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HomeMy WebLinkAboutContract 41899 (2)dITY SECRETARY� i 51 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 COLLEGE DISTRICT (the "College District"), a political subdivision of the state of Texas. The City and the College District hereby agree that the following statements are true and correct and constitute the basis upon which the City and the College District 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". • 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 College District. • C. Pursuant to Section 311.013 (f) of the Texas Tax Code, the College District 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 College District 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 College District 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. College District Participation Agreement re: Berry Street TIF Page 1 • •FFICUit RECOrn TIORTNigay 3ECHRTARY 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 College District and located in the TIF District for that year less the Tax Increment Base. Project 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 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 17061-07-2006. Tax Increment in a given year means the amount of property taxes levied and collected by the College District for that year on the Captured Appraised Value of real property taxable by the College District 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 College District 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, into which all revenues of the TIF District will be deposited, including deposits of Tax Increment by the City and by other taxing units with jurisdiction over real property in the TIF District, including the College District. 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 College District which Resolution is attached hereto as Exhibit "B" and is hereby made a part of this Agreement for all purposes, and specifically subject to Section 4 of this Agreement, the College District hereby agrees to deposit each year during the term of the TIF College District Participation Agreement re: Berry Street TIF Page 2 District, beginning with the 2010 tax year, fifty percent (50%) of the College District's Tax Increment into the Tax Increment Fund. 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 College District'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. Certain TIF District Project Costs Excluded. The Tax Increment deposited into the Tax Increment Fund by the College District shall be used to pay project costs for infrastructure improvements or other public improvements as set forth and identified in the Project Plan, and shall not include any costs for administration, overhead or management of the TIF District, or costs for municipal or educational facilities owned by a school district. 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 College District will not be required to deposit into the Tax Increment Fund any funds for the expanded boundary area unless participation in the expanded boundary area is approved by the governing body of the College District as an amendment to this Agreement. 4.3 Debt. If the TIF Board issues debt for the Project Plan, the College District may suspend payment into the TIF Fund described in Section 3 if the revenues for the Tax Increment Fund are not at least 125% of the average annual debt service requirements until such time that the undertaking of the debt is approved by the governing body of the College District as an amendment to this Agreement. 4.4 Early Termination. (A) On the tenth anniversary of approval of the TIF District, the TIF Board shall provide a report to. the College District containing an analysis of the financial impact of the TIF District, and the College District may cease participation in the TIF District if the governing body of the College District, in its sole discretion, determines the TIF District has not College District Participation Agreement re. Berry Street TIF Page 3 generated tax revenues, based upon present value analysis, which are at least equal to the tax revenues the College District relinquished by participating in the TIF District. (B) This Section 4.4 shall only be effective to the extent there are no bonds or other obligations issued by the TIF Board or City that contain a pledge of any portion of the College District's Tax Increment, as described in this Agreement, as security for the bonds or other obligations. To the extent that