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HomeMy WebLinkAboutContract 44609-A1 RECEIVED AUG 16 2016 City Secretary Contract No: 4qWq-A1 CITY OF FORT WORTH CITYSEMUARY AMENDMENT NO. 1 TO AGREEMENT TO PARTICIPATE IN TAX INCREMENT REINVESTMENT ZONE NUMBER THIRTEEN CITY OF FORT WORTH,TEXAS (WOODHAVEN TIF) This AMENDMENT NO. 1 TO AGREEMENT TO PARTICIPATE IN TAX INCREMENT REINVESTMENT ZONE NUMBER THIRTEEN, CITY OF FORT WORTH, TEXAS ("Amendment") is entered into by and between the CITY OF FORT WORTH, TEXAS (the "City") and TARRANT COUNTY HOSPITAL DISTRICT (the "Hospital District"). The City and the Hospital District hereby agree that the following statements are true and correct and constitute a basis upon which the City and the Hospital District have entered into this Amendment: A. On November 27, 2007, the City Council of the City ("City Council") adopted City Ordinance No. 17889-11-2007 designating certain real property in Woodhaven area of the City as Tax Increment Reinvestment Zone Number Thirteen, City of Fort Worth, Texas, (the "TIF District").The TIF District is informally known as the "Woodhaven TIF". B. On or about June 28, 2013, the City and the Hospital District entered into an agreement under which the Hospital District agreed to deposit eighty percent (80%) of the Hospital District'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. 44609. C. The Participation Agreement incorporates the TIF District's Project and Financing Plan for the development and/or redevelopment of the area, as adopted by the TIF's Board of Directors (the `Board") on May 29, 2008, and approved by the City Council on June 27, 2008,pursuant to Ordinance No. 18146-06-2008. (the"Plan"). D. Section 4.2 of the Participation Agreement specifies that if the Plan is further amended, the Hospital District shall have the right to suspend deposits of tax increment into the TIF District's Tax increment Fund until the amendment is approved by the governing body of the Hospital District as an amendment to the Participation Agreement. E. On September 30, 2015, the Plan was amended by the Board pursuant to Board Resolution No. 2015-03, as approved by the City Council on October 20, 2015 pursuant to Ordinance No. 21949-10-2015, attached hereto as Exhibit "A." The Project and Financing Plan, as so amended,is referred to hereinafter as the"Amended Plan". OFFICIAL RECORD CITY SECRETARY Ama�dment No.1 to the Tsnaat Canty Hospital District PaRicipation Agrammt Woodhaven"F FT. WORTH, TX Page 1 G. The governing body of the County has approved the Amended Plan on behalf of the Hospital District. Accordingly, the City and the governing body of the County wish to amend the Participation Agreement on behalf of the Hospital District to incorporate the Amended Plan. NOW, THEREFORE, for and in consideration of the conditions set forth herein, the sufficiency of which is hereby acknowledged, the City and the Hospital District do hereby contract, covenant and agree as follows: 1. In order for the Participation Agreement to incorporate the Amended Plan, Section 2 (Definitions) of the Participation Agreement is hereby amended to protiide a new definition for the term "Project Plan", as follows: Project Plan means the project plan for the development and/or redevelopment of the TIP District, which has been adopted by the TIF Board and approved by the City Council of the City, which is attached hereto as Exhibit "B-I." All references in the Participation Agreement to Exhibit`B" shall be replaced with Exhibit`B-l." Exhibit "13-1." as amended, is attached hereto and hereby made a part of this Amendment and the Participation Agreement for all purposes. 2. All other provisions and conditions of the Participation Agreement shall remain in ifull 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. This Amendment contains the final written expression of the City and the Hospital District 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. Amendment No. I to the Tarrant County Hospital District Participation Agreement Woodhaven TIF Page 2 EXECUTED as of the later date below: CITY OF FORT WORTH,TEXAS: TARRANT COUNTY HOSPITAL DISTRICT,TEXAS: By: Jesus"Jay"Chapa By: U7�1�4 Assistant City Manager B. Glen Whitley County Judge Date: �` _ �� Date: ATTEST: F®��► ATTEST: ®� %0 eNrwict, By: 80 By: Mao J a er ���'Y Name: O PP City etary ®' "°� 000a° Deputy CoDuntgy e�k S APPROVED AS TO FORM/LEGALITY: APPRO TO FORM*: B By: aleshia armer Name: Senior Assistant City Attorney Asst. Criminal District`�Attorney Contract Authorization M&C Gi 195i( lv av,l; COURT ORDER# l� City Ordinance No. g?►ti 4/g-iv -,2o/-r *Bylaw,the District Attorney's O ce may only approve contracts for its clients. We reviewed this document from our client's legal perspective. Other parties may not rely on this approval.Instead those parties should seek contract review from independmi counsel. rOFFICIAL RECORD Amendment No.I to the Tarrant County Hospital District Participation Avca.am CRETARY Woodhaven T1F page 3 ORTH,T EXHIBIT "A" CITY ORDINANCE NO.21949-10-2015 Amendmem No.I to the'Tanant County Participation Agreement Woodhaven TIF Page 4 ORDINANCE NO.21949-10-2015 AN ORDINANCE APPROVING AN AMENDED PROJECT AND FINANCING PLAN FOR TAX INCREMENT REINVESTMENT ZONE NUMBER THIRTEEN, CITY OF FORT WORTH, TEXAS (WOODHAVEN TIF); MAKING VARIOUS FINDINGS RELATED TO SUCH AMENDED PLAN; PROVIDING FOR SEVERABILITY; AND PROVIDING AN EFFECTIVE DATE. WHEREAS, as authorized by Chapter 311 of the Texas Tax Code (the "Act") and pursuant to Ordinance No. 17889, adopted by the City Council of the City of Fort Worth, Texas (the "City") on November 27, 2007, the City created Tax Increment Reinvestment Zone Number Thirteen,City of Fort Worth,Texas(the "Zone" or"TIF"); and WHEREAS, on May 29, 2008, the Board of Directors of the Zone (the "Board") adopted a Project and Financing Plan for the Zone (the "Plan"), as required by Section 311.011(a) of the Act; and WHEREAS, in accordance with Section 311.011(d) of the Act, on June 17, 2008, the City Council approved the Plan pursuant to Ordinance No. 18146; and WHEREAS,as authorized by Section 311.011(e) of the Act, on September 30,2015, and pursuant to Board Resolution 2015-03, the Board amended the Plan and recommended the amended Plan be approved by City Council to allow the use of economic development program grants in accordance with Chapter 380 of the Texas Local Government Code and Section 311.010(h) of the Act if a project: 1)will utilize Federal and/or State historic tax credits and the financing of the project is demonstrated to be contingent on the use of those credits; or 2) is located on a property owned by any of the taxing entities participating in the TIF; or 3) will provide a minimum of 10 Full-Time Equivalent positions and $500,000 minimum private investment, excluding land acquisition cost. In addition, the Board updated the anticipated TIF projects list,updated revenue projections, and added wording specifically authorizing the Board to expend up to 4% of annual TIF revenues for management and administrative purposes. NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FORT WORTH,TEXAS: Ordinance No.21949-10-2015 Ordinance Approving Amendment to Pro ject and Financing Plan Page 1 of 4 Tax Increment Reinvestment Zone Number Thirteen,City of Fort Worth,Texas Section 1. FINDINGS. That 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 and are incorporated into this Ordinance. 1.2 That the Plan, as amended, includes all information required by Sections 311.011(b) and (c)of the Act. 1.3 That the Plan,as amended, is feasible and conforms to the City's master plan. 1.4 That on October 20, 2015, but prior to the adoption of this Ordinance, the City Council held a public hearing on the Plan, as amended, and afforded a reasonable opportunity for interested persons to speak for or against designation of the Zone and approval of the Plan, as amended, as well as for owners of property located in the Zone to protest inclusion of their property in the Zone (the "Public Bearing"), as required by Section 311.011(e)of the Act. 1.5 That notice of the Public Hearing was published in a newspaper having ;general circulation in the City at least seven (7) days prior to the date of the Public Hearing, which satisfies the procedural requirement of Section 311.003(c) of the Act that notice of the Public Hearing be so published. Section 2. APPROVAL OF AMENDED PLAN. That based on the findings set forth in Section 1 of this Ordinance, the Plan, as amended, attached hereto as Exhibit"A" and incorporated herein, is hereby approved. Section 3. DELIVERY OF AMENDED PLANS TO TAXING ENTITIES. That the Economic Development Department is hereby directed to provide a copy of the Plan, as amended, to the governing body of each taxing unit that taxes real property located in the Zone. Ordinance No.21949-10-2015 Ordinance Approving Amendment to Pro ject and Financing Plan Page 2 of 4 Tax Increment Reinvestment Zone Number Thirteen,City of Fort Worth,Texas Section 4. 