HomeMy WebLinkAboutResolution 2100A Resolntfon ~/pd
WHEREAS, the City of Fort Worth desires to designate a reinvestment
zone to be located in north Fort Worth, pursuant to the Tax
Increment Financing Act, Chapter 311 of the Tax Code, (the Act );
and
WHEREAS, the purpose of the reinvestment zone will be to promote
the development of the proposed Texas Motor Speedway; and
WHEREAS, the City desires to receive the comments of all affected
property owners and of other taxing jurisdictions which levy real
property taxes within the proposed zone ( taxing units ) regarding
the establishment of such reinvestment zone; and
WHEREAS, the Act requires the City to notify the affected taxing
units of its intent to establish a reinvestment zone at least sixty
(f~0) days prior to holding a public hearing regarding the creation
of` a reinvestment zone; and
WHEREAS, other preliminary procedural steps must be adhered to
prior to the establishment of a reinvestment zone; NOW THEREFORE,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FORT WORTH,
TEXAS
Section 1 That the passage of this resolution evidences the
intention of the City to designate a reinvestment zone to be
located in north Fort Worth pursuant to the Act The boundaries for
th.e proposed reinvestment zone area, a description of the tentative
plans for the development of the proposed zone, and an estimate of
th.e general impact of the proposed reinvestment zone on property
values and tax revenues are attached hereto as Exhibit A
Section 2 That a Public Hearing, is hereby scheduled to be held
before the Fort Worth City Council on December 19, 1995, for the
purpose of receiving public comment on the creation of a tax
increment reinvestment zone for the defined area, and its benefits
to the City and to property in the proposed zone
Section 3 That the City Secretary is hereby directed to forward
a certified copy of this resolution, with exhibits, not later than
the 60th day before the date of the Public Hearing, that date being
December 19, 1995, to the governing bodies of each taxing unit that
levies real property in the proposed reinvestment zone, along with
written notice that the City intends to establish the zone, and
requesting that each taxing unit designate within 15 days a
representative to meet with the City Council to discuss the project
plan and the reinvestment zone financing plan, as required by the
Act
CITY OF FORT WORTH
Section 4 That not later than the seventh day before the date of
the public hearing, the City Secretary shall cause notice of the
public hearing to be published in a newspaper having general
circulation .in the City
Section 5 That the City Manager or his designated representative
i authorized to undertake other preliminary preparations and
ac:tions in accordance with the Act
Section 6 That this resolution shall take effect immediately from
and after its passage in accordance with the provisions of the
Charter of the City of Fort Worth and it is accordingly so
resolved
IN TESTIMONY, WHEREOF, I have hereunto set
my hand and caused the Official Seal of
the City of Fort Worth, Texas, to be
affixed this 17th day of October, A D
1995 i
' ~ MAYOR ® \
APPR011ED
GIT~' ~a~NC~~
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Exhibit "A"
to
Resolution # 2100
1 Petition from Hillwood/114 & I 35 Ltd. with map detailing boundaries of the zone.
2. Letter from Texas Motor Speedway to Fort Worth City Council describing tentative
plans for development of the zone and an estimate of the general impact of the
proposed zone on property values and tax revenues.
