ORD 2010-33 - TIRZ #1 Amend Project Plan 01-17-2012 P172
ORDINANCE NO.2010-33
AN ORDINANCE APPROVING THE TAX INCREMENT REINVESTMENT ZONE
NUMBER ONE, CITY OF HUNTSVILLE, TEXAS, AMENDED PROJECT PLAN
AND REVISIONS TO THE REINVESTMENT ZONE FINANCING 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 and adopted a Reinvestment Zone Financing Plan,and Project Plan
on November 9, 2004, and amended same on December 13, 2005 and April 24, 2007; and
WHEREAS, the City on January 20, 2009 approved Ordinance 2009-15 amending the Project
Plan and revising the area of the TIRZ from approximately 805 acres to 68.3976 acres,the area of
the proposed Ravenwood Village development; and
WHEREAS, the City Council desires to amend the Project Plan and revise the Reinvestment
Zone Financing Plan for Tax Increment Reinvestment Zone Number One-Huntsville, Texas;
NOW,THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF
HUNTSVILLE,TEXAS:
Section 1. In anticipation of Council's desired amendments and revisions, City Staff has
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 is submitting amendments and
revisions to the plans to the City Council for its approval. The City hereby approves the
amended Project Plan (attached as Exhibit "C") and the revisions to the Reinvestment Zone
Financing Plan(attached as Exhibit"D")for the Tax Increment Reinvestment Zone Number One-
Huntsville, Texas.
Section 2. The Designation of the reinvestment zone established in the Ordinance creating Tax
Increment Reinvestment Zone Number One is hereby redesignated as the area described in
Exhibits "A and B" attached hereto.
Section 3. 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.
Attachment(s): P171
. Ordinance
. Boundary description
. Project Plan
• Finance Plan
Recommendation motion(s):
...... .... _. . ............. ..._......... ...........
Approve Ordinance 2010-33 as submitted. _
MOTION: SECOND: F VOTE:
I PRESENTED I APPROVED I" DECLINED ACTION
f^ TABLED
1 OTHER
P173
Section 4. It is hereby found, determined and declared that a sufficient written notice of the
date, hour, place and subject of the meeting of the City Council at which this Ordinance was
adopted was posted at a place convenient and readily accessible at all times to the general public at
the City Hall of the City for the Time required by law preceding its meeting,as required by the Open
Meetings Law,Texas Government Code,Ch.551,and that this meeting has been open to the public
as required by law at all times during which this Ordinance and the subject matter hereof has been
discussed, considered and formally acted upon. The City Council further ratifies, approves and
confirms such written notice and the contents and posting thereof.
First Reading before City Council on May 4th 2010.
Second Reading on January 17,2012
PASSED AND APPROVED THIS 17th of January 2012.
CITY OF HUNTSVILLE,TEXAS
M c Woodw d,Mayo
ATTEST:
Lee o war , ity Se ary
APPROVED AS TO FORM:
eo d Schneider, City Attorney
TIRZ Boundary Addition
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P175
PROJECT PLAN
April 2010
(Revised)
Tax Increment Reinvestment Zone No. 1
City of Huntsville, Texas
i
t
SCHRADER & CL C
i
George R. Schrader Larry D. Cline
4800 Broadway, Ste A Addison,TX 75001
972-661-1973 schchaswbelLnet
P 17 6 PROJECT PLAN—HUNTSVILLE TIRZ NO. 1
April 2010
The City of Huntsville, Texas established a Tax Increment Reinvestment Zone ("TIRZ") in
August 2004 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 original TIRZ consisted of
approximately 805 acres.
Since creation of the TIRZ, there have been a number of changes to the Project Plan and
subsequently to the TIRZ boundary. A summary of the changes follows:
As noted above, at its meeting on August 3 2004 the Huntsville City Council approved
Ordinance No. 2004-16 creating Tax Increment Reinvestment Zone No. 1 (TIRZ). The TIRZ
encompassed an area of approximately 805 acres, generally along the west side of IH45 and
south of SH30. The term of the TIRZ is 20 years. The public infrastructure Project Plan at the
time of creation was for a total of$3,319,000 (Exhibit A).
At its meeting on November 9,2004,the City Council approved the Final Project Plan. The
Final Project Plan revised the public infrastructure Project Plan from the Preliminary$3,319,000
to the Final total of$2,118,000 (Exhibit B &Q. This change from the Preliminary Project Plan
to the Final Project Plan eliminated the $950,000 estimate for Technology plus 15%for
Engineering/ Surveying Fees and 10% for Contingency&Admin costs for the Project 1 (A)
West Hills Park.
At its meeting on December 13, 2005, the City Council approved Ordinance 2005-12, an
amendment to the public infrastructure Project Plan which revised the total from$2,118,000 to
$4,569,000 (Exhibit D &E). This change added Project 2 (B) Bearkat Crossing for$2,451,000
to Project 1 (A)West Hills Park.
2
PROJECT PLAN—HUNTSVILLE TIRZ NO. 1 P 17 7
At its meeting on April 24, 2007, the City Council approved Ordinance 2007-14, an amendment
to the public infrastructure Project Plan which revised the total to $12,421,000 (Exhibit F &G).
