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POSTAL RESIDENTIAL CUSTOMER CUSTOMER JUNE 2014 PAID AN OFFICIAL PUBLICATION OF THE CITY OF IRVING Irving Convention Center at Las Colinas hosted the North Texas Beer and Wine Festival. See more city snapshots on Page 8. PRSRT STD ECRWSS U.S. POSTAGE Youth, age 18 and younger, can get free, nutritious lunches throughout the summer at city recreation centers. Details on Page 3. IRVING, TX PERMIT NO. 883 Irving Animal Care Campus offers general tips about pet care and responsibility. Read more on Page 2. VOL 21 . NO 6 CITY OF IRVING.ORG MOODY’S ASSIGNS IRVING TOP RATING Irving continues its streak of earning top ratings for its General Obligation Bonds from Moody’s Investors Service every year since 1986. Artist rendering Entertainment Venue to Offer Residents, Visitors Fun Options Ground set to break on state-of-the-art entertainment venue this August. Residents, visitors will have access to new restaurants, retail by late 2016. North Carolina’s ARK Group has been contracted to develop Irving’s multifaceted, state-of-the-art entertainment venue. Irving Music Factory is the working name for the project, which will offer residents and visitors substantially more than music. The entertainment venue will amass some 500,000 square feet and will be completed in phases. In the initial phase, 193,500 square feet of entertainment, retail and restaurant space will be developed. Prospective first-phase tenants include a bowling alley, comedy club and 20-plus eateries. The centerpiece of the entertainment venue will be an 8,000-seat, indoor/outdoor concert hall that will be operated by an international concert promoter, which is expected to host 250-plus events annually. Plans for the project also include a 50,000 square-foot plaza with a stage that will serve as a prime setting for fashion shows, food festivals and other events throughout the year. “The Irving Music Factory will provide high-end retail and restaurants in Irving, and enhance the city’s high quality-of-life standards,” said Interim Deputy City Manager Michael Morrison. “The entertainment center will help fulfill the Las Colinas Urban Center’s vision to provide an urban lifestyle feel for its corporate workforce, business travelers and residents.” Located just north of O’Connor Road between U.S. Highway 114 and Las Colinas Boulevard, Irving Music Factory has a prime location and will be easily accessible by the DART Orange Line. From an economic perspective, the $165 million entertainment venue will bring more jobs to the local economy during the construction phase as well as after it is completed. Early estimates indicate the Irving Music Factory will employ approximately 1,000 workers. With extensive experience in developing projects of this nature, the ARK Group has developed more than 40 restaurants and nightclubs in the country. In addition, the ARK Group is responsible for the successful development of a similar $30-million Music Factory located in North Carolina. “The chamber has been pleased to work with the ARK Group to add another amenity to Irving’s live-work-play concept,” said Greater Irving-Las Colinas Chamber of Commerce Interim President and CEO Shawn Callaway. Other key players with the City of Irving for the entertainment project include Gensler design firm as architect, and Balfour Beatty/Azteca as the construction firm. Groundbreaking for the project is anticipated to take place this August, and construction is expected to last 18 months positioning the Irving Music Factory for a grand opening in late 2016. n City’s 2013 Water Quality Report Available Online Irving’s water is safe to drink, and meets or exceeds standards set by the United States Environmental Protection Agency. Read more on Page 6. Moody’s Investors Service has assigned a Aaa rating to the City of Irving’s $19.7 million General Obligation Bonds (GO) and $21.4 million Combination Tax and Revenue Certificates of Obligation (CO). Moody’s also has affirmed the Aaa on the city’s outstanding GO bonds. Citing Irving’s favorable location within the Dallas-Fort Worth metropolitan area; the city’s vibrant economy; and robust economic development activity, Moody’s underscored its confidence in Irving by issuing the Aaa rating with a stable outlook. The report called Irving’s management practices “strong, well embedded and likely sustainable.” “Moody’s also highlighted the city’s commitment to fiscal health and noted our strong operating surpluses that have improved our financial profile,” said City of Irving Interim Assistant City Manager and CFO Max Duplant. “Moody’s appreciates the diverse sectors our corporate partners reflect as well as our proximity to the Dallas-Fort Worth International Airport.” In addition, Standard & Poor’s assigned the Irving 2014 GOs and COs its AAA rating with a stable outlook citing strong budgetary flexibility, very strong budgetary performance and management conditions. The rating was affirmed on Irving’s existing GO and CO debt. To review city financial reports, visit and select “Financial Reports.” n

City Spectrum, June 2014

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