HomeMy WebLinkAboutContract 36724 CITY SECRETARY'-)
CONTRACT NO.
AGREEMENT TO PARTICIPATE IN
TAX INCREMENT REINVESTMENT ZONE NUMBER TWELVE,
CITY OF FORT WORTH, TEXAS
(EAST BERRY RENAISSANCE TIF)
This AGREEMENT TO PARTICIPATE IN TAX INCREMENT
REINVESTMENT ZONE NUMBER TWELVE, 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 July 18, 2006, the City Council of the City ("City Council") adopted
City Ordinance No. 17061-07-2006 designating certain real property located in the
southeastern portion of the City in the vicinity of the East Berry and Riverside Drive
intersection as Tax Increment Reinvestment Zone Number Twelve, City of Fort Worth,
Texas, (the "TIF District"). The TIF District is informally known as the "East Berry
Renaissance TIF". Ordinance No. 17061-07-2006 is hereby incorporated by reference for
all purposes and is attached hereto as Exhibit "A".
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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 public infrastructure for
East Berry and for private development projects will be funded. 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 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
form the basis upon which they have entered into this Agreement.
2. DEFINITIONS. �' f
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TEX.
County Paricip do Agreement 03-07-08 e04 48 IN
re:
erry Street
Page 1
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.
Proiect 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".
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.
17061-07-2006.
TIF District means the certain real properties and boundaries as described in City
Ordinance No. 17061-07-2006, attached hereto as Exhibit "A".
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, 2006 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 6 of City Ordinance No. 17061-07-2006, 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 Ordinance means City Ordinance No. 17061-07-2006, 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
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 2007 tax year, one hundred percent (100%) of the County's Tax Increment into the
Tax Increment Fund up to a maximum cumulative contribution of $7,100,000 (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
County Participation Agreement
re:Berry Street TIF
Page 2
Tax Increment Financing Policy and such deposits shall be made in accordance with the
City's standard administrative procedures relative to all tax increment reinvestment zones
administered by the City, 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.
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 Proiect 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$20,100,000 in 2006 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 cost, 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.
4.2. 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
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.
County Participation Agreement
re:Berry Street TIF
Page 3
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, 2027 or an earlier termination date designated
by ordinance subsequently adopted by the City Council of the City or (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. TIF FUND 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 TIF District 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 TIF District 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.
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:
County Participation Agreement
re:Berry Street TIF
Page 4 p
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.
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.
County Participation Agreement
re:Berry Street TIF
Page 5
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.
EXECUTED as of the later date below:
CITY OF FORT WORTH, TEXAS: TARRANT COUNTY, TEXAS:
By: By:
Date 1*is� N LGG//US B. Glen Whitley
C T I IV 6 Assistant CityManager County Judge
3 /.V.?�7 Date: Date: I My �(
M&C: Court Order No. '10 'k cf
ATTEST: TEST:
By:
Marty Hendr Na
City Secretary Title:
APPROVED A$ TO FORM/LEGALITY: APPROVED FO
By: ? v� By:
eann D. Gu an Ray Ri e
Assistant City Attorney Assist a District 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 contract or 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).
County Participation Agreement
Pag Street TIFi11
FtK(Vniffll fix.
EXHIBIT "A"
TIF ORDINANCE
ORDINANCE NO. 17061-07-2006
AN ORDINANCE DESIGNATING A CERTAIN CONTIGUOUS
GEOGRAPHIC AREA IN THE CITY OF FORT WORTH AS "TAX
INCREMENT REINVESTMENT ZONE NUMBER TWELVE,
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 land in that
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 May 12, 2006 the City provided written notice to the
governing body of each taxing unit that levies real property taxes in the proposed 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, in accordance with the requirement imposed by Section 311.003(e)
of the Code,the City provided such written notice more than sixty (60) days prior to the
date of the public hearing conducted pursuant to Section 311.003(c)of the Code; and
WHEREAS, the City has prepared preliminary project and financing plans for
the proposed Zone and provided a copy of those plans 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(the "Preliminary Plans"); and
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Ordinance Designating Tax Increment Reinvestment Zone Number Twelve,
City of Fort Worth,Texas
APE X0
WHEREAS, in accordance with Section 311.003(f) of the Code, on June 13,
2006 the City made a single formal presentation to the governing body of each county
and school district that levies real property taxes in the proposed Zone, as agreed to in
writing by the Fort Worth Independent School District, 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 July 18, 2006 the City Council held a public hearing regarding
the creation of the Zone and its benefits to the City and to 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 proposed 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 July 10, 2006, 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
Ordinance Designating Tax Increment Reinvestment Zone Number Twelve,
City of Fort Worth,Texas
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 proposed 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. The Zone consists of approximately 604 acres of land and the area within the
Zone is contiguous.
1.3. The overall existing properties within the Zone are depressed and the area
encompassed by the Zone has been in a general state of economic decline for the
past twenty-five years.
1.4. The Zone contains a substantial number of substandard and deteriorating
apartments and other structures in need of demolition. Certain properties located
in the Zone will require environmental remediation before new development can
occur.
