTAL WATER YEAR VALUE. I,K VALUE, I,K VALUEI_K CITY COUNTY HOSPITAL DISTRICT 2002 24,419 * 2,580 * 26,999 ---- 2003 24,419 2,580 26,999 153,984 51,757 26,454 2,241 2004 24,419 2,580 26,999 153,894 51,757 26,454 2,241 2005 24,419 2,580 26,999 153,894 51,757 26,454 2,241 2006 24,663 2,606 27,269 153,894 51,757 26,454 2,241 2007 24,910 2,632 27,542 155,433 52,275 26,718 2,263 2008 25,159 2,658 27,817 156,987 52,798 26,986 2,286 2009 25,662 2,7ll 28,373 158,557 53,325 27,255 2,309 2010 26,175 2,765 28,940 I 161,726 54,391 27,800 2,355 2011 26,699 2,821 29,520 164,958 55,478 28,355 2,402 2012 27,233 2,877 30,110 168,264 56,590 28,924 2,450 2013 27,778 2,935 30,713 171,627 57,721 29,502 2,499 2014 28,056 2,964 31,020 175,064 58,877 30,093 2,549 2015 28,336 2,994 31,330 176,814 59,465 30,393 2,575 2016 28,620 3,024 31,644 I 178,581 60,060 30,697 2,600 2017 28,906 3,054 31,960 180,371 60,662 31,005 2,626 2018 29,195 3,085 32,280 182,172 61,267 31,314 2,653 2019 29,487 3,116 32,603 183,996 61,881 31,628 2,679 2020 29,782 3,147 32,929 I 185,837 62,500 31,944 2,706 2021 30,080 3,178 33,258 187,695 63,125 32,264 2,733 2022 30,381 3,210 33,591 189,571 63,756 32,586 2,760 2023 30,685 3,242 33,927 191,469 64,394 32,912 2,788 2024 30,991 3,274 34,265 193,384 65,038 33,242 2,816 2025 31,301 3,307 34,608 195,311 65,686 33,573 2,844 2026 31,614 3,340 34,954 I 197,266 66,344 33,909 2,872 2027 31,931 3,374 35,305 199,238 67,007 34,248 2,901 2028 32,250 3,407 35,657 201 ,239 67,680 34,592 2,930 2029 32,572 3,441 36,013 203,245 68,354 34,937 2,960 2030 32,898 3,476 36,374 205,274 69,037 35,286 2,989 2031 33,227 3,510 36,737 207,332 69,729 35,639 3,019 2032 ---209,401 70,425 35,995 3,049 TOTAL I s.396a388 I.su.s93 9271613 78.S77 * Estimllted Future Growth: 21)()2-21)()5 0% Year 21)()6-2008 1% y"' 2009-2013 2% Year (After MtuSha Sharp Freeway froiiUige NHld completion) 20U-2021 1% Year **Based 011 tax rllUs of: City-S 0.57000; Coutrty-$().19170; Hospittli-$0.09798; Water District-$0.00830. Appendi"C North Ovenon TIF Third Amende<! Financing Plan City of Lubbock AppendixC Table 7 I BPP & INVENTORY ESTIMATE,$ K YEAR OFFICE RETAIL MULTI-FAMILY TOTAL !NV BPP 2002 ----- 2003 ---20 20 2004 ---35 35 2005 -3,375 675 65 4,115 2006 -6,750 1,350 60 8,160 2007 394 6,750 1,080 55 8,279 2008 1,182 6,750 864 50 8,846 2009 1,575 6,750 691 45 9,061 2010 1,260 6,750 553 40 8,603 2011 1,008 6,750 553 35 8,346 2012 806 6,750 553 30 8,139 2013 645 6,750 553 30 7,978 2014 516 6,750 553 30 7,849 2015 516 6,750 553 30 7,849 2016 516 6,750 553 30 7,849 2017 516 6,750 553 30 7,849 2018 516 6,750 553 30 7,849 2019 516 6,750 553 30 7,849 2020 516 6,750 553 30 7,849 2021 516 6,750 553 30 7,849 2022 516 6,750 553 30 7,849 2023 516 6,750 553 30 7,849 2024 516 6,150 553 30 7,849 2025 516 6,750 553 30 7,849 2026 516 6,750 553 30 7,849 2027 516 6,750 553 30 7,849 2028 516 6,750 553 30 7,849 2029 516 6,750 553 30 7,849 2030 516 6,750 553 30 7,849 2031 516 6,750 553 30 7,849 Assumptions: Office: One-fourth space occupied in 2007, an additional one-haJf occupied in 2008, fmal one-fowth occupied in 2009. BPP in office space valued at $14/sq. ft. Following full occupancy value, BPP depreciated at 20% per year for 5 years. Assume turnover to new tenants will keep BPP values at that level for remainder ofTlf life. Retail: Assume one-half occupied in 2005, fully occupied in 2006. Inventory valued at $25/sq. ft., BPP valued at $5/sq. ft. Inventory values remain constant over the TIF life. BPP depreciated at 20% per year for 4 years. Assume turnover to new tenants will keep BPP values at that level for remainder ofTIF life. Multi-Family: Assume four developments with BPP values of $20,000 each. One occupied in 2003 one in 2004, and two in 2005. BPP depreciated at $5,000/year until 2012, then will remain constant as furniture and equipment are replaced with new. AppendixC North Overton TIF Third Amended Financing Plan City of Lubbock Appendix C Table 8 I INCOME WITH TIF BASE REAL ADDED Income to Jurisdiction With TIF **,$ BPP&INV BPP&INV CUM VALUE WATER YEAR VALUE, ~K VA.LUE,~K u. Q.IX. COUNTY HOSPITAL DISTRICT 2002 26,999 . 