Agenda Packet EDC 4B 08/12/2013Economic Development Corporation 4B
(EDC 4B)
Trophy Club Entities
Meeting Agenda
100 Municipal Drive
Trophy Club, Texas 76262
Svore Municipal Building Boardroom6:00 PMMonday, August 12, 2013
Joint Session Between EDC 4B and Town Council
CALL TO ORDER AND ANNOUNCE A QUORUM
INVOCATION
CITIZEN PRESENTATIONS
Citizens are allowed three (3) minutes to address the Board regarding an item over
which the Board has policy or oversight authority as provided by Texas law, the ethics
order, or other policy order.
JOINT SESSION
1.2013-476-T Receive and discuss a presentation for Trophy Club Tax Increment
Reinvestment Zone #1, presented by David Pettit with Bennett Benner
Pettit, Inc.
Joint-EDC-Council-TIRZ-Presentation.pdfAttachments:
EXECUTIVE SESSION
2.2013-477-T Town Council and Trophy Club 4B Economic Development Corporation to
convene into a closed executive session pursuant to Texas Government Code,
Annotated, Chapter 551, Section 551.087 "Deliberation Regarding Economic
Development Negotiations” to discuss or deliberate regarding commercial or
financial information that the Town has received from a business prospect that
the Town seeks to have locate, stay, or expand in or near the territory of the
Town and with which the Town is conducting economic development
negotiations or to deliberate the offer of a financial or other incentive to a
business prospect.
1. Trophy Club Town Center
RECONVENE INTO JOINT SESSION
3.2013-478-T Consider and take appropriate action regarding the Executive Session.
Economic Development Corporation 4B 1 of 22 Monday, August 12, 2013
August 12, 2013Economic Development
Corporation 4B (EDC 4B)
Meeting Agenda
ADJOURN JOINT SESSION
REGULAR SESSION
4.2013-479-T EDC 4B Board interviews.
5.2013-482-T Discuss and take appropriate action regarding the 2014 Alliance
Development Forum (ADF).
EXECUTIVE SESSION
6.2013-481-T Pursuant to Texas Government Code, Annotated, Subchapter 551, EDC 4B will
convene into closed Executive Session as authorized by:
A.Section 551.087 Deliberation Regarding Economic Development
Negotiations to discuss or deliberate the offer of financial or other incentives to
a business prospect that the Town seeks to have locate within the territory of
the Town.
B.Section 551.074 to deliberate the appointment, employment evaluation,
reassignment, duties, discipline, or dismissal of a public officer or employee:
1. Appointment of vacant positions for EDC 4B Board of Directors.
RECONVENE INTO REGULAR SESSION
7.2013-480-T Reconvene in Regular Session and take any action necessary as a result of
the Closed Session.
ADJOURN
*THE BOARD MAY CONVENE INTO EXECUTIVE SESSION TO DISCUSS POSTED
ITEMS AS ALLOWED BY THE TEXAS OPEN MEETINGS ACT, TEXAS LOCAL
GOVERNMENT CODE 551.071.
Notice is hereby given that a quorum of the Town Council may be in attendance at
this meeting.
Economic Development Corporation 4B 2 of 22 Monday, August 12, 2013
August 12, 2013Economic Development
Corporation 4B (EDC 4B)
Meeting Agenda
CERTIFICATION
I certify that the above notice was posted on the front window of the Svore Municipal
Building, 100 Municipal Drive, Trophy Club, Texas, on Friday, August 9, 2013 by 6:00
P.M. in accordance with Chapter 551, Texas Government Code.
________________________________
April Reiling
PIO/Marketing Manager
If you plan to attend this public meeting and have a disability that requires special
needs, please contact the Town Secretary’s Office at 682-831-4600, 48 hours in
advance and reasonable accommodations will be made to assist you.
I certify that the attached notice and agenda of items to be considered by this Board
was removed by me from the front window of the Svore Municipal Building, 100
Municipal Drive, Trophy Club, Texas, on the __________ day of
______________________, 2013.
________________________________, Title: ___________________________
Economic Development Corporation 4B 3 of 22 Monday, August 12, 2013
100 Municipal Drive
Trophy Club, Texas 76262Trophy Club Entities
Legislation Details (With Text)
File #: Version:12013-476-T Name:
Status:Type:Agenda Item Regular Session
File created:In control:8/9/2013 Economic Development Corporation 4B (EDC 4B)
On agenda:Final action:8/12/2013
Title:Receive and discuss a presentation for Trophy Club Tax Increment Reinvestment Zone #1, presented
by David Pettit with Bennett Benner Pettit, Inc.
Attachments:Joint-EDC-Council-TIRZ-Presentation.pdf
Action ByDate Action ResultVer.
