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Home My WebLink AboutOrdinance 13889wK,. . `r a ; >. < ORDINANCE NO. AN ORDINANCE ENLARGING THE BOUNDARIES OF TAX INCREMENT REINVESTMENT ZONE NUMBER TWO, CITY OF FORT WORTH, TEXAS; APPROVING AMENDED PROJECT AND FINANCING PLANS FOR THE ZONE; AUTHORIZING A PARTICIPATION AGREEMENT WITH THE NORTHWEST INDEPENDENT SCHOOL DISTRICT; AND OTHER MATTERS RELATED THERETO. WHEREAS, the City Council of the City of Fort Worth, Texas (the "City") was i presented a petition submitted by the owners of property constituting at least fifty percent (50%) of the appraised value of the property hereinafter described, according to'the most recent certified appraisal roll for Denton County, requesting that the City Council enlarge existing City of Fort Worth Tax Increment Reinvestment Zone No Two (the "Zone") to include said property as part of the Zone, in accordance with the Tax Increment Financing Act, Chapter 311 of the Texas Tax Code, Vernon's Texas Codes. Annotated (the "Act"), and WHEREAS, the City Council of the City desires to promote the development of the property hereinafter described and within the City's jurisdiction, by the enlargement of the Zone; and WHEREAS, in compliance with the Act, the City called a public hearing to hear public comments on the enlargement of the Zone and its benefits to the City and to the property in the proposed enlarged Zone; and WHEREAS, m compliance with the Act, notice of such public hearing was published m the Fort Worth Star-Telegram, a daily paper of general circulation in the City, such publication date being August 2, 1999, a date not later than seven (7) days pnor to the date of the public hearing; and ~- ~+. I~ , WHEREAS, m compliance with the Act, notice of the City's intent to enlarge the Zone, m required form and substance, was provided m writing not later than sixty (60) days before the date of said public hearing to the governing body of each taxing amt that levies real property taxes in the proposed enlarged Zone; and WHEREAS, m compliance with the Act, the City made a formal presentation, m required substance and form, to the governing body of each county or school distract that levies real property taxes m the proposed enlarged Zone; and WHEREAS, m compliance with the Act, the board of directors of the Zone adopted amended project and reinvestment zone financing plans and recommends their approval by the City Council, and WHEREAS, the Northwest Independent School Distract ("NISD"), one of the property owners submitting the petition to the City for enlargement of the Zone and also a taxing unit levying taxes on property within the proposed expanded zone, has approved a proposed Participation Agreement with the City which sets forth the conditions for the payment of NISD tax increment into the tax increment fund for the enlarged Zone, specifies the portion of tax increment to be paid into the fund, and the years for which rt will be paid, and WHEREAS, the public hearing was convened at the time and place mentioned in the published notice, to wit, on the 10th day of August, 1999 at 7.00 p.m., in the Council Chamber in the City Hall of the City of Fort Worth, Texas, and WHEREAS, the Crty, at such hearing, mvrted all owners of property located wrthm the proposed enlarged Zone, representatives of all other taxing amts, and any other interested persons and/or their attorneys to appear and contend for or against the creation of the enlarged Zone, its boundaries, or the concept of tax increment financing; and 2 ~: ,~ WHEREAS, the proponents of the reinvestment zone offered evidence, both oral and documentary, m favor of all of the foregoing matters relating to the enlargement of the Zone, and opponents, if any, of the enlarged Zone appeared to contest matters relating to the enlargement of the Zone, and after heanng such public comment the public heanng was closed by the City Council, NOW THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FORT WORTH, TEXAS: SECTION 1 That the facts and recitations contained in the preamble of this ordinance are hereby found and declared to be true and correct. SECTION 2 That the City Council, after conducting such heanng and having heard such evidence and testimony, has made the following findings and detennmations based on the evidence and testimony presented to it: (a) That the public heanng on the enlargement of the Zone has been properly called, held, and conducted and that notice of such heanng has been published as required by law (b) That all taxing units levying real property taxes wrthm the Zone properly received notice of the City's intention to enlarge the Zone and of the public heanng as required by the Act. (c) That amended project and reinvestment zone financing plans were prepared and adopted the board of directors of the Zone and all taxing units levying real property taxes within the Zone have received copies of the amended project and financing plans. 3 i` i i (d) That the City timely made formal presentations to all counties and school distncts that levy real property taxes within the proposed enlarged Zone, and that each taxing unit which levies real property taxes wrthm the reinvestment zone was notified of each such presentation. (e) That the enlargement of the Zone and improvements made therein will sigmficantly enhance the value of all the taxable real property in the reinvestment zone and will be of general benefit for the City (f) That the areas to be included as additions to the Zone, as described in Exhibit "A", meets the cntena for enlargement of an existing reinvestment zone as set forth in the Act, including Section 311 007 thereof, in that: (1) The Zone as expanded is a contiguous geographic area located wholly wrthm the corporate hmrts of the Crty; and (2) The areas to be added to the Zone include areas described m a petition submitted to the City Council by the owners of property constituting at least fifty percent (50%) of the appraised value of the property m the area to be added to the Zone according to the most recent certified appraisal roll for Denton County,. Texas. (3) That the expanded Zone does not include more than fifteen percent (15%) of the total appraised value of taxable real property in the City and in the mdustnal distncts created by the City (4) That the expanded Zone does not contain more than fifteen percent (15%) of the total appraised value of real property taxable by Denton County or the Northwest Independent School Distnct. 4 .~" (g) That the development or redevelopment of the property in the Zone will not occur solely through private investment in the reasonably foreseeable future. SECTION 3 That the City hereby enlarges the boundaries of the existing Zone by including the areas described m the boundary description and also depicted on the map, both of which are together attached hereto as Exhibit "A" and incorporated herein, and such reinvestment zone as enlarged shall be identified as Tax Increment Reinvestment Zone Number Two, City of Fort Worth, Texas. SECTION 4 That the composition of the board of directors of the Zone shall continue to conform to the requirements of Section 311 009(b) of the Act, with the board of directors for the Zone consisting of rime (9) members. By virtue of rts participation m the expanded Zone, the Northwest Independent School District may appoint one member of the board. This appointment shall be made by resolution of its governing body and shall be for the unexpired term of the currently vacant seat on the Zone board. SECTION 5 That the expansion of the Zone shall take effect on immediately upon the adoption of this ordinance. The termination of the Zone shall occur on December 31, 2035, or at an earlier time designated by subsequent ordinance of the City Council in the event the City determines that the Zone should be terminated due to insufficient pnvate investment, accelerated pnvate investment or other good cause, or at such time as all project costs and tax increment obligations, if any, and the interest thereon, have been paid m full. SECTION 6 That the Tax Increment Base, which is the total appraised value of all taxable real property located m the Zone, shall for the original Zone boundaries determined as of January 1, 1995, the year in which the Zone was created, and for the expansion areas added to the Zone boundaries by this ordinance shall be January 1, 1999, the year of the Zone's expansion. 5 -~~ SECTION 7 That the taxing units participating m the Zone will deposit tax increment into the Tax Increment Fund for the Zone in accordance with the tax increment participation agreements executed with the City The Northwest Independent School Distract will deposit increment in accordance with its participation agreement from areas within the ongmal Zone boundaries and the areas added to the Zone by this ordinance. The City of Fort Worth and Denton County will deposit increment from the ongmal Zone boundanes only and will not deposit increment from the areas added to the Zone by this ordinance. SECTION 8 That the Zone is designated under Section 311 005(a)(5) of the Act. SECTION 9 That the City Manager and City Attorney are hereby authorized to execute and deliver for and on behalf of the City a tax increment participation agreement with the Northwest Independent School Distract, pursuant to the provisions of the Act, in form and substance substantially similar to the agreement attached hereto as Exhibit "B" SECTION 10• That the amended project and tax increment financing plans as approved and recommended by the Zone board of directors at its meeting of July 15, 1999, and attached hereto as Exhibit "C" are hereby approved by the City Council. SECTION 11 That except as to Section 7 of this Ordinance, upon which the validity of this ordinance is conditioned, if any section, paragraph, clause or provision of this Ordinance shall for any reason be held to be invalid or unenforceable, the invalidity or unenforceabihty of such section, paragraph, clause or provision shall not affect any of the remaining provisions of this Ordinance. SECTION 12 That this Ordinance shall take effect immediately from and after its passage m accordance with the provisions of the Charter of the City of Fort Worth and it is accordingly so ordained. 6 ADOPTED THIS ~Q`~ DAY OF _ 1~ _ , 1999 ATTEST Glona Pearson, City Secretary APPROVED AS TO FORM AND LEGALITY ~;ccce~ Assistant Crty Attorne ,..,~ The boundaries of the proposed additions to the existing reinvestment zone are as follows.. TRACT ONE BEING 292.26 acres of land located in the RUFUS DANIEL SURVEY, Abstract No 362, the A.M. FELTUS SURVEY, Abstract No 1464, the J IVY SURVEY, Abstract No. 649, the R. MATANY SURVEY, Abstract No 878, the A. G PETERSON SURVEY, Abstract No 1664, the W SAMPLE SURVEY, Abstract No 1207, the G W SHAMBLIN SURVEY, Abstract No 1191, the H. C & W T SLOAN SURVEY, Abstract No 1533, the JAMES SMITH SURVEY, Abstract No 1149, the P M. SMITH SURVEY, Abstract No 1170, the C. SUTTON SURVEY, Abstract No 1561, and the C. TYDING SURVEY, Abstract No 1276, Denton County, Texas, and being a portion of the 902.044 acre Tract of land conveyed to ROANOKE RANCH AND INVESTMENT CO by the deed recorded in Volume 2699, Page 979 of the Deed Records of Denton County, Texas, and the property conveyed to Northwest Independent School District by the deeds recorded m Volume 352, Page 518, Volume 1047, Page 995, Volume 1607, Page 797, Volume 1782, Page 1918, and Document No 95-R0042861 of the Denton County Deed Records and a portion of FM Highway No. 156, State Highway No 114, and a portion of the AT & SF Railroad right-of--way Said 292.26 acres of land being more particularly described by metes and bounds, as follows. BEGIMVING at a point at the Northwest corner of the aforesaid 902.044 acre Tract conveyed to Roanoke Ranch and Investment Co., said point lying at the intersection of the South right-of--way line of State Highway No 114, with the East right-of--way line of the AT & SF Railroad right-of--way; THENCE along the East right-of--way line of said AT & SF Railroad, as follows S 130 32' 00" W 1248 74 feet, to a point for a corner; 2. N 890 58' 33" W 25 71 feet, to a point for a corner; 3 S 130 32' 00" W 298 02 feet, to a point for a corner; 4 N 760 28' 00" W 25 00 feet, to a point for a corner; S 130 32' 00" W 623.30 feet, to a point for a corner at the begimm~g of a curve to the right; 6 SOUTHWESTERLY 1079.34 feet, along said curve to the right having a radius of 5779 58 feet, a chord bearing S 180 53' 00" W 1077 77 feet, to a point at the end of said curve; 7 S 240 14' 00"'W 153.23 feet, to a point for a corner; .,f~(~ / - ~`!0 ~~~~ C_U if U8 ~~~o .,,. A ~ ~~ S • THENCE S 650 46' 00" E 1083.39 feet, departing the East nght-of--way line of said AT & SF Railroad, to a point at the beginning of a curve to the left; THENCE NORTHEASTERLY 1953 66 feet, along said curve to the left having a radius of 1940 14 feet, a chord beanng N 850 23' 18" E 1872.16 feet, to a point at the end of said curve; THENCE N 550 51' S2" E 381 87 feet, to a point for a corner; THENCE S 120 O1' 26" E 129.51 feet, to a point for a corner; THENCE S 550 51' S2" W 334 53 feet, to a point at the beginning of a curve to the nght; THENCE SOUTHWESTERLY 2074.50 feet, along said curve to the nght having a radius of 2060 14 feet, a chord beanng S 850 23' 17" W 1987.96 feet, to a point at the end of said curve; THENCE N 650 46' 00" W at 1083.39 feet, passed the East nght-of--way line of the aforesaid AT & SF Railroad nght-of--way, m all 1311 89 feet, to a point in the West nght- of-way hne of FM Highway No 156, THENCE along the West nght-of--way line of said FM Highway No 156, as follows. 1 N 240 14' 00" E 273.23 feet, to a point at the beginning of a curve to the left; 2 NORTHEASTERLY 1036 67 feet, along said curve to the left having a radius of 5551 08 feet, a chard beanng N 180 53' 00" E 1035 16 feet, to a point at the end of said curve; 3 N 130 32' 40" E 388.53 feet, to a point for a corner, said point being the Southeast corner of the property conveyed to Northwest Independent School D~stnct; THENCE along the South and West property line of said Northwest Independent School District Property, as follows 1 N 890 OS' 31" W 1702.10 feet, to a point for a corner; 2. N 070 41' 04" W 383.24 feet, to a point for a corner; 3 S 890 36' 20" W 1767 68 feet, to a point for a corner; 4 N 010 04' 41" E 1616 76 feet, to a point for a corner; 5 S 890 53' S8" W 784.26 feet, to a point for a corner; 2 ~: ~~pr C`'~~~~: U,::fLS Ul~lil~~ p V Uc U4! L~' (~' ~~9 U~L~ti"~1o 1 • • 6 N 000 06' 02" W 1778 00 feet, to a point at the Northwest corner of said Northwest Independent School Distnct Property, said point lying in the South nght-of--way hne of State Highway No 114, THENCE along the South nght-of--way hne of said State Highway No 114, as follows. 1 SOUTHEASTERLY 415 60 feet, along a curve to the nght having a radius of 2864 79 feet, a chord beanng S 710 29' 15" E 415.24 feet, to a point at the end of said curve; 2. S 660 44' 17" E 784 40 feet, to a point for a corner; 3 S 660 3$' 32" E 1583 49 feet, to a point for a corner; THENCE S 010 04' 41" W 887 86 feet, departing the South nght-of-- way hne of said State Highway No 114, to a point for a corner; THENCE S 880 50' 25" E 2102.74 feet, to a point for a corner in the West nght-of- way hne of the aforesaid FM Highway No 156, THENCE N 130 30' 19" E 121 78 feet, to a point in the North nght-of--way line of State Highway No 114, THENCE along the North nght-of--way hne of said State Highway No 114, as follows: 1 S 660 22' 15" E 1885 88 feet, to a point for a corner at the beginning of a curve to the left; 2. SOUTHEASTERLY 749 07 feet, along said curve to the left having a radius of 1859 86 feet, a chord beanng S 770 54' 32" E 744 02 feet, to a point at the end of said curve; 3 S 890 26' S0" E 4447 81 feet, to a point for a corner; 4 N 000 33' 10" E 20 00 feet, to a point for a corner; 5 S 890 26' S0" E 1320.93 feet, to a point for a corner; 6 N 890 32' 29" E 396 56 feet, to a point for a corner; 7 N 830 06' 37" E 556 77 feet, to a point for a corner; $ N 740 54' 32" E 195 40 feet, to a point for a corner lying in the East hne of the A. G PETERSON SURVEY, said point also being in the West hne of the J A. ARNOLD SURVEY and also being the West hne of the Tax Increment u~~0 GOiaf~ G~~~~ ~G?