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HomeMy WebLinkAboutResolution - 2009-R0570 - Agreement - Heartwood 91-1 LLC - Funding Of Public Improvements - 12/16/2009Resolution No. 2009-RO570 December 16, 2009 Item No. 5.17 RESOLUTION BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK: THAT the Mayor of the City of Lubbock BE and is hereby authorized and directed to execute for and on behalf of the City of Lubbock an Agreement between the City of Lubbock and Heartwood 91-1, LLC, regarding the funding of public improvements in Phase I, Project 2103, Bond Issue Four of the Project Plan for the North Overton Tax Increment Finance Reinvestment Zone, as amended. Said Agreement is attached hereto and incorporated in this Resolution as if fully set forth herein and shall be included in the minutes of the Council. Passed by the City Council this 16th day of December , 2009. TO�RTIN, MAYOR ATTEST: ""_ Garza, City Secretary APPR VED AS,,TO CONTENT: Rob Al 'son, A nt City Manager Development Services APPROVED AS TO FORM: Linda L. Chamales, Economic Development Attorney City Att; Linda: Res -NO TIF De%.Agret- Heartwood December 2, 2009 Resolution No. 2009-RO570 DEVELOPER PARTICIPATION AGREEMENT BETWEEN THE CITY OF LUBBOCK AND HEARTWOOD 91-1, LLC STATE OF TEXAS § COUNTY OF LUBBOCK § This agreement is between the City of Lubbock, a Texas municipal corporation (hereinafter called "City") and Heartwood 91-1 (hereinafter called "Developer"). WHEREAS, the City recognizes the importance of its continued role in local economic development; and WHEREAS, the City, 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 the area, adopted Ordinance No. 2002-029, March 14, 2002. establishing the North Overton Tax Increment Financing Reinvestment Zone in accordance with the provisions of the Tax Increment Financing Act, V.T.C.A. Tax Code, Chapter 311 (the "Act"); and WHEREAS, in accordance with the Act, the Board of Directors of the North Overton Tax Increment Financing Reinvestment Zone has prepared a Project Plan (the "Project Plan") and a Financing Plan (the "Financing Plan"), and the City, in accordance with the Act and after leaking all findings required by the Act, has adopted an ordinance approving the plans and amendments to these Plans; and WHEREAS, the Act authorizes the expenditure of funds derived within a reinvestment zone, whether from bond proceeds or other funds, for the payment of expenditures made and monetary obligations incurred by a municipality consistent with the project plan of the reinvestment zone, which expenditures and monetary obligations constitute project costs, as defined in the Act ("Project Costs"); and WHEREAS, Developer has acquired certain real property situated within the North Overton Tax Increment Financing Reinvestment Zone (the "TIF District") by foreclosure and intends to develop the property (the"Project"), in accordance with the map which is attached and marked "Exhibit A"; and WHEREAS, Developer has obtained certain real property within the TIF District located at 1001 University Avenue, between University and Avenue X and between Main Street and 10`' Street which Developer intends to remodel as a student housing/retail development substantially in accordance with the design which is attached and marked "Exhibit B"; and Developer Agreement — City / 1 leartwood 91-1. Project 2103 WHEREAS, The City, after due and careful consideration, has concluded that the redevelopment of the Project as a portion of the TIF District as provided herein and in the Project Plan will further the growth of the City, facilitate the redevelopment of the entire TIF District, improve the environment of the City, increase the assessed valuation of the real estate situated within the City, foster increased economic activity within the City, increase employment opportunities within the City, upgrade public infrastructure within the TIF District, and otherwise be in the best interests of the City by furthering the health, safety, and welfare of its residents and taxpayers, and that entering into this Agreement is necessary and convenient to implement the Plans and achieve their purposes; and WHEREAS, the City is desirous of having Developer undertake the Project in order to serve the needs of the City and in order to produce increased tax revenues for the various taxing units authorized to levy taxes on real property within the TIF District and the City and, in order to stimulate and induce the redevelopment of the TIF District, the City has agreed to participate by dedicating and pledging the use of revenue in the Tax Increment Fund to finance certain Project Costs, all in accordance with the terms and provisions of the Act, with the guidelines set up by the City to be followed in City/Developer participation agreements, and with the terms of this particular Agreement; and WHEREAS, the Developer desires to have the City participate and the City agrees to participate in the construction of Public Improvements such as street lighting, landscaping, street furniture, and sidewalks; NOW, THEREFORE, in consideration of the foregoing and of the mutual covenants and agreements herein, the Parties agree as follows: ARTICLE I. RECITALS AND EXHIBITS PART OF AGREEMENT 1.1 The representations, covenants and recitations set forth in the foregoing recitals are material to this Agreement and are hereby incorporated into and made a part of this Agreement as though they were fully set forth in this Article I. Exhibits A, B, C, D, E, F, G, and H attached hereto are incorporated into this Agreement as if fully set forth herein. ARTICLE Il. DEVELOPMENT PLAN — NORTH OVERTON 2.1 Developer has acquired certain real property situated within the North Overton Tax Increment Financing Reinvestment Zone by foreclosure and intends to remodel the property formerly known as the ULOFTS Lubbock, Developer Agreement — City / Heartwood 91-1. Project 2103 2 in accordance with the map and design which are attached and marked "Exhibits A and B," and in accordance with the Project and Finance Plans, as amended and adopted by the Board of Directors of the North Overton Tax Increment Financing Reinvestment Zone which are also attached and marked "Exhibit C" ARTICLE III. DEFINITIONS 3. I "Parkway " is herein defined as any part of the public right-of-way lying between the curb or grade line of any public street and the abutting private property line. 3.2 "Hardscape" is herein defined as the hard surface portion of the landscaping in the parkway such as stone, concrete, brick or other approved surface under the Design Guidelines as set forth in Exhibit F. It is assumed by the parties that hardscape represents forty per cent (40%) of the total cost of landscaping in the parkway. 