Loading...
HomeMy WebLinkAboutOrdinance 19161-05-2010ORDINANCE NO 19161-OS-2010 AN ORDINANCE DESIGNATING A CERTAIN AREA IN THE CITY OF FORT WORTH AS "TAX ABATEMENT REINVESTMENT ZONE NUMBER SIXTY NINE, 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 the City Councils adoption on June 17 2008 of Resolution No 3629-06-2008 (the "Tax Abatement Policy"), the City of Fort Worth, Texas (the "City") has elected to be eligible to participate in tax abatement and has established guidelines and criteria governing tax abatement agreements entered into between the City and various third parties, as authorized by and m accordance with the Property Redevelopment and Tax Abatement Act, codified in Chapter 312 of the Texas Tax Code (the "Code") and WHEREAS, the City Council desires to promote the development of the area in the City more specifically described m Exhibit A of this Ordinance (the "Zone") through the creation of a reinvestment zone for purposes of granting a commercial/industrial tax abatement, as authorized by and m accordance with Chapter 312 of the Code; and WHEREAS, Allens, Inc., an Arkansas corporation, or an affiliate thereof (collectively "Company") owns or intends to purchase real property in the Zone and intends to expend or cause to be expended at least $1.2 million to redevelop an existing building on such property for use as a food processing facility ("Improvements") and Page 1 Ordinance Designating Tax Abatement Reinvestment Zone Number Sixty-nine, City of Fort Worth, Texas WHEREAS, Company has applied for a real and personal property tax abatement from the City m return for the construction of the Improvements m the Zone and compliance with certain other employment and spending commitments that will foster economic development m the Zone and the City m general, and WHEREAS, on May 18 2010 the City Council held a public heanng 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 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 Hearng was published in a newspaper of general circulation in the City on May 7 2010 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 heanng; and WHEREAS, m accordance with Sections 312.201(d)(2) and (e) of the Code, notice of the Public Hearng was delivered in wntmg 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 Page 2 Ordinance Designating Tax Abatement Reinvestment Zone Number Sixty-nine, City of Fort Worth, Texas Section 1. FINDINGS. That after reviewing all information before rt regarding the establishment of the Zone and after conducting the Public Heanng 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 established by the Code for creation of a reinvestment zone under Chapter 312 of the Code. 1.2 The property composing the Zone is underdeveloped, consisting of a vacant building and surrounding unused improvements. 1.3 The Improvements proposed for the Zone, as more specifically outlined in the Public Heanng, are feasible and practical and, once completed, will benefit the land included in the Zone as well as the City for a penod m 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. 