Loading...
HomeMy WebLinkAboutContract 36029-A1 (2) �RETAR M A� J �"• ' o CONTRACT NO. AMENDMENT NO. I TO AGREEMENT TO PARTICIPATE IN TAX INCREMENT REINVESTMENT ZONE NUMBER SEVEN, CITY OF FORT WORTH, TEXAS This AMENDMENT NO. 1 TO AGREEMENT TO PARTICIPATE IN TAX INCREMENT REINVESTMENT ZONE NUMBER SEVEN, CITY OF FORT WORTH, TEXAS ("Amendment") is entered into by and between the CITY OF FORT WORTH, TEXAS (the"City") and TARRANT COUNTY, TEXAS ("Taxing Unit"). The City and Taxing Unit hereby agree that the following statements are true and correct and constitute the basis upon which the City and Taxing Unit have entered into this Amendment: A. On December 9, 2003, the City Council of the City adopted Ordinance No. 15774 designating certain real property in the northern area of the City has Tax Increment Reinvestment Zone Number Seven, City of Fort Worth, Texas (the "Original TIF"). Ordinance No. 15774 is incorporated herein by reference for all purposes. B. On or about October 23, 2007, the City and Taxing Unit entered into an agreement under which Taxing Unit agreed to deposit up to eighty percent (80%) of Taxing Unit's Tax increment into the TIF District's Tax Increment Fund ("Participation Agreement"), as specified provided in that Participation Agreement. The Participation Agreement is a public document on file in the City Secretary's Office as City Secretary Contract No. 36029. C. On December 9, 2008, the City Council of the City adopted Ordinance No. 18398-12-2008 expanding the Original TIF to include additional real property in the northern area of the City contiguous to that comprising the Original TIF (the "Expanded TIF"). Ordinance No. 18398-12-2008 is attached hereto as Exhibit "A". D. After hearing a presentation by the City regarding the tentative plans for the development or redevelopment of the Expanded TIF and an estimate of the general impact of the Expanded TIF on property values and tax revenues, Taxing Unit voted to contribute eighty percent (80%) of Taxing Unit's Tax Increment from property in the Expanded TIF into the Tax Increment Fund, which intent the parties hereto wish to reduce in writing through this Amendment. NOW, THEREFORE, the City and Taxing Unit, for and in consideration of the terms and conditions set forth herein, do hereby contract, covenant and agree as follows: 1. Effective as of the later date below, the following terms provided in Section 2 of the Participation Agreement are hereby amended to be defined as follows: m cm "TIF District" shall mean Tax Increment Reinvestment Zone Number Seven, City of Fort Worth, Texas, designated by City Ordinance No. 15774 on December 9, 2003 and expanded by City Ordinance No. 18398-12-2008 on December MU-, h Ordinances are hereby made a part of this Agreement for all pure SOFICIAL RECORD Amendment No. 1 to Tarrant Country,Texas CITY SECRETARY Participation Agreement re: North Tarrant Parkway TIF FT,WORTH,TX Page 1 "Tax Increment Base" shall mean (i) the total appraised value of all real property taxable by Taxing Unit and located in the Original TIF on January 1, 2003 and (ii) the total appraised value of all real property taxable by Taxing Unit and located in the Expanded TIF on January 1,2008. 2. All other terms set forth in Section I of the Participation Agreement and their respective definitions, as well as all other provisions and conditions of the Participation Agreement, shall remain in full force and effect. 3. Capitalized terms used but not identified in this Agreement shall have the same meanings assigned to them in the Participation Agreement. 4. This Amendment contains the final written expression of the City and Taxing Unit 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 ORTH, TEXAS: TARRANT COUNTY, TEXAS: By: 4,000By: II-, (y1,3 B. Glen Whitley Assistant City Manager County Judge Date: Z pp.F 1:0)j t Date: I Z�[�//Z, ATTEST. �o Q,,,,�TTEST. a City Secre ary nti;QA000� ,o r Deputy County Clerk s i�dla APPROVED AS TO FORM /LEGALITY: APPROVED O F B By:;� Assistan City Attorney A i ant District Attorney M&C: G-14 Sq0 alci ta? COURT RDER NO: IA/.qSa- *By law, the District Attorneys 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 docume from the legal perspective of our client. Our approval of this document was offered solely for the bene t of our client. Other parties should not rely on this approval and should seek review and approval by their own respective a,tdfffMIAL RECORD Amendment No. 1 to Tarrant Country, Texas CITY SECRETARY Participation Agreement re: North Tarrant Parkway TIF FT.WORTH,TX Page 2 ORDINANCE NO. 18398-12-2008 AN