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HomeMy WebLinkAboutOrdinance 10592 -- ORDINANCE N0. AN ORDINANCE AMENDING THE 1987-1988 AND 1988-1989 ASSESSMENT ROLLS AND ASSESSMENT ORDINANCES FOR FORT WORTH IMPROVEMENT DISTRICT N0. 1 TO REDUCE THE ASSESS- MENTS AGAINST CERTAIN PARCELS OF PROPERTY OF CITY CENTER DEVELOPMENT COMPANY; DIRECTING THE CITY SECRETARY TO ENGROSS AND ENROLL THIS ORDINANCE; AND PROVIDING AN EFFECTIVE DATE WHEREAS, the City Council of the City of Fort Worth has heretofore directed that certain improvements and/or services (the "Improvements") be provided in the Fort Worth Improvement District No. 1 (the "District") in the 1987-1988 and 1988-1989 fiscal years; and WHEREAS, the City Council held special benefit hearings and levied assessments against parcels of property in the District and the owners thereof for a portion of the cost of such Improvements in the 1987-1988 and 1988-1989 fiscal years, which assessments were levied by the Council pursuant to Article 1269j-4 12, V.A.C S., and Chapter 372, Subchapter A, Local Government Code; and WHEREAS, such assessments were levied by the City Council through the adoption of certain assessment rolls and assessment ordinances; and WHEREAS, the amount of such assessments was based on the appraised value of the parcels of property as determined by Tarrant Appraisal District on January 1 in each of such years; and WHEREAS, City Center .Development Company filed suit No. 48-107992-87 against Tarrant Appraisal District in the 48th District Court of Tarrant County, appealing from the 1987 and 1988 appraised values established by Tarrant Appraisal District for the First City Bank Tower (Account No. 04411420) and the City Center Tower II (Account No. 04411439), which property is owned by City Center Development Company and is located in the District; and WHEREAS, judgment was entered in such suit and the judgment reduced the appraised values of such parcels of property; and WHEREAS, it is necessary to amend the assessment rolls and assessment ordinances which levied the 1987-1988 and 1988-1989 assessments against such property and the owners thereof to reflect the new appraised values established by the 48th District Court and the assessments based thereon; NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FORT WORTH, TEXAS: I That the assessment rolls and ordinances which levied assess- ments against parcels of property and the owners thereof on behalf of Fort Worth Improvement District No. 1 for the 1987-1988 and 1988-1989 fiscal years be and are hereby amended by changing the assessments levied against the following parcels of property and owners thereof to read as follows: A Assessments for 1987-198.8_ Fiscal Year Legal Property Appraised Acct/Owner Description Location Value Assessment #04411420 City Center Main $54,500,000 $43,600 City Center Blk. 36R Street 2 B. Assessments for _1988-1989 Fiscal Year Legal Property Acct/Owner Description Location #04411420 City Center Main City Center Blk. 36R Street Dev. Co. #04411439 City Center Commerce City Center Blk, 40R Street Appraised Value $55,300,000 $55,000,000 $44,000 Assessment $44,240 Dev. Co. and the assessments against such parcels of property and the prop- erty owners shall be as shown above for such years. II. That the sums so assessed against the respective parcels of property and the owners thereof shall become due and payable upon receipt by the owner of a written notice from the City and shall become delinquent sixty (60) days thereafter. Any amount due on such assessments shall bear interest from and after the date of delinquency, at the rate of ten percent (10%) per annum until paid. III. That except as heretofore and hereby amended, the assessment rolls and assessment ordinances approved and adopted by the City Council for Fort Worth Improvement District No. 1 for the 1987-1988 and 1988-1989 fiscal