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College Station Medical District TIRZ

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  • 1. City CouncilDecember 13, 2012College Station Medical DistrictTIRZ
  • 2. Objectives of the Presentation Review the Medical District Opportunities and Purpose Review the Implementation Steps Related to the Medical District Review the Tools Proposed for the Implementation Provide Specifics/Discuss the Proposed Medical District TIRZ Discuss Next Steps
  • 3. The OpportunitiesVision StatementCollege Station, the proud home of Texas A&M University andthe heart of the Research Valley, will remain a vibrant, forward-thinking, knowledge-based community which promotes the highestquality of life for its citizens by … Ensuring safe, tranquil, clean, and healthy neighborhoods with enduring character; Increasing and maintaining the mobility of College Station citizens through a well planned and constructed inter-modal transportation system; Expecting sensitive development and management of the built and natural environment; Supporting well planned, quality and sustainable growth; Valuing and protecting our cultural and historical community resources; Developing and maintaining quality cost-effective community facilities, infrastructure and services which ensure our City is cohesive and well connected; and, Pro-actively creating and maintaining economic and educational opportunities for all citizens.College Station will continue to be among the friendliest andmost responsive of communities and a demonstrated partner in maintaining and enhancing all that is good and celebrated in theBrazos Valley. It will continue to be a place where Texas and theworld come to learn, live, and conduct business!
  • 4. The Opportunities•Population is Aging•Older Adults Require Greater Health Care•Aging Population is Seeking AlternativeHousing Options•Health Care Costs Rising•Greater Emphasis on Healthy Living•Aging Population = Greater Health CareNeeds = Greater Employment Opportunities
  • 5. The Medical District Unique Place of Distinction Place to Work, Visit, Live, Recreate, and Seek Health Care Oriented around Health & Wellness Physically Integrated Parts for a Better Whole Managed as District
  • 6. Realizing the Vision Significant Private Investment (the Med, Scott & White, and Others) Shared Commitment to the Vision Significant Infrastructure Investment (Rock Prairie Road Bridge, Rock Prairie Road, Barron Road, Sanitary Sewer, Lick Creek Greenway Trail, etc) Time is of the Essence
  • 7. Realizing the Vision Financing Needed Infrastructure ◦ Estimated Minimum $60 Million Needed ◦ Estimated Nearly Half of This Cost is Necessary for Any Development ◦ Projects are of Magnitude Requiring City Involvement (Debt, Property Taxes, Rate Increases, etc)
  • 8. Tax Increment ReinvestmentZones TIRZ – Authorized under Chapter 311 of the Texas Tax Code For Areas of City that are underdeveloped due to some inadequate or defective condition “Capture” an increment of new value to pay for remedies to inadequate or defective conditions Existing value/tax revenues continue to flow to taxing entity Based on Council-approved project list and finance plan Secure participation agreement w/ taxing entities Governed by Council-appointed Board May be combined with other funding mechanisms (LGC, MMD, Private funding, etc)
  • 9. Tax Increment ReinvestmentZones
  • 10. Medical District TIRZ 18
  • 11. Medical District TIRZ 19
  • 12. Medical District TIRZ 18 and 19 Preliminary Finance Plan ◦ Chapter 311 of Texas Tax Code Requires Development of Preliminary Finance Plan ◦ After TIRZ creation by Council, the TIRZ Board will develop Final Project List and Finance Plan and Submit for Council Approval ◦ Preliminary Finance Plan Includes:  List of Project Costs  Economic Feasibility Study  Estimated Amount of Bonded Indebtedness  Time When Costs or Obligations are Incurred  Financing Methods and Expected Sources of Revenue  Current Total Appraised Value of Property in Zone  Estimated Capture Value of Zone in Each Year of Existence  Duration of Zone