Receive and discuss a presentation for Trophy Club Tax Increment Reinvestment Zone #1, presented by
David Pettit with Bennett Benner Pettit, Inc.
Economic Development Corporation 4B 4 of 22 Monday, August 12, 2013
Tax Increment Reinvestment Zone #1
Town of Trophy Club, TX
August 12, 2013
Economic Development Corporation 4B 5 of 22 Monday, August 12, 2013
Trophy Club TIRZ #1 2
TIRZ Creation Process
Two main documents:
1.Creation ordinance; and
2.Project Plan and Financing Plan (PPFP) ordinance
Creation ordinance establishes 4 key elements:
Boundary;
Municipality Participation Rate:
Term; and
TIF Board
PPFP ordinance
After TIF creation the PPFP is approved by the TIF Board and then
Council
Economic Development Corporation 4B 6 of 22 Monday, August 12, 2013
Trophy Club TIRZ #1 3
TIRZ #1 Overview
The proposed Town of
Trophy Club TIRZ #1 is
approximately 30.5
acres.
Located near the
intersection of State
Highway 114 and
Trophy Wood Drive.
The goal of the TIRZ is
to facilitate the
development of the
currently vacant land.
Economic Development Corporation 4B 7 of 22 Monday, August 12, 2013
Trophy Club TIRZ #1 4
TIRZ #1 Current Conditions
Land Use
Majority of the land within
the TIRZ is vacant with the
exception of the Hampton
Inn and Suites
Economic Development Corporation 4B 8 of 22 Monday, August 12, 2013
Trophy Club TIRZ #1 5
TIRZ #1 Anticipated Development
Economic Development Corporation 4B 9 of 22 Monday, August 12, 2013
Trophy Club TIRZ #1 6
TIRZ #1 Project Improvements
Economic Development Corporation 4B 10 of 22 Monday, August 12, 2013
Trophy Club TIRZ #1 7
TIRZ #1 Financial Analysis
Proposed Town of Trophy Club:
60% of incremental real
property tax revenue; and
25% of $0.01 General Fund
Sales Tax to the TIRZ fund.
Proposed Tarrant County:
60% of incremental real
property tax revenue.
Economic Development Corporation 4B 11 of 22 Monday, August 12, 2013
Trophy Club TIRZ #1 8
TIRZ #1 Financial Analysis
A taxable value
analysis was
completed.
Examined potential
development and
anticipated revenues
to the TIRZ.
Economic Development Corporation 4B 12 of 22 Monday, August 12, 2013
Trophy Club TIRZ #1 9
TIRZ #1 Financial Analysis
Anticipated new tax revenue generated during the life of the TIRZ
would be more than $36,000,000.
11,922,883
15,826,936
3,038,772
2,623,208
1,369,297
1,535,385
20 Year Gross Economic Impact Trophy Club
Northwest ISD/Carroll ISD
Tarrant County
Hospital District
TCCD
Trophy CLUB MUD 1
Economic Development Corporation 4B 13 of 22 Monday, August 12, 2013
Trophy Club TIRZ #1 10
TIRZ #1 Financial Analysis
The anticipated gross revenue collected by TIRZ #1:
Total Sales Tax $744,274
Total Real Property $4,656,756
Total Revenue $5,401,030
3,830,020
1,571,011
20 Year Potential TIF Revenue
Trophy Club
Tarrant County
Economic Development Corporation 4B 14 of 22 Monday, August 12, 2013
Trophy Club TIRZ #1 11
TIRZ #1 Financial Analysis
The Net Benefit after TIRZ contributions.
8,092,864
15,826,936
1,467,761
2,623,208
1,369,297
1,535,385
20 Year Net Benefit Trophy Club
Northwest ISD/Carroll ISD
Tarrant County
Hospital District
TCCD
Trophy CLUB MUD 1
Economic Development Corporation 4B 15 of 22 Monday, August 12, 2013
Trophy Club TIRZ #1 12
TIRZ #1 Next Steps
Public hearing and Town Council consideration of TIRZ ordinance
(August 19th)
TIRZ board consideration of PPFP
Town Council consideration of PPFP
Participation agreement consideration by County
TIRZ board consideration of appropriate development agreements
consistent with the PPFP
Economic Development Corporation 4B 16 of 22 Monday, August 12, 2013
100 Municipal Drive
Trophy Club, Texas 76262Trophy Club Entities
Legislation Details (With Text)
File #: Version:12013-477-T Name:
Status:Type:Agenda Item Regular Session
File created:In control:8/9/2013 Economic Development Corporation 4B (EDC 4B)
On agenda:Final action:8/12/2013
Title:Town Council and Trophy Club 4B Economic Development Corporation to convene into a closed
executive session pursuant to Texas Government Code, Annotated, Chapter 551, Section 551.087
"Deliberation Regarding Economic Development Negotiations” to discuss or deliberate regarding
commercial or financial information that the Town has received from a business prospect that the
Town seeks to have locate, stay, or expand in or near the territory of the Town and with which the
Town is conducting economic development negotiations or to deliberate the offer of a financial or
other incentive to a business prospect.
