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AGREEMENT TO PARTICIPATE IN
TAX INCREMENT REINVESTMENT ZONE NUMBER NINE,
CITY OF FORT WORTH, TEXAS
(TRINITY RIVER VISION TIF)
This AGREEMENT TO PARTICIPATE IN TAX INCREMENT
REINVESTMENT ZONE NUMBER NINE, CITY OF FORT WORTH, TEXAS
("Agreement") is entered into by and between the CITY OF FORT WORTH, TEXAS
(the "City") and TARRANT COUNTY, TEXAS (the "County").
The City and the County hereby agree that the following statements are true and
correct and constitute the basis upon which the City and the County have entered into this
Agreement:
A. On December 9, 2003, the City Council of the City ("City Council")
adopted City Ordinance No. 15797 designating certain real property located north and
west of the downtown Central Business District and in the vicinity of the Trinity River as
Tax Increment Reinvestment Zone Number Nine, City of Fort Worth, Texas, (the "TIF
District"), as amended by Ordinance No. 16005 on .Tune 15, 2004 and Ordinance
No.16808-2-2006 on February 7, 2006. The TIF District is informally known as the
"Trinity River Vision TIF". City Ordinance Nos. 15797, 16005, and 16808-2-2006 are
hereby incorporated by reference for all purposes and collectively attached hereto as
Exhibit "A".
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.
As a result of designation of the TIF District, it is intended that a bypass channel shall be
created for the Trinity River to reduce central city flooding threats. 'It is anticipated that
other complementary 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 County.
C. Pursuant to Section 311.013(f) of the Texas Tax Code, the County 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 County 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; County do hereby
contract, covenant and agree as follows:
County Participation Agreement
re: Trinity River Vision TIF
1
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 defined 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 County and located in the TIF District for that year less the
Tax Increment Base.
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 of the
City on January 19, 2006 by City Ordinance No. 16768-01-2006, attached hereto as
Exhibit "B".
TIF Board means the governing board of directors of the TIF District appointed
in accordance with Section 311.009 of the Act and pursuant to Section 4.4 of this
Agreement.
TIF District means the certain real properties and boundaries as described in City
Ordinance No. 15797 and as amended by Ordinance No. 16005, and Ordinance
No.16808-2-2006.
Tax Increment in a given year means the amount of property taxes levied and
collected by the County for that year on the Captured Appraised Value of real property
taxable by the County 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 County and located in the TIF District.
Tax Increment Fund means that fund created by the City pursuant to Section
311.014 of the Act and Section 6 of City Ordinance No. 15797, which will be maintained
by the City as a separate and individual interest -bearing account into which all revenues
of the TIF District will be deposited, including (i.) deposits of Tax Increment by the City
and by other taxing units with jurisdiction over real property in the TIF District, including
the County, and (ii.) all accrued interest earned on the cash balance of the fund.
County Participation Agreement
re: Trinity River Vision TIF
2
TIF Ordinance means City Ordinance No. 15797 adopted December 16, 2003, as
amended by Ordinance No. 16005 on June 15, 2004 and Ordinance No.16809-2-2006 on
February 7, 2006, collectively attached hereto as Exhibit "A".
3. DEPOSIT OF TAX INCREMENT.
Pursuant to a Resolution duly adopted by the governing body of the County, which
Resolution is attached hereto as Exhibit "C" and is hereby made a part of this Agreement
for all purposes, and specifically subject to Section 4 of this Agreement, the County hereby
agrees to deposit each year during the term of the TIF District, beginning with the 2004 tax
year, eighty percent (80%) of the County's Tax Increment into the Tax Increment Fund.
The calculation to determine the dollar amount of the County's Tax Increment to be
deposited shall be made in accordance with the County's Tax Increment Financing Policy
and such deposits shall be made in accordance with the City's standard administrative
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. The County shall
have up to one calendar year from the execution date of this agreement .in which to make its
deposit for tax increments due from tax years 2004 and 2005.
4. LEMTATIONS ON TAX INCREMENT DEPOSITS AND USE OF FUNDS.
This Agreement is based on the following conditions, and t:he City agrees and
acknowledges the County's right to enforce the conditions contained herein by injunction
or any other lawful means in the event one or more of such conditions axe not satisfied.
4.1 Amendment to TIF Ordinance
The TIF Ordinance designates the boundaries, the eligible real properties
for the calculation of Tax Increment for the TIF District and the specific
participation level of the City. All amendments to the TIF Ordinance shall be
approved by the TIF Board prior to approval by the City Council. If the City
Council approves an amendment to the TIF Ordinance different from the
amendment approved by the TIF Board, the County shall suspend payment into
the TIF Fund as described in Section 3 until the amendment is approved by the
governing body of the County.
4.2. Certain TIF District Project Costs Excluded.
The Tax Increment deposited into the Tax Increment Fund by the County
shall be used to pay project costs for purposes as set forth and identified in the
Project Plan. All TIF Fund allocations, including but not limited to any
management and administrative costs, must be approved by the TIF Board in
accordance with the Project Plan. If the Project Plan is amended by approval of
the TIF Board and such amendment serves only to (i) redirect funds from one
project cost category to another project cost category already provided in the
County Participation Agreement
re: Trinity River Vision TIF
3
Project Plan and does not increase the overall total project costs of the Project
Plan, or (ii) provide for the addition of the financing costs for those projects
already provided in the Project Plan, than such amendment will not require the
approval of the governing body of the County. If the Project Plan is amended by
the TIF Board to (i) add any projects not outlined in the current Project Plan or (ii)
increase the overall total projects costs except as provided above, and such
amendment is approved by the City Council, the County shall suspend payment
into the TIF Fund as described in Section 3 until the amendment is approved by
the governing body of the County as an amendment to this Agreement. Subject to
the foregoing, if the City Council approves a Project Plan, and any amendments
thereto, different from the Project Plan and any amendments approved by the TIF
Board or makes changes to the Project Plan approved by the TIF Board, the
County shall suspend payment into the TIF Fund as described in Section 3 until
the amendment or changes are approved by the governing body of the County.
4.3. TIF District Expansion.
As defined, the TIF District shall include real properties located within the
boundaries as described in the TIF Ordinance. If the TIF District is expanded, the
County is not required to deposit into the Tax Increment Fund any Tax Increment
generated from properties in the expanded area unless participation in the
expanded boundary area is approved by the governing body of the County as an
amendment to this Agreement. Additionally, the Tax Increment deposited into
the Tax Increment Fund by the County may not be used for any permissible
project costs in any portion of the expanded area of the TIF District unless
approved by the governing body of the County as an amendment to this
Agreement.
4.4. TIF Board Membership
During the term of the TIF District, the TIF Board shall consist of at least
three (3) County representatives, (3) Tarrant Regional Water District
representatives, one (1) Tarrant County Hospital District representative, one (1)
Tarrant County College District representative and one (1) Fort Worth
Independent School District representative. The governing body of the County,
Tarrant Regional Water District, Tarrant County College and Fort Worth
Independent School District shall provide the names and addresses of their
designated representative(s) to the City Council of the City for appointment to the
TIF Board. It is understood that at least two (2) of the representatives named by
the County must be qualified voters of the City of Fort Worth or owners of
property located within the TIF District. The City Council of the City shall
appoint the designated representative(s) to the TIF Board. If the designated
representatives are not appointed to the TIF Board or the TIF Board does not
consists of the number of representatives stated above, the County shall suspend
payment into the TIF Fund as described in Section 3 until such time that the
requirements above are satisfied.
County Participation Agreement
re: Trinity River Vision TIF
4
5. 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, 2024 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.
6. TIF FUND ACCOUNTING.
No later than July 1 of each year following execution of this Agreement, the City
shall provide the County with an annual accounting of the funds deposited to and
disbursed from the Tax Increment Fund, including accrued interest . After all project
costs of the TIF District have been paid or at the time of the expiration of this Agreement,
any funds remaining in the Tax Increment Fund following the final annual accounting by
the City shall be paid to those taxing units participating in the TIF District in proportion
to each taxing unit's share of the total amount of Tax Increment deposited into the Tax
Increment Fund.
7. RESPONSIBILITY FOR ACTS.
The City and the County 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 County, 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.
8. 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
County Participation Agreement
re: Trinity River Vision TIF
5
County:
Tarrant County Administrator's Office
100 East Weatherford Street
Suite 404
Fort Worth, Texas 76196-0609
with copies to:
the City Attorney and
Economic/Community Development
Director at the same address
9. NO WAIVER.
The failure of either parry 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 parry's right to insist upon appropriate performance or to assert any such right on
any future occasion.
10. 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.
11. NO THIRD PARTY RIGHTS.
The provisions and conditions of this Agreement are solely for the benefit of the
City and the County and are not intended to create any rights, contractual or otherwise, to
any other person or entity.
12. 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.
County Participation Agreement
re: Trinity River Vision TIF
6
13. 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
14. CAPTIONS.
Captions and headings used in this Agreement are for reference purposes only and
shall not be deemed a part of this Agreement
15. 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 County 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.
16. 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:
By: �
Dale Fisseler
Assistant City Manager
Date: a ( t 3- / 0 -7
County Participation Agreement
re: Trinity River Vision TIF
7
TARRANT COUNTY, TEXAS -
By:
B. Glen Whitley
County Judge
Date: , 2 r7
ATTEST:
B
Marti/Hendrix
City Secretary
APPROVED AS TO FORM/LEGALITY:
By: /
Peter Vaky
Assistant City Attorney
M&C:
ATTEST:
&a8t-
By: (Wu'ev: L
Name:
Title:
APPROVED AS ORM*
By:
Ray Rike
Assistant strict Attorney
• By law. the DistrictAttorney's Office may only advise or approve contracts orlegal documents on behalf of
its clients. It may not advise or approve a contractor legal document on behalf of other parties. Our view of
this document was conducted solely from the legal perspective of our client. Our approval of this document
was offered solely for the benefit of our client_ Other parties should not rely on this approval and should seek
review and approval by their own respective attorney (s).
County Participation Agreement
re: Trinity River Vision T!F
8
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EXHIBIT "A"
TIF ORDINANCE
rA
ORDINANCE NO.
67?`7
AN ORDINANCE DESIGNATING A CERTAIN CONTIGUOUS
GEOGRAPHIC AREA IN THE CITY OF FORT WORTH AS "TAX
INCREMENT REINVESTMENT ZONE NUMBER NINE, CITY OF
FORT WORTH, TEXAS"; CREATING A BOARD OF DIRECTORS
FOR THE ZONE; PROVIDING THE EFFECTIVE AND
TERMINATION DATES FOR THE ZONE; ESTABLISHING A
TAX INCREMENT FUND FOR THE ZONE; AND CONTAINING
OTHER MATTERS RELATED TO THE ZONE.
