Loading...
The URL can be used to link to this page
Your browser does not support the video tag.
Home
My WebLink
About
Contract 47361
i RECEIVED DEC 2 4 2015 Cl7y pp pRr CITY t . City Secretary Contract No: tillt‘7.1 AGREEMENT EMENT TO PART LOP I TE IN TAX INCREMENT NT . + IN STRUNT ZONE NUMBER_ 1M'HFTEEN CTY or' FORT WORTH, TEXAS (rfli() CJIOVAIMS! 1'V ORTHSIDE TJlLa ) This AGREEMENT ANT TO PktR'TIni" TE IN TAX INCREMENT REINVESTMENT ZONE NUIVIUM FIFTEEN, CJ[TY OF FORT WORTH, TEXAS ("&greement9') is entered into by and between the CITY OF FORT WORTH, TEXAS (the "City") and T k PJM NT COUNTY (the "Conn t y99). The City and the County hereby agree that the following statements are true and correct and constitute a basis upon which the City and the County have entered into this Agreement: A. On December 2, 2014, the City Council of the City ("City Council") adopted City ordinance No. 215 50-12,,20 i 4- designating certain real property located in the north portion of the City in an area generally bounded by 29th Street to the north, Northside Drive to the south, Interstate 35 to the east and Clinton Avenue to the west as Tax Increment Reinvestment Zone Number Fifteen, City of Fort Worth, Texas (the "TIF District"). The TIF District is informally known as the "Stockyards/Northside TIF." Ordinance No. 21550-12-2014 is hereby incorporated by reference for all purposes and is attached hereto as Exhibit "A." lie The TIF District lacks adequate infrastructure to sustain viable development, including but not limited to, water, sewer, drainage, roads and sidewalks. Much of the infrastructure and site improvements located within the TIF District are in a state of severe deterioration, impeding development that might otherwise occur in the TIF District. Public improvements to be supported by the TIF District will result in increased tax revenues and other public benefits for both the City and the County. C. Pursuant to Section 311.013(0 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. Tarrant County Participation Agreement Stockyards/Nortliside TIF Page 1 .:-1•11.21-atarlIt JEFI/'IAL RECORD a CITY SECRETARY r7 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 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 thatyear 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, 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 the City Ordinance No. 21550-12- 2014. 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 1 Ir Board meetings and actions. TIF District means the certain real properties and boundaries as described in City Ordinance No. 21550-12-2014, attached hereto as Exhibit "A.' Tax Increment in a given year means the amount of property taxes levied and collected by the County for that year on the Captured Appraised Value of real property taxable by the County and located in the TIF District. Tax Increment Base means the total appraised value as of January 1, 2014 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. 21550-12-2014, 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. 21550-12-2014, attached hereto as Exhibit 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 part of this Agreement for all Tarrant County Participation Agreement StockyardsINorthside TIF Page 2 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 2014 tax year, fifty percent (50%) of the County's Tax Increment into the Tax Increment Fund up to a maximum cumulative contribution of Eight Million Three Hundred Five Thousand One Hundred Fifteen ($8,305,115) (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 admimstered 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. LINIITATIONS 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 of one or more such conditions 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. 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. 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. Tarrant County Participation Agreement Stockyards/Northside TIF Page 3 4.4 Tax Exemptions. Both the City and the County shall retain the right to grant tax exemptions as permitted by applicable law to properties located in the TIF District for purposes including but not limited to 1) historic preservation and restoration and 2) homestead eligibility. This shall not include any form of tax abatement or grant of tax funds collected by either the City or the County without prior approval by the TIF Board pursuant to Section 311.013(f) of the Texas Tax Code. S. TERM. This Agreement shall take effect on the date as of which both parties have executed it and shall expire upon termination of the TIF District, which currently is the earlier of (i) December 31, 2034 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, including, but not limited to, tax increment bonds and interest on those bonds, have been paid or otherwise satisfied in full 6. TIF FUND ACCOUNTING. No later than July 1 of each year following execution of this Agreement, the City shall provide the County with an annual accounting of the funds deposited to and dispersed 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 'I'lp 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 a joint and concurrent negligence of both the City and the County, responsibility, if any, shall be apportioned comparatively with the laws of the State of Texas, with the understanding that neither party waives any governmental powers or immunities or any other defenses available to each individually. 8. NOTICES. All written notices called for or required by this Agreement shall be addressed to the following, or such other party or address as either party may subsequently designate in writing, by certified mail, postage prepaid, or by hand delivery. Tarrant County Participation Agreement Stockyards'Northside TIF Page 4 City: City of Fort Worth Attn: City Manager 1000 Throckmorton Street Fort Worth, Texas 76102 with copies to: the City Attorney and Housing and Economic Development Director at the same address 9. NO WAIVER. County: Tarrant County Administrator's Office 100 East Weatherford Street Suite 404 Fort Worth, Texas 76196-0609 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 of 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 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. Tarrant County Participation Agreement Stockyards/Northside TIF Page 5 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 the Agreement. 14. CAPTIONS. Captions and headings not used in this Agreement are for reference purposes only and shall not be deemed 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 s oid to the extent in conflict with any provision of this Agreement. Notwithstanding anything to be 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. [Signatures on Following Page) Tarrant County Participation Agreement Stockyards,Northside TIF Page 6 SECUTED as of the later date below: CITY OF PORT WORM, 'it .i 1 S By: tFerntard-o-Costw arcs Licx .S, Pc\ i Assistant City Manager ary ser City, e retary APPROVED AS TO FORM/LEGALITY: 0461--"t Maleshia Farmer Senior Assistant City Attorney 18340 eitSCr Contract Authorization M&C G-1-944, City Ordinance No. 21550-1202014 (12/02/2014) ¶ A `Jfl(AN L COUNTY, TEXAS: By: __Det) B. Glen Whitley County Judge Date: Labour r.Qt"Aa l G% ATTEST: By: NAPrLECUYIkaokr Name: MO\ti caM ri) ):, Deputy County Clerk APPROVED AS TO FORM: By: if tsr, `Name: •-��%` Criminal District Attozxiey'6 aCtLie COURT ORDER # SOO *By law, the Criminal District Attorneys Office may only approve contracts for its clients. We reviewed this document as to form from our client's legal perspective. Other parties may not rely on this approval. Instead those parties should seek contract review from independent counsel. Tarrant County Participation Agreement Stockyards/Northside TIF Page 7 OFFICIAL car SECRETARY SECRErgRY FT WORTHrx EXHIBIT ` A" CITY ORDINANCE NO. 21550-12-2014 Tarrant County Participation Agreement Stockyards;Nordtside TIF Page 8 ORDINANCE NO. 21812-08-2015 AN ORDINANCE APPROVING PROJECT AND FINANCING PLANS FOR TAX INCREMENT REINVESTMENT ZONE NUMBER F] FTEEN, CITY OF FORT WORTH, TEXAS (STOCKYARDS/NORTHSIDE TIF); MAKING VARIOUS FINDINGS RELATED TO SUCH PLANS; CLARIFYING THE POWERS OF THE BOARD OF DIRECTORS OF THE ZONE; PROVIDING A SEVERABILITY CLAUSE; AND PROVIDING AN EFFECTIVE DATE. WHEREAS, on December 2, 2014, the City Council of the City of Fort Worth (the "City") established Tax Increment Reinvestment Zone Number Fifteen, City of Fort Worth, Texas (Stoekyards/Northside TIF) (the "Zone") pursuant to Ordinance No. 21550-12-2014 and as authorized by Chapter 311 of the Texas Tax Code (the "Act"); and WHEREAS, in accordance with Section 311.011(a) of the Act, on July 15, 2015, the Board of Directors of the Zone (the "Board") adopted a project plan and a financing plan for the Zone, which is attached hereto as Exhibit "A" (collectively the "Plans"), and recommended that the Plans be approved by the City Council, as required by Section 311.011(d) the Act; NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FORT WORTH, TEXAS: Section 1. FINDINGS. That 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. Ordinance Approving Project and Financing Plans Tax Increment Reinvestment Zone Number Fifteen, City of Fort Worth, Texas Ordinance No. 21812-08-2015 Page 1 of 4 1.2 That the Plans include all information required by Sections 311.011(b) and (e) of the Act. 1.3 That the Plans are feasible and the project plan conforms to the City's comprehensive plan. Section 2. APPROVAL OF PLANS. That based on the findings set forth in Section 1 of this Ordinance, the Plans are hereby approved. Section 3. DELIVERY OF PLANS TO THE TAXING ENTITIES. That the Economic Development Department is hereby directed to provide a copy of the Plans to the governing body of each taxing unit that taxes real property located in the Zone. Section 4. SEVERABILITY. That if any portion, section or part of a section of this Ordinance is subsequently declared invalid, inoperative or void for any reason by a court of competent jurisdiction, the remaining portions, sections or parts of sections of this Ordinance shall be and remain in full force and effect and shall not in any way be impaired or affected by such decision, opinion or judgment. Ordinance Approving Project and Financing Plans Tax Increment Reinvestment Zone Number Fifteen, City of Fort Worth, Texas Ordinance No. 21812-08-2015 Page 2 of 4 Section 5. EFFECTIVENESS. That this Ordinance shall take effect and be in full force and effect Iturn and after its adoption. AND IT IS SO ORDAINED. ADOPTED AND EFFECTIVE: Auizust 4, 2015 APPROVED AS TO FORM AND LEGALITY. CITY SECRETARY Maleshia Farmer . Mary Senior Assistant City Attorney M&C: G-18525 Ordinance Approving Project and Financing Plans Tax increment Reinvestment Zone Number Fifteen, City of Fort Worth, Texas Ordinance No. 21812-08-2015 Page 3 of 4 Exhibit "A" Ordinance Approving Project and Financing Plans Tax Increment Reinvestment Zone Number Fifteen, City of Fort Worth, Texas Ordinance No. 21812-08-2015 Page 4 of 4 Tax Incre ent 'reinvestment Zone Number Fifteen, City of Fort Worth, Texas (Stockyards/Northside TIF) roject Plan and Financing Plan Prepared for The City of Fort Worth July 15, 2015 1 Tax Increment Reinvestment Zone Number Fifteen, City of Fort Worth, Texas (Stockyards/Northside 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 .. 7 B. Proposed Changes to Current Ordinances and Codes 7 C Estimated Non -Project Costs 7 D. Method of Relocating Displaced Persons. .. 7 III. The Financing Plan 8 A. Economic Feasibility of the Zone 9 B Proposed Projects and Improvements... 11 C. Revenue Projections 12 IV. Summary of Project Costs and Financing 14 V. 'fables 16 VI. Exhibits 19 1. Map of Boundary 20 2. Legal Description ............... ... 