1. Trophy Club Town Center
Attachments:
Action ByDate Action ResultVer.
Town Council and Trophy Club 4B Economic Development Corporation to convene into a closed executive
session pursuant to Texas Government Code, Annotated, Chapter 551, Section 551.087 "Deliberation
Regarding Economic Development Negotiations” to discuss or deliberate regarding commercial or financial
information that the Town has received from a business prospect that the Town seeks to have locate, stay, or
expand in or near the territory of the Town and with which the Town is conducting economic development
negotiations or to deliberate the offer of a financial or other incentive to a business prospect.
1. Trophy Club Town Center
Economic Development Corporation 4B 17 of 22 Monday, August 12, 2013
100 Municipal Drive
Trophy Club, Texas 76262Trophy Club Entities
Legislation Details (With Text)
File #: Version:12013-478-T Name:
Status:Type:Agenda Item Regular Session
File created:In control:8/9/2013 Economic Development Corporation 4B (EDC 4B)
On agenda:Final action:8/12/2013
Title:Consider and take appropriate action regarding the Executive Session.
Attachments:
Action ByDate Action ResultVer.
Consider and take appropriate action regarding the Executive Session.
Economic Development Corporation 4B 18 of 22 Monday, August 12, 2013
100 Municipal Drive
Trophy Club, Texas 76262Trophy Club Entities
Legislation Details (With Text)
File #: Version:12013-479-T Name:
Status:Type:Agenda Item Regular Session
File created:In control:8/9/2013 Economic Development Corporation 4B (EDC 4B)
On agenda:Final action:8/12/2013
Title:EDC 4B Board interviews.
Attachments:
Action ByDate Action ResultVer.
EDC 4B Board interviews.
Economic Development Corporation 4B 19 of 22 Monday, August 12, 2013
100 Municipal Drive
Trophy Club, Texas 76262Trophy Club Entities
Legislation Details (With Text)
File #: Version:12013-482-T Name:
Status:Type:Agenda Item Regular Session
File created:In control:8/9/2013 Economic Development Corporation 4B (EDC 4B)
On agenda:Final action:8/12/2013
Title:Discuss and take appropriate action regarding the 2014 Alliance Development Forum (ADF).
Attachments:
Action ByDate Action ResultVer.
Discuss and take appropriate action regarding the 2014 Alliance Development Forum (ADF).
Economic Development Corporation 4B 20 of 22 Monday, August 12, 2013
100 Municipal Drive
Trophy Club, Texas 76262Trophy Club Entities
Legislation Details (With Text)
File #: Version:12013-481-T Name:
Status:Type:Agenda Item Regular Session
File created:In control:8/9/2013 Economic Development Corporation 4B (EDC 4B)
On agenda:Final action:8/12/2013
Title:Pursuant to Texas Government Code, Annotated, Subchapter 551, EDC 4B will convene into closed
Executive Session as authorized by:
A. Section 551.087 Deliberation Regarding Economic Development Negotiations to discuss or
deliberate the offer of financial or other incentives to a business prospect that the Town seeks to have
locate within the territory of the Town.
B. Section 551.074 to deliberate the appointment, employment evaluation, reassignment, duties,
discipline, or dismissal of a public officer or employee:
1. Appointment of vacant positions for EDC 4B Board of Directors.
Attachments:
Action ByDate Action ResultVer.
Pursuant to Texas Government Code, Annotated, Subchapter 551, EDC 4B will convene into closed Executive
Session as authorized by:
A.Section 551.087 Deliberation Regarding Economic Development Negotiations to discuss or deliberate
the offer of financial or other incentives to a business prospect that the Town seeks to have locate within the
territory of the Town.
B.Section 551.074 to deliberate the appointment, employment evaluation, reassignment, duties,
discipline, or dismissal of a public officer or employee:
1.Appointment of vacant positions for EDC 4B Board of Directors.
Economic Development Corporation 4B 21 of 22 Monday, August 12, 2013
100 Municipal Drive
Trophy Club, Texas 76262Trophy Club Entities
Legislation Details (With Text)
File #: Version:12013-480-T Name:
Status:Type:Agenda Item Regular Session
File created:In control:8/9/2013 Economic Development Corporation 4B (EDC 4B)
On agenda:Final action:8/12/2013
Title:Reconvene in Regular Session and take any action necessary as a result of the Closed Session.
Attachments:
Action ByDate Action ResultVer.
Reconvene in Regular Session and take any action necessary as a result of the Closed Session.
Economic Development Corporation 4B 22 of 22 Monday, August 12, 2013