Annual Report 2019-2020

City of Richardson TIF District One

US 75/ Central Corridor

City of Richardson TIF District One US 75/Central Corridor

City of Richardson Finance Department TIF District One-US75/Central Corridor Board of Directors US 75/Central Corridor Stan Bradshaw Chairman TIF District One

Janice Peters Vice Chair

Gerald Bright City Representative

Mike Spence City Representative

Jeremy Thomason City Representative

Rick Loessberg Dallas County Representative

City of Richardson Finance Department 411 W. Arapaho Rd Richardson, TX 75080 (972) 744-4146 www.cor.net US 75/Central Corridor TIF District One

District Overview 1

TIF Funded Projects: Brick Row 2 Datacenter Park 4 Eastside Phase 2 6 The Gateway at the CORE 8 Restaurant Park 10 Fossil/Dell EMC 11 Other Development Activity within the TIF: Eastside 12 Greenvue Apartments 13 Alamo Drafthouse 14 West Spring Valley 15 Main Street/Central 16 Collins/Arapaho TOD 18 & Innovation District

Financial Reports 20 US75/Central Corridor TIF District One 1 District Overview

US75/Central Corridor, Looking North DESCRIPTION OF DISTRICT

The City of Richardson established Tax 2 project and The Gateway at the CORE Increment Financing Reinvestment District project. One, (the District) on November 27, 2006 (fiscal year 2006-2007) with a life of 25 years, The base tax year for the District is 2006. For ending December 31, 2031. The District Fiscal Year 2020 the District received originally covered 896 parcel acres within the $6,206,079 in tax revenue, consisting of City. In February 2015, the TIF District was $4,697,179 from the City and $1,364,176 from amended adding 45 parcel acres. In January the County. This amount represents the 2021, the District was amended extending the thirteenth full year of tax receipts from the boundary to a total of 1,777 parcel acres. The City and the twelth full year for the County. District was established to promote and Total revenues for the year were $6,206,079, facilitate enhancement of the North Central including $144,724 in interest income. Expressway and Spring Valley transportation corridors by removing obstacles to redevelopment and significantly improving the PARTICIPATING TAXING UNITS environmental quality of the corridors and City of Richardson 100% adjacent community. Ordinance 3714 adopted on July 14, 2008 changed the City’s participation percentage The District includes the designation of Sub- from 80% to 100%. This change took effect for areas to track increments and repayment Fiscal Year 2008-2009. sources by sub-areas. Sub-area #2 was Dallas County 65% designated in 2007 for the Brick Row project Dallas County’s participation began January 1, area. Sub-area #3 was designated in 2010 for 2008 and continues until either the County’s Datacenter Park. Sub-areas #1A, #1B, and #4 total tax increment contribution reaches $17.8 were designated in 2015 for the Eastside Phase million, the City terminates the district, or December 31, 2027, whichever occurs first.

Annual Report 2019-2020 2 US75/Central Corridor TIF District One Brick Row (TIF Funded) Brick Row is a mixed use, transit-oriented In 2007, the City began working with the development that includes townhomes, multi- property owner of nearly 30 acres east of the family, retail/office space on 30 acres located Station to replace a deteriorating apartment at the northwest corner of Greenville Avenue complex and 16 single-family homes, all built in at Spring Valley Road. Designated as Sub-area the 1960’s. #2 in the District, Brick Row is party to an agreement that includes an infrastructure reimbursement grant of up to $3,299,865 and a design and construction reimbursement grant of up to $5,912,299 for six projects within the development, plus interest at 7% on the unpaid balance of each grant. The development has qualified for each of these amounts and the City has accepted all elements of the infrastructure. The total TIF payments for Sub-area #2 since inception have Brick Row development been $4,623,466.

The neighborhood is comprised of an authentic walkable urban neighborhood comprising 720 urban-style apartment homes and townhouses, ground floor retail and extensive amenities.

Map Showing Sub-area #2 in the District Brick Row Area Pool

In one of Richardson’s first attempts to create The crown jewel is the 2-acre McKamy Spring a transit-oriented development, the City Park that is central to the overall community. rezoned approximately 60 acres around the McKamy Spring serves as the focal point for Spring Valley Light Rail Station. the park.

Annual Report 2019-2020 US75/Central Corridor TIF District One 3

Prior to the development of the park, the The unique mix of civic open spaces and public historic McKamy Spring was little known and amenities makes Brick Row a truly complete, had limited access. transit-oriented neighborhood.

