O-2580-12-06ORDINANCE NO. 2580.12-06
' AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF ALLEN, COLLIN
COUNTY, TEXAS, DESIGNATING A CERTAIN AREA WITHIN THE CITY OF
ALLEN, COLLIN COUNTY, TEXAS, AS TAX INCREMENT FINANCING
REINVESTMENT ZONE NO. 2 ("CENTRAL BUSINESS DISTRICT");
ESTABLISHING THE BOUNDARIES OF SUCH ZONE; CREATING A BOARD
OF DIRECTORS FOR SAID REINVESTMENT ZONE AND OTHER MATTERS
RELATED THERETO; CONTAINING FINDINGS; PROVIDING A
SEVERABH.ITY CLAUSE; AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, the City Council desires to promote the development or redevelopment of a certain contiguous
geographic area within its jurisdiction by the creation of a Reinvestment Zone, as authorized by the Tax
Increment Financing Act, Chapter 311 of the Texas Tax Code (the "Act"); and
WHEREAS, in compliance with the Act, the City called a public hearing to receive public comments on the
creation of the proposed Reinvestment Zone and its benefits to the City and the property in the proposed
Reinvestment Zone; and,
WHEREAS, in compliance with the Act the City Council notified the governing body of each taxing unit that
levies real property taxes within the proposed Reinvestment Zone of its intent to establish the Reinvestment
' Zone; and,
WHEREAS, in compliance with the Act, notice of the public hearing was published in The Allen American, a
paper of general circulation in the City, such publication date being not later than seven (7) days prior to the
date of the public hearing; and,
WHEREAS, such hearing was convened at the time and place mentioned in the published notice, to wit, on
the 12th day of December, 2006, at 7:00 p.m., at the Council Chambers in the City Hall of the City of Allen,
Collin County, Texas, which hearing was then closed; and,
WHEREAS, the City, at such hearing, invited any interested person, or the person's representative, to appear
and speak for or against the creation of the Reinvestment Zone, the boundaries of the proposed Reinvestment
Zone, as described in Exhibit "A" attached hereto, and as depicted in the map attached hereto as Exhibit "B,"
whether all or part of the territory described in Exhibit "A" and as depicted in Exhibit "B" should be included
in such proposed Reinvestment Zone, the concept of tax increment financing, and the appointment of a Board
of Directors for the proposed Reinvestment Zone; and,
WHEREAS, all owners of property located within the proposed Reinvestment Zone and all other taxing units
and other interested persons were given the opportunity at such public hearing to protest the creation of the
proposed Reinvestment Zone; and,
WHEREAS, the proponents of the Reinvestment Zone offered evidence, both oral and documentary, in favor
of all of the foregoing matters relating to the creation of the Reinvestment Zone, and opponents, if any, of the
Reinvestment Zone appeared to contest creation of the Reinvestment Zone; and,
' WHEREAS, the City has reviewed a preliminary project and Reinvestment Zone financing plan attached
hereto as Exhibit "C," and has sent a copy of the plan to the governing body of each taxing unit that levies
taxes on real property in the proposed Reinvestment Zone; and,
WHEREAS, in further compliance with the Act, the City has made a formal presentation to the governing
body of each taxing unit (or such taxing unit waived such requirement) that levies taxes on real property in the
proposed Reinvestment Zone, such presentation included information on the boundaries of the proposed
Reinvestment Zone, the tentative plans for development of the proposed zone, and an estimate of the general
impact of the proposed Reinvestment Zone on property values and tax revenues.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF ALLEN,
COLLIN COUNTY, TEXAS, THAT:
SECTION 1. The facts and recitations contained in the preamble of this Ordinance are hereby found and
declared to be true and correct.
SECTION 2. The City Council, after conducting such hearing and having heard such evidence and
testimony has made the following findings and determinations based on the evidence and testimony presented
to it:
a) That the public hearing on adoption of the Reinvestment Zone has been properly called, held
and conducted and that notice of such hearing has been published as required by law and
delivered to all taxing units overlapping the territory inside the proposed Reinvestment Zone.
b) That creation of the proposed Reinvestment Zone with boundaries as described in Exhibit
"A" and as depicted in Exhibit "B" will result in benefits of the City, its residents and
property owners, in general, and to the property, residents and property owners in the
Reinvestment Zone.
c) That the Reinvestment Zone, as defined in Exhibit "A" and as depicted in Exhibit `B," meets
' the criteria for the creation of a Reinvestment Zone as set forth in the Act in that it is a
contiguous geographic area located wholly within the corporate limits of the City and meets
the criteria set forth in the Act for designation as a Reinvestment Zone.
d) That the total appraised value of all taxable real properly in the proposed Reinvestment Zone
according to the most recent appraisal roll of the City, together with the total appraised value
of taxable real property in all other existing Reinvestment Zones within the City, according to
the most recent appraisal roll of the City, does not exceed fifteen percent (15%) of the current
total appraised value of taxable real property in the City and in the industrial districts created
by the City, if any.
e) That the proposed Reinvestment Zone does not contain more than fifteen percent (15%) of
the total appraised value of real property taxable by a county or school district.
f) That the proposed improvements in the Reinvestment Zone will significantly enhance the
value of all taxable real property in the Reinvestment Zone and will be of general benefit to
the City, and the area meets the requirements of Tax Code, Section 311.005.
g) That the development or redevelopment of the property in the proposed Reinvestment Zone
will not occur solely through private investment in the reasonably foreseeable future.
h) That ten percent (10%) or less of the property in the proposed Reinvestment Zone, excluding
property dedicated to public use, is currently used for residential purposes.
t i) That the proposed Zone is to be predominantly open and, because of obsolete platting,
deterioration of structures, or site improvements, or other factors substantially impair
or arrest the sound growth of the municipality or county.
Ordinance No. 2580-12-06, Page 2
0) That the proposed Zone substantially arrests or impairs the sound growth of the City, retards
the provision of housing accommodations, or constitutes an economic or social liability and
is a menace to the public health, safety, morals, or welfare in its present condition and use
because of the presence of:
1)
a substantial number of substandard, slum, deteriorated, or deteriorating structures;
2)
the predominance of defective or inadequate sidewalk or street layout;
3)
faulty lot layout in relation to size, adequacy, accessibility, or usefulness;
4)
unsanitary or unsafe conditions; and
5)
the deterioration of site or other improvements
SECTION 3. The City hereby creates a Reinvestment Zone over the area described in Exhibit "A," attached
bereto, and as depicted in the map attached as Exhibit 'B," and such Reinvestment Zone shall hereafter be
identified as Tax Increment Financing Reinvestment Zone No. 2, City of Allen, Texas (the "Central Business
District Zone" or the "Central Business Reinvestment Zone").
