TIF ZONE 1 BOARD MEETING

PACKET January 12, 2015

TABLE OF CONTENTS

TIF Zone 1 Board Retreat

I. Agenda II. Summary Notes of December 12, 2014 1 - 3 III. Business Resource Center Initiatives

A. Imagine Waco Plan 4 - 6 B. BRC’s TIF Initiative 7 - 8

IV. TIF Activities & Priorities

A. TIF Summary & Overview – 2014 9 - 14 B. TIF Goals & Objectives 15-16

V. Financial Overview & Discussion

A. TIF Financial Status & Projections 17 B. TIF Contract Funding Requirements 18 C. Scoring Matrix Review and relation to 19 - 23

Project funding percentages

TIF ZONE 1 BOARD MEETING

AGENDA January 12, 2015

TIF Zone 1 Board Retreat Agenda January 12, 2015 – 10 a.m.

3rd Floor Conference Room, City Hall

Executive Session Notice is hereby given that the board of Directors of Reinvestment Zone Number One for Tax Increment Financing (“TIF Zone 1 Board”) may go into Executive Session in accordance with the following provisions of the Texas Government Code: Sec 551.072 concerning the purchase, exchange, lease, or value of real property; Sec 551.087 (1) to discuss commercial or financial information that the Board has received from business prospect that the Board seeks to have locate, stay, or expand in or near Waco with which the Board is conducting economic development negotiations; Sec. 551.087 (2) to discuss the offer of a financial or other incentive to a business prospect that the Board seeks to have locate stay or expand in Reinvestment Zone Number One for Tax Increment Financing. I. Welcome II. Approve Summary Notes of December 12, 2014

III. Business Resource Center’s (BRC) Initiatives

A. Imagine Waco Plan Overview B. TIF Initiative Update

The BRC will work with and for the TIF Board to assess TIF district conditions, identify critical needs and development priorities, and catalyze the developments.

IV. TIF Activities & Priorities - Discussion with City Council Liaison

V. Overview & Discussion

A. Status of TIF Finances B. TIF Contract Funding C. Scoring Matrix Review and relation to Project funding percentages

VI. Discussion & Action on TIF Project Funding Percentages VII. Requests for Future Agenda Items

VIII. Adjourn

TIF Zone 1 Summary Notes

December 12, 2014

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

SUMMARY NOTES December 12, 2014 // 12:04 p.m. – 12:50 p.m.

Waco Convention Center / Lone Star Room 105

Board members present: Heyward Taylor, Cecilia Pena, James Nelson, Susan Cowley, Will Jones Board members absent: Dr. Bonny Cain, Noah Jackson, Robert Sheehy, Jr. City Council Liaison/s present: Mayor Malcolm Duncan City Staff present: George Johnson, Jr., Melett Harrison, Clint Peters, Randy Childers, Rusty Hill, Joe Layman, April Hull, Octavio Garza Guests present: Megan Henderson, Heather Johansen, John Schleider, Harold Heer I. Welcome Heyward Taylor officially convened the meeting at 12:04 p.m. and introduced and welcomed the new attorney, Joe Layman, to the TIF Board. II. Approve Summary Notes of October 8, 2014 The Board voted to approve the Summary Notes of October 8, 2014 as presented.

Action: James Nelson made a motion to approve the minutes as presented.

Second: Will Jones 5 ayes / 0 opposed, motion carried. III. TIF Zone 1 Financial Status Report TIF Zone 1 Financial Status Report was presented by Rusty Hill who explained that to date (1) $39,750,058 is committed to TIF projects; and (2) $13,222,544 of that amount has been expended on active projects, (3) leaving $26,527,514 of committed TIF funds still to be expended on them. If the proposed projects are recommended to City Council and approved per staff recommendation, it will (4) increase the committed funds to $40,750,058, and (5) the remaining budget will be $27,527,514. If City Council approves the proposed projects, and all funds, revenues, interest and debt service is included, it is projected that through September 30, 2015, there will be approximately (6) $8,164,501 of TIF 1 uncommitted operating funds. This estimated balance was based on funding the Franklin Place, Phase 2 project at the staff recommended level of $1,000.000. Funding, as described in the action item below was actually approved at $750,000 which would increase the estimated balance to $8,414,501.

Action: Will Jones made a motion to approve the financial report. Second: James Nelson 5 ayes / 0 opposed, motion carried.

IV. TIF Zone Project/Financing Plan Updates Randy Childers provided a hand-out with a brief summary of the status of each project based on information contained in the TIF project reports in the TIF Packet. Heyward asked Randy if he had any

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information on occupancy rates of Tinsley Place, Phases 1 & 2, and for Cameron Heights. Randy said that he didn’t have that information readily available, but that he would follow up. After further discussion it was decided that this information should be included in the future for applicable projects.

Action: Susan Cowley made a motion to approve the report on TIF Projects.

Second: Will Jones 5 ayes / 0 opposed, motion carried. V. Action Item

Franklin Place, Phase 2 Melett Harrison introduced John Schleider with Waco Franklin Place Apartments, LTD. Mr. Schleider said that they plan to invest a total of $11,565,667 to complete the redevelopment of an entire city block by building a 75,533 sq. ft., residential complex with 96 units on Mary Avenue between 6th and 7th Streets. The building will be faced in brick, stucco and metal to complement Phase 1. He noted that Phase 1 is currently at 95% occupancy and had leased up very quickly after opening so they felt confident that they wouldn’t have any problem leasing an additional 96 units. The 5 stories will include a parking garage on the ground level and will provide enough additional parking spaces beyond what was created in Phase 1, to allow all 159 units of Phase 1 & Phase 2 to each have an assigned parking space. He also noted that it will be screened with ornamental mesh and greenery, and have prominent exterior doors on the Mary Ave. side to comply with the Downtown Overlay requirements. TIF funds of $1,000,000 were requested to assist with site work, professional services, infrastructure and façade enhancements. Mr. Schleider was asked about the number of bedrooms in Phase 2, and he replied that there will be 24 two bedroom units, and 72 one bedroom units, which is comparable to the % of one and two bedrooms in Phase 1. In response to a question about whether they had sufficient lighting and greenery on Mary Ave., Mr. Schleider said that he and his partners were willing to do whatever the City of Waco thought was appropriate and best for the project. The Chair told the Board that he’d like for them to consider providing $750,000 to the project, rather than the $1,000,000 per the staff recommendation (based on the project score) and the applicant’s request. He explained that TIF had contributed considerable money in Phase 1, part of which was to prepare the land and infrastructure needed for both Phases of the project, and he asked Melett Harrison to share some more details about Phase 1 funding with the Board. Ms. Harrison noted that when the project was first approved in 2010 it was for both phases, but after the original developers ran into some major challenges they found new development partners and came back to the TIF Board in 2012 and requested to do the project in two separate phases. The revised Phase 1 project was approved and funding was reduced from $2,523,495 for two phases, to $1,316,000 for one phase. Mr. Taylor reiterated his concern about having adequate lighting and nice trees around the building, and he instructed staff to work with the developers to ensure this was properly addressed. After determining that there were no more questions, Mr. Taylor asked for a motion. Action: Will Jones made a motion (based on Heyward’s comments and concerns about the project), to recommend funding up to $750,000 (about 6.5% of total construction cost) contingent upon Waco Franklin Place Apartments, LTD. agreeing to additional lighting, trees and greenery around Franklin Place, Phase 2.

