COUNCIL CHAMBER 100459 February 10, 2010 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 TIE 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, as amended, 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, the City Council authorized the Project Plan and Reinvestment Zone Financing Plan for the City Center TIE 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 Attorney General and the State Comptroller; and WHEREAS, on January 14, 2010, the City Center TIF District Board of Directors passed a motion accepting the FY 2009 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 2008 Annual Report for Tax Increment Financing Reinvestment Zone Number Five, City of Dallas, Texas, as of September 30, 2009, a copy of which is attached hereto (Exhibit A), and is hereby accepted. Section 2. That the City Manager is hereby authorized to submit the FY 2009 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 to the Attorney General of Texas, and the State Comptroller, as required by state law. COUNCIL CHAMBER 100459 February 10, 2010 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. Distribution: Office of Economic Development — Tenna Kirk, 5CS Office of Economic Development — Sajid Safdar, 2CN City Attorney’s Office — Barbara Martinez City Attorney’s Office — Sarah Hasib APPROVED BY CITY COUNCIL Cit Secretary 100459 ExhibitA City Center TIF District FY 2009 Annual Report B City of Dallas Office of Economic Development 1500 ManIla Street, 2CN Dallas, Texas 75201 (214) 670-9821 October 1, 2008 to September 30, 2009 Reinvestment Zone Number Five City Center Tax Increment Financing District ____ _____________ ggi I0 (D - -1 —. — 9 I-.-’.’ CD - II— ;:: — cc 100459 ExhibitA City Center TIF District FY 2009 Annual Report Tab’e of Contents Mission Statement 4 District Accomplishments 4 Value and Increment Revenue Summary 10 Objectives, Programs, and Success Indicators 10 Year-End Summary of Meetings 15 Budget and Spending Status 19 MIWBE Participation 20 FY 2009 Work Program 21 Appendix A - District Financials 22 3 iQ L j L? J ExhibitA City Center TIE District FY 2009 Annual Report Mission Statement The mission of the City Center TIE District is the promotion of the 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. Fragile District Accomplishments In a little over ten years, the City Center TIE District has been an instrumental part in creating a positive investment climate in the historic downtown core. Erom the inception of the TIE District through EY 2009, twenty-six projects will generate approximately $478.3 million in new investment as shown in the charts on pages 5 through 8. • 2,577 completed or under construction residential units • 2,288 completed or under construction hotel rooms • 286,600 square feet of completed or under construction retail space • 376,525 square feet of completed, under construction or planned office space City Center redevelopment projects and their status are listed on the following two pages (with projects with direct TIE assistance and anticipated TIE assistance shown in bold type): Interurban Building Magnolia Hotel 4 Lrfl ‘ Exhibit A City Center TIF District FY 2009 Annual Report City Center TIF District Projectst Projects Wlthh TIF District Ut1ll*kg TW Funding Calendar Project Location Year Status Units! SF1 Approx. TIF Values 4 Complete Investment 1509 Main 156 apartment Kirby Building Street 1999 Completed units; 15000 SF $6.35 million $1.37 million retail 135 apartment 1623 Main 10,000 Wilson Building 1999 Completed units; SF Street retail $12.23 million $3.89 million Magnolia 1401 Commerce 1999 Completed 330 hotel rooms $26.38 million $0.59 million Building Street Stone Street 1525 Main, Gardens 1520 Elm 2002 Completed 29,000 SF retail $1.85 million $0.92 million Streets Universities 1901 Main 20,000 SF Center at Dallas Street 2002 Completed educational $2.20 million $2.24 million space Merriman 300 N. Field 40,000 2002 Completed SF office Architects Street space $1.70 million $50k 1309 Main 183 apartment Davis Building Street 2003 Completed units; 15,000SF $17.69 million $1.35 million retail Hart Furniture 1929-1933 Elm 2003 Completed Building Street 16,600 SF retail $1.23 million $1.39 million Thompson 1520-22 Main Bldg Street 2004 Completed 19,000 SF retail $2.22 million $1.17 million Calendar I Project Location Year I $t’is 2 APWOX hF J SF { W1ue 4 com$etej lrwestment 5 ____ Exhibit A 10 04 9 City Center TIE District FY 2009 Annual Report 1506 &1512 154 apartment Dallas Power & Commerce 2005 Completed units; 28,000 SF $12.45 million $6.86 million Bldgs Light Street retail 134 apartments Interurban 1500 Jackson 2005 Completed units; 20,000 SF $12.50 million $5.0 million Building grocery store . 