ORDINANCE ENLARGING THE BOUNDARIES OF TAX INCREMENT REINVESTMENT ZONE NUMBER SEVEN, CITY OF FORT WORTH, TEXAS; AND CONTAINING OTHER MATTERS RELATED TO THE ZONE. WHEREAS, pursuant to Ordinance No. 15774, adopted by the City Council of the City of Fort Worth, Texas (the "City") on December 9, 2003, the City created Tax Increment Reinvestment Zone Number Seven, City of Fort Worth, Texas(the"Zone"); and WHEREAS, Section 311.007(a) of the Texas Tax Code (the "Code"), subject to certain provisions of Section 311.006 of the Code (if applicable), allows the City Council to enlarge the boundaries of an existing reinvestment zone by ordinance; and WHEREAS, Section 311.006 of the Code allows a municipality to enlarge the boundaries of an existing reinvestment zone pursuant to Section 311.007(a) of the Code so long as (i) no more than ten percent (10%) of the property to be added to the zone, excluding property that is dedicated for public use, is used for residential purposes, as defined in Section 311.006(d) of the Code; (ii) the amended boundaries of the reinvestment zone will not contain more than fifteen percent (15%)of the total appraised value of taxable real property in the municipality and in the industrial districts created by the municipality; and (iii) the amended boundaries of the reinvestment zone will not contain more than fifteen percent (15%) of the total appraised value of the real property taxable by a county or school district; and WHEREAS, the City Council wishes to expand the Zone to include three (3) parcels of land adjacent to the current boundaries of the Zone, as described and depicted in Exhibit "A", attached hereto and hereby made a part of this Ordinance for all purposes (collectively, the "Expansion Area"), and Page I Ordinance Enlarging Tax Increment Reinvestment Zone Number Seven, City of Fort Worth,Texas WHEREAS, the current western boundary of the Zone bisects a portion of Harmon Road, and, in order to make public improvements to Harmon Road with tax increment funds of the Zone, the City Council desires to expand the Zone to include all of that portion of Harmon Road that forms the western boundary of the TIF north of North Tarrant Parkway, as more specifically described in the property description in Exhibit "A"entitled"Tract 1, Harmon Road" and depicted in the maps of Exhibit "A" and Exhibit "B", attached hereto and hereby made a part of this Ordinance for all purposes; and WHEREAS, the current northwestern boundary of the Zone bisects a proposed subdivision that was platted after the Zone was initially designated, and in order to fund public improvements in that portion of the Zone in a more orderly manner and to more accurately calculate the tax increment payable to the Zone each year, the City Council desires to expand the Zone to include all of that property specifically described in the property description in Exhibit "A"entitled "Tract 2, Open Land"and depicted in the maps of Exhibits "A"and "B"; and WHEREAS, the current eastern boundary of the Zone bisects portions of Old Denton Road, and, in order to make public improvements to Old Denton Road with tax increment funds of the Zone, the City Council desires to expand the Zone to include all of that portion of Old Denton Road that forms the eastern boundary of the TIF north of North Tarrant Parkway, as more specifically described in the property description in Exhibit "A" entitled "Tract 3, Old Denton Road/North Riverside Drive" and depicted in the maps of Exhibits"A" and"B"; and WHEREAS, on December 9, 2008 the City Council held a public hearing regarding the enlargement of the Zone and its benefits to the City and to property in the Zone and afforded a reasonable opportunity for all interested persons to speak for or against the addition of the Expansion Area into the Zone; and Page 2 Ordinance Enlarging Tax Increment Reinvestment Zone Number Seven, City of Fort Worth,Texas WHEREAS, notice of the public hearing was published in a newspaper of general circulation in the City on November 29, 2008, a date not later than seven (7) days prior to the date of the public hearing; and WHEREAS, prior to the public hearing the City provided written notice to all taxing units levying real property taxes within the Zone of the City's intention to add the property within the Expansion Area into the Zone and 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 enlargement of the Zone and after conducting a public hearing regarding the enlargement of the Zone and its benefits to the City and to property in the Zone and affording a reasonable opportunity for all interested persons to speak for or against the enlargement 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. 