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Home My WebLink About1-24-2002-13.3 - Resolution - 01/24/2002 RESOLUTION NO. 1 -24- 2002 -13.3 A RESOLUTION CALLING A PUBLIC HEARING REGARDING THE CREATION OF CITY OF COLLEGE STATION REINVESTMENT ZONE NUMBER FIFTEEN (15) AS A TAX INCREMENT FINANCING ZONE, AND PROVIDING AN EFFECTIVE DATE WHEREAS, the City Council of the City of College Station (the "City ") has received a petition requesting that the City designate an area of property as a reinvestment zone pursuant to the TAx INCREMENT FINANCING ACT, CHAPTER 311, TEXAS TAx CODE (the "Act "), which petition has been executed by the owners of property constituting at least fifty percent (50 %) of the appraised value of the property in said area according to the 2001 Brazos County Appraisal roll; and WHEREAS, the City desires to receive the comments of any interested person and of other taxing jurisdictions which levy property taxes within the proposed zone ( "taxing units ") regarding the establishment of such reinvestment zone; and WHEREAS, the Act requires that the City notify the governmental body of each taxing unit of its intent to establish a reinvestment zone at least sixty (60) days prior to the date of the public hearing regarding the creation of such reinvestment zone; and WHEREAS, the Act permits the City to request that the governmental body of each taxing unit waive the requirement hereinabove described so that such public hearing may be heard promptly; and WHEREAS, other preliminary procedural steps must be adhered to prior to the establishment of a reinvestment zone; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF COLLEGE STATION, TEXAS: PART 1. That the passage of this Resolution evidences the intention of the City to create a reinvestment zone pursuant to the Act, with such reinvestment zone to be designated as "Reinvestment Zone Number Fifteen (15), City of College Station, Texas" (the "Zone "). The boundaries for the proposed Zone, a description of the tentative plans for the development of the proposed Zone, and an estimate of the general impact of the proposed Zone on property values and tax revenues are attached hereto as Exhibit "A ", `B" and "C" and are incorporated herein. PART 2. That a Public Hearing is hereby scheduled to be held before the College Station City Council on March 14, 2002, if the other taxing units agree to waive the sixty (60) day notice requirement of the Act, for the purpose of receiving public comment on the proposed creation of the Zone, and its benefits or detriment to the City and to property in the proposed Zone. In the alternative, if the other taxing units do not waive the sixty (60) day notice requirement, then the date of the public hearing is hereby scheduled on March 28, 2002. PART 3. That the City Council hereby formally requests each taxing unit to waive the sixty (60) day notice requirement set forth in Section 311.003(e) of the Act which provides that not later than the 60 day before the date of the public hearing, the City Council notify each taxing unit that levies real property taxes in the proposed Zone that the City intends to establish the Zone. The City Secretary is hereby directed to forward a certified copy of this Resolution with exhibits to the governing bodies of each taxing unit to provide notice of the City's intent to establish the zone