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. Section 5. EFFECTIVENESS. That this Ordinance shall take effect and be in full force and effect from and after its adoption. AND IT IS SO ORDAINED. APPROVED AS TO FORM AND LEGALITY: ATTEST: Maleshia B. a kary J. ] a Senior Assistant City Attorney City Secr6tary ADOPTED AND EFFECTIVE: October 20 2015 M&C: G-18594 Ordinance No.21949-10-2015 Ordinance Approving Amendment to Project and Financing Plan Page 3 of 4 Tax Increment Reinvestment Zone Number Thirteen,City of Fort Worth,Texas EXIHBIT "A" PROJECT AND FINANCING PLAN Ordinance No.21949-10-2015 Ordinance Approving Amendment to Project and Financing Plan Page 4 of 4 Tax Increment Reinvestment Zone Number Thirteen,City of Fort Worth,Texas TIF 13 : Woodhaven to -BAND-&T� ET- Vd`Y N PEB —OR- o j AY-BR O t • Fr '4 �� yam. pT�tEt�ER-RD . �\" SAN`"-i.R '---••-r•.�•-'!tk�� NE c7-j- �k e� NI�--UN 6. Ow IocsF Ae �►� h I U JO N-T-WH K.RIYER R �� J� C y_!y dON_-Bu _ NT CE- �--- 0y� RINK PL g �P N It ORE Ham- D MiNWOOD-M $r VME7M81J-Sf� � QW--LN pR �_�AgN> �9T T'ERREY rn -S►r3 ON- TIF 13:Woodhaven 7 -0R Cfty Limit t Propored On:NOONtOr 19,2000 Economic Development o 026 o.s Kies City of Fort Worth .Y , s r os r o Tax Increment Reinvestment Zone Number Thirteen, City of Fort Worth, Texas (Woodhaven TIF) Project Plan and Financing Plan Prepared for The City of Fort Worth September 30,2015 1 Tax Increment Reinvestment Zone Number Thirteen, City of Fort Worth, Texas (Woodhaven.TIF) Project Plan and Financing Plan Table of Contents I. Tax Increment Financing Overview............................................................................................3 11. The Project Plan.............................................................................................................................5 A. Description of the Zone.....................................................................................................6 i. Map of the Boundary.............................................................................................7 ii. Legal Description................................................................................... ......9 iii. Map of Existing Uses..........................................................................................15 iv. Map of Property Values.......................................................................................17 B. Proposed Changes to Current Ordinances and Codes.....................................................19 C. Estimated Non-project Costs...........................................................................................19 D. Method of Relocating Displaced Persons.......................................................................19 11I. The Financing Plan...................................................................................................................20 A. Economic Feasibility of the Zone...................................................................................21 B. Proposed Projects and Improvements.............................................................................23 C. Revenue Projections.......................................................................................................24 IV. Summary of Project Costs and Financing.................................................................................26 V. Tabl es..........................................................................................................................................28 2 I. TAX INCREMENT FINANCING OVERVIEW 3 I. TAX INCREMENT FINANCING OVERVIEW Tax increment financing ("TIF") is a tool Texas local governments use to finance public improvements within a defined area. These improvements are intended to promote development or redevelopment in the defined area and surrounding areas. The primary statute governing tax increment financing is codified in Chapter 311 of the Texas Tax Code (the"Tax Code"). Chapter 311 is often referred to as the Tax Increment Financing Act and it allows municipalities to create "reinvestment zones" within which various public improvements can be undertaken. A municipality makes an area eligible for tax increment financing by designating a reinvestment zone. Essentially, for the City to initiate the designation of an area as a reinvestment zone, the area must 1) substantially arrest or impair the sound growth of the municipality creating the zone, retard the provision of housing accommodations, or constitute an economic or social liability and be a menace to the public health, safety, morals, or welfare in its present condition; or 2) be predominately open and, because of obsolete platting, deterioration of structure or site improvements, or other factors, substantially impair or arrest the sound growth of the municipality; or 3) be in a federally assisted new community located in the municipality or adjacent to such property. At the time an area is designated a reinvestment zone for tax increment financing, the existing total appraised value of real property in the zone is identified and designated as the "base value." All taxing units that levy taxes in the zone during the life of the TIF will continue to receive the tax revenues derived from the'base value." As new development is added to the tax rolls within the TIF area, total assessed valuations rise. This rise in new value is measured annually and is called the "captured appraised value". The taxes that are collected by the participating taxing jurisdictions on the incremental increase between the original "base value" and the current year's "captured appraised value" is the "tax increment". Each taxing unit choosing to participate in the TIF will agree to deposit a portion or all of the taxes generated from the "tax increment" into a TIF fund administered by a TIF Board that is appointed by the local taxing units. The TIF Board uses the tax increment to make public improvements in the area to attract private development that would not otherwise occur or that may not occur until at a much later date. Additionally, the TIP Board may enter into development agreements to participate in new development or redevelopment. The TIF District ends on the earlier of 1) the termination date contained in the ordinance establishing the zone or 2) the date on which all project cost have been paid in full. Any revenues remaining in the 1U fund after the dissolution of the TIF are returned pro rata to each participating taxing unit 4 II. THE PROJECT PLAN In 2005, the City of Fort Worth selected Gideon Toal to prepare a neighborhood redevelopment plan to undergo a comprehensive study, analysis and action plan of the Woodhaven area in east Fort Worth. Almost twenty years of escalating crime and stagnant property values, along with increasing poverty levels were part of the impetus to initiate policy, planning and redevelopments efforts for this area. In general, the TIF Plans contemplate that prospective developers of properties within the TIF may fiord portions of public infisstrnrture associated with development opportunities by utilizing financial support from the TIF Board through development agreements that provide for reimbursement of eligible expenses for these developments. It is also anticipated that the TIF Board may undertake certain public improvement projects once sufficient tax increment is available in an effort to further enhance the area, thereby making it more attractive to new development and redevelopment. The Woodhaven TIF represents an important opportunity to support viable economic redevelopment in east Fort Worth. Much of the area encompassed by the TIF has been in a general state of economic decline with very little new private investment taking place in the past twenty years. In order to support new and denser development in the future, some of the basic infrastructure in the area must be upgraded because much of the existing streets, water, sewer, and drainage systems were constructed several decades ago. A. DESCRIPTION OF THE ZONE The Woodhaven TIF is located in east Fort Worth and encompasses approximately 1,100 acres of property that is bounded by Willow Ridge Road on the westernmost boundary, Interstate highway 30 on the southernmost boundary, Interstate Highway Loop 820 on the easternmost boundary, and roughly follows the Trinity River at its northernmost boundary. This area includes intersections such as Woodhaven Blvd. and Boca Raton, and Bridge Street and Boca Raton as they intersect Loop 820. A map of the boundary and the legal description of the Woodhaven TIF are contained on the following pages as well as maps of the current zoning and property values. 