Loading...
HomeMy WebLinkAboutIR 141 INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 22-141 To the Mayor and Members of the City Council October 4, 2022 G Page 1 of 2 , r SUBJECT: FY22 TAX INCREMENT FINANCING (TIF) ANNUAL REPORT VA 1673 This Informal Report provides an update to the Mayor and City Council on the performance of the city's Tax Increment Finance (TIF) Districts for FY22. The Annual Report includes information on each TIF such as year-over-year appraised values and new development. Across a number of important measures, the City of Fort Worth continued an exceptional pace of growth during Fiscal Year 2022. As has been seen throughout the City of Fort Worth, the TIF districts have benefited from robust market conditions that have created new opportunities for high-impact public-private partnerships. By leveraging the value of public improvements, Fort Worth has been able to attract private investment that boosts the value of property, while strengthening neighborhoods and the local economy. This enables the City to deliver services to citizens and businesses with less reliance on debt or tax rate increases. The annual growth of Fort Worth's TIF districts continues its upward trajectory from previous years, with taxable property values increasing by 7.0% in FY 2022. Across all of the city's TIFs, a combined $4.5 billion of new taxable value has brought the per-acre value of Fort Worth TIFs from a base of$101,592 to $457,990 — a 350.8% increase. Overall Base value of TIF $1,305,212,782 Current taxable value of TIF $5,884,069,408 Total increase in taxable value to date $4,578,856,626 Percent increase in taxable value to date 350.8% Taxable value after termination $4,997,086,367 Total projected increase in taxable value $5,339,201,618 Total revenues produced by termination of TIF $1,434,551,643 Percent increase in taxable value by termination 409.1% Tax value of compound annual growth rate to date 10.47% Tax value trailing 5-year compound annual growth rate 10.29% Base value per acre $101,592 Current taxable value of TIF per acre $457,990 Projected taxable value per acre after termination $388,951 Increase in taxable value per acre to date $356,398 Increase in taxable value per acre by termination $415,580 Additional taxes at termination (vs.base value) $96,806,374 ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 22-141 To the Mayor and Members of the City Council October 4, 2022 G Page 2 of 2 , r SUBJECT: FY22 TAX INCREMENT FINANCING (TIF) ANNUAL REPORT VA 1673 Today, nearly half of all new private property value added within a Fort Worth TIF district can be directly tied back to support provided by the TIF in the form of public improvements. As a result, approximately$2.8 billion of Fort Worth's current tax base has been created through these strategic TIF investments — providing a catalyst for city-wide growth, the revitalization of key neighborhoods, and boosting the city's regional competitiveness. We will continue our ongoing monitoring and reporting of the performance of Fort Worth's TIF districts. This report is meant to provide a quick guide to the implementation and success of all the TIF districts within the City. If you have any questions, please call Robert Sturns, Director of Economic Development Department at 817-392-2663. David Cooke City Manager ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS FORT WORTH. ■ is vr> v n IT Tax Increment Financing Annual Report Fiscal Year 2021-2022 Executive Summary • The annual growth of Fort Worth's TIF districts continues its upward trajectory from previous years, with taxable property values increasing by 7.0% in FY 2022, however this trailed the increase in taxable values for the city overall, which increased by 14% • Nearly half of all new private property value added within a Fort Worth TIF district can be directly tied back to support provided by the TIF fund in the form of public improvements. • Approximately $2.8 billion of Fort Worth's current tax base has been created through strategic investments in TIFs. Overall PerformanceCombined) Base value of TIF $1,305,212,782 Current taxable value of TIF $5,884,069,408 Total increase in taxable value to date $4,578,856,626 Percent increase in taxable value to date 350.8% Taxable value after termination $4,997,086,367 Total projected increase in taxable value $5,339,201,618 Total revenues produced by termination of TIF $1,434,551,643 Percent increase in taxable value by termination 409.1% Tax value of compound annual growth rate to date 10.47% Tax value trailing 5-year compound annual growth rate 10.29% Base value per acre $101,592 Current taxable value of TIF per acre $457,990 Projected taxable value per acre after termination $388,951 Increase in taxable value per acre to date $356,398 Increase in taxable value per acre by termination $415,580 Additional taxes at termination(vs.base value) $96,806,374 Fort Worth Ti Fs Fort Worth currently has 11 active TIF districts. Ot]a N) 1 s� Legend o _ EMCity Limits MTIF 9: Trinity River Vision MTIF 2: Texas Motor Speedway MTIF 10: Lone Star MTIF 3: Downtown MTIF 12: East Berry Renaissance IZITIF 4: Southside/Medical District=TIF 13:Woodhaven 1 TIF 6: Riverfront TIF 14:Trinity Lakes TIF 8: Lancaster MTIF 15: Stockyards/Northside M 0 How do TIF