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HomeMy WebLinkAboutContract 33162 CITY SECRETARUaL��J TRACT No. AGREEMENT TO PARTICIPATE IN TAX INCREMENT REINVESTMENT ZONE NUMBER SIX, CITY OF FORT WORTH, TEXAS (RIVERFRONT TIF) This AGREEMENT TO PARTICIPATE IN TAX INCREMENT REINVESTMENT ZONE NUMBER SIX, CITY OF FORT WORTH, TEXAS ("Agreement") is entered into by and between the CITY OF FORT WORTH, TEXAS (the "City") and TARRANT COUNTY, TEXAS (the "County"). The City and the County hereby agree that the following statements are true and correct and constitute the basis upon which the City and the County have entered into this Agreement: A. On November 12, 2002 the City Council of the City ("City Council") adopted City Ordinance No. 15325 designating certain real property in the north downtown area of the City as Tax Increment Reinvestment Zone Number Six, City of Fort Worth, Texas, (the "TIF District"). The TIF District is informally known as the "Riverfront TIF". Ordinance No. 15325 is hereby incorporated by reference for all purposes. B. Designation of the TIF District will cause development of property in and around the TIF District to occur that would not occur otherwise in the foreseeable future. Until RadioShack Corporation ("RadioShack") located its new corporate campus in downtown Fort Worth, a parking lot within a floodplain and an abandoned public housing complex of approximately twenty-four (24) acres substantially impaired and arrested the sound growth of the City. Under the City's Economic Development Program Agreement with RadioShack, which served as the catalyst in RadioShack's decision to locate its corporate campus in downtown Fort Worth, the City agreed to use reasonable efforts to create a TIF District in this area in order to pay for public projects necessary for and complimentary to construction of RadioShack's corporate campus. It is anticipated that other private development in the TIF District will follow. This overall development will result in increased tax revenues and other public benefits for both the City and the County. C. Pursuant to Section 311.013(f) of the Texas Tax Code, the County is not required to pay any tax increment into the tax increment fund of the TIF District unless it enters into an agreement to do so with the City. The County wishes to enter into such an agreement with the City NOW, THEREFORE, for and in consideration of the conditions set forth herein, the sufficiency of which is hereby acknowledged, the City and the County do hereby contract, covenant and agree as follows: County Participation Agreement re:Riverfront TIF Page I 1. INCORPORATION OF RECITALS. The parties hereby agree that the recitals set forth above are true and correct and form the basis upon which they have entered into this Agreement. 2. DEFINITIONS. In addition to any terms defined in the body of this Agreement, the following terms shall have the definitions ascribed to them as follows: Act means the Tax Increment Financing Act, as amended and as codified as Chapter 311 of the Texas Tax Code. Captured Appraised Value in a given year means the total appraised value of all real property taxable by the County and located in the TIF District for that year less the Tax Increment Base. Proiect Plan means the project plan for the development and/or redevelopment of the TIF District, as adopted by the TIF Board and approved by the City Council of the City. Tax Increment in a given year means the amount of property taxes levied and collected by the County for that year on the Captured Appraised Value of real property taxable by the County and located in the TIF District. Tax Increment Base means the total appraised value as of January 1, 2002 of all real property taxable by the County and located in the TIF District. Tax Increment Fund means that fund created by the City pursuant to Section 311.014 of the Act and Section 6 of City Ordinance No. 15325, which will be maintained by the City, into which all revenues of the TIF District will be deposited, including deposits of Tax Increment by the City and by other taxing units with jurisdiction over real property in the TIF District, including the County. TIF Board means the governing board of directors of the TIF District appointed in accordance with Section 311.009 of the Act and Section 3 of City Ordinance No. 15325. 