150362 - city secretary's...

COUNCIL CHAMBER

150362February 25, 2015

WHEREAS, the City recognizes the importance of its role in local economicdevelopment initiatives and programs; and

WHEREAS, the City has established Tax Increment Financing Reinvestment ZoneNumber Fifteen, (“Fort Worth Avenue TIF District” or “District”) and established a Boardof Directors for the District to promote development or redevelopment in the Fort WorthAvenue area pursuant to Ordinance No. 26798, authorized by the City Council on June13, 2007, as amended, as authorized by the Tax Increment Financing Act, Chapter 311of the Texas Tax Code, as amended; and

WHEREAS, on March 26, 2008, City Council authorized the Project Plan andReinvestment Zone Financing Plan for the Fort Worth Avenue TIE District by OrdinanceNo. 27129, as amended; and

WHEREAS, the Tax Increment Financing Act specifies that the governing body of a cityshall submit an annual report on the financial status of the district to the Chief ExecutiveOfficer of each taxing unit that levies taxes on real property in a reinvestment zone, anda copy of the report shall be forwarded to the State Comptroller; and

WHEREAS, on December 11, 2014, the Fort Worth Avenue TIE District Board ofDirectors passed a motion accepting the FY 2014 Annual Report for Tax IncrementFinancing Reinvestment Zone Number Fifteen and recommending approval of same bythe City Council.

NOW, THEREFORE,

BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF DALLAS:

Section 1. That the FY 2014 Annual Report for Tax Increment Financing ReinvestmentZone Number Fifteen, (Fort Worth Avenue TIE District), City of Dallas, Texas, as ofSeptember 30, 2014, a copy of which is attached hereto (Exhibit A), is herebyaccepted.

Section 2. That the City Manager is hereby authorized to submit the FY 2014 AnnualReport for Tax Increment Financing Reinvestment Zone Number Fifteen to the ChiefExecutive Officer of each taxing jurisdiction that levies taxes on real property in thedistrict and to the state comptroller, as required by state law.

Section 3. That this resolution shall take effect immediately from and after its passagein accordance with the provisions of the Charter of the City of Dallas, and it isaccordingly so resolved.

APPROVED BYCITY COUNCIL

FEB 25 2015

City Secretary

_____

Fort Worth Avenue TIF DistrictFY2014

Annual Report

150362ExhibitA

City of Dallas

Office of Economic Development1500 ManIla Street, 2CN

Dallas, Texas 75201(214) 670-4551

www.dallas-ecodev.org/redevelopment

October 1, 2013 to September 30, 2014

Cliff View(Images courtesy of Henry S. Miller)

Sylvan j Thirty(Image courtesy of Lynxette Exploration)

Reinvestment Zone Number FifteenFort Worth Avenue

Tax Increment Financing District

150362ExhibitA

150362

Exhibit A - Fort Worth Avenue TIE District FY 2014 Annual Report

Table of Contents

Table of Contents 3Mission Statement 4District Accomplishments 4Value and Increment Revenue Summary 16Objectives, Programs, and Success Indicators 16Year-End Summary of Meetings and Council Items 19Budget and Spending Status 23FY 2015 Work Program 24Appendix: Fin ancials 25

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Mission Statement

The mission of the Fort Worth Avenue TIE District is to provide a source of funding forpublic infrastructure improvements necessary to enhance the real estate market for theFort Worth Avenue TIE District area. The Fort Worth Avenue TIE District represents theoutgrowth of the City of Dallas’ effort to provide a model for redeveloping urbancorridors to take full advantage of the Trinity River project, the signature SantiagoCalatrava bridges, and the undeveloped/underdeveloped land parcels near downtownDallas.

The Fort Worth Avenue TIE District was proposed in April 2007 to assist the creation ofa more sustainable mix of rental and for-sale residential property in the Fort WorthAvenue area. This shift will help to encourage the creation of more owner-occupiedresidential units and mixed-use development, the removal and redevelopment ofstructurally obsolete apartment complexes and retail centers, and the facilitation ofnecessary environmental remediation and redevelopment of the property near theTrinity River and downtown Dallas, as well as better trail and recreational connections.

The Dallas City Council established the Eort Worth Avenue TIE District by OrdinanceNumber 26798 on June 13, 2007. The Fort Worth Avenue District began to collect fundson January 1, 2008, and it is scheduled to terminate on December 31, 2029 (includingcollection of the 2029 increment in calendar year 2030 and any related matters to beconcluded in 2030) or when the budget of $69.4 million (2008 dollars) has beencollected. The City of Dallas and Dallas County are the two participating jurisdictions.The City’s participation essentially follows a bell curve, beginning with 0 percent in2008. It increased to 55 percent in 2009 and 2010, then 70 percent in 2011 through2013, then 85 percent for 2014 through 2020. It then decreases to 70 percent for 2021and 2022 and decreases to 55 percent thereafter. The County’s participation was 0% in2008 and increased to 55% in 2009 and thereafter.

District Accomplishments

The Fort Worth Avenue TIE District is generally bounded by commercial and multifamily residential properties along the Fort Worth Avenue corridor between the TrinityRiver and Hartsdale Avenue. The district encompasses underutilized and/ordeteriorated commercial, industrial, residential, and multi-family residential propertiesalong the Fort Worth Avenue corridor. The district contains a mix of uses, primarilycomposed of existing industrial and commercial structures, vacant and abandonedoffice structures, surface parking lots, and undeveloped property. Strengths of thedistrict include proximity to downtown and the future Santiago Calatrava bridges;planned transit service improvements; Coombs Creek; and the surrounding stable,single-family neighborhoods.

One project, the Belmont Hotel, was completed adjacent to the district in 2005. Severaladditional projects have begun in the district.

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Exhibit A - Fort Worth Avenue TIF District

The first major redevelopment near thedistrict is the Belmont Hotel, immediatelyadjacent to the district on the north side ofFort Worth Avenue. Originally designedand built in 1946 by architect CharlesDilbeck, the Belmont was completelyrenovated in late 2005. Total currenttaxable value: $2.8 million.

McDonald’s, at 2747 Fort Worth Avenue,completed construction in 2009. Totalcurrent taxable value: $1 479,430.

FY 2014 Annual Report

Just northwest of the Belmont, the Villas atthe Belmont range from $300,000 to$12,000,000 in price. Five of the 34 homesare complete. Two are under construction,one of which is pictured at left. Totalestimated value when complete:$35,000,000.

