ORD 2004-20 - TIRZ Bylaws, Project, Finance Plans 11-09-2004ORDINANCE NO. 2004-20
AN ORDINANCE APPROVING THE TAX INCREMENT REINVESTMENT
ZONE NUMBER ONE, CITY OF HUNTSVILLE, TEXAS, BOARD OF
DIRECTORS BY LAWS, PROJECT PLAN AND FINANCE PLAN; AND
CONTAINING FINDINGS AND PROVISIONS RELATED TO THE
FOREGOING SUBJECT.
WHEREAS, pursuant to Chapter 311 of the Texas Tax Code, the City designated a
contiguous geographic area within the City as Tax Increment Reinvestment Zone Number One; and
WHEREAS, the City prepared a preliminary Reinvestment Zone Financing Plan, and
Project Plan; and
WHEREAS, pursuant to Ordinance 2004-16, a Board of Directors were appointed; and
WHEREAS, the Board of Directors for the TIRZ Number One met on October 13, 2004 and
reviewed the Finance Plan and Project Plan, and adopted By Laws; and
WHEREAS, the Board of Directors Chairman has requested that the City Council review
these documents and approve same; NOW, THEREFORE, BE IT ORDAINED BY THE CITY
COUNCIL OF THE CITY OF HUNTSVILLE, TEXAS:
Section 1.
The Board of Directors has made recommendations to the City Council concerning the
administration of the Zone. The Board of Directors prepared or caused to be prepared a Project Plan
and a Reinvestment Zone Financing Plan for the Zone as described in Section 311.011, Texas Tax
Code, and are submitting the plans to the City Council for its approval. The City hereby approves
RMSED 6/24/04
the Project Plan (attached as Exhibit "A ") and the Reinvestment Zone Financing Plan (attached as
Exhibit `B ") for the Tax Increment Reinvestment Zone Number One.
Section 2.
The Board of Directors for the Tax Increment Reinvestment Zone Number One has adopted a
set of By Laws and are submitting such By Laws to the City Council for its approval. The City
hereby approves the Tax Increment Reinvestment Zone Number One's By Laws (attached as Exhibit
«C„
Section 7.
If any provision, section, subsection, sentence, clause or phrase of this Ordinance, or the
application of same to any person or circumstances, is for any reason held to be unconstitutional,
void or invalid, the validity of the remaining provisions of 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 8.
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
-2-
REVISED 6/24/04
written notice and the contents and posting thereof.
PASSED AND ADOPTED this 9th day of November 2004.
APPROVED this 9th day of November 2004.
THE CITY OF HUNTSVILLE, TEXAS
Steed Smith, Mayor Pro Tern 4TSS
Danna Welter, City Secretary
APPROVED AS TO RM:
- '4. 60
Thomas A. LeedoyCity Kttorney
-3-
REVISED 6/24/04
FINAL
FINANCE PLAN
November 2004
Tax Increment Reinvestment Zone No. 1
City of Huntsville, Texas
SCHRADER & CLINE, LLC
George R. Schrader Larry D. Cline
4800 Broadway, Ste A Addison, TX 75001
972 - 661 -1973 schchAswbell.net
FINANCE PLAN — HUNTSVILLE TIRZ NO. 1
November 2004
The Financing Plan provides information on the projected monetary impact that the formation of
the Tax Increment Financing Reinvestment Zone (TIRZ) could have on the property described in
Finance Plan Exhibit: A and shown in Finance Plan Exhibit: B. It will also describe how that
impact can be utilized to enhance the area and region through leveraging the resources of each
entity that participates in the project.
Below is a summary of the Financing Plan items required by law.
1. The proposed public improvements in the TIRZ may include:
• Capital costs, including the actual costs of the construction of public works,
public improvements, new buildings, structures, and fixtures; and the actual
costs of the acquisition of land and the clearing and grading of land;
• 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;
• Any real property assembly costs;
• Professional service costs, including those incurred for architectural, planning,
engineering, and legal advise and services;
• Any relocation costs;
• Organizational costs, including costs of conducting environmental impact
studies or other studies, the cost of publicizing the creation of the TIRZ, and
the cost of implementing the project plan for the TIRZ;
• Interest before and during construction and for one year after completion of
construction, whether or not capitalized;
• The amount of any contributions made by the municipality from general
revenue for the implementation of the project plan;
• Imputed administrative costs, including reasonable charges for the time spent
by employees of the municipality in connection with the implementation of a
project plan;
• The cost of operating the TIRZ and project facilities; and
• Payments made at the discretion of the governing body of the municipality
that the municipality finds necessary or convenient to the creation of the TIRZ
or to the implementation of the project plans for the TIRZ.
2
FINANCE PLAN — HUNTSVILLE TIRZ NO. 1
The specific capital improvement projects anticipated to be undertaken in the Huntsville
TIRZ No. 1, are included in Finance Plan Exhibit: C.
2. Estimated Project Cost of TIRZ, including administrative expenses.
• Project costs are estimated at approximately $ 2.1 million dollars. Specific
cost estimates are included in Finance Plan Exhibit: C.
3. Economic Feasibility Study.
• An economic feasibility analysis has been completed and is included as
Finance Plan Exhibit: D.
4. The estimated amount of bonded indebtedness to be incurred.
• Initial project related costs will be advanced by the Developer. Bonds may
be issued when adequate tax increment has been created to support debt
service.
5. The time when related costs or monetary obligations are to be incurred.
• Please refer to Finance Plan Exhibit: C for details regarding the phasing and
type of improvement costs anticipated.
6. A description of the methods of financing all estimated project costs and the
expected sources of revenue to finance or pay project costs including the
percentage of tax increment to be derived from the property taxes of each
taxing unit on real property in the TIRZ
• Project costs will be financed through loans advanced by developers or the use
of tax increment funds received on a pay -as- you -go basis. No new debt is
envisioned at this time, but bonds may be issued at a later date when adequate
tax increment has been created to support debt service. The revenue sources
will be the real property taxes captured by the TIRZ, which will account for
100% of revenues used to fund project costs or bond debt service. For the
Financial Plan, it is assumed that the City will participate at 100% of its
incremental taxable value and the County will participate at $0.3125/$100
valuation.
7. The current total appraised value of taxable real property in the TIRZ.
• The current appraised base value of the taxable real property in the TIRZ
using the 2004 values provided by the Walker County Appraisal District is
$12,457,059
3
FINANCE PLAN — HUNTSVILLE TIRZ NO. 1
8. The estimated appraised value of the improvements in the TIRZ during each
year of its existence.
• The estimated appraised value of the improvements in the TIRZ per year is
listed in the following table.
Table 1: Assessed Real Property Value of Anticipated New Development
TIRZ No. 1, Huntsville, Texas
Years 2004 -2023
YEAR
TOTAL ASSESSED VALUE, $M
2004
$ 12.5
2005
28.3
2006
47.2
2007
55.1
2008
55.1
2009
55.1
2010
55.1
2011
55.1
2012
55.1
2013
55.1
2014
55.1
2015
55.1
2016
55.1
2017
55.1
2018
55.1
2019
55.1
2020
55.1
2021
55.1
2022
55.1
2023
55.1
4
FINANCE PLAN - HUNTSVILLE TIRZ NO. 1
• The estimated annual incremental funds available from future development in the TIRZ
are listed in the following table.
Table 2: Annual Incremental Funds Available from
TIRZ No. 1, Huntsville, Texas
Years 2004 -2023
Year
Assessed
Value, $M
Base
Assessed
Value, $M
Annual
Captured
Value, $M
TIRZ Funds, $K
City
$0.425
TIRZ Funds,
$K
County
$0.3125
TIRZ Funds,
$K
Total
$0.7375
2004
12.5
12.5
-
-
-
-
2005
28.3
12.5
15.8
-
-
-
2006
47.2
12.5
34.7
67.2
49.4
116.6
2007
55.1
12.5
42.6
147.5
108.4
255.9
2008
55.1
12.5
42.6
181.1
133.1
314.2
2009
55.1
12.5
42.6
181.1
133.1
314.2
2010
55.1
12.5
42.6
181.1
133.1
314.2
2011
55.1
12.5
42.6
181.1
133.1
314.2
2012
55.1
12.5
42.6
181.1
133.1
314.2
2013
55.1
12.5
42.6
181.1
133.1
314.2
2014
55.1
12.5
42.6
181.1
133.1
314.2
2015
55.1
12.5
42.6
181.1
133.1
314.2
2016
55.1
12.5
42.6
181.1
133.1
314.2
2017
55.1
12.5
42.6
181.1
133.1
314.2
2018
55.1
12.5
42.6
181.1
133.1
314.2
2019
55.1
12.5
42.6
181.1
133.1
314.2
2020
55.1
12.5
42.6
181.1
133.1
314.2
2021
55.1
12.5
42.6
181.1
133.1
314.2
2022
55.1
12.5
42.6
181.1
133.1
314.2
2023
55.1
12.5
42.6
181.1
133.1
314.2
181.1
133.1
314.2
TOTAL
3,293.4
2,420.5
5,713.9
9. The duration of the TIRZ:
• The TIRZ was created August 3, 2004. It is proposed that the TIRZ exist for
twenty (20) years with termination of the TIRZ set as August 2, 2024 or the date
when all project costs are paid and any debt is retired, whichever comes first.