6 i. MAP OF THE BOUNDARY AT immw=- t�.We� - i 41A 72p 4A 1-2 LL .......... AldVCWIOfI alll 90 dVW I ii. LEGAL DESCRIPTION OF THE TIF 9 ii. LEGAL DESCRIPTION OF THE TIF Political Subdivision Description of TIF 13(Woodhaven) A tract of land out of the,the W.J.Baker Survey,Abstract Number 101,the J. Brockman Survey, Abstract Number 102,the N.Burton Survey,Abstract Number 244, the J.H.Connor Survey, Abstract Number 285,the P.E.Coleman Survey,Abstract Number 372,the D.M.Helms Survey, Abstract Number 812,E.Jones Survey,Abstract Number 841,the H.P.Largent Survey,Abstract Number 960, the William Mann Survey,Abstract Number 995,the George Main Survey,Abstract Number 1097,the J. F.Reeding Survey,Abstract Number 1302,the W.R.Reeder Survey,Abstract Number 1303,the R.Robinson Survey,Abstract Number 1315,the W.W.Ray Survey,Abstract Number 1353,the E. G. B. Williams Survey,Abstract Number 1669,the W.Trimble Survey, Abstract Number 1521,and the R.Taylor Survey,Abstract Number 1561; BEGINNING at the intersection of the west line of said Jones Survey with the north right-of-way of Interstate Highway 30; THENCE with said west line,North,to and along the west line of said Brockman Survey,some 3430 feet,to the centerline of Old Randol Mill Road; THENCE with said centerline, South 84 degrees 30 minutes East,some 450 feet to its intersection with the west line of that certain tract of land described by deed recorded in Volume 9236,Page 157, Deed Records,Tarrant County,Texas; THENCE with said line,North,some 260 feet to its northwest corner: THENCE with the north line of said tract,South 86 degrees 30 minutes East, some 560 feet,to the southeast comer of that certain tract of land described by deed recorded in Volume 12871,Page 510, Deed Records,Tarrant County,Texas; THENCE with the east line of said tract,North,some 410 feet,to the south bank of the West Fork of the Trinity River; THENCE with said south bank,Northeasterly some 2280 feet,to the northwest corner of that certain tract of land described by deed recorded in Volume 893 8,Page 466,Deed Records,Tarrant County, Texas; THENCE with the north line of said tract,North 72 degrees 30 minutes East, some 560 feet,to the west line of said Reeding Survey; THENCE with said Iine, South, some 200 feet to its intersection with the northwesterly line of that certain tract of land, known as Tract 2L out of said Reeding Survey, described by deed recorded in Volume 16775,Page 133,Deed Records,Tarrant County,Texas; THENCE with said line and the northeasterly line of said tract,Northeasterly, and Southeasterly, some 740 feet,to the north comer of Lot 1B,Block 100,Riverbend Estates; 10 THENCE with the west and south lines of said Lot,some 470 feet,to said northeasterly line of said Tract 2L; THENCE with said line,Southeasterly,some 940 feet,to the south right-of-way of Forest River Drive; THENCE with said right-of-way,North 55 degrees 30 minutes East, some 610 feet,to its intersection with the west line of Lot 5,Block 1,Riverchase Addition; THENCE with said line, Southeasterly,some 490 feet,to the northwest corner of Block 25 of Woodhaven Country Club Estates; THENCE with the west line of said Block, Southerly,some 1280 feet,to the northwest comer of Lot: 1 UR Woodhaven Golf Villas; THENCE with the west line of said Woodhaven Golf Villas,Southerly and Easterly,some 300 feet, to the west right-of-way of Putter Drive; THENCE with said right-of-way, South,some 40 feet,to the most east northeast corner of Lot IS; THENCE with the west line of said Woodhaven Golf Villas, Southerly and Easterly,some 590 feet, to the southwesterly right-of-way of Putter Drive; THENCE with said right-of-way, South 20 degrees East,some 10 feet,to the most north corner of Lot 1N; THENCE with the west,south and east lines of said Woodhaven Golf Villas,Southerly Easterly and Northerly,some 860 feet,to the south right-of-way of Oakmont Lane; THENCE with said right-of-way, South 79 degrees East,some 70 feet,and South 88 degrees 30 minutes East,some 110 feet,to the most northwest corner of Block 20 of Woodhaven Country Club Estates; THENCE with the west line of said Block, Southerly,to and along the north, west and south lines of Block 1, of Havenwood Golf Villas,and to and along the east line of said Block 20,some 2200 feet, to the southwest right-of-way of Oakmont Lane; THENCE with said right-of-way,South 30 degrees East,some 50 feet,and South 21 degrees 30 minutes East,some 90 feet,and South 13 degrees East,some 30 feet,to the most northeast corner of Block 9, Woodhaven Country Club Estates; THENCE with the most north,west and north line of said Block, West, Southerly,and West, some 2000 feet, to its intersection with a line 1.0 feet northeasterly of the southwesterly right-of-way of Country Club Lane; THENCE with said line,Northwesterly,some 900 feet,to its intersection with the north line of Lot 39,Block 6, Woodhaven Country Club Estates; 11 THENCE to and along a north,a west,and a southwesterly line of said Block, West, South,and Southeasterly,some 500 feet,to its intersection with the southwesterly right-of-way of Country Club Lane; THENCE with the southwesterly right-of-way of Country Club Lane,South 38 degrees East,some 140 feet,to the northeast comer of Lot 28,of said Block 6; THENCE with the a north,most west and most south line of said Block,West, Southerly,and East, crossing Dora]Drive,and to and along the south line of Block 7,crossing Country Club Lane,and to and along the south and southeast line of Block 8,crossing Oakland Hills Drive,and to and along the southeast and north line of Block 10,some 7400 feet,to its intersection with the northeast right- of- way of Oakmont Lane; THENCE with said right-of-way,North 15 degrees 30 minutes West,some 100 feet,to the southeast corner of Block 22; THENCE with the east,north,west line of said Block,North,West,and South,some 5500 feet,to its intersection with the north right-of-way of Oakmont Lane; THENCE with said right-of-way,North 15 degrees 30 minutes West,some 100 feet,to the south corner of Block 23; THENCE with the east,and northeast line of said Block,North,and Northwest,some 1100 feet,to its intersection with the east right-of-way of Oakmont Lane; THENCE with said right-of-way,North 8 degrees West,some 215 feet,to the west corner of that certain tract of land described by deed recorded in Volume 14772,Page 526,Deed Records,Tarrant County,Texas; THENCE with the south line of said tract,South 73 degrees 30 minutes East,some 80 feet,and South 82 degrees East, some 110 feet,and South 1 degrees East,some 100 feet,to its intersection with the south line of Block 1,Riverchase Addition; THENCE with the southeast line of said Block,North 68 degrees East, some 690 feet,and North 32 degrees East,some 550 feet,to its intersection with the south right-of-way of Randol Mill Road; THENCE with said right-of-way,North 69 degrees 30 minutes East,some 570 feet,to the northwest corner of Block 16; THENCE with the southwest line of said Block, Southeast,some 2000 feet,to its intersection with the north right-of-way of Cholla Drive; THENCE with said right-of--way,North 86 degrees East,some 250 feet,to the southeast corner of Lot 45 in Block 16; THENCE with an east,north,and south line of said Block,North,West,and East,some 2400 feet, to the southeast corner of Lot 30 in Block 16; 12 Thence with the east line of said Lot,North 3 degrees 30 minutes East,some 120 feet,to its intersection with the south right-of-way of Cholla Drive; North 84 degrees 30 minutes East, some 20 feet,to the northwest corner of Lot 29 in Block 16; Thence with the west line of said Lot, South 2 degrees West, some 130 feet,to its southwest comer; THENCE with a south,west,north,west and south line of said Block,East,South, West,South and East,some 3200 feet,to its intersection with the west right-of-way of High Woods Trail; THENCE with said right-of-way, South,some 300 feet,to its intersection with the west right-0f--way of Boca Raton Boulevard; THENCE with said right-of-way,West,some780 feet,to its intersection with the southwest line of Block 29; THENCE with said line,Southeasterly, some 2300 feet,to the south corner ofthe right-of-way of High Woods Trail; THENCE with the southeast line of said right-of-way,to and along southeast line of Block 27, Northeasterly,some 440 feet,to its intersection with the west right-of-way of TXU Electric Delivery Company; THENCE with said right-of-way,North, some 2380 feet, and North 4 degrees 30 minutes West, some 1190 feet,to its intersection with the south line of Block 19; THENCE with said line, South 87 degrees West,some 340 feet,and South 70 degrees West,some 290 feet,to its intersection with the east right-of-way of High Woods Trail; THENCE with said right-of-way,North,crossing Randol Mill Road,and to and along the east right- of-way of Riverbend Estates Drive,some 1060 feet,to its intersection with the north right-of-way of TXU Electric Delivery Company; THENCE with said right-of-way, South 88 degrees East,some 790 feet,and North 4 degrees 30 minutes West,some 810 feet,to the north line of said Reeding Survey; THENCE with said line,East,some 205 feet,to its intersection with the east TXU Electric Delivery Company; THENCE with said right-of-way,North 4 degrees 30 minutes West, some 980 feet,to the north bank of the West Fork of the Trinity River, THENCE with said north bank, Easterly some 3100 feet,to its intersection with the west right-of- way of Interstate Highway Loop 820 East; THENCE with said right-of-way, South, some 7000 feet,to its intersection with the north right-of-- way of Interstate Highway 3 0; 13 THENCE with said right-of-way, West,some 10,400 feet,to the Place of Beginning,and containing some 1120 acres of land,more or less. Bearing Base and Distances,per City of Fort Worth,Graphic Information System. This description prepared by Hans Kevin Hansen,Registered Professional Land Surveyor,Number 4786,in September 2007. 