HomeMy WebLinkAbout2005-01-06 - Agendas - Final Aldermen
Ward 1 Position I - Robert Reynolds
Mayor Dan Coody l
�Ward I Position 2 - Brenda Thiel
Ward 2 Position I - Kyle 13. CookCity Attorney Kit Williams ',Ward 2 Position 2 - Don MartWard 3 Position 1 - Robert K. Rhoads
City Clerk Sondra Smith ,Ward 3 Position 2 — Bobby Ferrell
CARKANSAS Ward 4 Position 1 - Shirley Lucas
Ward 4 Position 2 - Lioncld Jordan
Final Agenda
Public Hearing
Special City Council Meeting
January 6, 2005
A Special meeting of the Fayetteville City Council will be held on January 6, 2005 at 5 :30 p.m.
in Room 219 of the ,City Administration Building located at 113 West Mountain Street,
Fayetteville, Arkansas.
Call to Order
Roll Call
Pledge of Allegiance.
h
A. Public Hearing:
1. I-540 Redevelopment District #3 Creation: A Public Hearing to allow all
members of the public and representatives of taxing entities to present their views
on forming the I-540 Redevelopment District Number Three.
HEARING FOR PUBLIC COMMENT.
B. New Business:
1 . I-540 Redevelopment District #3 Adoption : An ordinance forming the I-540
Redevelopment District Number Three pursuant to Amendment 78 of the
Arkansas Constitution and authorizing the preparation of a project plan.
THIS ITEM WAS LEFT ON THE FIRST READING OF THE
ORDINANCE,
C. Public Hearing:
1 . I-540 Redevelopment District #3 Proposed Project Plan : A Public Hearing to
allow all members of the public and representatives of taxing entities to present
their views on the Proposed Project Plan for the I-540 Redevelopment District.
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113 West Mountain 72701 (479) 521-7700 (479) 575-8257 (Fax)
accessfayetteville.org
THIS ITEM4AS PULLED FROM THE AGENDA TO NO DATE
SPECIFIC.
D. New Business:
1. I-540 Redevelopment District Project Plan Adoption: An ordinance adopting
the Project Plan for the I-540 Redevelopment District, and finding the plan is
economically feasible.
THIS ITEM WAS PULLED FROM THE AGENDA TO NO DATE
SPECIFIC.
Meeting adjourned at 8:35 p.m.
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113 West Mountain 72701 (479) 521-7700 (479) 575-8257 (Fax) l
accessfayettevi I I e.org
City Council Meeting January 06, 20 _
Subject:
Motion To:
Motion By:
Seconded:
Rhoads
Ferrell
Lucas
Jordan
Reynolds
Thiel
Cook
Marr
Mayor Coody r/
Subject:
Motion To: f
a
Motion By:
Seconded:
Rhoads
Ferrell �
P Lucas
PPJordan
l0 � .
Reynolds
Thiel
Cook V/
Marr ��
Mayor Coody
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City Council Meeting January 06, 20 —PI0U I ( c� IC OA�
Subject: _ 5 � _
Motion To:
Motion By:
Seconded:
Rhoads
Ferrell
Lucas
Jordan
Reynolds
Thiel
Cook
Marr i
i.
Mayor Coody
Subject:
Motion To:
Motion By:
1I�Gt"
Seconded:
Rhoads
Ferrell
AAkJ
Lucas
e
Jordan
Reynolds
Thiel
Cook
Marr
Mayor Coody
City Council Meeting January06, 20 •
Subject: ()
Motion To: ✓ Q �'
Motion By:
Seconded: �
Rhoads
v--
f , Ferrell
Lucas
Jordan
Reynolds
, _ • 1 Thiel
f s e�U W" Cook Al
2Q 'i All Marr Al .
