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Home My WebLink AboutOrdinance 19835-08-2011ORDINANCE NO. 19835-08-2011 AN ORDINANCE APPROVING AN AMENDED PROJECT AND FINANCING PLAN FOR TAX INCREMENT REINVESTMENT ZONE NUMBER EIGHT, CITY OF FORT WORTH, TEXAS (LANCASTER CORRIDOR TIF); MAKING VARIOUS FINDINGS RELATED TO SUCH AMENDED PLAN; PROVIDING FOR SEVERABILITY; AND PROVIDING AN EFFECTIVE DATE. WHEREAS, as authorized by Chapter 311 of the Texas Tax Code (the "Act") and pursuant to Ordinance No. 15775, adopted by the City Council of the City of Fort Worth, Texas (the "City") on December 9, 2003, the City created Tax Increment Reinvestment Zone Number Eight, City of Fort Worth, Texas (the "Zone"); and WHEREAS, on January 22, 2004 the board of directors of the Zone (the "Board") adopted a project and financing plan for the Zone (the "Plan"), as required by Section 311.011(a) of the Act; and WHEREAS, in accordance with Section 311.011(d) of the Act, on January 27, 2004 the City Council approved the Plan pursuant to Ordinance No. 15844; and WHEREAS, on February 24, 2005, the Plan was subsequently amended by the Board pursuant to Board Resolution 2005-02, which amended was approved by the City Council on March 29, 2005 pursuant to Ordinance No. 16343-03-2005; and WHEREAS, on June 29, 2006, the Plan was subsequently amended by the Board pursuant to Board Resolution 2006-04, which amendment was approved by the City Council on August 15, 2006 pursuant to Ordinance No. 17100-08-2006; and Page 1 Ordinance Approving Amendment to Project and Financing Plan Tax Increment Reinvestment Zone Number Eight, City of Fort Worth, Texas WHEREAS, on December 5, 2007, the Plan was subsequently amended by the Board pursuant to Board Resolution 2007-01, which amended was approved by the City Council on January 29, 2008, pursuant to Ordinance No. 17964-01-008; and WHEREAS, as authorized by Section 311.011(e) of the Act, on June 23, 2011 and pursuant to Board Resolution 2011-01, the Board amended Sections III and IV of the Plan to allow the TIF to support to development of affordable mixed -use and residential developments at specific sites requiring streetscape improvements and/or parking structures, and made certain other non -material amendments to the Plan, all as depicted in the underlined language of Exhibit "A", and recommended that the Plan, as amended, be approved by the City Council; NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FORT WORTH, TEXAS: Section 1. FINDINGS. That 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. 1.2 That the Plan, as amended, includes all information required by Sections 311.011(b) and (c) of the Act. 1.3 That the Plan, as amended, is feasible and the amended and restated Plan conforms to the City's master plan. 1.4 That on August 9, 2011, but prior to the adoption of this Ordinance, the City Council held a public hearing on the Plan, as amended, and afforded a reasonable opportunity for Page 2 Ordinance Approving Amendment to Project and Financing Plan Tax Increment Reinvestment Zone Number Eight, City of Fort Worth, Texas interested persons to speak for or against designation of the Zone and approval of the Plan, as amended, as well as for owners of property located in the Zone to protest inclusion of their property in the Zone (the "Public Hearing"), as required by Section 311.011(e) of the Act. 1.5 That notice of the Public Hearing was published in a newspaper having general circulation in the City on August 2, 2011, which satisfies the procedural requirement of Section 311.003(c) of the Act that notice of the Public Hearing be so published at least seven (7) days prior to the date of the Public Hearing. Section 2. APPROVAL OF AMENDED PLAN. That based on the findings set forth in Section 1 of this Ordinance, the Plan, as amended, is hereby approved. Section 3. DELIVERY OF AMENDED PLANS TO TAXING ENTITIES. That