HomeMy WebLinkAboutORD 2013-55 - Rivery Park Amending ORDsORDINANCE NO. 01 - 5
AN ORDINANCE AMENDING ORDINANCES NOS. 2007-91, 2008-63,
AND 2010-30 REGARDING THE RIVERY PARK TAX INCREMENT
REINVESTMENT ZONE; GRANTING THE PETITION TO ADD
8.33 ACRES OF LAND (+/-) INTO THE ZONE; ESTABLISHING
THE TAX INCREMENT BASE FOR THE PROPERTY ADDED INTO
THE ZONE; EXTENDING THE TERM OF THE ZONE; ALLOWING
THE EXERCISE OF AUTHORITY UNDER CHAPTER 380 OF THE
LOCAL GOVERNMENT CODE WITHOUT CAUSING
TERMINATION OF THE ZONE; ADOPTING AN AMENDED
PROJECT PLAN AND FINANCING PLAN FOR THE ZONE;
GRANTING CONDITIONAL POWERS TO THE ZONE BOARD
UNDER SECTION 311.010(h) OF THE TEXAS TAX CODE; LIMITING
THE USES OF TAX INCREMENT FUND FOR THE ZONE;
CONTAINING FINDINGS AND PROVISIONS RELATED TO THE
FOREGOING SUBJECTS; AND PROVIDING A SEVERABILITY
CLAUSE.
WHEREAS, by Ordinance No. 2007-91, the City Council of the City of Georgetown
created a 67.752 +/- acre tax increment reinvestment zone known as the Rivery Park Tax
Increment Reinvestment Zone (the "TIRZ") pursuant to the Tax Increment Financing Act, as
codified in Chapter 311 of the Texas Tax Code, as amended, in order to facilitate
development in the TIRZ and the surrounding area with, among other things, a hotel, conference
center, and enhancements to the City's Rivery Park; and
WHEREAS, in 2008 Williamson County (the "County") agreed to contribute a portion of
its tax increment to the tax increment fund for the TIRZ, and after the required notice and
hearing, the City adopted Ordinance No. 2008-63 to reflect the revised composition of the
TIRZ Board of Directors and other conditions of the County's participation in accordance
with that certain Tax Increment Financing Agreement between the City and the County dated
September 16, 2008; and
WHEREAS, in 2010 the City received a petition requesting that an 8.33 acre+/- tract of
land be removed from the TIRZ, and after the required notice and hearing, the City adopted
Ordinance No. 2010-30 granting the petition and removing 8.33 acre +/- tract of land from the
TIRZ; and
WHEREAS, the Tax Increment Financing Agreement between the City and the County
was amended on May 15, 2012 to reflect the County's consent remove the 8.33 acre +/- tract of
land from the TIRZ and to revise certain other conditions of the County's participation in
the TIRZ; and
Ordinance No. JCA.&—Page 1 of 7
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WHEREAS, on October 10, 2012 the TIRZ Board of Directors considered and approved
the First Amended Project Plan and Financing Plan (the "First Amended Plan"), but the City
Council never considered or approved the First Amended Plan; and
WHEREAS, on November 12, 2013, Brae Group, Ltd., a Texas limited
partnership, whose general partner is Novak Brothers, LLC, a Texas limited liability company,
acting by and through its authorized member and representative, Jeff Novak, as the current
owner of over 50% of the appraised value of the 8.33 acre +/- tract of land, filed the petition with
the City attached hereto as "Exhibit 1" pursuant to Sections 311.005(a)(4) and 311.007(a) and (b)
of the Texas Tax Code requesting that the 8.33 acre tract +/- of land be added back into the
TIRZ. The 8.33 acre +/- tract of land described in `Exhibit 1" is referred to herein as the
Additional Property;" and
WHEREAS, since the first creation of the TIRZ on December 11, 2007, the type and
nature of development proposed in the TIRZ has changed (but still includes a proposed hotel,
conference center, and enhancements to the City's Riveiy Park), and it is necessary to amend the
Project Plan and Financing Plan for the TIRZ as authorized by Section 311.011(e) of the Texas
Tax Code as set forth in the Second Amended Project Plan and Financing Plan (the "Second
Amended Plan"), which is attached hereto as "Exhibit 2;" and
WHEREAS, the changes in the timing, type and nature of some of the development in the
TIRZ and to the Second Amended Plan make it necessary and desirable to extend the term of the
TIRZ from December 31, 2031 to December 31, 2041 as allowed by Section 311.007(c) of the
Texas Tax Code; and
WHEREAS, the changed conditions also make it desirable to remove a restriction
imposed in Ordinance No. 2007-91 preventing the City or the TIRZ Board from providing
additional economic development incentives to the owners or developers of land in the TIRZ,
including economic development agreements as authorized by Chapter 380 of the Local
Government Code and Section 311.010(h) of the Texas Tax Code, without causing automatic
termination of the TIRZ; and
WHEREAS, because of the revisions included in the Second Amended Plan and the
significant investments by the City, the Georgetown Economic Development Corporation
GEDCO"), and the Georgetown Transportation Enhancement Corporation ("GTEC") in public
improvements and public works within and outside of TIRZ for the benefit of the TIRZ, the City
desires to impose restrictions on the use of the tax increment fund by the TIRZ Board such that
reimbursements to the City, GEDCO and GTEC for the cash expenditures made and/or debt
obligations incurred by them for the benefit of the TIRZ are prioritized over any other requests
for uses of monies from the tax increment fund; and
WHEREAS, at its meeting on November 25, 2013 the TIRZ Board considered and
recommended approval of the proposals to (1) add the Additional Property back into the TIRZ;
2) adopt the Second Amended Project Plan and Financing Plan; (3) allow the City or the TIRZ
Board to enter into economic development agreements under Chapter 380 of the Local
Government Code without triggering termination of the Zone to incentivize development in the
Ordinance No. dio, S—ss Page 2 of 7
Rivery Park Tax Increment Reinvestment zone
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TIRZ subject to certain restrictions on the uses of the tax increment fund for the TIRZ; (4)
extend the term of the TIRZ until December 31, 2041; and (5) state the priorities for the use of
the Tax Increment Fund for the TIRZ; and
WHEREAS, pursuant to Section 311.003 of the Texas Tax Code, notice of a public
hearing was published on November 17, 2013 in the Williamson County SUN, a newspaper
having general circulation in the City and the County, said date being least seven (7) days before
the date of the public hearing; and
WHEREAS, on November 26, 2013 the City Council held a public hearing to consider
the proposals to (1) add the Additional Property back into the TIRZ; (2) adopt the Second
Amended Project Plan and Financing Plan; (3) allow the City or the TIRZ Board to enter into
economic development agreements under Chapter 380 of the Local Government Code without
triggering termination of the Zone to incentivize development in the TIRZ subject to certain
restrictions on the uses of the Tax Increment Fund for the TIRZ; (4) extend the term of the TIRZ
until December 31, 2041; and (5) state the priorities for the use of the Tax Increment Fund for
the TIRZ; and
WHEREAS, the County has consented to the re -inclusion of the Additional Property
back into the Zone and to the extension of the term of the Zone until December 31, 2041
per the terms and conditions of the Second Amended Tax Increment Financing Agreement
between the City and the County; and
WHEREAS, after considering the recommendation of the TIRZ Board and the comments
received at the public hearing, the City finds it necessary and desirable to amend its prior
ordinances pertaining to the TIRZ as set forth herein.
NOW THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY
OF GEORGETOWN, TEXAS:
Section l: Findings. The facts and recitations contained in the preamble to this
Ordinance are hereby found and declared to be true and correct and are adopted as part of this
Ordinance for all purposes.
Section 2: Granting Petition to Enlarge the TIRZ Boundaries. It is hereby ordered that
the petition filed by Brae Group, Ltd., a Texas limited partnership, as the owner of over 50% of
the appraised value of the 8.33 acre tract of land described in the petition attached hereto as
Exhibit I" and incorporated herein for all purposes (the "Additional Property"), is
granted. On and after the effective date of this Ordinance, the Additional Property shall be
included within the boundaries of the TIRZ, and the boundaries of the TIRZ shall be as shown
on "Exhibit 3," attached hereto and incorporated herein for all purposes. Section 3 of
Ordinance No. 2010-30 (pertaining to removal of the Additional Property from the TIRZ) is
hereby repealed in its entirety.
Ordinance No. 1-5"s Page 3 of 7
Rivery Park Tax Increment Reinvestment zone
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Section 3: Second Amended Project Plan and Financing Plan. It is hereby ordered that the
Second Amended Project Plan and Financing Plan attached hereto as "Exhibit 2" and
incorporated herein for all purposes, is adopted and approved. It is further ordered that the
Second Amended Project Plan and Financing Plan supersedes and replaces all prior versions of
the project plan and financing plans for the TIRZ.
Section 4: Board of Directors. It is hereby ordered that Section 3 of Ordinance No.
2007-91, as amended by Section 2 of Ordinance No. 2008-63, is amended and replaced with the
following:
Section 3. Board of Directors.
That there is hereby created a Board of Directors for the Zone, which shall consist
of nine (9) members, as required by Section 311.009(b) of the Texas Tax Code.
The City Council of the City of Georgetown shall appoint five (5) members to the
Board of Directors and, pursuant to the Tax Increment Financing Agreement dated
September 16, 2008 by and between the City of Georgetown and Williamson
County, the Commissioners Court of Williamson County shall appoint two (2)
members to the Board of Directors. The State Representative and State Senator, or
their designees, within whose district the Zone is located are also members of the
Board of Directors; however they may choose to allow the Commissioners Court of
Williamson County to choose their designees.
