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April 23, 2014 WHEREAS, the City of Dallas Desires to Promote the Orderly Redevelopment of the Area Located Generally South of A

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April 23, 2014 WHEREAS, the City of Dallas Desires to Promote the Orderly Redevelopment of the Area Located Generally South of A COUNCIL CHAMBER 140659 April 23, 2014 WHEREAS, the City of Dallas desires to promote the orderly redevelopment of the area located generally south of Alpha Road, west of Preston Road, north of Interstate Highway 635 (LBJ Freeway), and east of Noel Road as well as the area located generally east of Westmoreland Road, south of Camp Wisdom Road, west of Highway 67 (Marvin D. Love Freeway), and north of Interstate Highway 20 (LBJ Freeway) by creating a tax increment financing (“TIE”) reinvestment zone, (the “Mall Area Redevelopment TIE District”), pursuant to the Tax Increment Financing Act, Chapter 311 of the Tax Code as amended, (the “Act”); and WHEREAS, on November 9, 2009, the City Council authorized the Criteria for Evaluating Proposed TIE Districts as a policy tool for the Area Redevelopment Program by Resolution No. 09-2761; and WHEREAS, the City Council finds that the Montfort-IH 635 Sub-District (as shown in Exhibit A) and the Westmoreland-IH 20 Sub-District (as shown in Exhibit B) substantially impair the sound growth of the municipality and that orderly redevelopment of the Mall Area Redevelopment TIE District would not occur solely through private investment in the reasonably foreseeable future; and WHEREAS, in accordance with the Act, the City must hold a public hearing on the designation of the proposed Mall Area Redevelopment TIE District and its benefits to the City and to property in the proposed district; and WHEREAS, the Act further requires the City to publish notice of the hearing in a newspaper having general circulation in the City. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF DALLAS: Section t That a public hearing is authorized to be held before the City Council on May 14, 2014, for the purpose of receiving public comment on the designation of a TIE reinvestment zone for the proposed Mall Area Redevelopment TIE District and its benefits to the City and to the property in the proposed reinvestment zone. Section 2. That the City Council finds the recitals above to be true and correct. Section 3 That prior to holding the hearing, a preliminary project plan and reinvestment zone financing plan has been evaluated in accordance with the statutory criteria prescribed by the Act and the approved criteria in Resolution No. 09-2761. Section 4. That after the close of the public hearing, the City shall consider an ordinance designating a Tax Increment Financing Reinvestment Zone, City of Dallas, Texas, to be known as the Mall Area Redevelopment TIE District. COUNCIL CHAMBER 140659 April 23, 2014 Section 5. That the boundaries for the Montfort-IH 635 Sub-District are shown on the map attached hereto as Exhibit A, the boundaries for the Westmoreland-IH 20 Sub-District are shown on the map attached hereto as Exhibit B, and the preliminary project plan and reinvestment zone financing plan, showing the tentative plans for redevelopment of the zone and an estimate of the general impact of the proposed zone on property values and tax revenue for zone, is attached hereto as Exhibit C. Section 6. That not later than the seventh (7) day before the date of the public hearing, the City Manager shall cause notice of the public hearing to be published in a newspaper having general circulation in the City. Section 7. That the City Controller is hereby authorized to establish a Fund and Unit for the Mall Area Redevelopment TIF District, subject to successful designation of the District on May 14, 2014, which may be divided into such sub accounts as may be authorized by subsequent resolution or ordinance, into which all tax increments, less any of the amounts not required to be paid into the Tax Increment Fund pursuant to the Act, are to be deposited. The City’s final participation level for the Tax Increment Fund will be determined by the final project plan. The Tax Increment Fund and any sub accounts are to be maintained in an account at the City Treasurer’s affiliated depository bank of the City and shall be secured in the manner prescribed by law of Texas cities. In addition, all revenues from the sale of any tax increment bonds and notes hereafter issued by the City, revenues from the sale of any property acquired as part of the tax increment financing plan and other revenues to be dedicated to and used in the Mall Area Redevelopment TIF District shall be deposited into such fund or sub account from which money will be disbursed to pay project costs for the Mall Area Redevelopment TIF District. Section 8. That the City Manager is authorized to undertake other preliminary preparations and actions in accordance with the Act. Section 9. That this