HomeMy WebLinkAboutIR 8850INFORMAL REPORT TO CITY COUNCIL MEMBERS
No. 8850
To the Mayor and Members of the City Council June 19, 2007
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• SUBJECT: Execution of Participation Agreements with Tarrant County
form College District and Tarrant Regional Water District for
the Trinity River Vision TIF
The purpose of this Informal Report is to provide an update on the participation agreements for
Tax Increment Reinvestment Zone Number Nine (Trinity River Vision TIF).
On December 16, 2003 (by M &C G- 14194), the City Council adopted Ordinance No. 15797
designating the Trinity River Vision TIF, which will expire on December 31, 2029. In January
2006 the City Council approved by ordinance the project and financing plan.
Under state law, a taxing unit is not required to contribute tax increment to a TIF unless that taxing
unit enters into an agreement to do so with the municipality that has designated the TIF. At this
time, participation agreements have now been executed with the taxing entities outlined below as
follows:
• Tarrant County will contribute 80% annually through the term of the TIF;
• Tarrant County College District will contribute 80% annually through the term of the TIF; and
• Tarrant Regional Water District will contribute 80% annually through the term of the TIF.
Pursuant to Ordinance No. 15325, the City of Fort Worth also contributes 80% annually to the TIF.
Staff anticipates receipt of a participation agreement from Tarrant County Hospital District with an
80% annual participation level.
Revenue in the tax increment fund may be used for any lawful project cost of the Trinity River
Vision TIF, as restricted by state law and the project plan adopted by the TIF's Board of Directors
and approved by the City Council.
Charles R. Boswell
City Manager
ISSUED BY THE CITY MANAGER
FORT WORTH, TEXAS