Fort Worth Business Press, June 2, 2014 Vol. 26, No. 22 - Page 9

9 alyson peyton perkins photos | June 9 - 15, 2014 Craig Cavileer of Majestic Realty Co. discusses the development. • Stockyards Station: Improvements “allowing us to expand upon successful operations currently serving tourists to the area.” • Livestock auctions: ”We are currently conducting due diligence on the re-establishment of on-site livestock auctions, which were a significant part of the Stockyards existence decades ago, as well as the restoration of the facilities that once hosted the auctions.” • Destination retail, craft breweries and spirits, farmers market, signature restaurants are “new projects under review.” One such area for those would be where the partnership’s holdings front Marine Creek, and construction there would help connect the Stockyards to the Trinity River Vision, Cavileer said. “If we could do there what Tim Love did [with the Woodshed restaurant on the Trinity River near Colonial] times 10, it’d be beautiful. But it’s going to be a process. It’s not going to happen overnight. The property is not ready to develop right now.” • “Development of a historically themed hotel(s) to complement the Hyatt Place and Stockyards Hotel.” Cavileer said that, in concept, the partnership plans two hotels. “Development of a residential component (with city approval) offering residents a unique opportunity to enjoy a live, work and play community in North Fort Worth.” Residential use would require rezoning by the City Council. n Stockyards incentive plan To get the maximum incentive for its Stockyards project, the Majestic-Hickman partnership must meet several guideposts: • Total investment excluding land: $175 million • Parking spaces added: 1,200 • Phase 1: $35 million invested by Dec. 31, 2018; 180,000 square feet of retail, commercial, creative office; mule barns the potential target. • Phase 2: Additional $65 million invested by Dec. 31, 2022, to include retail, commercial, office and/or multifamily. • Phase 3: Additional $75 million invested by Dec. 31, 2024, to include all of Phase 2’s potential uses. • Incentive: Chapter 380 grant for up to 25 annual payments equal to 40 percent of real and personal property tax added by the development, and up to 80 percent of one-cent sales tax revenue added (by the development?). • Incentive cap: $26 million • Additional land: Majestic and Hickman can add investment property to development boundary area. Chesapeake Energy has two Stockyards sites reportedly under contract, but Hickman and Majestic executive Craig Cavileer say they are not the buyers. • Contracting: Various milestones for spending with Fort Worth contractors and with minority and women-owned contractors and vendors. • Job creation: 25 new jobs created by Dec. 31, 2018. • Affordable housing: If any residential is developed, 20 percent of units must be set aside for affordable housing.