The Carolina and Co. Salon opened insummer 2014 at 2335 Hardwick Street.Total current taxable value: $102,000.

Photo: Ophons RE

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Exhibit A - Fort Worth Avenue TIF District FY 2014 Annual Report

Construction at the new Comerica Bank, at2727 Fort Worth Avenue, was completedin 2010. Total current taxable value:$1,176,930.

Aldi opened in March 2011 at 2505 FortWorth Avenue. The 16,895-square footgrocery store is valued at $2,300,000.

The Meridian at Kessler Park (formerlyAvalon at Kessler Park and Fairways at LaReunion) is a 198-unit senior livingapartment community at the corner of FortWorth Avenue and Bahama Drive, justwest of Hampton Road. Construction wascompleted in August 2010. Total currenttaxable value: $14,500,000.

Next door to the Comerica, at 2605 FortWorth Avenue, 10,143 square feet of newretail completed construction in the fall of2011. Tenants include T Mobile, alaundromat, a donut shop, a conveniencestore, and Chamoy Locos. Total value:$1,461,970.

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Exhibit A - Fort Worth Avenue TIF District

Metro Paws Animal Hospital is a 4,700-square-foot veterinary clinic that startedconstruction in the fall of 2011 directly westof the Belmont on Fort Worth Avenue.Council approved $116000 in TIF fundingon June 22, 2011. The clinic wascompleted in July 2012. Total taxablevalue: $469,580.

During FY 2014, Manny RodriguezPhotography renovated a 1923 house andcompleted construction on a newphotography studio at 1007 Fort WorthAvenue, behind Metro Paws AnimalHospital and just west of the Belmont. Thehouse will be used for location andconference room space, and a newphotography studio is complete directlybehind the house. Total taxable value:$507,690.


Chicken Scratch and The Foundry openedin March 2012. Chicken Scratch offersmade-from-scratch fried chicken while TheFoundry provides a neighborhood bar andgathering place. Total current taxablevalue: $359,920.

Droese Raney Architecture, a full servicearchictecture firm formed in 1998 by DavidDroese and Lance Raney, completelyrenovated 2120 Sylvan Avenue andopened a new 2,400 square foot office inthe building in 2013. Total taxable value:$145,000.

Photo: Roderick Pena

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Sylvan Thirty is nearly complete at thesoutheast quadrant of the intersection ofSylvan Avenue and Fort Worth Avenue.Council approved $3,200,000 in TIEfunding and $1,500,000 in economicdevelopment grants on March 28, 2012.The project, with 200 residential units and53,800 square feet of retail and restaurantspace, started on March 16, 2013 and heldits grand opening September 27, 2014.Total estimated value when complete:$30,000,000.

Alta West Commerce is a mixed-usedevelopment with 252 units currently underconstruction at 444 West CommerceStreet, the site of the former West DallasMobile Home Park. A permit was issuedfor construction in March 2014 and WoodPartners expects to complete the project inJuly 2015. Total private investment:$30,000,000.

Alta Yorktown is a 226-unit multi-familydevelopment currently planned at 660 FortWorth Avenue. Wood Partners expects toreceive a building permit to start the projectin November 2014 and to complete in May2016. Total private investment:$28,000,000.

Council approved $4,650,000 in TIEfunding in May 2014 for Henry S. Miller’sCliff View project, which is expected tostart construction in early 2015 andcomplete in 2016. The 318 unit project willhave buildings up to 7 stories nestled intothe hills northwest of the Belmont Hotel.Total private investment: $43,000,000

Photo: Lynxette Exploration, LLC

Image: Henry S. Miller

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Alexan West Dallas is a mixed-usedevelopment with 340 units and 18,500 sfof retail currently planned at Fort WorthAvenue and Yorktown Street. TrammellCrow Residential plans to start in 2015 andcomplete in 2016. Total private investment:$40,000,000.

Options Real Estate is proposing additionalretail space west of the Belmont Hotel andSmoke Restaurant in what is now theparking lot. Estimated square footage andtotal value to be determined.

Preliminary conceptual image: Trammell Crow Residential

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Projects Within the Fort Worth Avenue TIE District Utilizing TIF Funding1

CalendarProject Location

CompleteStatus Unii SF2 Oe

Inveent

Metro Paws Animal 1007 Fort Worth 2012 Complete 4,700 sf vet clinic469580 116000Hospital Avenue , $

Sylvan Thirty 712-738 Fort Worth Under 53,800 sf retail/ rest.Avenue 2014 construction 200 apartments $30,000,000 $3,200,000

Cliff View 1001 Seale St. 2015 Approved 318 apartments $43,000,000 $4,650,000

Subtotal 518 homes53,800 sf retail $73,469,580 $7,966,00014,700 sf vet clinic

Projects Within the Fort Worth Avenue TIE District Not Utilizing TIF Funding5

CalendarProject Location Year Status Units! SF2

Approx. Public

_______________________________________

Complete Value Investment

Chicken Scratch and The 510 West Commerce2012 Complete 5,600 sf restaurant

$359 920Foundry Street 2.800sfatioMcDonald’s 2747 Fort Worth Ave. 2009 Complete 4,938 restaurant $1,479,430Comerica Bank 2727 Fort Worth Ave. 2010 Complete 3,600 sf bank $1,176,930Meridian at Kessler Park6 2600 Bahama Drive 2010 Complete 198 apartments $14,500,000,ldi6 2505 Ft Worth Ave. 2011 Complete 16,895 sf retail $2,300,000Retail center 2605 Ft Worth Ave. 2011 Complete 10,143sf retail $1,461,970The Hive (now vacant) 2139 Fort Worth Ave 2012 Complete 2,356 sf office $60,000Carolina and Co. Salon 2335 HardwickSt 2013 Complete 3,200 sf salon $102,000Droese Raney

2120 Sylvan Ave. 2013 Complete 2,400 sf office $145,000rchitecturePhotography studioManny Rodriguez

1007 Folsom St 2014 Complete and residential $507,690Photographyspace

lta West Commerce 444W. Commerce 2015 Under 252 apartments and $30,000,000construction additional retail

Jexan West Dallas 514W. Commerce 2016 Planned 340 apartments and $40,000,00018,500 sf restaurant

lta Yorktown 660 Fort Worth 2016 Planned 226 apartments $28,000,000AvenueFort Worth Avenue Under

The Villas at the Belmont 34 homes $35,000,000& Sylvan Avenue TBD Construction919 Fort Worth TBD retail andRetail west of Belmont TBD Planned TBDAvenue live/work space