McKamy Spring Park Aerial of Brick Row

Brick Row also includes an amphitheater, pedestrian plazas, a hike and bike trail that connects to the City’s Central Trail, two playgrounds, mature trees, a community pool and cabana.

Brick Row townhouse

Brick Row Community Amphitheater TIF Sub-area #2 – Brick Row FY20 FY21 2006 Base Tax value $10.7 $10.7 Current Tax Value $129.2 $133.9 TIF Increment Value $118.5 $123.2 Values in millions

Annual Report 2019-2020 4 US75/Central Corridor TIF District One Datacenter Park (TIF Funded) Datacenter Park at Collins Tech Park is Digital Realty provides expertise in the area of designated as Sub-area #3. An economic Data Center Solutions, including Turn-key development agreement completed in April Datacenters, Powered Base Building, Custom 2010 provides for a maximum grant of Solutions, Colocation, and Digital Design $5,000,000 plus interest at 7% on the unpaid Services. The company has more than 195 balance of the grant. The agreement is datacenters worldwide. Digital Realty began contingent upon funds being available from redevelopment of Collins Technology Park in Sub-area #3 of the District. Total payments of 2010. $5,582,947 have been made from TIF funds. Additionally, tax rebates on business personal property, which are not funded out of the TIF, are credited against amounts owed by the TIF. Total rebates of $2,074,593 have been made. The payment in FY2020 was the the full and final payment of the TIF obligation to the Datacenter Park at Collins Tech Park project. 1215 Integrity Drive

A key driver behind Datacenter Park is the onsite, privately-owned electric substation, which can provide 122 megawatts of affordable electricity needed for the computing equipment housed in the data centers.

Datacenter Park exterior sign

TIF Sub-area #3 – Datacenter Park Map Showing Sub-area #3 in the District FY20 FY21 2006 Base Tax value $5.8 $5.8 Current Tax Value $287.4 $347.3 TIF Increment Value $281.6 $341.5 Values in millions

Annual Report 2019-2020 US75/Central Corridor TIF District One 5

Aerial of Datacenter Park Located at the southeast corner of East Collins Boulevard and Alma Road, the 68 acre campus is the former site of a technology equipment manufacturing company. The complex, built to 1960’s Department of Defense standards, was well suited for conversion to a data center park. Upon completion, the campus will consist of over 1,440,000 square feet of space. Approximately 1,370,000 square feet of the development is complete and another 70,000 square feet of the campus is planned for the future.

“Sky View” of Datacenter Park

Annual Report 2019-2020 6 US75/Central Corridor TIF District One Eastside Phase 2 (TIF Funded)

Property owners Fobare Commercial and AGF, Eastside Art: During the fall of 2018, the in partnership with Hunt Development Co., installation of Micro Macro Mojo was expanded their $90-million mixed-use Eastside completed – a 70-foot glass and steel sculpture development located at Campbell Road and funded through a public-private partnership. U.S. 75 within TIF District #1 with a second The sculpture is surrounded by a pocket park development phase. Eastside Phase 2 replaces that was donated to the City by the about 145,000 square feet of obsolete garden development. The pocket park features office space. benches, native plantings, a “pet bag” dispenser and direct access to the Central Trail. The Mallory: The initial phase of the Eastside Phase 2 development is complete and includes 280 urban-style apartment homes wrapping a An economic development agreement was 5-level parking garage on a 4.8 acre lot. entered into between the City and AGF Greenville II, Ltd. in April 2015. This Plans call for a second phase which will include agreement provides for a maximum grant a 4-story, 384-unit, multi-family development amount of $5,500,000 plus 4% interest (totaling 311,782 square feet) with a 2-story annually until paid in full or termination of the parking deck, fifty-eight (58) private garage agreement. Funding is contingent upon the spaces, and eighty-five (85) surface parking availability of tax revenues from Sub Area No. spaces on the remaining 8.2 acres. 1B (Eastside Phase 1) and Sub Area No. 4 (Eastside Phase 2). Total payments to date are $1,589,782.

TIF Sub-area #4 – Eastside Phase 2 FY20 FY21 2006 Base Tax value $8.9 $8.9 Current Tax Value $42.9 $46.4 TIF Increment Value $34.0 $37.5 Values in millions Map Showing Sub-area #4 in the District

Annual Report 2019-2020 US75/Central Corridor TIF District One 7

Looking north at the Micro Macro Mojo (Eastside Art Piece), The Mallory, & DART Red Line

The Mallory located at 1705 N. Greenville Ave.