Second: Cecilia Pena

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5 ayes / 0 opposed, motion carried. VII. Board Chair Update

a. There was some discussion with Mayor Duncan, the City Council Liaison, about Board activities.

b. Mr. Taylor reminded the TIF Board to mark their calendars with the proposed meetings in 2015, which are scheduled for March 11, June 10, September 9 and December 9.

VIII. Requests for Future Agenda Items Mr. Taylor told the Board that he wanted to have a meeting with them in the first two weeks of January to review and discuss TIF funding priorities. He also asked Megan to provide a refresher on the Imagine Waco Plan from the Waco DDC, and to tell the Board about a new proposal the WDDC has developed to identify specific types of projects to move the Imagine Waco Plan and the TIF Goals forward. Staff will work with Megan Henderson and the Chair to put together the agenda for meeting. The Board was polled and agreed to meet on Monday, January 12, at 10 a.m. (location to be determined). IX. Adjourn Before adjourning the meeting Mr. Taylor and the TIF Board acknowledged George Johnson, Jr. and his impending retirement in January. Mr. Taylor said that this would be one of George’s last meetings, and he thanked him personally for all of his help and guidance with TIF over the years, and also thanked him on behalf of the entire Board. The meeting was then adjourned at 12:50 p.m.

Approved Date Heyward Taylor, Chair

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BRC’s Initiatives Overview

Imagine Waco Plan Summary

Key Things to Know about the

Imagine Waco Plan

1. Imagine Waco follows in a direct line of related community planning work. a. First came the Community Visioning exercise, which identified 5 main priorities. One of

those was “strengthen the heart of the community.” b. To figure out what “strengthening the heart of the community” ought to look like, the

City and several partners – including the Greater Waco Chamber, Baylor, the Business League, the Industrial Foundation, and the local foundations – contributed to fund a study and recommendations by a nationally-known urban planning firm, Frigonese and Associates out of Portland, OR.

c. It took over a year to put the plan together. i. It set a new standard for Waco community engagement, with more

participation and more diversity than other plans ii. Many stakeholder groups were engaged, and their feedback informed the

resulting vision the plan describes. d. Several additional plans have come after Imagine Waco as a result, including the

Downtown Transit Study, the Near Northside Small-Area Plan, components of the update to the Comprehensive Plan, the Main Street Resource Team Report, design work by Texas A&M, and the Riverwalk Wayfinding Project.

2. The plan identifies that if the goal is a revitalized downtown, that means more people living, doing business, and working there. So it focuses on

a. How to get more people into downtown (what brings them here) and b. What physical infrastructure will be necessary to support them

This is why the plan focuses so heavily on physical space development – real estate – buildings, public spaces, roadways, etc. These things both attract people (a) and make it physically possible for them to be here and get around (b.)

3. There are several recommendations the plan makes regarding the specific changes that should occur, as well as the methods to get those changes made.

a. It calls for the creation of a downtown development corporation to work directly as a development force

b. It calls for infrastructure investments to enhance connectivity, such as public transportation, sidewalks, bike lanes, more walkable “complete streets,” and enhancements to make getting around feel safer

c. It calls for efforts to make specific projects happen, such as development of key “catalyst” sites

4. A list of goals and strategies is given on the following page. There are several specific recommendations for each strategy, but I have left those out so we can focus on an overview.

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Urban Design Goal 1: Develop a Riverfront Improvement Plan

Strategy 1: Develop both sides of the river and provide convenient river access Strategy 2: Improve recreational opportunities along the Brazos River Strategy 3: Improve connectivity to river from all of Waco

Goal 2: Create a downtown environment that promotes desired development and encourages the development of housing products for the increasing demand in one and two person households.

Strategy 1: Adjust development regulations to encourage housing in Greater Downtown Strategy 2: Rezone for mixed use prototypes. Inititiate and complete prototype buildings as demonstration projects.

Goal 3: Increase walkability and streetscaping of Greater Downtown Waco. Strategy 1: Increase Street Trees and Tree Canopy in Greater Downtown Waco. Strategy 2: Create an environment where walking is a viable, pleasant and easy choice for travel in Waco. Implement Context-Sensitive and aesthetically pleasing streetscapes and plazas throughout Greater Downtown using minimal construction Strategy 3: Improve Access to Parks and Open Space Strategy 4: Create an Elm Avenue District. Revitalize Elm Avenue to become a vibrant main street district that serves local residents and is a destination for people to visit. Strategy 4: Target the Mary Avenue/University Parks/Franklin Area for development and streetscape improvements.

Organizational Structure Goal 1: Develop an organizational Structure that ensures ownership of the Imagine Waco plan.

Strategy 1: Create an enhanced economic development system that supports the focused place-based development objectives in the Imagine Waco Plan, as well as, the broad-based economic development objectives of Greater Waco.

Goal 2: Actively attract new residential development while creating amenities for residents. Strategy 1:Create an 18 hour environment for downtown urban core.

Goal 3: Convert obselete office space to residential where appropriate. Strategy 1: Create an 18-hour environment for downtown urban core of Waco while removing vacant, obselete office space from the market

Transportation Goal 1: Adjust Parking Requirements and Implement Innovative Parking Strategies.

Strategy 1: Reduce the number of parking lots, and instead develop multi-story parking garages to open new areas for commercial and mixed-use development.

