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HomeMy WebLinkAbout2001/10/02-Minutes-HEDC City of Fort Worth City Council Economic Development Committee Highlights of the Meeting Held Tuesday, October 2, 2001 Committee Members Present: Jeff Wentworth, Becky Haskin, Frank Moss, and Jim Lane Other Council Members and Staff Present: Jan Baker, George Behmanesh, Linda Brown, Patricia Garcia, Mike Groomer, Tom Higgins, Chuck Silcox, Kirk Slaughter, Peter Vaky, and Ardina Washington 1. Call to Order: The meeting was called to order by Chairman Wentworth at 12:10 p.m. 2. Approval of Minutes from the Meeting held August 21, 2001: Committee member Haskin made a motion to approve the minutes from the meeting held on August 21, 2001. Committee member Lane seconded the motion. The minutes were approved. 3. Discussion of the Cultural District and Will Rogers Memorial Center Master Plan: Kirk Slaughter, Public Events Director, gave the Committee the following brief update: the plan to have all storm drain work along Gendy completed by the Stock Show is on schedule for Phase I; paving will begin on Gendy St. from Harley to the Circle and to the Cowgirl Hall of Fame parking lot after the Stock Show; this will allow time for completion prior to their opening date in May 2002; George Behmanesh, Assistant Director, Transportation & Public Works (T/PW), is preparing a Community Facilities Agreement with the Cowgirl Hall of Fame; Carter & Burgess is preparing the design work. Mr. Behmanesh noted that a contract has not been completed but is in the process. Mike Groomer, Assistant City Manager, asked Mr. Slaughter to update the Board on the status of the Water Garden. Mr. Slaughter stated the design of the renovated Water Garden is in process and the goal is to open simultaneously with the Convention Center in March 2002. Mr. Slaughter anticipates recommending Walker Building Corporation (WBC) to construct Phase II of the Convention Center expansion. If the Council approves, Walker Building Corporation will relocate to the parking lot of the Convention Center. This will free the Plaza area for construction and allow them to work directly across from the Phase II site. Mr. Slaughter said WBC is awaiting additional drawings from Carter & Burgess. Mr. Slaughter stated the Mayor and Council Communication awarding the contract should be before the City Council within the next 2 — 3 weeks for approval. Chairman Wentworth asked if the contract for the Water Gardens had been selected. Mr. Slaughter stated it was a consideration to do a Change Order to WBC's contract. Mr. Ralph Cook, Construction Manager, is preparing cost estimates to determine if WBC can handle the additional work. If WBC is able to handle the Water Gardens renovation, it is likely that simultaneous opening of the hotel and the gardens will occur. Mr. Groomer stated a competitive bid process had been completed, and WBC was low bid. Additionally, Mr. Slaughter noted that new pricing for the Convention Center garage started today. Mr. Slaughter was able to offer parking spaces to Southwestern Bell employees by contract. Discussion of Changes to the Base Year of TIF#2: Tom Higgins, Director of Economic Development, gave a brief update and introduced Cheryl Curry, Director of Commercial Properties for Tarrant Appraisal District (TAD). Ms. Curry explained that on January 1, 1995, Page I of 2 the property, which is now the Texas Motor Speedway, was not in the City of Fort Worth. It was in Denton County. Therefore, Denton County Appraisal District (DCAD) appraised the property. In December 1995, the property was annexed into the City of Fort Worth and then the Tax Increment Reinvestment Zone #2 (TIF #2) was established using 1995 as the base year. The base year value of a tax increment financing district is determined by the appraised value of the property in the district as of January 1 of the year in which the district is established. Ms. Curry stated that because the property was not in the City of Fort Worth on January 1, 1995, TAD did not have appraised values for the property; therefore, the appraised value of$4,750,000 for 950 acres provided by DCAD (in the letter that is an attachment to Ordinance 12323) was accepted by TAD because the ordinance had been approved by the City Council. Ms. Curry stated that when TIF #2 was expanded, questions arose about the size and value of the expanded area. While attempting to answer the questions, TAD discovered that the base year value of the original area of TIF #2 had been established on the market value and not the appraised value. Additionally, it was discovered that the actual area of the original portion of the TIF was 568 acres instead of 950 acres. Ms. Curry briefly discussed the difference between appraised value and market value, as defined in Chapter 23 of the Texas Property Tax Code. In most cases, the appraised value and market value are the same. However, in a few instances, as defined by Chapter 23, appraised value may differ from market value. Ms. Curry stated that staff from TAD went to the DCAD and reviewed the records. The records indicate that the DCAD appraised value of the 568 acres that comprise TIF #2 is approximately$130,000. Chairman Wentworth asked why it took five years to discover the difference. Ms. Curry stated TAD had no reason to question or check DCAD information until questions about the expanded area were asked. After much discussion, it was suggested that staff meet with TAD and DCAD and their legal representatives to clearly define the issue. Chairman Wentworth asked that staff give a status report at the next meeting. Other Business: Committee member Lane asked that at the next meeting a plan be discussed wherein all tourism assets are better coordinated. He suggested that the City, with the CVB, develop a brochure that displays all assets. He would like the City to establish its own marketing efforts to be used in conjunction with the CVB's current marketing. Chairman Wentworth asked that this be put on the agenda for the next meeting and that Doug Harmon of the CVB or the appropriate person be present. Committee member Moss would like an inventory of major industrial parks and a GIS map that shows where they are located. 6. Executive Session: There were no Executive Session items for this meeting. 7. Adjourn: Chairman Wentworth adjourned the meeting at 1:05 p.m. Approved By: f Wentworth, Chairman Page 2 of 2