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HomeMy WebLinkAboutContract 35440-A1CITY SECRETARY CONTRACT NO, ,35 AMENDMENT NO. 1 TO AGREEMENT TO PARTICIPATE IN TAX INCREMENT REINVESTMENT ZONE NUMBER NINE, CITY OF FORT WORTH, TEXAS This AMENDMENT NO. 1 TO AGREEMENT TO PARTICIPATE IN TAX INCREMENT REINVESTMENT ZONE NUMBER NINE, CITY OF FORT WORTH, TEXAS ("Amendment") is entered into by and between the CITY OF FORT WORTH, TEXAS (the "City") and TARRANT 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 Amendment: A. On December 9, 2003 the City Council of the City (the "City Council") adopted Ordinance No. 15797 designating certain real property in the vicinity of the Trinity River north and west of the City's downtown area (the "Original TIF Area") as Tax Increment Reinvestment Zone Number Nine, City of Fort Worth, Texas (the "TIF District"). B. On June 15, 2004 the City Council adopted Ordinance No. 16005, which amended Ordinance No. 15797 by increasing the number of directors on the TIF District's Board of Directors (the "Board"). On February 7, 2006 the City Council adopted Ordinance No. 16808-2-2006 amending Ordinance No. 15797 by removing certain real property from the boundaries of the TIF District. C. On September 15, 2005 the Board adopted a project plan and financing plan for the TIF District (collectively, the "Plans"). On January 19, 2006 the City Council adopted Ordinance No. 16768-01-2006 approving such Plans. D. The City and the County have entered into an agreement (the "Participation Agreement") pursuant to which the County has agreed to deposit eighty percent (80%) of the County's Tax Increment into the TIF District's Tax Increment Fund, as specifically provided in the Participation Agreement_ The Participation Agreement is a public document on file in the City Secretary's Office as City Secretary Contract No. 35440. E. On December 15, 2009 the City Council adopted Ordinance No. 18975- 12-2009 expanding the boundaries of the TIF District to include certain additional real property along the Trinity River east and south of the Original TIF Area (the "Expanded TIF Area"). Ordinance No. 18975-12-2009 is incorporated herein by reference for all purposes. OFFICIAL RECORD CITY SECRETARY Amendment No. 1 to Tarrant County, Texas FT, WORTH, TX Participation Agreement re: Trinity River Vision TIF Page I F. On December 4, 2009 the Board adopted an amended project plan and an amended financing plan for the TIF District (collectively, the "Amended Plans"), subject to the City Council's adoption of an ordinance expanding the TIF District's boundaries to include the Expanded TIF Area. On December 15, 2009 the City Council adopted Ordinance No. 18975-12-2009 approving such Amended Plans. Ordinance No. 18975-12-2009 is incorporated herein by reference for all purposes. G. The County's governing body has adopted a Court Order or otherwise taken appropriate and sufficient action in a public meeting, following a vote of a majority of the governing body, to authorize the County to also contribute eighty percent (80%) of the County's Tax Increment from property in the Expanded TIF Area into the Tax Increment Fund in order to implement the Amended Plans, and to authorize the County's deposit of Tax Increment from property located in both the Original TIF Area and the Expanded TIF Area to continue until termination of the TIF District in accordance with Ordinance No. 18975-12-2009, which intent the parties wish to reduce to writing through this Amendment. NOW, THEREFORE, the City and the County, for and in consideration of the terms and conditions set forth herein, do hereby contract, covenant and agree as follows: 1. The following terms and their definitions are hereby added to Section 2 (Definitions) of the Participation Agreement: Expanded TIF Area means those certain real properties and boundaries added to Tax Increment Reinvestment Zone Number Nine, City of Fort Worth, Texas pursuant to Ordinance No. 18975-12-2009. Orie-inal TIF Area means those certain real properties and boundaries comprising Tax Increment Reinvestment Zone Number Nine, City of Fort Worth, Texas pursuant to Ordinance No. 15797, as amended by Ordinance No. 16808-02-2006. 2. The following terms provided in Section 2 (Definitions) of the Participation Agreement are hereby amended to be defined as follows: Proiect Plan means the project plan for the development and/or redevelopment of the TIF District, as adopted by the TIF Board and approved by the City Council pursuant to Ordinance Nos. 16768-01-2006 and 18975-12-2009. TIF District means Tax Increment Reinvestment Zone Number Nine, City of Fort Worth, Texas, which includes the Original TIF Area and the Expanded TIF Area. Amendment No. l to Tarrant County, Texas Partieipation Agreement re: Trinity River Vision TIF Page 2 Tax Increment Base means (i) the total appraised value as of January 1, 2003 of all real property taxable by the County and located in the Original TIF Area and (ii) the total appraised value as of January 1, 2009 of all real property taxable by the County and located in the Expanded TIF Area. 3. Section 3 (Deposit of Tax Increment) of the Participation Agreement is hereby amended to read as follows: Pursuant to that certain Resolution adopted by the County Commissioners Court on February 27, 2007 pursuant to Court Order No. 100046 and that subsequent Resolution duly adopted by County Commissioners Court and attached hereto, and specifically subject to Section 4 of this Agreement, the County hereby agrees to deposit into the Tax Increment Fund (i) eighty percent (80%) of the County's Tax Increment from the Original TIF Area, beginning with such Tax. Increment received for the 2004 tax year and for each tax year thereafter throughout the term of this Agreement, and (ii) eighty percent (80%) of the County's Tax Increment from the Expanded TIF Area, beginning with such Tax Increment received for the 2010 tax year and for each tax year thereafter throughout the term of this Agreement. 4. Section 5 (Term) of the Participation Agreement is hereby amended to read as follows: This Agreement shall take effect on the date as of which both parties have executed it and shall expire on the earliest of (i) December 31, 2044; (ii) a date earlier than December 31, 2044 that is specified for termination of the TIF District in an ordinance adopted by the City Council; or (iii) the date as of which all project costs of the TIF District, including, but not limited to, any tax increment bonds and interest on those bonds, have been paid or otherwise satisfied in full. The adoption of an ordinance by the City Council extending the term of the TIF District beyond December 31, 2044 shall not serve to extend the term of this Agreement unless this Agreement is amended in writing and signed by the County. 5. This Amendment shall take effect on the date as of which both parties have executed it. All provisions and conditions of the Participation Agreement that are not specifically amended by this Amendment shall remain in full force and effect. 6. Capitalized terms used but not identified in this Amendment shall have the same meanings assigned to them in the Participation Agreement. Amendment No. 1 to Tarrant County, Texas Participation Agreement re: Trinity River Vision TIF Page 3 7. This Amendment contains the final written expression of the City and the County with respect to the subject matter hereof. This Amendment may be executed in multiple counterparts, each of which shall be considered an original, but all of which shall constitute one instrument. EXECUTED as of the later date below: CITY OF FORT WORTH, TEXAS: By: Guo-� Susa n A lahi; lahi;A 4 t CiTy Manager Date: ATTEST: By:� Marty Hendrix City Secretary APPROVED AS TO FO Peter Vaky Assistant CiTy Attorn M&C: none required TARRANT COUNTY, TE- S: By: B. Glen Whitley / County Judge Date: % ' 2`7' 10. ATTEST: J'-A� By: ornev W� * By law, the District Attorney's Office may only advise or approve contracts or legal 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). Amendment No. I to Tarrant County, Texas Participation Agreement re: Trinity River Vision TIF Page 4 OF�ICIAL RECORD CITY SECRETARY FT. WORTHi TX COMMISSIONERS COURT - 7/27/2010 Page 3 of 23 ADDroval of Supplemental Watershed Plan Aareement No. 2 between Tarrant County and the U. S. DeDartment of Agriculture, Natural Resources Conservation Service Motion made by Commissioner - Precinct 1 Roy C. Brooks and seconded by Commissioner - Precinct 4 J.D. Johnson to Approve Supplemental Watershed Plan Agreement No. 2 between Tarrant County and the U. S. Department of Agriculture, Natural Resources Conservation Service Passed 4-0 (None); Abstain: (None); Absent: ( Commissioner - Precinct 2 Marti VanRavenswaay) Court Order Number: 108407 It is so ordered. Official documents on file with County Clerk. 2. ADDroval of an Interlocal Agreement with the Texas DeDartment of TransDortation for the Mobility Assistance Patrol Program Motion made by Commissioner - Precinct 4 J.D. Johnson and seconded by Commissioner - Precinct 1 Roy C. Brooks to Approve an Interlocal Agreement with the Texas Department of Transportation for the Mobility Assistance Patrol Program Passed 4-0 (None); Abstain: (None); Absent: ( Commissioner - Precinct 2 Marti VanRavenswaay) Court Order Number: 108408 It is so ordered. Official documents on file with County Clerk. 3. ADDroval of Amendment No. 1 to Fort Worth Tax Increment Financing Zone #9 -Trinity River Vision Participation Aareement for Modification to the Project and Financin_a Plans and Expansion of the TIF Zone Boundaries Motion made by Commissioner - Precinct 1 Roy C. Brooks and seconded by Commissioner - Precinct 4 J.D. Johnson to Approve Amendment No. 1 to Fort Worth Tax Increment Financing Zone #9 -Trinity River Vision Participation Agreement for Modification to the Project and Financing Plans and Expansion of the TIF Zone Boundaries Passed 4-0 (None); Abstain: (None); Absent: ( Commissioner - Precinct 2 Marti VanRavenswaay) Court Order Number: 108409 It is so ordered. Official documents on file with County Clerk. 4. * * ADDroval of an Interlocal Agreement between Tarrant County and http://tarrantcounty.granicus.com/MinutesViewer.php?view_id=6&clip_id=994 04/04/2011 ORDINANCE NO. 18975-12-2009 AN ORDINANCE ENLARGING THE BOUNDARIES OF TAX INCREMENT REINVESTMENT ZONE NUMBER NINE, CITY OF FORT WORTH, TEXAS (TRINITY RIVER VISION TIF); EXTENDING THE TERM OF THE TRINITY RIVER VISION TIF; APPROVING AN AMENDED AND UPDATED PROJECT AND FINANCING PLAN FOR THE TRINITY RIVER VISION TIF; AND CONTAINING OTHER RELATED MATTERS. WHEREAS, on December 16, 2003 the City Council of the City of Fort Worth, Texas (the "City") created Tax Increment Reinvestment Zone Number Nine, City of Fort Worth, Texas (Trinity River Vision TIF) (the "Zone") pursuant to Ordinance No. 15797, as subsequently amended by Ordinance Nos. 16005 and 16808-2-2006; and WHEREAS, in accordance with Section 311.011(a) of the Texas Tax Code (the "Code"), on September 15, 2005 the board of directors of the Zone (the "Board") adopted a project plan and a financing plan for the Zone (collectively, the "Plans"), which, as required by Section 311.011(d) of the Code, were approved by the City Council pursuant to Ordinance No. 16768-01-2006; and WHEREAS, Section 311.011(e) of the Code allows the board of directors of a tax increment reinvestment zone to adopt an amendment to a project plan for the Zone so long as the amendment is consistent with the requirements and limitations of Chapter 311 of the Code and is approved by the governing body of the municipality that created the zone; and WHEREAS, on December 4, 2009 the Board adopted an update to the Plans (the "Updated Plans"), which is attached hereto as Exhibit "A" and is hereby made a part of this Ordinance for all purposes; and Page i Ordinance Expanding Boundary, Extending fenn and Approving Amended Project and Financing Prins tier Tax increment Reinvestment Zone Number Nine, City of Fort Worth, Texas (Trinity River Vision I fl WHEREAS, in order for the projects set forth in the Plans and Updated Plans to be implemented and financed in their entirety, it is necessary for the boundaries of the Zone to be enlarged and the term of the Zone to be extended; and WHEREAS, accordingly, the City wishes to enlarge the Zone by adding the property depicted and described in Exhibit "B" (collectively, the "Expanded Area"), which Exhibit is attached hereto and hereby made a part of this Ordinance for all purposes; and WHEREAS, Section 311.007 of the Code allows the City Council to reduce or enlarge the boundaries of an existing tax increment reinvestment zone by ordinance or resolution, subject to the limitations provided by Section 311.006 of the Code; and WHEREAS, by operation of Section 311.006 of the Code, a municipality may change the boundaries of an existing tax increment reinvestment zone so long as (i) less than ten percent (10%) of the property within the amended boundaries of the 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 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; and (iii) the amended boundaries of the 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, Ordinance No. 15797 specifies that the Zone shall expire on the earlier of December 31, 2028 or the date on which all project costs, tax increment bonds and interest on those bonds have been paid in full; and Page 2 Ordinance Expanding Boundary. Extending Tenn and Approving Amended Project and Financing Plans for Tax Increment Rcimesttnent Zone Number Nine, City of Fort Worth. Tcsas (Trinity Riper Vision TIF) WHEREAS, the City wishes to extend the term of the Zone so that the projects set forth in the Plans and Updated Plans may be fully implemented and funded; and WHEREAS, Section 311.017(a)(1) of the Code allows a municipality to reduce or extend the term of an existing tax increment reinvestment zone by ordinance adopted subsequent to the ordinance that originally created the zone; and WHEREAS, in accordance with the procedural requirements of Section 311.003(c) and (d), on December 8, 2009, the City Council held a public hearing regarding the Updated Plans, the enlargement of the Zone, the extension of the Zone's term, and the anticipated benefits that will accrue to the City and to property in the Zone as a result of such actions, and afforded a reasonable opportunity for all interested persons to speak for or against the approval of the Updated Plans, the addition of the Expanded Area to the Zone, the inclusion of any property in the Zone, the extension of the Zone's term, the concept of the Zone and tax increment financing generally; and WHEREAS, notice of the public hearing was published in a newspaper of general circulation in the City on November 30, 2009 which date was not later than seven (7) days prior to the date of the hearing; and WHEREAS, in accordance with the processes outlined in Sections 311.003(e) and (f) of the Code, prior to the public hearing the City (i) provided written notice to all taxing units levying real property taxes within the Zone of the City's intention to add the Expanded Area to the Zone, to extend the term of the Zone, and to approve the Updated Plans; (ii) made a formal presentation to the governing bodies of Tarrant County and the Fort Worth Independent School District as well as the governing bodies of any taxing Page 3 Ordinance Expanding Boundary, Extending Tenn and Approving Amended Project and Financing Plans for Tax Increment Reinvestment Zone Number Nine, City of Fort Worth, Texas (Trinity River Vision TIF) unit that requested a separate presentation; (iii) provided written notice to all taxing units levying real property taxes within the Zone of the public hearing. 