2018-06-18 TIRZ NO. 2 MEETING AGENDATAX INCREMENT REINVESTMENT ZONE NUMBER TWO (TIRZ NO. 2), ALSO KNOWN AS
SHADOW CREEK RANCH, CITY OF PEARLAND TEXAS
REGULAR MEETING MONDAY, JUNE 18, 2018 J 4:00 P.M.
CITY HALL ANNEX BUILDING 1 3523 LIBERTY DRIVE 1 COMMUNITY DEVELOPMENT CONFERENCE ROOM
I. CALL TO ORDER AND ROLL CALL
II. PURPOSE OF THE MEETING
1. Consideration and Possible Action — Regular Meeting Minutes of October 23, 2017, Tax Increment
Reinvestment Zone Number 2 (TIRZ No. 2) Board of Directors Meeting.
2. Consideration and Possible Action
a. Acknowledgement of service by Mike Pyburn to the Board.
b. Elect Board Secretary.
c. Appoint member to the Invoice Review Committee.
3. Consideration and Possible Action
a. Financial Report for the Fiscal Year ending September 30, 2017.
b. Financial Report for the period ending April 30, 2018.
4. Consideration and Possible Action — Investment Report for the Quarters Ending September 2017,
December 2017, and March 2018.
5. Consideration and Possible Action — 2017 Annual Report.
6. Consideration and Possible Action — Ratification of invoices authorized for payment by the Invoice Review
Committee and approving invoices presented for payment.
7. Consideration and Possible Action — Cancellation of LFA 04-07-001.
8. Consideration and Possible Action — Acknowledgement of the assignment of the right to TIRZ
reimbursements from Shadow Creek Ranch Development Company, LP to SCRDC Liquidating Trust.
9. Consideration and Possible Action - Professional services agreement with McGrath & Co. to perform LFA
agreed upon procedures reviews and interest calculations.
10. Consideration and Possible Action — Auditor's Report for completed LFA numbers 13-06-002 and 14-06-
001 and recommendation for reimbursements.
11. Consideration and Possible Action — Projection of future TIRZ Fund performance and payment of existing
LFAs.
12. Consideration and Possible Action — Recommendation to City Council of Plan Amendment #4.
13. Discussion Item — Possible dates for next Board meeting.
III. ADJOURN.
Sue Darcy, Marsh Darc L.Partners, Inc.
On Behalf of the Board
In Accordance with the provisions of the Americans with Disabilities Act (ADA), persons in need of a special
accommodation to participate in this proceeding shall, within three (3) days prior to any proceeding, contact the City
Secretary's office at (281) 652-1840.
All agenda supporting documents are available at www.oearlandtx.gov
• I, Maria E. Rodriguez, Deputy City Secretary of the City of Pearland, Texas, do hereby
certify that the foregoing public notice was posted in a place convenient to the general
public at City Hall on the 14th day of June 2018 at 5:00 p.m.
•
Maria E. Rodriguez
Deputy City Secretary
Agenda removed day of June 2018.
REINVESTMENT ZONE NUMBER TWO
CITY OF PEARLAND, TEXAS
61.
