HomeMy WebLinkAboutOrdinance 22340-08-2016 ORDINANCE NO. 22340-08-2016
AN ORDINANCE AMENDING ORDINANCE NO. 22285 BY
REMOVING CERTAIN PROPERTY FROM NEIGHBORHOOD
EMPOWERMENT REINVESTMENT ZONE NUMBER
THIRTY EIGHT, CITY OF FORT WORTH, TEXAS;
DESIGNATING THE PROPERTY SO REMOVED AS
"NEIGHBORHOOD EMPOWERMENT REINVESTMENT
ZONE NUMBER NINETY THREE, CITY OF FORT WORTH,
TEXAS"; PROVIDING THE EFFECTIVE AND EXPIRATION
DATES FOR THE ZONE AND A MECHANISM FOR
RENEWAL OF THE ZONE; AND CONTAINING OTHER
MATTERS RELATED TO THE ZONE.
WHEREAS, pursuant to Resolution No. 2721, adopted by the City Council of the
City of Fort Worth, Texas (the "City Council") on April 17, 2001, as amended by M&C
G-18479, approved by the City Council on May 19, 2015, the City has elected to be
a
eligible to participate in tax abatement for property located in Neighborhood
Empowerment Zones, as authorized by Chapter 378 of the Texas Local Government
Code and in accordance with Chapter 312 of the Texas Tax Code (the "Code"), and has
established guidelines and criteria governing tax abatement agreements covering
property located in Neighborhood Empowerment Zones (the "NEZ Policy"); and
WHEREAS, on April 5, 2011, the City Council adopted Resolution No. 3981,
designating the Six Points Neighborhood Empowerment Zone (the "NEZ"), and adopted
Ordinance No. 17140, designating the NEZ as Neighborhood Empowerment
Reinvestment Zone (NERZ) No. 38, and renewed the NERZ on June 21, 2016,
Ordinance No. 22285, City of Fort Worth, Texas; and
WHEREAS, 2925 Race LLC ("Developer") intends to make improvements to
certain real property located in the NEZ and that is more particularly described in Exhibit
Page 1 Ordinance No. 22334-08-2016
Ordinance Designating Neighborhood Empowerment Reinvestment Zone Number Ninety Page 1 of 7
Three,City of Fort Worth, Texas
"A" of this Ordinance (the "Land") on which Developer wishes to construct and own a
mixed-use residential and retail development (the "Improvements") in a manner that is
consistent with the City's 2016 Comprehensive Plan, adopted by the City Council on
March 29, 2016, pursuant to M&C G-18711; and
WHEREAS, the Code requires that the terms and conditions of tax abatement
agreements covering property located in the same reinvestment zone must be identical;
and
WHEREAS, Developer has requested a ten(10)-year real property tax
abatement on the Improvements, which, in accordance with the NEZ Policy, is subject to
unique terms and conditions specific to the project; and
WHEREAS, accordingly, the City Council hereby finds that it is necessary and
desirable to remove the Land from Neighborhood Empowerment Reinvestment Zone No.
38 and to designate a new Neighborhood Empowerment Reinvestment Zone comprising
only the Land (the "Zone"); and
WHEREAS, the City Council hereby finds that the project described herein will
be an important element in the realization of the Six Points area and that development of
the Land and the Zone in the manner described herein will best occur by means of tax
abatement on the Improvements in return for Developer's causing construction of the
Improvements and compliance with certain other commitments that will foster economic
development in the Zone and the City in general; and
WHEREAS, on August 2, 2016, the City Council held a public hearing
regarding the creation of the Zone, received information concerning the Improvements
proposed for the Zone and afforded a reasonable opportunity for all interested persons to
Page 2 Ordinance No.22334-08-2016
Ordinance Designating Neighborhood Empowerment Reinvestment Zone Number Ninety Page 2 of 7
Three,City of Fort Worth, Texas
speak and present evidence for or against the creation of the Zone ("Public Hearing"),
as required by Section 312.201(d) of the Code; and
WHEREAS, notice of the Public Hearing was published in a newspaper of
general circulation in the City on July 23, 2016, which satisfies the requirement of
Section 312.201(d)(1) of the Code that publication of the notice occur not later than the
seventh day before the date of the public hearing; and
WHEREAS, in accordance with Sections 312.201(d)(2) and (e), notice of the
Public Hearing was delivered in writing not later than the seventh day before the date of
the public hearing to the presiding officer of the governing body of each taxing unit that
includes in its boundaries real property that is to be included in the proposed Zone;
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE
CITY OF FORT WORTH, TEXAS:
Section 1.
FINDINGS.