  • 13. Medical District TIRZ 18 - West
  • 14. Medical District TIRZ 18 -West Project Costs
  • 15. Medical District TIRZ 18 - West
  • 16. Medical District TIRZ 18 -West Economic Feasibility Study ◦ $117,000,000 in new development projected over the life of the zone. Estimated Amount of Bonded Indebtedness ◦ Dependent on revenues generated in TIRZ
  • 17. Medical District TIRZ 18 - West When Costs or Obligations Time are Incurred Estimated Medical District TIRZ 18 100% 83.94% Annual New New Non Res & Total New Captured COCS BC Total TIF Residential Multi Family Development Appraised Value Tax Revenue Tax Revenue RevenueYear 1 $0 $1,000,000 $1,000,000 $ 1,000,000 $ 4,307 $ - $ 4,307Year 2 $0 $4,000,000 $4,000,000 $ 5,000,000 $ 21,534 $ - $ 21,534Year 3 $0 $5,000,000 $5,000,000 $ 10,000,000 $ 43,069 $ - $ 43,069Year 4 $0 $5,000,000 $5,000,000 $ 15,000,000 $ 64,603 $ - $ 64,603Year 5 $0 $12,000,000 $12,000,000 $ 27,000,000 $ 116,285 $ - $ 116,285Year 6 $0 $2,000,000 $2,000,000 $ 29,000,000 $ 124,899 $ 118,062 $ 242,961Year 7 $0 $8,000,000 $8,000,000 $ 37,000,000 $ 159,354 $ 150,630 $ 309,985Year 8 $0 $10,000,000 $10,000,000 $ 47,000,000 $ 202,423 $ 191,341 $ 393,764Year 9 $0 $10,000,000 $10,000,000 $ 57,000,000 $ 245,492 $ 232,052 $ 477,544Year 10 $0 $16,000,000 $16,000,000 $ 73,000,000 $ 314,402 $ 297,190 $ 611,591Year 11 $0 $1,000,000 $1,000,000 $ 74,000,000 $ 318,708 $ 301,261 $ 619,969Year 12 $0 $4,000,000 $4,000,000 $ 78,000,000 $ 335,936 $ 317,545 $ 653,481Year 13 $0 $4,000,000 $4,000,000 $ 82,000,000 $ 353,163 $ 267,064 $ 620,227Year 14 $0 $4,000,000 $4,000,000 $ 86,000,000 $ 370,391 $ 280,091 $ 650,482Year 15 $0 $9,000,000 $9,000,000 $ 95,000,000 $ 409,153 $ 232,052 $ 641,205Year 16 $0 $1,000,000 $1,000,000 $ 96,000,000 $ 413,460 $ 234,495 $ 647,954Year 17 $0 $4,000,000 $4,000,000 $ 100,000,000 $ 430,687 $ 162,844 $ 593,531Year 18 $0 $4,000,000 $4,000,000 $ 104,000,000 $ 447,914 $ 169,357 $ 617,272Year 19 $0 $4,000,000 $4,000,000 $ 108,000,000 $ 465,142 $ 87,936 $ 553,078Year 20 $0 $9,000,000 $9,000,000 $ 117,000,000 $ 503,904 $ 95,264 $ 599,167 $0 $117,000,000 $117,000,000 $ 5,340,519 $ 3,137,182 $ 8,482,008
  • 18. Medical District TIRZ 18 -West Financing Methods and Expected Sources of Revenue ◦ TIRZ Revenues ◦ MMD Revenues ◦ Utility Revenues ◦ General Debt Service ◦ Other Funds
  • 19. Medical District TIRZ 18 -West Total Appraised Value of Property in Current Zone ◦ $146,667,620 Estimated Capture Value of Zone in Each Year of Existence ◦ $117,000,000 over 20 years  Years 1-5 $27 million  Years 6-10 $46 million  Years 11-20 $44 million Duration of Zone ◦ 20 Years
  • 20. Medical District TIRZ 19
  • 21. Medical District TIRZ 19 -East Costs• Project Lakeway - From Medical to Barron $ 3,030,000 Barron - From Lakeway to Rock Prairie 6,345,000 Bird Pond - From Rock Prairie to Lakeway 3,290,000 Streets Subtotal $ 12,665,000 Lick Creek Trunk Line Ph II $ 3,350,000 Spring Creek - Baseline C 2,640,000 Spring Creek - Baseline A 3,300,000 Wastewater Subtotal $ 9,290,000 Water - Water Mains $ 1,140,000 Water Subtotal $ 1,140,000 Estimated Infrstructure Costs - A Projects $ 23,095,000 Estimated Infrstructure Costs - B Projects Rock Prairie Road East - From SH 6 to Bird Pond $ 3,302,000 Unnamed - From Rock Prairie to Lakeway 3,367,000 Lick Creek Trail Greenway 760,000 Subtotal $ 7,429,000 Estimated Infrstructure Costs - B Projects $ 7,429,000 Total Estimated Infrastructure Costs $ 30,524,000
  • 22. Medical District TIRZ 19 -East Project Costs - Streets
  • 23. Medical District TIRZ 19 - East
  • 24. Medical District TIRZ 19 -East Project Costs - Wastewater
  • 25. Medical District TIRZ 19 - East