Mayor Coody
en e ew AD + " () r K o eo
a� r
Subject:
Motion To:
Motion By:
Seconded: �
c
Rhoads
Ferrell
Lucas
Jordan
Reynolds
Thiel
Cook
Marr
Mayor Coody
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Public Hearing Speaker Regis ation
Date of Public Hearing
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Speaker's Name (Please Print Clearly) Phone No. Address
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• f Aldermen
Ward I Position I - Robert Reynolds
Mayor Dan Coady Ward I Position 2 - Brenda Thiel
Cit Attorney Kit Williams Tayve
Ward 2 Position I - Kyle B. Cook
Y Y Ward 2 Position 2 - Don Marr
Ci Clerk Sondra Smithe;I le
Ward 3 Position 1 - Robert K. Rhoads
ry
Ward 3 Position 2 — Bobby Ferrell
ARKANSAS Ward 4 Position I - Shirley Lucas
Ward 4 Position 2 - Lioneld Jordan
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Final Agenda
Public Hearing
Special City Council Meeting
January 6, 2005
f
A Special meeting of the Fayetteville City Council will be held on January 6, 2005 at 5:30 p.m.
in Room 219 of the City Administration Building located at 113 West Mountain Street,
Fayetteville, Arkansas.
Call to Order
Roll Call
• Pledge of Allegiance
r
A. Public Hearing: h
1 . I-540 Redevelopment District #3 Creation: A Public Hearing to allow all
members of the public and representatives of taxing entities to present their views
on forming the I-540 Redevelopment District Number Three.
B. New Business:
Y L� (K ` 1 . I-540 Redevelopment District #3 Adoption: An ordinance forming the 1-540
Redevelopment District Number Three pursuant to Amendment 78 of the
Arkansas Constitution and authorizing the preparation of a project plan.
C. Public Hearing:
1 . 1-540 Redevelopment District #3 Proposed Project Plan: A Public Hearing to
allow all members of the public and representatives of taxing entities to present
their views on the Proposed Project Plan for the I-540 Redevelopment District.
D. New Business:
• n 1 . 1-540 Redevelopment District Project Plan Adoptionordinance adopting
the Project Plan for the 1-540 Redevelopment District, and
finding the plan is
f " economically feasible.
� 3 �
113 est Mountain 72701 (479) 521-7700 (479) 575-8257 (Fax)
accessfayetteville.org r
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B. 1
1-540 Redevelopment District #3 Adoption
Page 1 of 4
• ORDINANCE NO.
AN ORDINANCE FORMING THE I-540
REDEVELOPMENT DISTRICT NUMBER THREE
PURSUANT TO AMENDMENT 78 OF THE
ARKANSAS CONSTITUTION AND AUTHORIZING
THE PREPARATION OF A PROJECT PLAN
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WHEREAS, the City Council after 15 day published notice has held a public
bearing at which all interested parties were given the opportunity to express their views
on the proposed creation of the I-540 Redevelopment District Number Three of
Fayetteville, Arkansas and its proposed boundaries; and
WHEREAS, prior to publication, a copy of said notice was sent by, first-class
mail to the chief executive officer of all local governmental and taxing entities having the
power to levy taxes on property located within the proposed I-540 Redevelopment
District Number Three of Fayetteville, Arkansas, and to the school board of any school
district which includes property located within the proposed I-540 Redevelopment
District Number Three of Fayetteville, Arkansas; and
WHEREAS, the City Council has designated the boundaries of the proposed
• 1-540 Redevelopment District Number Three, of Fayetteville, Arkansas.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF
THE CITY OF FAYETTEVILLE, ARKANSAS:
Section 1 : That the City Council of the City of Fayetteville, Arkansas hereby
establishes the boundaries of the I-540 Redevelopment District Number Three of
Fayetteville, Arkansas as set forth on the map attached hereto as Exhibit "A" and
incorporated herein.
Section 2: That the City Council of the City of Fayetteville, Arkansas hereby
names the District the following name for identification purposes: I-540 Redevelopment
District Number Three of Fayetteville, Arkansas. 4
Section 3: That the City Council of the City of Fayetteville, Arkansas hereby
creates the I-540 Redevelopment District Number Three of Fayetteville, Arkansas as of
the effective date of this ordinance.
