HomeMy WebLinkAboutContract 48094 - bl!
I;ECEfVED CITY SECRETARY
CONTRACT NO.
AUG 62016 TAX INCREMENT FINANCING
CNOF FORT WORN FUNDING AGREEMENT
Cin'SECRI:7ARY Purchase of City Park Land
1616 Hemphill, Bellevue Hill Addition, Lot 1 R, Block S
This TAX INCREMENT FINANCING FUNDING AGREEMENT ("Agreement") is entered
into by and between the BOARD OF DIRECTORS OF TAX INCREMENT REINVESTMENT
ZONE NUMBER FOUR, CITY OF FORT WORTH, TEXAS (the "Board"), an administrative body
appointed in accordance with Chapter 311 of the Texas Tax Code (the "TIF Act") to oversee the
administration of Tax Increment Reinvestment Zone Number Four, City of Fort Worth, Texas, a
reinvestment zone designated by ordinance of the City of Fort Worth ("City") in accordance with the TIF
Act, and THE CITY OF FORT WORTH TEXAS ("City"),a Texas municipality.
The Board and City hereby agree that the following statements are true and correct and constitute
the basis upon which the Board and City have entered into this Agreement:
A. On November 25, 1997 the City Council adopted Ordinance No. 13259, establishing Tax
Increment Reinvestment Zone Number Four, City of Fort Worth, Texas (the "TIF District"), and
establishing the tax increment fund of the TIF District(the"TIF Fund").
B. On August 30, 1999 the Board adopted a project and financing plan for the TIF District,
as amended by the Board on November 1, 2012 pursuant to Board Resolution No. 2012-2 (collectively
the "TIF Project Plan"). The TIF Project Plan was approved by the City Council on August 31, 1999,
as amended by the City Council on December 11, 2012, pursuant to Ordinance No. 20536-12-2012.
C. Land has become available for purchase at 1616 Hemphill, Bellevue Hill Addition, Lot
1 R, Block S, adjacent to the current Fire Station Park(the"Project").
D. The TIF Project Plan specifically authorizes the Board to enter into agreements
dedicating revenue from the TIF fund for public improvements that benefit the general public and
facilitate development of the TIF district as an eligible expense. Accordingly, the costs of the Project
qualify as lawful "project costs," as that term is defined in Section 31 1.002(1) of the TIF Act ("Project
Cost"). Accordingly, the Board is willing to provide funding for the purchase of the land solely in
accordance with and pursuant to this Agreement.
NOW, THEREFORE, the Board and City, for and in consideration of the terms and conditions
set forth herein, do hereby contract, covenant and agree as follows:
1. CITY'S OBLIGATIONS.
City will ensure that the land purchased at 1616 Hemphill, Bellevue Hill Addition, Lot 1 R, Block
S, is dedicated by the City as park land to be used for a public park.
2. FUNDING BY THE BOARD
2.1 Amount of Funding
Provided that the property described in Recital C above does not require any environmental
clean-up or removal of hazardous materials, and the City has complied with all terms and conditions of
Agreement for 1616 Hemphill
TIF Funding Agreement OFFICi
between TIF District Southside TIF and The City of Fort Worth,TexasRev.06/2015 �� RECORD
Page 1 of 4 CITY SECRETARY v20150617
FT. WORTH, TX
this Agreement, the Board will provide funding for the property purchase as more specifically provided in
this Section 2; provided, however, that if there are not sufficient revenues in the TIF Fund at such time,
the financial obligations of the Board to City under this Agreement shall be carried forward without
interest to the next fiscal year of the TIF District in which there are sufficient revenues in the TIF Fund to
satisfy such obligations. In no event will the Board pay City any portion of the Funding in excess of
One Million Four Hundred Twelve Thousand Three Hundred Ninety Dollars and No Cents
($1,412,390.00.)("Maximum Funding Amount")
2.2. Limited to Available TIF Funds.
Notwithstanding anything to the contrary herein, City understands and agrees that the Board will
be required to pay the Funding only from available revenues in the TIF Fund that are attributable solely to
tax increment (as defined in Section 311.012 of the Texas Tax Code) generated annually from property
located in the TIF District and deposited into the TIF Fund in accordance with the TIF Act.