Five of the initial members of the Board of Directors shall serve two year terms
and the remaining four initial members of the Board of Directors shall serve one
year terms. The City Council of the City of Georgetown shall determine which
positions serve two year terms and which serve one year terms at the time the initial
appointments are made to the Board of Directors. All subsequent appointments
shall be appointed for two-year terms. The City Council of the City of Georgetown
shall designate one of the initial members of the Board of Directors to serve as
chair of the Board of Directors for the term beginning on the effective date of the
Zone, and ending upon the expiration of the initial term of that member. Thereafter
the City Council shall annually nominate and appoint a member to serve as chair
for a term of one year beginning January 1 of the following year. The City Council
authorizes the Board of Directors to elect from its members a vice chairman and
such other officers as the Board of Directors sees fit. Notwithstanding the
foregoing, the term of any City Council member, County Judge or County
Commissioner serving on the Board of Directors shall automatically expire when
their term in said office ends.
Pursuant to Section 311.009(e)(2) of the Texas Tax Code, each member of the
Board of Directors must be at least 18 years of age and own real property in the
zone or be an employee or agent of a person that owns real property in the zone.
The Board of Directors of the Zone shall comply with Chapter 551, Texas
Government Code (the Open Meetings Act) and Chapter 552, Texas Government
Ordinance No. '-S — Page 4 of 7
Rivery Park Tax Increment Reinvestment zone
12/10/2013
Code (regarding public records and information). The Board of Directors shall
make recommendations to the City Council concerning the administration of the
Zone. The Board of Directors shall prepare or cause to be prepared and adopt a
project plan and a reinvestment zone financing plan for the Zone as described in
Section 311.011, Texas Tax Code, and shall submit such plans to the City Council
for its approval. Subject to the terms and conditions of this Ordinance, the City,
pursuant to Section 311.010(a) of the Texas Tax Code hereby authorizes the Board
of Directors to exercise all of the City's powers necessary to administer, manage or
operate the Zone and to prepare the project plan and reinvestment zone financing
plan, including the submission of an annual report on the status of the Zone.
Notwithstanding the foregoing, the Board of Directors shall not be authorized to
issue tax increment bonds or notes, impose taxes or fees, exercise the power of
eminent domain or give final approval to the project plan and reinvestment zone
financing plan. The Board of Directors of the Zone may not exercise any power
granted to the City by Section 311.008 of the Texas Tax Code without
additional and prior authorization from the City. The Board of Directors of the
Zone shall have no authority to expend monies from the Tax Increment Fund for
any purposes other than to pay for Zone administration costs and to reimburse the
City of Georgetown, the Georgetown Economic Development Corporation
GEDCO), and the Georgetown Transportation Enhancement Corporation (GTEC)
for cash expenditures made or debt obligations incurred by them for the benefit of
the TIRZ, unless and until the City, GEDCO, and GTEC are reimbursed in
full (including cash grants, principal, interest, costs and fees) from the Tax
Increment Fund for such cash payments made or debt obligations issued by them.
The foregoing limitation on the uses of the Tax Increment Fund shall not apply if
i) the expenditure is recommended in a written report prepared by the City's
Chief Financial Officer, and approved by the City's financial advisor, stating the
purpose and amount of the proposed expenditure and confirming that the proposed
expenditure will not adversely affect the obligation of the TIRZ Board to use the
Tax Increment Fund to reimburse the City, GEDCO, or GTEC; and (ii) prior
approval of the proposed expenditure is received from the City Council and the
GEDCO and GTEC boards of directors.
Subject to limitations and restrictions set forth in this Section and in the
amended project plan and reinvestment zone financing plan attached hereto as
Exhibit 2," the Board of Directors shall have all powers of a municipality under
Chapter 380 of the Local Government Code as necessary or convenient to
implement the project plan and reinvestment zone financing plan, as amended, and
achieve its purposes as provided in Section 311.010(h) of the Texas Tax Code as
amended. , Notwithstanding the generality of the foregoing, without first
receiving written consent from the City's Chief Financial Officer, the City's bond
Ordinance No. 0? 01 S " SS Page 5 of 7
Rivery Park Tax Increment Reinvestment zone
12/10/2013
counsel and financial advisor, the City Council and the GEDCO and GTEC boards
of directors, the Board of Directors is not authorized to exercise any powers under
Chapter 380 of the Texas Local Government Code unless and until the City of
Georgetown, GEDCO and GTEC are each reimbursed in full (including cash
grants, principal, interest, costs and fees) from the Tax Increment Fund for cash
payments made or debt obligations issued by any of them for the benefit of the
TIRZ.
Section 5: TIRZ Term/Effect of Chapter 380 Agreement. It is hereby ordered that Section
4 of Ordinance No. 2007-91 is amended and replaced in its entirety with the following:
Section 4. Duration of the Zone. That the Zone shall take effect immediately
upon the passage and approval of this Ordinance, and termination of the operation
of the Zone shall occur on December 31, 2041, or at an earlier time designated by
subsequent ordinance of the City Council in the event the City determines in its
sole discretion that the Zone should be terminated due to insufficient private
investment or other good cause, or at such time, subsequent to the time that all
project costs, tax increment bonds, notes and other obligations of the Zone, and the
interest thereon, have been paid in full.
Section 6. Tax Increment Base. It is hereby ordered that Section 5 of Ordinance No. 2007-91
is hereby amended and replaced in its entirety with the following:
Section 5. Tax Increment Base: Amount of Tax Increment. That the Tax
Increment Base of the City or any other taxing unit participating in the Zone for the
Zone is either (as applicable): (i) except for the Additional Property, the total
appraised value of all real property taxable by the City or other taxing unit
participating in the Zone and located in the Zone, determined as of January 1,
2007, the year in which the Zone was designated as a reinvestment zone; or (ii) for
the Additional Property, the total appraised value of all real property taxable by
the City or other taxing unit participating in the Zone, determined as of January
1, 2013, the year in which the Additional Property was added to the Zone (each a
Tax Increment Base").
The amount of the tax increment for a year shall be all or a portion, as
recommended by the Board and approved by the City Council, of property
taxes levied and collected by the City and/or a portion of property taxes of
other taxing units participating in the Zone and located in the Zone (as set forth
in an agreement to participate in the Zone) for that year on the Captured
Appraised Value of real property taxable by City or other taxing unit
participating in the Zone and located in the Zone. The Captured Appraised Value of
real property taxable by City or other taxing unit participating in the Zone for a
Ordinance No. 01 3-(5 Page 6 of 7
Rivery Park Tax Increment Reinvestment zone
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year is the total appraised value of all real property taxable by the unit and
located in the Zone for that year less the Tax Increment Base.
Section 7. 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 8. 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.
READ, CONSIDERED, PASSED AND APPROVED ON FIRST READING by the
City Council of Georgetown at a regular meeting on November 26, 2013, at which a quorum
was present and for which due notice was given pursuant to Section 551.001, et. seq. of the
Texas Government Code.
READ, CONSIDERED, PASSED AND APPROVED ON SECOND AND FINAL
READING by the City Council of Georgetown at a regular meeting on December
10, 2013, at which a quorum was present and for which due notice was given pursuant to Section
551.001, et. seq. of the Texas Government Code.
A EST:
VJ ss'ca Brettle
t Secretary
ROVED A TOJFORM:
ridget Chap an
City Attorney
Ordinance No. o l tea- S
Rivery Park Tax Increment Reinvestment zone
12/10/2013
CITOF GEORGETOWN, TEXAS
George G. Garver, Mayor
City of Georgetown, Texas
Page 7 of 7
Exhibit 1
BRAE GROUP, LTD,
102 Adams Street
Georgetown, Texas 78628
FzhOD8: 512.931.7774 -
Fax: 512.930.5568
November 12.2O13
Paul Brandenburg
Qty Manager
City QfGeorgetown
113 East D^' Street
Georgetown, Texas 78825
GretaGnNoby
direct dial: 512.370.2841
R8: Request b3Add Land tORiveryPark Tax Increment Reinvestment Zone
Dear Sir orMadam:
This letter constitutes afonna| request and the official petition by BRAE GROUP, LTD,
G Texas limited partnership ("Brae Gn}uo"). to 8[DaOd the Rkxery Park Tax \nCre[neO1
Reinvestment Zone (the "Zone") in order to enlarge the Zone boundaries by adding
approximately 8.33 acres being more particularly d8SChb8d OD Exhibit "/Y' attached
hereto /the "Additional Property"). / Brae Group is the record OvvOe[Ofr Ore than fifty
percent 50q6\ of the appraised value Of the Additional Property. The Additional
Property is part of The Summit at RiVery Park and is associated with the [aS}deOUGi
development, known os"The Brownstone otthe Sunlrni['.
The Zone was created fo||0vxinO Qb/ Council approval of Ordinance 2007-81 VO
December 11, 2007. and amended by Ordinance 2010-30 on August 24, 2010. The
2018 amendment changed the boundaries of the Zone by removing the same 8.33
8Cr9S Q}DlphSiDg the Additional PnJp8dv. In order to increase the incremental tax value
of the Zone, it is the intent Of Brae Group, as developer, and Novak B[others, LLC' as
master developer of the Additional Property and the other property that is part of the
ZOD8. to reinstate the acreage removed by Ordinance 2010-30 and, thereby, enlarge
the boundary Ofthe Zone. Exhibit "A" /8tt8Ched\iS@ Field Notes Description of the i8Od
to be reinstated into the Zone.
We [88Uz8 that the boS8 value of the Additional Property will be calculated at 2013
appraised values. Base V8lU8 for the existing acreage within the ZOOg, which iDC|UdeS
23.O1acres ofprivately held land, will remain 8tthe 2OO7appraised values.
