Reinvestment Zone Number One City of Baytown, Texas
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REINVESTMENT ZONE NUMBER ONE CITY OF BAYTOWN, TEXAS RESTATED AND SIXTH AMENDED PROJECT PLAN AND REINVESTMENT ZONE FINANCING PLAN February 17, 2017 REINVESTMENT ZONE NUMBER ONE, CITY OF BAYTOWN, TEXAS Restated and Sixth Amended Project Plan and Reinvestment Zone Financing Plan Table of Contents Introduction ..................................................................................................................................... 3 History of Redevelopment Efforts in the Zone ................................................................................ 4 Redevelopment Plan Concept and Goals ........................................................................................ 4 Project Plan...................................................................................................................................... 5 Reinvestment Zone Finance Plan .................................................................................................... 7 Exhibit 1 – Projected Assessed Valuations and Projected Zone Revenues Exhibit 2 – Boundary Description of Zone Exhibit 3 – County Participation Exhibit 4 – Economic Feasibility Study Map 1 – Boundary Map Map 2 – Aerial View of Property in and surrounding the Zone Map 3 ‐ Existing Land Use/Property Classification of Property in the Zone Map 4 ‐ Projects ‐2‐ Introduction The Reinvestment Zone Number One, City of Baytown, Texas (“Zone”), was created by the City Council of the City of Baytown, Texas (“City”) on August 9, 2001 by Ordinance No. 9197. City Council subsequently approved the Project Plan and Reinvestment Zone Financing Plan in December 2001. The purpose of the tax increment reinvestment zone (the “Zone”) is to finance construction of public facilities and infrastructure necessary to catalyze commercial and residential development and redevelopment within the Zone boundaries. The Original Zone covered approximately 350 acres and included San Jacinto Mall, surrounding vacant property, and several proposed residential developments. Since its creation, the Project Plan and Reinvestment Zone Financing Plan has undergone the following amendments: November 20, 2001 – The boundaries of the Zone were enlarged to 474 acres, pursuant to Ordinance No. 9275. December 13, 2001 – The Project Plan and Financing Plan was approved by Ordinance 9290. January 22, 2004 – The boundaries of the Zone were enlarged to include approximately 45 acres adjacent to John Martin Road, pursuant to Ordinance No. 9708. December 9, 2004 – The boundaries of the TIRZ were restated to include 474 acres expanded in 2001 and 45 acres annexed in 2004, pursuant to ordinance 9968. July 24, 2008 ‐ Restated and First Amended Project Plan and Reinvestment Zone Financing Plan was approved by City Council by Ordinance No 10,923. This Plan provided for improvements to the roadway network including Hunt Road, San Jacinto Boulevard and John Martin Road. Additionally, the plan provided for infrastructure improvements including water, wastewater and drainage to support several residential developments. October 9, 2008 – City Council ratified Ordinance No. 10,923 pursuant to Ordinance No. 10,982. November 19, 2012 ‐ Second Amended Project Plan and Reinvestment Zone Financing Plan was approved by City Council by Ordinance No. 12,112. As part of this amendment the Zone was enlarged pursuant to Ordinance No. 12,111, to include Sjolander Road and property to the east of Sjolander Road and North of I‐10, to be developed as a Chevron Phillips chemical plant. December 11, 2014 ‐ Third Amended Project Plan and Reinvestment Zone Financing Plan was approved by City Council, by Ordinance No. 12,730. As part of this Plan Amendment, property was excluded from the Zone (San Jacinto Mall) due to declining property values, 45 acres of undeveloped land along John Martin Road and the right of way for San Jacinto Boulevard was added to the Zone, and the life of the Zone was extended through the Year 2044. The Third Amended Project Plan provided for the construction of San Jacinto Boulevard from I‐10 south to Cedar Bayou‐Lynchburg Road and the construction of water, wastewater and drainage improvements for the development of the 45 acres that was added to the Zone as part of the Plan Amendment. ‐3‐ August 13, 2015 – Fourth Amended Project Plan and Reinvestment Zone Financing Plan was approved by City Council, by Ordinance No. 12,918. As part of this Plan Amendment a 79‐acre tract of land along Wallisville Road was added to the Zone. January 26, 2017 – The Third Interlocal Agreement with Harris County and the Restated and Fifth Amended Project Plan and Reinvestment Zone Financing Plan was approved by City Council by Ordinance No. 13,397. The Zone and the City