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S-1538-B Application
City of Little Rock Department of Planning and Development Planning 723 West Markham Street Zoning and Little Rock, Arkansas 72201-1334 Phone: (501) 371-4790 Fax: (501) 399-3435 or 371-6863 Subdivision NOTICE OF PUBLIC HEARING BEFORE THE LITTLE ROCK PLANNING COMMISSION ON A REQUEST FOR A USE CHANGE OR DEVELOPMENT OF LAND DATE: June 25, 2008 TO: Southwest Little Rock UPS ATTENTION: Pat ADDRESS: 8409 Dowan Dr. Little Rock, AR 72209 REQUEST: Gateway Town Center Revised Preliminary Plat (S-1538-B), a request to revise the previously approved preliminary,_ plat to allow the creation of 42 lots on this 177 acre tract. The lots will range in size from 0.9 acres to 20.5 acres. The site is presently zoned C-4, Open Displa, District. GENERAL LOCATION OR ADDRESS: located on the northwest corner of I-30 and I-430 OWNED BY/APPLICANT: Town Center LLC NOTICE IS HEREBY GIVEN THAT an application for a Preliminary Plat of the above property has been filed with the Department of Planning and Development. A public hearing will be held by the L.R. Planning Commission in the Board of Directors Chamber, second floor, City Hall, on August 7, 2008 at 4:00 P.M. This notice is provided in order to assure that neighborhood associations are aware of issues that may affect their neighborhood. Information requests should be directed to the Planning staff at 371-4790. Tony Bozynski Director of Planning and Development McGETRICK &, McGETRICK, INC. ENGINEERS - n-ANNERS - DEVELOPERS June 23, 2008 Donna James, Subdivision Coordinator Department of Planning and Development 723 West Markham Street Little Rock, AR 72201 Re: Preliminary Plat Gateway Business Park Dear Ms. James: We are herewith submitting the above captioned project for review. The project consists of 177 acres located at the NW corner of I-430 and I-30, currently zoned C-4. The owners plan to develop a commercial/office center with 42 lots varying in size from 0.9 acres to 20.5 acres. Construction will occur in 4 phases. It will include a 4.7 acres lake on site and a larger lake off -site for the Arkansas State Game and Fish Commission. It will require construction of 7,900 L.F. of new streets. We would request the right to clear and cut and fill at least fifty percent of the site during the first phase. It is necessary due to the large amount of fill needed to bring portions of the site out of the floodplain. Construction should start on the site in late October or early November. If you have any questions, or comments regarding this application, please advise us. Sincerely, McGetrick & McGetrick, Inc. Patrick M. McGetrick, P.E. 10 Ottar Creek Courr, Suite A Little Rock, AR 72210 501-455.8M fmx 501-455-&&% subd.doc 2 09/22/05 DEPARTMENT OF NEIGHBORHOODS AND PLANNING PRELIMINARY PLAT CHECKLIST (page one) PROPOSED NAME OF SUBDIVISION: r T�Gv� r? 716E TYPE OF SUBDIVISION: �%��/� %G� DATE•/•�'/ a, Ysu ,O w O ❑ ❑ ❑ 1. Letter requesting preliminary plat approval. �' ❑ ❑ ❑ 2. Seventeen (17) copies of the preliminary plat. LLY- I IJ LJ 3. Filing fee. ❑ ❑ ❑ ❑ 4. Notification completed. (Certified list of abutting property owners from abstract or title company; notice form with affidavit executed; & proof of mailing of notice to all abutting property owners furnished.) THE FOMOWING ARE REQUIRED PURSUANT TO SEC. 31-63 OF THE CODE OF ORDINANCES: El El El 16. Vicinity map, to %salt. (Minimum scale to be I :20M feet; rrdnimum area to be 'A mile radius.) ❑ ❑ ❑ S. THE F LLOWING IS REQUIRID PURSUANT TO SEC. 31-88 OF THE CODE OF ORDINANCES -, Namdaddress of laud owner with source of title. (Deed record book and page or instrument number required). ❑ El ❑ 6. Name/address of subdivider. ❑ ❑ 7. Linear feet of internal streets. ❑ El❑ 8. Average size oflots/Minimum lot size. El El9. Number of lots. L_ LJ ❑ 10. Applicable existing covenants, and the proposed covenants on the land. ��❑ ElLJ ❑ 11. Proposed open space. ❑ ❑ 12. Proposed source of water supply. El El 123. Proposed means of wastewater disposal. ,❑/❑ ❑ ❑ 14. Request for variances, waivers, or deferrals. (Completion of "Variance/Waiver Request Form' required.) THE FOLLOWING ARE REQUIRED PURSUANT TO SEC. 31-99 OF THE CODE OF ORDINANCES: ❑ ❑ 17. Preliminary plat drawing, to scale, with north int indicated. Po (Maximum size for drawings: 247' x 36'. Boundary lines are to be indicated by a heavy line. Adjusted bearings and distances are to be shown, with ties to comers of record. Record bearings and distances are to be shown, where applicable. Curve data is to include: radius, arc distance, delta angle and chord bearing, and distances. Locations and physical descriptions of all monuments -- indicating size, malerial, and type construction — sball be shown.) 4LJ LJ18. The date of survey. V❑ ❑ 19. Lot llncs drown and dimensioacd: wres, sidewalk%, and mwineuts shown; (Names of streets and street widths tract be shown.) ❑ ❑ 20. Front yard building setback lines shown on plat. ❑ ❑ ❑ 21. Contours shown at tcgnired intervals (2' intervals for grades less than 10%; 5' intervals for grades ,,�,,/// above 10%). ❑ ❑ 22. Natural featuresshown (e g.; drainage channels, bodies of water, wooded areas). ❑ U LJ 23. Cultural features shown. (e.g.; streets, bridges, culverts, utility/power lines, pipelines, easements, parks, structures, city and county lines, section lines). ❑ ❑ 24. Limits of floodway and/or Roodplain shown. ❑ ❑ ❑ 25. Storm drainage analysis. (Data to be provided for all watercourses entering and leaving the pig ICY ❑ ❑ boundary.) ?6. Preliminary storm drainage plan. (Typical ditch section required to be stowu-) a�7� © ❑ ❑ 27_ Names of recorded subdivisions abutting the plat area indicated. (Plat book and page or instrument number required to be shown.) ❑ ❑ ❑ 28. ❑ Residential plats: show names of owners of all unplalled tracts abutting the plat area and names of owners of platted tracts in excess of 2�h acres. ❑ Commercial plats: show names of owners of all abutting lands. LI All plats: show names of all owners of any landlocked parcels within or abutting the plat subd.doc 6 09/22/05 Name To: The Public ) BILL OF ASSURANCE WHEREAS, a; J F " 7W /-4�7 11 described property the sole owners of the following Addition to the City of Little Rock, Arkansas, and desire to replat said lots: NOW, THEREFORE, WITNESSETH: That we, the said .- 'aGf/II/ [� 4� /-, , hereinafter termed grantor(s), have caused said tract of land to be surveyed by -VIAlle5 41—z-el Registered Professional Engineer, and a at thereof made which is identified by the title and the date and by the signature of the said engineer and the said grantor(s), and bears a Certificate of Approval executed by the Little Rock Planning Commission, and is on record in the Office of the Circuit Clerk and ex-officio Recorder of Pulaski County, Arkansas, in Plat Book Page and the grantor(s) do hereby make this Bill of Assurance. The grantor(s) do hereby certify that they have replatted said real estate in accordance with said plat. The lands embraced in said plat shall be forever known as designed on said plat; and every deed of conveyance for said property shall use this designation. The filing of this Bill of Assurance and plat for record in the Office of the Circuit Clerk and ex- officio Recorder of Pulaski County shall be a valid and complete delivery and dedication of the streets and easements shown on the said plat. All buildings constructed on said lots shall be constructed no nearer to the street than the building line shown on the plat, and all buildings shall be constructed in conformance with the Building Code and Zoning Ordinance of the City of Little Rock, Arkansas. WITNESS, our hands this day of _ subd.doc 7 0922M ACKNOWLEDGMENT STATE OF ARKANSAS) COUNTY OF PULASKI) BE 1T RFAEMBERED that on this day came before me a Notary Public within and for the County and State aforesaid, the undersigned and and stated that they bad executed the foregoing Bill of Assurance. Notary Public My Commission Expires: subd.doc 8 .t: A*TAl NOTICE OF PUBLIC HEARING BEFORE THE LITTLE ROCK PLANNING COMNIISSION ON AN APPLICATION TO SUBDIVIDE PROPERTY To ALL owners of land lying adjacent to (including across the street from) the boundary of the property l�vlFated at: o{�w.k�s3 Gd ax.e *� - in�Et����a-s-a o � � .. �p tk,u►,� � 1k� v (GENERAL LOCATION OF PROPERTY ON WHICH IS PROPOSED TO BE SUBDIVIDED) (ADDRESS OF PROPERTY TO BE SUBDIVIDED, IF AVAILABLE) Owned by: O �A CAR. C Reek (NAME ° t p 0 k keK QIre& ° 2XA S t, ke3 �x l�o�k a, - n Za1 a (ADDRESS OF OWNER) Number of proposed lots: ; Proposed use of property: NOTICE IS HEREBY GIVEN THAT an application for the subdivision of the property cited above has been filed with the Department of Planning and Development. A public hearin to review a preliminary plat for this property will be held by the Little Rock Planning Commission on n o'3� at . D 0 P.M. in the Board of Directors Chamber, second floor, li le Rock City Hall. located at 500 W. Markham Street. Note: The platting into lots and streets may involve a request for variances or waivers from the standards set forth in the Subdivision Regulations of the City of Little Rock ALL PARTIES IN INTEREST MAY APPEAR and be heard at the above cited time and place, or any party in interest may notify the Planning Commission of their views on this matter by letter. All perrons interested in this request are invited to calf or visit the Department of Planning and Development, located at 723 W. Markham St., phone, 371-1790, to review and discuss the application information with the Planning staff. Correspondence to the Planning Commission may be addressed to the Commission as a whole or to individual Commission member~ in care of the Little Rock Department of Planning and Development, 723 W. Maddram St., Little Rock, AR 72201. AFFIDAVIT I hereby certify that I have notified all the abutting property owners of record of the above property that subject property is being considered for subdivision and thayyyya-*Ittblic Hearing is to be held by the Little Rock Planning Commission at the time and place de-SMb Applicant (Owner or Authorized Agent) {iVamt a 0 a O O$ (Date) Arkansas Game and Fish Foundation HWY 2 Natural Resources Drive Little Rock, AR 72211 Town Center, LLC # 10 Otter Creek Court, Suite B Little Rock, AR 72210 James & Mary Ellen Lamar 24468 Highway 9 Paron, AR 72122 Glenn Deryle 185 Windsang Drive Hot Springs, AR 71901 Glenn National Carrier, Inc. P.O. Box 520 Alexander, AR 72002 Arkansas State Highway Commission P.O. Box 2261 Little Rock, AR 72203 Cal Ark, Inc. 12024 I-30 Little Rock, AR 72210 EtCity of Little Rock, _ Department -of Planning and Development 723 West Markham Street Little Rock, Arkansas 72201-1334 Phone: (501) 371-4790 Fax: (501) 399-3435 or 371-6863 DATE: June 24, 2008 Entergy (2) Center Point - ARKLA AT & T (2) Central Arkansas Water Little Rock Wastewater Pulaski County Planning Little Rock Fire Department Public Works: Engineering, Traffic (2) NAME: Otter Creek Revised Preliminary Plat TYPE OF ISSUE: Preliminary Plat - Commercial FILE NUMBER:.