Goal 2: Create livable streets. Strategy 1: Designate catalyst street projects to create a robust circulation network with livable streets: • Fourth and Fifth Street redesigns • Elm Avenue and Bridge Street reinvention • University Parks improvements • Waco Drive • Washington and Franklin redesigns • Austin Avenue from 9th to 18th Strategy 2: In order for the City to be successful in creating a livable street system, the catalyst street projects listed above should be completed concurrently with transit and land development improvements.

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Goal 3: Develop multi-phase mass transit plan. Strategy 1: Incorporate a multimodal transit circulation network into the current transportation network of Greater Downtown.

Building Connections Goal 1: Connection Educational Institutions to Downtown

Strategy 1: Establish a communication process between Baylor and the City to ensure open communication and coordination to maximize benefits of joint planning activies. Strategy 2: Coordinate transportation with Baylor – seamless transport between downtown and Baylor. Strategy 3: Build transportation linkages between downtown and the MCC and TSTC to enable students to access downtown amenities.

Goal 2: Connect Arts and Culture Strategy 1: Market and build on a rich offering of arts, heritage and “romance of history.”

Creating a Sustainable City for People Goal 1: Promote the community's sustainable and green programs.

Strategy 1: Promote existing and new practices nationally in economic development efforts. Businesses, new residents and students respond favorably to green initiatives.

Goal 2: Reduce energy use in city facilities and city infrastructure. Strategy 1: Reduce fuel and energy use in city buildings, facilities, and by city employees

Goal 3: Increase awareness of and support green practices in private industry. Strategy 2: Support alternative energy use in private industry through incentive and reward programs.

Goal 3: Increase awareness of and support green practices in private industry. Strategy 1: Establish a Greater Downtown Waco “Grey to Green” initiative that provides incentives and programs to increase the amount of green infrastructure downtown. Strategy 2: Explore the use of green stormwater infrastructure in areas needing infrastructure improvements such as East Waco.

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BRC’s TIF Initiative Workplan

Work Plan for Proactive-TIF Project

Assessment of District Conditions (November/December/January)

Beginning with a review of existing plans and data, assess the condition of the TIF District in the following areas:

1. Properties 2. Infrastructure 3. Uses and Business Mix 4. Parking 5. Transportation 6. Activity 7. Connectivity

Stakeholders: City of Waco, TIF Board, Greater Waco Chamber, Property Owners, Waco DDC / BRC. These groups were represented in the first stakeholder meeting and contributed to formation of the work plan. Additional work to bring in neighborhood stakeholders is still called for.

Roles: City of Waco planning and other staff will assist with access to existing plans and data, contribute existing compilations and assessments, and collaborate on the assessment. TIF Board will discuss and participate as appropriate, with Board liaisons invited to attend stakeholder meetings. Greater Waco Chamber’s Urban Development Director will participate in discussion and assessment. Property owners – represented at this stage by the PID – will be consulted in the assessment process. Neighborhood input will be consulted in the assessment process through the Neighborhood Association leadership.

Review Existing Recommendations (November/December/January)

Compile recommendations from existing plans; and identify areas where they indicate projects, areas, and initiatives; and prioritize these based on the level of agreement and priority assigned in the various plans.

Recommendation of Catalytic Activities (January/February/March)

Considering the data generated by the assessment, recommend incentives and policies likely to catalyze development; recommend specific properties that are likely catalyst sites; recommend infrastructure improvements that would catalyze additional developments; and identify specific uses or business types to prioritize either overall, or in certain areas.

1. Incentives – identify overall incentive recommendations 2. Policies – identify overall policy recommendations 3. Properties – Identify short plans for top priority projects (sticks, carrots, actions to take) 4. Infrastructure – Identify short plans for top priority projects 5. Business Mix – identify gaps in mix, including quantity/quality

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TIF Project Duties: $40,000

Project Description: work with and for TIF Board to assess TIF district conditions, identify critical needs and development priorities, and catalyze those developments.

Task 1: Assessment of District Conditions • Properties – hold initial review and prioritization • Infrastructure – Hold initial review and prioritization • Business Mix – hold initial review and prioritization • Deliverable: Report of findings and priorities • Due: January 31

Task 2: Design of Catalytic Activities • Incentives – identify overall incentive recommendations • Policies – identify overall policy recommendations • Properties – Identify short plans for top priority projects (sticks, carrots, actions to take) • Infrastructure – Identify short plans for top priority projects • Business Mix – identify gaps in mix, including quantity/quality • Deliverable: report including recommendations, action plans, gaps • Due: April 15

Task 3: Implementation of Catalytic Activities • Overall /District wide

o Work with property and business owners to clarify incentives and policies o Work with Main Street, architects, and engineers to build and deploy technical resources

• Specific Properties o Work with property and business owners to mitigate blight, transfer property to another entity

who will develop (WDDC or other,) and/or undertake other types of improvements o Issue RFPs to develop properties according to priorities

• Deliverables: Reports identifying number of meetings, technical recommendations, projects undertaken, RFPs or other documents issued pertaining to specific properties

• Due: Beginning May 1 and progress reported monthly thereafter

Task 4: Work Plan • Assemble Work Plan for 2016 with input from TIF Board and other stakeholders • Deliverable: Work Plan identifying assessment process, stakeholder roles, and buy-in from partners • Due: November 15

Task 5: Administration and Accountability • Assemble Project Design, staff/volunteer team, and initial work plan • Visit Property and Business Owners, Partner Organizations • Meet with leadership and work teams • Meet with work teams • Report on Progress • Assess program effectiveness • Deliverables: Initial work plan, monthly reports showing this process continuing throughout

performance period • Due: Monthly

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TIF ACTIVITIES & PRIORITIES

TIF PROJECTS OVERVIEW

2014

Summary of TIF Accomplishments in 2014

In 2014, the following eight TIF projects were completed.

1. 714 Lofts (714 – 729 Austin Ave.) to renovate an old building to create nine residential units next to the Waco Hippodrome. 2. The Belmont (625 S. 5th St.) to construct 24 new residential units. 3. Indian Spring Middle School (500 No. University Parks Dr.) for renovations to the building and public improvements. 4. Hippodrome Theater (724 Austin Ave.) to restore and renovate this historic theater. 5. Tinsley Place, Phase I (7th & Cleveland Ave.) to construct 30 residential units. 6. Crossfit Building Renovation (418 So. 8th St.) to renovate a vacant building for office space and a gym. 7. Dichotomy Coffee & Spirits (508 Austin Ave.) to renovate a vacant building for retail use. 8. Suspension Bridge LED Lighting System was installed on this historic and iconic bridge.

