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1 6O43 February 4, 2016 COUNCIL CHAMBER 1 6O43 February 4, 2016 WHEREAS, the City recognizes the importance of its role in local economic development initiatives and programs; and WHEREAS, the City has established Tax Increment Financing Reinvestment Zone Number Five, (City Center TIF District or District) and established a Board of Directors for the District to promote development or redevelopment in the City Center area pursuant to Ordinance No. 22802, authorized by the City Council on June 26, 1996, as authorized by the Tax Increment Financing Act, Chapter 311 of the Texas Tax Code, as amended; and WHEREAS, on February 12, 1997, City Council authorized the Project Plan and Reinvestment Zone Financing Plan for the City Center TIF District by Ordinance No. 23034, as amended; and WHEREAS, the Tax Increment Financing Act specifies that the governing body of a city shall submit an annual report on the financial status of the district to the Chief Executive Officer of each taxing unit that levies taxes on real property in a reinvestment zone, and a copy of the report shall be forwarded to the State Comptroller; and WHEREAS, on January 14, 2016 the City Center TIF District Board of Directors passed a motion accepting the FY 2015 Annual Report for Tax Increment Financing Reinvestment Zone Number Five and recommending approval of same by the City Council. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF DALLAS: Section 1. That the FY 2015 Annual Report for Tax Increment Financing Reinvestment Zone Number Five, (City Center TIF District), City of Dallas, Texas, as of September 30, 2015, a copy of which is attached hereto (Exhibit A), is hereby accepted. Section 2. That the City Manager is hereby authorized to submit the FY 2015 Annual Report for Tax Increment Financing Reinvestment Zone Number Five, to the Chief Executive Officer of each taxing jurisdiction that levies taxes on real property in the District; and the State Comptroller, as required by state law. Section 3. 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. /ppROVEDBY CiTY CCiJ’CiL FEB24 2D /2 /Y /3 I _7e;& City Secre-ary 16033 Exhibit A City Center TIF District FY 2015 Annual Report B City of Dallas Office of Economic Development 1500 ManIla Street, 2CN Dallas, Texas 75201 (214) 670-1221 http://www.dallas-ecodev.orq/ October 1, 2014 to September 30, 2015 160333 Exhibit A City Center TIF District FY 2015 Annual Report Map of Reinvestment Zone Number Five City Center Tax Increment Financing District 2 160333 Exhibit A City Center TIF District FY 2015 Annual Report Table of Contents Mission Statement 4 District Accomplishments 4 Value and Increment Revenue Summary 12 Objectives, Programs, and Success Indicators 12 Year-End Summary of Meetings 19 Budget and Spending Status 21 MIWBE Participation 21 FY 2016 Work Program 23 Appendix A - District Financials 24 3 160333 Exhibit A City Center TIF District FY 2015 Annual Report Mission Statement The mission of the City Center TIF District is to promote redevelopment, stabilization, and growth of the downtown area. An accompanying goal is the stabilization and growth of the value of the area’s tax base and a positive reversal of urban decay. During the 2013 fiscal year the district’s mission was expanded to include creation of a strong real estate investment climate in the West End Area, establishment of a sustainable neighborhood that connects the core of downtown, to the Farmers Market, Cedars area along Lamar Street, West End, Victory Park, and Design District across the Trinity River to West Dallas while providing more residential, retail and office opportunities. The Dallas City Council established the City Center TIE District by Ordinance Number 22802 on June 26, 1996. The City Center TIF District took effect on January 1, 1997. In 2012, the termination date of the City Center Sub-District was extended for 10 years to December 31, 2022 (including collection of the 2022 increment in calendar year 2023 and any related matters to be concluded in 2023) or when the budget of the zone has been collected. The Lamar Corridor/West End Sub-district term was established for 25 years, January 1, 2012 to December 31, 2037, unless any Sub-district is terminated prior to such date. The City of Dallas and Dallas County are the two remaining participating jurisdictions. District Accomplishments The City Center TIE District has been an instrumental part in creating a positive climate in the historic downtown core, Lamar Corridor and West End Historic District. From its inception through FY 2015, thirty-seven projects have generated approximately $842.4M in new investment. On November 12, 2014, the City Center TIF District Project and Financing Plan was amended, removing certain parcels from the City Center TIE District boundary and thereby adjusting the base year value. The 12 accounts (9 addresses) were removed because redevelopment of the properties was not anticipated or would not occur during the remaining term of the City Center sub-district. Additionally, the City Center sub district does not have the financial capacity to support redevelopment of any of the properties that were removed from the District boundary. During the fiscal year, two projects in the district were approved for TIF funding. Thanksgiving Tower (1601 Elm Street) Thanksgiving Tower, a 50-story office tower originally built in 1982, was designed as a Class AA office building. 