HomeMy WebLinkAboutORD 2014-31 - Tax Reinvestment ZoneORDINANCE NO. a O A -3 �
AN ORDINANCE DESIGNATING A NONCONTIGUOUS GEOGRAPHIC
AREA LOCATED BOTH WITHIN THE CITY OF GEORGETOWN AND IN
THE CITY'S EXTRATERRITORIAL JURISDICTION CONSISTING OF
APPROXIMATELY 594.92 ACRES OF LAND GENERALLY LOCATED EAST
OF IH -35 NEAR THE INTERSECTION OF IH -35 AND WESTINGHOUSE
ROAD FOR TAX INCREMENT FINANCING PURPOSES PURSUANT TO
CHAPTER 311 OF THE TEXAS TAX CODE; CREATING A BOARD OF
DIRECTORS FOR SUCH ZONE; CONTAINING FINDINGS AND
PROVISIONS RELATED TO THE FOREGOING SUBJECT; AND
PROVIDING A SEVERABILITY CLAUSE.
WHEREAS, the noncontiguous parcels identified on Exhibit A (the "Zone Properties")
are located both within the corporate boundaries of the City of Georgetown and in the City's
extraterritorial jurisdiction and were identified in the City's 2030 Master Plan as potential
growth areas for the City, provided that suitable public infrastructure could be constructed to
support development as envisioned by the City's Future Land Use Plan; and
WHEREAS, the Zone Properties are currently predominately open or undeveloped and,
because of obsolete platting, deteriorating structures, inadequate public infrastructure, and
other factors, substantially impair the growth of the City; and
WHEREAS, the City Council has determined that development or redevelopment of the
Zone Properties would not occur solely through private investment in the reasonably
foreseeable future; and
WHEREAS, the City Council of the City of Georgetown, Texas has determined that the
creation of a reinvestment zone (the "Zone") on the Zone Properties by the City, as authorized
by Chapter 311 of the Texas Tax Code and Article VIII, Section 1-g of the Texas Constitution, is
in the best interests of the City; and
WHEREAS, no more than thirty percent (30%) of the property in the Zone, excluding
property that is publicly owned, is used for residential purposes; and
WHEREAS, the total appraised value of taxable real property included in the Zone does
not exceed fifty percent (50%) of the total appraised value of taxable real property in the City
and its industrial districts; and
WHEREAS, the City has prepared a preliminary reinvestment zone project and
financing plan (the "Preliminary Plan"), a true and correct copy of which is attached hereto as
Exhibit B and is on file with the City Secretary, which provides a list of public works and
Ordinance No. cA 01 - 31
South Georgetown Tax Increment Reinvestment Zone
Page 1 of 9
infrastructure improvements intended to benefit the area within and in the vicinity of the Zone;
and
WHEREAS, a notice of the May 27, 2014 public hearing on the creation of the proposed
Zone was published on May 18, 2014 in the Williamson County Sun, a newspaper of general
circulation in the City; and
WHEREAS, at the public hearing on May 27, 2014 interested persons were allowed to
speak for or against the creation of the Zone, its boundaries, or the concept of tax increment
financing and owners of property in the Zone were given a reasonable opportunity to protest
the inclusion of their property in the Zone; and
WHEREAS, evidence was received and presented at the public hearing in favor of the
creation of the Zone and its boundaries under the provisions of Chapter 311, Texas Tax Code;
and
WHEREAS, none of the owners of the Zone Properties protested the inclusion of their
property in the Zone; and
WHEREAS, the City has given all notices and done all other things required by Chapter
311, Texas Tax Code, or other law as a condition to the creation of the Zone; and
WHEREAS, the City has not previously created any tax increment reinvestment zones
or any industrial districts on the Zone Properties.
NOW THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF
GEORGETOWN, TEXAS:
Section 1. Findings,
(a) The facts and recitations contained in the preamble of this Ordinance are hereby
found and declared to be true and correct, are incorporated herein by reference as if set forth in
full, and are adopted as part of this Ordinance for all purposes.
(b) The City Council further finds and declares that the proposed improvements in
the Zone will significantly enhance the value of all the taxable real property in and around the
proposed Zone and will be of general benefit to the City.
(c) The City Council further finds and declares that the Zone meets the criteria and
requirements of Chapter 311 of the Texas Tax Code because:
(1) The proposed Zone is predominantly open and, because of obsolete
platting, deterioration of structures or site improvements, or other factors
Ordinance No. a
South Georgetown Tax Increment Reinvestment Zone
Page 2 of 7
such as the lack of adequate public infrastructure, substantially impairs or
arrests the sound growth of the City.
(2) No more than thirty percent (30%) of the property in the Zone (excluding
publicly owned property) is used for residential purposes; and
(3) The total appraised value of taxable real property included in the Zone
does not exceed fifty percent (50%) of the total appraised value of taxable
real property in the City and its industrial districts; and
(4) Development or redevelopment of the Zone Properties would not occur
solely through private investment in the reasonably foreseeable future.
(d) The City Council further finds and declares:
(1) The Zone Properties comprising the Zone are noncontiguous geographic
areas located both within the corporate limits of the City of Georgetown
and in the City's extraterritorial jurisdiction, and are eligible for inclusion
in the Zone pursuant to Section 311.003(a) of the Tax Code because
development or redevelopment of the Zone Properties will not occur
solely through private investment in the reasonably foreseeable future;
(2) The total appraised value of taxable real property in the proposed Zone,
does not exceed 50 percent (50%) of the total appraised value of taxable
real property in the City and in the industrial districts created by the City;
(3) The improvements proposed to be implemented in the proposed
reinvestment Zone will significantly enhance the value of all taxable real
property in the proposed reinvestment Zone and outside the Zone.
Section 2. Designation of the Zone. That the City, acting under the provisions of
Chapter 311, Texas Tax Code, including Sections 311.003(a), 311.005, and 311.006, does hereby
create and designate a reinvestment zone over the Zone Properties shown on Exhibit A (which
is attached hereto and incorporated herein for all purposes) to promote the development and
redevelopment of the area within the Zone and surrounding areas. The Zone shall hereafter be
named for identification as "Reinvestment Zone Number , City of Georgetown, Texas', and
also may be referred to as the "South Georgetown Tax Increment Reinvestment Zone," and
which is referred to herein as the "Zone."
Section 3. Board of Directors.
