Proposed Stockyards/Northside TIF City of Fort Worth Housing and Economic Development Department. December 2, 2014
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1 Proposed Stockyards/Northside TIF City of Fort Worth Housing and Economic Development Department December 2, 2014
2 Why is a TIF Being Discussed for The Stockyards/Northside Area? Increased development interest in the Stockyards and surrounding area Old infrastructure unable to handle new development Public improvements needed, but costly Need a way to pay for public improvements without increasing tax rates, diverting funds from other projects/services or using debt Proposed TIF meets necessary criteria as established by Section of the Texas Tax Code due to: (A) a substantial number of substandard, slum, deteriorated, or deteriorating structures and (B) the predominance of defective or inadequate sidewalk or street layout. 2
3 Proposed TIF Boundaries 3
4 925 acres 20-year term TIF Overview Est value (base appraised value) of $171,822,838 Est value (final value) of $828,555,818 and increment funds generated of approximately $40 million for projects Assumes 1.5% annual growth in taxable value through 2018, 2.5% through 2034 Includes planned investment by Fort Worth Heritage, LLC An additional $147 million in improvements also projected 50% Participation by the City, County, TRWD and TCCD At the end of the 20-year term, TIF is expected to generate additional $9.2M+ annually to participating jurisdictions in property tax alone 4
5 Overview of Projections PROJECTIONS - STOCKYARDS/NORTHSIDE TIF Projected Termination Fiscal Year Base Year 1 Year 4 Year 7 Year 10 Year 13 Year 16 Year 19 Year 21 TAXABLE VALUE City of Fort Worth $171,822, ,400, ,122, ,340, ,211, ,943, ,673, ,622, ,555,818 Hospital District $171,822, ,400, ,122, ,340, ,211, ,943, ,673, ,622, ,555,818 TCCD $171,822, ,400, ,122, ,340, ,211, ,943, ,673, ,622, ,555,818 TRWD $171,822, ,400, ,122, ,340, ,211, ,943, ,673, ,622, ,555,818 Tarrant County $171,822, ,400, ,122, ,340, ,211, ,943, ,673, ,622, ,555,818 INCREMENT City of Fort Worth 2,577,343 71,299,284 97,517, ,388, ,120, ,850, ,799, ,732,980 TCCD 2,577,343 71,299,284 97,517, ,388, ,120, ,850, ,799, ,732,980 TRWD 2,577,343 71,299,284 97,517, ,388, ,120, ,850, ,799, ,732,980 Tarrant County 2,577,343 71,299,284 97,517, ,388, ,120, ,850, ,799, ,732,980 REVENUES Participation City of Fort Worth 50% 11, , ,888 1,249,962 1,492,490 1,888,913 2,606,895 2,807,533 TCCD 50% 1,927 53,296 72, , , , , ,908 TRWD 50% 258 7,130 9,752 29,239 34,912 44,185 60,980 65,673 Tarrant County 50% 3,402 94, , , , , , ,888 TOTAL ANNUAL REVENUES 16, , ,258 1,883,715 2,249,209 2,846,624 3,928,636 4,231,002 5
6 Projected Increase in Taxable Value $828 M $171 M Increment Creation Base Taxable Value Termination 6
7 TIF Eligible Projects (as defined in Preliminary Project and Financing Plan) Mixed-use (within a single building) Projects that lead to direct job creation Adaptive reuse of an existing building Transit-oriented development Board-approved streetscape improvements Redevelopment along major commercial corridors Historic preservation or restoration Transportation improvements that substantially enhance the accessibility of and mobility within the area Mixed-income housing Board-approved public amenities (for example, public plazas, improved public access to public areas such as Marine Creek, or gateway enhancements at prominent locations along major corridors) Creates or improves pedestrian linkages 7
8 TIF Eligible Expenses (as defined in Preliminary Project and Financing Plan) Road Improvements Rail Crossings/Overpasses Public Water/Sewer Line Improvements Demolition / Environmental Remediation Streetscape and Pedestrian Improvements Public Parking Infrastructure (surface or structured) Public Amenities (e.g. Public Plazas, Improved Public Access to or Public Use of Marine Creek) 8
9 Review of Timeline For TIF Creation Event Present to Stockyards/Northside stakeholders; Gather feedback on proposed boundary and projects City staff prepares Preliminary Project and Financing Plans; Plans submitted to local taxing entities for comment City staff meets with local taxing entities to discuss Preliminary Project and Financing Plans, as necessary City staff publishes notice of public hearing in the newspaper to give the public the opportunity to speak for or against creation of the TIF district M&C recommending adoption of ordinance creating TIF district, designating a term for the TIF district, and establishing a TIF 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 Date September 2014 October 2014 November 2014 December 2014 January 2015 February
10 Questions & Comments
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