FINANCE PLAN - HUNTSVILLE TIRZ NO. 1
Finance Plan Exhibit: A
BOUNDARY DESCRIPTION (4pp from City of Huntsville
CiTY OF HUNTSVILLE, Ti;XAS
Planning & Development
448 State Hwy. 75 North
Huntsville, Texas 77320
'1'1-iE STATE 01, TEXAS
C 011N'i`Y 0 WAI,Ki?R
1, Leonard F. Woods, Registered Professional Land Surveyor No. 2524, do hereby certify that this
document was prepared under 22 TAC 663.21, does not reflect the results of an on [lie ground survey, and is
not to be used to convey or establish interests in real property except those rights and interests implied or
cstablishcd by the creation or reconfiguration of the boundary of the political subdivision for which it was
prepared.
TAX INCREMENT REINVESTMENT ZONE NUMBER ONE
being a parcel of land containing approximately 805 acres, within the corporate limits of the City of
Huntsville, situated in the LEWIS COX LEAGUE. Abstract No. 13, the PLEASANT GRAY LEAGUE.,
Abstract No, 24, the J. W. ADAMS SURVEY, Abstract No. 62, the PETER TUMLINSON LABOR,
Abstract No. 539 and the JESSE YOUNG LABOR, Abstract No. 618, Walker County, Texas, said parcel
being more particularity described by metes and bounds as follows;
BEGINNING in the southwest right -of -way line of Interstate Highway No. 45 at the most northerly
corner of Lot I of' West I-till Park, Section 4 as shown on a Plat recorded in Volume 3, page 146, flat
Records of Walker County, Texas;
THENCE SOUTHEASTERLY, with the southwest right-of-way line of Interstate Highway No. 45
and the northeast lines of Lots 1, 2, 4 and 3 of said West Hill Park, Section 4 to the east comer of said Lot 3;
THENCE S 70 °06'59 "W - 642.13 feet (Plat Call) to the most northerly northeast corner of Reserve
"A" of said West Hill Park, Section 4 and the northwest corner of a called 3.636 acre tract described in a
Deed to Boxcars Properties, LTD recorded in Volume 376, page 853, Official Public Records of Walker
County, Texas;
Tl-iCNCE S 22 °18'40 "E (Plat Call), with a west line of said Boxcars Properties, LTD tract, a distance
of 355.65 feet (Plat Call) to the its southwest corner and a reentrant corner of said Reserve "A ";
THENCE N 67020'1 Y' E (Plat Call), with the most easterly north line of said Reserve "A ", a distance
of` 707.44 feet (Plat Call) to the most easterly northeast corner of said Reserve "A" in the southwest right-of-
way line of interstate Highway No. 45;
THENCE SOUTHEASTERLY, with the southwest right -of -way line of Interstate Highway No. 45 to
the northeast corner of Lot 1 (1.9495 acre) of Parkwood Square as shown on a Plat recorded in Volume 3,
page 77, Plat Records;
THENCE EASTERLY, with the north lines of said Lot I of Parkwood Square to its northwest corner
in the cast right -of -way line of West Hill Park Circle as shown on a Plat of West Hill Park recorded in
Volume 2, page 189, Plat Records;
'1'14ENCE SOUTHERLY, with the east right-of-way line of said West Hill Park Circle, to a point in
the north right -of -way line of State Highway No. 30;
'fHENCIs WEs,rERLY, with the north right-of-way line of State Highway No. 30, to its intersection
with the west right -of -way line of said West Hill Park Circle;
Ti IENCE NORTHERLY, with the west right -of -way line of said West Hill Park Circle to a point on
the north side of a Cull `D Sac of said West Hill Park Circle and being a easterly corner of Lot 3 (1.85 acres)
and a southerly comer of "Unrestricted Reserve" as shown on said Plat of West Hill Park;
EXHIBIT "A"
Pagel of 4
Tax Increment Reinvestment Zone Number One Page
City of Huntsville.
\4n1kcr County. Tcxns
"Tl 11;NC'17. N 3,10.11'43"W (Plat Cal I), with the common lines of said Lot 3 and Unrestricted Reserve
(,['said West l fill Park, a distance of 177.46 feet (Plat Call) to the northeast corner of said Lot 3;
TI II:iN('[i S 87'33'1 0"W (Plat Call), continuing with the common line of said Lot 3 and Unr"trictcd
izescrve, a distance of 148.00 feet (Plat Call) to the northwest corner of said Lot 3 in the cast line ofa called
0.71 acre tract described in a Deed to Brazos - Huntsville, LP recorded in Volume 180, page 139, Deed
Records of Walker County, Texas;
corner;
I'liENCI.; NORTHERLY, with the east line of said Brazos - Huntsville, LP tract, to its northeast
TI ENCI: W13STERLY, with the north line of said Brazos- Huntsvilie, LP tract, to its northwest
corner;
T[ iI"NCI SOUTHERLY, with the west line of said Brazos - Huntsville, LP tract, to its southwest
corner in the north right -of -way line of State Highway No. 30;
'I'I IENCF WESTERLY, with the north right-of-way line of State Highway No_ 30, to the southeast
comer of Reserve "A" (8.91 acres) as shown on a Plat of West Hill Park, Phase I — Section 2 recorded in
Volume 3. page 53, Plat Records;
TI II?NCE SOUTHERLY, across State Highway No. 30, to the northwest corner of Lot I, Block I
(20.3565 acres) of, ' West Mill Subdivision, Section One as shown on a Plat recorded in Volume 1, page 185,
Plat Records, said corner being in the east right -of -way of Veterans Memorial Parkway (called West Hills
Drive on said Plat recorded in Volume 1, page 185, Plat Records);
'Tl-IENCE SOUTHERLY, with the east right -of -way of Veterans Memorial Parkway, to its
intersection with the north right -of -way of Col. Etheredge Boulevard (called Commerce Drive on said Plat
recorded in Volume 1, page 185, Plat Records);
"THENCE NORTHEASTERLY, with the north right -of -way of Col. Etheredge Boulevard, to its
intersection with the cast right -of -way line of Financial Plaza as shown on said Plat recorded in Volume 1,
pagc 185, Plat Records;
1*1 I NCE SOUTI I EASTERLY, with the east right -of -way line of Financial Plaza, to the southwest
corner of Lot 8 (0.44 acre) of a Replat of West Hill Subdivision, Section 1, Block 5 as shown on a Plat
recorded in Volume 4, page 23, Plat Records, said corner being in the north line of called 248.02 acre tract
described in a Deed to Sam Dominey recorded in Volume 90, page 488, Official Public Records;
TI iENCE EASTERLY, with the north line of said Dominey tract, to its northeast corner in the west
line of Lot 2A (26.70 acres) of Replat of Lot 2A, Swtdance Ranch, Section One as shown on a Plat recorded
in Volume 3, page 76, Plat Records;
"THENCE SOUTHERLY, with the east line of said Dominey tract and the west line of said Lot 2A,
approximately 47 feet to the southwest corner of said Lot 2A and the northwest corner of a called 32.2328
acre tract described in a Deed to MNC Realty, LP recorded in Volume 456, page 155, Official Public
Records;
THENCE N 86'1 7'30"W (Plat Call), with the south line of said Lot 2A and the north line of said
MNC Realty, LP tract, a distance of 1563.49 feet (Plat Call) to the southeast corner of said Lot 2A and the
northeast corner of said MNC Realty, LP 32.2328 acre tract in the southwest right- of-way line of Interstate
Highway No. 45;
THENCE SOUTH with the southwest right -of -way line of Interstate Highway No. 45,
crossing, Smither Drive, to its intersection with the northwest line of a called 80 acre tract described in a Decd
to Sam I louston State Teachers College recorded in Volume 55, page 547, Deed Records, said point being
also the most easterly comer of a called 125.35 acre tract described in a Deed to John W_ Amick recorded in
Volume 200, page 518, Official Public Records;
EXHIBIT "A "
Page 2 of 4
I'.is Increinenl Re.investnunt Zone Number One Page
C'ily of I hrrttwiIle
wall -er Crnor }IV. Teas
TI IFNC'I: i AST'ERLY, across interstate Highway No. 45, to the south corner of a called 1.92 ac•rc
Ir:ret described in a Deed to W.T. and H.Y. Robinson recorded in Volume 172, page 174, Deed Records;
TI I NC F N 60'4 3'C.-. (Deed Call), with the southeast line of said Robinson 1.92 acre tract, a distance
of -563.3 ti,et ( Deets Call) to its east corner and the most westerly corner of a called 1.92 acre tract described
in x C)eed to the State of Texas recorded in Volume 171, page 374, Deed Records;
TI IFNCE N 6004YE (Deed Call), with the northwest line of said State of Texas 1.92 acre tract, a
distance of 74.4 feet (Deed Cali) to an angle corner;
THENCE: N 05024'E (Deed Call), with the west line of said State of Texas 1.92 acre tract, a distance
of 94.6 feet (Deed Call) to its north corner:
'I.1 IENCE S 64 °25'E (Deed Call), with the north or northeast line of said State of Texas 1.92 acre
tract, to the southeast corner of a called 0.466 acre tract described in a Deed to Bradley K. Alford recorded in
Volume 451, page 551, Official Public Records, a 6" diameter steel fence corner post (Deed Call);
TI [INCF- N 18'1 O'E (Deed Call), with the east line of said Alford 0,466 acre tract, a distance of
