HomeMy WebLinkAboutOrdinance 20169-04-2012 ORDINANCE NO.20169-04-2012
AN ORDINANCE APPROVING AN AMENDED PROJECT AND
FINANCING PLAN FOR TAX INCREMENT REINVESTMENT
ZONE NUMBER THREE, CITY OF FORT WORTH, TEXAS
(DOWNTOWN TIF); MAKING VARIOUS FINDINGS RELATED TO
SUCH AMENDED PLAN; PROVIDING FOR SEVERABILITY; AND
PROVIDING AN EFFECTIVE DATE.
WHEREAS, as authorized by Chapter 311 of the Texas Tax Code, the Tax Increment
Financing Act (the "Act"), and pursuant to Ordinance No. 12324, adopted by the City
Council of the City of Fort Worth, Texas (the "City") on December 19, 1995, the City
created Tax Increment Reinvestment Zone Number Three, City of Fort Worth, Texas, as
previously enlarged by Ordinance No. 14795, adopted on October 2, 2001, and Ordinance
No. 14839, adopted on October 30, 2001, and as previously reduced by Ordinance No.
15317, adopted on November 5, 2002, and Ordinance No. 15442, adopted on February 18,
2003, and Ordinance No. 16243, adopted on December 21, 2004, and as previously
enlarged by Ordinance No. 1729-09-2006, adopted on September 26, 2006 (the "Zone");
and
WHEREAS, on September 17, 1998 the board of directors of the Zone (the
"Board") adopted a project and financing plan for the Zone (the "Plan"), as required by
Section 311.011(a) of the Act; and
WHEREAS, in accordance with Section 311.011(d) of the Act, on October 6, 1998
the City Council approved the Plan pursuant to Ordinance No. 13603; and
WHEREAS, as authorized by Section 31 1.011(e) of the Act, on February 17,
2003, the Plan was amended by the Board pursuant to Board Resolution 2003-01, which
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amendment was approved by the City Council on February 25, 2003, pursuant to
Ordinance No. 15464; and
WHEREAS, as authorized by Section 311.011(e) of the Act, on March 22, 2012, and
pursuant to Board Resolution 2012-01, the Board amended Chapter III of the Plan to include
costs of affordable housing as an authorized project of the Board under the Plan, as depicted
in the attached Exhibit"A,"and recommended that the Plan, as amended, be approved by the
City Council.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE
CITY OF FORT WORTH,TEXAS:
Section 1.
FINDINGS.
That 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. That the Plan, as amended, includes all information required by Sections 311.011(b)
and(c)of the Act.
1.3. That the Plan, as amended, is feasible and the amended and restated project plan
conforms to the City's master plan.
1.4. That consistent with Section 311.01 1(e) of the Act, a public hearing is not required
prior to the adoption of this Ordinance because the Plan, as amended, does not (1)
reduce or increase the geographic area of the Zone; (ii) increase the amount of
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bonded indebtedness to be incurred; (iii) increase or decrease the tax increment to
be contributed by a taxing unit; (iv) increase the total estimated project costs; or (v)
designate additional property in the Zone to be acquired by the City.
Section 2.
APPROVAL OF AMENDED PLAN.
That based on the findings set forth in Section 1 of this Ordinance, the Plan, as
amended by the addition of the language in the attached Exhibit"A,"is hereby approved.
Section 3.
DELIVERY OF AMENDED PLANS TO TAXING ENTITIES.
That Downtown Fort Worth, Inc., the administrator of the Downtown TIF, is hereby
directed to provide a copy of the Plan, as amended, to the governing body of each taxing unit
that taxes real property located in the Zone.
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.
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Section 5.
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: April 17, 2012
APPROVED AS TO FORM AND LEGALITY:
B •
Maleshia Farmer
Assistant City Attorney
M&C: G-17571
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fax Incrcncnt Rcimcshncnt Zonc Number Fhrec,City ot'Fort Werth. Fcxas Pagc 4 ot'4
EXHIBIT "A"
An Amendment to the Downtown TIF Project and Financing Plan
Insert the following text after page III-42 at the end of Chapter III — Proposed Uses and
Improvements of the Downtown TIF Project Plan:
Affordable Housing
Encouraging the provision of affordable housing in downtown is a common goal of the City of
Fort Worth, Tarrant County, the Fort Worth Housing Authority, Downtown Fort Worth, Inc. and
the Downtown Fort Worth Strategic Action Plan. Many downtown and near-downtown jobs,
including those in the retail, hospitality, healthcare and professional trades, do not provide
sufficient income to afford the relatively expensive housing choices available in market-rate
housing. Affordable workforce housing, such as currently available at the Hillside Apartments,
Historic Electric Building and the Pavilion at Samuels Ave., broadens the housing choices
available to prospective downtown residents and creates opportunities for more people to live
near the city's largest employment center.
