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HomeMy WebLinkAboutOrdinance 19195-06-2010ORDINANCE NO 19195-06-2010 AN ORDINANCE DESIGNATING A CERTAIN AREA IN THE CITY OF FORT WORTH AS "TAX ABATEMENT REINVESTMENT ZONE NUMBER SEVENTY, 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 22, 2010 of Resolution No 3895-06-2010 (the "Tax Abatement Policy"), the City of Fort Worth, Texas (the "City") has elected to be eligible to participate m 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 in 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 in accordance with Chapter 312 of the Code; and WHEREAS, FS RP700 DFW L.L.P a Texas limited partnership ("Owner") whose general partner is Seefned Industrial Property Inc., owns real property located in the Zone (the "Land") that Owner has leased or will lease to Pratt Industries (U S.A.), Inc. or an affiliate thereof ("Company") and Page 1 Ordinance Designating Tax Abatement Reinvestment Zone Number Seventy City of Fort Worth, Texas WHEREAS, Owner and Company will construct and/or cause to be constructed improvements on the Land for the purpose of Company's operating a corrugated paper products manufacturing facility (the "Real Property Improvements") and Company will locate new taxable tangible personal property on the Land (collectively the "Personal Property Improvements") once the Real Property Improvements have been completed, and WHEREAS, Owner has applied for a real property tax abatement (excluding any leasehold interest in the Land owned by Company) from the City m return for Owner's constructing and/or causing construction of the Real Property Improvements and compliance with certain other commitments that will foster economic development m the Zone and the City m general, and WHEREAS, Company has applied for a real property tax abatement with respect to Company's leasehold interest in the Land and for a personal property tax abatement from the City m return for Company's constructing and/or causing construction of the Real Property Improvements, locating the Personal Property Improvements on the Land, and compliance with certain other commitments that will foster economic development in the Zone and the City m general, and WHEREAS, on June 22, 2010 the City Council held a public hearing regarding the creation of the Zone, received information concerning the Improvements proposed for the Zone and afforded a reasonable opportunity for all interested persons to 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 Page 2 Ordinance Designating Tax Abatement Reinvestment Zone Number Seventy City of Fort Worth, Texas WHEREAS, notice of the Public Hearing was published m a newspaper of general circulation m the Crty on June 15 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 hearing; and WHEREAS, in accordance with Sections 312.201(d)(2) and (e), of the Code notice of the Public Heanng was delivered in writing not later than the seventh day before the date of the public heanng to the presiding officer of the governing body of each taxing unit that includes m rts boundaries real property that is to be included m the proposed Zone; NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FORT WORTH, TEXAS Section 1 FINDINGS. That after reviewing all information before 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. Page 3 Ordinance Designating Tax Abatement Reinvestment Zone Number Seventy City of Fort Worth, Texas 1.2 The property comprising the Zone is underdeveloped, consisting of a vacant industrial facility 1.3. As a result of designation as a reinvestment zone, which is a condition for Owner's and Company's agreements to construct the Real Property Improvements, the area within the Zone is reasonably likely to contribute to the expansion of primary employment and to attract mayor investment m the Zone that will be a benefit to property in the Zone and will contribute to economic development in the City 1.4. The Real Property Improvements proposed for the Zone and the Personal Property Improvements that will be located thereon, as more specifically outlined in the Public Hearing and which will be made pursuant to a tax abatement agreements with Owner and with Company that must subsequently be approved by the City Council, include the construction of a corrugated paper products manufacturing facility that will be operated by Company The Real Property Improvements are feasible and practical and, once completed, will benefit the land included m the Zone as well as the City for a period 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. 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 Page 4 Ordinance Designating Tax Abatement Reinvestment Zone Number Seventy City of Fort Worth, Texas 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 Seventy City of Fort Worth, Texas. This project is eligible for a business expansion tax abatement pursuant to Section 6.2 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 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 m full force and effect and shall not m any way be impaired or affected by such decision, opinion or judgment. Section 5. IMMEDIATE EFFECT That this Ordinance shall take effect upon its adoption. Page 5 Ordinance Designating Tax Abatement Reinvestment Zone Number Seventy City of Fort Worth, Texas ADOPTED AND EFFECTIVE June 22, 2010 APPROVED AS TO FORM AND LEGALITY By. Peter Vaky Assistant City Attorne M&C•G 16965 Page 6 Ordinance Designating Tax Abatement Reinvestment Zone Number Seventy City of Fort Worth, Texas EXHIBIT "A" BOUNDARY DESCRIPTION OF ZONE DESCRIPTION of a 19 194 acre tract of land situated m the John Childress Survey Abstract No 268 Tarrant County