HomeMy WebLinkAboutContract 47261City Secretary Contract No:
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AGREEMENT TO PARTICIPATE IN
TAX INCREMENT REINVESTMENT ZONE NUMBER FIFTEEN
CITY OF FORT WORTH, TEXAS
(STOCKYARDS/NORTHSIDE TIF)
This AGREEMENT TO PARTICIPATE IN TAX INCREMENT REINVESTMENT
ZONE NUMBER FIFTEEN, CITY OF FORT WORTH, TEXAS ("Agreement") is entered
into by and between the CITY OF FORT WORTH, TEXAS (the "City") and TARRANT
REGIONAL WATER DISTRICT (the "Water District").
The City and the Water District hereby agree that the following statements are true and
correct and constitute the basis upon which the City and the Water District have entered into this
Agreement:
A. On December 2, 2014, the City Council of the City ("City Council") adopted City
Ordinance No. 21550-12-2014 designating certain real property located in the north portion of
the City in an area generally bounded by 29th Street to the north, Northside Drive to the south,
Interstate 35 to the east and Clinton Avenue to the west as Tax Increment Reinvestment Zone
Number Fifteen, City of Fort Worth, Texas (the "TIF District"). The TIF District is informally
known as the "Stockyards/Northside TIF." Ordinance No. 21550-12-2014 is hereby
incorporated by reference for all purposes and is attached hereto as Exhibit "A."
B. The TIF District lacks adequate infrastructure to sustain viable development,
including but not limited to, water, sewer, drainage, roads and sidewalks. Much of the
infrastructure and site improvements located within the TIF District are in a state of severe
deterioration, impeding development that might otherwise occur in the TIF District. Public
improvements to be supported by the TIF District will result in increased tax revenues and other
public benefits for both the City and the Water District.
C. Pursuant to Section 311.013(f) of the Texas Tax Code, the Water District is not
required to pay any tax increment into the tax increment fund of the TIF District unless it enters
into an agreement to do so with the City. The Water District wishes to enter into such an
agreement with the City.
NOW, THEREFORE, for an in consideration of the conditions set forth herein, the
sufficiency of which is hereby acknowledged, the City and the Water District do hereby contract,
covenant and agree as follows:
1. INCORPORATION OF RECITALS.
The parties hereby agree that the recitals set forth above are true and correct and form the
basis upon which they have entered into this Agreement.
Tarrant Regional Water District Participation Agreement
Stockyards'iorthside TIF
Page 1
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OFFICIAL 1ECORD
CITY SECRETARY
E7 WORTH, TX ;',
2. DEFINITIONS.
In addition to any terms defined in the body of this Agreement, the following terms shall
have the definitions ascribed to them as follows:
Act means the Tax Increment Financing Act, as amended and as codified as Chapter 311
of the Texas Tax Code.
Captured Appraised Value in a given year means the total appraised value of all real
property taxable by the Water District and located in the TIF District for that year less the Tax
Increment Base.
Project Plan means the pioject plan for the development and/or redevelopment of the TIF
District, as adopted by the TIF Board and approved by the City Council of the City, attached
hereto as Exhibit "B "
TIF Board means the governing board of directors of the TIF District appointed in
accordance with Section 311.009 of the Act and Section 3 of City Oidinance No 21550-12-
2014.
TIF District means the certain real properties and boundaries as described in City
Ordinance No. 21550-12-2014, attached hereto as Exhibit "A.'
Tax Increment in a given year means the amount of property taxes levied and collected
by the Water District for that year on the Captured Appraised Value of real property taxable by
the Water District and located in the TIF District.
Tax Increment Base means the total appraised value as of January 1, 2014 of all real
property taxable by the Water District and located in the TIF District.
Tax Increment Fund means that fund created by the City pursuant to Section 311.014 of
the Act and Section 6 of City Ordinance No. 21550-12-2014, which will be maintained by the
City, into which all revenues of the TIF District will be deposited, including deposits of Tax
Increment by the City and by other taxing units with the jurisdiction over real property in the TIF
District, including the Water District.
"A.
TIF Ordinance means City Ordinance No. 21550-12-2014, attached hereto as Exhibit
3. DEPOSIT OF TAX INCREMENT.
Pursuant to a Resolution duly adopted by the governing body of the Water District, which
Resolution is attached hereto as Exhibit `C' and is hereby made a part of this Agreement for all
purposes, and specifically subject to Section 4 of this Agreement, the Water District hereby
agrees to deposit each year during the term of the TIF District beginning with the 2014 tax year,
fifty percent (50%) of the Water District's Tax Increment into the Tax Increment Fund. Such
Tarrant Regional Water District Participation Agreement
Stockyards'Northsidc TIF
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deposits will 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. LIMITATIONS ON TAX INCREMENT DEPOSITS AND USE OF FUNDS.
This Agreement is based on the following conditions, and the City agrees and acknowledges the
Watei District's right to enforce the conditions contained herein by injunction or any other
lawful means in the event one or more of such conditions are not satisfied.
4.1 Certain TIF District Project Costs Excluded.
All TIF Fund allocations, including but not limited to any management and
administrative cost, must be approved by the TIF Board in accordance with the Project
Plan.
4.2 TIF District Expansion.
As defined, the TIF District shall include real properties located within the boundaries as
described in the TIF Ordinance. If the TIF District is expanded, the Tax Increment
deposited into the Tax Increment Fund by the Water District may not be used for any
permissible project costs in any portion of the expanded area of the TIF District unless
approved by the governing body of the Water District as an amendment to this
Agreement.
4.3 Tax Exemptions.
Both the City and the College District shall retain the right to grant tax exemptions as
permitted by applicable law to properties located in the TIF District for purposes
including but not limited to 1) historic preservation and restoration and 2) homestead
eligibility. This shall not include any form of tax abatement or grant of tax fimnds
collected by either the City or the College District without prior approval by the TIF
Board pursuant to Section 311.013(fl of the Texas Tax Code.
5. TERM.
This Agreement shall take effect on the date as of which both parties have executed it and
shall expire upon termination of the TIF District, which currently is the earlier of (i) December
31, 2034 or an earlier termination date designated by ordinance subsequently adopted by the City
Council of the City or (ii) the date on which all project costs of the TIF District, including, but
not limited to, tax increment bonds and interest on those bonds have been paid or otherwise
satisfied in full, including, but not limited to, tax increment bonds and interest on those bonds,
have been paid or otherwise satisfied in full.
Tarrant Regional Water District Participation Agreement
Stockyards'Northside TIF
Page 3
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6. TIF FUND ACCOUNTING.
No later than July 1 of each year following execution of this Agreement, the City shall
provide the Water District with an annual accounting of the fiends deposited to and disbursed
from the Tax Increment Fund, including accrued interest. After all project costs of the TIF
District have been paid or at the time of the expiration of this Agreement, any funds remaining in
the Tax Increment Fund following the final annual accounting by the City shall be paid to those
taxing units participating in the TIF District in proportion to each taxing unit's share of the total
amount of Tax Inclement deposited into the Tax Increment Fund.
7. RESPONSIBILITY FOR ACTS.
The City and the Water District shall each be responsible for the sole negligent acts of
their officers, agents, employees or separate contractors. In the event of joint and concurrent
negligence of both the City and the Water District, responsibility if any, shall be apportioned
comparatively with the laws of the State of Texas, with the understanding that neither party
waives any governmental poweis or immunities or any other defenses available to each
individually.
8. NOTICES.
All written notices called for or required by this Agreement shall be addressed o the
following, or such other party or address as either party may subsequently designate in writing,
by certified mail, postage prepaid, or by hand delivery:
City:
City of Fort Worth
Attn: City Manager
1000 Throckmorton
Fort Worth, TX 76102
with copies to:
the City Attorney and
Housing and Economic Development
Director at the same address
9. NO WAIVER.
Water District:
Tarrant Regional Water District
Community & Government Relations Director
P.O. Box 4508
Fort Worth, TX 76164
The failure of either party to insist upon the perfot uance of any tern or provision of this
Agreement or to exercise any right granted hereunder shall not constitute a waiver of that party's
right to insist upon appropriate performance or to assert any such right on any future occasion.
10. VENUE AND JURISDICTION.
Tarrant Regional Water District Participation Agreement
Stockyards-Northsidc TIF
Page 4
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If any action, whether real or asserted, at law or in equity, arises on the basis of any
provision of this Agreement, venue for such action shall lie in state courts located in Tarrant
County, Texas or the United States District Court for the Northern District of Texas — Fort Worth
Division. This Agreement shall be construed in accordance with the laws of the State of Texas
11. NO THIRD PARTY RIGHTS.
The provisions and conditions of this Agreement are solely for the benefit of the City and
the Water District and are not intended to create any rights, contractual or otherwise, to any other
person or entity.
12. FORCE MAJEURE.
The parties shall exercise every reasonable effort to meet their respective obligations as
set forth in this Agreement, but shall not be held liable for any delay in or omission of
performance due to force majeure or other causes beyond their reasonable control, including, but
not limited to, compliance with any governmental law, ordinance or regulation, acts of God, acts
of omission, fires, strikes, lockouts, national disasters, wars, riots, maternal or labor restrictions,
transportation problems and/on any other cause beyond the reasonable control of either party.
13. INTERPRETATION.
In the event of any dispute over the meaning or application of any provision of this
Agreement, this Agreement shall be interpreted fairly and reasonably, and neither more strongly
for or against any party, regardless of the actual drafter of this Agreement.
14. CAPTIONS.
Captions and headings used in this Agreement are for reference purposes only and shall
not be deemed a part of this Agreement.
15. 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 City and the
Water District as to the matters contained herein. Any prior or contemporaneous oral or written
agreement is hereby declared null and void to the extent in conflict with any provision of this
Agreement. Notwithstanding anything to the contrary herein, this Agreement shall not be
amended unless executed in writing by both parties and approved by the City Council in the City
in an open meeting held in accordance with Chapter 551 of the Texas Government Code.
16. COUNTERPARTS.
This Agreement may be executed in multiple counterparts, each of which shall be
considered an original, but all of which shall constitute one instrument.
Tarrant Regional Water District Participation Agreement
Stockyards'Northsidc TIF
Page 5
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EXECUTED as of the later date below:
CITY OF FORT WORTH, TEXAS:
By:
TARRANT REGIONAL WATER
DISTRICT:
By:
Java vs)
Assistant City Manager
Date: ))//(/
ATTEST:
BY: f' I' Y
'Mary ser
City S �reiary
APPROVED AS TO FORM/LEGALITY:
Maleshianiler
Senior Assistant City Attorney
Contract Authorization
M&C Gnome; City Ordinance No.
21550-12-2014 (12/02/2014)
Tarrant Regional Water District Participation Agreement
Stockyards'Northsidc TIF
Page 6
Date:
L-Cia&
Victor Henders 1
President, Boars. of Directors
A /t8/‘
-7 /
ATTEST:
Name:
Title:
g LIOY16"
OFFICIAL RECORD
CITY SECRETARY
FT. WORTHS TX
Page 6 of 76
EXHIBIT "A"
CITY ORDINANCE NO. 21550-12-2014
Tarrant Regional Water District Participation Agreement
Stockyards'Northside TIF
Page 7
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ORDINANCE NO. 21812-08-2015
AN ORDINANCE APPROVING PROJECT AND FINANCING PLANS
FOR TAX INCREIIF.NT REINVESTMEN I' ZONE NUMBER FIFTEEN,
C'I T1 OF FORT WORTH, 1 EXAS (STOCKYARDS/NORTHSIDE TIE);
MAKING VARIOUS FINDINGS RELATED TO SUCH PLANS;
CLARIFYING TIIE POWERS OF THE BOARD OF DIRECTORS OF
THE ZONE; PROVIDING A SEVERABIIIT\ CLAUSE; AND
PROVIDING AN EFFECTIVE DATE.
WHEREAS, on December 2. 2014, the City Council of the City of Fort Worth (the
"City") established Tax Increment Reinvestment Zone I\umber Fifteen, City of Fort Worth,
Texas (Stockyards/Northside TIF) (the "Zone") pursuant to Ordinance No. 21550-12-2014 and
as authorized by Chapter 311 of the Texas Tax Code (the "Act"); and
WHEREAS, in accordance with Section 311.O11(a) of the Act, on July 15, 2015, the
Board of Directors of the Zone (the "Board") adopted a project plan and a financing plan for the
Zone, which is attached hereto as Exhibit "A" (collectively the "Plans"), and recommended that
the Plans be approved by the City Council, as required by Section 31 1.01 l (d) the Act:
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCII. OF TIIE
CITY OF FORT WORTH, TEXAS:
Section 1.
FINDINGS.
That the City Council hereby makes the following findings of fact:
1.1 The statements and facts set forth in the recitals of this Ordinance are true and correct.
Ordinance Approving Project and Financing Plans
Tat Increment Reinvestment Zone Number Fifteen. City of Fort Worth. I exas
Ordinance No. 21812-08-2015
Page 1 of 4
Page 8 of 76
1.2 That the Plans include all information required by Sections 31 1.01 1(h) and (c) of the Act.
1.3 That the Plans are feasible and the project plan conforms to the City comprehensive
plan.
Section 2.
APPROVAL OF PLANS.
That based on the findings set forth in Section 1 of this Ordinance, the Plans are hereby
approved.
Section 3.
DELIVERY OF PLANS TO THE TAXING ENTITIES.
