HomeMy WebLinkAboutContract 39816CITY SECRETARY
CONTRACT NO. 3 �f
AGREEMENT TO PARTICIPATE IN
TAX INCREMENT REINVESTMENT ZONE NUMBER THIRTEEN,
CITY OF FORT WORTH, TEXAS
(WOODHAVEN TIF)
This AGREEMENT TO PARTICIPATE IN TAX INCREMENT
REINVESTMENT ZONE NUMBER THIRTEEN, 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 November 27, 2007, the City Council of the City ("City Council")
adopted City Ordinance No. 17889-11-2007 designating certain real property located in
the eastern portion of the City in an area bounded by Highway Loop 820 on the east and
Interstate Highway 30 on the south as Tax Increment Reinvestment Zone Number
Thirteen, City of Fort Worth, Texas, (the "TIF District"). The TIF District is informally
known as the "Woodhaven TIF". Ordinance No. 17889A I1 2007 is hereby incorporated
by reference for all purposes and is attached hereto as Exhibit "A".
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
Woodhaven 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. = t_a_ __
County Participation Agreement
re: Woodhaven TIF
Page I
OFFICIAL i��;(;�i�
CITY SECRETARY
�T. WORTH, TX
2. DEFINITIONS.
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.
1788941-2007. At all times during the term of the TIF District, the County shall appoint
and maintain at least one (1) member on the TIF Board, and may appoint non -voting ex-
officio members or County staff members who shall also be notified of all TIF Board
meetings and actions.
TIF District means the certain real properties and boundaries as described in City
17889-11-2007, attached hereto as Exhibit "A".
Tax Increment in a given year means the amouYrt of property taxes levied ar�d
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, 2007 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. 17889-11-2007, 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. 17889-11-2007, attached hereto as
Exhibit "A".
County Participation Agreement
re: Woodhaven TIF
Page 2
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 2008 tax
year, eighty percent (80%) of the County's Tax Increment into the Tax Increment Fund up
to a maximum cumulative contribution of Two Million Seven Hundred Eighty -Seven
Thousand Eight Hundred and Eighty -Five Dollars ($2,787,885) (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 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 $13,500,000 in 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.
County Participation Agreement
re: Woodhaven TIF
Page 3
4.3. 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.
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, 2028 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. T1F 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.
County Participation Agreement
re: Woodhaven TIF
Page 4
S. NOTICES.
All written notices called for or required by this Agreement shall be addressed to the
following, or such other parry or address as either parry 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:
the City Attorney and
Housing and Economic 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 JTiJRISDICTION.
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
County Participation Agreement
re: Woodhaven TIF
Page 5
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.
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. COUNTERPAR`TS.
This Agreement maybe executed in multiple counterparts, each of which shall be
considered an original, but all of which shall constitute one instrument.
County Participation Agreement
re: Woodhaven TIF
Page 6
EXECUTED as of the later date below:
CITY OF FORT WORTH, TEXAS:
By
Tom Higgins
Assistant City Manager
Date: Z/ f ///U
ATTEST:
��� Marty HelrHri�s
C g City Secretary
OVED AS TO FORM/LEGALITY
Y n
�1
By:
Leann D. Guzman
Assistant City Attorney
G
TARRANT COUNTY, TEXAS:
By:
(;ounty Judge
Date:
ATTEST:
Deputy County Clerk
APPROVED AS
By:
Ray
Assi�
istrict Attorney
COURT ORDER # �D � 88
* By law, the District Attorneys Offtce may only advise or approve contracts or legal documents ort behalf
of its clients. It may trot 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
re: Woodhaven TIF
Page 7
4FFtClitL l�ECORD
CITY SECRETARY
T.
W07TH, TX
EXHIBIT "A"
ORDINANCE ESTABLISHING FORT WORTH TIF DISTRICT # 13 AND
THE BOUNDARIES OF THE TIF REINVESTMENT ZONE
ORDINANCE NO. 17889-11-2007
AN ORDINANCE DESIGNATING A CERTAIN CONTIGUOUS
GEOGRAPHIC AREA IN THE CITY OF FORT WORTH AS "TAX
INCREMENT REINVESTMENT ZONE NUMBER THIRTEEN,
CITY OF FORT WORTH, TEXAS"; CREATING A BOARD OF
DIRECTORS FOR THE ZONE; PROVIDING THE EFFECTIVE
AND TERYUNATION 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 cortiguaus geographic area in the City vrhich is more specifically described in
Exhibit "A" of this Ordinance (the "Z®tee") 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 September 14, 2007 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; (n) a description of the boundaries of
the Zone; (iii) the City's tentative plans for development of the Zone; andestimate
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 flans"); and
Page 1
Ordinance Designating Tax Increment Reinvestment Zone Number Thvteen,
City of Fort Worth, Texas
WHEREAS, in accordance with Section 311.003(f) of the Code, on November 6,
2007 the City made a single formal presentation to the governing bcdy 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 November 27, 2007 the City Council held a public hearing
regarding the creation of the Zone and its benefits to the Ciiy 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 November 14, 2007, 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 Thirteen,
City of Fort Worth, Texas
SeMon 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 I, L00 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
encompasseA by the Zone has been in a general state of economic decline for the
past twenty years.
1.4. The Zone lacks essential infrastruciure to sustain viable new development,
including but not limited to, water, sewer, drainage, roads and sidewalks,
1.5. Based on the facts set forth in Sections 1.3, and 1-.4 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
Page 3
Ordinance Designating Tax Increment Reinvestment Zone Number Thirteen,
Ciry of Fort Worth, Texas
finds that development of the Zone will not occur solely through private
investment in the foreseeable future.
1.6. 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.
1.7. No more than ten percent (10%) or less of the property in the Zone is used
currently for residential purposes, as specified by Section 31 1.006 of the Code.
1.8. 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.
1.9. The Zone does not contain more than fifteen percent (IS%) of the total appraised
value of real property taxable by any county or school district.
Page 4
Ordinance Designating Tax Increment Reinvestment Zone Number Thirteen,
City of Fort Worth, Texas
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 Thirteen, City of Fort Worth, Texas."
Section �>
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.
Section 4.
That the Zone shall take effect immediately upon the adoption of this Ordinance
and terminate on the earlier of (i) December 31, 2028 or an earlier termination date
Page 5
Ordinance Designating Tax Increment Reinvestment Zone Number Thirteen,
City of Fort Worth, Texas
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 15 20075 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
311.013(f) of the Code, plus (ii) the Ciiy'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
Page 6
Ordinance Designating Tax Increment Reinvestment Zone Number Thirteen,
City of Fort Worth, Texas
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
is 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.
SEVERABILITY.
That if any portion, section or pars 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.
Section 9.
IlYIl17ElDIATE EFFECT.
That this Ordinance shall take effect and be in full force and effect from and after
its adoption.
Page 7
Ordinance Designating Tax Increment Reinvestment Zone Number Thirteen,
City of Fort Worth, Texas
AND IT IS SO ORDAINED.
ADOPTED AND EFFECTIVE
November 27.2007
APPROVED AS TO FORM AND LEGALITY:
Assistant Cite Attorney
Date: November 27, 2007
M&C: G-15982
Page 8
Ordinance Designating Tax Increment Reinvestment Zone Number Thirteen,
City of Fort Worth, Texas
EXI�BIT "A"
DESCRIPTION AND DEPICTION O-v THE ZONE
The tracts to be designated as Tax Increment Reinvestment Zone Number Thirteen, 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:
Political Subdivision Description of Proposed TIP 13 (Woodhaven)
A tract of land out of the, the W. J. Baker Survey, Abstract Number 101, the J. Brockman
Survey, Abstract Number 102, the N. Burton Survey, Abstract Number 244, the J. H.
Connor Survey, Abstract Number 285, the P. E. Coleman Survey, Abstract Number 372,
the D. M. Helms Survey, Abstract Number 812, E. Jones Survey, Abstract Number 841,
the H. P. Largent Survey, Abstract Number 960, the William Mann Survey, Abstract
Number 995, the George Main Survey, Abstract Number 1097, the J. F. Reeding Survey,
Abstract Number 1302, the W. R. Reeder Survey, Abstract Number 1303, the R.