® "oU "r ~~~(u Uis)L~U~Uu I~ } • Reinvestment Zone Number Two created by City of Fort Worth Ordinance No 12323 adopted on December 19, 1995, THENCE S 000 13' 23" E 151 82 feet, along the West boundary line of said Tax Increment Reinvestment Zone Number Two Tract, to a point at the Southwest corner thereof; THENCE S 890 26' S0" E 621.95 feet, along the South boundary line of said Tax Increment Reinvestment Zone Number Two Tract, to a point at the Southeast corner thereof; THENCE S 000 33' 10" W 100 00 feet, to a point m the South nght-of--way line of State Highway No 114, THENCE N 890 26' S0" W 5018.85 feet, along the South nght-of--way line of said State Highway No. 114, to a point for a corner; THENCE S 000 33' 10" W 550.38 feet, to a point for a corner at the beginning of a curve to the nght; THENCE SOUTHWESTERLY 424 03 feet, along said curve to the nght having a radius of 880 00 feet, a chord beanng S 140 21' 25" W 419.94 feet, to a point for a corner, said point being on a nontangent curve to the left; THENCE SOUTHEASTERLY 126.91 feet, along said curve to the left having a radius of 890 00 feet, a chord beanng S 850 21' 44" E 126 80 feet, to a point at the end of said curve; THENCE S 890 26' S0" E 1617 11 feet, to a point for a corner; THENCE S 000 33' 10" W 100 00 feet, to a point for a corner; THENCE N 890 26' S0" W 1563.35 feet, to a point for a corner; THENCE N 530 20' 19" W 44 79 feet, to a point for a corner; THENCE N 590 59' 40" W 286 10 feet, to a point for a corner on a nontangent curve to the left; THENCE NORTHEASTERLY 363 47 feet, along said curve to the left having a radius of 760 00 feet, a chord beanng N 140 15' 13" E 360 O1 feet, to a point at the end of said curve; THENCE N 000 33' i0" E 550.38 feet, to a point in the South nght-of--way line of the aforesaid State Highway No 114, for a corner; ,__~~ ;,^,;~~i~~~;r~~;l G~~~~~G~G~D Vr!V~~~1~: rLS (~~~~~~~ (({~~!r C~rta~u U~~~iLI~UMMe~ U U'llo I'~ry~'~~~ ~~l~o 4 • • THENCE N 89r~ 26' S0" W 2135.56 feet, along the South right-of--way line of said State Highway No 114, to a point for a corner; THENCE SOUTHEASTERLY 1185 82 feet, along a curve to the left having a radius of 1440 00 feet, a chord beanng S 250 30' 28" E 1152.60 feet, to a point at the end of said curve; THENCE S 490 OS' S6" E 436 41 feet, to a point at the beginning of a curve to the right; THENCE SOUTHEASTERLY 438.90 feet, along said curve to the right having a radius of 1560 00 feet, a chord beanng S 410 02' 08" E 437 45 feet, to a point at the end of said curve; THENCE N 550 51' S2" E 686 81 feet, to a point for a corner; THENCE S 510 11' 16" E THENCE S 470 22' 31" E 57.55 .feet, to a point for a corner; 66 74 feet, to a point for a corner; THENCE S 550 51' S2" W 1772.88 feet, to a point for a corner; THENCE N 300 35' 33" W 120.22 feet, to a point for a corner; THENCE N 550 51' S2" E 926.45 feet, to a point for a corner at the beginning of a curve to the left; THENCE NORTHWESTERLY 407.56 feet, along said curve to the left having a radius of 1440 00 feet, a chord beanng N 400 59' 13" W 406.20 feet, to a point at the end of said curve; THENCE N 490 OS' S6" W 436 41 feet, to a point at the beginning of a curve to the right; THENCE NORTHWESTERLY 1289 82 feet, along said curve to the right having a radius of 1560 00 feet, a chord beanng N 250 24' 46" W 1253.39 feet, to a point at the end of said curve, said point lying m the South right-of--way hne of State Highway No 114, THENCE continuing along the South right-of--way hne of said State Highway No 114, as follows 1 N 890 26' S0" W 134 98 feet, to a point at the beginning of a ~~~~~~ ~~a c~~~~~~~a • 2. NORTHWESTERLY 789.34 feet, along said curve to the nght having a radius of 1959 86 feet, a chord beanng N 770 54' 32" W 784 02 feet, to a point at the end of said curve; 3 N 660 22' 15" W 1531 42 feet, to THE PLACE OF BEGINNING containing 292.26 acres of land. TRACT TWO BEING 235.51 acres of land located in the RUFUS DANIEL SURVEY, Abstract No 362, the JESSE DANIEL SURVEY, Abstract No 349, the A.M. FELTUS SURVEY, Abstract No. 1464, the R. MATANY SURVEY, Abstract No 878, and the P W MATTHEWS SURVEY, Abstract No 865, Denton County, Texas, and being a portion of the 902.044 acre Tract of land conveyed to ROANOKE RANCH AND INVESTMENT CO by the deed recorded m Volume 2699, Page 979 of the Deed Records of Denton County, Texas. Said 235.51 acres of land being more particularly described by metes and bounds, as follows. BEGINNING at a point lying m the West hne of the aforesaid 902 044 acre Tract, said point being in the East nght-of--way line of the AT & SF Railroad nght-of--way, and lying S 130 32' 00" W 597 82 feet, from the intersection of said railroad nght-of--way, with the South nght-of--way line of State Highway No 114, THENCE S 600 03' 19" E 1097 88 feet, to a point for a corner; THENCE N 070 39' 06" E 298.93 feet, to a point for a corner; THENCE N 620 26' 18" E 155 92 feet, to a point for a corner; THENCE S 640 03' 31" E 285 87 feet, to a point for a corner; THENCE S 380 11' S6" E 500 61 feet, to a point for a corner; THENCE S 000 37' S 1" W 133 14 feet, to a point for a corner; THENCE N 890 39' 33" E 27 66 feet, to a point for a corner; THENCE S 000 20' 27" E 120 70 feet, to a point for a corner; THENCE S 450 41' 48" E 97 89 feet, to a point for a corner; THENCE N 890 39' 33" E 74 47 feet, to a point for a corner; THENCE S 240 28' 23" E 109 10 feet, to a point for a corner; %~G~d~.~~il~~~ G'~~u~?® (co~Ur ~~~~~ c~~~d c~~ 6 • THENCE N 890 39' 33" E 96 03 feet, to a point for a corner; THENCE N 000 20' 27" W 69.51 feet, to a point for a corner; THENCE N 890 39' 33" E 146.97 feet, to a point for a corner; THENCE S 450 58' 12" E 68.31 feet, to a point for a corner; THENCE S 200 36' 46" E 918 14 feet, to a point for a corner; THENCE S 300 35' 33" E 733 43 feet, to a point for a corner; THENCE S 340 30' 16" E 803 44 feet, to a point for a corner; THENCE S 650 37' 28" E 598 44 feet, to a point for a corner; THENCE N 830 04' 08" E 843 02 feet, to a point for a corner; THENCE N 730 31' 12" E 258 14 feet, to a point for a corner; THENCE N 390 12' 06" E 6'10 03 feet, to a point for a corner; THENCE N 190 58' 35" W 397 64 feet, to a point for a corner; THENCE N 280 45' 20" W 472.62 feet, to a point for a corner; THENCE N 640 50' 38" W 449 65 feet, to a point for a corner; THENCE N 470 22' 31" W 466 65 feet, to a point for a corner; THENCE N 510 11' 16" W 617.96 feet, to a point for a corner; THENCE N 450 35' 12" W 931.53 feet, to a point for a corner; THENCE N 000 33' 10" E 121 78 feet, to a point for a corner; THENCE S 890 26' S0" E 990 48 feet, to a point for a corner; THENCE S 000 33' 10" W 122.88 feet, to a point for a corner; THENCE S 350 07' 47" E 761 35 feet, to a point for a corner; THENCE S 590 59' 40" E 324 41 feet, to a point for a corner; U~~fl~fl~~ ~~'~~U°D THENCE S 530 20' 19" E 848 40 feet, to a point for a corner; (~ ~ ~r~;~ ~c,~~,~d ~j~ ~~a ~~~~.~~ Ul~ti1Nu 7 THENCE S 220 19' 19" E 665 43 feet, to a point for a corner; THENCE S $90 26' S0" E 600 43 feet, to a point for a corner on a nontangent curve to the nght; THENCE NORTHEASTERLY 138.93 feet, along said curve to the right having a radius of 135 00 feet, a chord beanng N 300 00' 14" E 132.88 feet, to a point at the end of this curve and the beginning of a curve to the left; THENCE NORTHEASTERLY 20.57 feet, along said curve to the left having a radius of 20 00 feet, a chord beanng N 300 O1' 02" E 19 67 feet, to a point at the end of said curve; THENCE N 000 33' 10" E 933 84 feet, to a point at the beginning of a curve to the left; THENCE NORTHWESTERLY 31 41 feet, along said curve to the left having a radius of 20 00 feet, a chord beanng N 440 26' S0" W 28.28 feet, to a point at the end of said curve; THENCE N 000 33' 10" E 100 00 feet, to a point on a nontangent curve to the left; THENCE NORTHEASTERLY 31 41 feet, along said curve to the left having a radius of 20 00 feet, a chord beanng N 450 33' 10" E 28.28 feet, to a point at the end of said curve; THENCE N 000 33' 10" E 947.22 feet, to a point in the South right-of--way line of State Highway No 114, THENCE S 890 26' S0" E 120 00 feet, along the South right-of--way brie of said State Highway No 114, to a point for a corner; THENCE S 000 33' 10" W 947.23 feet, departing the South right-of--way line of said State Highway No 114, to a point at the beginning of a curve to the left; THENCE SOUTHEASTERLY 31 41 feet, along said curve to the left having a radius of 20 00 feet, a chord beanng S 440 26' S0" E 28.28 feet, to a point at the end of said curve; THENCE S 000 33' 10" W 100 00 feet, to a point at the beginning of a nontangent curve to the left; THENCE SOUTHWESTERLY 31 41 feet, along said curve to the left having a radius of 20 00 feet, a chord beanng S 450 33' 10" W 28.28 feet, to a point at the end of said curve; ~~~D~B~~d ~e?~~U~~ co~~ c~~~~c~~~~aG~~~ .'~~ !, ~ ~ ~r;~; ~ • THENCE S 000 33' 10" W 933 84 feet, to a point at the begmmng of a curve to the left; THENCE SOUTHEASTERLY 20.56 feet, along said curve to the left having a radius of 20 00 feet, a chord beanng S 280 54' 39" E 19 67 feet, to a point at the end of this curve and the beginning of a curve to the right; THENCE SOUTHEASTERLY 75.58 feet, along said curve to the right having a radius of 135 00 feet, a chord beanng S 420 20' 02" E 74 60 feet, to a point at the end of this curve and the begmrung of a curve to the left; THENCE SOUTHEASTERLY 22.05 feet, along said curve to the left having a radius of 20 00 feet, a chord beanng S 570 52' 15" E 20 95 feet, to a point at the end of said curve; THENCE S 890 26' S0" E 111 71 feet, to a point for a corner; THENCE S 000 33' 10" W 100 00 feet, to a point for a corner; THENCE N 890 26' S0" W 26 11 feet, to a point for a corner; THENCE S 000 33' 10" W 693 43 feet, to a point for a corner; THENCE N 730 29' 30" E THENCE N 840 40' 20" E THENCE S 770 34' 21" E 21.35 feet, to a point for a corner; i 35 00 feet, to a point for a corner; 492.99 feet, to a point for a corner; THENCE S 590 09' 12" E 1084.93 feet, to a point for a corner in the West might-of- way line of Interstate Highway No 35W, THENCE S 300 54' 48" W 408.95 feet, along the West right-of--way line of said Interstate Highway No. 35W, to a point for a corner, said point being the Southeast corner of the aforesaid 902.044 acre Tract, and also being the Northeast corner of the Tract of land conveyed to HillwoodJ1358, LTD according to the deed recorded in Document No 93-0079468 of the Deed Records of Denton County, Texas, THENCE along the South property line of the aforesaid 902 (.~4 , acre Tract, and the North property line of the said Hillwood/1358, LTD Tract, as fol 0~`~~0~~~,~ G~~LUn~ 1 N 000 42' 49" W 31.39 feet, to a point for a corner; ~O~~r e~"~'U ~t~~,~~'~ ~l~o ~t~~~~'~~n ~ ~a 9 i • 2. N 680 29' 00" W 1029.90 feet, to a point for a corner; 3 S 160 02' 02" W 456 45 feet, to a point for a corner; 4 N 89012' 03" W 666.93 feet, to a point for a corner; 5 S 010 50' 45" W 217.26 feet, to a point for a corner; 6 N 870 10' 09" W 683 41 feet, to a point for a corner, said point being the Northwest corner of the aforesaid Hillwood/1358, LTD Tract, said point also being the Northeast corner of the Tract of land conveyed to Hillwood/1358, LTD according to the deed recorded in Volume 2512, Page 460 of the Deed Records of Denton County, Texas; THENCE continuing along the North property line of said Hillwood/1358, LTD Tract, and the South property hne of the aforesaid 902.044 acre Tract, as follows 1 N 860 52' 48" W 502.92 feet, to a point for a corner; 2. N 050 35' 25" W 142.79 feet, to a point for a corner; 3 N 890 13' 49" W 3053.31 feet, to a point for a corner; THENCE N 220 29' 25" E 229 13 feet, departing the North property line of the aforesaid Hillwood/1358, LTD Tract, and the South property line of said 902.044 acre Tract, to a point for a corner; THENCE N 470 O1' 38" E 209 41 feet, to a point for a corner; THENCE N 570 40' S8" E 300 67 feet, to a point for a corner; THENCE N 170 56' 27" W 577.27 feet, to a point for a corner; THENCE N 120 O1' 26" W 355 78 feet, to a point for a corner; THENCE N 350 14' S4" W 856.30 feet, to a point for a corner; THENCE N 210 08' 08" W 509.54 feet, to a point for a corner; THENCE N 420 26' 47" W 1076.96 feet, to a point for a corner; THENCE N 070 39' 06" E 132 00 feet, to a point for a corner; THENCE N 600 03' 19" W 1104 81 feet, to a point for a co r~nUt~~~~~~£~r_'e~aivc~°!I~a t nght-of--way hne of the AT & SF Railroad nght-of--way; ~ fl~ti' ~r~ yG~~~~v~l~ ~~o ~' ~'~U 1?I~D ~~~ a 10 THENCE N 130 32' 00" E 235.51 acres of land. TRACT THREE 62.55 feet, to THE PLACE OF BEGINNING contalmng BEING 19 85 acres of land located m the RUFUS DANIEL SURVEY, Abstract No 362, and the G W SHAMBLIN SURVEY, Abstract No 1191, Denton County; Texas, and being a portion of the 902.044 acre Tract of land conveyed to ROANOKE RANCH AND INVESTMENT CO by the deed recorded in Volume 2699, Page 979 of the Deed Records of Denton County, Texas. Said 19 85 acres of land being more particularly described by metes and bounds, as follows BEGINNING at a point m the Northwest nght-of--way line of Interstate Highway No 35W, and lying N 300 54' 48" E 1263 96 feet, from the Southeast corner of the aforesaid 902.044 acre Tract; THENCE N 590 OS' 12" W 91 S 69 feet, departing the Northwest nght-of--way hne of said Interstate Highway No 35W, to a point for a corner at the beginning of a curve to the left; THENCE NORTHWESTERLY 392.12 feet, along said curve to the left having a radius of 740 00 feet, a chord beanng N 740 16' O1" W 387.55 feet, to a point at the end of said curve; THENCE N 880 02' 34" W THENCE N 000 33' 10" E 816.08 feet, to a point for a corner; 100 00 feet, to a point for a corner; THENCE S 890 26' S0" E 815 83 feet, to a point at the beginning of a nontangent curve to the nght; THENCE SOUTHEASTERLY 455 70 feet, along said curve to the right having a radius of 860 00 feet, a chord beanng S 740 16' O1" E 450.39 feet,. to a point at the end of said curve, THENCE S 590 OS' 12" E 105 72 feet, to a point for a corner; THENCE N 300 54' 48" E 1399 96 feet, to a point for a corner; THENCE N 890 26' S0" W 2219.32 feet, to a point for a corner; THENCE N 000 33' 10" E 100 00 feet, to a point for a corner; THENCE S 890 26' S0" E 2277.90 feet, to a point for a corner; ,~ '~' ~ ~_Q'~8~'~~t r~U~tr cf~G~D '~ Obrtir ~~ c~w ~'L~~'°~~'1~ s ~ ,; Ube ~r~t~'?