WHEREAS, the City Council desires to promote the development of a certain
contiguous geographic area in the City, which is more specifically described in Exhibit
"A" of this Ordinance (the "Zone"), through the creationof a new reinvestment zone as
authorized by and in accordance with the Tax Increment Financing Act, codified at
Chapter 311 of the Texas Tax Code; and
WHEREAS, on or about November 12, 2003 the City provided written notice to
the governing body of each taxing unit that levies real property taxes in the Zone of (i)
the City's intent to establish the Zone; (ii) a description of the boundaries of the Zone;
(iii) the City's tentative plans for development of the Zone; and (iv) an estimate of the
general impact of the Zone on property values and tax revenues; and
WHEREAS, the governing body of each county and school district that levies
real property taxes in the proposed Zone has waived the requirement imposed by Section
311.003(e) of the Texas Tax Code that the City provide such written notice at least sixty
(60) days prior to the date of the public hearing conducted pursuant to Section 311.003(c)
of the Texas Tax Code; and
Page I of 13
Ordinance Designating Tax Increment Reinvestment Zone Number Nine,
City of Fort Worth, Texas
WHEREAS, the City has prepared a preliminary financing plan for the Zone and
provided a copy of that plan to the governing body of each taxing unit that levies taxes on
real property in the Zone, as required by Section 311.003(b) of the Texas Tax Code; and
WHEREAS, in accordance with Section 311.003(f) of the Texas Tax Code, on
November 25, 2003 the City made a single formal presentation to the governing body of
each county and school district that levies real property taxes in the Zone, as agreed to by
such governing bodies, which presentation, among other things, included (i) a description
of the proposed boundaries of the Zone; (ii) the City's tentative plans for development of
the Zone; and (iii) an estimate of the general impact of the Zone on property values and
tax revenues; and
WHEREAS, on December 9, 2003 and December 16, 2003 the City Council held
a public hearing regarding the creation of the Zone and its benefits to the City and to
property in the Zone and afforded a reasonable opportunity for (i) all interested persons to
speak for or against the creation of the Zone, its boundaries or the concept of tax
increment financing and (ii) owners of real property in the Zone to protest inclusion of
their property in the Zone, as required by Sections 311.003(c) and (d) of the Texas Tax
Code; and
WHEREAS, notice of the public hearing was published in a newspaper of
general circulation in the City on December 2, 2003, which satisfies the requirement of
Section 311.003(c) of the Texas Tax Code that publication of the notice occur not later
than the seventh day before the date of the public hearing;
Page 2 of 13
Ordinance Designating Tax Increment Reinvestment Zone Number Nine,
City of Fort Worth, Texas
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF
THE CITY OF FORT WORTH, TEXAS:
Section 1.
FINDINGS.
That after reviewing all information before it regarding the establishment of the
Zone and after conducting a public hearing regarding the creation of the Zone and its .
benefits to the City and to property in the Zone and affording a reasonable opportunity
for (i) all interested persons to speak for or against the creation of the Zone, its
boundaries or the concept of tax increment financing and (ii) owners of real property in
the Zone to protest inclusion of their property in 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 set
forth in Chapter 311 of the Texas Tax Code for creation of a reinvestment zone
thereunder.
1.2. Development of the Zone as a whole will not occur solely through private
investment in the foreseeable future.
1.3. Improvements in the Zone, including, but not limited to, those previously outlined
to the City Council and the governing bodies of all other taxing units that levy
real property taxes in the Zone, will significantly enhance the value of all the
taxable real property in the Zone and will be of general benefit to the City.
1.4. The area within the Zone is contiguous.
Page 3 of 13
Ordinance Designating Tax Increment Reinvestment Zone Number Nine,
City of Fort Worth, Texas
1.5. Portions of the land within the Zone are located within the City's North Enterprise
Zone, which was designated by the State of Texas pursuant to and in accordance
with Chapter 2303 of the Texas Government Code. Therefore, as provided by
Section 2303.507(1) of the Texas Government Code and Section 311.0031 of the
Texas Tax Code, designation of these areas of the Zone by the State of Texas as
an enterprise zone also constituted designation of these areas as a reinvestment
zone under Chapter 311 of the Texas Tax Code without additional hearing and
procedural requirements of the City Council.
1.6. Among other things, the area within the Zone includes land that is strategically
located along the Clear Fork and West Fork of the Trinity River adjacent to and
north of the City's downtown, but that has been underutilized because of (i) the
risk of flood, which risk could be alleviated through the construction of a
hydraulic dam and bypass channel, and (ii) the existence a large, unsightly power
plant that is outdated. Taking all facts into consideration, the area within the
Zone, whether or not located in the North Enterprise Zone, substantially impairs
and arrests the sound growth of the City, retards the provision of housing
accommodations and constitutes an economic liability and a menace to the public
health and safety because of (i) a substantial number of substandard, deteriorated
and deteriorating structures, (ii) the predominance of inadequate sidewalk and
street layouts; (iii) faulty lot layout in relation to size, adequacy, accessibility and
usefulness; (iv) unsanitary and unsafe conditions; (v) the deterioration of site and
other improvements; and (vi) conditions that endanger life and property by fire or
other cause. Therefore, the area within the Zone meets the criteria for designation
Page 4 of 13
o;,F
Ordinance Designating Tax Increment Reinvestment Zone Number Nine,
j r''' "
City of Fort Worth, Texas
in
of a reinvestment zone and satisfies the requirements of Section 311.005 of the
Texas Tax Code.
1.7. No more than ten percent (10%) or less of the property in the Zone is used
currently for residential purposes, as specified by Section 311.006 of the Texas
Tax Code.
1.8. According to the most recent appraisal roll of the City, the total appraised value of
all taxable real property in the Zone and in existing reinvestment zones in the City
does not exceed fifteen percent (15%) of the total appraised value of taxable real
property in the City and in industrial districts created by the City, if any.
1.9. The Zone does not contain more than fifteen percent (15%) of the total appraised
value of real property taxable by any county or school district.
Section 2.
DESIGNATION OF ZONE.
That the City Council hereby designates the Zone described in the boundary
description and depicted in the map, both attached Hereto as Exhibit "A" and made a part
of this Ordinance for all purposes, as a reinvestment zone pursuant to and in accordance
with Chapter 311 of the Texas Tax Code. This reinvestment zone shall be known as
"Tax Increment Reinvestment Zone Number Nine, City of Fort Worth„ Texas."
Page 5 of 13
Ordinance Designating Tax increment Reinvestment Zone Number Nine,
City of Fort Worth, Texas
Section 3.
ZONE BOARD OF DIRECTORS.
That a board of directors for the Zone ("Board") is hereby created. The Board
shall consist of eleven (11) members who shall serve for terms of two (2) years each. Of
these eleven (11) members, each taxing unit other than the City that levies taxes on real
property in the Zone may, but is not required to, appoint one (1) member to the Board.
After each taxing unit other than the City designates to, the City either the name of the
member that the taxing unit wishes to appoint or the fact that the taxing unit wishes to
waive its right to appoint a member, the City Council shall appoint whatever number of
members are necessary to fill the remaining positions on the Board.. Such members may
be members of the City Council.
Section 4.
TERM OF ZONE.
That the Zone shall take effect upon the adoption of this Ordinance and terminate
on the earlier of (i) December 31, 2028 or an earlier termination date designated by an
ordinance adopted after the effective date of this Ordinance or (ii) the date on which all
project costs, tax increment bonds and interest on those bonds have been paid in full.
Section 5.
DETERMINATION OF TAX INCREMENT BASE.
That the tax increment base for the Zone, as defined by Section 311.012(c) of the
Texas Tax Code, shall be the total appraised value of all real property in the Zone taxable
Page 6 of 13
Ordinance Designating Tax Increment Reinvestment Zone Number Nine,
City of Fort Worth, Texas
by a taxing unit for the year 2003, which is the year in which the Zone was designated as
a reinvestment zone.
Section 6.
TAX INCREMENT FUND.
That a tax increment fund for the Zone (the "TIF Fund") is hereby established.
The TIF Fund may be divided into additional accounts and sub -accounts authorized by
resolution or ordinance -of the City Council. The TIE Fund shall consist ,of (i) the
percentage of the tax increment, as defined by Section 311.012(a) of the Texas Tax Code,
that each taxing unit which levies real property taxes in the Zone, other than the City, has
elected to dedicate to the TIF Fund under an agreement with the City authorized by
Section 311.013(f) of the Texas Tax Code, plus (ii) eighty percent (80%) of the City's tax
increment, as defined by Section 311.012(a) of the Texas Tax Code, subject to any
binding agreement executed at any time by the City that pledges a portion of such tax
increment for another purpose. The TIF Fund shall be maintained in an account at the
depository bank of the City and shall be secured in the manner prescribed by law for
Texas cities. In addition, all revenues from (i) the sale of any obligations hereafter issued
by the City and secured in whole or in part from the tax increments; (ii) revenues from
the sale of any property acquired as part of a tax increment financing plan adopted by the
Board; and (iii) other revenues dedicated to and used in the Zone shall be deposited into
the TIE Fund. TIF Funds will be used solely in accordance with Section 311.014 of the
Texas Tax Code.
Page 7 of I3
Ordinance Designating Tax Increment Reinvestment Zone Number Nine,
City of Fort Worth, Texas
Section 7.
TAX INCREMENT AGREEMENTS.
That, pursuant to Sections 311.008 and 311.013 of the Texas Tax Code, the City
Manager and City Attorney are hereby authorized to execute and deliver, for and on
behalf of the City, tax increment agreements with taxing units that levy real property,
taxes in the Zone.
Section 8.
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 9.
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: 12-16 - 03
Page 8 of 13
Ordinance Designating Tax Increment Reinvestment Zone Number Nine,
City of Fort Worth, Texas
APPROVED AS TO FORM AND LEGALITY:
By:L-
Peter Vaky
Assistant City Attorney
Date: /2 - l 6 - 03
M&C: G- l 4 l 9 4<
Page 9 of 13
Ordinance Designating Tax Increment Reinvestment Zone Number Nine,
City of Fort Worth, Texas
Exhibit "A"
Map and Boundary Description of Zone
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Tax Increment Reinvestment Zone #9
Boundary Description
Fort Worth, Texas
Beginning at a point of the intersection of a projection of the west ROW line of FW&W
railroad and the north ROW line of 23`d St., thence
Easterly along the north ROW line of 23`d St. to a point where said line intersects with the
east ROW line of Samuels Ave., thence
Southerly along the east ROW line of Samuels Ave. to a point where said line intersects
with the centerline of the Trinity River, thence
Easterly along the centerline of the Trinity River to a point where said line intersects with
the west ROW line .of BNSF railroad, thence
Southerly along the west ROW line of BNSF railroad to a point where: said line intersects
with the south ROW line of Northside Dr, thence ^
Southwesterly along the south ROW line of Northside Dr. to a point where said line
intersects with the east ROW line of Samuels, thence
Southerly along the east ROW line of Samuels to a point where said line intersects with .
