2021-10-18-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 October 18, 2021 4:00 P.M.
CITY HALL ANNEX 3523 LIBERTY DRIVE I TRAINING ROOM
PEARLAND, TEXAS 77581
I. CALL TO ORDER AND ROLL CALL
II. PUBLIC COMMENTS
III. PURPOSE OF THE MEETING
1. Consideration and Possible Action — Regular Meeting Minutes of February 4, 2021, Tax
Increment Reinvestment Zone Number 2 (TIRZ No. 2) Board of Directors Meeting.
2. Consideration and Possible Action - Financial Report for the period ending July 31, 2021
(unaudited).
3. Consideration and Possible Action — Investment Report for the Quarter Ending June 2021.
4. Consideration and Possible Action — 2020 Annual Report
5. Consideration and Possible Action — Ratification of invoices authorized for payment by the
Invoice Review Committee and approving invoices presented for payment.
6. Consideration and Possible Action — New Letter Finance Agreements
a. Amend LFA 20-09-001 (Project Area Map Revision)
•
7. Consideration and Possible Action — Completed Letter Finance Agreements
8. Consideration and Possible Action — Ratification of Development Authority of Pearland
developer reimbursements from available surplus increment.
9. Discussion Item — LFA and financial projection update
10. Discussion Item — City of Pearland projects update
11. Discussion Item — Comments by Mayor Cole, TIRZ Board Members or TIRZ Consultants
IV. ADJOURN.
Sue Darcy, Marsh Dare Partners, Inc.
On Behalf of the Board
-Continued on next page-
TAX INCREMENT REINVESTMENT ZONE NUMBER TWO (TIRZ NO. 2), ALSO KNOWN AS
SHADOW CREEK RANCH, CITY OF PEARLAND TEXAS
REGULAR MEETING OCTOBER 18, 2021 14 00 P.M.
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.
I certify that
e t� ing � r
(Vj
of this notice of the Tax Increment Reinvestment Zone Number Two, Regular
33, 021, was posted at City Hall, 3519 Liberty Dr., Pearland, TX 77581 on
2021 by p.m.
•
Cryst.' N. Roan, TRMC, CMC
City Secretary
All agenda supporting documents are available at www.pearlandtx.gov
DRAFT FOR BOARD APPROVAL
REINVESTMENT ZONE NUMBER TWO
CITY OF PEARLAND, TEXAS
6
• I tp qt.A
t. -.
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ANNUAL REPORT
2020
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 2020 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 .. .12
TABLE F Letter Finance Agreements Approved for Reimbursement 13
APPENDICES
Exhibit 1 Zone Boundary Map 16
Exhibit 2. Amended Zone Boundary Map... . .... .... . . 17
Exhibit 3- Development Status— 1999 vs 2019 18
COMPLIANCE
Texas Tax Code Section 311.016 (a):
(1) .. 7
(2) 9
(3) 12
(4) 14
(5) 14
2
CITY OF PEARLAND, TEXAS
CITY COUNCIL
2020 Council Members
Mayor Hon. Tom Reid (until Nov 2020)
Hon Kevin Cole (as of Nov 2020)
Mayor Pro-Tem Hon Adrian Hernandez, Position 4
Council Member Hon Luke Orlando, Position 1
Hon. Tony Carbone, Position 2
Hon Gary Moore, Position 3 (until Nov 2020)
Hon Alex Kamkar, Position 3 (as of Nov 2020)
Hon J David Little, Position 5
Hon. Trent Perez, Position 6
Hon. Woody Owens, Position 7
City Manager Clay Pearson
3
REINVESTMENT ZONE NUMBER TWO
CITY OF PEARLAND, TEXAS
BOARD OF DIRECTORS
2020 Board Members
Position 1 Buck Stevens
State Senator Designee
Position 2 Thomas King
State Representative Designee
Position 3 Herb Fain, Jr , Chair (resigned 10 11 2020)
Kenneth R Phillips, Chair (appointed 11 09 2020)
City of Pearland Designee
Position 4 Henry Fuertes (appointed 11 .09.2020)
City of Pearland Designee
Position 5 Michael Slevens (appointed 11 09 2020)
City of Pearland Designee
Position 6 Jo Knight (resigned 09.16.2020)
David Selsky (appointed 11.09.2020)
City of Pearland/Alvin Independent
School District Designee
Position 7 Geoff Tonini
Alvin Independent School District Designee
Position 8 Ali Hasanali
Fort Bend County Designee
Position 9 Larry Loessin
Brazona County Designee
4
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 Brazona 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.