3.3 "Softscape" is herein defined as plant materials, ground preparation, pedestrian lighting, street furniture, and trash receptacles. It is assumed by the parties that softscape represents sixty per cent (60%) of the total cost of landscaping in the parkway. ARTICLE IV. CITY PARTICIPATION 4.1 In accordance with TIF Expense, Phase One of the Project Plan recommended by the Board of Directors of the North Overton District Tax Increment Finance Reinvestment Zone and approved by the City Council of the City of Lubbock, and in accordance with the City of Lubbock Redevelopment Policies and Tax Increment Finance Policies, the City agrees to dedicate and pledge the use of revenue in the Tax Increment Fund to directly participate in the cost of completing the Public Improvements as shown in the attached "Exhibit D," entitled "Heartwood 91-1, Direct City Participation and TIF Funding, Phase One, Project 2103, Bond Issue Four. 4.2 This Agreement shall authorize funding only for Bond Issue Four, Phase One, Project 2103. Participation shall be based on actual construction costs after foreclosure incurred by the City or verified by the City upon application and certification by Developer. In the event that the actual Developer Agreement -- City / Heartwood 91-1. Project 2103 costs of the individual Direct City Participation items are less than the amounts shown in Exhibit D, then the City will utilize the "savings" (in its sole discretion) to increase any other individual Direct City Participation element, if needed to provide sufficient funding for the Direct City Participation in other project element or elements. City also reserves the right to reallocate the "savings" for projects in a subsequent phase of the Project. Direct City Participation in Phase One, Bond Issue Four, Project 2103, shall be limited to the total amount approved by the City Council in this agreement, which is $41,346.00. 4.3 The City shall review the Developer's cost estimates in order to deter undue loading of costs, collusion or fraud prior to approval of payment of the Direct City Participation. The City may, at its discretion, pay any increases in the actual cost of a public improvement over its estimated cost, provided funds are available. However, unless the North Overton TIF project and financial plans and this document are amended to so provide, in no case shall the City ever be liable for any amount above and beyond a total of $41, 346, payment of the City's share of the public improvements contained herein. Nothing in this Agreement shall be construed to require City to approve reimbursements from any source of City funds other than the Tax Increment Fund. 4.4 Increases in the scope of the project beyond that contemplated by the plans and budget within this document shall be paid by the party requesting the Increase In scope. 4.5 The City anticipates issuing debt to reimburse the Developer and costs advanced by City for project costs authorized pursuant to this Article. The reimbursement will be paid from the proceeds of debt issued by the City when TIF revenues from taxable improvements will provide 1.25 times coverage calculation of the maximum annual debt service payments on the debt. 4.6 City agrees to make available to the Developer for inspection all of its books and records related to the Public Improvements constructed for the Project and to allow Developer access to the Public Improvement site during the construction for the purpose of periodic inspection of the construction work. City agrees, when applicable, to follow the Design Guidelines, including the Landscape Plan attached hereto as Exhibit F. 4.7 City shall provide the Developer copies of contracts denoting costs for engineering services directly related to the final engineering for development of Public Improvement construction plans and specifications. 4.8 For those Public Improvements in the Project constructed by City, City agrees to submit the Public Improvements to competitive sealed bids and Developer Agreement— City/ Heartwood 91-1. Project 2103 4 agrees to award the contract to construct the Public Improvements to the lowest responsible bidder. 4.9 City agrees to construct those projects listed in Exhibit D for which the participation is 100% and to reimburse Developer as agreed above for the remaining projects to the extent funds are available in Phase One, Bond Issue Four, Project 2103 of the Project Plan. City and Developer may agree to allow Developer to do construction on the City's behalf for certain projects listed in Exhibit D. In order for City to reimburse Developer for construction and material costs for these projects, Developer shall provide proof of completion and proof of payment in a form acceptable to the City. Procedures for reimbursement from the City are attached as Exhibit H. 4.10 The City and Developer shall cooperate and coordinate their activities with respect to the completion and construction of the Public Improvements and the Project so that the completion and construction of the Public Improvements shall occur at such times as are necessary to meet the construction time requirements of Developer for the Project. The parties agree to jointly prepare (and update from time to time as necessary) a construction schedule of the Public Improvements in order to help implement the parties' obligations. Such schedule, when completed, (and as updated) shall become Exhibit G to this Agreement. ARTICLE V. DEVELOPER OBLIGATIONS 5.1 In accordance with the plans in Exhibit B, as approved or amended by the Planning and Zoning Commission, and in accordance with TIF Expense Phase One of the Project Plan, as amended and recommended by the Board of Directors of the North Overton Tax Increment Financing Reinvestment Zone and approved by the City Council of the City of Lubbock, the Developer agrees to remodel and complete the ULOFTS Lubbock to be located between 10th Street and Main Street and between University Avenue and Avenue X before March 1, 2010. 