the Housing and Economic Development Department is hereby directed to provide a copy of the Plan, as amended, to the governing body of each taxing unit that taxes real property located in the Zone. Page 3 Ordinance Approving Amendment to Project and Financing Plan Tax Increment Reinvestment Zone Number Eight, City of Fort Worth, Texas 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. Section 5. EFFECTIVENESS. That this Ordinance shall take effect and be in full force and effect from and after its adoption. AND IT IS SO ORDAINED. ADOPTED AND EFFECTIVE: August 9, 2011 APPROVED AS TO FORM AND LEGALITY: By: P Peter Vaky Deputy City Attorne M&C: G-/ 7350 f- 9 // Page 4 Ordinance Approving Amendment to Project and Financing Plan Tax Increment Reinvestment Zone Number Eight, City of Fort Worth, Texas Exhibit "A" Financing Plan and Project Plan for -the Tax Increment Reinvestment Zone Number Eight, City of Fort Worth, Texas (Lancaster Corridor TIF) June 29, 2006June 23, 2011 1 Table of Contents I. Description of the Proposed Zone (Pages 3-5) A. Map B. Legal Description II. Economic Impact (Pages 6-10) A. Necessary Public/Private Partnerships B. Catalyst Redevelopment Projects C. Targeted Redevelopment Zones D. Anticipated Economic Activity III. Tax Increment Projections IV. Project Costs and Financing V. Term and Governance (Page 11) (Pages 12-14) (Pages15-177) I. Description of the Proposed Zone West ROW line of Henderson LL South ROW line of 3rd St. TT R E°7(1 North ROW ROW line of 1-30 exit at Henderson St. A. TIF Map West ROW line of Burnett North ROW line of 7th St. .;... z. w.., Ffil North ROW line of 7th St. kk ; kki North ROW line of 1-30 4 B. Legal Description of the TIF District Beginning at a point of the intersection of a projection of the west ROW line of Henderson St and the south ROW line of 3rd St., thence Northeasterly along the south ROW line of 3rd St. to a point where said line intersects with the west ROW line of Burnett St., thence Southeasterly along the west ROW of Burnett St. to a point where said line intersects the north ROW line of 7th St., thence Easterly along the north ROW line of 7th St. to a point where said line intersects the north ROW line of 7th St., thence Northeasterly along the north ROW line of 7th St. to a point where said line intersects the east ROW line of Calhoun St., thence Southeasterly along the east ROW line of Calhoun St. to a point where said line intersects the north ROW line of Interstate 30, thence Westerly along the north ROW line to a point where said line intersects the north ROW line of the Interstate 30 exit at Henderson St., thence Westerly along the north ROW line of the Interstate 30 exit at Henderson St. to a point where said line intersects the west ROW line of Henderson, thence Northward along the west ROW line of Henderson St. to a point where said line intersects with the south ROW line of 3rd St., which is the point of beginning. Map and Boundary Description prepared by Gideon Toal, Inc. 5 II. Economic Impact 6 A. Necessary Public/Private Partnerships • Lancaster Corridor Will Require Public/Private Partnerships to Develop in a Timely Manner The demolition of the former I-30 overhead has repositioned the Lancaster Ave as one of the major urban parkways in Fort Worth and Tarrant County and as one of the primary gateways to Downtown Fort Worth and the Medical District. A repositioned Lancaster Avenue opens the potential of significant redevelopment in the Lancaster Corridor, however the redevelopment of the Lancaster Corridor has many challenges and can be significantly accelerated with the prudent use of public/private partnerships. Several of the contemplated redevelopment projects in the area will serve as a catalyst for further development in the area. The funded Lancaster Avenue roadway and streetscape will be an additional catalyst for further development. LANCASTER STREETSCAPE 