-4 ) _ LOCATION: NWC 1-430 and I-30 Parks and Recreation Department Planning and Development — Site Plan Review Planning and Development Graphics CATA TO WHO IT MAY CONCERN: __ Planning Zoning and Subdivision On August 7, 2008 the Little Rock Planning Commission will consider the above referenced issue. NOTE: The Interdepartmental Meeting at which this issue will be discussed will be held on July 7, 2008. NOTE: The Subdivision Committee Meeting at which this issue will be discussed will be held on July 17, 2008. A copy of the plan for the referenced issue is enclosed for your consideration, and your comments and/or recommendations will be appreciated. Sincerely, Does, AICP Subdivision Administrator (Please respond below and return this letter with your comments for our records.) Approved as Submitted. PLEASE RETURN COMMENTS BY July 8, 2008. Easement (s) required (See attached plat or description.) *To all utilities: If an easement is requested which is in excess of 10 feet in width, provide justification for the easement or the request will not be included in the Planning Commission agenda. Comments: s •7�//' o� By: osure 1-- City of Little Rock Department of Planning and Development Planning 723 West Markham Street Zoning and Little Rock, Arkansas 72201-1334 Subdivision Phone: (501) 371-4790 Fax: (501) 399-3435 or 371-6863 DATE: June 24, 2008 Entergy (2) Center Point - ARKLA AT & T (2) Central Arkansas Water Little Rock Wastewater Pulaski County Planning Little Rock Fire Department Public Works: Engineering, Traffic (2) ��C�� � NAME: Otter Creek Ile ised preliminary Plat TYPE OF ISSUE: Preliminary Plat - Commercial FILE NUMBER: 8-45-A-75 S, LOCATION: NWC I-430 and I-30 Parks and Recreation Department Planning and Development — Site Plan Review Planning and Development Graphics CATA TO WHO IT MAY CONCERN: On August 7, 2008 the Little Rock Planning Commission will consider the above referenced issue. NOTE: The Interdepartmental Meeting at which this issue will be discussed will be held on July 7, 2008. NOTE: The Subdivision Committee Meeting at which this issue will be discussed will be held on July 17, 2008. A copy of the plan for the referenced issue is enclosed for your consideration, and your comments and/or recommendations will be appreciated. Sincerely, Donna James, AICP Subdivision Administrator (Please respond below and return this letter with your comments for our records.) Approved as Submitted. PLEASE RETURN COMMENTS BY July 8, 2008. Easement (s) required (See attached plat or description.) *To all utilities: If an easement is requested which is in excess of 10 feet in width, provide justification for the easement or the request will not be included in the Planning Commission agenda. Comments: By: Enclosure McGE7R1G& McGET?JCK, INC. ENGINEERS-�I'(M NEF-6 _ DEVELDPERE, July 28, 2008 Mr. Vince Floriani City of Little Rock Department of Public Works 721 West Markham Little Rock, AR 72201 Re: Gateway Business Park Grading Plan Dear Mr. Florian: We propose the following clearing and grading for the abovereferenced project. Phase I will require us to clear 9, 10, 11 and 12 so they can be filled above the 100 year flood plain. We will obtain the dirt from lots 2, 5, 6, 27 and 28. Phase II will require us to fill an existing drainage channel. This will mean we will have to clear a portion of lots 17, 29, 30, 31 and 32. Fill for this area will be obtained from lots 22, 24, 25, 27 and 28. Phases III and IV will require us to clear all of lots 33 — 57 to fill and raise these lots above the 100 year flood plain. This fill would be obtained from work constructing a lake for the Game and Fish Commission on their property. If you have any questions, please contact me. Sincerely, McGetrick & McGetrick Patrick M. McGetrick, P.E. PM:cb 10 Otter Creek Court, Sulte A Uttle Rock, AR 72210 501-455-8899 fev 501-455.8898 i . r POP[a�.r. PCD HIRE •t , MOWN Area Vicinity Map Lotlin Case: S-1538-B N Location: NWC I-30 and 1-430 Ward: 7 0 235470 940 Feet PD: 16 CT: 41.03 TRS: T1S R13W4 :,p ors. PHASING PHASE 1 53.65 ACRES 16 LOTS PHASE 2 76.24 ACRES 16 LOTS PHASE 3 15.57 ACRES 10 LOTS <,O$ PHASE 4 31.56 ACRES 15 LOTS v y s TOTAL 177.02 ACRES 57 LOTS j s' a 'L " Ca � t �s 'CIA 4�0 (C�4•s �w ci �S eD a ! �p a8 C lti4eo. �r 1 3 O 6' to o ]. 9%pS J C 5-1538—B 40 OTTER CREEK MALL 0 PRELIMINARY PLAT r' City of Little Rock Department of Planning and Development Planning 723 West Markham Street Zoning and Little Rock, Arkansas 72201-1334 Phone: (501) 371-4790 Fax: (501) 399-3435 or 371-6863 Subdivision August 8, 2008 McGetrick and McGetrick Engineers 10 Otter Creek Court, Suite A Little Rock, AR 72210 Re: Gateway Town Center Revised Preliminary Plat (S-1538-B), located on the Northwest corner of 1-30 and 1-430 Dear Sirs: This is to advise you that in connection with your request concerning the above referenced file number the following action was taken by the Planning Commission at its meeting on August 7, 2008: X Approved with conditions. Recommended approval with conditions. Recommended approval as submitted. Denied your request as submitted. Deferred to the Other: Meeting. Please submit three copies of the approved preliminary plat to me as soon as possible so that your file maybe closed out. If you have any questions please do not hesitate to contact me at 371-6821. Respectfully, Donna James, AICP Subdivision Administrator 2013090297 Received: 12/23/2013 8:49:39 AN? Recorded: 1212,./2013 09:05:01 AM Filed & Recorded in Official Records o, marry Crane, 1 ORDINANCE NO.20,831 PULASKI COUNTY CIRCUITICOUNTY CLERK Fees $240.00 2 3 AN ORDINANCE TO ADOPT A PROJECT PLAN FOR 4 REDEVELOPMENT DISTRICT NO. 1 (BASS PRO) OF THE CITY Of,"` " K", 5 LITTLE ROCK, ARKANSAS; TO DECLARE AN EMERGENCY; AP1D 6 FOR OTHER PURPOSES. 7 8 WHEREAS, the Board of Directors created Little Rock Redevelopment District No. 1 ("the Distr((ff1),w%t ` 9 pursuant to Little Rock, Ark., Ordinance 18,849 (April 1, 2003), under the Constitution and statutes of the 10 State of Arkansas, including particularly Amendment 78 to the Constitution of the State of Arkansas it ("Amendment 78"), and Ark. Code Ann. §§ 14-168-301 to -324 (West 2004 and West Supp. 2013) 12 (generally, "tile Act"), as may be amended; and, 13 WHEREAS, it has been determined that there is a great need for a source revenue to finance the costs 14 of acquisition, construction, and equipping of certain capital improvements of a public nature as defined in 15 the Act ("the Project"), within the boundaries of the District; and, 16 WHEREAS, the City is authorized and empowered under the provisions of Amendment 78 and the 17 Act to issue and sell its bonds to finance the costs of capital improvements of a public nature within the 18 District such as those comprising the Project, which bonds are to be secured and payable from the ad 19 valorem tax increment described in and authorized by the Act; and, 20 WHEREAS, prior to the issuance of any such indebtedness, the Act requires the City Board of 21 Directors to adopt a project plan with respect to the District and any proposed amendments to the plan; and, 22 WHEREAS, the capital improvements of a public nature, which are shown in a project plan 23 conforming to the requirements of the Act, had to be guaranteed prior to the construction of the Bass Pro 24 facility located within the District and was deemed an essential aspect of the redevelopment of the area or 25 such a facility would not be so located; and, 26 WHEREAS, on November 15, 2013, prior to notice being published in the local newspaper, 27 correspondence was sent by first class mail to the chief executive officers of all local governmental and 28 taxing entities having the power to levy taxes on the property within the District that the Project had been 29 planned and would be considered at a public hearing before the Board of Directors on December 17, 2013, 30 in accordance with Ark. Code Ann. § 14-168-306 (e)(2)(B) (West Supp. 2013); and, 31 WHEREAS, on November 22, 2013, notice of the public hearing was first published in an appropriate 32 newspaper in accordance with Ark. Code Ann. § 14-168-306 (e)(2)(A) (West Supp. 2013), and was also 33 published on the City website; and, lPage I of31 1 I WHEREAS, pursuant to Little Rock, Ark., Resolution No. 13,813 (December 3, 2013), the Board of 2 Directors formally set a pub] is hearing for December 17, 2013, to consider and approve the Project pursuant 3 to the requirements of Ark. Code Ann. § 14-168-306 (West Supp. 2013); and, 4 WHEREAS, at the conclusion of the public hearing the Board of Directors finds the Project acceptable 5 and formally approves it; 6 NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF DIRECTORS OF THE CITY 7 OF LITTLE ROCK, ARKANSAS; 8 Section 1. Reaffirmation of Creation of the District and Improvements. 9 (a) The finding that the parcels of property within the District prior to the time it was formed 10 substantially impaired and arrested City growth due to the absence of necessary infrastructure and 11 other site improvements is reaffirmed; and, 12 (b) Based upon assurances that such improvements as those set forth in the Project would be 13 made in accordance with the Act a facility has located within the District; and, 14 (c) The completion of these improvements will benefit the real property within the District and 15 encourage growth in commerce, industry, and employment. 16 Section 2. it is hereby found that the District's project plan in the form attached to this ordinance as 17 Exhibit A ("the Project Plan"), is economically feasible, conforms to the requirements of the Act, and is 18 accordingly adopted and approved pursuant to the authority granted in Amendment 78 and the Act. 19 Section 3. Severability. In the event any title, section, paragraph, item, sentence, clause, phrase, or 20 word of this ordinance is declared or adjudged to be invalid or unconstitutional, such declaration or 21 adjudication shall not affect the remaining portions of the resolution which shall remain in full force and 22 effect as if the portion so declared or adjudged invalid or unconstitutional was not originally a part of the 23 resolution. 