City CouncilDecember 13, 2012College Station Medical DistrictTIRZ
Objectives of the Presentation Review the Medical District  Opportunities and Purpose Review the Implementation Steps  R...
The OpportunitiesVision StatementCollege Station, the proud home of Texas A&M University andthe heart of the Research Vall...
The Opportunities•Population is Aging•Older Adults Require Greater Health Care•Aging Population is Seeking AlternativeHous...
The Medical District                 Unique Place of Distinction                 Place to Work, Visit, Live,              ...
Realizing the Vision   Significant Private Investment (the Med,    Scott & White, and Others) Shared Commitment to the V...
Realizing the Vision   Financing Needed Infrastructure    ◦ Estimated Minimum $60 Million Needed    ◦ Estimated Nearly Ha...
Tax Increment ReinvestmentZones   TIRZ – Authorized under Chapter 311 of the    Texas Tax Code   For Areas of City that ...
Tax Increment ReinvestmentZones
Medical District TIRZ 18
Medical District TIRZ 19
Medical District TIRZ 18 and 19   Preliminary Finance Plan    ◦ Chapter 311 of Texas Tax Code Requires      Development o...
Medical District TIRZ 18 - West
Medical District TIRZ 18 -West   Project Costs
Medical District TIRZ 18 - West
Medical District TIRZ 18 -West   Economic Feasibility Study    ◦ $117,000,000 in new development      projected over the ...
Medical District TIRZ 18 -     West When Costs or Obligations       Time                    are Incurred                  ...
Medical District TIRZ 18 -West   Financing Methods and Expected    Sources of Revenue    ◦   TIRZ Revenues    ◦   MMD Rev...
Medical District TIRZ 18 -West Total Appraised Value of Property in Current    Zone    ◦ $146,667,620   Estimated Captur...
Medical District TIRZ 19
Medical District TIRZ 19 -East Costs• Project     Lakeway - From Medical to Barron                  $    3,030,000     Bar...
Medical District TIRZ 19 -East   Project Costs - Streets
Medical District TIRZ 19 - East
Medical District TIRZ 19 -East Project Costs - Wastewater
Medical District TIRZ 19 - East
Medical District TIRZ 19 -East   Project Costs - Water    Bird Pond - Rock Prairie to SH 6   $     360,000    Barron - La...
Medical District TIRZ 19 - East
Medical District TIRZ 19 -East• Project Costs - GreenwaysLick Creek Trail Greenway     $   760,000
Medical District TIRZ 19 - East
Medical District TIRZ 19 -East   Economic Feasibility Study    ◦ $283,000,000 in new development      projected over the ...
Medical District TIRZ 19 - East When Costs or Obligations    Time                are Incurred                             ...
Medical District TIRZ 19 -East   Financing Methods and Expected    Sources of Revenue    ◦   TIRZ Revenues    ◦   MMD Rev...
Medical District TIRZ 19 -East Total Appraised Value of Property in Current    Zone    ◦ $27,774,750(Total Assessed Value...
Medical District TIRZ 18 and 19   Actions Requested    ◦ Presentation TIRZ 18 and TIRZ 19 Proposals and      Preliminary ...
Medical District TIRZ ActionsThat Will Follow December 13th Council Meeting ◦ Council Appointment of Board of Directors ◦...
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College Station Medical District TIRZ

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College Station Medical District TIRZ

  1. 1. City CouncilDecember 13, 2012College Station Medical DistrictTIRZ
  2. 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. 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. 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. 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. 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. 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. 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. 9. Tax Increment ReinvestmentZones
  10. 10. Medical District TIRZ 18
  11. 11. Medical District TIRZ 19
  12. 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. 13. Medical District TIRZ 18 - West
  14. 14. Medical District TIRZ 18 -West Project Costs
  15. 15. Medical District TIRZ 18 - West
  16. 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. 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. 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. 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. 20. Medical District TIRZ 19
  21. 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. 22. Medical District TIRZ 19 -East Project Costs - Streets
  23. 23. Medical District TIRZ 19 - East
  24. 24. Medical District TIRZ 19 -East Project Costs - Wastewater
  25. 25. Medical District TIRZ 19 - East
  26. 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. 27. Medical District TIRZ 19 - East
  28. 28. Medical District TIRZ 19 -East• Project Costs - GreenwaysLick Creek Trail Greenway $ 760,000
  29. 29. Medical District TIRZ 19 - East
  30. 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. 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. 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. 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. 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. 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. 36. Questions?

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