5.2 In accordance with the map and design in Exhibits A and B and in accordance with TIF Expense, Phase One of the Project Plan, as amended and recommended by the Board of Directors of the North Overton Tax Increment Financing Reinvestment Zone and approved by the City Council of the City of Lubbock, the Developer agrees to construct and/or participate in the actual cost of completion of construction of the Public Improvements and in the amounts as shown in the attached "Exhibit E." Prior to construction the plans and the contract shall be reviewed and Developer Agrecment —City/ Heartwood 91-1; Project 2103 approved by the City. Developer shall be responsible for construction of the hardscape and the irrigation in the Parkway in accordance with the Design Guidelines, including the Landscape Plan, attached as Exhibit F. It is acknowledged by the parties that the Design Guidelines require oversizing of these improvements in the right-of-way beyond those required elsewhere in the City. 5.3 Developer agrees to make available to the City for inspection all of its books and records related to the public improvements constructed for the project and to allow the City access to the Project during construction for the purpose of periodic inspection of the construction work. 5.4 Developer shall provide City copies of contracts denoting costs for engineering services directly related to the final engineering for development of construction plans and specifications. Only engineering services directly related to final engineering shall be eligible for project cost reimbursement. 5.5 For those Public Improvements in the Project constructed by Developer in which there is Direct City Participation greater than thirty per cent of the total contract price (not including payment by the City for any oversizing of improvements required in the Design Guidelines), Developer agrees to submit the Public Improvements to competitive sealed bids and agrees to award the contract to construct the Public Improvements to the lowest responsible bidder in accordance with state law and city ordinances regarding public bids. On those items where there is Direct City Participation, City reserves the right to do the construction of the public improvement with contribution from Developer if it is more economical for the City to build than for Developer to do the construction. 5.6 Developer acknowledges that City will be issuing debt backed by revenue in the Tax Increment Fund to fund the public improvements referenced in the Agreement, and Developer therefore agrees that the project located between 10th Street and Main Street and between University Avenue and Avenue X shall not be sold or transferred to any entity that does not pay property taxes for this property for a period of twenty years from the date of this Agreement. If, during the 20 -year period, the property is sold to an entity that does not pay property taxes, Developer agrees to pay into the Tax Increment Fund a sum equal to the amount of increment that would have been generated by that property over the remainder of the twenty year period at the effective tax rate on the date of the sale. 5.7 Developer shall execute a performance bond for the construction of improvements to ensure completion of the project as required by Section 212.073 of the Texas Local Government Code. Developer Agreement — City / Heartwood 91-1. Project 2103 6 ARTICLE VI. FORCE MAJEURE 6.1 It is expressly understood and agreed by the parties to this Agreement that if the substantial completion of the construction of any improvements contemplated hereunder is delayed by reason of war, civil commotion, acts of God, inclement weather. governmental restrictions, regulations, or interferences, delays caused by the franchise utilities or their contractors. fire or other casualty, court injunction, necessary condemnation proceedings, acts of the other party, its affiliates/related entities and/or their contractors, or any circumstances which are reasonably beyond the control of the party obligated or permitted under the terms of this Agreement to do or perform the same, regardless of whether any such circumstance is similar to any of those enumerated or not, the party so obligated shall be excused from performing during such period of delay, so that the time period applicable to the design or construction requirement shall be extended for a period of time equal to the period the party was delayed. ARTICLE VII. TERM 7.1 The term of this agreement shall begin on the date of execution and end upon the earlier of (a) the complete performance of all obligations and conditions precedent by parties to this Agreement; or (b) the expiration of the terns of the North Overton Tax Increment Financing Reinvestment Zone; provided however, that the obligations of City to apply increment which has accrued during the term of the North Overton Tax Increment Financing Reinvestment Zone but which is not collected until subsequent to the expiration of the tenn toward unreimbursed Project Costs pursuant to this Agreement shall survive. ARTICLE VIII. INSURANCE 8.1 Developer agrees to obtain or cause its Contractors and/or subcontractors to obtain comprehensive liability insurance satisfactory to the City (including workers' compensation or a self-insurance plan in lieu thereof) which names the City and the Board of Directors for the North Overton Tax Increment Finance District as additional insureds, due to any damage, injury, or death attributed to the Developer or its Contractors or Developer Agreement—City, IIeartwood91-I. Project 2103 7 subcontractors while completing the Public Improvements in which there is Direct City Participation. ARTICLE IX. INDEMNITY 9.1 Developer agrees to defend, indemnify and hold City, its officers, agents and employees, harmless