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Resolution 2341
`ro 1... . ~.- ~: D JOINT RESOLUTION AND AGREEMENT xESOI,vTlorr No.QG3_ ~ STATE OF TEXAS § § KNOW ALL MEN BY THESE PRESENTS COUNTY OF DENTON § WHEREAS the City of Fort Worth ("Fort Worth") is a home-rule city lying and being situated within the counties of Tarrant and Denton State of Texas and WHEREAS the Town of Northlake ("Northlake') is a general law city lying- and being situated within the County of Denton State of Texas, and WHEREAS Fort Worth and Northlake desire to adjust their extraterritorial jurisdiction boundary lines whereby each will release from their respective extraterritorial jurisdiction certain lands to be annexed by the other NOW THEREFORE, BE IT RESOLVED AND MUTUALLY AGREED BY THE CITY COUNCIL OF THE CITY OF FORT WORTH AND THE TOWN COUNCIL OF THE TOWN OF NORTHLAKE. SECTION I That the following extraterritorial jurisdiction boundary realignment between Fort Worth and Northlake as herein described is in the best interest of the property owners and inhabitants of both cities. SECTION 2. That Fort Worth does hereby relinquish and release to Northlake all extraterritorial jurisdiction rights it has or may have in that certain 99 05 acre tract of land identified as Parcel 1 in this Joint Resolution and Agreement. Parcel 1 is described by metes and bounds on page 1 and reflected on the map depicted on page 2 of Exhibit A hereof which exhibit is attached hereto and expressly made a part hereof SECTION 3 That Fort Worth does hereby relinquish and release to Northlake all extraterritorial jurisdiction rights it has or may have in and to that certain 113 00 acre tract of land identified as Parcel 2 in this Joint Resolution and Agreement. Parcel 2 is described by metes and bounds on page 1 and reflected on the map depicted on page 2 of Exhibit `B" hereof which exhibit is attached hereto and expressly made a part hereof SECTION 4 That Fort Worth does hereby relinquish and release to Northlake all extraterritorial jurisdiction rights it has or may have in and to that certain 2 049 00 acre tract of land identified as Parcel 3 in this Joint Resolution and Agreement. Parcel 3 is described by metes and bounds on pages 1 and 2 and reflected on the map depicted on page 3 of Exhibit `C" hereof which exhibit is attached hereto and expressly made a part hereof SECTION 5 That Northlake does hereby relinquish and release to Fort Worth all extraterritorial jurisdiction rights it has or may have in and to that certain 2 85 acre tract of land identified as Parcel 4 in this Joint Resolution and Agreement. Parcel 4 is described by metes and bounds on page 1 and reflected on the map depicted on page 2 of Exhibit `D" hereof which exhibit is attached hereto and expressly made a part hereof SECTION 6 That Northlake does hereby relinquish and release to Fort Worth all extraterritorial jurisdiction rights it has or may have in and to that certain 391 00 acre tract of land identified as Parcel 5 in this Joint Resolution and Agreement. Parcel 5 is described by metes and bounds on pages 1 and 2 and reflected on the map depicted on page 3 of Exhibit `E" hereof which exhibit is attached hereto and expressly made a part hereof SECTION 7 That the parcels of land which are to be released and the extraterritorial jurisdiction realignment resulting from this Joint Resolution and Agreement are shown for purposes of general depiction on the map identified as Exhibit `F" hereof which exhibit is attached hereto and expressly made a part hereof SECTION 8 That Northlake agrees to annex Parcels 1 2 and 3 released from the extraterritorial jurisdiction of Fort Worth and Northlake agrees to assume the rights and obligations appurtenant to said property 2 • SECTION 9 That Fort Worth agrees to annex Parcels 4 and 5 released from the extraterritorial jurisdiction of Northlake, and Fort Worth agrees to assume the rights and obligations appurtenant to said property SECTION 10 That Fort Worth and Northlake do hereby covenant and agree to protect, preserve and defend the hereinabove described boundary realignment and apportionment of extraterritorial jurisdiction. SECTION 11 That Fort Worth and Northlake agree and resolve that the adoption by both cities of this Joint Resolution and Agreement, and the release of the above described territory by both cities aril the annexation thereof by the receiving city does not mitigate, diminish or lessen in any way the rights that either party may have at law or in equity to challenge or contest any other annexations or attempted annexations made by the other party SECTION 12 • That this Joint Resolution and Agreement shall become effective and shall become a binding agreement upon the City of Fort Worth and the Town of Northlake by the adoption bf same in regular open city council meetings of the City of Fort Worth and the Town of Northlake SECTION 13 i That the Joint Resolution and Agreement, upon adoption of both Fort Worth and Northlake shall be executed in several originals and entered in the minutes of each city A copy of this Joint Resolution and Agreement shall be executed by the Mayor and attested by the City Secretary or Town Secretary of each city PASSED AND APPROVED by the City Council of the City of Fort Worth this day of , 1997 ATTEST CITY OF FORT WORTH City Secretary City of Fort Worth By~ 3 Kenneth Barr Mayor APPROVED AS TO FORM AND LEGALITY Deputy City Attorney City of Fort Worth PASSED AND APPROVED by the Town Council of the Town of Northlake this // day of ~ ~~-~- , 1997 ATTE/ST TOWN OF NORTHLAKE f h ) ~ Town Secret. ry ( ~ Michael J Sav ' Mayor Town of Northlake APPROV D AS T F , AND~LEGALITY f ~ ~ Town A omey Town of Northlake • 4 PARCEL 1 The following described ETJ Parcel to be released by the City of Fort Worth to the Town of Northlake: Situated in Denton County State of Texas and being located within the boundanes of the L. Medlin Survey Abst. No 830 and the G. Shamblin Survey abstract No. 1191 BEGINNING at a point in the easterly nght of way of Interstate 35 W and the intersection of a curve having a radius of 2640 feet with a radius point located•on the line between the L. Medlin Survey Abst. No. 830 and the BBB & CRR Survey Abst. No. 189 and a projected line of the East nght of way of Interstate 35W The above radius point having a TXDot Centerline Station of 176+64 and bearing South 89 degrees 33 minutes East of distance of 260 feet from said centerline station. THENCE along said curve having a chord bearng South 71 degrees 37 minutes East for a chord distance of 1665.3 feet to the point of tangency of said curve. THENCE East a distance of 727 7 feet to the West line of the ETJ for the City of Roanoke THENCE along the West ETJ line of Roanoke South p degrees 48 muiutes 30 seconds West for a distance of 1514 9 feet to the centerline of Elizabeth Creek THENCE following the center line of said creek the following meander calls North 46 degrees 54 minutes 30 seconds west, 267.3 feet North 72 degrees 49 minutes 50 seconds west, 355 8 feet South 69 degrees 08 ininutes 40 seconds west, 694 9 feet North 53 degrees 11 minutes 30 seconds west, 372.7 feet South 89 degrees 48 minutes 30 seconds West, 322.5 feet South 84 degrees 48 minutes 30 seconds West, 440.3 feet South 65 degrees 48 minutes 30 seconds West, 796.00 feet to the East right of way of Elizabeth Town Road THENCE North 9 degrees West along the East nght of way Elizabeth Town Road a distance of 26.8 feet to point for a comer THENCE North 9 degrees East along the East nght of way of Elizabeth Town Road a distance of 180 0 feet to a point for a comer THENCE North 1 degree West along the east right of way of Elizabeth Town Road a distance on 1030 feet to a point for a corner THENCE North 6 degrees 20 minutes 29 seconds, West along the east right of way of Elizabeth Town Road a distance of 94.2 feet to the easterly right of way of Interstate 35W THENCE North 37 degrees 43 minutes 23 seconds East along the east right of way of Interstate 35W for a distance of 1031 45 feet to the point of beginning and containing 99 OS acres of land, more or less. CFW SURVEY SECTION May 23 1997 SFN 15017001 • Exhibit A, page 1 • a w A ~ ~ m ~ W ~ ~ ° rn `'' ~ ti`.. x ~ ~ ~ ~ ~ ~ ~ ~ U ~ ~ a F,w o ~ Wz a °o 0 o O °a ~ I I .--I W J O Q ,U,^^ V/ 0 °a W 0 a ~~ s~, rig ~xoHeo~ F w w x a 0 z -f Q til~~~~ ~b w w P~~ ~~ ~ ~ H L~ ~, N~ ~~d 00 ~`' N j W (?5~ ~ ---~ - Q W - - TT V ' ~ W F-- ~ ~ W ('~ Q1 ~ d' H Q~ E:, W ~ w w w a U ~ ~ j6l b s w s; ~ d 2 ~c~ r , ax NMOi xs~avzrl~ '`.7 f. rix ,N.1.3 Parcel 1 Exhibit A, page 2 x a W3w sra Was W W W Z W al O ~ c ~ T J U O aW= W W N Q .j Z J ~ O Wo~~ Z J 2 W 2 U W ~ozs r ¢ut~ oa Q N 2 A G ~ O o ~ ¢ Z w Z Z f ~~sa zoWo W N ~' W ~ A `~ ~ W a ~ V Q W ~,, ~ ¢ ~ I N K U H 2 X d > F- W N EO ®_ ~_ _~ ~_ ~_ q~ 6 _® '~~ ~J z 0 J ~ ~+-~ L.J U J d' ¢ a. u d ~ ®_ Ll.I l~ W W Y ¢ J O Z 3 w Z ~ 0 r .D 0 O Z W J w n C1 ti W ¢ q U N m Z 3 Q q x r } !~ N_ R1 .. _ W R: ~ j O l~ ~`- p N. ¢ '' z .' z'- °- _ W J N ~ 1- ¢1 ~ O z~„Q3 o Q p ~ H p ~ a ~ w ~ w o w ~ ~- z ~ W ? p 3 ¢ z ~ r ¢ F- ~ ~ h- J w E 3 ~ ~ y ~ ¢ ~ H Z ~ Q a ¢ A W~4 ~~p U ~ H Z WO a 3 `n o ¢ r ~ p ~_ ~~~~~ p~~¢ ¢ li W LJ J ~ a p Vl L.. 2 ¢ O x Z ~ W > > ~ ¢ J ~ N ~ W N /~ J U W d' .