That the Economic Development Department is hereby directed to provide a copy of the
Plans to the governing body of each taxing unit that taxes real property located in the Zone.
Section 4.
SEVERABILITY.
That if any portion, section or part of a section of this Ordinance is subsequently declared
invalid, inoperative or void for any reason by a court of competent jurisdiction, the remaining
portions. sections or parts of sections of this Ordinance shall he and remain in full force and
effect and shall not in any way be impaired or affected by such decision, opinion or Judgment.
Ordinance Appru' nu Project and 14'nanming Plans
Fax Increment Rein\cstment /one Number I ilteen. C it} of 1 ort Worth. Iexu,
Ordinance No. 21812-08-2015
Page 2 of -t
Page 9 of 76
Section 5.
EFFECTIF'�.
That this Ordinance shall take effect and be in full force and effect from and after its
adoption.
AND FL IS SO) ORDAINED.
D.
ADOPTED AND EFFECTIVE: Atolust 4. 12.01
APPROVED AS T() FOR\'1 AEI) LEGALITY
i-tir
N laleshia Farmer •
Senior Assistant City Attorney
NI&C: G-185�5
Ordinance Approving Project and Financing Plans
Tax Increment Rdnvestment Zone't.irnher Fifteen, City or Fort Worth. _Ails
CI SECRETARY
Mary T . yser
OrdiNance No. 2 i 81 ?-08-20 i S
Paze3of4
Page 10 of 76
Exhibit "A"
Ordinance Approsing Project and I Mat -wits" Plans
Tax Increment Rein estment Zone Number f itieen. ('tt\ or (ort \1 orth. Texts
Ordinance No
1812-08-2015
Page 4 of 4
Page 11 of 76
Tax Increment Reinvestment Zone Number Fifteen,
City of Fort Worth, Texas
(Stockyards/Northside TIF)
Project Plan and Financing Plan
Prepared for
The City of Fort Worth
July 15, 2015
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Tax increment Reinvestment Zone Number Fifteen,
City of Fort Worth, Texas
(Stockyards/Northside Tit)
Project Plan and Financing Plan
Table of Contents
I. Tax Increment Financing Overview
II. The Project Plan
3
5
A. Description of the Zone . ..... . 7
B. Proposed Changes to Current Ordinances and Codes . 7
C. Estimated Non -Project Costs 7
D. Method of Relocating Displaced Persons ......... 7
III. The Financing Plan .. 8
A. Economic Feasibility of the Zone. 9
B. Proposed Projects and Improvements. .. 11
C. Revenue Projections ... • .. ...................... ........ 12
IV. Summary of Project Costs and Financing ....................................... ........... 14
V. 'fables 16
VI. Exhibits .19
1. Map of Boundary . 20
2. Legal Description 21
3. Map of Existing Uses.... .29
4. Map of Property Values. . .30
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I. TAX INCREMENT FINANCING OVERVIEW
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I. TAX INCREMENT FINANCING OVERVIEW
Tax increment financing (` TIF") is a tool Texas local governments use to finance public
irnproy ements within a defined area. These improvements are intended to promote
development or redevelopment in the defined area and surrounding areas. The statute
governing tax increment financing is codified in Chapter 311 of the Texas Tax Code (the
"Tax Code '). Chapter 311 is often referred to as the Tax Increment Financing Act and it
allows municipalities to create "reinvestment zones" within which various public
improvements can be undertaken
A municipality makes an area eligible for tax increment financing by designating a
reinvestment zone. Essentially, for the City to initiate the designation of an area as a
reinvestment zone, the area must 1) substantially arrest or impair the sound growth of the
municipality- creating the zone, retard the provision of housing accommodations. or
constitute an economic or social liability and be a menace to the public health, safety,
morals, or welfare in its present condition; or 2) be predominately open and, because of
o bsolete platting, deterioration of structure or site improvements, or other factors,
substantially impair or arrest the sound growth of the municipality; or 3) be in a federally
assisted new community located in the municipality or adjacent to such property.
At the time an area is designated a reinvestment zone for tax increment financing, the
existing total taxable value of real property in the zone is identified and designated as the
"base value. ' All taxing units that levy taxes in the zone during the life of the TIF will
continue to receive the tax revenues derived from the "base value,"
As new development is added to the tax rolls within the TIF area, total assessed valuations
rise. This rise in new value is measured annually and is called the "captured appraised
✓ alue". The taxes that are collected by the participating taxing jurisdictions on the
incremental increase between the original ` base value ' and the current year's `captured
appraised value" is the "tax increment". Each taxing un't choosing to participate in the TIF
will agree to deposit a portion or all of the taxes generated from the "tax increment ' into a
TIF fund administered by a TIF Board that is appointed by the local taxing units.
The TIF Board uses the tax increment to make public improvements in the area to attract
private development that would not otherwise occur or that may not occur until a much later
date. Addit.onally, the TIF Board may enter into development agreements to participate in
new development or redevelopment
The TIF District ends on the earlier of 1) the termination date contained in the ordinance
e stablishing the zone or 2) the date on which all project cost have been paid in full. Any
revenues remaining in the TIF fund after the dissolution of the TIF are returned pro rata to
each participating taxing unit.
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II. THE PROJECT PLAN
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II. THE PROJECT PLAN
The City Council recognizes the historical and economic importance of the Fort Worth
Stockyards and surrounding neighborhoods, the growth and vitality of which is impeded by
inadequate infrastructure and pockets of persistent blight, and is committed to the
preservation and enhancement of the Greater Stockyards Area through strategic investment
and the attraction of compatible development.
The Project Plan of the TIF is intended to address certain challenges that are common to the
area encompassed by the TIF through public improvements that may include, in general,
road improvements, rail crossings or overpasses, public water and sewer line improvements,
demolition and environmental remediation, streetscaping and pedestrian improvements,
public parking infrastructure, and certa-n public amenities.
In general; the TIF Plan contemplates that prospective developers of properties located
within the TIF may fund portions of public infrastructure associated with development
opportunities utilizing financial support from the TIF Board through development
agreements that provide for reimbursement of eligible expenses for these developments. It is
also anticipated that the TIF Board may undertake certain public improvement projects once
sufficient tax increment is available in an effort to further enhance the area, thereby making
it more attractive to new development and redevelopment.
Projects will qualify for assistance by the use of TIF funds if those projects meet at least one
of the criteria outlined below. Qualifying for assistance does not mean that the project will
automatically receive TIF assistance. Only projects in which the TIF Board has approved
participation by the use of TIF funds through a development agreement will receive
assistance.
•
•
•
•
•
•
•
Mixed -use (within a single building)
Projects that lead to direct job creation
Adaptive reuse of an existing building
Transit -oriented development
Board -approved streetscape improvements
Redevelopment along major commercial corridors
Historic preservation or restoration
Ttanspoitation improvements that substantially enhance the accessibility of and
mobility within the area
Mixed -income housing
Board -approved public amenities (for example, public plazas, impiovcd public access
to public areas such as Marine Creek, or gateway enhancements at prominent
locations along major corridors)
Creates or improves pedestrian linkages.
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A. DESCRIPTION OF TIIE ZONE
The reinvestment zone outlined by this Project Plan and Financing Plan ("the Plan") is
located in the northern area of Fort Worth, Texas and encompasses property that is generally
bounded by Northwest 30`" Street on the northernmost boundary, Interstate Highway 35
Frontage road on the easternmost boundary, North Grand Avenue on the southernmost
boundary, and Clinton Avenue on the westernmost boundary. This area includes major
intersections such as N. Main & 28° St. and N. Main & Northside Dr. and it includes the
Historic Fort Worth Stockyards district.
A map of the boundary and the legal description of the area are contained in exhibits at the
end of this document, as are maps of the existing uses and property values.
B. PROPOSED CHANGES TO CURRENT ORDINANCES AND CODES
It is anticipated that the City of Fort Worth will establish an urban design district or adopt a
similar ordinance affecting zoning or building form ("design standards") to ensure that new
development in the Stockyards area is compatible with existing architecture and that the
historic western character and heritage of the Fort Worth Stocicyards is preserved. While
viewed as consistent with the aims of the TIF, the establishment of design standards within
the zone is not prompted or necessitated by the establishment of the TIF.
C. ESTIMATED PRIVATE INVESTMENT (NON -PROJECT COSTS)
Private investment of up to $185 million is anticipated to occur in one area of the zone in
association with the Fort Worth Stockyards Heritage Project. It is estimated that additional
private investment, spurred by the creation of the TIF District and the planned project, will
reach approximately $200 million over the 20-year term.
D. METHOD OF RELOCATING DISPLACED PERSONS
No person shall be displaced as a result of implementing the Plan.
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III. THE FINANCING PLAN
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A. ECONOMIC FEASIBILITY OF TIW ZONE
Increased Tax Base
The following economic impact analysis is based on anticipated development plans \within
the proposed TIF district and the opportunities that exist to capture tax increment due to a
significant number of low appraised values in the area.
The success of any TIF is predicated on the increase in value of the appraised real property
so that tax increment may bc. captured. This tax increment can then be used to make
infrastructure improvements in an effort to attract new growth and in this particular case,
promote rode\ elopment opportunities_ With that in mind, initiating this Z IF zone in 2014 is
important so that the TIE District can be in place to assist and enhance planned private
investment that may begin as soon as 2015. The Fort Worth Stockyards Heritage Project,
which may one day encompass more than 1 million square feet of mixed -use redevelopment
and new development has the potential of serving as a catalyst that may initiate the
redevelopment of the overall area. Creation of the TIF zone will provide a tool that will lend
support to the catalyst project as well as provide impetus to the private sector to invest in the
area The planned project as well as discussions concerning other potential development in
the area will ensure the TIF District's success by providing needed increment from which
projects can be funded to further support overall redevelopment This will not only enhance
the success and impact of new development in and near the Historic Fort Worth Stockyards,
but will enable public improvements that can support the cultivation of new development
)pportunities at sites that are presently plighted, challenged by inadequate infrastructure or
that have experienced suppressed property values
With the designation of the proposed 925-acre TIF, it is anticipated that the area within and
surrounding the TIF will experience certain increases in value as the project improvements
are completed Potential development is expected to include commercial, retail, restaurants,
entertainment, and residential uses With regard to the revenue projections that have been
developed for this plan, a 1.5 percent annual growth rate has been utilized for the initial four
dears which then accelerates to a 2.5 percent annual growth rate for the remainder of the TIF
Additionally, an approximate $147 pillion in improvements to properties currently
identified as being favorably positioned for new development have been incorporated into
the projections. It is also anticipated that within the twenty -sear term, the TEE' will be
capable of supporting additional major development similar to that which is currently
planned by the Fort Worth Stockyards Heritage Project. The incremental value of such
development has been incorporated into the projections for the TIF.
As a resift of the anticipated improvements described above, it is estimated that the TIF'
increment will generate approximately $40 million if the City, County, Tarrant Regional
Water District and Tarrant County College District each choose to participate by designatinj✓
50% of their tax increment.
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Increased Retail and Commercial Business
Based on current land uses and potential investment, the TIF will develop with
appi oxirnately 123 acres of the developable area becoming new or redeveloped mixed -use,
retail and commercial business
in. Employment Opportunities
In addition to the jobs created during construction of the project improvements, it is expected
that the future development of the zone resulting from the private project improvements will
generate a wide variety of additional emplo}ment opportunities.
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R. PROPOSED PROJECTS AND IMPROVEMENTS
The redevelopment within the Stockyards/Northside TIF will consist of a combination of
public improvements and private investment projects. These improvements will provide a
*foundation for development" to encourage and support the long-term public needs of the
neighborhood and secure mixed -use, economic growth opportunities in the Greater
Stockyards Area.
t. Initial Improvements
The initial improvements contemplated in the Stockyards/Northside TIF include public
infrastructure (e.g. water, sewer; drainage, roads, sidewalks, etc) associated with mixed -use
and commercial development In addition, demolition, environmental remediation. and all
expenses allowable under the Tax Increment Financing Act are contemplated as needed for
areas of the TIF zone identified as ripe for new or redevelopment.
The improvements undertaken by the TIF will support eligible Board -approved projects as
listed in the Project Plan and will include, but not be limited to the types of improvements
described below
•
•
Road and Access Improvements - Street, traffic, utility, drainage and other public
infrastructure projects within the TIF boundaries, including projects that improve
access to and from the TIF area, such as rail crossings or rail overpasses.
Public Infrastructure Improvements - Public water and sewer line improvements,
electric utility improvements, demolition and environmental remediation projects
within TIF boundaries.
• Streetscaping and Pedestrian Improvements — Landscaping and sidewalk
improvements, installation of pedestrian lighting, benches and wayfmding signage as
well as other improvements 1,vithin the public right-of-way that enhance the pedestrian
experience.
•
Public Parking Infrastructure (surface or structured) — Construction of new parking
facilities or improvements to existing parking facilities that dedicate spaces for use by
the general public.
Public Amenities - Improved public access to or public use of Marine Creek, gateway
tmpiovements at key entry points of the Greater Stockyards Area, public plazas or
similar public improvements that support development and redevelopment within TIF
boundaries
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® Demolition and Environmental Remediation — Demolition of existing structures or
improvements at, above or below grade in association with Board -approved projects as
listed in the Project Plan and site improvements that address existing conditions that
pose concerns to the environment or public health.