now propose the Sixth Amendment to the Project Plan and Finance Plan which provides for the enhancement of and improvements to approximately 228 acres of land added into the Zone boundaries as part of this amendment and excludes 79 acres of land previously included in the Fourth Amended Plan. The Zone, including the proposed annexed area, consists of approximately 897 acres in the general vicinity of I‐10 and Garth Road. The Zone includes the Country Club Manor and Eastpoint subdivisions, the Chevron Phillips chemical plant, vacant land surrounding San Jacinto Mall and approximately 228 acres along Kilgore Parkway as shown in Map 1. Additionally, the Zone includes right‐of‐way for the extension of San Jacinto Boulevard to W. Cedar Bayou Lynchburg Road. History of Redevelopment Efforts in the Zone Since inception of the Zone in 2001, infrastructure improvements, including water, wastewater and drainage improvements have been made to support residential development in the Eastpoint and Country Club Manor subdivisions. Over the years both subdivisions have developed with single family homes. Additionally, two apartment complexes have been built south of Country Club Manor, along Baker Road. The property east of Sjolander Road was developed in 2013 as a Chevron Phillips chemical plant and is currently undergoing an expansion. The remaining property within the Zone has seen little to no development. Redevelopment Plan Concept and Goals The concept of the Zone is to construct the necessary public infrastructure that will lead to private capital investment in the area, offer a corresponding increase in the tax base, and create economic opportunity. This includes the economic, social and physical infrastructure in the Zone. Reinvestment into the area through the Zone is intended to achieve the following goals: Goal 1: Improve and enhance corridors, mobility and connectivity throughout the Zone. Public streets and public utility systems are required to create an environment that will stimulate private investment in retail, commercial, residential and mixed‐use developments. The reconstruction, extension and development of key streets and major thoroughfares will enhance the level of service and improve access within the Zone. All roadway improvements will be coordinated with the street reconstruction programs of the City, METRO, TxDOT and other public entities. Attention will be placed on leveraging Zone monies by funding street enhancement elements not addressed by the CIP programs of sister agencies. This plan proposes improvements to Hunt Rd, San Jacinto Blvd, John Martin Rd. and Sjolander Blvd. Goal 2: Enhance public infrastructure, facilities and services throughout the Zone. Enhancements to the physical infrastructure and public facilities within the Zone will be made to provide adequate capacity and to enhance provision of critical public services. Water, wastewater ‐4‐ and drainage improvements will be made to support residential development and encourage future commercial development within the Zone. Storm water management will be achieved through the repair and replacement of drainage systems and the design and construction of new storm water utility systems, regional detention facilities and other improvements proven to reduce volumes of runoff from drainage areas. Goal 3: Promote economic opportunity and private investment and reinvestment in the Zone. The opportunity to reach the full economic potential of the area is based in part on the ability to construct critical infrastructure, minimize risk for investors and customers, build upon local assets and recognize or enhance market demand. The Zone will facilitate economic growth through capital improvements that make sites more attractive and projects feasible, land acquisition and assembly, development of facilities that draw visitors into the Zone, and use of incentivized development agreements, including 380 development agreements. Proposed Development Agreements Pursuant to Texas Tax Code 311.010(h), a program is hereby established for the public purposes of developing and diversifying the economy of the zone, eliminating unemployment and underemployment in the zone, and developing or expanding transportation, business, and commercial activity in the Zone. Under the program, grants and loans in an aggregate amount not to exceed the amount of the Tax Increment produced by the City and paid into the tax increment fund for the Zone for activities that benefit the Zone and stimulate business and commercial activity in the Zone. Payments made pursuant to this program shall be pursuant to economic development agreements entered into on behalf of the Zone and are considered Project Costs. No grant or loan shall be authorized by the Zone without consent of the City of Baytown. Project Plan A. Authorized Projects