1.2. The Expansion Area is predominantly open and is located between the central city area of the City and Fort Worth Alliance Airport, a corridor of the City that is likely to become increasingly vital to the City's future development and economic well-being. However, like the property comprising the original boundaries of the Zone, the Expansion Area, together with the property comprising the original boundaries of the TIF, lacks adequate Page 3 Ordinance Enlarging Tax Increment Reinvestment Zone Number Seven, City of Fort Worth.Texas infrastructure and methods of ingress and egress, and attempts at private development in the area without public incentives and Zone designation have not been successful. Because of these and other factors presented to and known by the City Council, the Expansion Area substantially impairs and arrests the sound growth of the City. The Expansion Area therefore meets the criteria for designation of a reinvestment zone pursuant to Section 311.005(a) of the Code and, as a result, is eligible to be added as part of the Zone. 1.3. Development within the Expansion Area will not occur solely through private investment in the reasonably foreseeable future. 1.4. Property in the Zone, as expanded to include the Expansion Area, will be contiguous. 1.5. Improvements in the Zone, including the Expansion Area, as specifically outlined in the project plan adopted by the Zone's board of directors, will significantly enhance the value of all the taxable real property in the Zone, including the Expansion Area, and will be of general benefit to the City. 1.6. The Expansion Area does not include property more than ten percent (10%) of which, excluding property dedicated to public use, is used for residential purposes, as defined in Section 311.006(d)of the Code. 1.7. The Expansion Area does not include more than fifteen percent (15%) of the total appraised value of taxable real property in the City and in the industrial districts created by the City. 1.8. With the addition of the property comprising the Expansion 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. Page 4 Ordinance Enlarging Tax Increment Rcinvestment Zone Number Seven, City of Fort Worth.Texas Section 2. DESIGNATION OF EXPANSION AREA FOR INCLUSION IN ZONE. That the City Council hereby enlarges the boundaries of the Zone by adding the Expansion Area, specifically described in Exhibit "A". The Zone, as enlarged, will thus contain all of the property specifically described and depicted in Exhibit"B". The Zone, as enlarged, has been designated under Section 311.005(a)(2) of the Code and will continue to be known as "Tax Increment Reinvestment Zone Number Seven, City of Fort Worth, Texas." Section 3. ZONE BOARD OF DIRECTORS. That the board of directors for the Zone will remain unchanged and shall continue to conform to the requirements of Section 311.009 of the Code. Section 4. TERM OF ZONE. That the addition of the property comprising the Expansion Area into Zone shall take effect upon the adoption of this Ordinance. The Zone, as enlarged, shall terminate in accordance with Section 5 of Ordinance No. 15774. I Page 5 F Ordinance Enlarging Tax Increment Reinvestment Zone Number Seven. City of Fort North,Texas Section 5. DETERMINATION OF TAX INCREMENT BASE. That the tax increment base, as defined by Section 3I1.012(c) of the Code, for the Expansion Area shall be the total appraised value of the Expansion Area taxable by a taxing unit for the year 2008, which is the year in which the Expansion Area was added to the Zone. The tax increment base for the property located within the boundaries of the Zone prior to the adoption of this Ordinance shall remain unchanged. Section 6. TAX INCREMENT FUND. That the Tax Increment Fund created and established for the Zone pursuant to Section 7 of Ordinance No. 15774 (the "TIF Fund") shall include the percentage of any tax increment (as defined by Section 31 1.012(a) of the Code) produced by property in the Expansion Area that (i) the City dedicates to the TIF Fund pursuant to and in accordance with Ordinance No. 15774 and Chapter 311 of the Code and (ii) each taxing unit which levies real property taxes on property located within the Expansion Area elects to dedicate to the TIF Fund under a participation agreement with the City, as authorized by Section 31 1.013(f) of the Code. Section 7. TAX INCREMENT AGREEMENTS. That, pursuant to Sections 311.008 and 31 1.013 of the Code, the City Manager and City Attorney are hereby