In 2014, City Council approved the following five new projects for funding, and the last one is pending approval (on 1-20-15 & 2-3-15). City Council also approved an additional $100,000 for the continuation of the Façade Improvement Grant Program.

1. Gomez Building Restoration & Renovation (1020 Elm Ave.) of the former 15,216 sq. ft. administration building on Quinn Campus. 2. Tinsley Place, Phase 3 (7th & Cleveland) to install nine, 2 – 3 story buildings with 112 units (80,198 sq. ft.) and 161 more parking spaces. 3. Doris Miller Memorial (300 Martin Luther King, Jr. Blvd.) will represent a side view of a Navy ship created by a 142 ft. long curving wall made of

small metal panels that gradually ascend to a height of 15 ft. (the ship’s hull). 4. West Campus Lofts Residential Development, Phase 1 (Between 8th & 9th St. / Cleveland & Ross Ave.) to install a 51,768 sq. ft. building (modular

construction process) with 36 units, and to renovate the 3,400 sq. ft. annex building with 4 small apartments (ADA Accessible). 5. Magnolia Market Building Renovation (601 Webster Ave.) will renovate an old 16,480 sq. ft. grain mill into retail space, and a small, 2,000 sq. ft.

building into Magnolia Homes headquarters. 6. Façade Improvement Grant Program –provides up to 50% of the total façade improvement cost, but no more than $15,000 - $25,000 per project.

To date, four projects have been completed. Barnett’s Pub received $10,609 and Sorrells & Gunn offices received $15,000 in grant funds, 611 and 613 Washington Avenue received $25,000 and $15,000 respectively. Of the original $75,000 allocated, only $9,391.00 remained. City Council approved allocating an additional $100,000 to the program and authorized a lesser minimum project amount of $5,000.00 (instead of $10,000) to serve smaller projects.

7. Franklin Place, Phase 2 (on Mary Ave. between 6th & 7th Streets) to build 96 unit residential complex with a parking garage underneath.

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TIF PROJECTS Completed in 2014

In 2014, the following eight TIF projects were completed and paid out. Project Name & Description Total Construction

Cost TIF Funding City Council Approval Details

1) 714 Lofts (714-720 Austin Ave.) - A vacant building was totally renovated to create a 9 unit residential development. TIF funds assisted with abatement, demolition, and façade improvements.

$1,398,500 $144,825 August 2, 2011

Ord. 394

2) The Belmont (625 S. 5th St.) – This is a new 24 unit residential development and TIF funds assisted with site plans, architectural services, civil, electrical, structural and mechanical engineering fees and streetscaping, landscaping, utility work, and facade improvements.

$1,906,000 $279,165 August 2, 2011

Ord. 394

3) Indian Spring Middle School, Public Improvements - WISD installed lighting upgrades in the gym. The locker room, and field house were renovated, windows and doors and cafeteria flooring was replaced. TIF funds assisted with installing a new marquee and a dumpster enclosure, and renovating the building façade.

$5,645,500 $2,210,597

$564,550 $417,646

October 2, 2012 Ord. 469 /

February 5, 2013 Ord.064

4) Hippodrome Restoration & Renovation – The historic theater was restored and renovated to meet the criteria of the Texas Historical Commission. A side addition to the building provides more space and an elevator, another staircase, new bathrooms, and a lounge / lobby area were installed. The outdoor area with renovated and includes a stage and seating for various performances. TIF funds assisted with Architectural & Mechanical/ Engineering/ Plumbing services, abatement costs, sewer, water, electrical service upgrades, masonry work, metal work, storefront doors & windows, exterior lights, outdoor balcony, signage, landscaping, irrigation, sidewalk & curb repair.

$2,106,605 $423,920 February 5, 2013 Ord.064

5) Tinsley Place Brownstones, Phase 1 (7th & Cleveland) - Tinsley Place, LLC is developing 5.53 acres between 7th & 8th Streets and between Clay & Cleveland Avenue in a multi-phase 154 unit, residential project. This Phase 1 constructrf 2-story and 3-story luxury brownstones (72,000 sq. ft. total) with thirty 1 or 2 bedrooms units (800-1,300 sq. ft. per unit), that have private garages. TIF funds assisted with demolition costs, dump fees, concrete work, development costs, architectural, engineered, and civil plans, survey, plat, permits, insurance, painting, balcony railing & concrete, brickwork, EIFs, fencing, landscaping, irrigation, new side-walks, and street lamps.

$3,179,306 $480,510 February 5, 2013 Ord.064

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6) Crossfit Building Renovation (418 S. 8th St.) - Turner Real Estate, LLC renovated a vacant, dilapidated building at 418 S. 8th Street. They upgraded 4,680 SF of office space for health related services, and improved 12,444 SF of warehouse that is now a work-out gym. TIF funds assisted with Architectural & Mechanical/ Engineering/ Plumbing services, abatement & permit costs, store-front doors & windows, garage doors, exterior lighting, painting, masonry work, metal work, signage, landscaping, irrigation, install new sidewalks & curbs. .

$641,925 $96,289 February 5, 2013 Ord.064

7) Dichotomy Coffee & Spirits (508 Austin Ave.) - renovated a 4,242 sq. ft. vacant, dilapidated building into a coffee shop & bar, with a rooftop deck. The TIF funds assisted with demolition, ceramic tile and masonry at front entrance, glass & glazing, guardrails, and signage.

$582,732 $82,924 April 16, 2013

Ord. 228

8) Suspension Bridge LED Lighting System – the Parks & Recreation Dept. installed a new, highly energy efficient and long lasting LED lighting system on the historic Suspension Bridge. All new electrical wiring, light fixtures, and LED bulbs were installed to enhance the nighttime beauty and the public safety of the bridge.

$350,000 $52,500 April 16, 2013

Ord. 228

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TIF PROJECTS Approved in 2014

In 2014, City Council approved five new Projects, and $100,000 in additional funding for the Façade Improvement Project. The TIF Board recommended Project 7 for funding - it is pending City Council approval.

PROJECT & *CONTRACT INFORMATION (*City Manager may grant up to a 6 month extension on all TIF contracts.)