  • 26. Medical District TIRZ 19 -East Project Costs - Water Bird Pond - Rock Prairie to SH 6 $ 360,000 Barron - Lakeway to Rock Prairie 405,000 Lakeway - Medical to Barron 225,000 Barron - SH 6 to Lakeway 150,000 Priority 1 Water Subtotal $ 1,140,000
  • 27. Medical District TIRZ 19 - East
  • 28. Medical District TIRZ 19 -East• Project Costs - GreenwaysLick Creek Trail Greenway $ 760,000
  • 29. Medical District TIRZ 19 - East
  • 30. Medical District TIRZ 19 -East Economic Feasibility Study ◦ $283,000,000 in new development projected over the life of the zone. Estimated Amount of Bonded Indebtedness ◦ Dependent on revenues generated in TIRZ
  • 31. Medical District TIRZ 19 - East When Costs or Obligations Time are Incurred Estimated Medical District TIRZ 19 Revenue 100% 83.94% Annual New New Non Res & Total New Captured COCS BC Total TIF Residential Multi Family Development Appraised Value Tax Revenue Tax Revenue RevenueYear 1 $0 $0 $0 $ - $ - $ - $ -Year 2 $3,000,000 $0 $3,000,000 $ 3,000,000 $ 12,921 $ - $ 12,921Year 3 $5,000,000 $500,000 $5,500,000 $ 8,500,000 $ 36,608 $ - $ 36,608Year 4 $8,000,000 $500,000 $8,500,000 $ 17,000,000 $ 73,217 $ - $ 73,217Year 5 $9,000,000 $500,000 $9,500,000 $ 26,500,000 $ 114,132 $ - $ 114,132Year 6 $5,000,000 $5,000,000 $10,000,000 $ 36,500,000 $ 157,201 $ 148,595 $ 305,796Year 7 $5,000,000 $10,000,000 $15,000,000 $ 51,500,000 $ 221,804 $ 209,661 $ 431,465Year 8 $5,000,000 $18,000,000 $23,000,000 $ 74,500,000 $ 320,862 $ 303,296 $ 624,158Year 9 $5,000,000 $18,000,000 $23,000,000 $ 97,500,000 $ 419,920 $ 396,931 $ 816,851Year 10 $5,000,000 $19,500,000 $24,500,000 $ 122,000,000 $ 525,438 $ 496,673 $ 1,022,111Year 11 $0 $10,000,000 $10,000,000 $ 132,000,000 $ 568,507 $ 537,384 $ 1,105,891Year 12 $0 $15,000,000 $15,000,000 $ 147,000,000 $ 633,110 $ 598,450 $ 1,231,560Year 13 $0 $15,000,000 $15,000,000 $ 162,000,000 $ 697,713 $ 527,613 $ 1,225,326Year 14 $0 $20,000,000 $20,000,000 $ 182,000,000 $ 783,850 $ 592,751 $ 1,376,601Year 15 $0 $20,000,000 $20,000,000 $ 202,000,000 $ 869,988 $ 493,416 $ 1,363,404Year 16 $0 $10,000,000 $10,000,000 $ 212,000,000 $ 913,056 $ 517,843 $ 1,430,899Year 17 $0 $15,000,000 $15,000,000 $ 227,000,000 $ 977,659 $ 369,655 $ 1,347,314Year 18 $0 $15,000,000 $15,000,000 $ 242,000,000 $ 1,042,263 $ 394,082 $ 1,436,344Year 19 $0 $20,000,000 $20,000,000 $ 262,000,000 $ 1,128,400 $ 213,325 $ 1,341,725Year 20 $0 $21,000,000 $21,000,000 $ 283,000,000 $ 1,218,844 $ 230,424 $ 1,449,268 $50,000,000 $233,000,000 $283,000,000 $ 10,715,493 $ 6,030,099 $ 16,745,591
  • 32. Medical District TIRZ 19 -East Financing Methods and Expected Sources of Revenue ◦ TIRZ Revenues ◦ MMD Revenues ◦ Utility Revenues ◦ General Debt Service ◦ Other Funds
  • 33. Medical District TIRZ 19 -East Total Appraised Value of Property in Current Zone ◦ $27,774,750(Total Assessed Value) ◦ $9,846,850 (Taxable) Estimated Capture Value of Zone in Each Year of Existence ◦ $283,000,000 over 20 years  Years 1-5 $26.5 million  Years 6-10 $95.5 million  Years 11-20 $161 million Duration of Zone ◦ 20 Years
  • 34. Medical District TIRZ 18 and 19 Actions Requested ◦ Presentation TIRZ 18 and TIRZ 19 Proposals and Preliminary Finance Plan ◦ Public Hearing on TIRZ 18 and TIRZ 19 ◦ Approval of Ordinance Creating TIRZ 18 and TIRZ 19, adopting Preliminary Project and Finance Plans, and adopting the TIRZ Boards
  • 35. Medical District TIRZ ActionsThat Will Follow December 13th Council Meeting ◦ Council Appointment of Board of Directors ◦ Board of Directors Adopts the Final Project Plan and Financing Plan, then Submits to Council for Approval (will include an economic feasibility study) ◦ Council Adopts the Final Project Plan and Financing Plan by Ordinance ◦ City Enters Into a Participation Agreement with Brazos County ◦ City Submits a First Year Report to Texas Comptroller (due by April 2013) ◦ City Submits Annual Report to Brazos County, CSISD, and Texas Comptroller Following Each Fiscal Year Thereafter
  • 36. Questions?