24 Section 4. Repealer. The provisions of all laws and parts of laws, franchises, and contracts, incon- 25 sistent with the provisions of this ordinance are hereby repealed to the extent of such inconsistency and the 26 language of this ordinance is amended and substituted, or added to, any such law, franchise, or contract as 27 if originally a part of the same. 28 Section 6. Emergency. The ability to provide necessary infrastructure within the City to facilitate and 29 maintain the construction of facilities such cis the Bass Pro facility, and the need to provide additional such 30 infrastructure within a redevelopment district to promote further growth is essential to the public health, 31 safety, and welfare of the citizens; and emergency is, therefore, declared to exist and this ordinance shall 32 be in frill force and effect from and after the date of its passage. 33 PASSED: December 17, 2013 34 IPage 2 of 31 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 U Susan �a-hlae City Clerk APPRO-V 5 TO LEGAL FORM: Thomas M. Carpenter, City // // // // // // // // 11 // // // // // // (Page 3 of 31 e APPROVED: Mark Stodola, Mayor LITTLE ROCK REDEVELOPMENT DISTRICT NO. 1 (Bass Pro and Gateway Town Center) Project Plan Little Rock Redevelopment District No, 1 Table of Contents Executive Summary i - ii Project Plan Overview iii— v TIF District Ordinance 1-4 TIF District Boundaries 5 Site Plan R: Tax & Job Generation Estimate 7 Cost Estimates 8 Cost Allocations 18 Certification of Pulaski County Assessor 19 Existing Land Use & Zoning Map 20 Draft of Ordinance Approving Project Plan 21 Exhibit I — Economic Analysis LITTLE ROCK REDEVELOPMENT DISTRICT NO. 1 EXECUTIVE SUMMARY The City of Little Rock created a redevelopment district in 2003 consisting of 176.413 acres adjacent to the I-30/I-430 interchange. The district, named the Little Rock Redevelopment District No. 1 (the "District"), was formed pursuant to Amendment 78 of the Arkansas Constitution and Act 1197 of 2001. In 2005, the Arkansas Legislature passed Act 2231, revising many provisions of the TIF law. Consequently, the project plan contained herein will comply with requirements of both acts. Purpose The District was formed to address redevelopment issues necessary to accommodate construction of a Bass Pro Shop and development of lands within the District such that new jobs and enhanced tax base could be achieved. Even though Bass Pro Shops later announced its decision to locate in North Little Rock, efforts to convince them to locate in Little Rock have continued. As a result, development of Bass Pro on the original site is almost a reality. Approval of the project plan as required by Act 1197 and Act 2231 (collectively the "Act") is necessary to assure timely completion of infrastructure improvements in the District. Property within the District is being developed under the name Gateway Town Center. Proposed development includes Bass Pro Shop, a 30 acre outlet mall, banks, hotels, restaurants and various other mixed uses. The project potentially will create more than 1000 permanent jobs and estimated annual revenue from sales taxes of $2.3 million for the City of Little Rock and $1.5 million for Pulaski County. The plan presented herein is intended to maximize future value enhancement both within and outside of the district, and thereby significantly impact the tax base for the city, county, school district and state. Commitment from the outlet mall, which will contain approximately 80 retail stores, is the lynchpin for achieving projected sales tax revenue. As a condition of this commitment, the developer is required to complete the entire project infrastructure prior to opening the mall in 2014. While the financial burden of developing Bass Pro is much more favorable today than was the case in 2003, implementation of a Tax Increment Financing ("TIF") bond issue under the Act remains appropriate and necessary. Under the plan approximately 70% of infrastructure costs will be provided by the developer and 30% percent will be financed through a TIF bond issue. School District Impact The TIF District is within the boundaries of the Little Rock School District which derives significant revenue from Ad Valorem taxes. Currently, the Ad Valorem tax rate within the City of Little Rock is 70.1 mills. Of that millage, 46.4 mills are allocated to the Little Rock School District. Of the school district revenues 37.4 mills is protected and not available for tax increment financing. Therefore, the impacted revenue to the school district is 9 mills. The TIF district boundaries are limited to property being developed within Gateway Town Center. Therefore, taxes from increased property value on adjacent or nearby lands that occur as a result of Gateway Town Center development will accrue 100% to the school district as well as other taxing entities that may be affected. Historically, there has been virtually no property tax from the district because it has been undeveloped. The school district will immediately receive 37.4 mills from all development that occurs within the TIF district. LITTLE ROCK REDEVELOPMENT DISTRICT NO. 1 TIF PROJECT PLAN OVERVIEW The Act details the elements to be included in the redevelopment district project plan. An overview of these elements is provided below. Each item is referred to by the paragraph and item designation given in Section 2, Arkansas Code 14-168-306. Also, included in the Project Plan is a map of the TIF District (page 5) and a copy of the City Ordinance that formed the District (pages 1-4). (b) (1) List of Improvements. The Project Plan includes 6 projects for the benefit of the district. The projects are presented by name, and include streets, utilities, two lakes, conduits for utility relocation, sidewalks, and storm drainage. The projects are described in detail on pages 8 - 18 of the Project Plan. b 2 A and B Economic Analysis, An Economic Forecast of Assessment Values ("Forecast's has been performed by the University of Arkansas at Little Rock Institute for Economic Advancement (IEA). It is included in its entirety as Exhibit I. (b) (2) (C) ADED Review. The economic analysis has been reviewed by Arkansas Department of Economic Development and a copy of that review is included as Exhibit II. (b) (3) Project Costs. The scope and cost of each project is provided in the project descriptions, pages 8 - 18. The total cost for the projects, estimated at approximately $7.76 million is listed on page 18. b 4 Financing Method. TIF financing will fund approximately 30% of the proposed projects. Private development will pay for approximately 70% of the proposed projects. The breakdown of total project costs and the funding to be provided from different sources is provided in the table on page 18. LU 5) Certification of the Base Tax Valuation. This is provided on page 20. (b) _(6) Other Revenues. The table on page 18 itemizes the expected sources of funding for the projects. Private sources are initially funded with conventional bank financing. Terms for private financing have been arranged and funding will ultimately be repaid from land sales by the developer. (b) (7) Existing Land Use Map. This is the current zoning map for the properties in the district. There are three properties either developed or under development, which are shown on the zoning map. It is included on page 21. (b) (8) Mao of Proposed Uses. The Comprehensive Land Use Plan is included on page 22. b 9 Proposed Zoning Changes, There are no proposed zoning changes. The entire district is zoned C-4. (b) (10) Cross -References. The Project Plan will not affect changes to any City master plan, map, building codes, or ordinances. The projects and construction proposed will conform to City requirements in place at the time of construction. b 11 Non -Project Costs. Estimates of costs are included in the Project Plan, and designated project on non -project cost according to the definition of project costs given in Arkansas code 14-168-301 (10). (b) (12) Displacement Plan. There will be no displacement within the District. (b) (13) Job Creation. The anticipated amount of bonds that will be issued for construction costs is approximately $2,775,000. The bond proceeds will pay for only a portion of the infrastructure costs. The only jobs to be directly tied to the TIF — generated bonds will be construction jobs. The infrastructure projects, however, are essential to the overall development of the District. The estimate of permanent jobs created in the District is approximately 1400. A table included on page 7 shows estimated jobs and increases in state, county, and city tax revenues. Development of private commercial properties in the District is estimated to occur over a ten year period. (c) (11 Indebtedness. Based on the Forecast the bond issue amount will be approximately $2,775,000. (c) (2) Tax Increment. Based on the UALR-IEA Forecast, the present value of the amount of tax increment available for the projected 23 year period of the TIF bond financing based on Valuation Method B is $3,845,636 (the "Projected Yield"). The only millage funds proposed to be used for debt service on the TIF bond financing are: Pulaski County General (5.0 mills), Pulaski County Road Funds (1.45 mills), City of Little Rock General (5.0 mills), City of Little Rock Road Fund (1.45 mills), and Little Rock School District (9.0 mills), for a total of 21.9 mills available for the TIF bond financing. (c) (3) Method of Calculation. In order to project an expected rate of appreciation, past growth trends were reviewed. After the recession, property values declined from 10 to 20%. Therefore, the UALR-IEA Forecast used a conservative annual growth rate of 4%. The base valuation of the 8 parcels in the District was increased initially by the projected completion values of the Bass Pro Shop and the Gateway Outlet Mall, resulting in creased of $10.2 million and $48.2 million in years 1 and 2, respectively. Those valuations were increased by the projected growth rate of 4% in each succeeding years during the TIF financing period. iv c Other Revenues. There are no other revenues available to secure the tax increment financing or to retire the bonds obtained through the tax increment financing tool. (c) (5) Other Provisions. No other provisions are considered. M 2003039380 .e4123IM3 92:59:33 PM Filed & Recorded in Official Records of L"ARi]i M SUM 18 849 PULA cl STY 1 ORDINANCE NO. CIRCUi11CQUITY CIE K Fees ii7.BB 2 3 AN ORDINANCE TO ESTABLISH A REDEVELOPMENT 4 DISTRICT WITHIN THE CITY OF LITTLE ROCK, ARKANSAS 5 AND PRESCRIBING THE BOUNDARIES THEREOF; AND FQA,..... :�. 