HomeMy WebLinkAboutOrdinance 19558-02-2011ORDINANCE NO. 19558-02-2011
AN ORDINANCE DESIGNATING A CERTAIN AREA IN THE
CITY OF FORT WORTH AS "TAX ABATEMENT
REINVESTMENT ZONE NUMBER SEVENTY-TWO, CITY OF
FORT WORTH, TEXAS"; PROVIDING THE EFFECTIVE AND
EXPIRATION DATES FOR THE ZONE AND A MECHANISM
FOR RENEWAL OF THE ZONE; AND CONTAINING OTHER
MATTERS RELATED TO THE ZONE.
WHEREAS, pursuant to the City Council's adoption on June 22, 2010 of
Resolution No. 3895-06-2010 (the "Tax Abatement Policy"), the City of Fort Worth,
Texas (the "City") has elected to be eligible to participate in tax abatement and has
established guidelines and criteria governing tax abatement agreements entered into
between the City and various third parties, as authorized by and in accordance with the
Property Redevelopment and Tax Abatement Act, codified in Chapter 312 of the Texas
Tax Code (the "Code"); and
WHEREAS, the City Council desires to promote the development of the area in
the City more specifically described in Exhibit "A" of this Ordinance (the "Zone")
through the creation of a reinvestment zone for purposes of granting a residential tax
abatement, as authorized by and in accordance with Chapter 312 of the Code; and
WHEREAS, M.R. Development Company ("Company") intends to construct
real property in the Zone and intends to expend or cause to be expended at least
$11,900,000 in real property improvements and new taxable personal property for the
construction of sixty-eight (68) single-family rental residential units ("Improvements");
and
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Ordinance Designating Tax Abatement Reinvestment Zone Number Seventy-Two,
Ciry of Fort Worth, Texas
WHEREAS, Company has applied for a real and personal property tax abatement
from the City in return for the construction of the Improvements in the Zone and
compliance with certain other employment and spending commitments that will foster
economic development in the Zone and the City in general; and
WHEREAS, on February 15, 2011 the City Council held a public hearing
regarding the creation of the Zone, received information concerning the Improvements
proposed for the Zone and afforded a reasonable opportunity for all interested persons to
speak and present evidence for or against the creation of the Zone ("Public Hearing"),
as required by Section 312.201(d) of the Code; and
WHEREAS, notice of the Public Hearing was published in a newspaper of
general circulation in the City on February 7, 2011, which satisfies the requirement of
Section 312.201(d)(1) of the Code that publication of the notice occur not later than the
seventh day before the date of the public hearing; and
WHEREAS, in accordance with Sections 312.201(d)(2) and (e), of the Code
notice of the Public Hearing was delivered in writing no later than the seventh day before
the date of the public hearing to the presiding officer of the governing body of each
taxing unit that includes in its boundaries real property that is to be included in the
proposed Zone;
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF
THE CITY OF FORT WORTH, TEXAS:
Page
Ordinance Designating Tax Abatement Reim~estment Lone Number Seventy-Two,
City of Fort Worth, Texas
Section 1.
FINDINGS.
That after reviewing all information before it regarding the establishment of the
Zone and after conducting the Public Hearing and affording a reasonable opportunity for
all interested persons to speak and present evidence for or against the creation of the
Zone, the City Council hereby makes the following findings of fact:
1.1. The statements and facts set forth in the recitals of this Ordinance are true and
correct. Therefore, the City has met the notice and procedural requirements
established by the Code for creation of a reinvestment zone under Chapter 312 of
the Code.
1.2. The Improvements proposed for the Zone, as more specifically outlined in the
Public Hearing, are feasible and practical and, once completed will benefit the
land included in the Zone as well as the City for a period in excess of ten (10)
years, which is the statutory maximum term of any tax abatement agreement
entered into under the Chapter 312 of the Code.
1.3. As a result of designation as a reinvestment zone, the area within the Zone is
reasonably likely to attract major investment in the Zone that will be a benefit to
property in the Zone and will contribute to the overall development of the City.