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 addition of the Expanded Area to the Zone and after conducting a public hearing regarding the Updated Plans, the enlargement of the Zone, the extension of the Zone's terms, and the anticipated benefits to the City and to property in the Zone as a result of such actions, and affording a reasonable opportunity for all interested persons to speak for or against the approval of the Updated Plans, the addition of the Expanded Area to the Zone, the inclusion of any property in the Zone, the extension of the Zone's term, and the concept of tax increment financing generally, 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. The Plans and the Updated Plans include all information required by Sections 311.011(b) and (c) of the Code. 1.3. The Plans and the Updated Plans are feasible and the projects set forth therein conform to the City's comprehensive plan. Page a Ordinance Expanding Boundary, Extending Tenn and Approving Amended Project and Financing Plans for Tax Increment Reinvestmcnt Zone Number Nine, City of Fort Worth, Texas (Trinity River Vision TIF) 1.4. The Expanded Area is located in the Central City, as defined in the City's comprehensive plan. However, despite its central and strategic location, the Expanded Area predominantly comprises undeveloped land, vacant commercially zoned land, and underutilized and underdeveloped commercially zoned land, at least in part due to the risk of flood, which risk could be alleviated through the construction of the hydraulic dam and bypass channels proposed in the Plans and Updated Plans. Taking all facts into consideration, the Expanded Area substantially impairs and arrests the sound growth of the City and constitutes an economic liability and a menace to the public health and safety because of (i) unsanitary and unsafe conditions; (ii) the deterioration of site and other improvements; and (iii) conditions that endanger life and property. 1.5. Development of the Expanded Area will not occur solely through private investment in the foreseeable future. 1.6. Improvements in the Zone, including the Expanded Area, as specifically outlined in the Plans and Updated Plans, will significantly enhance the value of all taxable real property in the Zone, including the Expanded Area, and will be of general benefit to the City. 1.7. The Expanded Area is subject to inclusion in the Zone pursuant to Sections 311.007(a) and Sections 311.005(a)(1) of the Code. 1.8. The area within the Zone, following the addition of the Expanded Area, will remain contiguous. Page 5 Ordinance Expanding Boundary, Extending Tenn and Approving Amended Project and Financing Plans for Tax Increment Reinvestment Zone Number Nine, City of Fort worth, Texas (Trinity River Vision TIF) 1.9. With the addition of the Expanded Area, 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. 1.10. With the addition of the Expanded Area, 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. 1.11. With the addition of the Expanded Area, the Zone will not contain more than fifteen percent (15%) of the total appraised value of real property taxable by any county or school district. 1.12. By extending the term of the Zone to December 31, 2044, the City Council believes that sufficient tax increment, as defined by Section 311.012 of the Code, will be generated in order for the projects set forth in the Plans and Updated Plans to be implemented and financed in their entirety Section 2. DESIGNATION OF EXPANDED AREA FOR INCLUSION IN THE ZONE. That the City Council hereby enlarges the boundaries of the Zone by adding the Expanded Area to the Zone. The Zone, as enlarged, has been designated under Section 311.005(a)(1) of the Code and shall continue to be known as "Tax Increment Reinvestment Zone Number Nine, City of Fort Worth, Texas." With addition of the Expanded Area to the Zone, the Zone shall comprise the property depicted in Exhibit "C", which is attached hereto and hereby made a part of this Ordinance for all purposes. Page 6 Ordinance Fxpandmg Boundary, Extending Ternl and Appro%ing Amended Project and Financing Plans tier Tax Increment Reinveshnent Zone Number Nine, City of Fort Worth, Texas (Trinity Rkcr Vision TIF) Section 3. ZONE BOARD OF DIRECTORS. That the composition of the Board shall remain unchanged and shall continue to conform to the requirements of Section 311.009 of the Code. Section 4. DETERMINATION OF TAX INCREMENT BASE. That the tax increment base, as defined by Section 311.012(c) of the Code, for the Expanded Area of the Zone shall be the total appraised value for the 2009 tax year of all real property within the Expanded Area taxable by a taxing unit. The tax increment base for property located within the boundaries of the Zone prior to the adoption of this Ordinance shall remain unchanged. Section 5. TAX INCREMENT FUND. That the Tax Increment Fund created and established for the Zone pursuant to Ordinance No. 15797 (the "TIF Fund") shall include (i) the deposit by the City of eighty percent (80%) of the City's tax increment, as defined by Section 311.012(a) of the Code, generated by all real property within the Expanded Area, as well as that tax increment deposited by the City into the TIF Fund pursuant to and in accordance with Ordinance No. 15797, and (ii) the percentage of tax increment generated by all real property in the Zone, including the Expanded Area, that each taxing unit which levies real property taxes in the Zone, other than the City, has elected to deposit into the TIF Fund pursuant to and Page 7 Ordinance Expanding Boundary. Extending Tcnn and Approving Amended Prujeet and Financing Plans for Tax Increment Reinvestment Zone Number Nine, City of Fort Worth, Tcxas (Trinity River Vision TIF) in accordance with an agreement or agreements with the City, as authorized by Section 311.013(f) of the Code. Section 6. TAX INCREMENT AGREEMENTS, That, pursuant to Sections 311.008 and 311.013 of the Code, the City Manager or any Assistant City Manager is hereby authorized to execute and deliver, for and on behalf of the City, agreements with taxing units that levy real property taxes in the Zone pursuant to which tax increment of such taxing units will be deposited into the TIF Fund. Section 7. TERM OF ZONE. That pursuant to Section 311.017(a)(1) of the Code, the termination date of the Zone is hereby extended to be the earlier of (i) December 31, 2044 or (ii) the date on which all project costs, tax increment bonds and interest on those bonds have been paid in full. Section 8. APPROVAL OF UPDATED PLANS. That the Updated Plans are hereby approved. The Plans, as previously approved by the City Council pursuant to Ordinance No. 16768-01-2006, shall continue in effect except to the extent specifically amended or revised by the Updated Plans. Page s Ordinance Fxpanding Boundary, Extending Terns and Approving Amended Project and Financing Plans for Tax Increment Reinvestment Zone Number Nine, City of Fort Worth, Texas (Trinity River Vision TIF) Section 9. DELIVERY OF UPDATED PLANS TO TAXING ENTITIES. That the City Manager is hereby directed to cause a copy of the Updated Plans to be provided to the governing body of each taxing unit that taxes real property located in the Zone, as expanded. Section 10. 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 11. CUMULATIVE. That this Ordinance shall be cumulative of all ordinances of the City, except where the provisions of this Ordinance are in direct conflict with the provisions of any such other ordinances, in which case the conflicting provisions of such other ordinances are hereby repealed. Page e Ordinance Expanding Boundary. Extending Tcnn and Approving Amended Project and Financing Plans for Tax Increment Reimestmcnt Zone Number Nine, City of Fort Worth, Texas (Trinity River Vision TIF) Section 12. EFFECTIVE DATE. That this Ordinance shall take effect and be in full force and erect from and after its adoption. AND IT IS SO ORDAINED. ADOPTED AND EFFECTIVE: December 15, 2009 APPROVED AS TO FORM AND LEGALITY: By: AZ�D/2 — Peter Vaky Assistant City Attorney Date: / 2 -1 S-- O y M&C:G-16787 Page 10 Ordinance Expanding Boundary, Extending Tenn and Approving Amended Project and Financing Plan, for Tax Incrcnicnt Rcinvcshnent Zone Number Nine, City of Fort Worth, Texas (Trinity Rivcr Vision TIP) EXHIBIT "A" UPDATED PLANS Ordinance Fxpanding Boundary. Fxtending Tenn and ApproN ing Amended Project and Financing Plans for Tax Increment Reinvestment Lone Number Nine. City of Fort Worth. Texas (Trinity River Vision TIF) WIT qt f t�'� 3� tea.« �AKR -.�. .+$� n` 'a r •,. � ,�,q¢-�••-�j SQL. .�F ;� �� � � a' '� ? 7 • a "� Cs� &" ter° {. - '� i TI F uq 'i fit' ,�`�` .,.�"''r •+.-' �{ qq TIF u0B "f' 3 �+ 4K it yN„V�+p• ��C ,� � &_ � � Y N `''� i y 3 �,� fp_• f +'S l�v .(^" r u ka' .,, S' 1. .. ¢ 1+s .tip �'' a ,yE £°^. ".{: �• ti � 913 ... +a.. .26^-ar�:."?9r] f. E'! _ -•'8` 9-. k w .� ORDINANCE NO. 18975-12-2009 Table of Contents Contents TIFHistory...................................................................................................3 Boundary Description............................................................ . . TIF#9A..................................................................... .... . 4 TIF#96................................................................... . 4 Project Description.....................................................� ........ 20 TIF#9A.................................................................... ........... 20 TIF#96.................................................................... 22 Economic Impact.........................................................� 24 Gideon Toal Study..........................................................a.............. Y, 24 TXPStudy., .................. --—...................,,,......,,,....._,,,......_,__......,,......,_ 29L Tax Increment Projections ......... . ........... ... ,.�r_...,... 37 Public Infrastructure Costs and Financing Pla umrlla 43 Terms and Conditions... .... —. ............ ......... Attachment A ........................ .....ti-4,46 Attachment B..................... ........ .,,,......... . ,..... .....: 47 2 FORT WORTH TIF History ORDINANCE NO.18975-12-2009 The Trinity River Vision TIF (TIF #9) was established in 2003 and began collecting revenue as of January 1, 2004. As of September 2009, there has been approximately $145 million worth of new construction built since 2004, which along with property value appreciation, has created over $205 million of taxable value increment. The original Project and Financing Plan provided an extensive list of improvements and necessary funding that, when combined with matching federal dollars, would construct the Trinity River Vision Central City Project as described in the.September 2005 Project and Financing Plan. W' A number of significant developments have occurred since the TIF'>Ae�facilitating the need g p for an update to the original Project and Financing Plan, The two 1Ajor c� Include a{t Updated Supplemental Environmental Impact Statement (SEIS)by the Uni ed States , "y C engineers (USAGE) and a subsequent update to project cost estsrt es b r,Preese and Nicholsi#t>200t). The updated USACE SEIS indicated that it was crucial to ut) ay Park as hydraulic valley storage to provide the necessary flood protection associated wk to ss channel flood control project. The addition of this large area of land outside the TIF boundaated a need for the boundary to be expanded so funds from the TIF may k� rgized in both the b ide area and the Gateway Park region., The Freese and Nichols updated project cost es ates, pr( ed the Central City Project with a more accurate calculation of project costs including f addltio f Gateway Park and estimates of inflation built into the model. These additions have incr "cp the gierall project cost to approximately $909 million in 2021 dollars and increased the . ecessary TItributions o approximately $320 million dollars. The escalation of compulsory TIds has cre�(.a need for the length of the TIF to be extended to provide enough revenue to ectively fund tI;trat City Project. The following pages provide an update,cy i»,September 2005 Project and Financing Plan by amend- ing the boundary to include the Gateway it-pnsion (TIF #9B), expanding the project descrip- tion, along with r.!i F i ecan cmic impact stucjtes� 0-year* tax increment projections and the financial plan. To the uxter�t that this update confllct� "Alt2005 Project and Financing Plan, this update will control, ' * The projections are for 35 years in addition to the 5 years of increment already generated RT� f{ 3FO Gt atn^ _ Boundary Description ORDINANCE NO.18975-12-2009 Tax Increment Reinvestment Zone #9A South ROW of MOM Shnmrock ROW Jut+ �West al Ilhcek St Norlli ROW line of WtmeSeitlerwl Rd � West ROW Dine l efFIK&W Raitr d ( 1ie4 RIM,Iirw : 2 __ wooly y Si I } $ iulio Alldeiwi Fero sod / n �w4 N��k• awr.a "4, tk. ROW 1 4 F.rl. Q r-- t.!a1 R:'14 lw—1 Vw%lk SI " �r;.p :,,c f•Ik I !:�!+ +a :�+IM Sheri 5!.rl�.ar tiryllr 'North ROW line of 2t`d St 5" 'north ROW of Forest Park North ROW line of 5" st South ROW line of Lancaster 4 TIF #9A rust ROW line of Samuels Ave Centerline of I Trinity River II Weal ROW fine of BNSF Radmad a South ROW tine of Northside Dr r East ROW tine of Samuels" Ate � v . " -__ Naui Pack flus�a. Gorr SoeOI /+ proploe INr9La;M 11 / Noah l3rR thu,wrC cotrr Raufi r� ; PWII. nk 9Lat RC V Qk "^ J1 Rnhwidr hddirioa *41hiproplinrl t1UtAIR. I 4 i } Fnkwirih Addtiee ' �f �° � Srrd6 prop 1pe ofhsS.E 6E .r•�'^' � Tria►y Niwr Fy �� ;' .Cronilw Awe pleptin lirWdl Ad/., Soi/6 prop Ike tik l to I '� � _Lrnsy,Nprup l6e + � A101i li l3 w.rl Ito" ib a orBh'SF Ralkad :� � > 4rot.ecnon oP dr. tionh Ron Irm of ftwh and r =,�i= -.