Planning and Development Committee

Public Infrastructure

Public Improvement Districts #1, #2, and #3

October 13, 2016

Public Improvement Districts

Tax Increment Reinvestment Zones

Ranchview/Campion Hollows

Bridges

Parkside

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Public Improvement District (PID)

Assessment districts created by the City to fund public improvements

Benefitted properties assessed annually to repay debt used to fund infrastructure

Expires once debt is paid off (2032/2033)

Not a Home Owner’s Association

Service and Assessment Plan Update (SAP)

Updated annually (October) and adopted by City Council

Establishes annual assessments to pay current debt service and collection costs

Tax Increment Reinvestment Zone (TIF or TIRZ)

TIF Districts established to assist in paying off debt

50% of Maintenance and Operations Tax Rate dedicated toward debt service

Not an increase in taxes – simply an allocation of portion of a taxes paid to the city

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TIRZ #4 is approximately 37 acres

121 single-family homes ---completed by the end of 2016

Average value of lot plus improvements is $539,772 for a total buildout value of $65.3M.

Estimated average home value during planning was $400,000, or an estimated total buildout value of $48.4M.

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Total development cost, including the PID-financed portion of public infrastructure is $6.6 M.

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Authorized Improvement Estimated Cost Actual Expenditures

Water Distribution Improvements $ 474,797.00 $ 480,756.61

Sewer System Improvements $ 275,603.00 $ 338,403.37

Drainage Improvements $ 690,319.00 $ 619,346.95

Landscaping/Open Space Improvements $ 1,559,281.00 $ 1,561,493.07

Total $ 3,000,000.00 $ 3,000,000.00

Total development cost, including the PID-financed portion of public infrastructure is $6.6 M.

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TIRZ #3 is approximately 122 acres

400 single-family homes with average value of lot plus improvements is $479,000 for a total buildout value of $192M

Original estimated home values of $450k to $490k

Infrastructure completed in 2017

Total build-out expected by the end of 2017 (334 Permits issued to date)

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Public improvements that are financed in part by the incremental taxes generated within the TIRZ.

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Total development cost, including the PID financed portion of public infrastructure is $26.8M.

Authorized Improvement Estimated Cost Actual Expenditures

Water Distribution Improvements $ 498,122.00 $ 555,137.37

Sewer System Improvements $ 897,939.00 $ 495,833.16

Street Improvements $ 3,717,745.00 $ 54,299.33

Drainage Improvements $ 1,118,114.00 $ 455,371.83

Public Landscaping and Hardscaping $ 2,049,762.00 $ 6,721,040.31

Total $ 8,281,682.00 $ 8,281,682.00

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• 3 Bridges were completed at a cost of $2.4M.

• Lake Rialto was improved by removing in excess of 100,000 CY of silt from the lake bottom behind the dam, creating natural water depths up to 12 feet.

• Passarelle Trails is approximately 1 mile of completed pedestrian trails along the Lake Rialto waterway.

• Completed Sulis Square Park, with a children’s spray park, playground equipment and a covered community gathering area.

• Completed Apollon Hill Park, a large open space gathering area. Community movie nights have been a popular feature.

• Developer continues to work with DCURD on the State Water Permit for Lake Rialto. Approval is expected by the end of 2016.

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TIRZ #5 is approximately 233 acres

888 single-family homes priced at $350,000 to $900,000 Originally estimated 869 lots at $450K to $700K

Estimated assessed value upon completion of $460M+ Original estimated @ $360M

Parkside East -154 homes Parkside East - 2017/2018

Parkside West -131 homes Parkside West - 2019/2020

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Total development cost, including the PID financed portion of public infrastructure is $97.8M.

Authorized Improvement Estimated Cost Actual Expenditures

Water Distribution Improvements $ 2,040,579.00 $ 1,778,907.75

Sewer System Improvements $ 1,328,872.00 $ 1,423,936.44

Street Improvements $ 4,821,659.00 $ 8,253,157.02

Drainage Improvements $ 864,899.00 $ 1,424,813.16

Open Space, Park & Recreation Facilities $ 11,443,991.00 $ 5,125,494.13

Total $ 20,500,000.00 $ 18,006,308.50

• 3560 LF of 4E6 underground duct bank electrical installed to relocate overhead power along Belt Line Road and Cabell Road east of Belt Line

• 6100 LF of conduit and pull box system installed along Cabell Drive west of Belt Line and along Esters to underground overhead power and telecom (which provided power for the DART LRT in the area)

• Cabell Road east of Belt Line realigned and reconstructed

• Two additional lanes of Cabell Drive west of Belt Line from Arches Avenue to Esters completed

• 2.1 miles of the 3.3 miles of public trails completed in open space areas

• Pedestrian underpass boardwalk under Belt Line Road completed

• Approximately 30 acres of open space and park improvements have been completed, including Parkside Commons, the reclamation of 23.5 acres of floodplain land in Parkside East – including a dog park, storm water retention area (provides mitigation of regional storm water issues related to DFW Airport), turfed and irrigated play areas and a fountain to enhance water quality in the detention area

• Developer had to mitigate prior illegal dumping of poor material and concrete materials within the Phase 1 site.

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• Infrastructure for Phases 1A, 1B, 2A and 3 have been completed.

• Infrastructure for Phase 2C is underway and Phase 2B will commence by the end of 2016. All lot infrastructure work will be complete during 2017.

• Cabell Drive expansion is approximately 35% complete. Hines has been waiting on ONCOR to remove the remaining 18 overhead poles along Esters and Cabell that impede ROW construction.

• Construction of the Cabell Drive Culvert Bridge is scheduled to commence in November, 2016 after receipt of FEMA comments related to the channel improvements. Comments are due by the end of October, 2016. Hines has worked extensively with Garry Fennell and Dan Vedral on completing the design plans and submittals.

• The Cabell Culvert Bridge will have to be constructed in two phases in order to maintain two-way traffic on Cabell Drive from Belt Line Road to Esters Boulevard. The plan is to complete the westbound lanes of Cabell Drive by the end of the 1Q, 2017. The complete roadway, including Esters Boulevard expansion, will be completed by Summer, 2017.

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Total development cost of all three PID’s, including the PID financed portion of public infrastructure is $131.2M.

Authorized Improvement Estimated Cost Total Expenditures

to Date

Water Distribution Improvements $ 3,013,498.00 $ 2,814,801.73

Sewer System Improvements $ 2,502,414.00 $ 2,258,172.97

Street Improvements $ 8,539,404.00 $ 8,307,456.35

Drainage Improvements $ 2,673,332.00 $ 2,499,531.94

Public Landscaping, Open Space, Park & Recreation Facilities $ 15,053,034.00 $ 13,408,027.51

Total $ 31,781,682.00 $ 29,287,990.50

Combined Summary – Bridges/Ranchview/Parkside