Historic Facade Preservation and Restoration — Improvements to the exterior facade of
buildings that are designated (i) Historic Significant Endangered (`HSE') or (u) as
Historic and Cultural Landmark ("HC") by the City or, as a condition precedent to
receipt of funding, will be designated as such upon completion of the designation
process.
o Administrative Expenses
ii. Future Improvements
There are no future projects contemplated during the term of the TIF. However, the City
Council reserves the right to consider amendments to the Plan if subsequent projects are
identified by the TIF Board as appropriate and eligible for tax increment funding
in. Economic Development Program Grants (Chapter 380 Agreements)
The Board is authorized to enter into economic development program grants pursuant
to Chapter 380 of the Texas Local Government Code ( `Chapter 380 Agreements") for
projects located within the boundaries of the TIF as authorized by and in accordance
with Section 311.010(h) of the Texas Tax Code, if one of the following two criteria is
met:
• The Chapter 380 Agreement supports a project that will utilize Federal
and/or State historic tax credits and the financing of the project is
demonstrated to be contingent on the use of those credits; or
• The Chapter 380 Agreement supports a project that is located on a
property owned by any of the taxing entities participating in the TIF.
C. TAX LNCREMENT REVENUE PROJECTIONS
Bonded Indebtedness
No bonded indebtedness is expected to be incurred with respect to any of the project
improvements
11. Projection of Revenues
12
Page 23 of 76
This section outlines the estimated zone tax increment. The zone tax increment will depend
on many factors, including (a) the base value of real property in the zone subject to property
tax; (b) captured appraised value; (c) annual growth of the zone's taxable real property
(which largely depends on private growth within the zone); (d) participation by tax units; (e)
tax rates; (f) collection rates; and (g) the term of the zone. Each of these factors is discussed
in turn
(a) Taxable Appraised Value for 2014 (the Base Value). Table 1 sets forth the
total taxable appraised value of property in the zone (estimated to be $171,822,838), which
is anticipated to he the zone's base value.
(b) Captured Appraised Value. Table 1 sets forth the estimated total appraised
value of property in the zone over the life of the TIF (estimated to be approximately
$808,347,140 in year 2034).
(c) Expected Annual Growth of the Zone's Taxable Real Property. The estimated
captured appraised value (thus reflecting estimated growth of real property taxable values) of
the zone for each year of its existence and the estimated tax Increment to be generated
annually in total and from each taxing entity is outlined on Table 1.
(d) Participation by Tax Units. Although each taxing entity has not agreed to a
specific level of participation, the financial projections set forth in the Plan anticipates that
the City of Fort Worth, Tarrant County, Tarrant County College, and Tarrant Regional Water
District will participate in the zone, by contributing fifty percent (50%) of each entity's tax
increment with respect to the zone.
(e) Projected Tax Rates. Property tax rates are assumed to remain constant.
(0 Projected Collection Rates. The Plan assumes a one hundred percent (100° o)
collection rate.
(g) Term of the Zone. The term of the zone will be 21 years, expiring on
December 31, 2035, beginning with that zone tax increment generated by the 2015 tax
appraisal and ending with that zone tax increment generated by the 2034 tax appraisal.
iii. Estimated Payment of Project Costs
Based on the assumptions and estimates set forth in the information above, it is expected that
the zone tax increment will bc, sufficient to pay in full all project costs (including interest).
iv. Tax Exemptions Issued by Participating Taxing Entities
13
Page 24 of 76
All taxing entities that participate in the zone shall retain the right to grant tax exemptions as
permitted by applicable law to properties located in the zone for purposes including but not
limited to 1) historic preservation and restoration and 2) homestead exemptions. This shall
not include any form of' tax abatement or grant of tax funds collected by either of the
participating taxing entities without pi for approval by the TIF Board pursuant to Section
311.013(f) of the Texas Tax Code
14
Page 25 of 76
IV. SUMMARY OF PROJECT COSTS
AND FINANCING
15
Page 26 of 76
•
IV. SUMMARY OF PROJECT COSTS AND FINANCING
A. Anticipated TIF Projects
• Road and Access Improvements*
(Stree , traffic, utility, drainage and other public infrastructure projects
within the TIF boundaries, including projects that improve access to and
from the TIF area, such as rail crossings or rail overpasses)
Public Infrastructure Improvements *
(Public water and sewer line itnpt netnews, electric utility
improvements. demolition and environmental remediation projects
within TIF boundaries).
• Streetscaptng and Pedestrian Improvements *
(Landscaping and sidewalk improvements, installation of pedestrian
lighting, benches and wczvfinding signage as well as other improvements
within the public right-of-way that enhance the pedestrian experience )
• Public Parking Infrastructure *
(Construction of new parking facilities or improvements to existing
parking facilities that dedicate spaces for use by the general public.)
Public Amenities
(Improved public access to or public use of Marine Creek gateway
improvements at key entry points of the Greater Stockyards Area, public
plazas or similar public improvements that support development and
redevelopment within TIF boundaries.)
• Historic Facade Preservation and Restoration
(Improvements to the exterior fczgade of buildings that are designated (i)
Historic Significant Endangered ("HSE') or (ii) as Historic and
Cultural Landmark ("HC") by the City or, as a condition precedent to
receipt of funding, will be designated as such upon completion of the
des gnation process.)
•
Administrative Expenses
TOTAL PROJECT COSTS
B. Anticipated TIF Revenues
• City of Fort Worth
• Tarrant County
• Tarrant County College District
• Tarrant Regional Water District
TOTAL REVENUE
$ 15,000,000
$ 14,000,000
$ 3,500,000
$ 3,500,000
$ 2,500,000
$ 1,000,000
$ 500_000
$ 40,000,000
$ 26,897,248
$ 8,305.115
$ 4,703,086
$ 629_ 175
$ 40,534,624
• Project costs assume interest associated with reimbursement for public improvements.
Note The amounts outlined below are strictly estimates and do not serve as caps on any specific area. Eligible project
costs not outlined above may be funded on a specific project as approved by the TIF Board.
16
Page 27 of 76
V. TABLES
17
Page 28 of 76
TABLE 1. TIF PROJECTIONS
PROJECTIONS - Stockyards TIF
Profortrei
4 2015 201 2017 201 20 9 2021 2022 2023
Base roar 1 Year ,I Year 3 Year 4 Year 5 Year 6 Year 7 Yeatr 8; , tro3t_
TAXABLE VILLA! (Including vaksation to:Teases)
C1ty al Fort Worth
Hospital District
TRWD
Tarrant Camay
h, Peirtra4 Chow /tom Prior Yew
Fstlar ed aid Residertial Woe (prog.md inr.io dawns)
Estimated added Commercial Value (err pro}eclsy
Estimated Added Commercial Va:ue (projected ed im9invr. rent
$171,622,6313 174,400,18i 202137 204044425 243,12Z.222 249,.254951 254507,989 269,344605 33u1 '1,718 359,651,4Z8
$171.622,835 174,400,1dt 2102016r163 ,704 4R5 243,12 122 249,264,954 255507,9189 259,340,800 353,.330,718 358691.426
$171,522,836 174,40 .1®1 2017016183 205044426 243.122.122 249,24954 2.5'3,20'7,9t$9 21E9,3 4605 353,3m)7:9 364681,429
$171,622,630 174,400,181 M22,014 133 205,044425 243,122,122 249,2a4554 255,507, 9 103 (6 3 353 AM 718 35459 ,423
$171,622,838 174,400,181 014123 201044426 .744122122 N9,264954 255,.507. 269,, 40,603 3.53;380,713 3368,6.41,421?
LSO% 15,03% I.50% le.57% 2._3% 2.50% 5.41% 31.20% 433%
25,000,000 35,000,000
StTQ,or;0 54)A,O I 7,C`C?,oul 3,00O 000 2,060,0
65.000.000
2,CD6,!)Qu 21100,1)00 0,000,000 12,000,000 0.000,000
TAX INCREMENT VALUE INCLUDING ESTIMATED ADDED VALUES
CRY y Fat With 2,577,343 30,193,345 32223,553 3 71,.c 9,234 77, 115 ,63855,151 97;517,770 131.557,8110 156;6 0 590
fireg sil'D15Arkt 2577,143 34193,345 J3,223,.583 72,299,284 77,444116 50,685,151 97,517,770 181,557,810 154854590
TOLD 2577,343 34192345 31221.= 71,159.254 77,441115 83,695,151 97,517,7/0 181,557,880 1,115,853,.590
TRW) 2577,343 34193,345 33223.522 71,299,2E4 77,444116 3J.683151 97;517,720 131,557,880 1948,5507
Tarrant County 2 577,143 30,193,345 33,72471,299,.254 77,E 116 83,685151 97,,517,2 0 18L5J`7,880 196,359,390
REVENUES Partichuttk
City or Fort Worth 50% 11,018 129077 142031 364,456,6 334032 337,25 414835 776,150 341,570
Hospital District
TCCD SO% 1,927 .7..2' S7i7 24,935 53236 57,891 52;555 7Z895 135,715 147,152
TRIPOD 258 3,019 3,322 7,137,745 3,369 9,752 1$155 19,495
Tarrant County SD% J,4a2 Adis 43;855 89,115 102,229 114454 124723 239,55S 259,353'
REVENUES FROM PARTICIPATING ENTITIES 14,105 194521 214043 494947 151,142 iivis2s9 1...I0,41+$7 3.U&261
Werra Gdierated
Page 29 of 76
PROJECTIONS a Stockyards TN
TAXAILE VALUE (!MILD rot) ratuatlon 11ffe3ses)
Qty of Fed Warta 464,2(1,650 481,174114 504392,447 54901334 57:.25,494 5 9,S2$.346 613671,711 700„ 771a;847 74, 9(53J 7$4622,7?o .1,344RO ; teems826
Hovel 0;strxi 4601,650 481,1A4,V4 W3,392447 520,90334 5, 257,484 599,d24346 614 673,741 200,374047 715,5 4,5;0 10464M 6E1„547,l4C1; MS M);
TCCC 464,224656 4d1,l7$&'4 503,392,447 £V,943,134 571,257484 S16,346 61,4673.741 7t)0,.377847 713, 536 794tS2Z7S3 5:11.347,140 128,8.15
TRWD 464,211,650 481,11,4,524 503,,3Z447 524943,114 574257,4m 5999,926,346 613,6.7741 7100,,379, 47 775,1184.5.V 7346i 2,798 cri4,3{7,140 2aTolgo
Tarrant Canty 46,4211,650 451,1?N,824 5!J,.192,447 520,943 34 574257434 59,S25,346' 61.4673,'4: A7,,37$547 715,8(530 7422795 Mr,,3u7,t4t?- ASP,'
291s; JESTS 4.6.E 349% 9.66% 3.25r5 4.0445 141?"s 2.219.; 9,154z ?'4"- rim
10:. 0.000 .2,000,000 3,00'J,Ctit 1,M,00C I,000,00A 2,O00,000 3,000,01 2,0)0,L i I,000,COO 2,7t'0,000 3,0040.10
4,000,0c 5,000,090 12.000,000 8,000,000 41,500,000 e,00Q0O0 1 2,oneo 75,500,000 4,000,C00 53,000,000 12100,000
Tuetatutioe
OtyPerceit Ounpe from Au* Year
ESM3tel Mem i VL•:rr (p'a,30ed uripzieetwrlerZ)
fSt!mat+d AdOM Caem eroSI Vakie (known (ro5I'1 )
ESC+ n ±d MOM Caoxmcai Yi4ue r.9ro?ett"-A1 ar !prams' tr'S;
TAX INCREMENT VALUE INCLUDING ESTIMATED ADDED VALUES
Oly0tfonWOrth 242,33&812 ?09,351,5 331 %&19 3-15U20,4% 39943:,644i 4te,OLV,S08 441,852.9Gt`
MOW lba 292,398,812 .309,35(,se6 331,5690.i4W0,l5 199,4?f,646 418,003,5051 441,853903
TCC0 2yS1t1,385512 . M, 351,56 331,569,659 ''43110,,44916, 399,434,6546 41R,Q7r549 �44:,d5?,913
TRWD .:92.33S5V 3(V 1,]* 331,569,6U9 349,12t/496 399,01,646 418,407,5 S 4'J55gs
Nowt Ckutty 314,38.t+E12 :119,354 95 J34569,609 349,12t7, 4:'S 399,4)4,6W6 418,t SGd 441,1 k13
REVENUES PatEici0iden
Ora Fat Wu, 504
twat DAM
*CM
TRYW
'W M* Ccu!y
REVENUE; FROM PART1C1PATIM6 ENTITIES
!rtInt5i Mt!
1L... L.II11. "
50%
.5195.54009 544,04692 604799,960 m,, -24'w
52P.SS6,CO9 544,061,692 609,7951,960 : 36, :4:JO:*
529,5T6.009 544,,061,692 609,799,.560 ;rD,..5.143..2
52e,5S V9 544,A61,1SV 60.4 /KW FA:rr4.n .
5.78,535,009 544,01.6-02 549,799 t, t6 5: u, AZ?'
