CITY OF LEWISVILLE THE BENEFITS OF ECONOMIC PARTNERSHIPS,
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1 CITY OF LEWISVILLE THE BENEFITS OF ECONOMIC PARTNERSHIPS,
2 OVERVIEW The City of Lewisville uses economic incentives to spur growth and create a thriving business environment. This process is driven by the City Council and supported by the City s Department of Economic Development and Planning. Between 2005 and 2015, Lewisville had partnerships with forty property owners or companies accounting for more than $10,800,000 in tax revenue collected over a period of ten years. These partnerships have also provided significant employment growth in the City. This new employment has created a positive effect on the local retail and residential market as well as creating over $2.3 billion in direct taxable value in the city. Data from Lewisville s economic development agreements from years 2005 through 2015, including those created under Chapter 312 of the Texas Tax Code (tax abatements) and those created under Chapter 380 of the Texas Local Government Code, is summarized here. S GIVEN CASH CONTRIBUTION/ RECEIVED $5,656,106 $10,843,685 $585, YEAR SUMMARY 3% 33% 64% Incentives Taxes Collected Community Support 2 P age
3 Over the course of the last few years, the majority of agreements have shifted from abatement agreements to 380 agreements to provide for more accountability, flexibility and control. Below is a summary of incentives and tax collected by Year. $1,600,000 ANNUAL SUMMARIES $1,400,000 $1,200,000 $1,000,000 $800,000 $600,000 $400,000 $200,000 $ S Agreements reflect an increase in cash contributions for community support over the ten year period. OVERVIEW $40, $63, $73, $93, $78, $81, $82, $72,500 TOTAL $585,000 3 P age
4 HISTORY OF S YEAR 2005 SYSCO Food Services of Dallas 2005 Columbia Medical Center of Lewisville (Medical City of Lewisville) 2005 Centex Office Vista Ridge Lewisville I LP and Centex Home Equity Company LLC (Nationstar PH I) 2005 Centex Office Vista Ridge Lewisville II LP and Centex Home Equity Company LLC (Nationstar PH II) 2006 Vantage Development #41, Inc. (Schwan) 2006 The Realty Associates Fund V, LP and EMC Mortgage Corporation (JP Morgan Chase PH I) 2007 TIC Lago Vista LP and EMC Mortgage Corporation (JP Morgan Chase PH II) 2008 Vantage Development #42, LLC 2008 Second Century Investments (Hilton Garden Inn) 2008 Teachers Insurance and Annuity Association of America (TIAA) 2008 The Apparel Group Ltd 2009 Ricos Products Company, Inc Vinson Process Controls 2009 Lake Vista Partners (Jamex) Huffines Ltd DFW Lewisville Partners, GP (Majestic Building 1) 2011 Blue Lynx Media LLC 2011 Venus Leasing Inc (Hampton Inn & Suites) 2011 XYZ New Company LLC (Med Fusion) 2011 Vista 121 Business Center, LP (Lake Vista 7) 2011 Orthofix Inc. and CB Tittle, LTD 2011 AR Industrial No. 2, Limited 2011 Lakeside Office Center, LP 2011 Vista Ridge Land, LP 2012 DFW Lewisville Partners, GP (Majestic Building 2) 2012 DFW Lewisville Partners, GP (Majestic Building 3) 2013 Armfield Blue Properties, LP 2014 Birmingham Management Inc. (Lewisville West Shopping Center) 2014 Prime Controls LP 4 P age