3. TERM.
The term of this Agreement shall be effective as of August 3, 2016 and expire upon the earlier of
(i) the complete performance of all obligations and conditions precedent by the Board and City; (ii)
termination by either the Board or City as permitted by this Agreement; or (iii) termination of the TIF
District in accordance with Section 311.017 of the TIF Act.
4. DEFAULT.
If either party defaults under any provision of this Agreement, the non-defaulting party shall
provide the defaulting party with a written notice that specifies the nature of the default. The defaulting
party shall have thirty (30) calendar days following receipt of such written notice to cure the default.
After such time, if the default remains uncured,the non-defaulting party may, at its option, terminate this
Agreement and/or pursue any and all other available remedies without the necessity of further notice to or
demand upon the defaulting party; provided that(i) if the defaulting party proceeds in good faith and with
due diligence to cure the default within thirty (30) calendar days, but reasonably needs additional time to
cure the default fully,then the non-defaulting party shall not be entitled to pursue the above remedies, and
(ii) if the non-defaulting party elects to terminate this Agreement as a remedy for default, it shall notify
the defaulting party in writing.
5. SUCCESSORS AND ASSIGNS.
City may not assign its rights or obligations under this Agreement to any other party without the
advance written approval of the Board, which may be withheld at the Board's discretion. This Agreement
shall be binding on and inure to the benefit of the parties,their respective successors and assigns.
6. NOTICES.
All written notices called for or required by this Agreement shall be addressed to the following,
or such other party or address as either party designates in writing, by certified mail, postage prepaid, or
by hand delivery:
Agreement for 1616 Hemphill
TIF Funding Agreement
between TIF District Southside TIF and The City of Fort Worth,TexasRev.06/2015
Page 2 of 4 v20150617
Board: City:
Board of Directors Jesus "Jay" Chapa
Southside TIF Assistant City Manager
Attn: Paul F. Paine,Administrator 1000 Throckmorton
1606 Mistletoe Boulevard Fort Worth, TX 76102
Fort Worth, TX 76104
with a copy to:
City of Fort Worth
Attn: Robert Sturns, Director of Economic Development
1150 South Freeway
Fort Worth, TX 76104
7. VENUE AND JURISDICTION.
This Agreement shall be construed in accordance with the laws of the State of Texas and
applicable ordinances, rules, regulations or policies of the City. Venue for any action under this
Agreement shall lie in the State District Court of Tarrant County, Texas or the United States District
Court for the Northern District of Texas, Fort Worth Division. This Agreement is performable in Tarrant
County, Texas.
8. COMPLIANCE WITH LEGAL REQUIREMENTS.
This Agreement is subject to all applicable federal, state and local laws, ordinances, rules and
regulations, including, but not limited to, all provisions of the City's Charter and ordinances, as amended,
and violation of the same shall constitute a default under this Agreement. In undertaking any work in
accordance with this Agreement, City, its officers, agents, servants, employees, contractors and
subcontractors shall comply with all federal, state and local laws and all ordinances, rules and regulations
of the City, as such laws, ordinances, rules and regulations exist or may hereafter be amended or adopted
(collectively, "Legal Requirements").
9. SEVERABILITY.
If any provision of this Agreement is held to be invalid, illegal or unenforceable, the validity,
legality and enforceability of the remaining provisions shall not in any way be affected or impaired.
10. COUNTERPARTS.
This Agreement may be executed in any number of counterparts, each of which shall be deemed
an original and constitute one and the same instrument.
11. CAPTIONS.
The captions to the various clauses of this Agreement are for informational purposes only and
shall not alter the substance of the terms and conditions of this Agreement.
Agreement for 1616 Hemphill
TIF Funding Agreement
between TIF District Southside TIF and The City of Fort Worth,TexasRev.06/2015
Page 3 of 4 v201506I7
12. ENTIRETY OF AGREEMENT.
This Agreement, including any exhibits attached hereto and any documents incorporated herein
by reference, contains the entire understanding and agreement between the Board and the City, their
assigns and successors in interest, as to the matters contained herein. Any prior or contemporaneous oral
or written agreement is hereby declared null and void to the extent in conflict with any provision of this
Agreement. This Agreement shall not be amended unless executed in writing by both parties and
approved by the Board in an open meeting held in accordance with Chapter 551 of the Texas Government
Code.