1601 Elm Holdings, LP acquired the property and is restoring and renovating the 4 160333 Exhibit A City Center TIF District FY 2015 Annual Report 1,374,520 gross square feet office building with the goal of increasing occupancy. The work includes façade and ground floor improvements to create a better pedestrian environment and connections within the downtown core while adding retail space. The $173,745,558 project ($96M investment required for TIE funding) is expected to be complete July 2016. Dalpark Garage Public Parking Lease Extension In 2003, the City entered into a public parking lease agreement for the use of 225 parking spaces in the Dalpark Garage located at 1600 Commerce Street. Since that time the City has continued to extend the parking lease to supplement the on-street parking provided in the Main Street core area, adjusting the terms as necessary. In April 2011, City Council adopted the Downtown Dallas Parking Strategic Plan in conjunction with the Downtown Dallas 360 Plan. With the Downtown Dallas Parking Strategic Plan, a parking demand model was developed and reaffirmed the presence of a localized parking supply deficit in the Main Street area. The Parking Initiatives Set-Aside (a specific line item in the City Center TIF District budget) is being used to fund the renewal of the DalPark Parking Agreement for the option term. On June 10, 2015, City Council approved the extension to the parking agreement with DalPark Partners, Ltd, owner of the DalPark Garage for the lease of 150 public parking spaces in the DalPark Garage for an additional five year period. Several other City Center TIF District Projects are under construction: Hartford Buildin 5 160333 Exhibit A City Center TIF District FY 2015 Annual Report Renovation of an office building constructed in 1960, that was 50% leased with some floors closed off from use for over a decade into updated office and retail space. The project includes improvements to an existing park near the building. Construction began during the fiscal year and the building improvements are slated for completion December 2015. Total project cost is $5,561 ,448. Mid Elm Lofts The project involves rehabilitation and redevelopment of the three historic buildings addressed 1512, 1514, and 1516 Elm Street into 25 lofts and ground floor, basement and roof top retail/restaurant space. Total project cost is estimated to be $13,900,000. 211 North Ervay 211 N. Ervay is an 18-story building constructed in 1958. The renovation of the building includes 15,000 square feet of retail/restaurant space and 144,000 square feet of office/commercial space. The total investment is $9,665,000 and the project completion is December 2016. Fairfield Residences at West End New construction of a 200,000 square foot residential (approximately 259 units) project and 130,000 square foot parking structure. The total investment is $35,000,000. Project completion is June 2016. 6 FAIRFIELD 160333 Exhibit A City Center TIF District FY 2015 Annual Report Browder Street Plaza Improvements and Retail Activation In March 2012, the Office of Economic Development, in conjunction with Downtown Dallas, Inc., Downtown 360 Plan and the City Design Studio, issued a Request for Proposal for Browder Street Plaza retail development and leasing/management opportunities. The retail component of Browder Street Plaza, between Commerce Street and Jackson Street, is intended to add activity along this pedestrian thoroughfare and complement the improvements now underway on the site. The City of Dallas has allocated $500,000 for the public space improvements, based on Hocker Design Group’s conceptual design for landscaping, shade, street furniture, paving, and other pedestrian and plaza improvements. Hamilton DPL Development Inc. and Hamilton DPL, LP won the solicitation with its proposed retail activation plan which focused on retail kiosks and food trucks within Browder Street Plaza. It is anticipated that the public improvements will be complete spring 2016. The City continues to work with Hamilton on the retail activation, maintenance and operation agreement for the site and on the allowance of food trucks in this area. Note that project details described as District Accomplishments may differ from the City Center TIF District Project chart that begins on the following page.
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