against any and all claims, lawsuits, judgments, costs and expenses for personal injury (including death), property damage or other harm for which recovery of damages is sought that may arise out of or be occasioned by Developer's breach of any of the terms or provisions of this Agreement, or by any negligent act or omission of Developer, its officers, agents, associates, employees or subcontractors, in the performance of this Agreement; except that the indemnity provided for in this paragraph shall not apply to any liability resulting from the sole negligence of City, its officers, agents, employees or separate contractors, and in the event of joint and concurrent negligence of both Developer and City, responsibility, if any, shall be apportioned comparatively in accordance with the laws of the State of Texas, without, however, waiving any governmental immunity available to City under Texas law and without waiving any defenses of the parties under Texas law. The provisions of this paragraph are solely for the benefit of the parties hereto and not intended to create or grant any rights, contractual or otherwise to any other person or entity. ARTICLE X. AUTHORITY TO BIND 10.1 The City represents and warrants to Developer that the City has full constitutional and lawful right, power, and authority, under currently applicable law to execute and deliver and perfonn the terms and obligations of this Agreement, and all necessary City proceedings, findings and actions. Accordingly, this Agreement constitutes the legal valid and binding obligation of the City, is enforceable in accordance with its terms and provisions and does not require the consent of any other governmental authority. 10.2 Developer hereby represents and warrants to the City that Developer has full lawful right, power and authority to execute and deliver and perform the terms and obligations of this Agreement and all of the foregoing have been or will be duly and validly authorized an approved by all necessary actions of Developer. Concurrently with Developer's execution of this Agreement, Developer has delivered to the City copies of the resolutions Developer Agreement —City/ Heartwood 91-1, Project 2103 or other corporate actions authorizing the execution of this Agreement and evidencing the authority of the persons signing this Agreement on behalf of Developer to do so. Accordingly, this Agreement constitutes the legal. valid and binding obligation of Developer, and is enforceable in accordance with its teens and provisions. ARTICLE XI. DEFAULT 11.1 A default shall exist if any party fails to perform or observe any material covenant contained in this Agreement, or if the representation provided for in Section X is not true or correct. A party shall immediately notify the defaulting party in writing upon becoming aware of any change in the existence of any condition or event that would constitute a default by the defaulting party, or with the giving of notice or passage of time, or both would constitute a default by defaulting party under this Agreement. Such notice shall specify the nature and the period of existence thereof and what action if any, the notifying party requires with respect to curing the default. 11.2 If a default shall occur and continue, after thirty (30) days written notice to cure default, City may, at its option tenninate this Agreement or pursue any and all remedies it may be entitled to in accordance with Texas law, without the necessity of further notice to or demand upon Developer. ARTICLE XII. FEDERAL FUNDING 12.1 The City represents and warrants to Developer that no federal funds or federally assisted project activities as administered by or under the control of the City are involved in this project at this time. City further agrees that it does not have any intention or plans to participate in the future in any federally assisted project activities in the North Overton Tax Increment Finance Reinvestment Zone. 12.2 Developer represents and warrants to City that Developer has no federal funds involved in this project at this time. Developer further agrees that it will not in the future participate in any federally assisted project activities in the North Overton Tax Increment Finance Zone. ARTICLE XIII. NOTICES Developer Agreement— Cite / Hcammood 91-1. Project 2103 9 13.1 Any notice required by this Agreement shall be deemed to be properly served if deposited in the U.S. mails by certified letter, return receipt requested, addressed to the recipient at the recipient's address shown below, subject to the right of either part to designate a different address by notice given in the manner just described. 13.2 If intended for City notice shall be sent to: Assistant City Manager. Development Services City of Lubbock P.O. Box 2000 1625 13`h Street Lubbock, Texas 79457 Phone: (806)775-2110 13.3 If intended for Developer, notice shall be sent to - Heartwood 91-1, LLC 2100 W. Cypress Creek Rd. Fort Lauderdale, FL 33309 Phone: (954)940-5522 ARTICLE XIV. VENUE AND GOVERNING LAW 14.1 This Agreement is performable in Lubbock County, Texas, and venue for any action arising out of this Agreement shall be exclusively in Lubbock County. 14.2 This Agreement shall be governed and construed in accordance with the laws of the State of Texas. ARTICLE XV. ATTORNEY FEES 15.1 Developer and City expressly agree that in the event of any litigation arising between the parties to this Agreement that each party shall be solely responsible for payment of its attorneys and that in no event shall either party be responsible for the other part's attorney fees regardless of the outcome of the litigation. Developer Agreement — Cite / Heartwood 91-1, Project 2103 10 ARTICLE XVI. LEGAL CONSTRUCTION 16.1 In the event that any one or more of the provisions contained in this Agreement shall for any reason be held to be invalid, illegal, or unenforceable in any respect, such invalidity, illegality, or unenforceability shall not affect any other provision thereof and this Agreement shall be considered as if the invalid, illegal or unenforceable provision had never been contained in this Agreement. ARTICLE XVII. COUNTERPARTS 17.1 This