SECTION 4. There is hereby established a Board of Directors for the Zone, which shall consist of at least
five (5) but not more than fifteen (15) members. The Board of Directors of Tax Increment Financing
Reinvestment Zone No. 2 shall be appointed as follows:
(a) The City shall be entitled to appoint a minimum of three (3) and a maximum of five (5)
members as set forth herein. Each taxing unit that levies taxes on real property in the Zone
may appoint one member of the Board and in such case the City Council shall appoint
additional member(s) in order to maintain a Board of at least five (5) members. The taxing
units that levy taxes on real property in the Zone and have chosen not to pay any of their
' taxes into the Tax Increment Fund have waived their right to appoint Board Members. A
vacancy on the Board shall be filled as set forth in the Act. If a taxing unit waives its right to
appoint a member of the Board, the City may appoint such Board Member in its stead. The
initial Board of Directors shall be appointed by resolution of the governing bodies of the City
and the taxing units within sixty (60) days after the passage of this Ordinance. Failure of a
taxing unit to appoint a director within such sixty (60) day period shall be deemed a waiver of
the right to appoint a director, and the City Council shall be entitled to appoint persons to
such position. Positions one through three are reserved for the City. The remaining positions
are reserved for other taxing units that levy real property taxes in the Zone. Directors
appointed by taxing units other than the City shall be assigned a Board position in the order
that the City receives the appointment. All members appointed to the Board shall meet
eligibility requirements as set forth in the Act.
(b) The terms of the Board members shall be for terns of two years. To provide for staggered
terms, the initial directors appointed to odd -numbered positions shall be appointed for two
year terns, while the initial directors appointed for even -numbered positions shall be
appointed for one year terms. All subsequent appointments shall be for terms of two years.
Each year the City Council shall designate a member of the Board to serve as Chairperson of
the Board of Directors, and the Board shall elect from its members a Vice -Chairperson and
other officers, as it deems appropriate.
(c) The Board of Directors shall make recommendations to the City Council concerning the
administration of the Zone. It shall prepare and adopt a project plan and Reinvestment Zone
financing plan for the Zone, and must submit such plans to the City Council for its approval.
The City Council delegates to the Board of Directors all powers necessary to prepare and
implement the project and Reinvestment Zone financing plans for the Zone, including any
required annual reports on the status of the Zone, all subject to the approval of the City
Council.
Ordinance No. 2580-12-06, Page 3
SECTION 5. The Zone shall take effect on the adoption of this Ordinance, and the termination of the Zone
shall occur on December 31, 2036, or at an earlier time designated by subsequent Ordinance of the City
' Council, or at such time, subsequent to the issuance of any tax increment bonds, if any, that all project costs,
tax increment bonds, notes or other obligations of the Zone, and the interest thereon, if any, have been paid in
full.
SECTION 6. The Tax Increment Base for the Zone, which is the total appraised value of all taxable real
property located in the Zone, is to be determined as of January 1, 2006, the year in which the Zone was
designated as a tax increment financing Reinvestment Zone (the "Tax Increment Base"). Tax Increment Base
means the total appraised value of all real property taxable by a Taxing Unit and located in the Zone for the
2006 year. Tax Increment means the total amount of property taxes by a Taxing Unit for the year on the
Captured Appraised Value of real property taxable by a Taxing Unit and located in the Zone. Captured
Appraised Value means the total appraised value of all real property taxable by a Taxing Unit and located in
the Zone for the year less the Tax Increment Base of the Taxing Unit. For purposes of this Ordinance, taxing
unit means the Allen Independent School District, Collin County, Collin County Community College District
and any other political subdivision or special district that taxes real property within the Zone that enters into a
contract with the City to contribute to the Tax Increment Fund.
SECTION 7. There is hereby created and established a Tax Increment Fund for the Zone which may be
divided into such sub -accounts as may be authorized by subsequent Ordinance, into which all Tax
Increments, less any of the amounts not required to be paid into the Tax Increment Fund pursuant to the Act,
are to be deposited. All Tax Increments as defined herein shall be deposited in the Tax Increment Fund. The
Tax Increment Fund and any sub -accounts are to be maintained at the depository bank of the City and shall be
secured in the manner prescribed by law for funds of the City. In addition, all revenues from the sale of any
tax increment bonds, notes or certificates of obligation, hereafter issued by the City; revenues from the sale of
any properly acquired as part of the Reinvestment Zone financing plan; and any other revenues to be
' dedicated to and used in the Zone shall be deposited into the Tax Increment Fund or sub -account from which
money will be disbursed to pay project costs for the Zone or to satisfy the claims of holders of tax increment
bonds, notes or certificates of obligations issued for the Zone.
SECTION S. The City will participate in the Zone by contributing fifty percent (50%) of the City's Tax
Increment from real property ad valorem taxes in the Zone for a period of thirty (30) years and by
contributing fifty percent (50 %) of the City's annual municipal Sales and Use Tax collections above the Sales
and Use Tax Base for a period of thirty (30) years. For purposes of this Ordinance, Sales and Use Tax shall
mean the City's one percent (1 %) Sales and Use Tax imposed pursuant to Chapter 321, Tax Code on the sale
of taxable items in the Zone. Sales and Use Tax does not include any additional Sales and Use Tax imposed
by the City for any purpose, including the one-half of one percent (0.5%) Sales and Use Tax imposed by the
City on behalf of the Allen Community Development Corporation pursuant to 4B of the Development
Corporation Act, or the one-half of one percent (0.5%) Sales and Use Tax imposed by the City on behalf of
the Allen Economic Development Corporation pursuant to 4A of the Development Corporation Act. Taxable
items shall have the same meaning assigned by Tax Code, Chapter 151, as amended.
SECTION 9. All Ordinances of the City of Allen, Collin County, Texas, in conflict with the provisions of
this Ordinance be, and the same are hereby, repealed; provided, however, that all other provisions of said
Ordinances not in conflict with the provisions of this Ordinance shall remain in full force and effect.
SECTION 10. If any section, paragraph, clause or provision of this Ordinance shall for any reason be held
invalid or unenforceable, the invalidity or unenforceability of such section, paragraph, clause or provision
shall not affect any of the remaining provisions of this Ordinance.
' SECTION 11. This Ordinance shall take effect upon its passage and the publication of the caption, as the
law and charter in such cases provide.
Ordinance No. 2580-12-06, Page 4
1
1
DULY PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF ALLEN, COLLIN
COUNTY, TEXAS, ON THIS THE 12TH DAY OF DECEMBER, 2006.