OVIZAV
6V474,1116
42 9,9t2 1,344$0 1,417,430 1,49,Z490 4707,511 47195,955 LSS$,913 2,,,29a-,5Z1 2, V i 864 Z506,$ 2711,141 r,,,3,
214561 23!,241 .47,60 ,xiiaswe .?e,5'7 311,,458 330,284 395,05t5 45,,6616 454825 4:�.&'' 4goat
29,239 Al915 33,157 34,912 39,543 41,800 44,155 gm 54,406 60,SW e3,e,97 6073
Af,917 404345 477,6.7 450,817 527254 551,765 533,243 697,654 714161 80f,9* 541,22 MOO
1, 7.15 1,111114000 2.134137 2241,7119 2,5743,18 Z0Z $ Z110,624 3,5222 3.34X117 .3(424,931 uoeGaar' 434111.2
lY ,
1 A 1
1 1 P ; . 1
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Page 30 of 76
VI. EXHIBITS
20
Page 31 of 76
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Page 32 of 76
EXHIBIT 2
LEGAL DESCRIPTION OF THE TIF
A tract of land out of the J. Baugh Survey, Abstract No. 115, the J Thomas Survey, Abstract No.
1526, the M E Jobe Survey, Abstract No. 886, the W.M. Gra} Survey, Abstract No. 635, the M.
Roddy Survey, Abstract No. 1370, the S. Gilmore Survey, Abstract No. 580, the S. Gilmore Survey,
Abstract No. 590, the S.K. Smith Survey, Abstract No. 1417 and the E. Little Survey, Abstract No.
954 and being more particularly described by metes and bounds as follows:
Beginning at the intersection of the east right-of-way line of Clinton Avenue and the north right-of-
way line of Grand Avenue, the most southerly corner of Lot 6A, Block 60, North Fort Worth
Addition according to plat recorded in Volume 388-146, Page 6, Plat Records of Tarrant County,
Texas;
I hence: bearing roughly North 40 degrees West, about 3,308.0 feet to the southerly right-of-way
line of N.W. 16Street;
Thence: bearing roughly North 50 degrees East with said right-of-way, about 113.0 feet to its
intersection with the south right-of-way line of 20T' Street;
Thence: with said right-of-way line, EAST about 287.0 feet to the east right-of-way line of llouston
Street;
Thence: with said right-of-way line NORTH, about 2,619.0 feet to its intersection with the north
right-of-way line of 2411 Street, the southwest corner of Lot 56, Block 19, Exchange Subdivision of
Blocks 18 & 19, M.G. Ellis Addition according to plat recorded in Volume 204, Page 69, Plat
Records of Tarrant County, Texas;
Thence: with said right-of-way line WEST, about 386.0 feet to its intersection with the east right-of-
way line of Clinton A\ enue, the southwest corner of Lot 72, Block 18 of said Subdivision,
Thence with said right-of-way line, NORTH about 2,780.0 feet;
Thence continuing with said right-of-way line, bearing roughly North 15 degrees West, about
1,289.0 feet to its intersection with the south right-of-way line of 3011 Street, the northwest corner of
Lot 13 Block 69, M.G. Ellis Addition according to plat recorded in Volume 63, Page 19, Plat
Records of Tarrant County, Texas;
Thence EAST, about 1,495.0 feet to the east right-of-way line of North Commerce Street,
Thencebearing roughly North 15 degrees West, about 663.0 feet to its intersection with the south
right-of-way line of 31 ` Street, the most westerly corner of Block 7, Fort Worth Stockyards
Company Addition, according to plat recorded in Volume 388-A, Page 111, Plat Records of Tarrant
County, "Iexas;
Thence: EAST, about 360.0 feet to the east right-of-way line of North Calhoun Street;
22
Page 33 of 76
-thence. with said right-of-way line, bearing roughly North 15 degrees West, about 630.0 feet to the
northwest corner of said Block 7 lying on the south line of Block 82R, Fostepco ILeights according
to plat recorded in Volume 388-51, Page 43, Plat Records of Tarrant County Texas;
Thence: EAST. about 321 0 feet to the west right-of-way line of the Burlington Northern & Santa Fe
Railroad right-of-way,
Thence: southeasterly, with said right-of-way line about 1,182 0 feet
Thence. bearing roughly North 63 degrees Fast, about 289.0 feet to a point lying on the east right-of-
way line of the Union Pacific Railroad, the westerly line of Lot 8, Block 100, Fostepco Heights
Addition according to plat recorded in Volume 204-A, Page 126, Plat Records of Tarrant County,
texas,
Thence: southeasterly with said right-of-way line, about 482 0 feet to the southwest corner of Lot 6,
Block 100 of said Addition. the northwest corner of Lot 7 of said Addition.
Thence. with the common line of said Lots roughly EAST . about 112 0 feet to the west right-of-way
line of Terry Street,
Thence: with said right-of-way line SOUTI I. about 142 0 feet.
Thence: departing said right-of-way line EAST, about 1,961.0 feet to its intersection with the east
right-of-way line of ILays Street;
Thence: bearing roughly NORTII with said right-of-way line about 450.0 feet to its intersection with
the south right-ofway line of 30Th Street;
Thence. with said right-of-way line EAST, about 27 0 feet to its intersection with the west right-of-
way line of Burlington Northern & Santa Fe Railroad;
Thence: northeasterly with said right-of-way line about 1,152 0 feet;
Thence: EAST, about 210 0 feet to the east right-of-way line of said railroad;
Thence: southwesterly with said right-of-way line about 1,525.0 feet to the southwest corner of Lot
10. Block 101 of said Fostepco I Ieights Addition;
Thence: departing said railroad right-of-way line bearing northeasterly about 150.0 feet to the west
right-of-way Tine of Decatur Avenue, the southeast corner of said Lot 10,
Thence: with said Decatur Avenue right-of-way line southeasterly about 975 0 feet,
Thence departing said right-of-way line bearing roughly EAST. about 1,581.0 feet to the southeast
corner of Lot 14, Block 6, Moody Addition according to plat recorded in Volume 204, Page 17, Plat
Records of Tarrant County, Texas;
23
Page 34 of 76
Thence: with the east line of Block 6 of said Addition bearing SOUTH, about 50.0 feet;
Thence: bearing roughly EAST, about 225.0 feet to the east right-of-way line of Oscar Street, the
southwest corner of Lot 15, Block 5 of said Moody Addition;
Thence: with the east right-of-way line of said Oscar Street bearing roughly NORTH, about 306.0
feet to its intersection with the south right-of-way line of Loraine Street, the northw.est corner of Lot
10 of said Block 5;
Thence: with the south right-of-way line of Loraine Street bearing roughly EAS`I, about 117.0 feet
to the northwest corner of said Lot 10 lying on the west line of an alley;
Thence with the west line of said alley bearing roughly SOUTH, about 353.0 feet to the southeast
corner of Lot 16 of said Moody Addition;
Thence: bearing roughly EAST, about 1,387.0 feet to the east line of an alley in Block 1 of said
Addition, the northwest comer of Lot 2
Thence: NORTH, about 50.0 feet to the northwest corner of Lot 3 of said Moody Addition;
Thence: bearing roughly EAST with the common line of Lot 3 and Lot 4 about 200.0 feet to the east
right-of-way line of Deen Road;
Thence: with said right-of-way line bearing roughly NORTH, about 779.0 feet;
Thence: hearing roughly North 45 degrees East, about 14.0 feet to the south right-of-way line of
Dewey Street, the northwest corner of Lot 1R1, Block 1, United Service Center Addition according
to plat recorded in Volume 388-140, Page 35, Plat Records of Tarrant County, Texas;
Thence: bearing roughly EAST, about 1,160.0 feet to the westerly right-of-way line of Interstate
Highway No. 35 (North Freeway), the northeast corner of Block 14, Darren Addition Third Filing
according to plat recorded in Volume 388-6, Page 60, Plat Records of Tarrant County, Texas,
Thence southwesterly along said right-of-way line about 1,110.0 feet to the northerly right-of-way
line of 2811' Street
Thence: SOUTII, about 115.0 feet to the south right-of-way line of said 2811 Street, the northeast
corner of Lot 1, Taylor & McBrayer Subdivision according to plat recorded in Volume 388-F, Page
77, Plat Records of Tarrant County, Texas;
Thence: southeasterly about 36.0 feet;
Thence: southeasterly about 55.0 feet to the east right-of-way line of Warfeld Street, the northwest
corner of Lot 54, of said Addition;
Thence: with the south right-of-way line of said 28T Street bearing EAST, about 185.0 feet to the
west right-of-way line of said North Freeway:
24
Page 35 of 76
Thence southeasterly about 320 0 feet to the northeast corner of Lot 1, Block 1, Lonestar Forklift
Addition according to plat recorded in Cabinet A. Slide 12844, Plat Records of Tarrant County,
Texas.
Thence hearing roughly SOUTH, about 784 0 feet to the northeast corner of Lot 1, Block 1,
McCann Addition according to plat recorded in Cabinet A, Slide 10865_, Plat Records of Tarrant
County, Texas, lying on said North Freeway right-of-way line:
['hence. WEST, about 259.0 feet to the east right-of-way line of Cold Springs Road, the northwest
corner of said Addition,
Thence: bearing roughly South 10 degrees West, About 70 0 feet to its intersection with the east line
of a T.E S Co. right-of-way per deed recorded in Volume 1520, Page 363, Deed Records of Tarrant
Count), Texas;
Thence. bearing roughly SOUTH., about 837 0 feet to the north right-of-way line of Fort Worth Belt
Railroad Co. per deed recorded in Volume 119, Page 407, Deed Records of Tarrant County-, Texas;
Thence. southwesterly about 240.0 feet to the southwest corner of that certain tract of land conveyed
to Trinity Industries, Inc. according to deed recorded in Volume 6181, Page 563, Deed Records of
(arrant County, Texas lying on the east right-of-way line of said Cold Springs Road;
Thence: bearing roughly North 29 degrees East about 259 0 feet to an angle point of said right-of-
way:
Thence: bearing roughly NORTH about 174.0 feet to the intersection of the east right-of-way line of
Warfield Avenue and the west right-of-way line of Cold Springs Road;
Thence: bearing roughly NORTH with the east right-of-way line of said Warfield Street about 840.0
feet to its intersection with the north right-of-way line of Warwick Street, the southwest corner of
I.ot 42 of said Taylor & McBrayer Subdivision,
Thence WEST, about 180 50 feet to the intersection of the east right-of-way line of Sterling Street,
the southwest corner of 1,ot 13 of said Subdivision;
Thence: with said right-of-way line, NORTH about 600.0 feet
Thence: bearing roughly WEST. about 1,551 0 feet along the north right-of-way line of Salisbury
Avenue to the west right-of-way line of Hale Avenue_ the southeast comer of Lot 8, Block 25.
Diamond Ilill Addition according to plat recorded in Volume 388, Page 21, Plat Records of Tarrant
County, Texas;
Thence. with the west right-of-way line of Hale Avenue SOUTH, about 300.0 feet to its intersection
with the north right-of-wa} line of Orion Avenue. the southeast corner of Lot 10_ Block 25 of said
Addition,
Thence: with said Orion Avenue right-of-way line WEST, about 1,225 0 feet to the southwest corner
of Lot 17, Block 8 of said Diamond Hill Addition:
25
Page 36 of 76
Thence. bearing roughly South 45 degrees East about 67.0 feet to the south right-of-way line of said
Orion Avenue; the northwest corner of Lot B, Block 9 of said Addition abutting Trail Drivers Park;
Thence: bearing roughly South 21 degrees West, about 439.0 feet to the southwest corner of Lot 12
of said Block;
Thence: bearing roughly North 57 degrees West, about 994.0 feet to the southeast corner of Lot 12,
Block 5 of said Addition;
Thence: bearing roughly South 81 degrees West, about 110.0 feet to the northeast corner of Lot 11,
Block 5 of said Addition,
Thencebearing roughly South 85 degrees West, about 120.0 feet to the east right-of-way line of
Decatur Avenue, the southwest corner of Lot 12, Block 5 of said Addition:
Thence: bearing roughly North 58 degrees West, about 64.0 feet to the west right-of-way line of
Decatur Avenue, the southeast corner of Lot 2A1, Block 2, Fort Worth Stockyards Company,
according to plat recorded in Volume 388-A, Page 111, Plat Records of Tarrant County, Texas;
Thence. with said Decatur Ave right-of-way line bearing roughly South 6 degrees East, about 506.0
feet;
Thence: bearing roughly SOUTH, about 975.0 feet to the north right-of-way line of Fort Worth Belt
Railroad right-of-wa}, the southeast corner of Tract 10, Abstract 954 of the E Little Survey as
conveyed to DFW K & H Real Estate, LLC per deed recorded at Instrument No. D206009372, Deed
Records of Tarrant County, Texas;
Thence: bearing roughly North 82 degrees East, about 54.0 feet to the east right-of-way line of said
Decatur Avenue, the southwest corner of Lot 2A, Block 4 of said Diamond Hill Addition;
Thence: bearing roughly North 72 degrees East, about 134.0 feet to the southwest comer of Lot 31,
Block 3 of said Addition:
Thence: NORTH, about 115.0 feet to the northwest corner of said Lot 31;
Thence: bearing roughly North 88 degrees East, about 125.0 feet to the northeast corner of said Lot
lying on the west right-of-way line of Peak Street;
Thence: bearing roughly South 47 degrees East, about 79.0 feet to the southwest corner of Lot 2,
Block 4 of said Diamond Hill Addition lying on the east right-of-way line of Peak Street and the
north right-of-way line of said Fort Worth Belt Railroad;
Thence_ northeasterly along said railroad right-of-way line about 3,182 0 feet to a point lying on the
approximate survey line of the E. Little Survey, Abstract No. 954 and the S.K Smith Survey,
Abstract No. 1417 and lying on the southerly line of Lot 12, Block 40 of said Diamond Hill
Addition;
26
Page 37 of 76
Thence hearing roughly SOUTH, about 103 0 feet to the south line of said Fort Worth Belt Railroad
right-of-way lying on the north line of Lot 4: Block 1, Corbett Industrial Addition according to plat
recorded in Volume 388-216, Page 4, Plat Records of Tarrant County, I exas,
Thence: southeasterly with said right-of-way line about 562.0 feet to the west right-of-way line of
Cold Springs Road, the northeast corner of said Addition;
Thence. southwesterly along said west right-of-way line about 1,541.0 feet to the north right-of-way
line of Northside Drive, the southeast corner of Lot 2, Block 1, Delta Industrial District according to
plat recorded in Volume 388-45. page 68, Plat Records of Tarrant County, Texas;
Thence: southwesterly along said right-of-way line curving to the left with a radius of 624.36 feet,
an arc length of 431.52 feet to the south« est corner of said Lot;
Thence: bearing roughly North 10 degrees East, about 469 50 feet along the westerly line of said
Delta Industrial District plat to the southeast corner of Lot 1 Block 2, Delta Industrial District
according to plat recorded in Volume 388-168, Page 59, Plat Records of farrant County, Texas,
Thence. hearing roughly North 76 degrees West, about 1.177.0 feet to the southwest corner of said
Lot and Block;
Thence: bearing roughly North 12 degrees East, ahout 681.50 feet to the south right-of-way line of
Brennan Avenue, the northwest corner of said Lot 1, Block 2;
Thence: bearing roughly North 72 degrees West along said right-of-way line about 155 0 feet to the
northeast corner of Lot 2, Block 47, Diamond Hill Addition according to plat recorded in Volume
388-209, Page 55, Plat Records of Tarrant County, Texas;
Thence: bearing roughly South 12 degrees West; ahout 547.50 feet to the southeast corner of Lot 2
of said Addition at an ell corner of Lot 1, Block 1 Brennan Avenue Service Center Addition
according to plat recorded in Cabinet A, Slide 835, Plat Records of Tarrant County, Texas:
Z hence: hearing roughly North 80 degrees West, about 1,147.0 feet to the northwest corner of said
Lot 1.