7 B. Catalyst Redevelopment Projects Other projects in the redevelopment corridor will have spin-off economic benefits that will facilitate further private investment. FORT WORTH CONVENTION CENTER RAMADA HOTEL KIRKASSOCIATES - Several significant projects, including local and national historic landmarks are poised to redevelop generating new taxes for the local taxing entities and will create economic activity where it has been dormant for many years. T&P TERMINAL US POST OFFICE T&P WAREHOUSE C. Targeted Redevelopment Zones It is anticipated that redevelopment will occur throughout the Lancaster Corridor with the use of appropriate public/private partnership incentives. 9 D. Anticipated Economic Activity Attachment A details construction that is projected to occur over the next twenty years. By the end of 2005, it is estimated that 108,123 square feet of new property developments will become available within the TIF boundary. Likewise, by 2023, it is estimated that 4,079,999 square feet of new property development will occur within the TIF boundary. III. Tax Increment Projections Attachment B projects the revenue for the TIF over its 21 year life, assuming a 1.5% annual appreciation of the property within the boundary of the TIF. Additionally, the projects assume new property value resulting from development occurring over the next 21 years. In total, the TIF is projected to have revenue of around $5445- million during its lifetime, as shown in Attachment C., as shown in Attachment C. IV. Project Costs and Financing The TIF District anticipates the capture of increment from the new development outlined in Attachment A and utilizing those additional funds to leverage selective catalyst projects in the Lancaster Corridor. This Project Plan includes the following projects. These project costs are eligible for TIF funding: 1. T&P Terminal Building: initial costs of $2.8 million in net present value terms (2003 dollars) for the redevelopment of the T&P Terminal Building (the "T&P Terminal Redevelopment Project"). Project costs for the T&P Terminal Redevelopment Project would include: • Historic Facade Easement Lease • Facade and Site Work • Professional Service Costs • Improvements to the public right-of-way for landscaping and pedestrian connections • Environmental Remediation • City Fee Support 2. Public Infrastructure Associated with Convention Center Hotel Project: construction and installation of public infrastructure, including street improvements, utility relocations, parking improvements and landscaping of public areas on and adjacent to the two (2) City blocks located on the west side of Houston Street known as Blocks 7 and 8, Tarrant County Convention Center Addition, on which construction by Omni Hotels, Inc. of a hotel to support the Fort Worth Convention Center and various other related improvements, including a parking garage, is desired (the "Convention Center Hotel Development Project"). Such public infrastructure would be paid for or reimbursed from tax increment remaining after satisfaction of any previously -approved contractual commitments commitments to the T&P mcnt at; 3ubsequently det mi-ine in any given year made by the TIF District's board of directors, subject to any restrictions specifically imposed by the participating taxing jurisdictions. 