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Contract 36028
CITY SECRETARY CONTRACT NO. AGREEMENT TO PARTICIPATE IN TAX INCREMENT REINVESTMENT ZONE NUMBER EIGHT, CITY OF FORT WORTH, TEXAS (LANCASTER CORRIDOR TIF) This AGREEMENT TO PARTICIPATE IN TAX INCREMENT REINVESTMENT ZONE NUMBER EIGHT, CITY OF FORT WORTH, TEXAS ("Agreement") is entered into by and between the CITY OF FORT WORTH, TEXAS (the "City") and TARRANT COUNTY, TEXAS (the "County"). The City and the County hereby agree that the following statements are true and correct and constitute the basis upon which the City and the County have entered into this Agreement: A. On December 9, 2003, the City Council of the City ("City Council") adopted City Ordinance No. 15775 designating certain real property in the southern portion of the downtown area of the City as Tax Increment Reinvestment Zone Number Eight, City of Fort Worth, Texas, (the "TIF District"). The TIF District is informally known as the "Lancaster Corridor TIF". Ordinance No. 15775 is hereby incorporated by reference for all purposes. B. Designation of the TIF District will cause development of property in and around the TIF District to occur that would not occur otherwise in the foreseeable future. As a result of designation of the TIF District, it is intended that two major buildings within the TIF District, the T&P Terminal and the T&P Warehouse, will be redeveloped. It is anticipated that other complementary development in the TIF District will follow. This overall development will result in increased tax revenues and other public benefits for both the City and the County. C. Pursuant to Section 311.013(f) of the Texas Tax Code, the County is not required to pay any tax increment into the tax increment fund of the TIF District unless it enters into an agreement to do so with the City. The County wishes to enter into such an agreement with the City NOW, THEREFORE, for and in consideration of the and conditions set forth herein, the sufficiency of which is hereby acknowledged, the City and the County do hereby contract, covenant and agree as follows: 1. INCORPORATION OF RECITALS. The parties hereby agree that the recitals set forth above are true and correct and a form the basis upon which they have entered into this Agreement. County Participation Agreement re:Lancaster Corridor TIF Page 1 2. DEFINITIONS. In addition to any terms defined in the body of this Agreement, the following terms shall have the definitions ascribed to them as follows: Act means the Tax Increment Financing Act, as amended and as codified as Chapter 311 of the Texas Tax Code. Captured Appraised Value in a given year means the total appraised value of all real property taxable by the County and located in the TIF District for that year less the Tax Increment Base. Project Plan means the project plan for the development and/or redevelopment of the TIF District, as adopted by the TIF Board and approved by the City Council of the City, attached hereto as Exhibit "B". Tax Increment in a given year means the amount of property taxes levied and collected by the County for that year on the Captured Appraised Value of real property taxable by the County and located in the TIF District. Tax Increment Base means the total appraised value as of January 1, 2003 of all real property taxable by the County and located in the TIF District. Tax Increment Fund means that fund created by the City pursuant to Section 311.014 of the Act and Section 7 of City Ordinance No. 15775, which will be maintained by the City as a separate and individual account, into which all revenues of the TIF District will be deposited, including (i.) deposits of Tax Increment by the City and by other taxing units with jurisdiction over real property in the TIF District, including the County, and (ii.) all accrued interest earned on the cash balance of the fund. TIF Board means the governing board of directors of the TIF District appointed in accordance with Section 311.009 of the Act and Section 3 of City Ordinance No. 15775. TIF District means the certain real properties and boundaries as described in City Ordinance No. 15775. TIF Ordinance means City Ordinance No. 15775 adopted December 2, 2003, attached hereto as Exhibit "A". 3. DEPOSIT OF TAX INCREMENT. Pursuant to a Resolution duly adopted by the governing body of the County, which Resolution is attached hereto as Exhibit "C" and is hereby made a part of this County Participation Agreement re:Lancaster Corridor TIF Page 2 Agreement for all purposes, and specifically subject to Section 4 of this Agreement, the County hereby agrees to deposit each year during the term of the TIF District, beginning with the 2004 tax year, eighty percent (80%) of the County's Tax Increment into the Tax Increment Fund up to a maximum cumulative contribution of$7,000,000 (the "Maximum County Contribution"). The calculation to determine the dollar amount of the County's Tax Increment to be deposited shall be made in accordance with the County's Tax Increment Financing Policy and such deposits shall be made in accordance with the City's standard administrative procedures, but only following receipt of a bill from the City that outlines the City's calculation of the amount of the deposit that is required for that year. The County shall have up to one calendar year from the execution date of this agreement in which to make its deposit for tax increments due from tax years 2004 and 2005. 