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 pnmary 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 Page 3 Ordinance Designating Tax Abatement Reinvestment Zone Number Sixty-nine, City of Fort Worth, Texas Section 2. DESIGNATION OF ZONE. That the Crty Council hereby designates the Zone described m the boundary description attached hereto as Exhibit "A" and made a part of this Ordinance for all purposes as a reinvestment zone for purposes of granting acommercial/industrial tax abatement, as authorized by and in accordance with Chapter 312 of the Code. This Zone shall be known as `Tax Abatement Reinvestment Zone Number Sixty-mne, City of Fort Worth, Texas. This project is eligible for commercial/industrial tax abatement pursuant to Section 4 1 of the Tax Abatement Policy Section 3 TERM OF ZONE. That the Zone shall take effect upon the effective date of this Ordinance and expire five (5) years thereafter The Zone maybe renewed by the City Council for one or more subsequent terms of five (5) years or less. Section 4. SEVERABILITY That if any portion, section or part of a section of this Ordinance is subsequently declared mvahd, 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 m full force and effect and shall not m any way be impaired or affected by such decision, opinion or judgment. Page 4 Ordinance Designating Tax Abatement Reinvestment Zone Number Sixty-nine, City of Fort Worth, Texas Section 5. IMMEDIATE EFFECT That this Ordinance shall take effect upon its adoption. ADOPTED AND EFFECTIVE May 18, 2010 APPROVED AS TO FORM AND LEGALITY By ~ Peter Vaky Assistant Crty Atto ey M&C•G-16933 Page 5 Ordinance Designating Tax Abatement Reinvestment Zone Number Sixty-nine, City of Fort Worth, Texas EXHIBIT "A" BOUNDARY DESCRIPTION OF ZONE Ordinance Designating Tax Abatement Reinvestment Zone Number Sixty-nine City of Fort Worth, Texas Exhibit A ORDINANCE NO 19161-05-2010 Metes and Bounds 1734 El Paso St STATE OF TEXAS. COUNTY OF TARRANT WHEREAS, ConAgra Grocery Products Company LLC, acting by and through the undersigned, its duly authorized agents, is the sole owner of Lot 1-R, Block 1;R, Great Western Foods Addition, an addition to the City of Fort Worth, Tarrant County Texas as recorded in Cabinet B, Slide 839 of the Plat Records of Tarrant County Texas and being more particularly described as follows: Being a 20.215 acre tract of land being a portion of Lot 1-R, Block 1-R Great Western Foods Addition, an addition to the City of Fort Worth, Tarrant County Texas as recorded in Cabinet B, Slide 839 of the Plat Records of Tarrant County Texas, said Lot 1 R being deeded to the American Home Food Products, ]nc, as recorded in Volume 8869 Page 754 and Volume 10722, Page 2113 of the Deed Records of Tarrant County Texas and being more particularly described by metes and bounds as follows: COMMENCING at a railroad spiked found in the south right-of--way of East Lancaster Street (a variable width right-of--way) for the northwest corner of said Lot 1-R, said railroad spike found being the northeast corner of Lot I R 1 Block 96-R of Texas and Pacific Railway Company Addition, an addition to the City of Fort Worth, Tarrant County Texas as recorded in Cabinet A, Slide 2777 of said Plat Records of Tarrant County Texas, said railroad spike found also being the northwest corner of Lot 1R 1 Block 1-R of Great Western Foods Addition, an addition to the City of Fort Worth, Tarrant County Texas as recorded in Document No. of the Deed Records of Tarrant county Texas; THENCE South 00 degrees 40 minutes 44 seconds East with the west line of said