ANNUAL REPORT
2017
TABLE OF CONTENTS
City of Pearland, Texas, City Council 3
TIRZ Board of Directors .. 4
Description of the Zone... . 5
Purpose of the Zone 6
State of the Zone and Plan Implementation in 2017 . 7
TABLES
TABLE A. Taxing Entity Percent Participation .. 7
TABLE B Base Values by Jurisdiction 8
TABLE C. Revenue Fund Balance by Year 8
TABLE D Project Plan & Reinvestment Zone Financing Plan Budget 10
TABLE E. Outstanding Debt as of Fiscal Year End 11
TABLE F- Letter Finance Agreements Approved for Reimbursement . 13
APPENDICES
Exhibit 1• Zone Boundary Map 16
Exhibit 2 Amended Zone Boundary Map . 17
COMPLIANCE
Texas Tax Code Section 311.016 (a)•
(1) 7
(2) . . 9
(3) 11
(4) 14
(5) .. 14
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CITY OF PEARLAND, TEXAS
CITY COUNCIL
2017 Council Members
Mayor Hon. Tom Reid
Mayor Pro-Tem Hon Derrick Reed, Position 2
Council Member Hon. Tony Carbone, Position 1
Hon. Gary Moore, Position 3
Hon Keith Ordeneaux, Position 4
Hon J David Little, Position 5
Hon Trent Perez, Position 6
Hon Woody Owens, Position 7
City Staff
City Manager Clay Pearson
Director of Finance Cynthia Pearson
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REINVESTMENT ZONE NUMBER TWO
CITY OF PEARLAND, TEXAS
BOARD OF DIRECTORS
2017 Board Members
Position 1 Vacant
State Senator Designee
Position 2 Thomas King
State Representative Designee
Position 3 Herb Fain, Jr., Chair
City of Pearland Designee
Position 4 Gary Cook, Vice Chair
City of Pearland Designee
Position 5 Kenneth R Phillips
City of Pearland Designee
Position 6 Jo Knight
City of Pearland/Alvin Independent
School District Designee
Position 7 Mike Pyburn
Alvin Independent School District Designee
Position 8 Ali Hasanali
Fort Bend County Designee
Position 9 Larry Loessin
Brazona County Designee
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DESCRIPTION OF ZONE
In accordance with the Tax Increment Financing Act (Chapter 311, Tax Code), Reinvestment
Zone Number Two, City of Pearland, Texas (the Zone)was established by Ordinance 891 of the
City Council of the City of Pearland (the City), Texas on December 21, 1998 The original Zone,
also known as "Shadow Creek Ranch", consisted of 3,467 acres located in Brazoria County and
Fort Bend County, Texas In addition, the Zone is located in Alvin I S D (AISD), Fort Bend
I S D (FBISD) and a small portion in Pearland I S D (PISD) The original Zone is generally
bounded by Clear Creek on the north, State Highway 288 on the east, Broadway (the extension
of FM 518 west of S H 288) on the south and FM 521 on the west A map illustrating the
original boundaries of the Zone follows on page 15 as Exhibit 1 On August 23, 1999, by
Ordinance No 918 of the City, the Project Plan and Reinvestment Zone Financing Plan (the
Project Plan)for the original TIRZ boundaries was adopted
st
1 Plan Amendment
On July 10, 2006, by Ordinance 1276 of the City, the Project Plan was amended and the Zone
was expanded to provide for the annexation of 457 acres of vacant land, adjacent to the Zone
288 acres are in Brazoria County and 169 acres are in Fort Bend County.
nd
2 Plan Amendment
On November 13, 2006 by Ordinance 1312 of the City, the Project Plan was amended to
provide for development of public improvements to serve Shadow Creek Ranch Town Center
The proposed development is within the boundaries of the original Zone and Brazoria County
rd
3 Plan Amendment
On November 13, 2006 by Ordinance 1313 of the City, the Project Plan was amended and the
Zone was expanded to provide for the annexation of 8+ acres to facilitate the improvement and
widening of Broadway from S.H. 288 to F M 521 The boundaries of the annexed area are
within Brazona County
The Zone is now composed of 3,932+ acres, of which 3,125+ acres are within Brazoria County
and 807+ acres are within Fort Bend County A map illustrating the boundaries of the Zone as
expanded follows on page 16 as Exhibit 2.
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PURPOSE OF ZONE
The objective of the Zone is to facilitate quality mixed-use development with a self-sustaining
tax base for the City and the other participating taxing entities
The City Council, in adopting the ordinances creating and expanding the Zone, found that the
development described in the Project Plan, and its subsequent amendments, would not likely
occur, to the quality, standards and densities described in the Project Plan, but for the creation
of the Zone
The City Council further found that improvements in the Zone will significantly enhance the
value of all taxable real property in the Zone and will be of general benefit to the City. The Zone
will pursue its objective by acting as a financing vehicle for regional public improvements, as
described in the Project Plan as amended. The methods of financing and the sources of funding
available to the Zone, including the participation levels of the various participating entities,
including the City, Brazona County, Fort Bend County and Alvin ISD, are described in the
Project Plan and its amendments
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STATE OF THE ZONE AND PLAN
IMPLEMENTATION IN 2016
1. The information provided in this section is in accordance with § 311.016 (a) (1) of the
Texas Tax Code, which requires inclusion of the amount and source of revenue in the tax
increment fund established for the zone.