6 OTHER PURPOSES. T`}'• ■ ��SI..• 5� + 7 8 Whereas, the City of Little Rock, Arkansas (the "City"), a City:4c tjle-fif'- asps ' 9 has the power, pursuant to Amendment 78 of the Arkansas Constituti&)'find ct A 97fi�� 04. 10 of 2001(the "Act"), to create redevelopment districts within the City, and 11 Whereas, the City, in conjunction with interested property owners, has 12 determined that creation of a redevelopment district would benefit the City. And 13 Whereas, pursuant to Section 6 of the Act, notice has been sent by first class mail 14 to the chief executive officer of all local governmental and taxing entities having the 15 power to levy taxes on property located within the proposed redevelopment district 16 and to the Board of the Little Rock School District, and 17 Whereas, on March 11, 2003, a public hearing was held at which interested 18 parties were afforded a reasonable opportunity to express their views on the proposed 19 creation of a redevelopment district and its proposed boundaries. 20 NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF DIRECTORS 21 OF THE CITY OF LITTLE ROCK, ARKANSAS: 22 Section 1. The Board of Directors makes the finding and determination that by 23 creating the District, the real property therein will be benefited by the elimination or 24 prevention or spread of slums, blighted, deteriorated, or deteriorating areas, 25 discouraging the loss of commerce, industry, or employment, and increasing 26 employment within the District. [PAGE 1 OF 4] oral,« 0 0 1 Section 2. That there be and there is hereby approved the creation of a 2 redevelopment district within the lands more particularly described in Exhibit "A", 3 attached hereto and made a part hereof by reference. 4 Section 3. That the name of the District shall be the "Little Rock 5 Redevelopment District No. ". 6 Section 4. That the City hereby establishes the Bass Pro Redevelopment 7 District No. Fund (the "Bass Pro Redevelopment District No. Tax Increment 8 Fund"). In the event the district's project plan and financing plan are subsequently 9 adopted by separate ordinances by the Board of Directors of the City, of Little Rock, any 10 tax increment revenues and other revenues designated by the City for the benefit of the 11 district shall be deposited in the fund, and fro the fund all project costs shall be paid. 12 This special fund may be assigned to and held by a trustee for the benefit ofbond 13 holders if tax increment financing is used. 14 Section 5. That a project plan shall be prepared and adopted by Ordinance of 15 the City in conformance with Section 7 of the Act. 16 Section 6. The provisions of this Ordinance are hereby declared to be 17 severable and, if any such provision shall for any reason be held illegal or invalid, such 18 holding shall not affect the validity of the remainder of this Ordinance. 19 Section 7. All resolutions or ordinances and parts thereof in conflict herewith 20 are hereby repealed to the extent of such conflict. 21 PASSED: APRIL 1, 2003 22 ATTEST: APPROVED: 23 24 25 Nanc Wood City Clerk J' ailey, Mayor 26 27 [PAGE 2 OF 4] Urdlmace * 0 1 APPROVED AS TO LEGAL FORM: 2 t 4 Thomas M. Carpenter, CityVAttorney 5 Il 6 /{ 7 // 8 /{ 9 # 10 // 11 H 12 // 13 // 14 // 15 // 16 !/ 17 11 18 H 19 H 20 21 {/ 22 // 23 H 24 !/ 25 H 26 {{ 27 // 28 H 29 // (PAGE 3 OF 41 wLance 0 1 BOUNDARY DESCRIPTION OF PROPOSED REDEVELOPMENT DISTRICT 2 3 Part of Section 4, Township 1 South, Range 13 West, Pulaski County, Arkansas, being more 4 particularly described as follows: 5 Starting at the Southwest corner of SecUon 4; thence North 01118'10" East along the West line of said Section 4 a distance of 196.04 6 feet to the North right-of-way line of Otter Creek Road; thence continuing along said North right of way One South 81"55'24" East 7 244. 74 feet; thence South 80'50'l1" East along said North right of way line 65,97 feet to the POINT OF BEGINNING; thence North 8 13'0140" East 625.55 feel; thence South 88141'50" East 588.55 feet, thence along a curve to the left having a radius of 95500 feet, an 9 arc distance of 269.42 feet and a chord which bears North 00'2T55" East 268.53 feet; thence North 07137'00" West 31M feet; thence 10 North 88041 'SO" West 564.89 feet; thence North 04007'29"East 1044,75 feel; thence North 21 *IW15" East 1649.39 feet; thence South 11 86-11'19" East 460.69 feel; thence South 19'58 41" East 66743 (eet; thence along a curve to the right having a radius of 980.00 feel, an 12 arc distance of 258M feet and a chord which bears North 77.02'40" East 257.78 feet; thence North 00'45'40" West 212.66 feel; thence 13 North 56'1940" East 257.59 feet thence North 02'0248" West 285.82 feel; thence North 44'14'04" East 208.63 feet to a point on the 14 North line of Lot 1, said Section 4; thence South 87'25'30" East along the North line of said Lot 1 a distance of 476.02 feet to the 15 Southwest comer of Lot 3, said Section 4; thence North 00' 45' 14" West along the West line of 14t 3 said Section 4 a distance of 16 983.36 feet to the West right-of-way line of Interstate 430, thence along said West right-of-way line to the following two (2) courses 17 and distances: 1) South 25'50'25" East 200.97 feet; 2) South 20' 04' 26 East 1424.80 feet to a point on the West right-ol-way line of the 18 North frontage road of Interstate 30, thence along said West right-0f-way line the following seven (7) courses and distances: 1) 19 South 61°3133" West 119.21 feet 2) thence South 29'IS'02" West 256,46 feel; 3) South 05621'S0" West 235.36 feet; 4) thence South 20 13'50'13" East 595.82 feet; 5) South 04136'20" West 10.78 feet, 6) thence South 23.46'56" West 186,23 feet 7) South 36.5741" West 21 197.26 feet to a point an the West right-of-way line of Interstate 30; thence along said West right-o(-way line the following two (2) 22 courses and distances: 1) thence South 44'08'53" West 77.75 feet.2) thence South 43'45'54" West 1828.19 feet; thence North 46'WO' 23 West 200:69 feet thence South 405'59" West 143-51 feet to a point on the North right-of-way line of Otter Creek Road; thence along 24 said North right-of-way line the following twelve (12) courses and distances: 1) North 4V30'30" West 196.59 feet; 2) along a curve to 25 the left having a radius of 396.48 feet, an arc distance of 88.28 feet and a chord bearing and distance of North 52'45m" West 89.09 26 feet; 3) South Ol'04'20" West 132.44 feet; 4) along a curve to the left having a radius of 505.00 feet, an ace distance of 50559 feet and a 27 chord bearing and distance of South 72.4041" West 484.74 feet; 5) South 463332" East 30.00 feet 6) South 57'19'01" West 71-59 feet; 28 7) South 70-49'03" West 1.92.33 feet; 8) South 7/'2532" West 46.84 feet; 9) South 72e 53119" West 36.70 feet;10) North 86' 51' 10" West 29 74.30 (eet; It) North 01'08'50" East 16.37 feet; 12) North BD'50'11" West 226.76 feet to the POINT OF BEGINNING containing 176.413 30 acres, more or less, 31 ll 32 33 ll 34 H 35 Il 36 EXHIBIT A: Boundary Description of Proposed Redevelopment District [PAGE 4 OF 41 Ordinance 9 W W z V L F- a W ,Q V M O O 0 0 0 O O o lf) O O M O M O to M O M O M O M w �- o �- 0 T- 0 N N N O N O N O N O N N O r (M C7 N� M r r r T O 0 O 0 r O O 0 O 0 O O Cp M N �j N O M I� [t In LO N Cb M LO N I- 0 0 O N M I� 00 r O 0 1+ N O O O O N C. N r r O r. co M M I` In � In N� 00 0 U CA V M - 0 O) p H E- O Qj C7 C[) 00 -,iO 00 O O M 0 N O N CD O r O LID r N N r O r O r O �- EL � r r N N N r r r r r r r r 0 O 0 O 00 O 00 O 0 O 0 O 0 CD 0 0 O 0 O O O 0 O 0 O 0 O 0 O O O c O 0 O O O O o O O O O O O O OOO OOOON 03w I 61) 00M0 0 C` 0 Q) M tp 0 r O r N L� NO CA (A N O N O N N O O r r N N N N r �- r r r r M 0) In �- 0 0 0 0 O o 0 0 0 o 0 0 0 0 0 O 0 CD o y) > O o O 0 O O O O 0 O 0 O 0 O 0 O 0 O 0 O 0 O 0 O 0 O 0 O 0 O O O O O O O O O O N d 0 M 00 O O O O O O N N O O O O N O N In(, r r M- O N M M M M �- N N N M �? VZ 0 0 0 0 0 0 0 0 0 0 0 0 0 0 o O o O 0 O 0 0 0 0 o 0 un 0 0 0 0 0 o 0 o 0 0 0 O 0 o 0 0 O 0 0 0 0 0 0 0 0 0 0 0 °D U I-- r. 0 O O ti N N 06 QO N O O O O CA N N N I- r- r M u7 N M m M v N 4a g O O O O O 00 O o O O O O O O O O O O O O O O O O O O O O O O O 7 'a+ 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Oi C C W O O O' O 0 0 0 O O O O O O O O O O O Oi O o O o O N QO to 00 O O O O O O O O O In O In O 0 O N o N 0 0 o O O O O O O N O O � 41 .- Ij ui M M M N N N C N r N � Cfl 6A — (� O — N c (D c c ((i c0 •L 76 ,L m L f •L -ffi •L -ia •t 761 'L m 'L a N a) 0 m N N N N �► m m o a� m c}o m o E E E a� E E E E E co .r in m aNi ai ai = E E E E Ep E E E m 0 U U U U C) U U U r N M In CD co CA O r r r N �- M r r V) r CO r I- r co r 0) r O N r N NM N N q' N CCi N CO N IN IL 0 f0 a LL. 0 O M O LL: O co N Ef3 O N f�[1 E [A W LITTLE ROCK REDEVELOPMENT DISTRICT NO. 1 (Gateway Town Center) COST ESTIMATES A. Project Costs (Supported by TIF Bond Issues) 1. Bass Pro Parkway — The spine parkway through Gateway Town Center begins at the Otter Creek Road/I-30 interchange and ends at the I-30 frontage road. This parkway is 4900 linear feet three lane street. This street provides the two primary points of entrance to Gateway Town Center. Project costs include clearing, grading, base, curb and gutter, asphalt, sidewalks, storm drainage, electrical and fiber optic trenching, a transformer pad, street lights, seeding, testing, and striping. $2,000,000 B. Developer Costs (Financed with Bank debt 1. Gateway Town Center, Phase I — (Completed in 2010) Involved bringing utilities (water, sewer, electrical) to the site and constructing approximately 300 feet of Bass Pro Parkway. $790,231.85 2. Bass Pro Drive & Lake #1 — Involved constructing Bass Pro Drive, a 950' long two lane street beginning at Bass Pro Parkway and intersecting with the I-30 frontage road. Project also included sidewalks, street lights, and utilities. Additionally, Lake #1 was improved such that it can serve at a detention facility for Gateway Town Center and an amenity/fishing lake to be used by Bass Pro Shop. Completed in 2013. $955,606 3. Bass Pro Parkway ROW Utilities/Major Storm Drain - Storm Drainage, water, sewer, engineering, utility conduits, testing, surveying Future $1,521,240 4. Gateway Loop — A 2100 foot long loop located between Bass Pro Parkway and I-430. Includes water, sewer, storm drainage, sidewalks, street lights, grading, base, curb