HomeMy WebLinkAboutContract 30541 T NO
AMENDMENT NO. 1 TO
AGREEMENT TO PARTICIPATE IN
TAX INCREMENT REINVESTMENT ZONE NUMBER THREE,
CITY OF FORT WORTH, TEXAS
This AMENDMENT NO. 1 TO AGREEMENT TO PARTICIPATE IN TAX
INCREMENT REINVESTMENT ZONE NUMBER THREE, CITY OF FORT
WORTH, TEXAS ("Amendment") is entered into by and between the CITY OF
FORT WORTH, TEXAS (the "City") and TARRANT COUNTY COLLEGE
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 December 19, 1995 the City Council of the City adopted Ordinance
No. 12324 designating certain real property in the downtown area of the City as Tax
Increment Reinvestment Zone Number Three, City of Fort Worth, Texas (the "Original
TIT"). Ordinance No. 12324 is incorporated herein by reference for all purposes.
B. On or about May 6, 1996, the City and Taxing Unit entered into an
agreement under which Taxing Unit agreed to deposit up to one hundred percent (100%)
of Taxing Unit's Tax Increment into the TIF District's Tax Increment Fund
("Participation Agreement"), as specifically 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. 21824.
C. On October 30, 2001, the City Council of the City adopted Ordinance No.
14839 expanding the Original TIF to include additional real property in the downtown
area of the City contiguous to that comprising the Original TIF (the "Expanded TIF").
Ordinance No. 14839 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 on
June 13, 2002 to contribute one hundred percent (100%) 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 to 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 June 13, 2002, the following terms provided in Section I of the
Participation Agreement are hereby amended to be defined as follows:
Amendment No. 1 to'rarrant County Collage District
Participation Agreement re:Downtown TIF .
Page 1
"TIF District" shall mean Tax Increment Reinvestment Zone Number
Three, City of Fort Worth, Texas, designated by City Ordinance No.
12324 on December 19, 1995 and expanded by City Ordinance No. 14839
on October 30, 2001, 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, 1995 and (ii) the total appraised value of all real property
taxable by Taxing Unit and located in the Expanded TIF on January 1,
2001.
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 Amendment shall have the same
meanings assigned to them in the Participation Agreement.
4. In accordance with Section VIII of the Participation Agreement, a copy of this
Amendment will be provided to all TIF Taxing Units.
5. 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 this �t day of \. LAA e , 200 LI
CITY OF FORT WORTH, TEXAS. TA NT COUNTY COLLEGE
DISTRICT.
By:
„ 'l d.;Acdis. Bell, M.D,
Ae-hr Assistant City Manager President
Board of Trustees
Amendment No. I to Tarrant county College District
Participation Agreement re: Downtown TIFF
Page 2
e
ATTEST: ATTEST:
BA
4v4i�..,� ft " Name: obe McG Jr.
mug City Secretary Title: Secr to of the Board
APPROVED AS TO FORM/LEGALITY:
By
Peter Vaky
Assistant City Attorney
Amendment No. 1 to'Tarrant County College District ���E, ` '
Participation Agreement re: Downtown TIF
Page 3
r
City of Fort Worth, Texas
Mayor and Council Communication
COUNCIL ACTION: Approved on 8/10/2004
DATE: Tuesday, August 10, 2004
LOG NAME: 12TCCD REFERENCE NO.: **C-20198
SUBJECT:
Authorize Execution of Amendment with Tarrant County College District for Participation in Tax
Increment Reinvestment Zone Number Three, City of Fort Worth, Texas (Downtown TIF)
RECOMMENDATION:
It is recommended that the City Council authorize the City Manger to execute an amendment to the
agreement with Tarrant County College District (TCCD) increasing the scope in which TCCD will contribute
tax increment to the Downtown TIF.
DISCUSSION:
The City Council designated the Downtown TIF on December 19, 1995 via Ordinance No. 12324. TCCD
agreed to contribute tax increment generated by property located in the Downtown TIF pursuant to an
interlocal agreement with the City (City Secretary Contract No. 21824).
On October 30, 2001, the City Council expanded the Downtown TIF via Ordinance No. 14839. This
additional area included property between West 6th and West 7th Streets and property east of Calhoun
Street, including the Santa Fe Rail Market (the Expanded Area). Under state law, a taxing unit is not
required to contribute tax increment to a TIF unless that taxing unit enters into an agreement to do so with
the municipality that has designated the TIF. Because TCCD's original interlocal agreement covered only
the dedication of tax increment from property originally included in the Downtown TIF, it is necessary that it
be amended to allow TCCD to contribute tax increment to the Downtown TIF from property in the expanded
area as well.
The Downtown TIF is located in COUNCIL DISTRICT 9.
FISCAL INFORMATION/CERTIFICATION:
The Finance Director certifies that this transaction will have no effect on City funds.
TO Fund/Account/Centers FROM Fund/Account/Centers
Submitted for City Manager's Office by: Dale Fisseler (6266)
Or wnatin.g._De.partment Read: David Yett (7623)
Additional Information Contact: Peter Vaky (7601)
Logname: 12TCCD Page 1 of 1