EXHIBIT 1 Ordinance Amending Rivery Park Tax Increment Reinvestment Zone Pagel ofo
November 12, 2013
Page 2
This letter and the petition by Brae Group contained herein, along with the attached
Exhibit, are submitted on behalf of the master developer of The Summit at Rivery Park
and Brae Group, the majority property owner of the Additional Property.
Best regards,
BRAE GROUP, L3P ;Texas limited ership
By: Novaorothers, 4, a Te's limito liability company, its general partner
Member and Authorized Agent
Enclosure
cc: Jacob Novak (via email)
Bridget Chapman (via email)
Greta E. Goldsby (via email)
WINSTEAD PC I ATTORNEYS
EXHIBIT 1 ordinance Amending Rivery Park Tax Increment Reinvestment Zone Page 2 of 6
November 12, 2013
Page 3
SEE ATTACHED]
WINSTEAD PC I ATTORNEYS
EXHIBIT 1 Ordinance Amending Rivery Park Tax Increment Reinvestment Zone Page 3 of 6
November 12, 2013
Page 4
Land to be Reinstated into the Rivery Park Tax Increment Reinvestment Zone:
APPROXIMATELY 8.33 ACRES OF LAND TO BE REINSTATED INTO THE RIVERY PARK TIRZ OVERLAY
BOUNDARY -
Beginning at the Northwest corner of The Summit at Rivery Park property being
adjacent to Rivery Boulevard and Rivery Park;
THENCE with the common line between the said Rivery Boulevard and the herein
described tract the following 3courses and distances:
1. N58deg 3min 52sec W61.2feet
2. S 86 deg 10 min 52 sec W 235.45 feet
3. N 61 deg 27 min 55 sec W251.97 feet
THENCE through the herein described tract the following 9 courses and distances:
1. S 37 deg 40 min 17 sec W, 38.93 feet
2. S 36 deg 53 min 43 sec W 41.83 feet
3. S 32 deg 477 min, 48 sec W 64.52 feet
4. S 57 deg 56 min 20 sec E 145.86 feet
5. N 26 deg 45 min 2 sec W.320.03 feet
6. S 24 deg 58 min 23 sec W 166.49 feet
7. S 16 deg 9 min 59 sec E 41.47 feet
8. N 11, deg 15 min 41 sec E 167.55 feet
9, S 12 deg, 10 min 57 sec W 244.18 feet
THENCE. along the common line between the said Rivery Park and the herein described
tract the following 7 courses and distances:
1. N11deg.54min l3sec E142.87feet
2. S 78 deg 5 min 48 sec E 229.96 feet
3. N 38 deg 43 min 54 sec E 179.92 feet
4. S3deg -Smin 3sec W122.6feet
WINSTEAD PC I ATTORNEYS
EXHIBIT 1 Ordinance Amending Rivery Park Tax Increment Reinvestment Zone Page 4 of 6
November 12, 2013
Page 5
5. S 68 deg 28 min 2 sec E 70.51 feet
6. S 77 deg 28 min 55 sec E 194.81 feet
7. S 86 deg 54 min 57 sec E 73.95 feet
To the point of BEGINNING containing 8.33 acres of land, more or less.
WINSTEAD FC I ATTORNEYS
EXHIBIT 1 ordinance Amending Rivery Park Tax Increment Reinvestment Zone Page 5 of 6
EXHIBIT 2 ORDINANCE AMENDING RIVERY PARK TAX INCREMENT REINVESTMENT ZONE Page 1 of 14
11/22/2013 Page 1
SECOND1 AMENDED
FINAL PROJECT PLAN
AND
REINVESTMENT ZONE FINANCING PLAN
FOR
RIVERY PARK TAX INCREMENT REINVESTMENT ZONE
___________________
(final City Council approval date)
1 A First Amended Project and Financing Plan was approved by the Rivery Park TIRZ Board of Directors on October 10,
2012, but was never presented to or approved by the Georgetown City Council.
EXHIBIT 2 ORDINANCE AMENDING RIVERY PARK TAX INCREMENT REINVESTMENT ZONE Page 2 of 14
11/22/2013 Page 2
TABLE OF CONTENTS
I INTRODUCTION 3
II PROJECT PLAN
A Existing Uses and Conditions ( §311.011(b)(1)) 4
B Proposed Uses and Conditions (§ 311.011(b)(1)) 4
C Municipal Ordinances and Agreements (§ 311.011(b)(2)) 5
D Non-Project Costs (§ 311.011(b)(3)) 7
E Relocation (§ 311.011(b)(4)) 7
III FINANCING PLAN
A List of Estimated Project Costs (§ 311.011(c)(1)) 8, Tbl.3
B Kind, Number, and Location of Proposed Public Improvements to be Financed
by the TIRZ (§ 311.011(c)(2))
8
C Economic Feasibility Study (§ 311.011(c)(3)) 9
D Estimate of Bonded Indebtedness to be Incurred (§ 311.011(c)(4)) 9
E Time of Incurring Monetary Obligations (§ 311.011(c)(5)) 9
F Method of Financing/Sources of Revenue for Project Costs (§ 311.011(c)(6)) 10
G Current Appraised Value (§ 311.011(c)(7)) 10
H Estimated Captured Appraised Value (§ 311.011(c)(8)) 11
I Duration of the TIRZ (§ 311.011(c)(9)) 11
IV BOARD OF DIRECTORS OF THE TIRZ 11
EXHIBIT 2 ORDINANCE AMENDING RIVERY PARK TAX INCREMENT REINVESTMENT ZONE Page 3 of 14
11/22/2013 Page 3
I. INTRODUCTION
The Rivery Park Tax Increment Reinvestment Zone (the “TIRZ”) is a tax increment
reinvestment zone 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, as amended (the
“Act”).
The TIRZ was originally created by Ordinance No. 2007-91 (Dec. 11, 2007) as a 67.752
acre TIRZ composed of two tracts: The first tract consists of approximately 31.94 acres of
privately-owned land generally located at the northwest corner of IH-35 S. and Rivery Boulevard
(the “31.94 Acre Tract”); the second tract consists of approximately 35 acres of City-owned land
consisting of the City’s Rivery Park (“Rivery Park”).
In 2010, after the required notice and hearing, the City approved a petition requesting that
8.33 acres of land be removed from the 31.94 Acre Tract within the TIRZ. On November 12, 2013
owner of at least 50% of the appraised value of the 8.33 acres, Brae Group, Ltd, whose general
partner is Novak Brothers, LLC, by and through its member and authorized agent, Jeff Novak,
requested that the 8.33 acres be added back into the TIRZ. After finding that the petition was
legally sufficient under Section 311.007 of the Act, and after the required notice and hearing, the
City Council adopted Ordinance No. 2013-___ (_______) approving the petition and adding the
8.33 acres of land back into the TIRZ. Therefore, as of the date of this Amended Project Plan and
Reinvestment Zone Financing Plan (collectively, the “Amended Plan”), the total size of the TIRZ
is 67.752 acres and the current landowners in the Zone are the City (for Rivery Park), and NOVAK
BROTHERS TEXAS BROWNSTONES, LLC (for 0.333 acres out of the 31.94 Acre Tract) and
BRAE GROUP, LTD. (for the remainder of land in the 31.94 Acre Tract).
Exhibit A depicts the vicinity and boundaries of the TIRZ, as recently amended to include
the 8.33 acre tract.
The purpose of the TIRZ is to provide a financing vehicle necessary to facilitate a program
of public improvements to allow and encourage the development of a hotel having at least 221
rooms and having a AAA 3 Diamond Rating or a 2 Star Forbes Rating (based on the 2013 hotel
rating systems) in the Starwood Hotels & Resorts Worldwide, Inc. brand (the “Hotel”), a
conference center including a ballroom comprised of at least 16,000 square feet (the “Conference
Center”), and a multi-level above-ground public parking garage containing at least 336- space (the
“Public Parking Garage”). Another purpose of the TIRZ is to construct amenities in and make
other improvements necessary to increase accessibility to Rivery Park and enhance the park
experience for visitors. Other development within the TIRZ is anticipated to include single and
multifamily residential development and commercial/ retail space, as allowed by the PUD
Ordinance (defined below).
The tax increment generated within the TIRZ would be used to finance costs associated
with the construction, maintenance, and repair of the Public Parking Garage, improvements in
Rivery Park, public utilities within the TIRZ, public roadways (and related improvements) within
and outside of the TIRZ boundaries, and other costs that meet the definition of “project costs”
under the Act and this Amended Plan.
EXHIBIT 2 ORDINANCE AMENDING RIVERY PARK TAX INCREMENT REINVESTMENT ZONE Page 4 of 14
11/22/2013 Page 4
II. PROJECT PLAN
A. Existing Land Uses and Conditions (§ 311.011(b)(l))
1. Rivery Park: Rivery Park is an existing City-owned public park that is partially
developed with trails, a pond, a disc golf course, and a small surface parking lot. Exhibit B is a
map illustrating the existing uses and conditions the Rivery Park, as required by Section
311.011(b)(l) of the Act.
2. 31.94 Acre Tract2:
· Zone A – Zone A is currently vacant and unimproved.
· Zone B1– Zone B1 is currently vacant and unimproved.
· Zone B2– Zone B2 is currently vacant and unimproved.
· Zone B3– Zone B3 is currently vacant and unimproved.
· Zone C – Zone C is partially developed. As of the date of this Amended Plan, a final plat
for Phases 1 and 2 - 4 of the Brownstones at the Summit has been approved and recorded
(See Document No. 2011047662 and Document No. 2013070833 in the Official Records of
Williamson County, Texas).