Section 4: That the City Council hereby finds that the real property within the
I-540 Redevelopment District Number Three of Fayetteville, Arkansas,' will be
benefited by the redevelopment project by eliminating or preventing the
development or
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B. 1
i 1-540 Redevelopment District #3 Adoption
Page 2 o/ 4
Spread of blighted, deteriorated, or deteriorating areas, or discouraging the loss of
commerce or employment, or increasing employment, or any combination thereof
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j Section 5 : That the City Council of _the City of Fayetteville, Arkansas hereby
creates a separate and special fund into which shall be deposited all tax increment
revenues, and all other revenues designated by the City for the benefit of the I-540
Redevelopment District Number Three of Fayetteville, Arkansas. All project costs shall
be! paid from this fund. This fund shall be known as the 1-540 Redevelopment District
Number Three of Fayetteville, Arkansas.
Section 6: That the City Council of the City of Fayetteville, Arkansas hereby
authorizes the preparation of a Redevelopment Project Plan.
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PASSED and APPROVED this 6"' day of January, 2005.
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APPROVED:
By: O�
DAN COODY, Mayor •
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ATTEST:
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By:
SONDRA SMITH, City Clerk
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1-540 Redevelopment District #3 Adoption
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D. 1
1-540 Redevelopment District Project Plan Adoption
Page 1 of 60
• ORDINANCE NO.
AN ORDINANCE ADOPTING THE PROJECT PLAN FOR THE
I-540 REDEVELOPMENT DISTRICT, AND FINDING THE
PLAN IS ECONOMICALLY FEASIBLE
i
WHEREAS, on January 6, 2005, the Fayetteville City Council held a Public Hearing
concerning the creation of the I-540 Redevelopment District; and
WHEREAS, on January 6, 2005, the City Council passed an ordinance creating the
I-540 Redevelopment District. and authorized preparation of a Redevelopment Project Plan;
and
WHEREAS, the City Council after 15 day published notice has held a public hearing
at which all interested parties were given the opportunity to express their views on the
proposed Project Plan of the I-540 Redevelopment District Number Three of Fayetteville,
Arkansas and its economic feasibility-, and
WHEREAS, prior to publication, a copy of said notice was sent by first-class mail to
the chief executive officer of all local governmental and taxing entities having the power to
levy taxes on property located within the proposed I-540 Redevelopment District Number
Three of Fayetteville, Arkansas, and to the school board of any school district which includes
• property located within the proposed I-540 Redevelopment District Number Three of
Fayetteville, Arkansas; and
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WHEREAS, the City has prepared a proposed Project Plan attached as Exhibit "A";
and
WHEREAS, the Project Plan includes:
(a) The kind, number and location of all public works or
improvements within the district including acquisition of real
estate, construction of parking facilities, improvements to
streetscape, roads, trails and other necessary infrastructure;
(b) an economic feasibility study;
(c) a detailed list of estimated project costs;
(d) a description of financing including tax increment bonds; II'
(e) a certification of the county tax assessor of the base value, ad
valorem rate, debt service ad valorem rate, and ad valorem rate for
the redevelopment district;
(f) no other funds are expected to be deposited into the special funds;
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D. 1
1-540 Redevelopment District Project Plan Adoption
Page 2 of 60
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(g) a map showing existing uses and conditions of real property in the �.. •
district;
(h) a map of proposed improvements and uses in the district;
(i) no zoning changes are anticipated;
(j) the Plan includes construction of streets shown on the Master Street
Plan;
.E (k) non-project costs include financial advice, bond costs, economic
forecasting;
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(]j no persons are anticipated to be displaced; but the City retains the
right to condemn property to accomplish the Project Plan if
necessary;
(m) the amount of TIF indebtedness;
(n) the amount of tax increment estimated to be generated by the
project;
(o) no other revenues are anticipated to be used to secure the tax
increment financing.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE •
CITY OF FAYETTEVILLE, ARKANSAS:
Section 1 : That the City Council of the City of Fayetteville, Arkansas hereby finds
that the Project Plan for the 1-540 Redevelopment District (attached as Exhibit A) is
economically feasible.