3. DEPOSIT OF TAX INCREMENT. Pursuant to a Resolution duly adopted by the governing body of the County, which Resolution is attached hereto as Exhibit "A" and is hereby made a part of this Agreement for all purposes, and specifically subject to Section 4 of this Agreement, the County hereby 40 County Participation Agreement re:River&ont TIF Paget ;U agrees to deposit each year during the term of the TIF District, beginning with the 2003 tax year, one hundred percent (100%) of the County's Tax Increment into the Tax Increment Fund. Such deposits shall be made in accordance with the City's standard administrative procedures relative to all tax increment reinvestment zones administered by the City, but only following receipt of a bill from the City that outlines the City's calculation of the amount of the deposit that is required for that year. The County understands and agrees that the TIF Board may use revenue in the Tax Increment Fund for any lawful purpose, as restricted by the Act and the Project Plan. 4. LIMITATIONS ON TAX INCREMENT DEPOSITS AND USE OF FUNDS. This Agreement is based on the following conditions, and the City agrees and acknowledges the County's right to enforce the conditions contained herein by injunction or any other lawful means in the event one or more of such conditions are not satisfied. 4.1. Certain TIF District Proiect Costs Excluded. The Tax Increment deposited into the Tax Increment Fund by the County shall be used to pay project costs for infrastructure improvements or other public improvements as set forth and identified in the Project Plan attached hereto as Exhibit "B", and shall not include any costs for administration, overhead, or management of the TIF District, or costs for municipal or educational facilities owned by a school district. If the Project Plan is amended, the Tax Increment deposited into the Tax Increment Fund by the County may not be used for any infrastructure improvements or other public improvements not addressed by the original Project Plan unless the amended Project Plan is approved by the governing body of the County as an amendment to this Agreement. 4.2. TIF District Expansion or Reduction. As defined, the TIF District shall include real properties located within the boundaries as described in Ordinance No. 16002. If the TIF District is expanded, the County is not required to deposit into the Tax Increment Fund any Tax Increment generated from properties in the expanded area unless participation in the expanded boundary area is approved by the governing body of the County as an amendment to this Agreement. Additionally, the Tax Increment deposited into the Tax Increment Fund by the County may not be used for any permissible project costs in any portion of the expanded area of the TIF District unless approved by the governing body of the County as an amendment to this Agreement. Furthermore, if the TIF District is expanded or reduced without the prior consent of the County, then the County may choose to cease its participation in County Participation Agreement re:Riverfront TIF Page 3 the TIF District as described in Section 3 by providing thirty (30) days written notice to the City. 4.3 Representation of TIF Board of Directors. In any year in which the TIF Board does not include at least six (6) representatives named by the County, without terminating this Agreement the County may elect not to deposit Tax Increment into the Tax Increment Fund pursuant to Section 3 for the same year in which the County does not have such six (6) representatives on the TIF Board. The County shall provide the City with thirty(30) days written notice of its election. 