authorized to execute and deliver, for and on behalf of the City, amendments to participation agreements with taxing units that levy real property taxes on property within the Page 6 Ordinance Enlarging Tax Increment Reinvestment Zone Number Seven, City of Fort worth.Texas Expansion Area pursuant to which such taxing units agree to deposit tax increment generated by such property into the tax increment fund of the Zone. Section 8. SEVERABILITY. That if any portion, section or part of a section of this Ordinance is subsequently declared invalid, inoperative or void for any reason by a court of competent jurisdiction, the remaining portions, sections or parts of sections of this Ordinance shall be and remain in full force and effect and shall not in any way be impaired or affected by such decision, opinion or judgment. Section 9. EFFECTIVENESS. That this Ordinance shall take effect and be in full force and effect from and after its adoption. AND IT IS SO ORDAINED. ADOPTED AND EFFECTIVE: December 9, 2008 Page 7 Ordinance Enlarging Tax Increment Reinvestment Zone Number Seven, City of Fort Worth,Texas APPROVED AS TO FORM AND LEGALITY: ,12 Peter Vaky Assistant City Attorney Date: 1 2-2-G t M&C:G-16390 Page 8 Ordinance Enlarging Tax Increment Reinvestment Zone Number Seven. City of Fort Worth,Texas EXHIBIT"A" LEGAL DESCRIPTION AND MAP OF THE EXPANSION AREA TRACT I, HARMON ROAD, Being a tract of land situated in the Josiah Walker Survey, Abstract Number 1600, and being more particularly described by metes and bounds as follows: BEGINNING at the intersection of the northeasterly right-of-way line of Highway Number 287, and on the centerline of Harmon Road; THENCE with a line perpendicular to said centerline, South 89 degrees 43 minutes 08 seconds West, 65 feet, to the proposed future west right-of-way of Harmon Road, a proposed 130 foot right-of-way; THENCE, with a line 65 feet westerly of and parallel with said centerline, North 00 degrees 16 minutes 52 seconds West, (called North 00 degrees 06 minutes 23 seconds East, according to plat of Presidio Village, recorded at County Clerks Instrument Number D206059326),4,545.58 feet; THENCE with a line perpendicular to said centerline, South 89 degrees 53 minutes 37 seconds East, 65 feet, to said centerline, and being the southwest comer of the right-of-way dedication for Harmon Road, according to said plat, said corner being 403.58 feet South 00 degrees 06 minutes 23 seconds West of the northwest corner of that certain tract of land described in a deed to Societe Generele Financial Corporation as recorded in Volume 14738, Page 59, of the Deed Records of Tarrant County, Texas, said northwest corner being at the intersection of the centerline of Harmon Road with the south right-of—way line of Park Glen Boulevard, according to plat thereof recorded at County Clerks Instrument Number D201057259, said Park Glen Boulevard now known as Heritage Trace Parkway; THENCE, with said centerline, South 00 degrees 16 minutes 52 seconds East, 4,545.58 feet, to the place of beginning, and containing some 6.8 acres of land, more or less. TRACT 1I, OPEN LAND; Being a tract of land situated in the William McCowen Survey, Abstract Number 999, and being more particularly described by metes and bounds as follows: BEGINNING the southwest corner of the right-of-way dedication for Hannon Road, according to plat of Presidio Village, recorded at County Clerks Instrument Number D206059326, said corner being 403.58 feet South 00 degrees 06 minutes 23 seconds West of the northwest corner of that certain tract of land described in a deed to Societe Generele Financial Corporation as recorded in Volume 14738, Page 59,of the Deed Records of Tarrant County, Texas, said northwest corner being at the intersection of the centerline of Harmon Road with the south right-of—way line of Park Glen Boulevard, according to plat thereof recorded at County Clerks Instrument Number D201057259, said Park Glen Boulevard now known as Heritage Trace Parkway; THENCE leaving said centerline, with the southwest line of said plat, South 56 degrees 45 minutes 49 seconds East, at 557.75 feet, pass the common corner of the plat of Presidio Village, recorded at County Clerks Instrument Number D207264539, and with its southwest line, in all 745.89 feet, to an angle point; THENCE continuing with the southwest line of said plat, South 49 degrees 44 minutes 12 seconds East, 487.44 feet, to an angle point; THENCE continuing with the southwest line of said plat, South 87 degrees 32 minutes 07 seconds East, 33.15 feet, to the northwest corner of the plat of Presidio Village, recorded at County Clerks Instrument Number D207264535; THENCE with the west line of said plat, South 00 degrees 07 minutes 57 seconds West, 87.49 feet,to the beginning of a curve having a radius of 300.00 feet; THENCE continuing with said west line, and southwesterly with said curve to the right, through a central angle of 14 degrees 19 minutes 54 seconds an arc distance of 75.04 feet, to its end; THENCE continuing with said west line, South 14 degrees 27 minutes 51 seconds West, 87.51 feet, to the beginning of a curve having a radius of 350.00 feet; THENCE continuing with said west line, and southeasterly with said curve to the left, through a central angle of 02 degrees 20 minutes 06 seconds an arc distance of 14.26 feet, to its end, and being the most westerly southwest corner of said plat; THENCE with the south line of said plat South 77 degrees 52 minutes 15 seconds East, 50 feet; THENCE continuing with said south line, South 87 degrees 32 minutes 07 seconds East„ 714.99 feet, to a west line of the original TIF District Number 7, THENCE with said west line, SOUTH, 1162.07 feet, to an ell corner of the original TIF District Number 7; THENCE with the most west north line of the original TIF District Number 7, South 89 degrees 24 minutes 01 seconds West, 1763 feet. to its most west northwest corner and being in the centerline of Harmon Road; Ii 1 THENCE with said centerline, North 00 degrees 16 minutes 52 seconds West, (called North 00 degrees 06 minutes 23 seconds East, according to plat of Presidio Village, recorded at County Clerks Instrument Number D206059326), 2,200.42 feet, to the Place of Beginning, and containing some 63.5 acres of land, more or less. TRACT 3 OLD DENTON ROAD/NORTH RIVERSIDE DRIVE,• Being a tract of land situated in the Samuel P. Williams Survey, Abstract Number 1690, and the Charles C. Whyte Survey, Abstract Number 1611, Tarrant County, Texas, and being more particularly described by metes and bounds as follows: BEGINNING at the northeast corner of that certain tract of land described by deed to H.R. Perot as recorded in Volume 8494, Page 1570, of the Deed Records Tarrant County, Texas; THENCE easterly, 80 feet, to the proposed easterly right-of-way of Old Denton Road, and being 55 feet easterly of and perpendicular to the proposed centerline of said Old Denton Road, a proposed 110 foot right-of-way; THENCE along said proposed easterly right-of-way, and with a line 55 feet easterly of and parallel with said centerline, southerly, at H,140 feet pass its intersection with the projected northerly line of that tract of land described by deed to L. W. Lobb, recorded in Volume 2221, Page 413, of the Deed Records of Tarrant County, Texas, in all 13,095 feet, to its intersection with the projected southerly line of that certain tract of land described by deed to Lowell Hughes recorded in Volume 4389, Page 780, of the Deed Records Tarrant County, Texas; THENCE westerly, with said projection, 80 feet, to the west right-of-way of said Old Denton Road; THENCE with said west right-of-way, northerly, 13,095 feet, to the Place of Beginning, and containing some 24 acres of land, more or less. "This document was prepared under 22 TAC 663.21, does not reflect the results of an on the ground survey, and is not to be used to convey or establish interests in real property except those rights and interests implied or established by the creation or reconfiguration of the boundary of the political subdivision for which it was prepared. " This description prepared by Hans Kevin Hansen, RPLS #4786, in electronic format in November 2008,being additions to TIF District# 7 description, calls for monumentation being contained therein, bearings and distances from said description, or from or calculated from cited insti-uments. Tax Increment Reinvestment Zone Number Seven: North Tarrant Parkway TIF GOLDEN TRIANGLE to _. + Z GOLDEN HEIGHTS W' O; Z J PRESTIG Y CO11'INT JOSH _ E _ Q 's GOLDEN TRIANGLE VINTAGE ' C7 BONDS RANCH s --ALDERSYDE J. _.