Thence: hearing roughly South 10 degrees west; about 580.0 feet to an ell corner of said Lot 1, the
southeast corner of Lot 20A of said Diamond Hill Addition,
Thence: bearing roughly North 80 degrees West, about 446.0 feet;
Thence: bearing roughly South 58 degrees West, about 31.0 feet,
Thencebearing roughly South 77 degrees West, about 142 0 feet,
Thence hearing roughly South 60 degrees West. about 195.0 feet,
"Thence, bearing roughly South 45 degrees West about 274.0 feet to the intersection of the east
right-of-way line of Samuels Avenue:
27
Page 38 of 76
Thence: bearing roughly North 37 degrees West, about 71.50 feet to the southeast corner of Block
13 of said Fort Worth Stockyards Company Addition lying on the north right-of-way line of 23Rd
Street;
Thence: bearing roughly South 78 degrees West, about 48.0 feet;
Thence: continuing with said right-of-way line bearing roughly WEST, about 1,743.0 feet to its
intersection with the east right-of-way line of Niles City Blvd;
Thence westerly with said right-of-way line about 518.0 feet;
Thence: bearing roughly SOUTH, about 204.0 feet to the westerly southwest corner of Block 20 of
said Fort Worth Stockyards Company Addition, the northwest corner of Lot 1R, Block 178R, M.G.
Ellis Addition according to deed recorded at Instrument No. D209298051 and D209298052, Deed
Records of Tarrant County, Texas;
Thence: bearing roughly South 60 degrees East, about 23.0 feet;
Thence: bearing roughly South 55 degrees East, about 112.40 feet;
Thence: hearing roughly South 53 degrees East, about 109.40 feet;
Thence: bearing roughly South 78 degrees 42 minutes East, about 102.0 feet to the northeast corner
of said Lot IR, lying on the west right-of-way line of Fort Worth & Western Railroad:
thence: with said railroad right-of-way line bearing roughly SOUTH, about 707.0 feet to the north
right-of-wa) line of 21s` Street;
Thence: with said right-of-way line FAST, about 229.0 feet;
Thence: southeasterly with said railroad right-of-way line about 710.0 feet;
Thence: WES1, about 39.0 feet;
Thence: bearing roughly South 4 degrees West, about 1,216.0 feet to the north right-of-way line of
Northside Drive, the southwest corner of Lot 1, Block 54, North Fort Worth Addition according to
plat recorded in Volume 63, page 149, Plat Records of Tarrant County, Texas;
Thence: with said right-of-way line, bearing roughly South 60 degrees West, about 956.0 feet to the
southeast corner of Lot 22, Block 78 of said Addition lying on the west right-of-way line of North
Main Street;
Thence with said right-of-way line bearing roughly South 30 degrees East, about 434.50 feet to the
southeast corner of Lot 1, Block 59 of said Addition lying on the north right-of-way line of Grand
Avenue;
•
28
Page 39 of 76
Thence southwesterly with the north right-of-way line of Grand Avenue, about 652 0 feet to the
Place of Beginning, containing some 925.29 acres of land, more or less.
Bearings and Distances per City of Fort Worth Graphic Information System.
This description prepared by Ste\e Cisneros, TPW Survey Services, October of 2014
This document was prepared under 22 TAC 663.21 does not reflect the results of an on the
ground survey, and is not to he used to convey or establish interests in real property except those
rights or interests implied or established by the creation or reconfiguration of the boundary of the
political subdivision for which it was prepared."
29
Page 40 of 76
Source: Tarrant 4pprais a1 District, 2013
_
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. `
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yf Iy I - :'V‘w+` ;� 'r ,� ` .+1, , , • i"�ep r\,. r•1,• I .rn'�. ,, .. lk
L.
.0
-—•^.-r.+, I ..eta G_:-.:�1._•.: 'f,.. . _T., .• ..._ , .- �1,,!""',
7.
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e
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Legend
Appraised Value
o-sio,000
s1o,00i - s1oo.000
sioo,00, - si.000,oco
$1,000,00i - S5,000,000
53.000,001 - 310 000.000
01 02 0.1 06
'1111 Mile
EXI-IIBIT 4
\IAP OF PROPERTY VALUES
....._
• -a Y
Source: Tarrant Appraisal District, 2013
31
Page 42 of 76
y
City of Fort Worth, Texas
r and ouncil ommunication
COUNCIL ACTION: Approved on 8/4/2015 - Ordinance No. 21812-08-2015
DATE: Tuesday, August 04, 2015
LOG NAME: 17ED TIF15ADOPTPLAN
SUBJECT
Adopt Ordinance Approving the Project and Financing Plan for Tax Increment Reinvestment Zone No. 15,
City of Fort Worth, Texas (Stockyards/Northside TIF) (COUNCIL DISTRICT 2)
REFERENCE NO.: **G-18525
RECOMMENDATION:
It is recommended that the City Council adopt the attached ordinance approving the Project and Financing
P lan for Tax Increment Reinvestment Zone No. 15, City of Fort Worth, Texas (Stockyards/Northside TIF).
DISCUSSION:
O n December 2, 2014, the City Council approved Ordinance No. 21550-12-2014 to establish Tax
Abatement Reinvestment Zone No. 15, City of Fort Worth Texas (the Stockyards/Northside TIF). At its
first meeting on July 15, 2015, the Board of Directors for the Stockyards/Northside TIF adopted the
attached Project and Financing Plan for consideration by the City Council
With the Project and Financing Plan in place, the Stockyards/Northside TIF will be in a position to help
finance public infrastructure improvements in the area such as road and access improvements, public
infrastructure improvements, streetscaping and pedestrian improvements, public parking infrastructure,
public amenities and historic facade preservation and restoration to support the development and
redevelopment of the Stockyards/Northside area.
State law requires City Council approval of a TIF's Project and Financing Plan through an ordinance
before the Plan can take effect. Thus, Staff recommends that the City Council adopt the attached
ordinance approving the Project and Financing Plan for the Stockyards/Northside TIF, as adopted by the
TIF's Board of Directors.
The Stockyards/Northside TIF is located in COUNCIL DISTRICT 2.
Molo
FISCAL INFORMATION / CERTIFICATION:
The Financial Management Services Director certifies that this action will have no material effect on City
funds.
FUND CENTERS:
TO Fund/Account/Centers FROM Fund/AccountlCenters
CERTIFICATIONS:
Submitted for Citv Manager's Office bv:
Originating Department Head:
Additional Information Contact:
Jay Chapa (6192)
Robert Sturns (8172122663)
Michael Hennig (7337)
Ana Alvarado (7536)
Logname: 17ED TIF15ADOPTPLAN
Page 43 of 76
Page 1 of 1
Tarrant Regional Water District Participation Agreement
Stockyards'Northsidc TIF
Page 8
EXHIBIT "B"
PROJECT PLAN
Page 44 of 76
Tax Increment Reinvestment Zone Number Fifteen,
City of Fort Worth, Texas
(Stockyards/Northside TIF)
Project Plan and Financing Plan
Prepared for
The City of Fort Worth
July 15, 2015
1
Page 45 of 76
Tax Increment Reinvestment Zone Number Fifteen,
City of Fort Worth, Texas
(Stockyards/Northside TIF)
Project Plan and Financing Plan
Table of Contents
I. Tax Increment Financing Overview 3
II. The Project Plan 5
A. Description of the Zone 7
B. Proposed Changes to Current Ordinances and Codes 7
C Estimated Non -Project Costs 7
D. Method of Relocating Displaced Persons 7
III. The Financing Plan 8
A. Economic Feasibility of the Zone 9
B. Proposed Projects and Improvements 11
C. Revenue Projections 12
IV. Summary of Project Costs and Financing 14
V. Tables 16
VI. Exhibits 19
1. Map of Boundary 20
2. Legal Description 21
3. Map of Existing Uses 29
4. Map of Property Values 30
2
Page 46 of 76
I. TAX INCREMENT FINANCING OVERVIEW
3
Page 47 of 76
I. TAX INCREMENT FINANCING OVERVIEW
Tax increment financing (` TIF") is a tool Texas local governments use to finance public
improvements within a defined area. These improvements are intended to promote
development or redevelopment in the defined area and sui rounding areas. The statute
governing tax increment financing is codified in Chapter 311 of the Texas Tax Code (the
"Tax Code"). Chapter 311 is often referred to as the Tax Increment Financing Act and it
allows municipalities to create "reinvestment zones" within which various public
improvements can be undertaken.
A municipality makes an area eligible for tax increment financing by designating a
reinvestment zone. Essentially, for the City to initiate the designation of an area as a
reinvestment zone, the area must 1) substantially arrest or impair the sound growth of the
municipality creating the zone, retard the provision of housing accommodations or
constitute an economic or social liability and be a menace to the public health, safety,
morals, or welfare in its present condition; or 2) be predominately open and, because of
obsolete platting, deterioration of structure or site improvements, or other factors,
substantially impair or arrest the sound growth of the municipality; or 3) be in a federally
assisted new community located in the municipality or adjacent to such property.
At the time an area is designated a reinvestment zone for tax increment financing, the
e xisting total taxable value of real property in the zone is identified and designated as the
"base value. ' All taxing units that levy taxes in the zone during the life of the TIF will
continue to receive the tax revenues derived from the "base value."
As new development is added to the tax rolls within the TIF area total assessed valuations
rise. This rise in new value is measured annually and is called the "captured appraised
value". The taxes that are collected by the participating taxing jurisdictions on the
incremental increase between the of iginal "base value ' and the current year's "captured
appraised value" is the ` tax increment" Each taxing unit choosing to participate in the TIF
will agree to deposit a portion or all of the taxes generated from the "tax increment into a
TIF fund administered by a TIF Board that is appointed by the local taxing units.
The TIF Board uses the tax increment to make public improvements in the area to attract
private development that would not otherwise occur or that may not occur until a much later
date. Additionally, the TIF Board may enter into development agreements to participate in
new development or redevelopment.
The TIF District ends on the earlier of 1) the termination date contained in the ordinance
e stablishing the zone or 2) the date on which all project cost have been paid in full. Any
revenues remaining in the TIF fund after the dissolution of the TIF are returned pro rata to
e ach participating taxing unit.
4
Page 48 of 76
II. THE PROJECT PLAN
5
Page 49 of 76
II. THE PROJECT PLAN
The City Council recognizes the historical and economic importance of the Fort Worth
Stockyards and surrounding neighborhoods, the growth and vitality of which is impeded by
inadequate infrastructure and pockets of persistent blight, and is committed to the
preservation and enhancement of the Greater Stockyards Area through strategic investment
and the attraction of compatible development.
The Project Plan of the TIF is intended to address certain challenges that are common to the
area encompassed by the TIF through public improvements that may include, in general,
road improvements, rail crossings or overpasses, public water and sewer line improvements,
demolition and environmental remediation, streetscaping and pedestrian improvements,
public parking infrastructure, and certain public amenities.
In general, the TIF Plan contemplates that prospective developers of properties located
within the TIF may fund portions of public infrastructure associated with development
opportunities utilizing financial support from the TIF Board through development
agreements that provide for reimbursement of eligible expenses for these developments. It is
also anticipated that the TIF Board may undertake certain public improvement projects once
sufficient tax increment is available in an effort to further enhance the area, thereby making
it more attractive to new development and redevelopment.