Subtotal 1,050 homes31,838sf restaurant36,194 sfretailloffice $155,092,940 $0

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10362Exhibit A - Fort Worth Avenue TIF District FY 2014 Annual Report

Projects Adjacent to the Fort Worth Avenue TIF5Calendar

Project Location Year Status Units! SF2Approx. PublicValue3 InvestmentComplete

Belmont Hotel 901 Fort Worth 2005 Complete 67 hotel rooms $370,000Avenue PPP Funds

Smoke NWC Sylvan 2009 Complete 5,750 SF $2,775,000 & $359,995

Avenue & Fort restaurant 2003 BondFundsWorth Avenue

Total 5,750 sf retail $2,755,440 $729,99567 hotel rooms (DCAD 2013)

All in formation updated as of September 30, 2014.2

upon either the TIF application or required minimum stated in the development agreement. May be updated forcompleted projects based on actual unit mix and square footage.

upon 1) market value of comparable projects for anticipated projects, 2) private investment stated in thedevelopment agreement for projects that are approved or under construction, or 3) DCAD market value for completed)rojects (unless project has not yet been assessed).

amount not to be exceeded per the development agreement. TBD indicates that development agreement hasriot yet been adopted. Asterisk indicates investment also includes interest not shown.

Selected significant projects included. The retail west of the Belmont is part of a project previously called DilbeckCourt, which received pubilc infrastructure assistance as one large project.

The City and community partners have initiatives in and adjacent to the district thatbegan in FY 2014 or have been ongoing. Together, over $895 million in bond funding,grant funding, federal funds, and private funds will be spent for these projects. They willhelp to support new mixed-use development, create a vibrant neighborhood in the FortWorth Avenue corridor, and increase recreational opportunities and connections to theTrinity River Corridor and downtown.

The Texas Department of Transportation (TxDOT) has started on the HorseshoeProject, which will upgrade the 1-30 and l-35E bridges that cross the Trinity River, aswell as a portion of the Mixmaster. This project entails a complete reconstruction of 1-30from Sylvan Avenue to the 1-35 interchange and a complete reconstruction of 1-35 fromits interchange with 1-30 south to Eighth Avenue. It will add additional lanes as well as adedicated bicycle and pedestrian facility on the 1-30 bridge over the Trinity River.

The Coombs Creek Trail, when complete, will connect Hampton Road to RiverfrontBoulevard and the Katy Trail (east of the district). Phase I, from just west of BeckleyAvenue to Sylvan Avenue, was completed in March 2009. Phase II, from Sylvan Avenueto the Stevens Golf Course tennis courts, was completed in September 2010. The designfor Phase Ill, from the Stevens Golf Course tennis courts to Plymouth Road, beganFebruary 7, 2014. Construction on phase Ill is scheduled to begin in March 2015 and tobe complete in December 2015. On the eastern end of the trail, the bicycle andpedestrian facilities portion of TxDOT’s Horseshoe Project will help to connect theCoombs Creek Trail to Riverfront Boulevard. Dallas County committed $3,500,000 toward

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the link between Beckley Avenue and the Horseshoe Project, and the required matchingfunds may be supplied by a future bond program.

The Trinity Overlook, a pavilion and observation deck, completed construction near thesoutheast corner of the intersection of Beckley Avenue and West Commerce Street just eastof the district on October 29, 2008. This project was built with $248,815 in 1998 bond fundsand a $100,000 donation from MetLife Foundation.

The West Dallas Signature Point project was selected for funding through the NorthCentral Texas Council of Governments (NCTCOG)’s Regional Transportation Council’sSustainable Development Program Call for Projects. This planning project will use thestandards and goals established in the West Dallas Urban Structure and Guidelines tocreate a redevelopment and investment strategy to prioritize capital improvementprojects in the West Dallas area. The project area is bounded by Singleton Boulevard tothe north, the Trinity River levee to the east, Interstate 30 to the south, and SylvanAvenue to the west. The plan was completed in 2014.

In 2009 the Park Department began design for an $8 million renovation of the StevensPark Golf Course, adjacent to the district. Renovations included 1) erosion control forCoombs Creek, 2) renovation of the golf course to include drainage, bridgeconstruction, cart paths, etc. 3) irrigation improvements 4) construction of amaintenance facility. The golf course reopened in October 2011.

Trinity Overlook — completePhoto: City of Dallas

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In addition to these projects, the City’s Public Works and Transportation Department willbegin construction in spring 2015 on the North Beckley Avenue and West CommerceStreet intersection. This $5.3 million project will help to relieve future congestion onNorth Beckley Avenue; will improve pedestrian and bicycle access to the Trinity RiverCorridor; and will include upgraded storm sewer, water and sanitary sewer systems,wider sidewalks, street trees, street furniture, bike lanes, and pedestrian lighting. Inaddition, the project will reuse storm water runoff for irrigation purposes. This project isset to be complete in 2016.

Deedie and Rusty Rose have given $2 million, part of their $5 million donation to theTrinity Trust, to found the Dallas CityDesign Studio at City Hall. The studio worksclosely with those involved in the Trinity River Corridor Project, including developers,businesses, residents, and other city departments, to enhance urban design in thecorridor. Architect and planner Brent Brown is the director, and urban planner LarryBeasley, known for his work in downtown Vancouver, is a special advisor.

Conceptual design work continues for the Fort Worth Avenue Streetscape project.This project entails designing a complete street from Beckley Avenue to WestmorelandRoad and includes design for wide sidewalks, street trees, onstreet parking, bike lanes,and new medians. Engineering design and construction funding will be requested in afuture bond program.

In January 2013, through a partnership with the Fort Worth Avenue DevelopmentGroup, the City striped buffered bike lanes on Fort Worth Avenue between NorthEdgefield Avenue and Sylvan Avenue. This pilot project helped to determine thefeasibility of a proposed thoroughfare plan amendment to change Fort Worth Avenuefrom six lanes to four lanes of vehicular traffic and a buffered bike lane that wasapproved by City Council on September11, 2013.

Construction has nearly finished on Sylvan Avenue from 1-30 to Fort Worth Avenue,adjacent to the Sylvan I Thirty project. The new design will include bike lanes and onstreet parking, new sidewalks, new traffic signals, upgrades to the storm drainage,replacements of the water and wastewater mains, new streetscaping and landscaping,and new lighting. Construction was awarded in August 2013.