5 YEAR 2014 CADG Belleville Village LLC (Uptown Village) 2015 WinCo Foods, LLC /Old Orchard Limited Partnership (Old Orchard East Shopping Center) 2015 DFW Lewisville Partners, GP (Majestic Building 5) 2015 Norman International Dallas, LLC 2015 Bed Bath & Beyond Inc Witherspoon Distillery 2015 HOYA Optical Labs of America 2015 Mattito s Restaurant 2015 Old Town Development Lewisville, LLC (3 Restaurants) 2015 CADG Mill St. LLC (South Village) 5 P age
6 TOTAL 380 S Sysco Food Services of Dallas $33,308,108 $63,311 $28,137 ABATEMENT S Medical City of Lewisville $49,525,109 $30,935 $226,226 Centex Office Vista Ridge Lewisville I LP and Centex Home Equity Company LLC (Nationstar PH I) $5,688,423 $0 $25,984 Sysco Food Services of Dallas $33,308,108 $133,865 $152,148 Centex Office Vista Ridge Lewisville II LP and Centex Home Equity Company LLC (Nationstar PH II) $23,030,756 $0 $105,202 TOTAL $111,552,396 $228,111 $537,697 *The figures shown are Denton Central Appraisal District figures for the year listed and are not adjusted for inflation SUMMARY 30% 70% Incentives Taxes Collected 6 P age
7 TOTAL 380 S Sysco Food Services of Dallas $33,961,935 $63,311 $28,834 Vantage Development #41, Inc. Schwan $654,597 $185,000** $2,990 ABATEMENT S Medical City of Lewisville $50,712,474 $32,095 $231,650 Centex Office Vista Ridge Lewisville I LP and Centex Home Equity Company LLC (Nationstar PH I) $5,794,858 $0 $26,470 Sysco Food Services of Dallas $33,961,935 $133,515 $155,135 Centex Office Vista Ridge Lewisville II LP and Centex Home Equity Company LLC (Nationstar PH II) The Realty Associates Fund V, LP and EMC Mortgage Corporation (JP Morgan Chase Ph 1) $22,498,570 $2,072 $102,771 $8,355,524 $0 $38,167 TOTAL $155,939,893 $415,994 $586,017 *The figures shown are Denton Central Appraisal District figures for the year listed and are not adjusted for inflation. **Includes One Time Start Up Grant (Note: This was a one year agreement) 2006 SUMMARY 58% 42% Incentives Taxes Collected 7 P age
8 TOTAL 380 S Sysco Food Services of Dallas $36,139,420 $66,581 $30,263 ABATEMENT S Medical City of Lewisville $61,358,601 $45,506 $270,285 Centex Office Vista Ridge Lewisville I LP and Centex Home Equity Company LLC (Nationstar PH I) $5,741,102 $870 $25,290 Sysco Food Services of Dallas $36,139,420 $135,759 $159,194 Centex Office Vista Ridge Lewisville II LP and Centex Home Equity Company LLC (Nationstar PH II) Realty Associates Fund V, LP and EMC Mortgage Corporation (JP Morgan Chase Ph 1) TIC Lago Vista LP and EMC Mortgage Corporation (JP Morgan Chase, Ph II) $22,621,236 $2,033 $99,647 $16,108,940 $40,096 $70,960 $11,999,419 $0 $52,857 TOTAL $153,968,718 $290,845 $708, SUMMARY 29% 71% Incentives Taxes Collected 8 P age
9 S 2008 TOTAL Sysco Food Services of Dallas $46,995,036 $110,824 $43,098 Vantage Development #42, LLC $8,279,444 $85,862** $36,447 ABATEMENT S Medical City of Lewisville $62,525,389 $61,031 $275,243 Centex Office Vista Ridge Lewisville I LP and Centex Home Equity Company LLC (Nationstar PH I) $6,064,107 $1,037 $26,695 Sysco Food Services of Dallas $46,995,036 $156,894 $206,877 Centex Office Vista Ridge Lewisville II LP and Centex Home Equity Company LLC (Nationstar PH II) $22,695,750 $9,722 $99,909 Realty Associates Fund V, LP and EMC Mortgage Corporation (JP Morgan Chase Ph 1) $16,109,039 $51,351 $70,914 TIC Lago Vista LP and EMC Mortgage Corporation (JP Morgan Chase, Ph II) $9,309,658 $40,980 $40,982 Second Century Investments (Hilton Garden Inn)* $3,160,629 $32,436 $13,913 $35,000 Teachers Insurance and Annuity Association of America (TIAA) $2,060,375 $9,068 $9,070 The Apparel Group Ltd $8,387,362 $0 $36,922 $5,000 *Hotel/Motel tax and other incentives not included **Includes Start Up Grant TOTAL $185,586,789 $559,205 $860,070 $40, SUMMARY 3% 38% 59% Incentives Taxes Collected Community Support 9 P age