In addition to the City's tax increment revenue, interlocal agreements with Brazona County, Fort
Bend County and Alvin ISD provide for each taxing unit's participation in the Zone. The Project
Plan also allows for the participation of Brazona Drainage District No 4 and Fort Bend
Independent School District, though neither is currently participating Levels of participation are
detailed in the Project Plan and current levels of participation are shown in Table A The zone
is currently in its seventeenth year.
TABLE A
Taxing Entity Participation
Taxing Entity Zone Years Participation
City of Pearland 9 through 30 100% of taxes collected at current tax
rate on Captured Appraised Value (1)
Brazoria County 1 through 30 100% of taxes collected at current tax
rate on Captured Appraised Value up
to a tax rate of$.1359, or if rate is less
than $ 1359 then 38% of actual tax
rate.
Fort Bend County 11 through 20 100% of taxes collected at current tax
rate on Captured Appraised Value, up
to a maximum tax rate of 468075(2)
Alvin ISD 1 through 30 100% of taxes collected at current tax
rate on Captured Appraised Value (3)
(1) 64% to be repaid as an administrative cost,provided the TIRZ retain at least$255/$100
(2) In years 21 through 30 participation drops to 100% of 31205
(3) 75% to be used by AISD for the construction of educational facilities
The obligations of the participating taxing jurisdictions, as defined in their respective interlocal
agreements, include the timely deposit of tax increment into the City's tax increment revenue
fund.
Table B illustrates the growth in appraised value from base year to tax year 2017 for each
participating jurisdiction Table C illustrates the amount of the incremental revenue, which has
been transferred to the increment fund. These amounts are based upon actual taxes collected
as of December 31, 2017
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TABLE B
Base Market Value by Jurisdiction (1)
Taxing Entity Base Year Base Value 2017 Value (2) Captured Value
Original Zone 1998
City of Pearland 7 172,980 2,243,875,455 2,236,702,475
Brazona County 4,143,160 1,840,896,784 1,836 753,624
Fort Bend County 3,029,820 431,527,610 428,497,790
Alvin ISD 4 143,160 1,765,726 384 1,761,583,224
1st Plan Amendment(3)(4) 2006
City of Pearland 4,381,680 190,978,368 186,596,688
Brazoria County 3 354 830 118,691 461 115,336,631
Fort Bend County 1,026,850 43,737,968 42,711,118
Overall Zone
City of Pearland 2,434,853,823 2,423 299,163
Brazona County 1,959,588,245 1,952,090,255
Fort Bend County 475,265,578 471,208,908
Alvin ISD 1,902,527,191 1,761,583,224
(1) The information in this table was provided by the Brazona and Fort Bend County Appraisal Distncts and Assessments of the Southwest
(2)Market value(less exemptions)as of January 1, 2017
(3)All of the land wrthrn the 2nd Plan Amendment(adopted in 2006)area is wthin the boundaries of the onginal Zone
(4)All of the land within the 3rd Plan Amendment(adopted in 2006)area is either owned by a municipality or within dedicated ROWand thus tax exempt
TABLE C
City of Pearland TIRZ No. 2 Tax Increment Revenue & Fund Balance by Year -Current Year and Prior Five Years (1)
Year 2012 2013 2014 2015 2016 2017
City of Pearland Revenue $ 10,280,251 $ 10,459,326 $ 12,326,867 $ 10,624,549 $ 14,362,791 $ 15,978,750
Rebate to City for Administrative Costs (2) $ (6,514,331) $ (6,677,117) $ (7,865,023) $ (6,803,968) $ (9,192,187) $(10,226,400)
Brazona County Revenue $ 1,486,826 $ 1,499,782 $ 1,527,826 $ 1,674,994 $ 1,809,824 $ 2,089,520