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District InitiativesActivity Scope Status Investment Source

Coombs Creek To create a multi- Undeiway. Cost to date: 2003 and 2006 BondTrail use trail system Phase I: Design Programs for Phases I

along the course of began in June 2006. Phase I (total): Il, and Ill.Coombs Creek as it Construction $394,896winds west of completed March Phase II ( total): Phase IV: Dallasdowntown. 2009. $541,917 County committedPhases I-Ill will run Phase II: Design $3,500,000 as part offrom Beckley began July 2009. Phase Ill (total): the MCIP 6 Call. TheAvenue through the Construction $12626990 City’s matching fundsStevens Golf Course completed may come from atennis area to September 2010. Phase IV: (eastern future bond program.Hampton Road. Phase Ill: Design to terminus to

begin February 7, Beckley): total TBD. Horseshoe Project:Additional phases 2014. Construction combination of federalwill 1) extend the to begin March 2015 Horseshoe private, and bondeastern end of the and complete pedestrian and funding.trail to Beckley December 2015. bicycleAvenue, 2) connect Phase IV: facilities:$8,438,228to the Trinity Skyline connection toTrail, and 3) connect Beckley Avenue isto the lH 30 bike/ped currently partiallybridges, funded. The

connection fromBeckley Avenue toRiverfront will becompleted as part ofthe HorseshoeProject which beganFebruary 2013 andshould be finishedMarch 2017.

Trinity Overlook Pavilion and Complete. 1998 bond fundsobservation deck at Construction started $248,815the southeast corner July 2008 and

$100,000 MetLife Foundation viaof Beckley Avenue completed inthe Trust for Publicand West October 2008.LandCommerce Street

West Dallas Infrastructure Complete. $ 25,406 West Dallas ChamberSignature Project planning project of Commerce

$101,625 RegionalTransportation Council

Sylvan Avenue Sylvan Avenue Nearly complete $2,093,756 2006 Bond Programreconstruction from the 1-30 Construction started And Dallas Water

service road to October2013 and Utility funds

Fort Worth will finish in January

Avenue2015.

Sylvan Avenue Design. $ 2,552,600 2006 Bond Programfrom West Construction to take

Commerce Street 18 months.

to SingletonBoulevard

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Fort Worth Avenue Master plan for Design. Public Up to $200,000 2003 Bond FundsStreetscape roadway and feedback resulted inImprovements streetscape design new design being

for Fort Worth sought and theAvenue from streetscape beingBeckley Avenue to included in Dallas’Westmoreland Complete StreetsRoad. program.

Construction fundingmay be sought infuture bondprog rams.

N Beckley Avenue Design, engineering, Design complete. $6,574,490 (total) 1998 bond funds:&West Commerce and construction of ROW acquisition $1,927,131Street intersection intersection underway.improvements improvements, Project is set begin 2003 bond funds:

including sidewalks, construction in $44,983bike lanes, and spring 2015street trees. 2006 bond funds:

$3,566,089DWU funds:$1,036,287

Beatrice Street Street resurfacing Design. Work to be 2006 Bond Program(West Commerce done in coordination $100,000Street to West with Beckley/Comstock Street) CommerceAnd Wink Street

Fort Worth Avenue Street resurfacing Resurfacing $323,032 2006 Bond Programfrom Edgefield complete OctoberAvenue to 2011 and restripingPlymouth Road complete December

2011.

Activity Scope Status Investment Source

Stevens Park Golf Design, engineering, Complete. This Design: $835,000 2003 and 2006 bondCourse renovation construction, and project was Construction: funds, Stevens Park

interim management approved by Council $8,184,630 Golf Courseon November 10, Improvement Funds,2010 and was and Golf Improvementcompleted October Funds2011.

Horseshoe Project Reconstruction of Under Construction. $818 million Federal, state, and1-30 from Sylvan Groundbreaking held regional fundingAvenue to the 1-35 April 27, 2013.interchange, and Completion planned1-35 from the 1-30 in 2017.interchange toEighth_Street.

West Dallas Construction of three Prelimina,y studies $34 million 2012 bond programGateway (the Three street connections unde,way. Design toHole Punch) under the Union start March 2015.

Pacific rail linesnorth of the district

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Value and Increment Revenue Summary

The Fort Worth Avenue TIE District’s base tax value for 2007 was $86,133,447. Thisbase value reflects a boundary amendment approved in March 2008 and adjustments tothe base to reflect the final 2007 values of the parcels in the district. The district’s 2014assessed tax value, as determined by the Dallas Central Appraisal District, was$127,151,569. This represents an increase of approximately $41,018,122 (47.6%) overthe assessed value of the base year (2007) value and an increase of approximately$13,181,393 (11.6%) over the previous year. With the participation of the City andDallas County, this increase will result in the collection of approximately $332,694 totalin incremental revenue for the district.

Objectives, Programs, and Success Indicators

The final Fort Worth Avenue Project Plan and Reinvestment Zone Financing Plan wasadopted on March 26, 2008. The final project plan addresses the following developmentgoals and objectives:

• Create additional taxable value attributable to new private investment in projects in theFort Worth Avenue TIE District totaling approximately $1,290,239,340 over the term ofthe district.

Completed projects have added approximately $22.4 million to the valueof the district. Projects currently under development are expected togenerate an additional $196 million in added taxable value.

Actual values are up by approximately $40 million over the base. Thisincrease is approximately 3% of the goal for the area.

• Attract new, higher density, private development in the Fort Worth Avenue TIEDistrict totaling approximately 1,033,910 square feet of retail space and 9,444residential units including townhome, multi-family, single-family, andcondominium projects.

Construction was completed on Meridian at Kessler Park (formerly Avalonat Kessler Park). Construction has started at Sylvan I Thirty and at theVillas at the Belmont. When complete, these projects will add 34 single-family homes and 200 multi-family homes to the district. The projectsunder construction represent 2.5% of the housing goal.

Cliff View Apartments will add another 318 multi-family homes, another3.3% of the goal.

• Focus on encouraging the redevelopment of properties in the Fort Worth Avenuecorridor to increase density and to provide enhanced urban design for the districtthat meets the intent of the Fort Worth Avenue Corridor Land Use and Urban

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Design Study and the requirements of the West Commerce Street/Fort WorthAvenue Special Purpose District (PD 714), adopted by Ordinance No. 25898 onFebruary 23, 2005, as amended.

