HomeMy WebLinkAboutOrdinance 18146-06-2008i
ORDINANCE N0.18146-06-2008
AN ORDINANCE APPROVING PROJECT AND FINANCING PLANS
FOR TAX INCREMENT REIlWESTMENT ZONE NUMBER
THIRTEEN, CITY OF FORT WORTH, TEXAS (WOODHAVEN TIF);
MAHING VARIOUS FINDINGS RELATED TO SUCH PLANS;
CLARIFYING THE POWERS OF THE BOARD OF DIRECTORS OF
THE ZONE; PROVIDING FOR SEVERABILITY; AND PROVIDING
AN EFFECTIVE DATE.
WHEREAS, on November 27, 2007 the City Council of the City of Fort Worth (the
"City") established Tax Increment Financing Reinvestment Zone Number Thirteen, City of
Fort Worth, Texas (Woodhaven TIF) (the "Zone") pursuant to Ordinance No. 17889-11-2007
and as authorized by Chapter 311 of the Texas Tax Code (the "Act"); and
WHEREAS, in accordance with Section 311.011(a) of the Act, on May 29, 2008 the
board of directors of the Zone (the "Board") adopted a project plan and a financing plan fox
the Zone, both of which are attached hereto as Exhibit "A" (collectively the "Plans"), and
recommended that the Plans be approved by the City Council, as required by Section
311.011(d) of the Act;
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE
CITY OF FORT WORTH, TEXAS:
Section 1.
FINDINGS.
That the City Council hereby makes the following fmdings of fact:
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1.1. The statements and facts set forth in the recitals of this Ordinance are true and
correct.
1.2. That the Plans include all information required by Sections 311.011(b) and (c) of the
Act.
1.3. That the Plans are feasible and the project plan conforms to the City's
comprehensive plan.
Section 2.
APPROVAL OF PLANS.
That based on the findings set forth in Section 1 of this Ordinance, the Plans are hereby
approved.
Section 3.
IDELIVERY OF PLANS TO TAXING ENTITIES.
That the City Manager is hereby directed to provide a copy of the Plans to the
governing body of each taxing unit that taxes real property located in the Zone.
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
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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.
ADOPTED AND EFFECTIVE: June 27, 2008
APPROVED AS TO FORM AND LEGALITY:
By: ~tLf/~-
ann Guzman
Assistant City Attorney
Date: June 27 2008
M&C: G-16179
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EXHIBIT "A"
Financing Plan and Project Plan
for
Tax Increment Reinvestment Zone Number Thirteen,
City of Fort Worth, Texas
(Woodhaven TIF)
Tag Increment Reinvestment Zone Number 'T'hirteen,
City of Fort Worth, Texas
(Woodhaven TIF)
Project Plan and. Financing Flan
Prepared for
The City of Fort Worth
May 2008
Tag Increment Reinvestment Zone Number Thirteen,
City of Fort Worth, Tegas
(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 Boundary ..................................................................................................7
ii. Legal Description ..................................................................................................9
...
iii. Map of Existing Uses ..........................................................................................
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
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Io T II~TC 1VIE~T I+ Il~T.~.I~TCII~G VEI~VIE~V
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 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.
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IIo 'T E I2. C~I' L.AI~
II. THE PI20~ECT 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 fund portions of
public infrastructure associated with development opportunities by utilizing fmancial 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. DESCIZIPTIOl~t ®I+' THE PI2®POSEY) Z®NE
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.
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i. ~ T ®ITN t~l~Y
i.1VIAP OF THE BOUNDARY
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8
ii. LEGAL I)ESC][~IPTI~I~T ®~ 'I'IEIE 'TIF
ii. LEGAL A)ESCRIPTION ®F THE TIF
Political Subdivision Description of TII+ 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 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 corner of Lot 1B, Bloclc 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 corner of Lot
1UR 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 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 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 comer 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, soiree 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 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-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 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 § 663.21, 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. P ®F E STIl~T~ ITSES
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
~~
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~ Residenfial-Improved ~F:,,:.
~~
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16
~v. P I' PR®PE12'TY VAL ~
17
iv. MAP OF PROPERTY VALUES
Total Value in $ ~ ~
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Jt •'~•- l 4-~~ ~- ti9/NO 6iNR 11~ FAST FlNY '~^-+._-,..._ _ __.. _ ~... ~ EASC IYJY _....i.,/. ~~
18
B. PROPOSED CIiANGES TO CUlEtI2]ENT 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 T1F.
D. METI30D OF RELOCATING DISPLACED PERSONS
No person shall be displaced as a result of implementing the Plans.
19
III. rI' E INAI~CIl~G I'LAI~
Zo
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 is important since private investment .activity is currently eviderit in the area.
Specifically, some modest commercial development and some additional available parcels
that front Interstate Highway 30 and Interstate Highway Loop 820 can serve as catalysts that
both initiate the redevelopment of the area and help ensure the success of the 'TIE Zone in the
early years. Additionally, the former Oak Hollow and Villa del Rio apartments that were
recently 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
two 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 T]F Zone is in place with the potential for TIF increment to generate
approximately $17 million if all taxing entities choose to participate by designating 80% -
100% of their tax increment. (The College District has a 50% maximum participation
policy.) Although prohibited from participating in the TIF, it is anticipated that the Fort
Worth Independent School District could receive almost $20 million in tax revenue over the
20-year period.