and gutter, asphalt, clearing and seeding. Future $1,033,673 5. Lake #2 — Excavation of eleven acre lake to used as a detention facility and amenity. Future $1,461,000 A. PROJECT COSTS (SUPPORTED BY TIF BOND ISSUE) GATEWAY TOWN CENTER BASS PRO PARKWAY ESTIMATE DATE: AUGUST, 2013 NO. CONTRACT ITEM UNIT QUANTITY UNIT PRICE CONTRACT AMOUNT 1 SIDEWALK LF. 7800 15.75 122,850.00 2 CURB INLET EA. 36 2,850.00 102,600.00 3 18" RCP LF. 280 29,50 8,260.00 4 24" RCP LF. 790 40.00 31,600:00 5 36" RCP LF. 560 89.00 49,840.00 6 54" RCP LF. 1650 169,00 278,850.00 7 SELECT BACKFILL CY. 500 23.00 11,500.00 8 CURB & GUTTER LF, 7800 9.75 76,050.00 9 9" SB-2 SY. 15500 9.25 143,375.00 10 3" ASPHALT SY. 14500 15.00 217,500.00 11 BORROW CY. 22000 9.00 198,000.00 12 H C. RAMPS EA, 4 450.00 1,800.00 13 EROSION CONTROL LF. 3000 3.25 9,750.00 14 6"&2" CONDUIT/TRENCH LF. 4000 27.25 109,000.00 15 2" CONDUIT/TRENCH LF. 2800 17.50 49 000.00 16 TRANSFORMER PAD EA. 6 1,500.00 9,000.00 17 STREET LIGHTS EA. 35 2,800.00 _98,000,00 65,000.00 18 UNDERCUT CY. 13000 5.00 19 SEEDING AC. 6 2,000.00 120,000.00 20 CLEARING AC, 8.0 3,000.00 24,000.00 21 TESTING LS. 1 40,000.00 40,000.00 22 STRIPING _ LS. 1 1 30,000.00 30,000.00 SUBTOTAL STREET 1,795,975.00 8% ENGINEERING 150 146.00 3% STAKEOUT 53 879.00 TOTAL 2,000,000.00 PAGE 1 B. DEVELOPER COSTS 1. GATEWAY TOWN CENTER PHASE 1 ESTIMATE DATE: AUGUST, 2013 NO. CONTRACT ITEM UNIT QUANTITY UNIT PRICE AMOUNT 1 8" D.I. WATER LINE LF. 140 30.00 4,200.00 2 12" D.I. WATER LINE LF. 980 46,17 45,246.60 3 12" GV. EA. 1 2,450.00 2,450.00 4 8" GV EA. 1 1,200.00 1,200.00 5 12" X 16" TAP & GV. EA. 1 5,400.00 5,400.00 6 2" B 0. EA. 1 2 12400.00 2,800.00 7 BORE LF. 90 180.00 16,200.00 g ISELECT BACKFILL CY. 100 15,00 1,500.00 9 FIRE HYDRANT EA, 2 3,400,00 6,800.00 10 FIELD CONNECTION EA. 1 1,280.00 1,280.00 11 TESTING LS. 1 5,000.00 5,000.00 SUBTOTAL WATER 92,076.60 1 8" PVC SEWER 0'-8' LF. 100 14.00 1,400.00 2 8" PVC SEWER 8'-10' LF. 1475 17.50 25,812.50 3 8" D.I. SEWER 0'-8' LF. 75 34.27 2,570.25 4 8" D.I. SEWER 8'-10' LF. 108 44.27 4,781.16 5 IMANHOLE 0'-8' EA, 10 28 1,750.00 17,500.00 6 MANHOLE OVER 8' VF. 150.00 4,200.00 7 BEDDING CY. 400 16.00 6,400.00 8 SELECT BACKFILL CY_ 100 11.00 1,100.00 9 12" PVC SEWER 0'-8' LF. 553 21.83 12,071.99 10 12" PVC SEWER 8'-10' LF. 75 26.83 2,012.25 11 12" DI SEWER 8'-10' LF. 830 47.17 39,151.10 12 CONCRETE ENCASEMENJ LF. 190 10.50 1,995.00 13 WATER TIGHT LIDS EA, 3 375.00 1,125.00 14 CLEARING LS. 1 4,000.00 4,000,00 15 TESTING LS. 1 11,000.00 11,000.00 SUBTOTAL SEWER 135,119.25 GATEWAY TOWN CENTER PHASE ESTIMATE DATE: AUGUST, 2013 PAGE 2 1 NO. CONTRACT ITEM UNIT QUANTITY UNIT PRICE AMOUNT 1 SIDEWALK LF. 500 16.50 8,250.00 2 CURB INLET EA. 4 2,200.00 8,800.00 3 18" RCP LF. 70 45.00 3,150.00 4 24" RCP LF. 150 53.00 7,950.00 - 5 SELECT BACKFILL CY. 150 18.00 2,700.00 6 4" CONDUIT LF. 100 12.00 1,200,00 7 EXCAVATION CY. 1000 14.00 14,000.00 8 CURB & GUTTER LF. 1150 11.00 12,650.00 9 10" SB-2 SY. 3200 10.00 32,000.00 10 6" ASPHALT BINDER SY. 3200 26.25 84,000.00 11 2" ASPHALT SY. 3200 8.50 27,200.00 12 BORROW CY. 4000 9.50 38,000.00 13 GATES EA. 2 400.00 800.00 14 HC. RAMPS EA. _ 4 450.00 1,800.00 15 EROSION CONTROL LF, 1000 10.00 10,000.00 16 4" CONDUIT/TRENCH LF. 1200 12.00 14,400,00 17 TRANSFORMER PAD EA. 2 3,000.00 6,000.00 18 TESTING LS. 1 11,000.00 11,000.00 _ SUBTOTAL STREET 283,900.00 SUBTOTAL WATER 92,076.60 :SUBTOTAL SEWER 135,119.25 ELECTRICAL 52,150,00 TRAFFIC SIGNAL 40,000.00 LANDSCAPE 45,550.00 TOTAL CONSTRUCTION 648,795.85 ENGINEERING 63 017.00 SURVEYING 25,206.00 CONTINGENCY 53,213.00 DEVELOPMENT FEE TOTAL PROJECT 790,231.85 PAGE 1 GATEWAY TOWN CENTER 2. BASS PRO DRIVE & LAKE #1 ESTIMATE DATE: AUGUST, 2013 NO. CONTRACT ITEM UNIT QUANTITY UNIT PRICE CONTRACT AMOUNT 1 SIDEWALK LF. 2020 15.50 31,310.00 2 CURB INLET EA. 6 2,700.00 16,200.00 3 JUCTION BOX EA. 2 3,150.00 6,300.00 4 18" RCP LF, 560 30.50 17,080.00 5 24" RCP LF. 220 38.90 8,558.00 6 36" RCP LF. 305 88.35 26,946.75 7 42" RCP LF. 375 111.54 41 827.50 8 38"X60" RCP LF. 250 186.30 46 575.00 9 43"X68" RCP LF. 90 220.00 19,800.00 10 18" RCP FES EA. 1 325.00 325.00 11 38"X60" RCP FES EA. 1 2,550.00 2.550.00 12 SELECT BACKFILL CY. 200 23.80 4,760.00 13 CURB & GUTTER LF. 2180 9.75 21 255.00 14 9" SB-2 Sy. 3800 9.50 36100,00 15 3" ASPHALT SY. 3800 13.85 52 630.00 16 EROSION CONTROL LF. 3000 3.00 9,000.00 17 H R 4 45 1 8 18 EXCAVATION CY. 2200 13.00 28,600.00 19 SEEDING AC. 1 1,700.00 1,700.00 20 CLEARING AC. 2 3,600.00 7,200.00 21 STRIPING LS. 1 5,717.00 5,717.00 22 TESTING LS. 1 25,000.00 25,000.00 23 CONC. ISLAND SF. 1100 4.20 4,620.00 24 6-6" & 2-2" CONDUIT LF, 1500 30.28 45,420.00 25 .PULL Box EA. 2 1,700.00 3,400.00 SUBTOTAL STREET 464,674.25 DEVELOPER COSTS PAGE 2 GATEWAY TOWN CENTER BASS PRO DRIVE & LAKE #1 ESTIMATE DATE: AUGUST, 2013 NO. CONTRACT ITEM UNIT QUANTITY UNIT PRICE TOTAL AMOUNT 8" D.I. WATER LINE LF. 860 30.00 25,800.00 2 12" D.I. WATER LINE LF. 900 57.75 51,975.00 3 12" GV. EA. 1 2,675.00 2,675.00 4 8" GV EA. 2 1,575.00 3,150.00 ` 5 1 2" BO. EA. 2 1,400.00 2,800.00 6 SELECT BACKFILL CY. 100 23.00 2,300.00 7 FIRE HYDRANT EA. 2 4,400.00 8,800.00 8 FIELD CONNECTION EA. 1 6,375.00 6,375.00 9 TESTING LS. 1 7,000.00 7,000.00 SUBTOTAL WATER 110,875.00 1 8" PVC SEWER 8'-12' LF. 420 45.28 19,017.60 2 MANHOLE 0'-8' EA. VF. 1 3,600.00 3,600.00 3 MANHOLE OVER 8' 3 225.00 675.00 4 BEDDING CY. 100 25.00 2,500.00 5 SELECT BACKFILL CY. 50 25.00 1,250.00 6 TESTING LS, 1 1,000.00 1,000.00 SUBTOTAL SEWER 28,042,60 DETENTION STRUCTURE LS. 1 9,850.00 9,850.00 2 38"X60" RCP LF, 450 186.30 83,835.00 3 43"X68" RCP FES 5 702.00 4 EXCAVATE POND LS. 1 156,600.00 156,600.00 SUBTOTAL LAKE #1 255,987.00 SUBTOTAL WATER 110,875.00 28,042.60 SUBTOTAL SEWER SUBTOTAL STREET 464,674.25 SUBTOTAL 859,578.85 8% ENGINEERING 70,239.78 3% STAKEOUT 25,787.37 TOTAL 955,606.00 1 'A GATEWAY TOWN CENTER 3, UTILITIES & PROJECT STORM DRAINAGE BASS PRO PARKWAY ESTIMATE DATE: AUGUST, 2013 N0. CONTRACT ITEM UNIT QUANTITY UNIT PRICE CONTRACT AMOUNT 1 12" D.I. WATER LINE LF. p 55.00 0.00 2 12" GV EA. 0 2,675.00 0.00 3 8" D.I. WATER LINE LF. 5160 35.00 180,600.00 4 8" GV EA. 14 2-10Q-DO 29,400.00 5 2" 80. EA. 6 1 450.00 8,700.00 6 SELECT BACKFILL CY, 200 93 nn 4,600.00 7 FIRE jjYDRANT A. 9 36,000.00 $ IFIELD CONNECTIONEA 2 7,800.00 TESTING LS, 1 15 000.00 15,000.00 'SUBTOTAL WATER 282,100.00 1 8" PVC SEWER 0'-8' LF. ~ 300 25.00 7,500.00 2 8" PVC SEWER 8'-12' LF, 2538 37.50 95,175.00 MANHOLE 0'-8' EA. 12 3,000.00 36,000.00 4 MANHOLE OVER 8' VF. 30 150.00 4 500.00 5 1 BEDDING CY, 500 23,00 11,500.00 6 SELECT BACKFILL CY. 300 25.00 7,500.00 7 TESTING LS. 1 13, 000.00 13, 000.00 SUBTOTAL SEWER 175,175.00 1 CURB INLET EA. 10 2,850.00 28,500.00 2 36" RCP LF. 1230 89.00 109,470.00 3 48" RCP LF. 1330 135.00 179,550.00 4 53"X83" RCP LF. 1040 225.00 234,000.00 :SUBTOTAL DRAINAGE 551,520,00 'SUBTOTAL WATER 282,100.00 SUBTOTAL SEWER 175,175.00 LANDSCAPE 100,000.00 SUBTOTAL 1,108,795.00 _ CONTINGENCY 290,477.00 3% ENGINEERING 88,703,60 3% STAKEOUT 33,263.85 TOTAL 1,521,239.45 1A PAGE 1 GATEWAY TOWN CENTER 4. GATEWAY LOOP ESTIMATE DATE: AUGUST, 2013 NO. CONTRACT ITEM UNIT QUANTITY UNIT PRICE CONTRACT AMOUNT 1 12" D.I. WATER LINE LF. 0 55.00 0.00 2 12" GV EA. 0 2 675.00 0.00 3 8" D.I. WATER LINE LF. 2200 35.00 77,000.60 4 8" GV EA. 1 2.100.00 2,100.00 0, EA. 1 1 450.00 1,450.00 CT BACKFILL T7FIRE CY. 10023, 2,300.00 HYDRANT EA. 4 16,000.00 CONNECTION EA. 2 3 900 no7,800,00 g TESTING LS. 1 5.000.0o 5,000.00 I� SUBTOTAL WATER I I 1 111,650,00 1 1 8" PVC SEWER 0'-8' LF. 400 25.00 10,000.00 2 8" PVC SEWER 8'-12' LF. 800 37.50 30,000.00 ' EA. 5 3,000.00 15 000.00 4 VF. 10 1,500.00 5 CY, 200 23.00 6 ELE� BACKFILL CY. 150 3,750.00 7 T STJNGLS. 1 3,000.00 3,000.00 SUBTOTAL SEWER �^ 67,850.00 t5 GATEWAY TOWN CENTER GATEWAY LOOP ESTIMATE DATE: AUGUST, 2013 NO. CONTRACT ITEM UNIT QUANTITY UNIT PRICE CONTRACT AMOUNT 1 SIDEWALK LF. 4200 15.75 66,150.00 2 CURB INLET EA, 8 2,850.00 22,800.00 3 18" RCP LF. 200 30.50 6,100.00 4 24" RCP LF. 760 40.00 30,400.00 5 36" RCP LF. 400 89.00 35,600.00 6 48" RCP LF. 0 135.00 0.00 7 54" RCP LF. 0 169.00 0.00 8 SELECT BACKFILL CY. .150 23.00 3,450.00 9 CURB & GUTTER LF. 4200 9.75 40,950.00 10 7" SB-2 SY. ' 8100 9.25 74,925.00 11 " 8100 15.00 121 500.00 12 BORROW cy. 6000 9.00 54,000.00 13 HC. RAMPS EA. 0 450.00 0.00 141 EROSION CONTROL LF. gnon 3.25 6,500.00 15 4" CONDUIT TRENCH LF. 2000 20.00 40,000.00 161 TRANSFORMER PAD EA. 6 1,500.00 91000.00- 171 STREET LIGHTS EA, 18 2,800.00 50,400.00 18 UNDERCUT CY, 1 3000 5.00 15,000.00 19 DETENTION LS. 0 40,000.00 0.00 20 SEEDING AC. 2 2 000.00 21 CLEARING AC. 3 3, 000.00 9,000.00 22 TESTING LS. 1 20, 000.00 20, 000.00 23 STRIPING LS. 1 15,000.00 15,000.00 SUBTOTAL STREET _ 624,775.00 SUBTOTAL WATER 111,650.00 SUBTOTAL SEWER 67,850.00 LANDSCAPE 50,000.00 SUBTOTAL 854,275.00 10% CONTINGENCY 85, 427.50 8% ENGINEERING 68,342.00 3% STAKEOUT 25,628.25 TOTAL 1,033, 672.75 16 GATEWAY TOWN CENTER 5. LAKE # 2 ESTIMATE DATE: AUGUST, 2013 N0. CONTRACT ITEM UNIT QUANTITY UNIT PRICE CONTRACT AMOUNT 1 CLEARING AC. 35 2,500.00 87,500.00 2 EXCAVATION CY. 220,000 4.00 880,000.00 3 UNDERCUT CY. 35,000 5.00 175,000,00 4 DETENTION LS. 1 25,000.00 25 000.00 5 LANDSCAPE LS. 1 50,000.00 50,000.00 SUBTOTAL LAKE #2 1,217,500.00 10% CONTIGENCY 121,750.00 8% ENGINEERING 97,400.00 2% STAKEOUT 24,350.00 TOTAL 1,461,000.00 17 Allocation of Costs Project TIF Private A $2,000,000 B-1 $ 790r232 B-2 $ 955,606 B-3 $11521,240 B-4 $1,033,673 B-5 $IF461,000 Total $2,000,000 $5,761,751 Certification of Pulaski County Assessor 19 CERTIFICATION OF THE PULASKI COUNTY ASSESSOR To: Pulaski County Clerk From: Pulaski County Assessor Pursuant to Ark. Code Ann. Section 14-168-311, the Pulaski County Assessor certifies to the Pulaski County Clerk as follows: 1. Name of Redevelopment District: Redevelopment District No. 1 of the City of Little Rock, Arkansas. 2. Effective date of creation of Redevelopment District: April 1, 2003. 