4. LIMITATIONS ON TAX INCREMENT DEPOSITS AND USE OF FUNDS. This Agreement is based on the following conditions, and the City agrees and acknowledges the County's right to enforce the conditions contained herein by injunction or any other lawful means in the event one or more of such conditions are not satisfied. 4.1. Amendment to TIF Ordinance. The TIF Ordinance designates the boundaries, the eligible real properties for the calculation of Tax Increment for the TIF District and the specific participation level of the City. All amendments to the TIF Ordinance shall be approved by the TIF Board prior to approval by the City Council. If the City Council approves an amendment to the TIF Ordinance different from the amendment approved by the TIF Board, the County shall suspend payment into the TIF Fund as described in Section 3 until the amendment is approved by the governing body of the County. 4.2 Certain TIF District Project Costs Excluded. The Tax Increment deposited into the Tax Increment Fund by the County shall be used to pay a pro rata portion of a maximum of$16,000,000 in 2003 net present value project costs for infrastructure improvements or other public improvements as set forth and identified in the Project Plan attached hereto as Exhibit "B" (the "Maximum Project Costs"). All TIF Fund allocations, including but not limited to any management and administrative costs, must be approved by the TIF Board in accordance with the Project Plan. If the Project Plan is amended, the County shall suspend payment into the TIF Fund as described in Section 3 until the amendment is approved by the governing body of the County as an amendment to this Agreement. 4.3. TIF District Expansion. As defined, the TIF District shall include real properties located within the boundaries as described in the TIF Ordinance. If the TIF District is expanded, the County is not required to deposit into the Tax Increment Fund any Tax Increment County Participation Agreement re:Lancaster Corridor TIF Page 3 generated from properties in the expanded area unless participation in the expanded boundary area is approved by the governing body of the County as an amendment to this Agreement. Additionally, the Tax Increment deposited into the Tax Increment Fund by the County may not be used for any permissible project costs in any portion of the expanded area of the TIF District unless approved by the governing body of the County as an amendment to this Agreement. 5. TERM. This Agreement shall take effect on the date as of which both parties have executed it and shall expire upon expiration or termination of the TIF District, which currently is the earlier of (i) December 31, 2024 or an earlier termination date designated by ordinance subsequently adopted by the City Council of the City, (ii) the date on which all project costs of the TIF District, including, but not limited to, tax increment bonds and interest on those bonds, have been paid or otherwise satisfied in full, (iii) the date on which the Maximum County Contribution is reached or (iv) the date on which the County's pro-rata portion of the Maximum Project Costs, including, but not limited to, tax increment bonds and interest on those bonds, have been paid or otherwise satisfied in full. 6. FINAL ACCOUNTING. No later than July 1 of each year following execution of this Agreement, the City shall provide the County with an annual accounting of the funds deposited to and disbursed from the Tax Increment Fund, including accrued interest. After all project costs of the Zone have been paid or at the time of the expiration of this Agreement, any funds remaining in the Tax Increment Fund following the final annual accounting by the City shall be paid to those taxing units participating in the Zone in proportion to each taxing unit's share of the total amount of Tax Increment deposited into the Tax Increment Fund. 7. RESPONSIBILITY FOR ACTS. The City and the County shall each be responsible for the sole negligent acts of their officers, agents, employees or separate contractors. In the event of joint and concurrent negligence of both the City and the County, responsibility, if any, shall be apportioned comparatively with the laws of the State of Texas, with the understanding that neither party waives any governmental powers or immunities or any other defenses available to each individually. County Participation Agreement re:Lancaster Corridor TIF Page 4 8. NOTICES. All written notices called for or required by this Agreement shall be addressed to the following, or such other party or address as either party may subsequently designate in writing,by certified mail,postage prepaid, or by hand delivery: City: County: City of Fort Worth Tarrant County Administrator's Office Attn: City Manager 100 East Weatherford Street 1000 Throckmorton Suite 404 Fort Worth, TX 76102 Fort Worth, Texas 76196-0609 with copies to: the City Attorney and Economic/Community Development Director at the same address 9. NO WAIVER. The failure of either party to insist upon the performance of any term or provision of this Agreement or to exercise any right granted hereunder shall not constitute a waiver of that party's right to insist upon appropriate performance or to assert any such right on any future occasion. 