-. ~ w z 3 0 x ~ z ca '' o ¢ w . >- -- H 2 U ~ 4 ¢ ~ ¢ a w w ~ ~ ~_ v jux°j U r = N ~ ¢ p 3 0 0 0 ~ a r ~ r ~ p w 3 ~ _U N > Z d K _ ~ O ¢ r F- U U E N PARCEL 2 • • The following described ETJ Parcel to be released by the City of Fort Worth to the Town of Northlake: Situated m Denton County State of Texas and being located within the boundaries of the H. Anderson Survey Abst. No. 25 H. Cook Survey Abstract No. 310, A. Gaultney Survey Abst. No. 500 and the Harnionson & Waters Survey Abst. No. 642. BEGINNING at a point on the existing ETJ of the town of Northlake and being located in the H. Anderson Survey Abst. No. 25 and being contiguous with previously described parcels; THENCE East along the existing ETJ of the Town of Northlake a distance of 1826 feet more or less to the beginning of a curve having a radius of 2640 feet and a radius point located on the south right of way line of Harmonson Road, 1980 feet East of the most westerly line of the H. Anderson Survey Abst. No. 25 THENCE along said curve having a chord bearing North 55 degrees 3 minutes East for a chord distance of 3025 feet to the point of intersection with a curve having a radius of 2640 feet and a radius point located at the southwest corner of an 86.258 acre tract in the S. Parks Survey Abst. No. 1005 THENCE along said curve having a chord bearing South 43 degrees 03 minutes East and a chord distance of 1248.3 feet to a point for a corner located in the Haimonson & Waters Survey Abst. No. 642, THENCE South 37 degrees 58 minutes West along the existing ETJ line of Town of Northlake for a distance of 2352 feet more or less to the beginning of a curve having a radius of 1060 feet a central angle of 39 degrees 18 minutes 19 seconds and a chord bearing North 69 degrees 21 minutes 56 seconds West with a chord distance of 713 feet to a point for a corner located on the new ETJ line for the City of Fort Worth, THENCE along said curve for an arc distance of 727 17 to the point of tangency THENCE North 78 degrees O1 minutes 11 seconds West for a distance of 131.24 feet to a point for a corner on the new .ETJ tine for the City of Fort Worth; THENCE North 89 degrees O 1 minutes 06 seconds West for a distance of 1819 4 feet to a point for a corner located on the new ETJ line for the City of Fort Worth; THENCE North 89 degrees 34 minutes 07 seconds West for a distance of 75 19 feet to the beguuung of a curve having a radius of 900 feet and a central angle of 59 degrees 22 minutes 54 seconds and a chord beanrg North 59 degrees 52 minutes 40 seconds West with a chord distance of 891.58 feet to a point for a comer located on the new ETJ line for the City of Fort Worth; THENCE along said curve for an arc distance of 932.77 feet to the point of reverse curvature with a curve having a radius of 900;fcet a central angle of 23 degrees 51 minutes 02 seconds and a chord bearuig North 42 degrees 06 minutes 45 seconds West with a chord distance of 371 94 feet; THENCE along said curve an arc distance of 374.64 feet to ETJ line of the Town of Northlake and the new ETJ line for land, more or less. the POINT of BEGII~INING located on the Existing the City of Fort Worth and containing 113 acres of May 29 1997 SFN 16017001 Exhibit B page 1 • a w C] ~ ~ m ~v W d' 9 ° rn ~c~o i` ~ ~ ~ ~ M U ~ ~ ~ C,W ° z ° a z a~i;gF e o O a ~ ~) •~--~ W J O 'U^ VJ O °v O a ~~ s~, rig ~xoNdo~ E w w F a O z Q ~1'~~ ~~~ w ~' ~Q~ d~ b ~w ~ f'_' W ~ ~L~N W lf") ~p a ~ '""' ~ ~ ~ O W ~ ~ 0~ W M Qti ~' F W LL W W W a U ~ ~f 6lr ~ ~ 7 ~ ~ ~,b ,~~ 6, ~ ~ ~ ~ d ~ f W ax NMO,t x,t~gvzrl~ j. rzx n~t.3 Parcel 1 Exhibit A, page 2 x 0 2 r A 4 O x O 4 W Z4 R1 0 ~ A u~~ aWa o== J f O W ~ ~ ~ Z J 2 ~ ~ ^ F. r 4 U w a wo°a Q N Z O 0 oW~rZ Q W ~~fa 2 ~ W 4 rOrW N ~' W 4 Q W ~ ~ Y ¢ ti T yK U~- I- W xxa>- r WNCI _~ ~_ '~ V ~' y~ 6 0 0 o o ,p ~ o J ~ RAJ w Z U J W ~ Q J Q. U d N 4 '~ ~I W W Y Q J 2 O Z 3 W Z n 0~ w Q Q U rm Z 3 a Q' Q x r~~ °'~x W ~°~ t..ON_ Q>z.. Z r O = W .J-~ ~ ~ F- W ~ ° z ,,, a 3 .. ° ~ o ~ ~ ° d d ~ l.. N W ° W ~ W Z ~ ~ ° z ° 3 Z f- r r N ~ ~ J w E 3 ~ J ~ N z = w a ¢ A ~- ca ~=moo`` U ~ ~ Z WO l a 3 ti a "' z° it ~ H J ~ .-.. l7 ~ N ~ r °~~Q Q l.. W ~,,,~ J CL' ~ _O Q ° x Z J w r r ~ W h ~ N J U W ~ ° w z 3 0 _ ~ z q~ oa w r .-. , r- 2 U ~ A Q F- Q d W W 2' W' F- 2' ° ~ W ^~ U 3 U = ~ U H _ N r Q ° 3 ~° o o a Q li ~ ~ J ~ ° w 3 ~ u N Y ~ i ~ o a ~ H U U E V! PARCEL 3 • The following described ETJ Parcel to be released by the City of Fort Worth to the Town ofNorthlake: Beginning at the point of Beginning defined by the Joint Resolution and Agreement exchanging portions of extra temtorial Junsdiction between the cities of Fort Worth and Justin as adopted by the Fort Worth City Council as Resolution No. 1842 and approved on August 4 1992. Said point of Begmnuig being situated 1340 feet north of the north nght of way Ime of F.M. 407 THENCE South 1440 feet to the South right of way line of F.M.407 THENCE East 1530 feet along the South right of way of F.M.407 THENCE South 5370 feet to a point for a comer. THENCE East 1300 feet to a point for a corner THENCE South 1840 feet to a point of a comer THENCE East 100 feet to a point for a comer THENCE South 1330 feet to a point for a comer THENCE East 1960 feet to a point for a comer THENCE North 830 feet to a point for a comer . THENCE East 1470 feet to a point for a comer THENCE South 490 feet to a point for a comer THENCE East 1120 feet to the existing ETJ tine of the Town of Northlake per previous exhibit THENCE East 860 feet to a point on F.M. 156 for a comer THENCE South 680 feet along the ETJ of the Town of Northlake to the point of curvature for a curve having a 2640 foot and radius point located at the South West comer of the nght of way for Harmonson Road, located m the M. Polk Survey No 993 THENCE South easterly along said curve having a chord bearing South 26 degrees 19 minutes 30 seconds East for a chord distance of 2341 4 feet to a point on a curve having a radius of 2640 feet and a radius point located at the Southwest comer of the nght of way for Harmonson Road located in the M.E.P & P RR Survey Abst. No.910 THENCE with said curve to the left having a chord beanng South 39 degrees 44 Minutes 30 seconds East for a chord distance of 4060 0 feet to a point on the Northerly line of a tract of land owned by the `Fort Worth Sports Authonty Inc. THENCE South 63 degrees 18 minutes 02. West a distance of 3059.25 feet to the Northeast comer of Tract of land deed to A.P & Lula Peterson in Volume 177 page 51 of the Deed Records of Denton County Texas. THENCE West along the North line of the J Smith Survey Abst. No. 1149 approximately 2111 feet to the Northwest comer of said J Smith Survey • Exhibit C page 1 PARCEL 3. • Page 2. of 2. THENCE West along the South line of the W Gaffield Survey Abstract No. 448 for an approximate distance of 1693 feet to the Westerly right of way of F.M. 156 for a pouit for a comer THENCE North 17 degrees 30 minutes East along the westerly nght of way of F.M. 156 a distance of 2800 feet to a point for a comer THENCE North 72 degrees 30 muiutes West along the westerly right of way of F.M. 156 for a distance of 5 feet to a point for a comer. THENCE North 17 degrees 30 minutes East along the westerly nght of way of F.M. 156 for a distance of 1260 feet more or less to the South right of way of Sam Reynolds Road. THENCE West along the South nght of way of Sam Reynolds Road for a distance of 7360 feet more or less to the Northwest comer of Payton Place subdivision Phase one as filed m cabmet M-sheet 266 of the Denton County Records. THENCE North crossmg Sam Reynolds Road and along the West line of the Foxbane Estates Subdivision as filed in cabmet H sheet 24 of the Denton County Records a distance of 7570 feet more or less to a point m the North Ime of the M. Polk Survey Abst. No. 993 THENCE West with the North line of the M. Polk Survey a distance of 2640 feet more or less to the Northwest corner of the M. Polk Survey Abst. No. 993 THENCE North along the West line of the W Ferris Survey Abst. No. 419 crossmg the south line Highway 407 at • approxunately 3500 feet to the Northwest comer of the W Ferns Survey m all a distance of 3640 feet more or less. THENCE North along the West line of the C. Bceger Survey.Abst. No. 121 for a distance of 6230 feet more or less to the Northwest corner of the C Boeger Survey THENCE East along the North line of the C. Bceger Survey a distance of 1237.5 feet more or less to the Northeast comer of the C Bceger Survey also the Northwest corner of the M. Garnett Survey Abst. No. 43'9 THENCE East along the North line of the M. Garnett Survey Abst. No. 439 to a point of intersection with a curve representing the ETJ for the Town of Justin, said point being approxmiately 1800 feet Eat of the Northwest comer of the M. Garnett Survey Abst. No. 439 THENCE Southwesterly with said curve having a radius of 2640 feet and a chord beanng South 11 degrees 40 minutes West for a chord distance of 1066.9 feet and with a radius point being the North east corner of a 28.35 acre, Tract 3 located m the H. McDonald Abst. No. 879 also being the most Westerly Northwest comer of the city luiuts of Justus, Texas in and all a distance of 1074.3 feet to a point parallel and 2640 feet West of the existing city liinits of Justin, Texas THENCE South and parallel with the existing city lunit of Justin, Texas for an approxunate distance of 2736 feet to a point of curvature for a curve having a radius of 2640 feet and radius point being the most Westerly Southwest corner of the present city hiriits of the Town of Justin. THENCE Southeasterly with said curve having a chord bearing South 4 degrees 54 minutes East for a chord distance of 451.2 feet to a point on a curve for a comer THENCE South 82 degrees 59 minutes West for a distance of 654 9 feet more or.less to the point of beginnuig of the ET3 agreement of 1992 and containing 2049 acres more or less • CFW SiJRVEY SECTION 'May 23 1997 SFN 16017001 Exhibit C page 2 • • ~rcel 3 Exhibit C, page 3 CURVE DATA RADIUS: 2640' LENGTH: 1074:28' CNORD: SI 1'30'28'W 1080.87' DELTA: 23'18'53' TANGENT: 544.87' z CURVE DATA RADIUS: 2840' LENGTH: 451.79' CHORD: N4'54'B"T4 451.24' DELTA: B'48'IB' TANGENT: 226.45' C POB PER PREVIOUS ETJ AGREEMENT HMy x Iu z FG C °a NEW N~RTHLAKE ETJ PERIMITER~ 74687.73 FT 89245236 SQ FT ~ 2049 ACRES g sw nerwouJS Jm mr cri THIS MAP 1S INTENDED AS A GENERAL DEPICTION pF THE EXTRATERRITORIAL JURISDICTION