Agreement may be executed in any number of counterparts, each of which shall be deemed an original and constitute one and the same instrument. ARTICLE XVIII. SUCCESSORS AND ASSIGNS 18.1 The terms and conditions of this Agreement are binding upon the successors and assigns of all parties hereto. Provided, however, this Agreement shall not be assigned by Developer without prior City Council approval, which approval shall not be unreasonably withheld. ARTICLE XIX. ENTIRE AGREEMENT 19.1 This Agreement embodies the complete agreement of the parties hereto as it relates to the Public Improvements in Bond Issue Four, Phase One, Project 2103, superseding all oral or written previous and contemporary agreements between the parties and relating to matters in this Agreement, and except as otherwise provided herein cannot be modified without written agreement of the parties to be attached to and made a part of this Agreement. Developer Agreement — City / Heartwood 91-1, Project 2103 11 L EXECUTED in duplicate and effective as of the J1 day ofcmias , 2001. CITY OF LUBBOCK TOM MARTIN, MAYOR Date: December 16, 2009 ATTEST: Rebec Garza, City Secretary APPR VED AS CONTENT: Rob All'son, Assls City Manager Development Services APPROVED AS TO FORM: Linda Chamales, Economic Development Attorney HEARTWOOD 91-1. LLC Lr city att'Linda/ Developer Participation Agreement- Heartwood 91-1. LLC Dec.ember 1. 2009 Developer Agreement —City ! Hearm ood 91-1. Project 2103 12 Resolution No. 2009-RO570 EXHIBIT A ILVA /:1� 1t I. ALTs imM...u.N Developer Agreement— City/ Heartwood 91-1, Project 2103 13 ,IWY 0; ER TON AD6"MON t�`f _f_—I �•••••-••••••�•R••�w�•�,•_••�• w.tu nartt r:,weiarn mfar ._._-.... _ ---' ..� I STREET , _ �- .�.__.:._....__..=- _•___ Developer Agreement— City/ Heartwood 91-1, Project 2103 13 Resolution No. 2009-RO570 EXHIBIT B PLANS OA- PLAN w) 4TERIM IEVIEW MONTY MON—N 13340 AUG -10-2006 Developer Agreement— City / Heartwood 91-1, Project 2103 14 Resolution No. 2009-RO570 EXHIBIT C NORTH OVERTON TAX INCREMENT FINANCING REINVESTMENT ZONE FOURTH AMENDED PROJECT PLAN AND FINANCE PLAN Developer Agreement — City / I Ieartwood 91-1, Project 2103 15 Exhibit C Resolution No. 2009-RO570 FINANCING PLAN (Fourth Amended) North Overton Area Tax Increment Financing Reinvestment Zone LUBBOCK, TEXAS NOVEMBER 2006 Exhibit C FINANCING PLAN The Financing Plan provides information 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; Page 2 North Overton TIF Fourth Amended Financing Plan City of Lubbock Exhibit C • 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 100% of revenues used to fund project costs and bonds issued. Page 3 North Overton TIF Fourth Amended Financing Plan City of Lubbock Exhibit C 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. Page 4 North Overton TIF Fourth Amended Financing Plan City of Lubbock Exhibit C 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 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 appraised value of the improvements in the Zone per year is listed in the following table. ANNUAL CAPTURED VALUE ESTIMATED DEMOLITIONS $ K (2,019) (12,395) (2,362) (16,776) ESTIMATED NEW DEVELOPMENTS K 12,406 21,632 99,842 41,397 24,324 151,388 125,866 39,210 22,079 9,088 547.233 ESTIMATED ADJUSTED CAPTURED VALUE S K 10,387 9,237 97,480 41,397 24,324 151,388 125,866 39,210 22,079 9,088 530,457 Page 5 North Overton TIF Fourth Amended Financing Plan City of Lubbock Exhibit C • The estimated annual incremental funds available from development and redevelopment in the Zone are listed in the following table. Table 2 I ANNUAL INCREMENTAL FUNDS AVAILABLE TOTAL 108.941 *Based on projected tax rates of.- City -S0.46199, County -$0.28576; Hospital -$0.1142; (Vater District -$0.008300. Based on estimated collected amount ofincrement (97.00% collection rate) 2%growth through 1009, 0% thereafter 8. The duration of the zone: The duration of the zone is 30 years. Page 6 North Overton TIF Fourth Amended Financing Plan City of Lubbock ESTIMATED ESTIMATED ESTIMATED YEAR ADJUSTED CAPTURED CUMULATIVE CAPTURED ANNUAL TAX VALUE. $K VALUE. $K INCREMENT. $K 2002 - - - 2003 10,387 10,387 - 2004 9,237 19,624 96 2005 97,480 117,104 158 2006 41,397 158,501 930 2007 24,324 182,825 1,338 2008 151,388 334,213 1,543 2009 125,866 460,079 2,821 2010 39,210 499,290 3,884 2011 22,079 521,368 4,215 2012 9,088 530,457 4,401 2013 - 530,457 4,478 2014 - 530,457 4,478 2015 - 530,457 4,478 2016 - 530,457 4,478 2017 - 530,457 4,478 2018 - 530,457 4,478 2019 - 530,457 4,478 2020 - 530,457 4,478 2021 - 530,457 4,478 2022 - 530,457 4,478 2023 - 530,457 4,478 2024 - 530,457 4,478 2025 - 530,457 4,478 2026 - 530,457 4,478 2027 - 530,457 4,478 2028 - 530,457 4,478 2029 - 530,457 4,478 2030 - 530,457 4,478 2031 - 530,457 4,478 2032 - 530,457 4,473 TOTAL 108.941 *Based on projected tax rates of.- City -S0.46199, County -$0.28576; Hospital -$0.1142; (Vater District -$0.008300. Based on estimated collected amount ofincrement (97.00% collection rate) 2%growth through 1009, 0% thereafter 8. The duration of the zone: The duration of the zone is 30 years. Page 6 North Overton TIF Fourth Amended Financing Plan City of Lubbock Exhibit C Appendix A fif9mm Appendix A North Overton TIF Fourth Amended Financing Plan City of Lubbock Exhibit C Appendix B NORTH OVERTON TIF PROJECT COSTS TIF Expense Phase 1 Total Cost Street reconstruction/resurfacing $ 8,105,567 A/E services, Reconstruction, curb and gutter, rotaries Rotary amenities 414,000 A/E services, Landscaping - irrigation, lighting, street furniture Glenna Goodacre Boulevard 2,926,510 A/E services, replace curb and gutter, ROW acquistion Glenna Goodacre Blvd. Amenities 2,710,500 A/E services, Landscaping: irrigation, lighting, street furniture Landscaping Parkway 6,215,173 A/E services, Landscaping: irrigation, lighting, street furniture Water/Waste Water 3,403,042 Replacement & relocation Electric utility - underground 3,997,408 Pioneer Park Improvements 500,000 Marsha Sharp Frwy. Frontage 100,000 University Ave. Improvements 190,000 Replace curb & gutter Public Facility 9,550,000 Right of Way Acquisition 3,609,786 Phase 1 TIF Project Cost $ 41,721,986 Bond Adjustments 2005 Bonds sold at a