tif zone 1 - waco

TIF ZONE 1 BOARD MEETING

PACKET February 11, 2021

TABLE OF CONTENTS TIF Zone 1 Board Meeting

February 11, 2021

I. Agenda 1

II. Approve Summary Notes of October 8, 2020 2

III. TIF Zone 1 Financial Status Report 5

IV. Art Center Waco 13

TIF Zone 1 Meeting Agenda

February 11, 2021

A MEETING OF THE CITY OF WACO BOARD OF DIRECTORS FOR REINVESTMENT ZONE NUMBER ONE FOR TAX INCREMENT FINANCING

(TIF BOARD) AGENDA

February 11, 2021, 12:00 p.m. 3rd Floor Conference Room, City Hall 300 Austin Avenue, Waco TX 76701

____________________________________________________________________________ VIDEO CONFERENCE: In accordance with social distancing guidelines, the Reinvestment Zone

Number One for Tax Increment Financing meeting will be closed to the public attending in person. Board members will attend remotely by videoconference in accordance with Governor Greg

Abbott’s emergency orders related to the COVID-19 pandemic and the Texas Open Meetings Act.

The public may register to view the meeting live at: https://wacotx.zoomgov.com/webinar/register/WN_XYZUnXntRISDCW5qQ5evsQ

Members of the public who wish to submit written comments must submit their comments on-line by emailing [email protected] or by calling 254-750-5640 for staff assistance. Comments and registrations must be received no later than 10:00 am on Thursday, February 11, 2021. ____________________________________________________________________________

I. Call to Order

II. Approval of TIF Summary Notes – October 8, 2020

III. TIF Zone 1 Financial Report

IV. Board Chair Report

ACTION ITEMS V. Art Center Waco (701 S. 8th St.)

Waco Creative Arts, Inc. is requesting $560,000 to develop a new campus for The Art Center of Waco which includes the development of a new fine arts educational facility located at 701 S. 8th Street.

VI. Request for Future Agenda Items

VII. Adjourn

1

TIF Zone 1 Summary Notes October 8, 2020

City of Waco Reinvestment Zone Number One for Tax Increment Financing (TIF) Board Meeting

SUMMARY NOTES

October 8, 2020 // 12:01 p.m. - 12:44 p.m.

City Hall, 3rd Floor Conference Room Board members, staff, and guests joined the meeting remotely via Zoom, in order to comply with social distancing requirements, as allowed by the Texas Governor as a result of the COVID-19 pandemic. Board Members present: Ruth Jackson - Chairperson, Malcolm Duncan, Jr, Susan Kincannon, Cameron Goss, Ricky Turman Board Members absent: Will Jones City Staff Present: Kyle Deaver, Hector Sabido, Bradley Ford, Ryan Holt, Jennifer Richie, Kent George, Rusty Hill, Zina Pew Guests present: Brian Mitchell general contractor representing Pivovar and Jerry Crenshaw and Paul Barham representing Marriott AC Hotel I. Call to Order

Ruth Jackson officially convened the meeting at 12:01 p.m. with a quorum established. II. Approval of TIF Summary Notes – August 10, 2020

The TIF Summary Notes were approved as presented.

Action: Susan Kincannon motioned to accept the Summary Notes. Second: Ricky Turman

5 ayes / 0 opposed, motion carried III. TIF Zone 1 Financial Report

Rusty Hill, Assistant Director of Finance, reported on the financial reports: The Operating Statement reflects the $4,710,510 with ~$30 million committed; actual collections will change with the close of the fiscal year and refunds due to pending lawsuits. The Bond Fund report reflects projects as expended; the Webster project is in bid review and the Suspension Bridge construction will be starting soon. The Project Report identifies the two projects approved at the last TIF meeting, not yet approved by Council and a total of $108,055,915 in TIF funded projects. The Summary Report and Projections reflects $4,327,008 in TIF funds available at end of FY 2020 that will roll over to FY 2021. The Projections Report is based on recent MCAD values and certified estimates assuming a reduction in property assessments in 2021. There is about $12 million under Appraisal Review Board appeal. Funds will continue to be monitored and staff notified with changes and the Board updated. No other comments.

Action: Committee accepted report IV. Board Chair Report

Task Force met regarding City Center review methods. The next meeting will further discuss the process then report to the Board. Need to reschedule the next TIF Board meeting from Dec 10th meeting to December 17, 2020 at 10:00 am.

2

ACTION ITEMS Kent George, Economic Development Manager, made the introductions of developers and guests

for each action item and presented City Staff recommendations. The developers completed power point presentations for TIF Board review including maps, photos

of current conditions, renderings, budget, and other project details.

V. Contract Extension - Pivovar (320 – 324 S. 8th Street) CZECH BREWING CO, L.L.C., is requesting an amendment of the 320 – 324 S. 8th St. project to allow for additional time, extending the completion date from October 27, 2020 to February 28, 2021. Mr. George reviewed the original contract timelines and City Manager’s first six-month extension. Mr. Mitchell reported the project has been affected by the brewery equipment shipped from the Czech Republic. The owners also live in the Czech Republic and travel has been difficult for return to Waco to participate and approve the project at various points. Mr. George reported the staff recommendation to approve the extension.

Action: Malcolm Duncan, Jr motioned to approve the report as provided. Second: Susan Kincannon 4 ayes / 0 opposed, motion carried

VI. Marriott AC Hotel (Mary Avenue at S. 6th Street)

SRH Hospitality Waco Downtown Investments, LLC is requesting an amendment to the Marriott AC project located at the south corner of Mary Avenue and S. 6th Street. Mr. Crenshaw reviewed the private improvement costs have increased by ~$7m from last summer and as project is refined in design, square footage, and materials, increased window, HVAC and construction for sound reduction, interjected solar power options on different roof tops for energy efficiency. Mr. Barham discussed the increased development of retail, an iconic wall design at the entrance, convention center accommodating a stage not otherwise available in Waco, patios, and open venues to embrace the guest and public walkability and attractions to the downtown area. Along the Mary Ave. side added more windows for visibility and overall experience. Along Magnolia corner, the commercial corner will embrace walkability and shopping. The pool area has a patio venue along with the convention center side having another patio venue enhancing gathering. Convention center will accommodate a stage which is not currently available in the City of Waco. Creating environment for entities to do business and the experience for the visitors. Parking garage of 332 spaces with 145 reserved for public spaces. Mr. Jerry represents that Marriott AC Hotel is not asking for additional TIF funding. Mr. George summarized the request by Marriot AC to extend contract to September 30, 2024, lower the appraisal dispute value from $43,292,462 to $40,000,00, inclusion of virus pandemic language to the force majeure, and shift previously approved funds of $250,000 from the parking garage to burying overhead power lines. The contract maintains the 11.5-year contract term and other provisions. Staff recommendation is to approve the amendment.

Action: Ricky Truman motioned to approve the project per staff recommendation. Second: Cameron Goss 4 ayes / 0 opposed, motion carried

VII. Request for Future Agenda Items

Chairperson Jackson acknowledged the next meeting rescheduled from Dec 10th to December 17, 2020 at 10am. No other discussion.