5. TERM. This Agreement shall take effect on the date as of which both parties have executed it and shall expire upon expiration or termination of the TIF District, which currently is the earlier of(i) November 11, 2036 or an earlier termination date designated by ordinance subsequently adopted by the City Council of the City or (ii) the date on which all project costs of the TIF District, including, but not limited to, tax increment bonds and interest on those bonds,have been paid or otherwise satisfied in full. 6. FINAL ACCOUNTING. After all project costs of the TIF District have been paid or at the time of the expiration of this Agreement, the City shall prepare and provide the County with a final accounting of the funds deposited to and disbursed from the Tax Increment Fund. Any funds remaining in the Tax Increment Fund following the final accounting by the City shall be paid to those taxing units participating in the TIF District in proportion to each taxing unit's share of the total amount of Tax Increment deposited into the Tax Increment Fund. 7. RESPONSIBILITY FOR ACTS. The City and the County shall each be responsible for the sole negligent acts of their officers, agents, employees or separate contractors. In the event of joint and concurrent negligence of both the City and the County, responsibility, if any, shall be apportioned comparatively with the laws of the State of Texas, with the understanding that neither party waives any governmental powers or immunities or any other defenses available to each individually. County Participation Agreement; _ re:Riverfront TIF Page4 _... 8. NOTICES. All written notices called for or required by this Agreement shall be addressed to the following, or such other party or address as either party may subsequently designate in writing,by certified mail,postage prepaid, or by hand delivery: City: County: City of Fort Worth Tarrant County Administrator's Office Attn: City Manager 100 East Weatherford Street 1000 Throckmorton Suite 404 Fort Worth,TX 76102 Fort Worth, Texas 76196-0609 with copies to: the City Attorney and Economic/Community Development Director at the same address 9. NO WAIVER The failure of either party to insist upon the performance of any term or provision of this Agreement or to exercise any right granted hereunder shall not constitute a waiver of that party's right to insist upon appropriate performance or to assert any such right on any future occasion. 10. VENUE AND JURISDICTION. If any action, whether real or asserted, at law or in equity, arises on the basis of any provision of this Agreement, venue for such action shall lie in state courts located in Tarrant County, Texas or the United States District Court for the Northern District of Texas—Fort Worth Division. This Agreement shall be construed in accordance with the laws of the State of Texas. 11. NO THIRD PARTY RIGHTS. The provisions and conditions of this Agreement are solely for the benefit of the City and the County and are not intended to create any rights, contractual or otherwise, to any other person or entity. County Participation Agreement re:Riverfront TIF Page 5 1 v _ 12. FORCE MAJEURE. The parties shall exercise every reasonable effort to meet their respective obligations as set forth in this Agreement, but shall not be held liable for any delay in or omission of performance due to force majeure or other causes beyond their reasonable control, including, but not limited to, compliance with any government law, ordinance or regulation, acts of God, acts of omission, fires, strikes, lockouts, national disasters, wars, riots, material or labor restrictions, transportation problems and/or any other cause beyond the reasonable control of either party. 13. INTERPRETATION. In the event of any dispute over the meaning or application of any provision of this Agreement, this Agreement shall be interpreted fairly and reasonably, and neither more strongly for or against any party, regardless of the actual drafter of this Agreement. 14. CAPTIONS. Captions and headings used in this Agreement are for reference purposes only and shall not be deemed a part of this Agreement. 