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To the Mayor and Members of the City Council
July 19, 2011
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SUBJECT: Amendment to Tax Increment Reinvestment Zone Number Eight
(Lancaster TIF) Project and Financing Plan
The Lancaster TIF Project and Financing Plan (the "Plan") was initially approved by the TIF district board
of directors on January 22, 2004 and subsequently approved by City Council on January 27, 2004 (M&C
G-14242). The Plan limited TIF-funded projects to those associated with the T&P Terminal redevelopment
project.
The Plan has been amended by City Council on three (3) previous occasions:
March 29, 2005 (M&C G-14722) included the addition of public infrastructure improvements to and
in the vicinity of Blocks 7 and 8, Tarrant County Convention Center Addition, as approved by the
TIF board of directors on February 24, 2005;
August 15, 2006 (M&C G-15346) included the addition of the T&P Warehouse redevelopment
project, Lancaster Avenue streetscape improvements, and administrative fees, as approved by the
TIF board of directors on June 29, 2006; and
January 29, 2008 (M&C G-16032) included the addition of public art associated with the T
Terminal building, as approved by the TIF board of directors on December 5, 2007. 1
On June 23, 2011, the TIF board of directors voted to amend the project and financing plan to allow the
TIF to support development of mixed-use and residential developments at specific sites requiring
streetscape improvements and/or parking structures. Any rental residential development receiving TIF
funding would require a minimum 15 percent of units to be set aside for low-to-moderate income tenants.
Before the amended Plan can take effect, state law requires the City Council approve the amended Plan
by Ordinance after holding a public hearing at which interested persons may speak for or against the
proposed amendment.
t• = •
City staff recommends City Council hold a public hearing addressing the proposed changes to the Plan in
order to afford an opportunity for interested persons to speak for or against recommended approval of the
Plan amendment and the TIF's designation as well as for property owners to protest inclusion of their
property in the TIF. At the conclusion of the hearing, City staff recommends the City Council close the
public hearing and adopt the Ordinance approving the Plan amendment.
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS
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Next Steps:
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To the Mayor and Members of the City Council
July 19, 2011
Page 2 of 2
SUBJECT: Amendment to Tax Increment Reinvestment Zone Number Eight
(Lancaster TIF) Project and Financing Plan
City staff will schedule a public hearing and make a formal recommendation for City Council consideration
to amend the Lancaster TIF Project and Financing Plan to City Council on Tuesday, August 2, 2011 at the
regularly scheduled City Council meeting. The County will schedule similar action in August or
September.
If you have any questions, please contact Jay Chapa, Director of Housing and Economic Development, at
817.392.5804.
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