IN WITNESS WHEREOF, the undersigned have caused this Agreement to be executed effective as of
the Effective Date:
BOARD OF DIRECTORS OF TAX CITY OF FORT WORTH,TEXAS
INCREMENT REINVESTMENT a Texas municipality
ZONE NUMBER TIF FOUR, CITY OF
FORT WORTH,TEXAS:
By: By.
Ann Zadeh Jesus"Jay"Chapa
Chairman Assistant City Manager
APPROVED 4flarri FO LEGALITY: QRr ,
B - ® ®
Ma es mer A by.
Senior Assistant City Attorney
Resolution No. 2015-09-A 1
Date of Board Approval: August 3, 2016 Mary ' K city
NO M&C, REQUIRED
OFFICIAL RECORD
CITY SECRETARY
FT.WORTH,TX
Agreement for 1616 Hemphill
TIF Funding Agreement
between TIF District Southside TIF and The City of Fort Worth,TexasRev.06/2015
Page 4 of 4 v20150617
Resolution: 2015-09-Al
Date: August 3,2016
RESOLUTION
Board of Directors
Tax Increment Reinvestment Zone Number Four,City of Fort Worth,Texas
(Southside TIF)
AMENDING RESOLUTION2015-9 AUTHORIZING EXECUTION OFA TAX INCREMENT FINANCING
(TIF) FUNDING AGREEMENT BETWEEN THE BOARD OF DIRECTORS OF TAX INCREMENT
REINVESTMENT ZONE NUMBER FOUR, CITY OF FORT WORTH, TEXAS,AND THE CITY OF FORT
WORTH FOR THE PURCHASE OF PROPERTY TO BE USED AS PARK LAND LOCATED AT 1616
HEMPHILL STREET.
WHEREAS, the Board of Directors (the "Board") of Tax Increment Reinvestment Zone Number Four, City of
Fort Worth, Texas (the "TIF District") desires to promote the development and redevelopment of the Southside
Development District area as authorized by the Fort Worth City Council and state law;and
WHEREAS, on August 30, 1999 the Board adopted a Project and Financing Plan (the "Plan') for the TIF
District, which was approved by the City Council by ordinance and in accordance with Section 311.011 of the
Texas Tax Code, and which was subsequently updated by the Board November 1, 2012, and approved by City
Council December 11, 2012; and
WHEREAS, in accordance with Section 311.010 of the Texas Tax Code, the Board may use TIF revenue only
for the types and kinds of projects set forth in the Plan; and
WHEREAS,the Plan identifies public improvements that benefit the general public and facilitate development of
the TIF district as an eligible expense;and
WHEREAS,consistent with the Plan,the Board may approve a Tax Increment Financing Funding Agreement for
the purchase of park land; and
WHEREAS, on May 27, 2015, the Board approved a resolution authorizing a Tax Increment Financing Funding
Agreement with the City of Fort Worth in an amount not to exceed $1.2 million to use tax increment to fund or
reimburse the cost of purchase of land to be used as park land at 1616 Hemphill Street, Fort Worth, Texas (the
"Property"); and
WHEREAS, the Board now wishes to approve an increase in the amount of tax increment to be used for the
purchase of the Property;NOW THEREFORE,BE IT RESOLVED:
Section 1.That the Board hereby authorizes execution of a Tax Increment Financing Funding Agreement with the
City of Fort Worth for purchase of property to be used as park land located at 1616 Hemphill Street.
Section 2. That Resolution 2015-9 is hereby amended to authorize the use of tax increment to fund or reimburse
the cost of such purchase in an amount not to exceed$1,412,390.00.
Section 3. That the Agreement shall specify that the property be dedicated by the City of Fort Worth to be used
as park land.
Resolution: 2015-09-Al
Date: August 3,2016
Section 4. That the Board's obligation to authorize TIF funding to be used to purchase the Property is subject to
the Property not requiring any environmental clean-up or removal of hazardous material, as determined by the
City.
Section 5. That no part of the TIF funds used to the purchase Property shall be from the County's increment.
Section 6. That the Chairperson of the Board is authorized to sign this Resolution on the Board's behalf and
execute all necessary agreements and related documents in accordance with this Resolution.
Section 7.That this-Resolution shall take effect immediately from and after its passage.
Approved: (N► UAL'
Ann Zade ,Chair