1.5. The Zone lacks essential infrastructure to sustain viable development, including
but not limited to, water, sewer, drainage, roads and sidewalks. Existing
Page 3
Ordinance Designating Tax Increment Reinvestment Zone Number Twelve, -
City of Fort Worth,Texas
CIE lift,
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infrastructure was constructed over fifty years ago and will not support additional
development.
1.6. Based on the facts set forth in Sections 1.3, 1.4 and 1.5 hereof, as well as on all
other information provided to and/or known by the City Council with respect to
the area within the Zone and the area in the vicinity of the Zone, the City Council
hereby finds that development of the Zone will not occur solely through private
investment in the foreseeable future.
1.7. 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(a)(1) of the Code.
1.8. 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.
1.9. 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.
Page 4
Ordinance Designating Tax Increment Reinvestment pone Number TweIve,
City of Fort Worth,Texas
1.10. 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.
Section 2.
DESIGNATION OF NEW 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 Twelve,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 I'
Ordinance Designating Tax Increment Reinvestment Zone Number Twelve,
City of Port Worth,Texas
Section 4.
TERM OF ZONE.
That the Zone shall take effect immediately upon the adoption of this Ordinance
and terminate on the earlier of (i) December 31, 2027 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 or otherwise satisfied in full.
Section 5.
DETERMINATION 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 as of January 1,2006, which is the year in which the Zone was designated as a
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 pursuant to an agreement with the City authorized by Section
Page 6
Ordinance Designating Tax Increment Reinvestment Zone Number Twelve,
City of Fort Worth,Texas
311.013(f)of the Code,plus(ii)the City's contribution of one hundred percent(100%)of
the City's tax increment, as defined by Section 311.012(a) of the Code, subject to any
binding agreement executed at any time by the City that pledges an amount of legally
available City funds whose calculation is based, in whole or in part, on payment to or
receipt by the City of any portion of such tax increment. 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. Revenues in the TIF Fund 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.
SEVERASILI TY.
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
Ordinance Designating Tax Increment Reinvestment Zone Number Twelve,
City of Fort Worth,Texas
EXHIBIT"A"
DESCRIPTION AND DEPICTION OF THE ZONE
The tracts to be designated as Tax Increment Reinvestment Zone Number Twelve, City
of Fort Worth, Texas for tax increment financing purposes are depicted in the
accompanying map and are more particularly described by the following metes and
bounds:
Being a parcel of land out of,the J.Huie Survey,Abstract Number 669,the G. Hartzog
Survey,Abstract Number 697,the J.Justice Survey, Abstract Number 859,the S.P.
Loving Survey,Abstract Number 943,the W.R. Loving Survey, Abstract Number 948,
the R.R_ Ramey Survey, Abstract Number 1342,the A. Stinson Survey,Abstract
Number 1413,the A. Thompson Survey, Abstract Number 1499,and the E.S.Terrell
Survey,Abstract Number 1527, situated in the City of Fort Worth,Tarrant County and
being more particularly described by metes and bounds as follows:
BEGINNING at the intersection of the East right-of-way of Interstate Highway 35W and
the North right-of-way of the T&P Railroad;
THENCE: with the East right-of-way of said Interstate Highway 35W,North to the
Southwest corner of Lot 16, Dobbins Subdivision;
THENCE: with the South line of said Dobbins Subdivision,East to the Southeast
corner of Lot 9,being in the West right-of-way of Evans Avenue;
THENCE: South with the West right-of-way of said Evans Avenue to the projected
intersection of the South line Block 3,Morningside Terrace Addition with
said West right-of-way;
THENCE: East with the South line of said Block 3 to and along the South line of
Block 2, Morningside Terrace Addition,to the East right-of-way of
Mississippi Avenue;
THENCE: with the East right-of-way of said Mississippi Avenue,North to the
intersection of said East right-of-way and the South right-of-way of Glen
Garden Drive.
THENCE: with the South right-of-way of said Glen Garden Drive to the
Southwesterly right-of-way of Old Mansfield Road;
THENCE: with the Southwesterly right-of-way of said Old Mansfield Road,
Southeasterly to the intersection of the Southwesterly right-of-way of said
Old Mansfield Road and the Northwesterly right-of-way of East Berry
Street;
Ordinance Designating Tax Increment Reinvestment Zone Number Eleven,
City of Port Worth,Texas
THENCE: with the Northwesterly and North right-of-way of said East Berry Street,
Northeasterly and East to the intersection of the North right-of-way of said
East Berry Street and the Southwesterly right-of-way of Vaughn
Boulevard;
THENCE: Southeasterly with the Southwesterly right-of-way of said Vaughn
Boulevard,and Southeasterly to the intersection of said Southwesterly
right-of-way of Vaughn Street and the Northwesterly right-of-way of
Wichita Street;
THENCE: with the Northwesterly right-of-way of said Wichita Street, Southwesterly
and South to the Southeast corner of the Masonic Home School Addition;
THENCE: with the South line of said Masonic Home School Addition, West to its
Southwest corner and the Easterly right-of-way of Mitchell Boulevard;
THENCE: with the Westerly line of said Masonic Home School Addition and the
Easterly right-of-way of said Mitchell Boulevard,Northwesterly and
North to the intersection of the East right-of-way of said Mitchell
Boulevard and the South right-of-way of said East Berry Street and the
Northwest corner of said Masonic Home School Addition;
THENCE: with the South and Southeasterly right-of-way of East Berry Street, West
and Southwest to the intersection of the Southerly right-of-way of East
Berry Street and the Southwesterly right-of-way of said Old Mansfield
Road;
THENCE: with the Southwesterly right-of-way of said Old Mansfield Road,
Southeast to the Northeast corner of Block 4, O.D. Wyatt Addition;
THENCE: West,Northwest,and Southwest with the North line of said Block 4 to the
Northerly right-of-way of Briardale Road;
THENCE: with said North right-of-way of Briardale Road, West to the Southeast
corner of Block 18,Rolling Hills Addition;
THENCE: with the East line of said Block 18,North to its Northeast corner;
THENCE: with the North line of said Block 18,West to its Northwest comer;
THENCE: with the Westerly line of said Block 18, Southwesterly to the Southwest
corner of said Block 18 and the Northwesterly right-of-way of said
Briardale Road;
THENCE: with the Northwesterly right-of-way of said Briardale Road,
Southwesterly to the East comer of Block 17,Rolling Hills Addition;
Ordinance Designating Tax Increment Reinvestment Zone Number Pleven,
City of Port Worth,Texas ll -SN,.
