1. 1 TIF 9 (Trinity River Vision) Expanded and Updated Project and Financing Plans December 8, 2009 Presented to the City Council Jay Chapa Housing & Economic Development Director

2. 2 Presentation Overview Expanded and updated Project and Financing Plans Staff Recommendation Next Steps

3. 3 Proposed Expanded and Updated Project and Financing Plan

4. 4 Highlights of Freese & Nichols Study New plan includes: –Added Gateway Park / Oxbow –Added completion dollars –Higher level of design and engineering –Current property numbers (acquisition and relocation)

5. 5 Baseline Project Costs Land (acquisition, demolition, relocation)$226,213,500 Environmental remediation$38,355,100 Preliminary design$25,598,900 Ecosystem restoration$10,915,200 Recreation$8,785,400 Valley Storage$95,855,700 Utility relocation$88,135,500 Bridges and roadway$78,855,700 Pump station$8,857,200 Bypass Channel$112,724,300 Waterfront and pedestrian bridges$29,356,200 Gates$81,431,800 Dam$88,292,600 Program management$16,500,000 TOTAL COSTS$909,877,200

6. 6 Primary Differences between $435M and $909M Project Expansion –Gateway Park / Oxbow (w/inflation)= $ 93,000,000 –Bypass Channel Betterments (w/inflation)= $ 29,000,000 Project Cost Refinements (Preliminary Design/Engineering and Inflation) –Inflation (3.5% simple interest)= $148,000,000 –Land (Acquisition/Demolition/Relocation) = $ 91,400,000 –Utilities = $ 56,000,000 –Bridges, Bypass Channel, Dams, Gates etc.= $ 57,000,000 TOTAL = $474,000,000

7. 7 Optional Project Costs 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 Blvd.) $31,145,000 Police / Fire training center$20,000,000 TOTAL OPTIONAL COSTS$118,185,000

8. 8 Delivery Plan Expand TIF boundary to include Oxbow and Gateway Park area Extend life of TIF from 25-years to 40-years (earlier expiration if obligations are met) Continue current participation levels from all taxing entities (80%) Allow forward funding agreements from partner agencies (ex. TRWD) No impact or increase of local funding commitments

9. 9 TIF 9A and 9B Note: TIF 9A is coded in red; TIF 9B extension is coded in green

10. 10 TIF 9B Boundary

11. 11 TIF 9B Description 2,600 acres Adjacent to eastern edge of TIF 9A Extends east along west fork of Trinity River to Oakland Blvd. and E. 1 st St. Includes Gateway and Riverside parks

12. 12 TIF 9B Goals Flood protection / valley storage sites Recreational amenities 1,000 acre urban programmed park Transportation improvements (E. 1 st St.) Ecosystem restoration Economic development along Gateway Park East and southeast neighborhood connection to Trinity River Corridor

13. 13 Updated Financing Plan Summary TRV Project cost estimate$909,877,200 Federal funds (53.6%)$487,822,900 Local funds (46.4%)$422,054,300 City of Fort Worth$26.6 million Tarrant County$11 million Tarrant Regional Water District$64.4 million Local funds subtotal$102 million 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

14. 14 Projected TIF Revenue Baseline Model (25) –$109,400,000 Extended Length (40) –$448,000,000 (Projections provided by TXP) Note: Based on 80 percent participation; TXP model assumes 3-year lag in development

15. 15 Economic Impact Comparison Original Plan Expanded Plan No Build Permanent Jobs 12,00017,4955,196 Construction Jobs 6,00020,0220 New Households 6,5007,000<1000 - $337 million more in real property tax revenue to Fort Worth ISD from the expanded plan versus the No Build option * Projections provided by TXP

16. 16 City of Fort Worth General Fund Tax Impact Comparison (with 80% participation in TIF) No BuildExpanded PlanDifference 2010$2.43 mil.$1.02 mil.($1,403,875) 2020$3.98 mil.$5.03 mil.$1,052,884 2030$5.68 mil.$8.19 mil.$2,510,320 2040$5.89 mil.$8.83 mil.$2,939,599 30 yr. Total $142.37 mil.$190.51 mil.$48,139,827 - Data provided by TXP

