HomeMy WebLinkAboutContract 35442-A1 (2)'`I�Y ���R���R�`
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A.MENDMENT NO. 1 TO
AGREEMENT TO PARTICIPATE IN
TAX INCREMENT REINVESTMENT ZONE NUMBER NINE,
CITY OF FORT WORTH, TEXAS
This AMENDMENT NO. 1 TO AGREEMENT TO PARTICIPATE IN TAX
INCREMENT REINVESTMENT ZONE NUMBER NINE, CITY OF FORT
WORTH, TEXAS ("Amendment") 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 Amendment:
A. On December 9, 2003 the City Council of the City (the "City Council")
adopted Ordinance No. 15797 designating certain real property in the vicinity of the
Trinity River north and west of the City's downtown area (the "Original TIF Area") as
T� Increment Reinvestment Zone Number Nine, City of Fort Worth, Texas (the "TIF
District").
B. On June 15, 2004 the City Council adopted Ordinance No. 16005, which
amended Ordinance No. 15797 by increasing the number of directors on the TIF
District's Board of Directors (the `Board"). On February 7, 2006 the City Council
adopted Ordinance No. 16808-2-2006 amending Ordinance No. 15797 by removing
certain real property from the boundaries of the TIF District.
C. On September 15, 2005 the Board adopted a project plan and financing
plan for the TIF District (collectively, the "Plans"). On January 19, 2006 the City
Council adopted Ordinance No. 16768-01-2006 approving such Plans.
D. The City and the Water District have entered into an agreement (the
"Participation Agreement") pursuant to which the Water District has agreed to deposit
eighty percent (80%) of the Water District's Tax Increment into the TIF District's Ta�
Increment Fund, as specifically provided in the Participation Agreement. The
Participation Agreement is a public document on file in the City Secretary's Office as
City Secretary Contract No. 35442.
E. On December 15, 2009 the City Council adopted Ordinance No. 18975-
12-2009 expanding the boundaries of the TIF District to include certain additional real
property along the Trinity River east and south of the Original TIF Area (the "Expanded
TIF Area"). Ordinance No. 18975-12-2009 is incorporated herein by reference for all
purposes.
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Amendment No. 1 to Tarrant Regional Water District
Participation Agreement re: Trinity River Vision TIF
Page 1
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�FFICIAL RECORD
' CITY SECRETARY
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F. On December 15, 2009 the Board adopted an amended project plan and an
amended financing plan for TIF District (collectively, the "Amended Plans"), subject to
the City Council's adoption of an ordinance expanding the TIF District's boundaries to
include the Expanded TIF Area. On December 15, 2009 the City Council adopted
Ordinance No. 18975-12-2009 approving such Amended Plans. Ordinance No. 18975-
12-2009 is incorporated herein by reference for all purposes.
G. The Water District's governing body has adopted a Resolution or
otherwise taken appropriate and sufficient action in a public meeting, following a vote of
a majority of the governing body, to authorize the Water District to also contribute eighty
percent (80%) of the Water District's Tax Increment from property in the Expanded TIF
Area into the Tax Increment Fund in order to implement the Amended Plans, and to
authorize the Water District's deposit of Tax Increment from property located in both the
Original TIF Area and the Expanded TIF Area to continue until termination of the TIF
District in accordance with Ordinance No. 18975-12-2009, which intent the parties wish
to reduce to writing through this Amendment.
NOW, THEREFORE, the City and the Water District, for and in consideration
of the terms and conditions set forth herein, do hereby contract, covenant and agree as
follows:
1. The following terms and their definitions are hereby added to Section 2
(Definitions) of the Participation Agreement:
Expanded TIF Area means those certain real properties and
boundaries added to Tax Increment Reinvestment Zone Number Nine,
City of Fort Worth, Texas pursuant to Ordinance No. 18975-12-2009.
Ori�inal TIF Area means those certain real properties and
boundaries comprising Tax Increment Reinvestment Zone Number Nine,
City of Fort Worth, Texas pursuant to Ordinance No. 15797, as amended
by Ordinance No. 16808-02-2006.
2. The following terms provided in Section 2(Definitions) of the Participation
Agreement are hereby amended to be defined as follows:
Proiect 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 pursuant to Ordinance Nos. 16768-01-2006
and 18975-12-2009.
TIF District means T� Increment Reinvestment Zone Number
Nine, City of Fort Worth, Texas, which includes the Original TIF Area
and the Expanded TIF Area.