21 3. Map of Existing Uses 29 4. Map of Property Values 30 1. TAX INt, "TENTFINANCING RVIEW I. TEAR 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 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 taxable value of real property in the zone is identified and designated as the "base value. ' All taxing units that levy taxes m the zone during the life of the TIF will continue to receive the tax revenues derived from the "base value." As new development is added to the tax rolls within the TIF area, total assessed valuations rise. This rise m 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 I'lF 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 a much later date. Additionally, the TIF Board may enter into development agreements to participate in new development or redevelopment. The '111FDistrict 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 JiCT PLAN IL THE PROJECT PLAN The City Council recognizes the historical and economic importance of the Fort Worth Stockyards and surrounding neighborhoods, the growth and vitality of which is impeded by inadequate infrastructure and pockets of persistent blight, and is committed to the preservation and enhancement of the Greater Stockyards Area through strategic investment and the attraction of compatible development. The Project Plan of the TIF is intended to address certain challenges that are common to the area encompassed by the TIF through public improvements that may include, in general, road improi ements, rail crossings or overpasses, public water and sewer line improvements, demolition and environmental remediation, streetscaping and pedestrian improvements, public parking infrastructure, and certain public amenities. In general, the TIF Plan contemplates that prospective developers of properties located within the TIN may fund portions of public infrastructure associated with development opportunities utilizing financial support from the TIF Board through development agreements that provide for reimbursement of eligible expenses for these developments. It is also anticipated that the TIF Board may undertake certain public improvement projects once sufficient tax increment is available in an effort to further enhance the area, thereby making it more attractive to new development and redevelopment. Projects will qualify for assistance by the use of TIF fiords if those projects meet at least one of the criteria outlined below. Qualifying for assistance does not mean that the project will automatically receive TIF assistance Onl) projects in which the TIN Board has approved participation by the use of TIF funds through a development agreement will receive assistance, . • . • • • . Mixed -use (within a single building) Projects that lead to direct job creation Adaptive reuse of an existing building Transit -oriented development Board -approved streetscape improvements Redevelopment along major commercial corridors Historic preservation or restoration Transportation improvements that substantially enhance the accessibility of and mobility within the area Mixed -income housing Board -approved public amenities (for example, public plazas, improved public access to public areas such as Marine Creek, or gateway enhancements at prominent locations along major corridors) Creates or improves pedestrian linkages. A. DESCRIPTION OF THE ZONE The reinvestment zone outlined by this Project Plan and Financing Plan ("the Plan") is located in the northern area of Fort Worth, Texas and encompasses property that is generally bounded by Northwest 30th Street on the northernmost boundary, Interstate Highway 35 Frontage road on the easternmost boundary, North Grand Avenue on the southernmost boundary, and Clinton Avenue on the westernmost boundary. This area includes major intersections such as N. Main & 28th St, and N. Main & Northside Dr and it includes the Historic Fort Worth Stockyards district. A map of the boundary and the legal description of the area are contained in exhibits at the end of this document, as are maps of the existing uses and property values. 33. PROPOSED CHANGES TO C a '". NT ORDINANCES AND CODES It is anticipated that the City of Fort Worth will establish an urban design district or adopt a similar ordinance affecting zoning or building form ("design standards") to ensure that new development in the Stockyards area is compatible with existing architecture and that the historic western character and heritage of the Fort Worth Stockyards is preserved. While viewed as consistent with the aims of the TIF, the establishment of design standards within the zone is not prompted or necessitated by the establishment of the TIF. C. ESTI TED PRIVATE INVESTMENT (NON -PROJECT COSTS) Private investment of up to $185 million is anticipated to occur in one area of the zone in association with the Fort Worth Stockyards Heritage Project. It is estimated that additional private investment spurred by the creation of the TIF District and the planned project, will reach approximately $200 million over the 20-year term. D. METHOD OF RELOCATING DISPLACED PERSONS No person shall be displaced as a result of implementing the Plan. 7 III. T E FINANCING '`LAN 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 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 T1F zone in 2014 is important so that the TIF District can be in place to assist and enhance planned private investment that may begin as soon as 2015. The Fort Worth Stockyards Heritage Project, which may one day encompass more than 1 million square feet of mixed -use redevelopment and new development has the potential of serving as a catalyst that may initiate the redevelopment of the overall area. Creation of the TIF zone will provide a tool that will lend support to the catalyst project as well as provide impetus to the private sector to invest in the area. The planned project as well as discussions concerning othcr potential development in the area will ensure the TIF District's success by providing needed increment from which projects can be funded to further support overall redevelopment This will not only enhance the success and impact of new development in and near the Historic Fort Worth Stockyards, but will enable public improvements that can support the cultivation of new development opportunities at sites that are presently blighted, challenged by inadequate infrastructure or that have experienced suppressed property values. With the designation of the proposed 925-acre 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 With regard to the revenue projections that have been developed for this plan, a 1,5 percent annual growth rate has been utilized for the initial four years which then accelerates to a 2.5 percent annual growth rate for the remainder of the TIF. Additionally, an approximate $147 million in improvements to properties currently identified as being favorably positioned for new development have been incorporated into the projections. It is also anticipated that within the twenty-year term_, the TIF will be capable of supporting additional major development similar to that which is currently planned by the Fort Worth Stockyards Heritage Project. The incremental value of such development has been incorporated into the projections for the TIF. As a result of the anticipated improvements described above, it is estimated that the TIF increment will generate approximately $40 million if the City, County, Tarrant Regional Water District and Tarrant County College District each choose to participate by designating 50% of their tax increment. ii. Increased Retail and Commercial Business Based on current land uses and potential investment, the TIF will develop with approximately 123 acres of the developable area becoming new or redeveloped mixed -use, retail and commercial business. . Employment Opportunities In addition to the jobs created during construction of the project improvements, it is expected that the future des elopment of the zone resulting from the private project improvements will generate a wide variety of additional emplo}ment opportunities. B. PROPOSED PROJECTS AND IMPROVEMENTS The redevelopment within the Stockyards/Northside TIF will consist of a combination of public improvements and private investment projects. These improvements will provide a "foundation for development" to encourage and support the long-term public needs of the neighborhood and secure mixed -use, economic growth opportunities in the Greater Stockyards Area. i. Initial Improvements The initial improvements contemplated in the Stockyards/Northside TIF include public infrastructure (e.g. water, sewer, drainage, roads, sidewalks, etc) associated with mixed -use and commercial development. In addition, demolition, environmental remediation, and all expenses allowable under the Tax Increment Financing Act are contemplated as needed for areas of the TIF zone identified as npe for new or redevelopment. The improvements undertaken by the TIF will support eligible Board -approved projects as listed in the Project Plan and will include, but not be limited to the types of improvements described below: Road and Access Improvements - Street, traffic, utility, drainage and other public infrastructure projects within the TIF boundaries, including projects that improve access to and from the TIF area, such as rail crossings or rail overpasses, Public Infrastructure Improvements - Public water and sewer line improvements, electric utility improvements, demolition and environmental remediation projects within TIF boundaries. Streetscabina and Pedestrian Improvements — Landscaping and sidewalk improvements, installation of pedestrian lighting, benches and wayfinding signage as well as other improvements within the public right-of-way that enhance the pedestrian experience. Public Parking Infrastructure (surface or structured) — Construction of new parking facilities or improvements to existing parking facilities that dedicate spaces for use by the general public. Public Amenities - Improved public access to or public use of Marine Creek, gateway improvements at key entry points of the Greater Stockyards Area, public plazas or similar public improvements that support development and redevelopment within TIF boundaries © Demolition and Environmental Remediation — Demolition of existing structures or improvements at, above or below grade in association with Board -approved projects as listed in the Project Plan and site improvements that address existing conditions that pose concerns to the environment or public health. Historic Facade Preservation and Restoration — Improvements to the exterior facade of buildings that are designated (i) Historic Significant Endangered (`FISE") or (it) as Historic and Cultural Landmark ("11C") by the City or, as a condition precedent to receipt of funding, will be designated as such upon completion of the designation process. 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 Plan if subsequent projects are identified by the TIF Board as appropriate and eligible for tax increment funding. iii. Economic Development Program Grants (Chapter 380 Agreements) The Board is authorized to enter into economic development program grants pursuant to Chapter 380 of the Texas Local Government Code ("Chapter 380 Agreements") for projects located within the boundaries of the TIF as authorized by and in accordance with Section 311.010(h) of the Texas Tax Code, if one of the following two cntena is met • The Chapter 380 Agreement supports a project that will utilize Federal and/or State historic tax credits and the financing of the project is demonstrated to be contingent on the use of those credits; or • The Chapter 380 Agreement supports a project that is located on a property owned by any of the taxing entities participating in the TIF. C. T' INCREMENT REVENUE PROJECTIONS i. Bonded Indebtedness No bonded indebtedness is expected to be incurred with respect to any of the project improvements. ii. Projection of Revenues 12 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 2014 (the Base Value). Table 1 sets forth the total taxable appraised value of property in the zone (estimated to be $171,822,838), 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 $808,347,140 in year 2034). (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 Plan anticipates that the City of Fort Worth, Tarrant County, Tarrant County College, and Tarrant Regional Water District will participate in the zone, by contributing fifty percent (50%) of each entity's tax increment with respect to the zone. Projected Tax Rates. Property tax rates are assumed to remain constant. Projected Collection Rates. The Plan assumes a one hundred percent (100%) collection rate. (g) Term of the Zone, The term of the zone will be 21 years, expiring on December 31, 2035, beginning with that zone