HomeMy WebLinkAboutContract 36028-A2 (2) >� 1
City Secretary Contract No:
AMENDMENT NO.2 TO
AGREEMENT TO PARTICIPATE IN
TAX INCREMENT REINVESTMENT ZONE NUMBER EIGHT
CITY OF FORT WORTH,TEXAS
(LANCASTER CORRIDOR TIF)
This AMENDMENT NO. 2 TO AGREEMENT TO PARTICIPATE IN TAX
INCREMENT REINVESTMENT ZONE NUMBER EIGHT, CITY OF FORT WORTH,
TEXAS ("Amendment") is entered into by and between the CITY OF FORT WORTH,
TEXAS(the"City")and TARRANT COUNTY(the"County").
The City and the County hereby agree that the following statements are true and correct
and constitute a basis upon which the City and the County have entered into this Amendment:
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".
B. On or about October 23, 2007,the City and the County entered into an agreement
under which the County agreed to deposit eighty percent (801%) of the County's Tax Increment
into the TIF District's Tax Increment Fund ("Participation Agreement"), as specifically
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. 36028.
C. The Participation Agreement incorporates the TIF District's Project and
Financing Plan for the development and/or redevelopment, as adopted by the TIF's Board of
Directors (the "Board") on January 22, 2004 and approved by the City Council on January 2,
2004 pursuant to Ordinance No. 15844, as subsequently amended by the Board on February 24,
2005 pursuant to Board Resolution No. 2005-02, on June 29, 2006 pursuant to Board Resolution
No. 2006-04, on December 5, 2007 pursuant to Board Resolution No. 2007-01, and on June 23,
2011 pursuant to Board Resolution No. 2011-01 as approved by the City Council on March 29,
2005 pursuant to Ordinance No. 16343-03-2005, on August 15, 2006 pursuant to Ordinance No.
17100-08-2006, on January 29, 2008 pursuant to Ordinance No. 17964-01-008 and on August 9,
2011 pursuant to Ordinance No. 19835-08-2011 respectively(the"Plan").
D. Section 4.2 of the Participation Agreement specifies that if the Plan is further
amended, the County shall have the right to suspend deposits of tax increment into the TIF
District's Tax Increment Fund until the amendment is approved by the governing body of the
County as an amendment to the Participation Agreement.
E. On or about September 21, 2011, iia City Secretary Contract No. 36028-A1, the
parties previously amended the Participation Agreement to incorporate amendments to the Plan
TamwtCoumyftrickmdonAgramnent OFf JiGiA.Kiiis Ki;
Lancaster Corr►dm TIF
Nge I CITY SECRETARY
TT,WORTH,TX
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as approved by the Board and the City Council to support additional development within the TIF
District.
F. On December 3, 2014, the Plan was further amended by the Board pursuant to
Board Resolution No. 2014-04, as approved by the City Council on January 6, 2015 pursuant to
Ordinance No. 21611-01-2015 attached hereto as Exhibit"A." The Project and Financing Plan,
as so amended, is referred to hereinafter as the"Amended Plan".
G. The governing body of the County has approved the Amended Plan. Accordingly,
the City and the governing body of the County wish to amend the Participation Agreement to
incorporate the Amended Plan.
NOW, THEREFORE, for and in consideration of the 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. In order for the Participation Agreement to incorporate the Amended Plan, Section 2
(Definitions) of the Participation Agreement is hereby amended to provide a new definition for
the term"Project Plan",as follows:
Proiect Plan means the project plan for the development and/or redevelopment of
the TIF District, which has been adopted by the TIF Board and appro-ed by the City Council of
the City, which is attached hereto as Exhibit "B-1." All references in the Participation
Agreement to Exhibit`B"shall be replaced with Exhibit 1113-1."
Exhibit "B-1." as amended, is attached hereto and hereby made a part of this
Amendment and the Participation Agreement for all purposes.
2. The portion of Section 3. (Deposit of Tax Increment) of the Participation Agreement that
reads as follows, "beginning with the 2004 tax year, eight,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 Contribution")"is hereby amended to read as follows, "beginning with the 2004
tax year and ending with and inclusive of the 2014 tax year, eighty percent (80%) of the
County's Tax Increment and, beginning with the 2015 tax year until the termination of the TIF,
forty percent (40%) of the County's Tax Increment into the Tax Increment Fund up to a
maximum cumulative contribution of$7,000,000(the"Maximum Contribution")".
3. All other provisions and conditions of the Participation Agreement shall remain in full
force and effect.