8t
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 Brazona 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 Brazona 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
4th Plan Amendment
On August 13, 2018, by Ordinance 1562 of the City, the Project Plan was amended to increase
the budget amounts for various categories of improvements to fund public safety, library, parks
and recreation, landscaping, and transportation projects All proposed projects were within the
previously approved Infrastructure budget category. This amendment was necessary to update
cost estimates and to meet the level of service expected from current residents that could not be
anticipated at the time of the original Zone creation
5th Plan Amendment
On December 9, 2019, by Ordinance 1585 of the City, the Project Plan was amended to
increase the budget amounts for the infrastructure and city facility categories of improvements
to fund a portion of the FM 521 improvement project and additional funds for the library project
The currently projected increment for the remaining life of the Zone is exceeding original
expectations such that sufficient increment is projected to be available to fully fund this
amendment
5
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
6
STATE OF THE ZONE AND PLAN
IMPLEMENTATION IN 2020
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 twentieth 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 2020 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, 2020
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TABLE B
Base Market Value by Jurisdiction (1)
Taxing Entity Base Year Base Value 2020 Value (2) Captured Value
Original Zone 1998
City of Pearland 7,172,980 2,540,964,522 2,533,791,542
Brazoria County 4,143,160 2,119,436,246 2,115,293,086
Fort Bend County 3,029,820 480,163,873 477,134,053
Alvin ISD 4,143,160 1,909,208,710 1,905 065 550
1st Plan Amendment(3)(4)(5) 2006
City of Pearland 4,381,680 362,112,719 357,731,039
Brazoria County 3,354,830 193,930,908 190,576,078
Fort Bend County 1,026,850 107,430,838 106,403,988
Overall Zone
City of Pearland 2,903,077,241 2,891,522,581
Brazoria County 2,313,367,154 2,305,869,164
Fort Bend County 587,594,711 583,538,041
Alvin ISD 2,258,229,530 1,905,065,550
(1) The information in this table wes provided by the Brazoria and Fort Bend County Appraisal Districts and Assessments of the Southwest
(2)Market value(less exemptions)as of January 1, 2020
(3)All of the land wethin the 2nd Plan Amendment(adopted in 2006)area is within the boundaries of the original Zone
(4)All of the land within the 3rd Plan Amendment(adopted in 2006)area is either owned by a municipality or within dedicated ROW and thus tax exempt
(5)Plan Amendment 4(adopted in 2018)and Amendment 5(adopted in 2019)did not add any additional land to the boundary of the Zone
TABLE C
City of Pearland TIRZ No. 2 Tax Increment Revenue &Fund Balance by Year -Current Year and Prior Five Years (1)
Year 2015 2016 2017 2018 2019 2020
City of Pearland Revenue $ 10,624,549 $ 14,362,791 $ 15,978,750 $ 17,760,605 $ 18,318,960 18,232,418.14
Rebate to City for Administrative Costs (2) $ (6,803,968) $ (9,192,187) $(10,226,400) $(11,366,788) $(10,850,348) (12,581,844 27)
Brazoria County Revenue $ 1,674,994 $ 1,809,824 $ 2,089,520 $ 2,282,782 $ 2,370,183 2,808,893 80
Alvin ISO Revenue (3) $ 4,933,323 $ 5,159,693 $ 6,015,299 $ 6,646,434 $ 6,675,668 6,768,945 42
Other Revenue $ 1,476,931 $ 1,663,842 $ 1,993,467 $ 1,999,108 $ 1,672,035 2,509,801.19
Fort Bend County Revenue $ 929,041 $ 1,339,271 $ 1,611,047 $ 1,807,656 $ 1,877,666 1,403,851 95
Expenditures for Zone Administration $ (22,208) $ (19,986) $ (37,912) $ (81,293) $ (51,644) (49,322 64)
Transfers to Development Authority $(12,666,896) $(14,572,487) $(15,977,530) $(15,609,092) $(18,642,641) (22,544,541 68)
Fund Balance (4) $ 2,510,500 $ 3,784,026 $ 3,863,404 $ 6,241,023 $ 4,779,083 119,149 77
(1) Source City of Pearland, Texas Fund balances as of 12/31 of each year
(2) Rebate for admin costs prior 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 12/31/20, AISD had$6,749,649 15 in the suspense account
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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.