3

VIII. Adjourn Meeting was adjourned at 12:44 p.m.

Approved: Date: Ruth Jackson, Chair

4

TIF Zone 1 Financial Report

February 11, 2021

City of Waco, Texas

Tax Increment Financing

Reinvestment Zone Number 1

Financial Report

Prepared for TIF Board Meeting February 11, 2021

Description

Schedule of Revenue, Expenditures and Funds Available

2018 Certificates of Obligation - Capital Improvement Funds Status

Project List and Status Schedule

Project Financing Summary

Schedules of TIF-1 Operating Projections

5

Base Year: 1982 Base Value: $67,286,653

2020 Tax Year Estimated Captured Value: $548,048,241Termination Date: 12/31/32

Description 2021 2020

Fiscal Year Operations-to-date

Funds Available October 1 39,655,988$ $35,320,741

Revenue: Total property tax collections 4,489,147$ 13,850,647$ WISD HB1 contributions - 1,309,802

Investment earnings 25,767 425,141 Total Revenue 4,514,914$ 15,585,590$

Expenditures:TIF Administration Fee 500,000$ 500,000$ Debt Service Paid 715,976 865,326

Completed Projects:Ongoing Projects:

Façade Improvement Matching Grant Program 46,595 101,883 Baylor University - Community Events Center - 3,006,034 Riverfront Development Site Remediation - City (includes POs) 324,151 2,670 Brazos Promenade Riverfront - City - Offsite Public Impr. 102,150 2,408,332 Franklin Square Redevelopment (south side 7th & 8th) - 253,889 Mary Ave. & University Parks Redevelopment - 308,564 West Village Multi-use Develop. - 9th-11th, Cleveland-IH35 - 628,787 Big Green Garage - 11th & Franklin 106,942 106,942 Elm Ave. Sidewalk, Streetscape & Safety Project - MLK to Garrison 178,380 228,450 Downtown Quiet Zone Study 61,181 37,289 Columbus Executive Center, 6th & Columbus - 173,052 Behrens Building II Renovations - 273,771 Chisolm Trail Marketplace -924 Austin Ave. - 203,000 700 Elm Avenue Block Demonstration - (3,961) 704 Elm Avenue - Revival Eatery - 111,345 618 Columbus Office Building Redevelopment - 133,267 East Waco Plaza & Bridget St. Enhancements 174,894 175,000 Washington Ave 2-Way Conversion 1,294,537 TRHFM & Cameron Park Zoo Parking 3,780 75,838 Downtown MSD 10,863 28,638 Bridge Street Front Porch Project 4,080,344 1,270,978 Downtown Quiet Zone 599,802 - Webster Avenue Improvements 4th & 5th Street 289,542 43,588 Taylor Street Slab Removal - 317,661

Total Expenditures 8,489,137$ 11,250,343$

Total Funds Available (see Note) 35,681,765$ 39,655,988$

Note: Total Funds Available represents existing funds available to meet existing and future project commitments. See Project List and Status Report for estimated uncommitted reserve funds.


City of Waco, Texas Tax Increment Financing

Reinvestment Zone Number One Schedule of Revenue, Expenditures and Funds Available

6

City of Waco, Texas TIF 2018 Certificates of ObligationCapital Improvement Funds Status


Project / Org Bond Project Description BudgetTotal

Expendedg

Funds

EDTIF18CO1 / 4368 Webster Avenue Corridor Improvements 1,297,920$ 1,297,920$ -$ EDTIF18CO1 / 4368 Webster Avenue Corridor Bond Interest 82,000 82,000 - EDTIF18CO2 / 4368 IH-35 Asthetic Lighting 2,105,000 2,100,000$ 5,000 EDTIF18CO3 / 4367 Historic Suspension Bridge Restoration 5,506,182 5,506,182$ - EDTIF18CO3 / 4367 Historic Suspension Bridge Bond Interest 252,000 252,000$ -

Totals 9,243,102$ 9,238,102$ 5,000$

Interest Earnings on Bond Proceeds 1,702 - 1,702

Total Bond Funds Plus Interest Earnings 9,244,804$ 9,238,102$ 6,702$

Comments:

Resolution 2020-190 adopted 3-17-20 for Waco Suspension Bridge Rehab (Total $13,279,135.50) Resolution 2018-848 adopted 9-18-18 for IH-35 Asthetic Lighting. Funds wired to TXDOT 10-16-18.Resolution 2018-614 adopted 7-3-18 for Suspension Bridge engineering services.Resolution 2018-314, 2-20-18 - Webster Avenue Sidewalk Improvements Project # 1 completed.Resolution 2020-89 Webster Project #2 bid awarded.

7

City of Waco, TexasTax Increment Financing

Reinvestment Zone Number OneProject List and Status Report


TIF Council Tax Increment Funding Other FundingMunis

Project #Approval

DateOrdinanceAdopted Project Description

ProjectBudget Expended Remaining Estimate Expended Remaining

EDTIF10062 11-4-16 12/6/2016 Façade Improvement Matching Grant Program ($75K+$100k+100K+150k) 625,000$ 400,182 224,818$ -$ -$ -$ EDTIF10087 9-9-11 Ext. 2-2-16 Cottages at Cameron Heights - Housing Dev. (revised payment timing) 437,280 393,552 43,728 - - - EDTIF10092 7-10-12 8-7-12 Baylor University - Community Events Center 35,060,340 29,048,272 6,012,068 - - - EDTIF10111 9-14-16 10-18-16 West Campus Lofts, Phase II 465,000 310,000 155,000 - - - EDTIF10112 11-4-16 12-6-16 Riverfront Development Site Remediation - City 5,161,123 1,004,466 4,156,657 - - - EDTIF10113 9-19-18 10-16-18 Brazos Promenade Riverfront - City - Offsite Public Improvements 9,082,399 2,810,404 6,271,995 - - - EDTIF10114 9-19-18 10-16-18 Brazos Promenade Riverfront - Catalyst - Onsite Public Improvements 6,001,228 - 6,001,228 - - - EDTIF10115 1-19-17 3-7-17 Franklin Square Redevelopment (south side 7th & 8th) 761,667 761,667 - - - - EDTIF10116 1-19-17 3-7-17 Mary Ave. & University Parks Redevelopment 925,690 925,690 - - - - EDTIF10118 3-6-17 4-18-17 West Village Multi-use Dev. - 9th-11th, Cleveland-IH35 3,520,567 982,154 2,538,413 - - - EDTIF10119 3-6-17 4-18-17 TFNB - Your Bank for Life Project - 810 Cleveland 301,345 - 301,345 - - - EDTIF10121 4-13-17 5-23-17 Big Green Garage - 11th & Franklin 320,827 320,827 0 - - - EDTIF10123 5-11-17 6-20-17 Elm Ave. Sidewalk, Streetscape & Safety -U. Parks to Garrison 1,291,000 1,291,000 - - - - EDTIF10125 6-8-17 8-1-17 Downtown Quiet Zone Study 450,000 149,230 300,770 - - - EDTIF10126 6-8-17 8-1-17 Columbus Executive Center, 6th & Columbus 670,322 670,322 - - - - EDTIF10122 4-13-17 10-1-17 The Containery, - 319 S 4th St. 488,078 - 488,078 - - - EDTIF10128 10-12-17 12-5-17 Stratton Bldg. Restoration/Renovation - 800 Austin Avenue 1,019,400 - 1,019,400 - - - EDTIF18CO1 12-14-17 2-20-18 2018 CO Project - Webster Avenue Sidewalks - - 1,379,920 1,379,920 (0) EDTIF18CO2 12-15-17 2-21-18 2018 CO Project - IH-35 Aesthetic Lighting - - 2,105,000 2,100,000 5,000 EDTIF18CO3 12-16-17 2-22-18 2018 CO Project - Historic Suspension Bridge Restoration - - 5,758,182 5,758,182 - EDTIF10127 8-9-18 9-18-18 Riverfront Power Line Relocation 2,000,000 - 2,000,000 - - - EDTIF10131 2-8-18 3-20-18 Behrens Building II Renovations (Amended by Ord 19-906, 11-19-19) 602,168 273,771 328,397 - - - EDTIF10133 2-8-18 3-20-18 Chisolm Trail Marketplace -924 Austin Ave. 203,000 203,000 - - - - EDTIF10134 6-14-18 7-17-18 700 Elm Avenue Public Improvements 645,609 573,098 72,511 - - - EDTIF10135 6-14-18 7-17-18 704 Elm Avenue - Revival Eatery 111,345 111,345 - - - - EDTIF10136 6-14-18 7-17-18 720 Elm Avenue Building Renovation and Restoration 87,225 - 87,225 - - - EDTIF10137 8-9-18 9-18-18 618 Columbus Office Building Redevelopment (est compl 12-1-18) 266,533 266,533 - - - - EDTIF10138 9-19-18 10-16-18 KB Hotels - 117 Taylor Street & 209 Bridge Streets 3,271,750 - 3,271,750 - - - EDTIF10139 12-20-18 12-18-18 St. James Methodist Church Building Restoration - 600 S. 2nd St. 870,075 - 870,075 - - - EDTIF10140 11-8-18 12-18-18 Renovation & Restoration of 510, 514 and 518 Austin Ave. 545,125 - 545,125 - - - EDTIF10142 12-20-18 2-5-19 Pivovar Restaurant, Brewery & Hotel, 320-324 S 8th St. 683,291 - 683,291 - - - EDTIF10143 12-20-18 2-5-19 101 Elm St LLC, Residential and Retail Development 660,000 - 660,000 - - - EDTIF10144 2-14-18 3-19-19 Embassy Suites Hotel - 301 S. 2nd Street 7,395,850 - 7,395,850 - - - EDTIF10145 6-20-19 5-21-197-16-19 Hyatt Place Hotel (301 S. 3rd Street) ($1,902,975 + $1,704,537) 3,607,512 - 3,607,512 - - - EDTIF10146 4-11-19 5-21-19 East Waco Plaza & Bridget St. Enhancements 350,000 349,894 106 - - - EDTIF10147 4-11-19 5-21-19 Washington Avenue - 2-Way Conversion 1,294,537 1,294,537 - - - - EDTIF10148 6-20-19 7-16-19 TRHFM & Cameron Park Zoo Parking 495,087 79,618 415,469 - - - EDTIF10149 8-8-19 9-17-19 AC Marriot - Mary Avenue & S. 6th St. 8,723,774 - 8,723,774 - - - EDTIF10150 8-8-19 9-17-19 Magnolia Masterplan Project - 8th & Webster 1,063,198 - 1,063,198 - - - EDTIF10151 8-8-19 9-17-19 City of Waco - Municipal Settings Designation 50,000 39,500 10,500 - - - EDTIF10153 10-10-19 11-19-19 Bridge Street Front Porch Project (Bridge, MLK to Mann & Elm 300 block) 5,548,000 5,351,322 196,678 - - - EDTIF10154 10-10-19 11-19-19 Downtown Quiet Zone - Construction Phase 1,528,807 599,802 929,005 - - - EDTIF10155 10-10-19 11-19-19 Webster Avenue Improvements (4th to 5th Streets) 341,000 333,130 7,870 - - - EDTIF10157 12-12-19 1-21-20 729 Washington Building Renovation and Public Improvements 514,960 - 514,960 - - - EDTIF10158 8-13-20 11-17-20 Heritage on Webster (823 Webster Avenue) 350,000 - 350,000 - - -