Amendment No. 1 to Tarrant Regional Water District
Participation Agreement re: Trinity River Vision TIF
Page 2
Tax Increment Base means (i) the total appraised value as of
January 1, 2003 of all real property taxable by the Water District and
located in the Original TIF Area and (ii) the total appraised value as of
Januaiy 1, 2009 of all real property taxable by the Water District and
located in the Expanded TIF Area.
3. Section 3(Deposit of Tax Increment) of the Participation Agreement is hereby
amended to read as follows:
Pursuant to a Resolution duly adopted by the governing body of the
Water District, which Resolution is attached hereto as Exhibit "1" and is
hereby made a part of this Agreement for all purposes, and specifically
subject to Section 4 of this Agreement, the Water District hereby agrees to
deposit into the T� Increment Fund each year during the term of the TIF
District (i) eighty percent (80%) of the Water District's T� Increment from
the Original TIF Area, beginning with such T� Increment received during
the 2004 ta�� year and for each year hereafter during the term of this
Agreement; and (ii) eighty percent (80%) of the Water District's T�
Increment from the Expanded TIF Area, beginning with such T�
Increment received for the 2010 ta.x year and for each year thereafter
through the term of this Agreement. The calculation to determine the dollar
amount of the Water District's T� Increment to be deposited shall be made
in accordance with the Water District's Tax Increment Financing Policy and
such deposits shall be made in accordance with the City's standard
adininistrative procedures, 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 and approval of same by the Water District. The City
and the Water District each agree to reasonably cooperate with the other in
resolving any issues pertaining to calculations of the Water District's T�
Increments, and deposit thereof.
4. Section 5(Term) of the Participation Agreement is hereby amended to read as
follows:
This Agreement shall take effect on the date as of which both parties
have executed it and shall expire on the earliest of (i) December 31, 2044;
(ii) a date earlier than December 31, 2044 that is specified for tei7nination of
the TIF District in an ordinance adopted by the City Council; or (iii) the
date as of which a11 project costs of the TIF District, including, but not
limited to, any ta�� increment bonds and interest on those bonds, have been
paid or otherwise satisfied in full. The adoption of an ordinance by the City
Council extending the term of the TIF District beyond December 31, 2044
shall not serve to extend the term of this Agreement unless this Agreement
is amended in writing and signed by the Water District.
Amendment No. 1 to Tarrant Regional Water District
Participation Agreement re: Trinity River Vision TIF
Page 3
5. This Amendment shall take effect on the date as of which both parties have executed
it. All provisions and conditions of the Participation Agreement that are not specifically
amended by this Amendment shall remain in full force and efFect.
6. Capitalized terms used but not identified in this Amendment shall have the same
meanings assigned to them in the Participation Agreement.
7. This Amendment contains the final written expression of the City and the Water
District with respect to the subject matter hereo£ This Amendment 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:
By; v � i �c
Tom Higgins
Assistant City
Date: ��Z�
ATTEST:
TARRA.NT REGIONAL WATER
DISTRICT:
I�.
i
.,-y--� �'C_,�L,
Victor W. Hende
President, Board
Date:
ATTEST:
By: By:
Marty Hendri
City Secretary ;
APPROVED AS TO FORMILEGALITY:
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By: i �-��'?i V G� �ltil_
Peter Vaky '�
Assistant City Attorney
M&C: none required
Amendment No. 1 to Tarrant Regional Water District
Participation Agreement re: Trinity River Vision TIF
Page 4
J��k R. �tevens
S�ecretary, Board of Directors
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i�` OFFICIAL RECQRD
CITY SE�RETi4RY
`� FT. WORTH,1'X
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RESOLUTION OF THE BOARD OF DIRECTORS
OF THE TARRANT REGIONAL WATER DISTRICT
AUTHORIZING PARTICIPATION IN TAX INCREMENT
REINVESTMENT ZONE NUMBER NINE
WI3EREAS, on December 9, 2003, the City Council of the City of Fort Worth
designated certain real property located north and west of the downtown Central Business
District and in the vicinity of the Trinity River (the "Original TIF Area") as "Tax Increment
Reinvestment Zone Number Nine, City of Fort Worth, Texas" (the "TIF District") pursuant to
City Ordinance No. 15797 and as authorized by Chapter 311 of the Texas Tax Code; and
WHEREAS, on September 15, 2005, the Board of Directors of the TIF District adopted
a project and financing plan for the TIF District (the "Original TIF Plans") in accordance with
Section 311.011(a) of the Texas Tax Code; and
WHEREAS, on January 19, 2006, the City Council of the City of Fort Worth approved
the Original TIF Plans pursuant to City Ordinance No. 16768-01-2006 and in accordance with
Section 311.011(d) of the Texas Tax Code;
WHEREAS, by resolution dated May 15, 2007, the Board of Directors of the Tarrant
Regional Water District ("TRWD") determined that it was in the best interests of TRWD and the
public served by TRWD to contribute eighty percent (80%) of the property taxes levied and
collected by TRWD on real property located in the Original TIF Area for any year, less the total
appraised value of such real property on January 1, 2003 (the "Original TRWD Tax Increment"),
to the tax increment fund of the TIF District (the "Tax Increment Fund");
WHEREAS, on June 22, 2007, the City of Fort Worth and TRWD entered into an
Agreement to Participate in Tax Increment Reinvestment Zone Number Nine, City of Fort
Worth, Texas (the "Participation Agreement") pursuant to which TRWD agreed to deposit eighty
percent (80%) of the Original TRWD Tax Increment into the Tax Increment Fund, as
specifically provided in the Participation Agreement;
WHEREAS, on December 4, 2009, the Board of Directors of the TIF District adopted an
amended financing plan for the TIF District (the "Amended TIF Plans") as authorized by Section
311.011(e) of the Texas Tax Code; and
WHEREAS, it is anticipated that the City Council of the City of Fort Worth will take
appropriate action to expand the boundaries of the TIF District to include certain additional real
property along the Trinity River east and south of the Original TIF Area (the "Expanded TIF
Area") as authorized by Section 311.007 of the Texas Tax Code;
WI3EREA5, it is anticipated that the City Council of the City of Fort Worth will take
appropriate action to approve the Amended TIF Plans in accordance with Section 311.011(e) of
the Texas Tax Code;
WHEREAS, the Board of Directors of TRWD has determined that it is in the best
interests of TRWD and the public served by TRWD to contribute eighty percent (80%) of the
property taxes levied and collected by TRWD on real property located in the Expanded TIF Area
EXHIBIT_._ I _
for any year, less the total appraised value of such real property on January 1, 2009 (the
"Expanded TRWD Tax IncremenY'), to the Tax Increment Fund;
WHEREAS, the Board of Directors of TRWD has determined that it is in the best
interests of TRWD and the public served by TRWD to contribute (i) eighty percent (80%) of the
Original TRWD Tax Increment and (ii) eighty percent (80%) of the Expanded TRWD Tax
Increment, as specified herein, to the Tax Increment Fund for the duration of the term of the TIF
District, as extended by the Amended TIF Plans, in order to implement the Amended TIF Plans;
WHEREAS, the Board of Directors of the TRWD has determined that it is in the best
interests of TRWD and the public served by TRWD to enter into an amendment to the
Participation Agreement whereby TRWD will contribute the tax increments specified herein to
the Tax Increment Fund for the duration of the term of the TIF District in accordance with
Section 311.017(a-1) of the Texas Tax Code.
NOW, THEREFORE, be it resolved by the Board of Directors of TRWD that:
1. The foregoing recitals are adopted as resolutions of the Board of Directors
of TRWD as if fully set forth herein.
2. TRWD shall deposit eighty percent (80%) of the Original TRWD Tax
Increment to the Tax Increment Fund each year, beeinning with the 2004
tax year, for the duration of the term of the TIF District.
3. TRWD shall deposit eighty percent (80%) of the Expanded TRWD Tax
Increment to the Tax Increment Fund each year, begintung with the 2010
tax year, for the duration of the term of the TIF District.
4. Sandy Swinnea, Chief Financial Officer, and appropriate staff of TRWD,
should be, and are hereby, authorized to make such determinations as are
necessary to ensure that all conditions precedent are satisfied to carry out
the purposes of the foregoing resolutions, including approval by the TIF
District and approval by the City Council of the City of Fort Worth.
5. Upon the determination of TRWD staff that that all conditions precedent
are satisfied, the President of the Board of Directors of TRWD should be
and is hereby authorized to execute the Amendment No. 1 to Agreement
to Participate in Tax Increment Reinvestment Zone Number Nine, City of
Fort Worth, Texas in the form attached hereto as Exhibit "1" subject to the
terms and conditions set forth therein and as set forth in this resolution and
as otherwise agreed by TRWD and the City of Fort Worth.
6. The President of the Board of Directors of TRWD should be and is hereby
authorized and directed to enter into and execute such agreements and
undertakings as may be reasonably necessary to implement the purposes of
the foregoing resolutions.
ADOPTED AND APPROVED this 15th day of December, 2009.
TARRANT REGIONAL WATER DISTRICT, a
Water Control and Improvement District
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Victor W. Henderson
President, Board of Directors
ATTEST;
�J k R. Stevens
ecreta�y, Board of Directot•s