4th Plan Amendment
The list of project costs was amended a fourth time with the approval of the 4th Plan Amendment,
which included improvements estimated to total $52,324,235. This amendment addressed the
need to update the cost estimates for previously approved budget categories
5th Plan Amendment
The list of project costs was amended a fifth time with the approval of the 5th Plan Amendment,
which included improvements estimated to total $7,729,000. This amendment added an additional
infrastructure project for FM 521 and updated the cost estimate for the library project
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 Brazona
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.
9
Table D Jan 1999 ENR Index=6000
Reinvestment Zone No.2,City of Pearland,TX Jan 2006 ENR Index =7600
Budget Jan.2018 ENR Index=10878
Jan 2019 ENR Index=11206
Item TIRZ Budget as 1st Plan 2nd Plan 3rd Plan 4th Plan 5th Plan TIRZ Budget as
approved" Amendments Amendment Amendment Amendmentp, Amendment is Amendedp
(08/23/99) (03/27/06) (10/23/06) (10/23/06) (06/18/18) (10/28/19)
Infrastructure
Streets
Pavement 12,610,050 1,634,000 14,244,050
Si de wal is 1,859,400 1,859,400
Landscapring and irrigation 9,675,350 9,675,350
Entry Monuments 735,320 735,320
Lighting 125,900 125,900
Broadway Widening and Signalization 2831789 2,831.7W
Business Center Drive Paving 852722 852.722
Memorial Hermann Drive Paving 383,107 383,107
Water System 3,026,863 363,000 3.389.863
Wastewater System 6,940964 1,029,000 7,969,964
Storm WaterSysem 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 11,272889
Detention and Drainage
Land Cost z850,000 2,850.000
Beautificaiton/Dee pen ing/Pond Creatic 200030 200..000
Site Drainage Facilities 1842030 1,842000
Park 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 157500
Memorial Hemann Drive 67,500 67,500
Overhead Utilities Placed Underground 1.200,000 1,200,000
Pi pe li ng Relocation 700.000 700,000
Major Improvements
Water Plants
Land Cost 20,000 20.000
WWTP 340.000 340,000
Lift Station 303,000 303000
Traffic Signals 600,000 550.000 1,150000
Mdiard Road Reimbrusables
Miscelonerous 15Q000 150.000
Signal 100000 100A00
SH 288 Act.ss Road 1,000,000 1,003003
FM 518 I mproveme ns 6,485.600 6,4/35,600
Broadway/FM 518 Imp Improvements 7,100,000 7,100000
Contingencies and Engineering
Contingencies(10%) 8,181,116 1.731620 9,914,736
Engineering(1596) 11,274,211 2,860,473 490,000 900,000 15524,634
Master Drainage Plan Costs 70.000 70.000
Enviornmental Study Costs 100,000 100000
Shadow Creek Ranch Park Phase II 9,720,000 9,720,000
Shadow Creek Trail-SCR Park Trail to
760
10rby and SCR Trail System 767, 767,760
Shadow Creek Trail Phase II-Along gear
Creek Relief Ditch&library Trail 1,470.070 1,470,000
Shadow Creek Parkway Landscaping, 7.140.0D0
Street Lighting&Sidewalks 7,140,003
Intersection Improvements(BCD/SCP
BCD/Broadway etc) 7,957,160 7,957 160
Sidewalk Extensions 1.137.701 1,137 701
FM 521 Expansi on Project 2,479,000 2,479,003
Subtotal 108,267,923 34,474,218 11,574,618 8,000,000 28192,621 2479,000 192,988,383
a)me original TICS budget as approved in 19)f dollars has not been adjusted for inflation.