Revised Current Project and Financing Plan Totals 107,790,112$ 48,543,316$ 59,246,796$ 9,243,102$ 9,238,102$ 5,000$ Board Approved Projects Pending City Council Approval:

EDTIF? 8-13-20 8th Street Market (407 S. 8th Street) 65,803 - 65,803 - - - EDTIF? 2-4-21 The Art Center , 701 S. 8th Street 315,000 - 315,000 - - -

Subtotal - Projects Pending City Council 380,803$ -$ 380,803$ -$ -$ -$ Financing Plan if Proposed Projects Approved 108,170,915$ 48,543,316 59,627,599$ 9,243,102$ 9,238,102$ 5,000$

8

City of Waco, TexasTax Increment Financing

Reinvestment Zone Number OneProject Financing Summary


TIF #1Operating Other

TotalTIF+Other

Funding Funding FundingOperating Funds Available:

TIF 1 Operating Funds on hand 35,681,765 $ - $ 35,681,765 Estimated additional tax increment collections 10,899,315 - 10,899,315 Estimated additional investment income 44,233 - 44,233 Estimated additional debt service (148,924) - (148,924) 2018 CO Proceeds Remaining - 6,702 6,702

Total Funds Available through End of Current Fiscal Year Note 1 46,476,389 $ 6,702 $ 46,483,091 XOperating Funds Committed:Total Funds Committed Note 2 59,627,599 $ 5,000 $ 59,632,599 Less Project Commitments from Revenues After Current Fiscal Year:Note3

Baylor University - Community Events Center (3,006,034) - (3,006,034)West Village Multi-use Dev. - 9th-11th, Cleveland-IH35 (1,697,202) - (1,697,202)The Containery, - 319 S 4th St. (325,385) - (325,385)Stratton Bldg. Restoration/Renovation - 800 Austin Avenue (764,550) - (764,550)KB Hotels - 117 Taylor Street & 209 Bridge Streets (3,167,570) - (3,167,570)St. James Methodist Church Building Restoration - 600 S. 2nd St. (870,075) - (870,075)Renovation & Restoration of 510, 514 and 518 Austin Ave. (363,417) - (363,417)Pivovar Restaurant, Brewery & Hotel, 320-324 S 8th St. (512,468) - (512,468)101 Elm St LLC, Residential and Retail Development (495,000) - (495,000)Embassy Suites Hotel - 301 S. 2nd Street (3,984,850) - (3,984,850)Hyatt Place Hotel (301 S. 3rd Street) ($1,902,975 + $1,704,537) (3,452,175) - (3,452,175)AC Marriot - Mary Avenue & S. 6th St. (7,536,257) - (7,536,257)Magnolia Masterplan Project - 8th & Webster (956,879) - (956,879)729 Washington Building Renovation and Public Improvements (103,000) - (103,000)8th Street Market (407 S. 8th Street) (65,803) - (65,803)Heritage on Webster (823 Webster Avenue) (350,000) - (350,000)The Art Center , 701 S. 8th Street (315,000) - (315,000)

Subtotal of Project Commitments from Revenues After Current FY (27,965,665) $ - $ (27,965,665)Total Current Funds Committed 31,661,934 $ 5,000 $ 31,666,934 YTotal Uncommitted TIF 1 Operating and Other Funds As of September 30 (Note 4)

14,814,455 $ 1,702 $ 14,816,157 X-Y

CONTINGENT CONTRACT COMMITMENT: During 1985, a development agreement was entered into which provided that TIF#1 would repay $830,000 for public improvements made in Reinvestment Zone # One. Repayment of principal and accrual of interest will not begin until revenue is received from the area designated in the development agreement.

Note 4: This line represents the amount of operating funds expected to be available through the end of the current fiscal year to commit to new projects.

Note 1: This line represents the total of all funding sources secured through the end of the current fiscal year available to meeting existing and future commitments.Note 2: This line represents total budgets for existing projects less amounts expended. Includes proposed project(s) under consideration.Note 3: These lines represent project payments to be made from future years' tax increment because of priority of payment.

9

CITY OF WACO TIF ZONE #1 FINANCING PLAN PROJECTIONSPrepared for TIF Board Meeting February 11, 2021

2020-21 2021-22 2022-23 2023-24 2024-25 2025-26TIF 1 Captured value 548,048,241$ 482,282,452$ 496,750,926$ 511,653,454$ 527,003,058$ 542,813,150$

Percentage Growth from Prior Year 8.73% -12.00% 3.00% 3.00% 3.00% 3.00%RevenuesTax increment revenue:

City of Waco 4,169,043$ 3,668,758$ 3,740,261$ 3,852,469$ 3,968,043$ 4,129,220$ Waco ISD - ad valorem tax 6,788,531 5,973,907 37,056 Waco ISD - HB1 supplement 1,611,998 1,418,558 McLennan County 2,517,430 2,215,338 2,258,515 2,326,270 2,396,059 2,493,383 McLennan Community College 804,460 707,925 721,722 743,374 765,675 796,776 Allowance for Suits on 2016-2019 Rolls (503,000) - - - - -

Total tax increment revenue 15,388,462$ 13,984,486$ 6,757,554$ 6,922,113$ 7,129,777$ 7,419,379$ Investment earnings 70,000 50,000 20,000 20,000 20,000 20,000 Bond proceeds + bond interest committed 82,000 - - - - -

Total revenue 15,540,462$ 14,034,486$ 6,777,554$ 6,942,113$ 7,149,777$ 7,439,379$ Expenditures

Administration costs 500,000 500,000 500,000 500,000 500,000 500,000 Debt service 864,900 780,725 780,350 783,600 780,475 780,975