-� qw; IartROwaf'Snr nrls AlY south ROW line � - of Peach St b"a 60n .d' 9.t Fs4 1 , �.134ak P4, IA:t 4A _. Nash ROW 6 dLlmm�jr -.lj yonh Ruprrh t:rr d uteri t }ere It liee ' L.3r rrcltl:y lera ur . lur 1146 ! "Ih PT Yes. ' 1pO�d4{.t4c Fast ROW lille of Ccntcrlinc of I Suuniiii Ave I Trinity Riicr North RUM fide l 5Lwdl1 ROW IIIK (if 1LAcatherf<Kd l ol'7`1 >t 1) Revision A 2) Revision 8 F()RT�W()RT_H Boundary Description ORDINANCE NO.18975-12-2009 TIF #9A 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 23rd St., THENCE Easterly along the north ROW line of 23rd 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 erc sajo line intersects with the centerline of the Trinity River, THENCE Easterly along the centerline of the Trinity River to a point drllr '#' said li ne intersects with the west ROW line of BNSF Railroad, THENCE, Southerly along the west ROW line of BNSF Railroad to a point wl r= 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, swd ,line intersects with the east ROW line of Samuels Ave., THENCE Southerly along the east ROW line of Samuels Ave 1b a poir o south property line of North Park Business Cen Ik 9 Lot - Westerly along the property line of North Park E MOMess, intersects with the south property line of North Bu Westerly along the south property line of h Park Busih, said line intersects with the south pro,ms a of Fruhwirth Westerly along the south property line of Frr intersects with the south protrtylne of Fru Westerly along the sOUtK property lih intersects with the:`rline of the T Southwesterly al ttig the centerline of the Trin line intersects with the Blk 9 t RC to a point where said line Centel k 9 Lot RD, THENCE dotter Blk 9 Lot RD to a point where I- ion Blk 1 Lot: A113, THENCE on Blk 1 Lot A1R to a point where said line onTrs5&6E h Addition Trs 5 & 6E to a point where said line THENCE to a point where said line intersects with the south propertyYdifi&Samuels Ave. Baptist ChurO 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 SaimUbls Ave. to a point where said line intersects the north property line of Mulliken Felix G Survey A1045 Tr 33, THENCE 5 FORT WORTH Boundary Description ORDINANCE NO.18975-12-2009 TIF #9A 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*here�fd line intersects the intersection of the east ROW property line of Cummings Blk 124, EvI of the Fort Worth Original Town Addition, THENCE Northerly from the east property line of Cummings BIB 4, Lot of the Fort: Vuort Ufirtl Town Addition to a point where said line intersects the north hrr of Peach St. and tf &.09e ROW line of Samuels Ave., THENCE Westerly from the east ROW line of Samuels Ave. to a po ' here -she intersects the southeast property line of Block 1, Lot 513 of the Cummings -Boaz Addition, THENf:I Westerly along the south property line of Block 1, ummings Boaz Addition to a point where said line intersects the east property line [dot 188 al€� # mings Addition, THENCE Northerly along the east property line of Lot 18:. f the CdiTrinings tW to a point where said line intersects the north property line of Lot 18B of Cum cgs Additiol THENCE Westerly along the north property line of,� !8B of the in ition to a point where said line intersects the east property line of Lot 4)(:ithe Cummins l THENCE Northerly along the east property line' I t4, of the Cummings Addition to a point where said line intersects the north property line of Lot 4offtf,mmings Addition, THENCE Westerly along the nortCt°`p! p ' #h Lot 4A of thgg ings Addition to a point where said line intersects the east ROW line of Cumliiiftl rAve., THENC Northwesterly along the east ROW of Cummlb;Ave. to a point where said lint: intersects the north ROW line of Cummings Ave., THENCE Westerly along the r Qrth' ROW line of Cummir Ave. to a point where said line intersects the centerline of the Trinity River.:, 7NENCE 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 5th St. to a point where said line intersects the north ROW line of Forest Park Blvd., THENCE ' Revision A 6 FORT F{ Boundary Description ORDINANCE NO.18975-12-2009 TIF #9A 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 along the east ROW line Summit Ave. to a point where said ?inoa intersects the south ROW line of 7th St., THENCE Westerly along the south ROW line of 7th St. to a paint where staid line i ntersec s -he r:rrr h RO�V line of Forest Park Blvd., THENCE Southerly along the north ROW line of Forest Park Hl%t d_ to a po'i A 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 olnt whet sA line intersects the south ROW property line of 7th St. Justin Addition Blk 1, LotHEN,,„w Easterly along the south ROW property line of 7tWSt. JuOff Addition $1k 1, Lot: 3 to a point where said line intersects the west ROW east property lii!ie of F1+rlW$KW Railroa,)Justin Addition Blk 1, Lot 3, THENCE V 44., _ Northward along the east property line of 1W&W Railroad Justin Addition Blk 1, Lot 3 to a point where said line intersects the south property linkoaastin Addition Blk 1, Lot 4, THENCE Easterly along the south property line of Justin Adlditit"lk 1, Lot 4 to a point where said line intersects the south prooerty rIe of$ nth Street S Blk 1, Lot I, THENCE Easterly along the south property line of Sever intersects the w6§(ROW line of Woolery St.; "n Northward alongthiwest ROW line of Wooler' line for the FW&W 48divad, THENCE Northward along the west ROW line of,FW&W I ROW line of White Settlement Rd., THENCE Street Station Blk 1, Lot 1 to a point where said line to a point where said line intersects the west ROW ilroad to a point where said line intersects the north 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 2 Revision B 7 FOR_ T� I) Boundary Description ORDINANCE NO.18975-12-2009 Northward along the west ROW line of Vacek St. to a point where said line intersects the south ROW line of Shamrock Ave., THENCE TIF #9A 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 a)oint where said line intersects the north ROW line of Terrace Ave., THENCE Northward along the north ROW line of Terrace Ave. to a po, r.t wheel said line' me-zs ci s I lie north ROW line of Grand Ave., THENCE Northward along the north ROW line of Grand Ave. to a point wf]r:re said line intersects the west ROW line of North Main St., THENCE i Northward along the west ROW North Main St. to a point where said„ ' 4ntefsects the north ROW line of Northside Dr., THENCE eW I Westward along the north ROW line of NcWisidp fir, tc: a Point where ;aid line intersects the west ROW line of BNSF Railroad, THENCE Northward along the west ROW line of BNSF Pailr&d (o a point. Y here said line intersects with the north ROW line of 23rd St., which is the pawnt of beginning,; m d 8 FOR�TFI Boundary Description ORDINANCE NO.18975-12-2009 TIF #9A 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, TEENCE Northerly from the east property line of Block 124, Lot 9A of theflolr,lgrth Original Addition to a point where said line intersects the north ROW line of Pesch St ar"ilsIROW line of Samuels Ave., THENCE Westerly from the east ROW line of Samuels Ave. to a 06jintwh,06 said line interse southeast property line of Block 1, Lot 5R of the Cummings -Boaz A6.d 'HENCE Westerly along the south property line of Block 1, Lot 5R'ithe Currf00%gs-Boaz Addition to a point where said line intersects the east property line of Lot 18B of the Cummirlgs��az Addition, THENCE Northerly along the east property line of Lot 18B of 01.06,I0iigr -Boaz Addition to a point where said line intersects the north property line of Lot W of the',n-Boaz Addition, THENCE Westerly along the north property line of Lot said line intersects the east property line of Northerly along the east property line of line intersects the north property line of Westerly along the north property lin line intersects the east ROW line of ( Southerly along the east,"R�1164,� ROW line of Peach �ich is the 'q< the Cat imings-Boat'Addition to a point where ,f th6mmingsi az Addition, THENCE 4A of the Cc ngs-BOOAddition to a point where said 4A of the CuAMOW0%;raz Addition, THENCE of the Cummings -Boaz Addition to a point where said I, I,THENCE ings Ave`ttint where said line intersects with south beginning. .t ltutwtv.`a i7.4 �. Ni.J k0* f a llsstA . R—d I m +eN FORT WORTH Boundary Description ORDINANCE NO.18975-12-2009 TIF #9A 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, 1= � � point where said line intersects the east property line of Justin Addition Blk 1„ Wt 3, THEE Northward along the east property line of Justin Addit"- Blk 1, ,of 3 to a intersects the south property line of Justin Addition Blk ,Lot `THENCE Easterly along the south property line of Justin Addition Bto a point where said line intersects the south property line of Seventh Street Stati4or .404 THENCE Easterly along the south property line of Seventh Street Station Blk 1, L$,a point where said line intersects the west ROW line of WoolerySt., 7 H EN GE 41 Northward along the west ROW line of Woolery St. to a Doint where said line intersect the south ROW line of 7th St., THENCE Westerly along the south ROW line of 7th St. to a point where said I in,6jrntersects the west ROW line of Foch St., THENCE ' ` J Southerly along the west ROW line of Foot 1t. to a point where said lire intersects the south ROW line of Lancaster Ave., THENCE Easterly along the south ROW line of Land+-r Ave. to a point where said line intersects with east ROW line of Foch St., which s the point of be y, Weal ROW Gne . tFFW&WR.- ImadWe.-A ROW law-\ AM ` `•fib � f 'sI J iit /.4 I � 01 i :.r 1, tit } x �• Ir,.1. 'l.l.• ttli I I .,I I 10 FORT WORTH Boundary Description TIF #9B Tax Increment Reinvestment Zone #9B 1 y fr I ? w r i f t I I ,K i ..... .... d .... No Real rorter of Block- ) f. �ere.MA.Sars,oeCanlrf >�,- '' .. l, A. I Blorkt Ld 1 BI - wengn AveAra � ("j �� I Nut ra. a th I �ei i41. corner« a,1 A» r callem,. awn a 1 n } �-' Crtrredne Juror,' t ,' .::;• �.. '-.-...... { f �t ` ° ! i WNaYnadOiWust 9cunc�, 7 _ j,` ..'Wet Row Nat 1 .. l:.r.. - .aw„ a&otltl ldl -:i _ -.1 '1 5 aeNSFRal,osdPOSI 7 SrunRowLm Tn+eyRnarAedEm hi l iT� i a ` 3 } d8ekrrySt Nan ww �f i2- 3..:.i ,<r,. D Eat ROW ir,e d t\ ROW d ... . - mmaY 111 AbPor1 Fwwy _ I ('mt llm d en T my Rna. , ._: •3 i "1 `L rPveg�t canard i --._ -..s � ..... Trod oM d 53. JL Mo (( - lwat fK1N' 1me d es tinlsF RR \_ T. T.>l ! .' t AEsttl eye +11 .. ... --_.. r/'.s" + :, --! ,wn vrawtY kg d �"'-__.'..� __ O ., isnfw•m a mas..ae ` t 1 t , tt5•-- y "T f4lhSl,�. TRQ 1A J-w F. ✓ _,,`�„xT,- Rattarp Su,wey NorlhTrod IA mnr d way CD AEstaCP 1304 fTlsd tASrltlels EeaS _._ _ CO i GeMMro nl Cutl SirWis RO - 1 4 S .� iNM, ROW Nro a Gel.ez Ara f . I !;, r .13 -�. ..._- {- CA .. ....,.::-.•w ..a[:... � 1, ,} ...� ae-• ..-s_rcvr"�,^ax-.� }' i �•�'' 1� •F- �a I S"".M owner of Trau a �;1'"�},,..--_..-- : , tY: _. �,c.. .. i _ Pen ROW mw.aa INwar - 1 Ednv,d Lrtle S,svKy AtMt><t A'ri i .. '�•r.....'. "` t . Tf . r .;- ,fs0 erM d LarAnnx�d Ave Trod 6ua lemma G.d / - :i Etl RC7N M,e n! yaw ROW 4- d na T,egy RA« P7"''�' - w. a - Sa3+ RON ling d Fisher Me � � � NaY, ROW New d O V. Urvon Pn Ac, RRL. Fm Worn Foomay Swan I ...� ��� CO I ,I I t :. _ T - • ,d I eertar4w do. Rr+w I - Rw4d LN Ra ,_._.-..__..•, X A s Nan ROW hew of C*d L. . 1 Fat, Haany, da.,1, `+., Falwon and Omen RR j lot 1, Ft,aLrn A,k9sonj Nan ROW tiro d Ue!gd St 1,. ........... - swnem mmr.. d Brock 5 Ld 1 TR, (reeky Fi a Eaf Addem Nan Ravwg d L+swee St Swewat agog d Erna ROW erad lrg,rteg ]S `� 1 C .l` i '' 1 6`°d`RiaLAadotnA r, ... Eat ROW Fr d 1gTAnry L .. I .. ion ti......._.._..-.,_._._.�...4r:..-.._ l • " - �- Nr.w Fen Won Fleodo" ..�:i- '" j .. Ww ROW Irg d Sltverps Aw ' � �� .�, f .-, _ • Go,wlent cor•w d Tract sminz Was ROW bra d en.1r. SI 1' a+., Law S wy A6alrWQW cadaAw Ra d Platom ° l- rOnuoNu d tf st i mom ROW fins d Fawn Sl . I Sn,n ix w .ne d T a4-SSe f i..,_ i ._w x` } • - h I t ,+✓' F L,eas��rray Iad mare, ROW Yr d 6J,naP St •- `. T I +'" Camanrtea800df st'r FFF yf .._:.e ...a ��;.:�.x.-.•-� 4• �,; a .,� �. ::: .n.. `-�,;/' GrawlMdltwwoodM�;: 'GatMiwJd YNasefa 30 �. • .. 5r1rn, ROW Irg d MwY Ill Aaparl ffey '.., CA crane d.n 51 , �"' w .: `�"i I t ',_.s!'t - Cerasrine a Rmrofaaer�"� { ,. r w.naywdmfes 2. La sA - !-1'-` �'t.G• 'k 'zt' .'.'"'"-r-xlar-� �'� ai i. I i a {" t i ., Trrty BnldAddem )y 1 - �e' t.. . .. •. � Gt ROW lma d 4vw w �� ' �. �, • / , . , SO1d1 RQrI kw of PMH1100at $ LL_._. T+''P`,-+ �Y , - ..,.t._ t •. ,f '- S' F Ad {{ s 11 FORTWORTH Boundary Description ORDINANCE NO.18975-12-2009 TIF #96 BEING a tract of land situated in the City of Fort Worth, Tarrant County, Texas, depicted on the map on page eleven and being more particular described as follows: BEGINNING at a point at the intersection of a projection of the west ROW line of BNSF Railroad and also being the intersection of 23rd St. , Samuels Ave. and Decatur Ave., THENCE; Northeasterly along the centerline of Decatur Ave. to a point in the centerl ine.. of the Union Pacific Railroad Track, THENCE; Northeasterly to a point in the northwest corner of BI `1, Lot 1. Brerman Avenue Servica Center 901- Addition, THENCE; Northeasterly along the north property line of said Block , to a point where said line intersects the most northeasterly corner of said Block 1 Lot 11 THE a, fir: Southwesterly along the east property line of said Block 1, Lot 1, to a there said line intersects the northeast corner of Block 1, Lot 2, Brennan A. ,enue,Scrvice Center Ad THENCE; Southwesterly along the east property line of said, Block 1, Lot 2® to a point, where said line intersects the north ROW line of Northside Dr., THENCE; Southeasterly to a point in the centerline of s=aid-Nortlside Dr., THENCE, Easterly along the centerline of Northside,, to a point where said [ fttcri inC intersects with the .:�. centerline of Oakhurst Scenic Dr., THEN„' Southeasterly along the centerline of QakhQrst Scenic Dr. to a point where a projection of said centerline intersects with the south Rb1t111� Belknap St., THENCE; Northeasterly along the south ROV11,1 one of Belk6a0., a point where said ROW line intersects the northeast corner of BIc1ce1,1,'rtrl.: River Additrhrt, THENCE; Southeasterly alor e east property line m id Block 1, Lot 1, to a point where said line intersects the north ROW lit ;ef Hwy 121 Airport Frwy., .