APPROVED AS TO FORM:
(3t
Nei& G. Smith, MY ATTORNEY
APPROVED:
Stephen Te 11, MAYOR
ATTEST:
Ordinance No. 2580-12-06, Page 5
EXHIBIT"A"
Parcel Descriptions within the Proposed TIF Zone
The City of Allen Tax Increment Reinvestment Zone No. 2 (Central Business District TIF) is 885.43± acres of
Ind in the City of Allen as described below:
ALLEN ORIGINAL DONATION BLK C LOT 6F 1.1045 ACRES
ALLEN ORIGINAL DONATION BLK C LOT 6G.0813 ACRES
TONEY MCDERMOTT REPLAT BLK 1 LOT 1
ABS A0708 PERRIN, WILLIAM, TRACT 13_1955 ACRES
ALLEN ORIGINAL DONATION BLK 12 LOT 12 3A.3444 ACRES
ALLEN ORIGINAL DONATION ELK 12 LOT 3B, 4A, 4B, 5 & OL 1
ABS A0708 PERRIN, WILLIAM, TRACT 88_4889 ACRES
ABS A0708 PERRIN, WILLIAM, TRACT 36, 0.1517 ACRES
ABS A0708 PERRIN, WILLIAM, TRACT 94, 0.858 ACRES
ALLEN ORIGINAL DONATION BLK 1 LOT 6 7
ABS A0708 PERRIN, WILLIAM, TRACT 95
MCDERMOTT BUSINESS PARK LOT R001 .243 ACRES 55' ROW
MCDERMOTT BUSINESS PARK BLK A LOT A 1.7775 ACRES AMENDED
MCDERMOTT BUSINESS PARK BLK A LOT 4 0.5415 ACRES AMENDED
MCDERMOTT BUSINESS PARK BLK A LOT B 0.4995 ACRES AMENDED
' ALLEN ORIGINAL DONATION BLK 3 LOT 6B 7B 8B 9B IOB
ALLEN STATION PARK LOT R001 .825 ACRES ROW
ALLEN STATION PARK BLK A LOT 2.2736 ACRES
ALLEN STATION PARK BLK A LOT 13.917 ACRES
WHISENANT BLK 2 LOT 4C
ALLEN ORIGINAL DONATION BLK C LOT 3A & 3C
GILLILAND BLK 17 LOT 1.378 ACRES
ALLEN ORIGINAL DONATION ELK 6 LOT 1, 2B,2A,3,4 & 5
WHISENANT BLK 11 LOT 113
A E VITA & E T BOON JR LOT 2C
WHISENANT BLK 1 LOT 4B
ALLEN ORIGINAL DONATION BLK 18 LOT 12 & 3B
E B YOUNG BLK 1 LOT 3A
ALLEN ORIGINAL DONATION BLK G LOT 4A
ALLEN ORIGINAL DONATION BLK G LOT 4B
ALLEN ORIGINAL DONATION BLK 19 LOT 6 & 7
ALLEN ORIGINAL DONATION BLK G LOT 5
ALLEN ORIGINAL DONATION BLK G LOT 3A
Ordinance No. 2580-12-06, Page 6
WOOD LOT 2
'
WHISENANT BLK 4 LOT IE & 2D
ALLEN STATION PARK BLK D LOT 1 11.276 ACRES
ALLEN ORIGINAL DONATION BLK G LOT IA
ALLEN ORIGINAL DONATION BLK G LOT 6 & 7
Ordinance No. 2580-12-06, Page 6
ALLEN ORIGINAL DONATION BLK G LOT 3B
WHISENANT BLK 2 LOT 5C & 5D
ALLEN STATION PARK LOT R002.9344 ACRES ROW
ALLEN STATION PARK BLK B LOT 1 8.154 ACRES
ABS A0713 PERRIN, A. B., TRACT 2_16 ACRES
ALLEN ORIGINAL DONATION BLK 18 LOT 4
WHISENANT BLK 5 LOT 1C
ALLEN ORIGINAL DONATION BLK 19 LOT 4 5
WHISENANT BLK 5 LOT lA
WHISENANT BLK 7 LOT 002A.501 ACRES
ALLEN ORIGINAL DONATION BLK G LOT 4C
ALLEN ORIGINAL DONATION BLK G LOT 4D
ALLEN ORIGINAL DONATION BLK G LOT 4F
ALPHA SELF STORAGE
ALLEN ORIGINAL DONATION BLK F LOT 12 3A & OL 1 STREET
ALLEN ORIGINAL DONATION BLK 19 LOT 9A & 10
ALLEN ORIGINAL DONATION BLK 7 LOT 5
WHISENANT BLK 6 LOT 1G
JAS GARLAND LOT 5
WHISENANT BLK 11 LOT IE
WOOD LOT 1
' WHISENANT BLK 12 LOT lA
WHISENANT BLK 11 LOT 1C & 2B
E B YOUNG BLK I LOT 4A
E B YOUNG BLK 1 LOT lA
ABS A0758 READ, JAS L, TRACT 17_206 ACRES
ALLEN ORIGINAL DONATION BLK 7 LOT 13
EDWIN PLACE LOT l
WHISENANT BLK 7 LOT 1C
ALLEN ORIGINAL DONATION BLK 8 LOT 7A 8A 9A I OA
WHISENANT BLK 4 LOT 1C
ALLEN ORIGINAL DONATION BLK G LOT 1B 1C
A E VITA & E T BOON JR LOT 2D
WHISENANTBLK 11 LOT 1D -2C
RODENBAUGH NORTH #02 LOT 2
RACEWAY #02 PROFESSIONAL CONDOS LOT B
ALLEN ORIGINAL DONATION BLK C LOT ID 2K
ALLEN ORIGINAL DONATION BLK C LOT 2B & 3B
ALLEN ORIGINAL DONATION BLK C LOT 2J
ALLEN ORIGINAL DONATION BLK D LOT 11 12A
WHISENANT BLK 5 LOT IB
E B YOUNG BLK 1 LOT 1C & 2
ALLEN PROFESSIONAL CENTER LOT 2
WHISENANT BLK 4 LOT 2C -3E
WHISENANT BLK 4 LOT 2A -2G 3A 3B
Ordinance No. 2580-12-06, Page 7
WHISENANT BLK 4 LOT 1B & 2B
WHISENANT BLK 5 LOT 2A
' WHISENANT BLK 4 LOT IA -ID 2E -2F
RODENBAUGH NORTH #02 LOT 3
WHISENANT BLK 1 LOT 4A
ALLEN ORIGINAL DONATION BLK D LOT IC 2A 3
ALLEN ORIGINAL DONATION BLK D LOT 1B 2B
ALLEN ORIGINAL DONATION BLK E LOT I
ALLEN ORIGINAL DONATION BLK 9 LOT 3 4
ALLEN ORIGINAL DONATION BLK 8 LOT 18
ALLEN ORIGINAL DONATION BLK 7 LOT 11 12 & 14
ALLEN ORIGINAL DONATION BLK 8 LOT 15 & OL 1
ALLEN ORIGINAL DONATION BLK 15 LOT 5
WHISENANTBLK 11 LOT 1F
ALLEN ORIGINAL DONATION BLK J LOT 3D 4C
WB,LIAMS-REITINGER BLK 20 LOT 3
RACEWAY #02 PROFESSIONAL CONDOS LOT A
ALLEN ORIGINAL DONATION BLK 9 LOT 5 6 7 8 9 IO
ALLEN ORIGINAL DONATION BLK 8 LOT 7D 8D 9D IOD