10 TOTAL 380 S Sysco Food Services of Dallas $36,570,609 $79,712 $30,999 Vantage Development #42, LLC $10,255,121 $0 $45,144 ABATEMENT S Medical City of Lewisville $69,049,064 $85,865 $303,961 Centex Office Vista Ridge Lewisville I LP and Centex Home Equity Company LLC (Nationstar PH I) $5,482,756 $908 $24,136 Sysco Food Services of Dallas $36,570,609 $139,828 $160,987 Centex Office Vista Ridge Lewisville II LP and Centex Home Equity Company LLC (Nationstar PH II) Realty Associates Fund V, LP and EMC Mortgage Corporation (JP Morgan Chase Ph 1) $20,688,479 $8,692 $91,073 $10,096,810 $99,847 $44,447 $10,000 TIC Lago Vista LP and EMC Mortgage Corporation (JP Morgan Chase, Ph II) $9,470,910 $33,152 $41,692 Second Century Investments (Hilton Garden Inn)* $3,160,629 $19,091 $13,913 $35,000 Teachers Insurance Annuity Association of America (TIAA) $2,289,562 $10,081 $10,079 $5,000 The Apparel Group Ltd $22,188,789 $55,079 $97,677 $5,000 Lake Vista Partners LP (Jamex) $3,345,842 $9,034 $14, P age
11 2009 TOTAL Ricos Products Company, Inc. $3,191,918 $7,026 $14,051 $3,500 Vinson Process Controls $9,402,583 $0 $41,391 $5,000 *Hotel/Motel tax and other incentives not included TOTAL $205,193,072 $548,315 $934,280 $63, SUMMARY 4% 36% 60% Incentives Taxes Collected Community Support 11 P age
12 TOTAL 380 S Sysco Food Services of Dallas $40,281,918 $93,336 $36,297 Vantage Development #42, LLC $10,133,711 $21,465** $44, Huffines Ltd. $3,851,453 $16,954 $40,640^ ABATEMENT S Medical City of Lewisville $55,566,622 $63,981 $244,610 Centex Office Vista Ridge Lewisville I LP and Centex Home Equity Company LLC (Nationstar PH I) $5,072,100 $794 $22,328 Sysco Food Services of Dallas $40,281,918 $116,688 $177,325 Centex Office Vista Ridge Lewisville II LP and Centex Home Equity Company LLC (Nationstar PH II) Realty Associates Fund V, LP and EMC Mortgage Corporation (JP Morgan Chase Ph 1) TIC Lago Vista LP and EMC Mortgage Corporation (JP Morgan Chase, Ph II) Second Century Investments (Hilton Garden Inn)* Teachers Insurance and Annuity Association of America (TIAA) $19,143,240 $7,941 $84,270 $13,424,940 $30,677 $59,098 $10,000 $8,864,838 $29,742 $39,024 $3,160,629 $15,896 $13,913 $35,000 $2,005,184 $8,827 $8,827 $5,000 The Apparel Group Ltd $7,885,942 $47,844 $34,715 $5,000 Lake Vista Partners LP (Jamex) $3,465,540 $8,988 $15, P age
13 2010 TOTAL Ricos Products Company, Inc. $3,026,946 $0 $13,325 $3,500 Vinson Process Controls $2,960,243 $10,829 $13,031 $5,000 AR Industrial No. 2, Limited $14,000,612 $18,221 $61,632 DFW Lewisville Partners, GP (Majestic 1) $2,515,838 $6,290 $11,075 Orthofix Inc. and CB Tittle, LTD $5,625,000 $0 $24,762 $10,000 TOTAL $200,984,756 $498,474 $944,738 $73,500 *Hotel/Motel tax and other incentives not included ^Sales Tax included **Includes Start Up Grant 2010 SUMMARY 5% 33% 62% Incentives Taxes Collected Community Support 13 P age