years shall remain unchanged and shall continue in full force and effect. IV. The City Secretary is hereby directed to engross and enroll this ordinance by copying the caption of same in the Minute Book 3 of the City Council of Fort Worth, Texas, and by filing the com- plete ordinance in the ordinance records of said City. V. This ordinance shall take effect and® be in full force and effect from and after the date of its passage, and it is so ordained. APPROVED AS TO FORM AND LEGALITY: City Attorney Date : 5 _ 2 ~ ~ ~ 0 C ADOPTED• ~ /~ EFFECTIVE: 4 TARRANT APPRAtSAI DISTRICT William E. Roberts 2315 Gravel Road • :Fort Worth, Texas 76118982 •284-0024 Chief Approiaer March 8, 1990 Mr. Don Love, lax Assessor-Collector City of Fort Worth P D. Box 976 Fort Worth, Texas 76101 Re Cause No 48-107992-8? - City Center bevelopment Co - Rgreed Judgment Dear Mr Love. The District Court of Tarrant County has concluded its review of an appeal that a property owner fiiled under the provisions of Property Tax Code Sections 42..21 through 42 29. A copy of tfie Court's final order is attached The Chief Appraiser and the Assessor for each taxing unit having jurisdiction to tax tfie property that was the subject 'of this appeal must now complete certain postappeal .administrative procedures required by the following sections of the Property Tax Code SUBCHAPTER C. - POSTAPPEAL ADMINISTRATIVE PROCEDURES 42 41 -Correction of Rolls -The Chief -appraiser shall correct the appraisal roll and other appropriate records as necessary to reflect the #inal determination of an appeal, and the assessor for each affected taxing unit shall correct the tax roll and other appropriate records for which he is responsible 42 42 - Corrected and Supplemental Tax Sills {a) Except as provided by .Subsection (b) of this section, if the final determination of an appeal that changes a property owner's tax liability occurs after the tax bill is mailed, the assessor for each affected taxing unit shall prepare and mail a corrected tax bill in the manner provided by Chapter 31 of this code for tax bills generally. The assessor shall include with the bill a brief explanation of the reason for and effect of the corrected bill. (b) If the final determination of an appeal that increases a property owner's tax liability occurs after the property owner has paid his taxes, the assessar for each affected taxing unit shall prepare and mail a supplemental tax bill in the manner provided by Chapter 31 of this code for tax bills generally The assessor shall include with the bill a brief explanation of the reason for and effect of the supplemental bill The additional tax is due on receipt of the supplemental bill and becomes delinquent if not paid before the delinquency date prescribed by Chapter 31 of this code or before the first day of the next month after the date of mailing that will provide at least 21 days for payment of the tax, whichever is later .. {c) If the final determination of an appeal occurs after the property owner has paid a portion of the tax finally determined to be due as required by Section 42 O8 of this code, the assessor for each affected taxing unit shall prepare and mail a supplemental tax bill in the farm and manner prescribed by Subsection (b) of this section. The additional tax is due and becomes delinquent as provided by Subsection (b), but the property owner is liable for interest on the tax included in the supplemental bill at the rate prescribed by this code for delinquent taxes. 