4. Capitalized terms used but not identified in this Amendment shall have the same
meanings assigned to them in the Participation Agreement.
Amendment No.2 to the Tarrant County Participation Agreement
Law aster Corridor TIF
Page 2
5. This Amendment contains the final written expression of the City and the County 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 WORTH,TEXAS: TARRANT COUNTY,TEXAS:
By:
FL@ffi_Q;A_dA_ GA_*6-- S" J. Chi, By:
. Mza
Assistant City Manager B. G en Whitley
OR� County Judge
Date:
ATTEST
"*0001 EST:
By:
ary J.Kayser By:
City Secretary Name:�!C,I-rA_((',a-m ec v
Deputy County tlerk
APPROVED AS TO FORM/LEGALITY:
APPROVED AS TO FORM*:
0,-
Maleshia Farmer By i
Senior Assistant City Attorney CPO' Name:
i334 y Crim `al istrict Attorneys
Contract Authorization M&C G-44+74, City I �1
Ordinance No. 24395=1-1 202-f2i'02/2W33 COURT ORDER#
*By law, the Criminal District Attorney's Office may only approve contracts for its clients. We reviewed this
document as to form from our client's legal perspective -Other parties may not rely on this approval. Instead
those parties should seek contract review from independent counsel.
OFFICIAL RECORD
Amendment No.2 to the Tanw Comity Participation Agreement CITY SECRETARY
castaco„idoTTrn FT.WORTH,TX
Page 3
EXHIBIT"A"
CITY ORDINANCE NO.21611-01-2015
ORDINANCE NO.21611-01-2015
AN ORDINANCE APPROVING AN AMENDED PROJECT AND
FINANCING PLAN FOR TAX INCREMENT REINVESTMENT ZONE
NUMBER EIGHT, CITY OF FORT WORTH, TEXAS (LANCASTER
CORRIDOR 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 "fax Code (the "Act") and
pursuant to Ordinance No. 15775, 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
Eight,City of Fort Worth, Texas(the"Zone");and
WHEREAS, on January 22, 2004 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 January 27, 2004 the
City Council approved the Plan pursuant to Ordinance No. 15844;and
WHEREAS, on February 24, 2005, the Plan was subsequently amended by the Board
pursuant to Board Resolution 2005-02, which amendment was approved by the City Council on
March 29,2005 pursuant to Ordinance No. 16343-03-2005;and
WHEREAS, on June 29, 2006, the Plan was subsequently amended by the Board
pursuant to Board Resolution 2006-04, which amendment was approved by the City Council on
August 15,2006 pursuant to Ordinance No. 17100-08-2006;and
Ordinance No.21611-01-2015
Pagel of 4
WHEREAS, on December 5, 2007, the Plan was subsequently amended by the Board
pursuant to Board Resolution 2007-01, which amendment was approved by the City Council on
January 29,2008,pursuant to Ordinance No. 17964-01-008;and
WHEREAS, on June 23, 2011, the Plan was subsequently amended by the Board
pursuant to Board Resolution 2011-01, which amendment was approved by the City Council on
August 8, 2011,pursuant to Ordinance No. 19835; and
WHEREAS, as authorized by Section 311.011(e) of the Act, on December 3, 2014 and
pursuant to Board Resolution 2014-04, the Board amended the Plan and recommended the
amended Plan be approved by City Council removing provisions that establish a cap on total
eligible expenses funded by the Zone; eliminating restrictions on eligible projects based on their
location within Zone boundaries as depicted in Exhibit "A," which is attached hereto and
incorporated into this Ordinance; adding categories of eligible projects; and in accordance with
Section 311.010(h) of the Act, permitting the use of Chapter 380 grants in support of projects
within the Lone upon meeting certain criteria;
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 and
are incorporated into this Ordinance.
Ordinance No.21611-01-2015
Page 2of4
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 conforms to the City's master plan.
1.4 That on January 6, 2015, but prior to the adoption of this Ordinance, the City Council
held a public hearing on the Plan, as amended, and afforded a reasonable opportunity for
interested persons to speak for or against designation of the Zone and approval of the
Plan, as amended, as well as for owners of property located in the Zone to protest
inclusion of their property in the Zone (the "Public Hearing"), as required by Section
311.011(e)of the Act.
1.5 That notice of the Public Hearing was published in a newspaper having general
circulation in the City at least seven (7) days prior to the date of the Public Hearing,
which satisfies the procedural requirement of Section 311.003(c) of the Act that notice of
the Public Hearing be so published.