B. Proposed Land Uses and Conditions (§ 311.011(b)(l))
1. Rivery Park: The proposed future use of Rivery Park shall continue to be as a
public park, but with additional public amenities and improved public access and parking. The
improvements shown on TABLE 1, below, are proposed to be constructed in Rivery Park:
TABLE 1
RIVERY PARK IMPROVEMENTS
1 New Stormwater Detention Pond (approx. 0.6 acre pond, as more fully described in the
plans entitled, “The Summit at Rivery Park Phases 5 and 6 Construction Plans, Con
2012-033”, sometimes referred to as the “Pond”)
2 Wetland plantings in the Pond
3 Two (2 ) new aeration fountains in existing pond
4 Eight (8) new parking spaces in the existing Rivery Park surface parking lot with two ( 2)
additional accessible spaces, and micro-surfacing and striping of the entire Park parking
lot
5 Re-routed disc golf course hole #17 over the Pond with new hole signs and concrete tee
boxes for all 18 holes.
6 Trail and boardwalk with shade structure and seating, all ADA accessible
2 In this Amended Plan, the developable areas within the 31.94 Acre Tract have been assigned the same development
area designations as in the PUD Ordinance. See Exhibit D for Zone designations.
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7 Maintenance access road re-routed/re-constructed to be a minimum of ten feet (10’) wide
8 Splash Pad
A map showing the proposed future uses and conditions of Rivery Park is attached as Exhibit C.
2. 31.94 Acre Tract: Subject to the PUD Ordinance (defined below) and the other
ordinances and agreements applicable to the 31.94 Acre Tract, the proposed future uses of the
31.94 Acre Tract are as follows:
Zone A – Zone A is proposed to be designed and developed with multifamily residential
development (apartments) and associated parking.
Zone B1 – Zone B1 is proposed to be designed and developed with the Hotel, Conference
Center, and Public Parking Garage.
Zone B2– Zone B2 is proposed to be designed and developed with commercial and retail
uses and associated parking.
Zone B3 – Zone B3 is proposed to be designed and developed with commercial and retail
uses and associated parking.
Zone C – Zone C is proposed to be designed and developed with 114 residential
condominium units known as “The Brownstones at the Summit” and associated parking.
The proposed future uses and conditions of the 31.94 Acre Tract are described in the PUD
Ordinance and shown on the Site Layout on Exhibit D, attached hereto and incorporated herein by
reference for all purposes.
C. Municipal Ordinances and Agreements (§ 311.011(b)(2))
There are several ordinances and agreements affecting the property within the TIRZ. A
brief summary of these ordinances and agreements is provided below. Except as otherwise
expressly provided in the ordinances and agreements identified below, all development of the land
in the TIRZ will be done in accordance with all applicable development and construction
ordinances, regulations and requirements of the City of Georgetown:
1. TIRZ Ordinances. The City has passed three (3) ordinances relating to the TIRZ:
· Ordinance No. 2007-91 — approving the petition creating the TIRZ.
· Ordinance No. 2008-63 — reflecting the County’s participation in the TIRZ at 80% and
changing the composition of the Board of Directors to reflect the County’s
participation.
· Ordinance No. 2010-30 — approving petition to remove 8.33 acres from the TIRZ.
(See TIRZ Ordinances, attached as Exhibit E). The City has received a petition to add the 8.33
acres removed by Ordinance No. 2010-30 back into the TIRZ. The City has also received a
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request to extend the term of the TIRZ from December 31, 2031 until December 31, 2041.
Simultaneously with the approval of this Amended Plan, the City Council has, after notice and
hearing, granted the petition to add the 8.33 acres back into the TIRZ and setting the tax increment
base year for the 8.33 acres, and granted the request to extend the term of the TIRZ until 2041.
The City has also amended the TIRZ ordinance to conditionally allow the City and the TIRZ
Board to enter into economic development agreements under Chapter 380 of the Local
Government Code to incentivize development within the TIRZ without causing termination of the
TIRZ.
2. Tax Increment Financing Agreements between City and Williamson County.
The City and Williamson County have entered into a Tax Increment Financing Agreement, as
amended, providing as follows:
· Original Tax Increment Financing Agreement (Sept. 16, 2008) – setting the County’s
participation in the TIRZ at 80%, the City’s participation at 100%, and stating several other
conditions of the County’s participation in the TIRZ.
· First Amended Tax Increment Financing Agreement (May 15, 2012) – extending the
deadline for completion of the Conference Center from October 1, 2011 to September 30,
2015, and adding a condition that the County be allowed certain uses of the Conference
Center as an additional condition of the County’s participation in the TIRZ.
The City and the County have also negotiated a Second Amended Tax Increment Financing
Agreement reflecting the County’s approval of addition of the 8.33 acres back into the TIRZ and
approval of the extension of the term of the TIRZ until December 31, 2041, and revising some of
the other conditions to the County’s participation in the TIRZ. This Second Amended Agreement
is slated for final consideration by the respective governing bodies of the City and the County
contemporaneously with the approval of the amended TIRZ Ordinance adopting this Second
Amended Plan, and on its execution will become an attachment to this Amended Plan. (See Tax
Increment Financing Agreement and amendments, attached as Exhibit F.)
3. Zoning Ordinances. All of the property located within the TIRZ is within the
corporate limits of the City of Georgetown and within the boundaries of Williamson County,
Texas. Rivery Park is zoned as a public park. The 31.94 Acre Tract is currently zoned as a
Planned Unit Development or “PUD.” (See Ordinance No. 2007-91, as amended by Ordinance No.
2010-31, and as further amended by Ordinance No. 2013-_____). Any modifications to the City’s
Unified Development Code applicable to the development of the 31.94 Acre Tract are set forth in
the PUD Ordinance. All references in this document to the “PUD Ordinance” shall mean and
refer to the most recent PUD Ordinance pertaining to the 31.94 Acre Tract. (See PUD Ordinance,
attached as Exhibit G.)
4. Parkland Improvement Agreement. The City and Brae Group, Ltd. have entered
into that certain Parkland Improvement Agreement dated to be effective on June 26, 2013 pursuant
to which the City will allow construction of the Pond in Rivery Park, on the condition that the
other amenities and enhancements are also constructed in Rivery Park. (See Parkland Improvement
Agreement, attached as Exhibit H.)
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5. Georgetown Transportation Enhancement Commission (GTEC) Performance
Agreement. GTEC, the City, and Novak Brothers, LLC have negotiated that certain Performance
Agreement dated to be effective on City Council approval pursuant to which GTEC will finance
up to $750,000 for construction of the extension of certain public roadways and intersection
improvements within the boundaries of the TIRZ, as stated in said Agreement. (See GTEC
Performance Agreement, attached as Exhibit I.)
6. Georgetown Economic Development Corporation (GEDCO) Performance
Agreement. GEDCO, the City, Novak Brothers, LLC and Hines Georgetown Hotel LLC have
negotiated that certain Performance Agreement dated to be effective on City Council approval
pursuant to which GEDCO will finance streets and roads, rail spurs, water and sewer utilities,
electric utilities, or gas utilities, drainage, site improvements, and related improvements within and
outside of the TIRZ boundaries, as stated in said Agreement. (See GEDCO Performance
Agreement, attached as Exhibit J.)
7. Joint Use and Access Agreement. The City, Novak Brothers, LLC and Hines
Georgetown Hotel LLC have negotiated that certain Joint Use and Access Agreement dated to be
effective on City Council approval whereby the City has acquired ownership of the Public Parking
Garage and use of the Conference Center. (See Joint Use and Access Agreement, attached as
Exhibit K.)
8. Master Development Agreement. The City, Novak Brothers, LLC and Hines
Georgetown Hotel LLC have negotiated that certain Master Development Agreement dated to be
effective on City Countil approval. (See Master Development Agreement, attached as Exhibit L)
D. Non-Project Costs (§ 311.011(b)(3))
The Non-Project Costs include those development items that will be privately funded and
for which no tax increment reimbursement is expected. The Non-Project Cost items and their
estimated costs are shown on TABLE 2, below:
Improvement Cost
Conference Center $12,500,000.00
Hotel $48,261,069.00
Apartments $26,400,000.00
Brownstone Condominiums $21,600,000.00
Total $108,761,069.00
E. Relocation (§ 311.011(b)(4))
No residential relocation will be required as a part of the creation or development of the
TIRZ.III. FINANCING PLAN
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A. List of Estimated Project Costs3 Including Administrative Expenses (§ 311.011(c)(1)
and (2))
TABLE 3, which is attached hereto and incorporated herein by reference for all purposes
as if set forth in full, lists the estimated costs for the public works/improvements/programs to be
constructed or conducted in the TIRZ for which reimbursement from the tax increment revenue
fund is expected. The estimates shown on TABLE 3 for the Project Costs are in year 2013 dollars
and are subject to change. TIRZ revenues would be used to pay directly for the Project Costs or
will be used to pay debt service on obligations issued for the Project Costs, in accordance with, and
up to the amounts stated in separate contracts pertaining to same.
The design and construction of the public works/improvements in the TIRZ will require
professional services for the design and engineering of public improvements, including but not
limited to inspecting/testing of soils and construction materials and overseeing construction
operations (including, but not limited to, the City’s oversight of the Public Parking Garage
construction.) Professional surveying, architectural services, legal services, planning services,
financial services, and other professional services will also be required for the public
works/improvements in the TIRZ.
The ongoing administration of the TIRZ 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 TIRZ Board to implement this Amended Plan.
Other costs include organizational costs such as the costs of conducting environmental impact
studies or other studies, the cost of publicizing the TIRZ, and the cost of preparing and
implementing the Amended Plan.