10. VENUE AND JURISDICTION. If any action, whether real or asserted, at law or in equity, arises on the basis of any provision of this Agreement, venue for such action shall lie in state courts located in Tarrant County, Texas or the United States District Court for the Northern District of Texas —Fort Worth Division. This Agreement shall be construed in accordance with the laws of the State of Texas. 11. NO THIRD PARTY RIGHTS. The provisions and conditions of this Agreement are solely for the benefit of the City and the County and are not intended to create any rights, contractual or otherwise, to any other person or entity. County Participation Agreement re:Lancaster Corridor TIF Page 5 12. FORCE MAJEURE. The parties shall exercise every reasonable effort to meet their respective obligations as set forth in this Agreement, but shall not be held liable for any delay in or omission of performance due to force majeure or other causes beyond their reasonable control, including, but not limited to, compliance with any government law, ordinance or regulation, acts of God, acts of omission, fires, strikes, lockouts, national disasters, wars, riots, material or labor restrictions, transportation problems and/or any other cause beyond the reasonable control of either party. 13. INTERPRETATION. In the event of any dispute over the meaning or application of any provision of this Agreement, this Agreement shall be interpreted fairly and reasonably, and neither more strongly for or against any party,regardless of the actual drafter of this Agreement. 14. CAPTIONS. Captions and headings used in this Agreement are for reference purposes only and shall not be deemed a part of this Agreement. 15. ENTIRETY OF AGREEMENT. This Agreement, including any exhibits attached hereto and any documents incorporated herein by reference, contains the entire understanding and agreement between the City and the County as to the matters contained herein. Any prior or contemporaneous oral or written agreement is hereby declared null and void to the extent in conflict with any provision of this Agreement. Notwithstanding anything to the contrary herein, this Agreement shall not be amended unless executed in writing by both parties and approved by the City Council of the City in an open meeting held in accordance with Chapter 551 of the Texas Government Code. 16. COUNTERPARTS. This Agreement may be executed in multiple counterparts, each of which shall be considered an original,but all of which shall constitute one instrument. County Participation Agreement re:Lancaster Corridor TIF Page 6 EXECUTED as of the later date below: CITY OF FORT WORTH, TEXAS: TAR-RANT COUNTY, TEXAS: By: By:_ Dale Fisseler V B. Glen Whitley :Aig Assistant City Manager County Judge Date: a ZC - / Date: -� M&C: Court Order No.: ATTEST: ATTEST: Byf: By:. Mart Hendrix .Name: `//i Cityecretar Title: APPROVED AS TO FORM/LEGALITY: APPROVED A O By:_ �'� By:_ Peter Vaky Ray Ri e Assistant City Attorney Assistbyfiistrict Attorney *By law,the District Attorney's 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 document was conducted solely from the legal perspective of our client. Our approval of this document was offered solely for the benefit of our client. Other parties should not rely on this approval and should seek review and approval by their own respective attorney(s). un.-' County Participation Agreementre:Lancaster Corridor TIFPage 7 � , � EXHIBIT "A" rr ORDINANCE NO. �57 75 AN ORDINANCE DESIGNATING A CERTAIN CONTIGUOUS GEOGRAPHIC AREA IN THE CITY OF FORT WORTH AS "TAX INCREMENT REINVESTMENT ZONE NUMBER EIGHT, CITY OF FORT WORTH, TEXAS"; CREATING A BOARD OF DIRECTORS FOR THE ZONE; PROVIDING THE EFFECTIVE AND TERMINATION DATES FOR THE ZONE; ESTABLISHING A TAX INCREMENT FUND FOR THE ZONE; AND CONTAINING OTHER MATTERS RELATED TO THE ZONE. WHEREAS, the City Council desires to promote the development of a certain contiguous geographic area in the City, which is more specifically described in Exhibit "A" of this Ordinance (the "Zone"), through the creation of a new reinvestment zone as authorized by and in accordance with the Tax Increment Financing Act, codified at Chapter 311 of the Texas Tax Code (the "Code"); and WHEREAS, on or about October 9, 2003 the City provided written notice to the governing body of each taxing unit that levies real property taxes in the Zone of(i) the City's intent to establish the Zone; (ii) a description of the boundaries of the Zone; (iii) the City's tentative plans for development of the Zone; and(iv) an estimate of the general impact of the Zone on property values and tax revenues; and WHEREAS, the governing body of each county and school district that levies real property taxes in the proposed Zone has waived the requirement imposed by Section 311.003(e) of the Code that the City provide such written notice at least sixty (60) days prior to the date of the public hearing conducted pursuant to Section 311.003(c) of the Code; and Page 1 of 10 Ordinance Designating Tax Increment Reinvestment Zone Number Eight, City of Fort Worth,Texas WHEREAS, the City has prepared a preliminary financing plan for the Zone and provided a copy of that plan to the governing body of each