liSV V T.J
CITY
THENCE: with the Northeasterly line of said Block 17,Northwesterly to its North
most Northeast corner;
THENCE: with the North and Northwesterly line of said Block 17,West and
Southwesterly to the Northwest corner of said Block 17,the Southwest
comer of a 2.54 acre tract of land out of the S.P. Loving Survey,Abstract
Number 943, as conveyed to the International Association of Black
Professional Fire Fighters as recorded in Volume 14013,Page 423,Deed
Records,Tarrant County,Texas,and the East right-of-way of South
Riverside Drive;
THENCE: with the East right-of-way of said South Riverside Drive and the West line
of said 2.54 acre tract of land,North to the Northwest corner of said 2.54
acre tract of land;
THENCE: Northwesterly to the West right-of-way of said South Riverside Drive,the
Southeast corner of a 0.03 acre tract of land out said J.P. Loving Survey;
THENCE: with the South line of said 0.03 acre tract of land, West to the East most
corner of Lot 4,Berry Industrial Park Addition;
THENCE: with the meanders of the South line of said Lot 4, Southwesterly,Westerly
and Northwesterly to the West line of said Lot 4 and the East right-of-way
of Yuma Street;
THENCE: with the East right-of-way of said Yuma Street, South to the Southeast
corner of said right-of-way and the North line of a 5.65 acre tract of land
out of said J.P. Loving Survey;
THENCE: with the North line of said 5.65 acre tract of land,East to the Northeast
comer of a 16.50 acre tract of land out of said J.P. Loving Survey and the
West corner of Block 2,River Bend Condos;
THENCE: with the Northeasterly line of said 16.50 acre tract of land and the
Southwesterly line of said Block 2, Southeast to the Southwest corner of
said Block 2 and the Northwest comer of a 1.27 acre tract of land out of
said J.P.Loving survey as conveyed to Sininian Development in Volume
16020,Page 132, Deed Records,Tarrant County, Texas;
THENCE: with the South line of said Block 2 and the North line of said 1.27 acre
tract of land, East to the Southeast corner of said Block 2,the Northeast
corner of said 1.27 acre tract of land and the West right-of-way of said
South Riverside Drive;
Ordinance Designating Tax Increment Reinvestment Zone Number Eleven,
City of Fort Worth,Texas
THENCE: with the East line of said 1.27 acre tract of land,and the West right-of-way
of said South Riverside Drive, Southeasterly to the Northeast corner of
Block A,Grace Temple Addition;
THENCE: with the North line of said Block A,West to the Northeasterly right-of-
way of the T&P Railroad;
THENCE: with the Northeasterly right-of-way of said T&P Railroad,Northwesterly
to the intersection of the said Northeasterly right-of-way of the T&P
Railroad and the West right-of-way of the International&Great Northern
Railroad,and the Southeast corner of Lot 36,Block 4,Momingside Park
Addition;
THENCE: with the Westerly right-of-way of said International&Great Northern
Railroad and the Southeasterly line of said Block 4,Morningside Park
Addition,Northeasterly to the South comer of the John Randol Addition;
THENCE: with the East line of said Block 4,Morningside Park Addition and the
West line of said Block 2,John Randol Addition,North to the Northwest
corner of said Block 2,and being in the West right-of-way of Mississippi
Avenue;
THENCE: with the East line of said Block 4,Morningside Addition and the West
right-of---way of said Mississippi Avenue,North to the North most
Northeast corner of Lot 5, said Block 4, Morningside Addition and the
South right-of-way of an alley;
THENCE: with the South right-of-way of said alley, West to the Northwest corner of
Lot 1, Block 2, said Morningside Park Addition,and the East right-of-way
of Evans Avenue;
THENCE: West to the West right-of-way of said Evans Avenue,the Southeast corner
of Lot 1,Block A, and the Northeast corner of Lot 1,Block 1,said
Morningside Park Addition;
THENCE: with the South line of said Lot 1, Block A,and the North line of said Lot
1,Block 1, West to the Northwest comer of said Lot 1, Block 1;
THENCE: with the West line of said Block 1,Momingside Park Addition, South to
the North right-of-way of said T&P Railroad;
THENCE: with the North right-of-way of said T&P Railroad,Northwesterly to the
place of beginning,and containing some 3,970 acres of land.