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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.
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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 such as water, sewer, drainage, roads, sidewaks, etc. and
demolition costs associated with the following potential projects:
o Renovation of two old strip centers along Woodhaven and Boca Raton
o 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.
® Administrative Expenses
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.
23
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) Taxable Appraised Value for 2007 (the Base Value). Table 1 sets forth the
total taxable appraised value of property in the Zone (estimated to be $192 million), which is
anticipated to be the Zone's base value.
(b) Captured Appraised Value. Table 1 sets forth the estimated total appraised
value of property in the Zone over the life of the TIF (estimated to be approximately $281
million in year 2027).
(c) Expected .Annual Growth of the Zone's Taxable Real Property. The estimated
captured appraised value (thus reflecting estimated growth of real property taxable values) 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 is outlined on Table 1.
(d) Participation by Tax Units. Although each taxing entity has not agreed to a
specific level of participation, the fmancial projections set forth in the Plans anticipates that
the City of Fort Worth and Tarrant Regional Water District will participate by contributing
one hundred percent (100%) of their tax increment with respect to the Zone, and anticipates
Tarrant County, and Tarrant County Hospital District contributing at eighty percent (80%),
and Tarrant County College contributing fifty percent (50%) of their tax increment with
respect to the Zone.
(e) Projected Tax Rates. Property tax rates are assumed to remain constant.
(f) Projected Collection Rates. The Plans assumes a one hundred percent (100%)
collection rate by all entities at their respective level of participation.
24
(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).
25
t~I~TI) FIl~AI~CIl~G
26
IV. SZJIVI]VIA12Y OF PROJECT COSTS AND FINANCING
A. Anticipated TIF Projects
® Corridor Improvements $ 6,000,000
• Public Infrastructure/demolition associated with
o Renovation of strip centers along Woodhaven and Boca Raton $ 2,000,000
o New construction at site of former apartments along Boca
Raton and Oakland Hills $ 3,000,000
• Gateway Enhancements $ 2,000,000
® Administrative Expenses $ 500,000
TOTAL PROJECT COSTS $13,500,000
B. Anticipated TIF Revenues
® City of Fort Worth $ 11,180,307
• Tarrant County $ 2,787,885
• Tarrant County Hospital District $ 2,410,207
• Tarrant County College District $ 911,293
• Tarrant Regional Water District $ 261,528
TOTAL REVENUE $17,551,220
* Project costs assume interest associated with reimbursement for public improvements.
27
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Mayor and Council Communication
~_ _ ~_
COUNCIL ACTION: Approved on 6/17/2008 -Ord. No. 18146-06-2008
DATE: Tuesday, June 17, 2008
LOC NAME: 17TIF13PLAN REFERENCE NO.: G-16179
SUBJECT:
Adopt Ordinance Approving the Project and Financing Plan for Tax Increment Reinvestment Zone
Number Thirteen, City of Fort Worth, Texas (Woodhaven TIF)
RECOMMENDATION:
It is recommended that the City Council adopt the attached ordinance approving the Project Plan and
Financing Plan for Tax Increment Reinvestment Zone Number Thirteen, City of Fort Worth, Texas
(Woodhaven TIF or the TIF).
DISCUSSION:
On September 11, 2007, the City Council authorized the distribution of the Preliminary Project Plan and
Financing Plan for the Woodhaven TIF to each of the taxing entities with jurisdiction in the TIF in
accordance with the Tax Increment Financing Act, the state law that governs tax increment financing. City
staff had a number of meetings with representatives of the various taxing entities to receive comments
regarding the Preliminary Plans. On November 27, 2007, the City Council approved Ordinance No. 17889-
11-2007 establishing the TIF. At its first meeting on May 29, 2008, the Board of Directors for the
Woodhaven TIF unanimously adopted the attached Project Plan and Financing Plan for consideration by
the City Council.
With the attached Project Plan and Financing Plan in place, the TIF will be in a position to help fund public
infrastructure improvements (e.g. water, sewer, drainage, roads, sidewalks, etc) associated with new
development and redevelopment projects in the TIF. In addition, related demolition, environmental
remediation and all expenses allowable under the Tax Increment Financing Act are contemplated as
needed for areas within the TIF identified as ripe for new construction or redevelopment, including public
infrastructure for corridor improvements, and gateway improvements.
State law requires that the City Council approve by ordinance a TIF's project and financing plans before
they can take effect. Accordingly, City staff recommends that the City Council adopt the attached ordinance
approving the Project and Financing Plans for the Woodhaven TIF, as adopted by the TIF's Board of
Directors.
TIF Number Thirteen is located in COUNCIL DISTRICT 4.
FISCAL INFORMATION/CERTIFICATION:
Logname: 17TIF13PLAN Page 1 of 2
The Finance Director certifies that this action will have no material effect on City funds.
TO Fund/Account/Centers
FROM Fund/Account/Centers
Submitted for City Manager's Office by: Tom Higgins (6140)
Originating Department Head: Jay Chapa (6192)
Additional Information Contact: Ossana Hermosillo (8618)
Logname: 17TIF13PLAN Page 2 of 2