Alvin ISD Revenue (3) $ 4,112,895 $ 4,160,862 $ 4,167,334 $ 4,933,323 $ 5,159,693 $ 6,015,299
Other Revenue $ 2,532,291 $ 1,310,196 $ 1,348,416 $ 1,476,931 $ 1,663,842 $ 1,993,467
Fort Bend County Revenue $ 432,546 $ 505,394 $ 725,795 $ 929,041 $ 1,339,271 $ 1,611,047
Expenditures for Zone Administration $ (16,767) $ (24,122) $ (16,427) $ (22,208) $ (19,986) $ (37,912)
Transfers to Development Authonty $(12,016,051) $(10,997,930) $(11,494,978) $(12,666,896) $(14,572,487) $(15,977,530)
Fund Balance (4) $ 2,127,904 $ 2,332,457 $ 2,999,404 $ 2,510,500 $ 3,784,026 $ 3,863,404
(1) Source City of Pearland, Texas Fund balances as of 12/31 of each year
(2) Rebate for admin costs pnor to 2007 is 36% In 2007 the rebate increased to 64%
(3)Note that Alvin ISD revenue is reported net of the 75% rebate to Alvin ISD
(4) In addition to fund balance, as of 12/31/17, AISD had$2,302,819 16 in the suspense account.
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01
2. The information provided in this section is in accordance with §311.016 (a) (2) of
the Texas Tax Code, which requires inclusion of the amount and purpose of
expenditures from the fund
The Board of Directors of the Zone has been granted by City Council, in accordance with
Section 311.010 of Texas Tax Code, the power to administer, manage, and operate the
Zone and to implement the Project Plan. The Zone was created for the duration of 30 years,
or until dissolved by the City
The total cost of the public improvements within the Zone, as outlined in the original Project
Plan, amounts to $294,482,034 Of this amount, the City will fund $35,471,061 worth of
improvements, and the Texas Department of Transportation (TxDOT) will fund another
$10,277,050 worth of improvements The Zone will fund the remaining improvements,
which amounts to a cost of$248,733,923, unadjusted for inflation.
1st Plan Amendment
The original list of project costs was amended with the approval of the 1st Plan Amendment,
which included improvements, estimated to total $34,724,218. These improvements address
the water, wastewater, storm sewer, lakes channels, roads and landscaping costs for the
457+ acre annexation
2nd Plan Amendment
The list of project costs was amended again with the approval of the 2nd Plan Amendment,
which included improvements estimated to total $11,749,618 These improvements address
major road infrastructure, detention, drainage, landscaping and the relocation of pipelines
and overhead utilities All projects associated with this annexation have been completed
3rd Plan Amendment
The list of project costs was amended a third time with the approval of the 3rd Plan
Amendment, which included improvements estimated to total $8 million This amendment
addressed the need to fund and construct a section of Broadway. All projects associated
with this annexation have been completed
These costs are detailed in the amended Project Budget, a copy of which follows as Table
D. The Zone as now enlarged is composed of 3,932+ acres, of which 3,125+ acres are
within Brazoria County and 807+ acres are within Fort Bend County. A map illustrating the
boundaries of the Zone as amended follows on page 16 as Exhibit 2
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TABLE D
Reinvestment Zone NO 2,City of Pearland,Texas Shadow Creek Ranch
Budget
Item TIRZ Budget as 1st Plan 2nd Plan 3rd Plan TIRZ Budget as
approved Amendment(2) Amendment(2) Amendment(2) Amended (3)
(08/23/99)(I)
Infrastructure
Streets
Pavement 12,610 050 1 634,000 14,244,050
Sidewalks 1,859,400 1,859,400
