HomeMy WebLinkAboutORD 2005-68 - Downtown Georgetown TIRZORDINANCE NO, r'% ft 41t
AN ORDINANCE APPROVING THE PROJECT PLAN AND
REINVESTMENT ZONE FINANCING PLAN FOR DOWNTOWN
GEORGETOWN TAX INCREMENT REINVESTMENT ZONE (TIRZ).
WHEREAS, by Ordinance No. 2004-77, the City Council approved the creation of the
Downtown Georgetown Tax Increment Reinvestment Zone (the "Zone"), approved a board of
directors for the Zone and a preliminary reinvestment zone project and financing plan; and
WHEREAS, the board of directors of the Zone have met and approved a final
reinvestment zone project and refinancing plan (the "Plan") for consideration by the City; and
WHEREAS, the board of directors of the Zone have submitted the Plan to the City in
accordance with Section 311.011 of the Texas Tax Code.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
GEORGETOWN, TEXAS:
Section 1. Approval of Plan. The City Council hereby approves the Plan attached
hereto as Exhibit "A" which Plan is exactly the same as the Preliminary Reinvestment Zone
Project and Financing Plan approved by the City. The City Council further finds that the Plan is
feasible and conforms to the City's master plan.
Section 2. Severability. If any provision, section, subsection, sentence, clause or
phrase of this Ordinance, or the application of same to any person to set 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 3. Open Meetings. 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.
Ordinance No. e L1 "
Final Approval of Project and Financing Plan
Downtown Georgetown Tax Increment Reinvestment Zone (TIRZ)
Pagel of 3
READ, CONSIDERED, PASSED AND APPROVED ON FIRST READING by the
City Council of Georgetown at a regular meeting on the 11'' day of October, 2005, at which a
quorum was present and for which due notice was given pursuant to Section 551.001, et. Seq. of
the Government Code.
READ, CONSIDERED, PASSED AND APPROVED ON SECOND AND FINAL
READING by the City Council of Georgetown at a regular meeting on the 25th day of October,
2005, at which a quorum was present and for which due notice was given pursuant to Section
551.001, et. Seq. of the Government Code.
PASSED and APPROVED on the 25`" day of October, 2005.
City of cieorgetown
ATTEST:
Sandra Lee, City Se,
City of Georgetown
iVED AS TO FORM:
Patricia E. Carls
Brown & Carls, LLP, City Attorney
ordinance No'J:2 0 577 6: y
Final Approval of Project and Financing Plan
Downtown Georgetown Tax Increment Reinvestment Zone (TIRZ)
Page 2 of 3
104940011
DOWNTOWN GEORGETOWN TAX INCREMENT REINVESTMENT ZONE
PROJECT PLAN AND REINVESTMENT ZONE FINANCING PLAN
Ordinance No. 6Z~&d
Final Approval of Project and Financing Plan
Downtown Georgetown Tax Increment Reinvestment Zone (TIRZ)
Page 3 of 3
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October 4, 2005
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I. INTRODUCTION 1-1
II, PROJECT PLAN II -1
A. Existing Uses and Conditions (311.011(b)(1)) 11-1
B. Municipal Ordinances and Agreements (311.011(b)(2)) II -1
C. Zone Non -Project Costs (311 001 l(b)(3)) II -1
D. Relocation (311.011(b)(4)) II -1
III, FINANCING PLAN 111-1
A. Project Cost Description (311 .01 l(c)(1)) 1114
B. Location of Proposed Public Improvements (311.011(c)(2)) 1114
Co Anticipated Budget for Project Costs Ill -1
D. Economic Feasibility Study (311.011(c)(3)) Ill -2
E. Estimate of Bonded Indebtedness to be Incurred (311.011(c)(4)) TII 2
F. Time of Incurring Monetary Obligations (311.011 (0)(5)) III -2
G. Method of Financing (311.011(c)(6)) 111-2
H. Current Appraised Value/Captured Appraised Value (311.011(0)(7)(8)) III -3
1. Duration of the Zone (311.011(c)(9)) III -3
IV. BOARD OF DIRECTORS OF THE ZONE IV -1
TABLE OF EXHIBITS AND APPENDICES
Exhibit A Map Indicating Existing Conditions
Exhibit B Zone Boundary Map
Exhibit C Preliminary Project List
Exhibit D Projected Captured Appraised Value and Tax Increment
Appendix 1 Economic and Market Feasibility Studies
t
,a
L INTRODUCTION
Downtown Georgetown Reinvestment Zone (the "Zone") is a tax increment reinvestment zone,
proposed to be designated by the City of Georgetown (the "City") pursuant to the Tax Increment
Financing Act, as codified in Chapter 311 of the Texas Tax Code (the "Act"), The Zone is
proposed to cover approximately 66(+/-) acres, is located entirely in Williamson County (the
"County") and within the corporate limits of the City, and is generally located around the
courthouse square, south of the South San Gabriel River and north of University Blvd. The Zone
is proposed to be created for a 25 -year duration.