Section 2: That the City Council of the City of Fayetteville, Arkansas hereby adopts
theProjectPlan for the I-540 Redevelopment District and determines it has complied with all
requirements set forth in A.C.A. § 14-168-306.
PASSED and APPROVED this 6"iday of January, 2005
APPROVED:
By: O�
DAN COODY, Mayor
ATTEST:
By:
SONDRA SMITH, City Clerk
•
D. 1
1-540 Redevelopment District Project Plan Adoption
Page 3 of 60
•
City of Fayetteville, Arkansas i
I-540 REDEVELOPMENT DISTRICT
PROJECT PLAN
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III 1-540 Redevelopment District Project Plan Adoption
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Table of Contents F',
Project Plan Boundary 3
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Legal Description 5
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I-540 Project Plan 6
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Estimated Project Costs 8
Economic Feasibility Study Exhibit 1 9
Existing Uses and Conditions Map Exhibit 2 14
Assessor's Certification Exhibit 3 16
TIFiFinancing Strategies Exhibit 4 31
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Arkansas Code Annotated 14-168-301/323 Exhibit 5 34
Local Demographics Exhibit 6 47
Steele/North Hills Overpass Cost Estimate Exhibit 7 56 •
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D. 1
1-540 Redevelopment District Project Plan Adoption
Page 5 of 60
• 4 3
I-540 REDEVELOPMENT DISTRICT j
PROJECT PLAN BOUNDARY
The boundaries of this redevelopment district area are illustrated below:
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D. 1
1-540 Redevelopment District Project Plan Adoption
Page 6 of 60
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LEGAL DESCRIPTION
I- 540 TIF
1-540 TIF.
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Part of Sections 5 and 6, both within Township 16 North, Range 30 West, and part of Sections 26, 27, 280 329
33, 34, and 35, all within Township 17 North, Range 30 West, being more particularly described as follows:
Commencing at the Southwest comer of the SE-6-16-30, thence with the South line of said SE-6-16-30, South
87' 16' 45" East 667.7 feet, to the Point of Beginning; thence leaving said South line, North 00' 51 ' 18" East
20.02 feet; thence North 54' 51 ' 03" West 238.02 feet; thence North 35' 08' 55" East 351 .08 feet; thence
South 54' 55' 13" East 110.01 feet thence North 35' 041491" East 136.87 feet: thence South 56' 00' 33* East
165.03 feet; thence North 35' 04' 48" East 681 .81 feet; thence North 01 " 42' 11" East 157.99 feet; thence
North 01 ' 42' 09" East 51 .54 feet; thence North 010 42' 12" East 125.14 feet; thence North 02' 49 07" East
659.37 feet; thence North 02" 40' 06' East 655.22 feet, to a point on the South tine of the Fri. NE-6-16-30;
thence with said South line, South 87' 53' 35" East 137.7 feet; thence leaving said South line, North 02' 30'
39" East 32.74 feet; thence North 02' 1 T 22" East 1163.19 feet, to a point on the South line of the SE-32-17-
30; thence with said South line, North 87' 22' 570 West 1462.94 feet; thence North 87" 03' 38" West 562.2 feet
to the Southwest cornerof said SE-32-17-30; thence with the Westline of said SE-32-17-30, North 02" 20' 47"
East 2151 .56 feet; thence leaving said West line, North 87" 28' 33" West 336.35 feet; thence North 01' 36237
East;14.51 feet; thence North 02' 33' 38" East 763.15 feet; thence South 87" 26' 18" East 160.00 feet; thence
North 19' 12' 14" East 104.35 feet; thence South 87" 26' 19" East 141 .58 feet, to a point on the West line of
the NE-32-17-30; thence with said West line, North 01 " 49' 29" East 917.64 feet; thence leaving said West
line, South 87' 24' 46" East 1334.69 feet; thence North 02' 34' 27" East 2253.56 feet; thence North 86' OT 57"
East 1067:69 feet; thence North 02' 20' 20" East 423.41 feet; thence North 83' 09' 57" East 267.57 feet, to a
point on the West line of the SW-28-17-30; thence with said West line, North 02"33' 06" East 1120.86 feet, to
the Southwest corner of the NW-28-17-30; thence with the West line of said NW-28-17-30, North 02' 36' 30"