~~'U~o ~U~ l~' A 11 ! • THENCE N 30r~ 54' 48" E 483 40 feet, to a point for a corner at the beginning of a curve to the left; THENCE NORTHEASTERLY 392.12 feet, along said curve to the left having a radius of 740 00 feet, a chord bearing N 150 43' S9" E 387.54 feet, to a point at the end of said curve; THENCE N 000 33' 10" E 176 08 feet, to a point m the South right-of--way line of State Highway No. 114, THENCE S 890 26' S0" E 120 00 feet, along the South right-of--way line of said State Highway No 114, to a point for a corner; THENCE S 000 33' 10" W 176 08 feet, departing the South right-of--way line of said State Highway No 114, to a point for a corner at the begmrung of a curve to the right; THENCE SOUTHWESTERLY 455 71 feet, along said curve to the right having a radius of 860 00 feet, a chord bearing S 150 43' S9" W 450.39 feet, to a point at the end of said curve; THENCE S 300 54' 48" W 483 42 feet, to a point for a corner; THENCE S 590 OS' 12" E 641.58 feet, to a point for a corner in the aforesaid Northwest right-of--way line of Interstate Highway No 35W, and a curve to the left; THENCE SOUTHWESTERLY 120.26 feet, along said curve to the left having a radius of 2864 79 feet, a chord bearing S 270 11' 16" W 120.25 feet, to a point for a corner; THENCE N 590 OS' 12" W 649 40 feet, departing the Northwest right-of--way line of said Interstate Highway No 35W, to a point for a corner; THENCE S 30as 54' 48" W 1395 84 feet, to a point for a corner; THENCE S 590 OS' 12" E 689.99 feet, to a point for a corner in the aforesaid Northwest right-of--way line of Interstate Highway No 35W, THENCE S 300 54' 48" W 120 00 feet, along said Northwest nght-of--way line, to THE PLACE OF BEGINNING contaimng 19 85 acres of land. TRACT FOUR Being a tract of land situated in Denton County, Texas and bein lo~~t~'d wi~th~n.~th ~'u truce u~~.i~ i,~ ~,~,( ~~r~ jl boundaries of the J Smith Survey, Abst. No 1149; and the J Ivy Su~vey, Abst~~h3o.. ~4~; and encompassing a part of a Public Access and Utility Easeme t i~~~~~ ~~~"'~~d'd~°!~`~d es-r~~ recorded m Document No 97-R0024344, D.R.D C T ~~(, 4~'4~~~U ;~w~ ~a 12 BEGINNING at a point of intersection of the center line of said Public Access and Utility Easement and the eastern nght-of--way line of the Gulf Central and Santa Fe Railroad Co, THENCE North and East along said nght-of--way line a distance of 500 feet to a point for a corner; THENCE South 75 degrees 51 minutes 13 seconds East, along a line parallel to the north line of said Public Access and Utility Easement, a distance of 935 feet to a point for a corner; THENCE South 89 degrees 51 minutes 46 seconds East, along a line parallel to the north line of said Public Access and Utility Easement, a distance of 1228 feet to a point for a corner on the then existing city limit line of the City of Fort Worth as established by Ordinance No 12312, THENCE South along said then existing city limit line a distance of 1000 feet to a point for a corner; THENCE North 89 degrees 51 minutes 46 seconds West, along a line parallel to the south line of said Public Access and Utility Easement, a distance of 1239 feet to a point for a corner; THENCE North 75 degrees 51 minutes 13 seconds West, along a line parallel to the south line of said Public Access and Utility Easement, a distance of 1049 feet, more or less, to a point for a corner on the eastern nght-of--way line of the Gulf Central and Santa Fe Railroad Co , THENCE North and East along said nght-of--way line to the POINT OF BEGINNING and contaimng 53 79 acres of land, more or less. TRACT FIVE BEING a tract of land situated in the R. Daniel Survey, Abstract No 362, the J Smith Survey, Abstract No 1149, the G Shamblm Survey, Abstract No 1191, the A.M. Feltus Survey, Abstract No 1464, the A.G Peterson Survey, Abstract No 1664 All of the above land is situated in Denton County, Texas and being more articularly described by the following metes and bounds. ~~~ ~:ti-} ~~ ~~ G~'ti' ~"~~~ G'~~' G~1~ ~~e ~~~~~ll U tl {I g ~~iNd 13 • • BEGINNING at a point on the Southerly .Right-of--Way Line of State Highway 114 and the intersection of the Survey Lines of the East Side of the N Peterson Survey, Abstract No 1665 and West side J Arnold Survey, Abstract No 1659; THENCE West along the Southerly Right-of--Way of State Highway 114 a distance of 4656 1 feet, more or less, to a point on the Southerly Right-of--Way Line of State Highway 114, THENCE North along the East side of the "One 14 Subdivision" as Replatted and Filed m Cabinet H, Page 177 of the Plat Records of Denton County, Texas, distance of 3286 1 feet, more or less, to a point for a corner; THENCE West along the North side of the "One 14 Subdivision" replat a distance of 1255 9 feet, more or less, to a point for a corner; THENCE North along the most Northerly West side of a tract of land conveyed by a Deed recorded in Volume 3231, Page 653 of the Deed Records of Denton County, Texas and bounded on the West by a tract of land conveyed by a Deed recorded in Volume 907, Page b30 of the Deed Records of Denton County, Texas, a distance of 1286 4 feet, more or less, to a point for a corner, said point also being the Southwest corner of a tract of land conveyed by a Deed recorded m Volume 177, Page 151 of the Deed Records of Denton County, Texas, THENCE North a distance of 1286 4 feet, more or less, along West side of a tract of land conveyed by a Deed recorded m Volume 177, Page 151 of the Deed Records of Denton County, Texas; to a point for a corner, said point being the most Northerly Northwest corner of the newly annexed City of Fort Worth, City Limits, THENCE East a distance of 1803 7, more or less, along the South fines of the W Gaffield Survey, Abstract No 448 and the G Cardenas Survey, Abstract No 215, to a point for a corner, said point being the most Northerly Northeast corner of the newly annexed City of Fort Worth, Crty Limits, THENCE South 00 degrees 08 minutes 14 seconds West a distance of 2583.2 feet, more or less, to a point for a corner; THENCE South 89 degrees 21 minutes 10 seconds East a distance of 606 0 feet, more or less to a point for a corner; THENCE South 00 degrees 33 minutes 21 seconds West a distance of 1083 5 feet, more or less, to a point for a corner; THENCE South 89 degrees 13 minutes 39 seconds East a distance of 1064.2 feet, more or less, to the West fine of the N Peterson Survey, Abstract No 1665 to a point for a corner; L~~~~~0~~ ~~L~~~ C Q~ti' ~~C~i~ ~'~~-~~'1~ ~l~o ~~iv~ c GMs ~C~~o 14 C_J • THENCE South 00 degrees 33 minutes 21 seconds West along the West line of the N Peterson Survey, Abstract No: 1665 a distance of 824.30 feet, more or less to a point for a corner; THENCE South 89 degrees 11 minutes 25 seconds East along the South hne of the N Peterson Survey, Abstract No 1665 a distance of 2458 8 feet, more or less, to a point for a corner; THENCE South 00 degrees 11 minutes 28 seconds East along the West hne of the J Arnold Survey, Abstract No 1659 a distance of 1312 0 feet, more or less, to the POINT OF BEGINNING on the Southerly Right-of--Way of State Highway 114 and containing 320 acres of land more ox less. ~~~~~G~c~l;~~~ G'~C~~G~D ~0~ti' ~~~,~~ t~~~~~G~1~ ~o ~uG~~~p ~~~a 15 • Exhibit "A" _ ~ '... -. '~ t' ~,` y f~~.~ Tax Tncr ement Re. u-i~ve s t~ ' Zone N~unbez "rwo /'_ ~- V ~~~ .~ M ~~~'++ -__ .w/ ~ ~ ~-~ ~;i: ~:~;; :; ~ •:•: ~_ . _ ,-s !~ BOUNDARIES OF TAX INCREMENT REINVESTMENT ZONE NUMBER 2 ~~ ve _rr.•r~ , ry _a kr~~~` • ~.~. ~: • FORT WORTH, TEXAS REI7vVESTMENT ZONE, NUMBER TWO FINANCING DISTRICT (SPEEDWAY TIF DISTRICT) AMENDED PROJECT PLAN JULY, 1999 ~~~~~0~~ ~l°! ~ G'~~ u~D ~tio v~ v''~'s~,C~U~~ .~ ~~t „~„ • SECTItJN 1: Introduction & Background ~~~~0~ 0~~~ G~+~~~D ~~}0~'v ~r~l~ GM('s }~~~~M~ ~lfn l'f;U~~~;%~U':UIiU U~INo ~• s • • Introduction & Background In October 1995, the City of Fort Worth received a petition from the property owner requesting a 950 acre tract of land (generally located on the northwest comer of the intersection of State Highway 114 and I-35W) be designated as a reinvestment zone for tax increment financing ("TIF") purposes in support of the development of the Texas Motor Speedway (see Exhibit "A"). The Speedway is a 1,200-acre development including a 1.5-mile racing oval and seating for up to 150,000 spectators. As a component of the development, the FW Sports Authority, Inc., a nonprofit industrial development corporation created under authority of Texas law by the City of Fort Worth (the "Sports Authority"), will own the Speedway The primary purpose of Fort Worth Tax Increment Reinvestment Zone Number Two (the "TIFD" of the "Zone") is to provide a mechanism for the purchase of the facility as a public improvement by the Sports Authority and to provide for the development of future public improvements within the TIFD boundanes. TAX INCREMENT REINVESTMENT ZONE NUMBER TWO ESTABLISHED: DECEMBER 1995 On October 17, 1995, the Fort Worth City Council passed Resolution No. 2100 which set December 19, 1995 as the date for a public hearing to be held before the City Council regarding the designation of this properly as a reinvestment zone. At the conclusion of the public hearing the City Council passed Ordinance No 12323 creating the TIFD The Zone took effect on January 1, 1996 and is scheduled to terminate on December 31, 2025 or at an earlier time designated by subsequent ordinance of the City Council. EXPANDED TAX INCREMENT REINVESTMENT ZONE NUMBER TWO ESTABLISHED: AUGUST 8, 1999. Subsequent to the formation of the zone, on May 21, 1999, the City of Fort Worth received a petition from Northwest Independent School District and Beechwood Business Park Joint Venture, Beechwood Hospitality Development, L.P., Beechwood Golf Development, L.P., and Roanoke Ranch and Investment Company, property owners of, respectively, a 230 90-acre tract of land and a 281 872-acre tract of land contiguous to the present boundaries of Tax Increment Reinvestment Zone Number Two, Fort Worth, Texas requesting that Tax Increment Finance Zone Number Two be expanded to include these tracts. A survey map of the proposed azea for expansion, the "Speedway TIF District Expansion," is attached to this section as Exhibit "A." not included as of this date) ~'~~~<<~~~~~~ u'L~~UG?Q Fort Worth Tax Increment Finance District Numb : r ~~~ Pt,;o~.e;,r~tsh?~lan • The proposed Speedway TIF District Expansion provides for the construction and renovation of educational facilities located in the Northwest ISD tract and on a tract located neazby the Texas Motor Speedway for the construction of the Automotive Training Complex. The educational facilities are intended to be jointly used by Northwest ISD and the City of Fort Worth in accordance with the terms of their TIF District participation agreement. The educational facilities include• (1) an athletic complex with a football stadium, coliseum, natatonum, baseball, softball and track facilities, tennis center, multi-purpose building (basketball, gymnastics, wrestling), and related infrastructure; (2) an automotive training complex; (3) additions and renovations/remodeling of the Northwest ISD Core Campus facilities and (4) planned new schools. The proposed Speedway TIF District Expansion further provides for infrastructure improvements that include• (1) transportation improvements to State Highway 114 and State Highway 156, Interstate Highway 35W, frontage roads, feeder roads, access roads, and arterial streets and other public roads and streets within the TIF reinvestment zone, (2) drainage work as required, (3) additional traffic related signs and signalization, and (4) other public improvements in the TIF reinvestment zone as may be approved by the Boazd and the Fort Worth City Council. The pnmary purpose for the expansion of Fort Worth Tax Increment Reinvestment Zone Number Two is to provide a mechamsm for the development of necessary infrastructure for the Speedway TIF District and Speedway TIF District Expansion and to fund joint use educational facilities as public improvements. The estimated construction value of initial improvements proposed in the Beechwood tract and from which tax increment will be generated to fund the project costs is $58 million. The 1999 tax increment base for the Beechwood 281 872-acre tract is $8,174,288 Initial private investments and improvements include a 300-room hotel and golf-course. ~~~~~~'~ ~~ ~i -c'~(rUUiQ ~~'D~~r ~~~~rG~'~~'~~'ll r1 • xistin~ TJses & Conditions s~cT1o~ 2. ~ ~~~~~~~C~~! G~~~u~J_ U Un ~ ~'~L~Jllp ~ISWo Existing Uses & Conditions Original TIF Area Depicted in Exhibit A is the current area that encompasses the oraginal TIFD Zone. At the time the petition seeking creation of the Zone was submitted to the City, (i) the use of the property was agricultural, a completely undeveloped greenfield and was not serviced by any utility infrastructure and had no street or drainage infrastructure v~nthin TIF boundaries. Expansion Area Depicted in Exhibit "B" is the area of expansion for Tax Increment Reinvestment Zone Number Two (the "Speedway TIF District Expansion") The use of the Northwest ISD tract is currently used for public school distract educational and operational facilities. The Northwest ISD tract includes the following facilities. High School, Ninth Grade Center, Jane Pike Middle School, W.R. Hatfield Intermediate School, English as a Second Language Center, Gifted and Talented Center, NWISD central administration and support center, bus transportation operations facility, NWISD maintenance facility, and the NWISD Athletic Complex. The property includes infrastructure to support the uses listed above, including water and sewer facilities, drainage improvements and road and parking improvements. The use of the Beechwood tract when the petitions was submitted was agricultural, a completely undeveloped greenfield and was not serviced by any utility infrastructure and has no street or drainage infrastructure within TIF boundaries. ~~n ~v~~~~r '~~ ~Io l ~ `v ` /r LI.N~t • I lH \ ~ t ~ tia. ~ r.rr. _ l.~Tr LSM. 7r:~ier t~.'R~t ~~ ~, K. ly.. ~~r ~ \\ f ~ t ~ t i Tf • ~ ` ~' •~ ~ ~ 1 . % roo~xat~t tW1.r f.~ / tr~ r ~~ it : ~ V ~ ~; ~~ 111 ~ ~ ~ ~ d'iy 1 I ) ~ t s ~ '~ ~ ~! ;k ... { mn ~w - ... ,.... ... ` tiS ~~ 4 ~•- ! f ~ ~ ~ ti . 4 i -~_ "_ ~i I ( t ~ !!i I t . ^'~ Cv ~~ i ~ / ~` ~' ' ' ~ ~ - • ~~ ~ I ~ 4. ~ : r.~ ~ ~ ~ • .. ~ JryV'+ • s=_ x: ~.~ :! ~E ` - .r. i ~I! \ {{ ~ .~ r---._ 1 i r •~ ~ `~ - - ~, _ . a. ~ .~. ... ~~ ~ ate, a. /•; ,5 ~ -~ ~, L ~.~ i i+a. ._. ~'~.:a ~' . ~. .. ~1~ = soo'orort usa,al ~~' ~ iii ~, 1 ~.r:: t • ~^ :~ .~~ -.. a ice. ixtL fir{: ~ :::: ~ - _ _ r K t#*\~\..~,' ` ;, .. - fir'" t: ~~ ' ~ / . roi. ,~ei _ ~ may.'- ~'~ •: :' c~~..•i ~`\ SOO`t09l4 tAi~tyt .- ' r ~ .... ~ .- i, c~ t ;.{ C! ~r~' ,~ 4 _ ~ ~ ,+_ ... s,. • ~. .~, ~ _ 1 `i' t ~ 3 .< t ~ 'tv 4- ! f M . ~~c Il U U u v b ~ ~~~ ' pia. ~~'~• °~~ ~, of - ^?I, ..'i z I"I'1'~.+~ IAL f ~~ .T! ° ~~ { i M s'. 1 1 ~ ~ ••~ ~* -. i_ e ~ _ `~ /$~ n IQ ~ -~ .~ " ~»~ » i .1 . t~ ~, ~~~_ ~~. !~ i;; ~ ~~ '" 0 w~ ~~ Ji /1 I ~~~ ~ ~, ~`~ {- ____. ~~ a~ 1 N i ---~~ - ~4 1 ~~ ~ m i _~ / ' /,~ M~, ~XH~~T «B~~ Z. ~ ; U ~~Y ~ ~ ~y~~~ ~_ N n ~~ o~ ~< ~ m m z I K ~ ~ N n 7 a NW ~ J ~ a ~ ~~ ~~~`~~ f"" / ~~~ ~ ~~~ N N b ~ N ~ ~ N ~o { Y m t i G=l~ ~ ~ << ~ S d 1 m ~p~ w ~YVf dY~ ~~_ y,\`~ ti ~ ~ ' J ~ 1 ~~~~'~~~vib.~ ~'~'~VUL~ ((u~~~Il Ur ~~L~(~~`~.(U~~I~U~L('U~U U 1ln ~~.~U~iiUtlg U~~u A aYpNfq o~n.°.-y~c..op R ll+ ~~.A~A OA~"OF x~ ~~~~~ e~~x ~ o e x d~ ~ xxz ~ ~ x ~~ ~e ~ ~ ~~s~ ~~ ~ ~~~ z °° ~ a wi s s x ~ a: ci ci W !{~Y,~~ K ~~ _ ~ ~_ r Y d et ~~~ ~~ ~~o ~~ ~~t ~~ ~~ ~~ ~. ~° o~ ~ ~~~ _~ BOUNDARIES OF TAX INCREMENT REINVESTMENT ZONE NUMBER 2 -- ~~~ '_~i~ --- _, `~ ....... t -` y.r~r .L _ , ~~ ' ~,i ~~1 •~~~~ 1 •',tittit~ti Tax increment ReinvesCr,~ ' Zone I~ftanbez 1~ ,- L~ V~ ~Y^~ V'~ • SECTION 3: Proposed Improvements & Uses (J I~~`r jal n r~r~ia ~ ~~~~~,~ i~r~ `~~ ~.