pF THE CITY pF FORT WART H. SPECIFIC DETERMINATION DF INCLUSION SHOULD BE MADE BY THE DEVELOPMENT DEPARTMENT THIS MAP WAS CREATED SOLELY AS A GRAPHIC REPRESENTATION FOR INTERNAL USE BY THE CITY OF FURT WORTH, THE CITY OF FART WORTH ASSUMES Np RESPONSIBILITY FUR ITS CDNTEN7 pR ACCURACY UNLESS EXPRESSLY STATED IN WRITING. REPRODUCTION DF THIS AP WITHOUT THE PRIOR WRITTEN PERMISSION OF THE CITY OF FORT WORTHS STRICTL PRDHI B]TE D, AADIS A VIOLATION OF FEDERAL LAW 1500 0 1500 3000 SCALE 1'=1500' CURVE DATA RADIUS: 2840' LENGTH: 2425.85' CHORD: S28'IB'26E 234140' DELTA: 5238'53" TANCEIIT: 1308.15' ]U31'RJ LTJ CURVE DATA RADIUS: 2840' LENGTH: 4831.57' CHORD: S39'44'2B"E 4080.04' DELTA: 100'31'08" TANGENT: 3175.31 :.,* ~~ CONSTRUCTION EN(31NEERINO DMSKN'1 SURVEY SECTION NEW NDRTHLAKE ETJ PARCEL 3 DATE 5-23-97 SCALE 1'=1500' DRAWN BY. SRC FILE Np. 10617001 PARCEL 4 • The following described ETJ Parcel to be released by the Town of Northlake to the City of Fort Worth: Beginning at a point of intersection of the existing ETJ of the Town of Northlake and a northerly boundary line of a Tract of land deeded to the Fort Worth Sports Authority Inc., as recorded in document No. 96-R0088963 of the Deed Records of Denton County Texas, said point being North 63 degrees 18 minutes 02 seconds East and a distance of 3033.6 feet from the Northeast comer of a tract of land deeded to A.P & Lulu Peterson in a deed recorded m volume 177 page 51 of the Denton County Deed Records. THENCE North 63 degrees 18 minutes 02 seconds East a distance of 168.20 feet to a 518 inch Huitt-Zollars capped steel rod found for the point of curvature for a curve having a radius of 900.00 feet a central angle of b2 degrees 39 minutes 43 seconds and a chord bearing South 85 degrees 22 minutes 07 seconds East. THENCE along said curve an arc distance of 984.29 feet to a point on the existing ETJ line of the Town of Northlake. THENCE Weston the existing ETJ line of the Town of Northlake 1083 18 feet to the point of beginning and containing 2.85 acres more or less. CFW SURVEY SECTION May 23 1997 SFN 16017001 • Exhibit D page 1 O ~ N 5 ., ~~ o ~1 u W U L W w ~ Z W ~ ~}} L W _> >>> ~ n ~ ~ m ~ ~ C ~ cu '' a ~ 2~ ~ W ~ J ~ q 0 • O O O O O V7 O ~I .-. W J O ~..~ a 0 ~h €; a 0. ("' ~.L (yJ ~ ~"_ Z ~~~ I-- ~ ~ W O~~V 3 N~¢ - •--t L~L ~~~ ~o~ cv z~~ W Q Parcel 4 Exhibit D page 2 W Z F > N Vl m ~ Y W ~ K j O 4U a~z z ~ ~ x W .J. ~ K m j O H o 3 a o a ~ o W a V O a~~- ...a z°3 Zr=r¢ K H J iziz3uJ a~'~~a a a a 2 W ~ 4 H U a ~ Z 4 a 3"-°a N Z Q a H Jan O 1.7 ~ N ~ Q Q W ~ W OJ a N W a a x Z > T~ Y W F Q J ~ N H W N N J U W a N S Z 3 2 g H J a Q W > ~ F- 2 U ~ O a~-aa~ a ^ .7 W U 3 U 2 ~ U ~- _ 3 0 0 o a a x> ~F E U W ~ l.i x ~ O Q ~ H U U E N PARCEL 5 The following described ETJ Parcel to be released by the Town of Northlake to the City of Fort Worth Situated in Denton County State of Texas and being located within the boundaries of the B.B.B. & C.RR Survey Abst. No. 189 H. Cook Survey Abstract No. 310, A. Gaultney Survey Abst. No. S00 J. Arnold Survey Abst. No. 1659 and the L.E. Olson Survey Abst. No. 1663 BEGINNING at a point on a curve m the existing ETJ of the Town of Northlake located in the H. Cook Survey Abstract No. 310 said curve having a radius of 1060 feet and a central angle of 06 degrees 03 minutes 00 seconds and a chord bearing South 46 degrees 41 minutes 19 seconds East with a chord distance of 111 86 feet to a point for a corner located on the new ETJ line for the City of Fort Worth; and being contiguous with previously described parcels; THENCE along said curve for an arc distance of 111 91 feet to the point of tangency THENCE South 43 degrees 39 minutes 51 seconds East for a distance of 480.92 feet to a point for a comer located on the new ETJ line for the City of Fort Worth; THENCE North 37 degrees 57 minutes 42 seconds East along the new ETJ line for the City of Fort Worth for a distance of 211 97 feet to the beguming of a curve havuig a radius of 900 feet, a central angle of 86 degrees 50 minutes 16 seconds and a chord bearing North 81 degrees 22 minutes 50 seconds East with a chord distance of 1237 19 feet to a point for a corner located on the new ETJ line for the City of Fort Worth; THENCE along said curve for an arc distance of 1364.04 feet to the point of tangency THENCE South 55 degrees 12 minutes 02 seconds East for a distance of 808.26 feet to a point on the present westerly right of way of Interstate 35 W for a corner on the new ETJ line for the City of Fort Worth; THENCE South 34 degrees 46 minutes 43 seconds West along the present westerly right of way of Interstate 3SW for a distance of 254.89 feet to a point' for a corner located on the new ETJ line for the City of Fort Worth; THENCE South 02 degrees 53 minutes 19 seconds West along the present westerly right of way of Interstate 35W for a distance of 76.02 feet. to a point for a corner located on the new ETJ line for the City of Fort Worth, THENCE South 34 degrees 46 minutes 43 seconds West along the present westerly nght of way of Interstate 3SW for a distance of 432.41 feet to a point for a corner located on the new ETJ line for the City of Fort Worth; THENCE South 33 degrees 41 minutes 26 seconds West along the present westerly right of way of Interstate 3SW for a distance of 2041.56 feet to a point for a corner located on the new ETJ line for the City of Fort Worth; THENCE South 37 degrees S6 minutes 31 seconds West along the present westerly right of way of Interstate 35W for a distance of 2366.65 feet to a point for a corner located on the new ETJ line for the City of Fort Worth, THENCE South 43 degrees 39 minutes 27 seconds West along the present westerly nght of way of Interstate 3SW for a distance of 379 76 feet to a point for a corner located on the new ETJ line for the City of Fort Worth; THENCE South 37 degrees 57 minutes 42 seconds West along the present westerly right of way of Interstate 35W for a distance of 1207 71 feet to a point on the present Northerly nght of way of S.H. 114 for a corner • Exhibit E, page 1 Parcel 5. Page 2. of 2. • THENCE South 38 degrees 46 minutes 25 seconds West crossing the present right of way of S.H. 114 for a distance of 721 1 feet to the present intersection of the westerly right of way of Interstate 35W and the present Southerly right of way of S.H. 114 for a corner THENCE South 37 degrees 43 minutes 23 seconds West along the present westerly right of way of Interstate 35W for a distance of 740 feet to a point for a corner for the new ETJ line for the City of Fort Worth and located within the boundaries of the J. Arnold Survey Abst. No. 1659• THENCE North 52 degrees 16 minutes 37 seconds West along the present westerly right of way of Interstate 35W for a distance of 122.9 feet to the Existing ETJ line of the City of Fort Worth, said point being located within the boundanes of the J Arnold Survey Abst. No. 1659• THENCE North O1 degrees 33 minutes 00 seconds West along the present ETJ line of the City of Fort Worth for a distance of 585 1 feet to the present Southerly nght of way of S.H. 114 to a point for a corner THENCE North 45 degrees 00 minutes 00 seconds West for a distance of 582.1 feet to the Existing ETJ of the Town of Northlake and a point on a curve having a radius of 2640 feet, a central angle of 61 degrees 02 minutes 10 seconds and a chord bearing North 07 degrees 26 minutes 37 seconds East with a chord distance of 2681.23 feet to a point for a corner said point of curvature being located on the existing ETJ line for the City of Fort Worth and located within the boundaries of the J Arnold Survey Abst. No. 1659• THENCE along said curve and the existing ETJ line for the City of Fort Worth an arc distance of 2812.34 feet to the point of tangency THENCE North 37 degrees 57 minutes 42 seconds East along the present ETJ line for the City of Fort Worth a distance of 4291 feet to the POINT of BEGINNING located on the existing ETJ of the Town of Northlake and the new ETJ line for the City of Fort Worth and containing 391 acres of land, more or less. May 29 1997 SFN 16017001 Exhibit E page 2 CURVE DATA RADIUS: 900' LENGTH. 1364.04 CHORD: S81'22'S0"W 123719 DELTA. 86'50' 16" TANGENT 851.65 800 0 800 1600 -- I SCALE 1 =800 ~+ 1y aP~h~ P' S P~ CURVE DATA RADIUS: 2640' LENGTH: 3057 49' CHORD• S4'47'0"W 288945 DELTA. 66'21'23" TANGENT 1726.13' ~~~j~~ ~2~SJ`~' ~~~ POH -~ P ~-~~ti P NEW FT WORTH ETJ PERIMETERS 19590 FT 17040597 SQ FT 391 ACRES S. SJPtib Q- a C~y d ~~5~''~ x x Parcel s HWY 114 ~~~ ti~ Exhibit E page 3 THIS MAP WAS CREATED SOLELY AS A GRAPHIC REPRESENTATION FOR INTERNAL USE BY THE CITY ^F FORT WORTH, THE CITY OF FORT WORTH ASSUMES N^ RESPONSIBILITY FOR ITS CONTENT ^R ACCURACY UNLESS EXPRESSLY STATED IN WRITING, REPRODUCTION ^F THIS MAP WITHOUT THE PRIOR WRITTEN PERMISSION ^F THE CITY OF FORT WORTH IS STRICTLY PROHIBITED, AND IS A VIOLATION OF FEDERAL LAW COFISTRUCTIOId EIVGIPJEERIIVG DNISION THIS MAP IS INTENDED AS A GENERAL DEPICTION ^F THE SURVEY SECTIOitI EXTRATERRITORIAL JURISDICTION OF THE CITY OF FORT WORTH. SPECIFIC DETERMINATION ^F INCLUSION SHOULD BE MADE NEW FT WORTH ETJ PARCEL 5 BY THE DEVELOPMENT DEPARTMENT DATE 5-29-97 SCALE 1'=800' DRAWN BY SRC FILE NO. 1061700' .] a E roe rtR rmnous cn cnrnfoir E ~W-=TJ N ETJ_ ~..~-/ @ E E PARCELS NEV NDRTHLAKE ETJ a RIMITfR~ 7469773 3 69245236 SO f 2049 ACRES B f W FTJ N `\ NEW ETJ BOUNDARY 2500 0 2500 5000 SCALES i`=250D' TABULATIONS ETJ Released by Fort Worth to Northlake: PARCEL 1 99.05 ACRES PARCEL 2 113.00 ACRES PARCEL 3 2,049.00 ACRES TOTAL 2,261.05 ACRES ETJ Released by Northlake to Fort Worth: PARCEL 4 2.85 ACRES PARCEL 5 391.00 ACRES TOTAL 393.85 ACRES 0, t f,~ PARCEL2 i ~~~~ 1 PARCEL4 ~ ~~ \ ijfi .