Landscaping and Irrigation 9 675,350 9,675,350
Entry Monuments 735,320 735,320
Lighting 125,900 125,900
Broadway Widening and Signalization 2,831 789 2,831,789
Business Center Drive Paving 852,722 852 722
Memorial Hermann Drive Paving 383 107 383,107
Water System 3,026,863 363,000 3,389,863
Wastewater System 6,940,964 1 029,000 7,969 964
Storm Water System 10 195 776 1,649,000 11 844 776
Lakes and Channels
Improvements 29 121 915 5,625,600 34 747 515
Land Cost 4,597,889 6 675,000 11,272,889
Detention and Drainage
Land Cost 2,850,000 2,850,000
Beautificafton/Deepening/Pond Creation 200,000 200,000
Site Drainage Facilities 1,842,000 1 842,000
Parks and Recreation
Improvements 5 155,524 5,573,025 10 728,549
Land Cost 2,383,545 2,383,545
Landscaping
Business Center Drive 157 500 157,500
Memorial Hermann Drive 67,500 67 500
Overhead Utilities Placed Underground 1 200,000 1,200,000
Pipeline Relocation 700,000 700,000
Major Improvements
Water Plants
Land Cost 20,000 20,000
WWTP 340,000 340,000
Lift Station 300,000 300,000
Traffic Signals 600,000 550,000 1 150,000
McHard Road Reimbursables
Miscelaneous 150,000 150,000
Signal 100,000 100 000
SH 288 Access Road 1 000,000 1 000,000
FM 518 Improvements 6,485,600 6 485,600
Broadway I FM 518 Improvements 7 100,000 7 100,000
Contengencies and Engineering
Contingencies(10%) 8 181 116 1,733,620 9,914,736
Engineering(15%) 11 274 211 2,860,473 490,000 900,000 15,524,684
Master Drainage Plan Costs 70,000 70,000
Environmental Study Costs 100,000 100,000
Subtotal 108,267 923 34,474,218 11 574 618 8,000,003 162,316,759
Zone Administration/Creation
TIRZ Administration(1 3 Years) 466,000 466,000
Reimbursable TIRZ Creation Costs 900,000 900,000
Annexation Costs 250 000 250 000
Plan Amendment Costs 175,000 175,000
Subtotal 1,366,000 250,000 175,000 1,791,000
Total 109,633,923 34 724,218 11,749,618 8,000,000 164 107 759
City Facilities
Library
Improvements 2,395,000 2,395,000
Land Cost 105,000 105,000
Fire/Police Station
Improvements 2,255,000 2,255,000
Land Cost 245,000 245,000
Subtotal 5,000,000 5,000,000
Educational Facilities
AISD Elementary School 41,600,000 41 600 000
AISD Jr High School 21 450,000 21 450,000
AISD Fresh/Soph Campus 34,050,000 34,050,000
FBISD Elementary School 11 000,000 11 000,000
FBISD Middle School 26,000 000 26,000 000
Subtotal 134,100,000 134 100,000
Grand Total 248,733,923 34,724,218 11 749,618 8,000,000 303,207,759
(1)The original TIRZ Budget as approved in 1999 dollars has not been adjusted for inflation.
(2)The amended Budgets as approved in 2006 are shown in 2006 dollars and have not been adjusted for inflation
(3)The Budget as amended shows budget line items as approved in their respective years without adjustment for inflation
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TIRZ-Funded Projects.
Since the creation of the Zone a series of infrastructure improvements have been funded
and constructed In 2017, Letter Financing Agreement (Project #17-10-001) was approved
by the Board The proposed improvements total $1,091,520 (2006 dollars) for design,
construction, and contingency for improvements to CR 59
During calendar year 2017 Shadow Creek Ranch reported approximately 77 home sales
and 82 closings These additions bring the total number of homes in the Zone to 6,576 as of
December 31, 2017. Several significant commercial projects also were completed in 2017
City Funded Improvements.
• There were no City funded projects in 2017
TxDOT Funded Improvements:
• There were no TxDOT funded projects in 2017.
