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HomeMy WebLinkAboutContract 39746CITY SECRETARY �=ONTRAOT NO. TAX INCREMENT FINANCING DEVELOPMENT AGREEMENT Hemphill Street Re-stripinjg Design and Engineering This TAX INCREMENT FINANCING DEVELOPMENT AGREEMENT ("Agreement") is entered into by and between the BOARD OF DIRECTORS OF TAX INCREMENT REINVESTMENT ZONE NUMBER FOUR, CITY OF FORT WORTH, TEXAS (the "Board"), an administrative body appointed in accordance with Chapter 311 of the Texas Tax Code (the "TIF Act") to oversee the administration of Tax Increment Reinvestment Zone Number Four, City of Fort Worth, Texas, a reinvestment zone designated by ordinance of the City of Fort Worth in accordance with the TIF Act, and the CITY OF FORT WORTH ("City"), a home rule municipal corporation organized under the laws of the State of Texas. The Board and City hereby agree that the following statements are true and correct and constitute the basis upon which the Board and City have entered into this Agreement. A. On November 25, 1997 the City Council adopted Ordinance No. 13259, establishing Tax Increment Financing Reinvestment Zone Number Four, City of Fort Worth, Texas (the "TIF District"), and establishing the tax increment fund of the TIF District (the "TIF Fund"). B. On August 30, 1999 the Board adopted a project and financing plan for the TIF District (the "TIF Project Plan"). The TIF Project Plan was approved by the City Council on August 31, 1999 pursuant to Ordinance No. 13919, C. As part of the City's overall plan for streetscape improvements along Hemphill Street, the City wishes to re -stripe that portion of Hemphill between Vickery Blvd. and Rosedale St., which will change that portion of Hemphill from a five -lane roadway to a four4ane undivided thoroughfare with parallel parking that will slow down traffic and to install a crosswalk in the 900 block of Hemphill between Rosedale St. and Terrell for greater pedestrian safety (collectively, the "Roadway Improvements"), generally in accordance with the overall plan attached hereto as Exhibit "A", which is hereby made a part of this Agreement for all purposes. In order to construct the Roadway Improvements, the City must first obtain design and engineering plans for the Roadway Improvements (the "Project"). In accordance with the City's powers set forth in Section 311.008 of the TIF Act, and with the Board's consent, as authorized by the Board during its meeting on January 29, 2009, the City wishes to use up to $50,000.00 of revenues in the TIF Fund to pay for or reimburse the City for the costs of the Project. The Board and the City wish to enter into this Agreement to memorialize the manner in which such funds will be transferred from the TIF Fund to other appropriate funds or accounts of the City. D. The TIF Project Plan specifically authorizes the use of revenues in the TIF Fund to pay for streetscape and boulevard projects in the TIF District. Accordingly, the costs of the Project qualify as lawful "project costs", as that term is defined in Section 31 t ("Project Cost"). OFFICIAL RECORD CITY SECRETARY Page 1 � FT V1►lnRTFI, TX Development Agreement for Hemphill St. Re -striping Design and Engineering between Southside TIF and City of Fort Worth NOW, THEREFORE, the Board and the City, for and in consideration of the terms and conditions set forth herein, do hereby contract, covenant and agree as follows: 1. CITY'S OBLIGATIONS. The City will oversee and be responsible for all aspects of the Project. The Project will be constructed in accordance with all Legal Requirements applicable to the City. In satisfaction of Section 311.0101 of the TIF Act, the Project shall be subject to the City's Minority and Women Business Enterprises Policies and Disadvantaged Business Enterprise Policies, as set forth in Section 20-366 et seq. of the City Code. 2. TIF FUND CONTRIBUTIONS; PRIORITY OF PAYMENT. The Board hereby acknowledges and consents to the transfer from the TIF Fund of up to $50,000.00, in whole or in part, to other funds or accounts of the City that have been identified as the funding source for the Project. The City will notify the Director of Fort Worth South, Inc., the administrator for the TIF District, in advance of any such transfer. Notwithstanding anything