Lot 1 R 1 and with the east line of said Lot 1 R 1 Block 96-R, a distance of 98.47 feet to a 5/8 inch iron rod with cap stamped `Gorrondona" set for the POINT OF BEGINNING of the herein described tract of land: THENCE South 84 degrees 31 minutes Ol seconds East, with the south line of said Lot 1R 1, Block 1-R, a distance of 427.54 feet to a 5/8 inch iron rod with cap stamped `Gorrondona" set for the southeast corner of said Lot 1R 1 Block 1-R said 5/8 inch iron rod with cap being in the southwesterly right-of--way line of U.S. Highway No. 287 (a variable width right- of-way), said 5/8 with cap also being in the northeasterly line of said Lot 1-R, Block 1-R. THENCE South 56 degrees 35 minutes OS seconds East, with northeasterly line of said Lot 1-R, Block 1-R and with the southwesterly right-of--way line of said U.S. Highway No. 287 a distance of 524 OS feet (Plat= 524.01 feet) to a 5/8 inch iron rod found for the beginning of a curve to the right having a radius of 420.14 feet, a central angle of 11 degrees 58 minutes 39 seconds and whose chord bears South 50 degrees 29 minutes 18 seconds East, a distance of 87.57 feet; THENCE with a northeasterly line of said Lot 1-R, with the southwesterly right-of--way line of said U.S. Highway No. 287 and with said curve to the right, an arc length of 87.83 feet to a 5!8" iron rod found for the beginning of a curve to the right having a radius of 5661.58 feet, a central angle of O1 degrees 19 minutes 24 seconds and whose chord bears South 44 degrees 07 minutes 23 seconds East, a distance of 130.75 feet; THENCE with a northeasterly line of said Lot l R, with the southwesterly right-of--way line of said U.S. Highway No. 287 and with said curve to the right, an arc length of 130.75 feet to a 5/8" iron rod found for the beginning of a curve to the right having a radius of 5661.58 feet, a central angle of 02 degrees 44 minutes 38 seconds and whose chord bears South 42 degrees 01 minutes 04 seconds East, a distance of 271 10 feet; THENCE with a northeasterly line of said Lot 1-R, with the southwesterly right-of--way line of said U.S highway No. 287 and with said curve to the right, an arc length of 271 13 feet to a 5/8" iron rod found for corner THENCE South 40 degrees 36 minutes 09 seconds East, with a northeasterly line of said Lot 1-R and with the southwesterly right-of--way line of said U.5 Highway No. 287 a distance of 236.89 feet to a 518 inch iron rod found for the most easterly corner of said Lot I -R, said 5/8 inch iron rod being in the north right-of--way line of the Texas & Pacific Railroad right-of- way THENCE South 73 degrees 22 minutes 00 seconds West, with a southerly line of said Lot l-R and with the northerly Texas & Pacific Railroad right-of--way a distance of 130.95 feet to a 5/8 inch iron rod with cap stamped `Gorrondona" set for corner THENCE South 00 degrees 44 minutes 37 seconds East, with a southerly line of said Lot 1-R and with the northerly Texas & Pacific Railroad right-of--way a distance of 23.00 feet to a 5/8 inch iron rod with cap stamped `Gorrondona" set for the beginning of anon-tangent curve to the right a radius of 5658.84 feet, a central angle of 11 degrees 08 minutes 2b seconds and whose chord bears South 80 degrees 47 minutes 56 seconds West, a distance of 1098.58 feet; ORDINANCE NO 19161-05-2010 THENCE with the southerly