the south property line of North Park Business Center Blk 9 Lot RC, thence
Westerly along the property line of North Park Business Center Blk 9 Lot RC to a point
where said line intersects with the south property line of North Park Business Center B1k
9 Lot RD, thence
Westerly along the south property line of North Park Business Center Blk 9 Lot RD to a
point where said line intersects with the south property line of Fruhwirth Addition Blk 1
Lot AIR, thence
Westerly along the south property line of Fruhwirth Addition Blk 1 Lot AIR to a point
where said line intersects with the south property line of Fruhwirth Addition Trs 5 & 6E
Westerly along the south property line of Fruhwirth Trs 5 & 6E to a point where said line
intersects with the centerline of the Trinity River, thence
Southwesterly along the centerline of the Trinity River to a point where said line
intersects with the south property line of Samuels Ave Baptist Church Addition Blk 1 Lot
1, thence
Easterly along the south property line of Samuels Ave Baptist Church .Addition Blk 1 Lot
1 to a point where said line intersects the east ROW line of Samuels Ave., thence
Northerly along the east ROW line of Samuels Ave to a point where said line intersects
the north property line of Mulliken Felix G Survey A 1045 Tr 33, thence
Easterly along the north property line of MuIliken Felix G Survey A1045 Tr 33 to a point
where said line intersects the west ROW line of BNSF railroad, thence
Southward along the west ROW line of BNSF railroad to a point where said line
intersects the south ROW line of Peach St., thence
Southwesterly along the south ROW line of Peach St. to a point where said line intersects
the east ROW line of Cummings, thence
Northwesterly along the east ROW of Cummings to a point where said line intersects the
north ROW Iine of Cummings, thence
Westerly along the north ROW line of Cummings to a point where said line intersects the
centerline of the Trinity River, thence
Southwesterly along the centerline of the Trinity River to a point where said line
intersects with the north ROW line of 5th St., thence
Easterly along the north ROW line of 5`h St. to a point where said line intersects the north
ROW line of Forest Park Boulevard, thence
Northward along the north ROW line of Forest Park Boulevard to a point where said line
intersects the north ROW line of Weatherford St., thence
Northeasterly along the north ROW line of Weatherford St. to a point where said line
intersects the east ROW line of Summit Ave., thence
Southerly along the east ROW line Summit Ave. to a point where said line intersects the
south ROW line of 7`h Street, thence
Westerly along the south ROW line of 7`h Street to a point where said line intersects the
north ROW line of Forest Park Boulevard, thence
Southerly along the north ROW line of Forest Park Boulevard to a point where said line
intersects the south ROW line of Lancaster, thence
Westerly along the south ROW line of Lancaster to a point where said line intersects the
west ROW line of Foch St., thence
Northward along the west ROW line of Foch St. to a point where said line intersects the
south ROW line of 7ch Street, thence
2
Easterly along the south ROW line of 7ch St. to a point where said line intersects the west
ROW line of FW&W railroad, thence
Northward along the west ROW line of FW&W railroad to a point where said line
intersects the north ROW line of White Settlement Rd., thence
Easterly along the north ROW line of White Settlement Rd. to a point where said line
intersects the west ROW line of Vacek St., thence
Northward along the west ROW line of Vacek St. to a point where said line intersects the
south ROW .line of Shamrock, thence
Westerly along the south ROW line of Shamrock to a point where said line intersects the
west ROW line of University Dr., thence
Northward along the west ROW line of University,Dr. to a point where said line
intersects the north ROW line of Terrace, thence
Northward along the north ROW line of Terrace to a point where said line intersects the
north ROW line of Grand, thence
Northward along the north ROW line of Grand to a point where said line intersects the
west ROW line of North Main St., thence
Northward along the west ROW North Main St. to a point where said line intersects the
north ROW line of Northside Dr., thence
Westward along the north ROW line of Northside Dr. to a point where said line intersects
the west ROW line of BNSF railroad, thence
Northward along the west ROW line of BNSF railroad. to a point where said line
intersects with the north ROW line of 23rd St., which is the point of beginning.
ORDINANCE NO. 166C) ``'
AN ORDINANCE AMENDING ORDINANCE NO. 15797 BY
INCREASING THE NUMBER OF DIRECTORS ON THE BOARD
OF DIRECTORS OF TAX INCREMENT REINVESTMENT ZONE
NUMBER NINE, CITY OF FORT WORTH, TEXAS.
WHEREAS, as authorized by Section 311.005(a)(1) of the Texas Tax Code, the
City Council created Tax Increment Reinvestment Zone Number Nine, City of Fort
Worth, Texas (the "Zone"), which is generally known as the Trinity River Vision TiF,
pursuant to Ordinance No. 15797, adopted by the City Council on December lb, 2003;
and
WHEREAS, Ordinance No. 15797 established a board of directors for the Zone
(the `Board") consisting of eleven (11) members; and
WHEREAS, pursuant to Section 311.009(a) of the Texas Tax Code and in
accordance with Ordinance No. 15797, each taxing unit with jurisdiction in' the Zone,.
other than the City, may appoint one (1) member of the Board and the City Council will
appoint whatever number of members are necessary to fill the remaining positions on the
Board; and
WHEREAS, Section 311.009(a) of the Texas Tax Code provides that the board
of directors of a tax increment reinvestment zone designated pursuant to Section
311.005(a)(1) of the Texas Tax Code, may consist of up to fifteen (15) members, and that
the governing body of the municipality that designated the reinvestment zone may
appoint up to ten (10) of those members; and
WHEREAS, the City Council wishes to amend Ordinance No. 15797 to increase
the number of members on the Board from eleven (11) to fifteen (15);
Page I of 3
Ordinance' Increasing Size of Board of Directors of
Tax Increment Reinvestment Zone Number Nine (Trinity River Vision TIF)
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF
THE CITY OF FORT WORTH, TEXAS:
Section 1.
That Section 3 of Ordinance No. 15797 (Zone Board of Directors) is hereby
amended to read as follows:
That a board of directors for the Zone. ("Board") is hereby created. The
Board shall consist of fifteen (15) members who shall serve for terms of
two (2) years each; provided, however, that the initial terms of some
members may be less than two (2) years to allow for subsequent staggered
terms. Of these fifteen (15) members, each taxing unit other than the City
that levies taxes on real property in the Zone may, but is not required to,
appoint one (1) member to the Board. After each taxing unit other than
the City designates to the City either the name of the inember that the
taxing unit wishes to appoint or the fact that the taxing unit: wishes to .
waive. its right to appoint a member, the City Council shall appoint
whatever number of members are necessary to fill the remaining positions
on the Board. Such members may be members of the City Council.
Section 2.
That all provisions of Ordinance No. 15797 that are not expressly amended herein
shall remain in full force and effect. 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.
Page 2 of 3
Ordinance Increasing Size of Board of Directors of
Tax Increment Reinvestment Zone Number Nine (Trinity River Vision TTF)
Section 3.
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: 6— IE- D �L
APPROVED AS TO FORM AND LEGALITY:
By: /
Peter Vaky
Assistant City Attorney
Date:
M&C: G- —1 g 3 y 1
Page 3 of 3
Ordinance Increasing Size of Board of Directors of
Tax Increment'Reinvestment Zone Number Nine (Trinity River Vision TIF)
ORDINANCE NO. 16808-2-2006
AN ORDINANCE REDUCING THE BOUNDARIES OF TAX
INCREMENT REINVESTMENTZONE NUMBER NINE, CITY OF
FORT WORTH, TEXAS (TRINITY RIVER VISION TIF); AND
CONTAINING OTHER MATTERS RELATER TO THE ZONE.
WHEREAS, pursuant to Ordinance No. 15797, adopted by the City Council of
the City of Fort Worth, Texas (the "City") on December 16, 2003, the City created Tax
Increment Reinvestment Zone Number Nine, City of Fort Worth, Texas (Trinity River
Vision T1F) (the "Zone"); and
WHEREAS, Section 311.007 of the Texas Tax Code (the "Code") allows the
City Council to reduce or enlarge the boundaries of an existing reinvestment zone by
ordinance or resolution, subject to the limitations provided by Section 311.006 of the
Code; and
WHEREAS, the City wishes to reduce the Zone by removing the property
depicted and described in Exhibit "A" and Exhibit "B" of this Ordinance (collectively,
the "Property"), which Exhibits are attached hereto and hereby made a part of this
Ordinance for all purposes; and
WHEREAS, by operation of Sections 311.006 and 311.007 of the Code, a
municipality may change the boundaries of an existing reinvestment zone so long as (i)
less than ten percent (10%) of the property within the amended boundaries of the
reinvestment zone, excluding any property dedicated to public use, is used for residential
purposes, as defined in Section 311.006(d) of the Code; (ii) the amended boundaries of
the reinvestment zone will not contain more than fifteen percent (15%) of the total
appraised value of taxable real property in the municipality and in the industrial districts
Page t
Ordinance Reducing Boundary of Tax increment Reinvestment Zone Number Nine,
City of fort worth, Texas (Trinity River Vision TTF)
created by the municipality; and (iii) the amended boundaries of the reinvestment zone
will not contain more than fifteen percent (15%) of the total appraised value of the real
property taxable by a county or school district; and
WHEREAS, on February 7, 2006 the City Council held a public hearing
regarding the reduction of the Zone and its benefits to the City and to property in the
Zone and afforded a reasonable opportunity for all interested persons to speak for or
against the removal of the Property from the Zone and the concept of tax increment
financing; and
WHEREAS, notice of the public hearing was published in a newspaper of
general circulation in the City on January 26, 2006, which date was not later than seven
(7) days prior to the date of the hearing; and
WHEREAS, prior to the public hearing the City provided written notice to all
taxing units levying real property taxes within the Zone of the City's intention to remove
the Property from the Zone and of the public hearing.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF
THE CITY OF FORT WORTH, TEXAS:
Section X.
FINDINGS.
That after reviewing all information before it regarding the removal of the
Property from the Zone and after conducting a public hearing regarding the reduction of
the Zone and its benefits to the City and to property in the Zone and affording a
reasonable opportunity for all interested persons to speak for or against the removal of the
Page 2
Ordinance Reducing Boundary of Tax Increment Reinvestment Zone Number Nine,
City of Fort Worth, Texas (Trinity River Vision TIF)
Property from the Zone and the concept of tax increment financing, the City Council
hereby makes the following findings of fact:
1.1. The statements, facts, terms and conditions set forth in the recitals of this
Ordinance are true and correct.
1.2. Removal of the Property from the Zone will not adversely affect development in
the Zone or adversely affect either the Zone or the City in general.
1.3. The Property is subject to removal from the Zone pursuant to Section 311.007(a)
of the Code.
1.4. With the removal of the Property from the Zone, less than ten percent (10%) of
the property within. the Zone, excluding any property dedicated to public use, will
be used for residential purposes, as defined in Section 311.006(d) of the Code.
1.5, With the removal of the Property from the Zone, the Zone will not contain more
than fifteen percent (15%) of the total appraised value of taxable real property in
the municipality and in the industrial districts created by the municipality.
1.6. With the removal of the Property from the Zone, the Zone will nott contain more
than fifteen percent (15%) of the total appraised value of real property taxable by
any county or school district.
Section 2.
REMOVAL OF PROPERTY FROM ZONE.
That the City Council hereby reduces the boundaries of the Zone by removing the
Property from the Zone. The Zone, as reduced, has been designated under Section
311.005(a)(1) of the Code and shall continue to be known as "Tax Increment
Page 3
Ordinance Reducing Boundary of Tax Increment Reinvestment Zone Number Nine,
City of Fort Worth, Texas (Trinity River Vision T1F)
Reinvestment Zone Number Nine, City of Fort Worth, Texas." With removal of the
Property from the Zone, the Zone shall comprise the property depicted v-i Exhibit "C",
which is attached hereto and hereby made a part of this Ordinance for all purposes.
Section 3.
ZONE BOARD OF DIRECTORS.
That the board of directors for the Zone shall remain unchanged and shall
continue to conform to the requirements of Section 311.009 of the Code.
Section 4.
TERM OF .ZONE.
That the removal of the Property from the Zone shall take effect upon the
adoption of this Ordinance. The Zone, as reduced, shall terminate in accordance with
Section 5 of Ordinance No. 15797.
Section 5.
DETERMINATION OF TAX INCREMENT BASE.
That the tax increment base of the Zone, as defined by Section 311.012(c) of the
Code, shall be reduced by the taxable appraised value of the Property for the year 2003,
which is the year in which the Property was designated as part of the 'Zone pursuant to
Ordinance No. 15797. The tax increment base for property remaining bi the Zone shall
remain unchanged.
Page 4
Ordinance Reducing Boundary of Tax Increment Reinvestment Zone Number Nine,
City of Port Worth, Texas (Trinity River Vision TIP)
Section 6.
TAX INCRENWNT FUND.
That beginning with the 2005 tax year, each taxing unit which levies real property
taxes on the Property shall be relieved of any obligation to deposit the percentage of any
tax increment (as defined by Section 311.012(a) of the Code) produced by the Property
that the taxing entity elected to dedicate to the Tax Ineremeut Fund (created and
established for the Zone pursuant to Section 6 of Ordinance No. 15797) under a
participation agreement with the City, as authorized by Section 311.013(f) of the Code.
Section'7.
SEVERABILTTY.
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 8.
That this Ordinance shall take effect and be in full force and effect from and after
its adoption.
AND IT IS SO ORDAINED.