to the contrary herein, such transfers shall be subject and subordinate to the following existing contractual obligations of the Board: (i) Payments made pursuant to that certain Agreement by and among the City, the Board, and the Central City Local Government Corporation dated to be effective December 7, 2005 (Magnolia Green Parking Garage); (ii) Payments made pursuant to that certain Loan Agreement dated to be effective December 7, 2005 by JPMorgan Chase Bank, N.A. and Central City Local Government Corporation and any documents executed pursuant to such Loan Agreement (Magnolia Green Parking Garage); Payments made pursuant to that certain Facade Lease Agreement between the Board and Max Mehl Building, LLC, dated as of October 18, 2005; (iv) Payment made pursuant to that certain Tax Increment Financing Development Agreement between the Board and Larimar Development, L.L.C. executed by Larimar Development, L.L.C. on June 1, 2006; (v) Payment made pursuant to that certain Tax Increment Financing Development Agreement between the Board and Park Hill Real Estate Partners, L.P. executed by Park Hill Real Estate Partners, L.P. on May 30, 2006; Page 2 Development Agreement for Hemphill St. Re -striping Design and Engineering between Southside TIF and City of Fort Worth (vi) Payment made pursuant to that certain Tax Increment Financing Development Agreement between the Board and Fort Worth Southside Development District, Inc. approved by the Board on July 27, 2006; (vii) Payment made pursuant to that certain Tax Increment Financing Development Agreement between the Board and Fort Worth South, Inc. approved by the Board on January 10, 2007; (viii) Payment made pursuant to that certain Tax Increment Financing Development Agreement between the Board and Fort Worth Southside Development District, Inc. approved by the Board on July 19, 2007; (ix) Payment made pursuant to that certain Tax Increment Financing Development Agreement between the Board and Tarrant Academy of Medicine approved by the Board on July 19, 2007; (x) Payment made pursuant to that certain Tax Increment Financing Development Agreement between the Board and South Adams, L.P. approved by the Board on May 15, 2008; (xi) Payment made pursuant to that certain Tax Increment Financing Development Agreement between the Board and Gate Lock, Ltd. approved by the Board on May 15, 2008; (xii) Payment made pursuant to that certain Tax Increment Financing Development Agreement between the Board and Sameer Dalal approved by the Board on May 15, 2008; (xiii) Payment made pursuant to that certain Tax Increment Financing Development Agreement between the Board and R.J. Frank & Co., Inc. approved by the Board on May 15, 2008; (xiv) Payment made pursuant to that certain Tax Increment Financing Development Agreement between the Board and 1208 West Magnolia, Ltd. approved by the Board on May 15, 2008; (xv) Payment made pursuant to that certain Facade Lease Agreement between the Board and 1208 West Magnolia, Ltd. approved by the Board on May 15, 2008; (xvi) Payment made pursuant to that certain Tax Increment Financing Development Agreement between the Board and the City, approved by the Board on May 15, 2008 (James E. Guinn Public Plaza) (City Secretary Contract No. 38242); Page 3 Development Agreement for Hemphill St. Re -striping Design and Engineering between Southside TIF and City of Fort Worth (xvii) Payment made pursuant to that certain Tax Increment Financing Development Agreement between the Board and Fort Worth South, Inc., approved by the Board on May 15, 2008 (W. Leuda Park/St. Louis Park Construction); (xviii) Payment made pursuant to that certain Tax Increment Financing Development Agreement between the Board and Fort Worth South, Inc., approved by the Board on May 15, 2008 (Magnolia Avenue Streetscape Repair and Maintenance, Phase I); (xix) Payment made pursuant to that certain Tax Increment Financing Development Agreement between the Board and Ann Lesok, approved by the Board on October 15, 2008 (1220 7th Avenue); (xx) Payment made pursuant to that certain Tax Increment Financing Development Agreement between the Board and Cook Children's Home Health, approved by the Board on October 15, 2008; (xxi) Payment made pursuant to that certain Tax Increment Financing Development Agreement between the Board and Minimax International, L.L.C. (1800 Mistletoe Blvd. Medical Building), approved by the Board on October 15, 2008; (xxii) Payment made pursuant to that certain Tax Increment Financing Development Agreement between the Board and the City (W. Rosedale retrofit), approved by the Board on October 15, 2008; and (xxiii) Payment made pursuant to that certain Tax Increment Financing Development Agreement between the Board and Fort Worth South, Inc., approved by the Board on January 29, 2009 (Magnolia Avenue Streetscape Repair and Maintenance, Phase II). 