Projects will qualify for assistance by the use of TIF funds if those projects meet at least one
of the criteria outlined below. Qualifying for assistance does not mean that the project will
automatically receive TIF assistance. Only projects in which the TIF Board has approved
participation by the use of TIF funds through a development agreement will receive
assistance.
• Mixed -use (within a single building)
• Projects that lead to direct job creation
• Adaptive reuse of an existing building
• Transit -oriented development
• Board -approved streetscape improvements
• Redevelopment along major commercial corridors
• Historic preservation or restoration
• Transportation improvements that substantially enhance the accessibility of and
mobility within the area
• Mixed -income housing
• Board -approved public amenities (for example, public plazas, improved public access
to public areas such as Marine Creek, or gateway enhancements at prominent
locations along major corridors)
• Creates or improves pedestrian linkages.
6
Page 50 of 76
A. DESCRIPTION OF THE ZONE
The reinvestment zone outlined by this Project Plan and Financing Plan ("the Plan") is
located in the northern area of Fort Worth, Texas and encompasses property that is generally
bounded by Northwest 30th Street on the northernmost boundary, Interstate Highway 35
Frontage road on the easternmost boundary, North Grand Avenue on the southernmost
boundary, and Clinton Avenue on the westernmost boundary. This area includes major
intersections such as N. Main & 28t" St. and N. Main & Northside Dr. and it includes the
Historic Fort Worth Stockyards district.
A map of the boundary and the legal description of the area are contained in exhibits at the
end of this document, as are maps of the existing uses and property values.
B. PROPOSED CHANGES TO CURRENT ORDINANCES AND CODES
It is anticipated that the City of Fort Worth will establish an urban design district or adopt a
similar ordinance affecting zoning or building form ("design standards") to ensure that new
development in the Stockyards area is compatible with existing architecture and that the
historic western character and heritage of the Fort Worth Stockyards is preserved. While
viewed as consistent with the aims of the TIF, the establishment of design standards within
the zone is not prompted or necessitated by the establishment of the TIF.
C. ESTIMATED PRIVATE INVESTMENT (NON -PROJECT COSTS)
Private investment of up to $185 million is anticipated to occur in one area of the zone in
association with the Fort Worth Stockyards Heritage Project. It is estimated that additional
private investment spurred by the creation of the TIF District and the planned project, will
reach approximately $200 million over the 20-year term.
D. METHOD OF RELOCATING DISPLACED PERSONS
No person shall be displaced as a result of implementing the Plan.
7
Page 51 of 76
III. THE FINANCING PLAN
8
Page 52 of 76
A. ECONOMIC FEASIBILITY OF THE ZONE
i. Increased Tax Base
The following economic impact analysis is based on anticipated development plans within
the proposed TIF district and the opportunities that exist to capture tax increment due to a
significant number of low appraised values in the area.
The success of any TIF is predicated on the increase in value of the appraised real property
so that tax increment may be captured. This tax increment can then be used to make
infrastructure improvements in an effort to attract new growth and in this particular case,
promote redevelopment opportunities. With that in mind, initiating this TIF zone in 2014 is
important so that the TIF District can be in place to assist and enhance planned private
investment that may begin as soon as 2015. The Fort Worth Stockyards Heritage Project,
which may one day encompass more than 1 million square feet of mixed -use redevelopment
and new development has the potential of serving as a catalyst that may initiate the
redevelopment of the overall area. Creation of the TIF zone will provide a tool that will lend
support to the catalyst project as well as provide impetus to the private sector to invest in the
area. The planned project as well as discussions concerning other potential development in
the area will ensure the TIF District's success by providing needed increment from which
projects can be funded to further support overall redevelopment. This will not only enhance
the success and impact of new development in and near the Historic Fort Worth Stockyards,
but will enable public improvements that can support the cultivation of new development
opportunities at sites that are presently blighted, challenged by inadequate infrastructure or
that have experienced suppressed property values.
With the designation of the proposed 925-acre TIF, it is anticipated that the area within and
surrounding the TIF will experience certain increases in value as the project improvements
are completed. Potential development is expected to include commercial, retail, restaurants,
entertainment, and residential uses. With regard to the revenue projections that have been
developed for this plan, a 1.5 percent annual growth rate has been utilized for the initial four
yeais which then accelerates to a 2.5 percent annual growth rate for the remainder of the TIF.
Additionally, an approximate $147 million in improvements to properties currently
identified as being favorably positioned for new development have been incorporated into
the projections. It is also anticipated that within the twenty-year term, the TIF will be
capable of supporting additional major development similar to that which is currently
planned by the Fort Worth Stockyards Heritage Project. The incremental value of such
development has been incorporated into the projections for the TIF.
As a result of the anticipated improvements described above, it is estimated that the TIF
increment will generate approximately $40 million if the City, County, Tarrant Regional
Water District and Tarrant County College District each choose to participate by designating
50% of their tax increment.
9
Page 53 of 76
ii. Increased Retail and Commercial Business
Based on current land uses and potential investment, the TIF will develop with
approximately 123 acies of the developable area becoming new or iedeveloped mixed -use,
retail and commercial business.
iii. Employment Opportunities
In addition to the jobs created during construction of the project improvements, it is expected
that the future development of the zone resulting from the private project improvements will
generate a wide variety of additional employment opportunities.
10
Page 54 of 76
B. PROPOSED PROJECTS AND IMPROVEMENTS
The redevelopment within the Stockyards/Northside TIF will consist of a combination of
public improvements and private investment projects. These improvements will provide a
`foundation for development" to encourage and support the long-term public needs of the
neighborhood and secure mixed -use, economic growth opportunities in the Greater
Stockyards Area.
i. Initial Improvements
The initial improvements contemplated in the Stockyards/Northside TIF include public
infrastructure (e.g. water, sewer, drainage, roads, sidewalks, etc) associated with mixed -use
and commercial development. In addition, demolition, environmental remediation, and all
expenses allowable under the Tax Increment Financing Act are contemplated as needed for
areas of the TIF zone identified as ripe for new or redevelopment.
The improvements undertaken by the TIF will support eligible Board -approved projects as
listed in the Project Plan and will include, but not be limited to the types of improvements
described below:
• Road and Access Improvements - Street, traffic, utility, drainage and other public
infrastructure projects within the TIF boundaries, including projects that improve
access to and from the TIF area, such as rail crossings or rail overpasses.
• Public Infrastructure Improvements - Public water and sewer line i nprovements,
electric utility improvements, demolition and environmental remediation projects
within TIF boundaries.
• Streetscaping and Pedestrian Improvements Landscaping and sidewalk
improvements, installation of pedestrian lighting benches and wayfinding signage as
well as other improvements within the public right-of-way that enhance the pedestrian
experience.
• Public Parking Infrastructure (surface or structured) Constiuction of new parking
facilities or improvements to existing parking facilities that dedicate spaces for use by
the general public.
• Public Amenities - Improved public access to or public use of Marine Creek, gateway
impiovements at key entry points of the Greater Stockyards Area, public plazas or
similar public improvements that support development and redevelopment within TIF
boundaries
11
Page 55 of 76
Demolition and Environmental Remediation — Demolition of existing structures or
improvements at, above or below grade in association with Board -approved projects as
listed in the Project Plan and site improvements that address existing conditions that
pose concerns to the environment or public health.
• Historic Facade Preservation and Restoration — Improvements to the exterior facade of
buildings that are designated (i) Historic Significant Endangered ( `HSE") or (ii) as
Historic and Cultui al Landmark ( TIC") by the City or, as a condition precedent to
receipt of funding, will be designated as such upon completion of the designation
process.
• Administrative Expenses
ir. Future Improvements
There are no fi tuie projects contemplated during the term of the TIF. However, the City
Council reserves the right to consider amendments to the Plan if subsequent projects are
identified by the TIF Board as appropriate and eligible for tax increment funding.
iii Economic Development Program Grants (Chapter 380 Agreements)
The Board is authorized to enter into economic devc elopment program grants pursuant
to Chaptei 380 of the Texas Local Government Code ( `Chapter 380 Agt eements') for
projects located within the boundaries of the TIF as authorized by and in accordance
with Section 311.010(h) of the Texas Tax Code, if one of the following two criteria is
met
• The Chapter 380 Agreement supports a project that will utilize Federal
and/or State historic tax credits and the financing of the project is
demonstrated to be contingent on the use of those credits; or
• The Chapter 380 Agreement supports a project that is located on a
property owned by any of the taxing entities participating in the TIF.
C. TAX INCREMENT REVENUE PROJECTIONS
i. Bonded Indebtedness
No bonded indebtedness is expected to be incurred with respect to any of the project
improvements.
ii. Projection of Revenues
12
Page 56 of 76
This section outlines the estimated zone tax increment. The zone tax increment will depend
on many factors, including (a) the base value of real property in the zone subject to property
tax; (b) captured appraised value; (c) annual growth of the zone's taxable real property
(which largely depends on private growth within the zone); (d) participation by tax units; (e)
tax rates; (f) collection rates; and (g) the term of the zone Each of these factors is discussed
in turn.
(a) Taxable Appraised Value for 2014 (the Base Value). Table 1 sets forth the
total taxable appraised value of property in the zone (estimated to be $171,822,838), which
is anticipated to be the zone's base value.
(b) Captured Appraised Value. Table 1 sets forth the estimated total appraised
value of property in the zone over the life of the TIF (estimated to be approximately
$808,347,140 in year 2034).
(c) Expected Annual Growth of the Zone's Taxable Real Property. The estimated
captured appraised value (thus reflecting estimated growth of real property taxable values) of
the zone for each year of its existence and the estimated tax increment to be generated
annually in total and from each taxing entity is outlined on Table 1.
(d) Participation by Tax Units. Although each taxing entity has not agreed to a
specific level of participation, the financial projections set forth in the Plan anticipates that
the City of Fort Worth, Tarrant County, Tarrant County College, and Tarrant Regional Water
District will participate in the zone, by contributing fifty percent (50%) of each entity's tax
increment with iespect to the zone.
(e) Proiected Tax Rates. Property tax rates are assumed to remain constant.
(f) Projected Collection Rates. The Plan assumes a one hundred percent (100%)
collection rate.
(g) Teim of the Zone. The term of the zone will be 21 years, expiiing on
December 31, 2035, beginning with that zone tax increment generated by the 2015 tax
appraisal and ending with that zone tax increment generated by the 2034 tax appiaisal.
in. Estimated Payment of Project Costs
Based on the assumptions and estimates set forth in the information above it is expected that
the zone tax increment will be sufficient to pay in full all project costs (including interest).
iv. Tax Exemptions Issued by Participating Taxing Entities
13
Page 57 of 76
All taxing entities that participate in the zone shall retain the right to grant tax exemptions as
permitted by applicable law to properties located in the zone for purposes including but not
limited to 1) historic preservation and restoration and 2) homestead exemptions This shall
not include any form of tax abatement or grant of tax funds collected by either of the
participating taxing entities without prior approval by the TIF Board pursuant to Section
311.013(1) of the Texas Tax Code.
14
Page 58 of 76
IV. SUMMARY OF PROJECT COSTS
AND FINANCING
15
Page 59 of 76
IV. SUMMARY OF PROJECT COSTS AND FINANCING
A. Anticipated TIF Projects
• Road and Access Improvements*
(Stree , traffic, utility, drainage and other public infrastructure projects
within the TIF boundaries, including projects that improve access to and
from the TIF area, such as rail crossings or rail overpasses)
• Public Infrastructure Improvements *
(Public water and sit 'er line imps ovements, electric utility
improvements, demolition and environmental remediation projects
within TIF boundaries).
• Streetscaping and Pedestrian Improvements *
(Landscaping and sidewalk improve nents, installation of pedestrian
lighting, benches and iraijinding signage as well as other improvenments
within the public right-of-way that enhance the pedestrian experience.)
• Public Parking Infrastructure *
(Construction of new parking ,facilities or improvements to existing
parking facilities that dedicate spaces for use by the general public.)
• Public Amenities
(Implored public access to or public use of Marine Creek, gateway
improvements at key entry points of the Greater Stockyards Area, public
plazas or similar public improvements that support development and
redevelopment within TIF boundaries.)
• Historic Facade Preservation and Restoration
(I nprovemcnts to he exterior facade of buildings that are designated (i)
Historic Stgnificc nt Endangered ("HSE ") or (ii) as Historic and
Cultural Lc ndmark ("HC") by the City or, as a condition precedent to
receipt of finding, will be designated as such upon completion of the
designation process.)
• Administrative Expenses
TOTAL PROJECT COSTS
B. Anticipated TIF Revenues
• City of Fort Worth
• Tarrant County
• Tarrant County College District
• Tarrant Regional Water District
TOTAL REVENUE
$ 15,000,000
$ 14,000,000
$ 3,500,000
$ 3,500,000
$ 2,500,000
$ 1,000,000
$ 500,000
$ 40,000,000
$ 26,897,248
$ 8,305,115
$ 4,703,086
$ 629,175
$ 40,534,624
• Project costs assume interest associated with reimbursement for public improvements.
Note: The amounts outlined below ate strictly estimates and do not serve as caps on any specific area. Eligible project
costs not outlined above may be funded on a specific project as approved by the TIF Board.