(a) That there is hereby created a Board of Directors for the Zone (the "Board"),
which shall consist of seven (7) members. All Board members shall be appointed by the City
Council. Pursuant to Section 311.009(e)(1) of the Texas Tax Code, each Board member must be
at least eighteen (18) years of age and either be a resident of Williamson County or a county
adjacent to Williamson County, or own real property in the Zone.
Ordinance No. O X - �D\
South Georgetown Tax Increment Reinvestment Zone
Page 3 of 7
(b) The Board members appointed to Positions One, Three, Five, and Seven initially
shall be appointed for two (2) year terms, beginning on effective date of the Zone. The Board
members initially appointed to Positions Two, Four and Six shall be appointed to one (1) year
terms beginning on the effective date of the Zone. All subsequent appointments shall be for
two (2) year terms. The person appointed to Board Position One is hereby designated as the
Board Chair for the term beginning on the effective date of the Zone, and ending upon the
expiration of the initial term of Position One. Thereafter the City Council shall annually appoint
a Board member to serve as Board Chair for a term of one year beginning January 1 of the
following year. The City Council authorizes the Board to elect from its members a vice
chairman and such other officers as the Board sees fit. Notwithstanding the foregoing, the term
of any elected official serving on the Board shall automatically expire when their term in said
office ends, and the term of any City employee serving on the Board shall automatically when
they no longer hold their position.
(c) The Board shall comply with Chapter 551, Texas Government Code (the Open
Meetings Act) and Chapter 552, Texas Government Code (regarding public records and
information). The Board shall make recommendations to the City Council concerning the
administration of the Zone. The Board shall prepare or cause to be prepared and adopt a final
project plan and a reinvestment zone financing plan for the Zone as described in Section
311.011, Texas Tax Code, and shall submit such plan(s) to the City Council for its approval. The
City, pursuant to Section 311.010(a) of the Texas Tax Code, hereby authorizes the Board to
exercise all of the City's powers necessary to administer, manage or operate the Zone and to
prepare the final project plan and reinvestment zone financing plan, including the submission
of an annual report on the status of the Zone. Notwithstanding the generality of the foregoing,
the Board is not authorized to issue tax increment bonds or notes, impose taxes or fees, exercise
the power of eminent domain, give final approval to the final project plan and reinvestment
zone financing plan, or enter into any agreement to dedicate, pledge, or otherwise provide for
the use of revenue in the tax increment fund to pay any project costs that benefit the Zone or to
construct roads, sidewalks or other public infrastructure into out of the Zone, including the cost
of acquiring the real property necessary for the construction of the road, sidewalk, or other
public infrastructure, and all of said powers are reserved exclusively for the City Council. In
addition, the Board shall not exercise any power granted to the City by Section 311.008 of the
Texas Tax Code without additional and prior written authorization from the City Council.
Section 4. Duration of the Zone. That the Zone shall take effect immediately upon the
passage and approval of this Ordinance, and shall continue in existence until the earlier of: (a)
December 31, 2044; or (b) the date on which all project costs, reimbursement of contributions
made to the Zone by the City, tax increment bonds and interest on those bonds, and all other
obligations of the Zone and interest thereon, have been paid in full.
Section 5. City's Tax Increment Base; Amount of City Tax Increment. That the Tax
Increment Base of the City for the Zone is the total appraised value of all real property taxable
Ordinance No.
South Georgetown Tax Increment Reinvestment Zone
Page 4 of 7
by the City and located in the Zone determined as of January 1, 2014, the year in which the Zone
was designated as a reinvestment zone (the "Tax Increment Base"). The amount of the City's
tax increment for a year shall be one hundred percent (100%) of property taxes levied and
collected by the City for that year on the Captured Appraised Value of real property taxable by
City and located in the Zone. The "Captured Appraised Value" of real property taxable by
City for a year is the total appraised value of all real property taxable by the City and located in
the Zone for that year, less the Tax Increment Base.
Section 6. Tax Increment Fund; Limits. That there is hereby created and established a
Tax Increment Fund for the Zone which may be divided into subaccounts as authorized by
subsequent resolutions or ordinances. All Tax Increments, as defined herein and in the Texas
Tax Code, shall be deposited in the Tax Increment Fund. Any expenditure to be made from the
Tax Increment or any contract related thereto, must be approved by the City Council prior to
such expenditure being made or contract being executed. The Tax Increment Fund and any
subaccount shall be maintained at the depository bank of the City and shall be secured in the
manner prescribed by law for funds of Texas cities. The annual Tax Increment less any
amounts that are to be allocated pursuant to the Act shall be deposited directly into the Tax
Increment Fund. All revenues from the sale of any tax increment bonds, notes or other
obligations hereafter issued for the benefit of the Zone by the City, if any; revenues from the
sale of property acquired as part of the project plan and reinvestment zone financing plan, if
any; and other revenues to be used in the Zone shall be deposited into the Tax Increment Fund.
Prior to the termination of the Zone, money shall be disbursed from the Tax Increment Fund
only to pay "project costs," as defined by the Texas Tax Code, for the Zone, to satisfy the claims
of holders of tax increments bonds or notes issued for the Zone, or to pay obligations incurred
pursuant to agreements entered into by the City Council to implement the final project plan and
reinvestment zone financing plan and achieve their purposes pursuant to Section 311.010(b) of
the Texas Tax Code. In no event shall the amount of project costs financed directly or indirectly
by the tax increment fund established for the Zone exceed FIFTY MILLION DOLLARS
($50,000,000.00).
Section 7. Purpose of Zone. That the City Council hereby finds that the creation of the
Zone and the expenditure of moneys on deposit in the Tax Increment Fund necessary or
convenient to the creation of the Zone or to the implementation of the project plan for the Zone
constitutes a program to promote local economic development and to stimulate business and
commercial activity in the City. The City Council further finds that the Zone will facilitate a
program of public improvements to allow and encourage the proposed development of the
property in the Zone and surrounding property. Construction of the public improvements is
anticipated to take place in phases over a number of years and timed in coordination with
development with the Zone.