26,999 . . . - 2003 26,999 20 27,019 153,894 51,757 26,454 2,241 2004 26,999 35 27,034 !54,008 51,795 26,473 2,243 2005 26,999 4,115 31,114 154,094 51,824 26,488 2,244 2006 26,999 8,160 35,159 177,350 59,646 30,485 2,582 2007 26,999 8,279 35,278 200,406 67,400 34,449 2,918 2008 26,999 8,846 35,845 201,085 67,628 34,565 2,928 2009 26,999 9,061 36,060 204,317 68,715 35,121 2,975 2010 26,999 8,603 35,602 205,542 69,127 35,332 2,993 2011 26,999 8,346 35,345 202,931 68,249 34,883 2,955 2012 26,999 8,139 35,138 201,467 67,756 34,631 2,934 2013 26,999 7,978 34,977 200,287 67,360 34,428 2,916 2014 26,999 7,849 34,848 199,369 67,050 34,270 2,903 2015 26,999 7,849 34,848 198,634 66,804 34,144 2,892 2016 26,999 7,849 34,848 I 198,634 66,804 34,144 2,892 2017 26,999 7,849 34,848 198,634 66,804 34,144 2,892 2018 26,999 7,849 34,848 198,634 66,804 34,144 2,892 2019 26,999 7,849 34,848 198,634 66,804 34144 2,892 2020 26,999 7,849 34,848 198,634 66,804 34,144 2,892 2021 26,999 7,849 34,848 198,634 66,804 34,144 2,892 2022 26,999 7,849 34,848 198,634 66,804 34,144 2,892 2023 26,999 7,849 34,848 I 198,634 66,804 34,144 2,892 2024 26,999 7,849 34,848 198,634 66,804 34144 2,892 I 2025 26,999 7,849 34,848 198,634 66,804 34,144 2,892 2026 26,999 7,849 34,848 198,634 66,804 34,144 2,892 2027 26,999 7,849 34,848 198,634 66,804 34,144 2,892 2028 26,999 7,849 34,848 I 198,634 66,804 34,144 2,892 2029 26,999 7,849 34,848 I i 198,634 66,804 34144 2,892 2030 26,999 7,849 34,848 198,634 66,804 34,144 2,892 2031 26,999 7,849 34,848 198,634 66,804 34,144 2,892 2032 -. . 198,634 66,804 34,144 2,892 TOTAL I 5a830a162 1,9601779 1,0021171 84,888 **Based on tax rates oft Cily-$ 0.57000; County-$0.19170; Hospilal-$0.09798; Water DislriCI-$0.0()/JjO. AppendixC North Overton TIF Third Amended Financing Plan City of Lubbock PROJECT PLAN (Fourth Amended) North Overton Area Tax Increment Finance Reinvestment Zone LUBBOCK, TEXAS Prepared for City of Lubbock November 2006 I PROJECT PLAN The North Overton Area was established in 1907 and over the next 20 years developed as a middle-class neighborhood, with home ownership predominating. Following World War II, the growth of Texas Tech stimulated a need for student housing. This need was provided by many non-conforming apartments, converted garages, and subdivided houses, reducing home ownership considerably. Continued growth of Tech encouraged development of apartment buildings, further destroying the stability of the area. By the 1980,s, the City of Lubbock recognized the need to "explore methods of stabilizing property values while allowing the area to develop to its fullest potential" and appointed the Overton North Study Committee. This Committee formulated strategies to address the area's problems and potential. Among the strategies was the possibility of utilizing Tax Increment Financing. The City also retained RTKL in 1989 to prepare a Redevelopment Plan for Downtown Lubbock, which included the North Overton area RTKL's plan identified many of the same issues as the Study Committee and more particularly indicated, ''the City must develop creative public/private joint development opportunities and provide public improvements as incentives for development". Through a series of economic and real estate