districts work? When a TIF is established, the total value of existing real property in the district is identified as its base value. Tax Increment Financing As the district begins to see more investment and new development, the total taxable value of the area begins to rise. The tax increment—the funds that make up the difference between the new taxable Value After c Captured Termination value and the original base value—are then set Q i Appraised of TIF aside to help finance public improvements within the Tax Increment Value district. Baseline Property Value TIF funding supports larger infrastructure projects like the creation of roads or utilities, environmental Creation Time Termination remediation, destruction of existing structures, or Taxes Generated to TIF District historic preservation or rehabilitation. Taxes Generated to Taxing lrirlsdictions M 0 How do TIF districts work? TIFs play a crucial role in supporting taxable property values and encouraging new growth throughout Fort Worth, because they do not increase Tax Increment Financing taxes on residents or businesses within their borders. d TIFs are a way for the City to finance larger Value After c Captured Termination infrastructure projects without having to dip into the Q i Appraised of TIF city budget or spend tax dollars on them. Tax Increment Value 1 Baseline Property Value Creation Time Termination Taxes Generated to TIF District Taxes Generated to Taxing lrrisdictions How are TIFs governed? Each TIF district is governed by a TIF board, usually composed of 5-15 members that are appointed by participating taxing jurisdictions, including the city or county. TIF boards review and approve all policies, projects and investments financed by the TIF fund for that ` k particular district. 97 „EST It also approves the TIF annual budget and provides direction to the TIF administrator, who is responsible for all day-to-day TIF-related activities—a position usually held by a member of the city's Economic - Development Department, or a designated outside organization. TIF 2: Texas Motor Speedway January 1, 1996— December 31, 2035 1 1,490 acres TIF 2 was created as a means to purchase the Texas Motor Speedway and finance needed public improvements within the TIF boundary. It was expanded in 1999 to provide for construction, renovation, and operation of # educational facilities located in the Northwest ISD tract, and to provide for additional infrastructure work such as street improvements, drainage and traffic signs. Texas Motor Speedway (TMS) continues to serve as a major destination for tourism activity and an anchor to 7 north Fort Worth. After a drop in property appraisals in the preceding year, reflecting depressed sales activity at Champions Circle and Tanger Outlets due to the COVID-19 pandemic, property values rebounded during 2021 to mark 8% y annual growth by end of year. �. TIF 2: Texas Motor Speedway January 1, 1996- December 31, 2035 1 1,490 acres FY22 TIF Balance: $3,321,987.78 Entities and Levels of Participation: All projects supported by TIF 2 (Texas Motor • City of Fort Worth —0% Speedway) have been fully funded and all terms • Contributed$0 this FY satisfied. There are no active projects or future • Denton County— 100% commitments at this time. (Capped at$90,000 per year) • Contributed$83,246 this FY • Northwest ISD— 100% (With 2/3 rebate of annual fund contributions) Contributed$617,457 this FY(Net of 2/3 rebate) Overall Performance Base value of TIF $5,084,127 Current taxable value of TIF $136,439,594 Total increase in taxable value to date $131,355,467 Percent increase in taxable value to date 2583.6% Taxable value after termination $169,304,115 • • Total projected increase in taxable value $164,219,988 • • Total revenues produced by termination of TIF $36,065,388 • Percent increase in taxable value by termination 3230.1% Tax value of compound annual growth rate to date 15.96% Tax value trailing 5-year compound annual growth rate 15.79% Base value per acre 15.53% Current taxable value of TIF per acre 1.65% Projected taxable value per acre after termination 1.55% Increase in taxable value per acre to date $3,414 Increase in taxable value per acre by termination $91,632 Additional taxes at termination(vs.base value) $113,703 ■Base Additional Property Value $200 c $180 $160 $140 • • I $120 I I $100 • • $80 $60 '. 'I $40 $20 $0 W oo O N e W m o N e W w o N a W W o N a W m 01 01 O O O O O ri e-1 'i e'1 e1 N N N N N M T M T M N N N N N N N N N N N N N N N N N N N t�L ILL LPL LL LPL LL LL LL LL LL LL LL lei t�i LyL 1�L Ili LPL 1�i l�L l�L Lei TIF 3: Downtown January 1, 1996— December 31, 2025 1 407 acres TIF 3 was created to promote the redevelopment of Downtown Fort Worth,and is administered in partnership with Downtown Fort Worth,Inc. The effects of the COVID-19 pandemic continued to have a significant impact on 9 activity in the Downtown TIF.Despite re-openings and stabilization in the broader : economy,the return of office workers to downtown properties has been slow—an yFtio issue seen in major markets across the country.Appraisal values continued to slide �Rs�ry for the district,with assessments falling by approximately-4.63%during 2021. o 0E SNP p` q! J�qg� Major developments oao N s s • Supported by the Downtown TIF,the 220-room, $56 million