~ 'ffi'D'~'~ PARCEL6 ~A,C Ir^ `~~~ .J~' \~ .. y ~r THIS AP IS INTENDED AS GENERAL DEPICTION OF HE EXTRATERRITORIAL JURISDICTION OF THE CITY OF FORT VDRTH. SPECIFIC DETERMINATION OF INCLUSION SHOULD BE MADE BY THE DEVELOPMENT DEPARTMENT VAS CREATED SOLELY AS GRAPHIC RLPRESENS A710N FOR INTERNAL USE BY THE CI OF FORT vORTH, HE CITY OF FORT VDRTH ASSUMES ND RESPONSIBILITY FOR ITS CONTENT OR ACCURACY NLESS EXPRESSLY STATED IN WRITING. REPRODUCTION OF THIS VI7HOUT HE PR10R RITTEN PERMISSION OF THE LITY OF FOR7 VDRTH IS STRICTLY ROHIBITED, ND 1S VIOLATION OF FEDERAL LAV ~®~~~~a~~~u®~ ~~~o~~~~u~~ ®o~a~o®~ ~a~~v~v ~~~~u®~ NEW NORTHLAKE ETJ / NEW FT W^RTH ETJ DATE 5 29 97 SCALE l =2500' DRAWN BY SRC FILE N^. 10617001 1 Exhibit F ~ t.! 1~ Q~ 11 v ~11 Fort Worth Southside Development District, Inc. • Reinvestment Zone Preliminary Financing Plan Executive Summary September 11 1997 Fort Worth South is pleased to present to the members of Fort Worth City Council's Expanding Economic Opportunities Committee the attached Reinvestment Zone Preliminary Financing Plan Tax-increment financing also referred to as a TIF District or a reinvestment zone is an economic development tool used by municipalities to finance public improvements within a defined area of need The case for the creation of a TIF District in the Fort Worth South area was made during a two year strategic planning process that concluded with a presentation to the Fort Worth'City Council in May 1995 Ninety percent of the real property in Fort Worth South is used for either medical commercial or industrial purposes. On August 14 1997 approximately 150 property • owners in Fort Worth South attended a Stakeholders Meeting at Broadway Baptist Church to learn more about the potential of a TIF for this area.. Re-development presently underway in-Fort Worth South is a property owner-driven reinvestment program Many of the area s resident and business owners strongly believe that the area will realize more of its potential for economic development if tax increment financing is available Although the residential and commercial development possibilities within the Zone are endless a preliminary list of public improvement priorities that could be financed by a TIF fund has be drawn from 1) priorities in the 1995 Strategic Plan for the area and 2) subsequent concepts advanced by Fort Worth South public agencies and the recently seated Advisory Committee for tax-increment financing The Fort Worth South Reinvestment Zone has the potential of generating a cash flow of approximately $57 million measured in current dollars over its proposed 25-year life So that 1997 can be used as the base year for increment financing Fort Worth South will request the Council formally establish a TIF as early as November 25 but hopefully no later than December 2 A board of directors appointed by the taxing jurisdictions participating in the TIF fund will have responsibility for making decision about the use of the TIF funds • Fort Worth South, Inc., 1606 Mistletoe Boulevard, Fort Worth, Texas 76104 Phone (817) 923-1649, Fax 923-1658 ATTACHMENT A • • Fort Worth South Reinvestment Zone Preliminary Financing Plan Prepared for 11 ~11 D u a u September 8,199] Stein Plannivg and Management Contents Page Section 1 What's Tax Increment Financing and Why Use It for Fort Worth South? Tax Increment Financing Defined 1 The Case for TIF in Fort Worth South 2 Section 2• Zone Boundaries 5 Section 3 Estimated Cash Flows to the TIF Fund and General Funds 8 Variable Base Value of Taxable Real Property in the Zone 8 Variable Annual Changes in Taxable Value of the Zone 10 Variable Participating Jurisdictions 12 Variable Tax Rate Changes 15 Advanced Variable Business Personal Property Factor 15 Advanced Variable Discounting the Value of Future Cash 17 Section 4 How Does the TIF Fund Finance Improvements? 20 • Financing Methods 20 Public improvement Priorities 21 Appendix A Estimated Total Property Tax Revenues to Individual Jurisdictions and the TIF Fund from Reinvestment Zone Properties City of Fort Worth 23 Fort Worth Independent School District 24 Tarrant County 25 Tarrant County Hospital District 26 Tarrant County Junior College District 27 Appendix B Schedule of Events to Establish Fort Worth South TIF Program 28 Disclaimer Neither this report nor its conclusions may be referred to or included in any prospectus or part of any offering made in connection with private syndication of equity sale of bonds, sales of securities or sale of participation interests to the public without express written approval of Stein Planning and Management. • ~ J Stein Planning and Management 9/8/97 Exhibits \_J~ Page Exhibit A Real Property Tax Flow with Tax Increment Financing (graphic) 1 Exhibit B General Location of the Proposed Reinvestment Zone {map) 2 Exhibit C Taxable Real Property Value Change in Reinvestment Zone City and County (graphic) 3 Exhibit D Boundaries of the Proposed Fort Worth South Reinvestment 6 Zone {map) Exhibit E Generalized Current Land Uses In and Near the Reinvestment 7 Zone (map) Exhibit F Real Property Tax Revenues to Taxing Jurisdictions and TIF 9 Fund from Reinvestment Zone Properties Exhibit G History of Taxable Real Property Values in Tarrant County Cit)r of Fort Worth and Proposed Fort Worth South 1 i Reinvestment Zone Exhibit H Jurisdictional Ad Valorem Tax Rates Relative to Combined Ad Valorem Tax Rates in Fort Worth South (graphic) 13 Exhibit I Fort Worth South Property Rate Histories 14 Exhibit J Estimated Total Property Tax Revenues to Taxing Jurisdictions and TIF Fund from Reinvestment Zone Properties 16 Exhibit K. Impact of BPP Tax on Cash Flow to Combined General Funds 18 (graphic) Stein Planning and Management ~~or~~ Section 1 What's Tax Increment Financing and Why Use It for Fort Worth South? Tax Increment Financing Defined Tax increment financing (TIF) is a tool local governments of Texas use to finance public improvements within a defined area. The improvements strengthen existing communities and attract new investments. The statutes governing tax increment financing are in Chapter 311 of the Texas Tax Code A municipality makes an area eligible for tax increment financing by designating a `reinvestment zone Reinvestment zones are also called 'tax increment zones "tax increment districts `TIF zones" or `TIF districts. Costs of selected public improvements within the reinvestment zone may be paid by future or current tax revenues flowing from improved and appreciated real properties in the zone The additional tax dollars generated by growth of real property value in the zone are called the "tax increment. These dollars flow to a "tax increment fund" ("TIF fund") for a specified term of years Money flowing to the TIF fund each year is disbursed according to a plan and agreements approved by a TIF board that includes representatives of all participating local .governmental units. Exhibit A is a simple illustration of how tax revenues from real properties within a reinvestment zone flow to taxing jurisdictions and a TIF fund • Exhibit A Real Property Tax Flow with Tax Increment Financing 0 U N N X (d N Assumptions (1) Taxable real property value of zone rises as shown. (2) Tax rates remain constant. Rate changes would impact cash flow to taxing jurisdiction and the TIF fund. Stein Planning and Management 7/30197 Page 1 base T1F fund year expires Only cities may create reinvestment zones for tax increment financing Once created, school districts, counties, hospital districts and college districts are allowed to participate in the tax increment financing agreement. Each taxing unit may choose to dedicate to the TIF fund all a portion or none of the additional tax revenue attributable to increased real property value in the zone Inclusion of a property in a reinvestment zone does not change the tax rates for the property Tax rates in a reinvestment zone are the same as tax rates outside the reinvestment zone within the same set of taxing jurisdictions. The Case for TIF in Fort Worth South Fort Worth South is located immediately south of Downtown Fort Worth Its general location relative to the City of Fort Worth and Tarrant County is iNustrated in Exhibit B ~~ Stein Planning and Management 7130!97 Page 2 Exhibit B General Location of the Proposed Reinvestment Zone The Fort Worth South neighborhoods developed early Today Fort Worth South is home to Tarrant County's largest concentration of hospitals and out-patient • medical services. Manufacturing and distribution residences retail services and schools give the area a diversity of activities Approximately 90% of the real property value in the reinvestment zone (whether considering all property of just taxable property) is used for medical commercial or industrial purposes. Despite location at the crossroads of regional freeways and the dramatic growth of the health care industry taxable real property values in Fort Worth South have not shown the resurgence of either Tarrant County or the City of Fort Worth in recent years. Exhibit C illustrates the divergence of taxable property values since 1994 From 1994 to 1996 when Tarrant County taxable real property values rose 17% and Fort Worth values rose 13% Fort Worth South values fell 4% Considering a longer history from 1991 to 1996, when Tarrant County taxable real property values rose 3% and Fort Worth values fell 9%, Fort Worth South values fe11 13°I°. Extension of comparisons into 1997 will be feasible in a few weeks. Exhibi# C Taxable Real Property Value Change in Reinvestment Zone, City and County • $900 000 000 $so0 000,000 $700,000,000 $soo 000 000 $500 000,00( $400 000,001 $300 000,00 $200 OOO,OC $100 000,0( 1997 • 3% slots 1991 17% SInCB 1994 9% Slnce 1991 3°I slots 1994 13% slots 1991 i 4% sInC6 1994 County/50 Worth/25 9Z Stein Planning and Management 7/30!97 Page 3 Another measure of the missed opportunities for redevelopment in this regionally significant community is