Note:This exhibit prepared under 22 TAC§663.21,does not reflect the results of an on the ground survey,
and is not to be used to convey or establish interest in real property except those rights and interest implied
by the creation or reconfiguration of the boundary of the political subdivision for which it was prepared.
Ordinance Designating Tax Increment Reinvestment Zone Number Eleven,
City of Fort Worth,Texas
Section 9,
IMMEDIATE EFFECT.
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: July 18, 2006
APPROVED AS TO FORM AND LEGALITY:
By: 1
Peter Vaky
Assistant City Attorney
Date: 7f/9 0(,
M&C: G-15299
Page 8
Ordinance Designating Tax Increment Reinvestment Zone Number Twelve,
City of fort Worth,Texas
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EXHIBIT "B"
TIF PROJECT AND FINANCING PLAN
Tag Increment Reinvestment Zone Number Twelve,
City of Fort Worth, Texas
(East Berry Renaissance TIF)
Project Plan and Financing Plan
Tax Increment Reinvestment Zone Number Twelve,
City of Fort Worth, Texas
(East Berry Renaissance TIF)
1
Project Plan and Financing Plan
Table of Contents
I. Tax Increment Financing Overview.............................................................................................3
II. The Project Plan............................................................................................................................5
A. Description of the Zone ...................................................................................................6
i. Map of Boundary..................................................................................................7
ii. Legal Description..................................................................................................9
iii. Map of Existing Uses..........................................................................................14
iv. Map of Property Values......................................................................................16
B. Proposed Changes to Current Ordinances and Codes ....................................................18
C. Estimated Non-project Costs..........................................................................................18
D. Method of Relocating Displaced Persons.......................................................................18
III. The Financing Plan.....................................................................................................................19
A. Economic Feasibility of the Zone...................................................................................20
B. Proposed Projects and Improvements.............................................................................22
C. Revenue Projections .......................................................................................................23
IV. Summary of Project Costs and Financing...................................................................................25
V. Tables..........................................................................................................................................27
2
I. TAX INCREMENT FINANCING OVERVIEW
I. TAX INCREMENT FINANCING OVERVIEW
Tax increment financing ("DF") is a tool Texas local governments use to finance public
improvements within a defined area. These improvements are intended to promote
development or redevelopment in the defined area and surrounding areas. The primary
statute governing tax increment financing is codified in Chapter 311 of the Texas Tax Code
(the "Tax Code"). Chapter 311 is often referred to as the Tax Increment Financing Act and
it allows municipalities to create "reinvestment zones" within which various public
improvements can be undertaken.
A municipality makes an area eligible for tax increment financing by designating a
reinvestment zone. Essentially, for the City to initiate the designation of an area as a
reinvestment zone, the area must 1) substantially arrest or impair the sound growth of the
municipality creating the zone, retard the provision of housing accommodations, or
constitute an economic or social liability and be a menace to the public health, safety,
morals, or welfare in its present condition; or 2) be predominately open and, because of
obsolete platting, deterioration of structure or site improvements, or other factors,
substantially impair or arrest the sound growth of the municipality; or 3) be in a federally
assisted new community located in the municipality or adjacent to such property.
At the time an area is designated a reinvestment zone for tax increment financing, the
existing total appraised value of real property in the zone is identified and designated as the
"base value." All taxing units that levy taxes in the zone during the life of the TIF will
continue to receive the tax revenues derived from the "base value."
As new development is added to the tax rolls within the TIF area, total assessed valuations
rise. This rise in new value is measured annually and is called the "captured appraised
value". The taxes that are collected by the participating taxing jurisdictions on the
incremental increase between the original "base value" and the current year's "captured
appraised value" is the "tax increment". Each taxing unit choosing to participate in the TIF
will agree to deposit a portion or all of the taxes generated from the "tax increment" into a
TIF fund administered by a TIF Board that is appointed by the local taxing units.
The TIF Board uses the tax increment to make public improvements in the area to attract
private development that would not otherwise occur or that may not occur until at a much
later date. Additionally, the TIF Board may enter into development agreements to
participate in new development or redevelopment.
The TIF District ends on the earlier of 1) the termination date contained in the ordinance
establishing the zone or 2) the date on which all project cost have been paid in full. Any
revenues remaining in the TIF fund after the dissolution of the TIF are returned pro rata to
each participating taxing unit.
4
II. THE PROJECT PLAN
5
H. THE PROJECT PLAN
Acknowledging Fort Worth's continued economic growth, the City Council of the City of
Fort Worth has made the revitalization and renaissance of the southeast area of paramount
importance. In general, the TIF Plans contemplate that prospective developers of properties
within the TIF may fund portions of public infrastructure associated with development
opportunities utilizing financial support from the TIF Board through development
agreements that provide for reimbursement of eligible expenses for these developments. It is
also anticipated that the TIF Board may undertake certain public improvement projects once
sufficient tax increment is available in an effort to further enhance the area, thereby making
it more attractive to new development and redevelopment.