3. The information provided in this section is in accordance with §311.016 (a) (3) of
the Texas Tax Code, which requires inclusion of the amount of principal and interest
due on outstanding bonded indebtedness.
Bond Issues
In accordance with a Tri-Party Agreement dated October 11, 2004 between the TIRZ, the
City of Pearland, and the Development Authority of Pearland (DAP), the TIRZ has pledged
increment to provide for the repayment of debt issued on its behalf. In this regard, the DAP
sold Tax Increment Contract Revenue Bonds in 2004, 2005, 2006, 2007, 2009, 2013, 2014,
2016, and 2017 Additionally, in 2015, the DAP sold Tax Increment Contract Revenue and
Refunding Bonds, which refunded the then-outstanding bonds issued prior to 2013
TABLE E
Development Authority of Pearland Outstanding Debt as of December 31, 2017
Tax increment Contract Principal Amount Principal Amount Total Debt Service
Revenue Bonds Issued Outstanding Outstanding
Series 2013 $9,150,000 $7,590,000 $9,695,357
Series 2014 $8,060,000 $6,485,000 $7,663,712
Series 2015 $66,030,000 $57,395,000 $67,948,110
Series 2016 $12,320,000 $11,995,000 $13,759,123
Series 2017 $8,555,000 $8,555,000 $9,854,496
Total $104,115,000 $92,020,000 $108,920,798
In addition to developer reimbursements made via the sale of bonds, the DAP has also
made payments from cash reserves. In 2017 the DAP made direct payments to the
developer totaling $7,923,413 Total direct payments as of the end of 2017 for the DAP is
$70,026,578, all of which are reflected within in the reimbursements outlined in Table F
Additional LFA's Approved for Reimbursement
The Zone Board has approved a series of Letter Financing Agreements (LFA's) for
reimbursement. Prior to Board action all project costs related to each LFA were reviewed by
the Zone's Auditor, McGrath & Co PLLC, and summarized in a reimbursement report, which
included eligible project costs plus interest
Table F outlines Letter Financing Agreements approved through the end of 2017
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TABLE F
Letter Finance Agreements Approved for Reimbursement
Letter Finance Agreement(LFA) LFA Date LFA Amount(1) Reimbursements
Through 2017(2)
Creation Costs 6/19/2000 $ 900,000 $ 1,235,408
LFA99-11-001(Entry) 11/8/1999 919,150 " 1,220,281
LFA00-01-001(V1P1A) 2/21/2000 6,524,629 5,243,529
LFA 00-10-002(V1 P1 B) 10/9/2000 10,318,290 10,593,290
LFA01-04-001(V1P1B) 8/23/2001 1,967,061 805,884
LFA 03-10-004(Kingsley Drive,Phase 3) 10/7/2003 3,529,173 2 791 877
LFA 04-07-006(Traffic Signal 7/13/2004 287 788 293,578
Shadow Creek PKWY/Kingsley)
LFA 04-07-007(Parks and Trails 7/13/2004 1 007,256 877,201
Grading and Infrastructure)
LFA03-10-001(Remaining Village 10/7/2003 7,554,654 8,493,040
2,Phase 2 Improvements)
LFA 04-07.002(Fire/Police Station Land Cost) 7/13/2004 408 668 555,954
LFA 02-08-001(Village 1 and Village 8/6/2002 4 727 516 6,029,532
2 Phase 2 Improvements)
LFA 01-11-002(Additional Village 1 and 11/12/2001 24,509,430 33,055,576
Village 2 Improvements)
LFA 03-10-002(Village 3,Phase 1 and 10/7/2003 7,809,950 11,734,369
2 Improvements)
LFA 06-03-001(Elementary School#2 Site) 3/27/2006 1,687,801 1,886,601
LFA 06-08-002(Library Site) 8/28/2006 481,569 557,100
LFA 04-07-003(Regional Nature Park) 7/13/2004 760,988 1 168,312
LFA 03-10-005(Kingsley Drive Phase 10/07/03 4,486 342 6,811,005
4 Improvements)
LFA03-10.006(Village 5 Improvements) 10/07/03 7,055 177 11,274,134
LFA 04-07-005(Village 4,Phase 1 and 04/07/05 3 354 452 5,223,786