Texas, said tract being all of Lot 3R1 Block 2, Meeker Addition, an addition to the City of Fort Worth, Texas according to the plat recorded in Cabinet A, Slide 12315 of the Plat Records of Tarrant County Texas, said 19 194 acre tract being more particularly described as follows COMMENCING at the intersection of the south nght-of way line of Grand River Road (a 60-foot wide right-of way) with the east right-of way hne of High River Road (a 60- foot wide right-of way) said point being the northwest corner of Lot 2, Block 2, Meeker Addition, an addition to the City of Fort Worth, Texas, according to the plat recorded in Cabinet A, Slide 8257 of said Plat Records, THENCE, South 00 degrees, 33 minutes, 28 seconds East, along the said east line of High River Road and the west hne of said Lot 2, Block 2, a distance of 946.25 feet to a '/z-inch rod with `Pacheco Koch cap found at the POINT OF BEGINNING• said point being the southwest corner of said Lot 2, Block 2 THENCE, North 89 degrees, 28 minutes, 08 seconds East, departing the said east line of High River Road and along the south lines of said Lot 2, Block 2 and Lot 1 R, Block 2, Meeker Addition, an addition to the City of Fort Worth, Texas according to the plat recorded m Cabinet B Slide 2584 of said Plat Records, at a distance of 713 00 feet passing the southeast corner of said Lot 2, Block 2 and the southwest corner of said Lot 1 R, Block 2, then continuing m all a total distance of 1029 42 feet to a 'h-inch iron rod with `Pacheco Koch cap found for corner said point being the northwest corner of Lot 3R2, Block 2 of the first referenced Meeker Addition, THENCE, South 00 degrees, 31 minutes, 52 seconds East, departing the said south line of Lot 1R, Block 2 and along the west line of said Lot 3R2, Block 2, a distance of 904 99 feet to a + cut in concrete found for corner said point being the southwest corner of said Lot 3R2, Block 2 and in the north right-of way line of said High River Road, THENCE, m a northerly direction, along the said north and east lines of High River Road the following seven (7) calls South 89 degrees, 28 minutes, 08 seconds West, a distance of 355 59 feet to a point at the beginning of a tangent curve to the right; Along said curve to the right, having a central angle of 23 degrees, 49 minutes, 41 seconds, a radius of 430 00 feet, a chord bearing and distance of North 78 degrees, 37 minutes, 02 seconds West, 177.54 feet, an arc distance of 178 83 feet to a point at the end of said curve; North 66 degrees, 42 minutes, 11 seconds West, a distance of 253 52 feet to a point at the beginning of a tangent curve to the nght; Along said curve to the right having a central angle of 64 degrees, 14 minutes, 10 seconds, a radius of 430 00 feet, a chord bearing and distance of North 34 degrees, 35 minutes,. OS seconds West, 457.23 feet, an arc distance of 482 09 feet to a %-inch iron rod with `Pacheco Koch cap found at the end of said curve; North 02 degrees, 28 minutes, 00 seconds West, a distance of 235 70 feet to a'h- mch iron rod with `Pacheco Koch cap found for corner said point being the beginning of anon-tangent curve to the left; Along said curve to the left, having a central angle of 100 degrees, 04 minutes, 12 seconds, a radius of 50 00 feet, a chord beanng and distance of North 03 degrees, 39 minutes, 10 seconds West, 76 64 feet, an arc distance of 87.33 feet to a %2-inch iron rod with `Pacheco Koch cap found for corner at the end of said curve; North 00 degrees, 33 minutes, 28 seconds West, a distance of 75 00 feet to the POINT OF BEGINNING• CONTAINING' 836 097 square feet or 19 194 acres of land, more or less. City of Fort Worth, Texas Mayor and Council Communication .~ COUNCIL ACTION: Approved on 6/22/201,0 -Ord. 'No. 19195-06..2010 as'Amended DATE Tuesday June 22 2010 REFERENCE NO G-16965 LOG NAME 17PRATTREINVESTMENTZONE SUBJECT Adopt an Ordinance Designating Tax Abatement Reinvestment Zone No 70 City of Fort Worth Texas for Property Located in Vicinity of 3301 High River Road (COUNCIL DISTRICT 5) RECOMMENDATION It is recommended that the City Council 1 Hold a public hearing concerning the designation of Tax Abatement Reinvestment Zone No 70 City of Fort Worth Texas and 2 Adopt the attached ordinance that designates Tax Abatement Reinvestment Zone No 70 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 70 City of Fort Worth Texas, (Zone) is for property that is located in the vicinity of 3301 High River Road The exact boundaries of the proposed zone are described in Exhibit A of the attached Ordinance In conjunction with the property owner FS RP700 DFW L.L.P a Texas Limited Partnership whose general partner is Seefried Industrial Properties Inc. Pratt Industries (U S.A.), Inc. or an affiliate is considering the occupancy and redevelopment of the site for use as a corrugated paper products 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 Adoption of this ordinance does not obligate the City Council to enter into a Tax Abatement Agreement. Any proposed Tax Abatement Agreement will be considered by the City Council at a future meeting 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 The proposed reinvestment zone is located in COUNCIL DISTRICT 5 Logname: 17PRATTREINVESTMENTZONE Page 1 of 2 FISCAL INFORMATION /CERTIFICATION The Financial Management Services Director certifies that this action will have no material effect on City funds FUND CENTERS TO Fund/Account/Centers CERTIFICATIONS Submitted for City Manager's Office b~ Originating Department Head. Additional Information Contact: FROM Fund/Account/Centers Thomas Higgins (6192) Jay Chapa (5804) Robert Sturns (8003) Logname 17PRATTREINVESTMENTZONE Page 2 of 2