Ongoing Projects:Façade Improvement Matching Grant Program 271,413 - - - - - Cottages @ Cameron Heights - SGH Real Estate 43,728 - - - - - Baylor Stadium/Events Center 3,006,034 3,006,034 - - - - West Campus Lofts, Phase II 155,000 - - - - - Riverfront Development Site Remediation - City 4,480,807 - - - - - Brazos Promenade Riverfront - City - Offsite Public Improvements 6,374,143 - - - - - Brazos Promenade Riverfront - Catalyst - Onsite Public Improvements 6,001,228 - - - - - West Village Multi-use Develop. - 9th-11th, Cleveland-I35 841,213 890,000 450,000 357,202 - - TFNB - Your Bank for Life Project - 810 Cleveland 301,345 - - - - - Big Green Garage - 11th & Franklin 106,942 - - - - - Elm Ave. Sidewalk, Streetscape & Safety - U. Parks-Garrison 178,380 - - - - - Downtown Quiet Zone Study 361,952 - - - - - The Containery, - 319 S 4th St. 162,693 162,693 162,692 - - - Stratton Bldg. Restoration/Renovation - 800 Austin Ave. 254,850 254,850 254,850 254,850 - - 2018 CO Project - Webster Avenue Sidewalks 1,248,241 - - - - 2018 CO Project - I-35 Aesthetic Lighting 5,000 - - - - - 2018 CO Project - Historic Suspension Bridge Restoration 3,674,859 - - - - - Riverfront Powerline Relocation (formerly part of Brazos Commons) 2,000,000 - - - - - Behrens Building II Renovations 328,397 - - - - - 700 Elm Avenue Block Demonstration 72,511 - - - - - 720 Elm Avenue Building Renovation and Restoration 87,225 - - - - - KB Hotels - 117 Taylor Street & 209 Bridge Streets 104,180 351,950 351,950 351,950 351,950 351,950 St. James Methodist Church Building Restoration - 600 S. 2nd St. - 435,038 435,037 - - - Renovatoin & Restoration of 510, 514 and 518 Austin Ave. 181,708 181,708 181,709 - - - Pivovar Restaurant, Brewery & Hotel, 320-324 S 8th St. 170,823 170,823 170,823 170,823 - - 101 Elm St LLC, Residential and Retail Development 165,000 165,000 165,000 165,000 - - Embassy Suites Hotel - 301 S. 2nd Street 3,411,000 569,264 569,264 569,264 569,264 569,264 Hyatt Place Hotel (301 S. 3rd Street 155,337 1,799,235 413,235 413,235 413,235 413,235 East Waco Plaza & Bridget St. Enhancements 175,000 - - - - - Washington Avenue - 2-Way Conversion 1,294,537 - - - - - TRHFM & Cameron Park Zoo Parking 419,249 - - - - - AC Marriot - Mary Avenue & S. 6th St. 1,187,517 4,205,126 370,126 370,126 370,126 370,126 Magnolia Masterplan Project - 8th & Webster 106,319 106,319 106,319 106,319 106,319 106,319 City of Waco - Municipal Settings Designation 21,362 - - - - - Bridge Street Front Porch Project (Bridge, MLK to Mann & Elm 300 bloc 4,277,022 - - - - - Downtown Quiet Zone - Construction Phase 1,528,807 - - - - - Webster Avenue Improvements (4th to 5th Streets) 297,412 - - - - - 729 Washington Building Renovation and Public Improvements 411,960 103,000 - - - - Heritage on Webster (823 Webster Avenue) - - 65,253 33,911 33,911 33,911

Proposed Projects for Board Consideration:8th Street Market (407 S. 8th Street) - - 11,896 6,182 6,182 6,182 The Art Center , 701 S. 8th Street - 315,000 - - - -

Total expenditures 45,228,094$ 13,996,765$ 4,988,504$ 4,082,462$ 3,131,462$ 3,131,962$ Revenue minus Expenditures (29,687,632) 37,721 1,789,050 2,859,651 4,018,315 4,307,417 Funds available - beginning of year 44,502,089 14,814,457 14,852,178 16,641,228 19,500,879 23,519,193 Projected End of Year Fund Balance including proposed projects pending City Council approval 14,814,457$ 14,852,178$ 16,641,228$ 19,500,879$ 23,519,193$ 27,826,610$ Debt coverage on bonds 2020-21 2021-22 2022-23 2023-24 2024-25 2025-26

10


TIF 1 Captured valuePercentage Growth from Prior YearRevenuesTax increment revenue:

City of WacoWaco ISD - ad valorem taxWaco ISD - HB1 supplementMcLennan CountyMcLennan Community CollegeAllowance for Suits on 2016-2019 Rolls

Total tax increment revenueInvestment earningsBond proceeds + bond interest committed

Total revenueExpenditures

Administration costsDebt service

Ongoing Projects:Façade Improvement Matching Grant ProgramCottages @ Cameron Heights - SGH Real EstateBaylor Stadium/Events CenterWest Campus Lofts, Phase IIRiverfront Development Site Remediation - City Brazos Promenade Riverfront - City - Offsite Public ImprovementsBrazos Promenade Riverfront - Catalyst - Onsite Public ImprovementsWest Village Multi-use Develop. - 9th-11th, Cleveland-I35TFNB - Your Bank for Life Project - 810 ClevelandBig Green Garage - 11th & FranklinElm Ave. Sidewalk, Streetscape & Safety - U. Parks-GarrisonDowntown Quiet Zone StudyThe Containery, - 319 S 4th St.Stratton Bldg. Restoration/Renovation - 800 Austin Ave.2018 CO Project - Webster Avenue Sidewalks2018 CO Project - I-35 Aesthetic Lighting2018 CO Project - Historic Suspension Bridge RestorationRiverfront Powerline Relocation (formerly part of Brazos Commons)Behrens Building II Renovations700 Elm Avenue Block Demonstration720 Elm Avenue Building Renovation and RestorationKB Hotels - 117 Taylor Street & 209 Bridge StreetsSt. James Methodist Church Building Restoration - 600 S. 2nd St.Renovatoin & Restoration of 510, 514 and 518 Austin Ave.Pivovar Restaurant, Brewery & Hotel, 320-324 S 8th St.101 Elm St LLC, Residential and Retail DevelopmentEmbassy Suites Hotel - 301 S. 2nd StreetHyatt Place Hotel (301 S. 3rd StreetEast Waco Plaza & Bridget St. EnhancementsWashington Avenue - 2-Way ConversionTRHFM & Cameron Park Zoo ParkingAC Marriot - Mary Avenue & S. 6th St.Magnolia Masterplan Project - 8th & WebsterCity of Waco - Municipal Settings DesignationBridge Street Front Porch Project (Bridge, MLK to Mann & Elm 300 blocDowntown Quiet Zone - Construction PhaseWebster Avenue Improvements (4th to 5th Streets)729 Washington Building Renovation and Public ImprovementsHeritage on Webster (823 Webster Avenue)

Proposed Projects for Board Consideration:8th Street Market (407 S. 8th Street)The Art Center , 701 S. 8th Street

Total expendituresRevenue minus ExpendituresFunds available - beginning of yearProjected End of Year Fund Balance including proposed projects pending City Council approval Debt coverage on bonds

2026-27 2027-28 2028-29 2029-30 2030-31 2031-32559,097,545$ 575,870,471$ 593,146,585$ 610,940,983$ 629,269,212$ 648,147,288$

3.00% 3.00% 3.00% 3.00% 3.00% 3.00%

4,253,096$ 4,380,689$ 4,512,110$ 4,647,473$ 4,786,897$ 4,930,504$

2,568,184 2,645,230 2,724,587 2,806,325 2,890,514 2,977,230 820,679 845,299 870,658 896,778 923,681 951,392

- - - - - - 7,641,959$ 7,871,218$ 8,107,355$ 8,350,576$ 8,601,092$ 8,859,126$

20,000 20,000 20,000 20,000 20,000 20,000 - - - - - -

7,661,959$ 7,891,218$ 8,127,355$ 8,370,576$ 8,621,092$ 8,879,126$

500,000 500,000 500,000 500,000 500,000 500,000 784,850 782,100 781,350 781,475 784,350 781,550

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

351,950 351,950 351,950 351,970 - - - - - - - - - - - - - - - - - - - - - - - - - -

569,264 569,264 - - - - - - - - - - - - - - - - - - - - - - - - - - - -

370,126 370,126 370,126 370,126 370,123 - 106,319 106,319 106,319 106,327 - -

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

33,911 33,911 33,911 33,911 33,911 13,459

6,182 6,182 6,182 6,182 6,182 4,451 - - - - - -

2,722,602$ 2,719,852$ 2,149,838$ 2,149,991$ 1,694,566$ 1,299,460$ 4,939,357 5,171,366 5,977,517 6,220,585 6,926,526 7,579,666