Micro Macro Mojo illuminated afront The Mallory Micro Macro Mojo ribbon cutting

Annual Report 2019-2020 8 US75/Central Corridor TIF District One The Gateway at the CORE (TIF Funded)

Catalyst Urban Development is preparing for An economic development agreement was sitework for the development of a mixed-use entered into between the City and Catalyst project which is planned for 14.5 acres along Urban Richardson Development in July 2019. Main Street between the existing 200,000 This agreement provides for a maximum square foot Chase Bank building and the DART annual grant amount of $7,000,000 plus 5.25% rail line. The largest portion of the project interest annually until paid in full or includes a 302,672 square foot mixed-use termination of the agreement. Funding is building to be located on the north side of contingent upon the availability of tax Main Street with retail on the ground floor and revenues from Sub Area No. 1A (The Gateway five levels of apartments above. The plan @ the CORE, formerly known as Towne includes 430 apartments and townhomes, Central) and Sub Area No. 1B (Eastside Phase more than 20,000 square feet of retail and 1). The agreement also provides for a cash commercial space, a parking garage and open grant up to$2,000,000 for eligible demolition space. expenses and a parking garage grant up to $3,600,000 for eligible expenses. The parking The area around the development has been garage will include the dediciation of branded the Richardson CORE District by approximately 145 public parking spaces. In stakeholders in the area and is being Fiscal Year 2020, the first cash grant supported by City infrastructure projects installment of $317,995 was paid. described on page sixteen.

TIF Sub-area #1A –The Gateway at the CORE FY20 FY21 2006 Base Tax value $18.8 $18.8 Current Tax Value $18.0 $18.0 TIF Increment Value ($0.8) ($0.8) Values in millions

Map Showing Sub-area #1A in the District

Annual Report 2019-2020 US75/Central Corridor TIF District One 9

Aerial of The Gateway at the CORE Project

Rendering of completed The Gateway at the CORE Project

Annual Report 2019-2020 10 US75/Central Corridor TIF District One Restaurant Park (TIF Funded) A public-private partnership between the City City provided a purchase grant to Hermansen and Hermansen Land Development Inc. worth $2.2 million, offsetting the purchase facilitated development of Restaurant Park. price of the site. Additionally, the City created The site of the former Continental Inn was a new set of zoning regulations and entered purchased from the City as the centerpiece of into an economic development incentive the Park. The Halal Guys, Dog Haus Biergarten, agreement which provided $1.2 million in and OMG Tacos are all open for business. The installments to assist with infrastructure and second phase of this development is still in demolition costs. In Fiscal Year 2016, 2 planning stages. installment payments were made, totaling $900,000. In Fiscal Year 2017, the final In support of redevelopment of the area, the installment payment of $300,000 was made.

The old Continental Inn

Restaurant Park in 2019

Annual Report 2019-2020 US75/Central Corridor TIF District One 11 Fossil Dell EMC (TIF Funded) (TIF Funded)

In September 2011, after several years of VCE, the cloud-based computing and campus assessment, Fossil chose to converged infrastructure company, formed in consolidate its headquarters workforce into 2009 by Cisco and EMC with investments from one office location at 901 S. Central VMware and Intel, moved its headquarters to Expressway. This site is a 518,000 square foot, 87,000 square feet of space in the Collins two-building commercial office campus. Crossing building in 2011. In 2014, EMC acquired a controlling stake in VCE from its partners and the company was integrated into EMC as the Converged Platform Division. In late 2016, Dell acquired EMC, and VCE is now known as the Dell EMC Converged Platform and Solutions Division.

The TIF participated in the VCE economic development agreement by providing five annual improvement grants equal to 25% of Fossil’s location at 901 S. Central Expy. the increase in real property taxes above the taxes paid at the site for 2010. The TIF This move was realized after a real estate provided VCE with the final grant payment of transaction was facilitated by KDC, involving $38,016 in Fiscal Year 2019. multiple properties within the City.

The TIF now participates in the Fossil economic development agreement by providing eight annual rebates equal to 50 percent of the property taxes paid on the improvements for the site. The TIF provided Fossil with the 6th grant payment of $67,571 in Fiscal Year 2020.