Refelction Bay North Improvements)
LFA 03-10-003(Village 3,Phase 3 Improvements) 10/07/03 7,711,582 12,811,167
LFA 04-07-004(Village 3,Phase 4 Improvements) 07/13/04 8,204,999 13,624,832
LFA06-01-001(Kingsley Drive North) 01/31/06 6,417,644 10,329 448
LFA06-01-002(Additional Village 4 Improvements) 01/31/06 9,392,437 14,608 001
LFA 06-08-001(Additional Sidewalks) 08/28/06 2,356,305 2 833 779
LFA 06-01-003(Remaining Village 4 Improvements) 01/30/06 7,120,532 8 647,692
LFA 06-08-003(S.H.228 Frontage Road 08/31/06 1,276 667 1,661,235
LFA 07-03-001(Village 7,Phase 1 Broadway 3/12/2007 1 271,499 1,811,131
Improvements)
LFA 08-05-001(Broadway to FM 521) 5/5/2008 9,482,989 1 086 636
LFA 08-05-002(Broadway Landscape-Northside) 5/5/2008 1,158,218 " -
LFA 10-06-001(Discovery Bay Extension to SH288) 6/7/2010 912,908
LFA 10-06-002(SCH-4 Site) 6/7/2010 2,530,620 -
LFA 10-06-003(SCH-5 Site) 6/7/2010 4,935,370 -
LFA 13-06-001(SCH-3 Site) 6/24/2013 2,382,379
LFA 06-10-001(Road Infrastructure,Pipeline 10/23/06 9,949,618 -
Relocation and Site Drainage,Part of 2nd
Plan Amendment)
LFA 07-03-002(Shadow Creek Ranch Town Center 03/12/07 1 851 598 -
Improvements,Part of 2nd Plan Amendment)
LFA 08-01-001(Broadway Improvements) 1/15/2008 8,449,086 -
City of Pearland
LFA 12-06-001(Village 7,Phase 1) 6/11/2012 10,571,086
LFA 13-06-002(Southlake Phase 2) 6/24/2013 9 102,286
LFA 14-06-001(Southlake Phase 3) 6/24/2013 3,548,252
LFA 14-06-002(South Grove Phase 1) 6/23/2014 7 448,692
LFA 16-08-001(Road to serve Reserve at Shadow Cree 8/8/2016 2,075,106
LFA 17-10-001(CR59Improvements) 10/23/2017 1,091,520
LFA 04-07-001(Primary Entry Costs) 7/13/2004 92,393
$ 207,623 680 $ 177,264,378
(1) LFA amounts have been adjusted for inflation per the Project and Financing Plan and related budget 12
(2) Amounts reimbursed include actual interest per the Developer Reimbursement Agreement 58
"Actual costs exceeded the amount of the LFA Per the governing agreements,reimbursement
is limited to the amount of the LFA
4. The information provided in this section is in accordance with §311.016 (a) (4) of
the Texas Tax Code, which requires inclusion of the tax increment base and current
captured appraised value retained by the zone
In each year subsequent to the base year, the Zone will receive tax increment revenue
based on ad valorem property taxes levied and collected by each participating taxing unit on
the captured appraised value of the Zone The captured appraised value of the Zone is the
total appraised value of all real property located within the Zone as of January 1, less the
total appraised base year(January 1, 1998)value
As of December 31, 2017, development schedules for the original Zone
remained unchanged from projections in the Project Plan. However, because the pace of
development is unpredictable, and because the Project Plan provides a best estimate of
captured appraised values, the actual captured appraised value in any future year may not
equal the projected estimates of such value
As of January 1, 1998, the base year for the Zone, the area encompassed by the original
Zone was undeveloped land, with a total appraised value of $7,172,980. On January 1,
2017, the area encompassed by the original Zone had a total appraised value of
$2,243,875,455. As a result, the total captured appraised value (net base year value and
exemptions) on the tax roll as of January 1, 2017, was $2,236,702,475 for the City, as
illustrated in Table B.