'this document was prepared under 22 TAC§66321,does not reflect the results of an on the ground survey,and is not to be used to convey or establish interests in real property except those rights or interests implied or established by the creation or reconfiguration of the boundary of the political subdivision for which it was prepared." 14 ui. MAP OF EXISTING USES 15 iii. MAP OF EXISTING USES The following depicts a map of the TIF boundary by current general uses. The following categories are particularly significant in terms of implementing specific public infrastructure improvements in strategic areas: Improved &Unimproved Commercial Improved&Unimproved Residential Vacant Unimproved 0 commerrlal-Impwod -ResidmRal-Improved 'Commercial Arnproved b -Residential-Unlmpmved -VamnW dmpro+ed , _Eleatic Compadea »1D" oorl - - Otwr r + + s � , _�iMUPV�p :spa 1 — 1 � •p�M1l/NE i �.sa rw.ei~' '4� ' {• /snro��rnq t+ 16 iv. MAP OF PROPERTY VALUES 17 iv. MAP OF 2007 PROPERTY VALUES Total Value In f � 4411�eO/4'e 4P OR r LwLM�'egE.A J�—J` f1/ir11IM.__ Wlf f y ~NPrlw �� I, n - B. PROPOSED CHANGES TO CURRENT ORDINANCES AND CODES There are currently no proposed changes to zoning ordinances,building codes, nor any other municipal ordinances relating to the TIF that would affect the anticipated implementation of the Plans by the Board. C. ESTIMATED NON-PROJECT COSTS Non-project costs are not expected to be incurred within the TIF. D. METHOD OF RELOCATING DISPLACED PERSONS No person shall be displaced as a result of implementing the Plan. 18 M. THE FINANCING PLAN 19 ii. Increased Retail and Commercial Business Based on current land uses and potential investment, the TIF will develop with approximately 140 acres of the developable area becoming new or redeveloped retail and commercial business. iii. Employment Opportunities In addition to the jobs created during construction of the project improvements, it is expected that the future development of the Zone resulting from the private project improvements will generate a wide variety of additional employment opportunities. B. PROPOSED PROJECTS AND IMPROVEMENTS Redevelopment within the Woodhaven TIF will consist of a combination of public improvements and private investment projects over time. These improvements will provide a "foundation for development" to encourage and support the long-term public needs of the neighborhood and to secure mixed-use economic growth opportunities in the Woodhaven area. i. Initial Improvements The initial improvements contemplated in the Woodhaven TIF include public infrastructum (e.g. water, sewer, drainage, roads, sidewalks, etc) associated with mixed-use development. In addition, demolition, environmental remediation, and all expenses allowable under the Tax Increment Financing Act are contemplated as needed for areas within the TIF Zone. The improvements undertaken by the TIF will include, but not be limited to the projects listed below: • Corridor Improvements -- Street, traffic, utility, drainage and other public infrastructure projects within the TIF boundaries. • Public Infrastructure Improvements - Water, sewer, drainage, roads, sidewalks, etc. and demolition costs associated with the following potential projects: • Renovation of two old strip centers along Woodhaven and Boca Raton • New construction at site of former apartments along Boca Raton and Oakland Hills • Gateway Enhancements - Street, traffic, utility, drainage and other public infrastructure projects at the gateways of the TIF along Woodhaven Blvd., Randol Mill Road, Boca Raton and Bridge Street. 21 • Administrative Expenses - The TIP District's board of directors is authorized to expend up to 4%of annual TIF revenues for management and administrative purposes. ii. Future Improvements There are no future projects contemplated during the term of the TIF. However, the City Council reserves the right to consider amendments to the project plan if subsequent projects are identified by the TIF Board as appropriate and eligible for tax increment funding. iii. Economic Development Program Grant Agreements (Chapter 380 Agreements) The Board is authorized to enter into economic development program grant agreements pursuant to Chapter 380 of the Texas Local Government Code ("Chapter 380 Agreements") for projects located within the boundaries of the TIF as authorized by and in accordance with Section 311.010(h) of the Texas Tax Code, if the Chapter 380 Agreement supports a project that meets one of the following criteria: • The project will utilize Federal and/or State historic tax credits and the financing of the project is demonstrated to be contingent on the use of those credits; or • The project is located on a property owned by any of the taxing entities participating in the TIF; or o The project will provide a minimum of 10 Full Time Equivalent Jobs and $500,000 minimum private investment, excluding land acquisition cost. Full-time Equivalent Job means a job on the Development Property provided to one or more individuals by a Development Property User for, collectively, at least forty (40) hours per week. For example, in a case where one individual works on the Development Property for .15 hours per week and another individual works on the Development Property for 25 hours per week,those jobs will be counted collectively as one(1)Full-time Equivalent Job. In order to provide structure for the agreements, and to promote clarity for developers and the TIF Board, the Chapter 380 Agreements within the TIF will follow the City of Fort Worth's Chapter 380 Economic Development Program. This Program requires that all agreements be reviewed and entered into on a case-by-case basis; consist of a binding contract with specific and verifiable employment creation commitments and other commitments that serve a public purpose; and ensure ability to terminate agreement and recapture funds if commitments are not met. 22 C. TAX INCREMENT REVENUE PROJECTIONS i. Bonded Indebtedness No bonded indebtedness is expected to be incurred with respect to any of the project improvements. ii. Projection of Revenues This section outlines the estimated Zone tax increment. The Zone tax increment will depend on many factors, including (a)the base value of real property in the Zone subject to property tax; (b) captured appraised value; (c) annual growth of the Zone's taxable real property (which largely depends on private growth within the Zone); (d)participation by tax units; (e) tax rates; (f) collection rates; and (g) the term of the Zone. Each of these factors is discussed in turn. . (a) ApMised Taxable Value for 2007 (the Base Value). Table 1 sets forth the total appraised taxable value of property in the Zone as of the base year($182 million) (b) Taxable Value. Table 1 sets forth the estimated total appraised taxable value of property in the Zone over the life of the TIF (estimated to be approximately $223 million in year 2027). (c) Expected Annual Growth of the Zone's Taxable Real "ro =. The estimated taxable value of the Zone for each year of its existence and the estimated tax increment to be generated annually in total and from each taxing entity are outlined on Table 1. (d) Participation by Tax Units.. Participating entities have designated contributing percentages of the tax increment generated within the TIF District as follows: City 1001/6, Tarrant Regional Water District 100% , Tarrant County 80%, Tarrant County Hospital District 80%, and Tarrant County College District 50%. (e) Projected Tax Rates. Property tax rates are assumed to remain constant. (f) Projected Collection Rates. The Plan assumes a one hundred percent (100%) collection rate by all entities at their respective level of participation. (g) Term of the Zone. The term of the Zone will be 21 years, expiring on December 31, 2028, beginning with that Zone tax increment generated by the 2008 tax appraisal and ending with that Zone tax increment generated by the 2027 tax appraisal. iii. Estimated Payment of Project Costs Based on the assumptions and estimates set forth in the information above, it is expected that the Zone tax increment will be sufficient to pay in full all project costs (including interest). 