The Villas at the Belmont currently under development by Options RealEstate, will provide at build-out 34 new single-family homes on previouslyvacant land near Sylvan Avenue.

Manny Rodriguez Studio, north of Metro Paws, contains a photographystudio and live/work space.

Sylvan I Thirty, a mixed-use residential and retail development isexpected to add 200 multi-family units and 53,800 square feet of retail onpreviously under-utilized land.

Cliff View, a 318-unit residential development, will add two-to-seven storybuildings to a previously vacant block.

Additional development such as Alta West Commerce and Alexan WestDallas are planned to meet the requirements of PD 714 and will turnunder-developed and under-utilized land into dense, mixed-usedevelopment.

The Coombs Creek Trail, Trinity Overloolç, West Dallas Signature PointProject Fort Worth Avenue Streetscape Improvements, reconstruction ofWest Commerce Street and Beckley Avenue, reconstruction of SylvanAvenue, and TxDOT’s Horseshoe will provide public infrastructure projectsthat comply with PD 714 and provide wide sidewalks, street trees, bicycleamenities, and pedestrian amenities central to the dense urban design asenvisioned in the Urban Design Study and as required in PD 714. Theseprojects, when fully funded, will add an additional $841,063,497 in non-TIFfunds for district-related projects and projects adjacent to the district.

Proposed development west of the Belmont and east of Malone Drive,currently planned by Options Real Estate Development is expected toprovide additional retail and residential live/work space on land currentlyused for surface parking.

• Improve access and connections to the planned improvement of transit services,including a light rail or modern streetcar line, within the district.

Each development is reviewed individually for wide sidewalks shade,and improved transit stops. In addition, landscape design for each projectincludes planning for a potential light rail or streetcar line.

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Planned extensions of the Coombs Creek Trail will connect the center ofthe corridor to Union Station and additional transit services.

• Increase recreational opportunities and improve connections to the City of Dallastrails and open space system in the district, especially the Trinity River andCoombs Creek.

Phases I and II of the Coombs Creek Trail, from Beckley Avenue toSylvan Avenue, completed in 2010. Future phases to the west will followCoombs Creek continue through Stevens Park Golf Course, and connectto future development on Fort Worth Avenue. Future phases to the eastwill connect to Riverfront Boulevard and downtown Dallas.

• Maintain the stability of local schools as redevelopment occurs in the housingmarket.

Leaders from the school district have been invited to participate in the TIFdistrict meetings.

• Generate approximately $69 million (NPV; 2008 dollars) in increment over 21years, with up to 85 percent participation by the City and 55 percent participationby the County.

TIF increment collections began in tax year 2009 and generatedapproximately $191,902 total in incremental revenue for the district duringthe 2014 fiscal year. Another $324,936 is expected in the 2015 fiscal year.This collection is 0.59% of the goal.

Metro Paws, Meridian at Kessler Park, McDonald’s, Ald Comerica Bank,and a new retail center are complete and have begun to contribute to theTIF fund. Sylvan I Thirty began construction during the year and will beginto contribute to the TIF fund in 2014.

• Diversify retail and commercial uses in the district.

The Aldi grocery store, completed in 2011, added 16,895 square feet ofretail space. Metro Paws Animal Hospital provides 4,700 square feet ofveterinary clinic space. In addition, Smoke opened in September 2009 andretained restaurant space in the district. Chicken Scratch and the Foundryopened in March 2012. The Minyard grocery store at 2128 Fort WorthAvenue closed in FY 2013 and was replaced by Big Lots in 2014.

Planned development west of the Belmont will provide additional retailspace.

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150362Exhibit A - Fort Worth Avenue TIF District FY 2014 Annual Report

Sylvan I Thirty is planned to contain a natural foods grocery store and add53,800 square feet of retail space to the district.

Alta West Commerce and Alexan West Dallas will add another 15,000 to30,000 square feet of restaurant and/or retail space to the district.

Year-End Summary of Meetings and Council Items

During the fiscal year from October 1, 2013 to September 30, 2014, the Fort WorthAvenue TIF District Board of Directors held 3 meetings.

The board consists of nine directors: eight appointed by the City Council and oneappointed by Dallas County.

During FY 2014 the board members were: Joseph Hernandez, city appointee andchairman (attended 3 of 3 meetings); Deborah Carpenter, city appointee and vice chair(attended 3 of 3 meetings); J. B. Jones, city appointee (attended 2 of 3 meetings);Angela Gonzalez, city appointee (attended 0 of 3 meetings; defaulted 2/28/2014); TonyHinojosa, city appointee, appointed after final meeting for the year; Jennifer Snow, cityappointee, appointed after final meeting for the year; Juanita Ramirez, city appointee(attended 2 of 3 meetings; appointed 3/5/2014); Eva Elvove, city appointee (attended 3of 3 meetings); Rick Loessberg, Dallas County appointee (attended 1 of 3 meetings).

During the fiscal year from October 1, 2013 to September 30, 2014, the City Councilapproved 19 items associated with the Fort Worth Avenue TIF District:

• On October 8, 2013, Council approved Resolution 13-1 773 authorizing a ProjectUtility Adjustment Agreement with Pegasus Link Constructors, LLC for water andwastewater main relocations and adjustments in Interstate Highway 30 (Dallas-Fort Worth Turnpike) from Sylvan Avenue to Lamar Street and in InterstateHighway 35E (Stemmons Freeway) from 6th Street to Commerce Street(Horseshoe Project) - Not to exceed $382,812 - Financing: Water Utilities CurrentFunds (to be reimbursed by Pegasus Link Constructors, LLC) (HorseshoeProject)

• On December 11, 2013, Council approved Resolution 13-2156 authorizing (1)deposit of the amount awarded by the Special Commissioners in the lawsuitstyled City of Dallas v. Dolores Burdine, et al, Cause No. CC-13-02714-E,pending in County Court at Law No. 5, for acquisition from Dolores Burdine, et al,of 680 square feet of land and 351 square feet for a temporary constructioneasement located near the intersection of North Beckley Avenue and WestCommerce Street for the Beckley Avenue Improvement Project; and (2)settlement of the lawsuit for an amount not to exceed the amount of the SpecialCommissioners award - Not to exceed $39,960 ($36,960 being the amount of theaward, plus closing costs and title expenses not to exceed $3,000); an increase

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of $33,296 from the amount Council originally authorized for this acquisition -

Financing: 1998 Bond Funds (Beckley/Commerce Intersection)

