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The City of Cedar Hill has named Henry Florsheim as the City’s new Economic Development Director, effective August 1. Florsheim brings more than 20 years of experience in economic development, marketing, and strategic partnerships to Cedar Hill. Most recently he served as the President and CEO of the Wichita Falls Chamber of Commerce, leading economic development efforts for that community. Under Florsheim’s leadership, Wichita Falls has won statewide awards for marketing and economic development and has landed well over $300 million in capital investment for the region.
“Henry’s wealth of experience in both traditional economic development and innovative new programs makes him a great fit for Cedar Hill,” said Cedar Hill Mayor Stephen Mason. “We are thrilled to welcome Henry to the community and excited to have him as a part of our team.”
Florsheim joins an Economic Development Department that was recently recognized as one of 63 economic development organizations accredited by the International Economic Development Council and was awarded the Workforce Excellence Award and Certificate of Achievement for Economic Excellence by the Texas Economic Development Council.
“I was drawn to Cedar Hill because of its emphasis on preserving green space and on utilizing quality of life as an economic driver,” said Florsheim. “With millions of potential workers and visitors living close by, it's an ideal opportunity for an economic developer. My family and I can't wait to get settled and become part of the community.”
A native of Monroe, LA, Florsheim is a graduate of the University of Louisiana at Monroe in Business Management and the University of Oklahoma’s Economic Development Institute. He has an MBA from Louisiana Tech University and received his IOM designation from the Institute of Organization Management, a four-year program of the United States Chamber of Commerce. He has served as a board member for the Texas Association of Business and the Texas Chamber of Commerce Executives.
Pratt Industries, Inc., through its subsidiary Pratt Corrugated Holdings, Inc., will locate a Regional Manufacturing & Innovation Center at High Point 67 in Cedar Hill, TX. Pratt will be the primary tenant on the High Point 67 campus, occupying one million square feet and investing more than $200 million in equipment, inventory, and building improvements. Pratt’s Cedar Hill facility will employ 150 full-time workers to manufacture corrugated boxes and custom packaging solutions.
Pratt is America’s fifth largest corrugated packaging company and the world’s largest, privately-held producer of 100% recycled containerboard. The Georgia-based company operates an extensive Recycling Company to supply five of the most modern, 100% recycled paper mills in the country.
“We’re very honored to be in Cedar Hill and we’re committed to the great state of Texas – in fact this is our fifth box factory here,” said Anthony Pratt, executive chairman of Pratt Industries. “We have long prided ourselves on the fact that we employ 11,000 Americans in well-paying, green-collar manufacturing jobs and we have now invested in America to the value of $10 billion. Cedar Hill will be our 71st factory in the USA.”
“We are excited to partner with the city of Cedar Hill and its officials to open this state of the art facility and bring new, green collar jobs to the area,” said Mike Tansey, President of Pratt’s Southwest Converting Division.
Pratt plans to sponsor a training and development program in collaboration with the city and school district.
“Pratt believes in investing in our employees and the communities where we live, work and serve,” said Tansey. “We have a strong history of providing continuous education, apprenticeships and on-the-job training opportunities for our employees. This joint collaboration with Cedar Hill and the school district is a great opportunity for us to encourage and invest in the community’s young talent and to help them find meaningful employment and long term financial stability.”
High Point 67, located on S. US-67 south of Mount Lebanon Road, is a Class A logistics and manufacturing center with up to two million square feet on more than 180 acres. Developed by Hillwood Investment Properties, the project is expected to generate more than $200 million in capital investment and support the creation of hundreds of jobs in Cedar Hill. The project’s location provides excellent highway visibility and access, proximity to an abundant workforce, and easy connectivity to the region.
“The city’s partnership with Hillwood on the High Point 67 project is already bearing fruit for our community through significant capital investment and well-paying green-collar jobs,” said Mayor Stephen Mason. “I am thrilled to welcome Pratt Industries to Cedar Hill as a company that shares our values of community partnership and environmental sustainability. Pratt’s Regional Manufacturing and Innovation Center is one more example of opportunities growing naturally in Cedar Hill.”