taxing unit that levies taxes on real property in the Zone, as required by Section 311.003(b) of the Code; and WHEREAS, in accordance with Section 311.003(f) of the Code, on November 11,2003 the City made a single formal presentation to the governing body of each county and school district that levies real property taxes in the Zone, as agreed to by such governing bodies, which presentation, among other things, included (i) a description of the proposed boundaries of the Zone; (ii) the City's tentative plans for development of the Zone; and (iii) an estimate of the general impact of the Zone on property values and tax revenues; and WHEREAS, on December 2, 2003 and December 9, 2003 the City Council held a public hearing regarding the creation of the Zone and its benefits to the City and to 1 property in the Zone and afforded a reasonable opportunity for (i) all interested persons to speak for or against the creation of the Zone, its boundaries or the concept of tax increment financing and (ii) owners of real property in the Zone to protest inclusion of their property in the Zone, as required by Sections 311.003(c) and(d)of the Code; and WHEREAS, notice of the public hearing was published in a newspaper of general circulation in the City on November 25, 2003, which satisfies the requirement of Section 311.003(c) of the Code that publication of the notice occur not later than the seventh day before the date of the public hearing; NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FORT WORTH, TEXAS: Page 2 of 10 Ordinance Designating Tax Increment Reinvestment Zone Number Bight, City of Fort Worth,Texas I Section 1. FINDINGS. That after reviewing all information before it regarding the establishment of the Zone and after conducting a public hearing regarding the creation of the Zone and its benefits to the City and to property in the Zone and affording a reasonable opportunity for (i) all interested persons to speak for or against the creation of the Zone, its boundaries or the concept of tax increment financing and (ii) owners of real property in the Zone to protest inclusion of their property in 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 the Code. 1.2. Development of the Zone will not occur solely through private investment in the foreseeable future. 1.3. Improvements in the Zone, including, but not limited to, those previously outlined to the City Council and the governing bodies of all other taxing units that levy real property taxes in the Zone, will significantly enhance the value of all the taxable real property in the Zone and will be of general benefit to the City. 1.4. The area within the Zone is contiguous. Among other things, the area includes that portion of Lancaster Avenue on the south side of the City's downtown that, for many years, contained an unsightly freeway overpass that divided downtown from the City's near south side; contributed to the deterioration of existing Page 3 of 10 Ordinance Designating Tax Increment Reinvestment Zone Number Eight, City of Fort Worth,Texas II improvements in the area, including several historic and landmark buildings; and I hampered new investment and development. Taking all facts into consideration, the area within the Zone substantially impairs and arrests the sound growth of the City and constitutes an economic liability and a menace to the public health and safety because of (i) a substantial number of substandard, deteriorated and deteriorating structures; (ii) the predominance of inadequate sidewalk and street layouts; (iii) faulty lot layout in relation to size, adequacy, accessibility and usefulness; (iv) unsanitary and unsafe conditions; (v) the deterioration of site and other improvements; and (vi) conditions that endanger life and property by fire or other cause. Therefore, the area within the Zone meets the criteria for designation of a reinvestment zone and satisfies the requirements of Section 311.005 of the Code. 1.5. No more than ten percent (10%) or less of the property in the Zone is used currently for residential purposes, as specified by Section 311.006 of the Code. 1.6. According to the most recent appraisal roll of the City,the total appraised value of all taxable real property in the Zone and in existing reinvestment zones in the City does not exceed fifteen percent (15%) of the total appraised value of taxable real property in the City and in industrial districts created by the City, if any. 1.7. The Zone does not contain more than fifteen percent (15%) of the total appraised value of real property taxable by any county or school district. l Page 4 of 10 Ordinance Designating Tax Increment Reinvestment Zone Number Eight, City of Fort Worth,Texas Section 2. DESIGNATION OF ZONE. That the City Council hereby designates the Zone described in the boundary description and depicted in the map,both attached hereto as Exhibit"A" and made a part of this Ordinance for all purposes, as a reinvestment zone pursuant to and in accordance with the Code. This reinvestment zone shall be known as "Tax Increment Reinvestment Zone Number Eight, City of Fort Worth, Texas." Section 3. ZONE BOARD OF DIRECTORS. That a board of directors for the Zone ("Board") is hereby created. The Board shall consist of eleven (11) members who shall serve for terms of two (2) years each. Of these