3. The proposed redevelopment district lies within the following taxing units: (a) City of Little Rock, Arkansas; and (b) Pulaski County. Base Value of the District: $1,280,440 Total Ad Valorem Rate of the District: 70.1 mills Debt Service and Exempt Ad Valorem Rate for the District: Little Rock School District M&O 25 mills Little Rock School District Debt Service 12.4 mills Little Rock Bond and Interest 3 mills Little Rock Police Pension 1 mill Little Rock Fire Pension 1 mill Little Rock Library 3.3 mills City of Little Rock Capital Improvements 1.9 mills Pulaski County Hospital (Children's) .6 mills Applicable Ad Valorem Rate for the District: Little Rock School District 9 mills City of Little Rock 5 mills City of Little Rock Roads 1.45 mills Pulaski County General 5 mills Pulaski County Roads 1.45 mills The undersigned Pulaski County Assessor further certifies that she has undertaken an investigation, examination and inspection of the Taxable Real Property in the District and amends the base value as previously certified. This base value is the full aggregate value of the taxable property in the District. This amended certification is made this 25th day of November, 2013 for the 2003 Redevelopment District No. 1 of the City of Little Rock, Arkansas. Janet Troutman Ward Pulaski County Assessor Attachments: TIF District Parcels/Values 558181v2 Existing Land Use & Zoning 20 I�' 1 I , I , I , I I I I t I 0 6 0a o lux Ho w M Draft of Ordinance Approving Project Plan 21 1 ORDINANCE NO. 2 3 AN ORDINANCE TO ADOPT A PROJECT PLAN FOR 4 REDEVELOPMENT DISTRICT NO. 1 (BASS PRO) OF THE CITY OF 5 LITTLE ROCK, ARKANSAS; TO DECLARE AN EMERGENCY; AND 6 FOR OTHER PURPOSES, 7 8 WHEREAS, the Board of Directors created Little Rock Redevelopment District No. 1 ("the District") 9 pursuant to Little Rock, Ark., Ordinance 19,849 (April 1, 2003), under the Constitution and statutes of the 10 State of Arkansas, including particularly Amendment 78 to the Constitution of the State of Arkansas 11 ("Amendment 78"), and Ark. Code Ann, §§ 14-68-301 to -324 (West 2004 and West Supp. 2013)(generally, 12 "the Act"), as may be amended; and, 13 WHEREAS, it has been determined that there is a great need for a source revenue to finance the costs 14 of acquisition, construction, and equipping of certain capital improvements of a public nature as defined in 15 the Act ("the Project"), within the boundaries of the District; and, 16 WHEREAS, the City is authorized and empowered under the provisions of Amendment 78 and the 17 Act to issue and sell its bonds to finance the costs of capital improvements of a public nature within the 18 District such as those comprising the Project, which bonds are to be secured and payable from the ad 19 valorem tax increment described in and authorized by the Act; and, 20 WHEREAS, prior to the issuance of any such indebtedness, the Act requires the City Board of 21 Directors to adopt a project plan with respect to the District and any proposed amendments to the plan; and, 22 WHEREAS, the capital improvements of a public nature, which are shown in a project plan conform- 23 ing to the requirements of the Act, had to be guaranteed prior to the construction of the Bass Pro facility 24 located within the District and was deemed an essential aspect of the redevelopment of the area or such a 25 facility would not be so located; and, 26 WHEREAS, on November 15, 2013, prior to notice being published in the local newspaper, corre- 27 spondence was sent by first class mail to the chief executive officers of all local governmental and taxing 28 entities having the power to levy taxes on the property within the District that the Project had been planned 29 and would be considered at a public hearing before the Board of Directors on December 17, 2013, in ac- 30 cordance with Ark. Code Ann. § 14-168-306 (e)(2)(B) (West Supp. 2013); and, 31 WHEREAS, on November 22, 2013, notice of the public hearing was first published in an appropriate 32 newspaper in accordance with Ark. Code Ann. § 14-168-306 (e)(2)(A) (West Supp. 2013), and was also 33 published on the City website; and, [Pagel of 3[ 1 WHEREAS, pursuant to Little Rock, Ark., Resolution No, 13,813 (December 3, 2013), the Board of 2 Directors formally set a public hearing for December 17, 2013, to consider and approve the Project pursuant 3 to the requirements of Ark. Code Ann. § 14-168-306 (West Supp. 2013); and, 4 WHEREAS, at the conclusion of the public hearing the Board of Directors finds the Project acceptable 5 and formally approves it; 6 NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF DIRECTORS OF THE CITY 7 OF LITTLE ROCK, ARKANSAS; 8 Section 1. Reaffirmation of Creation of the District and Improvements. 9 (a) The finding that the parcels of property within the District prior to the time it was formed 10 substantially impaired and arrested City growth due to the absence of necessary infrastructure and 11 other site improvements is reaffirmed; and, 12 (b) Based upon assurances that such improvements as those set forth in the Project would be 13 made in accordance with the Act a facility has located within the District; and, 14 (c) The completion of these improvements will benefit the real property within the District and 15 encourage growth in commerce, industry, and employment. 16 Section 2. It is hereby found that the District's project plan in the Form attached to this ordinance as 17 Exhibit A ("the Project Plan"), is economically feasible, conforms to the requirements of the Act, and is 18 accordingly adopted and approved pursuant to the authority granted in Amendment 78 and the Act. 19 Section 3. Severability. In the event any title, section, paragraph, item, sentence, clause, phrase, or 20 word of this ordinance is declared or adjudged to be invalid or unconstitutional, such declaration or adjudi- 21 cation shall not affect the remaining portions of the resolution which shall remain in full force and effect as 22 if the portion so declared or adjudged invalid or unconstitutional was not originally a part of the resolution. 23 Section 4. Repealer. The provisions of all laws and parts of laws, franchises, and contracts, incon- 24 sistent with the provisions of this ordinance are hereby repealed to the extent of such inconsistency and the 25 language of this ordinance is amended and substituted, or added to, any such law, franchise, or contract as 26 if originally a part of the same. 27 Section 6. Emergency. The ability to provide necessary, infrastructure within the City to facilitate and 28 maintain the construction of facilities such as the Bass Pro facility, and the need to provide additional such 29 infrastructure within a redevelopment district to promote further growth is essential to the public health, 30 safety, and welfare of the citizens; and emergemy is, therefbre, declared to exist and this ordinance shall 31 he in full force and effect from and after the date of'its passage. 32 PASSED: December 17, 2013 33 34 [Page 2 of 31 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 ATTEST: Susan Langley, City Clerk APPROVED AS TO LEGAL FORM: Thomas M. Carpenter, City Attorney 1/ // // // // // 1/ // // // APPROVED: Mark Stodola, Mayor [Page 3 of 31 EXHIBIT I Economic Analysis INSTITUTE FOR ECONOMIC ADVANCEMENT Tax Increment Financing for the Bass Pro and Gateway Town Center Development Project: A Feasibility Report by the Institute for Economic Advancement Prepared by Michael Pakko with the assistance of Vaughn Wingfield* November 2013 Background. The Institute for Economic Advancement (IEA) was retained by The Hodges Group, a real estate development company ("the Developer") to conduct a feasibility study for a proposed Tax Increment Financing (TIF) development. The development in question is within an established redevelopment district ("the District") created by the City of Little Rock in 2003, consisting of 176.4 acres adjacent to the I-30/1-430 interchange (Ordinance No. 18,849). The District was formed pursuant to Amendment 78 of the Arkansas Constitution and Act 1 l97 of 2001. Act 2231 (enacted in 2005) modified some provisions of Act 1197, including a provision that the project plan shall include "An economic analysis prepared by a third party independent of the local governing body that shall include the projected aggregate tax impact, if any, to taxing units as a result of the creation of the redevelopment district." The development plan to be considered includes three phases. The first is the construction of a Bass Pro Shop retail outlet, comprising approximately 102,000 square feet on a 29.3 acre lot which includes parking and a small lake. The Bass Pro Shop is expected to be completed by the end of 2013. It will be assessed in 2014 with taxes payable in 2015. The second phase of development is the Gateway Town Center ("the Outlet Mall") that will include 325,000 square feet of retail space on a lot covering 33.1 acres. The third phase of development includes a number of retail/office/commercial properties adjacent to the Bass Pro Shop and Outlet Mall. The third phase is expected to be completed over time. For the purposes of this analysis we consider only the tax increments attributable to the Bass Pro Shop and the Outlet Mall developments. JVethodology: Current property tax rate for the district $70.10 per thousand dollars (70.1 mills). However, the legislation governing Development Districts specifies that TIF financing cannot utilize property taxes for libraries, frreman's relief and pension funds, policeman's relief and pension funds, and any taxes levied for hospitals owned and operated by the county. Available TIF funding also excludes levies that are expressly devoted to debt service. In addition, Amendment 74 to the Arkansas constitution requires that a minimum of 25 mills be paid to the local school district. * Dr. Michael Pakko is Chief Economist and State Economic Forecaster; Vaughn Wingfield is Associate Research Specialist at the Institute for Economic Advancement. UNIVERSITY OF ARKANSAS AT LITTLE ROCK 2801 South University Avenue • Little Rock, AR 72204-1099 0 (501) 569.8519 • F (501) 569.8538 • iea.ualr.edu The Little Rock School District (LRSD) currently assesses a tax of 46.4 mills with an operating levy of 34 mills and a debt service levy of 12.4 mills.1 After excluding the minimum 25 mills and debt service of 12.4 mills, only 9.0 mills remain available for Tax Increment Financing. In total, the only millage funds proposed to be used for the TIF district are Pulaski County General (5.0 mills), Pulaski County Road Fund (1.45 mills), Little Rock General (5.0 mills), Little Rock Road Fund (1.45 mills), and the Little Rock School District component (9.0 mills) — a total of 21.9 mills. For initial estimates of property values, IEA researchers explored two alternative methodologies: A. Method A: IEA researchers reviewed a sample of tax appraisals from the Pulaski County Assessor's office for similar retail establishments.' Average values from this comparison were used to establish a baseline appraisal formula that valued land at $480,000 per acre and retail space at $45/square