and requesting that, (i) each governing body waive said sixty (60) day notice requirement and (ii) that such taxing unit designate within fifteen (15) days a representative to meet with the City Council to discuss the project plan and the reinvestment zone financing plan, as required by the Act, and notify the City Council of its designation. PART 4. That not later than the seventh day before the date of the public hearing, the City Secretary shall cause notice of the public hearing to be published in the Bryan College Station Eagle, being a newspaper having general circulation in the City. err► PART 5. That the City Manager or his designated representative is authorized to undertake other preliminary preparations and action in accordance with the Act. PART 6. That this Resolution shall be effective immediately upon adoption. APPROVED AND ADOPTED BY THE CITY COUNCIL OF THE CITY OF COLLEGE STATION, TEXAS, this 24th day of January, 2002. A TEST: CITY OF COLLEGE STATION Connie Hooks, City Secretary Lynn ' cIlhaney, Mayor APPRO D: ( Charles Cryan, cal Services Director 1 City Attorney EXHIBIT "A" TAX INCREMENT INANCE DISTRICT 192.. • Acre Tract 4 Richard Carter Survey, A -8 J. W. Sc • tt Survey, A-49 College Station, Brazos County, Texas Field notes of a 192.64 acre tra or parcel of land, lying and being situated In the Richard Carter Survey, Abetr ct No. 8 and In the J. W. Scott Survey, Abstract No. 49, College Station, B azos County, Texas, and being all of the 167.64 acre tract described In the died from Texas Instruments, Inc., to CSL of Texas, Inc., recorded In Volume 2730 Page 82, of the Official Records of Brazos County, Texas, end all of the called 5.00 acre tract described In the deed from Bryan Coca -Cola Bottling Co. to CS of Texas, Inc., recorded In Volume 3055, Page 218, of the Official Records of azos County, Texas, and said 192.64 acre. tract being more particularly describe • es follows: BEGINNING at the K" Iron ro• found at an 8" creosote post fence comer marking the north corner of the before entioned 25.00 acre tract In the southeast right -of -way line of Farm to Market ad No. 60, same being the occupied west corner of the Paters, et all - called 4 ..19 acre tract as recorded In Volume 223, Page 112, of the Deed Records of Br. zos County, Texas; THENCE along the common • upled line between the baforementloned 25.00 acre tract 1 167.64 acre ract (lying to the southwest) and the beforementioned 46.19 acre tract \ 113.67 acre tract (lying to the northeast) described in the deed to Carrara Part erahlp recorded In Volume•,886, Page 488, of the Deed Records of Brazos Coun , Texas, as follows: S 53° 39' 04" E for a Istance 01119.53 feet to a Yi Iron rod set at en angle point corner, from which a 4" cedar post •ears N 23° 15' 08" E - 1.2 feet, and a 20" post • ak tree fence angle point bears S 51° 15' 46" - 18.3 feet, S 46° 08' 49" E fora •Istance of 162.98 feet to a 27" post oak tree f nce angle point, S 43 °17' 58" E fora • [stance of 128.28 feet to a Ys" Iron rod set for an • Ie point corner, from which a 20" post oak tree f :nce angle point bears N 45° 08' 29" W - 9.0 f: :t, S 44° 31' 15" E at a • Istance of 670.85 feet pass a ¼" Iron rod found marking the east corner of the 25.00 acre tract, rom which a 26" post oak tree fence angle point bears N 40° 02' 40" W - 25.5 feet, contl e on for a total distance