*NCE; Southeasterly afOrtg,��rojected line of the east operty line of said Block 1, Lot 1,to a point where said line intersects the south ROW line of Hwy;121 Airport Frwy, THENCE; Southwesterly along the south ROW line of Hwy 121 Airport Frwy to a point where said line intersects the northeast corner of Tract 53 situated in he John Little Survey, Abstract No. 958, according to the records of the Tarrant Appraisal District ("TAD"), THENCE; 12 FoR� H Boundary Description ORDINANCE NO.18975-12-2009 TIF #9B Southeasterly along the east property line of said Tract 53 to a point where said line intersects the southeast corner of said Tract 53 and also being a point in the west property line of Lot 3R, F.A. Hightower Subdivision, THENCE; Southeasterly along the west property line of said Lot 313 to a point where said line intersects the southwest corner of said Lot 313 and the northwest property corner of Lqt 1B, Shaffer -Billingsley Addition, TAD, THENCE; Southeasterly along the west property line of said Lot southwest corner of said Lot 1B and the northwest pr Addition, TAD, THENCE; Southeasterly along the west property line of said Lot "r southwest corner of said Lot 7A and also being a point THENCE; Southerly along the east ROW line of the Trinity River Lots 1 through 6, Bassett Addition to a point wher._e Ave. and also being the southwest corner of Lot ss line of the Trinity River Fort Worth Floodway Systi inte 6, THENCE; Southerly to a point in the south ROW lin northwest property corner of Block 3, La Southerly along the west property lineq southwest corner of said Block 3, Lof`04. and a point where the east ROW line of they northern property line ofc.xlkb, Lot 2, Gatz 3assett Block 3, Lot co line intersects the where said line intersects the 1p north ROW line of 4th St., lay S} through Block 4, the nortA ROW line of Galvez I a point where the east ROW %property line of said Lot a point re said line intersects the THE , 3 td a point where said line intersects the northwest corner of Block 3, Lot 2, Bassett Addition E:iver Fort Worth Floodway System intersects the Southerly along the . filt' property liWEllock 3, Lot'2, to a point where said line intersects the southwest corner 0 Reid Block 3, Lot 2 and the northwest corner of Block 3, Lot 1, Bassett Addition and a point where the east ROW line of the Trinity River Fort Worth Floodway System intersects the northern property tine of said Block 3, Lot 1, `HENCE; g Southerly along the'westpraperty line of said Bck 3, Lot 1 to a point where said line intersects the southwest corner of said Buick-3,, Lot 1 and a p'bint where the east ROW line cf the Trinity River Fort Worth Floodway System intersectsthe southevn property line of said Block 3, Lot 1, THENCE; Easterly along the south property line of wild Block 3, Lot 1 to a point where said line intersects the northeast property corner of Block 1, Lot 18, J.W. Burton Addition, THENCE; 13 FORT Boundary Description ORDINANCE NO.18975-12-2009 TIF #9B Southerly along the east property line of said Block 1, Lot 18 to a point where said line intersects the southeast corner of said Block 1, Lot 18 and also being the north ROW line and the dead end of Lawnwood Ave., THENCE; Southeasterly to a point in the south ROW line of Lawnwood Ave. to a point where said line intersects the northeast corner of Block 2, Lot 18, J.W. Burton Addition, THENCE;,. Southerly along the east property line of Block 2, Lots 18 and 3 1 "burton Addition to a point where said line intersects the southeast corner of said I.ot 19 and also g a point located in the north ROW line of Fisher Ave., THENCE;` Southeasterly to a point in the south ROW line of Fisher A,, c. and also being a point"ere- said line intersects the northeast property corner of Block 3, La' 16, JM. Hur loi, Addition, THENCE; Southerly along the east property line of said Block 3, 1_ of 1�3- to a point w!iere said line intersects the southeast property corner of said Block 3, Lot 16, THENCE; Westerly along the south property line of said Block", point where said line intersects the northwest corner of Lot 1R, Tarrant Printing Addy, TAD, Southeasterly along the west property line of south west corner of said Lot 1R and also bei and Dallas Railroad (Trinity Railway Express), Southeasterly to a point in the south the northwest corner of Block 6, Lot Southeasterly along the west property line, the north ROW line of LaSalle St;t d also bei THENCE;.:: a Lot 1R� "' "' point vi %r aid line intersects the g�' omt f� a north IOW line of the City of Fort Worth of the Fort''Dallas Railroad and also being idale Addition, TAGS, THENCE; 6, Lot 2R to a point where said line intersects west corner of said Block 6, Lot 2R, Southeasterly to a .b t in the south ROW f - f LaSalle St. and also being the northwest corner of Block 5, Lot 4R, tindale Addition, TAD, TI`E; j:. Southwesterlyalaikthe west property line of311E1 Block 5, Lot 4R to a point where said line intersects the souii; eI agfner of said Block 5f'f of 4R and also being the northwest corner of Lot 5A, Sylvania Addition 26d F ;.,TAD, THENCE Southwesterly along the east ROW line of the Trinity River Fort Worth Floodway System through Lots 4 through 14, Sylvania Addition 2nd Filing, W a point where said line intersects the north property line of said Lot 14, THENCE; Easterly along the north property line of said Lot 14, to a point where said line intersects the northeast corner of said Lot 14, TAD, THENCE; 14 FORTH Boundary Description ORDINANCE NO.18975-12-2009 Southerly along the east property line of said Lot 14, to a point where said line intersects the northeast corner of Lot 15, Sylvania Addition 2nd Filing, TAD, THENCE; Southerly along the east property line of said Lot 15, to a point where said line intersects the southeast corner of said Lot 15, TAD, THENCE; TIF #96 Westerly along the south property line of said lot 15, to a pointWhere s ld line intersects the east ROW line of the Trinity River Fort Worth Floodway System, THENCf.' Southeasterly along the east ROW line of the Trinity Rly—S" Fort W Flood . ystem through Lots 16 through 22 Sylvania Addition 2nd Filing, THENCE, Southeasterly along the northeast ROW line of the Trinitjr * .Tort Worth Floodway System through Lots 22 through 27, Sylvania Addition 2nd Filing to a poi ,, sad line intersects the east property line of said Lot 27 and also being a point in the st Rd* `�t�, ,Sylvania Ave. THENCE; Southeasterly to a point in the east ROW line of Sy{vantiaye. and also benitpoint where said line intersects the west property line of Lot 42, Sylvan la Addrhtt6�l„Filing, THENCE; Southeasterly through the southern property lir f Lots 421,41, 4 - , 80 and the eastern property line of lots 39 and 81, Sylvania Additi i r nd Flli ' Jtind alsoVing the northeast ROW line of the Trinity River Fort Worth Floodway Systems . pol the easrroperty line of said Lot 81 and also being a point in the west ROW line of Saurliie St e Baurllns" `„ t. where said west ROW line intersects the northwest ROW line of the TrtVity River Fort?rth FI, ay System, THENCE; Southeasterly to a point in the east R of Baurline St. and also being a point where said line intersects the southwest corner of BId� 1, ED Max Addition, THENCE; Northeasterly along the so is ,q efty Irne of s`a SOR 1, Lot 1 and also being the northeasterly ROW line of the Trinityrftl4ifotf?Floodway SyttW a point where said line intersects the southeast corner of *d Block 1, Lot I and also being a"point in the west ROW line of Riverside Dr., THENCE; , Northeasterly along a projected line to a point'in,the center line of Riverside Drive, THENCE; Northeasterly alongthe centerline of Riverside f to a point where said line intersects the centerline of Lawnwood Ave., THENCE; Easterly along the centerline of LawnwoodAve to a point where said line intersects the centerline of Beach Street, THENCE; 15 FORT WORTH Boundary Description ORDINANCE NO.18975-12-2009 TIF #9B Northerly along the centerline of Beach St. to a point where said line intersects the centerline of 1st St., THENCE; East along the centerline of 1st St. to a point where said line intersects the centerline of Haltom Rd., THENCE; Northeasterly along the centerline of Haltom Rd. to a point where said line intersects a projected line of the north property line of Tract 61A situated in the Lewis O_ Tinsley aurvey, Abstract No. 1523, TAD, THENCE; Easterly along said projected line to a point where sane intcts the northwest corner of said Tract 61A, THENCE; Easterly along the north property line of said Tract 61A to ir►t re said line intersects the northeast corner of Tract 1A, situated in the James F. Recfg S j= tract No. 1304, TAD„ THENCE; Easterly along the north property line of said -rac.t 1A.ta a polo where said line intersects the . northeast property corner of said Tract 1A and i11& •Gei rag a p� ted along the west bank of the w Trinity River, THENCE; ;A t Southeasterly to a point in the center line of I'ii�x Triii 1 � Riv rnd also Bing a point where said line intersects the northwest property corner of Tf.o,,t 2.'t t,!Ualed in the All C. Warren Survey, Abstract No. 1686, TAD, THENCE; Northeasterly along the centerline of the trini:v River to a point where said line intersects a projected line of the east property line of Tract 1.4 situaft, i in the Sanders Elliott Survey, Abstract No. 476, TAD, THENCE; Southerly along said int where said iirre intersects the northeast corner of said - 41- Tract 1A, THENCE;.�`y _., Southerly along f e ast property line of said i'� t 1A to a point where said line intersects the east property line oditct 2A situated in the Alex C:` rren Survey, Abstract No. 1686, TAD, THENCE; .. Southerly along the e6st property line of said Tict 2A to a point where said line intersects the north ROW line of Randol Mill "Rd-, �'> HENCE, Southwesterly along the north ROW line of. Randol Mill Rd. to a point where said line intersects the southeast corner of Block 1, Lot 1A, Are Park Addition, TAD, THENCE; Southerly along a projected line to a point where said line intersects the center line of the intersection of Randol Mill Rd. and the centerline of Oakland Blvd., THENCE; 16 -- FoR� H OFFICIAL RECORD CITY SECRETARY FT. WORTH5 TX Boundary Description ORDINANCE NO. 18975-12-2009 Southwesterly along the centerline ofOakland Blvd. toapoint where said line intersects the centerline ofInterstate 30(Tom Landry Hwy.), THENCE; Southwesterly along the centerline of Interstate 30 (Tom Landry Hwy.) to a point where said line intersects the centerline of Exit 15B of the North -South Frwy. Access Rd. and Hwy. 287, THENCE; Northwesterly along the centerline of the North -South Frwy. Aq,�*W_ R d Hwy.287toa point where said centerline veers north ofsaid centerline of Northwesterly along said centerline toapoint vvhere uen1erI�&�in of the south ROW line ofHeathnoa1S1., THENCE; Northeasterly along the south ROW line of Heathcoat Sb,?4­ I' e intersects the east t0vnt where sat in ROW line of Clover St., THENCE; Northwesterly along the east ROW line of Clover St. to a point where' 4�tersects the northwest corner of Block 2, Lot 1A, Trinity BendAddition, TAD, and also bAJ*oint in the south ROW line of 4th St., THENCE; Northeasterly along the north property line ofsaid Block 2,LotIA. toa point where said line intersects the northeast corner ofsaid Block 2, Lpt 1Aand also be| ng.,a pni"L in the south ROW line of4thSt,THENCE; Northerly along aprojected line of the eai roperty/[me of 2'Lot lAtoapoint where said line intersects the centerline of41h9t'?JiNCE; ^� ' Northeasterly along the center line of"4t0',,,,P a point where said line intersects a projected line of the east property line of Block 1, Lot 1, Tri - n Addition, THENCE; North along said pr -;*firyt, whe sa'i: 0' 1,' ersects the southeast corner of said Block 1, Lot 1, Northwesterly aldnig"the east property line Of"$' Block 1, Lot 1, and also being the west ROW line of the Trinity RN�*t.,Vort Worth Floodway S stei�,',. a point where said line intersects the northeast corner of said bi66k..$,.lLot 1 and also bein a int in the south ROW line of Hwy. 121 Airport Frwy., Northwesterly along a projected 040 of the e�t property line of said Block 1, Lot 1 to a point where said line intersects the north ROW fine of Belknap St. and also being a point in the south property line THENCE, - Westerly a|ong the southwest property line of said Tract 55B to a point where said line intersects the north ROW line of Pharr St., THENCE; 17 FORT WORTH Boundary Description ORDINANCE NO.18975-12-2009 TIF #96 Northeasterly along the north ROW line of Pharr St. and also being the north property line of said Tract 55B to a point where said line intersects the southwest corner of Tract 54A02 situated in the John Little Survey, Abstract No. 958, and the W.H. Little Survey, Abstract No. 945, TAD, THENCE; Northwesterly along the west property line of said Tract 54A02, said property line also being the west ROW line of the Trinity River Fort Worth Floodway System, to a point where said line intersects the northwest corner of said Tract 54A02 and also being the southeast corer of Tract 5F situated in the W.H. Little Survey, Abstract No. 945, TAD, THENCE; s� 4M > Northwesterly along the southwest property tine of sa)�act 5F poirttw re said line Irii%rsects the southwest corner of Block 2, Lot 76, Greenway Pl East Addition, TAD, 21d koperty line also being the west ROW line of the Trinity River Fort Worth �lpdSystem, THENCE,, - Northwesterly along the southwest property line of said BIM 17B and a long the south property line of Block 2, Lot 6, Greenway Place East Addition, TAD; mid prtf line also being the west ROW line of the Trinity River Fort Worth Floodway System, to a point where fait# [iftntersects the east ROW line of Interstate 35, THENCE; Northwesterly along the East ROW line of It ninety degree (900) degree angle with a prc ROW from the southeast corner of Block 5, Southwesterly along said projected line said Block 5, Lot 13R, THENCE; Northwesterly along the east and rn line intersects the east ROW line of St., THENCE; Westerly to a point of Nixon St., THEN Southwest along,;' north ROW line of Delg property line of Buick 1, Lot 2, Hudson Addi i to a po)t�he re said east ROW line forms a runr}ing perdl�r.)�l�r across the Interstate 35 o, rePlace leas Addition , TAD, THENCE; id line intects the southeast corner of lines of saidBfock 5, Lot 13R to a point where said also being the intersection of Nixon St. and Delga the nofth;RQ.W line of Delga St. and the west ROW line to a point where said ROW line intersects the east THENCE; Northeasterly alongthe-east property line of sad`Block 1, Lot 2 to a point where said line intersects the southeast property line of 810ck 1, Lot 1 Hfidson Addition, THENCE; Northeasterly along the southeast property One of said Block 1, Lot 1 to a point where said line intersects the most easterly corner of said Block 1, Lot 1 and also being the west ROW line of the Trinity River Fort Worth Floodway System, THENCE; 18 F()R� tl Boundary Description ORDINANCE NO.18975-12-2009 TIF #9B Northwesterly along the ROW line of the Trinity River Fort Worth Floodway System to a point where said ROW line intersects the east ROW line of the Union Pacific Railroad, THENCE; Southwesterly along the east ROW line of Union Pacific Railroad to a point where said line intersects the southeast corner of Tract 27 situated in the Edmund Little Survey, Abstract No. 954, TAD, THENCE; Easterly along the south property line of said Tract 27 to a pain,, aid line intersects the southwest corner of said Tract 27 and also being the est k'r "' liri6 pf thL Union Pacific Railroad and a point in the east property line of Tract 2E01 si:Uil'c i in ,,7 , Edrr d Lit{fe W . , Abstra 'M. 954, TAD, THENCE; _ -: ,;: Southwesterly along the east property line of said T, ac, 2E0to a point where said line intersects the southeast corner of said Tract 2EO1 and also being a poilt itr the east ROW line of Cold Springs Rd., THENCE; I Easterly along a projected line to a point where said I; r r r.ta r {:f t::� the rertprMt e of Cold Springs Rd., THENCE; Northwesterly alongthe centerline of Cold S,I,ri-igs I ,.i to,,. poini wh1 ,re said line intersects the centerline of Northside Dr., THENCE; Southwesterly along the centerline of Nord- ide Eft. to a. ;llJnt ;here id line intersects the west ROW line of the BNSF Railroad, THENCE Northwesterly along the west ROW line.. BNSF Railroad to a point where said line intersects the centerline of the Trinity River, THENCEr Westerly along the center (no of, t Trinity R line of Samuels Ave., T� Northwesterly alon$1the east ROW line o intersection of 21#°St., Samuels Ave. and I line of the BNS ilroad, which is the POIN' t where said line intersects the east ROW s Ave. to a point where said line intersects the it Ave. and also being a point in a projected ROW BEGINNING. 