Harper Kimpton Hotel began operation in 2021. s • Continued design and financing progress have been made for planned ]TX �O improvements to Heritage Park. 10T I 't • As the Downtown TIF approaches the end of its term in FY 2024,efforts have TEXAS o begun to manage the transition of funding and incentive support g g g pport mechanisms st for the Downtown area. � NCAS ER TIF 3: Downtown January 1, 1996- December 31, 2025 1 407 acres FY22 TIF Balance: $14,423,853.65 Entities and Levels of Participation: A total of$2,971,553 of this balance has been • City of Fort Worth —60% (Capped) committed to the following projects: • Contributed$3,336,145 this FY • $204,825 for TIF Administration • $892,593 for 777 Main Garage Lease Tarrant County Hospital District—40% (Capped*) • $414,084 for City Center Garage Lease Contributed$678,360this FY • $233,624 for Chase Bank Garage Lease • Tarrant County College District—20% (Capped*) • $140,472 for The Tower Garage Lease Contributed$193,070this FY • $6,000 for TIF Planning • $15,000 for Free Parking Marketing • Tarrant Regional Water District—40% (Capped*) • $64,955 for Parking Garage Insurance • Contributed$85,136 this FY • $1,000,000 for Heritage Park ° • Tarrant County—40%(Capped*) Current remaining funds: $11,452,300.65 Contributed$707,290this FY Note:Due to a$100 million cap on lifetime TIF expenses, TIF 3 has a *All TIF 3 contributions are capped at a combined annual projected maximum of approximately$3.5 million remaining for support of pp projects beyond those already listed/anticipated. amount of$5 million. Overall Performance Base value of TIF $322,440,637 Current taxable value of TIF $1,404,863,940 Total increase in taxable value to date $1,082,423,303 Percent increase in taxable value to date 335.7% Taxable value after termination $1,417,818,238 . • • Total projected increase in taxable value $1,095,377,601 Total revenues produced by termination of TIF $109,335,087 Percent increase in taxable value by termination 339.7% l Tax value of compound annual growth rate to date 6.46% Tax value trailing 5-year compound annual growth rate 5.77% Base value per acre 1.14% Current taxable value of TIF per acre $792,237 Projected taxable value per acre after termination $3,451,754 Increase in taxable value per acre to date $3,483,583 Increase in taxable value per acre by termination $2,659,517 Additional taxes at termination(vs.base value) $2,691,345 ®Base Additional Property Value $1,600 c $1,400 f $1,200 } • • i $1,000 1 $800 i •. $600 SI`` $400 f $200 $0 P Fy1 Fi1 F , �p4 iti�O iryo�ti JryoOA+vo��i��`b 1ti�y0 I�OtiL`1 F iv1 1 � �i1 -(1 F F � F F F 4 F� F F TIF 4: Southside January 1, 1996— December 31, 2022 1 1,278 acres TIF 4 was created to promote the revitalization of Fort Worth's Near Southside neighborhood and medical district,and to advance the °ZmJ IH 30 W81H 35W SB transformation of this formerly blighted area into an economically ANCASTER productive,vibrant, mixed-use district. Near Southside Inc.administers �� Ne TIF 4,working in close partnership with the city's Economic Development Department. _ ° In FY2022,the Near Southside's momentum of highly visible progress �ESt throughout the district continued. Project types across the full spectrum w found a home within the Near Southside's unique mix of residential, institutional,and urban village development.Among those recently completed projects,TIF 4 supported a strategic mix of catalyst initiatives to attract exceptional private investments while also improving public E infrastructure in support of new development. i Y - C Q i o TIF 4: Southside January 1, 1996— December 31, 2022 1 1,278 acres Major developments xa �o� oy In South Main Village and Vickery Village,TIF 4 continued to support strategic v cnsrers f oy ms eso weiN aSw se and transformative historic restoration projects.Just this year,the historic Katy e Depot at Vickery and Jones was converted into a biotech hub and major milestone for the Near Southside's Medical Innovation District;the SoMa multi- oPy building restoration along South Main at Daggett introduced a vibrant retail o destination to South Main;the PROOF redevelopment at Vickery and College ESt created an immediately popular destination,and notable tenants such as " Bowlounge and a cluster of creative firms relocated to the Near Southside. Small-scale infill development remains a top goal for TIF 4,in support of the entrepreneurial efforts of local developers and small businesses that deliver new mixed-use buildings to challenging infill sites.Notable among TIF-supported projects completed in 2022 is the mixed-use building at Daggett and Galveston, e home to neighborhood destinations The Holly and Kendall Davis Clay on the ground floor,and a residential unit above. f l- • The Near Southside's TIF-supported street repair program has finished its first 3 four rounds in 2022,completing the reconstruction of dozens of street segments, as well as the replacement of old water and sewer lines underneath.The program is now entering its fifth round,and has become a critically important component in the district's revitalization.These new roadways will complement o and facilitate hundreds of millions of dollars in new private investment along the improved streets. TIF 4: Southside January 1, 1996— December 31, 