ALLEN ORIGINAL DONATION BLK C LOT 6D
WHISENANT BLK 6 LOT 1H
' WHISENANT BLK 13 LOT 1B
WHISENANT BLK 12 LOT IB
RODENBAUGH NORTH LOT 1
ALLEN ORIGINAL DONATION BLK F LOT 3B 3C
ATTIC STORAGE BLK 1 LOT I
ALLEN ORIGINAL DONATION BLK 9 LOT 13A & 14A.098 ACRES
WHISENANT BLK 7 LOT 2C
KWIK LUBE LOT IA
WILLIAMS-REITINGER BLK 20 LOT 4B
ALLEN ORIGINAL DONATION BLK 8 LOT 7B 7C 8B 8C 9B 9C 10B IOC
ALLEN ORIGINAL DONATION BLK 8 LOT I IB 12C 13C 14C
ALLEN ORIGINAL DONATION BLK K LOT IA 2B
WHISENANT BLK 3 LOT 1
ALLEN ORIGINAL DONATION BLK 19 LOT 8 9B
WHISENANT BLK 1 LOT 3A -4C
WHISENANT BLK I LOT 3B
WHISENANT BLK 4 LOT 3D -3F
WHISENANT BLK 4 LOT 3C
ALLEN ORIGINAL DONATION BLK C LOT 2E.2272 ACRES
ALLEN ORIGINAL DONATION BLK C LOT 2A
' WHISENANT BLK 2 LOT 41)4E
WHISENANT BLK 7 LOT IA
ALLEN ORIGINAL DONATION BLK D LOT 4C
ALLEN ORIGINAL DONATION BLK D LOT 1D & IA
Ordinance No. 2580-12-06, Page 8
ALLEN ORIGINAL DONATION BLK D LOT 12B
ALLEN ORIGINAL DONATION BLK C LOT 6B
' JNLOTA&B
WHISENANT BLK 11 LOT IA
ALLEN ORIGINAL DONATION BLK 7 LOT 6 & 7
ALLEN ORIGINAL DONATION BLK 8 LOT I IA 12A 12B 13A 13B 14A 14B
COMMUNITY CREDIT UNION BLK l LOT IR 2.139 ACRES
ALLEN ORIGINAL DONATION BLK J LOT 2C
ABS A0758 READ, JAS L, TRACT 5_015 ACRES
ALLEN ORIGINAL DONATION BLK 7 LOT IA 2A 3A 4A
ALLEN ORIGINAL DONATION BLK 15 LOT 3B 4B
ECI BLK 1 LOT 1
JAMES LOT 1
ALLEN ORIGINAL DONATION BLK K LOT 2A -3A -4A
ALLEN ORIGINAL DONATION BLK 18 LOT SC 8B 9A 9B 9C l0A 10B
WHISENANT BLK 7 LOT 2B
WIRSENANT BLK 12 LOT 2
ALLEN ORIGINAL DONATION BLK 9 LOT 11 & 12
E B YOUNG BLK I LOT 8B
ALLEN ORIGINAL DONATION BLK 15 LOT 8B 9A 10A
E B YOUNG BLK I LOT 5
ABS A0708 PERRIN, WILLIAM, TRACT 17, .324 ACRES
ABS A0708 PERRIN, WILLIAM, TRACT 16,3099 ACRES
ABS A0708 PERRIN, WILLIAM, TRACT 15,371 ACRES
ABS A0708 PERRIN, WILLIAM, TRACT 35,3275 ACRES
WILLIAMS-REITINGER BLK 20 LOT 4A
ALLEN ORIGINAL DONATION BLK 8 LOT A
WHJSENANT BLK I LOT IA 1B 2A 2B 2C
WHISENANT BLK 8 LOT 1B & 1C
WHISENANT BLK 7 LOT IB
ALLEN ORIGINAL DONATION BLK C LOT 2G 2H
ALLEN ORIGINAL DONATION BLK C LOT 2I
WHISENANT BLK 6 LOT 1F
JAS GARLAND LOT IA 2 3 4 7 8 9 10 l IA & 12A
WHISENANT BLK 6 LOT ID
WHISENANT BLK 6 LOT IC
WHISENANT BLK 2 LOT 4B
WHISENANT BLK 6 LOT IE
WHISENANT BLK 11 LOT 2A
WHISENANT BLK 6 LOT 3
WILLBO 903 BLK 10 LOT 6R
' WB,LBO BLK 10 LOT SR
ABS A0758 READ, JAS L, TRACT 31_1572 ACRES
ALLEN ORIGINAL DONATION BLK C LOT 2C & 2F
ALLEN ORIGINAL DONATION BLK C LOT 1B 2D
Ordinance No. 2580-12-06, Page 9
ALLEN ORIGINAL DONATION BLK CLOT I C -2L
' EDWIN PLACE LOT 2
CLAY BLK A LOT I
WHISENANT BLK 5 LOT 2B
ALLEN PROFESSIONAL CENTER LOT 1
ALLEN ORIGINAL DONATION BLK 6 LOT 6, 7,8,9 & OL 1
IAS GARLAND LOT 6
E B YOUNG BLK I LOT SA
ABS A0758 READ, JAS L, TRACT 25, .093 ACRES
FIRST CHRISTIAN CHURCH LOT R002.0061 ACRES ROW
ALLEN ORIGINAL DONATION BLK 8 LOT 16 & 17
ALLEN ORIGINAL DONATION BLK 19 LOT 3B
FIRST BANK ALLEN BLK A LOT 1
ABS A0758 READ, JAS L, TRACT 35_0543 ACRES
FIRST CHRISTIAN CHURCH LOT R001.0408 ACRES ROW
ABS A0110 BRANDENBURGH, HENRY, TRACT 2, 17.4 ACRES
TRIANGLE BLK A LOT 1
REITINGER-WHITE LOT A B C D& E
ALLEN ORIGINAL DONATION BLK K LOT IA AKA 1D FOR TAX PURPOSE
E B YOUNG BLK 1 LOT 7A
E B YOUNG BLK I LOT 7B
E B YOUNG BLK I LOT 113
ABS A0708 PERRIN, WILLIAM, TRACT 11, 14.88 ACRES
E B YOUNG BLK 1 LOT 6
E B YOUNG BLK I LOT 3B & 4B
WHISENANT BLK 13 LOT 3
ALLEN CITY COMPLEX LOT 1 R
ALLEN ORIGINAL DONATION BLK 29 LOT 2A 3A
WHISENANT BLK 2 LOT IA -5A
ABS A0990 WETSEL PETER, TRACT 20, LO ACRES
ALLEN ORIGINAL DONATION BLK G LOT 4G
POWERBLKGLOT2
ALLEN PROPERTIES ON LINE LOT 0.28 ACRES
WHISENANT BLK 6 LOT 2
WHISENANT BLK 6 LOT IA
GILLILAND BLK 17 LOT 2.196 ACRES
ALLEN ORIGINAL DONATION BLK J LOT 5A. 1196 ACRES
FIRST BAPTIST CHURCH LOT 2
ALLEN ORIGINAL DONATION BLK 29 LOT 213 3B
RACEWAY #02 PROFESSIONAL CONDOS LOT C
RACEWAY #02 PROFESSIONAL CONDOS LOT D
RACEWAY #02 PROFESSIONAL CONDOS LOT E
WHISENANT BLK 13 LOT IA
ABS A0708 PERRIN, WILLIAM, TRACT 14,324 ACRES
ALLEN CITY COMPLEX BLK 1 LOT 1
Ordinance No. 2580-12-06, Page 10
ABS A0758 READ, JAS L, TRACT 20, 2.18 ACRES
FIRST CHRISTIAN CHURCH BLK A LOT 1 1.04 ACRES