line of said Lot t-R, with the northerly line of said Texas & Pacific Railroad right-of--way and with said non-tangent curve to the right, an arc length of 1100.31 feet to a %z inch iron rod found for corner THENCE South 89 degrees 47 minutes 12 seconds West, with a southerly line of said Lot 1-R and with the northerly Texas & Pacific Railroad right-of--way a distance of 49.95 feet to a 5/8 inch iron rod with cap stamped `Gorrondona" set for corner THENCE North 83 degrees 45 minutes 41 seconds West, with a southerly line of said Lot 1-R and with the northerly Texas & Pacific Railroad right-of--way a distance of 171.25 feet to a 5/8 inch iron rod with cap stamped `Gorrondona: set for the southwest corner of said Lot 1-R said 5/8 inch iron rod with cap set being in the east line of a tract of land deeded to the Fort Worth Transportation Authority as recorded in Volume 15525 Page 385 of said Deed Records of Tarrant County Texas; THENCE North 00 degrees 43 minutes 50 seconds West, with a west line of said Lot 1-R and with a east line of said Fort Worth Transportation Authority tract of land, a distance of 98.70 feet to a 5/8 inch iron rod with cap stamped `Gorrondona" set for a corner in the west line of said Lot 1-R, said 5/8 inch iron rod with cap set being in anon-tangent curve to the left having a radius of 632.50 feet, a central angle of 20 degrees 45 minutes 48 seconds and whose chord bears North 38 degrees 32 minutes 58 seconds East, a distance of 227.96 feet; THENCE with the westerly line of said Lot 1-R, with the easterly line of said Fort Worth Transportation Authority Tract of land, an arc length of 229.21 feet to a '/z inch iron rod found for corner of said Lot 1-R, said %z inch iron rod found being a northeast corner of said Fort Worth Transportation Authority tract of land, said %z inch iron rod also being in the south right-of--way line of El Paso Street (a 60' right-of--way); THENCE North 89 degrees 18 minutes 59 seconds East, with the south right-of--way line of said El Paso Street and a with a line in the west line of said Lot 1-R, a distance of 75.85 feet to an `X" cut in concrete for an interior ell corner in the west line of said Lot 1-R, THENCE North 00 degrees 41 minutes O1 seconds West, with the east right-of--way line of said El Paso Street and a with a west line of said Lot 1-R, a distance of 60.00 feet to an `X" cut in concrete for an interior ell corner in the west line of said Lot 1-R, THENCE South 89 degrees 18 minutes 59 seconds West, with the north right-of--way line of said EI Paso Street and with a line in the west line of said Lot 1-R, a distance of 48.70 feet to a 5/8 inch iron rod with cap stamped `Gorrondona" set for corner said 5/8 inch iron rod being the southeast corner of Lot 1R 1 Block 96-R of said Texas and Pacific Railroad Company Addition, said 5/8 inch iron rod with cap set being the beginning of anon-tangent curve to the left having a radius of 632.50 feet, a central angle of 15 degrees 12 minutes 27 seconds and whose chord bears North 13 degrees I 1 minutes 15 seconds East, a distance of 167.30 feet; THENCE with a westerly line of said Lot 1-R, with the easterly line of said Lot 1R 1 Block 96-R, an arc length of 167.88 feet to a %z inch iron rod found for corner THENCE North 89 degrees 13 minutes 10 seconds East with the common line between Lot 1-R