foot. Application of this fonnula yields estimates for appraised values of $18,654,000 for the Bass Pro Shop and $30,513,000 for the Outlet Mall.3 B. Method B: Consultation with officials at the Pulaski County Assessor's office suggested a simple alternative formula for current valuation: $100 per square foot of retail space in the Bass Pro Shop and $l 17 per square foot for the Outlet Mall — inclusive of land value. This formula yields assessments of $10,200,000 for the Bass Pro Shop and $38,025,000. The total valuation for the two properties under Method A is $49,167,000 while the total valuation using Method B is $48,225,000. Although these two figures are ve7 similar, the allocation of value between the two properties differs under the two methods. Because the anticipated completion dates for the Bass Pro Shop and the Outlet Mall differ, the allocation of value matters for present -value calculations. Accordingly, we calculate present values using both methods for comparison. In order to estimate assessed values and taxes into the future, it is necessary to project an expected rate of appreciation. A reasonable approach would be to extrapolate from past trends; however, recent events have complicated the evaluation of simple trends. Before the recession of 2008-09, it was not uncommon to see retail property values increasing at rates of 7 to 8% per year, on average. However, since the recession we have seen property values decline in the range of 10 to 20%. We consider the pre -recession rates of increase to be exaggerated (especially in light of subsequent declines). Going forward, we use a conservative estimate of 4% annual appreciation — approximately 2% due to inflation and 2% due to increases in real value (roughly commensurate with long -run real economic growth). ' Little Rock School District Annual Financial Report, June 20, 2012, Z The sample of comparable retailers included JC Penney, Target, Best Buy and Kohls as stand-alone retailers, along with the Promenade at Shopping Center and the Pleasant Ridge Shopping Center. These properties share the basic characteristics of the proposed Development — large retail facilities with accompanying parking lots. 3 The Bass Pro Shop will have 102 square feet of retail space on 29.3 acres of land. The Outlet Mall will have 325 square feet of retail space on 33.1 acres. The total valuation using Method B is only 1.9% lower than that using Method A. !WM To convert nominal values for future years into present values, a discount rate of 5.5% is assumed (the expected bond financing rate). The project can be considered feasible if the total net present value of taxes diverted into the TIF fund is sufficient to cover principal, interest and origination fees on an initial issuance of development bonds totaling $2,690,000.5 Feasibility Calculations: The results of the present value calculations using assessment Methods A and B are summarized in Tables 1 A and 1 B. Table I shows the valuations using Method A. The first two columns show the tax year and the year that taxes are due. Taxes will not be owed and the TIF fund will not begin to accumulate until 2015, For the purposes of calculating present values, tax year 2014 (with tax payable in 2015) is considered to be year one. Column (c) shows the appraised values based on our model of property values and our assumption of a 4.0% rate of appreciation over time. To simplify the presentation and to err on the conservative side, no appreciation is assumed to take place until year 3. Under Arkansas law, taxes are only assessed on a tax base of 20% of appraised value — shown in column (d). Column (e) shows the potential total tax liability in the absence of a TIF arrangement, while column (f) shows the portion of the total tax bill that is planned to finance the TIF fund. (The difference between these two colurnns shows the total increase in revenue to the taxing units that will receive the full increment in revenue.) Column (g) simply subtracts the current property taxes to derive the tax increment that is available to fund the TIF district. Column (h) subtracts a 3% tax collection fee assessed by the county. Finally, column (i) calculates the present value of the funds available to fund the TIF district, using a discount rate of 5.5%. The total present value (PV) for the 23-year life of the TIF fund is $3.641 million —comfortably above the $2.69 million feasibility requirement. Table I reports the same calculations using assessment Method B. Because this method places a relatively higher value on the property that will be completed later (the Outlet Mall), the present value calculations amplify the differences in initial value between Methods A and B: Total present value for method B is $3.539 million —about 2.8% lower than the Method A calculation. Nevertheless, the total remains well above the feasibility threshold. Sensitivity Analysis: Given the calculations in Tables 1 A and l B, the proposed TIF fund is sufficient to cover bond financing and repayment. Embedded in those estimates, however, are some critical assumptions that are subject to uncertainty. The most uncertain element is the projected rate of appreciation 5 According to the Developer's plans, the project construction fund will be allocated $2.0 million. Other components of the total bond issuance include $87,500 for costs of issuance, $269,000 for deposit to a Debt Service Reserve Fund (DSRF), and $332,887.50 deposit to a Capitalized Interest Fund (CIF). 6 The tax increment calculation is only relevant for the particular taxes that are to be used for TIF financing. Consequently, the amount subtracted from column (f) to produce the Tax Increment in column (g) reflects only those taxes that are included in the proposal (which total 21.9 mills). The current tax liability (tax year 2012) for this subset of taxing units is only $103. -3- over time. The baseline estimates assume an appreciation rate of 4.0%. Suppose instead that property values stagnate, showing no net appreciation over the next two decades! In this event, the total present value accruing to the TIF district falls to $2.484 million using the more conservative valuation method B.s Even under this bleak scenario, the total present value available for TIF financing falls only slightly short of the $2.69 million cost of finance. Given the other assumptions of the analysis, the break-even point required for the appreciation rate is only 0.96% — a growth rate less than half of the assumed rate of inflation. A second critical assumption is the initial assessed value for the properties. Suppose that the estimates are overstated by as much as 20%. In this case, the total present value of TIF financing available would be $2.831 million (using valuation method B) — still in excess of the feasibility point. And given the close correspondence between the two alternative methods of valuation, it is unlikely that any underestimation would approach such a magnitude. These "stress tests" suggest that the initial feasibility conclusion is robust. Projected taxes diverted into the TIF fund are more than adequate to support the repayment of the proposed bond issuance. Impact on Taxing Districts: Table 2 decomposes total potential property taxes (at 70.1 mills) into those that will be diverted into the TIF fund (21.9 mills) and those that will accrue to taxing units (48.2 mills). To simplify the calculations, the figures in Table 2 reflect gross total taxes (without the 3% tax collection fee deducted and without subtracting the current tax liability). if there were no TIF district, the total present value of property taxes would be nearly $1 1.7 million over the 23 year lifetime of the TIF project. Of that total, the TIF proposal envisions nearly $3.65 million being diverted to infrastructure construction projects while more than $8.0 million would be paid to taxing units. Table 3 shows the specific taxing units and how their potential tax receipts would be impacted by the TIF development. The first section of the table lists the taxing units for which taxes will be diverted into the TIF fund. The percentages in the far right column refer to column (d) in Table 2. So, for example, of the $44,676 diverted to the TIF fund in tax year 2014, 22.8% comes from each of the Pulaski County and Little Rock general funds, amounting to $10,200 for each of these taxing units. The second section of the Table 3 shows taxes that will be paid to particular taxing units — corresponding to the totals in column (e) of Table 2. Because taxes to the Little Rock School District taxes will be partly diverted into the TIF fund and partly paid to the taxing unit, it is included in both lists. Of the $1 1.7 million present value of total potential taxes, $1.50 million will be diverted fi-om LRSD into the TIF fund (41.1% of $3.649 million), while $6.23 million will flow to the LRSD general operating and debt service funds (77.6% of $8.032 million). 7 Note that with an assumed inflation rate of 2%, the real value of the properties would be declining over time. 8 Under valuation method A, the zero -appreciation scenario remains within the limits of feasibility, with a total present value of $2.788 million. lM Other Tax Impacts: In addition to the impact on local taxing units of changes in property tax assessments, the Development will have an impact on sales tax receipts. Quantifying the net impact of this effect on state and local tax revenue is necessarily tentative due to a lack of specific data. The Developer projects estimates of total annual sales to be $45 million for the Bass Pro Shop and $65 million for the Outlet Mall. At face value, these figures suggest annual sales tax receipts of $7.15 million for the State of Arkansas, $1.1 million for Pulaski County, and $1.65 million for the City of Little Rock (in current dollars).9 However, the net impact is likely to be considerably smaller: A large share of total sales is likely to comprise local demand -diversion, particularly at the state level. According to figures from IMPLAN, the export -ratio for non -gas station retail sales in Arkansas is 9%.10 Using this figure as a benchmark for the proportion of total tax revenue captured or re- captured from other states, the net impact of the Development on annual state sales tax revenue would be approximately $645,000. For the county and the city, the local capture -ratio is likely to be considerably higher: sales at the Development will undoubtedly generate exports so surrounding counties within Arkansas as well as outside of the state. IMPLAN retail export ratios for Pulaski County (non -gas station) average 34%. Applying this percentage to the gross tax receipt figures, we obtain estimates for net annual tax receipts of $374,000 for Pulaski County and $561,000 for the City of Little Rock.l 1 Even if the true county export ratio is as low as 10%, sales tax receipts by the city and county would be far in excess of the property taxes diverted from those taxing units to the TIF fund. One further aspect of sales and use taxation should be considered: internet sales. Presently, Bass Pro Shop has no physical locations in Arkansas, so it is not required to collect sales tax on internet orders. Consumers are required to report and pay taxes on such sales individually, but compliance is generally considered to be very low. After the establishment of a "substantial nexus" in the state, Bass Pro Shop (and possibly other tenants of the Outlet Mall), will be obligated to collect sales tax on catalogue and internet purchases. In the absence of company data on internet sales in Arkansas, it is difficult to assess the magnitude of this tax capture, but it is clearly an additional channel of revenue for state and local governments. 