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2014 04 03 Crow Billingsly Incentive (23)

2014 04 03 Crow Billingsly Incentive (23)

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Published by aselk
2014 04 03 Crow Billingsly Incentive (23)
2014 04 03 Crow Billingsly Incentive (23)

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Published by: aselk on Mar 31, 2014
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03/31/2014

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AGENDA ITEM SUMMARY
Meeting
: 4/3/2014
DOC ID
: 6028
Recommending Department
: Development Services
LSR No
:
 
15948
Resolution -- Approving an Economic Incentive Agreement Between the City of Irving and Crow-Billingsley 635 Beltline, LTD. in an Amount Dependent Upon Annual Qualification
Administrative Comments
1. This item supports Strategic Goal No. 3: Economic Development. 2.
Impact
: Approval of this incentive agreement will assist in relocating 7-
Eleven Inc.’s
North American Headquarters to Irving. 3. The city, along with the Greater Irving/Las Colinas Chamber of Commerce have worked with 7-Eleven and the developer of Cypress Waters to create an incentive package to relocate 7-Eleven Inc. to a new 300,000 square foot office campus with a 500 car parking garage plus adequate surface parking at the northwest corner of Ranch Trail and IH635. 4. Crow-Billingsley 635 Beltline, LTD, (the developer) will construct a 300,000 square foot office building with a 500 space parking garage, make improvements to Hackberry Road as well as install necessary sidewalks, irrigation and potentially fund a new traffic signal at Cypress Waters Boulevard and Hackberry Road. 5. At minimum qualification levels, the City receives an estimated $10.0M during the term of the agreement. The incentive generates $2.4M in real property rebates plus $4.0M in infrastructure reimbursements to the developer during the same term. The Developer will continue to receive reimbursements against the remaining balance of $3.0M related to the 2004 infrastructure reimbursement agreement. 6. The incentive is made up of two elements: a. The first element is a rebate of an average of 87% of the real property tax generated over the first 13 years of the 7-Eleven lease. b. The second element is the reimbursement of the
developer’s
 costs of (1) constructing the infrastructure improvements to Hackberry Road, sidewalks and irrigation to serve the development and (2) a portion of the parking garage in excess of 300 parking spaces plus interest capped at 10 years at the rate of 1.84%. The total reimbursement is capped at $3,960,112.00. This reimbursement will be paid by a rebate of a 20% portion of the sales tax generated as calculated under an existing 2004 reimbursement agreement whereby the developer is being reimbursed a portion of the
developer’s
cost of constructing the IH635 frontage road. Once the 2004 agreement has fully refunded the developer those initial IH635 frontage road costs, then the sales tax reimbursement increases to 60% until such time that the current costs are repaid. 7. 7-Eleven must meet the minimum qualifications annually in order for Crow-Billingsley 635 Beltline, LTD. to receive the incentives. 8. 7-Eleven must occupy the facility by December 31, 2016 to qualify for the incentives
23Packet Pg. 240
 
to begin. 9. This item is a companion item to the Incentive Agreement with 7-Eleven, Inc., concerning the rebates of a portion of the sales tax generated by 7-Eleven Inc. at their national headquarters and a portion of 7-
Eleven’s business personal property
tax. 10. This incentive agreement was discussed at the March 18
th
 joint meeting of the Planning and Development Committee and the Audit and Finance Committee.
Recommendation
The resolution be approved.
ADDITIONAL COMMENTS: Contract Required
: Yes
Review Completed By
:
Previous Action
: N/A
Council Action
: N/A
. ATTACHMENTS:
380 - Billingsley 4-3-2014 (PDF)
 CURRENT YEAR FINANCIAL IMPACT:
N/A
REVISION INFORMATION:
Prepared: 3/6/2014 10:59 AM by Cynthia Castro Last Updated: 3/28/2014 10:55 AM by Cynthia Castro
23Packet Pg. 241
 
CITY OF IRVING COUNCIL RESOLUTION NO. RES-2014-129
 
WHEREAS, pursuant to Chapter 380 of the Texas Local Government Code, the City Council has adopted a program for granting public funds to promote local economic development, and stimulate  business and commercial activity in the City of Irving; and WHEREAS, the City Council finds the economic development incentive offered in the attached agreement will promote economic development and stimulate business and commercial activity in the City of Irving;  NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF IRVING, TEXAS: SECTION I.
 
THAT the City Council hereby approves the attached Economic Incentive Agreement  between the City of Irving and CROW BILLINGSLEY 635 Beltline, LTD., a Texas limited partnership, and the Mayor is authorized to execute said agreement. SECTION II. THAT this resolution shall take effect from and after its final date of passage, and it is accordingly so ordered.
PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF IRVING, TEXAS, on April 3, 2014.  ________________________________ BETH VAN DUYNE MAYOR ATTEST:  _______________________________ Shanae Jennings City Secretary APPROVED AS TO FORM:  _______________________________ Charles R. Anderson City Attorney
23Packet Pg. 242

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