Page 237 - City of Arlington FY19 Adopted Operating Budget

Other Budget Information

Innovation / Venture Capital Fund
FY 2019 Operating Position
The Innovation / Venture Capital Fund (IVCF) was established in FY 2007 in the General Gas Fund
with $2m in Gas Well Revenues. Beginning in FY 2013, the IVCF was made a stand‐alone fund,
transferring it out of the General Gas Fund, and transferring in $784k in Park Performance funds.
The Fund’s revenues include Gas Well revenues, Park Performance funds, General Fund
Property Tax revenues, Arlington Tomorrow Foundation, Convention Center revenues,
entrepreneurial water sales, and funds recaptured from terminated agreements.

From FY 2009 through FY 2018, expenditures totaling $76.1m, which include $50m for Texas
Live!, have been made in support of various Chapter 380 agreements. Among these are major
development/redevelopment projects including, Texas Live!, D.R. Horton headquarters
relocation, Arlington Commons multi‐family housing redevelopment project, and Arlington
Logistics Center – the industrial redevelopment of the former Six Flags mall to house automotive
manufacturing suppliers to serve the General Motors Assembly Plant. Additionally, IVCF
expenditures continue to fund projects that spur economic development in the City such as,
Williams Sonoma, Vought, GM Financial, Straumann Manufacturing, and L‐3 Technologies.
Upcoming projects include Summit Racing, Arlington Commerce Center ‐ Buildings D & E, Rent
the Runway, UPS, and Fielder Plaza.

Beginning Balance: $ 2,738,386

Revenues:
From Convention Center Operating Revenues $ ‐
Interest 27,384
Total Revenues $ 27,384

Interfund Transfers:
Parks Gas Fund to support East Lamar development 3,081,953
General Gas Fund to support East Lamar Development 300,000
General Fund Transfer ‐ Property Tax Rebates 549,725
Total Interfund Transfers $ 3,931,678

Expenditures:
East Lamar development $ 4,186,221
Vought Ch 380 Agrmt 100,000
L‐3 76,500
Williams Sonoma Ch 380 Agrmt 78,000
Straumann Manufacturing 38,200
Bowling Congress 22,225
Summit Racing 180,000
GM Financial 27,800
Exeter Bardin Land ‐ Arlington Commerce Center Bldgs D&E 135,000
Rico's 12,000
Southwest Restaurant Equipment ‐ Public Improvements 164,313
Fielder Plaza Shopping Center 400,000
Total Expenditures: $ 5,420,259
Ending Balance: $ 1,277,189

Future Obligations (FY 2020 ‐ FY 2029): $ 12,803,418

2019 Adopted Budget and Business Plan 222 City of Arlington, Texas