On January 8, 2014, Council approved Resolution 14-0110 authorizing aprofessional services contract with Freese and Nichols, Inc. for topographicsurvey, geotechnical services, and design development through constructionadministration services for trail improvements for the Coombs Creek Trail, PhaseIII located from Stevens Park tennis courts to Colorado Boulevard to PlymouthRoad to Hampton Road - Not to exceed $171,070 - Financing: 2006 Bond Funds(Coombs Creek Trail)

• On January 8, 2014, Council approved Resolution 14-0117 authorizing aprofessional services contract with URS Corporation for the engineering designof three new street crossings under the Union Pacific Railroad (UPRR) at BataanStreet, Herbert Street, and Amonette Street for the West Dallas Gateway Project,Phase I - Not to exceed $546,645 - Financing: General Obligation CommercialPaper Funds (West Dallas Gateway Project aka the Three Hole Punch)

• On January 22, 2014, Council approved Resolution 14-0232 authorizing a publichearing to receive comments regarding an application for and an ordinancegranting a Specific Use Permit for a convalescent and nursing home, hospicecare, and related institutions use and a resolution terminating the deedrestrictions on property within Subdistrict 4A of Planned Development District No.714, the West Commerce Street/Fort Worth Avenue Special Purpose District, onthe northeast line of Bahama Drive, south of Ft. Worth Avenue Recommendationof Staff and CPC: Approval for a ten-year period with eligibility for automaticrenewal for additional fifteen-year periods, subject to a site plan and conditions,and approval of the termination of existing deed restrictions Z123-334(RB) Note:This item was considered by the City Council at a public hearing on December11, 2013, and was taken under advisement until January 22, 2014, with thepublic hearing open (Meridian at Kessler Park)

• On January 22, 2014, Council approved Resolution 14-0238 authorizing a publichearing to receive comments to amend the City of Dallas Thoroughfare Plan tochange the dimensional classification of Sylvan Avenue from IH-30 to ColoradoBoulevard from a six-lane divided roadway M6D(A*) within 100 feet of right-of-way to a special four-lane divided roadway (SPCL 4-D) with bicycle lanes within80 feet of right of- way; and at the close of the hearing, authorize an ordinanceimplementing the change - Financing: No cost consideration to the City (SylvanA venue reconstruction)

• On January 22, 2014, Council approved Resolution 14-0249 authorizing anincrease in the contract with Texas Standard Construction, Ltd. for streetscapeimprovements for Sylvan Avenue from the IH-30 westbound frontage road to FortWorth Avenue - Not to exceed $177,638, from $1,537,669 to $1,715,307 -

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Exhibit A - Fort Worth Avenue TF District FY 2014 Annual Report

Financing: General Obligation Commercial Paper Funds (Sylvan Avenuereconstruction)

On February 26, 2014, Council approved Resolution 14-0385 accepting the FY2013 Annual Report on the status of Tax Increment Financing ReinvestmentZone Number Fifteen, (Fort Worth Avenue TIF District), submitted by the FortWorth Avenue TIF District’s Board of Directors, and authorizing the City Managerto submit the annual report to the Chief Executive Officer of each taxingjurisdiction that levies taxes on real property in the District and to the StateComptroller, as required by state law (annual report)

On February 26, 2014, Council approved Resolution 14-0426 acquisition,including the exercise of the right of eminent domain, if such becomesnecessary, from Prescott Interests, Ltd., of an unimproved tract of landcontaining approximately 15,352 square feet located on Beckley Avenue at itsintersection with Interstate Highway 30 for the IH-30 Bike and Pedestrian FacilityImprovements - Not to exceed $288,012 ($284,012 plus closing costs and titleexpenses not to exceed $4,000) - Financing: General Obligation CommercialPaper Funds (Horseshoe)

• On March 26, 2014, Council approved Resolution 14-0534 authorizing a publichearing to receive comments regarding an application for and an ordinancegranting an MU-3 Mixed Use District and a resolution accepting deed restrictionsvolunteered by the applicant on property zoned an IR Industrial Research Districtat the east corner of Fort Worth Avenue and Yorktown Street. Recommendationof staff and CPC: Approval, subject to deed restrictions volunteered by theapplicant (Alta Yorktown)

• On May 14, 2014, Council approved Resolution 14-0760 authorizing the rejectionof bids for the construction of intersection improvements for North BeckleyAvenue at Commerce Street; and, the re-advertisement for new bids - Financing:No cost consideration to the City (Beckley/Commerce intersection)

• On May 28, 2014, Council approved Resolution 14-0841 authorizing (1) adevelopment agreement with Henry S. Miller and/or its affiliates HSM MultifamilyDevelopment LLC and/or HSM Cliff View Associates Ltd., in an amount not toexceed $4,650,000, payable from future Fort Worth Avenue TIF District funds inconsideration of the development of Cliff View in Tax Increment FinancingReinvestment Zone Number Fifteen (Fort Worth Avenue TIF District); and (2) theFort Worth Avenue TIF District Board of Directors to dedicate up to $4,650,000from future Fort Worth Avenue TIF revenues in accordance with the developmentagreement - Not to exceed $4,650,000 - Financing: Fort Worth Avenue TIFDistrict Funds (Subject to appropriations) (Cliff View)

• On May 28, 2014, Council approved Resolution 14-0842 authorizing a resolutiondeclaring the intent of Tax Increment Financing Reinvestment Zone Number

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Fifteen (Fort Worth Avenue TIE District) to reimburse Henry S. Miller and/or itsaffiliates HSM Multifamily Development LLC and/or HSM Cliff View AssociatesLtd. for eligible expenditures pursuant to the development agreement up to$4,650,000 for certain improvements related to the development of Cliff View inthe Fort Worth Avenue TIE District - Financing: No cost consideration to the City(Cliff View)

• On June 11, 2014, Council approved Resolution 14-0923 authorizing aprofessional services contract with Huitt-Zollars, Inc. for the engineering designof thoroughfare/streetscape improvements for Fort Worth Avenue from SylvanAvenue to West Commerce Street - Not to exceed $300,766 - Financing:General Obligation Commercial Paper Funds ($220,735) and Water UtilitiesCapital Improvement Funds ($80,031) (Fort Worth Avenue streetscape)

• On June 11, 2014, Council approved Resolution 14-0934 authorizing (1) thereceipt and deposit of funds from Dallas County in the amount of $1,980,000 forthe County’s share of design and construction costs of 1H30 bicycle andpedestrian connections between Riverfront Boulevard and Beckley Avenue; and(2) an increase in appropriations in the IH3O Bicycle and Pedestrian ConnectionFunds in the amount of $1,980,000 - Financing: IH3O Bicycle and PedestrianConnection Funds. (Horseshoe)