Robinson Survey, Abstract Number 1315, the W. W. Ray Survey, Abstract Number
1353; the E. G. B. Williams Survey, Abstract Number 1669, the W. Trimble Survey,
Abstract Number 1521, and the R. Taylor Survey, Abstract Number 1561;
BEGINNING at the intersection of the west line of said Jones Survey with_the north
right -of way of Interstate Highway 30;
THENCE with said west iine, North, to and along the west line of said Brockman Survey,
some 3430 feet, to the centerline of Old Randol Mill Road;
THENCE with said centerline, South 84 degrees 30 minutes East, some 450 feet to its
intersection with the west line of that certain tract of Iand described by deed recorded in
Volume 9236, Page 157, Deed Records, Tarrant County, Texas;
THENCE with said line, North, some 260 feet to its northwest corner:
THENCE with the north line of said tract, South 86 degrees 30 minutes East, some 560
feet, to the southeast corner of that certain tract of land described by deed recorded in
Volume 12871, Page 510, Deed Records, Tarrant County, Texas;
THENCE with the east Tine of said tract, North, some 410 feet, to the south bank of the
West Fork of the Trinity River;
THENCE with said south bank, Northeasterly some 2280 feet, to the northwest corner of
that certain tract of land described by deed recorded in Volume 8938, page 466, Deed
Records, Tarrant County, Texas;
Ordinance Designating Tax Increment Reinvestment Zone Number Eleven,
City of Fort worth, Tcxas
THENCE with the north line of said tract, North 72 degrees 30 minutes East, some 560
feet, to the west line of said Reeding Survey;
THENCE with said line, South, some 200 feet to its intersection with the northwesterly
line of that certain tract of land, known as Tract 2L out of said Reeding Survey, described
by deed recorded in Volume 16775, Page 133, Deed Records, Tarrant County, Texas;
THENCE with said line and the northeasterly Ime of said tract, Northeasterly, and
Southeasterly, some 740 feet, to the north comer of Lot IB, Block 100, Riverbend
Estates;
THENCE with the west and south lines of said Lot, some 470 feet, to said northeasterly
Iine of said Tract 2L,
THENCE with said line, Southeasterly, some 940 feet, to the. south right -of --way of Forest
River Drive;
THENCE with said right-ofway, North 55 degrees 30 minutes East, some 610 feet, to its
intersection with the west line of Lot 5, Block 1, Riverchase Addition;
THENCE with said line, Southeasterly, some 490 feet, to the northwest comer of Block
25 of Woodhaven Country Club Estates;
THENCE with the west line of said Block, Southerly, some 1280 feet, t�-the northwest
corner of Lot IUR Woodhaven Golf Villas;
THENCE with the west line of said Woodhaven Golf Villas, Southerly and Easterly,
some 300 feet, to the west right-of-way of Putter Drive;
THENCE with said right -of --way, South, some 40 feet, to the most east northeast corner
of Lot IS;
THENCE with the west line of said Woodhaven Golf Villas, Southerly and Easterly,
some 590 feet, to the southwesterly right -of --way of Putter Drive;
THENCE with said right-of-way, South 20 degrees East, some 10 feet, to the most north
corner of Lot 1N;
THENCE with the west, south and east lines of said Woodhaven Golf Villas, Southerly
Easterly and Northerly, some 860 feet, to the south right -of --way of Oakmont Lane;
THENCE with said right -of --way, South 79 degrees East, some 70 feet, and South 88
degrees 30 minutes East, some 110 feet, to the most northwest comer of Block 20 of
Woodhaven Country Club Estates;
Ordinance Designating Tax Increment Reinvestment Zone Number Eleven,
City of Fort Worth, Texas
THENCE with the west line of said Block, Southerly, to and along the north, west and
south lines of Block 1, of Havenwood Golf Villas, and to and along the east line of said
Block 20, some 2200 feet, to the southwest right -of --way of Oakmont Lane;
THENCE with said right -of --way, South 30 degrees East, some 50 feet, and South 21
degrees 30 minutes East, some 90 feet, and South 13 degrees East, some 30 feet, to the
most northeast comer of Block 9, Woodhaven Country Club Estates;
THENCE with the most north, west and no line of said Block, West, Southerly, and
West, some 2000 feet, to its intersection with a line 1.0 feet northeasterly of the
southwesterly right-of-way of Country Club Lane;
TI�NCE with said line, Northwesterly, some 900 feet; to its intersection with the north
line of Lot 39, Block 6, Woodhaven Country Club Estates;
THENCE to and along a north, a west, and a southwesterly line of said Block, West,
South, and Southeasterly, some 500 feet, to its intersection with the southwesterly right-
of -way of Country Club Lane;
THENCE with the southwesterly right -of --way of Country Club Lane, South 38 degrees
East, some 140 feet, to the northeast corner of Lot 28, of said Block 6;
THENCE with the a north, most west and most south line of said Block, West, Southerly,