Section 8. Severability. If any provision, section, subsection, sentence, clause or phrase
of this Ordinance, or the application of same to any person to set circumstances, is for any
reason held to be unconstitutional, void or invalid, the validity of the remaining provisions of
Ordinance No.�&)A -b`
South Georgetown Tax Increment Reinvestment Zone
Page 5 of 7
this Ordinance or their application to other persons or set of circumstances shall not be affected
thereby, it being the intent of the City Council in adopting this Ordinance that no portion hereof
or regulations connected herein shall become inoperative or fail by reason of any
unconstitutionality, voidness or invalidity of any portion hereof, and all provisions of this
Ordinance are declared severable for that purpose.
Section 9. Open Meetings. It is hereby found, determined and declared that a
sufficient written notice of the date, hour, place and subject of the meeting of the City Council at
which this Ordinance was adopted was posted at a place convenient and readily accessible at all
times to the general public at the City Hall of the City for the time required by law preceding its
meeting, as required by the Open Meetings Law, Texas Government Code, Ch. 551, and that
this meeting has been open to the public as required by law at all times during which this
Ordinance and the subject matter hereof has been discussed, considered and formally acted
upon. The City Council further ratifies, approves and confirms such written notice and the
contents and posting thereof.
Section 10. List of Exhibits. The following exhibits are hereby adopted as part of this
Ordinance:
Exhibit A Map of Zone Properties included in the Zone boundaries
Exhibit B Preliminary Project Plan and Financing Plan (including exhibits thereto)
READ, CONSIDERED, PASSED AND APPROVED ON FIRST READING by the City
Council of Georgetown at a regular meeting on May 27, 2014, at which a quorum was present
and for which due notice was given pursuant to Section 551.001, et. seq. of the Texas
Government Code.
READ, CONSIDERED, PASSED AND APPROVED ON SECOND AND FINAL
READING by the City Council of Georgetown at a regular meeting on Tune 10, 2014 at which a
quorum was present and for which due notice was given pursuant to Section 551.001, et. seq. of
the Texas Government Code.
PASSED AND APPROVED on first reading on the 271h day of May, 2014.
PASSED AND APPROVED on second reading on the 10th day of June, 2014.
CITY OF GEORGETOWN, TEXAS
Ordinance No. D 1 - 3 \
South Georgetown Tax Increment Reinvestment Zone
Page 6 of 7
r I/
Dale Ross
Mayor, City of Georgetown, Texas
APPROAST FOR
By:
Bridget Chapm n
City Attorney
Ordinance No. _Alm -b\
South Georgetown Tax Increment Reinvestment Zone
Page 7 of 7
EXHIBIT A
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TEXAS `
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South Georgetown TIRZ
Ordinance No. kA -p\
South Georgetown Tax Increment Reinvestment Zone
EXHIBIT A -- MAP OF ZONE PROPERTIES
EXHIBIT B
See attached document entitled:
PRELIMINARY PROJECT PLAN AND FINANCING PLAN
CITY OF GEORGETOWN TAX INCREMENT REINVESTMENT ZONE NO.
"SOUTH GEORGETOWN TAX INCREMENT REINVESTMENT ZONE"
Ordinance No. otOl 'J\
South Georgetown Tax Increment Reinvestment Zone
PRELIMINARY PROJECT PLAN AND
FINANCING PLAN
CITY OF GEORGETOWN TAX INCREMENT
REINVESTMENT ZONE NO.
"SOUTH GEORGETOWN TAX INCREMENT
REINVESTMENT ZONE"
Date Prepared: May 20, 2014
PRELIMINARY PROJECT AND FINANCING PLAN
SOUTH GEORGETOWN TAX INCREMENT REINVESTMENT ZONE
TABLE OF CONTENTS
I. INTRODUCTION
II. PROJECT PLAN
A. Existing Uses and Conditions (§311.011(b)(1))
B. Proposed Uses and Conditions (§ 311.011(b)(1))
C. Proposed Changes of the City's Zoning Ordinances, the Comprehensive and
Master Plans of the City, Building Codes, or Other City Ordinances, and/or
the Subdivision Rules and Regulations of the County (§ 311.011(b)(2))
D. Estimated Non -Project Costs (§ 311.011(b)(3))
E. Relocation (§ 311.011(b)(4))
I_I��0hL,19[0191 i W.W1
A.
Estimated Project Costs (§ 311.011(c)(1))
8
B.
Kind, Number, and Location of Proposed Public Improvements to be
10
Financed by the Zone (§ 311.011(c)(2))
C.
Economic Feasibility (§ 311.011(c)(3))
10
D.
Estimate of Bonded Indebtedness to be Incurred (§ 311.011(c)(4))
10
E.
Estimated Time of Incurring Monetary Obligations (§ 311.011(c)(5))
11
F.
Method of Financing/Sources of Revenue for Project Costs
I 1
(§ 311.011(c)(6))
G.
Current Appraised Value (§ 311.011(c)(7))
12
H.
Estimated Captured Appraised Value (§ 311.011(c)(8))
12
I.
Duration of the Zone (§ 311.011(c)(9))
12
IV.
BOARD OF DIRECTORS OF THE ZONE
13
Exhibit List 14
I. INTRODUCTION
The Georgetown City Council desires to create the "City of Georgetown Tax
Increment Reinvestment Zone No. _" (a/k/a the "South Georgetown Tax Increment
Reinvestment Zone") (the "Zone") over approximately 594.92 non-contiguous acres of
land located in the City's southeast commercial quadrant generally situated east of IH -
35 near its intersection with Westinghouse Road to ensure quality commercial/mixed
use development that furthers the City's vision for being the City of Excellence. The
Zone includes properties abutting the future Bass Pro Shop and the existing Premium
Outlet Mall in the City of Round Rock. Some of the tracts of land included the Zone are
inside the City of Georgetown's corporate city limits and others are in the City's
extraterritorial jurisdiction, but all are currently mostly vacant and undeveloped. The
Zone properties located within the City limits have appropriate zoning, are in a key
growth corridor for the City, and, if certain public improvements are constructed, and
have the potential to become productive and generate quality development in the area
that will promote economic expansion within this corridor and create high paying jobs.
The major obstacle to development of the land in and near the Zone has been the lack of
adequate sewer and transportation infrastructure.