1.4. The area within the Zone is predominantly open and, due to previous commercial
uses, has obsolete platting and inadequate utilities, which significantly impairs the
sound growth of the City.
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Ordinance Designating Tax Abatement Reinvestment Zone Number Seventy-Two,
City of Fort Worth, Texas
Section 2.
DESIGNATION OF ZONE.
That the City Council hereby designates the Zone described in the boundary
description attached hereto as Exhibit "A" and made a part of this Ordinance for all
purposes as a reinvestment zone for purposes of granting residential tax abatement, as
authorized by and in accordance with Chapter 312 of the Code. This Zone shall be
known as "Tax Abatement Reinvestment Zone Number Seventy-Two, City of Fort
Worth, Texas." This project is eligible for residential tax abatement pursuant to Section
3.2 of the Tax Abatement Policy.
Section 3.
TERM OF ZONE.
That the Zone shall take effect upon the effective date of this Ordinance and
expire five (5) years thereafter. The Zone may be renewed by the City Council for one or
more subsequent terms of five (5) years or less.
Section 4.
SEVERABILITY.
That if any portion, section or part of a section of this Ordinance is subsequently
declared invalid, inoperative or void for any reason by a court of competent jurisdiction,
the remaining portions, sections or parts of sections of this Ordinance shall be and remain
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Ordinance Designating Tax Abatement Reim-estment Zone tiumber Seventy-Two,
City of Fort Worth, Texas
in full force and effect and shall not in any way be impaired or affected by such decision,
opinion or judgment.
Section 5.
IMMEDIATE EFFECT.
That this Ordinance shall take effect upon its adoption.
ADOPTED AND EFFECTIVE: February 15, 2011
APPROVED AS TO FORM AND LEGALITY:
~.~~~L~
By:
Peter Vaky
Assistant City Attorney
M&C: G-17213
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Ordinance Designating Tax Abatement Reinvestment Zone Number Seventy-Tvvo,
City of Fort Worth, Texas
EXHIBIT "A"
BOUNDARY DESCRIPTION OF ZONE
All that certain 13.16 acres of land, which is Lots 1 & 2, Block 2, Harlem Gardens an
addition to the City of Fort Worth, recorded in Cabinet B, Page 475, in the Plat Records
of Tarrant County, Texas, in the J. C. McComas Survey, A-1039, City of Fort Worth,
Tarrant County, Texas, and more particularly described by metes and bounds as follows
(all bearings based on the Texas State Plane Coordinate System, North Central Zone):
BEGINNING at a 1" iron rod found for the southeast corner of the herein described tract,
common to the southwest corner of Harlem Gardens, an addition to the City of Fort
Worth, recorded in Volume 1689, Page 8699, in the plat records of Tarrant County,
Texas, in the north right-of--way line of 28`" street (an 80' right-of--way);
THENCE South 89' 32' 15" West - 480.50' along the north right-of--way line of said 28`h
street to a 5/8" iron rod found for the southwest corner of the herein described tract,
common to the southeast corner of Lot 10, Block 6, Riverside Estates, recorded in
Cabinet A, Slide 7087, in the Plat Records of Tarrant County, Texas, from which a 1"
iron rod found bears South 18' 30' West - 0.53';
THENCE North 00' 39' 41" West - 1,045.28' along the west line of the herein described
tract, common to the east line of said Lot 10, Block 6, Riverside Estates, to a 5/8" iron
rod with a cap stamped "PATE 5647" set for the northwest corner of the herein described
tract, in the south right-of--way line of Kimbo Road (right-of--way varies);
THENCE North 68' 38' 25" East - 56.45' along the south line of said Kimbo Road to a
5/8" iron rod found for an angle corner of the herein described tract;
THENCE North 59' 36' 12" East - 106.62' continuing along the south line of said
Kimbo Road to a 5/8" iron rod found for an angle corner of the herein described tract;
THENCE North 38' 06' 00" East - 191.02' continuing along the south line of said
Kimbo Road to a 5/8" iron rod with a cap stamped "PATE 5647" set for an angle corner
of the herein described tract, in the south line of Riverside Estates, recorded in Volume
388-J, Page 603, in the Plat Records of Tarrant County, Texas, from which a 3/4" iron
rod found for the southwest corner of said Riverside Estates bears South 89' 22' 15"
West - 10.24';
THENCE North 89' 22' 15" East 216.23' along a north line of the herein described
tract, common to a south line of said Riverside Estates, to a 1" iron rod found for the
northeast corner of the herein described tract;
THENCE South 00' 37' 45" East - 1,268.62' along the east line of the herein described
tract, to the POINT OF BEGINNING and containing 13.16 acres of land.
