HomeMy WebLinkAbout061306 Town Center TIFCity Council Briefing
CENTRAL BUSINESS DISTRICT (CBD) SOUTH
TAX INCREMENT FINANCING (TIF) DISTRICT
June 13, 2006
CBD TIF -Background:
•Purpose –to reverse the trend of flat to
declining assessments the area was
experiencing
•TIF Approved -November 23, 1999
•Base TIF Assessment -$151,894,230
(7/1/98)
Private Sector Development
· Phase I
- Office Tower (Block 4)
- Towne Bank (Block 5)
- Hilton Garden Inn (Block 5 - 176 rooms)
· Phase II
- 341-unit Cosmopolitan Apartments (Block 10)
- Dick's Sporting Goods (Block 12)
- 2-story retail/entertainment (Block 8 - Bravo!, Comedy Club,
Ruth's Chris Steak House)
- Restaurants (Block 3 - Cheesecake Factory, Keegan's)
· Phase III
- 37-story hotel/condominium tower (Block 7)
· Approx 236-room full service Westin Hotel (Floors 5 - 15)
· 119 condos (Floors 16 - 38)
- 56 condominiums, 14,000 sq. ft. ground floor retail (Block 6)
- Multi-story Retail/Office Bldg/Condominiums (Block 9)
· Phases I, II, and III Surrounding Retail and Office
Main Elements of City Support
· Tax Increment Financing (TIF)
· General Fund via Capital Improvement
Program (CIP)
· Economic Development Investment
Program (EDI P)
· Special Service District (SSD)
Public Sector Support - TI F Funded
· Phase I
- Parking Garage (Block 4)
· 1 ,278 spaces
- Plaza Land (Block 8)
· Phase II
- Parking Garage (Block 10)
· 851 spaces
- Parking Garage (Block 12)
· 574 spaces (269 are for theatre - CIP funded)
· Phase III (as approved)
- Parking Garage (Block 7)
· 735 public spaces (additional 212 for condos - Developer
financed)
- Pedestrian Bridge (connects garage Block 12 to Block 7)
- Meeting Room/Conference Facility (Block 7)
Public Sector Support through the
CIP and EDIP
•Plaza (Block 8)
•Theatre (Block 6) and theatre parking
(Block 12)
•Phases I, II, and III
Infrastructure/Streetscapes
Summary of Public and Private Investments
Phases I, II and III
(millions)
.E!:Qject Element
Phase I
Phase II
T ota I
PUBLIC INVESTMENT*
$29.5 $26.6
o
$84.5
PRIVATE INVESTMENT
$75 $80 - $90
$181.8
$337-$347
TOTAL INVESTMENT
$104.5 $106.6 - $116.6
8
$425 - $435
Public:Private Ratio
1 to 2.5 1 to 3.2
1 to 6.5
1
*Excludes residual land and miscellaneous retail in Block 12 and retail in Block 7.
CBD TIF Debt*
as of 6/1/06
Issued
•
? Phase I -$23,855,000
(Block 4 garage)
? Phase II
) $11,800,000
(Block 12 and portion of Block 10 garages
? Phase II $3,920,000
(portion of Block 10 garage)
? Total Issued $39,575,000**
Remaining to be Issued (estimate)
•
? Phase II$4,000,000
(remainder of Block 10 garage)
? Phase III
(Block 7 garage, conference center,
$25,700,000
and pedestrian bridge -as approved)
? Additional Phase III $1,100,000
*Excludes residual land, retail in Block 12 and retail in Block7
**The principal balance as of 6/1/06 is $39,355,000
Taxable Assessments
Core Area and Total TIF
Fiscal Year Core AreaNon-Core Total CBD
AreaSouth TIF
(Blocks 3 –12)
1999 (7/1/98)
$20.3$131.6$151.9
2006 (June 30 est)
$159.4$258.4$417.8
Growth
$139.1$126.8$265.9
Average Annual
34.2% per yr10.1% per yr15.6% per yr
Growth Rate
$450
$350
en
c
,0 $250
~
$150
Total Central Business District South
TIF District Assessments
$50
0)0:> ct O)~ 0)\0 ~
~ ~ ~ ~ ~ ~ ~ ~ ~
)-s <fS
tX
. Taxable Non-core . Taxable Core
Total ceo South TIF Revenues
Fiscal Year Revenues Debt Service
2000 $14,944
2001 353,013
2002 490,995
2003 905,331 820,232
2004 1 ,503,178 1 ,283,427
2005 2,142,072 1 , 912 , 544
2006 (est) 2,722,666 1 ,772,795
TOTAL $8,132,199 $5,788,998
Note: 6/30/05 fund balance = $1.3 million
Special Services District
· $0.57/$100 pays for maintenance of the garages and
infrastructure and builds a long-term maintenance
reserve
· If there should be a debt service shortfall in the TIF,
revenue from the SSD would make up the difference
· The $0.57/$100 produced $656,768 in FY-05*
· Fund Balance as of June 30,2005 was $447,711
(reserved for capital improvements @ $.20/sq ft per yr)
*$900,000 estimated for FY-06
Business Taxes Generated Within the Core*
(non real estate taxes)
4 months
Type of
20042005
Tax
2006
Business
$541,220$749,444Not yet avail.
License
Business
190,857229,863Not yet avail.
Property
Trustee**
1,162,2081,677,827$900,000
General Sales
333,479***481,428$150,000
TOTAL$2,227,764$3,138,562
*
Source: 2004, 2005 COR; 2006 Armada Hoffler
**Includes meal, admission, and hotel taxes; excludes utility taxes, which are difficult
to quantify.
***Estimated, based on 2005 ratio.