This amendment eliminated Project 2 (B) Bearkat Crossing, a total of$2,451,000 and added two
new projects-- Ravenwood Village for a total of$8,303,000 and Transportation Projects for a
total of$2,000,000.
At its meeting on January 20, 2009, the City Council approved Ordinance 2009-15, an
amendment to the public infrastructure Project Plan which revised the total to $5,823,000
(Exhibit H &1). This amendment eliminated Project 1 (A)West Hills Park, a total of$2,118,000
and reduced the total of Ravenwood Village from $8,303,000 to $3,823,000 by eliminating the
$4,480,000 residential portion of the project. City Council approval of Ordinance 2009-15 also
revised the area of the TIRZ from approximately 805 acres to 68.3976 acres, the area of the
proposed Ravenwood Village development.
At its meeting on April 20, 2010, the City Council revised the public improvement Project Plan
and made some minor adjustments to the TIRZ boundary. The proposed Project Plan was
revised to eliminate the$2,000,000 for Transportation Projects (they lay outside the new TIRZ
boundary)making the new public improvement Project Plan a total of$3,823,000 (Exhibit J &
K). The TIRZ boundary was modified from the 68.3976 acres approved by Ordinance 2009-15
to 79.80 acres (Exhibit L&M). This change expanded the boundary to the center lines of IH 45
and Smither Road to allow offsite paving(entrance/ exit approaches from the project to IH45
and Smither Road)to be included in the Project Plan.
3
P1 7 8 PROJECT PLAN—HUNTSVILLE TIRZ NO. 1
Project Plan Exhibit: A
(Approved August 3, 2004)
West Hills Park
Item Estimated Cost$K
Water 50
Waste Water 96
Drainage 150
Demolition 250
Utility Relocations 250
Technology 950
Streets 356
SUBTOTAL 2,102
Engineering/Surveying Fees (15%) 315
Financing Costs 600
SUBTOTAL 915
Contingency&Admin Costs (10%) 302
TOTAL 3,319
4
PROJECT PLAN—HUNTSVILLE TIRZ NO. 1 P 17 9
Project Plan Exhibit: B
(November 9,2004 Revision)
CURRENT PROJECT PLAN
Project Estimated Cost$K
Project 1 (A) West Hills Park 3,318
NEW PROJECT PLAN
Project Estimated Cost$K
Project 1 (A)West Hills Park 2,218
5
Pi 80 PROJECT PLAN—HUNTSVILLE TIRZ NO. 1
Project Plan Exhibit: C
(Approved November 9, 2004)
PROJECT 1 (A)
West Hills Park
Item Estimated Cost$K
Water 50
Waste Water 96
Drainage 150
Demolition 250
Utility Relocations 250
Streets 356
SUBTOTAL 1,152
Engineering/Surveying Fees(15%) 173
Financing Costs 600
SUBTOTAL 773
Contingency& Admin Costs (10%) 193
TOTAL 2,118
6
PROJECT PLAN—HUNTSVILLE TIRZ NO. 1 P1 81
Project Plan Exhibit: D
(December 13,2005 Revision)
CURRENT PROJECT PLAN
Project Estimated Cost$K
Project 1 (A)West Hills Park 2,118
NEW PROJECT PLAN
Project Estimated Cost$K
Project 1 (A)West Hills Park 2,118
Project 2 (B)Bearkat Crossing 2,451
TOTAL 4,569
7
P1 82 PROJECT PLAN—HUNTSVILLE TIRZ NO. I
Project Plan Exhibit: E
(Approved December 13, 2005)
PROJECT 1 (A)
West Hills Park
Item Estimated Cost$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
PROJECT 1 TOTAL 2,118
PROJECT 2 (B)
Bearkat Crossing
Item Estimated Cost$K
On-site Roadways (Incl. land cost) 1,591
Water and Sanitary Sewer 305
Engineering, Design &Fees 186
Financing Cost(7%) 146
SUBTOTAL 2,228
Contingency&Admin 223
PROJECT 2 TOTAL 2,451
GRAND TOTAL 4,569
Note: Public improvement program and cost supplied by Developer.