of 1269.44 feet to a • " iron rod found at crosstle fence corner marks g the common corner between the 46.19 acre act and the 113.67 acre tract, S 44° 59' 40" E for a Istence of 1346.44 feet to a Y•" Iron rod found a 6' cedar post fence corner marking the east c • rner of the 167.64 acre tract, same being in the northwest right -of -way line of State Hwy No. 30 ; THENCE along the northwest right -of -way line of State Hwy No. 30, same being the southeast line of the before : ntloned 167.64 acre tract, as follows: S 44° 21' 4.4" W for a •Istance of 2387.10 feet to a K" Iron rod set at the beginning of a curve, concave to the southeast. having a radius of 2924,79 feet, a broke concrete right -of -way marker bears S 40° 20' • • ' W - 6.7 feet, KLIN0 Hia1NEE 1010 AND SURVEYING SRY . TEXAS EXHHIBIT "A" nacre 2 CSL of Texas. Inc. 192.64 Acre Tract Richard Carter Survey, A -8 -- J. W. Scott Survey, A-49 College Station, Brazos County. Texas Continued - Page 2 Southwesterly along sal curve for an erc length of 450.07 feat to the e of this curve, the chord bears S 39' 57' 14' - 449.62 feet, a concrete right -of -way marks bears S 53' 08' 47" W - 0.67 feet and e Ir rod found bears S 13° 25' 23" W - 0.60 feet, S 35° 3T 44" W for a istance of 286.46 feet to a X' Iron rod - found a 6" creosote post fence corner marking the a st corner of the called 57.304 acre tract descri d in the deed recorded In Volume 1192, Page 376, of the Official Records of Brazos Coun , Texas, from which a 1" iron pipe found marks the south corner of a 250.000 acre tract recor d In Volume 424, Page 672, of the Deed Recor s of Brazos County, Taxes, bears S 36° 38' 3 ' W - 400.21 feet; THENCE along the common line etween the beforementloned 167.64 acre tract end the 57.304 acre tract, adjac . nt to a fence, as follows: N 46° 22' 03" W for a • [stance of 1510.58 feet to a K' iron rod found :t a 6' creosote post fence angle point, N 01° 54' 20' E for a 'istance of 1377.16 feet to e W' Iron rod found ear a 6" creosote post fence angle point, N 40° 26' 06" W for a istance of 662.29 feet to a)4' iron rod found t a 6" creosote post fence corner marking the no h corner of the 67.304 acre tract in the south; ::t right -of -way line of the before : ntioned FM No. 60 and same being In the w =st corner of the beforementioned 167.64 acre tr • ; THENCE N 44° 15' 21' E along a southeast right -of -way line of FM No. 60, same being the northwest line of t e beforementioned 167.64 acre tract and the 25.00 acre tract, adjacent to a fe e, for a distance of 2088.58 feet to the PLACE OF BEGINNING, containing 19 •.64 acres of land, more or Tess. Bearings based on True North, as obta ed by Solar Observation. OF i Surveyed November 1999 1., By: 1 KLINq a :I •. a a,� Q t S. M. Kling 4 as;°•, -1 R.P.L.S. No. 2003 * 3UR Prepared 11/18/09 rwF02bA..+atta.1 12 _ t KUNO ENGINEERING AND SURVEYING ammo& T[Xaf EXHIBIT "A" page 3 • •-'•••• , wvovi,, JVDUI VIDNJ(i, ' PHASE ONE LOT 1 ANO 2, BLOCK 1 26.385 ACRES VOLUME 3656, PAGE 210 B.C.D.R. ,4 I■ 4 . + 4 ; ' # TEXAS A & M UNIVERSITY • ° °♦♦ ° °♦ °� " 44 : 'Rj ° °° ( ■ CALLED 57.304 ACRES) ■ ° ° ° °� ° °♦ ° ∎4' 4S : °♦ °♦, VOLUME 1192, PAGE 376° /. ° ° ° O �L � ° `. � ■ 4bte ... ,k's . 1 . 40.... ir " ' it.: 4 . - 4 #4 .... ... - v. 4,6 .. - . -46 A. "" ' ..' ._ ilille •°° i i i i i i° i°►° i° i °i °i °°°°°°° °i °i °i °i °i °i ° ° °°°° ■ °e � i ► °° °°° °°° °°�► ° i °!