15. ENTIRETY OF AGREEMENT. This Agreement, including any exhibits attached hereto and any documents incorporated herein by reference, contains the entire understanding and agreement between the City and the County as to the matters contained herein. Any prior or contemporaneous oral or written agreement is hereby declared null and void to the extent in conflict with any provision of this Agreement. Notwithstanding anything to the contrary herein, this Agreement shall not be amended unless executed in writing by both parties and approved by the City Council of the City in an open meeting held in accordance with Chapter 551 of the Texas Government Code. 16. COUNTERPARTS. This Agreement may be executed in multiple counterparts, each of which shall be considered an original,but all of which shall constitute one instrument. County Participation Agreement �:`� 1. >>zJ s.E re:Riverfront TIF Page k EXECUTED as of the later date below: CITY OF FORT WORTH, TEXAS: TARRANT COUNTY, TEXAS: By: By: Dale Fisseler Tom Vandergriff Assistant City Manager County Judge Date:- Date: o� ATTEST: ATTEST: By: By: 1Z Q i Marty Hendrix Name:X',4VQ,4 -1--3 u City Secretary Title: 0—Oct APPROVED AS TO FORM/LEGALITY: APPROVED AS TO FORM* By: Z� By: --/; Peter Vaky Ray Rik Assistant City Attorney Assistant District Attorney M&C: C-2122! 12-20-OS *By law, the District Attorney's Office may only advise or approve contracts or legal documents on behalf of its clients. It may not advise or approve a contract or legal document on behalf of other parties. Our view of this document was conducted solely from the legal perspective of our client. Our approval of this document was offered solely for the benefit of our client. Other parties should not rely on this approval and should seek review and approval by their own respective attorney(s). County Participation Agreement t' re:Riverfront TIF ' Page 7 Exhibit "All Resolution of Participation Tax Increment Reinvestment Zone Number Six OU tl RESOLUTION PARTICIPATION IN CITY OF FORT WORTH TAX INCREMENT FINANCING REINVESTMENT ZONE #6 - THE RIVERFRONT TIF WHEREAS,the general laws of the State of Texas authorize governmental taxing entities to join other taxing jurisdictions in the establishment of a reinvestment zone under the Tax Increment Financing Act, Chapter 311 of the Texas Tax Code (the "Act"), to provide incentive for the development and redevelopment of properties that might not be undertaken without such incentive; and WHEREAS,the Fort Worth City Council approved Ordinance No. 15325,dated November 12,2002,establishing Tax Increment Financing Reinvestment Zone Number Six,City of Fort Worth, Texas,in accordance with the Tax Increment Financing Act,to promote commercial redevelopment of property along the Trinity River Bluff for the new corporate campus of RadioShack Corporation through the use of tax increment financing; and WHEREAS,in accordance with the requirements of the Act,the Fort Worth City Council has given all applicable notices to the Tarrant County Commissioners Court as to the City Council's establishment of the tax increment reinvestment zone and,through its appointed representatives,has made a formal presentation to the Tarrant County Commissioners Court regarding the reinvestment zone; and WHEREAS, the County has six (6) representatives to the Fort Worth Tax Increment Financing Reinvestment Zone#6 Board of Directors,one as established by statute and five that are named by the County and appointed by the City Council,and said representatives have participated in the development of the Project Plan and Financing Plan for the zone; and WHEREAS,the City of Fort Worth City Council has adopted the Project Plan and Financing Plan as submitted by the Reinvestment Zone Board of Directors; and WHEREAS, the Tarrant County Commissioners Court recognizes that Tarrant County's participation in the creation of the tax increment reinvestment zone will have the desired effect of developing the area to the benefit of all taxing units which levy taxes in the proposed reinvestment zone. �'� �:�i'r 33 ��c:� NOW,THEREFORE,BE IT RESOLVED: That the Tarrant County Commissioners Court hereby approves participation in the Fort Worth Tax Increment Financing Reinvestment Zone#6 and the payment into the tax increment fund of a specific portion(as set forth in the Agreement)of its collected incremental tax revenue produced by applying the County's tax rate to the incremental increase in the value of property located in the reinvestment zone,effective January 1, 2002 through November 11, 2036 or until $30,300,000 in project costs as set forth in the Project Plan have been paid,whichever occurs first, in accordance with the terms of the attached Agreement; that the Agreement be and is hereby approved;that the County and its Commissioners Court hereby agree to enter into the Agreement as a party thereto;and the County Judge of