That after reviewing all information before it regarding the establishment of the
Zone and after conducting the Public Hearing and affording a reasonable opportunity for
all interested persons to speak and present evidence for or against the creation of the
Zone, 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. Therefore, the City has met the notice and procedural requirements
Page 3 Ordinance No.22334-08-2016
Ordinance Designating Neighborhood Empowerment Reinvestment Zone Number Ninety Page 3 of 7
Three,City of Fort Worth, Texas
established by the Code for creation of a reinvestment zone under Chapter 312 of
the Code.
1.2. Without a tax abatement on the Improvements, as requested by Developer,
construction of the Improvements would not be financially feasible for
Developer.
1.3. As a mixed-use retail and residential development, the Improvements will cause,
among other things and without limitation, (i) new employment to occur within
the Zone and (ii) existing businesses in the area to prosper as a result of increased
residential activity.
1.4. As a result of designation as a reinvestment zone, the area within the Zone is
reasonably likely to contribute to the expansion of primary employment and to
attract major investment in the Zone that will be a benefit to property in the Zone
and will contribute to the economic development of the City.
1.5. The Improvements are feasible and practical and, once completed, will benefit the
land included in the Zone as well as the City for a period in excess of ten (10)
years, which is the statutory maximum term of any tax abatement agreement
entered into under the Chapter 312 of the Code.
Section 2.
REMOVAL OF LAND FROM
NEIGHBORHOOD EMPOWERMENT REINVESTMENT ZONE NO. 13
That Ordinance No. 22285 is hereby amended by removing the Land, as
described in Exhibit "A", from Neighborhood Empowerment Reinvestment Zone
Number Thirty Eight, City of Fort Worth, Texas.
Page 4 Ordinance No. 22334-08-2016
Ordinance Designating Neighborhood Empowerment Reinvestment Zone Number Ninety Page 4 of 7
Three,City of Fort Worth, Texas
Section 3.
DESIGNATION OF ZONE.
That the City Council hereby designates the Land, as described in Exhibit "A", as
Neighborhood Empowerment Zone Number Ninety-three, City of Fort Worth, Texas, as
authorized by and in accordance with Chapter 312 of the Code. The project described
herein is eligible for a mixed-use development tax abatement pursuant to Section III.D of
the NEZ Policy.
Section 4.
TERM OF ZONE.
That the Zone shall take effect upon the effective date of this Ordinance and
expire five (5) years thereafter. The Zone may be renewed by the City Council for one or
more subsequent terms of five (5) years or less.
Section 5.
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 be and remain
in full force and effect and shall not in any way be impaired or affected by such decision,
opinion or judgment.
Ordinance No.22334-08-2016
Page 5 of 7
Page 5
Ordinance Designating Neighborhood Empowerment Reinvestment Zone Number Ninety
Three,City of Fort Worth, Texas
Section 6.
IMMEDIATE EFFECT.
That this Ordinance shall take effect upon its adoption.
AND IT IS SO ORDAINED.
APPROVED AS TO FORM AND LEGALITY:
Me rnda amos, Alary .Kayser,
Sr. Assistant City Attorney City Secretary
ADOPTED AND EFFECTIVE: August 2, 2016_
Ordinance No. 22334-08-2016
Page 6 of 7
Page 6
Ordinance Designating Neighborhood Empowerment Reinvestment "Lone Number Ninety
Three,City of Fort Worth, Texas
EXHIBIT "A"
PROPERTY TO BE REMOVED FROM NEIGHBORHOOD
EMPOWERMENT REINVESTMENT ZONE NO. 38
and
BOUNDARY DESCRIPTION OF
NEIGHBORHOOD EMPOWERMENT REINVESTMENT ZONE NO. 93
The property to be designated as Fort Worth Neighborhood Empowerment Reinvestment Zone
No. 93 for tax abatement purposes contain 2.63 acres of land and is described below:
BEGINNING at a %2 inch iron rod found in the southerly right of way line of Race Street (a
variable width right of way) for the northwest corner of the tract of land described as Parcel C
in the instrument to Paulos Properties, LLC recorded in Document Number D213304683, Deed
Records of Tarrant County Texas;
THENCE with the westerly line of said Paulos Properties, LLC tract South to a 5/8 inch iron
rod with plastic cap stamped "Dunaway Assoc LP" set for the northwesterly corner of Lot F-R,
Block 4, Homer L. Aikman Addition, an addition to the City of Fort Worth according to the
plat recorded in Cabinet B, Slide 440, Plat Records of Tarrant County, Texas;
THENCE easterly to an "X" found in concrete in the northerly right of way line of Plumwood
Street (50 foot wide right of way) for the southwesterly corner tract of land described in deed to
Lan-Dev Corp. recorded in Volume 11740, Page 1008, Deed Records of Tarrant County,
Texas;
THENCE northerly to a 5/8 inch rod with a cap stamped "Dunaway Assoc LP" set for the
northwesterly corner of said Lan-Dev Corp. tract;
THENCE westerly to an "X" cut found in concrete in the north line of Race Street for the
southwest corner of a tract of land out of the A. McLemore Survey, Abstract No. 1056, Tarrant
County, Texas, said point being located 64.03 feet East from the southwest corner of Tract 1,
Volume 14503, Page 333;
THENCE northerly to a '/2 inch iron rod found in the southerly right of way line of Race Street
(a variable width right of way) for the common northerly corner of Tract 1, Document No.