the City of the TIF Board issues bonds or other obligations containing a pledge of any portion of the College's Tax Increment, this section shall not be effective as to the portion already paid or otherwise satisfied in full. 4.5 Compliance with Laws. Any developer associated with the TIF District shall comply with all applicable federal, state, and local laws, ordinances, rules, regulations and orders, and all other applicable policies and guidelines as they relate to the developer's employees and/or agents, including specifically, but not limited to, those relating to equal employment opportunity, the regulation or protection of public health or the environment and workplace safety, and to secure any and all necessary permits, licenses, and other authorizations which are required in order to perform services under 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 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. 6. TIF FUND ACCOUNTING. No later than July 1 of each year following execution of this Agreement, the City shall provide the College District 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 College District shall each be responsible for the sole negligent acts of their officers agents, employees or separate contractors. In the event of joint and College District Participation Agreement re: Berry Street TIF Page 4 concurrent negligence of both the City and the College District, 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: City of Fort Worth Attn City Manager 1000 Throckmorton Fort Worth, TX 76102 with copies to: the City Attorney and Economic/Community Development Director at the same address 9. NO WAIVER. College District: Tarrant County College District Attn: Chancellor 1515 Houston Street Fort Worth TX 76102 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 College District and are not intended to create any rights, contractual or otherwise, to any other person or entity. 12. FORCE MAJEURE. College District Participation Agreement re. Berry Street TIF Page 5 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. 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 College District 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. College District Participation Agreement re: Beny Street TIF Page 6 EXECUTED as of the later date below: CITY OF FORT WORTH, TEXAS: TARRANT COUNTY COLLEGE DISTRICT: By: n Alanis istant City Manager Date: U f ATTEST: By: Marty Hendrix City Secretary APPROVED AS TO FORM/LEGALITY: By: :eann D. Guzman Assistant City Attorney M&C:/ic College District Participation Agreement re: Berry Street TIF Page 7 • • • By: cs Erma Johnson = adley Chancellor Date: raho ificrif ORS: 4;0 4 Ora Alle i„. 0 _71-1 IS 3 ri CIO 43()% 00 © � PriC011341 g"( ,d 1, = 15.E OFFICIAL RECORD ©ITY SECRETARY << WORTh, ORDINANCE NO.. t7. 61-07-2006 AN ORDINANCE DESIGNATING A CERTAIN CONTIGUOUS EOGRAPI C A. A 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 k TAX INCREMENTFUND FOR; ME ZONE; AND CONTAINING OTHER MATTERS RS RELATED TO THE. ONE. WHEREAS, the City Council desires to promote the cevloptnent of land in that ain cotitit;uous geographic area' in the City which `is more Sp daily :described in ibit "A" of this { rdinarice (the "Zone") through the reinvestment zone as authorized by and in accordance with the Trax mere ..era .4inarrcing..Aet, cod :lied Cshapter 311 of the "I exas Cede (the "Code"); and. WHEREAS, on or about n y 12 `2006 the G. ci written notice to the governing body cif each` taxing unit that levees real property Itaxes in the proposed Cone of (i) the City: iritent toestahli h the Z rne, ( ) a description of tiie bob daries' of the l ane (ii) the City's tentative plans for developtnent-of the Zone; and (iv); an estimat er<i1 impact of the hone an .property values and tax.:rcvenues and'. WHEREAS a: accordance with the reouirernent imposed by..Seetion 311.1003(e): he Code, the City provided such written notice more than sixty (60) days prior to the. f the public hearing conducted pursuant to Section 311.t)(}3(c) of the Code; and. WHEREAS;. the City has prepared preliminary' project and financing plans fvr the proposed Zone and provided a copy of thos.PlanST.. to the governing, body of each taxing unit that levies taxes on real property in the Zoire, as required by Section 3l 1.003(b) ofthe Code .the "F.reli inary P`fans");and t� ge, Oidinance pesign. City. Of Fort:VOA; einmerit ne• umber' EREA , in accordance with S 2006 the -C tty made a sirts .of the Code, on .June::13 formal presentation; to the,,overninl; body o each county` and school district that:. levies n±al. property taxes: in •the proposed Lane, as agreed to in by the Eott Worth irtdependent School District, which: presentation,.;arnong other. things, included (i) a desc rtption of`the pr©posed boundaries: Of the `Lone; (i) the..:City`s tenta.tiVe plans for development of the Zone; and`(iii) ai estimate of the general impact Of the.; one on property values and tag;: revenues; and. WHEREAS, on July 1 , 2( 6 the City ('ouncil held. a public. hearing re trrdin , the creation of theZonc and Its benefits • to the •City, and to. 