and East, crossing Doral Drive, and to and along the south line of Block 7, crossing
Country Club Lane, and to and along the south and southeast line of Block 8, crossing
Oakland Hills Drive, and to and along the southeast and north line of Block 10, some
7400 feet, to its intersection with'u e northeast right-of-way of Oakmont Lame;
THENCE with said right -of --way, North I S degrees 30 minutes West, some 100 feet, to
the southeast corner of Block 22;
THENCE with the east, north, west line of said Block, North, West, and South, some
5500 feet, to its intersection with the no right -of --way of Oakmont Lane;
THENCE with said right -of --way, North IS degrees 30 minutes West, some 100 feet, to
the south comer of Block 23;
THENCE with. the east, and northeast line of said Block, North, and Northwest, some
1100 feet, to its intersection with the east right -of --way of Oakmont Lane;
THENCE with said right -of --way, North 8 degrees West, some 215 feet, to the west
corner of that certain tract of land described by deed recorded in Volume 14772, Page
526, Deed Records, Tarrant County, Texas;
Ordinance Designating Tax Increment Reinvestment Zone Number Eleven,
City of Fort worth, Texas
THENCE with the south line of said tract, South 73 degrees 30 minutes East, some 80
feet, and South 82 degrees East, some 110 feet, and South 1 degrees East, some 100 feet,
to its intersection with the south line of Block 1, Riverchase Addition;
THENCE with the southeast line of said Block, North 68 degrees East, some 690 feet,
and North 32 degrees East, some 550 feet, to its intersection with the south right -of --way
of Randol Mill Road;
THENCE with said right -of --way, North 69 degrees 30 minutes East, some 570 feet, to
the northwest comer of Block 16;
THENCE with the southwest line of said Block, Southeast, some 2000 feet, to its
intersection with the north right-of-way of Cholla Drive;
THENCE with said right -of --way, North 86 degrees East, some 250 feet, to the southeast
corner of Lot 45 in Block 16;
THENCE with an east, north, and south line of said Block, North, West, and East, some
2400 feet, to the southeast corner of Lot 30 in Block 16;
with the east line of said LotNorth 3 degrees 30 minutes East, some 120 feet, to
Thence ,
its intersection with the south right-of-way of Cholla Drive;
North 84 degrees 30 minutes East, some 20 feet, to the northwest corner of Lot 29 in
Block 16;
Thence with the west line of said Lot, South Z degrees West, some 130 feet, to its
southwest corner;
THENCE with a south, west, north, west and south line of said Block, East, South, West,
South and East, some 3200 feet, to its intersection with the west right-of-way of High
Woods Trail;
THENCE with said right -of --way, South, some 300 feet, to its intersection with the west
right -of --way of Boca Raton Boulevard;
THENCE with said right -of --way, West, some780 feet, to its intersection with the
southwest line of Block 29;
THENCE with said line, Southeasterly, some 2300 feet, to the south comer of the right -
of --way of High Woods Trail;
THENCE with the southeast line of said right-of-way, to and along southeast line of
Block 27, Northeasterly, some 440 feet, to its intersection with the west right -of --way of
TX J Electric Delivery Company;
Ordinance Designating Tax Increment Reinvestment Zone Number Eleven,
City of Fort Worth, Texas
THENCE with said right -of --way, North, some 2380 feet, and North 4 degrees 30 minutes
West, some 1190 feet, to its intersection with the south line of Block 19;
THENCE with said line, South 87 degrees West, some 340 feet, and South 70 degrees
West, some 290 feet, to its intersection with the east right-of-way of High Woods Trail;
THENCE with said right -of --way, North, crossing Randol Mill Road, and to and along the
east right -of way of Riverbend Estates Drive, some 1060 feet, to its intersection with the
north right-of-way of TXU Electric Delivery Company;
THENCE. with said right -of --way, South 88 degrees East, some 790 feet, and North 4
degrees 30 minutes West, some 810 feet, to the north line of said Reeding Survey;
THENCE with said line, East, some 205 feet, to its intersection with the east TXU
Electric Delivery Company;
THEI�ICE wish said right -of --way, North 4 degrees 30 minutes West, some 980 feet, to the
north bank of the West Fork of the Trinity River;
THENCE with said north bank, Easterly some 3100 feet, to its intersection with the west
right-of-way of Interstate Highway Loop 820 East;
THENCE with said right -of --way, South, some 7000 feet, to its intersection with the north
right-of-way of interstate Highway 30;
TAT--��NCE with sa?d right-of-way, West, some 10,400 feet, to fhe Place of Beginrvr:g, and
containing some 1120 acres of land, more or less.
Bearing Base and Distances, per City of Fort Worth, Graphic Information System.
This description prepared by Hans Kevin Hansen, Registered Professional Land Surveyor, Number 4786,
in September 2007.