19 FOR, T�WORT. H Project Description ORDINANCE NO.18975-12-2009 Trinity River Vision - Central City Description TIF #9A The Trinity River Vision Central City Project will create twelve miles of urban waterfront along the Clear Fork and West Fork of the Trinity River between 7th Street and Samuels Avenue. A higher and more constant water level will be created 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 will create an urban lake and river linking the Stockyards and near northside neighborhood ith (Downtown, the Cultural District and Rockwood Park. Current Central City Planv Bypass ha ne i �s Sruction 1. Channel zone 4 Channel zone 3 Channel zone 1 Channel zone 2 Channel zone 5 J.ge Construction Waite Settlement bridge Henderson Street bridge W site Settlement extension North Main bridge :es. Dams & Water ).Clear Fork isolation gate L.Trinity Point isolation gate Ulrban lake 3.Isolation gate & stormwater pump station I. Samuel Ave. Lock & Dam scaff%neous Improvements ility improvements Throughout the Central City P.cject area �des_rian bridges Correspond with bridge construction projects 20 Foe_ T� Project Description ORDINANCE NO.18975-12-2009 Trinity River Vision TIF #9A TIF #9A The bypass channel will generally follow the current path of the Fort Worth and Western Railroad, and when combined with the historic Oakwood Cemetery will provide greenspace that transitions between the proposed urban developments and the historic near northside neighborhoods. Much of the subject area is currently underdeveloped or vacant land that was once industrial land that is now becoming obsolete with the use of newer technology, and the movement to suburban industrial parks. Following the implementation of the Central City Project approximately 824 acres of area can transition from industrial uses to higher density'mixed-use devoprnents, which will provide space for the continued growth of downtown Fort Worth; a Goals for the Central City Central City PrajLocation .R } The primary goal for the Central City Project is flood control, while secondary goals include continuity of trails, enhanced open space and recreational areas, linkages to nearby neighborhoods, conservation and environmental restoration for improved water quality and wildlife habitat. The Central City area is the hub of the river, linking many Fort Worth's great districts. The confluence of the Clear Fork and West Fork define the downtown area. Land uses along these segments are primarity commercial or industrieTwith the exception of Samuels Avenue historic neighborhood artd.the Oakmont/ Riverside neighborhoods. 21 FOR_ T� H Project Description ORDINANCE NO.18975-12-2009 One of the key goals in Fort Worth's Comprehensive Plan and Downtown Plan is to attract a greater number of people to the Central City. The Central City Project will act as a catalyst to accomplish this goal. Furthermore, the Trinity River will 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 2. Provide a higher constant water level . 3. Eliminate levees where feasible 4. Create an urban lake 5. Improve water quality and expand wildlife habi 6. Provide aesthetic and recreational focal point the Central City 7. Add a higher density of people living, working , p� � the Central City 8. Orient mixed -use development toward the river 9. Provide a continuity of urban trails through downf n con§r with the overall Trinity Trail System 10. Create and enhance linkages to neighborhoods and districts f 11.Increase development and redevelopment potential of Central City lands Trinity River Vision TIF #9131 Ar$:F In addition to the flood improvement infrAlucture constrtrcted fin'tKe near northside area, the Central City Project also calls for impro0erpfibts within the existing Trinity River Corridor to manage flood waters and provide a better use of tt,;d plain for the public. The project will address the efficiency of the new bypass channel with ezcavaUg% fill and ecosystem restoration enhancements that will provide hydraulic vileyrage for the prlrn area immediately adjacent to the eastern edge of TRV TIF #9A eAerrtiirt ..ta _t along the V i 0 Fork of the Trinity River to Oakland Boulevard and East V Street (See pago These multi purpose sites will also provide recreation and transportation *rovements. The sites fncC ude, but are not limited to, several city parks with the major beneficiarbeing Gateway and River`sdiParks. ' For a map of the current conditions see Attachment A 22 FORT�TI{ Project Description ORDINANCE NO.18975-12-2009 Proposed recreational amenities within TIF #9B include items such as sports courts and fields, playgrounds, a splash park, water elements for kayaking and canoeing, an amphitheater and an equestrian trail facility. The project will also provide transportation improvements including a reconstructed Beach Street adjacent to Gateway Park, expanded public trail system, pedestrian bridges, interior park roads and public parking areas. Also associated with this project is the construction of a new East 15l Street bridge where it crosses the Trinity River on the north side of Gateway Park. Ecosystem restoration is another large compone ;of the. central City Project. As a part of this project, over 80,000 new trees will be planted. The restora on 'nd clean up of the Riverside Oxbow will preserve beautiful, 200-year old trees and emourage then elopment of a bottomland hardwood forest. A lake and wetland will be created in im} old drrtig bev th Riv�ajersideaste Water Treatment Plant. The goal is to return the river Cridor tore more natur<3j`safe andovide an improved ecosystem for wildlife as well as expanded r8,,Owtion 6cilities. Goals: 1. Provide enhanced flood protection and hydraulic valley storage 2. Provide community requested recreational amef i.4 s 3. Create a 1,000 acre urban programmed k a re ' „., destination a d one of the largest P g p, j _. g A k For larger copy please see Attachment 8 a&s to the River er Corridor SAWW" r -_''fir ��:i• tiwsRs�1sr11�. - �� A.11�11 t.1!•1����. TUn PA0K M GAUWAV ITC sunll0. n.iu tonw .F o .L M TMt RT M HMI wo�nLcnr Loaa.ca. N A 192�w 23 FORT WORTH Economic Impact ORDINANCE NO.18975-12-2009 TIF #9A Economic Impact Quantifying the impact of a Tax Increment Financing (TIF) district begins with the identification of anticipated future real estate development that will occur on account of lawfully eligible projects constructed and financed with TIF funds. In certain cases, a TIF is put in place by a municipality or county to spur a specific real estate project that would not occur without significant infrastructure investment. In these instances, identifying the el ect ecRb4mic impact of a TIF is often straightforward and deals simply with projecting the apprai il*ue of a specific real estate project. In other cases, such as the Trinity River Vision TIF, it is put'h pl aq to help fund a significant infrastructure project, that seeks to provide an amenitftp entice,ftbre fopment and recapture previously undevelopable land. Without a specific devel pment dject, identifongthe po.tofiftial economic impact of a TIF is difficult because its preciislou, relies ipon the accuracyof ni ('�°erous development assumptions that are often speculative. This difficlult nature of making these economic impact projections has lead the TRVA Board to seek two 6pinibiliskas to the potential direct impact of the TIF. The first set of projections were completed by Gidim'fi ift 2nd quarter of 2008, while the second set of estimates were developed by TXP in the 3rd quarter The two studies, explored further below, have taken different approaches to'°rmine the economic impact of the TIF and produced figures that vary significantly. 'Neither of these studies were intended to provide an exact depiction of the impact of the TIF. Instead they were initiated to provide the TRVA board with a framework from which to work. Following an overview of the studies, the discussion is expanded to include the reasoning used to select the preferred increment projections. Gideon Toal - Trinity River Vision TIF Update2 A 40 year economic impact study3 was conducted during the 1s' and 2nd quarters of 2008. The existing TIF was divided in twenty zones based upon the Trinity Uptown Design Gii eqn ,,WKhin the Trinity Uptown Core Zone, andM- btural boundaries outside of the zones. This allowed all of the zone§'to be studied independently providing the accuracy",; necessary to develop parcel -by -parcel project oris for the entire TIF. The zones were then grouped into five sectors for financial prpjection purposes. Following the creation of the zones, development projections were created for each of the twenty areas. The estimates were then divided into short- term, mid-term and long-term projections based on a number of different assumptions. A full copy of the Trinity River Vision TIF Update Study can be provided upon request ' The projections are for 35 years in addition to the 5 years of increment already generated 24 FORT WORTH Economic Impact Short-term (2009 - 20U) ORDINANCE NO. 18975-12-2009 TIF #9A Within the short-term projections category, all developments were either under construction or in the advanced planning stages and are projected to come online between 2008 and 2012. The short-term projections are the most concrete of the three categories and in almost every scenario will be constructed in the time frame set forth in the projectionm Total;lpr,bjections for short-term developments are 1,568,700 square feet with a taxable value p q o*$237,000,000. Short-term projects under construction include the South" of S the Arthouse Condos in. Zone 17 along with the Trinity buffs d in the advanced planning stage include the LaGrave old rede Stayton retirement center in Zone 17. While there is a St development, the majority of early development within the l Zone 1 Zone S .r tt (Sv 6velopment, and �lopment iri ZbnePro opment in Zono'!.'rr" A amount of retail within the Sol to residential. 71-)ne 17 Fc�R� H Economic Impact ORDINANCE NO.18975-12-2009 TIF #9A Mid-term (2013 - 2020) The mid-term category is composed of parcels that have cohesive ownership, are generally unaffected by public improvements and have some development momentum in or near the Zone. Zone 1, 13 and 18 contain the majority of the development projected to come online between 2013 and 2020. These areas have high development potential because the majority of the land mass within the Zones is owned by a single entity, channel construction will have little to no effect on development timing and all of the zones contain or are near sign if-tcan omenities such as the West x 7th Corridor, LaGrave Field, downtown and the Trinity fter. While these developments are not as tangible as tho*w wegori�ed as short-1ns, mid- term development estimates are likely to occur in or n e Mears in which they are projected to come online. The mid-term projections contain the largest`po tJtirt.f projected development within the TIF totaling 7,900,850 square feet with a taxable val*bv6r 1 1 billion. �3 26 FoR� Fi Economic Impact ORDINANCE NO.18975-12-2009 TIF #9A Long-term (2021- 2028) The longterm development category contained projections for properties that have fragmented ownership, are inhibited by public improvements and where there is a lack of development momentum in or near the Zone. Zones 4, 6 and 16 contain the majority of projected long-term developments. These areas are expected to benefit the most frgfn chaff€ I construction due to their proximity to the newly created water features. With the Central C*. Prct expected to be completed in 2022, development within these zones should occur towards the erg pi: the 25 year projections. t. ; Long-term projections are the least definite and are eMm "odied b developme bib_ are � ieric in nature and will likely only be spurred by the Trinity Ri%,*' isiort, ntral City Prcj6 X oto l ro)ections for the long-term category totaled 2,489,655 square f taxable value over $425,000,000. Following the 2028 tax year, property value was estimat' .at a flat rate of 2 percent per year for the remainder of the TIF term.z: 6 &I.V %Im;2uc*-. 27 OM'VAL RECORD CITY SECREURY FT, WORTH, TX FORT WORTH Economic Impact ORDINANCE NO.18975-12-2009 Total TIF Development & Increment Projections TIF #9A Combined development projections total approximately 12 million square feet of new development with a taxable value of over $1.8 billion dollars and provides over $840 million in revenue to the TIF While there have been a number of significant shifts in the economy, specifically the financial and real estate industries, following the completion of the development projections, the development assumptions used during this "boom" period were fundamentally soullnd provide an accurate picture of the economic impact of the Trinity River Vision TIF m3 Annual Development Projections by SIF M t .. LI 1,800,000 1,600,000 1,400,000 1,200,000 11000,000 800,000 600,000 400,000 200,000 0 ,y'r y'L y'3 yb y43 yro yA .yO y( ,yO ,L'r `y`l, ,L� ti x ,tih ,Lr0 ,L1 ,ycP �ycP ,yo �o ,yo ,yo 10 ,yo ,yo ,Lo ,yo 1yo ,yo ,yo ,yo ,yo ,yo ,yo ,yo ,yo RESIDENTIAL'. t ..� 7,497,075. 62% y£ TOTAL DEVELOPMETIONS itSTiSt:' ., RETAIL RESIDE%TIAL' 7,497,07S OFFICE 2.149.330 RETIREMENT 300.000 .. { RETAIL 1.502.800. HOTEL 510,000 i t3ti TOTAL 11.959.205 OFI�CE, 2.149.330. i NOTEL, 510.000. Y RETNiEMENT, 1816 4'16 300,000. 