tax increment generated by the 2015 tax appraisal and ending with that zone tax increment generated by the 2034 tax appraisal. iii. Estimated Payment of Project Costs Based on the assumptions and estimates set forth in the information above it is expected that the zone tax increment will be sufficient to pay in full all project costs (including interest). iv. Tax Exemptions Issued by Participating Taxing Entities 13 All taxing entities that participate in the zone shall retain the right to grant tax exemptions as permitted by applicable law to properties located in the zone for purposes including but not limited to 1) historic preservation and restoration and 2) homestead exemptions Th's shall not include any form of tax abatement or grant of tax funds collected by either of the participating taxing entities without prior approval by the TIF Board pursuant to Section 311.013(f) of the Texas Tax Code. C1. SU Y OF P r JECT COSTS ANC IV. SU RY OF PROJECT COSTS AND FINANCING a A, Anticipated TIF Projects Road and Access Improvements* (Street, It ceic, utility, drainage and other public infrastructure projects within the TIE boundaries, including projects that improve access to and ,from the TIE area, such as rail crossings or rail overpasses) Public Infrastructure Improvements * (Public water and sewer line improvements, electric utility improvements, demolition and environmental remediation projects within TIF boundaries) Streetscamng and Pedestrian Improvements * (Landscaping and sidewalk improvements, installation of pedestrian lighting, benches and wavftnding signage as well as other improvements within the public right-of-wav that enhance the pedestrian experience.) • Public Parking Infrastructure * (Construction of new parking facilities or improvements to existing parking facilities that dedicate spaces for use by the general public.) • Public Amenities (Improved public access to or public use of Marine Creel, gateway improvements at key entry points of the Greater Stockyards Area, public plazas or similar public improvements that support development and redevelopment within TIF boundaries) • Historic Facade Preservation and Restoration (Improvements to the exterior facade of buildings that are designated (f) Historic Significant Endangered ("HSE') er (ii) as Historic and Cultural Landmark ("HC") by the City or, as a condition precedent to receipt of funding, will be designated as such upon completion of the designation process.) Administrative Expenses TOTAL PROJECT COSTS B. Anticipated TIF Revenues • City of Fort Worth Tarrant County • Tarrant County College District • Tarrant Regional Water District TOTAL REVENUE $ 15.000,000 $ 14,000,000 $ 3,500,000 $ 3,500,000 $ 2,500,000 $ 1,000,000 $ 500,000 $ 40,000,000 $ 26,897,248 $ 8,305,115 $ 4,703,086 $ 629.175 $ 40,534,624 * Project costs assume interest associated with reimbursement for public improvements. Note: The amounts outlined below are strictly estimates and do not serve as caps on any specific area. Eligible project costs not outlined above may be funded on a specific project as approved by the TIF Board. 16 V. TA ;:' S TABLE 1. PS PROJECTIONS ECTIONS t I IF rds TIT TAXASLI VALUE (Mdlf1 t, %neon &.Death) air alist Worth ritoMr, outlet T(m 77WO Tint OS ely Pre One torn s My' Enrate6 A6Q•d A `1 Odenti?7 V�tyfue 0:r ad TIN omprs) eic^. WW .mWr4k R + va: Xu Value (known ouvto211 Wise (ptrgedted 00 TAY 2BCIONENTYALUL IliCUio111C OWEDADD® VALUES Carr of PotT4odh .. . - . MLitt TOM UMW Tang Cosy C7garPin WOrm HairPte rebid ram TilWD Tarrst Count, p >MITES 1171J77.63e 174,400,101 202.014J417 Ja5d%4ar 244la In 2 LMON =Wet 20.74 ffee S5 , clang -Pater. 1I7t412,pe 174,4Q let 2GZWM 7 204044417 24 242764354 2ssa7,f19 26*-1fOl t 330,374748 S*SS6t,Ct s171.R22.01R 174 ,101 7021I416t ZKOP 4ffi NZ d4Rt61E954 153,557,fi9 261.,10,608 31-10 7td n6SL4td 117z*2Za1$ 174,4CCi,1e1 dt1D142*3 4044.42,6 2C0t127 749,264,34 255,5O7X9 261t.1111601 3 23A171S !1Al ate, 1111322R3e 174,400,1S1 J02D16,00 111f,O444M 2414177 24R ZDS4 11PI5D7,w 261 ,4as 153;3Rd718 346S4428 1.501;(. IS M% me% IS.S7;: 23J!; 5.41•5 31.304, 6.13V stettl 50,000 Zte00„ 30)0040 Y 2,000 2,+100,tM0 6,000,000 12,00400 000 1,'S7.!749 X Ban 11,11{ds 7L79;'7d4 :7,441f6 8748X137 97.517.J?7 XS7.5S1,687 IREall.4iO Z177,3 .1 10.;Spa Waste 77,25 ],1 77.4rFEll6 ASS 97.517, n7 :n,w,,a IAiaSSD &W,,349 3,714145 11nt%t 17,J99,2S4 77A4t16 asaIS1 97,517.17o JSL557,t1.D 1900,330 ZS77,101 .arnie5 Want 17.zpR29'f 77,444116 aleaZS15! 97,577,ne 4845S7,SA7 Man, 7,677-147 10,193,36 1141JXMS 71.471,264 77.44tElIS S;63S15t 974tZ77D It! 37S 7 MIMI W VMS 171E077 142411 .10t,J* M .111432 357,754 414C33 774160 0M :1 LW 1L57D 24,115 SS M l7,nl 61,i'S, TI,ilg3 115,715 I47,ISE al ;019 -LW 7,1117 7,T45 4169 vat mum LENS mat 1;L4S neSS MIS 10Z729 to; 40 2ar.771 MAI! aril niter ~in 71400 7 .01,1417 Una' YAM(htlt,drq "Arm moms) Oncirca Werth tiers TRW TvrtCarly ar PerstChayeffirnJIRr? kW Cam rt (aoM,pnxsm) Esnilal Wed tartwrell Vex troserrvl5) TAX YAM IMCLUOff0AWED VALUES C#►6RttN40t DOI TOM Mit Tarr !*Cant Ceydiet Worth TCtO Tatant Cn,4ty Men VAM3/40.4.110 44t1 mums hlreit *Vass° UIJrot4 SZU ZH7 57f90,734 575157,4( 41,2E 50 41,17(d24 ^JJ92447 52e94L'14 571,13Z4f.4 ,14,11L656 d',171&'4 A'J tf2Aw7 Sawn; 571,157,00 454211,00 $z,v S. Sdt4'40 SAWN Plat e1 46A1114159 4L'lt$wf 9m3,192,47 1*!0,151 572 44 ZS91# 3494. t .n = zorlom 4fgo,n 1, 44i?4; 3a 9.PIFlS X'J ?meal 1,000.^00 lump) taAoo ®; P167m5 61J,6,7374: 701117$617 77416t5111 75.:Al2.77 ta3#7J43 50,176,346 51J,E77Q x.,47G647 7zj5451D r1'LEJ1i* r4J1 .10 z7,,&V f Ett677J! 7437t,,h7 715 P . Iii.vzm >.'.11.#17,NFJ 919,126,3•S 6:J,67741 7t437.Af7 775,11(03 7111,72.11,5 l7S317,N0 5ria99f 5•4673,7+! :a"3fl7 Mario :146.71750 C S347.I4 =P'! 1r Vel.M 2,Z7,071 1$7.*,0^9 2.GUAl7 J O,w`O ll.MOATC 12,MO.Oo?t 75,SIv,FTo MOO 53,C,DO,— llJ 5,100 maw Jds4.isLf3f JJL5IR651 J491J!lC )99,4346/6 gt%XSi_' 4YLU92951 5.2r IRE r 5N1-107 5I1J99,563 54,S4.5K' aflert 192,1w,111 JMPJSL4Z5 u,S$>sp1 lawq,es JS9,44646 4140/31kS *mega f2S3.?h9 50,N1,52 60f,777!!i 6JK.5.:4_171 Oran 7xL3 w% 327,1005 J)LSf( 09 lex,1144S5 J99,4146rt 04A17,n 4a491:J .5774E4009 SH,C31,19I 6O9,799AV 3.47 t',4Xti t4'S i4t 4 &n611 "Ism fl%9,09 749,1 m% J9J4 tific 4146 59/ 410, ice 5215.55CVA Sala 6PL799,931 `"F ` 4 s ' MOM 7 S.I17 7999,IS7,115 i11,5is639 )4Wt4r'?4 J9),0(646 4140BR! 441.07,,03 57655!079 Jrtasz 661479 re 0.3,.VA .?' " ;Mi-7ar graetstB 4140.1 7.417,1E 1,537,4A7 !_!'t,.: JAI SS L1"U'13 2.25.2..77 1,F 754 ZC5 Zro-tel 2*5I1 I31,.YT 10I+3 NW 2 577 NI? 0 nuts 4L":7: z 4.0,,33 474:47 tgt437 I14L3!! *19J5 ?1;57 14.911 ',8,94T IWO 1"JA rats 514E !D,i'M KO: Er JRftiE 4t96 ell.' *ZIP 50,714 ST7,235 SKIM Kea at J04i7 +cal: En, limns 3,fnow J:111W7 now isnot 207,3131 I•'S "t 3;93x1I7 was 4U4z!3r N,; VL EX ITS As S I 1 15 : fi. e. z nr F• EXHIBIT 1 P OF THE BOUNDARY 0' 7.sa I tft . Maps i.fl. 'rtrn.f aro BariP r.ay [6, tibia ,Nirpt4.4$ F*.ij5M 1. 'r bYn}RYT:.ie O; Cow, Vle C4Nn'e/ 21 EXHIBIT 2 LEGAL DESCRIPTION OF THE TIF A tract of land out of the J. Baugh Survey, Abstract No. 115, the J. Thomas Survey, Abstract No. 1526, the M.E. Jobe Survey, Abstract No. 886, the W.M. Gray Survey, Abstract No 635, the M. Roddy Survey, Abstract No. 1370, the S. Gilmore Survey, Abstract No. 580, the S. Gilmore Survey, Abstract No. 590, the S K. Smith Survey, Abstract No. 1417 and the E. Little Survey, Abstract No. 954 and being more particularly described by metes and bounds as follows: Beginning at the intersection of the east right-of-way line of Clinton Avenue and the north right-of- way line of Grand Avenue, the most southerly corner of Lot 6A, Block 60, North Fort Worth Addition according to plat recorded in Volume 388-146, Page 6, Plat Records of Tarrant County, Texas; Thence: hearin roughly North 40 degrees West, about 3,308.0 feet to the southerly right-of-way line of N W. 16 n Street; Thence: bearing roughly North 50 degrees East with said right-of-way, about 113.0 feet to its intersection with the south right-of-way !ine of 20Th Street; Thencewith said right-of-wuy line, EAS'1 about 287.0 feet to the east right-of-way line of liouston Street Thence: with said right-of-way line NORTH, about 2,619.0 feet to its intersection with the north right-of-way line of 24T Street, the southwest corner of Lot 56, Block 19, Exchange Subdivision of Blocks 18 & 19, M.G. Ellis Addition according to plat recorded in Volume 204, P ;;e 69, Plat Records of Tarrant County, Texas, Thence: with said right-of-way line WEST_ about 386.0 feet to its intersection with the east right-of- way line of Clinton Avenue, the southwest comer of Lot 72 Block 18 of said Subdivision; Thence: with said right-of-way line, NORTH about 2,780.0 feet; Thencecontinuing with said right-of-way line, bearing roughly North 15 degrees West, about 1,289.0 feet to its ntersect,o'r with the south right-of:way line of 30Th Street the northwest corner of Lot 13, Block 69, M.G. Ellis Addition according to plat recorded in Volume 63, P. _e 19, Plat Records of Tarrant County, Texas; Thence: EAST, about 1,495.0 feet to the east right-of-way line of North Commerce Street; Thence' bearing roughly North 15 degrees West, about 663.0 feet to its intersection with the south right-of-way lute of 31 ` Street, the most westerly comer of Block 7, Fort Worth Stockyards Company Addition, according to plat recorded in Volume 388-A Page 111, Plat Records of Tarrant County, Texas; Thence: EAST, about 360.0 feet to the east right-of-way line of North Calhoun Street. 22 Thence: with said right-of-way line, bearing roughly North 15 degrees West, about 630.0 feet to the northwest corner of said Block 7 lying on the south line of Block 82R, Fostepco Heights according to plat recorded in Volume 388-51, Page 43, Plat Records of Tarrant County Texas; Thence: EAST, about 321.0 feet to the west right-of-way line of the Burlington Northern & Santa Fe Railroad right-of-way; Thence: southeasterly, with said right-of-way line about 1,182.0 feet; Thence: bearing roughly North 63 degrees East, about 289.0 feet to a point lying on the east right-of- way line of the Union Pacific Railroad, the westerly line of Lot 8, Block 100 Fostepco Heights Addition according to plat recorded in Volume 204-A, Page 126, Plat Records of Tarrant County, Texas; Thence: southeasterly with said right-of-way line, about 482.0 feet to the southwest corner of Lot 6, Block 100 of said Addition, the northwest corner of Lot 7 of said Addition; Thence: with the common line of said Lots roughly EAST, about 112.0 feet to the west right-of-way line of Terry Street; Thence: with said right-of-way line SOUTH, about 142.0 feet; Thence: departing said right-of-way line EAST, about 1,961.0 feet to its intersection with the east right-of-way line of Hays Street; Thence: bearing roughly NORTH with said right-of-way line about 450.0 feet to its intersection with the south right-of-way line of 30Th Street Thence: with said right-of-way line EAST, about 27.0 feet to its intersection with the west right-of- way line of Burlington Northern & Santa Fe Railroad Thence: northeasterly with said right-of-way line about 1,152.0 feet; Thence: EAST, about 210.0 feet to the east right-of-way line of said railroad; Thence: southwesterly with said right-of-way line about 1,525.0 feet to the southwest corner of Lot 10, Block 101 of said Fostepco Heights Addition; Thence: departing said railroad right-of-way line bearing northeasterly about 150.0 feet to the west right-of-way line of Decatur Avenue, the southeast corner of said Lot 10; Thence: with said Decatur Avenue right-of-way line southeasterly about 975.0 feet; Thence: departing said right-of-way line bearing roughly EAST, about 1,581.0 feet to the southeast corner of Lot 14, Block 6, Moody Addition according to plat recorded in Volume 204, Page 17, Plat Records of Tarrant County, Texas; 23 Thence: with the east line of Block 6 of said Addition bearing SOUTH, about 50.0 feet; Thence: bearing roughly EAST, about 225.0 feet to the east right-of-way line of Oscar Street, the southwest corner of Lot 15, Block 5 of said Moody Addition; Thence: with the east right-of-way line of said Oscar Street bearing roughly NORTH, about 306.0 feet to its intersection with the south right-of-way line of Loraine Street, the northwest corner of Lot 10 of said Block 5; Thence: with the south right-of-way