Page 250 - ArlingtonFY24AdoptedBudget

Other Budget Information

Innovation / Venture Capital Fund
FY 2024 Operating Position

The Innovation / Venture Capital Fund (IVCF) was established in FY 2007 in the General Gas Fund with
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
$2m in Gas Well Revenues. Beginning in FY 2013, the IVCF was made a stand-alone fund, transferring it
Fund, and transferring in $784k in Parks Performance funds. The Fund’s revenues include Gas Well revenues,
out of the General Gas Fund, and transferring in $784k in Parks Performance funds. The Fund’s
Parks Performance funds, General Fund Property Tax revenues, Arlington Tomorrow Foundation, Convention
revenues include Gas Well revenues, Parks Performance funds, Property Tax revenues, Arlington
Center revenues, entrepreneurial water sales, and funds recaptured from terminated agreements.
Tomorrow Foundation, Convention Center revenues, entrepreneurial water sales, and funds recaptured
from terminated agreements.
From FY 2009 through FY 2019, expenditures totaling $78.8m, including $50m for Texas Live!, have been made in
support of various Chapter 380 agreements. Among these are major development/redevelopment projects
From FY09 through FY23, expenditures totaling $138.5m, including $50m for Texas Live!, have been
including, Texas Live!, D.R. Horton headquarters relocation, Arlington Commons multi-family housing
made in support of various Chapter 380 agreements, interlocal agreements and contracts. Among these
redevelopment project, and Arlington Logistics Center – the industrial redevelopment of the former Six Flags mall
are major development/redevelopment projects including, D.R. Horton headquarters relocation,
to house automotive manufacturing suppliers to serve the General Motors Assembly Plant. Additionally, IVCF
Arlington Commons multi-family housing redevelopment project, Six Flags worldheadquarters, AISD
expenditures continue to fund projects that spur economic development in the City such as, Summit Racing,
Natatorium, Park Place student housing redevelopment project, LincolnSquare redevelopment, Spark
Williams Sonoma, Vought, GM Financial, Straumann Manufacturing, and L-3 Technologies. Upcoming projects
Arlington and other developments in the Entertainment District. Additionally, IVCF expenditures
include the AISD Natatorium, Fielder Plaza Shopping Center, Rent the Runway, and UPS.
continue to fund projects that spur economic development in the City such as, Summit Racing, Williams
Sonoma, GM Financial, L-3 Technologies, General Motors-Arlington Logistics Center and UPS. Upcoming
projects include Prologis, Front Street redevelopment, Canales Furniture, Bowery Farming, Wallbox USA,
XFL, Western Athletic Conference, and other economic development projects.
Beginning Balance: $ 9,882,558

Revenues:
Interest $ 444,715
Property Tax Revenue - Ch 380 Agreements 1,175,000
Lease revenues from Nanoscope Technologies 10,876
Total Revenues $ 1,630,591

Interfund Transfers:
Parks Gas Fund to support East Lamar development $ 300,000
Total Interfund Transfers $ 300,000
Obligations:
East Lamar development / Arlington Commons 1,502,888
CAE USA /L-3 125,000
Summit Racing 161,000
GM Financial 35,000
General Motors - Arlington Logistics Center 50,000
UPS 500,000
Rent the Runway 41,000
CSI Calendaring 5,000
AISD Natatorium - Annual Maintenance & Use Payment 100,000
Six Flags Ch. 380 - Annual Grant 200,000
Wallbox 161,000
Prologis - Arlington Matlock Partners 1,319,399
PHC Equities 48,000
Bowery Farming 49,000
Canales Furniture 500,000
Western Athletic Conference 132,000
Total Expenditures: $ 4,929,287

Ending Balance: $ 6,883,862
Future Obligations (FY 2025 - FY 2039): $ 91,406,025
Future Obligations (FY 2040 - FY 2056): $ 161,803,727

FY 2024 Adopted Budget and Business Plan 241 City of Arlington, Texas