270.50 feet (Deed Call) to its northeast comer on the south line of 25 "' Street and in the east line of Sam
i louston State University property;
TI {ENCE SOUTHEASTERLY, across Sam Houston State University property, to the north comer of
Yoaakuan Ridge subdivision recorded in Volume 1, page 29, Plat Records, a point on the southeast side of
Avenue M (formerly Aberdeen Drive);
THENCE SOUTHWESTERLY, with the southeast right -of -way line of Avenue M, to its intersection
with the northeast right -of -way of interstate Highway No. 45;
THENCE SOUTHWESTERLY, across Interstate Highway No. 45, to the north corner of
Goldenheaded Cane Associates, LTD 3.894 Acre Tract subdivision as shown on a Plat recorded in Volume
3, page 97, Plat Records, said corner being in the southeast line of said Sam Houston State Teachers College
80 acre tract;
TI IENCE SOUTHWESTERLY, with the southeast line of said Sam Houston State Teachers College
80 acre tract and the northwest line of said 3.894 Acre Tract as follows:
(1) S 35 °53'58 "W - 128.54 feet (Plat Call)
(2) (2) S 32 °24'05 "W - 29733 feet (Plat Call)
and (3) S 31 °46'03 "W - 277.51 feet (Plat Cali) to th z west corner of said 3.894 Acre Tract and the north
corner of a called 2.29 acre tract described in a Des:d to Paul Vilardi, Trustee, et al recorded in Volume 353,
pagc 458, Deed Records;
TFIENCE SOUTHWESTERLY, continuing with the southeast line of said Sam Houston State
'T'eachers College 80 acre tract to its south corner an the east line of a called 105.13 acre tract described in a
Deal to Sam Houston Normal Institute recorded an Volume 50, page 145, Deed Records;
THENCE S 01 055'E- 68 varas (Deed C.dI) to the southeast corner of said Sam Houston Normal
Institute 105.13 acre tract;
THENCE S 87050'W (Deed Call), with the south Iine of said Sam Houston Normal Institute tract,
crossing Veterans Memorial Parkway, a distani-e of 1166.2 varas (Deed Call) to an angle corner;
THENCE N 57030'W (Deed Call), with the southwest line of said Sam Houston Normal Institute
105.13 acre tract, a distance of 346.3 varas (D,.ed Call) to the west corner of same and being the south corner
oi'said Sam C. Dominey 248.20 acre tract;
THENCE, with the southwest and west lines of said Dominey 24820 acre tract as follows:
(1) N 48 028'40 "W - 715.72 feet (Deed Call)
(2) N 22044'37"E- 663.18 feet (Deed Call)
EXHIBIT "A"
Page 3 of 4
1'ns lacrenn-ni Reinvesinient lone Nttmher One fa -e
City of I Inntsvilir
W;Acr Counar, Texas
t.+l',; (} °52'45 "tw'• 510.44 fect (Deed Cal h
and (4) N 02"27'14W- W- 4709.41 feet (Deed Call) to [lie northwest corner of said Dominey 245.20 acre Irtcl
and the southwest corner of said West Hill Subdivision, Section One-,
Tl ll,*N(:1.i N 02 °36'5513 (Plat Call), with the west line of said West Hill Subdivision, Section One. s
distance of 1995.58 feet (Plat Call) to its northwest corner in the south right -of -way tine of state Highway
No. 30,
'1'1 l F'NC1 N 86 044'46 "E (Plat Call), with the north line of said West Hill Subdivision, Section One
and the south right-of-way line of State Highway No. 30, a distance of 200.110 feet (Plat Call) to the west
ri,,,hl -ol way line of Veterans Memorial Parkway;
THENCE NORTHERLY, across State Highway No. 30, to the southeast corner of Lot I as shown on
said Plat of West (dill Park, Phase I — Section 2 recorded in Volume 3, page 53, Plat Records, said corner
being also in the west right -of -way line of Veterans Memorial Parkway, formerly called West Hills Drive oil
said Plat recorded in Volume 3, page 53, Plat Records;
THENCE NORTHERLY, with the east line of said Lot 1 and the west right -of -way line of* Veterans
Memorial Parkway, to the northeast comer of said Lot 1;
TI IFNCF, WESTERLY, with the north lines of said Lot 1, to its northwest corner, said corner being
also the most westerly southwest corner of said Reserve "A" of West Hill Park, Phase I — Section 2;
THENCE N 07 °55'42 "W (Plat Call), with the most northerly west line of said Reserve "A ", to its
northwest comer in the south line of a tract owned by the State of Texas and part of the Texas Department of
Criminal Justice "Wynne Farm ";
Tl-Ii NCE N 87 °23'57 "E (Plat Call), with the common line of said Reserve "A" and T.D.C.1. "Wynne
Farm" to the west right -of -way of Veterans Memorial Parkway and the southwest comer of a called 1.907
acre tract descrihed in an Easement to the City of Huntsville, a concrete monument (Deed Call);
THENCE N 02 032'59 "W (Deed Call), with the west right -of -way of Veterans Memorial Parkway and
the west line of said City of Huntsville 1.907 acre Easement tract, a distance of 2080.30 feet (Deed Call) to
its northwest comer in the southwest right -of -way line of Interstate Highway No. 45;
THENCE SOUTHEASTERLY, with the southwest right- of-way line of Interstate Highway No. 45, to
the POINT OF BEGINNING.
Signed
Leonard E. Woods
Reg. Prof. Land Surveyor No.2524
C'\C0H04 \PS\TIRZ1 \TIRZ_t .tns.d0c
EXHIBIT "A"
Page 4 of-4
FINANCE PLAN - HUNTSVILLE TIRZ NO. 1
Finance Plan Exhibit: B
[Insert PROPERTY BOUNDARY MAP]
from
CITY OF HUNTSVILLE
10
i - LIT
SCALE I" = 1,000 FEET
TAX INCREMENT REINVESTMENT ZONE NUMBER ONE
Y —T T 7 Tn TT n
FINANCE PLAN — HUNTSVILLE TIRZ NO. 1
Finance Plan Exhibit: C
PUBLIC INFRASTRUCTURE
Item Estimated Cost $ K
Water 50
Waste Water 96
Drainage 150
Demolition 250
Utility Relocations 250
Streets 356
SUBTOTAL
Engineering/Surveying Fees (15 %)
Financing Costs
SUBTOTAL
Contingency & Admin Costs (10 %)
TOTAL
Note: Public
and cost
173
600
193
1.152
773
2,118
11
FINANCE PLAN: EXHIBIT D— Feasibility Analysis
FINAL
FEASIBLITY ANALYSIS
November 2004
Tax Increment Reinvestment Zone No. 1
City of Huntsville, Texas
SCHRADER & CLINE, LLC
George R. Schrader Larry D. Cline
4800 Broadway, Ste A Addison, TX 75001
972 -661 -1973 schc1Ki)swbe11.net
1
FINANCE PLAN: EXHIBIT D— Feasibility Analysis
INDEX
2
Page
Index
1
Forward
2
Section I:
HISTORY /CURRENT SITUATION
3
Section II:
TAX INCREMENT ANALYSIS
6
Section III:
EXHIBITS
A.
Public Infrastructure
9
B.
Proposed Buildout (With TIRZ)
10
C.
TIRZ Fund (With TIRZ)
11
D.
Private Development (With TIRZ)
12
E.
Buildout Schedule (Without TIRZ)
13
F.
Development Value (Without TIRZ)
14
G.
Private Development (Without TIRZ)
15
H.
Sales Tax Income (Without TIRZ)
16
I.
Summary of Tax Income
17
2
FINANCE PLAN: EXHIBIT D— Feasibility Analysis
FORWARD
Schrader & Cline, LLC was asked to prepare a Feasibility Analysis using tax increment
financing to encourage accelerated development and redevelopment of the
Area Tax Increment Reinvestment Zone No. 1 in the City of Huntsville, Texas. This area of the
City needs public infrastructure projects that will provide a stimulus for new development and
redevelopment of existing facilities.
Section I summarizes the history of Huntsville and discusses the current situation.
Section II details the tax increment analysis.
Section III contains exhibits.
The following projections of development and tax revenues are subject to change. As underlying
conditions in the national and regional economy change, the pace and value of new development
and redevelopment projected for the TIRZ area may shift. Future property tax rates are
particularly difficult to predict given their dependence on changes in the tax base, the mix of
taxes levied and the various jurisdictions' overall fiscal and budgetary policies. Thus, the
projected tax increments are subject to change. The analysis of future tax increment funds is
dependent on a series of projections, assumptions, and other inputs; the report should be
reviewed in totality.
Neither this report nor its conclusions may be referred to or included in any prospectus or part of
any offering made in connection with private syndication of equity, sale of bonds, sale of
securities or sale of participation interests to the public without express written approval
a WE.Ll
Schrader & Cline, LLC
Addison, Texas
November 2004
N
FINANCE PLAN: EXHIBIT D— Feasibility Analysis
SECTIONI: HISTORYICURRENT SITUATION
HISTORY
The City of Huntsville was established in 1835 or 1836 and was designated the seat of
Walker County when the county was organized in 1846. At the end of its first decade,
Huntsville became the site of the new Texas State Penitentiary, established by the Legislature in
1847. In 1852, Austin College was opened and later, in 1879, Austin College became Sam
Houston State University. These two institutions, the Penitentiary and the University, have
provided employment stability unique to most towns and even today are the two largest
employers in the City of Huntsville.