3. Management and Administration Costs: The TIF District's board of directors is authorized to expend up to 5% of annual TIF revenues for 12 management and administrative purposes, which allocation shall have priority over any other TIF project, including, but not limited to, the T&P Terminal Redevelopment Project and the Convention Center Hotel Development Project., 4. T&P Warehouse: up to $9 million for assistance with public infrastructure costs associated with the redevelopment of the T&P Warehouse (the "T&P Warehouse Redevelopment Project"), payable as a reimbursement following completion. Project costs for the T&P Warehouse Redevelopment Project would include: • Environmental remediation and demolition • Facade improvements • Public streetscape/construction and relocation of utilities • Site work on or adjacent to the T&P Warehouse Property • Clearing and grading of the T&P Warehouse Property • Hardscape and landscape improvements • Roof repairs and stabilization of the structure on the roof as necessary to preserve the historic facade of the T&P Warehouse • Professional fees directly related to approved project costs • Costs of constructing a public plaza • Administrative expenses (third party studies, reports, historical review and legal fees directly related to the project costs) • Reimbursement of City tap and impact fees • Interest on any unpaid balance of the reimbursement. 5. 5 Public Infrastructure Associated with Lancaster Avenue Redevelopment: construction and installation of public infrastructure, including street improvements, utility relocations, parking improvements and landscaping of public areas on and adjacent to all portions of Lancaster Avenue that are within the TIF District. Such public infrastructure would be paid for or reimbursed from tax increment remaining after satisfaction of any previously approved contractual commitments in any given year made to the T&P Terminal Redevelopment Project, the T&P Warehouse Redevelopment Project and any other projects receiving priority of y determined by the TIF District's board of directors, subject to any restrictions specifically imposed by the 13 participating taxing jurisdictions. 6. Public Art Associated with T&P Terminal Building: design, fabrication and installation of T&P Terminal Waiting Room Commemoration Project. Such public infrastructure would be paid for as subsequently determined by the TIF District's board of directors, subject to any restrictions specifically imposed by the participating taxing jurisdictions. 7. Support of Mixed -Use Residential Development in Designated Zones: Allows the TIF to support development of mixed -use developments at specific sites requiring streetscape improvements and/or parking structures within the following zones, as referenced and depicted in Attachment D: • Area blocks bounded to the north by 7th Street, to the south by 8th Street, to the east by Main Street, and to the west by Houston Street (D 1): • Area blocks bounded to the north by 7th Street, to the south by 8th Street, to the east by Calhoun Street, and to the west by Commerce Street (D2): • Area blocks bounded to the north by 9th Street, to the south by 10th Street, to the east by Calhoun Street, and to the west by Commerce Street (D3): • Area blocks bounded to the north by 14th Street, to the south by Lancaster Avenue, to the east by Commerce Street, and to the west by Houston Street (D4): and • Area blocks bounded to the north by 13th Street, to the south by Lancaster Avenue, to the east by Throckmorton Street, and to the west by Burnett Street (D5). Any rental residential development, including the residential portion of a mixed -use development, must have a minimum of 15 percent of all units that are quality, accessible, and set aside for low -to -moderate income tenants in order to be eligible to receive TIF support. Any additional TIF Project costs would be subject to review and approval by the participating taxing jurisdictions. Projects that could be subject to additional TIF funding, but subject to review and approval by the participating 14 taxing entities would be the redevelopment of the U.S. Post Office, including street, utility, and landscaping improvements. parking, and facade preservation.: • U. S. Post Office: Streets, Utilities, Landscaping, Parking, ri snags Protection • - I21 k N„ tt r7 an^ -te Public Tnf not ct re Streets, Utilitieo, Parking, Landscaping • Water Gardens Improvements: Entrances to Lancastcr, Public u