resolution shall take effect immediately from and after its passage in accordance with the provisions of the Charter of the City of Dallas, and it is accordingly so resolved. APPROVED BY CITY COUNCIL APR 23 2014 A1 (- City Secretary m x 4 4, I 4, 4, 44 4, 4, 4, m DEL REV >< 4, 4, I 41 4, 44 4%44 44 44 4%44 14 44, 4’ 4, C 4, C C. 44 w 4 4,fr 4 GSTEW4E1D KIRN WOOD ANLLSK) , NEDflVHD CD 14O69 EXHIBIT C MALL AREA REDEVELOPMENT TAX INCREMENT FINANCING DISTRICT (COMPRISING THE VALLEY VIEW CENTER MALL AREA AND SOUTHWEST CENTER MALL AREA) PRELIMINARY PROJECT PLAN & REINVESTMENT ZONE FINANCING PLAN MARCH 2014 (DRAFT 5) City of Dallas 140659 EXHIBIT C Acknowledgements The Mall Area Redevelopment TIE District Preliminary Project Plan and Reinvestment Zone Financing Plan was prepared by the City of Dallas, Office of Economic Development (the Montfort-IH 635 Sub-District was partially based on an initial preliminary plan prepared by Stein Planning, LLC). The Office of Economic Development wishes to acknowledge the efforts of everyone who contributed to the development of this plan, including the following individuals: City of Dallas AC. Gonzalez City Manager Ryan S. Evans First Assistant City Manager (Interim) Karl Zavitkovsky Director, Office of Economic Development (OED) J Hammond Perot Assistant Director, OED Karl Stundins Area Redevelopment Manager, OED Kevin Spath Senior Coordinator, OED Sue Hounsel Senior Coordinator, OED Tim Glass Research & Information Manager, OED Pam Thompson Economic Development Analyst, OED Barbara Martinez Assistant City Attorney, City Attorney’s Office Sarah Hasib Assistant City Attorney, City Attorney’s Office Dallas City Council Mayor Mike Rawlings District 1 - Scott Griggs District 2 - Adam Medrano District 3 - Vonciel Jones Hill District 4 - Dwaine R. Caraway District 5 - Rick Callahan District 6 - Deputy Mayor Pro Tem Monica R. Alonzo District 7 - Carolyn R. Davis District 8 - Mayor Pro Tern Tennell Atkins District 9 - Sheffie Kadane District 10- Jerry R. Allen District 11 - Lee M. Kleinrnan District 12 - Sandy Greyson District 13- Jennifer Staubach Gates District 14 - Philip T. Kingston Preliminary Project Plan and Financing Plan Tax Increment Reinvestment Zone Number Twenty Page 2 140659 EXHIBIT C Table of Contents Section 1: Project Plan Background 5 Montfort-IH 635 Sub-District 5 Exhibit A: Valley View-Galleria Area Plan Adopted Illustrative Vision 6 Existing Conditions 7 Exhibit B: Existing Conditions Images 8 Exhibit C: Existing Zoning 9 Exhibit D: Existing Land Use 10 Description of the Montfort-lH 635 Sub-District 11 Exhibit E: Montfort-IH 635 Sub-District Map 11 Westmoreland-IH 20 Sub-District 12 Exhibit F: Southwest Center Mall Area Redevelopment Concept 14 Existing Conditions 14 Exhibit G: Existing Conditions Images 15 Exhibit H: Existing Zoning 16 Exhibit I: Existing Land Use 17 Description of the Westmoreland-IH 20 Sub-District 17 Exhibit J: Westmoreland-IH 20 Sub-District Map 18 General Considerations 18 Development Goals and Objectives 20 Market Feasibility and Planned Development 21 Exhibit K-i: Conceptual Redevelopment Plan (Diversion Capital) 22 Exhibit K-2: Conceptual Redevelopment Plan (Beck Ventures) 23 TIF District Policy Considerations 24 Section 2: Project Plan Improvements Eligible TIE Project Costs for the entire Mall Area Redevelopment TIE District 26 Eligible TIF Project Costs for the Montfort-IH 635 Sub-District 26 Exhibit L: Streets Plan 30 Exhibit M: Open Space Plan 31 Eligible TIF Project Costs for the Westmoreland-IH 20 Sub-District 32 Section 3: Financing Plan TIE Financing Overview 33 Exhibit N: Real Property Tax Flow with Tax Increment Financing 33 Project Budget 34 Exhibit 0: TIF District Project Plan Improvements Budget 34 Financing Process 35 Bonds 35 Grants 35 Preliminary Project Plan and Financing Plan Tax increment Reinvestment Zone Number Twenty Page 3 140659 EXHIBIT C Grants In Lieu of Interest 35 Increment Allocation Policy Considerations 36 Expected Revenues 37 Exhibit P-I: Anticipated Development (Montfort-IH 635 Sub-District) 38 Exhibit P-2: Anticipated Development (Westmoreland-IH 20 Sub-District) 39 Annual Real Property Appraisals to the TIF Fund 40 Exhibit Q-I: Tax Increment Projection (Montfort-IH 635 Sub-District) 41 Exhibit Q-2: Tax Increment Projection (Westmoreland-IH 20 Sub-District) 42 Financial Assumptions 43 Financial Feasibility 43 TIE Project Costs and Debt Service 44 General Financial Policies 45 Other Financial Benefits 46 Conclusion 47 Appendix A-I: 2013 DCAD Real Property Accounts (Montfort-IH 635 Sub-District) 48 Appendix A-2 2013 DCAD Real Property Accounts (Westmoreland-IH 20 Sub-District) 49 Appendix B DCAD Appraisals of Comparable Developments 50 Appendix C-I Projection of Sales Tax to City and DART (Montfort-l H 635 Sub-District) 55 Appendix C-2 Projection of Sales Tax to City and DART (Westmoreland-IH 20 Sub-District) 56 Appendix D-I: Projection of Hotel Tax and BPP
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