premium (246,000) 2006 Bonds sold at a premium (167,000) Bond issuance costs 193,000 Total Adjustments (220,000) Total Amount of Debt Supported by TIF Revenue 41,501,986 Debt Service Interest Expense 26,238,000 Total Phase I TIF Project Cost 67,739,986 Phase 2, Years 7 - 30 (TIF Revenue Available after Debt is paid) 41,202,000 Total TIF Project Cost $ 10829411986 Administration Cost 350,000 Total Phase I TIF Cost $ 41,721,986 Total TIF Expenditure as of 9/30/06 11,096,264 Balance $ 30,625,722 * Bond Issuance 7/15/2003 $ 3,795,000 8/15/2003 9,290,000 4/15/2006 6,300,000 Total $ 19,385,000 Appendix B North Overton TIF Fourth Amended Financing Plan City of Lubbock Exhibit c Resolution No. 2009—RO570 Appendix C TAX INCREMENT FEASIBILITY ANALYSIS North Overton Area Tax Increment Financing Reinvestment Zone LUBBOCK, TEXAS Prepared for City of Lubbock JUNE 2002 SCHRADER & CLINE, LLC 4800 i-wadway, Sti to . .X Appendix C North Overton TIF Fourth Amended Financing Plan City of Lubbock Exhibit C Appendix C LubbockI rrex.41S INDEX Appendix C North Overton TIF Fourth Amended Financing Plan City of Lubbock PAGE Index 2 Forward 3 Section I: History 4 Section II: Current Situation 8 Section III: Future Plans 9 Section IV: Tax Increment Analysis 11 Section V: Tables 13 Table 1: North Overton Project Plan 13 Table 2: Private Development Projects 14 Table 3: Annual Captured Value 15 Table 4: Annual Incremental Funds Available 16 Table 5: Annual Incremental Funds Contributed 17 Table 6: Income Without TIF 18 Table 7: BPP Inventory Estimate, $ K 19 Table 8: Income With TIF 20 Appendix C North Overton TIF Fourth Amended Financing Plan City of Lubbock Exhibit C 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 June 2002 Appendix C North Overton TIF Fourth Amended Financing Plan City of Lubbock Exhibit C Appendix C Section I: HISTORY The North Overton area of the City of Lubbock was established in 1907 on a tract of land just west of the existing "town site". 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 Avenue. 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, Appendix C North Overton TIF Fourth Amended Financing Plan City of Lubbock Exhibit C 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 mission: "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 Exhibit C Appendix C 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: Tax 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, RTKL, 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: Appendix C North Overton TIF Fourth Amended Financing Plan City of Lubbock Exhibit C 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 experiencing 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 City must develop creative aublic/private joint development opportunities and provide public improvements as incentives for development. Through the 1990's, the situation in North Overton continued to stagnate. Appendix C North Overton TIF Fourth Amended Financing Plan City of Lubbock Exhibit C Appendix C Section II: 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 % of the 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. Appendix C North Overton TIF Fourth Amended Financing Plan City of Lubbock Exhibit C Appendix C 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. UNITS Office 112,000 Retail 277,000 Residential 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 near by. Appendix C North Overton TIF Fourth Amended Financing Plan City of Lubbock Exhibit C Appendix C 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. Appendix C North Overton TIF Fourth Amended Financing Plan City of Lubbock Exhibit C Appendix C 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 pnly 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 100% 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 Appendix C North Overton TIF Fourth Amended Financing Plan City of Lubbock Exhibit C 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. Appendix C North Overton TIF Fourth Amended Financing Plan City of Lubbock Exhibit C Appendix C Section V: TABLES Table 1 NORTH OVERTON PROJECT PLAN Cost, $ Cost, $ PROJECT BOND ISSUE 1 BOND ISSUE 2-5 TOTAL 2002 1003-2006 TIF COST, $ PHASE I -First 6 Years Marsha Sharp Frwy Frontage 0 1,000,000 1,000,000 o Improve 8 Intersections+ Frontage o Landscaping & street lighting University Avenue Boulevard 0 900,000 900.000 o Signalize 3 Intersections o Landscape Median o Replace Street Lighting Pioneer Park Improvements 0 500,000 500,000 Eighth Street Boulevard o Reconstruction 130,000 560,000 690,000 o Landscaping o Street lighting 0 490,000 490,000 Main Street Reconstruction o Reconstruction 240,000 580,000 820,000 o Remove/palletize Brick 0 780,000 780,000 o Replace curb & gutter 0 o Landscaping o Street lighting Storm Sewer 0 118,000 118,000 Landscaping, Sidewalks, Street Furniture, etc. 150,000 830,000 980,000 Street lighting 50,000 450,000 500,000 Commons, Land Acquisition 420,000 420,000 Commons, Development 250,000 250,000 Street Reconstruction/Resurfacing o Remove/replace curb & gutter 80,000 1,100,000 1,180,000 o Bituminous Paving on remaining Streets 130,000 1,800,000 1,930,000 Alley Paving 0 0 0 Water Line Replacement 80,000 2,500,000 2,580,000 Wastewater Line Replacement 40,000 1,500,000 1,540,000 TOTAL BOND ISSUES (1-5) 900,000 13,778,000 14,678,000 Administration 90,000 150,000 240,000 TOTAL PHASE I TIF COST 990,000 13,928,000 14,918,000 PHASE 11 -Years 7-30 Public Infrastructure 0 7,000,000 7,000,000 TOTAL TIF COST 990.000 20,918,000 21,918.000 Appendix C North Overton TIF Fourth Amended Financing Plan City of Lubbock Es fol y 0 1 N oo p F a u Q 7 c O O 7 O �O an O u O v a h S 00 25 S b > U . �n 0 0 0�0 `.L' o&n r o ono n o00 N lD l% N ' v Ono ,It N fol y 1 p F a u Q �p� c O O O �O an O u O v a m \l"OI V3 > "a 9 C4 > U . �n > Ll �n `.L' o&n E N C a F o00 l� n O Ono 7 fi of H zW LE -ID cr O 'D oo M N \D O h r4 o O\ V M N a M Nm 4 8 8 8 N t N o0 r• -•� O �n O �D C b �Op oo O O �l 1� O Ono M �D w O� M N r1 r• N 7 00 Q N w r d' rnrn m� o n o 0 o N �N MOD'o r N 7 f'1 — op er U� F a u e �p� c E' an O u v D: v a m .Uc. o V3 > "a 9 C4 > U . �n > Ll �n `.L' o&n E O •o C a F F' F H zW LE -ID cr O 'D oo M N \D O h