D207169773 and H.M. Connor subdivision, an addition to the City of Fort Worth according to
the plat recorded in Volume 388-0, Page 143, Plat Records, Tarrant County;
THENCE westerly to a '/2 inch iron rod found in the southerly right of way line of Race Street
(a variable width right of way) for the northwest corner of the tract of land described as Parcel
C in the instrument to Paulos Properties, LLC recorded in Document Number D213304683,
Deed Records of Tarrant County Texas,the POINT OF BEGINNING.
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City of Fort Worth, Texas
Mayor and Council Communication
11
COUNCIL ACTION: Approved on 8/2/2016 - Ordinance No. 22340-08-20,16
DATE: Tuesday, August 2, 2016 REFERENCE NO.: C-27845
LOG NAME: 19-1 NEZRACESTREETPROJECTONE
SUBJECT:
Conduct a Public Hearing and Approve Ordinance Designating Neighborhood Empowerment Reinvestment
Zone No. 93, Race Street (COUNCIL DISTRICT 9)
RECOMMENDATION:
It is recommended that the City Council:
1. Hold a public hearing concerning the designation of approximately 2.63 acres of land as described in
Exhibit A as Neighborhood Empowerment Reinvestment Zone No. 93; and
2. Adopt the attached ordinance designating the Land as Neighborhood Empowerment Reinvestment
Zone No. 93, pursuant to the Texas Property Redevelopment and Tax Abatement Act, Tax Code, Chapter
312.
DISCUSSION:
One of the incentives a municipality can provide in a Neighborhood Empowerment Zone (NEZ), according
to Chapter 378 of the Texas Local Government Code, is an abatement of municipal property taxes for
properties in the NEZ and the Neighborhood Empowerment Reinvestment Zone (NERZ) in accordance
with Chapter 312 of the Texas Property and Redevelopment Tax Abatement Act (Act). The designation of
the reinvestment zone (Zone) with each NEZ is designed for the majority of Tax Abatement Agreements in
the Zone not to exceed five years. The Agreements made with the owners of property in a reinvestment
zone must contain identical terms for the portion of the value of the property that is to be exempt and the
duration of the exemption. It is recommended that the subject property, located in the Six Points NEZ,
Council District 9 and described in Exhibit A, be removed from NERZ No. 38 and instead be designated as
NERZ No. 93, so that the City can enter into a 10-year Tax Abatement Agreement which, under the
guidelines set forth in the NEZ Policy, are subject to terms and conditions specific to the project. 2925
Race, LLC., is considering construction of a mixed-use project to include residential, retail and parking on
this site.
The Act requires a public hearing. Notice of this hearing was (1) delivered to the governing body of each
affected taxing unit and (2) published in a newspaper of general circulation at least seven days prior to the
public meeting. The Act requires the property receiving an abatement to be located in a Reinvestment or
Enterprise Zone.
The area encompassing the proposed Zone meets the statutory criteria for designation as a Tax
Abatement Reinvestment Zone set forth in Chapter 312 of the Texas Tax Code in that the area is
reasonably 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. Further, the improvements sought in the Zone
are feasible, practical and would be a benefit to the Land to be included in the Zone and to the City after
Logname: 19-1NEZRACESTREETPROJECTONE Pagel of 2
any Tax Abatement Agreements which may be entered into have expired.
The proposed NEZ Reinvestment Zone No. 93 will expire after five years and may be renewed for periods
not to exceed five years.
This property is located in COUNCIL DISTRICT 9, Mapsco TAR-63R.
This M&C does not request approval of a contract with a business entity.
FISCAL INFORMATION / CERTIFICATION:
The Director of Finance certifies that approval of the above recommendation will have no material effect
on the Fiscal Year 2016 Budget. While no current year impact is anticipated from this action, upon
approval, reduced revenues will be included in the long-term forecast associated with years 2017-2021 to
capture the anticipated impact of the tax abatement resulting from the designation of the reinvestment
zone.
FUND IDENTIFIERS (FIDs):
TO
i I Fundi Department ccoun Project Program ctivity Budget Reference # moun
ID ID Year (Chartfield 2)
FROM
Fund Department ccoun Project Program ctivity Budget Reference # moun
ID ID Year Chartfield 2
CERTIFICATIONS:
Submitted for City Manager's Office by: Fernando Costa (6122)
Originating Department Head: Aubrey Thagard (8187)
Additional Information Contact: Sarah Odle (7316)
Logname: 19-1NEZRACESTREETPROJECTONE Page 2 of 2