TAKE NOTICE that the City Council of the City of Cedar Hill, Texas, shall convene at 7:00 p.m. on March 22, 2022, at its regular meeting place in the City Hall located at 285 Uptown Blvd, Cedar Hill, Texas, and, during such meeting, the City Council will consider the passage of an ordinance authorizing the issuance of certificates of obligation in one or more series, in an amount not to exceed TWELVE MILLION TWO HUNDRED THOUSAND DOLLARS for the purpose of paying contractual obligations to be incurred for (i) construction and improvement of streets, sidewalks, and related improvements, including drainage, landscaping, streetscaping, pedestrian seating, lighting, signage and traffic signalization incidental thereto, and the acquisition of land and rights-of-way therefor, (ii) constructing and improving the City’s Water and Wastewater System, including the acquisition of land therefor, (iii) constructing, acquiring, purchasing, renovating, enlarging, equipping and improving park and recreation facilities, including the acquisition of land and equipment therefor, (iv) drainage and flood control improvements, including the acquisition of land and rights-of-way therefor, and (v) professional services rendered in connection therewith; such certificates to be payable from ad valorem taxes and a limited pledge of the net revenues derived from the operation of the City’s combined Waterworks and Sewer System. In accordance with Texas Local Government Code Section 271.049, (i) the current principal amount of all of the City’s outstanding public securities secured by and payable from ad valorem taxes is $93,835,000; (ii) the current combined principal and interest required to pay all of the City’s outstanding public securities secured by and payable from ad valorem taxes on time and in full is $117,389,097.24; (iii) the estimated combined principal and interest required to pay the certificates of obligation to be authorized on time and in full is $15,303,020.66 (iv) the maximum interest rate for the certificates may not exceed the maximum legal interest rate and (v) the maximum maturity date of the certificates to be authorized is February 15, 2042. The certificates are to be issued, and this notice is given, under and pursuant to the provisions of Texas Local Government Code, Chapter 271, Subchapter C, as amended.
Belinda Berg
City Secretary
City of Cedar Hill, Texas
Cedar Hill Next is a Comprehensive Plan update project for the City of Cedar Hill. You are invited to join the discussion about the City's goals for the future. We look forward to engaging with you in a meaningful and exciting conversation about the future of the City.
Scenic Texas today announced 22 Texas cities have been recognized as 2021 Certified Scenic City award recipients through the Scenic City Certification Program, a program of the statewide nonprofit and its 17 partner organizations. Cedar Hill was recognized as Platinum (Recertified).
New York, March 13, 2020 -- Moody's Investors Service has affirmed the Aa2 rating on Cedar Hill, TX's outstanding general obligation limited tax (GOLT) debt and the city's Aa2 issuer rating. Additionally, we have assigned the Aa2 rating to the city's $10.7 million General Obligation Bonds, Series 2020 and $8.6 million Combination Tax and Revenue Certificates of Obligation, Series 2020. The affirmation affects $109.3 million in outstanding general obligation debt.
RATINGS RATIONALE
The Aa2 rating reflects the city's moderately sized, mostly residential tax base that has experienced strong growth in taxable values, resident incomes near the national median, and a manageable pension burden. Additionally, the rating reflects the city's solid operating reserves, with additional liquidity outside of the operating fund that would be available if needed. The rating also considers the city's elevated debt profile with plans for additional issuance and elevated fixed costs representing mostly debt service obligations.
The lack of distinction between the city's GOLT rating and the issuer rating reflects taxing headroom under the limited cap that provides over two times headroom, offsetting the lack of full faith and credit pledge, and inability of the city to override the statutory limitation.
RATING OUTLOOK
Moody's generally does not assign outlooks to local governments with this amount of debt outstanding.