East 1297.98 feet; thence leaving said West line, North 56" 36' 12" East 38.17 feet; thence South 87' 19 13" •
East 1287.2 feet; thence South 02" 38' 44" West 991 .15 feet; thence South 87' 18' 06" East 2634.06 feet;
thence South 02' 03' 40" West 330.0 feet, to a point on the North line of the SE-28-17-30; thence with said
North line South 87" 26' 12" East 1319.57 feet, to the Northwest comer of the SW-27-17-30; thence with the
North line of said SW-27-17-30, South 87' 40' 10" East 2641 .46 feet, to the Northwest comer of the SE-27-17-
30; thence with the North line of said SE-27-17-30; South 86' 50' 32" East 1 104.94feet; thence South 87' 48'
03" East 1525.04 feet, to the Northwest cornerof the SW-26-17-30; thence with the North line of said SW-26-
17-30, South 87" 25' 57" East 2636.45 feet, to the Northwest comer of the SE-26-17-30; thence w th the North
line of said SE-26-17-30, South 86' 59' 315" East 2631 .75 feet, to the Northeast comer of said SE-26-17-30;
thence with the East line of said SE-26-17-30, South 02' 43' 22" West 134.52 feet; thence leaving said East
line, and within the right-of-way of Vantage Drive, the following courses: South 83' 12' 54" West 346.54 feet,
South 04" 44' 050 West 228.02 feet, South 14' 02' 10" East 173.11 feet, South 34' 04' 38" West 57-45 feet;
thence within the rightof-wayof Millsap Road, South 87' 05' 29* West 998.51 feet; thence within the right-of-
way of North College Avenue the following courses: South 02' 31 ' 31" West 2152.63 feet, South 11` 34' 12"
West 254.87 feet, South 26' 13' 15" West 1093.92 feet; thence within the right-of-way of Appleby Road the
following courses: North 74' 50' 08" West 282-13 feet, South 88" 18' 55" West 86.56 feet, South 61 ' 38' 420
West 182.19 feet, South 68" 21' 20" West 172.50 feet, South 89' 46 45" West 160.92 feet, North 00" 23' 2W
-East 23.26 feet, to a point on the West line of the NE-35-17-30; thence with said West line, North 02' 46' 41"
East 1607.54 feet to the Southeast corner of the SW-26-17-30; thence with the South line of said SW-26-17-
30, North 87' 18' 58" West 1315.23 feet; thence leaving.satd South line, South 02' 32' 00" West 650.18 feet;
thence within the right-of-way of Appleby Road, North 87' 37' 58" W est 1898.77 feet; thence continuing within
said right-of-way, North 86' 18' 37" West 901.67 feet; thence within the right-of-way of Gregg Avenue, South
01 ' 20' 10" West 1992.95 feet; thence within the right-of-way of Drake Street the following courses: North 87'
25' 01" West 1201 .25 feet, North 87' 29' 30"West 3797.17 feet; thence within the right-of-way of McConnell
Avenue, South 03' 11' 04" West 2644.47 feet; thence within the right-of-way of Knapp Street, the following
courses: North 87' 13' 34" West 835.13 feet, North 87' 05' 43" West 605.58 feet, North fir 26' 43" West
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D. 1
1-540 Redevelopment District Project Plan Adoption
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211 .1 feet; thence leaving said right-of-way, South 02" 30' 13" West 1210.58 feet, to a point on the South line
of the Fri. NW-5-16 30; thence with said South tine, North 86° 59' 28" West 1178.92 feet; thence North 87" 26'
40" West 187.66 feet; thence leaving said South line, South 210 57' 04" West 1478.0 feet, to a point on the
East line of the SE-6-16-30; thence with said East line, South 020 34' 36' West 1236.71 feet to the Southeast
comer of said SE-6-16-30; thence with the South line of the SE-6-16-30, North 870 22' 05" W est 1976.47 feet,
to the Point of Beginning and containing 2,333.501 acres, more or less. h
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PHASE IV Controlled Access Interchange $209000,000
Phase IV will address the need to plan, engineer, and construct a new controlled access
interchange to provide vehicular access to I-540 and the Fulbright Expressway. Current ingress
and egress is limited to one side and in one direction along Fulbright and I-540 to these areas.