the County or his designee be and is hereby authorized and directed to execute said Agreement on behalf of the County and its Commissioners Court substantially in the form attached hereto and carry out the terms thereof at the appropriate time(s). PASSED AND APPROVED, IN OPEN COURT,this 24th day of January, 2006. COURT ORDER NO. Tom Vandergriff, Co e C. Roy C. 13rooks arti VanRavensw y Commissioner, Precinct 1 C issioner, Precin B. Glen Whitley D. Jo n Commissioner,Precinct 3 Commissioner, Precinct 4 ATTEST: APPROV AS RM: County Clerk Asst. Fytrict Attorney Exhibit "B" Project Plan Tax Increment Reinvestment Zone Number Six r A Financing Plan and Project Plan for the Tax Increment Reinvestment Zone Number Six, City of Fort Worth, Texas (The Riverfront TIF) Prepared for The City of Fort Worth Tarrant County Tarrant County College Fort Worth ISD Tarrant Regional Water District February 24, 2003 Table of Contents I. Description of the Proposed Zone (Pages 3-5) A. Map B. Legal Description II. Economic Impact (Pages 6-11) A. Direct Increased Tax Base B. Employment, Visitors, and Hotel Occupancy, Productivity, and Impact on Surrounding Area C. Impact on Surrounding Properties Including Kick-off for the Trinity Vision III. Tax Increment Projections (Page 12-13) IV. Public Infrastructure Costs and Financing (Page 14-15) I. Description of the Proposed Zone A. TIF Map QUkrV17 TV V :. _ k East ROW A West ROW zm Centerline of � Line of Taylor St 4 Line of Houston St Trinity River y ' — T South ROW North ROW — Line of Franklin qt, Line of Belknap St West ROW Line �.. Of Commerce St. � r •`.^ � ter. ;� y;Ff �i a South ROW Line w, Of Weatherford St. t' West ROW West ROW Line Of Henderson r r 4�_ Of Houston St. x Street Aff, East ROW Line Of Taylor +, ` South ROW Line ' South ROW Line , i Of Belknap St East ROW Line South ROW Line Of Belknap St. Of Cherry St. Of Weatherford St. , � -4- B. Legal Description of the TIF District Beginning at a point which is the intersection of the south ROW line of Belknap Street and the West ROW line of Henderson Street in Downtown Fort Worth,Tarrant County Texas,thence North and northwesterly along the west ROW line of Henderson Street to a point where said line intersects the current centerline of the Clear Fork of the Trinity River,thence Easterly along said centerline of the Clear Fork to a point where said centerline intersects a projection of the east ROW line of Taylor Street,thence South along the east ROW line of Taylor Street to a point where said line intersects with the south ROW line of Franklin Street,thence East along the south ROW line of Franklin Street to a point where said line intersects the west ROW line of Houston Street,thence South along the west ROW line of Houston Street to a point where said line intersects the north ROW line of Belknap Street,thence East along the north ROW line of Belknap Street to a point where said line intersects the west ROW line of a Commerce Street to a point where said line intersects the south line of Weatherford St.,thence West along the south ROW line of Weatherford St.to a point where said line intersects the west ROW line of Houston St.,thence North along the west ROW line of Houston St.to a point where said line intersects the south ROW line of Belknap St.,thence West along the south ROW line of Belknap St.to a point where said line intersects the east ROW line of Taylor Street,thence South along the east ROW line of Taylor Street to point where said line intersects the south ROW line of Weatherford'St.,thence West along the south ROW line of Weatherford St.to a point where said line intersects the east ROW line of Cherry St.,thence North along the east ROW line of Cherry St. to point where said line intersects the south ROW line of Belknap St.,thence West along the south ROW of Belknap St.to a point where said line intersects the west ROW line of Henderson St.,which is the point of beginning,said area containing approximately 2,770,332 square feet,or 63.6 acres. Map and Boundary Description prepared by Gideon Tool,Inc. a pedmI3imouwa 'II II. Economic Impact RadioShack Will Build a Major Urban Campus RadioShack plans to spend over $200,000,000 on land and corporate campus construction in the subject TIF Zone area over the next