and Lot 1R 1 Block 96-R, a distance of 8.40 feet to a 5/8 inch iron rod found for corner THENCE North 00 degrees 40 minutes 44 seconds West, with the west line of said Lot 1-R and with the east line of said Lot 1R 1 Block 96-R, a distance of 586.77 feet to the POINT OF BEGINNING and containing 880,572 square feet or 20.215 acres of land, more or less. S ~~ y .,y ~~ 83 "~~ .3~~zAa-am .e -_ ~ 3,a ~3m z g p ~AF~ a ~ o,osag °pg a i °~§ na ~ a s ~ p O` b~J"^ F , ~~_ _ ~ _ ego a` '"R ~ '§eo3 ~~ ~ ~ A`~a ~ '~Y~~a'~ '~ ad; 3.,~ 3~1 eat ~y fd~ ~~~~I ~z pp _ - ••~ , 8,,0,8 30 3 5 ~; =~ ~ ~~,'~ i°°o° `3~~5 5p aR3'k ,~ 3`R '~'"F ~d° q°~ ohm S'o `;%d` _ - E.. ^~;.i o L 9 32 a 's~ 9{' ~~~p 3R''a~ ~ h den ~~~a&~~ ~~Y £°' iA d~ } D~~ C ~'o .fie` ~,~ (~ eg,5~6 E~~~ sg~ BF ooes'sawg ,ya~ C 9y €^ :~L~~ Y ioE ae.~o' ~~,y ~_ ~ Ay Yd add S" ~d~ :g" ~y a8",~~,~ $E~ ~ .u I 1 of ea ~~ ne ,d~ ~g I' S~ ~.~~~~m o3xs~ I °. i.c.xw .wrc., usr..n m. lm ~ ~• .. gqqg 6 4 I ~ g d~ II t~ F '~ g.$$ 5. ~~ ~ 6 I j C lY `N'm=~8mo q p $~~ J . i ~~ I I 7 C y I~ 4$ { 6 II \ ICY 'O ~S I A 3a ~ tQ~F 8 I i~ I _ ~a N ~. a ggp~ I F I f ~ i 9 5a a~g17 ~ 'j I .d§ I iV i.~ & gg $~ ~ 4g~€~ ~ ~ 111 .F4 ~~ ~ "d~ G~ ~~ Y /,~ $ 3 ~ ~ 6 [A ~ L_ Jr~ I I p F g ~x 33 -~ ~ m~ I I FC ~1 k~ / ~ ~ °~ F R~e q~ ~ {p~ II ~~ i HOD I ILA tla ~~ a ° n {R I F 3 F~6~ ~`] :III ~~~ ~`~k.b 1j1 ~ ~ 5~@ ; 4~+ , } d F-~ t~c~ I $ b` I I K~6 e Yi~F~ ~ ~ n I I i F~ /:;y . a%~ s LI i ~I ~ II pq~ ) /l~I, / R Y I I3 1,~_i i I b 'II~ S ilI a d ~ A'a# SF5 ~ ~ I dg3 Iii E ~ F$d 8 ~ ~ III "~3 I ~ F ~ ~ s~f fm I ^F4 I, a9 ,SF ~ 't -~`b4, I t- f F~ I ^J_ i /~ \lJ( p~ Qy~ F3~ q~ III ~g}3~ v' ' °• / ~~•~ ~~qkA~~{@'=ag~ ST~RBP, ~ f5F$$~s%f ~ ~F5gFv ~ / ~0'L ~RR~~QQRy#Byy p $ ~ FidR ( III ''d&g ~S~y / / 92RFpR~3'pq ~h~ o ;611 Fp /.~. e~~FOp~'S ~~ va I ~" ~ 3 ~s"~~ ~ 8 @ 4 ~ ~F ~ / ~ad~g~ IF ~~ s ~ ~ pad ~ .~ 8 ~ 9 e s a -~ i a ~ ~ ~ ° g ~f~ A~ sf ~ ~pF.g ~`sd fp ~$3af~4 ~pp`~4 gg'' ~'°g pg $s €' d¢ of x~f. E°~f ggi°! ~p €s~g a~` ,~' $ ~~¢. §a 3 ~~eaA.R as~ ~e%.e fl:s ~;F "ag¢ a ~~ `€~~ % ~~a 9°i P j€r : $ .9;.dem 3s gos~ S q~ ~ °S s€ s~ %f ~':g Fi€ A; ,. ~ 3 R n ?~°.a' f~ iy3 i f i fp: F~ ~ d-'a " x d °~ u~. S S a ~ . s £"jj x } ;aft ;d!•t d°i~ ~un~a p~ g r~5 €d SQ ~ €a~d !Sd ~Yd fY~£ a~ 'a gge~i A$ fa ~~ R6 ~3 d ~F;~ ~Fg .;~ ;~d s39Fd °gaa e$F § f9k3 x$~ sA~ aa~fi g gg F~ as a3 ~%i[ ~3 F ~f F$ ~~ 5~`~ ~ "~f ~s xjd t~ des AA° ~a pp q yx~ de $ ~i g pp a % ~ i~ a;a y y ~ ~ aa. f da~9e ~~~ ",e F ; ~sa3ei B§~ ag~ dy§ i~€£s a[€~€ ~¢d ~ ORj¢u %d €~,~ if §~ f ~~Fg a~: ~ €a~ ~`~d'~ ~e.~a `Y$ ~,. ~ h '';~ € p § ~ xd F€£n aP,~a efi°sA 4f Rs>.A pA x €''$§ ~s "fi; d g 'd'g ~xi ~i.§ n a o ~~ €%~ ^~ Aa9 di d ~ °~ E€~ k%q;~ ~cl 7 'F~ $ f e° § s$ ~~"~ ,~y ~`s i~ ~ dr§ # c"§ E;E ,~ ~„ ~~~ ~ o n y ' a,~ '~~ ;a ~~~'~ "~ p$ ~dsi as.a~ ~'s%sk €f$~ ~ ~p~~ 4 d~" y5gad €~~" ~@" ~5"sk' "~§~ sp Rgp~ ~ d ~ ~ ~~.E di p~ ~~~~~ a~ i ¢ {~ ~~lp' <p"~ 4 aaxg k; ~~§ „ fi~?s °$~F d%p ~ R E~°% `~~' : a ~n ~~ s '~7G~`° ~~• @ xd B $ ~' 4 dg €anc° `p a$8° a :Pi sp ~%~ 3%~ fe€ ~~°g d fs 34PP xis g ga d ;g F g° } v€ '€ } ~ ss t s a d ~! Ai4 e~d'% F 8 '~ b 8a~~~'y O'.tJ ~ 8 ^ p -§ deE 8~ a~ ~i i%€ $fi~ R eF F.i S€ 3c'~~ F gAvv g~~@dd ~c ~; ~ yid ~e~~ ~~ R g*y ~y~ ORj~ o !.&3 a aa~ g% Y a i' a ;.~ °3 .A S $e' s ~ x 9 ~ rD h ~ ~ gF .~a a~ ~' ax dee g%. i ad, a5 i i '.