The East Berry Renaissance TIF represents an important opportunity to support viable
economic redevelopment in southeast Fort Worth. The area encompassed by the TIF has
been in a general state of economic decline with very little new private investment taking
place in the past twenty-five years. In order to support new and denser development in the
future, the basic infrastructure in the area must be upgraded because most of the existing
water, sewer, and storm drainage systems were constructed more than fifty years ago.
A. DESCRIPTION OF THE ZONE
The reinvestment zone outlined by this Project Plan and Financing Plan ("the Plans") is
located in the southeast area of Fort Worth, Texas and encompasses property that is bounded
by Glen Garden Drive on the northernmost boundary, State Highway 287 on the easternmost
boundary, Riverside Drive east of Ripy Street on the southernmost boundary, and Interstate
Highway 35 Frontage road on the westernmost boundary. This area includes major
intersections such as Riverside & Berry and Berry & Mitchell and it includes the Masonic
Home of Texas School property.
A map of the boundary and the legal description of the area are contained on the following
pages as well as maps of the existing uses and property values.
RX
i. MAP OF THE BOUNDARY
i. MAP OF THE BOUNDARY
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8
ii. LEGAL DESCRIPTION OF THE TIF
9
ii. LEGAL, DESCRIPTION OF THE TIF
Being a parcel of land out of,the J.Huie Survey,Abstract Number 669,the G. Hartzog Survey,
Abstract Number 697,the J. Justice Survey,Abstract Number 859,the S.P. Loving Survey,Abstract
Number 943,the W.R. Loving Survey,Abstract Number 948, the R.R. Ramey Survey,Abstract
Number 1342, the A. Stinson Survey, Abstract Number 1413, the A. Thompson Survey,Abstract
Number 1499, and the E.S. Terrell Survey,Abstract Number 1527, situated in the City of Fort
Worth, Tarrant County and being more particularly described by metes and bounds as follows:
Beginning at the intersection of the East right-of-way of Interstate Highway 35W and the North
right-of-way of the T&P Railroad;
Thence: with the East right-of-way of said Interstate Highway 35W,North to the
Southwest corner of Lot 16,Dobbins Subdivision;
Thence:with the South line of said Dobbins Subdivision,East to the Southeast corner of
Lot 9, being in the West right-of-way of Evans Avenue;
Thence: South with the West right-of-way of said Evans Avenue to the projected
intersection of the South line Block 3, Morningside Terrace Addition with said West right-of-way;
Thence: East with the South line of said Block 3 to and along the South line of Block 2,
Morningside Terrace Addition, to the East right-of-way of Mississippi Avenue;
Thence: with the East right-of-way of said Mississippi Avenue,North to the intersection of said East
right-of-way and the South right-of-way of Glen Garden Drive.
Thence:with the South right-of-way of said Glen Garden Drive to the Southwesterly
right-of-way of Old Mansfield Road;
Thence: with the Southwesterly right-of-way of said Old Mansfield Road, Southeasterly to the
intersection of the Southwesterly right-of-way of said Old Mansfield Road and the Northwesterly
right-of-way of East Berry Street;
Thence: with the Northwesterly and North right-of-way of said East Berry Street, Northeasterly and
East to the intersection of the North right-of-way of said East Berry Street and the Southwesterly
right-of-way of Vaughn Boulevard ;
Thence: Southeasterly with the Southwesterly right-of-way of said Vaughn Boulevard, and
Southeasterly to the intersection of said Southwesterly right-of-way of Vaughn Street and the
Northwesterly right-of-way of Wichita Street;
Thence:with the Northwesterly right-of-way of said Wichita Street, Southwesterly and
South to the Southeast corner of the Masonic Home School Addition;
10
Thence: with the South line of said Masonic Home School Addition, West to its Southwest corner
and the Easterly right-of-way of Mitchell Boulevard;
Thence:with the Westerly line of said Masonic Home School Addition and the Easterly
right-of-way of said Mitchell Boulevard,Northwesterly and North to the intersection of the East
right-of-way of said Mitchell Boulevard and the South right-of-way of said East Berry Street and the
Northwest corner of said Masonic Home School Addition;
Thence:with the South and Southeasterly right-of-way of East Berry Street,West and Southwest to
the intersection of the Southerly right-of-way of East Berry Street and the Southwesterly right-of-
way of said Old Mansfield Road;
Thence: with the Southwesterly right-of-way of said Old Mansfield Road, Southeast to the Northeast
corner of Block 4, O.D. Wyatt Addition;
Thence: West,Northwest, and Southwest with the North line of said Block 4 to the Northerly right-
of-way of Briardale Road;
Thence: with said North right-of-way of Briardale Road, West to the Southeast corner of Block 18,
Rolling Hills Addition;
Thence: with the East line of said Block 18,North to its Northeast corner;
Thence:with the North line of said Block 18, West to its Northwest corner;
Thence:with the Westerly line of said Block 18, Southwesterly to the Southwest corner of said
Block 18 and the Northwesterly right-of-way of said Briardale Road;
Thence: with the Northwesterly right-of-way of said Briardale Road, Southwesterly to the
East corner of Block 17,Rolling Hills Addition;
Thence: with the Northeasterly line of said Block 17,Northwesterly to its North most
Northeast corner;
Thence: with the North and Northwesterly line of said Block 17, West and Southwesterly to the
Northwest corner of said Block 17, the Southwest corner of a 2.54 acre tract of land out of the S.P.
Loving Survey, Abstract Number 943, as conveyed to the International Association of Black
Professional Fire Fighters as recorded in Volume 14013, Page 423, Deed Records, Tarrant County,
Texas, and the East right-of-way of South Riverside Drive;
Thence: with the East right-of-way of said South Riverside Drive and the West line of said 2.54 acre
tract of land,North to the Northwest corner of said 2.54 acre tract of land;
Thence:Northwesterly to the West right-of-way of said South Riverside Drive, the Southeast corner
of a 0.03 acre tract of land out said J.P. Loving Survey;
Thence: with the South line of said 0.03 acre tract of land, West to the East most corner of Lot 4,
Berry Industrial Park Addition; ___
11 ITV
Thence:with the meanders of the South line of said Lot 4, Southwesterly,Westerly and
Northwesterly to the West line of said Lot 4 and the East right-of-way of Yuma Street;
Thence: with the East right-of-way of said Yuma Street, South to the Southeast corner of
said right-of-way and the North line of a 5.65 acre tract of land out of said J.P. Loving Survey;
Thence:with the North line of said 5.65 acre tract of land,East to the Northeast corner of a 16.50
acre tract of land out of said J.P.Loving Survey and the West corner of Block 2,River Bend
Condos;
Thence:with the Northeasterly line of said 16.50 acre tract of land and the Southwesterly
line of said Block 2, Southeast to the Southwest corner of said Block 2 and the Northwest corner of a
1.27 acre tract of land out of said J.P. Loving survey as conveyed to Sininian Development in
Volume 16020,Page 132, Deed Records, Tarrant County, Texas;
Thence: with the South line of said Block 2 and the North line of said 1.27 acre tract of land, East to
the Southeast corner of said Block 2, the Northeast corner of said 1.27 acre tract of land and the
West right-of-way of said South Riverside Drive;
Thence:with the East line of said 1.27 acre tract of land, and the West right-of-way of said South
Riverside Drive, Southeasterly to the Northeast corner of Block A, Grace Temple Addition;
Thence: with the North line of said Block A, West to the Northeasterly right-of-way of the T&P
Railroad;
Thence:with the Northeasterly right-of-way of said T&P Railroad,Northwesterly to the
intersection of the said Northeasterly right-of-way of the T&P Railroad and the West right-of-way of
the International & Great Northern Railroad, and the Southeast corner of Lot 36,Block 4,
Morningside Park Addition;
Thence:with the Westerly right-of-way of said International & Great Northern Railroad
and the Southeasterly line of said Block 4,Morningside Park Addition,Northeasterly to the South
corner of the John Randol Addition;
Thence: with the East line of said Block 4,Momingside Park Addition and the West line of said
Block 2, John Randol Addition,North to the Northwest corner of said Block 2, and being in the
West right-of-way of Mississippi Avenue;
Thence:with the East line of said Block 4,Morningside Addition and the West right-of-way of said
Mississippi Avenue,North to the North most Northeast corner of Lot 5, said Block 4, Momingside
Addition and the South right-of-way of an alley;
Thence:with the South right-of-way of said alley, West to the Northwest corner of Lot 1, Block 2,
said Momingside Park Addition,and the East right-of-way of Evans Avenue;
Thence: West to the West right-of-way of said Evans Avenue, the Southeast corner of Lot 1, Block
A, and the Northeast corner of Lot 1, Block 1, said Morningside Park Addition;
12
Thence: with the South line of said Lot 1, Block A, and the North line of said Lot 1,
Block 1, West to the Northwest corner of said Lot 1, Block 1;
Thence: with the West line of said Block 1,Momingside Park Addition, South to the
North right-of-way of said T&P Railroad;
Thence: with the North right-of-way of said T&P Railroad,Northwesterly to the place of
beginning,and containing some 3,970 acres of land.
Note:This exhibit prepared under 22 TAC§663.21,does not reflect the results of an on the ground survey,and is not to
be used to convey or establish interest in real property except those rights and interest implied by the creation or
reconfiguration of the boundary of the political subdivision for which it was prepared.
East Berry Corridor TIF
CFW/DOE/Survey Division
File No.52656001
13
iii. MAP OF EXISTING USES
14
iii.MAP OF EXISTING USES
f
i
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GLEN GARDEN \
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7
3 �,
E v .
[ I
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_1 �{
Ven..
iuerside-Berry Pa rceEs
neral Use(TAD 2005)
_. b _..._. Vacant-Unimproved
- ... Residential-improved
. E t CommerciaV Industrial-lmprov
@ E26 GS 1
Unknown
15
iv. MAP OF PROPERTY VALUES
16
iv.MAP OF PROPERTY VALUES
... _
t
_....