This
document was 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 interests in real property except those rights or interests
implied or established 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
EXHIBIT "B"
FORT WORTH TIF DISTRICT # 13
PROJECT AND FINANCING PLAN
Tax Increment Reinvestment Zone Number Thirteen,
City of Fort Worth, Texas
(Woodhaven TIF)
Prepared for
The City of Fort Worth
May 2008
1
Tax Increment Reinvestment Zone Number Thirteen,
City of Fort Worth, Texas
(Woodhaven TIF)
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..........................................................................................15
iv. Map of Property Values......................................................................................17
B. Proposed Changes to Current Ordinances and Codes....................................................19
C. Estimated Non -project Costs..........................................................................................19
D. Method of Relocating Displaced Persons.......................................................................19
III. The Financing Plan.....................................................................................................................20
A. Economic Feasibility of the Zone...................................................................................21
B. Proposed Projects and Improvements..* 2 3
C. Revenue Projections.......................................................................................................24
IV. Summary of Project Costs and Financing...................................................................................26
V. Tables..........................................................................................................................................28
2
3
I. TAX INCREMENT FINANCING OVERVIEW
Tax increment financing ("TIF") 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 de_rived-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
5
II. THE PROJECT PLAN
In 2005, the City of Fort Worth selected Gideon Toal to prepare a neighborhood
redevelopment plan to undergo a comprehensive study, analysis and action plan of the
Woodhaven area in east Fort Worth. Almost twenty years of escalating crime and stagnant
property values, along with increasing poverty levels were part of the impetus to initiate
policy, planning and redevelopments efforts for this area. In general, the TIF Plans
contemplate that prospective developers of properties within the TIF may fund portions of
public infrastructure associated with development opportunities by 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 Woodhaven TIF represents an important opportunity to support viable economic
redevelopment in east Fort Worth. Much of 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 years. In order to support new and denser development in the future, some of
the basic infrastructure in the area must be upgraded because much of the existing streets,
water, sewer, and drainage systems were constructed several decades ago.
A. DESCRIPTION OF THE PROP�?SED ZONE
The Woodhaven TIF is located in east Fort Worth and encompasses approximately 1,100
acres of property that is bounded by Willow Ridge Road on the westernmost boundary,
Interstate Highway 30 on the southernmost boundary, Interstate Highway Loop 820 on the
easternmost boundary, and roughly follows the Trinity River at its northernmost boundary.
This area includes intersections such as Woodhaven Blvd. and Boca Raton, and Bridge
Street and Boca Raton as they intersect Loop 820.
A map of the boundary and the legal description of the Woodhaven TIF are contained on the
following pages as well as maps of the current zoning and property values.
0
i. MAP OF THE BOUNDARY
ii0 LEGAL DESCRIPTION OF THE TIF
Political Subdivision Description of TIF 13 (Woodhaven)
A tract %J land out %J the, the W. J. Baker Survey, Abstract Number 101, the J. Brockman Survey,
Abstract Number 102, the N. Burton Survey, Abstract Number 244, the J. H. Connor Survey,
Abstract Number 285, the P. E. Coleman Survey, Abstract Number 372, the D. M. Helms Survey,
Abstract Number 812, E. Jones Survey, Abstract Number 841, the H. P. Largent Survey, Abstract
Number 960, the William Mann Survey, Abstract Number 995, the George Main Survey, Abstract
Number 1097, the J. F. Reeding Survey, Abstract Number 1302, the W. R. Reeder Survey, Abstract
Number 1303, the R. Robinson Survey, Abstract Number 1315, the W. W. Ray Survey, Abstract
Number 1353, the E. G. B. Williams Survey, Abstract Number 1669, the W. Trimble Survey,
Abstract Number 1521, and the R. Taylor Survey, Abstract Number 1561;
BEGINNING at the intersection of the west line of said Jones Survey with the north right -of --way of
Interstate Highway 30,
THENCE with said west line, North, to and along the west line of said Brockman Survey, some
3430 feet, to the centerline of Old Randol Mill Road;
THENCE with said centerline, South 84 degrees 30 minutes East, some 450 feet to its intersection
with the west line of that certain tract of land described by deed recorded in Volume 9236, Page 157,
Deed Records, Tarrant County, T exas;
THENCE with said line, North, some 260 feet to its northwest corner:
THENCE with the -north line of said tract, South 86 degrees 30 minutes East, some 560 feet, to the
southeast corner of that certain tract of land described by deed recorded in Volume 12871, Page 510,
Deed Records, Tarrant County, Texas;
THENCE with the east line of said tract, North, some 410 feet, to the south bank of the West Fork of
the Trinity River;