8
PROJECT PLAN—HUNTSVILLE TIRZ NO. 1 P1 83
Project Plan Exhibit: F
(April 24, 2007 Revision)
CURRENT PROJECT PLAN
Project Estimated Cost$K
Project 1 (A) West Hills Park 2,118
Project 2 (B) Bearkat Crossing 2,451
TOTAL 45569
NEW PROJECT PLAN
Project Estimated Cost$K
Project 1 (A)West Hills Park 2,118
Project 2 (B)Bearkat Crossing- Deleted -
Ravenwood Village 8,303
Transportation Projects 2,000
TOTAL 12,421
9
P1 84 PROJECT PLAN—HUNTSVILLE TIRZ NO. 1
Project Plan Exhibit: G
(Approved April 24,2007)
PROJECT 1 (A)
West Hills Park
Item Estimated Cost$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
Ravenwood Village
Item Estimated Cost$K
East/West Public Road 645
Offsite Paving 335
Detention Ponds 1,511
Retaining Walls 389
Public On-site Water 230
Public On-site Sanitary Sewer 214
SUBTOTAL 3,324
Engineering/ Surveying Fees (15%) 499
SUBTOTAL 3,823
Public Roads (Residential Development) 4,480
RAVENWOOD VILLAGE TOTAL 8,303
Transportation Projects 2,000
TOTAL 10,303
GRAND TOTAL 12,421
10
PROJECT PLAN—HUNTSVILLE TIRZ NO. 1 P1 85
Project Plan Exhibit: H
(January 20,2009 Revision)
CURRENT PROJECT PLAN
Project Estimated Cost$K
Project 1 (A)West Hills Park 2,118
Ravenwood Village 8,303
Transportation Projects 2,000
TOTAL 12,421
NEW PROJECT PLAN
Project Estimated Cost$K
Project 1 (A)West Hills Park- Deleted -
Ravenwood Village 3,823
Transportation Projects 2,000
TOTAL 5,823
11
P1 8 6 PROJECT PLAN—HUNTSVILLE TIRZ NO. I
Project Plan Exhibit: I
(Approved January 20, 2009)
RAVENWOOD VILLAGE
Item Estimated Cost$K
East/West Public Road 645
Offsite Paving 335
Detention Ponds 15511
Retaining Walls 389
Public On-site Water 230
Public On-site Sanitary Sewer 214
SUBTOTAL 3,324
Engineering/ Surveying Fees (15%) 499
SUBTOTAL 3,823
Transportation Projects 25000
TOTAL 5,823
12
PROJECT PLAN—HUNTSVILLE TIRZ NO. 1 P1 8 7
Project Plan Exhibit: J
(April 20,2010 Revision)
CURRENT PROJECT PLAN
Project Estimated Cost$K
Ravenwood Village 3,823
Transportation Projects 2,000
TOTAL 5,823
NEW PROPOSED PROJECT PLAN
Project Estimated Cost$K
Ravenwood Village 3,823
Transportation Projects - Deleted -
TOTAL 3,823
13
P1 8 8 PROJECT PLAN—HUNTSVILLE TIRZ NO. 1
Project Plan Exhibit: K
(Approved April 20, 2010)
RAVENWOOD VILLAGE
Item Estimated Cost$K
East/West Public Road 645
Offsite Paving 335
Detention Ponds 1,511
Retaining Walls 389
Public On-site Water 230
Public On-site Sanitary Sewer 214
SUBTOTAL 3,324
Engineering/ Surveying Fees (15%) 499
TOTAL 3,823
14
PROJECT PLAN—HUNTSVILLE TIRZ NO. 1 P 18 9
Project Plan Exhibit: L
Insert Boundary Description
15
Pi 90 PROJECT PLAN—HUNTSVILLE TIRZ NO. 1
Project Plan Exhibit: M
Insert Boundary Map
16
P191
FINANCE PLAN
April 2010
(Revised)
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 schcliQswbell.net
P1 92 FINANCE PLAN—HUNTSVILLE TIRZ NO. 1
April 2010
The Financing Plan provides information on the projected monetary impact that Tax Increment
Financing Reinvestment Zone No. 1 (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 P1 9 3
The specific capital improvement projects now anticipated to be undertaken in 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 $3.823 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 50% of its tax
rate,not to exceed$0.3125/$100 valuation.
7. The current total appraised value of taxable real property in the revised
TIRZ boundary.
• The appraised base value of the taxable real property in the TIRZ using the
2009 values provided by the Walker County Appraisal District is $330,668 for
the City and $311,415 for the County.
3
P1 94 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 12.1
2006 12.2
2007 12.2
2008 12.9
2009 6.7
2010 9.6
2011 24.0
2012 32.1
2013 44.9
2014 44.9
2015 44.9
2016 44.9
2017 44.9
2018 44.9
2019 44.9
2020 44.9
2021 44.9
2022 44.9
2023 44.9
4
FINANCE PLAN-HUNTSVILLE TIRZ NO. 1 P1 9 5
• 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
Base Annual TIRZ Funds,$K TIRZ Funds, TIRZ Funds,
Year Assessed Assessed Captured City $K $K
Value,$M Value,$M Value,$M $0.4007 County Total
$0.2885 $0.6892
2004 12.5 12.5 - - - '
2005 12.1 12.5
2006 12.2 12.5
2007 12.2 12.5 -
2008 12.9 12.5 0.4 - -
2009 6.7 0.3 6.4 2 1 3*
2010 9.6 0.3 9.3 26 18 44
2011 24.0 0.3 23.7 37 27 64
2012 32.1 0.3 31.8 95 69 164
2013 44.9 0.3 44.6 127 92 219
2014 44.9 0.3 44.6 179 128 307
2015 44.9 0.3 44.6 179 128 307
2016 44.9 0.3 44.6 179 128 307
2017 44.9 0.3 44.6 179 128 307
2018 44.9 0.3 44.6 179 128 307
2019 44.9 0.3 44.6 179 128 307
2020 44.9 0.3 44.6 179 128 307
2021 44.9 0.3 44.6 179 128 307
2022 44.9 0.3 44.6 179 128 307
2023 44.9 0.3 44.6 179 128 307
2024 - - - 1 179 1 128 307
TOTAL 1 2,256 J 1,615 3,871
* Assessed value increase prior to new private development.
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.