eleven (11) members, each taxing unit other than the City that levies taxes on real property in the Zone may, but is not required to, appoint one (1) member to the Board. After each taxing unit other than the City designates to the City either the name of the member that the taxing unit wishes to appoint or the fact that the taxing unit wishes to waive its right to appoint a member, the City Council shall appoint whatever number of members are necessary to fill the remaining positions on the Board. Such members may be members of the City Council. Page 5 of 10 Ordinance Designating Tax Increment Reinvestment Zone Number Eight, City of Fort Worth,Texas Section 4. i TERM OF ZONE. That the Zone shall take effect upon the adoption of this Ordinance and terminate on the earlier of(i) December 31, 2024 or an earlier termination date designated by an ordinance adopted after the effective date of this Ordinance or (ii) the date on which all project costs, tax increment bonds and interest on those bonds have been paid in full. Section 5. DETERNIINATION OF TAX INCREMENT BASE. That the tax increment base for the Zone, as defined by Section 311.012(c) of the Code, shall be the total appraised value of all real property in the Zone taxable by a taxing unit for the year 2003, which is the year in which the Zone was designated as a r reinvestment zone. Section 6. TAX INCREMENT FUND. That a tax increment fund for the Zone (the "TIF Fund") is hereby established. The TIF Fund may be divided into additional accounts and sub-accounts authorized by resolution or ordinance of the City Council. The TIF Fund shall consist of (i) the percentage of the tax increment, as defined by Section 311.012(a) of the Code, that each taxing unit which levies real property taxes in the Zone, other than the City, has elected to dedicate to the TIF Fund under an agreement with the City authorized by Section 311.013(f) of the Code, plus (ii) one hundred percent(100%) of the City's tax increment, Page 6 of 10 Ordinance Designating Tax Increment Reinvestment Zone Number Eight, City of Fort Worth,Texas r as defined by Section 311.012(a) of the Code. The TIF Fund shall be maintained in an account at the depository bank of the City and shall be secured in the manner prescribed by law for Texas cities. In addition, all revenues from (i) the sale of any obligations hereafter issued by the City and secured in whole or in part from the tax increments; (ii) revenues from the sale of any property acquired as part of a tax increment financing plan adopted by the Board; and (iii) other revenues dedicated to and used in the Zone shall be deposited into the TIF Fund. TIF Funds will be used solely in accordance with Section 311.014 of the Code. Section 7. TAX INCREMENT AGREEMENTS. That, pursuant to Sections 311.008 and 311.013 of the Code, the City Manager and City Attorney are hereby authorized to execute and deliver, for and on behalf of the City,tax increment agreements with taxing units that levy real property taxes in 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. Page 7 of 10 Ordinance Designating Tax Increment Reinvestment Zone Number Eight, City of Fort Worth,Texas f� Section 9. 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: 12— D 2-03 APPROVED AS TO FORM AND LEGALITY: By: Peter Vaky Assistant City Attorney J Date: /2-D9-03 M&C: G—l4/79 Page 8 of 10 Ordinance Designating Tax Increment Reinvestment Zone Number Eight, City of Fort Worth,Texas Exhibit "A" Map and Boundary Description of the Zone South ROW West ROW line of 3rd St. line of Burnett North ROW _ line of 71h St. West ROW line of 1 { J + 5 Henderson ': -'= ,:-,�` North ROW , s Y 'tip 5 • ✓'<� `\f' line of 71h St. � ice` � .• ,:i ?-f`'t ��l may''} `�r%.��.>',Y �`•'�� 'ram� '1ti -`r � � ��/�J' '`�s �`�.� -1 1�% '�"� �`.�`•'y�= i'., ''� �`�, .�tip'\ � � H ` ` - , , .f East ROW V•'�t;�`�=�} ``~ ',,t line 39 LA FASTER. `� �--=}L.... l= . i J�, Jf�• I �,I y x _ North ROW North ROW line line of I-30 of I-30 exit at Henderson St. Page 9 of 10 Ordinance Designating Tax Increment Reinvestment Zone Number Eight, City of Fort Worth,Texas f Beginning at a point of the intersection of a projection of the west ROW line of Henderson St and the south ROW line of 3rd St., thence Northeasterly along the south ROW line of 3rd St. to a point where said line intersects with the west ROW line of Burnett St., thence Southeasterly along the west ROW of Burnett St. to a point where said line intersects the north ROW line of 7 h St., thence Easterly along the north ROW line of 7 h St. to a point where said line intersects the north ROW line of 7 h St., thence Northeasterly along the north ROW line of 7th St. to a point where said line intersects the east ROW line of Calhoun St., thence Southeasterly along the east ROW line of Calhoun St. to a point where said line intersects the north ROW line of Interstate 30, thence { Westerly along the north ROW line to a point where said line intersects the north ROW line of the Interstate 30 exit at Henderson St., thence Westerly along the north ROW line of the Interstate 30 exit at Henderson St. to a point where said line intersects the west ROW line of Henderson, thence Northward along the west ROW line of Henderson St. to a point where said line intersects with the south ROW line of 3rd St., which