HomeMy WebLinkAboutResolution 2922A Resolution
NO a2`~ ZZ
ESTABLISHING THE DEGREE TO WHICH THE CITY WILL DEPOSIT TAX INCREMENT
INTO THE TAX INCREMENT FUND OF TAX INCREMENT REINVESTMENT ZONE
NUMBER THREE, CITY OF FORT WORTH, TEXAS (DOWNTOWN TIF)
WHEREAS pursuant to Ordinance No 12324 adopted by the City Council of the City of Fort Worth,
Texas (the `City") on December 19 1995 the City created Tax Increment Reinvestment Zone Number
Three, City of Fort Worth, Texas (the `Downtown TIF"} as previously enlarged pursuant to both
Ordinance No. 14795 adopted on October 2, 2001 and Ordinance No. 14839 adopted on October 30
2001 and as previously reduced pursuant to Ordinance No 15317 adopted on November 5 2002, and
WHEREAS the City has been contributing, and wishes to continue to contribute, certain tax increment
generated by property located in the Downtown TIF to the Tax Increment Fund of the Downtown TIF
and
WHEREAS, the City Council wishes to specify the degree to which the City will contribute tax
increment generated by property located within the Downtown TIF to the Tax Increment Fund of the
Downtown TIF and
NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FORT
WORTH THAT
The City will contribute one hundred percent (100°Io) of the tax increment generated by
property located in the Downtown TIF to the Tax Increment Fund of the Downtown TIF (the
`TIF Fund") until the earlier of (i) the dissolution of the Downtown TIF or (ii) such time as the
Downtown TIF has committed $72 million toward project costs, as defined m Section 311 002 of
the Texas Tax Code, or other financial obligations, provided, .however, that any tax increment
contributions by the City to the TIF Fund (i) shall be subject to any agreements under which the
City has dedicated such tax increment for another lawful purpose and (ii) after the Downtown
TIF has committed $50 million toward project costs or other financial obligations, shall be
reserved solely for new project costs or other financial obligations committed to by the
Downtown TIF on or after February 17 2003 and may not be applied toward any project costs or
other financial obligations committed to by the Downtown TIF that were existing before
February 17 2003
AND IT IS SO RESOLVED.
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Adopted this ~~~day of _~G~rz ___ __, 2003
ATTEST
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'GloriaCYearson
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City Secretary
APPROVED
CITY C®l1NC1!® ~~
FEB 1 ~ 2003
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City Secretary of 9die
Cdty of Fort_t~r~rih