HomeMy WebLinkAboutContract 28169-A1 City Secretary Contract No: 28169 - A 1
AMENDMENT NO. 1 TO CITY 3EOMAi G
CITY SECRETARY CONTRACT NO. 28169 C�RW N0. Z� L 1
AGREEMENT TO PARTICIPATE IN
TAX INCREMENT REINVESTMENT ZONE NUMBER FOUR,
CITY OF FORT WORTH,TEXAS
(SOUTHSIDE TIF)
This AMENDMENT NO. 1 TO AGREEMENT TO PARTICIPATE IN TAX
INCREMENT REINVESTMENT ZONE NUMBER FOUR, CITY OF FORT WORTH,
TEXAS ("Amendment") is entered into by and between the CITY OF FORT WORTH,
TEXAS (the "City") and TARRANT COUNTY COLLEGE DISTRICT, a political
subdivision of the State of Texas (the "College District").
The City and the College District hereby agree that the following statements are true and
correct and constitute a basis upon which the City and the College District have entered into this
Amendment:
A. On November 25, 1997, the City Council of the City ("City Council") adopted
City Ordinance No. 13259 designating certain real property in the Near Southside neighborhood
as Tax Increment Reinvestment Zone Number Four, City of Fort Worth, Texas (the "TIF
District"), The TIF District is informally known as the"Southside TIF."
B. On or about November 1, 2002, the City and College District entered into an
agreement under which the College District agreed to deposit one hundred percent (100%) of the
College District'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. 28169.
C. The Participation Agreement incorporates the TIF District's project plan for the
development and/or redevelopment, as adopted by the TIF's Board of Directors (the "Board") on
August 30, 1999 and approved by the City Council on August 31, 1999 pursuant to Ordinance
No. 13919, respectively (the "Plan").
D. Article III of the Participation Agreement specifies that maximum amount of
"project costs" (as defined in Section 311.002 of the Tax Increment Financing Act) that may be
paid through Tax Increment deposits directly and/or through development agreements or other
obligations of the City secured by Tax Increment deposits is $60,000,000.00.
E. On November 1, 2012, the Plan was amended by the Board pursuant to Board
Resolution No. 2012-1, as approved by the City Council on December 11, 2012, pursuant to
Ordinance No. 20536-12-2012. The Project Plan, as so amended, is referred to hereinafter as the
"Amended Project Plan."
Amendment No. 1 to College District Participation Agreement OFFICIAL RECORD
Southside TIF
Page 1 CITY SECRETARY
FT,WORTFI,TX
RLLEivtu FEB 04 2014
F. The governing body of the College District has approved the Amended Project
Plan. Accordingly, the City and the governing body of the College District wish to amend the
Participation Agreement to incorporate the Amended Project Plan.
NOW, THEREFORE, for and in consideration of the conditions set forth herein, the
sufficiency of which is hereby acknowledged, the City and the College District do hereby
contract, covenant and agree as follows:
1. Article I (Definitions) of the Participation Agreement is hereby amended to provide a
new definition for the term "Project Plan and Reinvestment Zone Financing Plan," and
incorporate the Amended and Restated Project and Financing Plan as approved by the City
Council on December 11,2012 as follows:
Proiect Plan and Reinvestment Zone Financing Plan means the project
plan and financing plan for the development and/or redevelopment of the TIF
District, which has been adopted by the TIF Board and approved by the City
Council of the City.
2. Article II (Agreement to Participate and Pay Tax Increment into the Tax Increment Fund)
of the Participation Agreement is hereby amended,as follows:
The Taxing Unit agrees to participate in funding of the TIF District and
annually, beginning with the 2013 tax year, shall deposit into the Tax Increment
Fund fifty percent (50%) of its Tax Increment, as set forth in Article I, not to
exceed the Total Tax Increment, as set forth in Article III, or until the Term of this
Agreement is reached, except the following:
a. Any funds which were levied by Taxing Unit but were not
collected;
b. Any funds equal to tax refunds repaid by Taxing Unit to
taxpayers owning real property in the TIF District;
c. Any funds which represent penalty, interest, or attorney's fees
on any delinquent tax payments made to the Taxing Unit by
taxpayers owning real property in the TIF District;
d. Any taxes uncollected by the Taxing Unit due to agricultural or
other ad valorem tax exemptions.
3. Article III (Limitations on Tax Increment Deposits) of the Participation Agreement is
hereby amended, as follows:
The Total Tax Increment to be paid into the Tax Increment Fund by
Taxing Unit shall not exceed $4,749,631.00. The maximum amount of"project
costs" (as defined in Section 311.002 of the Act) that may be paid through Tax
Increment deposits directly and/or through development agreements or other
obligations of the City secured by Tax Increment deposits is$90,000,000.00.
Amendment No. 1 to College District Participation Agreement
Southside TIF
Page 2
This Agreement is based on the following conditions, and the City agrees
and acknowledges the Taxing Unit'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, to wit:
a. The Tax Increment deposited into the Tax Increment Fund by the
Taxing Unit, shall be used to pay project costs for infrastructure
improvements or other public improvements as set forth and identified
in the Project Plan and Reinvestment Zone Financing Plan, and shall
not include any costs for administration, overhead, or management of
the TIF District, or costs for municipal or educational facilities.
b. If the Plan is amended, the Tax Increment deposited into the Tax
Increment Fund by the Taxing Unit may not be used for any
infrastructure improvements or other public improvements not
addressed by the Plan unless the amended Plan is approved by the
governing body of the Taxing Unit as an amendment to this
Agreement.
c. As defined, the TIF District shall include real properties located within
the boundaries as described in Ordnance No. 13259. If the TIF
District is expanded, the Tax Increment deposited into the Tax
Increment Fund by the Taxing Unit may not be used for any
infrastructure improvements or other public improvements in any
portion of the expanded area of the TIF District unless approved by the
governing body of the Taxing Unit as an amendment to this
Agreement.
4. All other provisions and conditions of the Participation Agreement shall remain in full
force and effect.
5. Capitalized terms used but not identified in this Amendment shall have the same
meanings assigned to them in the Participation Agreement.
6. This Amendment contains the final written expression of the City and the College
District 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.
Amendment No. 1 to College District Participation Agreement
Southside TIF
Page 3
EXECUTED as of the later date below:
CITY OF FORT WORTH,TEXAS:
By: 75i;�7
�-. _
Fernando Costa
Assistant City Manager
Date:
P
ATTEST: ®° ��
n o
�o o�
By: $ / a.T
Ma yser ��1 0�
City Secretary °
APPROVED AS TO FORM/LEGALITY:
By: _
Males;;ia armer
Senior Assistant City Attorney
M&C: G-17767
Approved: December 11, 2012
Amendment No. I to College District Participation Agreement
Southside TIF
Page 4
OFFICIAL RECORD
CITY SECRETARY
FT.WORTH,TX
TARRANT COUNTY COLLEGE DISTRICT,
a political subdivision of the State of Texas:
By: e5
Er ohnson Hadley
Chancellor
Date: 0-711
W:\Data\CLIENT\4623\00001\00685658.DOCX
Amendment No. I to College District Participation Agreement
Southside TIF
Page 5