~ ~U~1D +r01~"v' ~~~~~M`~~1~~1~2~~y'1~ lr~o UU'~~G~~'~Wa ~LSi~o • • Proposed Improvements And Uses The Original TIFD Project As stated previously the Zone was created to support the development of the Speedway The use of TIFD increment in .support of the development of the Speedway will be as outlined in the Master Agreement between the City of Fort Worth and Texas Motor Speedway, Inc. ("TMS"). Per this agreement, the City of Fort Worth, through the Sport Authority, using TIFD increment will purchase the Speedway (Initial Improvements) over the 30-year life of the TIFD for a total price not to exceed $20 million. The ability of TMS to secure TIF increment for payment of the facility is outlined in the Master Agreement and rs directly tied to the contracting of Fort Worth and Fort Worth Minority and Women Owned Enterprises by TMS TIF increment not secured as payment for the purchase of the Speedway will be used for future improvements of the public facility and public infrastructure within the TIFD boundaries as outlined in the finance plan. A section outlining the TIFD Improvements and Uses associated with the expansion of the TIFD is found immediately following this segment describing the speedway development. The Speedway is a 1,200 acre development which is projected to include a 1.5 mile racing oval, seating for 150,000 spectators, 205 luxury suites, concessions, ticket booths, garage areas, souvenir facilities, hospitality tents, a kitchenlcatering facility, shower/restroom facilities, an on-site hospital, and other developments. The cost of the initial development of the Speedway is an estimated $110 million. TMS, a fully owned subsidiary of Speedway Motorsports, Inc will be responsible for financing all initial improvements. Exhibit B shows the proposed improvements and layout of the Speedway Initial Improvements The construction value of the initial improvements is approximately $110 million. Specific components of these improvements are identified on the attached site plan (see Exhibit C). At the heart of the Speedway is a 1.5 mile oval racing track with four 24 degree banked turns to accommodate both Indy car and stock car racing. The track will be partially surrounded by approximately 150,000 grandstand seats to be positioned along the "front straight" and in asemi-circular arrangement from a point approximately midway through "Turn 4", across the startlfinish line, to a point approximately midway through "Turn 1" as well as a portion in the center of the "back straight" Concession areas, ticket windows, and entrance gates will be constructed around the perirnet ~€,the marnova`I~ e u m~ i~~, t u.~ a ir~~~C~ro~n~ill'ti ~~~~~ ~"~~ G~~~°1G'~ • • Above the grandstands between turns 1 and 4 are 205 luxury suites. These air conditioned, fully furnished suites will offer dining facilities, restaurant style catering, large screen televisions and an excellent view of the race from a point high above the speedway These suites will be accessed via several elevator towers. The infield area (inside the 1.5-mile oval) includes a number of facilities. Auto garage facilities for race event preparation, an area for a tine mounting facility and a fueling station to be operated by Unocal. In addition to the "Winner's Circle", a small quarter (.25) mile track will accommodate "Legends Car" racing events. The infield also houses an onsite hospital for race contestants, and complete shower/restroom facilities. Finally, a "Road Course" (length to be determined) will support smaller club racing events and possibly International Motor Sports Association (IMSA) racing events as well as, possibly, Sports Car Club of America (SCCA) type racing events. The initial improvements will also include akitchen/catering facility, souvenir shops, and hospitality tents. A 10,000 square foot office building located adjacent to the facility, will be used primarily for administrative purposes. Construction of the initial improvements began in August of 1995, with the initial NASCAR race held at the Speedway in April 1997 Future Improvements Future improvements to the Speedway are being contemplated. However, the timing of these improvements is dependent upon a number of factors, primarily market conditions, race demands, and the presence of adequate transportation infrastructure. Project improvements that could occur on public facilities and infrastructure could include installation of as many as 100,000 additional grandstand seats to fully encircle the main oval, additional pazking facilities for the public, general upkeep of existing facility items worn over time; and additional public works infrastructure within the TIFD boundaries. Private investment and improvements which have been completed include corporate offices for TMS and private condominiums with views of the racetrack. A corporate office tower for the TMS and other tenants that offers view of the racetrack is currently under construction. Future private developments within the "Legends Car" manufacturing facility, (warehouse) and manufacturing facilities. TIFD may include additional office space, a and an industrial pazk mcl i ' triien_... u~~~~~ G'~Gu~© C~~u ~ ~~;~ ~'~I ° ~~~ ~~~ t~J~~'~Cr~ x • • Tax increment for the District is dependent on this private development, the TIF funds available for the purchase of the Speedway and upgrade of public facilities will be dependent on the cost and timeliness of these investments. The Expansion Projects The Speedway TIF District Expansion will support the development of necessary infrastructure for the Speedway TIF District and Speedway TIF District Expansion and to fund point use educational facilities as public improvements. The use of the Tax Increment Finance Distract increment (hereafter "TIFD increment") will be as outlined in (1) the Master Agreement and amendments thereto between the City of Fort Worth and Texas Motor Sports, Inc., (2) the participation agreement between the City of Fort Worth and Northwest ISD; and (3) the participation agreement and amendments thereto between the City of Fort Worth and Denton County TIFD increment generated from property located in the Speedway TIF District and contributed by the City of Fort Worth and Denton County for the purchase of the Texas Motor Speedway and future public improvements of the public facility and public infrastructure improvements will continue to be used as outlined in the original Finance Plan above. Per the participation agreement between the City of Fort Worth and Northwest ISD, the Northwest ISD TIFD increment generated from property located in the Speedway TIF Distract and Speedway TIF Distract Expansion will be used to pay for the project costs of the necessary infrastructure and joint use education facilities including costs of operation outlined in the Amended Financing Plan. In general, Northwest ISD will contribute 100% of its TIFD increment and will be reimbursed 66 Z/3% of its total contribution to pay for project costs of the educational facilities. The balance of the Northwest ISD funds contributed to the TIF District Fund, 33 `I3% of its total contribution, will be used to pay for project costs of infrastructure improvements m the TIF Distract. Educational Facilities The proposed projects for the Speedway TIF Distract Expansion include the construction and renovation of educational facilities located in the Northwest ISD tract and on an additional tract yet to be determined for the construction of the Automotive Training Complex. The educational facilities will be jointly used by Northwest ISD and the City of Fort Worth in accordance with the terms of their TIF District participation agreement. The educational facilities include (1) an athletic complex with a football stadium, coliseum, natatonum, baseball, softball and track facilities, tennis center, multi-purpose building (basketball, gymnastics, wrestling), and related infrastructure; (2) an automotive training complex, (3) additions and renovations/remodeling of the Northwest ISD Core Campus facilities and (4) New schools as outlined in the _~.2..Amended..F.~ ancmg UUa VV~'~'C`U~q V`~~a i • Plan. The cost of projects that include educational facilities, including cost of operation, is an estimated $ 253 milliori: The financing for the project costs of the educational facilities will be the responsibility of Northwest Independent School District. TIFD increment will be used as a portion of the overall financing of the total projects costs outlined in this section and in the Amended Financing Plan "Section 2, Description of Project Improvements" The portion of TIFD increment to be used to finance these improvements will be the 66 z/3% of the NISD increment deposited into the TIFD fund and reimbursed to NISD in accordance with the participation agreement between the City of Fort Worth and NISD Infrastructure and Other (Non-educational facility) Public Improvements The proposed Speedway TIF District Expansion further provides for infrastructure improvements that include (1) transportation improvements to State Highway 114 and State Highway 156, Interstate Highway 35W, frontage roads, feeder roads, access roads, and artenal streets and other public roads and streets within the TIF reinvestment zone, (2) drainage work as required, (3) additional traffic related signs and signalization, and (4) other public improvements in the TIF reinvestment zone as may be approved by the Board and the Fort Worth City Council. A hstmg of projects can be found in the Amended Financing Plan "Section 2, Description of Project Improvements" Initial Improvements Beechwood Tract The estimated construction value of proposed private improvements in the Beechwood tract and from which TIFD increment will be generated to fund a portion of the project costs is $50,000,000 The 1999 tax increment base for the Beechwood 281 872-acre tract is $8,174,288 Private investments and improvements include a Westin 300-room hotel and Greg Norman designed golf-course with private access roads and related infrastructure. In addition to generating TIFD increment to fund a portion of the project costs, the Beechwood improvements will be the first combination hotel/golf-course resort in Fort Worth. The 250,000 square foot hotel will include a conference center, ballrooms, health club, retail sites, and full-service restaurant. The improvements are designed to service the needs of Texas Motor Speedway and golf course patrons, as well as promote the development of the Fort Worth site and surrounding area as one of the country's premier recreational, business, residential, and retail sites. Future Improvements Future improvements on the Beechwood tract could include an office and retail development adjacent to the proposed Westin Hotel. Tlus development could include pad sites for both restaurant arid retail merchants. Additionally, future plans call for an ~~ upscale 350-unit apartment community to provide residential pr du~t~t9~tle i~~zrea^,r,r, ~l~ ~~~r-~i~Jg ~~~o ~IBIT "C" a)/~ ~*~""'. •~ h 1 M ~ s ~~' ~ a R g ~ n Oe • ~+ a !I ~~ }V) •• . y ca ab 6 a ~.. •~ ~ ~ ~! J~~ a ~ ' ~, ~ d ~a A b ; ~ •~ C+• ' ~ ~' N1 ,7 • t (I' w q ~, {j 4 ~ p ~ ,~Oe r L ~f^~~ q ~~ ~4 \ 9 ~ 4 A ao ~,_J ~'~ ~ a /~~~,~ n' ~ ° `gib. v ~ ~ ~ ~y s S 2 n'F fffAAA~~~ , ' A x ~ ~ ~ , s `S ,. ~ - ' ~ ` ? ~' 1 L_,- , ~' I ~~ i - --- - .. ``~ a= Q"~1r r4 ~ ! ~ Nr' !. Q i) _ ~ ~ -^` 'i S L O • o _.. a ~'~" ~ _ ~~ _ 4 ~,jr , , .... ~ ~ ~C`.. is •_ _~- b p;; ~~,3 ' --- ,~--~-~r L1a { ~ r--^ 4SX ~ ~ A //// ~ ~' ~.. t ~ ~~ ~~ I"C a %! ' m ~'~ .~a `_ 4 mr t ~ :.Q m ~l~ ',I~~,~,~;~A ~I~l~o r- C SECTION 4: Non-Project Costs ~~ Oil ~~ ~~'~~ `~~G°~~~"~~_G'1~ r, ,~~' cry ~q U~W ~~; ~~~: C kJ~\:/J: ~ • • Non-Project Costs The Speedway when completed will be the second lazgest sporting venue in the United States. In support of the initial development of the Texas Motor Speedway, the City of Fort Worth provided financial support for two public works projects. The City of Fort Worth financed the building of a ring road that will encircle the speedway This road will be a traffic feeder to provide visitors easy access between interstate and state highways and the venue. This road will also provide an approximate boundary line for the TIFD The City of Fort Worth expended approximately $4 1 million, or 58% of the cost to construct the ring road. The second public works project which is not part of the original TIFD project cost is the extension of water and wastewater lines to serve the development. The City of Fort Worth spent approximately $4 0 million to provide water and wastewater service to the Speedway The extension of these lines will open a large area to new development not previously served by water and wastewater No non-project public improvements to be born by the City of Fort Worth is expected in the expanded TIFD area. ~r~~'U' ~~~'~ ~`~'~ U.~a~1'\11~ ~~9 U~h\:J'~~f~UU$ ~~U~19 I~ SECTION 5: Relocation Plan ~r 61~'Ur ~"~`'~; G` `"'~'~G'11 ~~o ~r~~~~~~~~~~~ ~~~. .. Relocation Plan As set forth in Section 311 011 in the Tax Increment Financing Act of the Tax Code, the Project Plan for the Fort Worth, Texas Reinvestment Zone Number Two must include the following element: A statement of a method of relocating persons to be displaced as a result of implementing the plan. The project plan anticipates that there will be no residences or businesses existing in the project development azea of the reinvestment zone when development activities commence. If actions by the TIF result in relocation of any persons, the Residential Anti-displacement and Relocation Assistance Plan for the City of Fort Worth will govern their relocation. While the need for relocation is not envisioned during the term of the TIFD, relocation of individuals was necessary m acquiring property for the development of the Speedway The costs associated with the relocation of property owners are the obligation of the TIFD and aze included m the purchase pnce to be paid by the TIFD '~a BCD v~~j~~91r'~:,~r~r~~~~~`~~,`,~7n C~II Ur Ji~`~~Sl:~il~~'~UPc Il ~~o ~~~'~`~Y~s ~~~o Fort Worth Tax Increment Finance District Number 2. Project Plan 'r ~ { 4~` ~`'' ~- • • FORT WORTH, TEXAS REINVESTMENT ZONE, NUMBER TWO FINANCING DISTRICT (SPEEDWAY TIF DISTRICT). AMENDED FINANCING PLAN JULY, 1999 ~'~~~~'~ ~l~l~ ~ G'~'~UG°""~ ~01~'U~ ~~~VG~~~ !~ ~~~ X70 ~~,,C~~o ~~~o • 5E~~I`IfJN 1: Economic Impact V~u pU ~~r~~=~,,~ ~~~~c~~~JN:IJ v~ ~~q o h . • • I ECONOMIC IMPACT A. Increased Tourism and Entertainment Related Business 1. Texas Motar Speedway Auto racing, particularly stock car racing, is the lazgest growing spectator sport in America according to recent newspaper and magazine publications (such as Forbes and Sports Illustrated) Communities, which aze home to large super speedways, have, in the past, experienced sigmficant increases in tourist and entertainment related business. Past studies have shown that, unlike fans that attend games between professional sports teams, 45% of fans attending a mayor racing event aze from outside the Host City's metropolitan azea. TMS has confirmed that its recent experience substantiates this data. Experience in other parts of the United States has established that fans reserve rooms in local motels and hotels, eat in local restaurants, make purchase from local retailers, and frequent other entertainment venues. A study commissioned by the Chazlotte Convention and Visitor's Bureau, Charlotte, North Cazolina, found that out of town fans attending racing events at the Charlotte Motor Speedway contribute $200 million to the local community annually By way of comparison, the study determined that the Cazolina Panthers (NFL) and Charlotte Hornets (NBA) contribute a combined $110 million annually (This study was based on an estimate of direct spending by race fans and did not include any estimates based on "multiplier effects") 5250,000,000 52oo,oao,ooo 5150,000,000 5100,000,000 550,000,000 50 Hornets (NBA) ^Panthers (NFL). ^Speedway (Note The calculation for the Carolina Panthers is an estimate of the economic impact of an NFL franchise on the Chazlotte area based on economic impact of NFL franchises in other cities. The Carolina Panthe s~~CUrre l ; ;pla"in outside the Charlotte area.) L~~~~~G~~c1 ~ ~`_~~~L'~ °~~ U lea UU~~;i,9~'Up~~ 1I~7G11b Annual Economic Impact Comparison Charlotte, N.C. • 2. Beechwood Developments As a further boost to the tourism and recreation sectors of the area economy, the planned development of a 300-plus room Westin Conference Hotel and a Greg Norman designed golf course will add to the amenities available. These developments add to azea additional products that make the overall TIFD a destination for tourists and entertainment seekers. The conference hotel could make this a convention destination. B. Increased Tax Base It is anticipated that there will be a substantial increase m taxable real property as a result of the Speedway and Beechwood developments. This increase in taxable real property within the TIFD will be the basis on which tax increment will be derived. It is estimated that this increase could reach over $270 million by the end of the TIFD term. (Over $120 million from the TMS development and over $150 million from the Beechwood devel'opment.) As a result of this increase in taxable real property, the City of Fort Worth and Denton County, which are not contributing increment in the expanded azeas of the TIFD, could receive over $45 million in estimated tax revenue directly from private developments within the expanded TIFD area over the 30-year period (Tables 1 & 2) In addition to the real property improvements that will comprise the Speedway and Beechwood developments, it is anticipated that the approximately $6 million in taxable personal property (equipment, inventory & supplies) will be added to the local tax base. Combined tax revenues levied on this personal property annually aze estimated.to average approximately $105,820 (Table 3). It is anticipated that the area immediately adjacent to the TIFD and surrounding property will experience new development once the Speedway, the hotel and golf course are operational. Potential development includes. Gas stations, convenience stores, discount retail chains, restaurants, hotels, motels, automotive service centers, automotive supply (parts) stores, grocery stores, fast food chains, distribution operations and light industrial and office developments. In addition, certain automotive related industries are attracted to speedway sites. Tire and wheel manufacturers, engine and transmission design and manufacturing firms, automotive and motorcycle testing operations, and automotive restoration specialists would benefit from being located in close proximity to the Speedway As a direct result of the events to be held at the Texas Motor Speedway, a large impact will be felt in the local sales tax revenues. The City of Fort Worth receives sales tax revenue for both its General Fund arid~ Cfn~me (Cron (~ d ~~V~~V`.