'property in the Lone and the rded -t asonable opportunity for (i) ai1 to edp atian of the %one, lts boundaries:,or the concept t owners of real property i1 SOUS to speak for or' ent fin cing and ( the proposed lone toprotest inclus to of the property in the Lone, as required by ectic7ns 311.003(e) and (d) of the Code,and:. WHEREAS nonce public hearing; was published in a newspaper of general circulation in the City on July 10, 2006, which satisfies the requu•elnent of Section 3l 1.003(c) of the Code that publication of the notice occur not later than the seventh day before the date of the public hear NOW, THEREFORE, BE IT cRDAI?VEI) I3Y THE CITY 10UN.CIL •OF CITY OF FORT TEXAS. stment l ne Number "1 I+INI)LN $. I`hat alter reviewing all inforrnattotf before it regarding. the establishi ent of the Zone and. after conducting n• public hearing regarding the erect on .of the '.Zone told its bertelits to the City and to property in the Zone and aff©rding a reasonable opportunity for (i} all interested persons to speak ft r or boundartet nst the great t financing and (ii)' o on of° ;tle Zone, i of° real property in: proposed Gone to protest inclusion of"their property in the Zone, the City Council eby makes the following i triding s of fact; The statements and facts set forth in the recita rrect. Therefore, the Cit, as t Ord the notice and procedural requires established b T the Code fi r creation of a reinvestment ztone under the Co Zone ea..sists of approximately 604 acres :of land and the area within they. Zane is contiguous:.. The overall existing properties within the Zone are depressed'- and the area. et. compassed'bythe Zone tics begirt in a gene•ral state :Of economic decltn• far the past twenty -tine years. 1.4. The Zone contains a substantial number o(' substandard aril deteriorating apartntents and other structures in need of detnolition. Certain properties located in the 'Zone will require envirorirrtenta occur. rented iation before ne e lacks essential infrastructure to sust limited 'to, ()rstinanc t t7ei nattng Tax City a v development ican. development, itteludittg drainage, roads and.. sidewalksµ Existing, t Jc nc Niunwe've, intrastrueture was constructed over fifty years development. 1.6. Rased on the facts set.; forth in Sections 1.3, 1.4 ,irtd 1.5 1. d will nQt support additional. as on all other infor atiott provided to and/or known by the City Council with respect to the area rithtti the ZOtle and tho.,irea in the ivietnity of the Zone, the City Council eby finds that develaptnent c f the Z& .e i.nvestrrtent in the foreseeabl' 1.7. faking aria, not oceur solely through private. nto consideration, the area within the `Zone substan? a yI pairs und: growth of the'. City and constitttte. an econotxtic: llability and ce to the public health and safety because of (i) a substantial number substandard,. deteriorated and deteriorating structures; (ii) the predomtnanc inadequate sidealk and street layouts, (in) .faulty lot layout to relation to size; adequacy, aceussibility and usefulnessg (iv) unsanitary and unsafe conditions; (v) the deterioration of site and other itnpreveinents Ind (yi) conditions that endanger life and property by fire 'or other cause. Therefore; the area within the s the criteria for designation of a reinvestment zo e ,nd satisfies the .05(a){i) of the Code.. 1.8. No more than ten percent. (1 tl%): or less of the pr°pet ty in the Zone is t.tsed ntly 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 tit` t taxable real property in the Zone and in existing reinvestment zones in the City es not exceed fifteen percent (1 a°Za) of the total appraisedvalise cif taxable. property in the City and in industrial districts created5= the City, if'any. regttiren go Stith of`Sectio ;e Designating 'I` sx Inc re.trirtt Reinvestment on Number ( it�f cat l i�rt Worth. l .1.i0. •`1`he Zone does not contain more than tiffieen percent