• On June 11, 2014, Council approved Resolution 14-0935 authorizing (1) a LocalTransportation Project Advance Funding Agreement with the Texas Departmentof Transportation (TXDOT) for the design and construction of the 1H30 bicycleand pedestrian connections from Riverfront Boulevard to Beckley Avenue; and(2) payment to TXDOT for the local share of design and construction costs of1H30 bicycle and pedestrian connections from Riverfront Boulevard to BeckleyAvenue - Not to exceed $3,048,566 - Financing: General Obligation CommercialPaper ($1,068,566), and 1H30 Bicycle and Pedestrian Connection Funds($1,980,000) (Horseshoe)

• On June11, 2014, Council approved Resolution 14-0959 authorizing an increasein the contract with Texas Standard Construction, Ltd. for paving improvementsand other necessary construction field adjustments for Sylvan Avenue from theIH-30 westbound frontage road to Fort Worth Avenue - Total net amount not toexceed $144,144, from $1,715,307 to $1,859,450 and decrease portion offunding previously allocated to Water Utilities Capital Construction Funds (totaldecrease of $51,265) - Financing: General Obligation Commercial Paper Funds($154,250) and Water Utilities Capital Construction Funds ($41,159) (SylvanAvenue reconstruction)

• On June 25, 2014, Council approved Resolution 14-1020 authorizing a contractwith Texas Standard Construction, Ltd., lowest responsible bidder of three, forthe construction of street paving, storm drainage, traffic signals, street lights,landscape, water and wastewater main improvements for the North Beckley

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Avenue at West Commerce Street intersection - Not to exceed $5,749,249 -

Financing: General Obligation Commercial Paper Funds ($3,566,089), 1998Bond Funds ($1,276,255), Water Utilities Capital Improvement Funds ($877,203)and Water Utilities Capital Construction Funds ($29,702) (Beckley/Commerceintersection)

On September 10, 2014, Council approved Resolution 14-1496 authorizing apublic hearing to receive comments regarding an application for and anordinance granting a Planned Development District for certain Residential andUtility and public service uses on property zoned a TH-3(A) Townhouse District,an MF-2(A) Multifamily District, an MF-4(A) Multiple Family District, and a CSCommercial Service District on property generally bounded by the east line ofWillomet Avenue between Stafford Avenue and Pollard Street, and the west lineof Ormsby Street between the terminus of Seale Street and Pollard Street.Recommendation of staff and CPC: Approval, subject to a development plan,finished grade section plan and conditions (Cliff View)

The Fort Worth Avenue TIF District is expected to review the following items during FY2014-2015:

• FY 2014 Annual Report for the Fort Worth Avenue TIE District• An amendment to the TIF application for Cliff View apartments to include re

construction of Seale Street from the project to Sylvan Avenue.• A potential TIF application for development at Colorado Boulevard and Fort

Worth Avenue

Budget and Spending Status

Each TIF district, in the Project Plan and Reinvestment Zone Financing Plan,establishes a budget for the public improvement expenditures necessary to supportprivate investment in the district. The Fort Worth Avenue TIE District was established inJune 2007 and collected $191,902 in FY 2014. It is anticipated to collect approximately$324,936 in FY 2015.

The Fort Worth Avenue budget and spending to date is shown below.

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Projected Increment Revenues to RetlFldObhgabons*Category TIF Allocated balance

Public infrastructure improvements: paving,streetscape, water/wastewater, storm sewer, utility $88,915,440 $2,832,746 $86,082,694burial/relocation, and land acquisitionAffordable housing $11,932,149 $2,274,163 $9,657,986

Environmental remediation & demolition $14,318,579 $25,000 $14,293,579

Parks, open space, trails, and gateways $14,318,579 $325,000 $13,993,579

Façade restoration $7,159,290 $0 $7,159,290

Economic development grants $23,864,299 $2,500,000 $21,364,299

Administration and implementation $4,334,643 $333,621 $4,001,022

Total project costs $164,842,979 $8,290,530 $156,552,449

*Budget shown above in current dollars, updated yearly; TIF Project Plan shows the budget in net present value.Values above do not include interest payments or receipts.

Fort Worth Avenue TIF District

- Project Plan Budget (NPV 2008 dollars)

Category TIF Budget*Public infrastructure improvements: paving, streetscape, water/wastewater, storm

$37 259 794sewer,_utility_burial/relocation,_and_land_acquisition

Affordable housing $5,000,000

Environmental remediation & demolition $6,000,000

Parks, open space, trails, and gateways $6,000,000

Façade restoration $3,000,000

Economic development grants $1 0,000,000

Administration and implementation $2,200,000

Total project costs $69,459,794* As approved in the Final Project Plan and Reinvestment Zone Financing Plan.

FY 2015 Work Program

Pending items for the Fort Worth Avenue TIF District include:

• Encourage development projects within the district in accordance with the finalProject Plan and Reinvestment Zone Financing Plan, specifically development onthe site of the former Colorado Place Apartments and development near Sylvan IThirty and the Belmont Hotel.

• Continue working to coordinate public design and improvement efforts.

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Appendix: Financials

City of DalIas TexasFort Worth Avenue Tax Increment Financing District FundReinvestment Zone Number FifteenAs of September 30, 2014

Chapter 311.016 of V. C.T.A. requires the following informationas part of the annual report on the status of the TIF District.Information is contained in detail on the attachedfinancial statements.

r1 Amount and source of revenue in the tax increment fund established for the zone:

$3,140 Interest Income$191,902 Ad Valorem Taxes (Collected in FY2013-14 based on 2013 Final Tax Roll)$195,042 Total Reenue

. Amount and purpose of expenditures from the fund:

$40,773 Administrativa Expense$0 Non-Capital outlay$0 Capital outlay$0 Interest and fiscal charges

$40,773 Total Expenditures

. The Zone began reimbursing the general fund for the TIF administrat[e costs in fiscal year 2009-10.

a. Amount of Principal and Interest due on outstanding bonded indebtedness:Fort Worth TIE District has incurred no bonded indebtedness as of September 30, 2014.

b. The Zone entered into a devaloper agreement with Lynxette Exploration, LLC for the Sylvan I Thirty publicimprovament project in an amount not to exceed $3,200,000 with projected completion date of June 30, 2015.Reimbursement to begin after completion of all requirements and upon availability of TIE funds.

c. The Zone entered into a devaloper agreement with Henry S. Miller for the Cliff View project in an amountnot to exceed $4,650,000 with projected completion date of December31, 2016.Reimbursement to begin after completion of all requirements and upon availability of TIF funds.