Section 2.
APPROVAL OF AMENDED PLAN.
That based on the findings set forth in Section 1 of this Ordinance, the Plan, as amended,
attached hereto as Exhibit`B" and incorporated herein,is hereby approved.
Ordinance No.21611-01-2015
Page 3 of 4
Section 3.
DELIVERY OF AMENDED PLANS TO TAXING ENTITIES.
That the Housing and Economic Development Department 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 frill force and
effect and shall not in any way be impaired or affected by such decision, opinion or judgment.
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.
APPROVED AS TO FORM AND I. .GALITY: ATTEST:
Males a B.Farmer Mary J.W94r,Cify S
Senior Assistant City Attorney
ADOPTED AND EFFECTIVE: Janilafl'6,2015
M&C: G-18394
Ordinance No.21611-01-2015
Page 4 of 4
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Exhibit"B"
Financing Plan and Project Plan
for
Tag Increment Reinvestment Zone Plumber Eight,
City of Fort Worth, Texas
(Lancaster Corridor TIF)
January 6, 2015
1
Table of Contents
I. Description of the Proposed Zone (Pages 3-5)
A. Map
B. Legal Description
II. Economic Impact (Pages 6-9)
A. Necessary Public/Private Partnerships
B. Catalyst Redevelopment Projects
C. Anticipated Economic Activity
III. Tax Increment Projections (Page 10)
IV. Project Costs and Financing (Pages I 1-13)
V, Term and Governance (Pages 14-16)
Z
I. Description of the Proposed Zone
3
A. TIF Map
South ROW West RO W
ROW
line of 3"d St. line of Burnett line of 71h St.
West ROW
line of
North ROW
Henderson •. ;sf' '.�-;t' t✓'/
line of 7m St. L .•�
East ROW
line
Ft
oil
l i
�_� � - � � !�� ' � j�_ h :'�.; +; .;.� �• •fit`- '� ''�� ,,
4?IICAIIER
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r f .. 1-
North ROW �T~�
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 yrojection of the west ROW line of
Henderson St and the south ROW line of 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" St., thence
Easterly along the north ROW line of 7`11 St. to a point where said line
intersects the north ROW line of 7`h St., thence
Northeasterly along the north ROW line of 7"' 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
H. Economic Impact
6
A. Necessary Public/Private Partnerships
• Lancaster Corridor Will Require Public/Nvate Partnerships to Develop in a Timely
Manncr
The demolition of the former 1-30 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 public1private partnendiips. 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
�1�
B. Catalyst Redevelopment Projects
Other projects in the redevelopment corridor will have spin-of economic
benefits that will facilitate further private investment.
FORT WORTH RAMADA HOTEL
CONVENTION CENTER
revue tw m
lip
3
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Several significant projects, including local and national historic landmarks are poised to
redevelop generating new takes for the local taxing entities and will create economic activity
-where it has been dormant for many years.
T&P TERMINAL T&P WAREHOUSE
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US POST
OFFICE
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8
C. 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.
9
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, as shown in Attachment B.
10
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. Projects
will qualify for assistance by the use of TIF funds if those projects meet at
least one of the criteria outlined below. Qualifying for assistance does not
mean that the project will automatically receive TIF assistance. Only
projects in which the TIF Board has approved participation by the use of TIF
funds through a development agreement will receive assistance.
• Mixed-use with a residential component (within a single building)
• Full-service hotels
• Transit-oriented development or public improvements associated with
passenger rail
• Board-approved streetscape improvements
• Historic preservation or restoration
• Mixed-income housing
• Board-approved public amenities (for example, public plazas, public
art, public parks, or interior restorations to transportation terminal
lobbies open to the public)
In addition to projects that qualify under the criteria listed above, the
following catalyst projects will also qualify for assistance by the use of TIF
funds subject to the criteria indicated below:
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
11
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
previously-approved contractual commitments in any given year made 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
priority over any other TIF project.
4. T&P Warehouse: approximately $9 million for assistance with public
infrastructure costs associated with the redevelopment of the T&P
Warehouse (the "T&P Warehouse Redevelopment Project") as guided by
and subject to provisions contained in a development agreement between the
developer and the TIF, payable as a reimbursement following completion.
Project costs for the T&P Warehouse Redevelopment Project would include:
■ Environmental remediation and demolition
w Fagade improvements
• Public streetscape/construction and relocation of utilities
Site work on or adjacent to the T&P Warehouse Property
0 Clearing and grading of the T&P Warehouse Property
a 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
s Costs of constricting a public plaza
a 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.