TIF Board & City Council Approvals

TIF Allocation & Comments

Total Project Cost Estimate

1) Gomez Building Renovation (1020 Elm Ave.) – Rapoport Academy plans to invest $3,000,000 to renovate the former 15,216 sq. ft. administration building on Quinn Campus, and to add an additional 7,000 sq. ft. of space to it. The building will be used as the primary academic building for Meyer Public High School, and 12 new full time staff positions will be created due to this expansion. TIF funds will assist with architectural & engineering services, site prep, exterior improvements, landscaping, etc. The project is to be complete by April 2015. Contract Information: Contract Term: 2-10-14 to 4-1-16

TIF 12-13-13 -----------

Council 1-21-14 Ord. 14-038

Fund up to $450,000

Payment upon completion

$3,000,000

2) Tinsley Place, Phase 3 (7th & Cleveland) – Tinsley Place, LLC, in the 3rd and final phase of this residential development project, plans to invest $7,039,685 to install nine, 2 – 3 story buildings with 112 units (80,198 sq. ft.) and 161 more parking spaces. This will result in a total of 214 multi-family units on this 2.7 acre block. TIF funds will assist with demolition costs, dump fees, architectural, engineered, and civil plans, balcony railing, brickwork, EIFs, concrete work, fencing, landscaping and irrigation. This project is not yet under contract. It was originally to be complete by May 2015. Contract Information: Not yet executed.

TIF 3-14-14 ----------

Council 4-15-14 Ord. 14-207

Fund up to $703,968

Payment upon completion

$7,039,685

3) Doris Miller Memorial (300 Martin Luther King, Jr. Blvd.) – Doris Miller Memorial (300 Martin Luther King, Jr. Blvd.) – Cultural Arts of Waco plans to create a memorial to World War II, Pearl Harbor hero and Waco native, Doris Miller. The proposed memorial, which will represent a side view of a Navy ship will be a 142 ft. long curving wall made of small metal panels that gradually ascend to a height of 15 ft. (the ship’s hull). Each panel will signify a sailor that served on the WSS West Virginia. There will also be a larger than life bronze statue of Doris Miller in his Navy Uniform, in front of a large stainless steel and black granite reflecting pool with teak and stainless steel benches in a shape reminiscent of a dock cleat. The ship and the pool will be enhanced with LED lighting. Their intention is to complete the memorial by November 2016, and dedicate it on December 7, 2016 - the 75th anniversary of the attack on Pearl Harbor. Contract Information: Not yet executed.

TIF 10-8-14 -----------

Council 12-2-14 Ord.14-745

Fund up to $180,132

Payment upon completion

$1,200,883

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PROJECT & *CONTRACT INFORMATION (*City Manager may grant up to a 6 month extension on all TIF contracts.)

TIF Board & City Council Approvals

TIF Allocation & Comments

Total Project Cost Estimate

4) West Campus Lofts Residential Development, Phase 1 (Between 8th & 9th St. / Cleveland & Ross Ave.) - West Campus Lofts, LLC plans to redevelop an entire block (3.16 acres) in two phases where the former Caesar Chavez Alternative School was located. Phase 1 will renovate the 3,400 sq. ft. annex building (corner of 8th & Cleveland) into 4 studio apartments, a workout /social room, and an office. A 51,768 sq. ft. building (modular construction process) with 36 residential units will also be installed and the façade will complement the old school building. Phase 1 will have a total of 128 beds, baths and parking spaces. TIF funds are requested to assist with site planning and engineer services, civil engineering services, demolition, asbestos abatement, façade and infrastructure improvements that include the relocation of a public sewer line , and installation of new sidewalks and landscaping. Work has already begun on this project and the estimated completion date is by Feb. 15, 2015. Contract Information: Not yet executed.

TIF 10-8-14 -----------

Council 12-2-14 Ord. 14-745

Fund up to $482,769

Payment upon completion

$4,827,687

5) Magnolia Market Building Renovation (601 Webster Ave.@ the Silos) - Magnolia Homes has purchased this 2.58 acres site and plans to improve the property in two phases. Phase 1 (this project) will renovate the old 16,480 sq. ft. grain mill into a retail space for Magnolia Market at the front entrance. Behind that, in a large separate area, they’ll have a weekly or monthly “Trade Days Market”. The 4,500 sq. ft. warehouse will be located on the upper floor of the old grain mill. There is a small, 2,000 sq. ft. building at 6th & Webster that will be upgraded and improved to serve as headquarters for Magnolia Homes. TIF funds are requested to assist with architectural and engineering services, painting, installing windows, lighting, ADA ramp, landscaping, irrigation, fencing, and signage. They intend to begin work in mid-October and complete the project in early 2015. Contract Information: Not yet executed.

TIF 10-8-14 -----------

Council 12-2-14 Ord.14-745

Fund up to $208,376

Payment upon completion

$1,389,176

6) Façade Improvement Program (FIG) – This program is designed to assist qualified property owners with meeting the Downtown Design Standards & eligibility requirements when renovating or restoring the façade of a building. An applicant must invest a minimum of $5,000 on Façade Improvements to be eligible for the grant. TIF funds will reimburse 50% of Façade Improvement costs, but no more than $15,000 - $25,000 per project. Contract Information: To date four projects have been completed. Contract Term: Typically for 6 months – 1 year.

TIF 3-14-08 TIF 10-8-14

----------- Council 4-15-08

Ord. 08-219 Council 12-2-14

Ord. 14-745

$175,000

Up to $15,000 - $25,000 per grant. $65,609 expended.

Varies depending on

project

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PROPOSED PROJECT

7) Franklin Place Residential Development, Phase 2 (on Mary Ave. between 6th &7th) - In Phase 1, 63 residential units and 9,788 sq. ft. of commercial space were built at 600 Franklin Ave. The total construction cost of this project was $5,485,800, and TIF contributed $1,360,998. In Phase 2, Waco Franklin Place Apartments, LTD. plans to invest $10,565, 667 to complete the re-development of an entire city block. They propose building a 75,533 sq. ft., 5 stories, residential complex with 96 units. The building will be faced in brick, stucco and metal to complement Phase1. The 96 units will be constructed on top of a concrete podium with a parking garage screened with ornamental mesh and greenery underneath. It will provide enough additional parking spaces beyond what was created in Phase 1, to allow all 159 units to have an assigned space. TIF funds are requested to assist with site work, professional services, infrastructure and façade enhancements.