27,826,610 32,765,967 37,937,333 43,914,850 50,135,435 57,061,961

32,765,967$ 37,937,333$ 43,914,850$ 50,135,435$ 57,061,961$ 64,641,627$ 2026-27 2027-28 2028-29 2029-30 2030-31 2031-32

11


TIF 1 Captured valuePercentage Growth from Prior YearRevenuesTax increment revenue:

City of WacoWaco ISD - ad valorem taxWaco ISD - HB1 supplementMcLennan CountyMcLennan Community CollegeAllowance for Suits on 2016-2019 Rolls

Total tax increment revenueInvestment earningsBond proceeds + bond interest committed

Total revenueExpenditures

Administration costsDebt service

Ongoing Projects:Façade Improvement Matching Grant ProgramCottages @ Cameron Heights - SGH Real EstateBaylor Stadium/Events CenterWest Campus Lofts, Phase IIRiverfront Development Site Remediation - City Brazos Promenade Riverfront - City - Offsite Public ImprovementsBrazos Promenade Riverfront - Catalyst - Onsite Public ImprovementsWest Village Multi-use Develop. - 9th-11th, Cleveland-I35TFNB - Your Bank for Life Project - 810 ClevelandBig Green Garage - 11th & FranklinElm Ave. Sidewalk, Streetscape & Safety - U. Parks-GarrisonDowntown Quiet Zone StudyThe Containery, - 319 S 4th St.Stratton Bldg. Restoration/Renovation - 800 Austin Ave.2018 CO Project - Webster Avenue Sidewalks2018 CO Project - I-35 Aesthetic Lighting2018 CO Project - Historic Suspension Bridge RestorationRiverfront Powerline Relocation (formerly part of Brazos Commons)Behrens Building II Renovations700 Elm Avenue Block Demonstration720 Elm Avenue Building Renovation and RestorationKB Hotels - 117 Taylor Street & 209 Bridge StreetsSt. James Methodist Church Building Restoration - 600 S. 2nd St.Renovatoin & Restoration of 510, 514 and 518 Austin Ave.Pivovar Restaurant, Brewery & Hotel, 320-324 S 8th St.101 Elm St LLC, Residential and Retail DevelopmentEmbassy Suites Hotel - 301 S. 2nd StreetHyatt Place Hotel (301 S. 3rd StreetEast Waco Plaza & Bridget St. EnhancementsWashington Avenue - 2-Way ConversionTRHFM & Cameron Park Zoo ParkingAC Marriot - Mary Avenue & S. 6th St.Magnolia Masterplan Project - 8th & WebsterCity of Waco - Municipal Settings DesignationBridge Street Front Porch Project (Bridge, MLK to Mann & Elm 300 blocDowntown Quiet Zone - Construction PhaseWebster Avenue Improvements (4th to 5th Streets)729 Washington Building Renovation and Public ImprovementsHeritage on Webster (823 Webster Avenue)

Proposed Projects for Board Consideration:8th Street Market (407 S. 8th Street)The Art Center , 701 S. 8th Street

Total expendituresRevenue minus ExpendituresFunds available - beginning of yearProjected End of Year Fund Balance including proposed projects pending City Council approval Debt coverage on bonds

2032-33667,591,707$

3.00%

est @ 10%507,842$

306,655 97,993

- 912,490$

20,000 -

932,490$

500,000 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

- -

500,000$ 432,490

64,641,627

65,074,117$ 2032-33

12

Date: February 4, 2021

To: TIF Zone 1 Board Members

From: Kent George, ED Manager

Re: Art Center Waco – Staff Recommendation

Developer Request: Waco Creative Arts, Inc. is requesting $560,000 to develop a new campus for The Art Center of Waco which includes the development of a new fine arts educational facility located at 701 S. 8th Street. This new location will offer the community a designated area that spotlights art, culture and arts education. Additionally, The Art Center of Waco will be eligible to become an accredited art museum, which will allow a venue to bring premier art exhibitions to downtown Waco. Staff Recommendation:

Staff recommends providing TIF funding of up to $315,000 (which is 10% of the total project cost). This project will not be a for‐profit organization therefore no property taxes will be paid by the organization and no TIF increment will be generated. Additional recommendations specific to the project include:

Payment of the approved funding will be made once all construction for the project is complete.

The contract term shall be a period of 11 years (1 year for construction and 10 years of agreement compliance).

The project must be under contract within 2 months, and the project will not go to City Council until the contract is signed by the developer, or the grant may be forfeited.

The project must commence within 6 months of contract execution, unless a 6‐month extension is requested and granted by the City Manager. If the project does not commence within 6 months of contract execution (or 12 months of contract execution, if extended) the grant will be forfeited.

The property cannot be sold or transferred to another non‐profit during the term of the contract period without prior written consent of the City.

The project must be compliant with all Planning and Zoning requirements to be eligible for funding.

13

Board of Directors

TIF Project Recommendation: 701 South 8th Street, Art Center of Waco Project Summary The Art Center of Waco has requested TIF funds to assist in redeveloping an existing building into their new facility, which would include museum gallery, office, classroom and indoor and outdoor event spaces. Considerations

• Overall Advancement of Imagine Waco Relocating a cultural and events anchor into downtown Waco, redeveloping an underutilized space, and creating a new activity hub at the edge of the Silo District and enlarging it towards the interstate represent material advancements of the Imagine Waco vision.

• Preferred Use o Entertainment/ Cultural Facility o Multiple use areas and outdoor space

• Location Impact: o Creates connection between Silo District and Interstate commercial corridor o Extends Silo District potential development by 2 blocks

• Increases Walkability o 5 blocks from Marriott AC, o 4 blocks from Pivovar boutique hotel o Walkable from transit center and Kate Ross apartments o Walkable from Tinsley Place and West Campus Lofts o Walkability – 8th Street is a priority sidewalk corridor

• Destination Amenity The project will attract people and dollars from outside Waco

• Critical Local-serving Amenity – The project will offer something significant to locals: access to arts and cultural displays, exhibits, events and an array of classes

• High Design Standards The project design is striking and aspirational

• Removes Blight This is a minor, but present, aspect of this project

• Connects to Education The educational opportunities afforded by the Art Center, and the project’s location connecting it with a wide array of audiences, make this significant

Recommendation The City Center Waco Board of Directors gives its highest recommendation for approval of this project.

14

ITEM

NO.DESCRIPTION

ESTIMATED

QUANTITY UNIT UNIT PRICE

PUBLIC

IMPROVEMENT

COST

PRIVATE IMPROVEMENT

COSTTOTAL COST

PRECONSTRUCTION

ENVIRONMENTAL ASSESSMENT ‐ EA ‐$ ‐$ ‐$ ‐$

ENVIRONMENTAL REMEDIATION OR ABATEMENT ‐ SF ‐$ ‐$ ‐$ ‐$

DEMOLITION (NON‐HISTORIC STRUCTURE)

exterior canopies, supports & concrete pads3.00 EA 2,951.33$ 8,854.00$ ‐$ 8,854.00$

SUBTOTAL PRECONSTRUCTION 2,951.33$ 8,854.00$ ‐$ 8,854.00$

PUBLIC SITE IMPROVEMENTS

REMOVE EXISTING SIDEWALK 2,230.00 SF 4.48$ 10,000.00$ ‐$ 10,000.00$

REMOVE EXISTING CURB & GUTTER ‐ LF ‐$ ‐$ ‐$ ‐$

8' to 10' SIDEWALK (REINFORCED) 1,862.00 SF 12.00$ 22,353.00$ ‐$ 22,353.00$

PROPOSED CURB & GUTTER ‐ LF ‐$ ‐$ ‐$ ‐$

LANDSCAPING / IRRIGATION (# planters per LF of sidewalk)

PLANTERS ‐ 621 SF, TREES 7 EA, SHRUBS 127 EA, BERMUDA SOD ‐ 7,540 SF,

CRUSHED GRANITE ‐ 2,927 SF, & PAVERS ‐ 1,034 SF

1.00 EA 81,388.00$ 81,388.00$ ‐$ 81,388.00$

TREES / TREE GRATES (# per LF of sidewalk) ‐ EA ‐$ ‐$ ‐$ ‐$

ANTIQUE LIGHTS, INCLUDING BASE FOUNDATIONS & WIRING

REQUIREMENTS (# per LF of sidewalk)

22 LIGHT FIXTURES, 410 LF OF L.E.D. LIGHT FIXTURES AT PLANTERS, &

ASSOCIATED WIRING & LABOR

1.00 EA 45,000.00$ 45,000.00$ ‐$ 45,000.00$

DRIVE APPROACHES LF ‐$ ‐$ ‐$ ‐$

SUBTOTAL PUBLIC SITE IMPROVEMENTS 126,404.49$ 158,741.00$ ‐$ 158,741.00$

SUBTOTAL PUBLIC IMPROVEMENTS 129,355.82$ 167,595.00$ ‐$ 167,595.00$

The Art Center of Waco ‐ TOTAL PROJECT BUDGET

I. PUBLIC IMPROVEMENTS. Public Improvement expenses are eligible for all or a portion of funding for projects meeting TIF eligibility requirements. Any Site

Improvement costs not located in or benefiting the public should be listed in the Private Improvement Cost category.