The City of Pearland base year (2006) value for the 457+ acres annexed in the 1st Plan
Amendment was $4,381,680 As of January 1, 2017, the total appraised value was
$190,978,368 As a result, the total captured appraised value on the roll as of January 1,
2017, was $186,596,688. All lands associated with the 2nd Plan Amendment are within the
boundaries of the original Zone. All lands associated with the 3rd Plan Amendment are
either owned by a municipality or are dedicated right-of-way with no taxable value
5. The information provided in this section is in accordance with §311.016 (a) (5) of
the Texas Tax Code, which requires inclusion of the captured appraised value shared
by the municipality and other taxing units, the total amount of tax increments
received, and any additional information necessary to demonstrate compliance with
the tax increment financing plan adopted by the governing body of the municipality
As previously stated, the City, Brazona County, Fort Bend County and Alvin ISD are the only
taxing units currently participating in the Zone As of January 1, 2017, the total captured
appraised value in the TIRZ was $2,423,299,163 for the original and annexed areas of the
Zone The total amount of tax increment revenue received is detailed in Table C
(This report was written in accordance with the provisions of Chapter 311 016 of the Texas
Tax Code)
13
59
REINVESTMENT ZONE NUMBER TWO
CITY OF PEARLAND, TEXAS
2017 ANNUAL REPORT
EXHIBITS
14
Exhibit I 1i, '�ya�' ,; Ha ris Couriiy:, t t ,•\.
,r,
is
' � �� a,•'� . `"`►• Gov,, IClear.Creek ,'' _ �
'IL 4-�; 1y • •• t {, Brazoria County't � 44- rG li
i -- . II
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-- " rr� i• r -I� tl -'+ '�re, `� !• j ••'jti v•-•--ram
1// ::'‘. , 41Nliit ; . I •''
• ..y:;'::..z):: ,t"�, ��ty o'fPearaland _ _ :; r j
N R- tam t r_ :„ �1„
p , i T 'Z,No: 2 ,Zr; :;
r� • Shadow Creek Ranch r
• µ`it'
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....i.,',.4 ::,:11: ''. ... ,'"? , : .4 10 •0 044,06 , _ ill .:,,., ,;
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• County Road 92.,.. i. : -• - _ ..- �'!'` �r��t - J .
3rd Amendment " : +a i ,il .r
r Annexations ' i (
1st Amendment '
Annexation �,,+ `. . ;4. •
/ r 2ND AMENDMENT C _
'' •' y�} . PEARLAND RETAIL DEVELOPMENT .ry + 4 '"
• - ..,AII:O :•.r-yr / • t ,,r� .: j�l PARTNERS SITE �.,. , •
tl
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n f Y (SHADOW CREEK RANCH TOWN CENTER) "�
/_ ��;ice'
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s
F.
1 '. TIRZ Boundary
,. , r ' County Line IN
R :. 1 I .w.(. / �, ' t:, SCAL E t -2000 FEET
y„. .i,.1 „ ., r '•• t - / - - ) - . _. PRI 3rd Amendment Annexation
tv. t - { - • V •f. 4 � , } r
la)
!—a,, 15
•
R ,
',, ' -TIRZ 2 - ORIGINAL BOUNDARY
+:y8M" aw.+.. ! f1}y4 wtr
PC
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w ( 4 ii �rtg� t1ek i[
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1ST AMENDMENT • IO
� �r F"" '1
ANNEXATION PEARLAND RETAIL DEVELOPMENT ' /`.1;4.
PARTNERS SITE `"' Ib
._ ... aryl 4ie .#. [-
4 4 •
Exhibit 2
- 16
Marsh Darcy Partners, Inc
8955 Katy Freeway, Suite 215
Houston, Texas 77024
63