5
P1 96 FINANCE PLAN—HUNTSVILLE TIRZ NO. I
Finance Plan Exhibit: A
Boundary Description
c>Ty off HCJly1gvnjxT'EJLAs
Qt bft Warks-StlrvGtIr9
"S State Hwy.75 N
Hufftvige,Texts 77820
TIM STATS OF TEXAS $
CouMFY OF WAIXER 2
I,I eotcad
pa Registered pmmn. t Land Surveyor No.2524,do laneby entityutast this
document was proposed rendes'22 TAC 663.21,does not collectthe results of an an the ground survey,and Is
not to be used to convey or establish interests in am,property czeapt Hoose rights and interests implied or
established by the creauou or reconfigpration of the boundary of the political subdivision for which It was
prepared-
TAX INOUMENT jUaNVESMENT
ZME NUJf2I#M CWK
g g{g
Remg a trail of land co n simall79-80 uzes,mom or less,within the ctirpomM limits Of the Ci€ycf
Huntsville,situated in the PLEASANT GRAY L.EAC7 E.Abstract Na 24 andi of t.WISt OX l ACKJF-
Abstract Nn I3 both to Walker County,Texas,said 79.8o aces being
comprised(I)Lots I dwuugb 14,inc€usive.Siad€,of the HUN'ISVU IB RETA IL CENTERRA vier
acccsording to a Peat,dated octaber 2008 wooded in V ailmne 4,page 62.Pink
county.Texas.
(2)A called 4EL9013 acre trash described by metes and bounds labeled"Proposed Raveawood Vines
Drkm-and afgchod as Ifthlbtt F In a Property Owasco Agreement between Ravmwewd V titngt
oun►-td
and MCN Really L.P teoarded in Ventures 864,pages 64,of iCW Public Regis or Walker Conmty,
7txas.
(3)10.57 ac=re,moss or leas,being a portion of the high(-orf-way of inbustate Highway Na.45,eat of and
a part of the following parcels:
(€)a called SS_o eras parcel described In a R#gbl-Of-Way Deed.from John T_Smisber,et,2110 the
Stake of Tema dated November li,1956 recorded in Val t55,page 472,Deed Records or
W alkor Comty,Texas:
(2)"Fardel s i",mlted 20 acres.in a Rtght-E)f.--Way l3eed hum John T.Smlflto the State of
Texas dated Lhbruary 4,19-57 wxovdad in Volume 155,paSp
427,Dead Records;
(4)0.93 acre,[[tare or Jess,being a portion of the r#g}t-of-way of Smiiher Drive,out or and a pari Of the
fol(1)-parcel
peseaLs -f?I Wa Deed from Flarim R.Klmsmon to the City
(1}'Parcel 28",called 4 dated
aura.in a r 3.1 Y 445,Ot�al public
at-k[ttatavili+m,Testas dated SepiertabQ 3.L999 rocarded#nYabmte 398.gaga
R1%x rda:
(2)"'Prod 34",called Q 198 acre,in a:Right W-Wap Deed from Rech H.Smittar Family Trust and
the Estate of Robert B.Smiiher ID the:City at Huntsville,Turas dated September l3,1999
nxmrded in Volumce 402.page 459,Official Public Records:
said 79.30 acro acct being deacribed by uses and bounds to wit
BEGU04MG.at the northwe d comer of Lot 3,Block I or said HLTN TSVO T E RETAIL CENTER
in the mast nnri#unrly end Dina of RESERVE A-52771 AC of same subdiv Si known locally said t f HeOnond
being also the southwest ocoa r of a7o foot wide right-of-way for roadway
V 01agR Delve;
17=1ENCE?N 03'40'07^W,with the west line or said 70"fest wide right-cif-way and the most
Northerly east Iiae of RESERVE A-52..771 AC,8135-00 flet pass the nartlrraast carom of said
RESERVE A,a pow far earner,to the south Use,of a called 322328 acts tract deacribed is a Dead Ina
155.
Kimberly Land L.td.to MNC Really,L.P.dated April i$2001 moarded to Volume 456,P ont,
ePublic Records,said paint being also the soulhwC t� t ��°�of said
dictal
MNC Realty.LP.32c= track,2328 acre tra ,nxxwded in Vu nnae S64,page64,
EX HIBrr"A"
Page I tsf 2
6
FINANCE PLAN—HUNTSVILLE TIRZ NO. I P1 97
Finance Plan Exhibit: B
Note: Drawing has been reformatted from its original scale
MNC Realty. LTD. tA_
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hdfecl.Im a n1bWd by 11,fo.IN.or
rgn.au'.14..f e.b—dfy of it.p.lrl.d W.MM.ff
.Md,If—p,"—L
OW" PLAT OF
Loarvd E llb.d.