'sEtut
GLEN GARDEN l
e.
i E
egend
Riverside-Berry Parcels
otal Value(TAU 2005)
50.00-425,794.00
526,794.01-$60,000.80
S60,000.01-S95,722.00
59S,722.01-$1641400.00
MIi. 5164,400.01-$335,272-00
a�a as s
... '...._.......\ _..__... ._. .. .. i...... $335,272.01-$1,359 970.0
17
B. PROPOSED CHANGES TO CURRENT ORDINANCES AND CODES
There are currently no proposed changes to zoning ordinances, building codes, nor any other
municipal ordinances relating to the TIF that would affect the anticipated implementation of
the Plans by the Board.
C. ESTIMATED NON-PROJECT COSTS
Non-project costs are not expected to be incurred within the TIF.
D. METHOD OF RELOCATING DISPLACED PERSONS
No person shall be displaced as a result of implementing the Plans.
18
III. THE FINANCING PLAN
19
III. THE FINANCING PLAN
A. ECONOMIC FEASIBILITY OF THE ZONE
i. Increased Tax Base
The following economic impact analysis is based on known development plans within the
TIF district and the opportunities that exist to capture tax increment due to the low appraised
values in the area.
The success of any TIF Zone is predicated on the increase in value of the appraised real
property so that tax increment may be captured. This tax increment can then be used to
make infrastructure improvements in an effort to promote further growth. With that in mind,
initiating this TIF Zone in 2006 is important since private investment planned for the area is
currently underway. Specifically, the Sierra Vista residential development planned at the
northwest corner of the intersection of East Berry and Riverside Drive can serve as a catalyst
that both initiates the redevelopment of the area and helps ensure the success of the TIF Zone
in the early years. Along with this single family housing project, numerous development
opportunities have come to the forefront including the potential development of the Masonic
Home of Texas School property, which includes approximately 200-acres of prime green
space within the core of the central city.
With the designation of the 604-acre TIF, it is anticipated that the area within and
surrounding the TIF will experience a substantial increase in value as the project
improvements are completed and the planned developments build out. Potential
development is expected to include commercial, retail, restaurants, entertainment, and
residential uses. These new developments should have a greater impact on the overall
increase in taxable real property within the Zone than typically found in other areas of Fort
Worth. A comparison of land values per acre in a comparable area of the City of Fort Worth
in which a TIF Zone has been created, illustrates the potential for a dramatic increase in
existing property values due to the depressed existing values. The area for the TIF shows
that the average value per acre of real property is under $50,000 while the average value per
acre of the Southside TIF (generally bounded by Interstate Highway 30 on the north, Evans
Avenue on the east, Allen on the south, and Forest Park on the west) when created in 1997
was over $140,000. Because of the overall depressed existing values in the area, it is
surmised that new investment made in the area will increase the value of existing properties
at a faster rate than the typical rate of inflation, which means an even greater opportunity for
the TIF Zone to be successful.
It is estimated that the area in the Zone will experience significant development during the
20-year period in which the TIF Zone is in place with the potential for TIF Increment to
exceed $30 million if all taxing entities choose to participate by designating 100% of their
tax increment. Although prohibited from participating in the TIF, it is anticipated that the
Fort Worth Independent School District could receive an estimated $39.2 million in tax
revenue over the 20-year period.
20
ii. Increased Retail and Commercial Business
Based on current land uses and potential investment, the TIF will develop with
approximately 110 acres of the developable area becoming new or redeveloped retail and
commercial business.
iii. Employment Opportunities
In addition to the jobs created during construction of the project improvements, it is expected
that the future development of the Zone resulting from the private project improvements will
generate a wide variety of additional employment opportunities.
21
B. PROPOSED PROJECTS AND IMPROVEMENTS
The redevelopment within the East Berry Renaissance TIF will consist of a combination of
public improvements and private investments projects. These improvements will provide a
"foundation for development" to encourage and support the long-term public needs of the
neighborhood and secure mixed-use economic growth opportunities in southeast Fort Worth.
i. Initial Improvements
The initial improvements contemplated in the East Berry Renaissance TIF include public
infrastructure (e.g. water, sewer, drainage, roads, sidewalks, etc) associated with mixed-use
development. In addition, demolition, environmental remediation, and all expenses
allowable under the Tax Increment Financing Act are contemplated as needed for areas of
the TIF Zone identified as ripe for new or redevelopment. The improvements undertaken by
the TIF will be associated with the projects listed below:
• East Berry Corridor Improvements — Street, traffic, utility, drainage and other public
infrastructure projects on East Berry Street from IH-35 to Highway 287
• Public Infrastructure such as water, sewer, drainage, roads, sidewalks, etc. associated
with the following development projects
o Sierra Vista Phase II— Commercial and Retail Developments planned
for the northeast corner of Riverside and Berry
o Masonic Home of Texas School property — Development of this site
once sold to a private investment group, which is expected in 2006.
o Sierra Vista Phase III — Commercial and Retail Development planned
on the southwest corner of Riverside and Berry
• Berry Street Gateway Enhancements - Street, traffic, utility, drainage and other public
infrastructure projects at the gateways of the TIF at IH-35 and at Highway 287
• Administrative Expenses
ii. Future Improvements
There are no future projects contemplated during the term of the TIF. However, the City
Council reserves the right to consider amendments to the project plan if subsequent projects
are identified by the TIF Board as appropriate and eligible for tax increment funding.