is the point of beginning. Map and Boundary Description prepared by Gideon Toal, Inc. 1 Page 10 of 10 Ordinance Designating Tax Increment Reinvestment Zone Number Eight, City of Fort Worth,Texas EXHIBIT "B" Financing Plan and Project Plan for the Tax Increment Reinvestment Zone Number Eight, City of Fort Worth, Texas (Lancaster Corridor TIF) June 29, 2006 1 Table of Contents I. Description of the Proposed Zone (Pages 3-5) A. Map B. Legal Description II. Economic Impact (Pages 6-10) A. Necessary Public/Private Partnerships B. Catalyst Redevelopment Projects C. Targeted Redevelopment Zones D. Anticipated Economic Activity III. Tax Increment Projections (Page 11) IV. Project Costs and Financing (Pages 12-14) V. Term and Governance (Pages 15-17) 2 I. Description of the Proposed Zone 3 A. TIF Map South ROW I West ROW North ROW line of aid St. I line of Burnett West ROW -- - — - -- line of 7d' St. line of North ROW Henderson � � d, r; line of 7 St. East ROW line North ROW North ROW line line of I-30 of I-30 exit at Henderson St. 4 B. Legal Description of the TIF District Beginning at a point of the intersection of aprojection of the west ROW line of Henderson St and the south ROW line of 3r St., thence Northeasterly along the south ROW line of 3rd St. to a point where said line intersects with the west ROW line of Burnett St., thence Southeasterly along the west ROW of Burnett St. to a point where said line intersects the north ROW line of 7th St., thence Easterly along the north ROW line of 7th St. to a point where said line intersects the north ROW line of 7th St., thence Northeasterly along the north ROW line of 7th St. to a point where said line intersects the east ROW line of Calhoun St., thence Southeasterly along the east ROW line of Calhoun St. to a point where said line intersects the north ROW line of Interstate 30, thence Westerly along the north ROW line to a point where said line intersects the north ROW line of the Interstate 30 exit at Henderson St., thence Westerly along the north ROW line of the Interstate 30 exit at Henderson St. to a point where said line intersects the west ROW line of Henderson, thence Northward along the west ROW line of Henderson St. to a point where said line intersects with the south ROW line of 3rd St., which is the point of beginning. Map and Boundary Description prepared by Gideon Toal, Inc. 5 II. Economic Impact 6 A. Necessary Public/Private Partnerships • Lancaster Corridor Will Require Public/Private Partnerships to Develop in a Timely Manner The demolition of the former I-30 overhead has repositioned the Lancaster Ave as one of the major urban parkways in Fort Worth and Tarrant County and as one of the primary gateways to Downtown Fort Worth and the Medical District. A repositioned Lancaster Avenue opens the potential of significant redevelopment in the Lancaster Corridor, however the redevelopment of the Lancaster Corridor has many challenges and can be significantly accelerated with the prudent use of public/private partnerships. Several of the contemplated redevelopment projects in the area will serve as a catalyst for further development in the area. The funded Lancaster Avenue roadway and streetscape will be an additional catalyst for further development. LANCASTER STREETSCAPE kvi + I L - 7 B. Catalyst Redevelopment Projects Other projects in the redevelopment corridor will have spin-off economic benefits that will facilitate further private investment. FORT WORTH CONVENTION CENTER RAMADA HOTEL w � { III II it _,'- a ~ v Several significant projects, including local and national historic landmarks are poised to redevelop generating new taxes for the local taxing entities and will create economic activity where it has been dormant for many years. T&P TERMINAL T&P WAREHOUSE _.. ..... ... ..... l:.� � � �rIIIfM.II� I lig''lal I '+a+i� . Jil Illi,if4 ill, �1 �■ � }� --.. �11 I IrIliiiiii� �y ',��r r�[s jll0. I MOLA a US POST OFFICE r� 8 C. Targeted Redevelopment Zones It is anticipated that redevelopment will occur throughout the Lancaster Corridor with the use of appropriate public/private partnership incentives. Ld y * 4 dP k u* -�- 9 D. Anticipated Economic Activity Attachment A details construction that is projected to occur over the next twenty years. By the end of 2005, it is estimated that 108,123 square feet of new property developments will become available within the TIF boundary. Likewise, by 2023, it is estimated that 4,079,999 square feet of new property development will occur within the TIF boundary. 10 III. Tax Increment Projections Attachment B projects the revenue for the TIF over its 21 year life, assuming a 1.5% annual appreciation of the property within the boundary of the TIF. Additionally, the projects assume new property value resulting from development occurring over the next 21 years. In total, the TIF is projected to have revenue of around $45 million during its lifetime. 