~dir ~~~ U`~ISLU L~U ~~, ~~~~~ ~~'~~~ ~~a 1, . • Prevention Fund and The Transportation Authority ("The T"). An estimate of the amount of sales tax to be generated can be found on Table 4 Beyond the direct tax base impact from the investment involved in the construction of the facilities at both the Texas Motor Speedway and in the Beechwood development, the tax bases of all local taxing jurisdictions will receive induect benefits associated with infrastructure improvements and investments in educational facilities detailed in the Project Plan. These benefits are multiple. First is the rise in value of property when improvements are made to the infrastructure in a community With a better road and drainage system access to property becomes more readily available which in turn makes the property more desired by developers. Secondly, improvements and investment in educational facilities generally tend to lead to a better overall educational system. As a consequence of this, it is anticipated that an increase in residential development will occur in the area. Individuals and families are often attracted to school districts that are well regarded. Northwest ISD encompasses areas that are currently not developed. A strengthening of the school system could accelerate residential development in these areas adding wealth to the tax base of Northwest ISD C. Employment Opportunities In addition to hundreds of fobs created during construction of the Speedway, hotel and golf course, the total operations of the three combined developments may employ up to 350 persons on a full time basis. During race events, as many as 6,000 persons v~nll be hired as parking attendants, concession and catering attendants, program and souvenir salespersons, ticket takers, security personnel, and many other tasks. In addition to employment at the Speedway, hotel and golf course additional employment opportunities will be generated due to increased usage of related tourism and entertainment businesses that locate in the area. Furthermore, it is anticipated that overnight express delivery services such as Federal Express will also have fully staffed facilities at the Speedway Medical. personnel will be needed to staff the Speedway's on site hospital facility D. Fund Raising Opportunities Local civic, religious, and educational organizations will have the opportunity to raise funds by selling programs, working m concessions, or other race day activities. At other SMI facilities these types of organizations have been able to raise substantial sums of money during race events: ~~~~~ ~~GJ~ G~~rcuG°?D .~~. • E. Vocational and Internship Opportunities Students will have numerous opportunities for vocational and internship training. TMS and Speedway Motorsports, Inc. employ a number of persons who began as interns at other speedways located throughout the country Additionally, the inclusion of Northwest ISD in the TIFD can lead to a variety of partnerships between azea developments and the school district involving vocational students and possible internships. F, Regional Economic lmpacf A thorough assessment of the economic impact of the Texas Motor Speedway was conducted by the University of North Texas' Center for Economic Development and Research was completed in 1996 and can be found in Appendix "A" u~~~~~~~~~ "~~u~D-- ~Q~~ ~~~~u~'~~G~~ ~~ ~~`G~~°~~9 ~C~~a Table 1 Expanded TIF Area Property Tax Impact Projections City of Fort Worth For the Years 2000-2025 ASSUMPTIONS. 1 TIF Base Appraised Value: $8,174,288 2. Tax Rate of Northwest lSD (assumes 100% tax increment contribution) 1998 Tax Rate 0 8975 Appreciation Factor Year Existing Appraised Value Appraised Total Value New Appraised Value Taxes Generated 0 00% 2000 $ 8,174.,288 $ 10,174,288 $ 2,000,000 $ 17,950 100% 2001 $ 8,174,2$8 $ 37,276,031 $ 29,101,743 $ 261,188 1 00% 2002 $ 8,174,288 66,648,791 $ 58,474,503 $ 524,809 2.00% 2003 $ 8,174,288 $ 97,981,767 $ 89,807,479 $ $06,022 2.00% 2004 $ 8,174,288 $ 129,941,402 $ 121,767,114 $ 1,092,860 2.50% 2005 $ 8,174,288 $ 133,189,937 $ 125,015,649 $ 1,122,015 2.50% 2006 $ 8,174,288 $ 136,519,686 $ 128,345,398 $ 1,151,900 2.50% 2007 $ 8,174,288 $ 139,932,678 $ 131,758,390 $ 1,182,532 2.50°l0 2008 $ 8,174,288 $ 143,430,995 $ 135,256,707 $ 1,213,929 2.50°l0 2009 $ 8,174,288 $ 147,016,770 $ 138,842,482. $ 1,246,111 3.00% 2010 $ 8,174,288 $ 151,427,273 $ 143,252,985 $ 1,285,696 3 00% 2011 $ 8,174,288 $ 155,970,091 $ 147,795,803 $ 1,326,467 3 00% 2012 $ 8,174,288 $ 160,649,194 $ 152,474,906 $ 1,368,462 3 00% 2013 $ 8,174,288 $ 165,468,670 $ 157,294,382 $ 1,411,717 3 00% 2014 $ 8,174,288 $ 170,432,730 $ 162,258,442 $ 1,456,270 3 00% 2015 $ 8,174,288 $ 175,545,712 $ 167,371,424 $ 1,502,159 350% 2016 $ 8,174,288 $ 181,689,812 $ 173,515,524 $ 1,557,302 3 50% 2017 $ 8,174,288 $ 188,048,955 $ 179,874,667 $ 1,614,375 3 'S0% 2018 $ 8,174,288 $ 194,630,668 $ 186,456,380 $ 1,673,446 3 50% 2019 $ 8,174,288 $ 201,442,742 $ 193,26$,454 $ 1,734,584 3.50% 2020 $ 8,174,288 $ 208,493,238 $ 200,318,950 $ 1,797,863 4 00% 2021 $ 8,174,288 $ 216,832,967 $ 208,658,679 $ 1,872,71 Z 4 00% 2022 $ 8,174,28$ $ 225,506,286 $ 217,331,998 $ 1,950,555 4 00% 2023 $ 8,174,288 $ 234,526,537 $ 226,352,249 $ 2,031,511 4 00% 2024 $ 8,174,288 $ 243,907,599 $ 235,733,311 $ 2,115,706 4 00% 2025 $ $,174,288 $ 253,663,903 $ 248,913,903 $ 2,234,002 Total T1F Incremented Ge e`i;~teftl/~;$ ~~'~i1,3~~!~'Sp 143 CQ`~~` ~~~ ~s~~° G~~ ~~~ ~~~~ ~;,~~p ~i~o ,~..~,~ Table 2 Expanded TlF Area Property Tax Impact Projections Denton County Far the Years 2000-2025 ASSUMPTIONS: 1 TlF Base Appraised Value. $8,174,288 2. Tax Rate of Northwest ISD (assumes 100% tax increment contribution) 1998 Tax Rate 0.2559 • Appreciation Factor Year Existing Appraised Value Appraised Total Value New Appraised Value Taxes Generated 0 00% 2000 $ 8,174,288 $ 10,174,288 $ 2,000,000 $ 5,118 100% 2001 $ 8,174,288 $ 37,276,031 $ 29,101,743 $ 74,471 100% 2002 $ 8,174,288 66,648,791 $ 58,474,503 $ 149,636 2.00% 2003 $ 8,174,288 , $ 97,981,767 $ 89,807,479 $ 229,817 2.00% 2004 $ 8,174,2.88 $ 129,941,402 $ 121,767,114 $ 311,602 2.50% 2005 $ 8,174,288 $ 133,189,937 $ 125,015,649 $ 319,915 2.50% 2006 $ 8,174,288 $ 136,519,686 $ 128,345,398 $ 328,436 2.50°!0 2007 $ 8,174,288 $ 139,932,678 $ 131,758,390 $ 337,170 2.50°l0 2008 $ 8,174,288 $ 143,430,995 $ 135,256,707 $ 346,122 2.50°!0 2009 $ 8,174,288 $ 147,016,770 $ 138,842,482 $ 355,298 3 DO% 2010 $ 8,174,288 $ 151,427,273 $ 143,252,985 $ 366,5$4 3 00% 2011 $ 8,174,288 $ 155,970,091 $ 147,795,803 $ 37$,209 3 00% 2012 $ 8,174,288 $ 160,649,194 $ 152,474,906 $ 390,1$3 3 00% 2013 $ 8,174,288 $ 165,468,670 $ 157,294,382 $ 402,516 3 00% 2014 $ 8,174,288 $ 170,432,730 $ 162,258,442 $ 415,219 3 00% 2015 $ 8,174,288 $ 175,545,712 $ 167,371,424 $ 428,303 3 50% 2016 $ 8,174,288 $ 181,689,812 $ 173,515,524 $ 444,026 3 50°l0 2017 $ 8,174,288 $ 188,048,955 $ 179,874,667 $ 460,299 3.50% 2018 $ 8,174,288 $ 194,630,668 $ 1$6,456,3$0 $ 477,142 3 50% 2019 $ 8,174,288 $ 201,442,742 $ 193,268,454 $ 494,574 3 50% 2020 $ 8,174,288 $ ' 208,493,238 $ 200,318,950 $ 512.,616 4 00% 2021 $ 8,174,288 $ 216,832,967 $ 208,658,679 $ 533,958 4 00% 2022 $ 8,174.,288 $ 225,506,286 $ 217,331,998 $ 556,153 4 00% 2023 $ 8,174,288 $ 234,526,537 $ 226,352,249 $ 579,235 4 00% 2024 $ 8,174,288 $ 243,907,599 $ 235,733,311 $ 603,242 4 00°!0 2025 $ 8,174,288 $ 253,663,903 $ 248,913,903 $ 636,971 Total T1F Incremented Gen d~---~____ 10 136,817 '~~1~U~lfv ~~~d G"~~~~~D ~v7ry/O~V~~)ry/~~rC~~~: G~~~'~pD~1~ Amended TIED: TABLE 3 • Economic Impact: Personal Property Tax Revenue Projections For the Years 1996-2025 ASSUMPT{ON. 1 Appraised Value of Speedway Personal Property=$6 million by year 2000 Personal TAX REVENUES Factor Year Value Fort Worth County LSD 0 1996 $ 3,000,000 $ 27,750 $ 7,677 $ 47,664 0 1997 $ 3,000,000 $ 26,925 $ 7,677 $ 47,664. 0 01 1998 $ 3,030,000 $ 27,194 $ 7,754 $ 48,141 0 01 1999 $ 3,060,300 $ 27,466 $ 7,831 $ 48,622 0 01 2000 $ 6,090,903 $ 54,666 $ 15,587 $ 96,772 0 01 2001 $ 6,151,812 $ 55,213 $ 15,742 $ 97,740 0 01 2002 $ 6,213,330 $ 55,765 $ 15,900 $ 98,717 0 01 2003 $ 6,275,463 $ 56,322 $ 16,059 $ 99,705 0 01 2004 $ 6,338,218 $ 56,886 $ 16,220 $ 100,702 0 01 2005 $ 6,401,600 $ 57,454 $ 16,382 $ 101,709 0 015 2006 $ 6,497,624 $ 58,316 $ 16,627 $ 103,234 0 015 2007 $ 6,595,089 $ 59,191 $ 16,877 $ 104,783 0 015 2008 $ 6,694,015 $ 60,079 $ 17,130 $ 106,355 0 015 2009 $ 6,794,425 $ 60,980 $ 17,387 $ 107,950 0 015 2010 $ 6,896,342 $ 61,$95 $ 17,648 $ 109,569 0 015 2011 $ 6,999,787 $ 62,823 $ 17,912 $ 111,213 0 015 2012 $ 7,104,783 $ 63,765 $ 18,181 $ 112,881 0 015 2013 $ 7,211,355 $ 64,722 $ 18,454 $ 114,574 0 015 2014 $ 7,319,526 $ 65,693 $ 18,731 $ 116,293 0 015 2015 $ 7,429,318 $ 66,678 $ 19,012 $ 118,037 0 015 2016 $ 7,540,758 $ 67,678 $ 19,297 $ 119,808 0 015 2017 $ 7,653,870 $ 68,693 $ 19,586 $ 121,605 0 015 2018 $ 7,768,678 $ 69,724 $ 19,880 $ 123,429 0 015 2019 $ 7,885,208 $ 70,770 $ 20,178 $ 125,280 0 015 2020 $ 8,003,486 $ 71,831 $ 20,481 $ 127,159 0 015 2021 $ 8,123,538 $ 72,909 $ 20,788 $ 129,067 0 015 2022 $ 8,245,391 $ 74,002 $ 21,100 $ 131,003 0 015 2023 $ 8,369,072 $ 75,112 $ 21,416 $ 132,968 0 015 2024 $ 8,494,608 $ 76,239 $ 21,738 $ 134,962 0 015 2025 $ 8,622,027 77,382.70 22,063 77 $ 136,987 (Total Revenues $1,794,124 $ 511,315 $3,174,590 ~ Average Revenues $ 59,8.0~°"~$-~1a~4~4- ~-a.Q5,820 I ~~a ~~~}~c-~~~~ ~~~o • C~ TABLE 4 Amended T/FD: Economic impact: Taxable Sales Projections For the Years 1996-2025 Appreciation Factor Year Total Estimated Taxable Sales Projected Sales Tax City Projected Sales Tax Crime Dist. Projected Sales Tax Transportaion 0 1996 $ 26,400,000 $ 264,000 $ 132,000 $ 132,000 0 1997 $ 26,400,000 $ 264,000 $ 132,000 $ 132,000 0 01 1998 $ 26,664,000 $ 266,640 $ 133,320 $ 133,320 0 01 1999 $ 26,930,640 $ 269,306 $ 134,653 $ 134,653 0 01 2000 $ 27,199,946 $ 271,999 $ 136,000 $ 136,000 0 01 2001 $ 27,471,946 $ 274,719 $ 137,360. $ 137,360 0 01 2002 $ 27,746,665 $ 277,467 $ 138,733 $ 138,733 0 01 2003 $ 28, 024,132 $ 280,241 $ 140,121 $ 140,121 0 01 2004 $ 28,304,373 $ 283,044 $ 141,522 $ 141,522 0 015 2005 $ 28,728,939 $ 287,289 $ 143,645 $ 143,645 0 015 2006 $ 29,159,873 $ 291,599 $ 145,799 $ 145,799 0 015 2007 $ 29,597,271 $ 295,973 $ 147,986 $ 147,986 0 015 2008 $ 30,041,230 $ 300,412 $ 150,206 $ 150,206 0 015 2009 $ 30,491,849 $ 304,918 $ 152,459 $ 152,459 0 015 2010 $ 30,949,226 $ 309,492 $ 154,746 $ 154,746 0 015 2011 $ 31,413,465 $ 314,135 $ 157,067 $ 157,067 0 015 2012 $ 31,884,667 $ 318,847 $ 159,423 $ 159,423 0 015 2013 $ 32,362,937 $ 323,629 $ 161,815 $ 161,815 0 015 2014 $ 32,848,381 $ 328,484 $ 164,242 $ 164,242 0 015 2015 $ 33,341,106. $ 333,411 $ 166,706 $ 166,706 0 015 2016 $ 33,841,223 $ 338,412 $ 169,206 $ 169,206 0 015 2017 $ 34,348,841 $ 343,488 $ 171,744 $ 171,744 0 015 2018 $ 34,864,074 $ 348,641 $ 174,320 $ 174,320 0 015 2019 $ 35,387,035 $ 353,870 $ 176,935 $ 176,935 0 015 2020 $ 35,917,841 $ 359,178 $ 179,589 $ 179,589 0 015 2021 $ 36,456,608 $ 364,566 $ 182,283 $ 182,283 0 015 2022 $ 37,003,457 $ 370,035 $ 185,017 . $ 185,017 0 015 2023 $ 37,558,509 $ 375,585 $ 187,793 $ 187,793 0 015 2024 $ 38,121,887 $ 381,219 $ 190,609 $ 190,609 0 015 2025 $ 38,693,715 $ 386,937 $ 193,469 $ 193,469 Total $ 9,481,538 $ 4,740,769 $ 4,740,769 "~~~~G~ ~[~ G~~~to~~D ~~a~U ~~~~GQ~~G'~ ~v~ `~~G'~~le ~~~a • SECTION 2: Description of • Project Improvements ~~(~~~~0~~~ G'~~uG?D ~~a ~~"~~G'~~9 ~~3a CJ L J I1. DESCRIPTION OF PROJECT IMPROVEMENTS A. Initial Speedway Improvements The uutial improvements constituting the project will be development and purchase of the Speedway The Speedway is a 1,200 acre development including a 1.5 mile racing oval, seating for 150,000 spectators, 205 luxury suites, concessions, ticket booths, garage areas, souvenir facilities, hospitality tents, a kitchen catering facility, showerlrestroom facilities, an on-site hospital, .and other developments. The construction value of these improvements is described below Texas Motor Speedway Cost to Build ($ in millions) Land $10 Site Work 12 Track, Walls, Fences 20 Restrooms, Offices, Concessions, T icket Booths 20 Number of Seats 150,000 Estimated Cost per Seat 200 Total Grandstand 30 Number of Suites 205 Estimated Cost per Suite 90 000 Total Suites 18 TOTAL $110 6. Future Speedway Improvements Market conditions, race demands, and the need to upgrade facilities and infrastructure within the TIFD will determine future project improvements. Project improvements that could occur on public facilities and infrastructure could include installation of as many as 100,000 additional grandstand seats to fully encircle the main oval, additional parking facilities for the public; general upkeep of existing facility items worn over time; and additional public works infrastructure within the TIFD boundaries. C. Educational Facilities Improvements The educational facilities in the expansion project will be the following: (1) an athletic complex with a football stadium, coliseum, natatorium, baseball, softball and track facilities, tennis center, multi-purpose building (basketball, gymnastics, wrestling), and related infrastructure; (2) an automotive training complex; (3) additions and renovations/remodeling of the Northwest ISD Core Campus facilities and (4) new schools planned within the TIFD area. These projects to the extent possible, shall be financed by the 66 Z/3% increme~~t~~~ ,pos~'t~l~y~ ~t!e ~ C.~Me U~C~~1a .