B. Kind, Number, Location of Public Works/Public Improvements/Programs to be
Financed by the TIRZ (§ 311.011(c)(2))
Information regarding the kind, number, and location of all public works/public
improvements and public programs to be financed by the tax increment generated in the TIRZ is
included on TABLE 3. In general, these items include the following, along with all allowable
incidental costs related thereto:
· costs for design and construction, and on-going maintenance and costs of the Public
Parking Garage to be located in Zone B1,
· costs related to the City’s oversight of the design, engineering and construction of the
Public Parking Garage to be located in Zone B1;
· certain costs related to the Hotel to be located in Zone B1;
· on-site public infrastructure to be located in all Zones (e.g., paving, water utilities,
wastewater utilities, erosion and sediment control, trench safety, electric utilities, gas
utilities, traffic safety improvements, and landscaping);
· easements (or other ownership interest) for all required public roadways and/or
infrastructure inside and outside of the TIRZ boundaries;
3 The term “Project Costs” means those costs that meet the definition of the term “Project Cost” set forth in Section
311.002 (1)(A-K) of the Act.
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· various improvements and amenities to be added in Rivery Park as detailed in TABLE 1
and TABLE 3;
· off-site traffic improvements benefitting the TIRZ as generally described on TABLE 3 and
more particularly described in the TIA;
· public shuttle bus service to and from the Public Parking Garage (and perhaps other
locations within the TIRZ) during Conference Center events (if necessary) and during all
special events in the City for which public parking is in high demand (e.g., Red Poppy
Festival, Christmas Stroll, fairs, concerts, sporting events, and other special events held in
and/or sponsored by the City);
· Tourist information kiosk;
· Use by the City and Williamson County of the Conference Center for a total of six times
each year, at no cost for the facility rental rate to the City or the County;
· Operation and maintenance costs for all public works/improvements/programs;
· Another public parking garage similar to the one to be located in Zone B1 (if necessary to
meet parking requirements for Zones B2 and B3 or otherwise desirable to meet public
demand); and
· TIRZ operating, marketing, and administrative costs.
The locations of these proposed improvements are shown on Exhibits C and D.
C. Economic Feasibility Study (§ 311.011(c)(3))
A market and economic feasibility study for the TIRZ was previously conducted by The
Perryman Group. (See Ordinance No. 2007-91). Another study dated September 27, 2010 was
conducted by Colliers PKF Consulting USA, which is attached hereto as Exhibit M
D. Estimate of Bonded Indebtedness to be Incurred (§ 311.011(c)(4))
It is anticipated that the City will issue a total of approximately $8,140,000 in taxable
Limited Tax Notes (“LTNs”) to fund the costs associated with the Public Parking Garage and
other Project Costs that are eligible for such financing and consistent with the Master Development
Agreement.
It is also anticipated that GEDCO will contribute an amount not to exceed $4,500,000 in
financing, which is currently anticipated to consist of approximately $2,600,000 in sales tax
revenue bonds and approximately $1,900,000 in cash for the benefit of the TIRZ to fund those
costs eligible for such funding under Chapters 501 and 504 of the Texas Local Government Code,
consistent with the GEDCO Performance Agreement.
The estimated debt service schedule, as prepared by Specialized Public Finance, Inc.,
financial advisors to the City, is attached as Exhibit N.
E. Time of Incurring Monetary Obligations (§ 311.01l(c)(5))
The Hotel, Conference Center, Public Parking Garage, and Rivery Park Improvements are
anticipated to be completed by _______________________, 2015 as required by the various
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agreements pertaining to development of the Property. The repayment term on any taxable LTNs
issued for the Public Parking Garage is estimated at 7 years, but may be refinanced for a longer
term in accordance with the provisions of the statute authorizing the issuance of LTNs. Cash flow
projections, as prepared by the City, are illustrated in Exhibit O.
The projected build-out schedule for the Brownstones, multifamily apartments, and
retail/commercial development, and the anticipated timeframe during which reimbursement
payments from tax increment revenues from the TIRZ could be made based on revenue derived
from the improvements is also shown on Exhibit P.
F. Method of Financing/Sources of Revenue (§ 311.011(c)(6))
The City established a Tax Increment Fund (the "Fund") for the TIRZ in the ordinance
designating the TIRZ. In accordance with Section 311.013 of the Act, the TIRZ Ordinance, and the
TIF Agreement (as amended) between the City and the County, the City will contribute 100% of
the City’s ad valorem tax increment to the Fund, and the County will contribute 80% of the
County’s ad valorem tax increment to the Fund. The tax increments deposited into the Fund will be
used to pay for the approved Project Costs in accordance with the agreements approved by the
TIRZ Board of Directors and/or the City of Georgetown, along with maintaining, operating and
administering the TIRZ.
As stated in Sections II.D & II.E of this Amended Plan, it is anticipated that the City will
issue a total of approximately $8,140,000 in taxable Limited Tax Notes (“LTNs”) for the benefit
of the TIRZ and as consistent with the Master Development Agreement. It is also anticipated that
GEDCO will contribute an amount not to exceed $4,500,000 in financing, which is currently
anticipated to consist of approximately $2,600,000 in sales tax revenue bonds to cover eligible
costs under Chapter 501 and 504 of the Texas Local Government Code, and contribute
approximately $ 1,900,000 in cash for the benefit of the TIRZ and as consistent with the GEDCO
Performance Agreement.
It is also anticipated that GTEC will contribute $750,000 in cash for the benefit of the TIRZ
to fund those costs eligible for such funding under Chapters 501 and 505 of the Texas Local
Government Code, consistent with the GTEC Performance Agreement.
It is also anticipated that Novak Brothers, LLC will contribute private funds in an amount
not to exceed $3,500,000 to cover project costs as that term is defined in the Texas Tax Code
Chapter 311 and this Amended Plan for the benefit of the TIRZ and as consistent with the Master
Development Agreement.
After the foregoing debt and cash funding contributions are reimbursed to the City,
GEDCO, and GTEC out of monies in the Fund, Novak Brothers, LLC will be reimbursed for
eligible costs in an amount not to exceed $3,500,000. If the Fund balance is such that further
expenditures are possible, monies in the Fund may be used to reimburse the applicable entity for
the Offsite Traffic Improvements and Other Project Costs that were not previously funded by the
City, GEDCO, or GTEC, pursuant to written agreements pertaining to same.
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G. Current Appraised Value (§ 311.011(c)(7))
The base value, from which captured appraised value is calculated, is the total assessed
taxable value of all property within the TIRZ on January 1, 2007, as shown on the rolls of the
Williamson County Appraisal District, was as follows:
TABLE 4
APPRAISED VALUE IN BASE YEAR 2007
Property Owner Acreage Taxable Value
Rivery Park Limited
Partnership LLP
31.215 $4,974,292
*Included in above total, but broken out here 8.33* $907,137*
City of Georgetown 34.394 $1,022,427
The current appraised value of the land in the TIRZ is as follows:
TABLE 5
APPRAISED VALUE IN YEAR 2013
Property Owner Acreage Taxable Value
Brae Group, Ltd. 31.319 $8,067,026
Novak Brothers Texas
Brownstones, LLC
0.333 $859,812
James W & Julie Rogers 0.029 $172,174
City of Georgetown 34.394 $991,422
H. Captured Appraised Value (§ 311.011(c)(8))
It is anticipated that taxable property values will increase approximately 1% every year.
An estimate of the captured appraised value in each year of the projected life of the TIRZ is
included in Exhibit P, attached hereto.
I. Duration of the TIRZ (§ 311.011(c)(9))
The TIRZ will expire on December 31, 2041, unless sooner terminated as may be allowed
by law.
IV. Board of Directors of the TIRZ
The TIRZ was created by petition, so the City has created a TIRZ Board of Directors
composed of 9 members, each serving 2-year terms and appointed as follows: 5 members
appointed by the City Council; 2 members appointed by the Commissioners Court of Williamson
County; and 1 State Representative and 1 State Senator (or their designees) within whose districts
the TIRZ is located. As of the date of this Amended Plan, the members of the TIRZ Board of
Directors and the ending dates of their terms are:
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MEMBER NAME APPOINTED BY END OF TERM
George Garver City Council 3/1/2014
Jerry Hammerlun City Council 3/1/2015
Micki Rundell City Council 3/1/2014
Laurie Brewer City Council 3/1/2015
Jeff Novak City Council 3/1/2014
Ronald Swain City Council 3/1/2015
Valerie Covey Williamson County 3/1/2014
Marsha Farney Texas House District 20 3/1/2015
Charles Schwertner Texas Senate District 5 3/1/2014
The Board of Directors of the TIRZ will prepare (i) an Annual TIRZ Budget; (ii) an Annual
Report of TIRZ activities; and (iii) an Annual Financial Statement prepared in accordance with
Generally Accepted Accounting Principles for presentation to the City.