A.y Prof.Lmd th. p. No.2524 TAX INCREMENT REINVESTMENT ZONE
( M
Ar,i r,;tt, NU4IBER ONE
Lot CITY OF 146#4TIMLLE
Leonard L Wood. 1N P_ BRAY LEAGUE. A-24
T92� CRT or I[?Rv'rMM L COX LEAGUE. A
N -I]
IM lefts. WALKERm Rd.Ihr/.T.WO WALKER COUNTY. TEXAS
HH M k rte TT7Eo MAR-200
Row�OB�d GUILE I' 400 FEET
TMv.eI.r.Y.O,ECffY.OHO'1T1Y6 NEN Of0N1.Q0710d.13
EXHIBIT "Se
7
P1 98 FINANCE PLAN—HUNTSVILLE TIRZ NO. 1
Finance Plan Exhibit: C
PUBLIC INFRASTRUCTURE
RAVENWOOD VILLAGE
Item Estimated Cost$K
East/West Public Road 645
Offsite Paving 335
Detention Ponds 1,511
Retaining Walls 389
Public On-site Water 230
Public On-site Sanitary Sewer 214
SUBTOTAL 3,324
Engineering/ Surveying Fees (15%) 499
TOTAL 3,823
8
FINANCE PLAN: EXHIBIT D—Feasibility Analysis Pi 99
FEASIBLITY ANALYSIS
April 2010
(Revised)
Tax Increment Reinvestment Zone No. I
City of Huntsville, Texas
CHRA ER & CLINE, 1.1,C
George R. Schrader ' Larry D. Cline
4800 Broadway, Ste A Addison,TX 75001
972-661-1973 schch&wbell.net
1
P 2 0 0 FINANCE PLAN: EXHIBIT D—Feasibility Analysis
INDEX
Page
Index 1
Forward 2
Section I: HISTORY/CURRENT SITUATION 3
Section 1I: TAX INCREMENT ANALYSIS 6
Section III: EXHIBITS
A. Public Infrastructure 7
B. Proposed Buildout 8
C. TIRZ Fund 9
D. Real and Business Personal Property Income 10
E. Sales Tax Income 11
F. Summary of Tax Income 12
2
FINANCE PLAN: EXHIBIT D—Feasibility Analysis P 2 01
FORWARD
Schrader & Cline, LLC was asked to prepare a Revised Feasibility Analysis using tax increment
financing for the Ravenwood Area Tax Increment Reinvestment Zone No. 1 in the City of
Huntsville, Texas.
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
SCHRADER t CLINE,LLC
Schrader &Cline, LLC
Addison, Texas
April 2010
3
P 2 0 2 FINANCE PLAN: EXHIBIT D—Feasibility Analysis
SECTION I: HISTORY/CURRENT SITUATION
HISTORY
The City of Huntsville created Tax Increment Reinvestment Zone (TIRZ) No. 1 on
August 3,2004 (Ordinance No. 2004-16). The TIRZ encompassed an area of approximately 805
acres, generally along the west side of IH 45 and south of SH 30. The term of the TIRZ was
established as 20 years. At the time of creation, a public infrastructure Project Plan totalling
$3,319,000 was expected to generate private development in West Hills Park of$42,575,000.
In December 2005 , (Ordinance 2005-12) a second private development known as
Bearkat Crossing was added to the TIRZ which increased the public infrastructure Project Plan
to $4,569,000 and the expected private development value to $72,575,000.
In April 2007, (Ordinance 2007-14) the Bearkat Crossing private development was
eliminated and a new private development, Ravenwood Village, was added to the TIRZ. This
change increased the public infrastructure Project Plan to $12,421,000 and the expected private
development value to$139,406,000.
In January 2009, (Ordinance 2009-15) the West Hills Park private development and the
housing portion of Ravenwood Village were eliminated. This change reduced the public
infrastructure Project Plan to $5,823,000 and the expected private development value to
$61,831,000. The change made in January 2009, also reduced the area of the TIRZ from
approximately 805 acres to 68.3976 acres, the area of the proposed Ravenwood Village
development.
CURRENT SITUATION
At meetings in April 2010, the TIRZ Board and City Council revised the public
infrastructure Project Plan and made some minor adjustments to the TIRZ Boundary. The
proposed Project Plan is revised to eliminate $2,000,000 for Transportation Projects (which lay
outside the new TIRZ boundary) making the new public infrastructure Project Plan a total of
$3,823,000 (Exhibit A). The TIRZ Boundary is modified from 68.3976 acres to 79.80 acres to
allow for entrance / exit approaches to the Ravenwood Village project to IH 45 and Smither
Road (see Project Plan and Finance Plan Exhibit A&B).
4
FINANCE PLAN: EXHIBIT D—Feasibility Analysis P 2 0 3
SECTION Il: 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 2009 goes on the tax rolls for the Tax Year
2010. 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 original base taxable value for the 805 acre TIRZ area was $12,520,870 for the City
and $12,475,820 for the County. With the reduction in TIRZ area from 805 acres to 79.80
acres, the new base taxable value is now $330,668 for the City and $311,415 for the County.
Taxes on this amount will continue to flow to each taxing jurisdiction during the remaining life
of the TIRZ.
5
P204
FINANCE PLAN: EXHIBIT D—Feasibility Analysis
The TIRZ Fund generated by the incremental value of new development shown in
Exhibit B is calculated by multiplying the incremental assessed value by the property tax rates of
participating jurisdictions.
Fiscal year 2009 tax rates used:
TAX RATE PER$100 OF
JURISDICTION ASSESSED VALUE
City of Huntsville $ 0.4007
Walker County(50%) $ 0.2885
Over the 20-year projection period, we have conservatively assumed that the nominal tax
rates will remain constant. Taxes generated against tax year 2009 values as of January 1, 2009
are due and collected at the beginning of 2010.