On the whole, the Huntsville economy remained fairly stable from the Civil War through
the Great Repression. Highway development in the late 1920's and early 1930's enhanced
Huntsville's position as a trade center for a significant rural area of East Texas. Beyond the two
state institutions mentioned previously, lumbering, farming, livestock raising, and tourism have
constituted the economic base of the city. The growth of the penitentiary system and of Sam
Houston State University, the expansion of metropolitan Houston, and the development of Lake
Livingston and similar attractive living areas revitalized the economy in the 1970's and 1980's.
Population of the City has continued to grow, increasing from 23,936 in 1980, to 27,925 in 1990,
and to the 2000 population of 35,078. Notice that the population is increasing at a more rapid
rate, growing 16.7% between 1980 to 1990, but at a 25.6% rate between 1990 to 2000. This
continued more rapid growth rate drives the need for more convenience retail and restaurants.
CURRENT SITUATION
With continued growth of the City creating a need for additional retail and restaurants, a
logical location for these uses would be adjacent to the highest traffic area of the City —along
Interstate 45. And, there is a large generally undeveloped 800 + -acre tract in just that area along
the west side of IH 45 and just south of State Highway 30. However, even though IH45 has been
completed and in service for years, and utilities have been available in some areas of this tract to
serve private investment, these prevailing conditions have not attracted enough private
M
FINANCE PLAN: EXHIBIT D— Feasibility Analysis
investment interest to complete development of this area. Without additional public
infrastructure, the opportunity for a significant infusion of new convenience retail and restaurants
will be denied, and any new development will most likely be done in a piece meal fashion, one
development at a time, and will occur over an extended period of time.
To make this area more desirable and useable for private development, additional public
infrastructure is needed. One method of funding this additional public infrastructure is through
the use of a Tax Increment Reinvestment Zone (TIRZ) that would utilize real property tax
revenue from new private investment as a funding mechanism. Based on the City's interest in
establishing a TIRZ, a developer is proposing to develop about 40 -acres within the 805 -acre
TIRZ boundary. Real property taxes from the proposed development would be utilized to repay
the developer for construction of the public improvements shown in Exhibit A that are required
to support the private development projects shown in Exhibit B.
This proposed development would occur during the 2005 -2007 time period and would be
a multi -use development of retail, restaurant, hotel and theatre. With the stimulus provided by
this initial development, it is expected the remainder of the TIRZ will develop over a shorter
period than would occur without benefit of the TIRZ as an incentive for development. However,
none of the future development has been included in the analysis.
G1
FINANCE PLAN: EXHIBIT D— Feasibility Analysis
SECTION II: TAX INCREMENT ANALYSIS
This section documents the detailed analysis and inputs used to generate the tax
increment revenue estimates. Tax Increment financing involves:
• Designating an eligible redevelopment area as a tax increment financing
reinvestment zone;
• Soliciting participation of the taxing jurisdictions (County only);
• Setting the assessment base a the level of the most recent assessment;
and
• Placing tax revenues generated by the increase in assessed value to a tax
increment fund for funding public improvements.
Thus, future tax increment revenues depend on four elements:
• The timing and added value of new development;
• Appreciation of existing land and improvements;
• The loss of value from any existing improvements demolished to make
way for new development; and
• Future tax rates and the percentage of participation of each taxing
jurisdiction.
Assessment policies in Walker County generally set building assessments at 100 percent
of fair market value, which may be somewhat less than construction costs for new construction.
Values used in this analysis have been adjusted accordingly. Assessed values are established as
of January 1 of the tax year. Thus, development in 2004 goes on the tax rolls for the Tax Year
2005. In this analysis, to be conservative, no increase in existing land value will be included and
new development values have not been increased after full build -out. In addition, only taxes
from increases in real property values are directed to the TIRZ Fund. Taxes from increases in
business personal property and inventory values continue to flow to each taxing jurisdiction.
The total year 2004 assessed value of the property within the TIRZ boundary was
$12,457,059. For purposes of this tax increment analysis, we have assumed that the initial
assessment base for the tax increment fund will be $12,457,059. Taxes on this amount will
continue to flow to each taxing jurisdiction during the life of the TIRZ.
0
FINANCE PLAN: EXHIBIT D— Feasibility Analysis
The TIRZ Fund generated by the incremental value of new development shown in
Exhibits C and D are calculated by multiplying the incremental assessed value by the property
tax rates of participating jurisdictions.
Fiscal year 2003 tax rates included:
JURISDICTION
City of Huntsville
Walker County
TAX RATE PER $100 OF
ASSESSED VALUE
$ 0.425
$ 0.3125
Over the 20 -year projection period, we have conservatively assumed that the nominal tax
rates will remain constant.
Taxes generated against tax year 2005 values as of January 1, 2005 are due and collected
at the beginning of 2006. This analysis compares income flowing to each taxing jurisdiction
both with and without the TIRZ.
Without the TIRZ, new private development value over twenty years shown in Exhibits E
and F will total only $34.1 million, with an associated business personal property and business
inventory value of $7.5 million over the next 20 years. This development value is somewhat less
than the value with the TIRZ and is projected to develop at a much slower rate than with the
TIRZ.
These projected incremental assessed values would yield the following tax revenues as
shown in Exhibit G:
JURISDICTION
City of Huntsville
Walker County
In addition to income
TOTAL 20 -YEAR
TAX REVENUE
$ 1,741,000
$ 2,560,000
from the real property and business personal property and
inventory without the TIRZ shown above, the City and County will also benefit from sales tax
income as shown in Exhibit H:
JURISDICTION
City of Huntsville
Walker County
TOTAL 20 -YEAR
TAX REVENUE
$ 4,584,000
$ 1,532,000
With the TIRZ, new private development value over twenty years as shown in Exhibits C
and D will total $42.6 million with an associated business personal property and business
19
FINANCE PLAN: EXHIBIT D— Feasibility Analysis
inventory value of $9.4 million. These projected incremental assessed values would yield the
following tax revenues as shown in Exhibit D:
JURISDICTION
TIRZ Fund
City of Huntsville
Walker County
TOTAL 20 -YEAR
TAX REVENUE
$ 5,711,000
$ 578,000
$ 3,482,000
In addition to income from the real property and business personal property and
inventory with the TIRZ shown above, the City and County will also benefit from sales tax
income as shown in Exhibit H:
JURISDICTION
City of Huntsville
Walker County
TOTAL 20 -YEAR
TAX REVENUE
$ 8,882,000
$ 2,961,000
Based on this analysis, establishment of the TIRZ will provide income to the TIRZ Fund
of $ 5.711 million dollars over the next twenty years, which will adequately fund the projected
$2.1 million of public infrastructure projects. In addition, during the 20 -year life of the TIRZ,
the City will receive about 50% more and the County will receive about 57% more tax revenue
than they would have received without the TIRZ as shown in Exhibit I. Tax revenue (excluding
sales tax) for the first year after expiration of the TIRZ (21- years) will be $732,000 and $498,000
for the City and County respectively versus $509,000 and $404,000 that would have been
received without the TIRZ.
FINANCE PLAN: EXHIBIT D— Feasibility Analysis
Item
Water
Waste Water
Drainage
Demolition
Utility Relocations
Streets
Feasibility Analysis Exhibit: A
PUBLIC INFRASTRU TI1RF
SUBTOTAL
Engineering /Surveying Fees (15 %)
Financing Costs
SUBTOTAL
Contingency & Admin Costs (10 %)
TOTAL
Note: Public improvement program and cost
Estimated Cost $ K
50
96
150
250
250
356
ed
173
600
193
1,152
773
2,118
G�
FINANCE PLAN: EXHIBIT D— Feasibility Analysis
Feasibility Analysis Exhibit: B
PROPOSED BUILDOUT SCHEDULE (With TIRZ)
YEAR
USE
SIZE
K/S . Ft.
VALUE
$K
2005
Grocery
66
8,550
Larger Retail
38
4,000
Retail
12
1,500
Retail
15
1,750
SUBTOTAL
131
15,800
2006
Theatre
18
3,300
Conference /Hotel
81
8,500
Eatery
3
875
Eatery
4
900
Retail
22
3,350
Eatery
4
800
Eatery
8
1,200
SUBTOTAL
140
18,925
2007
Eatery
6
850
Motel and Eatery
14
2,250
Gas Station
5
1,250
Pharmacy
16
2,150
Bank
9
1,350
SUBTOTAL
50
7,850
TOTAL
321
42,575
IM
FINANCE PLAN: EXHIBIT D— Feasibility Analysis
Feasibility Analysis Exhibit: C
TIRZ FUND (With TIRZ)
YEAR
DEVELOPMENT
VALUE, $K
DEVELOPMENT CUM.