23 IV. SUMMARY OF PROJECT COSTS AND FINANCING 24 N. SUMMARY OF PROJECT COSTS AND FINANCING A. Anticipated TIF Projects • Corridor Improvements $ 1,500,000 • Public Infrastructureldemolition associated with • Renovation of strip centers along Woodhaven and Boca Raton $650,000 • New construction at site of former apartments along Boca Raton and Oakland Hills $950,000 • Gateway Enhancements $650,000 • TIF 380 Grant Agreements $500,000 • Administrative Expenses $155,000 TOTAL PROJECT COSTS $4,405,000 B. Anticipated TIF Revenues • City of Fort Worth $2,944,000 • Tarrant County $650,000 • Tarrant County Hospital District $534,000 • Tarrant County College District $218,000 • Tarrant Regional Water District $59.000 TOTAL REVENUE $4,405,000 Note:The amounts outlined above are strictly estimates and do not serve as caps on any specific area Eligible project costs not outlined above may be funded on a specific project as approved by the TIF Board Project costs assume interest associated with reimbursement for public improvements. 25 V. TABLES 26 ilti! K1e, HIP +r rr Ili if lilt! 1114 R 9 j q �j m1a stilt �9 4sb ! OM licit It 4�ng 9a4aa its! ova ! g flits 4A4gl4 � 6 '8 s stj ss ;dti! sasi� g b t aver "I is r�349 a tti«t 43�A� itli! gaaeo � gild licit i so ! HOW saaa t .° i66 is 1110 v, n�., N � X16' Do Ci V, 6 �so00dr000o� 00 o } M N c lir 10 ilk� i� t fill, i City of Fort Worth, Texas Mayor and Council Communication COUNCIL ACTION: Approved:on 10/2U/2Q1F -Ordinii N '. 2100-110-261- 5 DATE: Tuesday, October 20, 2015 REFERENCE NO.: G-18594 LOG NAME: 17ED TIF13AMENDPLAN2015 SUBJECT., Adopt Ordinance Amending the Project and Financing Plan for Tax Increment Reinvestment Zone No. Thirteen, City of Fort Worth, Texas, Woodhaven TIF, to Authorize the Use of Economic Development Program Grants, Pursuant to Chapter 380 of the Texas Local Government Code and Update Projected Revenues (COUNCIL DISTRICT 4) RECOMMENDATION: It is recommended that the City Council: 1. Conduct a public hearing concerning an Amendment to the Project and Financing Plan for Tax Increment Reinvestment Zone No. Thirteen, City of Fort Worth, Texas, Woodhaven TIF, as set forth in Exhibit A of the attached Ordinance, to afford an opportunity for interested persons to speak for or against the proposed amendments, the boundaries of the TIF and the concept of tax increment financing; and 2. Close the public hearing and adopt the attached ordinance approving an amendment to the Woodhaven TIF Project and Financing Plan. DISCUSSION: On November 27, 2007, the City Council approved Ordinance No. 17889-11-2007 establishing the Woodhaven TIF (TIF). At its first meeting on May 29, 2008, the Board of Directors for the TIF unanimously adopted the current Project Plan and Financing Plan (Plan)for consideration by the City Council, who approved the Plan on June 17, 2008. On September 30, 2015, the Woodhaven TIF Board voted to amend the Plan to allow the use of Chapter 380 Grants if a project: 1)will utilize Federal and/or State historic tax credits and the financing of the project is demonstrated to be contingent on the use of those credits; or 2) is located on a property owned by any of the taxing entities participating in the TIF; or 3)will provide a minimum of 10 full time equivalent positions and$500,000.00 minimum private investment, excluding land acquisition cost. In addition, the Board updated the anticipated TIF projects list, updated revenue projections, and added wording specifically authorizing the Board to expend up to four percent of annual TIF revenues for management and administrative purposes. State law requires City Council approval of the amended Project and Financing Plan through an ordinance before the Plan can take effect. Staff recommends that the City Council adopt the attached ordinance approving amendments to the Project and Financing Plan for the TIF, as adopted by the TIF's Board of Directors. The proposed amended Plan is included in the attached ordinance as Exhibit A. In accordance with state law, notice of the public hearing was published in a newspaper having general circulation in the City at least seven days prior to the date of the hearing. T ...»........ Y•TT:T%q1M.1 9 A 71.T'CATTTnT A KT7/11 C D/.nP 1 _f') The TIF is located in COUNCIL DISTRICT 4, Mapsco 65U, FISCAL INFORMATION/CERTIFICATION: The Financial Management Services Director certifies that this action will have no material effect on City funds. FUND IDENTIFIERS(FIDs): TO unj Department ccoun Project Program ctiv! Budget Reference# moun ID ID Year (Chartfield 2 FROM Fun Department ccoun Project Program ctivl Budget Reference# moun !D ID Year Chartfleld 2 CF=RTiFICATIONS: Submitted for City Manager's Office by: Jay Chapa (5804) Originating Department Head: Robert Sturns (2663) Ana Alvarado (6029) AddlItlonal Informapon Contact: Carol Griffith (6027) Y ...�� .—... 1 171'1 l 'TTT 1'/A 1!T!1 iT1T1T A'k Tn/11 C EXHIBIT `B-1" PROJECT PLAN Amendment No.1 to the Tenant County Participation Agreement Woodhaven TIF Page 5 Tax Increment Reinvestment Zone Number Thirteen, City of Fort Worth, Texas (Woodhaven TIF) Project Plan and Financing Plan Prepared for The City of Fort Worth September 30, 2015 1 Tax Increment Reinvestment Zone Number Thirteen, City of Fort Worth, Texas (Woodhaven TIF) Project Plan and Financing Plan Table of Contents I. Tax Increment Financing Overview.............................................................................................3 II. The Project Plan.............................................................................................................................5 A. Description of the Zone.....................................................................................................6 i. Map of the Boundary.................................................................................. ..........7 ii. Legal Description...................................................................................................9 iii. Map of Existing Uses..........................................................................................15 iv. Map of Property Values....................................................................................... 17 B. Proposed Changes to Current Ordinances and Codes.....................................................19 C. Estimated Non-project Costs...........................................................................................19 D. Method of Relocating Displaced Persons.......................................................................19 III. The Financing Plan...................................................................................................................20 A. Economic Feasibility of the Zone...................................................................................21 B. Proposed Projects and Improvements.............................................................................23 C. Revenue Projections .......................................................................................................24 IV. Summary of Project Costs and Financing.................................................................................26 V. Tables..........................................................................................................................................28 2 I. TAX INCREMENT FINANCING OVERVIEW 3 I. TAX INCREMENT FINANCING OVERVIEW Tax increment financing f"TIF") is a tool Texas local governments use to finance public improvements within a defined area. These improvements are intended to promote development or redevelopment in the defined area and surrounding areas. The primary statute governing tax increment financing is codified in Chapter 311 of the Texas Tax: Code (the "Tax Code"). Chapter 311 is often referred to as the Tax Increment Financing Act and it allows municipalities to create "reinvestment zones" within which various public improvements can be undertaken. A municipality makes an area eligible for tax increment financing by designating a reinvestment zone. Essentially, for the City to initiate the designation of an area as a reinvestment zone, the area must 1) substantially arrest or impair the sound growth of