34 28 FORT WORTH Economic Impact ORDINANCE NO.18975-12-2009 TXP - Economic Impact Study4 TIF #9A & #9B Realignment of the Trinity River followed by the successful implementation of the Trinity River Vision Central City Project will have a dramatic impact on Fort Worth's economic development future. A number of important projects such as So7 and Trinity Bluff are nearing completion. These developments provide tangible evidence that greater downtown Fort Werth market demands mixed - use projects. rNk _ However, external economic conditions will have a strorf&jpfluen future of the TRV TIF. The tightening of credit standar ' r hom( with heightened concerns about oversupply will put dovi ward ph financing for new real estate projects. Meanwhile, ti4at; retail outlets closing or reducing the number of stores rnl3+i� rate only exacerbates the situation. ter; *Hear -term development pers combined ssure on the Kral >a,tc�sure consumer spendirtgr�s resulted in i. The nation's rising unemployment The purpose of this section is to update key regional economic trendsw444 f 'ng overall TRV development in light of the difficult economic environmeq ,The current do Wr) , both nationally and within Texas, has been more severe and longer frngtFiar ,many economi8ts expected. Texas' substantial energy sector, proactive economic deyq pment a#arts, and diversified economic base have mitigated some of the negative effects. FQt-,. ample, tt curry Tarrant County unemployment rate is 8.2 percent versus a national average of:745 perc M, Howevdf . ounty's rate is noticeably higher than the Texas average of 7.5 percent. lbt empl ent withl arrant County declined 2.6 percent between 15L quarter 2008 and.l$' quarter 2For thl me period, total Texas employment dropped only 1.0 percent. T data poin trat(.. t while Tarrant County is outperforming the nation as a whole, ec mic performalwltti%xas varies by region and county. The high rate of economic gro� erienced over the past five years is not indicative of future performance. Gideon Toal produced two TRY financing plans d to in this document as GT 2005 and GT Plan 2007) that identify the 4r s.do oprrient potentlaP;0fo�d�ted market demand by land use, and absorption rate. The t106eseen economic facession an -collapse of the real estate market may alter the development schedule and revenue for envisioned by Gideon Toal. In addition, this financial model iteration Ms based on extending the T11F fr63tn 25-years to 40-years. This analysis also assumes the TRV TIF boundaries are expanded to includethe area around Gateway Park. This analysis builds on the existing finaiicing plans and addition d©ct)fnents prepared for the TRV. The result of this assessment is an updated-TRV TIF model based:on the most recent data and economic trends. The following sections highlight key, factors; that have either changes or will materially impact the 40- year tax revenue stream of the TWAnancial model. 'A full copy of the TXP Economic Impact Study can be provided upon request 29 FORT H Economic Impact ORDINANCE NO.18975-12-2009 TIF #9A & #96 Modified Trinity River Vision TIF Boundary The updated financial model does not assume any new real estate development in the Gateway Park area during the duration of the TIF because the area is fully developed. Instead, the TIF model takes a conservative approach and only incorporates appreciation of the existing tax base. Historic Growth in the Trinity River Vision TIF (2004 to 2009) During the first six years of the TIF, over $145.4 million in new col average, $24.2 million in new taxable real property valuaxwas ad( of new construction activity and tax base appreciation his gener< in total tax revenue. Three properties are responsibly,! bud Trinity Bluffs, and Chesapeake Plaza (formerly Pier 1 .. N, If the TRV develops at the same rate over the next 34 yea), : development will occur (34 years x $24.2 million). tr,on activity has occurred. On 16"tV*"A,4,x rolls. The combinatioi tbd appr�� 1y $5 9 tnliion of this construct C*80 icy: So7, $823.7 million in new Taxable Construction Activity in the irmity+ River Vision TIF by Year ($ fnillions) $50 I _ $45 ........... .............. ........._................ .._......................_. ................ __......__.................... ... ._...... ........_ $40 $35 $30........ .... ........... -- _._._�...._.. _. $25 .._ • $20 ......__ _ _ $15 _ $10 55 _ $o _.._. 2004 2005 2006 2007 2008 Source: Tarrant Appraisal ............... ........ ....... sA 30 2009 Economic Impact ORDINANCE NO.18975-12-2009 Trinity River Vision TIF Revenue by Year ($ millions) $2.0_.- 51.8 - ------.._............ .... __.._._....... $1.6 I $1.4 ._ _.... _._.._._._.._..... _ ..................... _........ ...... ........ .... .... ........_....... ..... ...... .. s1.2 $1.0 �- $0.8 ............... _..._.. ..._ ........ . $0.6 _ -- $0.4 I ' � $0.2 $0.0 .-- TIF #9A & #96 2005 2006 2007 2008 2009 2010 , Source: Tarrant Appraisal District, TRVA, TXP +r t; Residential Real Estate Demand in Greater Downtown Fort worth As part of the TRV financial model update,�TXP rvir .o-cl Rio,, ;:, a71"tFoWorth housing data compiled by Downtown Fort Worth, Inc. Between 20 and .2010, �jpp--nx lr~,:,rely 171 units came online each year. While not a perfect fit for the propose TRV, many of the prop rli cs such as Trinity Bluffs and Sol, are consistent with the overall vise Since the data collected by Downtownc) the Inc. represents actual built product, TXP believes it is appropriate to build a long-term TRV scenarl 't *' g a build out pattern of 171 units per year. This _xr approach is conservativ - 4 ed on marls nd over the last ten years and covers a complete economic for the TRV !S'greater than 171 per year, changing credit standards for real , - e loans will like ore speculative or risky developments. Commercial xwr development in that V is focused on sup residential needs and will not compete with the Fort Worth Central Busirless District (CBD) for mates ployers. The commercial development will likely kb occur in conjuriction,with new residential devents. If the average of 1716#ft-, er year holds, therfo'e TRV will add over 5,800 multi -family units over the TIF lifetime. 31 FOR, T�WORTH Economic Impact ORDINANCE NO.18975-12-2009 TIF #9A & #913 Downtown Fort Worth Housing Starts (2000 to 2010) Natrra - Address r€ UNi'rS " C,+�'+pie�ioirt ialejRee,td Cassidy Corner 1st and Pecan 2 2001 Sale Pecan Place Condominium 601 E First 9 2004 Sale The Tower 500 Throckmorton 294 2004 Sale Houston Place Lofts 910 Houston 30 2005 Sale 959 West Bluff I 959 Bluff 4 2005 Sale I Flatiron I 1000 Houston 1 2005 Sale versailles 409 North Henderson 7 2005 Sale The Depot + 555 Elm 209 2005 Rent Neil P Anderson I 411 West 7th 60 2006 Sale Pecan Place Townhomes 1612 to 726 E First I 28 2006 Sale T&P Terminal renovation I 221 West Lancaster I 138 2006 Sale First Place ' 912 W First I 8 2006 Rent Kress building I 604 Main I 24 2006 Rent Le Bijou I 709 Jones 14 2007 Sale Palisades I 616 E Bluff , 40 I 20D7 I Sale Westview by Cityhomes I 1020 Texas or 950 Henderson I 40 2007 I Sale T&P Terminal new 201 West Lancaster 100 2007 Sale Lincoln at Trinity Bluff 701 E Bluff 304 2007 Rent The Pavilion at Samuels 1000-1021 Alcatel Lane I 32 2008 Rent Trinity Terrace (City Tower) 1600 Texas I 80 2008 I Rent Lincoln II Samuels at Gounah 70 I 2009 I Rent Lincoln III 1520Samuels , 299 I 2009 Rent River Tower at Trinity Terrace Next to 1600 Texas 85 2010, Rent Source: Downtown Fort Worth, Inc. A review of Tarrant Cr igl fist* �l multi -fan rty,,bUilding permit activity also reveals a slowdown in resldet " ullding perm) ��I08, new single-family building permit activity was at its lowest level srnce . 3. Multi -family buildii �rmit activity has remained within its 10-year average of roughly 2,500 3,000 units per year. Ovc past ten years, the greater downtown Fort Worth area has captur6,* pproximately eight percent new multi -family activity in Fort Worth. 32 Fd'e_ r� H Economic Impact ORDINANCE NO.18975-12-2009 Tarrant County Building Permit Activity . . ...... ...... ..._ .. 18,000 Single Family 16,000 - - TIF #9A & #9B Source: Real Estate Center, Texas A&M University Taxable Value Assumptions In addition to the amount of new construn that occurs eacl t yerai, the assumption regarding taxable value per square foot of develcip *significantly impacts the TIF model. Only real property is included in the TIF revenue calculation; at�iUg ,local taxing jurisdictions do collect tax on business personal property investment There can alsa�ead between construction costs and taxable value. In general, propeatle tax rolls #+y� 0 percent below construction cost. wrm The GT 2007 TIF modettises a taxabfi . , of roughly 118 per square foot. This rate is blended across both resldentliW'and non-residential- construction. Based on experience in prior studies, discussions with local industry experts, and bent economic climate, these values are an appropriate reflection of underlying market conditions. The TXP financial model uses these values as the baseline fat taxable value per square foot` rld applies an inflation factor for future years. TRV TIF taxable Value per Square Focht (2008 Dollars) office Retail Hotel Multi -Family High -Rise Retirement Real $140 $180 $130 $100 $80 Business Personal $10 $15 $20 $0 $20 r 00 00 Source: Trinity River Vision TIF Update. Gideon Toal 33 FORT WORTH Economic Impact ORDINANCE NO.18975-12-2009 TIF #9A & #9B Property Appreciation Assumption Separate from the actual purchase price, the appraisal process to determine the assessed value is a complex procedure that considers replacement cost, market value, rental income, and exemptions. In addition, commercial properties and residential properties do not appreciate or depreciate at the same rates and have different market cycles. To simplify the tax revenue forecast, the rate of property appreciation (commercial and residential) is two percent per r for the duration of the TIF. This value is based on data provided by the Federal Housih an Agency for existing single- family homes in the Fort Worth MSA. The average annual appre i��srbe,w n 1990 and 2008 ,gyp, was 2.9 percent. Given the current uncertainty surroundiig the re8erket, a loweryalue of two percent is a more conservative approach. Becauer twa thirds of thej � I be r , ential property (although probably multi -family), the reside rrf appreciation rate was a I properties. Y Fort Worth -Arlington MSA House Price Index (Ann ....... .. _.... _.__..._........................ ... ......... _.._.......... ............ !... ........... ....... ___....... __... _._._ _ .. ..... , _.._.. __..._ O N rn V U1 lD r\ 00 M O .-4 N rn V Ul u? r` W M C CM C M GN C C) C M 0 0 0 0 0 O 0 0 0 r-4 N N fV N N N N N N Source: Federal Hrwtjnk Finance Agency f, 34 FOR_, T� F1 Economic Impact ORDINANCE NO.18975-12-2009 Market Demand Assumptions for the Updated TRV TIF Model TIF #9A & #913 Real estate development and tax revenue forecasting for the TRV TIF is complicated because the external economic environment is highly uncertain. When reviewing the existing TRV TIF model, a number of key issues emerged: • How long will the current economic recession last? • When will the credit markets for real estate developers anct homelxt rs return to normal? • Will residential and commercial property owners be succe4iirt ipeaF the assessed value of their properties? x: • To what extent will other mixed -used projects in thy; �Ilas Fort�Worifi � Wme of which are proximate to rail) compete with the TRV for markef�iare7�' • Should TRV employment and population estimates Alin to sub -regional M s ch as the North Central Texas Council of Government long-rangg �r ast? 'I 1 A. The above questions do not have simple answers. A sllghl;4 K64011 a key variable can have a substantial impact on the financing plan.` Given the current economic uncertainty facing real estate developers, prose;, home buyers, and lenders, it is unlikely that large-scale developments v_4ttjott ground in the T over the next few years. However, many developers are already planning for thrigence by master planning large sites, purchasing distressed properties, and ass t {bling a bnttra , The recommended methodology for forecasting , V tax revenue useshe:istoric number of new households added each year in greater downt ort W h (171 un per year). The benefit of this �. , approach is that it is based on historical r identfi sup and dem forces in the general area and comparable product mix. Because the,V land use is heav weighted towards residential uses, the household forecast will serve a the driver of not"R01 demential demand. The mixed -use orientation of the project suggests a rWIy greater concentration in residential development will likely occur, with much of the non-resi 6pfial bonstruction built in response to demand created from proximate new housing In the TIF In addrtidt.. f . ancial model is easily u dateable b adjusting P g� �!. Y P Y J g the annual household foreGai i Rom-: • For every residenCil'uroit bite O4uare feet per (cht), 620 square feet of additional commercial space (gadded '� • Total blended Mistruction value per restd' tial unit (residential plus commercial) _-$195,000 • Each year 171 units x $195,000 = $33.4 ri' Oon in new TRV development (2008 dollars) • Note, $33.4 mil4pn in new development is higher than the average during the first six years of the TRV TIF X. 35 FORT WORTH Economic Impact ORDINANCE NO.18975-12-2009 Key Issues, Opportunities, and Challenges Influencing Future TRV Growth TIF #9A & #96 Separate from the TRV build out scenarios presented in the previous section, TXP has identified a number of key issues that may influence the financing plan or development pattern within the TRV. Policymakers and stakeholders should monitor these factors each year. Three key areas of development within the TRV will affect the to TIF either positively or negatively. For example, the delay in redt assumptions, or attraction of catalytic users will alter the taxa6i areas include:. 