VALUE $K
TIRZ FUND
$K
2004
-
-
-
2005
15,800
15,800
-
2006
18,925
34,725
117
2007
7,850
42,575
256
2008
-
42,575
314
2009
-
42,575
314
2010
-
42,575
314
2011
-
42,575
314
2012
-
42,575
314
2013
-
42,575
314
2014
-
42,575
314
2015
-
42,575
314
2016
-
42,575
314
2017
-
42,575
314
2018
-
42,575
314
2019
-
42,575
314
2020
-
42,575
314
2021
-
42,575
314
2022
-
42,575
314
2023
-
42,575
314
2024
-
-
314
TOTAL
42,575
42,575
5,711
* Based on Tax Rates of:
City $0.425/$100
County $0.3125/$100
11
FINANCE PLAN: EXHIBIT D-Feasibility Analysis
Feasibility Analysis Exhibit: D
PRIVATE DEVELOPMENT (With TIRZ)
INCnMV TO
YEAR
Dev Cum
Value $ K
TIRZ
Increment $K
BPP&ICUM City, $ K
Value $K
County, $K
2004
-
-
2005
15,800
-
2,730 -
-
2006
34,725
117
6,894 12
66
2007
42,575
256
9,356 22
152
2008
42,575
314
9,356 32
192
2009
42,575
314
9,356 i 32
192
2010
42,575
314
9,356 32
192
2011
42,575
314
9,356 32
192
2012
42,575
314
9,356 32
192
2013
42,575
314
9,356 32
192
2014
42,575
314
9,356 32
192
2015
42,575
314
9,356 32
192
2016
42,575
314
9,356 32
192
2017
42,575
314
9,356 32
192
2018
42,575
314
9,356 32
192
2019
42,575
314
9,356 , 32
192
2020
42,575
314
9,356 32
192
2021
42,575
314
9,356 32
192
2022
42,575
314
9,356 i 32
192
2023
42,575
314
9,356 32
192
2024
-
314
- 32
192
TOTAL
42,575
5,711
9,356 578 1
3,482
Based on tax rate of $0.425/$100 valuation for City; and $0.3125/$100 valuation for the County
Based on BPP&I value at 22% of real property values.
Based on tax rate of $0.425/$100 valuation on BPP&I values only.
Based on tax rate of $0.3125/$100 valuation for Real Property, and $0.625/$100 valuation on BPP&I values.
12
FINANCE PLAN. EXHIBIT D— Feasibility Analysis
Feasibility Analysis Exhibit: E
BUILDUUT SCHEDULE (Without TIRZ)
YEAR
USE
SIZE
K/S . Ft.
VALUE
$K
2006
Eatery
3
875
2007
Eatery
4
900
2009
Grocery
66
8,550
2011
Retail
12
1,500
Retail
15
1,750
2013
Gas Station
5
1,250
2014
Bank
9
1,350
2015
Eatery
4
800
Eatery
8
1,200
2016
Pharmacy
16
2,150
2017
Retail
22
3,350
2018
Lar er Retail
38
4,000
2019
Eatery
6
850
2020
Theatre
18
3,300
2021
Motel & Eatery
14
2,250
TOTAL
240
34,075
Note: Same uses and sizes as provided by Developer.
Schedule of completion delayed.
13
FINANCE PLAN: EXHIBIT D— Feasibility Analysis
Feasibility Analysis Exhibit: F
DEVELOPMENT VALUE (Without TIRZ)
YEAR
DEVELOPMENT
VALUE, $K
DEVELOPMENT
CUM. VALUE $K
NO TIRZ FUND
$K
2004
-
-
2005
-
-
2006
875
875
2007
900
1,775
2008
-
1,775
2009
8,550
10,325
2010
-
10,325
2011
3,250
13,575
2012
-
13,575
2013
1,250
14,825
2014
1,350
16,175
2015
2,000
18,175
2016
2,150
20,325
2017
3,350
23,675
2018
4,000
27,675
2019
850
28,525
2020
3,300
31,825
2021
2,250
34,075
2022
-
34,075
2023
-
34,075
14
FINANCE PLAN: EXHIBIT D-Feasibility Analysis
Feasibility Analysis Exhibit: G
PRIVATE DEVELOPMENT (Without TIRZ)
15
I INCOME TO
YEAR
Dev Cum
Value $ K
NO
TIRZ
Increment $K
BPP&ICum i City, $ K
Value $K
County, $K
2004
2005
-
-
2006
875
193 5
7
2007
1,755
391 9
14
2008
1,755
391 9
14
2009
10,325
2,272 54
79
2010
10,325
2,272 54
79
2011
13,575
2,983 70
103
2012
13,575
2,983 70
103
2013
14,825
3,258 77
113
2014
16,175
3,555 84
123
2015
18,175
3,994 94
139
2016
20,325
4,466 105
155
2017
23,675
5,203 123
180
2018
27,675
6,082 i 143
211
2019
28,525
6,268 148
217
2020
31,825
6,994 165
243
2021
34,075
7,488 177
260
2022
34,075
7,488 177
260
2023
34,075
7,488 177
260
TOTAL
34,075
7,4$8 1,741
2,560
Based on BPP&I value at 22% of real property values.
Based on tax rate of $0.425/$100 valuation on all values.
Based on tax rate of $0.625/$100 valuation on all values.
15
FINANCE PLAN: EXHIBIT D— Feasibility Analysis
Feasibility Analysis Exhibit: H
SALES TAX INCOME (Without TIRZ)
YEAR
SALES TAX
WITH TIRZ,$K
SALES TAX
WITHOUT TIRZ, $ K
City
County
city
County
2004
-
-
-
-
2005
-
-
-
-
2006
126
42
23
8
2007
452
151
53
18
2008
519
173
53
18
2009
519
173
179
60
2010
519
173
179
60
2011
519
173
179
60
2012
519
173
179
60
2013
519
173
187
62
2014
519
173
206
69
2015
519
173
296
99
2016
519
173
326
109
2017
519
173
326
109
2018
519
173
326
109
2019
519
173
371
124
2020
519
173
405
135
2021
519
173
432
144
2022
519
173
432
144
2023
519
173
432
144
TOTAL
8,882
2,961
4,584
1,532
Note —Sales Tax Based On: 1 '/z % for City 1/2% for County
$5001 Sq. Ft. Sales For Eateries
$128 /Sq. Ft. Sales For All Others
Anticipated sales tax income from duplicate retail eliminated. No increase after buildout.
101
FINANCE PLAN: EXHIBIT D— Feasibility Analysis
Feasibility Analysis Exhibit: I
SUMMARY OF TAX INCOME - $K
CITY
WITH TIRZ
WITHOUT TIRZ
Real Property, BPP &I
578
19741
Sales (1 1/2%)
802
41584
TOTAL
9,460
6,325
COUNTY
Real Property, BPP &I
3,482
2,560
Sales ( 1/2%)
29961
1,532
TOTAL
6,443
4,092
In addition to the `With TIRZ" amounts above,
$5,711 flows to TIRZ Fund.
17
FINAL
PROJECT PLAN
November 2004
Tax Increment Reinvestment Zone No. 1
City of Huntsville, Texas
SCHRADER & CLINE, LLC
George R. Schrader Larry D. Cline
4800 Broadway, Ste A Addison, TX 75001
972 - 661 -1973 schcli(- )swbell.net
PROJECT PLAN — HUNTSVILLE TIRZ NO. 1
November 2004
The City of Huntsville, Texas proposes to establish a Tax Increment Reinvestment Zone
( "TIRZ ") for the purpose of dedicating the increase in tax revenue generated within the TIRZ to
provide funds for public infrastructure to encourage accelerated development and redevelopment
in the IH -45 /SH 30 area of the City. The TIRZ consists of approximately 805 acres and is more
fully described in Project Plan Exhibit: A.
The City is creating this TIRZ to encourage accelerated development and redevelopment in the
IH -45 /SH 30 area of the City that has remained generally undeveloped and would benefit from
the proposed public infrastructure improvements. It is expected that the TIRZ will exist for
twenty (20) years or the date when all project costs are paid, whichever comes first.
As set forth in Section 311.011 of the Tax Increment Financing Act of the Tax Code, the Project
Plan for Tax Increment Reinvestment Zone No. 1, Huntsville, Texas must and does include the
following elements:
1. A map showing existing uses and conditions of real property in the TIRZ and a map
showing proposed improvements to and proposed use of the property.
■ The boundaries of the TIRZ are shown on the map labeled Project Plan Exhibit: B;
■ Project Plan Exhibit: C shows existing land use within the TIRZ. Currently, the
area is generally undeveloped. The area contains less than ten percent residential.
■ Project Plan Exhibit: D identifies public improvements being proposed for the
TIRZ;
■ A listing of those public improvements is shown in Project Plan Exhibit: E;
■ Project Plan Exhibit: F shows anticipated Future Land Use within the TIRZ.
2
PROJECT PLAN — HUNTSVILLE TIRZ NO.1
2. Proposed changes of zoning ordinances, the master plan of the municipality, building
codes, and other municipal ordinances.
■ Any changes to codes, ordinances, or master plan as a result of the creation of
the TIRZ will be made through the standard process and procedures of the
City and County.
3. A list of estimated non - project costs.
■ Non - project costs within the TIRZ are those development costs not paid for by
the TIRZ. These costs will include, but are not limited to, $42.6 million,
which is comprised of new development.
4. A statement of a method of relocating persons to be displaced as a result of implanting
the plan.
■ In the process of developing the TIRZ, any relocations will be made through
the standard process and procedures of the City.