Ft Worth South s high percentage of vacant land Excluding all street and railroad rights-of-way approximately 29% of all land area in the proposed reinvestment zone is vacant. The Fort Worth South community has been implementing an owner-driven program to pull itself up by the bootstraps. With an organizational structure similar to Downtown Fort Worth, Inc. Fort Worth Southside Development District, Inc. has done business as `Fort Worth South since 1996 Fort Worth South is a 501(c)(4) nonprofit operating corporation It is associated with a 501(c)(3) nonprofit foundation, Histonc Southside, Inc. founded in 1985 to support redevelopment. A three-party effort sponsored by the City of Fort Worth the Fort Worth Transportation Authority and the Southside Medical District produced a strategic plan for the community in May 1995 (The bound report is titled Strate is Plan.) Goals for Fort Worth South have included creation of a Tax increment Inancing (TIF) .program for financing of public improvements pursuant to Texas statutes. Owners of property in the Southside community believe the area will realize more of its strong potential for economic development when tax increment financing will be used to attract private redevelopment to the area, using new tax flows from development to finance the public improvements paid in advance by private developers. • • Stein Planning and Management 7/30!97 Page 4 Section 2 Zone Boundaries Exhibit D shows in greater detail the recommended boundaries of the proposed Fort Worth South reinvestment zone The zone is generally bounded by The Texas and Pacific Railroad and future 130 realignment to the north Kentucky and Evans Avenues (including frontage on both sides of Evans) to the east Allen Avenue to the south but generally excluding the Fairmount/Southside Historic District, The St. Louis and San Francisco Railroad to the west. The zone also includes vacant land east of Forest Park Boulevard and north of Rosedale Street. East of Eighth Avenue the zone extends south to Park Place The proposed zone includes public rights-of-way adjacent to most properties in the zone Fairmount/Southside recognized by City ordinances and the National Register of Historic Places is generally outside from the reinvestment zone for two reasons (1) Relevant Texas statutes for tax increment financing stipulate that not more than 10% of the private real property in the zone at the time of creation may be used for residential purposes The historic district is largely residential Without the historic district, less than 10% of the private real property in the proposed zone is used for residences. • (2) The. City of Fort Worth offers partial. municipal property tax exemptions for historic and cultural landmarks meeting standards for significance and renovation. Prevailing legal opinion is that after a reinvestment zone for tax increment financing has been created the City of Fort Worth may not enter agreements to abate property taxes within a reinvestment zone Proponents of the Fort Worth South reinvestment zone want to maintain current incentives for conservation of recognized landmarks and supportive settings. The reinvestment zone boundary near Fairmount/Southside was drafted in consultation with community preservation leaders Boundary considerations were that owners of these property types might prefer their property to be included in the reinvestment zone (1) property with an existing tax exemption for landmark conservation (2) property unlikely to qualify for a landmark conservation exemption (3) landmark property that might benefit more from public improvements achieved with tax increment financing Fort Worth South invites comments on further boundary adjustments to optimize satisfaction Exhibit E maps the generalized current land uses in and around the proposed zone The map of uses is from information collected by the North Central Texas Council of Governments and was published in 1995 in the Strategic Plan for the Fort-Worth South area. • Stein Planning and Management 9/8/97 Page 5 ~J • • Stein Planning and Management 9/8/97 Page 6 e ~:,, r.-~ r r - - •--~ --~ _-. ~. `. . _.._7. ~ .._ ....s.... ,L :. :~~~' ...t is .._ _ - i '. _ ;. 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I NOSa3(IN311 ~ ~ ,~~- ~C ~ c~~U__ ~~~~ ~f ,~ ^U®~ 4{lliOl3 • I i) z 0 a S ~ U ~ ~ ~~ v w a m o as ~ o ~ z r~L vVi aQ. V rQ ~u~ {u~~ \` ~a ~~ I sip _.uui 7 - ~', ~ f! s ~~~ ~~ ~ ~ ~© ~ ~~LIW~ ~~ 6 ~~ . f 1 ~ ...J ~ c. E-- ~ '~`, ~~ _~ ~~^ ~ Stein Planning and Management 7130197 Page 7 Section 3 Estimated Cash Flows to the TIF Fund and General Funds Exhibit F presents an estimate of cash flows from real properties in the proposed reinvestment .zone to (1) the combined general funds of the governmental units levying taxes within the area and (2) the TIF fund. All cash flows are for a single year except the rows identified as cumulative cash flows. Exhibits with comparable cash flow information for individual taxing units appear in this report's appendix The cash flows of Exhibit F are a product of these factors The base value of taxable real property in the reinvestment zone Annual changes in taxable value of the zone The taxing jurisdictions that participate in the TIF fund including the percentage of tax increment that each jurisdiction pledges to the TIF fund and the term in years of participation Annual changes in tax rates. Variable Base Value of Taxable Real Property in the Zone If the Fort Worth South reinvestment zone were authorized by the Fort Worth City Council in 1997 the City's base value for the zone would be the net appraised • value of all real property taxable by the City and located in the zone Different governmental units would have slightly different base values for the zone due to different policies for tax exemptions and abatements. Base values would depend on the final 1997 tax roll which may be adjusted by legal settlements and court decisions for several months after the roll's initial release At the time of this report, the most accurate estimate of base value is necessarily based on 1996 Tarrant Appraisal District valuations. (By September 15 1997 the 1997 tax roll will be published on media permitting isolation of the approximately 2 600 real property accounts in the proposed zone) After isolating the tax accounts within the proposed reinvestment zone and removing the fully tax-exempt properties, one arrives at a market value slightly greater than $255,600 000 This 1996 market value is based on boundaries in Exhibit D All jurisdictions reduce real property taxes through various types of homestead exemptions and/or abatements The City of Fort Worth grants special exemptlons for landmark conservation Stern Planning and Management estimates that less than 2% of the. Tarrant .Appraisal District's appraised market value of taxable real properties in the proposed zone will escape taxes through partial exemptions or abatements. This shrinkage factor will vary for different taxing jurisdictions. The percentage of the proposed zone s market value of real property with partial exemptions for homesteads is extremely low because only 4% of the zone s value of taxable accounts is residential Allowing for renters, probably less than 1 /2 of 1 % of taxable account value is lost to homestead exemptions • Stein Planning and Management 9/8/97 Page 8 Exhibit F Estimated Real Property Tax Revenues • to Taxing Jurisdictions and TIF Fund from Reinvestment Zone Properties Est. Est. Est. Est. Real Est. Real Per Cent Appraised Real Property Tax Property Tax Year Change Market Property to Taxing to of Val uation in Market Value (1) Tax (2j Jurisdictions TIF Fund and Le A raisal Thousands Thousands Thousands Thousands 1996 ~>'>~;~'>< $255 600 $7 419 $7 419 >~~>~>~z>>?>`<>>>:, ,. .................... Base 1997 1.0°1° $258,156 $7,493 $7,493 $0 1 or 1998 1 0% $260 738 $7,568 $7 493 $75 2 or 1999 1 0% $263 345 $7 643 $7 493 $151 3 or 2000 3% $271 245 $7 873 $7 493 $380 4 or 2001 5% $284 808 $8,266 $7 d93 $774 5 or 2002 5% $299 048 $8,680 $7 493 $1 i87 6 or 2003 5% $314 000 $9 114 $7 493 $1 621 7 or 2004 5% $329 700 $9 569 $7 493 $2 077 8 or 2005 5% $346 185 $10 048 $7 493 $2,555 9 or 2006 5% $363 495 $10 550 $7 493 $3 057 10 or 2007 5% $381 669 $11 078 $7 493 $3,585 11 or X008 5% $400 753 $11 631 $7 493 $4 139 12 or 2009 5% $d20 790 $12,213 $7 493 $4 720. 13 or 2010 5°!° $441 830 $12,824 $7 493 $5 331 14 or 2011 4% $459 503 $13,337 $7 493 $5 844 15 or 2012 4% $477,883 $13 870 $7 493 $6 377 16 or 2013 4% $496,999 $14 425 $7 493 $6 932 17 or 2014 4°!° $516 879 $15 002 $7 493 $7 509 18 or 2015 4% $537,554 $15 602 $7 493 $8 109 • 19 or 2016 3% $553 680 $16 070 $7 493 $8 577 20 or 2017 3% $570 291 $16 552 $7 493 $9 059 21 or 2018 3% $587 399 $17 049 $7 493 $9 556 22 or 2019 3% $605 021 $17 560 $7 493 $10 067 23 or 2020 3% $623 172 $18 087 $7 493 $10 594 24 or 2021 3% $641 867 $18 630 $7 493 $11 137 25 or 2022 3°J° $661,123 $19,188 $7,493 $11,696 26 or 2023 3% $680 957 $19 764 $19 764 $0 27 or 2024 3% $701 386 $20 357 $20 357 $0 28 or 2025 3% $722 427 $20 968 $20 968 $0 29 or 2026 3% $744 100 $21 597 $21 597 $0 30 or 2027 3% $766 423 $22,245 $22 245 $0 31 or 2028 3% $789 416 $22,912 $22,912 $0 32 or 2029 3% $813 098 $23 599 $23,599 $0 33 or 2030 3% $837 491 $24 307 $24 307 $0 34 or 2031 3~° $862,616 $25 037 $25 037 $0 35 or 2032 3% $888,494 $25,788 $25,788 $0 Cum. 25 Yr ~><z->»« ><>;>':>':~> $322 427 $187 318 $135 109 Cu m Y 35 r 549 00 0 9 413 8 1 135 10 9 Assumptions. 1996 TAD market value of taxable real properties in zone (thousands): $255,600 Factor relating taxable value to market value. 