° ■ ■ Ors* . 1 .1.0 eV' ° ° ° °° °° ° °°°4.4 °�i °iii i i i i °Al �°°° °°°°° °i °i °i °i °i °i °i °iii °i °i °i °i °i °°i!A. 41.- ► ° °° ° ° ° ° ° °° ° � 401, .� 4 6� _ _ - Lois , :.:. • • �• T000 cARNS D/e /A T.c. THE 1- t i CUSTOM HOMES, ANc 81LLY A. PEARLY , -1 CALLED 6.63 ACRES Iv HARVEY HILLSIDES o Ems' PACE �2 BLOCK 4 B.0 O.R E `er MAD: a NE P - ISBY, III 5 CALLED 18 ACRES . 0 C ' GARDNER PARKER SEA D TRAC PAGE 581 , I CALLED 3.18 AC i ME 124 1. ________ i FIRST TRACT - EXHIBIT "A" B.C. VOLUME 1245, PAGE 75A EXHIBIT "B" 4110 Description of the Tentative Plans for Development of the Proposed Zone/ Preliminary Project and Finance Plan A copy of Exhibit "B" is available for viewing at the City Secretary's office. 4rio If ( 1 Exhibit "C" City of College Station Conference Center TIF Funding Analysis 01/14/2002 1230 $18,000,000 Million Project Tax Exempt Bonds Yr1 Yr2 Yr3 Yr4 Yr5 Yr6 Yr7 Yr8 Yr9 Yr10 Yr11 Yr12 Yr13 Yr14 Yr15 Yr16 Yr17 Yr18 Yr19 Yr20 Yr21 FY 02 FY 03 FY 04 FY 05 FY 06 FY 07 FY 08 FY 09 FY 10 FY 11 FY 12 FY 13 FY 14 FY 15 FY 16 FY 17 FY 18 FY 19 FY 20 FY 21 FY 22 Tax Exempt Debt Existing debt $ 5,500,000 - New TaxExemptIssue - 11,400,000 Cash (him 8 cash) 1,100,000 - Cash(utilityfunds) - - Total $ 6,600,000 $ 11,400,000 Payments Existing debt sery $ - $ - $ 465,055 $ 465,790 $ 464,123 $ 466,680 $ 468,258 5 463,948 $ 468,598 $ 467,139 $ 464,755 $ 466,395 $ 466,918 $ 466,318 $ 464,580 $ 461,700 $ - $ - $ - 5 - $ - New tax exempt debt sere - - $982,100 982,100 982,100 982,100 982,100 982,100 982,100 982,100 982,100 982,100 982,100 982,100 982,100 982,100 982,100 982,100 982,100 982,100 982,100 Iintedurxl Loan Repayments - - - - - - - - - - - 138,300 175,000 175,930 173,640 175,940 177,690 178,890 174,680 174,680 Annual payment $ - $ - $ 1,447,155 $ 1,447,890 $ 1,446,223 $ 1,448780 $ 1,450,358 $ 1,446,048 $ 1,450,698 $ 1,449,239 $ 1,446,855 $ 1,448,495 $ 1,587,318 $ 1,623,418 $ 1,622,610 $ 1,617,440 $ 1,158,040 $ 1,159,790 $ 1,160,990 $ 1,156,780 $ 1,156,780 TIF - office increment $ - $ - $ 126,328 $ 255,745 $ 255,745 $ 255,745 $ 255,745 $ 255,745 $ 255,745 $ 255,745 $ 255,745 $ 255,745 $ 255,745 $ 255,745 $ 255,745 $ 255,745 $ 255,745 $ 255,745 $ 255,745 $ 255,745 $ 255,745 TIF - hotel increment - - 111,400 225,525 225,525 225,525 225,525 225,525 225,525 225,525 225,525 225,525 225,525 225,525 225,525 225,525 225,525 225,525 225,525 225,525 225,525 Hotevmotel tax from project - - 62,500 400,000 450,000 500,000 550,000 550,000 550,000 550,000 550,000 550,000 550,000 550,000 550,000 550,000 550,000 550,000 550,000 550,000 550,000 Addn'I increment in TIF - - 44,560 135,315 225,525 315,735 405,945 496,155 586,365 676,575 766, 785 856, 995 902, 100 902,100 902, 100 902, 100 902, 100 902,100 902,100 902,100 902,100 Transfer From Hot Tax - - 300.600 250,000 250,000 150,000 15,000 - - - - - - - - - - - - - - Annual sources $ - $ - $ 644,788 $ 1,266,585 $ 1,406,795 8 1,447,005 $ 1,452,215 $ 1,527,425 $ 1,617,635 $ 1,707,845 $ 1,798,055 $ 1,888,265 $ 1,933 .370 $ 1,933,370 $ 1,933,370 $ 1,933,370 $ 1,933.370 $ 1,933,370 $ 1,933,370 $ 1,933,370 $ 1,933,370 Annual Difference $ - $ - $ (802.367) $ (181,305) $ (39,428) $ (1,775) 8 1,857 $ 81,177 $ 166,937 $ 258,606 0 351,200 $ 439,770 $ 346,052 $ 309,952 $ 310,760 $ 315,930 $ 775,330 $ 773,580 $ 772,380 $ 776,590 0 776,590 Cumulative Balance - - (802,36 (983,672) (1,023,100) (1,024,874) (1,023,017) (941,640) (774,702) (516,096) (164,896) 274,875 620,927 930,879 1,241,640 1,557,570 2,332,901 3,106,481 3,878,861 4,655,452 5,432,042 1) TIF value for 270,000 s.f. @ $105 /s.f. office = $28,350,000 2) TIF value of$25 million for hotel 3) $10 million additional increment in TIF each year for 10 years 4) Interest on additional debt 5.5% TIF Revs Office Value - - 14,175000 28,350,000 28,350,000 28,350,000 28,350,000 28,350,000 28,350,000 28,350,000 28,350,000 28,350,000 28,354000 28,350,000 28,350,000 28,350,000 28,350,000 28,350,000 28,350,000 28,350,000 28,350,000 College Station - - 71,655 146,399 146,399 146,399 146,399 146,399 146,399 146,399 146,399 146,399 146,399 146,399 146,399 146,399 146,399 146,399 146,399 146,399 146,399 Brazos County - - 54,673 109,346 109,346 109,346 109,346 109,346 109,346 109,343 109,346 109,346 109,346 109,346 109,346 109,346 109,346 109,346 109,346 109,346 109,346 BISD - - - - - - - - - - - - - - - - - - - - Hotel Value - - 12,500100 25,000,000 25,100,000 25,000,000 25,000,000 25,000,000 25,000,000 25,000,000 25,000,000 25,000,000 25,000,000 25,000,000 25,000,000 25,000,000 25,000,000 25,000,000 25,000,000 25,000,000 25,000,000 College Station - - 63,188 129,100 129,100 129,100 129,100 129,100 129,100 129,100 129,100 129,100 129,100 129,100 129,100 129,100 129,100 129,100 129,100 129,100 129,100 Brazos County - - 48,213 96,425 96,425 96,425 96, 425 96, 425 96,425 96,425 96, 425 96, 425 96, 425 96, 425 96, 425 96, 425 96 ,425 96,425 96,425 96,425 96,425 BISD - - _ - - _ - - _ - - - - _ - - _ - - Addh Increment- Annual - - 5,000,100 10,000,000 10,000,000 10,000,000 10,000,000 10,000,000 10,000,000 10,000,001. 10,000,000 10,000,000 5,000,000 - - - - - - - - College Station - - 25,75 51,640 51,640 51,640 51,640 51,640 51,640 51,640 51,640 51,640 25,820 - - - - - - - - Brazos County - - 19,285 38,570 38,570 38,570 38,570 38,570 38,570 38,570 38,570 38,570 19,285 - - . - - - - - BISD _ _ - - - - _ - _ - - - _ - - _ - - - - Addh Increment-- Cumulative - - 5,004010 15,000,000 25,000,000 35,000,000 45,000,000 55,000,000 65,000,000 75,000,060 85,000,000 95,000,000 100,000,000 100,000,000 100,000,000 100,000,000 100,000,000 100,000,000 100,000,000 100,000,000 100,000,000 College Staten - - 25,275 77,460 129,100 180,740 232,380 284,020 335,660 387,300 438,940 490,580 516,400 516,400 516,400 516,400 516,400 516,400 516,400 516,400 516,400 Brazos County - - 19,285 57,855 96,425 134,995 173,565 212,135 250,705 289,275 327,845 366,415 385,700 385,700 385,700 385,700 385,700 385,700 385,700 385,700 385,700 BISD _ - _ - - - - - _ _ _ - - - - - - Total Accumulated Increment Value - - 31,675100 68,350,000 78,350,000 88,350,000 98,350,000 108,350,100 118,350,000 128,350,000 138,350,000 148,350,000 153,350,000 153,350,000 153,350,100 153,350,000 153,350,000 153,350,000 153,350,000 153,350,000 153,350,000 Tax Increment to TIF College Station 0.4777 0.4961 0.5055 0.5164 0.5164 0.5164 0.5164 0.5164 0.5164 05164 0.5164 05164 0.5164 0.5164 0.5164 0.5164 0.5164 0.5164 0.5164 0.5164 0.5164 Brazos County 0.3857 0.3857 0.3657 0.3857 0.3857 0.3857 0.3657 03857 0.3857 0.3857 0.3857 0.3857 0.3857 0.3857 0.3857 0.3857 0.3857 0.3857 0.3857 0.3857 0.3857 BISD _ - _ - - - _ - - - - - - _ _ - _ - 20 19 $ - $ 11 400000 5.50% (5) 550% $0.00 $982,111 1 PF finance firs 3 as