2022 1 1,278 acres FY22 TIF Balance: $22,184,452.82 Entities and Levels of Participation: A total of$18,053,020 of this balance has been . City of Fort Worth—90% committed to the following projects: - Contributed$6,968,697.64 this FY $2,978,886 for Street Repair Program $650,000 for Fire Station Park • Tarrant County Hospital District—50% (Fulfilled) • $177,750 for Wayfinding $100,000 for TEX Rail TOD Plan Contributed$0 this FY • $100,000 for Gateway Concepts:Rosedale and South Main • Tarrant County College District—50% (Fulfilled) $30,000 for 2022 Magnolia Green $18,496 for 2022 Streetscape Program Contributed$0 this FY • $9,290 for Magnolia Streetscape $1,559 for Watts Park • Tarrant Regional Water District—100% (Fulfilled) $137,000 for 2022 Administration • Contributed$0 this FY $7,000,000 for Evans&Rosedale(garage and public spaces) $3,300,000 for Trademark Vickery • Tarrant County—50% (Fulfilled) $1,840,000 for 701 Magnolia&Hemphill $890,000 for Nobleman Hotel Contributed$0 this FY $480,000 for NRP/JPS Magnolia Lofts $183,039 for 1016 Travis Ave.Mixed-Use • Fort Worth ISD— 100% (Fulfilled) $157,000 for 311 Daggett - Contributed$0 this FY Current remaining funds:$4,131,432.82 Base value of TIF $229,759,626 Current taxable value of TIF $1,521,393,767 Total increase in taxable value to date $1,291,634,141 Percent increase in taxable value to date 562.2°% Taxable value after termination $1,286,824,115 • • Total projected increase in taxable value $1,057,064,489 Total revenues produced by termination of TIF $112,661,842 Percent increase in taxable value by termination 460.1% Tax value of compound annual growth rate to date 7.93% Tax value trailing 5-year compound annual growth rate 19.07% Base value per acre $179,781 Current taxable value of TIF per acre $1,190,449 Projected taxable value per acre after termination $1,006,905 Increase in taxable value per acre to date $1,010,168 Increase in taxable value per acre by termination $827,124 Additional taxes at termination(vs.base value) $26,756,289 Base Additional Property Value y $1,600 c $1,400 g $1,200 $1,000 $800 $600 $400 $200 T 01 S Q © 0 0 0 0 Q 0 0 O .". � e1. ePl eN+ N N •i e�i 9 N N N N N LL LL � u � � u W 4 LL LL LL ��[. � LL LL LL u LL LL u t}i u u LL l}i LL u M TIF 6: Riverfront November 12, 2002— November 20, 2036 1 64 acres TIF 6 was created to promote the development of north downtown, primarily near the former RadioShack campus /the new Fort Worth City Hall. All property within the Riverfront TIF is currently occupied by Tarrant County College and other exempt uses. Despite the high level of activity that this brings to the district and to the northern portion of Downtown Fort Worth, the tax-exempt status of property has the \�J effect of nullifying tax increment and any revenue thatEP a might otherwise go to the TIF. All TIF supported projects have been fully funded and no projects are presently anticipated for the TIF F°RSjPp0. ,� district. TIF 6: Riverfront November 12, 2002— November 20, 2036 1 64 acres TIF Balance: $194,069.58 Entities and Levels of Participation: All projects supported by TIF 6 (Radio Shack Campus) • City of Fort Worth—0% have been fully funded and all terms satisfied. There . Contributed$0 this FY are no active projects or future commitments at this • Tarrant County Hospital District—100% time. . Contributed$0 this FY • Tarrant County College District—80% Contributed$0 this FY . Tarrant Regional Water District—100% . Contributed$0 this FY • Tarrant County— 100% Contributed$0 this FY Overall Base value of TIF $2,822,348 Current taxable value of TIF $- Total increase in taxable value to date ■ $(2,822,348) Percent increase in taxable value to date -100.0% Taxable value after termination $- • Total projected increase in taxable value $(2,822,348) • Total revenues produced by termination of TIF $5,096,624 Percent increase in taxable value by termination -100.0% Tax value of compound annual growth rate to date -100.0% Tax value trailing 5-year compound annual growth rate -100.0% Base value per acre $44,377 Current taxable value of TIF per acre $- Projected taxable value per acre after termination $- Increase in taxable value per acre to date $(44,377) Increase in taxable value per acre by termination $(44,377) Additional taxes at termination(vs.base value) $- ©Base Additional Property Value y $160 0 °_ $140 $120 • • $100 $80 $60 $40 $20 i $0 �03 1\ C5 r�ytiryoti3oy5otiA C, ti�ryoy3o'42+�oti�rryotio3o3A aryo�e 1l TIF 8: Lancaster Corridor December 9, 2003— December 31, 2024 1 220 acres TIF 8 was created to promote development along the Lancaster corridor after an elevated portion of the I-30/I-35 interchange was realigned and demolished, re- establishing Lancaster Avenue as one of the primary gateways to Downtown Fort Worth and the Near Southside medical district. 9S" V02 TIF 8 continues to see the effects of the COVID-19 pandemic, particularly in hospitality and restaurant-related properties near the Fort Worth Convention o Center. Property valuations declined during the 2021 tax year,sliding 5.81%year- 10TH over-year, but it was a less severe drop than experienced during the previous year. E� Major developments u a • The City of Fort Worth closed on the purchase of the former Pier 1 i ^ headquarters building in the northwestern portion of downtown which will serve as the new City Hall.The transition of City Hall and most City departments from the current campus will have various impacts on the Lancaster TIF district as ova certain City-owned properties are put on the market. 