value of teal property taxable by any county or sehool disc 'That tl° lest; iptian part of this Ordinance for all purpo ttcordance with the Code. None Number Section 2. DESIQNATIONOF'NEWZONE. the total appraised. City 'Council hereby designates: the `Lan•e described in. •the boundary nd depicted in the map, both: •attached hereto as Exhibit "A" and trade: a einYest izone pursuant to and in vestmen zone shall be known as "`i: ax leer Worth, Texas. Section 3 tt N B O R) Of DIRECTORS, That a board of dir•ectors •for the Zone ("Board") is hereby created; The Board. shall consist of eleven (11) tnetnbers •who::shall serve fn each. eleven (l 1) membe•rs, each taxing unit other than the City that; levies taxes on r+ propertyin the: Zone may, lout is not required te, appo nt one• (1) member• to the Board.. N.fter each taxing unit other than 'the City designates tb: the City either the name of the. ber that the taxing unit:. wishes to appoint or the fact that the taxing unit wishes to waive its right to appoint a member, the •CityCouncil • shall appoint whatever number tiff members are necessary to till the:remaining positions qn the l3©ard, Such members pray tembe•rs of the City Council: Urdtnance: Designating Tar. tnercm ?ort \\tonh; Texas investment one Num Eve, TERMVUOF ZONE. tat the 'lane shall take•eflct immediately upon the. adoption of this trdinance: and t•e• ninato of the earlier of (i} December 3.1, 2027 or an earlier termination (1ate: ignated by an ordinance adopt•ed after the effecti•ve .date• otthis Ordinance or. () the date on Which •all project costs, tax inIt. rement• bonds and interest. on those bonds have bcen paid or otherwise satisfied in f ull.. S DETERMINATION OF TA . ; INCREMENT BASE: that the tax increment: base :for the : `Lone, as defined by Section 31 I M Code? shaiF l taxing:tint nvestmen the total appraised •value..6f all 'real property try the. Zone taxable by a. January 1, 2006, whie ne. year in W ich the Zone..was designated K Setiotx t�', FAX INCREMENT FUND. That a tax increment fund for the Zone (the '°TIF Fund") is hereby established,. The 'l`1I Fund ittay be divided into additional accounts and sub -accounts authorized by resolution or ordinance of` the City Council. `F`he TIF fund shall consist of (i) the t erc ntage era, as defined by Sie.tion 11.012(a) of the Code that each taxing unit whteh levies real property taxes in the -Zone, other than `the City;- has elect dedicate to the `I`1F fund pursuant to an. agreeinen With the City authorized by eciion nevement.Rdnvesfmunt zone Nungber C�aelut 311..01 (t of the Code, plus (i) the City 's contribution of one hundred percent (100%) the City' tax itiereinent, as defined by Section 11.012(a) of the Code, subte binding agreement executed at any time by the City that pledges an amount of 1 available, City funds whose ealculatton is based,. in. Thole or in part, on paymen cipt by the City of any- portion of such tax increz ant. The TIE Fund shall be e depository bank of the City and shall be secured in the r prescribed by for Texas cities. revenues in the TIF Fraud will lie used solely in accordance with Section 311.014-of the Code. an AX INCREENT ACRES NTS pursuant: to Sections 11.ii(} and 1 l .01 of the Code, the % ity Manager and City> Attorney are hereby ruzed to execute and d City, tax increment for and:lbzi behalf of th s with taxing units that levy real property taxes rn the Zone, ES { .r,Btl:tT'Y. That if any portion;:section.-br part of a section of this -Ordinance i5 subsequently dclarea invalid, irtop rative or void for any reason by a court of competent,lurisdictidn, rerriazning portions; sections or parts of sections of this Ordinance shall. -be and.remain, zit force and effect and shall not opinion oP Judgment ay he impaired or atfccted by'.suc.h dot Ordinance.l esrgnaong't'tx;tncr tttent ttuin s s#nient `tine Nuntt)0r "1'urel ('itv of Yost Worth, `Texas Scetion.9. MEDIATE EFFECT. That ti is Ordinance shall take etT et and be in full adoption. AND IT I U ORDAINED A)c PT D AND EF CTIYE; iuly i , 2006_ API'I ..( ED AST( mgiMi.A. ester V Ass*stem City Attorney M&C:. 299 GALI'1'Y Ordinanee Dcsignat iig'iax.1ncren�ent iteint>catmtnt Lon City at' Fiirt Worth; iaer't` elvet. and effed after EXIifBIT • A7: DESC RIPTION AND D PICT;ION OF T E ZONE racts to be designated as. `lax Increment Reinvestment Zone Number Twe Fort Worth, Texas fortax increment financingpurposes are depicted companying map and are more particularly described by the following mete bounds: the and ng, a parcel of land out of, •th ur . ey, Abstract Number 669, the CT. 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 94S the R.R. RameySurvey Abstract Number 134?, 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 Wdrth, Tarrant County and. being more partieularly described by metes and•bounds . s folio s; • BEGINNING at the intersection of the East right -of-wa.y of Interstate high the North right-f `way 'I`HENCE:. THENCE: THENCE; THENCE: THENCE: TfIENCE• THENCE: ceI tyo th the.:. .,�1,> Railrcaad; t-of:'way of said.lntcrstate Southwest corner of Lot 16, Dobbins Subdtvi ay 35 5 W and with the South.line of: 'said Dobbins Subdivision; East; to the Southeast corner of Lot ;being in the West rightof-«ray Of Evans Avenue, South with the Westright-of .wayof said' Evans Avenue to the projected. :intersection• of.'.the South title Block 3, Mc rningside rrace Addition with said West right-oi-way East with the South, line of said BIock 3 to andalong the South line of ;Bock 2 Morningside Terrace Addition, to the East.right-of-way of .Mississippi Avenue; •the East;rxgl`tt-gf-way etf said Mississippi Avenue, North to the•: section•ofsaid East•right-of-way and the South right-of-way of den Drive., with the South right=cif=w•ayof shtd Glen' Crarden Drive to the • southwesterly righ /ay •of Old Mansteld Road; riththe Southwesterly right-of-way of said QId Mansfield Road, •Southeasterly •to the intersection of the Southwesterly right -of wayof said 014,Mansfield Road and the Northwesterly right-of-way of East Berry. .Street natinr `Psi lftcrc°ment N;iniher Eleve T1 NCE:. _e Northwesterly and North t-tght-of.vay of •said East Northeasterly and Gast to the intersection of the North right -offs av at said ;t Retry Street andtlie Southwesterly right-of-wt v of•Vaugh Boulevard ; Southeasterly •� gith the Southwesterly right -of way of said Uaughrt Boulevard, attd:.Southeasterly to the intersection of said`Southuesterly• right-of‘say of v aughn Street and the Northwesterly right-of4vay of Wichita Street;:. 'FfENCE• •with the Northwesterly righf-ot-way of said Wichita Street, Southwesterly. School Addition' ENCE. and South to the Southeast corner of the Masonic tthline of said Masonic llonne School Addition, West to it and the F iisterly rght-oi`way of Mitchell Boules and HENCE with the Westerly line of said Masonic Ilan e School Addition and the l asterly right-of-way of said Mitchell Boulevard, Northwesterly and North to the intersection of the last right -ref -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; 'HENCE* with the. South and Southeasterly right-of-vay of East Berry Street, `West and Southwest to the intersection of the Southerly right-of-way of East Berry Street and the Southwesterly right-ofway of said Old Mansfield Road; N' outhwesterly right -of- va of said ?ld Maus ield l ottcl Southeast to th. rthcast comer a Bloch 4, C 1J, Wyatt Addition', T11IENCE West. Northwest, and.Southwest. w th.they.North line of said -Block 410 the .Northerly rightofay of Btiatdate Road;. THENCI: With said North right-ofway•of BrardaleRoad;,West to the Southea; comer of Block 18 Z.olling Hills Addition; I°HE NCE° with tle East line ot'said Block 18 North to its Northeast THENCE'', with •the North tine 'at said'Block i8, West•to 'Northwest corner; ENCE: with the Westerly line of said Block 18, Southwesterly to the: Southwest cornerof said Block l 8 and the Northwesterly right-cifway of said: Briardale Road; CHENCE: with. the Northwesterly right-of-way o said Bnardale •Road, Southwesterlytothe East corner of Block 17, Rolling -Hills Addition Ming Tax Increment Iteinvcstment Zone Number Eleven, HF,NCE; ENCE; Tfl<ENCE.:. THENCE T ENCE. THENCE: 1 L ENC.E:: THENCE CE: with.. the Northeasterly line of said Block 17, Northwesterly to its North. most Northeast corn NV the North: and Northwesterly line of said B1dck 17,:. West and. • Southwesterly to the Northwest e.orner of:said Block 17, the Southwest corncr of a 2.54 acre tract Of land •out of the S.P. Lotjnig Survey, Abstract Number 943, as conveyed to the Internaticinal A;ssoctaton of 131ack •Professional rite, Fighters as recorded in Volume 1401•3, Page:423,.Deed. Records, 'if arrant County, Texas, and the East right -of- yay of South stile; l7riv, with the.:Fast right-o saki 22.54 acre: tract of lanai; -way of said. South Riverside Urine turd the West line: of land, North to• the Northwest comer of said 2:54 he "West right-tfway of said South Riverside Drive fa..f.03 acre tract of land out said J P. Loving Survey - with the' South line of said 0.03 •acre tract•of land, «pest• to the F corner of Lot 4 13erry Industrial Park Addition; with the meanders of the South line of said Lot 4, Soti weste ly Westerly. and Northwesterly to..the W. st l.ne of said Lot 4' •and the East right-of-w,"' of Yuma Stre th the East right-ot-way of said`Ytth* Street, cutitto the Southeast of said right-c i=way and the;North line of a 5 6>5 acre -tract of land t of said LP. Loving Surveys. 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 th.. corner of Block 2, River Bend Condos • with the Northeasterly Iine 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 .LP. Loving survey as conveyed to 5tninian Development in Volume 16020 :Page 132, Deed Records, FarrantCounty Texas it.h the South lineof said Block 2 and the North line of said 1.27 acre act of land, East to the Southeast corner of said Block 2, the Northeast ar-ner of said 1.27 acre tract of land and the West light -of -way of said South. Riverside Drive; ?rdittunee ncsignatin Tux Increment itcinti>etitrncn (:`itv o- Number i iekcn,: 'THEN+ NCI MINCE THENCE. the. East lMe.. "" said 1.27 acre .of 'said South Riverside Drive, Southeasterly to the Northeast earner of Block A,..Gracc Temple Addition; with the North Tine of,satd Block: way of the 'P&P Railroad: With the Northeasterly right-ofway of said "I'&P `Railroad, Northwesterly to`the intersection of the saidNortheasterly right-of-way of the "C&P Railroad and the West;.right-ofway of the International & Great Northern Railroad, and the Southeastcorner of Lot-36, I31.ock 4, Morntngside Park Addition; the -Westerly tt. Uf-way of said. International 4..c.J.reatINfortheit ad and the Southeasterly line:of said Block 4 Morningside Park Addition, Northeasterly to the Soutli corner of the John Randal Addition; with the. East line of said Block 4, 'vlorningside Park Addition and the oaf said Block 2 John Randol Addit on North to the Northwest. corner. of said Block 2 and being -in: the West ri ft-of-way of'Misstssippi Avenue; IENCE: pith the East line of stud Block 4, Morntngside Addition and the W right-of-way of said Mississippi Avenue, North to the North most Northeast corner of Lot 5, said Block 4, Mornngstde Addition and he South right-of-way of an alley THENC with the South right -of way of said alley, West to the Lot 1, .Block 2; said Vlorningside Park Addition, and t cif Evans Avenue; THENCE. Vest to'the West right-of-way of said Evans Avenue, the Southeast co of Lot 1,; Block A and the Northeast corner of Lot 1, Block 1, said nxn:side Park Addition; C: THENCE: i NCE �d, and the West right-cit-way o the Northeasterly right hwest corner of st right-of-way with the South line of said:I is.131ock A, and the NO It line ofsaid 1, Block 1. West to the Northwest corner of said Lot 1, .Block.1 ith the West line of said ` lock' , it lurrt ngstde Park:Addditio. , South to; tine North riht-of way of:said TP lailroad;: �vtth the North right of wyof said.T&P Railroad, Northwesterly •tip the place.of beginning, and containing somet3,970 acres.bf land.. Note: '1'ltis e xhibitprepared under 32 TAG $ 663.21, does notreflect the results of'an on the ground survey .. Ind is not: to be used to conveyor establish.znterest inTeat property except those rights and interest implied. bythe creation orrecanfigutation of the.boundary ofthe politieatsubdivision forwhich it t ras prepared. Ord Incremcntl cnt Jane Number i;lcven,. COUNCIL ACTI0N; Approved. on .DATE: Tuesday,:July18, 2006' LOG NAME: 17TIFI2EBERRY SUBJECT: Adopt Ordinance: Designating; Tax Increment Rinvestment Zcne Number 1 , City of Fa Texas '..(Fast Berry Renaissance TIF) orth ,'Texas 3/2006 - Ord nano Noy 17ti61-07-2006 REFERENCE NO . G RECOMMEN©ATIt N It is - recommended 'that the City Council. 1: Hold a public hearing concerning: the designation of `'Tax Increment Reinvestment Zone Number 12, City of Fort Worth, Texas for tax increment financingpurposes, and 2. Adopt the attached ordinance which designates Tax Increment Reinvestment Zone Number 12, City of Fort Worth, Texaspursuant to Tax Increment Financ ng Act, Texas Tax Code, Chapter 311 (the Act) and contains specific findings of fact in support thereof.. DISCUSSION: The proposed Tax Increment Reinvestment Zone Number 12 City of Fort Worth, Texas being referred to as< the East Berry Renaissance TIF (the TIF), is located on approximately 604 acres of land in southeast Fort Worth in Council District 8. The property 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 The exact boundaries of the property are described in Exhibit A of the attached ordinance. This area includes major intersections such as Riverside and Berry and Berry and Mitchell, and it also includes the Masonic Home of Texas School property. The TIF will expire on December'31 2027 or the earlier date as of which all project costs, have been paid. The TIF is intended to help fund public nfrastructure improvements along the East Berry Street:;: Corridor, including water, sewer, dra'nage, roads and sidewalks associated with mixed -use development. In addition, demolition environrrmental remediation and all expenses allowable under the Tax Increment Financing Act are contemplated as needed for area of the TIF Zone identified as ripe for new or redevelopment,. The ordinance provides that. the City will contribute 100% of its tax increment to the TIF each year during the term of the TIF: This public hearing is required by the Act. Notice of this hearing was: (t) delivered to the governing body of each taxing unit that levies real property taxes on property located within the proposed TIF and; (2) published in a newspaper of general circulation at least seven days prior to this meeting The proposed area meets the criteria for designation as a reinvestment zone pursuant to the Act` because, as more specifically set forth in the finds of fact contained in the findings of fact in the attached ordinance, the area is underdeveloped, blighted and largely unproductive due, to the deteriorated site and other improvements and contains unsanitary and unsafe conditions, all of which prevent development from occurring in the area solely through private investment in the reasonably foreseeable future, thereby Lognane: 17111 12Ei31RRY f2 substantially impairing and arresting and contains the sound growth cf the This property is located in COUNCIL DISTRICT 8: FISCµALINFC• RMATION/CERTIIFICATI0N, The Finance pireetor certifies that this action will have no material effect an City funds. TO.,Fun(1iAccounttcenters Submittedfor CityManager's Offcenby: Originating eDe_partment,.Iead Additional_Information__contact FROM Fu pAacdunt/Cente_rs Dale Fisseler (6140)- Tom Higgins (6192) ©ssana ©Hermosillo (8 Peter Vaky (7601) Lognamo: 171'1F12I11 }2RY Page RESOLUTION OF THE BOARD OF TRUSTEES OF THE TARRANT COUNTY COLLEGE DISTRICT AUTHORIZING PARTICIPATION IN TAX INCREMENT REINVESTMENT ZONE NUMBER TWELVE, CITY OF FORT WORTH, TEXAS (EAST BERRY RENAISSANCE TIF) WHEREAS, on July 18, 2006, the City Council of the City of Fort Worth ("City Council") adopted City Ordinance No. 17061-07-2006 designating certain real property located in the southeastern portion of the City of Fort Worth (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" WHEREAS, designation of the T1F 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 Tarrant County College District (the "College District"). WHEREAS, pursuant to Section 311.013(f) of the Texas Tax Code the College District 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 College District wishes to enter into such an agreement with the City; and WHEREAS, the Board of Trustees of the College District has determined that it is in the best interest of the College to contribute fifty percent (50%) of the property taxes levied and collected by the College District on real property located in the TIF District for any year, less the total appraised value of such real property on January 1, 2006 beginning with the 2010 tax year for the duration of the term of the TIF District in accordance with the Texas Tax Code. NOW, THEREFORE, be it resolved by the Board of Trustees of the College District that: 1. The Chancellor of the College District should be and is hereby authorized to execute the agreement to participate in Tax Increment Reinvestment Zone No. Twelve, City of Fort Worth, Texas ("East Berry Renaissance TIF") and attach this executed Resolution to such agreement as Exhibit B, subject to the terms and conditions set forth therein and as set forth in this Resolution. 2. The Chancellor of the College should be and is hereby authorized and directed to enter into and execute such agreements and undertakings as may be reasonably necessary to implement the purposes of the foregoing resolution. Page 1 of 2 ADOPTED AND APPROVED this at' day of ATTEST: Printed Name. J,u ,S�•i/ Title: Secretary, Board of Trustees , 2011. TARRANT COUNTY COLLEGE DISTRICT By: l Print Name. jo.e. ,N.) else 3 Title: President, Board of Trustees Page 2 of 2 #641568.1