stro \T Gitor Center Utilities, Street:,, Landscaping, Access and Parking 15 V. Boundaries, Term and Governance Boundaries • The boundaries of the TIF District have been proposed to allow taxable properties to contribute to the surrounding Lancaster Corridor catalyst redevelopment projects and allow the taxing jurisdictions to receive additional funds that otherwise would not be collected. • The size and scope of the boundaries includes multiple tax-exempt properties that will benefit from the Lancaster Corridor redevelopment. • Below is a current land ownership map depicting the taxable and tax- exempt properties. Lancaster.shp Non -Exempt Church Exemption MIN Charitable Org. Exemption Ili Government Exemption 16 Boundaries (continued) • The size of the TIF District is 225 acres or 9,801,000 square feet of area. Term • The TIF District expires on the earlier of (i) December 31, 2024 or an earlier termination date designated by an ordinance subsequently adopted by the City Council of the City of Fort Worth or (ii) the date on which all project costs, tax increment bonds (if any) and interest on those bonds have been paid in full. • A cap on total expenditures is imposed, at 2003 dollars, of $16,000,000. Governance • The Project and Financing Plans only grant the TIF Board the use of $2.8 million in net present value terms for the T&P Terminal Redevelopment Project and any additional available tax increment for public infrastructure and improvements associated with the Convention Center Hotel Development Project. 17 • Any additional expenditure would require participating taxing jurisdiction review and approval and subsequent TIF Board approval. 18 T1me Table lc Fire Dept. 0.0 I Parking 0.0 11 CAy 0.0 1) Parking 0.0 2a Fad. Garage 0.0 2c CBy Parking 00 3c Parkkrg 0.0 3g Water Gardens Bldg. 0.0 3h Cony. Ctr, Parking 0.0 31 TWU 0.0 6a FOSI Unked Methodist 0.0 fib 8 of A Garage 0.0 7b Burnett Film 0.0 7c Walpeans 0.0 71 Federal Cow6iouse 0.0 7g SI. Mdreds 00 8b ON 8 Gruff edam! 0.0 8c City 0.0 8d City 0.0 8a St Patrick's 0.0 Sr Southweslem BM 0.0 9b TXU 0.0 9d floosie° Place Lolls 0.0 9r Nadi/non/Manorial 0,0 9h United Way 0.0 9i Cky 0.0 31 Water Gardens 0.0 3d Parking 2.0 3e TCG 2.0 56 TOP Terminal 2.0 Be Neil P. Anderson/Parking 2.0 9a Waggoner Raiding 5.0 7e Bank One 5.0 9e Pater BrWlersMkdws 10.0 4a Sur -Telegram 10.0 7e Frost Bank 10.0 31 Ramada 15.0 89 Cravens 15.0 11 Srnal Sarvla 15.0 19 Small Office 15.0 2d Naha) Frankel 15.0 3b Lany Shop 15.0 4b T&P Warehouse 15.0 7d Small OOfos 15.0 9c Radium 15,0 4b UP Warehouse 15.0 5a T6P Tem*ul 15.0 99 9re74loi red 15.0 5e Post 011ie 20.0 3a Falcon Eng 20.0 la Shurgard 20.0 1b Smal10f8ce 20.0 1d City 20.0 1a OffloalTXU 20.0 21i Gas 851919g 20.0 2e Texas Workforce Comm. 20.0 2f Zipper Brulda19 20.0 5b Frank Kern Sea 20.0 ATTACHMENT A Estimated Construction Buildout Within the Lancaster 4.93 TAX EXEMPT 0.92 TAX EXEMPT 1.14 PARTIAL BUILDOUT/TAX EXEMPTION 10.90 PARTIAL BUWOUT 2.12 PARTIAL BUILDOUT 0.92 DEVELOPMENT POTENTIAL 2.90 PARTIAL BUILDOUT 0.92 PARTIAL BUILOOUT 10.37 PARTIAL. BUILDOUT 3.30 PARTIAL BUILDOUT/EXEMPTION 2.10 PARTIAL BU8.DOUTITAX EXEMPTION 0.78 PARTIAL BUILDOUT 1.47 PARTIAL BUILDOUT 0.82 PARTIAL SWLDOUT 0.84 PARTIAL BUILDOUT 2.01 PARTIAL BUILDOUT/TAX EXEMPTION 2.93 PARTIAL BULDOUT 1.50 PARTIAL BULDOUT/TAX EXEMPTION 1.84 PARTIAL BULOOUTITAX EXEMPTION 2.94 PARTIAL BULOOUTITAX EXEMPTION 10.90 PARTIAL BULDOUT 0.92 PARTIAL BULDOUTITAX EXFJMPT1ON 1.20 PARTIAL BUALDOUT 5.78 PARTIAL BUILDOUT 1.57 PARTIAL BUILDOUT 1.66 PARTIAL BUILDOUT 1.41 PARTIAL SUILDOUT 1.94 PARTIAL BUL.DOUT 1.42 PARTIAL OULDOUT 0.89 PARTIAL EULDOUT 1.12 PARTIAL BUILDOUT 4.66 Description FULLY BULT TAX EXEMPT TAX EXEMPT FULLY BUILT TAX EXEMPT TAX EXEMPT TAX EXEMPT FULLY BUILT FULLY BUILT FULLY BUILT TAX EXEMPT FULLY BUILT FILLY BUILT FULLY BUILT TAX EXEMPT TAX EXEMPT FULLY BUILT TAX EXEMPT TAX EXEMPT TAX EXEMPT FULLY BUILT