5 • Despite the pandemic,construction progress continued on several TIF- supported projects including Burnett Lofts and the Sandman Signature Hotel, while design and other pre-development work took place for Southern Land's Deco 969 and the TIF-funded T&P Passage project. 7TIF 8: Lancaster Corridor December 9, 2003— December 31, 2024 1 220 acres FY22 TIF Balance: $23,381,488.12 Entities and Levels of Participation: A total of$23,596,031 has been committed to the • City of Fort Worth-50% following projects: • Contributed$1,850,058 this FY • $396,031 for TIF administration • Tarrant County Hospital District—0% • $1,050,000 for Burnett Lofts Contributed$0 this FY • $700,000 for Lancaster Avenue Median Landscaping • Tarrant County College District—40% • $8,000,000 for Waggoner Hotel (Capped at$7 million, not projected to reach in remaining term of TIF) • $3,200,000 for Lancaster-Lamar Mixed-Use development • Contributed$267,509 this FY • $2,750,000 for Deco 969 • $7,500,000 for Le Meridien Tarrant Regional Water District—40% Contributed$58,981 this FY • Tarrant County—40% (Capped at$7 million, not projected to reach in remaining term of TIF) • Contributed$191,677 this FY Overall Base value of TIF $178,938,722 Current taxable value of TIF $684,074,134 Total increase in taxable value to date $505,135,412 Percent increase in taxable value to date 282.3% Taxable value after termination $889,622,284 Total projected increase in taxable value $710,683,562 Total revenues produced by termination of TIF $49,002,438 Percent increase in taxable value by termination 397.2°% " Tax value of compound annual growth rate to date 7.73% Tax value trailing 5-year compound annual growth rate 9.04% Base value per acre $813,358 Current taxable value of TIF per acre $3,109,428 Projected taxable value per acre after termination $4,043,738 Increase in taxable value per acre to date $2,296,070 Increase in taxable value per acre by termination $3,230,380 Additional taxes at termination(vs.base value) $18,688,210 ■Base Additional Property Value N $1,200 c o $1,000 T • ' ' $800 • • • i $600 $400 $200 $0 0' o 0P, a � y0ti� tio yti y a 0 � y0 y0�0 Jy0 QJT J QkT J QJy QJ <y Q3 ti TIF 9: Trinity River Vision December 16, 2003— December 31, 2054 1 3,980 acres TIF 9 was created to promote redevelopment along the Trinity River while creating mixed- use development and utilizing Gateway Park as hydraulic valley storage to provide the necessary flood protection associated with the bypass flood control. (F i 28TH Three TIF-funded bridges were completed over what will become the Trinity River Vision- defining bypass channel.Completion of the bridges represents a major milestone for the district. Major developments Encore completed development of a 300-unit multifamily apartment project near North Sea RpO sT Main Street and the Trinity River.The project represents the first major new aTH development in what will become Panther Island,and is the first to feature an interior RID- canal. 'p0 _ S � • 2021 saw the listing of several developable properties within the TIF district,most m x notably the approximately 26-acre site along North Main Street by Lancarte Commercial.The listing of these properties sets the stage for future development possibilities in the area. • During 2022,the TIF partners voted to extend its lifespan from 2044 to 2054 to allow the TIF to support bonds issued by TRWD to cover costs associated with Trinity River Vision and Panther Island. TIF 9: Trinity River Vision December 16, 2003— December 31, 2054 1 3,980 acres FY22 TIF Balance: $0 Entities and Levels of Participation: A total of 100% of this balance has been committed to • City of Fort Worth—80% the Central City Flood Control Project. Entirety of the • Contributed$3,761,209 this FY fund balance is contributed to TRWD on an annual • Tarrant County Hospital District—80% basis. • Contributed$1,277,519 this FY • Tarrant County College District—80% • Contributed$740,961 this FY • Tarrant Regional Water District—80% • Contributed$163,369 this FY • Tarrant County—80% • Contributed$1,303,549 this FY Overall Base value of TIF $130,744,298 Current taxable value of TIF $832,977,223 Total increase in taxable value to date $702,232,925 Percent increase in taxable value to date 537.1% Taxable value after termination $2,760,800,635 Total projected increase in taxable value $2,630,056,337 • Total revenues produced by termination of TIF $438,560,909 Percent increase in taxable value by termination 2011.6°% Tax value of compound annual growth rate to date 11.46% Tax value trailing 5-year compound annual growth rate 12.16% Base value per acre $32,850 Current taxable value of TIF per acre $209,291 Projected taxable value per acre after termination $693,669 Increase in taxable value per acre to date $176,440 Increase in taxable value per acre by termination $660,818 Additional taxes at termination(vs.base value) $71,236,694 Base Additional Property Value a $1,800 c 0 $1,600 $1,400 $1,200 — $1,000 $800 $600 $400 $200 $0 0 0 0 0 0 0 0 0 N 0 0 N ti ti N O O N O O N N