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Home My WebLink AboutOrdinance 102813,.~" rt ' ~ ... ~.1 t. a~ i. oRDINANCE No. ~~~ AN ORDINANCE AMENDING THE CODE OF THE CITY OF FORT WORTH, TEXAS (1986), AS AMENDED, BY DESIGNATING THE FORT WORTH IMPROVEMENT DISTRICT NO. 1 AS TAX ABATEMENT REINVESTMENT ZONE NO. 1; PROVIDED THAT THIS ORDINANCE SHALL BE CUMULA- LATIVE; PROVIDING A SEVERABILITY CLAUSE; PROVIDING FOR ENGROSSMENT AND ENROLLMENT; AND PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, the City Council of the City of Fort Worth, Texas ("City"), desires to promote the development or redevelopment of a certain contiguous geographic area within its jurisdiction by the creation of a residential reinvestment zone for tax abatement, as authorized by Subchapter B, Municipal Tax Abatement - Tax Code, Vernon's Texas Civil Statutes, Sections 312 201 through 312 209, as amended; and WHEREAS, the City Council has elected by City Resolution No. to become eligible to participate in tax abatement, and WHEREAS, the Property Redevelopment and Tax Abatement Act further provides that property within a residential reinvestment zone may be eligible for, inter alia, tax abatement, subject to the governing body of the municipality establishing by resolution the requirements far such eligibility and entering into a written tax abatement agreement with the owner of taxable real property that is located in the reinvestment zone, and WHEREAS, a public hearing in a regularly scheduled meeting before the City Council was held at 10.00 a m on the 28th day of March, 1989, such date being at least seven (7) days after the date of publication of the notice of such public hearing as required by the Local Tax Code, and WHEREAS, notice of the public hearing was delivered to the presiding officer of the governing body of~ each taxing unit located within the proposed reinvestment zone at least seven (7) days before the date of the public hearing, and WHEREAS, the City, at such hearing, invited all interested persons or their attorneys to appear and speak for or against the creation of tYie proposed reinvestment zone, the boundaries of the proposed reinvestment zone, whether all or part of the territory described in this ordinance should be included in such proposed reinvestment zone, and the concept of tax abatement, - 1 - _> ;~ NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FORT WORTH, TEXAS SECTION 1 That the Cade of the City of Fart Worth, Texas, (1986} as amended, is hereby amended by adding thereto a new Chapter 48 entitled "Tax Abatement Reinvestment Zone No. 1" which chapter shall read as follows CHAPTER 48 TAX ABATEMENT REINVESTMENT ZONE NO. 1 Section 48-1 Findings and Determinations That the facts and recitations contained in the preamble of this ordinance are hereby found and declared to be true and cor- rect The City, after conducting such hearings and having heard such evidence and testimony, has made the following findings and determinations based on the testimony and evidence presented to it' (a) That a public hearing on the designation of the reinvestment zone has been properly called, held and conducted and that notices of such hearings have been published as required by law and delivered to all taxing units overlapping the territory inside the proposed reinvestment zone, and (b) That the boundaries of the reinvestment zone shall be the boundaries of the Fort Worth Improvement District No 1 as shown on~the map attached hereto as Exhibit "A°', and (c) That the creation of the residential reinvestment zone far tax abatement, with boundaries as described in Exhibit °'A", will result in benefits to the City and to the land included in the zone after the expiration of any Tax Abatement Agreement and the improvements sought are feasible and practical, and (d} That the reinvestment zone as defined in Exhibit '°A" meets the criteria for the creation of a rein- vestment zone as set forth in V T C A Tax Code Section 312 202, as amended, in that it is reason- ably likely as a result of the designation to contribute to the retention or expansion of primary employment or to attract major investment in the zone that would be a benefit to the property and that would contribute to the