FULLY BUILT FULLY BUILT FULLY BUILT TAX EXEMPT TAX EXERT FULLY BUILT AC Improved Area Mttproved Value Lard Value Appraised Value 180) New Development (SF) 1.60 0 $ - $ - $ - $ 0.47 0 $ 10,602 $ 151000 $ 192,402 $ 1.60 0 $ - $ - $ - $ 0.47 0 $ 20.520 $ 308,310 $ 328,830 8 1.63 455,840 $ $ - $ - 8 11.68 0 $ $ - $ - $ 2.07 0 $ $ - $ - $ 0.83 105,000 $ 3,960,000 $ 540,000 8 4.500,000 $ 1.53 0 $ - $ • $ $ 0.94 106.380 $ $ - $ - $ 8.01 167,336 $ 11.781,844 $ 8,955,500 $ 20.737,344 8 1.00 4,672 $ 43,002 $ 1.306,620 $ 1,349,622 $ 4.98 2,560,468 $ 84.120,000 $ 2880,000 $ 87.000,000 $ 1.26 15,056 $ 980049 $ 1,972,800 $ 2,353,449 $ 1.63 0 $ $ - $ - $ 1.5$ 40,314 3 23,783 $ 951,330 $ 975,113 $ 3.00 638,292 $ 9,379.760 $ 2.832,240 $ 12,212,000 $ 1.45 42,125 $ 843,880 $ 469,500 $ 1.113,380 $ 1.98 0 $ 8 - $ - $ 1.32 0 $ - $ - $ • $ 10.49 457,272 $ 8,3114,224 $ 622,033 $ 6,407.164 $ 0.92 357.088 $ 4,120,906 $ 1,600,000 $ 5,920,906 $ 1.05 211,130 $ 4,602,494 $ 1.804.580 $ 6,407,184 $ 0.92 24,960 $ 820,944 $ '400.000 $ 1.220,944 3 0.92 33,876 $ - $ • $ - $ 1.03 0 $ - $ - $ - $ O $ - $ - $ - $ O $ • $ - $ - $ 42,400 $ - $ - $ • $ - 90,000 $ 3,132,246 $ 744,850 $ 3,877,128 $ 32,817 408,712 8 7,425.061 $ 2,764,740 $ 10,189001 1 754000 144,695 $ 2.611.225 $ 1,794,375 $ 4.405.800 $ 75,000 53,188 $ 735 3,_16 $ 2`881,407 $ 3,696,723 $ 75000 39,290 $ 1,192,733 $ 804,000 8 1,996,733 $ 30000 23,080 $ 25,760 $ 969,607 $ 995,367 $ 100,000 17,266 $ 1,462,441 $ 2,321,001 $ 3,763, 42 $ 500000 352,803 $ 4,956,133 $ 1,950,554 $ 6,308,687 $ 382603 75,351 $ 1,086,000 $ 715,320 $ 1,806,320 $ 28,000 23,815 $ 83,365 $ 818,850 $ 702,235 $ 23.815 10,334 $ 505,253 $ 350,433 $ 855,686 $ 10,334 15,849 $ 139,676 $ 434,910 $ 574,586 $ 31,698 8,895 $ 200,216 $ 1,267,503 8 1,487.716 $ 17,790 O $ - $ 274,726 26,027 $ 365,378 $ 1,243,500 $ 1,608,876 $ 240,000 969,935 $ 12,789,250 $ 2,590,000 $ 15,679,250 $ 203,000 549,452 $ 1,487,102 $ 2,5E4,630 $ 4,021,922 $ 274,726 118,152 $ 3,132,248 $ 741.580 $ 3,877,128 $ 118,152 48,580 ! 559,535 $ 1,200,000 $ 1,759.535 0 400,000 O $ • $ - 5 $ 274,726 105,000 $ 3.960,000 $ 540,000 $ 4,500.000 S 105,000 101,126 5 2,363,377 $ 927.395 $ 3,280,772 5 101,126 62,516 $ 689,510 $ 1,065,555 $ 1,775.165 1 62516 30,384 $ 8,741 $ 332611 $ 341,352 1 30,984 52,766 1 735,143 $ 1,690,700 1 2,428,843 $ 52,788 1,616 1 55.760 $ 1,327,000 $ 1,382,760 $ 3060 109,876 8 - $ - $ • $ 219,352 70,200 $ 3,050,720 5 714,203 $ 3,774,920 $ 140400 O $ • 1 859,588 $ 8159 588 $ 200000 $ 4.079.693 TOTAL PROJECT WA WA WA WA WA WA WA WA N/A WA WA WA WA WA WA NIA WA WA WA WA WA WA WA WA WA WA WA CC RELATED CC RELATED TAXABLE IMPROVEMENTS 107,817 BURNETT GARAGE NEW GARAGE 150,000 BANK ONE DRIVE•TN UI NEW DEVELOPMENT NEW DEVELOPMENT 630000 NEW DEVELOPMENT AFTER EXEMPTIONS AFTER EXEMPTIONS NEW DEVELOPMENT NEW DEVELOPMENT NEW DEVELOPMENT NEW DEVELOPMENT AFTER EXEMPTIONS NEW DEVELOPMENT AFTER EXEMPTIONS AFTER EXEMPTIONS AFTER EXEMPTIONS 2.002044 NEW DEVELOPMENT AFTER EXEMPTIONS NEW DEVELOPMENT NEW DEVELOPMENT NEW DEVELOPMENT NEW DEVELOPMENT NEW DEVELOPMENT NEW DEVELOPMENT NEW DEVELOPMENT NEW DEVELOPMENT 1,189,832 NEW DEVELOPMENT ATTACHMENT B Tax Increment Reinvestment Zone Number 8 (Lancaster Corridor TIE) Projected Revenues TAXABLE BASE YEAR GROWTH 1 5% TAX RATE City 0 8650003 Hosp1a1 District 0 2353970 Jr College 0 1393803 School District 0 0000000 Wats, Dis1nct 0 0290J00 County 0 2725003 TOTAL TAX RATE 1 5322770 REVENUE PROJECTIONS 2003 2004 2005 2008 2007 2008 2009 2010 2011 2012 2013 2014 BABE YEAR 218,850,930 179,881,788 179,733,882 179,733,882 179,733,882 179,733,882 179,733,882 179,733,8812 179,733,882 179,733,882 179,733,882 179,733,8E2 TAXABLE VALUE 196.674 336 208,913 365 212,047,065 214,827,771 21B050188 221,320,941 224.640,755 228 010,366 231,430,522 234 901 980 238,425,509 TAXABLE VALUE INCREMENT 16 792 548 29 179 483 32,313,183 35,093,889 38 316 306 41 587,055 44,906.873 48 276,484 