~ • Northwest ISD in the TIFD fund and reimbursed to NISD in accordance with the participation agreement between the city of Fort Worth and NISD The balance of any projects shall be financed by Northwest ISD with revenue other than TIFD funds. Specific components of these improvements and the costs of operating the educational facilities are described below 1. Core Campus Additions and Remodeling (approximate square feet, "SF,") Administrative More Offices (20,000 SF) $ 3,000,000 Redo Roofs (65,000 SF) $ 500,000. Maintenance Warehouse; Offices; $ 6,000,000 Demo Existing 50,000 SF Service Center Lazge Meeting; Small Meeting; $ 3,750,000 Kitchen (25,000 SF) Weight Room Boys & Girls Weight $ 1,800,000 12,040 SF Bus Barn Expansion 5000 SF $ 750,000 Addition to Middle School Gym (9,074 SF} $ 1,959,984 Class Rooms (13) $ 1,788,998. (16,616 SF) Weight Room Addition to Intermediate School Class Rooms (12) $ 1,454,112. (11,880 SF) 9th Grade Center New Floors $ 1,500,000 Science Labs $ 600,000 Sewing/Cooking $ 2,100,000 (14,000 SF) Connector Link $ 300,000 AG Barn Relocate Barn & Expand $ 4,500,000 (100,000 SF) Demo Existing Vocational Building Shops, Offices $ 5,000,000 Performing Arts New Orchestra Room $ 700,000. (3,000 SF} Tech Center High Tech Class Rooms/Labs $ 5,000,000 Offices High School Total Renovation (220,000 SF) $ 16,500,000 200 Student Addition (40,000 SF) $ 6,000,000. Site New Road $ 1,500,000 Parking @ Existing F.B. $ 1,400,000 Parking @ FB 14 $ 900,000 Expand Bus Lot -2,dA0,AAA BaseballlSoftball Parking ^,,~52 ~~~~~R~~ ~ ~L J ~~D U' 7 1~ ~ ll ~ ~'~~~. ~~~GilU1~ International Student Center TOTAL 2. Athletic Complex Football Coliseum Natatorium Baseball Softball Track Concession/Restroom Pavilion Tennis Center Multi-Purpose Building Site Development Light Fields Clean & Landsca~e behind 9`s Add Pazking at 9 & New Ag Barn Add Pazking at 9`~ & Arts Pazking Pave Band Practice Expand H.S. Pazking (Double) Demo Septic Tank Clean-up Northeast Corner Site Development -Landscaping Montessori - K thru 12 700 Students (60,000 SF) 15,000 Seats -Concrete Bleachers; Concessions; Toilets; Locker Rooms; Ticket Buildings; No Track Press Box 7500 Seats -Concessions; Toilets; Locker Rooms (100,000 SF) 12 Lanes - 25 Meters; Diving Area, 1000 Seats; Lockers; Toilets; Concessions (40,000 SF) S00 Seats @ $125/Seat; Fully Drained Field; Press Box; Lights; Dugouts 500 Seats @ $125/Seat; Fully Drained Field; Press Box; Lights; Dugouts 1000 Seats @ $125/Seat; Press Box; Scoreboazd; Lights Shared by Others 8 Courts; 400 Seats @ $125/Seat; Lights BasketbalUGymnastic/Wrestling, Etc. 1200 Seats; Concessions; Restrooms (40,000 SF) Parking (3750 Spaces) Drainage; Fencing TOTAL 3. Automotive Training Complex Land - 20 Acres $ 1,250,000 $ 1,500,000. $ 300,000. $ 500,000. $ 250,000 $ 1,000,000 $ 200,000 $ 1,500,000. $ 3,000,000. $ 13,500,000 $ 92,583,094 $ 30,000,000 $ 30,000,000 $ 12,000,000 $ 2,225,000 $ 2,225,000 $ 2,500,000 $ 750,000 $ 1,800,000 $ 7,500,000 $ 18,000,000 $107,000,000 .~.~- U lac U~ ~.E~~'U~q ~L'~[No • Site Development $ 1,200,000. Building (10,000 SF) $ 1,500,000. TOTAL $ 3,200,000. **For a detailed description of the centerpiece for the Automotive Training Complex, see F,xhibit "A", "Northwest ISDlCity of Fort Worth Regional Automotive Technology School. 4. New School Sites Land for New Schools $ 1,000,000. 5. Infrastructure Improvements Completion of Texan Drive to State Highway 114 $ 350,000 Construction of water piping system, water lines and fire protection $ 407,550 from State Highway 156 to and through all 114/156 Complex campuses and Administration Center Construct sewer system to attach 114/156 Complex buildings to $ 249,372 City of Fort Worth sewer system TOTAL $ 1,006,922, 6. Costs of Operation Core Campus Additions and Remodeling $ 20,000,000 Athletic Complex $ .10,000,000 Automotive Training Complex $ 10,000,000. New.School Sites $ 10,000,000 TOTAL $ 50,000,000 TOTALS FOR EDUCATIONAL FACILITIES AND COST OF OPERATION Core Campus Additions and Remodeling $ 92,583,094 Athletic Complex $107,000,000 Automotive Training Complex $ 3,200,000 New School Sites $ 1,000,000 Infrastructure Improvements $ 1,006,922. Cost of Operation $ 50,000,000 GRAND TOTAL. $254,790,016. `^ _^ _. irC~~u~ ~r~~~~1~1' ~'~ ~~n ~~~~ c~~~ ~~o .~ • D. Public Improvements and Infrastructure 1. Local Match for State Highway Projects Expansion of Highway 156 Interchange Improvements at Highway 156 and Highway 114 Access ramps to I35W Exit ramps to I35W Purchase ofRight-of--way for projects TOTAL 2. Construction of Arterial Streets and Roads Construction of additional streets within TMS development Construction of new arterial streets in expanded TIFD (Beechwood area) TOTAL 3. Improvements to Current Arterial Streets and Roads Improvements to arterial streets within the TMS development TOTAL 4. Additional and Improved Signage Improvements to current signage within the TMS development Additional signage throughout the TIFD TOTAL 5. Drainage Improvements and Infrastructure Drainage and Infrastructure Improvements TOTAL 6. Improvements to the TMS Development Public Improvements on the TMS Development TOTAL $ 1,000,000 $ 1,000,000 $ 2,250,000 $ 2,250,000 $ 1,000,000 $ 7,500,000 $ 4,000,000 $ 2,500,000 $ 6,500,000 $ 3,500,000 $ 3,500,000 $ 1,500,000 $ 4,000,000 $ 5,500,000 $12,140,385 $12,140,385 $ 9,000,000 y,000,UU.U ~~L ~Ct~v~IG`u~~ U~:~~uif~,o t~ G~~;~ ~"~~~ ~~'~° G?l~ ~~n ~rJ~~~ "~~s ~C~~n • TOTALS FOR PUBLIC INFRASTRTJCTURE AND IMPROVEMENTS: Local Match for State Highway Projects $ 7,500,000. Construction of Arterial Streets and Roads $ 6,500,000. Improvements to Current Arterial Streets and Roads $ 3,500,000 Additional and Improved Signage $ 5,500,000. Drainage Improvements and Infrastructure $ 12,140,385 Improvements to the TMS Development $ 10,000,000. GRAND TOTAL. $ 44,140,385. ~r0~V'' ~~~~:~G?~~~d G'1~ X40 ~~~~'~~~~ ~~~9 EXHIBIT "A" NORTHWEST ISD/ CITY OF FORT WORTH REGIONAL AUTOMOTIVE TECHNOLOGY SCHOOL The Northwest ISD/City of Fort Worth Regional Automotive Technology School will serve the automotive technology job training needs of students from Northwest ISD, and other school districts, colleges and vocational education providers. The educational facility will be jointly used by Northwest ISD and the City of Fort Worth under the terms set forth in their TIF District participation agreement. The educational services provided will enhance the training and qualifications of students seeking job opportunities from employers like Texas Motor Speedway, Inc, and automotive manufacturers and service providers that locate in and around the Speedway TIF District and Speedway TIF District expansion. 1 The facility /program will be regional in scope, serving Northwest ISD students with placement available for students from partnering districts as well. 2 Community College /Junior College /Technical Trade School academic credit and High School credit should be available concurrently for those students earning competencies at this facility Instructional activities should be designed to promote the goals of the program. 3 Learning resources and support materials should be available to staff and students. Curriculum focus should incorporate the National Automotive Technicians Education Foundation, Inc. (NATEF) certification plan and gain certification in at least the four (4) underlined required areas of those listed below AUTOMOBILE TRAINING PROGRAMS Brakes Automatic Transmission and Transaxle Electrical I Electronic Systems Engine Repair Engine Performance Heating and Air Conditioning Suspension and Steenn~ Manual Drive Train and Axles COLLISION REPAIR & REFINISH TRAINING PROGRAMS: Structural Analysis and Damage Repair plus at least two of the following• Non-structural Analysis and Damage Repair Plastics and Adhesives Mechanical and Electrical Components Painting and Refinishing Secure an instructional staff possessing the technical competency, which meets all state and local requirements as well as the desired certifications required to give, instruction in keeping with NATEF standards. _ _.__ u ~ U ilr G~~l~~~'.', UaL5 U.~~1 }v U ~~a ~ ~~;~G~~~e ~~~o • 2. Develop cooperative agreements v~nth area automobile dealerships to insure internship and apprenticeship placement for students in the program(s). Enlist corporate aid through General Motors A.Y.E.S. program, Ford Motor Company's A. S. S. E. T program, Toyota's T - 10 program or Chrysler's C.A.P program. 3 Design and construct training facility commensurate vvnth or to exceed Texas Education Agency recommended muimum requirements for instructional and lab space for trades and industrial programs. The TEA minimum standards for an automobile mechanical technology lab in 1985 as provided by Huckabee & Associates, Inc., Architects & Facility Planners aze as follows. a. Minimum shop size - 3,900 sq.ft b Eight (8) work bays - 12' wide x 25' long c. Two (2) Hydraulic lids d. One (1) Grease Prt e. Continuous Trench Drain full length of shop f. Equipment: i) Minimum 80 F C. Lighting ii) H/VAC and ventilation in full code compliance iii) Engine exhaust system d) Compressed air g. Classroom(s) for lecture h. Engine and parts clean-up area i. Tool storage j Parts storage k. Locker rooms for male and female students 1.Office / admnnistration azea m. Toxic waste containment area n. Special electncal outlets for welding o Overhead electncal and air outlets, per work bay q Grease outlet, per work bay r Infaredheater, per work bay The TEA recommendations for minimum squaze footage received August 28, 1997 call for 5,000 sq ft. per Automotive Technology instructional azea and 5,000 sq ft. per Auto Refinishing /Collision Repair instructional azea. Desired scope of the program and numbers of students to be served is ultimately the determining factor Provide for parts, tools and equipment for all students that are comparable to the type and quality found in the automotive technology and repair industry Minnmum requirements are available from TEA. r{~ ;r ~~~ i' cl~~ ~1rD U I!~ V 1w/ V "~U lap Il ~In~.~., r~ SECTION 3 : Tax Increment Projections t~~~~~'~ ~~~~~ ~'~CU~Q U t!e U~U ~,''i)~~p~11~ ~~U9o • Iil. TAX INCREMENT PROJECTIONS A. Background This section will outline the estimated tax increment to be derived from the TIFD As stated in the Amended Project Plan, the establishment of tax increment to provide funding for the various projects is dependent on private investment within the TIFD The timeliness of private investment, which is taxable within the TIFD, dictates the financing of the purchase of the Speedway, the construction of educational facilities and infrastructure improvements. The City of Fort Worth and Denton County have dedicated 100% of then respective tax increment to the TIFD fund from development within the original TIFD boundaries to be used toward the purchase of Texas Motor Speedway and for additional public improvements within the Zone. Per the terms of the participation agreement between the City of Fort Worth and Northwest ISD, Northwest ISD has agreed beginning with tax year 2000 to contribute school distnct tax increment derived from both private investment in the original Speedway TIFD and the Speedway TIFD Expansion Area to the TIFD fund. The forecast of estimated TIFD increment is based on both initiated development and on assumptions of annual appreciation of property B. Tax Increment Within the Original Speedway TIFD The initiated developments include a luxury condominium tower valued at approximately $38 million and the development of a stadium club with an estimated value of $30 million. The amount of tax increment to be denved will be from the incremental taxes dedicated by both the City of Fort Worth and Denton County over the life of the TIFD toward the purchase of the Speedway and the incremental taxes dedicated by Northwest ISD The City of Fort Worth and Denton County have dedicated 100% of rts real property taxes on the increased taxable value within the original TIFD boundaries only for the 30-year period. The dedication of these funds was memonalized through aninter-local agreement between both entities. The terms upon which the Northwest ISD will begin to participate m the Speedway TIF District are set forth in the participation agreement between the Crty of Fort Worth and Northwest ISD In general, Northwest ISD will contribute 100% of rts tax increment to the TIF District Fund from taxes levied on real property located in the Onginal Speedway TIF District. Northwest ISD will be reimbursed 66 2/3% of rts total contributi .. o_.the~-~~~ask~ct Fund in ~: , ~ i' ~~l„1U~,~U~1J rr~~~~Ijlj~~ N~IS~~:If~~'~ 2 i~ Gl ~~n U"~L~~~~~UL'p ~~1~~1a • accordance with the participation agreement between the City of Fort Worth and Northwest ISD The funds reunbursed to the Northwest ISD will be used to fund the payment of project costs for educational facilities located or to be located in the Speedway TIF District Expansion and/or Speedway TIF District. The balance of the Northwest ISD funds contributed to the TIF District Fund, 33 t/3% of rts total contribution, will be used to fund project costs for infrastructure improvements to property located in the Speedway TIF District Expansion Area and/or Speedway TIF District. The base value of the original TIFD is $4 75 million. This is the appraised value of the real property within the TIFD boundaries at the time the District was created (January 1, 1996) The taxes collected on this amount will continue to flow to each taxing entity even if tax increment is being contributed. The total tax increment estimated to be contributed by the City of Fort Worth and Denton County for the 30-year life of the TIFD is $27,206,281 This amount is made up of $21,170,209 from City of Fort Worth and $6,036,072 from Denton County The total tax increment estimated to be contributed by Northwest ISD from taxes collected within the original TIFD area is $44,945,483 Two-thirds or 66 2/3% of this amount, $29,963,655, will be used to pay the project costs of the educational facilities described in the Expansion Project and Finance Plans. One-third or 33 1/3% of this amount, $14,981,$28, will be used to pay the project costs of infrastructure improvements described in the Amended Project and Financing Plans. The estimated annual tax increment to be generated annually in total and from each taxing entity in both the original TIFD area and in the expanded area is outlined on the charts immediately following this section. C. Tax Increment Within the Expanded TIFD Area The initiated developments in the Speedway TIF District Expansion include a Westin 300-room hotel estimated to be valued at approximately $45 million and a Greg Norman designed golf-course estimated to have a valued of approximately $14 million. The tax increment will be derived from taxes levied on real property located in the proposed area of expansion. The participating taxing entities have dedicated the following percentages to the TIF District Fund on the increased taxable value City of Fort Worth 0%, Denton County 0%, and Northwest ISD 100%. The dedication of these funds has been memorialized through aninter-local agreement between the City of Fort Worth and Denton County and the participation agreement between the City of Fort Worth and Northwest ISD ~~~~~~6~~B1'~,~- C'~r~~GD O~~f c"15~~ G~~~~~~1~ ~~i8 G~ ~~Gj~i~ ~~ ~~ ,~R ~~ In the same manner as described above, 66 2/3% of the Northwest ISD Speedway TIF Distnct Expansion tax increment will pay for educational facilities project costs and 33 1/3% will pay for infrastructure project costs. The base value of the Speedway TIFD Expansion Area is $8 174 million. This is the appraised value of the real property located in the area of expansion in 1999, the year of the enlargement of the TIFD The taxes collected on the $8 174 million base value will continue to flow to .the taxing entities. The estimated total tax increment