12)The a mended Purities a s approved in 200e are shown in 2004 doll ars and new net seen a djused for inflation.
SI The amended Sudpts as approved in 201a are shown in 201116011 ars and have not been adjusted for inflation.
jal The amended 4.d pa as approved in 2019 are shown in 2019 doll ars and have not been adjusted for inflation
ISITh.budget as amended shows budget line items as approved in their mspettive veers without edNstmentfor inflation.
10
Table D(continued)
Item TIRZ Budget as 1st Plan 2nd Plan 3rd Plan 4th Plan 5th Plan TIRZ Budget as
approved n Amendment'-- Amendment s Amendment ttl Amendment(3) Amendment 0) Amendedlsl
(08/23/99) (03/27/06) (10/23/06) (10/23/06) (06/18/18) (10/28/19)
Zone Administration/Creation
TIRZ Administration(1 3 Years) 466,000 466,000
Reimbursable TIRZ Creation Costs 900,000 900,030
Annexation Costs 250,000 250,000
Plan Amendment Costs 175,000 175,000
Subtotal 1,366,000 250,000 175,000 1,791,000
Infrastructure Total 109,633,923 34,724,218 11,749,618 8,000,000 28,192,621 2,479,000 194,779,380
City Facilities
Library
Improvements 2,395,000 14,253 174 5,250,020 21,898,174
Land Costs 105,000 105,003
Fire/Police Station
Improvements 2,255,000 9,878,439 12,133,439
Land Costs 245,000 245,000
City Facilities Total 5,000,000 0 0 0 24,131,614 5,250,003 34,381,614
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 11,000,003 11,003,000
FBISD Middle School 26,000,000 26,000,000
Educational Facilities Total 134,100,000 0 0 0 0 0 134,100,000
Grand Total 248,733,923 34,724,218 11,749,618 8,000,000 52,324,235 7729,000 363,260,994
(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 amended Budgets as approved in 2018 are shown in 2018 dollars and have not been adjusted for inflation
(4)The amended Budgets as approved in 2019 are shown In 2019 dollars and have not been adjusted for inflation
(5)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 2020, one new Letter Financing Agreement(LFA)was approved LFA 20-09-001
for Shadow Creek Park Phase II improvements.
City Funded Improvements
• There were no City funded projects in 2020
TxDOT Funded Improvements.
• There were no TxDOT funded projects in 2020
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 Tn-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, 2017, 2018, and
2019. 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, 2020
Tax increment Contract Principal Amount Principal Amount Total Debt Service
Revenue Bonds Issued Outstanding Outstanding
Series 2013 $9,150,000 $6,320,000 $7,613,299
Series 2014 $8,060,000 $4,925,000 $5,618,600
Series 2015 $66,030,000 $43,945,000 $50,150,689
Series 2016 $12,320,000 $9,045,000 $10,078,299
Series 2017 $8,555,000 $6,755,000 $7,555,055
Series 2018 $5,835,000 $4,975,000 $5,860,748
Series 2019 $4,255,000 $3,980,000 $4,370,309
Total $114,205,000 $79,945,000 $91,246,998
In addition to developer reimbursements made via the sale of bonds, the DAP has also made
payments from cash reserves. In 2020 the DAP made direct payments to the developer totaling
$12,615,582 Total direct payments as of the end of 2020 for the DAP is $97,443,569, 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
2020
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TABLE F
Letter Rnance Agreements Approved for Reimbursement
Letter Rnance Agreement(LFA) LFA Date LFA Amount(1) Reimbursements
Through 2020(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 P18) 10/9/2000 10,318,290 10,593,290
LFA 01-04-001(V1 P1 B) 8/23/2001 1 967 061 805,884
LFA03.10-004(K Ingsley 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 PKW YlKingsley)
LFA 04.07-007(Parks and Trails 7/13/2004 1 007 256 877,201