64 apartment 1415 Main States 2007 Completed units; 5,000 SF $6.80 million $4.67 million Gulf Street retail 2007 227 apartment 3OO5eEe\faY Completed $36.84 million $4.61 million Republic Tower 1608 Main Completed 1608 Main 2008 $1.23 million P::rin rnWon Access-way 1530 Main Joule Hotel 2008 Completed $22.14 million $8.5 million Street 1507 Pacific, . 440 apartment Mosaic (Fidelity 1511 Bryan & 2007 Completed units; 23,000SF $40.50 million $9.0 million 318 North Akard Union) retail Streets 1200 Main Metropolitan 2007 Completed ‘ $57.72 million $4.75 million 1,766 residential units; 444 hotel rooms; ...20,000 SF $262.02 $57.91 Subtotal CUuaLIOfld,, . rn,ti,u.i:1 i..ti.kfl...: 44,000 SF office; 213,600 SF retail 6 A’1u0459 Exhibit A City Center TIE District EY 2009 Annual Report Cityçenter TIF District Projects1 1 Proiets Within TIP Olsfrlct Not Utilizina TIP Pundfria Galendar Approx Prøject Location Year $tatus UnltsI SF TIP Complete Value Investment Majestic Lofts 129 apartment (Titche- 1900 Elm Street 1997 Completed units; 15000 SF $1050 million $0 Goettinger) retail Adams Mark 400 North Olive 1,844 hotel 1998 Completed Hotel Street rooms $74.22 million $0 Santa Fe II 1122 Jackson 1999 Completed 205 condo (SoCo Lofts) Street units $35.86 million $0 2020 Live Oak 130000 SF 2020 Live Oak 2000 Completed $13.58 million Street office $0 Jackson Street 1300 Jackson 8 condo units; 2002 Completed $2.20 million Lofts Street 5,000 SF retail $0 1505 Elm 1505 Elm 2004 Completed 65 condo units $19.10 million $0 Dallas Rooftop Gardens 1217 Main St 2006 Completed 28,000 SF retail $3.45 million $0 Davis Lot Garage 84 apartment Chapter 380 (additional 1407 Main 2007 Completed units; 20,000 SF $23.30 million funds information on Street retail space following_page) U.S. Post Office 202,525 SF 404 N. Ervay 2011 Approved Building office; 5,000 SF $3.30 million $0 retail 492 residential units; 1,844 Subtotal hotel rooms; $185.54 332,525 SF million $0 office; 73,000 SF_retail 7 .4.’ Exhibit O49 A City Center TIE District FY 2009 Annual Report Ptojects Utilizing and Not Utilizing TIF Funding 2,257 residential units; 2,288 hotel rooms; 20,000 SF $447.56 $57.91 Total . educational; million million 376,525 SF office; 286,600 SF retail All information updated as of September 30, 2009. 2 upon either the TIF application or required minimum stated in the development agreement. May be updated for completed projects based on actual unit mix and square footage. upon 1) market value of comparable projects for anticipated projects, 2) private investment stated in the development agreement for projects that are approved or under construction, or 3) DCAD market value for completed projects (unless project has not yet been assessed). Values may not be fully captured by the TIF District for redevelopment projects once pre existing value and/or the demolition of structures is netted out. amount not to be exceeded per the development agreement. TBD indicates that development agreement has not yet been adopted. Includes interest on paid projects. Selected significant projects included. Tax-exempt properties. other incentives not shown. Contact City of Dallas Office of Economic Development for more information. Not only is the City Center TIF District committed to assisting with building conversions that are increasing the critical mass of residents downtown and providing the space for retail tenants, but is also focused on additional activities such as improved streetscapes and lighting, low-cost visitor parking, comprehensive newsrack beautification ordinance, initiative to improve conditions of vacant and underutilized buildings and retail recruitment.