denved from taxes levied on real property located in the Speedway TIFD Expansion is $65,856,829 This amount is made up of $0 from the City of Fort Worth, $0 from Denton County and $65,856,829 from Northwest ISD Two-thirds or of the estimated Northwest ISD Speedway TIF District Expansion tax increment, $43,904,553, will be used to pay educational facilities project costs. One-third or of the estimated Northwest ISD Speedway TIF District Expansion tax increment, $21,952,276, will be used to pay for infrastructure improvements project costs. The estimated annual tax increment to be generated in total and from each taxing entity in the Speedway TIFD and Speedway TIF Distract Expansion is outlined on the following charts. The Northwest ISD charts further outline the apportionment of its tax increment, with 66 2/3% to educational facilities and 33 i/3% to infrastructure improvements. ~Oti V~ ~"~v G'C~~~ ~'1~ TOTAL TIF INCREMENT PROJECTIONS Northwest ISD Total Increment Texas Motor Speedway TIF Area: $ 44,945,483 Expanded Texas Motor Speedway TIF Area. $ 65,856,829 Total $ 110, 802, 312 TIF Increment Breakout: 66 66% of Northwest ISD Increment: $ 73,868,208 33 33% of Northwest fSD increment: $ 36,934,104 City & County Increment: $ 27,206,281 Total $ 138, 008, 593 Projected Increment Available for Each Project Category Speedway Purchase Educational Facilites Public Improvements and Infrastructure $ 20,000,000 $ 73,868,208 $ 44,140, 385 U~[1~~1~,~~~-~ . ,r-~; ~ ~1 ~4~i ll~ C~~;~~~~~L~~~l,U`~U a ~, ~ ;,~~ ~~a ~u~^; ~'Sf~"~ ~ry~~o . - __ • Origins! Texas Motor Speedway TIF District Area TIF INCREMENT PROJECTIONS Northwest ISD For the Years 1996-2025 ASSUMPTIONS 1 TIF Base Appraised Value• $4,750,000 2. Tax Rate of Northwest ISD (assumes 100% tax increment contribution) 1998 Tax Rate 1 66253 Appreciation Factor Year TIF Base Value Appraised Total Value Captured Appraised Value Tax Increment Generated 0 00% 1996 $ 4,750,000 $ 6,174,378 $ 1,424,378 $ - 0 00% 1997 $ 4,750,000 $ 43,683,920 $ 38,933,920 $ - 1 00% 1998 $ 4,750,000 45,620,759 $ 40,870,759 $ - 2.00% 1999. $ 4,750,000 $ 59,148,289 $ 54,398,289 $ - 2.00% 2000 $ 4,750,000 $ 72,331,255 $ 67,581,255 $ 1,123,559 2.50% 2001 $ 4,750,000 $ 74,139,537 $ 69,389,537 $ 1,153,622 2.50% 2002 $ 4,750,000 $ 75,993,025 $ 71,243,025 $ 1,184,437 2.50% 2003 $ 4,750,000 $ 77,892,851 $ 73,142,851 $ 1,216,022 2.50% 2004 $ 4,750,000 $ 79,840,172 $ 75,090,172 $ 1,248,397 2.50% 2005 $ 4,750,000 $ 81,836,176 $ 77,086,176 $ 1,281,581 3 00% 2006 $ 4,750,000 $ 84,291,261 $ 79,541,261 $ 1.,322,397 3.00% 2007 $ 4,750,000 $ 86,819,999 $ 82,069,999 $ 1,364,438 3 00% 2008 $ 4,750,000 $ 89,424,599 $ 84,674,599 $ 1,407,741 3 00% 2009 $ 4,750,000 $ 92,107,337 $ 87,357,337 $ 1,452,342 3 00% 2010 $ 4,750,000 $ 94,870,557 $ 90,120,557 $ 1,498,281 3 00% 2011 $ 4,750,000 $ 97,716,674 $ 92,966,674 $ 1,545,599 3.50% 20.12 $ 4,750,000 $ 101,136,758 $ 96,386,758 $ 1,602,459 3.50% 2013 $ 4,750,000 $ 104,676,544 $ 99,926,544 $ 1,661,309 3.50% 2014 $ 4,750,000 $ 108,340,223 $ 103,590,223 $ 1,722,219 3.50% 2015 $ 4,750,000 $ 112,132,131 $ 107,382,131 $ 1,785,260 3.50% 2016 $ 4,750,000 $ 116,056,756 $ 111,306,756 $ 1,850,508 4 00% 2017 $ 4,750,000 $ 120,699,026 $ 115,949,026 $ 1,927,687 4 00% 2018 $ 4,750,000 $ 125,526,987 $ 120,776,987 $ 2,007,954 4 00% 2019 $ 4,750,000 $ 130,548,066 $ 125,798,066 $ 2,091,431 4 00% 2020 $ 4,750,000 $ 135,769,989 $ 131,019,989 $ 2,178,247 4 00% 2021 $ 4,750,000 $ 141,200,789 $ 136,450,789 $ 2,268,535 4 00% 2022 $ 4,750,000 $ 146,848,820 $ 142,098,820 $ 2,362,436 4 00% 2023 $ 4,750,000 $ 152,722,773 $ 147,972,773 $ 2,460,092 4 00% 2024 $ 4,750,000 $ 158 831 684 $ 154 081 6 2`56`1-'6' 4 00% 2025 $ 4,750,000 $ 165,184,951 $ 160,434,9 1U~ ~pr ~1~~2~~6~7{2i~,~ I ~° NI4Ir'~~`li~ / ~ Total TIF Incremented Generated. `'. `='`~t~U94i5';4t$3 n nn .~ ~ to ~~U~`OW UL~~~ • • Expanded TIF Area TIF INCREMENT PROJECTIONS Northwest ISD For the Years 2000-2025 ASSUMPTIONS 1 TIF Base Appraised Value $8,174,288 2. Tax Rate of Northwest ISD (assumes 100% tax increment contribution) 1998 Tax Rate 1 66253 Appreciation Factor Year TIF Base Value Appraised Total Value Captured Appraised Value Tax Increment Generated 0 00% 2000 $ 8,174,288 $ 10,174,288 $ 2,000,000 $ 33,251 100% 2001 $ 8,174,288 $ 37,276,031 $ 29,101,743 $ 483,825 100% 2002 $ 8,174,288 66,648,791 $ 58,474,503 $ 972,156 2.00% 2003 $ 8,174,288 $ 97,981,767 $ 89,807,479 $ 1,493,076 2.00% 2004 $ 8,174,288 $ 129,941,402 $ 121,767,114 $ 2,024,415 2.50% 2005 $ 8,174,288 $ 133,189,937 $ 125,015,649 $ 2,078,423 2.50% 2006 $ 8,174,288 $ 136,519,686 $ 128,345,398 $ 2;133,781 2.50% 2007 $ 8,174,288 $ 139,932,678 $ 131,758,390 $ 2,190,523 .2.50% 2008 $ 8,174,288 $ 143,430,995 $ 135,256,707 $ 2,248,683 2.50% 2009 $ 8,174,288 $ 147,016,770 $ 138,842,482 $ 2,308,298 3 00% 2010 $ 8,174,288 $ 151,427,273 $ 143,252,985 $ 2,381,624 3.00% 2011 $ 8,174,288 $ 155,970,091 $ 147,795,803 $ 2,457,150 3 00% 2012 $ 8,174,288 $ 160,649,194. $ 152,474,906 $ 2,534,941 3.00% 2013 $ 8,174,288 $ 165,468,670 $ 157,294,382 $ 2,615,066 3 00% 2014 $ 8,174,288 $ 170,432,730 $ 162,258,442 $ 2,697,595 3.00% 2015 $ 8,174,288 $ 175,545,712 $ 167,371,424 $ 2,782,600 3 50% 2016 $ 8,174,288 $ 181,689,812 $ 173,515,524 $ 2,884,748 3.50% 2017 $ 8,174,288 $ 188,048,955 $ 179,874,667 $ 2,990,470 3 50% 2018 $ 8,174,288 $ 194,630,668 $ 186,456,380 $ 3,099,893 3 50% 2019 $ 8,174,288 $ 201,442,742 $ 193,268,454 $ 3,213,146 3 50% 2020 $ 8,174,288 $ 208,493,238 $ 200,318,950 $ 3,330,363 4 00% 2021 $ 8,174,288 $ 216,832,967 $ 208,658,679 $ 3,469,013 4 00% 2022 $ 8,174,288 $ 225,506,286 $ 217,331,998. $ 3,613,210 4 00% 2023 $ 8,174,288 $ 234,526,537 $ 226,352,249 $ 3,763,174 4 00% 2024 $ 8,174,288 $ 243,907,599 $ 235,733,311 $ 3,919,137 4 00% 2025 $ 8,174,288 $ 253,663,903 $ 248,913,903 $ 4,138,268 Total TIF Incremented Generated $ .65,856,829 • • Amended TIED: City of Fort Worth & Denton County TIF INCREMENT PROJECTIONS For the Years 1996-2025 ASSUMPTIONS: 1 TIF Base Appraised Value: $4,750,000 2. Tax Rates of Participating Entities (assumes 100% tax increment contribution) City of Ft. Worth (1998) 0 8975 Denton Co (1998) 0.2559 Total Tax Rate 1 1534 Appreciation Factor Year TIF Base Value Appraised Total Value Captured Appraised Value Tax Increment Generated 0 1996 $ 4,750,000 $ 6,174,378 $ 1,424,378 $ 16,749 0 1997 $ 4,750,000 $ 43,683,920 $ 38,933,920 $ 449,064 0 01 1998 $ 4,750,000 $ 45,620,759 $ 40,870,759 $ 471,403 0 01 1999 $ 4,750,000 $ 58,692,082 $ 53,942,082 $ 622,168 0 01 2000 $ 4,750,000 $ 71,279,003 $ 66,529,003 $ 767,346 0 015 2001 $ 4,750,000 $ 72,348,188 $ 67,598,188 $ 779,677 0 015 2002 $ 4,750,000 $ 73,433,410 $ 68,683,410 $ 792,194 0 015 2003 $ 4,750,000 $ 74,534,912 $ 69,784,912 $ 804,899 0 015 2004 $ 4,750,000 $ 75,652,935 $ 70,902,935 $ 817,794 0 015 2005 $ 4,750,000 $ 76,787,729 $ 72,037,729 $ 830,883 0 02 2006 $ 4,750,000 $ 78,323,484 $ 73,573,484 $ 848,597 0 02 2007 $ 4,750,000 $ 79,889,954 $ 75,139,954 $ 866,664 0 02 2008 $ 4,750,000 $ 81,487,753 $ 76,737,753 $ 885,093 0 02 2009 $ 4,750,000 $ 83,117,508 $ 78,367,508 $ 903,891 0 02 2010 $ 4,750,000 $ 84,779,858 $ 80,029,858 $ 923,064 0 02 2011 $ 4,750,000 $ 86,475,455 $ 81,725,455 $ 942,621 0 02 2012 $ 4,750,000. $ 88,204,964 $ 83,454,964 $ 962,570 0 02 2013 $ 4,750,000 $ 89,969,063 $ 85,219,063 $ 982,917 0 02 2014 $ 4,750,000 $ 91,768,445 $ 87,018,445 $ 1,003,671 0 02 2015 $ 4,750,000 $ 93,603,814 $ 88,853,814 $ 1,024,840 0 02 2016 $ 4,750,000 $ 95,475,890 $ 90,725,890 $ 1,046,432 0 02 2017 $ 4,750,000 $ 97,385,408 $ 92,635,408 $ 1,068,457 0 02 2018 $ 4,750,000 $ 99,333,116 $ 94,583,116 $ 1,090,922 0 02 2019 $ 4,750,000 $ 101,319,778 $ 96,569,778 $ 1,113,836 0 02 2020 $ 4,750,000 $ 103,346,174 $ 98,596,174 $ 1,137,208 0 02 2021 $ 4,750,000 $ 105,413,097 $ 100,663,097 $ 1,161,048 0 02 2022 $ 4,750,000 $ 107,521,359 $ 10 „Z~1 359 ~ 1 185 365 0 02 0 02 2023 2024 $ 4,750,000 $ 4 750 000 $ 109,671,786 $ 10,9 ~~d'~7~86; ~ ~~~ ~ ii$r,l?~a~,~ ~1~y1 8 '~ ~~ "' U~' , , $ 111,865,222 $ 10 22 ~1 2 ;4 7 $ 0 02 2025 $ 4,750,000 $ 114,102,526 $ 10 ,3~2~~~~~~ ;~$~t'~~~1'~„~',~~1,2 2 ^~~r~ r ~ Total TIF Incremented e~Yax"eds,~`$,.°,~27;~~016,281 • Amended TIED: TIF INCREMENT PROJECTIONS City of Fort Worth For the Years 1996-2025 ASSUMPTIONS. 1 TIF Base Appraised Value $4,750,000 2. Tax Rates of City of Fort Worth (assumes 100% tax increment contribution) 1997 Tax Rate 0 92 1998 Tax Rate 0 8975 Appreciation Factor Year TIF Base Value Appraised Total Value Captured Appraised Value Tax Increment Generated 0 1996 $ 4,750,000 $ 6,174,378 $ 1•,424,378 $ 13,104 0 1997 $ 4,750,000 $ 43,683,920 $ 38,933,920 $ 349,432 0 01 1998 $ 4,750,000 $ 45,620,759 $ 40,870,759 $ 366,815 0 01 1999 $ 4,750,000. $ 58,692,082 $ 53,942,082 $ 484,130 0 01 2000 $ 4,750,000 $ 71,279,003 $ 66,529,003 $ 597,098 0 015 2001 $ 4,750,000 $ 72,348,188 $ 67,598,188 $ 606;694 0 015 2002 $ 4,750,000 $ 73,433,410 $ 68,683,410 $ 616,434 0 015 2003 $ 4,750,000 $ 74,534,912 $ 69,784,912 $ 626,320 0 015 2004 $ 4,750,000 $ 75,652,935 $ 70,902,935 $ 636,354 0 015 2005 $ 4,750,000 $ 76,787,729 $ 72,037,729 $ 646,539 0 02 2006 $ 4,750,000 $ 78,323,484 $ 73,573,484 $ 660,322 0 02 2007 $ 4,750,000 $ 79,889,954 $ 75.,139,954 $ 674,381 0 02 2008 $ 4,750,000 $ 81,487,753 $ 76,737,753 $ 688,721 0 02 2009 $ 4,750,000 $ 83,117,508 $ 78,367,508 $ 703,348 0 OZ 2010 $ 4,750,000 $ 84,779,858 $ 80,029,858 $ 718,268 0 02 2011 $ 4,750,000 $ 86,475,455 $ 81,725,455 $ 733,486 0 02 2012 $ 4,750,000 $ 88,204,964 $ 83,454,964 $ 749,008 0 02 2013 $ 4,750,000 $ 89,969,063 $ 85,219,063 $ 764,841 0 02 2014 $ 4,750,000 $ 91,768,445 $ 87,0.18,445 $ 780,991 0 02 2015 $ 4,750,000 $ 93,603,814 $ 88,853,814 $ 797,463 0 02 2016 $ 4,750,000 $ 95,475,890 $ 90,725,890 $ 814,265 0 02 2017 $ 4,750,000 $ 97,385,408 $ 92,635,408 $ 831,403 0 02 2018 $ 4,750,000 $ 99,333,116 $ 94,583,116 $ 848,883 0 02 2019 $ 4,750,000 $ 101,319,778 $ 96,569,778 $ 866,714 0 02 2020 $ 4,750,000 $ 103,346,174 $ 98,596,174 $ 884,901 0 02 2021 $ 4,750,000 $ 105,413,097 $ 100,663,097 $ 903,451 0 02 2022 $ 4,750,000 $ 107,521,359 $ 102,771,359 $ 922,373 0 02 2023 $ 4,750,000 $ 109,671,786 $ 104,921,786 $ 941,673 0 02 2024 $ 4,750,000 $ 111,865,222 $ 107,115,222 $ 961,359 0 02 2025 $ 4,750,000 $ 114,102,526 $ 109,3 .5,26 $ 981,439 ~~(i'i~~ it it ~~ ,a Total TIF Incremented Ge er'af~'d:p'~~~21;`1~'O;~b ~ ~~~ ~~~uC'~b~C~sa._.~ • Amended TIED: TIF INCREMENT PROJECTIONS Denton County For the Years 1996-2025 ASSUMPTIONS: 1 TIF Base Appraised Value. $4,750,000 2. Tax Rate of Denton County (assumes 100% tax increment contribution) 1998 Tax Rate 0.2559 Appreciation Factor Year TIF Base Value Appraised Total Value Captured Appraised Value Tax Increment Generated 0 1996 $ 4,750,000 $ 6,174,378 $ 1,424,378 $ 3,645 0 1997 $ 4,750,000 $ 43,683,920 $ 38,933,920 $ 99,632 0 01 1998 $ 4,750,000 $ 45,620,759 $ 40,870,759 $ 104,588 0 01 1999 $ 4,750,000 $ 58,692,082 $ 53,942,082 $ 138,038 0 01 2000 $ 4,750,000 $ 71,279,003 $ 66,529,003 $ 170,248 0 015 2001 $ 4,750,000 $ ,72,348,188 $ 67,598,188 $ 172,984 0 015 2002 $ 4,750,000 $ 73,433,410 $ 68,683,410 $ 175,761 0 015 2003 $ 4,750,000 $ 74,534,912 $ 69,784,912 $ 178,580 0 015 2004 $ 4,750,000 $ 75,652,935 $ 70,902,935 $ 181,441 0 015 2005 $ 4,750,000 $ 76,787,729 $ 72,037,729 $ 184,345 0 02 2006 $ 4,750,000 $ 78,323,484 $ 73,573,484 $ 188,275 0 02 2007 $ 4,750,000 $ 79,889,954 $ 75,139,954 $ 192,283 0 02 2008 $ 4,750,000 $ 81,487,753 $ 76,737,753 $ 196,372 0 02 2009 $ 4,750,000 $ 83,117,508 $ 78,367,508 $ 200,542 0 02 2010 $ 4,750,000 $ 84,779,858 $ 80,029,858 $ 204,796 0 02 2011 $ 4,750,000 $ 86,475,455 $ 81,725,455 $ 209,135 0 02 2012 $ 4,750,000 $ 88,204,964 $ 83,454,964 $ 213,561 0 02 2013 $ 4,750,000 $ 89,969,063 $ 85,219,063 $ 218,076 0 02 2014 $ 4,750,000 $ 91,768,445 $ 87,018,445 $ 222,680 0 02 2015 $ 4,750,000 $ 93,603,814 $ 88,853,814 $ 227,377 0 02 2016 $ 4,750,000 $ 95,475,890 $ 90,725,890 $ 232,168 0 02 2017 $ 4,750,000 $ 97,385,408 $ 92,635,408 $ 237,054 0 02 2018 $ 4,750,000 $ 99,333,116 $ 94,583,116 $ 242,038 0 02 2019 $ 4,750,000 $ 101,319,778 $ 96,569,778 $ 247,122 0 02 2020 $ 4,750,000 $ 103,346,174 $ 98,596,174 $ 252,308 0 02 2021 $ 4,750,000 $ 105,413,097 $ 100,663,097 . $ 257,597 0 02 2022 $ 4,750,000 $ 107,521,359 $ 102,771,359 $ 262,992 0 02 2023 $ 4,750,000 $ 109,671,786 $ 104,921,786 $ 268,495 0 02 2024 $ 4,750,000 $ 111,865,222 $ 107,115,222 $ 274,108 0 02 2025 $ 4,750,000 $ 114,102,526 $ 109,352,526 $ 279,833 Total TIF Incremented Ge e,cated t $; ;,03,6;0'7 ~~yyy~~~~j'~ u il~''C~~15r(~:; USlSU,(1n1 V :~ l( • • SECTION 4: Project Costs & Financing ~~~ ~v~'~'~~I~a ~~o • IV. PROJECT COSTS AND FINANCING A. Background This section will outline the method by which purchase of the Texas Motor Speedway will be accomplished and will provide an outline of the costs associated with purchase of the Speedway and public improvements within the TIFD to be financed with tax increment. Additionally, this section outlines the manner in which payments will be made to Northwest ISD for the financing of educational facilities. At no time will the TIFD use bonded indebtedness to finance any public improvement project or educational facility TIFD financing and spending will be stnctly based on annual increments secured and will follow the procedures set out in this document. B. TMS Purchase Agreement The City of Fort Worth, TMS and the Sports Authority have entered into a series of agreements concerning the development of the Speedway These agreements outline the vanous components involved and roles to be played by each entity in the development. One result from these agreements was the creation of the Zone to provide a mechanism by which the Sports Authority will purchase the Speedway and all related public infrastructure and property The "Purchase Agreement" between the Sports Authonty and TMS outlines the procedure by which TIFD funds will be used to purchase the public improvements (Texas Motor Speedway). A complete copy of the purchase agreement can be found in Appendix "B" According to the Purchase Agreement, the Speedway will be completely financed by TMS then purchased by the Sports Authonty for $20 million from TIFD tax increment. For the purpose of this document it is assumed that 100% of the TIF Increment generated from increment dedicated by the City of Fort Worth and Denton County each year will go toward the purchase of the Speedway until the purchase pace is reached. As outlined in the Master Agreement between the City of Fort Worth and TMS the TIFD will temm~ate at the end of its 30-yeaz teen or once the $20 million purchase pnce reached, which ever occurs first if the Crty of Fort Worth City Council does so by ordinance. The distribution of funds for the purchase of the Speedway will be accomplished in a two step process. First TMS will be eligible to receive annual base payments from Crty of Fort Worth and Denton County increment d ~osi.` ted into the TIFD fund. These base payments will be calculated, paid and ~rezi~yte~d;towe purchase price on the following scale ~U C~l~~ U~"' ~' G~ l~'~'t!!