r4 CD N h �D O\ V M N a M O w w W^ Vl O O O 10 vii 1, vii N — 7 0o N a O W of � �4 o v N o m r 10 Ir; m _ N 7 n n a � u e c E' an O u v D: v a m .Uc. o V3 > "a 9 C4 > U . �n > Ll �n `.L' o&n E O •o C a F F' F 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 Exhibit C ANNUAL CAPTURED VALUE DEMOLITIONS $ K (3,703) (4,003) (5,883) (1,588) (1,599) (16,765) NEW DEVELOPMENTS K 14,873 31,630 70,831 24,549 24,549 4,680 171,112 ADJUSTED CAPTURED VALUE $ K 11,170 27,627 64,948 22,961 22,961 4,680 154.347 Appendix C North Overton TIF Third Amended Financing Plan City of Lubbock Exhibit C Appendix C Table 4 ANNUAL INCREMENTAL FUNDS AVAILABLE YEAR ADJUSTED CAPTURED CUMULATIVE CAPTURED ANNUAL TAX VALUE, SK VA UE, SK INCREMENT, SK 2002 - - - 2003 11,170 11,170 - 2004 27,627 38,797 97 2005 64,948 103,745 337 2006 22,961 126,706 900 2007 22,961 149,667 1,100 2008 4,680 154,347 1,299 2009 - 154,347 1,340 2010 - 154,347 1,340 2011 - 154,347 1,340 2012 - 154,347 1,340 2013 - 154,347 1,340 2014 - 154,347 1,340 2015 - 154,347 1,340 2016 - 154,347 1,340 2017 - 154,347 1,340 2018 - 154,347 1,340 2019 - 154,347 1,340 2020 - 154,347 1,340 2021 - 154,347 1,340 2022 - 154,347 1,340 2023 - 154,347 1,340 2024 - 154,347 1,340 2025 - 154,347 1,340 2026 - 154,347 1,340 2027 - 154,347 1,340 2028 - 154,347 1,340 2029 - 154,347 1,340 2030 - 154,347 1,340 2031 - 154,347 1,340 2032 - 154,347 1,340 TOTAL 35,893 * Based on 100%participation and tax rates of.• City -S 0.57000; County -S0.19170; Hospital -80.09798; (Yater District -50.00830 Appendix C North Overton TIF Third Amended Financing Plan City of Lubbock Exhibit C Appendix C Table 5 ANNUAL INCREMENTAL FUNDS CONTRIBUTED ANNUAL TAX INCREMENT $ K (By Taxing Jurisdiction) WATER YEAR CITY COUNTY HOSPITAL DISTRICT TOTAL 2002 - - - - - 2003 - - - - - 2004 63 21 11 2 97 2005 221 75 38 3 337 2006 591 198 102 9 900 2007 722 243 124 11 1,100 2008 853 287 147 12 1,299 2009 880 296 152 12 1,340 2010 880 296 152 12 1,340 2011 880 296 152 12 1,340 2012 880 296 152 12 1,340 2013 880 296 152 12 1,340 2014 880 296 152 12 1,340 2015 880 296 152 12 1,340 2016 880 296 152 12 1,340 2017 880 296 152 12 1,340 2018 880 296 152 12 1,340 2019 880 296 152 12 1,340 2020 880 296 152 12 1,340 2021 880 296 152 12 1,340 2022 880 296 152 12 1,340 2023 880 296 152 12 1,340 2024 880 296 152 12 1,340 2025 880 296 152 12 1,340 2026 880 296 152 12 1,340 2027 880 296 152 12 1,340 2028 880 296 152 12 1,340 2029 880 296 152 12 1,340 2030 880 296 152 12 1,340 2031 880 296 152 12 1,340 2032 880 296 152 12 1,340 TOTAL 23,570 7,928 4,070 325 35,893 Appendix C North Overton TIF Third Amended Financing Plan City of Lubbock Exhibit C Am)endix C Table 6 INCOME WITHOUT TIF Income to Jurisdiction Without TIF **, $ REAL BUS/NESS YEAR PROPERTY PP & IN TOTAL W TER VALUE, S K VAL UE, $ K VALUE $ 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 2,711 28,373 158,557 53,325 27,255 2,309 2010 26,175 2,765 28,940 161,726 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 31,644 178,581 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 32,929 185,837 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 34,954 197,266 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 5.396.388 1.814.893 927.613 78.577 Estimated Future Growth: 1002 -2005 0% Year 2006-2008 1% Year 1009-2013 2% Year (After Marsha Sharp Freeway frontage road completion) 2014-2021 1% Year "Based on tax rates of. CiOL-S 0.57000; County -50.19170; Hospital -S0.09798; Water District -50.00830. Appendix C North Overton TIF Third Amended Financing Plan City of Lubbock Exhibit C Appendix C Table 7 BPP & INVENTORY ESTIMATE, $ K YEAR OFFICE RETAIL MULTI -FAMILY TOTAL INV 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 6,750 553 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-half occupied in 2008, final one-fourth 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 of TIF 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 of TIF 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 $5,000/year until 2012, then will remain constant as furniture and equipment are replaced with new. Appendix C North Overton TIF Third Amended Financing Plan City of Lubbock Exhibit C Appendix C Table 8 INCOME WITH TIF Income to Jurisdiction With TIF **r$ BASE REAL BPP & IN ADDED BPP & INV CUM VALUE WATER YEAR VAL UE, $K VALUE. $ K LK CITY 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 I 154,008 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 i 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 34,848 198,634 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 34,848 198,634 66,804 34,144 2,892 2024 26,999 7,849 34,848 198,634 66,804 34144 2,892 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 34,848 198,634 66,804 34,144 2,892 2029 26,999 7,849 34,848 198,634 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 5.830.162 1.960.779 1.002.171 84.888 **Based on tar rates of. City-$ 0.57000; County -80.19170; Hospital -50.09798; Water District -80.00830. Appendix C North Overton TIF Third Amended Financing Plan City of Lubbock Exhibit C Resolution No. 2009—RO570 PROJECT PLAN (Fourth Amended) North Overton Area Tax Increment Finance Reinvestment Zone L UBBOCK, TEXAS Prepared for City of Lubbock November 2006 Exhibit C 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 I North Overton TIF Fourth Amended Project Plan Exhibit C 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. Page 2 North Overton TIF Fourth Amended Project Plan Exhibit C NUK I M UVt=K I UN VKUJtU I FLAN (11/16/06) TIF Expense Phase 1 Total Cost Street reconstruction/resurfacing $ 8,105,567 A/E services, Reconstruction, curb and gutter, rotaries Rotary amenities 414,000 A/E services, Landscaping - irrigation, lighting, street furniture Glenna Goodacre Boulevard 2,926,510 A/E services, replace curb and gutter, ROW acquistion Glenna Goodacre Blvd. Amenities 2,710,500 A/E services, Landscaping: irrigation, lighting, street furniture Landscaping Parkway 6,215,173 A/E services, Landscaping: irrigation, lighting, street furniture Water/Waste Water 3,403,042 Replacement & relocation Electric utility - underground 3,997,408 Pioneer Park Improvements 500,000 Marsha Sharp Frwy. Frontage 