HomeMy WebLinkAboutIR 10085 INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 10085
To the Mayor and Members of the City Council January 9, 2018
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SUBJECT: AMENDMENT NO. 3 TO ECONOMIC DEVELOPMENT PROGRAM
rrn AGREEMENT WITH CARLYLE/CYPRESS WEST 7t", LP TO REMOVE CERTAIN
PARCELS FROM THE DEVELOPMENT
On July 31 , 2007 (M&C C-22283) the City Council authorized the execution of an economic
development program agreement (Agreement) (City Secretary Co. 36633, as amended) with
Carlyle/Cypress West 7t" LP (Developer) for the construction of a mixed-use project to be
constructed in the vicinity of West 7th Street, Crockett Street, Norwood Street, and Foch Street.
In return, the City agreed to pay Developer 15 annual economic development program grants in a
maximum amount equal to 70% of the incremental real and business personal property taxes as
well and 70% of the incremental sales taxes attributable to the project.
The Developer also made a commitment that 15% of rental residential units constructed would be
set aside for lease at affordable rates, with two-thirds of those reserved being leased to
qualifying households earning no more than 80 percent of the area median income, per HUD
standards and one-third of those set aside for qualifying households earning no more than 60
percent of the area median income. In the parcels that now contain residential development, the
ongoing annual commitment is being met.
However, there are 4 outlying tracts that were originally included in the Development Property as
defined in the Agreement that have now been sold to other parties and developed for other non-
residential purposes. Those parcels are outlined in the map on the following page. Because the
Developer no longer has control over these 4 outlying parcels, the Developer has requested that
those tracts be removed from the scope of the Agreement. In doing so, all taxes from those
parcels will be retained by the City and will not be included in the calculation of the remaining
annual economic development program grants paid by the City under the Agreement.
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS
INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 10085
To the Mayor and Members of the City Council January 9, 2018
r� Page 2 of 2
�i
{i7 Y
SUBJECT: AMENDMENT NO. 3 TO ECONOMIC DEVELOPMENT PROGRAM
rrn AGREEMENT WITH CARLYLE/CYPRESS WEST 7t", LP TO REMOVE CERTAIN
PARCELS FROM THE DEVELOPMENT
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Staff will place an M&C for City Council consideration on the January 23, 2018 agenda,
recommending that the aforementioned parcels be removed from the agreement.
If you have any questions concerning this information, please contact Robert Sturns, Economic
Development Director at 817-212-2663 or robert.sturns@fortworthtexas.gov.
David Cooke
City Manager
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS