Sports Arena TIF Draft

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Sports Arena Tax Increment Financing District (Comprised of Victory, Riverfront Gateway and West Dallas Neighborhoods) D ra Amended and Restated Project Plan And Reinvestment Zone Financing Plan August 25, 1999 Amended May 9, 2012 ft ________________________________________________________________ Acknowledgements The Sports Arena TIF District Project Plan and Reinvestment Zone Financing Plan was originally prepared by Mark Stein. The amended and restated plan was prepared by the City of
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  Sports Arena Tax Increment Financing District (Comprised of Victory, Riverfront Gateway and WestDallas Neighborhoods)Amended and Restated Project Plan And Reinvestment Zone Financing Plan August 25, 1999Amended May 9, 2012   ________________________________________________________________  ________________________________________________________________  Amended and Restated Project Plan and Financing Plan Page 2TIF Reinvestment Zone Number Seven Acknowledgements The Sports Arena TIF District Project Plan and Reinvestment Zone Financing Plan was srcinally prepared by Mark Stein. The amended and restated plan was prepared by the City of Dallas, Office of Economic Development. The Office of Economic Development wishes to acknowledge the efforts of everyone who contributed to the development of this plan, including the following organizations and individuals:  City of Dallas Mary Suhm City ManagerRyan Evans First Assistant City ManagerKarl Zavitkovsky Director, Office of Economic Development (OED)Karl Stundins Area Redevelopment Manager, OEDTamara L. Leak Economic Development Analyst, OEDBarbara Martinez Assistant City Attorney, City Attorney’s OfficeSarah Hasib Assistant City Attorney, City Attorney’s Office Current Dallas City Council Mayor Mike Rawlings Carolyn R. DavisMayor Pro Tem Pauline Medrano Sheffie KadaneDeputy Mayor Pro Tem Tennell Atkins Jerry R. AllenDelia Jasso Linda KoopScott Griggs Sandy GreysonDwaine R. Caraway Ann MargolinVonciel Jones Hill Angela HuntMonica R. Alonzo Sports Arena TIF Board of Directors Orlando AlamedaRichard AnnandNoel AvetonHerb GoodmanCurtis ParkerEliza Solender   Rick Loessberg Other Bennett-Benner-Pettit – David PettitCenter Operating Company – Craig Courson, Brad MayneCousins Properties – Kyle Vinson, Kevin McGlaunEstein & Associates USA, Ltd – Lance FairHillwood Properties – Ken ReeseJackson Walker L.L.P. – Susan Mead, William S. Dahlstrom, Myron DornicMark SteinTrinity Groves, LLC – Jim Reynolds, Tom Jenneman, Butch McGregorShupe Ventura Lindelow & Olson, PLLC – Misty VenturaWinstead PC – Paul N. Wageman   ________________________________________________________________  ________________________________________________________________  Amended and Restated Project Plan and Financing Plan Page 3TIF Reinvestment Zone Number Seven Table of Contents   Section 1: Amended and Restated Project Plan 4  Background 4Term of Zone 7Zone Tax Increment Base 8District Boundaries 8Exhibit A: Sports Arena TIF District Map 9Development Goals and Objectives 10 Section 2: Tax Increment Financing Explained 11   Exhibit B: TIF Financial Impact 12 Section 3: Project Plan Improvements 13  Original Plan Improvements 13Amended and Restated Improvements 14Exhibit C: Sports Arena TIF Public Improvement Plan xTaxable Private Improvements 17Exhibit D: Sports Arena TIF District AnticipatedDevelopment Projects 18Exhibit E: Anticipated Development Projects Map -Victory Sub-District 19Exhibit F: Anticipated Development Projects Map -West Dallas Sub-District 20 Section 4: Amended and Restated Financing Plan 21  Exhibit G: Sports Arena TIF District Improvements Budget 21TIF Funding Priority 30TIF District Considerations 33Financial Assumptions 34Exhibit H: Sports Arena TIF District Increment Chart 35Financial Feasibility 38Financial Policies 38 Appendices A. Sports Arena TIF District Original Land Uses 40B. Revised Schedule 1: Original Public Improvements 41C. Revised Exhibit C: Original Public Improvements Map 42D. Schedule 3: Original Non-project Costs 43E. Sports Arena TIF District Exisiting Conditions 44F. Sports Arena TIF District Zoning Map 45G. Sports Arena TIF District Grant Program 46H. DCAD Real Property Accounts in the Sports Arena TIF DistrictOriginal District Boundary 48I. DCAD Real Property Accounts in the Sports Arena TIF DistrictBoundary Amendment Accounts 55   ________________________________________________________________  ________________________________________________________________  Amended and Restated Project Plan and Financing Plan Page 4TIF Reinvestment Zone Number Seven Section 1: Amended and Restated Project Plan Background The Dallas City Council (the “Council”) designated Tax Increment FinancingReinvestment Zone Number Seven, City of Dallas, Texas (the “Zone”) by CityOrdinance 23688 on October 28, 1998. The Sports Arena TIF District, alsocalled the Zone, was created to generate cash to reimburse costs of roadwayimprovements and certain other public improvements (“Original PublicImprovements”) necessary or beneficial for the development of the AmericanAirlines Center and private development within the surrounding area, which suchdevelopment or redevelopment would not otherwise occur solely through privateinvestment in the reasonably foreseeable future.The Sports Arena TIF District has been authorized by the City of Dallas, pursuantto Section 311.005 of the Texas Tax Code, because the City Council found thatthe Zone substantially impaired the sound growth of Dallas, retards the provisionof housing accommodations, constitutes an economic and social liability, and is amenace to the public welfare due to a substantial number of substandard,deteriorating, and deteriorated structures and infrastructure. This amended andrestated plan (“Amended Plan”), including the district boundaries, project plan,and financing plan, is the result of the collaborative effort of property owners andCity staff.Less than 10 percent of property in the District is currently being used forresidential use with fewer than five living units.Dallas voters previously approved a car rental tax and hotel occupancy tax inJanuary 1998, enabling construction of the American Airlines Center. The arenaopened for the 2001/2002 basketball and hockey seasons.An ‘Arena Master Agreement’ between the City of Dallas and the Arena Group,dated December 10, 1997, (the ’Master Agreement’) called for a tax incrementfund to reimburse the Arena Group for roadway improvements and certain otherpublic improvements identified as City responsibilities, shaded orange on a mapwithin the Master Agreement. Specifically, the Master Agreement stated: “TheCity shall reimburse the Arena Group for the costs incurred by the Arena Groupin connection with such Roadway Improvements from the bond programproceeds - or by delivery to the Arena Group of bonds or notes issued by aredevelopment district covering lands included within lands owned by Hillwood orits affiliates and other property included in the district in accordance withapplicable law.”Before 1997 and before consideration of an arena at the selected site, the City ofDallas designated $750,000 of bond proceeds for design and other work on
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