line of Loraine Street bearing roughly EAST, about 117.0 feet to the northwest corner of said Lot 10 lying on the west line of an alley; Thence: with the west line of said alley bearing roughly SOUTH, about 353.0 feet to the southeast corner of Lot 16 of said Moody Addition; Thence: bearing roughly EAST, about 1,387.0 feet to the east line of an alley in Block 1 of said Addition the northwest corner of Lot 2; Thence: NORTH, about 50.0 feet to the northwest corner of Lot 3 of said Moody Addition; Thence: bearing roughly EAST with the common line of Lot 3 and Lot 4 about 200.0 feet to the east right-of-way line ofDeen Road; Thence: with said right-of-way line bearing roughly NORTH, about 779.0 feet; Thence: bearing roughly North 45 degrees East, about 14.0 fret to the south right-of-way line of Dewey Street, The northwest corner of Lot 1R1, Block 1, United Service Center Addition according to plat recorded in Volume 388-140, Page 35, Plat Records of Tarrant County, Texas: Thence: bearing roughly EAST, about 1,160.0 feet to the westerly right-of-way line of Interstate Highway No 35 (North Freeway), the northeast corner of Block 14, Karren Addition Third Filing accordmg to plat recorded in Volume 388-6, Page 60, Plat Records of Tarrant County, Texas; Thence: southwesterly along said right-of-way line about 1,110.0 feet to the northerly right-of-way line of 28Th Street; Thence: SOUTH, about 115.0 feet to the south right-of-way line of said 28Th Street, the northeast corner of Lot 1 Taylor & McBrayer Subdivision according to plat recorded in Volume 388-F, Page 77, Plat Records of Tarrant County, Texas; Thence: southeasterly about 36.0 feet; Thence: southeasterly about 55.0 feet to the east right-of-way line of Warfield Street, the northwest corner of Lot 54, of said Addition; Thence: with the south right-of-way line of said 28Th Street hearing EAST, about 185.0 feet to the west right-of-way line of said North Freeway; 24 Thence: southeasterly about 320.0 feet to the northeast comer of Lot 1, Block 1, Lonestar Forklift Addition according to plat recorded in Cabinet A Slide 12844, Plat Records of Tarrant County Texas; Thence: bearing roughly SOUTH, about 784.0 feet to the northeast corner of Lot 1, Block 1, McCann Addition according to plat recorded in Cabinet A, Slide 10865, Plat Records of Tarrant County, Texas, lying on said North Freeway right-of-way line; Thence: WEST, about 259.0 feet to the east right-of-way line of Cold Springs Road, the northwest corner of said Addition; Thence: bearing roughly South 10 degrees West, About 70.0 feet to its intersection with the east line of a T.E.S.Co. right-of-way per deed recorded in Volume 1520, Page 363, Deed Records of Tarrant County, Texas; Thence: bearing roughly SOUTH, about 837.0 feet to the north right-of-way line of Fort Worth Belt Railroad Co. per deed recorded in Volume 119, Page 407, Deed Records of Tarrant County, Texas' Thence. southwesterly about 240 0 feet to the southwest corner of that certain tract of land conveyed to Trinity Industries, Inc, according to deed recorded in Volume 6181, Page 563, Deed Records of Tarrant County, Texas lying on the east right-of-way line of said Cold Springs Road; Thence: bearing roughly North 29 degrees East about 259,0 feet to an angle point of said right-of- way; Thence: bearing roughly NORTH, about 174.0 feet to the intersection of the east right-of-way line of Warfield Avenue and the west right -of --way line of Cold Springs Road; Thence: bearing roughly NORTH with the east right-of-way line of said Warfield Street about 840.0 feet to its intersection with the north right-of-way line of Warwick Street, the southwest comer of Lot 42 of said Taylor & McBrayer Subdivision; Thence: WEST, about 180.50 feet to the intersection of the east right-of-way line of Sterling Street, the southwest comer of Lot 13 of said Subdivision; Thence: with said right-of-way line, NORTH about 600.0 feet; Thence: bearing roughly WEST, about 1,551.0 feet along the north right-of-way line of Salisbury Avenue to the west right-of-way line of Hale Avenue, the southeast corner of Lot 8, Block 25, Diamond Hill Addition according to plat recorded in Volume 388, Page 21, Plat Records of Tarrant County, Texas; Thence: with the west right-of-way line of Hale Avenue SOUTH, about 300.0 feet to its intersection with the north right-of-way line of Orion Avenue, the southeast corner of Lot 10, Block 25 of said Addition; Thence: with said Orion Avenue right-of-way line WEST, about 1,225.0 feet to the southwest corner of Lot 17, Block 8 of said Diamond Hill Addition; 25 Thence: bearing roughly South 45 degrees East about 67.0 feet to the south right-of-way line of said Orion Avenue, the northwest comer of Lot B, Block 9 of said Addition abutting Trail Drivers Park; Thence: bearing roughly South 21 degrees West, about 439.0 feet to the southwest corner of Lot 12 of said Block; Thence: bearing roughly North 57 degrees West, about 994.0 feet to the southeast comer of Lot 12, Block 5 of said Addition; Thence: bearing roughly South 81 degrees West, about 110.0 feet to the northeast corner of Lot 11, Block 5 of said Addition; Thence: bearing roughly South 85 degrees West, about 120.0 feet to the east right-of-way line of Decatur Avenue, the southwest comer of Lot 12, Block 5 of said Addition: Thence: bearing roughly North 58 degrees West, about 64.0 feet to the west right•of-way line of Decatur Avenue, the southeast comer of Lot 2A1, Block 2, Fort Worth Stockyards Company, according to plat recorded in Volume 388-A, Page 111, Plat Records of Tarrant County, Texas; Thence: with said Decatur Ave right-of-way line bearing roughly South 6 degrees East, about 506,0 feet; Thence: bearing roughly SOUTH, about 975.0 feet to the north right-of-way line of Fort Worth Belt Railroad right-of-way, the southeast corner of Tract 10, Abstract 954 of the E. Little Survey as conveyed to DFW K & H Real Estate, LLC per deed recorded at Instrument No. D206009372, Deed Records of Tarrant County, Texas: Thence: bearing roughly North 82 degrees Fast, about 54.0 feet to the east right-of-way line of said Decatur Avenue, the southwest corner of Lot 2A, Block 4 of said Diamond Hill Addition; Thence: bearing roughly North 72 degrees East, about 134.0 feet to the southwest comer of Lot 31, Block 3 of said Addition: Thence: NORTH, about 115,0 feet to the northwest comer of said Lot 31; Thence: bearing roughly North 88 degrees East, about 125.0 feet to the northeast corner of said Lot lying on the west right-of-way line of Peak Street; Thence: bearing roughly South 47 degrees Fast, about 79.0 feet to the southwest comer of Lot 2, Block 4 of said Diamond Hill Addition lying on the east right-of-way line of Peak Street and the north right-of-way line of said Fort Worth Belt Railroad; Thence: northeasterly along said railroad right-of-way line about 3,182.0 feet to a point Lying on the approximate survey line of the E. Little Survey, Abstract No. 954 and the S.K Smith Survey, Abstract No. 1417 and lying on the southerly line of Lot 12, Block 40 of said Diamond Hill Addition 26 Thence: bearing roughly SOUTH, about 103.0 feet to the south line of said Fort Worth Belt Railroad right-of-way lying on the north line of Lot 4, Block 1, Gorbett Industrial Addition according to plat recorded in Volume 388-216, Page 4, Plat Records of Tarrant County, Texas; Thence: southeasterly with said right-of-way line about 562.0 feet to the west right-of-way line of Cold Springs Road, the northeast corner of said Addition; Thence: southwesterly along said west right-of-way line about 1,541.0 feet to the north right-of-way line ofNorthside Drive, the southeast corner of Lot 2, Block 1, Delta Industrial District according to plat recorded in Volume 388-45, page 68, Plat Records of Tarrant County, Texas; Thence: southwesterly along said right-of-way line curving to the left with a radius of 624.36 feet, an arc length of431.52 feet to the southwest corner of said Lot; Thence: bearing roughly North 10 degrees East, about 469.50 feet along the westerly line of said Delta Industrial District plat to the southeast comer of Lot 1, Block 2, Delta Industrial District according to plat recorded in Volume 388-168, Page 59, Plat Records of Tarrant County, Texas; Thence: bearing roughly North 76 degrees West, about 1,177.0 feet to the southwest corner of said Lot and Block; Thence: bearing roughly North 12 degrees East, about 681.50 feet to the south right-of-way line of Brennan Avenue, the northwest corner of said Lot 1, Block 2, Thence: bearing roughly North 72 degrees West along said right-of-way line about 155.0 feet to the northeast corner of Lot 2, Block 47 Diamond Hill Addition according to plat recorded in Volume 388-209, Page 55, Plat Records of Tarrant County, Texas; Thence: bearing roughly South 12 degrees West, about 547.50 feet to the southeast corner of Lot 2 of said Addition at an ell corner of Lot I, Block 1 Brennan Avenue Service Center Addition according to plat recorded in Cabinet A, Slide 835, Plat Records of Tarrant County, Texas; Thence: bearing roughly North 80 degrees West, about 1,147.0 feet to the northwest corner of said Lot 1; Thence: bearing roughly South 10 degrees West, about 580.0 feet to an ell corner of said Lot 1, the southeast comer of Lot 20A of said Diamond Hill Addition; Thence: bearing roughly North 80 degrees West, about 446.0 feet; Thence: bearing roughly South 58 degrees West, about 31.0 feet; Thence: bearing roughly South 77 degrees West, about 142.0 feet; Thence: bearing roughly South 60 degrees West, about 195.0 feet Thence: bearing roughly South 45 degrees West, about 274.0 feet to the intersection of the east right-of-way line of Samuels Avenue; 27 Thence. bearing roughly North 37 degrees West, about 71.50 feet to the southeast comer of Block 13 of said Fort Worth Stockyards Company Addition lying on the north right-of-way lure of 23R4' Street; Thence: hearing roughly South 78 degrees West, about 48.0 feet Thence: continuing with said right-of-way line bearing roughly WEST, about 1,743.0 feet to its intersection with the east right-of-way line of Niles City Blvd; Thence* westerly with said right-of-way line about 518.0 feet; Thence: bearing roughly SOUTH, about 204.0 feet to the westerly southwest comer of Block 20 of said Fort Worth .Stockyards Company Addition, the northwest comer of Lot 1R, Block 178R, M.G. Ellis Addition according to deed recorded at Instrument No. D209298051 and D209298052, Deed Records of Tarrant County, Texas; Thence: bearing roughly South 60 degrees East, about 23.0 feet, Thence: bearing roughly South 55 degrees East, about 112.40 feet; Thence- hearing roughly South 53 degrees East, about 109.40 feet; Thence: bearing roughly South 78 degrees 42 minutes East, about 102.0 feet to the northeast comer of said Lot 1R, lying on the west rit,ht-of-way line of Fort Worth & Western Railroad. Thence: with said railroad right-of-way line bearing roughly SOUTH, about 707.0 feet to the north right-of-way line of 218' Street. Thence: with said right-of-way line EAST, about 229.0 feet; Thence. southeasterly with said railroad right-of-way line about 710.0 feet; Thence: WEST, about 39.0 feet; Thence: bearing roughly South 4 degrees West, about 1,216.0 feet to the north right-of-way line of' Northside Drive, the southwest comer of Lot 1, Block 54, North Fort Worth Addition according to plat recorded in Volume 63, page 149, Plat Records of 'Tarrant Count), Texas; Thence: with said right-of.way line, bearing roughly South 60 degrees West, about 956.0 feet to the southeast corner of Lot 22, Block 78 of said Addition lying on the west right-of-way line of North Main Street; Thence: with said right-of-way line bearing roughly South 30 degrees East, about 434.50 feet to the southeast comer of Lot 1, Block 59 of said Addition lying on the north right-of-way line of Grand Avenue: 28 Thence: southwesterly with the north right-of-way line of Grand Avenue, about 652.0 feet to the Place of Beginning, containing some 925.29 acres of land, more or less Bearings and Distances per City of Fort Worth Graphic Information System. This description prepared by Steve Cisneros, TPW Survey Services, October of 2014. " 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." 