N O 0 O N O O N O N O N O 0 0 0 0 0 0 0 LL LL u � LL � LL � � LL LL LL LL LL � LL � LL LL � LL LL LL LL u LL LL i s TIF 10: Lone Star June 15, 2004— December 31, 2025 1 981 acres TIF 10 was created to finance the development of public space and infrastructure on and near the site of Cabela's,a 200,000 square foot hunting and outdoor retail facility in north Q Fort Worth. TIF 10 demonstrated a drop in taxable value due to Cabela's continued decline in sales. Although the result was a lower assessment,nearby developments at Alliance Airport IrWESTTFORT KELLER HASLET continue to draw in new businesses that add to Fort Worth's economy and position as an P+ ideal location for aerospace,manufacturing,and transportation innovation. re�"` Major developments TIF 10 revenues were dedicated to paying for the initial public improvements and h exhibition space that supported the Cabela's development. 4 Currently,no further development projects can be supported by TIF funds,as all m amounts collected are needed to pay down the cost of the infrastructure in place. Cabela's purchased the bond that provided the up-front funding for the project.The TIF district pays the holder of that bond as tax increment is collected into the TIF.However, TIF 10 experienced a year-over-year revenue decrease of 4.77%in FY 2021 as a result of the local economy during the pandemic. TIF 10: Lone Star June 15, 2004— December 31, 2025 1 981 acres FY22 TIF Balance: $1,079,191.52 Entities and Levels of Participation: A total of$4,501,593 has been committed to the • City of Fort Worth—90% following projects: - Contributed$805,840 this FY • The Lone Star Local Government Corporation in • Tarrant County Hospital District—50% support of Cabela's project • Contributed$129,852 this FY • Tarrant County College District—50% • Contributed$78,741 this FY • Tarrant Regional Water District—60% • Contributed$8,264 this FY • Tarrant County—50% Contributed$135,390 this FY Overall Base value of TIF $16,073,937 Current taxable value of TIF $126,086,244 Total increase in taxable value to date $110,012,307 Percent increase in taxable value to date 684.4% Taxable value after termination $138,493,420 ' • Total projected increase in taxable value $122,419,483 0 _ _ / Total revenues produced by termination of TIF $15,168,464 Percent increase in taxable value by termination 761.6% Tax value of compound annual growth rate to date 14.25% Tax value trailing 5-year compound annual growth rate 5.95% Base value per acre $16,385 Current taxable value of TIF per acre $128,528 Projected taxable value per acre after termination $141,176 Increase in taxable value per acre to date $112,143 Increase in taxable value per acre by termination $124,791 Additional taxes at termination(vs.base value) $3,258,456 Base Additional Property Value N $160 c $140 $120 — I $100 i $60 I $40 $20 - $0 iA �D 1� 00 Ol O r1 N M C Ill 1p t� 00 Ql O -I N M � Vl 1p N W N N N N N N N O O O O O O O O O O O O O O O O O O O O O O O O > T T Y } } } T > } } } } j } j j } j j N LL LL LL LL LL LL - LL LL - LL LL LL LL LL LL LL LL LL LL LL LL LL LL TIF 12: East Berry Renaissance June 18, 2006— December 31, 2027 1 604 acres TIF 12 was created to help fund public infrastructure improvements along the East Berry Street corridor and promote redevelopment and growth throughout the area. f Major developments supported by TIF in FY2022 BEAR" A • The TIF is currently supporting the E. Berry master corridor transformation - plan from 1-35 to Lake Arlington.The plan will look at transportation, public f � infrastructure improvements,development opportunities,smart city infrastructure and more, and is supported by$2.5 million in bond funds from the City's 2022 bond package. ' ^ • Mason Heights multi-use development is entering the final phase of its 7 development,with plans to bring additional mixed income housing 3 / opportunities,enhancements to Happy Park, neighborhood commercial and office space,and Colombia Renaissance's final multi-family building. • Center for Transforming Lives announced it will consolidate and build its new headquarters on the northeast corner of Berry&Riverside. ; TIF 12: East Berry Renaissance June 18, 2006— December 31, 2027 1 604 acres FY22 TIF Balance: $376,609.70 Entities and Levels of Participation: A total of$6,356,682 has been committed to the • City of Fort Worth— 100% following projects, prioritizing those in Renaissance . Contributed$842,593 this FY Heights: • Tarrant County Hospital District—80% • $1,956,682 to Renaissance Heights—Mason Heights (Capped at$4,472,590) Mixed-Use • Contributed$210,402 this FY • $500,000 to E. Berry Corridor Design & Planning • Tarrant County College District—50% • Contributed$77,165 this FY Study • Tarrant Regional Water District—100% • $3,900,000 to Renaissance Heights—Mason Heights . Contributed$34,025 this FY South Mixed-Use • Tarrant County— 100% (Capped at$7,100,000) Contributed$252,035 this FY Overall Base value of TIF $29,176,323 Current taxable value of TIF $144,206,061 Total increase in taxable value to date $115,029,738 Percent increase in taxable value to date 394.3% Taxable value after termination $161,193,760 Total projected increase in taxable value $132,017,437 Total revenues produced by termination of TIF $17,956,216 1 1. 