16
Page 60 of 76
V. TABLES
17
Page 61 of 76
9L jo z9 e6ed
TABLE 1. TIF PROJECTIONS
PROJECTIONS - Stockyards T1F
Fiscal Year
TAXABLE VALUE (including valuation increase
City at Fort Worth
Hospital DIstnct
TCCD
TRWD
Tarrant County
City Pe: c!nt Oenge from Prior Year
tstlmated Added Residential Value (projected tmproverr,em5)
Estimated Added Commercial Value (known projects)
Estimated Added Commercial Va!ue (projected Improvements)
TAX INCREMENT VALUE INCLUDING ESTIMATED ADDED VALUES
City o1 Fort Worth
Hospital C i trict
TCCD
TRWD
't'arrarit CnuAtli
REVENUES
City at For worth
Hospital District
TCCR
TRWD
Tarrant County
REVENUES FROM PARTICIPATING ENTITIES
ir!'}"eL. C:ttr •I.3te,:t
TOTAL REVENUES
Participation
50%
Projected
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
‘.... I J ..LAl °"''' •1 WLii ��rYar'J �1111 i iWil & u.n� 1,1- - .:�IJIIi A.hi11i VIL'i.WI�W
I� � llttl�,�.`i,>i [�L��i�'i� ri J a Lr.
S171.822,836
S 171,822,838
5171,822,833
S 171,S22,833
S171,822,838
17 4,400,131
174,400,1S1
174,400,131
17 4.400,131
174,400,131
1.50
2.527
1 y
2,57343
2577343
257; 343
r57) 343
11, 01S
; ,� )
16,605
16,605
20? 016, 253
20w016,183
.02,016, J8,?
202,016,183
202, 016,16'3
15.83 J •J
25,000,000
205, 046, 426
205, 046, 426
205.0-16,426
205,046.426
205,046 426
1.50%
243,122.12.2
243,122,122
243,122, 122
13,122,122
243,122 112
18.5'%
35,000,000
30,193,345 33,223,586 71, 299.234
30,193, 345 33,223,586 .1,299,284
30,193,345 33, 223,586 71,299,284
30,193,345 33,233, 588 71,299,264
30,193,345 3422 539 71, 299,234
129,077
2...5�70
3, 019
.39,855
194,521
! 2J,521
142,031
4,835
3,322
43,855
214,043
24y, 263, 954 "55,507,, 959 269 340.608
249,268,9P 255,507,989 269 340,60E
249,263, 954 255,507,989 269,340,608
2.49,263,954 255507,939 26.9;340, 609
249, 268,954 255,507 989 269,340,608
2.53% 2.50%0 5.-11°o
500,000 SOO,OCO 2,000,000
2,000,CO3 2,000.000 8,000,000
"446;116
.77,446,116
77,446,116
77,446,116
)7,446,116
304. 6'04 331,082
53,296 57,891
130 7,745
94115 10Z,229
459,346' 494947
459446 498 947
83,685,151
83,655,151
33, 665151
83, 685,151
83,66'5,151
357, 754
62,555
8,369
1la464
539,142
539.1.2
9Z,517,770
97 517,770
97,51Z770
9.7,517,770
9751'770
416936
72,695
9,75?
1247_73
628,258
628, 238
353,3.60, 718
353, 380; 718
353,380,718
353,36'0,718
353,360,718
31.20°..%
3,000,0^0
65,000,000
12,023,0)3
1491,557,880
167,557,860
181,557, 960
181,557, 6490
181,55,7, 880
368,.681,426'
368, 681,428
368, 681,428
366,681,426
368, 681,429
2, 010,CC.0
3,030,000
I,853,590
196,854590
195; 854590
196,858,590
196,858,590
~76.160 342.57 0
1.35,71.E 147,157
1aIS6 19,686
239,656' 259,853
1,169, 687 1,263,261
:,169, 6N7 1, .: 65, 261
9L 10 E9 abed
PROJECTIONS - Stockyards TlF
TAXABLE VALUE j ctr�' t aticn increase
City of Fort Wortn
Hosp tAl i) srrtct
TCCD
TRWD
Tarrant Count: j
City PerGerr Owivoe Iran Prior Vier
EsttrnateclAQCedRestoenttaValue (pro,erted pfcvemEnts1
Esti'natei' Adud Carratmai VN:ie tkncr.t? peoetts)
EStr l W Adced Cornerv21 tiai'.e (pro,*ect c npr ievrerttS)
TAX INCREMENT VALUE INCLUDING ESTIMATED ADDED VALUES
City F;tq',':nra'
I cs t2! D 5tnCr.
TCCD
TT-C,
Ta ksit
REVENUES
City of rust Ylor)
tiospltat Ilstnct
TCCD
TRWD
Tarrant Court!?
REVENUES FROM PARTICIPATING ENTITIES
Utters r. Ge!:Qratec
TOTAL CEVE11UE5 -
P irtkipation
J r}>
5
46.4,211,650
464, 211,6.50
464,211.650
464, 211, 650
4irf, 214650
2591�'.
asoo0,000
4,W D,OC
484174,824
481,174,824
491,174 6'24
484174,.529
401,174,824
3.696
2,00r0,0CD
8,0r0,0'00
503,392447
503,392,447
503,392,447
SO 392,447
503 392,447
4.62�r
3,OOO,OECO
12,009,00
52d,943, 334
5 0,94? 334
5: 0.59 ,33y
520,943,334
521943, 334
2,CCQ,CDC
574257,484
571,257,484
571,257484
574257,434
571,257,484
9.660t.
1,!000,000
3,0O,020 41,500,00D
.559,825,346
56'9,6'25,345
V9426,345
5589,6'26,345
589 826,346
2,OCO,OCO
613673,741 X0,378,647 715,384,530
613,673,741 , J,378,54,7 71,6'84,530
61367741 700;37,,847 713634,530
613,573,741 700,374847 715,884,530
613,673,741 700,37 8.847 715, 9,530
4.{ ?'.► 14131:‘a 2:11';6
3,000,060 2,000,000 1,000,0M
12,0C e:75,500,000 4,000,000
Termination
781,62798 Sc6 347,140 825' 555,818
781,622,798 80434 ,14C 825,555,818
781,6 7;7. 808,347,140 829,555,616
781,622,7549 S08,347440 828,555;815
781,622,798 803,347,140 828,555, 818
3.424 &
2,01,3,000 3,000,000
53,000,000 12,000,000
297,308,812 309151,936 131569,609 .349;11.0.496 399?434,648 418,003;508 441,850,903 528,556,009 .514,061,692 50.9,7Q9,960' 535,524,3e22 658,73Z980
292,354912 309,351I936 331,569,609 349,120,4 399434,646 414001,50E 441;850,903 528,556,00P 544,051,692 609,799,960 636,5 4,302 656,732,990
29Z,338.812 309,351,986 33456960. 349,120.49'5 399434',,646 418,003,508 441.850,903 524554009 544,051,692 609.1'99,960 636,5243(2 654732,980
292,388,812 309,351,986 334569,609 349,120496 399434,646 418003,503 444850,903 528,556,009 544,061,692 609,799,.960 616,524,302 6,i3, 95O
292,365.812 .309,351,9E 331,569,609 349124496 399.434646 4+8,001,503 441,8.0,903 524.556,009 544,04697 609,799960 636,529,302 656,732980
4249,962 1,3224$0 :,41z16e 1,492,4I0 !,707,,5$ 1,786,965 2,868,913 ?259,577 L,3.:5.864 2606,8z 7722,141 2,807,533
218 561 234291 247,8 $ 260,966 2995777 3!2 45S .730,264 395,0.96 401086 455,825 975,8172 490,91.
29,239 30,935 33,157 34912 39;941 41,80 44,185 52656 54,406 50,930 63,652 65,673
345,953 403,345 437.67Z 460.839 527,254 551,765 553,243 697.694 718,161 504,936 S440,212 866,838
1,583,715 1,993, 000 2,136,137 2,249,209 2,573,358 2,69Z988 2,846,624 3,405,222 3,505,117 3,928,636 4,100,808 4,232,002
1.883 715 1. 993.CCO 2136! 237 2.249.209 2,573,358 2.69.2988 2.346..624 3,405.2,22 3 505.117 3 928.636 410(,808 4 231.002
VIe EXHIBITS
20
Page 64 of 76
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EXHIBIT 1
MAP OF THE BOUNDARY
ect
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21
Page 65 of 76
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EXHIBIT 2
LEGAL DESCRIPTION OF THE TIF
A tract of land out of the J. Baugh Survey, Abstract No. 115, the J. Thomas Survey, Abstract No.
1526, the M.E. Jobe Survey, Abstract No. 886, the W.M. Gray Survey, Abstract No. 635, the M.
Roddy Survey, Abstract No. 1370, the S. Gilmore Survey, Abstract No. 580, the S. Gilmore Survey,
Abstract No. 590, the S.K. Smith Survey, Abstract No. 1417 and the E. Little Survey, Abstract No.
954 and being more particularly described by metes and bounds as follows:
Beginning at the intersection of the east right-of-way line of Clinton Avenue and the north right-of-
way line of Grand Avenue, the most southerly corner of Lot 6A, Block 60, North Fort Worth
Addition according to plat recorded in Volume 388-146, Page 6, Plat Records of Tarrant County,
Texas;
Thence: bearing roughly North 40 degrees West, about 3,308.0 feet to the southerly right-of-way
line of N.W. 16 rh Street;
Thence: bearing roughly North 50 degrees East with said right-of-way, about 113.0 feet to its
intersection with the south right-of-way line of 20T1 Street;
Thence: with said right-of-way line, EAST about 287.0 feet to the east right-of-way line of Houston
Street;
Thence: with said right-of-way line NORTH, about 2,619.0 feet to its intersection with the north
right-of-way line of 24Th Street, the southwest corner of Lot 56 Block 19, Exchange Subdivision of
Blocks 18 & 19, M.G. Ellis Addition according to plat recorded in Volume 204, Page 69, Plat
Records of Tarrant County, Texas;
Thence: with said right-of-way line WEST, about 386.0 feet to its intersection with the east right-of-
way line of Clinton Avenue, the southwest corner of Lot 72, Block 18 of said Subdivision;
Thence: with said right-of-way line, NORTH about 2,780.0 feet;
Thence: continuing with said right-of-way line, bearing roughly North 15 degrees West, about
1,289.0 feet to its intersection with the south right-of-way line of 30TI Street, the northwest corner of
Lot 13 Block 69, M.G. Ellis Addition according to plat recorded in Volume 63, Page 19, Plat
Records of Tarrant County, Texas;
Thence: EAST, about 1,495.0 feet to the east right-of-way line of North Commerce Street;
Thence: bearing roughly North 15 degrees West, about 663.0 feet to its intersection with the south
tight -of -way line of 31 sc Street, the most westerly corner of Block 7, Fort Worth Stockyards
Company Addition, according to plat recorded in Volume 388-A, Page 111, Plat Records of Tarrant
County, Texas;
Thence: EAST, about 360.0 feet to the east right-of-way line of North Calhoun Street;
22
Page 66 of 76
Thence: with said right-of-way line, bearing roughly North 15 degrees West, about 630.0 feet to the
northwest corner of said Block 7 lying on the south line of Block 82R, Fostepco Heights according
to plat recorded in Volume 388-51, Page 43, Plat Records of Tar ant County Texas;
Thence: EAST, about 321.0 feet to the west right-of-way line of the Burlington Northern & Santa Fe
Railroad right-of-way;
Thence: southeasterly, with said right-of-way line about 1,182.0 feet;
Thence: bearing roughly North 63 degrees East, about 289.0 feet to a point lying on the east right-of-
way line of the Union Pacific Railroad, the westerly line of Lot 8, Block 100, Fostepco Heights
Addition according to plat recorded in Volume 204-A, Page 126, Plat Records of Tarrant County,
Texas;
Thence: southeasterly with said right-of-way line, about 482.0 feet to the southwest corner of Lot 6,
Block 100 of said Addition, the northwest corner of Lot 7 of said Addition;
Thence: with the common line of said Lots roughly EAST, about 112.0 feet to the west right-of-way
line of Terry Street;
Thence: with said right-of-way line SOUTH, about 142.0 feet;
Thence: departing said right-of-way line EAST, about 1,961.0 feet to its intersection with the east
right-of-way line of Hays Street;
Thence: beating roughly NORTH with said right-of-way line about 450.0 feet to its intersection with
the south right-of-way line of 30Th Street;
Thence: with said right-of-way line EAST, about 27.0 feet to its intersection with the west right-of-
way line of Burlington Northern & Santa Fe Railroad
Thence: northeasterly with said right-of-way line about 1,152.0 feet;
Thence: EAST, about 210.0 feet to the east right-of-way line of said railroad;
Thence: southwesterly with said right-of-way line about 1,525.0 feet to the southwest corner of Lot
10, Block 101 of said Fostepco Heights Addition;
Thence: departing said railroad right-of-way line bearing northeasterly about 150.0 feet to the west
tight -of -way line of Decatur Avenue, the southeast corner of said Lot 10;
Thence: with said Decatur Avenue right-of-way line southeasterly about 975.0 feet;
Thence: departing said right-of-way line bearing roughly EAST, about 1,581.0 feet to the southeast
corner of Lot 14, Block 6, Moody Addition according to plat recorded in Volume 204, Page 17, Plat
Records of Tarrant County Texas;
23
Page 67 of 76
Thence: with the east line of Block 6 of said Addition bearing SOUTH, about 50.0 feet;
Thence: bearing roughly EAST, about 225.0 feet to the east right-of-way line of Oscar Street, the
southwest corner of Lot 15, Block 5 of said Moody Addition;
Thence: with the east right-of-way line of said Oscar Street bearing roughly NORTH, about 306.0
feet to its intersection with the south right-of-way line of Loraine Street, the northwest corner of Lot
10 of said Block 5;
Thence: with the south right-of-way line of Loraine Street bearing toughly EAST, about 117.0 feet
to the northwest corner of said Lot 10 lying on the west line of an alley;
Thence: with the west line of said alley bearing roughly SOUTH, about 353.0 feet to the southeast
corner of Lot 16 of said Moody Addition;
Thence: bearing roughly EAST, about 1,387.0 feet to the east line of an alley in Block 1 of said
Addition, the northwest comer of Lot 2;
Thence: NORTH, about 50.0 feet to the northwest corner of Lot 3 of said Moody Addition;
Thence: bearing roughly EAST with the common line of Lot 3 and Lot 4 about 200.0 feet to the east
right-of-way line of Deen Road;
Thence: with said right-of-way line bearing roughly NORTH, about 779.0 feet;
Thence: bearing roughly North 45 degiees East, about 14.0 feet to the south right-of-way line of