THENCE with said south bank, Northeasterly some 2280 feet, to the northwest corner of that certain
tract of land described by deed recorded in Volume 8938, Page 466, Deed Records, Tarrant Couniy,
Texas;
THENCE with the north line of said tract, North 72 degrees 30 minutes East, some 560 feet, to the
west line of said Reeding Survey;
THENCE with said line, South, some 200 feet to its intersection with the northwesterly line of that
certain tract of land, known as Tract 2L out of said Reeding Survey, described by deed recorded in
Volume 16775, Page 133, Deed Records, Tarrant County, Texas;
THENCE with said line and the northeasterly line of said tract, Northeasterly, and Southeasterly,
some 740 feet, to the north corner of Lot 1B, Block 100, Riverbend Estates;
THENCE with the west and south lines of said Lot, some 470 feet, to said northeasterly line of said
Tract 2L;
THENCE with said line, Southeasterly, some 940 feet, to the south right -of --way of Forest River
Drive;
THENCE with said right -of --way, North 55 degrees 30 minutes East, some 610 feet, to its
intersection with the west line of Lot 5, Block 1, Riverchase Addition;
THENCE with said line, Southeasterly, some 490 feet, to the northwest corner of Block 25 of
Woodhaven Country Club Estates;
THENCE with the west line of said Block, Southerly, some 1280 feet, to the northwest corner of Lot
1UR Woodhaven Golf Villas;
THENCE with the west line of said Woodhaven Golf Villas, Southerly and Easterly, some 300 feet,
to the west right -of --way of Putter Drive;
THENCE with said right -of --way, South, some 40 feet, to the most east northeast corner of Lot 1 S;
THENCE with the west line of said Woodhaven Golf Villas, Southerly and Easterly, some 590 feet,
to the southwesterly right -of --way of Putter Drive;
THENCE with said right -of --way, South 20 degrees .East, some 10 feet, to the most north corner of
Lot 1N;
THENCE with the west, south and east lines of said Woodhaven Golf Villas, Southerly Easterly and
Northerly, some 860 feet, to the south right -of --way of Oakmont Lane;
THENCE with said right -of --way, South 79 degrees East, some 70 feet, and South 88 degrees 30
minutes East, some 110 feet, to the most northwest corner of Block 20 of Woodhaven Country Club
Estates;
THENCE with the west line of said Block, Southerly, to and along the north, west and south lines of
Block 1, of Havenwood Golf Villas, and to and along the east line of said Block 20, some 2200 feet,
to the southwest right -of --way of Oakmont Lane;
THENCE with said right -of --way, South 30 degrees East, some SO feet, and South 21 degrees 30
minutes East, some 90 feet, and South 13 degrees East, some 30 feet, to the most northeast corner of
Block 9, Woodhaven Country Club Estates;
THENCE with the most north, west and north line of said Block, West, Southerly, and West, some
2000 feet, to its intersection with a line 1.0 feet northeasterly of the southwesterly right -of --way of
Country Club Lane;
THENCE with said line, Northwesterly, some 900 feet, to its intersection with the north line of Lot
39, Block 6, Woodhaven Country Club Estates;
11
THENCE to and along a north, a west, and a southwesterly line of said Block, West, South, and
Southeasterly, some 500 feet, to its intersection with the southwesterly right -of --way of Country Club
Lane;
THENCE with the southwesterly right -of --way of Country Club Lane, South 38 degrees East, some
140 feet, to the northeast corner of Lot 28, of said Block 6;
THENCE with the a north, most west and most south line of said Block, West, Southerly, and East,
crossing Doral Drive, and to and along the south line of Block 7, crossing Country Club Lane, and to
and along the south and southeast line of Block 8, crossing Oakland Hills Drive, and to and along
the southeast and north line of Block 10, some 7400 feet, to its intersection with the northeast right-
of-way of Oakmont Lane;
THENCE with said right -of --way, North 15 degrees 30 minutes West, some 100 feet, to the southeast
corner of Block 22;
THENCE with the east, north, west line of said Block, North, West, and South, some 5500 feet, to
its intersection with the north right -of --way of Oakmont Lane;
THENCE with said right -of --way, North 15 degrees 30 minutes West, some 100 feet, to the south
corner of Block 23;
THENCE with the east, and northeast line of said Block, North, and Northwest, some 1100 feet, to
its intersection withtheeast right -of --way of Oakmont Lane;
THENCE with said right -of --way, North 8 degrees West, some 215 feet, to the west corner of that
certain tract oT land described by deed recorded in Volume 14772, Page 526 Deed Records, Tarrant
County, Texas;
THENCE with the south line of said tract, South 73 degrees 30 minutes East, some 80 feet, and
South 82 degrees East, some 110 feet, and South 1 degrees East, some 100 feet, to its intersection
with the south line of Block 1, Riverchase Addition;
THENCE with the southeast line of said Block, North 68 degrees East, some 690 feet, and North 32
degrees East, some 550 feet, to its intersection with the south right -of --way of Randol Mill Road;
THENCE with said right -of --way, North 69 degrees 30 minutes East, some 570 feet, to the northwest
corner of Block 16;
THENCE with the southwest line of said Block, Southeast, some 2000 feet, to its intersection with
the north right -of --way of Cholla Drive;
THENCE with said right -of --way, North 86 degrees East, some 250 feet, to the southeast corner of
Lot 45 in Block 16;
THENCE with an east, north, and south line of said Block, North, West, and East, some 2400 feet,
to the southeast corner of Lot 30 in Block 16;