This!limited access directs additional traffic into the existing congested intersections.
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j I- 540 REDEVELOPMENT DISTRICT
ESTIMATED PROJECT COSTS
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Phase I Van Asche Gregg to Highway 112 Engineering $ 150,000
Phase II Van Asche Gregg to Highway 112 Construction $42000,000
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Phase III Overpass connecting Steele to North Hills $4,347,930
Phase IV Controlled Access interchange to CMN-Mall
and Medical Area - Location to be Determined $20,0001000
The project plan maybe amended after adoption, pursuant to State law, to include additional
•
transportation projects within the district. The project plan for all phases does not propose to
displace or relocate persons within the district. There are no proposed zoning amendments
associated with this redevelopment district.
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1-540 Redevelopment District Project Plan Adoption
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City of Fayetteville, Arkansas
I- 540 REDEVELOPMENT DISTRICT
PROJECT PLAN V
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EXHIBIT No . I
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Economic Feasibility Study
,City of Fayetteville
1-540 ft"LOPMENT )DISTRICT
•
PROJECT.-PLAN
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An Economic Forecast of Assessment Values in
the I- 540 Redevelopment District
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SAM M.
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TYVERSI
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oIARKANSAS COLLEGE of $USiNESs
� Gnl,r,riir Snriur;r,Y:nun F.mriauii�• Pr.,•r,.rrL,
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Center for Business and Economic Research
Reynolds Center Building '_'17
Sam M. Walton College of Business
I University ofArkanss
Fayetteville, Arkansas 72701-1201
(479) 575-4151
Contact: Dr. Jeffery T. Collins. Director
December 2004
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The purpose of this study is to estimate the cash flouts that will accrue to the Fayetteville I-540
Tax Increment Financing district as a result of the tax increment financing project that has the
improvement of street access as its centerpiece. The I-540 district encompasses 514 parcels in
the northern part of Fayetteville. The formation of the I-540 district was spurred by the desire to
finance the infrastructure that is necessary for development to coutinue to grow in the district.
Congestion is likely to choke off growth in north Fayetteville if significant resotuces'are not
directed toward alleviating the traffic problem. Fixing the road structure is seen as key to
itriproving local property values and fostering economic activity in the northern corridor of the
city. Tax increment financing (IM was chosen as the appropriate tool for this private/public
partnership. C
Researchers at the Center for Business and Economic Research (CBER) in the Sam iVL Walton
College of Business at rte University of Arkansas were asked to project the revenues that tax
increment financing will provide for the I-540 district. The methodology employed was as
follows. First, a copy of the property ownership report for the I-540 district was obtained from
staff members at the city of Fayetteville. This report included the identification of and 2004
assessed valuation numbers for the 514 parcels included in the I-540 district. Supplementing this
information, CBER researchers used the Washington County Assessor's online property search
database to obtain the 2001-2003 assessment values for the same 514 parcels.
The collected data show that 155 of the parcels in the I-540 district are classified as Residential
• Improved, 108 of the parcels are classified as Commercial Improved, 59 of the parcels are
exempt from property taxes (either as local or federal government properties, public services, or
churches), 41 parcels are classified for mobile homes, and the remaining 151 parcels are a mix of
commercial and residential vacant properties, agricultural lands, public services, and
miscellaneous usages. A total of 455 of the identified parcels had non-zero assessment values in
2004.