ALLEN PUBLIC LIBRARY AUDITORIUM LOT R001 1.0 ACRES ROW
ALLEN MEDICAL & DENTAL PARK LOT 5
ALLEN MEDICAL & DENTAL PARK LOT 1
WHISENANT BLK 2 LOT 1C & 5B
WHISENANT BLK 6 LOT 1B
RACEWAY #02 PROFESSIONAL CONDOS LOT F
RACEWAY #02 PROFESSIONAL CONDOS LOT G
ALLEN PUBLIC LIBRARY AUDITORIUM BLK B LOT IA 8.41 ACRES
WHISENANT BLK 12 LOT 3
AEVITA&ETBOONJRLOT2
ALLEN PUBLIC LIBRARY AUDITORIUM BLK B LOT IA 8.41 ACRES
WHISENANT BLK 13 LOT 2A
WHISENANT BLK 13 LOT 2B
ALLEN MEDICAL & DENTAL PARK LOT 3
ALLEN MEDICAL & DENTAL PARK LOT 2
ALLEN MEDICAL & DENTAL PARK LOT 4
A E VITA & E T BOON JR LOT ROIB .0104 ACRES ROW
A E VITA & E T BOON JR LOT R02E .0105 ACRES ROW
A E VITA & E T BOON JR LOT RO 10.2623 ACRES ROW
' ALLEN ORIGINAL DONATION BLK 2 LOT 2A 2B 3A 3B 4A 4B
ALLEN ORIGINAL DONATION BLK 2 LOT SA 5B 6A 6B
FRANCIS IRAN BLK A LOT 1
BELMONT OFFICES
ALLEN HERITAGE CENTER BLK A LOT 1.492 ACRES
FIRST BAPTIST CHURCH LOT 1
ALLEN HERITAGE CENTER LOT RI .5517 ACRES ROW
ALLEN ORIGINAL DONATION BLK J LOT IB
ALLEN ORIGINAL DONATION BLK J LOT IE 2A & 2D
ALLEN ORIGINAL DONATION BLK J LOT 4A
ALLEN ORIGINAL DONATION BLK J LOT 3C
ALLEN ORIGINAL DONATION BLK J LOT 3A
ALLEN ORIGINAL DONATION BLK J LOT 2B
ABS A0708 PERRIN, WILLIAM, BLK 4, TRACT 96
ABS A0708 PERRIN, WILLIAM, TRACT I2, 2.2331 ACRES
BRAY CENTRAL ONE BLK E LOT 2R 39.073 ACRES REPLAT
BRAY CENTRAL ONE BLK E LOT IRI 4.856 ACRES REPLAT
BRAY CENTRAL ONE BLK F LOT 3R1 .8821 ACRES REPLAT
ABS A0325 FYKE, JOHN, TRACT 6, 4.1692 ACRES
PHS AMBULATORY CARE CENTER LOT R001.0442 ACRES ROW
' BRAY CENTRAL ONE BLK G LOT 8 2.466 ACRES REPLAT
BRAY CENTRAL ONE BLK G LOT 5 1.7905 ACRES REPLAT
BRAY CENTRAL ONE BLK G LOT 2 15.7021 ACRES
BRAY CENTRAL ONE LOT R007.249 ACRES ROW REPLAT
Ordinance No. 2580-12-06, Page 11
BRAY CENTRAL ONE BLK G LOT 6 2.2408 ACRES REPLAT
' BRAY CENTRAL ONE BLK G LOT 12.544 ACRES REPLAT
BRAY CENTRAL ONE BLK G LOT 3R 7.667 ACRES REPLAT
BRAY CENTRAL ONE BLK G LOT 4 2.474 ACRES REPLAT
ABS A0544 SEE, MICHAEL, TRACT 4, 15.286 ACRES
ABS A0325 FYKE, JOHN, TRACT 3, 35.433 ACRES
PHS AMBULATORY CARE CENTER BLK A LOT 1-12.4769 ACRES
PHS AMBULATORY CARE CENTER BLK A LOT 1R 14.488 ACRES REPLAT/ FOR
LEASEHOLD INTERESTS - SEE PID 2602309
ABS A0325 TYKE, JOHN, TRACT 5, 36.213 ACRES
BRAY CENTRAL ONE BLK C LOT I
KITTYHAWK ESTATES LOT 119.708 ACRES LANDING STRIP
BRAY CENTRAL ONE BLK F LOT 2 1.1391 ACRES
BRAY CENTRAL ONE BLK F LOT 2-12.489 ACRES
BRAY CENTRAL ONE ELK F LOT 1 RI 35.2073 ACRES
BRAY CENTRAL ONE BLK F LOT 4 1.6213 ACRES
ABS A0711 PARSONS, CATHRINE, TRACT 20, 108.0546 ACRES
ABS A0711 PARSONS, CATHRINE, TRACT 20R2,3.386 ACRES, ROW
ABS A0544 SEE, MICHAEL, TRACT 1R1, 3.653 ACRES, ROW
BRAY CENTRAL ONE BLK F LOT 3R2.9185 ACRES REPLAT
ABS A0758 READ, JAS L, TRACT 8_0778 ACRES
' BRAY CENTRAL ONE BLK H LOT 1
ABS A0544 SEE, MICHAEL, TRACT 1, 159.727 ACRES
TWIN CREEKS BUSINESS CENTER 41 ELK A LOT 1 12.233 ACRES
1
TWIN CREEKS BUSINESS CENTER # I LOT ROO1 0.882 ACRES RAINTREE CBR ROW
ALLEN DRIVE ROW FROM CENTRAL EXPRESSWAY TO OLA LANE BEING 2.4 ACRES
Ordinance No. 2580-12-06, Page 12
EXHIBIT `B"
Map of TIF Zone
....+^•• r ..moo .. i s 6 ��
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Ordinance No. 2580-12-06, Page 13
EXHIBIT "C"
' Reinvestment Zone Project and Financing Plan
PRELIMINARY PROJECT AND FINANCING PLAN
CITY OF ALLEN
TAX INCREMENT REINVESTMENT ZONE
NO.2
(CENTRAL BUSINESS DISTRICT TIF)
December 12, 2006
Ordinance No. 2580-12-06, Page 14
Introduction
' Tax Increment Financing
A Tax Increment Financing District (TIF District) is an economic development tool used by local governments
to finance public improvements within a defined geographic area.
TIF Districts are created to strengthen existing positive conditions and attract new development. The purpose
of the CBD TIF is to:
• Attract new investment and encourage revitalization of the Central Business District which is an area that
will continue to decay without TIF financed infrastructure.
Create redevelopment momentum that will create substantial financial gains to local taxing jurisdictions
both during and beyond the life of the TIF.