12
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 previously approved
contractual commitments in any given year made by the TIF District's
board of directors, subject to any restrictions specifically imposed by
the participating taxing jurisdictions.
6. Public Art Associated with T&P Terminal Building: design,
fabrication and installation of T&P Terminal Waiting Room
Commemoration Project. Such public infrastructure would be paid
for as subsequently determined by the TIF District's board of
directors, subject to any restrictions specifically imposed by the
participating taxing jurisdictions.
Any rental residential development, including the residential portion
of a mixed-use development, must have a minimum of 15 percent of
all units that are quality, accessible, and set aside for low-to-moderate
income tenants in order to be eligible to receive TIF support.
Any additional TIF Project costs would be subject to review and approval
by the participating taxing iur isdictions. Projects that could be subject to
additional TIF funding, but subject to review and approval by the participating
taxing entities would be the redevelopment of the U.S. Post Office, including
street, utility, and landscaping improvements, parking, and facade
preservation.
13
V. Boundaries,Term and Governance
Boundaries
• The boundaries of the T1F 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 Exempt Property
i Non-Exempt
In Church Exemption
= Charitable Org.Exemption
Government Exemption
I�
EJa . ? _
R
LANCASMR
P'
FIE l -
4 Ono
4.1
0 0.06 1.1 02 S U
14
Boundaries (continued)
• The size of the TIF District is 225 acres or 9,801,000 square feet of area.
V.
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4 f 225 acres
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At
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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.
Approved Use of Chapter 380 Agreements
• The use of Chapter 380 agreements is permitted within the boundaries
of the 1U if one ofthe following two criteria is met;
o The Chapter 380 agreement supports a project that will utilize
Federal and/or State historic tax credits and the financing of the
project is demonstrated to be contingent on the use of those
credits; or
15
o The Chapter 380 agreement supports a project that is located on
a property owned by any of the taming entities participating in
the TIF.
16
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City of Ford` Worth, Texas
Mayor and Council Communication
COUNCIL ACTION: Approved on IM2015 -Ordinance No. 21611M-2015
DATE: Tuesday, January 06, 2015 REFERENCE NO.: G-18394
LOG NAME: 17TIF8AMENDPLAN2014
SUBJEC :
Adopt Ordinance Amending the Project and Financing Plan for Tax Increment Reinvestment Zone No.
Eight,City of Fort Worth,Texas, Lancaster Corridor TIF, so as to Broaden Certain Provisions Pertaining to
Eligible Projects and Expenses (COUNCIL DISTRICT 9)
COMMENDATION:
It is recommended that the City Council:
1. Conduct a public hearing concerning an Amendment to the Project and Financing Plan for Tax
Increment Reinvestment Zone No. Eight, City of Fort Worth, Texas, Lancaster Corridor TIF, as set forth in
Exhibit B of the attached Ordinance, to afford an opportunity for interested persons to speak for or against
the proposed amendment,the boundaries of the TIF and the concept of tax increment financing; and
2. Close the public hearing and adopt the attached ordinance approving an amendment to the Lancaster
Corridor TIF Project and Financing Plan.
DISCUSSION:
The Tax Increment Reinvestment Zone No. Eight, City of Fort Worth, Texas (TIF) Project and Financing
Plan(Plan)was Initially approved by the TIP&Board of Directors(TIF Board.)on January 22,2004 and
approved by City Council on January 27, 2004(M&C G-14242). The Plan has been amended by the TIF
Board, as approved by the City Council, on four previous occasions.
On December 3,2014,the TIF Board voted to amend the Plan as follows: (1) removing provisions that
establish a cap on total eligible expenses funded by the TIF, (2) eliminating restrictions on eligible projects
based on their location within TIF boundaries, (3)adding categories of eligible projects and (4) permitting
the use of Chapter 380 grants in support of projects within the TIF if the project will either utilize Federal
and/or State historic tax credits and the financing of the project is demonstrated to be contingent on the
use of those credits or if the project is located on property owned by any of the taxing entities participating
in the TIF. The proposed amended Plan is included in the attached ordinance as Exhibit B.
Before the amended Plan can take effect, state law requires that 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, boundaries of the TIF and the concept of tax increment financing.
)n accordance with state law, notice of the public hearing was published in a newspaper having general
circulation in the City at least seven days prior to the date of the hearing.
The projects contained within the Plan are located in COUNCIL DISTRICT 9, Mapsco 77A.