27

ITEM

NO.DESCRIPTION

ESTIMATED


PUBLIC

IMPROVEMENT

COST

PRIVATE IMPROVEMENT

COSTTOTAL COST

OPTIONAL PUBLIC UTILITY UPGRADES

UPSTREAM/DOWNSTREAM WATER IMPROVEMENTS (#" LINE) ‐ LF ‐$ ‐$ ‐$ ‐$

UPSTREAM/DOWNSTREAM SEWER IMPROVEMENTS (#" LINE) ‐ LF ‐$ ‐$ ‐$ ‐$

REGIONAL DRAINAGE IMPROVEMENTS (enhance density) ‐ ‐$ ‐$ ‐$ ‐$

ELECTRICAL (BURYING PUBLIC LINES) ‐ LF ‐$ ‐$ ‐$ ‐$

SUBTOTAL UPGRADED PUBLIC UTILITIES ‐$ ‐$ ‐$ ‐$

PUBLIC AMENITY, CONNECTIVITY, & PARKING

RESURFACE OR IMPROVE STREET LF ‐$ ‐$ ‐$ ‐$

PUBLIC ART

RELOCATE "WACO DOOR" ‐ $55,000

RELOCATE 8 ‐ 12 SCULPTURES ‐ $30,000

ALL FROM MCC CAMPUS

1.00 EA 85,000.00$ 85,000.00$ ‐$ 85,000.00$

BIKE LANE LF ‐$ ‐$ ‐$ ‐$

BIKE RACKS EA ‐$ ‐$ ‐$ ‐$

RIVER AMENITIES EA ‐$ ‐$ ‐$ ‐$

WALKING TRAIL LF ‐$ ‐$ ‐$ ‐$

OFF SITE SIDEWALKS (with TIF amenities) SF ‐$ ‐$ ‐$ ‐$

NET NEW STREET PARKING (public only) EA ‐$ ‐$ ‐$ ‐$

PUBLIC STRUCTURED PARKING (public only) EA ‐$ ‐$ ‐$ ‐$

NET SURFACE PARKING (public only) EA ‐$ ‐$ 175,000.00$ 175,000.00$

SUBTOTAL PUBLIC CONNECTIVITY & PARKING 85,000.00$ 85,000.00$ 175,000.00$ 260,000.00$

SUBTOTAL CAPACITY BUILDING 85,000.00$ 85,000.00$ 175,000.00$ 260,000.00$

II. CAPACITY BUILDING. Capacity Building Improvements are potentially eligible for funding only for projects that demonstrate ability to catalyze future development,

increase density and property values, enhance connectivity, or expedite/improve efficiency of the construction of planned improvements.

28

ITEM

NO.DESCRIPTION

ESTIMATED


PUBLIC

IMPROVEMENT

COST

PRIVATE IMPROVEMENT

COSTTOTAL COST

NEW CONSTRUCTION

FAÇADE (only considered for elements of substantial quality, extended life ‐ SF ‐$ 416,897.00$ ‐$ 416,897.00$

SUBTOTAL NEW CONSTRUCTION FAÇADE ‐$ 416,897.00$ ‐$ 416,897.00$

RESTORATION OR PRESERVATION OF HISTORIC FAÇADE

REHABILITATION OF HISTORIC FAÇADE ‐ SF ‐$ ‐$ ‐$ ‐$

ENERGY EFFICIENT WINDOWS (REPLICATE HISTORIC WINDOWS) ‐ EA ‐$ ‐$ ‐$ ‐$

1ST FLOOR GLAZING ‐ EA ‐$ ‐$ ‐$ ‐$

EXTERIOR BUILDING LIGHTS (REPLICATE HISTORIC OR STOREFRONT) ‐ EA ‐$ ‐$ ‐$ ‐$

AWNINGS (REPLICATE HISTORIC) ‐ EA ‐$ ‐$ ‐$ ‐$

FACADE; MASONRY (FOR RESTORATION ONLY) ‐ SF ‐$ ‐$ ‐$ ‐$

SUBTOTAL RESTORATION OR PRESERVATION OF HISTORIC FAÇADE ‐$ ‐$ ‐$ ‐$

SUBTOTAL FAÇADE & URBAN DESIGN

(SEE ATTACHED FOR PRICING BREAKDOWN)‐$ 416,897.00$ ‐$ 416,897.00$

BUILDING & SITE IMPROVEMENTS

SITE PREPARATION ‐$ ‐$

SITE UTILITIES 22,388.00$ 22,388.00$

TXDOT TYPE 1 RAMP (REINFORCED) ‐$ ‐$

DRIVE SLAB ‐$ ‐$

DRIVE APPROACH ‐$ ‐$

FOUNDATION (REPAIRS OR NEW) ‐$ ‐$

ASPHALT PARKING LOT (INCLUDING STRIPING) ‐$ ‐$

LANDSCAPING (INTERIOR LOT) ‐$ ‐$

DUMPSTER ENCLOSURE ‐$ ‐$

PATIO OR PRIVATE OUTDOOR SPACE ‐$ ‐$

ENERGY EFFICIENT WINDOWS (NON‐HISTORIC) ‐$ ‐$

GLAZING 29.00 EA 913.79$ 26,500.00$ ‐$ 26,500.00$

EXTERIOR BUILDING LIGHTS (NON‐HISTORIC) ‐$ ‐$

III. FAÇADE & URBAN DESIGN. Façade & Design Improvements are potentially eligible for a portion of funding only for projects that demonstrate removal of blight in

a generally blighted area or block, restoration or preservation of a significantly historic structure, significantly improved pedestrian connections, and substantially

above average quality or extended useful life by building materials and design. Please list all facade expenses not meeting these criteria in the Private Cost column or

Building Improvements budget section.

IV. PRIVATE BUILDING & SITE IMPROVEMENTS. Private Building & Site Improvements are not eligible for funding from TIF. A sample list of such line items is below.

A line item budget of total project improvements is required. However, you may submit your standard budget form.

