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Home My WebLink AboutContract 35119CIT�r ��C�ET�RY CC�N1'�i�CT R�(� , � L ._ _ AGREEMENT TO PARTICIPATE IN TAX INCREMENT REINVESTMENT ZONE NUMBER SEVEN, CITY OF FORT WORTH, TEXAS (NORTH TARRANT PARKWAY TIF) This AGREEMENT TO PARTICIPATE IN TAX INCREMENT REINVESTMENT ZONE NUMBER SEVEN, CITY OF FORT WORTH, TEXAS ("Agreement") is entered into by and between the CITY OF FORT WORTH, TEXAS (the "City") and TARRANT REGIONAL WATER DISTRICT (the "Water District"). The City and the Water District hereby agree that the following statements are true and correct and constitute the basis upon which the City and the Water District have entered into this Agreement: A. On December 9, 2003, the City Council of the City ("City Council") adopted City Ordinance No. 15774 designating certain real property in the northern area of the City as Tax Increment Reinvestment Zone Number Seven, City of Fort Worth, Texas, (the "TIF District"). The TIF District is informally known as the "NORTH TARRANT PARKWAY TIF". Ordinance No. 15774 is hereby incorporated by reference for all purposes. B. Designation of the TIF District will cause development of property in and around the TIF District to occur that would not occur otherwise in the foreseeable future. The designated TIF District lacks adequate infrastructure and methods of ingress and egress. The TIF is intended to encourage private development in the TIF District for infrastructure improvements for the construction of public thoroughfares related to the North Tarrant Parkway. It is anticipated that private development in the TIF District will follow. This overall development will result in increased tax revenues and other public benefits for both the City and the Water District. C. Pursuant to Section 311.013(� of the Texas Tax Code, the Water District is not required to pay any tax increment into the tax increment fund of the TIF District unless it enters into an agreement to do so with the City. The Water District wishes to enter into such an agreement with the City NOW, THEREFORE, for and in consideration of the conditions set forth herein, the sufficiency of which is hereby acknowledged, the City and the Water District do hereby contract, covenant and agree as follows: Water District Participation Agreement re: North Tarrant Parkway TIF Page 1 —�i:��1 J�L'J�E�� 1:�5��oJ�ti'J � • � ��y� , -,� � U �� J�`::�� +��,J�';�� -.,,-, lf �., ``rif� . c, i r '�� `:��1.�1�1 '2�.. � , 1. INCORPORATION OF RECITALS. The parties hereby agree that the recitals set forth above are true and correct and form the basis upon which they have entered into this Agreement. 2. DEFINITIONS. In addition to any terms deiined in the body of this Agreement, the following terms shall have the definitions ascribed to them as follows: Act means the Tax Increment Financing Act, as amended and as codified as Chapter 311 of the Texas Tax Code. Captured Appraised Value in a given year means the total appraised value of all real property taxable by the Water District and located in the TIF District for that year less the Tax Increment Base. Project Plan means the project plan for the development and/or redevelopment of the TIF District, as adopted by the TIF Board and approved by the City Council of the City. Tax Increment in a given year means the amount of property taxes levied and collected by the Water District for that year on the Captured Appraised Value of real property taxable by the Water District and located in the TIF District. Tax Increment Base means the total appraised value as of January 1, 2003 of all real property taxable by the Water District and located in the TIF District. Tax Increment Fund means that fund created by the City puisuant to Section 311.014 of the Act and Section 7 of City Ordinance No. 15774, which will be maintained by the City, into which all revenues of the TIF District will be deposited, including deposits of Tax Increment by the City and by other taxing units with jurisdiction over real property in the TIF District, including the Water District. TIF Board means the governing board of directors of the TIF District appointed in accordance with Section 311.009 of the Act and Section 4 of City Ordinance No. 15774. 3. DEPOSIT AND USE OF TAX INCREMENT. The Water District hereby agrees to deposit each year during the term of the TIF District, beginning with the 2003 tax year (Tax Increment levied and collected for the 2003 tax year), eighty percent (80%) of the Water District's Tax Increment into the Tax Water District Participation Agreement re: North Tarrant Parkway TIF Page 2 - ��1��1::. `� N;^ . � , ', l �� i: G� i(' ';l '.°i''�='fr'� �i c'f`i ��1 ��:;:��.:� t�� :��:;✓��:�'n, I��l, � Increment Fund. Such deposits shall be made in accordance with the City's standard administrative procedures relative to all tax increment reinvestment zones administered by the City, but only following receipt of a bill from the City that outlines the City's calculation of the amount of the deposit that is required for that year. The Water District understands and agrees that the TIF Board may use revenue in the Tax Increment Fund for any lawful puipose, as restricted by the Act and the Project Plan. 4. TERM. This Agreement shall take effect on the date as of which both parties have executed it and shall expire upon expiration or termination of the TIF District, which currently is the earlier of (i) December 31, 2019 or an earlier termination date designated by ordinance subsequently adopted by the City Council of the City or (ii) the date on which all project costs of the TIF District, including, but not limited to, tax increment bonds and interest on those bonds, have been paid or otherwise satisfied in full. 5. RESPONSIBILITY FOR ACTS. The City and the Water District shall each be responsible for the sole negligent acts of their officers, agents, employees or separate contractors. In the event of joint and concurrent negligence of both the City and the Water District, responsibility, if any, shall be apportioned comparatively with the laws of the State of Texas, with the understanding that neither party waives any governmental powers or immunities or any other defenses available to each individually. 