51,696,640 55 168 098 58,691,627 REVENUE 11 TAXABLE VALUE GROWTH SUBTOTAL RI REVENUE 42 PRICE - SF NEW DEVELOPMENT- SF City 145 256 252403 279,509 303,562 331436 359,728 388444 417 592 447,176 477,204 507,683 Hospital District 39529 68698 76064 82,610 93,195 97895 105,709 113641 121,692 129,864 138,158 ,u College 18 724 32 536 36,030 39,131 42,724 46,371 50,073 53 830 57 644 61,515 65,444 School District 0 0 0 0 0 0 0 0 0 0 0 Water District 3,359 5636 6,463 7019 7.663 8317 8,981 9555 10,339 11,034 11,738 County 45 760 79 514 88,053 95,631 104 412 113,325 122,371 131 553 140,873 150,333 159,935 0 0 252,627 438.976 486,120 527,953 576,431 625,636 675,579 721,272 777,725 529,949 852.957 0� 0I 3 0 4I0 0 6 7 90 150000 0 17 500 000 17,762,500 31,262,5013 36,731 438 42,282,409 10 100 100 000 57 282 409 11 63,141,645 City 0 0 0 0 0 151 375 153.646 270,421 317 727 365, 743 495,493 546,175 Hosplal District 0 0 0 0 0 41,194 41,812 73,591 86 465 99,532 134 841 148,634 Jr College 0 0 0 0 0 24,392 24,757 34,859 40957 47,147 63,872 70,405 Sahcol District 0 0 0 0 0 0 0 0 0 0 0 0 Water District 0 0 0 0 0 3,500 3,553 6,253 7 346 8 456 11,456 12,628 County 0 0 0 0 0 47,688 48,403 85,190 100093 115,220 156095 172,061 SUBTOTAL 02 0 0 0 0 0 258.148 272,171 470,313 552,585 636.097 861,757 949,904 TAXABLE VALUE 0 198,874,335 208,913,355 212,047,085 214,827,771 235,550,188 239,053,441 255,903,255 254,741,804 273,712,931 292,184,389 301,587,155 TAXABLE VALUE INCREMENT 0 18,792,548 29,179,453 32,313,183 35,093,889 55,818,305 59,349,550 76,189,373 85,007,922 93,979,049 112,460,507 121,833,273 TOTAL TAX INCREMENT 0 252,627 435,976 486,120 527,953 844,579 897.807 1,145,893 1.276,560 1,413.822 1.691,707 1.832.861 ATTACHMENT B Tax increment Reinvestment Zone Number (Lancaster Corridor TIF) Projected Revenues TAXABLE BASE YEAR GROWTH 1 5% TAX RATE City 0 8650000 Hospital District 0 2353970 Jr College 0 1393800 Scho4 District 0 0000000 Water D strict 0 0200000 County 0 2725000 TOTAL TAX RATE 1 5322770 2015 2018 2017 2018 2019 2020 2021 2022 2023 2024 2025 Total 17%733,882 179,733,882 179,733,882 179,733,882 179,733,882 179,733.882 179, 733,882 179,733,882 179,733,882 179,733,882 242 C01 892 245,631, 920 249 316,399 253,056,145 255 851 987 260,704,767 264 615 339 268,584,569 272 613 337 276,702,537 62 268 C10 60 898038 69 582 517 73,322,263 77 110 105 80,970,885 84 881 457 88 850.687 92 879 455 96,958,655 538 618 570 018 601 889 634.238 667 072 700,398 734 225 768,558 803 407 838.779 10757,194 City 146 577 155,122 163 795 172.598 181 534 190,603 199 808 209,152 218 635 228,261 2.930,133 Hospital Distract 69431 73479 77,587 81757 85,990 90286 94,646 99072 103 564 108,124 1,387 960 Jr College 0 0 0 0 0 0 0 0 0 0 0 School District 12 454 13180 13.917 14664 15,424 16,194 16,976 17770 18,576 19,394 248,952 Water District 169 680 179.572 189 612 199803 210 147 220.646 231 302 242,118 253097 264240 3,391,977 County 936,761 091371 1,046,800 1,103,081 1,160,168 1,218,127 1,278,957 1,336,671 1,307,279 1,456,797 17,267,419 12 13 14 15 16 17 18 19 20 21 125 135 135 400 00O 396 611 396,611 69 088 770 70 125 101 71 176 978 121,178,978 122 994,633 124,839,552 125 712 145 128,612,828 182 155 268 238,430,037 597 618 606 582 615 681 1,048,181 1 063 904 1,079,852 1 098 C60 1,112,501 1,575 643 2,0,32,420 13,159,030 City 162 633 165,072 167 548 285,247 289 526 293,859 298 277 302,751 428 788 561 257 3,581,035 Hospital District 77 037 78 192 79.365 135,117 137 144 139,201 141 289 143,408 203 110 255,859 1,705 112 Jr College 0 0 0 0 0 0 0 0 0 0 0 School District 13 818 14 025 14,235 24 235 24,599 24 968 25,342 25.723 36,431 47 686 304,255 Water District t88 267 191 091 193 967 330,207 335 160 340,188 345 291 350,470 498 373 649,722 4,145,475 Counly 0 1,039,372 1,054,963 1,070,787 1,822,958 1,550.332 1,878,087 7906,259 1,1134553 2.740,348 3,586,944 22,895.909 311.090182 318,757,022 320,493,377 374,233,123 379,848,620 385,544,319 391,327,484 397,197,396 464,788,005 516,132,574 131,3513780 130,023,140 14%759,495 194,499,241 200,112,738 205,810,437 211,593,A02 217,483,514 275,031.723 336,398,692 1,9713133 2,048,333 2,117,587 2,926,049 3,010,498 3,096,214 3,183,216 3,271,523 4.137,825 5,045,741 41,622,125 City of Fort Worth, Texas Mayor and Council Communication COUNCIL ACTION: Approved on 8/9/2011 Ordinance No. 19835 ,......m .k % •"...ft., ..e ., vs•.il.....» •»a u;,�o.: �s.