HomeMy WebLinkAboutContract 30627-A1 CITY SECRETARY,2
COWRACT NO.
AMENDMENT NO. I TO
AGREEMENT TO PARTICIPATE IN
TAX INCREMENT REINVESTMENT ZONE NUMBER TEN,
CITY OF FORT WORTH, TEXAS
This AMENDMENT NO. I TO AGREEMENT TO PARTICIPATE IN TAX
INCREMENT REINVESTMENT ZONE NUMBER TEN, CITY OF FORT WORTH,
TEXAS ("Amendment") is entered into by and between the CITY OF FORT WORTH,
TEXAS (the "City") and TARRANT REGIONAL WATER DISTRICT ("Taxing Unit").
The City and Taxing Unit hereby agree that the following statements are true and correct
and constitute the basis upon which the City and Taxing Unit have entered into this Amendment:
A. On June 15, 2004, the City Council of the City adopted Ordinance No. 16002
designating certain real property in the northern area of the City has Tax Increment Reinvestment
Zone Number Ten, City of Fort Worth, Texas (the "Original TIF"). Ordinance No. 16002 is
incorporated herein by reference for all purposes.
B. On or about September 30, 2004, the City and Taxing Unit entered into an
agreement under which Taxing Unit agreed to deposit up to sixty percent (60%) of Taxing Unit's
Tax increment into the TIF District's Tax Increment Fund ("Participation Agreement"), as
specified provided in that Participation Agreement. The Participation Agreement is a public
document on file in the City Secretary's Office as City Secretary Contract No. 30627.
C. On December 9, 2008, the City Council of the City adopted Ordinance No.
18397-12-2008 expanding the Original TIF to include additional real property in the northeast
area of the City contiguous to that comprising the Original TIF (the "Expanded TIF").
Ordinance No. 1 8397-1 2-2008 is attached hereto as Exhibit "A".
D. After hearing a presentation by the City regarding the tentative plans for the
development or redevelopment of the Expanded TIF and an estimate of the general impact of the
Expanded TIF on property values and tax revenues, Taxing Unit voted to contribute sixty percent
(60%) of Taxing Unit's Tax Increment from property in the Expanded TIF into the Tax
Increment Fund, which intent the parties hereto wish to reduce in writing through this
Amendment.
NOW, THEREFORE, the City and Taxing Unit, for and in consideration of the terms
and conditions set forth herein, do hereby contract, covenant and agree as follows:
1. Effective as of the later date below, the following terms provided in Section 2 of the
Participation Agreement are hereby amended to be defined as follows:
"TIF District" shall mean Tax Increment Reinvestment Zone Number Ten, City of Fort
Worth, Texas, designated by City Ordinance No. 16002 on June 15, 2004 and expanded
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Amendment No. I to Tarrant Regional Water District OFFICIJUI. RECORD
Participation Agreement re: Lone Star TLF CITY SECRETARY
Page I WORTH� TX
��F,CEIVI-D T-1, '2 ,5 IUS
by City Ordinance No. 18397-12-2008 on December 9, 2008, which Ordinances are
hereby made a part of this Agreement for all purposes.
"Tax Increment Base" shall mean (i) the total appraised value of all real property
taxable by Taxing Unit and located in the Original TIF on January 1, 2004 and (ii) the
total appraised value of all real property taxable by Taxing Unit and located in the
Expanded TIF on January 1, 2008.
2. All other terms set forth in Section I of the Participation Agreement and their respective
definitions, as well as all other provisions and conditions of the Participation Agreement, shall
remain in full force and effect.
3. Capitalized terms used but not identified in this Agreement shall have the same meanings
assigned to them in the Participation Agreement.
4. This Amendment contains the final written expression of the City and Taxing Unit with
respect to the subject matter hereof. This Amendment may be executed in multiple counterparts,
each of which shall be considered an original, but all of which shall constitute one instrument.
EXECUTED as of the later date below:
CITY OF FORT WORTH, TEXAS: TARRANT REGIONAL WATER
DISTRICT:
A I
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4., -
Fernand jto q Victor Hen de
n
Assistant City Mania er President
Board of Directors
ATTEST:.1,1--, 0 ATTEST:
By: y:
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Mary J. Kayser Name: J 4e,- Ice
AS
City Secretary Title:tle: �0Ago cu,`
LM&C MEQUIRE
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APPROVED AS TO FORM /LEGALITY:
OFFICIAL RECORD
Amendment No. 1 to Tarrant Regional Water District C'11TY SECR LETARY
Participation Agreement re: Lone Star TIF F�r. W(,,,),RT'H, TX
Page 2
Ma(eshia Farmer
Senior Assistant City Attorney
M&C:
3T
T. WORTH,r, I f
Amendment No. 1 to Tarrant Regional Water District „ww
Participation Agreement re: Lone Star TIF
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