The City Council has determined that creation of the Zone will facilitate
construction of the public infrastructure necessary to develop the land within and near
the Zone to meet the goals and objectives envisioned within the City's 2030
Comprehensive Plan as a major employment/mixed use center. To spur land
development within and near the Zone, the City intends to use the tax increment fund
created for the Zone to finance construction by the City of the public infrastructure on
the schedule set forth in this Plan. However, if the timing of private development is
such that the public infrastructure needs to be constructed sooner than stated in the
City's construction schedule, the City may either accelerate its construction schedule to
meet the need, or allow the private developers to construct the public infrastructure
improvements and may use the tax increment fund to reimburse the developers for the
actual costs of such construction, as the City Council may in its sole discretion
determine. Alternatively, if the Zone Board, Georgetown Transportation Enhancement
Corporation, or Georgetown Economic Development Corporation make expenditures
or issue bonds or other obligations for the benefit of the Zone, the Zone tax increment
fund may be also be used to reimburse those entities for such uses of funds.
The public infrastructure anticipated to be financed by the Zone and the City's
preliminary construction schedule are described in Sections IIIA. and III.B of this plan.
Preliminary Project Plan and Financing Plan
City of Georgetown Tax Increment Reinvestment Zone No.
a/k/a South Georgetown Tax Increment Reinvestment Zone
Page 3 of 15
The types of private development that are expected to occur within the Zone are
described in Section II.B and II. D of this plan. The total estimated capital investment in
the Zone is expected to be $100,000,000.
Preliminary Project Plan and Financing Plan
City of Georgetown Tax Increment Reinvestment Zone No.
a/k/a South Georgetown Tax Increment Reinvestment Zone
Page 4 of 15
II. PROJECT PLAN
A. Existing Uses and Conditions ( §311.011(b)(1))
The City intends to designate approximately 597.62 non-contiguous acres of land
as the "City of Georgetown Tax Increment Reinvestment Zone No. " a/k/a "South
Georgetown Tax Increment Reinvestment Zone" (Zone).
Exhibit A is a chart showing the acreage, parcel number, current owner, and other
information for each parcel of land to be included in the Zone prepared from
Williamson County Tax Appraisal District records as of April 15, 2014. Exhibit A shows
that the total appraised value of taxable real property in the Zone is approximately
$18.5 Million, and does not exceed $2.3 Billion (i.e., does not exceed 50% of the value of
taxable property within the City and its industrial districts).
Exhibit B is a map showing the vicinity and boundaries of the parcels in the Zone,
as well as the current uses and conditions of the property in the Zone. As can be seen
from Exhibit B, most of the land within the Zone is predominantly open or undeveloped
and, because of obsolete platting, deterioration of structures or site improvements, lack
of adequate public infrastructure and other factors, substantially impairs or arrests the
sound growth of the City.
The existing improvements within the Zone are summarized below:
WCAD Parcel #
Acres
Improvement
Comments
R524192
13.1
Apartments
Under construction
R325587
10.893
2 commercial buildings
Toolman
Corporation
R039948
1.0
Single Family Residence (built
1929)
New Westinghouse
Investors LLC
R091171
2.849
Small office building (service
garage, built 1975)
Service King
R314665
0.25
Mobile home
R314225
0.25
Single Family Residence (built
1987)
R039939
1
Mobile Home
R039947
10
Barn, outbuilding
Preliminary Project Plan and Financing Plan
City of Georgetown Tax Increment Reinvestment Zone No.
a/k/a South Georgetown Tax Increment Reinvestment Zone
Page 5 of 15
B. Proposed Uses and Conditions (§ 311.011(b)(1))
The purpose of the Zone is to facilitate the construction of wastewater and
transportation improvements inside and outside of the Zone in the vicinity of the
intersection of IH -35 and Westinghouse Road. It is anticipated that once the public
infrastructure improvements are in place, the property in and around the Zone will be
developed consistently with the City's 2030 Comprehensive Plan and Future Land Use
Plan, which calls for "Regional Commercial" development at the IH-35/Westinghouse
Road node, "High Density Residential" in areas on the southern boundary and on the
eastern side of the Zone, "Mixed use Community" for a portion of the Zone south of
Westinghouse Road, and "Employment Center" for the remainder of the land in the
Zone. The proposed uses and conditions of the Land in the Zone are shown on Exhibit
C. As described above, it is anticipated that once adequate public infrastructure is in
place, the property in and around the Zone will be developed with a primary goal to
ensure a high-quality "brandable" development that includes commercial, retail and
other types of uses, to create an employment center resulting in high paying jobs for the
local economy.
The public works and public infrastructure improvements anticipated to be
constructed within and outside of the Zone are described on Exhibit D (Zone Projects).
The general locations of the Zone Projects are shown by sketch on Exhibit E. It is
anticipated that the Zone Projects will be constructed by the City as debt is issued on
the schedule set forth in Exhibit F (Zone Project Schedule) and financed directly or
indirectly by the tax increment fund created for the Zone. Alternatively, if development
of land within or near the Zone proceeds on a faster schedule and triggers a sooner
need for some or all of the Zone Projects, the City Council may, in its sole discretion,
accelerate the Zone Project Schedule, or allow private developers to construct the
required Zone Projects and be reimbursed from the Zone's tax increment fund on a
schedule determined by the City Council. Once constructed, all Zone Projects will be
transferred to the City for ownership and maintenance.
C. Proposed changes of the City's zoning ordinances, the Comprehensive Plan
and Master Plans of the City, building codes, or other City ordinances, and/or the
subdivision rules and regulations of the County (§ 311.011(b)(2))
The current municipal ordinances and agreements affecting property in the Zone
include the following: all federal, state and local laws, ordinances, orders,
specifications, standards, and regulations pertaining and applicable to the development
of the land in the Zone, including, without limitation, the Texas Commission on
Preliminary Project Plan and Financing Plan
City of Georgetown Tax Increment Reinvestment Zone No.
a/k/a South Georgetown Tax Increment Reinvestment Zone
Page 6 of 15
Environmental Quality laws and rules for construction over the Edwards Aquifer
Recharge Zone; the City's Code of Ordinances, Unified Development Code,
Construction Specifications and Standards, Drainage Criteria Manual, Building Codes,
Fire Codes, Inspection Guidelines, and Development Manual; and plans and
specifications for the Zone Projects. It is also anticipated that the City will enter into an
agreement with Westinghouse Road Development Group, LLC for construction, in
conjunction with the City, of some of the Zone Projects.
D. Estimated Non -Project Costs (§ 311.011(b)(3))
The Non -Project costs associated with development of land within the Zone
consist of expenditures made by private parties to develop land within the Zone in
accordance with the City's applicable master plans, building and development
ordinances, and construction standards.