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TABLE OF TABLES AND EXHIBITS
TABLES:
TABLE 3 PROJECT COSTS
EXHIBIT LIST:
Exhibit A Location Map Showing Boundaries of TIRZ (as amended)
Exhibit B Existing Conditions Map
Exhibit C Proposed Future Conditions Map – Rivery Park
Exhibit D Proposed Future Conditions Map – 31.94 Acre Tract (Site Layout)
Exhibit E TIRZ Ordinances
Exhibit F Tax Increment Financing Agreements
Exhibit G PUD Ordinance
Exhibit H Parkland Improvement Agreement
Exhibit I GTEC Performance Agreement
Exhibit J GEDCO Performance Agreement
Exhibit K Joint Use and Access Agreement
Exhibit L Master Development Agreement
Exhibit M Colliers PKF Consulting USA Study
Exhibit N Rivery TIRZ Debt Proforma
Exhibit O Cash Flow Projections and Build out Schedule
Exhibit P Estimated Appraised Values
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EXHIBIT F
Tax Financing Agreements between City and Williamson County
(to be added)
EXHIBIT G
PUD Ordinance
(to be added)
EXHIBIT I
GTEC Performance Agreement
(to be added)
EXHIBIT J
GEDCO Performance Agreement
(to be added)
EXHIBIT K
Joint Use and Access Agreement
(to be added. May be replaced with Parking Lease Agreement)
EXHIBIT L
Master Development Agreement
(to be added)
TABLE 3 SECOND AMENDED PLAN Page 1 of 4
TOTAL ESTIMATED PROJECT COSTS* - NOT TO EXCEED AMOUNT
$25,087,060.29
TOTAL NOT TO EXCEED $5,738,931.00
To include:
Land/Site
Land Acquisition Cost
Title Insurance/Impact Fees
Architectural/Engineering
Construction
Sitework
Parking Garage
Escalation/Design Contingency
Taxes/Insurance/Tap Fees
Real Estate Taxes
Utility Tap Fees/Service Charges
Financing
Legal Fees
Prjoect Administration
Contingency
TOTAL NOT TO EXCEED:$390,358.50
To include:
Silt Fence
15' Wide Vegetated Filter Strip
Park Parking Lot Expansion
Existing Park Road Demolition
Park Road Relocation
Sidewalk at Water Quality Pond
Existing Maintenance Road Relocation
Wet Pond
Wet Pond Water Line and Level Control
42" RCP Storm Sewer From Wet Pond
Wet Pond Discharge Pipe Headwall & Rip Rap
42" RCP Storm Sewer Line H
18" RCP Storn Sewer Line H-1 & Stubout
10' Curb Inlet
Curb & Gutter
Line H Headwall & Rip Rap
Curlex III Erosion Control Blanket
Shade Structure
Park Bench
Park Trash Receptacle
Disc Golf Course Signage
Electric Service to Proposed Wet Pond
Contingency
TOTAL NOT TO EXCEED $7,207,797.38
To include:
Wolf Ranch Parkway and a portion of woodlawn avenue $229,122.00 (less GTEC)
Paving and Drainage Improvments
Water Improvements
Wastewater Improvements
Temp. Erosion & Sediment Control
Trench and Excavation Safety
Site Electrical & Gas, Striping and Signage, Traffic Signal Improvements
Landscaping
Hintz Road and Hershsey Ave $1,476,254.49
Paving and Drainage Improvments
Water Improvements
Wastewater Improvements
Temp. Erosion & Sediment Control
RIVERY PARK IMPROVEMENTS
TABLE 3
ESTIMATES OF PROJECT COSTS (in 2013 dollars)
PUBLIC PARKING GARAGE
OTHER ONSITE PUBLIC INFRASTRUCTURE
TABLE 3 SECOND AMENDED PLAN Page 2 of 4
Trench and Excavation Safety
Site Electrical & Gas, Striping and Signage, Traffic Signal Improvements
Landscaping
Phase 6 (Residential Area) / Highknoll Lane $473,860.00
Paving and Drainage Improvments
Water Improvements
Wastewater Improvements
Temp. Erosion & Sediment Control
Trench and Excavation Safety
Site Electrical & Gas, Striping and Signage, Traffic Signal Improvements
Landscaping
Phases 7 - 12 (Residential Area) $2,848,840.75
Paving and Drainage Improvments
Water Improvements
Wastewater Improvements
Temp. Erosion & Sediment Control
Trench and Excavation Safety
Site Electrical & Gas, Striping and Signage, Traffic Signal Improvements
Landscaping
Contingency (10%)$502,807.72
Land under the Public areas $1,676,912.42
TOTAL NOT TO EXCEED:$2,052,247.00
To include:
Land/Site (fee simple interest)
Land Acquisition Cost
Title Insurance/Impact Fees
Architectural/Engineering
Construction
Sitework
Escalation/Design Contingency
Taxes/Insurance/Tap Fees
Real Estate Taxes
Utility Tap Fees/Service Charges
Financing
Legal Fees
Prjoect Administration
Contingency (10%)
HOTEL AND CONFERENCE CENTER PUBLIC INFRASTRUCTURE
TABLE 3 SECOND AMENDED PLAN Page 3 of 4
Not to exceed:$750,000.00
GTEC ROADWAYS
TABLE 3 SECOND AMENDED PLAN Page 4 of 4
OFF SITE TRAFFIC IMPROVEMENTS
Estimated Costs per TIA:$2,367,726.41
To include:
IH 35 SBFR @ Williams Drive - Left Turn Lane
IH 35 NBFR @ Williams Drive - Left Turn Lane
Rivery Blvd NB @ Wolf Ranch Parkway - Right Turn Lane
Rivery Blvd NB @ Theater Driveway - Right Turn Lane
IH 35 SBFR @ Rivery Blvd - Right Turn Lane
Rivery Blvd NB @ Williams Drive - Right Turn Lane
Rivery Blvd SB @ Driveway South of Wolf Ranch - Restriping
Rivery Blvd @ IH 35 Frontage Road - Shared Thru/Right Turn Lane
Williams Drive and IH 35 NBFR - NB Right Turn Lane
Williams Drive and IH 35 NGFR - EB Right Turn Lane
OTHER COSTS
Estimated over life of TIRZ:$6,580,000.00
Splash Pad $300,000.00
City Operating and Maintenace Cost for Rivery Park Improvements $400,000.00
City Costs for Oversight of Public Improvement Design/Construction $100,000.00
TIRZ Administrative Costs $250,000.00
Shuttle Service $500,000.00
Visitor Center Kisok $30,000.00
Second Public Parking Garage $5,000,000.00
Exhibit A
R466300BRAEGROUP LTD
R466301BRAEGROUP LTDR466302BRAEGROUP LTD
R511414NOVAK BROTHERS TEXASBROWNSTONES LLC
R511415ROGERS, JAMESW & JULIE A
R511416NOVAK BROTHERS TEXASBROWNSTONES LLC
R509086BRAEGROUP LTD
R511857BRAEGROUP LTD
R509085BRAEGROUP LTD
R428017BRAEGROUP LTD
R466296BRAEGROUP LTD
R466297BRAEGROUP LTD
R466298BRAEGROUP LTD
R511413NOVAK BROTHERS TEXASBROWNSTONES LLC
R511417NOVAK BROTHERS TEXASBROWNSTONES LLC
R511418NOVAK BROTHERS TEXASBROWNSTONES LLC
R364053CITY OFGEORGETOWN
R466299BRAEGROUP LTD
RIVERY PH 1 BLK BLT 1 REPLAT (LKB LT 1B REPLAT
COUNTRY CLUB ACRES RESUB
RIVERYPARK
GABRIEL HEIGHTS ADDN (LTS 3A &4A BLK A)
RIVERY PARK (BLKALT1-2&1-3REPLATREPLAT)
COUNTRY CLUB ACRES UNIT 2
RIVERYPARK 2
BROWNSTONEAT THESUMMIT PH 1
REPLAT
COUNTRY CLUBESTATES (BLK 4LTS 4-6 AMD)
RIVERYPH 1
RIVERVIEWMALL
COUNTRYCLUB ESTS
RIVERY PARK2 (BLKB AMD)RIVERYPARK(LT1 BLKA REPLAT)MCCOYSCHOOLSUB
SANGABRIEL VILLAGESEC 2 PH 1
COUNTRYCLUB ACRESUNIT 1
VILLAGEPARK CONDO(AMD)
ROST &ROST SUB(REPLAT)
CRESTVIEWADDN UNIT 1
RIVERY PH 1(BLK B LT1 REPLAT)
W
I
L
L
I
A
M
S
D
R
HINTZ RD
WOLF RANCH PK
W
Y
RIVERY DRIVEWAY S IH 35 NBS IH 35 SBCEDAR DRC O U N T R Y C L U B R D
EXIT 261SBWI
L
LOW
LN
MORRIS DRS IH 35 FWY NBS IH 35 FWY SBHIGHKNOLLLNRIVERYBLVDADAMS ST
Legend
TIRZ Boundary, as amended in 2013
WCAD Parcels
Georgetown Parks This product is for informational purposes and may not have been prepared for or be suitable for legal, engineering, or surveying purposes. It does not represent an on-the-ground survey and represents only the approximate relative location of property boundaries.
