HomeMy WebLinkAboutContract 37116-A1AMENDMENT N0.1 TO
AGREEMENT TO PARTICIPATE IN
TAX INCREMENT REINVESTMENT ZONE NUMBER NINE,
CITY OF FORT WORTH, TEXAS
This AMENDMENT NO. 1 TO AGREEMENT TO PARTICIPATE IN TAX
INCREMENT REINVESTMENT ZONE NUMBER NINE, CITY OF FORT
WORTH, TEXAS ("Amendment") is entered into by and between the CITY OF
FORT WORTH, TEXAS (the "City") and TARRANT COUNTY HOSPITAL
DISTRICT (the "Hospital District").
The City and the Hospital District hereby agree that the following statements are
true and correct and constitute the basis upon which the City and the Hospital District
have entered into this Amendment:
A. On December 9, 2003 the City Council of the City (the "City Council")
adopted Ordinance No. 15797 designating certain real property in the vicinity of the
Trinity River north and west of the City's downtown area (the "Original TIF Area") as
Tax Increment Reinvestment Zone Number Nine, City of Fort Worth, Texas (the "TIF
District").
B. On June 15, 2004 the City Council adopted Ordinance No. 16005, which
amended Ordinance No. 15797 by increasing the number of directors on the TIF
District's Board of Directors (the "Board"). On February 7, 2006 the City Council
adopted Ordinance No. 16808-2-2006 amending Ordinance No. 15797 by removing
certain real property from the boundaries of the TIF District.
C. On September 15, 2005 the Board adopted a project plan and financing
pIan for the TIF District (collectively, the "Plans"). On January 19, 2006 the City
Council adopted Ordinance No. 1676&01.2006 approving such Plans.
D. The City and the Hospital District have entered into an agreement (the
"Participation Agreement") pursuant to which the Hospital District has agreed to
deposit eighty percent (80%) of the Hospital District's Tax Increment into the TIF
District's Tax Increment Fund, as specifically provided in the Participation Agreement.
The Participation Agreement is a public document on file in the City Secretary's Office
as City Secretary Contract No. 37116.
E. On December 15, 2009 the City Council adopted Ordinance No. 18975-
12-2009 expanding the boundaries of the TIF District to include certain additional real
property along the Trinity River east and south of the Original TIF Area (the "Expanded
TIF Area"). Ordinance No. 1897542-2009 is incorporated herein by reference for all
purposes.
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OFFICIAL RECORD
CITY SECRETARY
FT.
WORTH, TX
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Amendment No. 1 to Tarrant County Hospital Dist „ _ , ,
Participation Agreement re: Trinity River vision TIF
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F. On December 4, 2009 the Board adopted an amended project plan and an
amended financing plan for the TIF District (collectively, the "Amended Plans"),
subject to the City Council's adoption of an ordinance expanding the TIF District's
boundaries to include the Expanded TIF Area. On December 15, 2009 the City Council
adopted Ordinance No. 18975-12-2009 approving such Amended Plans. Ordinance No.
18975.12-2009 is incorporated herein by reference for all purposes.
G. The Hospital District's governing body has adopted a Resolution or
otherwise taken appropriate and sufficient action in a public meeting, following a vote of
a majority of the governing body, to authorize the Hospital District to also contribute
eighty percent (80%) of the Hospital District's Tax Increment from property in the
Expanded TIF Area into the Tax Increment Fund in order to implement the Amended
Plans, and to authorize the Hospital District's deposit of Tax Increment from property
located in both the Original TIF Area and the Expanded TIF Area to continue until
termination of the TIF District in accordance with Ordinance No. 1897542-2009, which
intent the parties wish to reduce to writing through this Amendment.
NOW, THEREFORE, the City and the Hospital District, for and in
consideration of the terms and conditions set forth herein, do hereby contract, covenant
and agree as follows:
1. The following terms and their definitions are hereby added to Section 2
(Definitions) of the Participation Agreement:
Expanded TIF Area means those certain real properties and
boundaries added to Tax Increment Reinvestment Zone Number Nine,
City of Fort Worth, Texas pursuant to Ordinance No. 1897542-2009.