14 TOTAL 380 S Sysco Food Services of Dallas $52,052,408 $123,265 $47,936 Vantage Development #42, LLC $8,161,211 $0 $35, Huffines Ltd. $3,859,533 $16,990 $58,526^ Venus Leasing Inc (Hampton Inn) $4,442,183 $0* $19,555 $5,000 XYZ New Company LLC (Med Fusion) $5,646,010 $111,319** $11,484 $10,000 Blue Lynx Media LLC $792,293 $2,717 $771 $5,000 ABATEMENT S Medical City of Lewisville $56,657,034 $53,229 $249,410 Centex Office Vista Ridge Lewisville II LP and Centex Home Equity Company LLC (Nationstar PH I) $5,363,350 $1,120 $23,610 Sysco Food Services of Dallas $52,052,408 $98,402 $229,140 Centex Office Vista Ridge Lewisville I LP and Centex Home Equity Company LLC (Nationstar PH II) Realty Associates Fund V, LP and EMC Mortgage Corporation (JP Morgan Chase Ph 1) TIC Lago Vista LP and EMC Mortgage Corporation (JP Morgan Chase, Ph II) Second Century Investments (Hilton Garden Inn)*** Teachers Insurance and Annuity Association of America $19,369,325 $8,046 $85,266 $16,742,670 $57,143 $73,703 $10,000 $7,174,014 $31,444 $31,581 $3,160,629 $24,931 $13,913 $35,000 $3,182,642 $10,142 $14,010 $5,000 The Apparel Group Ltd $9,052,621 $63,252 $39,851 $5,000 Lake Vista Partners LP (Jamex) $3,384,152 $8,028 $14,897 Ricos Products Company, Inc. $1,947,558 $4,651 $8,573 $3, P age
15 2011 TOTAL Vinson Process Controls $4,339,989 $21,094 $19,105 $5,000 AR Industrial No. 2, Limited $15,773,578 $17,121 $69,437 DFW Lewisville Partners, GP (Majestic 1) $4,979,098 $7,941 $21,918 Orthofix Inc. and CB Tittle, LTD $18,836,844 $38,245 $82,922 $10,000 Vista Ridge Land, LP $15,763,550 $0 $69,393 Lakeside Office Center, LP $9,237,835 $14,671 $40,666 Vista 121 Business Center, LP (Lake Vista 7) $12,000,000 $0 $52,825 TOTAL $273,757,316 $713,750 $1,314,418 $93,500 *Venus Leasing Inc (Hampton Inn) annually provides 50 hotels rooms to the City **XYZ New Company LLC (Med Fusion): Incentive includes a One Time $100,000 Construction Sales Tax Grant ***Hotel/Motel tax and other incentives not included ^Sales Tax included 2011 SUMMARY 4% 34% 62% Incentives Taxes Collected Community Support 15 P age
16 TOTAL 380 S Sysco Food Services of Dallas $51,596,442 $117,015 $45, Huffines Ltd. $3,933,750 $17,317 $69,373^ Venus Leasing Inc (Hampton Inn) $5,521,320 $0* $24,305 $5,000 XYZ New Company LLC (Med Fusion) $6,500,599 $0 $28,616 Blue Lynx Media LLC $621,898 $2,738 $0 $5,000 ABATEMENT S Medical City of Lewisville $66,488,458 $56,200 $292,689 Centex Office Vista Ridge Lewisville II LP and Centex Home Equity Company LLC (Nationstar PH I) $4,975,659 $992 $21,903 Sysco Food Services of Dallas $51,596,442 $109,782 $227,133 Centex Office Vista Ridge Lewisville I LP and Centex Home Equity Company LLC (Nationstar PH II) Realty Associates Fund V, LP and EMC Mortgage Corporation (JP Morgan Chase Ph 1) TIC Lago Vista LP and EMC Mortgage Corporation (JP Morgan Chase, Ph II) Second Century Investments (Hilton Garden Inn)** $19,639,553 $8,179 $86,455 $17,552,500 $61,377 $77,268 $10,000 $7,878,749 $34,300 $34,683 $4,512,785 $33,730 $19,866 $35,000 The Apparel Group Ltd $8,623,804 $57,589 $37,963 $5,000 Lake Vista Partners LP (Jamex) $7,698,533 $9,125 $33,890 Ricos Products Company, Inc. $1,868,585 $4,629 $8,226 $3,500 Vinson Process Controls $3,737,019 $21,008 $16,451 $5,000 DFW Lewisville Partners, GP (Majestic 1) $4,523,787 $8,736 $19,914 Orthofix Inc. and CB Tittle, LTD $10,161,104 $28,081 $44,730 $10, P age