• Recreate an economically viable, mixed-use, central city neighborhood.
• Serve as a catalyst for the revitalization of areas adjacent to the TIF.
Chapter 311 of the Texas Local Government Code is the legislation that governs Tax Increment Financing.
A City may make an area eligible for tax increment financing by designating a "Reinvestment Zone", also
' known as a "tax increment finance district'. Designation of a TIF district occurs by direct action of the City
Council.
A TIF district allows for the tax increment generated from appreciating property values within the area to be
dedicated to new public improvements within the same area. As the assessed value of property within a TIF
district increases over time, an increase in the taxes collected from the additional value is captured in a tax
increment fund. Additionally, an increase in the sales tax increment is allowed to be captured in the TIF
District. These funds are then used to finance new public improvements within the district.
As specified by State law, a TIF District Board of Directors must be appointed to oversee the administration of
the TIF district and fund. Additionally, State law requires that project and finance plans be developed as
planning and information tools in the administration of the TIF district.
Ordinance No. 2580-12-06, Page 15
Project and Finance Plans
The Tax Increment Finance District Project and Finance Plans represent a study that projects the potential
sources and uses of tax increment dollars. An economic impact study and overview is provided in the Finance
Plan along with estimates on the potential revenue that will be available to fund projects. The Finance Plan
also outlines how TIF District increment may be used and shows the time over which expenses will be
incurred.
A project plan provides information on the current land uses within the district and provides information of the
development to occur. It also provides information on relocation of individuals affected by the TIF District
and costs associated with non -TIF District public improvements. Generally, the items discussed in the Project
and Finance Plans meet requirements specified under State Law that govern Tax Increment Financing.
TIF Increment
TIF District Tax Increment is created when new taxable development occurs within an established TIF
District. After its creation, the appraised value of the TIF District property becomes the base value for the
purpose of Tax Increment Financing. All taxes collected from that base value continue to flow to the local
government entities that tax within the district. Real property taxes collected from new taxable value within
the TIF District become the source of the TIF District tax increment. Additionally, sales tax increment in the
TIF District is allowed to be captured for public improvements. These sources of revenue increment flows into
the TIF District Fund which is managed by the City's Finance Department.
The amount of increment that is captured in the TIF District Fund is dependent on the participation of local
' taxing entities. A local taxing entity may choose to participate in Tax Increment Financing by dedicating a
portion of its tax increment to the TIF District Fund. The participation of an entity in Tax Increment Financing
is accomplished through an inter -local agreement between the entity and the City.
1
Financing the Project
New public infrastructure investments within the CBD TIF are expected to be funded on a pay-as-you-go basis
using available cash increment as it is created. At this time the District does not expect to use public debt
instruments to fmance improvements.
The City will enter into development agreements with investors, property owners, and developers to reimburse
over time the cash investments they make in new public infrastructure associated with private development.
Ordinance No. 2580-12-06, Page 16
Project Plan
' Background
In 2000 the City Council adopted the Central Business District Redevelopment Plan. This Plan established the
framework upon which the revitalization of approximately 241 acres commonly known as the Central
Business District could move forward. The plan created a vision for redevelopment and provided a list of
public improvements and projects needed in the area. The Plan also included as a funding option the creation
of a Tax Increment Financing Zone to support and encourage private investment.
Since adoption of this Plan, many improvements have been completed by the City of Allen through various
methods. In 2004 a new zoning district was established and a vision for the Central Business District
reaffirmed. New development occurring in the area now provides an opportunity to utilize the TIF tool to
provide funding for major capital improvements and public infrastructure and encourage private investment.
Existing Uses and Conditions
The proposed Tax Increment Financing District straddles highway U.S. 75 incorporating the original
downtown, now known as the Central Business District, as well as newer business development areas
The Central Business District located on the east side of U.S. 75 is an area of approximately 241 acres and is
the old down town of Allen. Land uses include scattered residential, small commercial and a significant
amount of institutional development including the Municipal Complex, the U.S. Post Office, Allen Library,
' the City Cemetery and several churches. Approximately 40% of the land within the CBD is vacant and an
additional 20% is seriously underutilized. For years the CBD has experienced a decline in activity despite its
central location and proximity to major recreation and employment centers. The area has suffered from
inadequate infrastructure, poor traffic circulation, a lack of readily available parking and a nonconforming mix
of uses.
The portion of the TIF district located west of U.S. 75 has remained undeveloped with the exception of the
Allen Presbyterian Hospital. Recently, additional medical oriented uses have begun to develop including
medical office buildings, support services and a rehabilitation hospital. Some roads have been constructed,
however many new streets are needed to provide adequate connectivity and circulation through the area. The
total acreage of land west of US 75 Highway that is proposed to be included in the TIF is approximately 644
acres.
1
Although the combined acreage of both the east and west portions of the CBD TIF totals approximately 885
acres, the net taxable land is less than this due to right of ways and streets. The new taxable land is
approximately 777 acres as indicated below in the Financing Plan.
Ordinance No. 2580-12-06, Page 17
Proposed Uses and Improvements
' The conceptual plan for the revitalization of the Central Business District is based on the need for investment
through the development of a rational mix of land uses. Redevelopment of this area will include restaurants,
entertainment, hotel, retail, residential apartments and offices. Properties west of U.S. 75 will develop as
medical and technology uses, medical facilities and services, retail and offices. This will provide a foundation
for growth and stability, as well as a framework within which both decisions are made about physical
development of the area. Elements addressed in the plan include land use and redevelopment opportunities,
urban design and open space, and transportation and parking.
Exhibits A, B, C, and D display the proposed improvements for this area. The nature of this revitalization
project will require project and financing flexibility to effectively stimulate reinvestment. They are grouped
by category to suggest the scope of planned investments.
The following list includes most of, but not all, likely projects:
I_ Streets — Improved access and circulation are critical to the successful development and
redevelopment of this area.
2. Drainage and Storm Sewers — Most of the CBD was developed without a stonn water sewer system.
There is a need to update drainage infrastructure to accommodate new and denser developments.
3. Utilities — burying of utility lines during development and redevelopment improves the aesthetic
quality of the area and improves safety.
4. Landscaping and Beautification — projects that will enhance the visual quality of the area including
landscaping, screening, entry features, directional signage, street lights and median improvements.
5. Parking — the development of the CBD with a denser urban design will increase the need for
strategically located public parking.
6. Reimbursement of Infrastructure — major development projects will require significant
improvements to public infrastructure. It is not uncommon to provide reimbursements for construction of this
infrastructure as a development incentive.
7. Administrative Costs - Expenses in this category reflect the cost of managing and administering the
TIF District.
These enhancements will be utilized to make the area more attractive for development and encourage private
investment in the area.
Proposed Changes in Municipal Ordinances
At the current time the creation of the TIF District does not include changes in building codes, zoning
categories, or other municipal ordinances. The Central Business District Redevelopment Plan was adopted in
2000 and the Central Business District Zoning District was updated in 2004.