3
PROJECT PLAN — HUNTSVILLE TIRZ NO. 1
Project Plan Exhibit: A
Insert Exhibit "A" From City of Huntsville (4 pages)
BOUNDARY DESCRIPTION
CITY OF HUNTSVILLE, TEXAS
Planning & Development
448 State Hwy. 75 North
Huntsville, Texas 77320
'i'I11: ti'1'A'fl tN "rl'sXAS
('(_)l IN`1`Y t71' WAl.KI',I: §
1. Lconard F, Woods, Itegistercd Profi'ssional Land Surveyor No. 2524. do hereby ccriily that this
document was prepared under 22 TAC 663.21, does not reflect the results of an on the. ground survey, and is
not to be used if) convey or establish interests in real property except those rights and interests implied or
csiablished by tilt: creation or reconfiguration of the boundary of the political subdivision for which it was
prepared.
TAX 1NCREIk1ENT REINVESTMENT ZONE NUAfRER ONE
Being .1 parccl of land containing approximately 805 acres, within the corporate limits of'the. City ul,
I itrrtts 6llc, situated in the LEWIS COX LEAGUE. Abstract No. 13, the PLEASANT GRAY LU'AGtll-„
Abstract N«. 24, the J. W. ADAMS SURVEY, Abstract No. 62, the PETER TUMLINSON LABOR,
Abstract No. 539 and the JESSE YOUNG LABOR, Abstract No. 618, Walker County, Texas, said parcel
heing more particularity described by metes and bounds as follows;
BEGINNING in the southwest right -of -way line of Interstate Highway No. 45 at the most northerly
corner of t..ot f of' West Hill Park, Section 4 as shown on a Plat recorded in Volume 3, page 146, Plat
Records of Walker County, Texas;
THENCE SOUTHEASTERLY, with the southwest right -of -way line of interstate Highway No. 45
and tiro northeast fines of Lots 1, 2,4 and 3 of said West Hill Park, Section 4 to the east corner of'said Lot 3;
11IFNCE S 70 006'59 "W - 642.13 feet (Plat Call) to the most northerly northeast corner of Reserve
"A" of said West Hill Park, Section 4 and the northwest comer of a called 3.636 acre tract described in a
Deed to Boxcars Properties, LTD recorded in Volume 376, page 853, Official Public Records of Walker
County, Texas;
Tl IENCE S 22018'40 "E (Plat Call), with a west line of said Boxcars Properties, LTD tract, a distance
of 355.65 feet (Plat Cal I) to the its southwest corner and a reentrant corner of said Reserve "A ";
T IENC:I_: N 67'20'13"E (Plat Call), with the most easterly north fine of said Reserve "A ", a distance
of 707.44 feet. (Plat Call) to the most easterly northeast corner of said Reserve "A" in the southwest right-of-
way line of Interstate Highway No. 45;
TI IENCE SOUTHEASTERLY, with the southwest right -of -way line of Interstate Highway No. 45 to
tine northeast corner of Lot 1 (1.9495 acre) of Parkwood Square as shown on a Plat recorded in Volume 3,
page 77, Plat Records;
THENCE EAS'rE-RLY, with the north lines of said Lot I of Parkwood Square to its northwest corner
in the east right -of -way line of West Hill Park Circle as shown on a Plat of West Hill Park recorded in
Volunrc 2, page 189, Plat Records;
THENCE. SOUTHERLY, with tine east right-of-way line of said West Hill Park Circle, to a point in
the north right -of -way tine of State I-tighway No. 30;
THENCE NCE WESTERLY, with the north right -of -way tine of State Highway No. 30, to its intersection
With the west right -of -way line of said West Hill Park Circle;
Tl 1FNCi: NUR"1 [ii:RLi', with the west right -of -way line of said West Hill Park Circle to a point on
the north side of ,1 Cull `D Sac of said West Hill Park Circle and being a easterly corner of Lot 3 (1.85 acre.)
antl a souttreriy corner (if "Unrestricted Reserve" as shown on said Plat of West Hill Park;
EXHIBIT "A"
Page I of 4
I :n lire rcni ni I\cinvl5tmelll Zone Nrrmtler One I'a-C
t i 11 N(TI N 31 ":,1'43 "W (flat Call), with the ccn7urton lines of said Lot 3 and l IZe =;crvc•
nts:ri(I U'e.;l I lilt Park, a distance o1" 177,46 feet (Plat Call) to the northeast currier of said hii 3;
i'l II :N(TS 87 °3 3` 10 "W (Plat Cal I), continuing with the common line of said Lot 3 Mid i lnrestrictcd
Pcscrvc. ;�. distance of 148.00 feet (Plat Call) to [lie northwest corner of said Lot 3 in the cast line of a called
1,•71 acre tract described in a Deed to Brazos - Huntsville, LP recorded in Volume 180, page 139, Decd
Records of' Walker County, Texas;
TI II:N(T N)RTi-rERLY, with the cast line of said Brazos- I-Iuntsvilie, LP tract, to its northeast
cm rter-,
F] I1;,N(I: WFSTF -AZLY, with the north line of said Brazos- l-luntsvillc, IA' tract, to its northwest
corrtcr;
'1'111 -:N(T SOI ITiIE:RLY, with the west line ofsaid Brazos- l- tuntsvillc, LP tract., to its southwest
corner in the north right-of'-way litre of State i-tighway No. 30 -,
TI 1EINCE WESTERLY, with the north right-of-way line of Stale Highway No. 30, to the southeast
corner ol' I:escrve "A" (8.91 acres) as shown on a Plat of West Mill Park, Phase 1 - Section 2 rccoided in
Vr }lunic 3_ gage 53. flat Records;
'I l I I ,N('L, SOUT) I1 RLY, across Stale Highway No. 30, to the northwest corner of Lot I. l3lock I
(20_3565 acres) of West I fill Subdivision, Section One as shown on a Plat recorded ill Voluntc 1, page 185,
Plat lZccords, said corner lacing in the cast right -of -way of Veterans Memorial Parkway (called West l lills
Drive on said flat recorded in Volume 1, page 185, Plat Records);
'f1 IFNCL: SOUTHERLY. with the cast right -of -way of Veterans Memorial Parkway, to its
intersection with the north right -of -way of Col. Etheredge Boulevard (called Commerce Drive on said Plat
recorded in Volume 1, page 185, Plat Records);
"fl-IINCf? NORTHEASTERLY, with the north right -of -way of Col. Etheredge Boulevard, to its
intersection with the east right- o(=way line of Financial Plaza as shown on said Plat recorded in Volume 1,
page 185, Plat Records:
I'l I}.?NCEI SOUTHEASTERLY, with the east right-of-way line of Financial Plazn, to the southwest
corner of t,ot 8 (0.44 acre) of a Replat of West Hill Subdivision, Section 1, Block 5 as shown on a Plat
recorded in Volume 4, page 23, Plat Records, said comer being in the north line of called 248.1)2 acre tract
describcd in a Decd to Sarn Dominey recorded in Volume 90, page 488, Official Public Records;
TI IENCF EASTERLY, with the north line of said Dominey tract, to its northeast corner in the west
line of Lot 2A (26.70 acres) of Replat of Lot 2A, Swtdance Ranch, Section One as shown on a Plat recorded
in Volume 3, page 76, Plat Records;
TI I] -'NCE SOUTHERLY, with the east line of said Dominey tract and the west line of said Lot 2A,
approximately 47 feet to the southwest comer of said Lot 2A and the northwest corner of a called 32.2328
acre tract described in a Deed to MNC Realty, LP recorded in Volume 456, page 155, Official Public
Records;
Tl IENCU' N 86'17`30 "W (Plat Call), with the south line of said Lot 2A and the north line of said
MNC Realty, 1,11 tract, a distance of 1563.49 feet (Plat Call) to the southeast corner of said Lot 2A and the
northeast corner of said MNC Realty, LP 32.2328 acre tract in the southwest right -of -way line of interstate
I Iighway No, 45;
1'1113NC1: SOUTHEASTERLY, with the southwest right -of -way tine of interstate i-[ighway No. 45,
cros:tiing Senither Drive, to its intersection with the northwest line of a called 80 acre tract described is a t7cccl
to faun I IntlStnn State'l-eachers College recorded in Volume 55, page 547, Deed Records, said point being
also the most easterly corner of a called 125,35 acre tract described in a Deed to John W. Amick recorded in
Volume 200, pace 518, Official Public Records;
EXHIBIT "A"
Page 2 of 4
I,c< Inrrcmrnl Rcinvcsanenl Zonc NtnnberOnc. Page
('ilc ul I lunlsville
t';;ilkrr !'nunly. I rem;
II II:N('Il li; \ti IFRI.l across Interstate i Iighway No. 45, to the. south corner ofa caIICd I.')_' aer(,
Ir:icl dt'scrihcd in a I )red to) W "'- anel 1i.)'. Rohinson recorded in Volume 172, pare 174, I)CC(l RCTllyd.';;
1 I II .N(•I . N 00'4V1.: (I)eccl (fall), will, the. southeast line of'said Rohinson I .Q-) acre tI -:ICI, ❑ (Ii sl:uuc
feel (Deed Fall) to its cast corner and the most westerly corner of a callcd 1 .92 acre tract dcscrihcd
in :I Decd to the Stale of'frxas recorded in Volume 171, page 374, Deed Records;
I I fl -NC l: N 60°43'1; (Deed Call), with the northwest line of said State of'fexas 1.92 acre Iraq, a
distance. of 74,8 Icet (Deed Call) to an angle corner;