11 IV. Project Costs and Financing The TIF District anticipates the capture of increment from the new development outlined in Attachment A and utilizing those additional funds to leverage selective catalyst projects in the Lancaster Corridor. This Project Plan includes the following projects. These project costs are eligible for TIF funding: 1. T&P Terminal Building: initial costs of$2.8 million in net present value terms (2003 dollars) for the redevelopment of the T&P Terminal Building (the "T&P Terminal Redevelopment Project"). Project costs for the T&P Terminal Redevelopment Project would include: ■ Historic Fagade Easement Lease ■ Fagade and Site Work ■ Professional Service Costs ■ Improvements to the public right-of-way for landscaping and pedestrian connections ■ Environmental Remediation ■ City Fee Support 2. Public Infrastructure Associated with Convention Center Hotel Project: construction and installation of public infrastructure, including street improvements, utility relocations, parking improvements and landscaping of public areas on and adjacent to the two (2) City blocks located on the west side of Houston Street known as Blocks 7 and 8, Tarrant County Convention Center Addition, on which construction by Omni Hotels, Inc. of a hotel to support the Fort Worth Convention Center and various other related improvements, including a parking garage, is desired (the "Convention Center Hotel Development Project"). Such public infrastructure would be paid for or reimbursed from tax increment remaining after satisfaction of any commitments to the T&P Terminal Redevelopment Project, the T&P Warehouse Redevelopment Project and any other projects receiving priority of payment as subsequently determined by the TIF District's board of directors, subject to any restrictions specifically imposed by the participating taxing jurisdictions. 3. Management and Administration Costs: The TIF District's board of directors is authorized to expend up to 5% of annual TIF revenues for management and administrative purposes, which allocation shall have 12 priority over any other TIF project, including, but not limited to, the T&P Terminal Redevelopment Project and the Convention Center Hotel Development Project. 4. T&P Warehouse: up to $9 million for assistance with public infrastructure costs associated with the redevelopment of the T&P Warehouse (the "T&P Warehouse Redevelopment Project"), payable as a reimbursement following completion. Project costs for the T&P Warehouse Redevelopment Project would include: ■ Environmental remediation and demolition ■ Fagade improvements ■ Public streetscape/construction and relocation of utilities ■ Site work on or adjacent to the T&P Warehouse Property ■ Clearing and grading of the T&P Warehouse Property ■ Hardscape and landscape improvements ■ Roof repairs and stabilization of the structure on the roof as necessary to preserve the historic fagade of the T&P Warehouse ■ Professional fees directly related to approved project costs ■ Costs of constructing a public plaza ■ Administrative expenses (third party studies, reports, historical review and legal fees directly related to the project costs) ■ Reimbursement of City tap and impact fees ■ Interest on any unpaid balance of the reimbursement. 5. Public Infrastructure Associated with Lancaster Avenue Redevelopment: construction and installation of public infrastructure, including street improvements, utility relocations, parking improvements and landscaping of public areas on and adjacent to all portions of Lancaster Avenue that are within the TIF District. Such public infrastructure would be paid for or reimbursed from tax increment remaining after satisfaction of any commitments to the T&P Terminal Redevelopment Project, the T&P Warehouse Redevelopment Project and any other projects receiving priority of payment as subsequently determined by the TIF District's board of directors, subject to any restrictions specifically imposed by the participating taxing jurisdictions. Any additional TIF Project costs would be subject to review and approval by the participatinji taxing jurisdictions. Projects that could be subject to 13 additional TIF funding, but subject to review and approval by the participating taxing entities would be: • U. S. Post Office: Streets, Utilities, Landscaping, Parking, Fayade Protection • Four Blocks North of Lancaster- Public Infrastructure- Streets, Utilities, Parking, Landscaping • Water Gardens Improvements: Entrances to Lancaster, Public Restrooms, Visitor Center, Utilities, Streets, Landscaping, Access and Parking 14 V. Boundaries, Term and Governance Boundaries • The boundaries of the TIF District have been proposed to allow taxable properties to contribute to the surrounding Lancaster Corridor catalyst redevelopment projects and allow the taxing jurisdictions to receive additional funds that otherwise would not be collected. • The size and scope of the boundaries includes multiple tax-exempt properties that will benefit from the Lancaster Corridor redevelopment. • Below is a current land ownership map depicting the taxable and tax- exempt properties. Lancaster.Shp s ti _✓ R L , r ' Non-Exempt r , Alm Church Exemption Charitable OI' Exemption- r Government exemption f 1D t a jj F l x w 15 Boundaries (continued) The size of the TIF District is 225 acres or 9,801,000 square feet of area. 3 " *•; 225 acres '* ■ yF _ • tl I '��l� ��� 'dry ----� I l �`I ►-'-•-s �`-'+ Term • The TIF District expires on the earlier of(i) December 31, 2024 or an earlier termination date designated by an ordinance subsequently adopted by the City Council of the City of Fort Worth or (ii) the date on which all project costs, tax increment bonds (if any) and interest on those bonds have been paid in full. • A cap on total expenditures is imposed, at 2003 dollars, of$16,000,000. Governance The Project and Financing Plans only grant the TIF Board the use of$2.8 million in net present value terms for the T&P Terminal Redevelopment Project and any additional available tax increment for public infrastructure and improvements associated with the Convention Center Hotel Development Project. 