17 2012 TOTAL Vista Ridge Land, LP $2,929,166 $21,550 $12,894 Lakeside Office Center, LP $17,211,511 $15,817 $75,767 Vista 121 Business Center, LP (Lake Vista 7) $26,597,658 $0 $117,086 DFW Lewisville Partners, GP (Majestic 2) $4,678,368 $0 $20,595 DFW Lewisville Partners, GP (Majestic 3) $22,950,675 $0 $101,031 *Venus Leasing Inc (Hampton Inn) annually provides 50 hotels rooms to the City **Hotel/Motel tax and other incentives not included ^Sales Tax included TOTAL $300,201,923 $608,163 $1,416,344 $78, SUMMARY 4% 29% 67% Incentives Taxes Collected Community Support 17 P age
18 TOTAL 380 S 229 Huffines Ltd. $4,176,000 $18,383 $78,727^ Venus Leasing Inc (Hampton Inn) $5,876,521 $0* $25,869 $5,000 Blue Lynx Media LLC $576,680 $660 $1,879 $5,000 Armfield Blue Properties, LP $2,530,921 $3,104 $7,799 $2,500 ABATEMENT S Centex Office Vista Ridge Lewisville I LP and Centex Home Equity Company LLC (Nationstar PH II) Realty Associates Fund V, LP and EMC Mortgage Corporation (JP Morgan Chase Ph 1) Second Century Investments (Hilton Garden Inn)** $26,980,843 $2,532 $118,772 $16,968,618 $56,423 $74,698 $10,000 $4,389,035 $30,643 $19,321 $35,000 Lake Vista Partners LP (Jamex) $3,319,244 $7,344 $14,612 The Apparel Group Ltd $10,470,081 $55,493 $46,090 $5,000 Ricos Products Company, Inc. $1,868,585 $6,657 $8,226 $3,500 Vinson Process Controls $4,840,991 $21,229 $21,311 $5,000 DFW Lewisville Partners, GP (Majestic 1) $4,451,051 $10,017 $19,594 Orthofix Inc. and CB Tittle, LTD $13,303,064 $39,264 $58,561 $10,000 Vista Ridge Land, LP $13,382,724 $24,434 $58,912 Lakeside Office Center, LP $13,951,281 $16,231 $61, P age
19 2013 TOTAL Vista 121 Business Center, LP (Lake Vista 7) $27,497,075 $0 $121,045 DFW Lewisville Partners, GP (Majestic 2) $5,161,730 $14,802 $22,722 DFW Lewisville Partners, GP (Majestic 3) $61,278,350 $0 $269,753 TOTAL $221,022,794 $307,215 $1,029,306 $81,000 *Venus Leasing Inc (Hampton Inn) annually provides 50 hotels rooms to the City **Hotel/Motel tax and other incentives not included ^Sales Tax included 2013 SUMMARY 6% 22% 72% Incentives Taxes Collected Community Support 19 P age
20 TOTAL 380 S 229 Huffines Ltd. $4,585,000 $19,994 $91,416^ Venus Leasing Inc (Hampton Inn) $5,950,000 $0* $25,947 $5,000 Blue Lynx Media LLC $575,933 $0 $2,512 $5,000 Armfield Blue Properties, LP $2,250,475 $2,944 $6,870 $2,500 CADG Belleville Village LLC (Uptown Village) $346,304 $28,826 $1,510 Birmingham Management Inc. (Lewisville West Shopping Center) $7,801,651 $43,885** $138,908^ Prime Controls LP $6,660,796 $0 $29,047 $5,000 ABATEMENT S Centex Office Vista Ridge Lewisville I LP and Centex Home Equity Company LLC (Nationstar PH II) Realty Associates Fund V, LP and EMC Mortgage Corporation (JP Morgan Chase Ph 1) Second Century Investments (Hilton Garden Inn)*** $26,869,185 $3,537 $117,173 $18,309,654 $48,768 $79,846 $10,000 $4,415,961 $31,021 $19,257 $35,000 The Apparel Group Ltd $7,933,748 $48,022 $34,598 $5,000 Lake Vista Partners LP (Jamex) $2,924,480 $6,688 $12, P age
21 2014 TOTAL Vinson Process Controls $5,060,551 $21,989 $22,068 $5,000 Orthofix Inc. and CB Tittle, LTD $14,771,865 $46,186 $64,418 $10,000 Vista Ridge Land, LP $14,323,852 $32,768 $62,464 Vista 121 Business Center, LP (Lake Vista 7) $17,232,578 $52,052 $75,149 DFW Lewisville Partners, GP (Majestic 2) $8,652,185 $21,871 $37,731 DFW Lewisville Partners, GP (Majestic 3) $45,775,798 $76,843 $199,622 TOTAL $194,440,016 $485,395 $1,021,489 $82,500 *Venus Leasing Inc (Hampton Inn) annually provides 50 hotels rooms to the City **Birmingham Management (Lewisville West): Incentive amount includes a One Time Construction Sales Tax Grant of $35,005 ***Hotel/Motel tax and other incentives not included ^Sales Tax included 2014 SUMMARY 5% 31% 64% Incentives Taxes Collected Community Support 21 P age