Page 5
Ordinance Reducing Boundary of Tax Increment Reinvestment Zone Number Nine,
City of Dort Worth, Texas (Trinity River Vision TIF)
ADOPTED AND EFFECTIVE: Febrttary 7, 2006
APPROVED AS TO FORM AND LEGALITY:
By: &(. a�
Peter Vaky
Assistant City Attorney
Date: Z -'7~ D 6
M&C: G—IS070
Page 6
Ordinance Reducing Boundary of Tax Increment Reinvestment Zone Number Nine,
City of Fort Worth, Texas (Trinity River Vision TIF)
EXHIBIT "A"'
TRACT I
PROPERTY TO BE REMOVED FROM EAST BOUNDARY OF ZONE
Ordinance Reducing Boundary of Tax Increment Reinvestment Zone Number Nine,
City of Fort Worth, Texas (Trinity River Vision TIF)
TRACT I (Boundary description of property to be removed from the East bowxdary):
Beginning at a point of the intersection of a the east ROW line of Cummings St. and south ROW line of Peach St,
thence
Easterly along the south ROW line of Peach St to a point where said line intersects with the east property line of Block
124, Lot 9A of the Fort Worth Original Addition, thence
Northerly from the east property line of Block 124, 9A of the Fort worth Original Addition to a point where said line
intersects the north ROW line of Peach St and the east ROW line of Samules Ave, thence
Westerly from the east ROW line of Samuels Avenue to a point where said line intersects the southeast property fine of
Block 1, Lot SR of the Cummings -Boaz Addition, thence
Westerly along the south property line of Block I, Lot SR of the Cummings -Boaz Addition to a point where said line
intersects the east property line of Lot I8B of the Cummings Addition, thence
Northerly along the cast property line of Lot 18B of the Cummings Addition to a point where said lime intersects the
north property line of Lot 18B of the Cummings Addition, thence
Westerly along the north property line of Lot I8B to a point where said line intersects the east property line of Lot
4A of the Cummings Addition, thence
Northerly along the east property line of Lot 4A of the Cummings Addition to a point where said line intersects the
north property line of Lot 4A of the Cummings Addition, thence
Westerly along the north property line ofLot 4A to a point where said line intersects the east ROW line of Cummings
Ave, thence
Southerly along the east ROW line of Cummings Ave to a point where said line intersects with south ROW line of
Peach St, which is the point of beginning.
`! s f cam• r s �
t West ROW line
of BNSF Railroad
w�
! ` East Property line of
Lot 18B
� J•
\�•,\�` ✓ Jam, ,'\�;�
Intersection of the North
ROW line of Peachand
Ole Last ROW of Swnueis Ave
1 _
`.� South of ROW line
r of Peach St
7z South Property line of
of Cummings Block 1, Lot512
Noah Property line Of trot
18B and 4A of the
\ t Cummings Addition
Intersection of the Cusl
Property line of
Block 124,. Lot 9A
n � �
EXHIBIT "B"
TRACT II
PROPERTY TO BE REMOVED FROM WEST BOUNDARY OF SANE
Ordinance Reducing Boundary of Tax Increment Reinvestment pone Number Nine,
City of Fort Worth, Texas (Trinity River Vision TIF)
TRACT 11(Boundary description of property to be removed from the West boundary);
Beginning at a point of the intersection of a the east ROW line of Pooh St. and south ROW line of Lancaster Ave,
thence
Northward along the east ROW line of Foch Street to a point where said line intersects the south property line of Justin
Addition Bile 1, Lot 3, thence
Easterly along the south property line of Justin Addition Blk 1, Lot 3 to a point where said line intersects the east
property line of Justin Addition Blk 1, Lot 3, thence
Northward along the east property line of Justin Addition Blk 1, Lot 3 to a point where said line intersects the south
property line of Justin Addition Blk 1, Lot 4, thence
Easterly along the south property line of Justin Addition Elk 1, Lot 4 to a point where said line intersects the south
property line of Seventh Street Station Blk 1, Lot 4 thence
Easterly along the south property line of Seventh Street Station Blk 1, Lot 1 to a point where said line intersects the
west ROW line of Woolery Street, thence
Northward along the west ROW line of Woolery Street to a point where said line intersect the south ROW line of 7'r
Street, thence
Westerly along the south ROW line of 76 Street to a point where said line intersects the west ROW line of Foch St,
thence
Southerly along the west ROW line of Foch St, to a point where said line intersects the south ROW line of Lancaster
Ave, thence
Easterly along the south ROW Iine of Lancaster Ave to a point where said line intersects with east ROW fine of Foch
Street, which is the point of beginning.
J + 1Z ! 1, t AbA ROW line _ r
1•t:; 7��ofM&WRailroad TtUk ,
West ROW line
jof Woolery St°�
4 -
C
F I C r2J
'� ✓ x'� �. .0 4 C 'L r ':
I Justin Addtion South
prop line Blk I Lot
^� /�� prop line Blk 1 Lot 1 , L
EXHIBIT "C"
DESCRIPTION AND DEPICTION OF ZONE FOLLOWING REMOVAL OF
THE PROPERTY
Ordinance Reducing Boundary of Tax Increment Reinvestment Zone Number Nine,
City of Fort Worth, Texas (Trinity River Vision TIF)
North ROW line East ROW fine
of23td St I I of Samuels Ave
West ROW line
of FW&W Railroad
�Y ��+t c-M :w:a I
North ROW line
of Northside Dr
West ROW line
ofNorth Main St
North ROW line
of Grand-.
North ROW line
ofTerrace
wlll?tl`
West ROW line
of University Dr
a �
I7 �
South ROW of
Shamrock
West ROW line
of V acek St
North ROW line of
White Settlement Rd
West ROW line l
ofFW&W Railroad
West ROW tine
of Wooltay St
Justin Addition East and.,
South Proplitre Bik 1 Lot3 (=`^S'L,���+„
tl:'1`li r J
lit
i1
IEast ROW fine of Foch St
Seventh Street Station South South ROW line
prop line M I Lot I I I of Lancaster
I South ROW line
of 7" St
Centerline of
Trinity River
West ROW line of j
BNSF Railroad II
South ROW line of
Northside Dr
East ROW line
of Samuels Ave
. Noah Park Business Center South
prop line Bik 9 Lot RD
NonhParkBusinessCenterSouth 4
prop line Bik9Let PC f
Fruhwirth Addition
South prop lineBlk 1 Lot AIR
r uhwirth Addition
' South prop I ine of Trs 5 & 6E
clydmiinc of
Trinity River
Samules Ave Baptist
Church Add., South prop
lineBlk 1 Lot 1
Mut ikat Felix G
Survey, N prop line
A1045 Tr 33
West ROW line
of BNSF Railroad
Intersection of the North
ROW line off caeh and
the East ROW ofSumuclsAve
South of ROW line
of Peach St
Intersection of the East
Prop any limo of
Block 124. Lot 9A
,t
South Property line of
Block 1, Lot 5R
tit i =
t
\,'East Propety line of
'� Lot i88
North Property line of Lots
18B and 4A of the
CummingsAddhion
Centerline of
Trinity River
North ROW line
Of Weatherford
TAX INCREMENT REINVESTMENT ZONE # 9
EXHIBIT "B"
TIF PROJECT PLAN
Financing Plan and Project Plan
for the
Tax Increment Reinvestment Zone Number #9
(The Trinity River Vision TIF)
Prepared for:
The City of Fort Worth
Tarrant County
Tarrant County College
Fort Worth ISD
Tarrant Regional Water District
September 2005
TABLE OF CONTENTS
I. Description of the Zone
A. Map
B. Legal Description
H. Project Description
A. Urban Waterfront Development
III. Economic Impact
A. 40-Year Zone -by -Zone Analysis
IV. Tax Increment Projections
A. 25-Year Targeted Project Analysis
V. Public Infrastructure Costs and Financing Plan Summary
VI. Terms and Conditions
VII. Attachment
Tax Increment Projections
2
Pages 3-9
Pages 10-12
Pages 13-17
Pages 18-24
Pages 25-27
Page 28
Page 29
I. DESCRIPTION OF THE ZONE
West ROW line
oflW&WRailroad
North ROW lint
of 1401
West ROW line
ofNo11h;maia&
Nwih POW line
ofG-And
North ROW line
of Terr3ce
West ROW line
of tlnivm-iix Dr
Somh ROW of
Shararock-
wc;.t ROY li)kc
, �Zl
Korlh ROW line of
NNNI. S.W.Mad Rd P--
Wck RON%, line f
st.
Tdssm -5
S—b e
u,
I r=iRow line oft—h St
*1
Rik
P.V hoc)31k
ufi
P"p line
ilik
I Lpt I
Centedine of
Trinity,,,. Rjor
West ROW lim of
Asow, ROV.- lit. of
bloallsidc Dr
=ROW line
cis Ave
PKA 1u. BW 9 Lot Im
R4,winhA4dk1..
Wb prrp 60, BA 16% MR II
Al
L,
Urar<L Add., Seam prep
U.7m,
ma&- rvr. G
A 1W ID33
1VT R-
ROW 1ir&*rP,.b .4.
he )P W P,01&1 FS1 D, b �41 Aw
Sout). ROW lift i
of Fc*ch St
ra. F,,d
so.do T-i-ty li+ of
lm.-L 1, w 51t
dria..isp
)A IS-9
................