17. 17 Staff Recommendation and Next Steps

18. 18 Staff Recommendation TIF Board approved the proposed amended updated Project and Financing Plan which includes: –Expansion of the TIF boundary to include TIF 9B –Update the project costs total to $909.8 million, with approximately $320 million to be paid from TIF funds –Extend the life of TIF from 25-years to 40-years, or earlier expiration if obligations are met –Approval to fund items included in $909 million project Alternative items to be added only if funding is available and the plan is amended and approved by the TIF Board and taxing entities Approve amended TIF Policy

19. 19 Next Steps Sept. 25 th Initial endorsement from TIF Board on proposed amended Project and Financing Plan Completed Oct. 2 nd Proposed amended plans provided to all taxing entities for 60-day review period Completed Oct. 6 th Presentation of proposed amended plans to City Council Completed Oct. 16 th City staff meets with taxing entities to discuss amended Project and Financing Plan Completed Nov. 10 th City staff makes formal presentation to County Commissioners Completed Nov. 19 th City staff makes formal presentation to College District Board Completed Dec. 4 th TIF board reconvenes to approve amended plans Completed Dec. 8 th -15 th Council considers ordinance approving TIF expansion, extension, and amended plans Dec. 18 th TIF board meets to consider Development Agreement with Tarrant Regional Water District for forward funding of eligible project costs

20. 20 QUESTIONS?

21. 21 Project Progression Summary In 2021 Dollars (includes contingencies and inflation) In 2021 Dollars Doubled Scope

22. 22 Requested Options Remaining Recreation Features at Gateway Park

23. 23 Chronology of TIF 9 November 2003 – September 2009 11/2003Distribution of Preliminary Plans 12/2003Council establishes TIF 9 09/2005TIF 9 Board recommends Plans for Council consideration 01/2006Council approves plans 08/2007TIF 9 Board approves funding for engineering study to update project schedule and costs 06/2009Engineering study completed with cost update, including project area 07/2009State TIF bill allows extension of TIF district terms 09/2009Project and Financing Plans amended based on expanded project scope (Gateway Park) engineering study findings and costs

24. 24

25. 25 Initial Project Costs Land acquisition and demolition$81,300,000 Utility relocation and demolition$21,900,000 By-pass channel / levee construction$63,900,000 Valley storage balance$56,950,000 Water control structures$80,580,000 Storm runoff$8,550,000 Roadway, bridges, railroad grade separations$65,350,000 Environmental remediation allowance$26,800,000 Waterfront and pedestrian bridges$28,800,000 Administration and TIF management$870,000 TOTAL$435,000,000 Note: Based on 2005 construction costs

26. 26 Initial Financing Plan Summary TRV Project cost estimate$435,000,000 Federal funds (50%)$217,500,000 Local funds (50%)$217,500,000 City of Fort Worth$26.6 million Tarrant County$11 million Tarrant Regional Water District$64.4 million Local funds subtotal$102 million REMAINING TO FINANCE FROM TIF$115 million Note: Based on 2005 construction costs and 80 percent participation

27. 27 Tax Increment Projection Assumptions Entities – 80 percent participation City of Fort Worth Tarrant County Tarrant County College District Tarrant County Hospital District Tarrant Regional Water District

28. 28 Economic Impacts Average 600 jobs per year during construction 16,000 permanent jobs Up to 10,000 new households $518 million in real property tax revenue to FWISD over 25-year term $46.4 million in annual real property tax revenue to participating agencies (excluding FWISD)

29. 29 Build-Out Analysis 40-Year Build-Out Residential –10,330 units; 11,363,000 SF Commercial / Office / Retail Support –2,750,000 SF Value –14,113,000 SF –$1.6 billion Additional Community Facilities –620,000 SF 25-Year Build-Out 11,800,000 SF $1.24 billion Note: Based on 2005 construction costs