The total private investment in the Zone is estimated to be approximately
$500,000,000.
E. Relocation (§ 311.011(b)(4))
No residential relocation will be required as a part of the creation of the Zone.
Less than thirty percent (30%) of the property in the Zone is used for residential
purposes.
Preliminary Project Plan and Financing Plan
City of Georgetown Tax Increment Reinvestment Zone No. _
a/k/a South Georgetown Tax Increment Reinvestment Zone
Page 7 of 15
III. FINANCING PLAN
A. Estimated Project Costs (§ 311.011(c)(1))
The estimated costs for the Zone Projects are the expenditures estimated to be
made and the monetary obligations expected to be incurred for the benefit of the land
inside and outside of the Zone related to the design and construction of the Zone
Projects, plus all other costs incidental to those expenditures and obligations and all
other costs within the meaning of "Project Cost" as that term is defined in Section
311.002 of the Texas Tax Code (Zone Project Costs). The City expects to construct the
Zone Projects in compliance with the Zone Project Schedule and to finance the Zone
Project Costs through the issuance of bonds or other obligations secured directly or
indirectly by the tax increment generated by development in the Zone. It is anticipated
that the City would issue any such debt obligations, but it is possible that the
Georgetown Transportation Enhancement Corporation and/or the Georgetown
Economic Development Corporation might contribute revenues or issue obligations for
the benefit of the Zone. The City (and GTEC and/or GEDCO) also expects to be
reimbursed for any and all costs qualifying as Zone Project Costs from the tax
increment fund created for the Zone.
If private developers require some or all of the Zone Projects to be constructed in
advance of the Zone Project Schedule in order to facilitate development in the Zone, the
City Council, in its sole discretion, may choose to amend the Zone Project Schedule to
accelerate construction of the Zone Projects by the City, or enter into agreements with
private developers to fund the actual cost of some of the Zone Projects, which
reimbursement agreements may or may not rely in whole or in part on the tax
increment fund established for the Zone or on tax increment financing.
The types of Zone Project Costs include all costs associated with the Zone
Projects as well as all those costs defined in Section 311.002 of the Tax Code (whether or
not specifically described below), including, without limitation, the following:
1. capital costs, including the actual costs of the design, construction, operation,
maintenance, repair, alteration, reconstruction, financing, and all other costs
associated with Zone Projects and the and the actual costs of the acquisition of
land and equipment and the clearing and grading of land for the Zone Projects;
2. the actual costs of the acquisition, demolition, alteration, remodeling, repair, or
reconstruction of existing buildings, structures, and fixtures;
3. the actual costs of the remediation of conditions that contaminate public or
private land or buildings;
Preliminary Project Plan and Financing Plan
City of Georgetown Tax Increment Reinvestment Zone No.
a/k/a South Georgetown Tax Increment Reinvestment Zone
Page 8 of 15
4. the actual costs of the demolition of public or private buildings;
5. the actual costs of the acquisition of land and equipment and the clearing and
grading of land;
6. 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;
7. real property assembly costs;
8. professional service costs, including those incurred for architectural, planning,
engineering, and legal advice and services;
9. imputed administrative costs, including reasonable charges for the time spent by
employees of the City in connection with the implementation of a project plan;
10. organizational costs, including the 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;
11. interest before and during construction and for one year after completion of
construction, whether or not capitalized;
12. the cost of operating the reinvestment zone and project facilities;
13. the amount of any contributions made by the City, GEDCO, or GTEC from
general revenue or the issuance of bonds or other obligations for the
implementation of the project plan;
14. the costs of school buildings, other educational buildings, other educational
facilities, or other buildings owned by or on behalf of a school district,
community college district, or other political subdivision of this state;
15. payments made at the discretion of the City Council that the City Council finds
necessary or convenient to the creation of the Zone or to the implementation of
the project plans for the Zone; and
16. all other costs allowed under Chapter 311 of the Texas Tax Code.
In addition, pursuant to Tax Code § 311.010(b), the City Council may enter into
agreements as the City Council considers necessary or convenient to implement this
project plan and reinvestment zone financing plan and achieve their purposes. An
agreement may provide for the regulation or restriction of the use of land by imposing
conditions, restrictions, or covenants that run with the land. An agreement may also
dedicate, pledge, or otherwise provide for the use of revenue in the tax increment fund
to pay any project costs that benefit the Zone, including project costs relating to the
remediation of conditions that contaminate public or private land or buildings, or the
construction of a road, sidewalk, or other public infrastructure in or out of the Zone,
including the cost of acquiring the real property necessary for the construction of the
road, sidewalk, or other public infrastructure. An agreement may also dedicate revenue
Preliminary Project Plan and Financing Plan
City of Georgetown Tax Increment Reinvestment Zone No. _
a/k/a South Georgetown Tax Increment Reinvestment Zone
Page 9 of 15.
from the tax increment fund to pay the costs of providing areas of public assembly in or
out of the Zone. All such costs, as well as all other costs described in this section and all
costs defined as "project costs" in Chapter 311 of the Texas Tax Code are hereby
declared to be Zone Project Costs.
B. Kind, Number, and Location of Proposed Public Improvements to be Financed
by the Zone (§ 311.011(c)(2))
The kind and number of public improvements to be financed by the Zone are
described on Exhibit D. The general locations of the proposed public improvements to
be financed by the Zone are shown on Exhibit E.
C. Economic Feasibility (§ 311.011(c)(3))
The City performed a preliminary Economic Feasibility Study, which is attached
hereto as Exhibit F. The Study concludes that, if the Zone exists through 2044, and
assuming a 1% appreciation in Assessed Valuation after build -out, the Zone is expected
to have $745 Million in development of Assessed Valuation. Cost estimates for water,
wastewater, and roadway improvements in the Zone range from $6.2 Million to $28
Million.