T1 IF;NCi: N 05024'1; (Deed Call), with the west line of said State of "Texas 1.92 acre tract-1 distance
of 941.6 feel (Decd Call) to its north comer:
I'I fi;NC'I -. S 64025'1: (Deed Call), with the north or northeast line of said State of Texas 1.92 acre
tract., to the southeast corner of a called 0.466 acre tract described in a Deed to Bradley K. A] ford recorded in
Voltnnc 451, pare. 551, Official Public Records, a 6" diameter steel fence comer post (Deed ('all);
I'1 II!!NC,F N 18 °10'E (Deed Cal I), with the east line of said Alford 0.466 acre tract, a distance of
270.50 feet (Decd Call) to its northeast corner on the south line of 25`I' Street and in the east line of Sam
I louston State University property;
hi II ?NC:E SOUTIIEASTERLY, across Sam Houston State University property, to the north corner of
Yoakum Ridge subdivision recorded in Volume 1, page 29, Plat Records, a point on the southeast side of
Avenue M (formerly Aberdeen Drive);
TI II;NCi SOUTHWESTERLY, with the southeast right -of -way line of Avenue M, to its intersection
with the northeast right -of -way of Interstate Highway No. 45;
Ti IENCi' SOUTHWESTERLY, across Interstate Highway No. 45, to the north corner of
Goldenhcadcd Cane Associates, LTD 3.894 Acre Tract subdivision as shown on a Plat recorded in Volume
3. page 97, Plat Records, said comer being in the southeast line of said Sam Houston State Teachers College
80 acre tract;
TI IENCE SOUTHWESTERLY, with the s(utheast line of said Sam Ilouston Stale Teachers College
80 acre tract and the northwest line of said 3.894 Acre Tract as follows:
( I ) S 35 °53'58 "W - 128.54 feet (Plat Call)
(2) (2) S 32 °24'05 "W - 297.33 feet (Plat Call)
and (3) S 31 °46'03 "W - 277.51 feet (Plat Call) to the west corner of said 3.894 Acre Tract and the north
corner of it called 2.29 acre tract described in a Det;d to Paul Vilardi, Trustee, et ai recorded in Volume 353,
pare 458, Decd Records;
T1If:NCF; SOUTHWESTERLY, continuing with the southeast line of said Sam i-louston State
'I enchers College 80 acre tract to its south corner ;n the cast line of a called 105.13 acre tract described in a
Deed to Sam l louston Normal Institute recorded to Volume 50, page 145, Deed Records;
TIIENCE S 01 °55'E- 68 varas (Deed Call) to the southeast corner of said Sam i louston Normal
Institute 105.13 acre tract;
Tl I I - `NCE S 87050'W (Deed Call), with the south line of said Sam ]-louston Normal Institute tract,
crossing Veterans Memorial Parkway, a distatr;e of 1166.2 varas (Deed Call) to an angle comer;
T1 IFNCE N 570 10'W (Deed Call), with the southwest line of said Sam Houston Normal Institute
105.13 acre tract, a distance of 346.3 varas (D,.ed Call) to the west corner of same and being the south corner
ol'saitl Sam C. i)omincy 248.20 acre tract;
TI iENCG with the southwest and west lines of said Dominey 248.20 acre tract as follows:
(1) N 48 °28'40 "W - 715.72 feet (Deed Call)
(2) N ?2^44'37"17- 663.18 feet (Deed Call)
EXHIBIT "n"
Page 3 of 4
I;r: I�urcnr,:nr (taunrsinrcnl `LoncNumherChu.
r'il�, ul I Inni�;t�illc
510AII fret (Deed Cali)
M
;nd (4) i'•± ti_ " "7 I t '1V'- 4700.4 -1 lect (Dcctl (;'all ( to the northwcsf Corner oI,mid I?+nnincv 2,18, 20 acnc II;it I
Ind Ihc solidmcsl z:orncr (if -s;1id West i lilt Suhciivision. Section One:
T111 Nt'1': N 02'36'55 "1? (Plat Call), with the west line of'said Wrest Hilt Subdivision, Section 011C.:1
di: ;l;urrcof 1997 .55 feel (Plat Call) to its northwest corncr in the south right -of -way line of Slaty I li.Lhwav
Ni), ;M:
1*1 iFNCI: N 86'44'46-F ('flat Call), with the north line of said West 11111 SUhdiViSIOIL ,`SCctiulr One
;111(1 the south right -of-way line of State Highway No. 30, a distance of 200.00 feet (Plot Call) to tile west
ri dil- of -wav line of Veterans Memorial Parkway;
'I'l II .N0-* N01ZTI [I::RI,,Y, across State I- iighway No. 30, to the southeast corner of Lot i as shown Ito
,;:iid Plat (If' W'cst I fill Park, Phasc I — Section 2 recorded in Volume 3, page 53, Plat. Records, said corncr
heing also in the west. right -of -way line of Veterans Memorial Parkway; formerly called West I ]ills Drive on
said Plal recorded in Volunie 3, page 53, Plat Rccords;
T[ 11?NCF'l NOR11IFRLY, with the east line of said Lot I and the west right -of -way fine of Veterans
Memorial P;irkway, to the northeast comer of said Lot 1.
I'f ll :NC'r. WfiSTERLY, with the north lines of said Lot 1, to its northwest corner, said corncr being
also the most westerly southwest corner of said Reserve "A" of West Hill Park, Phase I -- Section 2,
TI II,NCl: N 07 °55'42 "W (Plat Call), with the most northerly west line of said Reserve "A" to its
northwest corner in the south line of a tract owned by the State of Texas and part of the "texas Department of
Criminal Justice "Wynne harm ";
'I FIFNCE N 137 °23'57 "E (Plat Call), with the common line of said Reserve "A" and T.D.C.J. "Wynne
Fans" to the west right- of-way of Veterans Memorial Parkway and the southwest corner of a called L907
acre tract described in an Easement to the City of Huntsville, a concrete monument (Deed Call);
TI i13NCI N 02 °32'59 "W (Deed Call), with the west right- of-way of Veterans Memorial Parkway and
the west line of-said City of Huntsville 1.907 acre Easement tract, a distance of 2080.30 feet (Deed (all) to
its northwest corner in the southwest right -of -way line of Interstate Highway No. 45;
THENCE SOUTHEASTERLY, with the southwest right -of -way fine of Interstate Highway No. 45, to
tilePOINTOI' BEGINNING.
C 1COh104lrSITIRZ7\TIRZ_1.tns.doc
Signed
Leonard E. Woods
Reg. Prof. Land Surveyor No.2524
FIXi-111.3FF "A„
11,I11e 4 c71'd
PROJECT PLAN — HUNTSVILLE TIRZ NO. 1
Project Plan Exhibit: B
[Insert Boundary Map from City of Huntsville)
SCALE 1" 1,000 FEET
TAX INCREMENT REINVESTMENT ZONE NUMBER ONE
F.YT4TRTT 'R
PROJECT PLAN — HUNTSVILLE TIRZ NO.1
Project Plan Exhibit: C
[Insert Existing Land Use Map from City of Huntsville)
PROJECT PLAN- HUNTSVILLE TIRZ NO. 1
Project Plan Exhibit; C
9
PROJECT PLAN — HUNTSVILLE TIRZ NO. 1
Project Plan Exhibit: D
[INSERT PUBLIC IMPROVEMENT MAP]
CITY OF HUNTSVILLE
Provided by Curtis Development
10
PROJECT PLAN-HUNTSVELLE TIRZ NO. 1
ect Plan Exhibit: D
tot,
lool 49,
Ow
----------
------------------
MAW VWw
- - - - - - - - - - - - - - - - - -
10
PROJECT PLAN — HUNTSVILLE TIRZ NO. 1
Project Plan Exhibit: E
PUBLIC INFRASTRUCTURE
Item Estimated Cost $ K
Water 50
Waste Water 96
Drainage 150
Demolition 250
Utility Relocations 250
Streets 356
SUBTOTAL 1,152
Engineering /Surveying Fees (15 %) 173
Financing Costs 600
SUBTOTAL 773
Contingency & Admin Costs (10 %) 193
TOTAL 2,118
Note: Public improvement program and cost
11
PROJECT PLAN — HUNTSVILLE TIRZ NO. 1
Project Plan Exhibit: F
[ Insert FUTURE LAND USE MAP]
CITY OF HUNTSVILLE
Provided by Curtis Development
12
PROJECT PLAN- HUNTSVILLE TIRZ NO. 1
Project Plan Exhibit: F
12
City of Huntsville
Huntsville Tax Increment Reinvestment Zone No. 1
BYLAWS
ARTICLE I
POWERS AND PURPOSE
Section 1. Financing Development or Redevelopment in the Zone. In order to implement
the purposes for which Tax Increment Reinvestment Zone No. One, City of Huntsville, Texas
(the "Zone ") was formed, as set forth in Ordinance No.2004 -08 -03.1, dated August 3, 2004,
creating the Zone, the City of Huntsville, Texas (the "City ") may issue obligations to finance all
or part of the cost of implementing the "project plan" for the Zone as defined in the Tax
Increment Financing Act of the Tax Code, Chapter 311, Vernon's Texas Codes Annotated (the
"Act"
Section 2. Books and Records: Approval of Programs and Financial Statements. The
Board of Directors shall keep correct and complete books and records of account and shall also
keep minutes of its proceedings and the proceedings of committees having any of the authority
of the Board of Directors. All books and records of the Zone may be inspected by any director
or his agent or attorney for any proper purpose at any reasonable time; and at all times the City
Council and the City Auditor will have access to the books and records of the Zone. The City
Council must approve all programs and expenditures for the Zone and annually review any
financial statements of the Zone.