1 - . - I Percent increase in taxable value by termination 452.5°% Tax value of compound annual growth rate to date 11.24% Tax value trailing 5-year compound annual growth rate 10.93% Base value per acre $48,305 Current taxable value of TIF per acre $238,752 Projected taxable value per acre after termination $266,877 Increase in taxable value per acre to date $190,447 Increase in taxable value per acre by termination $218,572 Additional taxes at termination(vs.base value) $3,593,933 ■i:;t�E. 1 ■Base ■Additional Property Value N $180 `o $160 $140 . $120 $100 $80 - 1 $60 $40 $20 $0 N m m o ry m v in �o n oo m o ry m y �n �o n oo m o O O O 0 0 0 0 0 0 N N N N N N N N N N m O O O O O O O O O O O O O O O O O O N N N N N N N N N N N N N N N N N N N N N N N N - - - - - - - - - - LL LL LL LL LL LL LL LL LL LL LL LL ry { TIF 13: Woodhaven November 27, 2007- December 31, 2028 1 1,100 acres TIF 13 was created to help fund public infrastructure improvements that will provide a "foundation for development" to encourage and support the long-term <ep_RANDO L public needs of the neighborhood and secure mixed-use economic growth opportunities in the Woodhaven area. Despite the effects of the COVID-19 pandemic, appraised values increased 3.71% year-over-year. P Mayor developments m • The City of Fort Worth completed sidewalk repairs at Woodhaven "�'•° I o Boulevard and Bridge Street, as well as Bridge Street and Bocas 3i tf Baton Boulevard. eRID. 6 - • Eastside Blossoms continued the second phase of planting trees throughout the district as part of the Texas Blossoms project. TIF 13: Woodhaven November 27, 2007- December 31, 2028 1 1,100 acres FY22 TIF Balance: $9,436,027.60 Entities and Levels of Participation: A total of$4,307,220 of this balance has been • City of Fort Worth- 100% committed to the following projects: - Contributed$1,910,821 this FY • $91,470 to Administration • Tarrant Regional Water District—100% Contributed$75,029 this FY • $15,750 to Texas Blossoms Project • Tarrant County—80% (Capped) • $4,200,000 to Randol Mill Road Side Path Project • Contributed$475,184 this FY • Tarrant County Hospital District—80% (Capped) Current remaining funds: $5,128,807.60 - Contributed$495,598 this FY • Tarrant County College District—50% Contributed$170,136 this FY Overall Base value of TI F $181,859,151 Current taxable value of TIF $442,722,057 Total increase in taxable value to date $260,862,906 Percent increase in taxable value to date 143.4% Taxable value after termination $553,028,842 Total projected increase in taxable value $371,169,691 - .- ► - - .- ► Total revenues produced by termination of TIF $32,186,418 Percent increase in taxable value by termination 204.1% Tax value of compound annual growth rate to date 6.56% Tax value trailing 5-year compound annual growth rate $10.93 Base value per acre $165,327 Current taxable value of TIF per acre $402,475 Projected taxable value per acre after termination $502,753 Increase in taxable value per acre to date $237,148 Increase in taxable value per acre by termination $337,427 Additional taxes at termination(vs.base value) $8,257,013 ■Base 9P Additional Property Value $600 c c $500 _~ $400 $300 . .• �� �• .• $200 $100 $0 a0 m O ? vl ID n w o+ O .ti ry m O vl ID n c0 m O O O .-I N N N N N N N N N N m m O O O O O O O O O O O O O O O O O O O O O O O O N N N N N N N N N N N N N N N N N N N N N N yN N � LL LL LL LL LL LL LL LL � LL LL LL LL LL � LL LL � LL LL LL Y t}i TIF 14: Trinity Lakes November 12, 2012— December 31, 2032 1 1,800 acres TIF 14 was created to help finance public infrastructure improvements in the area east of Loop 820 surrounding Trinity Boulevard, including improvements to arterials (Trinity Boulevard and Precinct Line Road), the Trinity Trails system, and other eligible projects that help encourage redevelopment € R­r in the Trinity Lakes area as a Transit-Oriented Development. ' The Trinity Lakes TIF experienced its third consecutive year of •.,_, double-digit growth in appraisals in 2021, posting a growth rate of 13.6% year-over-year. Growth in appraisals is being driven in the district by continued development and upward pricing in single-family homes in the area. RANooLMIL m 0 m4 0 0 o a TIF 14: Trinity Lakes November 12, 2012— December 31, 2032 1 1,800 acres Major developments • The Board of TIF 14 authorized up to$6.2 million in reimbursements for the construction of new roadway serving the planned Trinity Lakes THE station and the extension of a major water line by the Newell Company. € R,N,r • Up to$18.5 million was authorized for reimbursement by the Board of TIF 14 relating to the construction of improvements to Trinity Boulevard.The project will be led by the City of Fort Worth and supported by bond financing,with annual debt service paid by the - Trinity Lakes TIF district.The agreement represents a major step - forward in the development of new commercial and mixed-use property planned for the area. RANooLM,L m 0 m4 0 0 o a TIF 14: Trinity Lakes November 12, 2012- December 31, 2032 1,800 acres FY22 TIF Balance: $5,945,374.84 Entities and Levels of Participation: A total of$21,490,035 has been committed to the • City of Fort Worth —85% following projects: • Contributed$1,244,424 this FY • Trinity Boulevard (Debt service reimbursement) • Tarrant County Hospital District—0% • Contributed$0 