6. NOTICES. All written notices called for or required by this Agreement shall be addressed to the following, or such other party or address as either party may subsequently designate in writing, by certified mail, postage prepaid, or by hand delivery: City: City of Fort Worth Attn: City Manager 1000 Throckmorton Fort Worth, TX 76102 fvitlt copies to: the City Attorney and Economic/Community Development Water District Participation Agreement re: North Tarrant Parkway TIF Page 3 W ter District: 1 1I �a1'I"Uf�.�' ��j�Onal v��r � iS'rY'�'�" � e�r�-� G�A e� D'• � �7�^ s i e v� JC' i' l� �1(�fl��: ii �e; r /`; .� � ,:; ��1�v 1.-�'l t::�c::, ��i �r:ci� �� I9}� y ��,,%� .-� vJu �� 'j _ �':;.�,;i�Ju,��,: , ._ u . , ,'�C� '^ " _ ' ;��,--,no ; r � .. .!._. .� �lu�� l �---�-�..,. _.-._-,., � �_ . _ .. Director at the same address 7. NO WAIVER. The failure of either party to insist upon the performance of any term or provision of this Agreement or to exercise any right granted hereunder shall not constitute a waiver of that party's right to insist upon appropriate performance or to assert any such right on any future occasion. 8. VENUE AND JURISDICTION. If any action, whether real or asserted, at law or in equity, arises on the basis of any provision of this Agreement, venue for such action shall lie in state courts located in Tarrant County, Texas or the United States District Court for the Northern District of Texas — Fort Worth Division. This Agreement shall be construed in accordance with the laws of the State of Texas. 9. NO THIRD PARTY RIGHTS. The provisions and conditions of this Agreement are solely for the benefit of the City and the Water District and are not intended to create any rights, contractual or otherwise, to any other person or entity. 10. FORCE MAJEURE. The parties shall exercise every reasonable effort to meet their respective obligations as set forth in this Agreement, but shall not be held liable for any delay in or omission of performance due to force majeure or other causes beyond their reasonable control, including, but not limited to, compliance with any government law, ordinance or regulation, acts of God, acts of omission, fires, strikes, lockouts, national disasters, wars, riots, material or labor restrictions, transportation problems and/or any other cause beyond the reasonable control of either party. ll. INTERPRETATION. In the event of any dispute over the meaning or application of any provision of this Agreement, this Agreement shall be interpreted fairly and reasonably, and neither more strongly for or against any party, regardless of the actual drafter of this Agreement. Water District Participation Agreement re: North Tarrant Parkway TIF Page 4 i ;;f�J'��1;.1 �`;,!��'�'c;;f;��'r ;;� . 1 �;1 I:JJ4,'/ �� I i��'�1i�njd'��iC�`f t `''�' � ''��_4.L' L "c' � v �1,. 7 �o :�.��;�:i�:`�i I: �,(l � U ��G� , 12. CAPTIONS. Captions and headings used in this Agreement are for reference purposes only and shall not be deemed a part of this Agreement. 13. ENTIRETY OF AGREEMENT. This Agreement, including any exhibits attached hereto and any documents incorporated herein by reference, contains the entire understanding and agreement between the City and the Water District as to the matters contained herein. Any prior or contemporaneous oral or written agreement is hereby declared null and void to the extent in conflict with any provision of this Agreement. Notwithstanding anything to the contrary herein, this Agreement shall not be amended unless executed in writing by both parties and approved by the City Council of the City in an open meeting held in accordance with Chapter 551 of the Texas Government Code. 14. COUNTERPARTS. This Agreement may be executed in multiple counterparts, each of which shall be considered an original, but all of which shall constitute one instrument. EXECUTED as of the later date below: CITY OF FORT WORTH, TEXAS: f � �-L. .c � By: Dale Fisseler Assistant City Manager �� _ �� -� Date: ATTEST: TARRANT REGIONAL WATER DISTRICT: IC � �� g—�s' �—��—`�--��Llt? �Z � Name: U , L{-r, �r j President Board of Directors . ��a�devs�� Date:�� .�� ''��5�;� j ATTEST: i: �� 1 ' : 1 _ �� . -. � Water District Participation Agreement re: North Tarrant Parkway TIF Page 5 J �,� - Name: L�r•d�. C�3r'c � .�,-� � r,.. v�ril',�1cti'1 �''�vV'%�� f V��r,- ,,• ;� �� q � L� ��r�� %r1/ �L 1�15 iL=t �•. � •'y'�` t `l, � �u el .�.�� , �� u � �� City Secretary Signature page 2 APPROVED AS TO FORM/LEGALITY: �� By: f' -�/�,i �Christa R. Lopez Assistant City Attorney M&C: i'��N.�i l� Water District Participation Agreement re: North Tarrant Parkway TIF Page 6 Title: 1�IYc�,lv� �f CZp,xrt�w,.�1' l�?,(�r�.� �•,2r2.1I !��1 p,�[ ��.n'1 �i�l NJJI�dI I.e,�� /`I ��) �'� 1��i.l1''.�. 1�'.�U�J��.� ��Iu'��I��7II � ' � �� i�� '�� l� rIl�i \1,�� .�.%YY,�r ��t.J I��.L L'f J�: 41 :.� `�.�U ?"0 �� ;��:�, �� ; `� �'i �� ..��i..�1�� :�S:o