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In 2004, the total assessed value of the parcels in the I-540 district was 539,627,677. In 20042
the yearon-year growth rate of the assessed value was 12.0 percent, while the median
assessment growth rate was 10.0 percent. Of the 442 parcels with nonzero assessed values in
both 2003 and 2004, 193 parcels had assessment growth rates of less than 10.0 percent, 143 had
assessed values that grew at *10.0 percent, and 106 parcels had assessment growth rates of more
than 10.0 percent. Only 11 parcels in the I-540 district had lower assessments in 2004 than in
2003.
Based on all of the previous information, CBER researchers have developed plausible 4 revenue
scenario for the I-540 district with the investments that would result from the creation of a TIF
district. In order to provide a conservative estimate of the revenue that wrould be generated
without a TIF district, a projection is made of the growth in assessed property values without any
newly assessed properties. These revenue estimates do not capture the growth in assessments that
will result from new construction, and as such, likely underestimate the true revenues that are
likely to accrue to the district. Table I presents the revenue estimates by year I for this
conservative scenario without new construction.
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1-540 Redevelopment District Project Plan Adoption
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Table 1 also shows estimates of what the increment would be in each.year- The total increment
over 25 years is $3.1 billion A millage rate of 28.16 is applied to the increment to illustrate
what the yield to a TIF district would be. The total yield under this scenario is just over $88.0
million. That yield is also discounted back for expected 3.0 percent annual inflation for a present
value calculation. The present value is just over $51 million under these assumptions.
The estimates shown m Table I project out average growth rates that are lower than those that
have been experienced in the past three years for the parcels in the I-540 district. In 2002, the
growth rate in assessed valuation was 15.4 percent. The years 2003 and 2004 saw higher grmvth
rates in assessed valuations at 11.7 and 12.0 percent, respectively. Much of the growth in
property value resulted from new construction in the area, rather than the growth in the values of
existing parcels. It seems unlikely that such large increases in assessment values are likely to
` continue throughout the 25 year lifespan of the TIF district ivithotu significant additional
investments in the infrastructure of the area. Therefom while the estimates may understate the
I growth in aggregate district parcel values in the early years of the TIF, uncertainty about the
horizon past 5-10 years calls for conservative estimation of growth rates.
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Table 1: Estimates of Grmvth in I-540 Assessed Valuations with TIF En-esttnents
Weklaed Estimates by Property Taxation Classification
Tod Awitable I=emenc 53126,291,749
Total Available Yield: S98,036376
Net Present Valae of Total Avoilabk Yield: $51.021.513
Frozm.4ssasmem 539627.677 S39627.677 S39627677 S39627677 . 539627677
Total Assessment 543416,766 $47 80.829 552,157,355 $57187197 S6 715 36
Assessment 0routh Rafe 9.56% 9.5901. 9.621/9 9.64% 9.670/.