29 r,,:'�,' �•ingle Family Multi-Fattily Meal COMMt re. iz > I;. Industrial all Inmportauan Source: Tarrant Appraisal District, 2013 EXHIBIT 3 MAP OF EXISTING USES 30 EXHIBIT 4 MAP OF PROPERTY VALUES J o a+o,000 IJ,o,00f . i100.000 c+oo,oe 1- 51,000,00D t1,00,001 :s,000,coc, S3.000,001 - 510.000 000 Source: Tarrant .4ppraisal District, 2013 31 ort orth, Texas • COUNCIL ACTION: Approved on 8/4/2015 - Ordinance No. 21812-08-2015 DATE: Tuesday, August 04, 2015 LOG NAME: 17ED TIF15ADOPTPLAN SUBJECT: Adopt Ordinance Approving the Project and Financing Plan for Tax Increment Reinvestment Zone No. 15, City of Fort Worth, Texas (Stockyards/Northside TIF) (COUNCIL DISTRICT 2) REFERENCE NO.: "G-18525 RECOMMENDATION: It is recommended that the City Council adopt the attached ordinance approving the Project and Financing Plan for Tax Increment Reinvestment Zone No. 15, City of Fort Worth, Texas (Stockyards/Northside TIF). DISCUSSION: On December 2, 2014, the City Council approved Ordinance No. 21550-12-2014 to establish Tax Abatement Reinvestment Zone No. 15, City of Fort Worth, Texas (the Stockyards/Northside TIF). At its first meeting on July 15, 2015, the Board of Directors for the Stockyards/Northside TIF adopted the attached Project and Financing Plan for consideration by the City Council With the Project and Financing Plan in place, the Stockyards/Northside TIF will be in a position to help Alliance public illllastructultd llllpruvellleliis in the aiea suuh as wad and access improvements public infrastructure improvements, streetscaping and pedestrian improvements, public parking infrastructure, public amenities and historic facade preservation and restoration to support the development end redevelopment of the Stockyards/Northside area. State law requires City Council approval of a TIF's Project and Financing Plan through an ordinance before the Plan can take effect. Thus, Staff recommends that the City Council adopt the attached ordinance approving the Project and Financing Plan for the Stockyards/Northside TIF, as adopted by the TIF's Board of Directors. The Stockyards/Northside TIF Is located in COUNCIL DISTRICT 2. FISCAL INFORMATION / CERTIFICATION: The Financial Management Services Director certifies that this action will have no material effect on City funds. FUND CENTERS: TO Fund/Account/Centers FROM Fund/Account/Centers CERTIFICATIONS: Submitted for City Manaaer's Office bv: Oriainatina Department Head: Additional Information Contact Jay Chaps (6192) Robert Stums (8172122663) Michael Hennig (7337) Ana Alvarado (7536) Logname: 17ED TIF I SADOPIPLAN Page 1 of 1 EXHIBIT "B" PROJECT PLAN Tarrant County Participation Agreement Stockyards(Northside TIF Page 9 Tax Increment Reinvestment Zone Number Fifteen, City of Fort Worth, Texas (Stockyards/Northside TIF) Project Plan and Financing Plan Prepared for The City of Fort Worth July 15, 2015 Tax Increment Reinvestment Zone Number Fifteen, City of Fort Worth, Texas (Stockyards/Northside 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 7 B. Proposed Changes to Current Ordinances and Codes 7 C. Estimated Non -Project Costs 7 D. Method of Relocating Displaced Persons 7 III. The Financing Plan 8 A Economic Feasibility of the Zone 9 B. Proposed Projects and Improvements 11 C. Revenue Projections 12 IV. Summary of Project Costs and Financing 14 V. Tables 16 VI. Exhibits 19 1. Map of Boundary 20 2 Legal Description 21 3. Map of Existing Uses 29 4. Map of Property Values 30 I. T INC " ENT NANO 1 # VE ':VIE 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 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 planing, 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 taxable value of real property in the zone is identified and designated as the "base value. ' All taxing units that levy taxes in the zone during the life of the TIF will continue to receive the tax revenues derived from the "base value." As new development is added to the tax rolls within the TIF area, total assessed valuations rise. This rise in new value is measured annually and is called the "captured appraised value". The taxes that are collected by the participating taxing jurisdictions on the incremental increase between the original ' base value" and the current year's "captured appraised value" is the ` tax increment". Each taxing unit choosing to participate in the TIF will agree to deposit a portion or all of the taxes generated from the "tax increment" into a TIF fund administered by a TIF Board that is appointed by the local taxing units. The '1'Lt 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 a much later date. Additionally, the TIF Board may enter into development agreements to participate in new development or redo, elopment. The TIF District ends on the earlier of 1) the termination date contained in the ordinance establishing the zone or 2) the date on which all project cost have been paid in full Any revenues remaining in the TIF fund after the dissolution of the TIF are returned pro rata to each participating taxing unit. 4 II.'T; fJECi PL II. THE PROJECT PLAN The City Council recognizes the historical and economic importance of the Fort Worth Stockyards and surrounding neighborhoods, the growth and vitality of which is impeded by inadequate infrastructure and pockets of persistent blight, and is committed to the preservation and enhancement of the Greater Stockyards Area through strategic investment and the attraction of compatible development. The Project Plan of the TIF is intended to address certain challenges that are common to the area encompassed by the TIF through public improvements that may include in general, road improvements rail crossings or overpasses, public water and sewer line improvements, demolition and environmental remediation, streetscaping and pedestrian improvements, public parking infrastructure, and certain public amenities. In general, the TIF Plan contemplates that prospective developers of properties located within the TIF may fund portions of public infrastructure associated with development opportunities utilizing financial support from the TIF Board through development agreements that provide for reimbursement of eligible expenses for these developments. It is also anticipated that the TIF Board may undertake certain public improvement projects once sufficient tax increment is available in an effort to further enhance the area, thereby making it more attractive to new development and redevelopment. Projects will qualify for assistance by the use of TIF funds if those projects meet at least one of the criteria outlined below. Qualifying for assistance does not mean that the project will automatically receive TIF assistance. Only projects in which the t'ItF Board has approved participation by the use of TIF funds through a development agreement will receive assistance. • • • • • • 0 Mixed -use (within a single building) Projects that lead to direct job creation Adaptive reuse of an existing buildmg Transit-onented development Board -approved streetscape improvements Redevelopment along major commercial corridors Historic preservation or restoration Transportation improvements that substantially enhance the accessibility of and mobility withm the area Mixed -income housing Board -approved public amenities (for example, public plazas, improved public access to public areas such as Marine Creek, or gateway enhancements at prominent locations along major corridors) Creates or improves pedestrian linkages. A. DESCRIPTION OF THE ZONE The reinvestment zone outlined by this Project Plan and Financing Plan ("the Plan") is located m the northern area of Fort Worth, Texas and encompasses property that is generally bounded by Northwest 30th Street on the northernmost boundary, Interstate Highway 35 Frontage road on the easternmost boundary, North Grand Avenue on the southernmost boundary, and Clinton Avenue on the westernmost boundary. This area includes major intersections such as N. Main & 28th St. and N. Main & Northside Dr. and it includes the Historic Fort Worth Stockyards district. A map of the boundary and the legal description of the area are contained in exhibits at the end of this document, as are maps of the existing uses and property values. B. PROPOSED CHANGES TO CURRENT ORDINANCES AND CODES It is anticipated that the City of Fort Worth will establish an urban design district or adopt a similar ordinance affecting zoning or building form (` design standards") to ensure that new development in the Stockyards area is compatible with existing architecture and that the historic western character and heritage of the Fort Worth Stockyards is preserved. While viewed as consistent with the aims of the TIF, the establishment of design standards within the zone is not prompted or necessitated by the establishment of the TIF C. ESTIMATED PRIVATE INVESTMENT (NON -PROJECT COSTS) Pnvate investment of up to $185 million is anticipated to occur in one area of the zone in association with the Fort Worth Stockyards Heritage Project. It is estimated that additional private investment spurred by the creation of the TIF District and the planned project, will reach approximately $200 million over the 20-year term. D. METHOD OF RELOCATING DISPLACED PERSONS No person shall be displaced as a result of implementing the Plan. 7 I 1 PINANC 1 G 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 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 'n this particular case, promote redevelopment opportunities. With that in mind, initiating this TIF zone in 2014 is important so that the TIF District can be in place to assist and enhance planned private investment that may begin as soon as 2015. The Fort Worth Stockyards Heritage Project, which may one day encompass more than 1 million square feet of mixed -use redevelopment and new development has the potential of serving as a catalyst that may initiate the redevelopment of the overall area. Creation of the TIF zone will provide a tool that will lend support to the catalyst project as well as provide impetus to the private sector to invest in the area. The planned project as well as discussions concerning other potential development in the area will ensure the TIF District's success by providing needed increment from which projects can be funded to further support overall redevelopment. This will not only enhance the success and impact of new development in and near the Historic Fort Worth Stockyards, but will enable public improvements that can support the cultivation of new development opportunities at sites that are presently blighted, challenged by inadequate infrastructure or that have experienced suppressed property values. With the designation of the proposed 925-acre 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 With regard to the revenue projections that have been developed for this plan, a 1.5 percent annual growth rate has been utilized for the initial four years which then accelerates to a 2 5 percent annual growth rate for the remainder of the TIF. Additionally, an approximate $147 million in improvements to properties currently identified as being favorably positioned for new development have been incorporated into the projections. It is also anticipated that within the twenty-year term, the TIF will be capable of supporting additional major development similar to that which is currently planned by the Fort Worth Stockyards Heritage Project. The incremental value of such development has been incorporated into the projections for the TIF. As a result of the anticipated improvements described above, it is estimated that the TIF increment will generate approximately $40 million if the City, County, Tarrant Regional Water District and Tarrant County College District each choose to participate by designating 50% of their tax increment. 9 ii. Increased Retail and Commercial Busmess Based on current land uses and potential investment, the TIF will develop with approximately 123 acres of the developable area becoming new or redeveloped mixed -use, 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. B. PROPOSED PROJECTS AND IMPROVEMENTS The redevelopment within the Stockyards/Northside TIF will consist of a combination of public improvements and private investment projects. These improvements will provide a `foundation for development" to encourage and support the long-term public needs of the neighborhood and secure mixed -use, economic growth opportunities in the Greater Stockyards Area. i. Initial Improvements The initial improvements contemplated in the Stockyards/Northside TIF include public infrastructure (e.g. water, sewer, drainage, roads, sidewalks, etc) associated with mixed -use and commercial development. In addition, demolition, environmental remediation, and all expenses allowable under the Tax Increment Financing Act are contemplated as needed for areas of the TIF zone identified as ripe for new or redevelopment. The improvements undertaken by the I'If will support eligible Board -approved projects as listed in the Project Plan and will include, but not be limited to the types of improvements described below: Road and Access Improvements - Street, traffic, utility, drainage and other public infrastructure projects within the TIF boundaries, including projects that improve access to and from the TIF area, such as rail crossings or rail overpasses. Public Infrastructure Improvements - Public water and sewer line improvements, electric utility improvements, demolition and environmental remediation projects within TIF boundaries. • Streetscanme and Pedestrian Improvements — Landscaping and sidewalk improvements, installation of pedestrian lighting benches and wayfmding signage as well as other improvements within the public right-of-way that enhance the pedestrian experience. Public Parkma Infrastructure (surface or structured) — Construction of new parking facilities or improvements to existing parking facilities that dedicate spaces for use by the general public. Public Amenities - Improved public access to or public use of Marine Creek, gateway improvements at key entry points of the Greater Stockyards Area, public plazas or similar public improvements that support development and redevelopment within TIF boundaries 11 Demolition and Environmental Remediation - Demolition of existing structures or improvements at, above or below grade in association with Board -approved projects as listed in the Project Plan and site improvements that address existing conditions that pose concerns to the environment or public health. Historic Facade Preservation and Restoration — Improvements to the exterior facade of buildings that are designated (i) Historic Significant Endangered ("HSE") or (ii) as Historic and Cultural Landmark ("HC") by the City or, as a condition precedent to receipt of funding, will be designated as such upon completion of the designation process. 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 Plan if subsequent projects are identified by the TIF Board as appropriate and eligible for tax increment funding. iii Economic Development Program Grants (Chapter 380 Agreements) The Board is authorized to enter into economic development program grants pursuant to Chapter 380 of the Texas Local Government Code ( `Chapter 380 Agreements") for projects located within the boundaries of the 'UF as authorized by and in accordance with Section 311.010(h) of the Texas Tax Code, if one of the following two criteria is met The Chapter 380 Agreement supports a project that will utilize Federal and/or State historic tax credits and the fmancmg of the project is demonstrated to be contingent on the use of those credits; or The Chapter 380 Agreement supports a project that is located on a property owned by any of the taxing entities participating in the TIF. C. TAX INCREMENT REVENUE PROJECTIONS i. Bonded Indebtedness No bonded indebtedness is expected to be incurred with respect to any of the project improvements. ii. Projection of Revenues 12 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 2014 (the Base Value). Table 1 sets forth the total taxable appraised value of property in the zone (estimated to be $171,822,838), which is anticipated to be the zone's base s alue. (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 $808,347,140 in year 2034). (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 Plan anticipates that the City of Fort Worth, Tarrant County, Tarrant County College, and Tarrant Regional Water District will participate in the zone, by contributing fifty percent (50%) of each entity's tax increment with respect to the zone. (e) Proiected Tax Rates. Property tax rates are assumed to remain constant. (f) Projected Collection Rates. The Plan assumes a one hundred percent (100%) collection rate. (g) Term of the Zone. The term of the zone will be 21 years, expiring on December 31, 2035, beginning with that zone tax increment generated by the 2015 tax appraisal and ending with that zone tax increment generated by the 2034 tax appraisal. iii. Estimated Payment of Project Costs Based on the assumptions and estimates set forth in the information above it is expected that the zone tax mcrement will be sufficient to pay m full all project costs (including interest). iv. Tax Exemptions Issued by Participating Taxing Entities 13 All taxing entities that participate in the zone shall retain the right to grant tax exemptions as permitted by applicable law to properties located in the zone for purposes including but not limited to 1) historic preservation and restoration and 2) homestead exemptions. This shall not include any form of tax abatement or grant of tax funds collected by either of the participating taxing entities without prior approval by the TIF Board pursuant to Section 311.013(f) of the Texas Tax Code. 14 F CT C i STS CING IV. SUMMARY OF PROJECT COSTS AND FINANCING A. Anticipated TIF Projects • Road and Access Improvements* (Street, traffic, utility, drainage and other public infrastructure projects within the TIF boundaries, including projects that improve access to and from the TIF area, such as rail crossings or rail overpasses) • Public Infrastructure Improvements * (Public water and sewer line improvements, electric utility improvements, demolition and environmental remcdiation projects within TIF boundaries). • Streetscaoina and Pedestrian Improvements * (Landscaping and sidewalk improvements, installation of pedestrian lighting, benches and wayfinding signage as well as other improvements within the public right-of-way that enhance the pedestrian experience) Public Parkin2 Infrastructure* (Construction of new parking facilities or improvements to existing parking facilities that dedicate spaces for use by the general public) • Public Amenities (Improved public access to or public use of Marine Creek, gateway improvements at key entry points of the Greater Stockyards Area, public plazas or similar public improvements that support development and redevelopment within TIF boundaries.) • Historic Facade Preservation and Restoration, (Improvements to the exterior facade of buildings that are designated (i) Historic Significant Endangered ("HSE') or (ii) as Historic and Cultural Landmark ("HC') by the City or, as a condition precedent to receipt of funding, will be designated as such upon completion of the des gnation process.) • Administrative Expenses TOTAL PROJECT COSTS B. Anticipated TIF Revenues • City of Fort Worth • Tarrant County • Tarrant County College District • Tarrant Regional Water District TOTAL REVENUE $ 15,000,000 $ 14,000,000 $ 3,500,000 $ 3,500,000 $ 2,500,000 $ 1,000,000 $ 500,000 $ 40,000,000 $ 26,897,248 $ 8,305,115 $ 4,703,086 $ 629,175 $ 40,534,624 • Project costs assume interest associated with reimbursement for public improvements. Note: The amounts outlined below are strictly estimates and do not serve as caps on any specific area. Eligible project costs not outlined above may be funded on a specific project as approved by the TIF Board. 16 V. TABLES TABLE 1. TIF PROJEC i'i7 NS PROJECTIONS - Stockyards TIF U sa!T41ae TAXABLE VALUE (inckrdlog valuation lecreases) City of Fort Worth Hospital ast itt TCCD TRWD Tarrant County Crly;Inter ClaryerarePriorYew Pretreat 2014 aoyr 2016 Atti't F 2DE,7 2014 5171.822,838 374,400,181 202011183 205,0444?5 2933222,22 249,40954 25S,507,989 269,3RC603 352364278 362662.4a7 S171,822,838 174,400,18I 702014183 10044926 21222212: 249,268954 255,5D7,939 269,30609 353„184.778 361661,478 $171,822,838 174,400,181 J2Z014.263 2000926 343,127.12? 249,2G9,954 25150709 269346608 353,30770 28,01,428 $171,8t2,838 174,400,18i nosily 205,044.426 241122122 :44284954 255.507989 2d93f0,o08 35~,JS4718 368004420 $171$22,833 174.400301 202,016,183 775044426 241132122 219261954 255,507,989 269,3 0,608 353,384728 J66C6ELQR 1.50% :5.83' 1.50%4 1e.5711, 2.53"u 2.50^•. 31.20t. 4-317: Estrmated Added Residential VAkre (projected imprortnent) 500,00 5C ,000 2,000,.000 3,000,000 2,000,005 Estimated Added Commercial Value (known project:) 25,000,000 35,000,000 a5,004000 ESNnated Added Commercial vakue (projected improvements) 2.000,000 2,000,000 C.,000,000 12,000,000 8,000.1'00 INC INCREMENT VALUE MCMINN ESTEMATEDADDED VALUES City o'Fort YJc'th Hospital District FWD TRWD Tarrant aunty REVENUES CET of Port Worth Hospital District TCCD rgwo Tarrant County REVENUES FRAM PARTICIPATING ENTITIES SnterestGenerated ParUdpat35n Sari 50% So% SO% L572343 3Z2flJ4S 32221588 71,199,28a 77,44w216 82681,151 97,517,770 181557,880 19680550 L572,,343 30,191345 331,224.i98 71259,284 74441116 83,e8Z151 97,517.770 1$1,SS:r,�O 19F85$590 Z577,343 34191345 7777?,586 71,299,234 77,446116 33,58!r151 97,517,770 18LS57,8&? 194858590 2.527,30 31193,345 3222L566 71299,25* 7,4•4116 8266S151 97,517,7;0 181.5S410 196,85RS4? 2,5:7 93 34193,345 77711,506 -1,299,294 77,444/16 9t?684151 97,517.n ists.7,SA7 196,80990 24018 129,072 142.032 30+C80s 331482 357,754 424858 7742W 841,578 1,927 2570 2;835 53,296 5749/ 63,559 72,695 min 147,152 258 2029 A.322 7.230 :,745 8.369 9.252 18,156 19,666 3;40.7 39855 430855 94.115 102,279 21t?464 12472' 239656 259,853 146j35 194521 214043 09.346 404947 538142 tiaras 1,16A647 L 2251 IC;,cry -01047" 33T9;i4Z �`,Paler _... 1r424251 PROJECTIONS - Stodcyards TIF Fiscal yet _ 2024 M25 m; TUAEE %AWE r•rd.m x•.;)uato„ideeM1 City e'=aty 'ri MS^„�! iYt ct 'rtti Ta77C Cart? G y Pe; xx any Tien Ale- Yen Estimated Adied Restlentiar V6hie (pG}eaeA U11 u. e ) atm9:90 Added Cr-.tmeroai Wfue (Icro' nem) ESatrahM A66[6 Camntoal Wee (i0)et77 rmp(tr.C1' ) TAR INCREMENT VALUE 1NC11RIO36 ESIIMATW ACOW YAWS CRT altcrtv�nrm 13rt!p:01 Oi3'Sd: TOM Tat o swat Carty REVENUES Partidpatia, Ott tMTltr0, ET; 1'bsitat C.Yna TOCO TRYM SfYt Tarrant Cai t4 57 • REVENUES FROM PAaTICPATTNO MTH= ftramtGercmY0 6OTALlitYWUEr",' 2030 2031 2032 4-54211,650 Van 824 543,392,447 c ;093..3?4 571,257,484 589,,i'<.,,346 61Zttt,741 13),.73,S17 7489SS0 791,E20708 515,317,1a6 816,6540111 464,211,650 48417024 5"di,372,447 520,94'334 571257,48f .51926,34G 6z.ta,,741 7G7341847 715884a3G 74822.39 rS247,74" r328 4',115 464211,650 48217/,824 503.392447 9.. 94:?334 571,257,494 SA9,17 346 6116.3,741 700374847 715,S9i,530 791,E22.718 6'67347140 W&!S & 454,,711,651 4414 4124 =394447 537Sw3.334 571,257,494 589,5z%34 6477,141 77.42n841 775,88453E 157,622,798 S15,47,148 82d.MUS 464211,6517 48,171,,824 50Z392447 fl14 s334 57$757,484 591,826346 612672741 •!i429647 715.iYS3G 2.71,622,798 ti8347.140 4Z.53€08 2191= 3,69' 4.424T, 3.49:. 5166F 3.25"; 404,1, 14.13'1, 221!4 9.167% 3.424 .`q0:6 1390,003 2,010,000 3,000,600 2,000,000 1,000,000 2,000,0 3,000,000 2,000,000 1,030,000 2,000,000 3,000,000 85r000,600 4rJ0,^.00 9,04C'A 1I,000,541 8,000,000 41,5041,000 8,040 12,001,C0 75,500,000 4,0,01M 53,000,000 12,033000 292„381822 3C;351,931 131,952609 181,120,4715 59443W,4745 41.9OOZ588 441,3fR1 52$5:6,,t!,9 94406102 679,791,E 63024.32 ,flh1Z511!Y 232.368,812 314354986 33b569;609 349,120,495 394434,+e48 414417308 448171003 524554;77 54414697 60-70,I G:.'E"S24,382 Aftli:4ltl1! 292388412 30132,586 331569.09 349,129,416 399,4.74,644 416,003,578 44.4,450184 52455E00P 544.06157 6Q7,791.itiG 634324,302 614 WWI 292.314812 21353.586 331,515.129 34937243r 392434,646 414837,588 44.$85D,903 528,555LtJ 54444692 111;01,960 614524,302 fig 7. SUV 292,381812 3J9,351.9.% 311.559.6C9 3452110,496 399.43L646 41460',5&9 44858913 92159021 54406157 601291,900 636524X OEM,* 124291 2,J!Z4R1 1,411,460 1,492.4% 1,71'7,581 ;JIVES' 1,814913 2297,577 2,57467.4 26 9, ilteS 2,11401 214551 271241 247,848 224:61 LC$577 i12458 3342E4 395096 4PS.665 455;;,5 4381t? 29,239 34933 33,157 341112 39,P43 44800 44,185 57,856 54.476 6490 67,631 385,957 444345 434672 424837 527,254 551, V5 583243 :-W,,694 718161 8P7,936 850212 1.804719 1,9nA O 2134137 2,249209 2,573358 Z8629d8 2346,620 Sia5,722 Z805,117 $9*836 1,16g10f OZ 3.