3. Letter from Denton Central Appraisal District setting appraised value of petitioned
property at $4 750 000
•
• PETITION REQUESTING DESIGNATION OF
CITY OF FORT WORTH TAX INCREMENT FINANCE
REINVESTMENT ZONE NUMBER TWO
T'O THE CITY COUNCIL OF THE CITY OF FORT WORTH, TEXAS
The undersigned, being the owner of property constituting at least fifty percent (50%) of the
appraised value of the land hereinafter described, according to the most recent certified appraisal
roll of the Denton County Appraisal District (the `Petitioner"), daes hereby petition the City
Council of the City of Fort Worth, Texas to designate as Tax Increment Finance Reinvestment
Zone Number Two the following tract or pazcel of land, shown on a map included as Exhibit
A and being more particularly described as follows (the `Land")•
BEING a tract of land and being all of the C. HAYDEN SURVEY Abstract No 1662, and
the N PETERSON SURVEY Abstract No. 1665 and being portions of the G
CARDINAS SURVEY Abstract No 21S the H. ANDERSON SURVEY Abstract No
2S the J SMITH SURVEY Abstract No 1149 the H. COOK SURVEY Abstract No
310 the L.E. OLSON SURVEY Abstract No 1663 the J ARNOLD SURVEY Abstract
No 1659 the B.B.B & C. RAILROAD CO SURVEY Abstract No. 189 all in Denton
County Texas and being all of those tracts designated as tracts III, IV and VI, and parts of
tracts I, II, V as described in deed to Hillwood/114 & I35 Ltd. recorded in Volume 2470
Page 696, Deed Records of Denton County Texas and more particularly described by
metes and bounds as follows.
• BEGINNING at a 7/8 inch steel rod at the base of a leaning 7/8 steel rod, the Northeast
corner of said Peterson Survey and a reentrant corner of said Olson Survey also being an
angle point in a North line of said tract 1
THENCE South 89 degrees 04 minutes 03 seconds East, and passing the Southwest Corner
of the A.M. Gualtney Survey Abstract no 500, which is the Southwest corner of that
certain First Tract deeded to Herman Mitchell be deed recorded m Volume 3S7 Page 214
Deed Records of Denton County Texas and continuing with the South line of said
Gualtney Survey and said Mitchell Tract and with a North line of said Olson Survey
passing at a distance 1696.93 a 7/8 in steel rod, continuing in all a distance of 1746.93 feet
to a S/8 inch steel rod in asphalt in Harmonson Road, the Northeast corner of said Olson
Survey and said tract 1 and the Southeast corner of said Gualfiey Survey and said
Mitchell tract.
THENCE North 00 degrees OS minutes 22 second West, with the common line between
said Gualfiey Survey and the before mentioned Cook Survey and with Harmonson Road,
a distance of 2671.59 feet to a 1/2 steel rod the Northwest corner of said tract II.
THENCE South 89 degrees 27 minutes 24 seconds East, and passing the Southwest corner
of that certain tract described in deed recorded m Volume 795 Page 834 Deed Records of
Denton County Texas. Continuing with its South line and the North line of said tract II,
in all a distance of 1733 4S feet to a S18 inch Huitt-Zollazs capped steel rod about 8 feet
south of an old wire fence.
THENCE South SS degrees 12 minutes 02 seconds East, a distance of 1901 02 feet to a 518
inch Huitt Zollars capped steel rod in the Northwesterly right-of way of Interstate
Highway No 3SW (a variable width public right-of way)
THENCE with the Northwesterly nght-of way of Interstate 35W and generally with a wire fence
the following courses and distances.
South 34 degrees 44 minutes 07 seconds West, a distance of 325.99 feet to a concrete
• highway monument.
South 29 degrees 17 minutes 13 seconds West, a distance of 99 76 feet to a concrete
monument.
South 34 degrees 30 minutes 16 seconds West, a d-stance of 127 15 feet to a concrete
monument.
South 34 degrees 36 minutes 33 seconds West, a distance of 628.30 feet to a concrete
monument.
South 37 degrees 57 minutes 42 seconds West, passing at a distance of 1519.26 feet a
concrete monument, the most Southerly corner of before mentioned tract II, 0.5 feet
South of a railroad tie fence corner the end of said fence, continuing in all a distance
of 3036.33 feet to a 518 inch Huitt Zollars capped steel rod.
South 43 degrees 39 minutes 27 seconds West, a distance of 1006.48 feet to a 5/8 inch
Huitt Lollars capped steel rod.
South 37 degrees 57 minutes 42 seconds West, a distance of 92.03 feet to a P.K. nail in
asphalt, in Harmonson Road, the South corner of before mentioned tract III.