-:. W: m 0 DREXMORE. yp DEN BL"ISS_og o m +y Q --- S Cti0! i. O - m = 2 <y a HERITAGE TRACE_ , S _ O MERY f cTG — ' -- -BURTS ,CZ --m r CREOSOTE s PC 0- I --JUSTIN :z GLADNEY QUAILS-NEST j_ ----- y� p QUAIL-GRO P - RESIp1p v1STa m =t `m �T ROCHESTER m � __ Uj c ? Y E Cr OLIVE HILLCL •, —� m 9,Qc9O. It W; TARRANT TUPELO--�- Q �' Zh - W FM 3479 ,< �- •y w' . THOMPSON 2 W.. n �Z CD m 0 i TIF Boundary - - Expansion Area i EXHIBIT"B" LEGAL DESCRIPTION AND MAP OF THE ZONE FOLLOWING EXPANSION Being a tract of land situated in the William McCowen Survey, Abstract Number 99, the Josiah Walker Survey, Abstract Number 1600, the Samuel P. Williams Survey, Abstract Number 1690, and the Charles C. Whyte Survey, Abstract Number 1611, Tarrant County,Texas, and being more particularly described by metes and bounds as follows: BEGINNING at an axle found at the southwest corner of that Tract 1, as described by deed to Ellesmere Investments Corporation, N. V. as recorded in Volume 6617, Page 99, of the Deed Records of Tarrant County, Texas, said point being called the southwest corner of said McCowen Survey therein; THENCE with the west line of said McCowen Survey, and west line of said Ellesmere Tract,North 00 degrees 03 minutes 13 seconds East, at 2466.71 feet pass a 5/8 inch iron rod in the southerly right-of-way of Harmon Road where it turns north, in all 3,295.22 feet, to the most west northwest corner of said Ellesmere Tract, and being in the southwesterly right-of-way of Highway Number 287; THENCE crossing said Highway Number 287, North 00 degrees 21 minutes 45 seconds West, 1,652.76 feet, to the southwest corner of a 305.5 acre tract of land described at County Clerks Instrument Number D206161202, and being in the northeasterly right-of- way line of Highway Number 287, and on the centerline of Harmon Road; THENCE with a line perpendicular to said centerline, South 89 degrees 43 minutes 08 seconds West, 65 feet, to the proposed future west right-of-way of Harmon Road, a proposed 130 foot right-of-way; THENCE, with a line 65 feet westerly of and parallel with said centerline, North 00 degrees 16 minutes 52 seconds West, (called North 00 degrees 06 minutes 23 seconds East, according to plat of Presidio Village, recorded at County Clerks Instrument Number D206059326),4,545.58 feet; THENCE with a line perpendicular to said centerline, South 89 degrees 53 minutes 37 seconds East, 65 feet, to said centerline, and being the southwest corner of the right-of-way dedication for Harmon Road, according to said plat, said corner being 403.58 feet South 00 degrees 06 minutes 23 seconds West of the northwest corner of that certain tract of land described in a deed to Societe Generele Financial Corporation as recorded in Volume 14738, Page 59, of the Deed Records of Tarrant County, Texas, said northwest corner being at the intersection of the centerline of Harmon Road with the south right-of—way line of Park Glen Boulevard, according to plat thereof recorded at County Clerks Instrument Number D201057259, said Park Glen Boulevard now known as Heritage Trace Parkway; THENCE leaving said centerline, with the southwest line of said plat, South 56 degrees 45 minutes 49 seconds East, at 557.75 feet, pass the common corner of the plat of Presidio Village, recorded at County Clerks Instrument Number D207264539, and with its southwest line, in all 745.89 feet, to an angle point; THENCE continuing with the southwest line of said plat, South 49 degrees 44 minutes 12 seconds East,487.44 feet, to an angle point; THENCE continuing with the southwest line of said plat, South 87 degrees 32 minutes 07 seconds East, 33.15 feet, to the northwest corner of the plat of Presidio Village, recorded at County Clerks Instrument Number D207264535; THENCE with the west line of said plat, South 00 degrees 07 minutes 57 seconds West, 87.49 feet, to the beginning of a curve having a radius of 300.00 feet; THENCE continuing with said west line, and southwesterly with said curve to the right, through a central angle of 14 degrees 19 minutes 54 seconds an arc distance of 75.04 feet, to its end; THENCE continuing with said west line, South 14 degrees 27 minutes 51 seconds West, 87.51 feet, to the beginning of a curve having a radius of 350.00 feet; THENCE continuing with said west line, and southeasterly with said curve to the left, through a central angle of 02 degrees 20 minutes 06 seconds an arc distance of 14.26 feet, to its end, and being the most westerly southwest corner of said plat; THENCE with the south line of said plat South 77 degrees 52 minutes 15 seconds East, 50 feet; THENCE continuing with said south line, South 87 degrees 32 minutes 07 seconds East, 714.99 feet; THENCE NORTH, at 1537.94 feet, pass the north right-of-way of said Heritage Trace Parkway, in all 1,962.94 feet. THENCE S 89 degrees 58 minutes 26 seconds E, 903 feet; THENCE N 00 degrees 03 minutes 21 seconds W, 1484 feet, to the City of Fort Worth City limit line as described in City Ordinance Number 9689, THENCE with the boundary of said annexation tract, easterly, at 1,576 feet pass the westerly right-of-way of Interstate Highway 35W, at the northwest corner of that certain judgment filed