economic development of the City - 2 - .. f. Section 48-2 Designation of Zone That pursuant to Chapter 312, Property Redevelopment And Tax Abatement Act, V T C A Tax Code Section 312 201 through 312 209, the City hereby creates a residential reinvestment zone for tax abatement encompassing the area shown as the Fort Worth Improvement District No 1 in Exhibit "A°' attached hereto and such reinvestment zone is hereby designated and shall hereafter be designated as Tax Abatement Reinvestment Zone No 1, City of Fort Worth, Texas The designation of this zone expires 5 years after the date of designation and may be renewed for periods not to exceed 5 years SECTION 2 This ordinance shall be cumulative o~f all provisions of ordi- nances and of the Code of the City of Fort Worth, Texas (1986), as amended, except where the provisions of this ordinance are in di- rect conflict with the provisions of such ordinances and such Code, in which event conflicting provisions of such ordinances and such Code are hereby repealed ' SECTION 3, It is hereby declared to be the intention of the City Council that the sections, paragraphs, sentences,, clauses and 'phrases of this ordinance are severable, and if any phrase, clause, sentence, paragraph or section of this ordinance shall be declared unconsti- tutional by the valid judgment or decree of .any court of competent jurisdiction, such unconstitutionality shall not affect any of the remaining phrases, clauses, sentences, paragraphs and sections of this ordinance, since the same would have been enacted by the City Council without the incorporation in this ordinance of any such unconstitutional phrase, clause, sentence, paragraph or section SECTION 4. The City Secretary of the City of Fort Worth is hereby directed to engross and enroll this ordinance by copying the caption and effective date in the minutes of the City Council and by filing the ordinance in the ordinance records of the City - 3 - i., SECTION 5. This ordinance shall take effect and be in finll force and effect from and after its passage, and it is so ordained APPROVED AS TO FORM AND LEGALITY. City Attorney D a t e ,, ,~ f, , ~Q ADOPTED . ~G~~ °~, !~ 1 /~ EFFECTIVE ~~ C~O~ - 4 - V .- n °~ JO ^ ~~~ I~ ^^ LJOOO nnrll~ EXIiIBIT ''A" FORT WORTH IMPROVEMENT DISTRICT NO.1 CTI'Y OF FORT WORTH FEBRUARY 1989 MASTER itLE•~ ~ ~ ` ` ACCOUNTiNG•2 p~~•~~ `L/Z~~ ~~ /i ®~~ ~®~U~~~ ~~L~i` ~.~ ~RANSPU3~~nON(PUet.~c . oR •R N%IiER ADMINtSTRATiON ~ CU:Y. MANAGE c~w~r aex-s~ '' DATE REFERENCE SUBJECT DESIGNATING THE FORT WORTH PAGE NUMBER IMPROVEMENT DISTRICT N0. 1 AS TAX 1 3-28'-89 G-7981 ABATEMENT REINVESTMENT ZONE N0. 1 t°f~=_ RECOMMENDATION• ~ ~'c~ ~ na» ce~ It is recommended that the City Council adopt the attached •~-~ia~ which designates that the fort Worth Improvement District No. 1 as the Tax Abatement Reinvestment Zone No. 1 pursuant to V.T.r,.q. Tax Code Sections 312.201 through 31?_.209, as amended. BACKGROUND This item serves as a Publ is Hearing on the designation of a reinvestment zone as required by the Municipal Tax Abatement Act. Notice of this public hearing was publ is'ned in the newspaper and delivered to the presiding officer of the governing body of each taxing unit within the boundaries of the proposed zone 7 days prior to this meeting as required by the Code. The proposed area meets the criteria for the designation of a reinvestment zone, as required by the Code, in that the area is reasonably 1 ikely, as a result of the designation, to contribute to the retention or expansion of primary employment or to attract major investment in the zone that would be a benefit to the property and that would contribute to the economic development of the City . The designation of a reinvestment zone expires 5 years after the date of designation and may be renewed for periods not to exceed 5 years. The Code requires a city to designate a zone prior to entering into tax abatement agreements. mmc f ~ PROVED BY , ~ , co~~uc,~ AS Cp~{gC'TED ~~a ~~ Tess ~~~ ~~,. SUBMITTED FOR IIMt CITY MANAGER'S OFFICE BY David Ivory DISPOSITION BY COUNCIL. [] APPROVED PROCESSED BY ORIGINATING DEPARTMENT HEAD•TOm Higgins C' OTHER (DESCRIBE) CITY SECRETARY TIONAL Iry,FORpQi ve l ey 6130 Adopted ptdlnanCe Nts. DATE CONTACT