29

ITEM

NO.DESCRIPTION

ESTIMATED


PUBLIC

IMPROVEMENT

COST

PRIVATE IMPROVEMENT

COSTTOTAL COST

EXTERIOR; FAÇADE (NON‐HISTORIC) ‐$ ‐$

ELEVATOR ‐$ ‐$

INTERIOR MASONRY ‐$ ‐$

INTERIOR DRYWALL 94,773.00$ 94,773.00$

CEILINGS 40,041.00$ 40,041.00$

ROUGH CARPENTRY 8,528.00$ 8,528.00$

MILLWORK 75,739.00$ 75,739.00$

ROOFING 27,272.00$ 27,272.00$

FIRE SUPPRESSION 569.00$ 569.00$

DOORS/FRAMES/HARDWARE 62,042.00$ 62,042.00$

FLOORING 42,506.00$ 42,506.00$

PAINTING 79,191.00$ 79,191.00$

TOILET PARTITIONS/ACCESSORIES 3,152.00$ 3,152.00$

PLUMBING 90,436.00$ 90,436.00$

HVAC 107,364.00$ 107,364.00$

ELECTRICAL 292,827.00$ 292,827.00$

TENANT IMPROVEMENT (IF APPLICABLE) ‐$ ‐$

SUBTOTAL BUILDING & IMPROVEMENT COST 26,500.00$ 946,828.00$ 973,328.00$

PROJECT COSTS

ARCHITECTURAL & ENGINEERING 108,000.00$ 108,000.00$

BUILDING PERMIT 4,400.00$ 4,400.00$

INSURANCE & TAXES 7,930.00$ 7,930.00$

FF&E ‐ OUTDOOR FURNISHINGS

TABLES, CHAIRS, BENCHES, BIKE RACKS, TRASH RECEPTACLES1.00 EA 26,000.00$ 26,000.00$ ‐$ 26,000.00$

General Conditions/Construction Allowances 221,636.00$ 221,636.00$

SUBTOTAL SOFT COSTS 26,000.00$ 341,966.00$ 367,966.00$

Total Public Improvement Cost 721,992.00$

Total Private Improvement Cost 1,463,794.00$

Total TIF REQUEST 560,000.00$

TOTAL PROJECT BUDGET 2,185,786.00$ land/bldg purchase 963,110.00$

Grand Total 3,148,896.00$

30

DIV ITEM

1 General Conditions 140,388 140,388

Owner Allowance 51,750 51,750

Electrical Service Allowance 15,525 15,525

Contractor Contingency 10,350 10,350

Fence Relocation Allowance 3,623 3,623

Architectural & Engineering Fees 108,000 108,000

Building Permit 4,400 4,400

Insurance & Taxes 7,930 7,930

2 SWPPP 1,605 1,605

Utilities 20,783 20,783

Demolition (Ext. Canopies & Supports) 8,854 8,854

Demolition (sidewalks) 10,000 10,000

New sidewalks 22,353 22,353

Plaster Demo @ Window Openings 4,082 4,082

Sitework & Paving 175,000 175,000

Landscaping & Irrigation 41,654 41,654

3 Structural Concrete 36,432 36,432

Concrete Patching (in-fill & plumbing trenches) 4,699 4,699

4 Masonry 144,942 144,942

5 Structural & Misc. Steel 120,867 120,867

Steel Erection 41,096 41,096

Custom Steel Angle Picket Panels / Trellis 39,000 39,000

6 Interior Wood Blocking 8,528 8,528

Roof Blocking 6,572 6,572

Quartz Countertops 19,562 19,562

Millwork 56,177 56,177

7 Roofing 20,700 20,700

Planter Waterproofing 3,302 3,302

Air Barrier/Membrane Flashing/Masonry Joint Sealants 18,366 18,366

Spray Foam Insulation 6,107 6,107

8 Doors/Frames/Hardware/Install 19,664 19,664

Aluminum Storefronts & Glass 27,428 27,428

Steel Casement Windows 40,000 40,000

Glass/Glazing 26,500 26,500

Overhead Sectional Doors 10,116 10,116

9 Metal Framing, Drywall, Insulation, Ceilings 110,341 110,341

Carpet 6,946 6,946

Ceramic Tile 15,836 15,836

Interior Painting 56,938 56,938

Private Improvement

CostTotal Cost

Public Improvement

Cost

Page 1 of 231

DIV ITEM

Private Improvement

CostTotal Cost

Public Improvement

Cost

Exterior Painting 20,877 20,877

Polished Concrete 16,983 16,983

Floor Patching Allowance 9,833 9,833

Final Cleaning 5,589 5,589

10 Toilet Partitions & Accessories 3,152 3,152

Fire Protection Specialties 569 569

Interior Signage 3,154 3,154

Accordian Folding Partition 8,280 8,280

Folding Partition Structural Support Allowance 2,588 2,588

12 Roller Shades 6,417 6,417

22 Plumbing 85,737 85,737

23 HVAC 104,492 104,492

Test & Balance 2,872 2,872

26 Electrical 282,901 282,901

Outdoor Electrical and Lighting 45,000 45,000

27 Communitcation Cabling 9,926 9,926

FF&E - Outdoor Furnishings 26,000 26,000

Relocation and Installation of Sculptures 85,000 85,000

Land/Existing Building Purchase 963,110 963,110

GRAND TOTAL 721,992 2,426,903 3,148,895

Note: Costs derived from bids compiled by Mazanec Construction Co., Inc. 2,185,786 TIF budget

Total of façade design 416,897.18 963,110 Land/Bldg Purch

Page 2 of 232

A Proposal for The Art Center of Waco

The Art Center of Waco

The Art Center of Waco would like to invite you to ignite the arts and become a legacy investor for Waco’s premier

fine arts educational facility at The Art Center of Waco.

The Art Center of Waco respectfully requests $560,000. in TIF funding to support our new Campus in downtown

Waco, located at 701 S. 8th Street.

Inherent in our mission to promote the fine arts in Central Texas through educational programs, exhibitions, and

collections, The Art Center of Waco serves as a premier arts education and preservation center, promoting excellence,

variety, creativity, and vitality of the arts. As a diverse center of arts and culture for more than 40 years, The Art Center

of Waco supports and encourages diverse exhibitions and provides inspiring educational programs for visitors of all

ages and economic backgrounds. 90% of Center’s visitors and art education program participants are residents of

Central Texas. The Art Center of Waco encourages the visual arts experience through community participation,

educational programming, traveling and mobile art exhibits, encouraging emerging artists, and developing an

appreciation of fine arts. The Art Center of Waco’s goal is to expand programs and exhibits to reach more visitors

throughout Waco and globally- better fulfilling The Arts Center of Waco’s mission. Your investment in The Art Center

of Waco, will significantly impact the arts throughout the greater Waco community.

The Center

The Art Center of Waco expects to make an artful impact on the quality of life and provide supplementary art

education programs for the community with the creation of our new downtown campus. The Center will be

relocated (and renovated) and will be constructed near two expanding and popular downtown districts in Waco.

Located at 701 S. 8th Street, the new location will offer the community a designated area that spotlights art, culture

and arts education; the complex will play an important role as a center for inspiration of the arts to Waco and its

visitors. The Art Center will ignite the arts in more neighborhoods and educational facilities throughout Waco; with

proximity to I-35 and the Waco Transportation Depot, The Center seeks to invite and engage more lower income

neighborhoods and foster engagement in art programs. As an art center in downtown Waco, The Center will have

the programs and the permanent facility to reach more guests and continue to improve the cultural impact of the arts

in Waco. Upon completion, The Art Center will be eligible to become an accredited art museum, which will allow

us to bring premier exhibitions to Waco. With a Waco Convention and Visitors Bureau average report of 35,000

visitors to Waco weekly, and double the visitors and program attendees at The Arts Center of Waco since 2015, The

Arts Center of Waco expects to make a significant cultural impact in the community and serve more guests as the

premier arts center for all Central Texans and visitors to Waco.

Our leadership in visual arts throughout the great Waco community will be enhanced with your partnership;

allowing us to renovate and further cultivate arts in our downtown Center. In addition to a museum quality

temperature and humidity controlled gallery and art storage, The Art Center will be housed in the 8,771 square foot

building and include gathering spaces for art education programs, projects, exhibitions, Center events, and artist

speaker series. The forward thinking architects at RBDR accounted for social distancing in both the galleries and

classrooms. The unique design will include large utility doors at the back of The Art Center that can be opened to

provide extra event space, allow for art exhibits to be easily transported and displayed, and offer an artistic

ambiance, providing awe-inspiring access to a sculpture garden. The Art Center's downtown presence will

complement the city of Waco's commercial and cultural successes.

33

With your support, the Arts Center of Waco will flourish; offering travelling exhibit and speaker series opportunities

to artists all over the world, apply for the prestigious art accreditation, host event and community engagements, and

offer unique art enriching programs and projects to inspire creativity and ignite the arts in Waco, Texas.

Funding and Support

The Art Center has raised just over $1.1 Million from donors since 2018, including major gifts from the community.

In 2018, The Cooper Foundation granted The Center $147,000. At the request of Cooper Foundation to secure a

matching gift, Steve and Alyce Beard donated a matching gift of $250,000. In 2019, three (3) major gifts were

donated to support The Art Center; Monte Hulse and Sara Humphreys gifted The Center $250,000 each, and The

Meadows Foundation granted The Art Center $100,000. The Art Center of Waco has secured a $1.8 million loan

from First National Bank of Central Texas to support the renovation and rebuild of The Art Center of Waco. To

date, The Art Center owns the real estate and it is completely paid for. TIF funding will make a significant impact on

the building renovations of The Art Center. The TIF funding will provide essential pieces and components of The

Center of Waco and help complete the community’s premier art center.