The Zone will facilitate a program of public improvements to allow and encourage the
development and redevelopment of downtown Georgetown into a mixed use, pedestrian oriented
environment consistent with the goals of the City's Downtown Master Plan. Construction of the
public improvements is scheduled to take place in phases over a number of years and timed in
coordination with new development and redevelopment projects in the Zone.
Public improvements scheduled for the Zone include, but are not limited to, the construction of.
(i) sidewalks, cross walks and pedestrian crossing systems (ii) storm sewers and drainage ponds,
(iii) sanitary sewers, (iv) landscaping, streetscape, fountains, works of art, and street furniture, (v}
plazas, squares, pedestrian malls, trails, and other public spaces, (vi) parking lots and roadways,
(vii) utility line relocation and installation, (viii) water system improvements (ix) parks, and
outdoor performance spaces, (x) bicycle routes and facilities, (xi) public transportation projects,
(xii) signage, and (xiii) other related necessary or convenient public improvements (collectively,
the "Project Costs").
I-1
fit PROJECT PLAN
A. Existing Uses and Conditions (311.011(b)(1))
The City will designate approximately 66 (+/-) acres as Downtown Georgetown Reinvestment
Zone. Exhibit A is a map illustrating the existing conditions of property within the Zone, as
required by Section 311.011 (b)(1) of the Act. The area currently includes several different uses
including retail, restaurant, office, institutional and limited residential. The purpose of the Zone
is to facilitate a program of public improvements to allow the development and redevelopment of
downtown Georgetown into a mixed use, pedestrian oriented environment consistent with the
goals of the City's Downtown Master Plan.
For illustrative purposes, Exhibit B depicts the vicinity and boundaries of the Zone.
Be Municipal Ordinances and Agreements (311.011(b)(2))
All of the property located within the Zone is within the corporate limits of the City.
The City has agreed to participate in the Zone by contributing 100% of its tax increment.
The proposed development does not anticipate any additional changes to the City's
comprehensive pian, City ordinances or building codes other than those relating to the creation of
the Zone or those ordinances or comprehensive plan amendments already approved by the City
for the development.
Co Zone Mon -Project Costs (311.011(b)(3))
Non -Project Costs represent the expenditures estimated by public and private investors necessary
to complete the development and redevelopment efforts in downtown Georgetown. It is difficult
to quantify the maximum extent of non -project costs as these investments will happen over time
by multiple parties. There are currently plans for three projects to be initiated in 2004 and 2005
with a combined budget otover $10 million. All three projects are mixed use projects with retail,
restaurant, office and residential components. Over the life of the reinvestment zone it is
anticipated that substantial new investment will occur within the zone.
D. Relocation (311.011(b)(4))
No residential relocation will be required as a part of the creation of the Zone. Less than 10% of
the property within the Zone is currently used for residential purposes.
u-1
III. FINANCING PLAN
A. Project Cost Description (311.011(c)(1))
Project Costs will include all costs associated with the projects listed in Exhibit C and will
include:
1. Capital Costs
a, water system improvements;
be storm sewers and drainage ponds;
C* sanitary sewers;
do utility line relocation and installation;
e. parking lots and roadways,
f streetscape and landscape areas;
go public areas and plazas;
he sidewalks, cross walks and pedestrian crossing facilities;
i1 parks, trails and outdoor performance areas;
j, public transportation projects, and
k, bicycle routes and facilities.
2. Design, Architectural, and Engineering Fees
The public improvements will require professional services for design and engineering,
including inspecting/testing of soils and construction materials and overseeing
construction operations. Additionally, certain studies, including market and economic
feasibility studies, will be prepared.
3. Zone Administration - Over 25 -Year Life of Zone
The ongoing administration of the Zone will require services including, but not limited to,
such services as accountants and bookkeepers, engineers, legal counsel, planners or other
administrative services deemed necessary by the Zone Board to implement this Plan.
Be Location of Proposed Public Improvements (311.011(c)(2))
The approximate location of the proposed public improvements, as required to be demonstrated
by Section 311.011 (c)(2) of the Act, is shown on Exhibit B, which follows. The public
improvements will be constructed in phases consistent with the development and redevelopment
of properties within downtown Georgetown.
Co Estimate of Project Costs
Project Costs will vary depending on the nature, timing and number of development and
redevelopment projects within the Zone. It is anticipated that total Project Costs will not exceed
$25,000,000. Project Cost expenditures will vary from year to year and may range from $500,000
to $1,000,000 annually. Such Project Costs may be paid from the tax increment on deposit from
time to time in the Fund, defined below, or through the issuance of bonds, notes or other
obligations (the "Obligations").
D, Economic Feasibility Study (311.011(c)(3))
A market analysis and recommended action plan as well as a master plan for the proposed Zone
have been conducted. See Appendix 1 for a copy of these studies.