the municipality creating the zone, retard the provision of housing accommodations, or constitute an economic or social liability and be a menace to the public health, safety, morals, or welfare in its present condition; or 2) be predominately open and, because of obsolete platting, deterioration of structure or site improvements, or other factors, substantially impair or arrest the sound growth of the municipality; or 3) be in a federally assisted new community located in the municipality or adjacent to such property. At the time an area is designated a reinvestment zone for tax increment financing, the existing total appraised value of real property in the zone is identified and designated as the "base value." All taxing units that levy taxes in the zone during the life of the TIF will continue to receive the tax revenues derived from the "base value." As new development is added to the tax rolls within the TIF area, total assessed valuations rise. This rise in new value is measured annually and is called the "captured appraised value". The taxes that are collected by the participating taxing jurisdictions on the incremental increase between the original "base value" and the current year's "captured appraised value" is the "tax increment". Each taxing unit choosing to participate in the TIF will agree to deposit a portion or all of the taxes generated from the "tax increment" into a TIF fund administered by a TIF Board that is appointed by the local taxing units. The TIF Board uses the tax increment to make public improvements in the area to attract private development that would not otherwise occur or that may not occur until at a much later date. Additionally, the TIF Board may enter into development agreements to participate in new development or redevelopment. The TIF District ends on the earlier of 1) the termination date contained in the ordinance establishing the zone or 2) the date on which all project cost have been paid in full. Any revenues remaining in the TIF fund after the dissolution of the TIF are returned pro rata to each participating taxing unit. 4 II. THE PROJECT PLAN 5 I1. THE PROJECT PLAN In 2005, the City of Fort Worth selected Gideon Toal to prepare a neighborhood redevelopment plan to undergo a comprehensive study, analysis and action plan of the Woodhaven area in east Fort Worth. Almost twenty years of escalating crime and stagnant property values, along with increasing poverty levels were part of the impetus to initiate policy, planning and redevelopments efforts for this area. In general, the TIF PIans contemplate that prospective developers of properties within the TIF may fund portions of public infrastructure associated with development opportunities by utilizing financial support from the TIF Board through development agreements that provide for reimbursement of eligible expenses for these developments. It is also anticipated that the TIF Board may undertake certain public improvement projects once sufficient tax increment is available in an effort to further enhance the area, thereby snaking it more attractive to new development and redevelopment. The Woodhaven TIF represents an important opportunity to support viable economic redevelopment in east Fort Worth. Much of the area encompassed by the TIF has been in a general state of economic decline with very little new private investment taking place in the past twenty years. In order to support new and denser development in the future, some of the basic infrastructure in the area must be upgraded because much of the existing streets, water, sewer, and drainage systems were constructed several decades ago. A. DESCRIPTION OF THE ZONE The Woodhaven TIF is located in east Fort Worth and encompasses approximately 1,100 acres of property that is bounded by Willow Ridge Road on the westernmost boundary, Interstate Highway 30 on the southernmost boundary, Interstate Highway Loop 820 on the easternmost boundary, and roughly follows the Trinity River at its northernmost boundary. This area includes intersections such as Woodhaven Blvd. and Boca Raton, and Bridge Street and Boca Raton as they intersect Loop 820. A map of the boundary and the legal description of the Woodhaven TIF are contained on the following pages as well as maps of the current zoning and property values. 6 i. MAP OF THE BOUNDARY i. MAP OF THE BOUNDARY LL "LAWFAKA L" a �. our S !, --o;oGA RATON KYO ROM �i esnamorowr OR 4P M11ER CHILTERN"ILLS OR !NI! ARE OIL '71 _ bO a t�T 8 ii. LEGAL DESCRIPTION OF THE TIF 9 ii. LEGAL DESCRIPTION OF THE TIF Political Subdivision Description of TIF 13 (Woodhaven) A tract of land out of the,the W.J. Baker Survey,Abstract Number 101,the J. Brockman Survey, Abstract Number 102,the N. Burton Survey,Abstract Number 244, the J. H. Connor Survey, Abstract Number 285,the P. E. Coleman Survey,Abstract Number 372,the D. M.Helms Survey, Abstract Number 812, E.Jones Survey,Abstract Number 841,the H. P. Largent Survey, Abstract Number 960, the William Mann Survey, Abstract Number 995,the George Main Survey,Abstract Number 1097, the J. F. Reeding Survey, Abstract Number 1302,the W. R. Reeder Survey,Abstract Number 1303, the R. Robinson Survey,Abstract Number 1315, the W.W.Ray Survey,Abstract Number 1353, the E. G. B. Williams Survey,Abstract Number 1669, the W. Trimble Survey, Abstract Number 1521,and the R. Taylor Survey, Abstract Number 1561; BEGINNING at the intersection of the west line of said Jones Survey with the north right-of-way of Interstate Highway 30; THENCE with said west line,North,to and along the west line of said Brockman Survey, some 3430 feet, to the centerline of Old Randol Mill Road; THENCE with said centerline, South 84 degrees 30 minutes East,some 450 feet to its intersection with the west line of that certain tract of land described by deed recorded in Volume 9236,Page 157. Deed Records,Tarrant County,Texas; THENCE with said line,North,some 260 feet to its northwest corner: THENCE with the north line of said tract, South 86 degrees 30 minutes East, some 560 feet,to the southeast corner of that certain tract of land described by deed recorded in Volume 12871,Page 510, Deed Records,Tarrant County,Texas; THENCE with the east line of said tract,North,some 410 feet, to the south bank of the West Fork of the Trinity River; THENCE with said south bank,Northeasterly some 2280 feet,to the northwest corner of that certain tract of land described by deed recorded in Volume 8938,Page 466,Deed Records,Tarrant County, Texas; THENCE with the north line of said tract,North 72 degrees 30 minutes East, some 560 feet,to the west line of said Reeding Survey; THENCE with said line, South, some 200 feet to its intersection with the northwesterly line of that certain tract of land, known as Tract 21,out of said Reeding Survey, described by deed recorded in Volume 16775, Page 133,Deed Records,Tarrant County,Texas; THENCE with said line and the northeasterly line of said tract,Northeasterly, and Southeasterly, some 740 feet, to the north comer of Lot 1 B, Block 100,Riverbend Estates; 10 THENCE with the west and south Iines of said Lot, some 470 feet,to said northeasterly line of said Tract 2L; THENCE with said line, Southeasterly, some 940 feet,to the south right-of-way of Forest River Drive; THENCE with said right-of-way,North 55 degrees 30 minutes East,some 610 feet, to its intersection with the west line of Lot 5,Block 1, Riverchase Addition; THENCE with said line, Southeasterly, some 490 feet,to the northwest comer of Block 25 of Woodhaven Country Club Estates; THENCE with the west line of said Block, Southerly, some 1280 feet,to the northwest comer of Lot 1 UR Woodhaven Golf Villas; THENCE with the west line of said Woodhaven Golf Villas, Southerly and Easterly, some 300 feet, to the west right-of-way of Putter Drive; THENCE with said right-of-way, South,some 40 feet,to the most east northeast comer of Lot 1 S; THENCE with the west line of said Woodhaven Golf Villas, Southerly and Easterly,some 590 feet, to the southwesterly right-of-way of Putter Drive; THENCE with said right-of-way, South 20 degrees East, some 10 feet, to the most north corner of Lot IN; THENCE with the west, south and east lines of said Woodhaven Golf Villas, Southerly Easterly and Northerly,some 860 feet,to the south right-of-way of Oakmont Lane; THENCE with said right-of-way, South 79 degrees East, some 70 feet,and South 88 degrees 30 minutes East,some l 10 feet,to the most northwest corner of Block 20 of Woodhaven Country Club Estates; THENCE with the west line of said Block, Southerly,to and along the north, west and south lines of Block 1, of Havenwood Golf Villas, and to and along the east line of said Block 20, some 2200 feet, to the southwest right-of-way of Oakmont Lane; T HENCE with said right-of-way,South 30 degrees East,some 50 