VCE cloud-based computing

Annual Report 2019-2020 12 US75/Central Corridor TIF District One Eastside Eastside is a mixed-use master-planned LIVE-WORK-PLAY development on 22 acres, located at the southeast corner of US75/Central Expressway Post Apartment Homes provides 450 one and and Campbell Road, midway between the two-bedroom apartments of contemporary Galatyn Park and Arapaho Center DART Light design. Businesses such as banks, real estate Rail stations. agents, investment brokers, a convenience store, hair salons, restaurants, dental care, and a high-rise office building are part of the site. Amenities, including a fountain, greenspace and an amphitheater continue to provide an inviting recreational space for guests and residents.

2005 Aerial of the Area Prior to Development, with DART Rail to the West, Campbell Rd. to the North & Greenville Ave. to the East

The development began in 2006 and was completed in 2009. The project provides a vertically mixed-use design, shared multi- function open space, and pedestrian friendly streetscapes. The existing office building and Circle area within Eastside parking facilities were integrated into the master plan of Eastside. The Eastside development is a major development completed in the TIF District, but without use of any TIF funding.

Eastside FY20 FY21 2006 Base Tax value $18.1 $18.1 Current Tax Value $114.6 $119.4 TIF Increment Value $96.5 $101.3 Values in millions

2009 Aerial Showing Eastside Fully Developed Revenues from the successful Eastside area are used to support development of the Phase 2 project and The Gateway at the CORE project more fully described on pages six, seven, eight, and nine.

Annual Report 2019-2020 US75/Central Corridor TIF District One 13 GreenVue Apartments Located in TIF District One at 1350 North Greenville Avenue, the GreenVue Apartments include 408 multi-family units on approximately 11 acres. Construction began in 2013 on the complex, developed by San Antonio-based apartment builders Embrey Partners, Ltd. Initial leasing for the complex began in early 2015, and the project was completed in 2016. Greenvue Apartments main entrance

Amenities at GreenVue include a golf simulator, urban garage and multi-purpose space, clubhouse, fitness center with TRX machine, resort style swimming pool with cabanas, Wi-Fi throughout pool and clubhouse, courtyard with grills, bike storage room, business center, elevator access, valet trash service and more. A public-private partnership resulted in the construction of Collins Park, a city trail project initiative, on the northeast corner of Collins Boulevard and Alma Road, adjacent to GreenVue. Apartment interior

The Collins Park location is a connection point between the Central Trail and the future Duck Creek Trail Extension. Features include approximately 1 acre of open space, pavilion with picnic tables, Butterfly Garden in support of Monarch butterfly conservation, benches and drinking fountain, and seating for an existing DART bus stop.

Pool with cabanas

Annual Report 2019-2020 14 US75/Central Corridor TIF District One Alamo Drafthouse In May 2012, Alamo Drafthouse Cinema The cinema contains seven screens and announced plans to open the first Dallas/Fort projection and audio systems provide for state- Worth area location in a vacant Pep Boys site of-the-art digital quality. Online reserved within the Richardson Heights Shopping seating helps customers avoid lines and choose Center. On August 9, 2013, the theater opened their favorite seat. Additionally, patrons can at the southwest corner of Central Expressway enter the Glass Half Full Taproom, a full service and Belt Line Road. bar within the lobby of the theater, without having to purchase movie tickets.

Former site of Pep Boys

Former Pep Boys building demolition Founded in Austin, Texas in 1997, the company began as a second-run movie theater and distinguished itself by the food and drink service offered inside the theater. Today, the company provides a unique combination of theater and restaurant, showing first-run and independent films and special programming events. Customers who arrive early enjoy pre- show entertainment instead of a barrage of advertising. Seating is arranged with rows of Alamo Drafthouse soon after the 2013 opening tables in front of each row of seats, with an aisle between each row to accommodate waiter service. In addition to food service, the company is famous for its strict policy of requiring its audiences to maintain proper cinema-going etiquette. The theater is also known for its unique programming and entertainment events.