ROW of Fast W hn of CC13fC11ihC Of
nst Park
Suintmt Ave
Trinity River
INorth ROM' line
ofs St North ROW line
I South ROW line Ofwborford
&.)ujh;t0AV Liae ar, St I I - IWI — l
ofJncaster 1) Revision A
2) Revision 8
Nnorth ROW line East ROW line
of23" St ofSamuels Ave 7
TAX INCREMENT REINVESTMENT ZONE # 91
3
LEGAL DESCRIPTION OF THE TIF DISTRICT
Beginning at a point of the intersection of a projection of the west ROW line of FW&W Railroad
and the north ROW line of 23`d St_, thence
Easterly along the north ROW line of 23`d St. to a point where said line intersects with the east
ROW line of Samuels Ave., thence
Southerly along the east ROW line of Samuels Ave. to a point where said line intersects with the
centerline of the Trinity River, thence
Easterly along the centerline of the Trinity River to a point where said line intersects with the
west ROW line of BNSF Railroad, thence
Southerly along the west ROW line of BNSF Railroad to a point where said line intersects with
the south ROW line of Northside Dr, thence
Southwesterly along the south ROW line of Northside Dr. to a point where said line intersects
with the east ROW line of Samuels Ave., thence
Southerly along the east ROW line of Samuels Ave. to a point where said line intersects with the
south property line of North Park Business Center Blk 9 Lot RC, thence
Westerly along the property line of North Park Business Center Blk 9 Lot RC to a point where
said line intersects with the south property line of North Park Business Center Blk 9 Lot RD,
thence
Westerly along the south property line of North Park Business Center Blk 9 Lot RD to a point
where said line intersects with the south property line of Fruhwirth Addition Blk I Lot AIR,
thence
Westerly along the south property line of Fruhwirth Addition Blk I Lot AIR to a point where
said line intersects with the south property line of Fruhwirth Addition.Trs S & 6E
Westerly along the south property line of Fruhwirth Addition Trs 5 & 6E to a point where said
line intersects with the centerline of the Trinity River, thence
Southwesterly along the centerline of the Trinity River to a point where said line intersects with
the south property line of Samuels Ave. Baptist Church Addition Blk 1 Lot 1, thence
Easterly along the south property line of Samuels Ave. Baptist Church Addition Blk 1 Lot 1 to a
point where said line intersects the east ROW line of Samuels Ave., thence
Northerly along the east ROW line of Samuels Ave. to a point where said line intersects the
north property line of Mulliken Felix G Survey A1045 Tr 33, thence
4
Easterly along the north property line of Mulliken Felix G Survey A1045 Tr 33 to a point where
said line intersects the west ROW line of BNSF Railroad, thence
Southward along the west ROW line of BNSF Railroad to a point where said line intersects the
south ROW line of Peach St., thence
Southwesterly along the south ROW line of Peach St. to a point where said line intersects the
intersection of the east ROW property line of Cummings Blk 124, Lot 9A of the Fort Worth
Original Town Addition, thence
Northerly from the east property line of Cummings Blk 124, Lot 9A of the Fort Worth Original
Town Addition to a point where said line intersects the north ROW line of Peach St. and the east
ROW line of Samuels Ave., thence
Westerly from the east ROW line of Samuels Ave. to a point where said line intersects the
southeast property Line of Block 1, Lot 5R of the Cummings -Boaz Addition, thence
Westerly along the south property line of Block 1, Lot 5R of the Cummings -Boaz Addition to a
point where said line intersects the east property line of Lot 1.8B of the Cummings Addition,
thence
Northerly along the east property line of Lot 18B of the Cummings Addition to a point where
said line intersects the north property line of Lot 18B of the Cummings Addition, thence
Westerly along the north property line of Lot 18B of the Cummings Addition to a point where
said line intersects the east property line of Lot 4A of the Cummings Addition, thence
Northerly along the east property line of Lot 4A of the Cummings Addition to a point where said
line intersects the north property line of Lot 4A of the Cummings Addition, thence
Westerly along the north property line of Lot 4A of the Cummings Addition to a point where
said line intersects the east ROW line of Cummings Ave., thence'
Northwesterly along the east ROW of Cummings Ave. to a point where said line intersects the
north ROW line of Cummings Ave., thence
Westerly along the north ROW line of Cummings Ave. to a point where said line intersects the
centerline of the Trinity River, thence
Southwesterly along the centerline of the Trinity River to a point where said line intersects with
the north ROW line of 5t' St., thence
Easterly along the north ROW line of Sth St. to a point where said line intersects the north ROW
line of Forest Park Blvd., thence
Northward along the north ROW line of Forest Park Blvd. to a point where said line intersects
the north ROW line of Weatherford St., thence
Northeasterly along the north ROW line of Weatherford St. to a point where said line intersects
the east ROW line of Summit Ave., thence
Southerly alo% the east ROW line Summit Ave. to a point where said line intersects the south
ROW line of 7 St., thence
Westerly along the south ROW line of 7th St. to a point where said line intersects the north ROW
line of Forest Park Blvd., thence
Southerly along the north ROW line of Forest Park Blvd. to a point where said line intersects the
south ROW line of Lancaster Ave., thence
Westerly along the south ROW line of Lancaster Ave. to a point where said 'line intersects the
east ROW line of Foch St., thence
Northward along the east ROW line of Foch St. to a point where said line intersects the south
ROW property line of 7`h St. Justin Addition Blk 1, Lot 3, thence
Easterly along the south ROW property line of 7(h St. Justin Addition Blk 1, Lot 3 to a point
where said line intersects the west ROW east property line of FW&W Railroad Justin Addition
Blk 1, Lot 3, thence
Northward along the east property line of FW&W Railroad Justin Addition Blk 1, Lot 3 to a
point where said line intersects the south property line of Justin Addition Blk 1, Lot 4, thence
Easterly along the south property line of Justin Addition Blk 1, Lot 4 to a point where said line
intersects the south property line of Seventh Street Station Blk 1, Lot 1, thence
Easterly along the south property line of Seventh Street Station Blk 1, Lot 1 to a point where said
line intersects the west ROW line of Woolery St., thence
Northward along the west ROW line of Woolery St. to a point where said line intersects the west
ROW line for the FW&W Railroad, thence
Northward along the west ROW line of FW&W Railroad to a point where said line intersects the
north ROW line of White Settlement Rd., thence
Easterly along the north ROW line of White Settlement Rd. to a point where said line intersects
the west ROW line of Vacek St., thence
Northward along the west ROW line of Vacek St. to a point where said line intersects the south
ROW Iine of Shamrock Ave., thence
Westerly along the south ROW line of Shamrock Ave. to a point where said line intersects the
west ROW line of University Dr., thence
Northward along the west ROW line of University Dr. to a point where said line intersects the
north ROW line of Terrace Ave., thence
Northward along the north ROW line of Terrace Ave. to a point where said line intersects the
north ROW line of Grand Ave., thence
Northward along the north ROW line of Grand Ave. to a point where said line intersects the west
ROW line of North Main St., thence
Northward along the west ROW North Main St. to a point where said line intersects the north
ROW line of Northside Dr., thence
Westward along the north ROW line of Northside Dr. to a point where said line intersects the
west ROW line of BNSF Railroad, thence
Northward along the west ROW line of BNSF Railroad to a point where said line intersects with
the north ROW line of 23rd St., which is the point of beginning.
1 Revision A
2 Revision B
7
Boundary Description of Property to be removed from Tax Increment Reinvestment Zone 99
Fort Worth, Texas
Revision A
Beginning at a point of the intersection of the east ROW line of Cummings St. and south ROW line of Peach St., thence
Easterly along the south ROW line of Peach St. to a point where said line intersects with the east property line of Block 124, Lot
9A of the Fort Worth Original Addition, thence
Northerly from the east property line of Block 124, Lot 9A of the Fort Worth Original Addition to a point where said line
intersects the north ROW line of Peach St and the east ROW line of Samuels Ave., thence
Westerly from the east ROW line of Samuels Ave. to a point where said line intersects the southeast property line of Block 1, Lot
5R of the Cummings -Boaz Addition, thence
Westerly along the south property line of Block 1, Lot 5R of the Cummings -Boaz Addition to a point where said line intersects
the east property line of Lot 18B of the Cummings -Boaz Addition, thence
Northerly along the east property line of Lot 188 of the Cummings -Boaz Addition to a point where said line intersects the north
property line of Lot 18B of the Cummings -Boaz Addition, thence
Westerly along the north property line of Lot 18B of the Cummings -Boaz Addition to a point where said line intersects the east
property line of Lot 4A of the Cummings -Boaz Addition, thence
Northerly along the east property line of Lot 4A of the Cummings -Boaz Addition to a point where said line intersects the north
property line of Lot 4A of the Cummings -Boaz Addition, thence
Westerly along the north property line of Lot 4A of the Cummings -Boaz Addition to a point where said line intersects the cast
ROW line of Cummings Ave., thence
Southerly along the east ROW line of Cummings Ave. to a point where said line intersects with south ROW line of Peach St.,
which is the point of beginning.
orcurtrnrings (': battlh 1'rolx rty laru of
i Block.l, LotSli
_.V
iNorth Proparty.line of Lots
i IV and 4A of (lie
. .:•`:j �rnlnliriaSAddi.titrn.
Wcst lZO W line
of BNSP Railroad .
F RNI1'roperty lincof
Lot 1813
J lri€eracctiou of the North
ROW, Irgc of Peach and
Ilm East ROW of Samu,k Ave
South of ROVJ line
each 5 of Pt
Inferscx:tion of the Cast
property line of
1316c1. 124, Lot 9A
Boundwy Description of Property to be removed from Tax Increment Reinvestment Zone #9
Fort Worth, Texas
Revision B
Beginning at a point of the intersection of the east ROW line of Foch St and south ROW line of Lancaster, Ave., thence
Northward along the east ROW line of Foch St to a point where said line intersects the south property line of Justin Addition Blk
1, Lot 3, thence
Easterly along the south property line of Justin Addition Blk 1, Lot 3 to a point where said line intersects the east property line of
Justin Addition Blk 1, Lot 3, thence
Northward along the east property line of Justin Addition Blk 1, Lot 3 to a point where said line intersects the south property line
of Justin Addition Blk 1, Lot 4, thence
Easterly along the south property line of Justin Addition Blk 1, Lot 4 to a point where said line intersects the south property line
of Seventh Street Station Blk 1, Lot 1, thence
Easterly along the south property line of Seventh Street Station Blk 1, Lot 1 to a point where said line ;intersects the west ROW
line of Woolery St., thence
Northward along the west ROW line of Woolery St to a point where said line intersect the south ROW line of Id'St, thence
Westerly along the south ROW line of 7'h St to a point where said line intersects the west ROW line of Foch St., thence
Southerly along the west ROW line of Foch St to a point where said line intersects the south ROW line of Lancaster Ave., thence
Easterly along the south ROW line of Lancaster Ave. to a point where said line intersects with east ROW line of Foch St., which
is the point of beginning.
west Row tine
of M&:W Railroad
[West RQW lino
Dv,* �C`171am wi�tlrSt t _� of VrTriplpry St
f East ROW lint of Fooh St.
(Jirsirixl4drIa0uSptrth I ;F ,r' Z.
prop lirrI31: I Lot 4: SonthROW line.
of Lancaster
Se-endi Stri et Station South
prop line M— I Lot I.
H. PROJECT DESCRIPTION
The master plan vision is to create eight miles of urban waterfront along the Clear
Fork and West Fork between 7th Street and Samuels Avenue. A higher and more
constant water level would be impounded by a hydraulic dam near the Samuels
Avenue Bridge downstream from the junction of Marine Creek and the West Fork
of the Trinity River. This would create an urban lake and river that link the
Stockyards and near north neighborhoods with Downtown, the Cultural District
area and Rockwood Park area. The constant water level also enables future private
developers to excavate inlets and waterways into developments that can provide
water for amenities and boat access for residents and businesses.
Trinity Uptown
Development iOdel
Com Zohes.
Al. F1igMcrlknsiipNcigli;xuMtrid
.L ili*rlkeSily Neicad Lborito
AJ'laiwemoaj rglleiM "
DI xei"hbwl"
Ncishim*p0d
Di Ndghborhood
C C.nCniivc
Df N'eighbwhWd.
WN Neighborhood
Di Neigbherhued
la ImmaI:nke
I' Tdnw;f County Cu!lc,r CMIWW
<iI North !.fain
Periphera(Zoues.
1_ Noith D. rm"
2. Test Pod•
3. NenAers lrt Sirxw
4. Trinity park VsKigul5a of7th
5, pier I
7, Tennol ke&Qal Ndri l
g. Nold1iide Ihive
TIP is llmeda�y
T''^=NrHpMaiJ Y'ronr:
10
The bypass channel would generally follow the current path of the Fort Worth and
Western Railroad. The bypass channel combined with the historic Oakwood
Cemetery would provide a beautiful greenway that transitions between the
proposed urban developments and the historic near north neighborhoods.
This creates thirteen waterfront zones (and eight adjoining areas) for
redevelopment. Approximately 1,380 acres of area could then transition to higher
density mixed -use developments bringing people back to the Central City to live,
work, play, and learn. All of the zones, except the historic Samuels Avenue zone
north of Pioneers Rest Cemetery, are seen as higher density developments with 3
to 20+ story buildings encouraged. This would allow for continued growth of
Downtown Fort Worth. Much of the subject area is underdeveloped or vacant
land. Some of these industrial land uses have now become obsolete because of
new industrial technologies, environmental conditions and other factors.
Goals for the Central City
Many of the goals for the Central City segment are similar to those for the overall
Trinity River Master Plan. Continuity of trails, enhanced open space and
recreational areas, linkages to nearby neighborhoods, conservation and
environmental restoration for improved water quality and wildlife, habitat are all
goals this plan hopes to improve or enhance. However, the Central City area has a
unique set of characteristics that require a more in-depth look at the long-range
economic development potential.
The Central City area is the center, or
"hub," of the entire river. The river is the
"glue" that links Fort Worth's great
districts. The confluence of the Clear Fork
and West Fork define the Downtown area.
Land uses along this segment are primarily
commercial or industrial with the
exception of Samuels Avenue historic
neighborhood and the Oakmont/ Riverside
neighborhoods. Because of the aging
industrial area and expanse of
underutilized land, there is an opportunity
to attract approximately $1.6 billion of
new tax base that would not occur unless a
bypass channel and urban waterfront are
constructed.
11
The bypass channel would generally follow the current path of the Fort Worth and
Western Railroad. The bypass channel combined with the historic Oakwood
Cemetery would provide a beautiful greenway that transitions between the
proposed urban developments and the historic near north neighborhoods.