42.43 - Refund {a) If the final determination of an appeal that decreases a property owner's tax liability occurs after the property owner has paid his taxes, the taxing unit shall refund to the property owner the difference between the amount of taxes paid and amount of taxes for which the property owner is liable. (b) For a refund made under this section because an exemption under Section 11.20 that was denied by the chief appraiser or appraisal review board is granted, the taxing unit shall include with the refund interest on the amount refunded calculated at an annual rate of 10 percent from the date the amount refunded was paid by the property owner until the date the refund is made For any other refund made under this section, the taxing unit shall include with the refund interest on the amount refunded at an annual rate of eight percent, calculated from the delinquency date for the taxes until the date the refund is made. If this suit is settled through an Agreed Judgment, the changes to the appraisal roll resulting from the final determination of this appeal will be included in the Litigation final Judgments ~teport (with the accounts invaived being highlighted} that you wi17 receive shortly, and we are enclosing with this letter a copy of the updated admin screen to reflect the agreed value for each account involved These changes may require you to change your tax roll, prepare and mail corrected or supplemental. tax bills, refund taxes paid, or take other actions. If the suit is dismissed, you will be receiving with this letter a -copy of the Order of Dismissal signed by the Judge as well as a Litigation Final Judgments Report with the accounts involved being highlighted Pi ease call me if you have any questions ar comments Very truly yours, C William E Roberts Chief Appraiser Encl -Copy of Final Court Order ~. i NO. 4$-107992-87 CITY CENTER DEVELOPMENT CO., § IN THE DISTRICT COURT OF a Texas general partnership, § Plaintiff, § VS. § TARRANT.COUNTY, TEXAS TARRANT APPRAISAL DISTRICT and § APPRAISAL REVIEW HOARD FOR § TARRANT COUNTY, TEXAS, § § Defendants. § 4.8th JUDICIAL DISTRICT AGREED JUDGMENT On the __«~_-~-•~ay of •~:~3-8.9 -~ came on to be heard .the above-style d numbered cause in which City Center Development Company is Plaintiff and Tarrant Appraisal ' District and Tarrant Appraisal Review Board are Defendants T1ie parties appeared through their attorneys of record 2nc1 ansiouncsd to the Court that all the matters in dispute between them had been f ally and finally resolved by their agreeiny tv compromise uncertain and disputed claims upon the terms wtiict- ar.e set forth herein. The Court finds that the compromise is fair ar~c2 proper anc7 orc9ers the following• IT IS ORDERED, ADJUDGED AND DECREED that the appraised value, as of each year as set forth below, on the I~roperty which is the subject of Tarrant Appraisal District Account Numbers 04411920 and 0441143y are hereby fixed at ttse following amounts F 06822F~c~ 01~ $GR~r1Z,7~J~M.ENT - Page 1 GL .• .. Year F~'rst_City Bank Tower lQ4911920) City Center (09411939) Tower II :89~~,L~v~ pS$ $54 , 500, 000 OOt' '~l~' N/A :r~=~$~$, T:2;;>" $55,300,000.00.1 LSr/'ryf$55,000,000 00~ 9 ~ ' D K i~55, 781, 264 .00~ ~~,~~,[, $56, 941, 546 .00 +~' ___--- IT IS FURTHER ORDERED. .ADJUDGED AND .DECREED that Tarrant Appraisal District change the eppraisai roil and other appropriate records for which it is responsible and necessary to reflect the appraised values set forth herein. IT IS FURTHER ORDERED, ADJUDGED AND DECREED that the Tarrant Appraisal District .advise the assessor of each taxing unit affected by the :change of the appraisal roll to (i) change the tax roll and other appropriate records for which the taxing .unit is responsible as_necessary to ;ef.lECt the ap.prais.ed valve of each accos~nt referenced above; (2) prepare and mail a Corrected or supplemental tax .bill in the manner prescribed by Chapter 31 and '§ 42,92 of the Texas Property Tax Code, (3) refund to the Plaintiff any difference between the amoua-t of taxes paid and the amount of taxes for which Plaintiff is liable on each of the above.