Lobby of the Alamo Drafthouse, Richardson

Annual Report 2019-2020 US75/Central Corridor TIF District One 15 West Spring Valley EXISTING REDEVELOPMENT BEGINS

Located along the northern side of West Spring In July 2012, the City of Richardson purchased Valley Road between Coit Road and two properties at 750 and 758 South Central US75/Central Expressway, the West Spring Expressway, a redevelopment site on the Valley Corridor has been identified in the City northern edge of the corridor identified as a of Richardson’s Comprehensive Plan as an area prime catalyst site. The location was once the targeted for “Enhancement / Redevelopment.” site of the Continental Inn, a 1950's era motor inn that had stagnated and fallen into The corridor is primarily comprised of disrepair. As Richardson modernized, the underperforming and increasingly obsolete Continental Inn site was prime for multi-family and commercial establishments. reinvestment.

VISION In 2015, the City sold these parcels to Hermansen Land Development, Inc. in order to After obtaining public input through Focus faciltate the construction of Restaurant Park, Groups and Community Meetings during an exciting new restaurant development more January through March 2011, the City Council fully described on page ten of this report. developed a vision statement for the Corridor: Dallas County in partnership with the City of “The West Spring Valley Corridor of the future Richardson rehabilitated and reconstructed is a place that draws people of all backgrounds West Spring Valley Road between Coit Rd and and ages with its many quality housing choices, Weatherred Drive. Work begun during 2017 desirable shops and restaurants, attractive and was completed during 2019. The project natural areas, easy transportation connections replaced pavement, enhanced bridges, and and a distinctive people-oriented urban upgraded street lights and traffic signals, character that connects Richardson’s past with providing another catalyst for redevelopment its vibrant and sustainable future.” in the area.

West Spring Valley Rehabilitation progress as of January 2018 Completed West Spring Valley Road

Annual Report 2019-2020 16 US75/Central Corridor TIF District One Main Street/Central The Main Street/Central Expressway Study Avenue, including the realignment of the area, which flanks both sides of Central Greenville Avenue and Main Street Expressway and generally extends from the intersection began. The project, funded with south city limits to Arapaho Road, combines Certificates of Obligation, will include two Enhancement/Redevelopment districts streetscape enhancements with additional targeted by the Comprehensive Plan for special landscaping, new open space areas, decorative analysis. The collective study area covers lighting, bike racks, picnic tables, increased approximately 415 acres and includes parking opportunities and directional signage. Richardson’s original downtown and Construction will be completed in 2021. contiguous properties along Central Expressway. TIF District One captures about The Public Safety Campus is located at the 80% of the geographic area comprising the northeast corner of Greenville Avenue and Belt Main Street/Central Expressway study area. Line Road. The project includes the construction of a new Police Headquarters Starting in 2017, the City began acquiring building, a new Fire Station No. 1 that includes vacant parcels (TIF funded) in the Main Street Fire Department Administration, the area to facilitate future development. In 2018, installation of three public art pieces and the City acquired two parcels on the northwest secure parking. Construction on the 77,000- corner of Main Street and Greenville Avenue square-foot police headquarters building and to facilitate the reconstruction of Main Street 31,000-square-foot fire station and fire from Interurban Street to Abrams Road. This administration building are complete. Fire project will provide a new, walkable Station No. 1 opened October 15, 2019, Fire environment complementing a new Public Administration opened October 1, 2019, and Safety Campus as well as catalyze for future Police Headquarters opened in January 2020. development of the area. On October 1, 2019, The Public Safety Campus was funded through the reconstruction of Main Street from near a combination of General Obligation Bond and Sherman Street to just east of Greenville Certificates of Obligation.

Infrastructure work underway along Main St. Annual Report 2019-2020 US75/Central Corridor TIF District One 17

Construction around the Public Safety Campus

Construction along Main St.

Annual Report 2019-2020 18 US75/Central Corridor TIF District One Collins/Arapaho TOD & Innovation District In December 2018, the City completed the As part of the mobility improvements to Collins/Arapaho Transit-Oriented Development Greenville Avenue, a new at-grade crosswalk was (TOD) and Innovation District Study comprising installed at the Arapaho Center Station to about 1,200 acres, generally bounded by Central improve access to the station. The new Expressway (US 75), Campbell Road, Plano Road, crosswalk provided the City the opportunity to and Apollo Road. The study produced a vision, or test new technology and install passive detection master plan, for the Arapaho Center DART Station rapid flashing beacons to improve the safety for area within a broader Innovation District context. pedestrians. These two projects were a result of Implementation of the vision in the form of the City testing the improvements through short- property re-entitlement (i.e. re-zoning) of the term, low cost pop-up projects. entire study area was completed in December 2019. The area is the heart of the Telecom The City of Richardson has also established a Corridor® and has been a job center and hub of new website, social media channels, and on- technology and innovation in the region and going events and programming to raise continues to be home to both local and awareness of the district and to establish an international businesses. The Arapaho Center DART ecosystem for collaboration. Station which is located within this District serves as a major opportunity site for new transit-oriented Subsequent to the end of the fiscal year, in development. January 2021, the TIF District was expanded incorporating the entire Collins Arapaho TOD & In 2019, the Chamber of Commerce hired a design Innovation District into the TIF. The TIF will be a firm to work with the area property and business tool to assist with land assembly, infrastructure, owners as well as other community leaders to and promotions of the Innovation District. develop a branding concept and logo for the area. The “Richardson IQ®” was selected after several months of research and evaluation.