This creates thirteen waterfront zones (and eight adjoining areas) for
redevelopment. Approximately 1,380 acres of area could then transition to higher
density mixed -use developments bringing people back to the Central City to live,
work, play, and learn. All of the zones, except the historic Samuels Avenue zone
north of Pioneers Rest Cemetery, are seen as higher density developments with 3
to 20+ story buildings encouraged. This would allow for continued growth of
Downtown Fort Worth. Much of the subject area is underdeveloped or vacant
land. Some of these industrial land uses have now become obsolete because of
new industrial technologies, environmental conditions and other factors.
Goals for the Central City
Many of the goals for the Central City segment are similar to those for the overall
Trinity River Master Plan. Continuity of trails, enhanced open space and
recreational areas, linkages to nearby neighborhoods, conservation and
environmental restoration for improved water quality and wildlife habitat are all
goals this plan hopes to improve or enhance. However, the Central City area has a
unique set of characteristics that require a more in-depth look at the long-range
economic development potential.
The Central City area is the center, or
"hub," of the entire river. The river is the
"glue" that links Fort Worth's great
districts. The confluence of the Clear Fork
and West Fork define the Downtown area.
Land uses along this segment are primarily
commercial or industrial with the
exception of Samuels Avenue historic
neighborhood and the Oakmont/ Riverside
neighborhoods. Because of the aging
industrial area and expanse of
underutilized land, there is an opportunity
to attract approximately $1.6 billion of
new tax base that would not occur unless a
bypass channel and urban waterfront are
constructed.
11
One of the key goals in Fort Worth's Comprehensive Plan and Downtown Plan is
to attract a greater amount of people to the Central City area. The Trinity River
confluence becomes a focal point for bringing people back to the Downtown area.
Furthermore, the river in the Central City area can serve as the City's recreational
and entertainment focal point with a critical mass of mixed -use development right
in the heart of the City.
Goals:
1. Provide enhanced flood protection in accordance with U.S. Army Corps of
Engineers criteria including the elimination of existing "sump areas" that are
now within the 100-year flood plain
2. Provide aesthetic and recreational focal points for the Central City
3. Add a higher density of people living, working, playing and learning in the
Central City
4. Orient mixed -use development focused toward the river
5. Create an urban lake
b. Provide a higher constant water level
7. Eliminate levees where feasible
S. Provide a continuity of urban trails through Downtown consistent with the
overall Trinity Trail System
9. Improve water quality and expand wildlife habitat
10. Create and enhance linkages to neighborhoods and districts
11. Increase development and redevelopment potential of Central City lands
12
III. ECONOMIC IMPACT
The Economic Impact focuses on the individual development zones and a
conservative market absorption assuming the full development of the urban
waterfront development area and the development that would follow. The Tax
Increment Projections include a targeted project approach for the purposes of
determining the minimum development necessary to support tax incrementing
funding of a portion of the urban waterfront development.
40-Year Zone -by -Zone Economic Impact Analysis
The proposed urban waterfront development accomplishes several major
objectives. The bypass channel will reduce Central City flooding threats,
especially the "sump areas" that still remain in the 100-year flood plain area. The
bypass channel can restore flood protection back to the mandated Standard Project
Flood +4 foot criteria, which has now been compromised due to substantial
urbanization in the Trinity River watershed upstream of Fort Worth.
In addition, Fort Worth can once again focus on orienting to the Trinity River as an
important open space and urban amenity. The 40-year build out is estimated to be
about 14,963,000 SF of taxable properties that would be valued at $1.6 billion
dollars (2005 values). This generates substantial ad valorem, sales tax, and other
revenues to the Tarrant Regional Water District, City of Fort Worth, Fort Worth
ISD, and Tarrant County jurisdictions. It allows the great momentum created by
the last 15 years of Downtown renaissance to continue for at least another half
century.
This revenue base coupled with federal and state funds from flood control,
transportation, environmental restoration, environmental clean-up ("brownfields"),
and recreational sources would appear to make the whole Trinity River Vision
feasible to be implemented over a 10 to 20-year period. The overall project can be
developed in phases, so that funding can be spread out over several budget cycles
for the various governmental bodies.
This urban waterfront is the mechanism for attaining the huge potential of Fort
Worth"s Central City. It truly links Downtown to the Near Northside areas,
Stockyards area, and Cultural District. In addition, almost every neighborhood in
Fort Worth will be able to access the Trinity Greenbelt and walk, bike, or boat into
this urban waterfront area. Opening up these areas to optimum development gives
Fort Worth the potential to compete in the worldwide economy where many of the
13
entrepreneurs and businesses, such as RadioShack and Pier 1, desire to live, work,
and learn in exciting urban riverfront neighborhoods.
Geographic Scope:
The area contains 1,380 acres of land. It is divided into 21 zones for economic
development study purposes.
Economic Development and Revenue Analysis - Description of Methodology
A series of steps and analyses were undertaken to determine the economic benefit /
cost of moving forward with the urban lake concept.
Step 1: Determine logical development zones and neighborhoods -
directly impacted
The first step was to determine logical development areas or zones that could be
evaluated regarding development and redevelopment potential. Key factors to
determine these zones were major existing and proposed landmarks and corridors,
access characteristics, timing of availability, waterfront access potential, view
potential, current trends, environmental cleanup issues, historic and cultural
features, and what the highest and best land uses would be during the next 40
years, given the need to complement Downtown, the Stockyards, Near North, and
Cultural District neighborhoods.
The Economic Development Zone Map on pagel0 shows the 21 zones that total
1,380 acres of area, net of major thoroughfares, railroads, proposed waterfront,
greenbelt, and urban lake areas.
Step 2: Determine the percentage and land area of each zone that actually
could be redeveloped during the next 40 years
Established ownerships and businesses, difficult environmental cleanup areas,
ecosystem restoration areas, local streets and utilities, and pedestrian access areas
were determined and subtracted to determine the amount of land that could
probably be available for development during the next 40 years.
For all 21 zones, it was determined that at least 48% or 662 acres of land could be
developed within the next 40-year period.
14
With an average expected net Floor Area Ratio (FAR) of just 1.0, this could
support about 29 million building SF. Therefore, capacity for development is not
the determining factor for the next 40 years, since all of Downtown is now about
10 million SF, almost all of which has been developed or substantially renovated in
the last 40 years.
Step 3: Determine a reasonable market for absorption of new or
redeveloped buildings in the next 40 years
A conservative approach was used to determine development absorption over the
next 40 years. A surmnary follows:
Residential:
The main focus of proposing the urban waterfront and bypass channel is to
improve flood protection while encouraging more people to live in the central city
which will be good for air quality, reduce traffic congestion, increase
understanding of community and diversity and other positive urban. goals.
A study by MPF indicates there is at least a demand for about 5,000 residential
units in the central city, which includes the subject area, but also includes the
Medical District (south of Downtown). Excluding the residential capacity and
distribution of demand for the Medical District, and the south 2/3 of Downtown,
this results in a demand -of about 2,750 units for the subject 21-zone area.
Given the growth and popularity of living downtown and extrapolating this for 40
years, absorption of 10,330 residential units is very reasonable. This would result
in 11,363,000 SF of residential building space.
CommerciaVOffice/Retail Support:
In the last 40 years (going back to 1962), practically every office building in
Downtown has been built new or substantially renovated. About nine office
towers account for over 4.5 million SF, all having been built in the last 40 years.
Recently, RadioShack and Pier 1 have completed corporate office. complexes
totaling about 1.3 million SF. Adding the two, 5.8 million square feet of office has
been developed in the last 40 years and another 750,000 SF of smaller office
buildings have been built or substantially renovated.
Over the next 40 years, Downtown and the 21-zone waterfront area could easily be
expected to attract another 9 million SF of commercial space. To be conservative,
this economic development analysis only assumes that 2.75 million SF or about
15
39% is expected to actually locate in the 21-zone urban lake area. Obviously, this
could be much more given the success of other Downtown areas with waterfront
developments, such as Portland, Seattle, and Denver. Some of the low prediction
of office space has to do with the need to keep office concentrated south of the old
West Fork and east of the Clear Fork because Downtown still has vacant lands that
can be in -filled.
Market Absorption Summary - Next 40 Years
Units
Residential 10,330
Office/CommerciaUlndustrial/Retail Support
Total:
16
AvR. Size Square Feet
1,200 11,363,000
2,750,000
14,113,000
Area Impact
The 6,500 households expected will have an average household income of
approximately $77,000. Urban dwellers spend. about 25% .of income on taxable
expenditures. So, about $19,250 per year would be taxable expenditures per household.
This results in $385 per year per household to Local City and Transportation Authority
revenue, or about $2,500,000 per year. The great advantage of people living in the
central city is that they tend to spend most of their expendable dollars in the city limits
of Fort Worth.
In addition, sales taxes paid by visitors to the area, construction, home improvements,
etc. would be in addition and would be very substantial. Having an urban waterfront
would most assuredly make Fort Worth more attractive for tourists, visitors, and
.convention traffic. It would also attract more corporate and business headquarters like
Pier 1 and RadioShack that bring in abundant business travel and related expenditures.
Hotel / Bed Tax
A much stronger Downtown with growing corporate headquarters and businesses will
assuredly increase revenue from room nights, rental cars, and similar activities. An
actual number has not been calculated for this project, because said revenues will likely
go to support other visitor, tourist, and cultural attractions.
Overall Central City Health
Just as important as the above, direct revenues are needed to enhance the sustainable
economy for Downtown and the Central City. Spin-off economic advantages to
adjoining districts and neighborhoods, including the near north neighborhoods (north of
Oakwood Cemetery), the Stockyards Area, and Cultural District, Oakhurst / Riverside
Areas, and near Westside neighborhoods would be substantial in terms of visitation,
expenditures, neighborhood services, shopping and urban livability.
The 25-Year TIF #9 Projections
From the 40-year projected build -out summarized above, a 25-year conservative build -
out projection was developed for purposes of the TV Finance Plan.
17
IV. TAX INCREMENT PROJECTIONS
A financial model was created to establish potential revenue streams for the
purposes of capturing tax increment. The Tax Increment Projections include a
targeted project approach for the purposes of determining the minimum
development necessary to support tax increment funding of a portion of the urban
waterfront development.
Since TIF #9 was established in 2003, significant new development has already
occurred. These new developments and immediate and foreseeable projects drive
the TIF Increment Projections.
Trinity Uptown
Development Zones
Core Zones:
- A] Higher rA.-mity � leighboritood
_
A2 Higher IAyvsity Ndghwrhood
A3 1Q!cr1)ensityNdghborhgod
B! 1\'c:ghburhewd
H2 Nerihborhood
1�162lihorlmd
-x'
C 3aGrava;'
Dlt:a;ghhxbcxxl
f
D2N Niighlxrrhood
1)37,leiglel food
�.
El VrbaA[ake
„i
f• Tarrant COumy COlege Cnmpus
Gt NMh Maiin
�1 r `1
Perrpherdltnes
_ -
1. North BilAsT
r
2. VkW. Fork
1. 1ien4cr,5on Street
4` B'.
4.TrinityPsrk.Villagc/SooC7th
5; Pier 1
7. Timarn Regional Water District
$. Northside Drive
naonaan
1,et{pharA z9*0
18
The Final 2004 TIF Increment Report (the first year of increment capture since TIF
#9 was created in 2003) yielded a taxable value increment of $40,181,539. New
construction accounted for $25,941,004 of the new increment. This first year
increment report produced higher than anticipated revenue based upon the initial
TIF model.