Original TIF Area means those certain real properties and
boundaries comprising Tax Increment Reinvestment Zone Number Nine,
City of Fort Worth, Texas pursuant to Ordinance No. 15797, as amended
by Ordinance No. 1680&02-2006.
TIF District means Tax Increment Reinvestment Zone Number
Nine, City of Fort Worth, Texas, which includes the Original TIF Area
and the Expanded TIF Area.
2. The following terms provided in Section 2 (Definitions) of the Participation
Agreement are hereby amended to be defined as follows:
_ Amendment No. 1 to Tarrant County Hospital District
Participation Agreement re: Trinity River Vision TIF
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Proiect Plan means the project plan for the development and/or
redevelopment of the TIF District, as adopted by the TIF Board and
approved by the City Council pursuant to Ordinance Nos. 16768-OI-2006
and 1897542-2009.
Tax Increment Base means (i) the total appraised value as of
January 1, 2003 of all real property taxable by the Hospital District and
located in the Original TIF Area and (ii) the total appraised value as of
January 1, 2009 of all real property taxable by the Hospital District and
located in the Expanded TIF Area.
3. Section 3 (Deposit and Use of Tax Increment) of the Participation Agreement is
hereby amended to read as follows.
The Hospital District hereby agrees to deposit into the Tax
Increment Fund (i) eighty percent (80%) of the Hospital District's Tax
Increment from the Original TIF Area, beginning with such Tax Increment
received for the 2007 tax year and for each tax year thereafter throughout
the term of this Agreement, and (ii) eighty percent (80%) of the Hospital
District's Tax Increment from the Expanded TIF Area, beginning with such
Tax Increment received for the 2010 tax year and for each tax year
thereafter throughout the term of this Agreement. Such deposits shall be
made in accordance with the City's standard administrative procedures
relative to all tax increment reinvestment zones administered by the City,
but only following receipt of a bill from the City that outlines the City's
calculation of the amount of the deposit that is required for that year.
4. Section 5 (Term) of the Participation Agreement is hereby amended to read as
follows:
This Agreement shall take effect on the date as of which both parties
have executed it and shall expire on the earliest of (i) December 31, 2044;
(ii) a date earlier than December 31, 2044 that is specified for termination of
the TIF District in an ordinance adopted by the City Council; or (iii) the
date as of which all project costs of the TIF District, including, but not
limited to, any tax increment bonds and interest on those bonds, have been
paid or otherwise satisfied in full. The adoption of an ordinance by the City
Council extending the term of the TIF District beyond December 31, 2044
shall not serve to extend the term of this Agreement unless this Agreement
is amended in writing and signed by the Hospital District.
Amendment No. 1 to Tarrant County Hospital District
Participation Agreement re: Trinity River Vision TIF
Page 3
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5. This Amendment shall take effect on the date as of which both parties have executed
it. All provisions and conditions of the Participation Agreement that are not specifically
amended by this Amendment shall remain in full force and effect.
6. Capitalized terns used but not identified in this Amendment shall have the same
meanings assigned to them in the Participation Agreement.
7. This Amendment contains the final written expression of the City and the
Hospital District with respect to the subject matter hereof. This Amendment may be
executed in multiple counterparts, each of which shall be considered an original, but all
of which shall constitute one instrument.
EXECUTED as of the later date below:
CITY OF FORT WORTH, TEXAS:
By:
Tom Higgins
Assistant City Manager
Date.
ATTEST:
Marty Hendrix
City Secretary
APPROVED AS TO FORM/LEGALITY:
By:
Peter Vaky
Assistant City Attorney
&C: none required
M
TARRANT COUNTY HOSPITAL
DISTRICT:
By:
Robert E rley
President and CEO
Date:
By:
Neal W. Adams, General Counsel
Tarrant County Hospital District
Amendment No. 1 to Tarrant County Hospital District
Participation Agreement re: Trinity River Vision TTF
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OFFICIAL RECOf2D
CITY S�CFt�TA1�Y
re WORTHS TX