factors, nothing materialized from the two studies during the 1990's, and the situation in North Overton continued to stagnate. However, at this time, a local developer has come forward with a plan to redevelop about 90% of the North Overton area and has petitioned the City to establish a Tax Increment Financing (TIF) District to provide the necessary public funds to enter into a public- private partnership. City staff, working with the developer, has prepared a list of public infrastructure projects, which will stimulate and enhance the redevelopment of North Overton. It is expected that the North Overton Area Tax Increment Financing Reinvestment Zone planned expenditure of approximately $41.7 million for public infrastructure improvements will result in future development/redevelopment in the Zone which will increase the taxable value by approximately $530 Million over the Zone's 30- year life. As set forth in Section 311. 011 of the Tax Increment Financing Act of the Tax Code, the Project Plan for the North Overton Area Tax Increment Finance Reinvestment Zone, Lubbock, Texas must and does include the following elements: 1. A map showing existing uses and conditions of real property in the Zone and a map showing proposed improvements to and proposed uses of the property. Attached as Exhibit A is a map showing uses of real property in the North Overton TIF Reinvestment Zone and attached as Exhibit B is a map indicating potential locations of proposed public improvements in the zone. Page 1 North Overton TIF Fourth Amended Project Plan 2. Proposed changes of zoning ordinances, the master plan of the municipality, building codes, and other municipal ordinances. No changes anticipated at this time except to zoning ordinances. Zoning ordinances will be modified to provide architectural guidelines and special zoning considerations to provide for redevelopment of the North Overton area as a pedestrian·oriented, neo- traditional development. 3. A list of estimated non-project costs. Non-project costs within the Zone area are those development costs not paid for by the Zone. These costs will include, but are not limited to, $554 Million of new development. The detailed list of estimated non-project costs from 2004 through 2012 are included as Exhibit C. 4. A statement of a method of relocating persons to be displaced as a result of implementing the plan. In the process of developing and redeveloping the Zone, it is not contemplated there will be any involuntary relocations. However, it may be necessary to relocate individuals and businesses through voluntary buyout. In the event that this is required, the City or private developer will follow the procedures that would be used in the development or construction of other public or private improvements outside the Zone. Page2 North Overton TIF Fourth Amended Project Plan NORTH OVERTON PROJECT PLAN (11/16/06) I TIF Experue Phase 1 Total Cast I Street reconstruction/resurfacing $ 8,105,567 AlE services, Reconstruction, curb and gutter, rotaries Rotary amenities 414,000 AlE services, Landscaping -irrigation, lighting, street furniture Glenna Goodacre Boulevard 2,926,510 AlE services, replace curb and gutter, ROW acqujstion Glenna Goodacre Blvd. Amenities AlE services, Landscaping: irrigation, lighting, street furniture Landscaping Parkway AlE services, Landscaping: irrigation, lighting, street furniture Water/Waste Water Replacement & relocation Electric utility -underground Pioneer Park Improvements Marsha Sharp Frwy. Frontage University Ave. Improvements Replace curb & gutter Public Facility Right of Way Acquisition Phase 1 TIF Project Cost Bond Adjustments 2005 Bonds sold at a premium 2006 Bonds sold