HomeMy WebLinkAboutOrdinance 20115-03-2012ORDINANCE NO. 20115-03-2012
REPEALING ORDINANCE NO. 19558 -02 -2011 DESIGNATING
TAX ABATEMENT REINVESTMENT ZONE NUMBER
SEVENTY -TWO FOR PROPERTY LOCATED AT 3715
NORTHEAST TWENTY- EIGHTH STREET AND 3650 KIMBO
ROAD.
WHEREAS, on February 17, 2011 the City Council adopted Ordinance No.
19558 -02 -2011 designating property located at 3715 Northeast Twenty- eighth Street and
3650 Kimbo Road as Tax Abatement Reinvestment Zone Number Seventy -two, City of
Fort Worth, Texas (the "Zone "); and
WHEREAS, the City Council created the Zone based on findings set forth in the
Ordinance that a proposal by M.R. Development Company ( "Company ") to expend at
least $11,900,000.00 in real property improvements and new taxable personal property
for the construction of sixty -eight (68) single - family rental residential units (the
"Project ") in the Zone would benefit the land included in the Zone as well as the City for
a period in excess of ten (10) years and that, as a result of designation as a reinvestment
zone, the area within the Zone would be reasonably likely to attract major investment in
the Zone that would benefit property in the Zone and contribute to the overall
development of the City; and
WHEREAS, at the time of adoption of the Ordinance, Company had applied for
a real and personal property tax abatement from the City in return for the construction of
the Project; and
WHEREAS, following adoption of the Ordinance, Company notified the City
that it was considering revisions to the scope of the Project and looking at various
(h-dinoncc Rchcahn Urdinancc No 1955x -02 -201 I Paoc I of 3
Ordinance No. 201 15-01-2012
financing vehicles to construct the Project, resulting in a decision to postpone the
granting of any tax abatement in calendar year 2011; and
WHEREAS, the City Council subsequently adopted Ordinance No. 19728 -06-
2011 designating property in the vicinity of 12850 Three Wide Drive as Tax Abatement
Reinvestment Zone Number Seventy -two, City of Fort Worth Texas in order for the City
to be eligible to grant a tax abatement to General Electric Company, Transportation
Division, for a project in that reinvestment zone; and
WHEREAS, in order to avoid administrative confusion, it is recommended that
the City Council repeal Ordinance No. 19558 -02 -2011 so that the property in the vicinity
of 12850 Three Wide Drive remains the only property designated as Tax Abatement
Reinvestment Zone Number Seventy -two, City of Fort Worth, Texas;
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF
THE CITY OF FORT WORTH, TEXAS:
Section 1.
That Ordinance No. 19558 -02 -2011 is hereby repealed in its entirety.
Section 2.
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.
Ordinance Repealing Ordinance No. I')�jX -02 -201 I Pace ? ot3
Ordinance No. 201 1 � -03 -2012
Section 3.
IMMEDIATE EFFECT.
That this Ordinance shall take effect upon its adoption.
ADOPTED AND EFFECTIVE: March 20, 2012
APPROVED AS TO FORM AND LEGALITY:
By:
Peter Vaky
Deputy City Attorney
M &C: G -17552
(h-dinonce RwCahm-, Ordinancc No. 191> S -02 -2111 1 P we 3 of 3
Ordinance tits. 201 1 � -03 -201 2
R
Aw
ir
IN PW
XH
Ih
op
,
- � r
,
a
�' „ '4i � •� - � 3 .�, ..e � .cam..- j. 'J
f.
c y /� �\-/ q
11�/Lj lj .
+ a t 40 ' # IF
' w► #
City of Fort Worth, Texas
Mayor and Council Communication
COUNCIL ACTION: Approved on 3/20/2012 - Ordinance No. 20115 -03 -2012
RECOMMENDATION:
It is recommended that the City Council adopt the attached Ordinance repealing Ordinance No. 19558 -02-
2011, which designated property located at 3715 NE 28th Street and 3650 Kimbo Road as Tax Abatement
Reinvestment Zone No. 72, City of Fort Worth, Texas.
DISCUSSION:
On February 15, 2011, (M &C G- 17213) the City Council adopted Ordinance 19558 -02 -2011 designating
property at 3715 NE 28th Street and 3650 Kimbo Road as Tax Abatement Reinvestment Zone No. 72,
City of Fort Worth, Texas. This Reinvestment Zone was created in order for the City Council to consider a
future tax abatement with M.R. Development Company for construction of 68 single family rental units on
the property.
Since that time, M.R. Development Company has been pursuing tax credits and making ongoing changes
to the original project scope to fit the criteria for eligible tax credit projects. As a result, the original scope
of the project outlined in Ordinance No. 19558 -02 -2011 does not fit the new project scope, which
continues to be revised. Because tax abatement is no longer being considered for this Project and the
City Council subsequently designated property in the vicinity of 12850 Three Wide Drive as Tax
Abatement Reinvestment Zone No. 72, City of Fort Worth, Texas (Ordinance No. 19728 -06 -2011, M &C G-
17297, June 7, 2011) in order for a Project undertaken by General Electric Company, Transportation
Division to be eligible for tax abatement, City Staff recommends that the City Council adopt the attached
Ordinance repealing Ordinance No. 19558 -02 -2011.
This project is located in Council District 4.
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:
Logname: 17RIZDISSOLVE72
FROM Fund /Account/Centers
Fernando Costa (6122)
Jay Chapa (5804)
Robert Sturns (8003)
Page 1 of 1