Dewey Street, the northwest corner of Lot 1R1, Block 1, United Service Center Addition according
to plat recorded in Volume 388 140, Page 35, Plat Records of Tarrant County, Texas•
Thence: bearing roughly EAST, about 1,160.0 feet to the westerly right-of-way line of Interstate
Highway No 35 (North Freeway), the northeast cornet of Block 14, Kan•en Addition Third Filing
according to plat recorded in Volume 388-6, Page 60, Plat Records of Tarrant County, Texas;
Thence: southwesterly along said right-of-way line about 1,110.0 feet to the northerly right-of-way
line of 28Th Street;
Thence: SOUTH, about 115.0 feet to the south right-of-way line of said 28Th Street, the northeast
corner of Lot 1 Taylor & McBrayer Subdivision according to plat recorded in Volume 388-F, Page
77, Plat Records of Tarrant County, Texas;
Thence: southeasterly about 36.0 feet;
Thence: southeasterly about 55.0 feet to the east right-of-way line of Warfteld Street, the northwest
corner of Lot 54, of said Addition;
Thence: with the south right-of-way line of said 28Th Street bearing EAST, about 185.0 feet to the
west right-of-way line of said North Freeway;
24
Page 68 of 76
Thence: southeasterly about 320.0 feet to the northeast corner of Lot 1, Block 1, Lonestar Forklift
Addition according to plat recorded in Cabinet A, Slide 12844, Plat Records of Tarrant County,
Texas;
Thence: bearing roughly SOUTH, about 784.0 feet to the northeast corner of Lot 1, Block 1,
McCann Addition according to plat recorded in Cabinet A, Slide 10865, Plat Records of Tarrant
County, Texas, lying on said North Freeway right-of-way line;
Thence: WEST, about 259.0 feet to the east right-of-way line of Cold Springs Road, the northwest
corner of said Addition;
Thence: bearing roughly South 10 degrees West, About 70.0 feet to its intersection with the east line
of a T E S Co. right-of-way per deed recorded in Volume 1520, Page 363, Deed Records of Tan -ant
County, Texas;
Thence: bearing roughly SOUTH, about 837 0 feet to the north right-of-way line of Fort Worth Belt
Railroad Co. per deed recorded in Volume 119, Page 407, Deed Records of Tarrant County, Texas;
Thence: southwesterly about 240.0 feet to the southwest corner of that certain tract of land conveyed
to Trinity Industries, Inc. according to deed recorded in Volume 6181, Page 563, Deed Records of
Tarrant County, Texas lying on the east right-of-way line of said Cold Springs Road;
Thence: bearing roughly North 29 degrees East about 259.0 feet to an angle point of said right-of-
way;
Thence: bearing roughly NORTH, about 174.0 feet to the intersection of the east right-of-way line of
Warfield Avenue and the west right-of-way line of Cold Springs Road;
Thence: bearing roughly NORTH with the east right-of-way line of said Warfield Street about 840.0
feet to its intersection with the north right-of-way line of Warwick Street, the southwest corner of
Lot 42 of said Taylor & McBrayer Subdivision;
Thence: WEST, about 180.50 feet to the intersection of the east right-of-way line of Sterling Street,
the southwest corner of Lot 13 of said Subdivision;
Thence: with said right-of-way line, NORTH about 600.0 feet;
Thence: bearing roughly WEST, about 1,551.0 feet along the north right-of-way line of Salisbury
Avenue to the west right-of-way line of Hale Avenue, the southeast corner of Lot 8, Block 25,
Diamond Hill Addition according to plat recorded in Volume 388, Page 21, Plat Records of Tarrant
County, Texas;
Thence: with the west right-of-way line of Hale Avenue SOUTH, about 300.0 feet to its intersection
with the north right-of-way line of Orion Avenue, the southeast corner of Lot 10, Block 25 of said
Addition;
Thence: with said Orion Avenue right-of-way line WEST, about 1,225.0 feet to the southwest corner
of Lot 17, Block 8 of said Diamond Hill Addition;
25
Page 69 of 76
Thence: bearing roughly South 45 degrees East about 67.0 feet to the south right-of-way line of said
Orion Avenue, the northwest corner of Lot B, Block 9 of said Addition abutting Trail Drivers Park;
Thence: bearing roughly South 21 degrees West, about 439.0 feet to the southwest comer of Lot 12
of said Block;
Thence: bearing roughly North 57 degrees West, about 994.0 feet to the southeast corner of Lot 12,
Block 5 of said Addition;
Thence: bearing roughly South 81 degrees West, about 110.0 feet to the northeast corner of Lot 11,
Block 5 of said Addition;
Thence: bearing roughly South 85 degrees West, about 120.0 feet to the east right-of-way line of
Decatur Avenue, the southwest corner of Lot 12, Block 5 of said Addition:
Thence: bearing roughly North 58 degrees West about 64.0 feet to the west right-of-way line of
Decatur Avenue, the southeast corner of Lot 2A1, Block 2, Fort Worth Stockyards Company,
according to plat recorded in Volume 388-A, Page 111, Plat Records of Tarrant County, Texas;
Thence: with said Decatur Ave right-of-way line bearing roughly South 6 degrees East, about 506.0
feet;
Thence: bearing roughly SOUTH, about 975.0 feet to the north right-of-way line of Fort Worth Belt
Railroad right-of-way, the southeast corner of Tract 10 Abstract 954 of the E. Little Survey as
conveyed to DFW K & H Real Estate, LLC per deed recorded at Instillment No. D206009372, Deed
Records of Tarrant County, Texas;
Thence: bearing roughly North 82 degrees East, about 54.0 feet to the east right-of-way line of said
Decatur Avenue, the southwest corner of Lot 2A, Block 4 of said Diamond Hill Addition;
Thence: bearing roughly North 72 degrees East, about 134.0 feet to the southwest corner of Lot 31,
Block 3 of said Addition:
Thence: NORTH, about 115.0 feet to the northwest corner of said Lot 31;
Thence: bearing roughly North 88 degrees East, about 125.0 feet to the northeast corner of said Lot
lying on the west right-of-way line of Peak Street;
Thence: bearing roughly South 47 degrees East, about 79.0 feet to the southwest corner of Lot 2,
Block 4 of said Diamond Hill Addition lying on the east right-of-way line of Peak Street and the
north right-of-way line of said Fort Worth Belt Railroad;
Thence: northeasterly along said railroad right-of-way line about 3,182 0 feet to a point lying on the
approximate survey line of the E. Little Survey, Abstract No. 954 and the S.K Smith Survey,
Abstract No. 1417 and lying on the southerly line of Lot 12, Block 40 of said Diamond Hill
Addition:
26
Page 70 of 76
Thence: bearing roughly SOUTH, about 103.0 feet to the south line of said Fort Worth Belt Railroad
right-of-way lying on the north line of Lot 4, Block 1, Gorbett Industrial Addition according to plat
recorded in Volume 388-216, Page 4, Plat Records of Tarrant County, Texas;
Thence: southeasterly with said right-of-way line about 562.0 feet to the west right-of-way line of
Cold Springs Road, the northeast corner of said Addition;
Thence: southwesterly along said west right-of-way line about 1,541.0 feet to the north right-of-way
line of Northside Drive, the southeast corner of Lot 2, Block 1, Delta Industrial District according to
plat recorded in Volume 388-45, page 68, Plat Records of Tarrant County, Texas;
Thence: southwesterly along said right-of-way line curving to the left with a radius of 624.36 feet,
an arc length of 431.52 feet to the southwest corner of said Lot;
Thence: bearing roughly North 10 degrees East, about 469.50 feet along the westerly line of said
Delta Industrial District plat to the southeast corner of Lot 1, Block 2, Delta Industrial District
according to plat recorded in Volume 388-168, Page 59, Plat Records of Tarrant County, Texas;
Thence: bearing roughly North 76 degrees West, about 1,177.0 feet to the southwest corner of said
Lot and Block;
Thence: bearing roughly North 12 degrees East, about 681.50 feet to the south right-of-way line of
Brennan Avenue, the northwest corner of said Lot 1, Block 2
Thence: bearing roughly North 72 degrees West along said right-of-way line about 155.0 feet to the
northeast corner of Lot 2, Block 47 Diamond Hill Addition according to plat recorded in Volume
388-209 Page 55, Plat Records of Tarrant County, Texas;
Thence: bearing roughly South 12 degrees West, about 547.50 feet to the southeast corner of Lot 2
of said Addition at an ell comer of Lot 1, Block 1 Brennan Avenue Service Center Addition
according to plat recorded in Cabinet A Slide 835, Plat Records of Tarrant County, Texas;
Thence: bearing roughly North 80 degrees West, about 1,147.0 feet to the northwest corner of said
Lot 1;
Thence: bearing roughly South 10 degrees West, about 580.0 feet to an ell corner of said Lot 1, the
southeast comer of Lot 20A of said Diamond Hill Addition;
Thence: bearing roughly North 80 degrees West, about 446.0 feet;
Thence: bearing roughly South 58 degrees West, about 31.0 feet;
Thence: bearing roughly South 77 degrees West, about 142.0 feet;
Thence: bearing roughly South 60 degrees West, about 195.0 feet;
Thence: bearing roughly South 45 degrees West, about 274.0 feet to the intersection of the east
tight -of -way line of Samuels Avenue;
27
Page 71 of 76
Thence: bearing roughly North 37 degrees West, about 71.50 feet to the southeast corner of Block
13 of said Fort Worth Stockyards Company Addition lying on the north right-of-way line of 23Rd
Street;
Thence: bearing roughly South 78 degrees West, about 48.0 feet;
Thence: continuing with said right-of-way line bearing roughly WEST, about 1,743.0 feet to its
intersection with the east right-of-way line of Niles City Blvd;
Thence: westerly with said right-of-way line about 518.0 feet;
Thence: bearing roughly SOUTH, about 204.0 feet to the westerly southwest corner of Block 20 of
said Fort Worth Stockyards Company Addition, the northwest comer of Lot 1R, Block 178R, M.G.
Ellis Addition according to deed recorded at Instrument No. D209298051 and D209298052, Deed
Records of Tarrant County, Texas;
Thence: bearing roughly South 60 degrees East, about 23.0 feet;
Thence: bearing roughly South 55 degrees East, about 112.40 feet;
Thence: bearing roughly South 53 degrees East, about 109.40 feet;
Thence: bearing roughly South 78 degrees 42 minutes East, about 102.0 feet to the northeast corner
of said Lot 1R, lying on the west right-of-way line of Fort Worth & Western Railroad:
Thence: with said railroad right-of-way line bearing roughly SOUTH, about 707.0 feet to the north
right-of-way line of 21 st Street
Thence: with said right-of-way line EAST, about 229.0 feet;
Thence: southeasterly with said railroad right-of-way line about 710.0 feet;
Thence: WEST, about 39.0 feet;
Thence: bearing roughly South 4 degrees West, about 1,216.0 feet to the north right-of-way line of
Northside Drive, the southwest corner of Lot 1, Block 54, North Fort Worth Addition according to
plat recorded in Volume 63, page 149, Plat Records of Tarrant County, Texas;
Thence: with said right-of-way line, bearing roughly South 60 degrees West, about 956.0 feet to the
southeast corner of Lot 22, Block 78 of said Addition lying on the west right-of-way line of North
Main Street;
Thence: with said right-of-way line bearing roughly South 30 degrees East, about 434.50 feet to the
southeast corner of Lot 1, Block 59 of said Addition lying on the north right-of-way line of Grand
Avenue;
28
Page 72 of 76
Thence: southwesterly with the north right-of-way line of Grand Avenue, about 652.0 feet to the
Place of Beginning, containing some 925.29 acres of land, more or less.
Bearings and Distances per City of Fort Worth Graphic Information System.
This description prepared by Steve Cisneros, TPW Survey Services, October of 2014.
" This document was prepared under 22 TAC 663.21 does not reflect the results of an on the
ground survey, and is not to be used to convey or establish interests in real property except those
rights or interests implied or established by the creation or reconfiguration of the boundary of the
political subdivision for which it was prepared."
29
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EXHIBIT 3
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EXHIBIT `C"
RESOLUTION NO.
TARRANT REGIONAL WATER DISTRICT
Tarrant Regional Water District Participation Agreement
StockyardsTNorthsidc TEF
Page 9
Page 76 of 76