With the TIRZ, new private development value over twenty years as shown in Exhibit B
will total $44.58 million with an associated business personal property and inventory value of
$9.808 million. These projected real and business personal property and inventory incremental
assessed values would yield the following tax revenues as shown in Exhibits C and D:
TOTAL 20-YEAR
JURISDICTION TAX REVENUE
TIRZ Fund $ 3,868,000
City of Huntsville $ 492,000
Walker County $ 2,332,000
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 E:
TOTAL 20-YEAR
JURISDICTION TAX REVENUE
City of Huntsville $ 10,849,000
Walker County $ 3,615,000
Based on this analysis, establishment of the TW will provide income to the TIRZ Fund
of $ 3.868 million dollars over the next twenty years, which will fund the projected $3.823
million of public infrastructure projects. Total income to the City and County during the life of
the TIRZ is shown in Exhibit F. In addition, tax revenue (including sales tax) for the first year
after expiration of the TIRZ (21-years) will be$1,061,000 and $723,000 for the City and County
respectively.
6
FINANCE PLAN: EXHIBIT D—Feasibility Analysis P 2 0 5
7
P 2 0 6 FINANCE PLAN: EXHIBIT D—Feasibility Analysis
Feasibility Analysis Exhibit: A
PUBLIC INFRASTRUCTURE
PROJECT PLAN
RAVENWOOD VILLAGE
Item Estimated Cost$K
East/West Public Road 645
Offsite Paving 335
Detention Ponds 1,511
Retaining Walls 389
Public On-site Water 230
Public On-site Sanitary Sewer 214
SUBTOTAL 3,324
Engineering/ Surveying Fees (15%) 499
TOTAL 3,823
8
FINANCE PLAN: EXHIBIT D—Feasibility Analysis P 2 0 7
Feasibility Analysis Exhibit: B
BUILDOUT SCHEDULE
YEAR USE SIZE,KSF VALUE,$K
2009 Discount Warehouse(Target) 128.8 6,440
2010 Lease Space 3.9 351
National Retailers 28.1 2,525
SUBTOTAL 32.0 2,876
2011 Lease Space 19.2 1,724
National Retailers 31.0 3,448
Grocery Store 65.0 5,850
1
Pads -Fast Food Restaurants .1 1,869
6
Pads -Full Service Restaurants 6.8 1,525
SUBTOTAL 132.1 14,416
2012 Lease Space 8.0 716
National Retailers 60.1 5,413
Pads-Bank 4.3 538
Pads -Fast Food Restaurants 6.4 1,433
SUBTOTAL 78.8 8,100
2013 Lease Space 16.7 1,499
National Retailers 55.1 4,955
Pads -Fast Food Restaurants 7.8 1,758
Pads-Automotive 12.8 3,194
Pads -Full Service Restaurants 7.3 1,342
SUBTOTAL 99.7 12,748
TOTAL 471.4 44,580
9
P 2 U 8 FINANCE PLAN: EXHIBIT D—Feasibility Analysis
Feasibility Analysis Exhibit: C
TIRZ FUND
DEVELOPMENT DEVELOPMENT VALUE TIRZ FUND,$K*
YEAR VALUE,$K CUM,$K
2004 - - -
2005 - - -
2006 - - -
2007 - - -
2008 - - -
2009 6,440 6,440 -
2010 2,876 9,316 44
2011 14,416 23,732 64
2012 8,100 31,832 164
2013 12,748 44,580 219
2014 - 44,580 307
2015 - 44,580 307
2016 - 44,580 307
2017 - 44,580 307
2018 - 44,580 307
2019 - 44,580 307
2020 - 44,580 307
2021 - 44,580 307
2022 - 44,580 307
2023 - 44,580 307
2024 - - 307
TOTAL 44,580 44,580 3,868
*Based on 2099 tax rates of City $0.4007/$100 valuation
County(50%) $0.2885/$100 valuation
10
FINANCE PLAN: EXHIBIT D-Feasibility Analysis P 2 0 9
Feasibility Analysis Exhibit: D
REAL AND BUSINESS PERSONAL PROPERTY INCOME
INCOME TO
YEAR * ;
Dev Cum Value BPP&I Cum City, $K County, $K
$K Value$K
2004 - - -
2005 - - - -
2006 - - - -
2007 - - -
2008 - - - -
2009 6,440 1,417 - -
2010 9,316 2,116 6 27
2011 23,732 5,221 8 39
2012 31,832 7,003 21 99
2013 44,580 9,808 28 132
2014 44,580 9,808 39 185
2015 44,580 9,808 39 185
2016 44,580 9,808 39 185
2017 44,580 9,808 39 185
2018 44,580 9,808 39 185
2019 44,580 9,808 39 185
2020 44,580 9,808 39 185
2021 44,580 9,808 39 185
2022 44,580 9,808 39 185
2023 44,580 9,808 39 185
2024 - - 39 185
TOTAL 44,580 9,808 492 2,332
* Based on BPP&I value at 22%of real property values.
** Based on tax rate of$0.4007/$100 valuation
*** Based on tax rate of$0.2885/$100 valuation for Real Property,and$0.577/$100 valuation on BPP&I
values.