Conclusion

Your investment in The Art Center of Waco will be the spark of inspiration to ignite the arts and provide a legacy of

culture and enrichment and art education in Waco through The Arts Center of Waco. Thank you for your

consideration and for your support of the arts.

Please contact Grant Dudley 254.717.2007 or Lisa Monroe at 254.722.1044 with any questions or for additional

information about The Arts Center of Waco.

34

The Art Center of Waco Complex

The New Art Center of Waco Building

35

The Art Center of Waco Mission The Art Center of Waco serves as a creative force in the community for teaching, displaying, promoting, and preserving vital, diverse visual arts that enrich and inspire us all.

36

The Art Center of Waco Vision

The Art Center of Waco , a public, nonprofit institution, enriches lives by deepening understanding, exploration, and appreciation through engagement with programs, exhibitions, collections, and collaborations. Art Center of Waco worked to be an innovative curator and presenter of First‐Class exhibitions, both at the Center and in our mobile gallery, that inspire ideas, artistic contributions and endeavors, as well as conversations that are important and relevant to our world today.

37

The Art Center of Waco History

• The Art Center of Wacowas established in October of 1972 as a visual arts facility for the community, serving as an artistic avenue in Waco for exhibitions, classes, and creative activities.

• Prior to the establishment of The Art Center of Waco, Waco was the only city in Texas with a population of more than 60,000 to not have a permanent visual arts facility. For more than 40 years, The Arts Center of Waco has served as a community art center.

• The Art Center has been housed at the following greater Waco facilities: • William Cameron Summer House: 1976‐2017• Cultivate 712: 2017‐2019• The Greater Waco Chamber of Commerce: 2019‐ Present

• Today, The Art Center of Waco hosts community events and artist speaker series and offers art classes for children and adults at rotating community centers throughout the greater Waco community, offering:

• Educational Art Programs • Exhibits through The Mobile Art Expedition

38

The Art Center of Waco Core Values

The Art Center of Waco is committed to: • Lifelong Learning and Collaboration: Presenting engaging and relevant exhibitions, programs, online content and outreach experiences to the local community, schools, youth groups and partner organizations. Launching collaborations to reach the future develop diverse audiences.

• Diversity and Inclusion: Celebrating all aspects of human difference in our collections, exhibitions, interpretation, programming, facilities and community engagement.

• Community Engagement and Accessibility: Engaging with and responding to the full range of local, state and regional audiences by providing the broadest possible access to our collections and programs.

39

The Art Center of Waco: A Champion for Visual Arts

• The Art Center of Waco works to be a “Champion” for visual artists, locally, nationally, and internationally. We are also ardent supporters who encourage the inventive contributions and creative endeavors of the visual artists.

• Excellence and Stewardship: Performing to exceptional standards in caring for collections while providing access to collections, facilitation scholarship and engaging broad audiences through programs, exhibitions and other initiatives.

• Integrity and Accountability: Managing The Art Center of Waco’s collections, facilities and human and financial resources with the highest standards of ethical behavior.

40

The Art Center of Waco: Services

• Educational Art Programs

• Visual Art Exhibits & The Mobile Art Expedition

• Curated Art Collections

Goal: The Art Center of Waco’s goal is to expand art programs and create an Art Center and Museum Complex in downtown Waco, Texas.

41

The Art Center

Board of Directors

• Jill Michaels, DDS: Chairman

• Lance Magid: Vice Chairman

• Ansuya Abnoussi: Secretary

• Duane Sartor: Treasurer

• Grant Dudley

• Lisa Monroe

• Bryant Stanton

• Alyce Beard

• Jeremy Vickers

• Hector Sabido

• Dr. Tyrha Lindsey‐Warren

• Curtis Brown

42

The Art Center Staff

• Heidi Lindquist: Interim Director • Meagan Meadors‐Lefler: Director of Development

• Becky Hansen: Education Coordinator • Meg Tucker: Project Manager • Riley Schmunsler: Media Arts Coordinator • Rebecca Edwards: Teaching Artist

43

The Art Center of Waco Complex Project

• The Art Center of Waco is developing and creating an Art Center Complex for Waco and visiting guests to enjoy, engage, and explore.

• The Art Center will be relocated (and renovated) near two expanding and popular downtown districts in Waco: “The Silos District” and the “Cultural District.” The location will offer the community a designated area that spotlights art, culture and arts education.

• The Complex will play an important role as a center for inspiration of the arts to Waco and its visitors. Upon completion, The Art Center Complex expects to make an artful impact in the community and serve more guests as the premier arts campus.

• The Art Center of Waco Complex will be Waco’s premier fine art and art education organization that will promote the arts to the Waco community, participate as an artful economic partner, and invite visitors to explore, engage, and enjoy The Art Center; The Art Center Complex seeks to inspire and ignite the arts in everyone, as well as support the art and culture of Waco.

44

The Art Center of Waco Complex Location Close Range Images

701 S. 8th StreetWaco, Texas

45

The Art Center of Waco Complex Location Aerial Images

46

The Art Center of Waco Complex Location Distance Images

701 S. 8th StreetWaco, Texas

47

The Art Center of Waco Complex Project

• The Art Center design will include: • Three Art Exhibit Galleries• 2 oversized Educational (Art) and Community Classrooms • An Event Space • Beautiful Sculpture Garden Area• Large retractable utility doors at the back of The Art Center that can be opened to provide extra event space that will allow for exhibits to be easily transported and displayed, and offer an artistic ambiance, providing awe‐inspiring access to a sculpture garden.

• The Art Center will be designed to:• Hold large events, film, entertainment, and art exhibits• Be available for the Waco community to use for special events

• Host artists for artist speaker series, events, and exhibits • Community meeting rooms and gathering spaces• Invite the community to explore, engage, and enjoy art

48

The Art Center of Waco Complex:

Project Renderings

Renderings Show the Following:

• Sculpture Garden • An Evening View • Complex Front Entrance

• Complex Aerial View

49

The Art Center of Waco Complex: Project

Renderings

Renderings Show the Following:

• Event Space at The Art Center • Galleries for Exhibits and Collections

• Arts Education Classrooms

50

Art Center Complex: Building Details

The Building is 9,264 square feet and will be used for the following:

A Large Venue Space for Events and Entertainment

3 Galleries for Art Exhibits

A Gift Shop and Information Desk

2 Educational Classrooms and Meeting Spaces

Open Space to explore, engage, and enjoy arts

A Library

The Complex will include a Sculpture Garden and Parking Lot, totaling over an acre (45,867 sq.ft) of outdoor land space.

51

The Art Center of Waco Complex:Current Building Visuals

• The 701 S. 8th Street Building is in the current state‐as seen‐ in the visual guides.

• The Art Center Complex will be a renovation project of the existing building. The Building will add new additions to the exterior and interior.

52

The Art Center of Waco Building Floor Plan

53

Art Center of Waco Complex Parking Site Plan

54

Art Center of Waco Complex Landscape Plan

55

Art Center Complex Details

• Private Improvements Include:• Expansive Indoor Venue Space for Events and Entertainment• 3 Galleries for Art Exhibits • Gift Shop and Information Desk • 2 Educational Classrooms and Meeting Spaces • Inviting Space to explore, engage, and enjoy arts • Library/Conference Room • Catering Kitchen• Virtual Art Classroom and Gallery Space

56


• Public Improvements Include:

• A Large Outdoor Covered Venue Space for public events• Exterior Building Façade Improvements • Outdoor Lighting• Beautiful Expansive Sculpture Garden• Outdoor Murals• Exterior Open Space to explore, engage, and enjoy arts

57


Current MCAD value of property: $ 963,110

Proposed Public Improvement Costs: $ 721,992

Proposed Private Improvement Costs: $ 1,463,793

Total Project Cost: $ 3,148,895

58

The Art Center Complex Budget and TIF Request

•Project Total: $ 3,148,895

• The Art Center of Waco would like to respectfully request $560,000 in TIF Funding towards the Public Improvement Costs of $721,992 for The Art Center of Waco Complex Building.

59

Art Center of Waco

Contacts

• Lisa Monroe, Cadre (Building) Committee [email protected], 254. 722.1044

• Grant Dudley, Architect, Partner‐ RBDR [email protected], 254. 776.8380

• Jill Michaels, DDS‐ Board [email protected] , 254.722.5100

60

tif zone 1 - waco

Documents