D. Estimated Amount and Timing of Bonded Indebtedness to be Incurred (§
311.011(c)(4) and § 311.011(c)(5))
In accordance with the ordinance establishing the Zone, the Zone is not
authorized to finance more than a total of $50 Million in Project Costs. Project debt is
expected to be issued by the City (in the form of utility revenue bonds or Certificates of
Obligation), the Georgetown Transportation Enhancement Corporation (for roadway
projects eligible for funding by GTEC under Chapter 505 of the Local Government Code
and the ballot language creating GTEC), or the Georgetown Economic Development
Corporation (for infrastructure projects eligible for funding by GEDCO under Chapter
504 of the Local Government Code). It is also assumed that the Zone Fund can only be
used to support one-half the costs of Rabbit Hill Road, Westinghouse Road, and Blue
Springs Road Extension. Based on those assumptions (and on other assumptions
described in more detail in Exhibit F), the anticipated debt issuance schedule is as
follows:
Preliminary Project Plan and Financing Plan
City of Georgetown Tax Increment Reinvestment Zone No.
a/k/a South Georgetown Tax Increment Reinvestment Zone
Page 10 of 15
Item
Cost
Entity
Year
Rate
Term
Debt Service Payment
Lift Station
$1,500,000
CITY
2014
5%
20
$123,974.80
Force Main
$900,000
CITY
2014
5%
20
$74,384.88
Gravity Sewer Interceptor
$5,300,000
CITY
2016
5%
20
$438,044.28
Oakmont Drive Ext.
$6,200,000
GTEC
2015
5%
20
$512,429.16
Blue Springs Road Ext. *
$1,900,000
GTEC
2019
5%
20
$157,034.74
Rabbit Kill Road*
$4,300,000
GTEC
2017
5%
20
$355,394.42
Westinghouse Road Repair & Maint. *
$7,500,000
GTEC
2017
5%
20
$619,873.99
New Elevated Storage Tank
$1,800,000
CITY
2016
5%
20
$148,769.76
Electric Utility Ext.
$5,600,000
CITY
2014
5%
20
$462,839.24
* costs shotivn are one-half of estimated costs
E. Estimated Time of Incurring Costs or Other Monetary Obligations (§
311.011(c)(5) )
In addition to the debt issuances described above, some Zone Project Costs will
be ongoing, such as administrative and oversight costs.
If private developers construct any of the Zone Projects shown on Exhibit D, the
estimated time of incurring costs or monetary obligations related to those projects will
be sooner than shown on the Zone Project Schedule. For example, if an agreement
between the City and Westinghouse Road Development Group, LLC is approved,
private developers may construct the Westinghouse Road Interceptor and the City may
construct the Lift Station and Force Main on a schedule set forth in that agreement and
on terms acceptable to the City Council.
F. Method of Financing/Sources of Revenue for Project Costs (§ 311.011(c)(6))
The City has agreed to participate in the Zone to the extent of One Hundred
Percent (100%) of the City's Tax Increment. The "City's Tax Increment" is equal to the
property taxes levied by the City on property in the Zone for each tax year during the
term of the Zone on the Captured Appraised Value. The "City's Captured Appraised
Value" of real property taxable by the City for a year is the total appraised value of all
real property taxable by the City and located in the Zone for that year less the "Tax
Increment Base." The "City's Tax Increment Base" is the total appraised value of all real
property taxable by the City and located in the Zone determined as of January 1, 2014,
the year in which the Zone was designated as a reinvestment zone. In no event is the
tax increment fund established for the Zone authorized to finance, directly or indirectly
more than a total of $50 Million in Project Costs.
Current projections for the tax increment fund for the Zone are included in
Exhibit F.
Preliminary Project Plan and Financing Plan
City of Georgetown Tax Increment Reinvestment Zone No. _
a/k/a South Georgetown Tax Increment Reinvestment Zone
Page 11 of 15
The City (and/or GTEC and GEDCO) anticipates issuing bonds, certificates of
obligation or limited tax notes to finance the Zone Project Costs, and to secure those
obligations directly or indirectly with monies in the tax increment fund created for the
Zone. The estimated time and amounts of debt issuances necessary to meet construct
the Zone Projects in compliance with the Zone Project Schedule is discussed in Section
E, above, and in Exhibit F.
G. Current Appraised Value (§ 311.011(c)(7))
The current appraised value for taxable real property in the Zone (as of April 15,
2014)) is shown on Exhibit A.
H. Estimated Captured Appraised Value (§ 311.011(c)(8))
The financing plan will be implemented in part through the Zone's ability to
capture and utilize incremental ad valorem tax revenue generated from real property in
the Zone, known as the "captured appraised value." The base value, from which the
captured appraised value will be calculated, is the total assessed taxable value of all
property within the Zone on January 1, 2014, as shown on the rolls of the WCAD.
An estimate of the captured appraised value in each year of the projected life of
the Zone is included in Exhibit F.
I. Duration of the Zone (§ 311.011(c)(9))
The Zone is intended to take effect immediately upon the passage and approval
of the ordinance creating the Zone, and to continue in existence until the earlier of: (a)
December 31, 2044; or (b) the date on which all project costs, reimbursement of
contributions made to the Zone by the City, GEDCO or GETC, tax increment bonds and
interest on those bonds, and all other obligations of the Zone and interest thereon, have
been paid in full.
Preliminary Project Plan and Financing Plan
City of Georgetown Tax Increment Reinvestment Zone No.
a/k/a South Georgetown Tax Increment Reinvestment Zone
Page 12 of 15
IV. Board of Directors of the Zone
The Zone is to be created by the City on its own motion. Therefore, the
composition of the board will be as stated in Section 311.009 of the Texas Tax Code.
That section provides that the board of directors must consist of at least five and not
more than 15 members, unless more than 15 members are required to satisfy the
requirements of the Tax Code. Each taxing unit (other than the City) that levies taxes on
real property in the zone may appoint one member of the board if the taxing unit has
entered into a written agreement with the City approving the payment of all or part of
the tax increment produced by the unit into the tax increment fund for the Zone. A unit
may waive its right to appoint a director. The City Council may appoint not more than
10 directors to the board; except that if there are fewer than five directors appointed by
taxing units other than the City, the City Council may appoint more than 10 members
as long as the total membership of the board does not exceed 15. It is recommended
that the Zone Board of Directors be comprised of no more than seven (7) members.