Non -Project Costs
The nature of the TTF District is that there will be purchases and investments made across many use categories
and over a large geographic area. Almost all of the investments made by the TIF will have "non -project costs",
i.e. expenditures on related projects that will receive financial participation from either public or private
entities.
' However, it is not possible to quantify the non -project costs at this time, other than to say that they are
expected.
Ordinance No. 2580-12-06, Page 18
Relocation Plan
' As set forth in Section 311.011 in the Tax Increment Financing Act of the Tax Code, the Project Plan for the
TIF must include "A statement of a method of relocating persons to be displaced as a result of implementing
the plan."
The project plan anticipates that there will be no residences or businesses existing in the area of specific
development projects when the development activities commence. If actions by the TIF result in relocation of
any persons, a residential anti -displacement and relocation assistance plan will be established to govern their
relocation.
While the need for relocation is not envisioned, it is acknowledged that in the event such relocation becomes
necessary in carrying out the public improvements funded by this TIF District, such expenses will be the
obligation of the District.
Ordinance No. 2580-12-06, Page 19
Finance Plan
' The proposed CBD TIF is comprised of properties that are located east and west of US 75 Highway. There is
approximately 241 acres of property located east of US 75 Highway and approximately 644 acres of property
west of US 75 Highway. The existing uses and conditions of the properties are explained in the Project Plan.
As indicated in the Project Plan above, the property tax and sales tax increments will be dedicated to pay for
the various eligible project improvements associated with the CBD TIF. It is anticipated that 50% of the
property tax and sales tax increment will be dedicated to the CBD TIF for 30 years. No TIF bonds or debt
financing is anticipated. Therefore, the CBD TIF will be structured as a Pay -As -You -Go TIF whereby 50% of
the annual increment is used to reimburse or pay for the eligible project improvements.
Exhibit E reflects the estimated TIF Base Taxes and Taxable Values for the properties in the proposed CBD
TIF. The base value is shown as west and east of US 75 Highway. The taxes are estimated without exemptions
that may be applicable to the properties. The TIF base taxes are computed using the 2006 tax rates shown in
Exhibit F.
Exhibit G reflects the anticipated New Property Values associated with the planned development of the
properties in the CBD TIF. Approximately 900,000 square feet of new development is planned to be
constructed east of US 75 Highway. The real property taxable value is estimated to be $88,750,000 for the
retail, restaurants, office buildings, hotel, and residential living units. Approximately 5,745,782 square feet of
new development is planned to be constructed west of US 75 Highway. The real property taxable value is
estimated to be $557,630,740 for the office, medical, technology, and retail that is planned. Estimated personal
property valuations are also shown; however, the personal property is not dedicated to the TIF project. It is
shown to reflect the additional benefit that the project will generate to the taxing entities.
' Exhibit H shows the City Property Taxes (both real property and personal property) that are expected at 100%
of taxation at the current City tax rate of $.558 per $100.00 of taxable value.
Exhibit I reflects the Proportion of New Real Property Taxes restricted to the TIF. Since it is anticipated that
only the City will participate in the CBD TIF, there is not any portion of the taxes being shown as a
contribution from the other taxing entities towards the TIF project. The City's proportion towards the TIF is
50%.
Since sales tax is an allowable benefit that can be captured, the new increment of sales tax associated with the
CBD TIF is shown in Exhibit J. It is anticipated that 50% of the sales tax will be dedicated towards the TIF
project.
The City of Allen levies a 7% hotel tax. The benefit from a new hotel in the CBD is shown in Exhibit K. None
of this benefit will be contributed towards the TIF project costs. It is shown to reflect the additional benefit that
is anticipated as a result of the development.
It is expected that $55,739,049 of real property taxes will be invested by the City during the 30 year life of the
TIF. This increment will come from the new development and increased property values within the CBD TIF.
Exhibit L reflects the annual incremental real property increases of the captured property values and the
property tax increment contributed to the TIF.
It is expected that $15,184,762 of incremental sales taxes will be invested by the City during the 30 year life of
the TIF. This increment will come from the new development and increased sales taxes within the CBD TIF.
Exhibit M reflects the annual incremental sales tax increases and the 50% increment contributed to the TIF.
As mentioned above in the Project Plan, there are various eligible project costs associated with streets, storm
sewers, utilities, median improvements, landscaping, parking, developer reimbursements, and administration
of the project. These costs are shown in Exhibit N. The total of $81,969,995 exceeds the combined increment
Ordinance No. 2580-12-06, Page 20
of property and sales taxes and investment earnings that total $71,633,050 (refer to Exhibit O 3), however, it is
anticipated that some of the preliminary project costs will be reduced or eliminated as the City works towards
t a Final Project and Financing Plan in the future.
Exhibits O (1 through 3) reflect the anticipated cash flow of property tax and sales tax increment on an annual
basis. Project costs will be reimbursed as the annual increment is received and exceeds the minimum required
balance of $50,000. The cash flow shows a 30 year reimbursement of the eligible project costs. A $50,000
minimum is maintained each year to cover any unanticipated costs that may occur.
1
Additional benefits that the City will incur are franchise fees associated with the new development. Franchise
fees are revenues received from utility companies for the use of City right-of-ways. The various franchise fees
for electric, gas, cable, and telephone lines were not quantified since they are not eligible revenues that can be
used to reimburse TIF costs.
New taxable values for the project were determined based upon comparable properties in the Dallas and Collin
County region. Sales and sales taxes were determined from average sales of similar types of retailers in the
region.
The feasibility of the reimbursements by the TIF fund is largely determined by the revenue tax sources. The
tax increments in this plan we only estimates, not actual tax increments. Other determinants of the project
feasibility are the timing and amounts of the project costs.
The Community Development Corporation and the Economic Development Corporation will benefit from the
increase in sales tax associated with the TIF project. It is anticipated that over 30 years, each organization will
benefit by approximately $15,184,762 from the increased sales taxes in the TIF development.