100,000 University Ave. Improvements 190,000 Replace curb & gutter Public Facility 9,550,000 Right of Way Acquisition 3,609,786 Phase 1 TIF Project Cost $ 41,721,986 Bond Adjustments 2005 Bonds sold at a premium (246,000) 2006 Bonds sold at a premium (167,000) Bond issuance costs 193,000 Total Adjustments (220,000) Total Amount of Debt Supported by TIF Revenue 41,501,986 Debt Service Interest Expense 26,238,000 Total Phase I TIF Project Cost 67,739,986 Phase 2, Years 7 - 30 (TIF Revenue Available after Debt is paid) 41,202,000 Total TIF Project Cost $ 108,941,986 Administration Cost 350,000 Total Phase I TIF Cost $ 41,721,986 Total TIF Expenditure as of 9/30/06 11,096,264 Balance $ 30,625,722 * Bond Issuance 7/15/2003 $ 3,795,000 8/15/2003 9,290,000 4/15/2006 6,300,000 Total $ 19,385,000 Page 3 North Overton TIF Fourth Amended Project Plan Exhibit C Exhibit "A" EXISTING LAND USE North Overton TIF Existing Land Use November 2006 i --.•.• Pshsa Racr Sm R.xd.r7at Ryr.Dcx:ry Re Ydli,ol 6A.<W —1,71. my R..Wmi Lor a.muy V -m Lw i '�,••_« , � . � Mwur a.� nr saynuay I � i ® oil V ■ r 1 � *��a Mew �4. NMSN� tlfp4.1 NYNT Exhibit "A" North Overton TIF Fourth Amended Project Plan Exhibit C Exhibit `B" PROPOSED IMPROVEMENTS AND PROPOSED USES Overton Park Master Plan Tlu: Centre At 0%enutt Park _ Texas Tech University 4no�vsAW u{f'n es� 4si�whi F.nnS lMzr�. Kdo 5trect Condominium Exhibit" B" North Overton Fourth Amended Project Plan C i i N_ 7 N } U 0 U 0 N :J 0 M N O N � 0 O G 0 Y M -- o0 �n N O O O O Y o0 N U 0 n N W 0 o O M o^0 rl M 0 00 0`0l o rn 0 O O M 0 G^ T U 7 N V N Y pip N ° ^ v z 3 c ¢ F u F m F m F U v¢ F ce F F m F u F c F o F m F o F c F '{ c U ro F j c U n F c U c ro F a U c m F E n F c F F F ^ E Cl F E E O F O U Dp M M M 00 O .. p U a0 M M h M pO O pO O a 7 M M O o0 O Vt V1 O a^ U C, 10a10 n o o0 O n M h V N M C o0 10 V1 h v1 N N �n N M M O o0 q U 7 G 00 0o rn � h lA O N U N � fel 00 M N U pp v; N ss Z U F E U F u N F E S F E S Fcc. E S OM L r� v. L h c:. L c, a L cEs :.c. q ¢., q � h C. r.1 C rJ C. v C. h Z O O 'IT vi n rn 71 10 00 rn 007 cc W) C U � q � � W p`, v 9 c v S Q 0 o. ts. F c 0 C U s C 0 z EXHIBIT D HEARTWOOD 91-1. LLC DIRECT CITY PARTICIPATION AND TIF FUNDING PHASE ONE, PROJECT TWO THOUSAND ONE HUNDRED THREE. BOND ISSUE FOUR Project % Participation Cost Estimate Landscaping in the Parkway 100% $41,346.00 Adacent to University, Main and IOt Street A & E Services Softscape - Landscaping. pedestrian lighting & street furniture Total $41,346.00 Developer Agreement - City /I leart"ood 91-1. Prciect 2103 16 EXHIBIT E HEARTWOOD 91-1, LLC DIRECT DEVELOPER PARTICIPATION PHASE ONE, PROJECT TWO THOUSAND ONE HUNDRED THREE., BOND ISSUE FOUR Protect % Participation Cost Estimate Landscaping in the Parkway 100% $27,563.00 Ad'acent to University, Main and loN, Street A & E Services Hardscape — Concrete, brick and irrigation Total Developer Agreement- City / Heartwood 91-1. LLC, Project 2103 $27,563.00 EXHIBIT F DESIGN GUIDELINES Developer Agreement— City/ Heartwood 91-1. Project 2103 18 a 10 0 .p -W V6 M 0. V1,m 0*11 to Moshe V 2 -sit Ow. .-In Iql Two !.ff sm : _'j Im- MW %a U6 AP Zaff Pp 16 #�w ­_ 7 6, o IMF i3 ;TAMI 33, ..w tom, of O Me! top LU 4 all, CFO �VN f4 a -let Jr -.LAI LU W-1—huo I X 7'1-& V6' : a csl_, O �l ".fr UAIL ': 4 10 4 ; y d 411, OL L zp u IV 191L, I bz' 3n?43AV A1.l383A'XrAn 4W OP o o Ri b as 0 M 43 i"J s. M a a m o u p o a R a . 0 A -J iQ UAIL ': 4 10 4 ; y d 411, OL L zp u IV 191L, I bz' 3n?43AV A1.l383A'XrAn 4W OP o o Ri b as 0 M 43 i"J s. M a a m o u p o a R a . 0 P t� M H tp t� Cp Op a0 a ■ h N t0 t0 1� K N h Soo W ° o Q ° 9 0 w � ° E : ° lid o o41eo r ` ` ,Of w W 41 V co cc M a a r V M M . . N ■ 0 : Q O : : : W a� IS C y t ag 3 I� Oof y ,aNi Z p d t7 N N _ E Q J 3 t e ul � ■ W a . ■ w Z ■ : : : : : y B E E E ■ N C H 41 ■ : : : . . 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LL. ) o + O f0 =cL >_ 0 O a � �_ E L c L o n `o rn m =� a m_ Y 'C > ax) CO m m li C5 Z d 0 0 11_ a. 1— o 3nN3AV LO In 0 CD M 0 0 I- N N N N N N N M M M M M O O N N O O O N O 0 0 0 (O �C (B cII O O � O O fC t0 fC n. o_ a a amn.aaamm Q m U o W u- o 2—� Y c c c c c c c c c c c c 0 0 0 0 0 0 0 0 0 0 0 0 U U U U U U U U U U U U N O 0 N N O O N 0 0 0 O Cl) c O U p N O �E y N V O O L -O W O L W O .0 O O � o� h U cn O O ++ � O O _ L = U U O N LU rn cc W co cc � O o 3nN3AV LO In 0 CD M 0 0 I- N N N N N N N M M M M M O O N N O O O N O 0 0 0 (O �C (B cII O O � O O fC t0 fC n. o_ a a amn.aaamm Q m U o W u- o 2—� Y c c c c c c c c c c c c 0 0 0 0 0 0 0 0 0 0 0 0 U U U U U U U U U U U U N O 0 N N O O N 0 0 0 O EXHIBIT G CONSTRUCTION SCHEDULE (To be prepared jointly) Developer Agreement — City / Heartwood 91-1, Project 2103 19 EXHIBIT H PROCEDURES FOR REIMBURSEMENT FROM CITY I. Landscaping. The City of Lubbock will reimburse the developer/owner for a portion of the landscaping in the right-of-way in the North Overton TIF if the following rules/procedures are met. This reimbursement will be as follows: 40%: standard or minimum requirement — Developer portion 60%: oversized improvements — City will reimburse up to the maximum in the developer agreement. Procedure 1. A developer's agreement must be executed between the developer/owner and the City of Lubbock 2. A site plan of the landscaping must be submitted to the City of Lubbock to be reviewed and approved. 3. The developer/owner must provide proof of a bid for the landscaping improvements in the right-of-way. 4. The landscaping in the right-of-way must be bid separately from other items. 5. The developer/owner must provide proof of the completion of the landscaping in the right-of-way and proof of payment. 6. The City of Lubbock reserves the right to inspect the work, with a plan on file. 7. If the plan is changed at any time during construction, the plan must be resubmitted to the City of Lubbock for approval. 8. The developer/owner must submit backup for the reimbursement of the City's portion of the landscaping in the right-of-way in a format that is approved by the City of Lubbock. 9. The City will pay to Developer a maximum of 15% of the total bid for construction management fees. Developer Agreement— City / Heartwood 91-1, Project 2103 20