Logname: 171V8AMENDPLAN2014 Page 1 of 2
The Financial Management Services Director certifies that this action will have no material effect on City
funds.
FUND CENTERS:
TO Fund/Account(Centers FROM FundlAccount(C ers
CERTIFICATIONS:
Submitted for City Manager's Office lam Fernando Costa (6122)
Originating Deoa=20t Head: Jesus Chapa (5804)
Michael Hennig (7337)
Additional lnfor wftn Contact: Cynthia Garcia (8187)
L)gaame: 17TIF8AMENDPLAN2014 Page 2 of 2
EXHIBIT"&l"
PROJECT PLAN
Financing Plan and Project Plan
for
Tax Increment Reinvestment Zone Number Eight,
City of Fort Worth, Texas
(Lancaster Corridor TIF)
January 6, 2015
Table of Contents
I. Description of the Proposed Zone (Pages 3-5)
A. Map
B. Legal Description
H. Economic Impact (Pages 6-9)
A. Necessary Public/Private Partnerships
B. Catalyst Redevelopment Projects
C. Anticipated Economic Activity
III. Tax Increment Projections (Page 10)
IV. Project Costs and Financing (Pages 11-13)
V. Term and Governance (Pages 14-16)
4
I. Description of the Proposed Zone
5
A. TIF Map
South ROW West ROW North ROW
West ROW line of 3rd St. line"of Burnett line of 7d'St.
VI.
line of
North ROW K
Henderson
line of 7b St.
.71
:may. East ROW
line
-T�
_7
North ROW
North ROW line line of 1-30
of 1-30 exit at
Henderson St.
6
B. Legal Description of the Tl[F District
Beginning at a point of the intersection of yrojection of the west ROW line of
Henderson St and the south ROW line of 3 St., thence
Northeasterly along the south ROW line of Yd 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" St., thence
Easterly along the north ROW line of 7t` St. to a point where said line
intersects the north ROW line of 7a' St., thence
Northeasterly along the north ROW line of 7`h 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.
7
H. Economic Impact
8
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 Tan-ant 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.
LANCASTERSTREETSCAPE
a -
9
B. Catalyst Redevelopment Projects
Other projects in the redevelopment corridor will have spin-off economic
benefits that will facilitate further private investment.
FORT WORTH RAMADA HOTEL
CONVENTION CENTER
MWAXI MM
lip
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
WWII
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US POST
OFFICE
A
C. 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.
11
III. Tag 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, as shown in Attachment B.
12
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. Projects
will qualify for assistance by the use of TIF funds if those projects meet at
least one of the criteria outlined below. Qualifying for assistance does not
mean that the project will automatically receive TIF assistance. Only
projects in which the TIF Board has approved participation by the use of TIF
funds through a development agreement will receive assistance.
• Mixed-use with a residential component(within a single building)
• Full-service hotels
• Transit-oriented development or public improvements associated with
passenger rail
• Board-approved streetscape improvements
• Historic preservation or restoration
• Mixed-income housing
• Board-approved public amenities (for example, public plazas, public
art, public parks, or interior restorations to transportation terminal
lobbies open to the public)
In addition to projects that qualify under the criteria listed above, the
following catalyst projects will also qualify for assistance by the use of TIF
funds subject to the criteria indicated below:
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 Facade 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
13
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
previously-approved contractual commitments in any given year made 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
priority over any other TIF project.
4. T&P Warehouse: approximately$9 million for assistance with public
infrastructure costs associated with the redevelopment of the T&P
Warehouse (the "T&P Warehouse Redevelopment Project") as guided by
and subject to provisions contained in a development agreement between the
developer and the TIF,payable as a reimbursement following completion.
Project costs for the T&P Warehouse Redevelopment Project would include:
■ Environmental remediation and demolition
■ Facade 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 facade 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.
14
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 previously approved
contractual commitments in any given year made by the TIF District's
board of directors, subject to any restrictions specifically imposed by
the participating taxing jurisdictions.
6. Public Art Associated with T&P Terminal Building: design,
fabrication and installation of T&P Terminal Waiting Room
Commemoration Project. Such public infrastructure would be paid
for as subsequently determined by the TIF District's board of
directors, subject to any restrictions specifically imposed by the
participating taxing jurisdictions.
Any rental residential development, including the residential portion
of a mixed-use development, must have a minimum of 15 percent of
all units that are quality, accessible, and set aside for low-to-moderate
income tenants in order to be eligible to receive TIF support.