this FY • Tarrant County College District—0% • Contributed$0 this FY • Tarrant Regional Water District—85% • Contributed$37,689 this FY • Tarrant County—50% Contributed$267,410 this FY Overall Performance Base value of TIF $35,035,971 Current taxable value of TIF $234,903,286 Total increase in taxable value to date $199,867,315 Percent increase in taxable value to date 570.5% I Taxable value after termination $759,453,583 Total projected increase in taxable value $724,417,612 Total revenues produced by termination of TIF $58,008,075 Percent increase in taxable value by termination 2067.6% Tax value of compound annual growth rate to date 23.54% Tax value trailing 5-year compound annual growth rate 12.86% Base value per acre $19,464 Current taxable value of TIF per acre $130,502 Projected taxable value per acre after termination $421,919 Increase in taxable value per acre to date $111,037 Increase in taxable value per acre by termination $402,454 Additional taxes at termination(vs.base value) $19,783,168 Base Additional Property Value m $900 c c $800 $700 I $600 $S00 $400 $300 $200 $100 $0 m y u n n W m o .+ ry m t M 0 r, W m o 'H N 0 ci rl 'H r-I el e-1 -I N N N N N N N N N N M M M M M M M O O O O O O O O O O O O O O O O O O O O O O O O TIF 15: Stockyards / Northside LONG December 2, 2014— December 31, 2034 1 925 acres TIF 15 was created recognizing the historical and economic importance of the Fort Worth Stockyards and surrounding neighborhoods—the growth and vitality of which is impeded by inadequate infrastructure and pockets of persistent blight. The Stockyards / Northside TIF has been created to support the preservation and enhancement of the greater EXCHANGE Stockyards area through strategic investment in public improvements. 3 Despite lingering impacts from the COVID-19 pandemic, the completion of TIF-supported development along Mule Alley spurred strong activity within the district, supporting district- wide growth in appraisals of 7.1% year-over-year during 2021. O TIF B-q tlry Llmle TIF 15: Stockyards / Northside LONG December 2, 2014— December 31, 2034 1 925 acres Major developments • 2021 saw the opening of the Hotel Drover, a 200-room Autograph Collection hotel anchoring the revitalized Mule Alley portion of the Stockyards. _.i 28TH • In 2021,after several years of planning and more than a year of construction, the redevelopment of the historic New Isis Theatre stalled due to pandemic- related construction cost increases and other factors threatened the possibility I that completion of the project might not be possible without financial assistance. a EXCHANGE To support completion of the historic preservation project and enable opening of f the theater,the Board of TIF 15 authorized a conditional loan of TIF funds to the 3 project.With the support from the TIF,the project was completed,the theater - opened, and its operation continues today. • The Board of TIF 15 authorized a development agreement with Fort Worth Heritage Development for a$52.5 million investment in the construction of three \\\ new western sports arenas and two parking garages featuring a combined 1,300 parking stalls.At completion,the garages and arenas will be owned by the City of Fort Worth,with the TIF district reimbursing up to$25 million in Psis°� eligible costs.Additionally,the agreement includes up to$1 million for the +° rehabilitation of the historic Armour-Swift stairs and wall near the terminus of 0 TIF B- East Exchange Street. oryHmb TIF 15: Stockyards / Northside December 2, 2014— December 31, 2034 1 925 acres FY22 TIF Balance: $1,075,654.53 Entities and Levels of Participation: A total of$30,019,549 has been committed to the • City of Fort Worth—50% following projects: - Contributed$$670,697 this FY • $5,019,549 for Mule Alley and E. Exchange Ave. • Tarrant County Hospital District—0% streetscaping • Contributed$0 this FY • $25,000,000 for arenas and parking garages • Tarrant County College District—50% • Contributed$125,313 this FY . Tarrant Regional Water District—50% - Contributed$17,872 this FY • Tarrant County—50% Contributed$215,564 this FY Overall Base value of TIF $173,277,642 Current taxable value of TIF $356,403,102 Total increase in taxable value to date $183,125,460 Percent increase in taxable value to date 105.7% • • Taxable value after termination $688,914,560 • • Total projected increase in taxable value $515,636,918 Total revenues produced by termination of TIF $37,124,272 Percent increase in taxable value by termination 297.6°% Tax value of compound annual growth rate to date 10.85% Tax value trailing 5-year compound annual growth rate 13.78% Base value per acre $187,327 Current taxable value of TIF per acre $385,301 Projected taxable value per acre after termination $744,772 Increase in taxable value per acre to date $197,973 Increase in taxable value per acre by termination $557,445 Additional taxes at termination(vs.base value) $2,881,347 ■Base Additional Property Value N $800 c $700 • • $600 • • $500 $400 $300 $200 $100 $0 lA lD 1� W 01 O .-I N M Q lit l0 n W O1 O r-I N M Q Vl lD r` W N 0 N 0 0 N 0 N N 0 N N N N N N N N N N a a M M M M M M M N N N N N N N N N N N N N N N N N N N a a a a a a a a a a a a a a a a a a a a a a a a LL LL LL LL LL LL LL LL LL LL LL LL LL LL LL LL LL LL LL LL LL LL LL LL