TIF #9 realized $25 million in taxable value increment from the partially
completed Pier One Corporate Headquarters (i.e. 2004 tax bill represents value as
of January 1, 2004 in which only a portion of the project was completed). To
encourage the development of the headquarters, the City of Fort Worth granted a
20-year economic development grant of the increased property taxes; however the
remaining taxing jurisdictions did not. Therefore, outside from the City's tax rate
the remaining tax jurisdictions value is captured in the TIF.
Another known project located within TIF #9 that will contribute to new
development growth is the South of Seventh (So7) that will assist in funding the
TIF projects. In 2004, 12 new town homes and a Marriott Residence Inn were
completed and will add incremental value to the tax roles in 2005 and 2006.
Additional phases will continue to addincrement to the TIF.
In April 2005, the City of Fort Worth approved a lease and option agreement with
La Grave Reconstruction Co, LLP. for approximately 33 acres located between La
Grave Field and the currently acquired Tarrant County College property to the
south. The lease and agreement allows Reconstruction to purchase. the City,
property for development, over an 18-year period. Reconstruction is actively
negotiating with developers to partner on the overall envisioned master plan. It is
anticipated that the first phase could commence within 12-36 months.
Trinity Bluff mixed -use development encompasses approximately 30 acres along
the bluff overlooking the east bank of the Trinity River at the historic site of Fort
Worth's oldest community; the area is a natural extension of the city's Central
Business District.
In 2004, the Trinity Bluff development was initiated.
Phase I included 61 town homes and a 300 unit apartment project and is not in
TIF 49.
Phase II of the Trinity Bluff development is in TIF #9 and includes potentially
$200 million of new town homes and apartments which is included in TIF #9.
19
These immediate projects in combination with the project impacts outlined in the
21-zone analysis are the development drivers of the TIF Plan.
TIF Financing Assumptions:
• Tarrant Regional Water District (TRWD) enhancement of $4 million annually
for 16 years totaling $64 million total
• Revenue bond financing supported by TIF increment and $4 million TRWD
revenue
• Additional revenue sources may be utilized to enhance marketability of the TIF
revenue bonds; however for the purposes of TIF funding feasibility, the
minimum necessary has been utilized
• Two (2) bond issuances: 2008 and 2013
• Total debt of $178.52 million represents future value of $115.9 million in TIF
project costs and $48 million TRWD, which excludes $16 million TRWD
contributed from 2004-2008
Revenue bond terms of 30 years at 5% interest. Other terms rni;ght be
applicable at the time of issuance
20
25-Year Tax Increment By District
Gumutanve aver 2S
5-Year "Snapshots" of Annual Revenue
2009
2014
2019
2024
2029
years
City
1.164,632
7,096,475
10.879,765
16.607,077
7.6,298,82.0
274.251,071
Hospital District
523,98D
2,139,707
3,18D,472
4,461,390
7,065,276
77,998.737
TCC
314,253
1,283,272
1,907,462
2,675,682
4,237,342
46,779.105
FWISD
01
01
01
0'
0
0
TRWD
45.093
164J40
273,707
383,941
608,027
6,712,456
County
614,392
2,50B,907
3,729,254
5,231,192
8,284.371
91,457,211
Total:
S2,662,350
$13,212,501
$19,970,661
$29.359,282
$46.493,036
S497,198,579
20%
532,470
2,642,500
3.994,132
5,871,856
9.293,767
99,439,716
Portion available to TIF Bo%
$2,129,SB0
$10,570,001
$15,976,529
$23,467,426
$37,195,069
$397,758,863
Cumulative after 25
Cumulative Revenue Each 5yr Period
2004-2009
2010-2014
2015-2019
2019-2024
2025-2029
years
City
3,14D,619
27,154,983
49,387,363
?5,594,124
118.973 982
274,251.071
Hospital District
1,721.807
.8,416,307
14.506,351
21.391,679
31,962,504
77,990,737
TCC
1,032.639
5,047,611
8,700.065
12,829.485
19,169,304
46,779.105
FWISD
0 I
0'
01
0 I
0
0
TRWD
148.176
724,295
1,248,395
1,840,936
2,750,554
6,712.456
County
2,018,900
9,068,518
17,09,383
25,082,756
37,477,654
91,457.211
Total:
8,062,141
51,211,714
90,851,557
136,738,980
210,33d,187
497,198,579
20%
1,612.428
10.242,343
10,170,311
27.347.796
42,066.837
99,439,716
Portion available to TIF g076
6,445,713
40,965,371
72,691,246
109,391,184
168,267,350
397,758,363
,
Cumulative Totals
i
2004-2009
j
t
2004-2014'
2004-2019i
I i
2004-20241
20642029
Cumulative to Taxing i
_ ... �.--._....___..._..
_......._..__:.....___._
—.
paricipating
Jurisdictions (281/4
11612,428 1
11,854,771
30,025,082
; 57,372,878 99,439,716
Cumulative Available 1'
to TIF (601/4 -
------.—.__.._.._.._____.._.___.__.6,449,713...__..._..__47,419,094.3.._----120.10D_329
229,491,513 j 397,758,863
_
Total Cumulative
8,062,141
59,273,855
_
- _ 160,125,412
'
..---286,664,392�i �.�'�-�.�-497,198,579
21
The tables below summarize the .assumptions made in the projected tax increment
model.
TAX RATE
City 0.8650000
Hospital District 0.2324000
County College 0.1393800
School District 0.0000000
Water District 0.0200000
County 02725000
TOTAL TAX RATE 1.5292800
ASSUMPTIONS:
TIF CREATED:
TAXABLE BASE YEAR:
TAXING ENTITIES:
PARTIAL PARTICIPATION:
FINANCING:
BOND ISSUANCE:
TIF EXPIRATION:
FY 2003/2004
2004
ALL EXCEPT SCHOOL
80% TIF / 20% GENERAL FUNDS
5% INTEREST / 30 YEAR TERM.
2008 $75.92M
2013 $102.6M
2028
Model assumes an 80% TIF Fund and 20% General Fund contributions for all
taxing jurisdictions.
22
Development Assumptions
Tax Increment Model:
The 25-year targeted project approach assumes accruing tax increment through 2
methods:
1. 2% annual growth in property values due to increase value from development of
the urban waterfront and bypass channel; and
2. $1.24 billion in new development occurring during a 25 year period detailed
below.
PV 2005
2006
60,000,000
2007
28,301.,887
2008
66,749,733
2010
177,032,934
2012
283,765,676
2016
182,621,337
2020,
168,350,451
2026
274,483,908
1,241,305,925
Land value increases and additional development would be significantly increased
and enhanced with the development of the urban waterfront and bypass channel.
Without the development of the urban waterfront and bypass channel, the study
area would see some development growth, however not at the rate included in the
financial model. It is reasonable to assume that the development of the urban
waterfront and bypass channel will significantly increase land values by more than
2% annually, however 2% is the conservative baseline used. Therefore, without
the proposed public infrastructure, only a small portion of the anticipated
development would occur and the full development potential of the area would not
be realized.
23
t
O
2005
2006
2007
2006
2009
2010
2011
2012
2013
2014
2015
2016
2017
2016
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
pp N J� W W
O O O S S S O
g o 8 g o
m am 0 ❑ ®
0
� = S
CD
7
C
z
co
c4
C
a.
c�
00
b
E3
CD
O.
K
CD
O.
CD
CD
c9
`0
V. PUBLIC INFRASTRUCTURE COST AND FINANCING PLAN
SUMMARY
Proposed Trinity River Vision TIF# 9 Project Plan
],;it V KC: 1 L' C 1-J r [)Lrqc)" ('101
\-'a I 1'q 'Stf)1q'C-
Lalrlicluj-[_-'-
0 li.l (.1
6
L' t 11 J L III I L: 04
r il-i n �"i ti L I
S t 1-11 11 1 f' I J I"
0' 0
1. The above project categories include provisions for contingency, legal-, project
management, design, engineering, permitting, and testing (based on 2005 construction
costs)-
2. The above project categories do not include increased costs due to inflation or financing
costs (interest and fees on debt).
3. Preliminary funding scenarios indicate that the TIF would need to contribute $116 million
based upon 2005 construction costs plus appropriate inflation and financing costs.
OR
Financing Plan Summary
Based on discussions with local government and federal agencies, the following sources of funds
have been estimated.
Local Government Sources
Cost Estimates = $ 435 M
Assume 50% Local Match $ 217.5 M
From Normal Local Program Sources
From TRWD
» Subtotal:
Remaining to Finance from TEF:
$116 million in 2005 dollars needed from TIF
26
$ 37.6 M
$ 64.1 M
$ 101.7 M
$115.9 M
Summary of Local Government Participation Next Ten Years
Local i 2005 Cost
Entity ! Source of Funds 1
1 2003 Estimate Esthnate
$13,310,000
water/Sew er Fund
$5,uuu,uuuf
$5,050,000
HUD
$2.000,0001
$2,420,000
II SubTotall
$22,000,000
$26,620,0001
C_o_unty 3Road and Bridge
$6,000,000
$7,260,000
iR!verfrontTlF(RadioShack)—?
$2,100,000
$2,541,000
jIn-kind Trads/IrthWark
$1,000,000
S11210,000
SubTotal:l
$9,100,000
$11,011,000
TRWD — iln-kind Construction
$6,400,000
$7,744,000
— — In -kind Recreation
— ------ ------- ,.-.
;Ecosystem Restoration
$2,500,000
$3,025,000
'Annual Budget i
$44,000.000
$53,240,000
— t �SubTotatl
$52,900,000
$64,009,000
i 7ota1:�
$a4,000,0001
$101,640,0001
2005 Cast Estimate:
TIF District: $115,860,000
Total Local (50 % ): 5 217,500,000
(2005 Dollar Values)
$116 million from TIF, based on 2005 dollars
Conclusion
Based upon the TIF Financing and Development Assumptions found on Pages 21 and 22, the
TIF Model calculates the year -by -year cash flow analysis of the TIF revenues and expenses. In
2027 when the Ending Cash Balance exceeds the Undiscounted Value of the Remaining
Expenses, the TIF has funded the required improvements and no additional TIF Increment is
needed.
The TIF generates an estimated $397.76 million over the 25-year TIF term in total direct
revenues. Based on the funding strategy and assumptions above, the project needs $116 million
in financing based on 2005 construction costs. The current pro forma analysis indicates this will
allow for possible inflation and financing costs. The project is financially feasible.
27
VI. TERMS AND CONDITIONS
The following terms have been discussed to guide completion of
intergovernmental discussions and participation agreements.
Amount of TIF Financing and the Project PIan:
All revenues generated by the TIF shall go to pay for eligible projects as outlined
in the approved project plan including management, administration, design,
engineering, testing, and financing costs.
Consideration of Additional Projects:
The TIF Board can consider adding additional projects, but amendments to the
Project Plan will require approval from the City, County, TRWD;, and TCC.
Length of TIF in Years:
The TIF has a 25-year term and is scheduled to end on December 31, 2028.
Financing Issues:
Approval of this TIF District does not obligate any of the participating taxing
jurisdictions to issue debt instruments to finance any part of the project plan
without going back for review and approval from the appropriate local
governments.
Tax Increment Participation Rates:
The financing plan described above was based on an assumption that each of the
participating local governments would participate at an 80% level. Subject to
further review, some local governments have indicated a desired to consider higher
levels in the earlier years, or until the TIF is "stabilized" financially.
Consequently, the actual participation rates from each local government may
change as the TIF District plans and participation agreements are finalized.
TIF funds from years 2004 and 2005 shall be kept in reserved accounts subject to
payment to the TIF once participation agreements are finalized.