In 2020, several additional studies were initiated to advance the vision and strategies that were identified in 2018.

In addition to these studies, the City of Richardson has also made investments to advance the trail and mobility initiatives identified in the 2018 study. This included the construction of Duck Creek Trail and the installation of the Greenville Avenue bike lanes. At-grade crosswalk

Annual Report 2019-2020 US75/Central Corridor TIF District One 19

Map of the Collins/Arapaho TOD & Innovation District

Bike Lane

Duck Creek Trail Annual Report 2019-2020 20 US75/Central Corridor TIF District One Financial Reports TIF Values Richardson TIF Values Tax 2006 Base Appraised Captured Fiscal Year Year Year Value Value Appraised Value(1) 2020-2021 Est. 2020 $455,793,647 $1,397,898,493 $942,104,846 2019-2020 2019 $455,793,647 $1,240,057,056 $784,263,409 2018-2019 2018 $455,793,647 $1,213,096,684 $757,303,037 2017-2018 2017 $455,793,647 $1,090,184,154 $634,390,507 2016-2017 2016 $455,793,647 $942,594,336 $486,800,689 2015-2016 2015 $426,557,927 $809,578,275 $383,020,348 2014-2015 2014 $426,557,927 $727,483,334 $300,925,407 2013-2014 2013 $424,958,977 $647,528,725 $222,569,748 2012-2013 2012 $430,377,678 $530,480,031 $100,102,353 2011-2012 2011 $430,377,678 $492,331,817 $61,954,139 2010-2011 2010 $430,310,988 $464,879,804 $34,568,816 2009-2010 2009 $430,377,678 $476,631,877 $46,254,199 2008-2009 2008 $430,373,198 $518,506,398 $88,133,200 2007-2008 2007 $428,581,746 $496,125,730 $54,016,237 (1) The city collected 80% of the TIF Increment for fiscal year 2007-2008, and will collect 100% for all other years. Dallas County TIF Values Tax 2006 Base Appraised Captured Fiscal Year Year Year Value Value Appraised Value (65%) 2020-2021 Est. 2020 $453,212,060 $1,389,242,768 $608,419,959 2019-2020 2019 $453,212,060 $1,231,863,818 $506,123,409 2018-2019 2018 $453,212,060 $1,204,400,471 $488,272,271 2017-2018 2017 $453,212,060 $1,081,873,811 $408,629,923 2016-2017 2016 $453,212,060 $935,753,059 $313,651,487 2015-2016 2015 $423,976,340 $805,306,941 $247,863,869 2014-2015 2014 $423,976,340 $742,053,617 $206,750,250 2013-2014 2013 $423,338,435 $651,000,651 $147,980,440 2012-2013 2012 $434,816,224 $532,445,813 $63,459,233 2011-2012 2011 $434,816,224 $490,049,138 $38,089,751 2010-2011 2010 $434,749,534 $462,358,197 $17,947,199 2009-2010 2009 $434,816,224 $474,095,080 $25,532,771 2008-2009 2008 $432,213,943 $513,118,460 $52,588,028

CAPTURED APPRAISED VALUES FROM CITY AND COUNTY INCREMENTS $1,000 $800 City County $600 $400 $200

$0 Millions FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 Est

Annual Report 2019-2020 US75/Central Corridor TIF District One 21

CITY TIF DISTRICT DETAIL BY SUB-AREA FY 2019-2020 TIF Sub-area Estimated TIF TIF 2006 Base 2019 Increment Revenue Tax Value Tax Value (2019-2006) (Adj for Unpaid) Brick Row * $10,704,578 $129,158,488 $118,453,910 $739,279 Datacenter Park * $5,813,330 $287,427,480 $281,614,150 $2,038,194 Eastside $18,073,672 $114,625,000 $96,551,328 $603,600 Eastside Phase 2 * $8,896,400 $42,880,670 $33,984,270 $212,456 Gateway @ the CORE*1 $18,816,230 $18,025,000 ($791,230) ($4,946) Unallocated* $393,489,437 $647,940,418 $254,450,981 $1,108,596 Total $455,793,647 $1,240,057,056 $784,263,409 $4,697,179