22 TOTAL 380 S 229 Huffines Ltd. $4,782,944 $20,857 $91,185^ Venus Leasing Inc (Hampton Inn) $6,100,000 $0* $26,601 $2,500 Blue Lynx Media LLC $522,378 $0 $2,278 $5,000 Armfield Blue Properties, LP $2,242,526 $0 $9,779 CADG Belleville Village LLC (Uptown Village) Birmingham Management Inc. (Lewisville West Shopping Center) $2,392,351 $38,880*** $10,433 $7,269,586 $5,036 $137,728^ Prime Controls LP $7,087,122 $15,453 $15,453 $5,000 Medical City of Lewisville $77,286,773 $0 $84, /Old Orchard Limited Partnership (Shopping Center) $5,172,262 $0 $181,041^ WinCo Foods, LLC $2,236,000 $33,357 $95,770^ Old Town Development Lewisville, LLC (3 restaurants) $827,205 $500,000~ $3,607 CADG Mill St. LLC (South Village) $1,242,547 $0 $5,419 DFW Lewisville Partners, GP (Majestic 5) $6,457,000 $0 $28,158 DFW Lewisville Partners, GP (Bed Bath and Beyond) $22,893,000 $0 $99,833 HOYA Optical Labs of America, Inc. $16,369,274 $0 $71,384 Mattito s Restaurant $1,229,710 $0 $9,163^ Witherspoon Distillery $625,680 $0 $5,326^ Norman International Dallas, LLC $9,102,460 $0 $39,695 ABATEMENT S Realty Associates Fund V, LP and EMC Mortgage Corporation (JP Morgan Chase Ph 1) Second Century Investments (Hilton Garden Inn)** $17,176,973 $38,792 $74,906 $10,000 $5,572,440 $24,541 $24,301 $35,000 The Apparel Group Ltd $8,767,461 $58,928 $38,234 $5, P age
23 2015 TOTAL Lake Vista Partners LP (Jamex) $3,334,511 $8,502 $14,541 Orthofix Inc. and CB Tittle, LTD $16,292,726 $53,220 $71,050 $10,000 Vista Ridge Land, LP $15,317,852 $39,056 $66,799 Vista 121 Business Center, LP (Lake Vista 7) $16,957,819 $58,577 $73,951 DFW Lewisville Partners, GP (Majestic 2) $9,239,896 $28,017 $40,294 DFW Lewisville Partners, GP (Majestic 3) $38,901,273 $77,422 $169,643 TOTAL $305,399,769 $1,000,639 $1,490,830 $72,500 *Venus Leasing Inc (Hampton Inn) annually provides 50 hotels rooms to the City **Hotel/Motel tax and other incentives not included ***Includes Impact Fee Grant ~Includes One Time Start Up Grant ^Sales Tax included 2015 SUMMARY 3% 39% 58% Incentives Taxes Collected Community Support 23 P age
24 LONG TERM BENEFITS OF S Once the term of an economic development agreements has ended, companies that stay in Lewisville continue to bring strong economic benefit to the community. We have been fortunate to have many companies stay in Lewisville and continue to grow and expand their business. Below are highlights of a few companies that continue to thrive in Lewisville. The impetus on providing economic development incentives is to attract companies that would stay in Lewisville for the long term. SYSCO FOOD SERVICE On September 10, 2001, the City entered into an agreement with Sysco Food Services of Dallas. The Lewisville facility relocated their Farmers Branch distribution center along with other office facilities in the north Dallas area. The facility includes both office and distribution space and employs almost 600 employees. SYSCO Food Services of Dallas, is a wholly owned subsidiary of SYSCO Corporation, currently