TIF 12-12-14 ------------

City Council 1-20-15 2-3-15

Recommend funding up to $750,000 $11,565,667

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TIF GOALS & OBJECTIVES

Reinvestment Zone Number One for Tax Increment Financing

GOALS AND OBJECTIVES

Adopted April 5, 2011 per Ordinance No. 2011-182

For a long period of time the citizens of Waco have realized the importance of the physical and economic development of the Brazos River Corridor and Reinvestment Zone One for Tax Increment Financing (herein after, TIF Zone 1). The following purpose, goals, and objectives are based on numerous studies & plans, including “Imagine Waco: A Plan for Greater Downtown”, and are intended to support high quality development of the Brazos River Corridor and TIF Zone 1.

PURPOSE DEVELOP THE BRAZOS RIVER CORRIDOR AND TIF ZONE 1 AS A CENTER FOR QUALITY HOUSING, EMPLOYMENT, RECREATION, RETAIL, ENTERTAINMENT, CONVENTIONS, AND TOURISM.

Goal Adopt the necessary incentives and controls to include special and overlay districts guidelines and covenants to ensure quality development.

Objectives Encourage preservation and restoration of historically and culturally significant landmarks and public spaces.

Encourage projects that exhibit urban design and construction standards that will lead to the preservation and development of an aesthetically pleasing environment.

Goal Provide amenities which will enhance the quality of the human environment within the Brazos River Corridor and TIF Zone 1.

Objectives Encourage the continued development of appropriate forms of landscaped and lighted pedestrian linkages between major activity nodes within the Brazos River Corridor and TIF Zone 1 on both sides of the river, including but not limited to the convention center, Baylor University, McLennan Community College, and the Cameron Park Zoo.

Encourage the restoration, rehabilitation, and adaptive reuse of vacant & existing buildings for use as office, restaurant, retail, entertainment, and residential facilities.

Encourage the development of projects that will generate people activities on an eighteen-hour basis.

Encourage the development and redevelopment of housing within the Brazos River Corridor and TIF Zone 1.

Encourage the continued development and expansion of Cameron Park Zoo, museums, and special attractions within the Brazos River Corridor and TIF Zone 1.

Encourage implementation of the City of Waco's Parks Master Plan for the comprehensive development of parklands in the Brazos River Corridor & TIF Zone 1.

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Encourage public and private efforts to promote cultural activities and special events within the Brazos River Corridor and TIF Zone 1.

Support the role of the visual and performing arts in the development of the Brazos River Corridor and TIF Zone 1.

Encourage the development of a transportation system that will provide for all forms of transportation including pedestrian, bicycle, public transportation, automobiles and water craft.

Encourage adequate and attractive public parking facilities at key locations with an emphasis on structured parking.

Encourage the development of outdoor public gathering places at key locations ranging from small pocket parks to large plazas.

Goal Encourage the appropriate development of Historic Elm Avenue and the east side of the river as a center for housing, office, retail, restaurant, entertainment and hotel use.

Goal Utilize tax increment funds to leverage maximum private investments.

Objectives Provide financial incentives for and give priority to zone projects which will be financially viable.

Encourage maximum private investment into TIF Zone 1 by generally providing up to 15% funding for eligible projects.

Goal Maximize the impact of the Brazos River Corridor by encouraging development that will take full advantage of the potential for passive as well as active use of the water.

Objectives Encourage public access to the Brazos River.

Encourage the use of scenic easements to protect visual access both to and from the Brazos River.

Encourage the utilization of the river for transportation.

Goal Develop an integrated financing plan that incorporates projects from all taxing entities.

Objective Encourage joint and independent projects throughout the zone by the City of Waco, McLennan Community College, McLennan County and Waco Independent School District that will maximize leveraging of TIF funds and attract private development supportive of the Brazos River Corridor and Greater Downtown Waco Master Plans.

Goal Cultivate public support for the development of the Brazos River Corridor and the TIF Zones by providing information regarding plans, projects and activities in the area on an ongoing basis.

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Project Funding Revisions Discussion

TIF Zone 1 Financial Projections

FINANCING PLAN PROJECTIONS FOR THE CITY OF WACO TAX INCREMENT FINANCING ZONE # 1 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22

TIF 1 Captured value $180,151,078 $185,231,262 $198,041,038 $208,933,295 $215,201,294 $221,657,333 $228,307,053 $235,156,265 $242,210,953 $249,477,282 $256,961,600Percentage Growth from Prior Year -2.32% 2.82% 6.92% 5.50% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00%RevenuesTax increment revenue:

City of Waco 1,401,195 1,704,184 1,504,001 1,589,371 1,637,052 1,686,164 1,736,749 1,788,851 1,842,517 1,897,792 1,954,726Waco ISD - ad valorem tax 2,417,875 2,930,170 2,612,745 2,774,016 2,857,236 2,942,953 3,031,242 3,122,179 3,215,845 3,312,320 3,411,689Waco ISD - HB1 supplement 355,207 431,753 409,276 428,531 441,387 454,628 468,267 482,315 496,785 511,688 527,039McLennan County 831,819 1,042,347 1,026,810 1,096,037 1,128,918 1,162,786 1,197,669 1,233,600 1,270,608 1,308,726 1,347,988McLennan Community College 272,593 329,640 294,479 310,265 319,573 329,160 339,035 349,206 359,682 370,472 381,586

Total ad valorem tax revenue $5,278,689 $6,438,094 $5,847,311 $6,198,220 $6,384,166 $6,575,691 $6,772,962 $6,976,151 $7,185,437 $7,400,998 $7,623,028Investment revenue 36,808 23,443 25,560 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 Intergovernmental/Contributions/other 183,320 711,101 1,209,032 81,833 - - - - - - -

Total revenue $5,498,817 $7,172,638 $7,081,903 $6,300,053 $6,404,166 $6,595,691 $6,792,962 $6,996,151 $7,205,437 $7,420,998 $7,643,028Expenditures

Administration costs 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000Debt service 449,797 226,735 88,744 91,031 88,231 90,331 92,232 88,981 90,578 91,913 - Downtown Enter. Dist - Sidewalk 36,705 87,460 - - - - - - - - - Capital projects-TIF Operations 2,485,620 2,135,528 3,655,878 3,372,053 - - - - - - - Convention Facility Tax Incentive - - - 19,803 30,991 43,298 56,835 71,727 - - - Baylor Stadium/Events Center - 8,006,034 3,006,034 3,006,034 3,006,034 3,006,034 3,006,034 3,006,034 3,006,034 3,006,034 3,006,034