11
P21 0 FINANCE PLAN: EXHIBIT D—Feasibility Analysis
Feasibility Analysis Exhibit: E
SALES TAX INCOME, $K
a
YEAR CITY COUNTY
2004 - -
2005 - -
2006 - -
2007 - -
2008 - -
2009 217 72
2010 271 90
2011 469 156
2012 619 206
2013 843 281
2014 843 281
2015 843 281
2016 843 281
2017 843 281
2018 843 281
2019 843 281
2020 843 281
2021 843 281
2022 843 281
2023 843 281
TOTAL 10,849 3,615
Note—Sales Tax Based On: 1 %2 % for City `/z% for County
$400/ Sq. Ft. Sales For Restaurants
$125 /Sq. Ft. Sales For All Others
Additional 10% deducted for estimated reduction of sales at existing retail.
12
FINANCE PLAN: EXHIBIT D—Feasibility Analysis P211
Feasibility Analysis Exhibit: F
SUMMARY OF TAX INCOME - $K
CITY INCOME
Real Property, BPP&I 492
Sales (1 '/z %) 10,849
TOTAL 11,341
COUNTY INCOME
Real Property, BPP&I 2,332
Sales ('/2 %) 3,615
TOTAL 5,947
In addition to the amounts above,
$3,86 flows to TIRZ Fund
13
P212
CITY OF HIJNTSVHJXL,TEXAS
Public Works-Surveying
448 State Hwy.75 N
Huntsville,Texas 77320
THE STATE OF TEXAS §
COUNTY OF WALKER §
1,Leonard E.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 the ground survey,and is
not to be used to convey or establish interests in real property except those rights and interests implied or
established by the creation or reconfiguration of the boundary of the political subdivision for which it was
prepared.
TAX INCREMENT RE7I4EWMENT ZONE NUMBER ONE
(REVISED MARCS 2010)
Being a tract of land cmdauring 79.80 acres,more or less,within the corporate Bruits of the City of
Huntsville,situated in the PLEASANT GRAY LEAGUE,Abstract No.24 and the LEWIS COX LEAGUE,
Abstract No.13 both in Walker County,Texas,said 79.80 acres bang comprised of the following:
(1)Lots 1 through 14,inclusive,Block 1,of the HUNTSVILLE RETAIL CENTER subdivision,
according to a Plat,dated October 2008 recorded in Volume 4,page 162,Plat Records of Walker
County,Texas.
(2)A called 0.9013 acre tract described by metes and bounds labeled"Proposed Ravenwood Village
Drive"and attached as Exhibit F in a Property Owners Agreement between Ravenwood Village,Ltd.
and MCN Realty LP recorded m Volume 864,page 64,Official Public Records of Walker County,
Texas.
(3)10.57 acres,more or less,being a portion of the right-of--way of Interstate Highway No.45,out of and
a part of the following parcels:
(1)a called 55.0 acre parcel described in a Right-Of-Way Deed from John T.Smither,et al to the
State of Texas dated November 8,1956 recorded in Volume 155,page 422,Deed Records of
Walker County,Texas;
(2)"Parcel#1",called 2.0 acres,in a Right-Of-Way Deed from John T.Smither,et al to the State of
Texas dated February 4,1957 recorded in Volume 155,page 427,Deed Records;
(4)0.83 acre,more or less,being a portion of the right-of-way of Smither Drive,out of and a part of the
following parcels:
(1)"Parcel 28",called 4.067 acres,in a Right-Of--Way Deed from Florin R.Kiussmann to the City of
Huntsville,Texas dated September 3,1999 recorded in Volume 398,page 445,Official Public
Records;
(2)"Parcel 34",called 0.198 acre,in a Right-Of-Way Deed from Ruth H.Smither Family Trust and
the Estate of Robert B.Smither to the City of Huntsville,Texas dated September 13,1999
recorded in Volume 402,page 4S8,Official Public Records;
said 79.80 acre tract being described by metes and bounds to wit:
BEGINNING,at the northwest corner of Lot 3,Block 1 of said HUNTSVILLE RETAIL CENTER
in the most northerly east line of RESERVE A—52.771 AC of same subdivision,said Point of Beginning
being also the southwest corner of a 70 foot wide right-of-way for roadway known locally as Ravenwood
Village Drive;
THENCE N 03°40'07"W.with the west line of said 70 Eoot wide right-of-way and the most
Northerly east lire of RESERVE A—52.771 AC,at 35.00 feet pass the northeast corner of said
RESERVE A,a point for corner,in the south tine of a called 32.2328 acre tract described in a Deed from
Kimberly Land Ltd.to MNC Realty,L.P.dated April 12,2001 recorded in Volume 456,page 155,
Official Public Records,said point being also the southwest comer of said 0.9013 acre parcel,out of said
MNC Realty,L.P.32.2328 acro tract,recorded in Volume 864,page 64,Official Public Records,
EXI-IIBIT"A"
Page 1 of 2
P213
Tax In nu:nt Reinvestment Zone Number Out