9 These figures are directly calculated using current tax rates of 6.5% for the state, 1,0% for the county, and 1.5% for the city. 10 IMPLAN is an input-output model used to assess local economic impact. It utilizes detailed industry data that can be used to measure inter -regional and inter -industry resource flows. The export -ratio is calculated as domestic exports relative to total output for the State of Arkansas (2011 IMPLAN data). 11 One factor that suggests these figures may be somewhat overstated is the statutory ceiling on local option sales and use taxes. In particular, the taxable value of watercraft is capped to apply only to the first $2,500 of a purchase. To the extent that sales of watercraft constitute a significant proportion of Bass Pro Shop sales, this limitation will reduce total tax revenue for the city and county. - 5 - Table 1A: Tax Increment Financing Values for Bass Pro Shop and Outlet Mall (Valuation Method A) Assumed appreciation: 4.0% (a) (b) (c) (d) (e) Total Assessed Potential Tax Tax Appraised Value Tax year Payable Value (20%) (.0701) 2014 2015 18,654,000 3,730,800 261,529 2015 2016 49,167,000 9,833,400 689,321 2016 2017 51,133,680 10,226,736 716,894 2017 2018 53,179,027 10,635,805 745,570 2018 2019 55,306,188 11,061,238 775,393 2019 2020 57,518,436 11,503,687 806,408 2020 2021 59,819,173 11,963,835 838,665 2021 2022 62,211,940 12,442,388 872,211 2022 2023 64,700,418 12,940,084 907,100 2023 2024 67,288,435 13,457,687 943,384 2024 2025 69,979,972 13,995,994 981,119 2025 2026 72,779,171 14,555,834 1,020,364 2026 2027 75,690,338 15,138,068 1,061,179 2027 2028 78,717,951 15,743,590 1,103,626 2028 2029 81,866,669 16,373,334 1,147,771 2029 2030 85,141,336 17,028,267 1,193,682 2030 2031 88,546,989 17,709,398 1,241,429 2031 2032 92,088,869 18,417,774 1,291,086 2032 2033 95,772,424 19,154,485 1,342,729 2033 2034 99,603,321 19,920,664 1,396,439 2034 2035 103,587,453 20,717,491 1,452,296 2035 2036 107,730,952 21,546,190 1,510,388 2036 2037 112,040,190 22,408,038 1,570,803 -6- (f) (g) (h) (i) Available to TIF Less 3% Present Fund Tax collection Value (.0219) Increment fee (@5,5%) 81,705 81,601 79,153 75,027 215,351 215,248 208,791 187,589 223,966 223,862 217,147 184,925 232,924 232,821 225,836 182,299 242,241 242,138 234,874 179,710 251,931 251,828 244,273 177,158 262,008 261,905 254,048 174,642 272,488 272,385 264,214 172,161 283,388 283,285 274,786 169,716 294,723 294,620 285,782 167,305 306,512 306,409 297,217 164,929 318,773 318,670 309,110 162,586 331,524 331,421 321,478 160,276 344,785 344,682 334,341 157,999 358,576 358,473 347,719 155,755 372,919 372,816 361,632 153,542 387,836 387,733 376,101 151,360 403,349 403,246 391,149 149,210 419,483 419,380 406,799 147,090 436,263 436,159 423,075 145,000 453,713 453,610 440,002 142,940 471,862 471,758 457,606 140,909 490,736 490,633 475,914 138,906 Total PV Accruing to TIF District: 3,641,034 Table 1B: Tax Increment Financing Values for Bass Pro Shop and Outlet Mall (Valuation Method B) Assumed appreciation: 4.0% (a) (b) (c) (d) (e) (f) (g) (h) (i) Tax year Tax Payable Appraised Value Assessed Value (20%) Total Potential Tax (.0701) Available to TIF Fund (.0219) Tax Increment Less 3% collection fee Present Value (@5.5%) 2014 2015 10,200,000 2,040,000 143,004 44,676 44,573 43,236 40,982 2015 2016 48,225,000 9,645,000 676,115 211,226 211,122 204,789 183,993 2016 2017 50,154,000 10,030,800 703,159 219,675 219,571 212,984 181,380 2017 2018 52,160,160 10,432,032 731,285 228,462 228,358 221,508 178,805 2018 2019 54,246,566 10,849,313 760,537 237,600 237,497 230,372 176,266 2019 2020 56,416,429 11,283,286 790,958 247,104 247,001 239,591 173,762 2020 2021 58,673,086 11,734,617 822,597 256,988 256,885 249,178 171,294 2021 2022 61,020,010 12,204,002 855,501 267,268 267,165 259,150 168,862 2022 2023 63,460,810 12,692,162 889,721 277,958 277,855 269,520 166,463 2023 2024 65,999,242 13,199,848 925,309 289,077 288,974 280,304 164,099 2024 2025 68,639,212 13,727,842 962,322 300,640 300,537 291,521 161,768 2025 2026 71,384,781 14,276,956 1,000,815 312,665 312,562 303,185 159,470 2026 2027 74,240,172 14,848,034 1,040,847 325,172 325,069 315,317 157,205 2027 2028 77,209,779 15,441,956 1,082,481 338,179 338,076 327,933 154,971 2028 2029 80,298,170 16,059,634 1,125,780 351,706 351,603 341,055 152,770 2029 2030 83,510,097 16,702,019 1,170,812 365,774 365,671 354,701 150,599 2030 2031 86,850,501 17,370,100 1,217,644 380,405 380,302 368,893 148,460 2031 2032 90,324,521 18,064,904 1,266,350 395,621 395,518 383,653 146,350 2032 2033 93,937,501 18,787,500 1,317,004 411,446 411,343 399,003 144,271 2033 2034 97,695,001 19,539,000 1,369,684 427,904 427,801 414,967 142,221 2034 2035 101,602,802 20,320,560 1,424,471 445,020 444,917 431,570 140,200 2035 2036 105,666,914 21,133,383 1,481,450 462,821 462,718 448,836 138,208 2036 2037 109,893,590 21,978,718 1,540,708 481,334 481,231 466,794 136,244 Total PV Accruing to TIF District: 3,539,644 -7- Table 2: Aggregate Impact on Taxing Districts (Valuation Method B) Assumed appreciation: 4.0% (a) (b) (c) (d) (e) Total Available to Paid to Tax Potential Tax TIF Fund Taxing Units Tax year Payable (0.0701) (.0219) (.0482) 2014 2015 143,004 44,676 98,328 2015 2016 676,115 211,226 464,889 2016 2017 703,159 219,675 483,485 2017 2018 731,285 228,462 502,824 2018 2019 760,537 237,600 522,937 2019 2020 790,958 247,104 543,854 2020 2021 822,597 256,988 565,609 2021 2022 855,501 267,268 588,233 2022 2023 889,721 277,958 611,762 2023 2024 925,309 289,077 636,233 2024 2025 962,322 300,640 661,682 2025 2026 1,000,815 312,665 688,149 2026 2027 1,040,847 325,172 715,675 2027 2028 1,082,481 338,179 744,302 2028 2029 1,125,780 351,706 774,074 2029 2030 1,170,812 365,774 805,037 2030 2031 1,217,644 380,405 837,239 2031 2032 1,266,350 395,621 870,728 2032 2033 1,317,004 411,446 905,558 2033 2034 1,369,684 427,904 941,780 2034 2035 1,424,471 445,020 979,451 2035 2036 1,481,450 462,821 1,018,629 2036 2037 1,540,708 481,334 1,059,374 Total Present Values: 11,681,456 3,649,413 8,032,042 Table 3: Taxes Diverted and Paid Taxes Diverted to TIF Fund Pulaski County General Fund Pulaski County Road Fund Little Rock General Fund Little Rock Road Fund Little Rock School District TOTAL Taxes Paid to Taxing Units Childrens Hospital Little Rock Bond and Interest Little Rock Library Little Rock Capital Improvement Little Rock Police Pension Little Rock Firemens Pension Little Rock School District TOTAL -9- Mills Percent of total 5.00 22.8% 1.45 6.6% 5.00 22.8% 1.45 6.6% 9.00 41.1% 21.90 100.0% 0.60 1.2% 3.00 6.2% 3.30 6.8% 1.90 3.9% 1.00 2.1% 1.00 2.1% 37.40 77.6% 48.20 100.00% ru mPostage s 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V Paatrnerk Return Receipt Fee Here 0 (Endorsement Required) G'r O Restricted Delivery Fee O (Endorsement RogUired) ti M Total Postage & Fees . ru rrl 0 Sent To - - ........ Town Center LLC rrRv� M oPO r PO Box No.o. # 10 Otter Creek Court, Suite B o o - Little Rock, AR 72210 c)� sram, zrP•� 0 a O 1 ca M Postage- ff M r u Certified Fee r✓1 ,'1 f V PCSAr-•2.O'K1-171 f Return Receipt Foe {A (Endor58�nent Required] - 4 o Resv+cted tselivery Fee p (Endorsement Required) O Total Postage & Fees $ 1 ru M Sent To E3 Arkansas State Highway Commission a sneer, Apt No., P.O. Box 2261 0 or Po Box No. __.. Little Rock, AR 72203 Sraiei.ff ru Er .0 M Postage S m NCertified Fee rt : jerk v f rl Return Receipt Fee Here . (Returnorsement Required) End O O Restricted Delivery Fee p (Endorsement Required) O Total Postage & Fees I $ 2 J ru m C3 S'V To Glenn Deryle - - - St-vel' AN No,; 185 Windsan Drive g E3 or PO Box No. Hot springs, AR 71901 ------------- o [-- MAIL RECEIPT (DomesticCERTIFIED Ln m a- C m Pos+age i $ m Certified Fee �` r7 O ru postmark M Retum Receipt Fee Here (Endorsement Required) O . O Restricted Delvery Fee E3 (Endorsement Required) C3 ' Total Postage & Feesnj • y - M Sanr To - James & Mary Ellen Lamar ,a street. Apr. No.,- 24468 Highway 9 Oor PO Box No. Paron, AR 72122-....____.. �riy stare, z��:e r- m Postage $ a FLI Certified Fee Postmark f7l O Return Receipt Fee (Endorsement Required) O Restricted Delivery Fee p (Endorsement Required) O Total Postage & Fees $ 3 , nj M Sent To Arkansas Game and Fish Foundation, Hwy 'aPr. ,a No:; orPO 2 Natural Resousrces Drive O o or PO Box No. 5R z135•4 Little Rock, AR 72211 IL m - — 0 O a m Postage $ �- m r-91 Certified Fee ru Ppslm�rk Return Receipt Fee Mr-3 iwe / (Endorsement Required) O Restricted Delivery Fee p (Endorsement Required) M Total Postage & Fees L� -6 . f ru M ® Sent To Cal Ark, Inc. ,a Seieei; fir" ram.:" 12024 I-30 _.- 0 or PO Box No. Little Rock, AR 72211 O Ciijs Stare• TIPa-0 - -----•----_ City of Little Rock Planning and Development Filing Fees Date 720 Annexation Board of Adjustment Cond Use Permit/T U P Final Plat Planned Unit Dev Preliminaiy Plat Special Use Permit Rezoning Site Plans Sheet Name Change Street Name Signs Number at Public Hearing Signs Number at _ea Total File No ea Location „_. Applicant e Y'1, By .. l- ru 0 m Postage S D- -- m �f 0 .-I Certified Fee FU m Retum Recstpt Fee (Errdoraernent Required} - Here _ — \' ;- t7 Restricted Delivery Fee p (Endj r, a ern Required) M Total Postage & Fees $ru M Sent 70 o • Glenn National Carrier, Inc. a �fro.,'z P.O. Box 520 o or P° e°" No. Alexander, AR 72002 � City Stale,TJPwv