Total expenditures $3,472,122 $10,955,757 $7,250,656 $6,988,921 $3,625,256 $3,639,663 $3,655,101 $3,666,742 $3,596,612 $3,597,947 $3,506,034Net income (loss) $2,026,695 -$3,783,119 -$168,753 -$688,868 $2,778,910 $2,956,028 $3,137,861 $3,329,409 $3,608,825 $3,823,051 $4,136,994Funds available - beginning of year $11,028,546 $13,055,241 $9,272,122 $9,103,369 $8,414,501 $11,193,411 $14,149,439 $17,287,300 $20,616,709 $24,225,534 $28,048,585Projected Funds available - EOY $13,055,241 $9,272,122 $9,103,369 $8,414,501 $11,193,411 $14,149,439 $17,287,300 $20,616,709 $24,225,534 $28,048,585 $32,185,579

PROJECTIONS FOR 10-YEAR EXTENSION PERI0D 2022-23 2023-24 2024-25 2025-26 2026-27 2027-28 2028-29 2029-30 2030-31 2031-32 2032-33

TIF 1 Captured value $264,670,448 $272,610,561 $280,788,878 $289,212,544 $297,888,920 $306,825,588 $316,030,356 $325,511,267 $335,276,605 $345,334,903 $355,694,950Percentage Growth from Prior Year 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00%RevenuesTax increment revenue: The projections below exclude tax increment for Waco ISD for the extension period.

City of Waco 2,013,368 2,073,769 2,135,982 2,200,061 2,266,063 2,334,045 2,404,066 2,476,188 2,550,474 2,626,988 2,705,798Waco ISD - ad valorem tax 3,514,040Waco ISD - HB1 supplement 542,850McLennan County 1,388,427 1,430,080 1,472,982 1,517,172 1,562,687 1,609,568 1,657,855 1,707,590 1,758,818 1,811,582 1,865,930McLennan Community College 393,034 404,825 416,970 429,479 442,363 455,634 469,303 483,382 497,884 512,820 528,205

Total ad valorem tax revenue $7,851,719 $3,908,674 $4,025,934 $4,146,712 $4,271,113 $4,399,247 $4,531,224 $4,667,160 $4,807,176 $4,951,390 $5,099,933Investment revenue 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000

Total revenue $7,871,719 $3,928,674 $4,045,934 $4,166,712 $4,291,113 $4,419,247 $4,551,224 $4,687,160 $4,827,176 $4,971,390 $5,119,933Expenditures

Administration costs 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000Total expenditures $500,000 $500,000 $500,000 $500,000 $500,000 $500,000 $500,000 $500,000 $500,000 $500,000 $500,000Net income (loss) $7,371,719 $3,428,674 $3,545,934 $3,666,712 $3,791,113 $3,919,247 $4,051,224 $4,187,160 $4,327,176 $4,471,390 $4,619,933Funds available - beginning of year $32,185,579 $39,557,298 $42,985,972 $46,531,906 $50,198,618 $53,989,731 $57,908,978 $61,960,202 $66,147,362 $70,474,538 $74,945,928Projected Funds available - EOY $39,557,298 $42,985,972 $46,531,906 $50,198,618 $53,989,731 $57,908,978 $61,960,202 $66,147,362 $70,474,538 $74,945,928 $79,565,861

1/6/2015:11:11 AM

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TIF Contract Funding

Basic TIF Contract Funding Information 1) Funding after Completion

The TIF funding is provided after the project is complete (passed all final Inspections & received final Certificate of Occupancy). The company must request the payment in writing along with the documentation of expenditures on the project.

2) Reduction of Project Funding

If a project invests less in the total project construction cost (that the funding percentage was calculated on) the total amount of TIF funds provided may be reduced proportionally (Ex. Projected $1,000,000 investment, and only $750,000 is invested, then the funding may be reduced by 25%.)

3) Appraisal Disputes – there is language in the contracts that allows for the City

to recapture the funds if the company disputes the value they promised to install.

Basic Appraisal Dispute Language included in the contracts:

“Company shall have the right to protest and/or contest any assessment of the Real and Personal Property Improvements. If during the term of this contract, an appraisal dispute results in the reduction of the appraised value of such real and/or personal property investments below the investment value indicated in the Company’s Application for Tax Increment Financing Assistance for the qualifying property, then Company shall be required to repay the City all funds awarded under this agreement.”

4) Contract term – the agreed upon time for completion of project construction

plus 3 years to allow time to monitor for appraisal disputes.

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Scoring Tool Review & Discuss how funding is calculated

based on the Project score

< 30 points 0%30-39 points 5%40-49 points 10%50-59 points 15%60 + points TBD

The numeric scores correspond to letter grades. Projects receiving fewer than 30 points receive an "F" and are not recommended for investment. Projects receiving over 30 - 39 points receive a "D" and are recommended for a 5% investment. Projects receiving 40 - 49 points receive a "C" and are recommended for a 10% investment. Projects receiving 50 - 59 points receive a "B" and are recommended for a 15% investment. Finally, projects receiving over 60 points are recommended for a higher investment to be evaluated on a case-by-case basis by the TIF Board and City Council.

The following is a recommended method for staff to use in preparing investment recommendations to the TIF Board. While staff has been asked to make such recommendations, it is the TIF Board - and ultimately the City Council - which makes investment decisions. Those decisions may or may not follow the attached guidelines, according to the discretion of the deliberatory body.

The recommendation offers projects two tracks. Either is eligible for any project. One track, likely to be used by private projects, bases recommendations primarily on return on investment. The reasoning associated with this track is that certain projects will generate tax revenues and economic impact which will, in turn, stimulate further downtown development. The second track, likely to be used by public projects, bases recommendations on furtherance of the Imagine Waco plan and the location of the proposed improvement. The reasoning here is that certain public investments in key locations will either leverage private investment over time or directly create such public services as to be ends in themselves. It is possible that public projects generate a significant economic impact, and that private projects enhance quality of life or significantly advance the Imagine Waco plan. The recommendation is that projects be allowed to use whichever track returns them the greatest score.