three years. This urban corporate campus will have over 900,000 SF of buildings and over 2,400 cars parked in structured parking lots. Other improvements will include a major public plaza located in the southeast portion of the property, a "signature RadioShack Store" located at the intersection or Taylor Street and Belknap Street, and major landscaping on the Trinity River frontage. lob r �; yyyL�Y ` A Y ti A. Direct Increased Tax Base The development will result in an increased tax base within the TIF zone estimated to be at least $154,000,000 beginning in 2006, the first full taxable year after construction. Assuming historical rates of appreciation, the increase in tax base would be approximately $263,000,000 after thirty years. All of this value will add to the tax rolls because the developable portions of property (above the flood plain) have been tax- exempt properties for over 50 years. Tax Base Increase Based on$154,000,000 Initial Appraised Value Note:The term of the TIF is proposed to be 34 years to begin in 2002,but the first 4 years will generate little or no increment,because the RadioShack Campus will be under construction.Year 1 in the tables corresponds to 2006,which is the first year of expected large tax increment. Increments Directly Added to New Corportate Campus TIF Assumptions: Taxable Appraised Value 1640,000 .00'. Annual Appreciation i Property Value;First 3Years Annual Appreciation in Property Value;Each Yea Thereafter= Year Year Year Year Tax Rate 1 10 20 30 Total 'taxable A raised Value 154`000 000 176 897 593 215 637`179 262 860 517 FWISD 0.016400 S 2 525,600.. 2,901,121 3,536,450 4,310,912 98,627,737 city 0.008650 1 332 100 1,530164 1,865,262 $ 2,273,743 52,020,117 County I JPS 0.005080 782,320 898 640 1,095,437 1 335 331 30,550,543 TCC I TRWD 0.001264 $ 194,656 $ 223,599 $ 272,565 $ 332,256 $ 7,601,552 Annual Totals:•_ ._ .__—��:.- �_____ $ 4 834 676 $ 5,553,52 6,769,714 $ 8,252,243 $ 188 799,949 Cumulative Totals: - 4 834 67 51 165 226 13 190 94 18 799 949 a.RadioShack Corporate Headquarters$205,000,000 capital investment Assume TAD appraisal at 75%of hard cost=$154,000,000 B. Employment, Visitors, and Hotel Occupancy, Productivity, and Impact on Surrounding Area Employment,Visitors, and Hotel Occupancy With an initial employment of approximately 2,400 jobs, the urban campus is expected to have growth potential to accommodate over 4,000 jobs. RadioShack is the largest single corporate user of hotel space in the Downtown Area. RadioShack attracts hundreds of business associates and venders every week. It is not uncommon for RadioShack to have as many as 400 to 500 business associates and family in during a 3 to 5 day training and briefing period. Productivity and Company Growth This move to a RadioShack corporate campus from its current 30+year old Tandy Center will accommodate growth and enable RadioShack to continue to be a "Technology Leader" in the 21St Century. Development of this 48-acre urban campus gives RadioShack the land requirements to attain these growth and productivity goals, while remaining in Downtown. Impact on Surrounding Area and Kick-off of the Trinity River Vision Development of this major campus will have a major impact on improving development and absorption of surrounding lands. The map on the following page indicates the immediate impact areas that will see major developments over the next 30 years in great part because of the RadioShack urban campus. The RadioShack campus will anchor this new wave of reinvestment centered on the Trinity Waterfront and north downtown. The eight development areas depicted on page 11 have a development potential of $800,000,000 to $1,200,000,000 over the next 40 years. Of these amounts, 85 to 90% will be private investments. The source of this economic development information is the Trinity River Vision Study— Central City Section, now being prepared by Gideon Toal, Inc. and CDM Engineers for the Tarrant Regional Water District and the Fort Worth Streams and Valleys Committee. :2 Estimated Build Out in the Direct Impact Area of the RadioShack Campus Estimated: 9,600,000 SF Total New Build Out %Built Year SF Value/SF Total Value 10% 5 960,000 $120.00 $115,200,000 15% 10 1,440,000 $120.00 $172,800,000 40% 15 