at a premium Bond issuance costs Total Adjustments Total Amount of Debt Supported by TIF Revenue Debt Service Interest Expense Total Phase I TJF Project Cost $ 2,710,500 6,215,173 3,403,042 3,997,408 500,000 100,000 190,000 9,550,000 3,609,786 41,721,986 (246,000) (167,000) 193,000 (220,000) 41,501,986 26,238,000 67,739,986 Phase 2, Years 7-30 (TIF Revenue Available after Debt is paid) 41,202,000 Total TIF Project Cost Administration Cost Total Phase I TIF Cost Total TIF Expenditure as of 9/30/06 Balance * Bond Issuance 7/15/2003 8/15/2003 4/15/2006 Total $ $ $ $ $ 108,941,986 350,000 41 ,721,986 11,096,264 30,625,722 3,795,000 9,290,000 6,300,000 19,385,000 Page3 North Overton TIF Fourth Amended Project Plan Exhibit "A'' EXISTING LAND USE North Overton TIF Existing Land Use November 2006 -Commerciol -PIJllhCU>e -Parb&RIQ'H!!On -RosldontiaiHign.()eM<Iy -Raoillf<ltial Modium-()en$ity t:::! RHo<letltilllow-Oenl<ly -T-ttat1on$ U!ililios V.cantloncl c:::J NO<lh Ov<ln<>n TIF 8ouncllly • •onw r ., ,. -... .... Exhibit"A" North Overton TIF Fourth Amended Project Plan * '"'"""'" .. (~·lf"'Jm.,.,...wiCI.<ol't D $'"~1-:ttH~tfi"Jt 0 J4jj/ro~"·' ,~~w1111 .. ,,lflllt.t.rtil>~.'f!t/ .. u-.-. .. ,.. (it~&ir,"Urw~t~(,..,.s. ,...., llh.>riW,•J~~NwJnr,~' Exhibit "B" PROPOSED IMPROVEMENTS AND PROPOSED USES Overton Park Master Plan ~ -., ..----. University Trails ' . llcYJo,, u! Main Street Condominiums l (l \! 1' i '\I I .., Exhibit"B" North Overton Fourth Amended Proje::t Plan Note: Calendar Year on tax roll New Construction CY2004 CY2005 Tract 1-A • Starbucks/Bank/Maloufs Tract 1-C Tract l·B-1 Tract 1-B-2 Tract2-C City Bank 3,411,900 Tract 2-A -Restaurant/Retail Tract 2-B -The Centre Tract 3 -Retail Tract 4-Dinerstcin 2 i Tract 5 -Possible Centre Tract 6 -TBA -Multi-Family Tract 7 -Hotel Tract 8 -Dinerstcin 3 29,086 382 Tract 10-Main Street Condo 4 Tract 11 -Main Street Condo I Tract 12 -Main Street Condo 2 Tract 13 -Main Street Condo 3 Tract X -Walmart Tract A -Dinerstein I 25,885,714 Tract 15-A Tract 18 Tract J9Commerclal Tract 20 Commercial Exhibit "C" List of Estimated Non-Project Costs CY2006 CY2007 CY2008 1,787,310 -8,128,255 5,758,275 22,290,882 3,605,070 2,403,380 22,000,000 13,757 278 26,944,100 26,969,498 . 23,671,440 6,828,000 8,314,950 696,679 . 30,722,000 -858,970 § 4,077974 2,779,524 7,113,048 CY2009 CY 2010 I I 29,133 076 29,133,076 45,000,000 7,344,950 7,814,621 CY2011 CY2012 B I I B B I I Exhibit "C" North Overton Fourth Amended Project Plan New Construdion CY2004 CY2005 I CY2006 I Tract 21 Commercial I I Tract 22 Commercial Tract 23/28 Commercial Tract 24 Homes/Duplexes Tract 25 Homes/Duplexes Tract 26 HomesfDuplcxcs Tract 27 Retail Tract 29-30 HomesfDuplexes University Plaza 3,269,788 Family Phase 1-Block I Family Phase 1-Block 2 Family Phase 1-Block 3 Family Phase 1-Block 4 Family Phase 11 -Block 8 Family Phase II -Block 9 Family Phase Ii-Block I 0 Family Phase Ill -Block II Family Phase Ill-Block 12 Family Phase Ill-Block 13 Family Phase IV-Block 5 Family Phase IV-Block 6 Family Phase IV-Block 7 Total New Construdion $25,885,714 32,498,282 1 61,551,2751 58,383,996 119,935,271 CY2007 C\' 2008 CY2009 CYlOIO CYlOII CY2012 3,179,059 1,647,228 3,906,906 2,383,585 2,074,987 2,798,425 2,159,851 5,255,005 24,780,212 2,699,813 2,699,813 4,663,313 4,663 313 3,786,750 3,786,750 4,406,188 4,406 188 8,835.750 11,243 37S § 6,989,125 5,013,938 5,013,938 5,317,813 5,317,813 4,102,313 4,102,313 3,366,000 3,366,000 3 366 000 3,366,000 3,366,000 3,366,000 61,149,547 163,016,921 131,916,961 43,567,140 24,532,064 10,098,000 181,084,818 344,101,739 476,018,700 519,585,840 544,117,904 554,215,904 Exhibit "C" North Overton TIF Fourth Amended Project Plan