Inaemem - $3,789.089 $7,951,212 S12329,679 S17.559,520 S23.097.859
Available Yield SWUM $223.962 5352836 5494476 $650154
FV ofA"flableYield $103593 5211.306 S34895 5439336 v $560,829
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Frozen Aswnuxem $39627,677 $39627677 S39,627677 $39627677 539627677
Tod Assessment $0792000 $75!F71!164 582,813 052 S90.893,677 $99,755,639
Assesament0rmv*Rate 9.697: 9.71% 1 9.73% 9.75•/6 9.768
Inoremem $29164323 535.843487 S4318i 375 S51256.000 560127.962
Available Yield $921,267 $1,009,353 SI.216,100 $1443.369 $1693203
PV ofAcaffable Yield $687.798 $820.696 S960001 51106222 $1,259,902
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Frozen Assessment $19627.677 . .$39,627.677 539,627,677 539.627.677 539627677
Total Assessment 5109.508786 $120.230937 $132.018674 5144973227 5159x'6428
Assessment Growth Rate 9.78% 9.79.6 9.808/. 9.82% 9.83%
• lncreomm $69,881,109 $80,603,260 S92 9ON7 5105 350 550 $119,598,751 -
AvailableYield $1.967.652 52.269.788 52.601730 52.966671 S3 67.901
PV ofAvoileble field SL421.618 $1.591983 S1 Tr1.652 51961319 S1161.727
%WWWWWOMW
Frozen.4sse5sment 539.627.677 .539.617.677 . S39.617.677 S396I7677 539.627.677
Tod Assessment S174891778 1 $192115.607 $211053.360 523187 007 S254.71.594
Assessment Growth Rate 9.84% 9.85% 9.860/. 9.8T/e i 9.874/a
Ineremeat 5135264101 $152,487.930 5171425.683 5192 43330 a 5215147917
Available Yield $3809.037 $4a94,060 54827347 53413713 $6053453
PV ofAsailable Yield 52,373666 $2.597,977 S2.335,558 53087,365 53 54418
MON
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Frozen Assesswra $39627,677 539.627,677 539.627677 539627677 539627677
Tod Assessment $279,946,949 $307,629J56 $338,069,629 $371,54Z374 5408,350493
Assessment Growth Rate 9.887: 9.69% 9.9075 9909: 991!: 1
Inezement 5240 19 7l 5268001879 5298.441 52 5331914697 $368722.816
Available Yield $676739! $7546.933 1 53403125 1 $9.346,718 1 $10383234
PV of Available Yield 1 $37637,8061 $3.93 688 1 S4,258,301 I S4 97 966 I 54,959 it%
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City of Fayetteville, Arkansas
i- 540 REDEVELOPMENT DISTRICT
�j PROJECT PLAN
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ITG�ty of Fayetteville
M40 540REDY VELOPM -TDISTRICT
-PRO.fECTI?LAN •
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1-540 Redevelopment District Project Plan Adoption
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EXHIBIT No . 2
Existing Uses and Conditions Map
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City of Fayetteville, Arkansas
I- 540 REDEVELOPMENT DISTRICT
I
PROJECT PLAN
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EXHIBIT No . 3
Assessor's Certification
City of Fayetteville
I 540 REDEVELOPMENT DISTRICT
':PROJECTYLAN
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A WASHINGTON COUNTY
STATE OF ARKANSAS
wam""comfy caumose
290 Name Mine"&We 250
Farytsuaq Arkeeas 72!01
LEE ANN KIZZAR 7GLCPR9NC
eoY11rT ♦eeeeeaR 479!014 taop
Dw mber21, 2004
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Mr. Hugh Earnest ..
City of Fayetteville
113 West Mountain
Fayetteville AR 72701
DcarlAr. Earnest, l
Please accept Utis letter and its attachments as the assessor's certification required by ACA 14.168-
306(6)(5) for the approval of the Fayetteville 1-540 Redevelopment District Project Plan.
The assessed value of all real property within the redevelopment district subject to ad valorem
taxation, also known as the Base Value as of January 1, 2004, is:
39,627,677.
The rolled back total millage rate of Washington County, the Fayetteville School District, and the
City of Fayetteville, also known as the Total Ad Valorem Rate, is: i
SI.86.
• The portion of the total ad valorem rate that was, at January 1, 2001,pledged to the payment ofdebt
service by the Fayetteville School District, also known as the Debt Service Ad Valorem Rate, is:
23.7.
The total rolled back ad valorem rate less the debt service ad valorem rate for property located in the
Fayetteville School District, else known as the Applicable Ad Valorem Rate, is:
28.16.
Attached are the ccrtificadons from the Fayetteville School District of the debt service ad valorem
rate, a copy of the most recent millago ordinance detailing levied ad valorem millage rates for all
taxing entities in Washington County, and a report from the assessor's database detailing the
appraised and assessed value of each parcel in the mdevetopmem district along with totals for the
entire district
Sincerely,
Lee Ann Kizzar
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