THENCE leaving said right-of-way North 00 degrees 10 minutes OS seconds West, with
Harmonson Road, a distance of 1505.94 feet to a 5/8 inch steel rod ~n asphalt, the Northeast
corner of said J Arnold Survey the Southeast corner of said Olson Survey in the West line of
said B.B.B.& C. Railroad Co. Survey and being the most Easterly Southeast corner of said Tract
I.
THENCE North 89 degrees 10 minutes 56 seconds West, with the common line between said
Olson and Arnold Surveys, and with a South line of said tract I, a distance of 22.83 feet to a
. point at or near the West line of said Road.
THENCE South 00 degrees 10 minutes OS seconds East, with or near the West line of
Harmonson Road, 1535 41 feet to•a 5/8 inch Huitt Zollars capped steel rod at the Southeast base
of a destroyed concrete highway monument in the Northwesterly right-of-way of Interstate
Highway 35 W
THENCE South 37 degrees 57 minutes 42 seconds West, with said right-of-way 1602.71 feet to
a concrete highway monument at the intersection of the Northwesterly nght-of-way of Interstate
35W with the Pdorth line of State Highway No. 114 (a 100 foot wide public right-of-way)
THENCE North 89 degrees 12 mimites 43 seconds West, with the North line of Highway No
114 a distance of 1456.54 feet to a 5/8 inch capped Huitt Zollars capped steel rod, the Southwest
corner of before mentioned tract IV in the West hne of Said Arnold Survey and the East line
of the A.G Peterson Survey Abstract No. 1664
THENCE North 00 degrees 00 minutes 44 seconds East, with the common line between said
Surveys a distance of 1388.16 feet to a 7/$ steel rod, the Northeast corner of said A.G Peterson
survey the Southeast corner of said N Peterson Survey and the most southerly Southeast corner
of before mentioned Tract I.
THENCE North 89 degrees 11 minutes 25 seconds West, with the common line between said
Peterson Surveys, a distance of 2458.80 feet to a 7/8 inch steel rod the Southwest corner of said
N Peterson Survey the Northwest corner of said A.G Peterson survey in an East line of the
before mentioned Smith Survey and a Southwest corner of said Tract I.
2
THENCE North 00 degrees 33 minutes 21 seconds East, generally with a wire fence a distance
of 824.34 feet to a 7/8 inch steel rod at the base of a steel fence post, a reentrant corner of said
Tract I
THENCE North 89 degrees 13 minutes 39 seconds West, generally with a wire fence, a distance
of 1064.23 feet to a 7/8 inch steel rod at the base of a steel fence post, a Southwest corner of said
Tract I.
THENCE North 00 degrees 20 minutes 44 seconds East, generally with a wire fence, a distance
of 1083 48 feet to a 7/8 inch steel rod 0.6 feet North of an old wood fence corner a reentrant
corner of said Tract I.
THENCE North 89 degrees 21 minutes 10 seconds West, generally with a wire fence, a distance
of 606.04 feet to a 7/8 inch steel rod 0.5 feet North of a steel fence corner a Southwest corner
of said Tract I.
THENCE North 00 degrees 08 minutes 14 seconds East, generally with a wire fence, at a
distance of 1193 feet an old wood fence corner bears east 2 feet, in all a distance of 2583 17 feet
to a 7/8 inch steel rod at the East base of an old wood fence corner a reentrant corner of said
Tract I.
THENCE North 63 degrees 18 minutes 02 seconds East, a distance of 3201.84 feet to a 5/8 inch
Huitt Zollars steel capped rod at the beginning of a curve to the nght whose radius is 900.00 feet
and whose chord bears South 73 degrees 26 minutes 36 seconds East, 1233.47 feet.
THENCE in an Easterly direction with said curve through a central angle of 86 degrees 30
minutes 45 seconds, an arc distance of 1358.93 feet to a 5/8 inch Huitt Zollars capped steel rod
• at the beginning of a curve to the left whose radius is 900.00 feet and whose chord bears South
59 degrees 52 minutes 40 seconds East, 891.58 feet.