in Volume 4186, Page 386 of the Deed Records of Tarrant County, Texas, crossing said Interstate Highway 35W, in all 1,926 feet, to the easterly right-of-way of said Highway 35W; THENCE with said easterly right-of-way, northerly 4,845 feet, to the southerly right-of-way of Golden Triangle Boulevard; THENCE with the southerly right-of-way of Golden Triangle Boulevard, easterly, at some 2420 feet, pass the northeast corner of that certain tract of land described by deed to H.R. Perot as recorded in Volume 8494, Page 1570, of the Deed Records Tarrant County, Texas, in all some 2500 feet, to the proposed easterly right-of-way of Old Denton Road, and being 55 feet easterly of and perpendicular to the proposed centerline of said Old Denton Road, a proposed 1 10 foot right-of-way; THENCE along said proposed easterly right-of-way, and with a line 55 feet easterly of and parallel with said centerline, southerly, at 11,140 feet pass its intersection with the projected northerly line of that tract of land described by deed to L. W. Lobb, recorded in Volume 2221, Page 413, of the Deed Records of Tarrant County, Texas, in all 13,095 feet, to its intersection with the projected southerly line of that certain tract of land described by deed to Cowell Hughes recorded in Volume 4389, Page 780, of the Deed Records Tarrant County, Texas; THENCE westerly, with said projection, 80 feet, to the west right-of-way of said Old Denton Road, and being at the north right-of-way of North Tarrant Parkway; THENCE southerly with the westerly right-of-way of Old Denton Road 1,740 feet, to the southerly line of that certain Tract 8, described by deed to Hillwood/2500, LTD. recorded in Volume 9409, Page 1403, Deed Records Tarrant County, Texas; THENCE westerly 2,945 feet with the southerly line of said Hillwood/2500, LTD, Tract 8, to the easterly right-of-way of said Highway 35W; THENCE southerly with said easterly right-of-way, 1,500 feet, to the south line of said McCowen Survey; THENCE westerly with the south line of said McCowen Survey, crossing said Highway 35 W. and crossing the southwesterly right-of-way of said Highway 287, at the southeast corner of said Ellesmere Tract and continuing with the south line of said McCowen Survey and with the south line of said Ellesmere Tract, 3,876.76 feet, to the POINT OF BEGINNING, and containing some 2,144 acres of land, more or less; SAVE AND EXCEPT: the following described real property; BEGINNING at the intersection of a line 55 feet westerly of and parallel with the centerline of Old Denton Road, its proposed westerly right-of-way, with the northerly line of that certain tract of land described by deed to L. W. Lobb as recorded in Deed Volume 2221, Page 413, Deed Records of Tarrant County, Texas; THENCE westerly with the north line of said Lobb Tract, 960 feet, to the northeast corner of Tract 2 of those tracts of land described by deed to Hillwood/2500, LTD. recorded in Volume 9409, Page 1403, of the Deed Records Tarrant County, Texas, and being the northwest corner of said Lobb Tract; THENCE southerly with the line common to said Lobb and Hillwood Tracts, 1775 feet, to the northwest corner of that certain tract of land described by deed to Lowell Hughes recorded in Volume 4389, Page 780, of the Deed Records of Tarrant County, Texas; THENCE easterly with the most northerly line of said Hughes Tract, 533, feet to an ell corner of said Tract; THENCE southerly with the most north west line of said Hughes Tract, 180 feet, to an ell corner; THENCE easterly with the most south north line of said Hughes Tract, 410 feet, to its intersection with said line 55 feet westerly of and parallel with said centerline, being said proposed westerly right-of-way, and being at the north right-of-way of North Tarrant Parkway; THENCE with said line 55 feet westerly of and parallel with said centerline, being said proposed westerly right-of-way, northerly, 1,955 feet to the POINT OF BEGINNING, and containing some 41 acres of land, more or less; Leaving a NET ACERAGE of some 2,103 acres of land, more or less. "This document was prepared under 22 TAC 663.21, does not reflect the results of an on the ground survey, and is not to be used to convey or establish interests in real property except those rights and interests implied or established by the creation or reconfiguration of the boundary of the political subdivision for which it was prepared. " This description prepared by Hans Kevin Hansen, RPLS # 4786, in electronic format in September 2008,being a revision of the TIF District #7 description, calls for monumentation being contained therein, bearings and distances from said description, or from or calculated from cited instruments. Tax Increment Reinvestment Zone Number Seven: North Tarrant Parkway TIF GOLDEN TRIANGLE ;p GOLDEN HEIGHTS JOSH PRESTIGE Q' - MACY.... i Q `pS'e GOLDEN TRIANGLE m i V - :p VINTAGE - BONDS RANCH 9�•p < �, _..