0 98 Property tax rate par $100 (for 5 jurisdictions at 100°l° participation)- $2.96163 Average annual property tax rate change factor- 0.000 (1) Based on 1996 appraisal and trend estimates. Excludes fully-exempt properties. (2) Appraised market value times allowance factor for homestead and landmark exemptions and tax abatements, times tax rate. Stein Planning and Management 7/30/97 Page 9 Variable Annual Changes in Taxable Value of the Zone • Exhibit F assumes the 1997 market value of taxable real properties will exceed the 1996 value by 1 %. This optimistic forecast contrasts with the 6% decline from 1995 to 1996 The 1997 forecast is only an estimate actual TAD valuation could be higher or lower Come 1998 and each successive year in. the life of the TIF fund if there's an increase in aggregate taxable real property values of the reinvestment zone since the final 1997 roll, taxes on the increased value will be credited to the Fort Worth South TIF fund For any year in which the aggregate taxable real property value of the reinvestment zone is less than the 1997 base amount there will be no increment to deposit to the TIF fund To project cash filows to the TIF fund, one therefore needs to make a reasonable forecast about the aggregate values of taxable real property in the Fort Worth South reinvestment zone for the base year (1997) and the next twenty-five years. Twenty-five years is the assumed fife of the T1F fund. Looking at the history of Southside appraised value trends and looking forward it's possible to construct a forecast of change rates in real property values. There is no crystal ball! Experts cannot always predict one year ahead with accuracy, let alone twenty-five years ahead. Nevertheless, there are facts and opinions among experts that help shape a forecast (1) After years of decline aggregate taxable real property values determined by the TAD have risen each year after 1994 for Tarrant • County and Fort Worth Annual value increase rates in those jurisdictions after 1994 have ranged from 5% to 7% This history of values since 1991 is in Exhibit G (2) Drawing again from Exhibit G real property valuations by the TAD within the proposed reinvestment zone show less evidence of stable recovery Values stabilized in 1993 rose in 1994 and 1995 but fell 6% in 1996 The proposed zone s average annual change in value since 1993 has been 1 % but the average annual rate has been 2% since 1994 (3) Real estate experts anticipate that national values of real property will grow 3°I° to 5% in 1997 and 1998 (Urban Land Institute ULl 1997 Real Estate Forecast, pp 7 and 8) More distant projections are anyone s guess if real estate is to remain an attractive investment alternative property values need to outpace the consumer price index which has been increasing approximately 3% a year (4) Because the Fort Worth economy is anticipated to equal or better the growth rate of the national economy for the intermediate future real property values in the area should continue to grow at or above national rates • Stein Planning and Management 7/30/97 Page 10 • • d C O N w ~C A d U ~ _ ~ //_~ ~ ,V L L H ~ O cv O L ~ ~ O ~ i i O a LL°, c ~ LO ~ O w ~- y _ Q. L Q C _ a ~- .Q ~ ~ ~ ~ ,~,r O O L t+ O ~ ''r O = y. O ~_ V Stein Planning and Management rn ~ ~oaoQ ~~~z ~ ~ T ~ (Q O O M to W N ~ N M O N ~ T ~' T ~ et M ,n v c+~ t~ M ~ O N O ~ r ~' *- M ~-- 69 H9~ N ~t cD ~ cD h (O O N O (~ M ~ ~- fH T (~ T 00 N O M T n ~ T 1... N rn c0 N ~ *- M ~- fi} f!j ~ O M N M ~ ~ M `- M N M ~ N ~ •- M r 6F! FJ4 N (~ d' r O '~ M O O (~ N O O M ~ T' C'7 r fA fA L t O ~ e ~ ~° U O ~ ~- o .. e o ~ ca ~~ Fe- U LL c~~ Q O L1C U c 0 ~ ~ _~ U ~ ~ ~ a O c ~. O ~ ~ Q .Q H m Q O _O C ~ ~ ~ ~ cad Q m E m ~ ° E x "'" ~ a~ c~C ~ O ~ C ~ .O 'O ~ ~ ~ O ~ U ~ c vi ~ ~C ~ e ~ c0 ~ cu 4. Q- ~ e Q ~ ~~ C .r Q ~ ~ E L ~ O X O v`- m 5 t~ A r ~ ~ ~ ° u O ~ ~ ~ ~` ~ ~ x U ,= o °'. r U ~3,n-'~ ~ r ~c > Cn li 'p Q 7/30/97 Page 11 (5) A reasonable forecast for property values in Fort Worth South is • that taxable values will rise as regional values rise but to a lesser extent based on (a) the history of value changes (b) the aging public infrastructure In the proposed reinvestment zone and (c) current popular perception among consumers and developers that the zone is a stagnant area where significant change is unlikely A fair forecast in mid-1997 for the Fort Worth South area, with status quo conditions is for average annual growth of taxable real property of 1 °!° into the indefinite future (6) Its possible that market values of real property in the reinvestment zone will jump at the news of tax increment financing for public improvements within the zone, but a conservative forecast is that zone values will rise at a slow 1 % rate through 2001 The first tax increment won't be received until early 1999 so the soonest a new development using TIF funds is likely to appear on the tax roll is 2000 or even 2001 (7) From 2001 through 2010 average annual change in taxable values of the zone with tax increment financing is estimated at 5%. This represents addition of roughly $9 million (in 1998 dollars) of new real property value in addition to a 1 % appreciation of the previous year's value of the zone This added value could come from any combination of new construction or appreciation (8) Exhibit F assumes that the annual growth rate slows to 4% from 2011 through 2015 as current cash flows to the TIF fund may have • been obligated for debt service on notes of developers with previous projects. Hopefully prior activity in the zone before this time will have started a trend of private investment and future developers will require diminishing assistance from the TIF fund For the final five years of the TIF fund's life the annual growth assumption settles to a modest 3% where it remains for the ten years after the sunset of the TIF fund This set of growth rate assumptions implies a conservative (and therefore attainable) volume of real estate construction in the zone during the life of the TlF program Assuming a background appreciation rate of 1 % for real property the forecast market value of taxable real property in the zone after twenty-five years can be achieved ~by taxable new construction during that time with a 1998 value of approximately $154 million (calculation not in Exhibit F) The forecast -cash flow to the TIF fund is approximately $57 million measured in 1998 dollars (from Exhibit J) This ratio of new construction to TIF cash flow is approximately 2.7 1 This ratio is conservative by comparison with the roughly 5 1 ratio of construction to TIF revenue for the State-Thomas TIF in Uptown Dallas or the 3.6 1 ratio for Mesquite s Rodeo City TIF pro forma. Variable Participating Jurisdictions Five jurisdictions levy ad valorem taxes of at least 5¢ per $100 of value within the proposed reinvestment zone These taxing units are Stein Planning and Management 918197 Page i2 City of Fort Worth Fort Worth Independent Schoo{ District • Tarrant County Tarrant County Hospital District Tarrant County Junior College District The relative significance to the TIF fund of each jurisdiction's full participation is largely determined by each jurisdiction s tax rate The relative tax rates in Fort Worth South may be graphically represented in a pie chart Exhibit H Jurisdictional Ad Valorem Tax Rates Relative to Combined Ad Valorem Tax Rate in Fort Worth South Hospital District College District 8% 2°l° • School District 49% Actual 1996 tax rates appear in Exhibit I After the City designates the Fort Worth South reinvestment zone each other taxing jurisdiction commits the extent to which it will pledge taxes from the zone s growth to the zone s TIF fund Each taxing unit may participate with all or part of its tax growth increment from the zone and may participate for a term of its choosing not to exceed the term of years set by the City The assumption for this analysis (Exhibit F) is that all five jurisdictions collecting significant tax volume from the Fort Worth South reinvestment zone well participate with 100°I° of their tax growth increments for the full term of twenty five years. • Stein Planning~and Management 7!30197 Page 13 • Exhibit I Fort Worth South Property Tax Rate Histories City Fort Worth Tarrant Tarrant County Tarrant Co. Five Rates o_ f Ft. Worth ISD' County Hospital District Jr College Dist. Combined Tax Rates Set in. 1987 $0 78530 $0 76300 $0 11771 $0 11125 $0 03153 $1.80879 1988 $0 85600 $0 86950 $0 15651 $0 13300 $0 03148 $2.04649 1989 $0 89900 $0 95260 $0 18160 $0 15300 $0 03274 $2.21894 1990 $0 69900 $1 10770 $0 19607 $0 17747 $0 03472 $2.41496 1991 $0 92710 $1.28500 $0 23327 $0 20582 $0 03840 $2.68959 1992 $0 95000 $1 41500 $0 27188 $0. 22910 $0 04392 $2.90990 1993 $0 95000 $1 41000 $0 27188 $0 24210 $0 04671 $2.92069 1994 $0 97350 $1 48000 $0 27187 $0 24464 $0 05851 $3 02852 1995 $0 96350 $1 48000 $0 26660 $0. 23984 $0 05546 $3 00540 1996 $0 95000 $1 45500 $0 26484 $0 23407 $0 05772 $2.96163 'Includes County Education District, which levied taxes in 1991 and 1992. Tax Rate Increase (Decrease) from Previous Year From To 1987 1988 9 00% 13.96% 1988 1989 5 02% 9 56°l0 1989 1990 0 00% 16.28% 1990 1991 3 13% 1601% 1991 1992 2.47% 1012% 1992 1993 0 00% (0 35%) 1993 1994 2.47% 4 96% 1994 1995 (1 03%) 0 00% 1995 1996 (1 40%) (1 69%) Average Annual Increase (Decrease): over 9 years 2.33% 10 08% over 5 years 0 49% 2.65% over 3 years 0 00°l0 1 06% 32.96% 19.55% (016%) 13.14% 16 03% 15 04% 4 00% 8 43% 7 97% 15.99°l0 6 05°!0 8.83% 18.97% 15.97% 10 60% 11.37% 16.55% 11 31 % 14 38% 8.19% 0.00% 5.67% 6.35% 0 37% 0 00% 1 05% 25.26% 3.69% {1 94%) {1 96°!°) (5.21%) (0 76°l0) (0 66%) (2 41%) 4 08% (1 46°!0) 13.89% 12.27°!