ranked 105 on the Fortune 500 list. They are the largest food service distributor not only in Texas but in all surrounding states. Sysco received a Certificate of Occupancy in August of 2003 with an initial investment of $26,000,000. The term of their agreement expired in Since that time, they have generated $1,091,395 in property taxes. MED FUSION - In April of 2010, Med Fusion moved into a 125,000 square foot space of combined medical offices and laboratory use at 2501 SH 121 on the Convergence Office Campus. This project brought together the fields of oncology, health care and medical laboratories to create a new venture providing molecular and genetic testing for medical centers and pharmaceutical and biotechnology companies. Their agreement terminated in 2012 and the company has since generated $98,554 in property taxes.
25 TEACHERS INSURANCE AND ANNUITY ASSOCIATION OF AMERICA (TIAA) TIAA, Teachers Insurance and Annuity Association, is a financial services provider of investment and insurance services to those in the education field and their families. TIAA received their Certificate of Occupancy in May of 2007, occupying 33,000 square feet at 2850 Lake Vista at Lakeside Office Center I. The facility houses customer service operations for TIAA and has over 600 employees at their Lewisville facility. Their agreement terminated in 2012 and TIAA has since generated $88,384 in property taxes. TIAA expanded into a second building at 2900 Lake Vista in Lewisville. VINSON PROCESS CONTROLS Vinson Process Controls received their Certificate of Occupancy in May of 2009, bringing in an estimated 100 full time employees with an investment value of approximately $9,000,000. Vinson Process Controls distributes oilfield and process control equipment, such as valves, actuators, switches, instruments, controls, and remote automation computers in Texas, New Mexico, Oklahoma, and Arkansas. It was previously based in Carrollton before moving to Highpoint Oaks in Lewisville. Since their agreement expired in 2014, they have generated $56,514 in property taxes.
26 JAFRA COSMETICS INTERNATIONAL INC Jafra received their Certificate of Occupancy in April of 2010, occupying 64,000 square feet at 2670 Edmonds Lane. JAFRA Cosmetics was founded in Malibu, California in 1956 with the vision of providing world class products and business opportunities. In 2004, the privately held JAFRA joined the Vorwerk Group, a German based, multi billion dollar international direct sales company, represented in over 60 countries worldwide. Their agreement terminated in 2011 and the company has since generated $82,759 in property taxes. VANTAGE DEVELOPMENT #42, LLC Vantage Development developed the properties at 510 E. Corporate, 520 E. Corporate, 530 E. Corporate, 1826 Lakeway Drive, and 1830 Lakeway Drive. The development brought 5 buildings, totaling 136,000 square feet of Class A office/flex space to the Waters Ridge Business Park. Since its inception, the company has developed over 80 million square feet of industrial, office, retail, hotel and multi family projects nationwide. Vantage s development agreement expired in In addition to housing great companies such as Voice 4 Net and Waste Management, $151,271 in property taxes was generated through 2015 from these buildings.
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