12
Thence with the east line of said Lot, North 3 degrees 30 minutes East, some 120 feet, to its
intersection with the south right-of-way of Cholla Drive;
North 84 degrees 30 minutes East, some 20 feet, to the northwest corner of Lot 29 in Block 163
Thence with the west line of said Lot, South 2 degrees West, some 130 feet, to its southwest corner;
THENCE with a south, west, north, west and south line of said Block, East, South, West, South and
East, some 3200 feet, to its intersection with the west right-of-way of High Woods Trail;
THENCE with said right -of --way, South, some 300 feet, to its intersection with the west right -of --way
of Boca Raton Boulevard;
THENCE with said right -of --way, West, some780 feet, to its intersection with the southwest line of
Block 29;
THENCE with said line, Southeasterly, some 2300 feet, to the south corner of the right -of --way of
High Woods Trail;
THENCE with the southeast line of said right -of --way, to and along southeast line of Block 27,
Northeasterly, some 440 feet, to its intersection with the west right -of --way of TXU Electric Delivery
Company;
THENCE with said right -of --way, North, some 2380 feet, and North 4 degrees 30 minutes West,
some 1190 feet, to its intersection with the south line of Block 19;
THENCE with said line, South 87 degrees West, some 340 fezt, and South 70 degrees West, some
290 feet, to its intersection with the east right -of --way of High Woods Trail;
THENCE with said right -of --way, North, crossing Randol Mill Road, and to and along the east right-
of-way of Riverbend Estates Drive, some 1060 feet, to its intersection with the north right -of --way of
TXU Electric Delivery Company;
THENCE with said right -of --way, South 88 degrees East, some 790 feet, and North 4 degrees 30
minutes West, some 810 feet, to the north line of said Reeding Survey;
THENCE with said line, East, some 205 feet, to its intersection with the east TXU Electric Delivery
Company;
THENCE with said right -of --way, North 4 degrees 30 minutes West, some 980 feet, to the north bank
of the West Fork of the Trinity River;
THENCE with said north bank, Easterly some 3100 feet, to its intersection with the west right-of-
way of Interstate Highway Loop 820 East;
THENCE with said right -of --way, South, some 7000 feet, to its intersection with the north right-of-
way of Interstate Highway 30;
13
THENCE with said right -of --way, West, some 10,400 feet, to the Place of Beginning, and containing
some 1120 acres of land, more or less.
Bearing Base and Distances, per City of Fort Worth, Graphic Information System.
This description prepared by Hans Kevin Hansen, Registered Professional Land Surveyor, Number 4786, in September
2007.
"This document was 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 interests in real property except those rights or interests implied or established by the
creation or reconfiguration of the boundary of the political subdivision for which it was prepared."
14
15
0 MAP OF EXISTING USES
The following depicts a map of the TIF boundary by current general uses.
The following categories are particularly significant in terms of implementing specific public
infrastructure improvements in strategic areas.
Improved &Unimproved Commercial
Improved &Unimproved Residential
Vacant Unimproved
�r:�z� � ;
1�
iv. MAP "r PROPERTY VALUES
fetal Value in $
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2
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s
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 O]� RELOCATING DISPLACED PERSONS
No person shall be displaced as a result of implementing the Plans.
19
20
III. THE FINANCING PLAN
A. ECONOMIC FEASIBILITY OF THE ZONE
i. Increased Tax Base
The following economic impact analysis is based on anticipated development plans within
the proposed TIF district and the opportunities that exist to capture tax increment due to a
significant number of 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 attract new growth and in this particular
case, promote redevelopment opportunities. With that in mind, initiating this TIF Zone in
2007 is important since private investment activity is currently evident in the area.
Specifically, some modest commercial development and some additional available parcels
that front Interstate Highway 30 and Interstate Highway Loop 820 can serve as catalysts that
both initiate the redevelopment of the area and help ensure the success of the TIF Zone in the
early years. Additionally, the former Oak Hollow and Villa del Rio apartments that were
recently purchased by the City of Fort Worth are prime areas within the heart of the
neighborhood that have the opportunity to be redeveloped into more attractive properties
with the assistance of this TIF through streetscape enhancements and other permissible
assistance.
With the designation of the TIF, it is anticipated that the area within and surrounding the TIF
will experience certain increases in value as the project improvements are completed.
Potential development is expected to include commercial, retail, restaurants, entertainment,
and residential uses. These new developments should have a substantial impact on the
overall increase in taxable real property within the Zone than typically found in other parts
of Fort Worth, because of the extent of blighted properties and depressed existing values in
the area. With regard to the revenue projections that have been developed for this plan, a
two percent annual growth rate has been utilized, which is conservative and suggests an even
greater opportunity for the success of the TIF Zone.