° 9 23% 7 08°l0 2.71% 2.75% 10 06% 2.02% (0 86%) (1 11%) 7 86% 0 47% Stein Planning and Management 9/8/97 Page 14 Variable Tax Rate Changes • Another variable that affects cash flows to the T1F fund is annual change in the tax rates of participating jurisdictions. Tax rate increases will increase both the annual revenue that flows to general funds and the cash increments that flow to the TIF fund Conversely decreases in tax rates will decrease cash flows. to the general funds and the TIF fund. An assumption about annual changes in tax rates is necessary when estimating cash flows to the TIF fund. This analysis (Exhibit F) assumes tax rates will remain unchanged from 1996 into the indefinite future Exhibit I presents ten years of tax rate history for the five major taxing units active in the reinvestment zone The same exhibit displays average annual tax rate changes for the most recent nine-year five-year and three-year period. Normally the longest trend nine years, would be the best for projecting far into the future because it would be least prone to the fluctuations that sometimes characterize small samples. There appears to have been a significant trend break, however after 1992. The more recent years generally show a more constant tax rate This observation adds merit to an assumption that future tax rates will remain constant. The different taxing units will undoubtedly change their tax rates by different average percentages over time Use of a single average rate of change is a concession to simplify forecasting The sensitivity of cash flow to average annual change in tax rate has been tested. If Exhibit F's assumption of 0% annual change in tax rates were replaced with an assumption of a 1 % annual increase rate but all other assumptions remained the same the total dollars flowing to the TIF fund over twenty five years would jump from $135 million to $163 million Advanced Variable Business Personal Property Factor Although Exhibit F presents an accurate simple forecast of real property tax revenue from the reinvestment zone to the Fort Worth South TIF fund and participating jurisdictions Exhibit J presents a more thorough picture of how the reinvestment zone affects cash flows Exhibit J incorporates all columns of Exhibit F without change Exhibit J adds additional columns to introduce supplemental business personal property (BPP) tax flowing to participating taxing units from the zone because of net new business personal property investments in the zone Texas local government units levy ad valorem taxes on two types of property real property and business personal property A TIF fund is not entitled to any increase in BPP tax at any time Consequently when the TIF program succeeds in attracting new investment to the reinvestment zone, all increases of appraised BPP are taxable by the participating taxing units and the taxing units retain al/ the BPP tax. 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O N c7 d ~fI m h m m O_ r _N N d b m h m Oi O N m 010 000000000 ~- ~- NNN c7 d N m h m 01 O ~- N ~ • NN N NNNNCf Nco }} ~•, ~ J O~ m O~ ~- ~- O! m O O O O O O O O O O O O 0 0 O O O O O 0 0 0 0 ~- N N N N N N N N N N N N N N N N N N N N N N N r 0 0 O O O O O O O O N ~p N N N N N N N N N N N c.~ > `~ ~ `o E ~ U p .-N Pf aN m h m W O.-N~.d-m m~NN Nt3NN NN N N~ N (7~ cYi M UU Stein Planning and Management O O 4 A O E C LL F 'o p O r D G ~ C ~ O a U Z L 0 ~ ~ n O a C m .-. 3 o QG ~ ~ T E C ~ ffi ~ r ¢ ~ ~ ~c ~ m Q ~ N tb N O m 0 0 O N Q+ N N w pip o C ~ S O t p O N j w ttl c ° n .o ~ ~ o a ~• ~ ffi~ ~ O ~ ~ ~ ~ O 9 c o Gm ~ ~~ ~~$~ ~ Q r n ~ o y p C X c g O W O N G n ~ C ? ~ ~ ~ c ~ o ~ p o ~ $ ~ mu ~~ g~ ~ m @ t~ LL >° ~ ° ~ Q a O ~ h a E ~ ~ ,~ ~ ~ ~~ r ~ ~~ O LL ~a ~ m Q ~N.. 7/30!97 Page 16 Tarrant Appraisal District information for 1997 shows that BPP value in the City of Fort Worth is 44% of the value of taxable rea{ property accounts in the City (This relationship of BPP to real accounts has grown from 17% in 1987 ) Observations of BPP/real property relationships by Stein Planning and Management outside Fort Worth indicate that for relatively new non residential construction business personal property is likely to be valued at 15% to 40% of the value of real property improvements. The assumption employed in Exhibit J is that net new business personal property will be valued at 25% of the value of net new real property values attributable to TIF Because the same tax rate applies to real and business personal property one may further assume that TIF- related net new BPP tax revenues will be about 25% of net new real property tax revenues. The 25% factor for net new BPP tax revenue is applied to the annual amounts of net new real property tax revenue attributable to the reinvestment zone These are the annual differences between the Exhibit J columns `With Reinvestment Zone Est. Real Property Tax and `Without Reinvestment Zone Est Reai Property Tax. Anticipated supplemental BPP tax revenue with the reinvestment zone appears in a column of Exhibit J The estimated supplemental BPP tax flowing to taxing units is sufficient to limit the annual property taxes foregone by the five combined jurisdictions to less than $190 000 in any year After twelve years anticipated annual ad valorem tax flowing to participating jurisdictions will exceed the tax flows anticipated without the reinvestment zone and tax increment financing Exhibit K illustrates graphically how the flow of net new BPP tax associated with • tax increment financing benefits taxing units during and after the term of the TlF program Supplemental BPP tax collections during the term of the TIF program lift total property tax from the plateau shown in Exhibit A to a volume approaching what the taxing units would receive even without tax increment financing When the tax increment financing program expires and the full value of annual property taxes flows to participating lunsdictions the jurisdictions enjoy benefits of greater cash flows from both enhanced real and business personal property Advanced Variable Discounting the Value of Future Cash All dollar values in Exhibit J except the amounts in the two columns at the right edge represent dollars valued in the year indicated We recognize however that a dollar in the future is worth less than a dollar today because a dollar in hand today can be invested and become worth more in a future year The two right columns discount cumulative future flows of cash through the indicated year expressing them in 1998 end-of year dollars. The assumed discount rate for each successive year is 055 This is an estimate of a safe investment rate from one-year U S Treasury bills The net present value (NPV) columns enable one to see the cumulative value of cash flows from 1998 through the indicated year with all values after 1998 discounted annually at the discount rate Negative numbers indicate unfavorable • Stein Planning and Management 7/30/97 Page 17 Exhibit K Impact of BPP Tax on Cash Flow to Combined General Funds (in Thousands of Dollars) $30,000 $25,000 $20 000 $15,000 'Without TlF• Real Property Tax Alone With TIF• Real Property lax Abne With TIF• Real Property Tax and Supplemetnal BPP Tax Attributed to TIF •~ I,~: i J~ -.' ~- ~~ • $10000 ~ ~'~~! ~ _~ ~+ ~ ~. ~ T1F fund expires $5 000 So n N t` N n N n N M O O N N M O~ O O O O O O O ~" N N N N N N N Stein Planning and Management 7!30!97 Page 16 cumulative cash positions through the indicated year positive numbers indicate favorable cumulative cash flows through the year The column of Exhibit :J headed 'Total Property Tax Gained (Foregone) by Jurisdictions" shows that the estimated cumulative support of the reinvestment zone by the five combined taxing units will never exceed $1 189 million in 1998 dollars. This cumulative su~port dwindles after the twelfth year In the year after the TIF fund terminates, a 1 real property tax revenues, greatly enhanced from their alternative values had the TIF program had not been operated begin flowing to the taxing units The cumulative cash position of the taxing jurisdictions turns positive that year and grows increasingly positive with each successive year The farthest right column headed `Estimated Real Property Tax to TIF Fund shows the cumulative values of cash flowing to the TIF fund after the indicated year discounted to 1998 dollars. The $57 million NPV of the TIF fund's cash flow through the final year of its life means that the TIF fund could repay developers approximately $57 million (in 1998 dollars) for approved public improvements, provided loans are repaid with interest at the discount rate of 5 5%. Higher interest rates would reduce the dollar value of improvements the TIF fund could finance • Stein Planning and Management 7/30/97 Page 19 Section 4 How Does the TIF Fund Finance Improvements? The previous section concluded that the Fort Worth South TIF fund given the explained assumptions should be capable of financing public improvements with a 1998 value approaching $57 million How does an expected cash flow translate to improvements? Financing Methods There are at least four potential methods for using the TIF fund to finance public improvements in the reinvestment zone (1) The City could issue TIF bonds or certificates of obligation Future cash flow to the TIF fund would repay the principal and interest advanced for these improvements. The proponents of the Fort Worth South reinvestment zone are not asking the City or another local governmental unit to issue bonds or certificates. (2) Improvements could be built after TIF funds were .accumulated The downside of this `pay-as you-go method would be that the greater annual cash flows to the TIF fund would occur later in the life of the fund so most improvements necessarily would be deferred Once built improvements and related private investments would have fewer years • to generate revenue for the TIF fund so there would be less revenue flowing into the TIF fund with which to leverage further public improvements and private investments. (3) Idle or invested public funds could be loaned to the Fort Worth South. TIF fund for improvements and then