`U''~Dl • • For each of the tax years 1997 through 2001, the Annual Base payments during each yeaz shall be 80% of the amounts deposited during each year, respectively, in the TIFD • For each of the tax yeazs 2002 through 2006, the Annual Base payments during each yeaz shall be 60% of the amounts deposited during each year, respectively, in the TIFD • For each of the tax years 2007 through 2016, the Annual Base payments during each yeaz shall be 50% of the amounts deposited during each yeaz, respectively, in the TIED • For each of the tax years 2017 through 2026, the Annual Base payments during each year shall be 30% of the amounts deposited during each yeaz, respectively, in the TIFD Second, TMS will be eligible to receive annual increment payments up to 100% of the remaining increment form the City of Fort Worth and Denton in any given year The distribution of these funds will be based on the goals set forth in the Purchase Agreement for contracting opportunities between TMS and its subsidiaries and Fort Worth and Fort Worth based Minor7ty/Women Business Enterprises. The targeted goals include the use of Fort Worth compames for 25% and MWBE for 15% of all local discretionary business opportunities. The distribution of these funds will be made on the following schedule • For each of the tax yeazs 1997 through 2001, the Annual Incremental Payment shall be equal to 5% of the amount deposited during each yeaz to the TIED Fund for each 25% of the tazgeted goal that is met. • For each of the tax years 1997 through 2001, the Annual Incremental Payment shall be equal to 10% of the amount deposited during each yeaz to the TIFD Fund for each 25% of the targeted goal that is met. • For each of the tax years 1997 through 2001, the Annual Incremental Payment shall be equal to 12.5% of the amount deposited during-.each yeaz to the TIFD Fund for each 25% of the targeted goal that is met. • For each of the tax yeazs 1997 through 2001, the Annual Incremental Payment shall be equal to 17 5% of the amount deposited during each yeaz to the TIFD Fund for each 25% of the targeted goal that is met. The TIFD Boazd will review the annual contracting to determine the appropriate amount of the annual increment payments to be distributed. Current estimates show that the $20 million will be reached in Year " 24" of the TIFD if 100% of the captured increment is secured annually towazd the purchase of the Speedway A complete breakout of the estimated amount of both base payments and annual incremental payments can be found on the charts following this section. Additionally, an overall annual payment schedule is provided. ,s ~GJ~~j~~h~~~p~l~; ~~; ~"'~~~~~p ~s,"~x r ~ ~` 11~'` r~",~1~` v W~I ~ ~ ~~;J~ ~4.,,~~~~~1~'I~ ~, ~ u i n n, ,a, ~t • Texas Motor Speedway: • Financing Plan: $20 Million Speedway Purchase For the Years 1997-2026 Year Purchase cost of Speedway TIF Increments Speedway Purchase Balance 1 $ 20,000,000 $ 16,749 $ 19,983,251 2 $ 19,983,251 $ 449,064 $ 19,534,187 3 $ 19,534,187 $ 471,403 $ 19,062,784 4 $ 19,062,784 $ 622,168 $ 18,440,616 5 $ 18,440,616 $ 767,346 $ 17,673,270 6 $ 17,673,270 $ 779,677 $ 16,893,593 7 $ 16,893,593 $ 792,194 $ 16,101,398 8 $ 16,101,398 $ 804,899 $ 15,296,499 9 $ 15,296,499 $ 817,794 $ 14,478,705 10 $ 14,478,705 $ 830,883 $ 13,647,821 11 $ 13,647,821 $ 848,597 $ 12,799,225 12 $ 12,799,225 $ 866,664 $ 11,932,561 13 $ 11,932,561 $ 885,093 $ 11,047,467 14 $ 11,047,467 $ 903,891 $ 10,143,576 15 $ 10,143,576 $ 923,064 $ 9,220,512 16 $ 9,220,512 $ 942,621 $ 8,277,891 17 $ 8,277,891 $ 962,570 $ 7,315,321 18 $ 7,315,321 $ 982,917 $ 6,332,404 19 $ 6,332,404 $ 1,003,671 $ 5,328,734 20 $ 5,328,734 $ 1,024,840 $ 4,303,894 21 $ 4,303,894 $ 1,046,432 $ 3,257,461 22 $ 3,257,461 $ 1,068,457 $ 2,189,005 23 $ 2,189,005 $ 1,090,922 $ 1,098,083 ..... :.;:;:. ....... ~~ ~~~~~ ~~~~ 25 $ (15,753) $ .......1,137,208~~ ~~$~~~~~~(1,152,961) 26 $ (1,152,961) $ 1,161,048 $ (2,314,009) 27 $ (2,314,009) $ 1,185,365 $ (3,499,374) 28 $ (3,499,374) $ 1,210,168 $ (4,709,542) 29 $ (4,709,542) $ 1,235,467 $ (5,945,009) 30 $ (5,945,009) $ 1,261,272 $ (7,206,2 _.,~~, (Shaded area represents year in which $20 million purchase price is reach .){~!~~~~ °~~'~ ~~'GU~~ ~v ~ ~~~~~"Cr~~~~"~~~~~q" ~,1~ ~Un UU t^'U;~U~B UL~L~Oa Texas Motor Speedway: Annual Base Payment Estimates For the Years 1997-2026 Year Percentage of Increment for Base Payment TIF Increments Total Annual Base Payment 1997 80% $ 16,749 13,399 41 1998 80% $ 449,064 359,251 07 1999 80% $ 471,403 377,122.67 2000 80% $ 622,168 497,734 38 2001 80% $ 767,346 613,876 41 2002 60% $ 779,677 467,806 50 2003 60% $ 792,194. 475,316 67 2004 60% $ 804,899 482,939 50 2005 60% $ 817,794 490,676 67 2006 60% $ 830,883 498,529 90 2007 50% $ 848,597 424,298.28 2008 50% $ 866,664 433,332.11 2009 50% $ 885,093 442,546 62 2010 50% $ 903,891 451,945 42 2011 50% $ 923,064 461,532.19 2012 50% $ 942,621 471,310 70 2013 50% $ 962,570 481,284 78 2014 50% $ 982,917 491,458 34 2015 50% $ 1,003,671 501,835 37 2016 50% $ 1,024,840 512,419 94 2017 30% $ 1,046,432 313,929 72 2018 30% $ 1,068,457 320,537 04 2019 30% $ 1,090,922 327,276 50 2020 30% $ 1,113,836 334,150 75 2021 30% $ 1,137,208 341,162.48 2022 30% $ 1,161,048 348,314 45 2023 30% $ 1,185,365 355,609 46 2024 30% $ 1,210,168 363,050 36 2025 . 30% $ 1,235,467 370,640 09 2026 30% $ 1,261,272 378,38161 Total TIF Increment Base Payments: 12,401,669 39 'V''~~6?P'CBad G'~~~~.r,~ ,;,.,~ r .~ L OI~V' ~~'r~'6., ' ' . ,c..' Vii; ~a1S U fr,~~~Q~~~~/Q, pan ~; :~~~ U lIC UV III i `~ I•~:7 l__./ Texas Motor Speedway: Annual Increment Payments Estimate For the Years 1997-2026 Year Percentage of Increment for Base Payment TIF Increments Totai Annual Increment Payment 1997 20% $ 16,749 3,349 85 1998 20% $ 449,064 89,812.77 1999 20% $ 471,403 94,280 67 2000 20% $ 622,168 124,433 59 2001 20% $ 767,346 153,46910 2002 40% $ 779,677 311,871 00 2003 40% $ 792,194 316,877 78 2004 40% $ 804,899 321,959 67 2005 40% $ 817,794 327,117 78 2006 40% $ 830,883 332,353.27 2007 50% $ 848,597 424,298.28 2008 50% $ 866,664 433,332.11 2009 50% $ 885,093 442,546 62 2010 50% $ 903,891 451,945 42 2011 50% $ 923,064 461,532.19 2012 50% $ 942,621 471,310 70 2013 50% $ 962,570 481,284 78 2014 50% $ 982,917 491,458 34 2015 50% $ 1,003,671 501,835 37 2016 50% $ 1,024,840 512,419 94 2017 70% $ 1,046,432 732,502.69 2018 70% $ 1,068,457 747,919 75 2019 70% $ 1,090,922 763,645 16 2020 70% $ 1,113,836 779,685 07 2021 70% $ 1,137,208 796,045 79 2022 70% $ 1,161,048 812,733 71 2023 70% $ 1,185,365 829,755 40 2024 70% $ 1,210,168 847,117 52 2025 70% $ 1,235,467 864,826 88 2026 70% $ 1,261,272 882,890 43 ents: 14,804, 1~1 4,,, -~-'-""""- ~~o UIIV~~UIIUy ~~~Nu • C. Educational Facilities Northwest ISD will be responsible for the management and initiation of any educational facilities to be funded through the use of TIFD increment. On an annual basis, the TIFD will transfer 66 2/3% of the funds secured from Northwest ISD increment to the Northwest ISD TIFD fund to be used by Northwest I5D for financing of those projects as outlined in the amended Project and Financing Plans. The transfer of funds and accounting of those funds will be accomplished in the manner described in the participation agreement between the Cnty of Fort Worth and Northwest ISD A breakout. of the estimated annual transfer to the Northwest ISD for use toward educational facility projects can be found on the chart following this section. The NISD Boazd of Trustees will determine the timelines and priorities for construction and renovation of the educational facilities described in the Amended Financing Plan "Section2, Description of Project Improvements." The annual transfer of funds to NISD for educational facilities as estimated in the chart following this section will be accumulated and/or spent by the Distract to fund these projects. D Public Improvements and Infrastructure Any funds not secured by TMS for the purchase of the Speedway will become available for public project financing along with the 33 1/3% of the Northwest ISD increment generated within the TIFD The TIFD Board will approve all projects and funds to be used to finance these projects. A complete listing of the possible public improvement projects is outlined below with a description of the project. 1 Local Match for State Highway Projects -Local entities must often provide matching funds in order to secure improvements to the local highway system. TIFD increment will be used to provide funds for improvements and expansion of state and inter-state highways within and around the TIFD 1 Construction of Arterial Streets and Roads - A number of streets will needed to be constructed within and around the TIFD in order to provide support to the overall transportation system and to spur .future development in the area. 2. Improvements to Current Arterial Streets and Roads -There is a need to improve and possibly expand the current street system within the TIFD to provide better traffic flow during major events. TIFD funds will be used to renovate and expand these streets as needed. 3 Additional and Improved Signage -Signs throughout the TIFD are important to promote traffic flow and provide information for visitors. The size of the overall development creates a need to continually increase, improve and upgrade signs throughout the property 4 Drainage Improvements and Infrastructure -Continued development will increase the need to provide an adequate drainage system that will allow for proper development. TIFD will be used to provide adequate drainage associated with TIFD projects. ~ ~--d.-._._ u~~d~G~~r~~,[~ ~'~tcuG°~D C~~ti~ ~~C-~~j~~~G~1~ ~~o ~~~~G~'G~~ ~a • 5 Improvements to the TMS Development -Continued improvements to the TMS to make the development successful will be needed in the future. These improvements could include restroom & shower facilities; additional grandstand seating drag strip facility; short track racing. u~~~~~9~~~ G'~'~~ IW Q~IU (r ~~~~~ ~~~ i~ C U • Annual Transfer to N1SD for Educafional Facilities Estimated for the Years 2000 - 2026 Year Original TIED Increment Expanded TIFD Increment Total Increment 66.67% Transferred 2000 $ 1,123,559 $ 33,251 $ 1,156,809 $ 771,206 2001 $ 1,153,622 $ 483,825 $ 1,637,447 $ 1,091,631 2002 $ 1,184,437 $ 972,156 $ 2,156,593 $ 1,437,729 2003 $ 1,216,022 $ 1,493,076 $ 2,709,098 $ 1,806,065 2004 $ 1,248,397 $ 2,024,415 $ 3,272,811 $ 2,181,874 2005 $ 1,281,581 $ 2,078,423 $ 3,360,003 $ 2,240,002 2006 $ 1,322,397 $ 2,133,781 $ 3,456,178 $ 2,304,119 2007 $ 1,364,438 $ 2,190,523 $ 3,554,961 $ 2,369,974 2008 $ 1,407,741 $ 2,248,683 $ 3,656,424 $ 2,437,616 2009 $ 1,452,342 $ 2,308,298 $ 3,760,640 $ 2,507,093 2010 $ 1,498,281 $ 2,381,624 $ 3,879,905 $ 2,586,603 2011 $ 1,545,599 $ 2,457,150 $ 4,002,748 $ 2,668,499 2012 $ 1,602,459 $ 2,534,941 $ 4,137,400 $ 2,758,267 2013 $ 1,661,309 $ 2,615,066 $ 4,276,375 $ 2,850,917 2014 $ 1,722,219 $ 2,697,595 $ 4,419,814 $ 2,946,543 2015 $ 1,785,260 $ 2,782,600 $ 4,567,860 $ 3,045,240 2016 $ 1,850,508 $ 2,884,748 $ 4,735,256 $ 3,156,837 20.17 $ 1,927,687 $ 2,990,470 $ 4,918,158 $ 3,278,772 2018 $ 2,007,954 $ 3,099,893 $ 5,107,847 $ 3,405,231 2019 $ 2,091,431 $ 3,213,146 $ 5,304,577 $ 3,536,384 2020 $ 2,178,247 $ 3,330,363 $ 5,508,609 $ 3,672,406 2021 $ 2,268,535 $ 3,469,013 $ 5,737,548 $ 3,825,032 2022 $ 2,362,436 $ 3,613,210 $ 5,975,645 $ 3,983,763 2023 $ 2,460,092 $ 3,763,174 $ 6,223,266 $ 4,148,844 2024 $ 2,561,654 $ 3,919,137 $ 6,480,791. $ 4,320,527 2025 $ 2,667,279 $ 4,138,268 $ 6,805,548 $ 4,537,032 Total $ 110,802,312 $ 73,868,208 L~~~i~~G~/l,lj ~i~GU~~ ,u a~~' ~"L[~ ~~~ac~~ ~~ ~o City of Fort Worth, Texas ~11~j~ae And C,aun~il Cainmun~cAt~an DATE REFERENCE NUMBER LOG NAME PAGE 8/10/99 G-12628 02ZONE 1 of 2 SUBJECT PUBLIC HEARING AND ADOPTION OF ORDINANCE ENLARGING THE BOUNDARIES OF CITY OF FORT WORTH TAX INCREMENT REINVESTMENT ZONE NUMBER TWO, APPROVING AMENDED PROJECT AND FINANCING PLANS FOR THE ZONE, AND AUTHORIZING A PARTICIPATION AGREEMENT WITH THE NORTHWEST INDEPENDENT SCHOOL DISTRICT RECOMMENDATION It is recommended that the City Council Conduct a public hearing concerning the enlargement of the boundaries of Tax Increment Reinvestment Zone Number Two (the Zone), and 2 Adopt the attached ordinance which enlarges the boundaries of the Zone, approves amended project and financing plans for the Zone as approved by the Zone's board of directors, and authorizes a Participation Agreement with the Northwest Independent School District for the Zone DISCUSSION Tax Increment Reinvestment Zone Number Two (TIF No 2) was created in December 1995 in conjunction with the development of the Texas Motor Speedway The City and Denton County agreed to participate in the original TIF No 2, with the tax increment generated being utilized to pay the purchase price of the Speedway and construct other public improvements within the TIF reinvestment zone Northwest Independent School District (NISD), the other entity which levies taxes within the Zone, chose not to participate The Speedway, which is owned by the FW Sports Authority, is exempt from property taxes but there are other properties within the TIF reinvestment zone that generate property taxes which go into the TIF Fund This proposed expansion of TIF No 2 is being considered as part of a settlement agreement in the lawsuit filed by the NISD contesting the statutory tax exemption for the Speedway On May 21, 1999, the City received a petition from NISD and property owners in the Beechwood Development to include their properties in an expanded TIF No 2 The City formally notified other affected taxing units of its intent to consider expansion of the TIF zone (M&C G-12572, Resolution No 2533, 05/25/99) and set the public hearing date for August 10, 1999 (M&C G-12597, Resolution No 2550, 07/06/99) The proposed expansion of TIF No 2 includes the following properties The Northwest ISD Central Administration and Campus facility on the southwest corner of the Texas 156 and Highway 114 intersection • Portions of the Beechwood Development between I-35W and Texas 156 south of Highway 114 that include the sites of the proposed resort hotel and golf course and areas in which future roadway/infrastructure is planned iga/.. `# City of Fort Worth, Texas ~11~~ae And caunc~l Cammu~ricatyon DATE REFERENCE NUMBER LOG NAME PAGE 8/10/99 G-12628 02ZONE 2 of 2 SUBJECT PUBLIC HEARING AND ADOPTION OF ORDINANCE ENLARGING THE BOUNDARIES OF CITY OF FORT WORTH TAX INCREMENT REINVESTMENT ZONE NUMBER TWO, APPROVING AMENDED PROJECT AND FINANCING PLANS FOR THE ZONE, AND AUTHORIZING A PARTICIPATION AGREEMENT WITH THE NORTHWEST INDEPENDENT SCHOOL DISTRICT • The area in the Speedway development immediately south and southwest of the original TIF district boundaries but north of Highway 114 and west of I-35W On July 15, the TIF No 2 board of directors considered and approved amended project and financing plans for the expanded TIF The plans call for the additional tax increment generated by the NISD's participation to be utilized as follows 66-2/3% for educational facilities as determined by NISD (which must include provision for joint use of the facilities by the City) and 33-1/3% for transportation and other infrastructure projects which will benefit the TIF zone as provided in the TIF project plans approved by the TIF board of directors and the City Council The City and Denton County are not required to contribute additional increments to the TIF fund In order for the NISD property to be included in the expanded TIF, the property must be annexed into the City The annexation is scheduled for consideration as a separate item on the City Council's agenda The execution of a participation agreement, which outlines the terms and conditions for deposit of the tax increment generated by NISD into the TIF fund, is an additional requirement for NISD participation in the expanded TIF zone Copies .of the agreement and the amended project and financing plans are attached FISCAL INFORMATION/CERTIFICATION The Finance Director certifies that adoption of the attached ordinance and approval of the participation agreement will not require the expenditure of City funds Tax increment deposited by the participating taxing units for TIF No 2 will be expended in accordance with the participation agreements and the TIF project and financing plans approved by the TIF Board of Directors and the City Council MGj Submitted for City Manager's FUND ACCOUNT CENTER AMOUNT CITY SECRETARY Office by (to) Mike Groomer 6140 Originating Department Head: Tom Higgins 6192 (from) APPROVED 8/10/99 ORD. NO. 13889 Additional Information Contact: Jay Chapa 8003