28
ATTACHMENT -- TRV TIF TAX INCREMENT PROJECTIONS
F•
Projections 916105
80%
Total Revenue
Less TRWD
Increment
1.25 coverage
2005
$ 4,397,395
$ (4,000,000) $
317,916
$ 254,333
2006
5,072,611
(4,000,000)
858,089
686,471
2007
5,358,176
(4,000,000)
1,096,541
869,233
2008
6,571,609
(4,000,000)
2,057,287
1,645,830
2009
6,662,350
(4,000,000)
2,129,880
-1,703,904
2010
10,149,448
(4,000,000)
4,919,558
3,935,647
2011
10,311,746
(4,000,000)
5,049,397
4,039,517
2012
16,623,123
(4,000,000)
10,098,498
8,078,799
2013
16,914,895
(4,000,000)
10,331,916
8,265,533
2014
17,212,501
(4,000,000)
10,570,001
8,456,001
2015
17,516,060
(4,000,000)
10,812,848
8,650,278
2016
22,705,438
(4,000,000)
14,964,350
11,971,480
2017
23,118,856
(4,000,000)
15,295,085
12,236,068
2018
23,540,542
(4,000,000)
15,632,434
12,505,947
2019
23,970,661
(4,000,000)
15,976,529
12,781,223
2020
25,994,875
20,795,900
16,636,720
2021
26,554,081
21,243,265
16,994,612
2022
27,124,472
21,699,578
17,359,662
2023
27,706,270
22,165,016
17,732,013
2024
29,359,282
23,487,426
18,789,940
2025
29,985,777
23,988,622
19,190,897
2026
43,698,818
34,959,054
27,967,244
2027
44,612,103
35, 689, 682
28, 551, 746
2028
45,543,654
36,434,923
29,147,939
Present Value @ 6% $ 137,688,036 $ 110,150,429
Present Value @ 5% $ 159,884,822 $ 127,907,858
EXHIBIT "C"
COUNTY RESOLUTION
.•cOUN
RESOLUTION
PARTICIPATION IN CITY OF FORT WORTH
TAX INCREMENT FINANCING REINVESTMENT ZONE 99 -
THE TRINITY RIVER VISION TIF
WHEREAS, the general laws of the State of Texas authorize governmental taxing entities to
join other taxing jurisdictions in the establishment of a reinvestment zone under the Tax Increment
Financing Act, Chapter 311 of the Texas Tax Code (the "Act"), to provide incentive for the
development and redevelopment of properties that might not be undertaken without such incentive;
and
WHEREAS, the Fort Worth City Council approved Ordinance No.15797, dated December
16, 2003, establishing Tax Increment Financing Reinvestment Zone Number Nine (the "Zone"),
City of Fort Worth, Texas, as amended by Ordinance No. 16005 on June 15, 2004 and Ordinance
No. 16808-2-2006 on February 7, 2006, in accordance with the Tax Increment Financing Act, to
provide for the creation of a bypass channel for the Trinity River to reduce central city flooding
threats and to promote subsequent redevelopment of property in the Zone through the use of tax
increment financing; and
WHEREAS, in accordance with the requirements of the Act, the Fort Worth City Council
has given all applicable notices to the Tarrant County Commissioners Court as to the City Council's
establishment of the tax increment reinvestment zone and, through its appointed representatives, has
made a formal presentation to the Tarrant County Commissioners Court regarding the reinvestment
zone; and
WHEREAS, the County has three (3) representatives to the Fort Worth Tax Increment
Financing Reinvestment Zone #9 Board of Directors, one as established by statute and two that are
named by the County and appointed by the City Council, and said representatives have participated
in the development of the Project Plan and Financing Plan for the Zone; and
WHEREAS, the City of Fort Worth City Council has adopted the Project Plan and Financing
Plan as submitted by the Reinvestment Zone Board of Directors; and
WHEREAS, the Tarrant County Commissioners Court recognizes that Tarrant County's
participation in the creation of the tax increment reinvestment zone will have the desired effect of
developing the area to the benefit of all taxing units which levy taxes in the proposed reinvestment
zone.
NOW, THEREFORE, BE IT RESOLVED:
That the Tarrant County Commissioners Court hereby approves participation in the Fort
Worth Tax Increment Financing Reinvestment Zone 99 and the payment into the tax increment fund
of a specific portion, as set forth in the Agreement, of its collected incremental tax revenue produced
by applying the County's tax rate to the incremental increase in the value of property located in the
reinvestment zone, effective January 1, 2004 through December 31, 2024 or until the date that on
which the project costs as set forth in the Project Plan have been paid, whichever occurs first, in
accordance with the terms of the attached Agreement; that the Agreement be and is hereby approved;
that the County and its Commissioners Court hereby agree to enter into the Agreement as a party
thereto; and the County Judge of the County or his designee be and is hereby authorized and directed
to execute said Agreement on behalf of the County and its Commissioners Court substantially in the
form attached hereto and carry out the terms thereof at the appropriate time(s).
PASSED AND APPROVED, IN OPEN COURT, this 27th day of February, 2007.
COURT ORDER NO. / 49 f>C%
B. Glen tley, County Ju
r)Lo'..
Roy C. B96oks
Commissioner, Precinct 1
Gary Fiekes
Commissioner, Precinct 3
J.D. Johnson
Commissioner, Precinct 4
APPRO eA;SeT-:
Asst. Dect Attorney
Exhibit "C"
COUNTY RESOLUTION
REFERENCE NUMBER
'•.N - y COMMISSIONERS COURT PAGE l of 76
COMMUNICATION
DATE: 2/27/2007
SUBJECT: APPROVAL OF PARTICIPATION IN THE CITY OF FORT WORTH TAX
INCREMENT FINANCING REINVESTMENT ZONE #9 — THE TRINITY
RIVER VISION TIF
COMMISSIONERS COURT ACTION REQUESTED:
It is requested that the Commissioners Court consider approval of the attached Resolution and
Participation Agreement providing for the County's participation in the City of Fort Worth Tax
Increment Financing Reinvestment Zone #9—The Trinity River Vision TIF, through the payment into
the Zone's tax increment fund of certain tax revenues produced by the incremental property values
within the TIF Zone as set forth in the Agreement.
BACKGROUND:
In December 2003, the City of Fort Worth established Tax Increment Financing (TIF) Reinvestment
Zone #9 in order to provide for the creation of a bypass channel for the Trinity River to reduce central
city flooding threats and to promote subsequent redevelopment of six to eight miles of urban
waterfront along the Trinity River, between 7th Street and Samuels Avenue. The TIF is expected to
fund just under one-third of the full project cost of the Trinity River Vision — Central City (Trinity
Uptown) project. Under the current Project and Financing Plan for TIF Reinvestment Zone #9, TIF
funds will provide for an estimated $116 million in public improvements within the TIF zone.
Approximately one-half of the project's $435 million cost will be funded from federal sources, with
the remainder of funding coming from the Tarrant Regional Water District and other local sources.
All project costs are directly related to infrastructure improvements, such as improved roadways,
bridges and pedestrian access, environmental remediation, utility relocation., and construction of water
control structures, the bypass channel and an urban lake feature. It is anticipated that the Trinity River
Vision project will create numerous waterfront redevelopment zones, bringing higher density
residential, office and retail uses to the Central City, and providing a vibrant reuse of an area that is
now largely underdeveloped with many vacant buildings or obsolete industrial uses.
The approval of the attached Participation Agreement will enable the County to participate in funding
of the Trinity River Vision TIF projects through the deposit to the TIF fund of 80% of the County's
incremental property tax revenues generated annually from development and increased values in the
TIF Zone beginning with the 2004 tax year. The term of the TIF is 20 years. As per the Agreement,
the County has three representatives appointed to the TIF #9 Board of Directors.
SUBMITTED BY: Administrator's Office PREPARED BY: Lisa McMillan
APPROVED BY:
,•�c°UNr; .. COMMISSIONERS COURT
4 COMMUNICATION
• *• • ' REFERENCE NUMBER: DATE: 2/27/2007 PAGE 2 OF 76
FISCAL IMPACT:
The TIF District is expected to fund approximately $115,900,000 toward public project improvements
that make up the total $435 million Trinity River Vision -Central City project. As previously noted,
that balance of funding for the project will come from federal and other local funds. The County will
pay into the TIF Increment Fund 80% of the incremental value generated within the District through
December 31, 2024 or until those project costs outlined in the Project Plan have been paid, whichever
occurs first. Taxing entities who plan to participate in funding of the TIF District include the City of
Fort Worth, Tarrant County, the Tarrant County Hospital District, Tarrant County College and the
Tarrant Regional Water District. The County will continue to receive the tax revenues from the base
value of the real property within the reinvestment zone, as well as 20% of all new tax revenues
generated from the increased values in the TIF District. Additionally, personal property value located
within the TIF District is not part of the TIF funding.
}
RESOLUTION
PARTICIPATION IN CITY OF FORT WORTH
TAX INCREMENT FINANCING REINVESTMENT ZONE #9 -
THE TRINITY RIVER VISION TIF
WHEREAS, the general laws of the State of Texas authorize governmental taxing entities to
join other taxing jurisdictions in the establishment of a reinvestment zone under the Tax Increment
Financing Act, Chapter 311 of the Texas Tax Code (the "Act"), to provide incentive for the
development and redevelopment of properties that might not be undertaken without such incentive;
and
WHEREAS, the Fort Worth City Council approved Ordinance No. 15797, dated December
16, 2003, establishing Tax Increment Financing Reinvestment Zone Number Nine (the "Zone"),
City of Fort Worth, Texas, as amended by Ordinance No. 16005 on June 15, 2004 and Ordinance
No. 16808-2-2006 on February 7, 2006, in accordance with the Tax Increment Financing Act, to
provide for the creation of a bypass channel for the Trinity River to reduce central city flooding
threats and to promote subsequent redevelopment of property in the Zone through the use of tax
increment financing; and
WHEREAS, in accordance with the requirements of the Act, the Fort Worth City Council
has given all applicable notices to the Tarrant County Commissioners Court as to the City Council's
establishment of the tax increment reinvestment zone and, through its appointed representatives, has
made a formal presentation to the Tarrant County Commissioners Court regarding the reinvestment
zone; and
WHEREAS, the County has three (3) representatives to the Fort Worth Tax Increment
Financing Reinvestment Zone #9 Board of Directors, one as established by statute and two that are
named by the County and appointed by the City Council, and said representatives have participated
in the development of the Project Plan and Financing Plan for the Zone; and
WHEREAS, the City of Fort Worth City Council has adopted the Project Plan and Financing
Plan as submitted by the Reinvestment Zone Board of Directors; and
WHEREAS, the Tarrant County Commissioners Court recognizes that Tarrant County's
participation in the creation of the tax increment reinvestment zone will have the desired effect of
developing the area to the benefit of all taxing units which levy taxes in the proposed reinvestment
zone.
NOW, THEREFORE, BE IT RESOLVED:
That the Tarrant County Commissioners Court hereby approves participation in the Fort
Worth Tax Increment Financing Reinvestment Zone #9 and the payment into the tax increment fund
of a specific portion, as set forth in the Agreement, of its collected incremental tax revenue produced
by applying the County's tax rate to the incremental increase in the value of property located in the
reinvestment zone, effective January 1, 2004 through December 31, 2024 or until the date that on
which the project costs as set forth in the Project Plan have been paid, whichever occurs first, in
accordance with the terms of the attached Agreement; that the Agreement be and is hereby approved;
that the County and its Commissioners Court hereby agree to enter into the Agreement as a party
thereto; and the County Judge of the County or his designee be and is hereby authorized and directed
to execute said Agreement on behalf of the County and its Commissioners Court substantially in the
form attached hereto and carry out the terms thereof at the appropriate time(s).
PASSED AND APPROVED, IN OPEN COURT, this 27th day of February, 2007.
—C�� - - -1
B. Glen Whitley, County Ju e
Roy C. brooks
Commissioner, Precinct 1
teary Fic es
Commissioner, Precinct 3
TEST:
ounty Clerk
Maui VanRavenstaay
Commissioner, Precinct
�1J, Al. If
J.D. Johnson
Commissioner, Precinct 4
APPR VV S T
Ass`t. D ct Attorney