Preliminary Project Plan and Financing Plan
City of Georgetown Tax Increment Reinvestment Zone No.
a/k/a South Georgetown Tax Increment Reinvestment Zone
Page 13 of 15
Exhibit List:
Exhibit A - Chart showing parcel ID, landowner name, and current appraised value of
land within the Zone
Exhibit B - Aerial map showing Zone boundaries and current land use conditions
Exhibit C - Map showing proposed development in the Zone
Exhibit D - Zone Projects and Estimated Costs
Exhibit E- Map Showing Location of Zone Projects
Exhibit F -Economic Feasibility Study
Preliminary Project Plan and Financing Plan
City of Georgetown Tax Increment Reinvestment Zone No.
a/k/a South Georgetown Tax Increment Reinvestment Zone
Page 14 of 15
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EXHIBIT D
Estimated Cost
Rem General Description 12024 dollars)
48,700,000
Regional wastewater lift station generally located
near the Round Rock -Georgetown border, just east
Lift Station
of the proposed Oakmont Drive extension
$ 1,500,000
alignment - currently estimated at 1.0-1.5MGD
Pressurized wastewater line serving the proposed
Force Main
regional lift station - currently estimated at 6,000
$ 900,000
linear feet of 10" force main
Gravity sewer interceptor extension connecting to
existing citigroup sewer stub -out - currently
Gravity Sewer Interceptor
estimated at approximately 19,500 LF of 12-15-18-
$ 5,300,000
24" - includes design and ROW acquistion costs
Roadway extension from existing Round Rock
Oakmont Drive north connecting to existing
Oakmont Drive Extension
Georgetown Rabbit Hill Road - price includes
$ 6,200,000
roadway, drainage, and ROW estimates
Roadway extension adjacent to Madison mixed use
development. Current estimate includes
construction only - no ROW acquisition, drainage,
or bridge (for creek crossing north of Madison
Blue Springs Road Extension
mixed use development) costs included. Also,
$ 3,800,000
current estimate does NOT connect to Inner
Loop/Blue Ridge.
Roadway widneing to major collector status
Rabbit Hill Road
Westinghouse to Inner Loop - including roadway
$ 8,600,000
construction, drainage, and ROW acqusition
Two options - minor arterial rebuild (4 lanes)
Westinghouse Road Repair &
$8MM or major arterial rebuild (6 lanes) $15MM.
$ 15,000,000
Maintenance
Prices include roadway construction, drainage, and
ROW acquitsion
Rabbit Hill elevated storage tank to improve
New Elevated Storage Tank
pressure and flow to the area - currently estimated
$ 1,800,000
at 1.25 million gallons
Drainage infrastructure - inlets, storm drain piping,
Included in
Stormwater 8i Drainage
culverts, bar ditches associated with area road
individual road
Improvements
projects
estimates
Underground improvements & extension for
Electric Utility Extensions
Oakmont Drive extension assuming no developer
$ 5,600,000
contribution
Right -of -Way Acquisition
Typically included in specific project
Included above
Zone Administration Costs
Unknown
Unknown
48,700,000
EXHIBIT F to PRELIMINARY TIRZ PROJECT PLAN AND FINANCING PLAN
Economic Feasibility Study
Zone Description:
The proposed Tax Increment Reinvestment Zone (Zone) is approximately 594.92 acres in total size
and located in the southeastern part of the City of Georgetown, TX, east of I-35, both north and
south of Westinghouse Road. This area is entirely within Williamson County. This Zone in just
north of an existing residential subdivision, and also borders the undeveloped part of the existing
Round Rock Premium Outlet Mall that is expected to be anchored by a Bass Pro Shop. Most of the
land in the Zone is currently vacant. The Zone is expected to continue in existence until the earlier
of: (a) December 31, 2044; or (b) the date on which all project costs, reimbursement of
contributions made to the Zone by the City, tax increment bonds and interest on those bonds, and
all other obligations of the Zone and interest thereon, have been paid in full. However, in no event
shall the Zone be authorized to finance more than $50,000,000 in Project Costs. The Zone is
expected to have approximately $573,000,000 in development of Assessed Valuation. Per the
ordinance creating the Zone, the Zone is not authorized to finance, directly or indirectly, more than
FIFTY MILLION DOLLARS ($50,000,000.00) in project costs.
Project Plan:
The Project Costs are described on Exhibit D to the Project Plan and Financing Plan (Plan) and
include both upgrades to existing infrastructure and new infrastructure, with a total estimated cost
of approximately $48,700,000.
1) For water service, improvements will include a major lift/force main for wastewater to
serve the eastern portion of the zone, a gravity sewer interceptor, and a new elevated
storage tank.
2) For streets, improvements will include linking Oakmont Drive to Westinghouse Road to
provide access to the Round Rock Outlet area, extending Blue Springs Road to
Westinghouse for North/South access, expansion of Rabbit Hill Road, and
upgrading/repairing Westinghouse Road to handle the increased traffic flow for the
area.
3) Other improvements and costs include extending electric lines, acquiring right of way,
minor stormwater/drainage improvements, and Zone administration and financing
costs.
Economic Feasibility Study
South Georgetown Tax Increment Reinvestment Zone Page 1
EXHIBIT F to PRELIMINARY TIRZ PROJECT PLAN AND FINANCING PLAN
Finance Plan:
The Plan includes estimated construction costs for the planned infrastructure, along with an
estimated debt service cost (assumed to be 5.0% for a term of 20 years), and the estimated amount
of the City's tax increment to be deposited into the Zone Fund on an annual basis, assuming 1%
growth.
The Plan assumes that debt will be issued to fund the Project Costs by the City (or by the
Georgetown Transportation Enhancement Corporation or the Georgetown Economic Development
Corporation, or any other authorized entity, as applicable) and that the issuing entity will be fully
reimbursed for all for all debt issuance costs from the tax increment fund created for the Zone. If
debt is not issued and City (or GTEC and/or GEDCO) funds are used to fund any Project Costs, it is
also intended that monies from the tax increment fund created for the Zone will be used to
reimburse the City (or GTEC and/or GEDCO) for such expenditures. The Plan also assumes that the
Zone Fund will only be used to support one-half the costs of Rabbit Hill Road, Westinghouse Road,
and Blue Springs Road Extension, and that the Zone will not be financing more than $50,000,000 in
Project Costs.
The Plan provides that debt for the projects will be issued when the City is ready to commence
building the infrastructure. The Plan projects that for most of the life of the Zone the Debt Service
Coverage Ratio will be below 1.5x, with only the first 4 years below 1.0x.