-referenced accounts, as a result of t3-e appraised values established herein, in tI~e manner prescribed by § 42.43 of the Texas Property Tax Code; or (9) accept payment from Plaintiff for any difference between the amount of taxes paid and the amount of taxes for which Plaintiff is liable on each of the above-referenced accounts, with no penalties or interest to be assessed to Plaintiff related to same F as~22P~~E o~.~ A_G.~E~D JUD M1yNT - Page 2 .. . , IT IS FURTHER ORDERED, ADJUDGED AND DECREED that each party to this suit shall bear its own attorneys' fees, expenses and court costs. All relief not granted herein is hereby DENIED. SIGNED this -,,~~ day o~ .!1 ,c~ _ ,, APPROVED ~1S TO FORM AND CONTENT: RELLX', HA~tTiJ & Daniel W, cDonald Bar No. 13539300 2500 First City Bank Tower 201 Main Street Fort Worth, Texas 76102 (817) 332-2500 ATTORNEYS FOR PLAINTIFF, CITY CENTER DEVEOPMENT COMPANY CANTEY & MANGER ~~ By•__ Shal-rie D. r es Bar No. 4578980 801 Cherry Street, Suite 2100 Fort Worth, Texas 76102 (817) 877-2843 ATTORNEYS FOR DEFENDANTS, TARRANT APPRAISAL DISTRICT and TARRANT APPRAISAL REVIEW BOARD 56511 _ ISTRIC~'~JUDG~ES~k3I G A CcsRTIFIED COPY ATTEST ~_ ~ ~j '_1 ~.~~/ Thonac P ~iuChes 9~ District Clti t , ~'az~rant Cc~~i ~.y , 1'e~,a,; ___~ UeY,,, t y F asg~~p~GE ©~.s g~RrEU .sl tD MENT - P a g e 3 ~ U c,- ~o C ro .. .. U. .•;,, ~., ~ .. .. !.9 M Wr7 n~ 2 ~~ •• +. CCS J p J u. f. ~_ {.- . Y J . 1~1 .~~ !i7 ~ :'fir--' {'.1 • r) ~ Q ~ _) .- .r.~ ~y J JZ_..I H Le. 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BACKGROUND: In Cause No. 48-107992-87, in the District Court of Tarrant County, City Center Development Company appealed the 1987 and 1988 tax valuations set b Tarrant Appraisal District for the First City Bank Tower (Account #04411420 and the City Center Tower II (Account #04411439). An agreed judgment was entered in the suit and the City Tax Assessor/Collector is amending the city tax rolls to reflect the new values. The district court judgment lowered the 1987 and 1988 valuations on the First City Bank Tower and Towered the 1988 valuation on the City Center Tower II. The City Center Development Company property is located in Fort Worth Improvement District No. 1 and the 1987-1988 and 1988-1989 assessments for the District were based on the T.A.D. valuations. The assessments need to be adjusted to reflect new 1987 and 1988 valuations. Adoption of the attached ordinance would make the following amendments in the assessment rolls: 1. Account #04411420 (First City Bank Tower) 1987-1988 Fiscal Year Old Value $66,620,058 Assessment Paid New Value 54,500,000 Amount Due 1988-1989 Fiscal Year Old Value $67,233,269 Assessment Paid New Value 55,300,000 Amount Due 2. Account #04411439 (City Center Tower II) 188-1989 Fisca] Year $46,265.64 43.600.00 $46,265.64 44.240.00 ($ 2,025.64) Old Value $65,019,845 Assessment Paid $31,249.39 New Value 55,000,000 Amount Due 44.000.00 $12,750.61 The difference. between the amount now due and the amount to be refunded is $8,059.33, which remain$.due~to th.e City, DATE REFERENCE SUBJECT AMENDMENT OF 1987-1988 AND PAGE NUMBER 1988-1989 ASSESSMENT ROLLS, FORT 2f 2 5-29-90 *~'G-8636 W R j~RQLIEMENT DISTRjCT N0. 1 The Court's judgment concerning property taxes provides that the City shall accept payment for the amount of taxes owed with no penalties or interest. It is recommended that this also be applied to the assessments if the amount due is paid within 60 days of noti ce to the property owner of the amount due. FINANCING• These revenues will be desi gnated as prior years revenues of Fort Worth Improvement District No. 1 and deposited in Special Assessment Fund 87, Project No. 10008900. WA:v/6 APPROVED BY CITY COU NCI L MAY ~9 1990 Cit* Ssccetatq of the Citq of Foa Wash, Texar! SUBMITTED FOR THE CITY MANAGER'S DISPOSITION BY COUNCIL: PROCESSED BY OFFICE 8Y Mike Groomer 6122 [7 APPROVED ORIGINATING f7 OTHER (DESCRIBE) DEPARTMENT HEAD• Thomas H1991nS 6192 CITY SECRETARY FOR ADDITIONAL. INFORMATION CONTACT Ann Di vele 6 130 Ado ted Ordinance No. DATE ;,,.