�. rnn Aa i 04 es • a a EXHIBIT 1 MAP OF THE BOUNDARY • 28TH„, sr- I i N I "tbJ fl Wn YNh .::K'r^'d AWL` i.•hifJ A *'t9"K';HF 'Ag/'sV. 1.1444 v.% 1 :.6.. 5nen-44 k.nL.'I'k5" '.o 1.-t 3:6+b' ,. t, . ey, . 21 EXHIBIT 2 LEGAL DESCRIPTION OF THE '1* A tract of land out of the J Baugh Survey, Abstract No. 115, the J. Thomas Survey, Abstract No. 1526, the M.E. Jobe Survey Abstract No. 886, the W.M. Gray Survey, Abstract No. 635, the M. Roddy Survey, Abstract No 1370, the S. Gilmore Survey, Abstract No. 580, the S. Gilmore Survey, Abstract No. 590, the S IC Smith Survey, Abstract No. 1417 and the E. Little Survey, Abstract No. 954 and being more particularly described by metes and bounds as follows: Beginning at the intersection of the east right-of-way line of Clinton Avenue and the north right-of- way line of Grand Avenue, the most southerly corner of Lot 6A, Block 60, North Fort Worth Addition according to plat recorded in Volume 388-146, Page 6, Plat Records of Tarrant County, Texas; Thence: bearing roughly North 40 degrees West, about 3,308.0 feet to the southerly right-of-way line of N W. 16Th Street; Thence: bearing roughly North 50 degrees East with said right-of-way, about 113.0 feet to its intersection with the south right-of-way line of 20Th Street; Thence. with said right-of-way line, EAST about 287.0 feet to the east right-of-way line of Houston Street; Thence: with said right-of-way line NORTH, about 2,619.0 feet to its intersection with the north nght-of-way line of 24Th Street, the southwest corner of Lot 56, Block 19, Exchange Subdivision of Blocks 18 & 19, M.G. Ellis Addition according to plat recorded in Volume 204, Page 69, Plat Records of Tarrant County, Texas; Thence. with said right-of-way line WEST, about 386.0 feet to its intersection with the east right-of- way line of Clinton Avenue, the southwest corner of Lot 72, Block 18 of said Subdivision; Thence: with said right-of-way line, NORTH about 2,780.0 feet; Thence: continuing with said right-of-way line, bearing roughly North 15 degrees West, about 1,289.0 feet to its intersection with the south right-of-way line of 30Th Street, the northwest corner of Lot 13, Block 69, M.G. Ellis Addition according to plat recorded in Volume 63, Page 19, Plat Records of Tarrant County, Texas; Thence: EAST, about 1,495.0 feet to the east right-of-way line of North Commerce Street; Thence: bearing roughly North 15 degrees West, about 663.0 feet to its intersection with the south right-of-way line of 31 s` Street, the most westerly comer of Block 7, Fort Worth Stockyards Company Addition, according to plat recorded in Volume 388-A, Page 111, Plat Records of Tarrant County, Texas; Thence: EAST, about 360.0 feet to the east right-of-way line of North Calhoun Street; 22 Thence: with said right-of-way line, bearing roughly North 15 degrees West, about 630.0 feet to the northwest corner of said Block 7 lying on the south line of Block 82R, Fostepco Heights according to plat recorded in Volume 388-51, Page 43, Plat Records of Tarrant County, Texas; Thence: EAST, about 321.0 feet to the west right-of-way line of the Burlington Northern & Santa Fe Railroad right-of-way; Thence. southeasterly, with said right-of-way line about 1,182.0 feet; Thence: bearing roubly North 63 degrees East about 289.0 feet to a point lying on the east right-of- way line of the Union Pacific Railroad, the westerly line of Lot 8, Block 100, Fostepco Heights Addition according to plat recorded in Volume 204-A, Page 126, Plat Records of Tarrant County, Texas; Thence: southeasterly with said right-of-way line, about 482.0 feet to the southwest corner of Lot 6, Block 100 of said Addition, the northwest corner of Lot 7 of said Addition; Thence: with the common line of said Lots roughly EAST, about 112.0 feet to the west right-of-way line of Terry Street; Thence: with said right-of-way line SOUTH, about 142.0 feet; Thence: departing said right-of-way line EAST, about 1,961.0 feet to its intersection with the east right-of-way line of Hays Street; Thence: bearing roughly NORTH with said right-of-way line about 450.0 feet to its intersection with the south right-of-way line of 3011 Street; Thence. with said right-of-way line EAST, about 27.0 feet to its intersection with the west right-of- way line of Burlington Northern & Santa Fe Railroad Thence: northeasterly with said right-of-way line about 1,152.0 feet; Thence: EAST, about 210.0 feet to the east right-of-way line of said railroad; Thence: southwesterly with said right-of-way line about 1,525.0 feet to the southwest corner of Lot 10, Block 101 of said Fostepco Heights Addition; Thence: departing said railroad right-of-way lme bearing northeasterly about 150.0 feet to the west right-of-way line of Decatur Avenue, the southeast corner of said Lot 10; Thence* with said Decatur Avenue right-of-way line southeasterly about 975.0 feet; Thence: departing said right-of-way line bearing roughly EAST, about 1,581.0 feet to the southeast comer of Lot 14, Block 6, Moody Addition according to plat recorded in Volume 204, Page 17, Plat Records of Tarrant County Texas; 23 Thence: with the east line of Block 6 of said Addition bearing SOUTH, about 50.0 feet; Thence: bearing roughly EAST, about 225.0 feet to the east right-of-way line of Oscar Street, the southwest comer of Lot 15, Block 5 of said Moody Addition; Thence' with the east right-of-way line of said Oscar Street bearing roughly NORTH, about 306.0 feet to its intersection with the south right-of-way line of Loraine Street, the northwest corner of Lot 10 of said Block 5; Thence: with the south right-of-way line of Loraine Street bearing roughly EAST, about 117.0 feet to the northwest corner of said Lot 10 lying on the west line of an alley; Thence: with the west line of said alley bearing roughly SOUTH, about 353.0 feet to the southeast corner of Lot 16 of said Moody Addition; Thence: bearing roughly EAST, about 1,387.0 feet to the east line of an alley in Block 1 of said Addition the northwest corner of Lot 2, Thence: NORTH, about 50.0 feet to the northwest comer of Lot 3 of said Moody Addition; Thence: bearing roughly EAST with the common line of Lot 3 and Lot 4 about 200.0 feet to the east right-of-way line of Deen Road; Thence: with said right-of-way line bearing roughly NORTH, about 779.0 feet; Thence: bearing roughly North 45 degrees East, about 14.0 feet to the south right-of-way line of Dewey Street, the northwest corner of Lot 1 R1 Block 1, United Service Center Addition according to plat recorded in Volume 388-140, Page 35, Plat Records of Tarrant County, Texas* Thence. bearing roughly EAST, about 1,160.0 feet to the westerly right-of-way line of Interstate Highway No 35 (North Freeway) the northeast corner of Block 14, Karren Addition Third Filing according to plat recorded in Volume 388-6, Page 60, Plat Records of Tarrant County, Texas; Thence: southwesterly along said right-of-way line about 1,110.0 feet to the northerly right-of-way line of 28Th Street Thence: SOUTH, about 115.0 feet to the south right-of-way line of said 28Th Street, the northeast corner of Lot 1, Taylor & McBrayer Subdivision according to plat recorded in Volume 388-F, Page 77, Plat Records of Tarrant County, Texas; Thence: southeasterly about 36.0 feet; Thence: southeasterly about 55.0 feet to the east right-of-way line of Warfield Street, the northwest corner of Lot 54, of said Addition; Thence: with the south right-of-way line of said 28Th Street bearing EAST, about 185.0 feet to the west right-of-way line of said North Freeway; 24 Thence: southeasterly about 320.0 feet to the northeast corner of Lot 1, Block 1, Lonestar Forklift Addition according to plat recorded in Cabinet A, Slide 12844, Plat Records of Tarrant County Texas; Thence. bearing roughly SOUTH, about 784.0 feet to the northeast corner of Lot 1, Block 1, McCann Addition according to plat recorded in Cabinet A, Slide 10865, Plat Records of Tarrant County, Texas, lying on said North Freeway right-of-way line; Thence: WEST, about 259.0 feet to the east right-of-way line of Cold Springs Road, the northwest coiner of' said Addition; Thence: bearing roughly South 10 degrees West, About 70.0 feet to its intersection with the east line of a T.E S Co. right-of-way per deed recorded in Volume 1520, Page 363, Deed Records of Tarrant County, Texas; Thence: bearing roughly SOUTH, about 837.0 feet to the north right-of-way line of Fort Worth Belt Railroad Co. per deed recorded in Volume 119, Page 407, Deed Records of Tarrant County, Texas; Thence* southwesterly about 240.0 feet to the southwest corner of that certain tract of land conveyed to Trinity Industries, Inc. according to deed recorded in Volume 6181 Page 563, Deed Records of Tarrant County, Texas lying on the east right-of-way line of said Cold Springs Road; Thence: bearing roughly North 29 degrees East about 259.0 feet to an angle point of said right -of way; Thence: bearing roughly NORTH about 174.0 feet to the intersection of the east right-of-way line of Warfield Avenue and the west right-of-way line of Cold Springs Road; Thence: bearing roughly NORTH with the east right-of-way line of said Warfield Street about 840.0 feet to its intersection with the north right-of-way line of Warwick Street, the southwest corner of Lot 42 of said Taylor & McBrayer Subdivision; Thence. WEST, about 180 50 feet to the intersection of the east right-of-way line of Sterling Street, the southwest comer of Lot 13 of said Subdivision; Thence: with said right-of-way line, NORTH about 600.0 feet; Thence: bearing roughly WEST, about 1,551.0 feet along the north right-of-way line of Salisbury Avenue to the west right-of-way line of Hale Avenue the southeast corner of Lot 8, Block 25, Diamond Hill Addition according to plat recorded in Volume 388, Page 21, Plat Records of Tarrant County, Texas; Thence: with the west right-of-way line of Hale Avenue SOUTH, about 300.0 feet to its intersection with the north right-of-way line of Orion Avenue, the southeast corner of Lot 10, Block 25 of said Addition; Thence: with said Orion Avenue right-of-way line WEST, about 1,225.0 feet to the southwest comer of Lot 17, Block 8 of said Diamond Hill Addition; 25 Thence: bearing roughly South 45 degrees East about 67.0 feet to the south right-of-way line of said Orion Avenue, the northwest corner of Lot B, Block 9 of said Addition abutting Trail Drivers Park; Thence: bearing roughly South 21 degrees West, about 439.0 feet to the southwest corner of Lot 12 of said Block; Thence. bearing roughly North 57 degrees West, about 994.0 feet to the southeast comer of Lot 12, Block 5 of said Addition; Thence. bearing roughly South 81 degrees West, about 110.0 feet to the northeast corner of Lot 11, Block 5 of said Addition; Thence: bearing roughly South 85 degrees West, about 120.0 feet to the east right-of-way line of Decatur Avenue, the southwest corner of Lot 12, Block 5 of said Addition: Thence: bearing roughly North 58 degrees West, about 64.0 feet to the west right-of-way line of Decatur Avenue, the southeast corner of Lot 2A1, Block 2, Fort Worth Stockyards Company, according to plat recorded in Volume 388-A, Page 111, Plat Records of Tarrant County, Texas; Thence: with said Decatur Ave right-of-way line bearing roughly South 6 degrees East, about 506.0 feet; Thence: bearing roughly SOUTH, about 975.0 feet to the north right-of-way line of Fort Worth Belt Railroad right-of-way, the southeast corner of Tract 10 Abstract 954 of the E. Little Survey as conveyed to DFW K & H Real Estate, LLC per deed recorded at Instrument No. D206009372, Deed Records of Tarrant County, Texas; Thence. bearing roughly North 82 degrees East, about 54.0 feet to the east right-of-way line of said Decatur Avenue, the southwest comer of Lot 2A, Block 4 of said Diamond Hill Addition; Thence: bearing roughly North 72 degrees East, about 134.0 feet to the southwest comer of Lot 31, Block 3 of said Addition: Thence: NORTH, about 115.0 feet to the northwest comer of said Lot 31; Thence: bearing roughly North 88 degrees East, about 125.0 feet to the northeast corner of said Lot lying on the west right-of-way line of Peak Streets Thence: bearing roughly South 47 degrees