Grading and Infrastructure)
LFA 03 10-001(Remaining Village 10/7/2003 7,554,654 8,493,040
2,Phase 2 Improvements)
LFA 04-07-002(RrelPolice 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(Bementary School#2 Site) 3/27/2006 1,687,801 1,886,601
LFA O6-08.002(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)
LFA 0310.006(Village 5Improvements) 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
LFA 06-01-001(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 8 723,886
LFA 08-05-002(Broadway Landscape Northside) 5/5/2008 1 158,218 • 222,515
LFA 10-06-001(Discovery Bay Bctension to SH288) 6/7/2010 912,908 697,765
LFA 10-06-002(SCH-4 Site) 6/7/2010 2,530,620 2 784,626
LFA 10-06-003(SCH-5 Site) 6/7/2010 4,935,370 5,417 807
LFA 13-06-001(SCH-3 Site) 6/24/2013 2,382,379 2,222,811
LFA 06-10-001(Road Infrastructure,Pipeline 10/23/06 9,949,618 14,250,603
Relocation and Site Drainage,Part of 2nd
Plan Amendment)
LFA 07-03-002(Shadow Creek Ranch Town Center 03/12/07 1,851 598 2,566,834
Improvements Part of 2nd Plan Amendment)
LFA 08-01-001(Broadway Improvements) 1/15/2008 8,449,086 1,627,881
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(CR59 Improvements) 10/23/2017 1,091 520
LFA 19-10-001(City of Pearland Fire Station#8) 10/28/2019 13,825,472
LFA 19-10-002(Shadow Creek Ranch Library) 10/28/2019 24,050,284
LFA 19-10-003(Nature Trail Connection) 10/28/2020 790,910
LFA 19-10-004(FM 521 Improvements) 10/28/2020 2,479,000
LFA 20-09-001(Shadow Creek Park Phase II) 9/23/2020 10,179,283
LFA 21 02-001(Shadow Creek Sidewalk Extensions) 2/4/2021 1,216,141
Future LFA(Shadow Creek Trail Phase II)
Future LFA(Shadow Creek Lighting&Landscaping)
Future LFA(Intersection Improvements)
$ 260,072,377 $ 214,692,470
(1) LFA amounts have been adjusted for inflation per the Project and Financing Plan and related budget.
(2) Amounts reimbursed include actual interest per the Developer Reimbursement Agreement. 13
•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, 2020, the captured value of the Zone as amended had exceeded the original
Project Plan projections of value at the end of the Zone However, because the pace of
development is unpredictable 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, 2020, the area
encompassed by the original Zone had a total appraised value of$2,540,964,522. As a result,the
total captured appraised value (net base year value and exemptions) on the tax roll as of January
1, 2020, was $2,533,791,542 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, 2020, the total appraised value was $362,112,719
As a result,the total captured appraised value on the roll as of January 1, 2020,was$357,731,039
The 2"d 4ch and 5th Plan Amendments did not add any land to 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, Brazoria County, Fort Bend County and Alvin ISD are the only taxing
units currently participating in the Zone As of January 1, 2020, the total captured appraised value
in the TIRZ was $2,891,522,581 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)
14
REINVESTMENT ZONE NUMBER TWO
CITY OF PEARLAND, TEXAS
2020 ANNUAL REPORT
EXHIBITS
15
Exhibit 1: Zone Boundary Map
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16
Exhibit 2: Amended Zone Boundary Map
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R TI — ORIGINAL BOUNDARY
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17
Exhibit 3: Development Status— 1999 vs 2019
r ', � t1999 _.— - - Rta ���----i,, , :-,:L.:.-..-.: _ 1 0a19'
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18
Marsh Darcy Partners, Inc
8955 Katy Freeway, Suite 215
Houston, Texas 77024