__._.._. __.LL m ir LL CO Uj VARDEN BLISS- DREXMORE f- _.. p F + z - C9. 1U M a J--;HERIT{-AGETRACE 1 EMFR Az c��OSOT�S 1 m , f tf �FtPC� 0a.ca .._ JUSTIN ' �: - I ` - i ; I w-,,,O� 2�Q G lV GLADNEY QUAILS-NEST.- .YO Z± ---- y L"GROVE P vO QUAI i LU I i- - RESlp/0- V1STA m Ell � - m t ROCH_ESTER--' cr ! a ,OLIVE HILL'`. 1 I W , z Gsc� TARRANT JO TUPELO._.... w FM 3479LL t . w: Q ; THOMPSON LL U r to . " O ;� r _ �......._.; - IRIS - - SUMMERFIELDS-­ City of Fort Worth, Texas Mayor and Council Communication COUNCIL ACTION: Approved on 12/9/2008 - Ord. No. 18398-12-2008 DATE: Tuesday, December 09, 2008 LOG NAME: 17NTP TIF REFERENCE NO.: G-16390 SUBJECT: Public Hearing and Ordinance Expanding the Boundary of Tax Increment Reinvestment Zone Number Seven, City of Fort Worth, Texas (North Tarrant Parkway TIF) - RECOMMENDATION: It is recommended that the City Council: 1. Hold a public hearing to expand the boundary of Tax Increment Reinvestment Zone Number Seven, City of Fort Worth, Texas; and 2. Adopt the attached Ordinance which expands the boundary of Tax Increment Reinvestment Zone Number Seven, City of Fort Worth, Texas, pursuant to Tax Increment Financing Act, Texas Tax Code, Chapter 311 and contains specific findings of fact in support thereof. DIS-0-M-141: On December 9, 2003, City Council adopted Ordinance No. 15774 designating the North Tarrant Parkway TIF. The TIF Board realized that the area lacked infrastructure and methods of ingress and egress, and attempts at private development in the area had not been successful. As a result, the City Council approved the Project and Financing Plans on October 25, 2005, (M&C G-14973) which allows for regional infrastructure improvements. The current boundary bisects portions of Harmon Road on the west and Old Denton Road on the east. The proposed expansion will include all portions of those roads adjacent to the TIF north of North Tarrant Parkway so that public improvements can be made to those roadways. In addition, the northwestern boundary bisects a proposed subdivision that was platted after the North Tarrant Parkway TIF was first designated. The proposed expansion will include adjacent open land so that improvements in the area can be made in a more orderly manner and so that tax increment calculations for the North Tarrant Parkway TIF will be accurate. This public hearing is required by the Texas Tax Code, Chapter 311 (the Code). Notice of this hearing was: (1) delivered to the governing body of each taxing unit that levies real property taxes on property located within the proposed TIF, and (2)published in a newspaper of general circulation at least seven days prior to the hearing. The property described and depicted in Exhibit "A"of the attached Ordinance meets the criteria for inclusion into a reinvestment zone pursuant to the Code because among other things, the reasons contained in the findings of fact set forth in the attached Ordinance, the area is primarily open and, due to a lack of basic infrastructure that prevents development from occurring in the area solely through private investment in the reasonably foreseeable future, substantially impairs and arrests the sound growth of the City. The property is located in COUNCIL DISTRICT 2, 4 and 7 Logname: 17NTP TIF Page 1 of 2 FISCAL INFORMATION/CERTIFICATION: The Financial Management Services Director certifies that this action will have no material effect on City funds. TO_Fund/AccounMenters FROM_Funcl Accouryi enters Submitted for City-Manager's_Wme br. Tom Higgins (6140) Originating Department Head: Jay Chapa (6192) Additional Information.Contact: Shallah Hatch (2235) Logname: 17NTP TIF Page 2 of 2 Tax Increment Reinvestment Zone Number Seven: North Tarrant Parkway TIF GOLDEN TRIANGLE p s GOLDEN HEIGHTS Q w O 0 , z m �> : JOSH PRESTIGE < 'l - F,p yq�k MACY } GOLDEN TRIANGLE VINTAGE BONDS RANCH 0 m ir, D ALDERSYDE— 1 m � y w w �� DREXMORE ►Q- DEN BLISS ' >- O O ZL Q m Q � m a z _ c'4 a HERITAGE TRACE EMER o J/ -- BURTS - Y RF �� °Sorg m �° i I JUSTIN i / IGCADNEY- QUAIL�S-NEST rn O O\ y� QUAIL GRO RE T-�m En Tn T En w cSly Sl�� VIS m = m-g RUCNESTER c _ z v SH/�FR w a. ; OLIVE HILL o z \_Q m g� w q,Qcq O O� TARRANT � Gs = tT TUPEL©T� Er 46 w FM 3479 z O$ W. \�\y THOMPSON d V � , Z mr I 1 4 Z �0 T L TIF Boundary - Expansion Area