East, about 79.0 feet to the southwest comer of Lot 2, Block 4 of said Diamond Hill Addition lying on the east right-of-way line of Peak Street and the north right-of-way line of said Fort Worth Belt Railroad; Thence: northeasterly along said railroad right-of-way line about 3,182 0 feet to a point lying on the approximate survey line of the E. Little Survey, Abstract No. 954 and the S.K Smith Survey, Abstract No. 1417 and lying on the southerly line of Lot 12, Block 40 of said Diamond Hill Addition* 26 Thence: bearing roughly SOUTH, about 103.0 feet to the south line of said Fort Worth Belt Railroad right-of-way lying on the north line of Lot 4, Block 1, Gorbett Industrial Addition according to plat recorded in Volume 388-216, Page 4, Plat Records of Tarrant County, Texas Thence: southeasterly with said right-of-way line about 562.0 feet to the west right-of-way line of Cold Springs Road, the northeast corner of said Addition; Thence: southwesterly along said west right-of-way line about 1,541.0 feet to the north right-of-way line of Northside Drive, the southeast corner of Lot 2, Block 1, Delta Industrial District according to plat recorded in Volume 388-45, page 68, Plat Records of Tarrant County, Texas; Thence: southwesterly along said right-of-way line curving to the left with a radius of 624.36 feet, an arc length of 431.52 feet to the southwest comer of said Lot; Thence: bearing roughly North 10 degrees East, about 469.50 feet along the westerly line of said Delta Industrial District plat to the southeast corner of Lot 1, Block 2, Delta Industrial District according to plat recorded in Volume 388-168, Page 59, Plat Records of Tarrant County, Texas; Thence: bearing roughly North 76 degrees West, about 1,177.0 feet to the southwest corner of said Lot and Block; Thence: bearing roughly North 12 degrees East, about 681.50 feet to the south right-of-way line of Brennan Avenue, the northwest corner of said Lot 1, Block 2, Thence: bearing roughly North 72 degrees West along said right-of-way line about 155.0 feet to the northeast corner of Lot 2, Block 47 Diamond Hill Addition according to plat recorded in Volume 388-209 Page 55, Plat Records of Tarrant County, Texas; Thence: bearing roughly South 12 degrees West, about 547.50 feet to the southeast corner of Lot 2 of said Addition at an ell corner of Lot 1, Block 1 Brennan Avenue Service Center Addition according to plat recorded in Cabinet A Slide 835, Plat Records of Tarrant County, Texas; Thence: bearing roughly North 80 degrees West, about 1,147.0 feet to the northwest corner of said Lot 1; Thence: bearing roughly South 10 degrees West, about 580.0 feet to an ell comer of said Lot 1, the southeast corner of Lot 20A of said Diamond Hill Addition; Thence: bearing roughly North 80 degrees West, about 446.0 feet; Thence: bearing roughly South 58 degrees West, about 31.0 feet; Thence: bearing roughly South 77 degrees West, about 142.0 feet; Thence: bearing roughly South 60 degrees West, about 195.0 feet; Thence: bearing roughly South 45 degrees West, about 274.0 feet to the intersection of the east right-of-way line of Samuels Avenue; 27 Thence: bearing roughly North 37 degrees West, about 71.50 feet to the southeast comer of Block 13 of said Fort Worth Stockyards Company Addition lying on the north right-of-way line of 23Rd Street; Thence: bearing roughly South 78 degrees West, about 48.0 feet; Thence: continuing with said right-of-way line bearing roughly WEST, about 1,743.0 feet to its intersection with the east right-of-way line of Niles City Blvd - Thence: westerly with said right-of-way line about 518.0 feet; Thence: bearing roughly SOUTH, about 204.0 feet to the westerly southwest corner of Block 20 of said Fort Worth Stockyards Company Addition, the northwest comer of Lot 1R, Block 178R M.G. Ellis Addition according to deed recorded at Instrument No. D209298051 and D209298052, Deed Records of Tarrant County, Texas; Thence: bearing roughly South 60 degrees East, about 23.0 feet; Thence: bearing roughly South 55 degrees East, about 112.40 feet; Thence: bearing roughly South 53 degrees East, about 109.40 feet; Thence: bearing roughly South 78 degrees 42 minutes East, about 102.0 feet to the northeast corner of said Lot 1R, lying on the west right-of-way line of Fort Worth & Western Railroad: Thence: with said railroad right-of-way line bearing roughly SOUTH, about 707.0 feet to the north right-of-way line of 21 si Street Thence. with said right-of-way line EAST, about 229.0 feet; Thence. southeasterly with said railroad right-of-way line about 710.0 feet; Thence: WEST, about 39.0 feet; Thence: bearing roughly South 4 degrees West, about 1,216.0 feet to the north right-of-way line of Nortbside Drive, the southwest corner of Lot 1, Block 54, North Fort Worth Addition according to plat recorded in Volume 63, page 149, Plat Records of Tarrant County, Texas; Thence: with said right-of-way line, bearing roughly South 60 degrees West about 956.0 feet to the southeast comer of Lot 22, Block 78 of said Addition lying on the west right-of-way line of North Main Street; Thence: with said right-of-way line bearing roughly South 30 degrees East, about 434.50 feet to the southeast corner of Lot 1, Block 59 of said Addition lying on the north right-of-way line of Grand Avenue; 28 Thence: southwesterly with the north right-of-way line of Grand Avenue, about 652.0 feet to the Place of Beginning, containing some 925.29 acres of land, more or Tess. Bearings and Distances per City of Fort Worth Graphic Information System. This description prepared by Steve Cisneros, TPW Survey Services, October of 2014. " 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." 29 1 I Single Family Fe- -) Multi -Family ® Commercial trtn Industrial Efiali Transportation I I Utilities Vacant 0,2 1.1ile Source: Tarrant Appraisal District, 2013 EXHIBIT 3 MAP OF EXISTING USES 30 EXHIBIT 4 MAP OF PROPERTY VALUES Legend Appraised Value • : o s10 000 s10 001 - sioo oco sioomoi - s1.000 000 si 000 001 - $6 000 030 55COO 00s—S10050.090 Source: Tarrant Appraisal District, 2013 31 EXHIBIT "C" COURT ORDER NO. TARRANT COUNTY COMMISSIONERS COURT Tarrant County Participation Agreement Stockyards,'Northside TIF Page 10 RESOLUTION TARRANT COUNTY PARTICIPATION IN THE CITY OF FORT WORTH TAX INCREMENT FINANCING REINVESTMENT ZONE #15 - STOCKYARDS/NORTHSIDE 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, on December 2, 2014, the City Council of the City of Fort Worth, Texas adopted City Ordinance No. 21550-12-2014 designating certain real property in the north portion of the City as Tax Increment Reinvestment Zone Number Fifteen, City of Fort Worth, Texas; and WHEREAS, in accordance with the requirements of the Act, the City Council of the City of Fort Worth 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, Tarrant County has one (1) representative to the City of Fort Worth Tax Increment Financing Reinvestment Zone #15 Board of Directors as established b) statute and said representative has participated in the development of the Project Plan and Financing Plan for the zone; and WHEREAS the City Council of the City of Fort Worth has adopted the Project Plan and Financing Plan as submitted by the Reinvestment Zone Board of Directors; and WHEREAS, the Tarrant County Commissioners Court recognizes that the participation of Tarrant County in funding 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. NOW, THEREFORE, BE IT RESOLVED: 1. That the Tarrant County Commissioners Court hereby approves Tarrant County participation in the City of Fort Worth Tax Increment Financing Reinvestment Zone # 15 and the payment into the tax increment fund of fifty percent (50%) 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 real property located in the reinvestment zone, beginning with tax year 2015 through December 31, 2034, or until a maximum cumulative contribution of $8,305,115.00 has been paid by the County, whichever occurs first, in accordance with the terms of the attached Tarrant County Agreement; and 2. That the Agreement be and is hereby approved; that the County and its Commissioners Court hereby agree to enter into the Agreements 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 27t1' day of October 2015. COURT ORDER NO. 1,j, ta Roy C. Brooks Commissioner, Precinct 1 tary Fickes Commissioner, Precinct 3 ATTEST: 9kof A. County Clerk B. Glen Whitley, County Judge aXWD1/4Prr 1 Andy H. Ngfiyen Commissioner, Precinct 2 Commissioner, Precinct 4 M&C Review Page 1 of 2 !OATH CODh. ( SUBJFCT: //Au Official site of the City of Fort Worth, Texas FORT WORTII COUNCIL ACTION: Approved on 12/2/2014 Ordinance No. 216604 2�2014 12/2/2014 REFERENCE G G-18370 LOG NAME: 17TIF15ESTABLISH NON- PUBLIC CONSENT HEARING: Conduct a Public Hearing and Adopt Ordinance Establishing Tax Increment Reinvestment Zone Number Fifteen, City of Fort Worth, Texas, Stockyards/Northside TIF (COUNCIL DISTRICT 2) TYPE: YES RECOMMENDATION: It is recommended that the City Council: 1. Conduct a public hearing concerning the designation of Tax Increment Reinvestment Zone Number Fifteen, City of Fort Worth, Texas, for tax increment financing purposes; and 2. Adopt the attached ordinance designating Tax Increment Reinvestment Zone Number Fifteen, City of Fort Worth, Texas, pursuant to Chapter 311 of the Texas Tax Code and containing specific findings of fact in support thereof. DISCUSSION: The proposed Tax Increment Reinvestment Zone No. 15, City of Fort Worth, Texas, more commonly referred to as the Stockyards/Northside TIF, is located on approximately 925 acres of land in north Fort Worth. The property is generally bounded by 29th Street to the north, Northside Drive to the south, Interstate 35 to the east and Clinton Avenue to the west. The exact boundaries of the property are described in Exhibit A of the attached ordinance. The proposed Tax Increment Financing (TIF) district is being considered in order to finance public infrastructure improvements in the area, such as road and access improvements, public infrastructure improvements, streetscape, pedestrian improvements, public parking infrastructure, public amenities, and other TIF-eligible costs to encourage redevelopment in the Stockyards and surrounding area. The ordinance provides that the City will contribute 50 percent of its tax increment to the TIF district each year the TIF district is in existence. The TIF district will expire on December 31, 2034, or an earlier date as of which all project costs have been paid in full. Per Chapter 311 of the Texas Tax Code (Tax Increment Financing Act), a public hearing is required to establish a TIF district. Notice of this public hearing was delivered to the governing body of each taxing unit that levies real property taxes on property located within the proposed TIF district and 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 Tax Increment Financing Act, because the area is underdeveloped, blighted, and largely unproductive due to insufficient infrastructure. These characteristics prevent development from occurring in the area solely through private investment in the reasonably foreseeable future, thus substantially impairing and arresting the sound growth of the City. Because the Board of Directors for this District shall be empowered to govern the District as outlined in Chapter 311 of the Texas Tax Code only, which includes the ability for the City Council to restrict the powers of the Board, the designation of TIF Number 15 shall not result in a component unit of the City of Fort Worth and all TIF funds will be accounted for in the Special Revenue Fund(s). The proposed TIF district is located in COUNCIL DISTRICT 2. http://test.cfwnet.org/council_packetimc review.asp?ID 20547&councildate 12/2/2014 12/22/2015 M&C Review Page 2 of 2 FISCAL INFORMATION/CERTIFICATION: The Financial Management Services Director certifies that this action will have no material effect on City funds. TO Fund/Account/Centers FROM Fund/Account/Centers Submitted for City Manaaer's Office by: Fernando Costa (6122) Oriainatinq Department Head: Jay Chapa (5804) Additional Information Contact: Michael Hennig (7337) ATTACHMENTS 141114 TIF15 Ordinance -Establishment PostLeaal.docx Pr000sedTIF15 Boundaries.pdf http://test.cfwnet.org/council_packet/mc review. asp?ID=20547&councildate=12/2/2014 12/22/2015