&€ ~~ a ~ ~ ~ s ba a' ; : a ac4 ~~ s ~ ! €-Y% daF ~y,Z ~y h ~ ,°=, ~0 3q Ra f ~°§ffia q $ ! g~x e£+ a~ #~~ e3 R v ^Y~ °~y~ da I F. a~ d"'°° d$a ax ~; a :k d i~=e ~~°% d ~ [ ;c xd' x~ .~~_ s 4°`< 0 'y 't _ ~-sa.f =3 ~~ isa § a~ f .f °A€ € .d 5 ~ S€# g € ~ ~~~~ ~ ~ ~zg62 Yb~ ~ _a_S ~ i,- F p '~i °£e~ 8}°` d. -§ rdfx a~f ;~ ~'e§,£ g~ ~ed :E .ash ~a~ a~~§ $4p o §s$c ~ ,~ ~b~b ~ ~° °S ff fd.~ 3d SgE3 Fi°;Na faa ~~ %° d $§ ~d ~a 'ds§ ~§ dFrd"~.ie d=~~ gFg. n ~a~ ~ em Q„'vy I b ~'R ~ €°' gd 8 3 xi a. g'd° $ 6 i fi~; ~ f e as ~' eA oq~] zu ~ e f~ f $ _cs F d ;$ %ea ,f ig ~ g~ £-~g 3e 35a"- Sf y'~~~y o i~^~ ~Y O.~b• ~ a2,'o sc ~~ sd ~° :s;Y~ [°'.?; _i , di ~ a° a. s° sy dR d~ a~5¢ S$s ~ 3 7 .6k 4l y e 'R-~f ~f 3 €ai$Q gSf 'f ~; $sf :~-~ : c` do~8 ,i Fg-~ ~%gd a £s` €F'£ ~ s r~ a „m:'wyZ ~~r, -$ @ a° E ea 3R F d~ "R'F F 's q' _iF~ s~Fi ~ .t za d ~ ~ ~ ~e ~ nco as ~ daF~ f `f aA fvq '~` ~~€ ~; €~ €rd $~ ;' ak~~ a~~r €}$e ~F d` p~~F i k ~ 0 c~ w ~r- M ti r N Q 0 0 N O tD City of Fort Worth, Texas Mayor and Council Communication M _ __ ~ ~ ~_~ s~ COUNCIL ACTION: Appr©ved;on 5/18/2010 -Ord. No. 19161-05-2010. -- -~~- ~ -~- ,. ~ ~. _~._ ~ -~.:~ _~ ~W~ DATE Tuesday May 18 2010 REFERENCE NO G-16933 LOG NAME 17ALLENSINCREINVESTZONE SUBJECT Adopt Ordinance Designating Tax Abatement Reinvestment Zone No 69 City of Fort Worth Texas, for Property Located in Vicinity of 1734 East EI Paso Street (COUNCIL DISTRICT 8) RECOMMENDATION It is recommended that the City Council 1 Hold a public hearing concerning the designation of Tax Abatement Reinvestment Zone No 69 City of Fort Worth Texas and 2. Adopt the attached ordinance that designates Tax Abatement Reinvestment Zone No 69 City of Fort Worth Texas pursuant to and in accordance with Chapter 312 of the Texas Tax Code DISCUSSION The proposed Tax Abatement Reinvestment Zone No 69 ,City of Fort Worth Texas, (Zone) is for property that was formally the Ranch Style Beans facility The exact boundaries of the proposed zone are described in Exhibit A of the attached Ordinance Allens Inc. or an affiliate thereof is considering the occupancy and redevelopment of the site for use as food manufacturing facility As required by Chapter 312 of the Texas Tax Code a public hearing must be conducted regarding the creation of the Zone Notice of this hearing was delivered to the governing body of each affected taxing unit and published in a newspaper of general circulation at least seven days prior to this hearing The area encompassing the proposed Zone meets the statutory criteria for designation as a tax abatement reinvestment zone pursuant to 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 any tax abatement agreements which may be entered into have expired The term of the proposed Zone will be 10 years from the date of adoption of the attached ordinance and may be renewed for periods not to exceed five years each Tax Reinvestment Zone No 69 is located in COUNCIL DISTRICT 8 FISCAL INFORMATION /CERTIFICATION The Financial Management Services Director certifies that this action will have no material effect on City funds Logname• 17ALLENSINCREINVESTZONE Page 1 of 2 FUND CENTERS TO Fund/Account/Centers FROM Fund/Account/Centers CERTIFICATIONS Submitted for City Manager's Office b~ Originating Department Head. Additional Information Contact: Logname• 17ALLENSINCREINVESTZONE Thomas Higgins (6192) Jay Chapa (5804) Robert Sturns (8003) Page 2 of 2