1. Section A, Zone 13 ("Left Bank" owned largely Xhe of development 2. Section B, Zone 1("LaGrave Redevelopment") , s 3. Section B, Zone 18 ("TCC Property") - 1.4 million`s4 Each year, stakeholders should monitor these three zon Ongoing regional transportation planning efforts are considering to the TRV. Depending on the type of transit, locat►ort,,,Ar,etwo development and significantly increase properties _f Large-scale mixed -used developments are inc infrastructure. Since local taxing jurisdictions TIF, there is not much financial flexibility to inc projects. Comparison of Economic Impact The different perspectives outlined in thG4 provided the TIF with projections that diffee'l analyses utilize reasonable approaches and baseline for financial plannif2 ,_ ig-terrn financial position of the telopinot, changes in density t,Vel6obf these areas. The three e Energy) 1..4� milliort '` are feet x Jy n square feet of deveopment -,et of development pCfi a TRV financial model. a p f mass transit options rk connec " is could accelerate ugly seektrig pttbor assistance for already commit444ercent of funds to the TRV ize lard scale ordliicts or traditional economic on Toal and UP economic impact studies have More than $350 million dollars. While both of these ;sutfttions, it is necessary for local leaders to select a "4 The local redevelop s% "it perspective tam Gideon Toal during the first quarter of 2008 provides a unique look into V*: development possi that can be spurred by the timely implementation of the TIF project ple UP projections take storic look at urban residential development within the central cityatr*klFextrapolate those numbers�to future projections. In an effort to remain fiscally conservative, local +stirs have chosen to us t TXP increment projections to plan the timing and extent of future rev'666W a ip nditures. ti..w 36 Tax Increment Projections ORDINANCE No. 18975-12-2009 TIF #9A & #913 Tax Increment Projections Given the complexity of the TRV and its corresponding TIF plan, a four -step tax increment projection methodology was created. A series of interrelated tables form the foundation of the model's output. An overarching goal of the analysis was an easily understandable and updateable tax revenue projection that is adaptable to changing market conditions. The fiyAi: i g four steps were performed to yield the final TRV financial forecast. or Step 1 - Review existing taxable development within tl-e I RV ,r,d project future values based on two percent appreciation Step 2 - Add new TIF parcels near Gateway Park ao�` projuca Uti,-C. values based on two oercc:rt appreciation Step 3 - Adjust baseline property tax value that takes i rtn c ~ r ; dcratior property purchased by the TRV that are not taxable - ex Step 4 - Forecast annual new development within # drry n by a select nt1m ber of key variables and assumptions `= Review of Key Variables and Factors The updated forecast calls for 171 ni development. This baseline value wa within greater downtown Fort Worth t for real estate dramatically improve rail), the number of new units per4 critical infrastructure projects or fede TIFenue residritial tits per yea us apportioned commercial elected bas hrstort>ulti-family residential growth construction arty v;<itn the TRV. If lending conditions �nanticipated catalytic projects are implemented (ex. light Id be adjusted upwards. On the downside, delay in t Ong may push the number below 150 units per year. The model assume threealtielay before ary nevi major developments break ground. A number of forces i fading existifig'supp� ,tight credit markets, and weak consumer sentiment will dampen n farm growth. The impO'gf this decision reduces net new development over the next 34 yeah as well as TIF tax revenue:.Over the next three years, the TRV only experiences property appreciation of existing developrnf!nt. Consistent with the existing TRV growth modal and Fort Worth specific data, property appreciation remains two percent ov& the duration of Ole TRV TIF. Over the next few years, two percent is a reasonable estimate. Over the. long-term,. properties will likely appreciate at a higher rate. 37 Foe_ T� ii Tax Increment Projections ORDINANCE NO. 18975-12-2009 TIF #9A & #9B • The analysis holds tax rates constant using the 2008 values. These values might increase or decrease over time if the local jurisdiction adjusts the overall rate. lurlsdkdon Rate per $100 Participation % Tax Rate f*r TRY City of Fort Worth 0.855000 80% $0.684000 Hospital District 0.227897 80% $0.182318 TCC 0.137960 , 80% $0.110368 Fort Worth ISD 1.257000 I 0% $0.000000 Tarrant County 0.264000 I 80% $0.211200 TRWD 0.020000 80% $0.016000 Source: Tarrant Appraisal District • Two areas are receiving special tax treatment in the T11: 1) CC%eke Plaza (formerly Pier 1 Place) and 2) a portion of the Trinity Bluffs master developmentty's ordinance . designating the TIF (Ordinance No. 15797), the City not contribute t�1ilcrement to the TIF ; to the extent that the City has pledged an amouq& su.ncrement or an amount of other legally available funds whose calculation is basAd on the r �.of.such tax increment under a biding agreement on the City, such as an Economic Dov #riprn4pl g , m Agreement authorized by Chapter 380 of the Texas Local Governmt -' Code 0 Agree Air The City of Fort Worth has two (2) 380 agreements in place affectfn"'prop in the TIFr'ne on the Chesapeake Plaza property dedicating an amount equal tp. matmum 00 percc: of the property tax and ends in 2026, and a second dedicating an e0hount equal tti �',"Ma tptulii of 100 percent of the property tax for 20 years (2009 to 2028) from Wportion of the T ��i iffs master development. • Using data provided by the TRWD, ttTe rrltzdtJ removes the taxable value of projected land A q purchases between the years 2010 and from the TRV tax base. e 'y • TRV landowners haiie r ugttiy$33 imlifipn in propel*der protest with the appraisal district. Once the appea)` process is finished, the taxable value for 2010 will likely be lower. • The TRV TIF foreoast estimates $450.0 iillifi"inn in tax revenue over the next 40 years. The following fov ogos detail the 40 year TXPA;K increment projections. The projections are divided into two sections as follows; 1. Estimated Baseline Appreciation • Fort Worth Portion -two percent growth of the current taxable value (excluding properties receiving special tax treatment. by The City of Fort Worth) • Other Taxing Jurisdiction -two percent growth of the current taxable value (including properties receiving special tax treatment by the City of Fort Worth) 2. Baseline appreciation in addition to new development 38 �f)R� FI Tax Increment ProjectionE ORDINANCE NO.18975-12-2009 TIF #9A & #98 Estimated Annual Appreciation of Trinity River Vision TIF (Excluding Fort Worth Portion) Baseline Baseline - SaselMe 'TIF Taxable Neu; iaxa Me ' TIF Tax Period Year Original Gateway Part Total value vakw Revenue 1 2005 $128,628,104 $0 $128,628,104 $168,794,363 $40,166,259 $138,776 2 2006 $128,628,104 $0 $128,628,104 $209,154,864 $80,526,760 $278,223 3 2007 $111,601,748 $0 $111,601,748 $240,360,400 $128,758,652 $443,836 4 12008 $111,601,748 $0 $111,601,748 $247,931,618 $136,329,870 $464,481 5 2009 $111,601,748 $0 $111,601,748 I $272,015,504 $160,413,756 $833,968 Ij 6 12010 I $111,601,748 I $22,258,463 $133,860,211 $339,105,072 $205,244,861 I $1,067,038 7 2011 $111,601,748 $22,258,463 $133,860,211 $340,836,096 $206,975,885 $1,079,083 8 12012 $111,601,748 $22,258,463 $133,860,211 $340,156,950 $206,296,739 $1,078,658 9 12013 $111,601,748 I $22,258,463 $133,860,211 I $344,942,366 I $211,082,155 $1,106,705 10 12014 $111,601,748 $22,258,463 ' $133,860,211 $347,358,503 $213,498,292 $1,122,497 11 2015 I $111,601,748, $22,258,463 I $133,860,211, $354,305,673 $220,445,462 I $1,161,910 12 2016 { $111,601,748 I $22,258,463 $133,860,211 I $361,391,786 $227,531,575 I $1,202,112 13 2017 I $111,601,748 I $22,258,463 $133,860,211 I $368,619,622 I $234.,759,411 I $1,243,117 14 2018 I $111,601,748 $22,258,463 $133,860,211 I $375,992,014 I $242,131,803 1 $1,284,943 15 2019 $111,601,748 $22,258,463 $133,860,211 I $383,511,855 I $249,651,644 I $1,327,605 16 2020 $111,601,748 $22,258,463 $133,860,211 I $391,182,092 I $257,321,881 $1,371,121 17 , 2021 $111,601,748 I $22,258,463 I $133,860,211 I $399,005,734 $265,145,523 $1,415,507 18 12022 $111,601,748 I $22,258,463 $133,860,211 I $406,985,848 I $273,125,637 $1,460,780 19 2023 $111,601,748 I $22,258,463 $133,860,211 1 $415,125,565 I $281,265,354 ( $1,506,959 20 12024 I $111,661,748 $22,258,463 ' $133,860,211 I $423,428,076 I $289,567,865 I $1,554,062 21 12025 I $111,601,748 $22,258,463 I $133,860,211 I $431,896,638 I $298,036,427 $1,602,106 22 12026 $111,601,748 I $22,258,463 I $133,860,211 I $440,534,571 I $306,674,360 $1,651,112 23 { 2027 $111,601,748 I $22,258,463 I $133,860,211 I $449,345,262 I $315,485,051 $1,701,097 24 I+ 2028 $111,601,748 I $22,258,463 $133,860,211 I $458,332,167 I $324,471,956 I $1,752,083 25 12029 I $111,601,748 I $22,258,463 $133,860,211 I $467,498,811 I $333,638,600 $1,804,088 26 ( 2030 I $111,601,748 $22,258,463 I $133,860,211 i $476,848,787 i $342,988,576 $1,857,133 27 2031 $111,601,748 $22,258,463 Ij $133,860,211 $486,385,763 $352,525,552 $1,911,239 28 12032 $111,601,748 I $22,258,463 I $133,860,211 I $496,113,478 I $362,253,267 I $1,966,427 29 2033 $111,601,748 $22,258,463 $133,860,211 $506,035,748 $372,175,537 $2,022,719 30 2034 $111,601,748 I $22,258,463 I $133,860,211 $516,156,462 $382,296,251 $2,080,136' 31 2035 I $111,601,748 f $22,258,463 ' $133,860,211 I $526,479,592 I $392,619,381 I $2,138,703 32 2036 I+ $111,601,748 $22,258,463 I $133,860,211 $537,009,184 I $403,148,973 $2,198,440 33 2037 I $111,601,748 $22,258,463 I $133,860,211 I $547,749,367 I $413,889,156 $2,259,372 34 2038 { $111,601,748 $22,258,463 , $133,860,211 I $558,704,355 ` $424,844,144 I $2,321,523 ` 35 2039 I $111,601,748 $22,258,463 I $133,860,211 $569,878,442 I $436,018,231 $2,384,917 36 12040$111,601,748 l $22,258,463 I $133,860,211 I $581,276,010 $447,415,799 I $2,449,578 37 2041 $111,601,748 $22,258,463 I $133,860,211 $592,901,531 $459,041,320 $2,515,533 38 2042 $111,601,748 $22,258,463 I $133,860,211 $604,759,561 $470,899,350 $2,582,807 39 12043 I $111,601,748 I $22,258,463 i $133,860,211 I $616,854,753 $482,994,542 $2,651,427 40 2044 $111,601,748 $22,258,463 f+ $133,860,211 $629,191,848 $495,331,637 $2,721,419 39 _ FORT WORTH rFF14SECRE ARY RTM� TX Tax Increment Projections ORDINANCE No. 18975-12-2009 TIF #9A & #913 Estimated Annual Appreciation of Trinity River Vision TIF (City of Fort Worth Only) I Total Baseline Taxable Value Net Taxable ` TIF Tax Period j Year. (Original & Pa�itj , (Appreciation} Pier 1 Trinity Sluff Oalue Revenue 1 2005 $128,628,104 I $168,794,363 f $0 $0 $40,181,539 $278,056 2 2006 $128,628,104 Ij $209,154,864 I $0 $0 $24,104,485 $166,803 3 2007 I $111,601,748 $240,360,400 I (564,912,380) $0 I $56,096,398 $385,943 4 2008 I $111,601,748 I $247,931,618 I ($65,352,056) $0 $6.2,121,781 $424,913 5 2009 $111,601,748 I $272,015,504 I ($64,912,380) I $0 $91,861,930 I $628,336 6 2010 $133,860,211 Ij $339,105,072 1 ($83,761,624) I ($19,391,404) $102,281,835 $699,608 7 12011 $133,860,211 I $340,836,096 I ($85,436,856) I ($19,779,232) $101,504,629 I $699,651 8 12012 $133,860,211 I $340,156,950 ( ($87,145,594) I ($20,174,817) $98,267,089 I $682,973 9 12013 ( $133,860,211 jl $344,942,366 I ($88,888,505) I ($20,578,313) $100,442,942 I+ $703,431 10 12014 I $133,860,211 $347,358,503 ($90,666,276) ($20,989,879) I $100,197,326 $707,439 11 12015 I $133,860,211 $354,305,673 ($92,479,601), ($21,409,677) I $104,429,507 $742,188 12 2016 $133,860,211 $361,391,786 ` ($94,329,193) , ($21,837,870) $109,746,332 $777,632 13 2017 I $133,860,211 $368,619,622 Ij ($96,215,777) I ($22,274,628) $113,149,494 I $813,785 14 12018 I $133,860,211 $375,992,014 I ($98,140,093) I ($22,720,120) $117,640,718 { $850,661 jl 15 12019 Ij $133,860,211 $383,511,855 I ($100,102,89 I ($23,174,523) I $122,221,768 I $888,275 16 $133,860,211 I $391,182,092 I ($102,104,95 I ($23,638,013) f $126,894,438 I $926,641 i 17 12020' 2021 I $133,860,211 I $399,005,734 I ($104,147,05 I+ ($24,110,774) I $131,660,562 Ij $965,774 Ij 18 2022 I $133,860,211 I $406,985,848 I ($106,229,99 ($24,592,989) $136,522,008 $1,005,690 19 2023 I $133,860,211 I $415,125,565 I ($108,354,59 ($25,084,849) $141,480,683 $1,046,405 20 2024 $133,860,211 $423,428,076 Ij ($110,.521,68 I ($25,586,546) I $146,538,531 $1,087,933 21 12025 $133,860,211 $431,896,638 I ($112,732,11 I ($26,098,277) $151,697,537 $1,130,292 22 12026 $133,860,211 $440,534,571 I ($114,986,76 I ($26,620,242) I $156,959:723 $1,173,499 23 12027 $133,860,211 $449,345,262 I $0 I ($27,152,647) $279,613647 $2,019,809 24 12028 $133,860,211 $458,332,167 I $0 I ($27,695,700) I $287,434,155 $2,080,805 25 12029 $133,860,211 $467,498,811 $0 ($28,249,614) $295,411,073 $2,143,022 26 12030 I $133,860,211 ' $476,848,787 ) $0 ' $0 I $332,362,136 $2,403,575 ` 27 f 2031 I $133,860,211 I $486,385,763 $0 $0 I $341,237,613 I $2,472,247 28 12032 I $133,860,211 I $496,113,478 $0 I $0 f $350,290,601 I $2,542,292 29 12033 I $133,860,211 $506,035,748 $0 $0 $359,524,648 , $2,613,738 30 Ij 2034 I $133,860,211 I $516,156,462 I $0 I $0 $368,943,375 I $2,686,613 31 2035 I $133,860,211 $526,479,592 $0 $0 $378,550,478 $2,760,946 32 i 2036 $133,860,211 i $537,009,184 I $0 $0 i $388,349,722 I $2,836,766 33 12037 $133,860,211 $547,749,367 $0 I $0 I $398,344,952 I $2,914,101 34 2038 $133,860,211 $558,704,355 $0 I $0 I $408,540,086 I $2,992,984 35 2039 I $133,860,211 I $569,878,442 I $0 $0 I $418,939,122 I $3,073,444 36 2040 I $133,860,211 I $581,276,010 I $0 I $0 I+ $429,546,140 I $3,155,513 37 12041 $133,860,211 I $592,901,531 I $0 $0 I $440,365,297 I $3,239,224 38 2042 I $133,860,211 I $604,759,561 I $0 I $0 I $451„400,838 I $3,324,609 39 2043 + $133,860,211 I $616,854,753 I $0 I $0 I $462,657,090 I $3,411,702 40 12044 $133,860,211 I $629,191,848 $0 $0 $474,138,467 I $3,500,536 40 FORT WORTH Tax Increment Projections ORDINANCE No. 18975-12-2009 TIF #9A & #913 Estimated Annual Appreciation of Trinity River Vision TIF (No New (Development) Total T!F Period Year Noo+ort Worth. Fora Warts Tax Revenue 1 2005 $138,776 $278,056 I $416,832 2 2006 $278,223 I $166,803 I $445,026 3 2007 $443,836 I $385,943 $829,779 I 4 2008 $464,481 I $424,913 I $889,394 5 12009 $833,968 I $628,336 I $1,462,304 6 2010 $1,067,038 $699,608 I $1,766,646 7 2011 $1,079,083 $699,651 I $1,778,734 8 2012 I $1,078,658 $682,973 $1,761,631' 9 2013 I $1,106,705 $703,431 $1,810,136 I ` 10 2014 $1,122,497 I $707,439 $1,929,936 11 2015 $1,161,910 $742,188 I $1,904,098 12 2016 $1,202,112 $777,632 I $1,979,744 13 2017 $1,243,117 $813,785 I+ $2,056,903 14 2018 I $1,284,943 I $850,661 $2,135,605 5 i 15 2019 $1,327,605 I $888,275 $2,215,881 Ij 16 12020 $1,371,121 I $926,641 I $2,297,762 17 $1,415,507 ( $965,774 I $2,381,281 I 18 12021 2022I $1,460,780 I $1,005,690 I $2,466,470 19 + 2023 I $1,506,959 I $1,046,405 $2,553,364 20 12024 I $1,554,062 I $1,087,933 $2,641,995 21 12025 I $1,602,106 I $1,130,292 I $2,732,398 22 12026I $1,651,112 I $1,173,499 Ij $2,824,610 23 12027I $1,701,097 $2,019,809 $3,720,906 24 Ij 2028 1 $1,752,083 i $2,080,805 $3,832,888 25 120291 $1,804,088 $2,143,022 $3,947,109 ` 26 2030 $1,857,133 I $2,403,575 $4,260,707 27 12031 I $1,911,239 I $2,472,247 $4,383,485 I 28 2032 I $1,966,427 I $2,542,292 $4,508,719 ` 29 , 2033 I $2,022,719 $2,613,738 I $4,636,457 30 12034 I $2,080,136 i $2,686,613 I $4,766,750 31 12035 I $2,138,703 l $2,760,946 I $4,899,649 32 12036 + $2,198,440 I $2,836,766 $5,035,205 33 Ij 2037 Ij $2,259,372 I $2,914,101 I $5,173,473 1 34 2038 $2,321,523 I $2,992,984 I $5,314,507 35 2039 $2,384,917 I $3,073,444 I $5,458,361 36 2040 $2,449,578 $3,155,513 I $5,605,092 37 2041 I $2,515,533 $3,239,224 I $5,754,757 38 2042 $2,582,807 53,324,609 $5,907,416 39 ' 2043, $2,651,427 ( $3,411,702 I $6,063,128 j 40 2044 $2,721,419 J $3,500,536J $6,221,955 t �, � t 41 FORT�TF( Tax Increment Projections ORDINANCE No. 18975-12-2009 TIF #9A & #9B Estimated Total Tax Revenue of TRV TIF (Baseline Appreciation + New Development) New Mvelopment New Development Period Year Baseline Taxable Growth Tax Revenue 1 2005 $416,832 $0 $0 2 2006 $445,026 $0 $0 3 2007 $829,779 $0 $0 4 2008 $889,394 $0 $0 5 2009 $1,462,304 I $0 $0 6 2010 $1,766,646 I $0 I $0 7 2011 $1,778,734 I $0 $0 8 2012 $1,761,631 $0 $0 9 2013 $1,810,136 , $0 $0 10 2014 I $1,829,936 $35,394,957 $426,115 11 2015 Ij $1,904,098 I $72,205,713 $869,274 12 2016I $1,979,744 I $110,474,740 I $1,329,989 13 2017 $2,056,903 I $150,245,647 I $1,808,786 14 f $2,135,605 $191,563,200 I $2,306,202 15 12018 20191 $2,215,881 $234,473,356 I $2,822,791 1 16 2020I $2,297,762 $279,023,294 ` $3,359,121 17 2021 I $2,381,281 $325,261,440 I $3,915,776 18 12022 $2,466,470 $373,237,502 $4,493,353 19 12023 $2,553,364 I $423,002,503 I $5,092,466 20 12024 $2,641,995 I $474,608,808 I $5,713,747 21 12025 $2,732,398 I $528,110,164 I $6,357,842 22 12026I $2,824,610 $583,561,732 I $7,025,416 23 12027 $3,720,906 $641,020,117 I $7,717,149 24 12028 $3,832,888 I $700,543,414 I $8,433,741 25 12029 $3,947,109 $762,191,235 l $9,175,911 26 12030 $4,260,707 $826,024,750 Ij $9,944,393 27 12031 $4,383,485 $892,106,730 I $10,739,944 28 12032 $4,508,719 $960,501,580 I $11,563,340 29 12033 $4,636,457 I $1,031,275,390 I $12,415,376 30 12034 $4,766,750 I $1,104,495,932 I $13,296,867 Ij 31 12035 { $4,999,649 I $1,180,232,796 $14,208,653 I 32 I+ 2036 I $5,035,205 I $1,258,557,336 $15,151,591 33 2037 $5,173,473 I $1,339,542,765 I $16,126,562 34 i 2038 I $5,314,507 $1,423,264,188 Ij $17,134,473 35 12039 I $5,458,361 $1,509,798,651 $18,176,249 36 Ij 2040 $5,605,092 $1,599,225,186 $19,252,842 37 12041 I $5,754,757 $1,691,624,863 I $20,365,228 38 12042 I $5,907,416 $1,787,080,838 $21,514,409 39 12043 I $6,063,128 I $1,885,678,401 I $22,701,411 42 Jotal TIF -tax Revenue $416,832 $445,026 $829,779 $889,394 $1,462,304 $1,766,646 $1,778,734 $1,761,631 $1,810,136 $2,256,051 $2,773,372 $3,309,734 $3,865,688 $4,441,806 $5,038,671 $5,656,883 $6,297,057 $6,959,823 $7,645,830 $8, 355,742 $9,090,241 $9,850,026 $11,438,0S 5 $12, 266,629' $13,123,020 $14,20S,100 $15,123,430 $16,072,059 $17,051,833 $18,063,617 $19,108,301 $;20,186,796 $21,300,036 $ 22,448,979 $23,634,609 $24,857,933 $26,119,985 $27,421,825 $28,764,539 530,149,242 FORT WORTH Public Infrastructure Cost ONWPFI iffaWR°3timmary Project Plan Expenditures Land (Acquisition, Demolition, Relocation) .................... $ 226,213,500 Environmental Remediation............................................ $ 38,355,100 Preliminary Design........................................................... $ 25,598,900 Ecosystem Restoration.................................................... $ 10,915,200 Recreation........................................................................ $ 8,785,400 ValleyStorage................................................................... $ 95 &�f$Op Utility Relocation.............................................................. $ 88,iA" Bridges and Roadway ...................................................... $ ,ii,78,8551 W PumpStation................................................................... $ 4 8,857b0 ByPass Channel............................................................. ° 112,724,300 Waterfront and Pedestrian Bridges ............................... 29 200 Gates........................................................................... .... 81., 31,800 Dam.................................................................................. $ 88a29: 6QO Program Management..................................................... K $ 16,500, ..._ Total Project Costs........................................................... $ 909,877,200 1. The above project categories include provisions management, design, engineering, permitting a construction costs and inflation to mid -point of 2. It is estimated that the TIF would need to contri towards these costs. TIF #9A & #9B 3. The expenditures estimates are from the 2009 Freund N" Is report. ' 'MV Financing Plan Summary (A&B Combined)'. � ' ih Based on discussions with local govern rr federal agencies, the following sources of funds have been estimated: Local Government Sources City of Fort worth �$ 26,600,000 Tarrant County $ 11,000,000 Tarrant Regional Water District $ 64.400.00Q Subtotal $102,000,000 Remainingto Fins sr`ce from TIF $320.054.300* Total Local Sources $422,054,300 Federal Government Sources $487.822.900 Total Project Cost $909,877,200 * An estimated $320,054.300 is needed from the TIF. To fulfill the public purposes of the Project. the TIF District and Tarrant Regional Water District may agree to enter into a tax increment funding agreement pursuant to which TRWD will be reimbursed for certain costs of the Project incurred or expended by TRWD. 43 FQR� H Public Infrastructure Costs°RC IHdRi}1A'P6r?°Sbmmary TIF #9A & #9B Proposed Trinity Vision TIF #9A & #9B In addition to the improvements listed in the Project Plan above, there are a number of improvements that are recommended to be included in the Project Plan contingent upon the arnount of incremental revenue generated by the TIF A Project Plan amendment will be required to include the projects below and would require individual amendments to taxing jurisdiction participation agreements. 1. Inland Water Feature Environmental Cleanup Project -eo ,letion of the Central City Project, 2022 , the existing levees can be removed. At thi�t vironmental remediation J ( ) g <, � can begin on the area adjacent to the inland water ature w ' tierwis known soil and t,;• , groundwater contamination. Required remediati s� cludes it excav, Oon and rem©Yal, groundwater cutoff wall with concrete cap to for,,, waladjacent to ti3e s grndwater extraction wells and groundwater monitoring weli� 9 estimated cost f iv 1 pletion of these components is $29,099,000. y 2. Surface Storm Water Management Infrastructure Stem='Stprt-rater management of the existing 100-year flood plain area can be delivered through the useiCtraventional underground storm water systems or by the use of a surfaces ,vvater manag em' tem (canals). It is x. estimated that a full multi -purpose surface sy;t*old provide storm water management needs, high water quality and continuous pub t accessF� � constructed for approximately $37,941,000 in 2009 dollars. This projecoi7uld be i mjages with development Af growth. v. '� Af 3. Remaining Recreation Features in G; Boulevard - The Federal Project (thk Report and U.S. Army Corps of Engirt restores and improves storm water. m delivers all of the recreation imps remaining recreation improvementsRi7 completion of this compopegtis $31, these remaining way°f `ark 606veen N. Be ch Street and Oakland ojecf), as abed i 2009 Freese &Nichols s' Final Supp l hvironmental Impact Statement, agement throu` tru "Gateway Park. The Project also Ms west of North Beach Street. This option adds the I4orth Beach Street. The 2009 estimated cost for 14S,0�T.he earliest possible date for construction of n the Paek, t l be in the years 2018 - 2022. 4. Participation #K lice & Fire TrainintC must be relc wd in the early years for training cetteis needs are more compli Center. The s ied capacity examined a fo land acquisiMpft=-tosts or other eligible +i the relocation of its fac)tlties. - The driving course and firing range for the Center onstruction of the Bypass Channel. The Modern and expensive than those available at the existing ,penditure of $20,000,000 in 2009 dollars to pay ect costs associated with the use of this property or 44 FORT WORTH Terms and Conditions ORDINANCE NO.18975-12-2009 TIF #9A & #9B Length of TIF in Years: Trinity River Vision TIF #9A was originally created with a 25-year term and was scheduled to end on December 31, 2028. The revised TIF term will be extended by 16 years and scheduled to stop collecting revenue on December 31, 2044 in order to receive tax increment for a total of 40 years. The Gateway Expansion TIF #913 will begin January 1, 2010 and will last for 34 years which will schedule the expansion to cease collecting revenue contermingusly on, -December 31, 2044. Both TIF #9A and #96 will be scheduled to end upon completion of all its tlined within the Project Plan including potential additional projects, or upon the collection ante ^tion of incremental revenue from tax year 2044.` Proposed Changes to Zoning Ordinance: At this time it is anticipated that no changes will be +i�Ftde to tt zoning within TIF #9A or TIF #96 due to the implementation of the TIF. Financing Issues: All revenue generated by the TIF shall go to pay for eligible project costs �% ntithred in the Project Plan. At this time it is not anticipated that TIF nonUs twill be to fund any of the projects outlined in the Project Plan. Tax Increment Participation Rates: It is expected that all participating taxing urisdicton t wi11 0ntintie to pkbrticipate at 80 percent for the remaining 35 years. However the l urrsoicUons v,11 w be required to a!n6dd their existing participation agreements to included revenue from thft reo ded ti�rrn and t , Winded boundaries. 45 FOR, T�H Attachment A TIF #9B Existing Conditions TIF #913 t I 4 t ¢ 3 ii i ��j3 1" f --; 3 a Y "•Y ( ` f � ...•, z, b ppN ) t t t € 1.•.t m '1 r ZO .. , I OD .. I r f -4 v } is r• • ,. � ,, i .;� r t' t [ ... , r i S Existing uses rT t a t 71, J x -SmgleFamily i J a •"� Vacant - Residential .,. ,.. - Vacant - Commercial '' ,.,• ", — � w - Vacant - Rtral - Rench Land < >" FernJRench IIIII� Commercial -Industrial ' ® Water Syatetns Gas Companies �''+ v -�.s 'ee 'fit• i t �'_ s Electric COmpenes __ - ........ . _ ^t �i• ,..v � .<,. Railroads J /ti '� �.... ... .. r Y F .,� ` Pipielines t�l L} {[ } FORO� H 46 Attachment B Gateway Park proposed Improvements #913 47 TIF #9B FORTWORT EXHIBIT "B" PROPERTY TO BE ADDED TO ZONE (THE EXPANDED AREA) Ordinance Expanding Boundary, Extending Term and Appro%ing Amended Project and Financing Plans for Tax Increment Reinvestment Zone Number Nine, City of Fort Worth, Texas (Trinity River Vision fIF) ORDINANCE NO. 18975-12-2009 TIF 9B Boundary .. . ....... . l", Lo I le V. 1pv Fkh k-p AJW "w e 46.a V4, L"p 40 P-Wt a, ftwo 6" 0 ce EXHIBIT "C" DESCRIPTION AND DEPICTION OF ZONE FOLLOWING ADDITION OF THE EXPANDED AREA Ordinance Expanding Boundary. Extending Tenn and Apprm ing Amended Project and Financing flans for Tax Increment Reim csnnent Zone Number Nine, City of Fort Worth, Texas (Trinity Ris cr Vision I IF) ORDINANCE NO. 18975-12-2009 19 TIF 9A and 9B s� f Note: TIF 9A is coded in red; TIF 9B extension is coded in green City of Fort Worth, Texas Mayor and Council Communication COUNCIL ACTION: Approved on 12/15/2009 - Ord. No. 18975-12-2009 ;t��,....,,....:.r.. •xv..x�':��at'a., _ �'_ .w.,:,.„.„,., _.,w. 'gym. lnyiw;: CONTINUED FROM A PREVIOUS WEEK DATE: Tuesday, December 08, 2009 REFERENCE NO.: G-16787 LOG NAME: 17HEARINGTIF9TRV SUBJECT: Conduct Public Hearing and Adopt Ordinance Expanding the Boundaries and Extending the Term of Tax Increment Reinvestment Zone Number Nine, City of Fort Worth, Texas and Approving Amended Project and Financing Plans for the Trinity River Vision TIF RECOMMENDATION: It is recommended that the City Council: 1. Hold a public hearing concerning the expansion of the boundaries and extension of the term of Tax Increment Reinvestment Zone No. 9, City of Fort Worth, Texas, (Trinity River Vision TIF) the approval of amended Project and Financing Plans for the Trinity River Vision TIF and the concept of tax increment financing generally; and 2. Adopt the attached Ordinance which (i) expands the boundaries of the Trinity River Vision TIF to include certain property to the east and south of the current boundaries, as more specifically described in the attached Ordinance; (ii) extends the expiration date of the Trinity River Vision TIF to the earlier of December 31, 2044, or the date on which all TIF project costs, tax increment bonds and interest on those bonds (if applicable) have been paid in full; (iii) approves amended Project and Financing Plans for the Trinity River Vision TIF, as previously approved by the TIF's Board of Directors; and (iv) contains specific findings of fact in support of the foregoing. DISCUSSION: On December 16, 2003, the City Council adopted Ordinance No. 15797 designating the Trinity River Vision TIF. The TIF is located north and west of the downtown Central Business District in the vicinity of the Trinity River. The current boundaries of the TIF are described in Exhibit "B" of the attached Ordinance. The TIF was created to help fund public infrastructure improvements associated with needed flood protection and mitigation as well as to encourage development and redevelopment along the Trinity River. The City has agreed to contribute 80 percent of its tax increment to the TIF. The proposed expansion will add the property described in Exhibit "C" of the attached Ordinance to the TIF. This expansion will, among other things, allow Gateway Park to be used for hydraulic valley storage to provide the necessary flood protection associated with the bypass channel flood control project and for TIF funds to be utilized for public improvements on both the Northside and in the Gateway Park region. This area is eligible for inclusion in the TIF pursuant to Sections 311.005-311.007 of the Texas Tax Code. The current term of the TIF expires on the earlier of December 31, 2028, or the date as of which all TIF projects have been paid in full. In 2009, Freese and Nichols provided a more accurate calculation of the Logname: 17HEARINGTIF9TRV Page I of 2 overall Trinity River Vision, Central I :ity Project cost estimates, including costs of improvements to Gateway Park. The overall project cost is now estimated to be $909 million (2021 dollars). In order for the project to be fully funded, it is necessary that the TIF contribute approximately $320 million toward the project. Accordingly, pursuant to authority granted by Section 311.017(ax1) of the Texas Tax Code, it is recommended that the term of the TIF be extended to expire on the earlier of December 31, 2044, or the date as of which all TIF project costs have been paid in full. Expansion of the TIF boundaries and extension of the TIF's term will enable the TIF to implement in full the Project and Financing Plans adopted by the TIF's Board of Directors, as amended by the Board on December 4, 2009. The amended Project and Financing Plans for the TIF are attached as Exhibit "A" to the proposed Ordinance. The TIF's Board of Directors and City staff recommends that the City Council approve the amended Project and Financing Plans for the TIF. After conducting the public hearing regarding the proposed expansion of the TIF's boundaries, extension of the TIF's term, the amended Project and Financing Plans and the concept of tax increment financing in general and after affording a reasonable opportunity for all interested persons to speak for or against the same, it is recommended that the City Council adopt the attached Ordinance expanding the boundaries and extending the term of the TIF and approving the amended Project and Financing Plans for the TIF. Notice of this hearing was delivered to the governing body of each affected taxing unit and published in a newspaper of general circulation at least seven days prior to this meeting. The affected property is located in COUNCIL DISTRICTS 2 and 9 and the overall project benefits the entire City. FISCAL INFORMATION / CERTIFICATION: The Financial Management Services Director certifies that this action will have no material effect on City funds. FUND CENTERS: TO Fund/Account/Centers FROM Fund/Account/Centers CERTIFICATIONS: Submitted for Citv Manaaer's Office bv: Oriainatina Department Head: Additional Information Contact: Thomas Higgins (6192) Jay Chapa (5804) Ossana Hermosillo (8618) Maggie Allen (2235) Logname: 17HEARINGTIF9TRV Page 2 of