feet,and South 21 degrees 30 minutes East, some 90 feet,and South 13 degrees East, some 30 feet,to the most northeast corner of Block 9,Woodhaven Country Club Estates; THENCE with the most north, west and north line of said Block,West, Southerly, and West, some 2000 feet, to its intersection with a line 1.0 feet northeasterly of the southwesterly right-of-way of Country Club Lane; THENCE with said line,Northwesterly,some 900 feet,to its intersection with the north line of Lot 39,Block 6,Woodhaven Country Club Estates; 11 THENCE to and along a north, a west,and a southwesterly line of said Block, West,South, and Southeasterly,some 500 feet,to its intersection with the southwesterly right-of-way of Country Club Lane; THENCE with the southwesterly right-of-way of Country Club Lane, South 38 degrees East, some 140 feet,to the northeast corner of Lot 28,of said Block 6; THENCE with the a north, most west and most south line of said Block, West, Southerly, and East, crossing Doral Drive, and to and along the south line of Block 7, crossing Country Club Lane, and to and along the south and southeast line of Block 8, crossing Oakland Hills Drive,and to and along the southeast and north line of Block 10, some 7400 feet,to its intersection with the northeast right- of- way of Oakmont Lane; THENCE with said right-of-way,North 15 degrees 30 minutes West,some 100 feet,to the southeast corner of Block 22; THENCE with the east,north, west line of said Block,North, West,and South,some 5500 feet, to its intersection with the north right-of-way of Oakmont Lane; THENCE with said right-of-way,North 15 degrees 30 minutes West,some 100 feet,to the south corner of Block 23; THENCE with the east,and northeast line of said Block,North,and Northwest, some 1100 feet,to its intersection with the east right-of-way of Oakmont Lane; THENCE with said right-of-way,North 8 degrees West, some 215 feet,to the west corner of that certain tract of land described by deed recorded in Volume 14772,Page 526,Deed Records,Tarrant County,Texas; THENCE with the south line of said tract, South 73 degrees 30 minutes East, some 80 feet, and South 82 degrees East, some 110 feet, and South 1 degrees East, some 100 feet,to its intersection with the south line of Block 1, Riverchase Addition; THENCE with the southeast line of said Block,North 68 degrees East, some 690 feet, and North 32 degrees East,some 550 feet,to its intersection with the south right-of-way of Randol Mill Road; THENCE with said right-of-way,North 69 degrees 30 minutes East,some 570 feet,to the northwest comer of Block 16; THENCE with the southwest line of said Block, Southeast, some 2000 feet,to its intersection with the north right-of-way of Cholla Drive; THENCE with said right-of-way,North 86 degrees East,some 250 feet,to the southeast corner of Lot 45 in Block 16; THENCE with an east, north,and south line of said Block,North,West,and East, some 2400 feet, to the southeast corner of Lot 30 in Block 16; 12 Thence with the east line of said Lot, North 3 degrees 30 minutes East, some 120 feet,to its intersection with the south right-of-way of Cholla Drive; North 84 degrees 30 minutes East, some 20 feet, to the northwest corner of Lot 29 in Block 16; Thence with the west line of said Lot, South 2 degrees West,some 130 feet, to its southwest corner; THENCE with a south,west,north,west and south line of said Block,East, South,West, South and East,some 3200 feet,to its intersection with the west right-of-way of High Woods Trail; THENCE with said right-of-way, South,some 300 feet,to its intersection with the west right-of-way of Boca Raton Boulevard; THENCE with said right-of-way,West,some780 feet,to its intersection with the southwest line of Block 29; THENCE with said line, Southeasterly, some 2300 feet,to the south corner of the right-of-way of High Woods Trail; THENCE with the southeast line of said right-0f-way,to and along southeast line of Block 27, Northeasterly, some 440 feet,to its intersection with the west right-of-way of TXU Electric Delivery Company, THENCE with said right-of-way,North, some 2380 feet,and North 4 degrees 30 minutes West, some 1190 feet,to its intersection with the south line of Block 19; THENCE with said line,South 87 degrees West,some 340 feet, and South 70 degrees West,some 290 feet,to its intersection with the east right-of-way of High Woods Trail; THENCE with said right-of-way, North, crossing Randol Mill Road, and to and along the east right- of-way of Riverbend Estates Drive, some 1060 feet, to its intersection with the north right-of-way of TXU Electric Delivery Company; THENCE with said right-of-way, South 88 degrees East,some 790 feet, and North 4 degrees 30 minutes West,some 810 feet,to the north line of said Reeding Survey; THENCE with said line,East, some 205 feet,to its intersection with the east TXU Electric Delivery Company; THENCE with said right-of-way,North 4 degrees 30 minutes West, some 980 feet,to the north bank of the West Fork of the Trinity River; THENCE with said north bank,Easterly some 3100 feet,to its intersection with the west right-of- way of Interstate Highway Loop 820 East; THENCE with said right-of--way,South,some 7000 feet,to its intersection with the north right-of- way of Interstate Highway 30; 13 THENCE with said right-of-way,West,some 10,400 feet,to the Place of Beginning,and containing some 1120 acres of land, more or less. Bearing Base and Distances,per City of Fort Worth,Graphic Information System. This description prepared by Hans Kevin Hansen,Registered Professional Land Surveyor,Number 4786,in September 2007. "This document was prepared under 22 TAC§ 663.2 1,does not reflect the results of an on the ground survey,and is not to be used to convey or establish interests in real property except those rights or interests implied or established by the creation or reconfiguration of the boundary of the political subdivision for which it was prepared." 14 iii. MAP OF EXISTING USES 15 ill. MAP OF EXISTING USES The following depicts a map of the TIF boundary by current general uses. The following categories are particularly significant in terms of implementing specific public infrastructure improvements in strategic areas: Improved&Unimproved Commercial Improved&Unimproved Residential Vacant Unimproved T ComrrwdsHm- proved _ - Resk aW.d-Unprtwed + r rkvnrrwwr.WHkdmpramd � ReslceritFN-I.hdrnprincd � e� (��nta.IrirrWarao � �� Rlgrt---Corr y+ Orr.xd^Cun.paNrti Gtwr 10000 f _ otasrr + 6 �x MWIY - c L , tie { �L r m x f7�~ ��� ��MfEac■ M�twniaYMri rrr Wt�' •oco�a �'MYO+wq.Ln 16 iv. MAP OF PROPERTY VALUES 17 iv. MAP OF 2007 PROPERTY VALUES Total Vako in; _- if Or dy ei r y<.1 iw t apupel l►� JA `'.01C.0 �� p �N.C• iY{'' _ �L • _ •M Mir Iw 1�*• , 4 Wrr��' ' uc ob...•r,.cSw rrrY M.nq,• w:rrr B. PROPOSED CHANGES TO CURRENT ORDINANCES AND CODES There are currently no proposed changes to zoning ordinances, building codes, nor any other municipal ordinances relating to the TIF that would affect the anticipated implementation of the Plans by the Board. C. ESTIMATED NON-PROJECT COSTS Non-project costs are not expected to be incurred within the TIF. D. METHOD OF RELOCATING DISPLACED PERSONS No person shall be displaced as a result of implementing the Plan. 18 III. THE FINANCING PLAN 19 III. THE FINANCING PLAN A. ECONOMIC FEASIBILITY OF THE ZONE i. Increased Tax Base The following economic impact analysis is based on anticipated development plans within the proposed TIF district and the opportunities that exist to capture tax increment due to a significant number of low appraised values in the area. The success of any TIF Zone is predicated on the increase in value of the appraised real property so that tax increment may be captured. This tax increment can then be used to make infrastructure improvements in an effort to attract new growth and in this particular case, promote redevelopment opportunities. With that in mind, initiating this TIF Zone in 2007 was important since private investment activity was currently evident in the area. Specifically, it was anticipated that some modest commercial development and some additional available parcels that front Interstate Highway 30 and Interstate Highway Loop 820 could serve as catalysts that would both initiate the redevelopment of the area and help ensure the success of the TIF Zone in the early years. Additionally, the former Oak Hollow and Villa del Rio apartments that were purchased by the City of Fort Worth are prime areas within the heart of the neighborhood that have the opportunity to be redeveloped into more attractive properties with the assistance of this TIF through streetscape enhancements and other permissible assistance. With the designation of the TIF, it is anticipated that the area within and surrounding the TIF will experience certain increases in value as the project improvements are completed. Potential development is expected to include commercial, retail, restaurants, entertainment, and residential uses. These new developments should have a substantial impact on the overall increase in taxable real property within the Zone than typically found in other parts of Fort Worth, because of the extent of blighted properties and depressed existing values in the area. With regard to the revenue projections that have been developed for this plan, a 1.5 percent annual growth rate has been utilized, which is conservative and suggests an even greater opportunity for the success of the TIF Zone. It is estimated that the area in the Zone will experience development during the 20-year period in which the TIF Zone is in place with the potential for TIF increment to generate approximately $ 4.4 million. 