3,840,000 $120.00 $460,800,000 50% 20 4,800,000 $120.00 $576,000,000 60% 25 5,760,000 $120.00 $691,200,000 75% 30 7,200,000 $120.00 $864,000,000 85% 35 8,160,000 $120.00 $979,200,000 100% 40 9,600,000 $120.00 $1,152,000,000 Direct Impact Area around the proposed RadioShack Campus and Riverfront TIF (See map below). Source: The Trinity River Vision Report prepared for the Tarrant Regional Water District by Gideon Toal,Inc. and CDM Engineers. - 10- C. Impact on Surrounding Properties Including Kick-Off for the Trinity Vision Nh` LaGrave Field Development --Professional Baseball JI --Retail/Restaurant/Office Civic PPoint ... Bluff View Development � � � � - --MaJor Civic Attrjdi stirs - - --Residential Emphasis adjacent to River � w c = --Retail/Office ad.i,=na to Main St. Samuels Ave. South --Residential Emphasis a _ --Possible Office/Corp.Office/ Education Center south of Northlake Developments. Weatherford --Mixed Use adjacent to Lake ;. * ' k P%-LI U)l at street level where possible --Office/Support retail f,-st two levels --Residential aboveor �, ... •,' :w' _ _-, North of 7d'Street Wil --Mixed use , --Residential Emphasis above --Retail Emphasis at first f my or two levels F . " � Tarrant County Campus Improvements y .� Redevelopment of Tandy Center and Henderson Corridor 1 pro k`-d Access to City Library(PNL) g Pier 1 Corp Campus --Mixed Use Developments RadioShack Direct Impact Areas 1� ,rte . - dd 4 III. Tax Increment Projections III. Tax Increment Projections The tables below indicate that a 34 year TIF could generate an increment of approximately$38,000,000. This assumes participation from Tarrant County,the Tarrant County Hospital District, Tarrant Regional Water District, and Tarrant County College. With participation from Tarrant County and the Tarrant County Hospital District the increment would be approximately$31,000,000. Table III a—Potential TIF Revenue Projections—Based on$154,000,000 Year One Value Assumes Participation by Tarrant County,Tarrant County Hospital District,Tarrant Regional Water District,and the Tarrant County College District Taxable Appraised Value= $ 154,000.000 Annual Appreciation i 9 , i c Property Value;First 3 Years Amual Appreciation Properly Value;Each Yeai Thereafter 2X 7:7777777777 777 7 Year Year Year Year Tax Rate 1 2006 10 20 30 Total Taxable 'sed Value : $ :;154:000.000 $' t76 897883 $' 215,637,179 $,; ... .:.262.860 517 0.000000 $ $ $ $ $ TRWD 0.000200 $ 30,800 $ 35,380 $ 43,127 $ 52,572 $ 1,202,777 County 0.005080 $ 782,320 $ 898,640 $ 1,095,437 $ 1,335,331 $ 30,550,543 TCC 0.001064 $ 163,871 $ 188,237 $ 229,460 $ 279,710 $ 6,399,377 Annual Totals: „tee x M.: ..�e..r r, $ 976,997 $ 1,122,256 $ 1,368,024 .1,667,613 $ 38,152,697 Cumulative Totals: $ 976,997 $ 10,339,470 $ 22,873,628 $ 38,152,697 Note:The term of the TIF is proposed to be 34 years to begin in 2002,but the first 4 years will generate little or no increment,because the RadioShack Campus will be under construction.Year 1 in the tables corresponds to 2006,which is the first year of expected large tax increment. - 13 - r, IV. Public Infrastructure Costs and Financing IV. Public Infrastructure Costs and Financing The areas within the proposed TIF and the adjoining public corridors have been analyzed for how they can contribute to the overall quality of environment for the north Downtown area. The summary below outlines a list of projects and budgets that are needed to carry out the project plan. It is anticipated that development agreements between the TIF 6 Board of Directors and RadioShack will be initiated for certain utility and roadway projects that commence before sufficient TIF increment is available, in order to insure that RadioShack will be reimbursed for expenses related to the projects at the time that increment is available. Government bond financing is not anticipated in the first five years of the 30-year TIF. The County Commissioners Court may determine to finance certain future improvements using some form of County bond financing. Current assessed value of the proposed TIF zone is$28,609,856 for taxable properties. Vv ..