The Downtown Strategic Action Plan was recently amended to include this goal:
"Encourage a range of affordability— low, moderate and high income —with a goal of 10%
of the housing to be developed in quality mixed income developments as affordable to
persons / households whose income is less than 60% of the area median income adjusted
for family size. Mixed income projects should be a blend of market rate and affordable
units."
Increasing the availability of affordable housing expands the mix of downtown residents,
decreases vehicle miles driven, decreases parking demand and increases the likelihood that a
downtown or near-downtown employee can afford to live near work. Inclusion of affordable
housing in the Downtown TIF Project Plan will allow the TIF to fund certain development-
related costs, and thus encourage the construction of affordable housing in downtown consistent
with the Downtown Strategic Action Plan. For the purposes of the Downtown TIF Project and
Financing Plan, mixed-income affordable housing is preferred and is defined as a blend of
market-rate units and units affordable to households making not more than 80% of the area
median gross income adjusted for family size.
Ordin,uice Amcndnunt tO the Project❑nd FImInCJn4;P1,111 for Ordinancc Ao. 20109-04-2012
Tax Increment Rcimc.oncnt zone Number Fhrec,Otv of Fort worth,Tcxu. F.xhihit A
City of Fort Worth, Texas
Mayor and Council Communication
COUNCIL ACTION Approved on 4/17/2012 Ordinance No. 20169-04-2012
DATE: Tuesday, April 17, 2012 REFERENCE NO.: **G-17571
LOG NAME: 17TIF3AMENDPLAN2012
SUBJECT:
Adopt Ordinance Amending the Project and Financing Plan for Tax Increment Reinvestment Zone Number
Three, City of Fort Worth, Texas, Downtown TIF and Adopt Ordinance to Authorize TIF Funding for the
Development of Affordable Housing in Downtown Fort Worth (COUNCIL DISTRICTS 2 and 9)
RECOMMENDATION:
It is recommended that the City Council adopt ordinance amending the Project and Financing Plan for Tax
Increment Reinvestment Zone Number Three, City of Fort Worth, Texas, Downtown TIF and adopt the
attached ordinance to authorize TIF funding for the development of affordable housing in Downtown Fort
Worth.
DISCUSSION:
On September 17, 1998, the Downtown TIF Board adopted a Plan for development and redevelopment of
property in the Downtown TIF. This Plan was approved by City Council on October 6, 1998, pursuant to
Ordinance No. 13603. The Plan was amended by the Downtown TIF Board on February 17, 2003 and
approved by the City Council on February 25, 2003, pursuant to Ordinance No. 15464, in order to include
environmental remediation projects as an allowable project cost.
On March 22, 2012, the Fort Worth Housing Authority (FWHA) submitted a $1 million TIF request to the
Downtown TIF Board of Directors for the $27.5 million redevelopment of the Hunter Plaza building into a
mixed-use, mixed-income residential development comprised of 60 percent affordable housing units. The
top 10 floors will include 144 one and two bedroom units and the ground floor will be available for
commercial and/or retail development. The Downtown TIF Board of Directors voted to approve the request
for the Hunter Plaza development and to amend the Project and Financing Plan to allow the TIF to support
the development of affordable housing in downtown Fort Worth.
Before the Amended Plan can take effect, state law requires City Council to approve the amended plan by
ordinance.
The proposed action affects COUNCIL DISTRICTS 2 and 9.
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
Logname: 17TIF3AMENDPLAN2012 Page I of 2
Submitted for City Manager's Office by: Fernando Costa (6122)
Originating Department Head: Jay Chapa (5804)
Robert Sturns (8003)
Additional Information Contact: Marguerite Allen (2235)
Logname: 17TIF3AMENDPLAN2012 Page 2 of 2