0 350175Feet
1 inch = 350 feetE
Imagery Date: December 2012
Location Map Showing Boundaries of Rivery Park TIRZ, as amended
EXHIBIT A SECOND AMENDED PLAN Page 1 of 1
Exhibit B
R466300BRAEGROUP LTD
R466301BRAEGROUP LTDR466302BRAEGROUP LTD
R511414NOVAK BROTHERS TEXASBROWNSTONES LLC
R511415ROGERS, JAMESW & JULIE A
R511416NOVAK BROTHERS TEXASBROWNSTONES LLC
R509086BRAEGROUP LTD
R511857BRAEGROUP LTD
R509085BRAEGROUP LTD
R428017BRAEGROUP LTD
R466296BRAEGROUP LTD
R466297BRAEGROUP LTD
R466298BRAEGROUP LTD
R511413NOVAK BROTHERS TEXASBROWNSTONES LLC
R511417NOVAK BROTHERS TEXASBROWNSTONES LLC
R511418NOVAK BROTHERS TEXASBROWNSTONES LLC
R364053CITY OFGEORGETOWN
R466299BRAEGROUP LTD
RIVERY PH 1 BLK BLT 1 REPLAT (LKB LT 1B REPLAT
COUNTRY CLUB ACRES RESUB
RIVERYPARK
G
A
B
RIE
L
H
EIG
H
T
S
A
D
D
N
(L
T
S
3
A
&
4
A
B
L
K
A
)
RIVERY PARK (BLKALT1-2&1-3REPLATREPLAT)
COUNTRY CLUBACRES UNIT 2
RIVERYPARK 2
BROWNSTONEAT THESUMMIT PH 1
REPLAT
COUNTRY CLUBESTATES (BLK 4LTS 4-6 AMD)
RIVERYPH 1
RIVERVIEWMALL
COUNTRYCLUB ESTS
GABRIELHEIGHTS
RIVERY PARK2 (BLKB AMD)RIVERYPARK(LT1 BLKA REPLAT)
MCCOYSCHOOLSUB
RCDPROPERTIESLLC SUB
SAN GABRIELVILLAGESEC 2 PH 1
COUNTRY CLUBACRES UNIT 1
VILLAGEPARK CONDO(AMD)
ROST &ROST SUB(REPLAT)
CRESTVIEWADDN UNIT 1
RIVERY PH 1(BLK B LT1 REPLAT)S IH 35 SBHINTZ RD
W O L F R A N C H P K W Y
RIVERY DRIVEWAY
W
I
L
L
I
A
M
S
D
R
C OU N T R Y C L U B RDS IH 35 NBENTR 261NBCEDAR DREXIT 261 SBMORRIS DRS IH 35 FWY NBS IH 35 FWY SBHIGHKNOLLL NRIVERY BLVDADAMS ST
Legend
Proposed TIRZ Boundary
WCAD Parcels
Georgetown Parks This product is for informational purposes and may not have been prepared for or be suitable for legal, engineering, or surveying purposes. It does not represent an on-the-ground survey and represents only the approximate relative location of property boundaries.
0 350175Feet
1 inch = 350 feetE
Imagery Date: December 2012
Map of Existing Conditions in Rivery Park TIRZ
EXHIBIT B SECOND AMENDED PLAN Page 1 of 1
Exhibit C
AABBCCsummit at rivery parkbaker | aicklen + associatesscale: 1”=100’northgeorgetown, txcontextPROPOSED WET POND OVERLOOK - PLAN VIEWRIVERY PARKNew Wet Pond: with WetlandPlantings and 2 Aeration FountainsProposed Trail and Overlook with Shade Structure and SeatingProposed Maintenance Access Re-routingPROPOSED FUTURE CONDITIONS - RIVERY PARKEXHIBIT CSECOND AMENDED PLANPage 1 of 2
summit at rivery parkbaker | aicklen + associatesgeorgetown, txPROPOSED WET POND OVERLOOK - VIEW FROM OVERLOOKRIVERY PARKPROPOSED FUTURE CONDITIONS - RIVERY PARKEXHIBIT CSECOND AMENDED PLANPage 2 of 2
Exhibit D
DATE: 11.13.2013 SUMMIT AT RIVERY PARK - EXHIBIT B BAKER-AICKLEN & ASSOCIATES
507 West Liberty Ave.
Round Rock, TX 78664
COMMERCIAL
HOTEL
CONVENTION CENTER
MULTIFAMILY
BROWNSTONESCC
B3B3
B2B2
B1B1
AA
11
33
33
44
ZONE BOUNDARIESZONE BOUNDARIES
AMENITY AREASAMENITY AREAS
A, B1, B2, B3 and CA, B1, B2, B3 and C
1, 3 and 41, 3 and 4
VEHICULAR CIRCULATION | ACCESS
PROPOSED FUTURE CONDITINS MAP - 31.94 ACRE TRACT
EXHIBIT D SECOND AMENDED PLAN Page 1 of 1
Exhibit E
Ordinance 2007-91
Ordinance 2008-63
Ordinance 2010-30
Exhibit F & Exhibit G
To be added as exhibits on final approval
Exhibit H
Parkland Improvement AgreementEXHIBIT H SECOND AMENDED PLANPage 1 of 20
Parkland Improvement AgreementEXHIBIT H SECOND AMENDED PLANPage 2 of 20
Parkland Improvement AgreementEXHIBIT H SECOND AMENDED PLANPage 3 of 20
Parkland Improvement AgreementEXHIBIT H SECOND AMENDED PLANPage 4 of 20
Parkland Improvement AgreementEXHIBIT H SECOND AMENDED PLANPage 5 of 20
Parkland Improvement AgreementEXHIBIT H SECOND AMENDED PLANPage 6 of 20
Parkland Improvement AgreementEXHIBIT H SECOND AMENDED PLANPage 7 of 20
Parkland Improvement AgreementEXHIBIT H SECOND AMENDED PLANPage 8 of 20
Parkland Improvement AgreementEXHIBIT H SECOND AMENDED PLANPage 9 of 20
Parkland Improvement AgreementEXHIBIT H SECOND AMENDED PLANPage 10 of 20
Parkland Improvement AgreementEXHIBIT H SECOND AMENDED PLANPage 11 of 20
Parkland Improvement AgreementEXHIBIT H SECOND AMENDED PLANPage 12 of 20
Parkland Improvement AgreementEXHIBIT H SECOND AMENDED PLANPage 13 of 20
Parkland Improvement AgreementEXHIBIT H SECOND AMENDED PLANPage 14 of 20
Parkland Improvement AgreementEXHIBIT H SECOND AMENDED PLANPage 15 of 20
Parkland Improvement AgreementEXHIBIT H SECOND AMENDED PLANPage 16 of 20
Parkland Improvement AgreementEXHIBIT H SECOND AMENDED PLANPage 17 of 20
Parkland Improvement AgreementEXHIBIT H SECOND AMENDED PLANPage 18 of 20
Parkland Improvement AgreementEXHIBIT H SECOND AMENDED PLANPage 19 of 20
Parkland Improvement AgreementEXHIBIT H SECOND AMENDED PLANPage 20 of 20
Exhibit I
Exhibit J
Exhibit K
Exhibit L
To be added as exhibits on final approval
Exhibit M
Exhibit N
City of Georgetown, Texas
Rivery TIRZ & GEDCO ‐ Debt Service Proforma
Case: Series 2014 LTN Net Proceeds (October 2014)6,140,500$
Series 2015 LTN Net Proceeds (October 2015)2,000,000$
Series 2016 STRB Net Proceeds (May 2016)2,600,000$
Required Cash Contribution (GEDCO)1,759,500$
12 500 000$12,500,000$
Fiscal Proposed Proposed Total Proposed
Year 6,505,000$ Estimated 2,085,000$ Projected 2,945,000$
Ended Taxable Series Capitalized Taxable Series TIRZ Debt Taxable Series
30‐Sep 2014 LTN's (1) Interest 2015 LTN's (2) Service (D/S) 2016 STRB's
2015 198,583 (198,583)$ ‐$ ‐$ ‐$
2016 227,675 ‐ 68,197 295,872 ‐
2017 527,675 ‐ 153,188 680,863 237,747
2018 527,175 ‐ 150,375 677,550 236,100
2019 531,325 ‐ 152,563 683,888 237,500
2020 503,767 ‐ 149,563 653,330 238,600
2021 503,767 ‐ 161,093 664,860 239,400
2022 503,767 ‐ 161,093 664,860 239,900
2023 503,767 ‐ 161,093 664,860 240,100
2024 503 767 ‐161 093 664 860 240 0002024503,767 ‐ 161,093 664,860 240,000
2025 503,767 ‐ 161,093 664,860 239,600
2026 503,767 ‐ 161,093 664,860 238,900
2027 503,767 ‐ 161,093 664,860 237,900
2028 503,767 ‐ 161,093 664,860 236,600
2029 503,767 ‐ 161,093 664,860 240,000
2030 503,767 ‐ 161,093 664,860 237,800
2031 503,767 ‐ 161,093 664,860 240,300
2032 503,767 ‐ 161,093 664,860 237,200
2033 503,767 ‐ 161,093 664,860 238,800
2034 503,767 ‐ 161,093 664,860 239,800
2035 503,767 ‐ 161,093 664,860 235,200
2036 503,767 ‐ 161,093 664,860 240,300
2037 503,767 ‐ 161,093 664,860 239,500
2038 503,767 ‐ 161,093 664,860 238,100
2039 503 767 ‐161 093 664 860 236 1002039503,767 ‐ 161,093 664,860 236,100
2040 503,767 ‐ 161,093 664,860 238,500
2041 ‐ ‐ ‐ ‐ ‐
(1) Assumes $5,570,000 refinanced not later than 2020. Preliminary, subject to market rates at time of refinancing.
(2) Assumes $1,775,000 refinanced not later than 2021. Preliminary, subject to market rates at time of refinancing.