repaid with interest, using future cash flows to the TIF fund Potential fund sources might include funds previously authorized by a bond referendum but not yet spent for improvements. Improvements authorized by the bond referendum could be constructed as the TIF fund repaid the. loaned money Proponents of the reinvestment zone- are unaware of any public funds available for loan to the TIF fund at this time (4) Private developers or their lenders could advance funds for public improvements in the reinvestment zone Such advances would be repaid with interest using future cash flows to the TIF fund Taxing junsdictions need not guarantee these loan repayments with any source other than TIF fund revenue Private lenders would loan funds only when they were confident that future cash flows to the TIF fund would be sufficient to cover acceptable debt service for their loans. Of these methods, the fourth advances from developers appears the most likely for financing public improvements in the reinvestment zone More and more developers with access to capital markets especially real estate investment trusts (REITs) are learning to use tax increment financing and seek TIF funds to make development projects achievable in untested or marginal markets • Stein Planning and Management 7/30/97 Page 20 Public Improvement Priorities An illustrative list of public improvements to be financed with Fort Worth South TIF fund has been drawn from (1) priority projects in the Strate ids Plan for the area (1995) and (2) subsequent concepts advanced by Fort ~Porth-Sout7i public agencies and the 1997 advisory team for tax increment financing All improvements are necessarily located within the reinvestment zone The 1995 Strate is Plan was prepared in 1994 and 1995 for the City of Fort Worth the ort ort ransportation Authority and medical institutions and businesses within the Fort Worth Sout~i study area. Consultants were Sasaki Associates Development Strategies Barton Aschman Associates and PR Texas These improvements were selected for inclusion because they meet recognized public needs and because they have strong potential to add direct or indirect value to the tax roll by virtue of appreciating nearby properties and attracting private investment. In general most improvements on land controlled by a public agency through fee simple ownership or appropriate easements will qualify as eligible for financing from the TIF fund Eligible aspects of development projects could include off site utility improvements street curb sidewalk and landscaping improvements on adjacent rights-of-way, public acquisition of facade easements or public rights to preservation of a historic structure public parking rights etc. Without implying any order of priority a preliminary list of improvements using TIF funds includes the following • Urban Residential Infill Multi family rental or condominium residences at market rates. Atypical project might have 180 to 200 units and a cost of $13 to $15 million Rosedale Retail Redevelopment Replacement of displaced retail space along the new alignment of Rosedale Street. Set at new boulevard edge project could be one store deep with supporting parking at the rear boundary Development could be buffered with residential infill Project could be 5.0 000 square feet on approximately 3 acres. Central Village Square Create a commercial center surrounding a 1 5-acre village square Integrate Norwest Bank into retail/office development. Add new 2 or 3- story buildings surrounding the square and bank headquarters building Approximate size could be 5 acres adding 30 000 to 50 000 square feet of space Parker Commons Adaptive Reuse Promote and secure an end-user for the Parker Commons site as a headquarters or office Integrate the use with adjacent retail and residential uses. Stein Planning and Management 7/30/97 Page 21 Larger Retailer Center Create a location to comfortably accommodate large footprint stores into a regional style center .Insure compatibility with the adjacent Central Village and yet take advantage of high visibility and traffic counts on intersecting cross streets. Project might add 100 000 to 150,000 square feet of retail area. Medical/Technical Development Utilizing existing adaptable structures as feasible add new research and manufacturing buildings to form aMedical/Technical district with distinct boundaries and edges Use jobs created to fuel demand for housing created in the area. Fast Food Courtyard Develop a design concept for inclusion of fast food outlets in a control{ed compatibly-scaled cluster that is balanced against retail commercial building groups. Hotel South Locate and design a hotel to serve the needs of the community Potential locations could be central to the major hospitals or with visibility from the new I-30 Schools of Distinction Make physical improvements to public schools within the zone that will enhance the educational experiences offered to students and enhance the probability of taxable investment in and near the zone Endless Possibilities Residential or commercial development at other locations in the area that wilt enhance the roli of taxable properties facilitate construction or rehabilitation of taxable properties and respect the integrity of other, desired long-term activities in the community Subject to confirmation by the Fort Worth City Council, a board of directors appointed by the taxing jurisdictions participating in the TIF fund will make the decisions-about the use of TIF funds and strategies to accomplish a project plan and financing plan • Stein Planning and Management 7/30/97 Page 22 • C~ • d_ L ~ + ~ 0 ~ . 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Stein Planning and Management 7/30/97 Page 27 Appendix B Schedule of Events ~ to Establish Fort Worth South TIF Program May 1 1997 FWS requests proposals to evaluate develop implement TIF program May 30 FWS designates TlF program consultant team June 3 Organizational meeting with consulting team Ju{y 9 9 a.m Meeting of D Scott and consulting team with T Higgins J Chapas to discuss TIF program proposal July 22 Meeting with Commissioner Dionne Bagsby July 30 Preliminary Financing Plan draft submitted to D Scott Aug 1 Invitations to Aug 14 meeting at Broadway Baptist Church mailed to all 1300+ owners of real property within proposed zone with brief explanation and map of zone Aug 13 8 a.m. Meeting of FWS TIF Advisory Committee at All Saints Hospital Aug 14 7 9 p m Meeting for all stakeholders at Broadway Baptist Church Aug 15 Meeting with Commissioner J D Johnson Aug 26 Meeting with David Cantu Crouch to receive recommendation for revised zone boundary at north and east edges of Fairmount/Southside Historical District Aug 27 Meeting w T Higgins, J Chapas D Yett to plan schedule for Council review and approval of TIF program Sept. 4 Meeting with Council members Hirt and McCloud Sept. 10 Advance packet for Sept. 17 meeting due at City Ec. Dev Dept. (updated Preliminary Financing Plan and executive summary sheet) Sept. 10 Ordinance for Sept. 23 approval by Council is prepared for review by City Attorney Sept. 11 Meeting with FWISD Board members Manny and Tocco Sept. 17, 2 p m City Economic Development Committee hears presentation of T1F program recommends consideration by City Council at Sept. 23 meeting selects Council member to represent Council at presentations to other taxing jurisdictions. • Stein Planning and Management 9/8/97 Page 28 Sept. 18 TIF newsletter to all owners in proposed zone and other interested parties Sept. (TBA) Meeting with Hospital District Board members Sept. (TBA) Meeting with TCJC Board members Sept. 23 8:30 a.m City Council briefing on T!F program followed by 10 a.m Council meeting Council resolves intent to establish zone directs due notice to taxing units of Nov 25 hearing directs due newspaper notice of hearing requests designation of taxing unit representatives to discuss plans, directs transmission of preliminary financing plan to governing bodies of taxing units, directs staff to set Council presentations to FWISD and County etc. Sept. 24 Statutory notice of Nov 25 hearing sent to governing bodies of taxing units in accord with Council s Sept. 23 directives Oct. 8 or Oct. 22 or Nov 12 City Council presentation of proposed TIF program to FWISD Tuesday in Oct. or Nov 10 a.m City Council presentation of proposed TIF program to County Commissioners Court Oct. 14 nighttime City Council calls future meeting of representatives of taxing units Nov Ordinance for Dec. 2 approval by Council including boundary description and evidentiary findings, is prepared and reviewed by City Attorney and other appropriate personnel Nov 25 daytime City Council holds public hearing on creation of reinvestment zone may close hearing or continue to Dec. 2. Dec. 2 nighttime City Council designates reinvestment zone by ordinance requests other taxing units to approve participation and appoint Board members designates Board chairman. Jan 1, 1998 Real property appraisals as of this date are determined by TAD for release by July 25 Variation from Jan 1 1997 appraisals determines the size of the potential increment to 1997 base value Jan or Feb Other taxing units determine participation in TIF fund designate Board members. Feb or Mar T!F Board organizational meeting Apr or May TIF Board adopts final project and financing plan Stein Planning and Management 9/8/97 Page 29 May or summer City Council approves final project and financing plan. July 25 TAD appraisal role for Jan 1 1998 released ~Y Sept. Oct. Taxing units set 1998 property tax rates. Jan 1999 If value of zone increased from base year 1997 to 1998 first cash flow to fund May 2 1999 Deadline for taxing units to transfer to TIF fund the increments pledged and collected r Stein Planning and Management 9/8/97 Page 30