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Garland staff to seek approval for TIF 3 amendments that would fund Holford/George Bush soccer complex
Summary
City staff presented proposed amendments to Tax Increment Financing (TIF) District 3 that would add the Holford/George Bush professional and youth soccer complex to the TIF project plan and authorize financing including revenue bonds and a cash contribution; a public hearing and possible council action were scheduled for the next day.
City economic-development staff presented proposed amendments to Tax Increment Financing District 3 that would add the design and construction of a professional and youth athletic facility at Holford Road and George Bush Parkway and would authorize TIF-funded financing for the project.
The presentation said the TIF board is recommending issuance of TIF revenue bonds totaling about $39,000,000 plus issuance costs, and a $4,000,000 cash infusion from TIF 3 — a combined TIF contribution of roughly $43,000,000 toward a stadium currently budgeted at $50,000,000. The presentation said the remaining roughly $7,000,000 would come from utility funds for infrastructure improvements.
City staff emphasized that revenue projections for TIF 3 use conservative assumptions, relying largely on a 1% annual increase and only on development already in progress. The presenter said the staff plan assumes an ability to amortize bonds on a 30-year schedule with an early-call option after year 10 and that, under conservative projections, the debt could be paid off around year 18.
The TIF project-plan amendments shown to council would also earmark $88,700,000 for medical-district projects and preserve that portion for future public improvements. The presentation described prior Riverside and Peruvian development agreements, interlocal agreements with DART, and land purchases the city has made to assemble sites for future development, including parcels described as near Walter Reed and Maria Curry.
Staff said the TIF plan as presented totals about $196.8 million in TIF-eligible uses and another $158.9 million in related non-TIF funding sources for a combined total of roughly $355.7 million currently shown in the plan. The presentation listed two interlocal agreements with DART (one for $15,000,000 and one for about $22,000,000) and said the city has spent about $32,200,000 on land acquisition along South Garland Avenue using bond-program funds and DART contributions.
No formal vote was taken during the work session. Staff announced a public hearing on TIF No. 3 was scheduled for the council meeting the following evening, after which the council could vote on the recommended amendments and on a separate land-acquisition item near I-635 and South Shiloh Road. Staff said additional actions that will follow include a lease and development agreement with USL Dallas for the Holford Road complex and the selection of a construction manager at risk for the project.
Speakers at the work session asked about whether South Garland Avenue opportunities outside current TIF 3 items could be considered; staff replied they would look at other financing options as needed. Council members also were told staff will provide more frequent updates as new certified values are available from the appraisal district and as revenues change.
Action items related to the TIF amendments were set for a public hearing and potential vote at the Feb. 18 council meeting; no approval or adoption occurred at the Feb. 17 work session.