It is estimated that the area in the Zone will experience development during the 20-year
period in which the TIF Zone is in place with the potential for TIF increment to generate
approximately $17 million if all taxing entities choose to participate by designating 80% -
100% of their tax increment. (The College District has a 50% maximum participation
)olicy.) Although prohibited from participating in the TIF, it is anticipated that the Fort
Worth Independent School District could receive almost $20 million in tax revenue over the
0-year period.
21
ii. Increased Retail and Commercial Business
Based on current land uses and potential investment, the IN will develop with
approximately 140 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.
22
B. PROPOSED PROJECTS AND IMPROVEMENTS
Redevelopment within the Woodhaven TIF will consist of a combination of public
improvements and private investment projects over time. These improvements will provide
a "foundation for development" to encourage and support the long-term public needs of the
neighborhood and to secure mixed -use economic growth opportunities in the Woodhaven
area.
i. Initial Improvements
The initial improvements contemplated in the Woodhaven 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 within the TIF Zone.
The improvements undertaken by the TIF will include, but not be limited to the projects
listed below:
• Corridor Improvements —Street, traffic, utility, drainage and other public infrastructure
projects within the TIF boundaries.
• Public Infrastruciure such as water, sewer, drainage, roads, sidewalks, etc. and
demolition costs associated with the following potential projects:
o Renovation of two old strip centers along Woodhaven and Boca Raton
o New construction at site of former apartments along Boca Raton and
Oakland Hills
• Gateway Enhancements -Street, traffic, utility, drainage and other public infrastructure
projects at the gateways of the TIF along Woodhaven Blvd., Randol Mill Road, Boca
Raton and Bridge Street.
• 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.
23
C. TAX INCREMENT REVENUE PROJECTIONS
i. Bonded Indebtedness
No bonded indebtedness is expected to be incurred with respect to any %J 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 2007 (the Base Value). Table 1 sets forth the
total taxable appraised value of property in the Zone (estimated to be $192 million), 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 $281
million in year 2027).
(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 and Tarrant Regional Water District will participate by contributing
one hundred percent (100%) of their tax increment with respect to the Zone, and anticipates
Tarrant County, and Tarrant County Hospital District contributing at eighty percent (80%),
and Tarrant County College contributing fifty percent (50%) 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 by all entities at their respective level of participation.
24
(g) Term of the one. The term of the Zone will be 21 years, expiring on
December 31, 2028, beginning with that Zone tax increment generated by the 2008 tax
appraisal and ending with that Zone tax increment generated by the 2027 tax appraisal.
. 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).
25
IV. SUMMARY OF PROJECT COSTS AND FINANCING
A. Anticipated TIF Projects
• Corridor Improvements $ 65000 000
• Public Infrastructure/demolition associated with
o Renovation of strip centers along Woodhaven and Boca Raton $ 2,000,000
o New construction at site of former apartments along Boca
Raton and Oakland Hills $ 3,000,000
• Gateway Enhancements $ 2,000,000
• Administrative Expenses $ 500,000
TOTAL PROJECT COSTS $13,500,000
B. Anticipated TIF Revenues
• City of Fort Worth $ 11,180,307
• Tarrant County $ 2,787,885
• Tarrant County Hospital District $ 2,410,207
• Tarrant County College District $ 911,293
• Tarrant Regional Water District $ 261,528
TOTAL REVENUE $17,551,220
Project costs assume interest associated with reimbursement for public improvements.
27
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EXHIBIT "C"
TARRANT COUNTY RESOLUTION OF PARTICIPATION
PARTICIPATION IN CITY OF FORT WORTH
TAX INCREMENT FINANCING REINVESTMENT ZONE #13 —
WOODHAVEN 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. 17889-11-2007, dated
November 27, 2007, establishing Tax Increment Financing Reinvestment Zone Number Thirteen of
Fort Worth, Texas, in accordance with the Tax Increment Financing Act, to promote redevelopment
of properly in the Zone and the construction of new 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 #13 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 May 29, 2008; 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.
@�J, THEREFORE, BE IT RESOLVED:
That the Tarrant County Commissioners Court hereby approves participation in the Fort
Worth Tax Increment Financing Reinvestment Zone #13 and the payment into the tax increment
fund of eighty percent (80%) 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, 2008 through December 31, 2028 or until
$2,787,885 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 1 Oth day of November 2009.
COURT ORDER NO. /d� �
Whitley, County J
oy C. Arooks
Commissioner, Precinct 1
Gary Fickes
Commissioner, Precinct 3
ATTEST: J
Off'
County Clerk
Commissioner, Precinct 4
Asst.iPS}s�tric't Attorney