%. Tax increment base and current captured appraised value retained by the zone:Taxable Base Year Est. Captured

Taxing Jurisdiction Value 2014* 2007 Value Value 2014**

City of Dallas $126,195,129 $86,133,447 $40,061,682Dallas County $126,175,129 $86,133,447 $40,041,682

*2014 taxable value for participating taxing jurisdictions. County values are approximate andwill vary slightly from the City value due to different exemption levels.**Based on Certified Taxable Value. The final values will be determined on February 01, 2015.

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%. Captured appraised value by the municipality and other taxing units, the total amount of the taxincrement received, and any additional information necessary to demonstrate compliance withthe tax increment financing plan adopted by the governing body of the municipality:

A. Estimated tax increment shared by the municipality and other participating taxing jurisdictions:Amount of

Assessment Estimated 2014Taxing Jurisdiction Per $100 *** lncrement****

City of Dallas 0.67745 $271,398Dallas County 0.13371 $53,538

Total for all Jurisdictions $081116 $324,936Participation rate for Dallas County is 0% for 2008 and 55% for years 2009 to 2028.

City of Dallas participates at variable rates as follows:Tax Year Rate2008 0%2009-2010 55%2011-2013 70%2014-2020 85%2021 - 2022 70%2023 - 2029 55%

****The District began collecting increment in fiscal year 2009-10.

B. The total amount of estimated tax increment to be billed for the 2014 tax year is $324,936.For the 2013 tax year, increment in the amount of $191,902 was receied.

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Exhibit A - Fort Worth Avenue TIE District

City of Dallas, TexasFort Worth Avenue Tax Increment Financing District FundBalance Sheet as of September 30, 2014 (Unaudited)With Comparative Totals for September 30, 2013, 2012, 2011, and 2010(Audited)

Liabilities and Fund Balance (Deficit):Liabilities:

Accounts and contracts payableAdvances from developersAccrued interestDue to general fund

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Total liabilities $62,991 $62,991 $55,403 $55,403 $108,289

Fund Balance (Deficit):Fund Balance (Deficit)

Total Liabilities and Fund Equity

$227,246 $72,977 $40,213 ($55,398) ($105,438)

$290,236 $135,967 $95,616 $5 $2,851

$0 $0 $0 $0 ($0)

Fort Worth Avenue Tax Increment Financing District FundStatement of Revenues, Expenditures and Changes in Fund Balance (Deficit)For the Period September 30, 2014 (Unaudited)With Comparative Totals for September 30, 2013, 2012, 2011, and 2010(Audited)

Revenues:Tax increment-GoernmentalTax increment-Intergo.emmentalInterest incomeGrant from CityNet increase (decrease) in fair elue of iner

lTD 2014 2013 2012 2011 2010

$522,483 $155,492 $126,862 $122,581 $81,881 $35,667$128,535 $36,410 $30,156 $27,986 $24,048 $9,935

$17,261 $4,528 $7,443 $4,674 $235 $381$0 $0 $0 $0 $0 $0

($502) ($1,388) $955 ($71) ($5) $6

Expenditures:

Total reenues

Administratie expensesNon-capital outlayCapital outlayInterest and fiscal charges

Total expenditures

$667,776 $195,042 $165,414 $155,171 $106,160 $45,989

$333,621 $40,773 $25,742 $59,559 $56,119 $52,510r $0 $0 $0 $0 $0 $0

$106,909 $0 $106,909 $0 $0 $0r

$0 $0 $0 $0 $0 $0

$440,531 $40,773 $132,651 $59,559 $56,119 $52,510

Excess (Deficiency) of Reenues over Expe, $227,246 $154,269 $32,763 $95,611 $50,040

Fund balance (Deficit) at beginning of year

($6,521)

as preously reported

Fund balance (Deficit) at beginning of year,as restated

$0 $72,977 $40,213 ($55,398) ($105,438) ($98,917)

$0 $72,977 $40,213 ($55,398) ($105,438) ($98,917)

Fund balance (Deficit) at end of year $227,246 $227,246 $72,977 $40,213 ($55,398) ($105,438)

Note: Fiscal year 2013-14 unaudited financial statements are based on preliminary close numbers and are subject toreview by the City Controller’s Office prior to approval by the City Council. In case of any material changes, TIF boardwill be provided with the updated financial statements.

Assets:


2014

Total assets

Pooled cash and cash equi.elents $289,584 $134,774 $96,608 $2 $2,805Interest receivable $652 $1,193 ($992) $3 $46

2013 2012 2011 2010

$290,236 $135,967 $95,616 $5 $2,851

$0 $0 $0 $0 $0$0 $0 $0 $0 $0$0 $0 $0 $0 $0

$62,991 $62,991 $55,403 $55,403 $108,289

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City of Dallas, TexasFort Worth Avenue Tax Increment Financing District

Notes to Financial Statements for the Year Ended September 30, 2014

The measurement focus used for the TIE Zone fund is a flow of financial resources. Thefinancial statements are prepared using the modified accrual basis of accounting. Under themodified accrual basis of accounting, tax increment revenues and interest are recognized asrevenue when they become both “measurable” and “available” to finance expenditures of thecurrent period. Expenditures are recognized when the liability is incurred.

2. State statute requires that each taxing jurisdiction remit its ad valorem taxes to the Zone byMay I of each year (remittance to occur no more than 90 days after taxes for the jurisdictionbecome delinquent).

3. The TIE’s cash balances are invested in the City’s investment pool and include amounts indemand deposits as well as short-term investments. Pooled investments and short-term non-pooled investments are treated as cash equivalents. Investment income on the pooledinvestments is prorated monthly based upon the average daily cash balance in each fund.

4. The Zone’s Financial Plan permits expenditures not to exceed $4,334,643 over the life of theTIF to reimburse the City for administrative costs. The Zone began reimbursing the generalfund in fiscal year 2009-10. Any future remittance for administrative expenses would comefrom excess cash as tax increment revenue increases as a result of increased assessedvalues.

5. All project costs resulting in capital improvements that are owned by the City are capitalizedby the City.

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150362 - city secretary's...

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