TIF Project Scoring Guidelines

Both tracks share significant elements: furtherance of the Imagine Waco plan, location of the project, and additional characteristics that are either important local priorities or have been found to create greater downtown development impacts. These characteristics are small individually but combine to steer projects toward greater alignment with development goals.

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Possible Possible Actual Comments

Return on Investment Private Public ProjectROI and economic impact score from model Points Points Points

30 possible points, either from pay-back to TIF or overall impact to taxing entities as a proxy for the economy as a whole

30

DDC Score 15 25

Location Priorities (see map)Riverfront 5 25

Elm Avenue 4 23Central Business District 3 20

Univ Parks - 5th 3 206th - 11th 3 20

Waco Drive 1 15Near Northside 1 15

Primary Characteristics Total Score 0

Project UsePublic Facilities 10

infrastructure not used solely by a single user or project siteEntertainment 10

Residential 9

Ground Floor Retail 7

Office 6

Use (Max 10 points 0

Economic Engine CharacteristicsCreates new point of access to the river and/or riverwalk 3 3

Compliance with the Imagine Waco Plan

Free OR outdoor entertainment space or venue = 4 points; each separate primary entertainment space or venue = 3 points; a secondary OR occasional entertainment space or venue = 2 points

66+ units = 9 points; 51+ units = 8 points; 36+ units = 7 points; 21+ units = 6 points; 11+ units = 5 points; 6+ units = 4 points; 3+ units = 3 points; 2 units = 2 points; 1 unit = 1 point

3 or more storefronts = 7 points; 2 or more storefronts = 6 points; 1 storefront = 5 points

12,000 square feet = 6 points; 8,000 square feet = 5 points; 4,000 square feet = 4 points; 2,000 square feet = 3 points; 1,000 square feet = 2 points

Creates new point of access to the river and/or riverwalk or to an existing improved point of access to the river and/or riverwalk. Access defined as dedicated walking area with lighting and improved surface. Partial points available for improvements to existing accessways, modest extensions of existing accessways. Completely new accessway or extension of 100 feet or greater = 3 points. Project removes access to river = minus 3 points; Impairs access to river = minus 1 pont .

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Location Impact 3 3

Creates river recreation 3 3

Walkability 3 3

Contributes to 18-hour downtown 3 3

Destination or "Export" business or amenity 3 3

Critical local-serving business or amenity 3 3

Quality CharacteristicsHigh Design & Construction Standards 2 2

Removes Blight 2 2

Historic Preservation 2 2

Green Building 2 2

Creates connection to educational institution 2 2

Characteristics (Max 30 Points) 30 30 0Total Project Score 90 90 0

2 points for creating new permanent (non-temporary) physical or programmatic connection; 1 point for materially continuing or improving an existing connection. Examples: school of social work, thINC space

Provides a service needed regularly by residents of Greater Downtown. Examples include grocery, pharmacy, laundry/dry cleaning, general merchandise, bank.

Can document via market study, marketing plan, or business plan that business expects to attract customers from outside McLennan County

Contains dedicated public space or building components substantially above average as demonstrated by cost and materials = 1 or 2 points depending on extent

New project in generally blighted area or block, OR new project that rehabilitates or removes dilapidated and dangerous structure = 1 point; 2 points for both

Restores significant historic building = 2 points; Preserves historic building = 1 point; Destroys historic building, minus 2 points; Impairs historic building, minus 1 point

1 point for LEED bronze or silver, 2 points for LEED gold or platinum; 1 point for using existing building; 1 point for transit-oriented development; 1 point for use of recycled building materials (max 2 points)

Creates permanent improvement for new or enhanced activity specifically oriented to the river. Examples: zip line (new activity,) marina (enhanced activity.) Create a completely new use OR an expanded use open to the public free of charge = 3 points; Create an expanded use not free to public = 2 points

Improvements expanding or enhancing walkability, including sidewalks, covered walks, lighting, traffic slowing, access to public transportation, structured parking. Create a significant new amenity (first-time sidewalks greater than 100 feet, structured parking,) = 3 points; Enhance walkability over a smaller area OR Enhance existing amenities over larger area = 2points; Blocks or Impairs walkability or linkage (depends on degree of impairment) = minus 1 or 2 points

Regularly open after 10:00 or before 8:00 and on weekends = 3 points; Regularly open after 5 or on weekends = 2 points; Occasionally open after 10 or on weekends = 1 point; Residential = 1 point for 10 units, 3 points maximum;

Creates 3 new distinct uses spanning 18+ hours OR project takes up 2 or more acres = 3 points; Creates 2 new distinct uses spanning 12+ hours OR project takes up 1 or more acres = 2 points. Project is entertainment, retail or restaurant locating between other entertainment, retail or restaurant, separated by 2 or 3 blocks on either side = 3 points; Project is entertainment, retail or restaurant locating 1 or 2 blocks from other entertainment, retail or restaurant OR filling currently empty anchor location = 2 points; Project is entertainment, retail or restaurant locating in the same block as other entertainment, retail or restaurant and occupying non-anchor location = 1 point

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30 POINTS TOTAL MAXIMUM POSSIBLE FOR ROI (Return on Investment)

SCORE IS BASED ON YEARS NEEDED TO PAYBACK THE GRANT AMOUNT -- includes all taxes (real, personal, sales,hotel occupancy, franchise); & misc fees (bldg permit, utitilities,etc), -- most downtown projects have real property investment (all captured by TIF) -- some downtown projects also have personal property investment (all captured by the taxing entities) -- some projects also have job creation (which produces sales tax calculations based on # & average salary)

many projects don't know the occupancy - so they cannot project personal property, job creation or sales taxes

The points a project can score will be based on real property, personal property, and jobs created.If a project is purely real property (construction or renovation), it can score up to 16 points. If a project has real property & personal property investments, it can score up to 23 points. A project must have real & personal property plus job creation to score the maximum 30 points.

payback real property personal property property new jobs jobsperiod points scored property points scored full-time points

(10% grant) investment created scored1 16 3,500,000$ 7 30 or more 72 14 3,000,000$ 6 21-29 63 12 2,500,000$ 5 16-20 54 10 2,000,000$ 4 10-15 45 8 1,500,000$ 3 7-10 36 6 1,000,000$ 2 4-6 27 4 500,000$ 1 1-3 18 2 -$ 0 0 09 1

10 0

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