Revised tdareh 2010
City of Runts dte
WaOccr County,Teas
cominuing N 03.40'07"W,with the west tine of said 70 foot wide right-of-way,a total distance of 70.00
feet to northwest comer of said 0.9013 acre parcel;
THENCE N 86°19'46"X with the north right-of-way tine of said Ravemvood Village Driveq a
distance of 984.44 beet to the Point of Curvature of a curve to the left,having a Radius of 150.00 feet,a
Central Angle of 2g°56'23"and a Chord ofN 71°51'34"E 74.96 feet;
THENCE,continuing with the north right-of-way line of said Ravemvood Village Drive along said
curve to the left,an arc distance of 75.76 feet to the Point of Tangency;
THENCE N 57°23'23"E.continuing with the north right-0&-way line of said Ravenwood Village
Drive,at 15.56 feet pass the northeast comer of said 0.9013 acre parcel in the west right-of-way line of
Interstate Highway No.45 and the east line of said State of Texas 55.0 acre parcel,continuing for a total
distance of 190.56 feet to a point in the median of said Interstate ILghway No.45;
THENCE S 32'3637'E,with the approximate centerline of said Interstate Highway No.45,a
distance of 2260.64 to a point;
THENCE S 57'23'23"W a distance of 617.19 to the southeast comer of said City of Huntsville,
Texas 0.198 acre right-of-way parcel,a point for comer in the southwest line of said State of Texas 2.0
acre right-of--way parcel;
THENCE S 84'2636"W a distance of 983.04 to a point near the back of the concrete curb,on the
north side,of said Smither Drive;
THENCE N 32'3630"W a distance of 63.22 feet to the common south comer of Lot 11 and
RESERVE A ofsaid HUNTSVILLE RETAIL CENTER;
THENCE,with the common westerly lines of Lots 11,7 and 3 and the easterly lines of RESERVE A
of said HUNTSVILLE RETAIL CENTER,as follows:
(1)N 32'36'30"W a distance of 211.80 to the Point of Curvature of a non-tangent curve to the right,
having a Radius of 70.00 feet,a Central Angle of 96'12'49"and a Chord of N 32'3690"W
104.22 feet;
(2.)Northwesterly and northerly,along said non-tangent save to the right,an are distance of 117.55
feet to a point for corner,
(3.)N 32'3630"W a distance of 557.62 to a point for corner,
(4.)S 57'2323"W a distance of 25.88 to a point for corner;
(5.)N 32'36'37"W a distance of 97.24 to a point for comer;
(6.)N 50'20'50"W a distance of 204.50 to a point for corner;
(7.)N 63'53'10'W a distance of 79.52 to a point for comer;
(8.)N 35'34'09'W a distance of 38.69 to a point for center,
(9.)N 07"2127'W a distance of 65.56 to a point for corner;
(10.) N 14.40'28"E a distance of 299.10 to a point for corner,
(11.) N 3Y 3&33"W a distance of255.77 to a point for comer,
and N 03'40'07"W a distance of 450.14 to the POINT OF BEGINNING.
Signed
Leonard E.Woods
Rog.Prof Land SurveyorNo.2524
Y:ZURVEYORSWROJECTSICOH1 aWS%TIRZIInRZ REV 0M(hT1Rt_t_REVj131Qkr.d= -
Or
y`�t�
e .. ....
LEONARD E.WOODS
EXHIBIT"A" 2524 �Q
�A •.9 ! °
Page 2 of 2 ti�4
I
P214
y
MNC Realty, LTD.
C 456/t 5. OPR G k
RAVETIW� �'�'� �� •��.
P.O.S.
HLINTSViLE RETAIL CENTER t• \.
PLAT --.4/162. P.R.
.� 4 \'j0
\ Id, \ 1
BLOCK ? I TIRZ. Afa. One mat 6 �tS �•
1 79.60 ACRES a
t \
�
v
10
of�� mat
P. GRAY LGE.. A-2.A
DWE
L COR LGB•. A-13
NOTE N
1. The purpose of tM plot Is to rwmrrgure the bourdorles of Tax .
heramanl Ralmrasfmanl Zone Number One to include o porRan at
tM right-ol-rays of Intestate Hl wey No.45 od 9ndMw Drive.
2. TNs plat Is prewed conn rronity with a metes and bounds
description lobated'EXHIBIT A'. w E
L Leonard E Woods.Regislrad Professional Lad 9ulreyor No.
2524.do hereby carlity Mat this docurnent res prepared
undw 22 TAC 663.21.dens not reflect the re"a of m an
the ground suefel. and IS not 10 be used to ewrrey r
estobish intsnets In rd property except these rlghh and S
Intresls enpled w estak ished by the creollal or
reconfiguraflen et the boundry of the poetical subdvlsan for
rRecn It was Prepared
agn.a— PLAT OF
Lwnard F-Woods
Rey Prot. Lad '.201w Na.zSz�TAX INCREMENT REINVESTMENT ZONE
UHuntsflk.
MOM Z 2010 NUMBER ONE
sCITY OF HUNTSVILLE
. GRAY LEAGUE, A-24
Cay or earaL.. COX LEAGUE A-13
Punk WOMB449 stale Herr.75 Al" WALKER COUNTY, TEXAS
Hlnfseea.Taros 77520
1}afect Ne.09-05-01 MARCH 2010
Y,%G .grws\PR0IECTe\C0te0w9\TM Reg 0310%Tea0310nwS SCALE V • 400 FEET
EXHIM "Br'