E. Estimate of Obligations to be Incurred (311.011(c)(4))
The City will finance certain Project Costs described above necessary to develop the property in
the Zone. The City will finance such Project Costs through using funds on deposit in the Fund,
the issuance of Obligations or any combination thereof depending upon the growth of the tax
increment and the number of other taxing jurisdictions participating in the Zone. The City
estimates that it will issue Obligations in one or more series in an aggr Sate amount not to
exceed $25,000,000 at such time and amount as financially feasible based upon the tax increment
and the nature and scope of development and redevelopment projects within the zone.
F. Time of Incurring Monetary Obligations (311.011(c)(5))
The repayment term on any Obligations .issued is estimated at 20 years. It is anticipated that
Obligations will be issued no sooner than City of Georgetown fiscal year 2006.
G. Method of Financing (311.011(c)(6))
Any Obligations issued by the City will be secured in whole or in part by ad valorem taxes
collected by the City on the incremental increase in the assessed value of real property located
within the Zone.
For purposes of this financing model, it is anticipated that the City will participate in the Zone at
a participation rate equal to 100% of its total tax rate. The City anticipates requesting the County
to participate in the Zone.
The City will establish a Tax Increment Fund (the "Fund") for the Zone in the ordinance
designating the Zone. In accordance with Section 311.013 of the Act, each participating taxing
jurisdiction will pay into the Fund the amount of increment generated by the taxing jurisdiction.
The tax increment deposited into the Fund will be used to pay Project Costs, Obligations issued
to finance Project Costs and costs related to maintaining, operating and administering the Zone.
He Current Appraised Value/Captured Appraised Value (311.011(c)(7)(8))
The Plan will be implemented in part through the Zone's ability to capture and utilize incremental
ad valorem tax revenue generated from real property in the Zone, known as the captured
appraised value. The base value, from which captured appraised value is calculated, is the total
assessed taxable value of all property within the Zone on January 1, 2004, as shown on the rolls
of the Williamson County Appraisal District.
The development and redevelopment in the Zone is anticipated to occur over a number of years,
the projected captured appraised value will increase as development continues. Exhibit D shows
the projected captured appraised value and tax increment over the 25 -year duration of the Zone.
I. Duration of the Zone (311.011(c)(9))
The Zone will have a duration of 25 years.
III -2
IV. BOARD OF DIRECTORS OF THE ZONE
The City will create a Zone Board of Directors composed of 5 members in the Ordinance
designating the Zone. It is anticipated that other taxing entities within the Zone will waive
appointment to the Board of Directors. However, if the County participates in the Zone, and
does no waive appointment, the County will be entitled to appoint one director to the Board of
Directors. The City will appoint the remaining four members of the Board of Directors.
The Board of Directors of the Zone will prepare (i) an Annual Zone Budget; (ii) an Annual
Report of Zone activities; and (iii) an Annual Financial Statement prepared in accordance with
Generally Accepted Accounting Principles for presentation to the City.
N - t
EXHIBIT A - MAP INDICATING EXISTING CONDITIONS
EXHIBIT B -ZONE BOUNDARY MAP
EXIIIBIT C — PRELIhfINAR Y PROJECT LIST
Prof.
1 Construct additional surface and structured parking
2 Re -configure on -street parking to maximize number of spaces
3 Install additional landscaping around existing surface parking lots
4 Develop a master landscape and streetscape plan
5. Expand pedestrian amenities throughout zone to include: bike racks, benches, trash
cans, lighting, public restrooms, public art, pedestrian crossing systems
6 Develop a festival street on 8 Street
7 Construct new City and County offices and facilities within the zone
8 Develop additional small parks within the zone
9 Develop an "Old Jail Park" on the site of the historic jail
10. Establish a downtown arts district
11. Construct and outdoor performance space
12. Add public art aloe sidewalks
13. Create a scenic overlook for the San Gabriel Rivers
14. Create pedestrian bridges across the San Gabriel Rivers
I5. Bring all sidewalks into compliance with Downtown Master Plan sidewalk hierarc
16. Install brick crosswalks
17. Install pedestrian controlled street crossings
18. Create bike routes
19. Build a direct connection from Austin Ave. to the San Gabriel River Trails
20. Improve pedestrian access to Blue Hole Park
21. Improve pedestrian links from parking lots to the Square
22. Construct a pedestrian pathfrom Southwestern to the Square
23. Create a public transit shuttle service to downtown
24. Create additional downtown housing units
25. Create a downtown hotel and convention site
26. Create a wa din signage pro and install signage
27. Improve signage along trails
28. Bury overhead utility lines
29. Replace and upgrade water and sewer lines
30. Build a regional water quality s tem for the zone
31. Make Austin Ave. more pedestrian friendly,
EXHIBIT D - PROJECTED CAPTURED APPRAISED VALUE AND TAX INCREMENT