The URL can be used to link to this page

Home My WebLink AboutWolf_Lakes_TIRZ_Board_Agenda_12_16_2019_3361Notice of Meeting for the Wolf L akes T I RZ B oard of the City of Georgetown December 16, 2019 at 3:30 P M at Georgetown City Hall Community Room, 808 Martin L uther K ing Jr. St. T he C ity o f G eorgetown is c o mmitted to c ompliance with the Americans with Dis ab ilities Ac t (ADA). If yo u req uire as s is tanc e in participating at a p ublic meeting d ue to a disability, as d efined und er the ADA, reasonable as s is tance, ad ap tatio ns , or acc o mmo d ations will b e provid ed up o n req uest. P leas e contac t the C ity S ecretary's O ffic e, at leas t three (3) d ays p rio r to the s cheduled meeting date, at (512) 930-3652 or C ity Hall at 808 Martin Luther King Jr. S treet, G eo rgeto wn, T X 78626 for ad d itional info rmation; T T Y us ers route thro ugh R elay Texas at 711. P olicy Dev elopment/Rev iew Workshop A O verview of the Wo lf Lakes T I R Z P reliminary P ro ject P lan -- Laurie Brewer, As sistant C ity Manager Adjournment Ce rtificate of Posting I, R obyn Dens mo re, C ity S ec retary for the C ity of G eorgetown, Texas, do hereb y certify that this Notice of Meeting was p o s ted at C ity Hall, 808 Martin Luther King Jr. S treet, G eorgeto wn, T X 78626, a p lace readily acc es s ib le to the general p ublic as req uired by law, on the _____ day of _________________, 2019, at __________, and remained so p o s ted fo r at leas t 72 c o ntinuo us hours prec eding the sc heduled time of s aid meeting. __________________________________ R o b yn Dens more, C ity S ecretary Page 1 of 12 City of Georgetown, Texas Downtown T I RZ Board December 16, 2019 S UB J E C T: O verview of the Wolf Lakes T I R Z P reliminary P rojec t P lan -- Laurie Brewer, As s is tant C ity Manager IT E M S UMMARY: F IN AN C IAL IMPAC T: . S UB MIT T E D B Y: AT TAC H ME N T S: D escription Type 12.16.19 Wolf Lakes TIRZ Pres entation - Update Pres entation Page 2 of 12 Wolf Lakes Tax Increment Reinvestment Zone •May 22, 2018 •Executive Session December 16, 2019 Page 3 of 12 Wolf Lakes TIRZ Board of Directors: –Mayor –Councilmember District 2 –City Manager –City Planning Director –Member of City’s 4A Board –2 reps from WILCO City of GeorgetownPage 4 of 12 Purpose: –The purpose of the Zone is to provide economic and qualitative benefits by facilitating a program of public improvements that provide for the development of a mixed-use development with business/corporate offices, retail, entertainment, and enhanced quality of life features for residents. Page 5 of 12 The Project: Location •NW corner of IH35 and its intersection with University Avenue (SH29), bounded by Wolf Ranch Parkway to the west and the River Hills subdivision to the north. Page 6 of 12 What is TIF Financing? •Tax Increment Financing (TIF) is a tool local governments may use to finance public improvements within defined areas that have unique challenges or opportunities for economic development. –A municipality may make an area eligible for tax increment financing by designating a reinvestment zone (TIRZ). –Taxes on the appraised value of the zone in the year the zone was designated (the “base” year) continue flowing to the general funds of taxing units, but, for participating government units, all or part of the increased tax revenue due to greater real property values in TIF zone flows to a tax increment financing fund (“TIF or TIRZ”) for a specified maximum term of years. Page 7 of 12 Why TIF for Wolf Lakes? •Strong corporate use opportunities –Retail will support office and residential •Mixed use provides additional sustainability •PUD provides higher level of development standards •Additional tax base generated due to design and density •Non-reimbursable project costs estimated at $978M –Developer estimates $1.7B versus $460M traditional –value at year 2050 •TIF provides framework for performance based reimbursement Page 8 of 12 Infrastructure Summary -Reimbursable •Onsite infrastructure $45.6M –Roads, utilities, drainage •Parking structures (5)$35M •Electric onsite and offsite $6.2M •Gas and fiber optic lines $2M •Offsite water and wastewater $1M •Memorial Drive and Traffic Impact off-site $3.5M •Common areas/open space/trails $8.2M •Total $102M •Interest/carrying costs also eligible for reimb. up to revenue cap City of GeorgetownPage 9 of 12 Summary –Property Taxes/TIF •Financials-TIF reimbursements –City TIF = estimated $91M over 30 years (70%) •City’s increment capped at $100M –County TIF = estimated $19M over 20 years (50%) •County’s capped at $30M for road and drainage only –Total TIF reimbursement -$130M •Cash generated through additional annual tax revenue •Base Year Value of 2018 = $4,627,127. •Reimbursement only –developer reimbursed as tax revenue is generated City of GeorgetownPage 10 of 12 Assessed Value –Wolf Lakes LP Projection City of Georgetown 169,445,532 642,106,743 1,287,055,012 1,421,012,731 1,732,206,590 1,874,996,121 - 200,000,000 400,000,000 600,000,000 800,000,000 1,000,000,000 1,200,000,000 1,400,000,000 1,600,000,000 1,800,000,000 2,000,000,000 2020 2025 2030 2035 2045 2049 Wolf Lakes LP Projection Page 11 of 12 Questions? City of GeorgetownPage 12 of 12