TIF 9 (Trinity River Vision) Expansion and Updated Project and Financing Plans Jay Chapa, Director Housing and Economic Development

Presentation Overview Review Proposed Expanded and Updated Project and Financing Plans Staff Recommendation Next Steps

Chronology of TIF 9 11/12/03Distribution of Preliminary Plans 12/16/03Council establishes TIF 09/15/05TIF 9 Board met and recommended Plans for Council consideration 1/19/06Council Approved Plans 8/2007TIF Board Approves funding for engineering study to update project and project costs 6/2009Study completed with updated costs including expanded project area 07/2009State TIF bill allowing extensions of TIF District terms comes into effect 09/2009Project and Financing Plans Amended based on study findings and updated costs

Amended TIF Project and Financing Plan and Expansion of TIF Boundaries

Recommended Project Plan – TIF Boundaries (9A/9B) 2009 Staff Recommended Plan

TIF 9B - Description Adjacent to the eastern edge of TIF 9A Extends east along the West Fork of the Trinity River to Oakland Blvd. and E. 1st St. Total area is 2,600 acres Includes Gateway and Riverside parks

TIF 9B - Goals Enhanced flood protection/Valley storage sites Provide recreational amenities as requested by the community Create a 1,000-acre urban programmed park Provide transportation improvements (i.e., East 1 st Street) Ecosystem restoration Spur economic development along Gateway Park Connect the east and southeast neighborhoods to the Trinity River Corridor

Freese & Nichols Study Purpose was to account for Updated Costs due to: Gateway Park/Oxbow Inflation Update preliminary design/engineering

Central City Project

Baseline Project Land (acquisition, demolition, relocation)$226,213,500 Environmental Remediation38,355,100 Preliminary Design25,598,900 Ecosystem Restoration10,915,200 Recreation8,785,400 Valley Storage95,855,700 Utility Relocation88,135,500 Bridges and Roadway78,855,700 Pump Station8,857,200 Bypass Channel112,724,300 Waterfront and Pedestrian Bridges29,356,200 Gates81,431,800 Dam88,292,600 Program Management16,500,000 Total Project Costs$909,877,200

Optional Projects Inland Water Feature Environmental Cleanup Project$29,099,000 Surface Storm Water Management Infrastructure System$37,941,000 Gateway Park – Remaining Recreation Features (N. Beach to Oakland)$31,145,000 Participation in Police/Fire Training Center$20,000,000 Total of Optional Projects$118,185,000

Current Financing Plan - TIF Share TRV Project Cost Estimate = $ 435 M Federal Funds (50%)$ M 50% Local Match –City $ 26.6 M –County$ 11.0 M –TRWD$ 64.1 M »Subtotal from local sources:$101.7 M Remaining to Finance from TIF: $ M –City $ 65.9 M –County $ 20.3 M –Hospital District$ 17.6 M –College $ 10.6 M –TRWD $ 1.5 M Based on 2005 Construction Costs

Recommended Project Plan – TIF Boundaries (9A/9B) Staff Recommended Financing Plan

80% Participation by the following entities: City of Fort Worth Tarrant County Tarrant Regional Water District Tarrant County Hospital District Tarrant County College District 2009 Staff Recommended Plan

Recommended Financing Plan Expand TIF Boundaries to include oxbow and Gateway area Extend the term of the TIF from 25 years to a maximum of 40 years (can end earlier if all debts are met) Continue current participation levels from all taxing entities Provide for forward funding agreements as available from partner agencies No impact or increase of local funding commitments from non-TIF sources

Projected Revenue TIF Revenue Estimates Baseline Model – 24 years (80%) $288,571,000 Extended Length – 40 years (80%) $840,040,500 Gideon-Toal

Projected Revenue TXP TIF Revenue Estimates Baseline Model – 24 years (80%) $109,400,000* Extended Length – 40 years (80%) $441,000,000* *Assumes 3-year lag in development activity Staff Recommended Projection

Financing Plan Summary Local Government Sources City of Fort Worth $26,600,000 Tarrant County $11,000,000 Tarrant Regional Water District $64,400,000 Subtotal $102,000,000 Remaining to Finance from TIF $320,054,300 Total Local Sources $422,054,300 Federal Government Sources $487,822,900 Total Project Cost $909,877,200

Local Government Sources - TIF Share TRV Project Cost Estimate = $909,877,200 Federal Funds (53.6%)$487,822,900 Local Match (46.4%) –City $ 26.6 M –County$ 11.0 M –TRWD$ 64.4 M »Subtotal from local sources:$102.0 M Remaining to Finance from TIF: $ 320,054,300 –City $181.9 M –County $ 56.1 M –Hospital District$ 48.5 M –College $ 29.3 M –TRWD $ 4.2 M

Staff Recommendation City Council endorse the delivery of the proposed amended Project and Financing Plan to all taxing entities for 60-day review: Amended plan includes: –the expansion of the TIF Boundaries to include TIF 9B –updated projects and project costs totaling $909.8 mil. with approximately $320 mil. to be paid from TIF funds –extend the life of the TIF from the current 25 year term to a maximum of 40 years with expiration earlier if all obligations are met –funding approval for only the items included in the $909 mil. project with alternative project items to be included only if funding is available and the plan is amended and approved by the TIF Board and participating taxing entities

Next Steps Oct. 1 st - Proposed amended plans provided to all taxing entities for 60-day review period Oct. 6 th - Presentation of proposed amended plans to City Council Oct – City staff meets with taxing entities staff to discuss amended plans Late Oct. - Early Nov. – City staff makes formal presentation to governing bodies of taxing entities Dec – TIF Board meets to approve amended plans Dec. 8 th – Council meeting to consider ordinance approving TIF expansion, extension and amended plans Dec – TIF Board meets to consider Development Agreement with Tarrant Regional Water District for forward funding of eligible project costs