3. TERM. The term of this Agreement shall commence on the later date of execution by both the Board and City and expire upon the earlier of (i) the complete performance of all obligations and conditions precedent by the Board and City; (ii) termination by either the Board or City as permitted by this Agreement; or (iii) termination of the TIF District in accordance with Section 311.017 of the TIF Act. 4. NOTICES. All written notices called for or required by this Agreement shall be addressed to the following, or such other party or address as either party designates in writing, by certified mail, postage prepaid, or by hand delivery: Page 4 Development Agreement for Hemphill St. Re -striping Design and Engineering between Southside TIF and City of Fort Worth Board: Board of Directors Southside TIF Attn: Paul F. Paine, Administrator 1606 Mistletoe Boulevard Fort Worth, TX 76104 city: Director Housing & Economic Development Dept. 1000 Throckmorton Fort Worth, TX 76102 5. COMPLIANCE WITH LEGAL REQUIREMENTS. This Agreement and the Project are subject to all applicable federal, state and local laws, ordinances, rules and regulations, including, but not limited to, all provisions of the City's Charter and ordinances, as amended, and violation of same shall constitute a default under this Agreement. In undertaking any work on the Project, City, its officers, agents, servants, employees, contractors and subcontractors shall comply with all federal, state and local laws and all ordinances, rules and regulations of the City, as such laws, ordinances, rules and regulations exist or may hereafter be amended or adopted (collectively, "Legal Requirements"). 6. SEVERABILITY. If any provision of this Agreement is held to be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired. 7. COUNTERPARTS. This Agreement may be executed in any number of counterparts, each of which shall be deemed an original and constitute one and the same instrument. 8. CAPTIONS. The captions to the various clauses of this Agreement are for informational purposes only and shall not alter the substance of the terms and conditions of this Agreement. 9. ENTIRETY OF AGREEMENT. This Agreement, including any exhibits attached hereto and any documents incorporated herein by reference, contains the entire understanding and agreement between the Board and City, their assigns and successors in interest, as to the matters contained herein. Any prior or Page 5 Development Agreement for Hemphill St, Re -striping Design and Engineering between Southside TIF and City of Fort Worth contemporaneous oral or written agreement is hereby declared null and void to the extent in conflict with any provision of this Agreement. This Agreement shall not be amended unless executed in writing by both parties and approved by the Board in an open meeting held in accordance with Chapter 551 of the Texas Government Code. IN WITNESS WHEREOF, the undersigned have caused this Agreement to be executed: CITY OF FORT WORTH: By. Tom Higgins Assistant City Manager APPROVED AS TO FORM AND LEGALITY: By: Peter Vaky Assistant City Attorney BOARD OF DIRECTORS OF TAX REINVESTMENT ZONE NUMBER FOUR, CITY OF FORT WORTH, TEXAS: Joel Burns Chairman Page 6 Development Agreement for Hemphill St. Re -striping Design and Engineering between Southside TIF and City of Fort Worth I OFFICIAL RECORD CITY SEGRETARY FT. WORTH, Tx F� EXHIBIT GENERAL RENDERING OF PROJECT AND OVERALL HEMPHILL CORRIDOR PLAN Development Agreement for Hemphill St. Re -striping Design and Engineering between Southside TIF and City of Fort Worth rn LM 3 cp � co � v ® cn rn W -o z D CD O FEENINK z Mel 0 c C� p C m c� rn 3 n 70 O p � o O m cn m 3 CD rD" cn cn c cn mmi