FACTORS THAT COULD LEAD TO AN UPGRADE
- Continued expansion and diversification of the tax base consistent with Aa1 peers
- Material growth in financial reserves
- Significant reduction in the debt burden
FACTORS THAT COULD LEAD TO A DOWNGRADE
- Contraction in the tax base
- Material decline in financial reserves
- Further leveraging of the tax base
LEGAL SECURITY
The bonds and certificates are secured by a continuing and direct annual ad valorem tax, levied on all taxable property within the limits prescribed by law. The certificates are additionally secured by a limited pledge of net revenues of the city's waterworks and sewer system.
USE OF PROCEEDS
Proceeds from the current issuance will be used to fund several citywide capital initiatives.
PROFILE
The City of Cedar Hill is a political subdivision and municipal corporation of the state of Texas, located 20 miles south of Dallas in both Dallas and Ellis Counties. The city is a full service city that provides its own police and fire protection along with water and sewer services. The city encompasses 35.5 square miles, approximately 50% developed, and has a current population of approximately 53,689.
METHODOLOGY
The principal methodology used in these ratings was US Local Government General Obligation Debt published in September 2019. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.
REGULATORY DISCLOSURES
For ratings issued on a program, series, category/class of debt or security this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series, category/class of debt, security or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.
Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.
Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.
Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.
Ryan Mills
Lead Analyst
Regional PFG Dallas
Moody's Investors Service, Inc.
Plaza Of The Americas
600 North Pearl St. Suite 2165
Dallas 75201
US
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653
Thomas Jacobs
Additional Contact
Regional PFG Northeast
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653
Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653
Cedar Hill, Texas, is a thriving suburb located in the heart of the Dallas/Fort Worth Metroplex in an area known as the Hill Country. The city is an up-and-coming ecotourism destination thanks to its lush, tree-lined rolling hills and wide-open green space.
As the Metroplex grows, so does Cedar Hill, experiencing a 64 percent increase in its population since 2000. To protect its natural beauty, unique ecosystem, and open spaces for generations to come, Cedar Hill leaders created the Growing Green program.
The program has three goals: to build in-house expertise in sustainability, to optimize government’s energy use and reduce emissions, and to plan for the long term. It has guided elected and appointed city leaders in incorporating environmentally conscious practices into their strategic planning and operations.
In 2003, Cedar Hill’s leaders established a public-private partnership that preserved the Blackland Prairie ecosystem, home to more than 14 endangered species of birds.
In 2011, adding to a growing list of accomplishments, the city council adopted its first five-year sustainability action plan to promote renewable energy, public transportation, open space, water conservation, and solid waste and recycling services.
That same year, the city used $1 million in funding from the Department of Energy and Oncor to install a solar photovoltaic system on the roof of its government center. The system generates 210,030 kilowatt hours of electricity annually, for savings of more than $21,000.
Later that year, the city used a $50,000 State Energy Conservation Office grant to add wind power, with the installation of a turbine.
In 2012, the city and its partner Waste Management replaced every single-family home’s 19-gallon recycling bin with a 96-gallon cart and reduced trash collection to weekly. Recycling increased by 258 percent the first quarter; since the program’s inception, nearly 20,000 tons of residential recycling materials have been diverted from landfill.
Also in 2012, the city council adopted a master plan to preserve 20 percent of the city’s landmass as open space, more than double the national average for the most populous cities.
Most recently, Cedar Hill used a $300,000 grant from the Bureau of Reclamation to replace all water meters with automatic readers, eliminating meter-reading routes.
Staff have learned three lessons from the Growing Green Program:
The Aa2 rating reflects a moderately sized and growing tax base, and a stable financial position with favorable reserves that benefit from additional liquidity housed outside the core operating funds. The rating also reflects a stable management team, income indicators that are favorable compared to the nation and debt obligations that have reduced substantially but remain above the median for similarly rated peers. Favorably, the city's pension profile is modest with a strong history of demonstrated commitment to making pension payments at a rate that should result in the reduction of the pension liability over time.