City of Fort Worth, Texas
Mayor and Council Communication
COUNCIL ACTION: Approved on 2/15/2011 -Ordinance No. 19558-02-2011
. 9
DATE: Tuesday, February 15, 2011 REFERENCE NO.: G-17213
LOG NAME: 17REINVESTZONEBONNIE
SUBJECT:
Hold Public Hearing and Adopt Ordinance Designating Tax Abatement Reinvestment Zone No. 72, City of
Fort Worth, Texas, for Property Located at 3715 NE 28th Street and 3650 Kimbo Road (COUNCIL
DISTRICT 4)
RECOMMENDATION:
It is recommended that the City Council:
1. Hold a public hearing concerning the designation of property at 3715 NE 28th Street and 3650 Kimbo
Road as Tax Abatement Reinvestment Zone No. 72, City of Fort Worth, Texas; and
2. Adopt the attached ordinance that designates the property at 3715 NE 28th Street and 3650 Kimbo
Road asTax Abatement Reinvestment Zone No. 72, City of Fort Worth, Texas, pursuant to and in
accordance with Chapter 312 of the Texas Tax Code and make the findings set forth therein.
DISCUSSION:
The proposed Tax Abatement Reinvestment Zone No. 72, City of Fort Worth, Texas, (Zone) is for property
located at 3715 NE 28th Street and 3650 Kimbo Road. The exact boundaries of the proposed zone are
described in Exhibit A of the attached Ordinance. M.R. Development Company is considering
construction of sixty-eight single family rental residential units at the proposed location. As required by
Chapter 312 of the Texas Tax Code, a public hearing must be conducted regarding the creation of the
Zone. Notice of this hearing was delivered to the governing body of each affected taxing unit and
published in a newspaper of general circulation at least seven days prior to this hearing.
The area encompassing the proposed Zone meets the statutory criteria for designation as a tax
abatement reinvestment zone pursuant to Chapter 312 of the Texas Tax Code in that (i) the area is
predominantly open and due to previous commercial uses, has obsolete platting and indadquate utilities,
which significantly impairs the sound growth of the City and (ii) the area is reasonably likely, as a result of
the designation, to attract major investment in the Zone that would be a benefit to the property and that
would contribute to the economic development of the City. Further, the improvements sought in the Zone
are feasible, practical and would be a benefit to the land to be included in the Zone and to the City after
any tax abatement agreements which may be entered into have expired.
The term of the proposed Zone will be five years from the date of adoption of the attached ordinance and
may be renewed for periods not to exceed five years each.
This property is located in COUNCIL DISTRICT 4.
FISCAL INFORMATION /CERTIFICATION:
Logname: 17REINVESTZONEBONNIE Page 1 of 2
The Financial Management Services Director certifies that this action will have no material effect on City
funds.
FUND CENTERS:
TO Fund/Account/Centers
CERTIFICATIONS:
Submitted for City Manager's Office b~
Originating_De~artment Head:
Additional Information Contact:
FROM Fund/Account/Centers
Susan Alanis (8180)
Jay Chapa (5804)
Robert Sturns (8003)
Logname: 17REINVESTZONEBONNIE Page 2 of 2