>�......ICL .u.. Estimated Public Infrastructure and Costs Years Years Description of anticipated Improvements 2002 to 2005 2006 to 2032 Totals: Tarrant County Acquisition of Tandy Technology Center $8,400,000 $8,400,000 Utility Relocations and Upgrades:Water,Sanitary Sewer,Gas,Electric,Telecommunications Lines $5,100,000 $3,000,000 $8,100,000 Pedestrian and Street Landscape Improvements: Taylor Street between Weatherford and the Trinity River,Henderson Street between Weatherford St.and the Trinity River,Belknap St between Calhoun Street and Henderson Street,Weatherford St between Henderson and Calhoun Street $750,000 $950,000 $1,700,000 Roadway and Storm Drain Improvements:Taylor Street between Belknap and the Trinity River,Belknap Street between Houston Street and west of Henderson Street,Henderson Street between the Trinity River Bridge and Weatherford Street,Access Road from Henderson to Public Parking area on Trinity River(east of Henderson),Signal light upgrades on Belknap,Weatherford,and Henderson $2,400,000 $800,000 $3,200,000 Public Plaza at Taylor Street and Belknap Street- Amenities to be added for general public,such as seating,landscaping,public art and water display $1,300,000 $1,300,000 Trinity Waterfront Development:Between Henderson Street and Main Street $500,000 $1,100,000 $1,600,000 Historic Courthouse Block-Demolition of the inappropriate appendage to the Historic Tarrant County Courthouse,restoration and beautification of the surrounding site and infrastructure. $3,000,000 $3,000,000 $6,000,000 $21,450,000 $8,850,000 $30,300,000 Note:Above numbers include provision for administration and design 77 - 16 - � ` , ' Page 1 of 2 City of Fort Worth, Texas Mayor and Council Communication COUNCIL ACTION: Approved on 12/20/2005 DATE: Tuesday, December 20, 2005 LOG NAME: 17RIVERFRONT#6 REFERENCE NO.: C-21221 SUBJECT: Authorize Execution of Agreements with Tarrant County, Tarrant County College District and Tarrant Regional Water District for Participation in Tax Increment Reinvestment Zone Number Six, City of Fort Worth, Texas (Riverfront TIF) RECOMMENDATION: It is recommended that the City Council authorize the City Manager to execute agreements with Tarrant County, Tarrant County College District, and Tarrant Regional Water District for Participation in Tax Increment Reinvestment Zone Number Six, City of Fort Worth, Texas (Riverfront TIF). DISCUSSION: On November 12, 2002, (M&C G-13800) the City Council adopted Ordinance No. 15325 designating the Riverfront TIF, which will expire on December 31, 2036. Until RadioShack Corporation located its new corporate campus in downtown Fort Worth, a parking lot within a flood plain and public housing complex of approximately 24 acres substantially impaired and arrested the sound growth of the City. It is anticipated that other private development in the TIF District will follow resulting in increased tax revenues and other public benefits. Under state law, a taxing unit is not required to contribute tax increment to a TIF unless that taxing unit enters into an agreement to do so with the municipality that has designated the TIF. Under the participation agreements, the participating taxing units will contribute tax increment generated by property located within the TIF to the tax increment fund of the TIF, as follows: • Tarrant County will contribute 100% annually through the term of the TIF, • Tarrant County College District will contribute 80% annually through the term of the TIF; and • Tarrant Regional Water District will contribute 100% annually through the term of the TIF. Pursuant to Ordinance No. 15325, the City of Fort Worth will not contribute tax increment to the TIF. Revenue in the tax increment fund may be used for any lawful project cost of the Riverfront TIF, as restricted by state law and the project plan adopted by the TIF's board of directors and approved by the City Council. The Riverfront TIF is COUNCIL DISTRICTS 2 and 9. FISCAL INFORMATION/CERTIFICATION: The Finance Director certifies that this transaction will have no effect on City funds. http://www.cfwnet.org/council_packet/Reports/mc_print.asp 5/5/2006 Page 2 of 2 TO Fund/Account/Centers FROM Fund/Account/Centers Submitted for City Manager's Office b Dale Fisseler (6140) Originating Department Head: Tom Higgins (6192) Additional Information Contact: Keisha Ward (6376) http://www.cfwnet.org/council_packet/Reports/mc_print.asp 5/5/2006