HomeMy WebLinkAboutContract 36736-A1 City Secretary Contract No:
AMENDMENT NO. 1 TO
AGREEMENT TO PARTICIPATE IN
TAX INCREMENT REINVESTMENT ZONE NUMBER EIGHT
CITY OF FORT WORTH,TEXAS
(LANCASTER CORRIDOR TIF)
This AMENDMENT NO. 1 TO AGREEMENT TO PARTICIPATE IN TAX
INCREMENT REINVESTMENT ZONE NUMBER EIGHT, CITY OF FORT WORTH,
TEXAS ("A"mendment") is entered into by and between the CITY OF FORT WORTH,
TEXAS (the "City") and TARRANT COUNTY COLLEGE DISTRICT (the "College
District").
The City and the College District hereby agree that the following statements are true and
correct and constitute a basis upon which the City and the College District have entered into this
Amendment:
A. On December 9, 2003, the City Council of the City ("City Council") adopted
City Ordinance No. 15775 designating certain real property in the southern portion of the
downtown area of the City as Tax Increment Reinvestment Zone Number Eight, City of Fort
Worth, Texas, (the "TIF District"). The TIF District is informally known as the "Lancaster
Corridor TIF".
B. On or about May 9, 2006, the City and the College District entered into an
agreement under which the College District agreed to deposit eighty percent (80%) of the
College 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. 36737.
C. On December 3,2014,the Project Plan and Financing Plan of the TIF District(the
"Plan") was amended by the Board pursuant to Board Resolution No. 2014-04 as approved by
the City Council on January 6, 2015 pursuant to Ordinance No. 21611-01-2015 attached hereto
as Exhibit"A."The Project and Financing Plan, as so amended, is referred to hereinafter as the
"Amended Plan"and is attached hereto for reference as Exhibit"B-1".
NOW, THEREFORE, for and in consideration of the conditions set forth herein, the
sufficiency of which is hereby acknowledged, the City and the College District do hereby
contract,covenant and agree as follows:
1. The portion of Section 3. (Deposit of Tax Increment)of the Participation Agreement that
reads as follows, "beginning with the 2004 tax year, eighty percent (80%) of the College
District's Tax Increment into the Tax Increment Fund" is hereby amended to read as follows,
"beginning with the 2004 tax year and ending with and inclusive of the 2014 tax year, eighty
percent (80%) of the College District's Tax Increment and, beginning with the 2015 tax year
Tenant County College District Participation Agreement
Lancaster Corridor TIF
Page I OFFICIAL RECORD
CITY SECRETARY
FT-MIRTH,TX
until and inclusive of the tax year ending December 31, 2024, forty percent(40%) of the College
District's Tax Increment into the Tax Increment Fund up to a maximum cumulative contribution
of$7,000,000(the"Maximum Contribution")".
2. All other provisions and conditions of the Participation Agreement shall remain in full
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 College
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.
EXECUTED as of the later date below:
CITY OF FORT WORTH,TEXAS: TARRANT COUNTY COLLEGE
DISTRICT,TEXAS:
By:
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Assistant City Manager By:
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BY
MaryJ. Kayser
City Secretary B
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APPROVED AS TO FORM/LEGALITY:
BY'• 1M I tL U114a Cvfn 11
Senior Assistant City Attorney
Contract Authorization M&C G-14179,City
Ordinance No. 15775(12/02/2003)
Amcndmcnt No.1 to the Tarrant Community College District Participation Agreement 1
Uncaster Corridor TIF OFFICIAL RECORD
Page 1
CITY SECRETARY
FT.WORT9� I TX
M&C Review Page 1 of 2
Official site of the City of Fort Worth,Texas
CITY COUNCILAGENDA FORT IVORTI
--
COUNCIL ACTION: Approved on 12/9/2003 - Ordinance No. 15775
CONTINUED FROM A PREVIOUS WEEK
DATE: 12/2/2003 REFERENCE NO.: G-14179 LOG NAME: 17HEARINGTIF8
CODE: G TYPE: NON-CONSENT PUBLIC YES
HEARING:
SUBJECT: Public Hearing and Ordinance Designating Tax Increment Reinvestment Zone Number
Eight, City of Fort Worth (Lancaster Corridor)
RECOMMENDATION:
It is recommended that the City Council:
1. Hold a public hearing concerning the designation of Tax Increment Reinvestment Zone Number
Eight
City of Fort Worth, and
2. Adopt the attached ordinance which designates Tax Increment Reinvestment Zone Number
Eight, City
of Fort Worth, Texas pursuant to Texas Tax Code, Chapter 311 (the Act).
DISCUSSION:
The proposed Tax Increment Reinvestment Zone Number Eight, being referred to as the Lancaster
Corridor TIF (the TIF), is located in the southern portion of downtown Fort Worth. The exact
boundaries of the property are described in Exhibit "A" of the attached ordinance. The TIF will expire
on December 31, 2024 or the earlier date as of which all TIF project costs have been paid.
The TIF is intended to help fund the redevelopment of the T&P Terminal Building. The ordinance
provides that the City will contribute 100% of its tax increment to the TIF.
This public hearing is required by the Act. 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 this meeting.
The proposed area meets the criteria for the designation of a reinvestment zone, 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
http://apps.cfwnet.org/council_packet/mc review.asp?ID=1465&councildate=12/9/2003 11/14/2016
M&C Review Page 2 of 2
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. In addition, the proposed area meets the criteria for designation as a reinvestment zone under
section 311.005 of the Act in accordance with the findings set forth in the attached ordinance,
including, but not limited to, the fact that the area includes a substantial number of substandard and
deteriorating structures, inadequate sidewalks and street layouts, unsanitary and unsafe conditions,
and conditions that endanger life and property.
FISCAL INFORMATION/CERTIFICATION:
The Finance Director certifies that the action will have no material effect on Ciy funds.
TO Fund/Account/Centers FROM Fund/Account/Centers
Submitted for City Manager's Office bv: Reid Rector (6140)
Originating Department Head: Tom Higgins (6192)
Additional Information Contact:
Ardina Washington (8003)
Peter Vaky (760 1)
ATTACHMENTS
Ordinance.pdf
http://apps.cfwnet.org/council_packet/mc review.asp?ID=1465&councildate=12/9/2003 11/14/2016