16 • Any additional expenditure would require participating taxing jurisdiction review and approval and subsequent TIF Board approval. 17 N+{ r EY w.»w»».ww««w«www.N«»»ww»wwwww «ww.Nww««wwww.w»wN ` . . m i;a . .a�a . . . ..UsF'Qa NPw» gig C. wNN^MMwM«ww•N^«'«.....»'M»»ww.N»i.ni........i.w w»i�Nfi«»Nww....... a Blimp: e n J e+ C N M M»w N N»»M ^ N a .......5 :w ...... ......... .&—g k 4 Ail W% FM Rtl Hula RP-F.$•R, � a w»w.N»Nbw».NwwNww»wwb..Qwwwww » g.... ggwg$www.Nw ............... a � — S IIIIB�� {{lINN• � � 9�s.•Ti 75`i;Y�ne^`i:`�j�•rZtSN ��J� Y3s R'��g� 2 � � s:�r�a�s�raba����ss_sa�sassssm��H�s��sse���asa��axa�� s:.a��-ffi U z id r�rr Hill iil- a a' a ana a I All dill, Pdo�doPeddod e.d.adodeoe:doodea rv..o:eiN "�-����r«��'�� „� N M ha jaw p �n1V..�it'i a�ITi SP Nbd+h��.aO����MY+t���yl S}f?N^Q.wOtnbT F�sA+`t.Y11�T+nfN@���w��tA.{tlFl+q 18 u N PI y� q�j pp P n NTOR yh�-�i4p. rY�I_Rl V x E o +3 Q ei T of r= ao E �(9 pg C n e' o-. ooboigD-' e -o W $ g < U U � .20 tauoo quo ia�o s 40 a W. W ... no 19 F N-- ; �•� N � � '.. �Mi[�iOm�...� �".i�m co�i � ����p,�n eTa - .� ,..� ;... ry�ryVa qy Ip 9pp W ^- ul z' ww � a .. 40 IL .� W®® tV IW tV G = - al -N OA CI N 3 ary�,ryaaj . �T eR}a �p {'1 � N a W Q 66 O S an �aa : �����p�p � a � 6i o �f•1�'°�� ira ".«+- o Sang©,S',"n ? €ng 20 EXHIBIT "C" f � % COUNTS•'. Lei ;H 1: RESOLUTION PARTICIPATION IN CITY OF FORT WORTH TAX INCREMENT FINANCING REINVESTMENT ZONE #8 — LANCASTER CORRIDOR TIF WHEREAS,the general laws of the State of Texas authorize governmental taxing entities to join other taxing jurisdictions in the establishment of a reinvestment zone under the Tax Increment Financing Act, Chapter 311 of the Texas Tax Code (the "Act"), to provide incentive for the development and redevelopment of properties that might not be undertaken without such incentive; and WHEREAS,the Fort Worth City Council approved Ordinance No. 15775,dated December 9, 2003, establishing Tax Increment Financing Reinvestment Zone Number Eight, City of Fort Worth, Texas, in accordance with the Tax Increment Financing Act, to promote the rehabilitation and reuse of historic buildings and other residential,commercial and retail development of property in the Zone by providing for infrastructure improvements through the use of tax increment financing; and WHEREAS, in accordance with the requirements of the Act,the Fort Worth City Council has given all applicable notices to the Tarrant County Commissioners Court as to the City Council's establishment of the tax increment reinvestment zone and,through its appointed representatives,has made a formal presentation to the Tarrant County Commissioners Court regarding the reinvestment zone; and WHEREAS,the County has one representative to the Fort Worth Tax Increment Financing Reinvestment Zone #8 Board of Directors and said representative has participated in the development of the Project Plan and Financing Plan for the zone; and WHEREAS,the City of Fort Worth City Council has adopted the amended Project Plan and Financing Plan as submitted by the Reinvestment Zone Board of Directors,dated June 29,2006;and WHEREAS, the Tarrant County Commissioners Court recognizes that Tarrant County's participation in the creation of the tax increment reinvestment zone will have the desired effect of developing the area to the benefit of all taxing units which levy taxes in the proposed reinvestment zone. rs.ftWf,^r NOW, THEREFORE, BE IT RESOLVED: That the Tarrant County Commissioners Court hereby approves participation in the Fort Worth Tax Increment Financing Reinvestment Zone#8 and the payment into the tax increment fund of eighty percent (80%) of its collected incremental tax revenue (as set forth in the Agreement) produced by applying the County's tax rate to the incremental increase in the value of property located in the reinvestment zone, effective January 1, 2004 through December 31, 2024 or until $7,000,000 in cumulative County increment deposits have be made,or until all project costs,up to a maximum of$16,000,000 in 2003 net present value dollars,has been paid,whichever occurs first,in accordance with the terms of the attached Agreement;that the Agreement be and is hereby approved; that the County and its Commissioners Court hereby agree to enter into the Agreement as a party thereto;and the County Judge of the County or his designee be and is hereby authorized and directed to execute said Agreement on behalf of the County and its Commissioners Court substantially in the form attached hereto and carry out the terms thereof at the appropriate time(s). PASSED AND APPROVED, IN OPEN COURT, this 25th day of September, 2007. COURT ORDER NO. B. Glen Whitley, County J ge Roy C. rooks Marti VanRavenswaay Commissioner, Precinct 1 Commissioner, Precinct 2 q Gary Fickes J.D. Johnson Commissioner, Precinct 3 Commissioner, Precinct 4 ATTEST: APPROV S TO ounty Clerk r' As4t. Di ct Attorney