HomeMy WebLinkAboutOrdinance 19919-09-2011ORDINANCE NO. 19919 -09 -2011
AN ORDINANCE DESIGNATING A CERTAIN AREA IN THE
CITY OF FORT WORTH AS "TAX ABATEMENT
REINVESTMENT ZONE NUMBER SEVENTY -SIX, CITY OF
FORT WORTH, TEXAS "; PROVIDING THE EFFECTIVE AND
EXPIRATION DATES FOR THE ZONE AND A MECHANISM
FOR RENEWAL OF THE ZONE; AND CONTAINING OTHER
MATTERS RELATED TO THE ZONE.
WHEREAS, pursuant to the City Council's adoption on June 22, 2010 of
Resolution No. 3895 -06 -2010 (the "Tax Abatement Policy "), the City of Fort Worth,
Texas (the "City ") has elected to be eligible to participate in tax abatement and has
established guidelines and criteria governing tax abatement agreements entered into
between the City and various third parties, as authorized by and in accordance with the
Property Redevelopment and Tax Abatement Act, codified in Chapter 312 of the Texas
Tax Code (the "Code "); and
WHEREAS, the City Council desires to promote the development of the area in
the City more specifically described in Exhibit "A" of this Ordinance (the "Zone ")
through the creation of a reinvestment zone for purposes of granting a residential tax
abatement, as authorized by and in accordance with Chapter 312 of the Code; and
WHEREAS, Locap Holdings, LLC ( "Company ") is considering the construction
of a 315 -unit multifamily apartment complex at 2920 West Lancaster Avenue and 1020
Currie Street having an estimated construction cost of $23,252,000 (the
"Improvements "); and
WHEREAS, Company has applied for a real property tax abatement from the
City in return for the construction of the Improvements in the Zone and compliance with
certain other employment and spending commitments that will foster economic
development in the Zone and the City in general; and
WHEREAS, on September 20, 2011 the City Council held a public hearing
regarding the creation of the Zone, received information concerning the Improvements
proposed for the Zone and afforded a reasonable opportunity for all interested persons to
speak and present evidence for or against the creation of the Zone ( "Public Hearing "),
as required by Section 312.201(d) of the Code; and
WHEREAS, notice of the Public Hearing was published in a newspaper of
general circulation in the City on September 13, 2011, which satisfies the requirement of
Section 312.201(d)(1) of the Code that publication of the notice occur not later than the
seventh day before the date of the public hearing; and
WHEREAS, in accordance with Sections 312.201(d)(2) and (e), of the Code
notice of the Public Hearing was delivered in writing not later than the seventh day
before the date of the public hearing to the presiding officer of the governing body of
each taxing unit that includes in its boundaries real property that is to be included in the
proposed Zone;
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF
THE CITY OF FORT WORTH, TEXAS:
Section 1.
FINDINGS.
That after reviewing all information before it regarding the establishment of the
Zone and after conducting the Public Hearing and affording a reasonable opportunity for
Page 2 ORDINANCE NO. 19919-09-2011
Ordinance Designating Tax Abatement Reinvestment Zone Number Seventy -Six,
City of Fort Worth, Texas
all interested persons to speak and present evidence for or against the creation of the
Zone, the City Council hereby makes the following findings of fact:
1.1. The statements and facts set forth in the recitals of this Ordinance are true and
correct. Therefore, the City has met the notice and procedural requirements
established by the Code for creation of a reinvestment zone under Chapter 312 of
the Code.
1.2. The Improvements proposed for the Zone, as more specifically outlined in the
Public Hearing, are feasible and practical and, once completed will benefit the
land included in the Zone as well as the City for a period in excess of ten (10)
years, which is the statutory maximum term of any tax abatement agreement
entered into under the Chapter 312 of the Code.
1.3. The Zone is located in a Community Development Block Grant area, which is any
census tract in which fifty -one percent (51 %) or more of the residents in that
census tract have low to moderate incomes, as defined by the United States
Department of Housing and Urban Development.
1.4. The Zone currently consists of unimproved land following the demolition of
deteriorating structures on property in the Zone. The Zone is located near vibrant,
mixed -use developments, but because of the poorly maintained vacant lots in the
Zone, this primarily open area is an obstacle to continued growth and, as such,
substantially impairs the sound growth of the City and will continue to do so
without public assistance.
Page ORDINANCE NO, 19910 -09 -2011
Ordinance Designating fax Abatement Reinvestment Zone Number Seventy -Six,
City of Fort Worth, Texas
1.5. As a result of designation as a reinvestment zone, the area within the Zone is
reasonably likely to attract major investment in the Zone that will be a benefit to
property in the Zone and will contribute to the economic development of the City.
Section 2.
DESIGNATION OF ZONE.
That the City Council hereby designates the Zone described in the boundary
description attached hereto as Exhibit "A" and made a part of this Ordinance for all
purposes as a reinvestment zone for purposes of granting residential tax abatement, as
authorized by and in accordance with Chapter 312 of the Code. This Zone shall be
known as "Tax Abatement Reinvestment Zone Number Seventy -Six, City of Fort Worth,
Texas." This project is eligible for residential tax abatement pursuant to Section 3.2 of
the Tax Abatement Policy.