*Active TIF-supported Projects 1 Formerly known as Towne Central

FY 2020-2021 ESTIMATED TIF Sub-area Estimated Estimated Estimated Estimated 2006 Base 2020 TIF Increment TIF Tax Value Tax Value (2020-2006) Revenue Brick Row * $10,704,578 $133,856,720 $123,152,142 $769,898 Datacenter Park * $5,813,330 $347,352,170 $341,538,840 $2,135,164 Eastside $18,073,672 $119,400,000 $101,326,328 $633,452 Eastside Phase 2 * $8,896,400 $46,430,670 $37,534,270 $234,649 Gateway @ the CORE*1 $18,816,230 $18,015,000 ($801,230) ($5,009) Unallocated* $393,489,437 $732,843,933 $339,354,496 $2,121,509 Total $455,793,647 $1,397,898,493 $942,104,846 $5,889,663

*Active TIF-supported Projects 1 Formerly known as Towne Central OUTSTANDING BOND INDEBTEDNESS

There is no outstanding bonded debt.

Annual Report 2019-2020 22 US75/Central Corridor TIF District One

SUMMARY FINANCIAL STATEMENT INFORMATION

Estimated Budget Actual Actual Actual Actual Revenues: 2020-2021 2019-2020 2018-2019 2017-2018 2016-2017 Property Taxes – City $5,889,663 $4,697,179 $4,724,980 $3,960,073 $3,040,198 Property Taxes – County 1,479,069 1,364,176 1,205,338 998,721 775,721 Interest Income 34,294 144,724 146,452 72,479 21,145 Participation Revenue - - - - - Total Revenues 7,403,026 6,206,079 6,076,770 5,031,273 3,837,064 Expenditures: Administrative Costs 150,000 150,000 150,000 150,000 150,000 Capital Improvements 1,943,243 97,320 770,896 1,882,676 1,301,155 TIF Incentives/Expenses 6,290,240 3,244,141 2,617,540 2,044,082 2,256,770 Total Expenditures 8,383,483 3,491,461 3,538,436 4,076,758 3,707,925 Excess of revenues over expenditures (980,457) 2,714,618 2,538,334 954,515 129,139 Other Finance Sources (Uses): Transfers Out - - - - - Net Change in Fund Balance (980,457) 2,714,618 2,538,334 954,515 129,139

Fund Balance, October 1 9,100,369 6,385,751 3,847,417 2,892,902 2,763,763 Fund Balance, September 30 $8,119,912 $9,100,369 $6,385,751 $3,847,417 $2,892,902

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SUMMARY FINANCIAL STATEMENT INFORMATION

Actual Actual Actual Actual Actual

Revenues: 2015-2016 2014-2015 2013-2014 2012-2013 2011-2012 Property Taxes – City $2,431,987 $1,686,690 $1,411,383 $634,987 $392,183 Property Taxes – County 548,851 476,448 352,254 166,156 104,403 Interest Income 18,584 5,448 1,810 553 693 Participation Revenue 123,954 - - - - Total Revenues 3,123,376 2,168,586 1,765,447 801,696 497,279 Expenditures: Administrative Costs 151,400 164,600 150,000 150,000 150,000 Capital Improvements 188,255 TIF Incentives/Expenses 2,279,128 972,000 774,658 418,638 427,812 Total Expenditures 2,618,783 1,136,600 924,658 568,638 577,812 Excess of revenues over expenditures 504,593 1,031,986 840,789 233,058 (80,533) Other Finance Sources (Uses): Transfers Out - - - (229,376) - Net Change in Fund Balance 504,593 1,031,986 840,789 3,682 (80,533)

Fund Balance, October 1 2,259,170 1,227,184 386,395 382,713 463,246 Fund Balance, September 30 $2,763,763 $2,259,170 $1,227,184 $386,395 $382,713

Annual Report 2019-2020 www.cor.net