Assumptions of the Economic Feasibility Study_
1) Debt is expected to be issued on the following schedule by the following entities:
Item
Cost
Entity
Year
Rate
Term
Payment
Lift Station
$1,500,000
CITY
2014
5%
20
$123,974.80
Force Main
$900,000
CITY
2014
5%
20
$74,384.88
Gravity Sewer Interceptor
$5,300,000
CITY
2016
5%
20
$438,044.28
Oakmont Drive Ext.
$6,200,000
GTEC
2015
5%
20
$512,429.16
Blue Springs Road Ext, *
$1,900,000
GTEC
2019
5%
20
$157,034.74
Rabbit Hill Road*
$4,300,000
GTEC
2017
5%
20
$355,394.42
Westinghouse Road Repair& Maint.*
$7,500,000
GTEC
2017
5%
20
$619,873.99
New Elevated Storage Tank
$1,800,000
CITY
2016
5%
20
$148,769.76
Electric Utility Ext.
$5,600,000
CITY
2014
5%
20
$462,839.24
* costs shown are one-half of estimated costs
Economic Feasibility Study
South Georgetown Tax Increment Reinvestment Zone Page 2
EXHIBIT F to PRELIMINARY TIRZ PROJECT PLAN AND FINANCING PLAN
2) All properties in the Zone are expected to appreciate at 1% APR after build out. Any
apartments constructed in the Zone are assumed to drop in value after their first year based
on information provided by the Williamson County Appraisal District. The build out of the
properties within the Zone is expected to reflect the following uses and build -out schedule
(where "Year" means the calendar year in which the tax increment is expected to be
generated from the development based on the Appraised Value (AV) shown):
Year
Camfir U(50NM)
Retail (98MM)
( 1E"
APTS(55MM)
Mdatial(17"
1�tid(17
uie
2014
$ 0
$ 0
$ 0
$ 0
$ 0
$ 0
$ 0
2015
$ 0
$20,000,000
$33,200,000
$ 0
$34,800,000
$34,800,000
$ 0
2016
$ 0
$46,000,000
$66,400,000
$ 0
$69,600,000
$69,600,000
$ 0
2017
$ 0
$72,000,000
$99,600,000
$ 0
$104,400,000
$104,400,000
$ 0
2018
$ 0
$98,000,000
$132,800,000
$55,000,000
$139,200,000
$139,200,000
$5,000,000
2019
$12,500,000
$98,000,000
$166,000,000
$41,250,000
$174,000,000
$174,000,000
$10,000,000
2020
$25,000,000
$98,000,000
$166,000,000
$41,250,000
$174,000,000
$174,000,000
$15,000,000
2021
$37,500,000
$98,000,000
$166,000,000
$41,250,000
$174,000,000
$174,000,000
$20,000,000
2022
$50,000,000
$98,000,000
$166,000,000
$41,250,000
$174,000,000
$174,000,000
$25,000,000
2023
$50,000,000
$98,000,000
$166,000,000
$41,250,000
$174,000,000
$174,000,000
$30,000,000
Findings:
Based on the above -stated assumptions, along with the other information in the Plan, it is expected
that the Zone Fund will be able to be used to begin reimbursing the debt -issuing entity beginning in
2015. The cash flow is expected to be more than enough to cover all modeled debt payments and
financing costs, and also allow for the option of paying down debt obligations early, or issuing more
debt.
Economic Feasibility Study
South Georgetown Tax Increment Reinvestment Zone Page 3
EXHIBIT F part 2
Year
Beginning Fund Bal.
TIRZ Rev
Debt Pmts
Ending Fund Bal
DSC
Sales tax Rev 1%
2014
$0
$0
$0
$0
-
$0
2015
$0
$539,706
$661,199
($121,493)
0.82
$15,378
2016
($121,493)
$1,105,782
$1,173,628
($189,339)
0.94
$30,756
2017
($189,339)
$1,671,858
$1,760,442
($277,923)
0.95
$46,134
2018
($277,923)
$2,501,634
$2,735,711
($512,000)
0.91
$61,513
2019
($512,000)
$2,969,921
$2,735,711
($277,789)
1.09
$76,891
2020
($277,789)
$3,046,834
$2,892,745
($123,700)
1.05
$92,269
2021
($123,700)
$3,123,746
$2,892,745
$107,301
1.08
$107,647
2022
$107,301
$3,200,659
$2,892,745
$415,214
1.i1
$123,025
2023
$415,214
$3,222,634
$2,892,745
$745,103
1.11
$125,486
2024
$745,103
$3,222,634
$2,892,745
$1,074,991
1.11
$127,995
2025
$1,074,991
$3,222,634
$2,892,745
$1,404,879
1.11
$130,555
2026
$1,404,879
$3,222,634
$2,892,745
$1,734,768
1.11
$133,166
2027
$1,734,768
$3,222,634
$2,892,745
$2,064,656
1.11
$135,830
2028
$2,064,656
$3,222,634
$2,892,745
$2,394,545
1.11
$138,546
2029
$2,394,545
$3,222,634
$2,892,745
$2,724,433
1.i1
$141,317
2030
$2,724,433
$3,222,634
$2,892,745
$3,054,322
1.11
$144,143
2031
$3,054,322
$3,222,634
$2,892,745
$3,384,210
1.11
$147,026
2032
$3,384,210
$3,222,634
$2,892,745
$3,714,099
1.11
$149,967
2033
$3,714,099
$3,222,634
$2,892,745
$4,043,987
1.11
$152,966
2034
$4,043,987
$3,222,634
$2,892,745
$4,373,876
' 1.11
$156,025
2035
$4,373,876
$3,222,634
$2,231,546
$5,364,963
1.44
$159,146
2036
$5,364,963
$3,222,634
$1,719,117
$6,868,480
1.87
$162,329
2037
$6,868,480
$3,222,634
$1,132,303
$8,958,810
2.85
$165,575
2038
$8,958,810 1
$3,222,634
$157,035
$12,024,409
20.52
$168,887
2039
$12,024,409
$3,222,634
$157,035
$15,090,008
20.52
$172,265
2040
$15,090,008
$3,222,634
$0
$18,312,642
-
$175,710
2041
$18,312,642
$3,222,634
$0
$21,535,276
-
$179,224
2042
$21,535,276
$3,222,634
$0
$24,757,910
-
$182,809
2043
$24,757,910 1
$3,222,634
$0
$27,980,543
-
$186,465
2044
$27,980,543
$3,222,634 1
$0
$31,203,177
-
$190,194