22
C. TAX INCREMENT REVENUE PROJECTIONS
i. Bonded Indebtedness
No bonded indebtedness is expected to be incurred with respect to any of the project
improvements.
ii. Projection of Revenues
This section outlines the estimated Zone tax increment. The Zone Tax increment will
depend on many factors, including (a) the base value of real property in the Zone subject to
property tax; (b) captured appraised value; (c) annual growth of the Zone's taxable real
property (which largely depends on private growth within the Zone); (d) participation by tax
units; (e) tax rates; (f) collection rates; and (g) the term of the Zone. Each of these factors is
discussed in turn.
(a) Taxable Appraised Value for 2006 (the Base Value). Table 1 sets forth the
total taxable appraised value of property in the Zone (estimated to be $30,154,930), which is
anticipated to be the Zone's base value.
(b) Captured Appraised Value. Table 1 sets forth the estimated total appraised
value of property in the Zone over the life of the TIF (estimated to be approximately
$212,474,746 in year 2026).
(c) Expected Annual Growth of the Zone's Taxable Real Property. The estimated
captured appraised value (thus reflecting estimated growth of real property taxable values) of
the Zone for each year of its existence and the estimated tax increment to be generated
annually in total and from each taxing entity is outlined on Table 1.
(d) Participation by Tax Units. Although each taxing entity has not agreed to a
specific level of participation, the financial projections set forth in the Plans anticipates that
the City of Fort Worth, Tarrant County, the Tarrant County Hospital District, Tarrant County
College, and Tarrant Regional Water District will participate in the Zone, by contributing
one hundred percent(100%) of their tax increment with respect to the Zone.
(e) Projected Tax Rates. Property tax rates are assumed to remain constant.
(f) Projected Collection Rates. The Plans assumes a one hundred percent (100%)
collection rate.
(g) Term of the Zone. The term of the Zone will be 21 years, expiring on
December 31, 2027, beginning with that Zone tax increment generated by the 2007 tax
appraisal and ending with that Zone tax increment generated by the 2026 tax appraisal.
23
iii. Estimated Payment of Project Costs
Based on the assumptions and estimates set forth in the information above, it is expected that
the Zone tax increment will be sufficient to pay in full all project costs (including interest).
24
IV. SUMMARY OF PROJECT COSTS
AND FINANCING
25
IV. SUMMARY OF PROJECT COSTS AND FINANCING
A. Anticipated TIF Projects
• East Berry Corridor Improvements* $ 7,500,000
• Public Infrastructure associated with
o Sierra Vista Phase Retail/Commercial (Northeast Corner)* $ 4,200,000
o Masonic Home of Texas Property Redevelopment* $ 5,200,000
o Sierra Vista Phase Retail/Commercial (Southwest Corner)* $ 1,000,000
• Berry Street Gateway Enhancements* $ 1,700,000
• Administrative Expenses $ 500,000
TOTAL PROJECT COSTS $20,100,000
B. Anticipated TIF Revenues
• City of Fort Worth $19,260,657
• Tarrant County $ 6,471,944
• Tarrant County Hospital District $ 5,590,738
• Tarrant County College District $ 3,310,310
• Tarrant Regional Water District $ 475,005
TOTAL REVENUE $35,108,655
* Project costs assume interest associated with reimbursement for public improvements.
26
V. TABLES
27
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EXHIBIT "C"
COUNTY RESOLUTION
M j 00
RESOLUTION
PARTICIPATION IN CITY OF FORT WORTH
TAX INCREMENT FINANCING REINVESTMENT ZONE #12 -
EAST BERRY RENAISSANCE 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. 17061-07-2006, dated
July 18, 2006, establishing Tax Increment Financing Reinvestment Zone Number Twelve of Fort
Worth, Texas, in accordance with the Tax Increment Financing Act,to promote redevelopment of
property in the Zone and the construction of new residential,commercial and retail development 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 #12 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 Project Plan and Financing
Plan as approved and submitted by the Reinvestment Zone Board of Directors on April 11,2007;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.
asEC-U,'DO
NOW, THEREFORE, BE IT RESOLVED:
That the Tarrant County Commissioners Court hereby approves participation in the Fort
Worth Tax Increment Financing Reinvestment Zone #12 and the payment into the tax increment
fund of one hundred percent (100%) 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 1,2007 through December 31,2027 or
until $7,100,000 in cumulative County increment deposits have be made, or until all project costs
have 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 6th day of November, 2007.
COURT ORDER NO. �Uk`b
B. Glen Whitley, County Judg
��
Roy C. Br6oks Marti VanRavenswaay
Commissioner, Precinct 1 Commissioner, Precinct 2
ary Fickes o
Commissioner, Precinct 3 Commissioner, Precinct 4
ATTEST: APPROVE TO
un Clerk Asst. is Attorney