20 ii. Increased Retail and Commercial Business Based on current land uses and potential investment, the TIF will develop with approximately 140 acres of the developable area becoming new or redeveloped retail and commercial business. iii. Employment Opportunities In addition to the jobs created during construction of the project improvements, it is expected that the future development of the Zone resulting from the private project improvements will generate a wide variety of additional employment opportunities. B. PROPOSED PROJECTS AND IMPROVEMENTS Redevelopment within the Woodhaven TIF will consist of a combination of public improvements and private investment projects over time. These improvements will provide a "foundation for development" to encourage and support the long-term public needs of the neighborhood and to secure mixed-use economic growth opportunities in the Woodhaven area. i. Initial Improvements The initial improvements contemplated in the Woodhaven TIF include public infrastructure (e.g. water, sewer, drainage, roads, sidewalks, etc) associated with mixed-use development. In addition, demolition, environmental remediation, and all expenses allowable under the Tax Increment Financing Act are contemplated as needed for areas within the TIF Zone. The improvements undertaken by the TIF will include, but not be limited to the projects listed below: • Corridor Improvements — Street, traffic, utility, drainage and other public infrastructure projects within the TIF boundaries. • Public Infrastructure Improvements - Water, sewer, drainage, roads, sidewalks, etc. and demolition costs associated with the following potential projects: • Renovation of two old strip centers along Woodhaven and Boca Raton • New construction at site of former apartments along Boca Raton and Oakland Hills • Gateway Enhancements - Street, traffic, utility, drainage and other public infrastructure projects at the gateways of the TIF along Woodhaven Blvd., Randol Mill Road, Boca Raton and Bridge Street. 21 • Administrative Expenses - The TIF District's board of directors is authorized to expend up to 4% of annual TIF revenues for management and administrative purposes. ii. Future Improvements There are no future projects contemplated during the term of the TIF. However, the City Council reserves the right to consider amendments to the project plan if subsequent projects are identified by the TIF Board as appropriate and eligible for tax increment funding. iii. Economic Development Program Grant Agreements (Chapter 380 Agreements) The Board is authorized to enter into economic development program grant agreements pursuant to Chapter 380 of the Texas Local Government Code ("Chapter 380 Agreements") for projects located within the boundaries of the TIF as authorized by and in accordance with Section 311.010(h) of the Texas Tax Code, if the Chapter 380 Agreement supports a project that meets one of the following criteria: o The project will utilize Federal and/or State historic tax credits and the financing of the project is demonstrated to be contingent on the use of those credits; or o The project is located on a property owned by any of the taxing entities participating in the TIF; or o The project will provide a minimum of 10 Full Time Equivalent Jobs and $500,000 minimum private investment, excluding land acquisition cost. Full-time Equivalent Job means a job on the Development Property provided to one or more individuals 'by a Development Property User for, collectively, at least forty (40) hours per week. For example, in a case where one individual works on the Development Property for 15 hours per week and another individual works on the Development Property for 25 hours per week,those jobs will be counted collectively as one (1) Full-time Equivalent Job. In order to provide structure for the agreements, and to promote clarity for developers and the TIF Board, the Chapter 380 Agreements within the TIF will follow the City of Fort Worth's Chapter 380 Economic Development Program. This Program requires that all agreements be reviewed and entered into on a case-by-case basis; consist of a binding contract with specific and verifiable employment creation commitments and other commitments that serve a public purpose; and ensure ability to terminate agreement and recapture funds if commitments are not met. 22 C. TAX INCREMENT REVENUE PROJECTIONS i. Bonded Indebtedness No bonded indebtedness is expected to be incurred with respect to any of the project. improvements. ii. Projection of Revenues This section outlines the estimated Zone tax increment. The Zone tax increment will depend on many factors, including (a) the base value of real property in the Zone subject to property tax; (b) captured appraised value; (c) annual growth of the Zone's taxable real property (which largely depends on private growth within the Zone); (d) participation by tax units; (e) tax rates; (f) collection rates; and (g) the term of the Zone. Each of these factors is discussed in turn. (a) Appraised Taxable Value for 2007 (the Base Value). Table I sets forth the total appraised taxable value of property in the Zone as of the base year($182 million) (b) Taxable Value. Table 1 sets forth the estimated total appraised taxable value of property in the Zone over the life of the TIF (estimated to be approximately $223 million in year 2027). (c) Expected Annual Growth of the Zone's Taxable Real Prouerty. The estimated taxable value of the Zone for each year of its existence and the estimated tax increment to be generated annually in total and from each taxing entity are outlined on Table 1. (d) Participation by Tax Units.. Participating entities have designated contributing percentages of the tax increment generated within the TIF District as follows: City 100%, Tarrant Regional Water District 100% , Tarrant County 80%, Tarrant County Hospital District 80%, and Tarrant County College District 50%. (e) Projected Tax Rates. Property tax rates are assumed to remain constant. (fj Projected Collection Rates. The Plan assumes a one hundred percent (100%') collection rate by all entities at their respective level of participation. (g) Term of the Zone. The term of the Zone will be 21 years, expiring on December 31, 2028, beginning with that Zone tax increment generated by the 2008 tax appraisal and ending with that Zone tax increment generated by the 2027 tax appraisal. iii. Estimated Payment of Project Costs Based on the assumptions and estimates set forth in the information above, it is expected that the Zone tax increment will be sufficient to pay in full all project costs (including interest). 23 IV. SUMMARY OF PROJECT COSTS AND FINANCING 24 IV. SUMMARY OF PROJECT COSTS AND FINANCING A. Anticipated TIF Projects • Corridor Improvements $ 1,500,000 • Public hifrastructure/demolition associated with o Renovation of strip centers along Woodhaven and Boca Raton $650,000 o New construction at site of former apartments along Boca Raton and Oakland Hills $950,000 • Gateway Enhancements $650,000 • TIF 380 Grant Agreements $500,000 • Administrative Expenses $155,000 TOTAL PROJECT COSTS $4,405,000 B. Anticipated TIF Revenues • City of Fort Worth $ 2,944,000 • Tarrant County $650,000 • Tarrant County Hospital District $534,000 • Tarrant County College District $218,000 • Tarrant Regional Water District $ 59.000 TOTAL REVENUE $4,405,000 Note:The amounts outlined above are strictly estimates and do not serve as caps on any specific area.Eligible project costs not outlined above may be funded on a specific project as approved by the TIF Board Project costs assume interest associated with reimbursement for public improvements. 25 � � ' . | §T r Rzq 0,1 L v ` | I A | ■ * K7 ��f �§�� | � 7 F RJR h1 ■ I z lit—F-11 -,.95 ax ti. ! \ ' ... . , | 5 KH t- i� | � H V Di EXAII3 _"�" COURT ORDER NO., ARRANT COUNTY COMMISSIONERS COURT Amendment No. I to the Tarrant County Participation Agreement Woodhaven TIF Page 6