RIVERY TIRZ DEBT PROFORMA
EXHIBIT N SECOND AMENDED PLAN Page 1 of 1
Exhibit O
Rivery ProjectUpdated:11/4/2013Year AV TotalTIRZ Rev City Debt PMT Net Rev TIRZ DSC TIRZBeginning TIRZ Bal Ending TIRZ Bal2015 $79,350,844.98$25,652.38$0.00 $25,652.38‐$158,326.00$183,978.382016 $93,563,741.43$639,298.02($295,872.00)$343,426.022.16$183,978.38$527,404.392017 $99,975,118.78$1,154,741.28($918,610.00)$236,131.281.26$527,404.39$763,535.672018 $104,771,577.12$1,207,459.04($913,650.00)$293,809.041.32$763,535.67$1,057,344.712019 $109,637,285.48$1,247,245.84($921,388.00)$325,857.841.35$1,057,344.71$1,383,202.552020 $114,573,259.39$1,287,689.25($891,930.00)$395,759.251.44$1,383,202.55$1,778,961.802021 $115,980,529.40$1,328,799.58($743,167.00)$585,632.581.79$1,778,961.80$589,594.382022 $117,406,141.31$1,341,367.56($743,667.00)$597,700.561.80$589,594.38$1,187,294.942023 $118,850,346.39$1,354,112.75($743,867.00)$610,245.751.82$1,187,294.94$1,797,540.692024 $120,313,399.50$1,367,037.73($743,767.00)$623,270.731.84$1,797,540.69$661,311.422025 $121,795,559.09$1,380,145.14($743,367.00)$636,778.141.86$661,311.42$1,298,089.562026 $123,297,087.27$1,393,437.66($742,667.00)$650,770.661.88$1,298,089.56$1,948,860.222027 $124,818,249.87$1,406,917.99($741,667.00)$665,250.991.90$1,948,860.22$2,614,111.212028 $126,359,316.49$1,420,588.90($740,367.00)$680,221.901.92$2,614,111.21$3,294,333.112029 $127,920,560.57$1,434,453.18($743,767.00)$690,686.181.93$3,294,333.11$3,985,019.292030 $129,502,259.41$1,448,513.67($741,567.00)$706,946.671.95$3,985,019.29$4,691,965.962031 $131,104,694.24$1,462,773.24($744,067.00)$718,706.241.97$4,691,965.96$5,410,672.202032 $132,728,150.32$1,477,234.83($740,967.00)$736,267.831.99$5,410,672.20$6,146,940.032033 $134,372,916.92$1,491,901.40($742,567.00)$749,334.402.01$6,146,940.03$6,896,274.432034 $136,039,287.45$1,506,775.97($743,567.00)$763,208.972.03$6,896,274.43$7,659,483.402035 $137,727,559.47$1,521,861.59($738,967.00)$782,894.592.06$7,659,483.40$8,442,377.992036 $139,438,034.77$1,537,161.37($744,067.00)$793,094.372.07$8,442,377.99$9,235,472.362037 $141,171,019.46$1,552,678.46($743,267.00)$809,411.462.09$9,235,472.36$10,044,883.822038 $142,926,823.95$1,568,416.06($741,867.00)$826,549.062.11$10,044,883.82$10,871,432.882039 $144,705,763.13$1,584,377.42($739,867.00)$844,510.422.14$10,871,432.88$11,715,943.302040 $146,508,156.32$1,600,565.83($742,267.00)$858,298.832.16$11,715,943.30$12,574,242.132041 $148,334,327.42$1,616,984.65$0.00 $1,616,984.65‐$12,574,242.13$14,191,226.78Subtotal$36,358,190.78($18,790,790.00)$17,567,400.78*$5,570,000 refinanced in 2020*$1,775,000 Oct. 15 LTN bond paid off in 2021Positive Net TIRZ Rev*$1,759,500 GEDCO Cash repaid in 2024DSC below 1.5DSC above 1.5CASH FLOW PROJECTIONS AND BUILD OUT SCHEDULEEXHIBIT OSECOND AMENDED PLANPage 1 of 1
Exhibit P
CostConf Cent$12,500,000.00Hotel/Garage $54,000,000.00Apartments $26,400,000.00Brownstones at 6 years$21,600,000.00Total$114,500,000.00100%80%0.4525 0.4577Growth %‐30%0.75%1.50%1.00%1.00%1.00%0.0010Year Hotel Value Apartments Value BrownStones Value Resturant Value Pre‐TIRZ Val Conf Cent Val Land Val TIRZ Total Taxable TIRZ Val City Tax Rate County Tax Rate (excludes road/bridge rate of 0.04)TIRZ Tax Rev2015 $54,000,000.00$0.00 $4,692,533.00$0.00 $6,066,825.00 $12,500,000.00 $9,250,844.98$79,350,844.980.43950.4577$25,652.382016 $37,800,000.00 $26,400,000.00 $8,362,921.00 $1,500,000.00 $6,066,825.00 $11,250,000.00 $9,343,353.43$93,563,741.430.44050.4577$639,298.022017 $38,367,000.00 $26,598,000.00 $12,088,364.81 $3,215,000.00 $6,066,825.00 $11,362,500.00 $9,436,786.97$99,975,118.780.44150.4577$754,741.282018 $38,942,505.00 $26,797,485.00 $15,869,690.28 $3,247,150.00 $6,066,825.00 $11,476,125.00 $9,531,154.84$104,771,577.120.44250.4577$807,459.042019 $39,526,642.58 $26,998,466.14 $19,707,735.64 $3,279,621.50 $6,066,825.00 $11,590,886.25 $9,626,466.38$109,637,285.480.44350.4577$847,245.842020 $40,119,542.21 $27,200,954.63 $23,603,351.67 $3,312,417.72 $6,066,825.00 $11,706,795.11 $9,722,731.05$114,573,259.390.44450.4577$887,689.252021 $40,721,335.35 $27,404,961.79 $23,957,401.95 $3,345,541.89 $6,066,825.00 $11,823,863.06 $9,819,958.36$115,980,529.400.44550.4577$928,799.582022 $41,332,155.38 $27,610,499.01 $24,316,762.98 $3,378,997.31 $6,066,825.00 $11,942,101.69 $9,918,157.94$117,406,141.310.44650.4577$941,367.562023 $41,952,137.71 $27,817,577.75 $24,681,514.42 $3,412,787.28 $6,066,825.00 $12,061,522.71 $10,017,339.52$118,850,346.390.44750.4577$954,112.752024 $42,581,419.77 $28,026,209.58 $25,051,737.14 $3,446,915.16 $6,066,825.00 $12,182,137.94 $10,117,512.92$120,313,399.500.44850.4577$967,037.732025 $43,220,141.07 $28,236,406.15 $25,427,513.19 $3,481,384.31 $6,066,825.00 $12,303,959.32 $10,218,688.05$121,795,559.090.44950.4577$980,145.142026 $43,868,443.19 $28,448,179.20 $25,808,925.89 $3,516,198.15 $6,066,825.00 $12,426,998.91 $10,320,874.93$123,297,087.270.45050.4577$993,437.662027 $44,526,469.83 $28,661,540.54 $26,196,059.78 $3,551,360.13 $6,066,825.00 $12,551,268.90 $10,424,083.68$124,818,249.870.45150.4577 $1,006,917.992028 $45,194,366.88 $28,876,502.10 $26,589,000.68 $3,586,873.73 $6,066,825.00 $12,676,781.59 $10,528,324.51$126,359,316.490.45250.4577 $1,020,588.902029 $45,872,282.38 $29,093,075.86 $26,987,835.69 $3,622,742.47 $6,066,825.00 $12,803,549.40 $10,633,607.76$127,920,560.570.45350.4577 $1,034,453.182030 $46,560,366.62 $29,311,273.93 $27,392,653.22 $3,658,969.90 $6,066,825.00 $12,931,584.90 $10,739,943.84$129,502,259.410.45450.4577 $1,048,513.672031 $47,258,772.12 $29,531,108.49 $27,803,543.02 $3,695,559.60 $6,066,825.00 $13,060,900.75 $10,847,343.27$131,104,694.240.45550.4577 $1,062,773.242032$47,967,653.70 $29,752,591.80$28,220,596.17$3,732,515.19 $6,066,825.00 $13,191,509.76 $10,955,816.71$132,728,150.320.45650.4577 $1,077,234.832033 $48,687,168.51 $29,975,736.24 $28,643,905.11 $3,769,840.34 $6,066,825.00 $13,323,424.85 $11,065,374.87$134,372,916.920.45750.4577 $1,091,901.402034 $49,417,476.03 $30,200,554.26 $29,073,563.68 $3,807,538.75 $6,066,825.00 $13,456,659.10 $11,176,028.62$136,039,287.450.45850.4577 $1,106,775.972035 $50,158,738.17 $30,427,058.42 $29,509,667.14 $3,845,614.13 $6,066,825.00 $13,591,225.69 $11,287,788.91$137,727,559.470.45950.4577 $1,121,861.592036 $50,911,119.25 $30,655,261.36 $29,952,312.15 $3,884,070.28 $6,066,825.00 $13,727,137.95 $11,400,666.80$139,438,034.770.46050.4577 $1,137,161.372037 $51,674,786.04 $30,885,175.82 $30,401,596.83 $3,922,910.98 $6,066,825.00 $13,864,409.33 $11,514,673.47$141,171,019.460.46150.4577 $1,152,678.462038 $52,449,907.83 $31,116,814.64 $30,857,620.78 $3,962,140.09 $6,066,825.00 $14,003,053.42 $11,629,820.20$142,926,823.950.46250.4577 $1,168,416.062039 $53,236,656.44 $31,350,190.75 $31,320,485.09 $4,001,761.49 $6,066,825.00 $14,143,083.96 $11,746,118.40$144,705,763.130.46350.4577 $1,184,377.422040 $54,035,206.29 $31,585,317.18 $31,790,292.37 $4,041,779.10 $6,066,825.00 $14,284,514.80 $11,863,579.59$146,508,156.320.46450.4577 $1,200,565.832041 $54,845,734.39$31,822,207.05$32,267,146.75$4,082,196.90$6,066,825.00$14,427,359.94$11,982,215.38$148,334,327.420.46550.4577 $1,216,984.65Building allConstruction CostsESTIMATED APPRAISED VALUESEXHIBIT P SECOND AMENDED PLANPage 1 of 1
Exhibit 3