Section 3.
TERM OF ZONE.
That the Zone shall take effect upon the effective date of this Ordinance and
expire five (5) years thereafter. The Zone may be renewed by the City Council for one or
more subsequent terms of five (5) years or less.
Page 4 ORDINANCE NO. 19919-09-2011
Ordinance Designating Tax Abatement Reinvestment Zone Number Seventy -Six,
City of Fort Worth, Texas
Section 4.
SEVERABILITY.
That if any portion, section or part of a section of this Ordinance is subsequently
declared invalid, inoperative or void for any reason by a court of competent jurisdiction,
the remaining portions, sections or parts of sections of this Ordinance shall be and remain
in full force and effect and shall not in any way be impaired or affected by such decision,
opinion or judgment.
Section 5.
IMMEDIATE EFFECT.
That this Ordinance shall take effect upon its adoption.
APPROVED AS TO FORM AND LEGALITY:
By: /a
Peter Vaky
Deputy City Attorney
M &C: G -17395
ADOPTED AND EFFECTIVE: September 20, 2011
Page s ORDINANCE NO. 19919-09-2011
Ordinance Designating Tax Abatement Reinvestment Zone Number Seventy -Six,
City of Fort Worth, Texas
Tax Abatement Reinvestment Zone No. 76
2920 West Lancaster and 1020 Currie Street Fort Worth, TX 76107
"Exhibit A"
Copyright 2011 City of Fort Worth l Inauthorized reproduction is a violation of applicable laws- this product is for mtormational purposes and may not have been prepared
for or be suitable for legal- engineering. or surveying purposes It does not represent an on- the - ground survey and represents only the approximate relative location of property
boundaries. The City of Fort Worth assumes no responsibility for the accuracy of said data
EXHIBIT "A"
BOUNDARY DESCRIPTION OF ZONE
LAND DESCRIPTION (TRACT 1)
BEING a tract of land situated in the J.M.C. Lynch Survey, Abstract No.955, City of Fort
Worth, Tarrant County, Texas and being all of Lots 11 -17, Block 12 of Van Zandt's Park
Addition, an addition to the City of Fort Worth as recorded in Volume 204 -A, Page 81 of
the Plat Records, Tarrant County, Texas and being all of that 1.044 acre tract of land
described in instrument to Locap Holdings, LLC as recorded in CC# D209188509 of the
Deed Records, Tarrant County, Texas and being more particularly described as follows;
BEGINNING at a 518 inch iron rod set with plastic cap stamped "Huitt- Zollars" at the
southeast corner of said Block 12, and being at the intersection of the northerly right -of-
way line of Bledsoe Street (a 60' right -of -way) with the westerly right -of -way line of
Currie Street (a 60' right -of -way);
THENCE North 89 degrees 45 minutes 49 seconds West, along the northerly right -of-
way line of Bledsoe Street, a distance of 350.00 feet to a 518 inch iron rod set with plastic
cap stamped "Huitt- Zollars" at the common southerly comer of Lot 17 and 18, Block 12,
of said Van Zandt's Park Addition;
THENCE departing the northerly right -of -way line of Bledsoe Street, North 00 degrees
17 minutes 58 seconds East, along the common line of said Lots 17 and 18, a distance of
130.00 feet to a 518 inch iron rod found with plastic cap stamped "Brooks Baker" at the
common north corner of Lots 17 and 18 and being on the southerly right -of -way line of a
16 foot alley;
THENCE South 89 degrees 45 minutes 49 seconds East, along the southerly right -of -way
line of said 16 foot alley, a distance of 350.00 feet to a 518 inch iron rod set with plastic
cap stamped "Huitt- Zollars" on the westerly right -of -way line of the aforementioned
Currie Street;
THENCE South 00 degrees 17 minutes 58 seconds West, along the westerly right -of -way
line of said Currie Street, a distance of 130,00 feet to the POINT OF BEGINNING and
containing 1,0445 acres of land, more or less.
