HomeMy WebLinkAboutContract 28584-A1 CITY SECRETARY
CONTRACT NO. I
AMENDMENT NO. 1 TO
CITY SECRETARY CONTRACT NO. 28584
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 REGIONAL WATER DISTRICT (the "Water
District").
The City and the Water District hereby agree that the following statements are true and
correct and constitute a basis upon which the City and the Water 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 May 5, 2003, the City and Water District entered into an agreement
under which the Water District agreed to deposit one hundred percent (100%) of the Water
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. 28584.
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 Water District Participation Agreement OFFICIAL RECORD
Southside TIF
Page 1 CITY SECRETARY
RECEIVED AIJ,-, ` 12Di3
FT.WORTH,TX
F. The governing body of the Water District has approved the Amended Project
Plan. Accordingly, the City and the governing body of the Water 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 Water 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 III (Limitations on Tax Increment Deposits) of the Participation Agreement is
hereby amended, as follows:
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.
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.
5. This Amendment contains the final written expression of the City and the Water 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 Water District Participation Agreement
Southside TIF
Page 2
EXECUTED as of the later date below:
CITY OF FORT WORTH, TEXAS:
By: Fernando Costa
Costa
Assistant City Manager
Date:
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By: �` i�Y) �p q�d
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City Secretary °°°00000000 ,p
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APPROVED AS TO FORM/LEGALITY:
Malesh'a Farmer
Senior Assistant City Attorney
M&C: G-17767
Approved: December 11, 2012
TARRANT REGIONAL WATER DISTRICT:
By: T' v L errs
Victor W. Hende tT��
President, Board _
Date:
Amendment No. 1 to Water District Participation Agreement OFFICIAL RECORD
Southside TIF
Page 3 CITY SECRETARY
FT.WORTH,TX
M&C Review Page 1 of 2
Official site of the City of Fort Worth,Texas
CITY COUNCIL AGENDA FoRT� '` T111
Ty
COUNCIL ACTION: Approved on 12/11/2012 -Ordinance No. 20536-12-2012
DATE: 12/11/2012 REFERENCE G-17767 LOG NAME: 17TIF4AMENDPLAN2012
NO..
CODE: G TYPE: NON- PUBLIC YES
CONSENT HEARING:
SUBJECT: Conduct Public Hearing and Adopt Ordinance Amending the Project and Financing Plans
for Tax Increment Reinvestment Zone No. 4, Southside TIF so as to Continue and Expand
Revitalization Efforts in the Near Southside by Adding Approximately $45 Million in Public
Improvement Projects (COUNCIL DISTRICTS 8 and 9)
RECOMMENDATION:
It is recommended that the City Council:
1. Conduct a public hearing concerning an amendment to the Project and Financing Plans for Tax
Increment Reinvestment Zone No. 4, Southside TIF, as set forth in Exhibit A of the attached
Ordinance, to afford an opportunity for interested persons to speak for or against the proposed
Amendment, the boundaries of the Southside TIF district or the concept of tax increment financing;
and
2. Close the public hearing and adopt the attached Ordinance approving the amended Project and
Financing Plans for the Southside TIF district.
DISCUSSION:
The Southside TIF Project and Financing Plan (the Plan) was initially approved by the Southside TIF
district board of directors on August 30, 1999 and subsequently approved by City Council on August
31, 1999 (M&C G-12649).
On November 1, 2012, the TIF board of directors voted to amend the Plan to allow the TIF district to
continue and expand revitalization efforts in the Near Southside by adding approximately $45 million
in public improvement projects, raising the total projects funded by the TIF district to just under$90
million. Southside TIF projects can be broken down into nine categories: (1) administration, (2)
business development and retail, (3) parking structures, (4) neighborhood parks and plazas, (5)
residential, (6) schools, (7) signage, (8) streetscapes, and (9) transportation and infrastructure
improvements. Details of specific projects can be found in the amended Plan. As new investment is
attracted and revitalization is encouraged, the area will continue to become an economically viable,
mixed-use, central city neighborhood for all to enjoy.
Before the amended Project and Financing Plans can take effect, state law requires 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, the boundaries of the Southside TIF district or
the concept of tax increment financing.
In 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 Project and Financing Plans are located in COUNCIL DISTRICTS 8
and 9.
http://apps.cfwnet.org/council_packet/mc_review.asp?ID=17787&councildate=12/11/2012 7/30/2013
t MAC Review Page 2 of 2
FISCAL INFORMATION/CERTIFICATION:
The Financial Management Services Director certifies that this action will have no material effect on
City funds.
TO Fund/Account/Centers FROM Fund/Account/Centers
Submitted for City Manager's Office by: Fernando Costa (6122)
Oriainatinq Department Head: Jay Chapa (5804)
Additional Information Contact: Robert Sturns (8003)
Marguerite Allen (2235)
ATTACHMENTS
121211 TIF4 Project Financing Plan Update Final.pdf
TIF4 Ordinance Amend Plan(12 11 12).docx
http://apps.cfwnet.org/council_packet/mc_review.asp?ID=I7787&councildate=12/11/2012 7/30/2013