THENCE in an Easterly direction with said curve through a central angle of 59 degrees 22
minutes 54 seconds, an arc distance of 932.77 feet to a 5/8 inch Huitt Zollars capped steel rod
at the South base of an old wood fence corner in the North line of the before mentioned Hayden
Survey and the South line of said H. Anderson survey
THENCE South 89 degrees 34 minutes 07 seconds East, with said Survey line, and generally with
an old wire fence, a distance of 75 19 feet to an old wood fence corner the Northeast corner of
said Hayden Survey the Northwest corner of said Gualtney Survey in the South line of said
Anderson Survey
THENCE South 00 degrees 08 minutes 08 seconds East, passing the Northwest corner of
Country Lane Subdivision, a Subdivision to Denton County recorded in Cabinet D Page 342 in
the Plat Records of Denton County Texas, and continuing with its West line, generally with a
wire fence, m all a distance of 1350.43 feet to a Wood fence corner a reentrant corner of said
Subdivision.
THENCE with the West lines of said Subdivision, the following courses and distances North 89
degrees 16 menu±es Ob seconds West, a distance of 15.20 feet to a 5/8 inch Huitt Zollars capped
steel rod 1 foot North of a railroad tie fence corner South 00 degrees 51 minutes 20 seconds
West, a distance of 384.90 feet to a 1/2 inch steel rod 17 feet east of a wire fence.
South 16 degrees 39 minutes 07 seconds West, a distance of 61.01 feet to a 5/8 inch
• Huitt Zollars capped steel rod 2.5 feet North and 3 feet East of a fence corner
South O1 degrees 17 minutes 52 seconds West, a distance of 322.79 feet to a 5/8
. inch Huitt Zollars capped steel rod 3 feet East and 9 feet South of a fence comer
North 89 degrees 10 minutes 35 seconds West, a distance of 64 04 feet to a 5I8 inch
Huitt-Zollars capped steel rod 7 feet South and 2 feet East of a fence corner
South O1 degrees 27 minutes 49 seconds West, a distance of 296 71 feet to a 1/2
inch steel rod 2.5 feet East of a fence.
South 35 degrees 50 minutes 58 seconds West, a distance of 73 00 feet to a 1!2 steel
rod 4 4 feet Northeast of a fence corner
South 88 degrees 56 minutes 40 seconds East, with the South line of Country land
Cucle (a 60 foot wide public right-of way), a distance of 93.90 feet to a 1%2 inch
steel rod.
South 15 degrees 02 minutes 59 seconds West, 205.20 feet to a 5/8 inch Huitt
Zollars capped steel rod 5 feet east of a fence, said iron lying in the North line of
said N Peterson Survey and the South line of said L.E. Olson Survey
THENCE leaving the West lines of Country Lane Subdivision, South 89 degrees 00
minutes 00 seconds East, with the common line between said Peterson and Olson Surveys,
and with a North line of said Tract I, a distance of 45.55 feet to the POINT OF
BEGII~INING and embracing 950 00 acres of land.
The purpose of the reinvestment zone will be to promote the development of the property
The Petitioner requests that pursuant to Chapter 311 Vernon s Texas Tax Code the City Council,
the governing body of the City designate the area described above as a Tax Reinvestment Zone
under the provisions of Section 311 005(a)(5) Vernon s Texas Tax Code (the `Zone') to promote
the development of such area. To support the designation, it will be shown that the proposed
improvements ui the Zone will significantly enhance the value of all the taxable property in the
Zone and will be of general benefit to the City
The Petitioner requests such other action and assistance that the City Council may deem
necessary and appropriate to implement the development of the Zone.
•
4
• Respectfully submitted to the Crty Council of the City of Fort Worth by and through its City
Secretary this the -Z day of October 1995 by the undersigned Petitioner
HILLWOOD/114 & I 35 LTD
By its General Partner
HILLWOOD HOLDING CORPORATION
a Texas Corporation
Name Rick Patterson
Title: President
Date• ~0-1? - 9~
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