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HomeMy WebLinkAboutOrdinance 19736-06-2011ORDINANCE NO. 19736-06-2011 AN ORDINANCE DESIGNATING A CERTAIN AREA IN THE CITY OF FORT WORTH AS "TAX ABATEMENT REINVESTMENT ZONE NUMBER SEVENTY-THREE, 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 commercial/industrial tax abatement, as authorized by and in accordance with Chapter 312 of the Code; and WHEREAS, KXAS/NBC-5 ("Company") intends to construct a new production facility at the southwest corner of Amon Carter Blvd and FAA Blvd. KXAS/NBC-5 intends to expend or cause to be expended at least $8,000,000 in real property improvements and $8,000,000 in non-inventory taxable personal to relocate the ~~~~ i Ordinance Designating Ta.x Abatanent Rcinveshncnt Z~me Number Seventy-Three, City ~~f F~irt Wurth, Tc.ras KXAS/NBC-5 production studios from 3900 Barnett Avenue to Centreport Business Park. ("Improvements"); and 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 June 14, 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 June 2, 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 not 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 Ahatement Reinvestment Zone Number Seventy-Three, 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 contribute to the expansion of primary employment and to attract major investment in the Zone that will be a benefit to property in the Zone and will contribute to the economic development of the City. Page ~ Ordinance Designating Tax Abatement Reinvestment Lone Number Seventy-i'hree, 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 acommercial/industrial 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-Three, City of Fort Worth, Texas." This project is eligible for commercial/industrial tax abatement pursuant to Section 4.2 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 maybe 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 in full force and effect and shall not in any way be impaired or affected by such decision, opinion or judgment. -~a~e ~ Ordinance Designating Tax Abatement Reinvestment Zone Number Seventy-Three, City of Fort Worth, Tcxas Section 5. IMMEDIATE EFFECT. That this Ordinance shall take effect upon its adoption. ADOPTED AND EFFECTIVE: June 14, 2011 APPROVED AS TO FORM AND LEGALITY: By: Peter Vaky A:~sistan~ City Attorney De~uly M&C: G-17307 Page 5 Ordinance Designating Tax Abatement Reinvestment Zone Number Seventy-Three, City of Fort Worth, Texas EXHIBIT "A" BOUNDARY DESCRIPTION OF ZONE Being a 8.10 acre tract of land situated in the Vincent J. Hutton Survey, Abstract No. 681, Tarrant County, Texas and being a portion of 311.26 acres of land conveyed by deed to Centreport Venture Inc., as recorded in Volume 10169, Page 1067 and Volume 13585, Page 484, Deed Records, Tarrant County, Texas, and being more particularly described as follows: BEGINNING at a found 5/8 inch iron rod with Pate 5647 cap for comer, being the most northerly point of a corner-clip with the south right-of--way line of F.A.A. Boulevard (a variable width R.O.W.) and the west right-of--way line of Amon Carter Boulevard (a 150 foot R.O.W.); THENCE South 45°13'26" East, leaving said south right-of--way line, a distance of 14.14 feet to a point for corner, said point being in the west right-of--way line of said Amon Carter Boulevard; THENCE South 00°13'26" East, along said west right-of--way line, a distance of 709.40 feet to a point for corner; THENCE South 89°52' 16" West, leaving said west right-of--way line, a distance of 491.00 feet to a point for corner; THENCE North 00° 13'26" West, a distance of 718.58 feet to a point for corner, said point being in the future south right-of--way line of F.A.A. Boulevard; THENCE North 89°46'34" East, along said future south right-of--way line, distance of 481.00 feet to the POINT OF BEGINNING and CONTAINING 352,975 square feet, 8.10 acres of land, more or less. City of Fort Worth, Texas Mayor and Council Communication ~~ COUNCIL ACTION: Approved. on 6/14/2Q11 -19736-06-2011 ~~.. ~,~ ~~ DATE: Tuesday, June 14, 2011 LOG NAME: 17RIZTAKXAS REFERENCE NO.: G-17307 SUBJECT: Adopt Ordinance Designating Tax Abatement Reinvestment Zone No. 73, City of Fort Worth, Texas, for Property Located at the Southwest Corner of Amon Carter Boulevard and FAA Boulevard (COUNCIL DISTRICT 5) RECOMMENDATION: It is recommended that the City Council: 1. Hold a public hearing concerning the designation of Tax Abatement Reinvestment Zone No. 73, City of Fort Worth, Texas; and 2. Adopt the attached ordinance that designates Tax Abatement Reinvestment Zone No. 73, City of Fort Worth, Texas, pursuant to and in accordance with Chapter 312 of the Texas Tax Code. DISCUSSION: The proposed Tax Abatement Reinvestment Zone No. 73, City of Fort Worth, Texas, (Zone) is for the new property located at Centreport Business Park. KXAS/NBC-5 is considering the construction of a new production facility at the southwest corner of Amon Carter Blvd and FAA Blvd in the Centreport Business Park. The company will be relocating their production studio from their current location at 3900 Barnett Avenue. As required by Chapter 312 of the Texas Tax Code, a public hearing must be conducted regarding the creation of a Reinvestment Zone. The exact boundaries of the proposed zone are described in Exhibit "A" of the attached Ordinance. 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 the area is reasonably likely, as a result of the designation, to contribute to the retention or expansion of primary employment or 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. Tax Abatement Reinvestment Zone No. 73 is located in COUNCIL DISTRICT 5. Logname: 17RIZTAKXAS Page 1 of 2 FISCAL INFORMATION /CERTIFICATION: The Financial Management Services Director certifies that this action will have no material effect on City funds. FUND CENTERS: TO Fund/Account/Centers FROM Fund/Account/Centers CERTIFICATIONS: Submitted for City Manager's Office b~ Originating Department Head' Susan Alanis (8180) Jay Chapa (5804) Additional Information Contact: Logname: 17RIZTAKXAS Robert Sturns (8003) Page 2 of 2 Tax Abatement Reinvestment Zone No. 73 "Exhibit A"