ARTICLE II
BOARD OF DIRECTORS
Section 1. Powers, Number, and Term of Office. The property and affairs of the Zone
shall be managed and controlled by the City Council based on the recommendations of the Board
of Directors of the Zone ( "Board of Directors" or "Board "), subject to the restrictions imposed
by law, the ordinance creating the Zone, and these Bylaws. It is the intention of the City Council
that the Board of Directors shall function only in an advisory or study capacity with respect to
the Zone and shall exercise only those powers, advisory in nature, which are either granted to the
Board pursuant to the Act or delegated to the Board by the City Council.
The Board of Directors shall consist of seven (7) directors: three (3) of whom shall be appointed
by the City Council of the City; three (3) appointed by the governing body of Walker County
Bylaws
Huntsville TIRZ No. 1 Page I
(County); and one (1) appointed by the governing body of the Huntsville Independent School
District (School); provided however, that if a taxing unit (other than the City) waives its right to
appoint a member to the Board, as evidenced by written resolution duly adopted by the
governing body of such taxing unit, the City may appoint such Board member in its stead.
The directors appointed to odd - numbered positions shall be appointed for two year terms,
beginning on August 3, 2004, while the directors appointed to even - numbered positions shall be
appointed to a one year term, beginning on August 3, 2004. All subsequent appointments shall
be for two -year terms, or until their successors are appointed by the respective governing bodies.
Any director may be removed from office by the City Council for cause deemed by the City
Council as sufficient for their removal in the interest of the public, but only after a public hearing
before the City Council on charges publicly made, if demanded by such Board member within
ten (10) days.
In the event of a vacancy caused by the resignation, death, or removal for any reason, of a
director, the governing body of the respective taxing unit (i. e. City, County, School) which
made such Board appointment shall be responsible for filling the vacancy.
Section 2. Meetings of Directors. The directors shall hold their meetings within a public
building in the City as the Board of Directors may from time to time determine.
Section 3. Regular Meetings. Regular Meetings of the Board of Directors shall be held at
such times and places as shall be designated, from time to time, by resolution of the Board of
Directors. All meetings of the board shall be of a public nature unless pertaining to matters of
land purchase, security, personnel, or strictly legal matters. Notice of all regular and special
meetings of the Board and any committees thereof shall be posted in accordance with the
provisions of Chapter 551, Texas Government Code. There shall be at least one Regular
Meeting held each year in the month of December.
Section 4. Emergency Meetings. Emergency Meetings of the Board of Directors shall be
held whenever called by the chairman, by the secretary, by a majority of the directors then in
office or upon advice of or request by the City Council.
The secretary shall give notice to each director of each Special Meeting in person, or by mail,
courier, facsimile, telephone or e -mail, at least twenty -four (24) hours before the meeting.
Notice of all Emergency Meetings shall state the purpose which shall be the only business
conducted.
Section 5. Quorum. A majority of the directors holding current appointments shall
constitute a quorum for the consideration of matters pertaining to the purposes of the Zone. The
act of a majority of the directors present at a meeting at which a quorum is in attendance shall
constitute the act of the Board of Directors, unless the act of a greater number is required by law.
Bylaw
Huntsville TIRZ No. I Page 2
Section 6. Conduct of Business. At the meetings of the Board of Directors, matters
pertaining to the purposes of the Zone shall be considered in such order as from time to time the
Board of Directors may determine.
At all meetings of the Board of Directors, the chairman shall preside and in the absence of the
chairman, the vice chairman shall exercise the power of the chairman.
The secretary of the Board of Directors shall act as secretary of all meetings of the Board of
Directors, but in the absence of the secretary, the presiding officer may appoint any person to act
as secretary of the meeting. City staff shall provide notice of meetings and prepare meeting
agendas.
Within five days following each Regular and Emergency Meeting, a copy of the minutes of the
meeting shall be submitted to the City Secretary of the City.
Section 7. Compensation of Directors. Directors as such shall not receive any salary or
compensation for their services, except that they shall be reimbursed for their actual reasonable
expenses incurred in the performance of their duties hereunder.
Section 8. Attendance. Board members shall make every effort to attend all Regular and
Special meetings of the Board and/or Committees. The City Council may replace a City
appointee of the Board or request replacement of an appointee from other taxing jurisdictions for
non-attendance at three consecutive meetings.
F.'VX'4KW*ffI
Section 1. Titles and Term of Office. The officers of the Zone shall consist of a chairman,
a vice chairman, a secretary, and such other officers as the Board of Directors may from time to
time elect or appoint; provided however that the City Council shall, on an annual basis, appoint
the chairman whose term shall begin on August 3. One person may hold more than one office,
except that the chairman shall not hold the office of secretary. Terms of office for officers, other
than the chairman, shall not exceed two years.
All officers, other than the chairman, shall be subject to removal from office, with or without
cause, at any time by a vote of a majority of the entire Board of Directors.
A vacancy in the office of any officer, other than the chairman, shall be filled by a vote of a
majority of the directors.
Section 2. Powers and Duties of the Chairman. The chairman shall be the chief executive
officer of the Board of Directors and, subject to the approval of the City Council, he/she shall be
Bylaws
Huntsville TIRZ No. 1 Page 3
in general charge of the properties and affairs of the Zone and shall preside at all meetings of the
Board of Directors.
Section 3. Vice Chairman. The Vice chairman shall be a member of the Board of
Directors, shall have such powers and duties as may be assigned to him by the Board of
Directors and shall exercise the powers of the chairman during that officer's absence or inability
to act. Any action taken by the vice chairman in the performance of the duties of the chairman
shall be conclusive evidence of the absence or inability to act of the chairman at the time such
action was taken.
Section 4. Secretary. The secretary shall keep the minutes of all meetings of the Board of
Directors in books provided for the purpose, he /she shall have charge of such books, records,
documents and instruments as the Board of Directors may direct, all of which shall at all
reasonable times be open to inspection, and he /she shall in general perform all duties incident to
the office of secretary subject to the control of the City Council and the Board of Directors. The
function of Secretary may be performed by City Staff.
Section 5. Compensation. Officers as such shall not receive any salary or compensation for
their services, except that they shall be reimbursed for their actual reasonable expenses incurred
in the performance of their duties hereunder.
Section 6. Staff. Staff functions for the Board of Directors may be performed by the City
Manager and his designees.
ARTICLE IV
PROVISIONS REGARDING BYLAWS
Section 1. Effective Date. These Bylaws shall become effective only upon the occurrence
of the following events:
(1) The adoption of these Bylaws by the Board of Directors, and
(2) The approval of these Bylaws by the City Council.
Section 2. Amendments to Bylaws. These Bylaws may be amended by majority vote of the
Board of Directors, provided that the Board of Directors files with the City Council and
Commissioners Court a written application requesting that the City Council and Commissioners
Court approve such amendment to the Bylaws, specifying in such application the amendment or
amendments proposed to be made. If the City Council and Commissioners Court by appropriate
ordinance or order finds and determines that it is advisable that the proposed amendment be
made, authorizes the same to be made and approves the form of the proposed amendment, the
Board of Directors shall proceed to amend the Bylaws.
Bylaws
Huntsville TIRZ No. I Page 4
After consultation with the Board of Directors, the Bylaws may also be amended at any time by
the City Council by adopting an amendment to the Bylaws by resolution of the City Council and
delivering the Bylaws to the secretary of the Board of Directors.
Section 3. Interpretation of Bylaws. These Bylaws and all the terms and provisions hereof
shall be liberally construed to effectuate the purposes set forth herein. If any word, phrase,
clause, sentence, paragraph, section or other part of these Bylaws, or the application thereof to
any person or circumstance, shall ever be held to be invalid or unconstitutional by any court of
competent jurisdiction, the remainder of these Bylaws and the application of such word, phrase,
clause, sentence, paragraph, section or other part of these Bylaws to any other person or
circumstance shall not be affected thereby.
ARTICLE V
GENERAL PROVISIONS
Section 1. Notice and Waiver of Notice. Whenever any notice whatsoever is required to be
given under the provision of these Bylaws, said notice shall be deemed to be sufficient if given
by depositing the same in a post office box in a sealed postpaid wrapper addressed to the person
entitled hereto at his post office address, as it appears on the books of the Zone, and such notice
shall be deemed to have been given on the day of such mailing. Attendance of a director at a
meeting shall constitute a waiver of notice of such meeting, except where a director attends a
meeting for the express purposes of objecting to the transaction of any business on the grounds
that the meeting is not lawfully called or convened. A waiver of notice in writing signed by the
person or persons entitled to said notice, whether before or after the time stated therein, shall be
deemed equivalent to the giving of such notice.
Section 2. Resignations. Any director or officer may resign at any time. Such resignation
shall be made in writing and shall take effect at the time specified therein, or, if no time be
specified, at the time of its receipt by the City Council. The acceptance of a resignation shall not
be necessary to make it effective, unless expressly so provided in the resignation.
Section 3. Approval or Delegation of Power by the City Council. To the extent that these
Bylaws refer to any approval by the City, such approval of delegation shall be evidenced by a
certified copy of an ordinance, or resolution (if permissible), duly adopted by the City Council.
Bylaw
Huntsville TIRZ No. 1 Page 5