Ordinance No. 2580-12-06, Page 21
Proposed Tax Increment Financing Zone
Central Business District
' City of Allen, Texas
E1IHBTT A
CBD TIF Area East of US 75 Highway
(including the connecting street of Allen Drive over US 75 Highway)
Ordinance No. 2580-12-06, Page 22
Proposed Tax Increment Financing Zone
Central Business District
' City of Allen, Texas
Proposed CBD TIP Improvements East of US 75 Highway
(including the connecting street of Allen Drive over US 75 Highway)
1
Streets
1 Allen Drive
2 Main Street
3 misc streets- east of 75
Stormsemrs
4 Drainage - east of 75
5 Creek Improvements- east of 75
Utilities
6 Burying utilities - east of 75
Median Improvements! Landscaping !Beautification & signage
7 East of 75 - Heritage Village
8 Easl of 75 - BeaL flcatlon
Parking
9 East of 75- Transit Garage
10 East of 75 - parking throughout area
Ordinance No. 2580-12-06, Page 23
EXHIBIT B
Proposed Tax Increment Financing Zone
Central Business District
' City of Allen, Texas
EDIT C
CBD TIF Area West of US 75 Highway
(including the connecting street of Allen Drive over US 75 Highway)
I
Ordinance No. 2580-12-06, Page 24
I
0
2
3
4
5
6
7
0
P
10
11
Proposed Tax Increment Financing Zone
Central Business District
City of Allen, Texas
Proposed CBD TIF Improvements West of US 75 Highway
(including the connecting street of Allen Drive over US 75 Highway)
Road Projects(Including Utilities) Junction
Road from Raintree to Exchange
Bray Central from Exchange to Waterford
Raintree Circle - south to Bray Central
Bossy Boots Dr- north to Bray Central
Future Street in Tract 5, 8,9,10,11
Stockton Road
Median Projects
Street Lighting
Irrigation
Landscaping
Signage
gehentionNrainage:
Modifications to detention at SWC
Exchange/Raintee
Waterfeaturesldetention an Tract 3
Storm sewers on Tract 11
Landscapng:
12 Landscaping banner around water tower
13 Entry Features
Ordinance No. 2580-12-06, Page 25
EA'HBIT D
Proposed Tax Increment Financing Zone
Central Business District
' City of Allen, Texas
1�:4:ua�ra
TIF Base Taxes
*estimated without exemptions Base
TIP - Real
Taxing
Jurisdiction Property Taxes
*City of Allen $ 731,742
*Allen ISD $ 2,327,804
*County $ 321,284
*Collin Co. Comm College $ 114,984
Totals $ 3,495,814
' Base taxes are computed on vacant land/agricuhural value and existing
values per parcel on both the Fast and West sides of US75 Hwy
1
Estimated
Base
Taxable Values
West of 75
$
70,392,876
East of 75
$
60,743,620
Total
$
131,136,496
Ordinance No. 2580-12-06, Page 26
I
1
Proposed Tax Increment Financing Zone
Central Business District
City of Allen, Texas
TAX RATES
EXIT F
Ordinance No. 2580-12-06, Page 27
2006
Taxine Jurisdictions
Tax Rates
City of Allen
$ 0.558000
20.932%
AISD
$ 1.775100
66.588%
County
$ 0.245000
9.191%
Collin Co. Conan Coll
$ 0.087683
3.289%
Total
$ 2.665783
100.000%
Ordinance No. 2580-12-06, Page 27
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Proposed Tax Increment Financing Zone
Central Business District
City of Allen, Texas
EXIIIBIT I
Proportion of New Taxes - restricted to TIF
Proportion of New Taxes - not restricted to TIF
(Annual Benefit to Taxing Entities at Build Out)
(At current tax rate) (A) (B)
Taxing Jurisdiction
City of Allen
Allen ISD
County
Collin Co. Comm College
Totals
percentages of Total
TIF area
(A)
(B)
(A+B)
(Annual TIF participation at Build Out)
Personal
TIF area
Property Taxes
Total of TIF
TIF
- Real
Personal
$
Real & Pers
Taxing Jurisdiction
$
Property
Taxes
Property Taxes
Property Taxes
City of Allen @
50%
$
1,803,402
$ -
$
1,803,402
Allen ISD @
0%
$
-
$ -
$
-
County @
0%
$
-
$ -
$
-
Collin Co. Comm College @
0%
$
-
$ -
$
-
Totals
$
1,803,402
$ -
$
1,803,402
Proportion of New Taxes - not restricted to TIF
(Annual Benefit to Taxing Entities at Build Out)
(At current tax rate) (A) (B)
Taxing Jurisdiction
City of Allen
Allen ISD
County
Collin Co. Comm College
Totals
percentages of Total
Ordinance No. 2580-12-06, Page 30
A+B
TIF area
Total
Property Taxes
$ 2,382,532
$ 13,316,223
$ 1,837,910
$ 657,769
$ 18,194,435
100.00%
TIF area
TIF area
Real
Personal
Property Taxes
Property Taxes
50%
$
1,803,402
$
579,130
100%
$
11,473,905
$
1,842,318
100%
$
1,583,633
$
254,277
100%
$
566,766
$
91,003
$
15,427,706
$
2,766,729
84.79%
15.21%
Ordinance No. 2580-12-06, Page 30
A+B
TIF area
Total
Property Taxes
$ 2,382,532
$ 13,316,223
$ 1,837,910
$ 657,769
$ 18,194,435
100.00%
Proposed Tax Increment Financing Zone
Central Business District
' City of Allen, Texas
1
EXHIBIT J
Sales Tax at I%
Ordinance No. 2580-12-06, Page 31
Sales per
Estimated sales
Property #
kpe of Property
Square Feet
Square foot
Tax (a) 1 percent
East of 75
Restaurants & entertainment
150,000
$
250.00
$
375,000
East of 75
Galleries and shops
250,000
$
200.00
$
500,000
East of 75
Hotel
50,000
$
54.75
$
27,375
Totals
450,000
$
902,375
Ordinance No. 2580-12-06, Page 31
Proposed Tax Increment Financing Zone
Central Business District
' City of Allen, Texas
1
EXHHiTT K
Hotel Taxes
Estimated Hotel
Tax @ 7 percent
Property # Type of Property Rooms Room Rate and 50% occupancy
East of 75 Hotel 150 $ 100.00 $ 189,709
Ordinance No. 2580-12-06, Page 32
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II
Proposed Tax Increment Financing Zone
Central Business District
City of Allen, Texas
Estimate of CBD TIF Eligible Project Costs
Description
Streets
Allen Drive
Main Street
mise streets- east of 75
Junction Road
Bray Central
Raintree Circle
Stockton Road
mist streets- west of 75
Storm sewers
Drainage - east of 75
Creek Improvements - east of 75
Exchange/Raintree detention
Detention on track 3 / water feature
Storm sewers on track I I
Utilities
Burying utilities - east of 75
Median Improvements / Landscaping /
Beautification & signage
West of 75 - street lighting, irrigation, landscaping
West of 75 - signage
Landscaping barrier around water tower
West of 75 - entry feature
East of 75 - Heritage Village
East of 75 - Beautification
Parking
East of 75 - Transit Garage
East of 75 - parking throughout area
Developer Reimbursement of Infrastructure
various
Administrative Costs
City staff, legal, publication & notices, etc...
Total TIF Eligible Costs
EXHIBIT N
TIF Cost
$ 3,000,000
$ 3,000,000
$ 2,000,000
$ 1,586,320
$ 1,546,965
$ 2,816,110
$ 1,645,875
$ 7,538,050 $ 23,133,320
$ 1,000,000
$ 20,000,000
$ 175,000
$ 225,000
$ 21,400,000
$ 2,000,000 $ 2,000,000
$ 1,046,675
$ 60,000
$ 30,000
$ 150,000
$ 1,000,000
$ 2,000,000
$ 10,000,000
$ 1,000,000
$ 4,286,675
S 11,000,000
$ 20,000,000 $ 20,000,000
$ 150,000
East of 75
West of 75
Ordinance No. 2580-12-061 Page 35
$
150,000
S
81,969,995
$
65,150,000
$
16,819,995
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