AnXadditional TIF Project costs would be subject to review and approval
by the participating taxing Jurisdictions. Projects that could be subject to
additional TIF funding, but subject to review and approval by the participating
taxing entities would be the redevelopment of the U.S. Post Office, including
street, utility, and landscaping improvements, parking, and fagade
preservation.
15
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 Exempt Property
Non-Exempt !
®Church Exemption
® Charitable Org.Exemption
Govemment Exemption
y_ 1
r
ILr
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N
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=MMMEMMes
16
Boundaries (continued)
• The size of the TIF District is 225 acres or 9,801,000 square feet of area.
r ~ . 'aMrR. o• `�" 225 acres
i 9 FAI
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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.
Approved Use of Chapter 380 Agreements
• The use of Chapter 380 agreements is permitted within the boundaries of the
TIF if one of the following two criteria is met:
o The Chapter 380 agreement supports a project that will utilize Federal
and/or State historic tax credits and the financing of the project is
demonstrated to be contingent on the use of those credits; or
o The Chapter 380 agreement supports a project that is located on a
property owned by any of the taxing entities participating in the TER
17
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EXHIBIT"C"
COURT ORDER NO. I d-,I'S(5
TARRANT COUNTY COMMISSIONERS COURT
COUIV
RESOLUTION
AMENDMENT TO THE PARTICIPATION AGREEMENT FOR
FORT WORTH TAX INCREMENT FINANCING
REINVESTMENT ZONE #8 —LANCASTER CORRIDOR
WHEREAS,the Fort Worth City Council approved Ordinance No. 15775 establishing Tax
Increment Financing Reinvestment Zone Number Eight(the"Zone"),City of Fort Worth,Texas, in
accordance with the Tax Increment Financing Act, to promote development and redevelopment in
the Lancaster corridor area of downtown Fort Worth through the use of tax increment financing;and
WHEREAS, in September 2007, the City of Fort Worth and Tarrant County, through
Commissioners Court Order No. 101544,entered into an agreement under which the County agreed
to deposit eighty percent(80%)of the County's Tax Increment into the TIF District's Tax Increment
Fund ("Participation Agreement"), as specifically provided in that Participation Agreement; and
WHEREAS, in August`2011, Amendment No. 1 to the Participation Agreement was
approved through Commissioners Court Order No. 111023.providing modifications to the Project
and Financing Plan; and
WHEREAS, the parties now desire to further amend the Project and Financing Plan to
provide for the use of TIF 380 Agreements for Project Costs to be funded in the Zone,and to further
provide for a decrease in Tarrant County's annual percentage contribution to the TIT Fund to forty
percent (40%)of the County's annual Tax Increment, said amendment being Amendment No. 2 to
the Participation Agreement; and
WHEREAS, the Tarrant County Commissioners Court recognizes that Tarrant County's
continued participation in funding of the Zone through approval of the amended Project and
Financing Plan will have the desired effect of further developing the area to the benefit of all taxing
units which levy taxes in the proposed reinvestment zone;
NOW, THEREFORE, BE IT RESOLVED:
That the Tarrant County Commissioners Court hereby approves the Amended Project and
Financing Plan and continued participation in funding of Fort Worth Tax Increment Financing
Reinvestment Zone#8 and,beginning with Tax Year 2015 the payment into the tax increment fund
of forty percent (40%) of the collected incremental tax revenues produced by applying the County
tax rate to the incremental increase in the taxable value of property located in the Zone, through
December 31, 2024, or until $7,000,000 million in cumulative tax increment funds have been
contributed by the County,whichever occurs first, in accordance with the terms of the Participation
Agreement and all Amendments to the Participation Agreement; that the Amendment No. 2 to the
Participation Agreement for the County be and is hereby approved; that the Commissioners Court
r
. R ,
hereby agrees to enter into Amendment No.2 to the Participation Agreement as a party thereto;and
the County Judge of the County be and is hereby authorized and directed to execute said Amendment
No.2 to the Participation Agreement on behalf of the County and Commissioners Court substantially
in the form of the attached hereto and carry out the terms thereof at the appropriate time(s).
PASSED AND APPROVED, IN OPEN COURT, this 27th day of October 2015.
COURT ORDER NO. l I
B. Glen Whitley, County J ge ^�
Roy C. Arooks An"guyent
Commissioner, Precinct 1 Commissioner, Precinct 2
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ary Fickes "'J.D. Jo son
Commissioner, Precinct 3 Commissioner, Precinct 4
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County Clerk