��.� v,.0 a .e.:• .�a�i� a . > .>r : • .c>r� v� �: a.: a•>z .w ��, ..ate a...�,�: e..•• a onv�mc•�.>a: ��c'a�m..kftsge DATE: Tuesday, August 09, 2011 LOG NAME: 17TIF8AMENDPLAN2011 SUBJECT: Adopt Ordinance Amending the Project and Financing Plans for Tax Increment Reinvestment Zone, Number Eight, City of Fort Worth, Texas, (Lancaster Corridor TIF) (COUNCIL DISTRICT 9) RECOMMENDATION: It is recommended that the City Council: REFERENCE NO.: G-17350 1. Hold a public hearing concerning an Amendment to the Project and Financing Plans for Tax Increment Reinvestment Zone, Number Eight, City of Fort Worth, Texas, as set forth in Exhibit A of the attached Ordinance, to afford an opportunity for interested persons to speak for or against the proposed Amendment as well as to speak for or against the boundaries of the TIF and the concept of; and 2. Close the public hearing and adopt the attached Ordinance approving the Lancaster TIF Plan Amendment. DISCUSSION: The Lancaster TIF Project and Financing Plans (collectively, the Plan) was initially approved by the TIF's board of directors on January 22, 2004 and approved by City Council on January 27, 2004 (M&C G- 14242). The Plan limited TIF-funded projects to those associated with the T&P Terminal redevelopment project. The Plan has been amended by the TIF board, as approved by the City Council, on three previous occasions: • March 29, 2005, (M&C G-14722) included the addition of public infrastructure improvements to and in the vicinity of Blocks 7 and 8, Tarrant County Convention Center Addition, as approved by the TIF board of directors on February 24, 2005; • August 15, 2006, (M&C G-15346) included the addition of the T&P Warehouse redevelopment project, Lancaster Avenue streetscape improvements and administrative fees, as approved by the TIF board of directors on June 29, 2006; and • January 29, 2008, (M&C G-16032) included the addition of public art associated with the T&P Terminal building, as approved by the TIF board of directors on December 5, 2007. On June 23, 2011, the TIF board of directors voted to amend the project and financing plan to allow the TIF to support development of mixed -use and residential developments at specific sites requiring streetscape improvements and/or parking structures (Exhibit A). Any rental residential development receiving TIF funding would require a minimum 15 percent of units to be set aside for low -to -moderate Logname: 17TIF8AMENDPLAN2011 Page 1 of 2 income tenants. Before the Amended Plan (Exhibit B) can take effect, state law requires the City Council approve the Amended Plan by Ordinance after holding a public hearing at which interested persons may speak for or against the proposed Amendment as well as the boundaries of the TIF and the concept of tax increment financing. In accordance with state law, notice of the public hearing was published in a newspaper having general circulation in the city at least seven days prior to the date of the hearing. The projects contained within the Plan are located in COUNCIL DISTRICT 9. 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 CERTIFICATIONS: Submitted for City Manaaer's Office by: Oriainatina Department Head: Additional Information Contact: FROM Fund/Account/Centers Susan Alanis (8180) Jay Chapa (5804) Marguerite Allen (2235) Robert Sturns (8003) Logname: 1 7TIF8AMENDPLAN201 1 Page 2 of 2 Exhibit A Legend Original Projects Added Projects