Preliminary Project and Financing Plans for Proposed TIF 14 (Trinity Lakes) Jay Chapa, Director Housing and Economic Development October 2, 2012

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1 Preliminary Project and Financing Plans for Proposed TIF 14 (Trinity Lakes) Jay Chapa, Director Housing and Economic Development October 2, 2012

2 Recent Developments Change, Opportunity Recent Developments: Emergence of new neighborhoods (~ 2,650 homes); Expansion of Bell Helicopter-Textron; Potential rail transit center; and Anticipated growth of mixed-use destinations, employment centers Creation of Need: Alleviation of flooding and traffic congestion redesign and reconstruction of Trinity Boulevard as an urban, multi-modal thoroughfare New Opportunity: Potential for future transit-oriented development (TOD) with neighborhood services and form based zoning; Street connections; and Enhanced and extended Trinity Trails system (+6.5 miles of trails, connecting Handley-Ederville to Arlington)

3 Existing Current Development $176 Million in property value 1,250 homes valued between $120,000 and $450,000 7 lakes, over 3 miles of natural trails

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6 TIF 14 Overview 1,797 acres 20-year term Est value of $39,830,913 Est value of $862,342,172 Percent growth of 2,065% At the end of 20-year term, TIF district is expected to generate $9.5M+ annually to taxing jurisdictions in property tax alone

7 Project Plan Trinity Boulevard Improvements from IH-820 to Precinct Line Road $13,249,000 Precinct Line Road from Concho Trail to River Falls Drive 5,950,000 Trinity Trail System Improvements, 6.5 miles 3,000,000 Local Street Improvements Mixed Use area 10,305,250 Enhanced Wayfinding Signage, Structures, Elements 300,000 Waterfront Improvements 850,000 Public Area Facility Enhancements 750,000 Bicycle Facilities, Connections, Public Information Stations 550,000 Trinity Boulevard from Precinct Line Road to S. Norwood Dr. 12,500,000 Public Transit Improvements 8,000,000 Land Acquisition for Public Transit Improvements 2,500,000 Public Parking Facilities Assoc. w/ Public Transit 4,500,000 TOTAL PROJECT COSTS $62,454,250

8 Transforming Trinity Boulevard

9 Form-Based Zoning Boulevard Mixed-Use Village Mixed-Use Highway Mixed-Use Campus Commercial Transition Neighborhood

10 Rezoning ~ 200 acres along Trinity Boulevard along the East side of IH-820 will be rezoned through form-based code to enhance the market sensitivity and value potential of the neighborhoods in the area The Zoning Commission was provided an overview at the recent work session on Aug. 8 th Zoning application was filed on Sept. 7 th

11 Financing Plan Assumptions: 2% annual growth 2.6M SF of commercial/multi-family development Addition of $384M+ in taxable value 1,146 single-family homes to be built Addition of $275M+ in taxable value Requested Participation: City of Fort Worth (85%), $59.5M Tarrant County (50%), $10.8M Tarrant Regional Water District (100%), $1.6M TIF 14 is expected to generate $71,943,009 over the 20-year term

12 Added Commercial, Residential Value

13 Taxes Dedicated, Retained by City

14 Next Steps October 3 October 3-29 October 29 November 6 November 6-26 December 4 Preliminary project and financing plans are provided to local taxing entities (courtesy, no longer required) City staff meets with County and Water District to discuss preliminary project and financing plans, as necessary City staff publishes public hearing notice in Star-Telegram notifying public of creation of TIF district, creation of Board of Directors, terms, est. fund Board Composition: City, all participating taxing jurisdictions, and a minimum of 5 board members City Council considers adoption of ordinance creating TIF district, Board of Directors, terms, and fund New TIF Board meets to adopt Project and Financing Plans, contingent on City Council s approval City Council adopts ordinance accepting Project and Financing Plans

15 Recommended Board Make-up Seven total board members Five City appointments 2 council members 3 additional appointments Streams and Valleys The T Bell Helicopter One County appointment One TRWD appointment

16 Staff Recommendation Council to endorse the release of Preliminary Project and Financing Plans, therefore initiating the process to create TIF 14 (Trinity Lakes)

17 Questions & Comments