LAND DESCRIPTION (TRACT 2)
WHEREAS, Locap Holdings, LLC is the owner of that certain tract of land that are Lots
1 thru 10 and Lots 13 thru 20, Block 18 of Van Zandt's Park Addition, an addition to the
City of Fort Worth as recorded in Volume 204 -A, Page 81 of the Deed Records, Tarrant
County, Texas and all of that tract of land described as an Alley Abandonment as
recorded in Volume ? ? ?, Page ? ?? of the Deed Records, Tarrant County. Texas and being
more particularly described as follows;
BEGINNING at a 3/4 inch iron rod found at the intersection of the southerly right -of -way
line of Bledsoe Street (a 60' right -of -way) and the westerly right -of -way line of Currie
Street (a 60' right -of -way), said point being the northeast corner of the aforementioned
Block 18;
THENCE South 00 degrees 17 minutes 58 seconds West, along the westerly right -of -way
line of Currie Street, a distance of 130.29 feet to an X cut found at the intersection of the
westerly right -of -way line of Currie Street and the northerly line of a 16' alley as shown
on the plat of the aforementioned Van Zandt's Park Addition;
THENCE North 89 degrees 45 minutes 49 seconds West, departing the westerly right -of-
way line of Currie Street, a distance of 100.00 feet along the northerly line of said 16'
alley to a 518 inch iron rod set with plastic cap stamped "Huitt- Zollars ";
THENCE South 00 degrees 17 minutes 58 seconds West, departing the northerly line of
said 16' alley, a distance of 146.00 to a PK nail found on the northerly right -of -way line
of West Lancaster Avenue (a 80' right -of -way), said point being the common southerly
comer of Lot 12 and 13, Block 18 of said Van Zandt's Park Addition;
THENCE North 89 degrees 45 minutes 49 seconds West, along the northerly right -of-
way line of West Lancaster Avenue, a distance of 400.00 feet to a 518 inch iron rod set
with plastic cap stamped "Huitt- Zollars" at the intersection of the northerly right -of -way
line of West Lancaster Avenue and the easterly right -of -way line of Norwood Street (a
60' right -of -way);
THENCE North 00 degrees 17 minutes 58 seconds East, along the easterly right -of -way
line of Norwood Street, a distance of 276.29 feet to a 518 inch iron rod set with plastic
cap stamped "Huitt- Zollars" at the intersection of the easterly right -of -way line of
Norwood Street and the southerly right of -way line of the aforementioned Bledsoe Street;
THENCE South 89 degrees 45 minutes 49 seconds East, along the southerly right -of -way
line of Bledsoe Street, a distance of 500.00 feet to the POINT OF BEGINNING and
containing 2.836 acres of land, more or less.
City of Fort Worth, Texas
Mayor and Council Communication
COUNCIL ACTION: Approved on 9/20/2011 - Ordinance No. 19919 -09- 2011
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DATE: Tuesday, September 20, 2011
LOG NAME: 17RIZLAN CASTE RAPTS
REFERENCE NO.: G -17395
SUBJECT:
Conduct a Public Hearing and Adopt Ordinance Designating Tax Abatement Reinvestment Zone No. 76,
City of Fort Worth, Texas, for Property Located at 2920 West Lancaster Avenue and 1020 Currie
Street (COUNCIL DISTRICT 9)
RECOMMENDATION:
It is recommended that the City Council:
1. Hold a public hearing concerning the designation of Tax Abatement Reinvestment Zone No. 76, City of
Fort Worth, Texas, for property located at 2920 West Lancaster Avenue and 1020 Currie Street; and
2. Adopt the attached ordinance that designates Tax Abatement Reinvestment Zone No. 76, City of Fort
Worth, Texas, pursuant to and in accordance with Chapter 312 of the Texas Tax Code.
DISCUSSION:
The proposed Tax Abatement Reinvestment Zone No. 76, City of Fort Worth, Texas, (Zone) is for the new
development located at 2920 West Lancaster Avenue and 1020 Currie Street. Locap Holdings, LLC, is
considering the construction of a 315 -unit multifamily apartment complex at the site.
As required by Chapter 312 of the Texas Tax Code, a public hearing must be conducted regarding the
creation of a Reinvestment Zone. The exact boundaries of the proposed zone are described in Exhibit A of
the attached Ordinance. 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 hearing.
The area encompassing the proposed Zone meets the statutory criteria for designation as a tax
abatement reinvestment zone pursuant to Chapter 312 of the Texas Tax Code. Buildings in the Zone
were previously demolished, and the area is now primarily open, consisting of ill -kept vacant lots in the
vicinity of a vibrant, mixed -use development whose positive growth is substantially impaired by the
condition of property in the Zone. In addition, the area is reasonably likely, as a result of the designation,
to attract major investment in the Zone that would be a benefit to the property and that would contribute to
the economic development of the City. Further, the improvements sought in the Zone are feasible,
practical and would be a benefit to the land to be included in the Zone and to the City after any tax
abatement Agreements which may be entered into have expired.
The term of the proposed Zone will be five years from the date of adoption of the attached ordinance and
may be renewed for periods not to exceed five years each.
Tax Abatement Reinvestment Zone No. 76 is located in COUNCIL DISTRICT 9.
Logname: 17RIZLANCASTERAPTS Page 1 of 2
FISCAL INFORMATION / CERTIFICATION:
The Financial Management Services Director certifies that this action will have no material effect on City
funds.
FUND CENTERS:
TO Fund /Account/Centers
CERTIFICATIONS:
Submitted for City Manager's Office by:
Originating Department Head:
Additional Information Contact:
FROM Fund /Account/Centers
Susan Alanis (8180)
Jay Chapa (5804)
Robert Sturns (8003)
Logname: 17RIZLANCASTERAPTS Page 2 of 2